CMA New Jersey
Municipal Money Fund
Semi-Annual Report
September 30, 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 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, 2000, CMA New Jersey
Municipal Money Fund paid shareholders a net annualized yield of
3.46%.* 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 US economy
has shown signs of slowing to a more moderate and sustainable pace.
The Federal Reserve Board, which met three times during the period,
chose to raise short-term interest rates only at its May 16, 2000
meeting. The 50 basis point (0.50%) increase moved the Federal Funds
rate to its current level of 6.50%. Since the Federal Reserve Board
commenced the tightening cycle in June 1999, the Federal Funds rate
has increased 175 basis points. Inflationary indicators remained in
check with the exception of energy prices. Unfavorable weather
conditions during the upcoming winter months could place more
pressure on this sector. US financial markets posted mixed results
as fixed-income securities experienced some moderate gains, while
equity indexes declined. The intermediate range of the US Treasury
yield curve posted the strongest gains as investors became more
comfortable with the concept that the Federal Reserve Board's
current tightening cycle may be approaching an end. As a result,
yields on two-year and five-year notes fell 52 basis points and 48
basis points, respectively. The Dow Jones Industrial Average and the
NASDAQ Composite Index both ended the period lower as disappointing
corporate earnings and mounting profit warnings weighed heavily on
equity prices.
For the six-month period ended September 30, 2000, technical factors
strongly influenced short-term municipal yields as demand for short-
term tax-exempt securities varied. At the onset of the period,
assets flowed out of short-term municipal money funds because of
income tax payments. By early May 2000, these outflows pushed
variable rate yields higher and the average 7-day variable yield
rose to a six-month high of 5.84%. However, by the middle of the
period, assets moved back into the shorter end of the municipal
market in response to coupon reinvestments and maturities. By early
July 2000, these inflows decreased the average yield on a 7-day
variable rate to a period low of 3.21%. Finally, at the end of the
six-month period, short-term interest rates rose again as demand for
products in this sector subsided, forcing broker/dealers to raise
yields in an attempt to minimize inventories.
Investment Strategy
During the six-month period ended September 30, 2000, we continued
to employ a neutral investment strategy and maintained the Fund's
average portfolio maturity primarily in the 45-day--55-day range.
Short-term New Jersey municipal note yields trended higher as the
period opened with the yield on the one-year note rising to 4.55%
--4.60% by early June. As the period progressed, increasing demand
gradually moved note yields lower and ended the period in the 4.30%
range. We increased the Fund's holdings in municipal notes to
approximately 24% of assets, up from 18% on March 31, 2000. These
holdings provided the Fund with attractive yields, solid credit
quality and increased diversification of assets. New Jersey
municipalities continued to provide the short-term New Jersey note
market with a steady supply of new issuance. In August 2000,
Governor Christine Whitman signed legislation that would give local
school districts approximately $8.6 billion in funding for the next
ten years to upgrade nearly 2,400 of the state's oldest educational
facilities. In anticipation of this funding, school boards chose to
use the short-term municipal note market until the state aid program
is permanently in place. Finally, our investment strategy continued
to provide shareholders with an attractive yield compared to other
New Jersey municipal money funds with a similar investment
objective.
Subject to market conditions, we anticipate in the months ahead that
we will continue to follow our neutral portfolio investment
strategy. As year-end approaches, we will seek opportunities to
purchase commercial paper with maturities into late February 2001
--March 2001. These purchases are likely to allow us to secure
attractive yields through the first quarter of 2001, which we
believe will be a period of high demand for short-term tax-exempt
securities. Energy prices may have a significant effect on the
macroeconomic picture in the upcoming months as rising fuel prices
could place further pressure on corporate earnings and consumer
spending.
In Conclusion
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 months and years ahead.
