CMA
CMA MONEY FUND
Annual Report
March 31, 1995
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.
CMA Money Fund
Box 9011
Princeton, NJ 08543-9011
<PAGE>
DEAR SHAREHOLDER:
For the year ended March 31, 1995, CMA Money Fund paid shareholders
a net annualized dividend of 4.50%*. The Fund's 7-day yield as of
March 31, 1995 was 5.59% (excluding gains and losses) and 5.62%
(including gains and losses).
The Environment
During the six months ended March 31, 1995, the perception that the
US economy was overheating and inflationary pressures were
increasing gave way to a more benign economic outlook. With more
signs of slowing growth, investors now appear to be forecasting a
"soft landing" for the US economy. Although gross domestic product
(GDP) was reported to have increased at a revised 5.1% rate during
the final quarter of 1994, declines in other indicators such as new
home sales and durable goods orders registered thus far in 1995 have
led investors to anticipate that the economy is losing enough
momentum to keep inflation under control and preclude further
significant monetary policy tightening by the Federal Reserve Board.
However, as US stock and bond markets have risen on more positive
economic news, the value of the US dollar reached new lows relative
to the yen and the Deutschemark. Persistent trade deficits and
exports of capital from the United States have kept the US currency
in a decade-long decline relative to the Japanese and German
currencies. Over the longer term, since the United States has the
highest productivity among industrialized nations and among the
lowest labor costs, demand for US dollar-denominated assets may
improve. However, a reduction of the still-widening US trade deficit
may be necessary before the US dollar appreciates substantially
relative to the yen and the Deutschemark.
[FN]
*Based on a constant investment throughout the period, with
dividends compounded daily, and reflecting a net return to the
investor after all expenses.
The first months of 1995 have been very positive for the stock and
bond markets. Continued signs of a moderating expansion and well-
contained inflationary pressures would provide further assurance
that the peak in interest rates is behind us. On the other hand,
indications of reaccelerating growth and further significant
monetary policy tightening by the Federal Reserve Board would be a
decided negative for the US financial markets.
Portfolio Matters
Since our last report to shareholders, CMA Money Fund maintained an
average portfolio maturity ranging from a low of 41 days to a high
of 69 days. This approach reflected our view that, with the
continued robust growth of the US economy, the Federal Reserve Board
would maintain its bias toward higher interest rates.
<PAGE>
As the six-month period ended March 31, 1995 opened, the Fund
adopted a relatively cautious approach toward the market and focused
its investments on three-month commercial paper and overnight
repurchase agreements. However, after a surprising mid-October
report showed a decline in producer prices, we believed that some of
the pressure on the Federal Reserve Board to raise interest rates
immediately had abated. We increased the average life of the Fund to
69 days, owing largely to new purchases of six-month Treasury bills.
In November, the Fund's stance again turned more conservative
following the release of a strong employment report which showed a
sharp increase in hourly earnings. We reduced the Fund's average
portfolio maturity to 60 days mainly by restricting new purchases to
short maturities. We maintained this strategy even after the Federal
Reserve Board hiked short-term interest rates by 75 basis points
(0.75%) on November 15, 1994, as the market took some time to adjust
to the tightening.
As December started, strong economic reports along with the
expectation of year-end outflows called for a continuation of the
Fund's cautious approach to the market. However, with an uneventful
mid-month Federal Open Market Committee (FOMC) meeting behind us, we
began to look for value further out on the yield curve. Spread
relationships were most favorable in the 12-month sector, and
accordingly, we invested there.
As 1995 began, we continued the Fund's cautious strategy, investing
heavily in 90-day commercial paper and Government agency securities
at favorable spreads to Treasury securities. We were also able to
take advantage of the relative flatness of the Treasury bill curve
in the 12-month sector by selling December Treasury bills and buying
November Treasury bills, without sacrificing yield.
On February 1, 1995, the Federal Reserve Board raised short-term
interest rates by 50 basis points. With the FOMC potentially on hold
for some time after the firming, we began to emphasize investments
in the one-year sector. As the month wore on, strong technical
factors helped lift the market to what we perceived to be the high
end of the trading range. Thus, we reduced our position in one-year
Treasury bills, taking the Fund's average life to 44 days on
February 18, 1995.
In March, we continued to favor a strategy of investing in a
combination of 8-month--12-month Treasury securities, overnight
repurchase agreements, and one-month commercial paper. By mid-month
we were able to take advantage of widening spreads between Treasury
securities and agency obligations by selling six-month Treasury
bills and buying six-month agency discount notes for a significant
yield pickup. At the end of March, a slight steepening of the yield
curve allowed us to extend out of eight-month Treasury notes into
eleven-month Treasury notes at favorable spreads, while maintaining
a constructive average maturity.
<PAGE>
Looking forward, with the economy apparently losing steam and the US
dollar under pressure, it is unclear what the central bank's next
move will be. Accordingly, we will continue to keep a watchful eye
on the economy, looking for a confirmation of a slowdown. However,
until such signs become more visible, we will maintain a relatively
defensive stance.
