[LOGO] CMA(R)
CMA MONEY FUND
Semi-Annual Report
[GRAPHIC OMITTED]
September 30, 2000
[LOGO] Merrill Lynch
<PAGE>
DEAR SHAREHOLDER:
For the six-month period ended September 30, 2000, CMA Money Fund paid
shareholders a net annualized yield of 5.96%.* As of September 30, 2000, the
Fund's 7-day yield was 6.11%.
Economic Environment
By the end of September 2000, there was ample evidence to indicate the economy
was finally beginning to moderate from the unsustainable growth rate of the
previous three quarters. The increases in the Federal Funds rate so far this
year have begun to have an effect. Since our last report to shareholders, the US
equity market has also moderated, with major equity indexes experiencing
volatility. Recently, weaker earnings reports by several technology leaders
drove the technology-heavy NASDAQ significantly lower. The optimism that fueled
unrealistic expectations in the equity market earlier this year is mostly gone,
as a weak euro slowed demand from overseas. The stock and bond markets are
presently driven by expectations of a neutral monetary policy from the Federal
Reserve Board, but concern remains in the equity market that the economy may
have a harder landing than is currently anticipated. Although the labor market
is still tight, with the unemployment rate hovering around 4%, continued
productivity gains will most likely alleviate inflationary pressures from gains
in wages and benefits. The extraordinary rise in oil and gasoline prices, while
eating into corporate profits, also contributed to the drop in consumer
confidence. Investors are hoping that the economy has a soft landing, with gross
domestic product growth more in line with the Federal Reserve Board's target of
about 3%, making further interest rate increases unnecessary.
* Based on a constant investment throughout the period, with dividends
compounded daily, and reflecting a net return to the investor after all
expenses.
Portfolio Matters
During the six-month period ended September 30, 2000, we pursued a strategy of
adding fixed rate bank and corporate products in the one-year sector. Our
average life ranged from 52 days - 71 days. Even though we were in a rising
interest rate environment for a majority of the time, the inverted US Treasury
yield curve indicated that yields in the short-end would probably not rise to
extreme levels, as the one-year sector represented the pivot point of the curve
inversion. At times, we targeted six-month certificates of deposit, when a
breakeven analysis showed they had greater value. Nevertheless, during the past
three months, interest rates have declined. It appears that the Federal Reserve
Board may have reached the culmination of its tightening cycle, causing investor
demand to increase for corporate product, and spreads to narrow for both fixed
and floating rate securities.
The Fund's portfolio composition at the end of the September period and as of
our last report to shareholders is detailed below:
9/30/00 3/31/00
------- -------
Bank Notes ..................................... 5.0% 4.0%
Certificates of Deposit ........................ 2.5 1.5
Certificates of Deposit--European .............. 6.2 8.8
Certificates of Deposit--Yankee+ ............... 23.8 14.9
Commercial Paper ............................... 22.4 37.5
Corporate Notes ................................ 2.6 2.7
Funding Agreements ............................. 2.2 1.5
Medium-Term Notes .............................. 11.5 11.1
Promissory Notes ............................... 1.0 1.2
Repurchase Agreements .......................... -- 0.6
Time Deposits .................................. 0.6 --
US Government & Agency
Obligations--Discount Notes .................... -- 3.0
US Government & Agency
Obligations--Non-Discount Notes ................ 21.8 13.1
Other Assets Less Liabilities .................. 0.4 0.1
----- -----
Total .......................................... 100.0% 100.0%
===== =====
+ US branches of foreign banks.
1
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In Conclusion
We thank you for your support of CMA Money Fund, and we look forward to serving
your investment 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
Vice President and Portfolio Manager
November 2, 2000
2
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--------------------------------------------------------------------------------
CMA MONEY FUND
SCHEDULE OF INVESTMENTS AS OF SEPTEMBER 30, 2000 (IN THOUSANDS)
================================================================================
Face Interest Maturity
Issue Amount Rate* Date Value
--------------------------------------------------------------------------------
Bank Notes--5.0%
--------------------------------------------------------------------------------
Banc One, IL N.A $ 100,000 6.087% 10/06/00 $ 99,984
--------------------------------------------------------------------------------
Bank Austria AG 102,500 6.533+ 2/16/01 102,471
--------------------------------------------------------------------------------
Bank of America, N.A 200,000 6.85 12/14/00 200,039
550,000 6.65+ 4/27/01 550,000
50,000 7.11 6/19/01 50,084
200,000 7.10 6/20/01 200,324
--------------------------------------------------------------------------------
Bank of America N.T 200,000 6.90 12/13/00 200,059
S.A
--------------------------------------------------------------------------------
Comerica Bank 25,000 6.614+ 11/20/00 24,998
21,000 6.61+ 3/07/01 20,995
114,000 6.62+ 4/25/01 113,980
--------------------------------------------------------------------------------
