[LOGO] CMA(R)
CMA MONEY FUND
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Annual Report
March 31, 1999
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[LOGO] Merrill Lynch
<PAGE>
DEAR SHAREHOLDER:
For the year ended March 31, 1999, CMA Money Fund paid shareholders a net
annualized dividend of 4.98%.* As of March 31, 1999, the Fund's 7-day yield was
4.40%.
The average portfolio maturity for CMA Money Fund at March 31, 1999 was 76 days,
compared to 83 days at September 30, 1998.
The Environment
There were some conflicting signals regarding the future direction of the US
economy during the quarter ended March 31, 1999. However, on balance the
economic outlook continued to be positive. The US economic expansion is ongoing,
especially in the consumer sector. Economic growth has not ignited inflation,
although the Organization for Petroleum Exporting Countries (OPEC) successfully
engineered a near-term increase in the price of crude oil. Against this
backdrop, the US Federal Reserve Board kept monetary policy on hold. In line
with our belief that Federal Reserve Board policy would remain on hold, we
maintained a constructive average maturity by adding to the Fund's position in
one-year certificates of deposit. Outside of the United States, signs of growth
are less apparent in other major industrial economies, although the economic
outlook appears to be improving in Europe. Although the crisis in Yugoslavia has
raised serious geopolitical concerns, it was not a significant factor in the
economic or investment outlook. In Japan, there are not yet clear signs that
Japan's economy is improving, and the emerging economies remain tentative.
* Based on a constant investment throughout the period, with dividends
compounded daily, and reflecting a net return to the investor after all
expenses.
In the US capital markets, long-term interest rates have risen somewhat thus far
in 1999, but yield spreads between Treasury and corporate issues are tightening.
However, the major news was the Dow Jones Industrial Average closing above the
10,000 level for the first time; shortly after the end of the March quarter,
other stock market indexes reached record high levels. Nevertheless, the US
stock market's rise was very narrow in scope, with relatively few
large-capitalization issues accounting for the advance.
The Fund's portfolio composition at the end of the March period and as of our
last report to shareholders is detailed below:
3/31/99 9/30/98
------- -------
Bank Notes ......................................... 4.0% 4.4%
Certificates of Deposit ............................ 0.5 0.8
Certificates of Deposit--European .................. 3.3 1.9
Certificates of Deposit--Yankee* ................... 7.9 6.7
Commercial Paper ................................... 41.7 35.6
Corporate Notes .................................... 4.0 5.4
Funding Agreements ................................. 1.7 1.4
Master Notes ....................................... 3.4 1.5
Medium-Term Notes .................................. 7.1 10.4
Repurchase Agreements .............................. 0.1 0.3
Time Deposits ...................................... -- 0.3
US Government & Agency
Obligations--Discount Notes ........................ 9.3 11.3
US Government & Agency
Obligations--Non-Discount Notes .................... 18.5 20.6
Liabilities in Excess of Other Assets .............. (1.5) (0.6)
----- -----
Total .............................................. 100.0% 100.0%
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* 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/ Terry K. Glenn
Terry K. Glenn
President and Trustee
/s/ Kevin J. McKenna
Kevin J. McKenna
Senior Vice President and
Senior Portfolio Manager
May 13, 1999
================================================================================
After more than 20 years of service, Arthur Zeikel recently retired as Chairman
of Merrill Lynch Asset Management, L.P. (MLAM). Mr. Zeikel served as President
of MLAM from 1977 to 1997 and as Chairman since December 1997. Mr. Zeikel is one
of the country's most respected leaders in asset management and presided over
the growth of Merrill Lynch's asset management business. During his tenure,
client assets under management grew from $300 million to over $500 billion. Mr.
Zeikel will remain on CMA Money Fund's Board of Trustees. We are pleased to
announce that Terry K. Glenn has been elected President and Trustee of the Fund.
Mr. Glenn has held the position of Executive Vice President of MLAM since 1983.
Mr. Zeikel's colleagues at MLAM join the Fund's Board of Trustees in wishing him
well in his retirement from Merrill Lynch and are pleased that he will continue
as a member of the Fund's Board of Trustees.
================================================================================
2
<PAGE>
CMA MONEY FUND
SCHEDULE OF INVESTMENTS AS OF MARCH 31, 1999 (IN THOUSANDS)
<TABLE>
<CAPTION>
Face Interest Maturity Value
Issue Amount Rate* Date (Note 1a)
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Bank Notes--4.0%
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<S> <C> <C> <C> <C>
Comerica Bank, Detroit $ 100,000 4.934+% 11/23/99 $ 99,974
100,000 4.90+ 4/03/00 99,942
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FCC National Bank 90,000 5.00 10/01/99 89,980
150,000 4.90+ 3/23/00 149,928
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First Tennessee 25,000 4.89+ 6/09/99 24,996
Bank N.A
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First Union National 260,000 4.89+ 8/30/99 260,000
Bank 65,000 5.02+ 11/16/99 65,013
75,000 5.03+ 11/17/99 75,030
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Fleet National Bank 150,000 4.80+ 5/11/99 149,988
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Harris Trust and 100,000 4.87 5/18/99 100,000
Savings
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KeyBank National 50,000 4.96+ 5/05/99 49,997
Association
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National City Bank, 50,000 4.88+ 3/29/00 49,966
Ohio 48,000 4.888+ 3/29/00 47,971
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NationsBank N.A 100,000 5.00 6/30/99 100,014
150,000 4.83+ 7/30/99 149,981
100,000 4.83+ 8/24/99 99,984
237,500 4.92+ 3/16/00 237,433
250,000 4.91+ 4/05/00 249,901
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Old Kent Bank 50,000 4.81+ 6/30/99 49,993
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PNC Bank N.A 150,000 4.984+ 11/03/99 150,029
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U.S. Bank N.A., 100,000 4.828+ 5/20/99 99,992
North Dakota
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Total Bank Notes (Cost--$2,400,035) ....................................................... 2,400,112
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Certificates of Deposit--0.5%
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Bank of America 100,000 4.99 6/30/99 100,012
N.T. & S.A
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Chase Manhattan Bank 20,000 5.70 7/02/99 20,030
USA, N.A 175,000 5.18 3/15/00 174,948
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Total Certificates of Deposit (Cost--$294,917) ............................................ 294,990
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Certificates of Deposit--Europe--3.3%
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Abbey National 286,000 5.00+ 10/29/99 286,000
Treasury Services Plc, 286,000 4.993+ 11/01/99 286,000
London
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Bank Austria AG 50,000 4.89 5/10/99 49,996
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Bank of Nova Scotia 25,000 4.93 4/08/99 25,000
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Bank of Scotland 65,000 4.93 4/12/99 65,000
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Banque Nationale 50,000 4.94 4/08/99 50,000
de Paris 30,000 5.06 5/19/99 30,002
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Bayerische 100,000 4.86 4/26/99 99,995
Vereinsbank AG, 50,000 4.89 5/10/99 49,996
London 18,000 4.90 5/18/99 17,999
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Credit Agricole 50,000 4.93 4/12/99 50,000
Indosuez
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Den Norske Bank ASA 50,000 4.91 5/17/99 49,997
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ING Bank N.V 150,000 5.05 12/02/99 149,926
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KBC Bank N.V 100,000 4.89 4/09/99 100,000
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Landesbank 10,000 4.92 4/15/99 10,000
Baden-Wurttemberg 50,000 4.89 4/20/99 49,999