The Fund's portfolio composition at the end of the March period and
as of our last report is detailed below:
3/31/95 9/30/94
Bank Notes 1.0% 2.2%
Certificates of Deposit 0.1 0.2
Certificates of Deposit--European 3.2 0.2
Certificates of Deposit--Yankee* 3.7 2.7
Commercial Paper 40.8 44.1
Master Notes 1.7 1.4
Medium-Term Notes 1.1 --
Repurchase Agreements 1.2 1.4
Time Deposits 0.9 --
US Government, Agency &
Instrumentality Obligations--
Discount Notes 20.3 18.4
US Government & Agency
Obligations--Non-Discount Notes 29.4 29.4
Liabilities in Excess of Other Assets (3.4) --
-------- --------
Total 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
May 2, 1995
<PAGE>
<TABLE>
CMA MONEY FUND
SCHEDULE OF INVESTMENTS AS OF MARCH 31, 1995 (IN THOUSANDS)
<CAPTION>
Face Interest Maturity Value
Issue Amount Rate* Date (Note 1a)
<S> <C> <C> <C> <C>
Bank Notes--1.0%
Banc One, Columbus $ 90,000 6.025% 5/02/95 $ 89,953
Bank of New York 94,000 6.25 4/11/95 94,000
Trust Company Bank, 100,000 6.50 3/21/96 99,740
Atlanta
Total Bank Notes
(Cost--$283,898) 283,693
Certificates of Deposit--0.1%
American Express 25,000 6.01 4/24/95 25,000
Centurion Bank
Total Certificates of Deposit
(Cost--$25,000) 25,000
Certificates of Deposit--European--3.2%
ABN-AMRO Bank N.V. 45,000 6.32 8/31/95 45,001
Abbey National PLC, 100,000 6.22 4/20/95 99,994
London
Bankers Trust NY 300,000 5.75 4/19/95 299,895
Corp.
Bayerische 40,000 6.25 4/12/95 39,999
Landesbank
Commerzbank AG, 41,000 6.22 4/26/95 41,000
London
Deutsche Bank 50,000 6.63 3/22/96 49,986
J.P. Morgan & Co., 50,000 6.28 4/11/95 49,999
London 200,000 6.29 4/11/95 199,997
National Westminster 20,000 6.32 8/31/95 20,000
Bank PLC
<PAGE>
NationsBank North 45,000 5.47 5/19/95 44,939
Carolina
Westpac Banking Corp., 30,000 6.06 4/27/95 30,000
London
Total Certificates of Deposit--European
(Cost--$921,005) 920,810
Certificates of Deposit--Yankee--3.7%
ABN-AMRO Bank 35,000 6.13 4/18/95 34,997
N.V., NY
Bank of Montreal, 95,000 6.37 4/04/95 95,000
Chicago
Bank of Nova Scotia, 36,000 6.36 4/05/95 36,000
Portland 50,000 6.33 4/06/95 50,000
Bank of Tokyo, 15,000 6.14 5/15/95 14,999
Portland
Banque Nationale 30,000 6.02 4/03/95 30,000
de Paris, NY 50,000 5.70 4/17/95 49,983
Commerzbank AG, NY 10,000 5.71 4/12/95 9,998
50,000 5.687 4/18/95 49,982
</TABLE>
<TABLE>
CMA MONEY FUND
SCHEDULE OF INVESTMENTS AS OF MARCH 31, 1995 (IN THOUSANDS)
<CAPTION>
Face Interest Maturity Value
Issue Amount Rate* Date (Note 1a)
<S> <C> <C> <C> <C>
Certificates of Deposit--Yankee (concluded)
Creditanstalt $ 125,000 6.23 % 4/20/95 $ 124,993
Bankverein, NY
Dai-Ichi Kangyo 10,000 6.08 4/28/95 10,000
Bank, NY
Mitsubishi Bank, NY 75,000 6.05 4/03/95 75,000
<PAGE>
Sanwa Bank, NY 10,000 6.06 4/03/95 10,000
115,000 6.07 4/03/95 115,000
25,000 6.08 4/27/95 25,000
Societe General, NY 72,000 6.06 4/03/95 72,000
65,000 6.60 5/04/95 65,021
Sumitomo Bank, NY 50,000 6.43 4/05/95 50,000
20,000 6.10 4/10/95 20,000
75,000 6.37 4/10/95 75,000
55,000 6.06 4/27/95 55,000
Total Certificates of Deposit--Yankee
(Cost--$1,068,003) 1,067,973
Commercial Paper--40.8%
ABN-AMRO 13,000 5.99 4/25/95 12,946
North America
Finance, Inc.
ANZ (Delaware), 50,000 6.25 4/05/95 49,957
Inc.
APRECO, Inc. 9,100 6.25 4/03/95 9,095
30,000 6.25 4/05/95 29,974
50,000 6.00 4/25/95 49,792
ARCO Coal Australia 6,000 6.25 4/05/95 5,995
Inc.
