-----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, JLjCI8/+3c4YFUMsFwgMGYOBrW0EjTROJfsVyWdIkMVR3PsOurpCQe1Gcq25Ofee hUlWqokCDuEYGgMjGNAXKw== 0001193805-04-000862.txt : 20040603 0001193805-04-000862.hdr.sgml : 20040603 20040603083024 ACCESSION NUMBER: 0001193805-04-000862 CONFORMED SUBMISSION TYPE: N-CSR PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20040331 FILED AS OF DATE: 20040603 EFFECTIVENESS DATE: 20040603 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: 04845814 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 e400507_ncsr-cmamassmuni.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 of CMA Multi-State Municipal Series Trust, 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: 03/31/04 Date of reporting period: 04/01/03 - 03/31/04 Item 1 - Report to Stockholders [LOGO] Merrill Lynch Investment Managers www.mlim.ml.com CMA Massachusetts Municipal Money Fund Annual Report March 31, 2004 [LOGO] Merrill Lynch Investment Managers CMA Massachusetts Municipal Money Fund Important Tax Information (unaudited) All of the net investment income distributions paid by CMA Massachusetts Municipal Money Fund during the taxable year ended March 31, 2004 qualify as tax-exempt interest dividends for Federal income tax purposes. Additionally, the following table summarizes the taxable per share distribution paid by the Fund during the year: ================================================================================ Record Payable Long-Term Date Date Capital Gains ================================================================================ 12/31/2003 12/31/2003 $0.0000498 - -------------------------------------------------------------------------------- Please retain this information for your records. Electronic Delivery The Fund offers electronic delivery of communications to its shareholders. In order to receive this service, you must register your account and provide us with e-mail information. To sign up for this service, simply access this website http://www.icsdelivery.com/live and follow the instructions. When you visit this site, you will obtain a personal identification number (PIN). You will need this PIN should you wish to update your e-mail address, choose to discontinue this service and/or make any other changes to the service. This service is not available for certain retirement accounts at this time. 2 CMA MASSACHUSETTS MUNICIPAL MONEY FUND MARCH 31, 2004 A Letter From the President Dear Shareholder Index returns during the most recent six-month and 12-month reporting periods indicate that fixed income markets -- both taxable and tax-exempt -- continued to reward those investors who were willing to accept greater risk. The high yield market, as measured by the Credit Suisse First Boston High Yield Index, provided a six-month return of +8.65% and a 12-month return of +22.86% as of March 31, 2004. By comparison, the Lehman Brothers Aggregate Bond Index returned +2.98% and +5.40% and the Lehman Brothers Municipal Bond Index returned +3.12% and +5.86% for the six-month and 12-month periods ended March 31, 2004, respectively. As of March month-end, the Federal Reserve Board maintained its accommodative policy stance, pledging "patience" in raising interest rates. As a result, short-term interest rates remained at historic lows and kept the short end of the yield curve relatively flat, making it increasingly difficult to find attractive income opportunities. Market watchers continue to monitor the economic data and Federal Reserve Board language for indications of interest rate direction. Having said that, if the economy continues to grow at its recent pace, many believe it is just a matter of time before interest rates move upward. Equity markets, in the meantime, continued to provide attractive returns. For the six-month and 12-month periods ended March 31, 2004, the Standard & Poor's 500 Index returned +14.08% and +35.12%, respectively. Much of the boost came from improving economic conditions throughout the past year. Significant fiscal and monetary stimulus, including the low interest rates and tax cuts, has opened the door to consumer spending, capital spending, increases in exports and long-awaited job growth. As expected, these positive developments have led the way to improvements in corporate earnings -- a positive for stock markets. The events and efforts of the past year leave us with a much stronger economy today. With all of this in mind, we believe it is time for investors to consider what can go right in 2004. We encourage you to revisit your portfolio and your asset allocation strategy to ensure you are well positioned to take advantage of the opportunities that lie ahead. Your financial advisor can help you develop a strategy designed to perform through all types of market and economic cycles. We thank you for trusting Merrill Lynch Investment Managers with your investment assets, and we look forward to serving you in the months and years ahead. Sincerely, /s/ Terry K. Glenn Terry K. Glenn President and Trustee CMA MASSACHUSETTS MUNICIPAL MONEY FUND MARCH 31, 2004 3 [LOGO] Merrill Lynch Investment Managers A Discussion With Your Fund's Portfolio Manager We sought to maintain the Fund's stake in fixed rate municipal notes while still taking advantage of favorable price swings in shorter-term variable rate demand notes when available. How did the Fund perform during the fiscal year in light of the existing market conditions? For the 12-month period ended March 31, 2004, CMA Massachusetts Municipal Money Fund paid shareholders a net annualized yield of .38%.