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 Michigan 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 Michigan
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
[LOGO] Merrill Lynch Investment Managers
Annual Report
March 31, 2003
CMA Michigan
Municipal Money Fund
www.mlim.ml.com
TO OUR SHAREHOLDERS:
- --------------------------------------------------------------------------------
For the year ended March 31, 2003, CMA Michigan Municipal Money Fund paid
shareholders a net annualized yield of .85%.* As of March 31, 2003, the Fund's
7-day yield was .60%.
Economic Environment
During the year ended March 31, 2003, Michigan's economy continued to perform
poorly. Consequently, the sluggish economy took its toll on population growth,
which has decelerated steadily over the past four years. In 2002, the .4%
increase in population was below the regional average and less than half of the
U.S. average. If this trend continues, it may put the state at risk of a labor
shortage once the economy heats up again as was the case in the mid 1990s. After
stabilizing early in the year, the state's employment base contracted into year
end. Job losses also accelerated as expansion in the service industry was not
enough to offset losses in other sectors. Despite the weak labor market, the
housing market remained solid with home construction rebounding and sales
surging by a 22% annualized rate in the fourth quarter of 2002. During the past
year, Michigan auto manufacturers have continued to deal with lower demand by
ratcheting up sales incentives. Moreover, in January 2003 an increase in
inventory caused manufacturers to slow assembly lines and lay off workers.
However, for the long term, Michigan's economy should continue to benefit from
large capital investments expected by auto manufacturers. For example,
DaimlerChrysler created a joint venture with Mitsubishi Motors and Hyundai Motor
Company to build an engine plant in the state. General Motors Corporation and
Ford Motor Company also have plans to invest heavily in Michigan facilities
going forward. Although the state has endured a rough year, consumer conditions
have deteriorated less than the national average. As a result, the share of
households filing bankruptcy remains below the national average and delinquency
rates on most types of loans are falling.
The state's finances continued to deteriorate during the past year as sluggish
economic activity resulted in lagging tax revenues. According to the latest
revenue forecast, Michigan is currently facing an expected $410 million
shortfall in its fiscal 2003 budget. Strategies under consideration to fill this
budget gap include layoffs, reduction in local funding, restructuring of debt
and use of the state's rainy day fund. At more than $1 billion just over two
years ago, the rainy day fund is expected to end fiscal 2003 at $31 million. In
March 2003, Governor Granholm rolled out a $38.6 billion budget proposal for
2004 that uses bond refinancing and a host of spending cuts to offset an
anticipated $1.7 billion shortfall. Additionally, for the first time in several
years, the state is expecting to issue up to $1 billion in short-term cash-flow
notes this spring. The short-term debt, which would be repaid by September 30,
2003, will be used to bridge the cash shortfall and lack of reserves expected
during this period. Lastly, although the time frame has not been identified, the
state is contemplating the securitization of tobacco settlement revenues to help
reduce their expected budget deficit.
Investment Strategy
At the beginning of the 12-month period ended March 31, 2003, we sought to
maintain the Fund's relatively bearish stance. This was because of our
expectation of a rise in interest rates as reflected by the Federal Reserve
Board's change in bias from that of weakness to neutral at the March 19, 2002
Federal Open Market Committee meeting. In addition, this position allowed the
Fund to take advantage of the anticipated rise in yields on variable rate
product caused by outflows during tax time. As tax season began, a smaller
amount of income tax related redemptions caused variable rate product to
underperform compared to previously purchased fixed rate securities.
Consequently, although we allowed the Fund to trend to a more bearish position,
we continued to benefit from the more aggressive stance attained early in the
first quarter of 2002.
As the period progressed, economic data began to reveal that growth for the
second quarter of 2002 was slowing from that of the first quarter.
* Based on a constant investment throughout the period, with dividends
compounded daily, and reflecting a net return to the investor after all
expenses.
