CMA
CMA Michigan
Municipal Money Fund
Semi-Annual Report
September 30, 1994
Merrill Lynch Bull Logo
This report is not authorized for use as an offer of sale or a
solicitation of an offer to buy shares of the Fund unless
accompanied or preceded by the Fund's current prospectus. Past
performance results shown in this report should not be 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 Michigan
Municipal Money Fund
Box 9011
Princeton, NJ 08543-9011
<PAGE>
TO OUR SHAREHOLDERS:
For the six-month period ended September 30, 1994, CMA Michigan
Municipal Money Fund paid shareholders a net annualized yield of
2.15%*. As of September 30, 1994, the Fund's 7-day yield was 2.66%.
The Environment
Concerns of increasing inflationary pressures continued to prompt
volatility in the US stock and bond markets during the July--
September period. In addition, the weakness of the US dollar in
foreign exchange markets caused intermittent stock and bond market
declines during the period. While the immediate concerns regarding
the US dollar had diminished by late July, the possibility of
continued tightening by the Federal Reserve Board persisted for most
of the period. However, a lower-than-expected rate of growth
reported for the US economy during the second calendar quarter
allayed inflationary concerns to some degree, despite the fifth
increase this year in short-term interest rates made by the central
bank in mid-August. Inflationary expectations surfaced again with
the announcement of significant upward revision in industrial
production and capacity utilization for the May--July period. When
the central bank did not raise short-term interest rates at the late
September Federal Open Market Committee meeting, financial markets
rallied on the expectation that the US economy was not overheating
and therefore significant further monetary policy tightening would
not be necessary.
Despite the stronger-than-expected industrial production results,
other economic data suggest that while the economic recovery is
continuing, it is losing some momentum. Consumer spending is
increasing, but at a relatively slow pace, and existing home sales
may have peaked. Inflation remains subdued at the retail level. In
the industrial sector, the sharp increase in manufacturing
production in August was largely the result of a strong increase in
motor vehicle assemblies, which may level off in the weeks ahead. On
balance, it appears that the growth in US industry is progressing at
a steady, modest rate.
[FN]
*Based on a constant investment throughout the period, with
dividends compounded daily, and reflecting a net return to the
investor after all expenses.
Despite evidence of a moderating trend in the US economy, Chairman
Greenspan indicated in his July Humphrey-Hawkins testimony that the
central bank would prefer to err on the side of too much monetary
tightening rather than too little. In the weeks ahead, investors
will continue to assess economic data and inflationary trends in
order to gauge whether further increases in short-term interest
rates are imminent. Continued indications of moderate and
sustainable levels of economic growth would be positive for the US
capital markets.
<PAGE>
Investment Outlook and Strategy
During the six-month period ended September 30, 1994, the US economy
continued to surprise the marketplace with its resiliency.
Manufacturing provided a strong catalyst for growth, and continued
strength in housing and automobile sales provided the impetus for
the Federal Reserve Board to continue the restrictive monetary
policy it initiated in February. This was accomplished by raising
the Federal Funds rate in April by 25 basis points (0.25%) to 3.75%.
More aggressive increases of 50 basis points followed in May and
August, pushing the Federal Funds rate to its current level of
4.75%. In addition, the Federal Reserve Board raised the discount
rate by 50 basis points in both May and August. The yield on the
one-year US Treasury bill rose approximately 155 basis points to
5.95% by September 30, 1994.
During the September period, the State of Michigan continued to
exhibit strong economic growth led primarily by the automobile
industry. In spite of a significant rise in interest rates since
February, the "Big Three" auto makers are continuing to project
strong new vehicle sales at an annual rate of over 15.0 million
units. In addition, Detroit's three major auto makers stated that
they will contribute approximately $20 million to a development fund
in order to get Federal officials to designate the city an
"empowerment zone." The empowerment zone is intended to create jobs
and opportunities for residents in selected areas so they and their
communities can become economically self-sufficient. Furthermore, on
August 3, 1994, Detroit residents voted in favor of building two
casinos in the depressed city. The citizens voted by a margin of 59%
to build the dockside casino on the Detroit River near the city's
downtown. Moreover, the strength of the auto and construction
industries has contributed to a recent improvement in the State's
labor markets. The unemployment rate, which stood at 7.0% in March
according to State employment officials, dropped significantly to
6.3% by August month-end.
