UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-21196
Name of Fund: WCMA Money Fund
Fund Address: P.O. Box 9011
Princeton, NJ 08543-9011
Name and address of agent for service: Terry K. Glenn, President, WCMA Money
Fund, 800 Scudders Mill Road, Plainsboro, NJ 08536. Mailing address: P.O.
Box 9011, Princeton, NJ 08543-9011
Registrant's telephone number, including area code: (609) 282-2800
Date of fiscal year end: 03/31/03
Date of reporting period: 03/03/03 - 3/31/03
Item 1 - Attach shareholder report
WCMA Money Fund
Annual Report
March 31, 2003
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
dated and are subject to change.
WCMA Money Fund
Notes to Financial Statements
1. Significant Accounting Policies:
WCMA 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
seeks to achieve its investment objective by investing all of its assets in the
Master Money Trust (the "Trust"), which has the same investment objective as the
Fund. The value of the Fund's investment in the Trust reflects the Fund's
proportionate interest in the net assets of the Trust. The performance of the
Fund is directly affected by the performance of the Trust. The financial
statements of the Trust, including the Schedule of Investments, are included
elsewhere in this report and should be read in conjunction with the Fund's
financial statements. 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. The Fund
commenced operations on March 3, 2003 when it contributed its initial seed
capital to the Trust. The effective date of the Fund's registration with the
Securities and Exchange Commission was March 20, 2003. Prior to March 3, 2003,
the Fund had no operations other than those relating to organizational matters
and the issuance of 100,000 shares of beneficial interest of the Fund to Fund
Asset Management, L.P. ("FAM") for $100,000. The percentage of the Trust owned
by the Fund at March 31, 2003 was less than 0.1%. The Fund offers four classes,
designated Class 1, Class 2, Class 3 and Class 4. All classes of shares have
identical voting, dividend, liquidation and other rights and the same terms and
conditions, except that each class bears certain expenses related to the
distribution of such shares. Each class has exclusive voting rights with respect
to matters relating to such distribution expenditures. Income, expenses (other
than expenses attributed to a specific class) and realized and unrealized gains
and losses on investments are allocated daily to each class based on its
relative net assets. The following is a summary of significant accounting
policies followed by the Fund.
(a) Valuation of investments - The Fund records its investments in the Trust at
fair value. Valuation of securities held by the Trust is discussed in Note 1a of
the Trust's Notes to Financial Statements, which are included elsewhere in this
report.
(b) Investment income and expenses - The Fund records daily its proportionate
share of the Trust's income, expenses and realized and unrealized gains and
losses. In addition, the Fund accrues its own expenses.
(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 substantially all of its taxable income to its shareholders.
Therefore, no Federal income tax provision is required.
(d) Prepaid registration fees - Prepaid registration fees are charged to expense
as the related shares are issued.
(e) Dividends and distributions to shareholders - The Fund declares dividends
daily and reinvests daily such dividends (net of non-resident alien tax and
backup 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.
(f) Investment transactions - Investment transactions in the Trust are accounted
for on a trade date basis.
2
2. Transactions with Affiliates:
The Fund has entered into an Administration Agreement with FAM. The general
partner of FAM is Princeton Services, Inc. ("PSI"), a wholly-owned subsidiary of
Merrill Lynch & Co., Inc. ("ML & Co."), which is the limited partner. The Fund
pays a monthly fee at an annual rate of .25% of the Fund's average daily net
assets for the performance of administrative services (other than investment
advice and related portfolio activities) necessary for the operation of the
Fund.
The Fund has adopted Distribution Plans in compliance with Rule 12b-1 under the
Investment Company Act of 1940, pursuant to which Merrill Lynch, Pierce, Fenner
& Smith Incorporated ("MLPF&S"), a subsidiary of ML & Co., receives account
maintenance and distribution fees from the Fund. The fees are accrued daily and
paid monthly at annual rates based upon the average daily net assets of the
shares of the Fund as follows:
- --------------------------------------------------------------------------------
Account
Maintenance Distribution
Fee Fee
- --------------------------------------------------------------------------------
Class 1................................... .25% .75%
Class 2................................... .25% .43%
Class 3................................... .25% .125%
Class 4................................... .25% .125%
- --------------------------------------------------------------------------------
The ongoing account maintenance fee compensates MLPF&S for providing account
maintenance services to Class 1, Class 2, Class 3 and Class 4 shareholders. The
ongoing distribution fee compensates MLPF&S for providing shareholder and
distribution-related services to shareholders. For the period ended March 31,
2003, MLPF&S has waived the Fund's account maintenance and distribution fees.
Financial Data Services, Inc. ("FDS"), a wholly-owned subsidiary of ML & Co., is
the Fund's transfer agent.
Certain officers and/or trustees of the Fund are officers and/or directors of
FAM, PSI, FDS, and/or ML & Co.
3. Transactions in Shares of Beneficial Interest:
The number of shares reinvested during the period corresponds to the amount
included in the Statement of Changes in Net Assets for value of shares
reinvested since shares are recorded at $1.00 per share.
3
4. Distributions to Shareholders:
The tax character of distributions paid during the period March 3, 2003 to March
31, 2003 was as follows:
- --------------------------------------------------------------------------------
For the Period
March 3, 2003+ to
March 31, 2003
- --------------------------------------------------------------------------------
Distributions paid from:
Ordinary income $ 86
--------
Total taxable distributions $ 86
========
- --------------------------------------------------------------------------------
+ Commencement of operations.
- --------------------------------------------------------------------------------
As of March 31, 2003, there were no significant differences between the book and
tax components of net assets.
INDEPENDENT AUDITORS' REPORT
To the Shareholders and Board of Trustees of
WCMA Money Fund:
We have audited the accompanying statement of assets and liabilities of WCMA
Money Fund as of March 31, 2003, and the related statements of operations and
changes in net assets for the period March 3, 2003 (commencement of operations)
through March 31, 2003, and the financial highlights for the period March 20,
2003 through March 31, 2003. These financial statements and financial highlights
are the responsibility of the Fund's management. Our responsibility is to
express an opinion on these financial statements and financial highlights based
on our audit.
We conducted our audit 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 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. 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
audit provides a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of WCMA
Money Fund as of March 31, 2003, the results of its operations and the changes
in its net assets for the period March 3, 2003 through March 31, 2003, and its
financial highlights for the period March 20, 2003 through March 31, 2003, in
conformity with accounting principles generally accepted in the United States of
America.
