CMA
CMA NEW JERSEY
MUNICIPAL MONEY FUND
Semi-Annual Report
September 30, 1996
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.
<PAGE>
CMA New Jersey
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, 1996, CMA New Jersey
Municipal Money Fund paid shareholders a net annualized yield of
2.78%*. As of September 30, 1996, the Fund's 7-day yield was 3.02%.
The Environment
Although the US stock and bond markets rallied late in the six-month
period ended September 30, 1996, much of the period was marked by
volatility in the capital markets. The US economy demonstrated
surprising resilience during the first half of the year. As a
result, when economic data releases appeared to indicate that the US
economy was expanding at a stronger-than-expected (and potentially
inflationary) rate, investors focused on the increasing possibility
of monetary policy tightening by the Federal Reserve Board. During
these periods, stock prices declined, and long-term interest rates
moved higher. However, with inflationary pressures still under
control, the US central bank did not tighten monetary policy at its
September 24 meeting. This development, coupled with several
economic data releases that showed growth was at or below
expectations, helped to assuage investors' concerns about an
overheating economy. Stock and bond prices improved, with stock
market averages reaching historic high levels.
<PAGE>
The shifts in perceptions were exemplified by investors' reactions
to the release of recent employment reports. Inflationary concerns
were heightened in early July with the release of a stronger-than-
expected employment report for June. However, more subdued job
growth and decelerating hourly wage gains were subsequently reported
for the month of July. Although the employment report for August
showed that unemployment had dropped to its lowest level since 1989,
these results were generally in line with expectations, and were
received favorably by investors. The greatest boost in investor
confidence occurred in early October with the release of September's
employment report, which showed a slight increase in unemployment.
[FN]
*Based on a constant investment throughout the period, with
dividends compounded daily, and reflecting a net return to the
investor after all expenses.
Investors will continue to monitor economic data releases to
determine the probable direction of the US economy. The outcome of
the upcoming November election will also increasingly influence
investor psychology in the weeks ahead.
Investment Outlook and Strategy
The short-term municipal market saw several large issuers come to
market during the past six months. Municipalities, including New
York City, the State of California and the State of Texas,
contributed to the $35.5 billion in issuance. The influx of issuance
coupled with market apprehension concerning a possible Federal
Reserve Board tightening pushed interest rates on a general market
one-year municipal note into the 4.00%--4.05% range. The six-month
period ended with interest rate concerns subsiding as the Federal
Reserve Board decided to leave interest rates unchanged at its
September 24, 1996 meeting. This decision rallied the one-year
municipal note to a 3.85% level by September 30, 1996.
Short-term municipal issuance within New Jersey decreased to $1.3
billion from $1.4 billion in the six-month period ended September
30, 1996. A $550 million New Jersey State tax-exempt commercial
paper offering was the major issue during the September period. This
quantity marked an increase of $100 million as compared to last
year's commercial paper issuance and will satisfy the State's cash
requirements through June 1997. The State continues to receive
positive credit reviews from the major rating agencies, based on the
State's conservative economic assumptions and satisfactory budget
surpluses.
During the six-month period ended September 30, 1996, we maintained
CMA New Jersey Municipal Money Fund's average portfolio maturity in
the 45-day--60-day range. We made adjustments to the Fund's
portfolio composition during the period, reducing our holdings in
tax-exempt commercial paper by 15% and increasing our position in
variable rate demand notes by 10%. This reallocation enhanced the
Fund's performance as the variable rate demand note sector performed
well as compared to tax-exempt commercial paper.
<PAGE>
We also increased our holdings in fixed-rate municipal notes by 4%.
The purchase of these notes served two functions. First, with
economic conditions of moderate growth and low inflation continuing
and the bulk of municipal issuance having already come to market, we
modestly increased the Fund's average portfolio maturity. These
notes allowed us to achieve this objective while also offering an
attractive yield. Second, notes remain an invaluable instrument for
Fund diversification. Diversification has become increasingly
significant as Securities and Exchange Commission guidelines
requiring increased diversification by state-specific municipal
money funds are pending. In the upcoming months, we will continue to
monitor the direction of the US economy and the short-term municipal
market.
