CMA NEW YORK
MUNICIPAL MONEY FUND
Annual Report
March 31, 1998
MERRILL LYNCH BULL LOGO
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*
[FN]
*For inquiries regarding your CMA account,
call (800) CMA-INFO [(800) 262-4636].
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
Printed on post-consumer recycled paper
TO OUR SHAREHOLDERS:
For the year ended March 31, 1998, CMA New York Municipal Money Fund
paid shareholders a net annualized yield of 3.09%.* As of March 31,
1998, the Fund's 7-day yield was 2.95%.
Economic Environment and
Investment Strategy
During the six-month period ended March 31, 1998, the New York State
economy continued to grow modestly, led by increased growth in
retail sales and services. Job growth continues to trail the
national average but is still moving steadily higher on the strength
of the state's diverse economic makeup. Personal income levels
continued to rise, led by Wall Street's powerful surge and consumer
confidence that has reached historic levels. General fund tax
receipts are predicted to increase by $1 billion or 2.9%, with
personal income tax receipts leading growth with a 7.1% increase
over original 1998 estimates. Governor George Pataki's proposed
budget for fiscal year 1999 outlines a plan to allocate the record
$1.8 billion cash surplus now projected for fiscal 1998 and increase
spending while continuing tax reductions previously approved by the
state legislature. There are even projections that because of the
large surplus generated by the state this year that the budget
approval process, which has been delinquent over the past nine
years, would be completed on schedule this year. New York
legislative leaders from both parties agreed that there could be as
much as $1.2 billion available to spend because of a combination of
possible higher revenues and decreased expenses as a result of state
government downsizing.
Throughout the six-month period ended March 31, 1998, the new
issuance of short-term New York debt totalled approximately $4.01
billion, nearly unchanged from the $4.02 billion in debt issued in
the previous six-month period. During the period, net assets of CMA
New York Municipal Money Fund ranged between $1.20 billion and $1.58
billion, with net assets as of March 31, 1998 at approximately $1.56
billion. Throughout the Fund's fiscal year ended March 31, 1998, we
maintained an average portfolio maturity range between 35 days--70
days, with a greater investment weighting toward tax-exempt
commercial paper and variable rate demand notes. We held this
relatively neutral stance because strong domestic economic growth
kept the Federal Reserve Board in a tightening bias for all of 1997,
even though inflation has decelerated. This strategy gave the Fund
the flexibility to adjust to a higher or lower interest rate
scenario quickly and with less risk to performance.
[FN]
*Based on a constant investment throughout the period, with
dividends compounded daily, and reflecting a net return to the
investor after all expenses.
During the Fund's fiscal year, the largest Fund position was in tax-
exempt commercial paper, which we extended out three months--four
months when we thought interest rates would decline and kept short
when we were concerned about interest rates moving higher. This
strategy enhanced the Fund's performance for most of the year except
on two occasions (April 1997--May 1997 and November 1997--December
1997) when variable rate demand rates soared because of tax season
outflows, heavy variable rate note issuance and technical pressures
caused by year-end. Nonetheless, CMA New York Municipal Money Fund
outperformed the majority of similar New York tax-exempt municipal
money market funds for the year ended March 31, 1998. As the 1998
tax season continues, we anticipate increasing our variable rate
demand note holdings and reducing our tax-exempt commercial paper
position as overall money market outflows increase and variable
rates increase. We expect to maintain this strategy until mid-May
when the state's school districts and municipalities begin the
majority of their note issuance. At that time, depending on the
inflationary risks facing a still strong domestic economy, we will
determine whether to become more heavily invested in tax-exempt
notes or continue to maintain our relatively neutral position.
Finally, we continue to maintain the highest-quality portfolio
possible. 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 future.
