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 York 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 York 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 York
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 York 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 York Municipal Money Fund
paid shareholders a net annualized yield of .91%.* As of March 31,
2003, the Fund's 7-day yield was .71%.
Economic Environment
For the six-month period ended March 31, 2003, the New York State
economy continued to be significantly affected by the national
economic slowdown, the bursting of the stock market bubble and the
lingering effects of September 11, 2001. The state's retail and
manufacturing sectors showed minimal growth as lower consumer
confidence levels and rising unemployment weighed on consumer
sentiment. New York's economy has become increasingly dependent on
the banking and financial services sector, and the massive layoffs
and corporate downsizing of the last three years have negatively
impacted tax revenues. In fiscal year 2002, state personal income
tax collections declined 3.3% and are estimated to decline by
another 10.4% for fiscal year 2003. The New York State unemployment
rate in February 2003 stood at 6.3% compared to the national average
of 5.8%. The state is currently expecting larger budget gaps in the
coming months as reserves have been drawn down to balance the
current fiscal year. The state estimates that the budget gap for
fiscal year 2003 is approximately $2.2 billion and for fiscal year
2004 is fore cast at $9.3 billion. During fiscal year 2002, the
state's net tax-supported debt level reached $38.8 billion, the
highest among the states, yielding a debt per capita of $2,045,
ranking New York fifth among the states. This high debt level,
combined with the state's depleted reserves, leaves the state
fiscally vulnerable to future economic problems.
*Based on a constant investment throughout the period, with
dividends compounded daily, and reflecting a net return to the
investor after all expenses.
Investment Strategy
Throughout the course of the fiscal year, we continued to maintain a
very high percentage of fixed rate notes as we anticipated falling
interest rates and a sluggish economy. We also maintained very large
positions in tax-exempt commercial paper, which we used to extend
the Fund's maturity. However, we reduced that position during the
last quarter as the short-term tax-exempt yield curve flattened. We
used these instruments to keep the Fund's average maturity in the
45-day - 70-day range.
With an increased short-term tax-exempt supply and expected outflows
from money funds associated with tax season, we will adopt a more
neutral position since we anticipate that the Federal Reserve Board
will leave interest rates unchanged until the end of the war with
Iraq when the state of the economy can be better gauged. We will
look to extend the Fund's average maturity if attractive yield
levels become available and the Federal Reserve Board maintains its
status quo on short-term interest rates. We continue to work closely
with our credit department to maintain the highest quality portfolio
possible. Diversity and credit quality remain important, and we will
continue to closely monitor the ever-changing marketplace.
In Conclusion
We thank you for your support of CMA New York 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
(Edward J. Andrews)
Edward J. Andrews
Portfolio Manager
April 16, 2003
CMA NEW YORK MUNICIPAL MONEY FUND
SCHEDULE OF INVESTMENTS AS OF MARCH 31, 2003 (IN THOUSANDS)
Face
State Amount Issue Value
New York-- $23,340 ABN Amro Munitops Certificates Trust, Revenue Refunding Bonds, AMT, VRDN,
99.8% Series 2002-10, 1.30% due 11/15/2010 (d)(f) $ 23,340
