CMA
CMA Ohio
Municipal Money Fund
Annual Report
March 31, 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 year ended March 31, 2000, CMA Ohio Municipal Money Fund
paid shareholders a net annualized yield of 2.89%.* As of March 31,
2000, the Fund's 7-day yield was 3.22%.
Economic Environment
Although the state of Ohio continued to generate positive economic
growth during the six-month period ended March 31, 2000, the rate
has slowed from previous periods. Despite seasonally adjusted
unemployment levels mirroring the national average, a decline in
manufacturing employment contributed to overall weak employment
growth in Ohio. The losses in manufacturing were broad based, with
industrial machinery and steel manufacturers accounting for most of
the decline. Competition from inexpensive imports, improvements in
operating efficiencies and consolidation of operations through
mergers were the primary reasons for the losses. However, the large
Ohio metropolitan areas have been the source of economic strength in
the state. The Cleveland area continued to provide firm
manufacturing activity as strengthening export markets allowed area
producers to expand production. In addition, the Cincinnati area
continued to expand at a faster pace than the US average and began
to focus on nurturing its information technology industry. Personal
income and consumer confidence levels remained high, allowing retail
activity to remain robust.
The state of Ohio's total revenue collections for nine months of
fiscal year 2000 were reported at $14.2 billion, or 3.2% above the
same period last year. Ohio, which has benefited from the positive
results, has also been able to avoid borrowing in the short-term
municipal market to finance daily operations. The various Ohio
municipalities were also beneficiaries to the positive economic
conditions in the state. While operational financing needs were low,
the need to finance the modernization and building of new schools
allowed the Ohio municipal issuance to increase slightly to $913
million for the period.
Investment Strategy
We began the six-month period ended March 31, 2000 employing a
neutral strategy to the short-term municipal market. As tight labor
conditions persisted and equity markets remained on an upward trend,
economic data continued to register solid growth throughout the
economy. Despite inflation data remaining somewhat subdued, the
Federal Reserve Board continued to increase the Federal Funds rate
in a series of 25 basis point (0.25%) increments to its current
level of 6.00%, as a preemptive measure with the latest increase
coming on March 21. However, the Federal Reserve Board did pause
temporarily in raising short-term interest rates to monitor the
effects of Year 2000 (Y2K) and year-end liquidity needs.
We began the period and maintained an average life for the Fund in
the 65-day range until December. We then increased the Fund's
purchases of attractively priced Ohio municipal short-term notes in
December for diversification. These purchases, which increased the
average life to the 75-day range, were also made in anticipation of
a reduced amount of Ohio municipal issuance in the first quarter of
2000. In January, seasonal subscriptions allowed the average life to
shift back and end the period in the 65-day range. Despite the
increased purchases of Ohio municipal notes in December, we also
maintained a high percentage of variable rate demand notes (VRDN).
We maintained this high percentage of VRDN securities in
anticipation of any potential Y2K-related issues. Fortunately, the
Fund's year-end cash flows were similar to those of the previous
years without irregularities.
Overall, we believe the Fund had a good year providing its
shareholders with an attractive tax-exempt yield relative to its
competitors as measured by Lipper Analytical Services, Inc. The
performance was achieved despite the difficult interest rate
environment, as well as all the uncertainties associated with Y2K
issues.
