CMA New York
Municipal Money Fund
Semi-Annual Report
September 30, 2000
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, 2000, CMA New York
Municipal Money Fund paid shareholders a net annualized yield of
3.60%.* As of September 30, 2000, the Fund's 7-day yield was 4.08%.
Economic Environment
During the six-month period ended September 30, 2000, the New York
State economy showed few signs of slowing from the solid growth of
the previous year. The state's economic performance continues to be
led by a surging housing market, high consumer confidence levels
that have bolstered retail sales and continued manufacturing growth,
especially in the upstate region. Aside from the housing sector,
inflation remains subdued and is weaker than the national average.
New York State's seasonally adjusted unemployment rate stood at 4.5%
in August as the state continues to add high wage jobs in computer
engineering and programming as well as media and entertainment.
The improving global economy continued to have a beneficial impact
on the state's export base. This solid growth, combined with
controlled spending, reasonable budgetary assumptions and the
continued significant growth in income taxes, has led to surpluses
in each of the last five years. On a cautionary note, the state must
continue to curtail spending and use its non-recurring resources in
a fiscally responsible manner in order to avoid the chronic deficits
and shortfalls that have plagued the state in the past. Also, the
restructuring of the state's crucial commercial banking and health
and hospitality industries is ongoing and important to the economic
and social health of the state. The estimated budget surplus for
fiscal year 2000 is $3.2 billion, or over 8.2% of fiscal 2000
spending.
New York City's general obligation debt has been upgraded by the
major ratings companies during the past year, reflecting the
strength of the city's economic resurgence, which should continue to
generate strong revenue growth and cash surpluses. New York City's
per capita income stands at 128% of the national average. New York
City is thriving as a world center for banking, finance, media and
entertainment. Also of note is the strong growth in new economy jobs
being created to support growth in the city's unique and diverse
economy. After hovering near 15% in the mid-1990s, class A Manhattan
office vacancy rates were below 3% in June 2000 with asking rents
increasing 20%--30%.
Investment Strategy
During the six-month period ended September 30, 2000, new issuance
of short-term New York debt totaled approximately $3.7 billion, a
decrease of approximately 10% from the $4.1 billion issued in the
six-month period ended March 31, 2000. The net assets of CMA New
York Municipal Money Fund ranged from $2.1 billion to $2.2 billion
during the period. As we discussed in our last shareholder letter,
we decided to maintain a neutral stance in the most recent period
until we could gauge whether economic growth would moderate and
inflationary concerns would diminish.
We maintained a greater portfolio weighting in variable rate demand
product and tax-exempt commercial paper until mid-May when we
started to place an emphasis on one-year fixed rate note paper in
order to extend the Funds' average maturity from the 30-day--40-day
range to the 55-day--65-day range. During the period, the Fund's
average maturity ranged from 36 days to 67 days, and stood at 60
days as of September 30, 2000. This positioning enhanced performance
considerably during the period as economic growth moderated and
interest rates declined once the market started to perceive the
Federal Reserve Board's tightening of monetary policy to be nearing
an end. We will continue to maintain this relatively bullish
maturity stance in the upcoming months as we attempt to ascertain
the extent of the economy's deceleration and its effect on
inflation. We continue to work very closely with our credit
department in an effort to maintain the highest-quality portfolio
possible. Diversification and credit quality remain paramount, and
we will continue to closely monitor the ever-changing marketplace.
In Conclusion
We thank you for your support of CMA New York Municipal Money Fund,
and we look forward to serving your investment needs in the months
and years ahead.
Sincerely,
(Terry K. Glenn)
Terry K. Glenn
President and Trustee
(Vincent R. Giordano)
Vincent R. Giordano
Senior Vice President
(Edward J. Andrews)
Edward J. Andrews
Vice President and Portfolio Manager
October 26, 2000
*Based on a constant investment throughout the period, with
dividends compounded daily, and reflecting a net return to the
investor after all expenses.
