-----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, M1wlIR9fba0nk13rDX9VztgK7lNT2Vn1WzwiSuRiCtsoSiHcipEs6Kc8OBWHDhe4 /R5L2Jf9fYOk/N1lsfW36Q== 0000900092-03-000063.txt : 20030530 0000900092-03-000063.hdr.sgml : 20030530 20030530155852 ACCESSION NUMBER: 0000900092-03-000063 CONFORMED SUBMISSION TYPE: N-CSR PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030331 FILED AS OF DATE: 20030530 EFFECTIVENESS DATE: 20030530 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CMA NEW JERSEY MUN MONEY FUND OF CMA MULTI STATE MUN SER TR/ CENTRAL INDEX KEY: 0000863034 IRS NUMBER: 226500468 STATE OF INCORPORATION: MA FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: N-CSR SEC ACT: 1940 Act SEC FILE NUMBER: 811-05011-05 FILM NUMBER: 03725996 BUSINESS ADDRESS: STREET 1: 800 SCUDDERS MILL RD CITY: PLAINSBORO STATE: NJ ZIP: 08536 BUSINESS PHONE: 6092822800 MAIL ADDRESS: STREET 1: 800 SCUDDERS MILL RD CITY: PLAINSBORO STATE: NJ ZIP: 08536 FORMER COMPANY: FORMER CONFORMED NAME: CMA NEW JERSEY TAX EXEMPT FUND OF CMA MULTI STATE MUN SERS T DATE OF NAME CHANGE: 19921021 N-CSR 1 ml7003.txt CMA NEW JERSEY MUNICIPAL 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 New Jersey 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 New Jersey 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 (BULL LOGO) Merrill Lynch Investment Managers Annual Report March 31, 2003 CMA New Jersey Municipal Money Fund 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. CMA New Jersey Municipal Money Fund of CMA Multi-State Municipal Series Trust Box 9011 Princeton, NJ 08543-9011 Printed on post-consumer recycled paper To Our Shareholders: For the year ended March 31, 2003, CMA New Jersey Municipal Money Fund paid shareholders a net annualized yield of .80%.* As of March 31, 2003, the Fund's 7-day yield was .59%. Economic Environment During the six-month period ended March 31, 2003, equity and fixed income markets and the domestic economy continued to be influenced strongly by developments outside of the financial sector. The uncertainty that surrounded the effectiveness of the weapons inspections by the United Nations and the eventual onset of war with Iraq in mid-March weighed heavily on consumer and corporate spending. Despite the increased volatility in the equity markets because of geopolitical uncertainty, the Dow Jones Industrial Average and the NASDAQ Composite Index were able to post positive gains for the period. However, by the end of the period, both indexes were well off the highs reached in late November 2002. Fixed income investors favored the very short end of the U.S. Treasury yield curve because of its relative safety. Six-month and two-year U.S. Treasury bills experienced solid gains that lowered yields on these instruments 43 basis points (.43%) and 31 basis points, respectively. Finally, the Federal Open Market Committee has met four times since September 30, 2002, lowering interest rates 50 basis points at its meeting on November 6, 2002 and bringing the Federal Funds borrowing rate to a historic low of 1.25%. Interestingly, at the Federal Open Market Committee meeting on March 18, 2003, the Federal Reserve Board chose not to issue its customary stated bias, which typically characterizes the committee's current risk assessment for the economy. This may have left the door open for the Federal Reserve Board to cut the Federal Funds rate between meetings should conditions warrant. *Based on a constant investment throughout