CMA
CMA Money Fund
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Annual Report
[GRAPHIC OMITTED]
March 31, 2000
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[LOGO] Merrill Lynch
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DEAR SHAREHOLDER:
For the year ended March 31, 2000, CMA Money Fund paid shareholders a net
annualized dividend of 5.02%.* As of March 31, 2000, the Fund's 7-day yield was
5.50%.
The average portfolio maturity for CMA Money Fund at March 31, 2000 was 55 days,
compared to 74 days at September 30, 1999.
The Environment
The US economy continued to experience above-trend growth during the last half
of 1999 and into the first quarter of 2000. For the second half of 1999, gross
domestic product (GDP) grew at a rate of 7.30%, well above expectations this far
into the current economic cycle, and much higher than the target for GDP set by
the Federal Reserve Board. Currently, more Americans are employed and are
enjoying increases in their income as seen in the low unemployment rate and
large number of new jobs created (283,000 average for the fourth quarter of
1999). This, as well as the relentless rise in equity prices, created a momentum
in consumer demand that has yet to be dampened by rising interest rates.
The recovery of overseas economies has boosted export levels that suffered
during the first half of 1999, contributing to the strong US GDP. The Federal
Reserve Board remains concerned that although productivity gains are high, they
cannot keep pace with demand and imbalances are developing in the economy that
may soon prove to be inflationary. A more visible sign of price pressure is the
cost of oil, which recently exceeded $30 per barrel. Oil price pressures are
expected to continue during the spring and summer since oil stocks are low.
However, the Organization of Petroleum Exporting Countries' agreement to
increase production should alleviate some of the price pressure.
The Federal Reserve Board took extraordinary steps to ensure liquidity in the
financial markets because of Year 2000 concerns. The Federal Reserve Board moved
to tighten monetary policy once during the last quarter of 1999, but adopted a
neutral bias through year-end in an effort to reassure investors and eliminate
uncertainty. However, growth remained strong and during the first quarter of
2000 two 25 basis point (0.25%) interest rate increases were implemented. At
that time, the US Treasury also announced anticipated changes to the auction
schedule. The Federal budget surplus has made it necessary to decrease the
amount of securities sold by the Treasury; therefore, the changes will include
reduced auctions and auction sizes, as well as a buy-back program (the Treasury
intends to buy back old, off-the-run, less liquid issues in order to keep
current issues liquid). The announcement caused unexpected results as the yield
curve inverted dramatically as investors rushed to buy the longer-term issues.
At this time, it is unclear when this technical inversion will be unwound, as it
seems likely to us that further short-term interest rate increases will be
forthcoming as long as the current economic momentum continues. Although
Treasury yields moved sharply lower, other fixed-income asset types did not
participate to the fullest extent. The Government guarantee allotted US agency
issues had been placed under scrutiny, which pressured quality spreads across
the yield curve.
Portfolio Matters
In this environment, we generally maintained a conservative approach to the
market. At first this was dictated by liquidity concerns at year-end. More
recently, evidence that the Federal Reserve Board is committed to a series of
incremental interest rate increases reinforced our decision to adopt this
conservative approach.
* Based on a constant investment throughout the period, with dividends
compounded daily, and reflecting a net return to the investor after all
expenses.
1
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The Fund's portfolio composition at the end of the March period and as of our
last report to shareholders is detailed below:
3/31/00 9/30/99
------- -------
Bank Notes .............................................. 4.0% 4.9%
Certificates of Deposit ................................. 1.5 1.4
Certificates of Deposit--Europe ......................... 8.8 3.8
Certificates of Deposit--Yankee+ ........................ 14.9 11.7
Commercial Paper ........................................ 37.5 38.6
Corporate Notes ......................................... 2.7 4.2
Funding Agreements ...................................... 1.5 2.1
Master Notes ............................................ -- 1.4
Medium-Term Notes ....................................... 11.1 8.5
Promissory Notes ........................................ 1.2 --
Repurchase Agreements ................................... 0.6 --
US Government & Agency
Obligations--Discount Notes ............................. 3.0 5.4
US Government & Agency
Obligations--Non-Discount Notes ......................... 13.1 18.2
Liabilities in Excess of Other Assets ................... -- (0.2)
Other Assets Less Liabilities ........................... 0.1 --
----- -----
Total ................................................... 100.0% 100.0%
===== =====
+ US branches of foreign banks.
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/ Richard J. Mejzak
Richard J. Mejzak
Portfolio Manager
May 3, 2000
We are pleased to announce that Richard J. Mejzak is responsible for the
day-to-day management of CMA Money Fund. Mr. Mejzak has been employed by Merrill
Lynch Asset Management, L.P. (an affiliate of the Fund's investment adviser)
since 1995 as Vice President.
2
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CMA MONEY FUND
SCHEDULE OF INVESTMENTS AS OF MARCH 31, 2000 (IN THOUSANDS)
Face Interest Maturity
Issue Amount Rate* Date Value
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Bank Notes--4.0%
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American Express $160,000 6.20+ % 4/17/00 $ 160,000
Centurion Bank 140,000 6.20+ 4/19/00 140,000
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Bank of America N.A. 100,000 5.88 4/11/00 99,989
250,000 6.05 6/05/00 249,691
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Bank One IL N.A. 100,000 6.087 10/06/00 99,503
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Comerica Bank, Detroit 100,000 6.15+ 4/03/00 100,000
40,000 5.933+ 9/01/00 40,001
25,000 6.061+ 11/20/00 24,990
21,000 6.11+ 3/07/01 20,988
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FNB Chicago 200,000 5.76 7/03/00 199,574
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First USA Bank N.A. 50,000 6.08 10/10/00 49,713
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First Union National 100,000 6.20+ 5/08/00 100,000
Bank 140,000 6.225+ 9/25/00 140,000
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Fleet National Bank 88,000 6.026+ 7/31/00 87,991
30,000 6.324+ 12/14/00 30,027
42,000 6.14+ 1/22/01 42,046
30,000 6.26+ 4/20/01 30,029
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Huntington National 112,500 5.66 7/06/00 112,113
Bank, N.A.
