THE CASH MANAGEMENT TRUST OF AMERICA
THE U.S. TREASURY MONEY FUND OF AMERICA
THE TAX-EXEMPT MONEY FUND OF AMERICA
ANNUAL REPORT
for the year ended September 30, 1995
[The American Funds Group(R)]
THE CASH MANAGEMENT TRUST OF AMERICA,
THE U.S. TREASURY MONEY FUND OF AMERICA
and THE TAX-EXEMPT MONEY FUND OF AMERICA
have much in common. Each gives shareholders a way to earn income on cash
reserves while seeking to preserve capital and maintain liquidity.
THE CASH MANAGEMENT TRUST OF AMERICA(R) seeks to provide income on cash
reserves, while preserving capital and maintaining liquidity, through
high-quality money market instruments.
THE U.S. TREASURY MONEY FUND OF AMERICA(SM)seeks to provide income on cash
reserves, while preserving capital and maintaining liquidity, through
investments in U.S. Treasury securities maturing in one year or less.
THE TAX-EXEMPT MONEY FUND OF AMERICA(SM) seeks to provide income free from
federal taxes, while preserving capital and maintaining liquidity, through
investments in high-quality municipal securities maturing in one year or less.
FOR CURRENT YIELDS, PLEASE CALL TOLL-FREE 800/421-8068.
ABOUT OUR COVER: Whether the goal is saving for a home, a vacation, a college
education or a secure retirement, many shareholders consider their money market
funds to be part of a diversified investment portfolio that also includes
stocks and bonds.
THE FIGURES IN THIS REPORT REFLECT PAST RESULTS. THE RETURN ON AN INVESTMENT IN
THESE FUNDS WILL VARY. FUND SHARES ARE NOT DEPOSITS OR OBLIGATIONS OF, OR
INSURED OR GUARANTEED BY, THE U.S. GOVERNMENT, ANY FINANCIAL INSTITUTION, THE
FEDERAL DEPOSIT INSURANCE CORPORATION, OR ANY OTHER AGENCY, ENTITY OR PERSON.
THERE CAN BE NO ASSURANCE THAT THE FUNDS' NET ASSET VALUES WILL REMAIN CONSTANT
AT $1.00.
Yields representing the 7 days ending each month, annualized, for the past
fiscal year
<TABLE>
<CAPTION>
The Cash The U.S. The
Management Treasury Money Tax-Exempt
Trust of Fund of America Money Fund of
America America
<S> <C> <C> <C>
10/94 4.40% 4.02% 2.66%
11/94 4.63 4.33 2.96
12/94 5.34 4.78 3.75
1/95 5.35 4.85 2.95
2/95 5.46 4.98 3.45
3/95 5.57 5.15 3.33
4/95 5.54 5.13 3.54
5/95 5.52 5.07 3.48
6/95 5.44 5.03 3.14
7/95 5.31 4.98 2.80
8/95 5.29 4.86 3.00
9/95 5.26 4.86 3.19
</TABLE>
FELLOW SHAREHOLDERS:
As the direction of short-term interest rates shifted dramatically, the
American Funds money market funds saw their yields rise and then fall during
fiscal 1995. The end result, however, was that all three portfolios served as
suitable investments for your cash reserves, offering stability of principal
and annual income returns that outpaced inflation. Later, we will discuss the
environment in which these results were produced.
For the 12 months ended September 30, THE CASH MANAGEMENT TRUST OF AMERICA'S
income return was 5.34% with your monthly dividends reinvested, up from 3.10%
in the previous fiscal year. By comparison, the rate of inflation was 2.54% in
fiscal '95 as measured by the Consumer Price Index. As you can see by the
listing that begins on page 4, 88% of the fund's assets is concentrated in
top-quality commercial paper. Other investments may include federal agency
discount notes, certificates of deposit and bankers' acceptances.
