CMA
CMA Ohio
Municipal Money Fund
Semi-Annual Report
September 30, 1999
MERRILL LYNCH BULL LOGO
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. An
investment in the Fund is not insured or guaranteed by the Federal
Deposit Insurance Corporation or any other Government agency.
Although the Fund seeks to preserve the value of your investment at
$1.00 per share, it is possible to lose money by investing in the
Fund. Past performance results shown in this report should not be
considered a representation of future performance, which will
fluctuate. 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, 1999, CMA Ohio
Municipal Money Fund paid shareholders a net annualized yield of
2.68%.* As of September 30, 1999, the Fund's 7-day yield was 3.05%.
Economic Environment
The state of Ohio continued to experience a moderate economic
expansion during the six-month period ended September 30, 1999.
However, a lack of unskilled workers contributed to economic growth
lagging both regional and national averages. The seasonally adjusted
unemployment rate increased slightly to around 4.5%, slightly above
the national average. However, in the large metropolitan areas, as
well as in central Ohio, the unemployment rate hovered in the 3%
range, well below the national average. The shortage in labor has
begun to place upward pressure on wages, particularly in entry-level
jobs where employment in retail establishments is below levels of
one-year ago. High consumer confidence and earning levels continue
to contribute to a strong housing market as well as a robust auto
industry.
The moderate economic growth in the state of Ohio continued to
generate a positive revenue stream. At the end of the fiscal year,
Ohio had total revenues of $18.3 billion, 3% above fiscal year
1998's total revenues and 1.6% above original budget estimates. The
state also began fiscal year 2000 on a positive note with revenues
for the first quarter at $4.2 billion, or 4.6% above the comparable
period last year. With Ohio's revenues above last year's level, the
state continued to avoid the need to issue in the short-term
municipal market to finance daily operations. At the same time,
various Ohio municipalities continued to benefit from the state's
financial conditions, as short-term municipal issuance for the six-
month period remained moderate at $700 million.
[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 Strategy
We began the six-month period ended September 30, 1999 with a more
defensive investment strategy. We allowed the Fund's average life,
which was in the 40-day range at the start of the period, to decline
to the 25-day range. This decline was in response to a lack of
incentive to extend the average life with economic conditions
remaining strong, the yield curve being fairly flat and our
preparation for seasonal tax-related redemptions. We concentrated on
maintaining a high percentage of variable rate demand notes (VRDNs)
and tax-exempt commercial paper between 30 days--60 days, while
allowing the Fund's municipal note positions to mature.
With strong domestic economic conditions and overseas economic
conditions improving, investors continued to become more defensive,
especially as Federal Reserve Board members hinted at a possible
interest rate increase. During this period, a reduced amount of
municipal issuance allowed yields on longer-dated municipal notes to
remain at artificially low levels relative to the comparable
Treasury securities. It was not until June, when an approaching
Federal Open Market Committee meeting combined with an increased
amount of municipal issuance and reduced investor participation,
that municipal yields adjusted to more attractive levels relative to
Treasury securities. We began to selectively purchase longer-dated
Ohio municipal notes as yield levels in-creased from the 3.15%--
3.20% range to the 3.60%--3.65% range. We made these purchases for
diversification reasons, as well as in an effort to stabilize the
Fund's yield from volatile fluctuations of VRDN yields.
The Fund, whose average life had increased to the 45-day range, was
well situated when the Federal Reserve Board increased the Federal
Funds rate by 25 basis points (0.25%) to 5.00% on June 30, 1999.
However, in a surprise move, the Federal Reserve Board also changed
its bias to neutral, which suggested that there might not be the
need for any further interest rate increases. This change in bias
combined with a large influx of subscriptions in the beginning of
July allowed the municipal market to rally, with yields on longer-
dated securities declining to the 3.50% range. On August 24, 1999,
the Federal Reserve Board again raised the Federal Funds rate 25
basis points to 5.25% while maintaining a neutral bias. Yields on
one-year Treasury bills increased to the 5.25% range while the
comparable one-year Ohio municipal note increased to the 3.75%
range. During this period, we purchased additional notes in
anticipation of a reduced amount of issuance available in the coming
months and for diversification purposes. This reduction in municipal
issuance was anticipated as a result of the various municipalities
preparing for the Year 2000. As a result of these purchases, the
average life of the Fund increased to the 70-day range.
