CMA
CMA NEW YORK
MUNICIPAL MONEY FUND
Semi-Annual Report
September 30, 1995
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.
<PAGE>
CMA New York
Municipal Money Fund
Box 9011
Princeton, NJ 08543-9011
TO OUR SHAREHOLDERS:
For the six-month period ended September 30, 1995, CMA New York
Municipal Money Fund paid shareholders a net annualized yield of
3.27%*. As of September 30, 1995, the Fund's 7-day yield was 3.26%.
The Environment
After losing momentum through the second calendar quarter, it now
appears that the US economy has resumed a moderate growth trend.
Gross domestic product growth for the three months ended June 30 was
revised to show that the economy expanded at a 1.1% pace, rather
than the 0.5% rate that was originally reported. The employment
report for August exceeded consensus expectations, although most of
the new jobs created were in the service sector, reflecting the
ongoing sluggishness in manufacturing. However, durable goods orders
rebounded somewhat in August, supported by stronger automobile
sales. Reflecting the trend of renewed economic growth--and
continued containment of inflationary pressures--the Federal Reserve
Board signaled no shift in monetary policy following its September
meeting.
<PAGE>
One of the major developments during the latter part of the period
under review was the strengthening of the US dollar relative
to the yen and the Deutschemark. Improving interest rate
differentials favoring the US currency, combined with coordinated
central bank intervention and more positive investor sentiment, have
helped to bolster the dollar in foreign exchange markets. Other
factors that appear to be improving the US dollar's outlook in the
near term are a pick-up in capital flows to the United States and
the prospect of increased capital outflows from Japan. However, it
remains to be seen if the US dollar's strengthening trend can
continue without significant improvements in the US budget and trade
deficits.
[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 the weeks ahead, investor interest will continue to focus on US
economic activity. Clear signs of a moderate, noninflationary
expansion could further benefit the US stock and bond markets. In
addition, should the current Federal budget deficit reduction
efforts now underway in Washington prove successful, the
implications would likely be positive for the US financial markets.
Investment Outlook and Strategy
Short-term interest rates continued to fall relatively unabated
during the six-month period ended September 30, 1995 as they have
been since late 1994. A series of economic data releases indicated
that the severely restrictive monetary policy undertaken by the
Federal Reserve Board in 1994 had taken effect on the US economy in
the form of moderating growth. Additionally, the news on inflation
continued to be overwhelmingly favorable, which provided the
backdrop for a falling interest rate environment. Investors began to
anticipate that the Federal Reserve Board eventually would have to
begin cutting interest rates to avoid the possibility of a recession
in the United States. In fact, on July 6, 1995, the Federal Reserve
Board cut its key interest rate by 25 basis points (0.25%) to 5.75%,
confirming that an economic switch had occurred and signaling a
change in monetary policy from a restrictive stance to a more
neutral stance. This series of events provided the impetus for the
yield curve to flatten over the course of the six-month period ended
September 30, 1995. For instance, while yields on three-month US
Treasury bills fell approximately 45 basis points during the period,
the yield on one-year US Treasury bills dropped nearly 95 basis
points during the same period.
<PAGE>
During the six-month period ended September 30, 1995, the New York
State legislature finally passed a $33 billion budget after a 68-day
delay. The State's 1996 budget drastically reduces government
spending on Medicaid and welfare as well as service spending in an
effort to offset the budget imbalances caused by large multi-year
tax cuts enacted over the next three years. However, because of the
tax reduction being phased in over the next three years and the size
of the expenditure cuts that must be realized this year, the State's
fiscal picture remains stressed. Comptroller H. Carl McCall
estimates that the State faces a $2.7 billion budget deficit in
fiscal 1997 that could grow to $3.9 billion in fiscal 1998. The
fiscal 1996 budget relies on almost $1.1 billion in one-time revenue
producing measures. Standard & Poor's Corporation affirmed its A-
rating on the State's $5.2 billion in outstanding debt based on the
State's diverse economic base that continues to slowly recover from
a severe and prolonged recession. This slow recovery and the
implementation of a tax-reduction plan continue to exert downward
pressure on the State's rating status. On the economic front, New
York's unemployment rate increased to 7.1% in August in response to
continued job losses in the banking and securities industries.
