[LOGO]CMA(R)
CMA CONNECTICUT
MUNICIPAL MONEY FUND
[GRAPHIC OMITTED]
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Semi-Annual Report
September 30, 2000
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[LOGO] Merrill Lynch
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TO OUR SHAREHOLDERS:
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For the six-month period ended September 30, 2000, CMA Connecticut Municipal
Money Fund paid shareholders a net annualized yield of 3.31%.* As of September
30, 2000, the Fund's 7-day yield was 3.65%.
Economic Environment
Since our last report to shareholders, the US economy has shown signs of slowing
to a more moderate and sustainable pace. The Federal Reserve Board, which met
three times during the period, chose to raise short-term interest rates only at
its May 16, 2000 meeting. The 50 basis point (0.50%) increase moved the Federal
Funds rate to its current level of 6.50%. Since the Federal Reserve Board
commenced the tightening cycle in June 1999, the Federal Funds rate has
increased 175 basis points. Inflation indicators remained in check with the
exception of energy prices. Unfavorable weather conditions during the upcoming
winter months could place more pressure on this sector. US financial markets
posted mixed results as fixed-income securities experienced some moderate gains,
while equity indexes declined. The intermediate range of the US Treasury yield
curve posted the strongest gains as investors became more comfortable with the
concept that the Federal Reserve Board's current tightening cycle may be
approaching an end. As a result, the yields on two-year and five-year notes fell
52 basis points and 48 basis points, respectively. The Dow Jones Industrial
Average and the NASDAQ Composite Index both ended the period lower as
disappointing corporate earnings and mounting profit warnings weighed heavily on
equity prices.
For the six-month period ended September 30, 2000, technical factors strongly
influenced short-term municipal yields as demand for short-term tax-exempt
securities varied. At the onset of the period, assets flowed out of short-term
municipal money funds because of income tax payments. By early May 2000, these
outflows pushed variable rate yields higher and the average 7-day variable yield
rose to a six-month high of 5.84%. However, by the middle of the period, assets
moved back into the shorter end of the municipal market in response to coupon
reinvestments and maturities. By early July 2000, these inflows decreased the
average yield on a 7-day variable rate to a period low of 3.21%. Finally, at the
end of the six-month period, short-term interest rates rose again as demand for
products in this sector subsided, forcing broker/dealers to raise yields in an
attempt to minimize inventories.
Investment Strategy
During the six-month period ended September 30, 2000, we continued to employ a
neutral investment strategy. We maintained the Fund's average portfolio maturity
primarily in the 40-day-50-day range. Short-term Connecticut municipal note
yields trended higher as the period opened with the yield on a one-year note
rising to 4.40%-4.45% by early June. As the period progressed, increased demand
gradually forced note yields lower and ended the period in the 4.20% range. We
increased the Fund's holdings in municipal notes to 18% of assets, up from 15%
at March 31, 2000. These holdings provided the Fund with attractive yields,
solid credit quality and increased diversification of assets. Additionally, the
Fund's holdings in tax-exempt commercial paper decreased from 17.5% of assets on
March 31, 2000 to 11.5% of assets by September 30, 2000. One of the Fund's
largest holdings in this sector, Connecticut Development Authority--New England
Power Series 1999,
* 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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was temporarily called out of the market in late September 2000 and accounted
for much of the decrease. This program was a core holding of the Fund, and we
anticipate that it will be reissued before year-end. Tax-exempt commercial paper
remains an important sector for the Fund as it provides diversification and,
more importantly, the flexibility to shorten or extend the average portfolio
maturity when appropriate. Finally, our investment strategy continued to provide
shareholders with an attractive yield compared to other Connecticut municipal
money funds with a similar investment objective.
Subject to market conditions, we anticipate in the months ahead that we will
continue to follow our neutral portfolio investment strategy. As year-end
approaches, we will seek opportunities to purchase commercial paper with
maturities into late February 2001-March 2001. These purchases would allow us to
secure attractive yields through the first quarter of 2001, which we believe
will be a period of high demand for short-term tax-exempt securities. Energy
prices may have a significant impact on the macroeconomic picture in the
upcoming months as rising fuel prices could place further pressure on corporate
earnings and consumer spending.
In Conclusion
We thank you for your continued support of CMA Connecticut Municipal Money Fund,
and we look forward to serving your investment needs in the months and years
ahead.