In Conclusion
In the coming months, we expect to adopt a neutral approach to the
municipal market. In addition, we expect to increase our purchases
of VRDNs in anticipation of potential year-end uncertainties. We
will continue to closely monitor credit quality and at the same time
seek to maintain an attractive tax-exempt yield for our
shareholders.
We thank you for your support of CMA Ohio Municipal Money Fund, and
we look forward to serving your investment needs in the months and
years ahead.
Sincerely,
(Terry K. Glenn)
Terry K. Glenn
President and Trustee
(Vincent R. Giordano)
Vincent R. Giordano
Senior Vice President
(Kevin A. Schiatta)
Kevin A. Schiatta
Vice President and Portfolio Manager
November 10, 1999
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
MSTR Municipal Securities Trust Receipts
PCR Pollution Control Revenue Bonds
VRDN Variable Rate Demand Notes
<TABLE>
CMA OHIO MUNICIPAL MONEY FUND
SCHEDULE OF INVESTMENTS AS OF SEPTEMBER 30, 1999 (IN THOUSANDS)
<CAPTION>
Face Value
State Amount Issue (Note 1a)
<S> <C> <S> <C>
Ohio--99.4% $ 440 Allen County, Ohio, IDR (Nickles Bakery Project), VRDN, AMT, 4% due
1/02/2003 (a) $ 440
3,100 Ashtabula County, Ohio, Hospital Facilities Revenue Bonds (Ashtabula
County Medical Center Project), VRDN, 3.86% due 12/01/2007 (a) 3,100
1,725 Ashtabula County, Ohio, IDR (Neff-Perkins County Project), VRDN, AMT,
3.97% due 6/01/2005 (a) 1,725
9,000 Avon Lake, Ohio, City School District, BAN, 3.90% due 12/21/1999 (d) 9,007
7,660 Bowling Green, Ohio, GO, BAN, 3.90% due 9/07/2000 7,676
235 Brooklyn Heights, Ohio, IDR (ATC Nymold Inc.), VRDN, AMT, 3.97% due
2/01/2002 (a) 235
3,225 Brooklyn, Ohio, GO, BAN, 3.90% due 8/31/2000 3,234
2,000 Butler County, Ohio, GO, BAN, 3.55% due 10/21/1999 2,000
1,000 Canal-Winchester, Ohio, BAN, 3.80% due 5/26/2000 1,002
935 Canton, Ohio, IDR (Accu Plate Project), VRDN, AMT, 4% due 3/01/2017 (a) 935
3,395 Cincinnati and Hamilton County, Ohio, Port Authority Economic
Development Revenue Bonds (Bethesda One Limited Partnership), CP,
3.60% due 2/01/2000 3,395
Cincinnati, Ohio, City School District, GO, BAN:
3,000 3.90% due 5/19/2000 3,009
12,500 4.18% due 9/14/2000 12,544
3,260 Clearview, Ohio, Local School District, GO, BAN, 4.20% due 2/01/2000 3,267
1,100 Clermont County, Ohio, IDR (Southern Ohio Fabricator), VRDN, AMT,
Series A, 3.95% due 9/01/2005 (a) 1,100
9,000 Cleveland, Ohio, Airport System Revenue Bonds, VRDN, AMT, Series D,
3.70% due 1/01/2027 (a) 9,000
Clinton County, Ohio, Hospital Revenue Bonds (Ohio Hospital Capital
Asset Inc. Pooled Loan), VRDN (a):
8,000 3.80% due 6/01/2028 8,000
8,500 3.80% due 7/01/2029 8,500
Columbiana County, Ohio, IDR (The Hall China Company Project),
VRDN, AMT (a):
2,355 3.95% due 1/01/2007 2,355
3,500 3.95% due 9/01/2009 3,500
4,835 Cuyahoga County, Ohio, Health Care Facilities Revenue Bonds (Catholic
Charities Facilities), VRDN, 3.90% due 7/01/2012 (a) 4,835