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 2, 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 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
GO General Obligation Bonds
IDR Industrial Development Revenue Bonds
MSTR Municipal Securities Trust Receipts
PCR Pollution Control Revenue Bonds
TAN Tax Anticipation Notes
VRDN Variable Rate Demand Notes
<TABLE>
CMA New Jersey Municipal Money Fund
Schedule of Investments as of September 30, 2000 (in Thousands)
<CAPTION>
Face
State Amount Issue Value
<S> <C> <S> <C>
New Jersey-- $ 7,750 Atlantic City, New Jersey, BAN, 4.85% due 6/08/2001 $ 7,790
76.2% 6,600 Atlantic County, New Jersey, Improvement Authority Revenue Bonds (Pooled
Governmental Loan Program), ACES, 5.40% due 7/01/2026 (d) 6,600
4,000 Bayonne, New Jersey, TAN, 4.375% due 10/02/2000 4,000
7,725 Bernards Township, New Jersey, Sewer Authority, Sewer Revenue Refunding
Bonds, 3.90% due 12/15/2000 7,725
1,587 Bloomingdale, New Jersey, GO, Refunding, BAN, 4.52% due 3/09/2001 1,589
9,500 Branchburg Township, Board of Education, 4.80% due 8/16/2001 9,536
5,500 Brigantine, New Jersey, GO, BAN, 4.80% due 5/31/2001 5,518
Camden County, New Jersey, Improvement Authority Revenue Bonds,
VRDN (d):
19,800 (Harvest Village Senior Redevelopment Project), Series A, 5.40% due
7/01/2029 19,800
1,945 (Jewish Community Center Project), 5.35% due 12/01/2010 1,945
13,900 (Parkview Redevelopment Housing Project), AMT, 5.40% due 7/01/2026 13,900
3,672 Cedar Grove Township, New Jersey, GO, BAN, 4.625% due 3/06/2001 3,677
1,630 Cherry Hill Township, New Jersey, BAN, Series A, 4.75% due 10/12/2000 1,630
8,125 Clinton Township, New Jersey, BAN, 5% due 7/10/2001 8,155
8,297 Clipper Tax-Exempt, COP, VRDN, Series 1998-6, 5.53% due 10/01/2017 (c)(d) 8,297
1,774 Colts Neck Township, New Jersey, BAN, Series A, 4.26% due 2/23/2001 1,775
5,500 Delaware River and Bay Authority, Delaware, Revenue Bonds, VRDN, Series B,
4.10% due 1/01/2030 (a)(d) 5,500
19,970 Eagle Tax-Exempt Trust, New Jersey, VRDN, Series 94C-3005, 4.24% due
2/15/2007 (d) 19,970
9,500 East Rutherford, New Jersey, School District, 5.20% due 3/14/2001 9,525
2,957 Elizabeth, New Jersey, GO, BAN, 4.35% due 11/14/2000 2,958
10,000 Essex County, New Jersey, GO, TAN, 5% due 11/21/2000 10,008
4,128 Ewing Township, New Jersey, GO, BAN, 4.25% due 10/20/2000 4,129
6,000 Florham Park, New Jersey, GO, BAN, 4.25% due 11/03/2000 6,002
1,858 Freehold, New Jersey, BAN, 4.28% due 2/02/2001 1,858
5,300 Gloucester County, New Jersey, GO, Refunding, BAN, Series A, 4.75% due
7/31/2001 5,320
8,000 Hudson County, New Jersey, Improvement Authority Revenue Bonds (Essential
Purpose Pooled Government), VRDN, 5.30% due 7/15/2026 (d) 8,000
Jersey City, New Jersey, GO, Refunding:
16,635 5.25% due 7/02/2001 16,707
16,800 BAN, 4.625% due 3/02/2001 16,825
</TABLE>
<TABLE>
CMA New Jersey 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 Jersey $ 4,000 Jersey City, New Jersey, Municipal Utilities Authority Project Notes,
(continued) Series B, 5% due 5/03/2001 $ 4,012
2,253 Maplewood Township, New Jersey, GO, BAN, 4.375% due 10/20/2000 2,254
12,170 Margate City, New Jersey, School BAN, 4.85% due 7/18/2001 12,212
Mercer County, New Jersey, Improvement Authority Revenue Bonds, VRDN (d):
2,000 (Children's Home Society of New Jersey Project), 5.30% due 4/01/2010 2,000
2,455 (Mercer Inc. Project), 5.35% due 12/01/2018 2,455
15,000 Middlesex County, New Jersey, GO, Refunding, BAN, 4.50% due 1/19/2001 15,023
4,000 Mine Hill Township, New Jersey, School District, Temporary Notes, GO, 4.50%
due 3/20/2001 4,005
2,300 Moorestown Township, New Jersey, GO, BAN, 5.50% due 6/01/2001 2,311
6,450 Morristown, New Jersey, BAN, 5% due 4/30/2001 6,472
14,075 Municipal Securities Trust Certificates, New Jersey Transportation Revenue
