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 Pennsylvania 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 Pennsylvania 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 Pennsylvania
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 Pennsylvania 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 Pennsylvania Municipal Money
Fund paid shareholders a net annualized yield of .83%.* As of March
31, 2003, the Fund's 7-day yield was .64%.
Economic Environment
During the year ended March 31, 2003, Pennsylvania's economy
continued to struggle as the result of a global recession. Moreover,
slower economic activity reduced corporate and personal spending,
while a severe decline in the stock market virtually eliminated
capital gains. Consequently, personal bankruptcies continued to
accelerate through the fall and although Pennsylvania's incidence of
bankruptcy is below the national average, the gap did narrow over
the past year. This deterioration in credit quality is particularly
alarming given that Pennsylvania's unemployment rate is currently at
a cyclical high. Job losses have been broad based with only
construction and government registering steady gains. For example,
housing construction enjoyed an extended season this year as strong
permit issuance continued late into the fall. Manufacturing, which
continues to bear the brunt of the slower economy, has affected
various parts of the commonwealth to varying degrees. In more
diverse metro areas such as Pittsburgh and Philadelphia, the
recession has had a smaller impact on employment than has been the
case historically. Consequently, employment was more adversely
affected in the more rural areas because their economies are still
heavily reliant on manufacturing.
*Based on a constant investment throughout the period, with
dividends compounded daily, and reflecting a net return to the
investor after all expenses.
The commonwealth's finances remained strained during the past year
because of the sluggish global economy. Fiscal 2003 year-to-date
revenues through December 2002 indicated a $96 million shortfall
from budget, and the commonwealth is currently projecting a
$433 million gap for the fiscal year. Strategies to fill the gap
include the implementation of a spending freeze and use of the
commonwealth's Rainy Day Fund. The Rainy Day Fund, which totaled
over $1 billion a few years ago, will end 2003 with no remaining
funds. For fiscal year 2004, the governor's office is projecting a
budget deficit ranging from $500 million to as much as $2 billion.
The commonwealth has not disclosed if it is contemplating the
securitization of tobacco revenues to reduce the expected deficit.
Despite these economic trends, the commonwealth's practice of
keeping budget growth to a minimum and revenue assumption realistic
in the 1990s has helped prepare for this economic slowdown. However,
if the economic slowdown is protracted, Pennsylvania will be faced
with difficult choices in balancing budgetary needs compared to
available resources. Per-capita wealth levels and the commonwealth's
state tax-supported debt ratios remain close to national averages,
with the latter showing an improving trend in recent years relative
to other states. For the near future, cautious fiscal management
practices are expected to be maintained and should accommodate a
trend of slower economic growth.
Going forward, Pennsylvania will likely see further job losses in
the near term. While manufacturing could mount a rebound in 2003 if
business revives, the bulk of Pennsylvania's job growth would most
likely come from its service producing industries. The governor has
signaled the possibility of a tax increase and a $20 million
stimulus package that is directed to benefit the Pennsylvania
business sector, which has struggled with the lack of investment
nationally. In the long term, the commonwealth's poor demographic
trends and a relatively low concentration of high-growth industries
outside of the main two metropolitan areas will limit the potential
for growth.
Investment Strategy
At the beginning of the 12-month period ended March 31, 2003, we
sought to maintain the Fund's relatively bearish stance. This was
because of our expectation of a rise in interest rates as reflected
by the Federal Reserve Board's change in bias from that of weakness
to neutral at the March 19, 2002 Federal Open Market Committee
meeting. In addition, this position allowed the Fund to take
advantage of the anticipated rise in yields on variable rate product
caused by outflows during tax time. As tax season began, a smaller
amount of income tax related redemptions caused variable rate
product to underperform compared to previously purchased fixed rate
securities. Consequently, although we allowed the Fund to trend to a
more bearish position, we continued to benefit from the more
aggressive stance attained early in the first quarter of 2002.
As the period progressed, economic data began to reveal that growth
for the second quarter of 2002 was slowing from that of the first
quarter. Furthermore, U.S. equity markets were suffering from a
confidence crisis caused by accounting scandals and corporate
malfeasance. For example, the Dow Jones Industrial Average, which
began the period at 10,362, declined to 7,992 by the end of March
2003. As a result of these factors, we looked to move to a more
neutral position given our opinion that the Federal Reserve Board
would not tighten monetary policy in the coming months. A majority
of our extension took place in April and May 2002 as we tried to
lock in higher yields than were expected going forward. This
strategy benefited the Fund as yields on tax-exempt securities
maturing in one year declined almost 70 basis points (.70%) by the
end of June 2002. As summer ended, continued weakness in capital
expenditures and another possible military confrontation with Iraq
caused the U.S. economy to weaken. In fact, at its August 13, 2002
Federal Open Market Committee meeting, the Federal Reserve Board
changed its outlook from neutral back to that of weakness.