As school districts' fiscal years ended in June, the State
educational system embarked on a new path for financing its
operations. For the six-month period ended September 30, 1994, the
State of Michigan's short-term issuance totaled $740 million. A
majority of this issuance was done through the Michigan Municipal
Bond Authority, a State intermediary that facilitates the financing
needs of school districts. On July 21, 1994, the Authority issued
$240 million in revenue notes with a short-term rating of SP-1+, due
July 20, 1995. The rating reflects strong structural features
including early segregation of pledge revenues to note repayment
accounts, which ensures the accounts are fully funded no later than
one month prior to the notes' maturity.
<PAGE>
In light of no State issuance this year and minimal future supply,
we purchased $20 million of these Bond Authority Notes at a yield of
4.00%. This extended the portfolio's average maturity to
approximately 74 days at July month-end. During the latter part of
the six-month period, we allowed the portfolio's average maturity to
decrease to the 60-day range in response to our perception that the
Federal Reserve Board's interest rate hikes may not have been
sufficient to slow down a growing US economy. We will continue to
maintain the Fund's average maturity in this range until a clearer
picture emerges as to the direction of interest rates.
Diversification and credit quality remain paramount in importance to
the Fund, and we will continue to closely monitor the everchanging
marketplace.
In Conclusion
We thank you for your support of CMA Michigan Municipal Money Fund,
and we look forward to serving your investment needs in the future.
Sincerely,
(Arthur Zeikel)
Arthur Zeikel
President
(Vincent R. Giordano)
Vincent R. Giordano
Senior Vice President and Portfolio Manager
October 25, 1994
Portfolio Abbreviations for CMA Michigan Municipal Money Fund
AMT Alternative Minimum Tax (subject to)
CP Commercial Paper
GO General Obligation Bonds
IDR Industrial Development Revenue Bonds
M/F Multi-Family
PCR Pollution Control Revenue Bonds
RAN Revenue Anticipation Notes
TRAN Tax Revenue Anticipation Notes
VRDN Variable Rate Demand Notes
<PAGE>
<TABLE>
CMA MICHIGAN MUNICIPAL MONEY FUND
SCHEDULE OF INVESTMENTS AS OF SEPTEMBER 30, 1994 (IN THOUSANDS)
<CAPTION>
Face Value
State Amount Issue (Note 1a)
<S> <C> <S> <C>
Michigan-- $ 1,500 Bruce Township, Michigan, Hospital Finance Authority, Health Care Revenue
96.9% Bonds (Sisters Charity--Saint Joseph's), Series B, 3.10% due 11/01/1994 $ 1,500
1,000 Clinton Township, Michigan, Economic Development Corporation, Health Care
Revenue Bonds (Sisters Charity-Saint Joseph's), VRDN, 3.65% due 5/01/2013 (a) 1,000
1,000 Clinton Township, Michigan, Economic Development Corporation, Limited
Obligation Revenue Bonds (Omega Plastics Inc. Project), VRDN, 3.80% due
6/01/2019 (a) 1,000
Cornell Township, Michigan, Economic Development Corporation, IDR,
Refunding, CP (Mead-Escambia Paper Co.):
1,000 3.20% due 10/12/1994 1,000
1,300 3.10% due 10/19/1994 1,300
2,100 3.20% due 10/31/1994 2,100
Delta County, Michigan, Economic Development Corporation, Environmental
Improvement Revenue Bonds (Mead-Escambia Paper Co.), Series B, CP:
1,000 2.95% due 10/17/1994 1,000
5,060 3.05% due 11/16/1994 5,060
1,700 Detroit, Michigan, Downtown Development Authority, Revenue Refunding Bonds