Bonds, VRDN, Series 1998-64, Class A, 4.20% due 1/01/2012 (b)(d) 14,075
New Jersey EDA, Dock Facility Revenue Bonds (Bayonne IMTT Project),
VRDN, Series B (d):
200 5.50% due 12/01/2027 200
200 5.55% due 12/01/2027 200
12,600 New Jersey EDA, Dock Facility Revenue Refunding Bonds (Bayonne/IMTT
Project), VRDN, Series C, 5.50% due 12/01/2027 (d) 12,600
New Jersey EDA, Economic Development Revenue Bonds, VRDN (d):
8,925 (Benedictine Abbey of Newark), 5.50% due 12/01/2019 8,925
2,625 (Catholic Community Services), 5.20% due 6/01/2025 2,625
3,700 (Eatem Realty Company), AMT, 5.50% due 9/01/2013 3,700
845 (International Vitamin Corp. Project), AMT, 5.35% due 5/01/2003 845
2,350 (McLean Associates LLC Project), AMT, 5.45% due 8/01/2014 2,350
1,350 (Park Lane Association Project), AMT, 5.45% due 4/01/2010 1,350
1,100 (Saint Peter's Preparatory School), 5.35% due 1/01/2010 1,100
1,085 (United Window & Door Manufacturing Inc.), AMT, 5.45% due 11/01/2008 1,085
2,880 (Wyckoff Family YMCA Project), 5.50% due 10/01/2017 2,880
New Jersey EDA, Economic Development Revenue Refunding Bonds (d):
20,100 (Airis Newark LLC Project), ARCS, AMT, 5.40% due 1/01/2019 (a) 20,100
4,495 (Church & Dwight), VRDN, 5.30% due 12/01/2008 4,495
995 (Foreign Trade Zone Project), VRDN, 5.35% due 12/01/2007 995
5,400 (Jewish Community Foundation Metro West), VRDN, 5.25% due 12/01/2018 5,400
1,813 (RJB Associates Project), VRDN, 5.30% due 8/01/2008 1,813
13,495 (Stolthaven Project), VRDN, Series A, 5.30% due 1/15/2018 13,495
New Jersey EDA, IDR, VRDN (d):
3,615 (Pennwell Holdings LLC Project), 5.45% due 12/01/2016 3,615
1,145 (Plastic Suppliers Inc. Project), AMT, 5.65% due 6/01/2006 1,145
4,000 New Jersey EDA, Industrial and Economic Development Revenue Bonds
(Tru Urban Renewal Co.), DATES, 4.35% due 4/01/2019 (d) 4,000
New Jersey EDA, Natural Gas Facilities Revenue Bonds, VRDN, AMT (a)(d):
1,400 (NUI Corporation Project), Series A, 5.40% due 6/01/2026 1,400
4,600 (New Jersey Natural Gas Co. Project), Series B, 5.45% due 8/01/2030 4,600
4,000 (New Jersey Natural Gas Co. Project), Series C, 5.30% due 4/01/2033 4,000
19,300 New Jersey EDA, Natural Gas Facilities Revenue Refunding Bonds (New Jersey
Natural Gas Co. Project), VRDN, AMT, Series A, 5.45% due 8/01/2030 (a)(d) 19,300
5,000 New Jersey EDA, Port Facility Revenue Bonds (Trailer Marine Crowle), VRDN,
4.25% due 2/01/2002 (d) 5,000
</TABLE>
<TABLE>
CMA New Jersey 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 Jersey New Jersey EDA, Revenue Bonds, CP, AMT:
(continued) $10,000 (Exempt Facility-Chambers Cogeneration), 3.85% due 10/02/2000 $ 10,000
6,400 (Exempt Facility-Chambers Cogeneration), 3.80% due 10/11/2000 6,400
7,300 (Exempt Facility-Chambers Cogeneration), 3.80% due 10/13/2000 7,300
19,500 (Exempt Facility-Keystone Project), 3.85% due 10/02/2000 19,500
13,700 (Exempt Facility-Keystone Project), 3.80% due 10/11/2000 13,700
10,000 (Exempt Facility-Keystone Project), 3.80% due 12/08/2000 10,000
New Jersey EDA, Revenue Bonds, VRDN (d):
4,240 (Accurate Box Co. Inc. Project), AMT, 5.40% due 11/01/2009 4,240
1,725 (Adam Spence Corp. Project), AMT, 5.45% due 9/01/2017 1,725
2,180 (The Arc of Somerset County Inc.), 5.35% due 7/01/2020 2,180
2,030 (Bethany Baptist Church Project), 5.30% due 3/01/2018 2,030
3,320 (Catholic Charities), 5.25% due 11/01/2012 3,320
700 (E.P. Henry Corp. Project), AMT, 5.35% due 3/01/2005 700
1,500 (Economic Growth-Patterson), AMT, 5.35% due 1/01/2005 1,500
2,500 (Economic Growth-Patterson), AMT, 5.60% due 1/01/2016 2,500
9,500 (Hoffman-La Roche Inc. Project), AMT, 5.35% due 11/01/2011 9,500
900 (The Peddie School Project), 5.30% due 2/01/2026 900
8,700 (The Peddie School Project), 5.30% due 2/01/2029 8,700
1,000 (Saint James Preparatory and Social Services Project), 5.25% due
12/01/2027 1,000