Sincerely,
/s/ Terry K. Glenn
Terry K. Glenn
President and Trustee
/s/ Vincent R. Giordano
Vincent R. Giordano
Senior Vice President
/s/ Steven T. Lewis
Steven T. Lewis
Vice President and Portfolio Manager
November 1, 2000
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CMA CONNECTICUT MUNICIPAL MONEY FUND
SCHEDULE OF INVESTMENTS AS OF SEPTEMBER 30, 2000 (IN THOUSANDS)
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<TABLE>
<CAPTION>
Face
State Amount Issue Value
-----------------------------------------------------------------------------------------------------------------------------------
<C> <C> <S> <C>
Connecticut -- $ 5,200 Avon, Connecticut, GO, BAN, 4.50% due 7/18/2001 ............................................ $ 5,213
88.8% 7,285 Bridgeport, Connecticut, GO, GAN, Series A, 4.50% due 2/01/2001 ............................ 7,291
Connecticut, Regional School District, BAN:
4,374 Number 7, 4.75% due 4/04/2001 .......................................................... 4,385
7,500 Number 9, 4.50% due 5/22/2001 .......................................................... 7,517
10,815 Connecticut State Airport Revenue Bonds, FLOATS, Series A-60, 5.20% due
10/01/2004 (b)(d) .......................................................................... 10,815
22,585 Connecticut State Development Authority, Health Care Revenue Refunding Bonds
(Independent Living Project), VRDN, 5.40% due 7/01/2015 (d) ................................ 22,585
Connecticut State Development Authority, IDR, VRDN (d):
1,105 (Accucut Inc. Project), AMT, 5.35% due 6/01/2018 ....................................... 1,105
3,305 (Connecticut Spring and Stamping Corp.), AMT, 5.50% due 9/01/2008 ...................... 3,305
3,000 (Reflexite Corporation Project), Series A, 5.50% due 8/01/2013 ......................... 3,000
3,100 (Reflexite Corporation Project), Series B, 5.50% due 8/01/2013 ......................... 3,100
19,200 Connecticut State Development Authority, PCR (Connecticut Light and
Power Company Project), VRDN, AMT, Series A, 5.50% due 5/01/2031 (a)(d) .................... 19,200
18,500 Connecticut State Development Authority Revenue Bonds (Solid Waste Project --
Rand-Whitney Container Board), VRDN, AMT, 5.10% due 8/01/2023 (d) .......................... 18,500
9,650 Connecticut State, GO, VRDN, Series B, 5.50% due 5/15/2014 (d) ............................. 9,650
7,300 Connecticut State, HFA, M/F Housing Revenue Bonds (Elm Haven), VRDN, AMT,
Series A, 4.35% due 12/01/2017 (d) ......................................................... 7,300
Connecticut State, HFA, Revenue Bonds (Housing Mortgage Finance Program),
VRDN (d):
12,417 Series D, 5.50% due 11/15/2024 ......................................................... 12,417
14,600 Series G, 5.30% due 5/15/2018 (a) ...................................................... 14,600
8,200 Connecticut State, HFA, Revenue Refunding Bonds (Housing Mortgage Finance
Program), VRDN, Sub-Series D-3, 4.80% due 11/15/2028 (d) ................................... 8,200
Connecticut State Health and Educational Facilities Authority Revenue Bonds:
2,185 (Charlotte Hungerford), VRDN, Series C, 5.40% due 7/01/2013 (d) ........................ 2,185
9,600 (Hospital of St. Raphael), VRDN, Series J, 4.80% due 7/01/2022 (d) ..................... 9,600
2,500 (Hospital of St. Raphael), VRDN, Series K, 4.80% due 7/01/2022 (d) ..................... 2,500
5,500 (The Hotchkiss School), VRDN, Series A, 5.20% due 7/01/2030 (d) ........................ 5,500
18,200 (Stamford Hospital), UPDATES, Series H, 4.80% due 7/01/2024 (d) ........................ 18,200
2,100 (Summerwood University Park), VRDN, Series A, 4.80% due 7/01/2030 (d) .................. 2,100
2,705 (Yale--New Haven Hospital Project), Series E, 4.75% due 6/01/2001 (b) .................. 2,705
7,500 (Yale University), CP, 4.10% due 12/07/2000 ............................................ 7,500
8,390 (Yale University), CP, 3.95% due 12/08/2000 ............................................ 8,390
11,765 (Yale University), CP, Series L, 4% due 11/14/2000 ..................................... 11,765
8,200 (Yale University), CP, Series S, 4% due 10/16/2000 ..................................... 8,200
8,900 (Yale University), CP, Series S, 4.10% due 11/09/2000 .................................. 8,900
16,100 (Yale University), VRDN, Series T-1, 5.50% due 7/01/2029 (d) ........................... 16,100
</TABLE>
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Portfolio Abbreviations for CMA Connecticut Municipal Money Fund
AMT Alternative Minimum Tax (subject to)
BAN Bond Anticipation Notes
