CMA
CMA NEW YORK
MUNICIPAL MONEY FUND
Annual Report
March 31, 1999
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. 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. Past performance results shown in this report should not be
considered a representation of future performance, which will
fluctuate. 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, 1999, CMA New York Municipal Money Fund
paid shareholders a net annualized yield of 2.79%.* As of March 31,
1999, the Fund's 7-day yield was 2.39%.
Economic Environment
During the six-month period ended March 31, 1999, the New York State
economy continued to show solid growth, led by increases in retail
sales and a robust housing market. This strong economic showing was
tied to high consumer confidence levels and continued personal
income gains. As of February 28, 1999, New York State's unemployment
rate stood at 6%. Wall Street's rebound from September and October's
lull, combined with the Federal Reserve Board's easing of monetary
policy, should set the stage for continued growth in the months
ahead. New York continues to rank first in the nation in state and
local tax burden at $3,987 per person. The state's borrowing costs
remain high because its credit ratings are still relatively low and
its debt issuance is high. Governor Pataki has proposed using state
tobacco settlement money to be received over the next several years
to cut state borrowing needs. This proposal was greeted positively
by the national ratings services who view New York's expected budget
deficits in 2001, 2002 and beyond as holding back possible ratings
upgrades that could reduce borrowing costs. During the six-month
period ended March 31, 1999, new issuance of short-term New York
debt totaled approximately $3.1 billion, a decrease of approximately
23% from the $4.1 billion issued in the previous six-month period.
[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
As discussed in our last letter to shareholders, we sought to
maintain an average portfolio maturity of approximately 60 days
since we expected interest rates to decrease further as the Federal
Reserve Board continued to accommodate turbulent financial markets.
This position enhanced the Fund's performance as the Federal Reserve
Board cut the Federal Funds rate twice in the period to its current
level of 4.75%. We began to allow the portfolio's average maturity
to drift lower in January as large subscriptions and lower interest
rates kept us away from the limited supply of fixed-rate New York
tax-exempt notes. During the six months ended March 31, 1999, the
Fund's net assets ranged from $1.5 billion to $1.9 billion, closing
the period at approximately $1.8 billion.
In February, we allowed the Fund's large tax-exempt commercial paper
holdings to go into March and April 1999 as strong economic growth
and stabilization in world financial markets sent interest rates
higher. These factors, combined with expected income-tax time
redemptions and the higher money market rates associated with it,
caused us to position the Fund's maturity at around 30 days with the
expectation of extending the maturity to 50 days in April and May at
higher yields. We currently hold approximately 50% of the Fund's
holdings in variable rate demand notes in an effort to seek to
enhance the Fund's performance during April and May. We will look to
maintain a relatively neutral maturity posture in the coming months
until we can gauge whether economic growth will moderate and that
inflation will remain benign.
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,
(Terry K. Glenn)
Terry K. Glenn
President and Trustee
(Vincent R. Giordano)
Vincent R. Giordano
Senior Vice President
(Edward J. Andrews)
Edward J. Andrews
Vice President and Portfolio Manager
May 11, 1999
After more than 20 years of service, Arthur Zeikel recently retired
as Chairman of Merrill Lynch Asset Management, L.P. (MLAM). Mr.
Zeikel served as President of MLAM from 1977 to 1997 and as Chairman
since December 1997. Mr. Zeikel is one of the country's most
respected leaders in asset management and presided over the growth
of Merrill Lynch's asset management business. During his tenure,
client assets under management grew from $300 million to over $500
billion. Mr. Zeikel will remain on CMA New York Municipal Money
Fund's Board of Trustees. We are pleased to announce that Terry K.
Glenn has been elected President and Trustee of the Fund. Mr. Glenn
has held the position of Executive Vice President of MLAM since
1983.
Mr. Zeikel's colleagues at MLAM join the Fund's Board of Trustees in
wishing him well in his retirement from Merrill Lynch and are
pleased that he will continue as a member of the Fund's Board of
Trustees.
