CMA
CMA NEW YORK
MUNICIPAL MONEY FUND
Semi-Annual Report
September 30, 1999
MERRILL LYNCH BULL LOGO
This report is not authorized for use as an offer of sale or a
solicitation of an offer to buy shares of the Fund unless
accompanied or preceded by the Fund's current prospectus. An
investment in the Fund is not insured or guaranteed by the Federal
Deposit Insurance Corporation or any other Government agency.
Although the Fund seeks to preserve the value of your investment at
$1.00 per share, it is possible to lose money by investing in the
Fund. Past performance results shown in this report should not be
considered a representation of future performance, which will
fluctuate. Statements and other information herein are as dated and
are subject to change.
CMA New York
Municipal Money Fund
Box 9011
Princeton, NJ 08543-9011
Printed on post-consumer recycled paper
TO OUR SHAREHOLDERS:
For the six-month period ended September 30, 1999, CMA New York
Municipal Money Fund paid shareholders a net annualized yield of
2.64%*. As of September 30, 1999, the Fund's 7-day yield was 3.05%.
Economic Environment
During the six-month period ended September 30, 1999, the New York
state economy continued to show solid growth led by increases in
retail sales, a turnaround in manufacturing growth and a continued
robust housing market. This strong economic performance was led by
high consumer confidence levels and continued personal income gains.
The powerful stock market gains in the first half of 1999, which
drove consumer spending, have tempered somewhat. During the three
months ended September 30, 1999, the Federal Reserve Board increased
short-term borrowing rates twice in order to preserve the eight-year
old economic expansion and the currently benign inflationary
environment. The Federal Reserve Board's two tightening moves, as
well the possibility of future interest rate moves, are likely to
moderate growth in the months ahead.
New York state's seasonally adjusted unemployment rate stands at
5.1% as of August 1999. The state's borrowing costs remain high
because of continued high debt issuance and low (though improving)
ratings. New York state has the fourth-largest debt burden in the
nation. The state ended fiscal year 1999 with a cash basis general
fund balance of $892 million. Total general fund receipts were $36.7
billion, up 6.3% over fiscal year 1998. The state will end fiscal
year 1999 with an expected general fund surplus of approximately $2
billion. This surplus was derived primarily from higher-than-
anticipated receipts, including an 8.5% increase in the state's
personal income tax receipts and lower spending on welfare, Medicaid
and other entitlement programs. The state continues to pass
structurally unbalanced budgets, and deficits will be seen again in
fiscal year 2001 and beyond unless realistic fiscal planning takes
place.
[FN]
*Based on a constant investment throughout the period, with
dividends compounded daily, and reflecting a net return to the
investor after all expenses.
Investment Strategy
During the six-month period ended September 30, 1999, new issuance
of short-term New York debt totaled $3.58 billion, an increase of
approximately 13% from the $311.4 billion issued in the six-month
period ended March 31, 1999. During the period, net assets of CMA
New York Municipal Money Fund ranged from $1.7 billion to $1.8
billion, closing the period at approximately $1.7 billion.
We maintained a neutral investment strategy during the six-month
period, with a greater weighting in variable rate demand product and
tax-exempt commercial paper. We adopted this position since strong
domestic economic growth and stabilization in world financial
markets could cause the Federal Reserve Board to rethink its
accommodative monetary policy and start to push interest rates
higher. During the period, the average portfolio maturity ranged
from 25 days to 57 days, closing the period at 48 days. This
positioning enhanced performance considerably as the domestic
economy remained robust and inflationary concerns once again
resurfaced, causing interest rates to climb. We plan to continue to
maintain a relatively neutral maturity stance in the months ahead,
until we can gauge whether economic growth will moderate and
inflation will remain benign.
In Conclusion
We thank you for your support of CMA New York Municipal Money Fund,
and we look forward to serving your investment needs in the months
and years ahead.
