[LOGO] CMA(R)
CMA MONEY FUND
- --------------------------------------------------------------------------------
Semi-Annual Report
[GRAPHIC OMITTED]
September 30, 1999
- --------------------------------------------------------------------------------
[LOGO] Merrill Lynch
<PAGE>
DEAR SHAREHOLDER:
For the six-month period ended September 30, 1999, CMA Money Fund paid
shareholders a net annualized dividend of 4.58%*. As of September 30, 1999, the
Fund's 7-day yield was 4.89%.
The average portfolio maturity of CMA Money Fund at September 30, 1999 was 74
days, compared to 76 days at March 31, 1999.
The Environment
During the six-month period ended September 30, 1999, continued strength in the
domestic economy and increasing signs of recovery in the global economies
prevailed. In June, the broad US stock market averages reached record highs.
However, by July, fears of accelerating inflation and the associated risk of
additional increases in interest rates persisted. The likelihood of additional
monetary policy tightening by the Federal Reserve Board was renewed following
the release of stronger-than-expected economic data.
Stock prices declined for the third consecutive month in September as a
weakening of the US dollar against the Japanese yen prompted worries over
threats to Japan's fragile economic recovery and the potential for accelerated
repatriation of US investments. In addition, the bulging trade deficit, coupled
with rising commodity prices and ongoing robust economic activity, suggested the
Federal Reserve Board might increase short-term interest rates for the third
time this year at its November meeting. Finally, announced earnings shortfalls
for many prominent companies, particularly in the consumer arena, raised
concerns over the sustainability of corporate earnings growth.
For the September period, the US bond market was a beneficiary of many of these
developments. While fixed-income investors reacted poorly to evidence of
incipient inflationary pressures and the prospect of higher interest rates in
the early months of the quarter, a significant rally ensued in September driven
by a slowdown in average hourly earnings and extremely benign inflation reports.
In this environment, we generally maintained a constructive approach to the
market, notwithstanding brief periods in June and August when we prepared for
tighter monetary policy. Additionally, our strategies considered Year
2000-related issues and their potential impact on liquidity.
The Fund's portfolio composition at the end of the September period and as of
our last report to shareholders is detailed below:
9/30/99 3/31/99
------- -------
Bank Notes ................................. 4.9% 4.0%
Certificates of Deposit .................... 1.4 0.5
Certificates of Deposit--Europe ............ 3.8 3.3
Certificates of Deposit--Yankee+ ........... 11.7 7.9
Commercial Paper ........................... 38.6 41.7
Corporate Notes ............................ 4.2 4.0
Funding Agreements ......................... 2.1 1.7
Master Notes ............................... 1.4 3.4
Medium-Term Notes .......................... 8.5 7.1
Repurchase Agreements ...................... -- 0.1
US Government & Agency
Obligations--Discount Notes ................ 5.4 9.3
US Government & Agency
Obligations--Non-Discount Notes ............ 18.2 18.5
Liabilities in Excess of Other Assets ...... (0.2) (1.5)
----- -----
Total ...................................... 100.0% 100.0%
===== =====
* Based on a constant investment throughout the period, with dividends
compounded daily, and reflecting a net return to the investor after all
expenses.
+ US branches of foreign banks.
1
<PAGE>
IN CONCLUSION
We thank you for your interest in 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. Glenn
Kevin J. McKenna
Senior Vice President and
Senior Portfolio Manager
November 9, 1999
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
Ira P. Shapiro--Secretary
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].
2
<PAGE>
CMA MONEY FUND
SCHEDULE OF INVESTMENTS AS OF SEPTEMBER 30, 1999 (IN THOUSANDS)
================================================================================
Face Interest Maturity Value
Issue Amount Rate* Date (Note 1a)
- --------------------------------------------------------------------------------
Bank Notes--4.9%
- --------------------------------------------------------------------------------
American Express $160,000 5.45+% 4/17/00 $ 160,000
Centurion Bank 140,000 5.45+ 4/19/00 140,000
- --------------------------------------------------------------------------------
BankBoston, N.A. 200,000 5.89 3/02/00 200,000
- --------------------------------------------------------------------------------
Comerica Bank 100,000 5.383+ 11/23/99 99,994
100,000 5.40+ 4/03/00 99,971
- --------------------------------------------------------------------------------
FCC National Bank 50,000 5.00 10/01/99 49,999
150,000 5.40+ 3/23/00 149,965
- --------------------------------------------------------------------------------
First National Bank of 40,000 5.00 10/01/99 39,999
Chicago 200,000 5.76 7/03/00 200,008
- --------------------------------------------------------------------------------
First Union 100,000 5.45+ 5/08/00 100,000
National Bank 140,000 5.483+ 9/25/00 140,000
- --------------------------------------------------------------------------------
Fleet National Bank 88,000 5.29+ 7/31/00 87,808
- --------------------------------------------------------------------------------
KeyBank National 100,000 5.89 3/13/00 100,028
Association 150,000 5.608+ 3/20/00 150,000
- --------------------------------------------------------------------------------
LaSalle Bank, N.A. 50,000 5.17 4/20/00 49,874
100,000 5.20 5/04/00 99,791
- --------------------------------------------------------------------------------
Morgan Guaranty Trust 147,000 5.40+ 5/10/00 146,956
Company of New York
- --------------------------------------------------------------------------------
National City Bank-- 50,000 5.38+ 3/29/00 49,983
Ohio 48,000 5.388+ 3/29/00 47,985
- --------------------------------------------------------------------------------
NationsBank N.A. 237,500 5.42+ 3/16/00 237,468
250,000 5.41+ 4/05/00 249,949
- --------------------------------------------------------------------------------
PNC Bank N.A. 150,000 5.358+ 11/03/99 149,967
75,000 5.288+ 6/07/00 74,952
- --------------------------------------------------------------------------------
U.S. Bank National 50,000 5.61 6/26/00 49,943
Association 65,000 5.431+ 9/18/00 64,993
- --------------------------------------------------------------------------------
Total Bank Notes (Cost--$2,940,084) ............................. 2,939,633
- --------------------------------------------------------------------------------
Certificates of Deposit--1.4%
- --------------------------------------------------------------------------------
Chase Manhattan Bank 175,000 5.18 3/15/00 174,314
USA, N.A.
