Donoghue's said the average number of days to maturity of securities held in the tax-free portfolios moved down by two days, to 49.

Donoghue's said the average number of days to maturity of securities held in the tax-free portfolios remained unchanged at 52.

Donoghue's said the average number of days to maturity of securities held in the tax-free portfolios dropped by one day, to 52, this week.

The average maturity of securities in the tax-free portfolios remained at 58 days, he said.

Donoghue's said the average number 0f days to maturity of securities held in the tax-free portfolios dropped by a day, to 51.

Because of the general erosion in some states' economies, investors in New York and Massachusetts in particular, should keep no more than 40 or 50 percent of their total tax-free portfolio in state bonds, said James F. Lynch, editor of the Lynch Municipal Bond Advisory, a newsletter published in New York.

Donoghue's said the average number of days to maturity of securities held in the tax-free portfolios moved up one day, to 51.

Donoghue's said the average number of days to maturity of securities held in the tax-free portfolios grew to 52 days from 49.

As a rule of thumb, New York investors should keep no more than 25 percent of their tax-free portfolios in state bonds, Ms. Lynch said.