[LOGO] CMA
CMA ARIZONA
MUNICIPAL MONEY FUND
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Semi-Annual Report
September 30, 1999
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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, 1999, CMA Arizona Municipal Money
Fund paid shareholders a net annualized yield of 2.58%.* As of September 30,
1999, the Fund's 7-day yield was 3.04%.
Economic Environment
During the six-month period ended September 30, 1999, Arizona's economic
expansion continued at a quick pace, with job growth heading the list of
positive factors. The Phoenix metropolitan area continued to lead the way with
economists predicting the addition of approximately 1.5 million jobs during the
next 25 years for this area. The state's economy also continues to diversify
away from mining and agriculture into service, retail trade and manufacturing.
In fact, some of the largest employers in Arizona are high-tech electronics and
aerospace companies that include Motorola, Inc., Intel Corp. and AlliedSignal
Inc.
During the first quarter of 1999, Arizona's exports were $2.8 billion, down 3.7%
compared to the first quarter of 1998. However, this reflects a recovery from
the slump caused by troubled Pacific Rim economies last year, according to the
Arizona Department of Commerce and International Trade. First quarter 1998
results declined almost 20% compared to first quarter 1997 results.
Specifically, trade increased 56% with Japan, 8% with Malaysia and 7% with Hong
Kong.
However, despite this rapid growth, economic prosperity has not improved for all
in Arizona. Specifically, median household income in the state has grown at a
slower pace for most of this decade and as a result, incomes in Arizona have
been declining compared to incomes in the United States. This is partly because
of the disparity of economic situations across different areas of the state. For
example, the unemployment rate in Phoenix is currently 2.5% compared to more
than 23% in Yuma. Finally, state economists agree Arizona will remain one of the
nation's fastest-growing states throughout the remainder of 1999. Yet, state
economists also expect growth to slow somewhat from its torrid pace in recent
years. Although in the past Arizona's risks were driven by its dependence on
natural resource industries and tourism, it is now facing a pattern of risk
because of its concentration in high-tech industries, particularly high-tech
manufacturing.
On April 15, 1999, the state passed its first biennial budget for fiscal years
2000-2001 totaling $12.1 billion. Budget growth rates of 2% in 2000 and 4% in
2001 are below state population growth and considerably less than the five-year
average annual increase of 7%. In particular, the budget's top priorities
include increased funding for education and healthcare as well as tax cuts and
accelerated highway construction. In respect to education, the state will
provide $218 million in additional funding for kindergarten through twelfth
grade during these two years. Furthermore, universities will receive an increase
of $41.6 million, and community colleges will be given an additional $17.7
million above current funding. Tax cuts include a reduction in the corporate
income tax from 8% to 7% and $60 million in savings from a decrease of the
state's vehicle license tax.
Investment Strategy
During the six-month period ended September 30, 1999, the persistent strength of
the US economy continued to fuel an already volatile interest rate environment.
CMA Arizona Municipal Money Fund began the period building on its relatively
bearish posture by continuing to reinvest the proceeds of
* Based on a constant investment throughout the period, with dividends
compounded daily, and reflecting a net return to the investor after all
expenses.
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maturing tax-exempt commercial paper into variable rate products. We did this in
an effort to take advantage of the higher yields that were expected in April and
May as a result of cash outflows during tax time. This strategy benefited the
Fund as yields on one-year fixed rate issues averaged 3.15% compared to yields
on variable rate products, which averaged 3.60%.
Moreover, during this time low inflation expectations and a lack of fixed rate
products made it unattractive to extend the portfolio's average maturity
significantly. As May ended, a string of economic data pointing to the presence
of inflationary pressures caused concern of higher interest rates. These factors
combined with comments made by Federal Reserve Board Chairman Alan Greenspan
caused yields on US Treasury securities to rise significantly as expectations of
tighter monetary policy increased. For example, the yield on the one-year
Treasury note, which began the period at 4.70%, rose to 5.20% by late June, an
increase of 50 basis points (0.50%). On June 30, 1999, the Federal Reserve Board
tightened monetary policy by raising the Federal Funds rate from 4.75% to 5.00%.