Portfolio Abbreviations for CMA New York Municipal
Money Fund
AMT Alternative Minimum Tax (subject to)
BAN Bond Anticipation Notes
CP Commercial Paper
DATES Daily Adjustable Tax-Exempt Securities
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
TAN Tax Anticipation Notes
VRDN Variable Rate Demand Notes
<TABLE>
CMA New York Municipal Money Fund
Schedule of Investments as of September 30, 2000 (in Thousands)
<CAPTION>
Face
State Amount Issue Value
<S> <C> <S> <C>
New York-- $ 981 Albany, New York, Housing Authority, Private Act Revenue Bonds
99.6% (Historic Bleeker Terrace), FLOATS, 4.50% due 3/01/2015 (f) $ 981
2,500 Albany, New York, IDA, IDR, Refunding (Albany Ventures Inc.
Project), VRDN, 5.60% due 12/29/2010 (f) 2,500
10,000 Albion, New York, Central School District, GO, Refunding, BAN,
5.25% due 6/07/2001 10,037
5,000 Arlington, New York, Central School District, GO, TAN, 4.75% due 11/09/2000 5,003
9,900 Auburn, New York, City School District, GO, Refunding, BAN, 5% due 6/28/2001 9,940
19,000 Bath, New York, Central School District, GO, BAN, 4.50% due 1/19/2001 19,008
5,000 Carmel, New York, Central School District, GO, TAN, 4.50% due 10/27/2000 5,001
3,000 Cattaraugus County, New York, Development Agency, IDR (Gowanda Electronics
Corporation), VRDN, AMT, Series A, 4.55% due 9/01/2021 (f) 3,000
5,000 Cayuga County, New York, GO, BAN, 4.50% due 3/15/2001 5,005
8,000 Central Islip, New York, Union Free School District, GO, TAN, 5% due 6/29/2001 8,031
502 Cobleskill-Richmondville Central School District, New York, GO, Refunding,
5.30% due 6/15/2001 504
2,000 Commack, New York, Union Free School District, GO, TAN, 5% due 6/28/2001 2,009
7,995 Eagle Tax-Exempt Trust, New York City, VRDN, Series 1994-C4, 5.54% due
8/01/2003 (f) 7,995
29,700 Eagle Tax-Exempt Trust, New York State Electric and Gas, VRDN, Series
943202, 4.36% due 4/01/2034 (f) 29,700
29,700 Eagle Tax-Exempt Trust, New York State Local Government, VRDN, Series
943201, 5.54% due 4/01/2034 (f) 29,700
20,880 Eagle Tax-Exempt Trust, New York State Medical Care, VRDN, Series 953201,
5.54% due 8/15/2024 (f) 20,880
24,500 Eagle Tax-Exempt Trust, New York, VRDN, Series 983201, 4.36% due
4/01/2017 (f) 24,500
5,200 Eagle Tax-Exempt Trust, Triborough Bridge and Tunnel Authority, VRDN,
Series 96C, 4.36% due 1/01/2005 (f) 5,200
10,000 Farmingdale, New York, Union Free School District, GO, TAN, 5% due 6/28/2001 10,039
9,425 Goshen, New York, Central School District, GO, BAN, 4.50% due 3/08/2001 9,435
9,800 Gowanda, New York, Central School District, GO, BAN, 5% due 7/19/2001 9,836
7,439 Hoosick Falls, New York, Central School District, GO, Refunding, BAN,
4.50% due 12/15/2000 7,446
2,000 Islip, New York, GO, BAN, 5% due 6/22/2001 2,006
16,000 Islip, New York, IDA, Industrial Revenue Bonds (Bayshore LLC Project),
VRDN, AMT, 5.45% due 12/01/2029 (f) 16,000
Jamestown, New York, City School District, GO, BAN:
9,925 5% due 7/19/2001 9,962
9,975 Refunding, 4.75% due 4/12/2001 9,994
441 Jordan-El Bridge, New York, Central School District, GO, Refunding,
Series A, 5.60% due 6/15/2001 444
15,000 Levittown, New York, Union Free School District, GO, TAN, 5% due 6/20/2001 15,046
