UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-02752
811-21299
Name of Fund: CMA 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, CMA 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 - 03/31/2008
Item 1 - Report to Stockholders
Annual Report
March 31, 2008
CMA Money Fund
Table of Contents
================================================================================
Page
- --------------------------------------------------------------------------------
A Letter to Shareholders ................................................. 3
Annual Report:
Disclosure of Expenses ................................................... 4
Current Seven-Day Yield .................................................. 4
Fund Financial Statements:
Statement of Assets and Liabilities .................................... 5
Statement of Operations ................................................ 5
Statements of Changes in Net Assets .................................... 6
Fund Financial Highlights ................................................ 7
Fund Notes to Financial Statements ....................................... 8
Fund Report of Independent Registered Public Accounting Firm ............. 10
Fund Important Tax Information (Unaudited) ............................... 10
Master LLC Portfolio Summary ............................................. 11
Master LLC Financial Statements:
Schedule of Investments ................................................ 12
Statement of Assets and Liabilities .................................... 15
Statement of Operations ................................................ 15
Statements of Changes in Net Assets .................................... 16
Master LLC Financial Highlights .......................................... 16
Master LLC Notes to Financial Statements ................................. 17
Master LLC Report of Independent Registered Public Accounting Firm ....... 19
Officers and Directors ................................................... 20
Additional Information ................................................... 23
2 CMA MONEY FUND MARCH 31, 2008
A Letter to Shareholders
Dear Shareholder
Financial markets endured severe bouts of volatility during the reporting
period, particularly as the calendar turned to 2008. It was then that fears of
an economic recession swelled and credit market strains intensified, producing
calamity in the financial system and, ultimately, the demise of major Wall
Street firm Bear Stearns.
The Federal Reserve Board (the "Fed"), after cutting the target federal funds
rate 100 basis points (1%) between September 2007 and year-end, stepped up its
efforts to support the ailing financial sector in the first three months of
2008. The central bank cut interest rates 125 basis points in January alone, and
followed with another 75-basis-point cut on March 18, bringing the target rate
to 2.25%. In an unprecedented move, the Fed also extended its financing
operations directly to broker/dealers and assisted JPMorgan in its buyout of
ill-fated Bear Stearns.
Against this backdrop, investor anxiety has been acute and equity markets have
struggled. The S&P 500 Index of U.S. stocks was down in March, marking the fifth
consecutive month of negative returns. International markets outperformed the
U.S. for much of 2007, but that trend changed in more recent months as investors
grew increasingly reluctant to take on the risks of foreign investing.
In fixed income markets, an ongoing investor flight to quality continued to
drive Treasury yields lower and their prices higher. The yield on 10-year
Treasury issues, which touched 5.30% in June 2007 (its highest level in five
years), fell to 4.04% by year-end and to 3.45% by March 31. Investors largely
shunned bonds associated with the housing and credit markets, and the riskier
high yield sector landed in negative territory year-to-date. Meanwhile, the
municipal bond market has struggled with concerns around the creditworthiness of
monoline bond insurers and the failure of auctions for auction rate securities,
driving yields higher and prices lower across the curve. At period-end,
municipal bonds were trading at higher yields than their Treasury counterparts,
a very unusual occurrence by historical standards.
Overall, the major benchmark indexes posted mixed results for the current
reporting period, generally reflecting heightened investor risk aversion:
Total Returns as of March 31, 2008 6-month 12-month
===============================================================================================================
U.S. equities (S&P 500 Index) -12.46% - 5.08%
- ---------------------------------------------------------------------------------------------------------------
Small cap U.S. equities (Russell 2000 Index) -14.02 -13.00
- ---------------------------------------------------------------------------------------------------------------
International equities (MSCI Europe, Australasia, Far East Index) -10.50 - 2.70
- ---------------------------------------------------------------------------------------------------------------
Fixed income (Lehman Brothers U.S. Aggregate Index) + 5.23 + 7.67
- ---------------------------------------------------------------------------------------------------------------
Tax-exempt fixed income (Lehman Brothers Municipal Bond Index) + 0.75 + 1.90
- ---------------------------------------------------------------------------------------------------------------
High yield bonds (Lehman Brothers U.S. Corporate High Yield 2% Issuer Capped Index) - 4.01 - 3.47
- ---------------------------------------------------------------------------------------------------------------
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 today's volatile markets, we encourage you to review your
investment goals with your financial professional and to make portfolio changes,
as needed. For more up-to-date commentary on the economy and financial markets,
we invite you to visit www.blackrock.com/funds. As always, 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/ Rob Kapito
Rob Kapito
President, BlackRock Advisors, LLC
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 October 1, 2007 and held
through March 31, 2008) 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 below 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 Ending
Account Value Account Value Expenses Paid Account Value Account Value Expenses Paid
October 1, 2007 March 31, 2008 During the Period* October 1, 2007 March 31, 2008 During the Period*
- ------------------------------------------------------------------------------------------------------------------------------------
CMA Money Fund ..... $1,000 $1,021.50 $2.91 $1,000 $1,022.42 $2.91
- ------------------------------------------------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 0.57%,
multiplied by the average account value over the period, multiplied by
185/366 (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 fund 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 366.
Current Seven-Day Yield
As of March 31, 2008 ............................................ 2.85%
4 CMA MONEY FUND MARCH 31, 2008
Statement of Assets and Liabilities
March 31, 2008 CMA Money Fund
===============================================================================
Assets
- -------------------------------------------------------------------------------
Investment in Master Money LLC (the "Master LLC"), at value
(cost -- $14,878,236,304) ............................... $ 14,878,236,304
Prepaid expenses and other assets ......................... 168,003
----------------
Total assets .............................................. 14,878,404,307
----------------
===============================================================================
Liabilities
- -------------------------------------------------------------------------------
Administration fees payable ............................... 2,951,459
Distribution fees payable ................................. 1,841,293
Other affiliates payable .................................. 381,827
Other accrued expenses payable ............................ 220,734
----------------
Total liabilities ......................................... 5,395,313
----------------
===============================================================================
Net Assets
- -------------------------------------------------------------------------------
Net Assets ................................................ $ 14,873,008,994
================
===============================================================================
Net Assets Consist of
- -------------------------------------------------------------------------------
Shares of beneficial interest, $0.10 par value, unlimited
number of shares authorized ............................. $ 1,487,229,843
Paid-in capital in excess of par .......................... 13,385,077,434
Undistributed net investment income ....................... 134,472
Accumulated net realized gain allocated from the
Master LLC 567,245
----------------
Net Assets -- Equivalent to $1.00 per share based on
14,872,298,428 shares of beneficial interest outstanding $ 14,873,008,994
================
Statement of Operations
Year Ended March 31, 2008 CMA Money Fund
===============================================================================
Investment Income
- -------------------------------------------------------------------------------
Interest from affiliates .................................. $ 12,154
Net investment income allocated from the Master LLC:
Interest ................................................ 586,175,001
Securities lending ...................................... 10,863
Expenses ................................................ (16,563,388)
----------------
Total income .............................................. 569,634,630
----------------
===============================================================================
Expenses
- -------------------------------------------------------------------------------
Administration ............................................ 28,957,488
Distribution .............................................. 14,385,054
Transfer agent ............................................ 4,694,652
Registration .............................................. 721,271
Printing .................................................. 283,075
Professional .............................................. 95,636
Miscellaneous ............................................. 28,197
----------------
Total expenses ............................................ 49,165,373
----------------
Net investment income ..................................... 520,469,257
----------------
===============================================================================
Realized and Unrealized Gain Allocated from the Master LLC
- -------------------------------------------------------------------------------
Net realized gain from investments ........................ 711,637
Net change in unrealized appreciation/depreciation
on investments .......................................... 302,888
----------------
Total net realized and unrealized gain .................... 1,014,525
----------------
Net Increase in Net Assets Resulting from Operations ...... $ 521,483,782
================
See Notes to Financial Statements.
CMA MONEY FUND MARCH 31, 2008 5
Statements of Changes in Net Assets CMA Money Fund
Year Ended March 31,
-------------------------------------
Increase (Decrease) in Net Assets: 2008 2007
===================================================================================================================================
Operations
- -----------------------------------------------------------------------------------------------------------------------------------
Net investment income .................................................................... $ 520,469,257 $ 412,173,114
Net realized gain ........................................................................ 711,637 10,318
Net change in unrealized appreciation/depreciation ....................................... 302,888 6,679,425
-------------------------------------
Net increase in net assets resulting from operations ..................................... 521,483,782 418,862,857
-------------------------------------
===================================================================================================================================
Dividends and Distributions to Shareholders from
- -----------------------------------------------------------------------------------------------------------------------------------
Net investment income .................................................................... (520,469,257) (412,136,854)
Net realized gain ........................................................................ -- (47,646)
-------------------------------------
Decrease in net assets resulting from dividends and distributions to shareholders ........ (520,469,257) (412,184,500)
-------------------------------------
===================================================================================================================================
Beneficial Interest Transactions
- -----------------------------------------------------------------------------------------------------------------------------------
Net proceeds from sale of shares ......................................................... 69,160,805,168 52,638,366,296
Reinvestment of dividends and distributions .............................................. 520,469,257 412,190,800
-------------------------------------
Total shares issued ...................................................................... 69,681,274,425 53,050,557,096
Cost of shares redeemed .................................................................. (64,760,806,460) (51,041,152,009)
-------------------------------------
Net increase in net assets derived from beneficial interest transactions ................. 4,920,467,965 2,009,405,087
-------------------------------------
===================================================================================================================================
Net Assets
- -----------------------------------------------------------------------------------------------------------------------------------
Total increase in net assets ............................................................. 4,921,482,490 2,016,083,444
Beginning of year ........................................................................ 9,951,526,504 7,935,443,060
-------------------------------------
End of year .............................................................................. $ 14,873,008,994 $ 9,951,526,504
=====================================
End of year undistributed net investment income .......................................... $ 134,472 $ 134,472
=====================================
See Notes to Financial Statements.