1
Furthermore, U.S. equity markets were suffering from a confidence crisis caused
by accounting scandals and corporate malfeasance. For example, the Dow Jones
Industrial Average, which began the period at 10,362, declined to 7,992 by the
end of March 2003. As a result of these factors, we looked to move to a more
neutral position given our opinion that the Federal Reserve Board would not
tighten monetary policy in the coming months. A majority of our extension took
place in April and May 2002 as we tried to lock in higher yields than were
expected going forward. This strategy benefited the Fund as yields on tax-exempt
securities maturing in one year declined almost 70 basis points (.70%) by the
end of June 2002. As summer ended, continued weakness in capital expenditures
and another possible military confrontation with Iraq caused the U.S. economy to
weaken. In fact, at its August 13, 2002 Federal Open Market Committee meeting,
the Federal Reserve Board changed its outlook from neutral back to that of
weakness.
As the second half of the period began, we looked to maintain the Fund's current
stance because it was our opinion that the significant short-term issuance from
the State of California would cause general market variable rate product to
outperform fixed rate securities through year end. Our strategy benefited the
Fund as yields on variable rate product averaged 1.65%, while yields on fixed
rate product averaged 1.45% through mid-November. Nevertheless, from
mid-November 2002 to early March 2003, yields on variable rate securities
declined significantly because of the tremendous demand for short-term
tax-exempt instruments. This was caused by both the Federal Reserve Board
lowering the Federal Funds rate by 50 basis points at the November 6, 2002
Federal Open Market Committee meeting and continued cash inflows through
February 2003. Since we anticipated that the Federal Reserve Board would keep
monetary policy on hold for the near term, we continued to look for attractive
opportunities to moderately extend our average portfolio maturity during this
time. However, this proved to be difficult given a flat short-term tax-exempt
yield curve and lack of state-specific fixed rate issuance. Our strategy allowed
the Fund to provide a total return that was above average relative to its peer
group for the one-year period ended March 31, 2003 according to iMoneyNet, Inc.
As the period ended, we planned to maintain our current position, given the
significant rally in the note market and the expected spike in yields on
variable rate product as tax time approaches.
In Conclusion
We thank you for your support of CMA Michigan Municipal Money Fund, and we look
forward to serving your investment needs in the months and years ahead.
Sincerely,
/s/ Terry K. Glenn
Terry K. Glenn
President and Trustee
/s/ Kenneth A. Jacob
Kenneth A. Jacob
Senior Vice President
/s/ John M. Loffredo
John M. Loffredo
Senior Vice President
/s/ Darrin J. SanFillippo
Darrin J. SanFillippo
Portfolio Manager
April 14, 2003
2
CMA MICHIGAN MUNICIPAL MONEY FUND
SCHEDULE OF INVESTMENTS AS OF MARCH 31, 2003 (IN THOUSANDS)
- --------------------------------------------------------------------------------
Face
State Amount Issue Value
- ------------------------------------------------------------------------------------------------------------------------------------
Michigan-- $ 1,045 Battle Creek, Michigan, Housing Corporation, Housing Revenue Bonds,
94.2% VRDN, Series 1997-A, 1.20% due 2/01/2027 (c) ........................................... $ 1,045
3,125 Berrien County, Michigan, Economic Development Corporation Revenue Bonds
(Arlington Corp. Project), VRDN, AMT, 1.40% due 9/01/2016 (c) .......................... 3,125
6,310 Detroit, Michigan, City School District, MERLOTS, VRDN, Series A-113,
1.26% due 5/01/2029 (c) ................................................................ 6,310
9,740 Detroit, Michigan, Convention Facility Revenue Refunding Bonds (Cobo Hall
Expansion Project), 5.75% due 9/30/2003 ................................................ 9,942
12,060 Detroit, Michigan, MERLOTS, VRDN, Series A-115, 1.26% due 4/01/2019 (c) ................ 12,060
Detroit, Michigan, Water Supply System Revenue Bonds, VRDN (c):