the period, with dividends compounded daily, and reflecting a net return to the investor after all expenses. Specific to New Jersey, the state is facing a growing budget deficit as tax revenues continue to fall well short of projected levels. The estimated deficit for fiscal year 2003 may exceed $1 billion and for fiscal year 2004 could approach $5 billion. On the positive side, the state's unemployment rate of 5.5% continued to run slightly below the national average of 5.7% as of January 2003. The state's currrent long-term general obligation debt rating remained strong in the AA range by all three of the major rating agencies. Investment Strategy For the six-month period ended March 31, 2003, the short-term municipal market experienced two distinct segments. Initially, short- term municipal yields moved higher as a result of unusually heavy supply in the short end of the yield curve. One-year note yields that began the period in the 1.45% range rose to the 1.75% area, while the average variable rate yield rose from 1.55% to 1.85%. However, from early November 2002 through period end, the increased uncertainty surrounding international events and strong asset inflows into the short end of the yield curve strengthened demand for these municipal securities. This higher demand lowered the yield on a one-year fixed coupon note to the 1.10% range, while the average variable rate yield fell to the 1.15% range by period end. We maintained the Fund's average portfolio maturity in the neutral range of 40 days - 45 days. This investment strategy was appropriate in light of growing global uncertainties. Additionally, the flat nature of the short-term yield curve offered little incentive to implement a more aggressive investment stance. Within the portfolio, fixed coupon securities with maturities predominately in the 3-month - 6-month range remained an important diversification tool and provided an avenue to secure attractive yields through the first quarter of 2003. During the first quarter, average variable rate yields, which adjust on a daily or weekly basis, fell to a period low of .95% - 1.00% because of strong demand. The Fund's fixed coupon securities, which included municipal notes and tax-exempt commercial paper, comprised approximately 35% of the Fund's assets during the period and performed especially well as variable rate yields moved lower. Finally, the Fund's portfolio strategy and asset allocation for the six-month period ended March 31, 2003 provided shareholders with a well-diversified portfolio of high credit quality securities and a stable net asset value. Looking forward, we will continue to monitor budget developments in New Jersey as we anticipate that state and local government short-term borrowing needs over the next 18 months will exceed current levels and could place significant upward pressure on New Jersey-specific short-term yields. In Conclusion We thank you for your continued support of CMA New Jersey Municipal Money Fund, and we look forward to serving your investment needs in the months and years ahead. Sincerely, (Terry K. Glenn) Terry K. Glenn President and Trustee (Kenneth A. Jacob) Kenneth A. Jacob Senior Vice President (John M. Loffredo) John M. Loffredo Senior Vice President (Steven T. Lewis) Steven T. Lewis Portfolio Manager May 2, 2003 CMA NEW JERSEY MUNICIPAL MONEY FUND SCHEDULE OF INVESTMENTS AS OF MARCH 31, 2003 (IN THOUSANDS)
