CMA
CMA MONEY FUND
Annual Report
March 31, 1994
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.
Printed on Recycled Paper.
CMA Money Fund
Box 9011
Princeton, NJ 08543-9011
DEAR SHAREHOLDER:
For the year ended March 31, 1994, CMA Money Fund paid
shareholders a net annualized dividend of 2.82%*. The Fund's 7-
day yield as of March 31, 1994 was 2.93% (including gains and
losses) and 2.93% (excluding gains and losses).
<PAGE>
The Environment
Inflationary expectations changed sharply during the six months
ended March 31. Following several months of better-than-expected
economic results, Federal Reserve Board Chairman Alan Greenspan
indicated in Congressional testimony in January that continued
strong expansion of the economy would lead the central bank to
tighten monetary policy in an effort to control inflation. On
February 4, 1994, the central bank broke with tradition and
publicly announced a modest 25 basis point (0.25%) increase in
short-term interest rates. At the March 22 meeting of the Federal
Open Market Committee, the Federal Reserve Board again raised the
Federal Funds rate by 25 basis points and announced the increase.
Rather than view the Federal Reserve Board's first tightening
move as a preemptive strike against inflation, fixed-income
investors focused on Chairman Greenspan's implicit promise of
further tightening should the rate of inflation accelerate, and
bond prices declined sharply. The setback in the bond market was
also reflected in greater stock market volatility. While the
second increase in the Federal Funds rate was less of a surprise,
investors remained concerned that interest rates would trend
upward sharply. As a result, stock and bond prices continued to
decline through the end of March. The volatility in the US
capital markets was mirrored in international markets. Political
and economic developments, along with concerns of heightened
global inflationary pressures, led to a sell-off in most capital
markets, especially the emerging markets that had appreciated
strongly in 1993.
[FN]
*Based on a constant investment throughout the period, with
dividends compounded daily, and reflecting a net return to the
investor after all expenses.
In the weeks ahead, investors will continue to gauge the pace of
the economic expansion and watch for signs of an overheating
economy. At this time, there is little evidence that the rate of
inflation will increase rapidly. Therefore, although the secular
long-term trend toward lower interest rates may be over, it is
not yet certain whether the pace of economic activity will
accelerate to the point where extensive Federal Reserve Board
tightening will be necessary to contain inflation.
<PAGE>
Portfolio Matters
Since our last report to shareholders, CMA Money Fund has
maintained an average portfolio maturity ranging from a low of 37
days to a high of 90 days. This relatively wide range reflects
our changing view of the market as the economy gathered strength
and the Federal Reserve Board tightened monetary policy.
As the period opened, the Fund maintained its constructive
approach to the market, owing both to favorable technical
conditions and encouraging news on the inflation front. Our
strategy generally favored short-term Government agency
obligations and Treasury notes in the 12-month--18-month area,
where the yield curve was steepest.
As 1993 drew to a close, the Fund moderated its approach to the
market, establishing an average life centered in the 70-day area.
As the prospects for lower interest rates dimmed, we reduced the
Fund's positions in 18-month--24-month Treasury securities and
instead focused on obligations with maturities under one year.
Additionally, the Fund's commercial paper holdings remained
relatively underweighted, in response to narrow quality spreads.
As 1994 opened, the Fund emphasized purchases of two-month
commercial paper as credit spreads started to widen. As January
wore on, we reduced our positions in longer-term securities,
concerned that the economic momentum of the fourth quarter would
sustain itself in the first quarter.
In early February, we moved to further reduce the Fund's exposure
to interest rates. On the heels of strong auto sales and surging
new home sales, we reduced the portfolio's average life to 60
days on February 3, 1994, by selling Government agency
obligations at relatively narrow spreads to Treasury securities.
On February 4, 1994, the Federal Reserve Board moved to tighten
monetary policy by hiking its Federal Funds rate target to 3.25%.
For the balance of the month, we largely restricted new purchases
to one-month money market instruments, in anticipation of another
round of tightening from the central bank. Accordingly, our
holdings of commercial paper rose from 36% of total assets in
late December to 49% in late February.
Throughout March we maintained this relatively defensive posture,
focusing on the likelihood that the Federal Reserve Board would
move again. We restricted new purchases to securities with short-
term maturities while maintaining a relatively large position
(23% of net assets) in variable rate instruments. On March 22,
1994, the Federal Reserve Board increased the Federal Funds rate
to 3.50%.
<PAGE>
Looking ahead, we believe that short-term interest rates still
have room to move higher, as the central bank plots a more
neutral course. Accordingly, we expect to maintain a relatively
defensive stance in the near term.
The Fund's portfolio compostion at the end of the March period
and as of our last report is detailed below:
3/31/94 9/30/93
Bank Notes 1.8% 1.1%
Bankers' Acceptances--Yankee* 0.1 0.1
Certificates of Deposit 0.2 0.1
Certificates of Deposit--European 2.6 1.7
Certificates of Deposit--Yankee* 3.4 4.0
Commercial Paper 52.0 33.0
Corporate Notes 0.1 0.6
Master Notes 5.4 5.5
Medium-Term Notes 0.2 0.1
Repurchase Agreements 0.7 1.0
US Government, Agency & Instrumentality
Obligations--Discount Notes 11.3 29.1
US Government & Agency Obliga-
tions--Non-Discount Notes 22.2 23.7
------- --------
100.0% 100.0%
======= ========
[FN]
* US branches of foreign banks.
Thank you for your ongoing interest in CMA Money Fund, and we
look forward to sharing our investment strategies and objectives
with you in our upcoming semi-annual report to shareholders.
