CMA
CMA OHIO
MUNICIPAL MONEY FUND
Semi-Annual Report
September 30, 1995
MERRILL LYNCH BULL LOGO
<PAGE>
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
Custodian
State Street Bank and Trust Company
P.O. Box 1713
Boston, MA 02101
Transfer Agent
Merrill Lynch 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 considered 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.
<PAGE>
CMA Ohio
Municipal Money Fund
Box 9011
Princeton, NJ 08543-9011
To Our Shareholders:
For the six-month period ended September 30, 1995, CMA Ohio
Municipal Money Fund paid shareholders a net annualized yield of
3.36%*. As of September 30, 1995, the Fund's 7-day yield was 3.48%.
The Environment
After losing momentum through the second calendar quarter of 1995,
it now appears that the US economy has resumed a moderate growth
trend. Gross domestic product growth for the three months ended June
30 was revised to show that the economy expanded at a 1.1% pace,
rather than the 0.5% rate that was originally reported. The
employment report for August exceeded consensus expectations,
although most of the new jobs created were in the service sector,
reflecting the ongoing sluggishness in manufacturing. However,
durable goods orders rebounded somewhat in August, supported by
stronger automobile sales. Reflecting the trend of renewed economic
growth--and continued containment of inflationary pressures--the
Federal Reserve Board signaled no shift in monetary policy following
its September meeting.
One of the major developments during the latter part of the period
under review was the strengthening of the US dollar relative to the
yen and the Deutschemark. Improving interest rate differentials
favoring the US currency, combined with coordinated central bank
intervention and more positive investor sentiment, have helped to
bolster the dollar in foreign exchange markets. Other factors that
appear to be improving the US dollar's outlook in the near term are
a pick-up in capital flows to the United States and the prospect of
increased capital outflows from Japan. However, it remains to be
seen if the US dollar's strengthening trend can continue without
significant improvements in the US budget and trade deficits.
<PAGE>
In the weeks ahead, investor interest will continue to focus on US
economic activity. Clear signs of a moderate, noninflationary
expansion could further benefit the US stock and bond markets. In
addition, should the current Federal budget deficit reduction
efforts now underway in Washington prove successful, the
implications would likely be positive for the US financial markets.
[FN]
*Based on a constant investment throughout the period, with
dividends compounded daily, and reflecting a net return to the
investor after all expenses.
Investment Outlook and Strategy
Short-term interest rates continued to fall relatively unabated
during the six-month period ended September 30, 1995 as they have
since late 1994. Economic data releases indicated that the severely
restrictive monetary policy undertaken by the Federal Reserve Board
in 1994 had moderated the growth of the US economy. Additionally,
the news on inflation continued to be overwhelmingly favorable which
provided the backdrop for a falling interest rate environment.
Investors began to anticipate that the Federal Reserve Board would
eventually have to begin cutting interest rates to avoid the
possibility of a recession in the US economy. In fact, on July 6,
1995, the Federal Reserve Board cut its key interest rate by 25
basis points to 5.75% confirming that an economic switch had
occurred and signaling a change in monetary policy from a
restrictive to a more neutral stance. This series of events provided
the impetus for the shape of the yield curve to become flatter
overthe course of the six-month period. For instance, while yields
on three-month US Treasury bills fell approximately 45 basis points
for the period, the yield on one-year US Treasury bills dropped
nearly 95 basis points during the same period.
The State of Ohio, which experienced moderate economic growth during
the six months ended September 30, 1995, continued to fare better
than most industrialized states. Ohio's durable goods manufacturing
sector is a leading job producer, especially in transportation
products such as autos, trucks, aerospace and parts manufacturing.
In addition, Ohio's lumber and industrial machinery sector, with 4%
growth, accounted for nearly one-third of all net new jobs over the
past 12 months. This translated into a seasonally adjusted
unemployment rate below the national average during the six-month
period ended September 30, 1995. Although the State's unemployment
rate did rise from a low of 3.8% in March 1995, the seasonally
adjusted unemployment rate for September 1995 was 5.2% compared to
the national average of 5.6%.