Portfolio Abbreviations for CMA New York Municipal Money Fund
AMT Alternative Minimum Tax (subject to)
BAN Bond Anticipation Notes
CP Commercial Paper
DATES Daily Adjustable Tax-Exempt Securities
FLOATS Floating Rate Securities
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
VRDN Variable Rate Demand Notes
<TABLE>
CMA NEW YORK MUNICIPAL MONEY FUND
SCHEDULE OF INVESTMENTS AS OF MARCH 31, 1999 (IN THOUSANDS)
<CAPTION>
Face Value
State Amount Issue (Note 1a)
<S> <C> <S> <C>
New York-- $ 1,019 Albany, New York, Housing Authority, Private Act Revenue Bonds (Historic
99.4% Bleeker Terrace), FLOATS, 3.20% due 3/01/2015 (h) $ 1,019
2,500 Albany, New York, IDA, IDR, Refunding (Albany Ventures Inc. Project), VRDN,
3.10% due 12/29/2010 (h) 2,500
5,943 Binghamton, New York, GO, BAN, 4% due 8/19/1999 5,951
Board Co-Operative Educational Services, New York, RAN (Sole Supervisory
District):
3,700 4% due 6/30/1999 3,702
7,500 GO, Series A, 3.80% due 6/25/1999 7,502
2,300 Buffalo, New York, GO, BAN, Series A, 3.50% due 2/24/2000 2,311
8,274 Clinton County, New York, GO, BAN, 4% due 7/30/1999 8,283
Copake Taconic Hills, New York, Central School District, GO, BAN:
10,000 4.25% due 4/08/1999 10,000
7,750 4% due 8/05/1999 7,758
Copiague, New York, Union Free School District, GO, TAN:
1,000 3.875% due 6/24/1999 1,001
3,000 3.90% due 6/24/1999 3,002
5,000 Cortland, New York, City School District, GO, RAN, 4% due 6/23/1999 5,003
Eagle Tax-Exempt Trust, New York, VRDN (h):
7,995 Series 1994-C4, 3.06% due 8/01/2003 7,995
32,975 Series 1996-C, 3.11% due 7/01/2016 32,975
29,700 Series 943201, 3.11% due 4/01/2034 29,700
20,880 Series 953201, 3.06% due 8/15/2024 20,880
24,500 Series 983201, 3.01% due 4/01/2017 24,500
7,750 East Greenbush, New York, Central School District, BAN, 3.50% due 6/24/1999 7,757
East Islip, New York, Union Free School District, GO, TAN:
1,000 3.80% due 6/25/1999 1,000
3,000 4% due 6/25/1999 3,003
15,000 Farmingdale, New York, Union Free School District, GO, TAN, 4% due 6/29/1999 15,013
8,500 Gates Chili, New York, Central School District, GO, BAN, 3.75% due 6/16/1999 (f) 8,502
4,098 Harrisville, New York, Central School District, GO, BAN, 3.75% due 3/24/2000 4,112
2,630 Horseheads, New York, Central School District, GO, BAN, 3.625% due 1/20/2000 2,641
10,000 Letchworth Central School District, New York, GO, BAN (Gainesville), 3.75%
due 11/04/1999 10,035
Long Island Power Authority, New York, Electric System Revenue Bonds:
5,700 CP, Sub-Series 4, 2.70% due 5/10/1999 5,700
18,595 Series A, 4.50% due 12/01/1999 18,747
7,600 VRDN, Sub-Series 5, 3.15% due 5/01/2033 (h) 7,600
15,550 VRDN, Sub-Series 7, 3.05% due 4/01/2025 (e)(h) 15,550
13,000 Longwood Central School District at Middle Island, New York, GO, TAN, 4% due
6/30/1999 13,011
12,900 Manchester-Shortsville, New York, Central School District, GO, BAN, 3.875%
