CMA Money Fund
Annual Report
March 31, 1997
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 year ended March 31, 1997, CMA Money Fund paid shareholders
a net annualized dividend of 5.01%*. As of March 31, 1997, the
Fund's 7-day yield was 4.96%.
The average portfolio maturity for CMA Money Fund at March 31, 1997
was 66 days, compared to 72 days at September 30, 1996.
The Environment
Stock and bond market turbulence increased during the six-month
period ended March 31, 1997. Mounting evidence of stronger-than-
expected economic growth suggested to investors that the Federal
Reserve Board would make a preemptive strike to contain inflationary
pressures. These concerns were heightened by statements made by
Federal Reserve Board Chairman Alan Greenspan, and culminated in an
announced increase in the Federal Funds rate of 0.25% to 5.5% on
March 25. As investors became concerned that this might prove to be
only the first in a series of monetary policy tightening moves,
interest rates rose and stock and bond prices declined. Following
the central bank's action, investor sentiment fluctuated from
negative to more positive, depending upon whether the latest
economic data releases were perceived to suggest an overheating or
moderating trend. It appears that clear-cut signs of continued low
inflation and moderate economic growth, as well as no further
indications of monetary policy tightening, are needed before
stability returns to the financial markets.
[FN]
*Based on a constant investment throughout the period, with
dividends compounded daily, and reflecting a net return to the
investor after all expenses.
On the international front, despite some weakness, the US dollar
continued its strong advance relative to the yen and the
Deutschemark, raising concerns about the outlook for US trade. In
early February, the leading industrialized nations expressed
apparent agreement that it was time to seek a lower dollar and less
volatility in the foreign exchange markets. It remains to be seen
whether these stated intentions will be acted upon, or if the US
dollar continues to rise relative to other major currencies.
<PAGE>
Early in the period, our approach to the market was generally
optimistic. However, as it grew likely that the central bank would
tighten credit conditions, we slightly reduced the Fund's exposure
to interest rates by selling longer-term securities in favor of
shorter-term ones.
The Fund's portfolio composition at the end of the March period and
as of our last report to shareholders is detailed below:
3/31/97 9/30/96
Bank Notes 6.8% 5.1%
Certificates of Deposit 0.7 0.9
Certificates of Deposit--European 2.4 3.5
Certificates of Deposit--Yankee* 4.8 2.2
Commercial Paper 47.1 41.3
Corporate Notes 4.7 3.5
Funding Agreements 0.7 0.6
Master Notes 2.0 2.3
Medium-Term Notes 0.4 0.1
Repurchase Agreements 2.0 --
US Government Obligations--
Discount Notes 4.8 10.3
US Government & Agency
Obligations--Non-Discount Notes 24.3 32.2
Liabilities in Excess of Other Assets (0.7) (2.0)
--------- ---------
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
<PAGE>
(Kevin J. McKenna)
Kevin J. McKenna
Vice President and Senior
Portfolio Manager
May 7, 1997
<TABLE>
CMA MONEY FUND
SCHEDULE OF INVESTMENTS AS OF MARCH 31, 1997 (IN THOUSANDS)
<CAPTION>
Face Interest Maturity Value
Issue Amount Rate* Date (Note 1a)
Bank Notes--6.8%
<S> <C> <C> <C> <C>
Abbey National $ 275,000 5.312% 5/16/97 $ 274,965
Treasury Services PLC++ 280,000 5.59 2/25/98 279,804
American Express 30,000 5.626 6/26/97 29,998
Centurion Bank++
Bank of America, 100,000 5.64 12/29/97 99,675
Illinois 90,000 5.63 12/30/97 89,702
160,000 5.95 3/24/98 159,570
Colorado National 100,000 5.442 6/18/97 99,998
Bank of Denver++
First Bank N.A., 100,000 5.442 6/18/97 99,998
Milwaukee++ 50,000 5.372 1/22/98 49,968
First Bank System, Inc.++ 50,000 5.442 8/29/97 49,998
First National Bank of 100,000 5.62 6/23/97 99,989
Boston
First National Bank of 100,000 6.00 3/24/98 99,778
Chicago
First Tennessee 25,000 5.40 4/15/97 24,999
Bank, N.A.
Harris Trust & Savings 60,000 5.32 4/14/97 60,000
90,000 5.30 4/15/97 89,999
<PAGE>
KeyBank National 125,000 5.42++ 8/21/97 124,971
Association 85,000 5.50 11/20/97 84,735
65,000 5.85 3/11/98 64,765
Morgan Guaranty 264,000 5.615 2/19/98 263,875
Trust Co.++ 245,000 5.64 3/20/98 244,908
NBD Bank N.A., Detroit 200,000 5.78 1/30/98 199,390
Wachovia Bank of 100,000 5.312 4/01/97 100,000
North Carolina, N.A.++ 150,000 5.312 4/03/97 149,999
Total Bank Notes (Cost--$2,843,124) 2,841,084
Certificates of Deposit--0.7%
American Express 20,000 5.33 4/09/97 20,000
Centurion Bank 50,000 5.33 4/14/97 50,000
Bankers Trust Company 100,000 5.41 5/05/97 99,996
Morgan Guaranty Trust 102,000 5.92 3/19/98 101,705
U.S. National Bank of 45,000 5.33 4/11/97 45,000
Oregon
Total Certificates of Deposit (Cost--$316,953) 316,701
Certificates of Deposit--European--2.4%
ABN AMRO Bank N.V., 50,000 5.51 4/08/97 50,000