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
May 4, 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 Tax Anticipation Notes
TRAN Tax Revenue Anticipation Notes
UT Unlimited Tax
VRDN Variable Rate Demand Notes
<TABLE>
CMA NEW YORK MUNICIPAL MONEY FUND
SCHEDULE OF INVESTMENTS AS OF MARCH 31, 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 $ 892
101.6% 1,049 Albany, New York, Housing Authority, Private Act Revenue Bonds (Historic
Bleeker Terrace), VRDN, AMT, 3.80% due 3/01/2015 (a) 1,049
2,500 Albany, New York, IDA, IDR, Refunding (Albany Ventures Inc. Project),
VRDN, 3.64% due 12/29/2010 (a) 2,500
1,565 Brockport, New York, Central School District, BAN, UT, 4.25% due 12/17/1998 1,570
13,000 Buffalo, New York, RAN, 4.40% due 8/05/1998 13,026
6,250 Connetquot Central School District, Islip, New York, UT, 4.25% due 6/25/1998 6,256
10,000 Copake Taconic Hills, New York, Central School District, BAN, 4.25%
due 4/08/1999 10,053
Eagle Tax-Exempt Trust, VRDN (a):
7,200 New York City, Series 1994-C4, 3.70% due 8/01/2003 7,200
20,000 New York Medical Care, New York Hospital, Series 1995-3201, 3.77%
due 8/15/2024 20,000
27,000 New York State Electric Gas Corp., Series 1994-3201, 3.82% due 4/01/2034 27,000
13,000 New York State Local Government Assistance, Series A, 3.40%
due 4/01/2017 13,000
7,000 Farmingdale, New York (Unified Free School District), 4.25% due 6/29/1998 7,006
Harrison, New York (Central School District):
14,745 BAN, 4% due 3/18/1999 14,804
6,450 BAN, UT, 4.25% due 7/17/1998 6,456
2,200 TAN, UT, 4.25% due 6/26/1998 2,202
13,000 Hempstead, New York (Unified Free School District), TAN, UT, 4.25% due
6/30/1998 13,011
10,000 Hempstead Town, New York, BAN, UT, Series D, 4% due 10/15/1998 10,009
3,400 Lancaster, New York, IDA, IDR (Jiffy Tite Co. Inc.), VRDN, 3.74% due
4/01/2018 (a) 3,400
2,955 Monroe County, New York, IDA (Coopervision Project), VRDN, 3.89%
due 1/01/2012 (a) 2,955
Municipal Assistance Corporation, City of New York, New York:
21,000 CP, Series 2, 3.15% due 4/08/1998 21,000
7,525 Refunding, Series E, 4.10% due 7/01/1998 7,530
4,340 Refunding, Series L, 4.50% due 7/01/1998 4,347
14,000 Series F, 3.20% due 4/03/1998 (d) 14,000
12,900 VRDN, Sub-Series K-2, 3.90% due 7/01/2008 (a) 12,900
20,000 Nassau County, New York, RAN, Series B, 4.25% due 4/10/1998 20,002
New York City, New York, CP:
24,600 3.15% due 4/06/1998 24,600
20,000 3.25% due 4/06/1998 20,000
2,000 3.75% due 4/06/1998 2,000
12,000 3.75% due 4/08/1998 12,000
25,500 3.50% due 4/09/1998 25,500
5,000 3.65% due 4/09/1998 5,000
</TABLE>
<TABLE>
CMA NEW YORK MUNICIPAL MONEY FUND
SCHEDULE OF INVESTMENTS AS OF MARCH 31, 1998 (CONTINUED) (IN THOUSANDS)
<CAPTION>
Face Value
State Amount Issue (Note 1a)
<S> <C> <S> <C>
New York New York City, New York, CP (concluded):
(continued) $ 19,000 3.60% due 4/19/1998 $ 19,000
2,000 3.80% due 5/08/1998 2,000
6,100 3.65% due 7/15/1998 6,100
4,400 3.55% due 8/07/1998 4,400
21,200 3.50% due 8/10/1998 21,200
52,100 3.50% due 8/11/1998 52,100
2,000 New York City, New York, City Housing Development Corporation,
Residential Mortgage Revenue Bonds (East 17th Street), VRDN, Series A,
3.70% due 1/01/2023 (a) 2,000
New York City, New York, GO, VRDN (a):
1,400 3.85% due 8/01/2020 1,400
5,000 MSTR, SGB-36, UT, 3.70% due 6/01/2022 (d) 5,000
600 Series C, 3.80% due 10/01/2023 600
