CMA NEW YORK
MUNICIPAL MONEY FUND
Semi-Annual Report
September 30, 1997
[FUND LOGO]
[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. Statements and other information herein are as
dated and are subject to change.
CMA New York Municipal Money Fund
Box 9011
Princeton, NJ 08543-9011 #11210 -- 9/97
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Printed on post-consumer recycled paper
TO OUR SHAREHOLDERS:
For the six-month period ended September 30, 1997, CMA New York
Municipal Money Fund paid shareholders a net annualized yield of 3.09%*.
As of September 30, 1997, the Fund's 7-day yield was 3.29%.
Economic Environment and Investment Strategy
During the six-month period ended September 30, 1997, New York State's
general obligation debt was upgraded by Standard & Poor's Corporation
for the first time in a decade to A from A-. The state's strong tax
revenue performance was partly the result of a vibrant US economy and
record profits on Wall Street. These factors boosted the state's
finances at the same time New York cut its spending, which it has been
concentrating on over the last two years. New York state's tax revenues
rose approximately 12% this year to $33.6 billion from about $30
billion last year. The state projects tax revenues in excess of $35
billion next year. The rating upgrade comes at a good time for the
state, since in November New York voters will decide on a school funding
plan that could mean the sale of as much as $2.4 billion in bonds for
new school construction and expanded school programs.
During the six-month period, New York State lawmakers finally approved a
$67 billion budget, ending the longest state budget stalemate in US
history. Governor Pataki and the state legislature agreed to tax cuts of
about $4.75 billion over five years. Lawmakers also cleared Governor
Pataki's plan to build a 1,500 bed maximum security prison in Altamont,
New York, as well as two other medium security prisons at locations to
be determined later.
During the six-month period ended September 30, 1997, new issuance of
short-term New York debt totaled approximately $4.0 billion, a decrease
of approximately 5% from the $4.2 billion in debt issued in the six
months ended March 31, 1997. During October, New York City will come to
market with approximately $1.7 billion in tax and revenue anticipation
notes. During the six-month period, net assets of CMA New York Municipal
Money Fund ranged between $1.1 billion--$1.4 billion, closing the period
on September 30, 1997, at approximately $1.3 billion.
As we had discussed in our March 31, 1997 letter to shareholders, we had
intended to maintain an average portfolio maturity in the range of 45
days -- 60 days until economic growth slowed and the Federal Reserve
Board was satisfied with a benign inflationary outlook. We anticipated
writing our large positions of tax-exempt commercial paper to mature in
the one-month -- three-month range and allowing our June fixed-rate
notes to mature. However, the combination of tax time outflows, heavy
variable rate note issuance and concerns over the elimination of the
corporate "Deiminimus" clause, whereby corporations could invest up to
2% of net assets in tax deferred bonds, caused the Fund to underperform
in April, May and June as variable rate demand notes outperformed fixed-
rate notes and tax-exempt commercial paper.
As the Fund's commercial paper holdings matured in June, we had the
opportunity to extend the Fund's maturity at attractive levels. These
extensions, combined with the economy slowing in the second and third
quarters of 1997, caused the Fund to outperform the industry average of
similar short-term New York tax-exempt funds in the last three months of
the period as interest rates declined. We will continue to maintain the
Fund's average portfolio maturity in the 45-day -- 60-day range with a
greater weighting in variable rate demand notes and tax-exempt
commercial paper instead of fixed-rate notes until the direction of
interest rates can be ascertained.
Diversification and credit quality remain paramount to the Fund, and we
will continue to closely monitor the everchanging marketplace.
In Conclusion
We thank you for your support of CMA New York Municipal Money Fund, and
we look forward to serving your investment needs in the future.
Sincerely,
/S/ARTHUR ZEIKEL
Arthur Zeikel
President
/S/VINCENT R. GIORDANO
Vincent R. Giordano
Senior Vice President
/S/EDWARD J. ANDREWS
Edward J. Andrews
Vice President and Portfolio Manager
October 27, 1997
* Based on a constant investment throughout the period, with dividends
compounded daily, and reflecting a net return to the investor after
all expenses.
