CMA
CMA Money Fund
Semi-Annual Report
September 30, 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
<PAGE>
Dear Shareholder:
For the six-month period ended September 30, 1994, CMA Money Fund
paid shareholders a net annualized dividend of 3.72%*. As of
September 30, 1994, the Fund's 7-day yield was 4.25% (excluding
gains and losses) and 4.17% (including gains and losses).
The Environment
Concerns of increasing inflationary pressures continued to prompt
volatility in the US stock and bond markets during the July --
September period. In addition, the weakness of the US dollar in
foreign exchange markets caused intermittent stock and bond market
declines during the period. While the immediate concerns regarding
the US dollar had diminished by late July, the possibility of
continued tightening by the Federal Reserve Board persisted for most
of the period. However, a lower-than-expected rate of growth
reported for the US economy during the second calendar quarter
allayed inflationary concerns to some degree, despite the fifth
increase this year in short-term interest rates made by the central
bank in mid-August. Inflationary expectations surfaced again with
the announcement of significant upward revision in industrial
production and capacity utilization for the May -- July period. When
the central bank did not raise short-term interest rates at the late
September Federal Open Market Committee meeting, financial markets
rallied on the expectation that the US economy was not overheating
and therefore significant further monetary policy tightening would
not be necessary.
Despite the stronger-than-expected industrial production results,
other economic data suggest that while the economic recovery is
continuing, it is losing some momentum. Consumer spending is
increasing, but at a relatively slow pace, and existing home sales
may have peaked. Inflation remains subdued at the retail level. In
the industrial sector, the sharp increase in manufacturing
production in August was largely the result of a strong increase in
motor vehicle assemblies, which may level off in the weeks ahead. On
balance, it appears that the growth in US industry is progressing at
a steady, modest rate.
[FN]
*Based on a constant investment throughout the period, with
dividends compounded daily, and reflecting a net return to the
investor after all expenses.
Despite evidence of a moderating trend in the US economy, Chairman
Greenspan indicated in his July Humphrey-Hawkins testimony that the
central bank would prefer to err on the side of too much monetary
tightening rather than too little. In the weeks ahead, investors
will continue to assess economic data and inflationary trends in
order to gauge whether further increases in short-term interest
rates are imminent. Continued indications of moderate and
sustainable levels of economic growth would be positive for the US
capital markets.
<PAGE>
Portfolio Matters
Since our last report to shareholders, we have maintained an average
portfolio maturity ranging from a low of 40 days to a high of 61
days. This relatively cautious approach reflected our belief that a
growing domestic economy and dwindling capacity would prompt the
Federal Reserve Board to push short-term interest rates higher.
The six-month period opened with enough broad-based economic
strength to cause the Federal Reserve Board to increase the Federal
Funds rate target to 3.75% on April 18. In this environment, we
maintained the Fund's average maturity in the high 40-day area and
built our overnight positions slightly.
This cautious approach continued into early May, in the face of a
strong employment report, a weak US dollar and fears of future
inflation. On May 17, 1994, the central bank raised the Federal
Funds rate target to 4.25% and hiked the discount rate to 3.50%.
Importantly, in the the press release accompanying the move, the
central bank suggested that it had nearly achieved a neutral
monetary policy stance. Major banks immediately boosted their prime
lending rates to 7.25%. Anticipating a short period of stability, we
increased the portfolio's average life to the mid 50-day area by
adding to our holdings of longer-term Government agency securities
and three-month commercial paper, where yield spread relationships
were most attractive.
Our overall strategy was little changed throughout June, but as we
entered July we grew concerned that the central bank could indeed
move to raise interest rates again, especially after a strong
employment report. Accordingly, we reduced the Fund's exposure to
interest rates by lowering its average maturity to just over 40
days. This reduction was effected largely through attrition, as
maturities were reinvested in repurchase agreements and short-term
commercial paper. The July Federal Open Market Committee meeting
passed without incident, but nervous investors pushed yields higher
nonetheless.
Still expecting a tightening of monetary policy, we entered August
with a sizable overnight position and added only selectively to
those sectors which had largely discounted another move from the
Federal Reserve Board. In the wake of the central bank's August 16
tightening, we quickly reduced our overnight position to take
advantage of opportunities in one-month commercial paper.
As September opened and we anticipated a window of stability in a
bear market, we extended the Fund's average maturity to the high 50-
day area by adding to our holdings of longer-term Treasury bills
where the yield curve was the steepest and quality spreads were
narrow. Looking ahead, we believe that the diminished slack in the
economy promises higher short-term yields in the months ahead.
Accordingly, we expect our overall strategy to remain relatively
defensive.
<PAGE>
The Fund's portfolio composition at the end of the September period
and as of our last report is detailed below:
9/30/94 3/31/94
Bank Notes 2.2% 1.8%
Bankers' Acceptances--Yankee* -- 0.1
Certificates of Deposit 0.2 0.2
Certificates of Deposit--European 0.2 2.6
Certificates of Deposit--Yankee* 2.7 3.4
Commercial Paper 44.1 52.0
Corporate Notes -- 0.1
Master Notes 1.4 5.4
Medium-Term Notes -- 0.2
Repurchase Agreements 1.4 0.7
US Government, Agency &
Instrumentality Obligations--
Discount Notes 18.4 11.3
US Government & Agency Obliga-
tions--Non-Discount Notes 29.4 22.2
------- ------
100.0% 100.0%
======= =======
[FN]
*US branches of foreign banks.