Deloitte & Touche LLP
Princeton, New Jersey
May 21, 2003
4
WCMA Money Fund, March 31, 2003
STATEMENT OF ASSETS AND LIABILITIES
WCMA MONEY
FUND As of March 31, 2003
===================================================================================================================================
Assets: Investment in Master Money Trust,
at value (identified cost-$100,102) ..................................................... $ 100,089
Prepaid registration fees and other assets ................................................. 1,095,395
----------
Total assets ............................................................................... 1,195,484
----------
===================================================================================================================================
Liabilities: Payable to administrator ................................................................... 16
Accrued expenses ........................................................................... 1,095,395
----------
Total liabilities .......................................................................... 1,095,411
----------
===================================================================================================================================
Net Assets: Net assets ................................................................................. $ 100,073
==========
===================================================================================================================================
Net Assets Class 1 Shares of beneficial interest, $.10 par value, unlimited number of shares
Consist of: authorized .............................................................................. $ 2,502
Class 2 Shares of beneficial interest, $.10 par value, unlimited number of shares
authorized .............................................................................. 2,502
Class 3 Shares of beneficial interest, $.10 par value, unlimited number of shares
authorized .............................................................................. 2,502
Class 4 Shares of beneficial interest, $.10 par value, unlimited number of shares
authorized .............................................................................. 2,502
Paid-in capital in excess of par ........................................................... 90,078
Unrealized depreciation on investments from the Trust-net .................................. (13)
----------
Net assets ................................................................................. $ 100,073
==========
===================================================================================================================================
Net Asset Class 1 - Based on net assets of $25,019 and 25,022 shares outstanding ..................... $ 1.00
Value: ==========
Class 2 - Based on net assets of $25,018 and 25,022 shares outstanding ..................... $ 1.00
==========
Class 3 - Based on net assets of $25,018 and 25,021 shares outstanding ..................... $ 1.00
==========
Class 4 - Based on net assets of $25,018 and 25,021 shares outstanding ..................... $ 1.00
==========
===================================================================================================================================
See Notes to Financial Statements.
5
WCMA Money Fund, March 31, 2003
STATEMENT OF OPERATIONS
WCMA MONEY
FUND For the Period March 3, 2003+ to March 31, 2003
===================================================================================================================================
Investment Net investment income allocated from the Trust:
Income from Interest ......................................................................... $ 123
the Trust - Expenses ......................................................................... (21)
Net: ----------
Net investment income from the Trust ................................................. 102
----------
===================================================================================================================================
Expenses: Administration fees .................................................................. 16
----------
Investment income-net ................................................................ 86
----------
===================================================================================================================================
Unrealized Loss Unrealized depreciation on investments from the Trust-net ............................ (13)
from the ----------
Trust-Net:
Net Increase in Net Assets Resulting from Operations ................................. $ 73
==========
===================================================================================================================================
+ Commencement of operations.
See Notes to Financial Statements.
6
WCMA Money Fund, March 31, 2003
STATEMENT OF CHANGES IN NET ASSETS
For the
Period March 3,
WCMA MONEY 2003+ to March 31,
FUND Increase (Decrease) in Net Assets: 2003
====================================================================================================================================
Operations: Investment income-net .................................................................. $ 86
Unrealized depreciation on investments from the Trust-net .............................. (13)
---------
Net increase in net assets resulting from operations ................................... 73
---------
====================================================================================================================================
Dividends to Investment income - net:
Shareholders: Class 1 ........................................................................... (22)
Class 2 ........................................................................... (22)
Class 3 ........................................................................... (21)
Class 4 ........................................................................... (21)
---------
Net decrease in net assets resulting from dividends to shareholders .................... (86)
---------
====================================================================================================================================
Beneficial Interest Value of shares issued to shareholders in reinvestment of dividends .................... 86
Transactions: ---------
====================================================================================================================================
Net Assets: Total increase in net assets. .......................................................... 73
Beginning of period .................................................................... 100,000
---------
End of period .......................................................................... $ 100,073
=========
====================================================================================================================================
+ Commencement of operations.
See Notes to Financial Statements.
7
WCMA Money Fund, March 31, 2003
FINANCIAL HIGHLIGHTS
The following per share data and ratios have Class 1
been derived from information provided ---------------
in the financial statements. For the Period
March 20, 2003+
WCMA MONEY to March 31,
FUND Increase (Decrease) in Net Asset Value: 2003
====================================================================================================
Per Share Net asset value, beginning of period ................ $ 1.00
Operating --------
Performance: Investment income-net ............................... .0003
Unrealized gain on investments from
the Trust-net ....................................... .0001
--------
Total from investment operations .................... .0004
--------
Less dividends from investment income-net ........... (.0003)
--------
Net asset value, end of period. ..................... $ 1.00
========
====================================================================================================
Total Investment .04%
Return: ========
====================================================================================================
Ratios to Expenses++ .......................................... .01%
Average Net ========
Assets: Investment income-net ............................... .03%
========
====================================================================================================
Supplemental Data: Net assets, end of period (in thousands) ............ $ 25
========
====================================================================================================
+ Effective date of the Fund's registration.
++ Includes the Fund's share of the Trust's allocated expenses.
See Notes to Financial Statements.
8
WCMA Money Fund, March 31, 2003
FINANCIAL HIGHLIGHTS
The following per share data and ratios have Class 2
been derived from information provided ---------------
in the financial statements. For the Period
March 20, 2003+
WCMA MONEY to March 31,
FUND Increase (Decrease) in Net Asset Value: 2003
====================================================================================================
Per Share Net asset value, beginning of period ................ $ 1.00
Operating --------
Performance: Investment income-net ............................... .0003
Unrealized gain on investments from
the Trust-net ....................................... .0001
--------
Total from investment operations .................... .0004
--------
Less dividends from investment income-net ........... (.0003)
--------
Net asset value, end of period. ..................... $ 1.00
========
====================================================================================================
Total Investment .04%
Return: ========
====================================================================================================
Ratios to Expenses++ .......................................... .01%
Average Net ========
Assets: Investment income-net ............................... .03%
========
====================================================================================================
Supplemental Data: Net assets, end of period (in thousands) ............ $ 25
========
====================================================================================================
+ Effective date of the Fund's registration.
++ Includes the Fund's share of the Trust's allocated expenses.
See Notes to Financial Statements.
9
WCMA Money Fund, March 31, 2003
FINANCIAL HIGHLIGHTS
The following per share data and ratios have Class 3
been derived from information provided ---------------
in the financial statements. For the Period
March 20, 2003+
WCMA MONEY to March 31,
FUND Increase (Decrease) in Net Asset Value: 2003
====================================================================================================
Per Share Net asset value, beginning of period ................ $ 1.00
Operating --------
Performance: Investment income-net ............................... .0003
Unrealized gain on investments from
the Trust-net ....................................... .0001
--------
Total from investment operations .................... .0004
--------
Less dividends from investment income-net ........... (.0003)
--------
Net asset value, end of period. ..................... $ 1.00
========
====================================================================================================
Total Investment .04%
Return: ========
====================================================================================================
Ratios to Expenses++ .......................................... .01%
Average Net ========
Assets: Investment income-net ............................... .03%
========
====================================================================================================
Supplemental Data: Net assets, end of period (in thousands) ............ $ 25
========
====================================================================================================
+ Effective date of the Fund's registration.
++ Includes the Fund's share of the Trust's allocated expenses.
See Notes to Financial Statements.
10
WCMA Money Fund, March 31, 2003
FINANCIAL HIGHLIGHTS
The following per share data and ratios have Class 4
been derived from information provided ---------------
in the financial statements. For the Period
March 20, 2003+
WCMA MONEY to March 31,
FUND Increase (Decrease) in Net Asset Value: 2003
====================================================================================================
Per Share Net asset value, beginning of period ................ $ 1.00
Operating --------
Performance: Investment income-net ............................... .0003
Unrealized gain on investments from
the Trust-net ....................................... .0001
--------
Total from investment operations .................... .0004
--------
Less dividends from investment income-net ........... (.0003)
--------
Net asset value, end of period. ..................... $ 1.00
========
====================================================================================================
Total Investment .04%
Return: ========
====================================================================================================
Ratios to Expenses++ .......................................... .01%
Average Net ========
Assets: Investment income-net ............................... .03%
========
====================================================================================================
Supplemental Data: Net assets, end of period (in thousands) ............ $ 25
========
====================================================================================================
+ Effective date of the Fund's registration.
