CMA NEW JERSEY
MUNICIPAL MONEY FUND
Semi-Annual Report
September 30, 1997
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 Jersey
Municipal Money Fund
Box 9011
Princeton, NJ 08543-9011 11284 -- 9/97
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Printed on post-consumer recycled paper
[FUND LOGO]
[MERRILL LYNCH BULL LOGO]
TO OUR SHAREHOLDERS:
For the six-month period ended September 30, 1997, CMA New Jersey
Municipal Money Fund paid shareholders a net annualized yield of
2.99%*. As of September 30, 1997, the Fund's 7-day yield was 3.14%.
Investment Environment and Strategy
During the six-month period ended September 30, 1997, we maintained an
average portfolio maturity in the 35-day--45-day range. The short-term
municipal market experienced several periods of increased issuance,
which strongly influenced the direction of short-term municipal rates
and our investment strategy. During these periods, yields on variable
rate demand products moved to very attractive levels as the market
absorbed the additional issuance. The Fund benefited from these higher
levels as we maintained significant holdings in the variable rate
sector. We made several purchases in the short-term municipal note
market, maintaining our holdings in this sector at 15%--20% of net
assets. Diversification remained one of our priorities, and these
purchases allowed us to increase the Fund's diversity while providing
high credit quality and an attractive yield.
During the six-month period ended September 30, 1997, New Jersey
Governor Christine Whitman signed a $16.8 billion budget for fiscal
year 1998, a 5% increase as compared to the previous year's budget. At
the center of the budget was a $2.8 billion long-term taxable
municipal bond issue, the proceeds of which were used to fund the
state's pension system. This withstood court challenges all the way up
to the New Jersey State Supreme Court. The bonds were well received by
the investment community and provided the state with an additional
$600 million to help balance the 1998 budget. We anticipate that the
state will enter the short-term municipal market in October 1997 with
$800 million in tax-exempt commercial paper to meet its seasonal cash
flow needs. Finally, short-term municipal issuance within New Jersey
increased to $1.1 billion from $639.4 million during the six-month
period ended March 31, 1997.
Looking ahead, in the upcoming months we expect municipal supply to
once again influence short-term interest rates and our investment
strategy. Several issuers, including New York City, the Commonwealth
of Pennsylvania and the Commonwealth of Puerto Rico, are expected to
access the market. The market's ability to digest this supply will be
important in determining the direction of interest rates. We also
expect technical factors associated with year-end broker/dealer
inventory concerns and January money inflows to affect the shape of
the short-term yield curve.
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,
/S/ARTHUR ZEIKEL
Arthur Zeikel
President
/S/VINCENT R. GIORDANO
Vincent R. Giordano
Senior Vice President
/S/STEVEN T. LEWIS
Steven T. Lewis
Vice President and Portfolio Manager
October 24, 1997
* Based on a constant investment throughout the period, with dividends
compounded daily, and reflecting a net return to the investor after
all expenses.
<TABLE>
<CAPTION>
CMA New Jersey Municipal Money Fund
Schedule of Investments as of September 30, 1997 (in Thousands)
Face Value
State Amount Issue (Note 1a)
<S> <C> <C> <C>
New Jersey -- $20,000 Atlantic City, New Jersey, BAN, UT, 4.25% due 11/11/1997 $20,009
93.1% 3,800 Atlantic County, New Jersey, Improvement Authority Revenue Bonds
(Pooled Governmental Loan Program), ACES, 3.80% due 7/01/2026 (a) 3,800
9,000 Bernards Township, New Jersey, Sewage Authority, Sewer Revenue
