CMA
CMA New York
Municipal Money Fund
Semi-Annual Report
September 30, 1994
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. Past performance results shown in this
report should not be considered a representation of future
performance, which will fluctuate. The Fund seeks to maintain
a consistent $1.00 net asset value per share, although this
cannot be assured. An investment in the Fund is neither insured
nor guaranteed by the US Government.
CMA New York
Municipal Money Fund
Box 9011
Princeton, NJ 08543-9011
<PAGE>
TO OUR SHAREHOLDERS:
For the six-month period ended September 30, 1994, CMA New York
Municipal Money Fund paid shareholders a net annualized yield of
2.14%*. As of September 30, 1994, the Fund's 7-day yield was 2.66%.
The Environment
Concerns of increasing inflationary pressures continued to prompt
volatility in the US stock and bond markets during the July--
September period. In addition, the weakness of the US dollar in
foreign exchange markets caused intermittent stock and bond market
declines during the period. While the immediate concerns regarding
the US dollar had diminished by late July, the possibility of
continued tightening by the Federal Reserve Board persisted for most
of the period. However, a lower-than-expected rate of growth
reported for the US economy during the second calendar quarter
allayed inflationary concerns to some degree, despite the fifth
increase this year in short-term interest rates made by the central
bank in mid-August. Inflationary expectations surfaced again with
the announcement of significant upward revision in industrial
production and capacity utilization for the May--July period. When
the central bank did not raise short-term interest rates at the late
September Federal Open Market Committee meeting, financial markets
rallied on the expectation that the US economy was not overheating
and therefore significant further monetary policy tightening would
not be necessary.
Despite the stronger-than-expected industrial production results,
other economic data suggest that while the economic recovery is
continuing, it is losing some momentum. Consumer spending is
increasing, but at a relatively slow pace, and existing home sales
may have peaked. Inflation remains subdued at the retail level. In
the industrial sector, the sharp increase in manufacturing
production in August was largely the result of a strong increase in
motor vehicle assemblies, which may level off in the weeks ahead. On
balance, it appears that the growth in US industry is progressing at
a steady, modest rate.
[FN]
*Based on a constant investment throughout the period, with
dividends compounded daily, and reflecting a net return to the
investor after all expenses.
<PAGE>
Despite evidence of a moderating trend in the US economy, Chairman
Greenspan indicated in his July Humphrey-Hawkins testimony that the
central bank would prefer to err on the side of too much monetary
tightening rather than too little. In the weeks ahead, investors
will continue to assess economic data and inflationary trends in
order to gauge whether further increases in short-term interest
rates are imminent. Continued indications of moderate and
sustainable levels of economic growth would be positive for the US
capital markets.
Investment Outlook and Strategy
During the six-month period ended September 30, 1994, the US economy
continued to surprise investors with its resiliency. Manufacturing
provided a strong catalyst for growth, and continued strength in
housing and automobile sales also provided the impetus for the
Federal Reserve Board to continue the restrictive monetary policy
initiated in February. This was accomplished by raising the Federal
Funds rate by 25 basis points (0.25%) to 3.75% in April, with more
aggressive 50 basis point increases in May and August to its current
rate of 4.75%. In addition, the Federal Reserve Board raised the
discount rate by 50 basis points in both May and August.
Additionally, during the period the yield on the one-year US
Treasury bill rose approximately 155 points to 5.95% by September
30, 1994.
During the six-month period ended September 30, 1994, the New York
State legislature finally approved a $33 billion budget for 1995
after a more than eight-week delay. The fiscal 1995 budget calls for
total general fund revenues to grow 6.2%, with spending up 7.2%
above 1994 fiscal levels. A total of $1.1 billion in new initiatives
were added to the budget, including a $260 million tax cut designed
to promote economic development in urban areas, and $879 million in
new grants to local governments to address educational,
infrastructure and healthcare concerns. After reviewing the adopted
fiscal 1995 state budget, Standard & Poor's Corp. affirmed its
single A-minus rating on New York State's $5.53 billion in
outstanding general obligation bonds with the rating trend
maintained as positive.
The new issuance of short-term New York debt totaled approximately
$5.5 billion for the April--September period, an increase from the
$4.7 billion in debt issued in the previous six-month period. The
maturity of CMA New York Municipal Money Fund ranged from 60 days to
85 days and currently stands at 60 days in order to take advantage
of anticipated higher yields in the upcoming months, because of the
possibility of additional Federal Reserve Board intervention.