++ Includes the Fund's share of the Trust's allocated expenses.
See Notes to Financial Statements.
11
MASTER MONEY TRUST
SCHEDULE OF INVESTMENTS AS OF MARCH 31, 2003 (IN THOUSANDS)
- --------------------------------------------------------------------------------
Face Interest Maturity
Issue Amount Rate* Date Value
- --------------------------------------------------------------------------------
Bank Notes--1.5%
- --------------------------------------------------------------------------------
Fleet National Bank $ 15,000 1.54+% 7/31/2003 $ 14,999
- --------------------------------------------------------------------------------
Hancock II Corp. 125,000 1.241+ 1/12/2004 124,992
- --------------------------------------------------------------------------------
Holmes Financing 105,300 1.28+ 10/15/2003 105,300
Corporation
Number 6
- --------------------------------------------------------------------------------
National City Bank 44,000 1.41+ 5/23/2003 44,006
of Indiana
- --------------------------------------------------------------------------------
National City Bank 50,000 1.32+ 3/03/2004 50,009
of Ohio
- --------------------------------------------------------------------------------
Total Bank Notes (Cost--$339,326) ................................ 339,306
- --------------------------------------------------------------------------------
Certificates of Deposit--European--1.1%
- --------------------------------------------------------------------------------
Lloyds TSB Bank PLC, 50,000 2.54 5/30/2003 50,106
London
- --------------------------------------------------------------------------------
National Australia 200,000 2.68 4/22/2003 200,171
Bank Limited, London
- --------------------------------------------------------------------------------
Total Certificates of Deposit--European
(Cost--$250,005) ................................................. 250,277
- --------------------------------------------------------------------------------
Certificates of Deposit--Yankee--10.6%
- --------------------------------------------------------------------------------
ABN-AMRO Bank 50,000 2.605 6/11/2003 50,136
NV, NY
- --------------------------------------------------------------------------------
Abbey National 170,000 2.675 5/23/2003 170,353
Treasury Services
PLC, NY
- --------------------------------------------------------------------------------
BNP Paribas, NY 300,000 1.29+ 3/08/2004 299,986
- --------------------------------------------------------------------------------
Canadian Imperial Bank 70,000 2.66 4/22/2003 70,059
of Commerce, NY 180,000 1.30+ 4/15/2004 180,000
- --------------------------------------------------------------------------------
Credit Agricole 200,000 2.475 6/12/2003 200,502
Indosuez, NY
- --------------------------------------------------------------------------------
Dexia Bank 50,000 2.23 6/24/2003 50,118
Belgique, NY
- --------------------------------------------------------------------------------
Credit Suisse First 50,000 2.62 6/10/2003 50,136
Boston, NY
- --------------------------------------------------------------------------------
Deutsche Bank 500,000 1.30+ 10/20/2003 500,000
AG, NY
- --------------------------------------------------------------------------------
Merita Bank PLC, NY 200,000 2.48 6/12/2003 200,504
- --------------------------------------------------------------------------------
Rabobank Nederland 100,000 2.65 5/20/2003 100,194
NV, NY 100,000 2.61 6/17/2003 100,297
- --------------------------------------------------------------------------------
Societe Generale, NY 250,000 1.30+ 2/12/2004 249,989
- --------------------------------------------------------------------------------
SwedBank, NY 75,000 1.214+ 6/20/2003 74,995
- --------------------------------------------------------------------------------
Toronto-Dominion 165,000 1.247+ 9/26/2003 164,975
Bank, NY
- --------------------------------------------------------------------------------
Total Certificates of Deposit--Yankee
(Cost--$2,459,953) ............................................... 2,462,244
- --------------------------------------------------------------------------------
Commercial Paper--13.0%
- --------------------------------------------------------------------------------
Aegon Funding Corp. 50,000 1.26 6/24/2003 49,857
- --------------------------------------------------------------------------------
Amsterdam Funding 96,340 1.28 4/04/2003 96,326
Corp.
- --------------------------------------------------------------------------------
Apreco, Inc. 50,000 1.27 4/08/2003 49,986
- --------------------------------------------------------------------------------
Aspen Funding Corp. 50,000 1.27 4/04/2003 49,993
25,000 1.27 4/08/2003 24,993
- --------------------------------------------------------------------------------
Blue Ridge Asset 50,000 1.25 4/17/2003 49,970
Funding Corp.
- --------------------------------------------------------------------------------
Corporate Receivables 41,445 1.26 4/01/2003 41,443
Corp. 50,000 1.26 4/02/2003 49,996
- --------------------------------------------------------------------------------
Delaware Funding Corp. 67,195 1.25 4/29/2003 67,127
- --------------------------------------------------------------------------------
Edison Asset 84,620 1.25 4/17/2003 84,570
Securitization, LLC 138,010 1.25 5/13/2003 137,804
- --------------------------------------------------------------------------------
Eureka Securitization 100,000 1.27 4/28/2003 99,901
Inc.
- --------------------------------------------------------------------------------
Falcon Asset 79,474 1.25 4/10/2003 79,446
Securitization 39,946 1.26 4/23/2003 39,914
80,000 1.26 4/25/2003 79,930
- --------------------------------------------------------------------------------
Greyhawk Funding, LLC 115,000 1.27 4/22/2003 114,911
- --------------------------------------------------------------------------------
HBOS Treasury 100,000 1.25 4/28/2003 99,903
Services
- --------------------------------------------------------------------------------
International Lease 25,000 1.25 4/25/2003 24,978
Finance Corporation
- --------------------------------------------------------------------------------
Kitty Hawk Funding 50,000 1.25 4/15/2003 49,974
Corp.
- --------------------------------------------------------------------------------
Morgan Stanley, Dean 55,000 1.393+ 4/15/2003 55,000
Witter & Co. 145,000 1.393+ 8/19/2003 145,000
- --------------------------------------------------------------------------------
Newport Funding Corp. 50,000 1.27 4/09/2003 49,984
- --------------------------------------------------------------------------------
Old Line Funding Corp. 40,592 1.25 4/11/2003 40,576
100,127 1.25 4/24/2003 100,044
- --------------------------------------------------------------------------------
PB Finance Inc. 50,000 1.26 4/23/2003 49,960
(Delaware)
- --------------------------------------------------------------------------------
Park Avenue 70,000 1.21 4/09/2003 69,979
Receivables Corp. 50,194 1.25 4/22/2003 50,156
75,000 1.25 5/05/2003 74,909
- --------------------------------------------------------------------------------
Preferred Receivables 69,845 1.25 4/21/2003 69,794
Funding Corp.
- --------------------------------------------------------------------------------
Rio Tinto Limited 20,000 1.25 5/29/2003 19,959
27,570 1.25 6/05/2003 27,508
- --------------------------------------------------------------------------------
Salomon, Smith Barney 175,000 1.295+ 5/08/2003 175,000
Holdings, Inc.