Face State Amount Issue Value New Jersey-- Bayonne, New Jersey: 70.1% $ 2,309 BAN, 2.125% due 7/11/2003 $ 2,313 3,624 GO, BAN, Refunding, 3% due 7/11/2003 3,633 4,000 GO, TAN, 2.75% due 7/29/2003 4,011 7,000 GO, TAN, 3% due 10/22/2003 7,054 14,000 Bayonne, New Jersey, Municipal Utilities Authority, Revenue Refunding Bonds (Water Project Notes), 5.35% due 6/26/2003 14,104 12,382 Bayonne, New Jersey, Temporary Notes, GO, Refunding, 3% due 7/11/2003 12,418 4,517 Bergenfield, New Jersey, BAN, 1.75% due 8/18/2003 4,528 1,579 Bethlehem Township, New Jersey, GO, BAN, 2.50% due 6/24/2003 1,582 12,250 Branchburg Township, New Jersey, GO, BAN, 1.625% due 9/10/2003 12,280 7,767 Brick Township, New Jersey, GO, BAN, Series A, 2.125% due 2/13/2004 7,832 Camden County, New Jersey, Improvement Authority Revenue Bonds, VRDN (e): 1,180 (Jewish Community Center Project), 1.10% due 12/01/2010 1,180 13,900 (Parkview Redevelopment Housing Project), AMT, 1.15% due 7/01/2026 13,900 2,345 Camden County, New Jersey, Improvement Authority, Special Revenue Bonds, VRDN, 1.20% due 9/01/2026 (e) 2,345 4,612 Clipper Tax-Exempt Trust, COP, VRDN, Series 1998-6, 1.20% due 10/01/2017 (e) 4,612 19,970 Eagle Tax-Exempt Trust, New Jersey, GO, VRDN, Series 94C-3005, 1.15% due 2/15/2007 (e) 19,970 17,605 East Brunswick Township, New Jersey, GO, BAN, 1.75% due 1/08/2004 17,686 25,000 Essex County, New Jersey, GO, TAN, Series B, 1.75% due 6/16/2003 25,030 3,166 Hopewell Township, New Jersey, GO, BAN, 2% due 11/20/2003 3,178 50,780 Hudson County, New Jersey, COP, MERLOTS, Series A35, 1.19% due 12/01/2021 (d)(e) 50,780 28,000 Hudson County, New Jersey, Improvement Authority Revenue Bonds (Essential Purpose Pooled Government), VRDN, 1.10% due 7/15/2026 (e) 28,000 14,445 Jersey City, New Jersey, GO, Refunding, 2.75% due 7/02/2003 14,477 1,800 Lakewood Township, New Jersey, GO, BAN, 2.25% due 4/25/2003 1,801 Maywood, New Jersey, GO, BAN: 5,685 2.60% due 6/13/2003 5,695 3,000 2% due 1/30/2004 3,019 2,185 Mercer County, New Jersey, Improvement Authority Revenue Bonds (Mercer Inc. Project), VRDN, 1.20% due 12/01/2018 (e) 2,185 8,350 Moorestown Township, New Jersey, GO, BAN, 3% due 5/29/2003 8,365 6,725 Municipal Securities Trust Certificates, GO, Refunding, VRDN, Series 2001-174, Class A, 1.15% due 2/26/2015 (e) 6,725
Portfolio Abbreviations for CMA New Jersey Municipal Money Fund AMT Alternative Minimum Tax (subject to) ARCS Auction Rate Certificates BAN Bond Anticipation Notes COP Certificates of Participation CP Commercial Paper DATES Daily Adjustable Tax-Exempt Securities EDA Economic Development Authority EDR Economic Development Revenue Bonds FLOATS Floating Rate Securities GO General Obligation Bonds IDR Industrial Development Revenue Bonds MERLOTS Municipal Extendible Receipt Liquidity Option Tender Securities PUTTERS Puttable Tax-Exempt Receipts ROCS Reset Option Certificates TAN Tax Anticipation Notes TRAN Tax Revenue Anticipation Notes VRDN Variable Rate Demand Notes CMA NEW JERSEY MUNICIPAL MONEY FUND SCHEDULE OF INVESTMENTS AS OF MARCH 31, 2003 (CONTINUED) (IN THOUSANDS)