<TABLE>
<CAPTION>
CMA New York Municipal Money Fund
Schedule of Investments as of September 30, 1997 (in Thousands)
Face Value
State Amount Issue (Note 1a)
<S> <C> <C> <C>
New York -- $1,079 Albany, New York, Housing Authority, Private Act Revenue Bonds (Historic
99.5% Bleeker Terrace), VRDN, AMT, 3.90% due 3/01/2015 (a) $1,079
2,500 Albany, New York, IDA, IDR, Refunding (Albany Ventures Inc. Project),
VRDN, 4% due 12/29/2010 (a) 2,500
6,250 Connetquot Central School District, Islip, New York, UT, 4.25% due 6/25/1998 6,268
Eagle Tax-Exempt Trust, VRDN (a):
7,200 New York City, Series 1994-C4, 4.18% due 8/01/2003 7,200
20,000 New York Medical Care, New York Hospital, Series 1995-3201, 3.56%
due 8/15/2024 20,000
27,000 New York State Electric & Gas Corp., Series 1994-3201, 4.23%
due 4/01/2034 27,000
7,000 Farmingdale, New York (Union Free School District), 4.25% due 6/29/1998 7,018
Harrison, New York (Central School District), UT:
2,950 BAN, 4.25% due 3/19/1998 2,956
6,450 BAN, 4.25% due 7/17/1998 6,467
2,200 TAN, 4.25% due 6/26/1998 2,205
13,000 Hempstead, New York (Union Free School District), TAN, UT, 4.25% due
6/30/1998 13,033
3,400 Lancaster, New York, IDA, IDR (Jiffy Tite Co. Inc.), VRDN, 4.10% due
4/18/2018 (a) 3,400
6,161 Middletown, New York, BAN, UT, Series B, 4.50% due 10/03/1997 (e) 6,161
3,000 Monroe County, New York, IDA (Coopervision Project), VRDN, 4.25% due
1/01/2012 (a) 3,000
6,355 Monroe County, New York, Refunding (Public Improvement), UT, Series A,
4.50% due 3/01/1998 6,376
Municipal Assistance Corporation, City of New York, New York:
25,000 CP, Series 2, 3.60% due 10/10/1997 25,000
7,525 Refunding, Series E, 4.10% due 7/01/1998 7,540
4,340 Refunding, Series L, 4.50% due 7/01/1998 4,362
3,100 VRDN, Subseries K-1, 4.05% due 7/01/2008 (a) 3,100
13,500 VRDN, Subseries K-2, 4.05% due 7/01/2008 (a) 13,500
10,100 Nassau County, New York, IDA, Civic Facility Revenue Bonds (Cold
Spring Harbor Laboratory Project), VRDN, 4.05% due 7/01/2019 (a) 10,100
1,400 Nassau County, New York, IDA, Research Facility Revenue Bonds (Cold
Spring Harbor Laboratory Project), VRDN, 4.05% due 7/01/2023 (a) 1,400
Nassau County, New York, Series B:
15,670 BAN, UT, 4.25% due 11/14/1997 15,677
20,000 RAN, 4.25% due 4/10/1998 20,041
New York City, New York, CP:
12,500 3.85% due 11/14/1997 12,500
10,100 3.75% due 11/18/1997 10,100
49,900 3.75% due 11/19/1997 49,900
30,000 3.70% due 11/20/1997 30,000
21,500 3.85% due 11/20/1997 21,500
2,200 3.80% due 12/12/1997 2,200
5,000 3.80% due 1/14/1998 5,000
19,000 3.80% due 1/29/1998 19,000
New York City, New York, GO, VRDN (a):
3,300 Series C, 4% due 10/01/2023 3,300
1,600 UT, Series B, 4% due 10/01/2020 (c) 1,600
3,250 UT, Series B, 4% due 10/01/2022 (c) 3,250
5,000 UT, Series B, Sub-Series B-2, 4% due 8/15/2003 (d) 5,000
4,300 UT, Series B, Sub-Series B-4, 4% due 8/15/2023 (d) 4,300
3,500 UT, Series B, Sub-Series B-5, 4% due 8/15/2022 (d) 3,500
7,500 UT, Series F-2, 4.10% due 2/15/2012 7,500
3,630 UT, Sub-Series A-4, 4% due 8/01/2022 3,630
4,600 UT, Sub-Series A-4, 4% due 8/01/2023 4,600
