CMA
CMA New York
Municipal Money Fund
Annual Report
FUND LOGO
March 31, 2000
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 year ended March 31, 2000, CMA New York Municipal Money Fund
paid shareholders a net annualized yield of 2.86%.* As of March 31,
2000, the Fund's 7-day yield was 3.17%.
Economic Environment
During the six-month period ended March 31, 2000, the New York State
economy continued to show solid growth, led by increases in retail
sales, modest manufacturing growth and a continued robust housing
market. This strong economic performance was led by high consumer
confidence levels and continued personal income gains. This solid
growth, as well as controlled spending and significant growth in
income tax receipts, allowed New York State to close fiscal year
1999-2000 with an available cash surplus of approximately $1.5
billion. The state's fiscal results for 1999-2000 reflect the
consistently modest levels of state spending that have now produced
five consecutive year-end surpluses. The state's final fiscal
numbers indicate that general fund spending totaled $37.2 billion, a
1.9% annual increase. Governor Pataki's decision to strengthen the
state's reserves by depositing $74 million into the state's "Rainy
Day" Tax Stabilization Reserve Fund brought its balance to $547
million, which is the highest level in New York history. However, we
believe 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 short-falls that have plagued the
state in the past. The state's borrowing costs remained high because
of continued high debt issuance and low (though improving) ratings.
New York State has the fourth largest debt burden in the nation.
Investment Strategy
During the six-month period ended March 31, 2000, new issuance of
short-term New York debt totaled $4.1 billion, an increase of
approximately 12% from the $3.58 billion issued in the previous six-
month period. The net assets of CMA New York Municipal Money Fund
increased over the period from $1.7 billion to $2.2 billion.
Throughout the fiscal year ended March 31, 2000, we maintained a
neutral-to-bearish position. We kept a greater portfolio weighting
in variable rate demand products and tax-exempt commercial paper. We
believed that strong domestic economic growth and stabilization in
world financial markets would cause the Federal Reserve Board to
increase the Federal Funds rate in an effort to moderate domestic
economic growth. We avoided a larger weighting in fixed rate notes
in order to limit any net asset value deterioration during a rising
interest rate environment.
During the six-month period ended March 31, 2000, the Fund's average
portfolio maturity ranged from 32 days--48 days, closing the period
at 36 days. Our positioning enhanced performance considerably during
the fiscal year as the domestic economy remained robust and
inflationary concerns once again resurfaced. As a result, short-term
interest rates rose as the Federal Reserve Board increased the
Federal Funds rate an additional 75 basis points during the period.
We plan to maintain our neutral positioning in the months ahead
until we can determine whether economic growth will moderate and
inflationary concerns will diminish. This may provide an opportunity
for us to extend the Fund's average portfolio maturity during June
and July.
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
May 5, 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
HFA Housing Finance Agency
