CMA
CMA CONNECTICUT
MUNICIPAL MONEY FUND
Annual Report
March 31, 1994
Merrill Lynch BULL LOGO
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>
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 con-
sidered 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 Connecticut
Municipal Money Fund
Box 9011
Princeton, NJ 08543-9011
TO OUR SHAREHOLDERS:
For the year ended March 31, 1994, CMA Connecticut Municipal
Money Fund paid shareholders a net annualized yield of 1.77%*.
As of March 31, 1994, the Fund's 7-day yield was 1.72%.
The Environment
Inflationary expectations changed sharply during the March
quarter. Following better-than-expected economic results, Federal
Reserve Board Chairman Alan Greenspan indicated in Congressional
testimony in January that continued strong expansion of the
economy would lead the central bank to tighten monetary policy in
an effort to control inflation. On February 4, 1994, the central
bank broke with tradition and publicly announced a modest 25
basis point (0.25%) increase in short-term interest rates. At the
March 22 meeting of the Federal Open Market Committee, the
Federal Reserve Board again raised the Federal Funds rate by 25
basis points, and also announced the increase.
<PAGE>
Rather than view the Federal Reserve Board's first tightening
move as a preemptive strike against inflation, fixed-income
investors focused on Chairman Greenspan's implicit promise of
further tightening should the rate of inflation accelerate, and
bond prices declined sharply. The setback in the bond market was
also reflected in greater stock market volatility. While the
second increase in the Federal Funds rate was less of a surprise,
investors remained concerned that interest rates would trend
upward sharply. As a result, stock and bond prices continued to
decline through the end of March. The volatility in the US
capital markets was mirrored in international markets. Political
and economic developments, along with concerns of heightened
global inflationary pressures, led to a sell-off in most capital
markets, especially the emerging markets that had appreciated
strongly in 1993.
[FN]
*Based on a constant investment throughout the period, with
dividends compounded daily, and reflecting a net return to the
investor after all expenses.
In the weeks ahead, investors will continue to gauge the pace of
the economic expansion and watch for signs of an overheating
economy. At this time, there is little evidence that the rate of
inflation will increase rapidly. Therefore, although the secular
long-term trend toward lower interest rates may be over, it is not
yet certain whether the pace of economic activity will accelerate
to the point where significant Federal Reserve Board tightening
will be necessary to contain inflation.
Investment Outlook and Strategy
During the period ended March 31, 1994, the State of Connecticut
continued to slowly rebound from the recession that began in
1989. Connecticut's job losses during the period from 1989 to
1993 were around 180,000, or 11% of the State's total employment
base. Even with Connecticut's economic recovery underway,
industries such as defense manufacturing, finance, insurance, and
real estate continue to downsize, which is likely to limit future
growth. Connecticut's unemployment rate, which peaked at 7.5% in
April of 1993, is currently at 5.8%.
<PAGE>
On March 11, 1994, Standard & Poor's Corp. affirmed the rating of
AA- on $5.7 billion of the State's outstanding debt. This rating
affirmation reflects the State's diversified economic base as
well as above-average wealth levels and weakened-but-improving
financial performance in the last year. Financial operations in
1992--1993 exceeded budget expectations, resulting in a $197
million operating surplus going into 1994. The State's recently
instituted income tax has bolstered the State's fiscal
performance considerably. The budget for the State's current
biennium is in balance, and economic revenue estimates appear
reasonable. A surplus of about $52 million is currently expected
by June 30, 1994, the State's fiscal year-end.
The new issuance of short-term Connecticut debt totaled
approximately $106.1 million in the six-month period ended March
31, 1994, a substantial decline from the $1.0 billion in debt
brought to market in the prior six-month period. The maturity of
CMA Connecticut Municipal Money Fund has ranged from 27 days to
82 days and currently stands at 52 days in order to seek to take
advantage of possibly higher yields in the upcoming months
resulting from increasing supply and the possibility of
additional Federal Reserve Board intervention.
