CMA(R) [LOGO]
CMA ARIZONA
MUNICIPAL MONEY FUND
--------------------------------------------------------------------------------
Semi-Annual Report
September 30, 2000
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[LOGO] Merrill Lynch
<PAGE>
TO OUR SHAREHOLDERS:
For the six-month period ended September 30, 2000, CMA Arizona Municipal Money
Fund paid shareholders a net annualized yield of 3.51%.* As of September 30,
2000, the Fund's 7-day yield was 3.87%.
Economic Environment
Arizona's economy continued to grow rapidly during the six months ended
September 30, 2000. According to the latest Department of Economic Statistics'
employment numbers, growth in the state has actually reaccelerated. After
growing by 4.1% for all of 1999, Arizona's employment was up 4.7% for the first
half of 2000. Moreover, nearly every industry experienced healthy growth, led by
the service industry, which now accounts for more than half of the jobs created
in the state. This continued strength in Arizona's job market has produced
strong income growth and improved credit conditions, causing the number of
bankruptcies per capita to fall below the national average. Consequently, retail
sales were up 10.5% over last year for the first half of 2000 and up 9.9%,
excluding autos. After almost two years of decline, the state's manufacturing
sector is finally on its way to recovery. For example, from January 2000 through
June 2000 manufacturing employment in the state rose 1.7%, its highest level
since October 1998 when problems with Asian economies first occurred. Likewise,
in the greater Phoenix area manufacturing employment also increased in June, the
first month-over-month increase since November 1998.
Arizona continues to experience strong population growth, contributing to strong
demand for housing as well as growth in the service and trade industries. Net
migration into Arizona did slow somewhat in 1999, but still contributed to more
than 60% of the state's population growth. Specifically, Maricopa County, which
is the largest county in the state, has been the nation's fastest growing in
terms of population over the past decade. Its population of 2.8 million is up
35% from the last census and is equal to 60% of the statewide total. This
migration has also kept construction employment strong, which, while slowing
from the rapid rates of growth in the past few years, was up 4.9% over the first
half of the year.
Additionally, Arizona exports grew 23% in the first quarter of 2000 as compared
to a year ago, nearly twice the increase of 12.5% seen nationwide. While Mexico
continues to be the number one destination for Arizona products, strong growth
in sales to Singapore (up 112%) and the United Kingdom (up 56%) were also noted.
In respect to product category, aircraft and spacecraft exports led the way as
sales increased 67% during the first half of the year. Finally, during July
Governor Jane Dee Hull signed an education bill that will be placed on the
November ballot for public approval. The bill requires a new education sales tax
that would divide funding among issues such as higher teacher salaries, smaller
classroom sizes and technology development.
Investment Strategy
CMA Arizona Municipal Money Fund began the six-month period ended September 30,
2000 with a relatively bearish position. This was because variable rate demand
products traditionally outperform fixed rate products in April and May as a
result of outflows during tax time. Nonetheless, we anticipated moving the Fund
to a more neutral stance by June, given our opinion that tighter monetary
policy,
* 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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which was causing US equity markets to weaken, would soon have a negative impact
on the domestic economy. It was also the case that the lack of short-term
tax-exempt issuance and traditional cash inflows in early June and July caused
variable rate products to underperform fixed rate products. Conversely, as the
period began a number of economic indicators, including strong retail sales and
housing activity, reflected a still-healthy US economy, while the nation's
unemployment rate dropped to 3.9% in April. Thus, we delayed the Fund's
extension in response to these factors.
On May 16, 2000, the Federal Reserve Board tightened monetary policy by
increasing the Federal Funds rate 50 basis points (0.50%) from 6.00% to 6.50%.
Given this significant tightening of monetary policy, we then looked to move to
the more neutral stance anticipated at the beginning of the period. For the
six-month period ended September 30, 2000, the state of Arizona's issuance
totaled $81.1 million. As we entered the second half of the period, an
increasing portion of the economic data began to reflect a domestic economy that
was softening. For example, in both July and August the change in non-farm
payrolls was significantly weaker than expected, decreasing 108,000 and
increasing only 53,000, respectively. The battered equity indexes also had
trouble rebounding from their lows as the Dow Jones Industrial Average fell over
5%, while the NASDAQ Composite Index lost almost 15% of its value. Inflation
also stayed in check as both the consumer and producer price indexes recorded
negative values during the month of August. Given this backdrop for the domestic
economy, we believed that a moderate slowdown could be at hand. Thus, during the
remainder of the period we continued to move to a slightly more aggressive
position when prudent. We accomplished this primarily in July and August when
the traditional increase in fixed rate issuance provided an opportunity to lock
in attractive yields. This strategy allowed the Fund to perform on average
relative to its peer group during the period, as measured by IBC's Money Fund
Report.