In Conclusion
We thank you for your continued interest in CMA New Jersey 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
(Steven T. Lewis)
Steven T. Lewis
Vice President and Portfolio Manager
October 28, 1996
<PAGE>
Portfolio Abbreviations for CMA New Jersey Municipal Money Fund
ACES SM Adjustable Convertible Extendable Securities
AMT Alternative Minimum Tax (subject to)
BAN Bond Anticipation Notes
CP Commercial Paper
EDA Economic Development Authority
GO General Obligation Bonds
IDR Industrial Development Revenue Bonds
PCR Pollution Control Revenue Bonds
UT Unlimited Tax
VRDN Variable Rate Demand Notes
<TABLE>
CMA NEW JERSEY MUNICIPAL MONEY FUND
SCHEDULE OF INVESTMENTS AS OF SEPTEMBER 30, 1996 (IN THOUSANDS)
<CAPTION>
Face Value
State Amount Issue (Note 1a)
<S> <C> <S> <C>
New Jersey-- $ 3,800 Atlantic County, New Jersey, Improvement Authority Revenue Bonds
96.5% (Pooled Governmental Loan Program), ACES, 3.60% due 7/01/2026 (a) $ 3,800
Bayonne, New Jersey, UT:
2,415 BAN, 4.25% due 12/15/1996 2,418
4,800 BAN, 4.25% due 9/12/1997 4,811
9,115 Temporary Notes, 4.25% due 7/10/1997 9,136
4,880 Bergenfield, New Jersey, BAN, 4% due 1/31/1997 (e) 4,889
8,325 Bernards Township, New Jersey, Sewage Authority, Sewer Revenue
Refunding Bonds, 3.85% due 12/15/1996 8,327
Camden County, New Jersey, Improvement Authority Revenue Bonds, VRDN (a):
3,500 (Jewish Community Center Project), 3.60% due 12/01/2010 3,500
13,900 (Parkview Redevelopment Housing Project), AMT, 3.80% due 7/01/2026 13,900
20,000 Casino Reinvestment Development Authority, New Jersey, BAN (Corridor
Projects), Series A, 4.50% due 6/03/1997 20,048
2,017 Cedar Grove Township, New Jersey, BAN, UT, 3.50% due 3/11/1997 (e) 2,016
Eagle Tax Exempt Trust, New Jersey, VRDN, Series 94C-3001 (a):
15,900 3.95% due 10/01/2015 15,900
3,800 4% due 10/01/2015 3,800
Elizabeth, New Jersey, BAN, UT:
5,671 4.36% due 7/16/1997 5,671
5,000 4.42% due 7/16/1997 5,003
5,000 4.49% due 7/16/1997 5,005
10,000 4.55% due 7/16/1997 10,014
10,250 Essex County, New Jersey, Improvement Authority Revenue Bonds (Pooled
Governmental Loan Program), ACES, 3.50% due 7/01/2026 (a) 10,250
13,260 Floating Rate Trust Certificates, VRDN, Series 1994-E, 3.90% due 7/02/1999 (a) 13,260
12,300 Hudson County, New Jersey, Improvement Authority Revenue Bonds (Pooled
Government Loan Program), VRDN, 3.70% due 7/15/2026 (a) 12,300
<PAGE> 9,600 Jersey City, New Jersey, GO, School Promissary Notes, UT, 3.75%
due 3/07/1997 9,600
6,720 Little Egg Harbor, New Jersey, Board of Education, BAN, UT, 4% due
4/30/1997 (e) 6,727
2,030 Lyndhurst Township, New Jersey, BAN, 4.25% due 10/24/1996 2,031
21,600 Monmouth County, New Jersey, Improvement Authority Revenue Bonds
(Pooled Government Loan Program), ACES, 3.60% due 8/01/2016 (a) 21,600
New Jersey EDA, Dock Facility Revenue Refunding Bonds
(Bayonne/IMTT Project), VRDN, Series A (a):
10,400 3.80% due 12/01/2027 10,400
10,350 3.85% due 12/01/2027 10,350
</TABLE>
<TABLE>