- --------------------------------------------------------------------------------
Sheffield Receivables 51,033 1.26 4/07/2003 51,020
Corporation
- --------------------------------------------------------------------------------
Tulip Funding 56,851 1.26 4/08/2003 56,835
Corporation 55,879 1.25 4/24/2003 55,832
- --------------------------------------------------------------------------------
UBS Finance 300,000 1.37 4/01/2003 299,989
(Delaware) Inc.
- --------------------------------------------------------------------------------
12
MASTER MONEY TRUST
SCHEDULE OF INVESTMENTS AS OF MARCH 31, 2003 (CONTINUED) (IN THOUSANDS)
- --------------------------------------------------------------------------------
Face Interest Maturity
Issue Amount Rate* Date Value
- --------------------------------------------------------------------------------
Commercial Paper (concluded)
- --------------------------------------------------------------------------------
Variable Funding $ 50,000 1.26 % 4/02/2003 $ 49,996
Capital Corp. 35,000 1.26 4/02/2003 34,998
50,000 1.28 4/03/2003 49,995
60,000 1.27 4/08/2003 59,983
- --------------------------------------------------------------------------------
Windmill Funding Corp. 85,000 1.28 4/03/2003 84,991
50,000 1.25 5/09/2003 49,933
- --------------------------------------------------------------------------------
Total Commercial Paper (Cost--$3,012,457) ........................ 3,012,463
- --------------------------------------------------------------------------------
Corporate Notes--0.4%
- --------------------------------------------------------------------------------
Wal-Mart Stores, Inc. 96,500 4.878 6/01/2003 97,013
- --------------------------------------------------------------------------------
Total Corporate Notes (Cost--$96,873) ............................ 97,013
- --------------------------------------------------------------------------------
Funding Agreements--4.6%
- --------------------------------------------------------------------------------
Allstate Life 45,000 1.408+ 7/01/2003 45,000
Insurance Co. 45,000 1.438+ 11/03/2003 45,000
- --------------------------------------------------------------------------------
GE Life and Annuity 50,000 1.398+ 11/03/2003 50,000
Assurance Co. 150,000 1.398+ 12/01/2003 150,000
- --------------------------------------------------------------------------------
Metropolitan Life 165,000 1.408+ 4/01/2003 165,000
Insurance Company 68,000 1.448+ 2/02/2004 68,000
- --------------------------------------------------------------------------------
Monumental Life 135,000 1.483+ 11/14/2003 135,000
Insurance Company
- --------------------------------------------------------------------------------
New York Life 216,000 1.398+ 5/30/2003 216,000
Insurance Company
- --------------------------------------------------------------------------------
Pacific Life 40,000 1.418+ 6/02/2003 40,000
Insurance Co. 40,000 1.418+ 10/01/2003 40,000
- --------------------------------------------------------------------------------
The Travelers 25,000 1.398+ 5/01/2003 25,000
Insurance Company 25,000 1.388+ 9/19/2003 25,000
70,000 1.398+ 3/01/2004 70,000
- --------------------------------------------------------------------------------
Total Funding Agreements (Cost--$1,074,000) ...................... 1,074,000
- --------------------------------------------------------------------------------
Medium-Term Notes--3.3%
- --------------------------------------------------------------------------------
American Honda 25,000 1.35+ 10/06/2003 25,002
Finance Corp. 25,000 1.55+ 11/10/2003 25,018
- --------------------------------------------------------------------------------
BMW US Capital Group 75,000 1.321+ 12/10/2003 75,000
- --------------------------------------------------------------------------------
BP Amoco Capital PLC 50,000 1.295+ 3/08/2004 50,000
- --------------------------------------------------------------------------------
Bank of New York 25,000 1.41+ 10/30/2003 24,986
Co., Inc.
- --------------------------------------------------------------------------------
General Electric 290,605 1.31+ 4/16/2004 290,605
Capital Corp.
- --------------------------------------------------------------------------------
Goldman Sachs 118,000 1.626+ 4/13/2004 118,000
Group, Inc.
- --------------------------------------------------------------------------------
Morgan Stanley 25,000 1.599+ 8/07/2003 25,026
- --------------------------------------------------------------------------------
Northern Rock PLC 120,000 1.34+ 11/19/2003 119,992
- --------------------------------------------------------------------------------
Total Medium-Term Notes (Cost--$753,683) ......................... 753,629
- --------------------------------------------------------------------------------
Municipal--Anticipation Notes--0.8%
- --------------------------------------------------------------------------------
California State, RAN 176,000 1.31+ 6/20/2003 176,000
- --------------------------------------------------------------------------------
Total Municipal--Anticipation Notes
(Cost--$176,000) ................................................. 176,000
- --------------------------------------------------------------------------------
Promissory Notes--0.6%
- --------------------------------------------------------------------------------
Goldman Sachs 130,000 1.325+ 10/10/2003 130,000
Group, Inc. 20,000 1.388+ 10/09/2003 19,875
- --------------------------------------------------------------------------------
Total Promissory Notes (Cost--$150,000) .......................... 149,875
- --------------------------------------------------------------------------------
U.S. Government Agency Obligations--
Discount Notes--0.9%
- --------------------------------------------------------------------------------
Fannie Mae 200,000 1.29 4/28/2003 199,816
- --------------------------------------------------------------------------------
Total U.S. Government Agency Obligations--
Discount Notes (Cost--$199,799) .................................. 199,816
- --------------------------------------------------------------------------------
U.S. Government Agency Obligations--
Non-Discount Notes--59.1%
- --------------------------------------------------------------------------------
Fannie Mae 48,000 1.13+ 4/15/2003 47,999
100,000 1.173+ 5/05/2003 100,003
170,000 4.625 5/15/2003 170,684
300,000 1.183+ 6/09/2003 299,970
916,000 1.079+ 6/16/2003 915,895
300,000 1.27+ 7/14/2003 299,991
385,000 1.17+ 8/01/2003 384,980
200,000 1.27+ 9/19/2003 199,990
480,000 1.206+ 1/16/2004 479,973
188,000 1.151+ 1/20/2004 187,935
650,000 1.169+ 1/22/2004 649,802
413,000 1.204+ 1/22/2004 412,974
124,490 3.75 5/12/2004 124,840
70,000 2.46 8/19/2004 70,354
45,875 2.43 8/20/2004 46,104
66,825 2.50 8/27/2004 67,201
750,000 1.253+ 9/10/2004 749,701
250,000 1.258+ 9/17/2003 249,917
135,860 2.50 10/01/2004 136,814
46,745 2.25 10/21/2004 47,052
18,400 2.40 10/29/2004 18,544
50,330 2.20 12/30/2004 50,755
72,500 2.20 1/14/2005 73,134
32,550 2.00 2/10/2005 32,774
55,000 2.00 2/18/2005 55,377
- --------------------------------------------------------------------------------
Federal Farm 260,000 1.198+ 10/01/2003 259,942
Credit Banks 200,000 1.198+ 11/03/2003 199,964
130,000 1.13+ 11/14/2003 129,968
450,000 1.14+ 12/15/2003 449,888
145,000 1.161+ 12/24/2003 144,968
200,000 1.172+ 1/26/2004 199,951
97,000 1.25+ 2/23/2004 96,983
99,750 1.218+ 3/01/2004 99,722
300,000 1.15+ 3/16/2004 299,885
240,000 1.204+ 4/07/2004 239,891
390,000 1.136+ 6/21/2004 389,957
100,000 1.228+ 8/02/2004 99,973
65,000 1.225+ 8/10/2004 64,991
200,000 1.221+ 11/24/2004 200,000
250,000 1.219+ 1/27/2005 250,000
13
MASTER MONEY TRUST
SCHEDULE OF INVESTMENTS AS OF MARCH 31, 2003 (CONCLUDED) (IN THOUSANDS)
- --------------------------------------------------------------------------------
Face Interest Maturity
Issue Amount Rate* Date Value
- -------------------------------------------------------------------------------
U.S. Government Agency Obligations--
Non-Discount Notes (concluded)
