MUNICIPAL SECURITIES TRUST, MULTI-STATE SERIES 31
REFERENCE TRUST AGREEMENT
This Reference Trust Agreement, dated September 16, 1988,
among Bear, Xxxxxxx & Co. Inc., as Depositor, United States Trust Company of
New York, as Trustee, and Standard & Poor's Corporation, as Evaluator, sets
forth certain provisions in full and incorporates other provisions by reference
to the document entitled "Municipal Securities Trust, Multi-State Series 12 and
Subsequent Series, Trust Indenture and Agreement," dated April 3, 1985 (herein
as amended or supplemented called the "Indenture"), and such provisions as are
set forth in full and such provisions as are incorporated by reference
constitute a single instrument.
W I T N E S S E T H T H A T :
In consideration of the premises and of the mutual agreements
contained herein, the Depositor, the Trustee, and the Evaluator agree as
follows:
PART I
STANDARD TERMS AND
CONDITIONS OF TRUST
Subject to the provisions of Part II hereof, all the
provisions contained in the Indenture are herein incorporated by reference in
their entirety and shall be deemed to be a part of this instrument as fully and
to the same extent as if those said provisions had been set forth in full in
this instrument, except that for all purposes of this Multi-State Series 31 and
all subsequent Series, the following sections are hereby amended as follows:
(a) Section 1.01(6) is amended by adding the word "Inc."
immediately after the words "Bear, Xxxxxxx & Co.";
(b) Section 1.01(21) is amended by adding the words "equal to
the fraction" immediately after the word "initially", and the word
"fraction" immediately after the words "denominator of which";
(c) Section 1.02 is amended by substituting the following form
of Certificate for the form of Certificate appearing in said Section:
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CERTIFICATE OF OWNERSHIP
Evidencing A Fractional Undivided Interest in
No. ___ _____ UNITS
MUNICIPAL SECURITIES TRUST
_____SERIES_____
PLAN OF DISTRIBUTION:
CUSIP
THIS IS TO CERTIFY THAT ________________________________ is the owner and
registered holder of this Certificate evidencing the ownership of _________
Unit(s) of fractional undivided interest in Municipal Securities Trust of the
above Series (hereinafter called the "Trust") created under the laws of the
State of New York by the Trust Indenture and Agreement as modified by the
Reference Trust Agreement relating to the sequentially numbered series of the
Series noted on the face hereof (hereinafter called the "Indenture") among
BEAR, XXXXXXX & CO. INC. (hereinafter called the "Depositor"), UNITED STATES
TRUST COMPANY OF NEW YORK (hereinafter called the "Trustee"), and STANDARD &
POOR'S CORPORATION (hereinafter called the "Evaluator"). This Certificate is
issued under and is subject to the terms, provisions and conditions of the
Indenture to which the holder of this Certificate by virtue of the acceptance
hereof assents and is bound, a summary of certain of the pertinent provisions
of which is set forth on the reverse hereof. The Depositor hereby grants and
conveys all of its right, title and interest in and to the Trust to the extent
of the fractional undivided interest represented hereby to the registered
holder of this Certificate subject to and in pursuance of the Indenture. This
Certificate is transferable and interchangeable by the registered holder in
person or by his duly authorized attorney at the corporate trust office of the
Trustee upon surrender of this Certificate properly endorsed or accompanied by
a written instrument of transfer in form satisfactory to the Trustee and
payment of the fees and expenses applicable hereto set forth herein.
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This Certificate shall not become valid or binding for any purpose
until properly executed by the Trustee under the Indenture.
IN WITNESS WHEREOF, Bear, Xxxxxxx & Co. Inc., as Depositor, has caused
this Certificate to be executed in facsimile by an authorized signatory and
United States Trust Company of New York, as Trustee, has caused this
Certificate to be executed in its corporate name by an authorized officer.
Date:
BEAR, XXXXXXX & CO. INC. UNITED STATES TRUST COMPANY
Depositor OF NEW YORK
Trustee
BY:____________________________ By:_________________________
Authorized Signatory Authorized Officer
The following is a summary of certain provisions of the
indenture (a copy of which is on file and available for inspection to the
holder hereof at the corporate trust office of the Trustee), to which this
Certificate is subject and to which reference is hereby made. All of the terms,
conditions and covenants of the Indenture are incorporated herein by reference
as fully as if set forth herein. The Trust consists of (1) such of the
interest-bearing debt securities and obligations that may be deposited in trust
and listed in Schedule A of the Indenture (including contracts, if any, for the
purchase of certain of such securities and obligations together with the cash,
cash equivalents and/or an irrevocable letter of credit issued by a commercial
bank in the amount required for such purchase) and any other securities that
may be deposited in the Trust in exchange or substitution therefor in
accordance with the Indenture, as may from time to time continue to be held in
the Trust and (2) such cash amounts as from time to time may be held in the
Interest Account and the Principal Account maintained under the Indenture in
the manner described below.
At any given time this Certificate shall represent a fractional
undivided interest in the Trust, the numerator of which fraction shall be the
number of units set forth on the face hereof and the denominator of which shall
be the total number of units of fractional undivided interest represented by
all Certificates of this Series which are outstanding at such time.