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LaSalle Bank N.A. 50,000 5.17 4/20/00 49,972
100,000 5.20 5/04/00 99,868
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Morgan Guaranty 147,000 6.15+ 5/10/00 146,992
Trust Co. of New York
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National City Bank, Ohio 100,000 6.72 3/21/01 99,401
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National City Bank, PA 100,000 6.67 3/13/01 99,367
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NationsBank N.A. 250,000 6.16+ 4/05/00 249,999
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PNC Bank N.A. 75,000 5.851+ 6/07/00 74,987
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U.S. Bank National 50,000 5.61 6/26/00 49,877
Association 65,000 6.121+ 9/18/00 64,997
25,000 6.88 4/04/01 24,993
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Total Bank Notes (Cost--$2,690,180) .............................. 2,687,108
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Certificates of Deposit--1.5%
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First Tennessee Bank N.A. 100,000 6.13 5/30/00 100,001
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First Union National 200,000 5.80 7/03/00 199,610
Bank 200,000 6.054+ 8/21/00 200,000
160,000 6.16+ 8/29/00 160,000
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Fleet National Bank 82,750 6.15+ 4/17/00 82,748
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World Savings Bank, fsb 300,000 5.99 5/03/00 300,000
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Total Certificates of Deposit (Cost--$1,042,744) ................. 1,042,359
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Certificates of Deposit--Europe--8.8%
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ABN-AMRO Bank N.V., 92,000 6.07 6/13/00 91,955
London 55,000 5.665 6/15/00 54,903
25,000 6.06 6/22/00 24,988
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Abbey National 50,000 5.89 5/17/00 49,980
Treasury 173,000 6.10 6/28/00 172,913
Services Plc, 50,000 6.129+ 8/04/00 49,995
London 100,000 6.26 8/28/00 99,920
127,000 6.26 8/30/00 126,892
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Bank Austria AG, London 100,000 5.94 4/06/00 100,000
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Bank of Nova Scotia, 50,000 5.92 4/10/00 50,000
London 125,000 5.85 5/18/00 124,944
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Bank of Scotland, 300,000 5.95 4/11/00 300,004
London 100,000 5.90 5/24/00 99,953
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Banque National de Paris, 200,000 6.10 6/28/00 199,907
London
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Barclays Bank Plc, 100,000 5.95 4/25/00 99,999
London 20,000 5.24 5/15/00 19,974
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Cassa di Risparmio 200,000 5.94 4/25/00 199,997
delle Provincie
Lombardo SpA, London
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Credit Agricole Indosuez, 100,000 6.055 6/15/00 99,954
London
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Den Norske Bank ASA 50,000 6.00 4/06/00 50,000
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Dresdner Bank AG, 50,000 5.94 4/12/00 50,001
London 50,000 5.93 4/25/00 49,999
174,000 5.95 4/28/00 173,997
50,000 6.01 5/24/00 49,989
100,000 6.01 5/31/00 99,962
76,000 6.07 6/12/00 75,968
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HSBC Bank Plc, London 55,000 6.04 5/22/00 54,995
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Halifax Plc, London 150,000 5.93 4/06/00 150,000
200,000 5.87 5/16/00 199,919
250,000 5.85 5/18/00 249,888
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ING Bank N.V., London 40,000 5.59 4/03/00 39,998
50,000 5.95 4/25/00 50,000
35,000 5.90 5/24/00 34,983
20,000 5.89 5/30/00 19,984
300,000 6.07 6/12/00 299,873
120,000 6.045 6/16/00 119,941
100,000 6.105 6/28/00 99,955
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Landesbank 100,000 5.94 4/10/00 100,000
Baden-Wurttemberg, 100,000 5.95 4/28/00 99,998
London 50,000 5.89 5/17/00 49,981
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Landesbank Hessen- 145,000 6.02 5/18/00 144,979
Thuringen Girozentrale,
London
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Lloyd Bank Plc, London 100,000 5.93 4/06/00 100,000
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National Australia 150,000 5.89 4/25/00 149,986
Bank Limited, London 100,000 5.90 5/23/00 99,958
75,000 6.02 5/31/00 74,973
100,000 6.07 6/12/00 99,958
100,000 6.05 6/19/00 99,951
75,000 6.09+ 2/16/01 75,003
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Norddeutsche 100,000 5.875 5/16/00 99,960
Landesbank 175,000 6.01 5/30/00 174,940
Girozentrale, London 50,000 6.24 8/14/00 49,963
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Rabobank Nederland 100,000 6.00 5/31/00 99,960
N.V., NY
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Svenska 100,000 5.935 4/25/00 99,998
Handelsbanken AB, 100,000 6.01 5/31/00 99,962
London
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3
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CMA MONEY FUND
SCHEDULE OF INVESTMENTS AS OF MARCH 31, 2000 (CONTINUED) (IN THOUSANDS)
Face Interest Maturity
Issue Amount Rate* Date Value
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Certificates of Deposit--Europe (concluded)
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Toronto-Dominion $ 88,000 5.93 % 4/27/00 $ 87,997
Bank
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Westdeutsche 150,000 5.94 4/13/00 150,002
Landesbank Girozentrale 200,000 5.94 4/18/00 200,005
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Total Certificates of Deposit--Europe
(Cost--$5,994,942) ............................................... 5,993,304
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Certificates of Deposit--Yankee--14.9%
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ABN AMRO 250,000 6.14+ 5/15/00 249,982
Bank N.V., NY 75,000 5.85 5/17/00 74,965
75,000 5.72 7/03/00 74,835
128,000 6.11+ 3/02/01 127,931
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Australia & New 75,000 6.72 3/16/01 74,867
Zealand Banking 100,000 6.84 3/28/01 99,933
Group, NY
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Bank Austria AG, NY 100,000 5.12 4/07/00 99,980
72,000 5.20 5/08/00 71,919
28,000 5.836+ 3/05/01 27,986
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Bank of Nova Scotia, 50,000 5.13 4/20/00 49,971
Portland 150,000 5.919+ 11/13/00 149,926
25,000 5.823+ 3/01/01 24,987
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Banque Nationale 100,000 6.89 3/29/01 99,980
de Paris, Chicago
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Banque Nationale 100,000 6.82 3/28/01 99,914
de Paris, NY 100,000 6.88 3/29/01 99,971
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Barclays Bank Plc, NY 350,000 6.14+ 5/12/00 349,976
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Bayerische Hypo- 117,000 5.10 4/12/00 116,960
und Vereinsbank 50,000 5.13 4/20/00 49,971
AG, NY 111,000 5.175 5/04/00 110,895
100,000 6.049+ 2/28/01 99,955
50,000 6.665 3/08/01 49,888
172,000 6.80 3/28/01 171,820
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Bayerische Landesbank 300,000 6.135+ 4/12/00 299,994
Girozentrale, NY 100,000 5.86 5/15/00 99,962
200,000 5.925+ 11/09/00 199,915
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Canadian Imperial Bank 175,000 5.86 4/05/00 175,000
of Commerce, NY 200,000 5.88 4/05/00 200,000
125,000 6.66 3/08/01 124,714
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Commerzbank AG, NY 200,000 5.16 4/07/00 199,961
20,000 6.31 8/22/00 19,989
50,000 6.70 2/20/01 49,908
50,000 6.755 2/22/01 49,931
40,000 5.796+ 3/01/01 39,982
50,000 6.049+ 3/01/01 49,978
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Credit Agricole 60,000 5.16 4/03/00 59,995
Indosuez, NY 190,000 5.11 4/06/00 189,967
150,000 5.94+ 11/08/00 149,945
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Credit Communal de 300,000 6.145+ 5/15/00 299,980
Belgique, NY 100,000 5.70 6/29/00 99,791
50,000 6.71 2/28/01 49,908
50,000 5.791+ 3/01/01 49,975
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Credit Suisse First 150,000 6.22+ 6/07/00 149,988
Boston, NY
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Deutsche Bank AG, NY 50,000 6.155+ 4/10/00 49,999
200,000 6.14+ 4/17/00 199,994
50,000 5.10 4/19/00 49,972
85,000 6.13+ 4/26/00 84,996
350,000 6.14+ 5/02/00 349,982
150,000 6.00 11/13/00 149,307
115,000 5.919+ 12/13/00 114,927
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Dresdner Bank AG, NY 50,000 6.71 2/26/01 49,909
50,000 6.65 3/06/01 49,881
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Istituto Bancario San 50,000 5.93 5/10/00 49,988
Paolo di Torino
SpA, NY
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Landesbank Hessen- 250,000 5.12 4/26/00 249,805
Thuringen Girozentrale,
NY
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National Westminster 187,870 6.06 6/19/00 187,778
Bank Plc, NY 100,000 6.06 6/28/00 99,938
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Norddeutsche 75,000 5.20 5/08/00 74,916
Landesbank 100,000 6.65 3/06/01 99,763
Girozentrale, NY
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Rabobank Nederland 95,000 6.64 3/02/01 94,768
N.V., NY 200,000 6.67 3/09/01 199,559
50,000 6.71 3/16/01 49,907
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Royal Bank of Canada, 113,000 6.13+ 4/13/00 112,997
NY 100,000 5.91 4/28/00 99,992
187,000 6.68 3/09/01 186,604
100,000 6.12+ 3/22/01 99,952
100,000 6.12+ 3/27/01 99,952
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Societe Generale, NY 200,000 5.13 4/07/00 199,960
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Svenska 50,000 5.90 5/12/00 49,986
Handelsbanken 150,000 6.65 3/06/01 149,644
AB, NY 150,000 6.62 3/07/01 149,604
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Toronto-Dominion 75,000 6.135+ 4/12/00 74,998
Bank, NY 200,000 5.92 4/28/00 199,986
75,000 6.07 6/12/00 74,967
62,000 6.08 6/28/00 61,963
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UBS AG, Stanford 100,000 5.08 4/12/00 99,965
50,000 5.29 5/22/00 49,922
25,000 5.34 5/24/00 24,961
200,000 5.60 6/26/00 199,556
150,000 6.81 3/28/01 149,858
200,000 6.87 3/29/01 199,923
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Unibank A/S, NY 130,000 6.78 3/23/01 129,840
70,000 6.92 3/30/01 70,006
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Westdeutsche 50,000 6.10 6/22/00 49,980
Landesbank 200,000 6.045+ 2/26/01 199,911
Girozentrale, NY
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4
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CMA MONEY FUND
SCHEDULE OF INVESTMENTS AS OF MARCH 31, 2000 (CONTINUED) (IN THOUSANDS)
Face Interest Maturity
Issue Amount Rate* Date Value
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Certificates of Deposit--Yankee (concluded)
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Westpac Banking Corp., $ 75,000 5.94+ % 11/10/00 $ 74,977
NY 25,000 5.959+ 11/13/00 24,992
125,000 6.745 3/20/01 124,806
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Total Certificates of Deposit--Yankee
(Cost--$10,105,834) .............................................. 10,100,186
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Commercial Paper--37.5%
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ABN-AMRO North 100,000 5.93 5/03/00 99,463
America Finance Inc.