6,600 Cuyahoga County, Ohio, Hospital Revenue Bonds (The Cleveland Clinic),
VRDN, Series D, 3.90% due 1/01/2026 (a) 6,600
Cuyahoga County, Ohio, IDR, Refunding, VRDN (a):
2,220 (Curtiss Wright Project), 3.85% due 12/01/2008 2,220
2,935 (Parma Care Center Inc.), AMT, 3.85% due 12/01/2011 2,935
900 (Pleasant Lake Associates Project), 3.85% due 5/04/2011 900
Cuyahoga County, Ohio, IDR, VRDN (a):
845 (Athens Pastries Inc. Project), AMT, 4% due 6/03/2009 845
5,025 (Cleveland Eexcel Ltd.), AMT, 3.97% due 3/01/2019 5,025
520 (Erieview Metal Treating Project), 4% due 5/05/2010 520
3,100 (Suburban Pavilion Inc. Project), AMT, 3.875% due 10/02/2006 3,100
</TABLE>
<TABLE>
CMA OHIO MUNICIPAL MONEY FUND
SCHEDULE OF INVESTMENTS AS OF SEPTEMBER 30, 1999 (CONTINUED) (IN THOUSANDS)
<CAPTION>
Face Value
State Amount Issue (Note 1a)
<S> <C> <S> <C>
Ohio $ 2,395 Delaware, Ohio, GO, BAN, Series 2, 3.90% due 6/01/2000 $ 2,399
(continued) 5,500 Dublin, Ohio, GO, Refunding, BAN, 4.10% due 6/16/2000 5,514
4,000 Eagle Tax-Exempt Trust, Cleveland, Ohio, VRDN, Series 98, Class 3501,
3.84% due 1/01/2021 (a) 4,000
Eagle Tax-Exempt Trust, Edison, Ohio, VRDN, Series 95 (a):
15,000 Class 3501, 3.84% due 7/01/2015 15,000
5,800 Class 3502, 3.84% due 7/01/2015 5,800
500 Erie County, Ohio, IDR (Brighton Manor Company Project), VRDN, AMT,
3.95% due 11/01/2016 (a) 500
1,340 Erie County, Ohio, IDR, Refunding (Huron Health Care Center Project),
VRDN, 3.86% due 8/01/2007 (a) 1,340
2,800 Franklin County, Ohio, Hospital Revenue Refunding and Improvement Bonds
(U.S. Health Corporation), VRDN, Series A, 3.80% due 12/01/2021 (a) 2,800
1,255 Franklin County, Ohio, IDR (GSW Building Association Ltd. Partnership),
CP, 3.30% due 11/01/1999 1,255
2,500 Franklin County, Ohio, IDR, Refunding (Heekin Can Inc. Project), VRDN,
3.95% due 5/01/2007 (a) 2,500
3,000 Franklin County, Ohio, M/F Housing Revenue Bonds (Colonial Courts
Project), VRDN, AMT, 3.35% due 12/01/2024 (a) 3,000
2,550 Fulton County, Ohio, IDR (Gilders Business Holdings Project), VRDN,
AMT, 3.95% due 4/01/2007 (a) 2,550
860 Geauga County, Ohio, IDR (Neff-Perkins Company Project), VRDN, AMT,
3.97% due 6/01/2005 (a) 860
935 Greene County, Ohio, IDR (FC Limited/AFC Stamping), VRDN, AMT, 4% due
9/01/2016 (a) 935
346 Hamilton County, Ohio, Economic Development Revenue Bonds (Cincinnati
Performing Arts), VRDN, 3.83% due 6/15/2005 (a) 346
3,600 Hamilton County, Ohio, Hospital Facilities Revenue Bonds (Health Alliance),
VRDN, Series F, 3.80% due 1/01/2018 (a) 3,600
2,955 Hamilton County, Ohio, M/F Housing Revenue Bonds (Pleasant Run Apartments
Project), VRDN, AMT, 3.90% due 11/01/2028 (a) 2,955
8,000 Hamilton, Ohio, City School District, GO, BAN, 4.20% due 12/22/1999 8,012
1,500 Hancock County, Ohio, IDR (Koehler Brothers Inc. Project), VRDN, AMT,
3.70% due 6/01/2014 (a) 1,500
2,000 Highland Heights, Ohio, BAN, 3.44% due 11/18/1999 2,001
1,075 Huber Heights, Ohio, IDR (Lasermike Inc. Project), VRDN, AMT, 4% due