Sincerely,
(Terry K. Glenn)
Terry K. Glenn
President and Trustee
(Vincent R. Giordano)
Vincent R. Giordano
Senior Vice President
(Edward J. Andrews)
Edward J. Andrews
Vice President and Portfolio Manager
November 4, 1999
<TABLE>
CMA NEW YORK MUNICIPAL MONEY FUND
SCHEDULE OF INVESTMENTS AS OF SEPTEMBER 30, 1999 (IN THOUSANDS)
<CAPTION>
Face Value
State Amount Issue (Note 1a)
<S> <C> <S> <C>
New York-- $11,000 Albany, New York, City School District, GO, TAN, 3.50% due 10/15/1999 $ 11,001
99.4% 1,019 Albany, New York, Housing Authority, Private Act Revenue Bonds (Historic
Bleeker Terrace), FLOATS, 3.65% due 3/01/2015 (f) 1,019
2,500 Albany, New York, IDA, IDR, Refunding (Albany Ventures Inc. Project), VRDN,
3.85% due 12/29/2010 (f) 2,500
10,000 Albion, New York, Central School District, GO, BAN, 3.625% due 6/08/2000 10,027
Brentwood, New York, Unified Free School District, GO, TAN:
8,000 3.875% due 6/30/2000 8,025
8,000 4% due 6/30/2000 8,033
2,300 Buffalo, New York, GO, BAN, Series A, 3.50% due 2/24/2000 2,305
5,000 Carmel, New York, Central School District, GO, TAN, 3.375% due 10/29/1999 5,001
3,265 Carmel, New York, GO, BAN, 4% due 6/30/2000 3,274
5,000 Courtland, New York, City School District, GO, RAN, 4% due 6/30/2000 5,018
Eagle Tax-Exempt Trust, New York, VRDN (f):
7,995 Series 1994-C4, 3.80% due 8/01/2003 7,995
29,700 Series 943201, 3.80% due 4/01/2034 29,700
20,880 Series 953201, 3.80% due 8/15/2024 20,880
32,975 Series 96C3201, 3.80% due 7/01/2016 32,975
24,500 Series 983201, 3.80% due 4/01/2017 24,500
1,000 East Hampton, New York, Unified Free School District, GO, TAN, 4% due
6/29/2000 1,003
16,000 Farmingdale, New York, Unified Free School District, GO, TAN, 4% due 6/29/2000 16,051
10,000 Gainesville, New York, Letchworth Central School District, GO, BAN, 3.75% due
11/04/1999 (g) 10,006
4,098 Harrisville, New York, Central School District, GO, BAN, 3.75% due 3/24/2000 4,105
10,000 Holbrook, New York, Sachem Central School District, GO, TAN, 4% due
6/29/2000 10,033
2,630 Horseheads, New York, Central School District, GO, BAN, 3.625% due 1/20/2000 2,634
9,975 Jamestown, New York, City School District, GO, BAN, 3.50% due 4/12/2000 9,993
19,100 Lindenhurst, New York, Unified Free School Distict, GO, TAN, 4% due 6/29/2000 19,174
Long Island Power Authority, New York, Electric System Revenue Bonds:
6,500 CP, Sub-Series 4, Series 4, 3.50% due 10/06/1999 6,500
12,900 CP, Sub-Series 4, Series 4, 3.35% due 10/13/1999 12,900
5,000 CP, Sub-Series 4, Series 4, 3.50% due 10/20/1999 5,000
5,700 CP, Sub-Series 4, Series 4, 3.40% due 1/26/2000 5,700
850 VRDN, Sub-Series 7, 3.80% due 4/01/2025 (e)(f) 850
Long Island Power Authority, New York, Electric System, Revenue Refunding
Bonds:
10,000 4.25% due 4/01/2000 10,041
18,595 Series A, 4.50% due 12/01/1999 18,633
</TABLE>
Portfolio Abbreviations for CMA New York Municipal Money Fund
AMT Alternative Minimum Tax (subject to)
BAN Bond Anticipation Notes
CP Commercial Paper
