CMA
CMA MASSACHUSETTS
MUNICIPAL MONEY FUND
Semi-Annual Report
FUND LOGO
September 30, 1995
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.
<PAGE>
CMA Massachusetts
Municipal Money Fund
Box 9011
Princeton, NJ 08543-9011
TO OUR SHAREHOLDERS:
For the six-month period ended September 30, 1995, CMA Massachusetts
Municipal Money Fund paid shareholders a net annualized yield of
3.11%*. As of September 30, 1995, the Fund's 7-day yield was 3.24%.
The Environment
After losing momentum through the second calendar quarter, it now
appears that the US economy has resumed a moderate growth trend.
Gross domestic product growth for the three months ended June 30 was
revised to show that the economy expanded at a 1.1% pace, rather
than the 0.5% rate that was originally reported. The employment
report for August exceeded consensus expectations, although most of
the new jobs created were in the service sector, reflecting the
ongoing sluggishness in manufacturing. However, durable goods orders
rebounded somewhat in August, supported by stronger automobile
sales. Reflecting the trend of renewed economic growth--and
continued containment of inflationary pressures--the Federal Reserve
Board signaled no shift in monetary policy following its September
meeting.
One of the major developments during the latter part of the period
under review was the strengthening of the US dollar relative to the
yen and the Deutschemark. Improving interest rate differentials
favoring the US currency, combined with coordinated central bank
intervention and more positive investor sentiment, have helped to
bolster the dollar in foreign exchange markets. Other factors that
appear to be improving the US dollar's outlook in the near term are
a pick-up in capital flows to the United States and the prospect of
increased capital outflows from Japan. However, it remains to be
seen if the US dollar's strengthening trend can continue without
significant improvements in the US budget and trade deficits.
[FN]
*Based on a constant investment throughout the period, with
dividends compounded daily, and reflecting a net return to the
investor after all expenses.
<PAGE>
In the weeks ahead, investor interest will continue to focus on US
economic activity. Clear signs of a moderate, noninflationary
expansion could further benefit the US stock and bond markets. In
addition, should the current Federal budget deficit reduction
efforts now underway in Washington prove successful, the
implications would likely be positive for the US financial markets.
Investment Outlook and Strategy
Short-term interest rates continued to fall relatively unabated
during the six-month period ended September 30, 1995 as they have
been since late 1994. A series of economic data indicated that the
severely restrictive monetary policy undertaken by the Federal
Reserve Board in 1994 had taken effect on the US economy in the form
of moderating growth. Additionally, the news on inflation
continued to be overwhelmingly favorable, which provided the
backdrop for a falling interest rate environment. Investors began to
anticipate that the Federal Reserve Board eventually would have to
begin cutting interest rates to avoid the possibility of a recession
in the United States. In fact, on July 6, 1995, the Federal Reserve
Board cut its key interest rate by 25 basis points (0.25%) to 5.75%,
confirming that an economic switch had occurred and signaling a
change in monetary policy from a restrictive stance to a more
neutral stance. This series of events provided the impetus for the
yield curve to flatten over the course of the six-month period ended
September 30, 1995. For instance, while yields on three-month US
Treasury bills fell approximately 45 basis points during the period,
the yield on one-year US Treasury bills dropped nearly 95 basis
points during the same period.
The Commonwealth of Massachusetts began the six-month period ended
September 30, 1995 with economic activity continuing to slow from
the previous period. However, over the last three months economic
conditions began to improve, signaling a reversal of this trend.
Employment in the Commonwealth continues to mirror that of the
nation, as the seasonally adjusted unemployment rate for September
was 5.3%, slightly lower than the national average of 5.6%. The
Commonwealth continues to retain diverse sources of strengths and
generates a high level of personal income, although defense
procurement cutbacks and healthcare industry restructuring will curb
the pace of economic growth relative to the rest of the nation.