Looking ahead, we will continue to monitor the changing economic
environment as well as our investment strategy. As Y2K concerns have
disappeared and inflationary data begins to show signs of
accelerating, the Federal Reserve Board appears prepared to continue
to increase short-term interest rates to slow economic growth. The
emphasis will be on how high short-term interest rates will have to
go to slow the domestic economy. We will begin to pursue a more
defensive approach to the market in the upcoming months. We believe
this strategy is warranted as we enter a period of seasonal weakness
with tax-related redemptions having a pronounced effect on municipal
yield levels. With these seasonal factors reducing the
attractiveness of longer-dated issues, we will temporarily
concentrate on short-term commercial paper and VRDN securities,
while preparing for the tax season. We will monitor any changes in
Federal Reserve Board monetary policy and adjust our investment
strategy accordingly. 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
April 27, 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
CP Commercial Paper
GO General Obligation Bonds
EDR Economic Development Revenue Bonds
IDR Industrial Development Revenue Bonds
M/F Multi-Family
PCR Pollution Control Revenue Bonds
VRDN Variable Rate Demand Notes
<TABLE>
CMA Ohio Municipal Money Fund
Schedule of Investments as of March 31, 2000 (in Thousands)
<CAPTION>
Face
State Amount Issue Value
<S> <C> <S> <C>
Ohio--100.7% $ 8,000 Allen County, Ohio, BAN, 4.25% due 9/14/2000 $ 8,010
390 Allen County, Ohio, IDR (Nickles Bakery Project), VRDN, AMT, 4.25% due
1/02/2003 (a) 390
2,057 Amanda Clearcreek, Fairfield County, Ohio, Local School District, GO,
BAN, 4.68% due 6/15/2000 2,060
2,900 Ashtabula County, Ohio, Hospital Facilities Revenue Bonds (Ashtabula
County Medical Center Project), VRDN, 3.97% due 12/01/2007 (a) 2,900
1,540 Ashtabula County, Ohio, IDR (Neff-Perkins Company Project), VRDN, AMT,
4.10% due 6/01/2005 (a) 1,540
2,500 Athens, Ohio, City School District, GO, BAN, 4.78% due 7/27/2000 2,505
2,600 Avon, Ohio, Local School District, GO, BAN, 4.64% due 6/15/2000 2,603
7,660 Bowling Green, Ohio, GO, BAN, 3.90% due 9/07/2000 7,667
155 Brooklyn Heights, Ohio, IDR (ATC Nymold Inc.), VRDN, AMT, 4.10% due
2/01/2002 (a) 155
3,225 Brooklyn, Ohio, GO, BAN, 3.90% due 8/31/2000 3,229
1,000 Canal-Winchester, Ohio, BAN, 3.80% due 5/26/2000 1,000
895 Canton, Ohio, IDR (Accu Plate Project), VRDN, AMT, 4.15% due 3/01/2017 (a) 895
1,240 Central, Ohio, Local School District, GO, BAN, 4.75% due 6/07/2000 1,242
3,395 Cincinnati and Hamilton County, Ohio, Port Authority, EDR (Bethesda One
Limited Partnership), 3.60% due 8/01/2000 3,395
Cincinatti, Ohio, City School District, GO, BAN:
3,000 3.90% due 5/19/2000 3,002
12,500 4.18% due 9/14/2000 12,521
1,100 Clermont County, Ohio, IDR (Southern Ohio Fabricator), VRDN, AMT,
Series A, 4.10% due 9/01/2005 (a) 1,100
8,825 Cleveland, Ohio, Airport System Revenue Bonds, VRDN, AMT, Series D, 3.90%
due 1/01/2027 (a) 8,825
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
6,670 3.80% due 7/01/2029 6,670
Columbiana County, Ohio, IDR (The Hall China Company Project), VRDN,