- -------------------------------------------------------------------------------
Federal Farm $127,000 1.25+% 2/07/2005 $ 126,953
Credit Banks 200,000 1.231+ 2/11/2005 200,000
(concluded) 175,000 1.211+ 2/24/2005 174,967
82,000 1.22+ 2/21/2006 81,953
54,750 1.234+ 2/20/2008 54,723
- -------------------------------------------------------------------------------
Federal Home 566,000 1.18+ 4/30/2003 565,997
Loan Banks 380,000 1.089+ 6/17/2003 379,999
40,000 1.211+ 7/15/2003 40,001
70,500 4.125 8/15/2003 71,276
720,000 1.099+ 9/15/2003 719,959
260,500 1.235+ 12/29/2003 260,471
74,700 1.215+ 1/02/2004 74,697
130,000 3.75 4/15/2004 133,359
71,800 1.24+ 7/06/2004 71,771
- -------------------------------------------------------------------------------
Freddie Mac 949,500 1.178+ 8/05/2003 949,562
142,000 3.75 4/15/2004 145,686
120,000 2.50 8/20/2004 120,579
56,300 2.35 10/08/2004 56,628
- -------------------------------------------------------------------------------
Student Loan 210,000 1.624+ 6/25/2003 210,000
Marketing Association 230,000 1.394+ 2/12/2004 229,960
- -------------------------------------------------------------------------------
Total U.S. Government Agency Obligations--
Non-Discount Notes (Cost--$13,657,683) ........................... 13,667,387
- -------------------------------------------------------------------------------
U.S. Treasury Bonds & Notes--1.3%
- -------------------------------------------------------------------------------
U.S. Treasury Notes 293,700 1.50 2/28/2005 293,815
- -------------------------------------------------------------------------------
Total U.S. Treasury Bonds & Notes
(Cost--$294,466) ................................................. 293,815
- -------------------------------------------------------------------------------
Face
Amount Issue Value
- -------------------------------------------------------------------------------
Repurchase Agreements**--2.6%
- -------------------------------------------------------------------------------
$ 93,013 Goldman Sachs & Company,
purchased on 3/31/2003 to yield
1.35% to 4/01/2003, repurchase price
$93,017, collateralized by FHLB 4.50%
due 5/15/2003 and FHLMC 4.50% to
5.75% due 5/15/2003 to 4/15/2008 ................... $ 93,013
- -------------------------------------------------------------------------------
500,000 UBS Warburg Corp. LLC, purchased
on 3/31/2003 to yield 1.36% to 4/01/2003,
repurchase price $500,019, collateralized
by FAMC 0% to 5.35% due 4/30/2003 to
7/26/2006 FHLB 0% to 7.23% due
3/14/2005 to 9/08/2015 FHLMC 2.375%
to 7.30% due 5/14/2004 to 2/20/2011
FNMA 4.40% due 5/07/2005 ........................... 500,000
- -------------------------------------------------------------------------------
Total Repurchase Agreements
(Cost--$593,013) ................................................. 593,013
- -------------------------------------------------------------------------------
Short-Term Securities--0.4%
- -------------------------------------------------------------------------------
38,808 Merrill Lynch Premier Institutional
Fund (a)(b) 38,808
- -------------------------------------------------------------------------------
$ 58,211 Merrill Lynch Liquidity Series, LLC Money
Market Series (a)(b) 58,211
- -------------------------------------------------------------------------------
Total Short-Term Securities (Cost--$97,019) 97,019
- -------------------------------------------------------------------------------
Total Investments (Cost--$23,154,277)--100.2% .................... 23,165,857
Liabilities in Excess of Other Assets--(0.2%) .................... (36,844)
-----------
Net Assets--100.0% ............................................... $23,129,013
===========
- -------------------------------------------------------------------------------
* Commercial Paper and certain U.S. 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 Trust. 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, 2003.
** Repurchase Agreements are fully collateralized by U.S. Government Agency
Obligations.
+ Variable rate notes.
(a) Investments in companies considered to be an affiliate of the Trust (such
companies are defined as "Affiliated Companies" in Section 2(a)(3) of the
Investment Company Act of 1940) are as follows:
--------------------------------------------------------------------------
Dividend/
Net Interest
Affiliate Activity Income
--------------------------------------------------------------------------
Merrill Lynch Liquidity
Series, LLC Money Market Series $58,211 $181
Merrill Lynch Premier
Institutional Fund 38,808 277
Merrill Lynch
Institutional Fund -- 21
--------------------------------------------------------------------------
(b) Security was purchased with the cash proceeds from securities loans.
See Notes to Financial Statements.
14
MASTER MONEY TRUST
STATEMENT OF ASSETS AND LIABILITIES AS OF MARCH 31, 2003
- --------------------------------------------------------------------------------
Assets:
Investments, at value (including securities loaned of--$95,037,050)
(identified cost--$23,154,276,863+) ............................... $23,165,856,852
Cash .............................................................. 228
Receivables:
Interest ........................................................ $ 64,205,762
Securities lending--net ......................................... 25,107 64,230,869
------------
Other assets ...................................................... 66,657
---------------
Total assets ...................................................... 23,230,154,606
---------------
Liabilities:
Collateral on securities loaned, at value ......................... 97,018,750
Payable to investment adviser ..................................... 3,733,395
Accrued expenses and other liabilities ............................ 389,447
---------------
Total liabilities ................................................. 101,141,592
---------------
Net Assets:
Net Assets ........................................................ $23,129,013,014
===============
Net Assets Consist of:
Investors' capital ................................................ $23,117,433,025
Unrealized appreciation on investments--net ....................... 11,579,989
---------------
Net Assets ........................................................ $23,129,013,014
===============
+ Cost for Federal income tax purposes was $23,154,276,863. As of March 31,
2003, net unrealized appreciation for Federal income tax purposes amounted
to $11,579,989, of which $12,432,852 related to appreciated securities and
$852,863 related to depreciated securities.
See Notes to Financial Statements.
15
MASTER MONEY TRUST
STATEMENT OF OPERATIONS FOR THE PERIOD FEBRUARY 13, 2003+ TO MARCH 31, 2003
- --------------------------------------------------------------------------------
Investment Income:
Interest and amortization of premium and discount earned $ 43,518,435
Securities lending--net ................................ 48,070
------------
Total income ........................................... 43,566,505
------------
Expenses:
Investment advisory fees ............................... $ 5,669,503
Accounting services .................................... 371,642
Custodian fees ......................................... 78,101
Trustees' fees and expenses ............................ 16,390
Pricing fees ........................................... 9,208
Professional fees ...................................... 750
Other .................................................. 19,633
-----------
Total expenses ......................................... 6,165,227
------------
Investment income--net ................................. 37,401,278
------------
Realized & Unrealized Gain (Loss) on Investments--Net:
Realized gain from investments--net .................... 172,930
Change in unrealized appreciation on investments--net .. (4,939,558)
------------
Total realized and unrealized losses on investments--net (4,766,628)
------------
Net Increase in Net Assets Resulting from Operations ... $ 32,634,650
============
+ Commencement of operations.
