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 of CMA Multi-State Municipal
Series Trust, 800 Scudders Mill Road, Plainsboro, NJ, 08536.
Mailing address: P.O. Box 9011, Princeton, NJ, 08543-9011
Registrant's telephone number, including area code: (609) 282-2800
Date of fiscal year end: 03/31/04
Date of reporting period: 04/01/03 - 03/31/04
Item 1 - Report to Stockholders
(BULL LOGO)
Merrill Lynch Investment Managers
www.mlim.ml.com
CMA New York
Municipal Money Fund
Annual Report
March 31, 2004
This report is not authorized for use as an offer of sale or a
solicitation of an offer to buy shares of the Fund unless
accompanied or preceded by the Fund's current prospectus. An
investment in the Fund is not insured or guaranteed by the Federal
Deposit Insurance Corporation or any other government agency.
Although the Fund seeks to preserve the value of your investment at
$1.00 per share, it is possible to lose money by investing in the
Fund. Past performance results shown in this report should not be
considered a representation of future performance, which will
fluctuate. Statements and other information herein are as dated and
are subject to change.
A description of the policies and procedures that the Fund uses to
determine how to vote proxies relating to portfolio securities is
available (1) without charge, upon request, by calling toll-free
1-800-MER-FUND (1-800-637-3863); (2) on www.mutualfunds.ml.com;
and (3) on the Securities and Exchange Commission's website at
http://www.sec.gov.
CMA New York Municipal Money Fund
of CMA Multi-State Municipal Series Trust
Box 9011
Princeton, NJ
08543-9011
(GO PAPERLESS LOGO)
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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 during the taxable year ended March 31, 2004
qualify as tax-exempt interest dividends for Federal income tax
purposes.
Additionally, the following table summarizes the taxable per share
distribution paid by the Fund during the year:
Record Payable Ordinary Long-Term
Date Date Income Capital Gains
12/31/2003 12/31/2003 $0.000016 $0.000005
Please retain this information for your records.
Electronic Delivery
The Fund offers electronic delivery of communications to its
shareholders. In order to receive this service, you must
register your account and provide us with e-mail information.
To sign up for this service, simply access this website
http://www.icsdelivery.com/live and follow the instructions.
When you visit this site, you will obtain a personal identification
number (PIN). You will need this PIN should you wish to update your
e-mail address, choose to discontinue this service and/or make any
other changes to the service. This service is not available for
certain retirement accounts at this time.
CMA NEW YORK MUNICIPAL MONEY FUND, MARCH 31, 2004
A Letter From the President
Dear Shareholder
Index returns during the most recent six-month and 12-month
reporting periods indicate that fixed income markets - both taxable
and tax-exempt - continued to reward those investors who were
willing to accept greater risk. The high yield market, as measured
by the Credit Suisse First Boston High Yield Index, provided a
six-month return of +8.65% and a 12-month return of +22.86% as of
March 31, 2004. By comparison, the Lehman Brothers Aggregate Bond
Index returned +2.98% and +5.40% and the Lehman Brothers Municipal
Bond Index returned +3.12% and +5.86% for the six-month and 12-month
periods ended March 31, 2004, respectively.
As of March month-end, the Federal Reserve Board maintained its
accommodative policy stance, pledging "patience" in raising interest
rates. As a result, short-term interest rates remained at historic
lows and kept the short end of the yield curve relatively flat,
making it increasingly difficult to find attractive income
opportunities. Market watchers continue to monitor the economic data
and Federal Reserve Board language for indications of interest rate
direction. Having said that, if the economy continues to grow at its
recent pace, many believe it is just a matter of time before
interest rates move upward.
Equity markets, in the meantime, continued to provide attractive
returns. For the six-month and 12-month periods ended March 31,
2004, the Standard & Poor's 500 Index returned +14.08% and
+35.12%, respectively. Much of the boost came from improving
economic conditions throughout the past year. Significant fiscal
and monetary stimulus, including the low interest rates and tax
cuts, has opened the door to consumer spending, capital spending,
increases in exports and long-awaited job growth. As expected, these
positive developments have led the way to improvements in corporate
earnings - a positive for stock markets.
The events and efforts of the past year leave us with a much
stronger economy today. With all of this in mind, we believe it is
time for investors to consider what can go right in 2004. We
encourage you to revisit your portfolio and your asset allocation
strategy to ensure you are well positioned to take advantage of the
opportunities that lie ahead. Your financial advisor can help you
develop a strategy designed to perform through all types of market
and economic cycles.
We thank you for trusting Merrill Lynch Investment Managers with
your investment assets, and we look forward to serving you in the
months and years ahead.
Sincerely,
(Terry K. Glenn)
Terry K. Glenn
President and Trustee
CMA NEW YORK MUNICIPAL MONEY FUND, MARCH 31, 2004
A Discussion With Your Fund's Portfolio Manager
With interest rates generally declining and expected to remain low
for some time, fixed rate notes offered somewhat higher yields than
variable rate products, and this is where we focused our investment.
How did the Fund perform during the fiscal year in light of the
existing market conditions?
For the 12-month period ended March 31, 2004, CMA New York Municipal
Money Fund paid shareholders a net annualized yield of .49%.* As of
March 31, 2004, the Fund's seven-day yield was .46%.
The Fund's approximately 28% stake in fixed rate bonds and notes
benefited performance, as these securities tended to outperform as
interest rates continued to move lower. Short-term notes, in
particular, have been one of the few areas of the New York short-
term market where we captured some yield advantage versus shorter-
term commercial paper and variable rate demand notes.
Throughout the period, an accommodative Federal Reserve Board
continued to maintain interest rates near historically low levels.
The last in a series of interest rate cuts came in June 2003, as the
Federal Reserve Board looked to stimulate economic growth and ward
off the potential for deflation. Although economic growth began to
accelerate later in the year, concerns over weak job growth
persisted in the market. Investors tried to anticipate when the
Federal Reserve Board would restore interest rates to more neutral
levels. The constant interest rate analysis translated into
widespread volatility, which created opportunities in the fixed
income markets.
Describe conditions in the State of New York during the period.
Economic conditions in New York continued to improve throughout the
past 12 months. The financial services and banking industries staged
a solid rebound, while the real estate market continued to be quite
strong. New York's long-challenged manufacturing sector also seemed
close to stabilization. The rebuilding process in Lower Manhattan
appears close to getting underway, a positive for New York City and
State. Finally, retail sales continued to be solid around the state.
Notwithstanding the positive news, the state must contend with large
budget gaps that are projected for the next couple of fiscal years.
*Based on a constant investment throughout the period, with
dividends compounded daily, and reflecting a net return to the
investor after all expenses.
What changes were made to the portfolio during the period?
With a relatively stable short-term municipal yield curve and a
Federal Reserve Board that seemed content to maintain interest rates
at historically low levels, we had little incentive to shift our
strategy during the past year. Our primary focus throughout the
period was on the continuous purchase of fixed rate notes and bonds.
With short-term interest rates in a holding pattern, we felt that
the longer-term fixed-coupon securities would outperform the shorter-
term variable rate demand products. This theory proved correct. For
the 12-month period ended March 31, 2004, the average yield on the
one-year note, as measured by the Bond Buyer One-Year Note Index,
was 1.08%. This compared to an average yield of 1.00% for seven-day
variable rate products, as measured by the BMA Municipal Swap Index.
