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Previous: CENTRAL RESERVE LIFE CORP, SC 13D/A, 1997-11-19 |
Next: COEUR D ALENE MINES CORP, S-3, 1997-11-19 |
CMA MONEY FUND
Semi-Annual Report
September 30, 1997
[FUND LOGO]
[MERRILL LYNCH BULL LOGO]
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
Merrill Lynch Financial Data Services, Inc.
4800 Deer Lake Drive East
Jacksonville, FL 32246-6484
(800) 221-7210*
* For inquiries regarding your CMA account, call (800) CMA-INFO
[(800) 262-4636].
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.
CMA Money Fund
Box 9011
Princeton, NJ 08543-9011 #11213 -- 9/97
[RECYCLE LOGO]
Printed on post-consumer recycled paper
DEAR SHAREHOLDER:
For the six-month period ended September 30, 1997, CMA Money Fund paid
shareholders a net annualized dividend of 5.11%.* The Fund's 7-day
yield as of September 30, 1997 was 5.09%.
The average portfolio maturity of CMA Money Fund at September 30, 1997
was 82 days, compared to 66 days at March 31, 1997.
The Environment
During the six-month period ended September 30, 1997, investor
perceptions regarding the prospects for the US economy shifted
dramatically. Early in the period, investor concerns focused on an
overheating economy, increasing inflationary pressures, and the
prospect of higher interest rates. These concerns were heightened when
the Federal Reserve Board tightened monetary policy at its March 25
meeting. However, as the period continued, there was increasing
evidence of noninflationary economic growth. Investor confidence was
boosted further when the Federal Reserve Board chose to leave monetary
policy unchanged at its May, July and August meetings. This increased
confidence was reinforced further in late July by the passage of
tax-cut and five-year balanced budget bills. In this environment, we
maintained a constructive investment posture, since we believed that a
lack of inflationary pressures would allow the central bank to leave
monetary policy unchanged.
By late August, the consensus outlook had changed, with forecasts of
overheating growth and inflationary expectations. These concerns were
reinforced by a large upward revision in second-quarter real gross
domestic product growth from an original estimate of 2.2% to 3.6%.
However, in September, this rate of growth was revised downward to
3.3%. This report set the stage for renewed investor confidence, which
was bolstered further by the continued absence of inflationary
pressures.
Although it was widely anticipated that the Federal Reserve Board
would not tighten monetary policy at its September meeting, investors
were pleasantly surprised by the release of September employment data
in early October, since the US economy added jobs at a slower-than-
expected pace during the month. Over the balance of 1997, the
determining factor in the investment outlook is likely to be whether
or not the US economy continues to follow a pattern of moderate,
noninflationary growth.
The Fund's portfolio composition at the end of the September period
and as of our last report to shareholders is detailed below:
9/30/97 3/31/97
--------- ---------
Bank Notes 7.2% 6.8%
Certificates of Deposit 1.7 0.7
Certificates of Deposit -- European 3.6 2.4
Certificates of Deposit -- Yankee+ 7.6 4.8
Commercial Paper 45.9 47.1
Corporate Notes 9.3 4.7
Funding Agreements 0.8 0.7
Master Notes 1.9 2.0
Medium-Term Notes 1.0 0.4
Repurchase Agreements 0.9 2.0
US Government & Agency
Obligations -- Discount Notes 2.9 4.8
US Government & Agency
Obligations -- Non-Discount Notes 18.8 24.3
Liabilities in Excess of Other Assets (1.6) (0.7)
--------- ---------
Total 100.0% 100.0%
========= =========
+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,
/S/ARTHUR ZEIKEL
Arthur Zeikel
President
/S/KEVIN J. MCKENNA
Kevin J. McKenna
Vice President and Senior
Portfolio Manager
November 5, 1997
* Based on a constant investment throughout the period, with dividends
compounded daily, and reflecting a net return to the investor after
all expenses.
<TABLE>
<CAPTION>
CMA Money Fund
Schedule of Investments as of September 30, 1997 (in Thousands)
Face Interest Maturity Value
Issue Amount Rate* Date (Note 1a)
<S> <C> <C> <C> <C>
Bank Notes -- 7.2%
Abbey National $280,000 5.59+% 2/25/98 $279,912
Treasury Services PLC
Bank of America, Illinois 100,000 5.64 12/29/97 99,942
90,000 5.63 12/30/97 89,946
160,000 5.95 3/24/98 160,046
Bank of America 50,000 5.93 6/24/98 50,017
N.T. & S.A.
The Bank of New York 20,500 6.10 5/22/98 20,527
99,000 6.00 6/11/98 99,069
64,000 5.94 6/30/98 64,029
95,000 5.85 8/20/98 94,968
BankBoston, N.A. 100,000 5.65 11/05/97 99,998
First Bank N.A., 50,000 5.556+ 1/22/98 49,988
Milwaukee
First National Bank of 100,000 6.00 3/24/98 100,052
Chicago
First Tennessee Bank 25,000 5.81 12/04/97 25,003
N.A., Memphis 20,000 6.08 6/05/98 20,023
First Union National 150,000 5.57 10/31/97 149,993
Bank
KeyBank National 65,000 5.85 3/11/98 64,986
Association 75,000 5.51+ 5/06/98 74,982
25,000 5.49+ 8/20/98 24,984
85,000 5.90 9/17/98 84,998
KeyBank of New York 100,000 5.49+ 6/26/98 99,950
LaSalle National Bank, 25,000 5.79 7/31/98 24,982
Chicago 25,000 5.81 7/31/98 24,986
Mellon Bank N.A., 10,000 6.25 12/16/97 10,005
Pittsburgh
Morgan Guaranty 264,000 5.615+ 2/19/98 263,945
Trust Co. of NY 245,000 5.64+ 3/20/98 244,956
89,000 5.955 6/22/98 89,042
NBD Bank N.A., Detroit 200,000 5.78 1/30/98 199,933
Northern Trust Co., 70,000 5.96 6/17/98 70,034
Chicago
PNC Bank N.A. 150,000 5.60+ 10/01/98 149,899
Suntrust Bank, Atlanta 100,000 5.80 7/24/98 99,934
US Bank N.A. 94,000 5.551+ 8/28/98 93,954
100,000 5.546+ 9/16/98 99,943
US National Bank of 55,000 5.665+ 4/14/98 54,984
Oregon
Wachovia Bank of 50,000 5.54 10/06/97 50,000
North Carolina, N.A.