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The registered holder of this Certificate is entitled at any
time upon tender of this Certificate to the Trustee at its corporate trust
office in the City of New York, endorsed in blank or accompanied by all
necessary instruments of assignment and transfer in proper form, and upon
payment of any tax or other governmental charges, to receive on the seventh
calendar day following the day on which such tender is made, or, if such
calendar day is not a business day, on the first business day prior to such
calendar day, an amount in cash equal to the evaluation of the fractional
undivided interest in the Trust evidenced by this Certificate, upon the basis
provided for in the Indenture (the "Redemption Price"). The right of redemption
may be suspended and the date of payment may be postponed for any period during
which the New York Stock Exchange is closed or trading on that Exchange is
restricted, or for any period during which an emergency exists so that disposal
of the obligations held in the Trust is not reasonably practicable or it is not
reasonably practicable fairly to determine the value of such obligations in
accordance with the Indenture or for such other periods as the Securities and
Exchange Commission may by order permit.
The Trustee is irrevocably authorized in its discretion, in lieu
of redeeming this Certificate if tendered for redemption, to sell this
Certificate in the over-the-counter market or by private sale for the account
of the Certificateholder at a price which will return to the Certificateholder
an amount in cash, net after deducting brokerage commissions, transfer taxes
and other charges, equal to or in excess of the Redemption Price for this
Certificate. In the event of any such sale the Trustee shall pay the net
proceeds thereof to the Certificateholder on the day he would otherwise be
entitled to receive payment of the Redemption Price.
Interest received by the Trustee as part of the Trust (including
interest accrued and unpaid prior to the day of deposit of any obligation in
the Trust and that part of the proceeds of the sale, liquidation, redemption or
maturity of any such obligation which represents accrued interest) shall be
credited by the Trustee to the Interest Account. The fractional undivided
interest represented by this Certificate in the balance in the Interest Account
(after the deductions referred to below) shall first be computed as of the
semi-annual Record Date (as defined in the Indenture). The next computation
shall be made as of the next succeeding semi-annual Record Date, and thereafter
as of the first day of June and December of each year commencing with the first
such day following the date of this Certificate.
An amount in cash equal to the fractional undivided interest in
the Interest Account (on the basis set forth below) computed as set forth
above, shall be distributed on the 15th day of the respective months, or within
a reasonable period of time
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thereafter, to the registered holder of this Certificate at the close of
business on the first day of the month in which such distribution is made.
The Trustee shall make semi-annual distributions from the
Interest Account on the basis of one-half of the estimated annual interest
income expected by the Trustee to be received by the Trust in the ensuing
twelve month period, after deduction of the estimated costs and expenses to be
incurred during such period, except as otherwise hereafter provided. To the
extent cash in the Interest Account is insufficient for any distribution the
Trustee shall advance its own funds sufficient therefor and shall be entitled
to reimbursement, without interest, out of interest received by the Trust
subsequent to such advance.
All moneys (other than interest) received by the Trustee, as
part of the Trust (including amounts received from the sale, liquidation,
redemption or maturity of any obligation held in the Trust) shall be credited
by the Trustee to a separate Principal Account. The fractional undivided
interest represented by this Certificate in the cash balance in the Principal
Account (after the deductions referred to below) shall be computed as of the
first day of June and December of each year, commencing with the semi-annual
Record Date. An amount in cash equal to the fractional undivided interest in
the Principal Account, computed as set forth above, shall be distributed on the
fifteenth day of the respective months, or within a reasonable time thereafter,
to the registered holder of this Certificate at the close of business on the
first day of such month. The Trustee shall not be required to make a
distribution from the Principal Account unless the cash balance on such deposit
therein available for such distribution shall be sufficient to permit the
distribution of at least $1.00 per Unit.
Distributions from the Interest and Principal Accounts shall be
made to the registered holder hereof by check mailed to the address of such
holder appearing in the registration books of the Trustee.
From time to time deductions shall be made from the Interest
Account and Principal Account, as more fully set forth in the Indenture, for
redemptions, compensation of the Trustee, compensation of the Evaluator,
payment of the Depositor's fee for services as such, reimbursement of certain
expenses incurred or advances made by or on behalf of the Trustee, certain
legal expenses, and payment of, or the establishment of a reserve for,
applicable taxes or governmental charges, if any.
Within a reasonable period of time after the end of each
calendar year the Trustee shall furnish to the registered holder of this
Certificate a statement setting forth, among other things, the amounts received
by the Trust and deductions
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therefrom and the amounts distributed during the preceding year in respect of
interest on, payments and prepayments of principal of, and sales, redemptions
or maturities of, obligations held in the Trust.
This Certificate shall be transferable by the registered holder
hereof by presentation and surrender at the corporate trust office of the
Trustee properly endorsed or accompanied by a written instrument or instruments
of transfer in form satisfactory to the Trustee and executed by the registered
holder hereof or his authorized attorney. Certificates of this Series are
interchangeable for one or more Certificates in an equal aggregate number of
Units of fractional undivided interest at the corporate trust office of the
Trustee, in denominations of a single Unit of fractional undivided interest or
any whole multiple thereof.