2,500 Albany, New York, IDA, IDR, Refunding (Albany Ventures Inc. Project),VRDN,
1.25% due 12/29/2010 (f) 2,500
6,815 Andover, New York, Central School District, GO, BAN, 2.50% due 6/27/2003 6,826
25,000 Arlington, New York, Central School District, GO, BAN, 2% due 12/19/2003 25,142
8,999 Bath, New York, Central School District, GO, BAN, 2.375% due 6/27/2003 9,012
Binghamton, New York, City School District, GO:
7,984 BAN, 2% due 2/20/2004 8,041
7,500 RAN, 2% due 10/23/2003 7,534
14,895 Brunswick, New York, Central School District, GO, BAN, 2.50% due 6/18/2003 14,917
9,370 Campbell-Savona, New York, Central School District, GO, BAN, 2.375% due
6/27/2003 9,382
2,770 Cattaraugus County, New York, Development Agency, IDR (Gowanda Electronics
Corporation), VRDN, AMT, Series A, 1.35% due 9/01/2021 (f) 2,770
2,500 Center Moriches, New York, Union Free School District, GO, TAN, 2.25%
due 6/30/2003 2,504
25,000 Central Islip, New York, Union Free School District, GO, TAN, 2.375%
due 6/27/2003 25,046
19,056 Cheektowaga, New York, Central School District, GO, BAN, 2.50% due
6/05/2003 19,082
10,000 Chemung County, New York, GO, RAN, 2.25% due 8/15/2003 10,024
8,500 Connetquot Central School District, New York, Islip, GO, TAN, 2.375% due 6/27/2003 8,516
5,900 Copiague, New York, Union Free School District, GO, TAN, 2.375% due 6/26/2003 5,909
3,500 Dutchness County, New York, IDA, Civic Facility Revenue Bonds (Trinity-Pawling
School Corporation), VRDN, 1.15% due 10/01/2032 (f) 3,500
7,995 Eagle Tax-Exempt Trust, New York City, VRDN, Series 1994-C4, 1.18% due
8/01/2003 (f) 7,995
29,700 Eagle Tax-Exempt Trust, New York State Electric and Gas, VRDN, Series 943202,
1.18% due 4/01/2034 (d)(f) 29,700
29,700 Eagle Tax-Exempt Trust, New York State Local Government, VRDN, Series 943201,
1.18% due 4/01/2034 (f) 29,700
Eagle Tax-Exempt Trust, New York, VRDN (f):
10,145 Series 2001-323, 1.03% due 4/01/2017 10,145
24,500 Series 983201, 1.18% due 4/01/2017 24,500
7,730 Eagle Tax-Exempt Trust, Revenue Refunding Bonds, VRDN, Series 2002-6003,
Class A, 1.18% due 11/15/2032 (d)(f) 7,730
5,200 Eagle Tax-Exempt Trust, Triborough Bridge and Tunnel Authority, VRDN,
Series 96C, 1.18% due 1/01/2005 (f) 5,200
19,500 East Islip, New York, Union Free School District, GO, TAN, 2.50% due 6/27/2003 19,540
Portfolio Abbreviations for CMA New York Municipal Money Fund
AMT Alternative Minimum Tax (subject to)
BAN Bond Anticipation Notes
CP Commercial Paper
FLOATS Floating Rate Securities
GO General Obligation Bonds
HFA Housing Finance Agency
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
PUTTERS Puttable Tax-Exempt Receipts
RAN Revenue Anticipation Notes
ROCS Reset Option Certificates
TAN Tax Anticipation Notes
VRDN Variable Rate Demand Notes
CMA NEW YORK MUNICIPAL MONEY FUND
SCHEDULE OF INVESTMENTS AS OF MARCH 31, 2003 (CONTINUED) (IN THOUSANDS)
Face
State Amount Issue Value
New York $ 6,910 Elmira Heights, New York, Central School District, GO, BAN, 2.50% due 6/27/2003 $ 6,924
(continued) 9,000 Elwood, New York, Union Free School District, GO, Refunding, BAN, 2% due
12/19/2003 9,048
Erie County, New York, IDA, Civic Facility Revenue Bonds, VRDN (f):
1,665 (Claddagh Commission Inc. Project), 1.25% due 12/01/2015 1,665
4,155 Multi-Mode (Child and Family Services of Erie County), 1.25% due
6/01/2022 4,155
8,000 Erwin, New York, GO, BAN, 2% due 9/25/2003 8,027
6,845 Fabius-Pompey, New York, Central School District, GO, BAN, 2.75% due
6/27/2003 6,861
9,000 Fairport, New York, Central School District, GO, BAN, 2% due 3/13/2004 9,074
500 Fayetteville-Manlius, New York, Central School District, GO, Refunding,
2% due 6/15/2003 (b) 500
Freeport, New York, GO, Refunding, BAN:
5,000 Series A, 1.75% due 1/22/2004 5,018