FLOATS Floating Rate Securities
GO General Obligation Bonds
IDA Industrial Development Authority
IDR Industrial Development Revenue Bonds
M/F Multi-Family
MSTR Municipal Securities Trust Receipts
PCR Pollution Control Revenue Bonds
RAN Revenue Anticipation Notes
TAN Tax Anticipation Notes
VRDN Variable Rate Demand Notes
<TABLE>
CMA NEW YORK MUNICIPAL MONEY FUND
SCHEDULE OF INVESTMENTS AS OF SEPTEMBER 30, 1999 (CONTINUED) (IN THOUSANDS)
<CAPTION>
Face Value
State Amount Issue (Note 1a)
<S> <C> <S> <C>
New York Metropolitan Transportation Authority, New York, Transit Facilities
(continued) Revenue Bonds, CP, Series 1:
$30,000 3.25% due 10/13/1999 $ 30,000
20,000 3.45% due 2/09/2000 20,000
7,700 Sub-Series 1998, 3.50% due 1/27/2000 7,700
22,000 Sub-Series 1998, 3.60% due 3/07/2000 22,000
5,000 Sub Series B, 3.50% due 1/25/2000 5,000
6,900 Sub-Series B, 3.45% due 2/10/2000 6,900
Monroe County, New York, GO, Public Improvement:
425 6% due 3/01/2000 (e)(g) 430
4,015 Refunding, 4.25% due 6/01/2000 4,043
2,755 Monroe County, New York, IDA, Revenue Bonds (Coopervision Project),
VRDN, 4% due 1/01/2012 (f) 2,755
10,000 Municipal Securities Trust Certificates, Revenue Refunding Bonds
(Triborough Board), VRDN, Series 1998-63, Class A, 3.78% due 1/01/2005 (f) 10,000
New York City, New York, City Housing Development Corporation, M/F Rental
Housing Revenue Bonds, VRDN, Series A (c)(f):
54,600 (Monterey), 3.60% due 11/15/2019 54,600
1,500 (Tribeca Towers), AMT, 3.65% due 11/15/2019 1,500
26,550 (West 43rd Street Development), AMT, 3.75% due 4/15/2029 26,550
New York City, New York, City Municipal Water Finance Authority, CP:
15,000 Series 1, 3.40% due 10/01/1999 15,000
7,500 Series 3, 3.40% due 10/07/1999 7,500
2,100 Series 3, 3.35% due 10/13/1999 2,100
8,600 Series 3, 3.70% due 10/21/1999 8,600
21,300 Series 3, 3.65% due 10/27/1999 21,300
9,100 Series 4, 3.40% due 10/07/1999 9,100
20,100 Series 4, 3.70% due 10/21/1999 20,100
25,000 Series 5A, 3.35% due 10/07/1999 25,000
8,150 New York City, New York, City Municipal Water Finance Authority, Water and
Sewer System Revenue Bonds, VRDN, Series C, 3.95% due 6/15/2022 (b)(f) 8,150
41,530 New York City, New York, City Municipal Water Finance Authority, Water and
Sewer System, Revenue Refunding Bonds, MSTR, VRDN, Series SGB-27, 3.83% due
6/15/2024 (d)(f) 41,530
New York City, New York, City Transitional Finance Authority Revenue Bonds,
Future Tax Secured, VRDN (f):
1,200 Series A-1, 3.50% due 11/15/2028 1,200
6,900 Series A-2, 3.75% due 11/15/2021 6,900
20,000 Series A-2, 3.75% due 11/15/2027 20,000
6,900 New York City, New York, City Trust Cultural Resource Revenue Bonds
(American Museum of Natural History), Series B, 3.70% due 7/01/2000 (a) 6,900
New York City, New York, GO:
2,600 CP, 3.40% due 10/13/1999 2,600
5,000 MSTR, VRDN, Series SGB-36, 3.80% due 6/01/2022 (a)(f) 5,000
</TABLE>
<TABLE>
CMA NEW YORK MUNICIPAL MONEY FUND
SCHEDULE OF INVESTMENTS AS OF SEPTEMBER 30, 1999 (CONTINUED) (IN THOUSANDS)
<CAPTION>
