-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, GiyTMuSEyH2AaX1D7JRQlDaE/7UCp3oprE6dwoPsMKrwwD9AfTcaP75r5ENoXC2K R+zQJdwahES4toLfm9gHXA== 0001193805-03-000416.txt : 20030529 0001193805-03-000416.hdr.sgml : 20030529 20030529104003 ACCESSION NUMBER: 0001193805-03-000416 CONFORMED SUBMISSION TYPE: N-CSR PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20030331 FILED AS OF DATE: 20030529 EFFECTIVENESS DATE: 20030529 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CMA MASSACHUSETTS MUN MON FD OF CMA MULTI STATE MUN SERS TRU CENTRAL INDEX KEY: 0000862958 STATE OF INCORPORATION: MA FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: N-CSR SEC ACT: 1940 Act SEC FILE NUMBER: 811-05011-04 FILM NUMBER: 03722651 BUSINESS ADDRESS: STREET 1: 800 SCUDDERS MILL RD CITY: PLAINSBORO STATE: NJ ZIP: 08546 BUSINESS PHONE: 6092822800 MAIL ADDRESS: STREET 1: 800 SCUDDERS MILL RD CITY: PLAINSBORO STATE: NJ ZIP: 08536 FORMER COMPANY: FORMER CONFORMED NAME: CMA MASS TAX EXEMPT FUND OF CMA MUL ST MUN SER TRUST DATE OF NAME CHANGE: 19910729 N-CSR 1 e300391_ncsr-cmamass.txt ANNUAL REPORT UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-CSR CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES Investment Company Act file number 811-5011 Name of Fund: CMA Massachusetts Municipal Money Fund CMA Multi-State Municipal Series Trust Fund Address: P.O. Box 9011 Princeton, NJ 08543-9011 Name and address of agent for service: Terry K. Glenn, President, CMA Massachusetts Municipal Money Fund, 800 Scudders Mill Road, Plainsboro, NJ 08536. Mailing address: P.O. Box 9011, Princeton, NJ 08543-9011 Registrant's telephone number, including area code: (609) 282-2800 Date of fiscal year end: 03/31/03 Date of reporting period: 04/01/02 - 3/31/03 Item 1 - Attach shareholder report [LOGO] Merrill Lynch Investment Managers Annual Report March 31, 2003 CMA Massachusetts Municipal Money Fund www.mlim.ml.com TO OUR SHAREHOLDERS: - -------------------------------------------------------------------------------- For the year ended March 31, 2003, CMA Massachusetts Municipal Money Fund paid shareholders a net annualized yield of .79%.* As of March 31, 2003, the Fund's 7-day yield was .57%. Economic Environment During the six-month period ended March 31, 2003, the economic downturn experienced in the commonwealth of Massachusetts has not shown significant signs of abating. Job growth was virtually non-existent across all major industries, as continuous unemployment claims remained high. Weak economic conditions have impacted consumer confidence, as the Consumer Price Index fell to its lowest level in 6.5 years. In addition, a cold and active winter, combined with the overhang of an impending Middle East conflict, contributed to a rise in energy costs that inflated business costs, while impacting consumer habits. However, Massachusetts' exports, led by strength in technology, were on the rise, which helped offset a portion of economic weakness. The combination of a federal fiscal stimulus package, as well as the anticipated increase in defense spending, should help Massachusetts' economy in the coming months. This prolonged decline in economic activity has affected the commonwealth's revenue stream. However, despite the lack of revenue growth, Massachusetts managed to avoid the need to borrow additional funds in the short-term municipal market to finance daily operations. In addition, the commonwealth's various municipalities are experiencing the effects of a sluggish economic environment as municipal issuance increased to $1.4 billion for the period. Investment Strategy During the six months ended March 31, 2003, we continued to employ a neutral investment strategy. The period began with a volatile short-term municipal yield curve as interest rates on variable rate demand note (VRDN) securities outperformed those on longer-dated municipal notes. With the Fund's net assets remaining relatively stable for the first half of the period, we limited our pursuit of longer-dated municipal notes and concentrated on the attractive yields offered by VRDN securities. Our focus in pursuing longer-dated municipal notes was to maintain our holdings percentage by replacing maturing securities, while selectively purchasing attractively priced municipal notes when opportunities presented themselves. This strategy proved successful. However, at the November 6, 2002 Federal Open Market Committee meeting, the Federal Reserve Board lowered the Federal Funds rate 50 basis points (.50%). This reduction in short-term interest rates forced investors to scramble to purchase a limited supply of longer-dated municipal notes, as they rallied almost 40 basis points to the 1.20% level by early December 2002 and again to the 1.10% level by March 31, 2003. Yields on VRDN securities followed suit, but at a slower pace. At the beginning of January 2003, the Fund experienced its seasonal increase in subscriptions. With municipal note yield levels at historical lows and the short-term municipal yield curve extremely flat, we concentrated on meeting new subscriptions by purchasing VRDN securities. This investment strategy was utilized for the remainder of the period as a * Based on a constant investment throughout the period, with dividends compounded daily, and reflecting a net return to the investor after all expenses. 1 limited amount of attractive opportunities existed in longer-dated municipal note offerings. In addition, with the Middle East conflict unfolding and domestic economic activity neutralized by the hostilities, there continued to be a limited amount of investment opportunities in the short-term municipal market. We allowed the Fund's average life to decline from the 55-day range to the 40-day range by the end of the period. The Fund continued to perform well in a challenging market environment and despite historically low yield levels, the Fund offered an attractive tax-exempt yield compared to its taxable counterparts. Going forward, we will continue to pursue a neutral investment strategy to the short-term municipal market. With yields on longer-dated municipal notes at historical lows, the incentive to pursue such issues has been limited. We are observing the Middle East conflict and its effects on the domestic economy as well as the Federal Reserve Board's reaction, as we pursue our investment strategy. With the coming tax season, we anticipate there will be attractive investment opportunities in the short-term municipal market. In addition, as the various municipalities begin their budget processes and address the impact that the weak economy is having on their revenue base, we will continue to monitor the credit quality of the Fund, while pursuing attractive yield opportunities where they exist. In Conclusion We thank you for your support of CMA Massachusetts 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/ Kenneth A. Jacob Kenneth A. Jacob Senior Vice President /s/ John M. Loffredo John M. Loffredo Senior Vice President /s/ Kevin A. Schiatta Kevin A. Schiatta Portfolio Manager April 16, 2003 2 CMA MASSACHUSETTS MUNICIPAL MONEY FUND SCHEDULE OF INVESTMENTS AS OF MARCH 31, 2003 (IN THOUSANDS) - --------------------------------------------------------------------------------