1,279 Series B, 2% due 3/18/2004 1,290
2,000 Freeport, New York, Union Free School District, GO, TAN, 2.50% due 6/26/2003 2,003
2,745 Guilderland, New York, IDA, Civic Facility Revenue Bonds (West Turnpike),
VRDN, Series A, 1.25% due 4/01/2020 (f) 2,745
4,000 Hauppauge, New York, Union Free School District, GO, TAN, 2.50% due 6/26/2003 4,009
15,500 Hempstead, New York, IDA, IDR (FCD Lynbrook Housing LLC Project), VRDN,
AMT, 1.21% due 12/01/2029 (f) 15,500
7,000 Hempstead, New York, Union Free School District (State Aid), GO, RAN, 2.75%
due 6/26/2003 7,016
1,200 Highland Falls-Fort Montgomery, New York, Central School District, GO, TAN,
2.50% due 6/26/2003 1,202
7,700 Hilton, New York, Central School District, GO, BAN, 2.50% due 10/21/2003 7,738
16,000 Islip, New York, IDA, Industrial Revenue Bonds (Bayshore LLC Project), VRDN,
AMT, 1.21% due 12/01/2029 (f) 16,000
6,000 Islip, New York, Union Free School District 002, GO, TAN, 2.50% due 6/26/2003 6,011
4,900 Ithaca City, New York, City School District, GO, RAN, 2.50% due 6/27/2003 4,911
14,950 Jamestown, New York, City School District, GO, BAN, 2.50% due 7/02/2003 14,978
3,410 Jamestown, New York, Community College Regional Board of Trustees, RAN,
2.25% due 9/05/2003 3,421
5,920 Jefferson County, New York, GO, BAN, 1.70% due 4/17/2003 5,921
29,900 Johnson City, New York, Central School District, GO, BAN, 2% due 7/10/2003 29,958
8,000 Kings Park, New York, Central School District, GO, TAN, 2.50% due 6/26/2003 8,017
13,150 Lackawanna, New York, City School District, GO, BAN, 2.375% due 6/17/2003 13,164
8,600 Lewiston-Porter, New York, Central School District, GO, BAN, 2.50% due
6/18/2003 8,613
3,000 Lindenhurst, New York, Union Free School District, GO, TAN, 2.25% due
6/26/2003 3,007
13,812 Liverpool, New York, Central School District, GO, BAN, 2% due 4/02/2004 13,921
33,000 Long Island Power Authority, New York, Electric System Revenue Bonds, VRDN,
Sub-Series 3A, 1.15% due 5/01/2033 (f) 33,000
20,876 Long Island Power Authority, New York, Electric System Revenue Refunding
Bonds, FLOATS, Series 339, 1.18% due 12/01/2026 (e)(f) 20,876
3,181 Lowville, New York, Central School District, GO, BAN, 2.50% due 6/18/2003 3,185
20,660 Metropolitan Transportation Authority, New York, Dedicated Tax Fund Revenue
Bonds, FLOATS, Series 733, 1.18% due 10/01/2014 (d)(f)(h) 20,660
Metropolitan Transportation Authority, New York, Dedicated Tax Fund Revenue
Refunding Bonds (d)(f):
20,000 FLOATS, Series 704, 1.18% due 11/15/2026 20,000
33,700 VRDN, Series B, 1.10% due 11/01/2022 33,700
CMA NEW YORK MUNICIPAL MONEY FUND
SCHEDULE OF INVESTMENTS AS OF MARCH 31, 2003 (CONTINUED) (IN THOUSANDS)
Face
State Amount Issue Value
New York Metropolitan Transportation Authority, New York, Revenue Refunding Bonds,
(continued) MERLOTS (b)(f):
$38,835 Series A52, 1.24% due 11/15/2022 $ 38,835
8,500 Series B25, 1.24% due 11/15/2025 8,500
10,000 Metropolitan Transportation Authority, New York, Service Contract Revenue
Bonds, MERLOTS, Series A-43, 1.24% due 1/01/2010 (b)(f) 10,000
15,000 Metropolitan Transportation Authority, New York, Service Contract Revenue
Refunding Bonds, FLOATS, Series 678, 1.18% due 7/01/2025 (b)(f) 15,000
Monroe County, New York, GO:
5,000 BAN, 3% due 8/01/2003 5,023
43,000 RAN, 2.50% due 4/15/2003 43,016
1,855 Monroe County, New York, IDA, Revenue Bonds (Coopervision Project), VRDN
1.35% due 1/01/2012 (f) 1,855
10,513 New Rochelle, New York, GO, BAN, 2% due 3/19/2004 10,606
New York City, New York, City Housing Development Corporation, M/F Mortgage
Revenue Bonds VRDN, AMT, Series A (f):
2,100 (Fountains at Spring Creek Project), 1.15% due 11/01/2033 2,100
3,550 (Lafayette Project), 1.15% due 11/01/2033 3,550
20,000 (West 48th Street Development), 1.15% due 1/15/2034 20,000
