CMA
CMA MICHIGAN
MUNICIPAL MONEY FUND
Semi-Annual Report
September 30, 1995
MERRILL LYNCH BULL LOGO
This report is not authorized for use as an offer of sale or a
solicitation of an offer to buy shares of the Fund unless
accompanied or preceded by the Fund's current prospectus. Past
performance results shown in this report should not be considered a
representation of future performance, which will fluctuate. The Fund
seeks to maintain a consistent $1.00 net asset value per share,
although this cannot be assured. An investment in the Fund is
neither insured nor guaranteed by the US Government.
<PAGE>
CMA Michigan
Municipal Money Fund
Box 9011
Princeton, NJ 08543-9011
TO OUR SHAREHOLDERS:
For the six-month period ended September 30, 1995, CMA Michigan
Municipal Money Fund paid shareholders a net annualized yield of
3.22%*. As of September 30, 1995, the Fund's 7-day yield was 3.24%.
The Environment
After losing momentum through the second calendar quarter, it now
appears that the US economy has resumed a moderate growth trend.
Gross domestic product growth for the three months ended June 30 was
revised to show that the economy expanded at a 1.1% pace, rather
than the 0.5% rate that was originally reported. The employment
report for August exceeded consensus expectations, although most of
the new jobs created were in the service sector, reflecting the
ongoing sluggishness in manufacturing. However, durable goods orders
rebounded somewhat in August, supported by stronger automobile
sales. Reflecting the trend of renewed economic growth--and
continued containment of inflationary pressures--the Federal Reserve
Board signaled no shift in monetary policy following its September
meeting.
<PAGE>
One of the major developments during the latter part of the period
under review was the strengthening of the US dollar relative to the
yen and the Deutschemark. Improving interest rate differentials
favoring the US currency, combined with coordinated central bank
intervention and more positive investor sentiment, have helped to
bolster the dollar in foreign exchange markets. Other factors that
appear to be improving the US dollar's outlook in the near term are
a pick-up in capital flows to the United States and the prospect of
increased capital outflows from Japan. However, it remains to be
seen if the US dollar's strengthening trend can continue without
significant improvements in the US budget and trade deficits.
[FN]
*Based on a constant investment throughout the period, with
dividends compounded daily, and reflecting a net return to the
investor after all expenses.
In the weeks ahead, investor interest will continue to focus on US
economic activity. Clear signs of a moderate, noninflationary
expansion could further benefit the US stock and bond markets. In
addition, should the current Federal budget deficit reduction
efforts now underway in Washington prove successful, the
implications would likely be positive for the US financial markets.
Investment Outlook and Strategy
Short-term interest rates continued to fall relatively unabated
during the six-month period ended September 30, 1995 as they have
been since late 1994. A series of economic data releases indicated
that the severely restrictive monetary policy undertaken by the
Federal Reserve Board in 1994 had taken effect on the US economy in
the form of moderating growth. Additionally, the news on inflation
continued to be overwhelmingly favorable, which provided the
backdrop for a falling interest rate environment. Investors began to
anticipate that the Federal Reserve Board eventually would have to
begin cutting interest rates to avoid the possibility of a recession
in the United States. In fact, on July 6, 1995, the Federal Reserve
Board cut its key interest rate by 25 basis points (0.25%) to 5.75%,
confirming that an economic switch had occurred and signaling a
change in monetary policy from a restrictive stance to a more
neutral stance. This series of events provided the impetus for the
yield curve to flatten over the course of the six-month period ended
September 30, 1995. For instance, while yields on three-month US
Treasury bills fell approximately 45 basis points during the period,
the yield on one-year US Treasury bills dropped nearly 95 basis
points during the same period.
<PAGE>
During the six-month period ended September 30, 1995, the rating on
Michigan's outstanding general obligation debt was upgraded to Aa
from A1 by both Fitch Investors Service and Moody's Investors
Service, Inc. Michigan's very conservative debt profile, highlighted
by strong financial ratios, provides a good offset to the State's
cyclical economic nature. In addition, recovery has been strong with
unemployment hovering at or below the national level. Typically,
Michigan's unemployment rate is greater than the national rate. For
example, for August the US Labor Department reported Michigan's
jobless rate at 5.1% versus the national rate of 5.6%. This is
primarily attributable to the evolution of Michigan's economy from
one based solely on manufacturing jobs to a more diversified base
increasingly reliant on services and trade. Consequently, this will
enable the State to better weather future cyclical economic
downturns.