- --------------------------------------------------------------------------------
First Union 200,000 5.80 7/03/00 199,694
National Bank 200,000 5.43+ 8/21/00 200,000
160,000 5.563+ 8/29/00 160,000
- --------------------------------------------------------------------------------
Fleet National Bank 82,750 5.40+ 4/17/00 82,729
- --------------------------------------------------------------------------------
Total Certificates of Deposit (Cost--$817,675)................... 816,737
- --------------------------------------------------------------------------------
Certificates of Deposit--Europe--3.8%
- --------------------------------------------------------------------------------
ABN-AMRO Bank N.V. 50,000 5.41 12/28/99 49,924
- --------------------------------------------------------------------------------
Abbey National Treasury 286,000 5.343+ 10/29/99 285,936
Services Plc 286,000 5.401+ 11/01/99 286,000
- --------------------------------------------------------------------------------
Bank of Scotland 200,000 5.44 12/29/99 199,708
- --------------------------------------------------------------------------------
Credit Agricole Indosuez 35,000 5.43 12/23/99 34,950
- --------------------------------------------------------------------------------
Halifax Plc 32,000 5.44 12/20/99 31,957
- --------------------------------------------------------------------------------
ING Bank N.V. 150,000 5.05 12/02/99 149,747
- --------------------------------------------------------------------------------
Landesbank 100,000 5.45 12/30/99 99,856
Baden-Wurttemberg
- --------------------------------------------------------------------------------
Norddeutsche 125,000 5.44 12/23/99 124,821
Landesbank 200,000 5.45 12/23/99 199,717
Girozentrale
- --------------------------------------------------------------------------------
Svenska Handelsbanken 199,000 5.44 12/29/99 198,694
AB 100,000 5.45 12/29/99 99,852
- --------------------------------------------------------------------------------
Westdeutsche 250,000 5.44 12/29/99 249,615
Landesbank 250,000 5.44 12/30/99 249,611
Girozentrale
- --------------------------------------------------------------------------------
Total Certificates of Deposit--Europe
(Cost--$2,263,036) .............................................. 2,260,388
- --------------------------------------------------------------------------------
Certificates of Deposit--Yankee--11.7%
- --------------------------------------------------------------------------------
ABN-AMRO Bank N.V., 250,000 5.39+ 5/15/00 249,908
Chicago 75,000 5.72 7/03/00 74,763
- --------------------------------------------------------------------------------
Bank Austria, AG, NY 125,000 5.25 3/01/00 124,494
100,000 5.12 4/07/00 99,455
72,000 5.20 5/08/00 71,587
- --------------------------------------------------------------------------------
Bank of Montreal, 250,000 5.395+ 3/30/00 249,933
Chicago
- --------------------------------------------------------------------------------
Bank of Nova Scotia, 75,000 5.185 2/28/00 74,679
Portland 50,000 5.13 4/20/00 49,714
- --------------------------------------------------------------------------------
Barclays Bank Plc, NY 350,000 5.39+ 3/15/00 349,905
350,000 5.39+ 5/12/00 349,873
- --------------------------------------------------------------------------------
Bayerische Hypo-und 150,000 5.27 3/03/00 149,400
Vereinsbank AG, NY 172,000 5.15 3/23/00 171,151
49,000 5.10 4/12/00 48,722
50,000 5.13 4/20/00 49,714
111,000 5.175 5/04/00 110,357
- --------------------------------------------------------------------------------
Bayerische Landesbank 100,000 5.39+ 3/30/00 99,971
Girozentrale, NY 300,000 5.385+ 4/12/00 299,898
- --------------------------------------------------------------------------------
Canadian Imperial Bank 100,000 5.41 12/31/99 99,814
of Commerce, NY 150,000 5.18 2/25/00 149,365
- --------------------------------------------------------------------------------
Commerzbank AG, NY 110,000 5.085 2/17/00 109,516
75,000 5.185 2/25/00 74,684
15,000 5.31 3/01/00 14,943
200,000 5.16 4/07/00 198,950
- --------------------------------------------------------------------------------
Credit Agricole 60,000 5.16 4/03/00 59,690
Indosuez, NY 190,000 5.11 4/06/00 188,960
- --------------------------------------------------------------------------------
Credit Communal 300,000 5.395+ 5/15/00 299,899
de Belgique, NY 100,000 5.70 6/29/00 99,675
- --------------------------------------------------------------------------------
Credit Suisse First 150,000 5.47+ 6/07/00 149,842
Boston, NY
- --------------------------------------------------------------------------------
Deutsche Bank AG, NY 50,000 5.405+ 4/10/00 49,988
200,000 5.39+ 4/17/00 199,935
50,000 5.10 4/19/00 49,708
85,000 5.38+ 4/26/00 84,965
350,000 5.39+ 5/02/00 349,879
- --------------------------------------------------------------------------------
Landesbank 250,000 5.12 4/26/00 248,522
Hessen-Thuringen
Girozentrale, NY
- --------------------------------------------------------------------------------
3
<PAGE>
CMA MONEY FUND
SCHEDULE OF INVESTMENTS AS OF SEPTEMBER 30, 1999 (CONTINUED) (IN THOUSANDS)
================================================================================
Face Interest Maturity Value
Issue Amount Rate* Date (Note 1a)
- --------------------------------------------------------------------------------
Certificates of Deposit--Yankee (concluded)
- --------------------------------------------------------------------------------
Norddeutsche $ 75,000 5.20 % 5/08/00 $ 74,569
Landesbank
Girozentrale, NY
- --------------------------------------------------------------------------------
Rabobank Nederland 150,000 5.27 3/03/00 149,400
N.V., NY
- --------------------------------------------------------------------------------
Royal Bank of 250,000 5.44 12/22/99 249,584
Canada, NY 100,000 5.395+ 3/15/00 99,975
113,000 5.38+ 4/13/00 112,958
- --------------------------------------------------------------------------------
Societe Generale, NY 95,000 5.16 2/22/00 94,595
105,000 5.18 2/28/00 104,548
25,000 5.22 2/28/00 24,896
70,000 5.22 2/29/00 69,709
72,000 5.29 3/03/00 71,718
33,000 5.20 3/15/00 32,851
200,000 5.13 4/07/00 198,920
- --------------------------------------------------------------------------------
Svenska 50,000 5.195 2/28/00 49,788
Handelsbanken AB, NY
- --------------------------------------------------------------------------------
Toronto-Dominion 75,000 5.385+ 4/12/00 74,975
Bank, NY
- --------------------------------------------------------------------------------
UBS AG, Stanford 100,000 5.44 12/21/99 99,832
50,000 5.20 2/29/00 49,788
10,000 5.18 3/15/00 9,954
200,000 5.60 6/26/00 199,209
- --------------------------------------------------------------------------------
Unibank A/S, NY 50,000 5.45 12/23/99 49,915
- --------------------------------------------------------------------------------
Westdeutsche 100,000 5.43 12/28/99 99,824
Landesbank
Girozentrale, NY
- --------------------------------------------------------------------------------
Total Certificates of Deposit--Yankee
(Cost--$6,985,155) .............................................. 6,968,867
- --------------------------------------------------------------------------------
Commercial Paper--38.6%
- --------------------------------------------------------------------------------
ABN-AMRO North 150,000 5.33 12/27/99 148,036
America Finance Inc.