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 months and years ahead.
Sincerely,
/s/ Terry K. Glenn
Terry K. Glenn
President and Trustee
/s/ Vincent R. Giordano
Vincent R. Giordano
Senior Vice President
/s/ Darrin J. SanFillippo
Darrin J. SanFillippo
Vice President and Portfolio Manager
October 26, 2000
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CMA ARIZONA MUNICIPAL MONEY FUND
SCHEDULE OF INVESTMENTS AS OF SEPTEMBER 30, 2000 (IN THOUSANDS)
<TABLE>
<CAPTION>
=======================================================================================================================
Face
State Amount Issue Value
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Arizona-- $ 3,000 Arizona Agriculture Improvement and Power District, Electric System Revenue
98.9% Bonds (Salt River Project), CP, 4.25% due 12/07/2000 ................................. $ 3,000
5,000 Arizona Agriculture Improvement and Power District Electric System, Revenue
Refunding Bonds (Salt River Project), Series A, 5.50% due 1/01/2001 .................. 5,013
Arizona Educational Loan Marketing Corporation, Educational Loan Revenue
Bonds, VRDN, AMT, Series A (a)(c):
5,400 5.55% due 3/01/2015 ............................................................... 5,400
3,900 5.50% due 12/01/2020 .............................................................. 3,900
2,400 Arizona Health Facilities Authority, Hospital System Revenue Bonds (Northern
Arizona Healthcare), VRDN, Series B, 5.50% due 10/01/2026 (a)(c) ..................... 2,400
Arizona Health Facilities Authority Revenue Bonds, VRDN (a):
15,000 (Arizona Healthcare Pooled Finance), Series A, 5.60% due 6/01/2030 ................ 15,000
1,700 (Arizona Volunteer Hospital Federation), Series A, 5.50% due 10/01/2015 (d) ....... 1,700
290 (Arizona Volunteer Hospital Federation), Series B, 5.50% due 10/01/2015 (d) ....... 290
9,000 Arizona School District, TAN (Financing Program), COP, 4.875% due 7/31/2001 .......... 9,039
2,785 Central Arizona Water Conservation District, Contract Revenue Bonds, Series B,
6.50% due 5/01/2001 (f) .............................................................. 2,874
1,625 Chandler, Arizona, IDA, IDR (Red Rock Stamping Company Project), VRDN, AMT,
5.70% due 2/01/2020 (a) .............................................................. 1,625
5,900 Cochise County, Arizona, Pollution Control Corporation, Solid Waste Disposal
Revenue Bonds (Arizona Electric Power Cooperative Inc. Project), AMT,
4.35% due 3/01/2001 .................................................................. 5,900
Coconino County, Arizona, Pollution Control Corporation Revenue Bonds, VRDN,
AMT (a):
18,600 (Arizona Public Service Co.-- Navajo Project), Series A, 5.65% due 10/01/2029 ..... 18,600
5,900 (Arizona Public Service Co. Project), 5.70% due 11/01/2033 ........................ 5,900
4,000 (Arizona Public Service Co. Project), Series A, 5.55% due 12/01/2031 .............. 4,000
4,000 Eloy, Arizona, IDA, Revenue Bonds (Marley Cooling Project), VRDN, AMT,
5.70% due 8/01/2020 (a) .............................................................. 4,000
2,000 Flagstaff, Arizona, IDA, IDR (Joy Cone Company Project), VRDN, AMT,
4.50% due 4/01/2019 (a) .............................................................. 2,000
6,880 Maricopa County, Arizona, GO, Refunding, 6.25% due 7/01/2001 (d) ..................... 6,974
Maricopa County, Arizona, Pollution Control Corporation, PCR, Refunding
(Southern California Edison Company -- Paloverde), CP, Series E:
8,550 4.20% due 10/13/2000 .............................................................. 8,550
6,500 4.55% due 10/13/2000 .............................................................. 6,500
2,950 Maricopa County, Arizona, Unified School District Number 41, Gilbert, COP,
4.60% due 1/01/2001 (e) .............................................................. 2,952
3,000 Mesa, Arizona, GO, Refunding, 6% due 7/01/2001 (b) ................................... 3,035
=======================================================================================================================
</TABLE>
Portfolio Abbreviations for CMA Arizona Municipal Money Fund
AMT Alternative Minimum Tax (subject to)
COP Certificates of Participation
