CMA OHIO MUNICIPAL MONEY FUND OF CMA MULTI STATE MUN SERS TR
N-30D, 1995-05-15
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CMA

CMA OHIO
MUNICIPAL MONEY FUND


Annual Report










March 31, 1995


MERRILL LYNCH BULL LOGO




Officers and Trustees
Arthur Zeikel--President and Trustee
Ronald W. Forbes--Trustee
Cynthia A. Montgomery--Trustee
Charles C. Reilly--Trustee
Kevin A. Ryan--Trustee
Richard R. West--Trustee
Terry K. Glenn--Executive Vice President
Vincent R. Giordano--Senior Vice President
Edward J. Andrews--Vice President
Donald C. Burke--Vice President
Peter J. Hayes--Vice President
Kenneth A. Jacob--Vice President
Kevin A. Schiatta--Vice President
Helen Marie Sheehan--Vice President
Gerald M. Richard--Treasurer
Robert Harris--Secretary
<PAGE>
Custodian
State Street Bank and Trust Company
P.O. Box 1713
Boston, MA 02101

Transfer Agent
Financial Data Services, Inc.
4800 Deer Lake Drive East
Jacksonville, FL 32246-6484
(800) 221-7210*


[FN]
*For inquiries regarding your CMA account,
 call (800) CMA-INFO [(800) 262-4636].




This report is not authorized for use as an offer
of sale or a solicitation of an offer to buy shares
of the Fund unless accompanied or preceded by
the Fund's current prospectus. Past performance
results shown in this report should not be con-
sidered a representation of future performance,
which will fluctuate. The Fund seeks to maintain
a consistent $1.00 net asset value per share,
although this cannot be assured. An investment
in the Fund is neither insured nor guaranteed
by the US Government.


CMA Ohio
Municipal Money Fund
Box 9011
Princeton, NJ 08543-9011
<PAGE>



TO OUR SHAREHOLDERS:


For the year ended March 31, 1995, CMA Ohio Municipal Money Fund
paid shareholders a net annualized yield of 2.65%*. As of March 31,
1995, the Fund's 7-day yield was 3.46%.

The Environment
During the six months ended March 31, 1995, the perception that the
US economy was overheating and inflationary pressures were
increasing gave way to a more benign economic outlook. With more
signs of slowing growth, investors now appear to be forecasting a
"soft landing" for the US economy. Although gross domestic product
(GDP) was reported to have increased at a revised 5.1% rate during
the final quarter of 1994, declines in other indicators such as new
home sales and durable goods orders registered thus far in 1995 have
led investors to anticipate that the economy is losing enough
momentum to keep inflation under control and preclude further
significant monetary policy tightening by the Federal Reserve Board.

However, as US stock and bond markets have risen on more positive
economic news, the value of the US dollar reached new lows relative
to the yen and the Deutschemark. Persistent trade deficits and
exports of capital from the United States have kept the US currency
in a decade-long decline relative to the Japanese and German
currencies. Over the longer term, since the United States has the
highest productivity among industrialized nations and among the
lowest labor costs, demand for US dollar-denominated assets may
improve. However, a reduction of the still-widening US trade deficit
may be necessary before the US dollar appreciates substantially
relative to the yen and the Deutschemark.


[FN]
*Based on a constant investment throughout the period, with
 dividends compounded daily, and reflecting a net return to the
 investor after all expenses.


The first months of 1995 have been very positive for the stock and
bond markets. Continued signs of a moderating expansion and
well-contained inflationary pressures would provide further
assurance that the peak in interest rates is behind us. On the other
hand, indications of reaccelerating growth and further significant
monetary policy tightening by the Federal Reserve Board would be a
decided negative for the US financial markets.
<PAGE>
Investment Outlook and Strategy
Interest rates on short-term securities finished the six-month
period ended March 31, 1995 higher than at the beginning of the
period. However, interest rates were volatile during the March
period. The restrictive monetary policy initiated by the Federal
Reserve Board in February 1994 was maintained during the six-month
period ended March 31, 1995. On November 15, 1994 the Federal
Reserve Board made its most aggressive move of the cycle by hiking
both the Federal Funds rate and the discount rate 75 basis points
(0.75%) to 5.50% and 4.75%, respectively. The Federal Reserve Board
followed this move with a 50 basis point increase on February 1,
1995, making it the seventh interest rate hike of the cycle and
doubling the Federal Funds rate to its current level of 6.00%. The
first half of the six-month period ended March 31, 1995 was one of
rising short-term interest rates as investors drove interest rates
up in anticipation of additional Federal Reserve Board tightening.
However, the larger-than-expected increase in the Federal Funds rate
in November 1994 led investors to believe that the Federal Reserve
Board would achieve the elusive soft landing of the US economy. This
set the stage for a rally in US financial markets which drove
interest rates sharply lower. For example, interest rates on six-
month US Treasury bills rose by nearly 110 basis points by the
beginning of December 1994 from their October 1, 1994 levels, only
to fall by approximately 50 basis points by March 31, 1995 for a net
increase of approximately 60 basis points.