Furthermore, the economic improvements have been obvious in the
State's financial operations. Revenues have exceeded estimates and
spending has been kept under control, resulting in tax reductions
amounting to $186 million for fiscal year 1996. Thus, the budget
stabilization fund is expected to hold more than $1 billion by the
close of the current fiscal year on September 30, 1995.
Additionally, the State budget for fiscal 1995-1996 is in balance.
As it became more apparent that the Federal Reserve Board was
nearing the end of its interest rate hikes, we extended CMA Michigan
Municipal Money Fund's average portfolio maturity to the 50-day
range by April month-end. This was accomplished mainly by extending
a majority of the Fund's commercial paper to take advantage of the
spike in interest rates resulting from outflows during tax time.
However, in order to take advantage of the continued flatness in the
short-term municipal yield curve during May and June, we allowed the
Fund's average portfolio maturity to decrease to the 35-day range.
For example, yields on variable rate demand obligations were equal
to or higher than those of one-year fixed-rate Michigan notes during
this period. Conversely, in response to both the easing of monetary
policy by the Federal Reserve Board in July and the anticipated lack
of short-term supply during the remainder of the year, we extended
the Fund's average portfolio maturity to the 60-day range by
September 30, 1995. During the six-month period ended September
1995, the State of Michigan's short-term issuance totaled $688
million, an increase from the $673 million issued during the
previous six-month period. Diversification and credit quality remain
paramount to the Fund, and we will continue to closely monitor the
everchanging marketplace.
<PAGE>
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
(Darrin J. San Fillippo)
Darrin J. San Fillippo
Portfolio Manager
November 1, 1995
We are pleased to announce that Darrin J. San Fillippo is
responsible for the day-to-day management of CMA Michigan Municipal
Money Fund. Mr. San Fillippo has been employed by Merrill Lynch
Asset Management, L.P. since 1988, becoming Assistant Vice President
in the Tax-Exempt Bond Department in 1995.
<PAGE>
Portfolio Abbreviations for CMA Michigan Municipal Money Fund
AMT Alternative Minimum Tax (subject to)
CP Commercial Paper
IDR Industrial Development Revenue Bonds
M/F Multi-Family
PCR Pollution Control Revenue Bonds
TAN Tax Anticipation Notes
VRDN Variable Rate Demand Notes
<TABLE>
CMA MICHIGAN MUNICIPAL MONEY FUND
SCHEDULE OF INVESTMENTS AS OF SEPTEMBER 30, 1995 (IN THOUSANDS)
<CAPTION>
Face Value
State Amount Issue (Note 1a)
<S> <C> <S> <C>
Michigan-- $ 2,000 Bay City, Michigan, School District State Aid Anticipation Notes,
91.3% 4.20% due 10/27/1995 $ 2,000
1,100 Bedford Township, Michigan, Economic Development Corp. Revenue Bonds
(Tech Steel Inc. Project), VRDN, 4.45% due 3/01/2010 (a) 1,100
1,600 Bruce Township, Michigan, Hospital Finance Authority, Health Care
System Revenue Bonds (Sisters Charity-Saint Joseph's), VRDN,
Series A, 4.35% due 5/01/2018 (a)(e) 1,600
1,000 Clinton Township, Michigan, Economic Development Corporation, Health
Care System Revenue Bonds (Sisters Charity-Saint Joseph's), VRDN,
4.35% due 5/01/2013 (a)(e) 1,000