(Millender Center Project), VRDN, 3.60% due 12/01/2010 (a) 1,700
4,000 Detroit, Michigan, TRAN, Series A, 4% due 12/01/1994 4,007
5,000 Detroit, Michigan, Water Supply System Revenue Bonds, VRDN, 3.75% due
7/01/2013 (a) 5,000
850 Dexter, Michigan, Economic Development Corporation, Limited Obligation
Revenue Bonds (Dexter Auto Product Company Project), VRDN, AMT, 3.80%
due 6/01/2003 (a) 850
3,600 East Detroit, Michigan, School District State Aid, 3.50% due 4/04/1995 3,600
3,300 Georgetown Charter Township, Michigan, IDR, Limited Obligation (J & F Steel
Corp.), VRDN, AMT, 3.70% due 2/01/2009 (a) 3,300
2,250 Grand Rapids, Michigan, Economic Development Corporation, Economic
Development Limited Obligation Revenue Bonds, VRDN, 3.70% due 1/01/2014 (a) 2,250
3,500 Grand Rapids, Michigan, Economic Development Corporation Revenue Bonds,
VRDN, 3.70% due 12/01/2006 (a) 3,500
1,500 Grand Rapids, Michigan, IDR, Refunding (Etheridge Company Project), VRDN,
AMT, 3.80% due 7/01/2009 (a) 1,500
600 Grand Rapids, Michigan, Water Supply System, Revenue Refunding Bonds, VRDN,
3.70% due 1/01/2020 (a) 600
950 Jackson County, Michigan, Economic Development Corporation, Limited
Obligation Revenue Bonds (Melling Tool Company Project), VRDN, AMT, 3.80%
due 12/01/2001 (a) 950
</TABLE>
<PAGE>
<TABLE>
CMA MICHIGAN MUNICIPAL MONEY FUND
SCHEDULE OF INVESTMENTS AS OF SEPTEMBER 30, 1994 (CONTINUED) (IN THOUSANDS)
<CAPTION>
Face Value
State Amount Issue (Note 1a)
<S> <C> <S> <C>
Michigan $ 1,050 Melvindale, Michigan, Economic Development Corporation, Limited Obligation
(continued) Revenue Refunding Bonds (North American Steel Project), VRDN, 3.70% due
6/01/1998 (a) $ 1,050
900 Michigan Higher Education Facility Authority Revenue Bonds (Pooled Finance
Project), VRDN, AMT, 3.65% due 7/01/1995 (a) 900
Michigan Higher Education Student Loan Authority Revenue Bonds, VRDN,
AMT (a):
5,000 Refunding, Series XII-B, 3.65% due 10/01/2013 5,000
3,000 Series XII-D, 3.65% due 10/01/2015 3,000
20,000 Michigan Municipal Bond Authority, RAN, Series B, 4.75% due 7/20/1995 20,115
6,000 Michigan State Building Authority, Revenue Refunding Bonds, Series I, 2.80% due
10/01/1994 6,000
Michigan State Hospital Finance Authority Revenue Bonds (Hospital Equipment
Loan Program), VRDN (a):
300 3.55% due 11/01/1999 300
3,700 3.50% due 6/01/2001 3,700
Michigan State Hospital Finance Authority Revenue Bonds (Providence
Hospital--Daughters of Charity Systems, Inc.), VRDN, Series 84 (a):
900 3.75% due 11/01/2014 900
8,300 3.75% due 11/01/2014 8,300
3,000 Michigan State Hospital Finance Authority Revenue Bonds (Sisters Mercy Health
Corporation), Series F, 9.25% due 7/01/1995 (b) 3,185
Michigan State Housing Development Authority, Limited Obligation Revenue
Bonds:
4,000 (Bloomfield), CP, 3.60% due 1/25/1995 4,000
4,000 (Laurel Valley), VRDN, 3.70% due 12/01/2007 (a) 4,000
3,400 (Pine Ridge), VRDN, 3.70% due 10/01/2007 (a) 3,400
4,800 (Shoal Creek), VRDN, 3.70% due 10/01/2007 (a) 4,800
Michigan State Housing Development Authority, M/F Housing Revenue Bonds,
CP, AMT, Series A:
5,225 3% due 10/03/1994 5,225
3,300 3.25% due 10/20/1994 3,300
16,690 3.15% due 11/14/1994 16,690
6,750 Michigan State Housing Development Authority, Rental Housing Revenue
Refunding Bonds, Series C, 3.10% due 2/28/1995 6,750