Ohio, which exhibited strong economic growth in the past, showed
signs of easing during the latter part of the six-month period ended
March 31, 1995. Manufacturing activity began to subside from its
torrid pace, as the automobile industry initiated a program of
production cutbacks to meet slowing domestic demand. However, Ohio
continued to diversify its manufacturing employment sector, allowing
many small and large manufacturers to expand and restructure their
productive capacity to meet global demand for an array of consumer
products. This allowed Ohio's seasonally adjusted unemployment rate
of 3.8% for March 1995 to remain low relative to the national
average of 5.5%. Despite a low unemployment rate, job creation
lagged behind the nation's employment growth rate. In addition,
Ohio's income growth tends to lag behind the national average,
primarily because of its disproportionate amount of manufacturing
jobs. Wages for these jobs also tend to fall behind increases in the
service sector.

The re-election of Governor George Voinovich in November 1994 should
insure a similar political agenda over the next four years. In his
latest budget proposal for fiscal year 1996, Governor Voinovich
plans to eliminate General Assistance and some Disability Assistance
welfare programs, saving approximately $196.6 million over two
years. His budget also proposes reinstating a soda tax with revenue
earmarked for community projects, boosting funding for primary and
secondary education, and possibly reducing income taxes if Ohio's
economic situation continues to improve.
<PAGE>
Positive economic growth continues to translate into positive tax
receipts for fiscal year 1995 that are running slightly higher than
1994's levels. Ohio employed these positive revenue streams into
managing daily operations, thus avoiding the need to borrow in the
short-term market. However, total issuance for the various local
municipalities remained moderate at $472 million, or 78% higher than
the comparable 1994 period and were predominately issued with
one-year maturities.

CMA Ohio Municipal Money Fund maintained a predominately defensive
strategy throughout the six-month period ended March 31, 1995. We
allowed the average portfolio maturity to decline from the 55-day
range at September 30, 1994 to the 30-day range. We also reduced our
purchases of one-year municipal notes, maintained a high percentage
of variable rate demand notes, and kept tax-exempt commercial paper
in the 30-day range. Several factors guided our actions, including
the uncertainty over whether the Federal Reserve Board had ended
monetary tightening, the declining dollar, and the Mexican peso
crisis. These events created an atmosphere that warranted a more
conservative approach. We continue to closely monitor credit quality
while seeking to offer shareholders an attractive tax-exempt yield.

Sincerely,



(Arthur Zeikel)
Arthur Zeikel
President



(Vincent R. Giordano)
Vincent R. Giordano
Senior Vice President and Portfolio Manager



May 2, 1995



Portfolio Abbreviations for CMA Ohio Municipal Money Fund

AMT   Alternative Minimum Tax (subject to)
BAN   Bond Anticipation Notes
CP    Commercial Paper
HFA   Housing Finance Agency
IDR   Industrial Development Revenue Bonds
M/F   Multi-Family
PCR   Pollution Control Revenue Bonds
UT    Unlimited Tax
VRDN  Variable Rate Demand Notes
<PAGE>