The Commonwealth of Massachusetts ended fiscal year 1995 with tax
revenues up 5.4% over fiscal year 1994. This contributed to a cash
balance of $372 million in the undesignated general fund and $385
million in the stabilization fund as of June 30, 1995. Governor Weld
put forth his 1996 budget of $16.8 billion, allowing for
approximately a 2.6% increase in spending over fiscal year 1995.
Governor Weld's 1996 budget projects a fiscal year 1996 ending
balance of approximately $505 million, of which approximately $419
million will be in the stabilization fund. This budget continues
Governor Weld's efforts of fiscal responsibility and enhances the
Commonwealth's ability to maintain high credit ratings. For the
first three months of fiscal year 1996, the Commonwealth reported
tax revenue collections of $2.8 billion, or 6.5% above the
comparable period last year.
<PAGE>
Positive revenue streams have allowed the Commonwealth to maintain
low borrowing levels in the short-term municipal market. For the six-
month period ended September 30, 1995, the Commonwealth paid down
its outstanding $240 million in short-term notes in June only to
reissue these notes again in June with a one-year maturity. In
addition, $200 million in tax-exempt commercial paper was issued at
the end of September, and the Commonwealth is expected to pay down
this issuance within a short period of time. State aid from the
Commonwealth continues to allow the various Massachusetts
municipalities to maintain low borrowing levels as short-term
issuance for the September period remained moderate at $754 million,
or 21% above the comparable period last year. The majority of this
issuance was predominately lower-quality issues with one-year
maturities of which we did not participate.
CMA Massachusetts Municipal Money Fund continued to employ a
cautious approach to the market throughout the six-month period
ended September 30, 1995. We increased the average life of the Fund,
which began the period in the 30-day range, to the 50-day range in
June. The Fund's average portfolio maturity has since fluctuated in
the 40-day range. We approached the extension cautiously,
selectively purchasing short-term municipal notes that would offer
both a high coupon while seeking to enhance the Fund's yield. A flat
yield curve has allowed us to be selective as yields on variable
rate demand notes have remained competitive with these longer-dated
municipal notes throughout the period. We will continue to maintain
a cautious approach to the short-term municipal market over the
coming period as long as conditions warrant and there is no clear
indication that the Federal Reserve Board is about to embark on an
aggressive format of easing monetary policy. We continue to look for
opportunities to diversify and closely monitor credit quality, while
seeking to offer an attractive tax-exempt yield for our
shareholders.
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
<PAGE>
(Vincent R. Giordano)
Vincent R. Giordano
Senior Vice President
(Kevin A. Schiatta)
Kevin A. Schiatta
Vice President and Portfolio Manager
October 30, 1995
We are pleased to announce that Kevin A. Schiatta is responsible for
the day-to-day management of CMA Massachusetts Municipal Money Fund.
Mr. Schiatta has been employed by Merrill Lynch since 1979. In 1987
he became a Vice President and Portfolio Manager of Merrill Lynch
Asset Management, L.P. in the Tax-Exempt Bond Department.