8,545 FLOATS, Series 782, 1.21% due 7/01/2032 (b) ........................................ 8,545
2,500 MERLOTS, Series B24, 1.26% due 7/01/2026 (b) ....................................... 2,500
2,000 MSTR, Series SG-64, 1.21% due 7/01/2025 ............................................ 2,000
2,000 MSTR, Series SGB-6, 1.23% due 7/01/2025 (b) ........................................ 2,000
15,840 Eagle Tax-Exempt Trust, Grand Rapids Michigan, Sanitation Sewer System,
VRDN, Series A, 1.23% due 1/01/2022 (c) ................................................ 15,840
880 Farmington Hills, Michigan, Economic Development Corporation, Limited
Obligation Revenue Refunding Bonds (Brookfield Building Association), VRDN,
1.15% due 11/01/2010 (c) ............................................................... 880
1,500 Ferndale, Michigan, School District, GO, SAN, 2.25% due 8/21/2003 ...................... 1,505
700 Flint, Michigan, Economic Development Corporation, EDR (Plastics Research),
VRDN, AMT, 1.40% due 9/01/2004 (c) ..................................................... 700
2,300 Georgetown Charter Township, Michigan, IDR, Limited Obligation (J&F Steel
Corp.), VRDN, AMT, 1.25% due 2/01/2009 (c) ............................................. 2,300
415 Grand Rapids, Michigan, EDR, Limited Obligation Refunding Bonds (Calder),
VRDN, Series A, 1.14% due 10/01/2011 (c) ............................................... 415
3,325 Grand Rapids, Michigan, Economic Development Corporation, EDR, Refunding
(Amway Hotel Corp. Project), VRDN, Series B, 1.20% due 8/01/2017 (c) ................... 3,325
900 Grand Rapids, Michigan, IDR (Custom Printers), VRDN, AMT,
1.30% due 7/01/2015 (c) ................................................................ 900
1,760 Grand Rapids, Michigan, IDR, Refunding (Etheridge Company Project), VRDN,
AMT, 1.30% due 7/01/2009 (c) ........................................................... 1,760
3,500 Jackson County, Michigan, Economic Development Corporation, Limited
Obligation Revenue Bonds (American Tooling Center Project), VRDN, AMT,
1.40% due 6/01/2011 (c) ................................................................ 3,500
750 Marquette County, Michigan, Economic Development Corporation, Limited
Obligation Revenue Bonds (Pioneer Labs Inc. Project), VRDN, AMT, Series A,
1.39% due 6/01/2012 (c) ................................................................ 750
Portfolio Abbreviations for CMA Michigan Municipal Money Fund
AMT Alternative Minimum Tax (subject to)
CP Commercial Paper
EDR Economic Development Revenue Bonds
FLOATS Floating Rate Securities
GO General Obligation Bonds
HDA Housing Development Authority
IDR Industrial Development Revenue Bonds
MERLOTS Municipal Extendible Receipt Liquidity Option Tender Securities
MSTR Municipal Securities Trust Receipts
SAN State Aid Notes
TEAMS Tax-Exempt Adjustable Municipal Securities
TRAN Tax Revenue Anticipation Notes
VRDN Variable Rate Demand Notes
3
CMA MICHIGAN MUNICIPAL MONEY FUND
SCHEDULE OF INVESTMENTS AS OF MARCH 31, 2003 (CONTINUED) (IN THOUSANDS)
- --------------------------------------------------------------------------------
Face
State Amount Issue Value
- ------------------------------------------------------------------------------------------------------------------------------------
Michigan $ 460 Michigan Higher Education Facilities Authority, Limited Obligation
(continued) Revenue Bonds (Davenport College of Business Project), VRDN,
1.20% due 3/01/2027 (c) ................................................................ $ 460
Michigan Municipal Bond Authority Revenue Bonds:
5,935 Series B-1, 3% due 7/02/2003 ....................................................... 5,956
5,000 Series B-2, 3% due 7/02/2003 ....................................................... 5,018
13,600 Series C-1, 2.25% due 8/22/2003 .................................................... 13,655
14,500 Series C-2, 2.25% due 8/22/2003 .................................................... 14,545
16,135 Michigan State Building Authority Revenue Bonds, CP, 1.05% due 4/03/2003 ............... 16,135
4,000 Michigan State, HDA (Bloomfield Partners), CP, 1.15% due 4/07/2003 ..................... 4,000