<TABLE>
CMA OHIO MUNICIPAL MONEY FUND
SCHEDULE OF INVESTMENTS AS OF MARCH 31, 1995                                                              (IN THOUSANDS)
<CAPTION>
                     Face                                                                                        Value
State               Amount                             Issue                                                   (Note 1a)
<S>                <C>        <S>                                                                               <C>
Ohio--101.1%       $  2,000   Akron, Ohio, Sanitation Sewer System Revenue Bonds, VRDN, 4.15% due
                              12/01/2014 (a)                                                                    $  2,000
                      1,540   Allen County, Ohio, IDR (Nickles Bakery Project), VRDN, 4.90% due
                              1/02/2003 (a)                                                                        1,540
                      2,555   Ashtabula County, Ohio, IDR (Neff-Perkins Co. Project), VRDN,
                              AMT, 4.45% due 6/01/2005 (a)                                                         2,555
                      2,000   Blue Ash, Ohio, BAN, 5% due 10/30/1995                                               2,010
                              Brooklyn Heights, Ohio, IDR, VRDN, AMT (a):
                        555      (ATC Nymold Inc.), 4.45% due 2/01/2002                                              555
                      3,350      (Keynote Office Center), 4.55% due 12/01/2009                                     3,350
                              Cincinnati and Hamilton Counties, Ohio, Port Authority,
                              IDR, VRDN (a):
                      3,500      (Multi-Color Corp. Project), 4% due 11/01/2000                                    3,500
                        425      Refunding (Schottenstein Stores), 4.20% due 9/01/1997                               425
                              Cincinnati, Ohio, Student Loan Funding Corporation, Student Loan
                              Revenue Bonds, VRDN (a):
                      1,800      AMT, Series A-1, 4.30% due 1/01/2007                                              1,800
                      2,000      AMT, Series A-2, 4.30% due 1/01/2007                                              2,000
                      1,500      AMT, Series A-3, 4.30% due 1/01/2007                                              1,500
                        500      Series 1983A, 4.20% due 12/29/1998                                                  500
                      2,600   Clermont County, Ohio, IDR (Southern Ohio Fabricator), VRDN, AMT,
                              Series A, 4.35% due 9/01/2005 (a)                                                    2,600
                      2,100   Columbus, Ohio, Sewer Revenue Refunding Bonds, VRDN, 4.05% due
                              6/01/2011 (a)                                                                        2,100
                      8,000   Cuyahoga County, Ohio, Hospital Improvement Revenue Bonds (Cleveland
                              University Hospital), VRDN, 4.25% due 1/01/2016 (a)                                  8,000
                              Cuyahoga County, Ohio, IDR, VRDN (a):
                      1,000      (Allen Group Incorporated Project), 4.05% due 12/01/2015                          1,000
                      1,000      (Athens Pastries Inc. Project), AMT, 4.45% due 6/03/2009                          1,000
                      4,200      (Cleveland E Excel Ltd.), AMT, 4.45% due 3/01/2019                                4,200
                      2,025      (Puritas Association Project), 4.55% due 12/01/2006                               2,025
                      4,200      (Suburban Pavilion Inc. Project), AMT, 4.50% due 10/02/2006                       4,200
                      1,770   Dawson-Bryant, Ohio, Local School District Construction and
                              Improvement Notes, UT, 4.25% due 6/01/1995                                           1,771
                      1,000   Dayton, Ohio, Special Facilities Revenue Bonds (Emery Air Freight
                              Project), VRDN, AMT, Series D, 4.80% due 10/01/2009 (a)                              1,000
                      3,500   Dublin, Ohio, BAN, Series A, 5% due 9/20/1995                                        3,514
</TABLE>
<PAGE>