THE U.S. TREASURY MONEY FUND OF AMERICA'S income return for the 12 months
through September 30 came to 4.89% with dividends reinvested. In fiscal '94,
the fund reported an income return of 2.89% for the year. Because 100% of the
fund's earnings is derived from investments in U.S. Treasury securities, all of
the income paid by the fund is exempt from state and local taxes in many
states.
THE TAX-EXEMPT MONEY FUND OF AMERICA produced a federally tax-free income
return of 3.14% with dividends reinvested for the annual reporting period, up
from the 1.98% reported the previous fiscal year. Investors in the maximum
39.6% federal tax bracket would have to earn a taxable return of 5.20% to equal
the fund's 3.14% tax-free return. In the 28% bracket, the taxable equivalent
would be 4.36%. Depending on where you live, a portion of the income you
receive from this fund may also be exempt from state and local taxes.
THE INTEREST RATE ENVIRONMENT
While short-term interest rates and money market yields were on the rise at the
start of fiscal 1995, the bond market began the year on a particularly wary
note. It had just endured eight months of rising rates and plunging prices as
the Federal Reserve tried to cool off a surging economy by steadily tightening
short-term credit. The bond market braced for the possibility of another rate
increase and, indeed, that is what happened. Once in November and then again in
February, the Fed boosted the costs of borrowing for businesses and consumers
by hiking short-term interest rates.
The yields on our money market funds, as you can see in the table on the facing
page, reacted favorably to these moves since they typically mirror short-term
interest rate trends. But, uncharacteristically, longer term bonds shrugged off
the Fed's last two rate hikes and appeared to be positively influenced by other
factors.
The results of last November's congressional elections encouraged bond
investors to believe that the federal budget deficit might be reduced.
Moreover, reports of moderate economic growth, continued low inflation and a
slowdown in consumer spending reduced investors' fears of further interest rate
increases, propelling a long, steady rise in bond prices throughout the spring.
In July, the Federal Reserve cut the federal funds rate (the overnight loan
rate between banks) a quarter of a percentage point in an attempt to stimulate
economic growth - the first such easing in three years. This move reinforced
the gradual descent of taxable money market yields.
CREDIT ANALYSIS
An important part of the responsibility of the funds' investment adviser,
Capital Research and Management Company (CRMC), is the ongoing credit analysis
of the issuers of commercial paper, certificates of deposit and tax-exempt
money market instruments purchased by the funds. In performing this analysis,
CRMC's credit analysts do not rely solely on information provided by the major
credit rating services; rather, they do their own credit research, make their
own judgments of creditworthiness, and present their recommendations for review
and approval by CRMC's fixed-income investment committee. This process helps
ensure an appropriately high level of quality among the holdings of each fund.
As you will see by some of the questions and answers on the pages that follow,
our money market funds remain a convenient alternative for investors seeking
relative safety and stability. We appreciate your continued confidence in us
and look forward to providing you with more information in six months.
Cordially,
Paul G. Haaga, Jr. Abner D. Goldstine
Chairman of the Boards President
November 7, 1995
FREQUENTLY ASKED QUESTIONS ABOUT THE MONEY MARKET FUNDS IN THE AMERICAN FUNDS
GROUP(R)
You already know that a money market fund can help you meet short-term and
emergency needs, but did you know that it can also give a boost to a dollar
cost averaging investment program? Or that it can help diversify a long-term
investment portfolio?
Below, we answer some of the common questions shareholders have about their
money market funds. For further information, you may wish to consult the
following sources:
- - your securities dealer
- - your fund prospectus
- - American Funds Service Company, 800/421-0180
- - American FundsLine(R) (automated telephone response service),
800/325-3590
(The services described here are subject to change or termination.)
Q. WHAT ARE THE CASH MANAGEMENT TRUST OF AMERICA, THE U.S. TREASURY MONEY FUND
OF AMERICA AND THE TAX-EXEMPT MONEY FUND OF AMERICA?
