UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSRS
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-21196
811-21299
Name of Fund: WCMA Money Fund
Master Money LLC
Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809
Name and address of agent for service: Donald C. Burke, Chief Executive Officer
(principal executive officer), WCMA Money Fund and Master Money LLC, 800
Scudders Mill Road, Plainsboro, NJ 08536. Mailing address: P.O. Box 9011,
Princeton, NJ 08543-9011
Registrant's telephone number, including area code: (800) 221-7210
Date of fiscal year end: 03/31/2008
Date of reporting period: 04/01/2007 - 09/30/2007
Item 1 - Report to Stockholders
Semi-Annual Report (Unaudited)
September 30, 2007
WCMA Money Fund
WCMA Money Fund
================================================================================
Table of Contents Page
- --------------------------------------------------------------------------------
A Letter to Shareholders ................................................. 3
Semi-Annual Report:
Disclosure of Expenses ................................................... 4
Fund Proxy Results ....................................................... 4
Fund Financial Statements:
Statement of Assets and Liabilities ................................... 5
Statement of Operations ............................................... 6
Statements of Changes in Net Assets ................................... 7
Fund Financial Highlights ................................................ 8
Fund Notes to Financial Statements ....................................... 12
Current Seven-Day Yields ................................................. 14
Master Portfolio Summary ................................................. 14
Master Financial Statements:
Schedule of Investments ............................................... 15
Statement of Assets and Liabilities ................................... 18
Statement of Operations ............................................... 19
Statements of Changes in Net Assets ................................... 20
Master Financial Highlights .............................................. 20
Master Notes to Financial Statements ..................................... 21
Master Proxy Results ..................................................... 22
Officers and Directors ................................................... 23
BlackRock Privacy Principles ............................................. 23
Availability of Quarterly Schedule of Investments ........................ 23
Electronic Delivery ...................................................... 23
2 WCMA MONEY FUND SEPTEMBER 30, 2007
A Letter to Shareholders
Dear Shareholder
The September reporting period took financial markets on a wild ride. While
subprime mortgage woes dominated headlines for much of 2007, troubles
intensified in the final months of the period, spawning a widespread "credit
crunch" that crept into other areas of the market. The U.S. Federal Reserve
Board (the "Fed") and other countries' central banks stepped in to inject
liquidity into the markets and bolster investor confidence. The Fed cut the
discount rate, the rate banks pay to borrow money directly from the Fed, from
6.25% to 5.25% in two moves in August and September. The central bankers also
cut the more widely followed federal funds target rate, which had remained
unchanged at 5.25% for over a year, to 4.75% in September. After a tumultuous
summer, the dust began to settle toward period-end amid speculation that the
worst of the credit crunch had passed.
Although heightened volatility and a weakening U.S. economy have been recurring
themes throughout the past year, equity markets have displayed surprising
resilience. Most recently, the credit turmoil dampened corporate merger-and-
acquisition activity, a key source of strength for equity markets. However,
market fundamentals have held firm, dividend payouts and share buybacks have
continued to grow, and valuations remain attractive. These tailwinds generally
have prevailed over the headwinds created by the slowing U.S. economy and
troubled housing market.
In fixed income markets, mixed economic signals and the credit market debacle
resulted in a flight to quality. At the height of the uncertainty, investors
shunned bonds associated with the housing and credit markets in favor of higher-
quality Treasury issues. The yield on 10-year Treasury issues, which touched
5.30% in June (its highest level in five years), fell to 4.59% by period-end,
while prices correspondingly rose.
Against this backdrop, financial markets posted generally positive results for
the six-month period, and relatively stronger returns for the full year ended
September 30, 2007:
Total Returns as of September 30, 2007 6-month 12-month
======================================================================================================
U.S. equities (S&P 500 Index) +8.44% +16.44%
- ------------------------------------------------------------------------------------------------------
Small cap U.S. equities (Russell 2000 Index) +1.19 +12.34
- ------------------------------------------------------------------------------------------------------
International equities (MSCI Europe, Australasia, Far East Index) +8.72 +24.86
- ------------------------------------------------------------------------------------------------------
Fixed income (Lehman Brothers U.S. Aggregate Bond Index) +2.31 + 5.14
- ------------------------------------------------------------------------------------------------------
Tax-exempt fixed income (Lehman Brothers Municipal Bond Index) +1.15 + 3.10
- ------------------------------------------------------------------------------------------------------
High yield bonds (Lehman Brothers U.S. Corporate High Yield 2% Issuer Cap Index) +0.56 + 7.62
- ------------------------------------------------------------------------------------------------------
Past performance is no guarantee of future results. Index performance shown for
illustrative purposes only. You cannot invest directly in an index.
As you navigate market volatility, we encourage you to review your investment
goals with your financial professional and to make portfolio changes, as needed.
For more market insight, we invite you to view "What's Ahead in 2007: Third
Quarter Update" and "Are You Prepared for Volatility?" at
www.blackrock.com/funds. We thank you for entrusting BlackRock with your
investment assets, and we look forward to continuing to serve you in the months
and years ahead.
Sincerely,
/s/ Robert C. Doll, Jr.
Robert C. Doll, Jr.
Vice Chairman, BlackRock, Inc.
3
THIS PAGE NOT PART OF YOUR FUND REPORT
Disclosure of Expenses
Shareholders of this Fund may incur the following charges: (a) expenses related
to transactions, including sales charges, redemption fees and exchange fees; and
(b) operating expenses, including advisory fees, distribution fees including
12b-1 fees, and other Fund expenses. The expense example below (which is based
on a hypothetical investment of $1,000 invested on April 1, 2007 and held
through September 30, 2007) is intended to assist shareholders both in
calculating expenses based on an investment in the Fund and in comparing these
expenses with similar costs of investing in other mutual funds.
The table provides information about actual account values and actual expenses.
In order to estimate the expenses a shareholder paid during the period covered
by this report, shareholders can divide their account value by $1,000 and then
multiply the result by the number in the first line under the heading entitled
"Expenses Paid During the Period."
The table also provides information about hypothetical account values and
hypothetical expenses based on the Fund's actual expense ratio and an assumed
rate of return of 5% per year before expenses. In order to assist shareholders
in comparing the ongoing expenses of investing in this Fund and other funds,
compare the 5% hypothetical example with the 5% hypothetical examples that
appear in other funds' shareholder reports.
The expenses shown in the table are intended to highlight shareholders' ongoing
costs only and do not reflect any transactional expenses, such as sales charges,
redemption fees, or exchange fees. Therefore, the second table is useful in
comparing ongoing expenses only, and will not help shareholders determine the
relative total expenses of owning different funds. If these transactional
expenses were included, shareholder expenses would have been higher.
Expense Example
Actual Hypothetical**
---------------------------------------------------------- ----------------------------------------------------------
Beginning Ending Beginning Beginning Ending Beginning
Account Value Account Value Expenses Paid Account Value Account Value Expenses Paid
April 1, 2007 Sept. 30, 2007 During the Period* April 1, 2007 Sept. 30, 2007 During the Period*
- -----------------------------------------------------------------------------------------------------------------------------------
Class 1 ... $ 1,000 $ 1,019.40 $ 7.65 $ 1,000 $ 1,017.32 $ 7.64
Class 2 ... $ 1,000 $ 1,022.60 $ 4.54 $ 1,000 $ 1,020.41 $ 4.53
Class 3 ... $ 1,000 $ 1,024.20 $ 2.93 $ 1,000 $ 1,022.01 $ 2.92
Class 4 ... $ 1,000 $ 1,024.20 $ 2.93 $ 1,000 $ 1,022.01 $ 2.92
- -----------------------------------------------------------------------------------------------------------------------------------
* For each class of the Fund, expenses are equal to the annualized expense
ratio for the class (1.52% for Class 1, .90% for Class 2, .58% for Class 3
and .58% for Class 4), multiplied by the average account value over the
period, multiplied by 182/365 (to reflect the one-half year period shown).
Because the Fund is a feeder fund, the expense table example reflects the
expenses of both the feeder fund and the master in which it invests.
** Hypothetical 5% annual return before expenses is calculated by pro-rating
the number of days in the most recent fiscal half year divided by 365.
Proxy Results
During the six-month period ended September 30, 2007, the shareholders of WCMA
Money Fund voted on the following proposal, which was approved at a special
shareholders' meeting on August 23, 2007. This proposal was part of the
reorganization of the Fund's Board of Directors to take effect on or about
November 1, 2007. A description of the proposal and number of shares voted are
as follows:
- --------------------------------------------------------------------------------------------------------------------
Shares Voted Shares Withheld
For From Voting
- --------------------------------------------------------------------------------------------------------------------
To elect the Fund's Board of Directors: David O. Beim 7,525,765,914 1,932,243
Richard S. Davis 7,525,262,563 2,435,594
Ronald W. Forbes 7,525,630,271 2,067,886
Henry Gabbay 7,525,769,046 1,929,111
Dr. Matina Horner 7,525,648,145 2,050,012
Rodney D. Johnson 7,525,619,613 2,078,544
Herbert I. London 7,525,643,189 2,054,968
Cynthia A. Montgomery 7,525,826,972 1,871,185
Joseph P. Platt, Jr. 7,525,202,720 2,495,437
Robert C. Robb, Jr. 7,525,599,119 2,099,038
Toby Rosenblatt 7,525,265,185 2,432,972
Kenneth L. Urish 7,525,701,634 1,996,523
Frederick W. Winter 7,525,808,577 1,889,580
4 WCMA MONEY FUND SEPTEMBER 30, 2007
Statement of Assets and Liabilities WCMA Money Fund
As of September 30, 2007 (Unaudited)
===================================================================================================================================
Assets
- -----------------------------------------------------------------------------------------------------------------------------------
Investment in Master Money LLC (the "Master LLC"), at value
(identified cost -- $7,520,552,749) .................................................. $ 7,520,552,749
Prepaid expenses and other assets ...................................................... 1,073,310
-----------------
Total assets ........................................................................... 7,521,626,059
-----------------
===================================================================================================================================
Liabilities
- -----------------------------------------------------------------------------------------------------------------------------------
Payables:
Distributor ......................................................................... $ 3,245,497
Administrator ....................................................................... 1,453,538
Other affiliates .................................................................... 134,224
Dividends to shareholders ........................................................... 777
-----------------
Total liabilities ...................................................................... 4,834,036
-----------------
===================================================================================================================================
Net Assets
- -----------------------------------------------------------------------------------------------------------------------------------
Net Assets ............................................................................. $ 7,516,792,023
=================
===================================================================================================================================
Net Assets Consist of
- -----------------------------------------------------------------------------------------------------------------------------------
Class 1 Shares of beneficial interest, $.10 par value, unlimited number of
shares authorized .................................................................... $ 61,982,658
Class 2 Shares of beneficial interest, $.10 par value, unlimited number of
shares authorized .................................................................... 234,301,244
Class 3 Shares of beneficial interest, $.10 par value, unlimited number of
shares authorized .................................................................... 299,228,856
Class 4 Shares of beneficial interest, $.10 par value, unlimited number of
shares authorized .................................................................... 156,162,063
Paid-in capital in excess of par ....................................................... 6,765,073,390
Undistributed investment income -- net ................................................. $ 149,056
Accumulated realized capital losses allocated from the Master LLC -- net ............... (105,244)
-----------------
Total accumulated earnings -- net ...................................................... 43,812
-----------------
Net assets ............................................................................. $ 7,516,792,023
=================
===================================================================================================================================
Net Asset Value
- -----------------------------------------------------------------------------------------------------------------------------------
Class 1 -- Based on net assets of $619,830,177 and 619,826,585 shares of beneficial
interest outstanding ................................................................. $ 1.00
=================
Class 2 -- Based on net assets of $2,343,026,296 and 2,343,012,437 shares of beneficial
interest outstanding ................................................................. $ 1.00
=================
Class 3 -- Based on net assets of $2,992,306,292 and 2,992,288,562 shares of beneficial
interest outstanding ................................................................. $ 1.00
=================
Class 4 -- Based on net assets of $1,561,629,258 and 1,561,620,629 shares of beneficial
interest outstanding ................................................................. $ 1.00
=================
See Notes to Financial Statements.