<TABLE>
CMA OHIO MUNICIPAL MONEY FUND
SCHEDULE OF INVESTMENTS AS OF MARCH 31, 1995 (continued)                                                  (IN THOUSANDS)
<CAPTION>
                     Face                                                                                        Value
State               Amount                             Issue                                                   (Note 1a)
<S>                <C>        <S>                                                                               <C>
Ohio               $    500   Erie County, Ohio, IDR (Brighton Manor Company Project), VRDN, AMT,
(continued)                   4.45% due 11/01/2016 (a)                                                          $    500
                      1,915   Erie County, Ohio, IDR, Refunding (Huron Health Care Center Project),
                              VRDN, 4.30% due 8/01/2007 (a)                                                        1,915
                      6,000   Franklin County, Ohio, Health System Revenue Bonds (Franciscan Sisters-
                              Saint Anthony Medical Facility), VRDN, Series B, 4.25% due 7/01/2015 (a)             6,000
                              Franklin County, Ohio, Hospital Revenue Bonds, VRDN (a):
                      5,300      (Children's Hospital Project), Series B, 4.40% due 12/01/2014                     5,300
                      1,000      (Lutheran Senior City Inc. Project), 4.15% due 5/01/2015                          1,000
                              Franklin County, Ohio, IDR, VRDN, AMT (a):
                      2,500      Refunding (Heekin Can Inc. Project), 4.35% due 5/01/2007                          2,500
                      2,000      (Tigeropoly Manufacturing, Inc.), 4.25% due 7/01/1997                             2,000
                      5,500   Franklin County, Ohio, M/F Housing Revenue Bonds (Colonial Courts
                              Project), VRDN, AMT, 4.65% due 12/01/2024 (a)                                        5,500
                        130   Geauga County, Ohio, IDR (Best Sand Corp. Project), VRDN, AMT, 4.55% due
                              4/01/l999 (a)                                                                          130
                      1,250   Grandview Heights, Ohio, City School District, BAN, 4.84% due 4/13/1995              1,250
                      3,000   Greene County, Ohio, Certificates of Indebtedness, Series B, 4.25% due
                              7/19/1995                                                                            3,002
                      3,400   Greene County, Ohio, IDR, Refunding (Apple Valley Association), VRDN,
                              4% due 8/01/2009 (a)                                                                 3,400
                     12,200   Hamilton County, Ohio, Health Systems Revenue Bonds (Franciscan Sisters
                              Poor Health), VRDN, Series A, 4.25% due 3/01/2017 (a)                               12,200
                      1,850   Hancock County, Ohio, IDR (Quality Material Handling Equipment),
                              VRDN, AMT, 4.55% due 12/01/1998 (a)                                                  1,850
                      8,000   Hilliard County, Ohio, School District, BAN, UT, 4.77% due 4/13/1995                 8,002
                      1,250   Huber Heights, Ohio, IDR (Lasermike Inc. Project), VRDN, AMT, 4.45% due
                              12/01/2014 (a)                                                                       1,250
                      3,000   Kent, Ohio, IDR (Ravens Metal Products Project), VRDN, AMT, 4.35% due
                              12/01/2009 (a)                                                                       3,000
                        250   Lucas County, Ohio, Hospital Revenue Bonds (Sunshine Children's Home
                              Project), VRDN, 4.35% due 12/01/2007 (a)                                               250
                              Marion County, Ohio, Hospital Improvement Revenue Bonds (Pooled Lease
                              Program):
                      2,325      4.25% due 10/01/1995                                                              2,325
                      1,615      VRDN, 4.30% due 5/01/2019 (a)                                                     1,615
                      3,330   Mentor, Ohio, IDR (Metcor Partnership/Tridelt), VRDN, AMT, 4.45% due
                              12/01/2008 (a)                                                                       3,330
                      2,650   Moraine, Ohio, IDR, Refunding (Gray America Corporation Project), VRDN,
                              AMT, 4.45% due 12/01/2001 (a)                                                        2,650
                      3,680   Morrow County, Ohio, BAN (Detention Facilities), 4.20% due 6/01/1995                 3,682
                      2,455   Ohio HFA, M/F Housing Revenue Bonds (Kenwood Congregate Retirement
                              Program), VRDN, 4% due 12/01/2015 (a)                                                2,455
                      2,500   Ohio State Air Quality Development Authority, Pollution Control
                              Facilities, PCR (Duquesne Light), CP, AMT, 4.35% due 5/12/1995                       2,500
                      1,115   Ohio State Coal Development, Series B, 5% due 8/01/1995                              1,119
                      4,000   Ohio State Environmental Improvement Revenue Bonds (US Steel Corp.),
                              VRDN, 4.30% due 5/01/2011 (a)                                                        4,000
                      2,910   Ohio State Higher Educational Facilities, Commission Revenue Bonds
                              (Mount Vernon), VRDN, 4.35% due 9/01/2009 (a)                                        2,910
</TABLE>
<PAGE>