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AT&T Corp. 366,000 5.99+ 7/13/00 366,004
100,000 5.986+ 8/07/00 100,000
234,000 6.67 3/08/01 233,462
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Abbey National N.A. 150,000 5.93 6/27/00 147,772
Corporation 150,000 5.945 6/27/00 147,772
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Aegon Funding Corp. 25,000 5.73 5/19/00 24,796
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Alpine Securitization 40,989 5.92 4/11/00 40,915
Corporation 96,197 5.87 4/14/00 95,977
64,519 5.87 4/17/00 64,342
142,172 5.85 4/27/00 141,549
47,711 5.92 5/09/00 47,407
33,417 5.92 5/10/00 33,198
42,464 5.95 5/25/00 42,073
71,447 6.09 6/19/00 70,483
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American Honda 15,000 5.85 4/19/00 14,954
Finance Corp.
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Amsterdam Funding 25,000 5.88 4/14/00 24,943
Corp. 10,063 5.90 4/28/00 10,017
25,000 6.06 5/02/00 24,865
75,359 5.88 5/03/00 74,954
25,000 5.92 5/03/00 24,862
14,937 6.09 5/03/00 14,854
25,000 5.88 5/04/00 24,862
50,000 5.93 5/08/00 49,690
49,641 5.98 5/17/00 49,253
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Apreco, Inc. 50,000 5.88 4/19/00 49,845
50,000 5.88 4/27/00 49,780
10,000 5.95 6/15/00 9,872
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Asset Securitization 160,000 5.85 4/18/00 159,533
Coop. Corp. 50,000 5.89 4/24/00 49,804
200,000 5.91 5/09/00 198,724
50,000 5.90 5/10/00 49,673
200,000 5.91 5/10/00 198,691
35,000 5.91 5/11/00 34,765
115,000 5.90 5/12/00 114,209
100,000 6.07 5/19/00 99,174
60,000 6.08 5/19/00 59,503
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Associates Corp. of 100,000 5.86 4/17/00 99,723
North America 100,000 5.86 4/18/00 99,707
100,000 5.89 5/16/00 99,238
100,000 5.89 5/17/00 99,219
100,000 5.89 5/18/00 99,203
100,000 5.92 6/21/00 98,617
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Associates First 59,000 5.87 4/19/00 58,817
Capital B.V. 28,000 5.90 4/28/00 27,872
25,000 6.05 5/08/00 24,840
50,000 6.05 5/09/00 49,672
50,000 6.08 5/24/00 49,544
46,000 5.93 6/22/00 45,356
50,000 5.93 6/23/00 49,291
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Associates First 100,000 6.05 5/03/00 99,445
Capital Corp. 50,000 6.05 5/04/00 49,714
100,000 6.05 5/05/00 99,412
75,000 5.88 5/10/00 74,509
100,000 5.89 5/17/00 99,219
50,000 5.92 6/20/00 49,317
50,000 5.92 6/21/00 49,309
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Atlantis One 368,839 5.87 5/01/00 367,006
Funding Corp. 80,955 5.88 5/01/00 80,553
85,851 5.91 5/05/00 85,362
126,632 5.89 5/08/00 125,846
127,140 5.89 5/09/00 126,329
50,825 5.93 5/09/00 50,501
40,452 5.92 5/16/00 40,144
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Banco Bradesco S.A., 25,000 5.84 5/01/00 24,876
Series C 25,000 5.86 6/01/00 24,739
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Banco de Galicia y 35,000 5.86 4/10/00 34,943
Buenos Aires S.A. 55,000 5.85 4/11/00 54,902
64,000 5.95 5/24/00 63,421
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Bank of America 55,000 5.85 4/12/00 54,893
Corporation
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Bank of Nova Scotia 100,000 5.68 5/18/00 99,203
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Bear Stearns 100,000 5.86 4/27/00 99,562
Companies, Inc. 100,000 5.865 4/27/00 99,562
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Bell Atlantic 47,700 5.93 5/11/00 47,378
Financial Services, Inc.
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Bills Securitization 100,000 5.90 4/04/00 99,935
Limited 50,000 5.92 5/11/00 49,665
100,000 5.95 5/24/00 99,096
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British Aerospace 50,000 5.90 4/28/00 49,773
North America Inc.
