CMA
CMA NEW YORK
MUNICIPAL MONEY FUND
Semi-Annual Report
September 30, 1998
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. 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. 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
Printed on post-consumer recycled paper
TO OUR SHAREHOLDERS:
For the six-month period ended September 30, 1998, CMA New York
Municipal Money Fund paid shareholders a net annualized yield of
2.98%*. As of September 30, 1998, the Fund's 7-day yield was 3.15%.
Economic Environment
During the six-month period ended September 30, 1998, the New York
State economy continued to show solid growth, led by increases in
retail sales, entertainment and technology services and a robust
housing market. However, the recent drop in equity prices and
resultant concerns about the potential impact on the economies of
New York State and New York City tempered this strong economic
showing. Consumer confidence levels, which were at historic highs,
slipped in September. This, combined with recent market volatility,
could be a signal of slower consumer spending in the months ahead.
During the six-month period, the State Legislature finally approved
Governor Pataki's fiscal 1999 budget, which ear-marked significant
funding for the state's educational infrastructure and programs. The
completed budget allocated surplus funds that the state anticipates
receiving for education, roads and hospitals, and increased tax
reductions previously approved by the State Legislature.
The fiscal year ended September 30, 1998 produced New York City's
largest surplus on record at just over $2 billion. This surplus was
largely derived from tax revenues coming in at higher-than-planned
levels, underspending by the Board of Education, an over-estimation
of prior-year expenses and debt service savings. Another sign of
economic strength was the continued reduction in the city's short-
term borrowing needs as New York City's seasonal cash flow needs
declined as a result of stronger revenues in fiscal 1998 and 1999.
The city's budget estimates that only $850 million in short-term
debt will be needed in fiscal 1999, down from $1.1 billion in fiscal
1998 and $2.4 billion in fiscal 1997.
[FN]
*Based on a constant investment throughout the period, with
dividends compounded daily, and reflecting a net return to the
investor after all expenses.
Investment Strategy
During the six-month period ended September 30, 1998, the new
issuance of short-term New York debt totaled approximately $4.1
billion, a slight increase from the $4.0 billion in debt issued
during the six-month period ended March 31, 1998. During the period,
net assets of CMA New York Municipal Money Fund ranged between $1.4
billion--$1.6 billion, closing the six-month period at approximately
$1.5 billion. As we stated in our last shareholder letter, we began
to increase our variable rate demand note (VRDN) holdings in late
April as the outflows of cash from money market funds associated
with tax-time redemptions pushed VRDN rates higher. We then began to
extend the Fund's maturity from 34 days at April 30, 1998 to
approximately 66 days by mid-September. We became actively involved
in as many New York school district note transactions as possible,
because May and June are traditionally the period when a major
portion of New York school districts issue notes in anticipation of
future revenues. We also extended out the maturity of our tax-exempt
commercial paper programs. This was done because we viewed inflation
as benign and believed that the Federal Reserve Board might adopt a
neutral-to-easing policy stance as the effects of overseas market
turmoil and slowing economic growth started to weigh more heavily on
the US stock market and economy. This position enhanced Fund
performance as the Federal Reserve Board cut the Federal Funds rate
25 basis points (0.25%) from 5.50% to 5.25% at its September 29,
1998 meeting as well as an additional cut of 25 basis points in
October.
Looking ahead, at this time we expect to maintain an average
portfolio maturity of approximately 60 days because we believe
interest rates will continue to decline. We will also seek to
maintain a high-quality portfolio. Diversification and credit
quality remain paramount to the Fund, and we will continue to
closely monitor the ever-changing 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 months
and years ahead.