- --------------------------------------------------------------------------------
ANZ (Delaware), Inc. 35,000 5.16 10/06/99 34,970
100,000 5.35 12/20/99 98,796
- --------------------------------------------------------------------------------
AT&T Corp. 300,000 5.27+ 7/13/00 299,700
100,000 5.431+ 8/07/00 100,000
- --------------------------------------------------------------------------------
Aegon Funding Corp. 25,000 5.39 2/15/00 24,448
150,000 5.39 2/16/00 146,663
61,500 5.72 3/13/00 59,883
32,000 5.75 3/29/00 31,080
- --------------------------------------------------------------------------------
Alpine Securitization 53,728 5.35 10/06/99 53,680
Corporation 72,475 5.18 10/08/99 72,392
25,000 5.17 10/14/99 24,949
121,587 5.35 10/14/99 121,334
40,000 5.35 10/18/99 39,893
24,027 5.38 10/18/99 23,962
27,288 5.38 10/20/99 27,207
53,988 5.36 10/26/99 53,779
53,184 5.37 11/01/99 52,930
52,000 5.36 11/08/99 51,698
- --------------------------------------------------------------------------------
American Express 200,000 5.73 3/07/00 194,928
Credit Corporation 150,000 5.71 3/22/00 145,847
- --------------------------------------------------------------------------------
Amsterdam Funding 24,936 5.33 10/06/99 24,914
Corp. 50,000 5.35 10/18/99 49,866
15,000 5.37 10/18/99 14,960
60,000 5.87 2/01/00 58,806
50,064 5.79 2/04/00 49,044
- --------------------------------------------------------------------------------
Apreco, Inc. 20,000 5.34 10/05/99 19,985
25,000 5.17 10/08/99 24,971
25,000 5.18 10/15/99 24,945
28,800 5.36 10/29/99 28,676
21,200 5.38 11/15/99 21,054
40,000 5.38 11/23/99 39,677
- --------------------------------------------------------------------------------
Asset Securitization 74,000 5.35 10/12/99 73,868
Coop. Corp. 150,000 5.32 10/28/99 149,379
65,000 5.80 2/10/00 63,615
100,000 5.82 2/17/00 97,759
335,000 5.82 2/18/00 327,442
250,000 5.81 2/23/00 244,165
263,000 5.49+ 3/13/00 263,000
- --------------------------------------------------------------------------------
Associates Corp. of 100,000 5.73 3/02/00 97,542
North America 100,000 5.73 3/03/00 97,526
- --------------------------------------------------------------------------------
Associates First 96,000 5.73 2/15/00 93,879
Capital B.V. 3,000 5.73 2/16/00 2,933
26,000 5.73 3/01/00 25,365
30,000 5.73 3/02/00 29,262
28,000 5.74 3/06/00 27,294
76,000 5.75 3/16/00 73,966
50,000 5.75 3/17/00 48,654
- --------------------------------------------------------------------------------
Associates First 100,000 5.18 10/06/99 99,914
Capital Corp. 41,000 5.33 10/07/99 40,958
50,000 5.18 10/28/99 49,794
75,000 5.73 3/06/00 73,109
50,000 5.71 3/08/00 48,724
50,000 5.71 3/09/00 48,716
- --------------------------------------------------------------------------------
Atlantis One Funding 99,744 5.16 10/04/99 99,687
Corp. 195,617 5.35 10/21/99 195,018
- --------------------------------------------------------------------------------
BankAmerica 50,000 4.79 10/05/99 49,964
Corporation 150,000 4.81 10/14/99 149,692
- --------------------------------------------------------------------------------
Bank of Scotland 100,000 5.35 12/21/99 98,781
Treasury Services Plc
- --------------------------------------------------------------------------------
Bear Stearns 125,000 5.19 10/25/99 124,541
Companies, Inc. 125,000 5.19 10/26/99 124,522
- --------------------------------------------------------------------------------
Bills Securitization 50,000 5.35 10/20/99 49,851
Limited 100,000 5.34 10/22/99 99,674
- --------------------------------------------------------------------------------
British 100,000 5.72 3/02/00 97,542
Telecommunications Plc
- --------------------------------------------------------------------------------
CXC Incorporated 75,000 5.34 10/12/99 74,867
50,000 5.16 10/18/99 49,870
50,000 5.80 2/03/00 48,989
4
<PAGE>
CMA MONEY FUND
SCHEDULE OF INVESTMENTS AS OF SEPTEMBER 30, 1999 (CONTINUED) (IN THOUSANDS)
================================================================================
Face Interest Maturity Value
Issue Amount Rate* Date (Note 1a)
- --------------------------------------------------------------------------------
Commercial Paper (continued)
- --------------------------------------------------------------------------------
CXC Incorporated $ 25,000 5.80 % 2/04/00 $ 24,491
(concluded) 75,000 5.78 2/11/00 73,390
50,000 5.77 2/29/00 48,786
175,000 5.49+ 3/15/00 174,992
- --------------------------------------------------------------------------------
Cargill Global Funding Plc 30,000 5.40 1/28/00 29,422
- --------------------------------------------------------------------------------
Cargill Inc. 25,000 5.40 1/28/00 24,518
- --------------------------------------------------------------------------------
Centric Capital Corp. 25,365 5.15 10/04/99 25,350
33,050 5.15 10/06/99 33,022
38,034 5.17 10/06/99 38,001
13,800 5.16 10/08/99 13,784
26,915 5.33 10/12/99 26,867
81,260 5.34 10/13/99 81,103
25,000 5.35 10/18/99 24,933
19,774 5.33 10/20/99 19,715
169,286 5.35 10/20/99 168,783
40,514 5.39 10/27/99 40,350
10,832 5.36 10/29/99 10,785
25,000 5.38 11/04/99 24,869
53,370 5.37 11/08/99 53,057
20,000 5.37 11/09/99 19,882
10,800 5.37 11/10/99 10,735
25,000 5.37 11/12/99 24,840
10,000 5.39 11/19/99 9,926
12,500 5.84 2/22/00 12,210
24,900 5.78 3/10/00 24,257
25,000 5.76 3/15/00 24,335
9,600 5.75 3/16/00 9,343
- --------------------------------------------------------------------------------
Chase Manhattan Corp. 200,000 5.73 2/29/00 195,145
- --------------------------------------------------------------------------------
China Merchants 75,000 5.35 10/21/99 74,766
(Cayman) Inc., Series B 96,250 5.52 1/24/00 94,457
- --------------------------------------------------------------------------------
Ciesco L.P. 50,492 5.32 10/13/99 50,395
125,000 5.32 10/15/99 124,723
100,000 5.32 10/19/99 99,719
- --------------------------------------------------------------------------------
Citicorp 50,000 5.75 2/11/00 48,927
25,000 5.78 2/11/00 24,463
25,000 5.75 2/14/00 24,452
- --------------------------------------------------------------------------------
Clipper Receivables Corp. 50,000 5.34 10/12/99 49,911
50,000 5.34 10/13/99 49,904
50,000 5.36 11/03/99 49,747
- --------------------------------------------------------------------------------
Corporate Asset 110,000 5.34 10/12/99 109,804
Funding Co., Inc. 50,000 5.17 10/18/99 49,870
75,000 5.35 10/21/99 74,766
70,000 5.35 10/22/99 69,771
100,000 5.34 10/26/99 99,614
100,000 5.78 2/02/00 97,994
120,000 5.79 2/04/00 117,555
100,000 5.80 2/07/00 97,916
100,000 5.78 2/11/00 97,853
100,000 5.75 2/25/00 97,635
- --------------------------------------------------------------------------------
Corporate Receivables 10,000 5.16 10/18/99 9,974
Corp. 105,000 5.17 10/21/99 104,678
- --------------------------------------------------------------------------------
Corporate Receivables $100,000 5.36 10/22/99 99,672
Corp. 100,000 5.35 11/01/99 99,524
(concluded) 175,000 5.80 2/10/00 171,270
75,000 5.79 2/11/00 73,390
100,000 5.80 2/11/00 97,853
75,000 5.80 2/23/00 73,249
60,000 5.77 3/03/00 58,516
- --------------------------------------------------------------------------------
Credit Suisse 100,000 5.41 2/01/00 98,010
First Boston Inc. 50,000 5.78 2/24/00 48,825
- --------------------------------------------------------------------------------
Cregem North America, 150,000 5.735 2/15/00 146,686
Inc.