</TABLE>
<TABLE>
CMA New York Municipal Money Fund
Schedule of Investments as of September 30, 2000 (continued) (in Thousands)
<CAPTION>
Face
State Amount Issue Value
<S> <C> <S> <C>
New York Long Island Power Authority, New York, Electric System Revenue Bonds:
(continued) $10,000 CP, Series 4, Sub-Series 4, 4.25% due 11/09/2000 $ 10,000
20,000 CP, Series 4, Sub-Series 4, 4.25% due 11/14/2000 20,000
9,700 VRDN, Sub-Series 5, 5.50% due 5/01/2033 (f) 9,700
25,000 VRDN, Sub-Series 7-B, 4.30% due 4/01/2025 (e)(f) 25,000
Metropolitan Transportation Authority, New York, Transit Facilities
Revenue Bonds, CP, Series 1:
9,000 4.20% due 10/27/2000 9,000
47,000 4.20% due 1/19/2001 47,000
20,000 Sub-Series B, 4.20% due 11/09/2000 20,000
Metropolitan Transportation Authority Revenue Bonds, New York, CP,
Series A:
10,900 4.10% due 11/09/2000 10,900
23,000 4.25% due 11/10/2000 23,000
23,000 4.25% due 11/16/2000 23,000
6,000 Middle Country, New York, Centereach Central School District, TAN, 4.75%
due 6/29/2001 6,017
2,515 Monroe County, New York, IDA, Revenue Bonds (Coopervision Project), VRDN,
5.70% due 1/01/2012 (f) 2,515
18,000 Montgomery, New York, Valley Central School District, GO, BAN, 5% due
6/22/2001 18,055
8,000 Mount Morris, New York, Central School District, GO, Refunding, BAN, 4.75%
due 6/18/2001 8,019
8,711 New Lebanon, New York, Central School District, GO, BAN, 5.125% due
6/15/2001 8,736
8,000 New Rochelle, New York, City School District, GO, BAN, Series A, 4.50% due
3/22/2001 8,009
New York City, New York, CP, Series H-6:
3,000 4.25% due 10/11/2000 3,000
4,600 4.25% due 10/11/2000 4,600
1,700 4.25% due 11/15/2000 1,700
7,500 New York City, New York, City Health and Hospital Corporation, Health
System Revenue Bonds, VRDN, Series A, 5.25% due 2/15/2026 (f) 7,500
New York City, New York, City Housing Development Corporation, M/F Rental
Housing Revenue Bonds, VRDN, Series A (f):
3,200 (Columbus Green), 4.15% due 11/15/2019 (c) 3,200
13,200 (Tribeca Towers), AMT, 5.25% due 11/15/2019 (c) 13,200
40,400 (West 43rd Street Development), AMT, 5.55% due 4/15/2029 (c) 40,400
33,400 (West 89th Street Development), AMT, 5.30% due 11/15/2029 33,400
New York City, New York, City Municipal Water Finance Authority, GO, CP:
21,000 Series 1, 4.25% due 10/10/2000 21,000
9,500 Series 1, 4.20% due 10/12/2000 9,500
7,500 Series 2, 4.30% due 10/12/2000 7,500
New York City, New York, City Municipal Water Finance Authority, Water
and Sewer System Revenue Bonds, VRDN (f):
49,100 MSTR, SGB-25, 5.54% due 6/15/2023 (e) 49,100
11,200 Series C, 5.40% due 6/15/2022 (b) 11,200
30,865 Series C, 5.40% due 6/15/2023 (b) 30,865
New York City, New York, City Municipal Water Finance Authority, Water
and Sewer System Revenue Refunding Bonds, VRDN (f):
51,530 MSTR, Series SGB-27, 5.54% due 6/15/2024 (d) 51,530
6,900 Series A, 5.50% due 6/15/2025 (b) 6,900
17,400 Series G, 5.35% due 6/15/2024 (b) 17,400
</TABLE>
<TABLE>
CMA New York Municipal Money Fund
Schedule of Investments as of September 30, 2000 (continued) (in Thousands)
<CAPTION>
Face
State Amount Issue Value
<S> <C> <S> <C>