New York City, New York, City Housing Development Corporation, M/F Rental
Housing Revenue Bonds, VRDN, AMT, Series A (f):
22,200 (Brittany Development), 1.15% due 6/15/2029 22,200
105,200 (One Columbus Place Development), 1.15% due 11/15/2028 (c) 105,200
21,200 (Tribeca Towers), 1.15% due 11/15/2019 (c) 21,200
43,900 (West 43rd Street Development), 1.15% due 4/15/2029 (c) 43,900
34,700 (West 89th Street Development), 1.15% due 11/15/2029 34,700
1,600 New York City, New York, City IDA, Civic Facility Revenue Bonds (Hewitt School
Project), VRDN, 1.25% due 12/01/2034 (f) 1,600
3,940 New York City, New York, City IDA, Civic Facility Revenue Refunding Bonds,
FLOATS, Series 774, 1.18% due 1/15/2018 (a)(f) 3,940
New York City, New York, City Municipal Water Finance Authority, Water and
Sewer System Revenue Bonds, MSTR, VRDN (f):
29,100 Series SGB-25, 1.18% due 6/15/2023 (e) 29,100
42,500 Series SGB-26, 1.18% due 6/15/2029 (e) 42,500
51,530 Series SGB-27, 1.18% due 6/15/2024 (d) 51,530
1,000 New York City, New York, City Municipal Water Finance Authority, Water and
Sewer System Revenue Bonds, VRDN, Series C, 1.15% due 6/15/2022 (b)(f) 1,000
14,900 New York City, New York, City Transitional Finance Authority Revenue Bonds,
FLOATS, Series 536, 1.18% due 5/01/2015 (e)(f) 14,900
New York City, New York, City Transitional Finance Authority Revenue Bonds,
Future Tax Secured, VRDN (f):
3,370 Series A-1, 1.20% due 11/15/2022 3,370
1,300 Series C, 1.15% due 5/01/2028 1,300
New York City, New York, City Transitional Finance Authority Revenue Bonds
(New York City Recovery), VRDN, Series 1 (f):
13,710 Sub-Series 1-A, 1.15% due 11/01/2022 13,710
30,000 Sub-Series 1-B, 1.20% due 11/01/2022 30,000
New York City, New York, City Transitional Finance Authority Revenue Bonds,
VRDN (f):
66,300 Sub-Series 2-D, 1.15% due 11/01/2022 66,300
1,500 Sub-Series 2-F, 1.15% due 11/01/2022 1,500
4,400 New York City, New York, City Transitional Finance Authority, Revenue
Refunding Bonds, Future Tax Secured, VRDN, Sub-Series C-3, 1.20% due
8/01/2031 (f) 4,400
CMA NEW YORK MUNICIPAL MONEY FUND
SCHEDULE OF INVESTMENTS AS OF MARCH 31, 2003 (CONTINUED) (IN THOUSANDS)
Face
State Amount Issue Value
New York $ 1,500 New York City, New York, City Transitional Finance Authority, Revenue
(continued) Refunding Bonds (New York City Recovery), VRDN, Series 3, Sub-Series 3-B,
1.20% due 11/01/2022 (f) $ 1,500
26,100 New York City, New York, City Transitional Finance Authority, Special Tax
Revenue Refunding Bonds, VRDN, Series C, 1.15% due 2/01/2032 (f) 26,100
New York City, New York, City Trust Cultural Resource Revenue Bonds (a)(f):
3,865 FLOATS, Series 162, 1.18% due 7/01/2029 3,865
3,500 MSTR, VRDN, Series SGA-91, 1.20% due 7/01/2009 3,500
New York City, New York, GO:
49,100 FLOATS, Series L28J, 1.25% due 4/11/2003 (f) 49,100
5,000 MSTR, VRDN, SGB-36, 1.15% due 6/01/2022 (a)(f) 5,000
25,000 RAN, 2.50% due 4/11/2003 25,006
New York City, New York, GO, Refunding (f):
8,420 FLOATS, Series 673, 1.18% due 8/01/2012 (g) 8,420
5,525 VRDN, Series H, Sub-Series H-4, 1.15% due 8/01/2014 (a) 5,525
1,500 VRDN, Sub-Series E-5, 1.15% due 8/01/2009 1,500
400 VRDN, Sub-Series E-5, 1.20% due 8/01/2019 400
12,400 VRDN, Sub-Series G-2, 1.10% due 8/01/2014 12,400
New York City, New York, GO, VRDN (f):
1,100 Series B, Sub-Series B-4, 1.15% due 8/15/2023 (e) 1,100
800 Series B, Sub-Series B-5, 1.15% due 8/15/2022 (e) 800
1,300 Series B, Sub-Series B-7, 1.15% due 8/15/2018 (a) 1,300
800 Series B-2, Sub-Series B-5, 1.15% due 8/15/2011 (e) 800
5,160 Series F-4, 1.125% due 2/15/2020 5,160
11,500 Series J, Sub-Series J-3, 1.15% due 2/15/2016 11,500
11,745 Sub-Series A-9, 1.20% due 8/01/2018 11,745
8,625 New York City, New York, IDA, Civic Facility Revenue Bonds (Heart Share
