MUNIVEST
FLORIDA FUND
FUND LOGO
Annual Report
October 31, 1995
This report, including the financial information herein, is
transmitted to the shareholders of MuniVest Florida Fund for their
information. It is not a prospectus, circular or representation
intended for use in the purchase of shares of the Fund or any
securities mentioned in the report. Past performance results shown
in this report should not be considered a representation of future
performance. The Fund has leveraged its Common Shares by issuing
Preferred Shares to provide the Common Shareholders with a
potentially higher rate of return. Leverage creates risks for Common
Shareholders, including the likelihood of greater volatility of net
asset value and market price of shares of the Common Shares, and the
risk that fluctuations in the short-term dividend rates of the
Preferred Shares may affect the yield to Common Shareholders.
<PAGE>
MuniVest
Florida Fund
Box 9011
Princeton, NJ
08543-9011
MUNIVEST FLORIDA FUND
The Benefits and
Risks of
Leveraging
MuniVest Florida Fund utilizes leveraging to seek to enhance the
yield and net asset value of its Common Shares. However, these
objectives cannot be achieved in all interest rate environments. To
leverage, the Fund issues Preferred Shares, which pay dividends at
prevailing short-term interest rates, and invests the proceeds in
long-term municipal bonds. The interest earned on these investments
is paid to Common Shareholders in the form of dividends, and the
value of these portfolio holdings is reflected in the per share net
asset value of the Fund's Common Shares. However, in order to
benefit Common Shareholders, the yield curve must be positively
sloped; that is, short-term interest rates must be lower than long-
term interest rates. At the same time, a period of generally
declining interest rates will benefit Common Shareholders. If either
of these conditions change, then the risks of leveraging will begin
to outweigh the benefits.
<PAGE>
To illustrate these concepts, assume a fund's Common Share
capitalization of $100 million and the issuance of Preferred Shares
for an additional $50 million, creating a total value of $150
million available for investment in long-term municipal bonds. If
prevailing short-term interest rates are approximately 3% and long-
term interest rates are approximately 6%, the yield curve has a
strongly positive slope. The fund pays dividends on the $50 million
of Preferred Shares based on the lower short-term interest rates. At
the same time, the fund's total portfolio of $150 million earns the
income based on long-term interest rates. Of course, increases in
short-term interest rates would reduce (and even eliminate) the
dividends on the Common Shares.
In this case, the dividends paid to Preferred Shareholders are
significantly lower than the income earned on the fund's long-term
investments, and therefore the Common Shareholders are the
beneficiaries of the incremental yield. However, if short-term
interest rates rise, narrowing the differential between short-term
and long-term interest rates, the incremental yield pick-up on the
Common Shares will be reduced or eliminated completely. At the same
time, the market value of the fund's Common Shares (that is, its
price as listed on the New York Stock Exchange) may, as a result,
decline.Furthermore, if long-term interest rates rise, the Common
Shares' net asset value will reflect the full decline in the price
of the portfolio's investments, since the value of the fund's
Preferred Shares does not fluctuate. In addition to the decline in
net asset value, the market value of the fund's Common Shares may
also decline.
Officers and
Trustees
Arthur Zeikel, President and Trustee
Donald Cecil, Trustee
M. Colyer Crum, Trustee
Edward H. Meyer, Trustee
Jack B. Sunderland, Trustee
J. Thomas Touchton, Trustee
Terry K. Glenn, Executive Vice President
Donald C. Burke, Vice President
Vincent R. Giordano, Vice President
Kenneth A. Jacob, Vice President
Gerald M. Richard, Treasurer
Mark B. Goldfus, Secretary
<PAGE>
Transfer Agents
Common Shares:
The Bank of New York
101 Barclay Street
New York, New York 10286
Preferred Shares:
IBJ Schroder Bank &Trust Company
One State Street
New York, New York 10004
Custodian
The Bank of New York
90 Washington Street
New York, New York 10286
NYSE Symbol
MVS
DEAR SHAREHOLDER
For the year ended October 31, 1995, the Common Shares of MuniVest
Florida Fund earned $0.752 per share income dividends, which
included earned and unpaid dividends of $0.064. This represents a
net annualized yield of 5.71%, based on a month-end net asset value
of $13.16 per share. Over the same period, the total investment
return on the Fund's Common Shares was +19.02%, based on a change in
per share net asset value from $11.82 to $13.16, and assuming
reinvestment of $0.756 per share income dividends.
For the six-month period ended October 31, 1995, the total
investment return on the Fund's Common Shares was +8.40%, based on a
change in per share net asset value from $12.53 to $13.16, and
assuming reinvestment of $0.368 per share income dividends.
For the six-month period ended October 31, 1995, the Fund's Auction
Market Preferred Shares had an average yield of 3.98%.
<PAGE>
The Environment
After losing momentum through the second calendar quarter of 1995,
it now appears that the US economic expansion has resumed. Gross
domestic product (GDP) growth for the three months ended September
30 was reported to be 4.2%, higher than generally expected.