As a result, yields on one-year tax-exempt paper rose approximately 25 basis
points to 3.50%. Given our bearish position, as well as a meager June inflation
report and the need to replace maturing notes, we purchased some one-year
issues. The bulk of tax-exempt fixed rate supply expected during late summer and
ongoing inflationary concerns expressed by the Federal Reserve Board Chairman
kept our strategy in place. For the six-month period ended September 30, 1999,
the state of Arizona's issuance totaled $174.9 million, an increase from the
$4.9 million issued during the previous six-month period.
As the period came to an end, the relentless strength of the domestic economy
heightened expectations of tighter monetary policy even though inflation
remained relatively benign. On August 24, 1999, the Federal Reserve Board
tightened monetary policy again by increasing the Federal Fund's rate 25 basis
points to 5.25%. During this time, we chose to attain a slightly bullish
posture. The basis for this strategy was twofold. First, comments made by the
Federal Reserve Board Chairman after the second interest rate hike were not as
negative as those made following the previous tightening. Second, the
expectation of tighter monetary policy, combined with traditional issuance of
cash flow notes in August and September, caused yields on fixed rate paper to
become more attractive, thus providing a valuable opportunity to take a more
aggressive stance. As a result, our strategy allowed the Fund to perform on
average compared to its peer group as measured by IBC Financial Data during the
period.
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,
/s/ Terry K. Glenn
Terry K. Glenn
President and Trustee
/s/ Vincent R. Giordano
Vincent R. Giordano
Senior Vice President
/s/ Darrin J. SanFillippo
Darrin J. SanFillippo
Vice President and Portfolio Manager
October 29, 1999
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CMA ARIZONA MUNICIPAL MONEY FUND
SCHEDULE OF INVESTMENTS AS OF SEPTEMBER 30, 1999 (IN THOUSANDS)
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<TABLE>
<CAPTION>
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Face Value
State Amount Issue (Note 1a)
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<S> <C> <C> <C>
Arizona--91.5 Apache County, Arizona, IDA, IDR (Tucson Electric Power Co.), VRDN (a):
$ 4,900 Series 83-A, 3.80% due 12/15/2018................................... $ 4,900
2,000 Series 83-C, 3.85% due 12/15/2018................................... 2,000
Arizona Educational Loan Marketing Corporation, Educational Loan
Revenue Bonds, VRDN, AMT, Series A (a):
5,400 3.85% due 3/01/2015 (c)............................................. 5,400
3,200 3.80% due 12/01/2020................................................ 3,200
2,400 Arizona Health Facilities Authority, Hospital System Revenue
Bonds (Northern Arizona Healthcare), VRDN, Series B, 3.80% due
10/01/2026 (a)(c)....................................................... 2,400
290 Arizona Health Facilities Authority Revenue Bonds (Arizona
Volunteer Hospital Federation), VRDN, Series B, 3.80% due
10/01/2015 (a)(d)....................................................... 290
12,215 Arizona School District, TAN, Financing Program, COP, Series A,
4.05% due 7/31/2000..................................................... 12,261
2,550 Chandler, Arizona, IDA, M/F Housing Revenue Refunding Bonds
(Southpark Apartments Project), VRDN, 3.75% due 12/01/2002 (a).......... 2,550
6,000 Cochise County, Arizona, Pollution Control Corporation, Solid
Waste Disposal Revenue Bonds (Arizona Electric Power Cooperative
Inc. Project), AMT, 3.65% due 3/01/2000................................. 6,000
17,700 Coconino County, Arizona, Pollution Control Corporation Revenue Bonds
(Arizona Public Service Co.--Navajo Project), VRDN, AMT, Series A,
3.85% due 10/01/2029 (a)................................................ 17,700
Coconino County, Arizona, Pollution Control Corporation
Revenue Bonds (Arizona Public Service Co. Project), VRDN, AMT (a):
5,770 4.05% due 11/01/2033................................................ 5,770
5,610 Series A, 3.95% due 12/01/2031...................................... 5,610
1,700 East Valley, Arizona, Institute of Technology, District
Number 401, GO (Project of 1994), Series B, 6.40% due
7/01/2000 (b)........................................................... 1,736
4,000 Eloy, Arizona, IDA, Revenue Bonds (Marley Cooling Project),
VRDN, AMT, 3.95% due 8/01/2020 (a)...................................... 4,000
2,000 Flagstaff, Arizona, IDA, IDR (Joy Cone Company Project), VRDN, AMT,
4.10% due 4/01/2019 (a)................................................. 2,000
1,000 Maricopa County, Arizona, GO, Refunding, 6.25% due 7/01/2000 (d)........ 1,020
Maricopa County, Arizona, Pollution Control
Corporation, PCR, Refunding (Southern California
Edison--Palo Verde), CP:
8,550 Series D, 3.50% due 2/07/2000....................................... 8,550