Allomon Funding Corp. 10,034 6.00 4/03/95 10,029
10,036 6.00 4/04/95 10,029
25,102 6.00 4/17/95 25,031
American Express 16,500 6.05 5/01/95 16,414
Company 24,000 6.05 5/04/95 23,863
American Express 350,000 6.04 5/30/95 346,459
Credit Corp. 100,000 6.08 6/12/95 98,763
100,000 6.10 7/14/95 98,215
American General 15,000 6.00 4/20/95 14,950
Corp. 13,986 6.00 4/21/95 13,937
Asset Securitization 100,000 6.20 4/06/95 99,898
Cooperative Corp. 10,000 6.15 4/24/95 9,959
100,000 6.12 5/02/95 99,460
<PAGE>
Avco Financial 35,000 6.23 4/06/95 34,964
Services, Inc. 50,000 5.99 4/26/95 49,784
BOC Group, Inc. 10,000 6.05 4/10/95 9,983
BTR Dunlop Finance 20,000 5.97 4/03/95 19,990
Inc. 12,000 6.25 4/04/95 11,992
40,216 5.99 4/24/95 40,055
Bank of Nova Scotia 25,000 6.21 4/05/95 24,979
</TABLE>
<TABLE>
CMA MONEY FUND
SCHEDULE OF INVESTMENTS AS OF MARCH 31, 1995 (CONTINUED) (IN THOUSANDS)
<CAPTION>
Face Interest Maturity Value
Issue Amount Rate* Date (Note 1a)
<S> <C> <C> <C> <C>
Commercial Paper (continued)
Bank of Scotland $ 50,000 6.25% 4/05/95 $ 49,957
Bankers Trust NY 50,000 5.58 4/12/95 49,898
Corp. 150,000 6.14 4/27/95 149,314
Bass Finance (C.I.) Ltd. 18,892 6.18 4/05/95 18,876
Bayerische Landesbank 50,000 6.22 4/10/95 49,915
Girozentrale
Bayerische 30,000 5.99 4/21/95 29,895
Vereinsbank AG
Bear Stearns Cos., 31,000 5.98 4/03/95 30,985
Inc. 25,000 6.02 4/03/95 24,987
100,000 6.26 4/03/95 99,949
47,000 6.26 4/04/95 46,968
75,000 6.22 4/05/95 74,936
22,000 6.15 4/24/95 21,911
50,000 6.15 4/25/95 49,788
Beneficial Corp. 50,000 6.25 4/04/95 49,966
50,000 6.25 4/05/95 49,957
<PAGE>
Beta Finance Inc. 12,500 5.57 4/03/95 12,494
19,000 6.27 4/05/95 18,984
41,000 5.99 4/13/95 40,911
14,000 5.99 4/20/95 13,953
8,800 6.00 4/20/95 8,771
5,000 6.05 4/21/95 4,982
20,000 5.57 4/24/95 19,919
25,000 6.00 4/24/95 24,900
20,000 6.02 5/01/95 19,896
20,000 6.05 5/01/95 19,896
Bowater PLC 33,600 5.97 4/03/95 33,583
10,000 6.25 4/03/95 9,995
14,178 6.22 4/06/95 14,163
10,000 5.99 4/24/95 9,960
Budget Funding Corp. 25,000 6.01 4/03/95 24,987
32,000 6.02 5/08/95 31,797
CIT Group Holdings, 100,000 5.99 4/24/95 99,601
Inc. (The) 100,000 5.99 4/25/95 99,584
125,000 6.04 5/25/95 123,850
125,000 6.04 5/26/95 123,829
100,000 6.12 7/12/95 98,249
100,000 6.12 7/13/95 98,232
CS First Boston Inc. 20,000 6.00 4/18/95 19,940
60,000 6.13 4/24/95 59,756
30,000 6.14 4/25/95 29,873
CSW Credit, Inc. 40,000 6.18 4/11/95 39,925
25,000 6.12 4/17/95 24,927
16,300 6.02 4/20/95 16,245
</TABLE>
<TABLE>
CMA MONEY FUND
SCHEDULE OF INVESTMENTS AS OF MARCH 31, 1995 (CONTINUED) (IN THOUSANDS)
<CAPTION>
Face Interest Maturity Value
Issue Amount Rate* Date (Note 1a)
<S> <C> <C> <C> <C>
Commercial Paper (continued)
CXC Inc. $ 50,000 6.00% 4/12/95 $ 49,900
35,000 6.00 4/13/95 34,924
40,000 5.99 4/20/95 39,867
50,000 6.00 4/21/95 49,825
25,000 5.99 4/25/95 24,896
<PAGE>
Caisse des Depots et 48,000 5.98 4/03/95 47,976
Consignations
Cargill Inc. 19,945 6.00 4/25/95 19,862
Central and South 43,775 6.20 4/10/95 43,700
West Corp. 30,000 6.12 4/17/95 29,913
Cheltenham & 15,000 6.04 5/30/95 14,848
Glouster Building
Society
Ciesco L.P. 20,000 6.20 4/10/95 19,966
Commercial Credit 50,000 5.99 4/27/95 49,775
Corp.
Commerzbank US 55,000 6.25 4/03/95 54,972
Finance Inc. 7,340 6.22 4/18/95 7,317
22,000 6.03 4/28/95 21,897
114,500 6.05 5/01/95 113,903
Corporate Asset 25,000 6.20 4/06/95 24,974
Funding Co. Inc.
Corporate Asset 25,000 6.12 4/19/95 24,919
Securitization Australia 19,200 6.03 5/08/95 19,078
Ltd., Inc.
Corporate Receivables 5,100 6.22 4/10/95 5,091
Corp. 15,000 6.15 4/19/95 14,951
40,000 5.99 4/20/95 39,867
30,000 6.02 4/28/95 29,860
39,200 6.02 5/02/95 38,990
Daimler-Benz North 60,000 5.57 4/10/95 59,898
American Corp. 25,000 6.12 4/17/95 24,927
Dean Witter, Discover 100,000 6.02 4/26/95 99,565
& Co.