WCMA MONEY FUND SEPTEMBER 30, 2007 5
Statement of Operations WCMA Money Fund
For the Six Months Ended September 30, 2007 (Unaudited)
===================================================================================================================================
Investment Income
- -----------------------------------------------------------------------------------------------------------------------------------
Interest from affiliates ............................................................... $ 650,990
Net investment income allocated from the Master LLC:
Interest ............................................................................ 204,060,737
Securities lending -- net ........................................................... 7,710
Expenses ............................................................................ (5,431,242)
-----------------
Total income ........................................................................... 199,288,195
-----------------
===================================================================================================================================
Expenses
- -----------------------------------------------------------------------------------------------------------------------------------
Administration fees .................................................................... $ 9,482,596
Service and distribution fees -- Class 2 ............................................... 8,006,862
Service and distribution fees -- Class 3 ............................................... 5,625,433
Registration fees ...................................................................... 3,387,808
Service and distribution fees -- Class 1 ............................................... 2,992,795
Service and distribution fees -- Class 4 ............................................... 2,850,444
Transfer agent fees -- Class 1 ......................................................... 164,632
Transfer agent fees -- Class 2 ......................................................... 128,698
Printing and shareholder reports ....................................................... 70,764
Transfer agent fees -- Class 3 ......................................................... 67,694
Transfer agent fees -- Class 4 ......................................................... 42,881
Professional fees ...................................................................... 38,510
Other .................................................................................. 12,940
-----------------
Total expenses before waiver ........................................................... 32,872,057
Waiver of expenses ..................................................................... (9,452,757)
-----------------
Total expenses after waiver ............................................................ 23,419,300
-----------------
Investment income -- net ............................................................... 175,868,895
-----------------
===================================================================================================================================
Realized & Unrealized Gain Allocated from the Master LLC -- Net
- -----------------------------------------------------------------------------------------------------------------------------------
Realized gain on investments -- net .................................................... 44,693
Change in unrealized depreciation on investments -- net ................................ 707,578
-----------------
Total realized and unrealized gain -- net .............................................. 752,271
-----------------
Net Increase in Net Assets Resulting from Operations ................................... $ 176,621,166
=================
See Notes to Financial Statements.
6 WCMA MONEY FUND SEPTEMBER 30, 2007
Statements of Changes in Net Assets WCMA Money Fund
For the Six
Months Ended For the
September 30, Year Ended
2007 March 31,
Increase (Decrease) in Net Assets: (Unaudited) 2007
===================================================================================================================================
Operations
- -----------------------------------------------------------------------------------------------------------------------------------
Investment income -- net ............................................................... $ 175,868,895 $ 336,285,222
Realized gain -- net ................................................................... 44,693 9,153
Change in unrealized appreciation -- net ............................................... 707,578 5,577,540
---------------------------------------
Net increase in net assets resulting from operations ................................... 176,621,166 341,871,915
---------------------------------------
===================================================================================================================================
Dividends & Distributions to Shareholders
- -----------------------------------------------------------------------------------------------------------------------------------
Investment income -- net:
Class 1 ............................................................................. (11,707,332) (24,631,327)
Class 2 ............................................................................. (53,496,397) (108,007,887)
Class 3 ............................................................................. (73,011,984) (140,317,997)
Class 4 ............................................................................. (37,653,182) (63,283,053)
Realized gain -- net:
Class 1 ............................................................................. -- (4,807)
Class 2 ............................................................................. -- (19,352)
Class 3 ............................................................................. -- (22,492)
Class 4 ............................................................................. -- (8,341)
---------------------------------------
Net decrease in net assets resulting from dividends and distributions to shareholders .. (175,868,895) (336,295,256)
---------------------------------------
===================================================================================================================================
Beneficial Interest Transactions
- -----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets derived from beneficial interest transactions .... (69,376,857) 286,869,512
---------------------------------------
===================================================================================================================================
Net Assets
- -----------------------------------------------------------------------------------------------------------------------------------
Total increase (decrease) in net assets ................................................ (68,624,586) 292,446,171
Beginning of period .................................................................... 7,585,416,609 7,292,970,438
---------------------------------------
End of period* ......................................................................... $ 7,516,792,023 $ 7,585,416,609
=======================================
*Undistributed investment income -- net .............................................. $ 149,056 $ 149,056
=======================================
See Notes to Financial Statements.
WCMA MONEY FUND SEPTEMBER 30, 2007 7
Financial Highlights WCMA Money Fund
Class 1
------------------------------------------------------------------------
For the Six For the Period
Months Ended For the Year Ended March 20,
September 30, March 31, 2003+ to
The following per share data and ratios have been derived 2007 --------------------------------------------- March 31,
from information provided in the financial statements. (Unaudited) 2007 2006 2005 2004 2003
===================================================================================================================================
Per Share Operating Performance
- -----------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period .................. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
------------------------------------------------------------------------
Investment income -- net .............................. .0192 .0371 .0224 .0043 .0003 .0003
Realized and unrealized gain (loss) -- net ............ .0002 .0007 (.0008) (.0011) .0005 .0001
------------------------------------------------------------------------
Total from investment operations ...................... .0194 .0378 .0216 .0032 .0008 .0004
------------------------------------------------------------------------
Less dividends and distributions:
Investment income -- net ........................... (.0192) (.0371) (.0224) (.0043) (.0003) (.0003)
Realized gain -- net ............................... -- --* --* --* (.0001) --
------------------------------------------------------------------------
Total dividends and distributions ..................... (.0192) (.0371) (.0224) (.0043) (.0004) (.0003)
------------------------------------------------------------------------
Net asset value, end of period ........................ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
========================================================================
===================================================================================================================================
Total Investment Return
- -----------------------------------------------------------------------------------------------------------------------------------
Total investment return ............................... 1.95%+++ 3.76% 2.26% .44% .04% .04%
========================================================================
===================================================================================================================================
Ratios to Average Net Assets**
- -----------------------------------------------------------------------------------------------------------------------------------
Total expenses, net of waiver and reimbursement ....... 1.52%++ 1.48% 1.47% 1.35% 1.12% .01%
========================================================================
Total expenses ........................................ 1.52%++ 1.48% 1.47% 1.47% 1.49% .01%
========================================================================
Total investment income and realized gain (loss) -- net 3.86%++ 3.71% 2.23% .43% .04% .03%
========================================================================
===================================================================================================================================
Supplemental Data
- -----------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) .............. $619,830 $670,067 $861,336 $869,839 $927,790 $ 25
========================================================================
* Amount is less than $(.0001) per share.
** Includes the Fund's share of the Master LLC's allocated expenses and/or
investment income and realized gain (loss) -- net.
+ Effective date of the Fund's registration.
++ Annualized.
+++ Aggregate total investment return.
See Notes to Financial Statements.
8 WCMA MONEY FUND SEPTEMBER 30, 2007
Financial Highlights (continued) WCMA Money Fund
Class 2
---------------------------------------------------------------------------------
For the Six For the Period
Months Ended For the Year Ended March 20,
The following per share data and ratios September 30, March 31, 2003+ to
have been derived from information 2007 --------------------------------------------------- March 31,
provided in the financial statements. (Unaudited) 2007 2006 2005 2004 2003
===================================================================================================================================
Per Share Operating Performance
- -----------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period ........... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
---------------------------------------------------------------------------------
Investment income -- net ....................... .0223 .0427 .0281 .0088 .0024 .0003
Realized and unrealized gain (loss) -- net ..... .0001 --*** (.0008) (.0011) .0006 .0001
---------------------------------------------------------------------------------
Total from investment operations ............... .0224 .0427 .0273 .0077 .0030 .0004
---------------------------------------------------------------------------------
Less dividends and distributions:
Investment income -- net .................... (.0223) (.0427) (.0281) (.0088) (.0024) (.0003)
Realized gain -- net ........................ -- --* --* --* (.0001) --
---------------------------------------------------------------------------------
Total dividends and distributions .............. (.0223) (.0427) (.0281) (.0088) (.0025) (.0003)
---------------------------------------------------------------------------------
Net asset value, end of period ................. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
=================================================================================
===================================================================================================================================
Total Investment Return
- -----------------------------------------------------------------------------------------------------------------------------------
Total investment return ........................ 2.27%+++ 4.34% 2.85% .89% .25% .04%
=================================================================================
===================================================================================================================================
Ratios to Average Net Assets**
- -----------------------------------------------------------------------------------------------------------------------------------
Total expenses, net of waiver and reimbursement .90%++ .91% .89% .91% .91% .01%
=================================================================================
Total expenses ................................. 1.17%++ 1.16% 1.15% 1.15% 1.17% .01%
=================================================================================
Total investment income and realized gain
(loss) -- net ................................ 4.48%++ 4.28% 2.80% .87% .24% .03%
=================================================================================
===================================================================================================================================
Supplemental Data
- -----------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) ....... $2,343,026 $2,365,274 $2,538,640 $2,723,114 $3,041,555 $ 25
=================================================================================
* Amount is less than $(.0001) per share.