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 March 31, 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 (Historic
99.2% Bleeker Terrace), FLOATS, 4.40% due 3/01/2015 (g) $ 981
2,500 Albany, New York, IDA, IDR, Refunding (Albany Ventures Inc. Project),
VRDN, 4% due 12/29/2010 (g) 2,500
10,000 Albion, New York, Central School District, GO, BAN, 3.625% due 6/08/2000 10,007
19,000 Bath, New York, Central School District, GO, BAN, 4.50% due 1/19/2001 19,022
Brentwood, New York, Unified Free School District, GO, TAN:
8,000 3.875% due 6/30/2000 8,008
8,000 4% due 6/30/2000 8,011
3,265 Carmel, New York, GO, BAN, 4% due 6/30/2000 3,268
5,000 Cayuga County, New York, GO, BAN, 4.50% due 3/15/2001 5,010
5,000 Cortland, New York, City School District, GO, RAN, 4% due 6/30/2000 5,006
7,995 Eagle Tax-Exempt Trust, New York City, VRDN, Series 1994-C4, 3.93% due
8/01/2003 (g) 7,995
29,700 Eagle Tax-Exempt Trust, New York Electric and Gas, Series 943202, 3.95%
due 5/12/2000 29,700
32,975 Eagle Tax-Exempt Trust, New York, Metropolitan Transit, VRDN, Series
96C3201, 3.93% due 7/01/2016 (g) 32,975
29,700 Eagle Tax-Exempt Trust, New York State Local Government, VRDN, Series
943201, 3.93% due 4/01/2034 (g) 29,700
20,880 Eagle Tax-Exempt Trust, New York State Medical Care, VRDN, Series 953201,
3.93% due 8/15/2024 (g) 20,880
24,500 Eagle Tax-Exempt Trust, New York, VRDN, Series 983201, 3.93% due
4/01/2017 (g) 24,500
1,000 East Hampton, New York, Unified Free School District, GO, TAN, 4% due
6/29/2000 1,001
16,000 Farmingdale, New York, Unified Free School District, GO, TAN, 4% due
6/29/2000 16,017
9,425 Goshen, New York, Central School District, GO, BAN, 4.50% due 3/08/2001 9,446
9,900 Greenwich, New York, Central School District, GO, Refunding, BAN, 4.25%
due 6/15/2000 9,906
10,000 Holbrook, New York, Sachem Central School District, GO, TAN, 4% due
6/29/2000 10,011
7,439 Hoosick Falls, New York, Central School District, GO, Refunding, BAN,
4.50% due 12/15/2000 7,462
16,000 Islip, New York, IDA, Industrial Revenue Bonds (Bayshore LLC Project),
VRDN, AMT, 3.95% due 12/01/2029 (g) 16,000
9,975 Jamestown, New York, City School District, GO, BAN, 3.50% due 4/12/2000 9,976
19,100 Lindenhurst, New York, Unified Free School Distict, GO, TAN, 4% due
6/29/2000 19,125
</TABLE>
<TABLE>
CMA New York Municipal Money Fund
Schedule of Investments as of March 31, 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) $20,000 CP, Series 4, Sub-Series 4, 3.85% due 5/09/2000 $ 20,000
10,000 CP, Series 4, Sub-Series 4, 3.85% due 5/12/2000 10,000
7,600 VRDN, Sub-Series 2, 3.65% due 5/01/2033 (g) 7,600
10,200 VRDN, Sub-Series 5, 3.80% due 5/01/2033 (g) 10,200
5,000 VRDN, Sub-Series 7-B, 3.80% due 4/01/2025 (e)(g) 5,000
10,000 Long Island Power Authority, New York, Electric System Revenue Refunding
Bonds, 4.25% due 4/01/2000 10,000
46,000 Metropolitan Transportation Authority, New York, Revenue Bonds, CP,
Series A, 3.90% due 5/10/2000 46,000
Metropolitan Transportation Authority, New York, Transit Facilities
Revenue Bonds, CP, Series 1:
15,000 3.75% due 4/07/2000 15,000
32,000 3.80% due 4/07/2000 32,000
22,000 4.05% due 8/11/2000 22,000
20,000 Sub-Series A, 3.85% due 5/11/2000 20,000
6,000 Sub-Series B, 3.85% due 5/12/2000 6,000
4,015 Monroe County, New York, GO, Refunding, Public Improvement, 4.25% due
6/01/2000 4,022
2,635 Monroe County, New York, IDA, Revenue Bonds (Coopervision Project), VRDN,