<PAGE>
Ohio ended fiscal year 1995 with an obligated fund balance in the
General Revenue Fund of $928 million. This positive balance was the
result of tax revenues ending the fiscal year $332.7 million above
estimates, and disbursements at $933.2 million below estimates. Most
of the decline in expenses came from a reduction in entitlement
spending for Medicaid General Relief and other welfare programs. For
the first three months of 1995 Ohio's revenues remained on target
with budget estimates. These positive revenue streams allowed the
State to avoid borrowing in the short-term municipal market to
finance daily operations. However, under State Treasurer J. Kenneth
Blackwell's bill, Ohio issued its first State-sponsored short-term
municipal notes during the six months ended September 1995. This
increased short-term municipal note issuance to a moderate $664
million, or 43% over the comparable period last year.
Throughout the six-month period ended September 1995, we employed a
cautious investment approach and kept the average life of the Fund
predominately in the 35-day range. Although there was an increase in
Ohio local short-term municipal note issuance over previous periods,
yields on variable rate demand notes remained competitive with these
long-term municipal notes throughout the period. This flat yield
curve allowed us to be selective in purchasing various short-term
municipal notes that offer both a high coupon and enhance the Fund's
yield. We will continue to maintain a cautious approach to the short-
term municipal market during the upcoming period as long as
conditions warrant and there are no clear indicators that the
Federal Reserve Board is about to embark on an aggressive easing of
monetary policy. We continue to look for opportunities to diversify
and closely monitor credit quality while seeking to offer an
attractive tax-exempt yield for the Fund's shareholders.
In Conclusion
We thank you for your continued support of CMA Ohio Municipal Money
Fund, and we look forward to serving your investment needs in the
future.
Sincerely,
(Arthur Zeikel)
Arthur Zeikel
President
(Vincent R. Giordano)
Vincent R. Giordano
Senior Vice President
<PAGE>
(Kevin A. Schiatta)
Kevin A. Schiatta
Vice President and Portfolio Manager
October 30, 1995
We are pleased to announce that Kevin A. Schiatta is responsible for
the day-to-day management of CMA Ohio Municipal Money Fund. Mr.
Schiatta has been employed by Merrill Lynch Asset Management, L.P.
since 1979, and has been Vice President and Portfolio Manager in the
Tax-Exempt Bond Department since 1987.
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 SEPTEMBER 30, 1995 (IN THOUSANDS)
<CAPTION>
Face Value
State Amount Issue (Note 1a)
<S> <C> <S> <C>
Ohio--101.0% $ 495 Akron, Ohio, Sanitation Sewer System Revenue Bonds, VRDN, 4.40% due
12/01/2014 (a) $ 495
1,540 Allen County, Ohio, IDR (Nickles Bakery Project), VRDN, AMT, 4.50%
due 1/02/2003 (a) 1,540
3,500 Anthony Wayne, Ohio, Local School District, BAN, 4% due 12/14/1995 3,502