CP Commercial Paper
FLOATS Floating Rate Securities
GAN Grant Anticipation Notes
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
UPDATES Unit Price Demand Adjustable Tax-Exempt Securities
VRDN Variable Rate Demand Notes
3
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CMA CONNECTICUT MUNICIPAL MONEY FUND
SCHEDULE OF INVESTMENTS AS OF SEPTEMBER 30, 2000 (CONTINUED) (IN THOUSANDS)
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<TABLE>
<CAPTION>
Face
State Amount Issue Value
-----------------------------------------------------------------------------------------------------------------------------------
<C> <C> <S> <C>
Connecticut Connecticut State Health and Educational Facilities Authority Revenue
(concluded) Bonds (concluded):
$35,555 (Yale University), VRDN, Series U, 5.35% due 7/01/2033 (d) ............................. $ 35,555
33,390 (Yale University), VRDN, Series U2, 5.35% due 7/01/2033 (d) ............................ 33,390
11,500 Connecticut State Health and Educational Facilities Authority, Revenue Refunding
Bonds (Ascension Health Credit), VRDN, Series B, 4.45% due 11/15/2029 (d) .................. 11,500
4,000 Connecticut State Special Assessment, Second Injury Fund Revenue Bonds, CP,
4.15% due 1/17/2001 ........................................................................ 4,000
19,000 Connecticut State Special Assessment, Unemployment Compensation
Advisory Fund Revenue Bonds (Connecticut Unemployment), Series C,
4.35% due 7/01/2001 (b) .................................................................... 19,000
5,000 Connecticut State Special Assessment, Unemployment Compensation
Advisory Fund Revenue Refunding Bonds (Connecticut Unemployment), Series A,
5.50% due 5/15/2001 (a) .................................................................... 5,036
Connecticut State Special Tax Obligation Revenue Bonds, Transportation
Infrastructure, VRDN (d):
31,915 Second Lien, Series 1, 5.40% due 12/01/2010 ............................................ 31,915
7,200 Series 1, 5.35% due 9/01/2020 (b) ...................................................... 7,200
7,550 Connecticut State Special Tax Obligation Revenue Refunding Bonds,
Transportation Infrastructure, Series B, 4% due 10/01/2000 ................................. 7,550
8,950 Eagle Tax-Exempt Trust, Connecticut, VRDN, Series 94-0701, Class A,
4.80% due 8/15/2012 (d) .................................................................... 8,950
7,031 East Hartford, Connecticut, GO, BAN, 4.25% due 1/18/2001 ................................... 7,039
4,600 Hartford, Connecticut, Redevelopment Agency, M/F Mortgage Revenue Refunding
Bonds (Underwood Tower Project), VRDN, 5.40% due 6/01/2020 (c)(d) .......................... 4,600
New Britain, Connecticut, GO:
3,310 BAN, 4.50% due 4/12/2001 ............................................................... 3,318
2,810 VRDN, 5.20% due 4/01/2013 (a)(d) ....................................................... 2,810
4,030 VRDN, Series B, 5.35% due 4/01/2020 (a)(d) ............................................. 4,030
3,000 Norwich, Connecticut, GO, BAN, 4.35% due 5/15/2001 ......................................... 3,004
1,800 Shelton, Connecticut, Housing Authority Revenue Bonds (Crosby Commons
Project), VRDN, 5.25% due 1/01/2031 (d) .................................................... 1,800
8,600 Stamford, Connecticut, GO, BAN, 5.25% due 5/02/2001 ........................................ 8,638
11,595 Trumbull, Connecticut, GO, BAN, 4.25% due 1/16/2001 ........................................ 11,609
3,435 University of Connecticut Revenue Bonds, MSTR, VRDN, Series SGA-95,
5% due 11/15/2025 (b)(d) ................................................................... 3,435
5,900 West Haven, Connecticut, GO, BAN, 4.50% due 7/17/2001 ...................................... 5,911
Wolcott, Connecticut, GO, BAN:
9,000 5% due 11/15/2000 ...................................................................... 9,005
7,880 4.75% due 8/09/2001 .................................................................... 7,911
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</TABLE>
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CMA CONNECTICUT MUNICIPAL MONEY FUND
SCHEDULE OF INVESTMENTS AS OF SEPTEMBER 30, 2000 (CONCLUDED) (IN THOUSANDS)
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<TABLE>
<CAPTION>
Face
Amount Issue Value
-----------------------------------------------------------------------------------------------------------------------------------
<C> <C> <S> <C>
Puerto Rico -- Eagle Tax-Exempt Trust, Puerto Rico Housing, VRDN, Series 97C (a)(d):
