CMA
CMA Money Fund
- --------------------------------------------------------------------------------
Annual Report
March 31, 1998
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[Logo] Merrill Lynch
<PAGE>
DEAR SHAREHOLDER:
For the year ended March 31, 1998, CMA Money Fund paid shareholders a net
annualized dividend of 5.26%.* As of March 31, 1998, the Fund's 7-day yield was
5.05%.
The average portfolio maturity for CMA Money Fund at March 31, 1998 was 76 days,
compared to 82 days at September 30, 1997.
The Environment
The six months ended March 31, 1998 were positive for most capital markets
worldwide, despite periods of volatility. Investors continued to focus on the
impact that the financial crisis in Asia would have on economic growth
worldwide. In the United States, sentiment fluctuated between a variety of
outlooks. At times, US stock and bond prices reflected expectations that the
slowdown in Asian economic growth would lead to a sharp decline in US business
activity and, ultimately, a deflationary environment. The deterioration of
economic conditions in Japan was of particular concern. During other periods, US
investors appeared to expect that the positive trends of a moderately expanding
economy, declining unemployment, enhanced productivity and corporate profits
growth would continue, unimpeded by the developments in Asia. To date, there
have been only a few signs that Asia's troubles are influencing US economic
activity.
The Federal Open Market Committee did not change monetary policy at its meeting
in early February. Subsequently, in his Humphrey-Hawkins testimony before
Congress, Federal Reserve Board Chairman Alan Greenspan indicated that monetary
policy might remain steady for some time. This raised concerns among those US
bond investors who had expected imminent monetary policy easing. However,
subsequent data releases suggested that US economic growth would remain
moderate, which stabilized the bond market. Our overall approach to the market
throughout the period was relatively constructive, as we expected the offsetting
forces of domestic growth and weakness in the Pacific Rim to produce a steady
monetary policy.
As 1998 progresses, it is likely that investor focus will remain on developments
in Asia, their potential impact on the US economy, and the Federal Reserve
Board's response to them.
The Fund's portfolio composition at the end of the March period and as of our
last report to shareholders is detailed below:
* Based on a constant investment throughout the period, with dividends
compounded daily, and reflecting a net return to the investor after all
expenses.
3/31/98 9/30/97
------- -------
Bank Notes ............................ 4.7% 7.2%
Certificates of Deposit ............... 2.0 1.7
Certificates of Deposit--European ..... 1.1 3.6
Certificates of Deposit--Yankee* ...... 7.5 7.6
Commercial Paper ...................... 46.1 45.9
Corporate Notes ....................... 6.0 9.3
Funding Agreements .................... 1.0 0.8
Master Notes .......................... 1.6 1.9
Medium-Term Notes ..................... 4.5 1.0
Repurchase Agreements ................. 0.2 0.9
US Government Obligations--
Discount Notes ........................ 4.6 2.9
US Government & Agency
Obligations--Non-Discount Notes ....... 20.7 18.8
Other Assets Less Liabilities/
Liabilities in Excess of Other Assets . -- (1.6)
------- -------
Total ................................. 100.0% 100.0%
======= =======
* US branches of foreign banks.
1
<PAGE>
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
Senior Vice President and
Senior Portfolio Manager
May 6, 1998
CMA MONEY FUND
IMPORTANT TAX INFORMATION (UNAUDITED)
None of the ordinary income distributions paid daily by CMA Money Fund during
the fiscal year ended March 31, 1998 qualify for the dividends-received
deduction for corporations. Additionally, on June 13, 1997, the Fund distributed
long-term capital gains of $.0000145 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, 1997 .......................................... 10.57%
September 30, 1997 ..................................... 10.17%
December 31, 1997 ...................................... 11.45%
March 31, 1998 ......................................... 12.86%
- --------------------------------------------------------------------------------
Of the Fund's ordinary income dividends paid during the fiscal year ended March
31, 1998, 10.40% 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.
* 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.
2
<PAGE>
CMA MONEY FUND
SCHEDULE OF INVESTMENTS AS OF MARCH 31, 1998 (IN THOUSANDS)
Face Interest Maturity Value
Issue Amount Rate* Date (Note 1a)
--------------------------------------------------------------------
Bank Notes--4.7%
--------------------------------------------------------------------
American Express $ 50,000 5.644+% 12/04/98 $ 50,000
Centurion Bank 25,000 5.646+ 1/04/99 25,000
25,000 5.648+ 1/05/99 25,000
50,000 5.638+ 3/16/99 50,000
--------------------------------------------------------------------
The Bank of New York 20,500 6.10 5/22/98 20,506
99,000 6.00 6/11/98 99,021
64,000 5.94 6/30/98 64,011
95,000 5.85 8/20/98 94,998
--------------------------------------------------------------------
BankBoston N.A. 50,000 5.56 4/08/98 49,999
100,000 5.62+ 1/11/99 99,970
--------------------------------------------------------------------
Comerica Bank, Detroit 100,000 5.582+ 2/02/99 99,967
--------------------------------------------------------------------
FCC National Bank 50,000 5.70 1/07/99 49,942
50,000 5.55+ 2/23/99 49,969
--------------------------------------------------------------------
First National Bank of 80,000 5.52 2/16/99 79,768
Chicago 120,000 5.55+ 2/23/99 119,926
54,000 5.63 3/16/99 53,889
--------------------------------------------------------------------
First Tennessee Bank 20,000 6.08 6/05/98 20,006
N.A., Memphis 50,000 5.505+ 2/09/99 49,961
--------------------------------------------------------------------
Harris Trust & Savings 50,000 5.54 4/22/98 50,000
--------------------------------------------------------------------
Huntington National 100,000 5.574+ 1/20/99 99,960
Bank (Columbus)
--------------------------------------------------------------------
KeyBank N.A. 75,000 5.62+ 5/06/98 74,997
25,000 5.60+ 8/20/98 24,993
--------------------------------------------------------------------
KeyBank of New York 100,000 5.60+ 6/26/98 99,984
--------------------------------------------------------------------
LaSalle National Bank, 25,000 5.79 7/31/98 24,995
Chicago 25,000 5.81 7/31/98 24,996
--------------------------------------------------------------------
Morgan Guaranty 89,000 5.955 6/22/98 89,014
Trust Co. of NY
--------------------------------------------------------------------
NationsBank N.A. 50,000 5.51 4/14/98 49,998
50,000 5.68+ 1/08/99 50,000
--------------------------------------------------------------------
Northern Trust Company 70,000 5.96 6/17/98 70,011
--------------------------------------------------------------------
PNC Bank N.A. 150,000 5.60+ 10/01/98 149,949
--------------------------------------------------------------------
SouthTrust Bank N.A. 50,000 5.58+ 3/25/99 49,981
--------------------------------------------------------------------
Sun Trust Co. Bank, 100,000 5.80 7/24/98 99,982
Atlanta
--------------------------------------------------------------------
US Bank N.A. 94,000 5.583+ 8/28/98 93,979
100,000 5.578+ 9/16/98 99,973
100,000 5.558+ 11/16/98 99,954
--------------------------------------------------------------------
US National Bank of 55,000 5.665+ 4/14/98 54,999
Oregon
--------------------------------------------------------------------
Total Bank Notes (Cost--$2,409,821) .................... 2,409,698
--------------------------------------------------------------------
Certificates of Deposit--2.0%
--------------------------------------------------------------------
Bank of America 50,000 5.93 6/24/98 50,006
N.T. & S.A. 50,000 5.82 7/17/98 49,994
--------------------------------------------------------------------
Chase Manhattan Bank, 24,500 5.59 6/10/98 24,499
USA, N.A. 50,000 5.87 7/21/98 50,004
--------------------------------------------------------------------
CoreStates Bank N.A. 50,000 5.638 6/26/98 49,998
50,000 5.625 10/16/98 49,994
50,000 5.638 12/10/98 49,997
25,000 5.638 12/18/98 24,998
--------------------------------------------------------------------
Harris Trust & 50,000 5.54 4/13/98 50,000
Savings
--------------------------------------------------------------------
Morgan Guaranty 325,000 5.80 7/28/98 324,966
Trust Co. of NY
--------------------------------------------------------------------
National City Bank, 50,000 5.578+ 2/05/99 49,979
Ohio 50,000 5.578+ 3/08/99 49,977
--------------------------------------------------------------------