CMA NEW JERSEY MUNICIPAL MONEY FUND
SCHEDULE OF INVESTMENTS AS OF SEPTEMBER 30, 1996 (CONTINUED) (IN THOUSANDS)
<CAPTION>
Face Value
State Amount Issue (Note 1a)
<S> <C> <S> <C>
New Jersey New Jersey EDA, Economic Development Revenue Bonds, VRDN (a):
(continued) $ 625 (Astor Chocolate Corp. Project), AMT, 3.90% due 4/01/2002 $ 625
3,900 (Atlanta-Danic Urban Renewal), 3.65% due 11/01/2007 3,900
9,525 (Benedictine Abbey of Newark), 3.85% due 12/01/2019 9,525
1,625 (Brach/Jersey Avenue Project), 3.85% due 5/01/2011 1,625
1,250 (Catholic Community Services), 3.70% due 6/01/2025 1,250
2,535 (Filtra Corp. Project), 3.90% due 8/01/2015 2,535
2,000 (International Vitamin Corp. Project), AMT, 3.90% due 5/01/2003 2,000
1,250 (Manhattan Bagel Co. Inc. Project), AMT, 3.90% due 10/01/2005 1,250
1,750 (Office Court Associates Project), AMT, 3.80% due 4/01/2011 1,750
1,870 (Park Lane Associates Project), AMT, 3.90% due 4/01/2010 1,870
6,100 Refunding (Lawrenceville School Project), Series B, 3.50% due 7/01/2026 6,100
1,500 Refunding, Multi-Modal (Church & Dwight), 3.50% due 12/01/2008 1,500
2,320 Refunding (RJB Associates Project), 3.80% due 8/01/2008 2,320
1,365 (Saint Peter's Preparatory School), 3.80% due 1/01/2010 1,365
New Jersey EDA, Exempt Facilities Revenue Bonds, CP:
9,000 (Chambers Cogeneration), AMT, 3.50% due 12/18/1996 9,000
5,500 (Keystone Project), 3.45% due 10/11/1996 5,500
6,000 (Keystone Project), 3.40% due 10/22/1996 6,000
9,200 (Keystone Project), 3.50% due 12/13/1996 9,200
1,735 New Jersey EDA, IDR (Plastic Suppliers Inc. Project), VRDN, AMT, 3.80%
due 6/01/2006 (a) 1,735
900 New Jersey EDA, Industrial and Economic Development Revenue Bonds
(Elizabeth Realty Urban Renewal Associates--1986 Project), VRDN, AMT,
4.05% due 6/01/2000 (a) 900
6,200 New Jersey EDA, Natural Gas Facilities Revenue Bonds (NUI Corp. Project),
VRDN, AMT, Series A, 3.80% due 6/01/2026 (a)(f) 6,200
New Jersey EDA, PCR, VRDN (a):
4,835 (General Motors Corp. Project), 3.70% due 10/01/2000 4,835
<PAGE> 7,450 (Merck & Co.), Series A, 4.05% due 10/01/2004 7,450
4,600 Refunding (Public Service Electric & Gas Co.), Series A, 3.50%
due 9/01/2012 (d) 4,600
5,000 New Jersey EDA, Port Facility Revenue Bonds (Trailer Marine Crowle),
VRDN, 3.40% due 2/01/2002 (a) 5,000
New Jersey EDA, Revenue Bonds, VRDN (a):
1,220 (E.P. Henry Corp. Project), 3.90% due 3/01/2005 1,220
3,000 (Economic Growth--Paterson), AMT, Series A, 3.80% due 11/01/2015 3,000
2,000 (Economic Growth--Paterson), AMT, Series B, 3.80% due 11/01/2004 2,000
9,300 (Hoffman-La Roche Inc. Project), AMT, 3.80% due 11/01/2011 9,300
1,000 (The Peddie School Project), 3.65% due 2/01/2026 1,000
2,000 (The Peddie School Project), Series B, 3.65% due 2/01/2019 2,000
3,500 New Jersey EDA, Thermal Energy Facilities Revenue Bonds (Thermal Energy
Limited Partnership), AMT, 3.60% due 12/12/1996 3,500
25,230 New Jersey Sports and Exposition Authority, State Contract, VRDN,
Series C, 3.55% due 9/01/2024 (a)(d) 25,230