Sincerely,
(Arthur Zeikel)
Arthur Zeikel
President
(Kevin J. McKenna)
Kevin J. McKenna
Vice President and Portfolio Manager
May 3, 1994
<PAGE>
CMA MONEY FUND
SCHEDULE OF INVESTMENTS AS OF MARCH 31, 1994 (IN THOUSANDS)
Face Interest Maturity Value
Issue Amount Rate* Date (Note 1a)
Bank Notes--1.8%
Banc One, Texas $125,000 3.50 % 1/26/95 $123,888
Bank (Delaware), 38,000 3.40 10/14/94 37,802
Wilmington
Nations Bank 10,000 3.65 6/07/94 9,996
North Carolina 95,000 3.375 9/30/94 94,573
PNC Bank, Kentucky 52,000 3.40 10/14/94 51,730
PNC Bank, N.A. 64,000 3.20 4/28/94 63,973
78,250 3.80 4/29/94 78,268
Trust Co. Bank 37,800 3.375 9/30/94 37,630
Total Bank Notes
(Cost--$499,886) 497,860
Bankers' Acceptances--Yankee--0.1%
Generale Bank, NY 5,000 3.23 4/07/94 4,997
Mitsubishi Bank, NY 20,600 3.20 4/18/94 20,565
Total Bankers' Acceptances--Yankee
(Cost--$25,564) 25,562
Certificates of Deposit--0.2%
American Express 20,000 3.50 4/06/94 20,000
Centurion Bank 30,000 3.58 4/08/94 30,000
Total Certificates of Deposit
(Cost--$50,000) 50,000
<PAGE>
Certificates of Deposit--European--2.6%
Abbey National PLC, 100,000 3.27 4/07/94 100,001
London 100,000 3.42 4/15/94 99,999
Banco Bilboa Vizcaya, 25,000 3.27 4/07/94 25,000
London
Barclays Bank, London 21,000 3.17 4/11/94 20,999
Dresdner Bank, London 35,000 3.22 4/11/94 34,999
Harris Trust & Savings 100,000 3.23 4/05/94 100,000
Bank, London
Kredietbank N.V., London 20,000 3.25 4/11/94 19,999
Mitsubishi Bank, London 20,000 3.17 4/07/94 19,999
Morgan Guaranty Trust, 200,000 3.63 4/28/94 200,003
London
Sanwa Bank, London 60,000 3.18 4/13/94 59,996
15,000 3.18 4/19/94 14,999
Sumitomo Bank, London 20,000 3.32 4/11/94 20,000
Total Certificates of Deposit--European
(Cost--$716,005) 715,994
Certificates of Deposit--Yankee--3.5%
Banque Nationale de 20,000 3.34 4/27/94 19,998
Paris, NY 25,000 3.39 5/03/94 24,995
Barclays Bank, NY 79,000 3.20 5/03/94 78,974
Canadian Imperial 45,000 3.61 4/25/94 44,999
Bank of Commerce, NY
Dai-Ichi Kangyo 15,000 3.18 4/25/94 14,998
Bank, NY 10,000 3.63 4/28/94 10,000
13,000 3.84 6/14/94 12,997
50,000 3.90 6/24/94 49,995
100,000 3.89 7/05/94 99,957
Face Interest Maturity Value
Issue Amount Rate* Date (Note 1a)
Certificates of Deposit--Yankee (concluded)
Deutsche Bank, NY $50,000 3.21% 4/07/94 $ 50,000
83,000 3.22 4/07/94 83,000
Mitsubishi Bank, NY 100,000 3.17 4/18/94 99,991
Sanwa Bank, NY 40,000 3.70 4/25/94 40,001
20,000 3.89 6/21/94 19,998
Societe Generale, NY 25,000 3.25 4/07/94 25,000
Sumitomo Bank, NY 15,000 3.56 4/04/94 15,000
100,000 3.57 4/05/94 100,000
65,000 3.19 4/21/94 64,994
Westdeutsche Landesbank 33,000 3.16 5/13/94 32,984
Girozentrale, NY 50,000 3.17 5/20/94 49,973
Total Certificates of Deposit--Yankee
(Cost--$938,004) 937,854
Commercial Paper--52.3%
ABN-AMRO North 76,000 3.10 4/12/94 75,915
America Finance Inc. 50,000 3.17 5/27/94 49,707
A.I. Credit Corp. 9,000 3.10 4/20/94 8,983
AIG Funding, Inc. 8,500 3.53 4/08/94 8,493
ANZ (Delaware), Inc. 33,500 3.10 4/27/94 33,417
26,500 3.15 5/13/94 26,384
20,000 4.00 8/29/94 19,672
APRECO, Inc. 18,500 3.11 4/11/94 18,481
19,200 3.13 4/18/94 19,168
Abbey National North 40,000 3.22 4/07/94 39,974
America Corp. 85,000 3.13 5/02/94 84,730
175,000 3.13 5/03/94 174,414
Alcatel Alsthom Inc. 15,000 3.52 4/11/94 14,984
Alpha Finance Corp. 5,000 3.60 4/15/94 4,993
American Express 200,000 3.45 4/04/94 199,923
Credit Corp. 200,000 3.21 4/06/94 199,888
35,000 3.17 4/07/94 34,977
58,000 3.12 4/18/94 57,903
Asset Securitization 50,000 3.58 4/11/94 49,945
Cooperative Corp. 10,000 3.65 4/19/94 9,981
Associates Corp. of 125,000 3.375 4/14/94 124,837
North America 50,000 3.61 4/25/94 49,875
Avco Financial Services, 40,000 3.48 4/08/94 39,969
Inc. 14,000 3.48 4/12/94 13,984
16,000 3.65 4/25/94 15,959
50,000 3.80 6/28/94 49,524
BASF Corp. 10,000 3.80 6/27/94 9,906
B.A.T. Capital Corp. 38,400 3.15 4/05/94 38,383
10,000 3.55 4/06/94 9,994
15,000 3.53 4/12/94 14,982
B.B.V. Finance 50,000 3.22 4/04/94 49,983
(Delaware), Inc.
