CMA
CMA NEW JERSEY
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 Jersey
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 Jersey
Municipal Money Fund paid shareholders a net annualized yield of
2.53%.* As of September 30, 1999, the Fund's 7-day yield was 3.00%.
Economic Environment
During the six-month period ended September 30, 1999, continued
strength in the domestic economy and increasing signs of recovery in
global economies moved the Federal Reserve Board to raise short-term
interest rates for the first time since March 1997. The 50 basis
point (0.50%) increase in the Federal Funds target rate negatively
influenced both fixed-income and equity markets. Fixed-income
investors, while not surprised by the interest rate increases, saw
US Treasury yields move sharply higher across the maturity spectrum.
Equity markets, after reaching record levels by late August 1999,
experienced sizable declines after the second 25 basis point
tightening by the Federal Reserve Board on August 24, 1999.
Investment Strategy
CMA New Jersey Municipal Money Fund began the six-month period with
an average portfolio maturity in the 35-day range. The Fund
experienced heavy redemptions during the income tax-payment period
in late April and early May. Our position in variable rate demand
notes allowed us to meet the outflows that decreased the Fund's
assets by approximately 11%. Short-term municipal note yields
followed Treasury yields higher as the period progressed. The yield
on one-year New Jersey municipal notes rose to the 3.60% yield range
from 3.00% in early April. This rise in yields presented an
opportunity for us to extend the Fund's average portfolio maturity
to the 50-day range by period-end. We achieved this extension with
municipal note purchases primarily in the six-month--nine-month
maturity range and commercial paper purchases with maturities of
February and March 2000. These respective ranges helped us to
achieve our investment strategy of providing shareholders with an
attractive yield while limiting our interest rate exposure risk.
[FN]
*Based on a constant investment throughout the period, with
dividends compounded daily, and reflecting a net return to the
investor after all expenses.
In September 1999, the state of New Jersey came to market with its
annual short-term financing for fiscal year 2000. The $680 million
tax-exempt commercial paper program is likely to satisfy the state's
short-term cash requirements through June 2000. New Jersey's economy
remained strong during the period as tax revenues continued to
exceed projected levels. The increased revenues helped the state end
fiscal year 1999 with a budget surplus of approximately $1 billion.
Total New Jersey short-term municipal issuance for the six-month
period ended September 30, 1999 increased to $1.6 billion from $1.1
billion at March 31, 1999. Our portfolio strategy during the period
continued to provide shareholders with a competitive yield relative
to its peer group as measured by IBC Financial Data.
In Conclusion
In the months ahead, we will continue to closely monitor the
activities of the Federal Reserve Board. The investment community
remains cautious on the belief that short-term US interest rates may
have to move higher than current levels to effectively slow the
domestic economy. In the short-term municipal market, year-end
inventory concerns and the asset inflows associated with January
coupon payments and maturities are likely to influence the direction
of short-term yields in the upcoming months.
We thank you for your continued support of CMA New Jersey Municipal
Money Fund, and we look forward to serving your investment needs in
the future.