6 CMA MONEY FUND MARCH 31, 2008
Financial Highlights CMA Money Fund
Year Ended March 31,
-----------------------------------------------------------------------------
2008 2007 2006 2005 2004
===================================================================================================================================
Per Share Operating Performance
- -----------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of year ............... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
-----------------------------------------------------------------------------
Net investment income ............................ 0.0455 0.0460 0.0313 0.0120 0.0063
Net realized and unrealized gain (loss) .......... 0.0001 0.0007 -- 1 (0.0012) (0.0004)
-----------------------------------------------------------------------------
Net increase from investment operations .......... 0.0456 0.0467 0.0313 0.0108 0.0059
-----------------------------------------------------------------------------
Dividends and distributions from:
Net investment income ........................ (0.0455) (0.0460) (0.0313) (0.0120) (0.0063)
Net realized gain ............................ -- -- 1 -- 1 -- 1 (0.0001)
-----------------------------------------------------------------------------
Total dividends and distributions ................ (0.0455) (0.0460) (0.0313) (0.0120) (0.0064)
-----------------------------------------------------------------------------
Net asset value, end of year ..................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
=============================================================================
===================================================================================================================================
Total Investment Return
- -----------------------------------------------------------------------------------------------------------------------------------
Total investment return .......................... 4.65% 4.68% 3.18% 1.21% 0.64%
=============================================================================
===================================================================================================================================
Ratios to Average Net Assets 2
- -----------------------------------------------------------------------------------------------------------------------------------
Total expenses ................................... 0.57% 0.57% 0.56% 0.58% 0.57%
=============================================================================
Net investment income and net realized gain (loss) 4.48% 4.62% 3.13% 1.14% 0.68%
=============================================================================
===================================================================================================================================
Supplemental Data
- -----------------------------------------------------------------------------------------------------------------------------------
Net assets, end of year (000) .................... $ 14,873,009 $ 9,951,527 $ 7,935,443 $ 7,737,111 $ 10,860,354
=============================================================================
1 Amount is less than $(0.0001) per share.
2 Includes the Fund's share of the Master LLC's allocated expenses and/or
net investment income and net realized gain (loss).
See Notes to Financial Statements.
CMA MONEY FUND MARCH 31, 2008 7
Notes to Financial Statements (Unaudited) CMA Money Fund
1. Significant Accounting Policies:
CMA Money Fund (the "Fund") is registered under the Investment Company Act of
1940, as amended (the "1940 Act"), 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 accounting principles generally
accepted in the United States of America, which may require the use of
management accruals and estimates. Actual results may differ from these
estimates. The percentage of the Master LLC owned by the Fund at March 31, 2008
was 64.3%.
The following is a summary of significant accounting policies followed by the
Fund:
Valuation of Investments: The Fund records its investment in the Master LLC at
fair value. Valuation of securities held by the Master LLC is discussed in Note
1 of the Master LLC's Notes to Financial Statements, which are included
elsewhere in this report.
Investment Transactions and Net Investment Income: Investment transactions in
the Master LLC are accounted for on a trade date basis. The Fund records daily
its proportionate share of the Master LLC's income, expenses and realized gains
and losses. In addition, the Fund accrues its own income and expenses.
Dividends and Distributions to Shareholders: Dividends from net investment
income are declared and reinvested daily and paid monthly. Distributions of
realized gains, if any, are recorded on the ex-dividend dates.
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.
Effective September 28, 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. The administrator has
evaluated the application of FIN 48 to the Fund, and has determined that the
adoption of FIN 48 did not have a material impact on the Fund's financial
statements. The Fund files U.S. federal and various state and local tax returns.
No income tax returns are currently under examination. The statute of
limitations on the Fund's U.S. federal tax returns remains open for the years
ended March 31, 2005 through March 31, 2007. The statutes of limitations on the
Fund's state and local tax returns may remain open for an additional year
depending upon the jurisdiction.
Recent Accounting Pronouncements: 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. The impact on the Fund's financial
statement disclosures, if any, is currently being assessed.
In addition, in February 2007, 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. 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. The impact on the Fund's financial statement disclosures, if any,
is currently being assessed.
In March 2008, Statement of Financial Accounting Standards No. 161, "Disclosures
about Derivative Instruments and Hedging Activities -- an amendment of FASB
Statement No. 133" ("FAS 161") was issued and is effective for fiscal years
beginning after November 15, 2008. FAS 161 is intended to improve financial
reporting for derivative instruments by requiring enhanced disclosure that
enables investors to understand how and why an entity uses derivatives, how
derivatives are accounted for, and how derivative instruments affect an entity's
results of operations and financial position. The Advisor is currently
evaluating the implications of FAS 161. The impact on the Fund's financial
statement disclosures, if any, is currently being assessed.
Other: Expenses directly related to the Fund are charged to the Fund. Other
operating expenses shared by several funds are pro-rated among those funds on
the basis of relative net assets or other appropriate methods.
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., to provide administrative services (other than investment advice and
related portfolio activities). For such services, the Fund pays a
8 CMA MONEY FUND MARCH 31, 2008
Notes to Financial Statements (concluded) CMA Money Fund
monthly fee at an annual rate of 0.25% of the Fund's average daily net assets.
Merrill Lynch & Co., Inc. ("Merrill Lynch") and The PNC Financial Services
Group, Inc. ("PNC") are principal owners of BlackRock, Inc.
The Fund has entered into a Distribution Agreement and a Distribution and
Shareholder Servicing Plan (the "Distribution Plan") with 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.).
Pursuant to the Distribution Plan adopted by the Fund in accordance with Rule
12b-1 under the 1940 Act, the Fund pays MLPF&S a distribution fee. The fee is
accrued daily and paid monthly at the annual rate of 0.125% of average daily net
assets of the Fund for shareholders whose Fund accounts are serviced by MLPF&S
or directly with the Fund's transfer agent.
Financial Data Services, Inc. ("FDS"), a wholly owned subsidiary of Merrill
Lynch and an affiliate of the Administrator, serves as 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:
The number of shares sold, reinvested and redeemed during the past two years
corresponds to the amounts included in the Statements of Changes in Net Assets
for net proceeds from the sale of shares, reinvestment of dividends and
distributions and cost of shares redeemed, respectively, since shares are
recorded at $1.00 per share.
4. Income Tax Information:
Reclassification: U.S. generally accepted accounting principles require that
certain components of net assets be adjusted to reflect permanent differences
between financial and tax reporting. Accordingly, during the current year,
$8,852 has been reclassified between accumulated net realized gain allocated
from the Master LLC and paid-in capital in excess of par as a result of a
permanent difference attributable to master allocated losses. This
reclassification has no effect on net assets or net asset value per share.
The tax character of distributions paid during the fiscal years ended March 31,
2008 and March 31, 2007 was as follows:
- --------------------------------------------------------------------------------
3/31/2008 3/31/2007
- --------------------------------------------------------------------------------
Distributions paid from:
Ordinary income .............................. $520,469,257 $412,184,500
----------------------------
Total taxable distributions .................... $520,469,257 $412,184,500
============================
As of March 31, 2008, the components of accumulated earnings on a tax basis were
as follows:
- --------------------------------------------------------------------------------
Undistributed net ordinary income .................................. $701,717
--------
Total accumulated net earnings ..................................... $701,717
========
CMA MONEY FUND MARCH 31, 2008 9
Report of Independent Registered Public Accounting Firm CMA Money Fund
To the Shareholders and Board of Directors of CMA Money Fund:
We have audited the accompanying statement of assets and liabilities of CMA
Money Fund (the "Fund") as of March 31, 2008, and the related statement of
operations for the year then ended, the statements of changes in net assets for
each of the two years in the period then ended, and the financial highlights for
each of the five years in the period then ended. These financial statements and
financial highlights are the responsibility of the Fund's management. Our
responsibility is to express an opinion on these financial statements and
financial highlights based on our audits.
We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements and financial highlights are free of material misstatement. The Fund
is not required to have, nor are we engaged to perform, an audit of its internal
control over financial reporting. Our audits included consideration of internal
control over financial reporting as a basis for designing audit procedures that
are appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the Fund's internal control over financial
reporting. Accordingly, we express no such opinion. An audit also includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements, assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of CMA
Money Fund as of March 31, 2008, the results of its operations for the year then
ended, the changes in its net assets for each of the two years in the period
then ended, and the financial highlights for each of the five years in the
period then ended, in conformity with accounting principles generally accepted
in the United States of America.