National City Bank, 25,000 5.578+ 2/05/99 24,990
Indiana
--------------------------------------------------------------------
National City Bank, 25,000 5.574 1/20/99 24,990
Kentucky
--------------------------------------------------------------------
NationsBank N.A. 129,000 5.55 2/09/99 128,683
21,000 5.55 2/10/99 20,948
--------------------------------------------------------------------
Total Certificates of Deposit (Cost--$1,024,309) ....... 1,024,023
--------------------------------------------------------------------
Certificates of Deposit--European--1.1%
--------------------------------------------------------------------
ABN AMRO Bank 100,000 5.55 4/09/98 100,000
N.V., London
--------------------------------------------------------------------
Abbey National 100,000 5.753 3/30/99 99,916
Treasury Services
PLC, London
--------------------------------------------------------------------
Banco de Santander, 25,000 5.56 4/15/98 25,000
S.A., London 50,000 5.57 4/17/98 50,000
--------------------------------------------------------------------
Bank Brussels Lambert, 25,000 5.53 4/02/98 25,000
London
--------------------------------------------------------------------
Bank of Scotland, 50,000 5.905 8/18/98 50,015
London
--------------------------------------------------------------------
Barclays Bank PLC, 45,000 6.08 6/15/98 45,018
London
--------------------------------------------------------------------
Lloyds Bank PLC, London 15,000 5.91 9/04/98 15,004
--------------------------------------------------------------------
NationsBank N.A., 50,000 5.54 11/09/98 49,950
London
--------------------------------------------------------------------
Rabobank Nederland, 20,000 5.88 7/13/98 20,002
N.V., London
--------------------------------------------------------------------
Societe Generale, London 33,000 5.53 6/25/98 32,992
--------------------------------------------------------------------
Sudwestdeutsche 25,000 5.56 4/14/98 24,999
Landesbank Girozentrale, 20,000 5.56 6/23/98 19,997
London
--------------------------------------------------------------------
Total Certificates of Deposit--European
(Cost--$558,018) ....................................... 557,893
--------------------------------------------------------------------
Certificates of Deposit--Yankee--7.5%
--------------------------------------------------------------------
ABN AMRO Bank 209,000 5.77 7/28/98 208,958
N.V., Chicago
--------------------------------------------------------------------
ABN AMRO Bank 25,000 6.03 6/11/98 25,007
N.V., NY 30,000 5.93 6/19/98 30,004
90,000 5.69 3/05/99 89,876
--------------------------------------------------------------------
Australia & New 40,000 5.52 4/20/98 39,999
Zealand Banking
Group Ltd., NY
--------------------------------------------------------------------
Banque Nationale 125,000 5.58 4/06/98 125,000
de Paris, San Francisco 50,000 5.57 4/09/98 50,000
25,000 5.57 4/16/98 25,000
--------------------------------------------------------------------
3
<PAGE>
CMA MONEY FUND
SCHEDULE OF INVESTMENTS AS OF MARCH 31, 1998 (CONTINUED) (IN THOUSANDS)
Face Interest Maturity Value
Issue Amount Rate* Date (Note 1a)
--------------------------------------------------------------------
Certificates of Deposit--Yankee (concluded)
--------------------------------------------------------------------
Barclays Bank PLC, NY $ 55,000 5.94 % 6/30/98 $ 55,010
50,000 5.56 2/25/99 49,882
250,000 5.645 3/02/99 249,554
50,000 5.635 3/12/99 49,908
--------------------------------------------------------------------
Bayerische Hypotheken- 100,000 5.73 10/09/98 99,950
und Wechsel-Bank, NY 86,000 5.72 10/13/98 85,952
64,000 5.65 2/26/99 63,899
--------------------------------------------------------------------
Bayerische 100,000 6.20 4/21/98 100,020
Landesbank 76,000 5.86 7/17/98 76,003
Girozentrale, NY 124,000 5.528+ 3/23/99 123,875
--------------------------------------------------------------------
Bayerische Vereinsbank 80,000 5.70 10/06/98 79,948
AG, NY 45,000 5.71 10/06/98 44,973
161,000 5.70 1/07/99 160,873
14,000 5.60 2/02/99 13,971
--------------------------------------------------------------------
Canadian Imperial 100,000 5.79 10/06/98 99,979
Bank of Commerce, NY 50,000 5.55 2/10/99 49,877
50,000 5.635 3/02/99 49,906
--------------------------------------------------------------------
Credit Suisse First 100,000 6.265 4/08/98 100,009
Boston, NY 30,000 5.71 3/11/99 29,965
--------------------------------------------------------------------
Deutsche Bank AG, NY 11,000 6.20 4/08/98 11,001
50,000 5.50 4/13/98 49,998
115,000 5.95 6/16/98 115,018
85,000 5.71 10/07/98 84,949
80,000 5.62 2/26/99 79,853
20,000 5.65 3/01/99 19,965
--------------------------------------------------------------------
Generale Bank, NY 50,000 5.58 4/09/98 50,000
--------------------------------------------------------------------
Landesbank 30,000 6.00 6/09/98 30,007
Hessen Thuringen 50,000 6.03 6/10/98 50,014
Girozentrale, NY
--------------------------------------------------------------------
Norddeutsche 70,000 5.572 2/02/99 69,971
Landesbank 30,000 5.68 3/05/99 29,956
Girozentrale AG, NY
--------------------------------------------------------------------
Rabobank Nederland 25,000 6.00 6/10/98 25,006
N.V., NY 25,000 5.87 8/17/98 25,003
86,200 5.62 3/16/99 86,031
--------------------------------------------------------------------
Royal Bank of Canada, 50,000 6.14 5/12/98 50,013
NY 37,000 5.78 7/31/98 36,994
50,000 5.80 10/06/98 49,992
25,000 5.555 2/11/99 24,940
88,000 5.54 2/12/99 87,777
--------------------------------------------------------------------
Swiss Bank Corp., NY 275,000 6.00 6/12/98 275,065
38,000 5.95 7/02/98 38,009
50,000 5.86 7/17/98 50,002
25,000 5.80 9/22/98 24,997
--------------------------------------------------------------------
Westdeutsche 150,000 5.56 4/20/98 150,000
Landesbank 133,000 5.94 6/29/98 133,024
Girozentrale, NY
--------------------------------------------------------------------
Total Certificates of Deposit--Yankee
(Cost--$3,826,398) ..................................... 3,824,983
--------------------------------------------------------------------
Commercial Paper--46.1%
--------------------------------------------------------------------
AESOP Funding Corp. 24,700 5.49 4/03/98 24,689
59,800 5.53 5/21/98 59,332
--------------------------------------------------------------------
ANZ (Delaware), Inc. 100,000 5.53 4/06/98 99,908
--------------------------------------------------------------------
Allomon Funding 29,809 5.47 5/08/98 29,633
Corporation 20,191 5.47 5/14/98 20,053
--------------------------------------------------------------------
Alpine Securitization 29,559 5.48 4/07/98 29,527
Corporation 11,098 5.49 4/07/98 11,086
42,402 5.56 4/14/98 42,310
45,000 5.50 4/15/98 44,897
30,769 5.55 4/20/98 30,674
18,000 5.49 4/21/98 17,942
18,746 5.57 4/23/98 18,679
28,000 5.55 4/24/98 27,896
43,129 5.56 4/28/98 42,942
14,410 5.53 5/07/98 14,327
18,887 5.55 5/07/98 18,779
--------------------------------------------------------------------
American Express 200,000 5.52 4/17/98 199,479
Credit Corp. 100,000 5.53 4/23/98 99,647
200,000 5.51 4/27/98 199,170
--------------------------------------------------------------------
American Honda 25,000 5.45 4/16/98 24,938
Finance Corp. 10,000 5.56 5/27/98 9,912
15,000 5.56 5/28/98 14,866
--------------------------------------------------------------------
Apreco, Inc. 25,000 5.50 4/15/98 24,942
25,000 5.48 4/16/98 24,938
25,000 5.47 4/23/98 24,912
--------------------------------------------------------------------
Asset Securitization 145,000 5.53 4/09/98 144,800
Cooperative Corp. 68,000 5.53 4/14/98 67,854
18,002 5.54 4/16/98 17,958
56,998 5.54 4/17/98 56,849
53,000 5.47 4/29/98 52,763
45,000 5.48 4/30/98 44,792
100,000 5.47 5/01/98 99,523
50,000 5.48 5/01/98 49,761
200,000 5.48 5/06/98 198,884
100,000 5.48 5/08/98 99,411
64,000 5.54 5/08/98 63,623
--------------------------------------------------------------------
Associates Corporation 257,187 6.07 4/01/98 257,144
of North America 100,000 5.54 4/14/98 99,784
100,000 5.53 4/16/98 99,754
100,000 5.53 4/17/98 99,739
100,000 5.54 4/21/98 99,677
--------------------------------------------------------------------
Associates First 25,000 5.53 4/16/98 24,938
Capital Corp. 28,000 5.51 5/14/98 27,809
47,000 5.50 6/03/98 46,537
--------------------------------------------------------------------
Atlantic Asset 17,322 5.56 4/13/98 17,287
Securitization Corp. 32,678 5.55 4/15/98 32,602
--------------------------------------------------------------------
Avco Financial 18,000 5.55 4/13/98 17,964
Services, Inc. 25,000 5.54 4/28/98 24,892
19,000 5.55 4/29/98 18,915
--------------------------------------------------------------------
B.B.V. Finance 50,000 5.43 4/08/98 49,938
(Delaware), Inc.