The Fund's average portfolio maturity for the most of the year
remained in the 50-day - 70-day range.
In an effort to capture the most attractive yield for our
shareholders, we reduced the Fund's holdings of tax-exempt
commercial paper, which underperformed both variable rate demand
notes and fixed rate notes during the past year.
How would you characterize the portfolio's position at the close of
the period?
At period end, the Fund's average portfolio maturity stood at 47
days. We expect limited issuance of New York notes until May - June
of this year. For this reason, as securities mature from the
portfolio, we expect to reinvest the proceeds in variable rate
demand notes to take advantage of the historically higher yields
available on these products during tax season. As issuance of New
York fixed rate notes begins in earnest in mid-May, we will monitor
economic conditions and the interest rate outlook to determine our
level of involvement.
We believe any significant improvement in the nation's employment
picture could cause the Federal Reserve Board to rethink its current
policy stance. We remain cognizant of this and stand ready to adjust
our investment strategy as appropriate.
Edward J. Andrews
Vice President and Portfolio Manager
April 13, 2004
CMA NEW YORK MUNICIPAL MONEY FUND, MARCH 31, 2004
Schedule of Investments (In Thousands)
Face
Amount Municipal Bonds Value
New York--99.2%
$23,340 ABN Amro Munitops Certificates Trust, Revenue Refunding Bonds, VRDN,
Series 2002-10, 1.06% due 11/15/2010 (d)(f) $ 23,340
17,256 Albany, New York, City School District, GO, BAN, 1.50% due 6/30/2004 17,277
3,112 Albany, New York, GO, BAN, 1.75% due 6/10/2004 3,116
2,500 Albany, New York, IDA, IDR, Refunding (Albany Ventures Inc. Project), VRDN,
1.10% due 12/29/2010 (f) 2,500
5,000 Amityville, New York, Union Free School District, GO, TAN, 1.75% due 6/29/2004 5,007
12,200 Averill Park, New York, Central School District, GO, BAN, 1.50% due 7/15/2004 12,217
3,000 Big Flats, New York, GO, BAN, 2% due 12/02/2004 3,015
8,873 Binghamton, New York, GO, Refunding, BAN, 2% due 9/24/2004 8,911
10,000 Brocton, New York, Central School District, GO, BAN, 2% due 12/17/2004 10,054
260 Brookhaven, New York, GO, Public Improvement, Series B, 4% due 10/01/2004 (b) 264
17,720 Broome County, New York, GO, Refunding, BAN, 2% due 4/23/2004 17,729
4,000 Carthage, New York, Central School District, GO, RAN, 1.75% due 6/25/2004 4,006
2,610 Cattaraugus County, New York, Development Agency, IDR (Gowanda Electronics
Corporation), VRDN, AMT, Series A, 1.20% due 9/01/2021 (f) 2,610
3,708 Chautauqua County, New York, GO, Refunding, BAN, 1.75% due 8/06/2004 3,717
18,744 Cheektowaga, New York, Central School District, GO, BAN, 2% due 6/03/2004 18,776
4,083 Clayton New York, BAN, 1.50% due 10/08/2004 4,093
10,000 Commack, New York, Union Free School District, GO, BAN, 2% due 11/19/2004 10,049
2,625 Cornwall, New York, Central School District, GO, BAN, 2% due 6/03/2004 2,630
3,500 Dutchess County, New York, IDA, Civic Facility Revenue Bonds (Trinity-Pawling School
Corporation), VRDN, 1.02% due 10/01/2032 (f) 3,500
5,000 Eagle Tax-Exempt Trust, Metropolitan Transportation Authority, New York, Revenue
Bonds, VRDN, Series 2003-0051, Class A, 1.05% due 11/15/2032 (b)(f) 5,000
29,700 Eagle Tax-Exempt Trust, New York State Electric and Gas, VRDN, Series 943202, 1.05%
due 4/01/2034 (d)(f) 29,700
Eagle Tax-Exempt Trust, New York State Local Government, VRDN (f):
10,145 Series 2001-323, 1.05% due 4/01/2015 10,145
29,700 Series 943201, 1.05% due 4/01/2034 29,700
24,500 Series 983201, 1.05% due 4/01/2017 24,500
7,730 Eagle Tax-Exempt Trust, Revenue Refunding Bonds, VRDN, Series 2002-6003, Class A,
1.05% due 11/15/2032 (d)(f) 7,730
Eagle Tax-Exempt Trust, Triborough Bridge and Tunnel Authority, VRDN (f):
6,000 Revenue Bonds, Series 2003-0004, Class A, 1.05% due 11/15/2032 (b) 6,000
5,200 Series 96C, 1.05% due 1/01/2005 5,200
5,600 East Moriches, New York, Union Free School District, GO, TAN, 1.50% due 6/24/2004 5,607
13,800 East Syracuse-Minoa, New York, Central School District, GO, BAN, 2% due 5/07/2004 13,812
1,340 Eastchester, New York, BAN, 2% due 9/09/2004 1,345
3,010 Edgemont, New York, Greenburgh Union Free School District, GO, Refunding, BAN, 1.50%
due 8/20/2004 3,015
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
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, MARCH 31, 2004
Schedule of Investments (continued) (In Thousands)
Face
Amount Municipal Bonds Value
New York (continued)
$ 1,500 Elwood, New York, Union Free School District, GO, TAN, Series 2003-2004, 1.50%
due 6/29/2004 $ 1,502
Erie County, New York, IDA, Civic Facility Revenue Bonds, VRDN (f):
1,585 (Claddagh Commission Inc. Project), 1.10% due 12/01/2015 1,585
4,055 Multi-Mode (Child and Family Services of Erie County), 1.10% due 6/01/2022 4,055
6,845 Fabius-Pompey, New York, Central School District, GO, BAN, 1.50% due 6/25/2004 6,852
11,951 Fayetteville-Manlius, New York, Central School District, GO, BAN, 2% due 5/28/2004 11,969
Freeport, New York, GO, BAN:
4,000 (Power Project), Series A, 2% due 8/15/2004 4,011
3,000 Series C, 1.75% due 7/28/2004 3,006
1,950 Granville, New York, Central School District, GO, BAN, 1.50% due 7/08/2004 1,953
5,000 Great Neck, New York, Union Free School District, GO, TAN, 1.50% due 6/29/2004 5,006
2,700 Greece, New York, Central School District, GO, BAN, 1.75% due 6/18/2004 2,703
2,655 Guilderland, New York, IDA, Civic Facility, Revenue Bonds (West Turnpike), VRDN,
Series A, 1.10% due 4/01/2020 (f) 2,655
5,200 Herricks, New York, Union Free School District, BAN, 2% due 12/02/2004 5,229