- --------------------------------------------------------------------------------
DaimlerChrysler North 75,000 5.22 10/04/99 74,957
America Holding Corp. 50,000 5.37 11/01/99 49,761
50,000 5.75 3/02/00 48,771
125,000 5.73 3/03/00 121,907
50,000 5.74 3/03/00 48,763
150,000 5.73 3/06/00 146,219
150,000 5.73 3/08/00 146,172
50,000 5.75 3/13/00 48,685
100,000 5.75 3/27/00 97,154
- --------------------------------------------------------------------------------
Delaware Funding Corp. 28,568 5.35 10/19/99 28,487
98,216 5.35 10/20/99 97,924
149,386 5.16 10/22/99 148,907
40,113 5.33 10/22/99 39,982
23,428 5.16 10/25/99 23,342
24,923 5.33 10/25/99 24,831
9,445 5.35 10/25/99 9,410
20,254 5.38 11/18/99 20,108
76,941 5.77 2/04/00 75,373
20,751 5.80 2/08/00 20,315
35,558 5.77 2/10/00 34,800
20,630 5.80 2/11/00 20,187
12,252 5.80 2/16/00 11,979
66,782 5.82 2/16/00 65,296
141,319 5.80 2/18/00 138,131
184,606 5.82 2/22/00 180,326
- --------------------------------------------------------------------------------
Den Danske Corp. 80,000 5.16 10/06/99 79,931
50,000 5.715 3/23/00 48,608
- --------------------------------------------------------------------------------
Den Norske Bank ASA 50,000 5.35 12/27/99 49,345
- --------------------------------------------------------------------------------
Deutsche Bank 265,000 5.16 10/07/99 264,734
Financial Inc.
- --------------------------------------------------------------------------------
Diageo Capital Plc 100,000 5.75 2/02/00 97,994
- --------------------------------------------------------------------------------
Edison Asset 144,169 5.17 10/19/99 143,770
Securitization, LLC 55,875 5.75 2/16/00 54,632
198,817 5.83 2/22/00 194,207
106,635 5.75 2/24/00 104,129
47,284 5.75 2/25/00 46,166
47,220 5.75 2/28/00 46,081
- --------------------------------------------------------------------------------
Enterprise Funding Corp. 16,145 5.38 10/27/99 16,080
- --------------------------------------------------------------------------------
5
<PAGE>
CMA MONEY FUND
SCHEDULE OF INVESTMENTS AS OF SEPTEMBER 30, 1999 (CONTINUED) (IN THOUSANDS)
================================================================================
Face Interest Maturity Value
Issue Amount Rate* Date (Note 1a)
- --------------------------------------------------------------------------------
Commercial Paper (continued)
- --------------------------------------------------------------------------------
Eureka Securitization $ 50,000 5.16 % 10/18/99 $ 49,870
Inc. 50,000 5.36 10/26/99 49,806
90,000 5.36 11/03/99 89,544
50,000 5.37 11/17/99 49,642
30,000 5.80 2/10/00 29,361
30,000 5.78 2/11/00 29,356
- --------------------------------------------------------------------------------
FCE Bank Plc 25,000 5.15 10/07/99 24,975
125,000 5.16 10/18/99 124,674
- --------------------------------------------------------------------------------
Falcon Asset 35,496 5.17 10/20/99 35,392
Securitization Corp.
- --------------------------------------------------------------------------------
Finova Capital Corp. 10,000 5.22 10/15/99 9,978
15,000 5.38 10/28/99 14,937
90,000 5.888+ 1/21/00 88,367
- --------------------------------------------------------------------------------
Fleet Funding 64,985 5.33 10/04/99 64,947
Corporation 24,916 5.35 10/25/99 24,823
22,508 5.35 10/27/99 22,418
- --------------------------------------------------------------------------------
Ford Motor Credit 150,000 5.13 10/05/99 149,892
Company 150,000 5.13 10/06/99 149,871
100,000 5.25 12/31/99 98,630
300,000 5.39 2/17/00 293,278
- --------------------------------------------------------------------------------
Formosa Plastics 30,000 5.17 10/07/99 29,970
Corporation, USA,
Series A
- --------------------------------------------------------------------------------
Formosa Plastics 30,000 5.42 12/14/99 29,666
Corporation, USA, 22,000 5.41 1/27/00 21,580
Series B 22,000 5.41 1/28/00 21,576
- --------------------------------------------------------------------------------
Fortis Funding, LLC 25,000 5.73 3/09/00 24,358
- --------------------------------------------------------------------------------
Four Winds Funding 50,000 5.17 10/22/99 49,839
Corp.
- --------------------------------------------------------------------------------
GE Capital International 25,000 5.17 10/07/99 24,975
Funding, Inc. 100,000 5.33 10/12/99 99,822
200,000 5.34 10/19/99 199,436
250,000 5.77 3/06/00 243,698
50,000 5.72 3/09/00 48,716
- --------------------------------------------------------------------------------
General Electric 150,000 5.31 10/05/99 149,889
Capital Corp. 75,000 5.31 10/08/99 74,912
100,000 5.16 10/15/99 99,780
150,000 5.32 10/19/99 149,579
200,000 5.71 3/08/00 194,897
250,000 5.72 3/09/00 243,582
- --------------------------------------------------------------------------------
General Electric Capital 100,000 5.32 10/19/99 99,719
Services Inc. 85,000 5.72 2/16/00 83,109
200,000 5.71 3/07/00 194,928
- --------------------------------------------------------------------------------
General Motors 400,000 5.12 10/04/99 399,771
Acceptance Corp. 200,000 5.17 10/13/99 199,619
100,000 5.18 10/14/99 99,795
200,000 5.16 10/15/99 199,561
235,000 5.38 2/08/00 230,065
165,000 5.72 3/13/00 160,662
- --------------------------------------------------------------------------------
Generale Funding, LLC 100,000 5.155 10/06/99 99,914
75,000 5.16 10/08/99 74,914
- --------------------------------------------------------------------------------
Grand Funding Corp. 25,000 5.35 10/13/99 24,952
50,000 5.37 10/20/99 49,851
25,000 5.35 10/21/99 24,922
32,500 5.38 10/22/99 32,393
92,500 5.37 10/26/99 92,141
25,000 5.37 10/28/99 24,896
- --------------------------------------------------------------------------------
Greenwich Funding 75,545 5.36 10/07/99 75,466
Corp. 51,249 5.34 10/12/99 51,158
153,526 5.35 10/15/99 153,184
30,278 5.36 10/20/99 30,190
- --------------------------------------------------------------------------------
Kitty Hawk Funding 25,157 5.35 10/06/99 25,135
Corp. 70,451 5.33 10/07/99 70,378
202,769 5.34 10/08/99 202,528
60,866 5.34 10/19/99 60,694
140,757 5.82 3/20/00 136,904
- --------------------------------------------------------------------------------
Lehman Brothers 30,000 5.97 2/11/00 29,356
Holdings Inc. 50,000 5.90 2/15/00 48,895
- --------------------------------------------------------------------------------
Morgan Stanley, Dean 140,000 5.54+ 1/28/00 140,000
Witter & Co.