--------------------------------------------------------------------
BBL North America, Inc. 89,500 5.54 4/06/98 89,417
10,500 5.52 5/19/98 10,421
--------------------------------------------------------------------
BIL North America, Inc. 25,000 5.53 4/14/98 24,946
25,000 5.53 4/15/98 24,942
--------------------------------------------------------------------
4
<PAGE>
CMA MONEY FUND
SCHEDULE OF INVESTMENTS AS OF MARCH 31, 1998 (CONTINUED) (IN THOUSANDS)
Face Interest Maturity Value
Issue Amount Rate* Date (Note 1a)
--------------------------------------------------------------------
Commercial Paper (continued)
--------------------------------------------------------------------
BTR Dunlop Finance, $ 40,000 5.56 % 4/06/98 $ 39,963
Inc. 25,000 5.54 4/20/98 24,923
--------------------------------------------------------------------
Bank Austria Finance, Inc. 50,000 5.52 4/13/98 49,900
--------------------------------------------------------------------
Bear Stearns 25,000 5.50 4/09/98 24,965
Companies, Inc. 15,000 5.54 4/23/98 14,947
110,000 5.70 4/29/98 109,508
75,000 5.51 5/08/98 74,558
50,000 5.65 6/17/98 49,400
50,000 5.51 7/07/98 49,249
--------------------------------------------------------------------
Block Financial Corp. 37,000 5.50 4/02/98 36,989
29,000 5.55 4/27/98 28,879
9,000 5.51 6/25/98 8,881
--------------------------------------------------------------------
CIT Group Holdings, 100,000 5.55 4/23/98 99,647
Inc. (The) 137,500 5.58 8/17/98 137,455
220,300 5.59 9/30/98 220,204
190,000 5.64 1/12/99 189,927
129,000 5.57 3/22/99 128,939
--------------------------------------------------------------------
CSW Credit, Inc. 11,700 5.42 4/09/98 11,684
31,000 5.55 4/09/98 30,957
10,000 5.54 4/23/98 9,965
9,954 5.55 4/28/98 9,911
--------------------------------------------------------------------
CXC Incorporated 25,000 5.48 4/01/98 24,996
43,400 5.48 4/02/98 43,387
40,000 5.49 4/02/98 39,988
75,000 5.49 4/03/98 74,966
10,000 5.49 4/09/98 9,986
25,000 5.52 4/14/98 24,946
25,000 5.49 4/16/98 24,938
25,000 5.48 4/21/98 24,919
26,400 5.48 4/22/98 26,311
45,500 5.49 4/28/98 45,304
28,000 5.53 5/08/98 27,837
30,100 5.53 5/12/98 29,904
25,000 5.53 5/14/98 24,831
30,000 5.52 5/19/98 29,773
50,000 5.52 5/20/98 49,615
21,600 5.53 5/21/98 21,430
100,000 5.52 5/28/98 99,106
50,000 5.50 6/18/98 49,392
75,000 5.50 6/22/98 74,042
--------------------------------------------------------------------
Caisse d'Amortissement 100,000 5.53 4/09/98 99,862
de la dette Sociale
--------------------------------------------------------------------
Caisse des Depots et 100,000 5.53 4/06/98 99,908
Consignations 20,000 5.53 4/08/98 19,975
--------------------------------------------------------------------
Cargill, Inc. 50,000 5.54 4/09/98 49,931
--------------------------------------------------------------------
Carnival Corp. 50,000 5.52 4/02/98 49,985
--------------------------------------------------------------------
Carnival (UK) PLC 25,000 5.51 4/07/98 24,973
--------------------------------------------------------------------
Centric Capital Corp. 12,800 5.54 4/06/98 12,788
25,000 5.55 4/09/98 24,965
19,000 5.50 4/14/98 18,959
23,000 5.55 4/14/98 22,950
40,200 5.55 4/20/98 40,076
25,000 5.55 4/22/98 24,915
15,000 5.47 5/04/98 14,921
--------------------------------------------------------------------
Centric Capital Corp. 18,125 5.53 5/19/98 17,989
(concluded) 20,000 5.54 5/27/98 19,824
--------------------------------------------------------------------
Chrysler Financial 50,000 5.58 4/13/98 49,899
Corp. 100,000 5.56 4/20/98 99,691
100,000 5.57 4/21/98 99,675
--------------------------------------------------------------------
Ciesco L.P. 50,000 5.53 4/06/98 49,954
30,000 5.53 4/09/98 29,958
35,000 5.54 4/20/98 34,892
50,000 5.52 4/23/98 49,824
37,500 5.54 4/24/98 37,361
50,000 5.55 4/29/98 49,776
47,719 5.51 5/28/98 47,292
--------------------------------------------------------------------
Clipper Receivables 28,719 5.54 4/13/98 28,661
Corp. 24,782 5.54 4/16/98 24,721
22,499 5.55 4/23/98 22,419
49,000 5.50 6/16/98 48,419
--------------------------------------------------------------------
Commercial Credit 25,000 5.50 4/01/98 24,996
Corp. 50,000 5.49 4/02/98 49,985
50,000 5.49 4/03/98 49,977
50,000 5.47 4/06/98 49,954
25,000 5.54 4/16/98 24,938
36,000 5.54 5/05/98 35,806
50,000 5.53 5/21/98 49,607
50,000 5.51 6/04/98 49,500
--------------------------------------------------------------------
Corporate Asset 15,000 5.50 4/03/98 14,993
Funding Co., Inc. 75,000 5.50 4/08/98 74,908
50,000 5.54 4/09/98 49,931
50,000 5.53 4/15/98 49,885
100,000 5.53 4/16/98 99,754
40,000 5.52 4/20/98 39,877
40,000 5.52 4/24/98 39,853
20,000 5.53 4/28/98 19,914
25,000 5.47 4/29/98 24,888
60,000 5.48 4/29/98 59,732
75,000 5.51 5/20/98 74,426
50,000 5.50 6/11/98 49,446
--------------------------------------------------------------------
Corporate Receivables 25,000 5.48 4/08/98 24,969
Corp. 10,000 5.48 4/09/98 9,986
40,000 5.50 4/09/98 39,945
10,000 5.53 4/09/98 9,986
12,000 5.54 4/16/98 11,970
50,000 5.47 4/27/98 49,793
25,000 5.54 4/28/98 24,892
75,000 5.47 5/11/98 74,523
25,000 5.53 5/12/98 24,839
35,000 5.55 5/13/98 34,768
20,000 5.51 5/14/98 19,864
28,000 5.52 5/15/98 27,805
60,000 5.52 5/19/98 59,547
30,000 5.53 5/22/98 29,759
30,000 5.51 5/28/98 29,732
25,000 5.52 5/28/98 24,776
--------------------------------------------------------------------
Countrywide Home 20,000 5.56 4/30/98 19,907
Loans, Inc. 50,000 5.55 5/04/98 49,738
30,000 5.53 5/27/98 29,736
--------------------------------------------------------------------
5
<PAGE>
CMA MONEY FUND
SCHEDULE OF INVESTMENTS AS OF MARCH 31, 1998 (CONTINUED) (IN THOUSANDS)
Face Interest Maturity Value
Issue Amount Rate* Date (Note 1a)
--------------------------------------------------------------------
Commercial Paper (continued)
--------------------------------------------------------------------
Creditanstalt Finance, $150,000 5.53 % 4/09/98 $ 149,793
Inc.