40,000 4.89 4/26/99 39,998
50,000 4.89 5/12/99 49,996
50,000 4.93 6/01/99 50,001
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Landesbank Hessen- 100,000 4.93 4/13/99 100,000
Thuringen Girozentrale 50,000 4.92 5/11/99 49,997
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National Australia 40,000 4.88 5/05/99 39,997
Bank Limited
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Norddeutsche 50,000 4.94 4/08/99 50,000
Landesbank
Girozentrale
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Svenska 125,000 4.96 4/07/99 125,001
Handelsbanken AB 100,000 5.04 4/19/99 99,744
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Westdeutsche 50,000 4.97 4/06/99 50,000
Landesbank
Girozentrale, NY
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Total Certificates of Deposit--Europe
(Cost--$2,024,755) ........................................................................ 2,024,644
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Certificates of Deposit--Yankee--7.9%
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ABN-AMRO Bank N.V 50,000 5.05 6/28/99 50,010
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Bank Austria AG, NY 25,000 4.878+ 6/03/99 24,995
125,000 5.25 3/01/00 125,030
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Bank of Montreal, 115,000 4.82+ 7/15/99 114,984
Chicago 35,000 4.83+ 7/22/99 34,994
250,000 4.895+ 3/30/00 249,865
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Bank of Nova Scotia, 10,000 5.59 8/23/99 10,019
Portland 75,000 5.185 2/28/00 74,994
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Bank of Scotland, NY 75,000 4.95 4/06/99 75,000
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Banque Nationale 50,000 4.98 4/05/99 50,000
de Paris, 20,000 4.86 4/27/99 19,999
San Francisco 50,000 4.91 5/24/99 49,997
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Barclays Bank Plc, NY 100,000 4.78 6/01/99 99,985
350,000 4.89 3/15/00 349,802
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Bayerische Landesbank 134,000 4.805+ 6/30/99 133,975
Girozentrale, NY 50,000 5.65 7/23/99 50,085
100,000 4.89+ 3/30/00 99,941
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Bayerische 150,000 5.27 3/03/00 150,065
Vereinsbank AG, NY 172,000 5.15 3/23/00 171,908
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Canadian Imperial 150,000 5.18 2/25/00 149,980
Bank of Commerce, NY
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Commerzbank AG, NY 110,000 5.085 2/17/00 109,890
75,000 5.185 2/25/00 74,993
15,000 5.31 3/01/00 15,012
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Credit Agricole 60,000 5.16 4/03/00 59,977
Indosuez, NY 190,000 5.11 4/06/00 189,835
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Credit Suisse First 103,000 4.95+ 5/12/99 103,000
Boston, NY
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</TABLE>
3
<PAGE>
CMA MONEY FUND
SCHEDULE OF INVESTMENTS AS OF MARCH 31, 1999 (CONTINUED) (IN THOUSANDS)
<TABLE>
<CAPTION>
Face Interest Maturity Value
Issue Amount Rate* Date (Note 1a)
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Certificates of Deposit--Yankee (concluded)
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<S> <C> <C> <C> <C>
Deutsche Bank AG, NY $ 75,000 4.93% 4/05/99 $ 75,000
50,000 5.72 4/16/99 50,012
10,000 5.75 5/12/99 10,007
425,000 4.85 5/18/99 424,954
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Fleet National Bank 82,750 4.90+ 4/17/00 82,709
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Rabobank Nederland 150,000 5.27 3/03/00 150,065
N.V., NY
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Royal Bank of 100,000 4.88+ 6/09/99 99,987
Canada, NY 37,000 4.807+ 6/29/99 36,994
150,000 4.805+ 7/13/99 149,972
100,000 4.895+ 3/15/00 99,948
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Societe Generale, NY 33,000 5.75 4/06/99 33,003
95,000 5.16 2/22/00 94,967
105,000 5.18 2/28/00 104,986
25,000 5.22 2/28/00 25,006
70,000 5.22 2/29/00 70,016
72,000 5.29 3/03/00 72,044
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Svenska 25,000 5.75 4/26/99 25,011
Handelsbanken AB, NY 50,000 5.195 2/28/00 50,000
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Toronto Dominion Bank, 168,000 4.884+ 6/04/99 167,966
NY 50,000 4.88+ 6/09/99 49,990
100,000 4.805+ 7/13/99 99,981
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UBS AG, Stanford 50,000 5.20 2/29/00 50,002
10,000 5.18 3/15/00 9,997
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Westdeutsche 47,173 5.00 4/09/99 47,174
Landesbank 52,827 4.95 6/28/99 52,826
Girozentrale, NY
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Total Certificates of Deposit--Yankee
(Cost--$4,770,327) ........................................................................ 4,770,952
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Commercial Paper--41.7%
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AESOP Funding 23,645 4.85 4/01/99 23,642
Corp. 42,000 5.00 4/07/99 41,959
45,715 4.87 4/09/99 45,659
17,600 4.87 4/15/99 17,564
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ANZ (DEL), Inc. 37,000 4.86 4/06/99 36,970
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Alpine Securitization 26,844 4.88 5/04/99 26,720
Corporation 39,000 4.90 5/04/99 38,821
25,299 4.83 5/07/99 25,172
25,419 4.88 5/12/99 25,274
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American Honda 35,000 4.85 5/04/99 34,840
Finance Corp. 35,000 4.85 5/06/99 34,830
54,500 4.85 5/27/99 54,079
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Amsterdam Funding 17,101 4.90 4/01/99 17,099
Corp. 42,622 4.90 4/12/99 42,552
28,174 4.90 4/14/99 28,120
30,017 4.92 5/06/99 29,869
31,724 4.87 5/14/99 31,535
25,187 4.86 5/26/99 24,996
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Apreco, Inc. 10,000 5.09 4/15/99 9,980
40,000 4.90 5/05/99 39,810
20,000 4.85 5/11/99 19,889
50,000 4.87 5/21/99 49,655
10,000 4.87 5/25/99 9,925
20,000 4.87 6/17/99 19,790
50,000 4.85 6/21/99 49,449
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Arco British Limited 50,000 4.80 4/19/99 49,872
20,000 4.87 6/10/99 19,809
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Asset Securitization 51,000 4.87 4/14/99 50,903
Cooperative Corp. 40,000 5.08 4/15/99 39,919
142,000 5.12 4/16/99 141,694
173,000 4.87 4/29/99 172,321
153,000 4.85 6/07/99 151,601
300,000 4.85 6/08/99 297,217
40,000 4.86 6/09/99 39,624
14,000 4.865 6/10/99 13,866
100,000 4.85 6/16/99 98,965
100,000 4.85 6/17/99 98,951
10,000 4.84 6/22/99 9,888
33,000 4.85 6/23/99 32,627
105,000 4.84 6/25/99 103,786
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Associate First 50,000 4.87 4/05/99 49,966
Capital BV 50,000 4.87 4/08/99 49,946
25,000 4.85 5/14/99 24,852
75,000 5.01 6/25/99 74,133
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Associates Corporation 75,000 4.83 5/06/99 74,634
of North America
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Associates First 75,000 4.82 5/03/99 74,665
Capital Corp. 50,000 4.85 5/03/99 49,776
75,000 4.82 5/04/99 74,654
50,000 4.85 5/04/99 49,770
50,000 4.81 5/05/99 49,763
50,000 4.93 5/27/99 49,614
41,000 4.93 5/28/99 40,678
100,000 4.85 6/18/99 98,938
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Atlantis One Funding 107,841 4.89 4/14/99 107,638
Corp. 12,227 4.90 4/15/99 12,202
39,400 5.10 4/22/99 39,283
24,774 5.09 4/23/99 24,697
71,299 4.82 4/27/99 71,037
49,002 4.80 5/12/99 48,723
66,222 4.83 5/12/99 65,845
19,948 4.82 5/13/99 19,832
27,366 4.83 5/13/99 27,206
130,000 4.85 5/26/99 129,013
18,000 4.85 5/27/99 17,861
133,899 4.86 6/25/99 132,351
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BBL North America 24,695 4.86 5/10/99 24,561
Funding Corp. 25,000 4.85 6/10/99 24,761
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Banco Bozano, 15,000 5.17 5/10/99 14,919
Simonsen S.A.,
Grand Cayman Branch
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BankAmerica Corp. 50,000 4.79 10/05/99 48,736
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Bank of Scotland 60,000 4.81 5/04/99 59,723
Treasury Services Plc
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</TABLE>
4
<PAGE>
CMA MONEY FUND
SCHEDULE OF INVESTMENTS AS OF MARCH 31, 1999 (CONTINUED) (IN THOUSANDS)
<TABLE>
<CAPTION>
Face Interest Maturity Value
Issue Amount Rate* Date (Note 1a)
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Commercial Paper (continued)
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<S> <C> <C> <C> <C>
- --------------------------------------------------------------------------------------------------------
Bear Stearns $ 100,000 4.87% 4/13/99 $ 99,824
Companies, Inc.