<TABLE>
CMA OHIO MUNICIPAL MONEY FUND
SCHEDULE OF INVESTMENTS AS OF MARCH 31, 1995 (continued)                                                  (IN THOUSANDS)
<CAPTION>
                     Face                                                                                        Value
State               Amount                             Issue                                                   (Note 1a)
<S>                <C>        <S>                                                                               <C>
Ohio               $  3,400   Ohio State Higher Educational Facilities Revenue Bonds (Kenyon
(continued)                   College Project), VRDN, 4.15% due 4/01/2022 (a)                                   $  3,400
                      2,150   Ohio State PCR, Refunding (Alcoa Project), VRDN, 4.15% due 10/01/2000 (a)            2,150
                      1,950   Ohio State University, General Receipts, VRDN, Series B, 4.15% due
                              12/01/2012 (a)                                                                       1,950
                              Ohio State Water Development Authority, Environmental Improvement Revenue
                              Bonds (Mead Corp. Project), CP, AMT:
                      2,500      4.25% due 4/13/1995                                                               2,500
                      5,000      4.20% due 4/20/1995                                                               5,000
                      1,500      4.10% due 5/18/1995                                                               1,500
                      1,300   Ohio State Water Development Authority, Environmental Revenue Bonds
                              (Honda America), VRDN, 4.15% due 1/01/1997 (a)                                       1,300
                              Ohio State Water Development Authority, Pollution Control Facilities, PCR
                              (Duquesne Light), CP, AMT:
                      3,000      4.25% due 4/07/1995                                                               3,000
                      1,000      4% due 5/11/1995                                                                  1,000
                              Ohio State Water Development Authority, Pollution Control Facilities
                              Revenue Bonds:
                      3,000      (Duquesne Light Co. Project), VRDN, AMT, 4.35% due 10/01/2023 (a)                 3,000
                      4,500      (Ohio Edison Co. Project), Series B, 4.25% due 9/01/1995                          4,500
                      2,200   Olentangy, Ohio, Local School District, BAN, UT, 4.90% due 4/13/1995                 2,200
                      3,000   Olmsted Falls, Ohio, Local School District, BAN, 5% due 5/31/1995                    3,004
                        800   Paulding County, Ohio, IDR, Refunding (Countrymark Cooperative Inc.
                              Project), VRDN, 4.20% due 3/01/l999 (a)                                                800
                      2,100   Portage County, Ohio, IDR (NCSP L.P. Project), VRDN, AMT, 4.45% due
                              7/01/2014 (a)                                                                        2,100
                      2,800   Portage County, Ohio, IDR (PM Property One, Ltd.), VRDN, AMT, 4.45%
                              due 11/01/2012 (a)                                                                   2,800
                      3,000   Richland County, Ohio, BAN, 4.85% due 9/14/1995                                      3,008
                      1,500   Rickenbacker, Ohio, Port Authority, IDR, Refunding (Rickenbacker
                              Holdings, Inc.), VRDN, 4.30% due 12/01/2010 (a)                                      1,500
                      1,300   Sandusky County, Ohio, IDR (Brighton Manor Co. Project), VRDN, AMT,
                              4.45% due 12/01/2016 (a)                                                             1,300
                        425   Solon, Ohio, IDR (Tameran Project), VRDN, AMT, 4.45% due 11/01/2004 (a)                425
                      2,250   Strongsville, Ohio, IDR (E & E Properties/Dupli System Project),
                              VRDN, AMT, 4.50% due 2/01/2010 (a)                                                   2,250
                      1,000   Summit County, Ohio, Hospital Facilities Revenue Bonds (Cuyahoga Falls
                              General Hospital), VRDN, AMT, Series B, 4.20% due 7/01/1999 (a)                      1,000
                              Summit County, Ohio, IDR:
                        500      (Adjusted Forest Manufacturing Project), 4.50% due 11/01/2001                       500
                      1,000      (Austin Printing Co. Inc. Project), VRDN, 4.50% due 8/01/2006 (a)                 1,000
                        845      (Lucerne Production Project), VRDN, 4.45% due 6/01/2002 (a)                         845
                      4,200      (Shin-Etsu Silicones Project), VRDN, 4.15% due 11/01/2004 (a)                     4,200
                      1,465      (Sigma Properties Project), VRDN, 4.45% due 6/01/2008 (a)                         1,465
                        750      (Struktol Project), VRDN, Series A, 4.45% due 6/01/2002 (a)                         750
                      1,200      (Texler Inc. Project), 4.15% due 5/01/1995                                        1,200
                              Toledo, Ohio, City Services Special Assessment Notes:
                      4,000      4.80% due 7/27/1995                                                               4,006
                      1,700      Refunding, 4.15% due 6/01/1995                                                    1,701
</TABLE>
<PAGE>

<TABLE>
CMA OHIO MUNICIPAL MONEY FUND
SCHEDULE OF INVESTMENTS AS OF MARCH 31, 1995 (concluded)                                                  (IN THOUSANDS)
<CAPTION>
                     Face                                                                                        Value
State               Amount                             Issue                                                   (Note 1a)
<S>                <C>        <S>                                                                               <C>
Ohio               $  1,250   Troy, Ohio, Economic Development Revenue Bonds (L&CP Corporation
(concluded)                   Project), AMT, 4.40% due 6/01/1995                                                $  1,250
                              University of Cincinnati, Ohio, General Receipts, BAN:
                      5,465      Series S, 4.75% due 8/30/1995                                                     5,480
                      3,000      Series S1, 5% due 3/21/1996                                                       3,010
                      1,860   Vermilion, Ohio, IDR, Refunding (Landover Properties Ltd.), VRDN,
                              4.25% due 10/01/2004 (a)                                                             1,860
                              Warren County, Ohio, IDR, VRDN (a):
                      4,000      (Johnson & Hardin Enterprises), AMT, Series A, 4.35% due 2/01/2010                4,000
                      2,080      (Kardol Quality Products Project), AMT, 4.35% due 12/01/2014                      2,080
                      1,900      (Pioneer Industrial Components), 4.20% due 12/01/2005                             1,900
                      3,700   West Clermont, Ohio, Local School District, BAN, UT, 5.25% due 8/09/1995             3,707
                      1,540   Williams County, Ohio, IDR (Letts Industries Inc. Project), VRDN, AMT,
                              4.20% due 11/01/2008 (a)                                                             1,540
                      1,000   Willoughby, Ohio, BAN, 4.19% due 8/16/1995                                           1,001
                      2,650   Willoughby, Ohio, IDR (Malish Brush & Specialty), VRDN, AMT, 4.45% due
                              6/01/2009 (a)                                                                        2,650
                      3,260   Wood County, Ohio, Economic Development Revenue Bonds (Great Lakes
                              Window Project), AMT, 4.75% due 6/01/1995                                            3,260
                      4,465   Zanesville-Muskingum County, Ohio, Port Authority, IDR (B.E. Products
                              Inc. Project), VRDN, AMT, 4.45% due 9/01/2004 (a)                                    4,465

                              Total Investments (Cost--$240,337*)-- 101.1%                                       240,337

                              Liabilities in Excess of Other Assets--(1.1%)                                      (2,682)
                                                                                                                --------
                              Net Assets--100.0%                                                                $237,655
                                                                                                                ========


<FN>
(a)The interest rate is subject to change periodically based on
   certain indexes. The interest rate shown is the rate in effect at
   March 31, 1995.
  *Cost for Federal income tax purposes.



