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 California Municipal Money Fund of 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 California
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 - 09/30/03
Item 1 - Attach shareholder report
[LOGO] Merrill Lynch Investment Managers www.mlim.ml.com
CMA California
Municipal Money Fund
Semi-Annual Report
September 30, 2003
[LOGO] Merrill Lynch Investment Managers
CMA California Municipal Money Fund
Officers and Trustees
Terry K. Glenn, President and Trustee
Ronald W. Forbes, Trustee
Cynthia A. Montgomery, Trustee
Charles C. Reilly, Trustee
Kevin A. Ryan, Trustee
Roscoe S. Suddarth, Trustee
Richard R. West, Trustee
Edward D. Zinbarg, Trustee
Kenneth A. Jacob, Senior Vice President
John M. Loffredo, Senior Vice President
Steven T. Lewis, Vice President
Donald C. Burke, Vice President and Treasurer
Phillip S. Gillespie, Secretary
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
(800-262-4636).
Electronic Delivery
The Fund is now offering 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.
2 CMA CALIFORNIA MUNICIPAL MONEY FUND SEPTEMBER 30, 2003
A Letter From the President
Dear Shareholder
Now in its final quarter, 2003 has been a meaningful year in many respects.
After one of the most significant equity market downturns in many investors'
memories, this year finally brought hopeful signs for a sustainable economic
recovery. Sub par economic growth of 1.4% in the first quarter of 2003 increased
to projected growth of more than 4% in the second half of the year. With that
good news, fixed income investments, which had become the asset class of choice
during the long equity market decline, faced new challenges.
The Federal Reserve Board continued its accommodative monetary policy, lowering
the Federal Funds rate in June to 1%, its lowest level since 1958. With this
move, the short end of the yield curve remained relatively flat and it became
increasingly difficult to find attractive income opportunities. Through
September 30, 2003, both the Bond Market Association (BMA) Index and the
one-year Municipal Market Data (MMD) Index averaged 1.03% for the year. Rates on
the BMA Index, which measures the shortest end of the yield curve, averaged .85%
during the third quarter versus 1.16% in the second quarter. Rates on the
one-year MMD Index averaged .98% in the third quarter, just below the second
quarter average of 1%.
Against this backdrop, our portfolio managers continued to work diligently to
maximize tax-exempt returns consistent with the preservation of capital. With
that said, remember also that the advice and guidance of a skilled financial
advisor often can help you choose those investments that will best serve you as
you plan for your financial future.
Finally, I am proud to premiere a new look to our shareholder communications.
Our portfolio manager commentaries have been trimmed and organized in such a way
that you can get the information you need at a glance, in plain language.
Today's markets are confusing enough. We want to help you put it all in
perspective. The report's new size also allows us certain mailing efficiencies.
Any cost savings in production or postage are passed on to the Fund and,
ultimately, to Fund shareholders.
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,
/s/ Terry K. Glenn
Terry K. Glenn
President and Trustee
CMA CALIFORNIA MUNICIPAL MONEY FUND SEPTEMBER 30, 2003 3
[LOGO] Merrill Lynch Investment Managers
A Discussion With Your Fund's Portfolio Manager
With interest rates low and expected to remain that way for some time, we
looked increasingly to the higher yields offered by fixed rate notes during the
period.
How did the Fund perform during the period in light of the existing market
conditions?
For the six-month period ended September 30, 2003, CMA California Municipal
Money Fund paid shareholders a net annualized yield of .52%.* As of September
30, 2003, the Fund's seven-day yield was .52%.
The Federal Reserve Board cut the Federal Funds rate once more during the
six-month period, sending interest rates to their lowest levels in almost 50
years. Despite indications that the economy was strengthening gradually, the
Federal Reserve Board emphasized its concern that deflation was a bigger threat
to the economy than inflation, and reassured investors that it planned to keep
short-term interest rates low until consistent growth in the economy and
employment was evident.
The expectation for a stable short-term interest rate environment created a
strong demand for fixed rate notes with maturities of six months - one year.
This caused yields on these notes to fall later in the period and somewhat
flattened the yield curve when compared to variable rate demand securities.
However, our aggressive pursuit of fixed rate notes earlier in the period
enabled us to lock in a favorable spread above variable rate securities. This
strategy enhanced the performance of the Fund during the six-month period.
Describe conditions in the State of California during the period.
We expect some stabilization of the state's political climate following the
gubernatorial recall election in early October, which should lead to meaningful
budgetary debate by year-end. The state legislature still faces an $8 billion
revenue shortfall for the current fiscal year that ends in June 2004. Having
issued $7.5 billion in short-term debt in June, the state is expected to issue
an additional $3 billion in revenue anticipation notes in mid-October. This
should complete California's short-term financing for the current fiscal year.
The notes are likely to be enhanced, with letters of credit that should allow
the state to receive favorable short-term ratings.
How did you manage the Fund during the period?
During the period, our belief that fixed rate notes offered an attractive
investment opportunity led us to overweight our allocation in these securities
relative to the funds in our iMoneyNet, Inc. category. Additionally, our
reinvestment decisions were strongly influenced by the fact that the issuance of
California short-term notes is predominately done in the early summer months.