First USA Bank N.A 50,000 6.08 10/10/00 49,988
--------------------------------------------------------------------------------
Fleet National Bank 30,000 6.84+ 12/14/00 30,006
42,000 6.84+ 1/22/01 42,018
30,000 6.76+ 4/20/01 30,015
--------------------------------------------------------------------------------
National City Bank, 50,000 6.87 9/04/01 50,024
Kentucky
--------------------------------------------------------------------------------
National City Bank, 100,000 6.72 3/21/01 99,907
Ohio
--------------------------------------------------------------------------------
National City Bank, 100,000 6.67 3/13/01 99,886
Pennsylvania
--------------------------------------------------------------------------------
U.S. Bank, 25,000 6.88 4/04/01 24,988
National Association 60,000 6.64+ 6/25/01 59,985
--------------------------------------------------------------------------------
U.S. Bank, N.A., 50,000 6.635+ 6/25/01 49,987
North Dakota
--------------------------------------------------------------------------------
Total Bank Notes (Cost--$2,099,431) .............................. 2,099,738
--------------------------------------------------------------------------------
Certificates of Deposit--2.5%
--------------------------------------------------------------------------------
Bank One, IL N.A 150,000 6.94 12/29/00 150,031
--------------------------------------------------------------------------------
Chase Manhattan Bank 200,000 6.64 2/12/01 199,982
USA, N.A
--------------------------------------------------------------------------------
Comerica Bank 200,000 6.63 6/27/01 199,942
--------------------------------------------------------------------------------
First Tennessee Bank 150,000 6.67 12/11/00 150,000
N.A
--------------------------------------------------------------------------------
Old Kent Bank 150,000 6.66+ 7/02/01 150,000
--------------------------------------------------------------------------------
SouthTrust Bank, N.A 100,000 6.86 12/19/00 100,004
--------------------------------------------------------------------------------
State Street Bank 25,000 6.59 12/29/00 25,000
& Trust
--------------------------------------------------------------------------------
Sun Trust Bank 66,000 6.78 4/18/01 65,962
--------------------------------------------------------------------------------
Total Certificates of Deposit (Cost--$1,040,951) ................. 1,040,921
--------------------------------------------------------------------------------
Certificates of Deposit--European--6.2%
--------------------------------------------------------------------------------
Abbey National 323,000 6.61 12/27/00 323,026
Treasury Services PLC, 50,000 7.06 12/27/00 50,023
London
--------------------------------------------------------------------------------
Australia & New Zealand 150,000 7.08 7/20/01 150,321
Banking Group
--------------------------------------------------------------------------------
Banco Santander 200,000 6.76 2/09/01 200,037
Central Hispano
--------------------------------------------------------------------------------
Bank of Scotland, 200,000 6.58 12/22/00 200,003
London 50,000 6.58 12/29/00 49,999
--------------------------------------------------------------------------------
Bayerische Hypo-und 86,000 6.93 12/27/00 86,016
Vereinsbank AG
--------------------------------------------------------------------------------
Commerzbank AG 200,000 6.86 12/20/00 200,009
--------------------------------------------------------------------------------
Fleet National Bank 50,000 6.90 12/15/00 50,006
--------------------------------------------------------------------------------
Halifax PLC, London 100,000 6.625 12/27/00 99,968
--------------------------------------------------------------------------------
ING Bank N.V., 235,000 6.775 2/08/01 235,042
London 100,000 6.76 2/09/01 100,013
--------------------------------------------------------------------------------
Landesbank 63,000 7.04 11/30/00 63,027
Baden-Wurttemberg, 100,000 7.05 12/04/00 100,041
London 87,000 7.16 6/29/01 87,205
--------------------------------------------------------------------------------
Landesbank Hessen- 150,000 7.07 7/24/01 150,320
Thuringen Girozentrale
--------------------------------------------------------------------------------
National Australia 75,000 6.688+ 2/16/01 75,000
Bank Limited
--------------------------------------------------------------------------------
Westdeutsche Landes- 150,000 6.80 4/17/01 149,929
bank Girozentrale 200,000 6.82 4/18/01 199,926
--------------------------------------------------------------------------------
Total Certificates of Deposit--
European (Cost--$2,569,072) ...................................... 2,569,911
--------------------------------------------------------------------------------
Certificates of Deposit--Yankee--23.8%
--------------------------------------------------------------------------------
ABN-AMRO Bank N.V 128,000 6.61+ 3/02/01 127,968
--------------------------------------------------------------------------------
Australia & New Zealand 75,000 6.72 3/16/01 74,909
Banking Group, N.Y 100,000 6.84 3/28/01 99,932
--------------------------------------------------------------------------------
BNP Paribas, N.Y 100,000 6.82 3/28/01 99,922
100,000 6.88 3/29/01 99,950
100,000 6.89 3/29/01 99,955
--------------------------------------------------------------------------------
Banco Bilbao Vizcaya 100,000 6.795 4/17/01 99,906
Argentaria S.A 200,000 6.99 5/02/01 200,025
50,000 6.87 8/24/01 50,011
100,000 6.87 9/04/01 100,028