------------
Total Bank Notes (Cost -- $3,229,560) 3,230,010
============
Certificates of Deposit -- 1.7%
Bank of America 50,000 5.82 7/17/98 49,973
N.T. & S.A.
Branch Banking & 25,000 5.54 10/20/97 25,000
Trust Co.
Chase Manhattan Bank 50,000 5.85 12/01/97 50,009
50,000 5.87 7/21/98 49,992
CoreStates Bank N.A. 50,000 5.606 6/26/98 49,993
Morgan Guaranty 102,000 5.92 3/19/98 102,012
Trust Co. of NY 325,000 5.80 7/28/98 324,792
World Savings Bank, 60,000 5.61 10/07/97 60,000
FSB 40,000 5.60 10/09/97 40,000
------------
Total Certificates of Deposit
(Cost -- $751,863) 751,771
============
Certificates of Deposit -- European -- 3.6%
ABN AMRO Bank N.V., 30,000 5.90 3/05/98 29,999
London 10,000 5.87 3/06/98 9,999
Abbey National 165,000 5.90 3/13/98 165,001
Treasury Services
PLC, London
Australia & New Zealand 50,000 5.77 12/29/97 50,007
Banking Group, Ltd., 25,000 5.77 12/31/97 25,004
London
Bank of New York, 16,000 5.91 11/03/97 16,003
London
Bank of Nova Scotia, 35,000 5.60 11/19/97 34,998
London 100,000 5.81 12/08/97 100,014
Bank of Scotland, 50,000 5.905 8/18/98 50,006
London
Bankers Trust Company, 300,000 5.64 10/09/97 299,999
London
Barclays Bank PLC, 45,000 6.08 6/15/98 45,057
London
Bayerische Vereinsbank 50,000 5.72 10/24/97 49,996
AG, London 30,000 5.75 10/27/97 29,998
65,000 5.67 2/23/98 64,990
Credit Agricole 75,000 5.62 12/01/97 74,999
Indosuez, London
Credit Suisse First 5,000 5.82 3/03/98 4,998
Boston, London
ING Bank N.V., London 100,000 5.725 3/05/98 99,997
Kredietbank, N.V., 75,000 5.57 10/20/97 75,000
London 50,000 5.58 11/17/97 49,997
National Australia Bank, 50,000 5.61 12/04/97 49,996
London
National Westminster 142,000 5.53 10/01/97 142,000
Bank PLC, London
Rabobank Nederland, 15,000 5.92 3/09/98 15,001
London
Svenska Handelsbanken, 20,000 5.61 10/22/97 20,000
London
Toronto-Dominion Bank, 20,000 5.87 11/28/97 20,004
London 100,000 5.60 12/05/97 99,990
------------
Total Certificates of Deposit -- European
(Cost -- $1,622,883) 1,623,053
============
Certificates of Deposit -- Yankee -- 7.6%
ABN AMRO Bank N.V., 209,000 5.77 7/28/98 208,817
Chicago
ABN AMRO Bank N.V., 100,000 5.68 12/22/97 99,954
NY 95,000 5.70 1/06/98 94,949
50,000 5.60 2/20/98 49,942
25,000 6.03 6/11/98 25,022
30,000 5.93 6/19/98 30,009
Australia & New Zealand 25,000 5.83 12/04/97 25,004
Banking Group Ltd., NY
Bank Austria AG, NY 150,000 5.55 10/09/97 150,000
Banque Nationale 25,000 5.61 12/10/97 24,998
de Paris, NY
Barclays Bank PLC, NY 300,000 5.63 2/27/98 299,681
55,000 5.94 6/30/98 55,025
Bayerische Landesbank 29,000 5.50 12/04/97 28,980
Girozentrale, NY 95,000 5.61 12/30/97 94,938
100,000 6.20 4/21/98 100,170
76,000 5.86 7/17/98 75,982
Canadian Imperial Bank 50,000 5.59 12/03/97 49,995
of Commerce, NY 50,000 5.63 12/29/97 50,000
Commerzbank, NY 100,000 5.54 10/07/97 99,999
Credit Suisse First 25,000 5.87 3/16/98 24,997
Boston, NY 100,000 6.265 4/08/98 100,185
Den Danske Bank, NY 50,000 5.56 10/14/97 49,999
Deutsche Bank, NY 100,000 5.69 1/06/98 99,944
40,000 5.76 2/03/98 39,978
60,000 5.63 2/26/98 59,936
115,000 5.95 6/16/98 115,047
Landesbank Hessen- 64,000 5.78 1/27/98 63,979
Thuringen Girozentrale, 25,000 5.75 2/03/98 24,985
NY 30,000 5.96 3/20/98 30,009
30,000 6.00 6/09/98 30,020
50,000 6.03 6/10/98 50,044
Rabobank Nederland, 25,000 6.00 6/10/98 25,017
NY 25,000 5.87 8/17/98 24,995
Royal Bank of Canada, 63,000 5.77 1/27/98 62,977
NY 50,000 6.14 5/12/98 50,073
37,000 5.78 7/31/98 36,971
Societe Generale, NY 50,000 5.54 10/02/97 50,000
75,000 5.61 12/03/97 74,994
Svenska 180,000 5.56 10/06/97 180,000
Handelsbanken, NY
Swiss Bank Corp., NY 25,000 5.70 10/06/97 25,000
62,000 5.98 3/19/98 62,024
275,000 6.00 6/12/98 275,194
38,000 5.95 7/02/98 38,012
50,000 5.86 7/17/98 49,988
Westdeutsche 67,000 5.60+ 3/06/98 66,978
Landesbank 133,000 5.94 6/29/98 133,057
Girozentrale, NY ------------
Total Certificates of Deposit -- Yankee
(Cost -- $3,407,921) 3,407,868
============
Commercial Paper -- 45.9%