The holder of this Certificate may be required to pay a transfer
charge in connection with the transfer or exchange of this Certificate, as well
as any tax or other governmental charge that may be imposed in connection with
the transfer, exchange or other surrender of this Certificate.
The holder of this Certificate, by virtue of the acceptance
hereof, assents to and shall be bound by the terms of the Indenture, a copy of
which is on file and available for inspection at the corporate trust office of
the Trustee, to which reference is made for all the terms, conditions and
covenants thereof.
The Trustee may deem and treat the person in whose name this
Certificate is registered upon the books of the Trustee as the owner hereof for
all purposes and the Trustee shall not be affected by any notice to the
contrary.
The Indenture and the Trust created thereby shall terminate upon
the maturity, redemption, sale or other disposition of the last security held
thereunder, provided, however, that in no event shall the Indenture and the
Trust continue beyond the end of the calendar year preceding the fiftieth
anniversary of the execution of the Indenture. The Indenture also provides that
the Trust may be terminated at any time by the written consent of the holders
of Certificates representing all of the Units outstanding and under certain
circumstances which include a decrease in the value of the Trust to less than
40% of the initial aggregate principal amount of the securities deposited in
the Trust. Upon any termination the Trustee shall fully liquidate the
securities then held, if any, and distribute pro rata the funds then held in
the Trust upon surrender of the Certificates, all in the manner provided in the
Indenture. Upon termination, the Trustee shall be under no further obligation
with respect to the Trust, except to hold the
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funds in trust without interest until distribution as aforesaid and shall have
no duty upon any such termination to communicate with the holder hereof other
than by mail at the address of such holder appearing on the registration books
of the Trustee.
STATEMENT REGARDING DISTRIBUTION
On the face of this Certificate it is indicated whether the
registered holder hereof has elected to receive distributions from the Interest
Account monthly, semi-annually, or annually.
This Certificate by its terms provides that distributions from
the Interest Account shall first be computed as of the semi-annual Record Date,
and thereafter as of the next succeeding semi-annual Record Date commencing
with the first such day following the date of the Certificate, and an amount in
cash equal to the share of the Interest Account represented by this Certificate
distributed on the fifteenth day of the respective months next following such
computations, or within a reasonable period of time thereafter, to the
registered holder of this Certificate at the close of business on the first day
of the month in which the distribution is made.
If monthly distributions have been selected, the fractional
undivided interest represented by this Certificate in the balance in the
Interest Account, after the first distribution and after the deductions
referred to above, will be computed monthly as of the first day of each month
of each year, commencing with the monthly Record Date, and an amount in cash as
thus computed will be distributed to the holder hereof at such date of
computation on or shortly after the fifteenth day of each month.
If annual distributions have been selected, the fractional
undivided interest represented by this Certificate in the balance in the
Interest Account, after the first distribution and after the deductions
referred to above, will be computed annually as of the first day of December of
each year, commencing with the annual Record Date and an amount in cash as thus
computed will be distributed to the holder hereof at such date of computation
on or shortly after the fifteenth day of each December.
All Certificateholders of record as of the First Record Date (as
defined in the Indenture) however, regardless of the plan of distribution
selected, will receive the distribution to be made on or shortly after the
First Payment Date (as defined in the Indenture) and thereafter, distributions
will be made monthly, semi-annually or annually depending upon the plan of
distribution, chosen by the holder hereof.
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The plan of distribution chosen by the registered holder hereof
may be changed by written notice to the Trustee not later than November 1 in
any calendar year by surrender to the Trustee of this Certificate, together
with a completed form for selection of plan of distribution provided by the
Trustee. A plan of distribution shall continue in effect until changed as
herein provided. A change in a plan of distribution may only be made as
indicated herein and will be effective as of December 2 for the ensuing twelve
months. Distributions to Certificateholders who are participating in one of the
optional plans for distribution of interest shall not be affected because of
advancements of the Trustee for the purpose of equalizing distributions to
Certificateholders participating in a different plan.
ABBREVIATIONS
The following abbreviations, when used in the inscription on the
face of this instrument, shall be construed as though they were written out in
full according to applicable laws or regulations:
TEN COM - as tenants in common
TEN ENT - as tenants by the entireties
JT TEN - as joint tenants with right of survivorship and
not as tenants in common
UNIF TRANSFERS MIN ACT - ........ Custodian .........
(Cust) (Minor)
under Uniform Transfers to Minors Act...................
(State)
Additional abbreviations may also be used though not in the above list.
C/M: 11939.0001 407326.1
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ASSIGNMENT
For Value Received _____________________ hereby sells, assigns
and transfers unto ____________________ the within Certificate and does hereby
irrevocably constitute and appoint ___________________________ attorney, to
transfer the within Certificate on the books of the Trustee, with full power of
substitution in the premises.