Sincerely,
(Terry K. Glenn)
Terry K. Glenn
President and Trustee
(Vincent R. Giordano)
Vincent R. Giordano
Senior Vice President
(Steven T. Lewis)
Steven T. Lewis
Vice President and Portfolio Manager
November 5, 1999
<TABLE>
CMA NEW JERSEY 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 Jersey-- $ 6,600 Atlantic County, New Jersey, Improvement Authority Revenue Bonds (Pooled
71.2% Governmental Loan Program), ACES, 3.40% due 7/01/2026 (d) $ 6,600
2,000 Bayonne, New Jersey, Emergency Notes, 3.50% due 10/01/1999 2,000
8,800 Bernards Township, New Jersey, Sewer Authority, Sewer Revenue Refunding
Bonds, CP, 3.10% due 12/15/1999 8,800
Camden County, New Jersey, Improvement Authority Revenue Bonds, VRDN (d):
13,500 (Harvest Village Senior Redevelopment Project), Series A, 4% due 7/01/2029 13,500
2,260 (Jewish Community Center Project), 3.80% due 12/01/2010 2,260
13,900 (Parkview Redevelopment Housing Project), AMT, 3.80% due 7/01/2026 13,900
11,808 Clipper Tax-Exempt Trust, New Jersey, COP, VRDN, Series 1998-6, 3.87% due
10/01/2017 (a)(d) 11,808
14,595 Eagle Tax-Exempt Trust, New Jersey State Housing and Mortgage Finance
Agency, VRDN, Series 97C-3002, Class A, 3.15% due 10/01/2019 (d) 14,595
19,970 Eagle Tax-Exempt Trust, New Jersey, VRDN, Series 94C-3005, 3.84% due
2/15/2007 (d) 19,970
East Brunswick Township, New Jersey, BAN, GO:
6,000 3.25% due 2/17/2000 6,008
4,000 3.50% due 4/19/2000 4,009
15,000 Essex County, New Jersey, BAN, GO, Series A, 4% due 8/15/2000 15,044
12,500 Essex County, New Jersey, Improvement Authority, BAN, 3.50% due 3/31/2000 12,521
5,050 Essex County, New Jersey, Improvement Authority Revenue Bonds (Pooled
Governmental Loan Program), ACES, 3.55% due 7/01/2026 (d) 5,050
2,467 Harding Township, New Jersey, BAN, 4.125% due 7/07/2000 2,478
8,000 Hudson County, New Jersey, Improvement Authority Revenue Bonds (Essential
Purpose Pooled Government), VRDN, 3.85% due 7/15/2026 (d) 8,000
20,000 Jersey City, New Jersey, BAN, GO, 3.50% due 3/03/2000 20,041
16,500 Jersey City, New Jersey, CP, GO, Refunding, 4% due 7/03/2000 16,548
4,700 Jersey City, New Jersey, Municipal Utilities Authority Revenue Refunding
Bonds, Project Notes, 4.375% due 7/28/2000 4,718
2,545 Mercer County, New Jersey, Improvement Authority Revenue Bonds (Mercer
Inc. Project), VRDN, 3.70% due 12/01/2018 (d) 2,545
1,000 Monmouth County, New Jersey, GO, Refunding, Series B, 4.50% due 8/01/2000 1,007
10,000 Monmouth County, New Jersey, Improvement Authority Revenue Bonds (Pooled
Government Loan Program), ACES, 3.55% due 8/01/2016 (d) 10,000
14,075 Municipal Securities Trust Certificates, New Jersey Revenue Bonds, VRDN,
Series 1998-64, Class A, 3.66% due 1/01/2012 (c)(d) 14,075
2,120 New Jersey Building Authority, State Building Revenue Refunding Bonds,
5% due 6/15/2000 2,141
1,450 New Jersey EDA, Dock Facility Revenue Bonds (Bayonne/IMTT Project), VRDN,
Series C, 3.95% due 12/01/2027 (d) 1,450
</TABLE>
Portfolio Abbreviations for CMA New Jersey Municipal Money Fund
ACES SM Adjustable Convertible Extendable Securities
AMT Alternative Minimum Tax (subject to)
ARCS Auction Rate Certificates
BAN Bond Anticipation Notes