1,200 Michigan State Job Development Authority, Limited Obligation Revenue Bonds
(Andersons), VRDN, 3.75% due 9/01/2025 (a) 1,200
</TABLE>
<PAGE>
<TABLE>
CMA MICHIGAN MUNICIPAL MONEY FUND
SCHEDULE OF INVESTMENTS AS OF SEPTEMBER 30, 1994 (IN THOUSANDS)
<CAPTION>
Face Value
State Amount Issue (Note 1a)
<S> <C> <S> <C>
Michigan $ 4,000 Michigan State School Loan Notes, GO, 3.50% due 10/28/1994 $ 4,000
(concluded) 300 Michigan State Strategic Fund, Economic Development, Limited Obligation
Revenue Bonds (Yamaha Music), VRDN, AMT, 4.10% due 9/01/2008 (a) 300
2,000 Michigan State Strategic Fund, IDR (Norcer Manufacturing Project), VRDN, 3.50%
due 12/01/2000 (a) 2,000
Michigan State Strategic Fund, Limited Obligation Revenue Bonds, VRDN, AMT (a):
500 (Largo Development Company Project), 3.80% due 9/01/2010 500
830 (Mans Project), 3.80% due 10/01/2006 830
2,500 (Thorn Apple Valley Incorporated Project), 4.30% due 12/01/2005 2,500
10,700 Michigan State Strategic Fund, PCR (Dow Chemical Company Project), CP, AMT,
3.20% due 10/13/1994 10,700
7,100 Michigan State Strategic Fund, Solid Waste Disposal Revenue Bonds (Grayling
Generating Project), AMT, VRDN, 3.85% due 1/01/2014 (a) 7,100
Michigan State Strategic Fund, Solid Waste Disposal Revenue Bonds (S.D. Warren
Company), CP, AMT:
5,000 Series A, 3.35% due 10/13/1994 5,000
3,500 Series A, 3.40% due 10/18/1994 3,500
6,300 Series B, 3.60% due 10/18/1994 6,300
10,050 Series C, 3.50% due 10/14/1994 10,050
1,100 Series C, 3.60% due 10/18/1994 1,100
2,100 Series E, 3.35% due 10/12/1994 2,100
600 University of Michigan, Hospital Revenue Refunding Bonds, Series A, VRDN,
3.60% due 12/01/2019 (a) 600
2,695 University of Michigan Revenue Bonds, Tender Option, VRDN, 3.65% due
4/01/2009 (a) 2,695
Puerto Rico-- 5,100 Puerto Rico Maritime, Shipping Authority, CP, 2.95% due 10/14/1994 5,100
2.4%
Total Investments (Cost--$207,407*)--99.3% 207,407
Other Assets Less Liabilities--0.7% 1,378
--------
Net Assets--100.0% $208,785
========
<FN>
(a)The interest rate is subject to change periodically based on certain indexes.
The interest rates shown are the interest rates in effect at September 30, 1994.
(b)Prerefunded.
*Cost for Federal income tax purposes.
See Notes to Financial Statements.
</TABLE>
<PAGE>
<TABLE>
CMA MICHIGAN MUNICIPAL MONEY FUND
STATEMENT OF ASSETS AND LIABILITIES AS OF SEPTEMBER 30, 1994
<S> <C> <C>
Assets:
Investments, at value (identified cost--$207,406,978)(Note 1a) $207,406,978
Cash 290,378
Receivables:
Interest $ 1,171,499
Beneficial interest sold 101,944 1,273,443
------------
Deferred organization expenses (Note 1d) 14,794
Prepaid registration fees and other assets (Note 1d) 1,112
------------
Total assets 208,986,705
------------
Liabilities:
Payables:
Investment adviser (Note 2) 92,266
Distributor (Note 2) 54,997 147,263
------------
Accrued expenses and other liabilities 54,393
------------
Total liabilities 201,656
------------
Net Assets $208,785,049
============
Net Assets Consist of:
Shares of beneficial interest, $0.10 par value, unlimited number of shares authorized $ 20,889,035
Paid-in capital in excess of par 188,001,311
Accumulated realized capital losses--net (Note 4) (105,297)
------------
Net Assets--Equivalent to $1.00 per share based on 208,890,346 shares of beneficial
interest outstanding $208,785,049
============
See Notes to Financial Statements.