Face Value
State Amount Issue (Note 1a)
<S> <C> <S> <C>
New York New York City, New York, GO, Refunding, CP, Series H:
(continued) $ 8,300 Sub-Series H-2, 3.35% due 10/12/1999 $ 8,300
26,000 Sub-Series H-2, 3.40% due 10/13/1999 26,000
4,500 Sub-Series H-3, 3.50% due 10/06/1999 (d) 4,500
12,900 Sub-Series H-4, 3.35% due 10/12/1999 12,900
5,000 Sub-Series H-4, 3.50% due 1/26/2000 5,000
5,600 Sub-Series H-5, 3.50% due 1/26/2000 (e) 5,600
24,100 Sub-Series H-6, 3.35% due 10/12/1999 24,100
3,000 Sub-Series H-6, 3.40% due 10/13/1999 3,000
New York City, New York, GO, VRDN (f):
3,400 Refunding, Sub-Series E-5, 4.05% due 8/01/2009 3,400
2,350 Refunding, Sub-Series E-5, 4.05% due 8/01/2015 2,350
2,500 Refunding, Sub-Series E-5, 4.05% due 8/01/2016 2,500
2,000 Refunding, Sub-Series E-6, 4.05% due 8/01/2019 (b) 2,000
700 Series B, Sub-Series B-3, 3.95% due 8/15/2004 (e) 700
600 Series B, Sub-Series B-7, 3.95% due 8/15/2018 (a) 600
532 Series B-2, Sub-Series B-5, 3.95% due 8/15/2009 (e) 532
1,990 Sub-Series A-6, 3.70% due 8/01/2019 1,990
7,400 Sub-Series A-7, 4.05% due 8/01/2020 7,400
300 Sub-Series A-8, 3.95% due 8/01/2018 300
2,195 Sub-Series A-9, 3.70% due 8/01/2018 2,195
32,400 New York City, New York, Housing Development Corporation, M/F Mortgage
Revenue Bonds (West 89th Street), VRDN, AMT, Series A, 3.80% due
12/01/2029 (f) 32,400
29,100 New York City, New York, Housing Development Corporation, M/F Rental
Housing Revenue Bonds (Carnegie Park), VRDN, Series A, 3.60% due
11/15/2019 (c)(f) 29,100
34,500 New York City, New York, Housing Development Corporation, Residential
Mortgage Revenue Bonds (East 17th Street), VRDN, Series A, 3.90% due
1/01/2023 (f) 34,500
1,500 New York City, New York, IDA, IDR, VRDN, AMT, Series K, 3.75% due
11/01/2010 (f) 1,500
New York City, New York, Municipal Water Finance Authority, Water and Sewer
System Revenue Bonds, MSTR, VRDN (e)(f):
44,100 Series SGB-25, 3.83% due 6/15/2023 44,100
41,400 Series SGB-26, 3.83% due 6/15/2029 41,400
4,100 New York State Dormitory Authority Revenue Bonds (Memorial Sloan Kettering),
VRDN, Series D, 3.70% due 7/01/2019 (f) 4,100
New York State Dormitory Authority, Revenue Refunding Bonds (Memorial
Sloan Kettering), VRDN (f):
46,180 Series A, 3.95% due 7/01/2019 46,180
25,400 Series B, 3.95% due 7/01/2019 25,400
New York State Dormitory Authority, Revenue Refunding Bonds:
4,570 (New York Foundling Charitable Company), VRDN, 3.60% due 7/01/2012 (a)(f) 4,570
10,590 (State University Educational Project), Series B, 7.25% due 5/15/2000 (h) 11,062
</TABLE>
<TABLE>
CMA NEW YORK MUNICIPAL MONEY FUND
SCHEDULE OF INVESTMENTS AS OF SEPTEMBER 30, 1999 (CONTINUED) (IN THOUSANDS)
<CAPTION>
Face Value
State Amount Issue (Note 1a)
<S> <C> <S> <C>
New York $ 6,880 New York State Energy Research and Development Authority, Electric Facilities
(continued) Revenue Bonds (Long Island Lighting Company), VRDN, AMT, Series A, 3.70%
due 12/01/2027 (f) $ 6,880
New York State Energy Research and Development Authority, PCR, VRDN (f):
