CMA
CMA Massachusetts
Municipal Money Fund
Semi-Annual Report
September 30, 1994
Merrill Lynch Bull Logo
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. Past
performance results shown in this report should not be considered a
representation of future performance, which will fluctuate. The Fund
seeks to maintain a consistent $1.00 net asset value per share,
although this cannot be assured. An investment in the Fund is
neither insured nor guaranteed by the US Government.
CMA Massachusetts
Municipal Money Fund
Box 9011
Princeton, NJ 08543-9011
TO OUR SHAREHOLDERS:
For the six-month period ended September 30, 1994, CMA Massachusetts
Municipal Money Fund paid shareholders a net annualized yield of
2.04%*. As of September 30, 1994, the Fund's 7-day yield was 2.68%.
<PAGE>
The Environment
Concerns of increasing inflationary pressures continued to prompt
volatility in the US stock and bond markets during the July--
September period. In addition, the weakness of the US dollar in
foreign exchange markets caused intermittent stock and bond market
declines during the period. While the immediate concerns regarding
the US dollar had diminished by late July, the possibility of
continued tightening by the Federal Reserve Board persisted for most
of the period. However, a lower-than-expected rate of growth
reported for the US economy during the second calendar quarter
allayed inflationary concerns to some degree, despite the fifth
increase this year in short-term interest rates made by the central
bank in mid-August. Inflationary expectations surfaced again with
the announcement of significant upward revision in industrial
production and capacity utilization for the May--July period. When
the central bank did not raise short-term interest rates at the late
September Federal Open Market Committee meeting, financial markets
rallied on the expectation that the US economy was not overheating
and therefore significant further monetary policy tightening would
not be necessary.
Despite the stronger-than-expected industrial production results,
other economic data suggest that while the economic recovery is
continuing, it is losing some momentum. Consumer spending is
increasing, but at a relatively slow pace, and existing home sales
may have peaked. Inflation remains subdued at the retail level. In
the industrial sector, the sharp increase in manufacturing
production in August was largely the result of a strong increase in
motor vehicle assemblies, which may level off in the weeks ahead. On
balance, it appears that the growth in US industry is progressing at
a steady, modest rate.
Despite evidence of a moderating trend in the US economy, Chairman
Greenspan indicated in his July Humphrey-Hawkins testimony that the
central bank would prefer to err on the side of too much monetary
tightening rather than too little. In the weeks ahead, investors
will continue to assess economic data and inflationary trends in
order to gauge whether further increases in short-term interest
rates are imminent. Continued indications of moderate and
sustainable levels of economic growth would be positive for the US
capital markets.
<PAGE>
Investment Outlook and Strategy
During the six-month period ended September 30, 1994, the US economy
continued to surprise the marketplace with its resiliency.
Manufacturing provided a strong catalyst for growth, and continued
strength in housing and automobile sales provided the impetus for
the Federal Reserve Board to continue the restrictive monetary
policy it initiated in February. This was accomplished by raising
the Federal Funds rate in April by 25 basis points (0.25%) to 3.75%.
More aggressive increases of 50 basis points followed in May and
August, pushing the Federal Funds rate to its current level of
4.75%. In addition, the Federal Reserve Board raised the discount
rate by 50 basis points in both May and August. The yield on the one-
year US Treasury bill rose approximately 155 basis points to 5.95%
by September 30, 1994.
[FN]
*Based on a constant investment throughout the period, with
dividends compounded daily, and reflecting a net return to the
investor after all expenses.
Although the national economic expansion continues uninterrupted,
growth in the Commonwealth of Massachusetts has progressed at a
somewhat slower pace during the six months ended September 30, 1994.
The Commonwealth's economic base continues to feel the effects of
corporate restructuring, mergers and downsizings. The housing
industry, which had been a positive factor during the current
economic expansion, has begun to show signs of slowing. This
slowdown in housing is the result of rising interest rates stemming
from the Federal Reserve Board's efforts to curtail economic growth
and relieve inflationary pressures by tightening monetary policy.