--------------------------------------------------------------------
Cregem North America, 90,000 5.50 6/09/98 89,030
Inc. 60,000 5.50 6/11/98 59,335
100,000 5.50 6/19/98 98,769
--------------------------------------------------------------------
Daimler-Benz North 12,000 5.47 5/28/98 11,893
America Corp. 50,000 5.51 5/28/98 49,553
--------------------------------------------------------------------
Delaware Funding 20,094 5.54 4/03/98 20,085
Corp. 10,076 5.47 4/09/98 10,062
50,000 5.54 4/13/98 49,900
300,000 5.55 4/13/98 299,399
73,288 5.53 4/14/98 73,130
68,517 5.55 4/15/98 68,358
25,121 5.54 4/23/98 25,032
86,444 5.53 5/21/98 85,764
--------------------------------------------------------------------
Den Danske 100,000 5.53 4/09/98 99,862
Corporation
--------------------------------------------------------------------
Den Norske Bank ASA 50,000 5.47 5/13/98 49,667
--------------------------------------------------------------------
Deutsche Bank 39,000 5.43 4/08/98 38,952
Financial, Inc.
--------------------------------------------------------------------
EDS Finance PLC 10,000 5.52 4/30/98 9,954
10,900 5.53 5/22/98 10,813
45,000 5.54 5/22/98 44,639
--------------------------------------------------------------------
Eastman Kodak Company 46,700 5.52 5/21/98 46,333
--------------------------------------------------------------------
Eiger Capital 17,076 5.54 4/27/98 17,005
Corporation 25,490 5.55 4/27/98 25,384
102,000 5.52 5/20/98 101,218
--------------------------------------------------------------------
Eureka Securitization, 10,000 5.47 5/08/98 9,941
Inc. 40,000 5.53 5/13/98 39,733
42,190 5.53 5/18/98 41,878
50,000 5.51 6/03/98 49,508
25,000 5.50 6/09/98 24,731
15,000 5.51 6/09/98 14,838
17,810 5.51 6/11/98 17,613
--------------------------------------------------------------------
Falcon Asset 41,414 5.50 4/03/98 41,395
Securitization Corp. 35,625 5.49 4/13/98 35,554
37,855 5.53 4/14/98 37,774
30,645 5.48 4/16/98 30,570
22,045 5.55 4/17/98 21,987
17,300 5.55 4/23/98 17,239
55,045 5.54 4/28/98 54,807
27,371 5.53 5/20/98 27,161
6,245 5.53 5/26/98 6,191
11,150 5.50 6/23/98 11,006
--------------------------------------------------------------------
Finova Capital Corp. 10,400 5.50 4/16/98 10,374
30,000 5.54 5/05/98 29,838
15,000 5.54 5/21/98 14,882
40,000 5.54 5/28/98 39,642
20,000 5.53 6/17/98 19,760
19,600 5.53 6/22/98 19,350
40,000 5.53 6/25/98 39,471
--------------------------------------------------------------------
Fleet Funding Corp. 24,741 5.54 4/14/98 24,688
18,448 5.56 4/14/98 18,408
69,708 5.53 4/17/98 69,526
--------------------------------------------------------------------
Fleet Funding Corp. 76,556 5.54 4/23/98 76,285
(concluded) 10,547 5.55 4/24/98 10,508
--------------------------------------------------------------------
Ford Credit Europe PLC 25,000 5.49 4/03/98 24,989
13,000 5.54 4/16/98 12,968
25,000 5.48 4/24/98 24,908
25,000 5.52 5/07/98 24,858
--------------------------------------------------------------------
Ford Motor Credit Co. 100,000 5.40 4/03/98 99,954
100,000 5.47 4/23/98 99,647
--------------------------------------------------------------------
General Electric 50,000 5.54 4/02/98 49,985
Capital Corp. 200,000 5.55 4/08/98 199,753
100,000 5.47 4/15/98 99,770
90,000 5.53 4/15/98 89,793
150,000 5.71 4/28/98 149,355
150,000 5.47 4/30/98 149,306
200,000 5.53 5/14/98 198,648
125,000 5.54 5/14/98 124,154
50,000 5.47 5/22/98 49,599
150,000 5.51 5/26/98 148,705
200,000 5.51 5/27/98 198,243
150,000 5.50 6/05/98 148,477
100,000 5.549+ 11/09/98 99,977
100,000 5.545+ 11/16/98 99,973
--------------------------------------------------------------------
General Electric Capital 75,000 5.53 4/15/98 74,827
Services, Inc.
--------------------------------------------------------------------
General Electric 150,000 5.47 5/22/98 148,798
Company
--------------------------------------------------------------------
General Motors 107,000 5.53 5/01/98 106,490
Acceptance Corp. 300,000 5.53 5/04/98 298,433
500,000 5.53 5/06/98 497,235
129,000 5.53 5/18/98 128,049
94,000 5.51 5/26/98 93,188
175,000 5.50 6/04/98 173,250
--------------------------------------------------------------------
Glaxo Wellcome, Inc. 20,000 5.54 4/03/98 19,991
70,325 5.54 4/06/98 70,260
--------------------------------------------------------------------
Goldman Sachs 50,000 5.70 5/14/98 49,659
Group, L.P. 100,000 5.65 5/19/98 99,245
3,000 5.56 6/24/98 2,961
--------------------------------------------------------------------
Greenwich Funding 25,000 5.49 4/07/98 24,973
Corp. 75,000 5.50 4/07/98 74,920
40,770 5.53 4/08/98 40,720
87,555 5.49 4/15/98 87,355
13,650 5.55 4/22/98 13,604
35,355 5.48 4/30/98 35,191
15,670 5.52 5/21/98 15,547
57,000 5.53 5/21/98 56,552
--------------------------------------------------------------------
Halifax PLC 175,600 5.50 4/06/98 175,438
74,400 5.52 4/07/98 74,320
--------------------------------------------------------------------
Henkel Corporation 20,000 5.47 4/15/98 19,954
19,000 5.43 4/21/98 18,939
--------------------------------------------------------------------
Household Finance Corp. 50,000 5.52 4/09/98 49,931
100,000 5.55 4/16/98 99,753
100,000 5.54 4/21/98 99,677
50,000 5.53 4/22/98 49,831
--------------------------------------------------------------------
6
<PAGE>
CMA MONEY FUND
SCHEDULE OF INVESTMENTS AS OF MARCH 31, 1998 (CONTINUED) (IN THOUSANDS)
Face Interest Maturity Value
Issue Amount Rate* Date (Note 1a)
--------------------------------------------------------------------
Commercial Paper (continued)
--------------------------------------------------------------------
International $ 36,450 5.55 % 4/13/98 $ 36,377
Securitization 30,755 5.58 4/14/98 30,688
Corporation 20,000 5.48 4/16/98 19,951
50,000 5.49 4/16/98 49,877
35,000 5.57 4/16/98 34,913
72,795 5.55 4/17/98 72,604
30,000 5.48 4/23/98 29,894
8,745 5.53 5/26/98 8,670
--------------------------------------------------------------------
Internationale 50,000 5.53 4/14/98 49,892
Nederlanden (US)
Funding Corp.