AC Acquisition 25,000 5.50 10/02/97 24,992
Holding Company 22,345 5.52 10/27/97 22,252
AESOP Funding Corp. 26,500 5.55 10/24/97 26,402
16,000 5.55 10/27/97 15,933
34,500 5.55 10/28/97 34,351
73,000 5.55 10/29/97 72,674
A.H. Robins Co., Inc. 48,353 5.51 11/07/97 48,072
ANZ (Delaware), Inc. 50,000 5.51 12/03/97 49,506
ARCO Coal Australia Inc. 12,994 5.53 10/21/97 12,952
24,559 5.54 10/27/97 24,457
Allomon Funding 11,543 5.52 10/06/97 11,532
Corporation 10,000 5.53 10/06/97 9,991
19,743 5.54 10/16/97 19,694
8,714 5.55 11/05/97 8,666
Alpine Securitization 11,400 5.53 10/03/97 11,395
Corporation 21,250 5.51 10/06/97 21,230
13,343 5.53 10/10/97 13,322
135,966 5.53 10/21/97 135,527
11,387 5.54 10/21/97 11,350
American Express 135,000 5.50 10/02/97 134,959
Credit Corp. 100,000 5.52 10/07/97 99,892
100,000 5.51 10/14/97 99,784
100,000 5.52 12/02/97 99,027
100,000 5.50 12/08/97 98,934
American Home 30,000 5.52 10/14/97 29,935
Products Corp. 18,000 5.50 10/15/97 17,958
50,000 5.51 12/02/97 49,513
American Honda 30,000 5.53 10/03/97 29,986
Finance Corp. 10,000 5.51 10/20/97 9,969
23,000 5.54 10/20/97 22,929
10,000 5.52 10/21/97 9,967
7,000 5.55 10/21/97 6,977
10,000 5.53 10/27/97 9,958
10,000 5.54 10/27/97 9,958
Apreco, Inc. 25,000 5.51 10/01/97 24,996
25,000 5.55 10/20/97 24,923
25,000 5.52 10/29/97 24,889
Asset Securitization 218,925 5.50 10/07/97 218,690
Cooperative Corp. 75,000 5.51 10/08/97 74,908
100,000 5.53 10/16/97 99,754
82,075 5.53 12/01/97 81,289
71,000 5.53 12/03/97 70,299
178,000 5.50 12/09/97 176,076
75,000 5.51 12/10/97 74,177
Associates Corporation 25,000 5.52 10/02/97 24,992
of North America 50,000 5.51 10/06/97 49,954
50,000 5.51 10/07/97 49,946
75,000 5.52 10/21/97 74,758
75,000 5.51 10/29/97 74,667
25,000 5.51 11/04/97 24,866
75,000 5.52 12/11/97 74,166
50,000 5.52 3/18/98 48,690
Associates First Capital 22,000 5.51 10/08/97 21,973
Corp. 50,000 5.53 10/30/97 49,769
Atlantic Asset 35,000 5.54 10/06/97 34,968
Securitization Corp. 15,000 5.55 10/15/97 14,965
Atlantic Richfield 50,000 5.53 12/18/97 49,390
Company
Avco Financial 39,500 5.52 12/08/97 39,079
Services, Inc. 12,000 5.52 12/11/97 11,866
35,000 5.52 12/17/97 34,578
46,500 5.53 12/17/97 45,940
36,000 5.54 3/23/98 35,029
21,000 5.57 3/26/98 20,424
10,000 5.56 3/30/98 9,719
BTR Dunlop Finance 50,000 5.52 10/17/97 49,870
Inc.
Banc One Corporation 25,000 5.50 10/02/97 24,992
Bass Finance (C.I.) Ltd. 38,921 5.53 10/23/97 38,783
Bear Stearns 25,000 5.52 10/27/97 24,897
Companies, Inc. 25,000 5.67 11/17/97 24,815
50,000 5.67 11/26/97 49,560
15,000 5.52 12/04/97 14,849
110,000 5.51 12/18/97 108,658
50,000 5.53 12/19/97 49,382
Bell Atlantic Financial 25,000 5.51 10/09/97 24,966
Services, Inc. 7,609 5.53 10/20/97 7,586
20,000 5.51 10/23/97 19,930
39,200 5.51 10/24/97 39,056
35,000 5.53 10/27/97 34,855
20,000 5.51 10/29/97 19,911
20,000 5.51 10/30/97 19,908
41,000 5.52 10/31/97 40,805
Block Financial Corp. 45,743 5.57 10/03/97 45,722
10,000 5.54 12/09/97 9,892
16,000 5.55 12/19/97 15,802
British Columbia, 27,400 5.70 11/12/97 27,218
Province of 21,000 5.66 11/26/97 20,815
CIT Group Holdings, 50,000 5.51 12/04/97 49,498
Inc.
CSW Credit, Inc. 11,700 5.53 10/06/97 11,689
19,300 5.55 10/10/97 19,270
23,600 5.54 10/15/97 23,546
8,710 5.53 10/17/97 8,687
12,200 5.53 11/05/97 12,133
17,700 5.54 11/06/97 17,599
11,350 5.54 12/04/97 11,236
19,300 5.54 12/05/97 19,104
20,100 5.53 12/10/97 19,880
CXC Incorporated 25,000 5.53 10/03/97 24,988
33,700 5.50 10/08/97 33,659
50,000 5.53 10/08/97 49,939
30,000 5.52 10/15/97 29,931
30,000 5.51 10/17/97 29,921
50,000 5.53 10/20/97 49,846
25,000 5.52 10/28/97 24,892
25,000 5.53 11/04/97 24,865
25,000 5.51 11/06/97 24,858
25,000 5.51 11/10/97 24,843
18,000 5.51 11/17/97 17,867
25,000 5.52 12/02/97 24,757
60,000 5.53 12/09/97 59,351
22,000 5.54 12/12/97 21,752
21,000 5.52 12/16/97 20,750
35,000 5.52 12/17/97 34,578
60,000 5.52 12/18/97 59,268
40,000 5.53 12/19/97 39,506
20,000 5.53 12/22/97 19,744