A. They are three money market funds that each invest in different parts of the
short-term securities market, but seek common goals: current income, capital
preservation and liquidity (the ability to access your funds quickly). You can
find a description of each of the funds' characteristics on the inside front
cover of this report. Each of the funds declares dividends daily, and
distributes the dividends once a month.
Q. IN WHAT DO THE FUNDS INVEST?
A. Each fund invests in high-quality, short-term, income-producing securities.
THE CASH MANAGEMENT TRUST OF AMERICA invests in:
- - commercial paper (short-term "IOUs" issued by
corporations)
- - certificates of deposit and bankers' acceptances
- - U.S. government securities
- - corporate bonds and notes
THE U.S. TREASURY MONEY FUND OF AMERICA invests in:
- - U.S. Treasury bills, notes and bonds
THE TAX-EXEMPT MONEY FUND OF AMERICA invests in:
- - money market instruments issued by states or other
public entities
- - municipal securities, including tax anticipation notes,
construction loan notes, municipal commercial paper and
general obligation bonds
Q. HOW SAFE IS MY INVESTMENT?
A. Our policy is to invest in only the highest rated money market instruments.
Since maintaining stability of principal is a key priority, we have never
included so-called "derivative" instruments among any of the funds' holdings.
Each fund endeavors to maintain a net asset value of $1.00 per share, and all
three have suc cessfully done so since they began operations.
Q. HOW - AND HOW OFTEN - MAY I WITHDRAW CASH FROM MY ACCOUNT?
A. You may withdraw all or any part of your investment from your account in any
of the three money market funds at any time by: 1) simply writing a check (see
the following section); 2) calling American FundsLine; 3) contacting your
securities dealer; or 4) contacting American Funds Service Company. You can
also set up an automatic withdrawal program and take out $50 or more four to 12
times a year, depending on your balance.
Q. WHAT IS THE CHECK-WRITING PRIVILEGE AND HOW DOES IT WORK? IS THERE A CHARGE
FOR CHECK WRITING?
A. The funds offer a free service that allows you to write checks for $250 or
more against your account. Your money continues to earn daily interest until
checks clear the funds' bank in New York state. To request this service, please
call American Funds Service Company.
Q. MAY I EXCHANGE MY MONEY MARKET FUND SHARES FOR SHARES OF OTHER FUNDS IN THE
AMERICAN FUNDS GROUP?
A. Yes. Many shareholders use this service to gradually move some of their
holdings into longer term investments in The American Funds Group. When done on
a consistent schedule, this investment technique is known as dollar cost
averaging (see the box below). A sales charge may apply when you purchase other
fund shares.
Automatic exchanges can be made in amounts of $50 or more. You may also have
dividends from any of the three money market funds reinvested (without sales
charge) into any of the other American Funds - or vice versa. For details, and
for certain restrictions that may apply, please call American Funds Service
Company. Exchanges constitute a sale and purchase for tax purposes.
Q. HOW WILL I KNOW HOW MUCH I'M EARNING AT ANY GIVEN TIME?
A. For a current yield quotation, please call toll-free 800/421-8068. Yields
are also listed in the newspaper once a week, typically on Fridays. You may
check your share balance around the clock with American FundsLine.
Q. HOW CAN THE FUNDS PROVIDE DIVERSIFICATION IN MY INVESTMENT PORTFOLIO?
A. Many investment professionals believe that to meet long-term goals it is
necessary to allocate assets among several different types of investments,
including stocks, bonds and short-term savings vehicles such as money market
funds. A money market fund's role in a long-term investment program is to add
stability and balance and to provide a base from which funds can be moved into
other investments.
The services described here are subject to change or termination.
{Side Bar]
Q. WHAT IS DOLLAR COST AVERAGING?
A. Dollar cost averaging is an investment program that lets you use stock or
bond market volatility to your advantage. Here's how it works: You invest a
consistent amount in a stock or bond fund at regular intervals, such as once a
month or every quarter. Many shareholders use funds from their money market
accounts to practice this technique. As the market rises and falls, you may be
able to purchase shares at a lower average cost than the average share price.
