<PAGE>
CMA MULTI-STATE MUNICIPAL SERIES TRUST
CMA Arizona Municipal Money Fund CMA New Jersey Municipal Money Fund
CMA California Municipal Money Fund CMA New York Municipal Money Fund
CMA Connecticut Municipal Money Fund CMA North Carolina Municipal Money Fund
CMA Massachusetts Municipal Money Fund CMA Ohio Municipal Money Fund
CMA Michigan Municipal Money Fund CMA Pennsylvania Municipal Money Fund
----------------
SUPPLEMENT DATED JANUARY 6, 1995 TO PROSPECTUS DATED JULY 29, 1994
----------------
"Investment Objectives and Policies--Portfolio Investments" is modified by
adding the following paragraph:
Certain of the instruments in which the Funds invest, including variable
rate demand obligations and derivative or synthetic municipal instruments
("Derivative Products"), effectively provide a Fund with economic interests
in long-term municipal bonds, coupled with rights to demand payment of the
principal amounts of such instruments from designated counterparties. Under
Securities and Exchange Commission rules, the Funds treat these instruments
as having maturities shorter than the stated maturity dates of the notes,
in the case of variable rate demand obligations, or the long-term bonds
underlying the Derivative Products (the "Underlying Bonds"). Such
maturities are sufficiently short-term to allow such instruments to qualify
as eligible investments for money market funds such as the Funds. A demand
right is dependent on the financial ability of the counterparty, which
typically is a bank, broker-dealer or other financial institution, to
purchase the instrument at its principal amount. In addition, the right of
a Fund to demand payment from a counterparty may be subject to certain
conditions, including the creditworthiness of the instrument or the
Underlying Bond. If a counterparty is unable to purchase the instrument or,
because of conditions on the right of a Fund to demand payment, the
counterparty is not obligated to purchase the instrument on demand, the
Fund may be required to dispose of the instrument or the Underlying Bond in
the open market, which may be at a price that adversely affects that Fund's
net asset value.
In addition, "Investment Objectives and Policies--Portfolio Investments--
Derivative or Synthetic Municipal Instruments" is modified as follows (changes
are underlined):
Derivative Products. The Funds may invest in a variety of short-term
-------- ----------
Derivative Products. Derivative Products are typically structured by a
bank, broker-dealer or other financial institution. A Derivative Product
generally consists of a trust or partnership through which a Fund holds an
interest in one or more long-term municipal bonds which are assets of the
applicable entity ("Underlying Bonds") coupled with a conditional right to
-----------
sell ("put") that Fund's interest in the Underlying Bonds at par plus
accrued interest to a financial institution (a "Liquidity Provider").
Code # 16817-ALL