1,400 UT, Sub-Series B-2, 4.10% due 8/15/2018 1,400
2,400 UT, Sub-Series B-2, 4% due 8/15/2020 2,400
1,700 UT, Sub-Series E-2, 4% due 8/01/2020 1,700
1,200 UT, Sub-Series E-6, 4% due 8/01/2019 (c) 1,200
36,600 New York City, New York, Health and Hospital Corporation Revenue
Bonds (Health System), VRDN, Series A, 4% due 2/15/2026 (a) 36,600
32,400 New York City, New York, Housing Development Corporation, M/F
Mortgage Revenue Bonds (West 89th Street), VRDN, AMT, Series A,
3.95% due 12/01/2029 (a) 32,400
1,700 New York City, New York, IDA, IDR (Bowe Industrial Inc. Project),
VRDN, AMT, Series K, 4.05% due 11/01/2010 (a) 1,700
New York City, New York, Municipal Water Finance Authority,
Water and Sewer System Revenue Bonds:
29,600 CP, 3.80% due 11/06/1997 29,600
14,000 CP, 3.85% due 11/06/1997 14,000
15,000 CP, 3.70% due 12/18/1997 15,000
19,300 CP, 3.80% due 12/18/1997 19,300
30,000 VRDN, MSTR, Series SGB-26, 4.25% due 6/15/2029 (a)(d) 30,000
24,730 VRDN, MSTR, Series SGB-27, 4.25% due 6/15/2024 (a) 24,730
11,900 VRDN, Series 93-C, 4% due 6/15/2022 (a)(c) 11,900
15,080 VRDN, Series A, 4.10% due 6/15/2025 (a)(c) 15,080
20,650 VRDN, Series C, 4% due 6/15/2023 (a)(c) 20,650
36,750 VRDN, Series G, 4% due 6/15/2024 (a)(c) 36,750
5,800 New York City, New York, Trust Cultural Resource Revenue Bonds
(Solomon R. Guggenheim), VRDN, Series B, 4% due 12/01/2015 (a) 5,800
New York State, CP, Series S:
29,100 3.60% due 10/06/1997 29,100
14,000 3.65% due 11/06/1997 14,000
12,600 3.70% due 11/18/1997 12,600
New York State Dormitory Authority Revenue Bonds:
7,500 CP, 3.70% due 12/19/1997 7,500
5,045 (Foundling Charitable), VRDN, AMT, 4.05% due 7/01/2012 (a) 5,045
15,000 (Memorial Sloan Kettering), CP, Refunding, 3.80% due 11/21/1997 15,000
6,200 (Memorial Sloan Kettering), CP, Series A, 3.80% due 11/21/1997 6,200
9,150 (Memorial Sloan Kettering), CP, Series B, 3.85% due 11/21/1997 9,150
3,500 (Memorial Sloan Kettering), CP, Series B, 3.80% due 12/17/1997 3,500
20,600 (Memorial Sloan Kettering), CP, Series C, 3.80% due 11/21/1997 20,600
New York State Energy Research and Development Authority, Electric
Facilities Revenue Bonds (Long Island Lighting Co.), VRDN, AMT (a):
5,000 Series A, 4.05% due 8/01/2025 5,000
18,300 Series B, 4.10% due 11/01/2023 18,300
14,780 New York State Energy Research and Development Authority, PCR
(Long Island Lighting Co. Project), Series B, 3.60% due 3/01/1998 14,780
26,600 New York State Environmental Facilities Corporation, Resource Recovery
Revenue Bonds (OFS Equity Huntington Project), VRDN, AMT, 4.05% due
11/01/2014 (a) 26,600
3,150 New York State Environmental Facilities Corporation, Solid Waste
Disposal Revenue Bonds (General Electric Co. Project), CP, AMT,
Series A, 3.85% due 11/21/1997 3,150
5,960 New York State, GO, 5% due 3/01/1998 5,990
New York State, HFA, Revenue Bonds, VRDN (a):
20,000 (East 84th Street), AMT, Series A, 3.95% due 11/01/2028 20,000
8,600 (Normandie Court-I Project), 4% due 5/15/2015 8,600
New York State Local Government Assistance Corporation Revenue
Bonds, VRDN (a):