Michigan State, HDA, Limited Obligation Revenue Bonds, VRDN (c):
1,200 (Laurel Valley), TEAMS, 1.25% due 12/01/2007 ....................................... 1,200
3,900 (Sand Creek Apartments, Phase I Project), AMT, 1.25% due 1/01/2029 ................. 3,900
2,000 (Woodland Meadows Project), AMT, 1.30% due 3/01/2013 ............................... 2,000
Michigan State Hospital Finance Authority, Revenue Refunding Bonds:
1,000 (Genesys Regional Medical), Series A, 5.25% due 10/01/2003 (e) ..................... 1,019
5,000 MERLOTS, Series K, 1.26% due 11/15/2023 (b)(c) ..................................... 5,000
5,560 (Mount Clemens Hospital), VRDN, 1.15% due 8/15/2015 (c) ............................ 5,560
17,400 Michigan State Housing Authority, CP, Series 88A, 1.10% due 5/21/2003 .................. 17,400
Michigan State Strategic Fund, Limited Obligation Revenue Bonds, VRDN (c):
2,800 (AACOA Extrusions Inc. Project), AMT, 1.40% due 2/01/2008 .......................... 2,800
2,500 (Admiral Broach Company Inc. Project), AMT, 1.45% due 11/01/2011 ................... 2,500
1,500 (Artex Label & Graphics), AMT, 1.37% due 12/01/2022 ................................ 1,500
2,300 (Automatic Handling Inc. Project), AMT, 1.29% due 7/01/2009 ........................ 2,300
300 (BBPV Project), AMT, Series A-2, 1.59% due 1/01/2014 ............................... 300
1,160 (Baron Drawn Steel), AMT, 1.29% due 12/01/2006 ..................................... 1,160
2,090 (Biewer of Lansing LLC Project), AMT, 1.35% due 5/01/2019 .......................... 2,090
3,785 (C&M Manufacturing Corporation Inc. Project), AMT, 1.55% due 7/01/2014 ............. 3,785
1,145 (Chambers Enterprises II Project), AMT, 1.35% due 11/01/2018 ....................... 1,145
1,980 (Cherry Central Co-operative Inc. Project), 1.29% due 11/01/2013 ................... 1,980
6,520 (Children's Home--Detroit Project), 1.20% due 8/01/2029 ............................ 6,520
3,595 (Forest City Technologies), AMT, 1.29% due 9/01/2015 ............................... 3,595
2,610 (Genesee Packaging Inc. Project), AMT, 1.37% due 9/01/2011 ......................... 2,610
2,700 (Glastender Inc. Project), AMT, 1.40% due 12/01/2010 ............................... 2,700
3,200 (Golden Keys Development LLC Project), AMT, 1.34% due 3/01/2018 .................... 3,200
4,500 (Graphic Enterprises Inc. Project), AMT, 1.40% due 9/01/2014 ....................... 4,500
580 (Hercules Drawn Steel Project), AMT, 1.35% due 8/01/2006 ........................... 580
9,000 (Hi-Lex Controls Inc. Project), AMT, 1.35% due 10/01/2021 .......................... 9,000
900 (Inalfa-Hollandia Inc. Project), AMT, 1.35% due 5/01/2016 .......................... 900
2,000 (Ingersoll CM Systems Inc. Project), AMT, 1.40% due 12/01/2011 ..................... 2,000
3,400 (Karmann Technology Development LLC Project), AMT, 1.35% due 12/01/2032 ............ 3,400
3,540 (Karona Inc. Project), AMT, 1.29% due 12/01/2015 ................................... 3,540
4
CMA MICHIGAN MUNICIPAL MONEY FUND
SCHEDULE OF INVESTMENTS AS OF MARCH 31, 2003 (CONTINUED) (IN THOUSANDS)
- --------------------------------------------------------------------------------
Face
State Amount Issue Value
- ------------------------------------------------------------------------------------------------------------------------------------
Michigan Michigan State Strategic Fund, Limited Obligation Revenue Bonds, VRDN (c):
(concluded) (concluded)
$ 3,200 (Kaumagraph Flint Corporation Project), AMT, 1.40% due 11/01/2014 .................. $ 3,200
2,045 (Kerkstra Precast Inc. Project), AMT, 1.30% due 5/01/2025 .......................... 2,045
1,600 (Mikden Holdings Project), AMT, 1.40% due 6/01/2021 ................................ 1,600
1,720 (Monarch Hydraulics Inc. Project), AMT, 1.30% due 7/01/2016 ........................ 1,720
2,000 (Morrell Inc. Project), AMT, 1.35% due 5/01/2022 ................................... 2,000
1,300 (Norbert Industries Inc. Project), AMT, 1.39% due 4/01/2006 ........................ 1,300
580 (Northern Pure Ice Co. Project), AMT, 1.39% due 3/01/2015 .......................... 580
705 (Nuvar Properties LLC Project), AMT, 1.30% due 7/01/2026 ........................... 705