15,000 New Jersey State, CP, Series 97, 3.65% due 12/13/1996 15,000
7,585 New Jersey State Educational Facilities Authority Revenue Bonds, VRDN,
Series SG-48, 3.75% due 7/01/2026 (a)(d) 7,585
</TABLE>
<TABLE>
CMA NEW JERSEY MUNICIPAL MONEY FUND
SCHEDULE OF INVESTMENTS AS OF SEPTEMBER 30, 1996 (CONCLUDED) (IN THOUSANDS)
<CAPTION>
Face Value
State Amount Issue (Note 1a)
<S> <C> <S> <C>
New Jersey New Jersey State, GO:
(concluded) $ 5,500 7.30% due 11/01/1996 (c) $ 5,567
5,000 Refunding, UT, Series E, 4.50% due 7/15/1997 5,031
5,655 New Jersey State Housing and Mortgage Finance Agency Revenue Bonds
(Home Buyer), Series 034, 3.50% due 12/13/1999 5,655
8,500 New Jersey State Turnpike Authority, Turnpike Revenue Refunding Bonds,
VRDN, Series D, 3.55% due 1/01/2018 (a)(b) 8,500
3,000 Passaic County, New Jersey, BAN, 3.67% due 11/19/1996 3,000
1,250 Passaic County, New Jersey, Utilities Authority, Solid Waste System
Revenue Bonds (Project Notes), Series B, 3.95% due 9/03/1997 (d) 1,250
Port Authority of New York and New Jersey:
1,300 CP, Series A and B, 3.60% due 10/23/1996 1,300
3,495 (Line of Credit), CP, AMT, 3.65% due 10/11/1996 3,495
5,000 (Line of Credit), CP, AMT, 3.50% due 10/16/1996 4,999
10,100 (Line of Credit), CP, AMT, 3.45% due 11/08/1996 10,100
4,860 (Line of Credit), CP, AMT, 3.65% due 12/09/1996 4,860
4,860 (Line of Credit), CP, AMT, 3.55% due 12/10/1996 4,860
1,100 (Line of Credit), CP, AMT, 3.70% due 1/15/1997 1,100
2,500 One Hundred-Third Series, First Installment, 3.50% due 12/15/1996 (d) 2,500
<PAGE> Port Authority of New York and New Jersey, Special Obligation Revenue
Bonds (Versatile Structure Obligation), VRDN (a):
61,000 AMT, Series 1, 4.05% due 8/01/2028 61,000
24,100 AMT, Series 4, 4% due 4/01/2024 24,100
500 Series 5, 3.90% due 8/01/2024 500
4,212 Roxbury Township, New Jersey, BAN, UT, 3.75% due 2/14/1997 4,220
Salem County, New Jersey, Industrial Pollution Control Financing
Authority Revenue Bonds, Series A:
7,300 (du Pont (E.I.) de Nemours), VRDN, 3.70% due 3/01/2012 (a) 7,300
4,200 (Philadelphia Electric), CP, 3.45% due 11/08/1996 4,200
8,900 South Plainfield, New Jersey, BAN, UT, 4.375% due 7/24/1997 (e) 8,930
2,200 Union County, New Jersey, Industrial Pollution Control Financing
Authority, PCR, Refunding (Allied Signal Project), VRDN, 3.95%
due 12/01/2020 (a) 2,200
8,000 Woodbridge Township, New Jersey, BAN, UT, 3.91% due 7/02/1997 8,003
Puerto Rico-- Puerto Rico Commonwealth, Government Development Bank, CP:
3.0% 5,000 3.40% due 10/18/1996 5,000
5,000 3.40% due 10/25/1996 5,000
6,000 3.50% due 10/29/1996 6,000
1,000 3.60% due 10/31/1996 1,000
Total Investments (Cost--$582,296*)--99.5% 582,296
Other Assets Less Liabilities--0.5% 2,981
----------
Net Assets--100.0% $ 585,277
==========
<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, 1996.
(b)FGIC Insured.
(c)Prerefunded.
(d)MBIA Insured.
(e)Bank Qualified.
(f)AMBAC Insured.
*Cost for Federal income tax purposes.
See Notes to Financial Statements.