Face State Amount Issue Value New Jersey $ 14,075 Municipal Securities Trust Certificates, New Jersey, Revenue Bonds, VRDN, (continued) Series 1998-64, Class A, 1.12% due 1/01/2012 (c)(e) $ 14,075 28,600 New Jersey EDA, EDR, CP, 1.02% due 6/12/2003 28,600 New Jersey EDA, EDR, Refunding (e): 34,850 (Airis Newark LLC Project), ARCS, AMT, 1.15% due 1/01/2019 (a) 34,850 12,295 (Foreign Trade Zone Project), VRDN, 1.15% due 12/01/2007 12,295 4,400 (Jewish Community Foundation Metro West), VRDN, 1.15% due 12/01/2018 4,400 New Jersey EDA, EDR, VRDN (e): 2,385 (CVC Specialty Chemicals), AMT, 1.30% due 5/01/2011 2,385 9,100 (Diocese of Metuchen), 1.10% due 3/01/2026 9,100 20,100 (ENCAP Golf Holdings LLC), AMT, Series A, 1.15% due 10/01/2026 20,100 33,000 (ENCAP Golf Holdings LLC), AMT, Series B, 1.15% due 10/01/2011 33,000 3,025 (Eatem Realty Company), AMT, 1.20% due 10/01/2013 3,025 255 (International Vitamin Corp. Project), AMT, 1.25% due 5/01/2003 255 8,275 (MZR Real Estate LP Project), AMT, 1.25% due 12/01/2026 8,275 4,095 (PB Tower & Metro Project), AMT, Series A, 1.30% due 11/01/2026 4,095 2,265 (PB Tower & Metro Project), AMT, Series B, 1.30% due 11/01/2011 2,265 1,080 (Park Lane Association Project), AMT, 1.30% due 4/01/2010 1,080 2,400 (Wyckoff Family YMCA Project), 1.15% due 10/01/2017 2,400 800 New Jersey EDA, IDR (Plastic Suppliers Inc. Project), VRDN, AMT, 1.40% due 6/01/2006 (e) 800 4,000 New Jersey EDA, Industrial and Economic Development Revenue Bonds (Tru Urban Renewal Co.), DATES, 1.30% due 4/01/2019 (e) 4,000 4,500 New Jersey EDA, Natural Gas Facilities Revenue Bonds (NUI Corporation Project), VRDN, AMT, Series A, 1.20% due 6/01/2026 (a)(e) 4,500 New Jersey EDA, Revenue Bonds: 3,140 (Accurate Box Co. Inc. Project), VRDN, AMT, 1.25% due 11/01/2009 (e) 3,140 2,045 (The Arc of Somerset County Inc.), VRDN, 1.20% due 7/01/2020 (e) 2,045 4,430 (Cozzoli Enterprises LLC Project), VRDN, AMT, 1.15% due 3/01/2022 (e) 4,430 600 (Economic Growth-Patterson), VRDN, AMT, 1.10% due 1/01/2005 (e) 600 2,000 (Economic Growth-Patterson), VRDN, AMT, 1.10% due 1/01/2016 (e) 2,000 2,035 (Jewish Family Service), VRDN, 1.20% due 2/01/2022 (e) 2,035 31,700 (Keystone Project), CP, 1.02% due 6/02/2003 31,700 22,045 MERLOTS, Series B02, 1.19% due 6/15/2020 (d)(e) 22,045 4,105 (Ocean County YMCA Inc. Project), VRDN, 1.20% due 9/01/2021 (e) 4,105 5,000 (Presbyterian Homes), VRDN, Series B, 1.20% due 12/01/2032 (e) 5,000 3,375 ROCS, Series II-R-203, 1.15% due 6/15/2021 (a)(e) 3,375 3,725 (Urban League Project), VRDN, 1.20% due 8/01/2019 (e) 3,725 3,150 (YMCA of Montclair Project), VRDN, 1.20% due 6/01/2022 (e) 3,150 2,000 New Jersey EDA, Revenue Refunding Bonds (The Peddie School Project), VRDN, Series B, 1.10% due 2/01/2019 (e) 2,000 15,400 New Jersey EDA, Special Facility Revenue Bonds (Port Newark Container LLC), VRDN, AMT, 1.25% due 7/01/2030 (e) 15,400
CMA NEW JERSEY MUNICIPAL MONEY FUND SCHEDULE OF INVESTMENTS AS OF MARCH 31, 2003 (CONTINUED) (IN THOUSANDS)
Face State Amount Issue Value New Jersey New Jersey EDA, Water Facilities Revenue Refunding Bonds (United Water of (concluded) New Jersey Inc. Project), VRDN (a)(e): $ 9,550 AMT, Series C, 1.25% due 11/01/2025 $ 9,550 4,800 Series A, 1.15% due 11/01/2026 4,800 1,500 Series B, 1.20% due 11/01/2025 1,500 New Jersey Health Care Facilities Financing Authority Revenue Bonds (e): 2,000 (Capital Health System Inc. Computer Program), VRDN, Series A-3, 1.10% due 7/01/2021 2,000 14,595 FLOATS, Series 702, 1.15% due 7/01/2014 (d) 14,595 11,500 (Meridian Health System), VRDN, Series B, 1.10% due 7/01/2033 11,500 7,200 (Meridian Hospitals Corp. Computer Program), VRDN, Series A-1, 1.10% due 7/01/2011 7,200 3,000 (Wiley Mission Project), VRDN, 1.15% due 7/01/2029 3,000 10,800 New Jersey Sports and Exposition Authority, State Contract Revenue Bonds, VRDN, Series C, 1.10% due 9/01/2024 (d)(e) 10,800 10,000 New Jersey Sports and Exposition