These circumstances provide a narrow window of opportunity to properly diversify
the Fund's assets and extend the portfolio's average life. We were active
participants during the summer note season and purchased in excess of $400
million in these securities with yields that ranged from .93% to 1.10%.
* Based on a constant investment throughout the period, with dividends
compounded daily, and reflecting a net return to the investor after all
expenses.
4 CMA CALIFORNIA MUNICIPAL MONEY FUND SEPTEMBER 30, 2003
How would you characterize the portfolio's position at the close of the period?
At the close of the period, we continued to take a longer than neutral approach
to the short-term municipal market, maintaining the Fund's average life at 55
days, compared to an average of 50 days for funds in our iMoneyNet group. We
expect to continue to take advantage of opportunities to buy longer-dated fixed
notes when they become available. The portfolio's weighting in fixed paper was
22% of assets as of September 30, 2003.
In the months ahead, we will continue to monitor developments in the national
economy as well as the credit quality of the Fund's holdings. We intend to
maintain our basic investment strategy while shifting the Fund's allocation
between fixed and variable rate notes in what we believe are the best interests
of our shareholders. We also will keep a watchful eye on the Federal Reserve
Board's monetary policy. Although we have a stable outlook for short-term
interest rates, we will be ready to respond with changes to our investment
approach as needed.
Steven T. Lewis
Vice President and Portfolio Manager
October 9, 2003
CMA CALIFORNIA MUNICIPAL MONEY FUND SEPTEMBER 30, 2003 5
[LOGO] Merrill Lynch Investment Managers
Schedule of Investments (in Thousands)
Face
State Amount Municipal Bonds Value
====================================================================================================================================
California--98.1% $ 6,495 ABN AMRO Munitops Certificates Trust, California, GO, Refunding, VRDN, Series
2003-1, 1.13% due 2/01/2010 (a)(d) ................................................ $ 6,495
ABN AMRO Munitops Certificates Trust, VRDN (a):
10,045 GO, Series 2003-9, 1.12% due 9/01/2011 (b) .................................. 10,045
16,912 Series 1998-17, 1.13% due 7/05/2006 (c) ..................................... 16,912
5,000 Series 1998-25, 1.13% due 7/05/2006 (c) ..................................... 5,000
5,373 Series 1999-7, 1.10% due 7/04/2007 (b) ...................................... 5,373
10,000 Abag Finance Authority for Non-Profit Corporations, California, Lease Revenue
Bonds, Pass-Thru Obligations, VRDN, Series A, 1.10% due 7/01/2008 (a) ............. 10,000
27,700 Abag Finance Authority for Non-Profit Corporations, California, Revenue Bonds
(Jewish Community Center Project), VRDN, 1.13% due 11/15/2031 (a) ................. 27,700
15,000 Auburn, California, Union School District, COP, Refunding, VRDN, 1.05%
due 12/01/2032 (a)(e) ............................................................. 15,000
16,415 Bakersfield, California, Hospital Revenue Refunding Bonds, FLOATS, Series 788,
1.13% due 3/01/2019 (a)(b) ........................................................ 16,415
6,500 Bay Area, California, Toll Authority, Toll Bridge Revenue Bonds (San Francisco Bay
Area), VRDN, Series C, 1.05% due 4/01/2037 (a)(d) ................................. 6,500
California Educational Facilities Authority Revenue Bonds, VRDN (a):
10,800 (Life Chiropractic College), 1.04% due 1/01/2025 ............................ 10,800
1,445 (Pepperdine University), Series B, 1.04% due 11/01/2029 ..................... 1,445
6,400 (San Francisco Conservatory), 1.10% due 3/01/2025 ........................... 6,400
California HFA, Home Mortgage Revenue Bonds, VRDN (a):
2,000 AMT, Series B, 1.20% due 8/01/2033 (e) ...................................... 2,000
26,000 AMT, Series J, 1.11% due 2/01/2033 .......................................... 26,000
18,500 AMT, Series M, 1.15% due 2/01/2025 .......................................... 18,500
1,295 Series F, 1.10% due 2/01/2033 (d)(e) ........................................ 1,295
California HFA, M/F Housing Revenue Bonds, VRDN, AMT (a):
6,650 Series A, 1.14% due 2/01/2026 ............................................... 6,650
53,300 Series C, 1.20% due 2/01/2033 ............................................... 53,300
California Health Facilities Financing Authority Revenue Bonds, FLOATS (a)(b):
22,265 Series 591, 1.13% due 3/01/2014 ............................................. 22,265
28,345 Series 592, 1.13% due 3/01/2021 ............................................. 28,345
2,500 California Infrastructure and Economic Development Bank Empowerment Revenue Bonds
(Gold Coast Baking Company Project), VRDN, AMT, 1.25% due 4/01/2012 (a) ........... 2,500
California Infrastructure and Economic Development Bank Revenue Refunding Bonds,
VRDN (a):
