CMA
CMA Ohio
Municipal Money Fund
Semi-Annual Report
September 30, 1996
MERRILL LYNCH BULL LOGO
<PAGE>
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. Statements and
other information herein are as dated and are subject to change.
CMA Ohio
Municipal Money Fund
Box 9011
Princeton, NJ 08543-9011
Printed on post-consumer recycled paper
To Our Shareholders:
For the six-month period ended September 30, 1996, CMA Ohio
Municipal Money Fund paid shareholders a net annualized yield of
2.95%*. As of September 30, 1996, the Fund's 7-day yield was 3.17%.
The Environment
Although the US stock and bond markets rallied late in the six-month
period ended September 30, 1996, much of the period was marked by
volatility in the capital markets. The US economy demonstrated
surprising resilience during the first half of the year. As a
result, when economic data releases appeared to indicate that the US
economy was expanding at a stronger-than-expected (and potentially
inflationary) rate, investors focused on the increasing possibility
of monetary policy tightening by the Federal Reserve Board. During
these periods, stock prices declined and long-term interest rates
moved higher. However, with inflationary pressures still under
control, the US central bank did not tighten monetary policy at its
September 24 meeting. This development, coupled with several
economic data releases that showed growth was at or below
expectations, helped to assuage investors' concerns about an
overheating economy. Stock and bond prices improved, with stock
market averages reaching historic high levels.
<PAGE>
The shifts in perceptions were exemplified by investors' reactions
to the release of recent employment reports. Inflationary concerns
were heightened in early July with the release of a stronger-than-
expected employment report for June. However, more subdued job
growth and decelerating hourly wage gains were subsequently reported
for the month of July. Although the employment report for August
showed that unemployment had dropped to its lowest level since 1989,
these results were generally in line with expectations, and were
received favorably by investors. The greatest boost in investor
confidence occurred in early October with the release of September's
employment report, which showed a slight increase in unemployment.
[FN]
*Based on a constant investment throughout the period, with
dividends compounded daily, and reflecting a net return to the
investor after all expenses.
Investors will continue to monitor economic data releases to
determine the probable direction of the US economy. The outcome of
the upcoming November election will also increasingly influence
investor psychology in the weeks ahead.
Investment Outlook and Strategy
During the six-month period ended September 30, 1996, the State of
Ohio continued to play a major factor in the US economy. Boosted by
favorable economic prospects and a good supply of affordable
housing, Ohio ranked among the nation's top performers for the value
of goods and services produced and home price appreciation. On the
employment front, Ohio's seasonally adjusted unemployment rate
continued to track below the national average. In fact, despite some
layoffs at large corporations, job creation at many small and medium-
size firms, particularly in the service sector, remained solid. The
latest available data suggests a 1.7% rate of job creation, although
this is somewhat slower than the robust rate of 3.1% for all of
1995. While pockets of concern for continued growth in Ohio exist,
the outlook remains generally upbeat that economic performance will
equal or top 1995 activity for most firms.
Positive economic growth during fiscal year 1996 allowed the State
to end its fiscal year on a solid note. Tax revenue collections
totaled $10.5 billion, or $174.7 million above estimates, while
expenditures were $428.5 million below projections, primarily as a
result of reduced spending in various human service programs. These
results allowed Ohio to record an unobligated ending General Revenue
Fund balance of $781.3 million. Governor Voinovich plans to use
these excess funds for a variety of primary and secondary
educational projects, a State infrastructure bank, as well as to
maintain the State's $825 million rainy-day fund. In addition, Ohio
continued its positive revenue stream through the first three months
of fiscal year 1997, with tax collections coming in on target with
budget estimates and slightly ahead of the same period last year.
The State, while avoiding the short-term municipal market to finance
daily operations, has been able to support the various Ohio
municipalities. These municipalities maintained moderate borrowing
levels for the six-month period of $736 million, or 11% above the
same period last year.
