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Previous: CARDINAL FUND INC, N-30D, 1995-06-09 |
Next: CENTEX CORP, 8-K, 1995-06-09 |
SEMI-ANNUAL REPORT
FOR THE SIX MONTHS ENDED MARCH 31, 1995
THE CASH MANAGEMENT TRUST OF AMERICA
THE U.S. TREASURY MONEY FUND OF AMERICA
THE TAX-EXEMPT MONEY FUND OF AMERICA
[The American Funds Group(R)]
THE CASH MANAGEMENT TRUST OF AMERICA, THE U.S. TREASURY MONEY FUND OF AMERICA
and THE TAX-EXEMPT MONEY FUND OF AMERICA have much in common. Each gives
shareholders a way to earn income on cash reserves while preserving capital and
maintaining liquidity.
THE CASH MANAGEMENT TRUST OF AMERICA(R) seeks to achieve its objective by
investing in high-quality money market instruments issued primarily by
corporations, banks and the U.S. government and its agencies.
THE U.S. TREASURY MONEY FUND OF AMERICA(SM) invests in short-term U.S. Treasury
securities, all of which are direct obligations of the U.S. government. Income
paid by the fund is exempt from state and local taxes in most states.
THE TAX-EXEMPT MONEY FUND OF AMERICA(SM) seeks to provide its shareholders with
income exempt from federal taxes by investing in high-quality, short-term
municipal securities.
For current yields, please call toll-free 800/421-8068.
THE FIGURES IN THIS REPORT REFLECT PAST RESULTS. THE RETURN ON AN INVESTMENT IN
THESE FUNDS WILL VARY. FUND SHARES ARE NOT DEPOSITS OR OBLIGATIONS OF, OR
INSURED OR GUARANTEED BY, THE U.S. GOVERNMENT, ANY FINANCIAL INSTITUTION, THE
FEDERAL DEPOSIT INSURANCE CORPORATION, OR ANY OTHER AGENCY, ENTITY OR PERSON.
THERE CAN BE NO ASSURANCE THAT THE FUNDS' NET ASSET VALUES WILL REMAIN CONSTANT
AT $1.00.
FELLOW SHAREHOLDERS:
During the semi-annual reporting period ended March 31, The Cash Management
Trust of America, The U.S. Treasury Money Fund of America and The Tax-Exempt
Money Fund of America benefited from the Federal Reserve Board's continuing
effort to tighten credit by raising short-term interest rates.
On November 15 and February 1, for the sixth and seventh times in the past 15
months, the Fed lifted interest rates as a means of tempering economic growth
and inflation. In response, the yields on our three money market funds - which
invest in short-term securities with maturities of one year or less - have
continued to increase.
For THE CASH MANAGEMENT TRUST OF AMERICA, for example, the annualized yield for
the seven days ended March 31 was 5.6%. This was up from 4.2% six months ago
and about double the 2.8% seven-day annualized yield one year ago. With its
portfolio composed of top-quality commercial paper, federal agency discount
notes, certificates of deposit and bankers' acceptances, the fund provided
shareholders who reinvested their dividends with a return for the past six
months of 2.5%, or a 5.0% annual rate (calculated by doubling the six monthly
dividends paid during the semi-annual period). By comparison, the Consumer
Price Index (CPI), which measures inflation, rose at an annualized rate of 2.6%
for the same semi-annual period.
The U.S. TREASURY MONEY FUND OF AMERICA, which invests entirely in U.S.
Treasury securities, saw its seven-day annualized yield increase to 5.2% as of
March 31 from 3.9% six months ago and 2.6% one year ago. The fund offered
shareholders who reinvested their dividends a six-month return of 2.3%
(equivalent to a 4.6% annual rate). These dividends are exempt from state and
local income taxes in most states.
The federally tax-exempt money market instruments that constitute the portfolio
of THE TAX-EXEMPT MONEY FUND OF AMERICA produced a seven-day annualized yield
of 3.3% as of March 31. Annualized yields for the seven-day periods ended six
and twelve months ago were 2.6% and 1.7%, respectively. For the full six-month
period, the fund's return - all of which was represented by federally tax-free
income - amounted to 1.5% with dividends reinvested, or an annual rate of 3.0%.
This annual rate is equivalent to 4.7% taxable income for a person in the 36%
federal tax bracket and 5.0% for a person in the 39.6% tax bracket. A portion
of the income from this fund may also be exempt from taxes in certain states.
As the chart on the next page shows, contrary to the two taxable money market
funds, the yield on The Tax-Exempt Money Fund of America in the first quarter
of 1995 was lower than that in the previous three months - a typical seasonal
movement reflecting municipal financing patterns.
IMPACT OF HIGHER RATES
The tempering effect of these higher rates on business activity is only now
becoming evident in the economic data. While the U.S. economy has slowed its
rate of growth in 1995, it is not clear what will happen to the pace of
business activity during the rest of the calendar year. If the fairly modest
growth that we are experiencing in the current quarter continues, short-term
rates may have reached a peak for at least the next few months. On the other
hand, ongoing expansion in consumer income, the high rate of orders for capital
goods and the stimulative impact on housing of the drop in mortgage-related
rates of one percentage point or more may well lead to an acceleration of
growth in coming months and higher short-term rates.
Our policy of selecting only the highest grade investments for the funds
remains firm. All securities in The Cash Management Trust of America and The
Tax-Exempt Money Fund of America are assigned the highest short-term ratings
from Standard & Poor's and Moody's Investors Service, two major independent
credit-rating agencies, or are determined to be of comparable quality. The U.S.
Treasury Money Fund of America invests solely in securities whose timely
payments of principal and interest are backed by the full faith and credit of
the U.S. government.
We will continue to manage these funds with your investment needs - including
stability, liquidity and a competitive return - in mind. In turn, we thank you
for your continued confidence, as evidenced by the funds' increased asset
totals over the past year.
Cordially,
Paul G. Haaga, Jr.
Chairman of the Board
Abner D. Goldstine
President
May 4, 1995
The Cash Management Trust of America
Investment Portfolio - March 31, 1995
<TABLE>
<CAPTION>
Principal Market
Yield at Amount Value
Acquisition (000) (000)
----------- --------- --------
<S> <C> <C> <C>
BANKERS' ACCEPTANCES - 1.88%
Bank of America NT&SA
April 18, 1995 6.06 $13,000 12,961
April 21, 1995 6.00 5,000 4,983
April 28, 1995 6.01 6,000 5,972
May 17, 1995 6.05 12,000 11,906
May 23, 1995 6.05 5,000 4,956
Republic National Bank of New York
April 21, 1995 6.04 5,000 4,982
Societe Generale, Paris
April 11, 1995 6.05 7,979 7,964
--------
Total Bankers' Acceptances 53,724
CERTIFICATES OF DEPOSIT - 5.67%
Bank of Montreal
6.065% April 17, 1995 6.06 20,000 20,000
6.070% April 21, 1995 6.01 30,000 30,001
Banque Nationale de Paris
6.020% April 3, 1995 6.00 20,000 20,000
Canadian Imperial Bank of Commerce
6.030% April 4, 1995 6.03 35,000 35,000
6.000% April 6, 1995 6.00 25,000 25,000
Societe Generale, Paris
6.060% April 12, 1995 6.00 30,000 30,001
Wells Fargo Bank
6.125% April 3, 1995 6.13 1,600 1,600
-------
Total Certificates of Deposit 161,602
COMMERCIAL PAPER - 84.03%
ABN-AMRO North America Finance Inc.
April 21, 1995 6.06 20,000 19,930
A.I. Credit Corp.
May 18, 1995 6.06 10,000 9,920
AIG Funding, Inc.
April 19, 1995 5.98 6,600 6,579
April 21, 1995 5.98 18,260 18,197
May 15, 1995 6.06 10,000 9,925
May 16, 1995 6.06 15,000 14,885
American Express Credit Corp.
April 4, 1995 6.05 35,000 34,977
May 3, 1995 6.06 35,000 34,808
American General Corp.
May 4, 1995 6.01 25,000 24,859
American General Investment Corp.
May 30, 1995 6.08 25,000 24,749
Ameritech Capital Corp.
April 12, 1995 6.05 25,000 24,954
April 24, 1995 6.00 25,000 24,901
Associates Corp. of North America
April 3, 1995 6.34 77,400 77,359
Bayerische Vereinsbank A.G.
April 18, 1995 6.05 20,000 19,940
BellSouth Telecommunications, Inc.