London 20,000 5.77 5/06/97 20,003
30,000 5.90 3/05/98 29,908
Abbey National Treasury 20,000 5.90 3/13/98 19,938
Services PLC, London
Australia & New Zealand 30,000 5.615 4/02/97 30,000
Banking Group, London
Banco Bilbao Vizcaya, 10,000 5.44 4/24/97 10,000
London 20,000 5.43 5/07/97 19,999
<CAPTION>
Face Interest Maturity Value
Issue Amount Rate* Date (Note 1a)
<PAGE>
Certificates of Deposit--European (concluded)
<S> <C> <C> <C> <C>
Bank of Nova Scotia, $ 33,000 5.42 % 4/10/97 $ 33,001
London
Bank of Scotland, 50,000 5.65 4/03/97 50,000
London 50,000 5.54 8/04/97 49,947
Bankers Trust 200,000 5.43 4/10/97 199,998
Company, London
Banque Nationale de 30,000 5.41 5/12/97 29,997
Paris, London
Bayerische Hypotheken- 50,000 5.44 4/07/97 50,000
und-Wechsel Bank, 50,000 5.435 4/14/97 49,999
London
Bayerische Landesbank 70,000 5.43 4/01/97 70,000
Girozentrale, London
Bayerische Vereinsbank 15,000 5.43 4/09/97 15,000
AG, London 18,000 5.54 7/10/97 17,988
Internationale 50,000 5.56 7/21/97 49,966
Nederlanden Bank N.V.,
London
Landesbank Hessen- 50,000 5.52 7/28/97 49,959
Thuringen Girozentrale,
London
National Australia Bank, 24,000 5.43 4/07/97 24,000
London 50,000 5.505 8/06/97 49,940
65,000 5.51 8/06/97 64,924
National Westminster 40,000 5.38 4/01/97 40,000
Bank PLC, London
Total Certificates of Deposit--European
(Cost--$1,024,992) 1,024,567
Certificates of Deposit--Yankee--4.8%
ABN AMRO Bank N.V., 100,000 5.68 12/22/97 99,706
NY 95,000 5.70 1/06/98 94,659
50,000 5.60 2/20/98 49,748
Bank of Nova Scotia, NY 25,000 5.42 4/03/97 25,000
28,000 5.42 4/21/97 28,000
Banque Nationale de 15,000 5.42 4/24/97 15,000
Paris, NY 76,000 5.62 6/18/97 75,989
<PAGE>
Barclays Bank PLC, 300,000 5.63 2/27/98 298,554
NY
Bayerische Landesbank 95,000 5.61 12/30/97 94,671
Girozentrale, NY
Canadian Imperial Bank 50,000 5.35 4/14/97 50,000
of Commerce, NY 50,000 5.34 4/15/97 50,000
Commerzbank, NY 50,000 5.415 4/22/97 50,000
Deutsche Bank, NY 200,000 5.50 7/21/97 199,829
100,000 5.69 1/06/98 99,634
40,000 5.76 2/03/98 39,855
60,000 5.63 2/26/98 59,711
Hongkong Bank, NY 100,000 5.65 6/24/97 99,992
</TABLE>
<TABLE>
CMA MONEY FUND
SCHEDULE OF INVESTMENTS AS OF MARCH 31, 1997 (CONTINUED) (IN THOUSANDS)
<CAPTION>
Face Interest Maturity Value
Issue Amount Rate* Date (Note 1a)
Certificates of Deposit--Yankee (concluded)
<S> <C> <C> <C> <C>
Landesbank Hessen- $ 64,000 5.78 % 1/27/98 $ 63,805
Thuringen Girozentrale, 25,000 5.75 2/03/98 24,906
NY 30,000 5.96 3/20/98 29,916
Rabobank Nederland, 40,400 5.50 4/28/97 40,399
NY
Royal Bank of 87,000 5.725 10/17/97 86,860
Canada, NY 63,000 5.77 1/27/98 62,803
Societe Generale, NY 13,000 5.62 4/01/97 13,000
45,000 5.45 6/04/97 44,980
Svenska 40,000 5.34 4/03/97 40,000
Handelsbanken, NY 30,000 5.41 4/18/97 30,000
Swiss Bank Corp., NY 50,000 5.52 7/23/97 49,960
Westdeutsche Landes- 67,000 5.60 3/06/98 66,952
bank, Girozentrale, NY
<PAGE>
Westpac Banking 40,000 5.97 6/06/97 40,001
Corp., NY
Total Certificates of Deposit--Yankee
(Cost--$2,028,126) 2,023,930
Commercial Paper--47.1%
ABN-AMRO North 50,000 5.32 4/01/97 49,993
America Finance Inc. 140,000 5.44 4/01/97 139,979
AC Acquisition 25,000 5.40 4/22/97 24,917
Holding Co. 25,000 5.36 4/29/97 24,892
ARCO British Limited 11,456 5.35 4/14/97 11,432
ARCO Coal Australia Inc. 10,347 5.39 4/17/97 10,321
24,924 5.44 4/22/97 24,841
Allomon Funding 30,144 5.34 4/07/97 30,113
Corporation 11,102 5.33 4/14/97 11,079
Alpine Securitization 15,641 5.28 4/03/97 15,634
Corporation 18,439 5.33 4/03/97 18,431
35,323 5.34 4/08/97 35,281
33,193 5.28 4/10/97 33,144
17,000 5.34 4/17/97 16,957
30,404 5.35 4/17/97 30,327
American Brands, Inc. 10,000 5.31 4/10/97 9,985
22,000 5.45 4/14/97 21,953
24,000 5.34 4/16/97 23,943
American Express 100,000 5.29 4/09/97 99,868
Credit Corp. 100,000 5.25 4/10/97 99,854
150,000 5.32 4/17/97 149,623
100,000 5.32 4/18/97 99,734
100,000 5.31 4/21/97 99,690
50,000 5.32 4/21/97 49,845
50,000 5.33 4/28/97 49,793
American Honda 10,000 5.28 4/02/97 9,997
Finance Corp. 20,000 5.30 4/02/97 19,994
25,000 5.32 4/02/97 24,993
15,000 5.42 4/14/97 14,969
Apreco, Inc. 15,700 5.35 4/08/97 15,681
30,000 5.35 5/12/97 29,813
<PAGE>
<CAPTION>
Face Interest Maturity Value
Issue Amount Rate* Date (Note 1a)
Commercial Paper (continued)
<S> <C> <C> <C> <C>
Asset Securitization $ 20,000 5.30 % 4/07/97 $ 19,979
Cooperative Corp. 52,000 5.35 4/07/97 51,946
98,000 5.30 4/08/97 97,884
54,072 5.26 4/10/97 53,993
66,153 5.32 4/14/97 66,016
50,000 5.32 4/16/97 49,882
33,875 5.38 4/16/97 33,794
100,000 5.32 4/17/97 99,749
67,000 5.34 4/17/97 66,831
28,900 5.33 4/22/97 28,806
30,000 5.33 5/05/97 29,844
Associates Corporation 50,000 5.33 4/02/97 49,985
of North America 50,000 5.33 4/03/97 49,977
50,000 5.30 4/07/97 49,948
50,000 5.32 4/07/97 49,948
50,000 5.30 4/08/97 49,941
100,000 5.26 4/10/97 99,854
50,000 5.30 4/14/97 49,896
75,000 5.34 5/01/97 74,655
Atlantic Asset 50,000 5.37 4/16/97 49,881
Securitization Corp.
