CMA Ohio
Municipal Money Fund
Semi-Annual Report
September 30, 2000
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, 2000, CMA Ohio
Municipal Money Fund paid shareholders a net annualized yield of
3.54%.* As of September 30, 2000, the Fund's 7-day yield was 3.91%.
Economic Environment
During the six-month period ended September 30, 2000, the overall
economic growth for the state of Ohio remained on a moderate pace.
Contributing to most of the state's expansion was its service
sector, especially financial services and trade industries. In
addition, improved export activity combined with the continued level
of domestic demand contributed to the stabilization of the
manufacturing industry. This moderate economic pace allowed the
state to mirror the nation's seasonally adjusted unemployment rate
for the period. However, overall job growth continued to lag the
national pace, as construction activity has shown signs of slowing
and labor shortages continue to impinge on economic growth. Finally,
despite a high level of consumer confidence, income growth in the
state has fallen behind the national average as the types of service
jobs being generated are on the lower end of the pay scale.
Although economic growth has remained on a moderate pace, the state
of Ohio continued to generate positive revenue streams throughout
the six-month period. Ohio ended the fiscal year 2000 with total
revenues of $19.6 billion or 7.2% above fiscal year 1999, and began
fiscal year 2001 by reporting revenue for the first three months of
$4.5 billion or 8.6% above the comparable period last year. With
economic growth continuing to generate positive revenue streams, the
state was able to finance daily operations without borrowing in the
short-term municipal market. The various Ohio municipalities have
also continued to benefit from the current expansion, allowing them
to reduce their financial needs to manage daily operations. However,
the increased demands of financing the expansion and modernization
of the school system have allowed local municipal issuance to remain
at a moderate level of $786 million for the six-month period.
Investment Strategy
At the beginning of the six-month period ended September 30, 2000,
we employed a cautious approach to the short-term municipal market.
With the Federal Reserve Board still pursuing a tightening policy
and with April generally a month where funds experience seasonal tax-
related redemptions, we began the period with an increased
percentage of variable rate demand note securities. The Fund's net
assets reached $455 million by mid-April but lost approximately 13%
of its assets before stabilizing in mid-May. With overall tax-
related redemptions coming in higher than in previous years,
combined with an anticipated interest rate increase by the Federal
Reserve Board, yields on one-year short-term Ohio municipal notes
rose approximately 90 basis points (0.90%) to the 4.90% range or 80%
of their taxable equivalent. In addition, yields on variable rate
demand notes also rose to nearly 100% of their taxable equivalent.
Although the Fund performed well during this period, yields on short-
term Ohio municipal notes provided an opportunity to lock in
attractive yields for an extended period of time. We changed our
investment strategy to a neutral position and pursued such
opportunities when available. This investment approach kept the
Fund's average life in the 65-day range for the majority of the
period.
At the May 16 Federal Open Market Committee meeting, the Federal
Reserve Board increased the Federal Funds rate 50 basis points to
6.50%. This dramatic showing by the Federal Reserve Board created a
positive outlook among investors, giving a sense that we may be near
the end of the current cycle of rising short-term interest rates. As
funds began to see subscriptions and the need to replace maturing
notes grew, investors started to scramble to try to lock in the high
yields offered by municipal notes. This scenario carried over
through August as the Federal Reserve Board held short-term interest
rates steady at both the June and August Federal Open Market
Committee meetings and was further reinforced as economic statistics
indicated that the economy was beginning to slow. Yields on Ohio's
short-term municipal notes declined approximately 65 basis points to
the 4.25% range or 65% of their taxable equivalents by the end of
August. However, in September a combination of reduced investor
demand, indications of stabilization of the domestic economy and
rising oil prices caused enough concern to see yields on variable
rate demand notes rise sharply, and yields on one-year Ohio
municipal notes increased approximately 15 basis points to the 4.40%
range. We took advantage of market weakness by replacing lower-
yielding maturing securities with higher-yielding municipal notes,
and the Fund performed well during this period. In addition, we were
able to balance and increase the Fund's holdings of variable rate
demand notes during periods when these securities rose sharply in
yields.