Face State Amount Issue Value - ------------------------------------------------------------------------------------------------------------------------------------ Massachusetts-- $ 1,225 Boston, Massachusetts, Industrial Financing Authority, IDR (Acme 98.2% Bookbinding Co.), AMT, VRDN, 1.15% due 9/01/2006 (a) ................................... $ 1,225 5,000 Boston, Massachusetts, Water and Sewer Commission Revenue Bonds, FLOATS, VRDN, Series SG-75, 1.12% due 11/01/2019 (a) ........................................... 5,000 Clipper Tax-Exempt Trust, VRDN, COP (a): 5,507 Series 1998-8, 1.20% due 7/20/2007 ................................................. 5,507 4,520 Series 2000-2, 1.60% due 1/01/2008 ................................................. 4,535 5,630 Eagle Tax-Exempt Trust, Massachusetts, Water Revenue Bonds, VRDN, Series 2103, 1.15% due 12/01/2015 (a) ............................................................... 5,630 2,268 Essex, Massachusetts, GO, BAN, 2.25% due 12/19/2003 .................................... 2,282 8,000 Fitchburg, Massachusetts, GO, RAN, 2.75% due 6/30/2003 ................................. 8,022 4,000 Greater Attleboro-Taunton, Massachusetts, Regional Transit Authority, GO, RAN, 2.75% due 8/08/2003 .................................................................... 4,016 Haverhill, Massachusetts, BAN: 3,000 3% due 4/16/2003 ................................................................... 3,002 1,703 GO, 3% due 12/05/2003 .............................................................. 1,720 6,000 Hull, Massachusetts, GO, BAN, 3% due 7/15/2003 ......................................... 6,019 2,500 Lynn, Massachusetts, GO, Refunding, BAN, 2.25% due 1/23/2004 ........................... 2,518 1,594 Mashpee, Massachusetts, GO, BAN, 2.50% due 9/16/2003 ................................... 1,601 3,000 Massachusetts Bay Transportation Authority, Revenue Refunding Bonds, FLOATS, VRDN, Series 431, 1.15% due 3/01/2028 (a) .............................................. 3,000 2,750 Massachusetts State Development Finance Agency, Assisted Living Facility Revenue Bonds (Whalers Cove Project), VRDN, Series A, 1.22% due 9/01/2034 (a) .......... 2,750 Massachusetts State Development Finance Agency, IDR, VRDN, AMT (a): 3,500 (Cell Signaling Technology), 1.15% due 12/01/2010 .................................. 3,500 2,885 (Cleveland Motion Controls), 1.35% due 6/01/2021 ................................... 2,885 4,000 (Concord Foods Issue), 1.15% due 4/01/2021 ......................................... 4,000 2,300 (Seafood Services Inc. Project), Series A, 1.15% due 12/01/2023 .................... 2,300 4,320 (V&S Taunton Galvanizing), 1.35% due 12/01/2023 .................................... 4,320 1,435 (Ward Hill Central Products Inc.), 1.35% due 8/01/2016 ............................. 1,435 Massachusetts State Development Finance Agency Revenue Bonds, VRDN (a): 9,235 (Bancroft School Issue), 1.20% due 9/01/2031 ....................................... 9,235 8,000 (Draper Laboratory Issue), 1.10% due 6/01/2030 (b) ................................. 8,000 6,000 (Meadowbrook School Issue), 1.15% due 8/01/2030 .................................... 6,000 5,000 (New Bedford Waste Services), AMT, 1.25% due 6/01/2021 ............................. 5,000 2,000 (New Jewish High School Project), 1.15% due 6/01/2032 .............................. 2,000 3,300 (Saint Peter-Marian Issue), 1.15% due 10/01/2032 ................................... 3,300 3,100 (Ursuline Academy Dedham), 1.15% due 5/01/2032 ..................................... 3,100 1,000 (Walnut Hill School District), 1.15% due 7/01/2032 ................................. 1,000 7,500 (Worcester Academy Issue), 1.20% due 10/01/2030 .................................... 7,500 5,475 (Worcester YMCA Issue), 1.15% due 1/01/2031 ........................................ 5,475 3,500 (Xinetics Issue), AMT, 1.15% due 6/01/2021 ......................................... 3,500
Portfolio Abbreviations for CMA Massachusetts Municipal Money Fund AMT Alternative Minimum Tax (subject to) BAN Bond Anticipation Notes COP Certificates of Participation FLOATS Floating Rate Securities GO General Obligation Bonds IDR Industrial Development Revenue Bonds PUTTERS Puttable Tax-Exempt Receipts RAN Revenue Anticipation Notes ROCS Reset Option Certificates VRDN Variable Rate Demand Notes 3 CMA MASSACHUSETTS MUNICIPAL MONEY FUND SCHEDULE OF INVESTMENTS AS OF MARCH 31, 2003 (CONTINUED) (IN THOUSANDS) - --------------------------------------------------------------------------------