--------------------------------------------------------------------
John Deere Capital 100,000 5.54 4/16/98 99,754
Corp.
--------------------------------------------------------------------
KfW International 17,000 5.56 4/08/98 16,979
Finance Inc. 30,000 5.52 4/09/98 29,959
42,000 5.52 4/22/98 41,858
--------------------------------------------------------------------
Lehman Brothers 96,000 5.48 5/04/98 95,494
Holdings, Inc. 54,000 5.50 5/12/98 53,648
--------------------------------------------------------------------
Lexington Parker 32,000 5.49 4/09/98 31,956
Capital Company, LLC 40,000 5.47 4/24/98 39,853
26,100 5.54 5/21/98 25,895
46,207 5.47 5/29/98 45,787
75,232 5.54 5/29/98 74,548
30,461 5.52 6/01/98 30,170
--------------------------------------------------------------------
Matterhorn Capital 14,876 5.55 4/27/98 14,814
Corp. 14,000 5.52 5/26/98 13,879
--------------------------------------------------------------------
MetLife Funding Corp. 30,260 5.53 4/08/98 30,223
--------------------------------------------------------------------
Mont Blanc Capital 90,676 5.49 4/15/98 90,467
Corp. 20,116 5.57 4/20/98 20,054
75,000 5.55 4/22/98 74,746
197,322 5.55 4/24/98 196,592
81,000 5.55 4/28/98 80,650
27,000 5.52 5/26/98 26,767
101,827 5.53 5/26/98 100,948
69,059 5.53 5/28/98 68,442
38,000 5.51 6/10/98 37,585
--------------------------------------------------------------------
Monte Rosa Capital 25,121 5.57 4/13/98 25,070
Corp. 25,121 5.54 4/20/98 25,044
25,000 5.48 4/23/98 24,912
44,000 5.49 4/23/98 43,845
111,000 5.48 4/24/98 110,591
75,000 5.48 4/27/98 74,689
20,000 5.55 4/30/98 19,908
20,000 5.54 5/08/98 19,883
11,543 5.48 5/12/98 11,468
60,000 5.53 5/28/98 59,464
33,511 5.50 6/18/98 33,104
--------------------------------------------------------------------
Morgan Stanley, 18,500 5.51 4/06/98 18,483
Dean Witter & Co. 100,000 5.49 4/08/98 99,877
150,000 5.51 4/09/98 149,793
100,000 5.55 4/14/98 99,784
175,000 5.52 4/27/98 174,274
10,000 5.648 10/26/98 10,000
--------------------------------------------------------------------
Morgan Stanley, 50,000 5.648 11/20/98 50,000
Dean Witter & Co. 190,000 5.648 12/24/98 190,000
(concluded)
--------------------------------------------------------------------
National Australia 105,000 5.53 4/08/98 104,871
Funding (Delaware), 14,900 5.42 4/09/98 14,879
Inc. 100,000 5.66 6/04/98 99,000
--------------------------------------------------------------------
NationsBank Corp. 100,000 5.40 8/06/98 98,041
--------------------------------------------------------------------
New Center Asset 25,000 5.53 4/03/98 24,988
Trust 200,000 5.73 4/14/98 199,570
150,000 5.56 5/04/98 149,210
225,000 5.54 5/06/98 223,754
50,000 5.51 6/18/98 49,392
--------------------------------------------------------------------
Nordbanken 30,000 5.53 5/28/98 29,732
North America Inc. 50,000 5.51 6/04/98 49,500
20,000 5.50 6/10/98 19,781
--------------------------------------------------------------------
Old Line Funding Corp. 20,420 5.55 4/15/98 20,373
12,380 5.58 4/17/98 12,347
17,882 5.57 4/20/98 17,827
10,951 5.56 5/06/98 10,890
86,106 5.56 5/07/98 85,614
--------------------------------------------------------------------
Ontario Hydro 24,000 5.71 4/06/98 23,978
--------------------------------------------------------------------
Park Ave Receivables 9,717 5.51 4/02/98 9,714
Corp. 23,312 5.54 4/17/98 23,251
11,603 5.55 4/22/98 11,564
42,167 5.55 4/23/98 42,017
14,000 5.53 5/07/98 13,920
22,445 5.53 5/08/98 22,313
11,756 5.53 5/14/98 11,676
--------------------------------------------------------------------
Preferred Receivables 49,750 5.56 4/01/98 49,742
Funding Corp. 17,065 5.50 4/02/98 17,060
36,425 5.55 4/03/98 36,408
54,540 5.49 4/07/98 54,482
53,200 5.48 4/13/98 53,095
25,400 5.49 4/14/98 25,346
10,025 5.49 4/15/98 10,002
11,825 5.55 4/21/98 11,787
60,650 5.54 4/28/98 60,389
30,725 5.46 5/04/98 30,563
39,200 5.55 5/07/98 38,976
11,195 5.53 5/11/98 11,124
--------------------------------------------------------------------
Republic Industries 42,300 5.56 4/14/98 42,209
Funding Corp. 40,000 5.52 4/24/98 39,853
92,700 5.54 5/01/98 92,258
--------------------------------------------------------------------
Rexam PLC 10,000 5.44 4/16/98 9,975
24,500 5.54 4/23/98 24,413
--------------------------------------------------------------------
Rio Tinto America, Inc. 15,500 5.53 4/02/98 15,495
11,000 5.42 4/14/98 10,976
15,600 5.54 4/17/98 15,559
15,200 5.50 5/20/98 15,083
54,000 5.51 5/29/98 53,509
16,800 5.51 6/19/98 16,593
47,486 5.51 6/25/98 46,858
--------------------------------------------------------------------
7
<PAGE>
CMA MONEY FUND
SCHEDULE OF INVESTMENTS AS OF MARCH 31, 1998 (CONTINUED) (IN THOUSANDS)
Face Interest Maturity Value
Issue Amount Rate* Date (Note 1a)
--------------------------------------------------------------------
Commercial Paper (continued)
--------------------------------------------------------------------
Riverwoods Funding $ 10,000 5.54 % 4/09/98 $ 9,986
Corp. 15,000 5.54 4/14/98 14,968
50,000 5.54 4/16/98 49,877
50,000 5.52 5/28/98 49,553
50,000 5.50 6/24/98 49,346
25,000 5.51 6/25/98 24,669
--------------------------------------------------------------------
Salomon, Smith Barney 150,000 5.49 4/09/98 149,793
Holdings, Inc. 50,000 5.48 4/22/98 49,831
10,000 5.47 5/14/98 9,932
90,000 5.48 5/19/98 89,320
--------------------------------------------------------------------
Sears Roebuck 50,000 5.47 5/05/98 49,729
Acceptance Corp. 50,000 5.40 5/07/98 49,713
50,000 5.47 5/11/98 49,682
50,000 5.47 5/12/98 49,675
50,000 5.54 5/13/98 49,667
50,000 5.47 5/19/98 49,622
50,000 5.49 5/22/98 49,599
--------------------------------------------------------------------
Societe Generale 75,000 5.53 4/07/98 74,919
N.A., Inc. 150,000 5.53 4/14/98 149,677
65,000 5.55 4/15/98 64,850
--------------------------------------------------------------------
Southern California 35,200 5.53 4/07/98 35,162
Edison Co.