As the second half of the period began, we looked to maintain the
Fund's current stance because it was our opinion that the
significant short-term issuance from the State of California would
cause general market variable rate product to outperform fixed rate
securities through year end. Our strategy benefited the Fund as
yields on variable rate product averaged 1.65%, while yields on
fixed rate product averaged 1.45% through mid-November.
Nevertheless, from mid-November 2002 to early March 2003, yields on
variable rate securities declined significantly because of the
tremendous demand for short-term tax-exempt instruments. This was
caused by both the Federal Reserve Board lowering the Federal Funds
rate by 50 basis points at the November 6, 2002 Federal Open Market
Committee meeting and continued cash inflows through February 2003.
Since we anticipated that the Federal Reserve Board would keep
monetary policy on hold for the near term, we continued to look for
attractive opportunities to moderately extend our average portfolio
maturity during this time. However, this proved to be difficult
given a flat short-term tax-exempt yield curve and lack of
state-specific fixed rate issuance. Our strategy allowed the Fund to
provide a total return that was above average relative to its peer
group for the one-year period ended March 31, 2003 according to
iMoneyNet, Inc. As the period ended, we planned to maintain our
current position, given the significant rally in the note market and
the expected spike in yields on variable rate product as tax time
approaches.
In Conclusion
We thank you for your support of CMA Pennsylvania 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
(Darrin J. SanFillippo)
Darrin J. SanFillippo
Portfolio Manager
April 14, 2003
CMA PENNSYLVANIA MUNICIPAL MONEY FUND
SCHEDULE OF INVESTMENTS AS OF MARCH 31, 2003 (IN THOUSANDS)
Face
State Amount Issue Value
Pennsylvania-- ABN Amro Munitops Certificates Trust, VRDN (d):
100.4% $ 3,760 GO, Series 2001-18, 1.21% due 10/01/2009 (c) $ 3,760
21,879 Series 1999-16, 1.20% due 3/07/2007 (b) 21,879
14,455 Allegheny County, Pennsylvania, GO, Series C-51, 2.05% due 5/01/2003 14,455
Allegheny County, Pennsylvania, Hospital Development Authority Revenue Bonds
(Presbyterian University Hospital), ACES, VRDN (d):
3,775 Series B-1, 1.20% due 3/01/2018 3,775
930 Series B-2, 1.20% due 3/01/2018 930
4,250 Series B-3, 1.20% due 3/01/2018 4,250
10,950 Allegheny County, Pennsylvania, IDA, Health and Housing Facilities Revenue Refunding
Bonds (Longwood at Oakmont Inc.), VRDN, Senior Series B, 1.25% due 7/01/2027 (d) 10,950
Allegheny County, Pennsylvania, IDA, Revenue Bonds:
3,125 (The Bradley Center), VRDN, Series A, 1.20% due 11/01/2014 (d) 3,125
6,000 (Western Pennsylvania School for the Blind), 1.60% due 7/01/2003 6,000
Allegheny County, Pennsylvania, IDA, Revenue Refunding Bonds, VRDN (d):
8,400 (Commercial Development-Parkway Center Project), Series A, 1.17% due 5/01/2009 8,400
6,500 MERLOTS, Series A-48, 1.26% due 9/01/2011 (a) 6,500
1,790 Beaver County, Pennsylvania, IDA, IDR (Standard Steel Specialty), VRDN, 1.29% due
12/03/2007 (d) 1,790
4,000 Beaver County, Pennsylvania, IDA, PCR, Refunding (Atlantic Richfield Project),
VRDN, 1.15% due 12/01/2020 (d) 4,000
4,725 Bedford County, Pennsylvania, IDA, Revenue Bonds (Defiance Metal Products), VRDN,
1.29% due 2/01/2011 (d) 4,725
1,130 Berks County, Pennsylvania, IDA, IDR (Valley Forge Flag Company, Inc. Project),
VRDN, AMT, Series A, 1.37% due 9/01/2006 (d) 1,130
1,185 Berks County, Pennsylvania, IDA, Manufacturing Facilities Revenue Bonds (Berks
Products Corporation), VRDN, AMT, 1.32% due 8/01/2006 (d) 1,185
2,995 Berks County, Pennsylvania, IDA, Revenue Bonds (World Electronics Sales), VRDN,