Deer Park Refining L.P. 10,000 6.00 4/17/95 9,972
15,000 6.00 4/21/95 14,948
25,000 6.02 4/24/95 24,900
Delaware Funding Corp. 16,326 6.20 4/06/95 16,309
74,096 6.135 4/17/95 73,881
9,578 6.05 5/22/95 9,494
Dun & Bradstreet Corp. 16,000 6.17 9/11/95 15,548
ESC Securitization Inc. 10,000 5.98 4/04/95 9,993
40,000 6.22 4/06/95 39,959
40,000 5.99 4/25/95 39,834
</TABLE>
<PAGE>
<TABLE>
CMA MONEY FUND
SCHEDULE OF INVESTMENTS AS OF MARCH 31, 1995 (CONTINUED) (IN THOUSANDS)
<CAPTION>
Face Interest Maturity Value
Issue Amount Rate* Date (Note 1a)
<S> <C> <C> <C> <C>
Commercial Paper (continued)
Eiger Capital Corp. $ 22,000 6.00 % 4/03/95 $ 21,989
9,040 5.99 4/17/95 9,014
17,000 6.00 4/17/95 16,952
19,962 5.99 4/18/95 19,902
31,998 5.99 4/20/95 31,892
Eli Lilly and Company 60,000 6.18 9/06/95 58,357
50,000 6.18 9/11/95 48,588
Falcon Asset 15,300 6.02 4/04/95 15,290
Securitization Corp. 25,650 6.02 4/05/95 25,629
40,000 6.00 4/17/95 39,887
52,050 5.99 4/20/95 51,877
9,375 6.00 4/20/95 9,344
9,900 6.00 4/21/95 9,865
12,500 6.17 5/03/95 12,430
Ford Motor Credit 150,000 6.00 4/03/95 149,925
Co. 250,000 5.97 4/10/95 249,585
70,000 6.12 4/11/95 69,868
25,500 6.22 4/19/95 25,417
150,000 6.35 4/19/95 149,513
150,000 6.35 4/20/95 149,488
7,900 6.22 4/21/95 7,872
100,000 6.35 4/21/95 99,641
150,000 6.10 5/01/95 149,216
35,000 6.15 8/18/95 34,162
General Electric 110,000 6.20 4/06/95 109,887
Capital Corp. 50,000 5.57 4/10/95 49,915
18,150 6.22 4/13/95 18,110
100,000 6.15 4/19/95 99,675
100,000 6.14 5/02/95 99,460
100,000 6.47 5/04/95 99,427
100,000 6.25 5/11/95 99,309
100,000 6.25 5/12/95 99,292
75,000 6.38 8/02/95 73,409
100,000 6.30 8/16/95 97,639
<PAGE>
Generale Bank, Inc. 50,000 5.98 4/03/95 49,975
35,000 6.00 4/26/95 34,848
Glaxo Holdings PLC 50,000 6.00 4/21/95 49,825
50,000 6.00 4/27/95 49,775
Goldman Sachs Group, 100,000 5.99 4/24/95 99,601
L.P. 100,000 5.99 4/27/95 99,551
200,000 6.05 6/19/95 197,289
Halifax Building Society 150,000 6.22 4/03/95 149,923
Hanson Finance (UK) 18,000 6.25 4/03/95 17,991
PLC 17,000 6.28 4/03/95 16,991
25,000 6.25 4/04/95 24,983
76,000 6.27 4/04/95 75,948
47,500 6.20 4/06/95 47,451
62,000 6.12 4/17/95 61,820
51,500 6.125 4/26/95 51,273
</TABLE>
<TABLE>
CMA MONEY FUND
SCHEDULE OF INVESTMENTS AS OF MARCH 31, 1995 (CONTINUED) (IN THOUSANDS)
<CAPTION>
Face Interest Maturity Value
Issue Amount Rate* Date (Note 1a)
<S> <C> <C> <C> <C>
Commercial Paper (continued)
Hertz Corp. $ 58,600 6.00 % 4/03/95 $ 58,571
20,000 6.12 4/18/95 19,939
20,000 6.12 4/19/95 19,935
International 123,000 6.00 4/17/95 122,652
Nederlanden (US) 27,000 6.01 4/18/95 26,919
Funding Corp.
Kingdom of Sweden 70,000 6.135 4/17/95 69,797
130,000 6.12 4/18/95 129,600
Knight-Ridder, Inc. 20,000 6.05 5/01/95 19,896
Kredietbank 36,000 6.04 5/31/95 35,629
North American
Finance Corp.