* As of March 31, 2004, the Fund's seven-day yield was .34%. Throughout the period, an accommodative Federal Reserve Board continued to maintain interest rates near historically low levels. The last in a series of interest rate cuts came in June 2003, as the Federal Reserve Board looked to stimulate economic growth and ward off the potential for deflation. Although economic growth began to accelerate later in the year, concerns over weak job growth persisted in the market. Investors tried to anticipate when the Federal Reserve Board would restore interest rates to more neutral levels. The constant interest rate analysis translated into widespread volatility, which created opportunities in the fixed income markets. Under these conditions, the Fund performed very well on a relative basis. Describe conditions in the Commonwealth of Massachusetts during the period. Although economic conditions in Massachusetts remained weak, signs of improvement began to materialize toward the latter part of the period. Increases in exports bolstered production, while the high-tech industry benefited from increased spending on defense and business services. Corporate profits and business confidence improved, contributing to a brighter outlook for the state's finances and revenue collections that exceeded projections. Finally, as in the rest of the United States, low interest rates continued to generate strong home sales, and slowing layoffs lent a boost to consumer confidence. What changes were made to the portfolio during the period? As the short-term municipal yield curve remained stable, and the Federal Reserve Board seemed content to maintain short-term interest rates at historically low levels, we found little need to vary our investment strategy during the past 12 months. Throughout the period, we sought to maintain an overweight position, relative to our peers, in fixed rate municipal notes while still taking advantage of favorable price swings in shorter-term variable rate demand notes when available. How would you characterize the portfolio's position at the close of the period? At period end, we were preparing the Fund for the anticipated redemptions associated with tax season by maintaining a higher percentage of assets in variable rate paper, which offers us greater liquidity. In addition, we will use this period of seasonal weakness to replace maturing municipal notes while keeping the Fund's holdings in line with those of our peer group average. We continue to monitor the changing economic climate, as well as the Federal Reserve Board's reactions to gauge the potential for policy shifts. We stand ready to adjust our investment strategy in accordance with any significant developments. Finally, we will maintain the credit quality of the Fund's holdings in our ongoing effort to offer our shareholders an attractive tax-exempt yield. Kevin A. Schiatta Vice President and Portfolio Manager April 14, 2004 * Based on a constant investment throughout the period, with dividends compounded daily, and reflecting a net return to the investor after all expenses. 4 CMA MASSACHUSETTS MUNICIPAL MONEY FUND MARCH 31, 2004 Schedule of Investments (in Thousands)
Face Amount Municipal Bonds Value ==================================================================================================================================== Massachusetts--98.0% - ------------------------------------------------------------------------------------------------------------------------------------ $ 6,000 Blackstone Valley, Massachusetts, Vocational Regional School District, GO, BAN, 1.75% due 7/15/2004 $ 6,013 ----------------------------------------------------------------------------------------------------------------------- 925 Boston, Massachusetts, Industrial Financing Authority, IDR (Acme Bookbinding Co.), VRDN, AMT, 1.03% due 9/01/2006 (a) 925 ----------------------------------------------------------------------------------------------------------------------- 5,000 Boston, Massachusetts, Water and Sewer Commission Revenue Bonds, FLOATS, VRDN, Series SG-75, 1.03% due 11/01/2019 (a) 5,000 ----------------------------------------------------------------------------------------------------------------------- 2,071 Boxborough, Massachusetts, BAN, 2% due 3/25/2005 2,090 ----------------------------------------------------------------------------------------------------------------------- 5,500 Bridgewater, Massachusetts, GO, RAN, 2% due 5/25/2004 5,507 ----------------------------------------------------------------------------------------------------------------------- Clipper Tax-Exempt Trust, VRDN, COP (a): 4,768 Series 1998-8, 1.07% due 7/20/2007 4,768 4,259 Series 2000-2, 1.05% due 1/01/2008 4,270 ----------------------------------------------------------------------------------------------------------------------- 3,380 Dover-Sherborn, Massachusetts, Regional School District, GO, BAN, 1.75% due 11/12/2004 3,394 ----------------------------------------------------------------------------------------------------------------------- 6,900 Dracut, Massachusetts, GO, BAN, 1.75% due 1/28/2005 6,942 ----------------------------------------------------------------------------------------------------------------------- 5,630 Eagle Tax-Exempt Trust, Massachusetts, Water Revenue Bonds, VRDN, Series 2103, 1.02% due 12/01/2015 (a) 5,630 ----------------------------------------------------------------------------------------------------------------------- 8,000 Haverhill, Massachusetts, GO, BAN, 3% due 4/16/2004 8,006 ----------------------------------------------------------------------------------------------------------------------- 5,000 Hull, Massachusetts, GO, BAN, 1.75% due 7/15/2004 5,011 ----------------------------------------------------------------------------------------------------------------------- 3,000 Massachusetts Bay Transportation Authority, Revenue Refunding Bonds, FLOATS, VRDN, Series 431, 1.02% due 3/01/2019 (a) 3,000 ----------------------------------------------------------------------------------------------------------------------- 8,735 Massachusetts State, Central Artery, GO, VRDN, Series A, 1.10% due 12/01/2030 (a) 8,735 ----------------------------------------------------------------------------------------------------------------------- 2,750 Massachusetts State Development Finance Agency, Assisted Living Facility Revenue Bonds (Whalers Cove Project), VRDN, Series A, 1.08% due 9/01/2034 (a) 2,750 ----------------------------------------------------------------------------------------------------------------------- 7,806 Massachusetts State Development Finance Agency, CP, 0.95% due 8/20/2004 7,806 ----------------------------------------------------------------------------------------------------------------------- Massachusetts State Development Finance Agency, IDR, VRDN, AMT (a): 3,100 (Cell Signaling Technology), 1.03% due 12/01/2010 3,100 2,805 (Cleveland Motion Controls), 1.20% due 6/01/2021 2,805 4,000 (Concord Foods Issue), 1.03% due 4/01/2021 4,000 2,200 (Seafood Services Inc. Project), Series A, 1.04% due 12/01/2023 2,200 4,255 (V&S Taunton Galvanizing), 1.20% due 12/01/2023 4,255 1,375 (Ward Hill Central Products Inc.), 1.20% due 8/01/2016 1,375 ----------------------------------------------------------------------------------------------------------------------- 5,155 Massachusetts State Development Finance Agency, M/F Housing Revenue Bonds (Midway Studios Project), VRDN, AMT, Series A, 1.12% due 3/01/2034 (a) 