During the six-month period ended September 30, 1995, the new
issuance of short-term New York debt totaled approximately $5.5
billion, a substantial increase from the $2.3 billion in debt issued
during the previous six-month period. Over the period, the average
portfolio maturity of CMA New York Municipal Money Fund ranged from
37 days--74 days and at September 30 stood at 71 days. We extended
this maturity in response to the favorable interest rate environment
as well as the anticipated reduction in New York tax-exempt issuance
in the coming months.
In Conclusion
We continue to work very closely with our credit department to
maintain a high quality portfolio. Diversification and credit
quality remain paramount to the Fund, and we will continue to
closely monitor the everchanging marketplace.
We thank you for your support of CMA New York Municipal Money Fund,
and we look forward to serving your investment needs in the future.
Sincerely,
(Arthur Zeikel)
Arthur Zeikel
President
<PAGE>
(Vincent R. Giordano)
Vincent R. Giordano
Senior Vice President
(Edward J. Andrews)
Edward J. Andrews
Vice President and Portfolio Manager
October 30, 1995
We are pleased to announce that Edward J. Andrews is responsible for
the day-to-day management of CMA New York Municipal Money Fund. Mr.
Andrews has been employed by Merrill Lynch Asset Management, L.P.
since 1991 as Vice President and Portfolio Manager. Prior thereto,
Mr. Andrews was employed by Citibank as an investment officer from
1982 to 1991.
Portfolio Abbreviations for CMA New York Municipal Money Fund
AMT Alternative Minimum Tax (subject to)
BAN Bond Anticipation Notes
CP Commercial Paper
HFA Housing Finance Agency
IDA Industrial Development Authority
IDR Industrial Development Revenue Bonds
M/F Multi-Family
PCR Pollution Control Revenue Bonds
RAN Revenue Anticipation Notes
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, 1995 (IN THOUSANDS)
<CAPTION>
Face Value
State Amount Issue (Note 1a)
<S> <C> <S> <C>
New York-- $10,000 Albany, New York, City School District, TAN, 3.875% due 10/31/1995 $ 10,003
97.6% 5,288 Auburn, New York, BAN, 4.25% due 2/29/1996 5,298
3,000 Binghamton, New York, City School District, TAN, Series C, 4% due 11/29/1995 3,002
7,500 Chautauqua County, New York, TAN, UT, 5.50% due 12/21/1995 7,511
Eagle Tax Exempt Trust, VRDN (a):
27,000 Series 1994-3201, 4.49% due 4/01/2034 27,000
7,200 Series 1994-C4, 4.49% due 8/01/2003 7,200
20,000 Series 1995-3201, 4.49% due 8/15/2024 20,000
2,035 East Hampton Township, New York, BAN, Series A, 4% due 2/22/1996 2,036
16,333 Elmira City, New York, BAN, UT, 4.25% due 7/19/1996 16,399
5,000 Erie County, New York, RAN, 4.50% due 9/20/1996 5,030
3,500 Great Neck, North New York, Water Authority System, Revenue Refunding
Bonds, VRDN, Series A, 4.15% due 1/01/2020 (a) (c) 3,500
1,500 Irvington, New York, Unified Free School District, TAN, 4% due
10/20/1995 1,500
1,000 Metropolitan Transportation Authority, New York, Transportation
Facilities Revenue Bonds, Series F, 8.375% due 7/01/1996 (b) 1,051
3,000 Miller Place, New York, Unified Free School District, BAN, UT, 4.75% due
10/20/1995 3,001
Monroe County, New York, UT:
4,380 BAN, Series A, 4.50% due 6/07/1996 4,397
15,000 RAN, 4.50% due 3/14/1996 15,048
6,700 Mount Vernon, New York, City School District, RAN, 4.50% due 9/30/1995 6,700
Nassau County, New York:
18,000 BAN, UT, Series D, 4.75% due 11/15/1995 18,013