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CIT Group Holdings, 100,000 5.02 4/06/99 99,919
Inc. (The)
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COFCO Capital Corp. 15,000 4.85 6/24/99 14,829
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CXC Incorporated 20,000 4.89 4/08/99 19,978
50,000 4.90 4/08/99 49,946
25,000 4.82 4/16/99 24,946
30,000 4.82 5/06/99 29,854
50,000 4.85 5/11/99 49,722
50,000 4.83 5/12/99 49,715
50,000 4.80 5/13/99 49,709
25,000 4.83 5/13/99 24,854
50,000 4.84 5/13/99 49,709
50,000 4.84 5/18/99 49,675
50,000 4.81 5/19/99 49,668
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Caisse des Depots et 66,000 5.10 4/01/99 65,991
Consignations
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Carnival (UK) Plc 25,630 4.87 6/08/99 25,392
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Centric Capital Corp. 10,826 4.87 4/05/99 10,819
18,300 4.88 4/05/99 18,287
110,024 4.90 4/05/99 109,949
103,500 4.88 4/06/99 103,416
16,000 4.89 4/29/99 15,937
33,375 4.89 4/30/99 33,239
10,600 4.85 5/03/99 10,553
20,000 4.83 5/04/99 19,908
24,200 5.10 5/05/99 24,085
10,035 4.84 5/10/99 9,981
5,000 4.86 5/13/99 4,971
35,000 4.87 5/13/99 34,796
10,178 4.85 5/24/99 10,104
10,350 4.89 5/24/99 10,274
14,700 4.89 5/26/99 14,588
24,681 4.87 5/28/99 24,487
18,000 4.85 6/10/99 17,828
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China Merchants 89,000 4.89 5/26/99 88,324
(Cayman 2) Inc., 28,750 4.875 6/01/99 28,510
Series A
- --------------------------------------------------------------------------------------------------------
China Merchants 63,250 4.89 5/27/99 62,761
(Cayman) Inc., 33,000 4.87 6/09/99 32,689
Series B
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Chrysler Financial Corp. 150,000 4.87 4/01/99 149,980
- --------------------------------------------------------------------------------------------------------
Ciesco L.P. 50,000 4.84 6/04/99 49,563
- --------------------------------------------------------------------------------------------------------
Clipper Receivables 50,000 4.83 4/21/99 49,858
Corp. 50,000 4.82 5/06/99 49,756
50,000 4.82 5/07/99 49,749
10,000 4.87 6/10/99 9,905
- --------------------------------------------------------------------------------------------------------
Commercial Credit Corp. 50,000 4.87 4/12/99 49,919
50,000 4.88 4/20/99 49,864
50,000 4.88 4/22/99 49,851
- --------------------------------------------------------------------------------------------------------
Commonwealth Bank 43,776 4.86 4/06/99 43,741
of Australia 20,000 4.805 5/03/99 19,911
- --------------------------------------------------------------------------------------------------------
Concord Minutemen 51,000 4.84 4/08/99 50,945
Capital Co. LLC 45,000 4.82 4/20/99 44,879
83,834 4.85 5/21/99 83,254
12,235 4.86 5/21/99 12,150
- --------------------------------------------------------------------------------------------------------
Contifinancial Corp. 23,300 4.84 5/12/99 23,167
10,000 4.88 5/26/99 9,924
- --------------------------------------------------------------------------------------------------------
Corporate Asset 75,000 4.90 4/05/99 74,949
Funding Co. Inc. 29,000 4.89 4/06/99 28,976
19,414 4.87 4/09/99 19,390
23,809 4.88 4/28/99 23,719
50,000 4.87 5/06/99 49,756
25,000 4.89 5/06/99 24,878
75,142 4.82 5/07/99 74,765
100,000 4.84 5/17/99 99,363
50,000 4.87 5/20/99 49,661
75,000 4.87 5/26/99 74,431
100,000 4.86 6/02/99 99,153
25,000 4.85 6/04/99 24,782
27,635 4.85 6/09/99 27,375
125,000 4.85 6/23/99 123,588
- --------------------------------------------------------------------------------------------------------
Corporate Receivables 100,000 4.90 4/08/99 99,892
Corp. 50,000 4.87 4/14/99 49,906
50,000 4.82 4/19/99 49,872
50,000 4.84 5/06/99 49,756
50,000 4.82 5/07/99 49,749
75,000 4.84 5/07/99 74,624
75,000 4.84 5/10/99 74,593
20,000 4.83 5/13/99 19,883
15,000 4.87 5/14/99 14,911
50,000 4.84 5/18/99 49,675
75,000 4.84 5/19/99 74,502
90,000 4.84 5/20/99 89,390
50,000 4.85 6/04/99 49,563
- --------------------------------------------------------------------------------------------------------
Countrywide Home 25,000 4.90 4/09/99 24,969
Loans, Inc. 25,000 4.90 4/14/99 24,952
65,000 4.91 5/24/99 64,521
- --------------------------------------------------------------------------------------------------------
Credit Suisse 50,000 4.88 4/07/99 49,953
First Boston Inc.
- --------------------------------------------------------------------------------------------------------
Daimler-Benz North 57,000 5.00 4/26/99 56,798
America Corp. 43,000 4.85 5/14/99 42,745
100,000 4.85 5/17/99 99,363
100,000 4.89 5/26/99 99,241
50,000 4.85 6/02/99 49,577
- --------------------------------------------------------------------------------------------------------
Delaware Funding Corp. 101,233 4.82 4/20/99 100,960
37,682 4.87 4/22/99 37,570
48,653 4.82 4/23/99 48,502
80,738 4.87 4/23/99 80,487
23,927 4.82 4/26/99 23,842
27,970 4.82 4/27/99 27,867
100,000 4.82 4/28/99 99,621
126,064 4.85 5/18/99 125,244
20,248 4.84 6/14/99 20,044
50,585 4.84 6/15/99 50,068
50,751 4.84 6/18/99 50,212
- --------------------------------------------------------------------------------------------------------
</TABLE>
5
<PAGE>
CMA MONEY FUND
SCHEDULE OF INVESTMENTS AS OF MARCH 31, 1999 (CONTINUED) (IN THOUSANDS)
<TABLE>
<CAPTION>
Face Interest Maturity Value
Issue Amount Rate* Date (Note 1a)
- --------------------------------------------------------------------------------------------------------
Commercial Paper (continued)
- --------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
- --------------------------------------------------------------------------------------------------------
Den Danske Corp. $ 25,000 4.87% 4/06/99 $ 24,980
75,000 4.82 5/05/99 74,644
- --------------------------------------------------------------------------------------------------------
Den Norske Bank ASA 50,000 4.84 6/10/99 49,523
- --------------------------------------------------------------------------------------------------------
Deutsche Bank 32,000 4.82 5/10/99 31,827
Financial Inc.
- --------------------------------------------------------------------------------------------------------
Diageo Capital Plc 52,000 4.84 7/12/99 51,281
- --------------------------------------------------------------------------------------------------------
Dixie Overseas Limited 75,000 4.94 4/30/99 74,691
- --------------------------------------------------------------------------------------------------------
Edison Asset 64,142 4.90 4/01/99 64,133
Securitization, LLC 85,000 4.89 4/08/99 84,908
61,000 4.88 4/12/99 60,901
8,983 4.85 5/25/99 8,916
100,000 4.84 5/27/99 99,227
41,272 4.82 5/28/99 40,948
77,915 4.85 6/07/99 77,203
100,000 4.87 6/08/99 99,072
139,258 4.85 6/09/99 137,947
- --------------------------------------------------------------------------------------------------------
Eksportfinans ASA 22,160 4.81 5/05/99 22,055
- --------------------------------------------------------------------------------------------------------
Eureka Securitization 50,000 4.90 4/01/99 49,993
Inc. 50,000 4.90 4/12/99 49,918
25,000 4.90 4/13/99 24,956
30,000 4.88 4/19/99 29,923
20,000 4.88 4/23/99 19,938
25,000 4.85 6/03/99 24,785
- --------------------------------------------------------------------------------------------------------
FCE Bank Plc 15,000 5.06 4/06/99 14,988
50,000 5.06 4/07/99 49,953
20,000 5.06 4/09/99 19,976
15,000 5.01 4/13/99 14,974
- --------------------------------------------------------------------------------------------------------
Falcon Asset 21,970 4.90 4/05/99 21,955
Securitization Corp. 50,000 4.87 4/06/99 49,959
38,550 4.90 4/06/99 38,519
90,550 4.86 4/08/99 90,452
30,000 4.90 4/09/99 29,963
22,810 4.89 4/12/99 22,773
25,000 4.89 4/13/99 24,956
18,610 4.82 4/16/99 18,570
50,000 4.89 4/19/99 49,871
26,300 4.89 4/22/99 26,221
15,400 4.89 4/23/99 15,352
52,441 4.87 4/27/99 52,249
25,305 4.81 5/04/99 25,188
40,000 4.86 5/05/99 39,811
14,181 4.88 5/05/99 14,114
15,369 4.89 5/05/99 15,296
25,300 4.84 5/20/99 25,129
10,000 4.84 5/24/99 9,927
- --------------------------------------------------------------------------------------------------------
Finova Capital Corp. 15,000 4.85 6/11/99 14,855
36,800 4.90 6/17/99 36,414
13,200 4.85 6/18/99 13,060
10,000 4.92 6/23/99 9,887
15,000 4.86 6/24/99 14,829
25,000 4.89 6/25/99 24,711
35,000 4.88 8/16/99 34,352
- --------------------------------------------------------------------------------------------------------
Ford Motor Credit 150,000 4.88 4/05/99 149,898