4,100 (Guided Discoveries Inc. Project), 1.05% due 6/01/2032 ...................... 4,100
31,700 (Independent System Operation Corporation Project), Series A, 1.10%
due 4/01/2008 (b) ........................................................... 31,700
36,800 (Independent System Operation Corporation Project), Series C, 1.10%
due 4/01/2009 (b) ........................................................... 36,800
5,600 California Pollution Control Financing Authority, Environmental Improvement Revenue
Bonds (Atlantic Richfield Co. Project), VRDN, AMT, 1.05% due 12/01/2032 (a) ....... 5,600
California Pollution Control Financing Authority, PCR, Refunding (Pacific Gas and
Electric), VRDN (a):
143,450 AMT, Series B, 1.18% due 11/01/2026 ......................................... 143,450
158,825 Series C, 1.18% due 11/01/2026 .............................................. 158,825
18,050 Series E, 1.13% due 11/01/2026 .............................................. 18,050
25,505 Series F, 1.13% due 11/01/2026 .............................................. 25,505
24,500 California Pollution Control Financing Authority, Resource Recovery Revenue Bonds
(Atlantic Richfield Co. Project), VRDN, Series A, 1.11% due 12/01/2024 (a) ........ 24,500
Portfolio Abbreviations for CMA California Municipal Money Fund
AMT Alternative Minimum Tax (subject to)
COP Certificates of Participation
CP Commercial Paper
FLOATS Floating Rate Securities
GAN Grant Anticipation Notes
GO General Obligation Bonds
HFA Housing Finance Authority
IDA Industrial Development Authority
IDR Industrial Development Revenue Bonds
M/F Multi-Family
MERLOTS Municipal Extendable Receipt
Liquidity Option Tender Securities
MSTR Municipal Securities Trust Receipts
PCR Pollution Control Revenue Bonds
RAN Revenue Anticipation Notes
RAW Reserve Anticipation Warrant
ROCS Reset Option Certificates
S/F Single Family
TRAN Tax Revenue Anticipation Notes
VRDN Variable Rate Demand Notes
6 CMA CALIFORNIA MUNICIPAL MONEY FUND SEPTEMBER 30, 2003
Schedule of Investments (continued) (in Thousands)
Face
State Amount Municipal Bonds Value
====================================================================================================================================
California $ 4,000 California Pollution Control Financing Authority, Solid Waste Disposal Revenue
(continued) Refunding Bonds (Waste Management Project), VRDN, AMT, Series A, 1.09%
due 1/01/2022 (a) ................................................................. $ 4,000
19,075 California Rural Home Mortgage Finance Authority, S/F Mortgage Revenue Refunding
Bonds, AMT, 1.123% due 7/25/2004 .................................................. 19,075
California State Department of Water Resources, Power Supply Revenue Bonds (a):
67,308 FLOATS, Series 765, 1.08% due 5/01/2015 (d) ................................. 67,307
28,000 VRDN, Series B-3, 1.13% due 5/01/2022 ....................................... 28,000
5,200 VRDN, Series B-6, 1.15% due 5/01/2022 ....................................... 5,200
32,200 VRDN, Series C-4, 1.07% due 5/01/2022 ....................................... 32,200
14,900 VRDN, Series C-9, 1.10% due 5/01/2022 ....................................... 14,900
15,500 VRDN, Series C-15, 1.05% due 5/01/2022 ...................................... 15,500
1,800 California State Economic Development Financing Authority, IDR (Harvel Plastics
Inc. Project), VRDN, AMT, 1.25% due 3/01/2010 (a) ................................. 1,800
10,000 California State, GO, MERLOTS, Series B-45, 1.09% due 10/01/2029 (a) .............. 10,000
California State, GO, MSTR, VRDN (a):
8,555 Series SGA-7, 1.10% due 9/01/2018 (e) ....................................... 8,555
9,600 Series SGA-39, 1.10% due 6/01/2014 (b) ...................................... 9,600
2,990 Series SGA-40, 1.10% due 6/01/2013 (c) ...................................... 2,990
9,370 Series SGA-72, 1.10% due 6/01/2017 (c) ...................................... 9,370
California State, GO, Refunding, MERLOTS (a):
9,145 Series A-17, 1.09% due 2/01/2018 (d) ........................................ 9,145
3,170 Series A-47, 1.09% due 2/01/2011 (b) ........................................ 3,170
California State, GO, Refunding, MSTR, VRDN (a):
7,900 Series SGA-119, 1.13% due 9/01/2028 (c) ..................................... 7,900
20,600 Series SGA-135, 1.13% due 12/01/2030 (d)(g) ................................. 20,600
4,555 Series SGA-136, 1.13% due 12/01/2030 (g) .................................... 4,555
335,000 California State, RAW, Series A, 2% due 6/16/2004 ................................. 337,075
California Statewide Communities Development Authority, M/F Housing Revenue Bonds:
10,000 (Aqua Vista Apartments Project II), AMT, Series J, 1.25% due 11/14/2003 ..... 10,000
10,000 (Canyon Creek Apartments), VRDN, AMT, Series C, 1.15% due 6/15/2025 (a)(f) .. 10,000
4,200 (Kimberly Woods), VRDN, AMT, Series B, 1.15% due 6/15/2025 (a)(f) ........... 4,200