--------------------------------------------------------------------------------
Bank Austria AG 28,000 6.531 3/05/01 27,993
160,000 6.65 7/05/01 159,968
--------------------------------------------------------------------------------
Bank of Nova Scotia 150,000 6.549+ 11/13/00 149,985
25,000 6.538+ 3/01/01 24,994
50,000 6.79 4/17/01 49,951
--------------------------------------------------------------------------------
Bank of Scotland 100,000 6.79 4/17/01 99,903
50,000 6.88 8/24/01 50,015
--------------------------------------------------------------------------------
Barclays Bank PLC, N.Y 300,000 6.70 9/18/01 299,667
--------------------------------------------------------------------------------
Bayerische Hypo- 100,000 6.54+ 2/28/01 99,980
und Vereinsbank AG, 50,000 6.665 3/08/01 49,929
N.Y 172,000 6.80 3/28/01 171,850
117,000 6.78 4/17/01 116,878
50,000 7.07 5/03/01 50,029
25,000 6.87 8/24/01 25,005
--------------------------------------------------------------------------------
3
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CMA MONEY FUND
SCHEDULE OF INVESTMENTS AS OF SEPTEMBER 30, 2000 (CONTINUED) (IN THOUSANDS)
================================================================================
Face Interest Maturity
Issue Amount Rate* Date Value
--------------------------------------------------------------------------------
Certificates of Deposit--Yankee (continued)
--------------------------------------------------------------------------------
Bayerische $ 200,000 6.585+% 11/09/00 $ 199,984
Landesbank 500,000 6.64+ 8/03/01 499,856
Girozentrale, N.Y
--------------------------------------------------------------------------------
Canadian Imperial Bank 125,000 6.66 3/08/01 124,819
of Commerce, N.Y 50,000 7.13 6/29/01 50,078
325,000 6.98 7/16/01 325,220
--------------------------------------------------------------------------------
Commerzbank AG, N.Y 50,000 6.70 2/20/01 49,937
50,000 6.755 2/22/01 49,948
50,000 6.54+ 3/01/01 49,990
40,000 6.548+ 3/01/01 39,992
15,000 6.78 4/17/01 14,985
20,000 7.145 6/26/01 20,032
--------------------------------------------------------------------------------
Credit Agricole 150,000 6.61+ 11/08/00 149,990
Indosuez, N.Y 200,000 6.78 4/17/01 199,791
100,000 6.82 4/27/01 99,917
50,000 6.99 8/02/01 50,049
--------------------------------------------------------------------------------
Credit Communal 50,000 6.71 2/28/01 49,939
de Belgique, N.Y 50,000 6.535+ 3/01/01 49,989
--------------------------------------------------------------------------------
Den Danske Bank, 100,000 6.875 9/04/01 100,033
A/S, N.Y
--------------------------------------------------------------------------------
Dena Bank Belgique 300,000 6.975 7/16/01 300,192
--------------------------------------------------------------------------------
Deutsche Bank AG, N.Y 150,000 6.00 11/13/00 149,820
115,000 6.55+ 12/13/00 114,979
50,000 6.80 4/17/01 49,954
680,000 6.62+ 6/29/01 679,746
--------------------------------------------------------------------------------
Dresdner Bank AG, N.Y 50,000 6.71 2/26/01 49,939
50,000 6.65 3/06/01 49,926
124,000 6.55+ 3/28/01 123,959
--------------------------------------------------------------------------------
Landesbank 25,000 7.01 11/24/00 25,009
Baden-Wurttemberg 25,000 6.99 8/02/01 25,025
50,000 6.75 9/14/01 49,966
--------------------------------------------------------------------------------
Landesbank Hessen- 250,000 6.708 9/18/01 249,739
Thuringen Girozentrale,
N.Y
--------------------------------------------------------------------------------
Norddeutsche 100,000 6.65 3/06/01 99,852
Landesbank 150,000 7.16 6/27/01 150,262
Girozentrale 75,000 6.87 8/24/01 75,016
--------------------------------------------------------------------------------
Rabobank Nederland NV 95,000 6.64 3/02/01 94,857
200,000 6.67 3/09/01 199,718
50,000 6.71 3/16/01 49,937
154,500 6.845 4/06/01 154,396
79,000 7.18 6/13/01 79,134
--------------------------------------------------------------------------------
Royal Bank of Canada 187,000 6.68 3/09/01 186,744
100,000 6.62+ 3/22/01 99,977
100,000 6.62+ 3/27/01 99,976
113,000 6.62+ 6/07/01 112,961
--------------------------------------------------------------------------------
Svenska 150,000 6.65 3/06/01 149,778
Handelsbanken AB 150,000 6.62 3/07/01 149,759
50,000 6.98 5/02/01 50,003
100,000 7.15 6/29/01 100,170
50,000 6.89 8/24/01 50,019
--------------------------------------------------------------------------------
Toronto-Dominion Bank 94,000 6.61 12/29/00 93,944
--------------------------------------------------------------------------------
UBS AG 150,000 6.81 3/28/01 149,877
200,000 6.87 3/29/01 199,891
175,000 6.82 4/27/01 174,855
200,000 6.86 9/04/01 200,039
74,500 6.72 9/18/01 74,431
--------------------------------------------------------------------------------
Unibank A/S 130,000 6.78 3/23/01 129,877
70,000 6.92 3/30/01 69,978
--------------------------------------------------------------------------------
Westdeutsche 200,000 6.542+ 2/26/01 199,960
Landesbank
Girozentrale
--------------------------------------------------------------------------------
Westpac Banking Corp. 75,000 6.59+ 11/10/00 74,996
25,000 6.591+ 11/13/00 24,998
125,000 6.745 3/20/01 124,862
75,000 6.99 8/02/01 75,074
--------------------------------------------------------------------------------
Total Certificates of Deposit--
Yankee (Cost--$9,919,110) ........................................ 9,916,897
--------------------------------------------------------------------------------
Commercial Paper--22.4%