** Includes the Fund's share of the Master LLC's allocated expenses and/or
investment income and realized gain (loss) -- net.
*** Amount is less than $.0001 per share.
+ Effective date of the Fund's registration.
++ Annualized.
+++ Aggregate total investment return.
See Notes to Financial Statements.
WCMA MONEY FUND SEPTEMBER 30, 2007 9
Financial Highlights (continued) WCMA Money Fund
Class 3
---------------------------------------------------------------------------------
For the Six For the Period
Months Ended For the Year Ended March 20,
The following per share data and ratios September 30, March 31, 2003+ to
have been derived from information 2007 --------------------------------------------------- March 31,
provided in the financial statements. (Unaudited) 2007 2006 2005 2004 2003
===================================================================================================================================
Per Share Operating Performance
- -----------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period ........... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
---------------------------------------------------------------------------------
Investment income -- net ....................... .0239 .0460 .0314 .0120 .0056 .0003
Realized and unrealized gain (loss) -- net ..... .0001 --*** (.0008) (.0011) .0006 .0001
---------------------------------------------------------------------------------
Total from investment operations ............... .0240 .0460 .0306 .0109 .0062 .0004
---------------------------------------------------------------------------------
Less dividends and distributions:
Investment income -- net .................... (.0239) (.0460) (.0314) (.0120) (.0056) (.0003)
Realized gain -- net ........................ -- --* --* --* (.0001) --
---------------------------------------------------------------------------------
Total dividends and distributions .............. (.0239) (.0460) (.0314) (.0120) (.0057) (.0003)
---------------------------------------------------------------------------------
Net asset value, end of period ................. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
---------------------------------------------------------------------------------
===================================================================================================================================
Total Investment Return
- -----------------------------------------------------------------------------------------------------------------------------------
Total investment return ........................ 2.44%+++ 4.68% 3.18% 1.21% .57% .04%
=================================================================================
===================================================================================================================================
Ratios to Average Net Assets**
- -----------------------------------------------------------------------------------------------------------------------------------
Total expenses, net of waiver and reimbursement .58%++ .59% .57% .58% .59% .01%
=================================================================================
Total expenses ................................. .86%++ .86% .85% .85% .87% .01%
=================================================================================
Total investment income and realized gain
(loss) -- net ................................ 4.80%++ 4.61% 3.13% 1.20% .57% .03%
=================================================================================
===================================================================================================================================
Supplemental Data
- -----------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) ....... $2,992,306 $2,969,368 $2,921,499 $3,032,612 $3,337,395 $ 25
=================================================================================
* Amount is less than $(.0001) per share.
** Includes the Fund's share of the Master LLC's allocated expenses and/or
investment income and realized gain (loss) -- net.
*** Amount is less than $.0001 per share.
+ Effective date of the Fund's registration.
++ Annualized.
+++ Aggregate total investment return.
See Notes to Financial Statements.
10 WCMA MONEY FUND SEPTEMBER 30, 2007
Class 4
---------------------------------------------------------------------------------
For the Six For the Period
Months Ended For the Year Ended March 20,
The following per share data and ratios September 30, March 31, 2003+ to
have been derived from information 2007 --------------------------------------------------- March 31,
provided in the financial statements. (Unaudited) 2007 2006 2005 2004 2003
===================================================================================================================================
Per Share Operating Performance
- -----------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period ........... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
---------------------------------------------------------------------------------
Investment income -- net ....................... .0239 .0460 .0314 .0120 .0056 .0003
Realized and unrealized gain (loss) -- net ..... --* --*** (.0009) (.0011) .0005 .0001
---------------------------------------------------------------------------------
Total from investment operations ............... .0239 .0460 .0305 .0109 .0061 .0004
---------------------------------------------------------------------------------
Less dividends and distributions:
Investment income -- net .................... (.0239) (.0460) (.0314) (.0120) (.0056) (.0003)
Realized gain -- net ........................ -- --* --* --* (.0001) --
---------------------------------------------------------------------------------
Total dividends and distributions .............. (.0239) (.0460) (.0314) (.0120) (.0057) (.0003)
---------------------------------------------------------------------------------
Net asset value, end of period ................. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
=================================================================================
===================================================================================================================================
Total Investment Return
- -----------------------------------------------------------------------------------------------------------------------------------
Total investment return ........................ 2.44%+++ 4.68% 3.18% 1.21% .57% .04%
=================================================================================
===================================================================================================================================
Ratios to Average Net Assets**
- -----------------------------------------------------------------------------------------------------------------------------------
Total expenses, net of waiver and reimbursement .58%++ .59% .57% .58% .59% .01%
=================================================================================
Total expenses ................................. .85%++ .85% .84% .84% .87% .01%
=================================================================================
Total investment income and realized gain
(loss) -- net ................................ 4.80%++ 4.63% 3.15% 1.22% .57% .03%
=================================================================================
===================================================================================================================================
Supplemental Data
- -----------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) ....... $1,561,629 $1,580,707 $ 971,495 $1,058,434 $1,115,330 $ 25
=================================================================================
* Amount is less than $(.0001) per share.
** Includes the Fund's share of the Master LLC's allocated expenses and/or
investment income and realized gain (loss) -- net.
*** Amount is less than $.0001 per share.
+ Effective date of the Fund's registration.
++ Annualized.
+++ Aggregate total investment return.
See Notes to Financial Statements.
WCMA MONEY FUND SEPTEMBER 30, 2007 11
Notes to Financial Statements (Unaudited) WCMA Money Fund
1. Significant Accounting Policies:
WCMA Money Fund (the "Fund") is registered under the Investment Company Act of
1940, as amended, 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 Master Money LLC (the "Master LLC"), which has the same investment
objective and strategies as the Fund. Effective June 15, 2007, the Master LLC
was converted from a Delaware statutory trust to a Delaware limited liability
company. The value of the Fund's investment in the Master LLC reflects the
Fund's proportionate interest in the net assets of the Master LLC. The
performance of the Fund is directly affected by the performance of the Master
LLC. The financial statements of the Master LLC, 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 U.S. generally accepted accounting
principles, which may require the use of management accruals and estimates.
Actual results may differ from these estimates. These unaudited financial
statements reflect all adjustments, which are, in the opinion of management,
necessary to present a fair statement of the results for the interim period. All
such adjustments are of a normal, recurring nature. The percentage of the Master
LLC owned by the Fund at September 30, 2007 was 40.4%. The Fund is divided into
multiple classes, designated Class 1, Class 2, Class 3 and Class 4. Each Class
1, Class 2, Class 3 and Class 4 Share represents interests in the same assets of
the Fund and has 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 and the incremental transfer agency
costs resulting from the conversion of shares and has exclusive voting rights
with respect to matters relating to such shareholder servicing and distribution
expenditures. Income, expenses (other than expenses attributed to a specific
class) and realized and unrealized gains and losses 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 Master
LLC at fair value. Valuation of securities held by the Master LLC is discussed
in Note 1(a) of the Master LLC'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 Master LLC's income, expenses and realized and unrealized gains and
losses. In addition, the Fund accrues its own income and 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 are declared from the total of net investment income. Distributions of
net realized gain, if any, on investments are paid at least annually.
(f) Investment transactions -- Investment transactions in the Master LLC are
accounted for on a trade date basis.
(g) Recent accounting pronouncements -- Effective September 30, 2007, the Fund
implemented Financial Accounting Standards Board ("FASB") Interpretation No. 48,
"Accounting for Uncertainty in Income Taxes -- an interpretation of FASB
Statement No. 109" ("FIN 48"). FIN 48 prescribes the minimum recognition
threshold a tax position must meet in connection with accounting for
uncertainties in income tax positions taken or expected to be taken by an
entity, including investment companies, before being measured and recognized in
the financial statements. Management has evaluated the application of FIN 48 to
the Fund, and has determined that the adoption of FIN 48 does not have a
material impact on the Fund's financial statements. The Fund files U.S. and
various state tax returns. No income tax returns are currently under
examination. The statute of limitations on the Fund's tax returns remains open
for the years ended March 31, 2004 through March 31, 2007.
In September 2006, Statement of Financial Accounting Standards No. 157, "Fair
Value Measurements" ("FAS 157"), was issued and is effective for fiscal years
beginning after November 15, 2007. FAS 157 defines fair value, establishes a
framework for measuring fair value and expands disclosures about fair value
measurements. At this time, management is evaluating the implications of FAS 157
and its impact on the Fund's financial statements, if any, has not been
determined.
In addition, in February 2007, FASB Statement of Financial Accounting Standards
No. 159, "The Fair Value Option for Financial Assets and Financial Liabilities"
("FAS 159"), was issued and is effective for fiscal years beginning after
November 15, 2007. Early adoption is permitted as of the beginning of a fiscal
year that begins on or before November 15, 2007, provided the entity also elects
to apply the provisions of FAS 157. FAS 159 permits entities to choose to
measure many financial instruments and certain other items at fair value that
are not currently required to be measured at fair value. FAS 159 also
establishes presentation and disclosure requirements designed to facilitate
comparisons between entities that choose different measurement attributes for
similar types of assets and liabilities. At this time, management is evaluating
the implications of FAS 159 and its impact on the Fund's financial statements,
if any, has not been determined.
12 WCMA MONEY FUND SEPTEMBER 30, 2007
Notes to Financial Statements (continued) WCMA Money Fund
2. Transactions with Affiliates:
The Fund has entered into an Administration Agreement with BlackRock Advisors,
LLC (the "Administrator"), an indirect, wholly owned subsidiary of BlackRock,
Inc. 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. Merrill Lynch & Co., Inc. ("Merrill Lynch") and The PNC Financial
Services Group, Inc. ("PNC") are principal owners of BlackRock, Inc.