Deloitte & Touche LLP
Princeton, New Jersey
May 27, 2008
Important Tax Information (Unaudited)
The following information is provided with respect to the ordinary income
distributions paid by CMA Money Fund for the fiscal year ended March 31, 2008:
- --------------------------------------------------------------------------------
Federal Obligation Interest
- --------------------------------------------------------------------------------
Months Paid: April 2007 - March 2008 .......................... 0.94%*
- --------------------------------------------------------------------------------
Interest-Related Dividends for Non-U.S. Residents
- --------------------------------------------------------------------------------
Months Paid: April 2007 - December 2007 ....................... 96.24%**
January 2007 - March 2007 ........................ 96.33%**
- --------------------------------------------------------------------------------
* The law varies in each state as to whether and what percentage of dividend
income attributable to federal obligations is exempt from state income
tax. We recommend that you consult your tax advisor to determine if any
portion of the dividends you received is exempt from state income taxes.
** Represents the portion of the taxable ordinary income dividends eligible
for exemption from U.S. withholding tax for nonresident aliens and foreign
corporations.
10 CMA MONEY FUND MARCH 31, 2008
Portfolio Summary Master Money LLC
Portfolio Composition as a Percent of Net Assets
3/31/08 3/31/07
- --------------------------------------------------------------------------------
Certificates of Deposit .................................... 2% 6%
Certificates of Deposit -- Yankee* ......................... 36 16
Commercial Paper ........................................... 47 62
Corporate Notes ............................................ 5 7
Funding Agreements ......................................... 4 5
U.S. Government Agency & Instrumentality
Obligations .............................................. 6 6
Liabilities in Excess of Other Assets ...................... -- (2)
------------
Total ...................................................... 100% 100%
============
* U.S. branches of foreign banks
CMA MONEY FUND MARCH 31, 2008 11
Schedule of Investments March 31, 2008
Master Money LLC (Percentages shown are based on Net Assets)
Interest Maturity Par
Issue Rate Date (000) Value
===============================================================================
Certificates of Deposit -- 1.8%
===============================================================================
Chase Bank USA, NA 5.13 % 4/15/2008 $100,000 $ 100,000,000
5.13 4/16/2008 102,500 102,500,000
4.70 5/07/2008 218,925 218,925,000
- -------------------------------------------------------------------------------
Total Certificates of Deposit
(Cost -- $421,425,000) ....................................... 421,425,000
===============================================================================
Certificates of Deposit -- Yankee -- 36.4%
===============================================================================
BNP Paribas, NY 4.80 6/05/2008 227,555 227,555,000
2.54 6/25/2008 200,000 200,000,000
4.50 7/03/2008 70,000 70,000,000
2.86 7/07/2008 200,000 200,000,000
2.91 8/19/2008 50,000 50,000,000
- -------------------------------------------------------------------------------
Banco Bilbao Vizcaya 5.065 4/02/2008 68,830 68,830,019
Argentaria SA, NY 4.62 4/04/2008 75,000 75,000,000
2.45 4/21/2008 91,000 91,000,000
3.80 4/22/2008 214,500 214,500,000
2.785 6/13/2008 150,000 150,000,000
2.80 6/16/2008 240,000 240,000,000
2.565 6/25/2008 200,000 200,000,000
- -------------------------------------------------------------------------------
Bank of Montreal, 5.10 4/01/2008 67,030 67,030,000
Chicago 4.87 6/02/2008 71,730 71,730,000
3.196 (a) 11/10/2008 183,880 183,880,000
- -------------------------------------------------------------------------------
Bank of Nova Scotia, NY 2.97 4/30/2008 100,000 100,000,000
3.064 (a) 7/03/2008 125,000 124,987,177
- -------------------------------------------------------------------------------
Bank of Scotland Plc, NY 2.54 6/18/2008 350,000 350,000,000
2.77 6/30/2008 200,000 200,000,000
4.39 7/07/2008 107,000 107,000,000
4.829 (a) 10/27/2008 88,450 88,450,000
- -------------------------------------------------------------------------------
Barclays Bank Plc, NY 4.60 4/03/2008 150,000 150,000,000
4.40 4/08/2008 100,000 100,000,000
3.15 4/24/2008 325,000 325,000,000
2.60 6/19/2008 239,000 239,000,000
- -------------------------------------------------------------------------------
Calyon, NY 3.069 (a) 4/02/2008 325,000 324,999,467
- -------------------------------------------------------------------------------
Canadian Imperial 5.09 4/01/2008 200,375 200,375,000
Bank of Commerce, NY 4.87 6/10/2008 165,550 165,550,000
- -------------------------------------------------------------------------------
DEPFA-Bank Plc, NY 4.35 4/09/2008 125,000 125,000,000
4.30 4/14/2008 179,000 179,000,000
- -------------------------------------------------------------------------------
Lloyd's TSB Bank Plc, NY 2.45 4/17/2008 50,000 50,000,000
3.12 4/25/2008 299,000 299,000,000
- -------------------------------------------------------------------------------
Natixis, NY 5.42 7/10/2008 58,635 58,696,019
- -------------------------------------------------------------------------------
Nordea Bank Finland 4.91 6/23/2008 63,090 63,091,419
Plc, NY 4.82 10/17/2008 208,840 208,851,068
- -------------------------------------------------------------------------------
Rabobank Nederland, NY 3.06 4/01/2008 98,638 98,638,000
2.95 4/15/2008 241,000 241,000,000
2.95 5/01/2008 300,000 300,000,000
2.87 6/06/2008 100,000 100,000,000
2.735 6/10/2008 175,000 175,000,006
- -------------------------------------------------------------------------------
SanPaolo IMI, NY 2.81 6/30/2008 200,000 200,005,020
- -------------------------------------------------------------------------------
Societe Generale, NY 3.62 4/22/2008 90,000 90,000,000
- -------------------------------------------------------------------------------
Svenska 3.01 5/20/2008 150,000 150,000,000
Handelsbanken AB, NY
- -------------------------------------------------------------------------------
Toronto-Dominion 4.86 5/30/2008 22,450 22,450,000
Bank, NY 4.85 6/06/2008 168,605 168,605,000
2.50 6/19/2008 100,000 100,000,000
2.57 6/20/2008 210,000 210,000,000
4.42 7/07/2008 90,000 90,000,000
4.52 7/07/2008 98,838 98,838,000
- -------------------------------------------------------------------------------
UBS AG, Stamford 4.085 4/11/2008 200,000 200,000,000
4.895 6/04/2008 56,580 56,580,000
2.95 6/06/2008 105,000 105,000,000
3.75 6/06/2008 175,000 175,000,000
- -------------------------------------------------------------------------------
UniCredito Italiano 2.77 6/18/2008 200,000 200,000,000
Bank, NY 2.65 6/26/2008 71,000 71,000,000
- -------------------------------------------------------------------------------
Total Certificates of Deposit -- Yankee
(Cost -- $8,420,641,195) ..................................... 8,420,641,195
===============================================================================
Commercial Paper (b) -- 46.5%
===============================================================================
APRECO, LLC 2.85 6/05/2008 35,000 34,817,125
- -------------------------------------------------------------------------------
Amstel Funding Corp. 3.30 4/16/2008 21,209 21,177,893
3.07 5/09/2008 166,000 165,447,912
- -------------------------------------------------------------------------------
Amsterdam Funding Corp. 3.03 5/02/2008 75,000 74,798,000
2.94 5/07/2008 100,000 99,697,833
- -------------------------------------------------------------------------------
Atlantic Asset 4.30 4/07/2008 113,800 113,704,850
Securitization Corp.
- -------------------------------------------------------------------------------
Atlantis One 3.13 4/21/2008 145,000 144,735,254
Funding Corp. 3.22 4/29/2008 13,000 12,966,279
3.10 5/05/2008 16,545 16,494,068
3.17 5/05/2008 300,000 299,076,484
3.11 6/04/2008 70,110 69,716,313
2.82 6/11/2008 169,000 168,046,840
- -------------------------------------------------------------------------------
Banco Santander 4.35 4/08/2008 45,750 45,705,775
Puerto Rico 4.25 4/10/2008 50,000 49,940,972
2.60 5/19/2008 21,000 20,925,683
- -------------------------------------------------------------------------------
Bank of America Corp. 2.98 5/07/2008 100,000 99,693,722
4.69 5/28/2008 193,500 192,037,892
3.673 6/17/2008 100,000 99,204,183
2.76 6/20/2008 100,000 99,379,000
2.84 7/07/2008 100,000 99,226,889
3.80 7/11/2008 144,970 143,409,156
2.829 8/19/2008 119,490 118,166,021
- -------------------------------------------------------------------------------
Beethoven Funding Corp. 3.35 4/01/2008 29,200 29,197,283
- -------------------------------------------------------------------------------
Bryant Park Funding LLC 2.92 4/28/2008 41,952 41,856,722
- -------------------------------------------------------------------------------
CAFCO, LLC 3.15 4/25/2008 103,000 102,774,687
2.72 5/07/2008 34,000 33,895,563
3.08 5/07/2008 100,000 99,692,833
- -------------------------------------------------------------------------------
CRC Funding, LLC 3.26 4/02/2008 236,000 235,957,257
- -------------------------------------------------------------------------------
Cancara Asset 3.10 4/14/2008 44,360 44,306,522
Securitization LLC 2.85 4/24/2008 69,134 69,002,645
2.86 4/28/2008 86,100 85,908,475
- -------------------------------------------------------------------------------
Chariot Funding LLC 3.25 4/07/2008 27,000 26,982,937
2.65 5/20/2008 100,000 99,631,944
- -------------------------------------------------------------------------------
Ciesco, LLC 3.00 5/01/2008 50,000 49,870,833
3.16 5/28/2008 150,000 149,236,333
2.80 6/05/2008 2,000 1,989,733
- -------------------------------------------------------------------------------
Citigroup Funding Inc. 4.73 5/02/2008 89,100 88,725,384
- -------------------------------------------------------------------------------
See Notes to Financial Statements.