Face State Amount Issue Value - ------------------------------------------------------------------------------------------------------------------------------------ Massachusetts Massachusetts State Development Finance Agency, Revenue Refunding (continued) Bonds, VRDN (a): $ 7,055 (Clark University), 1.15% due 10/01/2030 (c) ....................................... $ 7,055 4,000 (Gordon College), 1.15% due 9/01/2032 .............................................. 4,000 4,000 (Marine Biological Lab), 1.20% due 2/01/2030 ....................................... 4,000 10,000 (Phillips Academy), 1.10% due 9/01/2033 ............................................ 10,000 3,500 Massachusetts State Development Finance Agency, Solid Waste Disposal Revenue Bonds (Newark Group Project), VRDN, AMT, Series A, 1.15% due 7/01/2031 (a) ..... 3,500 12,000 Massachusetts State Development Finance Agency, Solid Waste Disposal Revenue Refunding Bonds (Newark Group Project), VRDN, AMT, Series A, 1.15% due 7/01/2028 (a) ................................................................ 12,000 3,255 Massachusetts State, FLOATS, VRDN, Series SG-126, 1.12% due 8/01/2018 (a) .............. 3,255 Massachusetts State, GO (Central Artery), VRDN (a): 1,620 Series A, 1.15% due 12/01/2030 ..................................................... 1,620 15,700 Series B, 1.15% due 12/01/2030 ..................................................... 15,700 Massachusetts State, GO, VRDN, Refunding (a): 1,459 FLOATS, Series 716D, 1.15% due 8/01/2018 (b) ....................................... 1,459 6,895 PUTTERS, Series 338, 1.20% due 11/01/2017 (b) ...................................... 6,895 6,555 PUTTERS, Series 340, 1.20% due 1/01/2017 (b) ....................................... 6,555 8,995 ROCS, Series II-R-180, 1.15% due 11/01/2015 (d) .................................... 8,995 5,000 Series A, 1.15% due 9/01/2016 ...................................................... 5,000 2,790 Massachusetts State, GO, VRDN, Series O, 1.18% due 11/01/2014 (a) ...................... 2,790 Massachusetts State Health and Educational Facilities Authority Revenue Bonds, VRDN (a): 4,865 (Becker College), Series A-1, 1.15% due 7/01/2028 .................................. 4,865 9,200 (Capital Asset Program), Series E, 1.15% due 1/01/2035 ............................. 9,200 9,325 (Sherrill House Inc.), Series A-1, 1.10% due 1/01/2032 ............................. 9,325 7,860 Massachusetts State Health and Educational Facilities Authority, Revenue Refunding Bonds (The Boston Home Inc.), VRDN, Series A, 1.15% due 6/01/2032 (a) ........ 7,860 2,135 Massachusetts State Industrial Finance Agency, IDR (Hi-Tech Mold & Tool), VRDN, 1.20% due 6/01/2018 (a) ................................................................ 2,135 Massachusetts State Industrial Finance Agency, Industrial Revenue Bonds, VRDN, AMT (a): 2,490 (AFC Cable Systems Inc. Issue), 1.15% due 7/01/2016 ................................ 2,490 1,800 (BBB Esquire LLC), 1.15% due 12/01/2016 ............................................ 1,800 3,400 (Bodwell Project), 1.15% due 7/01/2017 ............................................. 3,400 4,100 (Constitution Project), 1.15% due 6/01/2018 ........................................ 4,100 1,735 (Garlock Printing Corp.), 1.15% due 12/01/2017 ..................................... 1,735 2,940 (Gem Group Inc. Issue), 1.15% due 7/01/2016 ........................................ 2,940 2,300 (Hazen Paper Company), 1.15% due 3/01/2008 ......................................... 2,300 2,190 (Insco Corporation Issue), 1.15% due 9/01/2008 ..................................... 2,190 2,125 (Lavigne), 1.15% due 8/01/2008 ..................................................... 2,125 2,100 (Mercer Paper Tube Corp.), 1.30% due 11/01/2011 .................................... 2,100 2,100 (OCT Co. Inc. Project), 1.15% due 12/01/2017 ....................................... 2,100 1,900 (Tamasi Family Issue), 1.20% due 5/01/2013 ......................................... 1,900 568 (Techprint/Techgraphics), 1.30% due 6/01/2017 ...................................... 568 2,475 (Telcom USA Inc. Issue), 1.15% due 8/01/2016 ....................................... 2,475 2,000 (Valkyrie Co. Inc.), 1.15% due 5/01/2013 ........................................... 2,000 1,035 (WBC Extrusion Products Issue), 1.15% due 4/01/2006 ................................ 1,035 2,240 Massachusetts State Industrial Finance Agency, Industrial Revenue Refunding Bonds (New England Biolabs), VRDN, AMT, 1.15% due 3/01/2016 (a) ........................ 2,240 Massachusetts State Industrial Finance Agency Revenue Bonds, VRDN (a): 1,555 (Heritage at Dartmouth), AMT, 1.15% due 12/01/2028 ................................. 1,555 1,458 (Lower Mills Association II L.P.), 1.15% due 12/01/2020 ............................ 1,458 1,150 (Whitehead Institute Biomed Research), 1.05% due 7/01/2026 ......................... 1,150
4 CMA MASSACHUSETTS MUNICIPAL MONEY FUND SCHEDULE OF INVESTMENTS AS OF MARCH 31, 2003 (CONCLUDED) (IN THOUSANDS) - --------------------------------------------------------------------------------
Face State Amount Issue Value - ------------------------------------------------------------------------------------------------------------------------------------ Massachusetts Massachusetts State Industrial Finance Agency, Revenue Refunding Bonds, (concluded) VRDN (a): $ 565 (Easy Day Realty Trust Project), Series A, 1.10% due 7/01/2006 ..................... $ 565 5,000 (Lightolier Inc. Project), 1.15% due 7/29/2010 ..................................... 5,000 2,680 (Mount Ida College Issue), 1.15% due 12/01/2027 .................................... 2,680 Massachusetts State Industrial Finance Agency, Solid Waste Disposal Revenue Bonds (E.L. Harvey & Sons Inc.), VRDN, AMT (a): 1,680 1.15% due 1/01/2011 ................................................................ 1,680 2,265 1.15% due 6/01/2013 ................................................................ 2,265 9,000 Massachusetts State Turnpike Authority, Metropolitan Highway System Revenue Bonds, FLOATS, VRDN, Series SG-124, 1.12% due 1/01/2029 (a) ............................ 9,000 9,600 Massachusetts State Turnpike Authority, Metropolitan Highway System, Revenue Refunding Bonds, FLOATS, VRDN, Series 334, 1.15% due 1/01/2037 (a)(b) .................. 9,600 4,200 Massachusetts State Water Resource Authority Revenue Bonds, VRDN, Series A, 1.05% due 8/01/2028 (a)(c) ............................................................. 4,200 Massachusetts State Water Resource Authority, Revenue Refunding Bonds, VRDN (a): 4,455 FLOATS, Series 742D, 1.20% due 8/01/2019 (e) ....................................... 4,455 300 Sub-Series C, 1.15% due 8/01/2020 .................................................. 300 1,100 Sub-Series D, 1.10% due 8/01/2017 .................................................. 1,100 340 Municipal Security Trust Certificates, Massachusetts State Port Authority, Special Facility Revenue Bonds, VRDN, AMT, Series 2001-155, Class A, 1.22% due 4/28/2016 (a)(c) ............................................................. 340 7,000 Nashoba, Massachusetts, Regional School District, GO, BAN, 3% due 12/04/2003 ........... 