Pursuant to the Distribution Plans in compliance with Rule 12b-1 under the
Investment Company Act of 1940, the Fund may pay Merrill Lynch, Pierce, Fenner &
Smith Incorporated ("MLPF&S"), a wholly owned subsidiary of Merrill Lynch and/or
affiliates of PNC or Merrill Lynch (including BlackRock, Inc.), service fees and
distribution fees. 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:
- --------------------------------------------------------------------------------
Service Distribution
Fee Fee
- --------------------------------------------------------------------------------
Class 1 ......................................... .25% .75%
Class 2 ......................................... .25% .425%
Class 3 ......................................... .25% .125%
Class 4 ......................................... .25% .125%
- --------------------------------------------------------------------------------
The ongoing service fee compensates MLPF&S for providing shareholder services to
respective shareholders. The ongoing distribution fee compensates MLPF&S for
providing shareholder and distribution related services to respective
shareholders. The Fund has entered into a contractual arrangement with the
Administrator and MLPF&S to waive and/or reimburse a portion of the Fund's fees
and expenses to ensure that the net expenses for the Fund's Class 2 Shares is
..32% higher than that of CMA Money Fund, and Class 3 and Class 4 Shares is equal
to that of CMA Money Fund. The fee/expense waiver or reimbursement includes
service and distribution fees. This arrangement has a one-year term and is
renewable. For the six months ended September 30, 2007, MLPF&S earned fees of
$19,475,534, of which $9,452,757 was waived.
Financial Data Services, Inc. ("FDS"), a wholly owned subsidiary of Merrill
Lynch, is the Fund's transfer agent. Interest is earned by the Fund from FDS
based on the difference, if any, between estimated and actual daily beneficial
share activity, which results in uninvested net proceeds from sales of Fund
shares.
Certain officers and/or directors of the Fund are officers and/or directors of
BlackRock, Inc. or its affiliates.
3. Shares of Beneficial Interest:
Net increase (decrease) in net assets derived from beneficial interest
transactions was $(69,376,857) and $286,869,512 for the six months ended
September 30, 2007 and the year ended March 31, 2007, respectively.
Transactions in shares of beneficial interests for each class were as follows:
- --------------------------------------------------------------------------------
Class 1 Shares for the Six Months Dollar
Ended September 30, 2007 Shares Amount
- --------------------------------------------------------------------------------
Shares sold .......................... 4,325,285,541 $ 4,325,285,541
Shares issued to shareholders in
reinvestment of dividends .......... 11,706,874 11,707,332
-------------------------------------
Total issued ......................... 4,336,992,415 4,336,992,873
Shares redeemed ...................... (4,387,353,665) (4,387,354,123)
-------------------------------------
Net decrease ......................... (50,361,250) $ (50,361,250)
=====================================
- --------------------------------------------------------------------------------
Class 1 Shares for the Year Dollar
Ended March 31, 2007 Shares Amount
- --------------------------------------------------------------------------------
Shares sold .......................... 9,282,934,769 $ 9,282,934,769
Shares issued to shareholders in
reinvestment of dividends
and distributions .................. 24,635,648 24,635,648
-------------------------------------
Total issued ......................... 9,307,570,417 9,307,570,417
Shares redeemed ...................... (9,499,326,076) (9,499,326,076)
-------------------------------------
Net decrease ......................... (191,755,659) $ (191,755,659)
=====================================
- --------------------------------------------------------------------------------
Class 2 Shares for the Six Months Dollar
Ended September 30, 2007 Shares Amount
- --------------------------------------------------------------------------------
Shares sold .......................... 9,324,747,849 $ 9,324,747,849
Shares issued to shareholders in
reinvestment of dividends .......... 53,496,405 53,496,397
-------------------------------------
Total issued ......................... 9,378,244,254 9,378,244,246
Shares redeemed ...................... (9,400,858,707) (9,400,858,699)
-------------------------------------
Net decrease ......................... (22,614,453) $ (22,614,453)
=====================================
- --------------------------------------------------------------------------------
Class 2 Shares for the Year Dollar
Ended March 31, 2007 Shares Amount
- --------------------------------------------------------------------------------
Shares sold .......................... 19,521,021,237 $ 19,521,021,237
Shares issued to shareholders in
reinvestment of dividends
and distributions .................. 108,025,892 108,025,892
-------------------------------------
Total issued ......................... 19,629,047,129 19,629,047,129
Shares redeemed ...................... (19,804,279,070) (19,804,279,070)
-------------------------------------
Net decrease ......................... (175,231,941) $ (175,231,941)
=====================================
- --------------------------------------------------------------------------------
Class 3 Shares for the Six Months Dollar
Ended September 30, 2007 Shares Amount
- --------------------------------------------------------------------------------
Shares sold .......................... 15,610,917,306 $ 15,610,917,306
Shares issued to shareholders in
reinvestment of dividends .......... 73,011,983 73,011,984
-------------------------------------
Total issued ......................... 15,683,929,289 15,683,929,290
Shares redeemed ...................... (15,661,289,243) (15,661,289,244)
-------------------------------------
Net increase ......................... 22,640,046 $ 22,640,046
=====================================
WCMA MONEY FUND SEPTEMBER 30, 2007 13
Notes to Financial Statements (concluded) WCMA Money Fund
- --------------------------------------------------------------------------------
Class 3 Shares for the Year Dollar
Ended March 31, 2007 Shares Amount
- --------------------------------------------------------------------------------
Shares sold .......................... 31,364,536,878 $ 31,364,536,878
Shares issued to shareholders in
reinvestment of dividends
and distributions .................. 140,340,863 140,340,863
-------------------------------------
Total issued ......................... 31,504,877,741 31,504,877,741
Shares redeemed ...................... (31,459,242,326) (31,459,242,326)
-------------------------------------
Net increase ......................... 45,635,415 $ 45,635,415
=====================================
- --------------------------------------------------------------------------------
Class 4 Shares for the Six Months Dollar
Ended September 30, 2007 Shares Amount
- --------------------------------------------------------------------------------
Shares sold .......................... 12,454,067,012 $ 12,454,067,012
Shares issued to shareholders in
reinvestment of dividends .......... 37,653,181 37,653,182
-------------------------------------
Total issued ......................... 12,491,720,193 12,491,720,194
Shares redeemed ...................... (12,510,761,393) (12,510,761,394)
-------------------------------------
Net decrease ......................... (19,041,200) $ (19,041,200)
=====================================
- --------------------------------------------------------------------------------
Class 4 Shares for the Year Dollar
Ended March 31, 2007 Shares Amount
- --------------------------------------------------------------------------------
Shares sold .......................... 25,528,564,921 $ 25,528,564,921
Shares issued to shareholders in
reinvestment of dividends
and distributions .................. 63,293,035 63,293,035
-------------------------------------
Total issued ......................... 25,591,857,956 25,591,857,956
Shares redeemed ...................... (24,983,636,259) (24,983,636,259)
-------------------------------------
Net increase ......................... 608,221,697 $ 608,221,697
=====================================
4. Capital Loss Carryforward:
On March 31, 2007, the Fund had a net capital loss carryforward of $73,353, all
of which expires in 2015. This amount will be available to offset like amounts
of any future taxable gains.
Current Seven-Day Yields
As of September 30, 2007
================================================================================
Class 1 ............................................................ 4.05%
Class 2 ............................................................ 4.66
Class 3 ............................................................ 4.98
Class 4 ............................................................ 4.98
- --------------------------------------------------------------------------------
Portfolio Summary Master Money LLC
Portfolio Composition as a Percent of Net Assets
As of
------------------------
9/30/2007 3/31/2007
- -------------------------------------------------------------------------------
Certificates of Deposit ............................ -- 6.0%
Certificates of Deposit -- Yankee* ................. 26.9% 16.1
Commercial Paper ................................... 61.0 61.8
Corporate Notes .................................... 6.1 7.1
Funding Agreements ................................. 4.8 4.9
Secured Liquidity Notes ............................ 0.9 --
U.S. Government, Agency & Instrumentality
Obligations -- Non-Discount Notes ............... 2.0 5.6
Repurchase Agreements .............................. 0.3 0.2
Liabilities in Excess of Other Assets .............. (2.0) (1.7)
------------------------
Total .............................................. 100.0% 100.0%
========================
* U.S. branches of foreign banks.
14 WCMA MONEY FUND SEPTEMBER 30, 2007
Schedule of Investments as of September 30, 2007 (Unaudited)
Master Money LLC (in Thousands)
Face Interest Maturity
Issue Amount Rate* Date Value
=======================================================================================
Certificates of Deposit -- Yankee -- 26.9%
=======================================================================================
Banco Bilbao Vizcaya $ 262,000 5.60 % 12/04/2007 $ 262,000
Argentaria SA, NY 68,830 5.065 4/02/2008 68,832
- ---------------------------------------------------------------------------------------
Bank of Montreal, Chicago 67,030 5.10 4/01/2008 67,030
- ---------------------------------------------------------------------------------------
Bank of Nova Scotia, NY 125,000 5.665(a) 7/03/2008 124,962
- ---------------------------------------------------------------------------------------
Bank of Scotland Plc, NY 88,450 5.331 10/27/2008 88,450
- ---------------------------------------------------------------------------------------
Banque Nationale 159,790 5.27 10/03/2007 159,790
de Paris, NY 125,000 5.30(a) 10/03/2007 125,000
125,000 5.66(a) 10/03/2007 125,000
245,030 5.31 11/20/2007 245,030
- ---------------------------------------------------------------------------------------
Barclays Bank Plc, NY 219,000 5.305 10/11/2007 219,000
- ---------------------------------------------------------------------------------------
Canadian Imperial Bank 180,000 5.40(a) 3/17/2008 180,000
of Commerce, NY 200,375 5.09 4/01/2008 200,375
- ---------------------------------------------------------------------------------------
Calyon, NY 325,000 5.27(a) 4/02/2008 324,950
- ---------------------------------------------------------------------------------------
Deutsche Bank AG, NY 191,660 5.385 3/11/2008 191,660
- ---------------------------------------------------------------------------------------
Fortis Bank SA/NV, NY 219,055 5.30 2/11/2008 219,055
- ---------------------------------------------------------------------------------------
HBOS Treasury 175,955 5.27 10/03/2007 175,955
Services Plc, NY 69,660 5.28 10/05/2007 69,660
200,000 5.51 11/29/2007 200,000
100,000 5.70 12/04/2007 100,000
- ---------------------------------------------------------------------------------------
Mizuho Corporate 190,000 5.73 10/02/2007 190,000
Bank, NY 100,000 5.45 10/18/2007 100,000
100,000 5.15 10/26/2007 100,000
- ---------------------------------------------------------------------------------------
Natixis, NY 58,635 5.42 7/10/2008 58,808
- ---------------------------------------------------------------------------------------
Nordea Bank Inland 63,090 4.91 6/23/2008 63,095
Plc, NY
- ---------------------------------------------------------------------------------------
Royal Bank of 150,000 5.45 11/16/2007 150,000
Scotland, NY 100,000 5.70 12/07/2007 100,000
- ---------------------------------------------------------------------------------------
Skandinaviska Enskilda 160,000 5.47 11/26/2007 160,000
Banken AB, NY 125,000 5.655 12/07/2007 125,000
- ---------------------------------------------------------------------------------------
Swedbank AB, NY 304,000 5.15 12/21/2007 304,000
- ---------------------------------------------------------------------------------------
Toronto-Dominion 100,000 5.78 10/09/2007 100,000
Bank, NY 100,000 5.02 3/20/2008 100,000
- ---------------------------------------------------------------------------------------
UBS AG, Stanford 219,000 5.47 11/21/2007 219,000
- ---------------------------------------------------------------------------------------
UniCredito Italiano 100,000 5.385 3/20/2008 100,002
Bank, NY
- ---------------------------------------------------------------------------------------
Total Certificates of Deposit -- Yankee
(Cost -- $5,016,654) .................................................... 5,016,654
=======================================================================================
Commercial Paper -- 61.0%
=======================================================================================
APRECO, LLC 100,000 5.90 10/29/2007 99,492
50,000 6.15 11/07/2007 49,658
- ---------------------------------------------------------------------------------------
Allied Irish Banks North 33,500 5.26 10/09/2007 33,446
America, Inc. 172,344 5.245 10/11/2007 172,018
125,000 5.66 11/06/2007 124,234
- ---------------------------------------------------------------------------------------
Amstel Funding Corp. 109,230 5.25 10/22/2007 108,848
104,955 5.90 11/20/2007 104,043
100,000 6.18 12/05/2007 98,833
27,000 6.18 12/07/2007 26,676
- ---------------------------------------------------------------------------------------
Aquinas Funding LLC 49,310 5.25 10/22/2007 49,137
- ---------------------------------------------------------------------------------------
Aspen Funding Corp. 45,784 5.26 10/12/2007 45,690
- ---------------------------------------------------------------------------------------
Atlantic Asset 45,000 5.25 10/18/2007 44,869
Securitization Corp. 28,947 6.05 11/19/2007 28,694
- ---------------------------------------------------------------------------------------
Atlantis One 40,000 5.25 10/30/2007 39,813
Funding Corp.