--------------------------------------------------------------------
Svenska 50,000 5.54 4/06/98 49,954
Handelsbanken AB 35,162 5.52 5/04/98 34,979
--------------------------------------------------------------------
Swedish Export 50,000 5.71 4/07/98 49,946
Credit Corp.
--------------------------------------------------------------------
Three Rivers Funding 33,838 5.55 4/13/98 33,770
Corp. 18,527 5.54 4/14/98 18,487
22,635 5.55 4/17/98 22,576
--------------------------------------------------------------------
Toronto-Dominion 200,000 5.54 4/07/98 199,785
Holdings (USA), Inc.
--------------------------------------------------------------------
Toyota Motor Credit 55,000 5.53 4/13/98 54,890
Corp.
--------------------------------------------------------------------
Transamerica Finance 41,000 5.53 4/13/98 40,918
Corp. 25,000 5.53 4/23/98 24,912
--------------------------------------------------------------------
Twin Towers, Inc. 28,436 5.57 4/03/98 28,423
16,196 5.56 4/13/98 16,163
50,279 5.55 4/14/98 50,170
103,453 5.57 4/15/98 103,213
32,314 5.45 4/16/98 32,235
50,447 5.56 4/20/98 50,291
18,875 5.50 4/21/98 18,814
--------------------------------------------------------------------
Unifunding, Inc. 69,635 5.48 4/08/98 69,549
30,365 5.53 5/05/98 30,202
--------------------------------------------------------------------
Vattenfall Treasury, Inc. 50,000 5.45 5/22/98 49,600
--------------------------------------------------------------------
WCP Funding, Inc. 9,800 5.50 4/09/98 9,787
25,000 5.52 4/09/98 24,965
25,000 5.47 4/28/98 24,892
28,000 5.52 4/29/98 27,875
21,700 5.47 5/11/98 21,562
25,000 5.47 5/14/98 24,830
--------------------------------------------------------------------
WCP Funding, Inc. 31,900 5.53 5/14/98 31,682
(concluded) 8,600 5.54 5/14/98 8,541
25,000 5.51 6/17/98 24,700
--------------------------------------------------------------------
Windmill Funding 5,683 5.59 4/08/98 5,676
Corp. 32,000 5.50 4/16/98 31,922
55,970 5.55 4/16/98 55,832
62,460 5.55 4/23/98 62,239
50,000 5.55 4/29/98 49,776
100,000 5.55 5/07/98 99,430
17,401 5.47 5/13/98 17,285
85,581 5.47 5/14/98 84,997
16,729 5.47 5/18/98 16,605
34,000 5.47 5/22/98 33,727
66,938 5.54 5/28/98 66,339
36,847 5.50 6/16/98 36,410
77,668 5.51 6/18/98 76,724
38,560 5.50 6/19/98 38,085
20,163 5.51 6/19/98 19,915
--------------------------------------------------------------------
Xerox Capital 50,000 5.47 4/22/98 49,831
(Europe) PLC 50,000 5.47 4/23/98 49,823
--------------------------------------------------------------------
Xerox Overseas 50,000 5.54 4/20/98 49,846
Holdings PLC 50,000 5.47 4/22/98 49,831
--------------------------------------------------------------------
Total Commercial Paper (Cost--$23,445,274) ............. 23,444,787
--------------------------------------------------------------------
Corporate Notes--6.0%
--------------------------------------------------------------------
Abbey National 96,000 5.568 2/17/99 95,950
Treasury Services PLC
--------------------------------------------------------------------
Asset-Backed 715,150 5.648+ 9/15/98 715,150
Securities Investment
Trust 1997-F
--------------------------------------------------------------------
Bear Stearns 25,000 9.125 4/15/98 25,038
Companies, Inc.
--------------------------------------------------------------------
Chase Manhattan Auto 63,427 5.549 3/12/99 63,415
Owner Trust 1998--
As Class A-1
--------------------------------------------------------------------
Ford Credit Auto Owner 175,039 5.545 2/16/99 174,986
Trust 1998-A, Class A-1
--------------------------------------------------------------------
KfW International 14,000 9.375 7/15/98 14,139
Finance, Inc.
--------------------------------------------------------------------
LABS Trust Series 288,953 5.688 12/28/98 288,953
1996-4, Senior Notes
--------------------------------------------------------------------
LABS Trust, Series 273,703 5.684 10/21/98 273,703
1997-6, Senior Notes
--------------------------------------------------------------------
LABS Trust Series 192,755 5.684 12/22/98 192,755
1997-7, Senior Notes
--------------------------------------------------------------------
LINCS, Series 1997-4 285,000 5.678+ 9/18/98 285,000
--------------------------------------------------------------------
LINCS, Series 1997-5 285,000 5.678+ 11/18/98 285,000
--------------------------------------------------------------------
LINCS, Series 1998-2 340,000 5.678 2/12/99 340,000
--------------------------------------------------------------------
Newcourt Receivables 19,755 5.815 12/21/98 19,755
Asset Trust 1997-1
--------------------------------------------------------------------
8
<PAGE>
CMA MONEY FUND
SCHEDULE OF INVESTMENTS AS OF MARCH 31, 1998 (CONTINUED) (IN THOUSANDS)
Face Interest Maturity Value
Issue Amount Rate* Date (Note 1a)
--------------------------------------------------------------------
Corporate Notes (concluded)
--------------------------------------------------------------------
Premier Auto Trust $ 56,673 5.68 % 8/06/98 $ 56,674
1997-2, Class A-1
--------------------------------------------------------------------
Premier Auto Trust 19,054 5.649 6/08/98 19,054
1997-3, Class A-1
--------------------------------------------------------------------
Premier Auto Trust 109,444 5.545 11/06/98 109,444
1998-1, Class A-1
--------------------------------------------------------------------
Premier Auto Trust 105,000 5.608 12/06/98 105,000
1998-2, Class A-1
--------------------------------------------------------------------
Total Corporate Notes (Cost--$3,064,076) ............... 3,064,016
--------------------------------------------------------------------
Funding Agreements--1.0%
--------------------------------------------------------------------
Transamerica Life 150,000 5.672+ 4/15/98 150,000
Insurance & Annuity 25,000 5.672+ 8/03/98 25,000
Company 50,000 5.672+ 9/14/98 50,000
50,000 5.692+ 3/02/99 50,000
--------------------------------------------------------------------
Transamerica 60,000 5.672+ 5/15/98 60,000
Occidental Life 75,000 5.672+ 11/20/98 75,000
Insurance Co.
--------------------------------------------------------------------
Travelers Insurance Co. 25,000 5.655+ 1/21/99 25,000
25,000 5.625+ 1/27/99 25,000
20,000 5.655+ 2/01/99 20,000
--------------------------------------------------------------------
Total Funding Agreements (Cost--$480,000) .............. 480,000
--------------------------------------------------------------------
Master Notes--1.6%
--------------------------------------------------------------------
Goldman Sachs 700,000 5.672+ 4/28/98 700,000
Group, L.P. 130,000 5.672+ 5/29/98 130,000
--------------------------------------------------------------------
Total Master Notes (Cost--$830,000) .................... 830,000
--------------------------------------------------------------------
Medium-Term Notes--4.5%
--------------------------------------------------------------------
Abbey National 130,000 5.60 6/09/98 129,983
Treasury Services PLC 69,000 5.50 2/05/99 68,814
--------------------------------------------------------------------
Bank of Scotland 40,000 5.95 6/18/98 40,004
Treasury Services PLC
--------------------------------------------------------------------
Barnett Banks, Inc. 50,000 6.25 7/28/98 50,074
--------------------------------------------------------------------
CIT Group Holdings, 35,550 6.25 3/22/99 35,682
Inc. (The)
--------------------------------------------------------------------
Chase Manhattan 300,000 5.598+ 3/25/99 299,867
Corp.