</TABLE>
<PAGE>
<TABLE>
CMA NEW JERSEY MUNICIPAL MONEY FUND
STATEMENT OF ASSETS AND LIABILITIES AS OF SEPTEMBER 30, 1996
<S> <C> <C>
Assets:
Investments, at value (identified cost--$582,295,643) (Note 1a) $ 582,295,643
Cash 34,198
Interest receivable 3,390,676
Prepaid registration fees and other assets (Note 1d) 44,939
--------------
Total assets 585,765,456
--------------
Liabilities:
Payables:
Investment adviser (Note 2) $ 246,274
Distributor (Note 2) 144,174
Beneficial interest redeemed 5 390,453
--------------
Accrued expenses and other liabilities 98,248
--------------
Total liabilities 488,701
--------------
Net Assets $ 585,276,755
==============
Net Assets Consist of:
Shares of beneficial interest, $0.10 par value, unlimited number of shares
authorized $ 58,538,853
Paid-in capital in excess of par 526,849,348
Undistributed investment income--net 11,098
Accumulated realized capital losses--net (Note 4) (122,544)
--------------
Net Assets--Equivalent to $1.00 per share based on 585,388,528 shares of
beneficial interest outstanding $ 585,276,755
==============
See Notes to Financial Statements.
</TABLE>
<PAGE>
<TABLE>
CMA NEW JERSEY MUNICIPAL MONEY FUND
STATEMENT OF OPERATIONS FOR THE SIX MONTHS ENDED SEPTEMBER 30, 1996
<S> <C> <C>
Investment Income (Note 1c):
Interest and amortization of premium and discount earned $ 10,409,103
Expenses:
Investment advisory fees (Note 2) $ 1,465,725
Distribution fees (Note 2) 370,723
Transfer agent fees (Note 2) 59,606
Accounting services (Note 2) 39,024
Registration fees (Note 1d) 35,771
Professional fees 25,398
Custodian fees 22,800
Printing and shareholder reports 18,031
Pricing fees 4,085
Trustees' fees and expenses 2,896
Other 3,561
--------------
Total expenses 2,047,620
--------------
Investment income--net 8,361,483
Realized Loss on Investments--Net (Note 1c) (47,137)
--------------
Net Increase in Net Assets Resulting from Operations $ 8,314,346
==============
See Notes to Financial Statements.
</TABLE>
<TABLE>
CMA NEW JERSEY MUNICIPAL MONEY FUND
STATEMENTS OF CHANGES IN NET ASSETS
<CAPTION>
For the Six For the
Months Ended Year Ended
Increase (Decrease) in Net Assets: September 30, 1996 March 31, 1996
<S> <C> <C>
Operations:
Investment income--net $ 8,361,483 $ 16,961,902
Realized loss on investments--net (47,137) (4,492)
-------------- --------------
Net increase in net assets resulting from operations 8,314,346 16,957,410
<PAGE> -------------- --------------
Dividends to Shareholders (Note 1e):
Investment income--net (8,355,763) (16,955,885)
-------------- --------------
Net decrease in net assets resulting from dividends to shareholders (8,355,763) (16,955,885)
-------------- --------------
Beneficial Interest Transactions (Note 3):
Net proceeds from sale of shares 1,000,532,213 1,937,805,407
Net asset value of shares issued to shareholders in reinvestment of
dividends (Note 1e) 8,354,646 16,956,937
-------------- --------------
1,008,886,859 1,954,762,344
Cost of shares redeemed (1,033,853,342) (1,870,226,420)
-------------- --------------
Net increase (decrease) in net assets derived from beneficial interest transactions (24,966,483) 84,535,924
-------------- --------------
Net Assets:
Total increase (decrease) in net assets (25,007,900) 84,537,449
Beginning of period 610,284,655 525,747,206
-------------- --------------
End of period* $ 585,276,755 $ 610,284,655
============== ==============
<FN>
*Undistributed investment income--net $ 11,098 $ 5,378
============== ==============
See Notes to Financial Statements.
</TABLE>
<TABLE>
CMA NEW JERSEY MUNICIPAL MONEY FUND
FINANCIAL HIGHLIGHTS
<CAPTION>
The following per share data and ratios have been derived For the
from information provided in the financial statements. Six Months
Ended Sept. 30, For the Year Ended March 31,
Increase (Decrease) in Net Asset Value: 1996 1996 1995 1994 1993
<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 .02 .02 .02
---------- ---------- ---------- ---------- ----------
Total from investment operations .01 .03 .02 .02 .02
---------- ---------- ---------- ---------- ----------
Less dividends from investment income--net (.01) (.03) (.02) (.02) (.02)
---------- ---------- ---------- ---------- ----------
Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
<PAGE> ========== ========== ========== ========== ==========
Total Investment Return 2.78%* 3.07% 2.52% 1.82% 2.21%
========== ========== ========== ========== ==========
Ratios to Average Net Assets:
Expenses .68%* .68% .71% .70% .70%
========== ========== ========== ========== ==========
Investment income--net 2.78%* 3.02% 2.51% 1.80% 2.16%
========== ========== ========== ========== ==========
Supplemental Data:
Net assets, end of period (in thousands) $ 585,277 $ 610,285 $ 525,747 $ 441,846 $ 388,903
========== ========== ========== ========== ==========
<FN>
*Annualized.
