CMA
CMA MONEY FUND
Semi-Annual Report
September 30, 1996
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. Statements and
other information herein are as dated and are subject to change.
<PAGE>
CMA Money Fund
Box 9011
Princeton, NJ 08543-9011
Printed on post-consumer recycled paper
DEAR SHAREHOLDER:
For the six-month period ended September 30, 1996, CMA Money Fund
paid shareholders a net annualized dividend of 4.85%.* As of
September 30, 1996, the Fund's 7-day yield was 4.89%.
The average portfolio maturity for CMA Money Fund at September 30,
1996 was 72 days, compared to 48 days at March 31, 1996.
<PAGE>
The Environment
Although the US stock and bond markets rallied late in the six-month
period ended September 30, 1996, much of the period was marked by
volatility in the capital markets. The US economy demonstrated
surprising resilience during the first half of the year. As a
result, when economic data releases appeared to indicate that the US
economy was expanding at a stronger-than-expected (and potentially
inflationary) rate, investors focused on the increasing possibility
of monetary policy tightening by the Federal Reserve Board. During
these periods, stock prices declined and long-term interest rates
moved higher. When the market seemed to have fully priced in a
tightening, we increased the Fund's average life slightly by adding
to positions in longer-term securities. However, with inflationary
pressures still under control, the US central bank did not tighten
monetary policy at its September 24 meeting. This development,
coupled with several economic data releases that showed growth was
at or below expectations, helped to assuage investors' concerns
about an overheating economy. Stock and bond prices improved, with
stock market averages reaching historic high levels.
[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 shifts in perceptions were exemplified by investors' reactions
to the release of recent employment reports. Inflationary concerns
were heightened in early July with the release of a stronger-than-
expected employment report for June. However, more subdued job
growth and decelerating hourly wage gains were subsequently reported
for the month of July. Although the employment report for August
showed that unemployment had dropped to its lowest level since 1989,
these results were generally in line with expectations, and were
received favorably by investors. The greatest boost in investor
confidence occurred in early October with the release of September's
employment report, which showed a slight increase in unemployment.
Investors will continue to monitor economic data releases to
determine the probable direction of the US economy. The outcome of
the upcoming November election will also increasingly influence
investor psychology in the weeks ahead.
The Fund's portfolio composition at the end of the September period
and as of our last report to shareholders is detailed below:
9/30/96 3/31/96
<PAGE>
Bank Notes 5.1% 4.3%
Certificates of Deposit 0.9 0.3
Certificates of Deposit--European 3.5 1.4
Certificates of Deposit--Yankee* 2.2 1.3
Commercial Paper 41.3 38.0
Corporate Notes 3.5 5.6
Funding Agreements 0.6 0.4
Master Notes 2.3 2.2
Medium-Term Notes 0.1 0.7
Repurchase Agreements -- 1.9
Time Deposits -- 0.2
US Government & Agency
Obligations--Discount Notes 10.3 16.4
US Government & Agency
Obligations--Non-Discount Notes 32.2 27.1
Liabilities in Excess of Other Assets (2.0) --
Other Assets Less Liabilities -- 0.2
------ ------
Total 100.0% 100.0%
====== ======
[FN]
*US branches of foreign banks.
In Conclusion
We appreciate your continued support of CMA Money Fund, and we look
forward to assisting you with your financial needs in the months and
years ahead.
Sincerely,
(Arthur Zeikel)
Arthur Zeikel
President
(Kevin J. McKenna)
Kevin J. McKenna
Vice President and Portfolio Manager
October 30, 1996
<PAGE>
CMA MONEY FUND
SCHEDULE OF INVESTMENTS AS OF SEPTEMBER 30, 1996 (IN THOUSANDS)
Face Interest Maturity Value
Issue Amount Rate* Date (Note 1a)
Bank Notes--5.1%
Abbey National $575,000 5.378% 5/16/97 $ 574,633
Treasury Services
PLC++
Bank of America, 100,000 5.65 12/11/96 100,011
Illinois
Bank of America 241,000 5.53 10/15/96 241,003
N.T. & S.A.
Bank One, 125,000 5.29 9/24/97 124,905
Columbus N.A.++
Bank One, Dayton 50,000 5.33 1/27/97 49,992
N.A.++
Colorado National 100,000 5.47 6/18/97 99,993
Bank of Denver++
Fifth Third Bank, 63,000 5.53 2/24/97 62,970
Cincinnati
First Bank N.A., 100,000 5.47 6/18/97 99,993
Milwaukee++
First Bank System, 37,000 5.377 11/20/96 36,998
Inc.++ 50,000 5.377 12/17/96 49,997
KeyBank National 125,000 5.408 8/21/97 124,935
Association++
Morgan Guaranty 50,000 5.54 3/13/97 49,937
Trust
Wachovia Bank of 100,000 5.312 4/01/97 99,954
North Carolina, 150,000 5.347 4/03/97 149,930
N.A.++
Total Bank Notes (Cost--$1,865,249) 1,865,251
Certificates of Deposit--0.9%
<PAGE>
American Express 50,000 5.37 10/18/96 50,000
Centurion Bank 50,000 5.40 10/21/96 50,000
Chase Manhattan 100,000 5.60 3/03/97 99,967
Bank 50,000 5.69 3/12/97 50,005
Morgan Guaranty 100,000 5.61 2/27/97 99,973
Trust Co.