Dated:
-----------------------------
NOTICE: The signatures to
this assignment must
correspond with the name(s)
as written above upon the
face of this Certificate in
every particular, without
alteration or enlargement or
any change whatever.
--------------------------------
Signature Guaranteed
[END OF CERTIFICATE]
(d) Section 3.06(A)(3) is amended by adding the words "the
annual audit fees referred to in Section 6.02," immediately after the
words "Section 3.09";
(e) Section 3.06(B)(3) is amended by adding the words "the
annual audit fees referred to in Section 6.02," immediately after the
words "Section 3.09";
(f) Section 6.02 is amended by the addition of the following
paragraphs after the paragraph ending with the word
"Certificateholder" and immediately prior to the paragraph beginning
with the words "The Trustee":
"The Trustee shall cause audited statements as to the
assets and income of each State Trust to be prepared on an
annual basis by independent public accountants selected by the
Depositor, provided, however, if the cost to a State Trust for
preparation of such statements shall exceed an amount equivalent
to $.50 per Unit on an annual basis then the Trustee shall not
be required to have such statements prepared. Such audited
statements will be made available to Certificateholders upon
request.
C/M: 11939.0001 407326.1
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To the extent permitted under the Investment Company Act
of 1940 as evidenced by an opinion of counsel to the Depositor,
the Trustee shall pay, or reimburse to the Depositor or others,
the costs of the preparation of documents and information with
respect to each State Trust required by law or regulation in
connection with the maintenance of a secondary market in units
of each State Trust. Such costs may include but are not limited
to accounting and legal fees, blue sky registration and filing
fees, printing expenses and other reasonable expenses related to
documents required under Federal and state securities laws."
(g) Section 9.05 is amended as follows:
(i) the word "Inc." is added immediately after
the words "Bear, Xxxxxxx & Co.";
(ii) the address of the Depositor is changed to:
"000 Xxxx Xxxxxx, Xxx Xxxx, Xxx Xxxx 00000"; and
(iii) the address of the Trustee is changed to: "45
Xxxx Xxxxxx, Xxx Xxxx, Xxx Xxxx 00000".
PART II
SPECIAL TERMS AND
CONDITIONS OF TRUST
The following special terms and conditions are hereby agreed to:
(a) The interest-bearing obligations listed in Schedule A hereto
have been deposited in trust under this Indenture.
(b) For the purposes of the definition of the Unit in Article I,
the fractional undivided interest in and ownership of each State
Trust is as follows:
California Trust: 1/2,000
Michigan Trust: 1/2,000
New York Trust: 1/4,000
Pennsylvania Trust: 1/2,000
(c) The term Record Date shall mean the first day of each month
(or the last business day prior thereto) commencing on February 1,
1989 for monthly distributions, December 1 and June I of each year
for semi-annual distributions (commencing on June 1, 1981) and
December 1 of each year for annual distributions (commencing on
December 1, 1989).
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(d) The term Payment Date shall mean the fifteenth day of each
month (or the last business day prior thereto) commencing on February
15, 1989 for monthly distributions, December 15 and June 15 of each
year for semi-annual distributions (commencing on June 15, 1989) and
December 15 of each year for annual distributions (commencing on
December 15, 1989).
(e) All Certificateholders of record on January 1, 1989 (the
"First Record Date"), regardless of the plan distribution selected,
will receive a distribution to be made on or shortly after January
15, 1989 (the "First Payment Date"), and thereafter distributions
will be made monthly, semi-annually or annually, depending upon the
plan of distribution chosen by each Certificateholder.
(f) The First Settlement Date shall mean September 23,
1988.
(g) The number of Units referred to in Section 2.03 for
each State Trust is as follows:
California Trust: 2,000
Michigan Trust: 2,000
New York Trust: 4,000
Pennsylvania Trust: 2,000
(h) For the purposes of Section 4.02(a), the Evaluator shall
receive for each evaluation of the Bonds in the Trust a minimum fee
of $15, plus a fee of $0.25 for determining the aggregate value of
each issue of Bonds in excess of 50 issues (treating separate
maturities of Bonds as separate issues).
(i) For the purposes of Section 6.01(g), the liquidation
amount of each State Trust is hereby specified to be as
follows:
California Trust: $ 800,000
Michigan Trust: $ 800,000
New York Trust: $1,600,000
Pennsylvania Trust: $ 800,000
(j) For the purposes of Section 6.04, the Trustee shall be paid
per annum $1.05 per $1,000 principal amount of Bonds for that portion
of the California Trust under the monthly distribution plan, $.60 per
$1,000 principal amount of Bonds for that portion of the California
Trust under the semi-annual distribution plan and $.35 per $1,000
principal amount of Bonds for that portion of the California Trust
under the annual distribution plan. During the first year after the
date hereof, such payments to the Trustee will be
C/M: 11939.0001 407326.1
11
reduced by a portion [a maximum of $.90 per Unit times the number of
Units on the monthly distribution plan, $.60 per Unit plus $.30 of
California Trust expenses (to be assumed and paid by the Trustee)
times the number of Units on the semi-annual distribution plan and
$.35 per Unit plus $.55 of California Trust expenses (to be assumed
and paid by the Trustee) times the number of Units on the annual
distribution plan] of the amount of interest which accrues on any
"when, as and if issued" Bonds between the first settlement date of
the California Trust and the respective dates of delivery of such
Bonds.