AMT (a):
2,220 3.95% due 1/01/2007 2,220
3,360 3.95% due 9/01/2009 3,360
1,236 Crooksville, Ohio, Exempt Village School, GO, BAN, 4.20% due 8/15/2000 1,238
4,700 Cuyahoga County, Ohio, Health Care Facilities Revenue Bonds (Catholic
Charities Facilities), VRDN, 4.05% due 7/01/2012 (a) 4,700
14,645 Cuyahoga County, Ohio, Hospital Revenue Bonds (The Cleveland Clinic),
VRDN, Series D, 4% due 1/01/2026 (a) 14,645
Cuyahoga County, Ohio, IDR, Refunding, VRDN (a):
925 (Curtiss Wright Project), 3.85% due 12/01/2008 925
2,865 (Parma Care Center Inc.), AMT, 3.85% due 12/01/2011 2,865
820 (Pleasant Lake Associates Project), 3.85% due 5/01/2011 820
</TABLE>
<TABLE>
CMA Ohio Municipal Money Fund
Schedule of Investments as of March 31, 2000 (continued) (in Thousands)
<CAPTION>
Face
State Amount Issue Value
<S> <C> <S> <C>
Ohio Cuyahoga County, Ohio, IDR, VRDN (a):
(continued) $ 735 (Athens Pastries Inc. Project), AMT, 4% due 6/03/2009 $ 735
4,890 (Cleveland Eexcel Ltd.), AMT, 3.97% due 3/01/2019 4,890
485 (Erieview Metal Treating Project), 4% due 5/05/2010 485
2,395 Delaware, Ohio, GO, BAN, Series 2, 3.90% due 6/01/2000 2,396
950 Dublin, Ohio, City School District Refunding Bonds, GO, BAN, 4.65% due
12/14/2000 953
5,500 Dublin, Ohio, GO, Refunding, BAN, 4.10% due 6/16/2000 5,504
4,000 Eagle Tax-Exempt Trust, Cleveland, Ohio, VRDN, Series 98, Class 3501, 3.96%
due 1/01/2021 (a) 4,000
Eagle Tax-Exempt Trust, Ohio, Edison, VRDN, Series 95 (a):
15,000 Class 3501, 3.96% due 7/01/2015 15,000
5,800 Class 3502, 3.96% due 7/01/2015 5,800
500 Erie County, Ohio, IDR (Brighton Manor Company Project), VRDN, AMT,
4.10% due 11/01/2016 (a) 500
1,340 Erie County, Ohio, IDR, Refunding (Huron Health Care Center Project), VRDN,
4% due 8/01/2007 (a) 1,340
1,900 Erie County, Ohio, Various Purpose, GO, BAN, 4.75% due 10/26/2000 1,907
3,300 Fairborn, Ohio, City School District, GO, BAN, 4.40% due 9/14/2000 3,306
2,755 Franklin County, Ohio, Hospital Revenue Refunding and Improvement Bonds
(U.S. Health Corporation), VRDN, Series A, 3.90% due 12/01/2021 (a) 2,755
1,185 Franklin County, Ohio, IDR (GSW Building Association Ltd. Partnership),
3.85% due 5/01/2000 1,185
2,500 Franklin County, Ohio, IDR, Refunding (Heekin Can Inc. Project), VRDN, 4.10%
due 5/01/2007 (a) 2,500
3,000 Franklin County, Ohio, M/F Housing Revenue Bonds (Colonial Courts Project),
VRDN, AMT, 4.10% due 12/01/2024 (a) 3,000
2,400 Fulton County, Ohio, IDR (Gilders Business Holdings Project), VRDN, AMT,
4.10% due 4/01/2007 (a) 2,400
2,700 Geauga County, Ohio, GO, BAN, 4.25% due 12/14/2000 2,705
690 Geauga County, Ohio, IDR (Neff-Perkins Company Project), VRDN, AMT, 4.10%
due 6/01/2005 (a) 690
2,891 Goshen, Ohio, Local School District, GO, BAN, 4.71% due 10/11/2000 2,899
905 Greene County, Ohio, IDR (FC Limited/AFC Stamping), VRDN, AMT, 4.15%
due 9/01/2016 (a) 905
346 Hamilton County, Ohio, EDR (Cincinnati Performing Arts), VRDN, 3.98% due
6/15/2005 (a) 346
2,910 Hamilton County, Ohio, M/F Housing Revenue Bonds (Pleasant Run Apartments
Project), VRDN, AMT, 4.05% due 11/01/2028 (a) 2,910
1,485 Hancock County, Ohio, IDR (Koehler Brothers Inc. Project), VRDN, AMT,
4.15% due 6/01/2014 (a) 1,485
1,985 Harrison, Ohio, GO, BAN, 4.63% due 6/15/2000 1,988