Authority, State Contract Revenue Refunding Bonds, VRDN, Series B-1, 1.10% due 3/01/2021 (d)(e) 10,000 New Jersey State Educational Facilities Authority, Revenue Refunding Bonds, VRDN, Series A (e): 9,850 (Centenary College), 1.15% due 10/01/2033 9,850 40,145 (College of New Jersey), 1.10% due 7/01/2029 (a) 40,145 14,930 New Jersey State Highway Authority, Garden State Parkway, General Revenue Refunding Bonds, PUTTERS, Series 247, 1.15% due 1/01/2013 (b)(e) 14,930 5,000 New Jersey State Housing and Mortgage Finance Agency, Home Buyer Revenue Bonds, AMT, Series EE, 1.10% due 4/01/2004 (d) 5,000 25,000 New Jersey State TRAN, 3% due 6/12/2003 25,074 New Jersey State Transportation Trust Fund Authority Revenue Bonds (e): 34,245 FLOATS, Series 775D, 1.20% due 12/15/2016 34,245 6,205 MERLOTS, Series A13, 1.19% due 6/15/2020 (d) 6,205 5,235 Newark, New Jersey, GO, BAN, 2.50% due 8/01/2003 5,248 20,815 Passaic County, New Jersey, Utilities Authority, Solid Waste Disposal Revenue Refunding Bonds, Series A, 2.25% due 2/27/2004 20,955 3,588 Princeton Borough, New Jersey, GO, BAN, 2.50% due 6/26/2003 3,596 7,300 Salem County, New Jersey, Industrial Pollution Control Financing Authority Revenue Bonds (E.I. du Pont de Nemours), VRDN, 1.10% due 3/01/2012 (e) 7,300 4,500 Somerville, New Jersey, BAN, 2% due 7/17/2003 4,510 3,648 Washington Township, New Jersey, Mercer County, GO, BAN, 2.125% due 11/26/2003 3,665 West Deptford Township, New Jersey, BAN: 3,085 2% due 5/30/2003 3,088 10,635 GO, 2% due 5/14/2003 10,640 10,000 Willingboro Township, New Jersey, GO, BAN, 2% due 12/11/2003 10,038 4,148 Wood Ridge Boro, New Jersey, GO, BAN, 2% due 2/27/2004 4,180 2,549 Woodbridge Township, New Jersey, GO, BAN, Refunding, 2.50% due 7/08/2003 2,556
CMA NEW JERSEY MUNICIPAL MONEY FUND SCHEDULE OF INVESTMENTS AS OF MARCH 31, 2003 (CONCLUDED) (IN THOUSANDS)
Face State Amount Issue Value New York/ Port Authority of New York and New Jersey, CP, Series A and B: New Jersey-- $ 27,905 1.03% due 4/01/2003 $ 27,905 22.9% 16,190 1.05% due 4/07/2003 16,190 23,090 Port Authority of New York and New Jersey, Revenue Refunding Bonds, FLOATS, AMT, Series 693, 1.18% due 12/15/2032 (a)(e) 23,090 Port Authority of New York and New Jersey, Special Obligation Revenue Refunding Bonds (Versatile Structure Obligation), VRDN (e): 75,800 AMT, Series 1R, 1.20% due 8/01/2028 75,800 48,350 AMT, Series 4, 1.25% due 4/01/2024 48,350 38,450 AMT, Series 6, 1.25% due 12/01/2017 38,450 6,640 Series 3, 1.15% due 6/01/2020 6,640 43,800 Series 5, 1.18% due 8/01/2024 43,800 Puerto Rico-- Government Development Bank of Puerto Rico, CP: 6.7% 26,500 1% due 4/10/2003 26,500 8,508 1.07% due 5/20/2003 8,508 4,803 1.08% due 6/19/2003 4,803 20,472 1.05% due 7/01/2003 20,472 10,845 Municipal Securities Trust Certificates, Puerto Rico, Revenue Bonds, VRDN, Series 2000-107, Class A, 1.07% due 5/19/2009 (c)(e) 10,845 5,990 Puerto Rico Commonwealth Highway and Transportation Authority, Transportation Revenue Bonds, MERLOTS, Series FFF, 1.21% due 7/01/2031 (e) 5,990 5,405 Puerto Rico Public Finance Corporation, FLOATS, Series 705D, 1.12% due 8/01/2027 (a)(e) 5,405 Total Investments (Cost--$1,221,871*)--99.7% 1,221,871 Other Assets Less Liabilities--0.3% 4,083 ---------- Net Assets--100.0% $1,225,954 ========== (a)AMBAC Insured. (b)FGIC Insured. (c)FSA Insured. (d)MBIA Insured. (e)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. *Cost for Federal income tax purposes. See Notes to Financial Statements.