12/01/2014 (a) 1,075
900 Lancaster, Ohio, GO, BAN, 3.50% due 11/16/1999 900
6,100 Lebanon, Ohio, GO, BAN, 3.82% due 3/31/2000 6,108
10,000 Lorain County, Ohio, Hospital Revenue Refunding Bonds (Catholic
Healthcare Partners Inc.), CP, Series A, 3.39% due 11/15/1999 10,000
2,860 Lorain County, Ohio, IDR (DGR Investment Ltd.), VRDN, AMT, 4% due
12/01/2012 (a) 2,860
2,550 Loveland, Ohio, GO, BAN, 4% due 9/08/2000 2,556
Lucas County, Ohio, Economic Development Revenue Bonds, AMT:
1,370 (Cross Country Inns-Maumee Project), CP, 3.45% due 12/01/1999 1,370
2,630 (Hammill Manufacturing Company Project), VRDN, 3.88% due 5/01/2010 (a) 2,630
2,310 Lucas County, Ohio, GO, Refunding (Metropolitan Sewer and Water
District Improvement Notes), 3.625% due 10/20/1999 2,310
</TABLE>
<TABLE>
CMA OHIO MUNICIPAL MONEY FUND
SCHEDULE OF INVESTMENTS AS OF SEPTEMBER 30, 1999 (CONTINUED) (IN THOUSANDS)
<CAPTION>
Face Value
State Amount Issue (Note 1a)
<S> <C> <S> <C>
Ohio $ 200 Lucas County, Ohio, Hospital Revenue Bonds (Sunshine Children's Home
(continued) Project), VRDN, 3.85% due 12/01/2007 (a) $ 200
3,770 Lucas County, Ohio, IDR (Reichert Stamping Company Project), VRDN,
AMT, 3.95% due 7/15/2006 (a) 3,770
3,450 Mahoning County, Ohio, Health Care Facilities Revenue Bonds (Shepherd
Valley Lutheran Project), VRDN, Series A, 3.86% due 9/01/2022 (a) 3,450
4,000 Marion County, Ohio, GO, BAN, 3.47% due 11/23/1999 4,001
1,775 Marion County, Ohio, IDR (Mid Ohio Packaging Company Project), VRDN, AMT,
4% due 11/01/2015 (a) 1,775
8,900 Mason, Ohio, Economic Development Revenue Bonds (Cedar Village Project),
VRDN, 3.80% due 12/01/2017 (a) 8,900
1,570 Mason, Ohio, IDR (O D M Properties LLC Project), VRDN, AMT, 4% due
11/01/2018 (a) 1,570
2,580 Mentor, Ohio, IDR (Metcor Parnership/Tridelt), VRDN, AMT, 3.97% due
12/01/2008 (a) 2,580
4,900 Miami County, Ohio, BAN, 3.95% due 7/13/2000 4,909
2,000 Montgomery County, Ohio, Health Care Facilities Revenue Bonds (South
Community Inc. Project), VRDN, 3.85% due 9/01/2014 (a) 2,000
2,265 Montgomery County, Ohio, IDR (Citywide Development Corporation Project),
VRDN, AMT, 3.97% due 12/01/2013 (a) 2,265
15,000 Montgomery County, Ohio, Revenue Bonds (Miami Valley Hospital), CP,
Series 98-B, 3.55% due 1/27/2000 15,000
1,250 Moraine, Ohio, IDR, Refunding (Gray America Corporation Project), VRDN,
AMT, 3.97% due 12/01/2001 (a) 1,250
1,900 North Olmsted, Ohio, GO, BAN, Series 2, 4.20% due 9/21/2000 1,904
2,800 North Ridgeville, Ohio, BAN, 4% due 6/22/2000 2,805
1,255 Obetz, Ohio, IDR (HFI Inc. Project), VRDN, AMT, 3.97% due 10/01/2003 (a) 1,255
2,500 Ohio HFA, Residential Mortgage Revenue Bonds, AMT, Series A-2, 3.05% due
3/01/2000 (c) 2,500
8,045 Ohio State Air Quality Development Authority, Environmental Improvement
Revenue Refunding Bonds (USX Corporation Project), CP, 3.10% due 11/04/1999 8,045
500 Ohio State Environmental Improvement Revenue Bonds, Ohio Water