Company 201,676 4.88 4/06/99 201,512
150,000 4.88 4/07/99 149,858
300,000 4.80 5/04/99 298,617
300,000 4.80 5/07/99 298,495
175,000 4.83 6/03/99 173,494
175,000 4.83 6/04/99 173,471
200,000 4.83 6/10/99 198,091
200,000 4.83 6/11/99 198,064
- --------------------------------------------------------------------------------------------------------
Formosa Plastics 30,000 4.95 4/06/99 29,976
Corporation, USA 10,000 4.90 4/13/99 9,982
17,000 4.85 5/07/99 16,915
20,500 4.88 5/14/99 20,378
37,000 4.85 5/27/99 36,714
25,000 4.86 6/11/99 24,758
- --------------------------------------------------------------------------------------------------------
Four Winds Funding 128,000 4.89 4/05/99 127,913
Corp. 155,714 4.87 4/16/99 155,377
15,459 4.88 5/07/99 15,381
57,078 4.86 6/16/99 56,487
- --------------------------------------------------------------------------------------------------------
General Electric 100,000 5.05 4/05/99 99,933
Capital Corp. 150,000 4.82 4/28/99 149,432
150,000 4.82 4/29/99 149,412
100,000 4.84 5/04/99 99,539
100,000 4.80 5/05/99 99,526
50,000 4.80 5/07/99 49,749
200,000 4.80 5/10/99 198,916
40,000 4.94 5/28/99 39,686
200,000 4.83 6/08/99 198,145
100,000 4.83 6/09/99 99,059
160,000 4.85 6/09/99 158,494
41,000 4.85 6/14/99 40,587
150,000 4.86 6/17/99 148,427
122,000 4.86 6/18/99 120,704
- --------------------------------------------------------------------------------------------------------
General Electric 100,000 4.84 5/04/99 99,539
Capital Services Inc. 50,000 4.80 5/10/99 49,729
75,000 4.83 5/13/99 74,563
50,000 4.83 5/25/99 49,627
100,000 4.83 6/09/99 99,059
100,000 4.85 6/10/99 99,045
100,000 4.85 6/14/99 98,992
- --------------------------------------------------------------------------------------------------------
General Electric Co. 100,000 4.87 4/14/99 99,811
100,000 4.84 6/04/99 99,126
- --------------------------------------------------------------------------------------------------------
General Motors 200,000 4.88 4/06/99 199,837
Acceptance Corp. 50,000 4.86 4/22/99 49,852
250,000 4.81 4/30/99 248,985
100,000 4.83 5/13/99 99,417
100,000 4.84 5/20/99 99,322
- --------------------------------------------------------------------------------------------------------
Generale Bank, Inc. 55,000 4.88 4/07/99 54,948
50,000 4.84 6/16/99 49,482
- --------------------------------------------------------------------------------------------------------
Glencore Finance 70,000 4.90 4/05/99 69,952
(Bermuda) Ltd. 17,723 4.88 4/07/99 17,706
Series B 11,602 4.91 4/07/99 11,591
76,565 4.90 4/09/99 76,471
- --------------------------------------------------------------------------------------------------------
</TABLE>
6
<PAGE>
CMA MONEY FUND
SCHEDULE OF INVESTMENTS AS OF MARCH 31, 1999 (CONTINUED) (IN THOUSANDS)
<TABLE>
<CAPTION>
Face Interest Maturity Value
Issue Amount Rate* Date (Note 1a)
- --------------------------------------------------------------------------------------------------------
Commercial Paper (continued)
- --------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
- --------------------------------------------------------------------------------------------------------
Grand Funding Corp. $ 5,580 4.88% 4/01/99 $ 5,579
22,480 4.88 4/13/99 22,441
30,000 4.89 4/14/99 29,943
26,903 4.87 5/06/99 26,772
35,095 4.85 5/07/99 34,919
14,905 4.85 5/10/99 14,824
50,000 4.87 5/11/99 49,723
20,990 4.88 5/14/99 20,865
77,324 4.87 5/19/99 76,811
16,723 4.88 5/19/99 16,612
- --------------------------------------------------------------------------------------------------------
Greenwich Funding Corp. 24,500 4.81 4/29/99 24,404
10,124 4.83 4/30/99 10,083
53,452 4.81 5/03/99 53,213
45,541 4.88 5/04/99 45,331
18,776 4.84 5/19/99 18,651
22,607 4.84 6/15/99 22,376
124,233 4.85 6/15/99 122,964
- --------------------------------------------------------------------------------------------------------
Greyhawk Capital Corp. 15,000 4.90 4/08/99 14,984
35,000 4.80 5/06/99 34,829
- --------------------------------------------------------------------------------------------------------
Household Finance 100,000 4.87 4/13/99 99,825
Corp. 100,000 4.87 4/14/99 99,811
- --------------------------------------------------------------------------------------------------------
International 16,960 4.90 4/19/99 16,916
Securitization Corp. 50,000 4.84 5/06/99 49,756
28,365 4.86 5/17/99 28,185
10,000 4.88 5/17/99 9,936
25,195 4.86 5/20/99 25,025
15,880 4.85 6/15/99 15,718
39,000 4.86 6/15/99 38,601
9,280 4.87 7/29/99 9,131
- --------------------------------------------------------------------------------------------------------
Internationale 100,000 4.84 6/21/99 98,898
Nederlanden (US)
Funding Corp.
- --------------------------------------------------------------------------------------------------------
InterPeru Funding 29,000 5.05 4/06/99 28,976
Limited
- --------------------------------------------------------------------------------------------------------
John Deere 100,000 4.80 5/07/99 99,498
Capital Corp.
- --------------------------------------------------------------------------------------------------------
Knight-Ridder, Inc. 25,000 5.15 4/21/99 24,929
25,000 4.86 6/22/99 24,721
- --------------------------------------------------------------------------------------------------------
Lehman Brothers 80,000 5.04 6/07/99 79,269
Holdings Inc.
- --------------------------------------------------------------------------------------------------------
Lexington Parker 10,050 4.90 4/06/99 10,042
Capital Company, LLC 50,000 4.90 4/08/99 49,946
33,900 4.91 4/08/99 33,863
50,000 4.91 4/14/99 49,905
99,000 4.91 4/15/99 98,797
20,000 4.86 6/03/99 19,828
96,462 4.88 8/20/99 94,624
- --------------------------------------------------------------------------------------------------------
Minmetals Capitals & 30,000 5.41 4/07/99 29,972
Securities Inc. 25,000 4.82 4/27/99 24,908
- --------------------------------------------------------------------------------------------------------
Mont Blanc Capital Corp. 11,263 4.88 4/19/99 11,234
47,000 4.89 4/21/99 46,866
16,183 4.88 4/23/99 16,133
50,000 4.84 4/26/99 49,823
61,290 4.89 4/26/99 61,074
54,000 4.85 5/11/99 53,700
19,763 4.85 5/12/99 19,650
40,000 4.88 5/12/99 39,772
- --------------------------------------------------------------------------------------------------------
Monte Rosa Capital 49,967 4.89 5/03/99 49,743
Corporation 57,609 4.89 5/06/99 57,327
76,117 4.89 5/10/99 75,704
116,307 4.88 5/17/99 115,566
- --------------------------------------------------------------------------------------------------------
Morgan Stanley, Dean 128,589 4.86 5/06/99 127,961
Witter & Co. 121,411 4.85 6/18/99 120,121
- --------------------------------------------------------------------------------------------------------
New Center Asset Trust 100,000 4.90 4/06/99 99,918
330,000 4.82 5/03/99 328,524
50,000 4.84 5/11/99 49,722
100,000 4.83 5/13/99 99,417
100,000 4.84 5/20/99 99,322
50,000 4.84 5/24/99 49,634
70,000 4.83 5/25/99 69,478
200,000 4.85 6/17/99 197,903
- --------------------------------------------------------------------------------------------------------
Nordbanken North 125,000 4.83 6/15/99 123,723
America Inc.
- --------------------------------------------------------------------------------------------------------
Old Line Funding Corp. 10,044 4.90 4/01/99 10,043
27,570 4.87 4/05/99 27,551
39,381 4.90 4/05/99 39,355
100,673 4.87 4/08/99 100,564
16,785 4.87 4/09/99 16,765
37,759 4.89 4/12/99 37,698
74,045 4.90 4/12/99 73,924
14,156 4.87 4/21/99 14,116
29,587 4.89 4/21/99 29,502
- --------------------------------------------------------------------------------------------------------
Park Avenue 50,242 4.90 4/07/99 50,194
Receivables Corp. 21,141 4.90 4/22/99 21,078
16,193 4.88 4/28/99 16,132
22,384 4.88 5/04/99 22,281
31,233 4.87 5/13/99 31,051
50,569 4.87 5/17/99 50,247
- --------------------------------------------------------------------------------------------------------
Preferred Receivables 184,920 4.88 4/08/99 184,719
Funding Corp. 26,619 4.89 4/13/99 26,572
23,700 4.82 4/20/99 23,636
101,330 4.87 4/27/99 100,960
15,000 4.88 5/05/99 14,929
28,800 4.85 5/13/99 28,633
95,045 4.88 5/14/99 94,478
10,000 4.86 5/17/99 9,936
65,345 4.84 5/20/99 64,902
- --------------------------------------------------------------------------------------------------------
Prudential Funding Corp. 100,000 4.83 5/11/99 99,444
- --------------------------------------------------------------------------------------------------------
Repeat Offering 73,620 4.88 4/08/99 73,541
Securitization Entity
Funding, Inc.