- ---------------------------------------------------------------------------------------
Atlas Capital 100,000 5.26 10/17/2007 99,722
Funding Corp.
- ---------------------------------------------------------------------------------------
Banco Bilbao Vizcaya 112,640 5.26 10/10/2007 112,443
Argentaria Puerto Rico 60,000 5.22 10/26/2007 59,756
- ---------------------------------------------------------------------------------------
Bank of America Corp. 125,000 5.185 11/28/2007 123,902
200,000 5.52 12/12/2007 197,700
100,000 5.32 2/07/2008 98,049
100,000 5.195 2/14/2008 97,994
- ---------------------------------------------------------------------------------------
Bank of Ireland 148,000 5.425 11/16/2007 146,907
135,000 5.50 11/30/2007 133,701
- ---------------------------------------------------------------------------------------
Bavaria TRR Corp. 35,000 5.28 10/15/2007 34,913
31,000 6.00 10/19/2007 30,892
75,000 5.30 10/22/2007 74,735
- ---------------------------------------------------------------------------------------
Beethoven Funding Corp. 20,000 5.85 10/01/2007 19,990
49,344 5.90 10/19/2007 49,174
45,000 5.43 12/05/2007 44,538
- ---------------------------------------------------------------------------------------
Belmont Funding LLC 75,000 5.81 12/18/2007 74,020
- ---------------------------------------------------------------------------------------
CC (USA) Inc. (Centauri) 23,166 5.255 10/09/2007 23,129
44,000 5.26 10/09/2007 43,929
65,000 5.25 10/23/2007 64,763
90,000 5.25 10/25/2007 89,646
- ---------------------------------------------------------------------------------------
CHARTA, LLC 67,730 5.10 1/24/2008 66,598
- ---------------------------------------------------------------------------------------
CRC Funding, LLC 40,000 5.25 10/16/2007 39,895
99,500 5.76 11/15/2007 98,753
54,151 5.49 12/04/2007 53,605
- ---------------------------------------------------------------------------------------
Chariot Funding LLC 46,347 5.45 10/15/2007 46,228
- ---------------------------------------------------------------------------------------
Ciesco, LLC 100,000 5.53 10/12/2007 99,785
150,000 5.275 11/07/2007 149,108
- ---------------------------------------------------------------------------------------
Citigroup Funding Inc. 202,050 5.285 2/20/2008 197,749
100,000 5.36 3/11/2008 97,543
- ---------------------------------------------------------------------------------------
Concord Minutemen 58,398 5.255 10/02/2007 58,364
Capital Co., LLC 64,982 5.255 10/09/2007 64,878
- ---------------------------------------------------------------------------------------
Curzon Funding Ltd. 55,000 5.25 10/18/2007 54,840
- ---------------------------------------------------------------------------------------
DEPFA Bank Plc 65,218 5.245 10/22/2007 64,990
- ---------------------------------------------------------------------------------------
Dorada Finance Inc. 41,340 5.25 10/18/2007 41,219
- ---------------------------------------------------------------------------------------
Erasmus Capital Corp. 82,254 5.65 10/01/2007 82,215
43,000 5.26 10/02/2007 42,975
100,000 6.30 10/10/2007 99,790
26,000 6.00 10/16/2007 25,922
4,970 5.93 12/18/2007 4,904
- ---------------------------------------------------------------------------------------
Falcon Asset 126,229 5.70 10/16/2007 125,869
Securitization Corp. 41,578 6.10 11/14/2007 41,247
- ---------------------------------------------------------------------------------------
Five Finance Inc. 11,000 5.25 10/15/2007 10,973
- ---------------------------------------------------------------------------------------
Fountain Square 7,088 5.255 10/11/2007 7,075
Commercial Funding Corp. 27,509 5.25 10/16/2007 27,437
90,500 5.18 11/15/2007 89,875
- ---------------------------------------------------------------------------------------
General Electric 200,000 5.24 10/24/2007 199,243
Capital Corp.
- ---------------------------------------------------------------------------------------
Govco Inc. 79,582 5.25 10/09/2007 79,454
83,000 5.245 10/23/2007 82,698
30,107 5.25 10/29/2007 29,971
- ---------------------------------------------------------------------------------------
Grampian Funding Ltd. 175,265 5.58 11/15/2007 173,961
131,080 5.185 11/19/2007 130,098
- ---------------------------------------------------------------------------------------
WCMA MONEY FUND SEPTEMBER 30, 2007 15
Schedule of Investments (continued) Master Money LLC (in Thousands)
Face Interest Maturity
Issue Amount Rate* Date Value
=======================================================================================
Commercial Paper (continued)
=======================================================================================
HBOS Treasury $ 33,200 5.245% 10/19/2007 $ 33,098
Services Plc 35,000 5.245 10/22/2007 34,878
95,975 5.245 10/25/2007 95,597
125,000 5.69 12/06/2007 123,637
- ---------------------------------------------------------------------------------------
Hudson-Thames LLC 7,216 5.26 10/16/2007 7,197
- ---------------------------------------------------------------------------------------
Irish Life & Permanent Plc 60,000 5.25 10/10/2007 59,895
10,000 5.25 10/22/2007 9,965
48,000 5.50 1/22/2008 47,149
- ---------------------------------------------------------------------------------------
Jupiter Securitization Corp. 15,000 5.70 10/12/2007 14,967
- ---------------------------------------------------------------------------------------
K2 (USA) LLC 28,561 5.26 10/09/2007 28,515
28,000 5.25 10/16/2007 27,927
- ---------------------------------------------------------------------------------------
Kitty Hawk Funding Corp. 33,069 5.60 12/14/2007 32,673
- ---------------------------------------------------------------------------------------
Lake Constance 30,000 5.25 10/12/2007 29,939
Funding LLC
- ---------------------------------------------------------------------------------------
Lexington Parker 71,847 5.25 10/25/2007 71,564
Capital Co., LLC 31,000 5.28 11/05/2007 30,827
100,000 6.07 11/16/2007 99,174
- ---------------------------------------------------------------------------------------
Liberty Street 12,000 5.30 10/15/2007 11,970
Funding Corp. 25,000 5.25 10/16/2007 24,934
54,993 5.27 10/18/2007 54,832
8,000 5.26 10/24/2007 7,970
74,000 6.20 12/11/2007 73,057
95,000 6.20 12/14/2007 93,740
- ---------------------------------------------------------------------------------------
Lockhart Funding LLC 126,642 6.10 10/01/2007 126,578
- ---------------------------------------------------------------------------------------
Mont Blanc Capital Corp. 75,000 5.23 10/23/2007 74,728
- ---------------------------------------------------------------------------------------
Natixis 158,000 5.138(a) 3/31/2008 157,973
- ---------------------------------------------------------------------------------------
Nieuw Amsterdam 55,422 5.40 10/01/2007 55,397
Receivables Corp.
