[LOGO] CMA(R)
CMA GOVERNMENT
SECURITIES FUND
Annual Report
[GRAPHIC OMITTED]
March 31, 2000
[LOGO] Merrill Lynch
<PAGE>
DEAR SHAREHOLDER:
For the year ended March 31, 2000, CMA Government Securities Fund paid
shareholders a net annualized dividend of 4.71%.* As of March 31, 2000, the
Fund's 7-day yield was 5.19%.
The average portfolio maturity for CMA Government Securities Fund at March 31,
2000 was 36 days, compared to 71 days at September 30, 1999. However, during the
six-month period ended March 31, 2000, the average life ranged from 35 days to
75 days.
The Environment
The US economy continued to enjoy above-trend growth during the last half of
1999 and into the first quarter of 2000. For the second half of 1999, gross
domestic product (GDP) grew at a rate of 7.3%, well above expectations this far
into the current economic cycle, and much higher than the target for GDP set by
the Federal Reserve Board. Currently, more Americans are employed and are
enjoying increases in their income as seen in the low unemployment rate and
large number of new jobs created (283,000 average for the fourth quarter of
1999). This, as well as the relentless rise in equity prices, created a momentum
in consumer demand that has yet to be dampened by rising interest rates.
The recovery of overseas economies boosted export levels that suffered during
the first half of 1999, contributing to the strong US GDP. The Federal Reserve
Board remains concerned that although productivity gains are high, they cannot
keep pace with demand and imbalances are developing in the economy that may soon
prove to be inflationary. A more visible sign of price pressure is the cost of
oil, which recently exceeded $30 per barrel. Oil price pressures are expected to
continue during the spring and summer since oil stocks are low. However, the
Organization of Petroleum Exporting Countries' agreement to increase production
should alleviate some of the price pressure.
The Federal Reserve Board took extraordinary steps to ensure liquidity in the
financial markets because of Year 2000 concerns. The Federal Reserve Board moved
to tighten monetary policy once during the last quarter of 1999, but adopted a
neutral bias through the year-end in an effort to reassure investors and
eliminate uncertainty. However, growth remained strong and during the first
quarter of 2000 two 25 basis point (0.25%) interest rate increases were
implemented. At that time, the US Treasury also announced anticipated changes to
the auction schedule. The Federal budget surplus has made it necessary to
decrease the amount of securities sold by the Treasury, therefore the changes
will include reduced auctions and auction sizes, as well as a buy-back program
(the Treasury intends to buy back old, off-the-run, less-liquid issues in order
to keep current issues liquid). The announcement caused unexpected results as
the yield curve inverted dramatically as investors rushed to buy the longer-term
issues. At this time, it is unclear when this technical inversion will be
unwound, as it seems likely to us that further short-term interest rate
increases will be forthcoming as long as the current economic momentum
continues. Although Treasury yields fell sharply, other fixed-income asset
classes did not participate to the fullest extent. The Government guarantee
allotted to US agency issues had been placed under scrutiny, which pressured
quality spreads across the yield curve.
Investment Strategy
During the six-month period ended March 31, 2000, we centered our strategy on
the availability of collateral over 1999 year-end. At the same time, there was
concern that redemptions could be heavy because of Year 2000 worries. Therefore,
we reduced our percentage allocated to repurchase agreements, but preferred
overnight repurchase agreements as opposed to term. We then increased our
holdings of US Treasury bills. Three-month and six-month Treasury bills
alternated in relative value while interest rates rose during the
* Based on a constant investment throughout the period, with dividends
compounded daily, and reflecting a net return to the investor after all
expenses.
1
<PAGE>
period. The steepness of the yield curve out to two years provided opportunities
to buy US Treasury coupons in the 12-month-18-month sector, and coupons were
trading at a 20 basis points yield advantage to Treasury bills. However, since
the beginning of 2000, we have adopted a much more conservative strategy for the
Fund. We reduced the Fund's average life in expectations of higher interest
rates, suspending all purchases of maturities one year or longer, while
increasing the Fund's allocation in repurchase agreements.