Caisse des Depots et 90,000 5.50 10/07/97 89,903
Consignations 75,000 5.52 10/10/97 74,885
50,000 5.52 11/04/97 49,730
10,000 5.50 12/30/97 9,859
Carnival Corp. 75,000 5.51 10/02/97 74,977
Centric Capital Corp. 25,000 5.55 10/08/97 24,969
81,000 5.54 10/09/97 80,888
50,000 5.56 10/20/97 49,846
34,000 5.53 12/05/97 33,653
Chase Manhattan 50,000 5.68 11/26/97 49,560
Corporation
Chrysler Financial Corp. 60,000 5.53 11/03/97 59,687
100,000 5.52 11/04/97 99,463
40,000 5.53 11/04/97 39,785
Ciesco L.P. 50,000 5.50 10/08/97 49,939
25,000 5.52 10/16/97 24,938
30,000 5.50 10/20/97 29,907
25,000 5.51 12/03/97 24,753
Citicorp 50,000 5.51 10/17/97 49,870
Clipper Receivables 96,000 5.53 10/10/97 95,853
Corp. 17,966 5.55 10/23/97 17,902
11,000 5.57 10/24/97 10,959
Clorox Company 24,000 5.50 10/30/97 23,889
Commercial Credit 75,000 5.50 10/01/97 74,989
Corp. 25,000 5.52 10/29/97 24,889
50,000 5.52 10/30/97 49,770
50,000 5.51 11/10/97 49,683
25,000 5.51 11/12/97 24,834
Commonwealth Bank 50,000 5.515 11/21/97 49,598
of Australia 40,000 5.51 12/09/97 39,568
60,000 5.545 2/12/98 58,747
Corporate Asset 11,518 5.52 10/02/97 11,514
Funding Co., Inc. 10,480 5.52 10/07/97 10,469
20,000 5.50 10/08/97 19,976
70,000 5.51 10/08/97 69,914
30,525 5.53 10/27/97 30,398
7,477 5.52 11/04/97 7,437
35,000 5.54 11/17/97 34,741
50,000 5.50 12/04/97 49,498
25,000 5.52 12/10/97 24,726
Corporate Receivables 40,000 5.53 10/02/97 39,988
Corp. 20,000 5.52 10/06/97 19,982
50,000 5.53 10/15/97 49,885
40,000 5.52 10/17/97 39,896
41,550 5.53 10/22/97 41,410
25,000 5.55 11/04/97 24,865
20,000 5.51 11/24/97 19,830
10,000 5.53 11/25/97 9,914
25,000 5.54 12/03/97 24,753
30,000 5.52 12/08/97 29,680
40,000 5.53 12/10/97 39,561
20,000 5.54 12/10/97 19,781
50,000 5.53 12/12/97 49,436
30,000 5.52 12/16/97 29,643
35,000 5.51 12/19/97 34,568
Countrywide Home 20,000 5.58 10/28/97 19,913
Loans, Inc. 50,000 5.60 11/06/97 49,712
30,000 5.54 12/12/97 29,662
Credit Suisse First 34,500 5.50 10/24/97 34,372
Boston, Inc. 20,500 5.52 12/11/97 20,272
Creditanstalt 50,000 5.50 10/24/97 49,815
Finance, Inc. 50,000 5.52 10/31/97 49,761
Cregem North America, 20,000 5.49 10/28/97 19,914
Inc. 100,000 5.51 12/03/97 99,012
80,000 5.51 12/04/97 79,197
Daimler-Benz North 12,000 5.51 12/03/97 11,881
America Corp. 102,000 5.51 12/08/97 100,913
Delaware Funding 40,369 5.52 10/09/97 40,313
Corp. 59,795 5.52 10/10/97 59,703
150,000 5.54 10/14/97 149,677
95,000 5.54 10/15/97 94,781
42,147 5.53 10/31/97 41,946
177,131 5.53 12/03/97 175,380
Den Danske 100,000 5.515 12/15/97 98,826
Corporation
Du Pont (E.I.) 75,000 5.52 3/18/98 73,035
de Nemours & Co.
Eiger Capital 32,791 5.54 10/01/97 32,786
Corporation 20,000 5.54 10/02/97 19,994
45,000 5.53 10/09/97 44,938
35,000 5.53 10/14/97 34,925
35,000 5.52 10/16/97 34,914
15,330 5.52 10/17/97 15,290
20,000 5.55 10/29/97 19,911
40,000 5.55 10/30/97 39,816
15,000 5.55 11/03/97 14,921
Eksportfinans A/S 11,210 5.53 10/10/97 11,193
24,800 5.53 10/28/97 24,693
16,500 5.53 12/19/97 16,296
Eureka Securitization, 37,000 5.52 10/01/97 36,994
Inc. 15,000 5.53 10/08/97 14,982
25,000 5.53 10/10/97 24,962
11,000 5.53 10/15/97 10,975
7,500 5.52 10/21/97 7,476
10,000 5.52 11/18/97 9,924
25,000 5.53 12/11/97 24,722
50,000 5.53 12/19/97 49,382
Falcon Asset 11,875 5.52 10/08/97 11,860
Securitization Corp. 11,850 5.54 10/09/97 11,834
12,800 5.52 10/10/97 12,780
27,365 5.51 10/20/97 27,281
33,750 5.54 10/22/97 33,636
50,000 5.52 10/23/97 49,824
33,500 5.54 10/23/97 33,381
34,210 5.56 10/27/97 34,067
17,150 5.53 12/23/97 16,928
Finova Capital Corp. 15,450 5.64 12/17/97 15,264
10,000 5.60 2/09/98 9,796
40,000 5.56 3/17/98 38,958
88,600 5.56 3/19/98 86,265
20,000 5.57 3/19/98 19,473
First Data Corp. 25,000 5.53 10/14/97 24,946
22,420 5.55 10/21/97 22,347
Fleet Funding Corp. 44,655 5.50 10/03/97 44,635
25,113 5.52 10/10/97 25,074
32,230 5.52 10/15/97 32,156
10,109 5.54 10/21/97 10,076
Ford Credit Co., 50,000 5.52 10/14/97 49,893
Puerto Rico, Inc.