745 Henry County, Ohio, GO, BAN, Refunding, 5.35% due 3/29/2001 751
5,000 Hilliard, Ohio, School District, GO, BAN, 4.59% due 5/25/2000 5,005
1,075 Huber Heights, Ohio, IDR (Lasermike Inc. Project), VRDN, 4.15% due
12/01/2014 (a) 1,075
800 Lancaster, Ohio, GO, BAN, 4.25% due 11/16/2000 801
6,100 Lebanon, Ohio, GO, BAN, 4.51% due 11/02/2000 6,109
2,480 Logan County, Ohio, GO, BAN, 4.25% due 11/15/2000 2,484
2,760 Lorain County, Ohio, IDR (DGR Investment Ltd.), VRDN, 4.15% due
12/01/2012 (a) 2,760
</TABLE>
<TABLE>
CMA Ohio Municipal Money Fund
Schedule of Investments as of March 31, 2000 (continued) (in Thousands)
<CAPTION>
Face
State Amount Issue Value
<S> <C> <S> <C>
Ohio $ 2,550 Loveland, Ohio, GO, BAN, 4% due 9/08/2000 $ 2,553
(continued) 1,076 Lowellville, Ohio, Local School District, GO, BAN, 4.75% due 12/14/2000 1,079
Lucas County, Ohio, EDR, AMT:
1,240 (Cross Country Inns--Maumee Project), 4.10% due 6/01/2000 1,240
2,530 (Hammill Manufacturing Company Project), VRDN, 4.03% due 5/01/2010 (a) 2,530
Lucas County, Ohio, Hospital Revenue Bonds, VRDN (a):
175 (Sunshine Children's Home Project), 4% due 12/01/2007 175
2,200 (Sunshine Inc.--Northwest Ohio Project), 4% due 6/02/2014 2,200
3,520 Lucas County, Ohio, IDR (Reichert Stamping Company Project), VRDN, AMT,
4.10% due 7/15/2006 (a) 3,520
3,450 Mahoning County, Ohio, Health Care Facilities Revenue Bonds (Shepherd
Valley Lutheran Project), VRDN, Series A, 3.97% due 9/01/2022 (a) 3,450
2,050 Marion County, Ohio, GO, BAN, 4.50% due 11/16/2000 2,054
1,775 Marion County, Ohio, IDR (Mid Ohio Packaging Company Project), VRDN, AMT,
4.15% due 11/01/2015 (a) 1,775
4,950 Marion, Ohio, City School District, GO, BAN, 4.43% due 8/17/2000 4,958
8,500 Mason, Ohio, EDR (Cedar Village Project), VRDN, 3.76% due 12/01/2017 (a) 8,500
1,550 Mason, Ohio, IDR (O D M Properties LLC Project), VRDN, AMT, 4.15% due
11/01/2018 (a) 1,550
2,370 Mentor, Ohio, IDR (Metcor Parnership/Tridelt), VRDN, AMT, 4.10% due
12/01/2008 (a) 2,370
4,900 Miami County, Ohio, BAN, 3.95% due 7/13/2000 4,903
960 Miami County, Ohio, GO, BAN, 4.45% due 7/13/2000 961
2,060 Milford, Ohio, GO, BAN, 4.50% due 10/03/2000 2,063
1,985 Montgomery County, Ohio, Health Care Facilities Revenue Bonds (South
Community Inc. Project), VRDN, 4% due 9/01/2014 (a) 1,985
2,160 Montgomery County, Ohio, IDR (Citywide Development Corporation Project),
VRDN, AMT, 4.10% due 12/01/2013 (a) 2,160
12,400 Montgomery County, Ohio, Revenue Bonds (Miami Valley Hospital), CP, Series B,
4% due 5/05/2000 12,400
885 Moraine, Ohio, IDR, Refunding (Gray America Corporation Project), VRDN, AMT,
4.10% due 12/01/2001 (a) 885
4,000 Mount Gilead, Ohio, Exempt Village School District, GO, BAN, 4.51% due
6/15/2000 4,004
4,000 Mount Gilead, Ohio, Exempt Village School District, GO, Refunding, BAN,
4.48% due 12/20/2000 4,008
1,213 New Miami, Ohio, Local School District, BAN, 4.65% due 8/24/2000 1,215
570 North Baltimore, Ohio, Local School District, GO, Refunding, BAN, 5.25%
due 4/12/2001 574
1,900 North Olmsted, Ohio, GO, BAN, Series 2, 4.20% due 9/21/2000 1,902
2,800 North Ridgeville, Ohio, BAN, 4% due 6/22/2000 2,802
1,255 Obetz, Ohio, IDR (HFI Inc. Project), VRDN, AMT, 4.10% due 10/01/2003 (a) 1,255