See Notes to Financial Statements.
16
MASTER MONEY TRUST
STATEMENT OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
For the Period
February 13, 2003+
to March 31,
Increase (Decrease) in Net Assets 2003
- --------------------------------------------------------------------------------
Operations:
Investment income--net ..................................... $ 37,401,278
Realized gain on investments--net .......................... 172,930
Change in unrealized appreciation on investments--net ...... (4,939,558)
----------------
Net increase in net assets resulting from operations ....... 32,634,650
----------------
Capital Transactions:
Proceeds from contributions ................................ 16,259,862,771
Fair value of net assets contributions ..................... 23,085,923,316
Fair value of withdrawals .................................. (16,249,507,723)
----------------
Net increase in net assets derived from capital transactions 23,096,278,364
----------------
Net Assets:
Total increase in net assets ............................... 23,128,913,014
Beginning of period ........................................ 100,000
----------------
End of period .............................................. $ 23,129,013,014
================
+ Commencement of operations.
See Notes to Financial Statements.
17
MASTER MONEY TRUST
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
For the Period
February 13, 2003+
The following ratios have been derived from to March 31,
information in the financial statements. 2003
- --------------------------------------------------------------------------------
Total Investment Return .................................... .90%*
============
Ratios to Average Net Assets:
Expenses ................................................... .21%*
============
Investment income and realized gain on investments--net .... 1.25%*
============
Supplemental Data:
Net assets, end of period (in thousands) ................... $ 23,129,013
============
* Annualized.
+ Commencement of operations.
See Notes to Financial Statements.
18
MASTER MONEY TRUST
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
1. Significant Accounting Policies:
Master Money Trust (the "Trust") is registered under the Investment Company Act
of 1940 and is organized as a Delaware business trust. The Declaration of Trust
permits the Trustees to issue nontransferable interest in the Trust, subject to
certain limitations. On February 13, 2003, the Trust received all of the assets
of CMA Money Fund, a registered investment company that converted to a
master/feeder structure. The Trust'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. The
following is a summary of significant accounting policies followed by the Trust.
(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 Trust's Board of Trustees.
(b) Repurchase agreements -- The Trust invests in U.S. 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
Trust 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
Trust may be delayed or limited.
(c) Income taxes -- The Trust is classified as a partnership for Federal income
tax purposes. As such, each investor in the Trust is treated as owner of its
proportionate share of the net assets, income, expenses and realized and
unrealized gains and losses of the Trust. Accordingly, as a "pass through"
entity, the Trust pays no income dividends or capital gains distributions.
Therefore, no Federal income tax provision is required. It is intended that the
Trust's assets will be managed so an investor in the Trust can satisfy the
requirements of subchapter M of the Internal Revenue Code.
(d) Security transactions and investment income -- Security transactions are
recorded on the dates the transactions are entered into (the trade dates).
Realized gains and losses on security transactions are determined on the
identified cost basis. Interest income (including amortization of premium and
discount) is recognized on the accrual basis.
(e) Securities lending -- The Trust may lend securities to financial
institutions that provide cash or securities issued or guaranteed by the U.S.
government as collateral, which will be maintained at all times in an amount
equal to at least 100% of the current market value of the loaned securities. The
market value of the loaned securities is determined at the close of business of
the Trust and any additional required collateral is delivered to the Trust on
the next business day. Where the Trust receives securities as collateral for the
loaned securities, it collects a fee from the borrower. The Trust typically
receives the income on the loaned securities but does not receive the income on
the collateral. Where the Trust receives cash collateral, it may invest such
collateral and retain the amount earned on such investment, net of any amount
rebated to the borrower. Loans of securities are terminable at any time and the
borrower, after notice, is
19
MASTER MONEY TRUST
NOTES TO FINANCIAL STATEMENTS (CONCLUDED)
- --------------------------------------------------------------------------------
required to return borrowed securities within five business days. The Trust may
pay reasonable finder's, lending agent, administrative and custodial fees in
connection with its loans. In the event that the borrower defaults on its
obligation to return borrowed securities because of insolvency or for any other
reason, the Trust could experience delays and costs in gaining access to the
collateral. The Trust also could suffer a loss where the value of the collateral
falls below the market value of the borrowed securities, in the event of
borrower default or in the event of losses on investments made with cash
collateral.
2. Investment Advisory Agreement and Transactions with Affiliates:
The Trust 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 Trust's portfolio and provides the
necessary personnel, facilities, equipment and certain other services necessary
to the operations of the Trust. For such services, the Trust pays a monthly fee
based upon the average daily value of the Trust's net assets at the following
annual rates: .25% of the Trust's average daily net assets not exceeding $500
million; .175% of the average daily net assets in excess of $500 million, but
not exceeding $1 billion; and .125% of the average daily net assets in excess of
$1 billion.
The Trust has received an exemptive order from the Securities and Exchange
Commission permitting it to lend portfolio securities to Merrill Lynch, Pierce,
Fenner & Smith Incorporated ("MLPF&S"), or its affiliates. As of March 31, 2003,
the Trust lent securities with a value of $45,017,550 to MLPF&S or its
affiliates. Pursuant to that order, the Trust also has retained Merrill Lynch
Investment Managers, LLC ("MLIM, LLC"), an affiliate of FAM, as the securities
lending agent for a fee based on a share of the returns on investment of cash
collateral. MLIM, LLC may, on behalf of the Trust, invest cash collateral
received by the Trust for such loans, among other things, in a private
investment company managed by MLIM, LLC or in registered money market funds
advised by FAM or its affiliates. For the period February 13, 2003 to March 31,
2003, MLIM, LLC received $259,696 in securities lending agent fees.
For the year ended March 31, 2003, the Fund reimbursed FAM $66,476 for certain
accounting services.
Certain officers and/or trustees of the Trust are officers and/or directors of
FAM, PSI, and/or ML & Co.
3. Reverse Repurchase Agreements:
Under a reverse repurchase agreement, the Trust sells securities to repurchase
them at a mutually agreed upon date and price. At the time the Trust 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 Trust had no reverse repurchase agreements outstanding during the period
ended March 31, 2003.
20
MASTER MONEY TRUST
INDEPENDENT AUDITORS' REPORT
- --------------------------------------------------------------------------------
To the Investors and Board of Trustees of
Master Money Trust:
We have audited the accompanying statement of assets and liabilities, including
the schedule of investments, of Master Money Trust as of March 31, 2003, and the
related statements of operations and changes in net assets, and the financial
highlights for the period February 13, 2003 (commencement of operations) through
March 31, 2003. These financial statements and financial highlights are the
responsibility of the Trust's management. Our responsibility is to express an
opinion on these financial statements and financial highlights based on our
audit.
We conducted our audit 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 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 as of March 31, 2003, 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 audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of Master
Money Trust as of March 31, 2003, the results of its operations, the changes in
its net assets, and its financial highlights for the period February 13, 2003
through March 31, 2003, in conformity with accounting principles generally
accepted in the United States of America.