Human Services), VRDN, Series A, 1.10% due 7/01/2021 (f) 8,625
20,000 New York City, New York, Water Authority, CP, Series 7, 1.15% due 4/24/2003 20,000
19,421 New York State Commander of General Services Revenue Bonds (People of the
State of New York), VRDN, 1.15% due 9/01/2021 (f) 19,421
9,800 New York State Dormitory Authority Revenue Bonds, CP, 1.05% due 4/11/2003 9,800
New York State Energy Research and Development Authority, PCR (Niagara
Mohawk Power Corporation), VRDN (f):
28,600 AMT, Series A, 1.25% due 12/01/2023 28,600
37,100 AMT, Series B, 1.25% due 7/01/2027 37,100
10,000 Series A, 1.30% due 7/01/2015 (a) 10,000
27,000 New York State Environmental Facilities (General Electric), CP, Series 97, 1.05%
due 8/15/2003 27,000
New York State, HFA, Housing Revenue Bonds, VRDN (f):
15,000 (10 Liberty Street), 1.10% due 11/01/2035 15,000
12,000 (West 43rd Street), AMT, Series A, 1.15% due 11/01/2034 12,000
New York State, HFA, Revenue Bonds, VRDN, AMT, Series A (f):
6,400 (1500 Lexington Avenue Housing), 1.30% due 11/01/2034 6,400
28,600 (1501 Lex Associates LP), 1.15% due 5/15/2032 28,600
12,000 (Gethsemane Apartments), 1.20% due 5/15/2033 12,000
47,000 (Saxony Housing), 1.15% due 5/15/2030 47,000
54,400 (Tribeca), 1.15% due 11/15/2029 (c) 54,400
32,600 (Tribeca Pointe LLC), 1.15% due 5/15/2029 (c) 32,600
10,000 (Victory Housing), Series A, 1.20% due 11/01/2033 10,000
9,405 New York State, HFA, Service Contract Obligation Revenue Bonds, VRDN,
Series A, 1.55% due 3/15/2027 (f) 9,405
New York State, HFA, Service Contract Revenue Refunding Bonds, VRDN (f):
7,500 Series C, 1.125% due 3/15/2026 7,500
7,500 Series D, 1.125% due 3/15/2026 7,500
CMA NEW YORK MUNICIPAL MONEY FUND
SCHEDULE OF INVESTMENTS AS OF MARCH 31, 2003 (CONTINUED) (IN THOUSANDS)
Face
State Amount Issue Value
New York New York State Local Government Assistance Corporation Revenue Refunding
(continued) Bonds (f):
$19,920 FLOATS, Series 77B, 1.21% due 4/01/2013 (d) $ 19,920
4,200 MSTR, VRDN, Series SGA-59, 1.20% due 4/01/2019 4,200
30,000 Sub-Lien, VRDN, Series A-6V, 1.10% due 4/01/2018 (d) 30,000
6,550 New York State Local Government Assistance Corporation, VRDN, Series C,
1.10% due 4/01/2025 (f) 6,550
New York State Power Authority, CP:
31,729 1.05% due 8/08/2003 31,729
23,700 Series 1, 1.05% due 4/15/2003 23,700
14,400 Series 2, 1.05% due 6/12/2003 14,400
New York State Power Authority Revenue Bonds (f):
12,645 FLOATS, Series 737, 1.18% due 11/15/2014 (e) 12,645
20,000 VRDN, Sub-Series 5, 1.10% due 11/15/2011 20,000
10,000 New York State Thruway Authority, General Revenue Bonds, CP, Series 1 and 2,
1.10% due 4/10/2003 10,000
12,830 New York State Thruway Authority, Highway and Bridge Trust Fund Revenue
Bonds, Series A, 3% due 4/01/2003 12,830
6,970 New York State Thruway Authority, Service Contract Revenue Bonds, FLOATS,
Series 734, 1.18% due 4/01/2013 (a)(f) 6,970
8,620 New York State Urban Development Corporation Revenue Bonds, MERLOTS,
Series A01, 1.24% due 3/15/2015 (b)(f) 8,620
6,650 Niagara Falls, New York, City School District, GO, RAN, 2.50% due 10/10/2003 6,665
5,000 North Babylon, New York, Union Free School District, GO, TAN, 2.50%
due 6/26/2003 5,009
7,500 North Syracuse, New York, Central School District, GO, BAN, 2.375% due
6/20/2003 7,510
2,450 Onondaga County, New York, IDA, IDR (Peregrine International LLC Project),
VRDN, AMT, 1.15% due 5/01/2022 (f) 2,450
15,000 Onondaga County, New York, IDA, Solid Waste Disposal Facility Revenue
Refunding Bonds (Solvay Paperboard Project), VRDN, AMT, 1.30% due 7/01/2023 (f) 15,000
3,615 Oswego County, New York, IDA, Civic Facility Revenue Bonds (O H Properties
Inc. Project), VRDN, Series A, 1.25% due 6/01/2024 (f) 3,615