In Conclusion
We 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 next report to shareholders.
Sincerely,
(Arthur Zeikel)
Arthur Zeikel
President
(Kevin J. McKenna)
Kevin J. McKenna
Vice President and Portfolio Manager
October 31, 1994
<PAGE>
<TABLE>
CMA MONEY FUND
SCHEDULE OF INVESTMENTS AS OF SEPTEMBER 30, 1994 (IN THOUSANDS)
<CAPTION>
Face Interest Maturity Value
Issue Amount Rate* Date (Note 1a)
<S> <C> <C> <C> <C>
Bank Notes--2.3%
Banc One, Columbus++ $ 90,000 4.775% 5/02/95 $ 89,460
Banc One, Texas 125,000 3.50 1/26/95 124,237
Bank of Delaware, 38,000 3.40 10/14/94 37,964
Wilmington
Bank of New York 100,000 4.78 10/05/94 100,000
PNC Bank, Kentucky 52,000 3.40 10/14/94 51,950
PNC Bank, N.A. 160,000 5.28 2/14/95 159,872
United States National 50,000 4.80 10/14/94 50,000
Bank, Oregon
Total Bank Notes
(Cost--$614,910) 613,483
Certificates of Deposit--0.3%
American Express 25,000 4.80 10/12/94 25,000
Centurion Bank 25,000 4.80 10/19/94 25,000
20,000 4.85 10/26/94 20,000
Total Certificates of Deposit
(Cost--$70,000) 70,000
Certificates of Deposit--European--0.2%
Bayerische Hypotheken 6,000 5.22 1/18/95 5,997
und Wechsel Bank
Nations Bank 45,000 5.47 5/19/95 44,904
North Carolina
Total Certificates of Deposit--European
(Cost--$51,024) 50,901
<PAGE>
Certificates of Deposit--Yankee--2.7%
ABN-AMRO Bank NV, NY 65,000 4.65 11/01/94 64,981
Bank of Montreal, NY 20,000 4.78 10/07/94 20,000
Bank of Nova Scotia, 15,000 4.71 11/03/94 14,996
Portland
Banque Nationale de 6,000 4.72 11/02/94 5,999
Paris, NY
Commerzbank, NY 30,000 5.28 2/01/95 29,984
Dai-Ichi Kangyo Bank, NY 40,000 4.89 10/24/94 40,001
National Westminster 50,000 4.65 11/07/94 49,983
Bank, NY
Sanwa Bank, NY 75,000 4.85 10/17/94 75,001
70,000 4.83 10/20/94 70,000
5,000 5.02 10/26/94 5,000
Societe Generale, NY 25,000 4.69 11/01/94 24,994
81,000 4.70 11/01/94 80,981
40,000 4.70 11/03/94 39,990
25,000 4.68 11/04/94 24,993
62,000 5.18 1/17/95 61,958
Sumitomo Bank, NY 50,000 4.81 10/11/94 50,000
25,000 4.99 10/27/94 25,000
50,000 5.00 10/27/94 50,000
Total Certificates of Deposit--Yankee
(Cost--$734,016) 733,861
<CAPTION>
Face Interest Maturity Value
Issue Amount Rate* Date (Note 1a)
<S> <C> <C> <C> <C>
Commercial Paper--45.5%
ABN-AMRO North $100,000 5.00 % 2/03/95 $ 98,127
America Finance, 100,000 5.09 3/13/95 97,540
Inc.
ANZ (Delaware), Inc. 62,000 4.79 10/05/94 61,959
19,000 4.75 10/07/94 18,982
19,000 4.70 10/26/94 18,933
<PAGE>
APRECO, Inc. 25,300 4.60 10/19/94 25,235
25,000 4.65 11/04/94 24,880
ARCO Coal Australia 8,000 4.78 10/17/94 7,982
Inc. 14,097 4.95 10/25/94 14,049
Abbey National 200,000 5.07 2/28/95 195,512
North America Corp. 100,000 5.075 3/02/95 97,705
100,000 5.08 3/07/95 97,630
American Express 370,000 4.75 10/03/94 369,854
Credit Corp. 100,000 4.75 10/11/94 99,855
American General 25,000 4.77 10/18/94 24,940
Investment Corp. 15,800 4.79 10/24/94 15,750
Asset Securitization 80,000 4.77 10/12/94 79,873
Cooperative Corp. 70,000 4.77 10/14/94 69,870
Avco Financial Services, 60,000 4.75 10/07/94 59,945
Inc. 10,000 4.78 10/17/94 9,977
5,000 4.80 10/17/94 4,989
30,000 4.78 10/19/94 29,924
B.A.T. Capital Corp. 15,000 4.92 10/24/94 14,951
BTR Dunlop Finance 15,061 4.78 10/12/94 15,037
Inc. 12,000 4.78 10/19/94 11,970
Banc One Diversified 23,000 4.75 10/07/94 22,979
Services Corp.