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British 100,000 5.73 5/12/00 99,313
Telecommunications 50,000 5.73 5/16/00 49,619
Plc 50,000 5.95 6/08/00 49,419
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CBA (Delaware) 19,750 5.76 4/12/00 19,712
Finance Inc. 35,000 5.71 5/12/00 34,759
150,000 5.72 5/16/00 148,858
100,000 5.71 5/17/00 99,219
50,000 5.70 5/18/00 49,601
95,250 5.74 5/18/00 94,491
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CXC Incorporated 25,000 5.85 4/10/00 24,960
75,000 5.87 4/26/00 74,684
75,000 5.87 4/27/00 74,671
50,000 5.94 5/05/00 49,711
5
<PAGE>
CMA MONEY FUND
SCHEDULE OF INVESTMENTS AS OF MARCH 31, 2000 (CONTINUED) (IN THOUSANDS)
Face Interest Maturity
Issue Amount Rate* Date Value
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Commercial Paper (continued)
- --------------------------------------------------------------------------------
CXC Incorporated $ 66,668 6.05 % 5/08/00 $ 66,242
(concluded) 38,600 6.09 5/12/00 38,326
69,732 6.08 5/23/00 69,108
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Centric Capital Corp. 11,900 5.84 4/06/00 11,888
10,890 5.80 4/18/00 10,858
35,000 5.84 4/18/00 34,898
15,000 5.88 4/24/00 14,941
42,200 5.85 4/25/00 42,029
15,000 5.85 4/26/00 14,937
26,220 5.88 4/28/00 26,100
39,000 5.89 4/28/00 38,821
25,000 5.93 5/01/00 24,876
76,400 6.09 5/09/00 75,902
25,900 5.95 5/30/00 25,639
10,000 5.94 6/05/00 9,889
26,100 5.97 7/17/00 25,622
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China Merchants 96,250 5.87 4/24/00 95,876
(Cayman) Inc.--Series A
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China Merchants 20,000 5.98 6/05/00 19,778
(Cayman) Inc.--Series B 58,750 5.98 6/06/00 58,088
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Ciesco L.P. 200,000 5.86 4/17/00 199,447
200,000 5.90 4/26/00 199,156
100,000 6.04 5/08/00 99,362
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Clipper Receivables 50,000 6.04 4/20/00 49,832
Corp. 50,000 5.89 5/02/00 49,744
50,000 5.91 5/03/00 49,731
50,000 5.91 5/09/00 49,681
- --------------------------------------------------------------------------------
Corporate Asset 100,000 5.82 4/11/00 99,823
Funding Co., Inc. 100,000 5.91 4/14/00 99,770
100,000 5.88 4/20/00 99,677
75,000 5.88 4/25/00 74,694
125,000 5.86 4/26/00 124,471
120,000 5.87 4/27/00 119,474
99,260 6.05 5/08/00 98,626
100,000 6.06 5/24/00 99,096
50,000 6.06 5/25/00 49,539
- --------------------------------------------------------------------------------
Corporate Receivables 45,000 5.74 5/24/00 44,593
Corp.
- --------------------------------------------------------------------------------
Countrywide Home 30,000 5.88 4/18/00 29,912
Loans, Inc. 50,000 5.89 4/20/00 49,836
50,000 5.91 5/01/00 49,746
- --------------------------------------------------------------------------------
Credit Suisse 50,000 5.90 5/03/00 49,731
First Boston Inc. 50,000 5.95 6/14/00 49,368
- --------------------------------------------------------------------------------
Credit Suisse First Boston 40,000 5.87 4/24/00 39,844
International (Guernsey) 10,000 5.91 5/01/00 9,950
Limited
- --------------------------------------------------------------------------------
DaimlerChrysler 150,000 5.95 4/17/00 149,588
North America 75,000 5.95 4/19/00 74,770
Holdings Corp. 75,000 5.93 5/11/00 74,497
50,000 5.75 5/15/00 49,629
50,000 5.95 6/16/00 49,351
139,286 5.98 6/22/00 137,336
- --------------------------------------------------------------------------------
Deere & Company 80,000 5.86 4/04/00 79,948
- --------------------------------------------------------------------------------
Delaware Funding 100,038 6.05 4/18/00 99,735
Corp. 110,956 5.87 4/20/00 110,598
23,168 5.88 4/20/00 23,092
77,019 5.88 4/25/00 76,705
25,189 5.95 4/27/00 25,077
30,292 5.92 5/04/00 30,123
82,122 5.95 5/24/00 81,379
17,045 5.95 5/25/00 16,888
- --------------------------------------------------------------------------------
Den Danske Corp. 79,000 5.82 4/04/00 78,949
65,000 5.88 4/28/00 64,704
46,000 5.72 5/12/00 45,684
50,000 5.735 5/19/00 49,593
50,000 5.735 5/24/00 49,548
- --------------------------------------------------------------------------------
Den Norske Bank ASA 50,000 5.855 4/05/00 49,960
- --------------------------------------------------------------------------------
Dixie Overseas Ltd. 75,000 6.05 4/14/00 74,824
- --------------------------------------------------------------------------------
Dupont (E.I.) 75,000 5.86 5/16/00 74,429
De Nemours & Co.
- --------------------------------------------------------------------------------
E.W. Scripps Company, 20,000 5.90 4/26/00 19,916
(The)
- --------------------------------------------------------------------------------
Eastman Kodak 17,400 5.88 4/18/00 17,349
Company 71,000 5.88 4/20/00 70,771
- --------------------------------------------------------------------------------
Edison Asset 30,551 5.88 4/18/00 30,461
Securitization, LLC 121,407 5.89 4/18/00 121,050
100,000 5.84 4/24/00 99,611
50,262 5.89 4/26/00 50,048
207,588 5.91 5/22/00 205,780
55,710 5.92 5/25/00 55,197
49,181 5.96 6/02/00 48,660
85,301 5.95 6/19/00 84,151
- --------------------------------------------------------------------------------
Enterprise Funding Corp. 97,497 5.88 4/03/00 97,449
21,123 5.91 4/14/00 21,074
10,000 5.86 4/20/00 9,968
37,358 5.91 4/20/00 37,235
26,122 5.90 4/24/00 26,019
45,381 5.89 4/26/00 45,188
32,083 5.90 4/28/00 31,936
24,919 6.06 5/15/00 24,730
- --------------------------------------------------------------------------------
Eureka Securitization 100,000 5.90 4/14/00 99,773
Inc. 50,000 5.90 4/27/00 49,779
50,000 6.07 5/02/00 49,730
40,000 6.06 5/05/00 39,764
60,000 6.00 5/23/00 59,468
- --------------------------------------------------------------------------------
FCE Bank Plc 50,000 5.93 4/20/00 49,835
50,000 5.86 4/25/00 49,797
- --------------------------------------------------------------------------------
Finova Capital Corp. 55,000 5.95 5/01/00 54,727
70,000 5.95 5/09/00 69,553
25,000 6.00 6/23/00 24,646
- --------------------------------------------------------------------------------
Fleet Funding 123,408 5.95 5/02/00 122,755
Corporation 27,827 5.97 5/05/00 27,666
51,632 6.08 5/05/00 51,327
- --------------------------------------------------------------------------------
Ford Motor Credit 200,000 5.85 4/24/00 199,220
Company
- --------------------------------------------------------------------------------
6
<PAGE>
CMA MONEY FUND
SCHEDULE OF INVESTMENTS AS OF MARCH 31, 2000 (CONTINUED) (IN THOUSANDS)
Face Interest Maturity
Issue Amount Rate* Date Value
- --------------------------------------------------------------------------------
Commercial Paper (continued)
- --------------------------------------------------------------------------------
Formosa Plastics $ 10,000 5.95 % 4/07/00 $ 9,989
Corporation, USA
Series B
- --------------------------------------------------------------------------------
Fortis Funding, LLC 35,000 5.80 4/19/00 34,893
50,000 5.84 4/20/00 49,839
50,000 6.08 5/01/00 49,738
50,000 5.735 5/04/00 49,723
50,000 5.735 5/09/00 49,681
- --------------------------------------------------------------------------------
France Telecom 50,000 5.93 5/02/00 49,744
25,000 5.96 6/09/00 24,705
50,000 5.97 6/23/00 49,291
75,000 5.97 6/26/00 73,899
- --------------------------------------------------------------------------------
GE Capital 200,000 5.92 4/04/00 199,870
International Funding, 189,822 5.74 5/18/00 188,308
Inc. 100,000 5.74 5/31/00 98,975
50,000 5.74 5/31/00 49,487
- --------------------------------------------------------------------------------
GE Financial Assurance 100,000 6.07 5/08/00 99,359
Holdings Inc. 100,000 6.07 5/09/00 99,342
- --------------------------------------------------------------------------------
GTE Corporation 32,000 5.89 4/13/00 31,932
38,700 6.08 5/01/00 38,497
- --------------------------------------------------------------------------------
General Electric 100,000 5.88 4/05/00 99,919
Capital Services Inc. 100,000 5.88 4/28/00 99,543
125,000 5.73 5/18/00 124,003
50,000 5.73 5/23/00 49,557
200,000 5.90 5/23/00 198,228
50,000 5.73 5/25/00 49,539
150,000 6.06 8/28/00 146,146
100,000 5.93 4/18/00 99,704
100,000 5.93 4/19/00 99,687
200,000 5.88 4/27/00 199,118
100,000 5.73 5/25/00 99,079
- --------------------------------------------------------------------------------
General Motors 200,000 5.86 4/24/00 199,219
Acceptance Corp. 165,000 5.94 4/25/00 164,319
200,000 5.89 4/27/00 199,117
160,000 5.89 4/28/00 159,267
148,000 5.94 5/19/00 146,795
200,000 5.95 5/22/00 198,258
100,000 5.89 5/30/00 98,992
35,000 5.93 6/06/00 34,606
100,000 5.92 6/20/00 98,634
100,000 5.92 6/21/00 98,617
- --------------------------------------------------------------------------------
Gillette Company, (The) 23,222 6.34 4/03/00 23,210
- --------------------------------------------------------------------------------
Grand Funding Corp. 25,000 5.84 4/04/00 24,984
27,000 5.86 4/04/00 26,983
21,655 5.87 4/04/00 21,641
25,000 5.88 4/20/00 24,919
25,000 5.86 4/24/00 24,903
- --------------------------------------------------------------------------------
Greenwich Funding Corp. 102,567 5.87 4/14/00 102,333
15,000 5.85 4/20/00 14,952
25,380 5.94 5/02/00 25,250
74,286 5.92 5/04/00 73,875
49,943 5.89 5/09/00 49,624
32,824 5.90 5/17/00 32,568
- --------------------------------------------------------------------------------
Halifax Plc 100,000 5.73 4/05/00 99,919
100,000 5.72 4/20/00 99,677
- --------------------------------------------------------------------------------
J.P. Morgan & Co. 100,000 5.85 4/10/00 99,839
150,000 5.70 5/18/00 148,804
58,520 5.92 6/28/00 57,641
- --------------------------------------------------------------------------------
KFW International 200,000 5.70 5/19/00 198,371
Finance, Inc.