14,850 UT, BTP-264, 3.80% due 8/01/2009 14,850
6,350 UT, Series B, Sub-Series B-2, 3.70% due 8/15/2003 (c) 6,350
3,300 UT, Series B, Sub-Series B-3, 3.70% due 8/15/2004 (c) 3,300
2,700 UT, Series B, Sub-Series B-4, 3.70% due 8/15/2023 (c) 2,700
4,500 UT, Series B, Sub-Series B-7, 3.70% due 8/15/2018 (d) 4,500
1,600 UT, Sub-Series A-4, 3.65% due 8/01/2022 1,600
21,600 UT, Sub-Series A-4, 3.65% due 8/01/2023 21,600
400 UT, Sub-Series A-5, 3.70% due 8/01/2016 400
2,300 UT, Sub-Series A-7, 3.70% due 8/01/2021 2,300
400 UT, Sub-Series A-10, 3.70% due 8/01/2016 400
400 UT, Sub-Series B-2, 3.80% due 8/15/2020 400
500 UT, Sub-Series B-4, 3.80% due 8/15/2023 500
New York City, New York, Housing Development Corporation, M/F Housing
Revenue Bonds, VRDN, Series A (a):
54,600 (Monterey), 3.50% due 11/15/2019 (f) 54,600
32,400 (West 89th Street), AMT, 3.60% due 12/01/2029 32,400
20,000 New York City, New York, Housing Development Corporation, M/F Rental
Housing Revenue Bonds (Carnegie Park), VRDN, Series A, 3.50%
due 11/15/2019 (a) 20,000
1,600 New York City, New York, IDA, IDR (Bowe Industry Inc. Project), VRDN, AMT,
Series K, 3.50% due 11/01/2010 (a) 1,600
New York City, New York, Municipal Water Finance Authority, Water and
Sewer System Revenue Bonds:
18,500 CP, 3.40% due 4/09/1998 18,500
18,700 CP, 3.45% due 5/08/1998 18,700
30,400 CP, 3.60% due 6/25/1998 30,400
21,700 VRDN, MSTR, SGB-25, 3.80% due 6/15/2023 (a)(c) 21,700
30,000 VRDN, MSTR, SGB-26, 3.80% due 6/15/2029 (a)(c) 30,000
31,530 VRDN, MSTR, SGB-27, 3.80% due 6/15/2024 (a)(b)(e) 31,530
9,500 VRDN, Series 93-C, 3.70% due 6/15/2022 (a)(b) 9,500
8,200 VRDN, Series A, 3.70% due 6/15/2025 (a)(b) 8,200
1,100 VRDN, Series C, 3.70% due 6/15/2023 (a)(b) 1,100
3,800 VRDN, Series G, 3.65% due 6/15/2024 (a)(b) 3,800
15,590 New York City, New York, Refunding, Series G, 4.25% due 8/01/1998 15,623
New York City, New York, UT:
31,800 RAN, Series A, 4.50% due 6/30/1998 31,862
5,400 VRDN, Series B, Sub-Series B-6, 3.65% due 8/15/2005 (a)(c) 5,400
New York State, CP:
10,000 3.60% due 6/18/1998 10,000
20,000 3.55% due 7/12/1998 20,000
</TABLE>
<TABLE>
CMA NEW YORK MUNICIPAL MONEY FUND
SCHEDULE OF INVESTMENTS AS OF MARCH 31, 1998 (CONTINUED) (IN THOUSANDS)
<CAPTION>
Face Value
State Amount Issue (Note 1a)
<S> <C> <S> <C>
New York New York State Dormitory Authority Revenue Bonds:
(continued) $ 13,000 CP, 3.50% due 4/07/1998 $ 13,000
5,045 (Foundling Charitable), VRDN, 3.60% due 7/01/2012 (a) 5,045
7,500 (Memorial Sloan Kettering), CP, Series A, 3% due 4/08/1998 7,500
1,600 (Memorial Sloan Kettering), CP, Series A, 3.55% due 7/10/1998 1,600
2,600 (Memorial Sloan Kettering), CP, Series B, 3% due 4/08/1998 2,600
2,000 (Memorial Sloan Kettering), CP, Series B, 3.55% due 7/10/1998 2,000
13,600 (Memorial Sloan Kettering), CP, Series C, 3.30% due 4/08/1998 13,600
1,300 (Memorial Sloan Kettering), CP, Series C, 3.55% due 7/10/1998 1,300
7,000 (Memorial Sloan Kettering), CP, Series C, 3.50% due 7/14/1998 7,000
4,395 (Memorial Sloan Kettering), CP, Series D, 3% due 4/08/1998 4,395
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. Project), VRDN, AMT (a):
15,000 Series A, 3.70% due 8/01/2025 15,000
6,880 Series A, 3.55% due 12/01/2027 6,880
18,300 Series B, 3.70% due 11/01/2023 18,300
New York State Energy Research and Development Authority, PCR, VRDN (a):
26,300 (Niagara Mohawk Power Corporation Project), AMT, Series A, 3.70% due