Avco Financial 25,000 5.32 4/03/97 24,989
Services, Inc. 20,000 5.31 4/08/97 19,976
15,000 5.30 4/10/97 14,978
40,000 5.34 4/24/97 39,857
B.B.L. North America 28,000 5.38 4/08/97 27,967
72,000 5.34 4/15/97 71,840
B.B.V. Finance 50,000 5.29 4/07/97 49,948
(Delaware), Inc.
BTR Dunlop Finance Inc. 25,000 5.31 4/07/97 24,974
50,000 5.36 4/10/97 49,926
Banc One Corporation 25,000 5.33 4/02/97 24,992
Bank of America, FSB 50,000 5.36 7/24/97 49,093
Bank of Nova Scotia 64,000 5.32 4/21/97 63,801
<PAGE>
Bass Finance (C.I.) Ltd. 39,000 5.27 4/21/97 38,880
Bear Stearns 100,000 5.32 4/02/97 99,970
Companies, Inc. 20,000 5.32 4/16/97 19,953
25,000 5.33 4/21/97 24,922
75,000 5.38 7/23/97 73,651
CIT Group Holdings, 50,000 5.31 4/10/97 49,926
Inc., The 100,000 5.25 4/14/97 99,796
50,000 5.30 4/23/97 49,831
200,000 5.56 5/13/97 198,672
150,000 5.56 5/14/97 148,981
CSW Credit, Inc. 27,600 5.28 4/03/97 27,588
21,900 5.34 4/09/97 21,871
18,100 5.33 4/16/97 18,057
8,600 5.35 4/16/97 8,580
21,700 5.26 4/18/97 21,643
7,100 5.35 4/18/97 7,081
8,900 5.35 4/21/97 8,872
18,430 5.33 4/23/97 18,367
</TABLE>
<TABLE>
CMA MONEY FUND
SCHEDULE OF INVESTMENTS AS OF MARCH 31, 1997 (CONTINUED) (IN THOUSANDS)
<CAPTION>
Face Interest Maturity Value
Issue Amount Rate* Date (Note 1a)
Commercial Paper (continued)
<S> <C> <C> <C> <C>
CXC Incorporated $ 25,000 5.30 % 4/03/97 $ 24,989
20,000 5.30 4/07/97 19,979
25,000 5.27 4/08/97 24,971
10,000 5.33 4/10/97 9,985
30,000 5.34 4/18/97 29,920
40,000 5.33 4/23/97 39,864
50,000 5.34 4/23/97 49,829
40,000 5.33 4/25/97 39,852
25,000 5.40 4/29/97 24,891
25,000 5.40 4/30/97 24,887
25,000 5.52 5/07/97 24,858
25,000 5.52 5/08/97 24,854
50,000 5.62 5/09/97 49,696
50,000 5.58 5/13/97 49,667
35,000 5.62 5/14/97 34,760
<PAGE>
Caisse des Depots et 77,055 5.31 4/08/97 76,964
Consignations 172,945 5.30 5/29/97 171,358
Canadian Wheat 20,000 5.37 5/21/97 19,842
Board
Carnival Corporation 75,000 5.33 4/02/97 74,978
Caterpillar Financial 21,000 5.40 5/02/97 20,899
Services Corp.
Chase Manhattan 200,000 5.36 4/14/97 199,585
Corporation 100,000 5.36 7/24/97 98,186
Cheltenham & 75,000 5.37 7/24/97 73,639
Gloucester PLC
Chrysler Financial 100,000 5.36 4/02/97 99,970
Corp. 25,000 5.35 4/03/97 24,989
100,000 5.34 4/09/97 99,866
25,000 5.61 4/30/97 24,883
Ciesco L.P. 35,000 5.26 4/02/97 34,990
35,000 5.26 4/03/97 34,985
15,000 5.31 4/07/97 14,984
25,000 5.10 4/10/97 24,963
18,000 5.32 4/15/97 17,960
50,000 5.42 4/21/97 49,842
29,000 5.32 4/22/97 28,906
50,000 5.42 4/22/97 49,834
50,000 5.42 4/23/97 49,827
Clipper Receivables 96,261 5.33 4/16/97 96,033
Corp. 15,586 5.40 4/23/97 15,532
13,153 5.55 4/25/97 13,102
Columbia / HCA 25,000 5.33 4/08/97 24,970
Healthcare Corp. 40,000 5.35 4/08/97 39,952
15,000 5.35 4/11/97 14,975
25,000 5.37 4/23/97 24,914
25,000 5.55 5/05/97 24,865
Commercial Credit Corp. 50,000 5.26 4/03/97 49,978
50,000 5.31 4/07/97 49,948
50,000 5.31 4/24/97 49,823
Commerzbank US 87,000 5.34 4/22/97 86,716
Finance Inc.