2,300 (Park Realty LLC), AMT, Series A, 1.30% due 9/01/2026 .............................. 2,300
1,500 (Pioneer Labs Inc. Project), AMT, 1.25% due 9/01/2012 .............................. 1,500
6,155 (Pioneer Metal Finishing Project), AMT, 1.24% due 11/01/2008 ....................... 6,155
3,300 (Richwood Industries Inc. Project), AMT, 1.40% due 9/01/2030 ....................... 3,300
4,610 (Riverwalk Properties LLC Project), AMT, 1.35% due 8/01/2021 ....................... 4,610
810 (TEI Investments LLC), AMT, 1.35% due 2/01/2022 .................................... 810
3,700 (Universal Forest Products Project), AMT, 1.37% due 12/01/2022 ..................... 3,700
2,000 (Universal Leasing Inc. Project), AMT, 1.40% due 11/01/2016 ........................ 2,000
1,700 (Vector Investments LLC Project), AMT, 1.39% due 2/01/2020 ......................... 1,700
2,060 (Veri-Tek International Corporation Project), AMT, 1.35% due 4/01/2026 ............. 2,060
2,000 (WDKK Development LLC Project), AMT, 1.35% due 1/01/2024 ........................... 2,000
300 (Whitehall Industries), AMT, Series A-6, 1.59% due 1/01/2014 ....................... 300
3,000 (Zuckero Investment Company Inc. Project), AMT, 1.40% due 8/01/2015 ................ 3,000
Michigan State Strategic Fund, Limited Obligation Revenue Refunding Bonds,
VRDN (c):
600 (Consumers Power Company Project), Series A, 1.15% due 6/15/2010 (d) ............... 600
700 (Grandview Plaza Project), AMT, 1.29% due 12/15/2010 ............................... 700
195 (Park Village Pines Project), 1.20% due 5/01/2006 .................................. 195
12,650 Michigan State University, General Revenue Bonds, FLOATS, VRDN, Series A2,
1.10% due 8/15/2022 (c) ................................................................ 12,650
14,995 Municipal Securities Trust Certificates, Revenue Refunding Bonds, VRDN,
Series 2001-166, Class A, 1.20% due 12/15/2021 (a)(c) .................................. 14,995
1,265 Muskegon County, Michigan, Economic Development Corporation,
Limited Obligation Revenue Refunding Bonds (Baker College), VRDN,
1.22% due 12/01/2021 (c) ............................................................... 1,265
Oakland County, Michigan, Economic Development Corporation, Limited
Obligation Revenue Bonds, VRDN, AMT (c):
2,800 (Schain Mold & Engineering), 1.40% due 4/01/2021 ................................... 2,800
3,600 (V&M Corporation Project), 1.40% due 9/01/2018 ..................................... 3,600
2,700 Rockford, Michigan, IDR, Limited Obligation (Alloy Exchange Project), VRDN,
AMT, 1.40% due 9/01/2019 (c) ........................................................... 2,700
5,420 Saginaw County, Michigan, Economic Development Corporation Revenue
Bonds (Al-Fe Heat Treating Project), VRDN, AMT, 1.29% due 2/01/2010 (c) ................ 5,420
160 Wyoming, Michigan, Economic Development Corporation, Revenue Refunding
Bonds (Family One Inc. Project), VRDN, AMT, 1.30% due 11/01/2019 (c) ................... 160
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5
CMA MICHIGAN MUNICIPAL MONEY FUND
SCHEDULE OF INVESTMENTS AS OF MARCH 31, 2003 (CONCLUDED) (IN THOUSANDS)
- --------------------------------------------------------------------------------
Face
Amount Issue Value
- ------------------------------------------------------------------------------------------------------------------------------------
Puerto Rico-- $ 8,000 Government Development Bank of Puerto Rico, CP, 1.08% due 6/19/2003 ................... $ 8,000
2.6% 1,000 Puerto Rico Commonwealth TRAN, 2.50% due 7/30/2003 .................................... 1,003
- ------------------------------------------------------------------------------------------------------------------------------------
Total Investments (Cost--$338,028*)--96.8% ............................................ 338,028
Other Assets Less Liabilities--3.2% ................................................... 11,221
--------
Net Assets--100.0% .................................................................... $349,249
========
====================================================================================================================================
(a) FSA Insured.