12/01/2023 26,300
31,400 (Niagara Mohawk Power Corporation Project), AMT, Series B, 3.70% due
7/01/2027 31,400
9,000 Refunding (New York State Electric and Gas), Series D, 3.65% due
10/01/2029 9,000
26,900 New York State Environmental Facilities Corporation, Resource Recovery
Revenue Bonds (OFS Equity Huntington Project), VRDN, AMT, 3.75% due
11/01/2014 (a) 26,900
1,700 New York State Environmental Facilities Corporation, Solid Waste Disposal
Revenue Bonds, CP, 3.20% due 4/03/1998 1,700
29,450 New York State Environmental Facilities Corporation, Water Facilities
Revenue Bonds, CP, 3.20% due 4/03/1998 29,450
New York State, HFA, Revenue Bonds, VRDN (a):
29,300 (East 84th Street), AMT, Series A, 3.60% due 11/01/2028 29,300
8,600 (Normandie Court-I Project), 3.50% due 5/15/2015 8,600
18,000 (Tribeca Landing Housing), AMT, Series A, 3.50% due 11/01/2030 18,000
New York State Local Government Assistance Corporation, VRDN (a):
14,300 Series B, 3.40% due 4/01/2023 14,300
2,700 Series C, 3.45% due 4/01/2025 2,700
11,900 Series F, 3.40% due 4/01/2025 11,900
500 New York State Medical Care Facilities Finance Agency, Special Obligation,
Mental Services Facilities Improvement Bonds, Series A, 7.70% due 11/01/1998 511
New York State Power Authority, CP:
5,500 3% due 4/06/1998 5,500
10,000 3.40% due 5/01/1998 10,000
New York State Power Authority, Revenue and General Purpose Bonds, CP:
18,000 3.20% due 4/06/1998 18,000
25,000 3.60% due 4/06/1998 25,000
7,600 3.20% due 4/09/1998 7,600
11,000 3.60% due 5/01/1998 11,000
11,500 3.60% due 5/11/1998 11,500
20,000 3.60% due 6/10/1998 20,000
21,000 3.45% due 6/11/1998 21,000
</TABLE>
<TABLE>
CMA NEW YORK MUNICIPAL MONEY FUND
SCHEDULE OF INVESTMENTS AS OF MARCH 31, 1998 (CONTCLUDED) (IN THOUSANDS)
<CAPTION>
Face Value
State Amount Issue (Note 1a)
<S> <C> <S> <C>
New York $ 43,890 New York State Power Authority, Revenue and General Purpose Bonds
(concluded) (Junior Lien), 3.60% due 9/01/1998 $ 43,890
New York State Thruway Authority, General Revenue Bonds, VRDN (a):
14,800 3.70% due 1/01/2024 (b) 14,800
7,000 MSTR, Series SG-31, 3.75% due 1/01/2025 7,000
2,000 Oceanside, New York (Unified Free School District), TAN, UT, 4.25% due
6/26/1998 2,002
1,000 Oneida County, New York, Refunding, 4% due 3/15/1999 (b) 1,002
5,000 Oswego County, New York, BAN, AMT, UT, 4.50% due 5/08/1998 5,002
12,500 Patchogue-Medford, New York (Unified Free School District), TAN, UT, 4.25%
due 6/25/1998 12,510
Port Authority of New York and New Jersey, AMT:
2,840 CP, 3% due 4/08/1998 2,840
2,515 CP, 3.55% due 7/10/1998 2,515
9,765 VRDN, Series SG-52, 3.80% due 3/01/2016 (a)(c) 9,765
16,830 Port Authority of New York and New Jersey, Special Obligation Revenue Bonds,
VRDN, AMT, SG-93, 3.80% due 12/01/2015 (a)(c) 16,830
Port Authority of New York and New Jersey, Special Obligation Revenue Bonds
(Versatile Structure Obligation), VRDN (a):
15,400 AMT, Refunding, Series 1-R, 3.75% due 8/01/2028 15,400
1,800 Series 5, 3.70% due 8/01/2024 1,800
15,400 Series 6, 3.70% due 12/01/2017 15,400
14,590 Rochester, New York, BAN, UT, Series IV, 4.25% due 10/29/1998 14,621
3,600 Schenectady County, New York, IDA, IDR (Super Steel Inc. Project), VRDN,
AMT, Series A, 3.65% due 5/01/2006 (a) 3,600
9,015 Schenectady, New York, BAN, Series A, 4% due 4/08/1999 9,041