We continue to work closely with our credit department to maintain a
high quality portfolio. Diversification and credit quality remain
paramount in importance to the Fund, and we will continue to closely
monitor the ever-changing marketplace.
<PAGE>
In Conclusion
We thank you for your continued support of CMA New York Municipal
Money Fund, and we look forward to serving your investment needs in
the months and years ahead.
Sincerely,
(Arthur Zeikel)
Arthur Zeikel
President
(Vincent R. Giordano)
Vincent R. Giordano
Senior Vice President and Portfolio Manager
October 28, 1994
Portfolio Abbreviations for CMA New York Municipal Money Fund
AMT Alternative Minimum Tax (subject to)
BAN Bond Anticipation Notes
CP Commercial Paper
GO General Obligation Bonds
HFA Housing Finance Authority
IDA Industrial Development Authority
IDR Industrial Development Revenue Bonds
LIBOR London Interbank Offered Rate
PCR Pollution Control Revenue Bonds
RAN Revenue Anticipation Notes
S/F Single-Family
TAN Tax Anticipation Notes
UT Unlimited Tax
VRDN Variable Rate Demand Notes
<PAGE>
<TABLE>
CMA NEW YORK MUNICIPAL MONEY FUND
SCHEDULE OF INVESTMENTS AS OF SEPTEMBER 30, 1994 (IN THOUSANDS)
<CAPTION>
Face Value
State Amount Issue (Note 1a)
<S> <C> <S> <C>
New York-- $ 6,000 Albany County, New York, Refunding Bonds (South Mall Construction), Series A,
99.6% UT, 3.70% due 4/01/1995 $ 6,010
3,250 Albany, New York, City School District, TAN, 4% due 10/14/1994 3,251
22,250 Brentwood, New York, United Free School District, TAN, UT, 4.25% due
6/30/1995 22,313
3,000 Broome County, New York, BAN, UT, 3.75% due 4/20/1995 3,009
Eagle Tax Exempt Trust, VRDN (a):
27,000 Series 1994-A, 3.94% due 4/01/2034 27,000
7,200 Series 1994-C4, 3.72% due 8/01/2003 7,200
14,200 Series 1994 3207, 3.25% due 7/01/2029 14,200
20,400 Floating Rate Trust Certificates, Series 1994 I, 3.50% due 4/01/2001 (b) 20,400
2,100 Great Neck, North New York, Water Authority System, Revenue Refunding Bonds,
VRDN, Series A, 3.35% due 1/01/2020 (a) 2,100
34,600 Metropolitan Transit Authority, New York, Commuter Facilities Revenue
Bonds, VRDN, 3.45% due 7/01/2021 (a) 34,600
18,800 Monroe County, New York, Public Improvement Bonds, BAN, Series A, 3.75%
due 10/07/1994 18,802
2,000 Monroe County, New York, RAN, 4.25% due 2/28/1995 2,006
2,425 Municipal Assistance Corporation, City of New York, New York, 9% due
7/01/1995 2,558
Nassau County, New York, BAN, UT:
20,507 Series B, 3.25% due 11/15/1994 20,519
2,000 Series B, 3.50% due 11/15/1994 2,002
7,520 Series C, 3.50% due 11/15/1994 7,526
16,600 Nassau County, New York, GO, RAN, 4% due 4/14/1995 16,635
New York City, New York:
39,000 TAN, UT, Series A, 4.25% due 2/15/1995 39,083
400 VRDN, Sub-series C-4, 3.70% due 8/01/1997 (a) 400
68,000 New York City, New York, Floating LIBOR Notes, VRDN, UT, 3.41%
due 6/30/1995 (a) 68,000
New York City, New York, Housing Development Corporation, Special Obligation
Revenue Bonds, VRDN, Series A (a):
14,000 (East 96th Street Project), 3.40% due 8/01/2015 14,000
2,000 (Upper Fifth Avenue Project), 3.40% due 1/01/2016 2,000
3,550 New York City, New York, IDA, Civic Facilities Revenue Bonds (Children's