2,555 Ashtabula County, Ohio, IDR (Neff-Perkins Co. Project), VRDN, AMT,
4.60% due 6/01/2005 (a) 2,555
2,000 Blue Ash, Ohio, BAN, 5% due 10/30/1995 2,001
Brooklyn Heights, Ohio, IDR, VRDN, AMT (a):
555 (ATC Nymold Inc.), 4.60% due 2/01/2002 555
3,350 (Keynote Office Center), 4.50% due 12/01/2009 3,350
2,000 Centerville, Ohio, City School District, BAN, 4.40% due 3/14/1996 2,005
340 Cincinnati and Hamilton Counties, Ohio, Port Authority, IDR, Refunding
(Schottenstein Stores), VRDN, 4.45% due 9/01/1997 (a) 340
4,000 Clermont County, Ohio, Hospital Facilities Revenue Bonds (Mercy Health
System), VRDN, Series B, 4.40% due 9/01/2021 (a) 4,000
2,300 Clermont County, Ohio, IDR (Southern Ohio Fabricator), VRDN, AMT, Series A,
4.65% due 9/01/2005 (a) 2,300
1,000 Cuyahoga County, Ohio, Health Care Facilities Revenue Bonds (Benjamin Rose
Institute Project), VRDN, Series B, 4.45% due 12/01/2000 (a) 1,000
4,500 Cuyahoga County, Ohio, Hospital Improvement Revenue Bonds (Cleveland
University Hospital), VRDN, 4.60% due 1/01/2016 (a) 4,500
Cuyahoga County, Ohio, IDR, VRDN (a):
1,000 (Allen Group Incorporated Project), 4.30% due 12/01/2015 1,000
1,000 (Athens Pastries Inc. Project), AMT, 4.60% due 6/03/2009 1,000
5,500 (Cleveland E Excel Ltd.), AMT, 4.60% due 3/01/2019 5,500
750 (Erieview Metal Treating Project), AMT, 4.60% due 5/05/2010 750
2,025 (Puritas Association Project), AMT, 4.50% due 12/01/2006 2,025
4,200 (Suburban Pavilion Inc. Project), AMT, 4.60% due 10/02/2006 4,200
3,000 Dayton, Ohio, BAN, AMT, 4% due 12/29/1995 3,000
Dayton, Ohio, Special Facilities Revenue Bonds (Emery Air Freight
Project), VRDN (a):
5,100 AMT, Series D, 4.75% due 10/01/2009 5,100
4,800 Series C, 4.65% due 10/01/2009 4,800
5,515 Dublin, Ohio, BAN, 4.25% due 3/20/1996 5,528
10,000 Eagle Tax Exempt Trust, Ohio, VRDN, 4.44% due 7/01/2015 (a) 10,000
</TABLE>
<PAGE>
<TABLE>
CMA OHIO MUNICIPAL MONEY FUND
SCHEDULE OF INVESTMENTS AS OF SEPTEMBER 30, 1995 (CONTINUED) (IN THOUSANDS)
<CAPTION>
Face Value
State Amount Issue (Note 1a)
<S> <C> <S> <C>
Ohio Erie County, Ohio, IDR, VRDN (a):
(continued) $ 500 (Brighton Manor Company Project), AMT, 4.60% due 11/01/2016 $ 500
1,815 Refunding (Huron Health Care Center Project), 4.45% due 8/01/2007 1,815
843 Fairfield, Ohio, City School District, BAN, 4.29% due 2/15/1996 845
7,200 Franklin County, Ohio, Health System Revenue Bonds (Franciscan Sisters-Saint
Anthony Medical Facility), VRDN, Series B, 4.60% due 7/01/2015 (a) 7,200
Franklin County, Ohio, Hospital Revenue Bonds, VRDN (a):
5,300 (Children's Hospital Project), Series B, 4.55% due 12/01/2014 5,300
1,000 (Lutheran Senior City Inc. Project), 4.40% due 5/01/2015 1,000
2,500 Franklin County, Ohio, IDR, Refunding (Heekin Can Inc. Project), VRDN, AMT,
4.65% due 5/01/2007 (a) 2,500
5,500 Franklin County, Ohio, M/F Housing Revenue Bonds (Colonial Courts Project),
VRDN, AMT, 4.50% due 12/01/2024 (a) 5,500
3,400 Fulton County, Ohio, IDR (Gilders Business Holdings Project), VRDN, AMT, 4.70%