10,000 Series B, 4% due 4/01/2023 10,000
6,700 Series C, 3.90% due 4/01/2025 6,700
1,100 Series F, 4% due 4/01/2025 1,100
4,500 Series G, 4.05% due 4/01/2025 4,500
1,100 New York State Medical Care Facilities, Finance Agency Revenue
Refunding Bonds (Huntington Hospital Project), Series A,
8.125% due 11/01/1997 (b) 1,126
New York State Power Authority, Revenue and General Purpose Bonds, CP:
50,600 3.75% due 10/06/1997 50,600
20,000 3.85% due 11/18/1997 20,000
20,000 3.80% due 11/25/1997 20,000
44,770 New York State Power Authority, Revenue and General Purpose Bonds
(Junior Lien), 3.75% due 3/01/1998 44,770
New York State Thruway Authority, General Revenue Bonds, VRDN (a):
12,900 3.95% due 1/01/2024 (c) 12,900
7,000 MSTR, Series SG-31, 4.20% due 1/01/2025 7,000
4,000 New York State Urban Development Corporation Revenue Bonds
(Correctional Facilities), Series C, 7.625% due 1/01/1998 (b)(e) 4,119
2,000 Oceanside, New York (Unified Free School District), TAN, UT, 4.25%
due 6/26/1998 2,006
Oswego, New York, BAN, UT:
5,850 4.50% due 10/08/1997 5,851
5,000 AMT, 4.50% due 5/08/1998 5,013
12,500 Patchogue-Medford, New York (Unified Free School District), TAN, UT,
4.25% due 6/25/1998 12,531
Port Authority of New York and New Jersey, Special Obligation Revenue
Bonds (Versatile Structure Obligation), VRDN (a):
8,700 AMT, Refunding, Series 1-R, 4% due 8/01/2028 8,700
15,900 Series 3, 3.95% due 6/01/2020 15,900
1,000 Series 4, 4% due 4/01/2024 1,000
4,300 Series 5, 3.95% due 8/01/2024 4,300
Port Authority of New York and New Jersey, VRDN, AMT (a)(d):
9,765 Series SG-52, 4.20% due 3/01/2016 9,765
16,830 Series SG-93, 4.20% due 12/01/2015 16,830
1,880 Saint Lawrence County, New York, IDA, Civic Facility Revenue Bonds
(Clarkson University Project), VRDN, 4.25% due 10/01/2005 (a) 1,880
3,600 Schenectady County, New York, IDA, IDR (Super Steel Inc. Project),
VRDN, AMT, Series A, 4.25% due 5/01/2006 (a) 3,600
27,900 Suffolk County, New York, IDA, IDR (Nissequogue Cogeneration Partners),
VRDN, 4.20% due 12/15/2023 (a) 27,900
7,500 Suffolk County, New York, TAN, UT, Series II, 4.50% due 9/10/1998 7,546
Syracuse, New York, BAN, UT:
18,000 Series A, 3.90% due 12/19/1997 18,005
9,500 Series B, 4.15% due 12/19/1997 9,502
Syracuse, New York, IDA, Civic Facility Revenue Bonds, VRDN (a):
11,535 (Community Development Properties -- Larned Project), 4.35%
due 4/01/2018 11,535
1,500 (Multi-Modal Syracuse University Project), 3.80% due 10/01/1997 1,500
8,935 Three Village Central School District, New York (Brookhaven and Smithtown),
TAN, UT, 4.25% due 6/30/1998 8,958
Triborough Bridge and Tunnel Authority, New York, Revenue Bonds:
2,360 General Purpose, Series B, 5% due 1/01/1998 2,367
3,600 Special Obligation, VRDN, 4.05% due 1/01/2024 (a)(c) 3,600
1,500 Westchester County, New York, TAN, UT, 3.47% due 12/11/1997 1,499
-----------
Total Investments (Cost -- $1,290,191*) -- 99.5% 1,290,191
Other Assets Less Liabilities -- 0.5% 7,056
-----------
Net Assets -- 100.0% $1,297,247
===========
(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, 1997.