<PAGE>
Commonwealth Bank 76,000 5.54 6/19/97 75,042
of Australia 55,000 5.35 8/06/97 53,889
<CAPTION>
Face Interest Maturity Value
Issue Amount Rate* Date (Note 1a)
Commercial Paper (continued)
<S> <C> <C> <C> <C>
Corporate Asset $ 40,000 5.25 % 4/03/97 $ 39,982
Funding Co. Inc. 40,000 5.25 4/08/97 39,953
75,000 5.30 4/10/97 74,890
35,700 5.26 4/21/97 35,590
50,000 5.42 4/23/97 49,827
75,000 5.50 4/30/97 74,656
70,000 5.53 5/13/97 69,538
27,150 5.53 5/16/97 26,958
Corporate Receivables 16,550 5.33 4/03/97 16,543
Corp. 25,000 5.32 4/07/97 24,974
50,000 5.32 4/10/97 49,926
55,000 5.34 4/10/97 54,918
75,000 5.33 4/14/97 74,845
100,000 5.35 4/15/97 99,777
25,000 5.40 4/17/97 24,936
30,000 5.30 4/21/97 29,906
20,000 5.43 4/23/97 19,931
11,416 5.40 4/24/97 11,375
32,034 5.58 5/08/97 31,845
30,000 5.30 5/16/97 29,793
30,000 5.30 5/19/97 29,780
Countrywide Home 50,000 5.36 4/14/97 49,896
Loans 30,000 5.37 4/17/97 29,924
20,000 5.36 4/28/97 19,917
Credit Suisse First 20,000 5.35 4/03/97 19,991
Boston Inc. 40,000 5.32 4/07/97 39,958
25,000 5.33 4/07/97 24,974
32,000 5.30 4/22/97 31,895
6,000 5.41 4/24/97 5,978
27,000 5.35 4/29/97 26,883
Creditanstalt 42,260 5.38 4/18/97 42,146
Finance, Inc. 40,000 5.39 4/18/97 39,892
17,740 5.40 4/18/97 17,692
Daimler-Benz North 43,000 5.31 4/10/97 42,937
America Corp. 24,800 5.32 4/14/97 24,749
35,000 5.35 4/29/97 34,848
<PAGE>
Dean Witter Discover 22,469 5.31 4/03/97 22,459
& Co. 15,150 5.31 4/07/97 15,134
150,000 5.32 4/07/97 149,845
12,381 5.34 4/21/97 12,342
Deer Park Refining L.P. 37,140 5.27 4/03/97 37,124
12,860 5.32 4/21/97 12,820
Delaware Funding Corp. 84,000 5.33 4/15/97 83,813
25,000 5.35 4/15/97 24,944
84,490 5.30 4/16/97 84,289
24,274 5.48 4/16/97 24,215
53,233 5.30 4/18/97 53,091
76,027 5.34 4/21/97 75,790
52,976 5.32 5/08/97 52,677
Eiger Capital 10,000 5.25 4/03/97 9,996
Corporation 31,539 5.35 4/16/97 31,464
145,000 5.39 4/17/97 144,631
53,461 5.40 4/17/97 53,325
15,000 5.50 4/18/97 14,959
45,000 5.50 4/24/97 44,835
</TABLE>
<TABLE>
CMA MONEY FUND
SCHEDULE OF INVESTMENTS AS OF MARCH 31, 1997 (CONTINUED) (IN THOUSANDS)
<CAPTION>
Face Interest Maturity Value
Issue Amount Rate* Date (Note 1a)
Commercial Paper (continued)
<S> <C> <C> <C> <C>
Eksportfinans A/S $ 15,000 5.28 % 4/09/97 $ 14,980
11,680 5.30 4/09/97 11,665
16,100 5.38 7/22/97 15,813
Electronic Data 18,500 5.30 4/02/97 18,495
Systems Corp. 20,000 5.32 4/14/97 19,959
30,000 5.45 4/21/97 29,905
Eureka Securitization 15,000 5.28 4/09/97 14,980
Inc. 30,000 5.30 4/14/97 29,938
10,000 5.33 4/14/97 9,979
50,000 5.40 4/16/97 49,880
10,000 5.28 4/22/97 9,968
40,000 5.33 4/24/97 39,858
25,000 5.55 5/06/97 24,861
<PAGE>
Exxon Imperial (US) Inc. 55,255 5.32 4/03/97 55,231
FCAR Owner Trust, 25,000 5.26 4/08/97 24,971
Series I 25,000 5.27 4/21/97 24,922
Falcon Asset 26,000 5.31 4/07/97 25,973
Securitization Corp. 26,725 5.33 4/09/97 26,689
30,390 5.32 4/10/97 30,345
13,585 5.33 4/14/97 13,557
25,150 5.32 4/17/97 25,087
21,776 5.33 4/18/97 21,718
23,224 5.34 4/18/97 23,162
27,400 5.55 4/22/97 27,307
20,165 5.62 5/19/97 20,011
Finova Capital Corp. 50,000 5.35 4/03/97 49,978
73,000 5.36 4/03/97 72,967
60,000 5.29 4/15/97 59,868
20,000 5.55 5/05/97 19,892
15,450 5.58 5/19/97 15,333
First Data Corp. 60,000 5.33 4/08/97 59,929
10,000 5.32 4/10/97 9,985
Fleet Funding Corp. 27,404 5.26 4/01/97 27,400
25,828 5.27 4/07/97 25,802
33,000 5.32 4/09/97 32,956
Ford Credit Co. 50,000 5.50 4/30/97 49,771
Puerto Rico, Inc.
Ford Credit Europe PLC 23,000 5.33 4/04/97 22,986
25,000 5.55 5/08/97 24,854
Ford Motor Credit Co. 140,000 5.30 4/02/97 139,959
50,000 5.25 4/07/97 49,949
150,000 5.32 4/08/97 149,822
200,000 5.32 4/09/97 199,733
200,000 5.53 5/12/97 198,710
200,000 5.36 7/22/97 196,434
100,000 5.36 7/28/97 98,122
France Telecom 10,000 5.35 4/15/97 9,978
17,650 5.32 4/17/97 17,606
GTE Corp. 35,843 5.58 4/16/97 35,754
<PAGE>
General Electric 23,500 5.35 4/03/97 23,489
Capital Corp. 200,000 5.30 4/09/97 199,735
200,000 5.36 4/09/97 199,733
140,675 5.38 4/14/97 140,383
50,000 5.33 4/21/97 49,844
100,000 5.48 4/21/97 99,680
<CAPTION>
Face Interest Maturity Value
Issue Amount Rate* Date (Note 1a)
Commercial Paper (continued)
<S> <C> <C> <C> <C>
General Electric $110,000 5.34 % 5/01/97 $ 109,494
Capital Corp. 130,000 5.54 5/02/97 129,360
(concluded) 50,000 5.35 5/19/97 49,633
250,000 5.40 7/14/97 245,858
200,000 5.35 8/04/97 196,024
General Electric Capital 50,000 5.38 4/14/97 49,896
Services, Inc. 50,000 5.34 5/01/97 49,770
General Motors 18,000 5.39 4/22/97 17,941
Acceptance Corp. 120,000 5.34 5/13/97 119,230
75,000 5.32 5/16/97 74,482
36,950 5.37 7/02/97 36,408
100,000 5.39 7/09/97 98,422
50,000 5.40 7/09/97 49,211
100,000 5.48 7/09/97 98,422
112,500 5.44 7/14/97 110,636
130,000 5.44 7/15/97 127,826
32,500 5.40 7/23/97 31,915
125,000 5.40 7/25/97 122,712
Generale Bank, Inc. 70,000 5.35 4/08/97 69,917
Glaxo Wellcome PLC 19,700 5.35 4/21/97 19,639
Goldman Sachs 38,890 5.30 4/03/97 38,873
Group, L.P. 70,000 5.32 4/09/97 69,907
Greenwich Funding Corp. 7,475 5.27 4/01/97 7,474
21,500 5.27 4/03/97 21,491
36,220 5.33 4/10/97 36,166
50,000 5.35 4/15/97 49,889
20,091 5.43 4/16/97 20,043
20,000 5.30 4/22/97 19,935
26,881 5.57 4/25/97 26,777
66,644 5.35 4/28/97 66,365
Halifax Building Society 100,000 5.34 7/28/97 98,122
Heinz (H.J.) Company 22,000 5.32 4/16/97 21,948
15,750 5.31 4/22/97 15,699
<PAGE>
Household Finance Corp. 50,000 5.32 4/03/97 49,978
50,000 5.31 4/07/97 49,948
50,000 5.31 4/08/97 49,941
50,000 5.32 4/24/97 49,823
IBM Credit Corp. 45,000 5.30 4/03/97 44,980
25,000 5.30 4/11/97 24,960
Industrial Bank of Korea 10,000 5.34 4/14/97 9,979
17,000 5.35 4/14/97 16,965
20,000 5.38 5/05/97 19,895
International Business 30,000 5.31 4/21/97 29,907
Machines Corp.