Development (Mead Corporation Project), VRDN, AMT, 4.10% due 3/01/2023 (a) 500
2,555 Ohio State Higher Educational Facilities Commission Revenue Bonds (Mount
Vernon Nazareth), VRDN, 3.85% due 9/01/2009 (a) 2,555
4,255 Ohio State Higher Educational Facilities Commission, Revenue Refunding
Bonds (Pooled Financing), VRDN, 3.86% due 12/01/2016 (a) 4,255
3,325 Ohio State, IDR, Refunding (General Motors Corporation Project), VRDN, 3.70%
due 9/01/2001 (a) 3,325
1,210 Ohio State, PCR, Refunding (Sohio Water Project), VRDN, 4% due 5/01/2022 (a) 1,210
Ohio State Solid Waste Revenue Bonds (BP Exploration and Oil Inc. Project),
VRDN, AMT (a):
10,500 4% due 2/01/2033 10,500
3,000 3.90% due 8/01/2034 3,000
3,700 Ohio State Turnpike Commission, Turnpike Revenue Bonds, MSTR, VRDN,
Series SGA-60, 3.82% due 2/15/2026 (a)(b) 3,700
2,120 Ohio State University General Receipts, Revenue Refunding Bonds, VRDN,
3.75% due 12/01/2027 (a) 2,120
6,645 Ohio State Water Development Authority, Pollution Control Facilities
Revenue Bonds (Ohio Edison Company Project), CP, AMT, Series B, 3.75%
due 9/01/2000 6,645
</TABLE>
<TABLE>
CMA OHIO MUNICIPAL MONEY FUND
SCHEDULE OF INVESTMENTS AS OF SEPTEMBER 30, 1999 (CONTINUED) (IN THOUSANDS)
<CAPTION>
Face Value
State Amount Issue (Note 1a)
<S> <C> <S> <C>
Ohio $ 3,000 Ohio State Water Development Authority, Solid Waste Disposal Revenue
(continued) Bonds (American Steel & Wire Corporation), VRDN, AMT, 4% due
9/01/2025 (a) $ 3,000
4,000 Ontario, Ohio, BAN, 3.65% due 11/24/1999 4,002
1,890 Paineville, Ohio, BAN, 3.55% due 12/15/1999 1,891
5,400 Paulding County, Ohio, Solid Waste Disposal Revenue Bonds (Lafarge
Corporation Project), VRDN, AMT, 3.85% due 8/01/2026 (a) 5,400
Portage County, Ohio, Industrial Revenue Bonds, VRDN (a):
8,750 (Commercial Turf Products Ltd. Project), AMT, 3.90% due 5/01/2022 8,750
1,260 (John E. Susong Project), Series B, 4% due 5/02/2016 1,260
1,405 (NCSP L.P. Project), AMT, 3.97% due 7/01/2014 1,405
2,465 (PM Properties One Ltd.), AMT, 3.97% due 11/01/2012 2,465
1,915 Portage County, Ohio, Industrial Revenue Refunding Bonds (John E. Susong
Project), VRDN, Series A, 4% due 5/02/2011 (a) 1,915
835 Portage County, Ohio, Regional Sewer District Improvement, BAN, 3.40%
due 12/02/1999 835
1,000 Rickenbacker, Ohio, Port Authority, IDR, Refunding (Rickenbacker
Holdings, Inc.), VRDN, 3.86% due 12/01/2010 (a) 1,000
1,220 Ross County, Ohio, Hospital Revenue Bonds (Medical Center Hospital
Project), VRDN, 3.75% due 12/01/2020 (a) 1,220
Sandusky County, Ohio, IDR, VRDN, AMT (a):
1,300 (Brighton Manor Co. Project), 3.95% due 12/01/2016 1,300
1,410 (Crown Battery Manufacturing Company), 4% due 8/06/2003 1,410
2,760 (Louis G. Freeman Company Project), 4% due 7/01/2017 2,760
3,485 (Magnesium-Multi-Mode), Series A, 4% due 9/01/2007 3,485
1,900 Seneca County, Ohio, Health Care Facilities Revenue Bonds (Good Shepherd
Home Project), VRDN, 3.85% due 10/01/2017 (a) 1,900