Employment growth has come mainly from the service sector, with the
seasonally adjusted unemployment rate at 5.2% for September 1994,
slightly below the national average of 5.9%. Positive economic
growth, combined with prudent fiscal management by the Weld
Administration, enabled the Commonwealth to end fiscal 1994 with a
positive fund balance of $581 million. This represents the fourth
year in a row under Governor Weld's guidance that the Commonwealth
ended its fiscal year in the black. On July 10, 1994, Governor Weld
signed into law a budget for fiscal 1995 amounting to $16.3 billion,
which is approximately 4.5% over last year's budget.
<PAGE>
The various cities and towns in Massachusetts continue to maintain
low borrowing in the short-term market with issuance for the six
months ended September 30, 1994 at a modest $620 million, or 5%
above the comparable period last year. The majority of issuance was
the annual regional transit authority Revenue Anticipation Notes
(RANs), which are obligations of the Commonwealth. Because of the
scarcity of short-term Massachusetts tax-exempt notes, yields on AA-
rated one-year short-term notes continue to have lower yields than
comparable general market short-term notes.
We have taken a somewhat defensive strategy for the Fund throughout
most of the six months ended September 30, 1994. Although we
maintained an average portfolio in the mid 55-day range for the
majority of the period, we replaced maturing notes with a
combination of variable rate demand notes and various annual
Massachusetts Regional Transit Authority RANs. We made these
purchases for diversification purposes and extended the average life
of the Fund, which currently is in the 65-day range. We continue to
look for opportunities to diversify the Fund's portfolio, however,
short-term issuance in the Commonwealth continues to be limited,
with the majority of the supply having one-year maturities. We
continue to closely monitor credit quality while seeking to offer
shareholders an attractive tax-exempt yield.
In Conclusion
We thank you for your support of CMA Massachusetts Municipal Money
Fund, and we look forward to serving your investment needs in the
future.
Sincerely,
(Arthur Zeikel)
Arthur Zeikel
President
(Vincent R. Giordano)
Vincent R. Giordano
Senior Vice President and Portfolio Manager
October 25, 1994
<PAGE>
Portfolio Abbreviations for CMA Massachusetts Municipal Money Fund
AMT Alternative Minimum Tax (subject to)
BAN Bond Anticipation Notes
CP Commercial Paper
FAAN Federal Aid Anticipation Notes
HFA Housing Finance Authority
PCR Pollution Control Revenue Bonds
RAN Revenue Anticipation Notes
SAAN State Aid Anticipation Notes
S/F Single-Family
UT Unlimited Tax
VRDN Variable Rate Demand Notes
<PAGE>
<TABLE>
CMA MASSACHUSETTS MUNICIPAL MONEY FUND
SCHEDULE OF INVESTMENTS AS OF SEPTEMBER 30, 1994 (IN THOUSANDS)
<CAPTION>
Face Value
State Amount Issue (Note 1a)
<S> <C> <S> <C>
Massachusetts-- $ 2,850 Boston, Massachusetts, Revenue Bonds (Putters), Series 6A, VRDN,
99.5% 3.75% due 2/01/2006 (a) $ 2,850
700 Boston, Massachusetts, Water and Sewer Commission Revenue Bonds,
Series A, VRDN, 3% due 11/01/2015 (a) 700
Cape Ann, Massachusetts, Transit Authority:
350 BAN, 2.90% due 11/10/1994 350
600 RAN, 2.90% due 11/10/1994 600
2,450 Chicopee, Massachusetts, BAN, 4% due 8/01/1995 2,452