(b) MBIA Insured.
(c) 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.
(d) AMBAC Insured.
(e) Escrowed to maturity.
* Cost for Federal income tax purposes.
See Notes to Financial Statements.
6
CMA MICHIGAN MUNICIPAL MONEY FUND
STATEMENT OF ASSETS AND LIABILITIES AS OF MARCH 31, 2003
- --------------------------------------------------------------------------------
Assets:
Investments, at value (identified cost--$338,027,573) ................................... $ 338,027,573
Cash .................................................................................... 82,363
Receivables:
Securities sold ....................................................................... $ 9,603,718
Interest .............................................................................. 1,161,835 10,765,553
-----------
Prepaid registration fees and other assets .............................................. 609,800
-------------
Total assets ............................................................................ 349,485,289
-------------
Liabilities:
Payables:
Investment adviser .................................................................... 148,675
Distributor ........................................................................... 55,375 204,050
-----------
Accrued expenses ........................................................................ 32,378
-------------
Total liabilities ....................................................................... 236,428
-------------
Net Assets .............................................................................. $ 349,248,861
=============
Net Assets Consist of:
Shares of beneficial interest, $.10 par value, unlimited number of shares
authorized .............................................................................. $ 34,933,491
Paid-in capital in excess of par ........................................................ 314,364,498
Accumulated realized capital losses--net ................................................ (49,128)
-------------
Net Assets--Equivalent to $1.00 per share based on 349,334,910 shares of
beneficial interest outstanding ......................................................... $ 349,248,861
=============
See Notes to Financial Statements.
CMA MICHIGAN MUNICIPAL MONEY FUND
STATEMENT OF OPERATIONS FOR THE YEAR ENDED MARCH 31, 2003
- --------------------------------------------------------------------------------
Investment Income:
Interest and amortization of premium and discount earned .......................... $ 5,355,232
Expenses:
Investment advisory fees .......................................................... $ 1,739,621
Distribution fees ................................................................. 426,827
Accounting services ............................................................... 80,895
Professional fees ................................................................. 55,445
Transfer agent fees ............................................................... 46,517
Registration fees ................................................................. 17,248
Printing and shareholder reports .................................................. 14,957
Custodian fees .................................................................... 10,021
Pricing fees ...................................................................... 9,316
Trustees' fees and expenses ....................................................... 3,363
Other ............................................................................. 12,104
-----------
Total expenses .................................................................... 2,416,314
-----------
Investment income--net ............................................................ 2,938,918
Realized Gain on Investments--Net ................................................. 1,724
-----------
Net Increase in Net Assets Resulting from Operations .............................. $ 2,940,642
===========
See Notes to Financial Statements.
7
CMA MICHIGAN 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 ............................................................. $ 2,938,918 $ 6,752,576
Realized gain on investments--net .................................................. 1,724 --
--------------- ---------------
Net increase in net assets resulting from operations ............................... 2,940,642 6,752,576
--------------- ---------------
Dividends to Shareholders:
Dividends to shareholders from investment income--net .............................. (2,938,918) (6,752,576)
--------------- ---------------
Beneficial Interest Transactions:
Net proceeds from sale of shares ................................................... 1,412,080,997 1,536,064,011
Value of shares issued to shareholders in reinvestment of dividends ................ 2,938,776 6,752,725
--------------- ---------------
1,415,019,773 1,542,816,736
Cost of shares redeemed ............................................................ (1,426,330,732) (1,574,202,239)
--------------- ---------------
Net decrease in net assets derived from beneficial interest transactions ........... (11,310,959) (31,385,503)
--------------- ---------------
Net Assets:
Total decrease in net assets ....................................................... (11,309,235) (31,385,503)
Beginning of year .................................................................. 360,558,096 391,943,599
--------------- ---------------
End of year ........................................................................ $ 349,248,861 $ 360,558,096
=============== ===============
See Notes to Financial Statements.