Refunding Bonds, 3.70% due 12/15/1997 9,000
Camden County, New Jersey, Improvement Authority Revenue Bonds,
VRDN (a):
2,950 (Jewish Community Center Project), 3.85% due 12/01/2010 2,950
13,900 (Parkview Redevelopment Housing Project), AMT, 4.05% due 7/01/2026 13,900
4,620 Clifton, New Jersey, BAN, UT, 4.25% due 6/25/1998 4,631
14,000 Eagle Tax-Exempt Trust, New Jersey State Housing and Mortgage Finance
Agency, Series 97C-3002, 3.75% due 10/01/1997 14,000
16,500 Eagle Tax-Exempt Trust, New Jersey State Housing and Mortgage Finance
Agency, VRDN, Series 94C-3001, 4.18% due 10/01/2015 (a) 16,500
15,000 Elizabeth, New Jersey, BAN, UT, 4.75% due 1/09/1998 15,027
6,450 Essex County, New Jersey, Improvement Authority Revenue Bonds (Pooled
Governmental Loan Program), ACES, 4% due 7/01/2026 (a) 6,450
13,260 Floating Rate Trust Certificates, VRDN, Series 1994-E, 4.05% due
7/02/1999 (a) 13,260
8,000 Hudson County, New Jersey, Improvement Authority, Floating Rate Bonds
(Essential Purpose Pooled Government), VRDN, 3.95% due 7/15/2026 (a) 8,000
8,575 Jersey City, New Jersey, GO, School Promissary Notes, UT, 4.125% due
3/06/1998 8,589
2,107 Manalapan Township, New Jersey, BAN, UT, 4.25% due 10/15/1997 2,107
19,600 Monmouth County, New Jersey, Improvement Authority Revenue Bonds
(Pooled Government Loan Program), ACES, 3.75% due 8/01/2016 (a) 19,600
4,765 New Brunswick, New Jersey, BAN, 4% due 12/09/1997 4,768
New Jersey EDA, Dock Facility Revenue Refunding Bonds (Bayonne/IMTT
Project), VRDN, Series A (a):
5,700 3.80% due 12/01/2027 5,700
10,650 3.85% due 12/01/2027 10,650
New Jersey EDA, Economic Development Revenue Bonds, VRDN (a):
525 (Astor Chocolate Corporation Project), AMT, 3.95% due 4/01/2002 525
3,600 (Atlanta -- Danic Urban Renewal), 4% due 11/01/2007 3,600
9,325 (Benedictine Abbey of Newark), 4.05% due 12/01/2019 9,325
1,525 (Brach/Jersey Avenue Project), 4% due 5/01/2011 1,525
1,250 (Catholic Community Services), 3.85% due 6/01/2025 1,250
3,600 (Delta Plastics Corporation Project), 4.26% due 10/01/2006 3,600
2,369 (Filtra Corporation Project), 3.95% due 8/01/2015 2,369
1,700 (International Vitamin Corporation Project), AMT, 3.95% due 5/01/2003 1,700
900 (Manhattan Bagel Company Inc. Project), AMT, 3.95% due 10/01/2005 900
1,700 (Office Court Associates Project), AMT, 3.95% due 4/01/2011 1,700
1,740 (Park Lane Associates Project), AMT, 3.95% due 4/01/2010 1,740
6,100 Refunding (Lawrenceville School Project), Series B, 4% due 7/01/2026 6,100
4,900 Refunding (Multi-Modal -- Church & Dwight), 4% due 12/01/2008 4,900
2,198 Refunding (RJB Associates Project), 4.05% due 8/01/2008 2,198
1,345 (Saint Peter's Preparatory School), 3.90% due 1/01/2010 1,345
New Jersey EDA, Exempt Facilities, CP:
2,600 (Chambers Cogeneration), AMT, 3.65% due 10/07/1997 2,600
2,600 (Chambers Cogeneration), AMT, 3.65% due 10/09/1997 2,600
2,300 (Chambers Cogeneration), AMT, 3.40% due 10/14/1997 2,300
3,000 (Chambers Cogeneration), AMT, 3.45% due 10/17/1997 3,000
2,100 (Keystone Project), 3.45% due 10/08/1997 2,100
2,500 (Keystone Project), 3.60% due 10/08/1997 2,500
2,500 (Keystone Project), 3.60% due 10/10/1997 2,500
2,800 (Keystone Project), 3.55% due 10/14/1997 2,800
1,500 (Keystone Project), 3.60% due 10/14/1997 1,500
2,100 (Keystone Project), 3.50% due 10/17/1997 2,100
2,600 (Keystone Project), 3.70% due 12/11/1997 2,600
1,600 New Jersey EDA, IDR (Plastic Suppliers Inc. Project), VRDN, AMT, 4.25%
due 6/01/2006 (a) 1,600
700 New Jersey EDA, Industrial and Economic Development Revenue Bonds
(Elizabeth Realty Urban Renewal Associates -- 1986 Project), VRDN, AMT,
4.25% due 6/01/2000 (a) 700
New Jersey EDA, Natural Gas Facilities Revenue Bonds, VRDN (a)(c):
22,200 (NUI Corporation Project), AMT, Series A, 3.90% due 6/01/2026 22,200
400 (New Jersey Natural Gas Company Project), Series B, 3.90% due 8/01/2030 400