Total Certificates of Deposit (Cost--$350,004) 349,945
Certificates of Deposit--European--3.5%
ABN AMRO Bank 100,000 5.56 10/18/96 100,004
N.V., London 25,000 5.61 2/28/97 24,993
50,000 5.62 2/28/97 49,989
Australia & New 60,000 5.57 2/24/97 59,973
Zealand
Banking Group, 30,000 5.565 2/27/97 29,986
London 30,000 5.65 3/27/97 30,000
30,000 5.615 4/02/97 29,987
Bayerische Hypotheken- 50,000 5.46 11/27/96 49,993
und-Wechsel Bank, 100,000 5.67 12/12/96 100,015
London
Bayerische Landesbank 25,000 5.52 12/11/96 24,996
Girozentrale, 75,000 5.68 12/17/96 75,014
London 20,000 5.68 1/06/97 20,000
15,000 5.76 3/07/97 15,000
Bayerische 65,000 5.48 10/02/96 65,000
Vereinsbank AG, 10,000 5.56 10/18/96 10,000
London 50,000 5.68 12/17/96 50,010
Deutsche Bank AG, 25,000 5.35 10/29/96 24,998
London
Kredietbank N.V., 80,000 5.39 10/15/96 80,001
London
Face Interest Maturity Value
Issue Amount Rate* Date (Note 1a)
Certificates of Deposit--European (concluded)
<PAGE>
Landesbank Hessen- $ 45,000 5.51 % 10/23/96 $ 45,001
Thuringen
Girozentrale, London
National Westminster 50,000 5.56 10/16/96 50,002
Bank PLC, London
Svenska 20,000 5.42 11/20/96 19,998
Handelsbanken, Inc.,
London
Swiss Bank 250,000 5.56 10/15/96 250,008
Corporation, London
Toronto-Dominion 50,000 5.65 1/06/97 49,996
Bank, London 25,000 5.68 1/06/97 25,000
Total Certificates of Deposit--European
(Cost--$1,280,028) 1,279,964
Certificates of Deposit--Yankee--2.2%
ABN AMRO Bank N.V., 73,000 5.66 12/10/96 73,016
Chicago
Commerzbank AG, 92,000 5.36 10/07/96 92,000
NY 100,000 5.39 11/04/96 99,985
Credit Agricole, NY 50,000 5.90 3/21/97 50,035
Deutsche Bank AG, NY 95,000 5.37 10/21/96 95,000
30,000 5.45 11/13/96 29,994
Royal Bank of Canada, 15,000 5.50 12/31/96 14,997
NY
Societe Generale, NY 70,000 5.38 11/13/96 69,988
Westdeutsche 150,000 5.36 10/17/96 150,000
Landesbank, NY 50,000 5.39 10/21/96 50,000
Westpac Banking 50,000 5.58 12/06/96 50,010
Corp., NY 50,000 5.63 2/28/97 49,990
Total Certificates of Deposit--Yankee
(Cost--$825,017) 825,015
Commercial Paper--41.3%
<PAGE>
ABN-AMRO North 50,000 5.33 12/06/96 49,500
America Finance Inc. 60,000 5.45 2/28/97 58,616
140,000 5.44 4/01/97 136,072
ANZ (Delaware), Inc. 50,000 5.48 3/21/97 48,686
Abbey National North 75,000 5.30 11/29/96 74,329
America Corporation
Alberta, Province of 20,000 5.50 12/11/96 19,785
Canada
Allomon Funding 16,452 5.40 10/10/96 16,427
Corporation 10,548 5.40 10/21/96 10,515
18,000 5.38 10/24/96 17,935
Alpine Securitization 20,659 5.32 10/02/96 20,653
Corporation 20,000 5.35 10/02/96 19,994
75,000 5.31 10/07/96 74,923
34,341 5.40 11/18/96 34,089
American Express 75,000 5.29 10/03/96 74,967
Credit Corp. 250,000 5.32 10/07/96 249,738
75,000 5.30 11/22/96 74,402
Apreco, Inc. 30,000 5.35 10/25/96 29,889
CMA MONEY FUND
SCHEDULE OF INVESTMENTS AS OF SEPTEMBER 30, 1996 (CONTINUED)
(IN THOUSANDS)
Face Interest Maturity Value
Issue Amount Rate* Date (Note 1a)
Commercial Paper (continued)
Asset $196,845 5.30 % 10/01/96 $ 196,816
Securitization 46,000 5.30 10/03/96 45,980
Cooperative Corp. 75,000 5.48 10/09/96 74,900
100,000 5.36 10/22/96 99,672
15,155 5.38 10/29/96 15,089
67,000 5.32 11/04/96 66,643
Associates 200,000 5.41 11/12/96 198,690
Corporation of 50,000 5.41 11/13/96 49,670
North America
Avco Financial 40,000 5.33 10/07/96 39,958
Services, Inc. 40,000 5.63 3/03/97 39,059
<PAGE>
B.B.V. Finance 50,000 5.35 10/10/96 49,926
(Delaware), Inc.
BTR Dunlop Finance 50,000 5.30 10/01/96 49,993
Inc.