due 4/01/2007 (a) 3,400
Geauga County, Ohio, IDR, VRDN, AMT (a):
130 (Best Sand Corp. Project), 4.65% due 4/01/1999 130
2,355 (Neff-Perkins Co. Project), 4.60% due 6/01/2005 2,355
1,000 Greene County, Ohio, IDR (FC Ltd.-AFC Stamping), VRDN, AMT, 4.15% due
9/01/2016 (a) 1,000
1,650 Hamilton County, Ohio, Economic Development Revenue Bonds (Cincinnati
Performing Arts), VRDN, 4.45% due 6/15/2005 (a) 1,650
9,500 Hamilton County, Ohio, Health Systems Revenue Bonds (Franciscan Sisters Poor
Health), VRDN, Series A, 4.60% due 3/01/2017 (a) 9,500
1,850 Hancock County, Ohio, IDR (Quality Material Handling Equipment), VRDN, AMT,
4.50% due 12/01/1998 (a) 1,850
1,250 Huber Heights, Ohio, IDR (Lasermike Inc. Project), VRDN, AMT, 4.60% due
12/01/2014 (a) 1,250
905 Huron, Ohio, BAN, 4.49% due 5/31/1996 906
250 Lucas County, Ohio, Hospital Revenue Bonds (Sunshine Children's Home Project),
VRDN, 4.55% due 12/01/2007 (a) 250
1,200 Marietta, Ohio, Water Facilities, BAN, 4.30% due 3/25/1996 1,203
Marion County, Ohio, Hospital Improvement Revenue Bonds (Pooled Lease
Program):
2,325 4.25% due 10/01/1995 2,325
1,455 VRDN, 4.45% due 5/01/2019 (a) 1,455
2,000 Marysville, Ohio, Exempt Village School District, BAN, 4.27%
due 12/20/1995 2,002
3,231 Mason, Ohio, City School District, BAN, UT, 4.33% due 12/19/1995 3,235
3,330 Mentor, Ohio, IDR (Metcor Partnership/Tridelt), VRDN, AMT, 4.60% due
12/01/2008 (a) 3,330
2,650 Moraine, Ohio, IDR, Refunding (Gray America Corporation Project), VRDN, AMT,
4.60% due 12/01/2001 (a) 2,650
2,455 Ohio HFA, M/F Housing Revenue Bonds (Kenwood Congregate Retirement
Program), VRDN, 3.55% due 12/01/2015 (a) 2,455
</TABLE>
<PAGE>
<TABLE>
CMA OHIO MUNICIPAL MONEY FUND
SCHEDULE OF INVESTMENTS AS OF SEPTEMBER 30, 1995 (CONTINUED) (IN THOUSANDS)
<CAPTION>
Face Value
State Amount Issue (Note 1a)
<S> <C> <S> <C>
Ohio $ 5,000 Ohio State Air Quality Development Authority, PCR (Duquesne Light), CP,
(continued) AMT, 3.70% due 10/20/1995 $ 5,000
Ohio State Air Quality Development Authority, Revenue Refunding Bonds:
4,100 (Cincinnati Gas & Electric), VRDN, Series B, 4.45% due 9/01/2030 (a) 4,100
1,100 (Ohio Edison Project), Series A, 3.45% due 2/01/1996 1,100
4,000 Ohio State Environmental Improvement Revenue Bonds (US Steel Corp.),
VRDN, 4.55% due 5/01/2011 (a) 4,000
2,910 Ohio State Higher Educational Facilities, Commission Revenue Bonds (Mount
Vernon), VRDN, 4.55% due 9/01/2009 (a) 2,910
3,400 Ohio State Higher Educational Facilities Revenue Bonds (Kenyon College
Project), VRDN, 4.30% due 4/01/2022 (a) 3,400
1,000 Ohio State PCR, Refunding (Sohio Air Project), VRDN, 4.75%
due 5/01/2022 (a) 1,000
1,950 Ohio State University, General Receipts, VRDN, Series B, 4.20% due
12/01/2012 (a) 1,950
Ohio State Water Development Authority, Environmental Improvement Revenue
Bonds (Mead Corp. Project), CP, AMT:
1,500 3.85% due 10/11/1995 1,500
5,000 3.80% due 10/24/1995 5,000
2,500 3.90% due 11/28/1995 2,500