15,000 Hilton, New York, Central School District, GO, BAN, 1.50% due 9/02/2004 15,028
3,710 Honeoye Falls-Lima, New York, Central School District, GO, BAN, 2% due 9/23/2004 3,726
16,000 Islip, New York, IDA, Industrial Revenue Bonds (Bayshore LLC Project), VRDN, AMT,
1.08% due 12/01/2029 (f) 16,000
15,546 Ithaca City, New York, GO, BAN, 2% due 1/17/2005 15,644
2,850 Johnson City, New York, GO, BAN, 2% due 5/28/2004 2,854
6,061 Kenmore-Tonawanda, New York, Union Free School District, GO, BAN, Series A, 2% due
10/01/2004 6,089
6,000 Kings Park, New York, Central School District, GO, TAN, 1.35% due 6/29/2004 6,004
12,850 Lackawanna, New York, City School District, BAN, 1.50% due 6/17/2004 12,864
5,000 Levittown, New York, Union Free School District, TAN, 1.50% due 6/29/2004 5,007
13,812 Liverpool, New York, Central School District, GO, BAN, 2% due 4/02/2004 13,813
7,750 Liverpool, New York, Central School District, GO, Refunding, RAN, 1.75% due 7/09/2004 7,764
Long Island Power Authority, New York, Electric System Revenue Bonds (f):
29,965 FLOATS, Series 822-D, 1.07% due 9/01/2029 (g) 29,965
25,000 VRDN, Sub-Series 3A, 1% due 5/01/2033 25,000
2,000 VRDN, Sub-Series 7B, 1.03% due 4/01/2025 (e) 2,000
20,876 Long Island Power Authority, New York, Electric System Revenue Refunding Bonds,
FLOATS, Series 339, 1.05% due 12/01/2026 (e)(f) 20,876
5,000 Malverne, New York, Union Free School District, GO, TAN, 1.50% due 6/29/2004 5,006
10,000 Metropolitan Transportation Authority, New York, CP, 1% due 8/12/2004 10,000
Metropolitan Transportation Authority, New York, Dedicated Tax Fund Revenue Refunding
Bonds (d)(f):
11,362 FLOATS, Series 704, 1.05% due 11/15/2026 11,361
22,700 VRDN, Series B, 1.01% due 11/01/2022 22,700
Metropolitan Transportation Authority, New York, Revenue Bonds (f):
20,000 FLOATS, Series 848-D, 1.07% due 11/15/2021 (b) 20,000
5,290 ROCS, Series II-R-4010, 1.05% due 11/15/2026 (d) 5,290
Metropolitan Transportation Authority, New York, Revenue Refunding Bonds (f):
38,795 MERLOTS, Series A52, 1.05% due 11/15/2022 (b) 38,795
8,490 MERLOTS, Series B25, 1.05% due 11/15/2025 (b) 8,490
3,600 VRDN, Series D-2, 1% due 11/01/2032 (d) 3,600
9,875 Metropolitan Transportation Authority, New York, Service Contract Revenue Bonds,
MERLOTS, Series A-43, 1.05% due 1/01/2010 (b)(f) 9,875
9,000 Miller Place, New York, Union Free School District, GO, TAN, 1.50% due 6/30/2004 9,011
15,000 Monroe County, New York, GO, RAN, 1.75% due 4/15/2004 15,004
1,575 Monroe County, New York, IDA, Revenue Bonds (Coopervision Project), VRDN, 1.20%
due 1/01/2012 (f) 1,575
CMA NEW YORK MUNICIPAL MONEY FUND, MARCH 31, 2004
Schedule of Investments (continued) (In Thousands)
Face
Amount Municipal Bonds Value
New York (continued)
$ 5,000 Monroe County, New York, Public Improvement, GO, Refunding, BAN, 2.25% due
12/17/2004 $ 5,034
10,000 Mount Vernon, New York, City School District, GO, TAN, 2% due 7/26/2004 10,027
1,325 Municipal Assistance Corporation for New York City, New York, Revenue Refunding
Bonds, Series E, 6% due 7/01/2004 1,342
3,260 Nassau County, New York, GO, Refunding, Series F, 7% due 3/01/2005 (d) 3,437
8,099 New Rochelle, New York, GO, BAN, 1.03% due 3/18/2005 8,099
15,000 New York City, New York, CP, 1% due 6/08/2004 15,000
New York City, New York, City Housing Development Corporation, M/F Mortgage Revenue
Bonds, VRDN, Series A (f):
2,100 (Fountains at Spring Creek Project), AMT, 1.02% due 11/01/2033 2,100
10,000 (Gold Street Project), 1.02% due 1/01/2037 10,000
3,550 (Lafayette Project), AMT, 1.02% due 11/01/2033 3,550
20,000 (West 48th Street Development), AMT, 1.01% due 1/15/2034 (c) 20,000
New York City, New York, City Housing Development Corporation, M/F Rental Housing
Revenue Bonds, VRDN, Series A (f):
18,700 (Armory Place LLC), AMT, 1.01% due 3/15/2033 (c) 18,700
32,400 (Brittany Development), AMT, 1.02% due 6/15/2029 (c) 32,400
27,400 (Lyric Development), AMT, 1.01% due 11/15/2031 (c) 27,400
3,700 (Monterey), 1% due 11/15/2019 (c) 3,700
47,300 (One Columbus Place Development), AMT, 1.01% due 11/15/2028 (c) 47,300
29,800 (Tribeca Towers), AMT, 1.05% due 11/15/2019 (c) 29,800
48,600 (West 43rd Street Development), AMT, 1.01% due 4/15/2029 (c) 48,600
34,800 (West 89th Street Development), AMT, 1.05% due 11/15/2029 34,800
New York City, New York, City IDA, Civic Facility Revenue Bonds, VRDN (f):
3,200 (Allen-Stevenson School Project), 1.05% due 12/01/2034 3,200
1,600 (Hewitt School Project), 1.05% due 12/01/2034 1,600
6,450 New York City, New York, City IDA, Civic Facility Revenue Refunding Bond (Brooklyn
Heights Montessori School Project), VRDN, 1.01% due 1/01/2027 (f) 6,450
2,800 New York City, New York, City IDA, IDR (DXB Videotape Inc. Project), VRDN, AMT, 1.10%
due 6/30/2017 (f) 2,800
9,000 New York City, New York, City IDA, Special Facility Revenue Bond (Air Express
International Corporation Project), VRDN, AMT, 1.07% due 7/01/2024 (f) 9,000
29,000 New York City, New York, City Municipal Water Finance Authority, CP, 1.05% due
6/02/2004 29,000
29,100 New York City, New York, City Municipal Water Finance Authority, Water and Sewer
System Revenue Bonds, MSTR, VRDN, Series SGB-25, 1.05% due 6/15/2023 (e)(f) 29,100
New York City, New York, City Municipal Water Finance Authority, Water and Sewer
System Revenue Refunding Bonds, VRDN (f):
51,530 MSTR, Series SGB-27, 1.05% due 6/15/2024 (d) 51,530
35,200 Series F-2, 0.99% due 6/15/2033 35,200
New York City, New York, City Transitional Finance Authority Revenue Bonds (f):
14,900 FLOATS, Series 536, 1.05% due 5/01/2015 (e) 14,900
3,810 ROCS, Series II-R-2054, 1.07% due 2/01/2020 (e) 3,810