New York New York City, New York, City Transitional Finance Authority Revenue
(continued) Bonds, Future Tax Secured, VRDN (f):
$ 3,370 Series A-1, 5.35% due 11/15/2022 $ 3,370
8,520 Series A-1, 5.35% due 11/15/2028 8,520
9,000 Series A-2, 5.50% due 11/15/2027 9,000
38,450 Series C, 5.35% due 5/01/2028 38,450
8,000 New York City, New York, City Trust Cultural Resource Revenue Bonds
(American Museum of Natural History), Series B, 4.50% due 7/02/2001 (a) 8,000
5,000 New York City, New York, GO, MSTR, VRDN, SGB-36, 5.65% due 6/01/2022 (a)(f) 5,000
New York City, New York, GO, Refunding, CP, Series H:
26,000 Sub-Series H-2, 4.25% due 10/11/2000 26,000
4,700 Sub-Series H-2, 4.25% due 11/09/2000 4,700
6,000 Sub-Series H-2, 4.25% due 11/15/2000 6,000
2,100 Sub-Series H-3, 4.25% due 10/11/2000 2,100
1,700 Sub-Series H-3, 4.25% due 11/15/2000 1,700
9,600 Sub-Series H-3, 4.25% due 11/15/2000 9,600
12,900 Sub-Series H-4, 4.25% due 10/11/2000 12,900
5,000 Sub-Series H-4, 4.25% due 11/09/2000 5,000
8,100 Sub-Series H-4, 4.25% due 11/15/2000 8,100
10,100 Sub-Series H-5, 4.25% due 11/09/2000 10,100
New York City, New York, GO, VRDN (f):
4,000 Refunding, Sub-Series E-4, 5.15% due 8/01/2021 4,000
5,400 Refunding, Sub-Series E-4, 5.50% due 8/01/2022 5,400
400 Series B, 5.50% due 10/01/2020 (b) 400
2,750 Series B, 5.50% due 10/01/2021 (b) 2,750
10,900 Series B, 5.50% due 10/01/2022 (b) 10,900
900 Series B, Sub-Series B-2, 5.40% due 8/15/2003 (e) 900
2,200 Series B, Sub-Series B-3, 5.55% due 8/15/2004 (e) 2,200
8,900 Series B, Sub-Series B-4, 5.40% due 8/15/2023 (e) 8,900
3,300 Series B, Sub-Series B-7, 5.40% due 8/15/2018 (a) 3,300
3,100 Series B-2, Sub-Series B-5, 5.35% due 8/15/2009 (e) 3,100
3,000 Series B-2, Sub-Series B-5, 5.55% due 8/15/2011 (e) 3,000
10,050 Sub-Series A-4, 5.45% due 8/01/2022 10,050
2,750 Sub-Series A-4, 5.45% due 8/01/2023 2,750
900 Sub-Series A-5, 5.40% due 8/01/2016 900
9,450 Sub-Series A-7, 5.50% due 8/01/2020 9,450
1,585 Sub-Series A-8, 5.40% due 8/01/2018 1,585
2,000 Sub-Series B-2, 5.50% due 8/15/2018 2,000
26,050 New York City, New York, Housing Development Corporation, M/F Rental
Housing Revenue Bonds (Carnegie Park), VRDN, Series A, 5.30% due
11/15/2019 (c)(f) 26,050
19,600 New York City, New York, Housing Development Corporation, Residential
Mortgage Revenue Bonds (East 17th Street), VRDN, Series A, 5.45% due
1/01/2023 (f) 19,600
1,450 New York City, New York, IDA, IDR, VRDN, AMT, Series K, 5.60% due
11/01/2010 (f) 1,450
41,400 New York City, New York, Municipal Water Finance Authority, Water
and Sewer System Revenue Bonds, MSTR, VRDN, SGB-26, 5.54% due
6/15/2029 (e)(f) 41,400
12,500 New York State Bond Purchase Agreement, CP, 4.20% due 10/02/2000 12,500
New York State, CP:
6,000 4.25% due 11/09/2000 6,000
16,350 Series 1997-A, 4.20% due 11/14/2000 16,350
4,500 Series 1997-A, 4.25% due 12/07/2000 4,500
7,000 New York State Dormitory Authority Revenue Bonds (Cornell University),
VRDN, Series A, 3.75% due 7/01/2029 (f) 7,000
New York State Dormitory Authority, Revenue Refunding Bonds (Memorial
Sloan-Kettering), VRDN (f):
62,530 Series A, 5.45% due 7/01/2019 62,530