</TABLE>
<PAGE>
<TABLE>
CMA MICHIGAN MUNICIPAL MONEY FUND
STATEMENT OF OPERATIONS FOR THE SIX MONTHS ENDED SEPTEMBER 30, 1994
<S> <C> <C>
Investment Income (Note 1c):
Interest and amortization of premium and discount earned $ 3,197,383
Expenses:
Investment advisory fees (Note 2) $ 555,203
Distribution fees (Note 2) 137,478
Transfer agent fees (Note 2) 28,106
Accounting services (Note 2) 23,182
Professional fees 21,807
Registration fees (Note 1d) 11,113
Custodian fees 10,569
Printing and shareholder reports 10,291
Pricing fees 3,660
Amortization of organization expenses (Note 1d) 3,419
Trustees' fees and expenses 1,495
Other 2,538
------------
Total expenses 808,861
------------
Investment income--net 2,388,522
Realized Loss on Investments--Net (Note 1c) (37,286)
------------
Net Increase in Net Assets Resulting from Operations $ 2,351,236
============
</TABLE>
<PAGE>
<TABLE>
CMA MICHIGAN MUNICIPAL MONEY FUND
STATEMENTS OF CHANGES IN NET ASSETS
<CAPTION>
For the Six For the Year
Months Ended Ended
Sept. 30, March 31,
Increase (Decrease) in Net Assets: 1994 1994
<S> <C> <C>
Operations:
Investment income--net $ 2,388,522 $ 3,826,822
Realized loss on investments--net (37,286) (7,009)
------------ ------------
Net increase in net assets resulting from operations 2,351,236 3,819,813
------------ ------------
Dividends to Shareholders (Note 1e):
Investment income--net (2,388,522) (3,824,891)
------------ ------------
Net decrease in net assets resulting from dividends to shareholders (2,388,522) (3,824,891)
------------ ------------
Beneficial Interest Transactions (Note 3):
Net proceeds from sale of shares 450,492,219 959,801,295
Net asset value of shares issued to shareholders in reinvestment of
dividends (Note 1e) 2,388,509 3,824,978
------------ ------------
452,880,728 963,626,273
Cost of shares redeemed (480,493,347) (927,386,005)
------------ ------------
Net increase (decrease) in net assets derived from beneficial interest
transactions (27,612,619) 36,240,268
------------ ------------
Net Assets:
Total increase (decrease) in net assets (27,649,905) 36,235,190
Beginning of period 236,434,954 200,199,764
------------ ------------
End of period $208,785,049 $236,434,954
============ ============
See Notes to Financial Statements.
</TABLE>
<PAGE>
<TABLE>
CMA MICHIGAN MUNICIPAL MONEY FUND
FINANCIAL HIGHLIGHTS
<CAPTION>
For the
For the Period
The following per share data and ratios have been derived Six Months April 29,
from information provided in the financial statements. Ended 1991++ to
Sept. 30, For the Year Ended March 31, March 31,
Increase (Decrease) in Net Asset Value: 1994 1994 1993 1992
<S> <C> <C> <C> <C>
Per Share Operating Performance:
Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00
--------- --------- --------- ---------
Investment income--net .01 .02 .02 .03
--------- --------- --------- ---------
Total from investment operations .01 .02 .02 .03
--------- --------- --------- ---------
Less dividends:
Investment income--net (.01) (.02) (.02) (.03)
--------- --------- --------- ---------
Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00
========= ========= ========= =========
Total Investment Return 2.15%* 1.81% 2.24% 3.62%*
========= ========= ========= =========
Ratios to Average Net Assets:
Expenses, net of reimbursement and excluding distribution fees .60%* .60% .53% .42%*
========= ========= ========= =========
Expenses, net of reimbursement .73%* .72% .65% .54%*
========= ========= ========= =========
Expenses .73%* .72% .74% .80%*
========= ========= ========= =========
Investment income--net 2.15%* 1.79% 2.22% 3.53%*
========= ========= ========= =========
Supplemental Data:
Net assets, end of period (in thousands) $ 208,785 $ 236,435 $ 200,200 $ 194,433
========= ========= ========= =========
<FN>
*Annualized.
++Commencement of Operations.
See Notes to Financial Statements.