CMA Connecticut Municipal Money Fund is currently 98.5% invested
in securities with the highest rating issued by Moody's Investors
Service, Inc. and Standard & Poor's Corp., or their equivalent.
Diversification and credit quality remain paramount in importance
to the Fund, and we will continue to closely monitor the
everchanging marketplace.
We thank you for your support of the CMA Connecticut 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
May 5, 1994
<PAGE>
IMPORTANT TAX INFORMATION (UNAUDITED)
All of the net investment income distributions paid daily by CMA
Connecticut Municipal Money Fund of CMA Multi-State Municipal
Series Trust during the taxable year ended March 31, 1994 qualify
as tax-exempt interest dividends for Federal income tax purposes.
Additionally, there were no capital gains distributed during the
Fund's taxable year ended March 31, 1994.
Please retain this information for your records.
Portfolio Abbreviations for CMA Connecticut Municipal Money Fund
AMT Alternative Minimum Tax (subject to)
BAN Bond Anticipation Notes
CP Commercial Paper
GO General Obligation Bonds
HFA Housing Finance Authority
IDA Industrial Development Authority
PCR Pollution Control Revenue Bonds
S/F Single-Family
TRAN Tax Revenue Anticipation Notes
VRDN Variable Rate Demand Notes
<PAGE>
CMA CONNECTICUT MUNICIPAL MONEY FUND
<TABLE>
SCHEDULE OF INVESTMENTS AS OF MARCH 31, 1994 (IN THOUSANDS)
<CAPTION>
Face Value
State Amount Issue (Note 1a)
<S> <C> <S> <C>
Connecticut--77.5% $ 4,750 Canton, Connecticut, BAN, GO, 2.49% due 4/15/1994 $ 4,750
12,400 Connecticut State Development Authority, Health Care Revenue Bonds
(Independent Living Project), 2.25% due 7/01/2015 12,400
5,420 Connecticut State Development Authority, IDA, Revenue Bonds (Sealectro
Corporation Project), 2.70% due 12/01/1997 5,420
Connecticut State Development Authority, PCR, Refunding (Connecticut Light &
Power Co.), VRDN (a):
3,600 AMT, Series B, 2.45% due 9/01/2028 3,600
8,700 Series A, 2% due 9/01/2028 8,700
2,925 Connecticut State Development Authority Revenue Bonds (Jewish Community
Center Project), VRDN, 2.25% due 9/01/2017 (a) 2,925
Connecticut State Development Authority Revenue Bonds (Solid Waste--Exeter
Project), VRDN, AMT (a):
3,000 Series A, 2.15% due 12/01/2019 3,000
400 Series C, 2.15% due 12/01/2019 400
Connecticut State Economic Recovery Notes:
1,000 GO, Series A, 5.25% due 6/15/1994 1,006
9,500 VRDN, Series B, 2.20% due 6/01/1996 (a) 9,500
235 Connecticut State, GO, 8% due 5/01/1994 236
Connecticut State Health and Educational Facilities Authority Revenue Bonds:
1,400 (Kent School), VRDN, Series A, 2.10% due 7/01/2023 (a) 1,400
1,500 (Saint Raphael Hospital), Series A, 10.125% due 8/01/1994 1,568
5,250 (Windham Community Memorial Hospital), CP, 2.35% due 4/13/1994 5,250
Connecticut State Health and Educational Facilities Authority Revenue Bonds
(Yale University), CP:
950 Series L, 2.60% due 6/16/1994 950
4,125 Series L, 2.65% due 6/16/1994 4,125
4,600 Series M, 2.65% due 6/10/1994 4,600
5,450 Series N, 2.65% due 6/16/1994 5,450
1,450 Series O, 2.60% due 6/16/1994 1,450