5,155 ----------------------------------------------------------------------------------------------------------------------- Massachusetts State Development Finance Agency Revenue Bonds, VRDN (a): 9,045 (Bancroft School Issue), 1.02% due 9/01/2031 9,045 5,000 (Boston College HS Issue), 1.02% due 8/01/2033 5,000 2,100 (Fiba Technologies), AMT, 1.08% due 5/01/2023 2,100 5,000 (Lesley University), 1.07% due 7/01/2033 5,000 4,810 (New Bedford Waste Services), AMT, 1.12% due 6/01/2021 4,810 2,000 (New Jewish High School Project), 1.02% due 6/01/2032 2,000 3,300 (Saint Peter-Marian Issue),1.02% due 10/01/2032 3,300 3,100 (Ursuline Academy Dedham), 1.02% due 5/01/2032 3,100 1,000 (Walnut Hill School District), 1.02% due 7/01/2032 1,000 7,500 (Worcester Academy Issue), 1.02% due 10/01/2030 7,500 5,385 (Worcester YMCA Issue), 1.02% due 1/01/2031 5,385 3,500 (Xinetics Issue), AMT, 1.03% 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 CP Commercial Paper FLOATS Floating Rate Securities GO General Obligation Bonds IDR Industrial Development Revenue Bonds M/F Multi-Family PUTTERS Puttable Tax-Exempt Receipts RAN Revenue Anticipation Notes ROCS Reset Option Certificates VRDN Variable Rate Demand Notes CMA MASSACHUSETTS MUNICIPAL MONEY FUND MARCH 31, 2004 5 [LOGO] Merrill Lynch Investment Managers Schedule of Investments (continued) (in Thousands)
Face Amount Municipal Bonds Value ==================================================================================================================================== Massachusetts (continued) - ------------------------------------------------------------------------------------------------------------------------------------ Massachusetts State Development Finance Agency, Revenue Refunding Bonds, VRDN (a): $ 2,300 (Brandon Residential Treatment Center), 1.02% due 4/01/2028 $ 2,300 7,055 (Clark University), 1.02% due 10/01/2030 (c) 7,055 3,935 (Gordon College), 1.02% due 9/01/2032 3,935 4,000 (Marine Biological Lab), 1.02% due 2/01/2030 4,000 ----------------------------------------------------------------------------------------------------------------------- 3,500 Massachusetts State Development Finance Agency, Solid Waste Disposal Revenue Bonds (Newark Group Project), VRDN, AMT, Series A, 1.02% 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, 1.02% due 7/01/2028 (a) 12,000 ----------------------------------------------------------------------------------------------------------------------- 3,255 Massachusetts State, FLOATS, VRDN, Series SG-126, 1.03% due 8/01/2018 (a) 3,255 ----------------------------------------------------------------------------------------------------------------------- Massachusetts State, GO, Refunding, VRDN (a): 1,451 FLOATS, Series 716D, 1.02% due 8/01/2018 (b) 1,451 6,515 PUTTERS, Series 340, 1.03% due 1/01/2017 (b) 6,515 4,995 ROCS, Series II-R-180, 1.02% due 11/01/2015 (d) 4,995 ----------------------------------------------------------------------------------------------------------------------- 2,790 Massachusetts State, GO, VRDN, Series O, 1.04% due 11/01/2014 (a) 2,790 ----------------------------------------------------------------------------------------------------------------------- Massachusetts State Health and Educational Facilities Authority Revenue Bonds, VRDN (a): 4,705 (Becker College), Series A-1, 1.04% due 7/01/2028 4,705 6,400 (Capital Asset Program), Series E, 1.12% due 1/01/2035 6,400 9,325 (Sherrill House Inc.), Series A-1, 1% due 1/01/2032 9,325 ----------------------------------------------------------------------------------------------------------------------- 1,760 Massachusetts State Health and Educational Facilities Authority, Revenue Refunding Bonds (The Boston Home Inc.), VRDN, Series A, 1.02% due 6/01/2032 (a) 1,760 ----------------------------------------------------------------------------------------------------------------------- 1,955 Massachusetts State Industrial Finance Agency, IDR (Hi-Tech Mold & Tool), VRDN, 1.03% due 6/01/2018 (a) 1,955 ----------------------------------------------------------------------------------------------------------------------- Massachusetts State Industrial Finance Agency, Industrial Revenue Bonds, VRDN, AMT (a): 2,310 (AFC Cable Systems Inc. Issue), 1.03% due 7/01/2016 2,310 1,700 (BBB Esquire LLC), 1.04% due 12/01/2016 1,700 4,000 (Bodwell Project), 1.04% due 7/01/2017 4,000 3,800 (Constitution Project), 1.04% due 6/01/2018 3,800 1,475 (Garlock Printing Corp.), 1.03% due 12/01/2017 1,475 2,730 (Gem Group Inc. Issue), 1.03% due 7/01/2016 2,730 1,800 (Hazen Paper Company), 1.04% due 3/01/2008 1,800 1,825 (Insco Corporation Issue), 1.03% due 9/01/2008 1,825 1,770 (Lavigne), 1.03% due 8/01/2008 1,770 1,900 (Mercer Paper Tube Corp.), 1.11% due 11/01/2011 1,900 2,500 (OCT Co. Inc. Project), 1.04% due 12/01/2017 2,500 2,300 (Tamasi Family Issue), 1.12% due 5/01/2013 2,300 2,300 (Telcom USA Inc. Issue), 1.03% due 8/01/2016 2,300 1,730 (Valkyrie Co. Inc.), 1.03% due 5/01/2013 1,730 465 (WBC Extrusion Products Issue), 1.10% due 4/01/2006 465 ----------------------------------------------------------------------------------------------------------------------- 2,065 Massachusetts State Industrial Finance Agency, Industrial Revenue Refunding Bonds (New England Biolabs), VRDN, AMT, 1.04% due 3/01/2016 (a) 2,065 ----------------------------------------------------------------------------------------------------------------------- Massachusetts State Industrial Finance Agency Revenue Bonds,VRDN (a): 1,545 (Heritage at Dartmouth), AMT, 1.03% due 12/01/2028 1,545 1,368 (Lower Mills Association II L.P.), 1.02% due 12/01/2020 1,368 ----------------------------------------------------------------------------------------------------------------------- Massachusetts State Industrial Finance Agency, Revenue Refunding Bonds, VRDN (a): 5,000 (Lightolier Inc. Project), 1.02% due 7/29/2010 5,000 2,750 (Mount Ida College Issue), 1.07% due 12/01/2027 2,750
6 CMA MASSACHUSETTS MUNICIPAL MONEY FUND MARCH 31, 2004 Schedule of Investments (concluded) (in Thousands)