September durable goods orders increased a surprisingly strong 3%,
and existing home sales rose to a near-record level. At the same
time, there is evidence that inflationary pressures remain subdued.
Reflecting the trend of renewed economic growth--and continued good
news on the inflation front--the Federal Reserve Board signaled no
near-term shift in monetary policy following its September meeting.
Thus, official interest rates may not be reduced further in the
immediate future.
Another significant development has been the strengthening of the US
dollar relative to the yen and the Deutschemark. Improving interest
rate differentials favoring the US currency, combined with
coordinated central bank intervention and more positive investor
sentiment, have helped to bolster the dollar in foreign exchange
markets. Other factors that appear to be improving the US dollar's
outlook in the near term are a pick-up in capital flows to the
United States and the prospect of increased capital outflows from
Japan. However, it remains to be seen if the US dollar's
strengthening trend can continue without significant improvements in
the US budget and trade deficits.
In the weeks ahead, investor interest will continue to focus on US
economic activity. Clear signs of a moderate, noninflationary
expansion could further benefit the US stock and bond markets. In
addition, should the current Federal budget deficit reduction
efforts now underway in Washington prove successful, the
implications would likely be positive for the US financial markets.
The Municipal Market
Tax-exempt bond yields continued to decline during the six-month
period ended October 31, 1995. As measured by the Bond Buyer Revenue
Bond Index, the yield on uninsured, long-term municipal revenue
bonds fell 30 basis points (0.30%) to end the October period at
approximately 6.00%. While tax-exempt bond yields have declined
dramatically from their highs one year ago, municipal bond yields
have exhibited considerable yield volatility on a weekly basis. In
recent months, tax-exempt bond yields have fluctuated by as much as
20 basis points on a week-to-week basis. US Treasury bond yields
have displayed similar volatility, but the extent of their decline
has been greater. By the end of October, long-term US Treasury bond
yields had declined almost 100 basis points to 6.33%. Proposed
Federal tax restructuring continued to weigh heavily on the tax-
exempt bond market. Thus far in 1995, US Treasury bond yields have
declined approximately 150 basis points. Municipal bond yields have
fallen approximately 95 basis points as the uncertainty surrounding
any changes to the existing Federal income tax structure has
prevented the municipal bond market from rallying as strongly as its
taxable counterpart.
<PAGE>
A general view of a moderately expanding domestic economy, supported
by a very favorable inflationary environment, allowed interest rates
to significantly decline from their recent highs in November 1994.
However, this decline was not a smooth downward curve. Conflicting
economic indicators were released during recent months that have
prevented a clear consensus regarding the near-term direction of
interest rates from being reached. The resultant uncertainty has
promoted more of a saw-toothed pattern as interest rate declines
were repeatedly interrupted by indications of stronger-than-expected
economic growth. As these concerns were overcome by subsequent
weaker economic releases, interest rate declines have resumed. These
periods of volatility are likely to continue for the remainder of
1995, or until proposed Federal budget deficit reduction packages
are resolved and any resultant responses by the Federal Reserve
Board have occurred.
However, the municipal bond market's technical position remained
supportive throughout recent quarters. Approximately $82 billion in
long-term municipal securities were issued during the six months
ended October 31, 1995. While this issuance is virtually identical
to underwritings during the October 31, 1994 quarter, tax-exempt
bond issuance over the last 12 months remained approximately 25%
below comparable 1994 levels. The municipal bond market should
maintain this positive technical position well into 1996. Annual
issuance for 1995 is now projected to be approximately $140 billion,
significantly less than last year's already low level of $162
billion. Projected maturities and early redemptions for the
remainder of 1995 and throughout 1996 will lead to a continued
decline in the total outstanding municipal bond supply throughout
1996 and, perhaps, into 1998 should new bond issuance remain at
historically low levels.
Despite the municipal bond market's relative underperformance
compared to the US Treasury market thus far in 1995, the extent of
the tax-exempt bond market's rally was nonetheless quite impressive.
Municipal bond yields have fallen 135 basis points from their highs
reached in November 1994 and municipal bond prices rose accordingly.
Most tax-exempt products recouped almost all of the losses incurred
in 1994 and are well on their way to posting double-digit total
returns for all of 1995. This relative underperformance so far in
1995 provided long-term investors with the rare opportunity to
purchase tax-exempt securities at yield levels near those of taxable
securities.
<PAGE>
Additionally, many of the factors that led to the relative
underperformance of the tax-exempt bond market thus far in 1995,
namely investor concern regarding Federal budget deficit reductions
and proposed changes in the Federal income tax structure, are
nearing resolution. The Federal budget reconciliation process has
already begun and may be essentially completed by year-end. Recent
public opinion polls suggest that the majority of American taxpayers
prefer the existing Federal income tax system compared to proposed
changes, such as the flat tax or national sales tax. In an upcoming
election year, neither party is likely to advocate a clearly
unpopular position, particularly one that can be expected to
negatively impact the Federal budget deficit reduction program
through reduced tax revenues. As these factors are resolved, we
believe that much of the resistance that the municipal bond market
met this year should dissipate. This should allow municipal bond
yields to significantly decline from current levels in order to
return to more normal historic yield relationships.