Deloitte & Touche LLP
Princeton, New Jersey
May 21, 2003
21
WCMA MONEY FUND
OFFICERS AND TRUSTEES
- --------------------------------------------------------------------------------
Number of
Portfolios Other
in Fund Director-
Position(s) Length Complex ships
Held of Time Overseen by Held by
Name, Address & Age with Fund Served Principal Occupation(s) During Past 5 Years Trustee Trustee
- ------------------------------------------------------------------------------------------------------------------------------------
Interested Trustee
- ------------------------------------------------------------------------------------------------------------------------------------
Terry K. Glenn* President 1999 to President and Chairman of Merrill Lynch 118 Funds None
P.O. Box 9011 and present Investment Managers, L.P. ("MLIM")/Fund 162 Portfolios
Princeton, NJ 08543-9011 Trustee and 1997 Asset Management, L.P. ("FAM")--Advised
Age: 62 to present Funds since 1999; Chairman (Americas Region)
of MLIM from 2000 to 2002; Executive Vice
President of MLIM and FAM (which terms as
used herein include their corporate predecessors)
from 1983 to 2002; President of FAM Distributors,
Inc. ("FAMD") from 1986 to 2002 and Director
thereof from 1991 to 2002; Executive Vice
President and Director of Princeton Services,
Inc. ("Princeton Services") from 1993 to 2002;
President of Princeton Administrators, L.P. from
1988 to 2002; Director of Financial Data Services,
Inc. from 1985 to 2002.
- ------------------------------------------------------------------------------------------------------------------------------------
* Mr. Glenn is a director, trustee or member of an advisory board of certain other investment companies for which FAM or MLIM
acts as investment adviser. Mr. Glenn is an "interested person," as described in the Investment Company Act, of the Fund based
on his former positions with FAM, MLIM, FAMD, Princeton Services and Princeton Administrators, L.P. The Trustee's term is
unlimited. Trustees serve until their resignation, removal, or death, or until December 31 of the year in which they turn 72.
As Fund President, Mr. Glenn serves at the pleasure of the Board of Trustees.
- ------------------------------------------------------------------------------------------------------------------------------------
Number of
Portfolios Other
in Fund Director-
Position(s) Length Complex ships
Held of Time Overseen by Held by
Name, Address & Age with Fund Served* Principal Occupation(s) During Past 5 Years Trustee Trustee
- ------------------------------------------------------------------------------------------------------------------------------------
Independent Trustees
- ------------------------------------------------------------------------------------------------------------------------------------
Ronald W. Forbes Trustee 1981 to Professor Emeritus of Finance, School of 45 Funds None
P.O. Box 9095 present Business, State University of New York at 51 Portfolios
Princeton, NJ 08543-9095 Albany since 2000 and Professor thereof from
Age: 62 1989 to 2000; International Consultant, Urban
Institute from 1995 to 1999.
- ------------------------------------------------------------------------------------------------------------------------------------
Cynthia A. Montgomery Trustee 1994 to Professor, Harvard Business School since 1989; 45 Funds Unum-
P.O. Box 9095 present Director, Unum Provident Corporation since 51 Portfolios Provident
Princeton, NJ 08543-9095 1990; Director, Newell Rubbermaid, Inc. Corporation;
Age: 50 since 1995. Newell
Rubbermaid,
Inc.
- ------------------------------------------------------------------------------------------------------------------------------------
Charles C. Reilly Trustee 1990 to Self-employed financial consultant since 1990. 45 Funds None
P.O. Box 9095 present 51 Portfolios
Princeton, NJ 08543-9095
Age: 71
- ------------------------------------------------------------------------------------------------------------------------------------
Kevin A. Ryan Trustee 1992 to Founder and Director Emeritus of The Boston 45 Funds None
P.O. Box 9095 present University Center for the Advancement of 51 Portfolios
Princeton, NJ 08543-9095 Ethics and Character; Professor of Education
Age: 70 at Boston University from 1982 to 1999 and
Professor Emeritus since 1999.
- ------------------------------------------------------------------------------------------------------------------------------------
22
WCMA MONEY FUND
OFFICERS AND TRUSTEES (CONCLUDED)
- --------------------------------------------------------------------------------
Number of
Portfolios Other
in Fund Director-
Position(s) Length Complex ships
Held of Time Overseen by Held by
Name, Address & Age with Fund Served* Principal Occupation(s) During Past 5 Years Trustee Trustee
- ------------------------------------------------------------------------------------------------------------------------------------
Independent Trustees (concluded)
- ------------------------------------------------------------------------------------------------------------------------------------
Roscoe S. Suddarth Trustee 2000 to President, Middle East Institute from 1995 to 2001; 45 Funds None
P.O. Box 9095 present Foreign Service Officer, United States Foreign 51 Portfolios
Princeton, NJ 08543-9095 Service from 1961 to 1995; Career Minister from
Age: 67 1989 to 1995; Deputy Inspector General, U.S.
Department of State from 1991 to 1994; U.S.
Ambassador to the Hashemite Kingdom of
Jordan from 1987 to 1990.
- ------------------------------------------------------------------------------------------------------------------------------------
Richard R. West Trustee 1979 to Dean Emeritus of New York University, Leonard 45 Funds Bowne & Co.,
P.O. Box 9095 present N. Stern School of Business Administration 51 Portfolios Inc.; Vornado
Princeton, NJ 08543-9095 since 1994. Operating
Age: 65 Company;
Vornado
Realty Trust;
Alexander's,
Inc.
- ------------------------------------------------------------------------------------------------------------------------------------
Edward D. Zinbarg Trustee 2000 to Self-employed financial consultant since 1994. 45 Funds None
P.O. Box 9095 present 51 Portfolios
Princeton, NJ 08543-9095
Age: 68
- ------------------------------------------------------------------------------------------------------------------------------------
* The Trustee's term is unlimited. Trustees serve until their resignation, removal, or death, or until December 31 of the year
in which they turn 72.
- ------------------------------------------------------------------------------------------------------------------------------------
Position(s) Length
Held of Time
Name, Address & Age with Fund Served* Principal Occupation(s) During Past 5 Years
- ------------------------------------------------------------------------------------------------------------------------------------
Fund Officers
- ------------------------------------------------------------------------------------------------------------------------------------
Donald C. Burke Vice 1993 to First Vice President of FAM and MLIM since 1997 and Treasurer thereof
P.O. Box 9011 President present since 1999; Senior Vice President and Treasurer of Princeton Services since
Princeton, NJ 08543-9011 and and 1999; Vice President of FAMD since 1999; Director of MLIM Taxation
Age: 42 Treasurer 1999 to since 1990.
present
- ------------------------------------------------------------------------------------------------------------------------------------
Kevin J. McKenna Senior 1998 to Managing Director of MLIM and Head of MLIM Americas Fixed Income since
P.O. Box 9011 Vice present 2000; Director (Global Fixed Income) of MLIM from 1997 to 2000.
Princeton, NJ 08543-9011 President
Age: 46
- ------------------------------------------------------------------------------------------------------------------------------------
Richard J. Mejzak Vice 2001 to Director (Global Fixed Income) of MLIM since 2000; Vice President of MLIM
P.O. Box 9011 President present from 1996 to 2000.