34,300 VRDN, Sub-Series 2D, 1% due 11/01/2022 34,300
110 New York City, New York, City Transitional Finance Authority Revenue Bonds, Future
Tax Secured, VRDN, Series A-1, 1% due 11/15/2022 (f) 110
13,710 New York City, New York, City Transitional Finance Authority Revenue Bonds (New York
City Recovery), VRDN, Series 1, Sub-Series 1A, 1% due 11/01/2022 (f) 13,710
345 New York City, New York, City Transitional Finance Authority, Revenue Refunding Bonds
(New York City Recovery), VRDN, Series 3, Sub-Series 3-B, 1.11% due 11/01/2022 (f) 345
4,325 New York City, New York, City Transitional Finance Authority, Special Tax Revenue
Refunding Bonds, VRDN, Series C, 1% due 2/01/2032 (f) 4,325
4,200 New York City, New York, FLOATS, Series L41J, 1.05% due 4/15/2004 (f) 4,200
CMA NEW YORK MUNICIPAL MONEY FUND, MARCH 31, 2004
Schedule of Investments (continued) (In Thousands)
Face
Amount Municipal Bonds Value
New York (continued)
New York City, New York, GO:
$ 9,680 MERLOTS, Series A36, 1.05% due 6/01/2020 (a)(f) $ 9,680
5,000 MSTR, VRDN, SGB-36, 1.04% due 6/01/2022 (a)(f) 5,000
20,000 ROCS, Series II-R-251A, 1.09% due 12/15/2019 (f) 20,000
1,025 Series D, 6.50% due 2/15/2005 1,072
New York City, New York, GO, Refunding:
12,235 MERLOTS, Series A32, 1.05% due 8/01/2011 (d)(f) 12,235
1,100 Series B, 6% due 8/15/2004 1,119
1,500 Series E, 6.60% due 8/01/2004 1,527
30,000 Series G, 1.50% due 8/01/2004 30,047
1,300 Series H, 5.40% due 8/01/2004 1,319
6,700 VRDN, Series H, Sub-Series H-6, 0.98% due 8/01/2012 (e)(f) 6,700
9,000 VRDN, Sub-Series C-3, 0.99% due 8/01/2020 (f) 9,000
2,900 VRDN, Sub-Series C-4, 1% due 8/01/2020 (f) 2,900
New York City, New York, GO, VRDN (f):
5,160 Series F-4, 1% due 2/15/2020 5,160
3,850 Series J, Sub-Series J-2, 1% due 2/15/2016 3,850
2,800 Sub-Series A-3, 1% due 8/01/2031 2,800
800 Sub-Series A-7, 1.10% due 8/01/2020 800
19,265 Sub-Series A-9, 1% due 8/01/2018 19,265
18,120 New York State Commander of General Services Revenue Bonds (People of the State
of New York), VRDN, 1.01% due 9/01/2021 (f) 18,120
New York State Dormitory Authority, Mental Health Services Revenue Bonds:
27,000 Sub-Series D-2B, 1% due 2/15/2031 (d) 27,000
20,000 Sub-Series D-2G, 1% due 2/15/2031 20,000
15,000 Sub-Series D-2H, 1% due 2/15/2031 15,000
New York State Dormitory Authority Revenue Bonds (f):
6,900 FLOATS, Series 894, 1.15% due 2/24/2005 (e) 6,900
7,185 MERLOTS, Series B30, 1.05% due 3/15/2027 (b) 7,185
1,145 New York State Dormitory Authority, Secured Revenue Refunding Bonds (Brookdale
Hospital Medical Center), VRDN, Series J, 5.50% due 2/15/2005 (d)(f) 1,189
New York State Dormitory Authority, State Personal Income Tax Revenue Bonds:
2,610 (Education), Series A, 2% due 3/15/2005 2,634
640 (State Facilities), Series A, 2% due 3/15/2005 646
New York State, HFA, Housing Revenue Bonds, VRDN (f):
15,000 (Liberty Street Realty LLC), 1% due 11/01/2035 15,000
6,400 (West 33rd Street Housing), AMT, Series A, 1.01% due 11/15/2036 (c) 6,400
12,000 (West 43rd Street), AMT, Series A, 1.01% due 11/01/2034 12,000
9,850 (West 43rd Street), AMT, Series A, 1.01% due 11/01/2034 9,850
5,000 New York State, HFA, M/F Housing Revenue Bonds, VRDN, Series A, 1.07% due
11/01/2028 (a)(f) 5,000
2,000 New York State, HFA, M/F Revenue Bonds (Kew Gardens Hills), VRDN, AMT, Series A,
1.05% due 5/15/2036 (f) 2,000
New York State, HFA, Revenue Bonds, VRDN, AMT (f):
6,400 (1500 Lexington Avenue Housing), Series A, 1.08% due 11/01/2034 6,400
28,600 (1501 Lex Associates LP), Series A, 1.05% due 5/15/2032 (c) 28,600
20,000 (Chelsea Apartments), Series A, 1.05% due 11/15/2036 (c) 20,000
12,000 (Gethsemane Apartments), Series A, 1.04% due 5/15/2033 (c) 12,000
21,000 (Helena Housing), Series A, 1.05% due 11/01/2036 21,000
72,800 (Saxony Housing), Series A, 1.01% due 5/15/2030 72,800
13,000 (Talleyrand Crescent), 1% due 5/15/2028 (c) 13,000
54,400 (Tribeca), Series A, 1.05% due 11/15/2029 (c) 54,400
32,600 (Tribeca Pointe LLC), Series A, 1.02% due 5/15/2029 (c) 32,600
10,000 (Victory Housing), Series A, 1.04% due 11/01/2033 10,000
CMA NEW YORK MUNICIPAL MONEY FUND, MARCH 31, 2004
Schedule of Investments (continued) (In Thousands)
Face
Amount Municipal Bonds Value
New York (continued)
New York State, HFA, Service Contract Revenue Refunding Bonds, VRDN (f):
$ 7,500 Series C, 1% due 3/15/2026 $ 7,500
14,000 Series D, 1% due 3/15/2026 14,000
New York State Local Government Assistance Corporation, Revenue Refunding Bonds,
Sub-Lien, VRDN (f):
7,650 Series A-6V, 0.98% due 4/01/2018 (d) 7,650
400 Series A-7V, 1% due 4/01/2020 (b) 400
New York State Power Authority, CP:
8,000 0.92% due 5/06/2004 8,000
40,000 1% due 5/06/2004 40,000
42,000 New York State Power Authority, Revenue and General Purpose Bonds, GO, VRDN, 0.95%
due 9/01/2004 (f) 42,000
4,595 New York State Thruway Authority, Highway and Bridge Trust Fund, Revenue Refunding
Bonds, ROCS, Series II-R-5012, 1.05% due 4/01/2019 (a)(f) 4,595
2,000 New York State Urban Development Corporation, Personal Income Tax Revenue Bonds,
Series D, 4.50% due 12/15/2004 2,049
New York State Urban Development Corporation Revenue Bonds, MERLOTS (b)(f):
8,570 Series A01, 1.05% due 3/15/2015 8,570
6,365 Series A25, 1.05% due 3/15/2028 6,365
9,500 North Syracuse, New York, Central School District, RAN, 1.75% due 6/18/2004 9,515
4,826 Northport-East Northport, New York, Union Free School District, GO, BAN, Series C,
1.75% due 4/30/2004 4,829
2,325 Onondaga County, New York, IDA, IDR (Peregrine International LLC Project), VRDN, AMT,
1.02% due 5/01/2022 (f) 2,325
15,000 Onondaga County, New York, IDA, Solid Waste Disposal Facility Revenue Refunding Bonds