<PAGE>
As discussed in our annual shareholder report dated March 31, 1996,
CMA Ohio Municipal Money Fund finished the period with an average
life in the 40-day range, in preparation to meet tax-related
redemptions in April. Once tax-related redemptions ended, we began
to selectively purchase attractively priced longer-dated municipal
notes, extending the Fund's average portfolio maturity to the 55-day
range. These purchases were made to bring the Fund closer to a
neutral stance on the market and, at the same time, to help
stabilize the Fund's yield as supply imbalances during the months of
June and July adversely affected yields on variable rate demand
notes. This neutral strategy was also employed as a safeguard
against a volatile market as releases of economic data continued to
provide a mixed economic outlook. However, despite strong
employment data reports, inflationary data continued to remain
favorable during this period. As it became clearer during the period
that the Federal Reserve Board might hold interest rates steady with
the Federal Funds rate at 5.25% and other economic data started to
suggest a slowing pattern of economic growth in the future, we began
taking advantage of a spike in yields and extended the Fund's
average portfolio maturity to the 75-day range. We expect this
strategy to benefit the Fund as other investors scramble to avoid a
sharp decline in yields on variable rate demand notes.
In the upcoming months, we will continue to monitor various economic
data as well as the Federal Reserve Board's intentions with regard
to monetary policy. As conditions warrant, we will continue to
pursue an aggressive approach to the market as it prepares for a
period of technical strength in the early part of 1997. We will
maintain the average portfolio maturity of the Fund in the 70-day
range unless economic data begin to suggest that inflation is about
to climb or the Federal Reserve Board changes its monetary stance to
a bias toward tightening. We continue to look for opportunities to
diversify, and we will closely monitor credit quality while seeking
to offer an attractive tax-exempt yield to our shareholders.
In Conclusion
We thank you for your 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
<PAGE>
(Vincent R. Giordano)
Vincent R. Giordano
Senior Vice President
(Kevin A. Schiatta)
Kevin A. Schiatta
Vice President and Portfolio Manager
October 29, 1996
Portfolio Abbreviations for CMA Ohio Municipal Money Fund
AMT Alternative Minimum Tax (subject to)
BAN Bond Anticipation Notes
CP Commercial Paper
GO General Obligation Bonds
HFA Housing Finance Agency
IDR Industrial Development Revenue Bonds
M/F Multi-Family
PCR Pollution Control Revenue Bonds
TAN Tax Anticipation Notes
UT Unlimited Tax
VRDN Variable Rate Demand Notes
<TABLE>
CMA OHIO MUNICIPAL MONEY FUND
SCHEDULE OF INVESTMENTS AS OF SEPTEMBER 30, 1996 (IN THOUSANDS)
<CAPTION>
Face Value
State Amount Issue (Note 1a)
<S> <C> <S> <C>
Ohio--100.1% $ 495 Akron, Ohio, Sanitation Sewer System Revenue Bonds, VRDN, 3.80% due
12/01/2014 (a) $ 495
1,330 Allen County, Ohio, IDR (Nickles Bakery Project), VRDN, 4.125%
due 1/02/2003 (a) 1,330
<PAGE> 4,000 Ashtabula County, Ohio, Hospital Facilities Revenue Bonds (Ashtabula
County Medical Center Project), VRDN, 3.95% due 12/01/2007 (a) 4,000