COP Certificates of Participation
CP Commercial Paper
DATES Daily Adjustable Tax-Exempt Securities
EDA Economic Development Authority
EDR Economic Development Revenue Bonds
FLOATS Floating Rate Securities
GO General Obligation Bonds
IDR Industrial Development Revenue Bonds
MSTR Municipal Securities Trust Receipts
PCR Pollution Control Revenue Bonds
VRDN Variable Rate Demand Notes
<TABLE>
CMA NEW JERSEY 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 Jersey New Jersey EDA, EDR, Refunding (d):
(continued) $15,000 (Airis Newark LLC Project), ARCS, AMT, 3.80% due 1/01/2019 (a) $ 15,000
5,000 (Church & Dwight), VRDN, 3.65% due 12/01/2008 5,000
5,400 (Jewish Community Foundation Metro West), VRDN, 3.65% due 12/01/2018 5,400
1,958 (RJB Associates Project), VRDN, 3.65% due 8/01/2008 1,958
11,495 (Stolthaven Project), VRDN, Series A, 3.85% due 1/15/2018 11,495
New Jersey EDA, EDR, VRDN (d):
8,925 (Benedictine Abbey of Newark), 3.80% due 12/01/2019 8,925
1,210 (Catholic Community Services), 3.60% due 6/01/2025 1,210
3,000 (Danic Urban Renewal), 3.45% due 11/01/2007 3,000
3,200 (Delta Plastics Corp. Project), AMT, 3.90% due 10/01/2006 3,200
3,700 (Eatem Realty Company), AMT, 3.85% due 9/01/2013 3,700
3,240 (Filtra Corp. Project), AMT, 3.75% due 8/01/2015 3,240
1,130 (International Vitamin Corp. Project), AMT, 3.75% due 5/01/2003 1,130
2,500 (McLean Associates LLC Project), AMT, 3.80% due 8/01/2014 2,500
1,525 (Office Court Associates Project), 3.75% due 4/01/2011 1,525
1,480 (Park Lane Association Project), AMT, 3.80% due 4/01/2010 1,480
1,200 (Saint Peter's Preparatory School), 3.70% due 1/01/2010 1,200
3,000 (Wyckoff Family YMCA Project), 3.80% due 10/01/2017 3,000
New Jersey EDA, IDR, VRDN (d):
3,755 (Pennwell Holdings LLC Project), 3.75% due 12/01/2016 3,755
1,305 (Plastic Suppliers Inc. Project), AMT, 3.90% due 6/01/2006 1,305
4,000 New Jersey EDA, Industrial and Economic Development Revenue Bonds (Tru
Urban Renewal Co.), DATES, 3.50% due 4/01/2019 (d) 4,000
2,800 New Jersey EDA, Natural Gas Facilities Revenue Bonds (NUI Corporation
Project), VRDN, AMT, Series A, 3.85% due 6/01/2026 (a)(d) 2,800
New Jersey EDA, Natural Gas Facilities Revenue Refunding Bonds (New Jersey
Natural Gas Co. Project), VRDN, AMT (a)(d):
5,200 Series A, 3.70% due 9/01/2027 5,200
7,700 Series A, 3.95% due 8/01/2030 7,700
2,500 Series B, 3.60% due 1/01/2028 2,500
7,800 New Jersey EDA, PCR, Refunding (Public Service Electric & Gas Co.), VRDN,
Series A, 3.50% due 3/01/2012 (b)(d) 7,800
New Jersey EDA, PCR, VRDN (d):
4,835 (General Motors Corp. Project), 3.20% due 10/01/2000 4,835
7,450 (Merck & Co., Inc. Project), Series A, 4% due 10/01/2004 7,450
5,000 New Jersey EDA, Port Facility Revenue Bonds (Trailer Marine Crowle), VRDN,
3.25% due 2/01/2002 (d) 5,000
New Jersey EDA, Revenue Bonds, CP, AMT:
7,600 (Exempt Facility-Chambers Cogeneration), 3.35% due 11/09/1999 7,600
11,600 (Exempt Facility-Keystone Project), 3.10% due 10/14/1999 11,600
17,900 (Exempt Facility-Keystone Project), 3.35% due 11/09/1999 17,900
13,700 (Exempt Facility-Keystone Project), 3.45% due 11/15/1999 13,700