900 (Niagara Mohawk Power Corporation Project), AMT, 4% due 12/01/2023 900
30,200 (Niagara Mohawk Power Corporation Project), AMT, Series B, 4% due
7/01/2027 30,200
24,700 Refunding (New York State Electric and Gas), Series B, 4% due 2/01/2029 24,700
5,000 Refunding (New York State Electric and Gas), Series D, 3.95% due 10/01/2029 5,000
27,600 New York State Environmental Facilities Corporation Revenue Bonds (Equity
Huntington Project), VRDN, AMT, 4% due 11/01/2014 (f) 27,600
19,000 New York State Environmental Facilites Corporation, Sewer and Solid Waste
Disposal Revenue Bonds (General Electric Company Project), CP, AMT,
Series A, 3.90% due 10/07/1999 19,000
16,600 New York State Environmental Facilities Corporation, Solid Waste Disposal
Revenue Bonds (General Electric Company Project), CP, AMT, Series A, 3.90%
due 10/07/1999 16,600
30,000 New York State Environmental Facilities Corporation, Solid Waste Disposal
Revenue Refunding Bonds (General Electric Company Project), CP, Series A,
3.85% due 10/07/1999 30,000
New York State Environmental Quality, CP, Series 1997A:
17,350 3.45% due 10/07/1999 17,350
20,200 3.30% due 10/12/1999 20,200
6,500 3.50% due 10/22/1999 6,500
10,000 New York State Environmental Quality, GO, Series G, 3% due 12/08/1999 10,000
New York State, GO:
15,300 CP, Series V, 3.30% due 10/08/1999 15,300
3,230 Refunding, Series A, 4% due 3/15/2000 3,242
New York State, HFA, Revenue Bonds, VRDN, AMT, Series A (f):
1,000 (Talleyrand Crescent Housing), 3.75% due 11/01/2028 1,000
23,000 (Tribeca Landing Housing), 3.75% due 11/01/2030 23,000
6,000 New York State Municipal Water, CP, Series 2, 3.40% due 10/07/1999 6,000
New York State Power Authority, CP:
37,450 3.30% due 10/08/1999 37,450
23,300 3.35% due 10/15/1999 23,300
22,700 3.55% due 11/05/1999 22,700
17,200 Series 1, 3.35% due 10/20/1999 17,200
16,250 Series 4, 3.35% due 10/14/1999 16,250
42,940 New York State Power Authority, Revenue and General Purpose Bonds
(Junior Lien), 3.55% due 3/01/2000 42,940
New York State Thruway Authority, General Revenue Bonds, VRDN (f):
10,245 3.90% due 1/01/2024 (b) 10,245
2,200 Series D, 3.85% due 1/01/2024 2,200
Northport-East Northport, New York, Unified Free School District, GO, BAN:
4,300 4.125% due 6/02/2000 4,312
4,000 4.25% due 6/02/2000 4,014
16,017 Oneida County, New York, GO, BAN, 3.50% due 4/21/2000 16,048
3,965 Oswego County, New York, IDA, Civic Facility Revenue Bonds (O H Properties
Inc. Project), VRDN, Series A, 3.85% due 6/01/2024 (f) 3,965
</TABLE>
<TABLE>
CMA NEW YORK MUNICIPAL MONEY FUND
SCHEDULE OF INVESTMENTS AS OF SEPTEMBER 30, 1999 (CONCLUDED) (IN THOUSANDS)
<CAPTION>
Face Value
State Amount Issue (Note 1a)
<S> <C> <S> <C>
New York Oyster Bay, New York, Refunding, GO, BAN:
(concluded) $ 2,000 Series A, 3.50% due 4/28/2000 $ 2,004
4,760 Series B, 3.50% due 4/28/2000 4,770
3,900 Penfield Perinton, New York, Fire District, GO, BAN, 3.50% due 12/30/1999 3,903