International Lease 25,000 5.45 4/02/97 24,993
Finance Corp. 40,000 5.46 4/03/97 39,982
35,000 5.30 4/10/97 34,948
International 13,918 5.32 4/03/97 13,912
Securitization 16,096 5.33 4/10/97 16,072
Corporation 9,704 5.34 4/10/97 9,690
12,908 5.35 4/10/97 12,889
9,354 5.35 4/18/97 9,329
15,210 5.40 4/18/97 15,169
17,479 5.40 4/23/97 17,419
5,331 5.50 4/24/97 5,311
</TABLE>
<TABLE>
CMA MONEY FUND
SCHEDULE OF INVESTMENTS AS OF MARCH 31, 1997 (CONTINUED) (IN THOUSANDS)
<CAPTION>
Face Interest Maturity Value
Issue Amount Rate* Date (Note 1a)
Commercial Paper (continued)
<S> <C> <C> <C> <C>
Internationale Neder- $150,000 5.35 % 4/14/97 $ 149,689
landen (US) Funding Corp.
J.P. Morgan & 86,400 5.34 5/15/97 85,816
Company, Inc.
John Deere Capital Corp. 100,000 5.31 4/03/97 99,956
Kingdom of Sweden 50,000 5.37 5/12/97 49,688
<PAGE>
Korea Development 50,000 5.37 4/22/97 49,837
Bank 61,265 5.35 5/12/97 60,883
38,735 5.50 6/16/97 38,265
Lehman Brothers 100,000 5.47 4/21/97 99,681
Holdings Inc.
Lucent Technologies, Inc. 75,000 5.33 4/18/97 74,800
MCI Communications 39,000 5.58 6/23/97 38,484
Corporation 18,000 5.65 6/23/97 17,762
Matterhorn Capital Corp. 13,771 5.40 4/23/97 13,723
31,069 5.50 5/05/97 30,903
McKenna Triangle 40,000 5.28 4/04/97 39,976
National Corp. 80,000 5.25 4/09/97 79,895
10,000 5.36 4/14/97 9,979
Mont Blanc Capital Corp. 15,095 5.35 4/02/97 15,091
89,905 5.38 4/25/97 89,569
20,000 5.35 4/29/97 19,914
Monte Rosa Capital Corp. 11,385 5.33 4/10/97 11,368
67,686 5.35 4/16/97 67,525
49,000 5.35 4/17/97 48,876
74,322 5.35 4/21/97 74,090
Morgan Stanley 50,000 5.47 4/01/97 49,993
Group, Inc. 61,500 5.34 4/16/97 61,354
189,000 5.34 4/21/97 188,410
49,500 5.34 4/23/97 49,331
50,000 5.33 5/05/97 49,740
NYNEX Corporation 30,000 5.34 4/07/97 29,969
25,000 5.34 4/08/97 24,970
15,000 5.34 4/10/97 14,978
20,000 5.36 4/14/97 19,958
22,000 5.46 4/23/97 21,923
National Fleet Funding 20,000 5.28 4/02/97 19,994
Corporation 30,000 5.34 4/14/97 29,938
National Rural Utilities 10,000 5.33 4/10/97 9,985
Cooperative Finance 50,000 5.56 5/06/97 49,722
Corp. 15,000 5.56 5/08/97 14,912
NationsBank Corp. 65,000 5.26 4/07/97 64,934
70,000 5.38 7/28/97 68,686
<PAGE>
New Center Asset Trust 200,000 5.37 4/22/97 199,344
195,000 5.34 7/07/97 191,985
Nomura Holding 25,000 5.37 4/01/97 24,996
America, Inc. 25,000 5.30 4/23/97 24,915
19,000 5.30 5/02/97 18,910
25,000 5.39 5/15/97 24,832
Novartis Finance Corp. 40,000 5.33 4/03/97 39,982
25,000 5.33 4/07/97 24,974
25,000 5.33 4/08/97 24,970
45,000 5.33 4/10/97 44,933
<CAPTION>
Face Interest Maturity Value
Issue Amount Rate* Date (Note 1a)
Commercial Paper (continued)
<S> <C> <C> <C> <C>
Old Line Funding $ 1,239 5.29 % 4/03/97 $ 1,238
Corp. 30,000 5.35 4/11/97 29,951
53,174 5.41 4/14/97 53,062
51,046 5.45 4/14/97 50,938
50,000 5.35 4/15/97 49,889
22,954 5.45 4/22/97 22,878
16,587 5.55 4/24/97 16,526
Panasonic Finance 21,290 5.31 4/04/97 21,277
Inc.
PepsiCo, 98,085 5.30 4/09/97 97,955
Inc.