(k) For the purposes of Section 6.04, the Trustee shall be paid
per annum $1.05 per $1,000 principal amount of Bonds for that portion
of the Michigan Trust under the monthly distribution plan, $.60 per
$1,000 principal amount of Bonds for that portion of the Michigan
Trust under the semi-annual distribution plan and $.35 per $1,000
principal amount of Bonds for that portion of the Michigan Trust
under the annual distribution plan. During the first year after the
date hereof, such payments to the Trustee will be reduced by a
portion [a maximum of $.90 per Unit times the number of Units on the
monthly distribution plan, $.60 per Unit plus $.30 of Michigan Trust
expenses (to be assumed and paid by the Trustee) times the number of
Units on the semi-annual distribution plan and $.35 per Unit plus
$.55 of Michigan Trust expenses (to be assumed and paid by the
Trustee) times the number of Units on the annual distribution plan]
of the amount of interest which accrues on any "when, as and if
issued" Bonds between the first settlement date of the Michigan Trust
and the respective dates of delivery of such Bonds.
(l) For the purposes of Section 6.04, the Trustee shall be paid
per annum $1.05 per $1,000 principal amount of Bonds for that portion
of the New York Trust under the monthly distribution plan, $.60 per
$1,000 principal amount of Bonds for that portion of the New York
Trust under the semi-annual distribution plan and $.35 per $1,000
principal amount of Bonds for that portion of the New York Trust
under the annual distribution plan. During the first year after the
date hereof, such payments to the Trustee will be reduced by a
portion [a maximum of $.90 per Unit times the number of Units on the
monthly distribution plan, $.60 per Unit plus $.30 of New York Trust
expenses (to be assumed and paid by the Trustee) times the number of
Units on the semi-annual distribution plan and $.35 per Unit plus
$.55 of New York Trust expenses (to be assumed and paid by the
Trustee) times the number of Units on the annual distribution plan]
of the amount of interest which accrues on any "when, as and if
issued" Bonds between the first
C/M: 11939.0001 407326.1
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settlement date of the New York Trust and the respective dates of
delivery of such Bonds.
(m) For the purposes of Section 6.04, the Trustee shall be paid
per annum $1.05 per $1,000 principal amount of Bonds for that portion
of the Pennsylvania Trust under the monthly distribution plan, $.60
per $1,000 principal amount of Bonds for that portion of the
Pennsylvania Trust under the semi-annual distribution plan and $.35
per $1,000 principal amount of Bonds for that portion of the
Pennsylvania Trust under the annual distribution plan. During the
first year after the date hereof, such payments to the Trustee will
be reduced by a portion [a maximum of $.90 per Unit times the number
of Units on the monthly distribution plan, $.60 per Unit plus $.30 of
the Pennsylvania Trust expenses (to be assumed and paid by the
Trustee) times the number of Units on the semi-annual distribution
plan and $.35 per Unit plus $.55 of the Pennsylvania Trust expenses
(to be assumed and paid by the Trustee) times the number of Units on
the annual distribution plan] of the amount of interest which accrues
on any "when, as and if issued" Bonds between the first settlement
date of the Pennsylvania Trust and the respective dates of delivery
of such Bonds.
(n) For purposes of Section 7.04, the Depositor's annual
fee is hereby specified to be $.25 per $1,000 principal
amount of Bonds in the State Trusts.
(o) For purposes of this Series of Municipal Securities Trust,
the form of Certificate set forth in this Indenture shall be
appropriately modified to reflect the title of this Series as set
forth above.
IN WITNESS WHEREOF, the parties hereto have caused this Reference
Trust Agreement to be duly executed on the date first above written.
[Signatures on separate pages]
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13
BEAR, XXXXXXX & CO., INC.
Depositor
By______________________
Authorized Signatory
STATE OF NEW YORK )
: ss.:
COUNTY OF NEW YORK )
On this 16th day of September, 1988, before me personally appeared
Xxxxx X. XxXxxxx, to me known, who being by me duly sworn, said that he is an
Authorized Signatory of Bear, Xxxxxxx & Co. Inc., one of the corporations
described in and which executed the foregoing instrument, and that he signed
his name thereto by authority of the Board of Directors of said corporation.