In Conclusion
We thank you for your interest in CMA Government Securities Fund, and we look
forward to assisting you with your financial needs in the months and years
ahead.
Sincerely,
/s/ Terry K. Glenn
Terry K. Glenn
President and Trustee
/s/ Robert Sabatino
Robert Sabatino
Portfolio Manager
April 26, 2000
We are pleased to announce that Robert Sabatino is responsible for the
day-to-day management of CMA Government Securities Fund. Mr. Sabatino has been
employed by Merrill Lynch Asset Management, L.P. since 1995 and has been Vice
President since 1998.
CMA GOVERNMENT SECURITIES FUND
OFFICERS AND TRUSTEES
Terry K. Glenn--President and Trustee
Ronald W. Forbes--Trustee
Cynthia A. Montgomery--Trustee
Charles C. Reilly--Trustee
Kevin A. Ryan--Trustee
Richard R. West--Trustee
Arthur Zeikel--Trustee
Kevin J. McKenna--Senior Vice President
Joseph T. Monagle Jr.--Senior Vice President
Donald C. Burke--Vice President and
Treasurer
William E. Zitelli--Secretary
Custodian
State Street Bank and Trust Company
P.O. Box 1713
Boston, MA 02101
Transfer Agent
Financial Data Services, Inc.
4800 Deer Lake Drive East
Jacksonville, FL 32246-6484
(800) 221-7210*
* For inquiries regarding your CMA account, call (800) CMA-INFO [(800)
262-4636].
2
<PAGE>
CMA GOVERNMENT SECURITIES FUND
SCHEDULE OF INVESTMENTS AS OF MARCH 31, 2000 (IN THOUSANDS)
Face Interest Maturity
Issue Amount Rate Date Value
- --------------------------------------------------------------------------------
US Government Obligations--39.9%
- --------------------------------------------------------------------------------
US Treasury $ 40,000 5.115% 4/20/2000 $ 39,886
Bills* 75,000 5.97 4/20/2000 74,751
75,000 6.00 4/20/2000 74,750
44,000 5.405 4/27/2000 43,821
105,000 5.68 4/27/2000 104,553
25,000 5.69 4/27/2000 24,893
30,000 5.48 5/11/2000 29,818
30,000 5.25 5/18/2000 29,788
20,000 5.52 5/18/2000 19,858
23,000 5.53 5/18/2000 22,837
100,000 5.595 6/01/2000 99,067
40,000 5.695 6/08/2000 39,581
58,000 5.58 6/22/2000 57,265
15,000 5.75 8/17/2000 14,671
17,000 5.765 8/17/2000 16,628
29,000 4.995 9/14/2000 28,219
17,000 5.245 11/09/2000 16,382
- --------------------------------------------------------------------------------
US Treasury 102,000 6.375 5/15/2000 102,071
Notes* 10,000 8.875 5/15/2000 10,042
40,000 6.25 5/31/2000 40,025
117,000 5.375 6/30/2000 116,854
91,000 5.375 7/31/2000 90,801
30,000 6.125 7/31/2000 30,009
118,000 5.125 8/31/2000 117,447
10,000 4.50 9/30/2000 9,909
30,000 4.00 10/31/2000 29,606
26,158 5.75 10/31/2000 26,076
3,848 4.875 3/31/2001 3,790
- --------------------------------------------------------------------------------
Total US Government Obligations
(Cost--$1,315,036)................................................. 1,313,398
- --------------------------------------------------------------------------------
Face
Amount Issue Value
- --------------------------------------------------------------------------------
Repurchase Agreements**--59.9%
- --------------------------------------------------------------------------------
$164,000 Chase Securities Inc., purchased on
3/31/2000 to yield 6.15% to 4/03/2000................... 164,000
- --------------------------------------------------------------------------------
135,000 Credit Suisse First Boston Corp.,
purchased on 3/29/2000 to yield
6.05% to 4/05/2000...................................... 135,000
- --------------------------------------------------------------------------------
15,000 Credit Suisse First Boston Corp.,
purchased on 3/31/2000 to yield
6.20% to 4/03/2000...................................... 15,000
- --------------------------------------------------------------------------------
$160,543 Deutsche Bank Securities Inc.,
purchased on 3/31/2000 to yield
6.13% to 4/03/2000...................................... 160,543
- --------------------------------------------------------------------------------
167,000 Goldman Sachs & Company,
purchased on 3/17/2000 to yield
5.93% to 4/14/2000...................................... 167,000
- --------------------------------------------------------------------------------
141,638 Greenwich Capital Markets, Inc.,
purchased on 3/29/2000 to yield
6.05% to 4/05/2000...................................... 141,638
- --------------------------------------------------------------------------------
130,823 J.P. Morgan Securities Inc., purchased
on 3/30/2000 to yield 6% to 4/06/2000................... 130,823
- --------------------------------------------------------------------------------