Portfolio Strategy
During the year ended October 31, 1995, the municipal bond market
was extremely volatile. In the last six months of 1994, interest
rates rose dramatically as investors feared a growing economy would
ignite inflation. These concerns dissipated in early spring of 1995
with downward revisions to 1994 fourth quarter GDP and moderating
concerns over inflation. In this environment, we took a cautious
approach during 1994 by attempting to reduce the Fund's exposure to
interest rate-sensitive issues. As the market improved in 1995 and
we became more constructive for the longer-term outlook for bonds,
we began to increase our interest rate exposure.
Looking ahead, we continue to have a long-term constructive outlook
for municipal bonds while recognizing that the current impasse over
the Federal budget discussions may unsettle investors in the near
term. We would view any significant backup in interest rates as a
buying opportunity.
During the last six months of the Fund's fiscal year, the Fund's
Auction Market Preferred Shares' interest rates have ranged between
3.25%--4.00%, adding a positive benefit to Common Shareholders. As
long as this positive yield spread exists, this benefit will
continue to accrue to the Fund's Common Shareholders. However,
should the yield spread between short-term and long-term interest
rates narrow, the benefits of the leverage will decline and the
yield paid to the Common Shareholder will diminish. (For a complete
explanation of the benefits and risks of leveraging, see page 1 of
this report to shareholders.)
In addition, we may experience a temporary increase in short-term
interest rates as we approach year-end, since investors in the short-
term Florida market often shift their tax-exempt investments into
taxable Treasury bills at this time. If this occurs, it is expected
to be temporary, and the normal market conditions should resume
after January 1.
<PAGE>
In Conclusion
We appreciate your ongoing interest in MuniVest Florida Fund, 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
Vice President
(Robert H. Moore III)
Robert H. Moore III
Portfolio Manager
December 5, 1995
We are pleased to announce that Robert H. Moore III is responsible
for the day-to-day management of MuniVest Florida Fund. Mr. Moore
has been employed by Merrill Lynch Asset Management, L.P. (an
affiliate of the Fund's investment adviser) since 1994 as Vice
President and Portfolio Manager. Prior thereto, he was employed by
Society Asset Management as Vice President and Portfolio Manager
from 1993 to 1994. From 1989 to 1993, he was Vice President and
Portfolio Manager at Ameritrust Trust Department.
<PAGE>
<TABLE>
PROXY RESULTS
<CAPTION>
During the six-month period ended October 31, 1995, MuniVest Florida
Fund Common Shareholders voted on the following proposals. The
proposals were approved at a special shareholders' meeting on May
12, 1995. The description of each proposal and number of shares
voted are as follows:
Shares Voted Shares Voted
For Without Authority
<S> <S> <C> <C>
1. To elect the Fund's Board of Trustees: Edward H. Meyer 5,707,306 180,415
Jack B. Sunderland 5,710,566 177,155
J. Thomas Touchton 5,712,133 175,588
Arthur Zeikel 5,706,333 181,388
<CAPTION>
Shares Voted Shares Voted Shares Voted
For Against Abstain
<S> <C> <C> <C>
2. To select Deloitte & Touche LLP as the Fund's independent auditors. 5,693,917 45,266 148,538
<CAPTION>
During the six-month period ended October 31, 1995, MuniVest Florida
Fund Preferred Shareholders voted on the following proposals. The
proposals were approved at a special shareholders' meeting on May
12, 1995. The description of each proposal and number of shares
voted are as follows:
Shares Voted Shares Voted
For Without Authority
<S> <S> <C> <C>
1. To elect the Fund's Board of Trustees: Donald Cecil 1,239 0
M. Colyer Crum 1,239 0
Edward H. Meyer 1,239 0
Jack B. Sunderland 1,239 0
J. Thomas Touchton 1,239 0
Arthur Zeikel 1,239 0
<CAPTION>
Shares Voted Shares Voted Shares Voted
For Against Abstain
<S> <C> <C> <C>
2. To select Deloitte & Touche LLP as the Fund's independent auditors. 1,232 7 0
</TABLE>
<PAGE>
Portfolio Abbreviations
To simplify the listings of MuniVest Florida Fund's portfolio
holdings in the Schedule of Investments, we have abbreviated the
names of many of the securities according to the list at right.