3,000 Plainview Old Bethpage, New York, Central School District, GO, TAN, 4% due
6/30/2000 3,010
9,765 Port Authority of New York and New Jersey, FLOATS, Series SG-52, 3.81% due
3/01/2016 (f) 9,765
Port Authority of New York and New Jersey, Special Obligation Revenue
Bonds (f):
16,830 FLOATS, Series SG-93, 3.81% due 12/01/2015 16,830
4,200 MSTR, VRDN, Series SGA-69, 4.05% due 12/01/2022 (e) 4,200
Port Authority of New York and New Jersey, Special Obligation Revenue
Refunding Bonds (Versatile Structure Obligation), VRDN, AMT (f):
22,600 Series 1R, 4% due 8/01/2028 22,600
3,600 Series 4, 3.95% due 4/01/2024 3,600
8,506 Prattsburgh, New York, Central School District, GO, BAN, 4% due 7/27/2000 8,530
7,050 Saint Regis Falls, New York, Central School District, GO, BAN, 4.25% due
8/25/2000 7,081
13,500 Sayville, New York, Unified Free School District, GO, TAN, 4% due 6/29/2000 13,544
4,500 Schenectady County, New York, IDA, IDR (Super Steel Inc. Project), VRDN,
Series A, 3.80% due 5/01/2006 (f) 4,500
6,785 Schuylerville, New York, Central School District, GO, BAN, 4.25% due 7/21/2000 6,821
10,975 Syracuse, New York, IDA, Civic Facility Revenue Bonds (Community
Development Properties-Larned Project), VRDN, 3.85% due 4/01/2018 (f) 10,975
9,500 West Babylon, New York, Unified Free School District, GO, TAN, 4% due
6/29/2000 9,531
Total Investments (Cost--$1,680,773*)--99.4% 1,680,773
Other AssetsLess Liabilities--0.6% 9,593
----------
Net Assets--100.0% $1,690,366
==========
<FN>
(a)AMBAC Insured.
(b)FGIC Insured.
(c)FNMA Collateralized.
(d)FSA Insured.
(e)MBIA Insured.
(f)The interest rate is subject to change periodically based upon
prevailing market rates. The interest rate shown is the rate in
effect at September 30, 1999.
(g)Escrowed to maturity.
(h)Prerefunded.
*Cost for Federal income tax purposes.
See Notes to Financial Statements.
</TABLE>
<TABLE>
CMA NEW YORK MUNICIPAL MONEY FUND
STATEMENT OF ASSETS AND LIABILITIES AS OF SEPTEMBER 30, 1999
<S> <C> <C>
Assets:
Investments, at value (identified cost--$1,680,772,873) (Note 1a) $ 1,680,772,873
Cash 34,307
Interest receivable 10,290,807
Prepaid registration fees and other assets (Note 1d) 14,172
---------------
Total assets 1,691,112,159
---------------
Liabilities:
Payables:
Distributor (Note 2) $ 424,970
Investment adviser (Note 2) 119,766
Dividends to shareholders (Note 1e) 668
Beneficial interest redeemed 176 545,580
---------------
Accrued expenses and other liabilities 200,107
---------------
Total liabilities 745,687
---------------
Net Assets $ 1,690,366,472
===============
Net Assets Consist of:
Shares of beneficial interest, $.10 par value, unlimited number of shares
authorized $ 169,116,818
Paid-in capital in excess of par 1,521,970,843
Accumulated realized capital losses--net (Note 4) (721,189)
---------------
Net Assets--Equivalent to $1.00 per share based on 1,691,168,181 shares of
beneficial interest outstanding $ 1,690,366,472
===============
See Notes to Financial Statements.