2,400 (US Golf Association Project), 5.30% due 5/01/2023 2,400
4,000 (Urban League Project), 5.30% due 8/01/2019 4,000
New Jersey EDA, Revenue Refunding Bonds, VRDN (d):
2,605 (Joe & James Moreng), AMT, 5.40% due 3/01/2013 2,605
2,000 (The Peddie School Project), Series B, 5.30% due 2/01/2019 2,000
New Jersey EDA, Water Facilities Revenue Refunding Bonds (United Water of
New Jersey Inc. Project), VRDN (a)(d):
21,900 AMT, Series C, 5.55% due 11/01/2025 21,900
38,000 Series A, 5.45% due 11/01/2026 38,000
4,000 Series B, 5.50% due 11/01/2025 4,000
69,870 New Jersey Sports and Exposition Authority, State Contract Revenue Bonds,
VRDN, Series C, 5.40% due 9/01/2024 (c)(d) 69,870
14,600 New Jersey State Educational Facilities Authority Revenue Bonds (Princeton
University 1997A), CP, 3.85% due 12/07/2000 14,600
14,305 New Jersey State Educational Facilities Authority, Revenue Refunding Bonds
(College of New Jersey), VRDN, Series A, 5.55% due 7/01/2029 (a)(d) 14,305
4,518 North Brunswick Township, New Jersey, BAN, 4.75% due 3/30/2001 4,529
2,980 North Brunswick Township, New Jersey, Water Utility, BAN, AMT, 5% due
10/31/2000 2,982
2,000 Northeast Monmouth County, New Jersey, Regional Sewer Authority, GO,
Revenue Refunding Bonds, Project Notes, 4.75% due 1/18/2001 2,002
2,800 Parsippany-Troy Hills Township, New Jersey, School District, 4.75% due
8/14/2001 2,809
15,000 Passaic County, New Jersey, BAN, 4.50% due 3/30/2001 15,019
2,372 Princeton Borough, New Jersey, BAN, 4% due 11/23/2000 2,373
6,250 Readington-Lebanon, New Jersey, Sewer Authority Project Notes, Series A,
4.25% due 12/01/2000 6,251
4,190 Rochelle Park Township, New Jersey, School District Promissory Notes,
5% due 8/15/2001 4,211
</TABLE>
<TABLE>
CMA New Jersey 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 Jersey $ 7,300 Salem County, New Jersey, Industrial Pollution Control Financing Authority
(concluded) Revenue Bonds (E.I. du Pont de Nemours), VRDN, 4.35% due 3/01/2012 (d) $ 7,300
10,200 Salem County, New Jersey, Pollution Control Financing Authority, PCR,
Refunding (Public Service Electric and Gas), VRDN, AMT, 5.40% due
4/01/2031 (c)(d) 10,200
2,000 South Orange and Maplewood, New Jersey, School District Temporary Notes,
4% due 12/01/2000 2,000
3,873 Sparta Township, New Jersey, GO, Refunding, BAN, 5% due 1/18/2001 3,878
2,200 Union County, New Jersey, Industrial Pollution Control Financing Authority,
PCR, Refunding (Allied Signal Project), VRDN, 5.60% due 12/01/2020 (d) 2,200
18,500 Vineland, New Jersey, GO, Refunding, AMT, BAN, 5.50% due 1/19/2001 18,536
1,500 Westwood, New Jersey, TAN, 4.75% due 4/13/2001 1,503
15,000 Woodbridge Township, New Jersey, GO, BAN, 4.75% due 7/27/2001 15,053
New York/ Port Authority of New York and New Jersey, CP, AMT:
New Jersey-- 4,180 4.10% due 10/02/2000 4,180
22.8% 13,300 4.05% due 10/10/2000 13,300
9,220 4.15% due 11/08/2000 9,220
12,590 4.10% due 11/09/2000 12,590
20,000 4.10% due 11/10/2000 20,000
9,200 4.05% due 11/13/2000 9,200
11,750 4.10% due 11/14/2000 11,750
Port Authority of New York and New Jersey, Special Obligation Revenue
Refunding Bonds (Versatile Structure Obligation), VRDN (d):
49,400 AMT, Series 1R, 5.45% due 8/01/2028 49,400
42,050 AMT, Series 4, 5.50% due 4/01/2024 42,050
39,650 AMT, Series 6, 5.35% due 12/01/2017 39,650
10,650 Series 2, 5.30% due 5/01/2019 10,650
6,900 Series 3, 5.40% due 6/01/2020 6,900
4,600 Series 5, 5.40% due 8/01/2024 4,600
Puerto Rico-- 1,700 Puerto Rico Electric Power Authority, Power Revenue Bonds, MSTR, VRDN,
0.7% Series SGA 44, 4.90% due 7/01/2023 (c)(d) 1,700
5,000 Puerto Rico Government Development Bank, CP, 4.05% due 11/09/2000 5,000
Total Investments (Cost--$1,020,687*)--99.7% 1,020,687
Other Assets Less Liabilities--0.3% 2,808
-----------
Net Assets--100.0% $ 1,023,495
===========
(a)AMBAC Insured.