12 CMA MONEY FUND MARCH 31, 2008
Schedule of Investments (continued)
Master Money LLC (Percentages shown are based on Net Assets)
Interest Maturity Par
Issue Rate Date (000) Value
===============================================================================
Commercial Paper (b) (continued)
===============================================================================
DANSKE Corp. 4.46 % 4/03/2008 $144,800 $ 144,746,183
2.43 6/19/2008 398,127 395,977,114
2.52 6/20/2008 175,000 174,007,750
- -------------------------------------------------------------------------------
Erasmus Capital Corp. 4.40 4/10/2008 71,000 70,913,222
- -------------------------------------------------------------------------------
Falcon Asset 3.30 4/04/2008 25,381 25,371,694
Securitization Corp.
- -------------------------------------------------------------------------------
Galleon Capital LLC 3.36 4/04/2008 67,977 67,951,622
3.02 5/13/2008 41,000 40,852,104
3.03 5/15/2008 81,000 80,693,212
- -------------------------------------------------------------------------------
General Electric 4.57 4/22/2008 125,000 124,650,903
Capital Corp. 3.50 4/29/2008 212,800 212,200,022
3.83 7/10/2008 122,450 121,134,241
- -------------------------------------------------------------------------------
Govco LLC 3.17 4/28/2008 88,000 87,783,031
- -------------------------------------------------------------------------------
ING (U.S.) Funding LLC 2.99 4/07/2008 125,000 124,927,326
2.98 5/01/2008 25,000 24,935,847
2.98 5/02/2008 100,000 99,735,111
- -------------------------------------------------------------------------------
JPMorgan Chase & Co. 4.972 4/01/2008 100,000 99,986,188
2.86 7/07/2008 150,000 148,832,167
- -------------------------------------------------------------------------------
KBC Financial 3.80 4/17/2008 100,000 99,820,555
Products 3.02 4/28/2008 125,000 124,706,389
International Ltd. 3.00 6/06/2008 48,500 48,229,208
2.84 6/10/2008 80,000 79,551,911
- -------------------------------------------------------------------------------
Liberty Street 3.30 4/01/2008 57,473 57,467,732
Funding LLC 3.23 4/28/2008 148,700 148,326,432
2.94 5/09/2008 94,100 93,797,233
- -------------------------------------------------------------------------------
Lloyd's TSB Bank Plc 2.90 6/03/2008 242,861 241,608,916
- -------------------------------------------------------------------------------
Long Lane Master Trust IV 3.00 5/08/2008 38,500 38,378,083
2.83 5/16/2008 62,800 62,572,908
- -------------------------------------------------------------------------------
Mont Blanc Capital Corp. 3.35 4/04/2008 90,000 89,966,500
- -------------------------------------------------------------------------------
Natexis Banques 4.425 5/05/2008 110,000 109,526,771
US Finance Co.
- -------------------------------------------------------------------------------
Nieuw Amsterdam 3.25 4/01/2008 357,600 357,567,717
Receivables Corp. 4.45 4/03/2008 35,911 35,897,683
- -------------------------------------------------------------------------------
Nordea North 3.80 4/15/2008 50,000 49,920,833
America, Inc.
- -------------------------------------------------------------------------------
Palisade CP Notes of 3.60 4/03/2008 71,150 71,128,655
the Citibank Omni
Master Trust
- -------------------------------------------------------------------------------
Picaros Funding LLC 2.87 6/12/2008 26,989 26,831,932
- -------------------------------------------------------------------------------
Raiffeisen Zentralbank 4.06 4/02/2008 99,000 98,977,670
Oesterreich AG 3.20 4/23/2008 85,000 84,826,222
3.14 5/01/2008 93,804 93,550,364
3.04 5/05/2008 200,000 199,408,889
- -------------------------------------------------------------------------------
Ranger Funding Co. LLC 2.78 4/21/2008 45,000 44,927,025
2.86 6/06/2008 90,000 89,520,950
- -------------------------------------------------------------------------------
Regency Markets 3.25 4/03/2008 30,000 29,991,875
No. 1 LLC 3.00 4/15/2008 120,807 120,655,991
2.85 4/18/2008 85,000 84,878,875
- -------------------------------------------------------------------------------
Royal Bank of Scotland 4.79 5/28/2008 223,400 221,675,972
Group Plc
- -------------------------------------------------------------------------------
SanPaolo IMI US 3.83 4/15/2008 41,000 40,934,383
Financial Co. 3.85 4/15/2008 50,000 49,919,979
2.64 6/27/2008 219,249 217,834,113
- -------------------------------------------------------------------------------
Societe Generale 3.90 4/15/2008 30,000 29,951,250
North America Inc. 3.725 5/23/2008 50,000 49,725,799
- -------------------------------------------------------------------------------
Svenska 3.76 4/17/2008 29,000 28,948,509
Handelsbanken AB 3.76 4/18/2008 97,000 96,817,640
- -------------------------------------------------------------------------------
Thames Asset Global 2.90 4/03/2008 122,700 122,670,347
Securitization No. 1, Inc. 3.90 4/04/2008 43,043 43,024,348
3.05 4/15/2008 68,677 68,589,723
3.12 5/07/2008 69,000 68,778,740
3.10 5/15/2008 83,565 83,241,186
3.11 5/27/2008 70,617 70,269,270
2.85 6/10/2008 68,923 68,535,595
2.87 6/12/2008 85,438 84,940,775
2.75 6/16/2008 50,000 49,705,903
- -------------------------------------------------------------------------------
Thunder Bay Funding LLC 2.75 4/30/2008 42,459 42,361,698
- -------------------------------------------------------------------------------
Ticonderoga Funding LLC 3.00 5/05/2008 110,000 109,679,167
- -------------------------------------------------------------------------------
UBS Finance 3.94 4/11/2008 150,000 149,819,417
(Delaware), LLC 2.56 6/09/2008 84,852 84,429,626
- -------------------------------------------------------------------------------
UniCredito Italiano Bank 4.68 4/03/2008 200,000 199,922,000
(Ireland) Plc 4.30 4/08/2008 31,700 31,669,712
2.83 6/09/2008 125,000 124,312,153
2.83 6/11/2008 198,320 197,197,509
- -------------------------------------------------------------------------------
Versailles Commercial
Paper, LLC 3.15 5/07/2008 99,000 98,679,488
- -------------------------------------------------------------------------------
Victory Receivables Corp. 3.00 4/24/2008 45,568 45,476,864
- -------------------------------------------------------------------------------
Windmill Funding Corp. 3.05 4/03/2008 100,000 99,974,583
- -------------------------------------------------------------------------------
Yorktown Capital, LLC 3.15 5/09/2008 64,635 64,414,433
2.74 6/06/2008 129,000 128,342,172
- -------------------------------------------------------------------------------
Total Commercial Paper
(Cost -- $10,745,974,705) .................................... 10,745,974,705
===============================================================================
Corporate Notes -- 5.0%
===============================================================================
ASIF Global Financing 2.629 (a) 9/22/2008 54,000 54,000,000
- -------------------------------------------------------------------------------
Bank of Ireland 2.546 (a) 9/19/2008 43,300 43,300,000
- -------------------------------------------------------------------------------
Citigroup Funding, Inc. 3.07 (a) 8/13/2008 110,000 110,000,000
- -------------------------------------------------------------------------------
Cullinan Finance
Corp. (c) 2.588 (a) 6/25/2008 117,765 117,762,233
- -------------------------------------------------------------------------------
Deutsche Bank, NY 2.809 (a) 1/21/2009 154,760 154,760,000
- -------------------------------------------------------------------------------
Goldman Sachs 2.888 (a) 9/12/2008 202,600 202,600,000
Group, Inc.
- -------------------------------------------------------------------------------
MetLife Global
Funding, Inc. 2.918 (a) 9/12/2008 50,500 50,500,000
- -------------------------------------------------------------------------------
Morgan Stanley 3.269 (a) 9/03/2008 25,000 24,979,503
- -------------------------------------------------------------------------------
Northern Rock Plc 3.08 (a) 7/08/2008 91,000 91,000,000
- -------------------------------------------------------------------------------
Royal Bank of Scotland 2.756 (a) 9/26/2008 150,000 150,000,000
Group Plc
- -------------------------------------------------------------------------------
Wachovia Bank, NA 4.753 (a) 5/01/2009 117,600 117,600,000
- -------------------------------------------------------------------------------
Westpac Banking Corp. 2.999 (a) 10/10/2008 44,000 44,000,000
- -------------------------------------------------------------------------------
Total Corporate Notes
(Cost -- $1,160,501,736) ..................................... 1,160,501,736
- -------------------------------------------------------------------------------
See Notes to Financial Statements.