Oncology Society/Ronald McDonald House), VRDN, 3.35% due 5/01/2012 (a) 3,550
New York City, New York, IDA, IDR, VRDN, AMT (a):
1,400 Composite XXV, Series E, 3.55% due 11/01/2010 1,400
1,950 Series K, 3.55% due 11/01/2010 1,950
15,000 New York City, New York, TAN, UT, Series A, 4.25% due 2/15/1995 15,031
New York City, New York, Trust Cultural Resource Revenue Bonds, VRDN (a):
2,100 (Museum of Broadcasting), 3.65% due 5/01/2014 2,100
9,000 Refunding (American Natural Museum), Series A, 3.35% due 4/01/2021 9,000
500 New York City, New York, VRDN, UT, Series D, 3.95% due 2/01/2021 (a) 500
14,800 New York State, CP, 3.10% due 11/10/1994 14,800
New York State Dormitory Authority Revenue Bonds (Memorial Sloan
Kettering), CP:
14,900 Series A, 2.85% due 10/18/1994 14,900
5,000 Series A, 3.25% due 12/12/1994 5,000
5,400 Series B, 3.30% due 10/14/1994 5,400
18,410 Series B, 3.25% due 11/14/1994 18,410
1,650 Series C, 3.25% due 11/16/1994 1,650
10,090 Series C, 3% due 12/09/1994 10,090
2,600 Series D, 2.85% due 10/14/1994 2,600
10,600 Series D, 2.85% due 10/18/1994 10,600
6,200 Series D, 3.25% due 11/16/1994 6,200
</TABLE>
<PAGE>
<TABLE>
CMA NEW YORK MUNICIPAL MONEY FUND
SCHEDULE OF INVESTMENTS AS OF SEPTEMBER 30, 1994 (CONTINUED) (IN THOUSANDS)
<CAPTION>
Face Value
State Amount Issue (Note 1a)
<S> <C> <S> <C>
New York $ 7,900 New York State Dormitory Authority Revenue Bonds (Metropolitan Museum of
(continued) Art), VRDN, Series A, 3.60% due 7/01/2015 (a) $ 7,900
New York State Dormitory Authority, Special Obligation Revenue Bonds
(State University Educational Facilities):
1,000 Series A, 6.55% due 5/01/1995 1,018
200 Series B, 6.30% due 5/01/1995 203
5,000 New York State Energy Research and Development Authority, Electric Facilities
Revenue Bonds (Long Island Lighting Co.), Series B, 2.85% due 11/01/1994 5,000
New York State Energy Research and Development Authority, PCR:
7,000 (Central Hudson Gas & Electric Company Project), VRDN, AMT, Series A,
3.45% due 6/01/2027 (a) 7,000
8,735 (Long Island Lighting Co. Project), Series A, 3% due 3/01/1995 8,735
8,000 (New York State Electric & Gas Corporation), Series 84A, 2.80% due
12/01/1994 8,001
5,500 (Niagara Power Corporation Project), VRDN, AMT, Series B, 3.80% due
7/01/2027 (a) 5,500
12,000 Refunding (Orange & Rockland Project), VRDN, Series A, 3.35% due
10/01/2014 (a) 12,000
New York State Environmental Facilities, Solid Waste Disposal Revenue
Bonds (General Electric Co. Project), CP, AMT, Series A:
3,300 2.95% due 11/14/1994 3,300
5,600 3.20% due 11/16/1994 5,600
12,000 New York State Floating Rate Trust Certificates, VRDN, Series A, 3.90%
due 3/02/2003 (a) 12,000
New York State HFA Revenue Bonds, VRDN (a):
18,000 (Normandie Court I), 3.65% due 5/15/2015 18,000
15,350 (Normandie Court II), AMT, Series A, 3.50% due 11/01/2002 15,350
300 New York State HFA, Special Obligation Revenue Bonds (Health Facilities
of New York City), Series A, 6.45% due 5/01/1995 305
New York State Job Development Authority, VRDN (a):
340 Series A, 3.05% due 3/01/2000 340
2,585 Series B, 3.05% due 3/01/2000 2,585
5,080 Series C, 5.05% due 3/01/2000 5,080
4,350 Series D, 3.05% due 3/01/2000 4,350
125 1984 Series C, 3.15% due 3/01/1999 125