due 5/19/1999 12,905
Metropolitan Transportation Authority of New York, Transit Facilities Revenue
Bonds, CP, Series 1:
20,500 Sub-Series 1998-A, 3.10% due 4/05/1999 20,500
13,000 Sub-Series B, 2.90% due 4/14/1999 13,000
7,000 Sub-Series B, 3.10% due 4/16/1999 7,000
7,000 Sub-Series B, 2.90% due 5/12/1999 7,000
7,480 Metropolitan Transportation Authority of New York, Transit Facilities Revenue
Refunding Bonds, Series C, 4% due 7/01/1999 7,491
5,000 Middle County Central School District, GO, TAN (Centereach), 3.50% due 6/30/1999 5,006
2,840 Monroe County, New York, IDA, Revenue Bonds (Coopervision Project), VRDN,
3.20% due 1/01/2012 (h) 2,840
</TABLE>
<TABLE>
CMA NEW YORK MUNICIPAL MONEY FUND
SCHEDULE OF INVESTMENTS AS OF MARCH 31, 1999 (CONTINUED) (IN THOUSANDS)
<CAPTION>
Face Value
State Amount Issue (Note 1a)
<S> <C> <S> <C>
New York $ 3,000 Municipal Assistance Corporation, City of New York, New York, Revenue
(continued) Refunding Bonds, Series 67, 7.625% due 7/01/1999 (g) $ 3,089
New York City, New York:
6,200 Series A76, 2.90% due 4/13/1999 6,200
14,600 Series A77, 2.90% due 4/13/1999 14,597
31,000 Series A78, 2.90% due 4/13/1999 31,000
New York City, New York, CP:
4,000 Series B-9, 3% due 4/01/1999 4,000
2,000 Series B-9, 3.10% due 4/22/1999 2,000
27,900 Series B-9, 3.15% due 4/22/1999 27,900
3,000 Series H-6, 3.10% due 4/19/1999 (e) 3,000
1,700 Series H-6, 3.05% due 4/20/1999 (e) 1,700
23,600 Series H-6, 2.75% due 5/13/1999 (e) 23,600
5,500 Series J, Sub-Series J-2, 3.10% due 4/01/1999 5,500
9,050 Series J, Sub-Series J-2, 3.10% due 4/23/1999 9,050
7,000 Series J, Sub-Series J-3, 3% due 4/01/1999 7,000
22,000 Series J, Sub-Series J-3, 3.10% due 4/01/1999 22,000
5,000 New York City, New York, GO, MSTR, VRDN, SGB-36, 3% due 6/01/2022 (a)(h) 5,000
2,000 New York City, New York, GO, Refunding, Series L, 5.25% due 8/01/1999 2,011
New York City, New York, GO, VRDN (h):
6,500 Series B, 3.40% due 10/01/2020 (b) 6,500
15,600 Series B, 3.40% due 10/01/2022 (b) 15,600
12,000 Series B, Sub-Series B-2, 2.90% due 8/15/2003 (e) 12,000
1,400 Series B, Sub-Series B-4, 2.90% due 8/15/2023 (e) 1,400
288 Series B, Sub-Series B-5, 3% due 8/15/2022 (e) 288
11,000 Series B, Sub-Series B-6, 3% due 8/15/2005 (e) 11,000
532 Series B2, Sub-Series B-5, 3% due 8/15/2009 (e) 532
2,450 Sub-Series A-4, 3% due 8/01/2022 2,450
11,950 Sub-Series A-4, 3% due 8/01/2023 11,950
32,400 New York City, New York, Housing Development Corporation, M/F Mortgage
Revenue Bonds (West 89th Street), VRDN, AMT, Series A, 2.90% due
12/01/2029 (h) 32,400
New York City, New York, Housing Development Corporation, M/F Rental
Housing Revenue Bonds, VRDN, Series A (c)(h):
29,100 (Carnegie Park), 2.70% due 11/15/2019 29,100
54,600 (Monterey), 2.70% due 11/15/2019 54,600