---------------------------
Notary Public
Municipal Securities Trust,
Multi-State Series 31
C/M: 11939.0001 407326.1
00
XXXXXX XXXXXX XXXXX XXXXXXX XX XXX XXXX
Trustee
By___________________________________
Assistant Vice President
(SEAL)
ATTEST:
-----------------------------
Assistant Secretary
Municipal Securities Trust,
Multi-State Series 31
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15
STANDARD & POOR'S CORPORATION
Evaluator
By:_________________________
Vice President
(SEAL)
ATTEST:
------------------------
Vice President
Municipal Securities Trust,
Multi-State Series 31
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SCHEDULE A
MUNICIPAL SECURITIES TRUST
MULTI-STATE SERIES 31
PORTFOLIO
CALIFORNIA TRUST
As of September 16, 1988
A MONTHLY PAYMENT SERIES
SEMI-ANNUAL PAYMENT SERIES OR ANNUAL PAYMENT SERIES
Aggregate Name of Issuer and Coupon/ Redemption Feature
Portfolio Principal Title of Bonds Maturity S.F.-- Sinking Fund Cost of Bonds
No. Amount Contracted for(5) Ratings(1) Date(s)(2) Ref. -- Refunding(2) to Trust(3)
--- ------ ----------------- ---------- ---------- -------------------- -----------
1. $ 250,000 Calif. Hlth. Facs. Finc. Auth. (St. Xxxxxxx Mem. A* 9.000% 11/01/06 @ 100 S.F. $ 273,335
Hosp.) Xxx. Xxxxx Series 1985A 11/01/2015 11/01/95 @ 102 Ref.
2. 200,000 Riverside Calif. Xxxxxx Permanente Xxx. Xxxxx AA 9.000% 12/01/09 @ 100 S.F. 220,556
1985 Series A 12/01/2015 12/01/95 @ 102 Ref.
3. 200,000 Calif. Hsg. Finc. Agncy. Home Mtg. Rev. A+ 6.900% 2/01/03 @ 100 S.F. 180,674
Bonds 1986 Series B 8/01/2016 8/01/96 @ 102 Ref.
4. 100,000 Irvine Ranch Calif. Wtr. Dstrct. Joint Pwrs. A+ 7.875% 2/15/09 @ 100 S.F. 100,153
Agncy. Local Pool Xxx. Xxxxx 2/15/2023 2/15/98 @ 100 Ref.
5. 200,000 Los Angeles Calif. Cmmnty. Redev. Agncy. Tax A- 6.750% 7/01/04 @ 100 S.F. 177,176
Alloc. Rfndg. Xxx. Xxxxx (Central Business 7/01/2010 7/01/96 @ 102 Ref.
Dstrct. Redev. Prjt.)
6. 200,000 Palm Springs Calif. Certs. Of Part. (Cnvntn. AA 8.750% 11/01/01 @ 100 S.F. 217,102
Cntr. Prjt.) Capt. Grnty. Ins. Xxx. Xxxxx 11/01/2010 11/01/95 @ 102 Ref.
7. 200,000 San Diego Calif. Indus. Dev. Xxx. Xxxxx Series Aa3* 9.250% No Sinking Fund 223,990
A (San Diego Gas & Elec. Co.) 9/01/2020 9/01/95 @ 102 Ref.
8. 125,000 San Francisco Calif. Bay Area Rapid Transit A+ 9.000% 7/01/95 @ 100 S.F. 138,861
Sales Tax Xxx. Xxxxx 7/01/2011 7/01/95 @ 103 Ref.
9. 125,000 Southeast Res. Recvry. Facs. Auth. Long Beach A(Prov.) 8.900% 12/01/99 @ 100 S.F. 134,248
Calif. 1985 Lease Xxx. Xxxxx 12/01/2003 12/01/95 @ 102 Ref.
10. 200,000 University of Calif. Hosp. Xxx. Xxxxx A 6.900% 12/01/07 @ 100 S.F. 179,556
(U.C.L.A. Med. Cntr.) 12/01/2016 12/01/96 @ 102 Ref.
11. 75,000 P.R. Elec. Pwr. Auth. Pwr. Xxx. Xxxxx Series X X 9.000% 7/01/99 @ 100 S.F. 82,253
7/01/2005 7/01/95 @ 103 Ref.
12. 125,000 Fresno Calif. Multi-Fam. Hsg. Xxx. Xxxxx Aa(Con)* 0.000% 6/01/98 @ 4.856 S.F. 3,463
(FHA Insrd. Mtg. Loan-Pleasant Valley Pines 12/01/2026 Non Callable
Aprtmts. Prjt.)
$2,000,000 $1,931,367
=========== ==========
A-13
C/M: 11939.0001 407326.1
MUNICIPAL SECURITIES TRUST
MULTI-STATE SERIES 31
PORTFOLIO
MICHIGAN TRUST
As of September 16, 1989
A MONTHLY PAYMENT SERIES
SEMI-ANNUAL PAYMENT SERIES OR ANNUAL PAYMENT SERIES
Aggregate Name of Issuer and Coupon/ Redemption Feature
Portfolio Principal Title of Bonds Maturity S.F.-- Sinking Fund Cost of Bonds
No. Amount Contracted for(5) Ratings(1) Date(s)(2) Ref.-- Refunding(2) to Trust(3)
--- ------ ----------------- ---------- ---------- ------------------- -----------
1. $ 250,000 Mich. State Comp. Trans. Xxx. Xxxxx Series 2 AA- 6.000% 2/01/12 @ 100 S.F. $ 205,270
2/01/2014 2/01/96 @ 100 Ref.