Banc One Corporation 45,000 5.40 11/13/96 44,703
Bank Austria 100,000 5.35 10/25/96 99,628
Finance, Inc.
Bank of Scotland 50,000 5.40 2/19/97 48,915
Treasury Services
PLC
Barclays U.S. 100,000 5.35 10/21/96 99,688
Funding Corporation
Bayer Corporation 90,000 5.30 10/22/96 89,706
30,000 5.40 11/07/96 29,826
Bear Stearns 50,000 5.30 10/01/96 49,993
Companies, Inc. 100,000 5.31 10/01/96 99,985
50,000 5.36 10/21/96 49,844
50,000 5.35 10/22/96 49,837
50,000 5.38 11/01/96 49,759
Beta Finance Inc. 30,000 5.29 10/23/96 29,897
43,500 5.50 12/09/96 43,046
29,000 5.50 3/12/97 28,278
7,000 5.50 3/18/97 6,819
50,000 5.45 3/24/97 48,663
40,500 5.45 3/28/97 39,392
CIT Group Holdings, 150,000 5.34 10/28/96 149,377
Inc., The
CS First Boston Inc. 15,000 5.34 10/07/96 14,984
20,000 5.30 10/22/96 19,935
44,000 5.40 10/29/96 43,809
31,000 5.35 11/01/96 30,853
40,000 5.41 11/14/96 39,730
CSW Credit, Inc. 18,900 5.38 10/04/96 18,889
13,000 5.32 10/09/96 12,983
37,000 5.47 10/11/96 36,940
33,400 5.50 10/21/96 33,293
15,300 5.35 10/30/96 15,232
11,500 5.37 11/04/96 11,440
10,400 5.40 11/04/96 10,345
10,500 5.35 11/06/96 10,442
<PAGE>
Face Interest Maturity Value
Issue Amount Rate* Date (Note 1a)
Commercial Paper (continued)
CXC Incorporated $ 40,000 5.31 % 10/04/96 $ 39,976
50,000 5.31 10/08/96 49,941
40,000 5.38 10/11/96 39,934
40,000 5.37 10/16/96 39,905
25,000 5.47 10/16/96 24,941
Caisse 150,000 5.51 12/27/96 148,031
d'Amortissement 50,000 5.40 2/20/97 48,908
de la Dette Sociale 50,000 5.40 2/24/97 48,877
(CADES) 100,000 5.66 3/10/97 97,540
Caisse des Depots 27,000 5.32 10/03/96 26,988
et Consignations 70,000 5.37 10/08/96 69,916
80,000 5.35 10/17/96 79,798
22,945 5.40 11/07/96 22,814
50,000 5.44 12/02/96 49,530
Canadian Wheat Board 25,000 5.50 3/14/97 24,370
Chase Manhattan 75,000 5.35 12/23/96 74,060
Corporation 121,000 5.68 1/09/97 119,143
Cheltenham & 50,000 5.39 11/06/96 49,718
Gloucester PLC
Ciesco L.P. 30,000 5.33 10/01/96 29,996
25,000 5.33 10/02/96 24,993
22,000 5.31 10/04/96 21,987
40,600 5.35 10/04/96 40,575
25,000 5.33 10/07/96 24,974
31,100 5.32 10/15/96 31,031
50,000 5.35 10/22/96 49,837
50,000 5.35 10/24/96 49,822
72,000 5.40 11/18/96 71,471
Clipper Receivables 77,910 5.35 10/22/96 77,655
Corp. 47,090 5.35 10/23/96 46,929
Commercial Credit 25,000 5.30 10/02/96 24,993
Corp.
<PAGE>
Commonwealth Bank 50,000 5.37 10/15/96 49,888
of Australia 14,000 5.38 2/12/97 13,711
11,000 5.45 3/27/97 10,701
Corporate Asset 50,000 5.30 10/10/96 49,926
Funding Co. Inc. 70,000 5.30 10/18/96 69,813
Corporate Receivables 58,800 5.45 10/01/96 58,791
Corp. 50,000 5.38 10/10/96 49,925
50,000 5.37 10/21/96 49,843
25,000 5.37 10/22/96 24,918
54,600 5.36 11/01/96 54,340
30,000 5.40 11/13/96 29,802
25,000 5.42 11/13/96 24,835
60,000 5.42 11/18/96 59,559
Creditanstalt 35,000 5.37 10/07/96 34,963
Finance, Inc.
Daimler-Benz North 37,000 5.34 11/04/96 36,803
America Corp. 41,800 5.40 11/04/96 41,577
50,000 5.44 12/04/96 49,515
Deer Park Refining 20,650 5.35 10/21/96 20,586
L.P.
CMA MONEY FUND
SCHEDULE OF INVESTMENTS AS OF SEPTEMBER 30, 1996 (CONTINUED)
(IN THOUSANDS)
Face Interest Maturity Value
Issue Amount Rate* Date (Note 1a)
Commercial Paper (continued)
Delaware Funding $ 14,128 5.38 % 10/03/96 $ 14,122
Corp. 41,500 5.35 10/08/96 41,451
243,500 5.35 10/15/96 242,957
Du Pont (E.I.) de 50,000 5.37 10/28/96 49,791
Nemours & Co.