--------------------------------------------------------------------------------
AEP Credit Inc. 35,000 6.48 12/18/00 34,496
35,000 6.46 12/29/00 34,427
--------------------------------------------------------------------------------
AT&T Corp. 100,000 6.50 12/14/00 98,631
234,000 6.67 3/08/01 233,649
366,000 6.751+ 7/13/01 366,194
--------------------------------------------------------------------------------
Aegon Funding Corp. 70,000 6.625 12/14/00 69,042
50,000 6.62 12/18/00 49,280
115,000 6.64 12/21/00 113,281
--------------------------------------------------------------------------------
Amsterdam Funding 25,000 6.51 10/02/00 24,986
Corp. 50,000 6.51 10/03/00 49,964
50,000 6.52 10/03/00 49,964
32,300 6.52 10/05/00 32,265
12,637 6.51 10/10/00 12,612
45,000 6.52 10/13/00 44,886
50,000 6.51 10/18/00 49,828
--------------------------------------------------------------------------------
Apreco, Inc. 50,000 6.52 10/25/00 49,765
20,000 6.50 12/08/00 19,747
25,000 6.51 12/12/00 24,665
--------------------------------------------------------------------------------
Asset Securitization 61,500 6.50 10/17/00 61,300
Coop. Corp. 100,000 6.50 10/20/00 99,621
150,000 6.50 10/23/00 149,350
175,000 6.50 10/24/00 174,210
--------------------------------------------------------------------------------
Atlantis One Funding 100,000 6.52 10/06/00 99,873
Corp.
--------------------------------------------------------------------------------
BPE Systems Holdings Inc. 60,800 6.47 12/12/00 59,989
--------------------------------------------------------------------------------
Banco Itau SA, Series A 15,000 6.46 3/01/01 14,588
--------------------------------------------------------------------------------
Bills Securitization 100,000 6.51 10/13/00 99,747
Limited 25,000 6.57 11/10/00 24,811
--------------------------------------------------------------------------------
CXC Incorporated 75,000 6.53 10/16/00 74,770
40,000 6.52 10/20/00 39,848
20,000 6.48 12/06/00 19,755
150,000 6.50 12/13/00 147,969
100,000 6.50 12/14/00 98,610
--------------------------------------------------------------------------------
4
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--------------------------------------------------------------------------------
CMA MONEY FUND
SCHEDULE OF INVESTMENTS AS OF SEPTEMBER 30, 2000 (CONTINUED) (IN THOUSANDS)
================================================================================
Face Interest Maturity
Issue Amount Rate* Date Value
--------------------------------------------------------------------------------
Commercial Paper (continued)
--------------------------------------------------------------------------------
Centric Capital Corp. $ 24,000 6.51% 10/10/00 $ 23,952
24,000 6.57 10/10/00 23,952
100,000 6.50 10/11/00 99,783
17,500 6.48 12/27/00 17,220
27,122 6.48 12/28/00 26,683
--------------------------------------------------------------------------------
Clipper Receivables 125,000 6.51 10/17/00 124,593
Corp.
--------------------------------------------------------------------------------
Corporate Receivables 95,000 6.53 10/03/00 94,931
Corp.
--------------------------------------------------------------------------------
Credit Suisse First 80,000 6.64 12/14/00 78,905
Boston Inc.
--------------------------------------------------------------------------------
Credit Suisse 50,000 6.65 12/13/00 49,324
First Boston International
(Guernsey) Limited
--------------------------------------------------------------------------------
Cregem North 100,000 6.51 2/14/01 97,522
America, Inc.
--------------------------------------------------------------------------------
Delaware Funding Corp. 75,972 6.50 10/10/00 75,821
100,549 6.50 10/13/00 100,295
31,277 6.51 10/17/00 31,175
60,397 6.51 10/24/00 60,124
100,000 6.48 12/06/00 98,776
115,215 6.48 12/07/00 113,784
50,718 6.48 12/15/00 50,015
--------------------------------------------------------------------------------
E.W. Scripps 30,000 6.47 12/18/00 29,568
Company (The)
--------------------------------------------------------------------------------
Enterprise Funding Corp. 101,731 6.52 10/03/00 101,657
101,717 6.51 10/10/00 101,515
11,693 6.51 10/11/00 11,668
99,000 6.52 10/16/00 98,695
14,437 6.48 12/21/00 14,221
--------------------------------------------------------------------------------
Eureka Securitization Inc. 45,000 6.51 10/03/00 44,967
75,000 6.51 10/04/00 74,932
66,500 6.51 10/11/00 66,356
50,000 6.51 10/19/00 49,819
50,000 6.51 10/20/00 49,810
13,500 6.51 10/23/00 13,441
--------------------------------------------------------------------------------
FCE Bank PLC 75,000 6.52 10/06/00 74,905
--------------------------------------------------------------------------------
Falcon Asset 67,165 6.51 10/10/00 67,031
Securitization 98,985 6.51 10/11/00 98,770
88,270 6.51 10/20/00 87,935
25,000 6.50 10/23/00 24,892
20,580 6.51 10/24/00 20,487
--------------------------------------------------------------------------------
Fleet Funding 100,000 6.51 10/06/00 99,873
Corporation 200,000 6.52 10/19/00 199,276
--------------------------------------------------------------------------------
Forrestal Funding 22,614 6.54 10/16/00 22,545
30,502 6.54 10/23/00 30,370
50,674 6.51 10/26/00 50,428
188,872 6.50 12/12/00 186,354
--------------------------------------------------------------------------------
Fortis Funding LLC 89,309 6.52 10/23/00 88,923
50,000 6.49 12/20/00 49,262
--------------------------------------------------------------------------------
GE Capital 150,000 6.50 10/03/00 149,892
International 225,000 6.58 1/22/01 220,349
Funding, Inc.