CMA MONEY FUND MARCH 31, 2008 13
Schedule of Investments (concluded)
Master Money LLC (Percentages shown are based on Net Assets)
Interest Maturity Par
Issue Rate Date (000) Value
===============================================================================
Funding Agreements -- 4.0%
===============================================================================
Genworth Life 3.001%(a) 10/10/2008 $ 75,000 $ 75,000,000
Insurance Co. (d) 3.279 (a) 11/03/2008 50,000 50,000,000
3.279 (a) 12/01/2008 110,000 110,000,000
- -------------------------------------------------------------------------------
ING USA Annuity and Life 2.849 (a) 10/21/2008 50,000 50,000,000
Insurance Co. (d)
- -------------------------------------------------------------------------------
Jackson National Life 3.179 (a) 5/01/2008 55,000 55,000,000
Insurance Co. (d)
- -------------------------------------------------------------------------------
MetLife Insurance Co. 3.159 (a) 5/01/2008 25,000 25,000,000
of Connecticut (d) 3.239 (a) 9/17/2008 25,000 25,000,000
3.319 (a) 3/03/2009 70,000 70,000,000
- -------------------------------------------------------------------------------
Metropolitan Life 3.189 (a) 4/01/2008 165,000 165,000,000
Insurance Co. (d) 3.319 (a) 2/02/2009 100,000 100,000,000
- -------------------------------------------------------------------------------
New York Life 2.938 (a) 4/14/2008 194,000 194,000,000
Insurance Co. (d)
- -------------------------------------------------------------------------------
Total Funding Agreements
(Cost -- $919,000,000) ....................................... 919,000,000
===============================================================================
U.S. Government Agency & Instrumentality Obligations -- 6.0%
===============================================================================
Federal Home Loan Bank 2.362 (a) 3/20/2009 111,190 111,290,601
Variable Rate Notes 2.815 (a) 8/13/2009 117,550 117,550,000
2.766 (a) 8/14/2009 172,660 172,636,279
- -------------------------------------------------------------------------------
Federal Home Loan 2.50 8/18/2008 59,867 59,284,960
Mortgage Corp.
Discount Notes (b)
- -------------------------------------------------------------------------------
Federal Home Loan 2.464 (a) 9/25/2009 312,260 312,123,396
Mortgage Corp. 2.608 (a) 9/28/2009 189,355 189,284,794
Variable Rate Notes
- -------------------------------------------------------------------------------
Federal National 2.50 % 8/06/2008 53,925 53,445,667
Mortgage Association 2.495 8/20/2008 44,175 43,738,159
Discount Notes (b) 2.51 8/20/2008 179,516 177,740,789
2.49 9/08/2008 95,265 94,204,145
2.49 9/10/2008 58,510 57,850,348
- -------------------------------------------------------------------------------
Total U.S. Government Agency & Instrumentality
Obligations (Cost -- $1,389,149,138) ......................... 1,389,149,138
- -------------------------------------------------------------------------------
Issue
===============================================================================
Repurchase Agreements -- 0.0%
===============================================================================
UBS Securities LLC, purchased on 3/31/2008
to yield 2.40% to 4/01/2008, repurchase
price $3,237,216, collateralized by Resolution
Funding Corporation Stripped Interest Payment
due 7/15/2019 to 10/15/2021 ..................... 3,237 3,237,000
- -------------------------------------------------------------------------------
Total Repurchase Agreements (Cost -- $3,237,000) ............. 3,237,000
- -------------------------------------------------------------------------------
Total Investments
(Cost -- $23,059,928,774*) -- 99.7% 23,059,928,774
Other Assets Less Liabilities -- 0.3% ........................ 76,696,135
---------------
Net Assets -- 100.0% ......................................... $23,136,624,909
===============
* Cost for federal income tax purposes.
(a) Variable rate security. Rate shown is as of report date.
(b) The interest rates shown reflect the discount rates paid at the time of
purchase.
(c) Illiquid security.
(d) Restricted securities as to resale, representing 4.0% of net assets, were
as follows:
--------------------------------------------------------------------------------
Acquisition
Issue Date Cost Value
--------------------------------------------------------------------------------
Genworth Life Insurance Co.:
3.001% due 10/10/2008 9/10/2007 $ 75,000,000 $ 75,000,000
3.246% due 11/03/2008 11/01/2007 50,000,000 50,000,000
3.246% due 12/01/2008 12/03/2007 110,000,000 110,000,000
ING USA Annuity and Life Insurance
Co., 2.856% due 10/21/2008 9/24/2007 50,000,000 50,000,000
Jackson National Life Insurance
Co., 3.146% due 5/01/2008 5/01/2007 55,000,000 55,000,000
MetLife Insurance Co. of Connecticut:
3.126% due 5/01/2008 5/01/2007 25,000,000 25,000,000
3.126% due 9/17/2008 9/14/2007 25,000,000 25,000,000
3.319% due 3/03/2009 3/03/2008 70,000,000 70,000,000
Metropolitan Life Insurance Co.:
3.156% due 4/01/2008 4/02/2007 165,000,000 165,000,000
3.286% due 2/02/2009 2/01/2008 100,000,000 100,000,000
New York Life Insurance Co.,
2.938% due 4/14/2008 3/17/2008 194,000,000 194,000,000
--------------------------------------------------------------------------------
Total $919,000,000 $919,000,000
==========================
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 -- $18,654
--------------------------------------------------------------------------
See Notes to Financial Statements.
14 CMA MONEY FUND MARCH 31, 2008
Statement of Assets and Liabilities
March 31, 2008 Master Money LLC
===============================================================================
Assets
- -------------------------------------------------------------------------------
Investments at value -- unaffiliated
(Cost -- $23,059,928,774) ............................... $ 23,059,928,774
Cash ...................................................... 1,812,399
Interest receivable ....................................... 71,616,746
Contributions receivable .................................. 6,010,148
----------------
Prepaid expenses .......................................... 428,421
----------------
Total assets
===============================================================================
Liabilities
- -------------------------------------------------------------------------------
Investment advisory fees payable .......................... 2,434,624
Other affiliates payable .................................. 167,790
Other accrued expenses payable ............................ 569,165
----------------
Total liabilities ......................................... 3,171,579
----------------
===============================================================================
Net Assets
- -------------------------------------------------------------------------------
Net Assets ................................................ $ 23,136,624,909
================
===============================================================================
Net Assets Consist of
- -------------------------------------------------------------------------------
Investors' capital ........................................ $ 23,136,624,909
================
Statement of Operations
Year Ended March 31, 2008 Master Money LLC
===============================================================================
Investment Income
- -------------------------------------------------------------------------------
Interest .................................................. $ 989,862,265
Securities lending ........................................ 18,654
----------------
Total income .............................................. 989,880,919
----------------
===============================================================================
Expenses
- -------------------------------------------------------------------------------
Investment advisory ....................................... 25,264,811
Accounting services ....................................... 1,602,719
Custodian ................................................. 415,793
Professional .............................................. 150,952
Directors ................................................. 134,880
Printing .................................................. 16,813
Miscellaneous ............................................. 313,248
----------------
Total expenses ............................................ 27,899,216
----------------
Net investment income ..................................... 961,981,703
----------------
===============================================================================
Realized and Unrealized Gain
- -------------------------------------------------------------------------------
Net realized gain from investments ........................ 1,144,349
Net change in unrealized appreciation/depreciation
investments ............................................... 1,010,466
----------------
Total net realized and unrealized gain .................... 2,154,815
----------------
Net Increase in Net Assets Resulting from Operations ...... $ 964,136,518
================
See Notes to Financial Statements.
CMA MONEY FUND MARCH 31, 2008 15
Statements of Changes in Net Assets Master Money LLC
Year Ended March 31,
---------------------------------------
Increase (Decrease) in Net Assets: 2008 2007
===================================================================================================================================
Operations
- -----------------------------------------------------------------------------------------------------------------------------------
Net investment income .................................................................. $ 961,981,703 $ 833,261,208
Net realized gain ...................................................................... 1,144,349 19,471
Net change in unrealized appreciation/depreciation ..................................... 1,010,466 12,256,965
---------------------------------------
Net increase in net assets resulting from operations ................................... 964,136,518 845,537,644
---------------------------------------
===================================================================================================================================
Capital Transactions
- -----------------------------------------------------------------------------------------------------------------------------------
Proceeds from contributions ............................................................ 156,702,061,364 138,335,424,101
Fair value of withdrawals .............................................................. (152,073,126,815) (136,871,819,806)
---------------------------------------
Net increase in net assets derived from capital transactions ........................... 4,628,934,549 1,463,604,295
---------------------------------------
===================================================================================================================================
Net Assets
- -----------------------------------------------------------------------------------------------------------------------------------
Total increase in net assets ........................................................... 5,593,071,067 2,309,141,939
Beginning of year ...................................................................... 17,543,553,842 15,234,411,903
---------------------------------------
End of year ............................................................................ $ 23,136,624,909 $ 17,543,553,842
=======================================
Financial Highlights Master Money LLC
Year Ended March 31,
-----------------------------------------------------------------------------
2008 2007 2006 2005 2004
===================================================================================================================================
Total Investment Return
- -----------------------------------------------------------------------------------------------------------------------------------
Total investment return .......................... 5.08% 5.11% 3.59% 1.64% 1.06%
=============================================================================
===================================================================================================================================
Ratios to Average Net Assets
- -----------------------------------------------------------------------------------------------------------------------------------
Total expenses ................................... 0.14% 0.14% 0.15% 0.15% 0.15%
=============================================================================
Net investment income and net realized gain (loss) 4.92% 5.05% 3.54% 1.60% 1.08%
=============================================================================
===================================================================================================================================
Supplemental Data
- -----------------------------------------------------------------------------------------------------------------------------------
Net assets, end of year (000) .................... $ 23,136,625 $ 17,543,554 $ 15,234,412 $ 15,428,904 $ 19,286,860
=============================================================================
See Notes to Financial Statements.