Sincerely,
(Arthur Zeikel)
Arthur Zeikel
President
(Vincent R. Giordano)
Vincent R. Giordano
Senior Vice President
(Edward J. Andrews)
Edward J. Andrews
Vice President and Portfolio Manager
October 28, 1998
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 Agency
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 Tan Anticipation Notes
UT Unlimited Tax
VRDN Variable Rate Demand Notes
<TABLE>
CMA NEW YORK MUNICIPAL MONEY FUND
SCHEDULE OF INVESTMENTS AS OF SEPTEMBER 30, 1998 (IN THOUSANDS)
<CAPTION>
Face Value
State Amount Issue (Note 1a)
<S> <C> <S> <C>
New York-- $ 890 Albany, New York, BAN, UT, Series A, 4.25% due 12/18/1998 $ 891
99.4% 1,049 Albany, New York, Housing Authority, Private Act Revenue Bonds (Historic
Bleeker Terrace), VRDN, AMT, 3.50% due 3/01/2015 (a) 1,049
2,500 Albany, New York, IDA, IDR, Refunding (Albany Ventures Inc. Project), VRDN,
3.95% due 12/29/2010 (a) 2,500
7,764 Amherst, New York, BAN, UT, 3.875% due 3/12/1999 7,775
5,943 Binghamton, New York, BAN, UT, 4% due 8/19/1999 5,962
Board Co-Operative Educational Services, New York, RAN (Sole Supervisory
District):
3,700 4% due 6/30/1999 3,708
7,500 Series A, 3.80% due 6/25/1999 7,506
1,564 Brockport, New York, Central School District, BAN, UT, 4.25% due 12/17/1998 1,566
8,274 Clinton County, New York, BAN, UT, 4% due 7/30/1999 8,297
Copake Taconic Hills, New York, Central School District, BAN, UT:
10,000 4.25% due 4/08/1999 10,028
7,750 4% due 8/05/1999 7,770
Copiague, New York, Union Free School District, TAN, UT:
1,000 3.875% due 6/24/1999 1,002
3,000 3.90% due 6/24/1999 3,005
5,000 Cortland, New York, City School District, RAN, 4% due 6/23/1999 5,010
Eagle Tax-Exempt Trust, New York, VRDN (a):
32,975 New York City, Metropolitan Transportation, Series 1996-C, 4.09% due
7/01/2016 32,975
7,995 New York City, Series 1994-C4, 4.07% due 8/01/2003 7,995
27,000 New York State Electric Gas Corp., Series 1994-3201, 4.12% due 4/01/2034 27,000
13,000 New York State Local Government Assistance, Series 1993-C, 4.02% due
4/01/2017 13,000
20,880 New York State Medical Care, New York Hospital, Series 1995-3201, 4.07%
due 8/15/2024 20,880
East Islip, New York, Union Free School District, TAN, UT:
1,000 3.80% due 6/25/1999 1,001
3,000 4% due 6/25/1999 3,008
15,000 Farmingdale, New York, Unified Free School District, TAN, 4% due 6/29/1999 15,039
8,500 Gates Chili, New York, Central School District, BAN, UT, 3.75% due 6/16/1999 8,506
14,745 Harrison, New York, Central School District, BAN, 4% due 3/18/1999 14,773
Hempstead Township, New York, BAN, UT:
24,650 3.875% due 1/06/1999 24,674
10,000 Series D, 4% due 10/15/1998 10,001
Long Island Power Authority, New York, Electric System Revenue Bonds, CP,
Sub-Series 4:
5,000 3.40% due 10/06/1998 5,000
12,500 3.35% due 11/12/1998 12,500
</TABLE>
<TABLE>
CMA NEW YORK MUNICIPAL MONEY FUND
SCHEDULE OF INVESTMENTS AS OF SEPTEMBER 30, 1998 (CONTINUED) (IN THOUSANDS)
<CAPTION>
Face Value
State Amount Issue (Note 1a)
<S> <C> <S> <C>
New York $13,000 Longwood Central School District at Middle Island, New York, TAN,
(continued) UT, 4% due 6/30/1999 $ 13,034
12,900 Manchester-Shortsville, New York, Central School District, BAN,
UT, 3.875% due 5/19/1999 12,922
2,915 Monroe County, New York, IDA (Coopervision Project), VRDN, 4.20% due