10,000 RAN, Series A, 4.25% due 12/28/1995 10,016
21,375 RAN, Series B, 4.25% due 3/15/1996 21,423
10,000 TAN, Series B, 4.50% due 4/15/1996 10,032
1,900 Nassau County, New York, IDA, Civic Facilities Revenue Bonds (Cold
Spring Harbor Lab Project), VRDN, 4.55% due 7/01/2019 (a) 1,900
New York City, New York:
36,300 RAN, Series A, 4.50% due 4/11/1996 36,412
10,000 RAN, Series B, 4.75% due 6/28/1996 10,057
75,200 TAN, UT, Series A, 4.50% due 2/15/1996 75,400
</TABLE>
<PAGE>
<TABLE>
CMA NEW YORK MUNICIPAL MONEY FUND
SCHEDULE OF INVESTMENTS AS OF SEPTEMBER 30, 1995 (CONTINUED) (IN THOUSANDS)
<CAPTION>
Face Value
State Amount Issue (Note 1a)
<S> <C> <S> <C>
New York New York City, New York, CP:
(continued) $19,300 3.90% due 10/06/1995 $ 19,300
5,000 3.80% due 10/17/1995 5,000
4,300 3.90% due 10/20/1995 4,300
24,400 3.80% due 11/21/1995 24,400
20,000 3.80% due 11/28/1995 20,000
13,100 New York City, New York, Housing Development Corporation, M/F Mortgage
Revenue Bonds (Tribeca Towers), VRDN, AMT, Series A, 4.20%
due 12/15/2024 (a) (e) 13,100
2,700 New York City, New York, Housing Development Corporation, Mortgage
Revenue Bonds (Columbus Apartments), VRDN, Series A, 4.10% due
3/15/2025 (a) 2,700
New York City, New York, IDA, Civic Facilities Revenue Bonds, VRDN (a):
3,350 (Children's Oncology Society/Ronald McDonald House), 4.10%
due 5/01/2012 3,350
3,100 (Columbia Grammar School Project), 4.05% due 6/30/2014 3,100
New York City, New York, IDA, IDR, VRDN, AMT (a):
1,850 (Bowe Industrial Inc. Project), Series K, 4.35% due 11/01/2010 1,850
1,350 (Composite XXV), Series E, 4.35% due 11/01/2010 1,350
100 (Japan Airlines Company Ltd. Project), 4.70% due 11/01/2015 100
12,000 New York City, New York, Municipal Water Financing Authority
Revenue Bonds, CP, Series 3, 3.70% due 10/27/1995 12,000
New York City, New York, Municipal Water Financing Authority,
Water and Sewer System Revenue Bonds:
10,000 CP, 3.60% due 10/13/1995 10,000
11,500 VRDN, Series A, 4.65% due 6/15/2025 (a) (c) 11,500
28,700 New York City, New York, Transportation Authority, Special Obligation
RAN, Series A, 5.50% due 12/14/1995 28,761
New York City, New York, Trust Cultural Resource Revenue Bonds, VRDN (a):
9,000 Refunding (American Natural Museum), Series A, 4.10% due 4/01/2021 (d) 9,000
1,600 (Soloman R. Guggenheim), Series B, 4.55% due 12/01/2015 1,600
New York City, New York, UT, VRDN (a):
500 Series B, 4.65% due 10/01/2020 500
2,300 Series B, Sub-Series B-3, 4.50% due 8/15/2004 (d) 2,300
6,300 Series B, Sub-Series B-10, 4.30% due 8/15/2024 6,300
3,900 Series F-5, 4.45% due 2/15/2016 3,900
700 Sub-Series A-5, 4.5% due 8/01/2016 700
New York State Dormitory Authority Revenue Bonds, VRDN (a):
4,500 (Cornell University), Series B, 4.55% due 7/01/2025 4,500
7,845 (Metropolitan Museum of Art), Series A, 4.10% due 7/01/2015 7,845
New York State Energy Research and Development Authority, Electric
Facilities Revenue Bonds (Long Island Lighting Co.), VRDN (a):
5,000 AMT, Series A, 4.15% due 8/01/2025 5,000
18,300 Series B, 4.15% due 11/01/2023 18,300
</TABLE>
<PAGE>
<TABLE>
CMA NEW YORK MUNICIPAL MONEY FUND
SCHEDULE OF INVESTMENTS AS OF SEPTEMBER 30, 1995 (CONTINUED) (IN THOUSANDS)
<CAPTION>
Face Value
State Amount Issue (Note 1a)
<S> <C> <S> <C>
New York New York State Energy Research and Development Authority, PCR, VRDN (a):
(continued) $13,350 (Central Hudson Gas & Electric Company Project), Series A, 4.10%