AMT, 1.37% due 8/01/2016 (d) 2,995
5,900 Blair County, Pennsylvania, IDA, Revenue Bonds (NPC Inc. Project), VRDN, AMT,
1.30% due 9/01/2017 (d) 5,900
3,135 Bradford County, Pennsylvania, IDA, EDR (Towanda Printing Company), VRDN, AMT,
1.30% due 9/01/2016 (d) 3,135
2,410 Bradford County, Pennsylvania, IDA, Revenue Bonds (State Aggregates Inc. Project),
VRDN, AMT, 1.37% due 2/01/2015 (d) 2,410
Bucks County, Pennsylvania, IDA, Revenue Bonds, VRDN, AMT (d):
4,515 (Bracalentes Manufacturing Company Inc. Project), 1.37% due 6/01/2016 4,515
4,500 (Harsco Corporation Project), 1.37% due 8/01/2011 4,500
3,740 (L&P Properties LP Project), Series A, 1.42% due 6/01/2014 3,740
6,500 Bucks County, Pennsylvania, TRAN, 2% due 12/31/2003 6,541
995 Butler County, Pennsylvania, GO, 6% due 7/15/2003 (c) 1,008
Portfolio Abbreviations for CMA Pennsylvania Municipal Money Fund
ACESSM Adjustable Convertible Extendible Securities
AMT Alternative Minimum Tax (subject to)
CP Commercial Paper
EDR Economic Development Revenue Bonds
FLOATS Floating Rate Securities
GO General Obligation Bonds
HFA Housing Finance Authority
IDA Industrial Development Authority
IDR Industrial Development Revenue Bonds
M/F Multi-Family
MERLOTS Municipal Extendible Receipt Liquidity
Option Tender Securities
MSTR Municipal Securities Trust Receipts
PCR Pollution Control Revenue Bonds
S/F Single-Family
TRAN Tax Revenue Anticipation Notes
VRDN Variable Rate Demand Notes
CMA PENNSYLVANIA MUNICIPAL MONEY FUND
SCHEDULE OF INVESTMENTS AS OF MARCH 31, 2003 (CONTINUED) (IN THOUSANDS)
Face
State Amount Issue Value
Pennsylvania Butler County, Pennsylvania, IDA, Revenue Bonds (Concordia Lutheran Ministers):
(continued) $ 3,750 Series A, 1.30% due 4/01/2004 $ 3,750
4,320 Series B, 1.70% due 8/01/2003 4,320
4,535 Series C, 1.20% due 10/01/2003 4,535
2,245 Carbondale, Pennsylvania, IDA, IDR (JM Wells Company LP Project), VRDN, AMT,
1.35% due 9/01/2015 (d) 2,245
5,435 Chester County, Pennsylvania, IDA, Revenue Bonds (West Vincent Association),
VRDN, AMT, Series B, 1.37% due 12/01/2020 (d) 5,435
1,325 Crawford County, Pennsylvania, IDA (Heatrix Inc. Project), VRDN, AMT, Series A,
1.29% due 11/01/2017 (d) 1,325
17,590 Cumberland County, Pennsylvania, Municipal Authority, Revenue Refunding Bonds
(Messiah Village Project), VRDN, 1.20% due 7/01/2027 (d) 17,590
6,995 Dauphin County, Pennsylvania, General Authority, Revenue Refunding Bonds
(School District Pooled Financing Program II), VRDN, 1.17% due 9/01/2032 (a)(d) 6,995
3,360 Dauphin County, Pennsylvania, IDA, Revenue Bonds (Interconnection System Project),
VRDN, AMT, 1.25% due 1/01/2014 (d) 3,360
2,000 Delaware County, Pennsylvania, Authority Revenue Bonds (Widener University Inc.),
VRDN, 1.20% due 7/01/2014 (d) 2,000
Delaware County, Pennsylvania, IDA, CP:
10,000 (Exelon Generating), Series 2001-A, 1.10% due 10/09/2003 10,000
2,000 (Pennsylvania Electric Company), Series 1998-A, 1.15% due 4/02/2003 2,000
2,055 Delaware County, Pennsylvania, IDA, IDR (Tura Machine Company Project),
VRDN, AMT, 1.35% due 3/01/2008 (d) 2,055
1,200 Delaware County, Pennsylvania, IDA, PCR, Refunding (BP Exploration and Oil),
VRDN, 1.15% due 10/01/2019 (d) 1,200
4,300 Eagle Tax-Exempt Trust, Pennsylvania, GO, VRDN, Series 94, Class 3803, 1.23%
due 5/01/2008 (d) 4,300
5,940 Eagle Tax-Exempt Trust, Pennsylvania, VRDN, Series 96-C, Class 3801, 1.23%
due 5/01/2014 (d) 5,940
10,000 East Hempfield Township, Pennsylvania, IDA, Revenue Bonds (Mennonite Home
Project), VRDN, 1.20% due 6/01/2025 (d) 10,000
6,100 Emmaus, Pennsylvania, General Authority Revenue Bonds, VRDN, Series A,
1.20% due 3/01/2024 (d) 6,100
1,910 Erie County, Pennsylvania, Industrial Development (Reed Manufacturing Corp.