2. 200,000 Mich. State. Hosp. Finc. Auth. Xxx. Xxxxx Bon A+ 9.700% 9/01/97 @ 100 S.F. 223,872
Secours Hlth. Sys. Prjt. 9/01/2015 9/01/93 @ 103 Ref.
3. 90,000 Mich. State Hsg. Dev. Auth. Sec. 8 Asstd. Mtg. A+ 6.750% 4/01/99 @ 100 S.F. 79,360
Xxx. Xxxxx Series 1977-1 4/01/2021 10/01/88 @ 103 Ref.
4. 200,000 Mich. Pub. Pwr. Agncy. (Belle River Prjt.) AA- 7.000% 1/01/13 @ 100 S.F. 184,858
Rfndg. Xxx. Xxxxx 1986 Series 1/01/2018 1/01/96 @ 101 Ref.
5. 200,000 Detroit Mich. Sewage Disp. Sys. Rev. Rfndg. A* 7.000% No Sinking Fund 184,032
Bonds Series 1987 7/01/2011 7/01/97 @ 102 Ref.
6. 200,000 Monroe Mich. Poll. Contrl Xxx. Xxxxx (Detroit AAA 9.625% No Sinking Fund 230,474
Edison Co. Prjt.) Series A 1985 (AMBAC) 12/01/2015 12/01/2015 @ 103 Ref.
7. 165,000 Monroe Cnty. Mich. Ltd. Tax Gen. Oblig. Swr. A 7.700% No Sinking Fund 165,000
Disp. Bonds (Village of Dundee, Mich.) 5/01/2006 5/01/97 @ 102 1/2Ref.
8. 250,000(4) Muskegon City Mich. Hosp. Finc. Auth. Hosp. A* 8.000% 2/01/01 @ 100 S.F. 251,815
Rev. & Rfndg. Bonds (Xxxxxxx Hosp.) Series 2/01/2008 2/01/98 @ 102 Ref.
1988A
9. 210,000 Univ. of Mich. Cnstrctn. & Rfndg. Student Fee AA- 6.000% 4/01/08 @ 100 S.F. 175,329
Xxx. Xxxxx Series 1987 4/01/2009 4/01/97 @ 100 Ref.
10. 235,000 P.R. Elec. Pwr. Auth. Pwr. Xxx. Xxxxx Series X X 9.000% 7/01/99 @ 100 S.F. 257,727
7/01/2005 7/01/95 @ 103 Ref.
$2,000,000 $1,957,737
=========== ==========
A-14
C/M: 11939.0001 407326.1
MUNICIPAL SECURITIES TRUST
MULTI-STATE SERIES 31
PORTFOLIO
NEW YORK TRUST
As of September 16, 1989
A MONTHLY PAYMENT SERIES
SEMI-ANNUAL PAYMENT SERIES OR ANNUAL PAYMENT SERIES
Aggregate Name of Issuer and Coupon/ Redemption Feature
Portfolio Principal Title of Bonds Maturity S.F.-- Sinking Fund Cost of Bonds
No. Amount Contracted for(5) Ratings(1) Date(s)(2) Ref. -- Refunding(2) to Trust(3)
--- ------ ----------------- ---------- ---------- -------------------- -----------
1. $ 250,000 N.Y. City Gen. Oblig. Xxx. Xxxxx Series A A- 8.750% No Sinking Fund $ 268,827
11/01/2014 11/01/97 @ 101.5 Ref.
2. 225,000 N.Y. City Muni. Wtr. Finc. Auth. Wtr. & Swr. A- 7.000% 6/15/05 @ 100 S.F. 205,101
Sys. Xxx. Xxxxx Series A 6/15/2014 6/15/96 @ 102 Ref.
3. 400,000 N.Y. Energy Rsrch. & Dev. Auth. Elec. Fac. Aa2* 9.000% No. Sinking Fund 441,248
Xxx. Xxxxx 1985A (Con. Edison Co. of N.Y. 8/15/2020 8/15/95 @ 102 Ref.
Inc. Prjt.)
4. 450,000 N.Y. State Med. Care Facs. Finc. Agncy. Rev. AA 9.500% 1/15/89 @ 100 S.F. 494,960
Bonds Nrsg. Home Imprvmt. (Xxxxx Xxxx Life 1/15/2024 1/15/94 @ 102 Ref.
Care)
5. 400,000 N.Y. State Med. Care (Bronx Lebanon Hosp.) AAA 7.100% 2/15/08 @ 100 S.F. 375,144
Xxx. Xxxxx (BIG) 2/15/2027 2/15/97 @ 102 Ref.
6. 400,000 N.Y. State Med. Care Facs. Finc. Agncy. Insrd. AA 9.125% No Sinking Fund 437,572
Hosp. & Nrsg. Home Mtg. Xxx. Xxxxx 2/15/2025 2/15/95 @ 102 Ref.
7. 400,000 N.Y. State Med. Care Facs. Finc. Agncy. Rev. AA 8.875% 2/15/90 @ 100 S.F. 440,624
Bonds Hosp. & Nrsg. Home Insrd. Mtg. Rev. 8/15/2027 2/15/98 @ 102 Ref.