See Notes to Financial Statements.
</TABLE>
CMA NEW JERSEY MUNICIPAL MONEY FUND
NOTES TO FINANCIAL STATEMENTS
1. Significant Accounting Policies:
CMA New Jersey 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.
<PAGE>
(a) Valuation of investments--Investments are valued at amortized
cost, which approximates market value. For the purpose of
valuation, the maturity of a variable rate demand instrument is
deemed to be the next coupon date on which the interest rate is to
be adjusted. In the case of a floating rate instrument, the
remaining maturity is the demand notice payment period.
(b) Income taxes--It is the Fund's policy to comply with the
requirements of the Internal Revenue Code applicable to regulated
investment companies and to distribute substantially all of its
taxable income to its shareholders. Therefore, no Federal income tax
provision is required.
(c) Security transactions and investment income--Security
transactions are recorded on the dates the transactions are entered
into (the trade dates). Interest income (including amortization of
premium and discount) is recognized on the accrual basis. Realized
gains and losses on security transactions are determined on the
identified cost basis.
(d) Prepaid registration fees--Prepaid registration fees are charged
to expense as the related shares are issued.
(e) Dividends and distributions to shareholders--The Fund declares
dividends daily and reinvests daily such dividends (net of non-
resident alien tax withheld) in additional fund shares at net asset
value. Dividends are declared from the total of net investment
income, excluding discounts earned other than original issue
discounts. Net realized capital gains, if any, are normally
distributed annually after deducting prior years' loss carryforward.
The Fund may distribute capital gains more frequently than annually
in order to maintain the Fund's net asset value at $1.00 per share.
2. Investment Advisory Agreement and
Transactions with Affiliates:
The Fund has entered into an Investment Advisory Agreement with Fund
Asset Management, L.P. ("FAM" or "Adviser"). The general partner of
FAM is Princeton Services, Inc. ("PSI"), an indirect wholly-owned
subsidiary of Merrill Lynch & Co., Inc. ("ML & Co."), which is the
limited partner.
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.
<PAGE>
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.
CMA NEW JERSEY MUNICIPAL MONEY FUND
NOTES TO FINANCIAL STATEMENTS (CONCLUDED)
Merrill Lynch Financial Data Services, Inc. ("MLFDS"), a wholly-
owned subsidiary of ML & Co., is the Fund's transfer agent.
Accounting services are provided to the Fund by FAM at cost.
Certain officers and/or trustees of the Fund are officers and/or
directors of FAM, PSI, MLPF&S, MLFDS, and/or ML & Co.
3. Shares of Beneficial Interest:
The number of shares purchased and redeemed during the period
corresponds to the amounts included in the Statements of Changes in
Net Assets for net proceeds from sale of shares and cost of shares
redeemed, respectively, since shares are recorded at $1.00 per
share.
4. Capital Loss Carryforward:
At March 31, 1996, the Fund had a net capital loss carryforward of
approximately $75,000, of which $71,000 expires in 2003 and $4,000
expires in 2004. This amount will be available to offset like
amounts of any future taxable gains.
CMA NEW JERSEY MUNICIPAL MONEY FUND
OFFICERS AND TRUSTEES
<PAGE>
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
Steven T. Lewis--Vice President
Kenneth A. Jacob--Vice President
Kevin A. Schiatta--Vice President
Helen Marie Sheehan--Vice President
Gerald M. Richard--Treasurer
Robert Harris--Secretary
Custodian
State Street Bank and Trust Company
P.O. Box 1713
Boston, Massachusetts 02101
Transfer Agent
Merrill Lynch Financial Data Services, Inc.
4800 Deer Lake Drive East
Jacksonville, Florida 32246-6484
(800) 221-7210*
[FN]
*For inquiries regarding your CMA account,
call (800) CMA-INFO [(800) 262-4636].