Pfizer, Inc. 30,000 5.30 4/14/97 29,938
14,600 5.30 4/17/97 14,563
42,900 5.50 4/21/97 42,762
Preferred Receivables 43,150 5.41 4/01/97 43,144
Funding Corp. 25,150 5.35 4/02/97 25,142
10,000 5.30 4/14/97 9,979
24,500 5.33 4/16/97 24,442
99,850 5.32 4/17/97 99,598
10,050 5.33 4/22/97 10,017
11,850 5.39 4/22/97 11,811
30,275 5.60 4/22/97 30,171
17,825 5.40 4/23/97 17,764
71,525 5.43 5/01/97 71,191
12,975 5.50 6/17/97 12,816
27,210 5.57 6/23/97 26,850
<PAGE>
RTZ America Inc. 47,800 5.29 4/09/97 47,737
35,000 5.30 4/14/97 34,927
17,200 5.34 4/14/97 17,164
Rexam PLC 15,000 5.32 4/02/97 14,996
15,000 5.32 4/14/97 14,969
Riverwood Funding 25,000 5.33 4/28/97 24,896
Corp.
Santander Finance 40,000 5.41 6/24/97 39,465
(Delaware), Inc. 10,000 5.40 7/23/97 9,820
Sears Roebuck 50,000 5.32 4/01/97 49,993
Acceptance Corp. 50,000 5.28 4/04/97 49,971
50,000 5.28 4/07/97 49,949
50,000 5.28 4/08/97 49,941
50,000 5.28 4/09/97 49,934
Smith Barney Inc. 100,000 5.28 4/01/97 99,985
100,000 5.33 4/14/97 99,793
Societe Generale N.A., 150,000 5.40 4/30/97 149,325
Inc.
Southern 20,150 5.32 4/04/97 20,138
Company
Svenska Handelsbanken, 64,000 5.36 4/07/97 63,933
Inc.
Three Rivers Funding 32,946 5.36 4/17/97 32,863
Corp. 17,054 5.43 4/17/97 17,010
Toshiba America, 25,000 5.33 4/28/97 24,896
Inc.
Transamerica 2,827 5.32 4/14/97 2,821
Corporation
</TABLE>
<TABLE>
CMA MONEY FUND
SCHEDULE OF INVESTMENTS AS OF MARCH 31, 1997 (CONTINUED) (IN THOUSANDS)
<CAPTION>
Face Interest Maturity Value
Issue Amount Rate* Date (Note 1a)
<PAGE>
Commercial Paper (concluded)
<S> <C> <C> <C> <C>
Transamerica Finance $ 20,000 5.32 % 4/03/97 $ 19,991
Corporation 56,110 5.35 4/16/97 55,976
40,000 5.34 4/17/97 39,899
22,000 5.40 4/18/97 21,941
37,000 5.33 4/28/97 36,845
Twin Towers Inc. 40,202 5.44 4/21/97 40,074
15,091 5.34 4/22/97 15,042
23,537 5.65 4/29/97 23,430
35,221 5.40 4/30/97 35,063
10,094 5.56 5/20/97 10,016
25,855 5.50 6/16/97 25,541
WCP Funding Inc. 5,000 5.27 4/03/97 4,998
45,000 5.30 4/07/97 44,954
25,000 5.30 4/15/97 24,944
5,000 5.34 4/16/97 4,988
20,000 5.32 4/17/97 19,950
Westpac Capital 50,000 5.36 7/22/97 49,109
Corporation
Windmill Funding Corp. 65,782 5.32 4/04/97 65,743
18,018 5.32 4/09/97 17,994
24,000 5.29 4/11/97 23,961
28,993 5.35 4/15/97 28,928
28,143 5.40 4/21/97 28,054
64,000 5.45 4/23/97 63,777
35,478 5.50 4/24/97 35,348
85,586 5.57 4/25/97 85,255
Xerox Corp. 104,200 5.30 4/16/97 103,955
43,000 5.32 4/22/97 42,860
30,000 5.42 4/23/97 29,896
Xerox Credit Corp. 100,000 5.30 4/14/97 99,794
Total Commercial Paper
(Cost--$19,781,366) 19,779,077
Corporate Notes--4.7%
Asset-Backed Securities 300,000 5.437 10/15/97 300,000
Investment Trust (ABSIT)
1996-M++
Bear Stearns 10,000 5.487 5/16/97 10,001
Companies, Inc.++ 15,000 5.487 7/16/97 15,004
<PAGE>
CIT Group Holdings, 100,000 5.60 12/23/97 99,936
Inc., (The)++ 100,000 5.60 3/03/98 99,937
Chase Manhattan Auto 57,354 5.489 1/15/98 57,336
Owners Trust, 1996-C
Finova Capital Corp.++ 31,550 5.932 4/29/97 31,557
LINCS, Series 1996-3++ 340,000 5.437 1/12/98 340,000
Liquid Asset Backed 414,550 5.687 12/29/97 414,549
Securities, Trust Series,
1996 C, Senior Notes++
Premier Auto Trust 169,000 5.476 12/08/97 168,899
1997-1++
SMM Trust 1997-Q++ 427,000 5.437 1/15/98 426,996
Total Corporate Notes (Cost--$1,964,317) 1,964,215
<CAPTION>
Face Interest Maturity Value
Issue Amount Rate* Date (Note 1a)
Funding Agreements--0.7%
<S> <C> <C> <C> <C>
Transamerica Life $150,000 5.437% 4/15/97 $ 150,000
Insurance & 25,000 5.437 8/01/97 25,000
Annuity Company++ 50,000 5.437 9/12/97 50,000
Transamerica Occidental 75,000 5.437 11/20/97 75,000
Life Insurance Co.++
Total Funding Agreements (Cost--$300,000) 300,000
Master Notes--2.0%
Goldman Sachs 130,000 5.50 5/01/97 130,000
Group, L.P.++ 700,000 5.50 8/01/97 700,000
Total Master Notes (Cost--$830,000) 830,000
Medium-Term Notes--0.4%
Abbey National 75,000 5.93 3/25/98 74,790
Treasury Services PLC
Goldman 17,000 6.10 4/15/98 16,959
Sachs Group L.P.
International Business 70,000 5.65 1/22/98 69,697
Machines Corp.