165 Solon, Ohio, IDR (Tameran Project), VRDN, AMT, 4% due 11/01/2004 (a) 165
4,000 Springdale, Ohio, GO, BAN, 4.05% due 9/22/2000 4,009
Stark County, Ohio, IDR, VRDN, AMT (a):
1,775 (Superior Dairy Inc. Project), 3.97% due 5/01/2003 1,775
1,215 (Wilkof-Morris Project), 4% due 1/01/2010 1,215
1,880 Strongsville, Ohio, IDR (E&E Properties/Dupli Systems Project), VRDN, AMT,
3.95% due 2/01/2010 (a) 1,880
Summit County, Ohio, IDR:
1,160 (Ace Precision Industries Inc. Project), VRDN, AMT, 3.95% due
7/01/2014 (a) 1,160
1,340 (Austin Printing Company Inc. Project), VRDN, AMT, 3.95% due
8/01/2006 (a) 1,340
280 (Forest Manufacturing Project), VRDN, AMT, 3.90% due 11/01/2001 (a) 280
510 (Hardcoating Project), VRDN, AMT, 3.95% due 7/01/2002 (a) 510
730 (Ohio Camshaft Project), CP, 3.75% due 10/01/1999 730
970 (Sigma Properties Project), VRDN, AMT, 4% due 6/01/2008 (a) 970
900 (Steffen Bookbinders Project), VRDN, AMT, 3.95% due 11/01/2004 (a) 900
300 (Struktol Project), VRDN, AMT, Series A, 3.97% due 6/01/2002 (a) 300
745 (Texler Inc. Project), CP, AMT, 3.45% due 11/01/1999 745
1,265 (Waldonia Investment Project), VRDN, AMT, 3.70% due 7/01/2018 (a) 1,265
</TABLE>
<TABLE>
CMA OHIO MUNICIPAL MONEY FUND
SCHEDULE OF INVESTMENTS AS OF SEPTEMBER 30, 1999 (CONCLUDED) (IN THOUSANDS)
<CAPTION>
Face Value
State Amount Issue (Note 1a)
<S> <C> <S> <C>
Ohio $ 4,650 Toledo, Ohio, GO, BAN, Series 1, 3.29% due 10/20/1999 $ 4,650
(concluded) 1,640 Troy, Ohio, Economic Development Revenue Bonds (L&CP Corporation
Project), 3.40% due 12/01/1999 1,640
2,000 Trumbull County, Ohio, Health Care Facilities Revenue Bonds (Shepherd
of the Valley), VRDN, 3.85% due 8/01/2026 (a) 2,000
1,805 Trumbull County, Ohio, IDR (ATD Corporation Project-Multi-Mode), VRDN,
AMT, 5.25% due 8/01/2010 (a) 1,805
2,400 Union County, Ohio, IDR (Union Aggregates Company Project), VRDN, AMT,
3.95% due 11/01/2006 (a) 2,400
1,920 Union Township, Ohio, GO, BAN, 4.01% due 6/23/2000 1,928
1,085 Valley View, Ohio, IDR (Porter Development Project), VRDN, AMT, 3.95% due
5/01/2016 (a) 1,085
1,415 Valley View, Ohio, IDR, Refunding and Improvement (Sweet Valley Dillon),
VRDN, 4% due 4/01/2011 (a) 1,415
1,090 Van Wert, Ohio, GO, Refunding, BAN, 4.10% due 6/15/2000 1,093
1,880 Warren County, Ohio, IDR (Kardol Quality Products Project), VRDN, 3.95%
due 12/01/2014 (a) 1,880
2,110 Willoughby, Ohio, IDR (Malish Brush and Specialty), VRDN, AMT, 3.97% due
6/01/2009 (a) 2,110
1,000 Wilmington, Ohio, GO, BAN, 4.08% due 9/14/2000 1,003
2,570 Wood County, Ohio, Economic Development Revenue Bonds (Great Lakes
Window Project), CP, AMT, 4.45% due 12/01/1999 2,570
Wood County, Ohio, IDR, VRDN, AMT (a):
1,035 (B & B Box Company Project), 3.95% due 3/01/2011 1,035
820 (Centaur Tool and Die Inc. Project), 3.95% due 8/01/2010 820
1,410 Wooster, Ohio, IDR (Litco International Inc. Project), VRDN, AMT, 3.95%
due 5/01/2010 (a) 1,410
2,350 Zanesville-Muskingum County, Ohio, Port Authority, IDR (B.E. Products Inc.