4.15% due 1/01/2012 (g) 2,635
10,000 Municipal Securities Trust Certificates, Revenue Refunding Bonds
(Triborough Board), VRDN, Series 1998-63, Class A, 3.90% due
1/01/2005 (b)(g) 10,000
15,000 Nassau County, New York, GO, TAN, Series A, 4.85% due 4/28/2000 15,011
8,000 New Rochelle, New York, City School District, GO, BAN, Series A,
4.50% due 3/22/2001 8,019
New York City, New York, CP, Series H6:
26,000 3.80% due 4/06/2000 26,000
3,000 3.80% due 4/06/2000 3,000
2,600 3.80% due 4/06/2000 2,600
1,700 3.90% due 5/09/2000 1,700
40,900 New York City, New York, City Health and Hospital Corporation Revenue
Bonds (Health System), VRDN, Series A, 3.70% due 2/15/2026 (g) 40,900
New York City, New York, City Housing Development Corporation, M/F Rental
Housing Revenue Bonds, VRDN, Series A (g):
6,100 (Carnegie Park), 3.65% due 11/15/2019 (c) 6,100
9,600 (Columbus Green), 3.65% due 11/15/2019 (c) 9,600
26,850 (Monterey), 3.65% due 11/15/2019 (c) 26,850
13,200 (Tribeca Towers), AMT, 3.70% due 11/15/2019 (c) 13,200
40,400 (West 43rd Street Development), AMT, 3.80% due 4/15/2029 (c) 40,400
33,400 (West 89th Street Development), AMT, 3.75% due 11/15/2029 33,400
9,300 New York City, New York, City Housing Development Corporation, Residential
Mortgage Revenue Bonds (East 17th Street), VRDN, Series A, 3.90% due
1/01/2023 (g) 9,300
New York City, New York, City Municipal Assistance Corporation, Revenue
Refunding Bonds:
5,000 Series J, 5.50% due 7/01/2000 5,019
6,250 Series L, 5.25% due 7/01/2000 6,270
New York City, New York, City Municipal Water Finance Authority, CP:
29,900 Series 1, 3.60% due 4/27/2000 29,900
17,000 Series 4, 3.60% due 4/27/2000 17,000
27,500 Series 5, 3.75% due 4/10/2000 27,500
</TABLE>
<TABLE>
CMA New York Municipal Money Fund
Schedule of Investments as of March 31, 2000 (continued) (in Thousands)
<CAPTION>
Face
State Amount Issue Value
<S> <C> <S> <C>
New York New York City, New York, City Municipal Water Finance Authority, Water
(continued) and Sewer System Revenue Bonds, CP, Series 4:
$18,900 3.80% due 4/07/2000 $ 18,900
18,000 3.80% due 4/07/2000 18,000
14,000 3.95% due 6/12/2000 14,000
New York City, New York, City Municipal Water Finance Authority, Water
and Sewer System Revenue Bonds, VRDN (g):
44,100 MSTR, SGB-25, 3.93% due 6/15/2023 (e) 44,100
41,400 MSTR, SGB-26, 3.93% due 6/15/2029 (e) 41,400
12,415 Series C, 3.80% due 6/15/2023 (b) 12,415
New York City, New York, City Municipal Water Finance Authority, Water
and Sewer System Revenue Refunding Bonds, VRDN (g):
51,530 MSTR, Series SGB-27, 3.93% due 6/15/2024 (d) 51,530
400 Series A, 3.90% due 6/15/2025 (b) 400
8,450 Series G, 3.80% due 6/15/2024 (b) 8,450
New York City, New York, City Transitional Finance Authority Revenue Bonds,
Future Tax Secured, VRDN (g):
5,800 Series A-1, 3.75% due 11/15/2028 5,800
6,900 Series A-2, 3.65% due 11/15/2021 6,900
20,000 Series A-2, 3.65% due 11/15/2027 20,000
24,300 Series C, 3.95% due 5/01/2028 24,300
1,900 Sub-Series B-1, 3.80% due 11/01/2027 1,900
6,900 New York City, New York, City Trust Cultural Resource Revenue Bonds (Ameri-
can Museum of Natural History), VRDN, Series B, 3.70% due 7/01/2000 (a)(g) 6,900
5,000 New York City, New York, GO, MSTR, VRDN, SGB-36, 3.90% due
6/01/2022 (a)(g) 5,000
New York City, New York, GO, Refunding, CP, Series H:
6,000 Sub-Series H-2, 3.90% due 5/09/2000 6,000
2,700 Sub-Series H-2, 3.90% due 5/12/2000 2,700
2,000 Sub-Series H-2, 3.95% due 5/12/2000 2,000