--------------------------------------------------------------------------------
General Electric 296,000 6.695 10/04/00 295,990
Capital Corp.
--------------------------------------------------------------------------------
Glaxo Wellcome Inc. 25,000 6.50 12/18/00 24,639
--------------------------------------------------------------------------------
Intrepid Funding 50,907 6.54 10/16/00 50,751
Master Trust 20,335 6.54 10/23/00 20,247
112,716 6.55 10/23/00 112,228
--------------------------------------------------------------------------------
Kitty Hawk Funding 400,000 6.51 10/05/00 399,566
Corp. 31,000 6.53 10/06/00 30,961
32,948 6.51 10/23/00 32,805
35,993 6.51 11/09/00 35,727
--------------------------------------------------------------------------------
Monte Rosa Capital 47,000 6.53 10/16/00 46,855
Corp. 105,000 6.51 10/19/00 104,620
--------------------------------------------------------------------------------
National Rural Utilities 25,000 6.53 10/10/00 24,950
Cooperative Finance 33,153 6.48 11/29/00 32,788
Corp. 95,000 6.45 3/12/01 92,206
100,000 6.45 3/13/01 97,041
--------------------------------------------------------------------------------
New Center Asset Trust 250,000 6.52 10/05/00 249,728
--------------------------------------------------------------------------------
Nordbanken North 149,500 6.60 1/26/01 146,303
America Inc.
--------------------------------------------------------------------------------
Old Line Funding Corp. 27,000 6.51 10/11/00 26,941
35,095 6.51 10/13/00 35,006
60,911 6.51 10/17/00 60,713
--------------------------------------------------------------------------------
Park Avenue Receivables 107,365 6.72 10/02/00 107,305
Corp. 100,551 6.52 10/18/00 100,205
--------------------------------------------------------------------------------
Prudential Funding LLC 143,948 6.45 3/30/01 139,254
--------------------------------------------------------------------------------
Santander Central 100,000 6.52 10/10/00 99,801
Hispano Finance 50,000 6.64 12/21/00 49,253
(Delaware) Inc.
-------------------------------------------------------------------------------
Spintab-Swedmortgage AB 70,000 6.585 1/29/01 68,465
--------------------------------------------------------------------------------
Tulip Funding Corp. 98,818 6.52 10/16/00 98,514
74,645 6.53 10/20/00 74,361
--------------------------------------------------------------------------------
Unilever Capital Corp. 50,000 6.50 11/03/00 49,684
335,000 6.683 9/07/01 335,084
--------------------------------------------------------------------------------
Windmill Funding Corp. 50,000 6.50 10/03/00 49,964
50,000 6.52 10/03/00 49,964
96,239 6.51 10/04/00 96,152
25,000 6.51 10/10/00 24,950
50,000 6.50 10/12/00 49,883
100,000 6.51 10/12/00 99,764
--------------------------------------------------------------------------------
Woolwich PLC 70,000 6.54 10/27/00 69,647
--------------------------------------------------------------------------------
Total Commercial Paper (Cost--$9,298,990) ........................ 9,299,234
--------------------------------------------------------------------------------
Corporate Notes--2.6%
--------------------------------------------------------------------------------
LINCS Series 1998-2 240,000 6.621 3/01/01 240,000
--------------------------------------------------------------------------------
LINCS Series 1998-6 285,000 6.691 10/18/00 285,000
--------------------------------------------------------------------------------
Strategic Money 295,000 6.66 9/24/01 295,000
Market Trust 2000-H
--------------------------------------------------------------------------------
5
<PAGE>
--------------------------------------------------------------------------------
CMA MONEY FUND
SCHEDULE OF INVESTMENTS AS OF SEPTEMBER 30, 2000 (CONTINUED) (IN THOUSANDS)
================================================================================
Face Interest Maturity
Issue Amount Rate* Date Value
--------------------------------------------------------------------------------
Corporate Notes (concluded)
--------------------------------------------------------------------------------
Structured Asset $ 134,500 6.87+ 10/04/00 $ 134,500
Vehicle Securities Trust, 134,500 6.723+ 10/04/01 134,500
Series 99-1 (SAVES 99-1)
--------------------------------------------------------------------------------
Total Corporate Notes (Cost--$1,089,000) ......................... 1,089,000
--------------------------------------------------------------------------------
Funding Agreements--2.2%
--------------------------------------------------------------------------------
AIG Life Insurance 50,000 6.648 6/29/01 50,000
Company
--------------------------------------------------------------------------------
Allstate Life 45,000 6.728+ 11/01/00 45,000
Insurance Co. 45,000 6.688+ 7/02/01 45,000
--------------------------------------------------------------------------------
Combined Insurance 45,000 6.708+ 6/01/01 45,000
Co. of America
--------------------------------------------------------------------------------
GE Life and Annuity 150,000 6.678+ 12/01/00 150,000
Assurance Co.
