[LOGO] CMA(R)
CMA CONNECTICUT
MUNICIPAL MONEY FUND
- ------------------------------
Semi-Annual Report
September 30, 1998
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[LOGO] Merrill Lynch
<PAGE>
TO OUR SHAREHOLDERS:
For the six-month period ended September 30, 1998, CMA Connecticut Municipal
Money Fund paid shareholders a net annualized yield of 2.83%.* As of September
30, 1998, the Fund's 7-day yield was 2.93%.
Economic Environment
During the six-month period ended September 30, 1998, the economic instability
previously limited to Asia spread to several other regions, including Russia and
Latin America. Problems in our own domestic economy also became more apparent,
with declining consumer confidence and diminishing corporate profits. US equity
markets were hard hit as the Dow Jones Industrial Average fell by 10.9% and the
broader unmanaged Standard & Poor's 500 Index fell by 7.7% for the six-month
period ended September 30, 1998. In an effort to prevent the US economy from
slipping into a possible recession, the Federal Reserve Board lowered the
Federal Funds target rate by 25 basis points (0.25%) to 5.25% at its September
29, 1998 meeting. This easing was the first by the Federal Reserve Board since
January 1996. The central bank unexpectedly cut the Federal Funds rate another
quarter point in October, which investors viewed positively.
The US Treasury market was the clear beneficiary of the global market turmoil,
with investors viewing US Treasury issues as a safe haven from the world's
financial problems. The intermediate-term maturities on the interest rate yield
curve saw the largest gains as the yields on five-year and ten-year US Treasury
notes fell 139 basis points and 124 basis points, respectively, since March 31,
1998 to end the period at 4.22% and 4.40%, respectively.
Investment Strategy
CMA Connecticut Municipal Money Fund began the six-month period ended September
30, 1998 with an average portfolio maturity of 45 days. In view of changing
market conditions, we made several purchases of notes and tax-exempt commercial
paper during the six-month period that increased the Fund's average portfolio
maturity to 60 days by period-end. The note purchases provided yields to the
Fund in the 3.50%-3.55% range, with maturities from six months to one year. By
September period-end, Connecticut note yields had fallen to the 3.20% range for
a one-year maturity as demand increased and supply decreased.
Overall, short-term issuance within the state decreased 50.5% in the first nine
months of this year as compared to the previous year as state and local
government finances continued to improve, thereby reducing the need of
municipalities to borrow. Also, during the six-month period Connecticut Power &
Light Co., a large issuer of short-term variable rate debt in the state,
converted over $400 million of its debt from a short-term variable rate to a
long-term fixed rate. The issuer's decision
* Based on a constant investment throughout the period, with dividends
compounded daily, and reflecting a net return to the investor after all
expenses.
1
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to pursue long-term financing placed further downward pressure on Connecticut
note yields as municipal money funds looked to fill the gap left by these large
programs. We also increased our holdings in tax-exempt commercial paper by 5%
since the beginning of the period, locking in yields in the 60-day-90-day range.
Commercial paper remains an important tool in managing the Fund's average
portfolio maturity while providing solid credit quality. Finally, in our March
31, 1998 letter to shareholders, we had discussed the new SEC Rule 2a-7
diversification guidelines that took effect on July 1, 1998. The Fund was well
positioned in terms of diversification, which facilitated a smooth transition to
the new guidelines.
In the upcoming months, we expect that market conditions will remain challenging
as the world financial community intensifies its effort to prevent a global
recession. Short-term municipal bond yields will likely remain under pressure if
the Federal Reserve Board eases monetary policy further. We will continue to
seek opportunities to purchase securities that will provide shareholders with
the highest credit quality, a stable net asset value and an attractive yield.
In Conclusion
We thank you for your continued interest in CMA Connecticut Municipal Money
Fund, and we look forward to serving your investment needs in the future.