CMA NEW JERSEY MUNICIPAL MONEY FUND STATEMENT OF ASSETS AND LIABILITIES AS OF MARCH 31, 2003 Assets: Investments, at value (identified cost--$1,221,871,026) $ 1,221,871,026 Cash 123,473 Interest receivable 4,284,558 Prepaid registration fees and other assets 419,863 --------------- Total assets 1,226,698,920 --------------- Liabilities: Payables: Investment adviser $ 471,327 Distributor 206,433 677,760 --------------- Accrued expenses and other liabilities 66,718 --------------- Total liabilities 744,478 --------------- Net Assets $ 1,225,954,442 =============== Net Assets Consist of: Shares of beneficial interest, $.10 par value, unlimited number of shares authorized $ 122,593,192 Paid-in capital in excess of par 1,103,338,402 Undistributed realized capital gains--net 22,848 --------------- Net Assets--Equivalent to $1.00 per share based on 1,225,931,922 shares of beneficial interest outstanding $ 1,225,954,442 =============== See Notes to Financial Statements.
CMA NEW JERSEY MUNICIPAL MONEY FUND STATEMENT OF OPERATIONS FOR THE YEAR ENDED MARCH 31, 2003 Investment Income: Interest and amortization of premium and discount earned $ 16,812,967 Expenses: Investment advisory fees $ 5,355,569 Distribution fees 1,484,348 Accounting services 211,351 Transfer agent fees 120,630 Professional fees 67,844 Registration fees 30,386 Custodian fees 27,453 Printing and shareholder reports 24,728 Trustees' fees and expenses 11,475 Pricing fees 10,299 Other 25,567 --------------- Total expenses 7,369,650 --------------- Investment income--net 9,443,317 Realized Gain on Investments--Net 87,248 --------------- Net Increase in Net Assets Resulting from Operations $ 9,530,565 =============== See Notes to Financial Statements.
CMA NEW JERSEY 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 $ 9,443,317 $ 20,689,307 Realized gain on investments--net 87,248 18,370 --------------- --------------- Net increase in net assets resulting from operations 9,530,565 20,707,677 --------------- --------------- Dividends & Distributions to Shareholders: Investment income--net (9,443,317) (20,689,307) Realized gain on investments--net (72,268) -- --------------- --------------- Net decrease in net assets resulting from dividends and distributions to shareholders (9,515,585) (20,689,307) --------------- --------------- Beneficial Interest Transactions: Net proceeds from sale of shares 3,387,147,467 3,814,205,798 Value of shares issued to shareholders in reinvestment of dividends and distributions 9,515,227 20,686,417 --------------- --------------- 3,396,662,694 3,834,892,215 Cost of shares redeemed (3,437,655,470) (3,877,372,797) --------------- --------------- Net decrease in net assets derived from beneficial interest transactions (40,992,776) (42,480,582) --------------- --------------- Net Assets: Total decrease in net assets (40,977,796) (42,462,212) Beginning of year 1,266,932,238 1,309,394,450 --------------- --------------- End of year $ 1,225,954,442 $ 1,266,932,238 =============== =============== See Notes to Financial Statements.
CMA NEW JERSEY 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 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 .80% 1.66% 3.35% 2.74% 2.71% ========== ========== ========== ========== ========== Ratios to Average Net Assets: Expenses .62% .62% .62% .64% .66% ========== ========== ========== ========== ========== Investment income--net .79% 1.68% 3.27% 2.71% 2.65% ========== ========== ========== ========== ========== Supplemental Data: Net assets, end of year (in thousands) $1,225,954 $1,266,932 $1,309,394 $1,085,988 $1,017,235 ========== ========== ========== ========== ========== ++Amount is less than $.01 per share. See Notes to Financial Statements.