due 11/01/2020 $ 13,350
13,325 (Long Island Lighting Co. Project), Series A, 4.70% due 3/01/1996 13,325
5,500 (Niagara Mohawk Power Corporation Project), AMT, Series A, 4.55%
due 12/01/2023 5,500
6,450 (Niagara Power Corporation Project), AMT, Series B, 4.55% due 7/01/2027 6,450
8,000 (Niagara Mohawk Power Corporation Project), Series A, 4.50% due
12/01/2026 8,000
2,350 (Niagara Mohawk Power Corporation Project), Series C, 4.40%
due 12/01/2025 2,350
15,000 Refunding (Orange & Rockland Project), Series A, 4.10% due 10/01/2014 (c) 15,000
New York State Environmental Facilities Corporation, PCR, State Water
Revolving Fund (Pooled Loan), Series A:
360 3.45% due 11/15/1995 360
720 3.70% due 5/15/1996 720
New York State HFA Revenue Bonds, VRDN (a):
19,200 (Normandie Court I), 4.15% due 5/15/2015 19,200
12,910 (Normandie Court II), AMT, Series A, 4.30% due 11/01/2002 12,910
New York State Job Development Authority, VRDN (a):
120 1984 Series C, 3.70% due 3/01/1999 120
1,220 1984 Series E, 3.70% due 3/01/1999 1,220
200 1984 Series F, 3.70% due 3/01/1999 200
15 1984 Series G, 3.70% due 3/01/1999 15
320 Series A, 3.65% due 3/01/2000 320
2,435 Series B, 3.65% due 3/01/2000 2,435
4,685 Series C, 3.65% due 3/01/2000 4,685
3,890 Series D, 3.65% due 3/01/2000 3,890
New York State Local Government Assistance Corporation Revenue Bonds,
VRDN (a):
200 Series B, 4.20% due 4/01/2023 200
38,500 Series B, 4.20% due 4/01/2025 38,500
1,800 Series F, 4.30% due 4/01/2025 1,800
4,000 New York State Medical Care Facilities, Finance Agency Revenue Bonds,
8.875% due 1/15/1996 4,130
New York State Medical Care Facilities, Finance Agency Revenue Bonds,
VRDN (a):
6,100 (Children's Hospital of Buffalo), Series A, 4.15% due 11/01/2005 6,100
18,705 (Mt. Sinai Hospital), Series C, 8.875% due 1/15/1996 (b) (f) 19,329
15,800 (Pooled Loan Equipment Program), Series A, 4.15% due 11/01/2003 15,800
1,200 (Pooled Loan Equipment Program), Series 1, 4.10% due 11/01/2015 1,200
7,800 New York State Power Authority, Revenue and General Purpose Bonds, 3.50%
due 10/11/1995 7,800
New York State Power Authority, Revenue and General Purpose Bonds
(Junior Lien), VRDN (a):
14,305 3.85% due 3/01/2007 14,305
23,305 3.85% due 3/01/2016 23,305
3,735 3.85% due 3/01/2020 3,735
21,135 New York State Tollway Authority, Highway and Bridge Trust Fund, Series A,
4% due 4/01/1996 21,169
5,500 Oswego, New York, City School District, TAN, 4% due 12/28/1995 5,505
1,900 Port Authority of New York and New Jersey, Special Obligation Revenue Bonds
(Versatile Structure Obligation), VRDN, Series 2, 4.40% due 5/01/2019 (a) 1,900
</TABLE>
<PAGE>
<TABLE>
CMA NEW YORK MUNICIPAL MONEY FUND
SCHEDULE OF INVESTMENTS AS OF SEPTEMBER 30, 1995 (CONTINUED) (IN THOUSANDS)
<CAPTION>
Face Value
State Amount Issue (Note 1a)
<S> <C> <S> <C>
New York $ 2,145 Saint Lawrence County, New York, IDA, Civic Facility Revenue Bonds
(concluded) (Clarkson University Project), VRDN, 4.35% due 10/01/2005 (a) $ 2,145
2,782 South Colonie, New York, Central School District, TAN, UT, 4% due
10/20/1995 2,783
3,000 South Orangetown, New York, Central School District, TAN, UT, 4% due
11/01/1995 3,001
30,500 Suffolk County, New York, IDA, IDR (Nissequogue Cogeneration Partners),
VRDN, 4.40% due 12/15/2023 (a) 30,500
8,000 Suffolk County, New York, TAN, Series II, 4.50% due 9/12/1996 8,048