- --------------------------------------------------------------------------------
Kitty Hawk Funding 400,000 5.88 4/06/00 399,608
Corp. 94,768 5.92 4/20/00 94,456
86,343 6.05 4/20/00 86,053
18,889 5.89 4/24/00 18,815
- --------------------------------------------------------------------------------
Knight-Ridder, Inc. 10,000 5.88 4/18/00 9,971
9,298 5.87 5/12/00 9,234
- --------------------------------------------------------------------------------
Lehman Brothers 30,000 5.93 5/15/00 29,778
Holdings Inc. 50,000 5.93 5/16/00 49,619
- --------------------------------------------------------------------------------
Mont Blanc Capital Corp. 47,655 5.99 5/22/00 47,240
- --------------------------------------------------------------------------------
Monte Rosa Capital 56,403 5.94 4/18/00 56,235
Corp. 35,337 6.05 4/27/00 35,177
79,450 5.99 5/22/00 78,758
- --------------------------------------------------------------------------------
Morgan Stanley, 200,000 5.95 5/25/00 198,157
Dean Witter & Co. 250,000 5.95 6/22/00 246,500
- --------------------------------------------------------------------------------
New Center Asset Trust 58,000 5.85 4/25/00 57,765
102,000 5.94 5/11/00 101,310
105,000 5.90 5/15/00 104,222
200,000 5.90 5/22/00 198,258
105,000 5.90 5/30/00 103,941
330,000 5.94 6/23/00 325,324
- --------------------------------------------------------------------------------
Old Line Funding Corp. 37,148 5.90 4/10/00 37,087
101,266 5.87 4/11/00 101,084
14,740 5.88 4/12/00 14,711
52,217 5.89 4/18/00 52,063
20,313 5.91 4/18/00 20,253
40,004 5.87 4/19/00 39,880
22,537 5.89 4/20/00 22,463
30,482 5.91 4/20/00 30,382
59,995 5.89 4/25/00 59,750
50,621 5.92 5/02/00 50,362
70,677 5.93 5/04/00 70,281
- --------------------------------------------------------------------------------
Park Avenue 24,027 5.86 4/03/00 24,015
Receivables Corp. 28,368 5.87 4/04/00 28,349
81,423 5.87 4/10/00 81,290
116,476 5.94 4/14/00 116,207
47,629 6.00 4/19/00 47,478
102,077 6.05 4/26/00 101,631
- --------------------------------------------------------------------------------
7
<PAGE>
CMA MONEY FUND
SCHEDULE OF INVESTMENTS AS OF MARCH 31, 2000 (CONTINUED) (IN THOUSANDS)
Face Interest Maturity
Issue Amount Rate* Date Value
- --------------------------------------------------------------------------------
Commercial Paper (continued)
- --------------------------------------------------------------------------------
Prudential Funding $150,000 5.77 % 4/07/00 $ 149,830
Corp. 75,000 5.89 5/24/00 74,322
100,000 5.88 5/26/00 99,062
- --------------------------------------------------------------------------------
Quebec, Province of 50,000 5.93 6/19/00 49,326
- --------------------------------------------------------------------------------
Riverwoods Funding 50,000 5.85 4/14/00 49,887
Corp. 50,000 5.85 4/19/00 49,847
100,000 5.85 4/27/00 99,562
- --------------------------------------------------------------------------------
SK Global America, Inc. 20,000 6.06 5/05/00 19,882
- --------------------------------------------------------------------------------
Salomon, Smith Barney 50,000 5.85 4/11/00 49,911
Holdings, Inc. 20,000 5.84 4/14/00 19,955
80,000 5.86 4/17/00 79,780
156,000 5.87 4/24/00 155,390
100,000 5.87 4/26/00 99,576
44,000 5.92 5/11/00 43,705
- --------------------------------------------------------------------------------
San Paolo US Financial 200,000 5.76 4/06/00 199,806
Co. 50,000 5.71 5/15/00 49,629
- --------------------------------------------------------------------------------
Santander Finance 100,000 5.97 6/26/00 98,532
(Delaware) Inc.
- --------------------------------------------------------------------------------
Transamerica Finance 27,400 5.83 4/14/00 27,338
Corporation 75,000 5.88 4/24/00 74,708
27,700 5.93 5/01/00 27,562
18,778 5.95 5/04/00 18,674
25,000 6.05 5/08/00 24,840
26,122 5.95 5/25/00 25,881
- --------------------------------------------------------------------------------
Tulip Funding Corp. 50,000 5.89 5/19/00 49,593
75,000 5.90 5/19/00 74,389
- --------------------------------------------------------------------------------
UBS Finance 75,000 5.82 4/06/00 74,927
(Delaware) Inc.