AMT Alternative Minimum Tax (subject to)
HFA Housing Finance Agency
IDA Industrial Development Authority
IDR Industrial Development Revenue
Bonds
PCR Pollution Control Revenue Bonds
S/F Single-Family
UT Unlimited Tax
VRDN Variable Rate Demand Notes
<TABLE>
SCHEDULE OF INVESTMENTS (in Thousands)
<CAPTION>
S&P Moody's Face Value
Ratings Ratings Ratings Amount Issue (Note 1a)
<S> <S> <S> <C> <S> <C>
Florida--98.7% AAA Aaa $ 3,000 Arcadia, Florida, Dedicated Pool Local Government Revenue
Refunding Bonds, 5.25% due 12/01/2015 (d) $ 2,867
AAA Aaa 5,000 Brevard County, Florida, IDR (NUI Corporation Project), AMT,
6.40% due 10/01/2024 (b) 5,319
AAA Aaa 1,900 Brevard County, Florida, Utility Revenue Refunding Bonds,
5.25% due 3/01/2014 (b) 1,829
AAA NR* 1,400 Broward County, Florida, HFA Revenue Bonds, AMT, Series A,
7.35% due 3/01/2023 (e)(f) 1,487
AAA Aaa 1,290 Charlotte County, Florida, Utility Revenue Refunding Bonds,
5.50% due 10/01/2017 (d) 1,272
A+ A1 7,000 Citrus County, Florida, PCR, Refunding (Florida Power Corp.-
Crystal River), Series B, 6.35% due 2/01/2022 7,319
AAA Aaa 1,125 Dade County, Florida, Educational Facilities Authority, Exchangeable
Revenue Bonds (University of Miami), 7.65% due 4/01/2010 (c) 1,278
AA- A1 2,250 Dade County, Florida, IDA, Solid Waste Disposal Revenue Bonds
(Florida Power and Light Co. Project), AMT, 7.15% due 2/01/2023 2,403
<PAGE>
AAA Aaa 4,710 Dade County, Florida, Seaport Revenue Bonds, UT, 6.50% due
10/01/2026 (b) 5,033
Escambia County, Florida, HFA, S/F Mortgage Revenue Bonds,
AMT (f):
AAA Aaa 3,000 Refunding (Multi-County Program), 7% due 4/01/2028 (e) 3,202
NR* Aaa 2,230 Series A, 7.40% due 10/01/2023 2,387
BBB Baal 1,500 Escambia County, Florida, PCR (Champion International Corporation
Project), AMT, 6.90% due 8/01/2022 1,563
NR* Aaa 1,870 Florida HFA, Home Ownership Revenue Bonds, AMT, Series G-1, 7.90%
due 3/01/2022 (f) 2,000
AAA Aaa 3,000 Florida Keys Aqueduct Authority, Water Revenue Refunding Bonds,
5.25% due 9/01/2021 (b) 2,838
Florida State Board of Education, Public Education Revenue Bonds
(Capital Outlay):
AA Aa 5,000 Refunding, Series A, UT, 5.50% due 6/01/2019 4,858
AA Aa 6,430 Series A, 6.75% due 6/01/2001 (h) 7,204
AA Aa 3,500 Series B, 6.70% due 6/01/2022 3,803
AAA Aaa 2,000 Florida State Division, Board of Finance, Department of General
Services Revenue Bonds (Department of Natural Resource
Preservation), Series 2000-A, 6.75% due 7/01/2013 (b) 2,187
NR* NR* 5,700 Florida State, Mid-Bay Bridge Authority, Crossover Refunding
Bonds, Series A, 6.10% due 10/01/2022 5,618
AAA Aaa 1,000 Gainesville, Florida, Guaranteed Entitlement, Revenue Refunding
Bonds, 5.50% due 8/01/2017 (b) 985
Gainesville, Florida, Utility System Revenue Bonds, Series A:
AA Aa 1,900 6.50% due 10/01/2012 2,049
AA Aa 5,025 6.50% due 10/01/2022 5,397
A A 6,500 Hillsborough County, Florida, Capital Improvement Revenue Bonds
(County Center Project), Second Series, 6.75% due 7/01/2022 7,016
AAA Aaa 2,000 Hillsborough County, Florida, Utility Revenue Refunding Bonds,
Series B, 6.50% due 8/01/2016 (c) 2,142
AAA Aaa 1,000 Indian River County, Florida, Water and Sewer Revenue Refunding
Bonds, Series A, 5.25% due 9/01/2024 (d) 943
AA+ NR* 2,000 Jacksonville, Florida, Health Facilities Authority, Hospital
Revenue Refunding Bonds (Saint Luke's Hospital Association
Project), 7.125% due 11/15/2020 2,172
<PAGE>
NR* Aaa 3,250 Manatee County, Florida, HFA, S/F Mortgage Revenue Bonds, AMT,
Sub-Series 2, 7.75% due 5/01/2026 (f) 3,696
BBB Baa 2,890 Nassau County, Florida, PCR, Refunding (ITT Rayonier, Inc.