Bank of Scotland 50,000 4.75 10/12/94 49,921
Bankers Trust NY 50,000 4.60 10/14/94 49,909
Corp. 150,000 5.05 1/20/95 147,503
Bass Finance (C.I.) 38,072 4.75 10/06/94 38,042
Ltd.
Bear Stearns Cos., Inc. 125,000 4.75 10/03/94 124,951
35,000 4.77 10/03/94 34,986
15,000 4.77 10/11/94 14,978
50,000 4.80 10/20/94 49,867
50,000 5.375 1/04/95 49,287
Beneficial Corp. 100,000 4.65 10/27/94 99,636
<PAGE>
Beta Finance Inc. 27,000 4.78 10/13/94 26,953
5,000 4.80 10/14/94 4,991
7,000 4.78 10/17/94 6,984
11,000 4.85 10/25/94 10,963
5,500 5.09 3/10/95 5,367
30,000 5.20 3/20/95 29,230
Bowater PLC 8,716 4.78 10/13/94 8,701
21,500 4.78 10/14/94 21,460
23,175 4.77 10/17/94 23,123
14,000 4.80 10/19/94 13,965
7,000 4.87 10/24/94 6,977
</TABLE>
<TABLE>
CMA MONEY FUND
SCHEDULE OF INVESTMENTS AS OF SEPTEMBER 30, 1994 (CONTINUED) (IN THOUSANDS)
<CAPTION>
Face Interest Maturity Value
Issue Amount Rate* Date (Note 1a)
<S> <C> <C> <C> <C>
Commercial Paper (continued)
CIT Group Holdings, $ 50,000 4.78 % 10/14/94 $ 49,907
Inc. (The) 50,000 4.95 10/26/94 49,821
25,000 4.61 11/01/94 24,890
50,000 4.65 11/07/94 49,739
50,000 4.72 11/07/94 49,739
CS First Boston Inc. 50,000 4.75 10/06/94 49,960
25,000 4.78 10/11/94 24,963
15,000 4.78 10/13/94 14,974
60,000 4.95 10/24/94 59,802
CSW Credit, Inc. 9,325 4.77 10/03/94 9,321
20,000 4.78 10/03/94 19,992
10,800 4.75 10/05/94 10,793
9,000 4.76 10/06/94 8,993
6,000 4.80 10/07/94 5,994
14,000 4.80 10/18/94 13,966
20,000 4.95 10/21/94 19,942
18,600 4.65 10/31/94 18,522
CXC Inc. 8,000 4.80 10/13/94 7,986
25,000 5.00 10/31/94 24,892
Caisse des Depots et 100,000 4.95 10/03/94 99,959
Consignations
<PAGE>
Cargill Inc. 10,000 4.75 10/04/94 9,995
Central & South West 14,200 4.77 10/03/94 14,194
Corp. 30,000 4.78 10/03/94 29,988
16,200 4.93 10/12/94 16,173
14,600 4.95 10/12/94 14,576
Cheltenham & Glouster 30,000 4.60 10/19/94 29,923
Building Society
Chevron Oil Finance Co. 25,000 4.75 10/13/94 24,957
50,000 4.78 10/14/94 49,907
50,000 4.77 10/18/94 49,881
Ciesco LP 25,000 4.85 10/17/94 24,943
15,000 4.60 10/21/94 14,958
23,300 5.00 1/09/95 22,950
5,000 5.05 1/18/95 4,918
Commercial Credit Corp. 17,000 4.78 10/05/94 16,989
40,000 4.90 10/06/94 39,967
33,000 4.78 10/12/94 32,947
50,000 4.77 10/20/94 49,867
Commerzbank U.S. 45,100 5.07 2/28/95 44,088
Finance Inc.
CoreStates Capital Corp. 5,000 4.90 10/06/94 4,996
Corporate Asset 14,600 4.63 10/06/94 14,589
Funding Co. Inc.
Corporate Receivables 24,400 4.60 10/17/94 24,344
Corp.
Creditanstalt Finance, 20,000 4.60 10/18/94 19,951
Inc. 80,000 4.95 10/26/94 79,714
Daimler-Benz North 20,000 4.77 10/12/94 19,968
American Corp. 17,445 4.75 10/14/94 17,413
26,042 4.90 10/19/94 25,975
<CAPTION>
Face Interest Maturity Value
Issue Amount Rate* Date (Note 1a)
<S> <C> <C> <C> <C>
Commercial Paper (continued)
<PAGE>
Deer Park Refining L.P. $ 19,500 4.75 % 10/11/94 $ 19,472
15,500 4.78 10/14/94 15,471
15,000 4.80 10/24/94 14,952
Delaware Funding Corp. 16,218 4.75 10/03/94 16,212
8,107 4.75 10/11/94 8,095
13,007 4.77 10/17/94 12,978
16,000 4.97 10/26/94 15,943
46,000 4.97 10/31/94 45,803
Dresdner U.S. 100,000 4.05 10/04/94 99,948
Finance Inc.
Eiger Capital Corp. 22,741 4.90 10/07/94 22,719
30,007 4.80 10/14/94 29,951
19,993 4.80 10/17/94 19,948
17,661 4.95 10/17/94 17,620
Eksportfinans AS 75,000 4.80 10/03/94 74,970
Export Development 30,000 4.82 10/21/94 29,916
Corp.