Ford Credit Europe PLC 11,000 5.51 10/03/97 10,995
50,000 5.51 10/07/97 49,946
Ford Motor Credit Co. 175,000 5.50 10/06/97 174,838
100,000 5.52 10/07/97 99,893
200,000 5.50 11/05/97 198,888
125,000 5.68 11/26/97 123,900
250,000 5.66 12/02/97 247,568
100,000 5.66 12/05/97 98,981
GTE Corp. 22,000 5.56 10/27/97 21,908
GTE Funding, Inc. 30,000 5.53 10/07/97 29,968
General Electric 225,000 5.50 10/08/97 224,725
Capital Corp. 125,000 5.50 10/09/97 124,828
75,000 5.52 10/27/97 74,690
25,000 5.64 11/03/97 24,869
150,000 5.52 11/12/97 149,004
150,000 5.52 11/13/97 148,981
110,000 5.51 11/18/97 109,168
140,000 5.68 11/24/97 138,811
150,000 5.68 12/04/97 148,494
50,000 5.54 2/10/98 48,971
100,000 5.54 2/19/98 97,803
50,000 5.525 3/13/98 48,729
50,000 5.525 3/18/98 48,690
General Electric Capital 90,000 5.51 10/22/97 89,697
Services, Inc. 10,000 5.68 12/04/97 9,900
General Electric 75,000 5.64 11/03/97 74,606
Company 72,118 5.53 12/16/97 71,260
General Motors 47,000 5.78 11/10/97 46,702
Acceptance Corp. 28,050 5.84 11/17/97 27,842
29,305 5.72 11/20/97 29,074
250,000 5.70 12/04/97 247,490
100,000 5.59 12/08/97 98,934
150,000 5.64 12/09/97 148,378
7,645 5.65 12/31/97 7,536
100,000 5.54 3/16/98 97,412
350,000 5.54 3/17/98 340,886
148,000 5.56 3/18/98 144,123
91,000 5.54 3/20/98 88,588
129,000 5.54 3/23/98 125,521
50,000 5.58 3/25/98 48,636
General Motors Corp. 100,000 5.58 10/24/97 99,628
Generale Bank, Inc. 100,000 5.57 10/27/97 99,583
Glaxo Wellcome PLC 17,600 5.59 10/01/97 17,597
20,000 5.52 12/11/97 19,778
Goldman Sachs Group, 71,601 5.67 10/27/97 71,302
L.P. 9,000 5.65 11/04/97 8,951
100,000 5.66 12/02/97 99,027
Grand Metropolitan 62,500 5.53 10/15/97 62,355
Capital Corp.
Greenwich Funding 14,738 5.52 10/03/97 14,731
Corp. 25,436 5.51 10/09/97 25,401
40,786 5.52 10/14/97 40,698
22,400 5.54 10/14/97 22,352
25,116 5.54 10/17/97 25,050
25,000 5.52 10/20/97 24,923
51,429 5.51 10/28/97 51,207
13,488 5.54 11/12/97 13,398
20,287 5.52 11/18/97 20,133
23,500 5.53 12/09/97 23,246
34,484 5.52 12/17/97 34,069
21,836 5.52 12/22/97 21,556
31,500 5.53 12/22/97 31,096
Halifax PLC 85,000 5.51 12/09/97 84,081
Henkel Corporation 25,000 5.52 12/09/97 24,730
Household Finance 100,000 5.53 10/16/97 99,754
Corp. 100,000 5.53 10/23/97 99,647
International Lease 50,000 5.54 2/25/98 48,855
Finance Corp.
International 64,500 5.54 10/02/97 64,480
Securitization 97,092 5.52 10/16/97 96,854
Corporation 115,000 5.54 10/30/97 114,469
10,000 5.55 12/22/97 9,872
13,408 5.52 12/23/97 13,234
Internationale 26,700 5.53 10/02/97 26,692
Nederlanden (US) 50,000 5.52 10/10/97 49,923
Funding Corp.
KFW International 15,000 5.62 12/08/97 14,840
Finance, Inc. 22,000 5.52 3/19/98 21,420
42,000 5.52 4/22/98 40,672
Kredietbank North 50,000 5.50 10/14/97 49,892
America Finance Corp.
Lehman Brothers 100,000 5.58 10/06/97 99,908
Holdings, Inc.
Lexington Parker 70,264 5.53 10/21/97 70,036
Capital Company, LLC 22,952 5.54 11/21/97 22,768
35,426 5.56 12/03/97 35,076
46,358 5.54 12/09/97 45,857
MCI Communications 25,000 5.50 10/02/97 24,992
Corporation
Monsanto Company 46,000 5.51 12/01/97 45,560
Mont Blanc Capital 10,024 5.55 10/03/97 10,019
Corp. 37,297 5.57 10/06/97 37,262
13,062 5.53 10/10/97 13,042
11,000 5.53 10/14/97 10,976
20,930 5.54 10/20/97 20,866
80,363 5.55 10/21/97 80,103
Monte Rosa Capital 23,000 5.53 10/10/97 22,965
Corp. 39,000 5.54 10/10/97 38,940
25,000 5.53 10/14/97 24,946
28,180 5.56 10/23/97 28,080
10,000 5.58 10/23/97 9,964
110,000 5.57 10/27/97 109,540
50,000 5.56 11/06/97 49,714
64,820 5.56 11/21/97 64,299
150,000 5.53 12/08/97 148,402
Morgan Stanley 205,000 5.50 10/06/97 204,812
Group, Inc. 10,000 5.50 10/07/97 9,989
228,000 5.50 10/08/97 227,721
57,000 5.51 10/14/97 56,878
90,000 5.52 10/22/97 89,696
National Australia 175,000 5.49 10/08/97 174,787
Funding (Delaware), Inc. 30,000 5.51 12/02/97 29,708
120,000 5.50 12/09/97 118,703
National Fleet Funding 9,500 5.53 10/10/97 9,485
Corporation 26,430 5.52 10/15/97 26,369
14,070 5.53 10/15/97 14,038
NationsBank Corp. 30,000 5.59 10/01/97 29,995
150,000 5.53 10/09/97 149,793
New Center Asset Trust 50,000 5.73 10/09/97 49,931
100,000 5.70 10/14/97 99,784
125,000 5.52 11/19/97 124,035
200,000 5.54 12/18/97 197,560
75,000 5.52 12/19/97 74,073
100,000 5.55 12/31/97 98,579
Old Line Funding Corp. 11,037 5.57 10/02/97 11,034
35,300 5.62 10/03/97 35,283
19,876 5.54 10/06/97 19,858
9,231 5.56 10/10/97 9,217
19,130 5.56 10/16/97 19,083
9,639 5.55 10/20/97 9,609
45,000 5.55 10/23/97 44,840
Park Avenue 15,615 5.55 10/10/97 15,591
Receivables Corp. 16,820 5.53 10/14/97 16,784
10,876 5.53 10/15/97 10,851
35,879 5.55 10/15/97 35,796
20,790 5.53 10/16/97 20,739
Preferred Receivables 20,000 5.53 10/02/97 19,994
Funding Corp. 27,250 5.53 10/06/97 27,225
10,150 5.51 10/07/97 10,139
28,275 5.53 10/09/97 28,236
9,675 5.53 10/14/97 9,654
25,000 5.54 10/14/97 24,946
10,000 5.52 10/15/97 9,977
51,300 5.52 10/23/97 51,119
17,695 5.53 10/28/97 17,619
31,000 5.54 10/28/97 30,866
25,900 5.53 11/20/97 25,696
9,500 5.54 12/04/97 9,405
40,000 5.53 12/09/97 39,568
20,025 5.54 12/18/97 19,781
RTZ America, Inc. 13,704 5.52 10/20/97 13,662
12,900 5.50 10/27/97 12,846
34,600 5.53 11/12/97 34,370
20,000 5.68 12/01/97 19,808
18,000 5.51 12/08/97 17,808
Rank Xerox Capital 90,571 5.50 10/01/97 90,557
(Europe) PLC
Rexam PLC 10,000 5.52 12/04/97 9,900
Riverwoods Funding 29,500 5.52 10/09/97 29,459
Corp. 45,500 5.53 10/09/97 45,437
SBC Communications, 30,000 5.50 10/06/97 29,972
Inc.