Project), 6.20% due 7/01/2015 2,880
AAA Aaa 1,000 Okeechobee, Florida, Utility Authority, Utility System Acquisition
and Improvement Revenue Refunding Bonds, 5.60% due 10/01/2025 (c) 991
AAA Aaa 3,000 Orange County, Florida, Sales Tax Revenue Refunding Bonds, Series A,
5.25% due 1/01/2016 (d) 2,870
AAA Aaa 2,000 Orlando and Orange County, Florida, Expressway Authority, Florida
Expressway Revenue Refunding Bonds (Junior Lien), Series A, 5.25%
due 7/01/2019 (d) 1,896
AA- Aa 6,800 Orlando, Florida, Utilities Commission Water and Electric Revenue
Refunding Bonds, Sub-Series D, 6.75% due 10/01/2017 7,865
AAA Aaa 1,890 Palm Beach County, Florida, Criminal Justice Facilities
Revenue Bonds, 7.20% due 6/01/2015 (d) 2,283
AAA Aaa 1,200 Port Everglades Authority, Florida, Port Improvement Revenue
Bonds, 7.125% due 11/01/2016 (g) 1,414
A1+ VMIG1++ 3,000 Saint Lucie County, Florida, PCR, Refunding (Florida Power and
Lighting Co. Project), VRDN, 4% due 1/01/2026 (a) 3,000
AA- A1 1,000 Saint Lucie County, Florida, Solid Waste Disposal Revenue Bonds
(Florida Power and Light Co. Project), AMT, 6.70% due 5/01/2027 1,043
AA NR* 1,000 Saint Lucie, Florida, Special Assessment Bonds (South Hutchinson
Island), 6.20% due 11/01/2025 (i) 1,014
AAA Aaa 3,100 Volusia County, Florida, Tourist Development Tax Revenue Refunding
Bonds, 5.25% due 12/01/2013 (c) 3,008
Total Investments (Cost--$110,962)--98.7% 117,131
Other Assets Less Liabilities--1.3% 1,564
--------
Net Assets--100.0% $118,695
========
<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 October 31, 1995.
(b)AMBAC Insured.
(c)MBIA Insured.
(d)FGIC Insured.
(e)FNMA Collateralized.
(f)GNMA Collateralized.
(g)Escrowed to Maturity.
(h)Prerefunded.(i)Asset Guaranty.
*Not Rated.
++Highest short-term rating by Moody's Investors Service, Inc.
Ratings of issues shown have not been audited by Deloitte & Touche LLP.
<PAGE>
See Notes to Financial Statements.
</TABLE>
<TABLE>
STATEMENT OF ASSETS, LIABILITIES AND CAPITAL
<CAPTION>
As of October 31, 1995
<S> <S> <C> <C>
Assets: Investments, at value (identified cost--$110,961,706) (Note 1a) $117,130,580
Cash 16,103
Interest receivable 1,736,554
Deferred organization expenses (Note 1e) 13,371
Prepaid expenses and other assets 3,078
------------
Total assets 118,899,686
------------
Liabilities: Payables:
Dividends to shareholders (Note 1f) $ 70,669
Investment adviser (Note 2) 48,568 119,237
------------
Accrued expenses and other liabilities 85,448
------------
Total liabilities 204,685
------------
Net Assets: Net assets $118,695,001
============
<PAGE>
Capital: Capital Shares (unlimited number of shares of beneficial
interest authorized)(Note 4):
Preferred Shares, par value $.10 per share (1,600 shares of
AMPS* issued and outstanding at $25,000 per share liquidation
preference) $ 40,000,000
Common Shares, par value $.10 per share (5,978,662 shares
issued and outstanding) $ 597,866
Paid-in capital in excess of par 83,198,076
Undistributed investment income--net 470,229
Accumulated realized capital losses on investments--net (Note 5) (11,740,044)
Unrealized appreciation on investments--net 6,168,874
------------
Total--Equivalent to $13.16 net asset value per
Common Share (market price--$11.50) 78,695,001
------------
Total capital $118,695,001
============
<FN>
*Auction Market Preferred Shares.
See Notes to Financial Statements.
</TABLE>
<TABLE>
STATEMENT OF OPERATIONS
<CAPTION>
For the Year Ended October 31, 1995
<S> <S> <C> <C>
Investment Interest and amortization of premium and discount earned $ 6,960,166
Income (Note 1d):
Expenses: Investment advisory fees (Note 2) $ 574,318
Commission fees (Note 4) 101,456
Professional fees 86,780
Accounting services (Note 2) 49,371
Printing and shareholder reports 38,667
Transfer agent fees 29,453
Trustees' fees and expenses 24,660
Listing fees 19,030
Custodian fees 11,038
Pricing fees 5,916
Amortization of organization expenses (Note 1e) 5,357
Other 2,808
------------
Total expenses 948,854
------------
Investment income--net 6,011,312
------------
<PAGE>
Realized & Realized loss on investments--net (3,707,575)
Unrealized Gain Change in unrealized appreciation/depreciation on investments--net 11,742,362
(Loss) on ------------
Investments--Net Net Increase in Net Assets Resulting from Operations $ 14,046,099
(Notes 1b, ============
1d & 3):
See Notes to Financial Statements.