Face Amount Municipal Bonds Value ==================================================================================================================================== Massachusetts (concluded) - ------------------------------------------------------------------------------------------------------------------------------------ Massachusetts State Industrial Finance Agency, Solid Waste Disposal Revenue Bonds (E.L. Harvey & Sons Inc.), VRDN, AMT (a): $ 1,470 1.03% due 1/01/2011 $ 1,470 2,055 1.03% due 6/01/2013 2,055 ----------------------------------------------------------------------------------------------------------------------- 9,000 Massachusetts State Turnpike Authority, Metropolitan Highway System Revenue Bonds, FLOATS, Series SG-124, VRDN, 1.03% due 1/01/2029 (a) 9,000 ----------------------------------------------------------------------------------------------------------------------- 9,600 Massachusetts State Turnpike Authority, Metropolitan Highway System, Revenue Refunding Bonds, FLOATS, VRDN, Series 334, 1.02% due 1/01/2037 (a)(b) 9,600 ----------------------------------------------------------------------------------------------------------------------- 4,437 Massachusetts State Water Resources Authority, Revenue Refunding Bonds, FLOATS, VRDN, Series 742D, 1.07% due 8/01/2019 (a)(e) 4,437 ----------------------------------------------------------------------------------------------------------------------- 340 Municipal Security Trust Certificates Revenue Bonds, AMT, Series 2001-155, VRDN, Class A, 1.15% due 4/28/2016 (a)(c) 340 ----------------------------------------------------------------------------------------------------------------------- 2,470 Nashoba, Massachusetts, Regional School District, GO, BAN, 2% due 9/14/2004 2,479 ----------------------------------------------------------------------------------------------------------------------- New Bedford, Massachusetts, GO, BAN: 4,250 1.75% due 6/25/2004 4,258 2,500 1.75% due 6/25/2004 2,504 ----------------------------------------------------------------------------------------------------------------------- 2,000 Pembroke, Massachusetts, GO, BAN, 2% due 8/05/2004 2,007 ----------------------------------------------------------------------------------------------------------------------- 5,000 Quincy, Massachusetts, GO, RAN, 1.50% due 5/14/2004 5,003 ----------------------------------------------------------------------------------------------------------------------- Springfield, Massachusetts, GO: 10,000 BAN, 3% due 6/18/2004 10,039 9,000 BAN, 2.50% due 7/08/2004 9,031 3,000 RAN, 2.25% due 6/30/2004 3,007 ----------------------------------------------------------------------------------------------------------------------- 8,715 University of Massachusetts, Building Authority, Project Revenue Refunding Bonds, ROCS, VRDN, Series II R-4522, 1.02% due 11/01/2020 (a)(c) 8,715 ----------------------------------------------------------------------------------------------------------------------- 7,000 Wachusett, Massachusetts, Regional School District, GO, RAN, 1.50% due 6/30/2004 7,008 ----------------------------------------------------------------------------------------------------------------------- 8,000 Worcester, Massachusetts, GO, BAN, 2% due 8/31/2004 8,029 ==================================================================================================================================== Puerto Rico--1.6% - ------------------------------------------------------------------------------------------------------------------------------------ 5,894 Puerto Rico Public Buildings Authority, Revenue Refunding Bonds, FLOATS, VRDN, Series 747D, 1.02% due 7/01/2017 (a)(f) 5,894 ==================================================================================================================================== Total Investments (Cost--$370,627*)--99.6% 370,627 Other Assets Less Liabilities--0.4% 1,612 -------- Net Assets--100.0% $372,239 ========
(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, 2004. (b) MBIA Insured. (c) AMBAC Insured. (d) FGIC Insured. (e) FSA Insured. (f) CIFG Insured. * Cost for Federal income tax purposes. See Notes to Financial Statements. CMA MASSACHUSETTS MUNICIPAL MONEY FUND MARCH 31, 2004 7 [LOGO] Merrill Lynch Investment Managers Statement of Assets and Liabilities As of March 31, 2004 ================================================================================================================================= Assets - --------------------------------------------------------------------------------------------------------------------------------- Investments, at value (identified cost--$370,627,247) .............................. $370,627,247 Cash ............................................................................... 191,369 Interest receivable ................................................................ 1,564,448 Prepaid expenses ................................................................... 6,442 ------------ Total assets ....................................................................... 372,389,506 ------------ ================================================================================================================================= Liabilities - --------------------------------------------------------------------------------------------------------------------------------- Payables: Distributor ..................................................................... $ 79,856 Investment adviser .............................................................. 25,821 Other affiliates ................................................................ 9,438 Beneficial interest redeemed .................................................... 1,818 116,933 -------- Accrued expenses and other liabilities ............................................. 33,671 ------------ Total liabilities .................................................................. 150,604 ------------ ================================================================================================================================= Net Assets - --------------------------------------------------------------------------------------------------------------------------------- Net assets ......................................................................... $372,238,902 ============ ================================================================================================================================= Net Assets Consist of - --------------------------------------------------------------------------------------------------------------------------------- Shares of beneficial interest, $.10 par value, unlimited number of shares authorized $ 37,220,218 Paid-in capital in excess of par ................................................... 334,981,862 Undistributed realized capital gains--net .......................................... 36,822 ------------ Net Assets--Equivalent to $1.00 per share based on 372,202,178 shares of beneficial interest outstanding ................................................... $372,238,902 ============