New Jersey EDA, Revenue Bonds, Economic Growth, VRDN (d):
995 AMT, Series A-1, 3.65% due 11/01/2016 995
3,630 AMT, Series E, 3.65% due 11/01/2006 3,630
3,000 AMT, Series H, 3.65% due 11/01/2016 3,000
1,210 Series F, 3.60% due 11/01/2016 1,210
1,500 Series G, 3.60% due 11/01/2016 1,500
</TABLE>
<TABLE>
CMA NEW JERSEY 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 Jersey New Jersey EDA, Revenue Bonds, FLOATS (d):
(concluded) $ 9,900 Series PMD-4, 3.77% due 5/01/2006 $ 9,900
9,900 Series PMD-5, 3.77% due 5/01/2012 9,900
New Jersey EDA, Revenue Bonds, VRDN (d):
4,580 (Accurate Box Co. Inc. Project), AMT, 3.80% due 11/01/2009 4,580
1,865 (Adam Spence Corp. Project), AMT, 3.85% due 9/01/2017 1,865
2,115 (Bethany Baptist Church Project), 3.65% due 3/01/2018 2,115
3,515 (Catholic Charities), 3.60% due 11/01/2012 3,515
875 (E.P. Henry Corp. Project), AMT, 3.70% due 3/01/2005 875
1,750 (Economic Growth-Patterson), AMT, 3.65% due 1/01/2005 1,750
2,700 (Economic Growth-Patterson), AMT, 3.65% due 1/01/2016 2,700
4,600 (Hoffman-La Roche Inc. Project), AMT, 3.95% due 11/01/2011 4,600
1,000 (The Peddie School Project), 3.65% due 2/01/2026 1,000
8,700 (The Peddie School Project), 3.70% due 2/01/2029 8,700
1,000 (Saint James Preparatory and Social Services Project), 3.65% due 12/01/2027 1,000
2,400 (US Golf Association Project), 3.65% due 5/01/2023 2,400
4,000 (Urban League Project), 3.65% due 8/01/2019 4,000
New Jersey EDA, Revenue Refunding Bonds, VRDN (d):
2,810 (Joe & James Moreng), AMT, 3.10% due 3/01/2013 2,810
2,000 (The Peddie School Project), Series B, 2.95% due 2/01/2019 2,000
13,900 New Jersey EDA, Water Facilities Revenue Refunding Bonds (United Water of
New Jersey Project), VRDN, AMT, Series C, 4% due 11/01/2025 (a)(d) 13,900
50,185 New Jersey Sports and Exposition Authority, State Contract Revenue Bonds,
VRDN, Series C, 3.75% due 9/01/2024 (b)(d) 50,185
20,000 New Jersey State, CP, 3.55% due 2/10/2000 20,000
1,240 New Jersey State Educational Facilities Authority Revenue Bonds (Community
College Capital Projects Fund), CP, Series A, 5% due 9/01/2000 (a) 1,254
7,585 New Jersey State Educational Facilities Authority Revenue Bonds, FLOATS,
Series SG-48, 3.76% due 7/01/2026 (d) 7,585
North Brunswick Township, New Jersey, BAN:
1,500 3.20% due 12/06/1999 1,501
1,490 3.10% due 12/29/1999 1,491
1,675 Ocean County, New Jersey, GO, Refunding, 4.50% due 6/01/2000 1,685
2,844 Perth Amboy, New Jersey, BAN, 3.75% due 12/21/1999 2,846
3,700 Rahway, New Jersey, BAN, GO, 3.25% due 12/23/1999 3,702
7,300 Salem County, New Jersey, Industrial Pollution Control Financing Authority
Revenue Bonds (E.I. du Pont de Nemours), VRDN, 3.40% due 3/01/2012 (d) 7,300
Salem County, New Jersey, Pollution Control Financing Authority, PCR, VRDN,
Refunding (b)(d):
2,000 (Atlantic City Electric), AMT, Series B, 3.60% due 7/15/2017 2,000
5,500 (Atlantic City Electric), Series A, 3.50% due 4/15/2014 5,500
3,600 (Public Service Electric and Gas), AMT, 3.60% due 4/01/2031 3,600
7,900 Trenton, New Jersey, School District Temporary Notes, GO, 3.50% due 12/21/1999 7,907
2,200 Union County, New Jersey, Industrial Pollution Control Financing Authority, PCR,