- --------------------------------------------------------------------------------
National Rural 36,000 5.17 10/05/99 35,974
Utilities Coop. 70,000 5.17 10/07/99 69,930
Finance Corp.
- --------------------------------------------------------------------------------
New Center Asset Trust 120,000 5.33 10/13/99 119,769
50,000 5.16 10/21/99 49,847
300,000 5.19 10/25/99 298,898
330,000 5.77 2/16/00 322,658
- --------------------------------------------------------------------------------
Nordbanken 250,000 5.36 12/22/99 246,915
North America Inc. 100,000 5.72 3/06/00 97,479
- --------------------------------------------------------------------------------
Old Line Funding Corp. 88,397 5.34 10/13/99 88,227
157,143 5.34 10/18/99 156,723
26,008 5.36 10/19/99 25,934
22,797 5.34 10/21/99 22,726
45,690 5.37 10/27/99 45,506
16,000 5.88 2/01/00 15,682
30,884 5.80 3/16/00 30,058
- --------------------------------------------------------------------------------
Park Avenue 111,000 5.48+ 2/11/00 110,992
Receivables Corp.
- --------------------------------------------------------------------------------
Prudential Funding 100,000 5.16 10/25/99 99,633
Corp. 50,000 5.72 2/29/00 48,786
- --------------------------------------------------------------------------------
Rio Tinto America Inc. 15,000 5.38 2/03/00 14,697
- --------------------------------------------------------------------------------
Riverwoods Funding 162,545 5.35 10/25/99 161,941
Corp. 37,455 5.34 10/26/99 37,311
100,000 5.38 11/02/99 99,507
- --------------------------------------------------------------------------------
SK Global America, Inc. 31,500 5.35 10/12/99 31,444
35,000 5.36 10/20/99 34,896
35,000 5.35 10/25/99 34,870
- --------------------------------------------------------------------------------
Salomon, Smith Barney 75,000 5.77 2/11/00 73,390
Holdings, Inc. 100,000 5.75 2/15/00 97,791
50,000 5.75 2/18/00 48,872
75,000 5.73 2/28/00 73,191
- --------------------------------------------------------------------------------
6
<PAGE>
CMA MONEY FUND
SCHEDULE OF INVESTMENTS AS OF SEPTEMBER 30, 1999 (CONTINUED) (IN THOUSANDS)
================================================================================
Face Interest Maturity Value
Issue Amount Rate* Date (Note 1a)
- --------------------------------------------------------------------------------
Commercial Paper (concluded)
- --------------------------------------------------------------------------------
Santander Finance $ 50,000 5.175% 10/20/99 $ 49,854
(Delaware) Inc. 50,000 5.17 10/21/99 49,847
- --------------------------------------------------------------------------------
Sinochem American C.P., 35,272 5.39 11/12/99 35,045
Inc.
- --------------------------------------------------------------------------------
Thames Asset Global 25,000 5.16 10/06/99 24,979
Securitization
- --------------------------------------------------------------------------------
Tulip Funding Corp. 50,000 5.18 10/14/99 49,897
100,000 5.19 10/14/99 99,795
57,080 5.38 11/24/99 56,617
- --------------------------------------------------------------------------------
UBS Finance (Delaware) 100,000 5.34 12/20/99 98,796
Inc.
- --------------------------------------------------------------------------------
Unifunding, Inc. 50,000 5.16 10/07/99 49,950
- --------------------------------------------------------------------------------
Variable Funding 50,000 5.15 10/12/99 49,912
Capital Corp. 100,000 5.35 10/12/99 99,822
50,000 5.15 10/13/99 49,905
100,000 5.35 10/19/99 99,718
182,568 5.17 10/20/99 182,036
17,432 5.35 10/20/99 17,380
65,834 5.35 10/21/99 65,629
20,094 5.35 10/25/99 20,019
14,000 5.37 11/17/99 13,900
- --------------------------------------------------------------------------------
WCP Funding Inc. 40,000 5.35 10/13/99 39,923
10,000 5.35 10/20/99 9,970
25,000 5.36 10/22/99 24,918
75,000 5.37 11/15/99 74,485
- --------------------------------------------------------------------------------
Windmill Funding Corp. 23,600 5.17 10/05/99 23,583
60,000 5.16 10/08/99 59,931
25,000 5.34 10/08/99 24,970
25,000 5.17 10/12/99 24,956
50,000 5.35 10/25/99 49,814
50,000 5.37 10/25/99 49,814
41,000 5.37 11/15/99 40,719
30,000 5.37 11/17/99 29,788
25,000 5.79 2/03/00 24,495
25,000 5.85 2/07/00 24,479
19,170 5.80 2/10/00 18,761
50,000 5.80 2/11/00 48,927
25,000 5.82 2/11/00 24,463
45,000 5.83 2/11/00 44,034
100,000 5.80 2/18/00 97,744
- --------------------------------------------------------------------------------
Total Commercial Paper (Cost--$22,989,847) ...................... 22,986,837
- --------------------------------------------------------------------------------
Corporate Notes--4.2%
- --------------------------------------------------------------------------------
Asset-Backed Securities 715,150 5.455+ 9/15/00 715,150
Investment Trust
(ABSIT) 1997-F
- --------------------------------------------------------------------------------
Copelco Capital Funding 24,902 5.018 3/15/00 24,848
Trust 1999-1, Class A-1
Notes++
- --------------------------------------------------------------------------------
Ford Credit Auto Owner 25,500 5.411 12/15/99 25,493
Trust 1999-D, A-1
- --------------------------------------------------------------------------------
Ford Credit Auto 112,250 5.816 6/15/00 112,239
Owner Trust 1999-D, A-2
- --------------------------------------------------------------------------------
Honda Auto Lease 131,326 5.445 8/15/00 131,958
Trust 1999-A++
- --------------------------------------------------------------------------------
LINCS, Series 1998-2 340,000 5.40+ 3/01/00 340,000
- --------------------------------------------------------------------------------
LINCS, Series 1998-6 285,000 5.42+ 11/18/99 285,000
- --------------------------------------------------------------------------------
Premier Auto Trust 75,904 5.116 3/08/00 75,842
1999-3, Class A-1++
- --------------------------------------------------------------------------------
Restructured Asset 188,500 5.431+ 8/11/00 188,500
Securities with
Enhanced Returns, Series
1998-MM-7-1 Trust
- --------------------------------------------------------------------------------
Restructured Asset 286,000 5.48+ 1/21/00 286,000
Securities with
Enhanced Returns, Series
1998-MM-12-3 Trust
- --------------------------------------------------------------------------------
SMM Trust 1999-H 295,000 5.594+ 9/25/00 295,000
- --------------------------------------------------------------------------------
Total Corporate Notes (Cost--$2,479,523) ........................ 2,480,030
- --------------------------------------------------------------------------------
Funding Agreements--2.1%
- --------------------------------------------------------------------------------
AIG Life Insurance 50,000 5.391+ 6/30/00 50,000
Company
- --------------------------------------------------------------------------------
Allstate Life Insurance 45,000 5.36+ 7/03/00 45,000
Co.