Looking forward, we expect to continue to employ a neutral approach
to the short-term municipal market. We believe this investment
strategy is warranted since uncertainty still surrounds the upcoming
presidential election and any increases in oil prices. There also
have been indications that the domestic economy may be stabilizing,
which could prompt the Federal Reserve Board into some form of
action in the future. We will pursue and look to take advantage of
yield opportunities in municipal notes when they exist and as they
become available. Finally, we will continue to closely monitor
credit quality and at the same time seek to maintain an attractive
tax-exempt yield for 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 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 1, 2000
*Based on a constant investment throughout the period, with
dividends compounded daily, and reflecting a net return to the
investor after all expenses.
Portfolio Abbreviations for CMA Ohio Municipal Money Fund
AMT Alternative Minimum Tax (subject to)
BAN Bond Anticipation Notes
EDR Economic Development Revenue Bonds
GO General Obligation Bonds
IDR Industrial Development Revenue Bonds
M/F Multi-Family
VRDN Variable Rate Demand Notes
<TABLE>
CMA Ohio Municipal Money Fund
Schedule of Investments as of September 30, 2000 (in Thousands)
<CAPTION>
Face
State Amount Issue Value
<S> <C> <S> <C>
Ohio--99.6% $ 8,000 Allen County, Ohio, GO, BAN, 4.65% due 9/12/2001 $ 8,018
390 Allen County, Ohio, IDR (Nickles Bakery Project), VRDN, AMT, 4.25% due
1/02/2003 (a) 390
886 Archbold, Ohio, GO, BAN, 5.60% due 6/21/2001 890
2,800 Ashtabula County, Ohio, Hospital Facilities Revenue Bonds (Ashtabula County
Medical Center Project), VRDN, 5.60% due 12/01/2007 (a) 2,800
1,355 Ashtabula County, Ohio, IDR (Neff-Perkins County Project), VRDN, AMT,
5.75% due 6/01/2005 (a) 1,355
155 Brooklyn Heights, Ohio, IDR (ATC Nymold Inc.), VRDN, AMT, 5.75% due
2/01/2002 (a) 155
5,000 Butler County, Ohio, EDR (Great Miami Valley YMCA Project), VRDN, 4.40%
due 9/01/2020 (a) 5,000
5,000 Canal Winchester, Ohio, Local School District, GO, BAN, 4.91% due 2/22/2001 5,010
8,000 Cincinnati, Ohio, City School District, GO, BAN, 4.78% due 9/13/2001 8,028
800 Clermont County, Ohio, IDR (Southern Ohio Fabricator), VRDN, AMT, Series A,
5.60% due 9/01/2005 (a) 800
Clinton County, Ohio, Hospital Revenue Bonds (Ohio Hospital Capital
Asset Inc. Pooled Loan), VRDN (a):
8,000 5.60% due 6/01/2028 8,000
6,670 5.60% due 7/01/2029 6,670
2,200 Conneaut Area, Ohio, City School District, GO, BAN, 5.125% due 2/15/2001 2,205
4,560 Cuyahoga County, Ohio, Health Care Facilities Revenue Bonds (Catholic
Charities Facilities), VRDN, 5.60% due 7/01/2012 (a) 4,560
7,100 Cuyahoga County, Ohio, Hospital Revenue Bonds (The Cleveland Clinic),
VRDN, Series D, 5.50% due 1/01/2026 (a) 7,100
Cuyahoga County, Ohio, IDR, Refunding, VRDN (a):
925 (Curtiss Wright Project), 5.55% due 12/01/2008 925
2,795 (Parma Care Center Inc.), AMT, 5.60% due 12/01/2011 2,795