1/01/2012 (a) 2,915
Municipal Assistance Corporation, City of New York, New York:
4,000 CP, Series 2, 3.50% due 10/15/1998 4,000
3,000 Series 67, 7.625% due 7/01/1999 (e) 3,146
18,400 Nassau County, New York, RAN, Series B, 4% due 3/10/1999 18,415
New York City, New York, CP:
24,000 Refunding, Series H, Sub-Series H-2, 3.35% due 11/10/1998 24,000
18,600 Refunding, Series H, Sub-Series H-2, 3.35% due 11/12/1998 18,600
2,000 Refunding, Series H, Sub-Series H-2, 3.50% due 12/09/1998 2,000
6,100 Refunding, Series H, Sub-Series H-4, 3.35% due 11/10/1998 6,100
8,500 Refunding, Series H, Sub-Series H-4, 3.35% due 11/12/1998 8,500
3,000 Refunding, Series H, Sub-Series H-4, 3.50% due 12/09/1998 3,000
12,900 Refunding, Series H, Sub-Series H-4, 3.50% due 2/05/1999 12,900
7,000 Refunding, Series H, Sub-Series H-6, 3.35% due 11/12/1998 7,000
3,000 Refunding, Series H, Sub-Series H-6, 3.50% due 12/09/1998 3,000
4,000 Series B-9, 3.50% due 12/07/1998 4,000
27,900 Series B-9, 3.50% due 2/05/1999 27,900
2,000 Series J, Sub-Series J-2, 3.35% due 11/10/1998 2,000
3,500 Series J, Sub-Series J-2, 3.50% due 12/09/1998 3,500
3,000 Series J, Sub-Series J-3, 3.35% due 11/10/1998 3,000
18,000 Series J, Sub-Series J-3, 3.35% due 11/12/1998 18,000
7,000 Series J, Sub-Series J-3, 3.50% due 12/07/1998 7,000
26,700 New York City, New York, City Housing Development Corporation, Residential
Mortgage Revenue Bonds (East 17th Street), VRDN, Series A, 4.10% due
1/01/2023 (a) 26,700
New York City, New York, GO, VRDN (a):
5,000 MSTR, SGB-36, 4% due 6/01/2022 (d) 5,000
4,400 UT, Series B, 4.25% due 10/01/2022 (b) 4,400
32,400 New York City, New York, Housing Development Corporation, M/F Mortgage
Revenue Bonds (West 89th Street), VRDN, AMT, Series A, 3.90% due
12/01/2029 (a) 32,400
New York City, New York, Housing Development Corporation, M/F Rental
Housing Revenue Bonds, VRDN, Series A (a):
29,100 (Carnegie Park), 3.80% due 10/01/1998 29,100
54,600 (Monterey), 3.85% due 11/15/2019 (f) 54,600
1,500 (Tribesa Towers), Series A, 3.85% due 11/15/2019 (f) 1,500
1,000 New York City, New York, IDA, Civic Facilities Revenue Bonds (National
Audobon Society), VRDN, 4.10% due 12/01/2014 (a) 1,000
1,600 New York City, New York, IDA, IDR (Bowe Industrial Inc. Project), VRDN, AMT,
Series K, 3.85% due 11/01/2010 (a) 1,600
New York City, New York, Municipal Water Finance Authority, CP:
20,000 Series 1, 3.45% due 10/02/1998 20,000
6,000 Series 1, 3.35% due 11/10/1998 6,000
8,300 Series 1, 3.50% due 2/05/1999 8,300
18,500 Series 3, 3.40% due 10/06/1998 18,500
43,600 Series 4, 3.60% due 11/05/1998 43,600
</TABLE>
<TABLE>
CMA NEW YORK MUNICIPAL MONEY FUND
SCHEDULE OF INVESTMENTS AS OF SEPTEMBER 30, 1998 (CONTINUED) (IN THOUSANDS)
<CAPTION>
Face Value
State Amount Issue (Note 1a)
<S> <C> <S> <C>
New York New York City, New York, Municipal Water Finance Authority, Water and Sewer
(continued) System Revenue Bonds, VRDN (a):
$21,700 MSTR, SGB-25, 4.17% due 6/15/2023 (c) $ 21,700
30,000 MSTR, SGB-26, 4.17% due 6/15/2029 (c) 30,000
41,530 MSTR, SGB-27, 4.17% due 6/15/2024 (g) 41,530
5,440 Series A, 4.15% due 6/15/2025 (b)(c) 5,440
14,850 New York City, New York, Tender Option Certificates (Custodial Receipts),
