CMA
CMA ARIZONA
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 Arizona
Municipal Money Fund
Box 9011
Princeton, NJ 08543-9011
To Our Shareholders:
For the six-month period ended September 30, 1995, CMA Arizona
Municipal Money Fund paid shareholders a net annualized yield of
3.57%*. As of September 30, 1995, the Fund's 7-day yield was 3.56%.
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>
Although the State of Arizona's economy seems to have peaked (as
exhibited by a weakening housing market), it is still expected to
fare well through the remainder of 1995. For the first six months of
1995, wage and salary employment was up 5.3% over the comparable
period in 1994. Also, after increasing 12% last year, retail sales
have increased 11.3% through May 1995. In addition, consensus
forecasts expect retail sales to be up 7.2% this year and 6.4% next
year. Furthermore, population gains still remain very impressive.
After a gain of nearly 113,000 people in the State last year, or an
increase of 2.8%, similar gains are expected this year and in 1996.
Moreover, Arizona again has regained its position as one of the
fastest growing areas in the United States in terms of job creation.
After ranking twenty-eighth in job creation in 1990, the State moved
up to fifth in 1994 and third in 1995. Additionally, for the first
four years of the decade, the State ranks first in terms of job
growth. At the State's fiscal year-end June 30, 1995, Arizona
reported its largest surplus in State history of $500 million.
Governor Symington stated that the size of the surplus will make it
easier to honor his promised tax cut of $200 million in property
taxes next year from the State's $4.4 billion budget.
As it became more apparent that the Federal Reserve Board was
nearing the end of its interest rate hikes, we extended CMA Arizona
Municipal Money Fund's average portfolio maturity to the 45-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 30-day range.
For example, yields on variable rate demand obligations were equal
to or higher than those of one-year fixed-rate Arizona 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 Arizona's short-term issuance totaled $101
million, an increase from the $17.4 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.
In Conclusion
We thank you for your support of CMA Arizona Municipal Money Fund,
and we look forward to serving your investment needs in the future.
Sincerely,
(Arthur Zeikel)
Arthur Zeikel
President
<PAGE>
(Vincent R. Giordano)
Vincent R. Giordano
Senior Vice President
(Darrin J. San Fillippo)
Darrin J. San Fillippo
Portfolio Manager
October 30, 1995
We are pleased to announce that Darrin J. San Fillippo is
responsible for the day-to-day management of CMA Arizona 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.
Portfolio Abbreviations for CMA Arizona Municipal Money Fund
AMT Alternative Minimum Tax (subject to)
COP Certificates of Participation
CP Commercial Paper
DATES Daily Adjustable Tax-Exempt Securities
IDA Industrial Development Authority
IDR Industrial Development Revenue Bonds
M/F Multi-Family
PCR Pollution Control Revenue Bonds
TAN Tax Anticipation Notes
UT Unlimited Tax