34,200 Series B, 5.45% due 7/01/2019 34,200
</TABLE>
<TABLE>
CMA New York Municipal Money Fund
Schedule of Investments as of September 30, 2000 (continued) (in Thousands)
<CAPTION>
Face
State Amount Issue Value
<S> <C> <S> <C>
New York $ 6,880 New York State Energy Research and Development Authority, Electric
(continued) Facilities Revenue Bonds (Long Island Lighting Company), VRDN, AMT,
Series A, 5.55% due 12/01/2027 (f) $ 6,880
New York State Energy Research and Development Authority, PCR (f):
2,550 (Niagara Mohawk Power Corporation Project), DATES, Series A, 5.50%
due 7/01/2015 2,550
38,200 (Niagara Mohawk Power Corporation Project), VRDN, AMT, 5.55% due
12/01/2023 38,200
43,250 (Niagara Mohawk Power Corporation Project), VRDN, AMT, Series B,
5.55% due 7/01/2027 43,250
22,700 Refunding (New York State Electric and Gas), VRDN, Series B, 5.45%
due 2/01/2029 22,700
8,000 Refunding (New York State Electric and Gas), VRDN, Series D, 5.50% due
10/01/2029 8,000
2,900 Refunding (Niagara Mohawk Corporation Project), FLOATS, Series A,
5.40% due 3/01/2027 2,900
27,600 New York State Environmental Facilities Corporation Revenue Bonds (Equity
Huntington Project), VRDN, AMT, 5.45% due 11/01/2014 (f) 27,600
29,000 New York State Environmental Facilities Corporation, Sewer and Solid
Waste Disposal Revenue Bonds (General Electric Company Project), CP, AMT,
Series A, 4.20% due 10/10/2000 29,000
16,600 New York State Environmental Facilities Corporation, Solid Waste Disposal
Revenue Bonds (General Electric Company Project), CP, AMT, Series A, 4.20%
due 10/10/2000 16,600
30,000 New York State Environmental Facilities Corporation, Solid Waste Disposal
Revenue Refunding Bonds (General Electric Company Project), CP, Series A,
4.15% due 10/10/2000 30,000
New York State, GO:
16,200 4.20% due 11/09/2000 16,200
15,000 (Environmental Quality), Series G, 3.90% due 10/05/2000 15,000
10,000 Series A, 4.40% due 2/08/2001 10,000
10,000 Series B, 4.35% due 8/08/2001 10,000
New York State, HFA, Revenue Bonds, VRDN, AMT, Series A (f):
7,000 (1501 Lexington Avenue), 3.75% due 11/01/2032 7,000
2,000 (East 84th Street), 5.30% due 11/01/2028 2,000
12,000 (Gethsemane Apartments), 5.55% due 5/15/2033 12,000
1,000 (Talleyrand Crescent Housing), 3.95% due 11/01/2028 1,000
32,600 (Tribeca Pointe LLC), 5.55% due 5/15/2029 32,600
New York State Local Assistance Corporation Revenue Bonds:
2,165 Series A, 7% due 4/01/2001 2,237
6,790 Series B, 7.25% due 4/01/2001 7,025
New York State Power Authority, CP:
9,000 Series 1, 4.30% due 10/02/2000 9,000
18,900 Series 1, 4.20% due 11/09/2000 18,900
36,400 Series 1, 4.20% due 11/10/2000 36,400
31,000 Series 1, 4.20% due 11/10/2000 31,000
14,900 Series 2, 4.20% due 12/01/2000 14,900
16,250 Series 4, 4.75% due 10/05/2000 16,250
14,450 Series 4, 4.40% due 10/06/2000 14,450
15,800 Series 4, 5.10% due 10/06/2000 15,800
New York State Power Authority, Revenue and General Purpose Bonds:
9,875 4.30% due 9/04/2001 9,875
8,735 4.30% due 9/04/2001 8,735
23,305 4.30% due 9/04/2001 23,305
4,675 GO, 4.30% due 9/04/2001 4,675
</TABLE>
<TABLE>
CMA New York Municipal Money Fund