13,205 (Knolls at Green Valley), VRDN, AMT, Series FF, 1.15% due 7/15/2036 (a)(f) .. 13,205
10,375 (More Than Shelter), VRDN, Series A, 1.10% due 1/15/2031 (a) ................ 10,375
15,100 (Oakmont Chino Hills), VRDN, AMT, Series P, 1.15% due 6/01/2036 (a) ......... 15,100
3,285 (Olen Jones Senior Apartments), VRDN, AMT, Series BB, 1.20% due 12/01/2034 (a) 3,285
California Statewide Communities Development Authority Revenue Bonds (Kaiser
Permanente), VRDN (a):
11,400 Series A, 1.17% due 10/01/2013 .............................................. 11,400
17,000 Series B, 1.17% due 11/01/2030 .............................................. 17,000
8,000 California Statewide Communities Development Authority, Solid Waste Facilities
Revenue Bonds (Chevron U.S.A. Inc. Project), VRDN, AMT, 1.11% due 12/15/2024 (a) .. 8,000
15,000 California Transit Finance Authority Revenue Bonds, VRDN, 1.03%
due 10/01/2027 (a)(e) ............................................................. 15,000
20,000 Carlsbad, California, M/F Housing Revenue Bonds (The Greens Apartments), VRDN, AMT,
Series A, 1.12% due 6/01/2046 (a) ................................................. 20,000
15,529 Clipper Tax-Exempt Trust, California, COP, VRDN, AMT, Series 98-9, 1.18%
due 1/01/2004 (a) ................................................................. 15,529
15,525 Contra Costa, California, Water District Revenue Bonds, MSTR, VRDN, Series SGA 24,
1.10% due 10/01/2019 (a)(b) ....................................................... 15,525
7,170 Contra Costa, California, Water District Water Revenue Refunding Bonds, FLOATS,
Series 850, 1.11% due 10/01/2019 (a)(e) ........................................... 7,170
14,500 Contra Costa County, California, M/F Housing Revenue Bonds (Creekview Apartments),
VRDN, AMT, Series B, 1.15% due 7/01/2036 (a)(h) ................................... 14,500
5,800 Dublin, California, M/F Housing Authority Revenue Bonds (Park Sierra), VRDN, AMT,
Series A, 1.10% due 6/01/2028 (a) ................................................. 5,800
21,000 Eagle Tax-Exempt Trust, California Infrastructure and Economic Development Bank
Revenue Bonds, VRDN, Series 2003-0042, Class A, 1.11% due 7/01/2037 (a) ........... 21,000
18,320 Eagle Tax-Exempt Trust, California State Department of Water Resources, Power
Supply Revenue Bonds, VRDN, Series 2002-6017, Class A, 1.11% due 5/01/2018 (a)(d) . 18,320
29,700 Eagle Tax-Exempt Trust, California, VRDN, Series 2000-0501, Class A, 1.13%
due 10/01/2028 (a) ................................................................ 29,700
4,800 Eagle Tax-Exempt Trust, Los Angeles, California, Unified School District, GO, VRDN,
Series 2003-0043, Class A, 1.11% due 1/01/2028 (a) ................................ 4,800
8,975 Fresno, California, Airport Revenue Bonds, MERLOTS, AMT, Series B2, 1.14%
due 7/01/2030 (a)(e) .............................................................. 8,975
4,685 Fresno, California, Water System Revenue Refunding Bonds, MSTR, VRDN, Series
SGA 76, 1.10% due 6/01/2024 (a)(c) ................................................ 4,685
15,783 Glendale, California, Hospital Revenue Refunding Bonds, FLOATS, Series 590, 1.13%
due 3/01/2014 (a)(b) .............................................................. 15,782
CMA CALIFORNIA MUNICIPAL MONEY FUND SEPTEMBER 30, 2003 7
[LOGO] Merrill Lynch Investment Managers
Schedule of Investments (continued) (in Thousands)
Face
State Amount Municipal Bonds Value
====================================================================================================================================
California $ 6,620 Highland, California, Redevelopment Agency, M/F Housing Revenue Bonds (Jeffrey
(continued) Court Senior Apartments), VRDN, AMT, 1.10% due 3/01/2028 (a) ...................... $ 6,620
1,735 Kern County, California, Superintendent of Schools, COP, VRDN, Series A, 1.15%
due 12/01/2021 (a) ................................................................ 1,735
19,430 Loma Linda, California, M/F Housing Revenue Refunding Bonds (Loma Linda Springs),
VRDN, AMT, 1.12% due 12/15/2031 (a) ............................................... 19,430
14,740 Los Angeles, California, Community Redevelopment Agency, M/F Housing Revenue Bonds
(Rowan Lofts Project), VRDN, AMT, Series A, 1.15% due 12/01/2034 (a) .............. 14,740
47,000 Los Angeles, California, Convention and Exhibition Center Authority, Lease Revenue
Refunding Bonds, Series D, VRDN, 0.97% due 6/16/2004 (a) .......................... 47,000
3,000 Los Angeles, California, Department of Airports, Airport Municipal Trust Revenue
Bonds, FLOATS, Series SG 61, 1.14% due 5/15/2020 (a)(c) ........................... 3,000
Los Angeles, California, Department of Water and Power, Electric Plant Revenue
Refunding Bonds, MSTR, VRDN (a):
4,075 Series SGA 4, 1.10% due 11/15/2019 (c) ...................................... 4,075
4,005 Series SGA 6, 1.10% due 11/15/2019 (b) ...................................... 4,005