100,000 Lehman Brothers Inc., purchased on
3/29/2000 to yield 6.02% to 4/05/2000................... 100,000
- --------------------------------------------------------------------------------
164,000 Morgan Stanley & Co., purchased on
3/31/2000 to yield 6.05% to
4/11/2000 ............................................. 164,000
- --------------------------------------------------------------------------------
150,000 Nomura Securities International Inc.,
purchased on 3/31/2000 to yield
6.15% to 4/03/2000...................................... 150,000
- --------------------------------------------------------------------------------
160,000 PaineWebber Inc., purchased on
3/29/2000 to yield 6.05% to 4/05/2000................... 160,000
- --------------------------------------------------------------------------------
164,000 Prudential Securities Inc.,
purchased on 3/30/2000 to yield
6.03% to 4/06/2000...................................... 164,000
- --------------------------------------------------------------------------------
164,000 S.G. Cowen Securities Corporation,
purchased on 3/31/2000 to yield
6.15% to 4/03/2000...................................... 164,000
- --------------------------------------------------------------------------------
153,000 Salomon Smith Barney Inc.,
purchased on 3/29/2000 to yield
6.05% to 4/05/2000...................................... 153,000
- --------------------------------------------------------------------------------
Total Repurchase Agreements
(Cost--$1,969,004)................................................. 1,969,004
- --------------------------------------------------------------------------------
Total Investments
(Cost--$3,284,040)--99.8%.......................................... 3,282,402
Other Assets Less Liabilities--0.2%................................ 6,171
----------
Net Assets--100.0%................................................. $3,288,573
==========
- --------------------------------------------------------------------------------
* US Treasury Bills are traded on a discount basis; the interest rates shown
reflect the discount rates paid at the time of purchase by the Fund. US
Treasury Notes bear interest at the rates shown, payable at fixed rates
upon maturity.
** Repurchase Agreements are fully collateralized by US Government
Obligations.
See Notes to Financial Statements.
3
<PAGE>
CMA GOVERNMENT SECURITIES FUND
STATEMENT OF ASSETS AND LIABILITIES AS OF MARCH 31, 2000
<TABLE>
<S> <C> <C>
Assets:
Investments, at value (identified cost--$3,284,039,680+) ..................... $3,282,401,569
Cash ......................................................................... 183
Interest receivable .......................................................... 8,576,891
Prepaid registration fees and other assets ................................... 201,957
--------------
Total assets ................................................................. 3,291,180,600
--------------
Liabilities:
Payables:
Distributor ................................................................ $ 1,132,711
Investment adviser ......................................................... 1,028,309
Beneficial interest redeemed ............................................... 1,043
Dividends to shareholders .................................................. 635 2,162,698
--------------
Accrued expenses and other liabilities ....................................... 445,191
--------------
Total liabilities ............................................................ 2,607,889
--------------
Net Assets ................................................................... $3,288,572,711
==============
Net Assets Consist of:
Shares of beneficial interest, $.10 par value, unlimited number of
shares authorized ............................................................ $ 329,021,082
Paid-in capital in excess of par ............................................. 2,961,189,740
Unrealized depreciation on investments--net .................................. (1,638,111)
--------------
Net Assets--Equivalent to $1.00 per share based on 3,290,210,822 shares of
beneficial interest outstanding .............................................. $3,288,572,711
==============
</TABLE>
+ Cost for Federal income tax purposes was $3,284,039,680. As of March 31, 2000,
net unrealized depreciation for Federal income tax purposes amounted to
$1,638,111, of which $87,253 related to appreciated securities and $1,725,364
related to depreciated securities.