April 18, 1995 5.98 12,900 12,862
Beneficial Corp.
April 28, 1995 6.06 25,000 24,883
May 1, 1995 6.08 20,000 19,896
May 5, 1995 6.09 11,500 11,433
Canadian Imperial Holdings Inc.
April 5, 1995 6.02 10,000 9,992
Chevron Oil Finance Co.
April 7, 1995 6.06 10,000 9,988
May 5, 1995 6.01 42,500 42,253
May 9, 1995 6.05 25,000 24,838
Coca-Cola Co.
April 19, 1995 6.00 25,000 24,921
May 10, 1995 6.04 8,000 7,947
Coca-Cola Financial Corp.
April 17, 1995 6.05 20,500 20,442
Commercial Credit Co.
May 3, 1995 6.01 30,000 29,836
May 23, 1995 6.06 15,000 14,868
Commerzbank U.S. Finance, Inc.
April 3, 1995 6.00 15,000 14,993
May 1, 1995 6.03 25,000 24,871
CPC International Inc.
April 11, 1995 6.03 9,000 8,984
May 8, 1995 6.12 19,400 19,276
Daimler-Benz North America Corp.
April 6, 1995 6.00 30,000 29,970
April 17, 1995 6.00 10,000 9,972
April 26, 1995 6.04 6,000 5,974
Deere (John) Capital Corp.
April 10, 1995 6.06 15,000 14,975
April 24, 1995 6.06 20,000 19,920
May 26, 1995 6.06 15,000 14,860
Duke Power Co.
April 12, 1995 6.00 20,000 19,960
Exxon Imperial U.S. Inc.
April 25, 1995 5.99 25,000 24,897
Ford Motor Credit Co.
April 11, 1995 6.09 20,000 19,963
April 13, 1995 6.03 20,000 19,957
April 19, 1995 6.02 15,000 14,953
April 25, 1995 6.04 15,000 14,938
May 1, 1995 6.05 30,000 29,845
May 4, 1995 6.05 15,000 14,915
General Electric Capital Corp.
April 7, 1995 5.98 40,000 39,954
April 28, 1995 6.06 40,000 39,813
May 19, 1995 6.06 30,000 29,755
H.J. Heinz Co.
April 10, 1995 6.01 18,000 17,970
April 20, 1995 6.01 15,000 14,950
Hershey Foods Corp.
April 3, 1995 6.06 25,000 24,987
April 4, 1995 6.09 20,000 19,987
Hewlett-Packard Co.
April 27, 1995 5.99 24,000 23,893
Kimberly-Clark Corp.
April 7, 1995 6.04 20,000 19,977
April 26, 1995 5.99 5,000 4,979
May 17, 1995 6.06 20,000 19,843
Eli Lilly & Co.
May 8, 1995 6.08 65,000 64,587
May 11, 1995 6.05 13,000 12,911
Miles Inc.
April 11, 1995 6.05 20,000 19,963
May 15, 1995 6.06 15,000 14,888
National Australia Funding (Delaware) Inc.
April 18, 1995 6.06 25,000 24,925
National Rural Utilities
Cooperative Finance Corp.
April 17, 1995 6.06 30,000 29,915
April 18, 1995 6.06 20,000 19,940
May 2, 1995 6.06 20,000 19,893
Norfolk Southern Corp.
April 12, 1995 6.06 10,255 10,234
April 13, 1995 6.06 15,600 15,566
Panasonic Finance Inc.
April 12, 1995 6.01 20,000 19,960
April 13, 1995 6.06 5,000 4,989
J.C. Penny Funding Corp.
April 20, 1995 5.98 45,000 44,851
April 26, 1995 5.98 25,000 24,893
PepsiCo, Inc.
April 4, 1995 5.98 36,000 35,976
April 27, 1995 6.01 25,000 24,888
May 9, 1995 6.05 23,800 23,645
Pfizer Inc.
April 17, 1995 6.00 29,500 29,417
May 2, 1995 6.00 15,000 14,920
Pitney Bowes Credit Corp.
April 6, 1995 6.04 35,000 34,965
April 17, 1995 5.99 10,500 10,470
April 18, 1995 5.99 6,600 6,580
April 19, 1995 5.98 31,000 30,903
Procter & Gamble Co.
April 5, 1995 6.04 30,615 30,590
April 10, 1995 6.06 27,370 27,324
May 15, 1995 6.06 25,000 24,812
Raytheon Co.
April 5, 1995 5.98 26,000 25,979
Smithkline Beecham Corp.
May 8, 1995 6.03 25,000 24,842
Southwestern Bell Telephone Co.
April 11, 1995 5.98 11,000 10,980
April 19, 1995 6.01 20,000 19,937
April 25, 1995 6.01 20,000 19,919
May 12, 1995 6.06 10,000 9,930
Texaco Inc.
May 22, 1995 6.05 28,000 27,757
Toronto-Dominion Holdings (USA) Inc.
April 26, 1995 6.00 25,000 24,892
April 27, 1995 6.00 25,000 24,888
Toys "R" Us, Inc.
April 21, 1995 5.99 28,000 27,903
UBS Finance (Deleware) Inc.
April 3, 1995 6.32 75,000 74,960
United Parcel Service of America
May 3, 1995 6.03 20,000 19,890
U S West Communications, Inc.
April 10, 1995 6.05 30,000 29,950
April 11, 1995 6.01 16,500 16,470
May 10, 1995 6.06 30,000 29,800
May 15, 1995 6.06 6,500 6,451
Vermont America Corp.
April 24, 1995 6.02 38,725 38,571
Wal-Mart Stores, Inc.
May 4, 1995 6.03 25,000 24,858
Weyerhaeuser Co.
April 6, 1995 6.00 23,000 22,977
Xerox Corp.
April 5, 1995 6.01 20,000 19,983
April 6, 1995 6.01 5,000 4,995
April 7, 1995 6.01 20,000 19,977
April 11, 1995 6.08 10,000 9,982
April 18, 1995 6.00 21,650 21,586
April 25, 1995 6.05 16,500 16,431
April 28, 1995 6.06 20,000 19,907
---------
Total Commercial Paper 2,395,293
FEDERAL AGENCY DISCOUNT NOTES - 7.97%
Federal Home Loan Banks
May 9, 1995 6.03 12,900 12,817
Federal Home Loan Mortgage Corp.
April 3, 1995 6.09 7,025 7,021
April 5, 1995 5.95 25,000 24,979
April 10, 1995 5.95 20,000 19,967
May 2, 1995 6.03 42,955 42,727
Federal National Mortgage Assn.