- --------------------------------------------------------------------------------
United Mexican States 50,000 5.75 5/15/00 49,629
- --------------------------------------------------------------------------------
Variable Funding 25,000 5.85 4/20/00 24,919
Capital Corp. 100,000 5.91 5/04/00 99,446
214,688 6.083+ 8/22/00 214,688
260,312 6.094+ 8/24/00 260,312
- --------------------------------------------------------------------------------
WCP Funding Inc. 100,000 5.95 5/25/00 99,079
- --------------------------------------------------------------------------------
Westpac Capital Corp. 75,000 5.75 5/17/00 74,414
- --------------------------------------------------------------------------------
Windmill Funding Corp. 75,000 5.87 4/04/00 74,951
25,000 5.85 4/07/00 24,971
25,000 5.88 4/07/00 24,971
25,000 5.87 4/11/00 24,955
50,000 5.88 4/11/00 49,910
50,000 5.88 4/12/00 49,902
50,000 5.87 4/14/00 49,886
25,000 5.88 4/14/00 24,943
75,000 5.86 4/19/00 74,770
50,000 6.05 4/19/00 49,840
25,000 5.88 4/24/00 24,903
25,000 5.88 4/26/00 24,894
40,000 5.89 4/26/00 39,830
50,000 5.89 4/27/00 49,779
50,000 6.08 5/01/00 49,738
48,500 5.92 5/02/00 48,252
25,000 5.93 5/03/00 24,866
50,000 5.92 5/05/00 49,712
23,000 5.92 5/08/00 22,857
25,000 5.93 5/08/00 24,845
50,000 6.07 5/08/00 49,680
25,000 5.92 5/11/00 24,832
50,000 5.95 5/11/00 49,665
15,000 5.91 5/12/00 14,897
25,000 5.91 5/17/00 24,805
25,000 5.98 5/17/00 24,805
25,000 5.92 5/19/00 24,796
- --------------------------------------------------------------------------------
Woolwich Plc 50,000 5.74 5/05/00 49,715
50,000 5.74 5/08/00 49,690
200,000 5.74 5/15/00 198,518
- --------------------------------------------------------------------------------
Total Commercial Paper (Cost--$25,448,372) ....................... 25,446,129
- --------------------------------------------------------------------------------
Corporate Notes--2.7%
- --------------------------------------------------------------------------------
Asset-Backed Securities 715,150 6.084+ 9/15/00 715,150
Investment Trust
(ABSIT) 1997-F
- --------------------------------------------------------------------------------
LINCS Series 1998-2 240,000 6.004+ 3/01/01 240,000
- --------------------------------------------------------------------------------
LINCS Series 1998-6 285,000 6.074+ 10/18/00 285,000
- --------------------------------------------------------------------------------
Restructured Asset 188,500 6.085+ 8/11/00 188,500
Securities with Enhanced
Returns, Series
1998-MM-7-1 Trust
- --------------------------------------------------------------------------------
SMM Trust Series 295,000 6.321+ 9/25/00 295,000
1999-H
- --------------------------------------------------------------------------------
Structured Asset Vehicle 134,500 6.104+ 10/04/00 134,500
Securities Trust,
Series 99-1
- --------------------------------------------------------------------------------
Total Corporate Notes (Cost--$1,858,150) ......................... 1,858,150
- --------------------------------------------------------------------------------
Funding Agreements--1.5%
- --------------------------------------------------------------------------------
AIG Life Insurance 50,000 5.933+ 6/30/00 50,000
Company
- --------------------------------------------------------------------------------
Allstate Life 45,000 5.94+ 7/03/00 45,000
Insurance Co. 45,000 6.013+ 11/01/00 45,000
- --------------------------------------------------------------------------------
Combined Insurance 45,000 5.993+ 6/01/00 45,000
Co. of America
- --------------------------------------------------------------------------------
GE Life and Annuity 150,000 5.963+ 12/01/00 150,000
Assurance Co.
- --------------------------------------------------------------------------------
Metropolitan Life 150,000 5.983+ 5/01/00 150,000
Insurance Company
- --------------------------------------------------------------------------------
Monumental Life 135,000 6.058+ 11/22/00 135,000
Insurance Company
- --------------------------------------------------------------------------------
Pacific Life Insurance Co. 40,000 5.993+ 6/01/00 40,000
40,000 5.993+ 10/02/00 40,000
- --------------------------------------------------------------------------------
Principal Life 50,000 6.013+ 8/16/00 50,000
Insurance Co.
- --------------------------------------------------------------------------------
Transamerica Life 150,000 5.973+ 5/12/00 150,000
Insurance & Annuity
Company
- --------------------------------------------------------------------------------
8
<PAGE>
CMA MONEY FUND
SCHEDULE OF INVESTMENTS AS OF MARCH 31, 2000 (CONTINUED) (IN THOUSANDS)
Face Interest Maturity
Issue Amount Rate* Date Value
- --------------------------------------------------------------------------------
Funding Agreements (concluded)
- --------------------------------------------------------------------------------
Travelers Insurance $ 25,000 5.943+% 5/01/00 $ 25,000
Company, The 25,000 5.943+ 9/21/00 25,000
70,000 5.943+ 2/01/01 70,000
- --------------------------------------------------------------------------------
Total Funding Agreements (Cost--$1,020,000) ...................... 1,020,000
- --------------------------------------------------------------------------------
Promissory Notes--1.2%
- --------------------------------------------------------------------------------
Goldman Sachs 700,000 5.983+ 7/07/00 700,000
Group, Inc. 130,000 5.983+ 8/04/00 130,000
- --------------------------------------------------------------------------------
Total Promissory Notes (Cost--$830,000) .......................... 830,000
- --------------------------------------------------------------------------------
Medium-Term Notes--11.1%
- --------------------------------------------------------------------------------
AT&T Capital 20,000 7.594+ 6/14/00 20,048
Corporation 20,000 7.50 11/15/00 20,055
- --------------------------------------------------------------------------------
American Honda 25,000 6.141+ 6/19/00 24,993
Finance Corp. 50,000 5.996+ 7/12/00 49,995
25,000 6.01 7/24/00 24,994
- --------------------------------------------------------------------------------
Associates Corp. of 600,000 5.918+ 3/16/01 599,663
North America
- --------------------------------------------------------------------------------
Bank of New York Co., Inc. 25,000 6.15+ 5/15/00 24,999
- --------------------------------------------------------------------------------
Bear Stearns 50,000 6.07+ 7/10/00 50,013
Companies, Inc.
- --------------------------------------------------------------------------------
Beneficial Corp. 60,000 6.145+ 5/04/00 60,005
- --------------------------------------------------------------------------------
CIT Group 275,000 6.155+ 5/30/00 274,976
Holdings, Inc., The 150,000 6.25+ 8/14/00 149,914
125,000 6.30+ 9/15/00 124,944
200,000 6.109+ 3/27/01 199,863
- --------------------------------------------------------------------------------
Chase Manhattan Corp. 25,000 6.29+ 5/19/00 25,002
25,000 6.358+ 11/02/00 25,023
- --------------------------------------------------------------------------------
Citicorp 50,000 5.949+ 8/02/00 50,000
- --------------------------------------------------------------------------------
Commerzbank 75,000 5.915 1/30/01 74,928
Overseas Finance
- --------------------------------------------------------------------------------
Dupont (E.I.) 89,500 5.079 4/03/00 89,491
de Nemours & Co. 155,000 6.69 3/13/01 154,387
- --------------------------------------------------------------------------------
Ford Motor Credit 285,600 6.20+ 5/05/00 285,600
Company 500,000 6.20+ 5/23/00 500,000
750,000 6.27+ 10/02/00 750,173
155,000 6.06+ 11/22/00 154,995
309,400 6.104+ 11/24/00 309,302
- --------------------------------------------------------------------------------
General Electric 75,000 5.976+ 4/12/00 74,999
Capital Corp. 124,000 6.041+ 5/03/00 124,002
112,500 6.049+ 5/12/00 112,490
100,000 6.05+ 5/26/00 99,977
- --------------------------------------------------------------------------------
General Motors 20,000 6.625 4/17/00 20,006
Acceptance Corp. 297,000 5.75 7/28/00 296,249
579,500 6.033+ 10/06/00 579,488
196,000 6.251+ 12/01/00 196,067
145,000 6.14 2/27/01 144,884
- --------------------------------------------------------------------------------
Goldman Sachs 50,000 6.00 8/07/00 49,869
Group, Inc. 118,000 6.12+ 4/12/01 118,000
- --------------------------------------------------------------------------------
Household Finance 25,000 6.096+ 5/15/00 24,976
Corp. 275,000 6.09+ 11/01/00 275,074
- --------------------------------------------------------------------------------
Morgan Stanley, 56,000 6.699+ 11/13/00 56,136
Dean Witter 94,000 6.249+ 1/22/01 93,988
- --------------------------------------------------------------------------------
National Rural Utilities 400,000 6.009+ 9/11/00 399,947
Coop. Fin. Corp.