7,054 4,900 Nashoba Valley, Massachusetts, Technical High School District, GO, BAN, 1.50% due 8/15/2003 .................................................................... 4,907 Norwell, Massachusetts, GO, BAN: 4,000 2% due 7/15/2003 ................................................................... 4,010 7,500 2.25% due 2/20/2004 ................................................................ 7,569 10,000 Old Rochester, Massachusetts, Regional School District, GO, BAN, 2.80% due 5/02/2003 ... 10,006 Pembroke, Massachusetts, GO, BAN: 4,000 1.75% due 8/07/2003 ................................................................ 4,009 10,000 2.75% due 8/07/2003 ................................................................ 10,039 8,008 Plympton, Massachusetts, BAN, 2.75% due 7/10/2003 ...................................... 8,025 2,500 Southborough, Massachusetts, GO, BAN, 3% due 5/08/2003 ................................. 2,503 4,250 Spencer East Brookfield, Massachusetts, Regional School District, GO, BAN, 3% due 4/17/2003 ....................................................................... 4,251 8,000 Springfield, Massachusetts, GO, BAN, 3% due 4/14/2003 .................................. 8,006 3,300 Worcester, Massachusetts, BAN, Series A, 2.50% due 8/29/2003 ........................... 3,312 1,750 Wrentham, Massachusetts, GO, BAN, 1.75% due 6/03/2003 .................................. 1,751 - ------------------------------------------------------------------------------------------------------------------------------------ Puerto Rico-- 5,912 Puerto Rico Public Buildings Authority Revenue Refunding Bonds, FLOATS, VRDN, 1.4% Series 747D, 1.15% due 7/01/2017 (a) ................................................... 5,912 - ------------------------------------------------------------------------------------------------------------------------------------ Total Investments (Cost--$419,786*)--99.6% ............................................. 419,786 Other Assets Less Liabilities--0.4% .................................................... 1,832 -------- Net Assets--100.0% ..................................................................... $421,618 ======== ====================================================================================================================================
(a) The interest rate is subject to change periodically based upon prevailing market rates. The interest rate shown is the rate in effect at March 31, 2003. (b) MBIA Insured. (c) AMBAC Insured. (d) FGIC Insured. (e) FSA Insured. * Cost for Federal income tax purposes. See Notes to Financial Statements. 5 CMA MASSACHUSETTS MUNICIPAL MONEY FUND STATEMENT OF ASSETS AND LIABILITIES AS OF MARCH 31, 2003 - -------------------------------------------------------------------------------- Assets: Investments, at value (identified cost--$419,786,189) ......................................... $419,786,189 Cash .......................................................................................... 165,078 Interest receivable ........................................................................... 1,824,995 Prepaid registration fees and other assets .................................................... 134,510 ------------ Total assets .................................................................................. 421,910,772 ------------ Liabilities: Payables: Investment adviser .......................................................................... $ 178,791 Distributor ................................................................................. 76,494 255,285 --------- Accrued expenses and other liabilities ........................................................ 37,220 ------------ Total liabilities ............................................................................. 292,505 ------------ Net Assets .................................................................................... $421,618,267 ============ Net Assets Consist of: Shares of beneficial interest, $.10 par value, unlimited number of shares authorized .......... $ 42,159,871 Paid-in capital in excess of par .............................................................. 379,438,743 Undistributed realized capital gains--net ..................................................... 19,653 ------------ Net Assets--Equivalent to $1.00 per share based on 421,598,712 shares of beneficial interest outstanding .......................................................................... $421,618,267 ============
See Notes to Financial Statements. 6 CMA MASSACHUSETTS MUNICIPAL MONEY FUND STATEMENT OF OPERATIONS FOR THE YEAR ENDED MARCH 31, 2003 - -------------------------------------------------------------------------------- Investment Income: Interest and amortization of premium and discount earned ....................... $ 6,315,288 Expenses: Investment advisory fees ....................................................... $ 2,136,115 Distribution fees .............................................................. 531,847 Accounting services ............................................................ 94,892 Professional fees .............................................................. 68,531 Transfer agent fees ............................................................ 53,990 Registration fees .............................................................. 21,691 Printing and shareholder reports ............................................... 19,757 Custodian fees ................................................................. 12,790 Pricing fees ................................................................... 10,890 Trustees' fees and expenses .................................................... 4,166 Other .......................................................................... 13,626 ----------- Total expenses ................................................................. 2,968,295 ----------- Investment income--net ......................................................... 3,346,993 Realized Gain on Investments--Net .............................................. 20,803 ----------- Net Increase in Net Assets Resulting from Operations ........................... $ 3,367,796 ===========
See Notes to Financial Statements. 7 CMA MASSACHUSETTS MUNICIPAL MONEY FUND STATEMENTS OF CHANGES IN NET ASSETS - --------------------------------------------------------------------------------