April 3, 1995 5.95 26,200 26,187
April 20, 1995 5.99 19,800 19,735
April 24, 1995 5.99 64,000 63,747
Tennessee Valley Authority
April 3, 1995 6.09 10,000 9,995
----------
Total Federal Agency Discount Notes 227,175
----------
Total Investment Securities
(Cost: $2,837,794,000) 2,837,794
Excess of cash and receivables over
payables 12,895
----------
$2,850,689
==========
</TABLE>
See notes to financial statements
CASH MANAGEMENT TRUST OF AMERICA
FINANCIAL STATEMENTS *
<TABLE>
<CAPTION>
STATEMENT OF ASSETS AND LIABILITIES
at March 31, 1995 (dollars in thousands)
- ---------------------------------------- ------------ ------------
<S> <C> <C>
ASSETS:
Investment securities at market
(COST: $2,837,794) $2,837,794
Cash 2,651
Receivables for-
Sales of fund's shares $35,378
Accrued interest 937 36,315
------------ ------------
2,876,760
LIABILITIES:
Payables for-
Repurchases of fund's shares 23,472
Dividends payable 884
Management services 805
Accrued expenses 910 26,071
------------ ------------
NET ASSETS AT MARCH 31, 1995-
EQUIVALENT TO $1.00 PER SHARE ON
2,850,669,911 SHARES OF BENEFICIAL
INTEREST ISSUED AND OUTSTANDING;
UNLIMITED SHARES AUTHORIZED $2,850,689
=============
STATEMENT OF OPERATIONS *
FOR THE SIX MONTHS ENDED MARCH 31, 1995 (dollars in thousands)
------------ ------------
INVESTMENT INCOME:
Income:
Interest $ 80,836
Expenses:
Management services fee $4,743
Distribution expenses 1,070
Transfer agent fee 1,793
Reports to shareholders 118
Registration statement and prospectus 273
Postage, stationery and supplies 506
Trustees' Fees 17
Auditing and legal fees 47
Custodian fee 42
Taxes other than federal income tax 46
Other expenses 193 8,848
------------ ------------
Net investment income 71,988
------------
UNREALIZED DEPRECIATION ON
INVESTMENTS:
Net decrease in unrealized
appreciation on investments:
Beginning of period 2
End of period 0
------------
Net unrealized depreciation on
investments (2)
------------
NET INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS $71,986
============
* Unaudited
See Notes to Financial Statements
STATEMENT OF CHANGES IN NET
ASSETS (dollars in thousands)
- ---------------------------------------- ------------- -------------
Six months Year ended
ended
3/31/95 * 9/30/94
OPERATIONS: ------------- -------------
Net investment income $ 71,988 $ 74,177
NET UNREALIZED (DEPRECIATION)
appreciation on investments (2) 1
------------- -------------
NET INCREASE IN NET ASSETS
resulting from operations 71,986 74,178
------------- -------------
DIVIDENDS PAID TO SHAREHOLDERS (71,988) (74,177)
------------- -------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
4,321,324,466 AND 8,278,211,910
shares, respectively 4,321,324 8,278,212
Proceeds from shares issued in
reinvestment of net investment income
dividends and distributions of net
realized gain on investments:
65,164,915 and 67,071,094 shares,
respectively 65,165 67,071
Cost of shares repurchased:
4,273,308,355 and 7,547,398,432
shares, respectively (4,273,309) (7,547,398)
------------- -------------
NET INCREASE IN NET ASSETS RESULTING
from capital share transactions 113,180 797,885
------------- -------------
TOTAL INCREASE IN NET ASSETS 113,178 797,886
NET ASSETS:
Beginning of period 2,737,511 1,939,625
------------- -------------
End of period $2,850,689 $2,737,511
============= =============
</TABLE>
* Unaudited
See Notes to Financial Statements
Notes to Financial Statements
1. The Cash Management Trust of America (the "fund") is registered under the
Investment Company Act of 1940 as an open-end, diversified, management
investment company. The following paragraphs summarize the significant
accounting policies consistently followed by the fund in the preparation of its
financial statements:
The fund uses the penny-rounding method of valuing its shares, in accordance
with Securities and Exchange Commission (SEC) rules. This method permits the
fund to maintain a consistent net asset value of $1.00 per share, provided the
market value of the fund's shares does not deviate from $1.00 by more than
one-half of 1% and the fund complies with other restrictions set forth in the
SEC rules.
Portfolio securities with 60 days or less to maturity are valued at amortized
cost, which approximates market value. Portfolio securities with original or
remaining maturities in excess of 60 days are valued at prices obtained from a
bond-pricing service provided by a major dealer in bonds, when such prices are
available; however, in circumstances where the investment adviser deems it
appropriate to do so, such securities will be valued at the mean of their
representative quoted bid and asked prices or, if such prices are not
available, at the mean of such prices for securities of comparable maturity,
quality and type. The maturities of variable or floating rate instruments are
deemed to be the time remaining until the next interest rate adjustment date.
Securities for which market quotations are not readily available are valued at
fair value as determined in good faith by the Valuation Committee of the Board
of Trustees.
As is customary in the mutual fund industry, securities transactions are
accounted for on the date the securities are purchased or sold. Realized gains
and losses from securities transactions are reported on an identified cost
basis. Interest income is reported on the accrual basis. Dividends are
declared on a daily basis after the determination of the fund's net investment
income and paid to shareholders on a monthly basis. Discounts and Premiums on
securities purchased are amortized over the life of the respective securities.
2. It is the fund's policy to continue to comply with the requirements of the
Internal Revenue Code applicable to regulated investment companies and to
distribute all of its taxable income, including any net realized gain on
investments, to its shareholders. Therefore, no federal income tax provision
is required.
For the six months ended March 31, 1995, there was no difference between book
and tax realized gains on securities transactions. The cost of portfolio
securities for book and federal income tax purposes was $2,837,794,000 at March
31, 1995.
3. The fee of $4,743,000 for management services was paid pursuant to an
agreement with Capital Research and Management Company (CRMC), with which
certain officers and trustees of the fund are affiliated. The Investment
Advisory and Service Agreement provides for monthly fees, accrued daily, based
on an annual rate of 0.365% of the first $275 million of average net assets and
0.3285% of such assets in excess of $275 million.
Pursuant to a Plan of Distribution with American Funds Distributors, Inc.
(AFD), the fund may expend up to 0.15% of its average net assets annually for
any activities primarily intended to result in sales of fund shares, provided
the categories of expenses for which reimbursement is made are approved by the
fund's Board of Trustees. Fund expenses under the Plan include payments to
dealers to compensate them for their selling and servicing efforts. During the
six months ended March 31, 1995, distribution expenses under the Plan amounted
to $1,070,000. As of March 31, 1995 accrued and unpaid distribution expenses
were $123,000.
American Funds Service Company (AFS), the transfer agent for the fund, was
paid a fee of $1,793,000 under the terms of a contract that provides for
transfer agency services to be performed for the fund.
Trustees who are unaffiliated with CRMC may elect to defer part or all of the
fees earned for services as members of the board. Amounts deferred are not
funded and are general unsecured liabilities of the fund. As of March 31, 1995,
aggregate amounts deferred were $10,891.
CRMC is owned by The Capital Group, Inc. AFS and AFD are both wholly owned
subsidiaries of CRMC. Certain of the Trustees and officers of the fund are or
may be considered to be affiliated with CRMC, AFS and AFD. No such persons
received any remuneration directly from the fund.
4. The fund made purchases and sales of investment securities of
$31,400,272,000 and $31,379,379,000, respectively, during the six months ended
March 31, 1995
PER-SHARE DATA AND RATIOS
<TABLE>
<CAPTION>
Six months Year Ended September 30
ended ------- ------- ------ ------ ------ ------
3/31/95 /1/ 1994 1993 1992 1991 1990 1989
---------- ------- ------- ------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C> <C>
Net Asset Value, Beginning
of Period...................... $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
---------- ------- ------- ------ ------ ------ ------
Income from Investment
Operations:
Net investment income....... .025 .031 .025 .036 .061 .078 .086
Total income from investment ---------- ------- ------- ------ ------ ------ ------
operations................ .025 .031 .025 .036 .061 .078 .086
---------- ------- ------- ------ ------ ------ ------
Less Distributions:
Dividends from net investment
income...................... (0.025) (0.031) (0.025) (0.036) (0.061) (0.078) (0.086)
---------- ------- ------- ------ ------ ------ ------
Total distributions........ (0.025) (0.031) (0.025) (0.036) (0.061) (0.078) (0.086)
---------- ------- ------- ------ ------ ------ ------
Net Asset Value, End of Period.. 1.000 1.000 1.000 1.000 1.000 1.000 1.000
========== ======= ======= ====== ====== ====== ======
Total Return................. 2.54%/2/ 3.10% 2.57% 3.64% 6.26% 8.10% 8.98%
Ratios/Supplemental Data:
Net assets, end of period (in
millions)................... $2,851 $2,738 $1,940 $2,090 $2,134 $2,145 $1,432
Ratio of expenses to average
net assets.................. .31%/2/ .68% .65% .63% .61% .57% .54%
Ratio of net income to
average net assets.......... 2.52%/2/ 3.14% 2.57% 3.59% 6.12% 7.70% 8.62%
</TABLE>
1 Unaudited
2 These ratios are based on
operations for the period shown
and, accordingly, are not
representative of a full year's
operations.