- --------------------------------------------------------------------------------
Prudential Funding Corp. 20,000 6.13+ 12/21/00 20,007
- --------------------------------------------------------------------------------
Toyota Motor Credit Corp. 131,000 6.19+ 10/25/00 131,073
- --------------------------------------------------------------------------------
Wells Fargo & Co. 75,000 6.013+ 4/26/00 74,997
- --------------------------------------------------------------------------------
Xerox Capital 150,000 5.974+ 7/19/00 149,953
(Europe) Plc
- --------------------------------------------------------------------------------
Xerox Corporation 200,000 5.70 7/26/00 199,213
- --------------------------------------------------------------------------------
Xerox Credit Corporation 200,000 6.12+ 4/06/00 199,998
- --------------------------------------------------------------------------------
Total Medium-Term Notes (Cost--$7,486,423) ....................... 7,484,756
- --------------------------------------------------------------------------------
US Government & Agency Obligations--Discount Notes--3.0%
- --------------------------------------------------------------------------------
Federal Home Loan 35,731 5.75 4/13/00 35,661
Banks 100,000 5.80 6/14/00 98,800
- --------------------------------------------------------------------------------
Federal Home Loan 380,000 5.71 4/03/00 379,817
Mortgage Corporation 7,519 5.71 4/04/00 7,514
390,000 5.70 4/10/00 389,386
75,000 5.71 4/13/00 74,852
50,000 5.72 4/13/00 49,902
260,000 5.73 4/13/00 259,488
100,000 5.83 5/02/00 99,482
299,500 5.84 5/04/00 297,923
50,000 5.76 5/11/00 49,686
136,000 6.28 3/29/01 127,364
- --------------------------------------------------------------------------------
Federal National 100,000 5.715 4/13/00 99,803
Mortgage Association 35,000 5.73 4/13/00 34,931
- --------------------------------------------------------------------------------
Total US Government & Agency Obligations--
Discount Notes (Cost--$2,004,479) ................................ 2,004,609
- --------------------------------------------------------------------------------
US Government & Agency Obligations--
Non-Discount Notes--13.1%
- --------------------------------------------------------------------------------
Federal Farm Credit 46,100 4.875 2/02/01 45,417
Banks
- --------------------------------------------------------------------------------
Federal Home 175,000 6.395+ 4/24/00 174,996
Loan Banks 305,000 6.425+ 4/28/00 304,991
500,000 6.345+ 7/14/00 499,928
21,045 6.45 3/16/01 20,995
61,150 5.125 4/17/01 60,163
- --------------------------------------------------------------------------------
Federal Home Loan 195,000 6.385+ 4/14/00 194,996
Mortgage Corporation 200,000 6.385+ 7/14/00 199,971
100,000 5.05 11/17/00 99,230
50,000 5.13 11/24/00 49,620
50,000 5.18 11/24/00 49,636
75,000 5.15 1/26/01 74,170
75,000 5.125 2/08/01 74,101
50,000 5.18 2/09/01 49,420
25,000 5.375 3/01/01 24,719
760,000 6.205+ 9/17/01 759,200
- --------------------------------------------------------------------------------
9
<PAGE>
CMA MONEY FUND
SCHEDULE OF INVESTMENTS AS OF MARCH 31, 2000 (CONCLUDED) (IN THOUSANDS)
Face Interest Maturity
Issue Amount Rate* Date Value
- --------------------------------------------------------------------------------
US Government & Agency Obligations--
Non-Discount Notes (continued)
- --------------------------------------------------------------------------------
Federal National $215,000 6.415+% 7/21/00 $ 214,967
Mortgage Association 420,000 6.415+ 8/02/00 419,858
170,000 5.37+ 8/09/00 170,045
100,000 5.00 10/02/00 99,207
16,920 4.89 10/13/00 16,767
100,000 5.885+ 11/13/00 99,972
75,000 5.21 1/26/01 74,102
100,000 6.42 3/13/01 99,726
390,000 6.52 3/16/01 389,275
175,000 6.55 3/20/01 174,721
75,000 5.40 3/27/01 74,076
75,000 5.37 4/05/01 74,035
60,000 5.375 4/06/01 59,228
65,000 5.40 4/10/01 64,169
25,000 5.31 4/24/01 24,644
50,000 5.48 5/03/01 49,355
700,000 6.185+ 9/17/01 699,215
500,000 6.285+ 9/24/01 500,000
- --------------------------------------------------------------------------------
Student Loan 415,000 6.534+ 9/29/00 414,937
Marketing Association 474,000 6.535+ 9/29/00 473,956
350,000 6.592+ 10/02/00 349,904
410,000 6.598+ 10/02/00 409,950
100,000 6.385+ 7/25/01 100,058
200,000 6.405+ 8/23/01 199,893
165,000 6.335+ 9/28/01 165,018
400,000 6.375+ 3/13/02 399,779
- --------------------------------------------------------------------------------
US Treasury Notes 100,000 4.50 9/30/00 99,094
150,000 4.00 10/31/00 148,031
50,000 4.625 11/30/00 49,422
50,000 4.875 3/31/01 49,250
5,500 5.00 4/30/01 5,418
- --------------------------------------------------------------------------------
Total US Government & Agency Obligations--
Non-Discount Notes (Cost--$8,865,569) ............................ 8,849,625
- --------------------------------------------------------------------------------
Face
Amount Issue
- --------------------------------------------------------------------------------
Repurchase Agreements**--0.6%
- --------------------------------------------------------------------------------
$172,529 HSBC Securities Inc., purchased on 172,529
3/31/2000 to yield 6.36% to 4/03/2000
- --------------------------------------------------------------------------------
200,000 Lehman Brothers Inc., purchased on 200,000
3/31/2000 to yield 6.30% to 4/03/2000
- --------------------------------------------------------------------------------
Total Repurchase Agreements (Cost--$372,529) ..................... 372,529
- --------------------------------------------------------------------------------
Total Investments (Cost--$67,719,222)--99.9% ..................... 67,688,755
Other Assets Less Liabilities--0.1% .............................. 99,296
-----------
Net Assets--100.0% ............................................... $67,788,051
===========
================================================================================
* 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, 2000.
** Repurchase Agreements are fully collateralized by US Government & Agency
Obligations.
+ Variable Rate Notes.
See Notes to Financial Statements.