Why? Because you purchase more shares when prices are down and fewer when
they're up.
When stock or bond share prices fluctuate...
...use dollar cost averaging to lower your average purchase price.
Total shares acquired: 82.3
Total cost of shares: $1,200
Average share price during period: $15.17
(Share price for each month added together
[$182] and divided by 12 investments)
Dollar cost averaging share price: $14.58
($1,200 divided by 82.3 shares)
Obviously, this example greatly exaggerates the volatility of most investments
- - but it does illustrate why the concept works. You should keep in mind that
dollar cost averaging neither ensures a profit nor protects against loss, and
its success depends largely on your willingness to continue purchases through
periods of declining prices.
[End Side Bar}
THE U.S. TREASURY MONEY FUND OF AMERICA
Investment Portfolio, September 30, 1995
<TABLE>
<CAPTION>
<S> <C> <C> <C>
Principal Market
Yield at Amount Value
Acquisition (000) (000)
- ------------------------------------------------ ------------- ------- -------------
U.S. Treasury Securities - 97.13%
- ------------------------------------------------ ------------- ------- -------------
U.S. Treasury bills 10/5/95 5.58% $ 10,640 $ 10,632
U.S. Treasury bills 10/12/95 5.38 - 5.45% 15,100 15,073
U.S. Treasury bills 10/19/95 5.46% - 5.49% 32,410 32,318
U.S. Treasury bills 10/26/95 5.49% 4,815 4,797
U.S. Treasury bills 11/2/95 5.32% - 5.44% 17,220 17,136
U.S. Treasury bills 11/9/95 5.34% 38,300 38,058
U.S. Treasury bills 11/16/95 5.50% 34,680 34,438
U.S. Treasury bills 12/7/95 5.25% - 5.40% 42,835 42,402
U.S. Treasury bills 12/14/95 5.29% 30,000 29,667
-------------
TOTAL INVESTMENT SECURITIES
(Cost $224,554,000) 224,521
-------------
Excess of cash, prepaid expenses, 6,631
and receivables over payables -------------
Net Assets $231,152
</TABLE>
See Notes to Financial Statements.
U.S. Treasury Money Fund of America
Financial Statements
<TABLE>
<CAPTION>
<S> <C> <C>
- ---------------------------------------- ------------ ------------
Statement of Assets and Liabilities
at September 30, 1995 (dollars in thousands)
- ---------------------------------------- ------------ ------------
Assets:
Investment securities at market
(cost: $224,554) $224,521
Cash 402
Prepaid organization expense 2
Receivables for-
Sales of fund's shares 8,186
------------ ------------
233,111
Liabilities:
Payables for-
Repurchases of fund's shares $1,589
Dividends payable 61
Management services 56
Accrued expenses 253 1,959
------------ ------------
Net Assets at September 30, 1995-
Equivalent to $1.00 per share on
231,184,946 shares of beneficial
interest issued and outstanding;
unlimited shares authorized $231,152
=============
Statement of Operations
for the year ended September 30, 1995 (dollars in thousands)
------------ ------------
Investment Income:
Income:
Interest $ 11,634
Expenses:
Management services fee $637
Distribution expenses 172
Transfer agent fee 212
Reports to shareholders 9
Registration statement and prospectus 118
Postage, stationery and supplies 52
Trustees' Fees 18
Auditing and legal fees 33
Custodian fee 10
Taxes other than federal income tax 5
Organization expense 6
Other expenses 151 1423
------------ ------------
Net investment income 10,211
------------
Net Change in Unrealized Appreciation
on Investments:
Net unrealized appreciation (depreciation):
Beginning of year 31
End of year (33)
------------
Net unrealized depreciation
on investments (64)
------------
Net Increase in Net Assets Resulting
from Operations $10,147
============
Statement of Changes in Net
Assets (dollars in thousands)
- ---------------------------------------- ------------- -------------
Year ended September 30
1995 1994
Operations: ------------- -------------
Net investment income $ 10,211 $ 4,939
Net unrealized (depreciation)
appreciation on investments (64) 8
------------- -------------
Net increase in net assets
resulting from operations 10,147 4,947
------------- -------------
Dividends Paid to Shareholders (10,211) (4,939)
------------- -------------
Capital Share Transactions:
Proceeds from shares sold:
374,035,452 and 372,017,315
shares, respectively 374,035 372,017
Proceeds from shares issued in
reinvestment of net investment income