BNP U.S. Finance Corp. 130,000 3.15 4/15/94 129,819
70,000 4.05 9/29/94 68,549
BTR Dunlop Finance 12,645 3.55 4/14/94 12,628
Inc. 43,418 3.80 6/21/94 43,037
18,000 3.80 6/23/94 17,838
<PAGE>
Face Interest Maturity Value
Issue Amount Rate* Date (Note 1a)
Commercial Paper (continued)
Banc One Diversified $30,000 3.52% 4/11/94 $29,968
Services 35,000 3.52 4/12/94 34,959
Bankers Trust NY Corp. 60,000 3.44 4/11/94 59,937
100,000 3.10 4/26/94 99,758
40,000 3.17 5/03/94 39,866
Barclays U.S. Funding 100,000 3.12 4/18/94 99,833
Corp. 100,000 3.10 4/26/94 99,758
Bass Finance (C.I.) Ltd. 10,580 3.12 4/18/94 10,562
19,455 3.12 4/19/94 19,421
17,000 3.10 4/28/94 16,956
18,000 3.15 4/28/94 17,953
9,000 3.80 6/17/94 8,925
34,655 3.80 6/28/94 34,325
Bayerische Vereinsbank 27,000 3.10 4/27/94 26,932
AG
Bear Stearns Cos., Inc. 40,000 3.60 4/11/94 39,956
25,000 3.55 4/13/94 24,968
25,000 3.13 4/20/94 24,953
25,000 3.14 4/20/94 24,953
Beneficial Corp. 41,200 3.11 4/11/94 41,158
18,000 3.11 4/12/94 17,980
125,000 3.12 4/18/94 124,791
65,000 3.12 4/20/94 64,879
Beta Finance Inc. 11,500 3.11 4/13/94 11,486
Bowater PLC 19,000 3.55 4/04/94 18,993
10,000 3.60 4/05/94 9,995
10,000 3.15 4/07/94 9,993
7,500 3.60 4/08/94 7,494
20,000 3.10 4/13/94 19,976
<PAGE>
Budget Funding Corp. 54,500 3.10 4/26/94 54,368
CIT Group Holdings, 50,000 3.18 4/04/94 49,982
Inc. (The) 50,000 3.18 4/08/94 49,963
50,000 3.53 4/08/94 49,961
50,000 3.12 4/21/94 49,902
50,000 3.12 4/25/94 49,884
125,000 3.57 4/28/94 124,653
50,000 3.80 6/21/94 49,562
75,000 3.80 6/27/94 74,294
CS First Boston Inc. 50,000 3.15 4/11/94 49,949
60,000 3.60 4/13/94 59,922
15,000 3.10 4/28/94 14,961
5,000 3.80 6/20/94 4,957
CSW Credit, Inc. 12,500 3.44 4/05/94 12,494
35,000 3.55 4/18/94 34,938
27,500 3.55 4/20/94 27,446
CXC Inc. 25,000 3.53 4/07/94 24,983
5,000 3.13 4/08/94 4,996
18,000 3.53 4/14/94 17,975
17,000 3.58 4/20/94 16,966
9,600 3.13 5/02/94 9,570
Caisse des Depots et 25,000 3.53 4/15/94 24,963
Consignations
Canadian Wheat Board 30,000 3.20 4/22/94 29,939
<PAGE>
CMA MONEY FUND
SCHEDULE OF INVESTMENTS AS OF MARCH 31, 1994 (CONTINUED)
(IN THOUSANDS)
Face Interest Maturity Value
Issue Amount Rate* Date (Note 1a)
Commercial Paper (continued)
Central & South $20,200 3.45% 4/04/94 $20,192
West Corp. 25,000 3.43 4/07/94 24,983
7,000 3.55 4/19/94 6,987
20,000 3.60 4/21/94 19,958
Central Hispano N.A. 10,000 3.25 4/06/94 9,994
Capital Corp. 20,000 3.16 4/08/94 19,985
25,000 3.11 4/14/94 24,967
25,000 3.11 4/28/94 24,935
Cheltenham & Glouster 25,000 3.20 4/11/94 24,974
Building Society 50,000 3.17 5/03/94 49,833
Ciba-Geigy Corp. 9,000 3.54 4/11/94 8,990
Ciesco L.P. 43,900 3.45 4/04/94 43,883
15,000 3.48 4/04/94 14,994
50,000 3.41 4/06/94 49,972
20,000 3.10 4/07/94 19,987
10,000 3.13 4/11/94 9,990
30,000 3.55 4/18/94 29,947
9,500 3.53 4/19/94 9,482
14,000 3.12 4/22/94 13,971
40,200 3.13 5/02/94 40,072
Coles Meyer Finance 20,000 3.55 4/29/94 19,943
(USA) Ltd.
Commercial Credit Corp. 25,000 3.48 4/04/94 24,990
50,000 3.50 4/06/94 49,971
25,000 3.55 4/08/94 24,980
50,000 3.58 4/12/94 49,940
25,000 3.53 4/13/94 24,968
25,000 3.58 4/14/94 24,965
Commerzbank U.S. 50,000 3.20 4/04/94 49,983
Finance Inc. 88,000 3.10 4/28/94 87,771
5,000 4.05 9/30/94 4,896
<PAGE>
Commonwealth Bank of 75,000 3.20 4/05/94 74,967
Australia
Corporate Asset 25,000 3.12 4/11/94 24,974
Funding Co. Inc. 25,000 3.10 5/02/94 24,921
25,000 3.10 5/03/94 24,916
Corporate Asset 20,000 3.60 4/04/94 19,992
Securitization Australia 15,000 3.47 4/06/94 14,991
Ltd, Inc. 15,000 3.60 4/11/94 14,984
25,000 3.65 4/18/94 24,954
Corporate Receivables 16,900 3.55 4/11/94 16,882
Corp. 17,100 3.57 4/11/94 17,081
48,050 3.11 4/14/94 47,988
15,000 3.12 4/14/94 14,980
15,000 3.12 4/18/94 14,975
21,300 3.53 4/18/94 21,262
15,000 3.12 4/20/94 14,972
27,000 3.53 4/20/94 26,947
8,000 3.10 4/22/94 7,984
16,000 3.63 5/03/94 15,947
Creditanstalt Finance, Inc. 35,000 3.21 4/04/94 34,988
Delaware Funding Corp. 16,035 3.54 4/11/94 16,018
20,080 3.55 4/15/94 20,050
32,445 3.80 6/20/94 32,164
CMA MONEY FUND
SCHEDULE OF INVESTMENTS AS OF MARCH 31, 1994 (CONTINUED)
(IN THOUSANDS)
Face Interest Maturity Value
Issue Amount Rate* Date (Note 1a)
Commercial Paper (continued)
Deutsche Bank $72,000 3.13% 4/05/94 $71,969
Financial Inc.