2,100 Sub-Series H-3, 3.80% due 4/06/2000 2,100
1,700 Sub-Series H-3, 3.90% due 5/09/2000 1,700
8,600 Sub-Series H-3, 3.90% due 5/09/2000 8,600
12,900 Sub-Series H-4, 3.80% due 4/06/2000 12,900
1,000 Sub-Series H-4, 3.90% due 5/09/2000 1,000
8,100 Sub-Series H-4, 3.90% due 5/09/2000 8,100
5,000 Sub-Series H-4, 3.90% due 5/12/2000 5,000
7,100 Sub-Series H-5, 3.90% due 5/12/2000 7,100
3,000 Sub-Series H-5, 3.95% due 5/12/2000 3,000
New York City, New York, GO, VRDN (g):
2,000 Refunding, Sub-Series E-5, 3.75% due 8/01/2009 2,000
2,550 Refunding, Sub-Series E-5, 3.75% due 8/01/2010 2,550
2,200 Refunding, Sub-Series E-5, 3.75% due 8/01/2015 2,200
16,055 Series B, 4.10% due 10/01/2020 (b) 16,055
8,500 Series B, Sub-Series B-2, 3.80% due 8/15/2003 (e) 8,500
800 Series B, Sub-Series B-3, 3.80% due 8/15/2004 (e) 800
17,000 Series B, Sub-Series B-4, 3.80% due 8/15/2023 (e) 17,000
1,232 Series B-2, Sub-Series B-5, 3.95% due 8/15/2009 (e) 1,232
3,140 Sub-Series A-4, 4% due 8/01/2021 3,140
1,700 Sub-Series A-5, 3.80% due 8/01/2016 1,700
1,990 Sub-Series A-6, 3.75% due 8/01/2019 1,990
3,050 Sub-Series A-7, 3.75% due 8/01/2021 3,050
800 Sub-Series A-8, 3.80% due 8/01/2018 800
2,195 Sub-Series A-9, 3.75% due 8/01/2018 2,195
1,100 Sub-Series B-2, 4.10% due 8/15/2020 1,100
</TABLE>
<TABLE>
CMA New York Municipal Money Fund
Schedule of Investments as of March 31, 2000 (continued) (in Thousands)
<CAPTION>
Face
State Amount Issue Value
<S> <C> <S> <C>
New York $ 1,450 New York City, New York, IDA, IDR, VRDN, AMT, Series K, 3.75% due
(continued) 11/01/2010 (g) $ 1,450
10,800 New York State Dormitory Authority Revenue Bonds (Memorial Sloan-
Kettering), VRDN, 3.75% due 7/01/2026 (g) 10,800
New York State Dormitory Authority, Revenue Refunding Bonds:
56,130 (Memorial Sloan-Kettering), VRDN, Series A, 3.85% due 7/01/2019 (g) 56,130
28,100 (Memorial Sloan-Kettering), VRDN, Series B, 3.85% due 7/01/2019 (g) 28,100
4,570 (New York Foundling Charitable Company), VRDN, 3.60% due 7/01/2012 (g) 4,570
10,590 (State University Educational Project), Series B, 7.25% due 5/15/2000 (f) 10,853
6,880 New York State Energy Research and Development Authority, Electric
Facilities Revenue Bonds (Long Island Lighting Company), VRDN, AMT,
Series A, 3.80% due 12/01/2027 (g) 6,880
New York State Energy Research and Development Authority, PCR (g):
32,300 (Niagara Mohawk Power Corporation Project), DATES, Series A, 3.90% due
7/01/2015 32,300
24,050 (Niagara Mohawk Power Corporation Project), VRDN, AMT, 3.95% due
12/01/2023 24,050
30,650 (Niagara Mohawk Power Corporation Project), VRDN, AMT, Series B, 3.95%
due 7/01/2027 30,650
6,700 Refunding (New York Electric and Gas), VRDN, Series B, 3.85% due 2/01/2029 6,700
15,100 Refunding (Niagara Mohawk Power Corporation), VRDN, Series C, 3.85% due
12/01/2025 15,100
27,600 New York State Environmental Facilities Corporation, Revenue Bonds (Equity
Huntington Project), VRDN, AMT, 3.90% due 11/01/2014 (g) 27,600
New York State Environmental Facilities Corporation, Sewer and Solid Waste
Disposal Revenue Bonds (General Electric Company Project), CP:
19,000 AMT, Series, 3.75% due 4/07/2000 19,000
10,000 Series A, 3.70% due 4/07/2000 10,000
16,600 New York State Environmental Facilities Corporation, Solid Waste Disposal
Revenue Bonds (General Electric Company Project), CP, AMT, Series A, 3.75%
due 4/07/2000 16,600
30,000 New York State Environmental Facilities Corporation, Solid Waste Disposal