For the Year Ended March 31, --------------------------------------- Increase (Decrease) in Net Assets: 2003 2002 - ----------------------------------------------------------------------------------------------------------------------------------- Operations: Investment income--net ............................................................. $ 3,346,993 $ 8,216,050 Realized gain (loss) on investments--net ........................................... 20,803 (1,150) --------------- --------------- Net increase in net assets resulting from operations ............................... 3,367,796 8,214,900 --------------- --------------- Dividends to Shareholders: Investment income--net ............................................................. (3,347,797) (8,216,050) --------------- --------------- Beneficial Interest Transactions: Net proceeds from sale of shares ................................................... 1,390,362,656 1,663,566,207 Value of shares issued to shareholders in reinvestment of dividends ................ 3,347,691 8,216,157 --------------- --------------- 1,393,710,347 1,671,782,364 Cost of shares redeemed ............................................................ (1,423,400,124) (1,746,055,948) --------------- --------------- Net decrease in net assets derived from beneficial interest transactions ........... (29,689,777) (74,273,584) --------------- --------------- Net Assets: Total decrease in net assets ....................................................... (29,669,778) (74,274,734) Beginning of year .................................................................. 451,288,045 525,562,779 --------------- --------------- End of year* ....................................................................... $ 421,618,267 $ 451,288,045 --------------- --------------- Undistributed investment income--net ............................................... -- $ 804 =============== ===============
See Notes to Financial Statements. 8 CMA MASSACHUSETTS MUNICIPAL MONEY FUND FINANCIAL HIGHLIGHTS - --------------------------------------------------------------------------------
The following per share data and ratios have been derived from information provided in the financial statements. For the Year Ended March 31, --------------------------------------------------------------------- Increase (Decrease) in Net Asset Value: 2003 2002 2001 2000 1999 - ----------------------------------------------------------------------------------------------------------------------------------- Per Share Operating Performance: Net asset value, beginning of year ........................ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 --------- --------- --------- --------- --------- Investment income--net .................................... .01 .02 .03 .03 .03 Realized gain (loss) on investments--net .................. --+ --+ --+ --+ -- --------- --------- --------- --------- --------- Total from investment operations .......................... .01 .02 .03 .03 .03 --------- --------- --------- --------- --------- Less dividends and distributions: Investment income--net .................................. (.01) (.02) (.03) (.03) (.03) Realized gain on investments--net ....................... -- -- -- --+ -- --------- --------- --------- --------- --------- Total dividends and distributions ......................... (.01) (.02) (.03) (.03) (.03) --------- --------- --------- --------- --------- Net asset value, end of year .............................. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ========= ========= ========= ========= ========= Total Investment Return ................................... .79% 1.70% 3.34% 2.80% 2.77% ========= ========= ========= ========= ========= Ratios to Average Net Assets: Expenses .................................................. .69% .70% .70% .70% .72% ========= ========= ========= ========= ========= Investment income--net .................................... .78% 1.74% 3.28% 2.76% 2.72% ========= ========= ========= ========= ========= Supplemental Data: Net assets, end of year (in thousands) .................... $ 421,618 $ 451,288 $ 525,563 $ 409,700 $ 331,437 ========= ========= ========= =========== =========
+ Amount is less than $.01 per share. See Notes to Financial Statements. 9 CMA MASSACHUSETTS MUNICIPAL MONEY FUND NOTES TO FINANCIAL STATEMENTS - -------------------------------------------------------------------------------- 1. Significant Accounting Policies: CMA Massachusetts 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. 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 demand notice payment period. In the case of a floating rate instrument, the remaining maturity is the next coupon date on which the interest rate is to be adjusted. (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). Realized gains and losses on security transactions are determined on the identified cost basis. Interest income (including amortization of premium and discount) is recognized on the accrual 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. (f) Expenses -- Certain expenses have been allocated to the individual Funds in the Trust on a pro rata basis based upon the respective aggregate net asset value of each Fund included in the Trust. 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 10 CMA MASSACHUSETTS MUNICIPAL MONEY FUND NOTES TO FINANCIAL STATEMENTS (CONCLUDED) - -------------------------------------------------------------------------------- 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 advisors and other directly involved branch office personnel for selling shares of the Fund and for providing direct personal services to shareholders. The distribution fee is not compensation for the administrative and operational services rendered to the Fund by MLPF&S in processing share orders and administering shareholder accounts. Financial Data Services, Inc. ("FDS"), a wholly-owned subsidiary of ML & Co., is the Fund's transfer agent. For the year ended March 31, 2003, the Fund reimbursed FAM $8,781 for certain accounting services. 