8,045 Ohio State Air Quality Development Authority, Environmental Improvement
Revenue Refunding Bonds (USX Corporation Project), 3.80% due 5/02/2000 8,045
9,000 Ohio State Environmental Improvement Revenue Bonds, Ohio Water
Development (Mead Corporation Project), VRDN, AMT, 3.95% due 3/01/2023 (a). 9,000
2,555 Ohio State Higher Educational Facilities Commission Revenue Bonds (Mount
Vernon Nazareth), VRDN, 4% due 9/01/2009 (a) 2,555
4,040 Ohio State Higher Educational Facilities Commission, Revenue Refunding
Bonds (Pooled Financing), VRDN, 4% due 12/01/2016 (a) 4,040
3,325 Ohio State, IDR, Refunding (General Motors Corporation Project), VRDN,
3.85% due 9/01/2001 (a) 3,325
</TABLE>
<TABLE>
CMA Ohio Municipal Money Fund
Schedule of Investments as of March 31, 2000 (continued) (in Thousands)
<CAPTION>
Face
State Amount Issue Value
<S> <C> <S> <C>
Ohio $ 1,900 Ohio State, PCR, Refunding (Sohio Air Project), VRDN, 3.85% due
(continued) 5/01/2022 (a) $ 1,900
Ohio State Solid Waste Revenue Bonds (BP Expoloration and Oil Inc.
Project), VRDN, AMT (a):
15,200 4% due 2/01/2033 15,200
3,600 3.60% due 8/01/2034 3,600
6,645 Ohio State Water Development Authority, Pollution Control Facilities Revenue
Bonds (Ohio Edison Company Project), AMT, Series B, 3.75% due 9/01/2000 6,645
3,000 Ohio State Water Development Authority, Solid Waste Disposal Revenue Bonds
(American Steel & Wire Corporation), VRDN, AMT, 4.15% due 9/01/2025 (a) 3,000
1,725 Painesville, Ohio, GO, BAN, 4.25% due 11/30/2000 1,728
2,650 Parma Heights, Ohio, GO, BAN, 4.20% due 11/21/2000 2,655
5,400 Paulding County, Ohio, Solid Waste Disposal Revenue Bonds (Lafarge
Corporation Project), VRDN, AMT, 3.80% due 8/01/2026 (a) 5,400
2,365 Perrysburg, Ohio, GO, BAN, 4.45% due 11/16/2000 2,371
Portage County, Ohio, Industrial Revenue Bonds, VRDN (a):
8,750 (Commercial Turf Products Ltd. Project), AMT, 3.90% due 5/01/2022 8,750
1,220 (John E. Susong Project), Series B, 4% due 5/02/2016 1,220
1,405 (NCSP LP Project), AMT, 3.97% due 7/01/2014 1,405
2,335 (PM Properties One Ltd.), AMT, 4.10% due 11/01/2012 2,335
1,865 Portage County, Ohio, Industrial Revenue Refunding Bonds (John E. Susong
Project), VRDN, Series A, 4.15% due 5/02/2011 (a) 1,865
900 Rickenbacker, Ohio, Port Authority, IDR, Refunding (Rickenbacker Holdings,
Inc.), VRDN, 4% due 12/01/2010 (a) 900
1,382 Riverside, Ohio, Local School District, GO, BAN, 4.73% due 6/10/2000 1,384
1,185 Ross County, Ohio, Hospital Revenue Bonds (Medical Center Hospital Project),
VRDN, 3.90% due 12/01/2020 (a) 1,185
2,198 Rossford, Ohio, Various Purpose, GO, BAN, 4.75% due 12/14/2000 2,208
Sandusky County, Ohio, IDR, VRDN, AMT (a):
1,300 (Brighton Manor Co. Project), 3.95% due 12/01/2016 1,300
1,230 (Crown Battery Manufacturing Company), 4% due 8/06/2003 1,230
2,660 (Louis G. Freeman Company Project), 4% due 7/01/2017 2,660
3,260 (Magnesium-Multi-Mode), Series A, 4% due 9/01/2007 3,260
1,865 Seneca County, Ohio, Health Care Facilities Revenue Bonds (Good Shepherd
Home Project), VRDN, 4% due 10/01/2017 (a) 1,865
4,925 Sheffield, Ohio, GO, BAN, 4.75% due 4/04/2001 4,944
165 Solon, Ohio, IDR (Tameran Project), VRDN, AMT, 4.15% due 11/01/2004 (a) 165