ESC Securitization 25,000 5.33 10/01/96 24,996
Inc.
Eiger Capital 25,090 5.30 10/09/96 25,057
Corporation 100,000 5.29 10/25/96 99,628
50,926 5.40 11/08/96 50,628
60,000 5.40 11/12/96 59,607
63,974 5.40 11/13/96 63,552
<PAGE>
Electricite de France 41,500 5.50 12/30/96 40,937
Service Nationale
Eureka Securitization 30,000 5.40 10/11/96 29,951
Inc. 20,000 5.47 10/11/96 19,967
25,000 5.35 10/21/96 24,922
25,000 5.37 11/04/96 24,869
Falcon Asset 90,000 5.35 10/15/96 89,799
Securitization Corp. 19,000 5.37 10/15/96 18,957
27,335 5.37 10/16/96 27,270
36,025 5.37 10/17/96 35,934
26,950 5.40 11/07/96 26,796
Fleet Funding Corp. 25,238 5.37 10/21/96 25,159
50,347 5.39 10/28/96 50,136
Ford Credit Europe 20,000 5.32 10/07/96 19,979
PLC 25,000 5.49 3/24/97 24,332
Ford Motor Credit Co. 34,500 5.32 10/07/96 34,464
200,000 5.33 10/11/96 199,673
200,000 5.33 10/15/96 199,554
65,000 5.37 10/28/96 64,729
200,000 5.48 3/24/97 194,653
France Telecom 9,000 5.35 10/01/96 8,999
24,450 5.35 10/03/96 24,439
41,550 5.37 10/21/96 41,420
Gannett Co., Inc. 200,000 5.47 10/16/96 199,524
General Electric 150,000 5.32 10/03/96 149,934
Capital Corp. 150,000 5.29 10/07/96 149,846
450,000 5.29 10/08/96 449,471
150,000 5.32 10/08/96 149,820
150,000 5.32 10/09/96 149,799
200,000 5.29 10/10/96 199,706
230,000 5.45 3/26/97 223,780
150,000 5.69 5/12/97 144,773
General Electric 50,000 5.32 10/08/96 49,940
Capital Services Inc. 50,000 5.45 3/26/97 48,648
Face Interest Maturity Value
Issue Amount Rate* Date (Note 1a)
Commercial Paper (continued)
<PAGE>
General Motors $ 75,000 5.50 % 10/21/96 $ 74,766
Acceptance Corp. 150,000 5.40 10/23/96 149,483
50,000 5.50 10/23/96 49,829
26,500 5.50 10/24/96 26,405
75,000 5.50 10/25/96 74,721
50,000 5.55 10/28/96 49,792
10,000 5.38 11/04/96 9,947
113,500 5.34 11/07/96 112,843
200,000 5.42 11/12/96 198,691
Generale Bank, Inc. 25,000 5.38 10/03/96 24,989
25,000 5.38 10/04/96 24,985
Glaxo Wellcome PLC 23,000 5.35 10/21/96 22,928
Goldman Sachs 270,000 5.68 1/06/97 265,980
Group, L.P.
Greenwich Funding 25,000 5.32 10/02/96 24,993
Corp. 80,000 5.37 10/09/96 79,893
10,877 5.35 10/15/96 10,853
15,000 5.46 10/21/96 14,953
18,538 5.30 10/22/96 18,478
14,084 5.35 10/23/96 14,036
10,000 5.35 10/24/96 9,964
30,000 5.38 10/28/96 29,874
15,044 5.40 10/31/96 14,974
30,422 5.30 11/25/96 30,168
Heinz (H.J.) Company 22,000 5.36 10/31/96 21,898
International Lease 25,000 5.33 10/03/96 24,989
Finance Corp.
International 34,952 5.475 10/15/96 34,874
Securitization 10,650 5.475 10/16/96 10,625
Corporation 30,000 5.50 10/22/96 29,899
10,132 5.48 12/10/96 10,025
13,854 5.48 12/13/96 13,701
Internationale 57,000 5.37 10/15/96 56,872
Nederlanden (U.S.)
Funding Corp.
<PAGE>
Kingdom of Sweden 13,245 5.30 10/03/96 13,239
61,755 5.30 10/04/96 61,718
25,000 5.29 10/18/96 24,933
98,000 5.29 10/21/96 97,694
50,000 5.30 11/20/96 49,616
25,000 5.30 11/25/96 24,791
10,000 5.51 12/16/96 9,885
12,000 5.38 2/07/97 11,762
45,000 5.37 2/18/97 44,031
10,000 5.50 3/12/97 9,751
CMA MONEY FUND
SCHEDULE OF INVESTMENTS AS OF SEPTEMBER 30, 1996 (CONTINUED)
(IN THOUSANDS)
Face Interest Maturity Value
Issue Amount Rate* Date (Note 1a)
Commercial Paper (continued)
Korea Development $ 47,000 5.34 % 11/13/96 $ 46,690
Bank 38,735 5.50 12/05/96 38,354
Kredietbank North 45,000 5.35 10/21/96 44,860
American Finance
Corp.
Lilly (Eli) & 30,000 5.33 11/04/96 29,840
Company, Inc.