VRDN, BTP-264, 4.15% due 8/01/2009 (a) 14,850
23,800 New York City, New York, Transitional Finance Authority Revenue Bonds
(Future Tax Secured), VRDN, Series C, 4.05% due 5/01/2028 (a) 23,800
2,000 New York City, New York, UT, Series L, 5.25% due 8/01/1999 2,029
New York State, CP:
5,100 3.50% due 11/19/1998 5,100
3,800 Series 1997-A, 3.45% due 12/07/1998 3,800
7,000 Series U, 3.45% due 11/17/1998 7,000
New York State Dormitory Authority Revenue Bonds:
4,790 (Foundling Charitable), VRDN, 3.85% due 7/01/2012 (a) 4,790
19,100 (Memorial Sloan Kettering), CP, Series A, 3.45% due 12/10/1998 19,100
18,700 (Memorial Sloan Kettering), CP, Series B, 3.50% due 12/08/1998 18,700
2,000 (Memorial Sloan Kettering), CP, Series B, 3.45% due 12/10/1998 2,000
7,000 (Memorial Sloan Kettering), CP, Series C, 3.45% due 12/08/1998 7,000
5,175 (Memorial Sloan Kettering), CP, Series C, 3.50% due 12/08/1998 5,175
14,900 (Memorial Sloan Kettering), CP, Series C, 3.45% due 12/10/1998 14,900
3,870 Refunding (Secured Hospital--Brookdale Hospital), Series J, 3.90% due
2/15/1999 3,870
New York State Energy Research and Development Authority, Electric Facilities
Revenue Bonds (Long Island Lighting Co.), VRDN, AMT (a):
15,000 Series A, 3.85% due 8/01/2025 15,000
6,880 Series A, 3.95% due 12/01/2027 6,880
18,300 Series B, 3.85% due 11/01/2023 18,300
New York State Energy Research and Development Authority, PCR (Niagara
Mohawk Power Corporation Project), VRDN, AMT (a):
35,600 Series A, 4.15% due 12/01/2023 35,600
42,050 Series B, 4.15% due 7/01/2027 42,050
26,900 New York State Environmental Facilities Corporation, Resource Recovery
Revenue Bonds (OFS Equity Huntington Project), VRDN, AMT, 4.15% due
11/01/2014 (a) 26,900
2,000 New York State Environmental Quality, CP, Series 1997-A, 3.55% due 11/18/1998 2,000
New York State, HFA, Revenue Bonds, VRDN, AMT, Series A (a):
35,100 (East 84th Street), 3.90% due 11/01/2028 35,100
18,000 (Tribeca Landing Housing), 3.85% due 11/01/2030 18,000
New York State Job Development Authority (State Guaranteed):
5,600 3.50% due 11/06/1998 5,600
9,300 3.55% due 11/09/1998 9,300
20,100 New York State Local Government Assistance Corporation, VRDN, Series B,
3.75% due 4/01/2023 (a) 20,100
500 New York State Medical Care Facilities, Finance Agency Revenue Bonds
(Montefore Medical Center), 7.70% due 11/01/1998 502
New York State Power Authority, CP:
23,300 3.40% due 11/06/1998 23,300
10,000 3.40% due 12/01/1998 10,000
43,890 New York State Power Authority, Revenue and General Purpose Bonds
(Junior Lien), VRDN, 3.45% due 3/01/1999 (a) 43,890
</TABLE>
<TABLE>
CMA NEW YORK MUNICIPAL MONEY FUND
SCHEDULE OF INVESTMENTS AS OF SEPTEMBER 30, 1998 (CONCLUDED) (IN THOUSANDS)
<CAPTION>
Face Value
State Amount Issue (Note 1a)
<S> <C> <S> <C>
New York New York State Thruway Authority, General Revenue Bonds, VRDN (a):
(concluded) $13,145 4.10% due 1/01/2024 (c) $ 13,145
7,000 MSTR, SG-31, 4.12% due 1/01/2025 7,000
14,398 North Colonie, New York, Central School District, BAN, 4% due 10/08/1998 14,399
8,650 Northport-East, New York, Unified Free School District, TAN, UT, 4% due
6/30/1999 8,674
1,000 Oneida County, New York, Refunding, UT, 4% due 3/15/1999 (b) 1,001
2,308 Ossining Village, New York, BAN, UT, 4.25% due 5/07/1999 2,314