Portfolio Abbreviations for CMA Massachusetts Municipal Money Fund
AMT Alternative Minimum Tax (subject to)
BAN Bond Anticipation Notes
CP Commercial Paper
GO General Obligation Bonds
HFA Housing Finance Agency
M/F Multi-Family
PCR Pollution Control Revenue Bonds
SAAN Student 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, 1995 (IN THOUSANDS)
<CAPTION>
Face Value
State Amount Issue (Note 1a)
<S> <C> <S> <C>
Massachusetts-- Boston, Massachusetts, Water and Sewer Commission Revenue Bonds, VRDN,
99.5% Series A (a):
$ 700 4.10% due 11/01/2015 $ 700
4,500 4.20% due 11/01/2024 4,500
2,000 Clipper Tax Exempt Trust, Massachusetts, VRDN, Class A, 4.22% due
10/17/2002 (a) 2,000
Danvers, Massachusetts, BAN:
1,830 4% due 12/06/1995 1,832
5,160 4.25% due 12/06/1995 5,163
4,000 Fitchburg, Massachusetts, Industrial Development Financing Authority
Revenue Bonds (Netstal Machinery Project), VRDN, AMT, 4.40% due
12/23/2007 (a) 4,000
Massachusetts State GO, VRDN (a):
9,700 4.44% due 2/01/2011 9,700
2,000 Refunding, Series A, 4.50% due 2/01/2006 (b) 2,000
Massachusetts State Health and Educational Facilities Authority Revenue
Bonds, CP:
9,000 (Boston University), Series H, 3.55% due 10/12/1995 9,000
5,000 (Fallon Health Care System), Series I, 3.90% due 11/28/1995 5,000
Massachusetts State Health and Educational Facilities Authority Revenue
Bonds, VRDN (a):
700 (Capital Asset Program), Series A, 4.25% due 1/01/2001 700
100 (Capital Asset Program), Series B, 4.25% due 7/01/2005 (c) 100
1,800 (Capital Asset Program), Series C, 4.25% due 7/01/2005 (c) 1,800
1,600 (Capital Asset Program), Series D, 4.20% due 1/10/2035 (c) 1,600
3,800 (Newbury College), Series A, 4.10% due 11/01/2018 3,800
2,000 (Wellesley College), Series B, 4% due 7/01/2022 2,000
5,900 (Williams College), Series E, 4.15% due 8/01/2014 5,900
7,600 Massachusetts State HFA, M/F Housing Revenue Refunding Bonds,
VRDN, Series A, 4.20% due 1/15/2010 (a) 7,600
8,000 Massachusetts State HFA, S/F Housing Revenue Bonds, AMT, Series 34,
4.15% due 6/01/1996 8,000
2,400 Massachusetts State Industrial Finance Agency, Cultural, Health and
Educational Revenue Bonds (Berkshire Project), VRDN, 4.15% due
9/01/2020 (a) 2,400
</TABLE>
<PAGE>
<TABLE>
CMA MASSACHUSETTS MUNICIPAL MONEY FUND
SCHEDULE OF INVESTMENTS AS OF SEPTEMBER 30, 1995 (CONCLUDED) (IN THOUSANDS)
<CAPTION>
Face Value
State Amount Issue (Note 1a)
<S> <C> <S> <C>
Massachusetts $ 6,600 Massachusetts State Industrial Finance Agency, Health Care Facility
(concluded) Revenue Bonds (Beverly Enterprises, Inc.), VRDN, 4.50% due 4/01/2009 (a) $ 6,600
Massachusetts State Industrial Finance Agency, Industrial Revenue Bonds,
VRDN (a):
4,400 (Foilmark Manufacturing), AMT, Series A, 4.25% due 6/01/2010 4,400
1,785 Refunding, Series A, 4.15% due 7/01/2006 1,785
2,000 (ZBR Limited Partnership), AMT, 4.10% due 4/15/2015 2,000
4,000 Massachusetts State Industrial Finance Agency, PCR (Holyoke Water &
Power Company Project), VRDN, AMT, 4.50% due 12/01/2020 (a) 4,000
Massachusetts State Industrial Finance Agency, PCR, Refunding (New
England Power Company Project), CP:
4,300 3.70% due 10/24/1995 4,300
3,000 3.70% due 11/15/1995 3,000
Massachusetts State Industrial Finance Agency Revenue Bonds, VRDN (a):
700 (Hockomock YMCA), Series A, 4.15% due 6/01/2011 700
7,000 (Whitehead Institute), 4.25% due 7/01/2026 7,000
4,500 (Williston-Northampton School Project), Series B, 4.15% due 4/01/2024 4,500
4,200 Massachusetts State Municipal Wholesale Electric Company, Power Supply
System, Revenue Bonds, VRDN, Series C, 4.15% due 7/01/2019 (a) 4,200
17,800 Massachusetts State Port Authority, Revenue Refunding Bonds, VRDN, AMT,
Series B, 4.65% due 7/01/2018 (a) 17,800
Massachusetts State Water Resources Authority:
5,000 BAN, Series A, 4.125% due 10/15/1995 5,001