dividends:
9,566,991 and 4,573,811 shares,
respectively 9,567 4,574
Cost of shares repurchased:
351,365,008 and 317,244,258
shares, respectively (351,365) (317,244)
------------- -------------
Net increase in net assets resulting
from capital share transactions 32,237 59,347
------------- -------------
Total Increase in Net Assets 32,173 59,355
Net Assets:
Beginning of year 198,979 139,624
------------- -------------
End of year $231,152 $198,979
============= =============
</TABLE>
See Notes to Financial Statements
Notes to Financial Statements
1. The U.S. Treasury Money Fund of America (the "fund") is registered under
the Investment Company Act of 1940 as an open-end, diversified, management
investment company. The following paragraphs summarize the significant
accounting policies consistently followed by the fund in the preparation of its
financial statements:
The fund uses the penny-rounding method of valuing its shares, in
accordance with Securities and Exchange Commission (SEC) rules. This method
permits the fund to maintain a constant net asset value of $1.00 per share,
provided the market value of the fund's shares does not deviate from $1.00 by
more than one-half of 1% and the fund complies with other restrictions set
forth in the SEC rules.
Portfolio securities with 60 days or less to maturity are valued at
amortized cost, which approximates market value. Portfolio securities with
original or remaining maturities in excess of 60 days are valued at prices
obtained from a bond-pricing service provided by a major dealer in bonds, when
such prices are available; however, in circumstances where the investment
adviser deems it appropriate to do so, such securities will be valued at the
mean of their representative quoted bid and asked prices or, if such prices are
not available, at the mean of such prices for securities of comparable
maturity, quality and type. The maturities of variable or floating rate
instruments are deemed to be the time remaining until the next interest rate
adjustment date. Securities for which market quotations are not readily
available are valued at fair value as determined in good faith by the Valuation
Committee of the Board of Trustees.
As is customary in the mutual fund industry, securities transactions are
accounted for on the date the securities are purchased or sold. Realized gains
and losses from securities transactions are reported on an identified cost
basis. Interest income is reported on the accrual basis. Dividends are
declared on a daily basis after the determination of the fund's net investment
income and paid to shareholders on a monthly basis. Discounts and Premiums on
securities purchased are amortized over the life of the respective securities.
Prepaid organization expenses are amortized over a period not exceeding
five years from commencement of operations. In the event that Capital Research
and Management Company (CRMC), the fund's investment adviser, redeems any of
its original shares prior to the end of the five-year period, the proceeds of
the redemption payable with respect to such shares shall be reduced by the pro
rata share (based on the proportionate share of the original shares redeemed to
the total number of original shares outstanding at the time of such redemption)
of the unamortized prepaid organization expenses as of the date of such
redemption. In the event that the fund liquidates prior to the end of the
five-year period, CRMC shall bear any unamortized prepaid organization
expenses.
2. It is the fund's policy to continue to comply with the requirements of the
Internal Revenue Code applicable to regulated investment companies and to
distribute all of its taxable income, including any net realized gains on
investments, to its shareholders. Therefore, no federal income tax provision
is required.
As of September 30, 1995, unrealized depreciation for book and federal
income tax purposes aggregated $33,000, of which $5,000 related to appreciated
securities and $38,000 related to depreciated securities. There was no
difference between book and tax realized gains on securities transactions for
the year ended September 30, 1995. The cost of portfolio securities for book
and federal income tax purposes was $224,554,000 at September 30, 1995.