1,400 Series P, 2.30% due 4/22/1994 1,400
3,600 Series P, 2.65% due 6/16/1994 3,600
Connecticut State, HFA (Housing Mortgage Finance Program), CP:
7,000 Series G, Subseries G-1, 2.65% due 5/16/1994 7,000
5,300 Subseries D-1, 2.65% due 5/16/1994 5,300
10,000 Subseries D-2, 2.75% due 5/16/1994 10,000
</TABLE>
<PAGE>
CMA CONNECTICUT MUNICIPAL MONEY FUND
<TABLE>
SCHEDULE OF INVESTMENTS AS OF MARCH 31, 1994 (CONCLUDED) (IN THOUSANDS)
<CAPTION>
Face Value
State Amount Issue (Note 1a)
<S> <C> <S> <C>
Connecticut Connecticut State, HFA (Housing Mortgage Finance Program), CP, AMT, Series D:
(concluded) $ 5,600 2.75% due 6/09/1994 $ 5,600
4,100 2.75% due 6/16/1994 4,100
20,000 Connecticut State Special Assessment Unemployment Compensation, Advanced
Fund Revenue Bonds, Series C, 3% due 7/01/1994 20,009
9,100 Connecticut State Special Assessment Unemployment Revenue Bonds, VRDN,
Series B, 2.20% due 11/01/2001 (a) 9,100
24,100 Connecticut State Special Tax Obligation Revenue Bonds, VRDN, 2.30% due
12/01/2010 (a) 24,100
Connecticut State Special Tax Obligation, Transportation Revenue Bonds:
1,000 Series A, 4.75% due 4/01/1995 1,015
400 Series B, 3.90% due 9/01/1994 402
5,000 Connecticut State Tender Option, GO, 2.70% due 6/01/1994 5,000
900 East Granby, Connecticut, BAN, GO, 2.59% due 7/14/1994 901
4,000 East Lyme, Connecticut, BAN, 2.60% due 8/05/1994 4,000
1,500 Enfield, Connecticut, BAN, GO, 2.11% due 4/15/1994 1,500
455 Meriden, Connecticut, GO, 6.40% due 1/15/1995 467
3,000 North Stonington, Connecticut, BAN, GO, 2.53% due 4/15/1994 3,000
310 Norwalk, Connecticut, Refunding Bonds, Second Series, 3.10% due 1/15/1995 310
600 Redding, Connecticut, BAN, 2.98% due 10/26/1994 601
6,000 Stamford, Connecticut, BAN, 3.07% due 3/22/1995 6,002
3,550 Winchester, Connecticut, BAN, 2.75% due 5/11/1994 3,551
Puerto Rico--21.2% 8,700 Puerto Rico Commonwealth, Government Development Bank, Revenue
Refunding Bonds, VRDN, 2% due 12/01/2015 (a) 8,700
5,000 Puerto Rico Commonwealth, Highway and Transportation Authority Revenue
Bonds, VRDN, Series X, 2.05% due 7/01/1999 (a) 5,000
12,425 Puerto Rico Commonwealth, TRAN, Series A, 3% due 7/29/1994 12,440
3,040 Puerto Rico Housing Finance Corporation, S/F Mortgage Revenue Bonds, AMT,
Series F, 4.60% due 4/15/1994 3,043
Puerto Rico Industrial, Medical and Environmental Pollution Control Facility,
Financing Authority Revenue Bonds:
5,500 (Anna G. Mendez Educational Project), CP, 2.55% due 6/10/1994 5,500
1,500 (Merck & Co. Inc. Project), Series A, VRDN, 2.70% due 12/01/1994 1,500
4,750 (Reynolds Metal Company Project), VRDN, 2.90% due 9/01/1994 4,752
Puerto Rico Maritime Shipping Authority, CP:
7,200 2.50% due 6/17/1994 7,200
5,000 2.60% due 7/22/1994 5,000
Total Investments (Cost--$246,823*)--98.7% 246,823
Other Assets Less Liabilities--1.3% 3,215
--------
Net Assets--100.0% $250,038
========
<FN>
(a)The interest rate is subject to change periodically based on certain indexes.
The interest rates shown are the rates in effect at March 31, 1994.
*Cost for Federal income tax purposes.
See Notes to Financial Statements.