1,500 (Tribeca Towers), AMT, 2.75% due 11/15/2019 1,500
30,900 New York City, New York, Housing Development Corporation, Residential Mort-
gage Revenue Bonds (East 17th Street), VRDN, Series A, 2.85% due 1/01/2023 (h) 30,900
1,500 New York City, New York, IDA, IDR, VRDN, AMT, Series K, 2.95% due
11/01/2010 (h) 1,500
New York City, New York, Municipal Water Finance Authority, CP:
15,000 Series 4, 3.15% due 4/20/1999 15,000
9,000 Series 5-A, Sub-Series 5, 3.15% due 4/22/1999 9,000
7,400 New York City, New York, Municipal Water Finance Authority, Water and Sewer
System Revenue Bonds, CP, 2.75% due 4/13/1999 7,400
New York City, New York, Municipal Water Finance Authority, Water and Sewer
System Revenue Bonds, VRDN (h):
21,700 MSTR, SGB-25, 3.16% due 6/15/2023 (e) 21,700
30,000 MSTR, SGB-26, 3.16% due 6/15/2029 (e) 30,000
5,800 Series C, 2.90% due 6/15/2022 (b) 5,800
15,595 Series C, 2.90% due 6/15/2023 (b) 15,595
</TABLE>
<TABLE>
CMA NEW YORK MUNICIPAL MONEY FUND
SCHEDULE OF INVESTMENTS AS OF MARCH 31, 1999 (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 Refunding Bonds, VRDN (h):
$41,530 MSTR, SGB-27, 3.16% due 6/15/2024 (d) $ 41,530
2,840 Series A, 3.10% due 6/15/2025 (b) 2,840
7,700 Series G, 2.95% due 6/15/2024 (b) 7,700
New York City, New York, Refunding, CP, Series H:
26,000 Sub-Series H-2, 3.10% due 4/19/1999 26,000
6,000 Sub-Series H-2, 3.10% due 4/20/1999 6,000
8,300 Sub-Series H-2, 3.10% due 4/22/1999 8,300
5,800 Sub-Series H-3, 3.10% due 4/20/1999 (d) 5,800
4,500 Sub-Series H-3, 2.70% due 5/10/1999 (d) 4,500
8,100 Sub-Series H-4, 3.05% due 4/20/1999 8,100
1,000 Sub-Series H-4, 3.10% due 4/20/1999 1,000
12,900 Sub-Series H-4, 3.10% due 4/22/1999 12,900
14,850 New York City, New York, Tender Option Certificates, VRDN, BTP-264, 3.20%
due 8/01/2009 (h) 14,850
New York City, New York, Transitional Finance Authority Revenue Bonds,
Future Tax Secured, VRDN (h):
20,000 Series A-2, 2.85% due 11/15/2027 20,000
67,700 Series C, 2.95% due 5/01/2028 67,700
New York State, CP:
10,000 3.10% due 4/08/1999 10,000
4,000 3.10% due 4/19/1999 4,000
10,800 Series V, 2.60% due 4/06/1999 10,800
25,600 Series V, 2.65% due 4/12/1999 25,600
18,300 Series V, 3.10% due 5/26/1999 18,300
New York State Dormitory Authority, Revenue Bonds (Memorial Sloan
Kettering), CP:
33,700 Series A, 3% due 4/12/1999 33,700
6,100 Series B, 3% due 4/12/1999 6,100
30,075 Series C, 3% due 4/12/1999 30,075
1,935 Series D, 3.05% due 4/12/1999 1,935
4,790 New York State Dormitory Authority, Revenue Refunding Bonds (New York
Foundling Charitable Company), VRDN, 2.95% due 7/01/2012 (h) 4,790
6,880 New York State Energy Research and Development Authority, Electric Facilities
Revenue Bonds (Long Island Lighting Company), VRDN, AMT, Series A, 2.85%
due 12/01/2027 (h) 6,880
New York State Energy Research and Development Authority, PCR (h):