<PAGE>
Total Medium-Term Notes
(Cost--$161,930) 161,446
US Government & Agency Obligations--
Discount Notes--4.8%
Federal Farm 13,650 5.30 12/16/97 13,092
Credit Bank
Federal Home 51,900 5.20 10/14/97 50,304
Loan Banks 54,100 5.17 10/16/97 52,419
9,825 5.17 10/27/97 9,503
46,680 5.27 10/27/97 45,150
25,665 5.17 11/13/97 24,752
Federal Home Loan 17,533 5.23 4/10/97 17,507
Mortgage Corp. 30,361 5.30 4/17/97 30,285
45,000 5.25 4/23/97 44,850
90,260 5.26 4/29/97 89,881
62,160 5.25 4/30/97 61,889
172,698 5.23 5/02/97 171,893
58,566 5.18 5/16/97 58,172
Federal National 95,000 5.23 5/06/97 94,502
Mortgage Association 218,840 5.23 5/07/97 217,662
25,000 5.18 11/19/97 24,087
18,255 5.30 12/11/97 17,523
25,000 5.31 12/11/97 23,998
40,000 5.30 12/24/97 38,314
US Treasury Bills 175,000 5.192 3/05/98 165,722
400,000 5.195 3/05/98 378,794
US Treasury STRIPS*** 70,000 5.234 11/15/97 67,507
100,000 5.228 2/15/98 95,036
50,000 5.236 2/15/98 47,518
50,000 5.252 2/15/98 47,518
50,000 5.266 2/15/98 47,518
100,000 5.277 2/15/98 95,036
Total US Government & Agency Obligations--
Discount Notes (Cost--$2,034,720) 2,030,432
</TABLE>
<PAGE>
<TABLE>
CMA MONEY FUND
SCHEDULE OF INVESTMENTS AS OF MARCH 31, 1997 (CONCLUDED) (IN THOUSANDS)
<CAPTION>
Face Interest Maturity Value
Issue Amount Rate* Date (Note 1a)
US Government & Agency Obligations--
Non-Discount Notes--24.3%
<S> <C> <C> <C> <C>
Federal Farm $130,000 5.85 % 10/01/97 $ 129,974
Credit Bank 125,000 5.56++ 2/02/98 124,970
85,000 5.53++ 3/02/98 84,956
30,000 5.81 12/04/98 29,688
Federal Home 518,000 5.60++ 12/10/97 517,811
Loan Banks 25,000 5.64++ 1/26/98 24,933
50,000 5.64++ 1/29/98 49,865
50,000 6.17 11/06/98 49,750
50,000 6.26 1/22/99 49,710
Federal Home Loan 50,000 5.59++ 9/30/97 49,985
Mortgage Corp.
Federal National 266,000 5.267++ 4/15/97 265,988
Mortgage Association 305,000 5.547++ 4/28/97 304,984
200,000 5.517++ 4/29/97 199,984
150,000 5.61++ 5/01/97 149,991
171,000 5.287++ 5/14/97 170,982
200,000 5.70++ 5/19/97 200,000
475,000 5.392++ 5/22/97 474,954
555,000 5.59++ 7/16/97 554,890
290,000 5.61++ 8/01/97 289,958
200,000 5.30++ 8/07/97 199,926
350,000 5.61++ 8/22/97 349,919
215,000 5.595++ 9/03/97 214,933
170,000 5.60++ 9/09/97 169,949
162,000 5.60++ 9/29/97 161,952
87,000 5.53 10/14/97 86,843
296,000 5.585++ 10/20/97 295,856
365,000 5.47 12/30/97 363,686
200,000 5.33++ 1/06/98 199,957
190,000 5.19 1/08/98 188,803
286,000 5.57++ 3/26/98 285,835
372,000 5.61++ 3/27/98 371,751
30,000 5.81 11/25/98 29,697
25,000 5.81 12/01/98 24,743
200,000 5.55++ 6/02/99 199,280
40,000 5.55++ 7/26/99 39,843
Student Loan 77,500 5.66++ 8/04/97 77,494
Marketing Association 50,000 5.59++ 8/21/97 50,000
305,000 5.46++ 10/01/97 304,911
<PAGE>
<CAPTION>
Face Interest Maturity Value
Issue Amount Rate* Date (Note 1a)
US Government & Agency Obligations--
Non-Discount Notes (concluded)
<S> <C> <C> <C> <C>
Student Loan $ 90,000 5.59++% 10/03/97 $ 89,973
Marketing Association 44,215 5.58++ 10/14/97 44,183
(concluded) 54,500 5.62++ 10/17/97 54,474
23,175 5.76++ 10/30/97 23,181
133,000 5.71++ 2/17/98 132,992
200,000 5.64++ 4/24/98 199,898
60,000 6.02 11/20/98 59,580
65,000 5.80 12/18/98 64,298
US Treasury Notes 150,000 6.50 5/15/97 150,191
125,000 8.50 7/15/97 125,996
600,000 5.875 7/31/97 600,469
515,000 5.75 9/30/97 514,758
150,000 8.75 10/15/97 152,320
113,000 5.625 10/31/97 112,841
361,000 5.00 1/31/98 357,897
75,000 5.125 2/28/98 74,344
100,000 5.625 11/30/98 98,844
Total US Government & Agency
Obligations--Non-Discount Notes
(Cost--$10,205,105) 10,194,990
<CAPTION>
Face
Amount Issue
Repurchase Agreements**--2.0%
<C> <S> <C>
$100,000 Fuji Securities, Inc., purchased on
3/31/97 to yield 6.50% to 4/01/97 100,000
544,433 Goldman Sachs Company, purchased on
3/31/97 to yield 6.53% to 4/01/1997 544,433
133,229 Morgan Stanley & Co., Inc., purchased
on 3/31/97 to yield 6.50% to 4/01/97 133,229
50,000 Smith Barney, Inc., purchased on 3/31/97
to yield 6.50% to 4/01/97 50,000
Total Repurchase Agreements
(Cost--$827,662) 827,662
Total Investments
(Cost $42,318,295)--100.7% 42,294,104
Liabilities in Excess of Other Assets--(0.7%) (309,351)
-----------
Net Assets--100.0% $41,984,753
===========
<PAGE>
<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, 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>
CMA MONEY FUND
STATEMENT OF ASSETS AND LIABILITIES AS OF MARCH 31, 1997
<S> <C> <C>
Assets:
Investments, at value (identified cost--$42,318,294,559++) (Note 1a) $ 42,294,103,882
Cash 500,673
Receivables:
Interest $ 144,674,582
Securities sold 119,414,724 264,089,306
----------------
Prepaid registration fees and other assets (Note 1d) 1,240,069
----------------
Total assets 42,559,933,930
----------------
Liabilities:
Payables:
Reverse repurchase agreements (Note 4) 544,433,500
Investment adviser (Note 2) 13,392,781
Distributor (Note 2) 12,146,932
Interest expense (Note 4) 75,232
Beneficial interest redeemed 6,277 570,054,722
----------------
Accrued expenses and other liabilities 5,126,341
----------------
Total liabilities 575,181,063
----------------
Net Assets $ 41,984,752,867
<PAGE> ================
Net Assets Consist of:
Shares of beneficial interest, $0.10 par value, unlimited number of shares
authorized $ 4,200,894,354
Paid-in capital in excess of par 37,808,049,190
Unrealized depreciation on investments--net (24,190,677)
----------------
Net Assets--Equivalent to $1.00 per share based on 42,008,943,543 shares of
beneficial interest outstanding $ 41,984,752,867
================
<FN>
++Cost for Federal income tax purposes was $42,319,733,887. As of
March 31, 1997, net unrealized depreciation for Federal income tax
purposes amounted to $25,630,005, of which $50,754 related to
appreciated securities and $25,680,759 related to depreciated
securities.