Syracuse, New York, IDA, Civic Facility Revenue Bonds, VRDN (a):
12,000 (Community Development Properties--Larned Project), 4.40%
due 4/01/2018 12,000
4,700 (Multi-Modal Syracuse University Project), 4.55% due 3/01/2023 4,700
700 Triborough Bridge and Tunnel Authority, New York, General Purpose
Revenue Bonds, Series I, 7.625% due 1/01/1996 (b) 720
40,000 Triborough Bridge and Tunnel Authority, New York, Special Obligation
Revenue Bonds, VRDN, 4.05% due 1/01/2024 (a) 40,000
2,500 Union, New York, BAN, UT, 4.07% due 3/01/1996 2,502
Puerto Rico-- 10,000 Puerto Rico Commonwealth, Government Development Bank Revenue Bonds,
1.1% 3.30% due 10/06/1995 10,000
Total Investments (Cost--$933,912*)-- 98.7% 933,912
Other Assets Less Liabilities--1.3% 12,770
---------
Net Assets--100.0% $ 946,682
=========
<PAGE>
<FN>
(a)The interest rate is subject to change periodically based on
certain indexes. The interest rate shown is the rate in effect at
September 30, 1995.
(b)Prerefunded.
(c)FGIC Insured.
(d)MBIA Insured.
(e)FNMA Collateralized.
(f)FHA Insured.
*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, 1995
<S> <C> <C>
Assets:
Investments, at value (identified cost--$933,912,357) (Note 1a) $ 933,912,357
Cash 35,172
Receivables:
Securities sold $ 16,810,005
Interest 6,587,978
Beneficial interest sold 99,575 23,497,558
--------------
Prepaid registration fees and other assets (Note 1d) 23,349
--------------
Total assets 957,468,436
--------------
Liabilities:
Payables:
Securities purchased 10,056,800
Investment adviser (Note 2) 357,891
Distributor (Note 2) 240,020
Dividends to shareholders (Note 1e) 304 10,655,015
--------------
Accrued expenses and other liabilities 131,095
--------------
Total liabilities 10,786,110
--------------
Net Assets $ 946,682,326
==============
<PAGE>
Net Assets Consist of:
Shares of beneficial interest, $0.10 par value, unlimited number of shares
authorized $ 94,758,103
Paid-in capital in excess of par 852,822,928
Accumulated realized capital losses--net (Note 4) (898,705)
--------------
Net Assets--Equivalent to $1.00 per share based on 947,581,031 shares of
beneficial interest outstanding $ 946,682,326
==============
</TABLE>
<TABLE>
CMA NEW YORK MUNICIPAL MONEY FUND
STATEMENT OF OPERATIONS FOR THE SIX MONTHS ENDED SEPTEMBER 30, 1995
<S> <C> <C>
Investment Income (Note 1c):
Interest and amortization of premium and discount earned $ 18,407,386
Expenses:
Investment advisory fees (Note 2) $ 2,200,016
Distribution fees (Note 2) 590,640
Transfer agent fees (Note 2) 110,072
Accounting services (Note 2) 45,780
Custodian fees 32,546
Printing and shareholder reports 28,624
Professional fees 27,383
Pricing fees 5,209
Trustees' fees and expenses 5,154
Registration fees (Note 1d) 3,994
Other 6,502
--------------
Total expenses 3,055,920
--------------
Investment income--net 15,351,466
Realized Loss on Investments--Net (Note 1c) (6,206)
--------------
Net Increase in Net Assets Resulting from Operations $ 15,345,260
==============
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
Months Ended Year Ended
Increase (Decrease) in Net Assets: Sept. 30, 1995 March 31, 1995
<S> <C> <C>
Operations:
Investment income--net $ 15,351,466 $ 21,060,951
Realized loss on investments--net (6,206) (251,800)
-------------- --------------
Net increase in net assets resulting from operations 15,345,260 20,809,151
-------------- --------------
Dividends to Shareholders (Note 1e):