MCI Communications 98,000 5.35 10/17/96 97,752
Corporation
Matterhorn Capital 29,125 5.29 10/21/96 29,034
Corp.
McKenna Triangle 25,000 5.30 10/04/96 24,985
National Corp. 10,000 5.30 10/08/96 9,988
58,372 5.30 10/15/96 58,242
25,000 5.35 10/16/96 24,941
15,000 5.29 10/29/96 14,935
32,000 5.40 11/12/96 31,791
40,000 5.40 11/13/96 39,736
44,000 5.29 11/18/96 43,677
Mont Blanc Capital 22,985 5.36 10/25/96 22,899
Corp.
Monte Rosa Capital 40,003 5.35 10/17/96 39,902
Corp. 31,007 5.35 10/21/96 30,910
<PAGE>
Morgan Stanley 50,000 5.31 10/07/96 49,948
Group, Inc. 139,000 5.32 10/09/96 138,814
50,000 5.27 10/22/96 49,839
25,000 5.29 11/19/96 24,812
50,000 5.29 11/20/96 49,616
86,000 5.48 12/04/96 85,166
National Australia 85,000 5.38 1/13/97 83,644
Funding (Delaware)
Inc.
National Fleet 35,000 5.37 10/15/96 34,922
Funding Corporation 15,000 5.35 10/16/96 14,964
National Rural 20,000 5.32 10/03/96 19,991
Utilities Cooperative 55,000 5.35 10/16/96 54,869
Finance Corp.
NationsBank Corp. 100,000 5.40 11/05/96 99,452
New Center 100,000 5.51 12/20/96 98,792
Asset Trust 150,000 5.44 1/06/97 147,766
95,000 5.40 2/07/97 93,113
105,000 5.43 2/14/97 102,802
200,000 5.49 3/19/97 194,806
Nomura Holding 50,000 5.36 11/01/96 49,760
America, Inc. 25,000 5.36 11/05/96 24,863
Oesterreichische 35,000 5.51 12/10/96 34,629
Kontrollbank AG
PHH Corporation 50,000 5.35 10/17/96 49,874
Preferred Receivables 17,675 5.38 10/08/96 17,654
Funding Corp. 10,050 5.37 10/10/96 10,035
195,000 5.35 10/15/96 194,565
41,850 5.37 10/15/96 41,756
45,675 5.35 10/16/96 45,566
65,350 5.37 10/16/96 65,194
19,650 5.35 10/22/96 19,586
Face Interest Maturity Value
Issue Amount Rate* Date (Note 1a)
Commercial Paper (concluded)
RTZ America Inc. $ 24,100 5.38 % 10/15/96 $ 24,046
12,850 5.36 10/16/96 12,819
25,200 5.36 10/18/96 25,132
20,000 5.37 10/21/96 19,937
<PAGE>
Receivables Capital 32,304 5.28 10/03/96 32,290
Corp. 21,769 5.32 10/03/96 21,759
41,757 5.28 10/04/96 41,733
15,499 5.30 10/04/96 15,490
23,487 5.28 10/07/96 23,463
24,000 5.32 10/11/96 23,961
Reed Elsevier Inc. 15,000 5.40 11/04/96 14,920
Rexam PLC 12,256 5.42 11/06/96 12,187
26,590 5.29 11/13/96 26,415
12,165 5.32 11/13/96 12,085
Santander Finance 25,000 5.30 11/27/96 24,784
(Delaware), Inc.
Sheffield Receivables 61,720 5.38 10/07/96 61,655
Corp. 68,348 5.35 10/15/96 68,196
41,520 5.37 10/15/96 41,427
27,990 5.35 10/16/96 27,923
Societe Generale 50,000 5.40 11/12/96 49,673
N.A., Inc.
Svenska 64,000 5.47 12/06/96 63,360
Handelsbanken, Inc.
Three Rivers 50,000 5.39 10/21/96 49,843
Funding Corp.
Toshiba America, 10,000 5.42 11/08/96 9,941
Inc.
Transamerica 67,350 5.65 3/05/97 65,745
Finance
Corporation
Vattenfall Treasury 25,000 5.50 12/18/96 24,705
Inc
WCP Funding Inc. 20,000 5.33 10/07/96 19,979
19,800 5.40 11/05/96 19,692
25,500 5.40 11/12/96 25,333
34,700 5.42 11/13/96 34,471
Western Australia 23,000 5.29 10/24/96 22,918
Treasury Corp.