Project), AMT, 1.29% due 1/15/2004 1,910
1,990 Erie, Pennsylvania, Higher Education Building Authority, University Revenue
Bonds (Gannon University Project), Series F, 1.40% due 1/15/2004 1,990
9,000 Erie, Pennsylvania, School District, GO, TRAN, 2.50% due 6/30/2003 9,022
2,470 Greene County, Pennsylvania, IDA, Revenue Bonds (Manufacturing Facilities--
Kyowa America), VRDN, AMT, Series D, 1.30% due 7/01/2014 (d) 2,470
5,535 Grove City, Pennsylvania, Area Hospital Authority, Health Care Facility Revenue
Bonds (John XXIII Home Project), VRDN, 1.20% due 2/01/2030 (d) 5,535
5,345 Indiana County, Pennsylvania, IDA, PCR, Refunding (Conemaugh Project), VRDN,
AMT, Series A, 1.25% due 6/01/2027 (d) 5,345
Jackson Township, Pennsylvania, IDA, Revenue Bonds, VRDN, AMT (d):
1,340 (I Auman Machine Company Inc. Project), 1.37% due 6/01/2008 1,340
1,550 (Pennsylvania Precision Cast Parts), 1.37% due 4/01/2009 1,550
6,215 (V&S Lebanon Galvanizing Project), 1.40% due 4/01/2021 6,215
6,390 Lackawanna County, Pennsylvania, GO, MSTR, VRDN, Series SGB-38, 1.23%
due 9/15/2020 (d) 6,390
1,400 Lackawanna County, Pennsylvania, IDA, IDR (Herff Jones Inc. Project), VRDN,
AMT, 1.29% due 6/01/2026 (d) 1,400
7,395 Lancaster County, Pennsylvania, Hospital Authority, Health Center Revenue
Refunding Bonds (Brethren Village), VRDN, 1.20% due 6/15/2020 (d) 7,395
1,600 Lancaster, Pennsylvania, IDA, IDR (Bucks County Project), VRDN, AMT, 1.32%
due 2/01/2010 (d) 1,600
CMA PENNSYLVANIA MUNICIPAL MONEY FUND
SCHEDULE OF INVESTMENTS AS OF MARCH 31, 2003 (CONTINUED) (IN THOUSANDS)
Face
State Amount Issue Value
Pennsylvania $ 2,900 Lehigh County, Pennsylvania, IDA, Revenue Bonds (New Columbia Joist
(continued) Company), VRDN, AMT, Series B, 1.32% due 11/01/2022 (d) $ 2,900
4,530 Luzerne County, Pennsylvania, IDA, Revenue Bonds (Nardone Brothers Baking
Project), VRDN, AMT, 1.32% due 3/01/2019 (d) 4,530
3,535 Mercer County, Pennsylvania, IDA, EDR (Solar Atmospheres of Western Pennsylvania),
VRDN, 1.15% due 10/01/2010 (d) 3,535
3,100 Monroe County, Pennsylvania, IDA, Revenue Refunding Bonds (UTD Steel Enterprises
Project), VRDN, AMT, Series A, 1.30% due 9/01/2013 (d) 3,100
9,530 Montgomery County, Pennsylvania, IDA, PCR (Exelon Generating), CP, Series A,
1.10% due 5/08/2003 9,530
3,760 Montgomery County, Pennsylvania, IDA, Revenue Bonds (Edmund Optical Manufacturing
LLC Project), VRDN, AMT, 1.30% due 4/01/2016 (d) 3,760
2,300 Montgomery County, Pennsylvania, IDA, Revenue Refunding Bonds (Laneko Engineering),
VRDN, AMT, Series A, 1.32% due 4/01/2007 (d) 2,300
4,425 Mount Lebanon, Pennsylvania, School District, GO, MERLOTS, VRDN, Series B-19,
1.26% due 2/15/2027 (b)(d) 4,425
6,000 Municipal Securities Trust Certificates, Revenue Refunding Bonds, VRDN,
Series 2001-121, Class A, 1.19% due 12/22/2009 (c)(d) 6,000
3,500 Norristown, Pennsylvania, TRAN, 2.50% due 12/30/2003 3,521
4,000 Northampton County, Pennsylvania, General Purpose Authority, University
Revenue Bonds (Lehigh University), VRDN, Series B, 1.10% due 12/01/2030 (d) 4,000
Northampton County, Pennsylvania, IDA, Revenue Bonds, VRDN (d):
3,845 (DG Properties Inc. Project), AMT, 1.37% due 7/01/2021 3,845
2,125 (Follett Corporation Project), 1.37% due 5/01/2019 2,125