--------------------------------------------------------------------
Credit Suisse First 67,000 5.69 4/14/98 67,001
Boston, Inc. 103,000 5.67 5/22/98 103,000
25,000 6.148 6/02/98 25,013
500,000 5.622 10/01/98 500,000
--------------------------------------------------------------------
Ford Motor Credit Co. 90,000 5.70+ 12/23/98 90,004
250,000 5.71+ 1/08/99 250,000
--------------------------------------------------------------------
General Motors 145,000 5.702+ 2/27/01 144,710
Acceptance Corp.
--------------------------------------------------------------------
Goldman Sachs 17,000 6.10 4/15/98 17,004
Group, L.P. 100,000 5.68 + 3/26/99 100,000
100,000 5.688+ 3/26/99 100,022
--------------------------------------------------------------------
IBM Credit Corp. 75,000 5.73 7/30/98 75,007
75,000 5.665+ 7/31/98 75,000
--------------------------------------------------------------------
Morgan Stanley, 10,000 5.954 5/18/98 10,006
Dean Witter & Co. 86,500 5.544+ 1/15/99 86,488
--------------------------------------------------------------------
Norwest Corporation 25,000 6.00 10/13/98 25,032
--------------------------------------------------------------------
Total Medium-Term Notes (Cost--$2,293,201) ............. 2,292,711
--------------------------------------------------------------------
US Government & Agency Obligations--
Discount Notes--4.6%
--------------------------------------------------------------------
Federal Farm Credit 74,000 5.23 7/29/98 72,658
Bank
--------------------------------------------------------------------
Federal Home Loan 27,172 5.11 2/04/99 25,918
Banks 75,000 5.20 3/04/99 71,226
--------------------------------------------------------------------
Federal Home Loan 100,000 5.27 8/07/98 98,058
Mortgage Corp.
--------------------------------------------------------------------
Federal National 48,000 5.27 5/22/98 47,623
Mortgage Association 26,000 5.28 5/28/98 25,772
50,000 5.28 6/08/98 49,476
50,000 5.54 6/15/98 49,423
50,000 5.51 6/18/98 49,400
150,000 5.50 6/23/98 148,086
150,000 5.49 6/30/98 147,926
204,000 5.46 7/06/98 201,010
51,049 5.295 7/30/98 50,116
130,000 5.35 9/30/98 126,425
100,000 5.05 1/07/99 95,801
30,195 5.16 1/07/99 28,927
50,000 5.25 1/27/99 47,752
--------------------------------------------------------------------
International Bank for 25,875 5.38 4/09/98 25,840
Reconstruction and 21,395 5.54 6/15/98 21,148
Development
--------------------------------------------------------------------
US Treasury Bills 100,000 4.82 7/16/98 98,506
400,000 4.909 7/16/98 394,026
150,000 4.97 1/07/99 143,984
170,000 4.975 1/07/99 163,182
100,000 4.98 1/07/99 95,989
75,000 4.993 2/04/99 71,677
--------------------------------------------------------------------
Total US Government & Agency Obligations--
Discount Notes (Cost--$2,351,393) ...................... 2,349,949
--------------------------------------------------------------------
US Government & Agency Obligations--
Non-Discount Notes--20.7%
--------------------------------------------------------------------
Federal Farm Credit 30,000 5.81 12/04/98 30,021
Bank
--------------------------------------------------------------------
Federal Home Loan 32,500 5.96 6/09/98 32,516
Banks 7,250 5.82 6/16/98 7,251
26,000 5.78 7/07/98 26,006
18,600 5.58 8/06/98 18,591
455,000 5.51+ 9/16/98 454,856
365,000 5.80 9/18/98 365,161
10,900 7.64 9/21/98 10,997
438,000 5.634+ 10/20/98 437,929
750,000 5.639+ 11/03/98 749,804
84,000 5.595 3/10/99 83,924
215,000 5.599+ 3/26/99 214,894
9
<PAGE>
CMA MONEY FUND
SCHEDULE OF INVESTMENTS AS OF MARCH 31, 1998 (CONCLUDED) (IN THOUSANDS)
Face Interest Maturity Value
Issue Amount Rate* Date (Note 1a)
--------------------------------------------------------------------
US Government & Agency Obligations--
Non-Discount Notes (continued)
--------------------------------------------------------------------
Federal Home Loan $200,000 5.649+% 4/01/99 $ 199,900
Banks 18,000 6.355 6/11/99 18,032
(concluded) 60,000 5.99 8/11/99 60,050
75,000 5.67 1/20/00 74,738
100,000 5.855 1/20/00 99,800
100,000 5.77 1/27/00 99,730
137,000 5.75 1/28/00 136,589
29,405 5.445 2/04/00 29,228
28,590 5.66 2/11/00 28,476
44,860 5.69 3/10/00 44,672
50,000 5.75 3/16/00 49,825
46,000 5.705 3/23/00 45,862
24,965 5.81 4/06/00 24,893
--------------------------------------------------------------------
Federal Home Loan 150,000 5.58+ 4/16/98 149,997
Mortgage Corp. 277,000 5.57+ 4/20/98 276,991
208,000 5.685 8/21/98 208,008
--------------------------------------------------------------------
Federal National 162,000 5.56+ 5/21/98 161,985
Mortgage Association 250,000 5.56+ 5/22/98 249,976
200,000 5.68 7/31/98 200,023
200,000 5.50+ 9/15/98 199,928
406,000 5.629+ 10/20/98 405,902
375,000 5.644+ 11/03/98 374,844
200,000 5.554+ 1/21/99 199,919
271,000 5.40 2/02/99 270,187
200,000 5.38 2/12/99 199,380
20,000 5.41 2/23/99 19,940
75,000 5.37 2/26/99 74,760
825,000 5.554+ 3/03/99 824,678
100,000 5.57 3/05/99 99,888
12,000 6.32 5/11/99 12,008
200,000 5.191+ 6/02/99 199,611
40,000 5.191+ 7/26/99 39,911
100,000 5.86 7/30/99 100,117
35,000 5.95 8/05/99 35,020
117,000 5.83 9/27/99 117,113
--------------------------------------------------------------------
Federal National 324,000 5.664+ 10/27/99 323,760
Mortgage Association 200,000 5.60 1/12/00 199,412
(concluded) 10,105 5.34 1/24/00 10,030
100,000 5.51 2/04/00 99,510
30,000 5.71 3/22/00 29,904
--------------------------------------------------------------------
Student Loan 200,000 5.394+ 4/24/98 199,994
Marketing Association 73,000 5.86 6/10/98 73,015
260,000 5.74 6/30/98 260,070
81,000 5.60 8/11/98 80,974
20,000 5.84 9/10/98 19,992
247,000 5.599+ 10/06/98 246,919
184,000 5.634+ 11/25/98 183,953
65,000 5.80 12/18/98 65,051
75,000 5.364+ 2/22/99 74,840
18,000 5.81 1/27/00 17,963
278,000 5.609+ 2/04/00 277,877
--------------------------------------------------------------------
US Treasury Notes 400,000 6.25 3/31/99 402,656
50,000 5.625 12/31/99 49,992
150,000 5.375 1/31/00 149,309
--------------------------------------------------------------------
Total US Government & Agency Obligations--
Non-Discount Notes (Cost--$10,533,588) ................. 10,529,152
--------------------------------------------------------------------
Face
Amount Issue
--------------------------------------------------------------------
Repurchase Agreements**--0.2%
--------------------------------------------------------------------
$100,000 Fuji Securities, Inc., purchased on 3/31/98 ... 100,000
to yield 6.08% to 4/01/98
--------------------------------------------------------------------
Total Repurchase Agreements (Cost--$100,000) ........... 100,000
--------------------------------------------------------------------
Total Investments (Cost--$50,916,078)--100.0% .......... 50,907,212
Other Assets Less Liabilities--0.0% .................... 16,568
-----------
Net Assets--100.0% ..................................... $50,923,780
===========
* 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,
1998.