THE U.S. TREASURY MONEY FUND OF AMERICA Unaudited
INVESTMENT PORTFOLIO - March 31, 1995
<TABLE>
<CAPTION>
Principal Market
Yield at Amount Value
Acquisition (000) (000)
- ------------------------------------------------ ------------- ------- -------------
<S> <C> <C> <C>
U.S. TREASURY SECURITIES - 99.96%
- ------------------------------------------------ ------------- ------- -------------
U.S. Treasury bills 04/06/95 5.43% - 5.68% $ 18,255 $ 18,239
U.S. TREASURY BILLS 04/13/95 5.70% 15,305 15,276
U.S. TREASURY BILLS 04/20/95 5.72% - 5.91% 25,785 25,709
U.S. TREASURY BILLS 04/27/95 5.70% - 5.93% 26,000 25,895
U.S. TREASURY BILLS 05/04/95 5.71% - 5.76% 16,550 16,461
U.S. TREASURY BILLS 05/11/95 5.78% - 5.79% 38,550 38,311
U.S. TREASURY BILLS 05/18/95 5.73% - 5.79% 17,695 17,567
U.S. TREASURY BILLS 05/25/95 5.77% 15,000 14,877
U.S. TREASURY BILLS 06/01/95 5.74% - 5.79% 10,450 10,352
U.S. TREASURY BILLS 06/08/95 5.74% 11,500 11,380
U.S. TREASURY BILLS 06/15/95 5.76% 10,100 9,984
U.S. TREASURY BILLS 06/22/95 5.75% - 5.84% 2,970 2,932
-------------
TOTAL INVESTMENT SECURITIES
(COST $206,924,000) 206,983
-------------
Excess of cash, prepaid expenses, 83
& RECEIVABLES OVER PAYABLES -------------
TOTAL NET ASSETS $207,066
========
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
U.S. TREASURY MONEY FUND OF AMERICA
FINANCIAL STATEMENTS
<TABLE>
<CAPTION>
Unaudited
- ---------------------------------------- ------------ ------------
STATEMENT OF ASSETS AND LIABILITIES*
at March 31, 1995 (dollars in thousands)
- ---------------------------------------- ------------ ------------
<S> <C> <C>
ASSETS:
Investment securities at market
(COST: $206,924) $206,983
Cash 426
Prepaid organization expense 5
Receivables for-
Sales of fund's shares 493
------------ ------------
207,907
LIABILITIES:
Payables for-
Repurchases of fund's shares $625
Dividends payable 28
Management services 69
Accrued expenses 119 841
------------ ------------
NET ASSETS AT MARCH 31, 1995-
EQUIVALENT TO $1.00 PER SHARE ON
207,006,804 SHARES OF BENEFICIAL
INTEREST ISSUED AND OUTSTANDING;
UNLIMITED SHARES AUTHORIZED $207,066
=============
STATEMENT OF OPERATIONS*
FOR THE SIX MONTHS ENDED MARCH 31, 1995 (dollars in thousands)
------------ ------------
INVESTMENT INCOME:
Income:
Interest $ 5,187
Expenses:
Management services fee $297
Distribution expenses 81
Transfer agent fee 99
Reports to shareholders 4
Registration statement and prospectus 98
Postage, stationery and supplies 24
Trustees' Fees 8
Auditing and legal fees 32
Custodian fee 5
Taxes other than federal income tax 5
Organization expense 3
Other expenses 11 667
------------ ------------
Net investment income 4,520
------------
UNREALIZED APPRECIATION
ON INVESTMENTS:
Net increase in unrealized
appreciation on investments:
Beginning of period 31
End of period 59
------------
Net unrealized appreciation on
investments 28
------------
NET INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS $4,548
============
STATEMENT OF CHANGES IN NET
ASSETS (dollars in thousands)
- ---------------------------------------- ------------- -------------
Six months Year ended
ended
3/31/95* 9/30/94
OPERATIONS: ------------- -------------
Net investment income 4,520 $ 4,939
NET UNREALIZED APPRECIATION
on investments 28 8
------------- -------------
NET INCREASE IN NET ASSETS
resulting from operations 4,548 4,947
------------- -------------
DIVIDENDS PAID TO SHAREHOLDERS (4,520) (4,939)
------------- -------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
185,842,511 AND 372,017,315
shares, respectively 185,843 372,017
Proceeds from shares issued in
reinvestment of net investment income
dividends and distributions of net
realized gain on investments:
4,207,430 and 4,573,811 shares,
respectively 4,207 4,574
Cost of shares repurchased:
181,990,648 and 317,244,258
shares, respectively (181,991) (317,244)
------------- -------------
NET INCREASE IN NET ASSETS RESULTING
from capital share transactions 8,059 59,347
------------- -------------
TOTAL INCREASE IN NET ASSETS 8,087 59,355
NET ASSETS:
Beginning of period 198,979 139,624
------------- -------------
End of period $207,066 $198,979
============= =============
</TABLE>
* Unaudited
See Notes to Financial Statements
Notes to Financial Statements
Unaudited
1. The U.S. Treasury Money Fund of America (the "fund") is registered under the
Investment Company Act of 1940 as an open-end, diversified, management
investment company. The following paragraphs summarize the significant
accounting policies consistently followed by the fund in the preparation of its
financial statements:
The fund uses the penny-rounding method of valuing its shares, in accordance
with Securities and Exchange Commission (SEC) rules. This method permits the
fund to maintain a consistent net asset value of $1.00 per share, provided the
market value of the fund's shares does not deviate from $1.00 by more than
one-half of 1% and the fund complies with other restrictions set forth in the
SEC rules.
Portfolio securities with 60 days or less to maturity are valued at amortized
cost, which approximates market value. Portfolio securities with original or
remaining maturities in excess of 60 days are valued at prices obtained from a
bond-pricing service provided by a major dealer in bonds, when such prices are
available; however, in circumstances where the investment adviser deems it
appropriate to do so, such securities will be valued at the mean of their
representative quoted bid and asked prices or, if such prices are not
available, at the mean of such prices for securities of comparable maturity,
quality and type. The maturities of variable or floating rate instruments are
deemed to be the time remaining until the next interest rate adjustment date.
Securities for which market quotations are not readily available are valued at
fair value as determined in good faith by the Valuation Committee of the Board
of Trustees.
As is customary in the mutual fund industry, securities transactions are
accounted for on the date the securities are purchased or sold. Realized gains
and losses from securities transactions are reported on an identified cost
basis. Interest income is reported on the accrual basis. Dividends are
declared on a daily basis after the determination of the fund's net investment
income and paid to shareholders on a monthly basis. Discounts and Premiums on
securities purchased are amortized over the life of the respective securities.
Prepaid organization expenses are amortized over a period not exceeding five
years from commencement of operations. In the event that Capital Research and
Management Company (CRMC), the fund's investment adviser, redeems any of its
original shares prior to the end of the five-year period, the proceeds of the
redemption payable with respect to such shares shall be reduced by the pro rata
share (based on the proportionate share of the original shares redeemed to the
total number of original shares outstanding at the time of such redemption) of
the unamortized prepaid organization expenses as of the date of such
redemption. In the event that the fund liquidates prior to the end of the
five-year period, CRMC shall bear any unamortized prepaid organization
expenses.
2. It is the fund's policy to continue to comply with the requirements of the
Internal Revenue Code applicable to regulated investment companies and to
distribute all of its taxable income, including any net realized gains on
investments, to its shareholders. Therefore, no federal income tax provision
is required.
As of March 31, 1995, unrealized appreciation for book and federal income tax
purposes aggregated $59,000, which related to appreciated securities. There
was no difference between book and tax realized gains on securities
transactions for the six months ended March 31, 1995. The cost of portfolio
securities for book and federal income tax purposes was $206,924,000 at March
31, 1995.
3. The fee of $297,000 for management services was paid pursuant to an
agreement with CRMC, with which certain officers and Trustees of the fund are
affiliated. The Investment Advisory and Service Agreement provides for monthly
fees, accrued daily, based on an annual rate of 0.30% for the first $800
million of average net assets and 0.285% on the portion of such assets in
excess of $800 million. The Investment Advisory contract provides for fee
reductions to the extent that annual operating expenses exceed 0.75% of the
average daily net assets of the fund during a period which will terminate at
the earlier of such time as no reimbursement has been required for a period of
12 consecutive months, provided no advances are outstanding, or February 1,
2001. CRMC has also voluntarily agreed to waive its fees to the extent
necessary to ensure that the fund's expenses do not exceed 0.675% of the
average daily net assets. Expenses that are not subject to these limitations
are interest, taxes, brokerage commissions, transaction costs, and
extraordinary expenses. There can be no assurance that this voluntary fee
waiver will continue in the future.
Pursuant to a Plan of Distribution with American Funds Distributors, Inc.
(AFD), the fund may expend up to 0.15% of its average net assets annually for
any activities primarily intended to result in sales of fund shares, provided
the categories of expenses for which reimbursement is made are approved by the
fund's Board of Trustees. Fund expenses under the Plan include payments to
dealers to compensate them for their selling and servicing efforts. During the
six months ended March 31, 1995, distribution expenses under the Plan amounted
to $81,000. As of March 31, 1995 accrued and unpaid distribution expenses were
$12,000.