</TABLE>
<TABLE>
STATEMENTS OF CHANGES IN NET ASSETS
<CAPTION>
For the Year Ended October 31,
Increase (Decrease) in Net Assets: 1995 1994
<S> <S> <C> <C>
Operations: Investment income--net $ 6,011,312 $ 5,960,791
Realized loss on investments--net (3,707,575) (8,032,465)
Change in unrealized appreciation/depreciation on
investments--net 11,742,362 (10,213,744)
------------ ------------
Net increase (decrease) in net assets resulting from
operations 14,046,099 (12,285,418)
------------ ------------
Dividends & Investment income--net:
Distributions to Common Shares (4,521,327) (5,007,822)
Shareholders Preferred Shares (1,504,120) (909,680)
(Note 1f): Realized gain on investments--net:
Common Shares -- (633,221)
Preferred Shares -- (99,632)
------------ ------------
Net decrease in net assets resulting from dividends
and distributions to shareholders (6,025,447) (6,650,355)
------------ ------------
Capital Share Offering and underwriting costs resulting from the
Transactions: issuance of Preferred Shares -- 3,814
Value of shares issued to Common Shareholders in
reinvestment of dividends and distributions -- 168,020
------------ ------------
Net increase in net assets derived from capital share
transactions -- 171,834
------------ ------------
Net Assets: Total increase (decrease) in net assets 8,020,652 (18,763,939)
Beginning of year 110,674,349 129,438,288
------------ ------------
End of year* $118,695,001 $110,674,349
============ ============
<FN>
*Undistributed investment income--net $ 470,229 $ 484,364
============ ============
<PAGE>
See Notes to Financial Statements.
</TABLE>
<TABLE>
FINANCIAL HIGHLIGHTS
<CAPTION>
For the
Period
The following per share data and ratios have been derived April 30,
from information provided in the financial statements. For the Year 1993++ to
Ended October 31, October 31,
Increase (Decrease) in Net Asset Value: 1995 1994 1993
<S> <S> <C> <C> <C>
Per Share Net asset value, beginning of period $ 11.82 $ 14.99 $ 14.18
Operating -------- -------- --------
Performance: Investment income--net 1.01 1.00 .49
Realized and unrealized gain (loss) on
investments--net 1.34 (3.05) .90
-------- -------- --------
Total from investment operations 2.35 (2.05) 1.39
-------- -------- --------
Less dividends and distributions to Common Shareholders:
Investment income--net (.76) (.84) (.35)
Realized gain on investments--net -- (.11) --
-------- -------- --------
Total dividends and distributions to Common
Shareholders (.76) (.95) (.35)
-------- -------- --------
Capital charge resulting from issuance of
Common Shares -- -- (.04)
-------- -------- --------
Effect of Preferred Share activity:++++
Dividends and distributions to Preferred
Shareholders:
Investment income--net (.25) (.15) (.07)
Realized gain on investments--net -- (.02) --
Capital charge resulting from issuance of
Preferred Shares -- -- (.12)
-------- -------- --------
Total effect of Preferred Share activity (.25) (.17) (.19)
-------- -------- --------
Net asset value, end of period $ 13.16 $ 11.82 $ 14.99
======== ======== ========
Market price per share, end of period $ 11.50 $ 10.00 $ 15.00
======== ======== ========
<PAGE>
Total Investment Based on market price per share 22.93% (28.20%) 2.37%+++
Return:** ======== ======== ========
Based on net asset value per share 19.02% (15.07%) 8.22%+++
======== ======== ========
Ratios to Average Expenses, net of reimbursement .85% .75% .48%*
Net Assets:*** ======== ======== ========
Expenses .85% .78% .83%*
======== ======== ========
Investment income--net 5.38% 4.94% 4.85%*
======== ======== ========
Supplemental Net assets, net of Preferred Shares,
Data: end of period (in thousands) $ 78,695 $ 70,674 $ 89,438
======== ======== ========
Preferred Shares outstanding, end of
period (in thousands) $ 40,000 $ 40,000 $ 40,000
======== ======== ========
Portfolio turnover 92.54% 100.98% 23.23%
======== ======== ========
Dividends Per Share Investment income--net $ 940 $ 569 $ 245
On Preferred Shares
Outstanding:++++++
<FN>
*Annualized.
**Total investment returns based on market value, which can be
significantly greater or lesser than the net asset value, may result
in substantially different returns. Total investment returns exclude
the effects of sales loads.
***Do not reflect the effect of dividends to Preferred Shareholders.
++Commencement of Operations.
++++The Fund's Preferred Shares were issued on June 1, 1993.
++++++Dividends per share have been adjusted to reflect a two-for-
one stock split.
+++Aggregate total investment return.