3,300 Ohio State Water Development Authority, Environmental Revenue Bonds
(Honda America), VRDN, 4.30% due 1/01/1997 (a) 3,300
Ohio State Water Development Authority, Pollution Control Facilities Revenue
Bonds (Duquesne Light Co. Project), AMT:
5,000 CP, 4% due 10/11/1995 5,000
3,000 VRDN, 4.50% due 10/01/2023 (a) 3,000
3,000 Ohio State Water Development Authority, Solid Waste Disposal Revenue Bonds
(American Steel & Wire Corp.), VRDN, 4.65% due 9/01/2025 (a) 3,000
800 Paulding County, Ohio, IDR, Refunding (Countrymark Cooperative Inc. Project),
VRDN, 4.45% due 3/01/l999 (a) 800
Portage County, Ohio, IDR, VRDN, AMT (a):
2,025 (NCSP L.P. Project), 4.60% due 7/01/2014 2,025
2,800 (PM Property One, Ltd.), 4.60% due 11/01/2012 2,800
5,185 Richland County, Ohio, BAN, 4.25% due 12/14/1995 5,190
1,300 Rickenbacker, Ohio, Port Authority, IDR, Refunding (Rickenbacker
Holdings, Inc.), VRDN, 4.45% due 12/01/2010 (a) 1,300
1,250 Ross County, Ohio, Hospital Revenue Bonds (Medical Center Hospital Project),
VRDN, 4.40% due 12/01/2020 (a) 1,250
Sandusky County, Ohio, IDR, VRDN, AMT (a):
1,300 (Brighton Manor Co. Project), 4.60% due 12/01/2016 1,300
2,500 (Crown Battery Manufacturing Co.), 4.60% due 8/06/2003 2,500
400 Solon, Ohio, IDR (Tameran Project), VRDN, AMT, 4.60% due 11/01/2004 (a) 400
1,350 Stark County, Ohio, IDR (Wilkof-Morris Project), VRDN, AMT, 4.60% due
1/01/2010 (a) 1,350
</TABLE>
<PAGE>
<TABLE>
CMA OHIO MUNICIPAL MONEY FUND
SCHEDULE OF INVESTMENTS AS OF SEPTEMBER 30, 1995 (CONCLUDED) (IN THOUSANDS)
<CAPTION>
Face Value
State Amount Issue (Note 1a)
<S> <C> <S> <C>
Ohio $ 2,250 Strongsville, Ohio, IDR (E&E Properties/Dupli System Project), VRDN, AMT,
(concluded) 4.70% due 2/01/2010 (a) $ 2,250
900 Summit County, Ohio, Hospital Facilities Revenue Bonds (Cuyahoga Falls
General Hospital), VRDN, Series B, 4.45% due 7/01/1999 (a) 900
Summit County, Ohio, IDR, AMT:
2,000 (Austin Printing Co. Inc. Project), VRDN, 4.70% due 8/01/2006 (a) 2,000
500 (Forest Manufacturing Project), VRDN, 4.70% due 11/01/2001 (a) 500
990 (Hardcoating Project), VRDN, 4.70% due 7/01/2002 (a) 990
760 (Lucerne Production Project), VRDN, 4.60% due 6/01/2002 (a) 760
1,365 (Sigma Properties Project), VRDN, 4.60% due 6/01/2008 (a) 1,365
700 (Struktol Project), VRDN, Series A, 4.60% due 6/01/2002 (a) 700
1,125 (Texler Inc. Project), 4.40% due 11/01/1995 1,125
5,000 Sylvania, Ohio, City School District, BAN, 4.125% due 12/28/1995 5,003
4,675 Toledo, Ohio, BAN, Series 1, 5% due 10/12/1995 4,676
1,250 Troy, Ohio, Economic Development Revenue Bonds (L&CP Corporation Project),
AMT, 4.35% due 12/01/1995 1,250
2,000 Trumbull County, Ohio, IDR (Multi-Mode-ATD Corp. Project), VRDN, AMT,
4.60% due 8/01/2010 (a) 2,000
University of Cincinnati, Ohio, General Receipts, BAN:
3,000 Series S1, 5% due 3/21/1996 3,005
5,400 UT, Series S, 4.25% due 8/28/1996 5,412
1,860 Vermilion, Ohio, IDR, Refunding (Landover Properties Ltd.), VRDN, 4.40% due
10/01/2004 (a) 1,860
Warren County, Ohio, IDR, VRDN, AMT (a):
