This paper considers a semi-infinite storage model, of the type studied by Senturia and Puri [13] and Balagopal [2], defined on a Markov renewal process, {(Xn, Tn
), n = 0, 1, ·· ·}, with 0 = T
0 < T
1 < · ··, almost surely, where Xn
takes values in the set {1, 2, ·· ·}. If at Tn, Xn
= j, then there is a random ‘input' Vn
(j) (a negative input implying a demand) of ‘type' j, having distribution function Fj
(·). We assume that {Vn
(j)} is an i.i.d. sequence of random variables, taken to be independent of {(Xn, Tn
)} and of {Vn
(k)}, for k ≠ j, and that Vn
(j) has first and second moments. Here the random variables Vn
(j) represent instantaneous ‘inputs' (a negative value implying a demand) of type j for our storage model. Under these assumptions, we establish certain limit distributions for the joint process (Z(t), L(t)), where Z(t) (defined in (2)) is the level of storage at time t and L(t) (defined in (3)) is the demand lost due to shortage of supply during [0, t]. Different limit distributions are obtained for the cases when the ‘average stationary input' ρ, as defined in (5), is positive, zero or negative.