See Notes to Financial Statements.
</TABLE>
<PAGE>


<TABLE>
CMA OHIO MUNICIPAL MONEY FUND
STATEMENT OF ASSETS AND LIABILITIES AS OF MARCH 31, 1995
<S>                                                                                       <C>              <C>
Assets:
Investments, at value (identified cost--$240,336,954) (Note 1a)                                            $ 240,336,954
Cash                                                                                                              31,031
Interest receivable                                                                                            1,557,723
Deferred organization expenses (Note 1d)                                                                           8,399
Prepaid registration fees and other assets (Note 1d)                                                              18,473
                                                                                                           -------------
Total assets                                                                                                 241,952,580
                                                                                                           -------------
Liabilities:
Payables:
 Securities purchased                                                                     $   4,056,711
 Investment adviser (Note 2)                                                                    101,184
 Distributor (Note 2)                                                                            72,070        4,229,965
                                                                                          -------------
Accrued expenses and other liabilities                                                                            67,550
                                                                                                           -------------
Total liabilities                                                                                              4,297,515
                                                                                                           -------------
Net Assets                                                                                                 $ 237,655,065
                                                                                                           =============
Net Assets Consist of:
Shares of beneficial interest, $.10 par value, unlimited number of shares authorized                       $  23,768,662
Paid-in capital in excess of par                                                                             213,917,958
Accumulated realized capital losses--net (Note 4)                                                                (31,555)
                                                                                                           -------------
Net Assets--Equivalent to $1.00 per share based on 237,686,620 shares of
beneficial interest outstanding                                                                            $ 237,655,065
                                                                                                           =============
</TABLE>
<PAGE>

<TABLE>
CMA OHIO MUNICIPAL MONEY FUND
STATEMENT OF OPERATIONS FOR THE YEAR ENDED MARCH 31, 1995
<S>                                                                                       <C>              <C>
Investment Income (Note 1c):
Interest and amortization of premium and discount earned                                                   $   7,289,416

Expenses:
Investment advisory fees (Note 2)                                                         $   1,078,893
Distribution fees (Note 2)                                                                      268,476
Accounting services (Note 2)                                                                     67,499
Professional fees                                                                                49,207
Transfer agent fees (Note 2)                                                                     46,965
Registration fees (Note 1d)                                                                      26,353
Custodian fees                                                                                   20,300
Printing and shareholder reports                                                                 16,490
Pricing fees                                                                                     11,063
Amortization of organization expenses (Note 1d)                                                   7,801
Trustees' fees and expenses                                                                       2,895
Other                                                                                             5,522
                                                                                          -------------
Total expenses                                                                                                 1,601,464
                                                                                                           -------------
Investment income--net                                                                                         5,687,952

Realized Loss on Investments--Net (Note 1c)                                                                         (285)
                                                                                                           -------------
Net Increase in Net Assets Resulting from Operations                                                       $   5,687,667
                                                                                                           =============



See Notes to Financial Statements.
</TABLE>
<PAGE>

<TABLE>
CMA OHIO MUNICIPAL MONEY FUND                                                              For the Year Ended March 31,
STATEMENTS OF CHANGES IN NET ASSETS                                                           1995             1994

<S>                                                                                       <C>              <C>
Increase (Decrease) in Net Assets:

Operations:
Investment income--net                                                                    $   5,687,952    $   3,547,011
Realized loss on investments--net                                                                  (285)          (3,204)
                                                                                          -------------    -------------
Net increase in net assets resulting from operations                                          5,687,667        3,543,807
                                                                                          -------------    -------------
Dividends to Shareholders (Note 1e):
Investment income--net                                                                       (5,687,952)      (3,547,011)
                                                                                          -------------    -------------
Net decrease in net assets resulting from dividends to shareholders                          (5,687,952)      (3,547,011)
                                                                                          -------------    -------------
Beneficial Interest Transactions (Note 3):
Net proceeds from sale of shares                                                            823,958,852      854,339,246
Net asset value of shares issued to shareholders in reinvestment of dividends
(Note 1e)                                                                                     5,687,899        3,547,085
                                                                                          -------------    -------------
                                                                                            829,646,751      857,886,331
Cost of shares redeemed                                                                    (805,646,384)    (831,571,902)
                                                                                          -------------    -------------
Net increase in net assets derived from beneficial interest transactions                     24,000,367       26,314,429
                                                                                          -------------    -------------
Net Assets:
Total increase in net assets                                                                 24,000,082       26,311,225
Beginning of year                                                                           213,654,983      187,343,758
                                                                                          -------------    -------------
End of year                                                                               $ 237,655,065    $ 213,654,983
                                                                                          =============    =============
</TABLE>
<PAGE>