720 (Pleasant Lake Associates Project), 5.60% due 5/01/2011 720
Cuyahoga County, Ohio, IDR, VRDN (a):
735 (Athens Pastries Inc. Project), AMT, 5.70% due 6/03/2009 735
4,890 (Cleveland Eexcel Ltd.), AMT, 5.75% due 3/01/2019 4,890
445 (Erieview Metal Treating Project), 5.70% due 5/05/2010 445
4,305 Delaware, Ohio, GO, BAN, 4.75% due 8/30/2001 4,317
950 Dublin, Ohio, City School District Refunding Bonds, GO, BAN, 4.65% due
12/14/2000 951
4,000 Eagle Tax-Exempt Trust, Cleveland, Ohio, VRDN, Series 98, Class 3501,
4.44% due 1/01/2021 (a) 4,000
15,000 Eagle Tax-Exempt Trust, Edison, Ohio, VRDN, Series 95, Class 3501, 4.44% due
7/01/2015 (a) 15,000
5,800 Eagle Tax-Exempt Trust, Ohio, VRDN, Series 95, Class 3502, 4.44% due
7/01/2015 (a) 5,800
1,900 Erie County, Ohio, Various Purpose, GO, BAN, 4.75% due 10/26/2000 1,901
</TABLE>
<TABLE>
CMA Ohio Municipal Money Fund
Schedule of Investments as of September 30, 2000 (continued) (in Thousands)
<CAPTION>
Face
State Amount Issue Value
<S> <C> <S> <C>
Ohio $ 5,290 Franklin County, Ohio, Hospital Revenue Refunding and Improvement Bonds
(continued) (U.S. Health Corporation), VRDN, Series A, 5.52% due 12/01/2021 (a) $ 5,290
1,185 Franklin County, Ohio, IDR (GSW Building Association Limited Partnership),
4.40% due 11/01/2000 1,185
2,500 Franklin County, Ohio, IDR, Refunding (Heekin Can Inc. Project), VRDN,
5.60% due 5/01/2007 (a) 2,500
3,000 Franklin County, Ohio, M/F Housing Revenue Bonds (Colonial Courts
Project), VRDN, AMT, 5.60% due 12/01/2024 (a) 3,000
2,250 Fulton County, Ohio, IDR (Gilders Business Holdings Project), VRDN, AMT,
5.60% due 4/01/2007 (a) 2,250
2,700 Geauga County, Ohio, GO, BAN, 4.25% due 12/14/2000 2,701
2,891 Goshen, Ohio, Local School District, GO, BAN, 4.71% due 10/11/2000 2,891
905 Greene County, Ohio, IDR (FC Limited/AFC Stamping), VRDN, AMT, 5.70% due
9/01/2016 (a) 905
346 Hamilton County, Ohio, EDR (Cincinnati Performing Arts), VRDN, 5.65% due
6/15/2005 (a) 346
2,910 Hamilton County, Ohio, M/F Housing Revenue Bonds (Pleasant Run
Apartments Project), VRDN, AMT, 5.55% due 11/01/2028 (a) 2,910
1,455 Hancock County, Ohio, IDR (Koehler Brothers Inc. Project), VRDN, AMT,
5.70% due 6/01/2014 (a) 1,455
Henry County, Ohio, GO, Refunding, BAN:
745 5.35% due 3/29/2001 748
450 5.95% due 3/29/2001 452
1,000 Huber Heights, Ohio, IDR (Lasermike Inc. Project), VRDN, 5.70% due
12/01/2014 (a) 1,000
4,000 Independence, Ohio, GO, Refunding, BAN, 4.69% due 5/09/2001 4,006
5,500 Lake County, Ohio, GO, Refunding, BAN, 5.125% due 3/15/2001 5,510
800 Lancaster, Ohio, GO, BAN, 4.25% due 11/16/2000 800
6,100 Lebanon, Ohio, GO, BAN, 4.51% due 11/02/2000 6,101
2,480 Logan County, Ohio, GO, BAN, 4.25% due 11/15/2000 2,481
2,660 Lorain County, Ohio, IDR (DGR Investment Ltd.), VRDN, 5.70% due
12/01/2012 (a) 2,660
1,076 Lowellville, Ohio, Local School District, GO, BAN, 4.75% due 12/14/2000 1,077
Lucas County, Ohio, EDR, AMT:
1,240 (Cross Country Inns--Maumee Project), 4.85% due 12/01/2000 1,240
2,430 (Hammill Manufacturing Company Project), VRDN, 5.70% due 5/01/2010 (a) 2,430