(Solvay Paperboard Project), VRDN, AMT, 1.12% due 7/01/2023 (f) 15,000
1,850 Oswego County, New York, IDA, Civic Facility Revenue Bonds (O H Properties Inc. Project),
VRDN, Series A, 1.15% due 6/01/2024 (f) 1,850
2,500 Oxford Academy and Central School District, New York, GO, Refunding, RAN, 1.50% due
6/18/2004 2,503
Oyster Bay, New York, GO:
10,000 Refunding, BAN, Series D, 1.50% due 8/20/2004 10,017
8,500 Series A, 2% due 1/21/2005 8,558
3,000 Penn Yan, New York, GO, BAN, 2% due 5/20/2004 3,003
6,470 Phelps-Clifton Springs, New York, Central School District, GO, BAN, 2% due 6/18/2004 6,482
9,000 Phelps-Clifton Springs, New York, Central School District, GO, Refunding, BAN, 2% due
4/30/2004 9,006
8,200 Port Authority of New York and New Jersey, CP, 0.95% due 5/03/2004 8,200
8,700 Port Authority of New York and New Jersey, Special Obligation Revenue Refunding
Bonds (Versatile Structure Obligation), VRDN, AMT, Series 6, 1.15% due 12/01/2017 (f) 8,700
6,000 Port Washington, New York, Union Free School District, GO (School Reconstruction),
Refunding, BAN, 2% due 12/02/2004 6,034
3,810 Putnam County, New York, IDA, Revenue Bonds (Dynacept Corporation Project), VRDN,
AMT, 1.08% due 1/01/2021 (f) 3,810
12,420 Ravena-Coeymans-Selkirk, New York, Central School District, GO, BAN, 1.50% due
6/18/2004 12,433
4,000 Riverhead, New York, Central School District, GO, TAN, 1.50% due 6/30/2004 4,005
Rochester, New York, GO:
37,930 BAN, Series I, 2% due 3/03/2005 38,259
11,000 RAN, Series III, 2% due 6/30/2004 11,025
4,000 Sayville, New York, Union Free School District, GO, TAN, 1.50% due 6/30/2004 4,005
5,179 Schalmont, New York, Central School District, GO, BAN, 2% due 6/16/2004 5,189
10,000 Schenectady, New York, City School District, GO, RAN, 1.50% due 6/30/2004 10,009
12,000 South Country-Brookhaven, New York, Central School District, GO, TAN, 1.50% due
6/22/2004 12,013
CMA NEW YORK MUNICIPAL MONEY FUND, MARCH 31, 2004
Schedule of Investments (continued) (In Thousands)
Face
Amount Municipal Bonds Value
New York (concluded)
South Jefferson, New York, Central School District, GO, BAN:
$ 6,690 1.75% due 4/16/2004 $ 6,692
15,102 2% due 4/16/2004 15,108
4,920 Suffolk County, New York, IDA, Solid Waste Disposal Facility, Revenue Refunding
Bonds, ROCS, AMT, 1.27% due 7/01/2004 (a)(f) 4,920
10,875 Sullivan County, New York, GO, Refunding, BAN, 1.75% due 9/10/2004 10,906
Tobacco Settlement Financing Corporation, New York, Revenue Bonds:
2,965 ROCS, Series II-R-2034, 1.07% due 6/01/2020 (a)(f) 2,965
8,125 ROCS, Series II-R-4508, 1.07% due 6/01/2021 (a)(f) 8,125
13,235 Series A-1, 1.75% due 6/01/2004 13,249
20,000 Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Refunding
Bonds, VRDN, Series B, 1.03% due 1/01/2032 (a)(f) 20,000
Triborough Bridge and Tunnel Authority, New York, Revenue Bonds, (a)(f):
16,700 MERLOTS, Series A26, 1.05% due 11/15/2028 16,700
9,540 MERLOTS, Series B28, 1.05% due 11/15/2026 9,540
2,075 ROCS, Series II-R-2013, 1.05% due 11/15/2021 2,075
Triborough Bridge and Tunnel Authority, New York, Revenue Refunding Bonds (e)(f):
12,895 FLOATS, Series 839, 1.05% due 11/15/2019 12,895
9,980 MERLOTS, Series B03, 1.05% due 11/15/2020 9,980
14,555 MERLOTS, Series B13, 1.05% due 11/15/2021 14,555
14,160 PUTTERS, Series 304, 1.03% due 11/15/2018 14,160
5,350 ROCS, Series II-R-1032, 1.05% due 11/15/2021 5,350
22,275 Triborough Bridge and Tunnel Authority, New York, Special Obligation Revenue Refunding
Bonds, VRDN, Series A, 1% due 1/01/2031 (d)(f) 22,275
1,750 Tuckahoe, New York, Union Free School District, GO, TAN, 1.50% due 6/24/2004 1,752
9,468 Tully, New York, Central School District, GO, BAN, Series B, 1.50% due 6/30/2004 9,478
6,500 Ulster County, New York, BAN, 1.75% due 6/11/2004 6,509
4,575 Utica, New York, City School District, GO, BAN, 2% due 9/24/2004 4,589
16,355 Utica, New York, City School District, GO, Refunding, BAN, Series C, 1.50% due
7/09/2004 16,364
10,290 Walton, New York, Central School District, GO, BAN, Series A, 2% due 6/16/2004 10,308
7,500 Wantagh, New York, Union Free School District, GO, TAN, 1.75% due 6/29/2004 7,511
7,900 Waterloo, New York, Central School District, GO, BAN, 1.75% due 8/06/2004 7,919
9,375 Watkins Glen, New York, Central School District, GO, BAN, Series A, 1.75% due 6/17/2004 9,388
19,090 Webutuck, New York, Central School District, GO, BAN, 2% due 12/17/2004 19,193
7,500 Weedsport, New York, Central School District, GO, BAN, 1.75% due 7/30/2004 7,517
2,950 Weedsport, New York, Central School District, GO, Refunding, BAN, 1.50% due 6/18/2004 2,953
1,400 West Babylon, New York, Unified Free School District, GO, TAN, 1.50% due 6/29/2004 1,402
50,000 Westchester County, New York, TAN, 2% due 6/30/2004 50,125
2,000 Wyandanch, New York, Union Free School District, GO, RAN, 2% due 6/29/2004 2,004
CMA NEW YORK MUNICIPAL MONEY FUND, MARCH 31, 2004
Schedule of Investments (concluded) (In Thousands)
Face
Amount Municipal Bonds Value
Puerto Rico--0.5%
$ 2,400 Municipal Securities Trust Certificates, Puerto Rico, GO, VRDN, Series 2002-199,
Class A, 1.02% due 1/25/2016 (e)(f) $ 2,400
3,000 Puerto Rico Commonwealth, GO, FLOATS, Series 869, 1.02% due 7/01/2021 (b)(f) 3,000
7,888 Puerto Rico Public Buildings Authority, Revenue Refunding Bonds, FLOATS, Series 747D,
1.02% due 7/01/2017 (f)(g) 7,888
Total Investments (Cost--$2,503,193*)--99.7% 2,503,193
Other Assets Less Liabilities--0.3% 7,220
----------
Net Assets--100.0% $2,510,413
==========
(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, 2004.
(g)CIFG Insured.
*Cost for Federal income tax purposes.
See Notes to Financial Statements.