Princeton, NJ 08543-9011
Age: 34
- ------------------------------------------------------------------------------------------------------------------------------------
Phillip S. Gillespie Secretary 2000 to First Vice President of MLIM since 2001; Director (Legal Advisory) of MLIM from
P.O. Box 9011 present 2000 to 2001; Vice President of MLIM from 1999 to 2000 and Attorney associated
Princeton, NJ 08543-9011 with MLIM since 1998; Assistant General Counsel of Chancellor LGT Asset
Age: 39 Management, Inc. from 1997 to 1998.
- ------------------------------------------------------------------------------------------------------------------------------------
* Officers of the Fund serve at the pleasure of the Board of Trustees.
- ------------------------------------------------------------------------------------------------------------------------------------
Further information about the Fund's Officers and Trustees is available in the
Fund's Statement of Additional Information, which can be obtained without charge
by calling 1-800-MER-FUND.
Custodian
State Street Bank and Trust Company
P.O. Box 351
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 or
800-262-4636.
23
Item 2 - Did registrant adopt a code of ethics, as of the end of the period
covered by this report, that applies to the registrant's principal
executive officer, principal financial officer, principal accounting
officer or controller, or persons performing similar functions,
regardless of whether these individuals are employed by the registrant
or a third party? If not, why not? Briefly describe any amendments or
waivers that occurred during the period. State here if code of
ethics/amendments/waivers are on website and give website address-.
State here if fund will send code of ethics to shareholders without
charge upon request-- N/A (not answered until July 15, 2003 and only
annually for funds)
Item 3 - Did the registrant's board of directors determine that the registrant
either: (i) has at least one audit committee financial expert serving
on its audit committee; or (ii) does not have an audit committee
financial expert serving on its audit committee? If yes, disclose name
of financial expert and whether he/she is "independent," (fund may, but
is not required, to disclose name/independence of more than one
financial expert) If no, explain why not. -N/A (not answered until July
15, 2003 and only annually for funds)
Item 4 - Disclose annually only (not answered until December 15, 2003)
(a) Audit Fees - Disclose aggregate fees billed for each of the last two
fiscal years for professional services rendered by the
principal accountant for the audit of the registrant's
annual financial statements or services that are
normally provided by the accountant in connection with
statutory and regulatory filings or engagements for
those fiscal years. N/A.
(b) Audit-Related Fees - Disclose aggregate fees billed in each of the
last two fiscal years for assurance and related
services by the principal accountant that are
reasonably related to the performance of the
audit of the registrant's financial statements
and are not reported under paragraph (a) of this
Item. Registrants shall describe the nature of
the services comprising the fees disclosed under
this category. N/A.
(c) Tax Fees - Disclose aggregate fees billed in each of the last two
fiscal years for professional services rendered by the
principal accountant for tax compliance, tax advice, and
tax planning. Registrants shall describe the nature of the
services comprising the fees disclosed under this category.
N/A.
(d) All Other Fees - Disclose aggregate fees billed in each of the last
two fiscal years for products and services provided
by the principal accountant, other than the services
reported in paragraphs (a) through (c) of this Item.
Registrants shall describe the nature of the
services comprising the fees disclosed under this
category. N/A.
(e)(1) Disclose the audit committee's pre-approval policies and procedures
described in paragraph (c)(7) of Rule 2-01 of Regulation S-X. N/A.
(e)(2) Disclose the percentage of services described in each of paragraphs
(b) through (d) of this Item that were approved by the audit
committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of
Regulation S-X. N/A.
(f) If greater than 50%, disclose the percentage of hours expended on
the principal accountant's engagement to audit the registrant's
financial statements for the most recent fiscal year that were
attributed to work performed by persons other than the principal
accountant's full-time, permanent employees. N/A.
(g) Disclose the aggregate non-audit fees billed by the registrant's
accountant for services rendered to the registrant, and rendered to
the registrant's investment adviser (not including any sub-adviser
whose role is primarily portfolio management and is subcontracted
with or overseen by another investment adviser), and any entity
controlling, controlled by, or under common control with the adviser
that provides ongoing services to the registrant for each of the
last two fiscal years of the registrant. N/A.
(h) Disclose whether the registrant's audit committee has considered
whether the provision of non-audit services that were rendered to
the registrant's investment adviser (not including any subadviser
whose role is primarily portfolio management and is subcontracted
with or overseen by another investment adviser), and any entity
controlling, controlled by, or under common control with the
investment adviser that provides ongoing services to the registrant
that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule
2-01 of Regulation S-X is compatible with maintaining the principal
accountant's independence. N/A.
Item 5 - If the registrant is a listed issuer as defined in Rule 10A-3 under the
Exchange Act, state whether or not the registrant has a
separately-designated standing audit committee established in
accordance with Section 3(a)(58)(A) of the Exchange Act. If the
registrant has such a committee, however designated, identify each
committee member. If the entire board of directors is acting as the
registrant's audit committee in Section 3(a)(58)(B) of the Exchange
Act, so state.
If applicable, provide the disclosure required by Rule 10A-3(d) under
the Exchange Act regarding an exemption from the listing standards for
audit committees.
(Listed issuers must be in compliance with the new listing rules by the
earlier of their first annual shareholders meeting after January 2004,
or October 31, 2004 (annual requirement))
Item 6 - Reserved
Item 7 - For closed-end funds that contain voting securities in their portfolio,
describe the policies and procedures that it uses to determine how to
vote proxies relating to those portfolio securities. N/A (not answered
until July 1, 2003)
Item 8 -- Reserved
Item 9(a) - Disclose the conclusions of the registrant's principal executive
officer or officers and principal financial officer or officers, or
persons performing similar functions, about the effectiveness of the
registrant's disclosure controls and procedures (as defined in Rule
30a-2(c) under the Act (17 CFR 270.30a-2(c))) based on their
evaluation of these controls and procedures as of a date within 90
days of the filing date of the report that includes the disclosure
required by this paragraph. N/A (not answered until July 15, 2003
and only annually for funds)
Item 9(b) -- There were no significant changes in the registrant's internal
controls or in other factors that could significantly affect these
controls subsequent to the date of their evaluation, including any
corrective actions with regard to significant deficiencies and
material weaknesses.
Item 10 - Exhibits
10(a) - Attach code of ethics or amendments/waivers, unless code of ethics or
amendments/waivers is on website or offered to shareholders upon request
without charge. N/A.
10(b) - Attach certifications pursuant to Section 302 of the Sarbanes-Oxley Act.
Attached hereto.
Pursuant to the requirements of the Securities Exchange Act of 1934 and
the Investment Company Act of 1940, the registrant has duly caused this
report to be signed on its behalf by the undersigned, thereunto duly
authorized.
WCMA Money Fund
By: /s/ Terry K. Glenn
---------------------------------
Terry K. Glenn,
President of
WCMA Money Fund
Date: June 3, 2003
Pursuant to the requirements of the Securities Exchange Act of 1934 and
the Investment Company Act of 1940, this report has been signed below by
the following persons on behalf of the registrant and in the capacities
and on the dates indicated.
By: /s/ Terry K. Glenn
---------------------------------
Terry K. Glenn,
President of
WCMA Money Fund
Date: June 3, 2003
By: /s/ Donald C. Burke
---------------------------------
Donald C. Burke,
Chief Financial Officer of
WCMA Money Fund
Date: June 3, 2003
Attached hereto as an exhibit are the certifications pursuant to Section 906 of
the Sarbanes-Oxley Act.