VRDN Variable Rate Demand Notes
<PAGE>
<TABLE>
CMA ARIZONA 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>
Arizona-- $ 5,400 Arizona Educational Loan Marketing Corp., Educational Loan Revenue Bonds,
99.2% VRDN, AMT, Series A, 4.50% due 3/01/2015 (a)(c) $ 5,400
Arizona Health Facilities Authority Revenue Bonds (Arizona Voluntary
Hospital Federation), VRDN (a)(d):
1,460 Series A, 4.35% due 10/01/2015 1,460
1,245 Series B, 4.35% due 10/01/2015 1,245
1,310 Arizona State University Revenue Bonds, 7.10% due 7/01/1996 (b) 1,367
5,100 Casa Grande, Arizona, IDA, Revenue Bonds (Mayville Project), VRDN, 4.05% due
7/01/2015 (a) 5,100
5,300 Cochise County, Arizona, Pollution Control Corp., Solid Waste Disposal
Revenue Bonds (Arizona Electric Power Cooperative, Inc. Project), AMT,
3.90% due 3/01/1996 5,300
4,000 Coconino County, Arizona, Pollution Control Corp., Arizona
Public Service Revenue Bonds (Navajo Project), VRDN, AMT, Series A,
4.65% due 10/01/2029 (a) 4,000
500 Flagstaff, Arizona, IDA, IDR (W.L. Gore & Associates), CP, 3.50%
due 12/05/1995 500
2,200 Glendale, Arizona, IDA, IDR (Superior Bedding Co. Project), VRDN, 4.60% due
10/01/2014 (a) 2,200
Maricopa County, Arizona, IDA, M/F Housing Revenue Bonds, VRDN, AMT (a):
3,700 (Privado Park Apartments Project), Series A, 4.55% due 6/01/2034 3,700
4,000 (Vista Ventana Apartments Project), Series D, 4.55% due 6/01/2034 4,000
200 Maricopa County, Arizona, IDA, PCR (Motorola Inc. Project), VRDN, 4.30% due
10/01/1995 (a) 200
3,600 Maricopa County, Arizona, PCR, Refunding (Arizona Public Service Co.), VRDN,
Series B, 4.45% due 5/01/2029 (a) 3,600
Maricopa County, Arizona, Pollution Control Corp., PCR, CP (Southern
California Edison--Palo Verde Project):
1,400 Series C, 3.85% due 1/03/1996 1,400
1,100 Series D, 3.70% due 10/20/1995 1,100
1,000 Series F, 3.70% due 11/17/1995 1,000
1,000 Series F, 3.45% due 12/15/1995 1,000
3,700 Maricopa County, Arizona, Pollution Control Corp., PCR (El Paso
Electric Co.--Palo Verde Project), VRDN, Series E, 4.50%
due 12/01/2014 (a) 3,700
1,000 Maricopa County, Arizona, Unified School District No. 4 (Mesa), UT,
Series C, 6.60% due 7/01/1996 (e) 1,020
Maricopa County, Arizona, Unified School District, TAN:
1,050 No. 41 (Gilbert), Series A, 4.55% due 7/31/1996 1,055
6,000 No. 97 (Deer Valley), Series B, 4.60% due 7/31/1996 6,031
3,000 No. 210 (Phoenix), Series A, 4.45% due 7/31/1996 3,011
Mesa, Arizona, Municipal Development Corp., Special Tax Revenue Bonds, CP:
2,000 3.80% due 10/02/1995 2,000
2,700 3.75% due 10/19/1995 2,700
4,000 3.70% due 12/01/1995 4,000
1,155 Mesa, Arizona, Utility Systems Revenue Refunding Bonds, 6.10% due
7/01/1996 (d) 1,176
</TABLE>
<PAGE>
<TABLE>
CMA ARIZONA 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>
Arizona Mohave County, Arizona, IDA, IDR (Citizens Utilities), CP, AMT:
(concluded) $2,700 3.75% due 11/01/1995 $ 2,700
2,700 3.95% due 11/08/1995 2,700
3,000 Phoenix, Arizona, Civic Improvement Corp., Excise Tax Revenue Bonds
(Apartment Improvements), VRDN, AMT, 4.50% due 6/01/2020 (a) 3,000
Phoenix, Arizona, IDA, M/F Housing Revenue Refunding Bonds, VRDN (a):
4,375 (Lynwood Apartments Project), 4.40% due 10/01/2025 4,375