3,250 Series E, 3.40% due 10/12/1999...................................... 3,250
10,030 Series E, 3.70% due 11/16/1999...................................... 10,030
6,600 Series F, 3.35% due 10/22/1999...................................... 6,600
2,500 Series G, 3.20% due 11/15/1999...................................... 2,500
1,000 Maricopa County, Arizona, School District No. 028,
Kyrene Elementary, COP, 4.25% due 1/01/2000 (b) ........................ 1,003
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</TABLE>
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
GO General Obligation Bonds
IDA Industrial Development Authority
IDR Industrial Development Revenue Bonds
M/F Multi-Family
PCR Pollution Control Revenue Bonds
TAN Tax Anticipation Notes
VRDN Variable Rate Demand Notes
3
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CMA ARIZONA MUNICIPAL MONEY FUND
SCHEDULE OF INVESTMENTS AS OF SEPTEMBER 30, 1999 (CONCLUDED) (IN THOUSANDS)
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<TABLE>
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Face Value
State Amount Issue (Note 1a)
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<S> <C> <C> <C>
Arizona Maricopa County, Arizona, Unified School District No. 097, GO (Deer Valley
(concluded) Project of 1996):
$ 1,000 Series F, 4.625% due 7/01/2000 (c).................................. $ 1,009
2,000 Series G, 5.60% due 7/01/2000 (e)................................... 2,034
Mesa, Arizona, Municipal Development Corporation, CP:
1,400 3.55% due 2/07/2000................................................. 1,400
2,300 Series A, 3.40% due 10/05/1999...................................... 2,300
1,200 Series A, 3.40% due 10/07/1999...................................... 1,200
2,000 Series A, 3.50% due 10/07/1999...................................... 2,000
1,000 Phoenix, Arizona, GO, Refunding, 5.90% due 7/01/2000.................... 1,016
Phoenix, Arizona, IDA, M/F Housing Revenue Bonds, VRDN (a):
1,000 (Bell Square Apartments Project), 3.85% due 6/01/2025............... 1,000
4,700 (Del Mar Terrace Apartments Project), 3.85% due 10/15/2006.......... 4,700
8,420 (Mariners Pointe Apartments Project), AMT, Series A,
3.95% due 10/01/2023................................................ 8,420
Phoenix, Arizona, IDA, M/F Housing Revenue Refunding Bonds, VRDN (a):
6,345 (Lynwood Apartments Project), 3.80% due 10/01/2025.................. 6,345
4,000 (Paradise Lakes Apartments Project), 3.85% due 7/01/2025............ 4,000
3,605 Phoenix, Arizona, IDA, Revenue Bonds (Laich Industries Corp. Project),
VRDN, AMT, 4% due 9/01/2016 (a)......................................... 3,605
2,500 Phoenix, Arizona, IDA, Revenue Refunding Bonds (VAW of America Inc.),
VRDN, 4% due 2/01/2012 (a).............................................. 2,500
3,245 Pima County, Arizona, Community College District, GO (Project of 1995),
Series B, 4% due 7/01/2000.............................................. 3,258
1,500 Pima County, Arizona, IDA, IDR, Refunding (Brush Wellman Inc. Project),
VRDN, 3.85% due 9/01/2009 (a)........................................... 1,500
Pima County, Arizona, IDA, M/F Housing Revenue Refunding Bonds, VRDN (a):
6,790 (Eastside Place Apartments Project), 3.86% due 5/01/2027............ 6,790
5,000 (La Cholla Apartments Project), 3.90% due 12/01/2025................ 5,000
3,100 Pinal County, Arizona, IDA, PCR (Newmont Mining), DATES, VRDN,
3.85% due 12/01/2009 (a)................................................ 3,100
1,030 Tempe, Arizona, Excise Tax Revenue Bonds, Series A, 3.75% due 7/01/2000. 1,033
3,350 Tempe, Arizona, Unified High School District No. 213, GO (Project of
1998), Series B, 4.50% due 7/01/2000 (d)................................ 3,372
1,000 Tucson, Arizona, Airport Authority Inc., Special Revenue Bonds
(Lear Jet Inc.), VRDN, AMT, Series A, 4% due 9/01/2028 (a).............. 1,000
6,900 University of Arizona, COP (Student Union Bookstore), Series B,
3.55% due 3/08/2000 (b)................................................. 6,900
3,725 Yuma, Arizona, IDA, M/F Housing Revenue Refunding Bonds (El Encanto
Apartments), VRDN, Series A, 3.85% due 11/01/2008 (a)................... 3,725
2,000 Yuma County, Arizona, IDA, IDR (Meadowcraft Inc. Project), VRDN, AMT,
4% due 11/01/2012 (a)................................................... 2,000
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Puerto Rico-- 6,000 Puerto Rico Commonwealth, Government Development Bank, CP,
2.9% 3.15% due 11/15/1999.................................................... 6,000
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Total Investments (Cost--$193,977*)--94.4%.............................. 193,977
Other Assets Less Liabilities--5.6%..................................... 11,561
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Net Assets--100.0%...................................................... $205,538
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</TABLE>
(a) 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,
1999.