9,000 Otego-Unadilla, New York, Central School District, GO, BAN, 2.25% due
8/08/2003 9,021
10,000 Oyster Bay, New York, GO, Refunding, BAN, Series A, 2.25% due 1/23/2004 10,083
10,000 Oyster Bay, New York, GO, TAN, Series A, 2.25% due 1/23/2004 10,083
10,893 Oxford Academy and Central School District, New York, GO, BAN, 2.50% due
6/30/2003 10,914
2,500 Patchogue-Medford, New York, Union Free School District, GO, TAN, 2.25%
due 6/26/2003 2,506
13,150 Port Authority of New York and New Jersey, CP, AMT, 1.05% due 4/11/2003 13,150
Port Authority of New York and New Jersey, Special Obligation Revenue
Refunding Bonds (Versatile Structure Obligation), VRDN (f):
1,000 AMT, Series 4, 1.25% due 4/01/2024 1,000
4,400 AMT, Series 6, 1.25% due 12/01/2017 4,400
4,200 Series 2, 1.15% due 5/01/2019 4,200
2,400 Series 3, 1.15% due 6/01/2020 2,400
300 Series 5, 1.18% due 8/01/2024 300
5,500 Port Washington, New York, Union Free School District, GO, BAN, 2% due
12/04/2003 5,526
9,150 Putnam County, New York, GO, TAN, 2% due 12/19/2003 9,202
4,050 Putnam County, New York, IDA, Revenue Bonds (Dynacept Corporation Project),
VRDN, AMT, 1.21% due 1/01/2021 (f) 4,050
CMA NEW YORK MUNICIPAL MONEY FUND
SCHEDULE OF INVESTMENTS AS OF MARCH 31, 2003 (CONCLUDED) (IN THOUSANDS)
Face
State Amount Issue Value
New York $34,240 Rochester, New York, GO, Refunding, BAN, Series I, 2% due 3/04/2004 $ 34,504
(concluded) Rochester, New York, GO, Refunding, RAN:
18,000 3% due 6/30/2003 18,056
20,000 Series III, 2.50% due 6/30/2003 20,039
10,000 Rockland County, New York, GO, RAN, 3% due 4/09/2003 10,002
17,180 Sidney, New York, Central School District, GO, BAN, 2.50% due 6/30/2003 17,214
2,500 South Country-Brookhaven, New York, Central School District, GO, TAN,
2.75% due 6/24/2003 2,505
5,105 Stony Point, New York, GO, BAN, 2.50% due 9/26/2003 5,130
13,780 Suffolk County, New York, IDA, Solid Waste Disposal Facility Revenue Refunding
Bonds, ROCS, AMT, 1.40% due 7/01/2004 (a)(f) 13,780
10,000 Suffolk County, New York, Longwood Central School District, GO, TAN, 2.50%
due 6/30/2003 10,020
28,000 Sullivan West, New York, Central School District, GO, Refunding, BAN, 2.375%
due 6/20/2003 28,035
350 Syracuse, New York, GO, Refunding and Public Improvement Bonds, Series A,
2.50% due 10/15/2003 (d) 352
2,085 Triborough Bridge and Tunnel Authority, New York, Revenue Bonds, ROCS,
Series II-R-2013, 1.18% due 11/15/2021 (a)(f) 2,085
Triborough Bridge and Tunnel Authority, New York, Revenue Refunding
Bonds (e)(f):
10,000 MERLOTS, Series B03, 1.24% due 11/15/2020 10,000
9,595 MERLOTS, Series B13, 1.24% due 11/15/2021 9,595
14,200 PUTTERS, Series 304, 1.20% due 11/15/2018 14,200
5,365 ROCS, Series II-R-1032, 1.18% due 11/15/2021 5,365
23,215 Triborough Bridge and Tunnel Authority, New York, Special Obligation Revenue
Refunding Bonds, VRDN, Series A, 1.125% due 1/01/2031 (d)(f) 23,215
8,250 Troy, New York, Central School District, GO, RAN, 2.70% due 4/15/2003 8,251
5,150 Wappinger, New York, GO, BAN, 2.50% due 5/02/2003 5,153
14,300 Wellsville, New York, Central School District, GO, BAN, 2.50% due 6/17/2003 14,321
10,500 West Genesee, New York, Central School District, Camillus, GO, BAN, 2%
due 3/20/2004 10,593
2,685 White Plains, New York, GO, BAN, 1.50% due 8/29/2003 2,685
22,420 William Floyd, New York, Union Free School District, Mastics-Moriches-Shirley,
GO, TAN, 2.50% due 6/30/2003 22,468
7,500 Yonkers, New York, GO, RAN, Series A, 2.75% due 6/13/2003 7,509
Puerto Rico-- 5,912 Puerto Rico Public Buildings Authority Revenue Refunding Bonds, FLOATS,
0.2% Series 747D, 1.15% due 7/01/2017 (f) 5,912
Total Investments (Cost--$2,528,817*)--100.0% 2,528,817
Liabilities in Excess of Other Assets--0.0% (859)
----------
Net Assets--100.0% $2,527,958
==========
(a)AMBAC Insured.