</TABLE>
<PAGE>
CMA CONNECTICUT MUNICIPAL MONEY FUND
<TABLE>
<CAPTION>
STATEMENT OF ASSETS AND LIABILITIES AS OF MARCH 31, 1994
<S> <C> <C>
Assets:
Investments, at value (identified cost--$246,823,434) (Note 1a) $246,823,434
Cash 263,624
Receivables:
Securities sold $ 1,900,775
Interest 1,254,833 3,155,608
------------
Deferred organization expenses (Note 1d) 15,524
Prepaid registration fees and other assets (Note 1d) 2,290
------------
Total assets 250,260,480
------------
Liabilities:
Payables:
Investment adviser (Note 2) 109,573
Distributor (Note 2) 44,733
Beneficial interest redeemed 13 154,319
------------
Accrued expenses and other liabilities 68,632
------------
Total liabilities 222,951
------------
Net Assets $250,037,529
============
Net Assets Consist of:
Shares of beneficial interest, $.10 par value, unlimited number of shares authorized $ 25,015,686
Paid-in capital in excess of par 225,141,174
Undistributed investment income--net 283
Accumulated realized capital losses--net (Note 4) (119,614)
------------
Net Assets--Equivalent to $1.00 per share based on 250,156,860 shares of
beneficial interest outstanding $250,037,529
============
See Notes to Financial Statements.
</TABLE>
<PAGE>
CMA CONNECTICUT MUNICIPAL MONEY FUND
<TABLE>
<CAPTION>
STATEMENT OF OPERATIONS FOR THE YEAR ENDED MARCH 31, 1994
<S> <C> <C>
Investment Income (Note 1c):
Interest and amortization of premium and discount earned $ 5,791,804
Expenses:
Investment advisory fees (Note 2) $ 1,176,254
Distribution fees (Note 2) 292,733
Accounting services (Note 2) 44,993
Professional fees 33,280
Printing and shareholder reports 26,208
Transfer agent fees (Note 2) 24,778
Registration fees (Note 1d) 20,971
Custodian fees 19,106
Amortization of organization expenses (Note 1d) 7,476
Pricing fees 5,601
Trustees' fees and expenses 2,731
Other 1,932
------------
Total expenses 1,656,063
------------
Investment income--net 4,135,741
Realized Loss on Investments--Net (Note 1c) (18,319)
------------
Net Increase in Net Assets Resulting from Operations $ 4,117,422
============
See Notes to Financial Statements.
</TABLE>
<PAGE>
CMA CONNECTICUT MUNICIPAL MONEY FUND
<TABLE>
STATEMENTS OF CHANGES IN NET ASSETS
<CAPTION>
For the Year Ended March 31,
Increase (Decrease) in Net Assets: 1994 1993
<S> <C> <C>
Operations:
Investment income--net $ 4,135,741 $ 4,430,741
Realized loss on investments--net (18,319) (52,178)
------------ ------------
Net increase in net assets resulting from operations 4,117,422 4,378,563
------------ ------------
Dividends to Shareholders (Note 1e):
Investment income--net (4,132,578) (4,403,281)
------------ ------------
Net decrease in net assets resulting from dividends to shareholders (4,132,578) (4,403,281)
------------ ------------
Beneficial Interest Transactions (Note 3):
Net proceeds from sale of shares 850,975,709 855,168,263
Net asset value of shares issued to shareholders in reinvestment of dividends
(Note 1e) 4,132,548 4,403,402
------------ ------------
855,108,257 859,571,665
Cost of shares redeemed (836,486,718) (826,010,937)
------------ ------------
Net increase in net assets derived from beneficial interest transactions 18,621,539 33,560,728
------------ ------------
Net Assets:
Total increase in net assets 18,606,383 33,536,010
Beginning of year 231,431,146 197,895,136
------------ ------------
End of year* $250,037,529 $231,431,146
============ ============
*Undistributed investment income--net $ 283 $ 37,852
============ ============
See Notes to Financial Statements.