</TABLE>
<TABLE>
CMA MONEY FUND
STATEMENT OF OPERATIONS FOR THE YEAR ENDED MARCH 31, 1997
<S> <C> <C>
Investment Income (Note 1c):
Interest and amortization of premium and discount earned $ 2,074,301,136
Expenses:
Investment advisory fees (Note 2) $ 143,662,831
Distribution fees (Note 2) 46,767,555
Transfer agent fees (Note 2) 15,034,795
Interest expense (Note 4) 3,771,341
Registration fees (Note 1d) 1,576,128
Accounting services (Note 2) 1,408,811
Custodian fees 862,926
Printing and shareholder reports 494,726
Professional fees 131,756
Trustees' fees and expenses 77,644
Other 321,909
----------------
Total expenses 214,110,422
----------------
Investment income--net 1,860,190,714
Realized Gain on Investments--Net (Note 1c) 7,267,457
Change in Unrealized Depreciation on Investments--Net (7,046,015)
----------------
Net Increase in Net Assets Resulting from Operations $ 1,860,412,156
================
See Notes to Financial Statements.
</TABLE>
<PAGE>
<TABLE>
CMA MONEY FUND
STATEMENTS OF CHANGES IN NET ASSETS
<CAPTION>
For the Year Ended March 31,
Increase (Decrease) in Net Assets: 1997 1996
<S> <C> <C>
Operations:
Investment income--net $ 1,860,190,714 $ 1,743,074,692
Realized gain on investments--net 7,267,457 18,808,723
Change in unrealized depreciation on investments--net (7,046,015) (9,344,275)
---------------- ----------------
Net increase in net assets resulting from operations 1,860,412,156 1,752,539,140
---------------- ----------------
Dividends & Distributions to Shareholders (Note 1e):
Investment income--net (1,860,190,714) (1,743,074,692)
Realized gain on investments--net (7,267,457) (18,808,723)
---------------- ----------------
Net decrease in net assets resulting from dividends and distributions
to shareholders (1,867,458,171) (1,761,883,415)
---------------- ----------------
Beneficial Interest Transactions (Note 3):
Net proceeds from sale of shares 157,862,710,322 139,092,550,999
Net asset value of shares issued to shareholders in reinvestment of
dividends (Note 1e) 1,863,526,563 1,758,190,139
---------------- ----------------
159,726,236,885 140,850,741,138
Cost of shares redeemed (154,657,296,361) (132,985,300,190)
---------------- ----------------
Net increase in net assets derived from beneficial interest transactions 5,068,940,524 7,865,440,948
---------------- ----------------
Net Assets:
Total increase in net assets 5,061,894,509 7,856,096,673
Beginning of year 36,922,858,358 29,066,761,685
---------------- ----------------
End of year $ 41,984,752,867 $ 36,922,858,358
================ ================
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: 1997 1996 1995 1994 1993
<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 .0490 .0529 .0437 .0276 .0309
Realized and unrealized gain (loss) on
investments--net -- .0003 .0005 (.0005) .0019
----------- ----------- ----------- ----------- -----------
Total from investment operations .0490 .0532 .0442 .0271 .0328
----------- ----------- ----------- ----------- -----------
Less dividends and distributions:
Investment income--net (.0490) (.0529) (.0437) (.0276) (.0309)
Realized gain on investments--net (.0002) (.0006) (.0003) (.0003) (.0015)
----------- ----------- ----------- ----------- -----------
Total dividends and distributions (.0492) (.0535) (.0440) (.0279) (.0324)
----------- ----------- ----------- ----------- -----------
Net asset value, end of year $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
=========== =========== =========== =========== ===========
Total Investment Return 5.01% 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 4.89% 5.35% 4.42% 2.79% 3.25%
=========== =========== =========== =========== ===========
Supplemental Data:
Net assets, end of year (in thousands) $41,984,753 $36,922,858 $29,066,762 $27,071,882 $27,093,682
=========== =========== =========== =========== ===========
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 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.
<PAGE>
2. Investment Advisory Agreement and Transactions with Affiliates:
The Fund has entered into an Investment Advisory Agreement with Fund
Asset Management, L.P. ("FAM"). The general partner of FAM is
Princeton Services, Inc. ("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.
CMA MONEY FUND
NOTES TO FINANCIAL STATEMENTS (CONCLUDED)
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.
<PAGE>
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.
As of March 31, 1997, the Fund had entered into reverse repurchase
agreements in the amount of $544,433,500. For the year ended March
31, 1997, the maximum amount entered into was $646,466,793, the
average amount outstanding was approximately $71,555,000, and the
daily weighted average interest rate was 5.27%.
<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, 1997, 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, 1997 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, 1997, 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 7, 1997
</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, 1997 qualify for the
dividends-received deduction for corporations. Additionally, on May
10, 1996, the Fund distributed long-term capital gains of $.0000531
per share.
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, 1996 21.58%
September 30, 1996 20.33%
December 31, 1996 18.04%
March 31, 1997 11.96%
Of the Fund's ordinary income dividends paid during the fiscal year
ended March 31, 1997, 18.58% was attributable to Federal
Obligations. In calculating the foregoing percentages, expenses of
the Fund 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, Massachusetts 02101
Transfer Agent
Merrill Lynch Financial Data Services, Inc.
4800 Deer Lake Drive East
Jacksonville, Florida 32246-6484
(800) 221-7210*
[FN]
*For inquiries regarding your CMA account, call (800) CMA-INFO
[(800) 262-4636].