Schedule of Investments as of September 30, 2000 (concluded) (in Thousands)
<CAPTION>
Face
State Amount Issue Value
<S> <C> <S> <C>
New York $ 1,445 New York State Thruway Authority Revenue Bonds, VRDN, 5.45% due
(concluded) 1/01/2024 (b)(f) $ 1,445
New York State Urban Development Corporation Revenue Bonds:
5,070 7.50% due 4/01/2001 5,251
1,320 7.50% due 4/01/2001 1,367
11,545 (Correctional Capital Facilities), Series 2, 6.50% due 1/01/2001 11,614
7,500 Newark, New York, Central School District, GO, BAN, 4.625% due 1/26/2001 7,508
4,425 Northern Adirondack, New York, Ellenburg Central School District,
GO, BAN, 5% due 7/06/2001 4,438
790 Northport-East Northport, New York, Union Free School District, GO,
5.375% due 6/01/2001 (e) 793
11,000 Oceanside, New York, Union Free School District, GO, TAN, 5% due 6/28/2001 11,042
9,200 Olean, New York, City School District, GO, BAN, 4.625% due 3/08/2001 9,210
3,865 Oswego County, New York, IDA, Civic Facility Revenue Bonds (O H
Properties Inc. Project), VRDN, Series A, 5.60% due 6/01/2024 (f) 3,865
5,000 Peru, New York, Central School District, GO, BAN, 5% due 6/21/2001 5,011
8,507 Plattsburgh, New York, Central School District, GO, BAN, 5% due 6/18/2001 8,536
8,000 Port Authority of New York and New Jersey, CP, Series A & B, 5.35%
due 10/06/2000 8,000
7,565 Port Authority of New York and New Jersey, Line of Credit, CP, AMT,
4.20% due 11/08/2000 7,565
Port Authority of New York and New Jersey, Special Obligation Revenue
Refunding Bonds (Versatile Structure Obligation), VRDN, AMT (f):
49,000 Series 1R, 5.45% due 8/01/2028 49,000
7,100 Series 4, 5.35% due 4/01/2024 7,100
10,050 Series 6, 5.35% due 12/01/2017 10,050
13,013 Rensselaer County, New York, GO, Refunding, BAN, Series A, 5% due 8/01/2001 13,065
10,000 Rochester, New York, GO, Refunding, BAN, Series II, 4.50% due 10/26/2000 10,005
4,000 Roslyn, New York, Union Free School District, GO, TAN, 5% due 6/28/2001 4,019
6,000 South Country, New York, Brookhaven Central School District, GO, TAN,
5% due 6/26/2001 6,019
4,000 South Orangetown, New York, Central School District, GO, TAN, 5% due
6/29/2001 4,013
5,000 Suffolk County, New York, Water Authority Revenue Bonds, VRDN, 5.35% due
5/01/2005 (f) 5,000
9,850 Tioga, New York, Central School District, GO, BAN, 5% due 6/19/2001 9,879
3,400 Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue
Refunding Bonds, VRDN, Series C, 5.30% due 1/01/2013 (a)(f) 3,400
Triborough Bridge and Tunnel Authority, New York, Revenue Bonds:
4,740 Series S, 7% due 1/01/2001 4,845
1,250 Series T, 7% due 1/01/2001 1,284
3,110 Series T, 7% due 1/01/2001 3,194
9,950 Trumansburg, New York, Central School District, GO, BAN, 5.125% due
6/15/2001 9,979
9,975 Weedsport, New York, Central School District, GO, BAN, 5% due 6/20/2001 10,000
19,235 William Floyd Union Free School District, New York, Mastics-Moriches-
Shirley, GO, TAN, 4.75% due 6/29/2001 19,284
Total Investments (Cost--$2,103,666*)--99.6% 2,103,666
Other Assets Less Liabilities--0.4% 8,846
----------
Net Assets--100.0% $2,112,512
==========
(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, 2000.
*Cost for Federal income tax purposes.