Exxon Imperial U.S. Inc. 58,600 4.78 10/24/94 58,413
Falcon Asset 13,875 4.77 10/05/94 13,866
Securitization Corp. 22,700 4.75 10/07/94 22,679
10,000 4.75 10/12/94 9,984
5,500 4.80 10/14/94 5,490
15,150 4.77 10/17/94 15,116
11,975 4.75 10/18/94 11,947
49,950 4.77 10/18/94 49,831
20,250 4.95 10/24/94 20,183
Ford Motor Credit Co. 200,000 4.80 10/06/94 199,840
140,000 4.80 10/07/94 139,869
150,000 4.76 10/11/94 149,782
21,000 4.78 10/12/94 20,967
200,000 4.77 10/17/94 199,549
90,000 4.65 10/31/94 89,624
40,000 4.82 10/31/94 39,834
150,000 4.80 11/16/94 149,031
80,000 4.80 11/17/94 79,472
General Electric 250,000 4.75 10/07/94 249,769
Capital Corp. 75,000 4.78 10/12/94 74,880
50,000 4.78 10/13/94 49,914
100,000 4.77 10/17/94 99,774
100,000 4.77 10/18/94 99,762
50,000 4.65 11/01/94 49,780
75,000 4.65 11/02/94 74,660
100,000 5.05 1/20/95 98,336
100,000 5.05 1/23/95 98,291
100,000 5.08 2/22/95 97,845
100,000 5.08 2/23/95 97,830
<PAGE>
General Electric Capital 25,000 4.77 10/17/94 24,944
Services Inc. 25,000 4.65 11/01/94 24,890
Generale Bank, Inc. 50,000 4.78 10/17/94 49,887
Goldman Sachs 275,000 4.70 10/20/94 274,259
Group, L.P. 400,000 4.62 11/01/94 398,240
125,000 5.08 3/01/95 122,150
</TABLE>
<TABLE>
CMA MONEY FUND
SCHEDULE OF INVESTMENTS AS OF SEPTEMBER 30, 1994 (CONTINUED) (IN THOUSANDS)
<CAPTION>
Face Interest Maturity Value
Issue Amount Rate* Date (Note 1a)
<S> <C> <C> <C> <C>
Commercial Paper (continued)
Halifax Building $ 88,000 4.75 % 10/03/94 $ 87,965
Society 50,000 4.65 11/02/94 49,773
Hanson Finance 24,000 4.75 10/03/94 23,990
(U.K.) PLC 23,500 4.69 10/19/94 23,440
29,000 4.70 10/19/94 28,926
32,000 4.60 10/24/94 31,897
71,850 4.65 11/01/94 71,534
Hertz Funding Corp. 20,000 4.75 10/06/94 19,984
22,000 4.77 10/12/94 21,965
International Lease 28,000 4.74 10/04/94 27,985
Finance Corp. 20,000 4.65 10/31/94 19,916
24,000 5.05 1/23/95 23,590
KFW International 10,000 4.77 10/13/94 9,983
Finance Inc. 30,000 4.75 10/14/94 29,945
10,000 4.65 11/01/94 9,956
Kingdom of Sweden 85,000 4.65 11/01/94 84,626
Lincoln National Corp. 25,000 5.02 10/03/94 24,990
15,000 4.75 10/07/94 14,986
20,000 4.78 10/13/94 19,965
MCA Funding Corp. 20,000 5.08 2/23/95 19,566
30,000 5.05 2/27/95 29,331
<PAGE>
Matterhorn Capital 86,122 4.75 10/06/94 86,054
Corp. 7,000 4.78 10/17/94 6,984
McKenna Triangle 15,000 4.90 10/13/94 14,973
National Corp. 25,000 4.77 10/14/94 24,954
45,000 4.60 10/18/94 44,891
5,000 4.78 10/19/94 4,987
50,000 5.05 1/19/95 49,175
30,000 5.05 1/20/95 29,501
35,000 5.09 3/07/95 34,171
10,000 5.09 3/08/95 9,762
Metlife Funding Inc. 27,740 4.78 10/17/94 27,677
Miles Inc. 35,000 4.90 10/07/94 34,967
50,000 4.75 10/11/94 49,927
40,000 4.78 10/18/94 39,904
Morgan J.P. & Co., Inc. 300,000 4.75 10/11/94 299,565
Motorola Credit Corp. 30,000 4.78 10/17/94 29,932
79,485 4.78 10/24/94 79,232
National Australia 50,000 4.77 10/07/94 49,954
Funding (Delaware) Inc. 141,800 4.79 10/17/94 141,479
NationsBank Corp. 50,000 5.10 3/06/95 48,823
Nestle Capital Corp. 52,819 4.78 10/17/94 52,700
New Center Asset Trust 50,000 4.90 10/04/94 49,973
135,000 4.90 10/07/94 134,871
76,000 4.77 10/11/94 75,889
45,000 4.60 10/18/94 44,891
90,000 4.80 10/19/94 89,772
Nomura Holding 91,000 5.00 10/03/94 90,962
America, Inc. 14,000 4.82 10/05/94 13,991
25,000 4.82 10/11/94 24,963
25,000 4.85 10/18/94 24,939
25,000 4.85 10/27/94 24,909
20,000 4.85 10/31/94 19,916
<CAPTION>
Face Interest Maturity Value