2,000 Clipper Tax Exempt Trust, Massachusetts, Class A, VRDN, 3.58%
due 10/17/2002 (a) 2,000
1,670 Edgartown, Massachusetts, BAN, 3.18% due 12/30/1994 1,670
4,000 Fitchburg, Massachusetts, Industrial Development Financing Authority
Revenue Bonds (Netstal Machinery Project), VRDN, AMT, 3.80% due
12/23/2007 (a) 4,000
7,348 Framingham, Massachusetts, BAN, 3.19% due 10/28/1994 7,349
1,900 Greenfield, Massachusetts, RAN, 3.30% due 12/01/1994 1,901
3,600 Groton-Dunstable, Massachusetts, Regional School District, BAN,
3.50% due 12/12/1994 3,602
8,500 Massachusetts Bay Transportation Authority Revenue Bonds, VRDN, 1984
Series A, 3.75% due 3/01/1995 (a) 8,500
5,200 Massachusetts State HFA, S/F Housing Revenue Bonds, Series 34, AMT, 3.85%
due 6/01/1995 5,200
Massachusetts State Health and Educational Facilities Authority RevenueBonds:
6,000 (Boston University), CP, Series H, 3.25% due 10/21/1994 6,000
2,600 (Brigham and Women's Hospital), VRDN, Series A, 3.45% due 7/01/2017 (a) 2,600
700 (Capital Asset Program), VRDN, Series A, 3.65% due 1/01/2001 (a) 700
1,800 (Capital Asset Program), VRDN, Series B, 3.40% due 7/01/2005 (a) 1,800
2,300 (Capital Asset Program), VRDN, Series C, 3.40% due 7/01/2005 (a) 2,300
2,000 (Capital Asset Program), VRDN, Series E, 3.50% due 1/01/2035 (a) 2,000
5,000 (Fallon Health Care System), CP, Series 1, 3.25% due 11/15/1994 5,000
1,500 (Harvard University), VRDN, Series I, 3.35% due 8/01/2017 (a) 1,500
3,500 (Massachusetts General Hospital), Series D, 7.75% due 1/01/1995 (b) 3,606
5,000 (Massachusetts Institute of Technology), VRDN, Series G,
3% due 11/15/1994 (a) 5,000
300 (Newbury College), VRDN, Series A, 3.45% due 11/01/2018 (a) 300
2,000 (Wellesley College), VRDN, Series B, 3.55% due 7/01/2022 (a) 2,000
8,600 (Williams College), VRDN, Series E, 3.60% due 8/01/2014 (a) 8,600
</TABLE>
<PAGE>
<TABLE>
CMA MASSACHUSETTS MUNICIPAL MONEY FUND
SCHEDULE OF INVESTMENTS AS OF SEPTEMBER 30, 1994 (CONCLUDED) (IN THOUSANDS)
<CAPTION>
Face Value
State Amount Issue (Note 1a)
<S> <C> <S> <C>
Massachusetts $2,500 Massachusetts State Industrial Finance Agency, Cultural, Health and Educational
(concluded) Revenue Bonds (Berkshire Project), VRDN, 3.60% due 9/01/2020 (a) $ 2,500
5,600 Massachusetts State Industrial Finance Agency, Health Care Facility Revenue
Bonds (Beverly Enterprises, Inc.), VRDN, 3.60% due 4/01/2009 (a) 5,600
1,955 Massachusetts State Industrial Finance Agency, Industrial Revenue Refunding
Bonds (Easy Day Project), VRDN, Series A, 3.65% due 7/01/2006 (a) 1,955
4,000 Massachusetts State Industrial Finance Agency, PCR (Holyoke Water & Power
Company Project), VRDN, AMT, 3.85% due 12/01/2020 (a) 4,000
Massachusetts State Industrial Finance Agency, PCR, Refunding (New England
Power Company Project), CP:
2,000 3.30% due 11/16/1994 2,000
2,300 3.30% due 11/17/1994 2,300
3,000 3.10% due 11/18/1994 3,000
6,400 Massachusetts State Industrial Finance Agency, Resource Recovery Revenue
Bonds (Ogden Haverhill), VRDN, AMT, Series B, 3.35% due 12/01/2011 (a) 6,400
Massachusetts State Industrial Finance Agency Revenue Bonds, VRDN (a):
800 (Hockomock YMCA), Series A, 3.45% due 6/01/2011 800
2,900 (New England Deaconess Project), Series B, 3.35% due 4/01/2023 2,900
1,000 (Williston-Northampton School), Series A, 3.45% due 4/01/2010 1,000
Massachusetts State Industrial Finance Agency, Revenue Refunding Bonds:
1,145 (Museum of Science), 2.75% due 11/01/1994 1,146
7,300 (Showa Women's Institute, Inc.), VRDN, 3.90% due 3/15/2004 (a) 7,300
900 Merrimack Valley, Massachusetts, Regional Transit Authority, BAN,
2.75% due 10/28/1994 900
1,500 Montachusett, Massachusetts, Regional Transit Authority, RAN, 4.25%
due 6/30/1995 1,507
1,100 Natick, Massachusetts, BAN, 2.97% due 10/19/1994 1,100
2,100 New Bedford, Massachusetts, BAN, 4.75% due 8/11/1995 2,111
1,000 North Adams, Massachusetts, BAN, 4.25% due 6/30/1995 1,003
4,500 Pioneer Valley, Massachusetts, Transit Authority, RAN, 4.25% due 8/11/1995 4,513
740 Webster, Massachusetts, FAAN, 3.50% due 12/01/1994 740
2,825 Webster, Massachusetts, SAAN, 3.50% due 12/01/1994 2,827
1,000 Westborough, Massachusetts, SAAN, 3.50% due 1/20/1995 1,000
Worcester, Massachusetts, Regional Transit Authority, RAN:
4,000 4% due 6/23/1995 4,004
2,575 4.10% due 6/23/1995 2,582
<PAGE>
Total Investments (Cost--$145,768*)--99.5% 145,768
Other Assets Less Liabilities--0.5% 795
--------
Net Assets--100.0% $146,563
========
<FN>
(a)The interest rate is subject to change periodically based on
certain indexes. The interest rate shown is the interest rate in
effect at September 30, 1994.
(b)Prerefunded.
*Cost for Federal income tax purposes.
See Notes to Financial Statements.
</TABLE>
<TABLE>
CMA MASSACHUSETTS MUNICIPAL MONEY FUND
STATEMENT OF ASSETS AND LIABILITIES AS OF SEPTEMBER 30, 1994
<CAPTION>
<S> <C> <C>
Assets:
Investments, at value (identified cost--$145,768,010) (Note 1a) $ 145,768,010
Cash 155,998
Interest receivable 770,933
Deferred organization expenses (Note 1d) 13,263
Prepaid registration fees and other assets (Note 1d) 601
-------------
Total assets 146,708,805
-------------
Liabilities:
Payables:
Investment adviser (Note 2) $ 62,038
Distributor (Note 2) 37,029 99,067
-------------
Accrued expenses and other liabilities 46,300
-------------
Total liabilities 145,367
-------------
Net Assets $ 146,563,438
=============
Net Assets Consist of:
Shares of beneficial interest, $0.10 par value, unlimited number of shares
authorized $ 14,657,514
Paid-in capital in excess of par 131,917,624
Undistributed investment income--net 7,290
Accumulated realized capital losses--net (Note 4) (18,990)
-------------
Net Assets--Equivalent to $1.00 per share based on 146,575,138 shares of
beneficial interest outstanding $ 146,563,438
=============
<PAGE>
See Notes to Financial Statements.
</TABLE>
<TABLE>
CMA MASSACHUSETTS MUNICIPAL MONEY FUND
STATEMENT OF OPERATIONS FOR THE SIX MONTHS ENDED SEPTEMBER 30, 1994
<CAPTION>
<S> <C> <C>
Investment Income (Note 1c):
Interest and amortization of premium and discount earned $ 2,108,050
Expenses:
Investment advisory fees (Note 2) $ 373,836
Distribution fees (Note 2) 92,609
Professional fees 23,171
Accounting services (Note 2) 21,985
Transfer agent fees (Note 2) 21,341
Registration fees (Note 1d) 14,087
Printing and shareholder reports 10,500
Custodian fees 7,441
Amortization of organization expenses (Note 1d) 4,955
Pricing fees 3,270
Trustees' fees and expenses 1,024
Other 1,975
-------------
Total expenses 576,194
-------------
Investment income--net 1,531,856
Realized Loss on Investments--Net (Note 1c) (622)
-------------
Net Increase in Net Assets Resulting from Operations $ 1,531,234
=============
See Notes to Financial Statements.