4,000 (Paradise Lakes Apartments Project), 4.50% due 7/01/2025 4,000
1,650 Pima County, Arizona, IDA, IDR, Refunding (Tucson Retirement Center), VRDN,
4% due 1/01/2009 (a) 1,650
Pima County, Arizona, IDA, M/F Housing Revenue Bonds, VRDN, AMT (a):
1,000 (Quail Ridge Apartments), Series B, 4.55% due 6/01/2034 1,000
900 (Saguaro Crest Apartments), Series A, 4.55% due 6/01/2034 900
Pinal County, Arizona, IDA, PCR (Magma Copper/Newmont Mining Corp.),
VRDN, DATES (a):
1,100 4.60% due 12/01/2009 1,100
2,300 4.60% due 12/01/2009 2,300
1,000 Pinal County, Arizona, Unified High School District No. 82 (Casa Grande), UT,
Series A, 3.80% due 7/01/1996 (e) 1,000
Salt River Project, Arizona, Agricultural Improvements and Power Distribution,
Electric System Revenue Bonds, CP:
3,800 3.70% due 10/25/1995 3,800
1,500 3.85% due 10/25/1995 1,500
4,700 3.80% due 12/12/1995 4,700
Special Fund of Industrial Community, Arizona, Tax-Exempt COP, Refunding
Bonds, CP (d):
1,500 3.75% due 10/12/1995 1,500
2,000 3.90% due 10/24/1995 2,000
1,200 3.75% due 1/03/1996 1,200
1,500 Tempe, Arizona, Excise Tax Revenue Bonds, 4.20% due 1/01/1996 1,500
1,000 Tempe, Arizona, IDA, M/F Housing Revenue Bonds (Elliots Crossing), VRDN,
4.35% due 10/01/2008 (a) 1,000
1,765 Tucson, Arizona, IDA, IDR, Refunding (Santa Rita Hotel), VRDN, AMT, Series B,
4.65% due 12/01/2016 (a) 1,765
Yavapai County, Arizona, IDA, IDR (Citizens Utilities), CP, AMT:
1,500 3.95% due 10/13/1995 1,500
1,900 3.95% due 11/01/1995 1,900
1,200 3.95% due 11/08/1995 1,200
3,200 Yavapai County, Arizona, IDA, IDR, Refunding (Kachina Pointe Project),
VRDN, 4% due 1/01/2009 (a) 3,200
500 Yuma, Arizona, IDA, IDR (Ardco Inc. Project), VRDN, 4.60% due
7/01/2003 (a) 500
3,840 Yuma, Arizona, IDA, M/F Housing Revenue Bonds (El Encanto Apartments),
VRDN, Series A, 4.30% due 11/01/2008 (a) 3,840
Total Investments (Cost--$123,095*)-- 99.2% 123,095
Other Assets Less Liabilities--0.8% 1,013
--------
Net Assets--100.0% $124,108
========
<PAGE>
<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)MBIA Insured.
(d)FGIG Insured.
(e)AMBAC Insured.
*Cost for Federal income tax purposes.
See Notes to Financial Statements.
</TABLE>
<TABLE>
CMA ARIZONA MUNICIPAL MONEY FUND
STATEMENT OF ASSETS AND LIABILITIES AS OF SEPTEMBER 30, 1995
<S> <C> <C>
Assets:
Investments, at value (identified cost--$123,095,027) (Note 1a) $ 123,095,027
Cash 156,836
Receivables:
Interest $ 630,260
Beneficial interest sold 303,928 934,188
-------------
Deferred organization expenses (Note 1d) 21,691
-------------
Total assets 124,209,885
-------------
Liabilities:
Payables:
Distributor (Note 2) 28,860
Investment adviser (Note 2) 19,451 48,311
-------------
Accrued expenses and other liabilities 53,154
-------------
Total liabilities 101,465
-------------
Net Assets $ 124,108,420
=============
Net Assets Consist of:
Shares of beneficial interest, $0.10 par value, unlimited number of
shares authorized $ 12,411,183
Paid-in capital in excess of par 111,700,643
Accumulated realized capital losses--net (3,406)
-------------
Net Assets--Equivalent to $1.00 per share based on 124,111,825 shares of
beneficial interest outstanding $ 124,108,420
=============
See Notes to Financial Statements.