Revenue Refunding Bonds (General Electric Company Project), CP, Series A,
3.70% due 4/07/2000 30,000
New York State Environmental Quality, CP:
28,700 Series 1997-A, 3.80% due 4/19/2000 28,700
17,350 Series 1997-A, 3.85% due 5/09/2000 17,350
10,000 Series A, 3.80% due 6/07/2000 10,000
New York State, GO:
15,000 (Environmental Quality), Series G, 3.90% due 10/05/2000 15,000
10,000 Series B, 4.05% due 8/09/2000 10,000
New York State, HFA, Revenue Bonds, VRDN, AMT, Series A (g):
7,000 (1501 Lexington Avenue), 3.90% due 11/01/2032 7,000
2,000 (East 84th Street), 3.75% due 11/01/2028 2,000
1,000 (Talleyrand Crescent Housing), 3.80% due 11/01/2028 1,000
26,600 (Tribeca Pointe LLC), 3.85% due 5/15/2029 (c) 26,600
</TABLE>
<TABLE>
CMA New York Municipal Money Fund
Schedule of Investments as of March 31, 2000 (continued) (in Thousands)
<CAPTION>
Face
State Amount Issue Value
<S> <C> <S> <C>
New York New York State Local Assistance Corporation Revenue Bonds, VRDN (g):
(continued) $ 2,165 Series A, 7% due 4/01/2001 (f) $ 2,266
400 Series A, 3.60% due 4/01/2022 400
6,790 Series B, 7.25% due 4/01/2001 (f) 7,123
700 Series B, 3.65% due 4/01/2023 700
New York State Power Authority, CP:
31,250 Series 1, 3.90% due 4/04/2000 31,250
27,200 Series 1, 4% due 6/12/2000 27,200
18,000 Series 4, 3.75% due 4/03/2000 18,000
26,300 Series 4, 3.75% due 4/07/2000 26,300
16,250 Series 4, 3.80% due 4/17/2000 16,250
6,500 Series 4, 3.85% due 5/09/2000 6,500
New York State Power Authority, Revenue and General Purpose Bonds:
23,305 4% due 9/01/2000 23,305
8,735 4% due 9/01/2000 8,735
9,875 4% due 9/01/2000 9,875
4,675 GO, VRDN, 4% due 3/01/2007 (g) 4,675
845 New York State Thruway Authority Revenue Bonds, VRDN, 3.85% due
1/01/2024 (b)(g) 845
New York State Urban Development Corporation Revenue Bonds (f):
5,070 7.50% due 4/01/2001 5,331
1,320 7.50% due 4/01/2001 1,388
11,545 (Correctional Capital Facilities), Series 2, 6.50% due 1/01/2001 11,748
7,500 Newark, New York, Central School District, GO, BAN, 4.625% due 1/26/2001 7,519
Northport-East Northport, New York, Unified Free School District, GO, BAN:
4,300 4.125% due 6/02/2000 4,303
4,000 4.25% due 6/02/2000 4,004
9,200 Olean, New York, City School District, GO, BAN, 4.625% due 3/08/2001 9,221
16,017 Oneida County, New York, GO, BAN, 3.50% due 4/21/2000 16,020
3,915 Oswego County, New York, IDA, Civic Facility Revenue Bonds (O H Properties
Inc. Project), VRDN, Series A, 4% due 6/01/2024 (g) 3,915
Oyster Bay, New York, GO, Refunding, BAN:
2,000 Series A, 3.50% due 4/28/2000 2,001
4,760 Series B, 3.50% due 4/28/2000 4,761
3,000 Plainview Old Bethpage, New York, Central School District, GO, TAN, 4%
due 6/30/2000 3,003
8,506 Plattsburgh, New York, Central School District, GO, BAN, 4% due
7/27/2000 8,516
9,765 Port Authority of New York and New Jersey, FLOATS, SG-52, 3.76% due
3/01/2016 (g) 9,765
Port Authority of New York and New Jersey, Special Obligation Revenue
Bonds (g):
4,200 AMT, MSTR, VRDN, Series SGA-69, 4% due 12/01/2022 (e) 4,200
16,830 FLOATS, SG-93, 3.76% due 12/01/2015 16,830
Port Authority of New York and New Jersey, Special Obligation Revenue
Refunding Bonds (Versatile Structure Obligation), VRDN (g):
49,000 AMT, Series 1R, 3.90% due 8/01/2028 49,000
7,100 AMT, Series 4, 3.85% due 4/01/2024 7,100
3,100 AMT, Series 6, 3.85% due 12/01/2017 3,100
10,050 Series 5, 3.80% due 8/01/2024 10,050
</TABLE>
<TABLE>
CMA New York Municipal Money Fund
Schedule of Investments as of March 31, 2000 (concluded) (in Thousands)