(b)FGIC Insured.
(c)FNMA Collateralized.
(d)FSA Insured.
(e)MBIA Insured.
(f)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.
(g)XL Capital Insured.
(h)Prerefunded.
*Cost for Federal income tax purposes.
See Notes to Financial Statements.
CMA NEW YORK MUNICIPAL MONEY FUND
STATEMENT OF ASSETS AND LIABILITIES AS OF MARCH 31, 2003
Assets:
Investments, at value (identified cost--$2,528,816,531) $ 2,528,816,531
Cash 7,998
Interest receivable 13,375,490
Prepaid registration fees and other assets 1,467,829
---------------
Total assets 2,543,667,848
---------------
Liabilities:
Payables:
Securities purchased $ 14,273,499
Investment adviser 896,243
Distributor 422,751 15,592,493
---------------
Accrued expenses 117,569
---------------
Total liabilities 15,710,062
---------------
Net Assets $ 2,527,957,786
===============
Net Assets Consist of:
Shares of beneficial interest, $.10 par value, unlimited number of shares authorized $ 252,840,646
Paid-in capital in excess of par 2,275,157,580
Accumulated realized capital losses--net (40,440)
---------------
Net Assets--Equivalent to $1.00 per share based on 2,528,406,461 shares of
beneficial interest outstanding $ 2,527,957,786
===============
See Notes to Financial Statements.
CMA NEW YORK MUNICIPAL MONEY FUND
STATEMENT OF OPERATIONS FOR THE YEAR ENDED MARCH 31, 2003
Investment Income:
Interest and amortization of premium and discount earned $ 37,947,859
Expenses:
Investment advisory fees $ 10,447,104
Distribution fees 3,180,194
Accounting services 369,850
Transfer agent fees 231,158
Professional fees 79,371
Custodian fees 62,620
Printing and shareholder reports 47,626
Registration fees 30,437
Trustees' fees and expenses 24,663
Pricing fees 23,365
Other 28,544
---------------
Total expenses 14,524,932
---------------
Investment income--net 23,422,927
Realized Gain on Investments--Net 140,098
---------------
Net Increase in Net Assets Resulting from Operations $ 23,563,025
===============
See Notes to Financial Statements.
CMA NEW YORK 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 $ 23,422,927 $ 43,583,656
Realized gain on investments--net 140,098 239,895
--------------- ---------------
Net increase in net assets resulting from operations 23,563,025 43,823,551
--------------- ---------------
Dividends to Shareholders:
Dividends to shareholders from investment income--net (23,422,927) (43,583,656)
--------------- ---------------
Beneficial Interest Transactions:
Net proceeds from sale of shares 6,380,700,131 7,040,258,060
Value of shares issued to shareholders in reinvestment of dividends 23,422,173 43,585,041
--------------- ---------------
6,404,122,304 7,083,843,101
Cost of shares redeemed (6,539,337,036) (6,944,374,681)
--------------- ---------------
Net increase (decrease) in net assets derived from beneficial interest transactions (135,214,732) 139,468,420
--------------- ---------------
Net Assets:
Total increase (decrease) in net assets (135,074,634) 139,708,315
Beginning of year 2,663,032,420 2,523,324,105
--------------- ---------------
End of year $ 2,527,957,786 $ 2,663,032,420
=============== ===============
See Notes to Financial Statements.
CMA NEW YORK MUNICIPAL MONEY FUND
FINANCIAL HIGHLIGHTS
The following per share data and ratios have been derived
from information provided in the financial statements.