Investment income--net (15,351,466) (21,059,960)
-------------- --------------
Net decrease in net assets resulting from dividends to shareholders (15,351,466) (21,059,960)
-------------- --------------
Beneficial Interest Transactions (Note 3):
Net proceeds from sale of shares 1,772,976,968 3,003,904,257
Net asset value of shares issued to shareholders in reinvestment of
dividends (Note 1e) 15,351,572 21,059,556
-------------- --------------
1,788,328,540 3,024,963,813
Cost of shares redeemed (1,761,492,248) (2,877,620,567)
-------------- --------------
Net increase in net assets derived from beneficial interest transactions 26,836,292 147,343,246
-------------- --------------
Net Assets:
Total increase in net assets 26,830,086 147,092,437
Beginning of period 919,852,240 772,759,803
-------------- --------------
End of period $ 946,682,326 $ 919,852,240
============== ==============
</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, 1995 1995 1994 1993 1992
<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 .02 .02 .03
--------- --------- --------- --------- ---------
Total from investment operations .02 .03 .02 .02 .03
--------- --------- --------- --------- ---------
Less dividends from investment income--net (.02) (.03) (.02) (.02) (.03)
--------- --------- --------- --------- ---------
Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
========= ========= ========= ========= =========
Total Investment Return 3.27%* 2.59% 1.79% 2.19% 3.37%
========= ========= ========= ========= =========
Ratios to Average Net Assets:
Expenses excluding distribution fees .52%* .54% .54% .55% .55%
========= ========= ========= ========= =========
Expenses .65%* .67% .67% .67% .68%
========= ========= ========= ========= =========
Investment income--net 3.24%* 2.59% 1.78% 2.16% 3.31%
========= ========= ========= ========= =========
Supplemental Data:
Net assets, end of period (in thousands) $ 946,682 $ 919,852 $ 772,760 $ 665,970 $ 625,768
========= ========= ========= ========= =========
<FN>
*Annualized.
See Notes to Financial Statements.
</TABLE>
CMA NEW YORK MUNICIPAL MONEY FUND
NOTES TO FINANCIAL STATEMENTS
<PAGE>
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. 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 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" or "Adviser"). 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.
<PAGE>
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.
CMA NEW YORK MUNICIPAL MONEY FUND
NOTES TO FINANCIAL STATEMENTS (CONCLUDED)
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 extra-ordinary 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 Adviser during the 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.
Merrill Lynch Financial Data Services, Inc. ("MLFDS"), 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, MLPF&S, MLFDS, 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.
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4. Capital Loss Carryforward:
At March 31, 1995, the Fund had a net capital loss carryforward of
approximately $887,000, of which $87,000 expires in 1998, $203,000
expires in 2001, $293,000 expires in 2002, and $304,000 expires in
2003. This amount 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
Transfer Agent
Merrill Lynch 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].
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