</TABLE>
<TABLE>
CMA NEW YORK MUNICIPAL MONEY FUND
STATEMENT OF OPERATIONS FOR THE SIX MONTHS ENDED SEPTEMBER 30, 1999
<S> <C> <C>
Investment Income (Note 1c):
Interest and amortization of premium and discount earned $ 27,965,977
Expenses:
Investment advisory fees (Note 2) $ 3,689,799
Distribution fees (Note 2) 1,073,694
Transfer agent fees (Note 2) 121,855
Accounting services (Note 2) 58,449
Custodian fees 50,143
Professional fees 30,507
Printing and shareholder reports 27,210
Registration fees (Note 1d) 23,542
Pricing fees 8,451
Trustees' fees and expenses 5,599
Other 7,889
---------------
Total expenses 5,097,138
---------------
Investment income--net 22,868,839
Realized Gain on Investments--Net (Note 1c) 6,818
---------------
Net Increase in Net Assets Resulting from Operations $ 22,875,657
===============
See Notes to Financial Statements.
</TABLE>
<TABLE>
CMA NEW YORK MUNICIPAL MONEY FUND
STATEMENTS OF CHANGES IN NET ASSETS
<CAPTION>
For the Six For the
Months Ended Year Ended
September 30, March 31,
1999 1999
Increase (Decrease) in Net Assets:
<S> <C> <C>
Operations:
Investment income--net $ 22,868,839 $ 43,549,939
Realized gain on investments--net 6,818 85,670
--------------- ---------------
Net increase in net assets resulting from operations 22,875,657 43,635,609
--------------- ---------------
Dividends to Shareholders (Note 1e):
Investment income--net (22,868,839) (43,549,939)
--------------- ---------------
Net decrease in net assets resulting from dividends to shareholders (22,868,839) (43,549,939)
--------------- ---------------
Beneficial Interest Transactions (Note 3):
Net proceeds from sale of shares 2,798,876,997 5,600,735,277
Net asset value of shares issued to shareholders in reinvestment of
dividends (Note 1e) 22,868,492 43,549,800
--------------- ---------------
2,821,745,489 5,644,285,077
Cost of shares redeemed (2,958,105,797) (5,373,671,366)
--------------- ---------------
Net increase (decrease) in net assets derived from beneficial
interest transactions (136,360,308) 270,613,711
--------------- ---------------
Net Assets:
Total increase (decrease) in net assets (136,353,490) 270,699,381
Beginning of period 1,826,719,962 1,556,020,581
--------------- ---------------
End of period $ 1,690,366,472 $ 1,826,719,962
=============== ===============
See Notes to Financial Statements.
</TABLE>
<TABLE>
CMA NEW YORK MUNICIPAL MONEY FUND
FINANCIAL HIGHLIGHTS
<CAPTION>
The following per share data and ratios have been derived
from information provided in the financial statements. For the Six
Months Ended For the Year Ended March 31,
Increase (Decrease) in Net Asset Value: Sept. 30, 1999 1999 1998 1997 1996
<S> <C> <C> <C> <C> <C>
Per Share Operating Performance:
Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
---------- ---------- ---------- ---------- ----------
Investment income--net .01 .03 .03 .03 .03
Realized gain (loss) on investments--net --++ --++ --++ --++ --++
---------- ---------- ---------- ---------- ----------
Total from investment operations .01 .03 .03 .03 .03
---------- ---------- ---------- ---------- ----------
Less dividends from investment income--net (.01) (.03) (.03) (.03) (.03)
---------- ---------- ---------- ---------- ----------
Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
========== ========== ========== ========== ==========
Total Investment Return 2.64%* 2.79% 3.09% 2.94% 3.17%
========== ========== ========== ========== ==========
Ratios to Average Net Assets:
Expenses .59%* .61% .61% .63% .64%
========== ========== ========== ========== ==========
Investment income--net 2.64%* 2.74% 3.04% 2.88% 3.12%
========== ========== ========== ========== ==========
Supplemental Data:
Net assets, end of period (in thousands) $1,690,366 $1,826,720 $1,556,021 $1,236,322 $1,132,264
========== ========== ========== ========== ==========
<FN>
*Annualized.