1,365 1984 Series E, 3.15% due 3/01/1999 1,365
215 1984 Series F, 3.15% due 3/01/1999 215
15 1984 Series G, 3.15% due 3/01/1999 15
200 New York State Local Government Assistance Corporation Revenue Bonds,
VRDN, Series B, 3.50% due 4/01/2023 (a) 200
New York State Medical Care Facilities, Finance Agency Revenue Bonds:
6,400 (Children's Hospital of Buffalo), VRDN, Series A, 3.70% due 11/01/2005 (a) 6,400
14,615 (Columbian Presbyterian Hospital Project), 1985 Series B, 9.75% due
1/15/1995 (b) 15,147
8,500 (Pooled Loan Equipment Program), VRDN, Series 1, 3.55%
due 11/01/2015 (a) 8,500
</TABLE>
<PAGE>
<TABLE>
CMA NEW YORK MUNICIPAL MONEY FUND
SCHEDULE OF INVESTMENTS AS OF SEPTEMBER 30, 1994 (CONCLUDED) (IN THOUSANDS)
<CAPTION>
Face Value
State Amount Issue (Note 1a)
<S> <C> <S> <C>
New York $41,345 New York State Power Authority, Revenue and General Purpose Bonds
(concluded) (Junior Lien), VRDN, 3.80% due 3/01/1995 (a) $ 41,345
1,600 New York State, VRDN, Series A, 3.40% due 4/01/2022 (a) 1,600
5,261 Niagara Falls, New York, GO, 4.40% due 1/04/1995 5,269
7,250 Patchogue-Medford, New York, Unified Free School District, TAN, UT, 4.50%
due 6/30/1995 7,266
3,170 Port Authority, New York and New Jersey, CP, 3.50% due 11/30/1994 3,170
9,769 Rensselaer County, New York, BAN, Series A, 3.50% due 11/30/1994 9,773
11,547 Rochester, New York, BAN, Series I, 3.30% due 3/13/1995 11,548
12,235 Rockland County, New York, RAN, UT, 4% due 3/10/1995 12,261
2,380 Saint Lawrence County, New York, IDA, Civic Facility Revenue Bonds (Clarkson
University Project), VRDN, 3.55% due 10/01/2005 (a) 2,380
3,335 South Huntington, New York, Unified Free School District, TAN, 4.50% due
6/30/1995 3,350
19,800 Suffolk County, New York, IDA, IDR (Nissequogue Cogeneration Partners),
VRDN, 3.50% due 12/15/2023 (a) 19,800
585 Sullivan County, New York, Public Improvement Refunding Bonds, 3.20% due
3/15/1995 586
32,100 Triborough Bridge and Tunnel Authority, New York Special Obligation
Revenue Bonds, VRDN, 3.55% due 1/01/2024 (a) 32,100
12,200 West Babylon, New York, Unified Free School District, TAN, 4.50% due 6/29/1995 12,239
Puerto Rico-- 4,100 Puerto Rico Commonwealth, Government Development Bank, Revenue Refunding
2.5% Bonds, VRDN, 3.55% due 12/01/2015 (a) 4,100
4,460 Puerto Rico Housing Bank and Finance Agency, S/F Revenue Bonds, 7.25%
due 12/01/1994 (b) 4,629
4,300 Puerto Rico Industrial, Medical and Environmental Pollution Control Facility,
Financing Authority Revenue Bonds, Series A, 2.80% due 12/01/1994 4,300
2,000 Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control
Facilities Financing Authority, Higher Education Revenue Bonds, CP, Series A,
3.10% due 11/10/1994 2,000
4,180 Puerto Rico Maritime Shipping Authority, CP, 3.30% due 11/02/1994 4,180
<PAGE>
Total Investments (Cost--$792,925*)--102.1% 792,925
Liabilities in Excess of Other Assets--(2.1%) (16,298)
--------
Net Assets--100.0% $776,627
========
<FN>
(a)The interest rate is subject to change periodically based on certain indexes.
The interest rate shown is the interest rate in effect at September 30, 1994.
(b)Prerefunded; to be called.
*Cost for Federal income tax purposes.
See Notes to Financial Statements.