16 CMA MONEY FUND MARCH 31, 2008
Notes to Financial Statements Master Money LLC
1. Significant Accounting Policies:
Master Money LLC (the "Master LLC") is registered under the Investment Company
Act of 1940, as amended (the "1940 Act"), 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
permitted the Directors (and prior to June 15, 2007, the Declaration of Trust
permitted the Trustees) to issue non-transferable interests in the Master LLC,
subject to certain limitations. Throughout this report, the Trust and the Master
LLC are referred to as the Master LLC and the Board of Trustees is referred to
as the Board of Directors. The Master LLC's financial statements are prepared in
conformity with accounting principles generally accepted in the United States of
America, which may require the use of management accruals and estimates. Actual
results may differ from these estimates.
The following is a summary of significant accounting policies followed by the
Master LLC:
Valuation of Investments: The Master LLC securities are valued under the
amortized cost method which approximates current market value in accordance with
Rule 2a-7 of the 1940 Act. Under this method, securities are valued at cost when
purchased and thereafter, a constant proportionate amortization of any discount
or premium is recorded until the maturity of the security. Regular review and
monitoring of the valuation is performed in an attempt to avoid dilution or
other unfair results to investors.
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.
Investment Transactions and Investment Income: Investment 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 is recognized on the accrual basis. The
Master LLC amortizes all premiums and discounts on debt securities.
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. The Fund 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. The
Master LLC may receive a flat fee for its loans. Loans of securities are
terminable at any time and the borrower, after notice, is required to return
borrowed securities within the standard time period for settlement of securities
transactions. The Master LLC may pay reasonable 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 Masters 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.
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 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.
Effective September 28, 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. The investment advisor has
evaluated the application of FIN 48 to the Master LLC, and has determined that
the adoption of FIN 48 did not have a material impact on the Master LLC's
financial statements. The Master LLC files U.S. federal and various state and
local tax returns. No income tax returns are currently under examination. The
statute of limitations on the Master LLC's U.S. federal tax returns remains open
for the years ended March 31, 2005 through March 31, 2007. The statutes of
limitations on the Master LLC's state and local tax returns may remain open for
an additional year depending upon the jurisdiction.
Recent Accounting Pronouncements: 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. The impact on the Master LLC's
financial statement disclosures, if any, is currently being assessed.
CMA MONEY FUND MARCH 31, 2008 17
Notes to Financial Statements (concluded) Master Money LLC
In addition, in February 2007, 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. 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 and the impact on the Master LLC's financial statement disclosures,
if any, is currently being assessed.
In March 2008, Statement of Financial Accounting Standards No. 161, "Disclosures
about Derivative Instruments and Hedging Activities -- an amendment of FASB
Statement No. 133" ("FAS 161") was issued and is effective for fiscal years
beginning after November 15, 2008. FAS 161 is intended to improve financial
reporting for derivative instruments by requiring enhanced disclosure that
enables investors to understand how and why an entity uses derivatives, how
derivatives are accounted for, and how derivative instruments affect an entity's
results of operations and financial position. The investment advisor is
currently evaluating the implications of FAS 161 and the impact on the Master
LLC's financial statement disclosures, if any, is currently being assessed.
Other: Expenses directly related to the Master LLC are charged to the Master
LLC. Other operating expenses shared by several funds are pro-rated among those
funds on the basis of relative net assets or other appropriate methods.
2. Investment Advisory Agreement and Other Transactions with Affiliates:
The Master LLC entered into an Investment Advisory Agreement with BlackRock
Advisors, LLC (the "Advisor"), an indirect, wholly owned subsidiary of
BlackRock, Inc., to provide investment advisory and administration services.
Merrill Lynch & Co., Inc. ("Merrill Lynch") and The PNC Financial Services
Group, Inc. are principal owners of BlackRock, Inc.
The Advisor is responsible for the management of the Master LLC's portfolio and
provides the necessary personnel, facilities and equipment to provide such
services to the Master LLC. The Advisor also performs certain administrative
services necessary for the operation 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: 0.25% of the Master LLC's
average daily net assets not exceeding $500 million; 0.175% of the average daily
net assets in excess of $500 million, but not exceeding $1 billion; and 0.125%
of the average daily net assets in excess of $1 billion.
In addition, the Advisor has entered into a separate sub-advisory agreement with
BlackRock Institutional Management Corporation ("BIMC"), an affiliate of the
Advisor, under which the Advisor pays BIMC for services it provides, a monthly
fee that is a percentage of the investment advisory fee paid by the Master LLC
to the Advisor. For the year ended March 31, 2008, the Master LLC reimbursed the
Advisor $345,127 for certain accounting services, which is included in
accounting services expenses in the Statement of Operations.
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 Advisor, 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 Advisor or in registered money market funds
advised by the Advisor or its affiliates. For the year ended March 31, 2008, BIM
received $4,962 in securities lending agent fees.
Certain officers and/or directors of the Master LLC are officers and/or
directors of BlackRock, Inc. or its affiliates.
18 CMA MONEY FUND MARCH 31, 2008
Report of Independent Registered Public Accounting Firm Master Money LLC
To the Investors and Board of Directors of Master Money LLC:
We have audited the accompanying statement of assets and liabilities, including
the schedule of investments, of Master Money LLC (the "Master LLC") (formerly
Master Money Trust) as of March 31, 2008, and the related statement of
operations for the year then ended, the statements of changes in net assets for
each of the two years in the period then ended, and the financial highlights for
each of the five years in the period then ended. These financial statements and
financial highlights are the responsibility of the Master LLC's management. Our
responsibility is to express an opinion on these financial statements and
financial highlights based on our audits.
We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements and financial highlights are free of material misstatement. The
Master LLC is not required to have, nor were we engaged to perform, an audit of
its internal control over financial reporting. Our audits included consideration
of internal control over financial reporting as a basis for designing audit
procedures that are appropriate in the circumstances, but not for the purpose of
expressing an opinion on the effectiveness of the Master LLC's internal control
over financial reporting. Accordingly, we express no such opinion. An audit also
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements, assessing the accounting principles
used and significant estimates made by management, as well as evaluating the
overall financial statement presentation. Our procedures included confirmation
of securities owned as of March 31, 2008, by correspondence with the custodian
and broker. We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of Master
Money LLC as of March 31, 2008, the results of its operations for the year then
ended, the changes in its net assets for each of the two years in the period
then ended, and the financial highlights for each of the five years in the
period then ended, in conformity with accounting principles generally accepted
in the United States of America.
Deloitte & Touche LLP
Princeton, New Jersey
May 27, 2008
CMA MONEY FUND MARCH 31, 2008 19
Officers and Directors
Number of
Position(s) Length of BlackRock-
Held with Time Served Advised Funds
Name, Address Fund/ as a Principal Occupation(s) During and Portfolios Public
and Year of Birth Master LLC Director** Past Five Years Overseen Directorships
====================================================================================================================================
Non-Interested Directors*
- ------------------------------------------------------------------------------------------------------------------------------------
David O. Beim Director Since 2007 Professor of Finance and Economics at 35 Funds None
40 East 52nd Street the Columbia University Graduate 81 Portfolios
New York, NY 10022 School of Business since 1991;
1940 Trustee, Phillips Exeter Academy since
2002; Formerly Chairman, Wave Hill,
Inc. (public garden and cultural
center) from 1990 to 2006.
- ------------------------------------------------------------------------------------------------------------------------------------
Ronald W. Forbes Director and Since Professor Emeritus of Finance, School 35 Funds None
40 East 52nd Street Co-Chair 1981/2002 of Business, State University of New 81 Portfolios
New York, NY 10022 of the Board York at Albany since 2000.
1940 of Directors
- ------------------------------------------------------------------------------------------------------------------------------------
Dr. Matina Horner Director Since 2007 Formerly Executive Vice President of 35 Funds NSTAR (electric
40 East 52nd Street Teachers Insurance and Annuity 81 Portfolios and gas utility)
New York, NY 10022 Association and College Retirement
1939 Equities Fund from 1989 to 2003.
- ------------------------------------------------------------------------------------------------------------------------------------
Rodney D. Johnson Director and Since 2007 President, Fairmount Capital Advisors, 35 Funds None
40 East 52nd Street Co-Chair Inc. since 1987; Director, Fox Chase 81 Portfolios
New York, NY 10022 of the Board Cancer Center since 2002; Member of
1941 of Directors the Archdiocesan Investment Committee
of the Archdiocese of Philadelphia
since 2003; Director, the Committee of
Seventy (civic) since 2006.