4,000 (Johnson & Hardin Enterprises), Series A, 4.65% due 2/01/2010 4,000
2,080 (Kardol Quality Products Project), 4.65% due 12/01/2014 2,080
2,650 Willoughby, Ohio, IDR (Malish Brush & Specialty), VRDN, AMT, 4.60% due
6/01/2009 (a) 2,650
1,600 Wood County, Ohio, BAN (Health Department), 4.75% due 11/17/1995 1,601
3,130 Wood County, Ohio, Economic Development Revenue Bonds (Great Lakes Window
Project), AMT, 4.75% due 12/01/1995 3,130
1,200 Wood County, Ohio, IDR (Centaur Tool & Die Inc. Project), VRDN, AMT, 4.70%
due 8/01/2010 (a) 1,200
4,230 Zanesville - Muskingum County, Ohio, Port Authority, IDR (B.E. Products Inc.
Project), VRDN, AMT, 4.60% due 9/01/2004 (a) 4,230
Total Investments (Cost--$255,014*)-- 101.0% 255,014
Liabilities in Excess of Other Assets--(1.0%) (2,621)
--------
Net Assets--100.0% $252,393
========
<PAGE>
<FN>
(a)The interest rate is subject to change periodically based on
certain indexes. The interest rate shown is the rate in effect at
September 30, 1995.
*Cost for Federal income tax purposes.
See Notes to Financial Statements.
</TABLE>
<TABLE>
CMA OHIO MUNICIPAL MONEY FUND
STATEMENT OF ASSETS AND LIABILITIES AS OF SEPTEMBER 30, 1995
<S> <C> <C>
Assets:
Investments, at value (identified cost--$255,014,134) (Note 1a) $ 255,014,134
Cash 252,483
Interest receivable 1,418,071
Deferred organization expenses (Note 1d) 8,399
Prepaid registration fees and other assets (Note 1d) 18,420
-------------
Total assets 256,711,507
-------------
Liabilities:
Payables:
Securities purchased $ 4,000,000
Investment adviser (Note 2) 99,969
Beneficial interest redeemed 90,794
Distributor (Note 2) 60,808 4,251,571
-------------
Accrued expenses and other liabilities 67,192
-------------
Total liabilities 4,318,763
-------------
Net Assets $ 252,392,744
=============
Net Assets Consist of:
Shares of beneficial interest, $0.10 par value, unlimited number of shares authorized $ 25,242,430
Paid-in capital in excess of par 227,181,869
Accumulated realized capital losses--net (Note 4) (31,555)
-------------
Net Assets -- Equivalent to $1.00 per share based on 252,424,299 shares of
beneficial interest outstanding $ 252,392,744
=============
</TABLE>
<PAGE>
<TABLE>
CMA OHIO MUNICIPAL MONEY FUND
STATEMENT OF OPERATIONS FOR THE SIX MONTHS ENDED SEPTEMBER 30, 1995
<S> <C> <C>
Investment Income (Note 1c):
Interest and amortization of premium and discount earned $ 4,950,140
Expenses:
Investment advisory fees (Note 2) $ 609,115
Distribution fees (Note 2) 151,913
Transfer agent fees (Note 2) 30,033
Registration fees (Note 1d) 28,330
Professional fees 25,385
Accounting services (Note 2) 16,544
Printing and shareholder reports 11,695
Custodian fees 11,647
Pricing fees 5,693
Amortization of organization expenses (Note 1d) 3,917
Trustees' fees and expenses 1,349
Other 2,439
-------------
Total expenses 898,060
-------------
Investment income--net 4,052,080
-------------
Net Increase in Net Assets Resulting from Operations $ 4,052,080
=============
See Notes to Financial Statements.