- --------------------------------------------------------------------------------------------------------
Republic Industries 155,000 4.90 4/12/99 154,747
Funding Corp. 45,000 4.90 4/13/99 44,920
133,000 4.90 4/20/99 132,638
30,000 4.87 5/19/99 29,801
- --------------------------------------------------------------------------------------------------------
</TABLE>
7
<PAGE>
CMA MONEY FUND
SCHEDULE OF INVESTMENTS AS OF MARCH 31, 1999 (CONTINUED) (IN THOUSANDS)
<TABLE>
<CAPTION>
Face Interest Maturity Value
Issue Amount Rate* Date (Note 1a)
- --------------------------------------------------------------------------------------------------------
Commercial Paper (continued)
- --------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
- --------------------------------------------------------------------------------------------------------
Rio Tinto America Inc. $ 49,865 4.85% 6/04/99 $ 49,429
52,800 4.85 6/11/99 52,289
- --------------------------------------------------------------------------------------------------------
Riverwoods Funding 100,000 4.82 4/22/99 99,703
Corp. 50,000 4.87 5/03/99 49,777
- --------------------------------------------------------------------------------------------------------
Salomon, Smith Barney 64,000 4.89 4/09/99 63,922
Holdings, Inc. 95,000 4.81 4/12/99 94,846
141,000 4.87 4/27/99 140,485
- --------------------------------------------------------------------------------------------------------
Sears Roebuck 50,000 4.89 4/15/99 49,898
Acceptance Corp. 25,000 4.80 5/04/99 24,885
50,000 4.84 5/14/99 49,702
25,000 4.84 5/17/99 24,841
50,000 4.85 6/09/99 49,529
50,000 4.86 6/11/99 49,516
- --------------------------------------------------------------------------------------------------------
Sinochem American 16,000 5.07 4/12/99 15,974
C.P., Inc. 18,200 5.14 4/12/99 18,171
30,000 4.86 5/19/99 29,801
34,000 4.85 6/11/99 33,671
- --------------------------------------------------------------------------------------------------------
Sunkyong America, Inc. 14,000 5.07 4/09/99 13,983
63,000 4.83 5/13/99 62,633
10,000 4.86 5/17/99 9,936
12,350 4.88 6/09/99 12,234
- --------------------------------------------------------------------------------------------------------
Thames Asset Global 40,825 4.82 5/04/99 40,637
Securitization 80,952 4.82 5/05/99 80,568
110,022 4.85 5/17/99 109,321
- --------------------------------------------------------------------------------------------------------
Three Rivers Funding 31,358 4.90 4/26/99 31,247
Corp. 20,145 4.88 5/17/99 20,017
- --------------------------------------------------------------------------------------------------------
Transamerica Finance 14,300 4.81 4/29/99 14,244
Corporation
- --------------------------------------------------------------------------------------------------------
Tulip Funding Corp. 100,000 4.90 4/01/99 99,987
50,000 4.85 5/12/99 49,715
- --------------------------------------------------------------------------------------------------------
Unifunding Inc. 150,000 4.87 4/07/99 149,859
- --------------------------------------------------------------------------------------------------------
Variable Funding 87,000 4.90 4/01/99 86,988
Capital Corp. 100,000 4.87 4/08/99 99,892
50,000 4.88 4/20/99 49,864
63,182 4.88 4/23/99 62,985
38,000 4.83 4/26/99 37,866
50,000 4.81 5/07/99 49,749
100,000 4.84 5/24/99 99,268
49,483 4.85 5/24/99 49,121
62,335 4.85 6/11/99 61,732
- --------------------------------------------------------------------------------------------------------
Vattenfall Treasury, Inc. 50,000 4.84 6/16/99 49,482
- --------------------------------------------------------------------------------------------------------
Vereinsbank Finance 10,000 4.90 4/16/99 9,978
Delaware Inc.
- --------------------------------------------------------------------------------------------------------
WCP Funding Inc. 24,400 4.84 4/08/99 24,374
25,600 4.80 5/06/99 25,475
25,000 4.83 5/11/99 24,861
25,000 4.89 5/26/99 24,810
50,000 4.85 6/17/99 49,476
- --------------------------------------------------------------------------------------------------------
Windmill Funding Corp. 70,295 4.90 4/01/99 70,285
25,000 4.87 4/05/99 24,983
24,416 4.90 4/05/99 24,399
16,110 4.91 4/05/99 16,099
152,488 4.90 4/07/99 152,343
25,000 4.91 4/08/99 24,973
25,000 4.90 4/09/99 24,969
95,748 4.90 4/12/99 95,592
19,000 4.88 4/14/99 18,964
22,000 4.89 4/19/99 21,943
27,900 4.89 4/26/99 27,801
20,000 4.87 5/03/99 19,911
25,000 4.90 5/03/99 24,888
30,000 4.81 5/04/99 29,862
14,295 4.82 5/04/99 14,229
40,787 4.81 5/05/99 40,594
72,873 4.82 5/05/99 72,527
25,000 4.82 5/06/99 24,878
36,552 4.82 5/07/99 36,369
30,000 4.83 5/12/99 29,829
21,640 4.84 5/18/99 21,499
25,987 4.85 5/18/99 25,818
50,000 4.85 5/26/99 49,620
- --------------------------------------------------------------------------------------------------------
Woolwich PLC 44,500 4.87 4/06/99 44,464
- --------------------------------------------------------------------------------------------------------
Total Commercial Paper (Cost--$25,163,278) ................................................ 25,163,083
- --------------------------------------------------------------------------------------------------------
Corporate Notes--4.0%
- --------------------------------------------------------------------------------------------------------
Asset-Backed Securities 715,150 4.899+ 9/15/99 715,150
Investment Trust
(ABSIT) 1997-F
- --------------------------------------------------------------------------------------------------------
BankBoston Corporation 100,000 5.73 4/06/99 100,010
- --------------------------------------------------------------------------------------------------------
Copelco Capital 21,864 5.68 8/16/99 21,875
Funding Trust 1999-A++
- --------------------------------------------------------------------------------------------------------
Copelco Capital 68,000 5.018 3/15/00 68,000
Funding Trust 1999-1,
Class A-1 Notes
- --------------------------------------------------------------------------------------------------------
Ford Credit Auto 34,998 5.01 7/15/99 35,001
Owner Trust 1999-A, A-1++
- --------------------------------------------------------------------------------------------------------
Ford Credit Auto 100,000 5.089 1/18/00 100,000
Owner Trust 1999-A, A-2
- --------------------------------------------------------------------------------------------------------
LINCS, Series 1998-2 340,000 4.959+ 3/01/00 340,000
- --------------------------------------------------------------------------------------------------------
LINCS, Series 1998-6 285,000 4.979+ 11/18/99 285,000
- --------------------------------------------------------------------------------------------------------
LaSalle National Bank 100,000 4.90 6/22/99 100,002
- --------------------------------------------------------------------------------------------------------
Premier Auto Trust 47,276 5.14 7/08/99 47,291
1998-5, Class A-1++
- --------------------------------------------------------------------------------------------------------
Republic Mase 100,000 4.821+ 5/07/99 99,930
Australia Limited
- --------------------------------------------------------------------------------------------------------
Restructured Asset 230,000 4.928+ 8/13/99 230,000
Securities with
Enhanced Returns,
Series 1998-MM-7-1 Trust
- --------------------------------------------------------------------------------------------------------
Restructured Asset 286,000 5.053+ 1/21/00 286,000
Securities with
Enhanced Returns,
Series 1998-MM-12-3 Trust
- --------------------------------------------------------------------------------------------------------
Total Corporate Notes (Cost--$2,428,275) .................................................. 2,428,259
- --------------------------------------------------------------------------------------------------------
</TABLE>
8
<PAGE>
CMA MONEY FUND
SCHEDULE OF INVESTMENTS AS OF MARCH 31, 1999 (CONTINUED) (IN THOUSANDS)
<TABLE>
<CAPTION>
Face Interest Maturity Value
Issue Amount Rate* Date (Note 1a)
- --------------------------------------------------------------------------------------------------------
Funding Agreements--1.7%
- --------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
- --------------------------------------------------------------------------------------------------------
AIG Life Insurance $ 50,000 4.959+% 7/01/99 $ 50,000
Company
- --------------------------------------------------------------------------------------------------------
Allstate Life 45,000 4.967+ 6/30/99 45,000
Insurance Co.