See Notes to Financial Statements.
4
<PAGE>
CMA GOVERNMENT SECURITIES FUND
STATEMENT OF OPERATIONS FOR THE YEAR ENDED MARCH 31, 2000
<TABLE>
<S> <C> <C>
Investment Income:
Interest and amortization of premium and discount earned ............. $179,457,653
Expenses:
Investment advisory fees ............................................. $ 13,929,725
Distribution fees .................................................... 4,242,030
Transfer agent fees .................................................. 441,791
Accounting services .................................................. 218,186
Registration fees .................................................... 171,980
Custodian fees ....................................................... 168,395
Professional fees .................................................... 97,486
Printing and shareholder reports ..................................... 38,457
Trustees' fees and expenses .......................................... 31,503
Pricing fees ......................................................... 4,714
Other ................................................................ 55,949
------------
Total expenses ....................................................... 19,400,216
------------
Investment income--net ............................................... 160,057,437
Realized Gain on Investments--Net .................................... 29,846
Change in Unrealized Appreciation/Depreciation on Investments--Net ... (2,219,480)
------------
Net Increase in Net Assets Resulting from Operations ................. $157,867,803
============
</TABLE>
See Notes to Financial Statements.
5
<PAGE>
CMA GOVERNMENT SECURITIES FUND
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
For the Year Ended March 31,
------------------------------------
Increase (Decrease) in Net Assets: 2000 1999
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Operations:
Investment income--net ................................................................ $ 160,057,437 $ 166,567,188
Realized gain on investments--net ..................................................... 29,846 419,102
Change in unrealized appreciation/depreciation on investments--net .................... (2,219,480) 329,288
---------------- ----------------
Net increase in net assets resulting from operations .................................. 157,867,803 167,315,578
---------------- ----------------
Dividends & Distributions to Shareholders:
Investment income--net ................................................................ (160,057,437) (166,567,188)
Realized gain on investments--net ..................................................... (29,846) (419,102)
---------------- ----------------
Net decrease in net assets resulting from dividends and distributions
to shareholders ....................................................................... (160,087,283) (166,986,290)
---------------- ----------------
Beneficial Interest Transactions:
Net proceeds from sale of shares ...................................................... 12,558,699,912 13,270,135,147
Net asset value of shares issued to shareholders in reinvestment of
dividends and distributions ........................................................... 159,840,251 166,833,005
---------------- ----------------
12,718,540,163 13,436,968,152
Cost of shares redeemed ............................................................... (13,120,934,019) (13,284,151,025)
---------------- ----------------
Net increase (decrease) in net assets derived from beneficial interest transactions ... (402,393,856) 152,817,127
---------------- ----------------
Net Assets:
Total increase (decrease) in net assets ............................................... (404,613,336) 153,146,415
Beginning of year ..................................................................... 3,693,186,047 3,540,039,632
---------------- ----------------
End of year ........................................................................... $ 3,288,572,711 $ 3,693,186,047
================ ================
</TABLE>
See Notes to Financial Statements.