Sincerely,
/s/ Arthur Zeikel
Arthur Zeikel
President
/s/ Vincent R. Giordano
Vincent R. Giordano
Senior Vice President
/s/ Steven T. Lewis
Steven T. Lewis
Vice President and Portfolio Manager
November 3, 1998
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CMA CONNECTICUT MUNICIPAL MONEY FUND
SCHEDULE OF INVESTMENTS AS OF SEPTEMBER 30, 1998 (IN THOUSANDS)
<TABLE>
<CAPTION>
Face Value
State Amount Issue (Note 1a)
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Connecticut-- $ 5,210 Connecticut State Airport Revenue Bonds, Series A-60, 3.45% due 2/01/1999(b) .. $ 5,210
89.8% 19,100 Connecticut State Development Authority, Health Care Revenue Bonds
(Independent Living Project), VRDN, 3.60% due 7/01/2015 (a) ................... 19,100
Connecticut State Development Authority, IDR, VRDN, AMT (a):
1,200 (Acucut Inc. Project), 3.85% due 6/01/2018 ................................ 1,200
4,000 (Handy and Harman Refining), 3.85% due 12/01/2017 ......................... 4,000
4,135 Connecticut State Development Authority, Industrial Development Bonds
(Connecticut Spring and Stamping Corporation), VRDN, AMT, 3.85%
due 9/01/2008 (a) ............................................................. 4,135
Connecticut State Development Authority, PCR, Refunding, VRDN (a):
20,200 (Connecticut Light & Power Co. Project), Series A, 3.90% due 9/01/2028 .... 20,200
1,000 (United Illuminating Co. Project), 3.90% due 6/01/2026 .................... 1,000
15,200 (Western Massachusetts Electric Co.), Series A, 4% due 9/01/2028 .......... 15,200
8,000 Connecticut State Development Authority Revenue Bonds (Solid Waste
Project--Rand Whitney), VRDN, AMT, 3.85% due 8/01/2023 (a) .................... 8,000
Connecticut State, GO:
9,155 UT, 3.60% due 10/05/1998 .................................................. 9,155
10,000 VRDN, 4.15% due 5/01/2005 (a) ............................................. 10,000
5,400 Connecticut State, GO, VRDN, UT, Series B, 3.90% due 5/15/2014 (a) ............ 5,400
Connecticut State, HFA (Housing Mortgage Finance Program):
4,500 CP, AMT, Series D, 3.40% due 10/08/1998 ................................... 4,500
4,500 CP, AMT, Series D, 3.65% due 10/09/1998 ................................... 4,500
4,450 CP, AMT, Series D, 3.25% due 11/02/1998 ................................... 4,450
3,375 CP, AMT, Series D, 3.50% due 11/02/1998 ................................... 3,375
4,505 CP, AMT, Series D, 3.55% due 11/09/1998 ................................... 4,505
8,500 VRDN, Series G, 3.80% due 5/15/2018 (a)(e) ................................ 8,500
4,500 VRDN, Sub-Series D3, 3.73% due 11/15/2028 (a) ............................. 4,500
Connecticut State Health and Educational Facilities Authority Revenue Bonds:
1,800 (Charlotte Hungerford), VRDN, Series C, 3.85% due 7/01/2013 (a) ........... 1,800
5,000 (Hospital of St. Raphael), VRDN, Series J, 3.73% due 7/01/2022 (a) ........ 5,000
1,000 (Sharon Hospital Issue), VRDN, Series A, 3.85% due 7/01/2027 (a) .......... 1,000
3,815 (Yale--New Haven Hospital), Series E, 3.70% due 6/01/1999 (b) ............. 3,815
3,200 (Yale University), CP, Series S, 3.40% due 10/07/1998 ..................... 3,200
3,800 (Yale University), CP, Series S, 4% due 10/07/1998 ........................ 3,800
4,000 (Yale University), CP, Series S, 3.35% due 10/08/1998 ..................... 4,000
1,500 (Yale University), CP, Series S, 3.35% due 10/22/1998 ..................... 1,500
2,600 (Yale University), CP, Series S, 3.40% due 10/23/1998 ..................... 2,600
</TABLE>
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 Agency
IDR Industrial Development Revenue Bonds
M/F Multi-Family
MSTR Municipal Securities Trust Receipts
PCR Pollution Control Revenue Bonds
UT Unlimited Tax
VRDN Variable Rate Demand Notes
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CMA CONNECTICUT MUNICIPAL MONEY FUND
SCHEDULE OF INVESTMENTS AS OF SEPTEMBER 30, 1998 (CONTINUED) (IN THOUSANDS)
<TABLE>
<CAPTION>
Face Value
State Amount Issue (Note 1a)