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. Distributions to Shareholders: The tax character of distributions paid during the fiscal years ended March 31, 2003 and March 31, 2002 was as follows: - -------------------------------------------------------------------------------- 3/31/2003 3/31/2002 - -------------------------------------------------------------------------------- Distributions paid from: Tax-exempt income ............................. $3,347,797 $8,216,050 ---------- ---------- Total distributions .................... $3,347,797 $8,216,050 ========== ========== - -------------------------------------------------------------------------------- As of March 31, 2003, there were no significant differences between the book and tax components of net assets. 11 CMA MASSACHUSETTS MUNICIPAL MONEY FUND INDEPENDENT AUDITORS' REPORT - -------------------------------------------------------------------------------- To the Shareholders and Board of Trustees of CMA Massachusetts Municipal Money Fund of CMA Multi-State Municipal Series Trust: We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of CMA Massachusetts Municipal Money Fund as of March 31, 2003, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of March 31, 2003, by correspondence with the custodian. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of CMA Massachusetts Municipal Money Fund as of March 31, 2003, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America. Deloitte & Touche LLP Princeton, New Jersey May 8, 2003 CMA MASSACHUSETTS MUNICIPAL MONEY FUND IMPORTANT TAX INFORMATION (UNAUDITED) - -------------------------------------------------------------------------------- All of the net investment income distributions paid by CMA Massachusetts Municipal Money Fund of CMA Multi-State Municipal Series Trust during the taxable year ended March 31, 2003 qualify as tax-exempt interest dividends for Federal income tax purposes. Please retain this information for your records. 12 CMA MASSACHUSETTS MUNICIPAL MONEY FUND OFFICERS AND TRUSTEES - --------------------------------------------------------------------------------
Number of Portfolios Other in Fund Director- Position(s) Length Complex ships Held of Time Overseen by Held by Name, Address & Age with Fund Served Principal Occupation(s) During Past 5 Years Trustee Trustee - ------------------------------------------------------------------------------------------------------------------------------------ Interested Trustee ==================================================================================================================================== Terry K. Glenn* President 1999 to President and Chairman of Merrill Lynch 118 Funds None P.O. Box 9011 and present Investment Managers, L.P. ("MLIM")/Fund 162 Portfolios Princeton, NJ 08543-9011 Trustee and Asset Management, L.P. ("FAM")--Advised Age: 62 1997 to Funds since 1999; Chairman (Americas Region) present of MLIM from 2000 to 2002; Executive Vice President of MLIM and FAM (which terms as used herein include their corporate predecessors) from 1983 to 2002; President of FAM Distributors, Inc. ("FAMD") from 1986 to 2002 and Director thereof from 1991 to 2002; Executive Vice President and Director of Princeton Services, Inc. ("Princeton Services") from 1993 to 2002; President of Princeton Administrators, L.P. from 1988 to 2002; Director of Financial Data Services, Inc. from 1985 to 2002. - ------------------------------------------------------------------------------------------------------------------------------------ * Mr. Glenn is a director, trustee or member of an advisory board of certain other investment companies for which FAM or MLIM acts as investment adviser. Mr. Glenn is an "interested person," as described in the Investment Company Act, of the Fund based on his former positions with FAM, MLIM, FAMD, Princeton Services and Princeton Administrators, L.P. The Trustee's term is unlimited. Trustees serve until their resignation, removal or death, or until December 31 of the year in which they turn 72. As Fund President, Mr. Glenn serves at the pleasure of the Board of Trustees. - ------------------------------------------------------------------------------------------------------------------------------------ Number of Portfolios Other in Fund Director- Position(s) Length Complex ships Held of Time Overseen by Held by Name, Address & Age with Fund Served* Principal Occupation(s) During Past 5 Years Trustee Trustee - ------------------------------------------------------------------------------------------------------------------------------------ Independent Trustees ==================================================================================================================================== Ronald W. Forbes Trustee 1988 to Professor Emeritus of Finance, School of Business, 45 Funds None P.O. Box 9095 present State University of New York at Albany since 2000 51 Portfolios Princeton, NJ 08543-9095 and Professor thereof from 1989 to 2000; Age: 62 International Consultant, Urban Institute from 1995 to 1999. - ------------------------------------------------------------------------------------------------------------------------------------ Cynthia A. Montgomery Trustee 1994 to Professor, Harvard Business School since 1989; 45 Funds Unum P.O. Box 9095 present Director, Unum Provident Corporation since 1990; 51 Portfolios Provident Princeton, NJ 08543-9095 Director, Newell Rubbermaid, Inc. since 1995. Corporation; Age: 50 Newell Rubbermaid, Inc. - ------------------------------------------------------------------------------------------------------------------------------------ Charles C. Reilly Trustee 1990 to Self-employed financial consultant since 1990. 45 Funds None P.O. Box 9095 present 51 Portfolios Princeton, NJ 08543-9095 Age: 71 - ------------------------------------------------------------------------------------------------------------------------------------ Kevin A. Ryan Trustee 1992 to Founder and Director Emeritus of The Boston 45 Funds None P.O. Box 9095 present University Center for the Advancement of Ethics 51 Portfolios Princeton, NJ 08543-9095 and Character; Professor of Education at Boston Age: 70 University from 1982 to 1999 and Professor Emeritus since 1999. - ------------------------------------------------------------------------------------------------------------------------------------
13 CMA MASSACHUSETTS MUNICIPAL MONEY FUND OFFICERS AND TRUSTEES (CONTINUED) - --------------------------------------------------------------------------------