Cornell Township, Michigan, Economic Development Corp., IDR, CP,
Refunding (Mead-Escambia Paper Co.):
2,100 3.70% due 10/19/1995 2,100
2,800 3.75% due 11/01/1995 2,800
19,000 Detroit, Michigan, City School District, State School Aid Notes, 4.50%
due 5/01/1996 19,069
1,500 Detroit, Michigan, Tax Increment Finance Authority, Democratic Tax
Increment Revenue Bonds (Central Industrial Park Project), VRDN,
4.35% due 10/01/2010 (a) 1,500
500 Detroit, Michigan, Tax Increment Finance Authority, Increment Reserve Fund
Revenue Bonds (Central Industrial Park Project), VRDN, 4.35% due 10/01/2010 (a) 500
4,000 Detroit, Michigan, Water Supply System Revenue Bonds, VRDN, 4.40% due
7/01/2013 (a)(d) 4,000
2,800 Flint, Michigan, Economic Development Corporation, Economic Development
Revenue Bonds (Plastics Research Corp.), VRDN, 4.30% due 9/01/2004 (a) 2,800
3,400 Genesee County, Michigan, Economic Development Corporation, Limited
Obligation, Economic Development Revenue Bonds (MM&E Inc. Project), VRDN,
4.40% due 7/01/2005 (a) 3,400
3,300 Georgetown Charter Township, Michigan, IDR, Limited Obligation (J & F Steel
Corp.), VRDN, AMT, 4.55% due 2/01/2009 (a) 3,300
1,930 Grand Rapids, Michigan, IDR, Refunding (Etheridge Company Project), VRDN,
AMT, 4.45% due 7/01/2009 (a) 1,930
7,500 Kalamazoo, Michigan, City School District, State Aid Notes, 4.50% due
4/01/1996 7,533
1,250 Lakeview, Michigan, Public Schools District, Macomb County State Aid Notes,
4.20% due 6/25/1996 1,253
1,330 Lenawee County, Michigan, Economic Development Corporation, Limited
Obligation Revenue Bonds (The Wyatt Project), VRDN, 4.70% due 5/01/2002 (a) 1,330
1,350 Melvindale, Michigan, Economic Development Corporation, Limited Obligation
Revenue Refunding Bonds (North American Steel Project), VRDN, 4.35% due
6/01/1998 (a) 1,350
Michigan Higher Education Student Loan Authority Revenue Bonds,
VRDN, AMT (a)(c):
500 Series XII-D, 4.50% due 10/01/2015 500
1,000 Series XII-F, 4.50% due 10/01/2020 (b) 1,000
4,285 Michigan Municipal Bond Authority Revenue Notes, Series C, 4.50% due
9/06/1996 4,306
Michigan Public Power Agency, Revenue Refunding Bonds (Belle River
Project) (b):
7,000 7.25% due 1/01/1996 (c) 7,201
2,000 Series B, 6.625% due 1/01/1996 2,015
</TABLE>
<PAGE>
<PAGE>
<TABLE>
CMA MICHIGAN MUNICIPAL MONEY FUND
SCHEDULE OF INVESTMENTS AS OF SEPTEMBER 30, 1995 (CONCLUDED) (IN THOUSANDS)
<CAPTION>
Face Value
State Amount Issue (Note 1a)
<S> <C> <S> <C>
Michigan $17,000 Michigan State Building Authority Revenue Bonds, CP, Series I, 4% due
(concluded) 10/26/1995 $ 17,000
9,100 Michigan State Hospital Finance Authority Revenue Bonds (Daughters of
Charity-Providence Hospital), VRDN, 4.45% due 11/01/2014 (a) 9,100
Michigan State Housing Development Authority, Limited Obligation
Revenue Bonds:
4,000 (Bloomfield), CP, 3.75% due 12/13/1995 4,000
1,000 (Laurel Valley), VRDN, 4.40% due 12/01/2007 (a) 1,000
5,700 (Shoal Creek), VRDN, 4.40% due 10/01/2007 (a) 5,700
Michigan State Housing Development Authority, M/F Housing Revenue Bonds,
CP, AMT, Series A:
11,295 3.80% due 10/13/1995 11,295
1,000 3.80% due 10/23/1995 1,000
13,395 3.85% due 10/23/1995 13,395
1,700 3.70% due 11/22/1995 1,700
5,225 3.80% due 1/17/1996 5,225
4,000 (Sandcreek Apartments), VRDN, Series A, 4.55% due 1/01/2029 (a) 4,000