2,480 Ashtabula County, Ohio, IDR (Neff-Perkins Co. Project), VRDN, AMT,
4.05% due 6/01/2005 (a) 2,480
Brooklyn Heights, Ohio, IDR, VRDN, AMT (a):
475 (ATC Nymold Inc.), 4.05% due 2/01/2002 475
3,200 (Keynote Office Center), 4.125% due 12/01/2009 3,200
1,800 Brooklyn, Ohio, BAN, Series 1, 4.10% due 3/05/1997 (b) 1,803
2,500 Butler County, Ohio, BAN, 4.28% due 11/01/1996 2,501
1,035 Canfield, Ohio, Local School District, BAN, UT, 4.50% due 10/02/1997 (b) 1,039
Cincinnati, Ohio, City School District:
7,000 BAN, 4.37% due 9/18/1997 7,024
3,850 TAN, UT, 4.54% due 12/31/1996 3,856
3,355 Cincinnati and Hamilton Counties, Ohio, Port Authority, Economic
Development Revenue Bonds (Berthesda One Ltd.), 4.10% due 8/01/1997 3,355
190 Cincinnati and Hamilton Counties, Ohio, Port Authority, IDR, Refunding
(Schottenstein Stores), VRDN, 3.85% due 9/01/1997 (a) 190
2,000 Clermont County, Ohio, IDR (Southern Ohio Fabricator), VRDN, AMT,
Series A, 4% due 9/01/2005 (a) 2,000
1,050 Crawford County, Ohio, BAN, UT, 4.35% due 5/16/1997 (b) 1,052
1,000 Cuyahoga County, Ohio, Health Care Facilities Revenue Bonds (Benjamin
Rose Institute Project), VRDN, Series B, 3.85% due 12/01/2000 (a) 1,000
1,400 Cuyahoga County, Ohio, Hospital Revenue Improvement Bonds (Cleveland
University Hospital), VRDN, 4.10% due 1/01/2016 (a) 1,400
Cuyahoga County, Ohio, IDR, VRDN (a):
1,000 (Athens Pastries Inc. Project), AMT, 4% due 6/03/2009 1,000
5,390 (Cleveland E Excel Ltd.), AMT, 4.05% due 3/01/2019 5,390
680 (Erieview Metal Treating Project), AMT, 4% due 5/05/2010 680
1,925 (Puritas Association Project), 4.125% due 12/01/2006 1,925
3,280 Refunding (Parma Care Center, Inc.), 4% due 12/01/2011 3,280
975 Refunding (Pleasant Lake Association Project), 3.85% due 5/01/2011 975
3,950 (Suburban Pavilion Inc. Project), AMT, 4.125% due 10/02/2006 3,950
4,250 Dayton, Ohio, Airport Improvement Notes, AMT, 4.50% due 3/25/1997 4,260
Eagle Tax Exempt Trust, Ohio, Custodial Receipts, VRDN (a):
5,000 3.95% due 7/01/2015 5,000
5,000 3.95% due 7/01/2015 5,000
1,970 East Muskingum, Ohio, Water Authority Revenue Bonds, BAN, 4.50% due
6/27/1997 (b) 1,976
</TABLE>
<PAGE>
<TABLE>
CMA OHIO MUNICIPAL MONEY FUND
SCHEDULE OF INVESTMENTS AS OF SEPTEMBER 30, 1996 (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, 4.05% due 11/01/2016 $ 500
1,705 Refunding (Huron Health Care Center Project), 3.95% due 8/01/2007 1,705
1,910 Euclid County, Ohio, BAN, 4.15% due 7/11/1997 (b) 1,912
4,515 Fairfield County, Ohio, BAN, 4.55% due 10/24/1996 (b) 4,517
900 Franklin County, Ohio, Health Systems Revenue Bonds (Franciscan Sisters-Saint
Anthony Medical Facility), VRDN, Series B, 4% due 7/01/2015 (a) 900
Franklin County, Ohio, Hospital Revenue Bonds, VRDN (a):
5,200 (Children's Hospital Project), Series B, 4.05% due 12/01/2014 5,200
1,000 (Lutheran Senior City Inc. Project), 3.80% due 5/01/2015 1,000
Franklin County, Ohio, IDR:
1,485 (GSW Building Association Ltd.), 3.65% due 11/01/1996 1,485
2,500 Refunding (Heekin Can Inc. Project), VRDN, AMT, 4% due 5/01/2007 (a) 2,500
3,000 Franklin County, Ohio, M/F Housing Revenue Bonds (Colonial Courts Project),
VRDN, AMT, 4.05% due 12/01/2024 (a) 3,000
821 Franklin, Ohio, BAN, 4.45% due 8/26/1997 (b) 823
2,722 Franklin, Ohio, Local School District (Muskingum County Construction Notes),