- ------------------------------------------------------------------------------------------------------------------------------------
Herbert I. London Director and Since 2007 Professor Emeritus, New York 35 Funds AIMS Worldwide, Inc.
40 East 52nd Street Member of University since 2005; John M. Olin 81 Portfolios (marketing)
New York, NY 10022 the Audit Professor of Humanities, New York
1939 Committee University from 1993 to 2005 and
Professor thereof from 1980 to 2005;
President, Hudson Institute (policy
research organization) since 1997 and
Trustee thereof since 1980; Chairman
of the Board of Trustees for Grantham
University since 2006; Director of
InnoCentive, Inc. (strategic solutions
company) since 2005; Director of
Cerego, LLC (software development and
design) since 2005.
- ------------------------------------------------------------------------------------------------------------------------------------
Cynthia A. Montgomery Director Since 1994/ Professor, Harvard Business School 35 Funds Newell Rubbermaid,
40 East 52nd Street 2002 since 1989; Director, Harvard Business 81 Portfolios Inc. (manufacturing)
New York, NY 10022 School Publishing since 2005;
1952 Director, McLean Hospital since 2005.
- ------------------------------------------------------------------------------------------------------------------------------------
Joseph P. Platt, Jr. Director Since 2007 Director, The West Penn Allegheny 35 Funds Greenlight Capital
40 East 52nd Street Health System (a not-for-profit health 81 Portfolios Re, Ltd.
New York, NY 10022 system) since 2008; Partner, Amarna (reinsurance
1947 Corporation, LLC (private investment company)
company) since 2002; Director, WQED
Multimedia (PBS and Multimedia, a
not-for-profit company) since 2002;
Director, Jones and Brown (Canadian
insurance broker) since 1998; General
Partner, Thorn Partner, LP (private
investment) since 1998.
- ------------------------------------------------------------------------------------------------------------------------------------
Robert C. Robb, Jr. Director Since 2007 Partner, Lewis, Eckert, Robb and 35 Funds None
40 East 52nd Street Company (management and financial 81 Portfolios
New York, NY 10022 consulting firm) since 1981.
1945
- ------------------------------------------------------------------------------------------------------------------------------------
20 CMA MONEY FUND MARCH 31, 2008
Officers and Directors (continued)
Number of
Position(s) Length of BlackRock-
Held with Time Served Advised Funds
Name, Address Fund/ as a Principal Occupation(s) During and Portfolios Public
and Year of Birth Master LLC Director** Past Five Years Overseen Directorships
====================================================================================================================================
Non-Interested Directors* (concluded)
- ------------------------------------------------------------------------------------------------------------------------------------
Toby Rosenblatt Director Since 2007 President, Founders Investments Ltd. 35 Funds A.P. Pharma, Inc.
40 East 52nd Street (private investments) since 1999; 81 Portfolios (speciality
New York, NY 10022 Director of Forward Management, LLC pharmaceuticals)
1938 since 2007; Director, The James Irvine
Foundation (philanthropic foundation)
since 1997; Formerly Trustee, State
Street Research Mutual Funds from 1990
to 2005; Formerly, Trustee,
Metropolitan Series Funds, Inc. from
2001 to 2005.
- ------------------------------------------------------------------------------------------------------------------------------------
Kenneth L. Urish Director and Since 2007 Managing Partner, Urish Popeck & Co., 35 Funds None
40 East 52nd Street Chair of LLC (certified public account- ants 81 Portfolios
New York, NY 10022 the Audit and consultants) since 1976; Member of
1951 Committee External Advisory Board, The
Pennsylvania State University
Accounting Department since 2001;
Trustee, The Holy Family Foundation
since 2001; Committee
Member/Professional Ethics Committee
of the Pennsylvania Institute of
Certified Public Accountants since
2007; President and Trustee,
Pittsburgh Catholic Publishing
Associates since 2003; Formerly
Director, Inter-Tel from 2006 to 2007.
- ------------------------------------------------------------------------------------------------------------------------------------
Frederick W. Winter Director and Since 2007 Professor and Dean Emeritus of the 35 Funds None
40 East 52nd Street Member of Joseph M. Katz School of Business, 81 Portfolios
New York, NY 10022 the Audit University of Pittsburgh since 2005
1945 Committee and Dean thereof from 1997 to 2005.
Director, Alkon Corporation
(pneumatics) since 1992; Director,
Indotronix International (IT services)
since 2004; Director, Tippman Sports
(recreation) since 2005.
--------------------------------------------------------------------------------------------------------
* Directors serve until their resignation, removal or death, or until December 31 of the year in
which they turn 72.
** Following the combination of Merrill Lynch Investment Managers, L.P. ("MLIM") and BlackRock,
Inc. ("BlackRock") in September 2006, the various legacy MLIM and legacy BlackRock Fund boards were
realigned and consolidated into three new Fund boards in 2007. As a result, although the chart
shows certain directors as joining the Fund's/Master LLC's board in 2007, those directors first
became a member of the board of directors of other legacy MLIM or legacy BlackRock Funds as
follows: David O. Beim since 1998; Ronald W. Forbes since 1977; Matina Horner since 2004; Rodney D.
Johnson since 1995; Herbert I. London since 1987; Cynthia A. Montgomery since 1994; Joseph P. Platt
since 1999; Robert C. Robb, Jr. since 2007; Toby Rosenblatt since 2005; Kenneth L. Urish since 1999
and Frederick W. Winter since 1999.
====================================================================================================================================
Interested Directors*
- ------------------------------------------------------------------------------------------------------------------------------------
Richard S. Davis Director Since 2007 Managing Director, BlackRock, Inc. 185 Funds None
40 East 52nd Street since 2005; Formerly Chief Executive 292 Portfolios
New York, NY 10022 Officer, State Street Research &
1945 Management Company from 2000 to 2005;
Formerly Chairman of the Board of
Trustees, State Street Research Mutual
Funds from 2000 to 2005; Formerly
Chairman, SSR Realty from 2000 to
2004.
- ------------------------------------------------------------------------------------------------------------------------------------
Henry Gabbay Director Since 2007 Consultant, BlackRock, Inc. since 184 Funds None
40 East 52nd Street 2007; Formerly Managing Director, 291 Portfolios
New York, NY 10022 BlackRock, Inc. from 1989 to 2007;
1947 Formerly Chief Administrative Officer,
BlackRock Advisors, LLC from 1998 to
2007; Formerly President of BlackRock
Funds and BlackRock Bond Allocation
Target Shares from 2005 to 2007 and
Treasurer of certain closed-end funds
in the BlackRock fund complex from
1989 to 2006.
--------------------------------------------------------------------------------------------------------
* Messrs. Davis and Gabbay are both "interested persons," as defined in the Investment Company Act
of 1940, of the Fund/Master LLC based on their positions with BlackRock, Inc. and its affiliates.
Directors serve until their resignation, removal or death, or until December 31 of the year in
which they turn 72.
- ------------------------------------------------------------------------------------------------------------------------------------
CMA MONEY FUND MARCH 31, 2008 21
Officers and Directors (concluded)
Position(s)
Held with
Name, Address Fund/ Length of
and Year of Birth Master LLC Time Served Principal Occupation(s) During Past Five Years
====================================================================================================================================
Fund/Master LLC's Officers*
- ------------------------------------------------------------------------------------------------------------------------------------
Donald C. Burke Fund Since 2007 Managing Director of BlackRock, Inc. since 2006; Formerly Managing Director
40 East 52nd Street President of Merrill Lynch Investment Managers, L.P. ("MLIM") and Fund Asset
New York, NY 10022 and Chief Management, L.P. ("FAM") in 2006; First Vice President thereof from 1997 to
1960 Executive 2005; Treasurer thereof from 1999 to 2006 and Vice President thereof from
Officer 1990 to 1997.
- ------------------------------------------------------------------------------------------------------------------------------------
Anne F. Ackerley Vice Since 2007 Managing Director of BlackRock, Inc. since 2000 and First Vice President and
40 East 52nd Street President Chief Operating Officer of Mergers and Acquisitions Group from 1997 to 2000;
New York, NY 10022 First Vice President and Chief Operating Officer of Public Finance Group
1962 thereof from 1995 to 1997; First Vice President of Emerging Markets Fixed
Income Research of Merrill Lynch & Co., Inc. from 1994 to 1995.
- ------------------------------------------------------------------------------------------------------------------------------------
Neal J. Andrews Chief Since 2007 Managing Director of BlackRock, Inc. since 2006; Formerly Senior Vice
40 East 52nd Street Financial President and Line of Business Head of Fund Accounting and Administration at
New York, NY 10022 Officer PFPC Inc. from 1992 to 2006.
1966
- ------------------------------------------------------------------------------------------------------------------------------------
Jay M. Fife Treasurer Since 2007 Managing Director of BlackRock, Inc. since 2007 and Director in 2006;
40 East 52nd Street Formerly Assistant Treasurer of the MLIM/FAM advised funds from 2005 to
New York, NY 10022 2006; Director of MLIM Fund Services Group from 2001 to 2006.