CP Commercial Paper
GO General Obligation Bonds
IDA Industrial Development Authority
IDR Industrial Development Revenue Bonds
M/F Multi-Family
PCR Pollution Control Revenue Bonds
S/F Single-Family
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, 2000 (CONCLUDED) (IN THOUSANDS)
<TABLE>
<CAPTION>
=======================================================================================================================
Face
State Amount Issue Value
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Arizona Mesa, Arizona, Municipal Development Corporation, Special, CP, Series A:
(concluded) $ 3,200 4.25% due 10/05/2000 .............................................................. $ 3,200
1,200 4.25% due 10/11/2000 .............................................................. 1,200
2,600 4.30% due 10/11/2000 .............................................................. 2,600
1,700 4.20% due 10/20/2000 .............................................................. 1,700
4,500 Phoenix, Arizona, Civic Improvement Corporation, Excise Tax Revenue Bonds
(Apartment Improvements), Subordinated, VRDN, AMT, 5.60% due 6/01/2020 (a) ........... 4,500
Phoenix, Arizona, IDA, M/F Housing Revenue Bonds, VRDN (a):
1,000 (Bell Square Apartments Project), 5.90% due 6/01/2025 ............................. 1,000
8,420 (Mariners Pointe Apartments Project), AMT, Series A, 5.95% due 10/01/2023 ......... 8,420
Phoenix, Arizona, IDA, M/F Housing Revenue Refunding Bonds, VRDN (a):
6,750 (Copper Palms Apartments Project), 5.70% due 2/01/2030 ............................ 6,750
6,345 (Lynwood Apartments Project), 5.52% due 10/01/2025 ................................ 6,345
4,000 (Paradise Lakes Apartments Project), 5.90% due 7/01/2025 .......................... 4,000
2,985 Phoenix, Arizona, IDA, Revenue Bonds (Laich Industries Corp. Project), VRDN,
AMT, 5.70% due 9/01/2016 (a) ......................................................... 2,985
2,500 Phoenix, Arizona, IDA, Revenue Refunding Bonds (VAW of America Inc.), VRDN,
5.75% due 2/01/2012 (a) .............................................................. 2,500
1,500 Pima County, Arizona, IDA, IDR, Refunding (Brush Wellman Inc. Project), VRDN,
5.55% 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), 5.55% due 5/01/2027 .......................... 6,790
5,000 (La Cholla Apartments Project), 5.60% due 12/01/2025 .............................. 5,000
1,100 Tucson and Pima County Arizona, IDA, S/F Mortgage Revenue Refunding Bonds
(Mortgage Backed Securities Program), AMT, Series 1C, 4.70% due 7/03/2001 ............ 1,100
1,000 Tucson, Arizona, Airport Authority Inc., Special Revenue Bonds (LearJet Inc.),
VRDN, AMT, Series A, 5.75% due 9/01/2028 (a) ......................................... 1,000
2,455 Tucson, Arizona, IDA, IDR (Fluoresco Old Nogales Project), VRDN, AMT,
5.75% due 8/01/2025 (a) .............................................................. 2,455
965 Tucson, Arizona, IDA, Revenue Bonds (Geronimo Building Renovation),
4.125% due 12/14/2000 ................................................................ 965
9,400 University of Arizona, COP (Student Union Bookstore), VRDN, Series B,
5.40% due 6/01/2024 (a)(b) ........................................................... 9,400
3,725 Yuma, Arizona, IDA, M/F Housing Revenue Refunding Bonds (El Encanto
Apartments), VRDN, Series A, 4.50% due 11/01/2008 (a) ................................ 3,725
2,000 Yuma County, Arizona, IDA, IDR (Meadowcraft Inc. Project), VRDN, AMT,
5.75% due 11/01/2012 (a) ............................................................. 2,000
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Total Investments (Cost -- $197,787*) -- 98.9% ....................................... 197,787
Other Assets Less Liabilities -- 1.1% ................................................ 2,289
--------
Net Assets -- 100.0% ................................................................. $200,076
========
=======================================================================================================================
</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, 2000.
(b) AMBAC Insured.
(c) MBIA Insured.
(d) FGIC Insured.
(e) FSA Insured.
(f) Prerefunded.