++Amount is less than $.01 per share.
See Notes to Financial Statements.
</TABLE>
CMA NEW YORK MUNICIPAL MONEY FUND
NOTES TO FINANCIAL STATEMENTS
1. Significant Accounting Policies:
CMA New York Municipal Money Fund (the "Fund") is part of CMA Multi-
State Municipal Series Trust (the "Trust"). The Fund is registered
under the Investment Company Act of 1940 as a non-diversified, open-
end management investment company. The Fund's financial statements
are prepared in accordance with generally accepted accounting
principles, 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 next coupon date on which the interest rate is to be adjusted.
In the case of a floating rate instrument, the remaining maturity is
the demand notice payment period.
(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). Interest income (including amortization of
premium and discount) is recognized on the accrual basis. Realized
gains and losses on security transactions are determined on the
identified cost 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 back-up 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.
2. Investment Advisory Agreement and
Transactions with Affiliates:
The Fund has entered into an Investment Advisory Agreement with Fund
Asset Management, L.P. ("FAM"). The general partner of FAM is
Princeton Services, Inc. ("PSI"), an indirect wholly-owned
subsidiary of Merrill Lynch & Co., Inc. ("ML & Co."), which is the
limited partner.
FAM is responsible for the management of the Fund's portfolio and
provides the necessary personnel, facilities, equipment and certain
other services necessary to the operations of the Fund. For such
services, the Fund pays a monthly fee based upon the average daily
value of the Fund's net assets, at the following annual rates: .50%
of the first $500 million of average daily net assets; .425% of
average daily net assets in excess of $500 million but not exceeding
$1 billion; and .375% of average daily net assets in excess of $1
billion.
CMA NEW YORK MUNICIPAL MONEY FUND
NOTES TO FINANCIAL STATEMENTS (CONCLUDED)
Pursuant to the Distribution and Shareholder Servicing Plan in
compliance with Rule 12b-1 under the Investment Company Act of 1940,
Merrill Lynch, Pierce, Fenner & Smith Incorporated ("MLPF&S")
receives a distribution fee from the Fund at the end of each month
at the annual rate of .125% of average daily net assets of the Fund.
The distribution fee is to compensate MLPF&S financial consultants
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.
Accounting services are provided to the Fund by FAM at cost.
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:
At March 31, 1999, the Fund had a net capital loss carryforward of
approximately $732,000, of which $122,000 expires in 2001, $293,000
expires in 2002, $304,000 expires in 2003, $2,000 expires in 2004
and $11,000 expires in 2006. This amount will be available to offset
like amounts of any future taxable gains.
CMA NEW YORK 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
Richard R. West--Trustee
Arthur Zeikel--Trustee
Vincent R. Giordano--Senior Vice President
Edward J. Andrews--Vice President
Peter J. Hayes--Vice President
Kenneth A. Jacob--Vice President
Steven T. Lewis--Vice President
Darrin J. SanFillippo--Vice President
Kevin A. Schiatta--Vice President
Helen Marie Sheehan--Vice President
Donald C. Burke--Vice President and Treasurer
William E. Zitelli--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*
[FN]
*For inquiries regarding your CMA account,
call (800) CMA-INFO [(800) 262-4636].