CMA NEW JERSEY MUNICIPAL MONEY FUND NOTES TO FINANCIAL STATEMENTS 1. Significant Accounting Policies: CMA New Jersey 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 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. CMA NEW JERSEY MUNICIPAL MONEY FUND NOTES TO FINANCIAL STATEMENTS (CONCLUDED) 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 $22,960 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 years 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 $ 9,443,317 $ 20,689,307 Ordinary income 72,268 -- ------------ ------------ Total distributions $ 9,515,585 $ 20,689,307 ============ ============ As of March 31, 2003, there were no significant differences between the book and tax components of net assets. CMA NEW JERSEY MUNICIPAL MONEY FUND INDEPENDENT AUDITORS' REPORT To the Shareholders and Board of Trustees of CMA New Jersey 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 New Jersey 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 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 the 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 New Jersey Municipal Money Fund as of March 31, 2003, the results of its operations for 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 NEW JERSEY MUNICIPAL MONEY FUND IMPORTANT TAX INFORMATION (UNAUDITED) All of the net investment income distributions paid by CMA New Jersey 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. Additionally, the following table summarizes the taxable per share distributions paid by the Fund during the year: Record Payable Ordinary Date Date Income 6/12/2002 6/12/2002 $.000007 12/31/2002 12/31/2002 $.000055 Please retain this information for your records. CMA NEW JERSEY 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, Trustee and Asset Management, L.P. ("FAM")-Advised NJ 08543-9011 1988 to Funds since 1999; Chairman (Americas Age: 62 present Region) 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 1989 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 45 Funds None P.O. Box 9095 present Business, State University of New York at 51 Portfolios Princeton, Albany since 2000 and Professor thereof NJ 08543-9095 from 1989 to 2000; International Consultant, Age: 62 Urban Institute from 1995 to 1999. Cynthia A. Montgomery Trustee 1994 to Professor, Harvard Business School since 45 Funds Unum P.O. Box 9095 present 1989; Director, Unum Provident Corporation 51 Portfolios Provident Princeton, since 1990; Director, Newell Rubbermaid, Corporation; NJ 08543-9095 Inc. since 1995. Newell Age: 50 Rubbermaid, Inc.
CMA NEW JERSEY 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) Charles C. Reilly Trustee 1990 to Self-employed financial consultant since 45 Funds None P.O. Box 9095 present 1990. 51 Portfolios Princeton, NJ 08543-9095 Age: 71 Kevin A. Ryan Trustee 1992 to Founder and Director Emeritus of The 45 Funds None P.O. Box 9095 present Boston University Center for the 51 Portfolios Princeton, Advancement Ethics of and Character; NJ 08543-9095 Professor of Education at Boston Age: 70 University from 1982 to 1999 and Professor Emeritus since 1999. Roscoe S. Suddarth Trustee 2000 to President, Middle East Institute from 45 Funds None P.O. Box 9095 present 1995 to 2001; Foreign Service Officer, 51 Portfolios Princeton, United States Foreign Service from 1961 NJ 08543-9095 to 1995; Career Minister from 1989 to Age: 67 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, 45 Funds Bowne & Co., P.O. Box 9095 present Leonard N. Stern School of Business 51 Portfolios Inc.; Vornado Princeton, Administration since 1994. Operating NJ 08543-9095 Company; Age: 65 Vornado Realty Trust; Alexander's, Inc. Edward D. Zinbarg Trustee 2000 to Self-employed financial consultant since 45 Funds None P.O. Box 9095 present 1994. 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.
CMA NEW JERSEY 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 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 Princeton, and and since 1999; Vice President of FAMD since 1999; Director of MLIM Taxation NJ 08543-9011 Treasurer 1999 to since 1990. Age: 42 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, President NJ 08543-9011 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, President NJ 08543-9011 Age: 39 Phillip S. Gillespie Secretary 2000 to First Vice President of MLIM since 2001; Director (Legal Advisory) of MLIM P.O. Box 9011 present from 2000 to 2001; Vice President of MLIM from 1999 to 2000; Attorney Princeton, associated with MLIM since 1998; Assistant General Counsel of Chancellor NJ 08543-9011 LGT Asset Management, Inc. from 1997 to 1998. Age: 39 *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. 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 New Jersey Municipal Money Fund By: _/s/ Terry K. Glenn_______ Terry K. Glenn, President of CMA New Jersey 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 New Jersey Municipal Money Fund Date: May 21, 2003 By: _/s/ Donald C. Burke________ Donald C. Burke, Chief Financial Officer of CMA New Jersey 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 ex99cert.txt EX-99 CERT EX-99. CERT CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 I, Terry K. Glenn, President of CMA New Jersey Municipal Money Fund, certify that: 1. I have reviewed this report on Form N-CSR of CMA New Jersey 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 New Jersey 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 New Jersey Municipal Money Fund, certify that: 1. I have reviewed this report on Form N-CSR of CMA New Jersey 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 New Jersey Municipal Money Fund Exhibit 99.1350CERT Certification Pursuant to Section 906 of the Sarbanes Oxley Act I, Terry K. Glenn, President of CMA New Jersey 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 New Jersey 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 New Jersey 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 New Jersey Municipal Money Fund -----END PRIVACY-ENHANCED MESSAGE-----