- ---------------------------------------------------------------------------------------
Old Line Funding, LLC 132,113 6.35 10/04/2007 131,973
8,000 5.255 10/12/2007 7,983
43,980 5.50 10/12/2007 43,887
31,778 5.20 10/22/2007 31,668
46,082 6.10 12/14/2007 45,481
- ---------------------------------------------------------------------------------------
Raiffeisen Zentralbank 41,000 5.25 10/03/2007 40,970
Oesterreich AG 29,000 5.255 10/10/2007 28,949
150,000 5.25 10/23/2007 149,453
100,450 5.50 12/14/2007 99,268
140,000 5.56 12/28/2007 138,032
- ---------------------------------------------------------------------------------------
Ranger Funding Co. LLC 13,000 5.25 10/16/2007 12,966
272,031 5.80 11/19/2007 269,752
- ---------------------------------------------------------------------------------------
Regency Markets 9,131 6.20 10/11/2007 9,111
No. 1 LLC 80,169 6.05 10/12/2007 79,980
104,119 5.26 10/15/2007 103,860
- ---------------------------------------------------------------------------------------
Sedna Finance Inc. 50,000 5.25 10/25/2007 49,803
- ---------------------------------------------------------------------------------------
Simba Funding Corp. 14,825 6.00 10/03/2007 14,813
75,351 5.27 10/25/2007 75,053
- ---------------------------------------------------------------------------------------
Skandinaviska Enskilda 250,000 5.52 12/03/2007 247,470
Banken AB 102,996 5.60 12/06/2007 101,890
150,000 5.32 3/13/2008 146,298
100,000 4.90 3/20/2008 97,632
- ---------------------------------------------------------------------------------------
Societe Generale 11,000 5.47 10/09/2007 10,982
95,958 5.245 10/17/2007 95,690
66,000 5.245 10/23/2007 65,760
43,000 5.45 11/07/2007 42,740
430,000 5.13 2/05/2008 422,034
282,000 5.165 2/08/2008 276,619
- ---------------------------------------------------------------------------------------
Swedbank Mortgage AB 128,584 5.25 10/12/2007 128,321
- ---------------------------------------------------------------------------------------
Thames Asset Global 75,674 6.00 10/05/2007 75,586
Securitization No. 1, Inc. 85,164 5.20 10/19/2007 84,906
20,000 5.25 10/26/2007 19,918
- ---------------------------------------------------------------------------------------
Thunder Bay Funding LLC 86,898 6.33 10/12/2007 86,683
14,877 5.65 10/18/2007 14,830
58,172 5.25 10/22/2007 57,968
- ---------------------------------------------------------------------------------------
Tulip Funding Corp. 25,000 6.35 10/02/2007 24,982
106,455 5.28 10/15/2007 106,190
- ---------------------------------------------------------------------------------------
UBS Americas, Inc. 100,000 5.33 2/19/2008 97,868
- ---------------------------------------------------------------------------------------
UBS Finance 100,000 5.165 10/10/2007 99,827
(Delaware), LLC 35,000 5.25 10/12/2007 34,929
59,000 5.245 10/24/2007 58,777
140,000 5.41 1/14/2008 137,728
100,250 5.31 3/13/2008 97,781
148,000 5.23 3/18/2008 144,302
- ---------------------------------------------------------------------------------------
UniCredito Italiano 95,205 5.245 3/20/2008 92,791
Bank (Ireland) Plc
- ---------------------------------------------------------------------------------------
Vetra Finance Inc. 50,000 5.26 10/19/2007 49,846
20,000 5.27 10/25/2007 19,921
- ---------------------------------------------------------------------------------------
Victory Receivables Corp. 150,000 6.30 10/04/2007 149,843
100,000 5.45 10/12/2007 99,788
30,000 5.23 12/19/2007 29,643
- ---------------------------------------------------------------------------------------
Yorktown Capital, LLC 89,395 5.25 10/26/2007 89,030
90,000 5.75 11/14/2007 89,324
75,000 6.10 12/07/2007 74,110
56,832 6.00 12/14/2007 56,103
- ---------------------------------------------------------------------------------------
Zela Finance Inc. 29,000 5.26 10/19/2007 28,911
- ---------------------------------------------------------------------------------------
Total Commercial Paper (Cost -- $11,350,820) ............................ 11,350,820
=======================================================================================
Corporate Notes -- 6.1%
=======================================================================================
ASIF Global Financing 54,000 5.156(a) 9/22/2008 54,000
- ---------------------------------------------------------------------------------------
Arkle Master Issuer Plc 46,400 5.733(a) 11/19/2007 46,400
Series 2006-1A Class 1A
- ---------------------------------------------------------------------------------------
Bank of Ireland 43,300 5.496(a) 9/19/2008 43,300
- ---------------------------------------------------------------------------------------
Citigroup Funding Inc. 110,000 5.50(a) 8/13/2008 110,000
- ---------------------------------------------------------------------------------------
Cullinan Finance Corp. 117,765 5.111(a) 6/25/2008 117,756
- ---------------------------------------------------------------------------------------
General Electric 163,605 5.877(a) 10/17/2007 163,605
Capital Corp.
- ---------------------------------------------------------------------------------------
Goldman Sachs 202,600 5.822(a) 9/12/2008 202,600
Group, Inc.
- ---------------------------------------------------------------------------------------
Metropolitan Life 50,500 5.853(a) 9/12/2008 50,500
Global Funding, Inc.
- ---------------------------------------------------------------------------------------
Morgan Stanley 25,000 5.845 9/02/2008 24,955
- ---------------------------------------------------------------------------------------
Northern Rock Plc 91,000 5.813(a) 7/08/2008 91,000
- ---------------------------------------------------------------------------------------
Principal Life Insurance Co. 45,000 5.75(a) 12/07/2007 45,005
- ---------------------------------------------------------------------------------------
Royal Bank of Scotland 150,000 5.35(a) 9/26/2008 150,000
Group Plc
- ---------------------------------------------------------------------------------------
Westpac Banking Corp. 44,000 5.785 10/10/2008 44,000
- ---------------------------------------------------------------------------------------
Total Corporate Notes (Cost -- $1,143,121) .............................. 1,143,121
- ---------------------------------------------------------------------------------------
16 WCMA MONEY FUND SEPTEMBER 30, 2007
Schedule of Investments (concluded) Master Money LLC (in Thousands)
Face Interest Maturity
Issue Amount Rate* Date Value
=======================================================================================
Funding Agreements -- 4.8%
=======================================================================================
Genworth Life $ 50,000 5.81 %(a) 11/01/2007 $ 50,000
Insurance Co. (b) 90,000 5.80(a) 12/03/2007 90,000
75,000 5.824(a) 10/10/2008 75,000
- ---------------------------------------------------------------------------------------
ING USA Annuity and 50,000 5.386(a) 10/21/2008 50,000
Life Insurance Co. (b)
- ---------------------------------------------------------------------------------------
Jackson National Life 55,000 5.78(a) 5/01/2008 55,000
Insurance Co. (b)
- ---------------------------------------------------------------------------------------
MetLife Insurance Co. 70,000 5.399(a) 3/03/2008 70,000
of Connecticut (b) 25,000 5.409(a) 5/01/2008 25,000
25,000 5.622(a) 9/17/2008 25,000
- ---------------------------------------------------------------------------------------
Metropolitan Life 100,000 5.40(a) 2/01/2008 100,000
Insurance Co. (b) 165,000 5.32(a) 4/01/2008 165,000
- ---------------------------------------------------------------------------------------
New York Life 194,000 5.773(a) 4/14/2008 194,000
Insurance Co. (b)
- ---------------------------------------------------------------------------------------
Total Funding Agreements (Cost -- $899,000) ............................. 899,000
=======================================================================================
Secured Liquidity Notes -- 0.9%
=======================================================================================
Concord Minutemen 54,000 5.30 10/19/2007 53,833
Capital Co., LLC
- ---------------------------------------------------------------------------------------
Foxboro Funding Ltd. 109,000 5.30 10/12/2007 108,775
- ---------------------------------------------------------------------------------------
Total Secured Liquidity Notes (Cost -- $162,608) ........................ 162,608
=======================================================================================
U.S. Government, Agency & Instrumentality Obligations -- Non-Discount -- 2.0%
=======================================================================================
Federal Farm 102,000 4.75(a) 10/05/2007 102,000
Credit Banks 35,000 4.75(a) 10/26/2007 35,000
- ---------------------------------------------------------------------------------------
Freddie Mac 25,000 4.625 10/05/2007 25,000
100,000 4.705 10/11/2007 100,000
100,000 4.725 10/19/2007 100,000
- ---------------------------------------------------------------------------------------
Total U.S. Government, Agency & Instrumentality
Obligations -- Non-Discount (Cost -- $362,000) .......................... 362,000
- ---------------------------------------------------------------------------------------
Face
Amount Issue
=======================================================================================
Repurchase Agreements -- 0.3%
=======================================================================================
$51,617 UBS Securities LLC, purchased on 9/28/2007 to yield 4.90% to
10/01/2007, repurchase price $51,638, collateralized by
Resolution Funding Corporation Stripped Interest Payment due
10/15/2010 to 4/15/2028 and Resolution Funding Corporation
Stripped Principal, 9.375% due 10/15/2020 .................... 51,617
- ---------------------------------------------------------------------------------------
Total Repurchase Agreements (Cost -- $51,617) ........................... 51,617
- ---------------------------------------------------------------------------------------
Total Investments
(Cost -- $18,985,820**) -- 102.0% ....................................... 18,985,820
Liabilities in Excess of Other Assets -- (2.0%) ......................... (369,217)
------------
Net Assets -- 100.0% .................................................... $ 18,616,603
============
* Commercial Paper and certain U.S. Government, Agency and Instrumentality
Obligations are traded on a discount basis; the interest rates shown
reflect the discount rates paid at the time of purchase. Other securities
bear interest rates shown, payable at fixed dates through maturity.
Interest rates on variable rate securities are adjustable periodically
based upon appropriate indexes. The interest rates shown are the rates in
effect at September 30, 2007.
** The cost and unrealized appreciation (depreciation) of investments as of
September 30, 2007, as computed for federal income tax purposes, were as
follows:
Aggregate cost .......................................... $ 18,985,980
============
Gross unrealized appreciation ........................... --
Gross unrealized depreciation ........................... $ (160)
------------
Net unrealized depreciation ............................. $ (160)
============
(a) Floating rate security.
(b) Restricted securities as to resale, representing 4.8% of net assets, were
as follows:
--------------------------------------------------------------------------
Acquisition
Issue Date Cost Value
--------------------------------------------------------------------------
Genworth Life Insurance Co.:
5.81% due 11/01/2007 11/01/2006 $ 50,000 $ 50,000
5.80% due 12/03/2007 12/01/2006 90,000 90,000
5.824% due 10/10/2008 9/10/2007 75,000 75,000
ING USA Annuity and Life Insurance
Co., 5.386% due 10/21/2008 9/24/2007 50,000 50,000
Jackson National Life Insurance
Co., 5.78% due 5/01/2008 5/01/2007 55,000 55,000
MetLife Insurance Co. of Connecticut:
5.399% due 3/03/2008 3/01/2007 70,000 70,000
5.409% due 5/01/2008 5/01/2007 25,000 25,000
5.622% due 9/17/2008 9/17/2007 25,000 25,000
Metropolitan Life Insurance Co.:
5.40% due 2/01/2008 2/01/2007 100,000 100,000
5.32% due 4/01/2008 4/02/2007 165,000 165,000
New York Life Insurance Co.,
5.773% due 4/14/2008 5/21/2007 194,000 194,000
--------------------------------------------------------------------------
Total $899,000 $899,000
====================
o Investments in companies considered to be an affiliate of the Master LLC,
for purposes of Section 2(a)(3) of the Investment Company Act of 1940,
were as follows:
--------------------------------------------------------------------------
Net Interest
Affiliate Activity Income
--------------------------------------------------------------------------
BlackRock Liquidity Series, LLC
Money Market Series -- $18
--------------------------------------------------------------------------
See Notes to Financial Statements.