<PAGE>
Westpac Capital 25,000 5.29 10/25/96 24,907
Corporation 50,000 5.36 11/08/96 49,703
75,000 5.51 12/12/96 74,183
Windmill Funding 25,619 5.38 10/03/96 25,608
Corp. 35,361 5.32 10/08/96 35,319
19,000 5.38 10/10/96 18,972
71,108 5.35 10/17/96 70,928
49,000 5.35 10/21/96 48,847
34,000 5.35 10/25/96 33,874
11,912 5.35 11/05/96 11,847
Wool International 40,000 5.38 2/07/97 39,206
Xerox Corp. 62,975 5.40 11/04/96 62,639
Xerox Credit Corp. 14,000 5.40 11/05/96 13,923
Total Commercial Paper
(Cost--$15,220,247) 15,220,285
CMA MONEY FUND
SCHEDULE OF INVESTMENTS AS OF SEPTEMBER 30, 1996 (CONTINUED)
(IN THOUSANDS)
Face Interest Maturity Value
Issue Amount Rate* Date (Note 1a)
Corporate Notes--3.5%
CIT Group Holdings, $ 200,000 5.30% 12/23/96 $ 199,956
Inc. (The)++ 100,000 5.30 2/06/97 99,973
PHH Corp.++ 175,000 5.403 12/13/96 174,986
75,000 5.44 3/25/97 74,986
SMM Trust 1995--Q++ 346,000 5.503 1/08/97 346,000
Short Term Card 400,000 5.513 1/15/97 400,000
Account Trust 1995
- --I++
Total Corporate Notes
(Cost--$1,295,880) 1,295,901
Funding Agreements++--0.6%
Transamerica Life 150,000 5.421 4/15/97 150,000
Insurance & 25,000 5.421 8/01/97 25,000
Annuity Company 50,000 5.421 9/12/97 50,000
<PAGE>
Total Funding Agreements
(Cost--$225,000) 225,000
Master Notes++--2.3%
Goldman Sachs 300,000 5.45 11/08/96 300,000
Group, L.P. 400,000 5.421 11/29/96 400,000
130,000 5.45 5/01/97 130,000
Total Master Notes
(Cost--$830,000) 830,000
Medium-Term Notes--0.1%
General Electric 10,000 4.92 2/10/97 9,967
Capital Corp. 10,000 4.893 2/14/97 9,966
Total Medium-Term Notes (Cost--$19,938) 19,933
US Government & Agency Obligations--
Discount Notes--10.3%
Federal Home 44,945 5.27 10/17/96 44,833
Loan Banks 20,000 5.26 12/03/96 19,813
72,445 5.39 12/31/96 71,473
20,000 5.27 3/27/97 19,472
15,000 5.39 8/08/97 14,285
Federal Home Loan 95,600 5.30 10/02/96 95,572
Mortgage Corp. 20,000 5.27 10/09/96 19,974
24,775 5.27 10/16/96 24,717
51,541 5.29 10/17/96 51,412
57,191 5.28 10/18/96 57,040
111,370 5.29 10/18/96 111,075
19,200 5.29 10/21/96 19,141
78,000 5.30 11/05/96 77,583
95,500 5.32 11/13/96 94,879
Federal National 100,000 5.32 10/02/96 99,970
Mortgage Association 36,000 5.27 10/11/96 35,942
11,000 5.26 10/18/96 10,971
16,240 5.42 12/06/96 16,081
100,000 5.29 1/28/97 98,223
150,000 5.26 2/03/97 147,202
47,500 5.31 4/04/97 46,194
Face Interest Maturity Value
Issue Amount Rate* Date (Note 1a)
<PAGE>
US Government & Agency Obligations--
Discount Notes (concluded)
US Treasury Bills $ 50,000 4.62 % 11/14/96 $ 49,684
260,000 4.67 11/14/96 258,359
50,000 4.69 11/14/96 49,684
100,000 4.70 11/14/96 99,369
400,000 4.715 11/14/96 397,475
100,000 4.72 11/14/96 99,369
325,000 4.545 2/06/97 319,073
410,000 4.55 2/06/97 402,522
100,000 4.552 2/06/97 98,176
90,000 4.555 2/06/97 88,358
105,000 4.557 2/06/97 103,085
50,000 4.56 2/06/97 49,088
150,000 4.565 2/06/97 147,264
100,000 5.305 8/21/97 95,134
100,000 5.31 8/21/97 95,134
100,000 5.315 8/21/97 95,134
100,000 5.32 8/21/97 95,134
100,000 5.33 8/21/97 95,134
Total US Government & Agency Obligations--
Discount Notes (Cost--$3,816,212) 3,813,028
US Government & Agency Obligations--
Non-Discount Notes--32.2%
Federal Farm 15,000 5.17 10/01/96 15,000
Credit Bank 34,000 5.22++ 1/13/97 33,986
140,000 5.30++ 3/14/97 139,954
100,000 5.20++ 3/19/97 99,927
230,000 5.85 10/01/97 230,046
125,000 5.31++ 2/02/98 124,953
85,000 5.28++ 3/02/98 84,932
95,000 6.24 5/07/98 94,848
Federal Home 38,500 5.67++ 12/23/96 38,504
Loan Banks 61,570 6.18 10/02/97 61,527
25,000 5.60++ 1/26/98 24,893
50,000 5.60++ 1/29/98 49,784
Federal Home Loan 50,000 5.50++ 9/30/97 49,971
Mortgage Corp.