<CAPTION>
Face
State Amount Issue Value
<S> <C> <S> <C>
New York $10,000 Rochester, New York, GO, Refunding, BAN, Series II, 4.50% due 10/26/2000 $ 10,036
(concluded) 7,050 Saint Regis Falls, New York, Central School District, GO, BAN, 4.25% due
8/25/2000 7,064
13,500 Sayville, New York, Unified Free School District, GO, TAN, 4% due
6/29/2000 13,514
4,500 Schenectady County, New York, IDA, IDR (Super Steel Inc. Project) VRDN,
AMT, Series A, 3.90% due 5/01/2006 (g) 4,500
6,785 Schuylerville, New York, Central School District, GO, BAN, 4.25% due
7/21/2000 6,799
10,975 Syracuse, New York, IDA, Civic Facility Revenue Bonds (Community
Development Properties--Larned Project), VRDN, 3.85% due 4/01/2018 (g) 10,975
20,000 Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue
Refunding Bonds, VRDN, Series C, 3.70% due 1/01/2013 (a)(g) 20,000
Triborough Bridge and Tunnel Authority, New York, Revenue Bonds (f):
4,740 Series S, 7% due 1/01/2001 4,910
1,250 Series T, 7% due 1/01/2001 1,300
3,110 Series T, 7% due 1/01/2001 3,235
9,500 West Babylon, New York, Unified Free School District, GO, TAN, 4% due
6/29/2000 9,510
Total Investments (Cost--$2,158,715*)--99.2% 2,158,715
Other Assets Less Liabilities--0.8% 18,468
----------
Net Assets--100.0% $2,177,183
==========
(a)AMBAC Insured.
(b)FGIC Insured.
(c)FNMA Collateralized.
(d)FSA Insured.
(e)MBIA Insured.
(f)Prerefunded.
(g)The interest rate is subject to change periodically based upon
prevailing market rates. The interest rate shown is the rate in
effect at March 31, 2000.
*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 March 31, 2000
<S> <C> <C>
Assets:
Investments, at value (identified cost--$2,158,714,840) $ 2,158,714,840
Cash 9,107,221
Receivables:
Interest $ 15,849,024
Securities sold 459,583 16,308,607
---------------
Prepaid registration fees and other assets 41,980
---------------
Total assets 2,184,172,648
---------------
Liabilities:
Payables:
Securities purchased 5,425,952
Investment adviser 686,293
Distributor 629,986
Dividends to shareholders 1,003 6,743,234
---------------
Accrued expenses and other liabilities 246,500
---------------
Total liabilities 6,989,734
---------------
Net Assets $ 2,177,182,914
===============
Net Assets Consist of:
Shares of beneficial interest, $.10 par value, unlimited number of shares
authorized $ 217,798,462
Paid-in capital in excess of par 1,960,105,641
Accumulated realized capital losses--net (721,189)
---------------
Net Assets--Equivalent to $1.00 per share based on 2,177,984,623 shares of
beneficial interest outstanding $ 2,177,182,914
===============
See Notes to Financial Statements.
</TABLE>
<TABLE>
CMA New York Municipal Money Fund
Statement of Operations for the Year Ended March 31, 2000
<S> <C> <C>
Investment Income:
Interest and amortization of premium and discount earned $ 62,112,218
Expenses:
Investment advisory fees $ 7,690,298
Distribution fees 2,260,684
Transfer agent fees 235,075
Registration fees 136,275
Custodian fees 97,654
Professional fees 66,647
Printing and shareholder reports 53,057
Accounting services 49,383
Pricing fees 16,059
Trustees' fees and expenses 10,976
Other 15,567
---------------
Total expenses 10,631,675
---------------
Investment income--net 51,480,543
Realized Gain on Investments--Net 6,818
---------------
Net Increase in Net Assets Resulting from Operations $ 51,487,361
===============
See Notes to Financial Statements.