See Notes to Financial Statements. 8 CMA MASSACHUSETTS MUNICIPAL MONEY FUND MARCH 31, 2004 Statement of Operations For the Year Ended March 31, 2004 ================================================================================================================= Investment Income - ----------------------------------------------------------------------------------------------------------------- Interest and amortization of premium and discount earned $ 4,279,546 ================================================================================================================= Expenses - ----------------------------------------------------------------------------------------------------------------- Investment advisory fees ............................... $1,971,968 Distribution fees ...................................... 490,198 Accounting services .................................... 89,614 Professional fees ...................................... 76,294 Transfer agent fees .................................... 47,357 Printing and shareholder reports ....................... 22,706 Registration fees ...................................... 19,562 Custodian fees ......................................... 16,123 Pricing fees ........................................... 13,600 Trustees' fees and expenses ............................ 3,826 Other .................................................. 14,484 ---------- Total expenses ......................................... 2,765,732 ---------------- Investment income--net ................................. 1,513,814 ---------------- ================================================================================================================= Realized Gain on Investments--Net - ----------------------------------------------------------------------------------------------------------------- Realized gain on investments--net ...................... 36,822 ---------------- Net Increase in Net Assets Resulting from Operations ... $ 1,550,636 ================
See Notes to Financial Statements. CMA MASSACHUSETTS MUNICIPAL MONEY FUND MARCH 31, 2004 9 [LOGO] Merrill Lynch Investment Managers Statements of Changes in Net Assets
For the Year Ended March 31, ----------------------------------- Increase (Decrease) in Net Assets: 2004 2003 =================================================================================================================== Operations - ------------------------------------------------------------------------------------------------------------------- Investment income--net .................................... $ 1,513,814 $ 3,346,993 Realized gain on investments--net ......................... 36,822 20,803 ----------------------------------- Net increase in net assets resulting from operations ...... 1,550,636 3,367,796 ----------------------------------- =================================================================================================================== Dividends and Distributions to Shareholders - ------------------------------------------------------------------------------------------------------------------- Investment income--net .................................... (1,513,814) (3,347,797) Realized gain on investments--net ......................... (19,653) -- ----------------------------------- Net decrease in net assets resulting from dividends and distributions to shareholders ............................ (1,533,467) (3,347,797) ----------------------------------- =================================================================================================================== Beneficial Interest Transactions - ------------------------------------------------------------------------------------------------------------------- Net proceeds from sale of shares .......................... 1,637,836,524 1,390,362,656 Value of shares issued to shareholders in reinvestment of dividends and distributions .............................. 1,533,689 3,347,691 ----------------------------------- 1,639,370,213 1,393,710,347 Cost of shares redeemed ................................... (1,688,766,747) (1,423,400,124) ----------------------------------- Net decrease in net assets derived from beneficial interest transactions ............................................. (49,396,534) (29,689,777) ----------------------------------- =================================================================================================================== Net Assets - ------------------------------------------------------------------------------------------------------------------- Total decrease in net assets .............................. (49,379,365) (29,669,778) Beginning of year ......................................... 421,618,267 451,288,045 ----------------------------------- End of year ............................................... $ 372,238,902 $ 421,618,267 ===================================
See Notes to Financial Statements. 10 CMA MASSACHUSETTS MUNICIPAL MONEY FUND MARCH 31, 2004 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: 2004 2003 2002 2001 2000 ================================================================================================================================== 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 Realized gain on investments--net .... --+ --+ --+ --+ --+ -------------------------------------------------------------------- Total from investment operations ..... --+ .01 .02 .03 .03 -------------------------------------------------------------------- Less dividends and distributions: Investment income--net ............. --++ (.01) (.02) (.03) (.03) Realized gain on investments--net .. --++ -- -- -- --++ -------------------------------------------------------------------- Total dividends and distributions .... --++ (.01) (.02) (.03) (.03) -------------------------------------------------------------------- Net asset value, end of year ......... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ==================================================================== Total investment return .............. .38% .79% 1.70% 3.34% 2.80% ==================================================================== ================================================================================================================================== Ratios to Average Net Assets - ---------------------------------------------------------------------------------------------------------------------------------- Expenses ............................. .70% .69% .70% .70% .70% ==================================================================== Investment income--net ............... .38% .78% 1.74% 3.28% 2.76% ==================================================================== ================================================================================================================================== Supplemental Data - ---------------------------------------------------------------------------------------------------------------------------------- Net assets, end of year (in thousands) $ 372,239 $ 421,618 $ 451,288 $ 525,563 $ 409,700 ====================================================================