Number of Portfolios Other in Fund Director- Position(s) Length Complex ships Held of Time Overseen by Held by Name, Address & Age with Fund Served* Principal Occupation(s) During Past 5 Years Trustee Trustee - ------------------------------------------------------------------------------------------------------------------------------------ Independent Trustees (concluded) ==================================================================================================================================== Roscoe S. Suddarth Trustee 2000 to President, Middle East Institute from 1995 to 2001; 45 Funds None P.O. Box 9095 present Foreign Service Officer, United States Foreign 51 Portfolios Princeton, NJ 08543-9095 Service from 1961 to 1995; Career Minister from Age: 67 1989 to 1995; Deputy Inspector General, U.S. Department of State from 1991 to 1994; U.S. Ambassador to the Hashemite Kingdom of Jordan from 1987 to 1990. - ------------------------------------------------------------------------------------------------------------------------------------ Richard R. West Trustee 1988 to Dean Emeritus of New York University, Leonard N. 45 Funds Bowne & Co., P.O. Box 9095 present Stern School of Business Administration 51 Portfolios Inc.; Vornado Princeton, NJ 08543-9095 since 1994. Operating Age: 65 Company; Vornado Realty Trust; Alexander's, Inc. - ------------------------------------------------------------------------------------------------------------------------------------ Edward D. Zinbarg Trustee 2000 to Self-employed financial consultant since 1994. 45 Funds None P.O. Box 9095 present 51 Portfolios Princeton, NJ 08543-9095 Age: 68 - ------------------------------------------------------------------------------------------------------------------------------------ * The Trustee's term is unlimited. Trustees serve until their resignation, removal or death, or until December 31 of the year in which they turn 72. - ------------------------------------------------------------------------------------------------------------------------------------ Position(s) Length Held of Time Name, Address & Age with Fund Served* Principal Occupation(s) During Past 5 Years - ------------------------------------------------------------------------------------------------------------------------------------ Fund Officers ==================================================================================================================================== Donald C. Burke Vice 1993 to First Vice President of MLIM and FAM since 1997 and Treasurer thereof P.O. Box 9011 President present since 1999; Senior Vice President and Treasurer of Princeton Services since Princeton, NJ 08543-9011 and and 1999; Vice President of FAMD since 1999; Director of MLIM Taxation Age: 42 Treasurer 1999 to since 1990. present - ------------------------------------------------------------------------------------------------------------------------------------ Kenneth A. Jacob Senior 2002 to Managing Director of MLIM since 2000; Director (Tax-Exempt Fixed Income) P.O. Box 9011 Vice present of MLIM from 1997 to 2000. Princeton, NJ 08543-9011 President Age: 51 - ------------------------------------------------------------------------------------------------------------------------------------ John M. Loffredo Senior 2002 to Managing Director of MLIM since 2000; Director (Tax-Exempt Fixed Income) P.O. Box 9011 Vice present of MLIM from 1998 to 2000. Princeton, NJ 08543-9011 President Age: 39 - ------------------------------------------------------------------------------------------------------------------------------------
14 CMA MASSACHUSETTS MUNICIPAL MONEY FUND OFFICERS AND TRUSTEES (CONCLUDED) - --------------------------------------------------------------------------------
Position(s) Length Held of Time Name, Address & Age with Fund Served* Principal Occupation(s) During Past 5 Years - ------------------------------------------------------------------------------------------------------------------------------------ Fund Officers (concluded) ==================================================================================================================================== Phillip S. Gillespie Secretary 2000 to First Vice President of MLIM since 2001; Director (Legal Advisory) of MLIM from P.O. Box 9011 present 2000 to 2001; Vice President of MLIM from 1999 to 2000 and Attorney associated Princeton, NJ 08543-9011 with MLIM since 1998; Assistant General Counsel of Chancellor LGT Asset Age: 39 Management, Inc. from 1997 to 1998. - ------------------------------------------------------------------------------------------------------------------------------------ * Officers of the Fund serve at the pleasure of the Board of Trustees. - ------------------------------------------------------------------------------------------------------------------------------------
Further information about the Fund's Officers and Trustees is available in the Fund's Statement of Additional Information, which can be obtained without charge by calling 1-800-MER-FUND. 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 or 800-262-4636. 15 [LOGO] Merrill Lynch Investment Managers [GRAPHICS OMITTED] 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 Massachusetts Municipal Money Fund of CMA Multi-State Municipal Series Trust Box 9011 Princeton, NJ 08543-9011 [RECYCLED LOGO] Printed on post-consumer recycled paper #11283--3/03 Item 2 - Did registrant adopt a code of ethics, as of the end of the period covered by this report, that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party? If not, why not? Briefly describe any amendments or waivers that occurred during the period. State here if code of ethics/amendments/waivers are on website and give website address-. State here if fund will send code of ethics to shareholders without charge upon request-- N/A (not answered until July 15, 2003 and only annually for funds) Item 3 - Did the registrant's board of directors determine that the registrant either: (i) has at least one audit committee financial expert serving on its audit committee; or (ii) does not have an audit committee financial expert serving on its audit committee? If yes, disclose name of financial expert and whether he/she is "independent," (fund may, but is not required, to disclose name/independence of more than one financial expert) If no, explain why not. -N/A (not answered until July 15, 2003 and only annually for funds) Item 4 - Disclose annually only (not answered until December 15, 2003) (a) Audit Fees - Disclose aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. N/A. (b) Audit-Related Fees - Disclose aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category. N/A. (c) Tax Fees - Disclose aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. Registrants shall describe the nature of the services comprising the fees disclosed under this category. N/A. (d) All Other Fees - Disclose aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category. N/A. (e)(1) Disclose the audit committee's pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X. N/A. (e)(2) Disclose the percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. N/A. (f) If greater than 50%, disclose the percentage of hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant's full-time, permanent employees. N/A. (g) Disclose the aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant, and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant. N/A. (h) Disclose whether the registrant's audit committee has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser (not including any subadviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence. N/A. Item 5 - If the registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act, state whether or not the registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act. If the registrant has such a committee, however designated, identify each committee member. If the entire board of directors is acting as the registrant's audit committee in Section 3(a)(58)(B) of the Exchange Act, so state. If applicable, provide the disclosure required by Rule 10A-3(d) under the Exchange Act regarding an exemption from the listing standards for audit committees. (Listed issuers must be in compliance with the new listing rules by the earlier of their first annual shareholders meeting after January 2004, or October 31, 2004 (annual requirement)) Item 6 - Reserved Item 7 - For closed-end funds that contain voting securities in their portfolio, describe the policies and procedures that it uses to determine how to vote proxies relating to those portfolio securities. N/A (not answered until July 1, 2003) Item 8 -- Reserved Item 9(a) - Disclose the conclusions of the registrant's principal executive officer or officers and principal financial officer or officers, or persons performing similar functions, about the effectiveness of the registrant's disclosure controls and procedures (as defined in Rule 30a-2(c) under the Act (17 CFR 270.30a-2(c))) based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph. N/A (not answered until July 15, 2003 and only annually for funds) Item 9(b) -- There were no significant changes in the registrant's internal controls or in other factors that could significantly affect these controls subsequent to the date of their evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses. Item 10 - Exhibits 10(a) - Attach code of ethics or amendments/waivers, unless code of ethics or amendments/waivers is on website or offered to shareholders upon request without charge. N/A. 10(b) - Attach certifications pursuant to Section 302 of the Sarbanes-Oxley Act. Attached hereto. Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. CMA Massachusetts Municipal Money Fund By: /s/ Terry K. Glenn -------------------------------------- Terry K. Glenn, President of CMA Massachusetts Municipal Money Fund Date: May 21, 2003 Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By: /s/ Terry K. Glenn -------------------------------------- Terry K. Glenn, President of CMA Massachusetts Municipal Money Fund Date: May 21, 2003 By: /s/ Donald C. Burke -------------------------------------- Donald C. Burke, Chief Financial Officer of CMA Massachusetts Municipal Money Fund Date: May 21, 2003 Attached hereto as an exhibit are the certifications pursuant to Section 906 of the Sarbanes-Oxley Act. EX-99.CERT 3 e300391_ex99-cert.txt CERTIFICATION PURSUANT TO SECTION 302 EX-99. CERT CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 - -------------------------------------------------------------------------------- I, Terry K. Glenn, President of CMA Massachusetts Municipal Money Fund, certify that: 1. I have reviewed this report on Form N-CSR of CMA Massachusetts Municipal Money Fund and CMA Multi-State Municipal Series Trust; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; and 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report. Date: May 21, 2003 /s/ Terry K. Glenn -------------------------------------- Terry K. Glenn, President of CMA Massachusetts Municipal Money Fund EX-99. CERT CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 I, Donald C. Burke, Chief Financial Officer of CMA Massachusetts Municipal Money Fund, certify that: 1. I have reviewed this report on Form N-CSR of CMA Massachusetts Municipal Money Fund and CMA Multi-State Municipal Series Trust; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; and 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report. Date: May 21, 2003 /s/ Donald C. Burke -------------------------------------- Donald C. Burke, Chief Financial Officer of CMA Massachusetts Municipal Money Fund EX-99.1350 CERT 4 e300391_ex99-1350cert.txt CERTIFICATION PURSUANT TO SECTION 906 Exhibit 99.1350CERT Certification Pursuant to Section 906 of the Sarbanes Oxley Act I, Terry K. Glenn, President of CMA Massachusetts Municipal Money Fund (the "Fund"), certify that: 1. The N-CSR of the Fund (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and 2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Fund. Dated: May 21, 2003 /s/ Terry K. Glenn -------------------------------------- Terry K. Glenn, President of CMA Massachusetts Municipal Money Fund Exhibit 99.1350CERT Certification Pursuant to Section 906 of the Sarbanes Oxley Act I, Donald C. Burke, Chief Financial Officer of CMA Massachusetts Municipal Money Fund (the "Fund"), certify that: 1. The N-CSR of the Fund (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and 2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Fund. Dated: May 21, 2003 /s/ Donald C. Burke -------------------------------------- Donald C. Burke, Chief Financial Officer of CMA Massachusetts Municipal Money Fund -----END PRIVACY-ENHANCED MESSAGE-----