(b) AMBAC Insured.
(c) MBIA Insured.
(d) FGIC Insured.
(e) FSA Insured.
* Cost for Federal income tax purposes.
See Notes to Financial Statements.
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CMA ARIZONA MUNICIPAL MONEY FUND
STATEMENT OF ASSETS AND LIABILITIES AS OF SEPTEMBER 30, 1999
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<TABLE>
<CAPTION>
<S> <C> <C>
Assets:
Investments, at value (identified cost--$193,977,346) (Note 1a)................. $ 193,977,346
Cash ........................................................................... 73,369
Receivables:
Securities sold ........................................................... $ 10,610,300
Interest .................................................................. 981,868 11,592,168
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Prepaid registration fees and other assets (Note 1d) ........................... 5,365
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Total assets ................................................................... 205,648,248
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Liabilities:
Payables:
Distributor (Note 2) ...................................................... 51,496
Investment adviser (Note 2) ............................................... 16,783 68,279
Accrued expenses and other liabilities ......................................... 42,109
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Total liabilities .............................................................. 110,388
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Net Assets ..................................................................... $ 205,537,860
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Net Assets Consist of:
Shares of beneficial interest, $.10 par value, unlimited number of shares
authorized ..................................................................... $ 20,559,524
Paid-in capital in excess of par ............................................... 185,035,653
Accumulated realized capital losses--net (Note 4) .............................. (57,317)
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Net Assets--Equivalent to $1.00 per share based on 205,595,242 shares of
beneficial interest outstanding ................................................ $ 205,537,860
=============
</TABLE>
See Notes to Financial Statements.
5
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CMA ARIZONA MUNICIPAL MONEY FUND
STATEMENT OF OPERATIONS FOR THE SIX MONTHS ENDED SEPTEMBER 30, 1999
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<TABLE>
<CAPTION>
<S> <C> <C>
Investment Income (Note 1c):
Interest and amortization of premium earned............. $ 3,511,018
Expenses:
Investment advisory fees (Note 2)....................... $ 534,032
Distribution fees (Note 2).............................. 131,776
Professional fees....................................... 26,635
Accounting services (Note 2)............................ 18,425
Transfer agent fees (Note 2)............................ 12,626
Registration fees (Note 1d)............................. 12,380
Custodian fees.......................................... 11,144
Printing and shareholder reports........................ 8,903
Pricing fees............................................ 2,307
Trustees' fees and expenses............................. 728
Other................................................... 1,456
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Total expenses.......................................... 760,412
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Investment income--net................................... 2,750,606
Realized Loss on Investments--Net (Note 1c).............. (6,941)
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Net Increase in Net Assets Resulting from Operations.... $ 2,743,665
=============
</TABLE>
See Notes to Financial Statements.