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Connecticut Connecticut State Health and Educational Facilities Authority Revenue
(concluded) Bonds (concluded):
$ 3,500 (Yale University), CP, Series S, 3.50% due 11/09/1998 ..................... $ 3,500
3,500 (Yale University), CP, Series S, 3.50% due 1/15/1999 ...................... 3,500
9,600 (Yale University), VRDN, Series T, 3.85% due 7/01/2029 (a) ................ 9,600
21,375 (Yale University), VRDN, Series T, 3.85% due 7/01/2029 (a) ................ 21,375
Connecticut State Municipal Electric Energy Cooperative, Power Supply System
Revenue Bonds, CP, Series A:
8,700 3.05% due 11/02/1998 ...................................................... 8,700
8,100 3.25% due 11/02/1998 ...................................................... 8,100
19,900 Connecticut State Special Assessment Unemployment Compensation,
Advanced Fund Revenue Bonds (Connecticut Unemployment), Series C,
3.60% due 7/01/1999 (b) ....................................................... 19,900
35,815 Connecticut State Special Tax Obligation Revenue Bonds (Transportation
Infrastructure), VRDN, Second Lien, Series 1, 3.85% due 12/01/2010 (a) ........ 35,815
8,200 East Haven, Connecticut, BAN, 3.50% due 10/28/1998 ............................ 8,200
5,600 East Lyme, Connecticut, BAN, UT, 4% due 2/17/1999 ............................. 5,610
4,600 Hartford, Connecticut, Redevelopment Agency, M/F Mortgage Revenue Refunding
Bonds (Housing--Underwood Tower Project), VRDN, 3.90% due 6/01/2020 (a)(e) .... 4,600
10,325 Meriden, Connecticut, BAN, UT, 3.75% due 2/11/1999 ............................ 10,331
New Britain, Connecticut, BAN, UT:
13,675 3.70% due 4/13/1999 ....................................................... 13,684
2,995 4% due 4/13/1999 .......................................................... 3,002
520 New Britain, Connecticut, GO, Refunding, UT, 4% due 4/01/1999 (c) ............. 521
6,000 New Canaan, Connecticut, BAN, UT, 3.75% due 3/09/1999 ......................... 6,007
3,225 New Fairfield, Connecticut, BAN, 3.75% due 11/19/1998 ......................... 3,226
1,800 New Haven, Connecticut, GO, UT, 5% due 2/15/1999 (b) .......................... 1,809
1,800 Shelton, Connecticut, Housing Authority Revenue Bonds (Crosby Commons
Project), VRDN, 3.85% due 1/01/2031 (a) ....................................... 1,800
Stamford, Connecticut, BAN:
11,600 3.75% due 5/17/1999 ....................................................... 11,618
7,000 3.90% due 5/17/1999 ....................................................... 7,017
8,400 Stamford, Connecticut, Housing Authority Revenue Bonds (Morgan Street
Project), VRDN, AMT, 3.95% due 8/01/2024 (a) .................................. 8,400
5,000 West Haven, Connecticut, BAN, 3.75% due 12/29/1998 ............................ 5,003
8,320 Wolcott, Connecticut, BAN, UT, 3.75% due 8/11/1999 ............................ 8,331
- ---------------------------------------------------------------------------------------------------------------------
Puerto Rico-- 7,200 Eagle Tax-Exempt Trust, Puerto Rico, Housing, VRDN, Series C, 3.35% due
9.5% 10/01/2011 (a)(c) ............................................................. 7,200
Puerto Rico Commonwealth, Government Development Bank:
4,300 CP, 3.45% due 10/09/1998 .................................................. 4,300
6,000 CP, 3.25% due 10/22/1998 .................................................. 6,000
3,000 CP, 3.50% due 10/22/1998 .................................................. 3,000
300 Refunding, VRDN, 3.625% due 12/01/2015 (a)(d) ............................. 300
Puerto Rico, Electric Power Authority, Power Revenue Bonds, MSTR,
VRDN (a)(d):
8,800 Series SGA-43, 3.87% due 7/01/2022 ........................................ 8,800
1,235 Series SGA-44, 3.87% due 7/01/2023 ........................................ 1,235
</TABLE>
4
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CMA CONNECTICUT MUNICIPAL MONEY FUND