CMA MICHIGAN MUNICIPAL MONEY FUND
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
The following per share data and ratios have been derived For the Year Ended March 31,
from information provided in the financial statements. ---------------------------------------------------------------------
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 ................................. .85% 1.74% 3.47% 2.86% 2.78%
========= ========= ========= ========= =========
Ratios to Average Net Assets:
Expenses ................................................ .69% .70% .70% .70% .71%
========= ========= ========= ========= =========
Investment income--net .................................. .84% 1.77% 3.40% 2.81% 2.72%
========= ========= ========= ========= =========
Supplemental Data:
Net assets, end of year (in thousands) .................. $ 349,249 $ 360,558 $ 391,944 $ 360,334 $ 393,612
========= ========= ========= ========= =========
+ Amount is less than $.01 per share.
See Notes to Financial Statements.
8
CMA MICHIGAN MUNICIPAL MONEY FUND
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
1. Significant Accounting Policies:
CMA Michigan 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 $36,921 have been
reclassified between paid-in capital in excess of par and accumulated net
investment loss. This reclassification has no effect on net assets or net asset
value per share.
2. Investment Advisory Agreement and Transactions with Affiliates:
The Fund has entered into an Investment Advisory Agreement with Fund Asset
Management, L.P. ("FAM"). The general partner of FAM is Princeton Services, Inc.
("PSI"), an indirect, wholly-owned subsidiary of Merrill Lynch & Co., Inc. ("ML
& Co."), which is the limited partner.
FAM is responsible for the management of the Fund's portfolio and provides the
necessary personnel, facilities, equipment and certain other services necessary
to the operations of the Fund. For such services, the Fund pays a monthly fee
based upon the average daily value of the Fund's net assets, at the following
annual rates: .50% of the first $500 million of average daily net assets; .425%
of average
9
CMA MICHIGAN MUNICIPAL MONEY FUND
NOTES TO FINANCIAL STATEMENTS (CONCLUDED)
- --------------------------------------------------------------------------------
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 $7,226 for certain
accounting services.
Certain officers and/or trustees of the Fund are officers and/or directors of
FAM, PSI, FDS, and/or ML & Co.
3. Shares of Beneficial Interest:
The number of shares sold, reinvested and redeemed during the years corresponds
to the amounts included in the Statements of Changes in Net Assets for net
proceeds from sale of shares, value of shares reinvested and cost of shares
redeemed, respectively, since shares are recorded at $1.00 per share.
4. Distributions to Shareholders:
The tax character of distributions paid during the fiscal years ended March 31,
2003 and March 31, 2002 was as follows:
- --------------------------------------------------------------------------------
3/31/2003 3/31/2002
- --------------------------------------------------------------------------------
Distributions paid from:
Tax-exempt
income ............................... $2,938,918 $6,752,576
---------- ----------
Total distributions ...................... $2,938,918 $6,752,576
========== ==========
- --------------------------------------------------------------------------------
As of March 31, 2003, there were no significant differences between the book and
tax components of net assets.
5. Capital Loss Carryforward:
On March 31, 2003, the Fund had a net capital loss carryforward of $49,128, of
which $32,532 expires in 2005, $6,574 expires in 2006, $5,068 expires in 2008
and $4,954 expires in 2009. This amount will be available to offset like amounts
of any future taxable gains.
10
CMA MICHIGAN MUNICIPAL MONEY FUND
INDEPENDENT AUDITORS' REPORT
- --------------------------------------------------------------------------------
To the Shareholders and Board of Trustees
of CMA Michigan 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 Michigan Municipal Money Fund as of March
31, 2003, and the related statement of operations for the year then ended, the
statements of changes in net assets for each of the two years in the period then
ended, and financial highlights for each of the five years in the period then
ended. These financial statements and the financial highlights are the
responsibility of the Fund's management. Our responsibility is to express an
opinion on these financial statements and financial highlights based on our
audits.
We conducted our audits in accordance with auditing standards generally accepted
in the United States of America. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements and the financial highlights are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. Our procedures included confirmation of
securities owned as of March 31, 2003, by correspondence with the custodian. An
audit also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of CMA
Michigan 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 MICHIGAN MUNICIPAL MONEY FUND
IMPORTANT TAX INFORMATION (UNAUDITED)
- --------------------------------------------------------------------------------
All of the net investment income distributions paid by CMA Michigan 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.
11
CMA MICHIGAN 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 Asset 162 Portfolios
Princeton, NJ 08543-9011 Trustee and 1997 Management, L.P. ("FAM")--Advised Funds since
Age: 62 to present 1999; Chairman (Americas 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.