Issue Amount Rate* Date (Note 1a)
<S> <C> <C> <C> <C>
Commercial Paper (continued)
Norwest Financial, Inc. $ 25,000 4.77 % 10/17/94 $ 24,944
Oesterreichische 87,725 4.77 10/17/94 87,527
Kontrollbank
Aktiengesellschaft
<PAGE>
PHH Corp. 22,000 4.75 10/06/94 21,983
38,150 4.77 10/12/94 38,089
PNC Funding Corp. 100,000 5.08 3/02/95 97,705
Paribas Finance, Inc. 94,000 4.75 10/03/94 93,963
Pitney Bowes Inc. 10,000 4.75 10/13/94 9,983
Penney (JC) Funding 15,850 4.77 10/14/94 15,821
Corp. 15,700 4.78 10/18/94 15,662
7,740 4.90 10/21/94 7,718
26,759 4.90 10/24/94 26,672
Preferred Receivables 24,800 4.57 10/03/94 24,790
Funding Corp. 11,775 4.77 10/03/94 11,770
20,750 4.76 10/11/94 20,720
21,575 4.77 10/12/94 21,541
16,900 4.78 10/12/94 16,873
28,925 4.77 10/17/94 28,860
41,500 4.77 10/18/94 41,401
9,900 4.82 10/24/94 9,868
11,800 4.82 10/27/94 11,757
20,625 4.97 10/31/94 20,537
Premium Funding, Inc., 10,044 4.77 10/03/94 10,040
Series A 5,667 4.78 10/04/94 5,664
10,047 4.80 10/19/94 10,022
10,054 4.82 10/24/94 10,022
Queensland Treasury 25,000 4.63 11/03/94 24,883
Corp.
RTZ America Inc. 18,000 4.77 10/12/94 17,971
8,900 4.79 10/13/94 8,885
8,000 4.80 10/25/94 7,973
25,000 5.07 2/22/95 24,461
Sheffield Receivables 59,200 4.75 10/04/94 59,169
Corp. 18,300 4.75 10/05/94 18,288
10,850 4.95 10/21/94 10,819
15,000 4.65 11/03/94 14,930
25,300 4.61 11/04/94 25,178
Smithkline Beecham 50,000 4.75 10/05/94 49,967
Corp.
Southern California 15,000 4.75 10/13/94 14,974
Edison Co.
<PAGE>
Southwestern Bell 28,000 4.85 10/21/94 27,921
Capital Corp. 31,530 4.64 10/27/94 31,415
Student Loan Corp. 10,040 4.75 10/04/94 10,035
46,960 4.77 10/11/94 46,892
25,000 4.75 10/12/94 24,960
10,000 4.78 10/17/94 9,977
Svenska Handelsbanken, 32,000 4.75 10/11/94 31,954
Inc. 68,000 4.60 10/20/94 67,817
Toshiba International 5,800 4.95 10/21/94 5,783
Finance (UK) PLC 10,200 4.80 10/25/94 10,166
</TABLE>
<TABLE>
CMA MONEY FUND
SCHEDULE OF INVESTMENTS AS OF SEPTEMBER 30, 1994 (CONTINUED) (IN THOUSANDS)
<CAPTION>
Face Interest Maturity Value
Issue Amount Rate* Date (Note 1a)
<S> <C> <C> <C> <C>
Commercial Paper (concluded)
Transamerica Finance $ 17,931 4.75 % 10/05/94 $ 17,919
Corp. 13,000 4.78 10/12/94 12,979
18,000 4.77 10/17/94 17,959
16,500 4.77 10/18/94 16,461
65,000 5.35 1/24/95 63,879
UBS Finance Delaware, 250,000 4.90 10/03/94 249,898
Inc. 160,200 4.77 10/17/94 159,839
US Borax Inc. 17,000 5.30 1/18/95 16,722
US Central Credit 44,000 4.82 10/24/94 43,859
Union 21,000 5.08 3/06/95 20,505
USL Capital Corp. 12,000 4.75 10/03/94 11,995
23,563 4.90 10/07/94 23,541
25,000 4.82 10/18/94 24,940
Vattenfall Treasury Inc. 14,700 4.75 10/05/94 14,690
20,000 4.65 10/28/94 19,925
Vermont American Corp. 5,705 4.95 10/19/94 5,690
WCP Funding Inc. 10,600 4.77 10/03/94 10,596
19,500 4.77 10/04/94 19,490
7,100 4.77 10/17/94 7,084
7,700 4.77 10/20/94 7,680
<PAGE>
Wal-Mart Stores, Inc. 103,000 4.90 10/03/94 102,958
Wool International 18,000 4.65 10/19/94 17,954
25,000 4.65 11/02/94 24,887
Xerox Corp. 46,000 4.75 10/12/94 45,927
19,000 4.78 10/17/94 18,957
Xerox Credit Corp. 21,600 4.75 10/06/94 21,583
73,000 4.77 10/11/94 72,894
5,400 4.78 10/12/94 5,391
20,000 4.78 10/17/94 19,955
Total Commercial Paper
(Cost--$12,179,306) 12,176,762
Corporate Notes--0.0%
Associates Corp. of 9,000 8.625 11/15/94 9,040
North America
Total Corporate Notes
(Cost--$9,041) 9,040
Master Notes--1.4%
Goldman Sachs 300,000 4.95 5/26/95 300,000
Group, L.P.