Dresdner U.S. Finance 25,000 3.10 4/15/94 24,965
Inc. 100,000 4.05 10/04/94 97,890
Dun & Bradstreet Corp., 6,100 3.53 4/05/94 6,097
The
ESC Securitization Inc. 25,000 3.53 4/11/94 24,973
40,000 3.12 4/19/94 39,929
<PAGE>
Eiger Capital Corp. 24,000 3.53 4/18/94 23,958
25,026 3.53 4/19/94 24,979
Falcon Asset 54,000 3.48 4/06/94 53,969
Securitization Corp. 31,500 3.60 4/07/94 31,478
29,000 3.57 4/11/94 28,968
22,000 3.55 4/12/94 21,974
31,000 3.57 4/15/94 30,954
7,500 3.60 4/20/94 7,485
Ford Motor Credit Co. 100,000 3.48 4/05/94 99,952
25,000 3.50 4/07/94 24,983
200,000 3.45 4/08/94 199,847
100,000 3.25 4/11/94 99,898
100,000 3.45 4/12/94 99,885
175,000 3.52 4/12/94 174,795
79,500 3.55 4/14/94 79,390
47,000 3.11 4/18/94 46,921
75,000 3.17 4/18/94 74,874
75,000 3.10 4/28/94 74,805
11,050 3.25 4/28/94 11,021
50,000 3.10 4/29/94 49,865
Gaz de France 30,000 3.80 6/28/94 29,714
General Electric 100,000 3.22 4/04/94 99,965
Capital Corp. 50,000 3.42 4/04/94 49,981
50,000 3.22 4/05/94 49,978
100,000 3.42 4/05/94 99,953
100,000 3.22 4/08/94 99,926
40,000 3.53 4/08/94 39,969
50,000 3.18 4/12/94 49,944
100,000 3.18 4/13/94 99,879
50,000 3.12 4/18/94 49,916
50,000 3.12 4/19/94 49,912
100,000 3.55 4/27/94 99,734
50,000 3.20 5/02/94 49,841
50,000 3.82 6/21/94 49,562
100,000 3.97 8/18/94 98,437
100,000 3.97 8/19/94 98,426
General Electric 10,000 3.12 4/06/94 9,994
Capital Services 25,000 3.22 4/07/94 24,984
50,000 3.53 4/08/94 49,961
50,000 3.18 4/12/94 49,944
40,000 3.53 4/12/94 39,953
25,000 3.82 6/21/94 24,781
<PAGE>
Generale Bank, Inc. 25,000 3.20 4/05/94 24,989
25,000 3.25 5/04/94 24,914
20,000 3.80 6/28/94 19,810
Goldman Sachs 300,000 3.60 4/06/94 299,820
Group, L.P. 350,000 3.60 4/07/94 349,755
150,000 3.60 4/08/94 149,880
Face Interest Maturity Value
Issue Amount Rate* Date (Note 1a)
Commercial Paper (continued)
Halifax Building Society $25,000 3.20% 4/06/94 $24,986
19,000 3.10 4/26/94 18,954
58,000 3.55 4/29/94 57,834
Hanson Finance 66,000 3.20 4/06/94 65,963
(U.K.) PLC 30,000 3.11 4/12/94 29,967
60,000 3.11 4/13/94 59,927
68,000 3.11 4/14/94 67,911
30,000 3.11 4/15/94 29,958
20,000 3.13 4/25/94 19,953
70,000 3.13 4/29/94 69,811
56,000 3.13 5/02/94 55,822
Hertz Funding Corp. 10,000 3.82 6/06/94 9,928
4,700 3.80 6/13/94 4,663
7,000 3.80 6/22/94 6,938
Hewlett-Packard Co. 30,000 3.50 4/07/94 29,980
12,000 4.00 8/29/94 11,798
<PAGE>
Household Finance 40,000 3.57 4/05/94 39,980
Corp. 15,000 3.12 4/13/94 14,982
50,000 3.54 4/18/94 49,912
25,000 3.79 6/27/94 24,765
Hypo U.S. Finance Inc. 15,000 3.17 5/05/94 14,947
International Lease 20,000 3.55 4/12/94 19,976
Finance Corp. 20,000 3.10 4/13/94 19,976
13,000 3.65 4/18/94 12,976
25,000 3.10 4/25/94 24,942
6,252 3.65 4/26/94 6,236
15,000 3.55 4/29/94 14,957
Internationale Nederlan- 100,000 3.20 4/04/94 99,965
den (U.S.) Funding Corp. 38,000 3.80 6/23/94 37,659
Kimberly-Clark Corp. 6,000 3.53 4/11/94 5,994
Kingdom of Sweden 30,000 3.45 4/12/94 29,966
Kredietbank North 40,000 3.11 4/15/94 39,944
America Finance Corp.
Leeds Permanent 17,700 3.29 7/18/94 17,491
Building Society 25,000 3.29 7/20/94 24,699
Lincoln National Corp. 25,000 3.53 4/11/94 24,973
31,000 3.55 4/15/94 30,954
MCA Funding Corp. 39,000 3.53 4/08/94 38,969
15,000 3.53 4/11/94 14,984
50,000 4.05 9/16/94 49,038
40,000 4.05 9/19/94 39,216
Matterhorn Capital Corp. 10,029 3.56 4/06/94 10,023
7,000 3.55 4/07/94 6,995
85,979 3.53 4/11/94 85,886
McKenna Triangle 25,000 3.20 4/07/94 24,984
National Corp. 43,000 3.63 4/18/94 42,922
50,000 3.12 4/20/94 49,907
40,000 3.53 4/20/94 39,922
25,000 3.17 4/22/94 24,949
17,000 3.60 5/03/94 16,944
<PAGE>
Merck & Co., Inc. 10,000 3.32 4/25/94 9,977
Morgan Stanley 100,000 3.43 4/04/94 99,962
Group, Inc. 100,000 3.53 4/11/94 99,892
100,000 3.85 6/21/94 99,123
32,000 3.80 6/23/94 31,713
CMA MONEY FUND
SCHEDULE OF INVESTMENTS AS OF MARCH 31, 1994 (CONTINUED)
(IN THOUSANDS)
Face Interest Maturity Value
Issue Amount Rate* Date (Note 1a)
Commercial Paper (continued)
Motorola Credit Corp. $ 10,179 3.54% 4/07/94 $ 10,172
19,800 3.54 4/08/94 19,784
National Australia 100,000 3.47 4/06/94 99,942
Funding (Delaware) Inc. 150,000 3.60 5/06/94 149,460
National Rural Utilities 54,150 3.10 4/12/94 54,090
Cooperative Finance 20,000 3.11 4/14/94 19,974
Corp.