* 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, 2000
================================================================================
<TABLE>
<CAPTION>
<S> <C> <C>
Assets:
Investments, at value (identified cost -- $197,786,630) ............................................... $ 197,786,630
Cash .................................................................................................. 82,547
Interest receivable ................................................................................... 1,421,739
Prepaid registration fees and other assets ............................................................ 985,399
-------------
Total assets .......................................................................................... 200,276,315
-------------
Liabilities:
Payables:
Investment adviser ................................................................................... $80,760
Distributor .......................................................................................... 53,155 133,915
-------
Accrued expenses and other liabilities ................................................................ 66,525
-------------
Total liabilities ..................................................................................... 200,440
-------------
Net Assets ............................................................................................ $ 200,075,875
=============
Net Assets Consist of:
Shares of beneficial interest, $.10 par value, unlimited number of shares authorized .................. $ 20,015,901
Paid-in capital in excess of par ...................................................................... 180,143,044
Accumulated realized capital losses -- net ............................................................ (83,070)
-------------
Net Assets -- Equivalent to $1.00 per share based on 200,159,010 shares of beneficial
interest outstanding .................................................................................. $ 200,075,875
=============
</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, 2000
================================================================================
<TABLE>
<CAPTION>
<S> <C> <C>
Investment Income:
Interest and amortization of premium earned ................. $4,579,601
Expenses:
Investment advisory fees .................................... $539,070
Distribution fees ........................................... 134,677
Accounting services ......................................... 42,298
Professional fees ........................................... 21,241
Registration fees ........................................... 13,670
Custodian fees .............................................. 9,818
Transfer agent fees ......................................... 9,778
Printing and shareholder reports ............................ 7,544
Pricing fees ................................................ 2,020
Trustees' fees and expenses ................................. 560
Other ....................................................... 1,398
--------
Total expenses .............................................. 782,074
----------
Investment income -- net .................................... 3,797,527
Realized Loss on Investments -- Net ......................... (25,753)
----------
Net Increase in Net Assets Resulting from Operations ........ $3,771,774
==========
</TABLE>
See Notes to Financial Statements.
6
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CMA ARIZONA MUNICIPAL MONEY FUND
STATEMENTS OF CHANGES IN NET ASSETS
================================================================================
<TABLE>
<CAPTION>
For the Six For the Year
Months Ended Ended
September 30, March 31,
Increase (Decrease) in Net Assets: 2000 2000
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Operations:
Investment income -- net ................................................................... $ 3,797,527 $ 5,855,356
Realized loss on investments -- net ........................................................ (25,753) (6,941)
------------- -------------
Net increase in net assets resulting from operations ....................................... 3,771,774 5,848,415
------------- -------------
Dividends to Shareholders:
Dividends to shareholders from investment income -- net .................................... (3,797,527) (5,855,356)
------------- -------------
Beneficial Interest Transactions:
Net proceeds from sale of shares ........................................................... 367,058,986 768,553,021
Value of shares issued to shareholders in reinvestment of dividends ........................ 3,797,537 5,855,375
------------- -------------
370,856,523 774,408,396
Cost of shares redeemed .................................................................... (397,964,670) (761,209,229)
------------- -------------
Net increase (decrease) in net assets derived from beneficial interest transactions ........ (27,108,147) 13,199,167
------------- -------------
Net Assets:
Total increase (decrease) in net assets .................................................... (27,133,900) 13,192,226
Beginning of period ........................................................................ 227,209,775 214,017,549
------------- -------------
End of period .............................................................................. $ 200,075,875 $ 227,209,775
============= =============
</TABLE>
See Notes to Financial Statements.
7
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CMA ARIZONA MUNICIPAL MONEY FUND
FINANCIAL HIGHLIGHTS
================================================================================
<TABLE>
<CAPTION>
The following per share data and ratios have been derived For the Six
from information provided in the financial statements. Months Ended For the Year Ended March 31,
September 30, ----------------------------------------------------
Increase (Decrease) in Net Asset Value: 2000 2000 1999 1998 1997
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Per Share Operating Performance:
Net asset value, beginning of period .............. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------- -------- -------- -------- --------
Investment income -- net .......................... .02 .03 .03 .03 .03
Realized gain (loss) on investments -- net ........ --+ --+ --+ --+ --+
-------- -------- -------- -------- --------
Total from investment operations .................. .02 .03 .03 .03 .03
-------- -------- -------- -------- --------
Less dividends from investment income -- net ...... (.02) (.03) (.03) (.03) (.03)
-------- -------- -------- -------- --------
Net asset value, end of period .................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ======== ========
Total Investment Return ........................... 3.51%* 2.80% 2.73% 3.05% 2.86%
======== ======== ======== ======== ========
Ratios to Average Net Assets:
Expenses .......................................... .72%* .71% .73% .74% .76%
======== ======== ======== ======== ========
Investment income -- net .......................... 3.51%* 2.76% 2.69% 2.99% 2.80%
======== ======== ======== ======== ========
Supplemental Data:
Net assets, end of period (in thousands) .......... $200,076 $227,210 $214,018 $213,277 $169,551
======== ======== ======== ======== ========
</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
================================================================================
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 conformity
with accounting principles generally accepted in the United States of America,
which may require the use of management accruals and estimates. These unaudited
financial statements reflect all adjustments, which are, in the opinion of
management, necessary to a fair statement of the results for the interim period
presented. All such adjustments are of a normal, recurring nature. The following
is a summary of significant accounting policies followed by the Fund.