(b) Prerefunded.
(c) FGIC Insured.
(d) MBIA Insured.
(e) AMBAC Insured.
* Cost for Federal income tax purposes.
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
M/F Multi-Family
MSTR Municipal Securities Trust Receipts
PCR Pollution Control Revenue Bonds
RAN Revenue Anticipation Notes
TAN Tax Anticipation Notes
UT Unlimited Tax
VRDN Variable Rate Demand Notes
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
CMA New York Municipal Money Fund
Statement of Assets and Liabilities as of September 30, 1997
<S> <C> <C>
Assets:
Investments, at value (identified cost -- $1,290,191,122) (Note 1a) $1,290,191,122
Cash 65,769
Interest receivable 7,937,579
Prepaid registration fees and other assets (Note 1d) 32,028
---------------
Total assets 1,298,226,498
---------------
Liabilities:
Payables:
Investment adviser (Note 2) $508,161
Distributor (Note 2) 298,356 806,517
---------------
Accrued expenses and other liabilities 172,943
---------------
Total liabilities 979,460
---------------
Net Assets $1,297,247,038
===============
Net Assets Consist of:
Shares of beneficial interest, $0.10 par value, unlimited number of shares
authorized $129,814,232
Paid-in capital in excess of par 1,168,328,088
Accumulated realized capital losses -- net (Note 4) (895,282)
---------------
Net Assets -- Equivalent to $1.00 per share based on 1,298,142,319 shares of
beneficial interest outstanding $1,297,247,038
===============
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
CMA New York Municipal Money Fund
Statement of Operations for the Six Months Ended September 30, 1997
<S> <C> <C>
Investment Income (Note 1c):
Interest and amortization of premium and discount earned $22,995,757
Expenses:
Investment advisory fees (Note 2) $2,765,229
Distribution fees (Note 2) 763,312
Transfer agent fees (Note 2) 112,102
Accounting services (Note 2) 59,088
Registration fees (Note 1d) 42,997
Custodian fees 37,294
Professional fees 29,678
Printing and shareholder reports 19,464
Pricing fees 6,303
Trustees' fees and expenses 5,313
Other 6,383
---------------
Total expenses 3,847,163
---------------
Investment income -- net 19,148,594
Realized Loss on Investments -- Net (Note 1c) (12,398)
---------------
Net Increase in Net Assets Resulting from Operations $19,136,196
===============
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
CMA New York Municipal Money Fund
Statements of Changes in Net Assets
For the Six For the
Months Ended Year Ended
Sept. 30, March 31,
Increase (Decrease) in Net Assets: 1997 1997
<S> <C> <C>
Operations:
Investment income -- net $19,148,594 $32,928,337
Realized loss on investments -- net (12,398) (802)
-------------- --------------
Net increase in net assets resulting from operations 19,136,196 32,927,535
-------------- --------------
Dividends to Shareholders (Note 1e):
Investment income -- net (19,148,594) (32,920,755)
-------------- --------------
Net decrease in net assets resulting from dividends to shareholders (19,148,594) (32,920,755)
-------------- --------------
Beneficial Interest Transactions (Note 3):
Net proceeds from sale of shares 2,606,832,073 4,110,518,531
Net asset value of shares issued to shareholders in reinvestment
of dividends (Note 1e) 19,147,936 32,921,515
-------------- --------------
2,625,980,009 4,143,440,046
Cost of shares redeemed (2,565,042,895) (4,039,388,472)
-------------- --------------
Net increase in net assets derived from beneficial interest transactions 60,937,114 104,051,574
-------------- --------------
Net Assets:
Total increase in net assets 60,924,716 104,058,354
Beginning of period 1,236,322,322 1,132,263,968
-------------- --------------
End of period $1,297,247,038 $1,236,322,322
============== ==============