WCMA MONEY FUND SEPTEMBER 30, 2007 17
Statement of Assets and Liabilities Master Money LLC
As of September 30, 2007 (Unaudited)
===================================================================================================================================
Assets
- -----------------------------------------------------------------------------------------------------------------------------------
Investments in unaffiliated securities, at value (identified cost -- $18,985,820,186) .. $ 18,985,820,186
Cash ................................................................................... 5,941
Receivables:
Interest ............................................................................ $ 52,122,747
Contributions ....................................................................... 5,524,827
Securities lending .................................................................. 2,868 57,650,442
-----------------
Prepaid expenses ....................................................................... 78,116
-----------------
Total assets ........................................................................... 19,043,554,685
-----------------
===================================================================================================================================
Liabilities
- -----------------------------------------------------------------------------------------------------------------------------------
Payables:
Securities purchased ................................................................ 424,686,706
Investment adviser .................................................................. 1,840,543
Other affiliates .................................................................... 156,365 426,683,614
-----------------
Accrued expenses ....................................................................... 268,252
-----------------
Total liabilities ...................................................................... 426,951,866
-----------------
===================================================================================================================================
Net Assets
- -----------------------------------------------------------------------------------------------------------------------------------
Net Assets ............................................................................. $ 18,616,602,819
=================
===================================================================================================================================
Net Assets Consist of
- -----------------------------------------------------------------------------------------------------------------------------------
Investors' capital ..................................................................... $ 18,616,602,819
-----------------
Net assets ............................................................................. $ 18,616,602,819
=================
See Notes to Financial Statements.
18 WCMA MONEY FUND SEPTEMBER 30, 2007
Statement of Operations Master Money LLC
For the Six Months Ended September 30, 2007 (Unaudited)
===================================================================================================================================
Investment Income
- -----------------------------------------------------------------------------------------------------------------------------------
Interest ............................................................................... $ 484,625,299
Securities lending -- net .............................................................. 18,457
-----------------
Total income ........................................................................... 484,643,756
-----------------
===================================================================================================================================
Expenses
- -----------------------------------------------------------------------------------------------------------------------------------
Investment advisory fees ............................................................... $ 11,692,572
Accounting services .................................................................... 747,372
Custodian fees ......................................................................... 191,469
Professional fees ...................................................................... 70,273
Directors' fees and expenses ........................................................... 38,245
Pricing fees ........................................................................... 24,724
Printing and shareholder reports ....................................................... 2,164
Other .................................................................................. 129,290
-----------------
Total expenses ......................................................................... 12,896,109
-----------------
Investment income -- net ............................................................... 471,747,647
-----------------
===================================================================================================================================
Realized & Unrealized Gain -- Net
- -----------------------------------------------------------------------------------------------------------------------------------
Realized gain on investments -- net .................................................... 108,805
Change in unrealized depreciation on investments -- net ................................ 1,010,466
-----------------
Total realized and unrealized gain -- net .............................................. 1,119,271
-----------------
Net Increase in Net Assets Resulting from Operations ................................... $ 472,866,918
=================
See Notes to Financial Statements.
WCMA MONEY FUND SEPTEMBER 30, 2007 19
Statements of Changes in Net Assets Master Money LLC
For the Six
Months Ended For the
September 30, Year Ended
2007 March 31,
Increase (Decrease) in Net Assets: (Unaudited) 2007
===================================================================================================================================
Operations
- -----------------------------------------------------------------------------------------------------------------------------------
Investment income -- net ............................................................... $ 471,747,647 $ 833,261,208
Realized gain -- net ................................................................... 108,805 19,471
Change in unrealized depreciation -- net ............................................... 1,010,466 12,256,965
---------------------------------------
Net increase in net assets resulting from operations ................................... 472,866,918 845,537,644
---------------------------------------
===================================================================================================================================
Capital Transactions
- -----------------------------------------------------------------------------------------------------------------------------------
Proceeds from contributions ............................................................ 73,020,799,547 138,335,424,101
Fair value of withdrawals .............................................................. (72,420,617,488) (136,871,819,806)
---------------------------------------
Net increase in net assets derived from capital transactions ........................... 600,182,059 1,463,604,295
---------------------------------------
===================================================================================================================================
Net Assets
- -----------------------------------------------------------------------------------------------------------------------------------
Total increase in net assets ........................................................... 1,073,048,977 2,309,141,939
Beginning of period .................................................................... 17,543,553,842 15,234,411,903
---------------------------------------
End of period .......................................................................... $ 18,616,602,819 $ 17,543,553,842
=======================================
See Notes to Financial Statements.
Financial Highlights Master Money LLC
For the Six For the Period
Months Ended For the Year Ended February 13,
The following per share data and ratios September 30, March 31, 2003+ to
have been derived from information 2007 ------------------------------------------------------ March 31,
provided in the financial statements. (Unaudited) 2007 2006 2005 2004 2003
====================================================================================================================================
Total Investment Return
- ------------------------------------------------------------------------------------------------------------------------------------
Total investment return ......................... 2.66%** 5.11% 3.59% 1.64% 1.06% .90%*
==================================================================================
====================================================================================================================================
Ratios to Average Net Assets
- ------------------------------------------------------------------------------------------------------------------------------------
Expenses ........................................ .14%* .14% .15% .15% .15% .21%*
==================================================================================
Investment income and realized gain (loss) -- net 5.23%* 5.05% 3.54% 1.60% 1.08% 1.25%*
==================================================================================
====================================================================================================================================
Supplemental Data
- ------------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) ........ $18,616,603 $17,543,554 $15,234,412 $15,428,904 $19,286,860 $23,129,013
==================================================================================
* Annualized.
** Aggregate total investment return.
+ Commencement of operations.
See Notes to Financial Statements.
20 WCMA MONEY FUND SEPTEMBER 30, 2007
Notes to Financial Statements (Unaudited) Master Money LLC
1. Significant Accounting Policies:
Master Money LLC (the "Master LLC") is registered under the Investment Company
Act of 1940, as amended, and is organized as a Delaware limited liability
company. Prior to June 15, 2007, the Master LLC was organized as a Delaware
statutory trust (the "Trust"). The Limited Liability Company Agreement permits
the Directors (and prior to June 15, 2007, the Declaration of Trust permitted
the Trustees) to issue non-transferable interests in the Master LLC/Trust,
subject to certain limitations. Throughout this report, the Trust and the Master
LLC are referred to as the Master LLC and the Board of Directors of the Master
LLC and the Board of Trustees of the Trust are referred to as the Board of
Directors. The Master LLC's financial statements are prepared in conformity with
U.S. generally accepted accounting principles, which may require the use of
management accruals and estimates. Actual results may differ from these
estimates. These unaudited financial statements reflect all adjustments, which
are, in the opinion of management, necessary to present fair statement of the
results for the interim period. All such adjustments are of a normal, recurring
nature. The following is a summary of significant accounting policies followed
by the Master LLC.
(a) Valuation of investments -- Portfolio securities may be valued at amortized
cost, which approximates market value. Other investments and assets for which
market value quotations are not available are valued at fair value as determined
in good faith by or under the direction of the Board of Directors.
(b) Repurchase agreements -- The Master LLC may invest in U.S. government and
agency securities pursuant to repurchase agreements. Under such agreements, the
counterparty agrees to repurchase the security at a mutually agreed upon time
and price. The counterparty will be required on a daily basis to maintain the
value of the securities subject to the agreement at no less than the repurchase
price. The agreements are conditioned upon the collateral being deposited under
the Federal Reserve book entry system or held in a segregated account by the
Master LLC's custodian. If the counterparty defaults and the fair value of the
collateral declines, liquidation of the collateral by the Master LLC may be
delayed or limited.
(c) Income taxes -- The Master LLC is classified as a partnership for federal
income tax purposes. As such, each investor in the Master LLC is treated as
owner of its proportionate share of the net assets, income, expenses and
realized and unrealized gains and losses of the Master LLC. Therefore, no
federal income tax provision is required. It is intended that the Master LLC's
assets will be managed so an investor in the Master LLC 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 Master LLC 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 Master LLC and any additional required collateral is delivered to the Master
LLC on the next business day. Where the Master LLC receives securities as
collateral for the loaned securities, it collects a fee from the borrower. The
Master LLC typically receives the income on the loaned securities but does not
receive the income on the collateral. Where the Master LLC 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 required to return
borrowed securities within five business days. The Master LLC 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 Master
LLC could experience delays and costs in gaining access to the collateral. The
Master LLC 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.
(f) Recent accounting pronouncements -- Effective September 30, 2007, the Master
LLC implemented Financial Accounting Standards Board ("FASB") Interpretation No.
48, "Accounting for Uncertainty in Income Taxes -- an interpretation of FASB
Statement No. 109" ("FIN 48"). FIN 48 prescribes the minimum recognition
threshold a tax position must meet in connection with accounting for
uncertainties in income tax positions taken or expected to be taken by an
entity, including investment companies, before being measured and recognized in
the financial statements. Management has evaluated the application of FIN 48 to
the Master LLC, and has determined that the adoption of FIN 48 does not have a
material impact on the Master LLC's financial statements. The Master LLC files
U.S. and various state tax returns. No income tax returns are currently under
examination. The statute of limitations on the Master LLC's tax returns remains
open for the years ended March 31, 2004 through March 31, 2007.
In September 2006, Statement of Financial Accounting Standards No. 157, "Fair
Value Measurements" ("FAS 157"), was issued and is effective for fiscal years
beginning after November 15, 2007. FAS 157 defines fair value, establishes a
framework for measuring fair value and expands disclosures about fair value
measurements. At this time, management is evaluating the implications of FAS 157
and its impact on the Master LLC's financial statements, if any, has not been
determined.
In addition, in February 2007, FASB Statement of Financial Accounting Standards
No. 159, "The Fair Value Option for Financial Assets and Financial Liabilities"
("FAS 159"), was issued and is effective for fiscal years beginning after
November 15, 2007. Early adoption is permitted as of the
WCMA MONEY FUND SEPTEMBER 30, 2007 21
Notes to Financial Statements (concluded) Master Money LLC
beginning of a fiscal year that begins on or before November 15, 2007, provided
the entity also elects to apply the provisions of FAS 157. FAS 159 permits
entities to choose to measure many financial instruments and certain other items
at fair value that are not currently required to be measured at fair value. FAS
159 also establishes presentation and disclosure requirements designed to
facilitate comparisons between entities that choose different measurement
attributes for similar types of assets and liabilities. At this time, management
is evaluating the implications of FAS 159 and its impact on the Master LLC's
financial statements, if any, has not been determined.