--------------------------------------------------------------------------------
Metropolitan Life 150,000 6.698+ 5/01/01 150,000
Insurance Company
--------------------------------------------------------------------------------
Monumental Life 135,000 6.765+ 8/17/01 135,000
Insurance Co.
--------------------------------------------------------------------------------
Pacific Life 40,000 6.708+ 10/02/00 40,000
Insurance Co. 40,000 6.708+ 6/01/01 40,000
40,000 6.699+ 10/01/01 40,000
--------------------------------------------------------------------------------
Principal Life 50,000 6.728+ 5/16/01 50,000
Insurance Company
--------------------------------------------------------------------------------
Travelers Insurance 70,000 6.658+ 2/01/01 70,000
Company (The) 25,000 6.65+ 5/01/01 25,000
25,000 6.671+ 9/21/01 25,000
--------------------------------------------------------------------------------
Total Funding Agreements (Cost--$910,000) ........................ 910,000
--------------------------------------------------------------------------------
Medium-Term Notes--11.5%
--------------------------------------------------------------------------------
AT&T Capital Corp. 20,000 7.50 11/15/00 20,016
--------------------------------------------------------------------------------
American Honda Finance 50,000 6.68+ 8/10/01 49,982
Corp. 50,000 6.68+ 8/17/01 49,990
--------------------------------------------------------------------------------
Associates Corporation 600,000 6.523+ 3/16/01 599,838
of North America
--------------------------------------------------------------------------------
Australia & New Zealand 75,000 6.61+ 6/12/01 74,978
Banking Group
--------------------------------------------------------------------------------
CIT Group 200,000 6.609+ 3/27/01 199,932
Holdings, Inc. (The)
--------------------------------------------------------------------------------
Chase Manhattan Corp. 25,000 7.002+ 11/02/00 25,005
--------------------------------------------------------------------------------
Citigroup 100,000 6.59+ 6/06/01 100,000
--------------------------------------------------------------------------------
Commerzbank 75,000 6.588+ 1/30/01 74,972
Overseas Finance, N.V
--------------------------------------------------------------------------------
DaimlerChrysler North 25,000 6.654+ 6/11/01 25,007
America Holdings Corp.
--------------------------------------------------------------------------------
Dupont (E.I.) 155,000 6.69 3/13/01 154,618
de Nemours & Co.
--------------------------------------------------------------------------------
Ford Motor Credit 750,000 6.77+ 10/02/00 750,002
Company 155,000 6.64+ 11/22/00 155,002
309,400 6.602+ 11/24/00 309,377
--------------------------------------------------------------------------------
General Motors 579,500 6.74+ 10/06/00 579,498
Acceptance Corp. 196,000 6.83+ 12/01/00 195,998
145,000 6.71 2/27/01 144,970
41,000 6.45 8/27/01 40,860
--------------------------------------------------------------------------------
Goldman Sachs 118,000 6.85+ 10/15/01 117,997
Group, Inc.
--------------------------------------------------------------------------------
Household Finance 275,000 6.763+ 11/01/00 275,021
Corp. 125,000 6.82+ 5/04/01 125,001
200,000 6.65+ 11/16/01 200,000
--------------------------------------------------------------------------------
Morgan Stanley, Dean 56,000 7.281+ 11/13/00 56,037
Witter, Discover & Co. 94,000 6.68+ 1/22/01 94,011
--------------------------------------------------------------------------------
National Rural Utilities 200,000 6.62+ 6/15/01 199,965
Coop. Fin. Corp.
--------------------------------------------------------------------------------
Prudential Funding LLC 20,000 6.70+ 12/21/00 20,002
--------------------------------------------------------------------------------
Salomon Smith Barney 25,000 6.98+ 8/02/01 25,060
Holdings, Inc.
--------------------------------------------------------------------------------
Toyota Motor Credit 131,000 6.868+ 10/25/00 131,015
Corp.