3,120 Los Angeles, California, Department of Water and Power, Waterworks Revenue
Refunding Bonds, MERLOTS, Series A24, 1.09% due 7/01/2030 (a)(b) .................. 3,120
5,000 Los Angeles, California, Harbor Department Revenue Bonds, FLOATS, Series SG-59,
1.14% due 8/01/2026 (a)(b) ........................................................ 5,000
Los Angeles, California, Unified School District, GO, MERLOTS (a):
25,000 Series A-22, 1.09% due 7/01/2022 (e) ........................................ 25,000
10,000 Series A-33, 1.09% due 7/01/2028 (c) ........................................ 10,000
4,995 Series B-12, 1.09% due 1/01/2027 (b) ........................................ 4,995
Los Angeles, California, Unified School District, GO, TRAN:
25,000 Series A, 2% due 7/01/2004 .................................................. 25,199
60,000 Series B, 1.50% due 7/01/2004 ............................................... 60,254
Los Angeles, California, Wastewater System Revenue Refunding Bonds, VRDN (a)(c):
12,000 Sub-Series A, 1.25% due 12/01/2031 .......................................... 12,000
16,000 Sub-Series B, 1.25% due 12/01/2031 .......................................... 16,000
Los Angeles, California, Water and Power Revenue Refunding Bonds, ROCS (a)(b):
6,890 Series II-R-4510, 1.11% due 7/01/2021 ....................................... 6,890
10,505 Series II-R-5013, 1.11% due 7/01/2021 ....................................... 10,505
22,630 Los Angeles County, California, Capital Asset (LSG Corp.), Lease Revenue Tax-Exempt,
CP, 0.87% due 10/10/2003 .......................................................... 22,630
13,100 Los Angeles County, California, Housing Authority, M/F Housing Revenue Bonds (Park
Sierra), VRDN, Series A, 1.10% due 9/01/2030 (a) .................................. 13,100
Los Angeles County, California, Metropolitan Transportation Authority, Revenue
Refunding Bonds, MSTR, VRDN (a)(e):
40,000 Series SGB 1, 1.11% due 7/01/2025 ........................................... 40,000
40,850 Series SGB 2, 1.11% due 7/01/2021 ........................................... 40,850
6,000 Los Angeles County, California, Metropolitan Transportation Authority, Sales Tax
Revenue Bonds, FLOATS, Series SG-46, 1.11% due 7/01/2017 (a)(d) ................... 6,000
20,000 Milpitas, California, M/F Housing Revenue Bonds (Crossing at Montague), VRDN, AMT,
Series A, 1.15% due 8/15/2033 (a)(f) .............................................. 20,000
7,435 Monrovia, California, Unified School District, GO, MSTR, VRDN, Series SGA 70, 1.10%
due 8/01/2022 (a)(b) .............................................................. 7,435
Municipal Securities Trust Certificates, California, GO, VRDN, Class A (a)(c):
24,550 Series 2000-97, 1.10% due 9/01/2016 ......................................... 24,550
20,860 Series 2001-118, 1.13% due 3/03/2009 ........................................ 20,860
6,010 National City, California, Community Development Commission, Tax Allocation Revenue
Bonds (Redevelopment Project), VRDN, Series B, 1.10% due 8/01/2025 (a) ............ 6,010
Newport Beach, California, Revenue Bonds (Hoag Memorial Presbyterian Hospital),
VRDN (a):
12,500 Series A, 1.13% due 12/01/2029 .............................................. 12,500
20,000 Series C, 1.13% due 12/01/2029 .............................................. 20,000
8,995 Palmdale, California, COP, ROCS, Series II-R-200, 1.11% due 9/01/2032 (a)(b) ...... 8,995
14,200 Peninsula Corridor, California, Joint Powers Board Revenue Bonds, GAN, Series C,
1.45% due 9/03/2004 ............................................................... 14,242
13,570 Port Oakland, California, Port Revenue Bonds, MSTR, VRDN, Series SG 112, 1.15%
due 11/01/2025 (a)(b) ............................................................. 13,570
13,450 Port Oakland, California, Revenue Refunding Bonds, MERLOTS, AMT, Series B-36, 1.14%
due 11/01/2021 (a)(c) ............................................................. 13,450
5,000 Rescue, California, Union School District, COP, VRDN, 1.08% due 10/01/2025 (a)(e) . 5,000
3,300 Riverside County, California, IDA, IDR (Universal Forest Products), VRDN, AMT,
1.14% due 8/01/2029 (a) ........................................................... 3,300
Sacramento, California, Housing Authority, M/F Housing Revenue Bonds, VRDN, AMT (a):
12,200 (Greenfair Apartments), Series G, 1.20% due 12/01/2030 ...................... 12,200
15,490 (Lofts at Natomas Apartments), Series F, 1.15% due 4/15/2036 (f) ............ 15,490
5,760 Sacramento, California, Municipal Utility District, Electric Revenue Bonds, MSTR,
VRDN, Series SGB 4, 1.11% due 8/15/2021 (a)(d) .................................... 5,760
8 CMA CALIFORNIA MUNICIPAL MONEY FUND SEPTEMBER 30, 2003
Schedule of Investments (concluded) (in Thousands)
Face
State Amount Municipal Bonds Value