6
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CMA ARIZONA MUNICIPAL MONEY FUND
STATEMENT 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: 1999 1999
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<S> <C> <C>
Operations:
Investment income--net ...................................... $ 2,750,606 $ 5,520,071
Realized loss on investments--net ........................... (6,941) (8,913)
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Net increase in net assets resulting from operations ........ 2,743,665 5,511,158
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Dividends to Shareholders (Note 1e):
Investment income--net ...................................... (2,750,606) (5,520,071)
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Net decrease in net assets resulting from dividends to
shareholders ................................................ (2,750,606) (5,520,071)
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Beneficial Interest Transactions (Note 3):
Net proceeds from sale of shares ............................ 405,544,813 718,009,373
Net asset value of shares issued to shareholders in
reinvestment of dividends (Note 1e) ......................... 2,750,687 5,520,081
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408,295,500 723,529,454
Cost of shares redeemed ..................................... (416,768,248) (722,779,681)
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Net increase (decrease) in net assets derived from beneficial
interest transactions ....................................... (8,472,748) 749,773
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Net Assets:
Total increase (decrease) in net assets ..................... (8,479,689) 740,860
Beginning of period ......................................... 214,017,549 213,276,689
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End of period ............................................... $ 205,537,860 $ 214,017,549
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</TABLE>
See Notes to Financial Statements.
7
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CMA ARIZONA MUNICIPAL MONEY FUND
FINANCIAL HIGHLIGHTS
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<TABLE>
<CAPTION>
The following per share data and ratios For the Six
have been derived from information Months Ended For the Year Ended March 31,
provided in the financial statements. September 30, -----------------------------------------------
Increase (Decrease) in Net Asset Value: 1999 1999 1998 1997 1996
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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 ..................... .01 .03 .03 .03 .03
Realized gain (loss) on investments--net ... --+ --+ --+ --+ --+
--------- -------- -------- -------- --------
Total from investment operations ........... .01 .03 .03 .03 .03
--------- -------- -------- -------- --------
Less dividends from investment income--net . (.01) (.03) (.03) (.03) (.03)
--------- -------- -------- -------- --------
Net asset value, end of period ............. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
========= ======== ======== ======== ========
Total Investment Return .................... 2.58%* 2.73% 3.05% 2.86% 3.35%
========= ======== ======== ======== ========
Ratios to Average Net Assets:
Expenses, net of reimbursement ............. .71%* .73% .74% .76% .58%
========= ======== ======== ======== ========
Expenses ................................... .71%* .73% .74% .76% .77%
========= ======== ======== ======== ========
Investment income--net ..................... 2.58%* 2.69% 2.99% 2.80% 3.27%
========= ======== ======== ======== ========
Supplemental Data:
Net assets, end of period (in thousands) ... $ 205,538 $214,018 $213,277 $169,551 $137,520
========= ======== ======== ======== ========
</TABLE>
* Annualized.
+ Amount is less than $.01 per share.
See Notes to Financial Statements.
8
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CMA ARIZONA MUNICIPAL MONEY FUND
NOTES TO FINANCIAL STATEMENTS
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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. The Fund's financial statements are prepared in accordance
with generally accepted accounting principles, 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
back-up withholding tax withheld) in additional fund shares at net asset value.
Dividends are declared from the total of net investment income, excluding
discounts earned other than original issue discounts. Net realized capital
gains, if any, are normally distributed annually after deducting prior years'
loss carryforward. The Fund may distribute capital gains more frequently than
annually in order to maintain the Fund's net asset value at $1.00 per share.
2. Investment Advisory Agreement and Transactions with Affiliates:
The Fund has entered into an Investment Advisory Agreement with Fund Asset
Management, L.P. ("FAM"). The general partner of FAM is Princeton Services, Inc.
("PSI"), an indirect wholly-owned subsidiary of Merrill Lynch & Co., Inc. ("ML &
Co."), which is the limited partner.
FAM is responsible for the management of the Fund's portfolio and provides the
necessary personnel, facilities, equipment and certain other services necessary
to the operations of the Fund. For such services, the Fund pays a monthly fee
based upon the average daily value of the Fund's net assets, at the following
annual rates: .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 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
9
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CMA ARIZONA MUNICIPAL MONEY FUND
NOTES TO FINANCIAL STATEMENTS (CONCLUDED)
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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, 1999, the Fund had a net capital loss carryforward of approximately
$47,000, of which $6,000 expires in 2004, $30,000 expires in 2005, $6,000
expires in 2006 and $5,000 expires in 2007. This amount will be available to
offset like amounts of any future taxable gains.
10
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CMA ARIZONA 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
Richard R. West--Trustee
Arthur Zeikel--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
William E. Zitelli--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
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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 Arizona
Municipal Money Fund
Box 9011
Princeton, NJ 08543-9011 #16714--9/99
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