2. Investment Advisory Agreement and Transactions with Affiliates:
The Master LLC has entered into an Investment Advisory Agreement with BlackRock
Advisors, LLC (the "Manager"), an indirect, wholly owned subsidiary of
BlackRock, Inc. Merrill Lynch & Co., Inc. and The PNC Financial Services Group,
Inc. are principal owners of BlackRock, Inc.
The Manager is responsible for the management of the Master LLC's portfolio and
provides the necessary personnel, facilities, equipment and certain other
services necessary to the operations of the Master LLC. For such services, the
Master LLC pays a monthly fee based upon the average daily value of the Master
LLC's net assets at the following annual rates: .25% of the Master LLC'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. In addition, the Manager has
entered into a Sub-Advisory Agreement with BlackRock Institutional Management
Corporation, an affiliate of the Manager, under which the Manager pays the
Sub-Adviser for services it provides a monthly fee at an annual rate that is a
percentage of the management fee paid by the Master LLC to the Manager.
The Master LLC has received an exemptive order from the Securities and Exchange
Commission permitting it to lend portfolio securities to Merrill Lynch, Pierce,
Fenner & Smith Incorporated, a wholly owned subsidiary of Merrill Lynch, or its
affiliates. Pursuant to that order, the Master LLC has retained BlackRock
Investment Management, LLC ("BIM"), an affiliate of the Manager, as the
securities lending agent for a fee based on a share of the returns on investment
of cash collateral. BIM may, on behalf of the Master LLC, invest cash collateral
received by the Master LLC for such loans, among other things, in a private
investment company managed by the Manager or in registered money market funds
advised by the Manager or its affiliates. For the six months ended September 30,
2007, BIM received $4,962 in securities lending agent fees.
For the six months ended September 30, 2007, the Master LLC reimbursed the
Manager $158,441 for certain accounting services.
Certain officers and/or directors of the Master LLC are officers and/or
directors of BlackRock, Inc. or its affiliates.
Proxy Results
During the six-month period ended September 30, 2007, the shareholders of Master
Money LLC voted on the following proposal, which was approved at a special
shareholders' meeting on September 7, 2007. This proposal was a part of the
reorganization of the Master LLC's Board of Directors to take effect on or about
November 1, 2007. A description of the proposal and number of shares voted are
as follows:
- ------------------------------------------------------------------------------------------------------------------
Shares Voted Shares Withheld
For From Voting
- ------------------------------------------------------------------------------------------------------------------
To elect the Master LLC's Board of Directors: David O. Beim 15,317,606,685 12,707,702
Richard S. Davis 15,317,562,343 12,752,044
Ronald W. Forbes 15,317,428,700 12,885,687
Henry Gabbay 15,317,833,948 12,480,439
Dr. Matina Horner 15,316,901,746 13,412,641
Rodney D. Johnson 15,317,743,965 12,570,422
Herbert I. London 15,317,457,824 12,856,563
Cynthia A. Montgomery 15,317,708,242 12,606,145
Joseph P. Platt, Jr. 15,317,355,570 12,958,817
Robert C. Robb, Jr. 15,317,836,861 12,477,526
Toby Rosenblatt 15,317,444,054 12,870,333
Kenneth L. Urish 15,317,969,912 12,344,475
Frederick W. Winter 15,317,567,570 12,746,817
22 WCMA MONEY FUND SEPTEMBER 30, 2007
Officers and Directors as of September 30, 2007
Robert C. Doll, Jr., Fund President and Director
Ronald W. Forbes, Director
Cynthia A. Montgomery, Director
Jean Margo Reid, Director
Roscoe S. Suddarth, Director
Richard R. West, Director
Donald C. Burke, Vice President and Treasurer
Karen Clark, Chief Compliance Officer
Howard Surloff, Secretary
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 WCMA account, call 800-262-4636.
BlackRock Privacy Principles
BlackRock is committed to maintaining the privacy of its current and former fund
investors and individual clients (collectively, "Clients") and to safeguarding
their non-public personal information. The following information is provided to
help you understand what personal information BlackRock collects, how we protect
that information and why in certain cases we share such information with select
parties.
If you are located in a jurisdiction where specific laws, rules or regulations
require BlackRock to provide you with additional or different privacy-related
rights beyond what is set forth below, then BlackRock will comply with those
specific laws, rules or regulations.
BlackRock obtains or verifies personal non-public information from and about you
from different sources, including the following: (i) information we receive from
you or, if applicable, your financial intermediary, on applications, forms or
other documents; (ii) information about your transactions with us, our
affiliates, or others; (iii) information we receive from a consumer reporting
agency; and (iv) from visits to our Web sites.
BlackRock does not sell or disclose to non-affiliated third parties any
non-public personal information about its Clients, except as permitted by law or
as is necessary to respond to regulatory requests or to service Client accounts.
These non-affiliated third parties are required to protect the confidentiality
and security of this information and to use it only for its intended purpose.
We may share information with our affiliates to service your account or to
provide you with information about other BlackRock products or services that may
be of interest to you. In addition, BlackRock restricts access to non-public
personal information about its Clients to those BlackRock employees with a
legitimate business need for the information. BlackRock maintains physical,
electronic and procedural safeguards that are designed to protect the non-public
personal information of its Clients, including procedures relating to the proper
storage and disposal of such information.
Availability of Quarterly Schedule of Investments
The Fund files its complete schedule of portfolio holdings with the Securities
and Exchange Commission ("SEC") for the first and third quarters of each fiscal
year on Form N-Q. The Fund's Forms N-Q are available on the SEC's Web site at
http://www.sec.gov. The Fund's Forms N-Q may also be reviewed and copied at the
SEC's Public Reference Room in Washington, DC. Information on the operation of
the Public Reference Room may be obtained by calling 1-800-SEC-0330.
Electronic Delivery
Electronic copies of most financial reports and prospectuses are available on
the Fund's Web site. Shareholders can sign up for e-mail notifications of
quarterly statements, annual and semi-annual reports and prospectuses by
enrolling in the Fund's electronic delivery program.
Shareholders Who Hold Accounts with Investment Advisers, Banks or Brokerages:
Please contact your financial advisor to enroll. Please note that not all
investment advisers, banks or brokerages may offer this service.
WCMA MONEY FUND SEPTEMBER 30, 2007 23
This report is transmitted to shareholders only. It 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. Performance data quoted represents past performance and does not
guarantee future results. Total return information assumes reinvestment of all
distributions. Current performance may be higher or lower than the performance
data quoted. For current month-end performance information, call 1-800-882-0052.
The Fund's current 7-day yield more closely reflects the current earnings of the
Fund than the total returns quoted. Statements and other information herein are
as dated and are subject to change.
A description of the policies and procedures that the Fund uses to determine how
to vote proxies relating to portfolio securities is available (1) without
charge, upon request, by calling toll-free 1-800-441-7762; (2) at
www.blackrock.com; and (3) on the Securities and Exchange Commission's Web site
at http://www.sec.gov. Information about how the Fund voted proxies relating to
securities held in the Fund's portfolio during the most recent 12-month period
ended June 30 is available (1) at www.blackrock.com and (2) on the Securities
and Exchange Commission's Web site at http://www.sec.gov.
WCMA Money Fund
P.O. Box 9011
Princeton, NJ 08543-9011
#WCMAM -- 9/07
Item 2 - Code of Ethics - Not Applicable to this semi-annual report
Item 3 - Audit Committee Financial Expert - Not Applicable to this
semi-annual report
Item 4 - Principal Accountant Fees and Services - Not Applicable to this
semi-annual report
Item 5 - Audit Committee of Listed Registrants - Not Applicable
Item 6 - Schedule of Investments - The registrant's Schedule of Investments
is included as part of the Report to Stockholders filed under Item 1
of this form.
Item 7 - Disclosure of Proxy Voting Policies and Procedures for Closed-End
Management Investment Companies - Not Applicable
Item 8 - Portfolio Managers of Closed-End Management Investment Companies -
Not Applicable
Item 9 - Purchases of Equity Securities by Closed-End Management Investment
Company and Affiliated Purchasers - Not Applicable
Item 10 - Submission of Matters to a Vote of Security Holders - The
registrant's Nominating Committee will consider nominees to the
Board recommended by shareholders when a vacancy becomes available.
Shareholders who wish to recommend a nominee should send nominations
which include biographical information and set forth the
qualifications of the proposed nominee to the registrant's
Secretary. There have been no material changes to these procedures.
Item 11 - Controls and Procedures
11(a) - The registrant's principal executive and principal financial
officers or persons performing similar functions have concluded that
the registrant's disclosure controls and procedures (as defined in
Rule 30a-3(c) under the Investment Company Act of 1940, as amended
(the "1940 Act")) are effective as of a date within 90 days of the
filing of this report based on the evaluation of these controls and
procedures required by Rule 30a-3(b) under the 1940 Act and Rule
15d-15(b) under the Securities and Exchange Act of 1934, as amended.
11(b) - There were no changes in the registrant's internal control over
financial reporting (as defined in Rule 30a-3(d) under the 1940 Act)
that occurred during the second fiscal quarter of the period covered
by this report that have materially affected, or are reasonably
likely to materially affect, the registrant's internal control over
financial reporting.
Item 12 - Exhibits attached hereto
12(a)(1) - Code of Ethics - Not Applicable to this semi-annual report
12(a)(2) - Certifications - Attached hereto
12(a)(3) - Not Applicable
12(b) - Certifications - 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 and Master Money LLC
By: /s/ Donald C. Burke
-----------------------------------
Donald C. Burke,
Chief Executive Officer of
WCMA Money Fund and Master Money LLC
Date: November 20, 2007
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/ Donald C. Burke
-----------------------------------
Donald C. Burke,
Chief Executive Officer (principal executive officer) of
WCMA Money Fund and Master Money LLC
Date: November 20, 2007
By: /s/ Neal J. Andrews
-----------------------------------
Neal J. Andrews,
Chief Financial Officer (principal financial officer) of
WCMA Money Fund and Master Money LLC
Date: November 20, 2007