New Jersey EDA, PCR, VRDN (a):
4,835 (General Motors Corp. Project), 3.90% due 10/01/2000 4,835
7,450 (Merck & Company), Series A, 4.30% due 10/01/2004 7,450
3,000 Refunding (Public Service Electric & Gas Company), Series A, 3.70% due
9/01/2012 (b) 3,000
5,000 New Jersey EDA, Port Facility Revenue Bonds (Trailer Marine Crowle),
VRDN, 3.55% due 2/01/2002 (a) 5,000
New Jersey EDA, Revenue Bonds, VRDN (a):
2,150 (Adam Spence Corporation Project), AMT, 4.05% due 9/01/2017 2,150
1,130 (E.P. Henry Corp. Project), 3.95% due 3/01/2005 1,130
1,075 (Economic Growth -- Greater Mercer County), AMT, Series A-1, 4.10%
due 11/01/2016 1,075
4,140 (Economic Growth -- Greater Mercer County), AMT, Series E, 4.10%
due 11/01/2006 4,140
3,570 (Economic Growth -- Greater Mercer County), AMT, Series H, 4.10%
due 11/01/2016 3,570
1,300 (Economic Growth -- Greater Mercer County), Series F, 4% due
11/01/2016 1,300
1,500 (Economic Growth -- Greater Mercer County), Series G, 4% due
11/01/2016 1,500
2,900 (Economic Growth -- Paterson), AMT, Series A, 4.10% due 1/01/2016 2,900
2,000 (Economic Growth -- Paterson), AMT, Series B, 4.10% due 1/01/2005 2,000
12,400 (Hoffman-La Roche, Inc. Project), AMT, 3.50% due 11/01/2011 12,400
1,000 (The Peddie School Project), 3.90% due 2/01/2026 1,000
2,000 (The Peddie School Project), Series B, 3.90% due 2/01/2019 2,000
3,500 New Jersey EDA, Thermal Energy Facilities Revenue Bonds (Thermal Energy
Limited Partnership), AMT, 3.85% due 11/13/1997 3,500
New Jersey EDA, Water Facilities Revenue Bonds, VRDN, AMT (a):
3,100 (American Water Company, Inc. Project), Series B, 3.90% due 5/01/2032 (d) 3,100
6,800 (Elizabethtown Water Company Project), Series A, 3.75% due 6/01/2027 (c) 6,800
8,400 Refunding (United Water of New Jersey, Inc. Project), Series A,
3.85% due 11/01/2026 (c) 8,400
1,200 Refunding (United Water of New Jersey, Inc. Project), Series C,
3.95% due 11/01/2025 (c) 1,200
21,930 New Jersey Sports and Exposition Authority, State Contract, VRDN,
Series C, 3.85% due 9/01/2024 (a)(b) 21,930
7,585 New Jersey State Educational Facilities Authority Revenue Bonds, FLOATS,
Series SG-48, 4.20% due 7/01/2026 (a)(b) 7,585
2,000 New Jersey State Educational Facilities Authority Revenue Bonds (Higher
Education Facilities Trust Fund), Series A, 5.125% due 9/01/1998 (c) 2,024
3,400 New Jersey State Higher Education Assistance Authority, Student Loan
Revenue Bonds (New Jersey Class Loan Program), AMT, Series B, 3.90%
due 6/01/1998 (b) 3,400
1,535 New Jersey State Housing and Mortgage Finance Agency Revenue Bonds,
Custodial Receipts, Series C-76, 3.70% due 10/01/1997 1,535
1,000 New Jersey State, Refunding, GO, UT, Series E, 5% due 7/15/1998 1,009
40,200 New Jersey State Turnpike Authority, Turnpike Revenue Refunding Bonds,
VRDN, Series D, 3.55% due 1/01/2018 (a)(d) 40,200
8,000 Ocean County, New Jersey, BAN, UT, 4.25% due 6/19/1998 8,029
18,028 Passaic County, New Jersey, BAN, UT, 4.25% due 6/16/1998 18,064
Port Authority of New York and New Jersey (Line of Credit), CP, AMT:
2,735 3.50% due 10/06/1997 2,735
2,120 3.50% due 10/08/1997 2,120
5,700 3.55% due 10/08/1997 5,700
1,705 3.60% due 10/09/1997 1,705
1,190 3.45% due 10/14/1997 1,190
5,110 3.60% due 10/14/1997 5,110
2,090 3.60% due 10/17/1997 2,090
3,165 3.65% due 12/19/1997 3,165
14,500 Port Authority of New York and New Jersey, Special Obligation Revenue
Bonds, Floating Rate Receipts, AMT, Series SG-94, 4.20% due 12/01/2017
(a)(b) 14,500
Port Authority of New York and New Jersey, Special Obligation Revenue
Bonds (Versatile Structure Obligation), VRDN (a):
49,000 Refunding, AMT, Series 1R, 4% due 8/01/2028 49,000
1,500 Series 2, 4% due 5/01/2019 1,500
400 Series 3, 3.95% due 6/01/2020 400
44,500 Series 4, 4% due 4/01/2024 44,500
Salem County, New Jersey, Industrial Pollution Control Financing Authority