- --------------------------------------------------------------------------------------------------------
John Hancock Mutual 125,000 5.003+ 7/30/99 125,000
Life Insurance Co.
- --------------------------------------------------------------------------------------------------------
Life Insurance Company 150,000 4.963+ 11/23/99 150,000
of Virginia
- --------------------------------------------------------------------------------------------------------
Pacific Life 40,000 4.993+ 6/01/99 40,000
Insurance Co. 40,000 4.969+ 10/01/99 40,000
- --------------------------------------------------------------------------------------------------------
Security Life of Denver 147,000 5.034+ 3/23/00 147,000
Insurance Co.
- --------------------------------------------------------------------------------------------------------
Transamerica 150,000 5.023+ 4/15/99 150,000
Life Insurance &
Annuity Company
- --------------------------------------------------------------------------------------------------------
Transamerica Occidental 75,000 4.963+ 11/22/99 75,000
Life Insurance Company 100,000 5.023+ 3/01/00 100,000
- --------------------------------------------------------------------------------------------------------
Travelers Insurance 25,000 4.993+ 4/01/99 25,000
Company (The) 25,000 4.963+ 9/21/99 25,000
25,000 4.969+ 2/01/00 25,000
45,000 4.993+ 2/01/00 45,000
- --------------------------------------------------------------------------------------------------------
Total Funding Agreements (Cost--$1,042,000) ............................................... 1,042,000
- --------------------------------------------------------------------------------------------------------
Master Notes--3.4%
- --------------------------------------------------------------------------------------------------------
Exxon Corp. 1,200,000 4.85 7/09/99 1,200,000
- --------------------------------------------------------------------------------------------------------
Goldman Sachs 700,000 4.963+ 10/15/99 700,000
Group, L.P. 130,000 4.963+ 11/18/99 130,000
- --------------------------------------------------------------------------------------------------------
Total Master Notes (Cost--$2,029,885) ..................................................... 2,030,000
- --------------------------------------------------------------------------------------------------------
Medium-Term Notes--7.1%
- --------------------------------------------------------------------------------------------------------
Abbey National 130,000 5.72+ 6/11/99 130,138
Treasury Services Plc 205,000 4.774+ 6/15/99 204,956
100,000 4.79+ 7/20/99 99,976
150,000 4.85+ 8/17/99 149,937
100,000 4.87+ 8/17/99 99,970
- --------------------------------------------------------------------------------------------------------
Bank of New York 25,000 4.851+ 7/22/99 24,993
Co., Inc.
- --------------------------------------------------------------------------------------------------------
Beneficial Corp. 35,000 5.053+ 9/10/99 35,021
- --------------------------------------------------------------------------------------------------------
CIT Group Holdings, 125,000 4.81 4/19/99 124,996
Inc. (The) 62,000 4.80+ 5/24/99 61,994
100,000 4.79+ 6/28/99 99,981
73,000 4.80+ 7/21/99 72,985
100,000 4.83+ 8/30/99 99,984
50,000 5.00+ 2/14/00 49,987
- --------------------------------------------------------------------------------------------------------
Credit Suisse 92,000 4.95 4/06/99 92,000
First Boston 67,000 4.95 4/09/99 67,000
- --------------------------------------------------------------------------------------------------------
du Pont (E.I.) de 89,500 5.079 4/03/00 89,455
Nemours & Co.
- --------------------------------------------------------------------------------------------------------
General Electric 160,000 4.82+ 6/03/99 159,986
Capital Corp. 45,000 4.898+ 6/03/99 44,994
80,000 4.899+ 6/04/99 79,990
97,000 4.905+ 6/08/99 96,988
100,000 4.905+ 6/09/99 99,988
40,000 5.028+ 9/03/99 40,004
- --------------------------------------------------------------------------------------------------------
General Motors 35,000 4.95+ 5/19/99 35,000
Acceptance Corp. 100,000 4.97+ 5/24/99 100,002
170,000 4.83+ 7/06/99 169,978
120,000 4.90+ 7/06/99 119,985
160,000 4.914+ 8/26/99 159,960
63,000 4.949+ 2/03/00 62,994
11,000 5.70+ 2/23/00 11,038
196,000 5.17+ 12/01/00 195,961
145,000 5.034+ 2/27/01 144,984
- --------------------------------------------------------------------------------------------------------
Goldman Sachs 118,000 5.03+ 4/11/00 117,976
Group, L.P.
- --------------------------------------------------------------------------------------------------------
Household Finance 148,000 4.95+ 9/13/99 147,985
Corp.
- --------------------------------------------------------------------------------------------------------
International Business 22,000 4.906 4/01/99 22,000
Machines Corp. 50,000 4.82+ 6/01/99 49,988
- --------------------------------------------------------------------------------------------------------
National Rural Utilities 75,000 4.92+ 9/21/99 74,993
Cooperative Finance
Corp.
- --------------------------------------------------------------------------------------------------------
Norwest Corporation 100,000 4.988+ 10/28/99 100,020
- --------------------------------------------------------------------------------------------------------
PepsiCo, Inc. 200,000 4.81+ 8/19/99 199,894
- --------------------------------------------------------------------------------------------------------
Svenska 100,000 4.938+ 8/19/99 99,980
Handelsbanken AB
- --------------------------------------------------------------------------------------------------------
Wells Fargo & Co. 75,000 4.88+ 4/26/00 74,946
- --------------------------------------------------------------------------------------------------------
Xerox Capital 150,000 4.89 8/20/99 149,970
(Europe) Plc
- --------------------------------------------------------------------------------------------------------
Xerox Credit 200,000 4.87+ 4/06/00 199,843
Corporation
- --------------------------------------------------------------------------------------------------------
Total Medium-Term Notes (Cost--$4,262,773) ................................................ 4,262,820
- --------------------------------------------------------------------------------------------------------
US Government & Agency Obligations--
Discount Notes--9.3%
- --------------------------------------------------------------------------------------------------------
Federal Farm 59,000 4.82 6/24/99 58,336
Credit Banks 47,000 5.27 6/30/99 46,433
25,000 5.25 7/28/99 24,607
20,837 4.66 8/11/99 20,471
39,000 4.45 8/19/99 38,273
49,000 4.58 8/27/99 48,035
- --------------------------------------------------------------------------------------------------------
Federal Home 100,000 4.71 6/23/99 98,887
Loan Banks 183,000 4.68 6/30/99 180,793
143,520 4.71 6/30/99 141,790
165,000 4.59 7/13/99 162,731
15,800 5.22 8/13/99 15,518
55,000 4.45 10/08/99 53,611
- --------------------------------------------------------------------------------------------------------
Federal Home Loan 25,627 4.78 4/06/99 25,607
Mortgage Corp. 74,164 4.85 4/09/99 74,076
113,779 4.78 6/02/99 112,829
250,000 4.81 6/02/99 247,913
71,075 4.78 6/04/99 70,463
75,792 4.79 6/04/99 75,139
81,523 4.78 6/07/99 80,788
35,000 4.78 6/09/99 34,675
- --------------------------------------------------------------------------------------------------------
</TABLE>
9
<PAGE>
CMA MONEY FUND
SCHEDULE OF INVESTMENTS AS OF MARCH 31, 1999 (CONTINUED) (IN THOUSANDS)
<TABLE>
<CAPTION>
Face Interest Maturity Value
Issue Amount Rate* Date (Note 1a)
- --------------------------------------------------------------------------------------------------------
US Government & Agency Obligations--
Discount Notes (continued)
- --------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
- --------------------------------------------------------------------------------------------------------
Federal Home Loan $ 40,376 4.775% 6/10/99 $ 39,996
Mortgage Corp. 150,000 4.78 6/10/99 148,589
(concluded) 75,000 4.79 6/10/99 74,294
19,796 4.52 8/30/99 19,398
37,200 4.46 10/01/99 36,295
- --------------------------------------------------------------------------------------------------------
Federal National 100,000 4.71 5/13/99 99,427
Mortgage Association 100,000 4.70 6/01/99 99,178
357,000 4.78 6/03/99 353,973
50,000 5.14 6/04/99 49,569
81,000 4.68 6/08/99 80,259
114,000 4.68 6/09/99 112,943
50,000 4.69 6/10/99 49,530
20,000 4.61 6/11/99 19,809
18,686 4.38 6/14/99 18,500
10,000 5.13 6/14/99 9,901
53,000 5.12 6/15/99 52,466
25,000 4.35 6/18/99 24,738
50,000 4.375 6/18/99 49,477
50,000 4.63 6/23/99 49,444
66,335 4.68 6/25/99 65,579
9,586 4.38 6/30/99 9,470
46,000 4.625 7/02/99 45,434
50,000 5.25 7/06/99 49,359
11,095 5.11 7/14/99 10,941
75,525 5.23 8/04/99 74,267