9.4% $ 7,215 Class 5101, 4.82% due 10/01/2011 ....................................................... $ 7,215
9,995 Class 5102, 4.82% due 10/01/2011 ....................................................... 9,995
4,000 Puerto Rico Commonwealth, FLOATS, Series PMD-8, 5.42% due 7/01/2026 (d)(e) ................. 4,000
800 Puerto Rico Commonwealth, Government Development Bank Revenue Refunding
Bonds, VRDN, 4.35% due 12/01/2015 (d)(e) ................................................... 800
3,450 Puerto Rico Commonwealth, Highway and Transportation Authority,
Transportation Revenue Bonds, FLOATS, Series PMD-9, 5.42% due
7/01/2026 (c)(d) ........................................................................... 3,450
Puerto Rico Electric Power Authority, Power Revenue Bonds, MSTR, VRDN (d)(e):
14,100 Series SGA-43, 4.90% due 7/01/2022 ..................................................... 14,100
5,635 Series SGA-44, 4.90% due 7/01/2023 ..................................................... 5,635
7,352 Puerto Rico Government Development Bank, CP, 3.80% due 2/28/2001 ........................... 7,352
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Total Investments (Cost -- $551,581*) -- 98.2% ............................................. 551,581
Other Assets Less Liabilities -- 1.8% ...................................................... 10,264
--------
Net Assets -- 100.0% ....................................................................... $561,845
========
===================================================================================================================================
</TABLE>
(a) AMBAC Insured.
(b) FGIC Insured.
(c) FSA Insured.
(d) The interest rate is subject to change periodically based upon prevailing
market rates. The interest rate shown is the rate in effect at September
30, 2000.
(e) MBIA 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, 2000
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Assets:
Investments, at value (identified cost--$551,581,123) $551,581,123
Cash ................................................ 68,247
Receivables:
Securities sold ................................... $6,499,752
Interest .......................................... 4,140,425 10,640,177
----------
Prepaid registration fees and other assets .......... 42,773
------------
Total assets ........................................ 562,332,320
------------
Liabilities:
Payables:
Investment adviser ................................ 215,091
Distributor ....................................... 142,934
Dividends to shareholders ......................... 258 358,283
----------
Accrued expenses and other liabilities .............. 128,672
------------
Total liabilities ................................... 486,955
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Net Assets .......................................... $561,845,365
============
Net Assets Consist of:
Shares of beneficial interest, $.10 par value,
unlimited number of shares authorized ............... $ 56,201,996
Paid-in capital in excess of par .................... 505,766,560
Accumulated realized capital losses -- net .......... (123,191)
------------
Net Assets -- Equivalent to $1.00 per share based on
562,019,963 shares of beneficial interest outstanding $561,845,365
============
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, 2000
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<TABLE>
<S> <C> <C>
Investment Income:
Interest and amortization of premium and discount earned $11,441,412
Expenses:
Investment advisory fees ............................... $ 1,402,440
Distribution fees ...................................... 357,047
Accounting services .................................... 63,822
Professional fees ...................................... 25,836
Transfer agent fees .................................... 22,678
Custodian fees ......................................... 18,792
Registration fees ...................................... 11,066
Printing and shareholder reports ....................... 10,476
Pricing fees ........................................... 2,566
Trustees' fees and expenses ............................ 1,696
Other .................................................. 3,422
-----------
Total expenses ......................................... 1,919,841
-----------
Investment income -- net ............................... 9,521,571
Realized Gain on Investments -- Net .................... 5,586
-----------
Net Increase in Net Assets Resulting from Operations ... $ 9,527,157
===========
</TABLE>
See Notes to Financial Statements.