1,070 Springboro, Ohio, GO, BAN, 4.26% due 12/07/2000 1,072
4,000 Springdale, Ohio, GO, BAN, 4.05% due 9/22/2000 4,005
Stark County, Ohio, IDR, VRDN, AMT (a):
1,575 (Superior Dairy Inc. Project), 3.97% due 5/01/2003 1,575
1,180 (Wilkof-Morris Project), 4% due 1/01/2010 1,180
3,245 Steubenville, Ohio, City School District, GO, BAN, 4.76% due 11/16/2000 3,255
1,810 Strongsville, Ohio, IDR (E&E Properties/Dupli Systems Project), VRDN, AMT,
4.10% due 2/01/2010 (a) 1,810
</TABLE>
<TABLE>
CMA Ohio Municipal Money Fund
Schedule of Investments as of March 31, 2000 (concluded) (in Thousands)
<CAPTION>
Face
State Amount Issue Value
<S> <C> <S> <C>
Ohio Summit County, Ohio, IDR:
(concluded) $ 1,130 (Ace Precision Industries Inc. Project), VRDN, AMT, 3.95% due
7/01/2014 (a) $ 1,130
1,255 (Austin Printing Company Inc. Project), VRDN, AMT, 3.95% due 8/01/2006 (a) 1,255
280 (Forest Manufacturing Project), VRDN, AMT, 3.90% due 11/01/2001 (a) 280
440 (Hardcoating Project), VRDN, AMT, 3.95% due 7/01/2002 (a) 440
630 (Ohio Camshaft Project), 4% due 4/01/2000 630
970 (Sigma Properities Project), VRDN, AMT, 4% due 6/01/2008 (a) 970
800 (Steffen Bookbinders Project), VRDN, AMT, 3.95% due 11/01/2004 (a) 800
250 (Struktol Project), VRDN, AMT, Series A, 3.97% due 6/01/2002 (a) 250
745 (Texler Inc. Project), AMT, 4% due 5/01/2000 745
1,225 (Waldonia Investment Project), VRDN, AMT, 3.70% due 7/01/2018 (a) 1,225
1,640 Troy, Ohio, EDR (L&CP Corporation Project), 3.95% due 6/01/2000 1,640
2,000 Trumbull County, Ohio, Health Care Facilities Revenue Bonds (Shepherd of
the Valley), VRDN, 4% due 8/01/2026 (a) 2,000
1,755 Trumbull County, Ohio, IDR (ATD Corporation Project), VRDN, AMT, 4.50%
due 8/01/2010 (a) 1,755
2,200 Union County, Ohio, IDR (Union Aggregates Company Project), VRDN, AMT,
4.10% due 11/01/2006 (a) 2,200
Union Township, Ohio, GO, BAN:
1,920 4.01% due 6/23/2000 1,922
1,500 4.75% due 3/13/2001 1,506
1,050 Valley View, Ohio, IDR (Porter Development Project), VRDN, AMT, 4.10%
due 5/01/2016 (a) 1,050
1,375 Valley View, Ohio, IDR, Refunding and Improvement Bonds (Sweet Valley
Dillon), VRDN, 4.15% due 4/01/2011 (a) 1,375
1,090 Van Wert, Ohio, GO, Refunding, BAN, 4.10% due 6/15/2000 1,091
1,780 Warren County, Ohio, IDR (Kardol Quality Products Project), VRDN, 4.10%
due 12/01/2014 (a) 1,780
3,261 Western Reserve, Ohio, Local School, GO, BAN, 4.65% due 6/15/2000 3,264
2,030 Willoughby, Ohio, IDR (Malish Brush and Specialty), VRDN, AMT, 4.10%
due 6/01/2009 (a) 2,030
1,000 Wilmington, Ohio, GO, BAN, 4.08% due 9/14/2000 1,001
2,570 Wood County, Ohio, EDR (Great Lakes Window Project), AMT, 4.50%
due 6/01/2000 2,570
760 Wood County, Ohio, IDR (Centaur Tool and Die Inc. Project), VRDN, AMT,
4.10% due 8/01/2010 (a) 760
1,360 Wooster, Ohio, IDR (Litco International Inc. Project), VRDN, AMT, 4.10%
due 5/01/2010 (a) 1,360
2,115 Zanesville-Muskingum County, Ohio, Port Authority, IDR (B.E. Products
Inc. Project), VRDN, AMT, 4.10% due 9/01/2004 (a) 2,115
Total Investments (Cost--$435,303*)--100.7% 435,303
Liabilities in Excess of Other Assets--(0.7%) (2,830)
----------
Net Assets--100.0% $ 432,473
==========
(a)The interest rate is subject to change periodically based upon