NationsBank Corp. 10,000 3.35 4/05/94 9,996
New Center Asset Trust 40,000 3.21 4/04/94 39,986
36,000 3.49 4/06/94 35,979
146,000 3.57 4/12/94 145,826
10,000 3.57 4/18/94 9,982
53,000 3.14 4/19/94 52,906
30,000 3.13 4/20/94 29,944
35,000 3.81 6/22/94 34,689
New South Wales 45,000 3.11 4/18/94 44,925
Treasury Corp. 50,000 3.15 5/03/94 49,833
40,000 3.13 5/11/94 39,833
65,000 4.05 9/28/94 63,660
<PAGE>
Nomura Holding 5,000 3.12 4/06/94 4,997
America, Inc. 10,000 3.12 4/07/94 9,993
45,000 3.58 4/07/94 44,969
25,000 3.22 4/12/94 24,972
5,000 3.12 4/18/94 4,992
25,000 3.22 4/18/94 24,958
20,000 3.57 4/25/94 19,950
25,000 3.82 6/06/94 24,821
25,000 3.82 6/07/94 24,818
15,000 3.80 6/08/94 14,889
Norwest Financial, Inc. 44,000 3.45 4/04/94 43,983
Oesterreichische 62,425 3.18 4/29/94 62,257
Kontrollbank
Aktiengesellschaft
PHH Corp. 30,000 3.50 4/07/94 29,980
24,100 3.54 4/11/94 24,074
30,350 3.55 4/11/94 30,317
15,707 3.55 4/15/94 15,684
49,000 3.55 4/18/94 48,913
Panasonic Finance, Inc. 30,000 3.53 4/12/94 29,965
25,000 3.13 4/29/94 24,933
20,000 3.80 6/30/94 19,805
Paribas Finance, Inc. 50,000 3.55 4/04/94 49,980
50,000 3.21 4/08/94 49,963
PepsiCo, Inc. 15,000 3.53 4/05/94 14,993
20,100 3.53 4/08/94 20,084
43,000 3.10 4/25/94 42,900
23,000 3.10 4/27/94 22,942
Preferred Receivables 103,075 3.62 4/06/94 103,013
Funding Corp. 14,000 3.55 4/11/94 13,985
12,875 3.58 4/11/94 12,861
63,250 3.55 4/13/94 63,169
50,000 3.55 4/20/94 49,901
31,975 3.10 4/25/94 31,901
73,650 3.60 4/29/94 73,436
<PAGE>
Face Interest Maturity Value
Issue Amount Rate* Date (Note 1a)
Commercial Paper (continued)
Procter & Gamble Co., $13,500 3.18% 4/28/94 $13,465
The
Prudential Funding 50,000 4.05 9/27/94 48,975
Corp.
Queensland Treasury 50,000 3.56 4/26/94 49,871
Corp.
RTZ America Inc. 6,000 3.55 4/11/94 5,993
10,800 3.57 4/11/94 10,788
14,500 3.55 4/14/94 14,480
Rabobank USA 11,000 3.35 4/14/94 10,986
Financial Corp.
Raytheon Co. 50,000 3.55 4/25/94 49,877
25,000 3.55 4/28/94 24,931
Sanwa Business 7,900 3.50 4/04/94 7,897
Credit Corp. 7,000 3.55 4/14/94 6,990
5,923 3.12 4/15/94 5,915
Sheffield Receivables 38,000 3.57 4/11/94 37,959
Corp. 50,000 3.53 4/18/94 49,912
12,000 3.55 4/18/94 11,979
Sony Capital Corp. 25,000 3.12 4/11/94 24,974
10,000 3.10 4/29/94 9,973
South Australia 24,750 3.42 4/05/94 24,738
Government Financing 25,250 3.11 4/21/94 25,201
Authority
Southwestern Bell 15,000 3.55 4/14/94 14,979
Capital Corp. 24,000 3.55 4/22/94 23,948
6,900 3.55 4/27/94 6,882
<PAGE>
Student Loan Corp. 22,000 3.54 4/04/94 21,991
21,000 3.10 4/27/94 20,947
Svenska Handelsbanken, 23,000 3.45 4/04/94 22,991
Inc. 10,000 3.22 4/05/94 9,996
50,000 3.12 4/08/94 49,963
9,800 3.12 4/26/94 9,776
7,000 3.25 5/09/94 6,972
Swedish Export 7,000 3.21 4/25/94 6,984
Credit Corp. 40,000 3.15 5/02/94 39,872
Toronto-Dominion 48,000 3.21 4/06/94 47,973
Holdings (USA), Inc. 152,000 3.21 4/07/94 151,901
Toshiba America, Inc. 20,000 3.22 4/05/94 19,991
5,000 3.55 4/11/94 4,995
Toshiba International 22,650 3.50 4/12/94 22,624
Finance (UK) PLC
Transamerica Finance 7,036 3.53 4/06/94 7,032
Corp. 30,500 3.22 4/08/94 30,477
31,371 3.54 4/08/94 31,346
60,000 3.65 4/21/94 59,872
6,750 3.62 5/10/94 6,723
60,000 3.80 6/21/94 59,474
USL Capital Corp. 45,000 3.55 4/18/94 44,920
United States Borax 20,000 3.48 4/04/94 19,992
Inc. 10,550 3.55 4/13/94 10,535
19,400 3.80 6/20/94 19,232
<PAGE>
CMA MONEY FUND
SCHEDULE OF INVESTMENTS AS OF MARCH 31, 1994 (CONTINUED)
(IN THOUSANDS)
Face Interest Maturity Value
Issue Amount Rate* Date (Note 1a)
Commercial Paper (concluded)
WCP Funding Inc. $15,000 3.53% 4/12/94 $14,981
10,000 3.55 4/14/94 9,986
50,000 3.53 4/19/94 49,907
WMX Technologies 17,200 3.45 4/06/94 17,190
Inc.
Western Australia 22,000 3.37 4/19/94 21,961
Treasury Corp. 18,000 3.27 7/18/94 17,787
10,000 4.00 8/31/94 9,829
Wool International 25,000 3.48 4/07/94 24,982
30,000 3.53 4/15/94 29,956
15,000 3.10 4/28/94 14,961
20,000 3.13 5/20/94 19,898
Total Commercial Paper
(Cost--$14,150,129) 14,148,943
Corporate Notes--0.1%
Bear Stearns Cos., 15,000 3.70 9/29/94 14,945
Inc. (The)
Total Corporate Notes
(Cost--$15,000) 14,945
Master Notes++--5.4%
Bear Stearns Cos., 174,000 3.70 5/23/94 174,000
Inc. (The)
Goldman Sachs 300,000 3.69 9/01/94 300,000
Group, L.P.
Kingdom of Sweden 1,000,000 3.5625 7/15/94 1,000,000
Total Master Notes
(Cost--$1,474,000) 1,474,000
<PAGE>
Medium-Term Notes--0.2%
Bear Stearns Cos., 46,000 3.6875 8/12/94 46,015
Inc. (The)
General Electric Capital 10,000 9.50 5/23/94 10,077
Corp.