+ Amount is less than $.01 per share. ++ Amount is less than $(.01) per share. See Notes to Financial Statements. CMA MASSACHUSETTS MUNICIPAL MONEY FUND MARCH 31, 2004 11 [LOGO] Merrill Lynch Investment Managers 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 amended, 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 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, 2004, the Fund reimbursed FAM $7,988 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. 12 CMA MASSACHUSETTS MUNICIPAL MONEY FUND MARCH 31, 2004 Notes to Financial Statements (concluded) 3. Shares of Beneficial Interest: The number of shares sold, reinvested and redeemed during the period corresponds to the amounts included in the Statements of Changes in Net Assets for net proceeds from sale of shares, 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, 2004 and March 31, 2003 was as follows: - -------------------------------------------------------------------------------- 3/31/2004 3/31/2003 - -------------------------------------------------------------------------------- Distributions paid from: Tax-exempt income .................... $1,513,814 $3,347,797 Long-term capital gains .............. 19,653 -- ------------------------------ Total distributions .................... $1,533,467 $3,347,797 ============================== As of March 31, 2004, there were no significant differences between the book and tax components of net assets. Independent Auditors' Report To the Shareholders and Board of Trustees 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 of CMA Multi-State Municipal Series Trust (the "Trust") as of March 31, 2004, 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 Trust'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, 2004, 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 of CMA Multi-State Municipal Series Trust as of March 31, 2004, 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 14, 2004 CMA MASSACHUSETTS MUNICIPAL MONEY FUND MARCH 31, 2004 13 [LOGO] Merrill Lynch Investment Managers Officers and Trustees (unaudited)
Number of Portfolios in Other Public Position(s) Length of Fund Complex Directorships Held with Time Overseen by Held by Name Address & Age Fund Served Principal Occupation(s) During Past 5 Years Trustee Trustee ==================================================================================================================================== Interested Trustee - ------------------------------------------------------------------------------------------------------------------------------------ Terry K. P.O. Box 9011 President 1999 to President of the Merrill Lynch Investment Man- 124 Funds None Glenn* Princeton, NJ and present agers, L.P. ("MLIM")/Fund Asset Management, L.P. 160 Portfolios 08543-9011 Trustee and 1997 ("FAM")--Advised Funds since 1999; Chairman Age: 63 to (Americas Region) of MLIM from 2000 to 2002; present 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 1989 to 2002; Director of Financial Data Services, Inc. since 1985. ------------------------------------------------------------------------------------------------------------------------ * Mr. Glenn is a director, trustee or member of an advisory board of certain other investment companies for which MLIM or FAM 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 MLIM, FAM, 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. ==================================================================================================================================== Independent Trustees* - ------------------------------------------------------------------------------------------------------------------------------------ Ronald W. P.O. Box 9095 Trustee 1988 to Professor Emeritus of Finance, School of Business, 51 Funds None Forbes Princeton, NJ present State University of New York at Albany since 2000 50 Portfolios 08543-9095 and Professor thereof from 1989 to 2000; Age: 63 International Consultant at the Urban Institute from 1995 to 1999. - ------------------------------------------------------------------------------------------------------------------------------------ Cynthia A. P.O. Box 9095 Trustee 1994 to Professor, Harvard Business School since 1989. 51 Funds Newell Montgomery Princeton, NJ present 50 Portfolios Rubbermaid, 08543-9095 Inc. Age: 51 - ------------------------------------------------------------------------------------------------------------------------------------ Kevin A. P.O. Box 9095 Trustee 1992 to Director Emeritus of The Boston University Center 51 Funds None Ryan Princeton, NJ present for the Advancement of Ethics and Character from 50 Portfolios 08543-9095 1989 to 1999; Professor of Education at Boston Age: 71 University from 1982 to 1999 and Professor Emeritus thereof since 1999. - ------------------------------------------------------------------------------------------------------------------------------------ Roscoe S. P.O. Box 9095 Trustee 2000 to President of Middle East Institute from 1995 to 51 Funds None Suddarth Princeton, NJ present 2001; Foreign Service Officer of United States 50 Portfolios 08543-9095 Foreign Service from 1961 to 1995 and Career Age: 68 Minister thereof from 1989 to 1995; Deputy Inspector General of U.S. Department of State from 1991 to 1994; U.S. Ambassador to the Hashemite Kingdom of Jordan from 1987 to 1990. - ------------------------------------------------------------------------------------------------------------------------------------ Richard R. P.O. Box 9095 Trustee 1988 to Professor of Finance, New York University, 51 Funds Bowne & Co., West Princeton, NJ present Leonard N. Stern School of Business Administration 50 Portfolios Inc.; Vornado 08543-9095 from 1982 to 1994 and Dean Emeritus thereof Operating Age: 66 since 1994. Company; Vornado Realty Trust and Alexander's, Inc.