3. The fee of $637,000 for management services was paid pursuant to an
agreement with CRMC, with which certain officers and Trustees of the fund are
affiliated. The Investment Advisory and Service Agreement provides for monthly
fees, accrued daily, based on an annual rate of 0.30% for the first $800
million of average net assets and 0.285% on the portion of such assets in
excess of $800 million. The Investment Advisory and Service Agreement provides
for fee reductions to the extent that annual operating expenses exceed 0.75% of
the average daily net assets of the fund during a period which will terminate
at the earlier of such time as no reimbursement has been required for a period
of 12 consecutive months, provided no advances are outstanding, or February 1,
2001. CRMC has also voluntarily agreed to waive its fees to the extent
necessary to ensure that the fund's expenses do not exceed 0.675% of the
average daily net assets. Expenses that are not subject to these limitations
are interest, taxes, brokerage commissions, transaction costs, and
extraordinary expenses. There can be no assurance that this voluntary fee
waiver will continue in the future. For the year ended September 30, 1995, net
fees waived were zero.
Pursuant to a Plan of Distribution with American Funds Distributors, Inc.
(AFD), the fund may expend up to 0.15% of its average net assets annually for
any activities primarily intended to result in sales of fund shares, provided
the categories of expenses for which reimbursement is made are approved by the
fund's Board of Trustees. Fund expenses under the Plan include payments to
dealers to compensate them for their selling and servicing efforts. During the
year ended September 30, 1995, distribution expenses under the Plan amounted
to $172,000. As of September 30, 1995 accrued and unpaid distribution expenses
were $13,000.
American Funds Service Company (AFS), the transfer agent for the fund, was
paid a fee of $212,000 under the terms of a contract that provides for transfer
agency services to be performed for the fund.
Trustees of the fund who are unaffiliated with CRMC may elect to defer
part or all of the fees earned for services as members of the Board. Amounts
deferred are not funded and are general unsecured liabilities of the fund. As
of September 30, 1995 aggregate amounts deferred were $10,000.
CRMC is owned by The Capital Group Companies, Inc. AFS and AFD are both
wholly owned subsidiaries of CRMC. Certain Trustees and officers of the fund
are or may be considered to be affiliated with CRMC, AFS and AFD. No such
persons received any remuneration directly from the fund.
4. The fund made purchases and sales of investment securities of
$1,260,980,000 and $1,246,621,000, respectively, during the year ended
September 30, 1995.
PER-SHARE DATA AND RATIOS
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
- ------------------------------ -------- -------- -------- -------- --------
Year Ended September 30 For The Period
-------- -------- -------- -------- 2/1/91 /1/
1995 1994 1993 1992 to 9/30/91
-------- -------- -------- -------- --------
Net Asset Value, Beginning
of Year.......................... $1.000 $1.000 $1.000 $1.000 $1.000
-------- -------- -------- -------- --------
Income from Investment
Operations:
Net investment income....... .048 .028 .025 .036 .035
Total income from investment -------- -------- -------- -------- --------
operations................ .048 .028 .025 .036 .035
-------- -------- -------- -------- --------
Less Distributions:
Dividends from net investment
income...................... (.048) (.028) (.025) (.036) (.035)
-------- -------- -------- -------- --------
Total distributions........ (.048) (.028) (.025) (.036) (.035)
-------- -------- -------- -------- --------
Net Asset Value, End of Year.. 1.000 1.000 1.000 1.000 1.000
======== ======== ======== ======== ========
Total Return................. 4.89% 2.89% 2.49% 3.61% 3.52% /2/
Ratios/Supplemental Data:
Net assets, end of year (in
millions)................... $231 $199 $140 $106 $59
Ratio of expenses to average
net assets.................. .667% .674% .608% .675% .675% /3/
Ratio of net income to
average net assets.......... 4.79% 2.91% 2.43% 3.51% 4.77% /3/
</TABLE>
/1/ Commencement of operations
/2/ Based on operations for the period shown and, accordingly,
not representative of a full year's operations.