====================================================================================================================================
California Sacramento, California, Municipal Utility District, Electric Revenue Refunding
(concluded) Bonds (a)(e):
$ 12,910 FLOATS, Series 748, 1.11% due 8/15/2028 ..................................... $ 12,910
9,400 MSTR, VRDN, Series SGA 5, 1.10% due 11/15/2006 .............................. 9,400
6,355 Sacramento County, California, COP, ROCS, Series II-R-5007, 1.11%
due 12/01/2023 (a)(d) ............................................................. 6,355
10,000 San Bernardino County, California, COP, Refunding (Medical Center Financing
Project), VRDN, 1.11% due 8/01/2026 (a)(b) ........................................ 10,000
10,000 San Diego, California, County and School District RAN, Series B, 1.75%
due 6/30/2004 ..................................................................... 10,062
7,000 San Diego, California, Sewer Revenue Bonds, FLOATS, Series SG 14, 1.11%
due 5/15/2020 (a)(d) .............................................................. 7,000
San Diego, California, United Port District, CP, Series A:
22,134 AMT, 1.10% due 11/03/2003 ................................................... 22,134
20,160 1.05% due 11/03/2003 ........................................................ 20,160
San Francisco, California, City and County Airport Commission, International
Airport Revenue Bonds, MSTR, VRDN (a):
7,705 AMT, Series SGA-56, 1.13% due 5/01/2026 (b) ................................. 7,705
28,005 Series SG-115, 1.20% due 5/01/2020 (c) ...................................... 28,005
16,555 Series SG-116, 1.20% due 5/01/2026 (b) ...................................... 16,555
5,610 San Joaquin County, California, COP, ROCS, Series II-R-2030, 1.11% due
4/01/2020 (a)(b) .................................................................. 5,610
2,690 San Jose, California, Airport Revenue Refunding Bonds, ROCS, Series II-R-2004,
1.11% due 3/01/2016 (a)(e) ........................................................ 2,690
San Jose, California, M/F Housing Revenue Bonds, VRDN (a):
12,000 (Carlton Homes), AMT, Series A, 1.12% due 10/15/2032 ........................ 12,000
26,400 (Siena Renaissance Square Apartments), 1.15% due 12/01/2029 ................. 26,400
9,935 Santa Clara, California, Electric Revenue Refunding Bonds, MSTR, VRDN, Series
SGA-75, 1.10% due 7/01/2027 (a)(d) ................................................ 9,935
3,230 Shafter, California, IDA, IDR (Building Materials Manufacturing Corporation
Project), VRDN, AMT, 1.10% due 6/01/2029 (a) ...................................... 3,230
Simi Valley, California, M/F Housing Revenue Bonds, VRDN (a):
12,500 (Parker Ranch Project), AMT, Series A, 1.15% due 7/15/2036 .................. 12,500
12,000 (Shadowridge Apartments), 1.15% due 9/01/2019 ............................... 12,000
2,670 University of California Revenue Bonds, ROCS, Series II-R-3007, 1.11% due
9/01/2020 (a)(e) .................................................................. 2,670
8,800 Upland, California, Apartment Development Revenue Refunding Bonds (Mountain
Springs--Issue A), VRDN, 1.10% due 11/15/2028 (a)(f) .............................. 8,800
17,800 Ventura County, California, Public Finance Authority, Lease Revenue Bonds (Series
1998), CP, 0.87% due 10/09/2003 ................................................... 17,800
====================================================================================================================================
Puerto Rico--1.7% 4,900 Municipal Securities Trust Certificates, Puerto Rico, Revenue Bonds, VRDN, Series
2000-107, Class A, 1.05% due 5/19/2009 (a)(e) ..................................... 4,900
4,000 Puerto Rico Commonwealth, FLOATS, Series PMD-8, 1.05% due 7/01/2026 (a)(b) ........ 4,000
3,450 Puerto Rico Commonwealth, Highway and Transportation Authority, Transportation
Revenue Bonds, FLOATS, Series PMD-9, 1.05% due 7/01/2026 (a)(e) ................... 3,450
8,635 Puerto Rico Electric Power Authority, Power Revenue Bonds, MSTR, VRDN, Series
SGA 44, 1.05% due 7/01/2023 (a)(b) ................................................ 8,635
Puerto Rico, Government Development Bank, CP:
11,606 0.85% due 11/06/2003 ........................................................ 11,606
11,028 1% due 12/03/2003 ........................................................... 11,028
====================================================================================================================================
Total Investments (Cost--$2,570,813*)--99.8% ...................................... 2,570,813
Other Assets Less Liabilities--0.2% ............................................... 5,470
----------
Net Assets--100.0% ................................................................ $2,576,283
==========
(a) The interest rate is subject to change periodically based upon prevailing
market rates. The interest rate shown is the rate in effect at September
30, 2003.