6
<PAGE>
CMA GOVERNMENT SECURITIES FUND
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
The following per share data and ratios have been derived
from information provided in the financial statements. For the Year Ended March 31,
----------------------------------------------------------------------
Increase (Decrease) in Net Asset Value: 2000 1999 1998 1997 1996
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Per Share Operating Performance:
Net asset value, beginning of year ...................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
---------- ---------- ---------- ---------- ----------
Investment income--net .................................. .0462 .0468 .0501 .0477 .0521
Realized and unrealized gain (loss) on
investments--net ........................................ (.0006) .0002 .0007 (.0004) .0002
---------- ---------- ---------- ---------- ----------
Total from investment operations ........................ .0456 .0470 .0508 .0473 .0523
---------- ---------- ---------- ---------- ----------
Less dividends and distributions:
Investment income--net ................................ (.0462) (.0468) (.0501) (.0477) (.0521)
Realized gain on investments--net ..................... --+ (.0001) (.0001) --+ (.0003)
---------- ---------- ---------- ---------- ----------
Total dividends and distributions ....................... (.0462) (.0469) (.0502) (.0477) (.0524)
---------- ---------- ---------- ---------- ----------
Net asset value, end of year ............................ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
========== ========== ========== ========== ==========
Total Investment Return ................................. 4.71% 4.81% 5.15% 4.96% 5.37%
========== ========== ========== ========== ==========
Ratios to Average Net Assets:
Expenses ................................................ .56% .57% .57% .56% .57%
========== ========== ========== ========== ==========
Investment income and realized gain on
investments--net ........................................ 4.60% 4.68% 5.02% 4.81% 5.25%
========== ========== ========== ========== ==========
Supplemental Data:
Net assets, end of year (in thousands) .................. $3,288,573 $3,693,186 $3,540,040 $3,423,468 $3,345,603
========== ========== ========== ========== ==========
</TABLE>
+ Amount is less than $.0001 per share.
See Notes to Financial Statements.
7
<PAGE>
CMA GOVERNMENT SECURITIES FUND
NOTES TO FINANCIAL STATEMENTS
1. Significant Accounting Policies:
CMA Government Securities Fund (the "Fund") is registered under the Investment
Company Act of 1940 as a no load, diversified, open-end management investment
company. The Fund's financial statements are prepared in accordance with
accounting principles generally accepted in the United States of America, which
may require the use of management accruals and estimates. The following is a
summary of significant accounting policies followed by the Fund.
(a) Valuation of investments--Portfolio securities with remaining maturities of
greater than sixty days, for which market quotations are readily available, are
valued at market value. As securities transition from sixty-one to sixty days to
maturity, the difference between the valuation existing on the sixty-first day
before maturity and maturity value is amortized on a straight-line basis to
maturity. Securities maturing sixty days or less from their date of acquisition
are valued at amortized cost, which approximates market value. For the purpose
of valuation, the maturity of a variable rate security is deemed to be the next
coupon date on which the interest rate is to be adjusted. Other investments for
which market value quotations are not available are valued at their fair value
as determined in good faith by or under the direction of the Fund's Board of
Trustees.
(b) Repurchase agreements--The Fund invests in US Government securities pursuant
to repurchase agreements. Under such agreements, the counterparty agrees to
repurchase the security at a mutually agreed upon time and price. The Fund takes
possession of the underlying securities, marks to market such securities and, if
necessary, receives additional securities daily to ensure that the contract is
fully collateralized. If the counterparty defaults and the fair value of the
collateral declines, liquidation of the collateral by the fund may be delayed or
limited.
(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 (including amortization of premium and discount) is recognized
on the accrual basis. Realized gains and losses on security transactions are
determined on the identified cost basis.
(e) Prepaid registration fees--Prepaid registration fees are charged to expense
as the related shares are issued.
(f) Dividends and distributions to shareholders--The Fund declares dividends
daily and reinvests daily such dividends (net of non-resident alien tax and
back-up withholding tax withheld) in additional fund shares at net asset value.
Dividends and distributions are declared from the total of net investment income
and net realized gain or loss on investments.
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.