Revenue Bonds, Series A:
7,300 (du Pont (E.I.) de Nemours & Co.), VRDN, 3.60% due 3/01/2012 (a) 7,300
4,200 (Philadelphia Electric), CP, 3.60% due 10/07/1997 4,200
Salem County, New Jersey, Pollution Control Financing Authority,
PCR, Refunding, VRDN (a)(b):
5,500 (Atlantic City Electric Company), Series A, 3.75% due 4/15/2014 5,500
1,000 (Atlantic City Electric Company), Series B, 3.85% due 7/15/2017 1,000
4,000 (Public Service Electric & Gas Company), 4.05% due 4/01/2031 4,000
2,200 Union County, New Jersey, Industrial Pollution Control Financing Authority,
PCR, Refunding (Allied Signal Project), VRDN, 4.15% due 12/01/2020 (a) 2,200
17,800 Woodbridge Township, New Jersey, BAN, UT, 4.25% due 7/01/1998 17,857
Puerto Rico -- Puerto Rico Commonwealth, Government Development Bank, CP:
6.1% 3,800 3.50% due 10/01/1997 3,800
3,700 3.50% due 10/06/1997 3,700
5,000 3.60% due 10/08/1997 5,000
5,000 3.60% due 10/09/1997 5,000
5,400 3.50% due 10/17/1997 5,400
5,200 3.70% due 11/10/1997 5,200
5,100 3.70% due 11/13/1997 5,100
2,900 3.70% due 12/11/1997 2,900
5,700 Refunding, VRDN, 3.70% due 12/01/2015 (a) 5,700
----------
Total Investments (Cost -- $673,016*) -- 99.2% 673,016
Other Assets Less Liabilities -- 0.8% 5,155
----------
Net Assets --100.0% $678,171
==========
(a) The interest rate is subject to change periodically based on certain indexes. The interest rate shown is the rate in
effect at September 30, 1997.
(b) MBIA Insured.
(c) AMBAC Insured.
(d) FGIC Insured.
* Cost for Federal income tax purposes.
Portfolio Abbreviations for CMA New Jersey Municipal Money Fund
ACESSM Adjustable Convertible Extendable Securities
AMT Alternative Minimum Tax (subject to)
BAN Bond Anticipation Notes
CP Commercial Paper
EDA Economic Development Authority
FLOATS Floating Rate Securities
GO General Obligation Bonds
IDR Industrial Development Revenue Bonds
PCR Pollution Control Revenue Bonds
UT Unlimited Tax
VRDN Variable Rate Demand Notes
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
Cma New Jersey Municipal Money Fund
Statement of Assets and Liabilities as of September 30, 1997
<S> <C> <C>
Assets:
Investments, at value (identified cost -- $673,016,145) (Note 1a) $673,016,145
Cash 201,099
Receivables:
Interest $4,703,982
Securities sold 780,000 5,483,982
-------------
Prepaid registration fees and other assets (Note 1d) 26,727
-------------
Total assets 678,727,953
-------------
Liabilities:
Payables:
Investment adviser (Note 2) 292,494
Distributor (Note 2) 160,632 453,126
-------------
Accrued exenses and other liabilities 104,010
-------------
Total liabilities 557,136
-------------
Net Assets $678,170,817
=============
Net Assets Consist of:
Shares of beneficial interest, $0.10 par value, unlimited number of shares
authorized $67,831,114
Paid-in capital in excess of par 610,479,696
Accumulated realized capital losses -- net (Note 4) (139,993)
-------------
Net Assets -- Equivalent to $1.00 per share based on 678,311,137 shares of
beneficial interest outstanding $678,170,817
=============
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
Cma New Jersey Municipal Money Fund
Statement of Operations for the Six Months Ended September 30, 1997
<S> <C> <C>
Investment Income (Note 1c):
Interest and amortization of premium and discount earned $12,440,713
Expenses:
Investment advisory fees (Note 2) $1,635,406
Distribution fees (Note 2) 417,252
Transfer agent fees (Note 2) 63,746
Accounting services (Note 2) 38,246
Registration fees (Note 1d) 33,041
Professional fees 31,476
Custodian fees 23,989
Printing and shareholder reports 13,335
Pricing fees 6,132
Trustees' fees and expenses 2,931
Other 3,834
-------------
Total expenses 2,269,388
-------------
Investment income -- net 10,171,325
Realized Loss on Investments -- Net (Note 1c) (31,035)