</TABLE>
<PAGE>
CMA MICHIGAN MUNICIPAL MONEY FUND
NOTES TO FINANCIAL STATEMENTS
1. Significant Accounting Policies:
CMA Michigan Municipal Money Fund (the "Fund") is part of CMA
Multi-State Municipal Series Trust (the "Trust"). The Fund is
registered under the Investment Company Act of 1940 as a non-
diversified, open-end management investment company. The following
is a summary of significant accounting policies followed by the
Fund.
(a) Valuation of investments--Investments are valued at amortized
cost, which approximates market value. For the purpose of valuation,
the maturity of a variable rate demand instrument is deemed to be
the next coupon date on which the interest rate is to be adjusted.
In the case of a floating rate instrument, the remaining maturity is
the demand notice payment period.
(b) Income taxes--It is the Fund's policy to comply with the
requirements of the Internal Revenue Code applicable to regulated
investment companies and to distribute substantially all of its
taxable income to its shareholders. Therefore, no Federal income tax
provision is required.
(c) Security transactions and investment income--Security
transactions are recorded on the dates the transactions are entered
into (the trade dates). Interest income (including amortization of
premium and discount) is recognized on the accrual basis. Realized
gains and losses on security transactions are determined on the
identified cost basis.
(d) Deferred organization expenses and prepaid registration fees--
Deferred organization expenses are charged to expense on a straight-
line basis over a five-year period. Prepaid registration fees are
charged to expense as the related shares are issued.
(e) Dividends to shareholders--The Fund declares dividends daily and
reinvests daily such dividends (net of non-resident alien tax
withheld) in additional fund shares at net asset value. Dividends
are declared from the total of net investment income, excluding
discounts earned other than original issue discounts. Net realized
capital gains, if any, are normally distributed annually after
deducting prior years' loss carryforward. The Fund may distribute
capital gains more frequently than annually in order to maintain the
Fund's net asset value at $1.00 per share.
<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"). The general partner of FAM is
Princeton Services, Inc. ("PSI"), an indirect wholly-owned
subsidiary of Merrill Lynch & Co. ("ML & Co."). The limited partners
are ML & Co. and Fund Asset Management, Inc. ("FAMI"), which is also
an indirect wholly-owned subsidiary of ML & Co.
FAM is responsible for the management of the Fund's portfolio and
provides the necessary personnel, facilities, equipment and certain
other services necessary to the operations of the Fund. For such
services, the Fund pays a monthly fee based upon the average daily
value of the Fund's net assets at the following annual rates: 0.50%
of the first $500 million of average daily net assets; 0.425% of
average daily net assets in excess of $500 million but not exceeding
$1 billion; and 0.375% of average daily net assets in excess of $1
billion.
The most restrictive annual expense limitation requires that the
Adviser reimburse the Fund to the extent the Fund's expenses
(excluding interest, taxes, distribution fees, brokerage fees and
commissions, and extraordinary items) exceed in any fiscal year 2.5%
of the Fund's first $30 million of average daily net assets, 2.0% of
the Fund's next $70 million of average daily net assets, and 1.5% of
the average daily net assets in excess thereof. No fee payment will
be made to the Investment Adviser during any year which will cause
such expenses to exceed the pro rata expense limitation at the time
of such payment.
CMA MICHIGAN MUNICIPAL MONEY FUND
NOTES TO FINANCIAL STATEMENTS (CONCLUDED)
Pursuant to the Distribution and Shareholder Servicing Plan in
compliance with Rule 12b-1 under the Investment Company Act of 1940,
Merrill Lynch, Pierce, Fenner & Smith Inc. ("MLPF&S") receives a
distribution fee from the Fund at the end of each month at the
annual rate of 0.125% of average daily net assets of the Fund. The
distribution fee is to compensate MLPF&S financial consultants and
other directly involved branch office personnel for selling shares
of the Fund and for providing direct personal services to
shareholders. The distribution fee is not compensation for the
administrative and operational services rendered to the Fund by
MLPF&S in processing share orders and administering shareholder
accounts.
Financial Data Services, Inc. ("FDS"), a wholly-owned subsidiary of
ML & Co., is the Fund's transfer agent.
<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, FAMI, PSI, MLPF&S, 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, 1994, the Fund had a net capital loss carryforward of
approximately $68,000, of which $64,000 expires in 2001 and $4,000
expires in 2002. These will be available to offset like amounts of
any future taxable gains.
CMA MICHIGAN 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
<PAGE>
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].