3,715 Lucas County, Ohio, GO, BAN, 4.56% due 4/12/2001 3,719
Lucas County, Ohio, Hospital Revenue Bonds, VRDN (a):
175 (Sunshine Children's Home Project), 5.55% due 12/01/2007 175
1,800 (Sunshine Inc.--Northwest Ohio Project), 5.55% due 6/02/2014 1,800
3,270 Lucas County, Ohio, IDR (Reichert Stamping Company Project), VRDN, AMT,
5.60% due 7/15/2006 (a) 3,270
2,050 Marion County, Ohio, GO, BAN, 4.50% due 11/16/2000 2,051
1,775 Marion County, Ohio, IDR (Mid Ohio Packaging Company Project), VRDN, AMT,
5.65% due 11/01/2015 (a) 1,775
1,600 Marysville, Ohio, Exempt Village School District, GO, Refunding, BAN,
5.31% due 5/31/2001 1,603
4,900 Mason, Ohio, City School District, GO, BAN, Series A, 4.80% due 8/30/2001 4,919
8,500 Mason, Ohio, EDR (Cedar Village Project), VRDN, 4.44% due 12/01/2017 (a) 8,500
</TABLE>
<TABLE>
CMA Ohio Municipal Money Fund
Schedule of Investments as of September 30, 2000 (continued) (in Thousands)
<CAPTION>
Face
State Amount Issue Value
<S> <C> <S> <C>
Ohio $ 1,530 Mason, Ohio, IDR (O D M Properties LLC Project), VRDN, AMT, 5.70% due
(continued) 11/01/2018 (a) $ 1,530
2,370 Mentor, Ohio, IDR (Metcor Parnership/Tridelt), 5.75% due 12/01/2008 2,370
3,355 Miami County, Ohio, GO, Refunding, BAN, 4.875% due 7/11/2001 3,361
2,060 Milford, Ohio, GO, BAN, 4.50% due 10/03/2000 2,060
1,955 Montgomery County, Ohio, Health Care Facilities Revenue Bonds (South
Community Inc. Project), VRDN, 5.55% due 9/01/2014 (a) 1,955
2,160 Montgomery County, Ohio, IDR (Citywide Development Corporation Project),
VRDN, AMT, 5.75% due 12/01/2013 (a) 2,160
11,000 Montgomery County, Ohio, Revenue Bonds (Miami Valley Hospital), CP,
Series B, 4.20% due 12/08/2000 11,000
4,000 Mount Gilead, Ohio, Exempt Village School District, GO, Refunding, BAN,
4.48% due 12/20/2000 4,002
1,500 Nordonia Hills, Ohio, Local School, GO, BAN, 5.06% due 3/20/2001 1,504
1,500 North Baltimore, Ohio, Local School District, GO, BAN, 5.10% due 4/12/2001 1,505
570 North Baltimore, Ohio, Local School District, GO, Refunding, BAN, 5.25% due
4/12/2001 572
2,500 North Ridgeville, Ohio, GO, Refunding, BAN, 5.25% due 10/19/2000 2,501
1,500 Northeastern, Ohio, Local School District, GO, Refunding, BAN, 5.18% due
6/26/2001 1,505
965 Obetz, Ohio, IDR (HFI Inc. Project), VRDN, AMT, 5.75% due 10/01/2003 (a) 965
8,045 Ohio State Air Quality Development Authority, Environmental Improvement
Revenue Refunding Bonds (USX Corporation Project), 4.25% due 10/05/2000 8,045
2,800 Ohio State Environmental Improvement Revenue Bonds, Ohio Water
Development (Mead Corporation Project), VRDN, AMT, 5.55% due 3/01/2023 (a) 2,800
2,475 Ohio State Higher Educational Facilities Commission Revenue Bonds (Mount
Vernon Nazareth), VRDN, 5.55% due 9/01/2009 (a) 2,475
4,040 Ohio State Higher Educational Facilities Commission Revenue Refunding
Bonds (Pooled Financing), VRDN, 5.60% due 12/01/2016 (a) 4,040
3,325 Ohio State, IDR, Refunding (General Motors Corporation Project), VRDN,
5.45% due 9/01/2001 (a) 3,325
Ohio State Solid Waste Revenue Bonds (BP Exploration and Oil Inc.