/3/ Annualized
Report of Independent Accountants
To the Board of Trustees and Shareholders of The U.S. Treasury Money Fund of
America
In our opinion, the accompanying statement of assets and liabilities, including
the investment portfolio, and the related statements of operations and of
changes in net assets and the per-share data and ratios present fairly, in all
material respects, the financial position of The U.S. Treasury Money Fund of
America (the "Fund") at September 30, 1995, the results of its operations for
the year ended, the changes in its net assets and the per-share data and ratios
for the periods indicated, in conformity with generally accepted accounting
principles. These financial statements and per-share data and ratios
(hereafter referred to as "financial statements") are the responsibility of the
Fund's management; our responsibility is to express an opinion on these
financial statements based on our audits. We conducted our audits of these
financial statements in accordance with generally accepted auditing standards,
which require that we plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements, assessing the accounting principles
used and significant estimates made by management, and evaluating the overall
financial statement presentation. We believe that our audits, which included
confirmation of securities at September 30, 1995 by correspondence with the
custodian, provide a reasonable basis for the opinion expressed above.
PRICE WATERHOUSE LLP
Los Angeles, California
October 27, 1995
Tax Information (unaudited)
We are required to advise you within 60 days of the fund's fiscal year-end
regarding the federal tax status of distributions.
Certain states may exempt from income taxation a portion of the dividends
paid from net investment income if derived from direct U.S. Treasury
obligations. For purposes of computing this exclusion, all of the dividends
paid by the fund from net investment income was derived from interest on direct
U.S. Treasury obligations.
Dividends received by retirement plans such as IRAs, Keogh-type plans, and
403(b) plans need not be reported as taxable income. However, many retirement
trusts may need this information for their annual information reporting.
SINCE THE AMOUNTS ABOVE ARE REPORTED FOR THE FISCAL YEAR AND NOT A
CALENDAR YEAR, SHAREHOLDERS SHOULD REFER TO THEIR FORM 1099-DIV OR OTHER TAX
INFORMATION WHICH WILL BE MAILED IN JANUARY 1996 TO DETERMINE THE CALENDAR YEAR
AMOUNTS TO BE INCLUDED ON THEIR RESPECTIVE 1995 TAX RETURNS. SHAREHOLDERS
SHOULD CONSULT THEIR TAX ADVISERS.
THE CASH MANAGEMENT TRUST OF AMERICA
BOARD OF TRUSTEES
H. FREDERICK CHRISTIE
Palos Verdes Estates, California
Private investor; former President and Chief Executive Officer, The Mission
Group; former President, Southern California Edison Company
DIANE C. CREEL
Long Beach, California
Chairwoman, Chief Executive Officer and President, The Earth Technology
Corporation (environmental engineering)
MARTIN FENTON, JR.
San Diego, California
Chairman of the Board, Senior Resource Group, Inc.
(senior living centers management)
LEONARD R. FULLER
Los Angeles, California
President, Fuller & Company, Inc.
(financial management consulting)
ABNER D. GOLDSTINE
Los Angeles, California
President
Senior Vice President and Director,
Capital Research and Management Company
PAUL G. HAAGA, JR.