--------------------------------------------------------------------------------
Total Medium-Term Notes (Cost--$4,794,656) ....................... 4,794,154
--------------------------------------------------------------------------------
Promissory Notes--1.0%
--------------------------------------------------------------------------------
Goldman Sachs 270,000 6.638+ 3/21/01 270,000
Group, Inc. 130,000 6.638+ 4/25/01 130,000
--------------------------------------------------------------------------------
Total Promissory Notes (Cost--$400,000) .......................... 400,000
--------------------------------------------------------------------------------
Time Deposits--0.6%
--------------------------------------------------------------------------------
Chase Manhattan Bank 233,095 6.688 10/02/00 233,095
USA, N.A
--------------------------------------------------------------------------------
Total Time Deposits (Cost--$233,095) ............................. 233,095
--------------------------------------------------------------------------------
US Government & Agency Obligations--
Non-Discount Notes--21.8%
--------------------------------------------------------------------------------
Federal National 100,000 5.00 10/02/00 99,987
Mortgage Association 16,920 4.89 10/13/00 16,909
100,000 6.441+ 11/13/00 100,000
75,000 5.21 1/26/01 74,708
90,000 6.55 3/20/01 90,007
75,000 5.40 3/27/01 74,602
75,000 5.37 4/05/01 74,573
60,000 5.375 4/06/01 59,658
65,000 5.40 4/10/01 64,628
25,000 5.31 4/24/01 24,834
50,000 5.48 5/03/01 49,699
700,000 6.483+ 9/17/01 699,482
500,000 6.583+ 9/24/01 500,000
600,000 6.52+ 11/05/01 599,810
506,000 6.693+ 4/19/02 506,000
--------------------------------------------------------------------------------
Federal Farm Credit Banks 31,100 4.875 2/02/01 30,937
--------------------------------------------------------------------------------
Federal Home Loan 21,045 6.45 3/16/01 21,029
Banks 135,000 6.703+ 11/09/01 134,989
--------------------------------------------------------------------------------
6
<PAGE>
--------------------------------------------------------------------------------
CMA MONEY FUND
SCHEDULE OF INVESTMENTS AS OF SEPTEMBER 30, 2000 (CONCLUDED) (IN THOUSANDS)
================================================================================
Face Interest Maturity
Issue Amount Rate* Date Value
--------------------------------------------------------------------------------
US Government & Agency Obligations--
Non-Discount Notes (continued)
--------------------------------------------------------------------------------
Federal Home $ 100,000 5.05% 11/17/00 $ 99,796
Loan Mortgage 50,000 5.13 11/24/00 49,891
Corporation 50,000 5.18 11/24/00 49,894
75,000 5.15 1/26/01 74,649
75,000 5.125 2/08/01 74,609
50,000 5.18 2/09/01 49,747
25,000 5.375 3/01/01 24,873
209,468 6.51 4/26/01 209,422
760,000 6.503+ 9/17/01 759,472
--------------------------------------------------------------------------------
Student Loan 350,000 6.782+ 10/02/00 349,998
Marketing Association 410,000 6.788+ 10/02/00 409,999
100,000 6.683+ 7/25/01 100,036
165,000 6.587+ 9/28/01 165,012
500,000 6.683+ 2/26/02 499,733
200,000 6.683+ 2/28/02 199,884
400,000 6.673+ 3/13/02 399,835
1,474,000 6.653+ 3/18/02 1,472,967
600,000 6.653+ 4/12/02 599,740
--------------------------------------------------------------------------------
US Treasury Notes 100,000 4.50 9/30/00 99,994
129,000 4.00 10/31/00 128,704
4,400 4.625 11/30/00 4,386
--------------------------------------------------------------------------------
Total US Government & Agency Obligations--
Non-Discount Notes (Cost--$9,048,548) ............................ 9,044,493
--------------------------------------------------------------------------------
Total Investments (Cost--$41,402,853)--99.6% ..................... 41,397,443
Other Assets Less Liabilities--0.4% .............................. 171,067
-----------
Net Assets--100.0% ............................................... $41,568,510
===========
================================================================================
* 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, 2000.
+ Variable rate notes.
See Notes to Financial Statements.
7
<PAGE>
--------------------------------------------------------------------------------
CMA MONEY FUND
STATEMENT OF ASSETS AND LIABILITIES AS OF SEPTEMBER 30, 2000
================================================================================
<TABLE>
<S> <C> <C>
Assets:
Investments, at value (identified cost--$41,402,853,274+) ..................... $ 41,397,442,642
Cash ......................................................................... 1,226
Receivables:
Interest .................................................................... $ 429,719,828
Securities sold ............................................................. 400,128,556 829,848,384
----------------
Prepaid registration fees and other assets .................................... 593,946
----------------
Total assets .................................................................. 42,227,886,198
----------------
Liabilities:
Payables:
Securities purchased ........................................................ 624,587,288
Distributor ................................................................. 13,102,569
Investment adviser .......................................................... 12,603,969
Dividends to shareholders ................................................... 16,873 650,310,699
----------------
Accrued expenses and other liabilities ........................................ 9,065,803
----------------
Total liabilities ............................................................. 659,376,502
----------------
Net Assets .................................................................... $ 41,568,509,696
================
Net Assets Consist of:
Shares of beneficial interest, $.10 par value, unlimited number of shares
authorized .................................................................... $ 4,157,392,033
Paid-in capital in excess of par .............................................. 37,416,528,295
Unrealized depreciation on investments--net ................................... (5,410,632)
----------------
Net Assets--Equivalent to $1.00 per share based on 41,573,920,328 shares of
beneficial interest outstanding ............................................... $ 41,568,509,696
================
</TABLE>
+ Cost for Federal income tax purposes. As of September 30, 2000, net
unrealized depreciation for Federal income tax purposes amounted to
$5,410,632, of which $4,127,301 related to appreciated securities and
$9,537,933 related to depreciated securities.