Santander Finance 50,000 5.50 10/31/97 49,761
(Delaware), Inc.
Sears Roebuck 50,000 5.53 10/22/97 49,831
Acceptance Corp. 50,000 5.55 11/12/97 49,669
50,000 5.53 11/13/97 49,662
50,000 5.54 11/20/97 49,606
50,000 5.51 11/25/97 49,568
50,000 5.54 12/02/97 49,514
Smith Barney Inc. 200,000 5.50 10/07/97 199,786
40,000 5.54 10/30/97 39,815
Societe Generale N.A., 125,000 5.51 12/04/97 123,745
Inc.
Swedish Export 20,000 5.50 10/07/97 19,979
Credit Corp.
Three Rivers 34,000 5.54 10/16/97 33,916
Funding Corp. 25,117 5.54 10/17/97 25,051
15,298 5.53 10/20/97 15,251
Toshiba America, 20,000 5.50 10/07/97 19,978
Inc.
Transamerica Finance 54,000 5.50 10/01/97 53,992
Corp. 19,582 5.51 10/16/97 19,534
41,000 5.54 10/24/97 40,849
66,000 5.54 10/29/97 65,705
Twin Towers, Inc. 37,126 5.55 10/16/97 37,034
15,136 5.54 10/20/97 15,089
4,000 5.52 10/21/97 3,987
28,964 5.52 10/22/97 28,866
25,705 5.52 10/28/97 25,594
12,615 5.57 10/28/97 12,560
25,973 5.55 11/24/97 25,752
US Borax, Inc. 14,000 5.53 10/15/97 13,968
20,000 5.53 3/17/98 19,479
14,000 5.55 3/25/98 13,618
Unifunding, Inc. 25,500 5.50 10/28/97 25,390
75,000 5.51 12/10/97 74,178
Vattenfall Treasury, Inc. 14,000 5.52 12/08/97 13,851
14,000 5.52 12/09/97 13,849
WCP Funding, Inc. 15,500 5.52 10/02/97 15,495
10,000 5.54 10/08/97 9,988
25,000 5.53 10/16/97 24,939
25,000 5.52 10/20/97 24,923
24,500 5.55 10/27/97 24,398
25,000 5.52 10/28/97 24,893
25,000 5.52 12/08/97 24,734
Windmill Funding Corp. 35,000 5.55 10/06/97 34,968
30,000 5.52 10/09/97 29,959
92,754 5.53 10/15/97 92,540
25,192 5.54 10/15/97 25,134
152,842 5.55 10/20/97 152,371
29,389 5.53 10/23/97 29,285
9,100 5.52 10/24/97 9,066
31,000 5.53 10/24/97 30,885
19,380 5.54 12/03/97 19,188
21,774 5.54 12/11/97 21,532
------------
Total Commercial Paper (Cost -- $20,476,612) 20,476,258
============
Corporate Notes -- 9.3%
Abbey National 130,000 5.49+ 6/09/98 129,940
Treasury Services PLC
Asset-Backed 160,000 5.656+ 10/15/97 160,000
Securities Investment
Trust 1996-M
Asset-Backed 715,150 5.616+ 9/15/98 715,150
Securities Investment
Trust 1997-F
CIT Group Holdings, 100,000 5.60+ 12/23/97 99,980
Inc., The 100,000 5.60+ 3/03/98 99,971
137,500 5.58+ 8/17/98 137,395
220,300 5.59+ 9/30/98 220,109
Credit Suisse First 67,000 5.82+ 4/14/98 67,008
Boston, Inc. 103,000 5.80+ 5/22/98 103,000
500,000 5.606+ 10/01/98 500,000
General Motors 20,000 5.793+ 1/26/98 20,008
Acceptance Corp.
IBM Credit Corp. 75,000 5.665 7/31/98 75,000
LABS Trust, Series 353,181 5.656+ 12/29/97 353,181
1996-C, Senior Notes
LABS Trust, Series 300,000 5.656+ 10/21/98 300,000
1997-6, Senior Notes
LINCS, Series 1996-3 340,000 5.656+ 1/12/98 340,000
Morgan Stanley 10,000 5.988+ 5/18/98 10,011
Group, Inc.
Premier Auto Trust 166,500 5.648 6/08/98 166,440
1997-2
Premier Auto Trust 245,795 5.68 8/06/98 245,795
1997-3
SMM Trust 1997-Q 427,000 5.656+ 1/15/98 426,999
------------
Total Corporate Notes (Cost -- $4,170,040) 4,169,987
============
Funding Agreements -- 0.8%
Transamerica Life 150,000 5.656+ 4/15/98 150,000
Insurance & Annuity 25,000 5.656+ 8/03/98 25,000
Company 50,000 5.656+ 9/14/98 50,000
Transamerica 75,000 5.656+ 11/20/97 75,000
Occidental Life 60,000 5.656+ 5/15/98 60,000
Insurance Co.
------------
Total Funding Agreements (Cost -- $360,000) 360,000
Master Notes -- 1.9% ============
Goldman Sachs 700,000 5.656+ 4/28/98 700,000
Group, L.P. 130,000 5.656+ 5/29/98 130,000
----------
Total Master Notes (Cost -- $830,000) 830,000
============
Medium-Term Notes -- 1.0%
Abbey National 75,000 5.93 3/25/98 75,044
Treasury Services PLC
Bank of Scotland 50,000 5.95 6/18/98 50,036
Treasury Services PLC
Barnett Banks, Inc. 24,600 6.25 7/28/98 24,701
Credit Suisse First 25,000 6.147 6/02/98 25,039
Boston, Inc.
Ford Motor Credit Co. 50,000 6.25 2/26/98 50,102
General Electric 25,000 7.00 3/24/98 25,147
Capital Corp.