- ------------------------------------------------------------------------------------------------------------------------------------
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, NJ 08543-9095 Albany since 2000 and Professor thereof from
Age: 62 1989 to 2000; International Consultant,
Urban Institute from 1995 to 1999.
- ------------------------------------------------------------------------------------------------------------------------------------
Cynthia A. Montgomery Trustee 1994 to Professor, Harvard Business School since 1989; 45 Funds Unum-
P.O. Box 9095 present Director, Unum Provident Corporation since 1990; 51 Portfolios Provident
Princeton, NJ 08543-9095 Director, Newell Rubbermaid, Inc. since 1995. Corporation;
Age: 50 Newell
Rubbermaid,
Inc.
- ------------------------------------------------------------------------------------------------------------------------------------
Charles C. Reilly Trustee 1990 to Self-employed financial consultant since 1990. 45 Funds None
P.O. Box 9095 present 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 Ethics 51 Portfolios
Princeton, NJ 08543-9095 and Character; Professor of Education at Boston
Age: 70 University from 1982 to 1999 and Professor
Emeritus since 1999.
- ------------------------------------------------------------------------------------------------------------------------------------
12
CMA MICHIGAN 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)
====================================================================================================================================
Roscoe S. Suddarth Trustee 2000 to President, Middle East Institute from 1995 to 45 Funds None
P.O. Box 9095 present 2001; Foreign Service Officer, United States 51 Portfolios
Princeton, NJ 08543-9095 Foreign Service from 1961 to 1995; Career
Age: 67 Minister from 1989 to 1995; Deputy Inspector
General, U.S. Department of State from 1991 to
1994; U.S. Ambassador to the Hashemite Kingdom
of Jordan from 1987 to 1990.
- ------------------------------------------------------------------------------------------------------------------------------------
Richard R. West Trustee 1988 to Dean Emeritus of New York University, Leonard N. 45 Funds Bowne & Co.,
P.O. Box 9095 present Stern School of Business Administration 51 Portfolios Inc.; Vornado
Princeton, NJ 08543-9095 since 1994. Operating
Age: 65 Company;
Vornado
Realty Trust;
Alexander's,
Inc.
- ------------------------------------------------------------------------------------------------------------------------------------
Edward D. Zinbarg Trustee 2000 to Self-employed financial consultant since 1994. 45 Funds None
P.O. Box 9095 present 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.
- ------------------------------------------------------------------------------------------------------------------------------------
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 FAM and MLIM since 1997 and Treasurer thereof
P.O. Box 9011 President present since 1999; Senior Vice President and Treasurer of Princeton Services since
Princeton, NJ 08543-9011 & and 1999; Vice President of FAMD since 1999; Director of MLIM Taxation
Age: 42 Treasurer 1999 to since 1990.
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, NJ 08543-9011 President
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, NJ 08543-9011 President
Age: 39
- ------------------------------------------------------------------------------------------------------------------------------------
13
CMA MICHIGAN 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 (concluded)
====================================================================================================================================
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 and Attorney
Princeton, NJ 08543-9011 associated with MLIM since 1998; Assistant General Counsel of Chancellor LGT
Age: 39 Asset Management, Inc. from 1997 to 1998.
- ------------------------------------------------------------------------------------------------------------------------------------
* Officers of the Fund serve at the pleasure of the Board of Trustees.
- ------------------------------------------------------------------------------------------------------------------------------------
Further information about the Fund's 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.
14
[LOGO] Merrill Lynch Investment Managers
[GRAPHICS OMITTED]
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 Michigan Municipal Money Fund
of CMA Multi-State Municipal Series Trust
Box 9011
Princeton, NJ
08543-9011
[RECYCLED LOGO] Printed on post-consumer recycled paper #16056--3/03
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 Michigan Municipal Money Fund
By: /s/ Terry K. Glenn
---------------------------------
Terry K. Glenn,
President of
CMA Michigan 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 Michigan Municipal Money Fund
Date: May 21, 2003
By: /s/ Donald C. Burke
---------------------------------
Donald C. Burke,
Chief Financial Officer of
CMA Michigan Municipal Money Fund
Date: May 21, 2003
Attached hereto as an exhibit are the certifications pursuant to Section 906 of
the Sarbanes-Oxley Act.