</TABLE>
<PAGE>
<TABLE>
CMA ARIZONA 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 $ 2,275,992
Expenses:
Investment advisory fees (Note 2) $ 283,075
Distribution fees (Note 2) 70,424
Accounting services (Note 2) 22,909
Professional fees 21,423
Registration fees (Note 1d) 14,525
Transfer agent fees (Note 2) 11,926
Printing and shareholder reports 7,905
Custodian fees 6,223
Amortization of organization expenses (Note 1d) 3,744
Pricing fees 2,390
Trustees' fees and expenses 589
Other 820
-------------
Total expenses before reimbursement 445,953
Reimbursement of expenses (Note 2) (169,845)
-------------
Total expenses after reimbursement 276,108
-------------
Investment income--net 1,999,884
Realized Loss on Investments--Net (Note 1c) (5,840)
-------------
Net Increase in Net Assets Resulting from Operations $ 1,994,044
=============
See Notes to Financial Statements.
</TABLE>
<PAGE>
<TABLE>
CMA ARIZONA 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 $ 1,999,884 $ 2,445,657
Realized gain (loss) on investments--net (5,840) 2,450
------------- -------------
Net increase in net assets resulting from operations 1,994,044 2,448,107
------------- -------------
Dividends to Shareholders (Note 1e):
Investment income--net (1,999,884) (2,445,657)
------------- -------------
Net decrease in net assets resulting from dividends to shareholders (1,999,884) (2,445,657)
------------- -------------
Beneficial Interest Transactions (Note 3):
Net proceeds from sale of shares 240,720,592 389,748,845
Net asset value of shares issued to shareholders in reinvestment
of dividends (Note 1e) 1,999,856 2,445,654
------------- -------------
242,720,448 392,194,499
Cost of shares redeemed (222,323,047) (361,894,068)
------------- -------------
Net increase in net assets derived from beneficial interest transactions 20,397,401 30,300,431
------------- -------------
Net Assets:
Total increase in net assets 20,391,561 30,302,881
Beginning of period 103,716,859 73,413,978
------------- -------------
End of period $ 124,108,420 $ 103,716,859
============= =============
See Notes to Financial Statements.
</TABLE>
<PAGE>
<TABLE>
CMA ARIZONA MUNICIPAL MONEY FUND
FINANCIAL HIGHLIGHTS
<CAPTION>
For the
For the Period
The following per share data and ratios have been derived Six Months Feb. 8,
from information provided in the financial statements. Ended For the Year Ended 1993++ to
Sept. 30, March 31, March 31,
Increase (Decrease) in Net Asset Value: 1995 1995 1994 1993
<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 .02 .03 .02 .002
-------- -------- -------- --------
Total from investment operations .02 .03 .02 .002
-------- -------- -------- --------
Less dividends from investment income--net (.02) (.03) (.02) (.002)
-------- -------- -------- --------
Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ========
Total Investment Return 3.57%* 2.83% 1.90% 1.78%*
======== ======== ======== ========
Ratios to Average Net Assets:
Expenses, net of reimbursement and excluding
distribution fees .36%* .41% .47% .33%*
======== ======== ======== ========
Expenses, net of reimbursement .49%* .54% .59% .46%*
======== ======== ======== ========
Expenses .79%* .85% .98% 1.15%*
======== ======== ======== ========
Investment income--net 3.53%* 2.84% 1.89% 1.86%*
======== ======== ======== ========
Supplemental Data:
Net assets, end of period (in thousands) $124,108 $103,717 $ 73,414 $ 41,437
======== ======== ======== ========
<FN>
*Annualized.
++Commencement of Operations.
See Notes to Financial Statements.
</TABLE>
<PAGE>
CMA ARIZONA MUNICIPAL MONEY FUND
NOTES TO FINANCIAL STATEMENTS
1. Significant Accounting Policies:
CMA Arizona 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.
(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.
<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" 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 the year which will cause such
expenses to exceed the pro rata expense limitation at the time of
such payment. For the six months ended September 30, 1995, FAM
earned fees of $283,075, of which $169,845 was voluntarily waived.
CMA ARIZONA 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.
Merrill Lynch Financial Data Services, Inc. ("MLFDS"), 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, PSI, MLPF&S, MLFDS, 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.
CMA ARIZONA 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
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*
<PAGE>
[FN]
*For inquiries regarding your CMA account,
call (800) CMA-INFO [(800) 262-4636].