Goldman Sachs 17,000 6.10 4/15/98 17,026
Group, L.P.
IBM Credit Corp. 75,000 5.73+ 7/30/98 74,920
International Business 70,000 5.65 1/22/98 69,980
Machines Corp.
Norwest Corporation 25,000 6.00 10/13/98 25,011
------------
Total Medium-Term Notes (Cost -- $436,861) 437,006
============
US Government & Agency Obligations --
Discount Notes -- 2.9%
Federal Home Loan 36,900 5.20 10/14/97 36,822
Banks 25,575 5.17 10/16/97 25,513
9,615 5.40 12/29/97 9,485
61,006 5.40 12/31/97 60,159
Federal National 150,000 5.38 11/18/97 148,887
Mortgage Association 125,000 5.37 12/08/97 123,699
13,510 5.36 12/18/97 13,349
11,000 5.36 12/23/97 10,861
38,370 5.36 12/24/97 37,878
11,625 5.36 12/30/97 11,465
50,000 5.37 12/30/97 49,314
50,000 5.38 12/30/97 49,314
123,000 5.40 12/30/97 121,312
200,000 5.34 2/05/98 196,132
150,000 5.41 3/16/98 146,215
125,000 5.37 3/23/98 121,713
International Bank 14,000 5.44 12/29/97 13,810
for Reconstruction 38,000 5.36 12/30/97 37,478
and Development
US Treasury STRIPS*** 70,000 5.234 11/15/97 69,490
------------
Total US Government & Agency Obligations --
Discount Notes (Cost -- $1,283,154) 1,282,896
============
US Government & Agency Obligations --
Non-Discount Notes -- 18.8%
Federal Farm 130,000 5.85 10/01/97 130,001
Credit Bank 125,000 5.56+ 2/02/98 124,988
85,000 5.53+ 3/02/98 84,980
30,000 5.81 12/04/98 29,940
Federal Home 518,000 5.25+ 12/10/97 517,947
Loan Banks 25,000 5.85+ 1/26/98 24,974
50,000 5.85+ 1/29/98 49,946
32,500 5.96 6/09/98 32,554
7,250 5.82 6/16/98 7,256
150,500 5.90 6/19/98 150,677
26,000 5.78 7/07/98 26,000
18,600 5.58 8/06/98 18,564
455,000 5.50+ 9/16/98 454,701
475,000 5.80 9/18/98 474,848
23,000 6.355 6/11/99 23,080
22,000 5.98 8/11/99 21,921
60,000 5.99 8/11/99 59,795
10,000 5.96 9/24/99 10,002
Federal Home Loan 150,000 5.58+ 4/16/98 149,961
Mortgage Corp. 277,000 5.57+ 4/20/98 276,910
208,000 5.685 8/21/98 207,784
34,000 6.205 6/30/99 34,029
Federal National 87,000 5.53 10/14/97 86,992
Mortgage Association 296,000 5.235+ 10/20/97 295,986
20,000 5.26+ 11/14/97 20,000
365,000 5.47 12/30/97 364,759
200,000 5.58+ 1/06/98 199,985
190,000 5.19 1/08/98 189,700
286,000 5.57+ 3/26/98 285,919
372,000 5.26+ 3/27/98 371,877
162,000 5.56+ 5/21/98 161,929
250,000 5.56+ 5/22/98 249,891
200,000 5.68+ 7/31/98 199,826
200,000 5.50+ 9/15/98 199,850
30,000 5.81 11/25/98 29,942
25,000 5.81 12/01/98 24,947
12,000 6.32 5/11/99 12,013
200,000 5.29+ 6/02/99 199,446
40,000 5.29+ 7/26/99 39,877
100,000 5.86 7/30/99 99,676
35,000 5.95 8/05/99 34,857
54,500 5.88 8/10/99 54,210
7,450 5.94 9/10/99 7,448
150,510 5.83 9/27/99 150,171
Student Loan 305,000 5.22+ 10/01/97 305,000
Marketing Association 90,000 5.21+ 10/03/97 90,000
44,215 5.23+ 10/14/97 44,213
54,500 5.27+ 10/17/97 54,498
48,175 5.41+ 10/30/97 48,174
25,330 5.41+ 11/20/97 25,328
30,000 5.23+ 11/24/97 29,989
133,000 5.36+ 2/17/98 132,997
200,000 5.29+ 4/24/98 199,946
73,000 5.86 6/10/98 73,072
260,000 5.74 6/30/98 259,966
79,645 5.75 6/30/98 79,643
81,000 5.60 8/11/98 80,857
20,000 5.84 9/10/98 19,959
247,000 5.495+ 10/06/98 246,844
60,000 6.02 11/20/98 60,020
65,000 5.80 12/18/98 64,861
US Treasury Notes 230,000 5.00 1/31/98 229,713
50,000 5.625 11/30/98 49,953
100,000 5.875 7/31/99 100,078
------------
Total US Government & Agency Obligations --
Non-Discount Notes (Cost -- $8,386,354) 8,385,270
============
<CAPTION>
Face
Amount Issue
<S> <C> <C>
Repurchase Agreements** -- 0.9%
$396,122 Goldman Sachs Company, purchased on
9/30/97 to yield 6.50% to 10/01/97 396,122
------------
Total Repurchase Agreements
(Cost -- $396,122) 396,122
============
Total Investments
(Cost -- $45,351,370) -- 101.6% 45,350,241
Liabilities in Excess of Other Assets -- (1.6%) (730,621)
------------
Net Assets -- 100.0% $44,619,620
============
* 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, 1997.
** Repurchase Agreements are fully collateralized by US Government Obligations.
*** STRIPS - Separate Trading of Registered Interest and Principal of Securities.
+ Variable Rate Notes.