</TABLE>
<TABLE>
CMA New York Municipal Money Fund
Statements of Changes in Net Assets
<CAPTION>
For the Year Ended March 31,
Increase (Decrease) in Net Assets: 2000 1999
<S> <C> <C>
Operations:
Investment income--net $ 51,480,543 $ 43,549,939
Realized gain on investments--net 6,818 85,670
--------------- ---------------
Net increase in net assets resulting from operations 51,487,361 43,635,609
--------------- ---------------
Dividends to Shareholders:
Dividends to shareholders from investment income--net (51,480,543) (43,549,939)
--------------- ---------------
Beneficial Interest Transactions:
Net proceeds from sale of shares 6,905,237,993 5,600,735,277
Net asset value of shares issued to shareholders in reinvestment of dividends 51,479,862 43,549,800
--------------- ---------------
6,956,717,855 5,644,285,077
Cost of shares redeemed (6,606,261,721) (5,373,671,366)
--------------- ---------------
Net increase in net assets derived from beneficial interest transactions 350,456,134 270,613,711
--------------- ---------------
Net Assets:
Total increase in net assets 350,462,952 270,699,381
Beginning of year 1,826,719,962 1,556,020,581
--------------- ---------------
End of year $ 2,177,182,914 $ 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 Year Ended March 31,
Increase (Decrease) in Net Asset Value: 2000 1999 1998 1997 1996
<S> <C> <C> <C> <C> <C>
Per Share Operating Performance:
Net asset value, beginning of year $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
---------- ---------- ---------- ---------- ----------
Investment income--net .03 .03 .03 .03 .03
Realized gain on investments--net --++ --++ --++ --++ --++
---------- ---------- ---------- ---------- ----------
Total from investment operations .03 .03 .03 .03 .03
---------- ---------- ---------- ---------- ----------
Less dividends from investment income--net (.03) (.03) (.03) (.03) (.03)
---------- ---------- ---------- ---------- ----------
Net asset value, end of year $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
========== ========== ========== ========== ==========
Total Investment Return 2.86% 2.79% 3.09% 2.94% 3.17%
========== ========== ========== ========== ==========
Ratios to Average Net Assets:
Expenses .58% .61% .61% .63% .64%
========== ========== ========== ========== ==========
Investment income--net 2.83% 2.74% 3.04% 2.88% 3.12%
========== ========== ========== ========== ==========
Supplemental Data:
Net assets, end of year (in thousands) $2,177,183 $1,826,720 $1,556,021 $1,236,322 $1,132,264
========== ========== ========== ========== ==========
<FN>
++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 accounting principles generally
accepted in the United States of America, which may require the use
of management accruals and estimates. The following is a summary of
significant accounting policies followed by the Fund.
(a) Valuation of investments--Investments are valued at amortized
cost, which approximates market value. For the purpose of valuation,
the maturity of a variable rate demand instrument is deemed to be
the 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 years
corresponds to the amounts included in the Statements of Changes in
Net Assets for net proceeds from sale of shares, value of shares
reinvested and cost of shares redeemed, respectively, since shares
are recorded at $1.00 per share.
4. 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.
<AUDIT-REPORT>
CMA New York Municipal Money Fund
Independent Auditors' Report
The Board of Trustees and Shareholders,
CMA New York Municipal Money Fund of
CMA Multi-State Municipal Series Trust:
We have audited the accompanying statement of assets and
liabilities, including the schedule of investments, of CMA New York
Municipal Money Fund of CMA Multi-State Municipal Series Trust as of
March 31, 2000, the related statements of operations for the year
then ended and changes in net assets for each of the years in the
two-year period then ended, and the financial highlights for each of
the years in the five-year period then ended. These financial
statements and the financial highlights are the responsibility of
the Fund's management. Our responsibility is to express an opinion
on these financial statements and the financial highlights based on
our audits.
We conducted our audits in accordance with auditing standards
generally accepted in the United States of America. Those standards
require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. Our procedures included
confirmation of securities owned at March 31, 2000 by correspondence
with the custodian and broker. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, such financial statements and financial highlights
present fairly, in all material respects, the financial position of
CMA New York Municipal Money Fund of CMA Multi-State Municipal
Series Trust as of March 31, 2000, the results of its operations,
the changes in its net assets, and the financial highlights for the
respective stated periods in accordance with accounting principles
generally accepted in the United States of America.
Deloitte & Touche LLP
Princeton, New Jersey
May 9, 2000
</AUDIT-REPORT>
CMA New York Municipal Money Fund
Important Tax Information (unaudited)
All of the net investment income distributions paid daily by CMA New
York Municipal Money Fund of CMA Multi-State Municipal Series Trust
during its taxable year ended March 31, 2000 qualify as tax-exempt
interest dividends for Federal income tax purposes.
Additionally, there were no capital gain distributions paid by the
Fund during the year.
Please retain this information for your records.
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*
*For inquiries regarding your CMA account, call (800) CMA-INFO
[(800) 262-4636].