-------------
Net Increase in Net Assets Resulting from Operations $10,140,290
=============
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
Cma New Jersey Municipal Money Fund
Statements of Changes in Net Assets
For the Six For the
Months Ended Year Ended
Sept. 30, March 31,
Increase (Decrease) in Net Assets: 1997 1997
<S> <C> <C>
Operations:
Investment income -- net $10,171,325 $17,125,404
Realized loss on investments -- net (31,035) (47,138)
--------------- ---------------
Net increase in net assets resulting from operations 10,140,290 17,078,266
--------------- ---------------
Dividends to Shareholders (Note 1e):
Investment income -- net (10,171,325) (17,117,196)
--------------- ---------------
Net decrease in net assets resulting from dividends to shareholders (10,171,325) (17,117,196)
--------------- ---------------
Beneficial Interest Transactions (Note 3):
Net proceeds from sale of shares 1,334,465,179 2,177,998,397
Net asset value of shares issued to shareholders in reinvestment of
dividends (Note 1e) 10,171,383 17,116,053
--------------- ---------------
1,344,636,562 2,195,114,450
Cost of shares redeemed (1,349,795,918) (2,121,998,967)
--------------- ---------------
Net increase (decrease) in net assets derived from beneficial
interest transactions (5,159,356) 73,115,483
--------------- ---------------
Net Assets:
Total increase (decrease) in net assets (5,190,391) 73,076,553
Beginning of period 683,361,208 610,284,655
--------------- ---------------
End of period $678,170,817 $683,361,208
=============== ===============
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
Cma New Jersey Municipal Money Fund
Financial Highlights
The following per share data and ratios have been derived For the Six
from information provided in the financial statements. Months Ended
Sept. 30, For the Year Ended March 31,
1997 1997 1996 1995 1994
Increase (Decrease) in Net Asset Value:
<S> <C> <C> <C> <C> <C>
Per Share Operating Performance:
Net asset value, beginning of period $1.00 $1.00 $1.00 $1.00 $1.00
----------- ----------- ----------- ----------- -----------
Investment income -- net .02 .03 .03 .02 .02
----------- ----------- ----------- ----------- -----------
Total from investment operations .02 .03 .03 .02 .02
----------- ----------- ----------- ----------- -----------
Less dividends from investment income -- net (.02) (.03) (.03) (.02) (.02)
----------- ----------- ----------- ----------- -----------
Net asset value, end of period $1.00 $1.00 $1.00 $1.00 $1.00
=========== =========== =========== =========== ===========
Total Investment Return 2.99%* 2.83% 3.07% 2.52% 1.82%
=========== =========== =========== =========== ===========
Ratios to Average Net Assets:
Expenses .67%* .68% .68% .71% .70%
=========== =========== =========== =========== ===========
Investment income -- net 2.99%* 2.78% 3.02% 2.51% 1.80%
=========== =========== =========== =========== ===========
Supplemental Data:
Net assets, end of period (in thousands) $678,171 $683,361 $610,285 $525,747 $441,846
=========== =========== =========== =========== ===========
* 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.
(a) Valuation of investments -- Investments are valued at amortized
cost, which approximates market value. For the purpose of valuation,
the maturity of a variable rate demand instrument is deemed to be the
next coupon date on which the interest rate is to be adjusted. In the
case of a floating rate instrument, the remaining maturity is the
demand notice payment period.
(b) Income taxes -- It is the Fund's policy to comply with the
requirements of the Internal Revenue Code applicable to regulated
investment companies and to distribute substantially all of its
taxable income to its shareholders. Therefore, no Federal income tax
provision is required.