1,710 (Nicos Polymers & Grinding), AMT, 1.37% due 2/01/2020 1,710
3,495 Northumberland County, Pennsylvania, IDA, Revenue Bonds (Butter Krust
Baking Company Project), VRDN, AMT, 1.37% due 5/01/2011 (d) 3,495
Pennsylvania Economic Development Financing Authority, EDR, VRDN (d):
4,000 AMT, Series D-7, 1.30% due 8/01/2022 4,000
800 AMT, Series F-5, 1.30% due 12/01/2006 800
1,000 (Gutchess Hardwoods Inc. Project), Series B, 1.15% due 4/01/2005 1,000
5,000 (Northeast Architectural Products), AMT, Series B-5, 1.30% due 8/01/2023 5,000
7,000 Pennsylvania Economic Development Financing Authority, Exempt Facilities
Revenue Bonds (Amtrak Project), VRDN, AMT, Series B, 1.20% due 11/01/2041 (d) 7,000
Pennsylvania Economic Development Financing Authority Revenue Bonds,
VRDN, AMT (d):
2,390 (Bentley Graphic Commission Inc.), Series C-4, 1.37% due 4/01/2008 2,390
1,620 (International Business Systems Project), Series B-4, 1.32% due 7/01/2012 1,620
3,780 (Waste Gas Fabricating Company Project), Series C-3, 1.37% due 4/01/2020 3,780
Pennsylvania Energy Development Authority Revenue Bonds, VRDN, AMT (d):
3,730 (B&W Ebensburg Project), 1.20% due 12/01/2011 3,730
900 (Piney Creek), Series C, 1.20% due 12/01/2011 900
2,500 Pennsylvania HFA, S/F Mortgage Revenue Bonds, AMT, Series 76, 1.15% due 10/01/2003 2,500
12,483 Pennsylvania State, GO, FLOATS, VRDN, Series 696, 1.20% due 5/01/2018 (d)(f) 12,483
5,880 Pennsylvania State, GO, MERLOTS, VRDN, Series A-15, 1.26% due 1/01/2017 (b)(d) 5,880
2,000 Pennsylvania State Higher Education Assistance Agency, Student Loan Revenue Bonds,
VRDN, AMT, Series A, 1.20% due 1/01/2018 (a)(d) 2,000
Pennsylvania State Higher Educational Facilities Authority Revenue Bonds
(Association of Independent Colleges and Universities):
4,700 Series C-2, 1.80% due 11/01/2003 4,700
1,500 Series D-5, 2.05% due 5/01/2003 1,500
3,750 Series F-3, 2.20% due 5/01/2003 3,750
1,200 Series H-3, 2.10% due 5/15/2003 1,200
5,350 Series J-1, 3% due 5/01/2003 5,405
3,500 VRDN, Series I-7, 1.15% due 11/01/2031 (d) 3,500
CMA PENNSYLVANIA MUNICIPAL MONEY FUND
SCHEDULE OF INVESTMENTS AS OF MARCH 31, 2003 (CONCLUDED) (IN THOUSANDS)
Face
State Amount Issue Value
Pennsylvania $ 3,940 Pennsylvania State Higher Educational Facilities Authority Revenue Bonds
(concluded) (Lafayette College), 2.50% due 11/25/2003 $ 3,969
1,250 Pennsylvania State Higher Educational Facilities Authority, Revenue Refunding
Bonds (Carnegie Mellon University), VRDN, Series C, 1.20% due 11/01/2029 (d) 1,250
Philadelphia, Pennsylvania, Authority for IDR, VRDN (d):
17,850 (Fox Chase Cancer Center Project), 1.15% due 7/01/2025 17,850
9,000 (Girard Estate Aramark Project), 1.15% due 5/01/2032 9,000
7,500 (Girard Estate Facilities Leasing), 1.15% due 11/01/2031 7,500
2,455 (Lannett Company Inc. Project), 1.37% due 5/01/2014 2,455
9,090 M/F Housing Revenue Refunding Bonds (Harbor View Towers), 1.20% due 11/01/2027 (e) 9,090
Philadelphia, Pennsylvania, Hospitals and Higher Education Facilities Authority,
Hospital Revenue Refunding Bonds (Children's Hospital Project), VRDN (d):
3,000 Series A, 1.15% due 2/15/2014 3,000
15,700 Series B, 1.15% due 7/01/2025 15,700
4,500 Series C, 1.15% due 7/01/2031 (b) 4,500
5,100 Series D, 1.15% due 7/01/2031 (b) 5,100