9,600 (Niagara Mohawk Power Corporation Project), DATES, Series A, 3.10% due
7/01/2015 9,600
47,600 (Niagara Mohawk Power Corporation Project), VRDN, AMT, 3.15% due
12/01/2023 47,600
48,200 (Niagara Power Corporation Project), VRDN, AMT, Series B, 3.15% due
7/01/2027 48,200
New York State Energy Research and Development Authority, PCR, Refunding
(New York State Electric & Gas), VRDN (h):
18,900 Series B, 2.90% due 2/01/2029 18,900
2,200 Series D, 2.90% due 10/01/2029 2,200
26,900 New York State Environmental Facilities Corporation Revenue Bonds (OFS
Equity Huntington Project), VRDN, AMT, 3% due 11/01/2014 (h) 26,900
12,100 New York State Environmental Facilities Corporation, Sewer and Solid Waste
Disposal Revenue Bonds (General Electric Company Project), CP, AMT, Series A,
3.05% due 4/21/1999 12,100
12,600 New York State Environmental Facilities Corporation, Solid Waste Disposal
Revenue Bonds (General Electric Company Project), CP, AMT, Series A, 3.05%
due 4/21/1999 12,600
30,000 New York State Environmental Facilities Corporation, Solid Waste Disposal
Revenue Refunding Bonds (General Electric Company Project), CP, Series A,
3% due 4/21/1999 30,000
</TABLE>
<TABLE>
CMA NEW YORK MUNICIPAL MONEY FUND
SCHEDULE OF INVESTMENTS AS OF MARCH 31, 1999 (IN THOUSANDS)
<CAPTION>
Face Value
State Amount Issue (Note 1a)
<S> <C> <S> <C>
New York New York State Environmental Quality, CP, Series 1997-A:
(concluded) $ 18,700 2.65% due 4/12/1999 $ 18,700
1,500 2.70% due 5/10/1999 1,500
6,500 2.75% due 5/14/1999 6,500
10,000 New York State Environmental Quality, GO, VRDN, Series G, 3% due 12/08/1999 (h) 10,000
3,230 New York State, GO, Refunding, Series A, 4% due 3/15/2000 3,256
23,000 New York State, HFA, Revenue Bonds (Tribeca Landing Housing), VRDN, AMT,
Series A, 2.95% due 11/01/2030 (h) 23,000
New York State Power Authority, CP:
10,000 2.85% due 4/01/1999 10,000
23,300 2.65% due 4/06/1999 23,300
21,700 3% due 4/07/1999 21,700
30,000 2.60% due 4/08/1999 30,000
17,200 New York State Power Authority, Revenue and General Purpose Bonds, CP,
3.15% due 7/09/1999 17,200
New York State Power Authority, Revenue and General Purpose Bonds, VRDN, (h):
10,900 2.90% due 3/01/2007 10,900
23,305 2.90% due 3/01/2016 23,305
8,735 2.90% due 3/01/2020 8,735
8,650 Northport-East, New York, Union Free School District, GO, TAN, 4% due 6/30/1999. 8,658
Ossining Village, New York, GO, BAN:
1,465 3.50% due 5/07/1999 1,466
2,308 4.25% due 5/07/1999 2,309
3,820 Port Authority of New York and New Jersey, CP, Series A and B, 2.80% due
4/12/1999 3,820
9,765 Port Authority of New York and New Jersey, FLOATS, SG-52, 3.10% due
3/01/2016 (h) 9,765
Port Authority of New York and New Jersey, Special Obligation Revenue Bonds (h):
16,830 FLOATS, SG-93, 3.10% due 12/01/2015 16,830
4,200 MSTR, VRDN, AMT, Series SGA-69, 3.05% due 12/01/2022 (e) 4,200