Michigan State Strategic Fund, Limited Obligation Revenue Bonds,
VRDN (a):
3,200 (Baron Drawn Steel), IDR, AMT, 4.70% due 12/01/2006 3,200
1,500 (BCM&N) Project, AMT, 4.40% due 6/01/2020 1,500
2,500 (Cincinnati Milacron Inc. Project), AMT, 4.65% due 4/15/2005 2,500
5,000 (Dott Industries Inc. Project), AMT, 4.30% due 6/01/2001 5,000
1,100 (Hercules Drawn Steel Project), AMT, 4.60% due 8/01/2006 1,100
4,000 (Methodist Children's Home), 4.15% due 8/01/2015 4,000
3,000 (Midbrook Products Inc., Project), AMT, 4.45% due 10/01/2014 3,000
4,850 Refunding (Lake Shore Inc.), AMT, 4.60% due 11/01/2019 4,850
570 Refunding (Park Village Pines Project), 4.30% due 5/01/2006 570
1,930 (Tom Miller Inc. Project), AMT, 4.40% due 12/01/2009 1,930
9,000 (United Waste Systems Inc. Project), AMT, 4.55% due 4/01/2010 9,000
3,000 (Universal Tube, Inc. Project), AMT, 4.30% due 8/01/2011 3,000
200 Michigan State Strategic Fund, PCR, Refunding (Consumers Power Project),
VRDN, Series A, 4.40% due 4/15/2018 (a) 200
10,700 Michigan State Strategic Fund, Solid Waste Disposal Revenue Bonds
(Grayling Generating Project), VRDN, AMT, 4.50% due 1/01/2014 (a) 10,700
4,000 Michigan State Underground Storage Tank, Final Assurance Authority
Revenue Bonds, VRDN, Series I, 4.35% due 12/01/2004 (a) 4,000
4,200 Monroe County, Michigan, Intermediate School, Special Education, TAN,
3.75% due 4/03/1996 (f) 4,202
1,100 University of Michigan, University Hospital, Revenue Refunding Bonds,
VRDN, Series A, 4.50% due 12/01/2019 (a) 1,100
Puerto Rico-- Puerto Rico Commonwealth, Government Development Bank Revenue Bonds:
10.0% 20,000 3.70% due 12/11/1995 20,000
2,700 3.70% due 12/12/1995 2,700
<PAGE>
Total Investments (Cost--$229,554*)--101.3% 229,554
Liabilities in Excess of Other Assets--(1.3%) (2,973)
--------
Net Assets--100.0% $226,581
========
<FN>
(a)The interest rate is subject to change periodically based on
certain indexes. The interest rate shown is the rate in effect at
September 30, 1995.
(b)Prerefunded.
(c)AMBACInsured.
(d)FGICInsured.
(e)MBIA Insured.
(f)Bank Qualified.
*Cost for Federal income tax purposes.
See Notes to Financial Statements.
</TABLE>
<TABLE>
CMA MICHIGAN MUNICIPAL MONEY FUND
STATEMENT OF ASSETS AND LIABILITIES AS OF SEPTEMBER 30, 1995
<S> <C> <C>
Assets:
Investments, at value (identified cost--$229,553,664) (Note 1a) $ 229,553,664
Cash 19,624
Receivables:
Interest $ 912,053
Beneficial interest sold 340,646 1,252,699
-------------
Deferred organization expenses (Note 1d) 7,670
Prepaid registration fees and other assets (Note 1d) 2,684
-------------
Total assets 230,836,341
-------------
Liabilities:
Payables:
Securities purchased 4,054,284
Investment adviser (Note 2) 95,991
Distributor (Note 2) 59,299 4,209,574
-------------
Accrued expenses and other liabilities 45,684
-------------
Total liabilities 4,255,258
-------------
Net Assets $ 226,581,083
=============
<PAGE>
Net Assets Consist of:
Shares of beneficial interest, $0.10 par value, unlimited number of shares
authorized $ 22,669,735
Paid-in capital in excess of par 204,027,618
Accumulated realized capital losses--net (Note 4) (116,270)
-------------
Net Assets--Equivalent to $1.00 per share based on 226,697,353 shares of
beneficial interest outstanding $ 226,581,083
=============
See Notes to Financial Statements.