13,700 Philadelphia, Pennsylvania, School District, GO, TRAN, 2.75% due 6/30/2003 13,744
3,550 Philadelphia, Pennsylvania, TRAN, Series A, 3% due 6/30/2003 3,563
2,300 Pottstown Boro, Pennsylvania, Educational Facilities Authority Revenue Bonds
(The Hill School Project), VRDN, 1.25% due 8/01/2032 (d) 2,300
9,285 Quakertown, Pennsylvania, General Authority Revenue Bonds (Pooled Financing
Program), VRDN, Series A, 1.20% due 7/01/2026 (d) 9,285
3,375 Scranton-Lackawanna, Pennsylvania, Health and Welfare Authority, Revenue
Refunding Bonds, MERLOTS, VRDN, Series A-18, 1.26% due 3/01/2015 (a)(d) 3,375
4,535 Somerset County, Pennsylvania, IDA, Revenue Bonds (Somerset Welding and Steel),
VRDN, AMT, 1.29% due 3/02/2015 (d) 4,535
9,000 South-Central Pennsylvania, General Authority Revenue Bonds, VRDN, Series A,
1.20% due 6/01/2031 (a)(d) 9,000
2,165 Susquehanna County, Pennyslvania, IDA, Revenue Bonds (Pennfield Corporation
Project), VRDN, AMT, 1.32% due 8/01/2014 (d) 2,165
7,100 Temple University of the Commonwealth of Pennsylvania, System of Higher
Education Revenue Refunding Bonds (University Funding Obligation), 3% due 5/06/2003 7,109
6,000 Union County, Pennsylvania, Hospital Authority, Hospital Revenue Refunding
Bonds (Evangelical Community Hospital), 1.30% due 2/01/2004 6,000
Venango County, Pennsylvania, CP (Scrubgrass Project):
15,000 Series 90-A, 1.07% due 9/10/2003 15,000
19,800 Series 90-B, 1.10% due 9/02/2003 19,800
2,000 Washington County, Pennsylvania, IDA, IDR (Pennatronics Corporation Project),
VRDN, AMT, 1.29% due 11/01/2020 (d) 2,000
3,000 Washington, Pennsylvania, School District, GO, TRAN, 2.50% due 6/30/2003 3,005
1,510 Westmoreland County, Pennsylvania, IDA, Revenue Bonds (Newcomer Products),
VRDN, AMT, 1.29% due 12/01/2006 (d) 1,510
2,915 York County, Pennsylvania, IDA, Revenue Bonds (495 Leasing Project), VRDN,
AMT, 1.37% due 6/01/2021 (d) 2,915
Total Investments (Cost--$593,544*)--100.4% 593,544
Liabilities in Excess of Other Assets--(0.4%) (2,439)
---------
Net Assets--100.0% $ 591,105
=========
(a)AMBAC Insured.
(b)MBIA Insured.
(c)FGIC Insured.
(d)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.
(e)GNMA Collateralized.
(f)FSA Insured.
*Cost for Federal income tax purposes.
See Notes to Financial Statements.
CMA PENNSYLVANIA MUNICIPAL MONEY FUND
STATEMENT OF ASSETS AND LIABILITIES AS OF MARCH 31, 2003
Assets:
Investments, at value (identified cost--$593,543,799) $ 593,543,799
Cash 10,358
Interest receivable 1,691,427
Prepaid registration fees and other assets 11,548
---------------
Total assets 595,257,132
---------------
Liabilities:
Payables:
Securities purchased $ 3,750,000
Investment adviser 249,719
Distributor 97,993
Beneficial interest redeemed 6,804 4,104,516
---------------
Accrued expenses and other liabilities 47,356
---------------
Total liabilities 4,151,872
---------------
Net Assets $ 591,105,260
===============
Net Assets Consist of:
Shares of beneficial interest, $.10 par value, unlimited number of shares
authorized $ 59,121,176
Paid-in capital in excess of par 532,066,239
Accumulated realized capital losses--net (82,155)
---------------
Net Assets--Equivalent to $1.00 per share based on 591,211,758 shares of
beneficial interest outstanding $ 591,105,260
===============
See Notes to Financial Statements.