CMA NEW YORK MUNICIPAL MONEY FUND, MARCH 31, 2004
Statement of Assets and Liabilities
As of March 31, 2004
Assets
Investments, at value (identified cost--$2,503,193,312) $ 2,503,193,312
Cash 2,123,881
Interest receivable 9,914,360
Prepaid expenses 20,022
---------------
Total assets 2,515,251,575
---------------
Liabilities
Payables:
Securities purchased $ 4,092,646
Distributor 466,388
Investment adviser 140,851
Other affiliates 49,435
Beneficial interest redeemed 1,713 4,751,033
---------------
Accrued expenses 87,775
---------------
Total liabilities 4,838,808
---------------
Net Assets
Net assets $ 2,510,412,767
===============
Net Assets Consist of
Shares of beneficial interest, $.10 par value, unlimited number of shares
authorized $ 251,060,079
Paid-in capital in excess of par 2,259,132,476
Undistributed realized capital gains--net 220,212
---------------
Net Assets--Equivalent to $1.00 per share based on 2,510,600,790 shares of
beneficial interest outstanding $ 2,510,412,767
===============
See Notes to Financial Statements.
CMA NEW YORK MUNICIPAL MONEY FUND, MARCH 31, 2004
Statement of Operations
For the Year Ended March 31, 2004
Investment Income
Interest and amortization of premium and discount earned $ 26,354,281
Expenses
Investment advisory fees $ 10,110,553
Distribution fees 3,053,758
Accounting services 365,238
Transfer agent fees 233,804
Professional fees 75,082
Custodian fees 71,412
Printing and shareholder reports 51,084
Registration fees 41,084
Pricing fees 25,642
Trustees' fees and expenses 23,157
Other 41,586
---------------
Total expenses 14,092,400
---------------
Investment income--net 12,261,881
---------------
Realized Gain on Investments--Net
Realized gain on investments--net 310,368
---------------
Net Increase in Net Assets Resulting from Operations $ 12,572,249
===============
See Notes to Financial Statements.
CMA NEW YORK MUNICIPAL MONEY FUND, MARCH 31, 2004
Statements of Changes in Net Assets
For the Year Ended March 31,
Increase (Decrease) in Net Assets: 2004 2003
Operations
Investment income--net $ 12,261,881 $ 23,422,927
Realized gain on investments--net 310,368 140,098
--------------- ---------------
Net increase in net assets resulting from operations 12,572,249 23,563,025
--------------- ---------------
Dividends or Distributions to Shareholders
Dividends to shareholders from investment income--net (12,261,881) (23,422,927)
Realized gain on investments--net (49,716) --
--------------- ---------------
Net decrease in net assets resulting from dividends and distributions
to shareholders (12,311,597) (23,422,927)
--------------- ---------------
Beneficial Interest Transactions
Net proceeds from sale of shares 7,079,203,242 6,380,700,131
Value of shares issued to shareholders in reinvestment of dividends
and distributions 12,310,412 23,422,173
--------------- ---------------
7,091,513,654 6,404,122,304
Cost of shares redeemed (7,109,319,325) (6,539,337,036)
--------------- ---------------
Net decrease in net assets derived from beneficial interest transactions (17,805,671) (135,214,732)
--------------- ---------------
Net Assets
Total decrease in net assets (17,545,019) (135,074,634)
Beginning of year 2,527,957,786 2,663,032,420
--------------- ---------------
End of year $ 2,510,412,767 $ 2,527,957,786
=============== ===============
See Notes to Financial Statements.
CMA NEW YORK MUNICIPAL MONEY FUND, MARCH 31, 2004
Financial Highlights
The following per share data and ratios have been derived
from information provided in the financial statements.
For the Year Ended March 31,
Increase (Decrease) in Net Asset Value: 2004 2003 2002 2001 2000
Per Share Operating Performance
Net asset value, beginning of year $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
---------- ---------- ---------- ---------- ----------
Investment income--net --++ .01 .02 .03 .03
Realized gain (loss) on investments--net --++ --++ --++ --++++ --++
---------- ---------- ---------- ---------- ----------
Total from investment operations --++ .01 .02 .03 .03
---------- ---------- ---------- ---------- ----------
Less dividends and distributions:
Investment income--net --++++ (.01) (.02) (.03) (.03)
Realized gain on investments--net --++++ -- -- -- --
---------- ---------- ---------- ---------- ----------
Total dividends and distributions --++++ (.01) (.02) (.03) (.03)
---------- ---------- ---------- ---------- ----------
Net asset value, end of year $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
========== ========== ========== ========== ==========
Total investment return .49% .91% 1.74% 3.49% 2.86%
========== ========== ========== ========== ==========
Ratios to Average Net Assets
Expenses .57% .57% .57% .58% .58%
========== ========== ========== ========== ==========
Investment income--net .50% .92% 1.72% 3.42% 2.83%
========== ========== ========== ========== ==========
Supplemental Data
Net assets, end of year (in thousands) $2,510,413 $2,527,958 $2,663,032 $2,523,324 $2,177,183
========== ========== ========== ========== ==========
++Amount is less than $.01 per share.
++++Amount is less than $(.01) per share.
See Notes to Financial Statements.
CMA NEW YORK MUNICIPAL MONEY FUND, MARCH 31, 2004
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 amended,
as a non-diversified, open-end management investment company. The
Fund's financial statements are prepared in conformity with
accounting principles generally accepted in the United States of
America, which may require the use of management accruals and
estimates. The following is a summary of significant accounting
policies followed by the Fund.
(a) Valuation of investments--Investments are valued at amortized
cost, which approximates market value. For the purpose of valuation,
the maturity of a variable rate demand instrument is deemed to be
the demand notice payment period. In the case of a floating rate
instrument, the remaining maturity is the next coupon date on which
the interest rate is to be adjusted.
(b) Income taxes--It is the Fund's policy to comply with the
requirements of the Internal Revenue Code applicable to regulated
investment companies and to distribute substantially all of its
taxable income to its shareholders. Therefore, no Federal income tax
provision is required.
(c) Security transactions and investment income--Security
transactions are recorded on the dates the transactions are entered
into (the trade dates). Realized gains and losses on security
transactions are determined on the identified cost basis. Interest
income (including amortization of premium and discount) is
recognized on the accrual basis.
(d) Prepaid registration fees--Prepaid registration fees are charged
to expense as the related shares are issued.
(e) Dividends and distributions to shareholders--The Fund declares
dividends daily and reinvests daily such dividends (net of non-
resident alien tax and backup withholding tax withheld) in
additional fund shares at net asset value. Dividends are declared
from the total of net investment income, excluding discounts earned
other than original issue discounts. Net realized capital gains, if
any, are normally distributed annually after deducting prior years'
loss carryforward. The Fund may distribute capital gains more
frequently than annually in order to maintain the Fund's net asset
value at $1.00 per share.
(f) Expenses--Certain expenses have been allocated to the individual
Funds in the Trust on a pro rata basis based upon the respective
aggregate net asset value of each Fund included in the Trust.
2. Investment Advisory Agreement and Transactions with Affiliates:
The Fund has entered into an Investment Advisory Agreement with Fund
Asset Management, L.P. ("FAM"). The general partner of FAM is
Princeton Services, Inc. ("PSI"), an indirect, wholly-owned
subsidiary of Merrill Lynch & Co., Inc. ("ML & Co."), which is the
limited partner.