UT, 3.85% due 10/30/1996 (b) 2,723
3,200 Fulton County, Ohio, IDR (Gilders Business Holdings Project), VRDN, AMT,
4.05% due 4/01/2007 (a) 3,200
2,285 Geauga County, Ohio, IDR (Neff-Perkins Co. Project), VRDN, AMT, 4.05%
due 6/01/2005 (a) 2,285
8,000 Greater Cleveland Ohio Regional Transportation Authority, BAN, 3.90% due
10/17/1996 8,002
3,125 Greene County, Ohio, GO, 4.50% due 9/11/1997 (b) 3,137
1,000 Greene County, Ohio, IDR (FC Ltd. AFC Stamping), VRDN, AMT, 3.50% due
9/01/2016 (a) 1,000
2,500 Greenville Ohio, BAN, 4.50% due 7/09/1997 (b) 2,506
1,150 Hamilton County, Ohio, Economic Development Revenue Bonds (Cincinnati
Performing Arts), VRDN, 3.95% due 6/15/2005 (a) 1,150
1,400 Hamilton County, Ohio, Health Systems Revenue Bonds (Franciscan Sisters
Poor Health), VRDN, Series A, 4.10% due 3/01/2017 (a) 1,400
1,725 Hancock County, Ohio, GO, BAN, Series A, 4.50% due 9/19/1997 (b) 1,733
1,225 Huber Heights, Ohio, IDR (Lasermike Inc. Project), VRDN, AMT, 4% due
12/01/2014 (a) 1,225
2,000 Indian Lake, Ohio, Local School District, BAN, 4.14% due 4/09/1997 2,002
2,400 Knox County, Ohio, BAN, 4% due 2/27/1997 (b) 2,403
1,800 Lisbon, Ohio, Exempted Villlage School District, BAN, UT, 4.50% due
9/04/1997 (b) 1,806
5,500 Lorain County, Ohio, BAN, 4.40% due 9/19/1997 5,520
2,000 Lucas County, Ohio, BAN (Metropolitan Sewer and Water District), 4.25%
due 11/28/1996 (b) 2,001
<PAGE> 3,000 Lucas County, Ohio, Economic Development Revenue Bonds (Hammill
Manufacturing Co. Project), VRDN, AMT, 3.80% due 5/01/2010 (a) 3,000
250 Lucas County, Ohio, Hospital Revenue Bonds (Sunshine Children's Home
Project), VRDN, 3.95% due 12/01/2007 (a) 250
5,000 Lucas County, Ohio, IDR (Reichert Stamping Co. Project), VRDN, 3.70%
due 7/15/2006 (a) 5,000
1,055 Marion County, Ohio, Hospital Improvement Revenue Bonds (Pooled Lease
Program), VRDN, Series A, 3.95% due 5/01/2019 (a) 1,055
2,000 Marion County, Ohio, IDR (Mid-Ohio Packaging Company Project), VRDN, AMT,
4.05% due 11/01/2015 (a) 2,000
3,155 Mentor, Ohio, IDR (Metcor Parnership/Tridelt), VRDN, AMT, 4.05% due
12/01/2008 (a) 3,155
</TABLE>
<TABLE>
CMA OHIO MUNICIPAL MONEY FUND
SCHEDULE OF INVESTMENTS AS OF SEPTEMBER 30, 1996 (CONTINUED) (IN THOUSANDS)
<CAPTION>
Face Value
State Amount Issue (Note 1a)
<S> <C> <S> <C>
Ohio $ 2,560 Montgomery County, Ohio, IDR (Citywide Development Corp. Project), VRDN,
(continued) AMT, 4.05% due 12/01/2013 (a) $ 2,560
2,345 Moraine, Ohio, IDR, Refunding (Gray America Corporation Project), VRDN,
AMT, 4.05% due 12/01/2001 (a) 2,345
1,850 Napoleon, Ohio, City School District, BAN, UT, 4.08% due 3/18/1997 (b) 1,852
10,000 Ohio HFA, Mortgage Revenue Bonds, AMT, Series B-3, 4% due 8/13/1997 (c) 10,000
5,930 Ohio State Air Quality Development Authority, Revenue Refunding Bonds
(Environmental Improvement-USX Project), 3.55% due 10/01/1996 5,930
2,790 Ohio State Higher Educational Facilities, Commission Revenue Bonds
(Mount Vernon), VRDN, 3.95% due 9/01/2009 (a) 2,790
3,325 Ohio State, IDR, Refunding (General Motors Corp. Project), VRDN, 4% due
9/01/2001 (a) 3,325
1,000 Ohio State, PCR, Refunding (Sohio Air Project-BP Petroleum), VRDN,
3.95% due 5/01/2022 (a) 1,000
Ohio State Water Development Authority, Environmental Improvement
Revenue Bonds (Mead Corp. Project), CP, AMT:
4,000 3.65% due 10/11/1996 4,000
5,000 3.65% due 10/18/1996 5,000
5,000 Ohio State Water Development Authority Pollution Control Facilities
Revenue Bonds (Duquesne Light Co. Project), CP, AMT, 3.70% due 10/29/1996 5,000
3,000 Ohio State Water Development Authority, Solid Waste Disposal Revenue Bonds
(American Steel & Wire Corp.), VRDN, 4.05% due 9/01/2025 (a) 3,000
600 Paulding County, Ohio, IDR, Refunding (Countrymark Cooperative Inc. Project),
VRDN, 3.85% due 3/01/1999 (a) 600
600 Paulding County, Ohio, Solid Waste Disposal Revenue Bonds (Lafarge Corp.
Project), VRDN, AMT, 4% due 8/01/2026 (a) 600
Portage County, Ohio, IDR, VRDN, AMT (a):
1,445 (John E. Susong Project), Series B, 4% due 5/02/2016 1,445
<PAGE> 1,825 (NCSP L.P. Project), 4.05% due 7/01/2014 1,825
2,800 (PM Property One, Ltd.), 4.05% due 11/01/2012 2,800
2,230 Refunding (John E. Susong Project), Series A, 4% due 5/02/2011 2,230
2,380 Richland County, Ohio, BAN, 4.375% due 6/05/1997 (b) 2,388
1,100 Rickenbacker, Ohio, Port Authority, IDR, Refunding (Rickenbacker Holdings,
Inc.), VRDN, 3.95% due 12/01/2010 (a) 1,100
1,250 Ross County, Ohio, Hospital Revenue Bonds (Medical Center Hospital Project),
VRDN, 3.80% due 12/01/2020 (a) 1,250
4,500 Sandusky County, Ohio, IDR (Magnesium), VRDN, AMT, Series A, 3.90% due
9/01/2007 (a) 4,500
Sandusky County, Ohio, IDR, VRDN, AMT (a):
1,300 (Brighton Manor Co. Project), 4.05% due 12/01/2016 1,300
2,340 (Crown Battery Manufacturing Co.), 3.85% due 8/06/2003 2,340
380 Solon, Ohio, IDR (Tameran Project), VRDN, AMT, 4% due 11/01/2004 (a) 380
2,500 Solon, Ohio, School District, BAN, UT, 4.10% due 12/05/1996 (b) 2,502
Stark County, Ohio, IDR, VRDN, AMT (a):
2,860 (Superior Dairy Inc. Project), 4.05% due 5/01/2003 2,860
1,350 (Wilkof-Morris Project), 4% due 1/01/2010 1,350
1,425 Stark County, Ohio, Sewer District Improvement Notes, 3.90% due 10/01/1996 (b) 1,425
1,000 Stow, Ohio, Refunding, BAN, 4.25% due 12/20/1996 (b) 1,001
2,205 Strongsville, Ohio, IDR (E&E Properties/Dupli System Project), VRDN,
4.05% due 2/01/2010 (a) 2,205
600 Summit County, Ohio, Hospital Facilities Revenue Bonds (Cuyahoga Falls
General Hospital), VRDN, Series B, 3.85% due 7/01/1999 (a) 600
</TABLE>
<TABLE>
CMA OHIO MUNICIPAL MONEY FUND
SCHEDULE OF INVESTMENTS AS OF SEPTEMBER 30, 1996 (CONCLUDED) (IN THOUSANDS)
<CAPTION>
Face Value
State Amount Issue (Note 1a)
<S> <C> <S> <C>
Ohio Summit County, Ohio, IDR:
(concluded) $ 410 (Adjusted Forest Manufacturing Project), VRDN, 4.05% due 11/01/2001 (a) $ 410
1,840 (Austin Printing Co. Inc. Project), VRDN, AMT, 4.05% due 8/01/2006 (a) 1,840
2,500 (Delco Corp. Project), VRDN, AMT, 4.05% due 6/01/2016 (a) 2,500
890 (Hardcoating Project), VRDN, 4.05% due 7/01/2002 (a) 890
670 (Lucerne Production Project), VRDN, AMT, 4.05% due 6/01/2002 (a) 670
980 (Ohio Camshaft Project), 3.50% due 10/01/1996 980
1,260 (Sigma Properties Project), VRDN, AMT, 4% due 6/01/2008 (a) 1,260
600 (Struktol Project), VRDN, AMT, Series A, 4.05% due 6/01/2002 (a) 600
1,040 (Texler Inc. Project), AMT, 3.80% due 11/01/1996 1,040
4,000 Toledo, Ohio, City Services Special Assessment Notes (Special Obligation),