Smith Barney Inc. 75,000 4.93 6/09/95 75,000
Total Master Notes
(Cost--$375,000) 375,000
US Government & Agency Obligations--
Discount Notes--19.0%
Federal Farm Credit 50,000 4.42 10/03/94 49,981
Bank 5,000 3.26 10/14/94 4,991
35,000 4.46 10/18/94 34,919
23,000 4.72 10/31/94 22,907
13,000 4.53 11/01/94 12,945
14,000 4.92 3/01/95 13,678
<CAPTION>
Face Interest Maturity Value
Issue Amount Rate* Date (Note 1a)
<S> <C> <C> <C> <C>
US Government & Agency Obligations--
Discount Notes (continued)
<PAGE>
Federal Home Loan $ 19,685 4.42 % 10/12/94 $ 19,655
Bank 10,000 4.67 10/31/94 9,960
100,000 4.53 11/01/94 99,578
44,960 4.95 3/06/95 43,891
790 5.00 5/15/95 762
Federal Home Loan 68,773 4.70 10/03/94 68,746
Mortgage Corp. 116,655 4.67 10/04/94 116,594
12,800 4.70 10/04/94 12,793
15,808 4.71 10/05/94 15,798
8,245 4.53 10/13/94 8,231
87,791 4.53 10/14/94 87,633
29,175 4.53 10/17/94 29,111
50,000 4.55 10/17/94 49,890
100,000 4.56 10/17/94 99,780
100,000 4.53 10/19/94 99,755
135,000 4.54 10/19/94 134,669
25,000 4.55 10/19/94 24,939
50,000 4.56 10/19/94 49,877
105,930 4.55 10/24/94 105,602
35,000 4.67 10/24/94 34,891
19,905 4.54 10/25/94 19,841
54,129 4.67 10/26/94 53,947
45,504 4.53 11/03/94 45,300
30,000 4.54 11/04/94 29,861
63,000 4.77 12/30/94 62,196
Federal National 262,715 4.70 10/03/94 262,612
Mortgage Association 28,340 4.82 10/05/94 28,321
17,000 3.47 10/07/94 16,985
27,975 4.65 10/07/94 27,950
5,060 3.49 10/11/94 5,053
15,700 3.44 10/12/94 15,676
20,000 3.445 10/12/94 19,969
6,330 3.49 10/12/94 6,320
5,000 3.44 10/13/94 4,992
36,865 3.445 10/13/94 36,803
31,000 4.42 10/17/94 30,932
143,990 4.47 10/21/94 143,599
270,000 4.48 10/21/94 269,268
22,000 4.54 10/21/94 21,940
175,000 4.67 10/24/94 174,457
86,000 4.67 10/26/94 85,711
12,275 4.67 10/27/94 12,232
48,410 4.67 10/31/94 48,214
320,000 4.56 11/04/94 318,523
38,000 4.54 11/07/94 37,809
150,000 3.38 11/25/94 148,880
12,000 4.75 11/30/94 11,901
300,000 4.82 12/14/94 296,844
18,285 4.87 2/22/95 17,902
39,000 4.95 2/22/95 38,183
145,040 4.95 3/03/95 141,659
50,000 4.95 3/08/95 48,796
Student Loan Marketing 45,335 4.72 10/17/94 45,234
Association
</TABLE>
<PAGE>
<TABLE>
CMA MONEY FUND
SCHEDULE OF INVESTMENTS AS OF SEPTEMBER 30, 1994 (CONCLUDED) (IN THOUSANDS)
<CAPTION>
Face Interest Maturity Value
Issue Amount Rate* Date (Note 1a)
<S> <C> <C> <C> <C>
US Government & Agency Obligations--
Discount Notes (concluded)
US Treasury Bills $159,000 5.26 % 3/09/95 $ 156,838
25,000 5.30 3/09/95 24,660
100,000 5.31 3/09/95 98,640
225,000 4.895 3/16/95 219,583
100,000 5.04 5/04/95 96,784
285,000 5.10 6/01/95 274,549
100,000 5.26 8/24/95 94,916
100,000 5.265 8/24/95 94,916
200,000 5.27 8/24/95 189,832
50,000 5.28 8/24/95 47,458
Total US Government & Agency Obligations--
Discount Notes (Cost--$5,031,605) 5,077,662
US Government & Agency Obligations--
Non-Discount Notes--30.3%
Federal Farm 25,000 4.59 2/09/95 25,000
Credit Bank++ 85,000 5.19 3/01/95 84,934
Federal Home 86,600 4.63 4/27/95 86,505
Loan Bank++ 168,000 5.18 6/21/95 168,000
277,000 4.625 8/09/95 274,064
280,000 5.18 12/28/95 280,000
274,000 5.21 6/17/96 274,000
109,000 5.21 6/21/96 109,000
25,000 5.10 1/26/98 24,731
50,000 5.10 1/29/98 49,460
Federal Home Loan 100,000 4.53 10/19/94 99,754
Mortgage Corp.++ 546,000 4.983 1/06/95 545,950
277,000 4.635 8/09/95 274,091
250,000 5.11 9/01/95 249,956
149,000 5.12 9/01/95 148,987
58,400 5.08 5/06/96 58,400