American Funds Service Company (AFS), the transfer agent for the fund, was
paid a fee of $99,000 under the terms of a contract that provides for transfer
agency services to be performed for the fund.
Trustees of the fund who are unaffiliated with CRMC may elect to defer part or
all of the fees earned for services as members of the board. Amounts deferred
are not funded and are general unsecured liabilities of the fund. As of March
31, 1995 aggregate amounts deferred were $6,000.
CRMC is owned by The Capital Group Companies, Inc. AFS and AFD are both
wholly owned subsidiaries of CRMC. Certain of the Trustees and officers of the
fund are or may be considered to be affiliated with CRMC, AFS and AFD. No such
persons received any remuneration directly from the fund.
4. The fund made purchases and sales of investment securities of $582,988,000
and $579,810,000, respectively, during the six months ended March 31, 1995.
PER-SHARE DATA AND RATIOS
<TABLE>
<CAPTION>
For The
Six months Year ended September 30 Period
ended -------- -------- -------- 2/1/91/2/
3/31/95/1/ 1994 1993 1992 to 9/30/91
-------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C>
Net Asset Value, Beginning
of Period...................... $1.00 $1.00 $1.00 $1.00 $1.00
-------- -------- -------- -------- --------
INCOME FROM INVESTMENT
OPERATIONS:
Net investment income....... .023 .028 .025 .036 .035
Total income from investment -------- -------- -------- -------- --------
operations................ .023 .028 .025 .036 .035
-------- -------- -------- -------- --------
LESS DISTRIBUTIONS:
Dividends from net investment
income...................... (0.023) (0.028) (0.025) (0.036) (0.035)
-------- -------- -------- -------- --------
Total distributions........ (0.023) (0.028) (0.025) (0.036) (0.035)
-------- -------- -------- -------- --------
Net Asset Value, End of Period.. 1.00 1.00 1.00 1.00 1.00
======== ======== ======== ======== ========
Total Return................. 2.30%/3/ 2.89% 2.49% 3.61% 3.52%/3/
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in
millions)................... $207 $199 $140 $106 $59
Ratio of expenses to average
net assets.................. .334%/3/ .674% .608% .675% .675%/4/
Ratio of net income to
average net assets.......... 2.26%/3/ 2.91% 2.43% 3.51% 4.77%/4/
</TABLE>
/1/ Unaudited
/2/ Commencement of operations
/3/ These ratios are based on
operations for the period shown
and, accordingly, are not
representative of a full year's
operations.
/4/ Annualized
The Tax-Exempt Money Fund of America
Investment Portfolio, March 31, 1995
<TABLE>
<CAPTION>
Principal Market
Yield at Amount Value
Acquisition (000) (000)
Municipal Securities
- -------------------------------------------------- ----------- ---------- ---------
<S> <C> <C> <C>
ALABAMA - 1.26%
The Industrial Development Board of the
City of Mobile, Solid Waste Revenue
Refunding Bonds (Scott Paper Company
Project), Series A, VRDN, 4.15% 4/5/95* 4.15% 1,100 1,100
Special Care Facilities Financing Authority of
the City of Montgomery, Hospital Depreciable
Assets Revenue Bonds, Series 1985, FGIC
Insured, VRDN, 4.00% 4/5/95 4.00% 900 900
ALASKA - 6.28%
Housing Finance Corporation General
Purpose Bonds, 1991 Series C, VRDN,
4.15% 4/5/95* 4.15% 3,500 3,500
City of Valdez, Marine Terminal Revenue
Refunding Bonds (ARCO Transportation Alaska,
Inc. Project):
1994 Series C, TECP, 3.700% 04/04/95 3.70% 2,000 2,000
1994 Series A, TECP, 4.150% 04/05/95 4.15% 2,800 2,800
1994 Series C, TECP, 3.800% 05/08/95 3.80% 1,700 1,700
ARIZONA - 1.88%
The Industrial Development Authority of the
City of Chandler, Floating Rate Monthly
Demand Industrial Development Revenue Bonds
(Parsons Municipal Services, Inc. Project),
Series 1983, VRDN, 3.85% 4/5/95* 3.85% 1,000 1,000
Salt River Project Agricultural Improvement
and Power District, Promissory Notes, TECP,
3.80% 5/2/95 3.80% 2,000 2,000
ARKANSAS - 1.26%
Board of Trustees fo the University of
Arkansas Various Facility Revenue Bonds (UAMS
Campus) Series 1994, VRDN, 4.20% 4/5/95* 4.20% 2,000 2,000
CALIFORNIA - 1.32%
Health Facilities Financing Authority
Variable Rate Revenue Bonds (Adventist
Health System/West), Series 1991A, VRDN,
4.00% 4/5/95* 4.00% 2,000 2,000
Contra Costa Transportation Authority Sales
Tax Revenue Bonds (Limited Tax Bonds), 1993
Series A, VRDN, 3.90% 4/5/95* 3.90% 1,400 1,400
County of Los Angeles, 1994-95 Tax and
Revenue Anticipation Notes, 4.50% 6/30/95 4.50% 700 700
FLORIDA - 3.52%
City of Gainesville, Utilities System Commercial
Paper Notes, Series C, TECP, 3.85% 5/11/95 3.85% 1,800 1,800
Jacksonville Electric Authority Electric System,
Tax-Exempt Commercial Paper Notes, Series C-1,
TECP, 4.15% 4/4/95 4.15% 2,800 2,800
Sunshine State Governmental Financing
Commission Revenue Bonds, Series 1986, TECP,
3.90% 5/5/95 3.90% 1,000 1,000
HAWAII - 2.76%
Department of Budget and Finance of the State of
Hawaii, Special Purpose Revenue Bonds (Kuakini
Medical Center Project), Floating Rate Monthly
Demand, Series 1984, VRDN, 4.00% 4/5/95* 4.00% 900 900
Housing Finance and Development Corporation,
Affordable Rental Housing Program Revenue
Bonds, 1993 Series A, VRDN, 4.25% 4/5/95* 4.25% 1,000 1,000
City and County of Honolulu, General Obligation
Bond Anticipation Notes, TECP:
3.70% 4/3/95 3.70% 1,000 1,000
3.90% 5/9/95 3.90% 1,500 1,500
ILLINOIS - 3.10%
Health Facilities Authority Revenue Bonds
(Hospital Sisters Services Inc. Obligated
Group Project), Series 1985 E, MBIA Insured,
VRDN, 4.00% 4/5/95* 4.00% 3,100 3,100
Health Facilities Authority Unit Priced Demand
Adjustable Revenue Bonds, Alexian Brothers
Health System, Inc. (Alexian Brothers Medical
Center Inc. Project), Series 1985D, MBIA
Insured, TECP, 3.65% 4/17/95 3.65% 1,835 1,835
INDIANA - 4.37%
Jasper County, Variable Rate Demand Pollution
Control Refunding Revenue Bonds (Northern
Indiana Public Service Company Project)
Series 1988C, TECP, 4.15% 4/7/95 4.15% 1,400 1,400
City of Mount Vernon, Pollution Control and
Solid Waste Disposal Revenue Bonds (General
Electric Company Project):
Series 1989, TECP, 4.20% 4/5/95 4.20% 1,200 1,200
Refunding Series 1989A, TECP, 3.95% 5/18/95 3.95% 1,100 1,100
City of Sullivan, Floating/Fixed Rate Pollution
Control Revenue Bonds (Hoosier Energy Rural
Electric Cooperative, Inc. Project):
Series 1985-L2, TECP, 3.75% 4/3/95 3.75% 1,100 1,100
Series 1985-L5, TECP, 3.85% 5/4/95 3.85% 1,150 1,150
Series 1985-L2, TECP, 3.85% 5/9/95 3.85% 1,000 1,000
KANSAS - 2.83%
City of Burlington Floating/Fixed Rate
Pollution Control Revenue Bonds (Kansas
Electric Power Cooperative, Inc.