Project), VRDN, AMT, 3.97% due 9/01/2004 (a) 2,350
Total Investments (Cost--$406,105*)--99.4% 406,105
Other Assets Less Liabilities--0.6% 2,455
----------
Net Assets--100.0% $ 408,560
==========
<FN>
(a)The interest rate is subject to change periodically based upon
prevailing market rates. The interest rate shown is the rate in
effect at September 30, 1999.
(b)MBIA Insured.
(c)GNMA Collateralized.
(d)Escrowed to maturity.
*Cost for Federal income tax purposes.
See Notes to Financial Statements.
</TABLE>
<TABLE>
CMA OHIO MUNICIPAL BOND FUND
STATEMENT OF ASSETS AND LIABILITIES AS OF SEPTEMBER 30, 1999
<S> <C> <C>
Assets:
Investments, at value (identified cost--$406,104,989) (Note 1a) $ 406,104,989
Cash 81,118
Interest receivable 2,579,402
Prepaid registration fees (Note 1d) 5,695
--------------
Total assets 408,771,204
--------------
Liabilities:
Payables:
Distributor (Note 2) $ 101,263
Investment adviser (Note 2) 34,226
Dividends to shareholders (Note 1e) 87 135,576
--------------
Accrued expenses and other liabilities 75,928
--------------
Total liabilities 211,504
--------------
Net Assets $ 408,559,700
==============
Net Assets Consist of:
Shares of beneficial interest, $.10 par value, unlimited number of shares
authorized $ 40,856,870
Paid-in capital in excess of par 367,711,825
Accumulated realized capital losses--net (Note 4) (8,995)
--------------
Net Assets--Equivalent to $1.00 per share based on 408,568,695 shares of
beneficial interest outstanding $ 408,559,700
==============
See Notes to Financial Statements.
</TABLE>
<TABLE>
CMA OHIO MUNICIPAL BOND FUND
STATEMENT OF OPERATIONS FOR THE SIX MONTHS ENDED SEPTEMBER 30, 1999
<CAPTION>
Investment Income (Note 1c):
<S> <C> <C>
Interest and amortization of premium earned $ 6,819,542
Expenses:
Investment advisory fees (Note 2) $ 1,011,404
Distribution fees (Note 2) 249,482
Accounting services (Note 2) 33,989
Transfer agent fees (Note 2) 31,290
Professional fees 25,624
Custodian fees 17,658
Registration fees (Note 1d) 14,494
Printing and shareholder reports 12,572
Pricing fees 7,423
Trustees' fees and expenses 1,277
Other 2,432
--------------
Total expenses 1,407,645
--------------
Investment income--net 5,411,897
Realized Gain on Investments--Net (Note 1c) 22,560
--------------
Net Increase in Net Assets Resulting from Operations $ 5,434,457
==============
See Notes to Financial Statements.
</TABLE>
<TABLE>
CMA OHIO MUNICIPAL BOND FUND
STATEMENTS OF CHANGES IN NET ASSETS
<CAPTION>
For the Six For the Year
Months Ended Ended
September 30, March 31,
1999 1999
Increase (Decrease) in Net Assets:
<S> <C> <C>
Operations:
Investment income--net $ 5,411,897 $ 10,970,528
Realized gain on investments--net 22,560 --
-------------- --------------
Net increase in net assets resulting from operations 5,434,457 10,970,528
-------------- --------------
Dividends to Shareholders (Note 1e):
Investment income--net (5,411,897) (10,970,528)
-------------- --------------
Net decrease in net assets resulting from dividends to shareholders (5,411,897) (10,970,528)
-------------- --------------
Beneficial Interest Transactions (Note 3):
Net proceeds from sale of shares 962,949,974 1,465,357,026
Net asset value of shares issued to shareholders in reinvestment of
dividends (Note 1e) 5,411,640 10,970,775
-------------- --------------
968,361,614 1,476,327,801
Cost of shares redeemed (962,194,013) (1,468,672,806)
-------------- --------------
Net increase in net assets derived from beneficial interest transactions 6,167,601 7,654,995
-------------- --------------
Net Assets:
Total increase in net assets 6,190,161 7,654,995
Beginning of period 402,369,539 394,714,544
-------------- --------------
End of period $ 408,559,700 $ 402,369,539
============== ==============
See Notes to Financial Statements.