55,000 5.25 5/13/98 55,000
<PAGE>
Federal National 531,000 4.90 6/01/95 530,869
Mortgage Association++ 120,000 5.15 12/20/95 120,000
95,000 5.12 1/26/96 94,923
374,000 5.08 5/13/96 374,000
270,000 5.08 5/24/96 270,000
173,000 4.693 7/18/96 172,759
624,000 5.03 10/11/96 624,000
267,700 5.20 5/19/97 267,700
267,000 5.25 5/14/98 267,000
<CAPTION>
Face Interest Maturity Value
Issue Amount Rate* Date (Note 1a)
<S> <C> <C> <C> <C>
US Government & Agency Obligations--
Non-Discount Notes (concluded)
Student Loan $163,000 4.85 % 10/13/94 $ 163,000
Marketing 19,500 4.795 11/10/94 19,498
Association++ 20,000 5.22 12/30/94 20,000
6,000 5.22 6/02/95 6,008
70,000 5.27 8/07/95 70,065
120,500 5.27 3/20/96 120,574
25,200 5.14 4/16/96 25,233
50,000 5.10 5/14/96 50,062
15,000 5.37 8/22/96 15,081
710,000 5.03 9/20/96 710,000
150,000 5.28 1/14/97 150,000
7,095 5.32 1/23/97 7,103
Tennessee Valley 100,000 3.50 1/27/95 99,410
Authority
US Treasury Notes 225,000 6.00 11/15/94 225,371
470,000 4.625 11/30/94 469,706
150,000 5.50 2/15/95 150,047
175,000 3.875 2/28/95 173,906
65,000 3.875 8/31/95 63,822
40,000 5.875 5/31/96 39,650
Total US Government & Agency Obligations--
Non-Discount Notes (Cost--$8,168,684) 8,107,619
<PAGE>
<CAPTION>
Face
Amount Issue
<C> <S> <C>
Repurchase Agreements**--1.5%
$291,750 CS First Boston Corp., purchased on
9/27/94 to yield 4.83% to 10/04/94 291,750
100,000 Fuji Securities Inc., purchased on 9/28/94
to yield 4.73% to 10/05/94 100,000
Total Repurchase Agreements
(Cost--$391,750) 391,750
Total Investments
(Cost--$27,625,336)--103.2% 27,606,078
Liabilities in Excess of Other Assets--(3.2%) (846,095)
-----------
Net Assets--100.0% $26,759,983
===========
<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 September 30, 1994.
**Repurchase Agreements are fully collateralized by US Government
Obligations.
++Variable Rate Notes.
See Notes to Financial Statements.
</TABLE>
<TABLE>
CMA MONEY FUND
STATEMENT OF ASSETS AND LIABILITIES AS OF SEPTEMBER 30, 1994
<S> <C> <C>
Assets:
Investments, at value (identified cost--$27,625,335,628*) (Note 1a) $ 27,606,078,465
Cash 204,122
Receivables:
Securities sold $ 336,556,015
Interest 69,124,246
Beneficial interest sold 4,777,358 410,457,619
---------------
Prepaid registration fees and other assets (Note 1d) 121,421
----------------
Total assets 28,016,861,627
----------------
Liabilities:
Payables:
Securities purchased (Note 2) 1,240,674,764
Investment adviser (Note 2) 8,435,418
Distributor (Note 2) 6,689,873
Dividends to shareholders (Note 1e) 12,916 1,255,812,971
---------------
Accrued expenses and other liabilities 1,066,003
----------------
Total liabilities 1,256,878,974
----------------
Net Assets $ 26,759,982,653
================
<PAGE>
Net Assets Consist of:
Shares of beneficial interest, $.10 par value, unlimited number of shares
authorized $ 2,677,923,982
Paid-in capital in excess of par 24,101,315,834
Unrealized depreciation on investments--net (19,257,163)
----------------
Net Assets--Equivalent to $1.00 per share based on 26,779,239,816 shares of
beneficial interest outstanding $ 26,759,982,653
================
<FN>
*Cost for Federal income tax purposes. As of September 30, 1994, net unrealized depreciation
for Federal income tax purposes amounted to $19,257,163, of which $8,738
related to appreciated securities and $19,265,901 related to depreciated securities.
See Notes to Financial Statements.