14 CMA MASSACHUSETTS MUNICIPAL MONEY FUND MARCH 31, 2004 Officers and Trustees (unaudited) (concluded)
Number of Portfolios in Other Public Position(s) Length of Fund Complex Directorships Held with Time Overseen by Held by Name Address & Age Fund Served Principal Occupation(s) During Past 5 Years Trustee Trustee ==================================================================================================================================== Independent Trustees* (concluded) - ------------------------------------------------------------------------------------------------------------------------------------ Edward D. P.O. Box 9095 Trustee 2000 to Self-employed financial consultant since 1994; 51 Funds None Zinbarg Princeton, NJ present Executive Vice President of The Prudential 50 Portfolios 08543-9095 Insurance Company of America from 1988 to Age: 69 1994; Former Director of Prudential Reinsurance Company and former Trustee of The Prudential Foundation. ------------------------------------------------------------------------------------------------------------------------ * 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 - ------------------------------------------------------------------------------------------------------------------------------------ Position(s) Length of Held with Time Name Address & Age Fund Served* Principal Occupation(s) During Past 5 Years ==================================================================================================================================== Fund Officers - ------------------------------------------------------------------------------------------------------------------------------------ Donald C. P.O. Box 9011 Vice 1993 to First Vice President of MLIM and FAM since 1997 and Treasurer thereof since 1999; Burke Princeton, NJ President present Senior Vice President and Treasurer of Princeton Services since 1999; Vice 08543-9011 and and 1999 President of FAMD since 1999; Director of MLIM Taxation since 1990. Age: 43 Treasurer to present - ------------------------------------------------------------------------------------------------------------------------------------ Kenneth A. P.O. Box 9011 Senior Vice 2002 to Managing Director of MLIM since 2000; Director (Tax-Exempt Fund Management) of Jacob Princeton, NJ President present MLIM from 1997 to 2000. 08543-9011 Age: 53 - ------------------------------------------------------------------------------------------------------------------------------------ John M. P.O. Box 9011 Senior Vice 2002 to Managing Director of MLIM since 2000; Director (Tax-Exempt Fund Management) of Loffredo Princeton, NJ President present MLIM from 1998 to 2000. 08543-9011 Age: 40 - ------------------------------------------------------------------------------------------------------------------------------------ Kevin A. P.O. Box 9011 Vice 1990 to Director (Tax-Exempt Fund Management) of MLIM since 2000; Vice President of MLIM Schiatta Princeton, NJ President present from 1994 to 2000. 08543-9011 Age: 49 - ------------------------------------------------------------------------------------------------------------------------------------ Phillip S. P.O. Box 9011 Secretary 2000 to First Vice President of MLIM since 2001; Director (Legal Advisory) from 2000 to Gillespie Princeton, NJ present 2001; Vice President from 1999 to 2000; Attorney associated with MLIM since 1998. 08543-9011 Age: 40 ------------------------------------------------------------------------------------------------------------------------ * 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. - -------------------------------------------------------------------------------- Charles C. Reilly, Trustee of CMA Massachusetts Municipal Money Fund, has recently retired. The Fund's Board of Trustees wishes Mr. Reilly well in his retirement. - -------------------------------------------------------------------------------- CMA MASSACHUSETTS MUNICIPAL MONEY FUND MARCH 31, 2004 15 [LOGO] Merrill Lynch Investment Managers www.mlim.ml.com 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. A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available (1) without charge, upon request, by calling toll-free 1-800-MER-FUND (1-800-637-3863); (2) on www.mutualfunds.ml.com; and (3) on the Securities and Exchange Commission's website at http://www.sec.gov. CMA Massachusetts Municipal Money Fund of CMA Multi-State Municipal Series Trust Box 9011 Princeton, NJ 08543-9011 #11283 -- 3/04 Item 2 - Code of Ethics - The registrant has adopted 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 and principal accounting officer, or persons performing similar functions. A copy of the code of ethics is available without charge upon request by calling toll-free 1-800-MER-FUND (1-800-637-3863). Item 3 - Audit Committee Financial Expert - The registrant's board of directors has determined that (i) the registrant has the following audit committee financial experts serving on its audit committee and (ii) each audit committee financial expert is independent: (1) Ronald W. Forbes, (2) Richard R. West, and (3) Edward D. Zinbarg. Item 4 - Principal Accountant Fees and Services (a) Audit Fees - Fiscal Year Ending March 31, 2004 - $31,200 Fiscal Year Ending March 31, 2003 - $34,164 (b) Audit-Related Fees - Fiscal Year Ending March 31, 2004 - $0 Fiscal Year Ending March 31, 2003 - $0 (c) Tax Fees - Fiscal Year Ending March 31, 2004 - $5,200 Fiscal Year Ending March 31, 2003 - $4,800 The nature of the services include tax compliance, tax advice and tax planning. (d) All Other Fees - Fiscal Year Ending March 31, 2004 - $0 Fiscal Year Ending March 31, 2003 - $0 (e)(1) The registrant's audit committee (the "Committee") has adopted policies and procedures with regard to the pre-approval of services. Audit, audit-related and tax compliance services provided to the registrant on an annual basis require specific pre-approval by the Committee. The Committee also must approve other non-audit services provided to the registrant and those non-audit services provided to the registrant's affiliated service providers that relate directly to the operations and the financial reporting of the registrant. Certain of these non-audit services that the Committee believes are a) consistent with the SEC's auditor independence rules and b) routine and recurring services that will not impair the independence of the independent accountants may be approved by the Committee without consideration on a specific case-by-case basis ("general pre-approval"). However, such services will only be deemed pre-approved provided that any individual project does not exceed $5,000 attributable to the registrant or $50,000 for the project as a whole. Any proposed services exceeding the pre-approved cost levels will require specific pre-approval by the Committee, as will any other services not subject to general pre-approval (e.g., unanticipated but permissible services). The Committee is informed of each