Total Medium-Term Notes
(Cost--$56,111) 56,092
US Government & Agency Obligations--
Discount Notes--11.4%
Federal Farm Credit Bank 5,000 3.06 4/05/94 4,998
12,000 3.07 4/05/94 11,995
20,000 3.14 4/06/94 19,989
5,360 3.07 4/11/94 5,355
26,955 3.09 4/14/94 26,921
10,000 3.32 4/14/94 9,987
33,000 3.18 7/25/94 32,596
5,000 3.26 10/14/94 4,889
Federal Home Loan Bank 50,000 3.06 4/08/94 49,964
50,000 3.385 9/30/94 48,994
<PAGE>
Face Interest Maturity Value
Issue Amount Rate* Date (Note 1a)
US Government & Agency Obligations--
Discount Notes (concluded)
Federal Home Loan $ 91,825 3.35% 4/04/94 $ 91,791
Mortgage Corp. 182,237 3.36 4/04/94 182,168
15,108 3.06 4/05/94 15,101
54,400 3.09 4/05/94 54,377
100,000 3.13 4/05/94 99,957
100,000 3.15 4/05/94 99,956
16,500 3.35 4/05/94 16,492
29,283 3.36 4/05/94 29,269
12,330 3.06 4/06/94 12,323
26,415 3.07 4/06/94 26,401
44,045 3.09 4/06/94 44,021
85,000 3.36 4/08/94 84,937
114,000 3.06 4/11/94 113,887
50,000 3.065 4/11/94 49,950
89,000 3.07 4/11/94 88,911
36,245 3.13 4/11/94 36,209
50,725 3.43 4/11/94 50,672
10,000 3.43 4/15/94 9,986
188,500 3.32 4/18/94 188,194
47,710 3.34 4/25/94 47,602
75,000 3.32 4/29/94 74,801
Federal National 8,000 3.07 4/04/94 7,997
Mortgage Association 150,000 3.13 4/05/94 149,935
9,355 3.72 7/08/94 9,257
30,000 3.19 7/26/94 29,630
75,000 3.38 8/15/94 73,887
29,200 3.37 8/16/94 28,763
14,785 3.37 8/19/94 14,559
181,470 3.26 8/25/94 178,580
100,000 3.29 8/25/94 98,408
35,000 3.35 8/25/94 34,443
82,435 3.85 8/25/94 81,122
100,000 3.21 8/26/94 98,397
50,000 3.26 8/30/94 49,177
50,000 3.38 8/31/94 49,171
43,900 3.93 9/08/94 43,123
<PAGE> 6,550 3.96 9/20/94 6,425
25,000 3.31 9/23/94 24,516
13,000 3.31 9/26/94 12,744
125,000 3.96 9/27/94 122,525
100,000 3.96 9/29/94 97,998
17,000 3.47 10/07/94 16,637
5,060 3.49 10/11/94 4,950
15,700 3.44 10/12/94 15,356
20,000 3.445 10/12/94 19,561
6,330 3.49 10/12/94 6,191
5,000 3.44 10/13/94 4,889
36,865 3.445 10/13/94 36,052
150,000 3.38 11/25/94 145,817
Total US Government & Agency Obligations--
Discount Notes (Cost--$3,095,982) 3,092,803
CMA MONEY FUND
SCHEDULE OF INVESTMENTS AS OF MARCH 31, 1994 (CONCLUDED)
(IN THOUSANDS)
Face Interest Maturity Value
Issue Amount Rate* Date (Note 1a)
US Government & Agency Obligations--
Non-Discount Notes--22.3%
Federal Farm $ 34,000 3.15 % 4/04/94 $ 34,000
Credit Bank++ 50,000 3.16 4/04/94 50,001
70,000 3.03 5/02/94 69,981
25,000 3.20 2/09/95 25,000
Federal Home 168,000 3.43 6/21/95 168,000
Loan Bank++ 277,000 3.83 8/09/95 277,000
280,000 3.43 12/28/95 280,000
274,000 3.46 6/17/96 274,000
109,000 3.46 6/21/96 109,000
Federal Home Loan 546,000 3.7625 1/06/95 545,856
Mortgage Corp.++ 277,000 3.95 8/09/95 277,000
250,000 3.36 9/01/95 249,932
149,000 3.37 9/01/95 148,980
58,400 3.33 5/06/96 58,400
55,000 3.50 5/13/98 55,000
<PAGE>
Federal National 218,860 3.31 7/08/94 218,800
Mortgage Association++ 120,000 3.40 12/20/95 120,000
374,000 3.33 5/13/96 374,000
270,000 3.33 5/24/96 270,000
267,700 3.45 5/19/97 267,700
267,000 3.50 5/14/98 267,000
Student Loan 39,700 3.58 5/12/94 39,699
Marketing Association++ 116,000 3.59 7/14/94 116,000
194,300 3.93 7/22/94 194,250
90,000 3.88 9/09/94 89,980
20,000 3.88 12/30/94 19,999
42,000 3.93 8/07/95 42,000
94,000 3.93 3/20/96 93,985
Face Interest Maturity Value
Issue Amount Rate* Date (Note 1a)
US Government & Agency Obligations--
Non-Discount Notes (concluded)
Student Loan $ 50,000 3.76% 5/14/96 $ 50,081
Marketing Association++ 150,000 3.94 1/14/97 150,000
(concluded) 7,095 3.98 1/23/97 7,104
Tennessee Valley 100,000 3.50 1/27/95 99,203
Authority
US Treasury Notes 50,000 4.25 7/31/94 50,055
20,000 4.25 8/31/94 20,022
225,000 6.00 11/15/94 227,495
470,000 4.625 11/30/94 471,176
175,000 3.875 2/28/95 174,016
65,000 3.875 8/31/95 64,128
Total US Government & Agency Obligations--
Non-Discount Notes (Cost--$6,055,472) 6,048,843
<PAGE>
Face
Amount Issue
Repurchase Agreements**--0.7%
$179,771 Nikko Securities International, Inc.,
purchased on 3/31/94 to yield 3.60% to
4/04/94 179,771
Total Repurchase Agreements
(Cost--$179,771) 179,771
Total Investments
(Cost--$27,255,924)--100.6% 27,242,667
Liabilities in Excess of Other Assets--(0.6%) (170,785)
-----------
Net Assets--100.0% $27,071,882
===========
[FN]
*Commercial Paper and certain US Government & Agency
Obligations are traded on a discount basis; the interest rates
shown are the discount rates paid at the time of purchase by
the Fund. Other securities bear interest at the rates shown,
payable at fixed dates through maturity. Interest rates on
variable rate securities are adjusted periodically based on
appropriate indexes. The interest rates shown are the rates in
effect at March 31, 1994.
**Repurchase Agreements are fully collateralized by US
Government Obligations.
++Variable Rate Notes.