</TABLE>
<TABLE>
CMA MONEY FUND
STATEMENT OF OPERATIONS FOR THE SIX MONTHS ENDED SEPTEMBER 30, 1994
<S> <C> <C>
Investment Income (Note 1c):
Interest and amortization of premium and discount earned $ 576,835,475
Expenses:
Investment advisory fees (Note 2) $ 51,299,524
Distribution fees (Note 2) 16,823,940
Transfer agent fees (Note 2) 4,560,543
Registration fees (Note 1d) 801,480
Accounting services (Note 2) 343,811
Custodian fees 341,014
Printing and shareholder reports 205,816
Professional fees 54,299
Trustees' fees and expenses 32,514
Other 60,966
---------------
Total expenses 74,523,907
---------------
Investment income--net 502,311,568
Realized Gain on Investments--Net (Note 1c) 1,029,060
Change in Unrealized Depreciation on Investments--Net (6,000,503)
---------------
Net Increase in Net Assets Resulting from Operations $ 497,340,125
===============
See Notes to Financial Statements.
</TABLE>
<PAGE>
<TABLE>
CMA MONEY FUND
STATEMENTS OF CHANGES IN NET ASSETS
<CAPTION>
For the Six For the Year
Months Ended Ended
Increase (Decrease) in Net Assets: Sept. 30, 1994 March 31, 1994
<S> <C> <C>
Operations:
Investment income--net $ 502,311,568 $ 740,582,482
Realized gain on investments--net 1,029,060 7,543,550
Change in unrealized depreciation on investments--net (6,000,503) (21,286,112)
---------------- ----------------
Net increase in net assets resulting from operations 497,340,125 726,839,920
---------------- ----------------
Dividends & Distributions to Shareholders (Note 1e):
Investment income--net (502,311,568) (740,582,482)
Realized gain on investments--net (1,029,060) (7,543,550)
---------------- ----------------
Net decrease in net assets resulting from dividends and distributions to
shareholders (503,340,628) (748,126,032)
---------------- ----------------
Beneficial Interest Transactions (Note 3):
Net proceeds from sale of shares 52,790,803,251 106,435,848,948
Net asset value of shares issued to shareholders in reinvestment of
dividends and distributions (Note 1e) 502,100,206 746,378,060
---------------- ----------------
53,292,903,457 107,182,227,008
Cost of shares redeemed (53,598,802,337) (107,182,740,698)
---------------- ----------------
Net decrease in net assets derived from beneficial interest transactions (305,898,880) (513,690)
---------------- ----------------
Net Assets:
Total decrease in net assets (311,899,383) (21,799,802)
Beginning of period 27,071,882,036 27,093,681,838
---------------- ----------------
End of period $ 26,759,982,653 $ 27,071,882,036
================ ================
See Notes to Financial Statements.
</TABLE>
<PAGE>
<TABLE>
CMA MONEY FUND
FINANCIAL HIGHLIGHTS
<CAPTION>
The following per share data and ratios have been derived
from information provided in the financial statements. For the Six
Months Ended For the Year Ended March 31,
Increase (Decrease) in Net Asset Value: Sept. 30, 1994 1994 1993 1992 1991
<S> <C> <C> <C> <C> <C>
Per Share Operating Performance:
Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
----------- ----------- ----------- ----------- -----------
Investment income--net .0186 .0276 .0309 .0498 .0734
Realized and unrealized gain (loss) on
investments--net (.0002) (.0005) .0019 .0019 .0017
----------- ----------- ----------- ----------- -----------
Total from investment operations .0184 .0271 .0328 .0517 .0751
----------- ----------- ----------- ----------- -----------
Less dividends:
Investment income--net (.0186) (.0276) (.0309) (.0498) (.0734)
Realized gain on investments--net --++ (.0003) (.0015) (.0020) (.0017)**
----------- ----------- ----------- ----------- -----------
Total dividends and distributions (.0186) (.0279) (.0324) (.0518) (.0751)
----------- ----------- ----------- ----------- -----------
Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
=========== =========== =========== =========== ===========
Total Investment Return 3.72%* 2.82% 3.30% 5.27% 7.81%
=========== =========== =========== =========== ===========
Ratios to Average Net Assets:
Expenses, excluding distribution fees .43%* .42% .42% .42% .41%
=========== =========== =========== =========== ===========
Expenses .55%* .55% .55% .54% .54%
=========== =========== =========== =========== ===========
Investment income and realized gain on
investments--net 3.71%* 2.79% 3.25% 5.18% 7.51%
=========== =========== =========== =========== ===========
Supplemental Data:
Net assets, end of period (in thousands) $26,759,983 $27,071,882 $27,093,682 $29,106,627 $31,163,167
=========== =========== =========== =========== ===========
<FN>
*Annualized.
**Includes unrealized gain (loss).
++Amount is less than $.0001 per share.
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 management investment
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 value.
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"). The general partner of FAM is
Princeton Services, Inc., an indirect wholly-owned subsidiary of
Merrill Lynch & Co. ("ML & Co"). The limited partners are ML & Co.
and Fund Asset Management, Inc. ("FAMI"), 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.
At September 30, 1994, the Fund owed affiliated brokers $624,000,000
for securities purchased.
<PAGE>
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, FAMI, 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.
CMA MONEY FUND
Officers and Trustees
Arthur Zeikel--President and Trustee
Ronald W. Forbes--Trustee
Cynthia A. Montgomery--Trustee
Charles C. Reilly--Trustee
Kevin A. Ryan--Trustee
Richard R. West--Trustee
Terry K. Glenn--Executive Vice President
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
<PAGE>
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].