2,200 CP, 4.20% due 10/06/1995 2,200
3,000 CP, 3.80% due 12/12/1995 3,000
New Bedford, Massachusetts, BAN:
1,800 4.25% due 10/06/1995 1,800
2,000 4.50% due 12/29/1995 2,004
3,500 4.60% due 3/15/1996 3,511
2,150 North Andover, Massachusetts, BAN, 4.18% due 9/11/1996 2,153
1,680 Northampton, Massachusetts, BAN, 4% due 12/07/1995 1,682
570 Northampton, Massachusetts, SAAN, 4% due 12/07/1995 571
Springfield, Massachusetts, BAN:
4,400 4.40% due 2/09/1996 4,409
3,000 4.50% due 2/09/1996 3,006
2,700 Stoughton, Massachusetts, BAN, 4.20% due 8/30/1996 2,706
1,100 Taunton, Massachusetts, BAN, 4.02% due 3/08/1996 1,102
1,850 Tewksbury, Massachusetts, BAN, 4% due 11/20/1995 1,851
Total Investments (Cost--$173,076*)--99.5% 173,076
Other Assets Less Liabilities--0.5% 842
----------
Net Assets--100.0% $ 173,918
==========
<FN>
(a)The interest rate is subject to change periodically based on
certain indexes. The interest rate shown is the rate in effect at
September 30, 1995.
(b)AMBAC Insured.
(c)MBIA Insured.
*Cost for Federal income tax purposes.
<PAGE>
See Notes to Financial Statements.
</TABLE>
<TABLE>
CMA MASSACHUSETTS MUNICIPAL MONEY FUND
STATEMENT OF ASSETS AND LIABILITIES AS OF SEPTEMBER 30, 1995
<S> <C> <C>
Assets:
Investments, at value (identified cost--$173,075,612) (Note 1a) $ 173,075,612
Cash 106,675
Interest receivable 878,678
Deferred organization expenses (Note 1d) 3,282
Prepaid registration fees and other assets (Note 1d) 2,909
--------------
Total assets 174,067,156
--------------
Liabilities:
Payables:
Investment adviser (Note 2) $ 73,105
Distributor (Note 2) 43,484
Beneficial interest redeemed 1,117 117,706
--------------
Accrued expenses and other liabilities 31,012
--------------
Total liabilities 148,718
--------------
Net Assets $ 173,918,438
==============
Net Assets Consist of:
Shares of beneficial interest, $0.10 par value, unlimited number of shares
authorized $ 17,393,639
Paid-in capital in excess of par 156,542,749
Accumulated realized capital losses--net (Note 4) (17,950)
--------------
Net Assets--Equivalent to $1.00 per share based on 173,936,388 shares of
beneficial interest outstanding $ 173,918,438
==============
</TABLE>
<PAGE>
<TABLE>
CMA MASSACHUSETTS MUNICIPAL MONEY FUND
STATEMENT OF OPERATIONS FOR THE SIX MONTHS ENDED SEPTEMBER 30, 1995
<S> <C> <C>
Investment Income (Note 1c):
Interest and amortization of premium and discount earned $ 3,238,735
Expenses:
Investment advisory fees (Note 2) $ 421,985
Distribution fees (Note 2) 105,067
Transfer agent fees (Note 2) 27,217
Professional fees 24,465
Registration fees (Note 1d) 19,163
Accounting services (Note 2) 16,688
Printing and shareholder reports 13,111
Custodian fees 7,624
Pricing fees 2,330
Amortization of organization expenses (Note 1d) 1,618
Trustees' fees and expenses 883
Other 1,427
--------------
Total expenses 641,578
--------------
Investment income--net 2,597,157
Realized Loss on Investments--Net (Note 1c) (6,249)
--------------
Net Increase in Net Assets Resulting from Operations $ 2,590,908
==============
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
Months Ended Year Ended
Increase (Decrease) in Net Assets: Sept. 30, 1995 March 31, 1995
<S> <C> <C>
Operations:
Investment income--net $ 2,597,157 $ 3,680,857
Realized loss on investments--net (6,249) (622)
-------------- --------------
Net increase in net assets resulting from operations 2,590,908 3,680,235
-------------- --------------
Dividends and Distributions to Shareholders (Note 1e):
Investment income--net (2,597,157) (3,680,587)
-------------- --------------
Net decrease in net assets resulting from dividends to shareholders (2,597,157) (3,680,587)
-------------- --------------
Beneficial Interest Transactions (Note 3):