See Notes to Financial Statements.
</TABLE>
NOTES TO FINANCIAL STATEMENTS
1. Significant Accounting Policies:
MuniVest Florida Fund (the "Fund") is registered under the
Investment Company Act of 1940 as a non-diversified, closed-end
management investment company. The Fund determines and makes
available for publication the net asset value of its Common Shares
on a weekly basis. The Fund's Common Shares are listed on the New
York Stock Exchange under the symbol MVS. The following is a summary
of significant accounting policies followed by the Fund.
<PAGE>
(a) Valuation of investments--Municipal bonds are traded primarily
in the over-the-counter markets and are valued at the most recent
bid price or yield equivalent as obtained by the Fund's pricing
service from dealers that make markets in such securities. Financial
futures contracts and options thereon, which are traded on
exchanges, are valued at their closing prices as of the close of
such exchanges. Options, which are traded on exchanges, are valued
at their last sale price as of the close of such exchanges or,
lacking any sales, at the last available bid price. Securities with
remaining maturities of sixty days or less are valued at amortized
cost, which approximates market value. Securities 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 Fund, including valuations furnished by a pricing
service retained by the Fund, which may utilize a matrix system for
valuations. The procedures of the pricing service and its valuations
are reviewed by the officers of the Fund under the general
supervision of the Board of Trustees.
(b) Derivative financial instruments--The Fund 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 Fund 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.
<PAGE>
* Options--The Fund is authorized to write covered call options and
purchase put options. When the Fund writes an option, an amount
equal to the premium received by the Fund is reflected as an asset
and an equivalent liability. The amount of the liability is
subsequently marked to market to reflect the current market value of
the option written.
When a security is purchased or sold through an exercise of an
option, the related premium paid (or received) is added to (or
deducted from) the basis of the security acquired, or deducted from
(or added to) the proceeds of the security sold. When an option
expires (or the Fund enters into a closing transaction), the Fund
realizes a gain or loss on the option to the extent of the premiums
received or paid (or gain or loss to the extent the cost of the
closing transaction exceeds the premium paid or received).
Written and purchased options are non-income producing investments.
(c) Income taxes--It is the 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.
(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 and offering expenses--Deferred
organization expenses are amortized on a straight-line basis over a
five-year period. Direct expenses relating to the public offering of
the Fund's Common and Preferred Shares were charged to capital at
the time of issuance of the shares.
(f) Dividends and distributions--Dividends from net investment
income are declared and paid monthly. Distributions of capital gains
are recorded on the ex-dividend dates.
2. Investment Advisory Agreement and Transactions
with Affiliates:
The Fund has entered into an Investment Advisory Agreement with Fund
Asset Management, L.P. ("FAM"). The general partner of FAM is
Princeton Services, Inc. ("PSI"), an indirect wholly-owned
subsidiary of Merrill Lynch & Co., Inc. ("ML & Co."), which is the
limited partner.
<PAGE>
FAM is responsible for the management of the Fund's portfolio and
provides the necessary personnel, facilities, equipment and certain
other services necessary to the operations of the Fund. For such
services, the Fund pays a monthly fee at an annual rate of 0.50% of
the Fund's average weekly net assets.
Accounting services are provided to the Fund by FAM at cost.
Certain officers and/or trustees of the Fund are officers and/or
directors of FAM, PSI, Merrill Lynch, Pierce, Fenner & Smith Inc.
("MLPF&S"), and/or ML & Co.
3. Investments:
Purchases and sales of investments, excluding short-term securities,
for the year ended October 31, 1995 were $104,367,328 and
$100,251,835, respectively.
Net realized and unrealized gains (losses) as of October 31, 1995
were as follows:
Realized Unrealized
Losses Gains
Long-term investments $ (2,255,971) $ 6,168,874
Financial futures contracts (1,451,604) --
------------ -----------
Total $ (3,707,575) $ 6,168,874
============ ===========
As of October 31, 1995, net unrealized appreciation for Federal
income tax purposes aggregated $6,168,874, of which $6,170,199
related to appreciated securities and $1,325 related to depreciated
securities. The aggregate cost of investments at October 31, 1995
for Federal income tax purposes was $110,961,706.
4. Capital Shares Transactions:
The Fund is authorized to issue an unlimited number of shares of
beneficial interest, including Preferred Shares, par value $.10 per
share, all of which were initially classified as Common Shares. The
Board of Trustees is authorized, however, to reclassify any unissued
shares of capital without approval of holders of Common Shares.
Common Shares
For the year ended October 31, 1995, shares issued and outstanding
remained constant at 5,978,662. At October 31, 1995, total paid-in
capital amounted to $83,795,942.
<PAGE>
Preferred Shares
Auction Market Preferred Shares ("AMPS") are Preferred Shares of the
Fund that entitle their holders to receive cash dividends at an
annual rate that may vary for the successive dividend periods. The
yield in effect at October 31, 1995 was 3.80%.