Port Authority of New York and New Jersey, Special Obligation Revenue
Refunding Bonds, Versatile Structure Obligation, VRDN (h):
33,900 AMT, Series 1R, 2.95% due 8/01/2028 33,900
5,600 AMT, Series 4, 3.05% due 4/01/2024 5,600
11,900 AMT, Series 6, 3.05% due 12/01/2017 11,900
2,000 Series 2, 2.90% due 5/01/2019 2,000
2,000 Riverhead, New York, Central School District, GO, BAN, 4.25% due 5/07/1999 2,001
10,000 Rockland County, New York, GO, RAN, 4% due 5/04/1999 10,004
3,200 Schenectady County, New York, IDA, IDR (Super Steel Inc. Project), VRDN, AMT,
Series A, 2.95% due 5/01/2006 (h) 3,200
9,015 Schenectady, New York, GO, BAN, Series A, 4% due 4/08/1999 9,016
10,000 Smithtown, New York, Central School District, GO, TAN, 4% due 6/25/1999 10,009
11,280 Syracuse, New York, IDA, Civic Facility Revenue Bonds (Community
Development Properties--Larned Project), VRDN, 3% due 4/01/2018 (h) 11,280
3,825 Vestal, New York, Central School District, GO, BAN, 4% due 6/22/1999 3,827
14,500 West Babylon, New York, Union Free School District, GO, TAN, 4% due 6/29/1999 14,512
2,300 Westhampton Beach, New York, Union Free School District, GO, TAN, 3.50%
due 6/30/1999 2,303
6,740 William Floyd, New York, Union Free School District (Mastics-Moriches-
Shirley), GO, TAN, 3.75% due 6/30/1999 6,749
Total Investments (Cost--$1,815,302*)--99.4% 1,815,302
Other Assets Less Liabilities--0.6% 11,418
-----------
Net Assets--100.0% $ 1,826,720
===========
<FN>
(a)AMBAC Insured.
(b)FGIC Insured.
(c)FNMA Collateralized.
(d)FSA Insured.
(e)MBIA Insured.
(f)Escrowed to maturity.
(g)Prerefunded.
(h)The interest rate is subject to change periodically based on
certain indexes. The interest rate shown is the rate in effect at
March 31, 1999.
*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 MARCH 31, 1999
<S> <C> <C>
Assets:
Investments, at value (identified cost--$1,815,301,723) (Note 1a) $ 1,815,301,723
Cash 56,760
Interest receivable 12,851,365
Prepaid registration fees and other assets (Note 1d) 14,172
---------------
Total assets 1,828,224,020
---------------
Liabilities:
Payables:
Investment adviser (Note 2) $ 702,963
Distributor (Note 2) 527,496
Dividends to shareholders (Note 1e) 270 1,230,729
---------------
Accrued expenses and other liabilities 273,329
---------------
Total liabilities 1,504,058
---------------
Net Assets $ 1,826,719,962
===============
Net Assets Consist of:
Shares of beneficial interest, $0.10 par value, unlimited number of shares
authorized $ 182,752,849
Paid-in capital in excess of par 1,644,695,120
Accumulated realized capital losses--net (Note 4) (728,007)
---------------
Net Assets--Equivalent to $1.00 per share based on 1,827,528,489 shares of
beneficial interest outstanding $ 1,826,719,962
===============
See Notes to Financial Statements.