- --------------------------------------------------------------------------------
Combined Insurance 45,000 5.451+ 6/01/00 45,000
Co. of America
- --------------------------------------------------------------------------------
John Hancock Mutual 125,000 5.411+ 12/13/99 125,000
Life Insurance Co.
- --------------------------------------------------------------------------------
Life Insurance Company 150,000 5.371+ 11/23/99 150,000
of Virginia
- --------------------------------------------------------------------------------
Metropolitan Life 150,000 5.441+ 5/01/00 150,000
Insurance Company
- --------------------------------------------------------------------------------
Pacific Life 40,000 5.401+ 10/01/99 40,000
Insurance Co. 40,000 5.401+ 6/01/00 40,000
40,000 5.433+ 10/02/00 40,000
- --------------------------------------------------------------------------------
Security Life of Denver 147,000 5.483+ 3/23/00 147,000
Insurance Co.
- --------------------------------------------------------------------------------
Transamerica Life 150,000 5.431+ 5/12/00 150,000
Insurance & Annuity
Company
- --------------------------------------------------------------------------------
Transamerica Occidental 75,000 5.371+ 11/22/99 75,000
Life Insurance Company 100,000 5.431+ 3/01/00 100,000
- --------------------------------------------------------------------------------
Travelers Insurance 70,000 5.401+ 2/01/00 70,000
Company (The) 25,000 5.401+ 5/01/00 25,000
25,000 5.413+ 9/21/00 25,000
- --------------------------------------------------------------------------------
Total Funding Agreements (Cost--$1,277,000) ..................... 1,277,000
- --------------------------------------------------------------------------------
Master Notes--1.4%
- --------------------------------------------------------------------------------
Goldman Sachs 700,000 5.371+ 10/15/99 700,000
Group, Inc. 130,000 5.371 11/18/99 130,000
- --------------------------------------------------------------------------------
Total Master Notes (Cost--$830,000) ............................. 830,000
- --------------------------------------------------------------------------------
7
<PAGE>
CMA MONEY FUND
SCHEDULE OF INVESTMENTS AS OF SEPTEMBER 30, 1999 (CONTINUED) (IN THOUSANDS)
================================================================================
Face Interest Maturity Value
Issue Amount Rate* Date (Note 1a)
- --------------------------------------------------------------------------------
Medium-Term Notes--8.5%
- --------------------------------------------------------------------------------
American Honda $ 25,000 5.463+% 6/19/00 $ 24,944
Finance Corp. 50,000 5.28+ 7/12/00 49,970
25,000 5.261+ 7/24/00 24,962
- --------------------------------------------------------------------------------
Bank of New York 25,000 5.40+ 5/15/00 24,992
Co., Inc.
- --------------------------------------------------------------------------------
CIT Group Holdings, 50,000 5.50 2/14/00 49,994
Inc. (The) 275,000 5.405 5/30/00 274,902
150,000 5.50 8/14/00 149,799
125,000 5.55 9/15/00 124,883
- --------------------------------------------------------------------------------
Chase Manhattan Corp. 25,000 5.658+ 5/19/00 24,983
- --------------------------------------------------------------------------------
Citicorp 50,000 5.405+ 8/02/00 50,000
- --------------------------------------------------------------------------------
DuPont (E.I.) de 89,500 5.079 4/03/00 89,191
Nemours & Co.
- --------------------------------------------------------------------------------
Ford Motor Credit 285,600 5.45+ 5/05/00 285,600
Company 500,000 5.45+ 5/23/00 500,000
750,000 5.499+ 10/02/00 749,264
- --------------------------------------------------------------------------------
General Electric 75,000 5.26 4/12/00 74,965
Capital Corp. 124,000 5.293 5/03/00 123,920
112,500 5.39 5/12/00 112,413
100,000 5.433 5/26/00 99,905
- --------------------------------------------------------------------------------
General Motors 63,000 5.323+ 2/03/00 62,913
Acceptance Corp. 11,000 5.70 2/23/00 11,006
20,000 6.625 4/17/00 20,104
297,000 5.75 7/28/00 296,761
196,000 5.653+ 12/01/00 195,619
145,000 5.526+ 2/27/01 144,470
- --------------------------------------------------------------------------------
Goldman Sachs Group, 50,000 6.00 8/07/00 49,858
Inc. 118,000 5.39+ 10/13/00 118,000
- --------------------------------------------------------------------------------
Household Finance Corp. 25,000 5.453+ 5/15/00 24,963
- --------------------------------------------------------------------------------
National Rural Utilities 400,000 5.40+ 9/11/00 399,888
Cooperative Finance
Corp.
- --------------------------------------------------------------------------------
Norwest Financial, Inc. 100,000 5.331+ 10/28/99 99,998
- --------------------------------------------------------------------------------
Toyota Motor 131,000 5.438+ 10/25/00 131,000
Credit Corp.