1970
- ------------------------------------------------------------------------------------------------------------------------------------
Brian P. Kindelan Chief Since 2007 Chief Compliance Officer of the Funds since 2007; Anti-Money Laundering
40 East 52nd Street Compliance Officer of the Funds since 2007; Managing Director and Senior Counsel
New York, NY 10022 Officer of thereof since 2005; Director and Senior Counsel of BlackRock Advisors, Inc.
1959 the Funds 2001 to 2004 and Vice President and Senior Counsel thereof from 1998 to
2000; Senior Counsel of The PNC Bank Corp. from 1995 to 1998.
- ------------------------------------------------------------------------------------------------------------------------------------
Howard Surloff Secretary Since 2007 Managing Director of BlackRock, Inc. and General Counsel of U.S. Funds at
40 East 52nd Street BlackRock, Inc. since 2006; Formerly General Counsel (U.S.) of Goldman Sachs
New York, NY 10022 Asset Management, L.P. from 1993 to 2006.
1965
--------------------------------------------------------------------------------------------------------
* Officers of the Fund/Master LLC serve at the pleasure of the Board of Directors.
- ------------------------------------------------------------------------------------------------------------------------------------
Further information about the Fund's/Master LLC's Officers and Directors is available in the
Fund's/Master LLC's Statement of Additional Information, which can be obtained without charge by calling
(800) 441-7762.
- ------------------------------------------------------------------------------------------------------------------------------------
Custodian
State Street Bank and
Trust Company
Boston, MA 02101
Transfer Agent
Financial Data Services, Inc.
Jacksonville, FL 32246
Accounting Agent
State Street Bank and
Trust Company
Princeton, NJ 08540
Independent Registered Public
Accounting Firm
Deloitte & Touche LLP
Princeton, NJ 08540
Legal Counsel
Sidley Austin LLP
New York, NY 10019
22 CMA MONEY FUND MARCH 31, 2008
Additional 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 website at
http://www.sec.gov and 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 (800) SEC-0330. The Fund's Forms N-Q
may also be obtained upon request and without charge by calling (800) 441-7762.
Electronic Delivery
Electronic copies of most financial reports and prospectuses are available on
the Fund's website or 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 Advisors, Banks or Brokerages:
Please contact your financial advisor to enroll. Please note that not all
investment advisors, banks or brokerages may offer this service.
General Information
The Fund will mail only one copy of shareholder documents, including annual and
semi-annual reports and proxy statements, to shareholders with multiple accounts
at the same address. This practice is commonly called "householding" and it is
intended to reduce expenses and eliminate duplicate mailings of shareholder
documents. Mailings of your shareholder documents may be householded
indefinitely unless you instruct us otherwise. If you do not want the mailing of
these documents to be combined with those for other members of your household,
please contact the fund at (800) 441-7762.
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 websites.
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.
CMA MONEY FUND MARCH 31, 2008 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. Total return information assumes reinvestment of all distributions.
Past performance results shown in this report should not be considered a
representation of future performance. For current month-end performance
information, call (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 (800) 441-7762; (2) at
www.blackrock.com; and (3) on the Securities and Exchange Commission's website
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 or by calling (800) 441-7762
and (2) on the Securities and Exchange Commission's website at
http://www.sec.gov.
CMA Money Fund
100 Bellevue Parkway
Wilmington, DE 19809
#11213 -- 3/08
Item 2 - Code of Ethics - The registrant (or the "Fund") has adopted a code
of ethics, as of the end of the period covered by this report,
applicable to the registrant's principal executive officer,
principal financial officer and principal accounting officer, or
persons performing similar functions. During the period covered by
this report, there have been no amendments to or waivers granted
under the code of ethics. A copy of the code of ethics is available
without charge at www.blackrock.com.
Item 3 - Audit Committee Financial Expert - The registrant's board of
directors or trustees, as applicable (the "board of directors") has
determined that (i) the registrant has the following audit committee
financial experts serving on its audit committee and (ii) each audit
committee financial expert is independent:
Ronald W. Forbes (not reappointed to audit committee, effective
November 1, 2007)
Kenneth L. Urish (term began, effective November 1, 2007)
Richard R. West (term ended, effective November 1, 2007)
Under applicable securities laws, a person determined to be an audit
committee financial expert will not be deemed an "expert" for any
purpose, including without limitation for the purposes of Section 11
of the Securities Act of 1933, as a result of being designated or
identified as an audit committee financial expert. The designation
or identification as an audit committee financial expert does not
impose on such person any duties, obligations, or liabilities
greater than the duties, obligations, and liabilities imposed on
such person as a member of the audit committee and board of
directors in the absence of such designation or identification.
Item 4 - Principal Accountant Fees and Services
- ----------------------------------------------------------------------------------------------------------------------------------
(a) Audit Fees (b) Audit-Related Fees(1) (c) Tax Fees(2) (d) All Other Fees(3)
- ----------------------------------------------------------------------------------------------------------------------------------
Current Previous Current Previous Current Previous Current Previous
Fiscal Year Fiscal Fiscal Year Fiscal Fiscal Year Fiscal Fiscal Year Fiscal
Entity Name End Year End End Year End End Year End End Year End
- ----------------------------------------------------------------------------------------------------------------------------------
Master Money LLC $37,300 $41,600 $0 $0 $9,200 $9,200 $0 $0
- ----------------------------------------------------------------------------------------------------------------------------------
CMA Money Fund $6,800 $6,600 $0 $0 $6,100 $6,100 $749 $0
- ----------------------------------------------------------------------------------------------------------------------------------
1 The nature of the services include assurance and related services reasonably
related to the performance of the audit of financial statements not included in
Audit Fees.
2 The nature of the services include tax compliance, tax advice and tax
planning.
3 The nature of the services include a review of compliance procedures and
attestation thereto.
(e)(1) Audit Committee Pre-Approval Policies and Procedures:
The registrant's audit committee (the "Committee") has adopted
policies and procedures with regard to the pre-approval of services.
Audit, audit-related and tax compliance services provided to the
registrant on an annual basis require specific pre-approval by the
Committee. The Committee also must approve other non-audit services
provided to the registrant and those non-audit services provided to
the registrant's affiliated service providers that relate directly
to the operations and the financial reporting of the registrant.
Certain of these non-audit services that the Committee believes are
a) consistent with the SEC's auditor independence rules and b)
routine and recurring services that will not impair the independence
of the independent accountants may be approved by the Committee
without consideration on a specific case-by-case basis ("general
pre-approval"). The term of any general pre-approval is 12 months
from the date of the pre-approval, unless the Committee provides for
a different period. Tax or other non-audit services provided to the
registrant which have a direct impact on the operation or financial
reporting of the registrant will only be deemed pre-approved
provided that any individual project does not exceed $10,000
attributable to the registrant or $50,000 for all of the registrants
the Committee oversees. For this purpose, multiple projects will be
aggregated to determine if they exceed the previously mentioned cost
levels.
Any proposed services exceeding the pre-approved cost levels
will require specific pre-approval by the Committee, as will any
other services not subject to general pre-approval (e.g.,
unanticipated but permissible services). The Committee is informed
of each service approved subject to general pre-approval at the next
regularly scheduled in-person board meeting. At this meeting, an
analysis of such services is presented to the Committee for
ratification. The Committee may delegate to one or more of its
members the authority to approve the provision of and fees for any
specific engagement of permitted non-audit services, including
services exceeding pre-approved cost levels.
(e)(2) None of the services described in each of Items 4(b) through
(d) were approved by the audit committee pursuant to paragraph
(c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) Not Applicable
(g) Affiliates' Aggregate Non-Audit Fees:
--------------------------------------------------------------------
Current Fiscal Previous Fiscal
Entity Name Year End Year End
--------------------------------------------------------------------
Master Money LLC $287,500 $3,023,700
--------------------------------------------------------------------
CMA Money Fund $288,249 $3,020,600
--------------------------------------------------------------------
(h) The registrant's audit committee has considered and determined
that the provision of non-audit services that were rendered to the
registrant's investment adviser (not including any non-affiliated
sub-adviser whose role is primarily portfolio management and is
subcontracted with or overseen by the registrant's investment
adviser), and any entity controlling, controlled by, or under common
control with the investment adviser that provides ongoing services
to the registrant that were not pre-approved pursuant to paragraph
(c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with
maintaining the principal accountant's independence.
Regulation S-X Rule 2-01(c)(7)(ii) - $287,500, 0%
Item 5 - Audit Committee of Listed Registrants - Not Applicable
Item 6 - Investments
(a) The registrant's Schedule of Investments is included as part of
the Report to Stockholders filed under Item 1 of this form.
(b) Not Applicable due to no such divestments during the semi-annual
period covered since the previous Form N-CSR filing.
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 and Governance 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 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 - See Item 2
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.
CMA Money Fund and Master Money LLC
By: /s/ Donald C. Burke
-----------------------------------
Donald C. Burke
Chief Executive Officer of
CMA Money Fund and Master Money LLC
Date: May 22, 2008
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
CMA Money Fund and Master Money LLC
Date: May 22, 2008
By: /s/ Neal J. Andrews
-----------------------------------
Neal J. Andrews
Chief Financial Officer (principal financial officer) of
CMA Money Fund and Master Money LLC
Date: May 22, 2008