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
CMA New York Municipal Money Fund
Statement of Assets and Liabilities as of September 30, 2000
<S> <C> <C>
Assets:
Investments, at value (identified cost--$2,103,666,493) $ 2,103,666,493
Cash 84,486
Receivables:
Interest $ 16,208,610
Securities sold 15,615 16,224,225
---------------
Prepaid registration fees and other assets 42,469
---------------
Total assets 2,120,017,673
---------------
Liabilities:
Payables:
Securities purchased 6,016,980
Investment adviser 680,288
Distributor 522,607 7,219,875
---------------
Accrued expenses and other liabilities 285,933
---------------
Total liabilities 7,505,808
---------------
Net Assets $ 2,112,511,865
===============
Net Assets Consist of:
Shares of beneficial interest, $.10 par value, unlimited number of shares
authorized $ 211,334,081
Paid-in capital in excess of par 1,901,926,212
Accumulated realized capital losses--net (748,428)
---------------
Net Assets--Equivalent to $1.00 per share based on 2,113,340,813 shares of
beneficial interest outstanding $ 2,112,511,865
===============
See Notes to Financial Statements.
</TABLE>
<TABLE>
CMA New York Municipal Money Fund
Statement of Operations for the Six Months Ended September 30, 2000
<S> <C> <C>
Investment Income:
Interest and amortization of premium and discount earned $ 43,313,672
Expenses:
Investment advisory fees $ 4,307,845
Distribution fees 1,289,940
Accounting services 155,199
Transfer agent fees 106,486
Custodian fees 45,728
Professional fees 30,335
Printing and shareholder reports 22,303
Pricing fees 8,251
Trustees' fees and expenses 5,568
---------------
Total expenses 5,971,655
---------------
Investment income--net 37,342,017
Realized Loss on Investments--Net (27,239)
---------------
Net Increase in Net Assets Resulting from Operations $ 37,314,778
===============
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,
Increase (Decrease) in Net Assets: 2000 2000
<S> <C> <C>
Operations:
Investment income--net $ 37,342,017 $ 51,480,543
Realized gain (loss) on investments--net (27,239) 6,818
--------------- ---------------
Net increase in net assets resulting from operations 37,314,778 51,487,361
--------------- ---------------
Dividends to Shareholders:
Dividends to shareholders from investment income--net (37,342,017) (51,480,543)
--------------- ---------------
Beneficial Interest Transactions:
Net proceeds from sale of shares 3,746,833,482 6,905,237,993
Value of shares issued to shareholders in reinvestment of dividends 37,343,509 51,479,862
--------------- ---------------
3,784,176,991 6,956,717,855
Cost of shares redeemed (3,848,820,801) (6,606,261,721)
--------------- ---------------
Net increase (decrease) in net assets derived from beneficial interest
transactions (64,643,810) 350,456,134
--------------- ---------------
Net Assets:
Total increase (decrease) in net assets (64,671,049) 350,462,952
Beginning of period 2,177,182,914 1,826,719,962
--------------- ---------------
End of period $ 2,112,511,865 $ 2,177,182,914
=============== ===============
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 For the Six
from information provided in the financial statements. Months Ended For the Year Ended March 31,
Increase (Decrease) in Net Asset Value: Sept. 30, 2000 2000 1999 1998 1997
<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 .02 .03 .03 .03 .03
Realized gain (loss) on investments--net --++ --++ --++ --++ --++
---------- ---------- ---------- ---------- ----------
Total from investment operations .02 .03 .03 .03 .03
---------- ---------- ---------- ---------- ----------
Less dividends from investment income--net (.02) (.03) (.03) (.03) (.03)
---------- ---------- ---------- ---------- ----------
Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
========== ========== ========== ========== ==========
Total Investment Return 3.60%* 2.86% 2.79% 3.09% 2.94%
========== ========== ========== ========== ==========
Ratios to Average Net Assets:
Expenses .58%* .58% .61% .61% .63%
========== ========== ========== ========== ==========
Investment income--net 3.61%* 2.83% 2.74% 3.04% 2.88%
========== ========== ========== ========== ==========
Supplemental Data:
Net assets, end of period (in thousands) $2,112,512 $2,177,183 $1,826,720 $1,556,021 $1,236,322
========== ========== ========== ========== ==========
*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 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 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 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.
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, 2000, the Fund had a net capital loss carryforward of
approximately $721,000, of which $111,000 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
Roscoe S. Suddarth--Trustee
Richard R. West--Trustee
Arthur Zeikel--Trustee
Edward D. Zinbarg--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
Phillip 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].