Project), VRDN, AMT (a):
15,200 5.65% due 2/01/2033 15,200
8,600 5.65% due 8/01/2034 8,600
6,645 Ohio State Water Development Authority, Pollution Control Facilities
Revenue Bonds (Ohio Edison Company Project), VRDN, AMT, Series B,
4.40% due 9/01/2018 (a) 6,645
3,000 Ohio State Water Development Authority, Solid Waste Disposal Revenue Bonds
(American Steel & Wire Corporation), VRDN, AMT, 5.75% due 9/01/2025 (a) 3,000
1,100 Olmsted Falls, Ohio, GO, BAN, 4.60% due 10/26/2000 1,100
1,725 Painesville, Ohio, GO, BAN, 4.25% due 11/30/2000 1,726
2,650 Parma Heights, Ohio, GO, BAN, 4.20% due 11/21/2000 2,651
5,160 Paulding County, Ohio, Solid Waste Disposal Revenue Bonds (Lafarge
Corporation Project), VRDN, AMT, 5.35% due 8/01/2026 (a) 5,160
Perrysburg, Ohio, GO, BAN:
2,400 4.93% due 8/16/2001 2,411
1,475 5.05% due 8/16/2001 1,481
2,365 Perrysburg, Ohio, GO, Refunding, BAN, 4.45% due 11/16/2000 2,366
</TABLE>
<TABLE>
CMA Ohio Municipal Money Fund
Schedule of Investments as of September 30, 2000 (continued) (in Thousands)
<CAPTION>
Face
State Amount Issue Value
<S> <C> <S> <C>
Ohio Portage County, Ohio, Industrial Revenue Bonds, VRDN (a):
(continued) $ 8,750 (Commercial Turf Products Ltd. Project), AMT, 5.55% due 5/01/2022 $ 8,750
1,185 (John E. Susong Project), Series B, 5.70% due 5/02/2016 1,185
1,265 (NCSP L.P. Project), AMT, 5.75% due 7/01/2014 1,265
Portage County, Ohio, Industrial Revenue Refunding Bonds, VRDN (a):
1,810 (John E. Susong Project), Series A, 5.70% due 5/02/2011 1,810
2,335 (PM Properties One Ltd.), AMT, 5.75% due 11/01/2012 2,335
900 Rickenbacker, Ohio, Port Authority, IDR, Refunding (Rickenbacker
Holdings, Inc.), VRDN, 5.60% due 12/01/2010 (a) 900
1,185 Ross County, Ohio, Hospital Revenue Bonds (Medical Center Hospital
Project), VRDN, 5.50% due 12/01/2020 (a) 1,185
1,985 Rossford, Ohio, GO, Refunding, BAN, 5.20% due 10/18/2001 1,998
2,198 Rossford, Ohio, Various Purpose, GO, BAN, 4.75% due 12/14/2000 2,201
Sandusky County, Ohio, IDR, VRDN, AMT (a):
1,300 (Brighton Manor Co. Project), 5.75% due 12/01/2016 1,300
1,040 (Crown Battery Manufacturing Company), 5.70% due 8/06/2003 1,040
2,560 (Louis G. Freeman Company Project), 5.70% due 7/01/2017 2,560
3,035 (Magnesium Refining Technologies Inc. Project), Series A, 5.70%
due 9/01/2007 3,035
1,830 Seneca County, Ohio, Health Care Facilities Revenue Bonds (Good
Shepherd Home Project), VRDN, 5.55% due 10/01/2017 (a) 1,830
4,925 Sheffield, Ohio, GO, BAN, 4.75% due 4/04/2001 4,935
165 Solon, Ohio, IDR (Tameran Project), VRDN, AMT, 5.70% due 11/01/2004 (a) 165
1,070 Springboro, Ohio, GO, BAN, 4.26% due 12/07/2000 1,071
3,650 Springdale, Ohio, BAN, Refunding, 4.61% due 9/21/2001 3,657
Stark County, Ohio, IDR, VRDN, AMT (a):
1,370 (Superior Dairy Inc. Project), 5.75% due 5/01/2003 1,370
1,150 (Wilkof-Morris Project), 5.70% due 1/01/2010 1,150
3,245 Steubenville, Ohio, City School District, GO, BAN, 4.76% due 11/16/2000 3,247
4,950 Streetsboro, Ohio, City School District, GO, BAN, 4.75% due 4/27/2001 4,958
1,735 Strongsville, Ohio, IDR (E&E Properties/Dupli Systems Project), VRDN,
AMT, 5.60% due 2/01/2010 (a) 1,735
Summit County, Ohio, IDR:
1,100 (Ace Precision Industries Inc. Project), VRDN, 5.60% due
7/01/2014 (a) 1,100
1,212 (Austin Printing Company Inc. Project), VRDN, AMT, 5.60% due
8/01/2006 (a) 1,212