</TABLE>
<PAGE>
<TABLE>
CMA OHIO MUNICIPAL MONEY FUND
STATEMENTS OF CHANGES IN NET ASSETS
<CAPTION>
For the Six For the
Months Ended Year Ended
Increase (Decrease) in Net Assets: Sept. 30, 1995 March 31, 1995
<S> <C> <C>
Operations:
Investment income--net $ 4,052,080 $ 5,687,952
Realized loss on investments--net -- (285)
------------- -------------
Net increase in net assets resulting from operations 4,052,080 5,687,667
------------- -------------
Dividends to Shareholders (Note 1e):
Investment income--net (4,052,080) (5,687,952)
------------- -------------
Net decrease in net assets resulting from dividends to shareholders (4,052,080) (5,687,952)
------------- -------------
Beneficial Interest Transactions (Note 3):
Net proceeds from sale of shares 458,150,826 823,958,852
Net asset value of shares issued to shareholders in reinvestment
of dividends (Note 1e) 4,052,004 5,687,899
------------- -------------
462,202,830 829,646,751
Cost of shares redeemed (447,465,151) (805,646,384)
------------- -------------
Net increase in net assets derived from beneficial interest transactions 14,737,679 24,000,367
------------- -------------
Net Assets:
Total increase in net assets 14,737,679 24,000,082
Beginning of period 237,655,065 213,654,983
------------- -------------
End of period $ 252,392,744 $ 237,655,065
============= =============
See Notes to Financial Statements.
</TABLE>
<PAGE>
<TABLE>
CMA OHIO MUNICIPAL MONEY FUND
FINANCIAL HIGHLIGHTS
<CAPTION>
For the For the
Six Period
The following per share data and ratios have been derived Months April 29,
from information provided in the financial statements. Ended 1991++ to
Sept. 30, For the Year Ended March 31, March 31,
Increase (Decrease) in Net Asset Value: 1995 1995 1994 1993 1992
<S> <C> <C> <C> <C> <C>
Per Share Operating Performance:
Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------- -------- -------- -------- --------
Investment income--net .02 .03 .02 .02 .03
-------- -------- -------- -------- --------
Total from investment operations .02 .03 .02 .02 .03
-------- -------- -------- -------- --------
Less dividends from investment income--net (.02) (.03) (.02) (.02) ( 03)
-------- -------- -------- -------- --------
Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ======== ========
Total Investment Return 3.36%* 2.65% 1.88% 2.27% 3.65%*
======== ======== ======== ======== ========
Ratios to Average Net Assets:
Expenses, net of reimbursement and excluding
distribution fees .61%* .62% .59% .61% .44%*
======== ======== ======== ======== ========
Expenses, net of reimbursement .74%* .74% .72% .74% .57%*
======== ======== ======== ======== ========
Expenses .74%* .74% .72% .74% .82%*
======== ======== ======== ======== ========
Investment income--net 3.33%* 2.64% 1.88% 2.24% 3.52%*
======== ======== ======== ======== ========
Supplemental Data:
Net assets, end of period (in thousands) $252,393 $237,655 $213,655 $187,344 $192,173
======== ======== ======== ======== ========
<FN>
*Annualized.
++Commencement of Operations.
See Notes to Financial Statements.
</TABLE>
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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. These unaudited
financial statements reflect all adjustments which are, in the
opinion of management, necessary to a fair statement of the results
for the interim period presented. All such adjustments are of a
normal recurring nature. 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 and distributions 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.
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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 the 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.
Merrill Lynch Financial Data Services, Inc. ("MLFDS"), a
wholly-owned subsidiary of ML & Co., is the Fund's transfer agent.
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Accounting services are provided to the Fund by FAM at cost.
Certain officers and/or trustees of the Fund are officers and/or
directors of FAM, PSI, MLPF&S, MLFDS, 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.