<TABLE>
CMA OHIO MUNICIPAL MONEY FUND
FINANCIAL HIGHLIGHTS
<CAPTION>
                                                                                                                 For the
                                                                                                                 Period
The following per share data and ratios have been derived                                                       April 29,
from information provided in the financial statements.                                                         1991++ to
                                                                          For the Year Ended March 31,          March 31,
Increase (Decrease) in Net Asset Value:                              1995            1994           1993          1992
<S>                                                                <C>             <C>            <C>              <C>
Per Share Operating Performance:
Net asset value, beginning of period                               $   1.00        $   1.00       $   1.00      $   1.00
                                                                   --------        --------       --------      --------
Investment income--net                                                  .03             .02            .02           .03
                                                                   --------        --------       --------      --------
Total from investment operations                                        .03             .02            .02           .03
                                                                   --------        --------       --------      --------
Less dividends from investment income--net                             (.03)           (.02)          (.02)         (.03)
                                                                   --------        --------       --------      --------
Net asset value, end of period                                     $   1.00        $   1.00       $   1.00      $   1.00
                                                                   ========        ========       ========      ========
Total Investment Return                                               2.65%           1.88%          2.27%         3.65%*
                                                                   ========        ========       ========      ========
Ratios to Average Net Assets:
Expenses, net of reimbursement and excluding distribution fees         .62%            .59%           .61%          .44%*
                                                                   ========        ========       ========      ========
Expenses, net of reimbursement                                         .74%            .72%           .74%          .57%*
                                                                   ========        ========       ========      ========
Expenses                                                               .74%            .72%           .74%          .82%*
                                                                   ========        ========       ========      ========
Investment income--net                                                2.64%           1.86%          2.24%         3.52%*
                                                                   ========        ========       ========      ========
Supplemental Data:
Net assets, end of period (in thousands)                           $237,655        $213,655       $187,344      $192,173
                                                                   ========        ========       ========      ========


<FN>
 *Annualized.
++Commencement of Operations.



See Notes to Financial Statements.
</TABLE>
<PAGE>


CMA OHIO MUNICIPAL MONEY FUND
NOTES TO FINANCIAL STATEMENTS


1. Significant Accounting Policies:
CMA Ohio Municipal Money Fund (the "Fund") is part of CMA
Multi-State Municipal Series Trust (the "Trust"). The Fund is
registered under the Investment Company Act of 1940 as a non-
diversified, open-end management investment company. The following
is a summary of significant accounting policies followed by the
Fund.

(a) Valuation of investments--Investments are valued at amortized
cost, which approximates market value. For the purpose of valuation,
the maturity of a variable rate demand instrument is deemed to be
the next coupon date on which the interest rate is to be adjusted.
In the case of a floating rate instrument, the remaining maturity is
the demand notice payment period.

(b) 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.

(c) Security transactions and investment income--Security
transactions are recorded on the dates the transactions are entered
into (the trade dates). Interest income (including amortization of
premium and discount) is recognized on the accrual basis. Realized
gains and losses on security transactions are determined on the
identified cost basis.

(d) Deferred organization expenses and
prepaid registration fees--Deferred organization expenses are
charged to expense on a straight-line basis over a five-year period.
Prepaid registration fees are charged to expense as the related
shares are issued.

(e) Dividends to shareholders--The Fund declares dividends daily and
reinvests daily such dividends (net of non-resident alien tax
withheld) in additional fund shares at net asset value. Dividends
are declared from the total of net investment income, excluding
discounts earned other than original issue discounts. Net realized
capital gains, if any, are normally distributed annually after
deducting prior years' loss carryforward. The Fund may distribute
capital gains more frequently than annually in order to maintain the
Fund's net asset value at $1.00 per share.
<PAGE>
2. Investment Advisory Agreement and Transactions with Affiliates:
The Fund has entered into an Investment Advisory Agreement with Fund
Asset Management, L.P. ("FAM" or "Adviser"). The general partner of
FAM is Princeton Services, Inc. ("PSI"), an indirect wholly-owned
subsidiary of Merrill Lynch & Co., Inc. ("ML & Co."), which is the
limited partner.