Project), 1985 Series C-1, TECP,
3.85% 5/11/95 3.85% 3,000 3,000
City of Burlington Pollution Control
Refunding and Improvement Revenue Bonds
(Kansas City Power & Light Company
Project), Series 1985B, TECP, 3.95% 5/10/95 3.95% 1,500 1,500
LOUISIANA - 3.95%
Jefferson Parish Hospital Service District #2
Hospital Revenue Bonds, Series 1985, FGIC
Insured, VRDN, 4.25% 4/5/95* 4.25% 2,100 2,100
Lake Charles Harbor and Terminal District
Flexible Demand Port Facilities Revenue
Bonds (CITGO Petroleum Corp. Project),
Series 1984, VRDN, 4.05% 4/5/95* 4.05% 2,200 2,200
Public Facilities Authority Hospital
Revenue and Refunding Bonds (Willis-
Knighton Medical Center Project), Series
1993, VRDN, 3.95% 4/5/95* 3.95% 1,000 1,000
Industrial District No. 3 of the Parish of
West Baton Rouge (The Dow Chemical Company
Project) Series 1987, TECP, 4.00% 4/25/95 4.00% 1,000 1,000
MARYLAND - 3.04%
Anne Arundel County Economic Development
Revenue Bonds (Baltimore Gas and Electric
Company Project), Series 1988, TECP,
3.80% 04/06/95 3.80% 2,240 2,240
Baltimore County (The Sheppard and Enoch Pratt
Hospital Facility), Series 1992, VRDN,
3.95% 4/5/95* 3.95% 1,500 1,500
Howard County, Adjustable Line Exempt
Securities Consolidated Public Improvement
Bond Anticipation Notes, 1993 Series, TECP,
4.00% 5/3/95 4.00% 1,100 1,100
MASSACHUSETTS - 0.94%
Health and Educational Facilities Authority
Revenue Bonds, Harvard University Issue,
Series L, TECP, 3.85% 5/19/95 3.85% 1,500 1,500
MICHIGAN - 0.63%
State of Michigan Full Faith and Credit General
Obligation Notes, 5.00% 9/29/95 5.00% 1,000 1,004
MINNESOTA - 0.63%
Regents of the University of Minnesota,
Variable Rate Demand Bonds, Series A,
TECP, 3.90% 5/5/95 3.90% 1,000 1,000
MISSOURI - 3.27%
State Environmental Improvement and Energy
Resources Authority of the State of Missouri
Unit Priced Demand Adjustable Pollution
Control Revenue Bonds (Union Electric Company
Project) Series 1985A, TECP 4.05% 5/12/95 4.05% 1,000 1,000
Higher Education Loan Authority Adjustable
Rate Demand Student Loan Revenue Bonds, VRDN:
Series 1990A, 4.15% 4/5/95* 4.15% 1,000 1,000
Series 1990B, 4.15% 4/5/95* 4.15% 1,600 1,600
City of Columbia, Special Obligation
Insurance Reserve Bonds, Series 1988 A,
VRDN, 4.20% 4/5/95* 4.20% 1,600 1,600
MONTANA - 1.34%
State Board of Housing, Single-Family
Mortgage Bonds, 1987 Series B-2,
3.90% Optional Put 4/1/95 3.90% 1,130 1,130
City of Forsyth, Flexible Demand Pollution
Control Revenue Bonds (Portland General
Electric Company Colstrip Project),
Series 1983 A, VRDN, 4.15% 4/5/95* 4.15% 1,000 1,000
NEBRASKA - 0.86%
Investment Finance Authority, Single Family
Mortgage Revenue Bonds (GNMA Mortgage-Backed
Securities Program), 1988 Series A,
5.00% Optional Put 7/1/95 5.00% 1,360 1,362
NEVADA - 2.07%
Washoe County Water Facilities Revenue Bonds
(Sierra Pacific Power Company Project),
Series 1990, TECP:
3.90% 5/4/95 3.90% 1,300 1,300
4.05% 5/8/95 4.05% 2,000 2,000
NEW HAMPSHIRE - 1.45%
The Industrial Development Authority
Pollution Control Revenue Bonds (New
England Power Company Project), Series
1988, VRDN, 4.35% 4/5/95* 4.35% 2,300 2,300
NEW JERSEY - 2.14%
State Tax and Revenue Anticipation Notes
Series Fiscal 1995A, 5.00% 6/15/95 5.00% 3,400 3,405
NEW MEXICO - 1.26%
Educational Assistance Foundation Student
Loan Revenue Bonds, Series 1992-B, VRDN,
4.30% 4/5/95* 4.30% 2,000 2,000
NORTH CAROLINA - 1.76%
Educational Facilities Finance Agency Revenue
Bonds (Duke University Project), VRDN:
Series 1991 B, 4.08% 4/5/95* 4.08% 1,800 1,800
Series 1992 A, 4.08% 4/5/95* 4.08% 1,000 1,000
PENNSYLVANIA - 4.08%
Commonwealth of Pennsylvania Tax Anticipation
Notes, First Series of 1994-1995,
4.75% 6/30/95 4.75% 3,400 3,403
Beaver County Industrial Development Authority
Pollution Control Revenue Refunding Bonds
(Duquesne Light Company Beaver Valley Project),
1990 Series A, VRDN, 4.25% 4/5/95* 4.25% 1,200 1,200
Carbon County Industrial Development Authority
Resource Recovery Revenue Bonds, 1990 Series B,
(Panther Creek Partners Project), TECP,
4.15% 5/18/95 4.15% 800 800
Delaware County Industrial Development Authority
Pollution Control Revenue Refunding Bonds
(Philadelphia Electric Company Project),
1988 Series B, TECP, 3.75% 5/5/95 3.75% 2,500 2,500
Delaware County Industrial Development Authority
Solid Waste Revenue Bonds (Scott Paper Company
Project), Series 1984 D, VRDN, 4.25% 4/5/95* 4.25% 1,000 1,000
Lehigh County General Purpose Authority Variable
Rate Demand Revenue Bonds (Hospital Central
Services Capital Asset Financing Program),
MBIA Insured, Series A, TECP, 3.80% 5/2/95 3.80% 1,000 1,000
TENNESSEE - 5.15%
State General Obligation Bond Anticipation
Notes, Series 1994A, VRDN, 4.10% 4/5/95* 4.10% 1,500 1,500
Health and Educational Facilities Board of the
Metropolitan Government of Nashville and
Davidson County, Hospital Revenue Bonds,
(Baptist Hospital, Inc.), TECP:
Series 1992, 4.10% 4/3/95 4.10% 1,000 1,000
Series 1992, 3.60% 4/6/95 3.60% 4,000 4,000
Series 1992, 4.15% 4/6/95 4.15% 1,700 1,700
TEXAS - 13.23%
State Tax and Revenue Anticipation Notes
Series 1994, 5.00% 8/31/95 5.00% 4,835 4,849
City of Austin (Travis and Williamson Counties),
Combined Utility Systems Notes, Series A, TECP:
3.75% 04/03/95 3.75% 900 900
4.15% 04/06/95 4.15% 1,200 1,200
3.85% 05/08/95 3.85% 1,700 1,700
3.85% 05/10/95 3.85% 1,600 1,600
4.05% 05/17/95 4.05% 1,500 1,500
Brazos River Harbor Navigation District of
Brazoria County, Variable Rate Demand Pollution
Control Revenue Bonds (The Dow Chemical Company
Project), Series 1988, TECP, 4.25% 4/3/95 4.25% 1,400 1,400
Capital Industrial Development Authority
Pollution Control Revenue (Motorola Inc.