</TABLE>
<PAGE>
<TABLE>
CMA MASSACHUSETTS MUNICIPAL MONEY FUND
STATEMENTS OF CHANGES IN NET ASSETS
<CAPTION>
For the Six For the Year
Months Ended Ended
Sept. 30, 1994 March 31, 1994
<S> <C> <C>
Increase (Decrease) in Net Assets:
Operations:
Investment income--net $ 1,531,856 $ 2,487,097
Realized loss on investments--net (622) (7,077)
------------- -------------
Net increase in net assets resulting from operations 1,531,234 2,480,020
------------- -------------
Dividends to Shareholders (Note 1e):
Investment income--net (1,531,586) (2,487,097)
------------- -------------
Net decrease in net assets resulting from dividends to shareholders (1,531,586) (2,487,097)
------------- -------------
Beneficial Interest Transactions (Note 3):
Net proceeds from sale of shares 257,361,850 770,729,466
Net asset value of shares issued to shareholders in reinvestment
of dividends (Note 1e) 1,531,686 2,487,010
------------- -------------
258,893,536 773,216,476
Cost of shares redeemed (263,134,040) (754,707,003)
------------- -------------
Net increase (decrease) in net assets derived from beneficial interest
transactions (4,240,504) 18,509,473
------------- -------------
Net Assets:
Total increase (decrease) in net assets (4,240,856) 18,502,396
Beginning of period 150,804,294 132,301,898
------------- -------------
End of period* $ 146,563,438 $ 150,804,294
============= =============
<FN>
*Undistributed investment income--net $ 7,290 $ 7,020
============= =============
See Notes to Financial Statements.
</TABLE>
<PAGE>
<TABLE>
CMA MASSACHUSETTS MUNICIPAL MONEY FUND
FINANCIAL HIGHLIGHTS
<CAPTION> For the
For the Period
The following per share data and ratios have been derived Six Months July 30,
from information provided in the financial statements. Ended 1990++ to
Sept. 30, For the Year Ended March 31, March 31,
Increase (Decrease) in Net Asset Value: 1994 1994 1993 1992 1991
<C> <C> <C> <C> <C>
Per Share Operating Performance:
Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------- -------- -------- -------- --------
Investment income--net .01 .02 .02 .04 .03
-------- -------- -------- -------- --------
Total from investment operations .01 .02 .02 .04 .03
-------- -------- -------- -------- --------
Less dividends:
Investment income--net (.01) (.02) (.02) (.04) (.03)
-------- -------- -------- -------- --------
Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ======== ========
Total Investment Return 2.04%* 1.74% 2.20% 3.66% 5.04%*
======== ======== ======== ======== ========
Ratios to Average Net Assets:
Expenses, net of reimbursement and excluding
distribution fees .65%* .66% .66% .73% .60%*
======== ======== ======== ======== ========
Expenses, net of reimbursement .77%* .78% .78% .85% .72%*
======== ======== ======== ======== ========
Expenses .77%* .78% .78% .87% .97%*
======== ======== ======== ======== ========
Investment income--net 2.05%* 1.72% 2.15% 3.56% 4.92%*
======== ======== ======== ======== ========
Supplemental Data:
Net assets, end of period (in thousands) $146,563 $150,804 $132,302 $116,340 $ 84,613
======== ======== ======== ======== ========
<FN>
*Annualized.
++Commencement of Operations.
See Notes to Financial Statements.
</TABLE>
<PAGE>
CMA MASSACHUSETTS MUNICIPAL MONEY FUND
NOTES TO FINANCIAL STATEMENTS
1. Significant Accounting Policies:
CMA Massachusetts Municipal Money Fund (the "Fund") is part of CMA
Multi-State Municipal Series Trust (the "Trust"). The Fund is
registered under the Investment Company Act of 1940 as a non-
diversified, open-end management investment company. The following
is a summary of significant accounting policies followed by the
Fund.
(a) Valuation of investments--Investments are valued at amortized
cost, which approximates market value. For the purpose of valuation,
the maturity of a variable rate demand instrument is deemed to be
the next coupon date on which the interest rate is to be adjusted.