Net proceeds from sale of shares 339,651,543 566,759,318
Net asset value of shares issued to shareholders in reinvestment of
dividends (Note 1e) 2,597,146 3,680,721
-------------- --------------
342,248,689 570,440,039
Cost of shares redeemed (329,399,844) (560,168,139)
-------------- --------------
Net increase in net assets derived from beneficial interest
transactions 12,848,845 10,271,900
-------------- --------------
Net Assets:
Total increase in net assets 12,842,596 10,271,548
Beginning of period 161,075,842 150,804,294
-------------- --------------
End of period $ 173,918,438 $ 161,075,842
============== ==============
See Notes to Financial Statements.
</TABLE>
<PAGE>
<TABLE>
CMA MASSACHUSETTS MUNICIPAL MONEY FUND
FINANCIAL HIGHLIGHTS
<CAPTION>
The following per share data and ratios have been derived For the Six
from information provided in the financial statements. Months Ended
Sept. 30, For the Year Ended March 31,
Increase (Decrease) in Net Asset Value: 1995 1995 1994 1993 1992
<S> <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 .02 .02 .02 .02 .04
--------- --------- --------- --------- ---------
Total from investment operations .02 .02 .02 .02 .04
--------- --------- --------- --------- ---------
Less dividends from investment income--net (.02) (.02) (.02) (.02) (.04)
--------- --------- --------- --------- ---------
Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
========= ========= ========= ========= =========
Total Investment Return 3.11%* 2.46% 1.74% 2.20% 3.66%
========= ========= ========= ========= =========
Ratios to Average Net Assets:
Expenses, net of reimbursement and excluding
distribution fees .64%* .64% .66% .66% .73%
========= ========= ========= ========= =========
Expenses, net of reimbursement .76%* .76% .78% .78% .85%
========= ========= ========= ========= =========
Expenses .76%* .76% .78% .78% .87%
========= ========= ========= ========= =========
Investment income--net 3.08%* 2.43% 1.72% 2.15% 3.56%
========= ========= ========= ========= =========
Supplemental Data:
Net assets, end of period (in thousands) $ 173,918 $ 161,076 $ 150,804 $ 132,302 $ 116,340
========= ========= ========= ========= =========
<FN>
*Annualized.
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. These unaudited
financial statements reflect all adjustments which are, in the
opinion of management, necessary to a fair statement of the results
for the interim period presented. All such adjustments are of a
normal recurring nature. 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 and distributions 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.
<PAGE>
2. Investment Advisory Agreement and
Transactions with Affiliates:
The Fund has entered into an Investment Advisory Agreement with Fund
Asset Management, L.P. ("FAM" or "Adviser"). 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: 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.
CMA MASSACHUSETTS MUNICIPAL MONEY FUND
NOTES TO FINANCIAL STATEMENTS (CONCLUDED)
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 Adviser during the year which will cause such
expenses to exceed the pro rata expense limitation at the time of
such payment.
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.
Merrill Lynch Financial Data Services, Inc. ("MLFDS"), a wholly-
owned subsidiary of ML & Co., is the Fund's transfer agent.
<PAGE>
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, MLPF&S, MLFDS, and/or ML & Co.
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, 1995, the Fund had a net capital loss carryforward of
approximately $12,000, of which $4,000 expires in 2001, and $8,000
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
<PAGE>
Transfer Agent
Merrill Lynch 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].