</TABLE>
<TABLE>
CMA NEW YORK MUNICIPAL MONEY FUND
STATEMENT OF OPERATIONS FOR THE YEAR ENDED MARCH 31, 1999
<S> <C> <C>
Investment Income (Note 1c):
Interest and amortization of premium and discount earned $ 53,199,798
Expenses:
Investment advisory fees (Note 2) $ 6,833,444
Distribution fees (Note 2) 1,981,066
Transfer agent fees (Note 2) 245,687
Registration fees (Note 1d) 201,132
Accounting services (Note 2) 134,062
Custodian fees 86,141
Professional fees 64,015
Printing and shareholder reports 62,201
Pricing fees 15,150
Trustees' fees and expenses 10,837
Other 16,124
---------------
Total expenses 9,649,859
---------------
Investment income--net 43,549,939
Realized Gain on Investments--Net (Note 1c) 85,670
---------------
Net Increase in Net Assets Resulting from Operations $ 43,635,609
===============
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: 1999 1998
<S> <C> <C>
Operations:
Investment income--net $ 43,549,939 $ 40,293,864
Realized gain (loss) on investments--net 85,670 (14,703)
--------------- ---------------
Net increase in net assets resulting from operations 43,635,609 40,279,161
--------------- ---------------
Dividends to Shareholders (Note 1e):
Investment income--net (43,549,939) (40,290,474)
--------------- ---------------
Net decrease in net assets resulting from dividends to shareholders (43,549,939) (40,290,474)
--------------- ---------------
Beneficial Interest Transactions (Note 3):
Net proceeds from sale of shares 5,600,735,277 5,366,386,741
Net asset value of shares issued to shareholders in reinvestment of
dividends (Note 1e) 43,549,800 40,289,876
--------------- ---------------
5,644,285,077 5,406,676,617
Cost of shares redeemed (5,373,671,366) (5,086,967,045)
--------------- ---------------
Net increase in net assets derived from beneficial interest transactions 270,613,711 319,709,572
--------------- ---------------
Net Assets:
Total increase in net assets 270,699,381 319,698,259
Beginning of year 1,556,020,581 1,236,322,322
--------------- ---------------
End of year $ 1,826,719,962 $ 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 Year Ended March 31,
Increase (Decrease) in Net Asset Value: 1999 1998 1997 1996 1995
<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 .03
Realized gain (loss) on investments--net --++ --++ --++ --++ --++
---------- ---------- ---------- ---------- ----------
Total from investment operations .03 .03 .03 .03 .03
---------- ---------- ---------- ---------- ----------
Less dividends from investment income--net (.03) (.03) (.03) (.03) (.03)
---------- ---------- ---------- ---------- ----------
Net asset value, end of year $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
========== ========== ========== ========== ==========
Total Investment Return 2.79% 3.09% 2.94% 3.17% 2.59%
========== ========== ========== ========== ==========
Ratios to Average Net Assets:
Expenses .61% .61% .63% .64% .67%
========== ========== ========== ========== ==========
Investment income--net 2.74% 3.04% 2.88% 3.12% 2.59%
========== ========== ========== ========== ==========
Supplemental Data:
Net assets, end of year (in thousands) $1,826,720 $1,556,021 $1,236,322 $1,132,264 $ 919,852
========== ========== ========== ========== ==========
<FN>
++Amount is less than $.01 per share.
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 Fund's financial statements
are prepared in accordance with generally accepted accounting
principles which may require the use of management accruals and
estimates. 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.
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 Incorporated ("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.
CMA NEW YORK MUNICIPAL MONEY FUND
NOTES TO FINANCIAL STATEMENTS (CONCLUDED)
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, 1999, the Fund had a net capital loss carryforward of
approximately $732,000, of which $122,000 expires in 2001, $293,000
expires in 2002, $304,000 expires in 2003, $2,000 expires in 2004
and $11,000 expires in 2006. This amount will be available to offset
like amounts of any future taxable gains.
<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, 1999, 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, 1999 by correspondence with the custodian. 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, 1999, 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 11, 1999
</AUDIT-REPORT>
CMA NEW YORK MUNICIPAL MONEY FUND
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, 1999 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.
CMA NEW YORK MUNICIPAL MONEY FUND
OFFICERS AND TRUSTEES
Terry K. Glenn--President and Trustee
Ronald W. Forbes--Trustee
Cynthia A. Montgomery--Trustee
Charles C. Reilly--Trustee
Kevin A. Ryan--Trustee
Richard R. West--Trustee
Arthur Zeikel--Trustee
Vincent R. Giordano--Senior Vice President
Edward J. Andrews--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
Donald C. Burke--Vice President and Treasurer
Robert Harris--Secretary
Gerald M. Richard, Treasurer of CMA New York Municipal Money Fund
has recently retired. His colleagues at Merrill Lynch Asset
Management, L.P. join the Fund's Board of Trustees in wishing Mr.
Richard well in his retirement.
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].