See Notes to Financial Statements.
8
<PAGE>
--------------------------------------------------------------------------------
CMA MONEY FUND
STATEMENT OF OPERATIONS FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2000
================================================================================
<TABLE>
<S> <C> <C>
Investment Income:
Interest and amortization of premium and discount earned $ 1,789,758,490
Expenses:
Investment advisory fees ............................... $ 104,259,024
Distribution fees ...................................... 34,267,186
Transfer agent fees .................................... 10,104,055
Accounting services .................................... 1,832,974
Registration fees ...................................... 991,419
Custodian fees ......................................... 760,837
Professional fees ...................................... 194,186
Printing and shareholder reports ....................... 183,774
Trustees' fees and expenses ............................ 10,614
Other .................................................. 225,034
---------------
Total expenses ......................................... 152,829,103
---------------
Investment income--net ................................. 1,636,929,387
Realized Loss on Investments--Net ...................... (1,253,007)
Change in Unrealized Depreciation on Investments--Net... 25,055,621
---------------
Net Increase in Net Assets Resulting from Operations ... $ 1,660,732,001
===============
</TABLE>
See Notes to Financial Statements.
9
<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, 2000 March 31, 2000
------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Operations:
Investment income--net ...................................... $ 1,636,929,387 $ 3,051,315,284
Realized loss on investments--net ........................... (1,253,007) (3,001,183)
Change in unrealized depreciation on investments--net ....... 25,055,621 (24,083,104)
----------------- -----------------
Net increase in net assets resulting from operations ........ 1,660,732,001 3,024,230,997
----------------- -----------------
Dividends to Shareholders:
Investment income--net ...................................... (1,635,676,380) (3,048,314,101)
----------------- -----------------
Net decrease in net assets resulting from dividends
to shareholders ............................................. (1,635,676,380) (3,048,314,101)
----------------- -----------------
Beneficial Interest Transactions:
Net proceeds from sale of shares ............................ 92,492,752,164 280,910,178,406
Value of shares issued to shareholders in reinvestment
of dividends ................................................ 1,631,668,136 3,041,945,827
----------------- -----------------
94,124,420,300 283,952,124,233
Cost of shares redeemed ..................................... (120,369,017,341) (276,481,136,394)
----------------- -----------------
Net increase (decrease) in net assets derived from beneficial
interest transactions ....................................... (26,244,597,041) 7,470,987,839
----------------- -----------------
Net Assets:
Total increase (decrease) in net assets ..................... (26,219,541,420) 7,446,904,735
Beginning of period ......................................... 67,788,051,116 60,341,146,381
----------------- -----------------
End of period ............................................... $ 41,568,509,696 $ 67,788,051,116
================= =================
</TABLE>
See Notes to Financial Statements.
10
<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: 2000 2000 1999 1998 1997
--------------------------------------------------------------------------------------------------------------------------
<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 ................. .0296 .0491 .0483 .0512 .0490
Realized and unrealized gain (loss) on
investments--net ....................... .0005 (.0004) .0002 .0004 --
----------- ----------- ----------- ----------- -----------
Total from investment operations ....... .0301 .0487 .0485 .0516 .0490
----------- ----------- ----------- ----------- -----------
Less dividends and distributions:
Investment income--net ............... (.0296) (.0491) (.0483) (.0512) (.0490)
Realized gain on investments--net .... -- -- (.0002) (.0001) (.0002)
----------- ----------- ----------- ----------- -----------
Total dividends and distributions ...... (.0296) (.0491) (.0485) (.0513) (.0492)
----------- ----------- ----------- ----------- -----------
Net asset value, end of period ......... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
=========== =========== =========== =========== ===========
Total Investment Return ................ 5.96%* 5.02% 4.98% 5.26% 5.04%
=========== =========== =========== =========== ===========
Ratios to Average Net Assets:
Expenses, excluding interest expense ... .55%* .55% .56% .56% .55%
=========== =========== =========== =========== ===========
Expenses ............................... .55%* .56% .57% .57% .56%
=========== =========== =========== =========== ===========
Investment income and realized gain on
investments--net ....................... 5.89%* 4.92% 4.84% 5.13% 4.89%
=========== =========== =========== =========== ===========
Supplemental Data:
Net assets, end of period (in thousands) $41,568,510 $67,788,051 $60,341,146 $50,923,780 $41,984,753
=========== =========== =========== =========== ===========
</TABLE>
* Annualized.
See Notes to Financial Statements.
11
<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 conformity with accounting
principles generally accepted in the United States of America, 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 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
12
<PAGE>
CMA MONEY FUND
NOTES TO FINANCIAL STATEMENTS (CONCLUDED)
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.
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 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.
The Fund had no reverse repurchase agreements outstanding during the six months
ended September 30, 2000.
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.
13
<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
Roscoe S. Suddarth--Trustee
Richard R. West--Trustee
Arthur Zeikel--Trustee
Edward D. Zinbarg--Trustee
Kevin J. McKenna--Senior Vice President
Joseph T. Monagle Jr.--Senior Vice President
Donald C. Burke--Vice President and
Treasurer
Richard J. Mejzak--Vice President
Phillip Gillespie--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].
14
<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--9/00
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