25,000 5.235 8/04/99 24,583
16,658 5.03 8/09/99 16,369
20,000 4.52 8/12/99 19,646
30,000 4.55 8/12/99 29,468
116,000 4.66 8/13/99 113,929
150,000 4.66 8/19/99 147,204
64,000 5.06 8/20/99 62,798
100,000 5.16 8/20/99 98,122
54,000 5.05 8/24/99 52,957
37,025 5.06 8/24/99 36,310
18,000 5.07 8/24/99 17,653
54,586 4.645 9/22/99 53,323
50,000 4.47 10/01/99 48,784
- --------------------------------------------------------------------------------------------------------
Student Loan 15,000 4.38 6/30/99 14,819
Marketing Association 85,000 4.60 6/30/99 83,975
50,000 4.62 6/30/99 49,397
53,133 4.72 6/30/99 52,493
- --------------------------------------------------------------------------------------------------------
US Treasury Bills 200,000 3.835 4/15/99 199,637
90,000 3.69 4/22/99 89,752
60,000 4.53 5/13/99 59,678
25,000 4.285 6/03/99 24,805
100,000 3.94 6/24/99 98,971
90,000 4.31 7/29/99 88,710
188,500 3.885 9/16/99 184,589
100,000 3.98 10/14/99 97,581
200,000 4.05 10/14/99 195,163
280,000 4.36 12/09/99 271,312
150,000 4.20 1/06/00 144,813
- --------------------------------------------------------------------------------------------------------
Total US Government & Agency Obligations--
Discount Notes (Cost--$5,632,491) ......................................................... 5,630,652
- --------------------------------------------------------------------------------------------------------
US Government & Agency Obligations--
Non-Discount Notes--18.5%
- --------------------------------------------------------------------------------------------------------
Federal Farm 380,000 5.12 10/01/99 380,160
Credit Banks 25,000 4.87+ 12/01/99 25,000
46,100 4.875 2/02/01 45,870
- --------------------------------------------------------------------------------------------------------
Federal Home 200,000 4.933+ 4/01/99 200,000
Loan Banks 200,000 4.968+ 4/09/99 199,997
53,000 5.63 6/15/99 53,051
257,000 4.938+ 8/12/99 256,944
275,000 5.028+ 9/02/99 274,942
200,000 6.05 9/13/99 200,880
60,000 4.88 10/01/99 59,958
51,615 4.71 10/08/99 51,528
178,000 4.84+ 11/09/99 177,936
650,000 4.84+ 11/12/99 649,762
529,000 4.84+ 11/16/99 528,767
75,000 4.895 2/04/00 74,858
29,405 5.445 2/04/00 29,473
- --------------------------------------------------------------------------------------------------------
Federal Home Loan 57,300 7.125 7/21/99 57,664
Mortgage Corp. 415,000 4.736+ 3/20/00 414,679
37,800 5.875 5/19/00 37,824
100,000 5.05 11/17/00 99,579
50,000 5.13 11/24/00 49,836
50,000 5.18 11/24/00 49,867
75,000 5.15 1/26/01 74,701
75,000 5.125 2/08/01 74,648
50,000 5.18 2/09/01 49,815
40,823 5.53 3/09/01 40,856
- --------------------------------------------------------------------------------------------------------
Federal National 454,000 4.98 5/12/99 453,959
Mortgage Association 200,000 4.511+ 6/02/99 199,942
315,000 4.902+ 7/15/99 314,954
40,000 4.511+ 7/26/99 39,978
580,000 4.907+ 7/30/99 579,840
100,000 5.86 7/30/99 100,282
80,000 5.86 8/04/99 80,224
255,000 4.967+ 8/19/99 254,927
310,000 5.08 9/24/99 310,062
117,000 5.83 9/27/99 117,445
</TABLE>
10
<PAGE>
CMA MONEY FUND
SCHEDULE OF INVESTMENTS AS OF MARCH 31, 1999 (CONCLUDED) (IN THOUSANDS)
<TABLE>
<CAPTION>
Face Interest Maturity Value
Issue Amount Rate* Date (Note 1a)
- --------------------------------------------------------------------------------------------------------
US Government & Agency Obligations--
Non-Discount Notes (continued)
- --------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
- --------------------------------------------------------------------------------------------------------
Federal National $ 82,100 4.81% 10/05/99 $ 82,006
Mortgage Association 84,811 4.63 10/14/99 84,633
(concluded) 324,000 5.002+ 10/27/99 323,912
200,000 5.60 1/12/00 200,764
236,250 4.80 2/04/00 235,605
100,000 5.51 2/04/00 100,304
100,000 5.00 10/02/00 99,760
16,920 4.89 10/13/00 16,830
75,000 5.21 1/26/01 74,760
50,000 5.41 3/22/01 49,945
75,000 5.40 3/27/01 75,094
75,000 5.37 4/05/01 75,070
60,000 5.375 4/06/01 59,898
- --------------------------------------------------------------------------------------------------------
International Bank for 35,500 7.85 7/01/99 35,718
Reconstruction & 35,000 5.68 9/27/99 35,102
Development
- --------------------------------------------------------------------------------------------------------
Student Loan 100,000 5.53 7/16/99 100,107
Marketing Association 81,000 4.50+ 8/02/99 80,857
28,000 5.89 11/17/99 28,146
500,000 4.79+ 12/03/99 499,780
278,000 4.947+ 2/04/00 277,943
597,000 5.152+ 2/14/00 596,641
- --------------------------------------------------------------------------------------------------------
US Treasury Notes 150,000 6.75 6/30/99 150,767
120,000 6.00 8/15/99 120,562
100,000 5.375 1/31/00 100,422
550,000 7.75 1/31/00 562,740
75,000 6.875 3/31/00 76,424
100,000 4.50 9/30/00 99,262
150,000 4.00 10/31/00 147,691
50,000 4.625 11/30/00 49,680
100,000 4.50 1/31/01 99,125
- --------------------------------------------------------------------------------------------------------
Total US Government & Agency Obligations--
Non-Discount Notes (Cost--$11,154,915) .................................................... 11,149,756
- --------------------------------------------------------------------------------------------------------
<CAPTION>
Face
Amount Issue
- --------------------------------------------------------------------------------------------------------
Repurchase Agreements**--0.1%
- --------------------------------------------------------------------------------------------------------
<S> <C>
$64,760 Aubrey G. Lanston & Co., Inc., purchased 64,760
on 3/31/99 to yield 5% to 4/01/99
- --------------------------------------------------------------------------------------------------------
Total Repurchase Agreements (Cost--$64,760) ............................................... 64,760
- --------------------------------------------------------------------------------------------------------
Total Investments (Cost--$61,268,411)--101.5% ............................................. 61,262,028
Liabilities in Excess of Other Assets--(1.5%) ............................................. (920,882)
-----------
Net Assets--100.0% ........................................................................ $60,341,146
===========
</TABLE>
- --------------------------------------------------------------------------------
* Commercial Paper and certain US Government & Agency Obligations are traded
on a discount basis; the interest rates shown reflect 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, 1999.
** Repurchase Agreements are fully collateralized by US Government & Agency
Obligations.
+ Variable Rate Notes.
++ Subject to principal paydowns.
See Notes to Financial Statements.
11
<PAGE>
CMA MONEY FUND
STATEMENT OF ASSETS AND LIABILITIES AS OF MARCH 31, 1999
<TABLE>
<S> <C> <C>
Assets:
Investments, at value (identified cost--$61,268,410,695+) (Note 1a) ....... $ 61,262,027,546
Cash ...................................................................... 500,622
Interest receivable ....................................................... 208,934,269
Prepaid registration fees and other assets (Note 1e) ...................... 1,146,933
----------------
Total assets .............................................................. 61,472,609,370
----------------
Liabilities:
Payables:
Securities purchased .................................................... $ 1,085,235,514
Investment adviser (Note 2) ............................................. 20,504,348
Distributor (Note 2) .................................................... 17,749,816
Dividends to shareholders (Note 1f) ..................................... 10,973 1,123,500,651
----------------
Accrued expenses and other liabilities .................................... 7,962,338
----------------
Total liabilities ......................................................... 1,131,462,989
----------------
Net Assets ................................................................ $ 60,341,146,381
================
Net Assets Consist of:
Shares of beneficial interest, $.10 par value, unlimited number of shares
authorized ................................................................ $ 6,034,752,953
Paid-in capital in excess of par .......................................... 54,312,776,577
Unrealized depreciation on investments--net ............................... (6,383,149)
----------------
Net Assets--Equivalent to $1.00 per share based on 60,347,529,528 shares of
beneficial interest outstanding ........................................... $ 60,341,146,381
================
</TABLE>
+ Cost for Federal income tax purposes. As of March 31, 1999, net unrealized
depreciation for Federal income tax purposes amounted to $6,383,149 of which
$5,992,671 related to appreciated securities and $12,375,820 related to
depreciated securities.