Los Angeles, California
Chairman of the Boards
Senior Vice President and Director,
Capital Research and Management Company
HERBERT HOOVER III
Pasadena, California
Private investor
RICHARD G. NEWMAN
Los Angeles, California
Chairman of the Board, President and Chief Executive Officer, AECOM Technology
Corporation (architectural engineering)
PETER C. VALLI
Long Beach, California
Chairman of the Board and Chief Executive Officer, BW/IP
International, Inc. (industrial
manufacturing)
THE U.S. TREASURY MONEY FUND OF AMERICA
OTHER OFFICERS
NEIL L. LANGBERG
Los Angeles, California
Senior Vice President,
The Tax-Exempt Money Fund of America
Vice President-Investment Management Group, Capital Research and Management
Company
TERESA S. COOK
Los Angeles, California
Vice President,
The Cash Management Trust of America and
The U.S. Treasury Money Fund of America
Senior Vice President-Investment Management Group, Capital Research and
Management Company
MARY C. CREMIN
Brea, California
Vice President and Treasurer
Senior Vice President-Fund Business Management Group, Capital Research and
Management Company
MICHAEL J. DOWNER
Los Angeles, California
Vice President
Senior Vice President-Fund Business Management Group,
Capital Research and Management Company
SARAH P. LUCAS
Los Angeles, California
Assistant Vice President,
The Cash Management Trust of America and
The U.S. Treasury Money Fund of America
Assistant Vice President-Investment Management Group, Capital Research and
Management Company
JULIE F. WILLIAMS
Los Angeles, California
Secretary
Vice President-Fund Business Management Group,
Capital Research and Management Company
THE TAX-EXEMPT MONEY FUND OF AMERICA
KIMBERLY S. VERDICK
Los Angeles, California
Assistant Secretary
Assistant Vice President-Fund Business Management Group, Capital Research and
Management Company
NYMIA M. CUCUECO
Brea, California
Assistant Treasurer,
The Tax-Exempt Money Fund of America
Vice President-Fund Business Management Group,
Capital Research and Management Company
ANTHONY W. HYNES, JR.
Brea, California
Assistant Treasurer
Vice President-Fund Business Management Group, Capital Research and Management
Company
Leonard Weil retired from the Board effective December 31, 1994. He has
been a member of the Board of Trustees of The Cash Management Trust of America
since December 15, 1987, and of the Boards of The U. S. Treasury Money Fund of
America and The Tax-Exempt Money Fund of America since their inceptions. The
Trustees thank him for his many contributions to the funds.
Diane Creel and Leonard Fuller were elected Trustees effective September
22, 1994.
OFFICES OF THE FUNDS AND OF THE INVESTMENT ADVISER, CAPITAL RESEARCH AND
MANAGEMENT COMPANY
333 South Hope Street
Los Angeles, California 90071-1443
135 South State College Boulevard
Brea, California 92621-5804
TRANSFER AGENT FOR SHAREHOLDER ACCOUNTS
American Funds Service Company
P.O. Box 2205
Brea, California 92622-2205
P.O. Box 659522
San Antonio, Texas 78265-9522
P.O. Box 6007
Indianapolis, Indiana 46206-6007
P.O. Box 2280
Norfolk, Virginia 23501-2280
CUSTODIAN OF ASSETS
The Chase Manhattan Bank, N.A.
One Chase Manhattan Plaza
New York, New York 10081-0001
COUNSEL
Morrison & Foerster
345 California Street
San Francisco, California 94104-2675
INDEPENDENT ACCOUNTANTS
Price Waterhouse LLP
400 South Hope Street
Los Angeles, California 90071-2889
PRINCIPAL UNDERWRITER
American Funds Distributors, Inc.
333 South Hope Street
Los Angeles, California 90071-1462
FOR INFORMATION ABOUT YOUR ACCOUNT OR ANY OF THE FUND'S SERVICES, PLEASE
CONTACT YOUR SECURITIES DEALER OR FINANCIAL PLANNER, OR CALL THE FUNDS'
TRANSFER AGENT, TOLL-FREE, AT 800/421-0180.
This report is for the information of shareholders of The Cash Management Trust
of America, The U.S. Treasury Money Fund of America and The Tax-Exempt Money
Fund of America, but it may also be used as sales literature when preceded or
accompanied by the current prospectus, which gives details about charges,
expenses, investment objectives and operating policies of the funds. If used
as sales material after December 31, 1995, this report must be accompanied by
an American Funds Group Statistical Update for the most recently completed
calendar quarter.
Litho in USA W/GRS/2757
Lit. No. MMF-01-1195
[The American Funds Group(R)]