4.50% due 6/02/1997 4,013
3,790 Toledo, Ohio, GO (Notes), Series 1, 4.25% due 10/15/1996 3,791
Troy, Ohio, Economic Development Revenue Bonds (L&CP Corporation
Project), AMT:
340 3.85% due 12/01/1996 340
<PAGE> 1,250 VRDN, 3.70% due 6/01/2008 (a) 1,250
2,000 Trumbull County, Ohio, IDR (ATD Corp. Project), VRDN, AMT, 4% due
8/01/2010 (a) 2,000
2,300 University of Cincinnati, Ohio, General Receipts, BAN, UT, Series AA,
3.89% due 3/20/1997 2,303
1,250 Valley View, Ohio, IDR (Porter Development Project), VRDN, AMT, 4.05%
due 5/01/2016 (a) 1,250
1,605 Valley View, Ohio, IDR, Refunding and Improvement (Sweet Valley Dillon
Project), VRDN, AMT, 4.05% due 4/01/2011 (a) 1,605
821 Wapakoneta, Ohio, Special Assessment, 4.70% due 9/16/1997 (b) 826
Warren County, Ohio, IDR, VRDN, AMT (a):
3,900 (Johnson & Hardin Enterprises), Series A, 4% due 2/01/2010 3,900
2,080 (Kardol Quality Products Project), 4% due 12/01/2014 2,080
1,185 Warren County, Ohio, Special Assessment, BAN, 4.38% due 6/03/1997 (b) 1,188
1,650 Willoughby, Ohio, BAN (Landfill Closure), 4.50% due 1/23/1997 1,653
2,530 Willoughby, Ohio, IDR (Malish Brush & Specialty), VRDN, AMT, 4.05% due
6/01/2009 (a) 2,530
3,000 Wood County, Ohio, Economic Development Revenue Bonds (Great Lakes
Window Project), AMT, 4.50% due 12/01/1996 3,000
Wood County, Ohio, IDR, VRDN, AMT (a):
1,235 (B & B Box Co. Project), 4.05% due 3/01/2011 1,235
1,160 (Centaur Tool & Die Inc. Project), 4.05% due 8/01/2010 1,160
1,900 Wooster, Ohio, IDR (Litco International Inc. Project), VRDN, AMT, 4.05%
due 5/01/2010 (a) 1,900
3,760 Zanesville-Muskingum County, Ohio, Port Authority, IDR (B.E. Products
Inc. Project), VRDN, AMT, 4.05% due 9/01/2004 (a) 3,760
Total Investments (Cost--$282,208*)--100.1% 282,208
Liabilities in Excess of Other Assets--(0.1%) (262)
--------
Net Assets--100.0% $281,946
========
<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, 1996.
(b)Bank Qualified.
(c)GNMA Collateralized.
*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 SEPTEMBER 30, 1996
<S> <C> <C>
Assets:
Investments, at value (identified cost--$282,208,484) (Note 1a) $ 282,208,484
Cash 99,162
Interest receivable 2,070,533
Deferred organization expenses (Note 1d) 598
Prepaid registration fees and other assets (Note 1d) 1,368,579
-------------
Total assets 285,747,356
-------------
Liabilities:
Payables:
Securities purchased $ 3,545,314
Investment adviser (Note 2) 120,769
Distributor (Note 2) 67,578
Dividends to shareholders (Note 1e) 65
Beneficial interest redeemed 2 3,733,728
-------------
Accrued expenses and other liabilities 67,815
-------------
Total liabilities 3,801,543
-------------
Net Assets $ 281,945,813
=============
Net Assets Consist of:
Shares of beneficial interest, $0.10 par value, unlimited number of shares authorized $ 28,197,737
Paid-in capital in excess of par 253,779,631
Accumulated realized capital losses--net (Note 4) (31,555)
-------------
Net Assets--Equivalent to $1.00 per share based on 281,977,368 shares of beneficial
interest outstanding $ 281,945,813
=============
See Notes to Financial Statements.