FAM is responsible for the management of the Fund's portfolio and
provides the necessary personnel, facilities, equipment and certain
other services necessary to the operations of the Fund. For such
services, the Fund pays a monthly fee based upon the average daily 
value of the Fund's net assets, at the following annual rates: 0.50% 
of the first $500 million of average daily net assets; 0.425% of 
average daily net assets in excess of $500 million but not exceeding 
$1 billion; and 0.375% of average daily net assets in excess of 
$1 billion.

The most restrictive annual expense limitation requires that the 
Adviser reimburse the Fund to the extent the Fund's expenses 
(excluding interest, taxes, distribution fees, brokerage fees 
and commissions, and extraordinary items) exceed in any
fiscal year 2.5% of the Fund's first $30 million of average daily
net assets, 2.0% of the Fund's next $70 million of average daily net
assets, and 1.5% of the average daily net assets in excess thereof.
No fee payment will be made to the Adviser during any year which
will cause such expenses to exceed the pro rata expense limitation
at the time of such payment.


CMA OHIO MUNICIPAL MONEY FUND
NOTES TO FINANCIAL STATEMENTS (CONCLUDED)


Pursuant to the Distribution and Shareholder Servicing Plan in
compliance with Rule 12b-1 under the Investment Company Act of 1940,
Merrill Lynch, Pierce, Fenner & Smith Inc. ("MLPF&S") receives a
distribution fee from the Fund at the end of each month at the
annual rate of 0.125% of average daily net assets of the Fund. The
distribution fee is to compensate MLPF&S financial consultants and
other directly involved branch office personnel for selling shares
of the Fund and for providing direct personal services to
shareholders. The distribution fee is not compensation for the
administrative and operational services rendered to the Fund by
MLPF&S in processing share orders and administering shareholder
accounts.

Financial Data Services, Inc. ("FDS"), a wholly-owned subsidiary of
ML & Co., is the Fund's transfer agent.

Accounting services are provided to the Fund by FAM at cost.
<PAGE>
Certain officers and/or trustees of the Fund are officers and/or
directors of FAM, PSI, MLPF&S, FDS, and/or ML & Co.

3. Shares of Beneficial Interest:
The number of shares purchased and redeemed during the period
corresponds to the amounts included in the Statements of Changes in
Net Assets for net proceeds from sale of shares and cost of shares
redeemed, respectively, since shares are recorded at $1.00 per
share.

4. Capital Loss Carryforward:
At March 31, 1995, the Fund had a net capital loss carryforward of
approximately $32,000, of which $23,000 expires in 2000, $5,000
expires in 2001, and $4,000 expires in 2002. This amount will be
available to offset like amounts of any future taxable gains.





<AUDIT-REPORT>
CMA OHIO MUNICIPAL MONEY FUND
INDEPENDENT AUDITORS' REPORT

The Board of Trustees and Shareholders,
CMA Ohio Municipal Money Fund of
CMA Multi-State Municipal Series Trust:

We have audited the accompanying statement of assets and
liabilities, including the schedule of investments, of CMA Ohio
Municipal Money Fund of CMA Multi-State Municipal Series Trust as of
March 31, 1995, the related statements of operations for the year
then ended and changes in net assets for each of the years in the
two-year period then ended, and the financial highlights for each of
the years in the three-year period then ended and the period April
29, 1991 (commencement of operations) to March 31, 1992. These
financial statements and the financial highlights are the
responsibility of the Fund's management. Our responsibility is to
express an opinion on these financial statements and the financial
highlights based on our audits.

We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and perform
the audit to obtain reasonable assurance about whether the financial
statements and the financial highlights are free of material
misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements.
Our procedures included confirmation of securities owned at March
31, 1995 by correspondence with the custodian and brokers. An audit
also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
<PAGE>
In our opinion, such financial statements and financial highlights
present fairly, in all material respects, the financial position of
CMA Ohio Municipal Money Fund of CMA Multi-State Municipal Series
Trust as of March 31, 1995, the results of its operations, the
changes in its net assets, and the financial highlights for the
respective stated periods in conformity with generally accepted
accounting principles.



Deloitte & Touche LLP
Princeton, New Jersey
May 3, 1995
</AUDIT-REPORT>




IMPORTANT TAX INFORMATION (UNAUDITED)


All of the net investment income distributions paid daily by CMA
Ohio Municipal Money Fund of CMA Multi-State Municipal Series Trust
during the taxable year ended March 31, 1995 qualify as tax-exempt
interest dividends for Federal income tax purposes.

Additionally, there were no capital gains distributed during the 
Fund's taxable year ended March 31, 1995.

Please retain this information for your records.



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