CMA PENNSYLVANIA MUNICIPAL MONEY FUND
STATEMENT OF OPERATIONS FOR THE YEAR ENDED MARCH 31, 2003
Investment Income:
Interest and amortization of premium and discount earned $ 8,896,791
Expenses:
Investment advisory fees $ 2,886,959
Distribution fees 733,884
Accounting services 121,885
Transfer agent fees 70,874
Professional fees 56,203
Custodian fees 21,371
Registration fees 20,612
Printing and shareholder reports 20,574
Pricing fees 11,895
Trustees' fees and expenses 5,728
Other 15,430
---------------
Total expenses 3,965,415
---------------
Investment income--net 4,931,376
Realized Loss on Investments--Net (300)
---------------
Net Increase in Net Assets Resulting from Operations $ 4,931,076
===============
See Notes to Financial Statements.
CMA PENNSYLVANIA 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 $ 4,931,376 $ 10,743,926
Realized loss on investments--net (300) (715)
--------------- ---------------
Net increase in net assets resulting from operations 4,931,076 10,743,211
--------------- ---------------
Dividends to Shareholders:
Dividends to shareholders from investment income--net (4,931,376) (10,743,926)
--------------- ---------------
Beneficial Interest Transactions:
Net proceeds from sale of shares 1,871,842,607 2,093,897,282
Value of shares issued to shareholders in reinvestment of dividends 4,931,064 10,698,540
--------------- ---------------
1,876,773,671 2,104,595,822
Cost of shares redeemed (1,914,023,882) (2,077,642,096)
--------------- ---------------
Net increase (decrease) in net assets derived from beneficial interest
transactions (37,250,211) 26,953,726
--------------- ---------------
Net Assets:
Total increase (decrease) in net assets (37,250,511) 26,953,011
Beginning of year 628,355,771 601,402,760
--------------- ---------------
End of year $ 591,105,260 $ 628,355,771
=============== ===============
See Notes to Financial Statements.
CMA PENNSYLVANIA 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 loss on investments--net --++ --++ --++ --++ --++
--------- --------- --------- --------- ---------
Total from investment operations .01 .02 .03 .03 .03
--------- --------- --------- --------- ---------
Less dividends from investment income--net (.01) (.02) (.03) (.03) (.03)
--------- --------- --------- --------- ---------
Net asset value, end of year $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
========= ========= ========= ========= =========
Total Investment Return .83% 1.71% 3.47% 2.81% 2.77%
========= ========= ========= ========= =========
Ratios to Average Net Assets:
Expenses .67% .68% .68% .69% .70%
========= ========= ========= ========= =========
Investment income--net .84% 1.72% 3.42% 2.78% 2.71%
========= ========= ========= ========= =========
Supplemental Data:
Net assets, end of year (in thousands) $ 591,105 $ 628,356 $ 601,403 $ 539,177 $ 528,840
========= ========= ========= ========= =========
++Amount is less than $.01 per share.
See Notes to Financial Statements.
CMA PENNSYLVANIA MUNICIPAL MONEY FUND
NOTES TO FINANCIAL STATEMENTS
1. Significant Accounting Policies:
CMA Pennsylvania 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.
(g) Reclassification--Accounting principles generally accepted in
the United States of America require that certain components of net
assets be adjusted to reflect permanent differences between
financial and tax reporting. Accordingly, the current year's
permanent book/tax difference of $11,097 have been reclassified
between paid-in capital in excess of par and accumulated net
realized capital losses. This reclassification has no effect on net
assets or net asset value per share.
2. Investment Advisory Agreement and Transactions with Affiliates:
The Fund has entered into an Investment Advisory Agreement with Fund
Asset Management, L.P. ("FAM"). The general partner of FAM is
Princeton Services, Inc. ("PSI"), an indirect, wholly-owned
subsidiary of Merrill Lynch & Co., Inc. ("ML & Co."), which is the
limited partner.
FAM is responsible for the management of the Fund's portfolio and
provides the necessary personnel, facilities, equipment and certain
other services necessary to the operations of the Fund. For such
services, the Fund pays a monthly fee based upon the average daily
value of the Fund's net assets, at the following annual rates: .50%
of the first $500 million of average daily net assets; .425% of
average daily net assets in excess of $500 million but not exceeding
$1 billion; and .375% of average daily net assets in excess of
$1 billion.
CMA PENNSYLVANIA MUNICIPAL MONEY FUND
NOTES TO FINANCIAL STATEMENTS (CONCLUDED)
Pursuant to the Distribution and Shareholder Servicing Plan in
compliance with Rule 12b-1 under the Investment Company Act of 1940,
Merrill Lynch, Pierce, Fenner & Smith Incorporated ("MLPF&S")
receives a distribution fee from the Fund at the end of each month
at the annual rate of .125% of average daily net assets of the Fund.