Bonds 1987 Series B
8. 250,000 Metro. Trans. Auth. N.Y. Transit Facs. Service A 8.500% 7/01/06 @ 100 S.F. 264,285
Contract Bonds Series G 7/01/2011 7/01/96 @ 102 Ref.
7/01/2019
9. 250,000 Port. Auth. of N.Y. & N.J. Cons. Series 56 AA- 7.125% 8/01/96 @ 100 S.F. 234,265
8/01/2021 8/01/93 @ 102 Ref.
10. 400,000 Triborough Bridge & Tunnel Auth. of N.Y. A+ 6.500% 1/01/07 @ 100 S.F. 349,604
Gen. Purpose Series 1 1/01/2016 1/01/96 @ 100 Ref.
11. 375,000 P.R. Elec. Pwr. Auth. Pwr. Xxx. Xxxxx Series X X 9.000% 7/01/99 @ 100 S.F. 411,266
7/01/2005 7/01/95 @ 103 Ref.
12. 200,000 N.Y. City Hsg. Dev. Corp. Multi-Fam. Mtg. AA+ 0.000% 8/15/18 @ 32.557 S.F. 5,300
Xxx. Xxxxx (FHA Insrd. Mtg. Loan) 1985A 2/15/2030 2/15/05 @ 9.156 Ref.
$4,000,000 $3,928,196
========== =============
A-15
C/M: 11939.0001 407326.1
MUNICIPAL SECURITIES TRUST
MULTI-STATE SERIES 31
PORTFOLIO
PENNSYLVANIA TRUST
As of September 16, 1989
A MONTHLY PAYMENT SERIES
SEMI-ANNUAL PAYMENT SERIES OR ANNUAL PAYMENT SERIES
Aggregate Name of Issuer and Coupon/ Redemption Feature
Portfolio Principal Title of Bonds Maturity S.F.-- Sinking Fund Cost of Bonds
No. Amount Contracted for(5) Ratings(1) Date(s)(2) Ref. -- Refunding(2) to Trust(3)
--- ------ ----------------- ---------- ---------- -------------------- -----------
1. $ 195,000 Penn. Higher Edcntl. Fac. Auth. Xxx. Xxxxx AA- 8.250% 7/15/09 @ 100 S.F. $ 200,242
(Xxxxxx Xx. Collg.) Series 1988 7/15/2013 7/15/97 @ 101 Ref.
2. 200,000 Philadelphia Muni. Auth. Rev. Rfndg. Bonds AAA 7.875% 7/15/08 @ 100 S.F. 202,000
(Mitsubishi Letter of Credit) 7/15/2017 7/15/97 @ 102 Ref.
3. 200,000 Penn. Tnpke. Comm. Tnpke. Xxx. Xxxxx Series A 7.875% 12/01/07 @ 100 S.F. 203,000
A1986 12/01/2015 12/01/96 @ 102 Ref.
4. 200,000 Xxxxxxx Cnty. Hosp. Auth. Xxx. Xxxxx A- 7.000% 7/01/00 @ 100 S.F. 181,392
(Brandywine Hosp.) Series 1987 7/01/2010 7/01/97 @ 102 Ref.
5. 250,000 Lehigh Cnty. Indus. Dev. Auth. Poll. Cntrl. A2* 9.375% No Sinking Fund 281,140
Xxx. Xxxxx (Penn. Pwr. & Lt. Co. Prjt.) Series 7/01/2015 7/01/95 @ 102 Ref.
1985A
6. 200,000 Philadelphia Penn. Arpt. Xxx. Xxxxx Series A 9.000% 6/15/06 @ 100 S.F. 219,274
1985 (Philadelphia Arpt. Systems) 6/15/2015 6/15/95 @ 103 Ref.
7. 200,000 Philadelphia Penn. Hosp. & Higher Ed. Facs. A 9.000% 7/01/99 @ 100 S.F. 221,120
Hosp. Xxx. Xxxxx (Methodist Hosp.) Series 7/01/2010 7/01/97 @ 102 Ref.
A1987
8. 200,000 Xxxxxxxxxxxx Cnty. Penn. Indus. Dev. Auth. A 6.500% 7/01/99 @ 100 S.F. 170,928
Hosp. Rev. Rfndg. Bonds (Citizens Gen. Hosp.) 7/01/2015 7/01/97 @ 102 Ref.
Series A1987
9. 200,000 P.R. Elec. Pwr. Auth. Pwr. Xxx. Xxxxx Series X X 9.000% 7/01/99 @ 100 S.F. 219,342
7/01/2005 7/01/95 @ 103 Ref.
10. 155,000 Allegheny Cnty. Penn. Rsdntl. Finc. Auth. Aa(Con)* 0.000% 12/01/14 @ 22.971 2,945
Multi-Fam. Mtg. Xxx. Xxxxx (FHA Insrd. Mtg. 12/01/2027 S.F.
Loans) 1985 Series A 6/01/96 @ 3.100 Ref.
--------------
$2,000,000 $1,901,383
========== =============
A-16
C/M: 11939.0001 407326.1