FAM is responsible for the management of the Fund's portfolio and
provides the necessary personnel, facilities, equipment and certain
other services necessary to the operations of the Fund. For such
services, the Fund pays a monthly fee based upon the average daily
value of the Fund's net assets, at the following annual rates: .50%
of the first $500 million of average daily net assets; .425% of
average daily net assets in excess of $500 million but not exceeding
$1 billion; and .375% of average daily net assets in excess of
$1 billion.
Pursuant to the Distribution and Shareholder Servicing Plan in
compliance with Rule 12b-1 under the Investment Company Act of 1940,
Merrill Lynch, Pierce, Fenner & Smith Incorporated ("MLPF&S")
receives a distribution fee from the Fund at the end of each month
at the annual rate of .125% of average daily net assets of the Fund.
The distribution fee is to compensate MLPF&S financial advisors and
other directly involved branch office personnel for selling shares
of the Fund and for providing direct personal services to
shareholders. The distribution fee is not compensation for the
administrative and operational services rendered to the Fund by
MLPF&S in processing share orders and administering shareholder
accounts.
Financial Data Services, Inc. ("FDS"), a wholly-owned subsidiary of
ML & Co., is the Fund's transfer agent.
For the year ended March 31, 2004, the Fund reimbursed FAM $49,480
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.
CMA NEW YORK MUNICIPAL MONEY FUND, MARCH 31, 2004
Notes to Financial Statements (concluded)
3. Shares of Beneficial Interest:
The number of shares sold, reinvested and redeemed during the 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, 2004 and March 31, 2003 was as follows:
3/31/2004 3/31/2003
Distributions paid from:
Tax-exempt income $ 12,261,881 $ 23,422,927
Ordinary income 38,066 --
Long-term capital gains 11,650 --
------------- -------------
Total distributions $ 12,311,597 $ 23,422,927
============= =============
As of March 31, 2004, there were no significant differences between
the book and tax components of net assets.
CMA NEW YORK MUNICIPAL MONEY FUND, MARCH 31, 2004
Independent Auditors' Report
To the Shareholders and Board of Trustees
of CMA Multi-State Municipal Series Trust:
We have audited the accompanying statement of assets and
liabilities, including the schedule of investments, of CMA New York
Municipal Money Fund of CMA Multi-State Municipal Series Trust (the
"Trust") as of March 31, 2004, and the related statement of
operations for the year then ended, the statements of changes in net
assets for each of the two years in the period then ended, and the
financial highlights for each of the five years in the period then
ended. These financial statements and financial highlights are the
responsibility of the Trust's management. Our responsibility is to
express an opinion on these financial statements and financial
highlights based on our audits.
We conducted our audits in accordance with auditing standards
generally accepted in the United States of America. Those standards
require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. Our procedures included
confirmation of securities owned as of March 31, 2004, by
correspondence with the custodian 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 of CMA Multi-
State Municipal Series Trust as of March 31, 2004, the results of
its operations for the year then ended, the changes in its net
assets for each of the two years in the period then ended, and its
financial highlights for each of the five years in the period then
ended, in conformity with accounting principles generally accepted
in the United States of America.
Deloitte & Touche LLP
Princeton, New Jersey
May 14, 2004
CMA NEW YORK MUNICIPAL MONEY FUND, MARCH 31, 2004
Officers and Trustees (unaudited)
Number of
Portfolios in Other Public
Position(s) Length of Fund Complex Directorships
Held with Time Overseen by Held by
Name, Address & Age Fund Served Principal Occupation(s) During Past 5 Years Trustee Trustee
Interested Trustee
Terry K. Glenn* President 1999 to President of the Merrill Lynch Investment 124 Funds None
P.O. Box 9011 and present Managers, L.P. ("MLIM")/Fund Asset 160 Portfolios
Princeton, Trustee and Management, L.P. ("FAM")--Advised Funds
NJ 08543-9011 1988 to since 1999; Chairman (Americas Region) of
Age: 63 present 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. since 1985.
* Mr. Glenn is a director, trustee or member of an advisory board of
certain other investment companies for which MLIM or FAM acts as
investment adviser. Mr. Glenn is an "interested person," as
described in the Investment Company Act, of the Fund based on his
former positions with MLIM, FAM, FAMD, Princeton Services and
Princeton Administrators, L.P. The Trustee's term is unlimited.
Trustees serve until their resignation, removal or death, or until
December 31 of the year in which they turn 72. As Fund President,
Mr. Glenn serves at the pleasure of the Board of Trustees.
Independent Trustees*
Ronald W. Forbes Trustee 1988 to Professor Emeritus of Finance, School of 51 Funds None
P.O. Box 9095 present Business, State University of New York at 50 Portfolios
Princeton, Albany since 2000 and Professor thereof
NJ 08543-9095 from 1989 to 2000; International Consultant
Age: 63 at the Urban Institute from 1995 to 1999.
Cynthia A. Montgomery Trustee 1994 to Professor, Harvard Business School since 51 Funds Newell
P.O. Box 9095 present 1989. 50 Portfolios Rubbermaid, Inc.
Princeton,
NJ 08543-9095
Age: 51
Kevin A. Ryan Trustee 1992 to Director Emeritus of The Boston University 51 Funds None
P.O. Box 9095 present Center for the Advancement of Ethics and 50 Portfolios
Princeton, Character from 1989 to 1999; Professor of
NJ 08543-9095 Education at Boston University from 1982
Age: 71 to 1999 and Professor Emeritus thereof
since 1999.
Roscoe S. Suddarth Trustee 2000 to President of Middle East Institute from 51 Funds None
P.O. Box 9095 present 1995 to 2001; Foreign Service Officer of 50 Portfolios
Princeton, United States Foreign Service from 1961 to
NJ 08543-9095 1995 and Career Minister thereof from 1989
Age: 68 to 1995; Deputy Inspector General of U.S.
Department of State from 1991 to 1994; U.S.
Ambassador to the Hashemite Kingdom of
Jordan from 1987 to 1990.
Richard R. West Trustee 1988 to Professor of Finance, New York University, 51 Funds Bowne & Co.,
P.O. Box 9095 present Leonard N. Stern School of Business 50 Portfolios Inc.; Vornado
Princeton, Administration from 1982 to 1994 and Operating
NJ 08543-9095 Dean Emeritus thereof since 1994. Company;
Age: 66 Vornado Realty
Trust and
Alexander's, Inc.
CMA NEW YORK MUNICIPAL MONEY FUND, MARCH 31, 2004
Officers and Trustees (unaudited) (concluded)
Number of
Portfolios in Other Public
Position(s) Length of Fund Complex Directorships
Held with Time Overseen by Held by
Name, Address & Age Fund Served Principal Occupation(s) During Past 5 Years Trustee Trustee
Independent Trustees* (concluded)
Edward D. Zinbarg Trustee 2000 to Self-employed financial consultant since 51 Funds None
P.O. Box 9095 present 1994; Executive Vice President of The 50 Portfolios
Princeton, Prudential Insurance Company of America
NJ 08543-9095 from 1988 to 1994; Former Director of
Age: 69 Prudential Reinsurance Company and former
Trustee of The Prudential Foundation.
* The Trustee's term is unlimited. Trustees serve until their
resignation, removal or death, or until December 31 of the year in
which they turn 72.
Position(s) Length of
Held with Time
Name, Address & Age 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 since
P.O. Box 9011 President present 1999; Senior Vice President and Treasurer of Princeton Services since 1999;
Princeton, and and Vice President of FAMD since 1999; Director of MLIM Taxation since 1990.