The distribution fee is to compensate MLPF&S financial advisors and
other directly involved branch office personnel for selling shares
of the Fund and for providing direct personal services to
shareholders. The distribution fee is not compensation for the
administrative and operational services rendered to the Fund by
MLPF&S in processing share orders and administering shareholder
accounts.
Financial Data Services, Inc. ("FDS"), a wholly-owned subsidiary of
ML & Co., is the Fund's transfer agent.
For the year ended March 31, 2003, the Fund reimbursed FAM $11,739
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 $ 4,931,376 $ 10,743,926
------------ ------------
Total distributions $ 4,931,376 $ 10,743,926
============ ============
As of March 31, 2003, there were no significant differences between
the book and tax components of net assets.
5. Capital Loss Carryforward:
On March 31, 2003, the Fund had a net capital loss carryforward of
$81,856, of which $22,380 expires in 2006, $3,815 expires in 2007,
$20,995 expires in 2008, $33,951 expires in 2009 and $715 expires in
2010. This amount will be available to offset like amounts of any
future taxable gains.
CMA PENNSYLVANIA MUNICIPAL MONEY FUND
INDEPENDENT AUDITORS' REPORT
To the Shareholders and Board of
Trustees of CMA Pennsylvania 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
Pennsylvania Municipal Money Fund as of March 31, 2003, and the
related statement of operations for the year then ended, the
statements of changes in net assets for each of the two years in the
period then ended, and the financial highlights for each of the five
years in the period then ended. These financial statements and
financial highlights are the responsibility of the Fund's
management. Our responsibility is to express an opinion on these
financial statements and financial highlights based on our audits.
We conducted our audits in accordance with auditing standards
generally accepted in the United States of America. Those standards
require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. Our procedures included
confirmation of securities owned as of March 31, 2003, by
correspondence with the custodian and brokers; where replies were
not received from brokers, we performed other auditing procedures.
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 Pennsylvania Municipal Money Fund as of
March 31, 2003, the results of its operations for the year then
ended, the changes in its net assets for each of the two years in
the period then ended, and its financial highlights for each of the
five years in the period then ended, in conformity with accounting
principles generally accepted in the United States of America.
Deloitte & Touche LLP
Princeton, New Jersey
May 8, 2003
CMA PENNSYLVANIA MUNICIPAL MONEY FUND
IMPORTANT TAX INFORMATION (UNAUDITED)
All of the net investment income distributions paid by CMA
Pennsylvania Municipal Money Fund of CMA Multi-State Municipal
Series Trust during its taxable year ended March 31, 2003 qualify as
tax-exempt interest dividends for Federal income tax purposes.
Please retain this information for your records.
CMA PENNSYLVANIA 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, Inc. Corporation;
NJ 08543-9095 since 1995. Newell
Age: 50 Rubbermaid,
Inc.
CMA PENNSYLVANIA 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 Boston 45 Funds None
P.O. Box 9095 present University Center for the Advancement of 51 Portfolios
Princeton, Ethics and Character; Professor of Education
NJ 08543-9095 at Boston University from 1982 to 1999 and
Age: 70 Professor Emeritus since 1999.
Roscoe S. Suddarth Trustee 2000 to President, Middle East Institute from 1995 45 Funds None
P.O. Box 9095 present to 2001; Foreign Service Officer, United 51 Portfolios
Princeton, States Foreign Service from 1961 to 1995;
NJ 08543-9095 Career Minister from 1989 to 1995; Deputy
Age: 67 Inspector General, U.S. Department of State
from 1991 to 1994; U.S. Ambassador to the
Hashemite Kingdom of Jordan from 1987 to 1990.
Richard R. West Trustee 1988 to Dean Emeritus of New York University, Leonard 45 Funds Bowne & Co.,
P.O. Box 9095 present N. Stern School of Business Administration 51 Portfolios Inc.; Vornado
Princeton, 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 PENNSYLVANIA 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
P.O. Box 9011 Vice present Income) 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
P.O. Box 9011 Vice present Income) 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 Pennsylvania Municipal Money Fund
By: _/s/ Terry K. Glenn_______
Terry K. Glenn,
President of
CMA Pennsylvania 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 Pennsylvania Municipal Money Fund
Date: May 21, 2003
By: _/s/ Donald C. Burke________
Donald C. Burke,
Chief Financial Officer of
CMA Pennsylvania Municipal Money Fund
Date: May 21, 2003
Attached hereto as an exhibit are the certifications pursuant to
Section 906 of the Sarbanes-Oxley Act.