See Notes to Financial Statements.
12
<PAGE>
CMA MONEY FUND
STATEMENT OF OPERATIONS FOR THE YEAR ENDED MARCH 31, 1999
<TABLE>
Investment Income (Note 1d):
<S> <C> <C>
Interest and amortization of premium and discount earned ... $2,945,972,890
Expenses:
Investment advisory fees (Note 2) .......................... $ 206,023,610
Distribution fees (Note 2) ................................. 67,833,239
Transfer agent fees (Note 2) ............................... 20,816,495
Registration fees (Note 1e) ................................ 7,974,081
Interest expense (Note 4) .................................. 2,337,483
Accounting services (Note 2) ............................... 1,735,401
Custodian fees ............................................. 1,239,858
Printing and shareholder reports ........................... 1,010,403
Professional fees .......................................... 156,006
Trustees' fees and expenses ................................ 101,582
Other ...................................................... 266,559
--------------
Total expenses ............................................. 309,494,717
--------------
Investment income--net ..................................... 2,636,478,173
Realized Gain on Investments--Net (Note 1d) ................ 13,518,382
Change in Unrealized Depreciation on Investments--Net ...... 2,482,608
--------------
Net Increase in Net Assets Resulting from Operations ....... $2,652,479,163
==============
</TABLE>
See Notes to Financial Statements.
13
<PAGE>
CMA MONEY FUND
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
For the Year Ended March 31,
--------------------------------------
Increase (Decrease) in Net Assets: 1999 1998
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Operations:
Investment income--net ..................................................... $ 2,636,478,173 $ 2,311,941,375
Realized gain on investments--net .......................................... 13,518,382 5,277,494
Change in unrealized depreciation on investments--net ...................... 2,482,608 15,324,920
----------------- -----------------
Net increase in net assets resulting from operations ....................... 2,652,479,163 2,332,543,789
----------------- -----------------
Dividends & Distributions to Shareholders (Note 1f):
Investment income--net ..................................................... (2,636,478,173) (2,311,941,375)
Realized gain on investments--net .......................................... (13,518,382) (5,277,494)
----------------- -----------------
Net decrease in net assets resulting from dividends and distributions
to shareholders ............................................................ (2,649,996,555) (2,317,218,869)
----------------- -----------------
Beneficial Interest Transactions (Note 3):
Net proceeds from sale of shares ........................................... 237,171,585,039 202,384,030,927
Net asset value of shares issued to shareholders in reinvestment of
dividends and distributions (Note 1f) ...................................... 2,644,236,852 2,312,393,811
----------------- -----------------
239,815,821,891 204,696,424,738
Cost of shares redeemed .................................................... (230,400,937,720) (195,772,722,923)
----------------- -----------------
Net increase in net assets derived from beneficial interest transactions ... 9,414,884,171 8,923,701,815
----------------- -----------------
Net Assets:
Total increase in net assets ............................................... 9,417,366,779 8,939,026,735
Beginning of year .......................................................... 50,923,779,602 41,984,752,867
----------------- -----------------
End of year ................................................................ $ 60,341,146,381 $ 50,923,779,602
================= =================
</TABLE>
See Notes to Financial Statements.
14
<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: 1999 1998 1997 1996 1995
- ------------------------------------------------------------------------------------------------------------------------
<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 ................... .0483 .0512 .0490 .0529 .0437
Realized and unrealized gain on
investments--net ......................... .0002 .0004 -- .0003 .0005
----------- ----------- ----------- ----------- -----------
Total from investment operations ......... .0485 .0516 .0490 .0532 .0442
----------- ----------- ----------- ----------- -----------
Less dividends and distributions:
Investment income--net ................. (.0483) (.0512) (.0490) (.0529) (.0437)
Realized gain on investments--net ...... (.0002) (.0001) (.0002) (.0006) (.0003)
----------- ----------- ----------- ----------- -----------
Total dividends and distributions ........ (.0485) (.0513) (.0492) (.0535) (.0440)
----------- ----------- ----------- ----------- -----------
Net asset value, end of year ............. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
=========== =========== =========== =========== ===========
Total Investment Return .................. 4.98% 5.26% 5.04% 5.49% 4.50%
=========== =========== =========== =========== ===========
Ratios to Average Net Assets:
Expenses, excluding interest expenses .... .56% .56% .55% -- --
=========== =========== =========== =========== ===========
Expenses ................................. .57% .57% .56% .56% .56%
=========== =========== =========== =========== ===========
Investment income and realized gain on
investments--net ......................... 4.84% 5.13% 4.89% 5.35% 4.42%
=========== =========== =========== =========== ===========
Supplemental Data:
Net assets, end of year (in thousands) ... $60,341,146 $50,923,780 $41,984,753 $36,922,858 $29,066,762
=========== =========== =========== =========== ===========
</TABLE>
See Notes to Financial Statements.
15
<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
Fund's financial statements are prepared in accordance with generally accepted
accounting principles which may require the use of management accruals and
estimates. The following is a summary of significant accounting policies
followed by the Fund.
(a) Valuation of investments--Portfolio securities with remaining maturities of
greater than sixty days are valued at the most recent bid price or yield
equivalent as obtained from dealers that make markets in such securities. As
securities transition from sixty-one to sixty days 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. Securities
maturing sixty days or less from their date of acquisition are valued at
amortized cost, which approximates market value. For purpose of valuation, the
maturity of a variable rate security is deemed to be the next coupon date on
which the interest rate is to be adjusted. Other investments for which market
value quotations are not available are valued at their fair value as determined
in good faith by or under the direction of the Fund's Board of Trustees.
(b) Repurchase agreements--The Fund invests in US Government securities pursuant
to repurchase agreements. Under such agreements, the Counterparty 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, Fenner & Smith Incorporated
16
<PAGE>
CMA MONEY FUND
NOTES TO FINANCIAL STATEMENTS (CONCLUDED)
("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.
Financial Data Services, Inc. ("FDS"), a wholly-owned subsidiary of ML & Co., is
the Fund's transfer agent.
Accounting services are provided to the Fund by FAM at cost.
Certain officers and/or trustees of the Fund are officers and/or directors of
FAM, PSI, FDS, and/or ML & Co.
3. Shares of Beneficial Interest:
The number of shares purchased and redeemed during the years 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 will 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, 1999, the average amount outstanding was
approximately $50,890,000 and the daily weighted average interest rate was
4.59%.
17
<PAGE>
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, 1999, 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, 1999 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, 1999, 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 17, 1999
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, 1999 qualify for the dividends-received
deduction for corporations. The Fund distributed long-term capital gains of
$.0000007 per share to shareholders of record on March 24, 1999. All of this
long-term capital gain distribution is subject to the 20% tax rate.
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, 1998 ................................................... 11.56%
September 30, 1998 .............................................. 10.21%
December 31, 1998 ............................................... 14.75%
March 31, 1999 .................................................. 14.22%
- --------------------------------------------------------------------------------
Of the Fund's ordinary income dividends paid during the fiscal year ended March
31, 1999, 12.44% was attributable to Federal Obligations. In calculating the
foregoing percentages, Fund expenses have been allocated on a pro rata basis.
Please retain this information for your records.
* 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.
18
<PAGE>
CMA MONEY FUND
OFFICERS AND TRUSTEES
Terry K. Glenn--President and Trustee
Ronald W. Forbes--Trustee
Cynthia A. Montgomery--Trustee
Charles C. Reilly--Trustee
Kevin A. Ryan--Trustee
Richard R. West--Trustee
Arthur Zeikel--Trustee
Kevin J. McKenna--Senior Vice President
Joseph T. Monagle Jr.--Senior Vice President
Donald C. Burke--Vice President and
Treasurer
Robert Harris--Secretary
- --------------------------------------------------------------------------------
Gerald M. Richard, Treasurer of CMA Money Fund has recently retired. His
colleagues at Merrill Lynch Asset Management, L.P. join the Fund's Board of
Trustees in wishing Mr. Richard well in his retirement.
- --------------------------------------------------------------------------------
Custodian
State Street Bank and Trust Company
P.O. Box 1713
Boston, MA 02101
Transfer Agent
Financial Data Services, Inc.
4800 Deer Lake Drive East
Jacksonville, FL 32246-6484
(800) 221-7210*
* For inquiries regarding your CMA account, call (800) CMA-INFO [(800)
262-4636].
19
<PAGE>
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. An
investment in the Fund is not insured or guaranteed by the Federal Deposit
Insurance Corporation or any other Government agency. Although the Fund seeks to
preserve the value of your investment at $1.00 per share, it is possible to lose
money by investing in the Fund. Statements and other information herein are as
dated and are subject to change.
CMA Money Fund
Box 9011
Princeton, NJ 08543-9011 #11213--3/99
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