</TABLE>
<TABLE>
CMA MICHIGAN MUNICIPAL MONEY FUND
STATEMENT OF OPERATIONS FOR THE SIX MONTHS ENDED SEPTEMBER 30, 1995
<S> <C> <C>
Investment Income (Note 1c):
Interest and amortization of premium and discount earned $ 4,572,832
Expenses:
Investment advisory fees (Note 2) $ 582,262
Distribution fees (Note 2) 144,771
Transfer agent fees (Note 2) 30,947
Registration fees (Note 1d) 24,629
Accounting services (Note 2) 23,937
Professional fees 23,466
Custodian fees 11,015
Printing and shareholder reports 10,885
Amortization of organization expenses (Note 1d) 3,503
Pricing fees 2,762
Trustees' fees and expenses 1,265
Other 1,869
-------------
Total expenses 861,311
-------------
Investment income--net 3,711,521
Realized Gain on Investments--Net (Note 1c) 1,790
-------------
Net Increase in Net Assets Resulting from Operations $ 3,713,311
=============
<PAGE>
See Notes to Financial Statements.
</TABLE>
<TABLE>
CMA MICHIGAN MUNICIPAL MONEY FUND
STATEMENTS OF CHANGES IN NET ASSETS
<CAPTION>
For the Six For the
Months Ended Year Ended
Increase (Decrease) in Net Assets: Sept. 30, 1995 March 31, 1995
<S> <C> <C>
Operations:
Investment income--net $ 3,711,521 $ 5,678,287
Realized gain (loss) on investments--net 1,790 (50,049)
------------- -------------
Net increase in net assets resulting from operation 3,713,311 5,628,238
------------- -------------
Dividends to Shareholders (Note 1e):
Investment income--net (3,711,521) (5,678,287)
------------- -------------
Net decrease in net assets resulting from dividends to shareholders (3,711,521) (5,678,287)
------------- -------------
Beneficial Interest Transactions (Note 3):
Net proceeds from sale of shares 507,077,620 929,669,029
Net asset value of shares issued to shareholders in reinvestment
of dividends (Note 1e) 3,711,657 5,678,120
------------- -------------
510,789,277 935,347,149
Cost of shares redeemed (504,380,654) (951,561,384)
------------- -------------
Net increase (decrease) in net assets derived from beneficial interest transactions 6,408,623 (16,214,235)
------------- -------------
Net Assets:
Total increase (decrease) in net assets 6,410,413 (16,264,284)
Beginning of period 220,170,670 236,434,954
------------- -------------
End of period $ 226,581,083 $ 220,170,670
============= =============
<PAGE>
See Notes to Financial Statements.
</TABLE>
<TABLE>
CMA MICHIGAN MUNICIPAL MONEY FUND
FINANCIAL HIGHLIGHTS
<CAPTION>
For the For the
Six Period
The following per share data and ratios have been derived 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: 1995 1995 1994 1993 1992
<S> <C> <C> <C> <C> <C>
Per Share Operating Performance:
Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------- -------- -------- -------- --------
Investment income--net .02 .03 .02 .02 .03
-------- -------- -------- -------- --------
Total from investment operations .02 .03 .02 .02 .03
-------- -------- -------- -------- --------
Less dividends from investment income--net (.02) (.03) (.02) (.02) (.03)
-------- -------- -------- -------- --------
Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ======== ========
Total Investment Return 3.22%* 2.57% 1.81% 2.24% 3.62%*
======== ======== ======== ======== ========
Ratios to Average Net Assets:
Expenses, net of reimbursement and excluding
distribution fees .61%* .60% .60% .53% .42%*
======== ======== ======== ======== ========
Expenses, net of reimbursement .73%* .73% .72% .65% .54%*
======== ======== ======== ======== ========
Expenses .73%* .73% .72% .74% .80%*
======== ======== ======== ======== ========
Investment income--net 3.14%* 2.54% 1.79% 2.22% 3.53%*
======== ======== ======== ======== ========
Supplemental Data:
Net assets, end of period (in thousands) $226,581 $220,171 $236,435 $200,200 $194,433
======== ======== ======== ======== ========
<FN>
*Annualized.