</TABLE>
<PAGE>
<TABLE>
CMA OHIO MUNICIPAL MONEY FUND
STATEMENT OF OPERATIONS FOR THE SIX MONTHS ENDED SEPTEMBER 30, 1996
<S> <C> <C>
Investment Income (Note 1c):
Interest and amortization of premium earned $ 5,221,343
Expenses:
Investment advisory fees (Note 2) $ 710,372
Distribution fees (Note 2) 175,387
Professional fees 29,123
Transfer agent fees (Note 2) 27,833
Registration fees (Note 1d) 25,954
Accounting services (Note 2) 25,878
Custodian fees 12,128
Printing and shareholder reports 9,715
Pricing fees 5,431
Trustees' fees and expenses 1,310
Amortization of organization expenses (Note 1d) 294
Other 1,815
-------------
Total expenses 1,025,240
-------------
Investment income--net 4,196,103
-------------
Net Increase in Net Assets Resulting from Operations $ 4,196,103
=============
See Notes to Financial Statements.
</TABLE>
<TABLE>
CMA OHIO MUNICIPAL MONEY FUND
STATEMENTS OF CHANGES IN NET ASSETS
<CAPTION>
For the
Six Months For the
Ended Year Ended
Sept. 30, March 31,
Increase (Decrease) in Net Assets: 1996 1996
<S> <C> <C>
Operations:
Investment income--net $ 4,196,103 $ 8,285,646
------------- -------------
Net increase in net assets resulting from operations 4,196,103 8,285,646
------------- -------------
<PAGE>
Dividends to Shareholders (Note 1e):
Investment income--net (4,196,103) (8,285,646)
------------- -------------
Net decrease in net assets resulting from dividends to shareholders (4,196,103) (8,285,646)
------------- -------------
Beneficial Interest Transactions (Note 3):
Net proceeds from sale of shares 513,882,539 1,007,207,668
Net asset value of shares issued to shareholders in reinvestment of dividends
(Note 1e) 4,195,934 8,285,698
------------- -------------
518,078,473 1,015,493,366
Cost of shares redeemed (518,319,689) (970,961,402)
------------- -------------
Net increase (decrease) in net assets derived from beneficial interest transactions (241,216) 44,531,964
------------- -------------
Net Assets:
Total increase (decrease) in net assets (241,216) 44,531,964
Beginning of period 282,187,029 237,655,065
------------- -------------
End of period $ 281,945,813 $ 282,187,029
============= =============
See Notes to Financial Statements.
</TABLE>
<TABLE>
CMA OHIO MUNICIPAL MONEY FUND
FINANCIAL HIGHLIGHTS
<CAPTION>
For the
The following per share data and ratios have been derived Six Months
from information provided in the financial statements. Ended
Sept. 30, For the Year Ended March 31,
Increase (Decrease) in Net Asset Value: 1996 1996 1995 1994 1993
<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 .01 .03 .03 .02 .02
-------- -------- -------- -------- --------
Total from investment operations .01 .03 .03 .02 .02
-------- -------- -------- -------- --------
Less dividends from investment income--net (.01) (.03) (.03) (.02) (.02)
-------- -------- -------- -------- --------
Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ======== ========
Total Investment Return 2.95%* 3.27% 2.65% 1.88% 2.27%
======== ======== ======== ======== ========
Ratios to Average Net Assets:
Expenses .72%* .73% .74% .72% .74%
======== ======== ======== ======== ========
Investment income--net 2.95%* 3.21% 2.64% 1.86% 2.24%
======== ======== ======== ======== ========
<PAGE>
Supplemental Data:
Net assets, end of period (in thousands) $281,946 $282,187 $237,655 $213,655 $187,344
======== ======== ======== ======== ========
<FN>
*Annualized.
See Notes to Financial Statements.
</TABLE>
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.
<PAGE>
(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.
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.
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.
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, 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, 1996, 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.
CMA OHIO
MUNICIPAL MONEY FUND
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, Massachusetts 02101
Transfer Agent
Merrill Lynch Financial Data Services, Inc.
4800 Deer Lake Drive East
Jacksonville, Florida 32246-6484
(800) 221-7210*
<PAGE>
[FN]
*For inquiries regarding your CMA account,
call (800) CMA-INFO [(800) 262-4636].