Leeds Permanent 50,000 6.25 4/05/95 49,957
Building Society 50,000 6.28 4/05/95 49,957
<PAGE>
MCA Funding Corp. 30,000 5.58 4/12/95 29,939
40,000 6.14 4/27/95 39,817
Matterhorn Capital 41,158 5.99 4/12/95 41,076
Corp. 45,600 5.99 4/17/95 45,471
30,011 5.99 4/18/95 29,921
McKenna Triangle 25,000 5.96 4/03/95 24,988
National Corp. 10,000 5.98 4/03/95 9,995
15,110 6.00 4/03/95 15,102
11,400 6.00 4/04/95 11,392
10,000 5.60 4/11/95 9,981
25,000 5.58 4/12/95 24,949
35,000 5.99 4/20/95 34,884
12,156 6.00 4/20/95 12,115
10,000 5.99 4/24/95 9,960
25,000 5.99 4/26/95 24,892
25,000 6.15 8/15/95 24,414
10,000 6.15 8/21/95 9,755
Miles Inc. 25,000 6.02 4/18/95 24,925
National Australia 41,000 6.22 4/04/95 40,972
Funding (Delaware) 50,000 6.21 4/06/95 49,949
Inc. 74,299 6.12 4/18/95 74,071
New Center Asset 154,000 6.18 4/10/95 153,737
Trust 50,000 6.21 4/10/95 49,915
60,000 6.02 4/19/95 59,809
17,000 6.14 4/27/95 16,922
67,000 6.13 7/18/95 65,758
40,000 6.20 7/19/95 39,252
50,000 6.20 7/21/95 49,048
62,000 6.15 7/27/95 60,756
50,000 6.35 8/11/95 48,862
100,000 6.15 8/15/95 97,656
New South Wales 70,000 6.25 4/03/95 69,964
Treasury Corp. 50,000 6.25 4/04/95 49,966
45,100 6.12 8/21/95 43,996
</TABLE>
<PAGE>
<TABLE>
CMA MONEY FUND
SCHEDULE OF INVESTMENTS AS OF MARCH 31, 1995 (CONTINUED) (IN THOUSANDS)
<CAPTION>
Face Interest Maturity Value
Issue Amount Rate* Date (Note 1a)
<S> <C> <C> <C> <C>
Commercial Paper (continued)
Nomura Holding $ 25,000 6.22 % 4/05/95 $ 24,979
America, Inc. 25,000 6.22 4/06/95 24,974
25,000 6.20 4/10/95 24,957
25,000 6.20 4/11/95 24,953
11,000 6.12 4/17/95 10,968
10,000 6.14 4/24/95 9,959
25,000 6.11 6/05/95 24,720
Ontario Hydro 100,000 6.22 4/06/95 99,898
PHH Corp. 35,000 6.07 4/21/95 34,876
Paribas Finance, Inc. 58,000 5.97 4/03/95 57,971
42,000 6.02 4/03/95 41,979
Preferred Receivable 25,000 6.00 4/03/95 24,988
Funding Corp. 11,050 6.00 4/10/95 11,032
19,275 6.20 4/10/95 19,242
104,350 5.99 4/25/95 103,916
45,500 5.99 4/26/95 45,303
13,350 6.15 5/01/95 13,280
Premium Funding, 14,314 6.00 4/03/95 14,307
Inc. (Series A--Q) 6,686 6.00 4/13/95 6,672
39,000 6.17 4/28/95 38,815
RTZ America Inc. 12,600 6.20 4/06/95 12,587
30,300 6.15 4/20/95 30,196
Reed Elsevier PLC 20,000 6.25 4/03/95 19,990
11,500 6.20 4/04/95 11,492
20,000 6.25 4/05/95 19,983
35,000 6.15 4/17/95 34,898
Riverwoods Funding 9,000 6.00 4/19/95 8,972
Corp. 16,000 6.15 4/26/95 15,930
Santander Finance Ltd. 40,000 6.185 4/10/95 39,932
Schering-Plough Corp. 28,290 6.14 8/09/95 27,656
<PAGE>
Sheffield Receivables 9,550 6.00 4/05/95 9,542
Corp. 38,000 6.18 4/10/95 37,935
48,000 6.12 4/19/95 47,844
129,000 5.99 4/21/95 128,549
Siemens Capital Corp. 20,000 6.25 4/03/95 19,990
Societe General North 100,000 6.22 4/04/95 99,932
America, Inc.
Southwestern Bell 27,000 6.14 4/27/95 26,876
Capital Corp.
Svenska Handels- 50,000 6.00 4/28/95 49,767
banken, Inc. 50,000 6.12 6/05/95 49,441
Swedish Export 25,000 6.25 4/05/95 24,979
Credit Corp.