NJ 08543-9011 Treasurer 1999 to
Age: 43 present
Kenneth A. Jacob Senior 2002 to Managing Director of MLIM since 2000; Director (Tax-Exempt Fund Management)
P.O. Box 9011 Vice present of MLIM from 1997 to 2000.
Princeton, President
NJ 08543-9011
Age: 53
John M. Loffredo Senior 2002 to Managing Director of MLIM since 2000; Director (Tax-Exempt Fund Management)
P.O. Box 9011 Vice present of MLIM from 1998 to 2000.
Princeton, President
NJ 08543-9011
Age: 40
Edward J. Andrews Vice 1993 to Director (Tax-Exempt Fund Management) of MLIM since 2000; Vice President
P.O. Box 9011 President present of MLIM from 1991 to 2000.
Princeton,
NJ 08543-9011
Age: 43
Phillip S. Gillespie Secretary 2000 to First Vice President of MLIM since 2001; Director (Legal Advisory) from 2000
P.O. Box 9011 present to 2001; Vice President from 1999 to 2000; Attorney associated with MLIM
Princeton, since 1998.
NJ 08543-9011
Age: 40
* Officers of the Fund serve at the pleasure of the Board of
Trustees.
Further information about the Fund's Officers and Trustees is
available in the Fund's Statement of Additional Information, which
can be obtained without charge by calling 1-800-MER-FUND.
Custodian
State Street Bank and Trust Company
P.O. Box 351
Boston, MA 02101
Transfer Agent
Financial Data Services, Inc.
4800 Deer Lake Drive East
Jacksonville, FL 32246-6484
800-221-7210**
**For inquiries regarding your CMA account, call 800-CMA-INFO
or 800-262-4363.
Charles C. Reilly, Trustee of CMA New York Municipal Money Fund, has
recently retired. The Fund's Board of Trustees wishes Mr. Reilly
well in his retirement.
CMA NEW YORK MUNICIPAL MONEY FUND, MARCH 31, 2004
Item 2 - Code of Ethics - The registrant has adopted a code of
ethics, as of the end of the period covered by this report, that
applies to the registrant's principal executive officer, principal
financial officer and principal accounting officer, or persons
performing similar functions. A copy of the code of ethics
is available without charge upon request by calling toll-free
1-800-MER-FUND (1-800-637-3863).
Item 3 - Audit Committee Financial Expert - The registrant's board
of directors has determined that (i) the registrant has the
following audit committee financial experts serving on its audit
committee and (ii) each audit committee financial expert is
independent: (1) Ronald W. Forbes, (2) Richard R. West, and (3)
Edward D. Zinbarg.
Item 4 - Principal Accountant Fees and Services
(a) Audit Fees - Fiscal Year Ending March 31, 2004 - $33,200
Fiscal Year Ending March 31, 2003 - $35,164
(b) Audit-Related Fees - Fiscal Year Ending March 31, 2004 - $0
Fiscal Year Ending March 31, 2003 - $0
(c) Tax Fees - Fiscal Year Ending March 31, 2004 - $5,200
Fiscal Year Ending March 31, 2003 - $4,800
The nature of the services include tax compliance, tax advice and
tax planning.
(d) All Other Fees - Fiscal Year Ending March 31, 2004 - $0
Fiscal Year Ending March 31, 2003 - $0
(e)(1) The registrant's audit committee (the "Committee") has
adopted policies and procedures with regard to the pre-approval of
services. Audit, audit-related and tax compliance services provided
to the registrant on an annual basis require specific pre-approval
by the Committee. The Committee also must approve other non-audit
services provided to the registrant and those non-audit services
provided to the registrant's affiliated service providers that
relate directly to the operations and the financial reporting of the
registrant. Certain of these non-audit services that the Committee
believes are a) consistent with the SEC's auditor independence rules
and b) routine and recurring services that will not impair the
independence of the independent accountants may be approved by the
Committee without consideration on a specific case-by-case basis
("general pre-approval"). However, such services will only be
deemed pre-approved provided that any individual project does not
exceed $5,000 attributable to the registrant or $50,000 for the
project as a whole. Any proposed services exceeding the pre-
approved cost levels will require specific pre-approval by the
Committee, as will any other services not subject to general pre-
approval (e.g., unanticipated but permissible services). The
Committee is informed of each service approved subject to general
pre-approval at the next regularly scheduled in-person board
meeting.
(e)(2) 0%
(f) Not Applicable
(g) Fiscal Year Ending March 31, 2004 - $16,708,160
Fiscal Year Ending March 31, 2003 - $17,378,427
(h) The registrant's audit committee has considered and determined
that the provision of non-audit services that were rendered to
the registrant's investment adviser and any entity controlling,
controlled by, or under common control with the investment adviser
that provides ongoing services to the registrant that were not pre-
approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation
S-X is compatible with maintaining the principal accountant's
independence.
Regulation S-X Rule 2-01(c)(7)(ii) - $541,640, 0%
Item 5 - Audit Committee of Listed Registrants - Not Applicable
Item 6 - Schedule of Investments - Not Applicable
Item 7 - Disclosure of Proxy Voting Policies and Procedures for
Closed-End Management Investment Companies - Not Applicable
Item 8 - Purchases of Equity Securities by Closed-End Management
Investment Company and Affiliated Purchasers - Not Applicable
Item 9 - Submission of Matters to a Vote of Security Holders - Not
Applicable
Item 10 - Controls and Procedures
10(a) - The registrant's certifying officers have reasonably
designed such disclosure controls and procedures to ensure material
information relating to the registrant is made known to us by others
particularly during the period in which this report is being
prepared. The registrant's certifying officers have determined that
the registrant's disclosure controls and procedures are effective
based on our evaluation of these controls and procedures as of a
date within 90 days prior to the filing date of this report.
10(b) - There were no changes in the registrant's internal control
over financial reporting (as defined in Rule 30a-3(d) under the Act
(17 CFR 270.30a-3(d)) that occurred during the second fiscal half-
year of the period covered by this report that has materially
affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting.
Item 11 - Exhibits attached hereto
11(a)(1) - Code of Ethics - See Item 2
11(a)(2) - Certifications - Attached hereto
11(a)(3) - Not Applicable
11(b) - Certifications - Attached hereto
Pursuant to the requirements of the Securities Exchange Act of 1934
and the Investment Company Act of 1940, the registrant has duly
caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
CMA New York Municipal Money Fund of CMA Multi-State Municipal
Series Trust
By: _/s/ Terry K. Glenn_______
Terry K. Glenn,
President of
CMA New York Municipal Money Fund of
CMA Multi-State Municipal Series Trust
Date: May 21, 2004
Pursuant to the requirements of the Securities Exchange Act of 1934
and the Investment Company Act of 1940, this report has been signed
below by the following persons on behalf of the registrant and in
the capacities and on the dates indicated.
By: _/s/ Terry K. Glenn_______
Terry K. Glenn,
President of
CMA New York Municipal Money Fund of
CMA Multi-State Municipal Series Trust
Date: May 21, 2004
By: _/s/ Donald C. Burke________
Donald C. Burke,
Chief Financial Officer of
CMA New York Municipal Money Fund of
CMA Multi-State Municipal Series Trust
Date: May 21, 2004