** Repurchase Agreements are fully collateralized by US Government
Obligations.
+ Variable Rate Notes.
See Notes to Financial Statements.
10
<PAGE>
CMA MONEY FUND
STATEMENT OF ASSETS AND LIABILITIES AS OF MARCH 31, 1998
<TABLE>
<S> <C> <C>
Assets:
Investments, at value (identified cost--$50,916,078,103+) (Note 1a) ......... $ 50,907,212,346
Cash ........................................................................ 543,797
Interest receivable ......................................................... 274,913,861
Prepaid registration fees and other assets (Note 1e) ........................ 1,202,545
----------------
Total assets ................................................................ 51,183,872,549
----------------
Liabilities:
Payables:
Securities purchased ...................................................... $ 224,849,397
Investment adviser (Note 2) ............................................... 16,762,341
Distributor (Note 2) ...................................................... 14,552,103
Dividends to shareholders (Note 1f) ....................................... 13,930 256,177,771
--------------
Accrued expenses and other liabilities ...................................... 3,915,176
----------------
Total liabilities ........................................................... 260,092,947
----------------
Net Assets .................................................................. $ 50,923,779,602
================
Net Assets Consist of:
Shares of beneficial interest, $.10 par value, unlimited number of shares
authorized .................................................................. $ 5,093,264,536
Paid-in capital in excess of par ............................................ 45,839,380,823
Unrealized depreciation on investments--net ................................. (8,865,757)
----------------
Net Assets--Equivalent to $1.00 per share based on 50,932,645,357 shares of
beneficial interest outstanding ............................................. $ 50,923,779,602
================
</TABLE>
+ Cost for Federal income tax purposes. As of March 31, 1998, net unrealized
depreciation for Federal income tax purposes amounted to $8,865,757, of
which $2,077,762 related to appreciated securities and $10,943,519 related
to depreciated securities.
See Notes to Financial Statements.
11
<PAGE>
CMA MONEY FUND
STATEMENT OF OPERATIONS FOR THE YEAR ENDED MARCH 31, 1998
<TABLE>
<S> <C> <C>
Investment Income (Note 1d):
Interest and amortization of premium and discount earned ...... $ 2,568,298,224
Expenses:
Investment advisory fees (Note 2) ............................. $ 170,196,721
Distribution fees (Note 2) .................................... 55,763,388
Transfer agent fees (Note 2) .................................. 17,058,436
Registration fees (Note 1e) ................................... 6,658,679
Interest expense (Note 4) ..................................... 3,122,526
Accounting services (Note 2) .................................. 1,371,794
Custodian fees ................................................ 1,029,083
Printing and shareholder reports .............................. 628,881
Professional fees ............................................. 112,357
Trustees' fees and expenses ................................... 100,634
Other ......................................................... 314,350
---------------
Total expenses ................................................ 256,356,849
---------------
Investment income--net ........................................ 2,311,941,375
Realized Gain on Investments--Net (Note 1d) ................... 5,277,494
Change in Unrealized Depreciation on Investments--Net ......... 15,324,920
---------------
Net Increase in Net Assets Resulting from Operations .......... $ 2,332,543,789
===============
</TABLE>
See Notes to Financial Statements.
CMA MONEY FUND
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
For the Year Ended March 31,
---------------------------------------
Increase (Decrease) in Net Assets: 1998 1997
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Operations:
Investment income--net ................................................. $ 2,311,941,375 $ 1,860,190,714
Realized gain on investments--net ...................................... 5,277,494 7,267,457
Change in unrealized depreciation on investments--net .................. 15,324,920 (7,046,015)
----------------- -----------------
Net increase in net assets resulting from operations ................... 2,332,543,789 1,860,412,156
----------------- -----------------
Dividends & Distributions to Shareholders (Note 1f):
Investment income--net ................................................. (2,311,941,375) (1,860,190,714)
Realized gain on investments--net ...................................... (5,277,494) (7,267,457)
----------------- -----------------
Net decrease in net assets resulting from dividends and distributions
to shareholders ........................................................ (2,317,218,869) (1,867,458,171)
----------------- -----------------
Beneficial Interest Transactions (Note 3):
Net proceeds from sale of shares ....................................... 202,384,030,927 157,862,710,322
Net asset value of shares issued to shareholders in reinvestment of
dividends (Note 1f) .................................................... 2,312,393,811 1,863,526,563
----------------- -----------------
204,696,424,738 159,726,236,885
Cost of shares redeemed ................................................ (195,772,722,923) (154,657,296,361)
----------------- -----------------
Net increase in net assets derived from beneficial interest transactions 8,923,701,815 5,068,940,524
----------------- -----------------
Net Assets:
Total increase in net assets ........................................... 8,939,026,735 5,061,894,509
Beginning of year ...................................................... 41,984,752,867 36,922,858,358
----------------- -----------------
End of year ............................................................ $ 50,923,779,602 $ 41,984,752,867
================= =================
</TABLE>
See Notes to Financial Statements.
12
<PAGE>
CMA MONEY FUND
FINANCIAL HIGHLIGHTS
<TABLE>
<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: 1998 1997 1996 1995 1994
- ---------------------------------------------------------------------------------------------------------------------
<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 ............... .0512 .0490 .0529 .0437 .0276
Realized and unrealized gain (loss) on
investments-- net ..................... .0004 -- .0003 .0005 (.0005)
----------- ----------- ----------- ----------- -----------
Total from investment operations ...... .0516 .0490 .0532 .0442 .0271
----------- ----------- ----------- ----------- -----------
Less dividends and distributions:
Investment income-- net ............. (.0512) (.0490) (.0529) (.0437) (.0276)
Realized gain on investments-- net .. (.0001) (.0002) (.0006) (.0003) (.0003)
----------- ----------- ----------- ----------- -----------
Total dividends and distributions ..... (.0513) (.0492) (.0535) (.0440) (.0279)
----------- ----------- ----------- ----------- -----------
Net asset value, end of year .......... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
=========== =========== =========== =========== ===========
Total Investment Return ............... 5.26% 5.04% 5.49% 4.50% 2.82%
=========== =========== =========== =========== ===========
Ratios to Average Net Assets:
Expenses, excluding interest expenses . .56% .55% -- -- --
=========== =========== =========== =========== ===========
Expenses .............................. .57% .56% .56% .56% .55%
=========== =========== =========== =========== ===========
Investment income and realized gain on
investments-- net ..................... 5.13% 4.89% 5.35% 4.42% 2.79%
=========== =========== =========== =========== ===========
Supplemental Data:
Net assets, end of year (in thousands) $50,923,780 $41,984,753 $36,922,858 $29,066,762 $27,071,882
=========== =========== =========== =========== ===========
</TABLE>
See Notes to Financial Statements.
13
<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. Other securities 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. Under such agreements, the bank or 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 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"). 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,
14
<PAGE>
CMA MONEY FUND
NOTES TO FINANCIAL STATEMENTS (CONCLUDED)
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 year ended March 31, 1998, the average amount outstanding was
approximately $61,663,000, and the daily weighted average interest rate was
5.06%.
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, 1998, 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, 1998 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.
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, 1998, 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 6, 1998
15
<PAGE>
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
Kevin J. McKenna--Senior Vice President
Joseph T. Monagle Jr.--Senior Vice President
Donald C. Burke--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--3/98
[Logo] Printed on post-consumer recycled paper