280 (Forest Manufacturing Project), VRDN, AMT, 5.55% due 11/01/2001 (a) 280
370 (Hardcoating Project), VRDN, AMT, 5.60% due 7/01/2002 (a) 370
630 (Ohio Camshaft Project), 4.65% due 10/01/2000 630
800 (Steffen Bookbinders Project), VRDN, AMT, 5.60% due 11/01/2004 (a) 800
200 (Struktol Project), VRDN, AMT, Series A, 5.75% due 6/01/2002 (a) 200
1,235 (Texler Inc. Project), AMT, 4.50% due 11/01/2000 1,235
1,185 (Waldonia Investment Project), VRDN, AMT, 5.70% due 7/01/2018 (a) 1,185
5,500 Trumbull County, Ohio, GO, Refunding, BAN, Series 2, 4.95% due 4/11/2001 5,510
2,000 Trumbull County, Ohio, Health Care Facilities Revenue Bonds (Shepherd of
the Valley), VRDN, 5.55% due 8/01/2026 (a) 2,000
1,705 Trumbull County, Ohio, IDR (ATD Corporation Project), VRDN, AMT, 5.70% due
8/01/2010 (a) 1,705
2,000 Union County, Ohio, IDR (Union Aggregates Company Project), VRDN, AMT,
5.60% due 11/01/2006 (a) 2,000
</TABLE>
<TABLE>
CMA Ohio Municipal Money Fund
Schedule of Investments as of September 30, 2000 (concluded) (in Thousands)
<CAPTION>
Face
State Amount Issue Value
<S> <C> <S> <C>
Ohio Union Township, Ohio, GO, BAN:
(concluded) $ 1,500 4.75% due 3/13/2001 $ 1,503
3,805 5.24% due 6/20/2001 3,819
1,010 Valley View, Ohio, IDR (Porter Development Project), VRDN, AMT, 5.60% due
5/01/2016 (a) 1,010
1,335 Valley View, Ohio, IDR, Refunding and Improvement Bonds (Sweet Valley
Dillon), VRDN, 5.70% due 4/01/2011 (a) 1,335
1,780 Warren County, Ohio, IDR (Kardol Quality Products Project), VRDN, 5.60% due
12/01/2014 (a) 1,780
550 Wauseon, Ohio, GO, Refunding, BAN, 5.25% due 5/17/2001 552
1,950 Willoughby, Ohio, IDR (Malish Brush and Specialty), VRDN, AMT, 5.75% due
6/01/2009 (a) 1,950
2,650 Wood County, Ohio, EDR (Great Lakes Window Project), AMT, 5.30% due
12/01/2000 2,650
695 Wood County, Ohio, IDR (Centaur Tool and Die Inc. Project), VRDN, AMT,
5.60% due 8/01/2010 (a) 695
1,270 Wooster, Ohio, IDR (Litco International Inc. Project), VRDN, AMT, 5.60% due
5/01/2010 (a) 1,270
1,880 Zanesville-Muskingum County, Ohio, Port Authority, IDR (B.E. Products Inc.
Project), VRDN, AMT, 5.75% due 9/01/2004 (a) 1,880
Total Investments (Cost--$383,578*)--99.6% 383,578
Other Assets Less Liabilities--0.4% 1,401
----------
Net Assets--100.0% $ 384,979
==========
(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, 2000.
*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, 2000
<S> <C> <C>
Assets:
Investments, at value (identified cost--$383,578,304) $ 383,578,304
Cash 181,711
Receivables:
Interest $ 3,562,966
Securities sold 575 3,563,541
---------------
Prepaid registration fees 26,142
---------------
Total assets 387,349,698
---------------
Liabilities:
Payables:
Securities purchased 1,998,260
Investment adviser 150,880
Distributor 101,585
Dividends to shareholders 131 2,250,856
---------------
Accrued expenses and other liabilities 120,271
---------------
Total liabilities 2,371,127
---------------
Net Assets $ 384,978,571
===============
Net Assets Consist of:
Shares of beneficial interest, $.10 par value, unlimited number of shares
authorized $ 38,498,109
Paid-in capital in excess of par 346,482,983
Accumulated realized capital losses--net (2,521)
---------------
Net Assets--Equivalent to $1.00 per share based on 384,981,092 shares of
beneficial interest outstanding $ 384,978,571
===============
See Notes to Financial Statements.