</TABLE>
<TABLE>
CMA NEW YORK MUNICIPAL MONEY FUND
STATEMENT OF ASSETS AND LIABILITIES AS OF SEPTEMBER 30, 1994
<S> <C> <C>
Assets:
Investments, at value (identified cost--$792,924,759)(Note 1a) $ 792,924,759
Cash 505,791
Receivables:
Interest $ 5,129,945
Beneficial interest sold 1,509,859
Securities sold 236,528 6,876,332
-------------
Prepaid registration fees and other assets (Note 1d) 21,485
-------------
Total assets 800,328,367
-------------
Liabilities:
Payables:
Securities purchased 23,116,887
Investment adviser (Note 2) 306,358
Distributor (Note 2) 193,411
Dividends 110 23,616,766
-------------
Accrued expenses and other liabilities 84,143
-------------
Total liabilities 23,700,909
-------------
Net Assets $ 776,627,458
=============
Net Assets Consist of:
Shares of beneficial interest, $0.10 par value, unlimited number of shares authorized $ 77,747,300
Paid-in capital in excess of par 699,725,680
Undistributed investment income--net 13,525
Accumulated realized capital losses--net (Note 4) (859,047)
-------------
Net Assets--Equivalent to $1.00 per share based on 777,472,979 shares of
beneficial interest outstanding $ 776,627,458
=============
</TABLE>
<PAGE>
<TABLE>
CMA NEW YORK MUNICIPAL MONEY FUND
STATEMENT OF OPERATIONS FOR THE SIX MONTHS ENDED SEPTEMBER 30, 1994
<S> <C> <C>
Investment Income (Note 1c):
Interest and amortization of premium and discount earned $ 10,904,179
Expenses:
Investment advisory fees (Note 2) $ 1,836,332
Distribution fees (Note 2) 481,970
Transfer agent fees (Note 2) 80,734
Accounting services (Note 2) 40,840
Custodian fees 26,780
Registration fees (Note 1d) 26,250
Printing and shareholder reports 26,061
Professional fees 25,468
Pricing fees 4,823
Trustees' fees and expenses 4,385
Other 5,561
-------------
Total expenses 2,559,204
-------------
Investment income--net 8,344,975
Realized Loss on Investments--Net (Note 1c) (204,823)
-------------
Net Increase in Net Assets Resulting from Operations $ 8,140,152
=============
See Notes to Financial Statements.
</TABLE>
<PAGE>
<TABLE>
CMA NEW YORK MUNICIPAL MONEY FUND
STATEMENTS OF CHANGES IN NET ASSETS
<CAPTION>
For the Six For the Year
Months Ended Ended
Increase (Decrease) in Net Assets: September 30, 1994 March 31, 1994
<S> <C> <C>
Operations:
Investment income--net $ 8,344,975 $ 12,427,056
Realized loss on investments--net (204,823) (358,449)
------------- -------------
Net increase in net assets resulting from operations 8,140,152 12,068,607
------------- -------------
Dividends to Shareholders (Note 1e):
Investment income--net (8,343,984) (12,413,890)
------------- -------------
Net decrease in net assets resulting from dividends to shareholders (8,343,984) (12,413,890)
------------- -------------
Beneficial Interest Transactions (Note 3):
Net proceeds from sale of shares 1,326,941,819 2,518,353,375
Net asset value of shares issued to shareholders in reinvestment
of dividends (Note 1e) 8,343,881 12,413,591
------------- -------------
1,335,285,700 2,530,766,966
Cost of shares redeemed (1,331,214,213) (2,423,631,596)
------------- -------------
Net increase in net assets derived from beneficial
interest transactions 4,071,487 107,135,370
------------- -------------
Net Assets:
Total increase in net assets 3,867,655 106,790,087
Beginning of period 772,759,803 665,969,716
------------- -------------
End of period* $ 776,627,458 $ 772,759,803
============= =============
<FN>
*Undistributed investment income--net $ 13,525 $ 12,534
============= =============
See Notes to Financial Statements.