For the Year Ended March 31,
Increase (Decrease) in Net Asset Value: 2003 2002 2001 2000 1999
Per Share Operating Performance:
Net asset value, beginning of year $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
---------- ---------- ---------- ---------- ----------
Investment income--net .01 .02 .03 .03 .03
Realized gain (loss) on investments--net --++ --++ --++ --++ --++
---------- ---------- ---------- ---------- ----------
Total from investment operations .01 .02 .03 .03 .03
---------- ---------- ---------- ---------- ----------
Less dividends 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 .91% 1.74% 3.49% 2.86% 2.79%
========== ========== ========== ========== ==========
Ratios to Average Net Assets:
Expenses .57% .57% .58% .58% .61%
========== ========== ========== ========== ==========
Investment income--net .92% 1.72% 3.42% 2.83% 2.74%
========== ========== ========== ========== ==========
Supplemental Data:
Net assets, end of year (in thousands) $2,527,958 $2,663,032 $2,523,324 $2,177,183 $1,826,720
========== ========== ========== ========== ==========
++Amount is less than $.01 per share.
See Notes to Financial Statements.
CMA NEW YORK MUNICIPAL MONEY FUND
NOTES TO FINANCIAL STATEMENTS
1. Significant Accounting Policies:
CMA New York 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 $164,202 has been reclassified
between paid-in capital in excess of par and accumulated 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.
CMA NEW YORK MUNICIPAL MONEY FUND
NOTES TO FINANCIAL STATEMENTS (CONCLUDED)
FAM is responsible for the management of the Fund's portfolio and
provides the necessary personnel, facilities, equipment and certain
other services necessary to the operations of the Fund. For such
services, the Fund pays a monthly fee based upon the average daily
value of the Fund's net assets, at the following annual rates: .50%
of the first $500 million of average daily net assets; .425% of
average daily net assets in excess of $500 million but not exceeding
$1 billion; and .375% of average daily net assets in excess of
$1 billion.
Pursuant to the Distribution and Shareholder Servicing Plan in
compliance with Rule 12b-1 under the Investment Company Act of 1940,
Merrill Lynch, Pierce, Fenner & Smith Incorporated ("MLPF&S")
receives a distribution fee from the Fund at the end of each month
at the annual rate of .125% of average daily net assets of the Fund.
The distribution fee is to compensate MLPF&S financial advisors and
other directly involved branch office personnel for selling shares
of the Fund and for providing direct personal services to
shareholders. The distribution fee is not compensation for the
administrative and operational services rendered to the Fund by
MLPF&S in processing share orders and administering shareholder
accounts.
Financial Data Services, Inc. ("FDS"), a wholly-owned subsidiary of
ML & Co., is the Fund's transfer agent.
For the year ended March 31, 2003, the Fund reimbursed FAM $46,990
for certain accounting services.
Certain officers and/or trustees of the Fund are officers and/or
directors of FAM, PSI, FDS, and/or ML & Co.
3. Shares of Beneficial Interest:
The number of shares sold, reinvested and redeemed during the
periods corresponds to the amounts included in the Statements of
Changes in Net Assets for net proceeds from sale of shares, value of
shares reinvested and cost of shares redeemed, respectively, since
shares are recorded at $1.00 per share.
4. Distributions to Shareholders:
The tax character of distributions paid during the fiscal years
ended March 31, 2003 and March 31, 2002 was as follows:
3/31/2003 3/31/2002
Distributions paid from:
Tax-exempt income $23,422,927 $43,583,656
----------- -----------
Total distributions $23,422,927 $43,583,656
=========== ===========
As of March 31, 2003, there were no significant differences between
the book and tax components of net assets.
5. Capital Loss Carryforward:
At March 31, 2003, the Fund had a net capital loss carryforward of
approximately $40,440 of which $2,167 expires in 2004, $11,313
expires in 2006 and $26,960 expires in 2009. This amount will be
available to offset like amounts of any future taxable gains.
CMA NEW YORK MUNICIPAL MONEY FUND
INDEPENDENT AUDITORS' REPORT
To the Shareholders and Board of Trustees
of CMA New York 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 York
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 New York 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 NEW YORK MUNICIPAL MONEY FUND
IMPORTANT TAX INFORMATION (UNAUDITED)
All of the net investment income distributions paid by CMA New York
Municipal Money Fund of CMA Multi-State Municipal Series Trust
during the taxable year ended March 31, 2003 qualify as tax-exempt
interest dividends for Federal income tax purposes.
Please retain this information for your records.
CMA NEW YORK 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 NEW YORK 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
NJ 08543-9095 Education at Boston University from 1982
Age: 70 to 1999 and 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, 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 YORK 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 York Municipal Money Fund
By: _/s/ Terry K. Glenn_______
Terry K. Glenn,
President of
CMA New York 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 York Municipal Money Fund
Date: May 21, 2003
By: _/s/ Donald C. Burke________
Donald C. Burke,
Chief Financial Officer of
CMA New York Municipal Money Fund
Date: May 21, 2003
Attached hereto as an exhibit are the certifications pursuant to
Section 906 of the Sarbanes-Oxley Act.