(b) MBIA Insured.
(c) FGIC Insured.
(d) AMBAC Insured.
(e) FSA Insured.
(f) FNMA Collateralized.
(g) XL Capital Insured.
(h) FHLMC Collateralized.
* Cost for Federal income tax purposes.
See Notes to Financial Statements.
CMA CALIFORNIA MUNICIPAL MONEY FUND SEPTEMBER 30, 2003 9
[LOGO] Merrill Lynch Investment Managers
Statement of Assets and Liabilities
As of September 30, 2003
==================================================================================================================================
Assets
- ----------------------------------------------------------------------------------------------------------------------------------
Investments, at value (identified cost--$2,570,813,255) ................ $ 2,570,813,255
Cash ................................................................... 421,303
Interest receivable .................................................... 5,855,371
Prepaid registration fees and other assets ............................. 61,117
---------------
Total assets ........................................................... 2,577,151,046
---------------
==================================================================================================================================
Liabilities
- ----------------------------------------------------------------------------------------------------------------------------------
Payables:
Distributor ......................................................... $ 653,245
Investment adviser .................................................. 117,816
Other affiliates .................................................... 94,315
Beneficial interest redeemed ........................................ 2,779
---------------
Total liabilities ...................................................... 868,155
---------------
Net Assets ............................................................. $ 2,576,282,891
===============
==================================================================================================================================
Net Assets Consist of
- ----------------------------------------------------------------------------------------------------------------------------------
Shares of beneficial interest, $.10 par value, unlimited number of
shares authorized .................................................... $ 257,677,693
Paid-in capital in excess of par ....................................... 2,318,724,024
Accumulated realized capital losses--net ............................... (118,826)
---------------
Net Assets--Equivalent to $1.00 per share based on 2,576,776,931 shares
of beneficial interest outstanding ................................... $ 2,576,282,891
===============
See Notes to Financial Statements.
10 CMA CALIFORNIA MUNICIPAL MONEY FUND SEPTEMBER 30, 2003
Statement of Operations
For the Six Months Ended September 30, 2003
==================================================================================================================================
Investment Income
- ----------------------------------------------------------------------------------------------------------------------------------
Interest and amortization of premium and discount earned ............... $ 14,368,704
==================================================================================================================================
Expenses
- ----------------------------------------------------------------------------------------------------------------------------------
Investment advisory fees ............................................... $ 5,402,177
Distribution fees ...................................................... 1,641,003
Accounting services .................................................... 190,452
Transfer agent fees .................................................... 97,755
Custodian fees ......................................................... 35,376
Professional fees ...................................................... 34,222
Printing and shareholder reports ....................................... 22,121
Registration fees ...................................................... 15,679
Trustees' fees and expenses ............................................ 11,457
Pricing fees ........................................................... 8,620
Other .................................................................. 17,929
---------------
Total expenses ......................................................... 7,476,791
---------------
Investment income--net ................................................. 6,891,913
Realized Gain on Investments--Net ...................................... 104,837
---------------
Net Increase in Net Assets Resulting from Operations ................... $ 6,996,750
===============
See Notes to Financial Statements.
CMA CALIFORNIA MUNICIPAL MONEY FUND SEPTEMBER 30, 2003 11
[LOGO] Merrill Lynch Investment Managers
Statements of Changes in Net Assets
For the Six For the
Months Ended Year Ended
September 30, March 31,
Increase (Decrease) in Net Assets: 2003 2003
==================================================================================================================================
Operations
- ----------------------------------------------------------------------------------------------------------------------------------
Investment income--net ................................................. $ 6,891,913 $ 22,521,346
Realized gain on investments--net ...................................... 104,837 37,457
-----------------------------------
Net increase in net assets resulting from operations ................... 6,996,750 22,558,803
-----------------------------------
==================================================================================================================================
Dividends to Shareholders
- ----------------------------------------------------------------------------------------------------------------------------------
Dividends to shareholders from investment income--net .................. (6,891,913) (22,521,346)
-----------------------------------
==================================================================================================================================
Beneficial Interest Transactions
- ----------------------------------------------------------------------------------------------------------------------------------
Net proceeds from sale of shares ....................................... 4,933,637,854 7,783,871,053
Value of shares issued to shareholders in reinvestment of dividends .... 6,891,327 22,522,100
-----------------------------------
4,940,529,181 7,806,393,153
Cost of shares redeemed ................................................ (5,031,202,130) (7,854,465,498)
-----------------------------------
Net decrease in net assets derived from beneficial interest transactions (90,672,949) (48,072,345)
-----------------------------------
==================================================================================================================================
Net Assets
- ----------------------------------------------------------------------------------------------------------------------------------
Total decrease in net assets ........................................... (90,568,112) (48,034,888)
Beginning of period .................................................... 2,666,851,003 2,714,885,891
-----------------------------------
End of period .......................................................... $ 2,576,282,891 $ 2,666,851,003
===================================
See Notes to Financial Statements.