- --------------------------------------------------------------------------------
Wells Fargo & Co. 25,000 5.31 3/31/00 24,962
75,000 5.208+ 4/26/00 74,891
- --------------------------------------------------------------------------------
Xerox Capital (Europe) 150,000 5.248+ 7/19/00 149,743
Plc
- --------------------------------------------------------------------------------
Xerox Credit 200,000 5.37+ 4/06/00 199,919
Corporation
- --------------------------------------------------------------------------------
Xerox Corporation 200,000 5.70+ 7/26/00 199,945
- --------------------------------------------------------------------------------
Total Medium-Term Notes (Cost--$5,041,316) ...................... 5,038,727
- --------------------------------------------------------------------------------
US Government & Agency Obligations--
Discount Notes--5.4%
- --------------------------------------------------------------------------------
Federal Home Loan 55,000 4.45 10/08/99 54,941
Banks
- --------------------------------------------------------------------------------
Federal Home Loan 37,200 4.46 10/01/99 37,195
Mortgage Corporation 30,000 5.16 10/14/99 29,940
375,000 5.11 12/07/99 371,378
398,000 5.11 12/08/99 394,098
25,000 5.10 12/14/99 24,733
113,805 5.10 12/15/99 112,574
339,750 5.11 12/15/99 336,076
176,442 5.10 12/17/99 174,483
100,000 5.11 12/17/99 98,890
214,493 5.195 12/17/99 212,112
100,000 5.12 12/20/99 98,847
100,000 5.15 12/20/99 98,846
300,000 5.10 12/23/99 296,400
- --------------------------------------------------------------------------------
Federal National 50,000 4.47 10/01/99 49,993
Mortgage Association 50,000 5.11 12/06/99 49,524
71,000 5.10 12/08/99 70,304
200,000 5.10 12/10/99 197,982
68,000 5.10 12/13/99 67,284
54,809 5.11 12/15/99 54,216
- --------------------------------------------------------------------------------
US Treasury Bills 220,000 4.36 12/09/99 218,060
150,000 4.20 1/06/00 148,092
- --------------------------------------------------------------------------------
Total US Government & Agency Obligations--
Discount Notes (Cost--$3,196,282) ............................... 3,195,968
- --------------------------------------------------------------------------------
US Government & Agency Obligations--
Non-Discount Notes--18.2%
- --------------------------------------------------------------------------------
Federal Farm Credit 380,000 5.12 10/01/99 379,999
Banks 25,000 5.37+ 12/01/99 25,000
46,100 4.875 2/02/01 45,458
- --------------------------------------------------------------------------------
Federal Home Loan 60,000 4.88 10/01/99 59,999
Banks 51,615 4.71 10/08/99 51,605
178,000 5.32+ 11/09/99 177,989
650,000 5.32+ 11/12/99 649,955
529,000 5.32+ 11/16/99 528,952
75,000 4.895 2/04/00 74,823
29,405 5.445 2/04/00 29,389
175,000 5.366+ 4/24/00 174,961
305,000 5.396+ 4/28/00 304,930
500,000 5.316+ 7/14/00 499,803
- --------------------------------------------------------------------------------
Federal Home Loan 415,000 5.181+ 3/20/00 414,844
Mortgage Corporation 195,000 5.356+ 4/14/00 194,948
200,000 5.356+ 7/14/00 199,921
100,000 5.05 11/17/00 99,038
50,000 5.13 11/24/00 49,548
8
<PAGE>
CMA MONEY FUND
SCHEDULE OF INVESTMENTS AS OF SEPTEMBER 30, 1999 (CONTINUED) (IN THOUSANDS)
================================================================================
Face Interest Maturity Value
Issue Amount Rate* Date (Note 1a)
- --------------------------------------------------------------------------------
US Government & Agency Obligations--
Non-Discount Notes (continued)
- --------------------------------------------------------------------------------
Federal Home Loan $ 50,000 5.18 % 11/24/00 $ 49,574
Mortgage Corporation 75,000 5.15 1/26/01 74,196
(concluded) 75,000 5.125 2/08/01 74,147
50,000 5.18 2/09/01 49,462
25,000 5.375 3/01/01 24,775
15,823 5.53 3/09/01 15,708
- --------------------------------------------------------------------------------
Federal National 82,100 4.81 10/05/99 82,097
Mortgage Association 84,811 4.63 10/14/99 84,788
324,000 5.356+ 10/27/99 323,989
200,000 5.60 1/12/00 200,048
236,250 4.80 2/04/00 235,713
100,000 5.51 2/04/00 100,001
215,000 5.386+ 7/21/00 214,913
420,000 5.386+ 8/02/00 419,648
170,000 5.37+ 8/09/00 169,927
100,000 5.00 10/02/00 99,124
16,920 4.89 10/13/00 16,748
75,000 5.21 1/26/01 74,261
75,000 5.40 3/27/01 74,315
75,000 5.37 4/05/01 74,264
60,000 5.375 4/06/01 59,422
65,000 5.40 4/10/01 64,389
25,000 5.31 4/24/01 24,725
50,000 5.48 5/03/01 49,546
- --------------------------------------------------------------------------------
US Government & Agency Obligations--
Non-Discount Notes (concluded)
- --------------------------------------------------------------------------------
Student Loan 28,000 5.89 11/17/99 28,016
Marketing 500,000 5.20+ 12/03/99 499,943
Association 278,000 5.301+ 2/04/00 277,977
597,000 5.506+ 2/14/00 596,846
415,000 5.505+ 9/29/00 414,875
474,000 5.506+ 9/29/00 473,911
410,000 5.445+ 10/02/00 409,902
350,000 5.501+ 10/02/00 349,810
- --------------------------------------------------------------------------------
US Treasury Notes 100,000 5.375 1/31/00 100,094
550,000 7.75 1/31/00 554,813
15,000 6.875 3/31/00 15,131
100,000 4.50 9/30/00 99,063
150,000 4.00 10/31/00 147,750
50,000 4.625 11/30/00 49,500
100,000 4.50 1/31/01 98,656
50,000 4.875 3/31/01 49,469
50,000 5.00 4/30/01 49,547
- --------------------------------------------------------------------------------
Total US Government & Agency Obligations--
Non-Discount Notes (Cost--$10,849,270) .......................... 10,832,245
- --------------------------------------------------------------------------------
Total Investments (Cost--$59,669,188)--100.2% ................... 59,626,432
Liabilities in Excess of Other Assets-- (0.2%) .................. (104,049)
-----------
Net Assets--100.0% .............................................. $59,522,383
===========
================================================================================
* 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
September 30, 1999.
+ Variable Rate Notes.
++ Subject to principal paydowns.
See Notes to Financial Statements.
9
<PAGE>
CMA MONEY FUND
STATEMENT OF ASSETS AND LIABILITIES AS OF SEPTEMBER 30, 1999
================================================================================
<TABLE>
<S> <C> <C>
Assets:
Investments, at value (identified cost--$59,669,188,401+) (Note 1a) ....... $ 59,626,432,002
Cash ...................................................................... 252,899
Interest receivable ....................................................... 311,699,713
Prepaid registration fees and other assets (Note 1e) ...................... 1,162,117
----------------
Total assets .............................................................. 59,939,546,731
----------------
Liabilities:
Payables:
Securities purchased .................................................... $ 389,810,370
Distributor (Note 2) .................................................... 14,832,462
Investment adviser (Note 2) ............................................. 3,707,565
Beneficial interest redeemed ............................................ 23,281 408,373,678
Accrued expenses and other liabilities .................................... ---------------- 8,790,531
----------------
Total liabilities ......................................................... 417,164,209
----------------
Net Assets ................................................................ $ 59,522,382,522
================
Net Assets Consist of:
Shares of beneficial interest, $.10 par value, unlimited number of shares
authorized ................................................................ $ 5,956,513,892
Paid-in capital in excess of par .......................................... 53,608,625,029
Unrealized depreciation on investments--net ............................... (42,756,399)
----------------
Net Assets--Equivalent to $1.00 per share based on 59,565,138,922 shares of
beneficial interest outstanding ........................................... $ 59,522,382,522
================
</TABLE>
+ Cost for Federal income tax purposes. As of September 30, 1999, net
unrealized depreciation for Federal income tax purposes amounted to
$42,756,399, of which $1,640,846 related to appreciated securities and
$44,397,245 related to depreciated securities.