service approved subject to general pre-approval at the next regularly scheduled in-person board meeting. (e)(2) 0% (f) Not Applicable (g) Fiscal Year Ending March 31, 2004 - $16,708,160 Fiscal Year Ending March 31, 2003 - $17,378,427 (h) The registrant's audit committee has considered and determined that the provision of non-audit services that were rendered to the registrant's 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. Regulation S-X Rule 2-01(c)(7)(ii) - $541,640, 0% Item 5 - Audit Committee of Listed Registrants - Not Applicable Item 6 - Schedule of Investments - Not Applicable Item 7 - Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies - Not Applicable Item 8 - Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers - Not Applicable Item 9 - Submission of Matters to a Vote of Security Holders - Not Applicable Item 10 - Controls and Procedures 10(a) - The registrant's certifying officers have reasonably designed such disclosure controls and procedures to ensure material information relating to the registrant is made known to us by others particularly during the period in which this report is being prepared. The registrant's certifying officers have determined that the registrant's disclosure controls and procedures are effective based on our evaluation of these controls and procedures as of a date within 90 days prior to the filing date of this report. 10(b) - There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the second fiscal half-year of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. Item 11 - Exhibits attached hereto 11(a)(1) - Code of Ethics - See Item 2 11(a)(2) - Certifications - Attached hereto 11(a)(3) - Not Applicable 11(b) - Certifications - 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 of CMA Multi-State Municipal Series Trust By: /s/ Terry K. Glenn ---------------------------- Terry K. Glenn, President of CMA Massachusetts Municipal Money Fund of CMA Multi-State Municipal Series Trust Date: May 21, 2004 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 of CMA Multi-State Municipal Series Trust Date: May 21, 2004 By: /s/ Donald C. Burke ---------------------------- Donald C. Burke, Chief Financial Officer of CMA Massachusetts Municipal Money Fund of CMA Multi-State Municipal Series Trust Date: May 21, 2004 EX-99.CERT 2 e400507_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 of CMA Multi-State Municipal Series Trust, certify that: 1. I have reviewed this report on Form N-CSR of CMA Massachusetts Municipal Money Fund of CMA Multi-State Municipal Series Trust (the "Fund"); 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; 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 Fund as of, and for, the periods presented in this report; 4. The Fund's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Fund and have: a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Fund, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; b) evaluated the effectiveness of the Fund's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and c) disclosed in this report any change in the Fund's internal control over financial reporting that occurred during the Fund's most recent fiscal half-year (the Fund's second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Fund's internal control over financial reporting; and 5. The Fund's other certifying officer(s) and I have disclosed to the Fund's auditors and the audit committee of the Fund's board of directors (or persons performing the equivalent functions): a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Fund's ability to record, process, summarize, and report financial information; and b) any fraud, whether or not material, that involves management or other employees who have a significant role in the Fund's internal control over financial reporting. Date: May 21, 2004 /s/ Terry K. Glenn ------------------ Terry K. Glenn, President of CMA Massachusetts Municipal Money Fund of CMA Multi-State Municipal Series Trust 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 of CMA Multi-State Municipal Series Trust, certify that: 1. I have reviewed this report on Form N-CSR of CMA Massachusetts Municipal Money Fund of CMA Multi-State Municipal Series Trust (the "Fund"); 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; 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 Fund as of, and for, the periods presented in this report; 4. The Fund's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Fund and have: a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Fund, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; b) evaluated the effectiveness of the Fund's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and c) disclosed in this report any change in the Fund's internal control over financial reporting that occurred during the Fund's most recent fiscal half-year (the Fund's second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Fund's internal control over financial reporting; and 5. The Fund's other certifying officer(s) and I have disclosed to the Fund's auditors and the audit committee of the Fund's board of directors (or persons performing the equivalent functions): a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Fund's ability to record, process, summarize, and report financial information; and b) any fraud, whether or not material, that involves management or other employees who have a significant role in the Fund's internal control over financial reporting. Date: May 21, 2004 /s/ Donald C. Burke ------------------- Donald C. Burke, Chief Financial Officer of CMA Massachusetts Municipal Money Fund of CMA Multi-State Municipal Series Trust EX-99.1350 CERT 3 e400507_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 of CMA Multi-State Municipal Series Trust (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, 2004 /s/ Terry K. Glenn ------------------ Terry K. Glenn, President of CMA Massachusetts Municipal Money Fund of CMA Multi-State Municipal Series Trust A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to CMA Massachusetts Municipal Money Fund of CMA Multi-State Municipal Series Trust and will be retained by CMA Massachusetts Municipal Money Fund of CMA Multi-State Municipal Series Trust and furnished to the Securities and Exchange Commission or its staff upon request. 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 of CMA Multi-State Municipal Series Trust (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, 2004 /s/ Donald C. Burke ------------------- Donald C. Burke, Chief Financial Officer of CMA Massachusetts Municipal Money Fund of CMA Multi-State Municipal Series Trust A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to CMA Massachusetts Municipal Money Fund of CMA Multi-State Municipal Series Trust and will be retained by CMA Massachusetts Municipal Money Fund of CMA Multi-State Municipal Series Trust and furnished to the Securities and Exchange Commission or its staff upon request. -----END PRIVACY-ENHANCED MESSAGE-----