</TABLE>
<PAGE>
CMA CONNECTICUT MUNICIPAL MONEY FUND
<TABLE>
FINANCIAL HIGHLIGHTS
<CAPTION>
For the
Period
The following per share data and ratios have been derived April 29,
from information provided in the financial statements. 1991++ to
For the Year Ended March 31, March 31,
Increase (Decrease) in Net Asset Value: 1994 1993 1992
<S> <C> <C> <C>
Per Share Operating Performance:
Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00
-------- -------- --------
Investment income--net .02 .02 .03
-------- -------- --------
Total from investment operations .02 .02 .03
-------- -------- --------
Less dividends:
Investment income--net (.02) (.02) (.03)
-------- -------- --------
Net asset value, end of period $ 1.00 $ 1.00 $ 1.00
======== ======== ========
Total Investment Return 1.77% 2.20% 3.56%*
======== ======== ========
Ratios to Average Net Assets:
Expenses, net of reimbursement and excluding distribution fees .58% .51% .28%*
======== ======== ========
Expenses, net of reimbursement .70% .63% .41%*
======== ======== ========
Expenses .70% .73% .81%*
======== ======== ========
Investment income--net 1.76% 2.17% 3.46%*
======== ======== ========
Supplemental Data:
Net assets, end of period (in thousands) $250,038 $231,431 $197,895
======== ======== ========
<FN>
*Annualized.
++Commencement of Operations.
See Notes to Financial Statements.
</TABLE>
<PAGE>
CMA CONNECTICUT MUNICIPAL MONEY FUND
NOTES TO FINANCIAL STATEMENTS
1. Significant Accounting Policies:
CMA Connecticut 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 investment management 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. 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.
(f) Reclassifications--Undistributed investment income--net, in
the amount of $40,732, has been reclassified to accumulated
realized capital losses--net.
<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"). Effective January 1, 1994,
the investment advisory business of FAM was reorganized from a
corporation to a limited partnership. Both prior to and after the
reorganization, ultimate control of FAM was vested with Merrill
Lynch & Co., Inc. ("ML & Co."). The general partner of FAM is
Princeton Services, Inc., an indirect wholly-owned subsidiary of
ML & Co. The limited partners are ML & Co. and Merrill Lynch
Investment Management, Inc. ("MLIM"), which is also an indirect
wholly-owned subsidiary of ML & Co.
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 Fund's average daily net assets, not
exceeding $500 million; 0.425% of the average daily net assets in
excess of $500 million but not exceeding $1 billion; and 0.375%
of the 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 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.
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 the 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.
<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, MLIM, MLPF&S, FDS, and/or ML & Co.
3. Shares of Beneficial Interest:
The number of shares purchased 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 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 $120,000, of which $80,000 expires in 2000,
$30,000 expires in 2001 and $10,000 expires in 2002, which will
be available to offset like amounts of any future taxable gains.
<AUDIT-REPORT>
CMA CONNECTICUT MUNICIPAL MONEY FUND
INDEPENDENT AUDITORS' REPORT
The Board of Trustees and Shareholders,
CMA Connecticut Municipal Money Fund of
CMA Multi-State Municipal Series Trust:
We have audited the accompanying statement of assets and
liabilities, including the schedule of investments, of CMA
Connecticut Municipal Money Fund of CMA Multi-State Municipal
Series Trust as of March 31, 1994, 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 the two-year period then ended and the
period April 29, 1991 (commencement of operations) to March 31, 1992.
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 generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements and 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, 1994 by correspondence with the
custodian. 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.
<PAGE>
In our opinion, such financial statements and financial
highlights present fairly, in all material respects, the
financial position of CMA Connecticut Municipal Money Fund of
CMA Multi-State Municipal Series Trust as of March 31, 1994,
the results of its operations, the changes in its net assets,
and the financial highlights for the respective stated periods
in conformity with generally accepted accounting principles.
Deloitte & Touche
Princeton, New Jersey
April 29, 1994
</AUDIT-REPORT>