</TABLE>
<PAGE>
<TABLE>
CMA NEW YORK MUNICIPAL MONEY FUND
FINANCIAL HIGHLIGHTS
<CAPTION>
The following per share data and ratios have been derived
from information provided in the financial statements. For the Six
Months Ended For the Year Ended March 31,
Increase (Decrease) in Net Asset Value: Sept. 30, 1994 1994 1993 1992 1991
<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 .02 .02 .03 .05
-------- -------- -------- -------- --------
Total from investment operations .01 .02 .02 .03 .05
-------- -------- -------- -------- --------
Less dividends:
Investment income--net (.01) (.02) (.02) (.03) (.05)
-------- -------- -------- -------- --------
Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ======== ========
Total Investment Return 2.14%* 1.79% 2.19% 3.37% 4.86%
======== ======== ======== ======== ========
Ratios to Average Net Assets:
Expenses, net of reimbursement and excluding
distribution fees .54%* .54% .55% .55% .57%
======== ======== ======== ======== ========
Expenses, net of reimbursement .66%* .67% .67% .68% .69%
======== ======== ======== ======== ========
Expenses .66%* .67% .67% .68% .69%
======== ======== ======== ======== ========
Investment income--net 2.15%* 1.78% 2.16% 3.31% 4.73%
======== ======== ======== ======== ========
Supplemental Data:
Net assets, end of period (in thousands) $776,627 $772,760 $665,970 $625,768 $633,819
======== ======== ======== ======== ========
<FN>
*Annualized.
See Notes to Financial Statements.
</TABLE>
<PAGE>
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 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) Deferred organization expenses and prepaid registration fees--
Deferred organization expenses are charged to expense on a straight-
line basis over a five-year period. Prepaid registration fees are
charged to expense as the related shares are issued.
(e) Dividends to shareholders--The Fund declares dividends daily
and reinvests daily such dividends (net of non-resident alien 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.
<PAGE>
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. ("ML &
Co."). The limited partners are ML & Co. and Fund Asset Investment
Management, Inc. ("FAMI"), which is also an indirect wholly-owned
subsidiary of ML & Co.
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: 0.50%
of the first $500 million of average daily net assets; 0.425% of
average daily net assets in excess of $500 million but not exceeding
$1 billion; and 0.375% of average daily net assets in excess of $1
billion.
The most restrictive annual expense limitation requires that the
Adviser reimburse the Fund to the extent the Fund's expenses
(excluding interest, taxes, distribution fees, brokerage fees and
commissions, and extraordinary items) exceed in any fiscal year 2.5%
of the Fund's first $30 million of average daily net assets, 2.0% of
the Fund's next $70 million of average daily net assets, and 1.5% of
the average daily net assets in excess thereof. No fee payment will
be made to the Investment Adviser during any year which will cause
such expenses to exceed the pro rata expense limitation at the time
of such payment.
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 Inc. ("MLPF&S") receives a
distribution fee from the Fund at the end of each month at the
annual rate of 0.125% 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.
<PAGE>
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, FAMI, PSI, MLPF&S, FDS, and/or ML & Co.
3. Shares of Beneficial Interest:
The number of shares purchased and redeemed during the period
corresponds to the amounts included in the Statements of Changes in
Net Assets for net proceeds from sale of shares and cost of shares
redeemed, respectively, since shares are recorded at $1.00 per
share.
4. Capital Loss Carryforward:
At March 31, 1994, the Fund had a net capital loss carryforward of
approximately $583,000, of which $87,000 expires in 1998, $203,000
expires in 2001 and $293,000 expires in 2002. These will be
available to offset like amounts of any future taxable gains.
CMA NEW YORK
MUNICIPAL MONEY FUND
Officers and Trustees
Arthur Zeikel--President and Trustee
Ronald W. Forbes--Trustee
Cynthia A. Montgomery--Trustee
Charles C. Reilly--Trustee
Kevin A. Ryan--Trustee
Richard R. West--Trustee
Terry K. Glenn--Executive Vice President
Vincent R. Giordano--Senior Vice President
Edward J. Andrews--Vice President
Donald C. Burke--Vice President
Peter J. Hayes--Vice President
Kenneth A. Jacob--Vice President
Kevin A. Schiatta--Vice President
Helen Marie Sheehan--Vice President
Gerald M. Richard--Treasurer
Robert Harris--Secretary
Custodian
State Street Bank and Trust Company
P.O. Box 1713
Boston, Massachusetts 02101
<PAGE>
Transfer Agent
Financial Data Services, Inc.
4800 Deer Lake Drive East
Jacksonville, Florida 32246-6484
(800) 221-7210*
[FN]
*For inquiries regarding your CMA account,
call (800) CMA-INFO [(800) 262-4636].