</TABLE>
<TABLE>
CMA MONEY FUND
SCHEDULE OF INVESTMENTS AS OF MARCH 31, 1995 (CONTINUED) (IN THOUSANDS)
<CAPTION>
Face Interest Maturity Value
Issue Amount Rate* Date (Note 1a)
<S> <C> <C> <C> <C>
Commercial Paper (concluded)
Toshiba America Corp. $ 25,000 6.25 % 4/06/95 $ 24,974
Transamerica Finance 50,000 6.25 4/04/95 49,966
Corp. 70,000 5.56 4/17/95 69,797
US Borax Inc. 6,700 6.22 4/06/95 6,693
18,600 6.12 4/19/95 18,540
17,000 6.15 4/19/95 16,945
8,500 6.12 4/20/95 8,471
15,000 6.12 8/21/95 14,633
15,000 6.12 8/22/95 14,630
USAA Capital Corp. 28,000 6.25 4/03/95 27,986
USL Capital Corp. 16,000 6.02 5/02/95 15,914
Vattenfall Treasury Inc. 41,000 5.99 4/24/95 40,836
WCP Funding Inc. 14,200 6.00 4/18/95 14,157
Westdeutsche 50,000 6.22 4/07/95 49,940
Landesbank Girozentrale
<PAGE>
Windmill Funding Corp. 50,000 6.15 4/21/95 49,821
73,000 6.02 4/25/95 72,695
27,000 6.02 4/26/95 26,883
Wool International 10,000 6.12 8/18/95 9,760
Xerox Corp. 176,000 5.97 4/03/95 175,912
24,000 5.99 4/24/95 23,904
Total Commercial Paper
(Cost--$11,850,177) 11,850,384
Master Notes--1.7%
Goldman Sachs 300,000 6.07 5/26/95 300,000
Group, L.P. 130,000 6.07 11/24/95 130,000
Smith Barney Inc. 75,000 6.05 6/09/95 75,000
Total Master Notes
(Cost--$505,000) 505,000
Medium-Term Notes--1.1%
Abbey National 150,000 7.05 3/01/96 150,375
Treasury Services
Beta Finance Inc. 38,000 6.66 3/29/96 37,947
General Electric 86,850 6.55 3/25/96 86,685
Capital Corp. 50,000 6.55 3/28/96 49,885
Total Medium-Term Notes
(Cost--$324,687) 324,892
Time Deposits--0.9%
Swiss Bank Corp. 270,672 6.375 4/03/95 270,672
Total Time Deposits
(Cost--$ 270,672) 270,672
</TABLE>
<TABLE>
CMA MONEY FUND
SCHEDULE OF INVESTMENTS AS OF MARCH 31, 1995 (CONTINUED) (IN THOUSANDS)
<CAPTION>
Face Interest Maturity Value
Issue Amount Rate* Date (Note 1a)
<S> <C> <C> <C> <C>
US Government & Agency Obligations--
Discount Notes--20.3%
Federal Farm Credit $ 23,000 6.03 % 9/14/95 $ 22,352
Bank 25,000 6.10 11/16/95 24,024
25,000 6.06 3/21/96 23,450
Federal Home Loan 32,000 6.02 4/19/95 31,900
Banks 143,100 6.03 4/24/95 142,532
790 5.00 5/15/95 784
7,345 6.145 8/07/95 7,186
101,330 6.00 9/27/95 98,255
9,615 6.13 11/08/95 9,253
265,000 6.13 11/27/95 254,161
155,000 6.09 1/16/96 147,270
99,800 6.08 1/17/96 94,805
22,000 6.08 1/23/96 20,876
50,000 6.10 2/14/96 47,244
38,950 6.13 3/22/96 36,528
Federal Home Loan 22,206 5.91 4/04/95 22,191
Mortgage Corp. 70,905 5.91 4/14/95 70,742
38,578 6.10 5/02/95 38,374
93,000 6.10 5/03/95 92,492
93,230 5.975 6/19/95 91,991
45,000 5.99 6/19/95 44,402
96,010 5.975 6/20/95 94,718
50,000 5.98 6/20/95 49,327
36,780 6.02 7/03/95 36,202
Federal National 197,490 5.92 4/10/95 197,161
Mortgage Association 50,000 5.47 4/18/95 49,851
100,000 5.99 4/20/95 99,669
30,000 6.00 4/24/95 29,881
50,000 6.03 4/24/95 49,802
126,500 6.05 4/27/95 125,940
387,000 6.10 5/03/95 384,886
50,000 5.99 6/13/95 49,385
400,000 5.98 6/16/95 394,884
50,000 5.99 7/24/95 49,038
400,000 6.08 9/14/95 388,737
300,000 6.04 9/21/95 291,199
50,000 6.00 9/29/95 48,466
100,000 6.02 10/24/95 96,504
35,000 6.07 12/07/95 33,502
International Bank for 22,000 6.00 4/03/95 21,989
Reconstruction and
Development
Student Loan 80,000 6.10 5/03/95 79,563
Marketing Association
<PAGE>
US Treasury Bills 472,000 5.971 4/20/95 470,669
300,000 5.375 4/27/95 298,733
100,000 5.43 4/27/95 99,578
100,000 5.04 5/04/95 99,460
285,000 5.10 6/01/95 282,188
</TABLE>
<TABLE>
CMA MONEY FUND
SCHEDULE OF INVESTMENTS AS OF MARCH 31, 1995 (CONTINUED) (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 $ 100,000 5.26% 8/24/95 $ 97,628
(concluded) 100,000 5.265 8/24/95 97,628
200,000 5.27 8/24/95 195,255
50,000 5.28 8/24/95 48,814
100,000 5.97 4/04/96 93,817
250,000 6.02 4/04/96 234,543
Total US Government & Agency Obligations--
Discount Notes (Cost--$5,912,075) 5,909,829
US Government & Agency Obligations--
Non-Discount Notes--29.4%
Federal Farm 10,000 7.11 2/01/96 10,040
Credit Bank++
Federal Home 86,600 6.06 4/27/95 86,588
Loan Banks++ 116,000 5.79 4/28/95 115,985
44,120 5.78 6/05/95 44,104
168,000 6.43 6/21/95 168,000
277,000 4.625 8/09/95 275,227