(a) Valuation of investments -- Investments are valued at amortized cost, which
approximates market value. For the purpose of valuation, the maturity of a
variable rate demand instrument is deemed to be the next coupon date on which
the interest rate is to be adjusted. In the case of a floating rate instrument,
the remaining maturity is the demand notice payment period.
(b) Income taxes -- It is the Fund's policy to comply with the requirements of
the Internal Revenue Code applicable to regulated investment companies and to
distribute substantially all of its taxable income to its shareholders.
Therefore, no Federal income tax provision is required.
(c) Security transactions and investment income -- Security transactions are
recorded on the dates the transactions are entered into (the trade dates).
Interest income (including amortization of premium and discount) is recognized
on the accrual basis. Realized gains and losses on security transactions are
determined on the identified cost basis.
(d) Prepaid registration fees -- Prepaid registration fees are charged to
expense as the related shares are issued.
(e) Dividends and distributions to shareholders -- The Fund declares dividends
daily and reinvests daily such dividends (net of non-resident alien tax and
backup 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)
================================================================================
personnel for selling shares of the Fund and for providing direct personal
services to shareholders. The distribution fee is not compensation for the
administrative and operational services rendered to the Fund by MLPF&S in
processing share orders and administering shareholder accounts.
Financial Data Services, Inc. ("FDS"), a wholly-owned subsidiary of ML & Co., is
the Fund's transfer agent.
Accounting services are provided to the Fund by FAM at cost.
Certain officers and/or trustees of the Fund are officers and/or directors of
FAM, PSI, FDS, and/or ML & Co.
3. Shares of Beneficial Interest:
The number of shares sold, reinvested and redeemed during the periods
corresponds to the amounts included in the Statements of Changes in Net Assets
for net proceeds from sale of shares, value of shares reinvested and cost of
shares redeemed, respectively, since shares are recorded at $1.00 per share.
4. Capital Loss Carryforward:
At March 31, 2000, the Fund had a net capital loss carryforward of approximately
$57,000, of which $6,000 expires in 2004, $30,000 expires in 2005, $6,000
expires in 2006, $5,000 expires in 2007 and $10,000 expires in 2008. 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
================================================================================
Terry K. Glenn -- President and Trustee
Ronald W. Forbes -- Trustee
Cynthia A. Montgomery -- Trustee
Charles C. Reilly -- Trustee
Kevin A. Ryan -- Trustee
Roscoe S. Suddarth -- Trustee
Richard R. West -- Trustee
Arthur Zeikel -- Trustee
Edward D. Zinbarg -- Trustee
Vincent R. Giordano -- Senior Vice President
Edward J. Andrews -- Vice President
Peter J. Hayes -- Vice President
Kenneth A. Jacob -- Vice President
Steven T. Lewis -- Vice President
Darrin J. SanFillippo -- Vice President
Kevin A. Schiatta -- Vice President
Helen Marie Sheehan -- Vice President
Donald C. Burke -- Vice President and Treasurer
Phillip Gillespie -- Secretary
Custodian
State Street Bank and Trust Company
P.O. Box 351
Boston, MA 02101
Transfer Agent
Financial Data Services, Inc.
4800 Deer Lake Drive East
Jacksonville, FL 32246-6484
(800) 221-7210*
* For inquiries regarding your CMA account, call (800) CMA-INFO [(800)
262-4636].
11
<PAGE>
This report is not authorized for use as an offer of sale or a solicitation of
an offer to buy shares of the Fund unless accompanied or preceded by the Fund's
current prospectus. An investment in the Fund is not insured or guaranteed by
the Federal Deposit Insurance Corporation or any other Government agency.
Although the Fund seeks to preserve the value of your investment at $1.00 per
share, it is possible to lose money by investing in the Fund. Past performance
results shown in this report should not be considered a representation of
future performance, which will fluctuate. Statements and other information
herein are as dated and are subject to change.
CMA Arizona
Municipal Money Fund
Box 9011
Princeton, NJ 08543-9011 #16714 -- 9/00
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