3,520 Port Authority of New York and New Jersey (Line of Credit), CP, AMT,
3.30% due 1/13/1999 3,520
Port Authority of New York and New Jersey, Special Obligation Revenue Bonds
(Versatile Structure Obligation), VRDN (a):
3,700 AMT, Series 6, 4.20% due 12/01/2017 3,700
30,900 Refunding, AMT, Series 1R, 4.15% due 8/01/2028 30,900
3,300 Series 4, 4.20% due 4/01/2024 3,300
Port Authority of New York and New Jersey, VRDN, AMT (a):
4,200 MSTR, Series SGA-69, 4.10% due 12/01/2022 4,200
9,765 Series SG-52, 4.14% due 3/01/2016 (d) 9,765
16,830 Series SG-93, 4.14% due 12/01/2015 (d) 16,830
2,000 Riverhead, New York, Central School District, BAN, UT, 4.25% due 5/07/1999 2,005
14,590 Rochester, New York, BAN, UT, Series IV, 4.25% due 10/29/1998 14,594
10,000 Rockland County, New York, RAN, 4% due 5/04/1999 10,026
3,200 Schenectady County, New York, IDA, IDR (Super Steel Inc. Project), VRDN, AMT,
Series A, 3.95% due 5/01/2006 (a) 3,200
9,015 Schenectady, New York, BAN, UT, Series A, 3.95% due 4/08/1999 9,028
10,000 Smithtown, New York, Central School District, TAN, UT, 4% due 6/25/1999 10,028
2,000 South Colonie, New York, Central School District, TAN, 4% due 12/23/1998 2,002
26,600 Suffolk County, New York, IDA, IDR (Nissequogue Cogeneration Partners),
VRDN, 4.05% due 12/15/2023 (a) 26,600
11,280 Syracuse, New York, IDA, Civic Facility Revenue Bonds (Community
Development Properties--Larned Project), VRDN, 4% due 4/01/2018 (a) 11,280
Triborough Bridge and Tunnel Authority, New York, Special Obligation,
VRDN (a):
100 3.95% due 11/02/1998 (b)(e) 100
15,410 Series 62-A, 3.45% due 2/01/1999 15,410
3,825 Vestal, New York, Cental School District, BAN, UT, 4% due 6/22/1999 3,832
9,750 Waterloo, New York, Central School District, BAN, UT, 4% due 3/17/1999 9,763
14,500 West Babylon, New York, Unified Free School District, TAN, UT, 4%
due 6/29/1999 14,536
20,000 Westchester County, New York, TAN, UT, 3.59% due 12/29/1998 20,001
Total Investments (Cost--$1,534,512*)--99.4% 1,534,512
Other AssetsLess Liabilities--0.6% 9,731
----------
Net Assets--100.0% $1,544,243
==========
<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, 1998.
(b)FGIC Insured.
(c)MBIA Insured.
(d)AMBAC Insured.
(e)Prerefunded.
(f)FNMA Collateralized.
(g)FSA 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, 1998
<S> <C> <C>
Assets:
Investments, at value (identified cost--$1,534,511,731) (Note 1a) $ 1,534,511,731
Cash 55,234
Interest receivable 10,307,917
Prepaid registration fees and other assets (Note 1d) 460,061
---------------
Total assets 1,545,334,943
---------------
Liabilities:
Payables:
Investment adviser (Note 2) $ 553,743
Distributor (Note 2) 366,408 920,151
---------------
Accrued expenses and other liabilities 171,768
---------------
Total liabilities 1,091,919
---------------
Net Assets $ 1,544,243,024
===============
Net Assets Consist of:
Shares of beneficial interest, $0.10 par value, unlimited number of shares
authorized $ 154,513,722
Paid-in capital in excess of par 1,390,542,979
Accumulated realized capital losses--net (Note 4) (813,677)
---------------
Net Assets--Equivalent to $1.00 per share based on 1,545,137,221 shares of
beneficial interest outstanding $ 1,544,243,024
===============
See Notes to Financial Statements.