280,000 6.43 12/28/95 280,000
20,000 7.16 2/01/96 20,088
179,500 7.13 2/09/96 180,272
20,000 6.85 2/28/96 20,042
16,000 9.80 3/25/96 16,469
274,000 6.46 6/17/96 274,000
109,000 6.46 6/21/96 109,000
60,000 5.885 8/05/96 59,873
38,500 6.42 12/23/96 38,530
88,000 7.10 4/03/97 87,639
25,000 6.35 1/26/98 24,771
50,000 6.35 1/29/98 49,541
<PAGE>
Federal Home Loan 277,000 4.635 8/09/95 275,227
Mortgage Corp.++ 250,000 6.36 9/01/95 249,980
149,000 6.37 9/01/95 148,994
165,000 6.45 4/08/96 164,522
58,400 6.33 5/06/96 58,400
55,000 6.50 5/13/98 55,000
Federal National 531,000 5.80 6/01/95 530,967
Mortgage 120,000 6.40 12/20/95 120,000
Association++ 95,000 6.37 1/26/96 94,952
185,000 5.92 2/07/96 184,984
52,500 6.72 2/28/96 52,553
125,240 6.86 2/28/96 125,516
50,000 6.67 3/15/96 49,998
135,000 6.46 3/27/96 134,744
374,000 6.33 5/13/96 374,000
270,000 6.33 5/24/96 270,000
173,000 5.943 7/18/96 172,826
624,000 6.03 10/11/96 624,000
445,000 6.04 2/21/97 445,000
267,700 6.45 5/19/97 267,700
267,000 6.50 5/14/98 267,000
</TABLE>
<TABLE>
CMA MONEY FUND
SCHEDULE OF INVESTMENTS AS OF MARCH 31, 1995 (CONCLUDED) (IN THOUSANDS)
<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 $ 50,000 6.42 % 4/17/95 $ 50,010
Marketing 6,000 6.12 6/02/95 6,002
Association++ 70,000 6.17 8/07/95 70,027
25,000 6.29 8/07/95 25,021
129,000 5.85 8/10/95 128,983
25,000 5.87 9/14/95 24,997
120,500 6.17 3/20/96 120,549
39,100 6.04 4/16/96 39,132
50,000 6.00 5/14/96 50,043
15,000 6.27 8/22/96 15,060
710,000 6.03 9/20/96 710,000
150,000 6.18 1/14/97 150,000
7,095 6.22 1/23/97 7,101
<PAGE>
US Treasury Notes 205,000 3.875 4/30/95 204,559
100,000 5.875 5/15/95 99,977
65,000 3.875 8/31/95 64,391
175,000 4.625 2/15/96 172,262
40,000 5.875 5/31/96 39,662
50,000 6.875 2/28/97 50,031
Total US Government & Agency Obligations--
Non-Discount Notes (Cost--$8,559,875) 8,554,339
</TABLE>
<TABLE>
CMA MONEY FUND
SCHEDULE OF INVESTMENTS AS OF MARCH 31, 1995 (CONCLUDED) (IN THOUSANDS)
<CAPTION>
Face Value
Amount Issue (Note 1a)
<S> <C> <C> <C> <C>
Repurchase Agreements**--1.2%
$150,000 Fuji Securities, Inc., purchased
on 3/31/95 to yield 6.35% to
4/03/95 $ 150,000
200,000 Nomura Securities International Inc.,
purchased on 3/31/95 to yield
6.30% to 4/03/95 200,000
Total Repurchase Agreements
(Cost--$350,000) 350,000
Total Investments
(Cost--$30,070,392)--103.4% 30,062,592
Liabilities in Excess of Other Assets--(3.4%) (995,830)
-----------
Net Assets--100.0% $29,066,762
===========
<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, 1995.
**Repurchase Agreements are fully collateralized by US Government
Obligations.
++Variable Rate Notes.
See Notes to Financial Statements.
<PAGE>
</TABLE>
<TABLE>
CMA MONEY FUND
STATEMENT OF ASSETS AND LIABILITIES AS OF MARCH 31, 1995
<S> <C> <C>
Assets:
Investments, at value (identified cost--$30,070,392,434++) (Note 1a) $ 30,062,592,047
Cash 200,055
Interest receivable 102,635,363
Prepaid registration fees and other assets (Note 1d) 461,587
----------------
Total assets 30,165,889,052
----------------
Liabilities:
Payables:
Securities purchased $ 1,077,329,406
Investment adviser (Note 2) 9,312,034
Distributor (Note 2) 8,989,741
Beneficial interest redeemed 74,236
Dividends to shareholders (Note 1e) 12,752 1,095,718,169
----------------
Accrued expenses and other liabilities 3,409,198
----------------
Total liabilities 1,099,127,367
----------------
Net Assets $ 29,066,761,685
================
Net Assets Consist of:
Shares of beneficial interest, $.10 par value, unlimited number of shares
authorized $ 2,907,456,207
Paid-in capital in excess of par 26,167,105,865
Unrealized depreciation on investments--net (7,800,387)
----------------
Net Assets--Equivalent to $1.00 per share based on 29,074,562,072 shares of
beneficial interest outstanding $ 29,066,761,685
================
<FN>
++Cost for Federal income tax purposes. As of March 31, 1995, net
unrealized depreciation for Federal income tax purposes amounted to
$7,800,387, of which $1,503,212 related to appreciated securities
and $9,303,599 related to depreciated securities.
See Notes to Financial Statements.