<PAGE>
Federal National 175,000 5.294++ 10/11/96 174,993
Mortgage 624,000 5.405++ 10/11/96 624,000
Association 220,000 5.22++ 10/15/96 219,995
163,000 5.38++ 11/04/96 163,000
200,000 5.28++ 12/19/96 199,968
445,000 5.54++ 2/21/97 445,000
80,000 5.30++ 3/14/97 80,000
100,000 5.30++ 3/19/97 99,966
75,000 5.245++ 3/25/97 74,981
250,000 5.22++ 3/27/97 249,941
266,000 5.333++ 4/15/97 265,847
305,000 5.258++ 4/28/97 304,881
200,000 5.24++ 4/29/97 199,882
150,000 5.52++ 5/01/97 149,939
CMA MONEY FUND
SCHEDULE OF INVESTMENTS AS OF SEPTEMBER 30, 1996 (CONCLUDED)
(IN THOUSANDS)
Face Interest Maturity Value
Issue Amount Rate* Date (Note 1a)
US Government & Agency Obligations--
Non-Discount Notes (continued)
Federal National $ 171,000 5.353++% 5/14/97 $ 170,907
Mortgage 200,000 5.70++ 5/19/97 200,000
Association 475,000 5.353++ 5/22/97 474,793
(concluded) 555,000 5.50++ 7/16/97 554,703
290,000 5.52++ 8/01/97 289,895
200,000 5.30++ 8/07/97 199,822
350,000 5.52++ 8/22/97 349,816
215,000 5.51++ 9/03/97 214,854
170,000 5.51++ 9/09/97 169,891
162,000 5.51++ 9/29/97 161,904
296,000 5.495++ 10/20/97 295,740
116,675 5.79 11/14/97 116,372
200,000 5.33++ 1/06/98 199,929
190,000 5.19 1/08/98 187,910
Student Loan 355,000 5.38++ 10/04/96 355,000
Marketing 52,000 5.44++ 10/10/96 52,000
Association 150,000 5.68++ 1/14/97 150,000
7,095 5.72++ 1/23/97 7,096
34,230 7.875 2/03/97 34,476
38,480 5.745++ 2/14/97 38,501
77,500 5.57++ 8/04/97 77,486
305,000 5.40++ 10/01/97 304,818
Face Interest Maturity Value
Issue Amount Rate* Date (Note 1a)
<PAGE>
US Government & Agency Obligations--
Non-Discount Notes (concluded)
Student Loan $ 90,000 5.47++% 10/03/97 $ 89,948
Marketing 100,000 5.74 10/03/97 99,900
Association 44,215 5.49++ 10/14/97 44,155
(concluded) 54,500 5.53++ 10/17/97 54,450
23,175 5.67++ 10/30/97 23,187
133,000 5.62++ 2/17/98 132,988
US Treasury Notes 150,000 7.25 11/15/96 150,376
330,000 6.50 4/30/97 331,753
1,150,000 6.50 5/15/97 1,156,109
150,000 8.50 7/15/97 153,141
261,000 5.00 1/31/98 257,819
50,000 6.25 7/31/98 50,125
400,000 6.00 9/30/98 399,250
Total US Government & Agency Obligations--
Non-Discount Notes (Cost--$11,855,885) 11,849,832
Total Investments
(Cost $37,583,460)--102.0% 37,574,154
Liabilities in Excess of Other Assets--(2.0%) (745,678)
-----------
Net Assets--100.0% $36,828,476
===========
[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, 1996.
++Variable Rate Notes.
See Notes to Financial Statements.
<PAGE>
<TABLE>
CMA MONEY FUND
STATEMENT OF ASSETS AND LIABILITIES AS OF SEPTEMBER 30, 1996
<S> <C> <C>
Assets:
Investments, at value (identified cost--$37,583,460,233++) (Note 1a) $ 37,574,154,034
Cash 500,715
Receivables:
Securities sold $ 451,967,419
Interest 177,834,241 629,801,660
----------------
Prepaid registration fees and other assets (Note 1d) 32,612,438
----------------
Total assets 38,237,068,847
----------------
Liabilities:
Payables:
Securities purchased 1,382,691,018
Investment adviser (Note 2) 11,892,388
Distributor (Note 2) 9,040,099
Beneficial interest redeemed 4,743 1,403,628,248
----------------
Accrued expenses and other liabilities 4,965,084
----------------
Total liabilities 1,408,593,332
----------------
Net Assets $ 36,828,475,515
================
Net Assets Consist of:
Shares of beneficial interest, $0.10 par value, unlimited number of shares
authorized $ 3,683,778,171
Paid-in capital in excess of par 33,154,003,543
Unrealized depreciation on investments--net (9,306,199)
----------------
Net Assets--Equivalent to $1.00 per share based on 36,837,781,714 shares of
beneficial interest outstanding $ 36,828,475,515
================
<FN>
++Cost for Federal income tax purposes. As of September 30, 1996,
net unrealized depreciation for Federal income tax purposes amounted
to $9,306,199, of which $1,161,581 related to appreciated securities
and $10,467,780 related to depreciated securities.
See Notes to Financial Statements.
</TABLE>
<PAGE>
<TABLE>
CMA MONEY FUND
STATEMENT OF OPERATIONS FOR THE SIX MONTHS ENDED SEPTEMBER 30, 1996
<S> <C> <C>
Investment Income (Note 1c):
Interest and amortization of premium and discount earned $ 1,003,185,711
Expenses:
Investment advisory fees (Note 2) $ 69,885,965
Distribution fees (Note 2) 22,872,322
Transfer agent fees (Note 2) 6,359,890
Registration fees (Note 1d) 1,806,772
Interest expense 1,618,769
Accounting services (Note 2) 524,405
Custodian fees 367,246
Printing and shareholder reports 254,179
Professional fees 82,982
Trustees' fees and expenses 36,464
Other 219,165
----------------
Total expenses 104,028,159
----------------
Investment income--net 899,157,552
Realized Gain on Investments--Net (Note 1c) 2,312,327
Change in Unrealized Depreciation on Investments--Net 7,838,463
----------------
Net Increase in Net Assets Resulting from Operations $ 909,308,342
================
See Notes to Financial Statements.