10
<PAGE>
CMA MONEY FUND
STATEMENT OF ASSETS AND LIABILITIES AS OF MARCH 31, 2000
<TABLE>
<S> <C> <C>
Assets:
Investments, at value (identified cost--$67,719,221,745+) ................. $ 67,688,755,492
Cash ...................................................................... 100,292
Interest receivable ....................................................... 439,168,229
Prepaid registration fees and other assets ................................ 424,038
----------------
Total assets .............................................................. 68,128,448,051
----------------
Liabilities:
Payables:
Securities purchased .................................................... $ 291,254,348
Distributor ............................................................. 20,869,517
Investment adviser ...................................................... 19,533,780
Dividends to shareholders ............................................... 11,537
Beneficial interest redeemed ............................................ 2,858 331,672,040
----------------
Accrued expenses and other liabilities .................................... 8,724,895
----------------
Total liabilities ......................................................... 340,396,935
----------------
Net Assets ................................................................ $ 67,788,051,116
================
Net Assets Consist of:
Shares of beneficial interest, $.10 par value, unlimited number of shares
authorized ................................................................ $ 6,781,851,737
Paid-in capital in excess of par .......................................... 61,036,665,632
Unrealized depreciation on investments--net ............................... (30,466,253)
----------------
Net Assets--Equivalent to $1.00 per share based on 67,818,517,369 shares of
beneficial interest outstanding ........................................... $ 67,788,051,116
================
</TABLE>
+ Cost for Federal income tax purposes. As of March 31, 2000, net unrealized
depreciation for Federal income tax purposes amounted to $30,466,253 of
which $1,645,239 related to appreciated securities and $32,111,492 related
to depreciated securities.
See Notes to Financial Statements.
11
<PAGE>
CMA MONEY FUND
STATEMENT OF OPERATIONS FOR THE YEAR ENDED MARCH 31, 2000
<TABLE>
<S> <C> <C>
Investment Income:
Interest and amortization of premium and discount earned $ 3,395,927,205
Expenses:
Investment advisory fees ............................... $ 233,247,917
Distribution fees ...................................... 76,626,653
Transfer agent fees .................................... 21,210,081
Registration fees ...................................... 6,412,306
Accounting services .................................... 2,832,808
Custodian fees ......................................... 1,385,631
Interest expense ....................................... 741,288
Printing and shareholder reports ....................... 739,645
Professional fees ...................................... 600,446
Trustees' fees and expenses ............................ 101,503
Pricing fees ........................................... 86,970
Other .................................................. 626,673
---------------
Total expenses ......................................... 344,611,921
---------------
Investment income--net ................................. 3,051,315,284
Realized Loss on Investments--Net ...................... (3,001,183)
Change in Unrealized Depreciation on Investments--Net .. (24,083,104)
---------------
Net Increase in Net Assets Resulting from Operations ... $ 3,024,230,997
===============
</TABLE>
See Notes to Financial Statements.
12
<PAGE>
CMA MONEY FUND
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
For the Year Ended March 31,
--------------------------------------
Increase (Decrease) in Net Assets: 2000 1999
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Operations:
Investment income--net ................................................. $ 3,051,315,284 $ 2,636,478,173
Realized gain (loss) on investments--net ............................... (3,001,183) 13,518,382
Change in unrealized depreciation on investments--net .................. (24,083,104) 2,482,608
----------------- -----------------
Net increase in net assets resulting from operations ................... 3,024,230,997 2,652,479,163
----------------- -----------------
Dividends & Distributions to Shareholders:
Investment income--net ................................................. (3,048,314,101) (2,636,478,173)
Realized gain on investments--net ...................................... -- (13,518,382)
----------------- -----------------
Net decrease in net assets resulting from dividends and distributions
to shareholders ........................................................ (3,048,314,101) (2,649,996,555)
----------------- -----------------
Beneficial Interest Transactions:
Net proceeds from sale of shares ....................................... 280,910,178,406 237,171,585,039
Net asset value of shares issued to shareholders in reinvestment of
dividends and distributions ............................................ 3,041,945,827 2,644,236,852
----------------- -----------------
283,952,124,233 239,815,821,891
Cost of shares redeemed ................................................ (276,481,136,394) (230,400,937,720)
----------------- -----------------
Net increase in net assets derived from beneficial interest transactions 7,470,987,839 9,414,884,171
----------------- -----------------
Net Assets:
Total increase in net assets ........................................... 7,446,904,735 9,417,366,779
Beginning of year ...................................................... 60,341,146,381 50,923,779,602
----------------- -----------------
End of year ............................................................ $ 67,788,051,116 $ 60,341,146,381
================= =================
</TABLE>
See Notes to Financial Statements.
13
<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: 2000 1999 1998 1997 1996
----------- ----------- ----------- ----------- -----------
<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 ............... .0491 .0483 .0512 .0490 .0529
Realized and unrealized gain (loss) on
investments--net ..................... (.0004) .0002 .0004 -- .0003
----------- ----------- ----------- ----------- -----------
Total from investment operations ..... .0487 .0485 .0516 .0490 .0532
----------- ----------- ----------- ----------- -----------
Less dividends and distributions:
Investment income--net ............. (.0491) (.0483) (.0512) (.0490) (.0529)
Realized gain on investments--net .. --+ (.0002) (.0001) (.0002) (.0006)
----------- ----------- ----------- ----------- -----------
Total dividends and distributions .... (.0491) (.0485) (.0513) (.0492) (.0535)
----------- ----------- ----------- ----------- -----------
Net asset value, end of year ......... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
=========== =========== =========== =========== ===========
Total Investment Return .............. 5.02% 4.98% 5.26% 5.04% 5.49%
=========== =========== =========== =========== ===========
Ratios to Average Net Assets:
Expenses, excluding interest expenses .55% .56% .56% .55% --
=========== =========== =========== =========== ===========
Expenses ............................. .56% .57% .57% .56% .56%
=========== =========== =========== =========== ===========
Investment income and realized gain on
investments--net ..................... 4.92% 4.84% 5.13% 4.89% 5.35%
=========== =========== =========== =========== ===========
Supplemental Data:
Net assets, end of year (in thousands) $67,788,051 $60,341,146 $50,923,780 $41,984,753 $36,922,858
=========== =========== =========== =========== ===========
</TABLE>
+ Amount is less than $.0001 per share.
See Notes to Financial Statements.
14
<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 accounting
principles generally accepted in the United States of America, 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, 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 securities and, if
necessary, receives additional securities daily to ensure that the contract is
fully collateralized. If the counterparty defaults and the fair value of the
collateral declines, liquidation of the collateral by the Fund may be delayed or
limited.
(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: .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.
15
<PAGE>
CMA MONEY FUND
NOTES TO FINANCIAL STATEMENTS (CONCLUDED)
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 ("MLPF&S") receives a
distribution 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 year ended March 31, 2000, the average amount outstanding was
approximately $16,857,367 and the daily weighted average interest rate was
4.40%.
5. Capital Loss Carryforward:
At March 31, 2000, the Fund had a net capital loss carryforward of approximately
$635,000, all of which expires in 2008. This amount will be available to offset
like amounts of any future taxable gains.
16
<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, 2000, 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 auditing standards generally accepted
in the United States of America. 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, 2000 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, 2000, the results of its operations, the changes in its net assets,
and the financial highlights for the respective stated periods in accordance
with accounting principles generally accepted in the United States of America.
Deloitte & Touche LLP
Princeton, New Jersey
May 8, 2000
17
<PAGE>
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, 2000 qualify for the dividends-received
deduction for corporations. Additionally, there were no long-term capital gain
distributions paid by the Fund during the year.
Of the Fund's ordinary income dividends paid during the fiscal year ended March
31, 2000, 9.94% was attributable to Federal Obligations. In calculating the
foregoing percentage, Fund expenses have been allocated on a pro rata basis.
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.
Please retain this information for your records.
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
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].
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. 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. Past performance
results shown in this report should not be considered a representation of future
performance, which will fluctuate. Statements and other information herein are
as dated and are subject to change.
CMA Money Fund
Box 9011
Princeton, NJ 08543-9011 #11213--3/00
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