See Notes to Financial Statements.
10
<PAGE>
CMA MONEY FUND
STATEMENT OF OPERATIONS FOR THE SIX MONTHS ENDED SEPTEMBER 30, 1999
================================================================================
<TABLE>
<S> <C> <C>
Investment Income (Note 1d):
Interest and amortization of premium and discount earned $ 1,541,971,976
Expenses:
Investment advisory fees (Note 2) ...................... $ 113,391,683
Distribution fees (Note 2) ............................. 37,101,460
Transfer agent fees (Note 2) ........................... 10,395,483
Registration fees (Note 1e) ............................ 3,542,229
Accounting services (Note 2) ........................... 975,881
Custodian fees ......................................... 682,202
Interest expense (Note 4) .............................. 644,085
Printing and shareholder reports ....................... 367,967
Professional fees ...................................... 80,364
Trustees' fees and expenses ............................ 50,436
Pricing fees ........................................... 30,070
Other .................................................. 306,230
---------------
Total expenses ......................................... 167,568,090
---------------
Investment income--net ................................. 1,374,403,886
Realized Loss on Investments--Net (Note 1d) ............ (590,464)
Change in Unrealized Depreciation on Investments--Net .. (36,373,250)
---------------
Net Increase in Net Assets Resulting from Operations ... $ 1,337,440,172
===============
</TABLE>
See Notes to Financial Statements.
11
<PAGE>
CMA MONEY FUND
STATEMENTS OF CHANGES IN NET ASSETS
================================================================================
<TABLE>
<CAPTION>
For the Six For the Year
Months Ended Ended
Increase (Decrease) in Net Assets: Sept. 30, 1999 March 31, 1999
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Operations:
Investment income--net .............................................. $ 1,374,403,886 $ 2,636,478,173
Realized gain on investments--net ................................... (590,464) 13,518,382
Change in unrealized depreciation on investments--net ............... (36,373,250) 2,482,608
----------------- -----------------
Net increase in net assets resulting from operations ................ 1,337,440,172 2,652,479,163
----------------- -----------------
Dividends & Distributions to Shareholders (Note 1f):
Investment income--net .............................................. (1,373,813,422) (2,636,478,173)
Realized gain on investments--net ................................... -- (13,518,382)
----------------- -----------------
Net decrease in net assets resulting from dividends and distributions
to shareholders ..................................................... (1,373,813,422) (2,649,996,555)
----------------- -----------------
Beneficial Interest Transactions (Note 3):
Net proceeds from sale of shares .................................... 124,689,808,401 237,171,585,039
Net asset value of shares issued to shareholders in reinvestment of
dividends and distributions (Note 1f) ............................... 1,371,178,886 2,644,236,852
----------------- -----------------
126,060,987,287 239,815,821,891
Cost of shares redeemed ............................................. (126,843,377,896) (230,400,937,720)
----------------- -----------------
Net increase (decrease) in net assets derived from beneficial
interest transactions ............................................... (782,390,609) 9,414,884,171
----------------- -----------------
Net Assets:
Total increase (decrease) in net assets ............................. (818,763,859) 9,417,366,779
Beginning of period ................................................. 60,341,146,381 50,923,779,602
----------------- -----------------
End of period ....................................................... $ 59,522,382,522 $ 60,341,146,381
================= =================
</TABLE>
See Notes to Financial Statements.
12
<PAGE>
CMA MONEY FUND
FINANCIAL HIGHLIGHTS
================================================================================
<TABLE>
<CAPTION>
The following per share data and ratios have For the Six
been derived from information provided in the Months
financial statements. Ended For the Year Ended March 31,
Sept. 30, ----------------------------------------------------------
Increase (Decrease) in Net Asset Value: 1999 1999 1998 1997 1996
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Per Share Operating Performance:
Net asset value, beginning of period ........ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
----------- ----------- ----------- ----------- -----------
Investment income--net ...................... .0229 .0483 .0512 .0490 .0529
Realized and unrealized gain (loss) on
investments--net ............................ (.0006) .0002 .0004 -- .0003
----------- ----------- ----------- ----------- -----------
Total from investment operations ............ .0223 .0485 .0516 .0490 .0532
----------- ----------- ----------- ----------- -----------
Less dividends and distributions:
Investment income--net .................... (.0228) (.0483) (.0512) (.0490) (.0529)
Realized gain on investments--net ......... --+ (.0002) (.0001) (.0002) (.0006)
----------- ----------- ----------- ----------- -----------
Total dividends and distributions ........... (.0228) (.0485) (.0513) (.0492) (.0535)
----------- ----------- ----------- ----------- -----------
Net asset value, end of period .............. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
=========== =========== =========== =========== ===========
Total Investment Return ..................... 4.58%* 4.98% 5.26% 5.04% 5.49%
=========== =========== =========== =========== ===========
Ratios to Average Net Assets:
Expenses, excluding interest expense ........ .55%* .56% .56% .55% --
=========== =========== =========== =========== ===========
Expenses .................................... .56%* .57% .57% .56% .56%
=========== =========== =========== =========== ===========
Investment income and realized gain on
investments--net ............................ 4.56%* 4.84% 5.13% 4.89% 5.35%
=========== =========== =========== =========== ===========
Supplemental Data:
Net assets, end of period (in thousands) .... $59,522,383 $60,341,146 $50,923,780 $41,984,753 $36,922,858
=========== =========== =========== =========== ===========
</TABLE>
* Annualized.
+ Amount is less than $.0001 per share.
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
Fund's financial statements are prepared in accordance with generally accepted
accounting principles, which may require the use of management accruals and
estimates. These unaudited financial statements reflect all adjustments, which
are, in the opinion of management, necessary to a fair statement of the results
for the interim period presented. All such adjustments are of a normal recurring
nature. The following is a summary of significant accounting policies followed
by the Fund.
(a) Valuation of investments -- Portfolio securities with remaining maturities
of greater than sixty days, for which market quotations are readily available,
are valued at market value. 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
securitiesand, 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.
14
<PAGE>
CMA MONEY FUND
NOTES TO FINANCIAL STATEMENTS (CONCLUDED)
================================================================================
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: .50% of the Fund's average daily net assets not exceeding $500
million; .425% of the average daily net assets in excess of $500 million, but
not exceeding $1 billion; and .375% of the average daily net assets in excess of
$1 billion.
The Fund has adopted a Distribution and Shareholder Servicing Plan in compli-
ance with Rule 12b-1 under the Investment Company Act of 1940, pursuant to which
Merrill Lynch, Pierce, Fenner & Smith Incorporated ("MLPF&S") receives a
distri-bution fee under the Distribution Agreement from the Fund at the end of
each month at the annual rate of .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 sold, reinvested 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, value of shares reinvested 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 six months ended September 30, 1999, the average amount outstanding was
approximately $29,387,079 and the daily weighted average interest rate was
4.37%.
15
<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--9/99
[RECYCLE LOGO] Printed on post-consumer recycled paper