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
CMA New York Municipal Money Fund
Financial Highlights
For the Six
The following per share data and ratios have been derived Months Ended
from information provided in the financial statements. Sept. 30, For the Year Ended March 31,
1997 1997 1996 1995 1994
Increase (Decrease) in Net Asset Value:
<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 .02
---------- ---------- ---------- ---------- ----------
Total from investment operations .02 .03 .03 .03 .02
---------- ---------- ---------- ---------- ----------
Less dividends from investment income -- net (.02) (.03) (.03) (.03) (.02)
---------- ---------- ---------- ---------- ----------
Net asset value, end of period $1.00 $1.00 $1.00 $1.00 $1.00
========== ========== ========== ========== ==========
Total Investment Return 3.09%* 2.94% 3.17% 2.59% 1.79%
========== ========== ========== ========== ==========
Ratios to Average Net Assets:
Expenses .62%* .63% .64% .67% .67%
========== ========== ========== ========== ==========
Investment income -- net 3.09%* 2.88% 3.12% 2.59% 1.78%
========== ========== ========== ========== ==========
Supplemental Data:
Net assets, end of period (in thousands) $1,297,247 $1,236,322 $1,132,264 $919,852 $772,760
========== ========== ========== ========== ==========
* Annualized.
See Notes to Financial Statements.
</TABLE>
CMA NEW YORK MUNICIPAL MONEY FUND
NOTES TO FINANCIAL STATEMENTS
1. Significant Accounting Policies:
CMA New York Municipal Money Fund (the "Fund") is part of CMA Multi-
State Municipal Series Trust (the "Trust"). The Fund is registered under
the Investment Company Act of 1940 as a non-diversified, open-end
management investment company. 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 share-holders -- The Fund declares
dividends daily and reinvests daily such dividends (net of non-resident
alien tax and back-up withholding tax withheld) in additional fund
shares at net asset value. Dividends are declared from the total of net
investment income, excluding discounts earned other than original issue
discounts. Net realized capital gains, if any, are normally distributed
annually after deducting prior years' loss carryforward. The Fund may
distribute capital gains more frequently than annually in order to
maintain the Fund's net asset value at $1.00 per share.
2. Investment Advisory Agreement and Transactions with Affiliates:
The Fund has entered into an Investment Advisory Agreement with Fund
Asset Management, L.P. ("FAM"). The general partner of FAM is Princeton
Services, Inc. ("PSI"), an indirect wholly-owned subsidiary of Merrill
Lynch & Co., Inc. ("ML & Co."), which is the limited partner.
FAM is responsible for the management of the Fund's portfolio and
provides the necessary personnel, facilities, equipment and certain
other services necessary to the operations of the Fund. For such
services, the Fund pays a monthly fee based upon the average daily value
of the Fund's net assets, at the following annual rates: 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.
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, 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.
4. Capital Loss Carryforward:
At March 31, 1997, the Fund had a net capital loss carryforward of
approximately $883,000, of which $81,000 expires in 1998, $203,000
expires in 2001, $293,000 expires in 2002, $304,000 expires in 2003 and
$2,000 expires in 2004. 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
Steven T. Lewis -- Vice President
Darrin J. SanFillippo -- 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 351
Boston, MA 02101
Transfer Agent
Merrill Lynch 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].