</TABLE>
<TABLE>
CMA NEW YORK MUNICIPAL MONEY FUND
STATEMENT OF OPERATIONS FOR THE SIX MONTHS ENDED SEPTEMBER 30, 1998
<S> <C> <C>
Investment Income (Note 1c):
Interest and amortization of premium and discount earned $ 26,742,716
Expenses:
Investment advisory fees (Note 2) $ 3,254,011
Distribution fees (Note 2) 935,159
Transfer agent fees (Note 2) 117,252
Registration fees (Note 1d) 79,872
Accounting services (Note 2) 59,145
Custodian fees 39,479
Printing and shareholder reports 31,946
Professional fees 30,413
Pricing fees 6,742
Trustees' fees and expenses 5,241
Other 6,933
---------------
Total expenses 4,566,193
---------------
Investment income--net 22,176,523
---------------
Net Increase in Net Assets Resulting from Operations $ 22,176,523
===============
See Notes to Financial Statements.
</TABLE>
<TABLE>
CMA NEW YORK MUNICIPAL MONEY FUND
STATEMENTS OF CHANGES IN NET ASSETS
<CAPTION>
For the Six For the
Months Ended Year Ended
September 30, March 31,
Increase (Decrease) in Net Assets: 1998 1998
<S> <C> <C>
Operations:
Investment income--net $ 22,176,523 $ 40,293,864
Realized gain (loss) on investments--net -- (14,703)
--------------- ---------------
Net increase in net assets resulting from operations 22,176,523 40,279,161
--------------- ---------------
Dividends to Shareholders (Note 1e):
Investment income--net (22,176,523) (40,290,474)
--------------- ---------------
Net decrease in net assets resulting from dividends to shareholders (22,176,523) (40,290,474)
--------------- ---------------
Beneficial Interest Transactions (Note 3):
Net proceeds from sale of shares 2,667,217,879 5,366,386,741
Net asset value of shares issued to shareholders in reinvestment of
dividends (Note 1e) 22,177,278 40,289,876
--------------- ---------------
2,689,395,157 5,406,676,617
Cost of shares redeemed (2,701,172,714) (5,086,967,045)
--------------- ---------------
Net increase (decrease) in net assets derived from beneficial
interest transactions (11,777,557) 319,709,572
--------------- ---------------
Net Assets:
Total increase (decrease) in net assets (11,777,557) 319,698,259
Beginning of period 1,556,020,581 1,236,322,322
--------------- ---------------
End of period $ 1,544,243,024 $ 1,556,020,581
=============== ===============
See Notes to Financial Statements.
</TABLE>
<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, 1998 1998 1997 1996 1995
<S> <C> <C> <C> <C> <C>
Per Share Operating Performance:
Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
---------- ---------- ---------- ---------- ----------
Investment income--net .01 .03 .03 .03 .03
---------- ---------- ---------- ---------- ----------
Total from investment operations .01 .03 .03 .03 .03
---------- ---------- ---------- ---------- ----------
Less dividends from investment income--net (.01) (.03) (.03) (.03) (.03)
---------- ---------- ---------- ---------- ----------
Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
========== ========== ========== ========== ==========
Total Investment Return 2.98%* 3.09% 2.94% 3.17% 2.59%
========== ========== ========== ========== ==========
Ratios to Average Net Assets:
Expenses .61%* .61% .63% .64% .67%
========== ========== ========== ========== ==========
Investment income--net 2.95%* 3.04% 2.88% 3.12% 2.59%
========== ========== ========== ========== ==========
Supplemental Data:
Net assets, end of period (in thousands) $1,544,243 $1,556,021 $1,236,322 $1,132,264 $ 919,852
========== ========== ========== ========== ==========
<FN>
*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 shareholders--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.
CMA NEW YORK 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 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.
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 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, 1998, the Fund had a net capital loss carryforward of
approximately $814,000, of which $203,000 expires in 2001, $293,000
expires in 2002, $304,000 expires in 2003, $2,000 expires in 2004
and $12,000 expires in 2006. 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
Financial Data Services, Inc.
4800 Deer Lake Drive East
Jacksonville, FL 32246-6484
(800) 221-7210*
[FN]
*For inquiries regarding your CMA account,
call (800) CMA-INFO [(800) 262-4636].