See Notes to Financial Statements
<PAGE>
CMA MONEY FUND
<TABLE>
<CAPTION>
STATEMENT OF ASSETS AND LIABILITIES AS OF MARCH 31, 1994
<S> <C> <C>
Assets:
Investments, at value (identified cost--$27,255,924,155*) (Note 1a) $ 27,242,667,495
Cash 1,000,459
Interest receivable 60,966,151
Prepaid registration fees and other assets (Note ld) 151,433
----------------
Total assets 27,304,785,538
----------------
Liabilities:
Payables:
Securities purchased (Note 2) $ 217,612,053
Investment adviser (Note 2) 8,816,007
Distributor (Note 2) 4,748,388 231,176,448
---------------
Accrued expenses and other liabilities 1,727,054
----------------
Total liabilities 232,903,502
----------------
Net Assets $ 27,071,882,036
================
Net Assets Consist of:
Shares of beneficial interest, $.10 par value, unlimited number of shares
authorized $ 2,708,513,869
Paid-in capital in excess of par 24,376,624,827
Unrealized depreciation on investments--net (13,256,660)
----------------
Net Assets--Equivalent to $1.00 per share based on 27,085,138,696 shares of
beneficial interest outstanding $ 27,071,882,036
================
<FN>
*Cost for Federal income tax purposes. As of March 31, 1994, net unrealized depreciation
for Federal income tax purposes amounted to $13,256,660, of which $20,693
related to appreciated securities and $13,277,353 related to depreciated securities.
See Notes to Financial Statements.
</TABLE>
<PAGE>
CMA MONEY FUND
<TABLE>
<CAPTION>
STATEMENT OF OPERATIONS FOR THE YEAR ENDED MARCH 31, 1994
<S> <C> <C>
Investment Income (Note 1c):
Interest and amortization of premium and discount earned $ 887,385,921
Expenses:
Investment advisory fees (Note 2) $ 101,568,034
Distribution fees (Note 2) 33,387,092
Transfer agent fees (Note 2) 7,473,902
Registration fees (Note ld) 2,185,800
Custodian fees 691,875
Accounting services (Note 2) 627,978
Printing and shareholder reports 527,000
Trustees' fees and expenses 100,097
Professional fees 79,093
Other 162,568
---------------
Total expenses 146,803,439
----------------
Investment income--net 740,582,482
Realized Gain on Investments--Net (Note lc) 7,543,550
Change in Unrealized Depreciation on Investments--Net (21,286,112)
----------------
Net Increase in Net Assets Resulting from Operations $ 726,839,920
================
</TABLE>
<PAGE>
CMA MONEY FUND
<TABLE>
<CAPTION>
For the Year Ended March 31,
STATEMENTS OF CHANGES IN NET ASSETS 1994 1993
Increase (Decrease) in Net Assets:
<S> <C> <C>
Operations:
Investment income--net $ 740,582,482 $ 849,468,188
Realized gain on investments--net 7,543,550 41,705,149
Change in unrealized appreciation/depreciation on investments--net (21,286,112) 10,664,647
---------------- ----------------
Net increase in net assets resulting from operations 726,839,920 901,837,984
---------------- ----------------
Dividends & Distributions to Shareholders (Note 1e):
Investment income--net (740,582,482) (849,468,188)
Realized gain on investments (7,543,550) (41,705,149)
---------------- ----------------
Net decrease in net assets resulting from dividends and distributions to
shareholders (748,126,032) (891,173,337)
---------------- ----------------
Beneficial Interest Transactions (Note 3):
Net proceeds from sale of shares 106,435,848,948 98,624,273,654
Net asset value of shares issued to shareholders in reinvestment of
dividends (Note 1e) 746,378,060 889,645,413
---------------- ----------------
107,182,227,008 99,513,919,067
Cost of shares redeemed (107,182,740,698) (101,537,528,468)
---------------- ----------------
Net decrease in net assets derived from beneficial interest transactions (513,690) (2,023,609,401)
---------------- ----------------
Net Assets:
Total decrease in net assets (21,799,802) (2,012,944,754)
Beginning of year 27,093,681,838 29,106,626,592
---------------- ----------------
End of year $ 27,071,882,036 $ 27,093,681,838
================ ================
See Notes to Financial Statements.
</TABLE>
<PAGE>
CMA MONEY FUND
<TABLE>
FINANCIAL HIGHLIGHTS
<CAPTION>
The following per share data and ratios have been derived
from information provided in the financial statements. For the Year Ended March 31,
Increase (Decrease) in Net Asset Value: 1994 1993 1992 1991 1990
<S> <C> <C> <C> <C> <C>
Per Share Operating Performance:
Net asset value, beginning of year $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
----------- ----------- ----------- ----------- -----------
Investment income--net .0276 .0309 .0498 .0734 .0837
Realized and unrealized gain (loss) on
investments--net (.0005) .0019 .0019 .0017 (.0001)
----------- ----------- ----------- ----------- -----------
Total from investment operations .0271 .0328 .0517 .0751 .0836
----------- ----------- ----------- ----------- -----------
Less dividends and distributions:
Investment income--net (.0276) (.0309) (.0498) (.0734) (.0836)
Realized gain on investments--net (.0003) (.0015) (.0020) (.0017)* --
----------- ----------- ----------- ----------- -----------
Total dividends and distributions (.0279) (.0324) (.0518) (.0751) (.0836)
----------- ----------- ----------- ----------- -----------
Net asset value, end of year $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
=========== =========== =========== =========== ===========
Total Investment Return 2.82% 3.30% 5.27% 7.81% 8.69%
=========== =========== =========== =========== ===========
Ratios to Average Net Assets:
Expenses, excluding distribution fees .42% .42% .42% .41% .43%
=========== =========== =========== =========== ===========
Expenses .55% .55% .54% .54% .55%
=========== =========== =========== =========== ===========
Investment income and realized gain on
investments--net 2.79% 3.25% 5.18% 7.51% 8.33%
=========== =========== =========== =========== ===========
Supplemental Data:
Net assets, end of year (in thousands) $27,071,882 $27,093,682 $29,106,627 $31,163,167 $29,768,495
=========== =========== =========== =========== ===========
<FN>
*Includes unrealized gain (loss).
See Notes to Financial Statements.
</TABLE>
<PAGE>
CMA MONEY FUND
NOTES TO FINANCIAL STATEMENTS
1. Significant Accounting Policies:
CMA Money Fund (the "Fund") is registered under the Investment
Company Act of 1940 as a diversified, open-end investment
management company. The following is a summary of significant
accounting policies followed by the Fund.