In the case of a floating rate instrument, the remaining maturity is
the demand notice payment period.
(b) 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.
(c) 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.
(d) Deferred organization expenses and prepaid registration fees--
Deferred organization expenses are charged to expense on a straight-
line basis over a five-year period. Prepaid registration fees are
charged to expense as the related shares are issued.
(e) Dividends to shareholders--The Fund declares dividends daily and
reinvests daily such dividends (net of non-resident alien tax
withheld) in additional fund shares at net asset value. Dividends
are declared from the total of net investment income, excluding
discounts earned other than original issue discounts. Net realized
capital gains, if any, are normally distributed annually after
deducting prior years' loss carryforward. The Fund may distribute
capital gains more frequently than annually in order to maintain the
Fund's net asset value at $1.00 per share.
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. ("ML & Co"). The limited partners
are ML & Co. and Fund Asset Management, Inc. ("FAMI"), which is also
an indirect wholly-owned subsidiary of ML & Co.
<PAGE>
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: 0.50%
of the first $500 million of average daily net assets; 0.425% of
average daily net assets in excess of $500 million but not exceeding
$1 billion; and 0.375% of average daily net assets in excess of $1
billion.
The most restrictive annual expense limitation requires that the
adviser reimburse the Fund to the extent the Fund's expenses
(excluding interest, taxes, distribution fees, brokerage fees and
commissions, and extraordinary items) exceed in any fiscal year 2.5%
of the Fund's first $30 million of average daily net assets, 2.0% of
the Fund's next $70 million of average daily net assets, and 1.5% of
the average daily net assets in excess thereof. No fee payment will
be made to the Investment Adviser during any year which will cause
such expenses to exceed the pro rata expense limitation at the time
of such payment.
CMA MASSACHUSETTS MUNICIPAL MONEY FUND
NOTES TO FINANCIAL STATEMENTS (CONCLUDED)
Pursuant to the Distribution and Shareholder Servicing Plan in
compliance with Rule 12b-1 under the Investment Company Act of 1940,
Merrill Lynch, Pierce, Fenner & Smith Inc. ("MLPF&S") receives a
distribution fee from the Fund at the end of each month at the
annual rate of 0.125% of average daily net assets of the Fund. 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, FAMI, PSI, MLPF&S, FDS, and/or ML & Co.
<PAGE>
3. Shares of Beneficial Interest:
The number of shares purchased and redeemed during the period
corresponds to the amounts included in the Statements of Changes in
Net Assets for net proceeds from sale of shares and cost of shares
redeemed, respectively, since shares are recorded at $1.00 per
share.
4. Capital Loss Carryforward:
At March 31, 1994, the Fund had a net capital loss carryforward of
approximately $11,000, of which $4,000 expires in 2001 and $7,000
expires in 2002. This amount will be available to offset like
amounts of any future taxable gains.
CMA MASSACHUSETTS
MUNICIPAL MONEY FUND
Officers and Trustees
Arthur Zeikel--President and Trustee
Ronald W. Forbes--Trustee
Cynthia A. Montgomery--Trustee
Charles C. Reilly--Trustee
Kevin A. Ryan--Trustee
Richard R. West--Trustee
Terry K. Glenn--Executive Vice President
Vincent R. Giordano--Senior Vice President
Edward J. Andrews--Vice President
Donald C. Burke--Vice President
Peter J. Hayes--Vice President
Kenneth A. Jacob--Vice President
Kevin A. Schiatta--Vice President
Helen Marie Sheehan--Vice President
Gerald M. Richard--Treasurer
Robert Harris--Secretary
Custodian
State Street Bank and Trust Company
P.O. Box 1713
Boston, Massachusetts 02101
Transfer Agent
Financial Data Services, Inc.
4800 Deer Lake Drive East
Jacksonville, Florida 32246-6484
(800) 221-7210*
[FN]
*For inquiries regarding your CMA account,
call (800) CMA-INFO [(800) 262-4636].
<PAGE>