</TABLE>
<TABLE>
CMA MONEY FUND
STATEMENTS OF CHANGES IN NET ASSETS
<CAPTION>
For the Six For the
Months Ended Year Ended
Increase (Decrease) in Net Assets: September 30, 1996 March 31, 1996
<S> <C> <C>
Operations:
Investment income--net $ 899,157,552 $ 1,743,074,692
Realized gain on investments--net 2,312,327 18,808,723
Change in unrealized depreciation on investments--net 7,838,463 (9,344,275)
---------------- ----------------
Net increase in net assets resulting from operations 909,308,342 1,752,539,140
---------------- ----------------
Dividends and Distributions to Shareholders (Note 1e):
Investment income--net (899,157,552) (1,743,074,692)
Realized gain on investments--net (2,312,327) (18,808,723)
---------------- ----------------
Net decrease in net assets resulting from dividends and distributions
to shareholders (901,469,879) (1,761,883,415)
---------------- ----------------
Beneficial Interest Transactions (Note 3):
Net proceeds from sale of shares 71,923,663,021 139,092,550,999
Net asset value of shares issued to shareholders in reinvestment of
dividends (Note 1e) 899,635,436 1,758,190,139
---------------- ----------------
72,823,298,457 140,850,741,138
Cost of shares redeemed (72,925,519,763) (132,985,300,190)
---------------- ----------------
Net increase (decrease) in net assets derived from beneficial
interest transactions (102,221,306) 7,865,440,948
---------------- ----------------
Net Assets:
Total increase (decrease) in net assets (94,382,843) 7,856,096,673
Beginning of period 36,922,858,358 29,066,761,685
---------------- ----------------
End of period $ 36,828,475,515 $ 36,922,858,358
================ ================
<PAGE>
See Notes to Financial Statements.
</TABLE>
<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, 1996 1996 1995 1994 1993
<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 .0245 .0529 .0437 .0276 .0309
Realized and unrealized gain (loss) on
investments--net .0003 .0003 .0005 (.0005) .0019
----------- ----------- ----------- ----------- -----------
Total from investment operations .0248 .0532 .0442 .0271 .0328
----------- ----------- ----------- ----------- -----------
Less dividends and distributions:
Investment income--net (.0245) (.0529) (.0437) (.0276) (.0309)
Realized gain on investments--net (.0001) (.0006) (.0003) (.0003) (.0015)
----------- ----------- ----------- ----------- -----------
Total dividends and distributions (.0246) (.0535) (.0440) (.0279) (.0324)
----------- ----------- ----------- ----------- -----------
Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
=========== =========== =========== =========== ===========
Total Investment Return 4.85%* 5.51% 4.50% 2.82% 3.30%
=========== =========== =========== =========== ===========
Ratios to Average Net Assets:
Expenses .56%* .56% .56% .55% .55%
=========== =========== =========== =========== ===========
Investment income and realized gain on
investments--net 4.85%* 5.35% 4.42% 2.79% 3.25%
=========== =========== =========== =========== ===========
Supplemental Data:
Net assets, end of period (in thousands) $36,828,476 $36,922,858 $29,066,762 $27,071,882 $27,093,682
=========== =========== =========== =========== ===========
<PAGE>
<FN>
*Annualized.
See Notes to Financial Statements.
</TABLE>
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. These unaudited financial statements reflect all
adjustments which are, in the opinion of management, necessary to a
fair statement of the results for the interim period presented. All
such adjustments are of a normal recurring nature. The following is
a summary of significant accounting policies followed by the Fund.
(a) Valuation of investments--Investments 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.
<PAGE>
(c) Security transactions and investment income--Security
transactions are recorded on the dates the transactions are entered
into (the trade dates). Interest income, including amortization of
premium and discount, is recognized on the accrual basis. Realized
gains and losses on security transactions are determined on the
identified cost basis.
(d) Prepaid registration fees--Prepaid registration fees are charged
to expense as the related shares are issued.
(e) Dividends and distributions to 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 and
distributions are declared from the total of net investment income
and net realized gain or loss on investments.
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.
CMA MONEY FUND
NOTES TO FINANCIAL STATEMENTS (CONCLUDED)
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>
Merrill Lynch Financial Data Services, Inc. ("MLFDS"), a wholly-
owned subsidiary of ML & Co., is the Fund's transfer agent.
Accounting services are provided to the Fund by FAM at cost.
Certain officers and/or trustees of the Fund are officers and/or
directors of FAM, PSI, MLPF&S, MLFDS, 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
Transfer Agent
Merrill Lynch Financial Data Services, Inc.
4800 Deer Lake Drive East
Jacksonville, Florida 32246-6484
(800) 221-7210*
<PAGE>
[FN]
*For inquiries regarding your CMA account, call (800) CMA-INFO
[(800) 262-4636].