(c) Security transactions and investment income -- Security
transactions are recorded on the dates the transactions are entered
into (the trade dates). Interest income (including amortization of
premium and discount) is recognized on the accrual basis. Realized
gains and losses on security transactions are determined on the
identified cost basis.
(d) Prepaid registration fees -- Prepaid registration fees are charged
to expense as the related shares are issued.
(e) Dividends and distributions to share-holders -- The Fund declares
dividends daily and reinvests daily such dividends (net of non-
resident alien tax and back-up withholding tax withheld) in additional
fund shares at net asset value. Dividends are declared from the total
of net investment income, excluding discounts earned other than
original issue discounts. Net realized capital gains, if any, are
normally distributed annually after deducting prior years' loss
carryforward. The Fund may distribute capital gains more frequently
than annually in order to maintain the Fund's net asset value at $1.00
per share.
2. Investment Advisory Agreement and Transactions with Affiliates:
The Fund has entered into an Investment Advisory Agreement with Fund
Asset Management, L.P. ("FAM"). The general partner of FAM is
Princeton Services, Inc. ("PSI"), an indirect wholly-owned subsidiary
of Merrill Lynch & Co., Inc. ("ML & Co."), which is the limited
partner.
FAM is responsible for the management of the Fund's portfolio and
provides the necessary personnel, facilities, equipment and certain
other services necessary to the operations of the Fund. For such
services, the Fund pays a monthly fee based upon the average daily
value of the Fund's net assets at the following annual rates: 0.50% of
the first $500 million of average daily net assets; 0.425% of average
daily net assets in excess of $500 million but not exceeding $1
billion; and 0.375% of average daily net assets in excess of $1
billion.
Pursuant to the Distribution and Shareholder Servicing Plan in
compliance with Rule 12b-1 under the Investment Company Act of 1940,
Merrill Lynch, Pierce, Fenner & Smith Inc. ("MLPF&S") receives a
distribution fee from the Fund at the end of each month at the annual
rate of 0.125% of average daily net assets of the Fund. The
distribution fee is to compensate MLPF&S financial consultants and
other directly involved branch office personnel for selling shares of
the Fund and for providing direct personal services to shareholders.
The distribution fee is not compensation for the administrative and
operational services rendered to the Fund by MLPF&S in processing
share orders and administering shareholder accounts.
Merrill Lynch Financial Data Services, Inc. ("MLFDS"), a wholly-owned
subsidiary of ML & Co., is the Fund's transfer agent.
Accounting services are provided to the Fund by FAM at cost.
Certain officers and/or trustees of the Fund are officers and/or
directors of FAM, PSI, MLFDS, and/or ML & Co.
3. Shares of Beneficial Interest:
The number of shares purchased and redeemed during the period
corresponds to the amounts included in the Statements of Changes in
Net Assets for net proceeds from sale of shares and cost of shares
redeemed, respectively, since shares are recorded at $1.00 per share.
4. Capital Loss Carryforward:
At March 31, 1997, the Fund had a net capital loss carryforward of
approximately $109,000, of which $72,000 expires in 2003, $4,000
expires in 2004 and $33,000 expires in 2005. This amount will be
available to offset like amounts of any future taxable gains.
CMA NEW JERSEY MUNICIPAL MONEY FUND
Officers and Trustees
Arthur Zeikel -- President and Trustee
Ronald W. Forbes -- Trustee
Cynthia A. Montgomery -- Trustee
Charles C. Reilly -- Trustee
Kevin A. Ryan -- Trustee
Richard R. West -- Trustee
Terry K. Glenn -- Executive Vice President
Vincent R. Giordano -- Senior Vice President
Edward J. Andrews -- Vice President
Donald C. Burke -- Vice President
Peter J. Hayes -- Vice President
Kenneth A. Jacob -- Vice President
Steven T. Lewis -- Vice President
Darrin J. SanFillippo -- Vice President
Kevin A. Schiatta -- Vice President
Helen Marie Sheehan -- Vice President
Gerald M. Richard -- Treasurer
Robert Harris -- Secretary
Custodian
State Street Bank and Trust Company
P.O. Box 351
Boston, MA 02101
Transfer Agent
Merrill Lynch Financial Data Services, Inc.
4800 Deer Lake Drive East
Jacksonville, FL 32246-6484
(800) 221-7210*
* For inquiries regarding your CMA account call (800) CMA-INFO [(800)
262-4636].