Project), VRDN, 4.15% 4/5/95* 4.15% 1,000 1,000
Port of Corpus Christi Authority of Nueces
County,
Variable Rate Demand Revenue Refunding Bonds
(Union Pacific Corporation Project), Series
1989,
TECP, 3.80% 4/5/95 3.80% 2,000 2,000
Harris County Health Facilities Development
Corporation SCH Health Care System Unit Priced
Demand Adjustable Revenue Bonds (Sisters of
Charity of the Incarnate Word, Houston)
Series 1985, TECP, 3.00% 5/9/95 3.00% 1,000 1,000
Lower Neches Valley Authority Pollution Control
Revenue Bonds (Chevron U.S.A. Inc. Project),
Series 1987, 4.45% Optional Put 8/15/95 4.45% 1,000 1,001
Municipal Power Agency Bond Anticipation Notes,
TECP:
3.80% 5/3/95 3.80% 1,900 1,900
3.85% 5/4/95 3.85% 1,000 1,000
UTAH - 3.89%
State Board of Regents of the State of
Utah, Student Loan Revenue Bonds, 1988
Series C, VRDN, 4.20% 4/5/95* 4.20% 1,100 1,100
Emery County Pollution Control Revenue Refunding
Bonds (PacifiCorp Project), Series 1991, TECP,
3.80% 5/2/95 3.80% 700 700
Intermountain Power Agency, Variable Rate Power
Supply Revenue Bonds, 1985 Series F, 3.60%
Optional Put 6/15/95 3.60% 3,000 2,995
Intermountain Power Agency, Variable Rate
Power Supply Revenue and Refunding Bonds,
1985 Series F2, TECP, 4.15% 4/7/95 4.15% 1,400 1,400
VIRGINIA - 6.09%
Housing Development Authority, Commonwealth
Mortgage Bonds, 1993 Series F, Subseries F-STEM,
3.90% Mandatory Put 5/10/95 3.90% 2,000 1,998
Industrial Development Authority of the City
of Norfolk Hospital Revenue Bonds (Sentara
Hospitals-Norfolk Project), Series 1990A, TECP:
4.05% 5/15/95 4.05% 2,200 2,200
4.05% 5/16/95 4.05% 1,200 1,200
Industrial Development Authority of the Town of
Louisa Pollution Control Revenue Bonds (Virginia
Electric and Power Company), Series 1984,
Money Market Municipal:
4.10% 4/7/95 4.10% 1,400 1,400
4.05% 4/13/95 4.05% 1,400 1,400
4.00% 4/28/95 4.00% 1,500 1,500
WASHINGTON - 1.88%
Student Loan Finance Association,
Guaranteed Student Loan Program, 1988
Series B, VRDN, 4.15% 4/5/95* 4.15% 1,000 1,000
Port of Seattle General Obligation Bonds,
Series 1985, VRDN, 4.00% 4/5/95* 4.00% 2,000 2,000
WEST VIRGINIA - 3.71%
The County Commission of Marion County Solid
Waste Disposal Facility Revenue Bonds, 1990
Series A (Grant Town Congeneration Project),
VRDN, 4.25% 4/5/95* 4.25% 1,700 1,700
Public Energy Authority Energy Revenue Bonds
(Morgantown Energy Associates Project),
1989 Series A, TECP:
3.95% 5/3/95 3.95% 2,700 2,700
4.05% 5/8/95 4.05% 500 500
4.05% 5/9/95 4.05% 1,000 1,000
WISCONSIN - 5.39%
State Operating Notes of 1995, 4.50%
6/15/95 4.50 3,900 3,900
Health Facilities Authority Revenue Bonds,
Series 1985G, (Hospital Sisters Services
Inc. Obligated Group Project), VRDN,
4.00% 4/5/95* 4.00 2,000 2,000
Housing and Economic Development Authority
Home Ownership Revenue Bonds, 1991 Series A,
4.65% Optional Put 9/1/95 4.65 2,685 2,685
WYOMING - 1.26%
Sweetwater County Pollution Control
Revenue Bonds (PacifiCorp Projects),
Series 1990A,VRDN, 4.25% 4/5/95* 4.25 2,000 2,000
--------- ---------
Total Tax-Exempt Securities (cost: $159,165,000) 159,135 159,157
---------
Excess of cash, prepaid expenses and receivables
over payables 368
---------
Net Assets 159,525
=========
</TABLE>
*Coupon rates may change periodically; yield at
acquisition reflects current coupon rate.
See Notes to Financial Statements
THE TAX-EXEMPT MONEY FUND OF AMERICA
FINANCIAL STATEMENTS
<TABLE>
<CAPTION>
Unaudited
- -------------------------------------- ------------ ------------
STATEMENT OF ASSETS AND LIABILITIES*
AT MARCH 31, 1995 (dollars in thousands)
- ------------------------------------- ------------ ------------
<S> <C> <C>
ASSETS:
Investment securities at market
(COST: $159,165) $159,157
Cash 474
Receivables for-
Sales of fund's shares $376
Accrued interest 960 1,336
------------ ------------
160,967
LIABILITIES:
Payables for-
Puchases of investments 310
Repurchases of fund's shares 1,050
Dividends payable 27
Management services 55 1,442
------------ ------------
NET ASSETS AT MARCH 31, 1995 -
Equivalent to $1.00 per share on
159,537,250 SHARES OF BENEFICIAL
interest issued and outstanding;
unlimited shares authorized $159,525
=============
STATEMENT OF OPERATIONS* Unaudited
FOR THE SIX MONTHS ENDED MARCH 31, 1995 (dollars in thousands)
------------ ------------
INVESTMENT INCOME:
Income:
Interest $ 3,051
Expenses:
Management services fee $367
Distribution expenses 51
Transfer agent fee 77
Reports to shareholders 3
Registration statement and prospectus 54
Postage, stationery and supplies 30
Trustees' fees 7
Auditing and legal fees 35
Custodian fee 4
Taxes other than federal income tax 3
Other expenses 17
------------------
Total expenses before reimbursement 648
Reimbursement of expenses 107 541
------------ ------------
Net investment income 2,510
------------
REALIZED LOSS AND UNREALIZED
DEPRECIATION ON INVESTMENTS:
NET REALIZED LOSS (12)
NET UNREALIZED
DEPRECIATION ON INVESTMENTS:
BEGINNING OF PERIOD (15)
END OF PERIOD (7)
------------
NET CHANGE IN UNREALIZED
DEPRECIATION ON INVESTMENTS 8
------------
NET REALIZED LOSS AND UNREALIZED
DEPRECIATION ON INVESTMENTS (4)
------------
NET INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS $2,506
============
STATEMENT OF CHANGES IN NET
ASSETS (dollars in thousands)
- ---------------------------------------- ------------- -------------
Six months Year ended
ended
3/31/95 * 9/30/94
OPERATIONS: ------------- -------------
Net investment income $ 2,510 $ 2,927
NET REALIZED (LOSS) GAIN (12) 10
NET DECREASE (INCREASE) IN UNREALIZED
depreciation on investments 8 (4)
------------- -------------
NET INCREASE IN NET ASSETS
resulting from operations 2,506 2,933
------------- -------------
DIVIDENDS PAID TO SHAREHOLDERS (2,510) (2,927)
------------- -------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
142,034,501 AND 278,240,320
shares, respectively 142,035 278,240
Proceeds from shares issued in
reinvestment of net investment income
dividends and distributions of net
realized gain on investments:
2,297,349 and 2,735,835 shares,
respectively 2,297 2,736
Cost of shares repurchased:
155,028,936 and 231,575,866
shares, respectively (155,029) (231,576)
------------- -------------
Net (decrease) increase in net assets
resulting from capital share
transactions (10,697) 49,400
------------- -------------
TOTAL (DECREASE) INCREASE IN NET ASSETS (10,701) 49,406
NET ASSETS:
BEGINNING OF PERIOD 170,226 120,820
------------- -------------
END OF PERIOD $159,525 $170,226
========== ==========
</TABLE>
*Unaudited
See Notes to Financial Statements
Notes to Financial Statements
1.The Tax-Exempt Money Fund of America (the "fund") is registered under the
Investment Company Act of 1940 as an open-end, diversified management
investment company. The following paragraphs summarize the significant
accounting policies consistently followed by the fund in the preparation of its
financial statements:
The fund uses the penny-rounding method of valuing its shares, in accordance
with Securities and Exchange Commission (SEC)rules. This method permits the
fund to maintain a consistent net asset value of $1.00 per share, provided the
market value of the fund's shares does not deviate from $1.00 by more than
one-half of 1% and the fund complies with other restrictions set forth in the
SEC rules.
Municipal securities with 60 days or less to maturity are valued at amortized
cost, which approximates market value. Municipal securities with original or
remaining maturities in excess of 60 days are valued at prices obtained from a
national municipal bond pricing service. The pricing service takes into
account various factors such as quality, yield and maturity of municipal
securities comparable to those held by the fund, as well as actual bid and
asked prices on a particular day. Other securities with original or remaining
maturities in excess of 60 days are valued at the mean of their quoted bid and
asked prices. The maturities of variable or floating rate instruments are
deemed to be the time remaining until the next interest rate adjustment date.
Securities for which market quotations are not readily available are valued at
fair value as determined in good faith by the Valuation Committee of the Board
of Trustees.
As is customary in the mutual fund industry, securities transactions are
accounted for on the date the securities are purchased or sold. Realized gains
and losses from securities transactions are reported on an identified cost
basis. Interest income is reported on the accrual basis. Dividends are
declared on a daily basis after the determination of the fund's net investment
income and paid to shareholders on a monthly basis. Discounts and premiums on
securities purchased are amortized over the life of the respective securities.