SCHEDULE OF INVESTMENTS AS OF SEPTEMBER 30, 1998 (CONCLUDED) (IN THOUSANDS)
<TABLE>
<CAPTION>
Face Value
State Amount Issue (Note 1a)
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Puerto Rico $ 1,850 Puerto Rico Industrial, Medical and Environmental Pollution Control
(concluded) Facilities Financing Authority Revenue Bonds, 3.60% due 9/01/1999 ............ $ 1,850
6,800 Puerto Rico Industrial, Tourist, Educational, Medical and Environmental
Control Facilities Financing Authority, Higher Education Revenue Bonds
(Ana G. Mendez University System Project), Series A, VRDN, 4.05%
due 1/01/2015 (a) ............................................................ 6,800
- -----------------------------------------------------------------------------------------------------------------------
Total Investments (Cost--$412,779*)--99.3% ................................... 412,779
Other Assets Less Liabilities--0.7% .......................................... 3,039
---------
Net Assets--100.0% ........................................................... $ 415,818
=========
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</TABLE>
(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,
1998.
(b) FGIC Insured.
(c) AMBAC Insured.
(d) MBIA Insured.
(e) FSA Insured.
* Cost for Federal income tax purposes.
See Notes to Financial Statements.
5
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CMA CONNECTICUT MUNICIPAL MONEY FUND
STATEMENT OF ASSETS AND LIABILITIES AS OF SEPTEMBER 30, 1998
Assets:
Investments, at value (identified cost--
$412,778,560) (Note 1a) ......................... $ 412,778,560
Cash ............................................ 257,941
Interest receivable ............................. 2,492,326
Prepaid registration fees and other assets
(Note 1d) ....................................... 633,115
-------------
Total assets .................................... 416,161,942
-------------
Liabilities:
Payables:
Investment adviser (Note 2) ................... $ 177,963
Distributor (Note 2) .......................... 103,911 281,874
----------
Accrued expenses and other liabilities .......... 62,522
-------------
Total liabilities ............................... 344,396
-------------
Net Assets ...................................... $ 415,817,546
=============
Net Assets Consist of:
Shares of beneficial interest, $0.10 par
value, unlimited number of shares authorized .... $ 41,597,784
Paid-in capital in excess of par ................ 374,380,057
Accumulated realized capital losses--net (Note 4) (160,295)
-------------
Net Assets--Equivalent to $1.00 per share
based on 415,977,841 shares of beneficial
interest outstanding ............................ $ 415,817,546
=============
See Notes to Financial Statements.
6
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CMA CONNECTICUT MUNICIPAL MONEY FUND
STATEMENT OF OPERATIONS FOR THE SIX MONTHS ENDED SEPTEMBER 30, 1998
Investment Income (Note 1c):
Interest and amortization of premium and
discount earned ................................. $7,703,781
Expenses:
Investment advisory fees (Note 2) ............... $1,101,041
Distribution fees (Note 2) ...................... 273,794
Accounting services (Note 2) .................... 33,951
Professional fees ............................... 27,299
Transfer agent fees (Note 2) .................... 23,702
Registration fees (Note 1d) ..................... 23,439
Custodian fees .................................. 17,803
Printing and shareholder reports ................ 8,865
Pricing fees .................................... 2,857
Trustees' fees and expenses ..................... 1,456
Other ........................................... 2,446
----------
Total expenses .................................. 1,516,653
----------
Investment income--net .......................... 6,187,128
Realized Gain on Investments--Net (Note 1c) ..... 18,045
----------
Net Increase in Net Assets Resulting
from Operations ................................. $6,205,173
==========
See Notes to Financial Statements.