7
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CMA CONNECTICUT MUNICIPAL MONEY FUND
STATEMENTS OF CHANGES IN NET ASSETS
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<TABLE>
<CAPTION>
For the Six For the Year
Months Ended Ended
September 30, March 31,
Increase (Decrease) in Net Assets: 2000 2000
--------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Operations:
Investment income -- net .......................................................... $ 9,521,571 $ 13,390,182
Realized gain (loss) on investments -- net ........................................ 5,586 (20,250)
--------------- ---------------
Net increase in net assets resulting from operations .............................. 9,527,157 13,369,932
--------------- ---------------
Dividends to Shareholders:
Dividends to shareholders from investment income -- net ........................... (9,521,571) (13,390,182)
--------------- ---------------
Beneficial Interest Transactions:
Net proceeds from sale of shares .................................................. 1,035,897,561 2,069,665,548
Value of shares issued to shareholders in reinvestment of dividends ............... 9,521,085 13,390,248
--------------- ---------------
1,045,418,646 2,083,055,796
Cost of shares redeemed ........................................................... (1,107,069,911) (1,941,177,781)
--------------- ---------------
Net increase (decrease) in net assets derived from beneficial interest transactions (61,651,265) 141,878,015
--------------- ---------------
Net Assets:
Total increase (decrease) in net assets ........................................... (61,645,679) 141,857,765
Beginning of period ............................................................... 623,491,044 481,633,279
--------------- ---------------
End of period ..................................................................... $ 561,845,365 $ 623,491,044
=============== ===============
</TABLE>
See Notes to Financial Statements.
8
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CMA CONNECTICUT MUNICIPAL MONEY FUND
FINANCIAL HIGHLIGHTS
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<TABLE>
<CAPTION>
The following per share data and ratios have been derived For the Six
from information provided in the financial statements. Months Ended For the Year Ended March 31,
September 30, -------------------------------------------------
Increase (Decrease) in Net Asset Value: 2000 2000 1999 1998 1997
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<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 .03 .03 .03 .03
Realized gain (loss) on investments -- net ...................... --+ --+ --+ --+ --+
-------- -------- -------- -------- --------
Total from investment operations ................................ .02 .03 .03 .03 .03
-------- -------- -------- -------- --------
Less dividends from investment income -- net .................... (.02) (.03) (.03) (.03) (.03)
-------- -------- -------- -------- --------
Net asset value, end of period .................................. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ======== ========
Total Investment Return ......................................... 3.31%* 2.66% 2.62% 2.93% 2.81%
======== ======== ======== ======== ========
Ratios to Average Net Assets:
Expenses ........................................................ .67%* .67% .70% .69% .71%
======== ======== ======== ======== ========
Investment income -- net ........................................ 3.32%* 2.63% 2.58% 2.88% 2.76%
======== ======== ======== ======== ========
Supplemental Data:
Net assets, end of period (in thousands) ........................ $561,845 $623,491 $481,633 $453,295 $339,931
======== ======== ======== ======== ========
</TABLE>
* Annualized.
+ Amount is less than $.01 per share.
See Notes to Financial Statements.
9
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CMA CONNECTICUT MUNICIPAL MONEY FUND
NOTES TO FINANCIAL STATEMENTS
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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. The Fund's financial statements are prepared in conformity
with accounting principles generally accepted in the United States of America,
which may require the use of management accruals and estimates. 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
backup withholdsing 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: .50% of the first $500 million of average daily net assets; .425%
of average daily net assets in excess of $500 million but not exceeding $1
billion; and .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
10
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CMA CONNECTICUT MUNICIPAL MONEY FUND
NOTES TO FINANCIAL STATEMENTS (CONCLUDED)
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Incorporated ("MLPF&S") receives a distribution fee from the Fund at the end of
each month at the annual rate of .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, PSI, FDS, and/or ML & Co.
3. Shares of Beneficial Interest:
The number of shares sold, reinvested 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, value of shares reinvested and cost of
shares redeemed, respectively, since shares are recorded at $1.00 per share.
4. Capital Loss Carryforward:
At March 31, 2000, the Fund had a net capital loss carryforward of approxi-
mately $129,000, of which $30,000 expires in 2001, $10,000 expires in 2002,
$27,000 expires in 2003, $2,000 expires in 2005, $40,000 expires in 2006 and
$20,000 expires in 2008. This amount will be available to offset like amounts
of any future taxable gains. Expired capital loss carryforward in the amount of
$51,408 has been reclassified to paid-in capital in excess of par.
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CMA CONNECTICUT MUNICIPAL MONEY FUND
OFFICERS AND TRUSTEES
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Terry K. Glenn -- President and Trustee
Ronald W. Forbes -- Trustee
Cynthia A. Montgomery -- Trustee
Charles C. Reilly -- Trustee
Kevin A. Ryan -- Trustee
Roscoe S. Suddarth -- Trustee
Richard R. West -- Trustee
Arthur Zeikel -- Trustee
Edward D. Zinbarg -- Trustee
Vincent R. Giordano -- Senior Vice President
Edward J. Andrews -- 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
Donald C. Burke -- Vice President and
Treasurer
Phillip Gillespie -- 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. 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. Past performance
results shown in this report should not be considered a representation of future
performance, which will fluctuate. 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--9/00
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