2. It is the fund's policy to continue to comply with the requirements of the
Internal Revenue Code applicable to regulated investment companies and to
distribute all of its taxable income, including any net realized gain on
investments, to its shareholders. Therefore, no federal income tax provision
is required.
As of March 31, 1995, unrealized depreciation for book and federal income tax
purposes aggregated $7,000, of which $8,000 related to appreciated securities
and $15,000 related to depreciated securities. There was no difference between
book and tax realized gains on securities transactions for the six months ended
March 31, 1995. During the six months ended March 31, 1995, the fund realized,
on a tax basis, a net capital loss of $12,000 on sales of securities. The cost
of portfolio securities for book and federal income tax purposes was
$159,157,000 at March 31, 1995.
3. The fee of $367,000 for management services was paid pursuant to an
agreement with Capital Research and Management Company (CRMC), with which
certain officers and Trustees of the fund are affiliated. The Investment
Advisory and Service Agreement provides for monthly fees, accrued daily, based
on an annual rate of 0.44% of the first $200 million of average net assets and
0.42% of such assets in excess of $200 million but not exceeding $600 million,
0.38% on that portion of net assets in excess of $600 million but not exceeding
$1.2 billion, and 0.34% on that portion of net assets in excess of $1.2
billion.
The Investment Advisory Service Agreement provides for fee reductions to the
extent that annual operating expenses exceed 0.75% of the average net assets of
the fund, during a period which will terminate at the earlier of such time as
no reimbursement has been required for a period of twelve consecutive months,
provided no advances are outstanding, or October 2, 1999. CRMC has also
voluntarily agreed to waive its fees to the extent necessary to ensure that the
Fund's expenses do not exceed 0.65% of the average net assets. Expenses that
are not subject to these limitations are interest, taxes, brokerage
commissions, transaction costs, and extraordinary expenses. There can be no
assurance that this voluntary fee waiver will continue in the future. Fee
reductions amounted to $107,000 for the six months ended March 31, 1995.
Pursuant to a Plan of Distribution with American Funds Distributors, Inc.
(AFD), the fund may expend up to 0.15% of its average net assets annually for
any activities primarily intended to result in sales of fund shares, provided
the categories of expenses for which reimbursement is made are approved by the
fund's Board of Trustees. Fund expenses under the Plan include payments to
dealers to compensate them for their selling and servicing efforts. During the
six months ended March 31, 1995, distribution expenses under the plan amounted
to $51,000. As of March 31, 1995, accrued and unpaid distribution expenses
were $8,000.
American Funds Service Company (AFS), the transfer agent for the fund, was
paid a fee of $77,000 under the terms of a contract that provides for transfer
agency services to be performed for the fund.
Trustees who are unaffiliated with CRMC may elect to defer part or all of the
fees earned for services as members of the Board. Amounts deferred are not
funded and are general unsecured liabilities of the fund. As of March 31,
1995, aggregate amounts deferred were $6,000.
CRMC is owned by The Capital Group Companies, Inc. AFS and AFD are wholly
owned subsidiaries of CRMC. Certain of the Trustees and officers of the fund
are or may be considered to be affiliated with CRMC, AFS and AFD. No such
persons received any remuneration directly from the fund.
4. As of March 31, 1995, accumulated undistributed net realized loss on
investments was $12,000.
The fund made purchases and sales of investment securities of $412,863,000 and
$421,507,000, respectively, during the six months ended March 31, 1995.
PER-SHARE DATA AND RATIOS
<TABLE>
<CAPTION>
Six months Year Ended September 30
For the
period
ended 10/24/89/2/ to
3/31/95/1/ 1994 1993 1992 1991 09/30/90
--------- ------ ------ ------ ------ ------------
NET ASSET VALUE, BEGINNING OF PERIOD $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
<S> <C> <C> <C> <C> <C> <C>
--------- ------ ------ ------ ------ ------------
Income from Investment Operations:
Net Investment income .015 .020 .019 .029 .045 .049
--------- ------ ------ ------ ------ ------------
Total income from investment operations .015 .020 .019 .029 .045 .049
--------- ------ ------ ------ ------ ------------
Less Distributions:
Dividends from net investment income (.015) (.020) (.019) (.029) (.045) (.049)
--------- ------ ------ ------ ------ ------------
Total distributions (.015) (.020) (.019) (.029) (.045) (.049)
--------- ------ ------ ------ ------ ------------
NET ASSET VALUE, END OF PERIOD $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
========= ====== ====== ====== ====== ============
=
Total Return 1.51%/3/ 1.98% 1.90% 2.96% 4.58% 5.04%/3/
Ratios/Supplemental Data:
NET ASSETS, END OF PERIOD (IN MILLIONS) $160 $170 $121 $108 $107 $61
Ratio of expenses to average net assets 0.33%/3/ .65% .65% .65% .65% .65%/4/
Ratio of net income to average net 1.51%/3/ 1.99% 1.88% 2.95% 4.43% 5.16%/4/
assets
</TABLE>
/1/ Unaudited
/2/ Commencement of operations
/3/ These ratios are based on operations for the period shown and, accordingly,
are not representative of a full year's operations.
/4/ Annualized.
RESULTS OF SHAREHOLDER MEETING HELD MARCH 2, 1995
Shares Outstanding on January 5, 1995 (record date) 175,018,274
Shares Voting on March 2, 1995 100,109,962
(57.2%)
<TABLE>
<CAPTION>
ELECTION OF TRUSTEES
Trustee Votes Percent Votes Percent Abstentions Percent
For of Shares Withheld of Shares of Shares
Voting Voting Voting
- --------------------- ----------- ---------- ---------- --------- ---------- ---------
<S> <C> <C> <C> <C> <C> <C>
H. Frederick Christie 95,510,834 95.4% 4,599,128 4.6% none 0.0%
Diane C. Creel 95,465,912 95.3 4,644,050 4.7 none 0.0
Martin Fenton, Jr. 95,530,513 95.4 4,579,449 4.6 none 0.0
Leonard R. Fuller 95,558,029 95.4 4,551,933 4.6 none 0.0
Abner D. Goldstine 95,552,025 95.4 4,557,937 4.6 none 0.0
Herbert Hoover III 95,541,560 95.4 4,568,402 4.6 none 0.0
Paul G. Haaga, Jr. 95,506,254 95.4 4,603,708 4.6 none 0.0
Richard G. Newman 95,541,560 95.4 4,568,402 4.6 none 0.0
Peter C. Valli 95,552,025 95.4 4,557,937 4.6 none 0.0
RATIFICATION OF AUDITORS
For Percent Against Percent Abstentions Percent
of Shares of Shares of Shares
Voting Voting Voting
Price Waterhouse LLP 97,486,455 97.4% 852,523 0.6% 1,770,985 2.0%
</TABLE>
OFFICES OF THE FUNDS AND OF
THE INVESTMENT ADVISER,
CAPITAL RESEARCH AND
MANAGEMENT COMPANY
333 South Hope Street
Los Angeles, California 90071-1443
135 South State College Boulevard
Brea, California 92621-5804
TRANSFER AGENT FOR
SHAREHOLDER ACCOUNTS
American Funds Service Company
P.O. Box 2205
Brea, California 92622-2205
P.O. Box 659522
San Antonio, Texas 78265-9522
P.O. Box 6007
Indianapolis, Indiana 46206-6007
P.O. Box 2280
Norfolk, Virginia 23501-2280
CUSTODIAN OF ASSETS
The Chase Manhattan Bank, N.A.
One Chase Manhattan Plaza
New York, New York 10081-0001
COUNSEL
Morrison & Foerster
345 California Street
San Francisco, California 94104-2675
PRINCIPAL UNDERWRITER
American Funds Distributors, Inc.
333 South Hope Street
Los Angeles, California 90071-1462
For information about your account or any of the funds' services, please
contact your securities dealer or financial planner, or call the funds'
transfer agent, toll-free, at 800/421-0180.
This report is for the information of shareholders of The Cash Management Trust
of America, The U.S. Treasury Money Fund of America and The Tax-Exempt Money
Fund of America, but it may also be used as sales literature when preceded or
accompanied by the current prospectus, which gives details about charges,
expenses, investment objectives and operating policies of the funds. If used
as sales material after June 30, 1995, this report must be accompanied by an
American Funds Group Statistical Update for the most recently completed
calendar quarter.
Litho in USA W/AL/2620
Lit. No. MMF-013-0595
Printed on recycled paper
[The American Funds Group(R)]
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