(a) Valuation of investments--Investments maturing more than
sixty days after the valuation date are valued at the most recent
bid price or yield equivalent as obtained from dealers that make
markets in such securities. When securities are valued with sixty
days or less to maturity, the difference between the valuation
existing on the sixty-first day before maturity and maturity
value is amortized on a straight-line basis to maturity.
Investments maturing within sixty days from their date of
acquisition are valued at amortized cost, which approximates
market.
For the purpose of valuation, the maturity of variable rate
certificates of deposit, variable rate commercial paper, short-
term corporate bond notes and variable rate corporate notes is
deemed to be the next coupon date on which the interest rate is
to be adjusted.
(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 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 to shareholders--The Fund declares dividends daily
and reinvests daily such dividends (net of non-resident alien tax
and back-up withholding tax withheld) in additional fund shares
at net asset value. Dividends are declared from the total of net
investment income and net realized gain or loss on investments.
<PAGE>
2. Investment Advisory Agreement and Transactions with
Affiliates:
The Fund has entered into an Investment Advisory Agreement with
Fund Asset Management, L.P. ("FAM"). Effective January 1, 1994,
the investment advisory business of FAM was reorganized from a
corporation to a limited partnership. Both prior to and after the
reorganization, ultimate control of FAM was vested with Merrill
Lynch & Co., Inc. ("ML & Co."). The general partner of FAM is
Princeton Services, Inc., an indirect wholly-owned subsidiary of
ML & Co. The limited partners are ML & Co. and Merrill Lynch
Investment Management, Inc. ("MLIM"), which is also an indirect
wholly-owned subsidiary of ML & Co.
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 Fund's average daily net assets not
exceeding $500 million; 0.425% of the average daily net assets in
excess of $500 million, but not exceeding $1 billion; and 0.375%
of the average daily net assets in excess of $1 billion. The most
restrictive annual expense limitation requires that the Adviser
reimburse the Fund to the extent the Fund's expenses (excluding
interest, taxes, distribution fees, brokerage fees and
commissions, and extraordinary items) exceed 2.5% of the Fund's
first $30 million of average daily net assets, 2.0% of the next
$70 million of average daily net assets, and 1.5% of the average
daily net assets in excess thereof.
CMA MONEY FUND
NOTES TO FINANCIAL STATEMENTS (CONCLUDED)
No fee payment will be made to the Adviser during any year which
will cause such expenses to exceed the pro rata expense
limitation at the time of such payment.
The Fund has adopted a Distribution and Shareholder Servicing
Plan in compliance with Rule 12b-1 under the Investment Company
Act of 1940, pursuant to which Merrill Lynch, Pierce, Fenner &
Smith Inc. ("MLPF&S") receives a distribution fee under the
Distribution Agreement from the Fund at the end of each month at
the annual rate of 0.125% of average daily net assets of the Fund
for shareholders who maintain their accounts through MLPF&S. 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.
<PAGE>
At March 31, 1994 the Fund owed affiliated brokers $99,997,470
for securities purchased.
Financial Data Services, Inc. ("FDS"), a wholly-owned subsidiary
of ML & Co., is the Fund's transfer agent.
Accounting services are provided to the Fund by FAM at cost.
Certain officers and/or trustees of the Fund are officers and/or
directors of FAM, MLIM, MLPF&S, FDS, and/or ML & Co.
3. Shares of Beneficial Interest:
The number of shares purchased and redeemed during the periods
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.
<AUDIT-REPORT>
CMA MONEY FUND
INDEPENDENT AUDITORS' REPORT
The Board of Trustees and Shareholders,
CMA Money Fund:
We have audited the accompanying statement of assets and
liabilities, including the schedule of investments, of
CMA Money Fund as of March 31, 1994, the related statements
of operations for the year then ended and changes in net
assets for each of the years in the two-year period then
ended, and the financial highlights for each of the years
in the five-year period then ended. These financial statements
and the financial highlights are the responsibility of the
Fund's management. Our responsibility is to express an
opinion on these financial statements and the financial
highlights based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements and the financial highlights are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. Our procedures included confirmation of
securities owned at March 31, 1994 by correspondence with the
custodian and brokers. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable
basis for our opinion.
<PAGE>
In our opinion, such financial statements and financial
highlights present fairly, in all material respects, the
financial position of CMA Money Fund at March 31, 1994, the
results of its operations, the changes in its net assets, and the
financial highlights for the respective stated periods in
conformity with generally accepted accounting principles.
Deloitte & Touche
Princeton, New Jersey
April 29, 1994
</AUDIT-REPORT>
IMPORTANT TAX INFORMATION (UNAUDITED)
None of the ordinary income distributions paid daily by CMA
Money Fund during the fiscal year ended March 31, 1994 qualify
for the dividends-received deduction for corporations. Additionally,
there were no long-term capital gains distributions paid during
the year.
The law varies in each state as to whether and what percentage of
dividend income attributable to Federal Obligations is exempt
from state income tax. We recommend that you consult your tax
adviser to determine if any portion of the dividends you received
is exempt from state income tax.
Listed below are the percentages of total assets of the Fund
invested in Federal Obligations* as of the end of each quarter of
the fiscal year:
Federal
For the Quarter Ended Obligations*
June 30, 1993 15.18%
September 30, 1993 31.61%
December 31, 1993 19.10%
March 31, 1994 12.22%
Of the Fund's dividends declared daily to shareholders from
ordinary income during the fiscal year ended March 31, 1994,
17.01% was attributable to Federal Obligations. In calculating
the foregoing percentages, Fund expenses have been allocated on a
pro rata basis.
Please retain this information for your records.
<PAGE>
[FN]
*For purposes of this calculation, Federal Obligations include US
Treasury Notes, US Treasury Bills and US Treasury Bonds. Also
included are obligations issued by the following agencies: Banks
for Cooperatives, Federal Intermediate Credit Banks, Federal Land
Banks, Federal Home Loan Banks and the Student Loan Marketing
Association. Repurchase Agreements are not included in this
calculation.
CMA MONEY FUND
MUNICIPAL MONEY FUND
Officers and Trustees
Arthur Zeikel--President and Trustee
Ronald W. Forbes--Trustee
Charles C. Reilly--Trustee
Kevin A. Ryan--Trustee
Richard R. West--Trustee
Terry K. Glenn--Executive Vice President
Joseph T. Monagle, Jr.--Senior Vice President
Donald C. Burke--Vice President
Kevin J. McKenna--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
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].