</TABLE>
<TABLE>
CMA Ohio Municipal Money Fund
Statement of Operations for the Six Months Ended September 30, 2000
<S> <C> <C>
Investment Income:
Interest and amortization of premium earned $ 8,691,703
Expenses:
Investment advisory fees $ 1,022,502
Distribution fees 255,024
Accounting services 46,282
Transfer agent fees 28,072
Professional fees 24,023
Registration fees 14,527
Custodian fees 13,312
Printing and shareholder reports 12,196
Pricing fees 8,324
Trustees' fees and expenses 1,217
Other 3,266
---------------
Total expenses 1,428,745
---------------
Investment income--net 7,262,958
---------------
Net Increase in Net Assets Resulting from Operations $ 7,262,958
===============
See Notes to Financial Statements.
</TABLE>
<TABLE>
CMA Ohio Municipal Money Fund
Statements of Changes in Net Assets
<CAPTION>
For the Six For the Year
Months Ended Ended
September 30, March 31,
Increase (Decrease) in Net Assets: 2000 2000
<S> <C> <C>
Operations:
Investment income--net $ 7,262,958 $ 11,922,305
Realized gain on investments--net -- 29,034
--------------- ---------------
Net increase in net assets resulting from operations 7,262,958 11,951,339
--------------- ---------------
Dividends to Shareholders:
Dividends to shareholders from investment income--net (7,262,958) (11,922,305)
--------------- ---------------
Beneficial Interest Transactions:
Net proceeds from sale of shares 722,407,420 1,800,279,862
Value of shares issued to shareholders in reinvestment of dividends 7,262,968 11,921,995
--------------- ---------------
729,670,388 1,812,201,857
Cost of shares redeemed (777,164,644) (1,782,127,603)
--------------- ---------------
Net increase (decrease) in net assets derived from beneficial interest
transactions (47,494,256) 30,074,254
--------------- ---------------
Net Assets:
Total increase (decrease) in net assets (47,494,256) 30,103,288
Beginning of period 432,472,827 402,369,539
--------------- ---------------
End of period $ 384,978,571 $ 432,472,827
=============== ===============
See Notes to Financial Statements.
</TABLE>
<TABLE>
CMA Ohio Municipal Money 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: 2000 2000 1999 1998 1997
<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 .03 .03 .03
Realized gain on investments--net -- --++ -- -- --
--------- --------- --------- --------- ---------
Total from investment operations .02 .03 .03 .03 .03
--------- --------- --------- --------- ---------
Less dividends from investment income--net (.02) (.03) (.03) (.03) (.03)
--------- --------- --------- --------- ---------
Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
========= ========= ========= ========= =========
Total Investment Return 3.54%* 2.89% 2.85% 3.15% 3.00%
========= ========= ========= ========= =========
Ratios to Average Net Assets:
Expenses .70%* .69% .71% .70% .71%
========= ========= ========= ========= =========
Investment income--net 3.54%* 2.85% 2.80% 3.09% 2.94%
========= ========= ========= ========= =========
Supplemental Data:
Net assets, end of period (in thousands) $ 384,979 $ 432,473 $ 402,370 $ 394,715 $ 327,173
========= ========= ========= ========= =========
*Annualized.
++Amount is less than $.01 per share.
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. The Fund's financial statements
are prepared in conformity with accounting principles generally
accepted in the United States of America, which may require the use
of management accruals and estimates. 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 backup 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 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 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, 2000, the Fund had a net capital loss carryforward of
approximately $2,500, of which $2,200 expires in 2002 and $300
expires in 2003. This amount will be available to offset like
amounts of any future taxable gains.
CMA Ohio Municipal Money 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
Roscoe S. Suddarth--Trustee
Richard R. West--Trustee
Arthur Zeikel--Trustee
Edward D. Zinbarg--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
Phillip Gillespie--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*
*For inquiries regarding your CMA account, call (800) CMA-INFO
[(800) 262-4636].