</TABLE>
<PAGE>
<TABLE>
CMA MONEY FUND
STATEMENT OF OPERATIONS FOR THE YEAR ENDED MARCH 31, 1995
<S> <C> <C>
Investment Income (Note 1c):
Interest and amortization of premium and discount earned $ 1,363,472,207
Expenses:
Investment advisory fees (Note 2) $ 104,060,839
Distribution fees (Note 2) 34,206,694
Transfer agent fees (Note 2) 11,240,401
Registration fees (Note 1d) 2,015,308
Accounting services (Note 2) 1,110,858
Custodian fees 726,354
Printing and shareholder reports 519,284
Professional fees 101,621
Trustees' fees and expenses 64,068
Other 146,594
----------------
Total expenses 154,192,021
----------------
Investment income--net 1,209,280,186
Realized Gain on Investments--Net (Note 1c) 7,984,282
Change in Unrealized Depreciation on Investments--Net 5,456,273
----------------
Net Increase in Net Assets Resulting from Operations $ 1,222,720,741
================
</TABLE>
<PAGE>
<TABLE>
CMA MONEY FUND
STATEMENTS OF CHANGES IN NET ASSETS
For the Year Ended March 31,
Increase (Decrease) in Net Assets: 1995 1994
<S> <C> <C>
Operations:
Investment income--net $ 1,209,280,186 $ 740,582,482
Realized gain on investments--net 7,984,282 7,543,550
Change in unrealized appreciation/depreciation on investments--net 5,456,273 (21,286,112)
---------------- ----------------
Net increase in net assets resulting from operations 1,222,720,741 726,839,920
---------------- ----------------
Dividends & Distributions to Shareholders (Note 1e):
Investment income--net (1,209,280,186) (740,582,482)
Realized gain on investments--net (7,984,282) (7,543,550)
---------------- ----------------
Net decrease in net assets resulting from dividends and distributions
to shareholders (1,217,264,468) (748,126,032)
---------------- ----------------
Beneficial Interest Transactions (Note 3):
Net proceeds from sale of shares 114,576,757,341 106,435,848,948
Net asset value of shares issued to shareholders in reinvestment of
dividends (Note 1e) 1,214,458,420 746,378,060
---------------- ----------------
115,791,215,761 107,182,227,008
Cost of shares redeemed (113,801,792,385) (107,182,740,698)
---------------- ----------------
Net increase (decrease) in net assets derived from beneficial interest
transactions 1,989,423,376 (513,690)
---------------- ----------------
Net Assets:
Total increase (decrease) in net assets 1,994,879,649 (21,799,802)
Beginning of year 27,071,882,036 27,093,681,838
---------------- ----------------
End of year $ 29,066,761,685 $ 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 Year Ended March 31,
Increase (Decrease) in Net Asset Value: 1995 1994 1993 1992 1991
<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 .0437 .0276 .0309 .0498 .0734
Realized and unrealized gain (loss) on
investments--net .0005 (.0005) .0019 .0019 .0017
----------- ----------- ----------- ----------- -----------
Total from investment operations .0442 .0271 .0328 .0517 .0751
----------- ----------- ----------- ----------- -----------
Less dividends and distributions:
Investment income--net (.0437) (.0276) (.0309) (.0498) (.0734)
Realized gain on investments--net (.0003) (.0003) (.0015) (.0020) (.0017)*
----------- ----------- ----------- ----------- -----------
Total dividends and distributions (.0440) (.0279) (.0324) (.0518) (.0751)
----------- ----------- ----------- ----------- -----------
Net asset value, end of year $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
=========== =========== =========== =========== ===========
Total Investment Return 4.50% 2.82% 3.30% 5.27% 7.81%
=========== =========== =========== =========== ===========
Ratios to Average Net Assets:
Expenses, excluding distribution fees .44% .42% .42% .42% .41%
=========== =========== =========== =========== ===========
Expenses .56% .55% .55% .54% .54%
=========== =========== =========== =========== ===========
Investment income and realized gain on
investments--net 4.42% 2.79% 3.25% 5.18% 7.51%
=========== =========== =========== =========== ===========
Supplemental Data:
Net assets, end of year (in thousands) $29,066,762 $27,071,882 $27,093,682 $29,106,627 $31,163,167
=========== =========== =========== =========== ===========
<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 no load, 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. Assets for which market quotations are not readily
available are valued at fair value as determined in good faith by or
under the direction of the Board of Trustees of the Fund.
(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" or "Adviser"). The general partner of
FAM is Princeton Services, Inc. ("PSI"), an indirect wholly-owned
subsidiary of Merrill Lynch & Co., Inc. ("ML & Co."), which is the
limited partner.
FAM is responsible for the management of the Fund's portfolio and
provides the necessary personnel, facilities, equipment and certain
other services necessary to the operations of the Fund. For such
services, the Fund pays a monthly fee based upon the average daily
value of the Fund's net assets at the following annual rates: 0.50%
of the 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 the 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 March 31, 1995, the Fund owed affiliated brokers $113,056,674 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, PSI, 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, 1995, 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, 1995 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, 1995, 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 LLP
Princeton, New Jersey
May 2, 1995
</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, 1995 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, 1994 15.07%
September 30, 1994 21.29%
December 31, 1994 23.25%
March 31, 1995 23.03%
Of the Fund's dividends declared daily to shareholders from ordinary
income during the fiscal year ended March 31, 1995, 19.14% 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
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, MA 02101
Transfer Agent
Financial Data Services, Inc.
4800 Deer Lake Drive East
Jacksonville, FL 32246-6484
(800) 221-7210*
[FN]
*For inquiries regarding your CMA account, call (800) CMA-INFO
[(800) 262-4636].