</TABLE>
<TABLE>
CMA OHIO MUNICIPAL BOND FUND
FINANCIAL HIGHLIGHTS
<CAPTION>
The following per share data and ratios have been derived For the Six
from information provided in the financial statements. Months Ended
September 30, For the Year Ended March 31,
Increase (Decrease) in Net Asset Value: 1999 1999 1998 1997 1996
<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 .03 .03
Realized gain on investments--net --++ -- -- -- --
--------- --------- --------- --------- ---------
Total from investment operations .01 .03 .03 .03 .03
--------- --------- --------- --------- ---------
Less dividends from investment income--net (.01) (.03) (.03) (.03) (.03)
--------- --------- --------- --------- ---------
Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
========= ========= ========= ========= =========
Total Investment Return 2.68%* 2.85% 3.15% 3.00% 3.26%
========= ========= ========= ========= =========
Ratios to Average Net Assets:
Expenses .70%* .71% .70% .71% .73%
========= ========= ========= ========= =========
Investment income--net 2.68%* 2.80% 3.09% 2.94% 3.21%
========= ========= ========= ========= =========
Supplemental Data:
Net assets, end of period (in thousands) $ 408,560 $ 402,370 $ 394,715 $ 327,173 $ 282,187
========= ========= ========= ========= =========
<FN>
*Annualized.
++Amount is less than $.01 per share.
See Notes to Financial Statements.
</TABLE>
CMA OHIO MUNICIPAL BOND 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 Fund's financial statements
are prepared in accordance with generally accepted accounting
principles, which may require the use of management accruals and
estimates. 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) Prepaid registration fees--Prepaid registration fees are charged
to expense as the related shares are issued.
(e) Dividends and distributions to shareholders--The Fund declares
dividends daily and reinvests daily such dividends (net of non-
resident alien tax and back-up withholding 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"). 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: .50%
of the first $500 million of average daily net assets; .425% of
average daily net assets in excess of $500 million but not exceeding
$1 billion; and .375% of average daily net assets in excess of $1
billion.
CMA OHIO MUNICIPAL BOND 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 Incorporated ("MLPF&S")
receives a distribution fee from the Fund at the end of each month
at the annual rate of .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.
Certain officers and/or trustees of the Fund are officers and/or
directors of FAM, PSI, FDS, and/or ML & Co.
3. Shares of Beneficial Interest:
The number of shares sold, reinvested and redeemed during the
periods corresponds to the amounts included in the Statements of
Changes in Net Assets for net proceeds from sale of shares, value of
shares reinvested and cost of shares redeemed, respectively, since
shares are recorded at $1.00 per share.
4. Capital Loss Carryforward:
At March 31, 1999, 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 BOND FUND
OFFICERS AND TRUSTEES
Terry K. Glenn--President and Trustee
Ronald W. Forbes--Trustee
Cynthia A. Montgomery--Trustee
Charles C. Reilly--Trustee
Kevin A. Ryan--Trustee
Richard R. West--Trustee
Arthur Zeikel--Trustee
Vincent R. Giordano--Senior Vice President
Edward J. Andrews--Vice President
Peter J. Hayes--Vice President
Kenneth A. Jacob--Vice President
Steven T. Lewis--Vice President
Darrin J. SanFillippo--Vice President
Kevin A. Schiatta--Vice President
Helen Marie Sheehan--Vice President
Donald C. Burke--Vice President and Treasurer
William E. Zitelli--Secretary
Custodian
State Street Bank and Trust Company
P.O. Box 351
Boston, MA 02101
Transfer Agent
Financial Data Services, Inc.
4800 Deer Lake Drive East
Jacksonville, FL 32246-6484
(800) 221-7210*
[FN]
*For inquiries regarding your CMA account, call (800) CMA-INFO
[(800) 262-4636].