Refunding (Allied Signal Project), VRDN, 3.90% due 12/01/2020 (d) 2,200
2,500 Washington Township, New Jersey, Warren County, BAN, 4.125% due 7/14/2000 2,509
</TABLE>
<TABLE>
CMA NEW JERSEY 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/ Port Authority of New York and New Jersey, CP, AMT:
New Jersey-- $ 9,600 3.20% due 10/13/1999 $ 9,600
20.9% 11,700 3.50% due 2/09/2000 11,700
9,000 3.50% due 2/10/2000 9,000
11,270 3.40% due 2/14/2000 11,270
4,000 3.45% due 2/23/2000 4,000
Port Authority of New York and New Jersey, Special Obligation Revenue
Bonds (b)(d):
20,500 FLOATS, Series SG-94, 3.81% due 12/01/2017 20,500
20,800 MSTR, VRDN, AMT, Series SGA-69, 4.05% due 12/01/2022 20,800
Port Authority of New York and New Jersey, Special Obligation Revenue
Refunding Bonds (Versatile Structure Obligation), VRDN (d):
38,700 AMT, Series 1R, 4% due 8/01/2028 38,700
37,850 AMT, Series 4, 3.95% due 4/01/2024 37,850
9,200 AMT, Series 6, 3.95% due 12/01/2017 9,200
4,850 Series 2, 3.85% due 5/01/2019 4,850
Puerto Rico-- Puerto Rico Commonwealth, Government Development Bank, CP:
7.1% 3,200 3.15% due 10/21/1999 3,200
7,320 3.40% due 2/04/2000 7,320
14,600 3.45% due 2/08/2000 14,600
1,241 3.35% due 2/10/2000 1,241
12,159 3.45% due 2/24/2000 12,159
1,100 Puerto Rico Commonwealth, Government Development Bank Revenue
Refunding Bonds, VRDN, 3.10% due 12/01/2015 (b)(d) 1,100
13,200 Puerto Rico Electric Power Authority, Power Revenue Bonds, GO, MSTR, VRDN,
Series SGA-43, 3.45% due 7/01/2022 (b)(d) 13,200
7,700 Puerto Rico Industrial, Medical and Environmental Pollution Control Facilities
Financing Authority, Revenue Refunding Bonds (Reynolds Metals Company
Project), CP, 3.50% due 9/01/2000 7,700
Total Investments (Cost--$842,376*)--99.2% 842,376
Other AssetsLess Liabilities--0.8% 6,941
----------
Net Assets--100.0% $ 849,317
==========
<FN>
(a)AMBAC Insured.
(b)MBIA Insured.
(c)FSA Insured.
(d)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.
*Cost for Federal income tax purposes.
See Notes to Financial Statements.
</TABLE>
<TABLE>
CMA NEW JERSEY MUNICIPAL MONEY FUND
STATEMENT OF ASSETS AND LIABILITIES AS OF SEPTEMBER 30, 1999
<S> <C> <C>
Assets:
Investments, at value (identified cost--$842,376,102) (Note 1a) $ 842,376,102
Cash 588,755
Interest receivable 4,781,348
Prepaid registration fees and other assets (Note 1d) 1,956,420
---------------
Total assets 849,702,625
---------------
Liabilities:
Payables:
Distributor (Note 2) $ 219,457
Investment adviser (Note 2) 65,897
Dividends to shareholders (Note 1e) 146 285,500
---------------
Accrued expenses and other liabilities 100,485
---------------
Total liabilities 385,985
---------------
Net Assets $ 849,316,640
===============
Net Assets Consist of:
Shares of beneficial interest, $.10 par value, unlimited number of shares
authorized $ 84,938,811
Paid-in capital in excess of par 764,448,975
Accumulated realized capital losses--net (Note 4) (71,146)
---------------
Net Assets--Equivalent to $1.00 per share based on 849,388,113 shares of
beneficial interest outstanding $ 849,316,640
===============
See Notes to Financial Statements.