(b)FSA Insured.
(c)MBIA 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, 2000.
*Cost for Federal income tax purposes.
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
CMA New Jersey Municipal Money Fund
Statement of Assets and Liabilities as of September 30, 2000
<S> <C> <C>
Assets:
Investments, at value (identified cost--$1,020,687,486) $ 1,020,687,486
Cash 132,531
Interest receivable 7,497,149
Prepaid registration fees and other assets 35,579
---------------
Total assets 1,028,352,745
---------------
Liabilities:
Payables:
Securities purchased $ 4,012,480
Investment adviser 365,173
Distributor 257,132 4,634,785
---------------
Accrued expenses and other liabilities 222,936
---------------
Total liabilities 4,857,721
---------------
Net Assets $ 1,023,495,024
===============
Net Assets Consist of:
Shares of beneficial interest, $.10 par value, unlimited number of shares
authorized $ 102,350,587
Paid-in capital in excess of par 921,154,960
Accumulated realized capital losses--net (10,523)
---------------
Net Assets--Equivalent to $1.00 per share based on 1,023,505,874 shares of
beneficial interest outstanding $ 1,023,495,024
===============
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
CMA New Jersey 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 $ 21,005,442
Expenses:
Investment advisory fees $ 2,356,923
Distribution fees 639,313
Transfer agent fees 57,384
Accounting services 45,919
Custodian fees 27,480
Professional fees 25,878
Registration fees 20,514
Printing and shareholder reports 13,514
Pricing fees 6,202
Trustees' fees and expenses 2,693
Other 4,393
---------------
Total expenses 3,200,213
---------------
Investment income--net 17,805,229
Realized Gain on Investments--Net 4,311
---------------
Net Increase in Net Assets Resulting from Operations $ 17,809,540
===============
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,
Increase (Decrease) in Net Assets: 2000 2000
<S> <C> <C>
Operations:
Investment income--net $ 17,805,229 $ 25,006,271
Realized gain on investments--net 4,311 69,313
--------------- ---------------
Net increase in net assets resulting from operations 17,809,540 25,075,584
--------------- ---------------
Dividends to Shareholders:
Dividends to shareholders from investment income--net (17,805,229) (25,006,271)
--------------- ---------------
Beneficial Interest Transactions:
Net proceeds from sale of shares 2,032,042,649 3,419,386,917
Value of shares issued to shareholders in reinvestment of
dividends 17,805,289 25,006,093
--------------- ---------------
2,049,847,938 3,444,393,010
Cost of shares redeemed (2,112,345,020) (3,375,709,363)
--------------- ---------------
Net increase (decrease) in net assets derived from beneficial interest
transactions (62,497,082) 68,683,647
--------------- ---------------
Net Assets:
Total increase (decrease) in net assets (62,492,771) 68,752,960
Beginning of period 1,085,987,795 1,017,234,835
--------------- ---------------
End of period $ 1,023,495,024 $ 1,085,987,795
=============== ===============
See Notes to Financial Statements.
</TABLE>
<TABLE>
CMA New Jersey Municipal Money Fund
Financial Highlights
<CAPTION>
For the Six
The following per share data and ratios have been derived Months Ended
from information provided in the financial statements. September 30, For the Year Ended March 31,
Increase (Decrease) in Net Asset Value: 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 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 3.46%* 2.74% 2.71% 2.97% 2.83%
========== ========== ========== ========== ==========
Ratios to Average Net Assets:
Expenses .62%* .64% .66% .66% .68%
========== ========== ========== ========== ==========
Investment income--net 3.46%* 2.71% 2.65% 2.92% 2.78%
========== ========== ========== ========== ==========
Supplemental Data:
Net assets, end of period (in thousands) $1,023,495 $1,085,988 $1,017,235 $ 799,997 $ 683,361
========== ========== ========== ========== ==========
*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 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 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, 2000, the Fund had a net capital loss carryforward of
approximately $15,000, all of which 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
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].