A two-for-one stock split occurred on December 1, 1994. As a result,
as of October 31, 1995, there were 1,600 AMPS authorized, issued and
outstanding with a liquidation preference of $25,000 per share, plus
accumulated and unpaid dividends of $20,823.
The Fund pays commissions to certain broker-dealers at the end of
each auction at an annual rate ranging from 0.25% to 0.375%,
calculated on the proceeds of each auction. For the year ended
October 31, 1995, MLPF&S, an affiliate of FAM, earned $96,038 as
commissions.
5. Capital Loss Carryforward:
At October 31, 1995, the Fund had a capital loss carryforward of
approximately $10,265,000, of which $8,011,000 expires in 2002 and
$2,254,000 in 2003. This amount will be available to offset like
amounts of any future taxable gains.
6. Subsequent Event:
On November 13, 1995, the Fund's Board of Trustees declared an
ordinary income dividend to Common Shareholders in the amount of
$0.064304 per share, payable on November 29, 1995 to shareholders of
record as of November 24, 1995.
<AUDIT-REPORT>
INDEPENDENT AUDITORS' REPORT
The Board of Trustees and Shareholders,
MuniVest Florida Fund:
We have audited the accompanying statement of assets, liabilities
and capital, including the schedule of investments, of MuniVest
Florida Fund as of October 31, 1995, the related statements of
operations for the year then ended and changes in net assets for
each of the years in the two-year period then ended, and the
financial highlights for each of the years in the two-year period
then ended and for the period April 30, 1993 (commencement of
operations) to October 31, 1993. These financial statements and the
financial highlights are the responsibility of the Fund's
management. Our responsibility is to express an opinion on these
financial statements and the financial highlights based on our
audits.
<PAGE>
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and perform
the audit to obtain reasonable assurance about whether the financial
statements and the financial highlights are free of material
misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements.
Our procedures included confirmation of securities owned at October
31, 1995 by correspondence with the custodian. An audit also
includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide
a reasonable basis for our opinion.
In our opinion, such financial statements and financial highlights
present fairly, in all material respects, the financial position of
MuniVest Florida Fund as of October 31, 1995, the results of its
operations, the changes in its net assets, and the financial
highlights for the respective stated periods in conformity with
generally accepted accounting principles.
Deloitte & Touche LLP
Princeton, New Jersey
December 5, 1995
</AUDIT-REPORT>
IMPORTANT TAX INFORMATION (unaudited)
All of the net investment income distributions paid monthly by
MuniVest Florida Fund during its taxable year ended October 31, 1995
qualify as tax-exempt interest dividends for Federal income tax
purposes. Additionally, there were no capital gains distributed by
the Fund during the year.
Please retain this information for your records.
PER SHARE INFORMATION (unaudited)
<PAGE>
<TABLE>
Per Share
Selected Quarterly
Financial Data*
<CAPTION>
Net Realized Unrealized Dividends/Distributions
Investment Gains Gains Net Investment Income Capital Gains
For the Period Income (Losses) (Losses) Common Preferred Common Preferred
<S> <C> <C> <C> <C> <C> <C> <C>
November 1, 1993 to January 31, 1994 $.26 $ .06 $ .12 $.22 $.02 $.11 $.02
February 1, 1994 to April 30, 1994 .24 (.11) (2.17) .21 .04 -- --
May 1, 1994 to July 31, 1994 .25 (.43) .73 .20 .05 -- --
August 1, 1994 to October 31, 1994 .25 (.86) (.39) .20 .05 -- --
November 1, 1994 to January 31, 1995 .26 (.43) .94 .20 .06 -- --
February 1, 1995 to April 30, 1995 .25 (.09) .30 .19 .06 -- --
May 1, 1995 to July 31, 1995 .25 (.05) .30 .18 .07 -- --
August 1, 1995 to October 31, 1995 .25 (.05) .42 .19 .06 -- --
<CAPTION>
Net Asset Value Market Price**
For the Period High Low High Low Volume***
<S> <C> <C> <C> <C> <C>
November 1, 1993 to January 31, 1994 $15.06 $14.41 $15.25 $13.50 656
February 1, 1994 to April 30, 1994 15.00 12.06 15.25 12.00 515
May 1, 1994 to July 31, 1994 13.56 12.39 13.00 11.75 795
August 1, 1994 to October 31, 1994 13.09 11.82 12.875 9.875 892
November 1, 1994 to January 31, 1995 12.33 10.82 11.625 9.00 1,355
February 1, 1995 to April 30, 1995 12.88 12.35 12.125 10.75 659
May 1, 1995 to July 31, 1995 13.35 12.50 11.875 10.75 539
August 1, 1995 to October 31, 1995 13.25 12.54 12.00 11.00 666
<FN>
*Calculations are based upon Common Shares outstanding at the end of
each period.
**As reported in the consolidated transaction reporting system.
***In thousands.
</TABLE>