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
CMA Money Fund
Statement of Assets and Liabilities as of September 30, 1997
<S> <C> <C>
Assets:
Investments, at value (identified cost -- $45,351,369,620+) (Note 1a) $45,350,240,517
Cash 250,497
Interest receivable 242,578,894
Prepaid registration fees and other assets (Note 1e) 1,402,019
-----------------
Total assets 45,594,471,927
-----------------
Liabilities:
Payables:
Securities purchased $946,743,005
Investment adviser (Note 2) 14,864,322
Distributor (Note 2) 10,196,101
Beneficial interest redeemed 62,209
Dividends to shareholders (Note 1f) 13,250 971,878,887
-----------------
Accrued expenses and other liabilities 2,972,728
-----------------
Total liabilities 974,851,615
-----------------
Net Assets $44,619,620,312
=================
Net Assets Consist of:
Shares of beneficial interest, $.10 par value, unlimited number of shares
authorized $4,462,074,942
Paid-in capital in excess of par 40,158,674,473
Unrealized depreciation on investments -- net (1,129,103)
-----------------
Net Assets -- Equivalent to $1.00 per share based on 44,620,749,416 shares of
beneficial interest outstanding $44,619,620,312
=================
+ Cost for Federal income tax purposes. As of September 30, 1997, net unrealized
depreciation for Federal income tax purposes amounted to $1,129,103,
of which $2,995,867 related to appreciated securities and $4,124,970 related to
depreciated securities.
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
CMA Money Fund
Statement of Operations for the Six Months Ended September 30, 1997
<S> <C> <C>
Investment Income (Note 1d):
Interest and amortization of premium and discount earned $1,219,327,298
Expenses:
Investment advisory fees (Note 2) $81,081,679
Distribution fees (Note 2) 26,183,336
Transfer agent fees (Note 2) 7,527,150
Interest expense (Note 4) 2,912,535
Registration fees (Note 1e) 2,392,840
Accounting services (Note 2) 657,067
Custodian fees 468,558
Printing and shareholder reports 291,525
Professional fees 49,947
Trustees' fees and expenses 47,354
Other 151,916
-----------------
Total expenses 121,763,907
-----------------
Investment income -- net 1,097,563,391
Realized Gain on Investments -- Net (Note 1d) 2,524,958
Change in Unrealized Depreciation on Investments -- Net 23,061,574
-----------------
Net Increase in Net Assets Resulting from Operations $1,123,149,923
=================
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
CMA Money Fund
Statements of Changes in Net Assets
For the Six For the
Months Ended Year Ended
Increase (Decrease) in Net Assets: Sept. 30, 1997 March 31, 1997
<S> <C> <C>
Operations:
Investment income -- net $1,097,563,391 $1,860,190,714
Realized gain on investments -- net 2,524,958 7,267,457
Change in unrealized depreciation on investments -- net 23,061,574 (7,046,015)
----------------- -----------------
Net increase in net assets resulting from operations 1,123,149,923 1,860,412,156
----------------- -----------------
Dividends & Distributions to Shareholders (Note 1f):
Investment income -- net (1,097,563,391) (1,860,190,714)
Realized gain on investments -- net (2,524,958) (7,267,457)
----------------- -----------------
Net decrease in net assets resulting from dividends and distributions
to shareholders (1,100,088,349) (1,867,458,171)
----------------- -----------------
Beneficial Interest Transactions (Note 3):
Net proceeds from sale of shares 93,025,182,152 157,862,710,322
Net asset value of shares issued to shareholders in reinvestment of
dividends (Note 1f) 1,097,769,300 1,863,526,563
----------------- -----------------
94,122,951,452 159,726,236,885
Cost of shares redeemed (91,511,145,581) (154,657,296,361)
----------------- -----------------
Net increase in net assets derived from beneficial interest transactions 2,611,805,871 5,068,940,524
----------------- -----------------
Net Assets:
Total increase in net assets 2,634,867,445 5,061,894,509
Beginning of period 41,984,752,867 36,922,858,358
----------------- -----------------
End of period $44,619,620,312 $41,984,752,867
================= =================
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
CMA Money Fund
Financial Highlights
For the
Six Months
The following per share data and ratios have been derived Ended
from information provided in the financial statements. Sept. 30, For the Year Ended March 31,
1997 1997 1996 1995 1994
Increase (Decrease) in Net Asset Value:
<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 .0256 .0490 .0529 .0437 .0276
Realized and unrealized gain (loss) on
investments -- net .0006 -- .0003 .0005 (.0005)
----------- ----------- ----------- ----------- -----------
Total from investment operations .0262 .0490 .0532 .0442 .0271
----------- ----------- ----------- ----------- -----------
Less dividends and distributions:
Investment income -- net (.0256) (.0490) (.0529) (.0437) (.0276)
Realized gain on investments -- net (.0001) (.0002) (.0006) (.0003) (.0003)
----------- ----------- ----------- ----------- -----------
Total dividends and distributions (.0257) (.0492) (.0535) (.0440) (.0279)
----------- ----------- ----------- ----------- -----------
Net asset value, end of period $1.00 $1.00 $1.00 $1.00 $1.00
=========== =========== =========== =========== ===========
Total Investment Return 5.11%* 5.04% 5.49% 4.50% 2.82%
=========== =========== =========== =========== ===========
Ratios to Average Net Assets:
Expenses, excluding interest
expense .55%* .55% -- -- --
=========== =========== =========== =========== ===========
Expenses .57%* .56% .56% .56% .55%
=========== =========== =========== =========== ===========
Investment income and realized gain on
investments -- net 5.12%* 4.89% 5.35% 4.42% 2.79%
=========== =========== =========== =========== ===========
Supplemental Data:
Net assets, end of period (in thousands) $44,619,620 $41,984,753 $36,922,858 $29,066,762 $27,071,882
=========== =========== =========== =========== ===========
* 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) Repurchase agreements -- The Fund invests in US Government
securities pursuant to repurchase agreements with a member bank of the
Federal Reserve System or a primary dealer in US Government
securities. Under such agreements, the bank or primary dealer agrees
to repurchase the security at a mutually agreed upon time and price.
The Fund takes possession of the underlying securities, marks to
market such securities and, if necessary, receives additional
securities daily to ensure that the contract is fully collateralized.
(c) 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.
(d) 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.
(e) Prepaid registration fees -- Prepaid registration fees are charged
to expense as the related shares are issued.
(f) Dividends and distributions to shareholders -- The Fund declares
dividends daily and reinvests daily such dividends (net of nonresident
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"). 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 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.
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, 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.
4. Reverse Repurchase Agreements:
Under a reverse repurchase agreement, the Fund sells securities and
agrees to repurchase them at a mutually agreed upon date and price. At
the time the Fund enters into a reverse repurchase agreement, it may
establish a segregated account with the custodian containing cash,
cash equivalents or liquid high grade debt securities having a value
at least equal to the repurchase price.
For the six months ended September 30, 1997, the maximum amount
entered into was $266,332,014, the average amount outstanding was
approximately $117,601,000, and the daily weighted average interest
rate was 4.94%.
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