prevailing market rates. The interest rate shown is the rate in
effect at March 31, 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 March 31, 2000
<S> <C> <C>
Assets:
Investments, at value (identified cost--$435,303,482) $ 435,303,482
Interest receivable 3,573,302
Prepaid registration fees 26,142
---------------
Total assets 438,902,926
---------------
Liabilities:
Payables:
Securities purchased $ 5,517,938
Custodian bank 514,231
Investment adviser 165,320
Distributor 137,317
Dividends to shareholders 140 6,334,946
---------------
Accrued expenses and other liabilities 95,153
---------------
Total liabilities 6,430,099
---------------
Net Assets $ 432,472,827
===============
Net Assets Consist of:
Shares of beneficial interest, $.10 par value, unlimited number of shares
authorized $ 43,247,535
Paid-in capital in excess of par 389,227,813
Accumulated realized capital losses--net (2,521)
---------------
Net Assets--Equivalent to $1.00 per share based on 432,475,348 shares of
beneficial interest outstanding $ 432,472,827
===============
See Notes to Financial Statements.
</TABLE>
<TABLE>
CMA Ohio Municipal Money Fund
Statement of Operations for the Year Ended March 31, 2000
<S> <C> <C>
Investment Income:
Interest and amortization of premium earned $ 14,815,267
Expenses:
Investment advisory fees $ 2,086,560
Distribution fees 517,420
Transfer agent fees 60,423
Accounting services 60,013
Professional fees 54,758
Custodian fees 35,727
Registration fees 31,817
Printing and shareholder reports 23,139
Pricing fees 15,344
Trustees' fees and expenses 2,489
Other 5,272
---------------
Total expenses 2,892,962
---------------
Investment income--net 11,922,305
Realized Gain on Investments--Net 29,034
---------------
Net Increase in Net Assets Resulting from Operations $ 11,951,339
===============
See Notes to Financial Statements.
</TABLE>
<TABLE>
CMA Ohio Municipal Money Fund
Statements of Changes in Net Assets
<CAPTION>
For the Year Ended
March 31,
2000 1999
<S> <C> <C>
Increase (Decrease) in Net Assets:
Operations:
Investment income--net $ 11,922,305 $ 10,970,528
Realized gain on investments--net 29,034 --
--------------- ---------------
Net increase in net assets resulting from operations 11,951,339 10,970,528
--------------- ---------------
Dividends to Shareholders:
Dividends to shareholders from investment income--net (11,922,305) (10,970,528)
--------------- ---------------
Beneficial Interest Transactions:
Net proceeds from sale of shares 1,800,279,862 1,465,357,026
Net asset value of shares issued to shareholders in reinvestment of dividends 11,921,995 10,970,775
--------------- ---------------
1,812,201,857 1,476,327,801
Cost of shares redeemed (1,782,127,603) (1,468,672,806)
--------------- ---------------
Net increase in net assets derived from beneficial interest transactions 30,074,254 7,654,995
--------------- ---------------
Net Assets:
Total increase in net assets 30,103,288 7,654,995
Beginning of year 402,369,539 394,714,544
--------------- ---------------
End of year $ 432,472,827 $ 402,369,539
=============== ===============
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
from information provided in the financial statements.