++Commencement of Operations.
<PAGE>
See Notes to Financial Statements.
</TABLE>
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. These unaudited financial
statements reflect all adjustments which are, in the opinion of
management, necessary to a fair statement of the results for the
interim period presented. All such adjustments are of a normal
recurring nature. The following is a summary of significant
accounting policies followed by the Fund.
(a) Valuation of investments--Investments are valued at amortized
cost, which approximates market value. For the purpose of valuation,
the maturity of a variable rate demand instrument is deemed to be
the next coupon date on which the interest rate is to be adjusted.
In the case of a floating rate instrument, the remaining maturity is
the demand notice payment period.
(b) Income taxes--It is the Fund's policy to comply with the
requirements of the Internal Revenue Code applicable to regulated
investment companies and to distribute substantially all of its
taxable income to its shareholders. Therefore, no Federal income tax
provision is required.
(c) Security transactions and investment income--Security
transactions are recorded on the dates the transactions are entered
into (the trade dates). Interest income (including amortization of
premium and discount) is recognized on the accrual basis. Realized
gains and losses on security transactions are determined on the
identified cost basis.
(d) Deferred organization expenses and prepaid registration fees--
Deferred organization expenses are charged to expense on a straight-
line basis over a five-year period. Prepaid registration fees are
charged to expense as the related shares are issued.
<PAGE>
(e) Dividends and distributions to shareholders--The Fund declares
dividends daily and reinvests daily such dividends (net of non-
resident alien tax withheld) in additional fund shares at net asset
value. Dividends are declared from the total of net investment
income, excluding discounts earned other than original issue
discounts. Net realized capital gains, if any, are normally
distributed annually after deducting prior years' loss carryforward.
The Fund may distribute capital gains more frequently than annually
in order to maintain the Fund's net asset value at $1.00 per share.
2. Investment Advisory Agreement and
Transactions with Affiliates:
The Fund has entered into an Investment Advisory Agreement with Fund
Asset Management, L.P. ("FAM" or "Adviser"). The general partner of
FAM is Princeton Services, Inc. ("PSI"), an indirect wholly-owned
subsidiary of Merrill Lynch & Co., Inc. ("ML & Co."), which is the
limited partner.
FAM is responsible for the management of the Fund's portfolio and
provides the necessary personnel, facilities, equipment and certain
other services necessary to the operations of the Fund. For such
services, the Fund pays a monthly fee based upon the average daily
value of the Fund's net assets, at the following annual rates: 0.50%
of the first $500 million of average daily net assets; 0.425% of
average daily net assets in excess of $500 million but not exceeding
$1 billion; and 0.375% of average daily net assets in excess of $1
billion.
The most restrictive annual expense limitation requires that the
Adviser reimburse the Fund to the extent the Fund's expenses
(excluding interest, taxes, distribution fees, brokerage fees and
commissions, and extraordinary items) exceed in any fiscal year 2.5%
of the Fund's first $30 million of average daily net assets, 2.0% of
the Fund's next $70 million of average daily net assets, and 1.5% of
the average daily net assets in excess thereof. No fee payment will
be made to the Adviser during 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.
<PAGE>
Merrill Lynch Financial Data Services, Inc. ("MLFDS"), 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, MLPF&S, MLFDS, and/or ML & Co.
3. Shares of Beneficial Interest:
The number of shares purchased and redefined during the period
corresponds to the amounts included in the Statements of Changes in
Net Assets for net proceeds from sale of shares and cost of shares
redeemed, respectively, since shares are recorded at $1.00 per
share.
4. Capital Loss Carryforward:
At March 31, 1995, the Fund had a net capital loss carryforward of
approximately $118,000, of which $64,000 expires in 2001, $4,000
expires in 2002, and $50,000 expires in 2003. This amount 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
Merrill Lynch Financial Data Services, Inc.
4800 Deer Lake Drive East
Jacksonville, Florida 32246-6484
(800) 221-7210*
[FN]
*For inquiries regarding your CMA account, call (800) CMA-INFO
[(800) 262-4636].