27,000 Suffolk County, New York, IDA, IDR (Nissequogue Cogeneration Partners), VRDN,
3.65% due 12/15/2023 (a) 27,000
7,500 Suffolk County, New York, TAN, UT, Series II, 4.50% due 9/10/1998 7,522
11,535 Syracuse, New York, IDA, Civic Facility Revenue Bonds (Community
Development Properties-Larned Project), VRDN, 3.75% due 4/01/2018 (a) 11,535
8,935 Three Village Central School District, New York (Brookhaven and Smithtown),
TAN, UT, 4.25% due 6/30/1998 8,943
100 Triborough Bridge and Tunnel Authority, New York, Special Obligation
Revenue Bonds, VRDN, 3.45% due 1/01/2024 (a)(b) 100
9,750 Waterloo, New York, Central School District, BAN, UT, 4% due 3/17/1999 9,777
20,000 Westchester County, New York, TAN, UT, 3.59% due 12/29/1998 20,002
6,440 William Floyd, New York (Unified Free School District), TAN, UT, 4.25%
due 6/30/1998 6,445
Puerto Rico-- 5,000 Puerto Rico Commonwealth, TRAN, Series A, 4.50% due 7/30/1998 5,016
0.3%
Total Investments (Cost--$1,584,992*)--101.9% 1,584,992
Liabilities in Excess of Other Assets--(1.9%) (28,971)
----------
Net Assets--100.0% $1,556,021
==========
<FN>
(a)The interest rate is subject to change periodically based on
certain indexes. The interest rate shown is the rate in effect at
March 31, 1998.
(b)FGIC Insured.
See Notes to Financial Statements.
(c)MBIA Insured.
(d)AMBAC Insured.
(e)FSA Insured.
(f)FNMA Collateralized.
*Cost for Federal income tax purposes.
</TABLE>
<TABLE>
CMA NEW YORK MUNICIPAL MONEY FUND
STATEMENT OF ASSETS AND LIABILITIES AS OF MARCH 31, 1998
<S> <C> <C>
Assets:
Investments, at value (identified cost--$1,584,992,214) (Note 1a) $ 1,584,992,214
Cash 1,451,444
Interest receivable 9,463,190
Prepaid registration fees and other assets (Note 1d) 41,982
----------------
Total assets 1,595,948,830
----------------
Liabilities:
Payables:
Securities purchased $ 38,702,430
Investment adviser (Note 2) 595,018
Distributor (Note 2) 437,475
Dividends to shareholders (Note 1e) 131
Beneficial interest redeemed 105 39,735,159
----------------
Accrued expenses and other liabilities 193,090
----------------
Total liabilities 39,928,249
----------------
Net Assets $ 1,556,020,581
================
Net Assets Consist of:
Shares of beneficial interest, $0.10 par value, unlimited number of shares
authorized $ 155,691,478
Paid-in capital in excess of par 1,401,142,780
Accumulated realized capital losses--net (Note 4) (813,677)
----------------
Net Assets--Equivalent to $1.00 per share based on 1,556,914,778 shares of
beneficial interest outstanding $ 1,556,020,581
================
See Notes to Financial Statements.
</TABLE>
<TABLE>
CMA NEW YORK MUNICIPAL MONEY FUND
STATEMENT OF OPERATIONS FOR THE YEAR ENDED MARCH 31, 1998
<S> <C> <C>
Investment Income (Note 1c):
Interest and amortization of premium and discount earned $ 48,409,973
Expenses:
Investment advisory fees (Note 2) $ 5,848,065
Distribution fees (Note 2) 1,646,549
Transfer agent fees (Note 2) 225,365
Registration fees (Note 1d) 115,542
Accounting services (Note 2) 112,683
Custodian fees 70,823
Professional fees 66,863
Pricing fees 13,211
Trustees' fees and expenses 9,756
Other 7,252
----------------
Total expenses 8,116,109
----------------
Investment income--net 40,293,864
Realized Loss on Investments--Net (Note 1c) (14,703)
----------------
Net Increase in Net Assets Resulting from Operations $ 40,279,161
================
See Notes to Financial Statements.