For the Year Ended March 31,
Increase (Decrease) in Net Asset Value: 2000 1999 1998 1997 1996
<S> <C> <C> <C> <C> <C>
Per Share Operating Performance:
Net asset value, beginning of year $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
--------- --------- --------- --------- ---------
Investment income--net .03 .03 .03 .03 .03
Realized gain on investments--net --++ -- -- -- --
--------- --------- --------- --------- ---------
Total from investment operations .03 .03 .03 .03 .03
--------- --------- --------- --------- ---------
Less dividends from investment income--net (.03) (.03) (.03) (.03) (.03)
--------- --------- --------- --------- ---------
Net asset value, end of year $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
========= ========= ========= ========= =========
Total Investment Return 2.89% 2.85% 3.15% 3.00% 3.26%
========= ========= ========= ========= =========
Ratios to Average Net Assets:
Expenses .69% .71% .70% .71% .73%
========= ========= ========= ========= =========
Investment income--net 2.85% 2.80% 3.09% 2.94% 3.21%
========= ========= ========= ========= =========
Supplemental Data:
Net assets, end of year (in thousands) $ 432,473 $ 402,370 $ 394,715 $ 327,173 $ 282,187
========= ========= ========= ========= =========
++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 accordance with accounting principles generally
accepted in the United States of America, which may require the use
of management accruals and estimates. 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.
(f) Custodian bank--The Fund recorded an amount payable to the
custodian bank reflecting an overnight overdraft which resulted from
management estimates of available cash.
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 years
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.
<AUDIT-REPORT>
CMA Ohio Municipal Money Fund
Independent Auditors' Report
The Board of Trustees and Shareholders,
CMA Ohio Municipal Money Fund of
CMA Multi-State Municipal Series Trust:
We have audited the accompanying statement of assets and
liabilities, including the schedule of investments, of CMA Ohio
Municipal Money Fund of CMA Multi-State Municipal Series Trust as of
March 31, 2000, the related statements of operations for the year
then ended and changes in net assets for each of the years in the
two-year period then ended, and the financial highlights for each of
the years in the five-year period then ended. These financial
statements and the financial highlights are the responsibility of
the Fund's management. Our responsibility is to express an opinion
on these financial statements and the financial highlights based on
our audits.
We conducted our audits in accordance with auditing standards
generally accepted in the United States of America. Those standards
require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements and the financial
highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. Our procedures included
confirmation of securities owned at March 31, 2000 by correspondence
with the custodian and brokers. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, such financial statements and financial highlights
present fairly, in all material respects, the financial position of
CMA Ohio Municipal Money Fund of CMA Multi-State Municipal Series
Trust as of March 31, 2000, the results of its operations, the
changes in its net assets, and the financial highlights for the
respective stated periods in accordance with accounting principles
generally accepted in the United States of America.
Deloitte & Touche LLP
Princeton, New Jersey
May 2, 2000
</AUDIT-REPORT>
CMA Ohio Municipal Money Fund
Important Tax Information (unaudited)
All of the net investment income distributions paid daily by CMA
Ohio Municipal Money Fund of CMAMulti-State Municipal Series Trust
during its taxable year ended March 31, 2000 qualify as tax-exempt
interest dividends for Federal Income tax purposes.
Additionally, there were no capital gains distributed by the Fund
during the year.
Please retain this information for your records.
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
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*
*For inquiries regarding your CMA account,
call (800) CMA-INFO [(800) 262-4636].