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
based upon the average daily value of the Fund's net assets, at the following
annual rates: .50% of the Fund's average daily net assets not exceeding $500
million; .425% of the average daily net assets in excess of $500 million but not
exceeding $1 billion; and .375% of the average daily net assets in excess of $1
billion.
8
<PAGE>
CMA GOVERNMENT SECURITIES FUND
NOTES TO FINANCIAL STATEMENTS (CONCLUDED)
The Fund has adopted a Distribution and Shareholder Servicing Plan in compliance
with Rule 12b-1 under the Investment Company Act of 1940, pursuant to which
Merrill Lynch, Pierce, Fenner & Smith Incorporated ("MLPF&S") receives a
distribution fee from the Fund at the end of each month at the annual rate of
.125% of average daily net assets of the Fund for shareholders who maintain
their accounts through MLPF&S. The distribution fee is to compensate MLPF&S
financial consultants and other directly involved branch office personnel for
selling shares of the Fund and for providing direct personal services to
shareholders. The distribution fee is not compensation for the administrative
and operational services rendered to the Fund by MLPF&S in processing share
orders and administering shareholder accounts.
Financial Data Services, Inc. ("FDS"), a wholly-owned subsidiary of ML & Co.,
is the Fund's transfer agent.
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, FDS, and/or ML & Co.
3. Transactions in Shares of Beneficial Interest:
The number of shares sold, reinvested and redeemed during the periods
corresponds to the amounts included in the Statements of Changes in Net Assets
for net proceeds from sale of shares, value of shares reinvested and cost of
shares redeemed, respectively, since shares are recorded at $1.00 per share.
9
<PAGE>
CMA GOVERNMENT SECURITIES FUND
INDEPENDENT AUDITORS' REPORT
The Board of Trustees and Shareholders, CMA Government Securities Fund:
We have audited the accompanying statement of assets and liabilities, including
the schedule of investments, of CMA Government Securities Fund as of March 31,
2000, 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 five-year period then ended.
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.
We conducted our audits in accordance with auditing standards generally accepted
in the United States of America. 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 March 31, 2000 by correspondence with the custodian and
brokers. 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 CMA Government
Securities Fund as of March 31, 2000, the results of its operations, the changes
in its net assets, and the financial highlights for the respective stated
periods in accordance with accounting principles generally accepted in the
United States of America.
Deloitte & Touche LLP
Princeton, New Jersey
May 1, 2000
10
<PAGE>
CMA GOVERNMENT SECURITIES FUND
IMPORTANT TAX INFORMATION (UNAUDITED)
None of the ordinary income distributions paid daily by CMA Government
Securities Fund during its fiscal year ended March 31, 2000 qualify for the
dividends-received deduction for corporations. Additionally, the Fund distri-
buted long-term capital gains of $.0000322 per share to shareholders of record
as of March 30, 2000. The entire long-term capital gains distribution is subject
to a 20% tax rate.
Of the Fund's ordinary income dividends paid during the fiscal year ended March
31, 2000, 36.14% was attributable to Federal Obligations. In calculating the
foregoing percentage, Fund expenses have been allocated on a pro rata basis.
The law varies in each state as to whether and what percentage of dividend
income attributable to Federal Obligations is exempt from state income tax. We
recommend that you consult your tax adviser to determine if any portion of the
dividends you received is exempt from state income tax.
Please retain this information for your records.
11
<PAGE>
This report is not authorized for use as an offer of sale or a solicitation of
an offer to buy shares of the Fund unless accompanied or preceded by the Fund's
current prospectus. An investment in the Fund is not insured or guaranteed by
the Federal Deposit Insurance Corporation or any other Government agency.
Although the Fund seeks to preserve the value of your investment at $1.00 per
share, it is possible to lose money by investing in the Fund. Past performance
results shown in this report should not be considered a representation of future
performance, which will fluctuate. Statements and other information herein are
as dated and are subject to change.
CMA Government Securities Fund
Box 9011
Princeton, NJ 08543-9011 #11212--3/00
[RECYCLE LOGO] Printed on post-consumer recycled paper