</TABLE>
<TABLE>
CMA NEW YORK MUNICIPAL MONEY FUND
STATEMENTS OF CHANGES IN NET ASSETS
<CAPTION>
For the Year Ended March 31,
Increase (Decrease) in Net Assets: 1998 1997
<S> <C> <C>
Operations:
Investment income--net $ 40,293,864 $ 32,928,337
Realized loss on investments--net (14,703) (802)
--------------- ---------------
Net increase in net assets resulting from operations 40,279,161 32,927,535
--------------- ---------------
Dividends to Shareholders (Note 1e):
Investment income--net (40,290,474) (32,920,755)
--------------- ---------------
Net decrease in net assets resulting from dividends to shareholders (40,290,474) (32,920,755)
--------------- ---------------
Beneficial Interest Transactions (Note 3):
Net proceeds from sale of shares 5,366,386,741 4,110,518,531
Net asset value of shares issued to shareholders in reinvestment of
dividends (Note 1e) 40,289,876 32,921,515
--------------- ---------------
5,406,676,617 4,143,440,046
Cost of shares redeemed (5,086,967,045) (4,039,388,472)
--------------- ---------------
Net increase in net assets derived from beneficial interest transactions 319,709,572 104,051,574
--------------- ---------------
Net Assets:
Total increase in net assets 319,698,259 104,058,354
Beginning of year 1,236,322,322 1,132,263,968
--------------- ---------------
End of year $ 1,556,020,581 $ 1,236,322,322
=============== ===============
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 Year Ended March 31,
Increase (Decrease) in Net Asset Value: 1998 1997 1996 1995 1994
<S> <C> <C> <C> <C> <C>
Per Share Operating Performance:
Net asset value, beginning of year $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
---------- ---------- ---------- ---------- ----------
Investment income--net .03 .03 .03 .03 .02
---------- ---------- ---------- ---------- ----------
Total from investment operations .03 .03 .03 .03 .02
---------- ---------- ---------- ---------- ----------
Less dividends from investment income--net (.03) (.03) (.03) (.03) (.02)
---------- ---------- ---------- ---------- ----------
Net asset value, end of year $ 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 .61% .63% .64% .67% .67%
========== ========== ========== ========== ==========
Investment income--net 3.04% 2.88% 3.12% 2.59% 1.78%
========== ========== ========== ========== ==========
Supplemental Data:
Net assets, end of year (in thousands) $1,556,021 $1,236,322 $1,132,264 $ 919,852 $ 772,760
========== ========== ========== ========== ==========
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. 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.
(f) Reclassification--Generally accepted accounting principles
require that certain components of net assets be adjusted to reflect
permanent differences between financial and tax reporting.
Accordingly, current year's permanent book/tax differences of $3,390
have been reclassified between accumulated net realized capital
losses and undistributed net investment income. These
reclassifications have no effect on net assets or net asset value
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.
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, 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. Expired capital loss carry-
forward in the amount of $80,520 has been reclassified to paid-in
capital in excess of par.
<AUDIT-REPORT>
CMA NEW YORK MUNICIPAL MONEY FUND
INDEPENDENT AUDITORS' REPORT
The Board of Trustees and Shareholders,
CMA New York Municipal Money Fund of
CMA Multi-State Municipal Series Trust:
We have audited the accompanying statement of assets and
liabilities, including the schedule of investments, of CMA New York
Municipal Money Fund of CMA Multi-State Municipal Series Trust as of
March 31, 1998, the related statements of operations for the year
then ended and changes in net assets for each of the years in the
two-year period then ended, and the financial highlights for each of
the years in the five-year period then ended. These financial
statements and the financial highlights are the responsibility of
the Fund's management. Our responsibility is to express an opinion
on these financial statements and the financial highlights based on
our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and perform
the audit to obtain reasonable assurance about whether the financial
statements and financial highlights are free of material
misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements.
Our procedures included confirmation of securities owned at March
31, 1998 by correspondence with the custodian and brokers. An audit
also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, such financial statements and financial highlights
present fairly, in all material respects, the financial position of
CMA New York Municipal Money Fund of CMA Multi-State Municipal
Series Trust as of March 31, 1998, the results of its operations,
the changes in its net assets, and the financial highlights for the
respective stated periods in conformity with generally accepted
accounting principles.
Deloitte & Touche LLP
Princeton, New Jersey
May 8, 1998
</AUDIT-REPORT>
IMPORTANT TAX INFORMATION (UNAUDITED)
All of the net investment income distributions paid daily by CMA New
York Municipal Money Fund of CMA Multi-State Municipal Series Trust
during its taxable year ended March 31, 1998 qualify as tax-exempt
interest dividends for Federal income tax purposes.
Additionally, there were no capital gains distributed by the Fund
during the year.
Please retain this information for your records.