</TABLE>
<TABLE>
CMA NEW JERSEY 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 $ 14,370,079
Expenses:
Investment advisory fees (Note 2) $ 2,118,945
Distribution fees (Note 2) 561,563
Transfer agent fees (Note 2) 64,532
Accounting services (Note 2) 45,209
Registration fees (Note 1d) 36,566
Custodian fees 29,913
Professional fees 28,830
Printing and shareholder reports 15,158
Pricing fees 6,901
Trustees' fees and expenses 3,000
Other 4,412
---------------
Total expenses 2,915,029
---------------
Investment income--net 11,455,050
Realized Gain on Investments--Net (Note 1c) 13,001
---------------
Net Increase in Net Assets Resulting from Operations $ 11,468,051
===============
See Notes to Financial Statements.
</TABLE>
<TABLE>
CMA NEW JERSEY MUNICIPAL MONEY FUND
STATEMENTS OF CHANGES IN NET ASSETS
<CAPTION>
For the Six For the Year
Months Ended Ended
September 30, March 31,
1999 1999
Increase (Decrease) in Net Assets:
<S> <C> <C>
Operations:
Investment income--net $ 11,455,050 $ 21,977,530
Realized gain on investments--net 13,001 55,803
--------------- ---------------
Net increase in net assets resulting from operations 11,468,051 22,033,333
--------------- ---------------
Dividends to Shareholders (Note 1e):
Investment income--net (11,455,050) (21,977,530)
--------------- ---------------
Net decrease in net assets resulting from dividends to shareholders (11,455,050) (21,977,530)
--------------- ---------------
Beneficial Interest Transactions (Note 3):
Net proceeds from sale of shares 1,408,514,836 2,979,834,969
Net asset value of shares issued to shareholders in reinvestment of
dividends (Note 1e) 11,454,506 21,979,457
--------------- ---------------
1,419,969,342 3,001,814,426
Cost of shares redeemed (1,587,900,538) (2,784,632,689)
--------------- ---------------
Net increase (decrease) in net assets derived from beneficial
interest transactions (167,931,196) 217,181,737
--------------- ---------------
Net Assets:
Total increase (decrease) in net assets (167,918,195) 217,237,540
Beginning of period 1,017,234,835 799,997,295
--------------- ---------------
End of period $ 849,316,640 $ 1,017,234,835
=============== ===============
See Notes to Financial Statements.
</TABLE>
<TABLE>
CMA NEW JERSEY 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
September 30, For the Year Ended March 31,
Increase (Decrease) in Net Asset Value: 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 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 2.53%* 2.71% 2.97% 2.83% 3.07%
========== ========== ========== ========== ==========
Ratios to Average Net Assets:
Expenses .64%* .66% .66% .68% .68%
========== ========== ========== ========== ==========
Investment income--net 2.52%* 2.65% 2.92% 2.78% 3.02%
========== ========== ========== ========== ==========
Supplemental Data:
Net assets, end of period (in thousands) $ 849,317 $1,017,235 $ 799,997 $ 683,361 $ 610,285
========== ========== ========== ========== ==========
<FN>
*Annualized.
++Amount is less than $.01 per share.
See Notes to Financial Statements.
</TABLE>
CMA NEW JERSEY MUNICIPAL MONEY FUND
NOTES TO FINANCIAL STATEMENTS
1. Significant Accounting Policies:
CMA New Jersey 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 witholding 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 JERSEY 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 $84,000, of which $16,000 expires in 2003, $4,000
expires in 2004, $33,000 expires in 2005 and $31,000 expires in
2006. This amount will be available to offset like amounts of any
future taxable gains.
CMA NEW JERSEY 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].