12 CMA CALIFORNIA MUNICIPAL MONEY FUND SEPTEMBER 30, 2003
Financial Highlights
The following per share data and ratios have been derived For the Six
from information provided in the financial statements. Months Ended For the Year Ended March 31,
September 30, --------------------------------------------------------
Increase (Decrease) in Net Asset Value: 2003 2003 2002 2001 2000
===================================================================================================================================
Per Share Operating Performance
- -----------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period ..... $ 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 from investment income--net --++ (.01) (.02) (.03) (.03)
-----------------------------------------------------------------------
Net asset value, end of period ........... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
=======================================================================
Total Investment Return .................. .52%* .85% 1.61% 3.02% 2.59%
=======================================================================
===================================================================================================================================
Ratios to Average Net Assets
- -----------------------------------------------------------------------------------------------------------------------------------
Expenses ................................. .56%* .57% .57% .58% .58%
=======================================================================
Investment income--net ................... .52%* .85% 1.58% 2.98% 2.56%
=======================================================================
===================================================================================================================================
Supplemental Data
- -----------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) . $ 2,576,283 $ 2,666,851 $ 2,714,886 $ 2,429,174 $ 2,312,154
=======================================================================
* Annualized.
+ Amount is less than $.01 per share.
++ Amount is less than $(.01) per share.
See Notes to Financial Statements.
CMA CALIFORNIA MUNICIPAL MONEY FUND SEPTEMBER 30, 2003 13
[LOGO] Merrill Lynch Investment Managers
Notes to Financial Statements
1. Significant Accounting Policies:
CMA California 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. These
unaudited financial statements reflect all adjustments, which are, in the
opinion of management, necessary to a fair statement of the results for the
interim period presented. All such adjustments are of a normal, recurring
nature. 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 withheld
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.
14 CMA CALIFORNIA MUNICIPAL MONEY FUND SEPTEMBER 30, 2003
Notes to Financial Statements (concluded)
Financial Data Services, Inc. ("FDS"), a wholly-owned subsidiary of ML & Co., is
the Fund's transfer agent.
For the six months ended September 30, 2003, the Fund reimbursed FAM $28,376 for
certain accounting services.
Certain officers and/or trustees of the Fund are officers and/or directors of
FAM, PSI, FDS, and/or ML & Co.
3. Shares of Beneficial Interest:
The number of shares sold, reinvested and redeemed during the periods
corresponds to the amounts included in the Statements of Changes in Net Assets
for net proceeds from sale of shares, value of shares reinvested and cost of
shares redeemed, respectively, since shares are recorded at $1.00 per share.
4. Capital Loss Carryforward:
On March 31, 2003, the Fund had a net capital loss carryforward of $223,405, of
which $41,791 expires in 2006 and $181,614 expires in 2009. This amount will be
available to offset like amounts of any future taxable gains.
CMA CALIFORNIA MUNICIPAL MONEY FUND SEPTEMBER 30, 2003 15
[LOGO] Merrill Lynch Investment Managers www.mlim.ml.com
This report is not authorized for use as an offer of sale or a solicitation of
an offer to buy shares of the Fund unless accompanied or preceded by the Fund's
current prospectus. An investment in the Fund is not insured or guaranteed by
the Federal Deposit Insurance Corporation or any other government agency.
Although the Fund seeks to preserve the value of your investment at $1.00 per
share, it is possible to lose money by investing in the Fund. Past performance
results shown in this report should not be considered a representation of future
performance, which will fluctuate. Statements and other information herein are
as dated and are subject to change.
CMA California Municipal Money Fund
of CMA Multi-State Municipal Series Trust
Box 9011
Princeton, NJ
08543-9011
#11211 -- 9/03
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 (annual requirement only)
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 (annual requirement
only)
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. N/A
(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
Item 8 -- Reserved
Item 9(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.
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 California Municipal Money Fund of CMA Multi-State Municipal Series
Trust
By: /s/ Terry K. Glenn
----------------------------
Terry K. Glenn,
President of
CMA California Municipal Money Fund of CMA Multi-State Municipal
Series Trust
Date: November 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 California Municipal Money Fund of CMA Multi-State Municipal
Series Trust
Date: November 21, 2003
By: /s/ Donald C. Burke
----------------------------
Donald C. Burke,
Chief Financial Officer of
CMA California Municipal Money Fund of CMA Multi-State Municipal
Series Trust
Date: November 21, 2003
Attached hereto as a furnished exhibit are the certifications pursuant
to Section 906 of the Sarbanes-Oxley Act.