7
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CMA CONNECTICUT MUNICIPAL MONEY FUND
STATEMENTS OF CHANGES IN NET ASSETS
For the For the
Six Months Year
Ended Ended
September 30, March 31,
Increase (Decrease) in Net Assets: 1998 1998
- --------------------------------------------------------------------------------
Operations:
Investment income--net ...................... $ 6,187,128 $ 10,526,142
Realized gain (loss) on investments--net .... 18,045 (39,858)
------------- ---------------
Net increase in net assets resulting
from operations ............................. 6,205,173 10,486,284
------------- ---------------
Dividends to Shareholders (Note 1e):
Investment income--net ...................... (6,187,128) (10,523,142)
------------- ---------------
Net decrease in net assets resulting
from dividends to shareholders .............. (6,187,128) (10,523,142)
------------- ---------------
Beneficial Interest Transactions (Note 3):
Net proceeds from sale of shares ............ 743,265,669 1,405,810,520
Net asset value of shares issued to
shareholders in reinvestment of
dividends (Note 1e) ......................... 6,187,346 10,523,097
------------- ---------------
749,453,015 1,416,333,617
Cost of shares redeemed ..................... (786,948,321) (1,302,932,701)
------------- ---------------
Net increase (decrease) in net assets
derived from beneficial interest
transactions ................................ (37,495,306) 113,400,916
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Net Assets:
Total increase (decrease) in net assets ..... (37,477,261) 113,364,058
Beginning of period ......................... 453,294,807 339,930,749
------------- ---------------
End of period ............................... $ 415,817,546 $ 453,294,807
============= ===============
See Notes to Financial Statements.
8
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CMA CONNECTICUT MUNICIPAL MONEY FUND
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
The following per share data and ratios For the Six
have been derived from information provided Months
in the financial statements. Ended For the Year Ended March 31,
September 30, ---------------------------------------------------------
Increase (Decrease) in Net Asset Value: 1998 1998 1997 1996 1995
- ---------------------------------------------------------------------------------------------------------------------------------
<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 ................... .01 .03 .03 .03 .03
--------- --------- --------- --------- ---------
Total from investment operations ......... .01 .03 .03 .03 .03
--------- --------- --------- --------- ---------
Less dividends from investment income--net (.01) (.03) (.03) (.03) (.03)
--------- --------- --------- --------- ---------
Net asset value, end of period ........... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
========= ========= ========= ========= =========
Total Investment Return .................. 2.83%* 2.93% 2.81% 3.01% 2.54%
========= ========= ========= ========= =========
Ratios to Average Net Assets:
Expenses ................................. .69%* .69% .71% .72% .71%
========= ========= ========= ========= =========
Investment income--net ................... 2.81%* 2.88% 2.76% 2.97% 2.53%
========= ========= ========= ========= =========
Supplemental Data:
Net assets, end of period (in thousands) . $ 415,818 $ 453,295 $ 339,931 $ 313,362 $ 260,398
========= ========= ========= ========= =========
</TABLE>
* Annualized.
See Notes to Financial Statements.
9
<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 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) Prepaid registration fees--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 and
back-up withholding 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., 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.
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
10
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CMA CONNECTICUT MUNICIPAL MONEY FUND
NOTES TO FINANCIAL STATEMENTS (CONCLUDED)
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. 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, 1998, the Fund had a net capital loss carryforward of approximately
$178,000, of which $69,000 expires in 2000, $30,000 expires in 2001, $10,000
expires in 2002, $27,000 expires in 2003, $2,000 expires in 2005 and $40,000
expires in 2006. This amount will be available to offset like amounts of any
future taxable gains.
CMA CONNECTICUT 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
Steven T. Lewis--Vice President
Darrin J. SanFillippo--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 351
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].
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. Past performance results shown in this report should not be
considered a representation of future performance, which will fluctuate. 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. Statements and other information herein are as
dated and are subject to change.
CMA Connecticut
Municipal Money Fund
Box 9011
Princeton, NJ 08543-9011 #16055--9/98
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