(Mark One)

X...Quarterly report under section 13 or 15(d) of the Securities

Exchange Act of 1934 for the quarterly period ended September 30, 2000.

....Transition report under section 13 or 15(d) of the Securities

Exchange Act of 1934 for the transition period from _________ to _________.

Commission File No:  0-27815





Colorado								84-1474838

(State or other jurisdiction   					 (IRS Employer Id. No.)

of Incorporation)

7331 S. Meadow Court

Boulder,  Colorado  		80301

(Address of Principal Office)	Zip Code

Issuer's telephone number:   (303) 530-3353

Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act during the past 12 months (or for such shorter period that the registrant
was required to file such reports), and (2) has been subject to such filing requirements for the
past 90 days. Yes ..X..  No ....

Applicable only to issuers involved in bankruptcy proceedings during the past five years.

Check whether the issuer has filed all documents and reports required to be filed by Section 12,
13 or 15(d) of the Exchange Act after the distribution of securities under a plan confirmed by a
court.  Yes .....  No .....

Applicable only to corporate issuers

State the number of shares outstanding of each of the issuer's classes of common equity, as of the
latest practicable date.  At September 30, 2000, the following shares of common were outstanding:  Common Stock, no par value, 12,000,000 shares.

Transitional Small Business Disclosure Format (Check one):

Yes .....     No ..X..

PART 1 - FINANCIAL INFORMATION

ITEM 1.  FINANCIAL STATEMENTS AND EXHIBITS

(a)  The unaudited financial statements of registrant for the nine months ended September 30,
2000, follow.  The 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.











|INDEX TO FINANCIAL STATEMENTS: |   
|------------------------------ | --
|                               |   
|Balance Sheet                  | 5 
|Statements of Operations       | 6 
|Statements of Cash Flows       | 8 
|Notes to Financial Statements  | 12

















NATIONAL CMA, INC.

(A Development Stage Company)

BALANCE SHEET

(unaudited)



|                                                                                                    | September 30, 2000
|--------------------------------------------------------------------------------------------------- | ------------------
|**ASSETS**                                                                                          |                   
|**CURRENT ASSETS**                                                                                  |                   
|Cash                                                                                                | 915               
|Total current assets                                                                                | 915               
|**TOTAL ASSETS**                                                                                    | 915               
|**LIABILITIES AND STOCKHOLDERS' EQUITY**                                                            |                   
|**CURRENT LIABILITIES**                                                                             |                   
|Accounts payable                                                                                    | 383               
|Total current liabilities                                                                           | 383               
|**STOCKHOLDERS' EQUITY**                                                                            |                   
|Preferred stock, no par value, 10,000,000 shares authorized; no
   shares issued and outstanding    | -                 
|Common stock, no par value; 100,000,000 shares authorized;
12,000,000 shares issued and outstanding | 2,400             
|Additional paid-in capital                                                                          | 11,568            
|Deficit accumulated during the development stage                                                    | (13,436)          
|Total stockholders' equity                                                                          | 532               
|**TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY**                                                      | 915               

The accompanying notes are an integral part of the financial statements.

NATIONAL CMA, INC.

(A Development Stage Company)

STATEMENTS OF OPERATIONS

(unaudited)

(page 1 of 2)



|                                                  | Period from
December 29, 1994
(Inception) to Sept.
30, 2000 | For the three
months ended
September 30,
2000 | For the three
months ended
September 30,
1999
|------------------------------------------------- | ----------------------------------------------------------- | --------------------------------------------- | ---------------------------------------------
|**REVENUES**                                      | -                                                           | -                                             | -                                            
|**EXPENSES**                                      |                                                             |                                               |                                              
|Amortization                                      | 200                                                         | -                                             | 20                                           
|Accounting                                        | 3,256                                                       | 315                                           | 111                                          
|Office/Bank chg.                                  | 96                                                          | 30                                            | 14                                           
|Rent                                              | 600                                                         | 150                                           | -                                            
|Consulting fees                                   | 2,145                                                       | -                                             | -                                            
|Legal fees                                        | 6,467                                                       | 1,999                                         | 499                                          
|Transfer agent fees                               | 672                                                         | -                                             | -                                            
|Total expenses                                    | 13,436                                                      | 2,494                                         | 644                                          
|**NET LOSS**                                      | (13,436)                                                    | (2,494)                                       | (644)                                        
|Accumulated deficit                               |                                                             |                                               |                                              
|Balance, beginning of period                      | -                                                           | (10,942)                                      | (2,696)                                      
|Balance, end of period                            | (13,436)                                                    | (13,436)                                      | (3,340)                                      
|**NET LOSS PER SHARE**                            | (NIL)                                                       | (NIL)                                         | (NIL)                                        
|**WEIGHTED AVERAGE
NUMBER OF SHARES
OUTSTANDING** | 12,000,000                                                  | 12,000,000                                    | 12,000,000                                   



The accompanying notes are an integral part of the financial statements.

NATIONAL CMA, INC.

(A Development Stage Company)

STATEMENTS OF OPERATIONS

(page 2 of 2)

(unaudited)

|                                                  | For the nine months
ended September 30,
2000 | For the nine months
ended September 30,
1999
|------------------------------------------------- | -------------------------------------------- | --------------------------------------------
|**REVENUES**                                      | -                                            | -                                           
|**EXPENSES**                                      |                                              |                                             
|Amortization                                      | -                                            | 40                                          
|Accounting                                        | 1,420                                        | 111                                         
|Office/Bank chg.                                  | 46                                           | 14                                          
|Rent                                              | 450                                          | -                                           
|Consulting fees                                   | -                                            | -                                           
|Legal fees                                        | 3,903                                        | 499                                         
|Transfer agent fees                               | 671                                          | -                                           
|Total expenses                                    | 6,490                                        | 664                                         
|**NET LOSS**                                      | (6,490)                                      | (664)                                       
|Accumulated deficit                               |                                              |                                             
|Balance, beginning of period                      | (6,946)                                      | (2,676)                                     
|Balance, end of period                            | (13,436)                                     | (3,340)                                     
|**NET LOSS PER SHARE**                            | (NIL)                                        | (NIL)                                       
|**WEIGHTED AVERAGE NUMBER
OF SHARES OUTSTANDING** | 12,000,000                                   | 12,000,000                                  

The accompanying notes are an integral part of the financial statements.

NATIONAL CMA, INC.

(A Development Stage Company)

STATEMENTS OF CASH FLOWS

(unaudited)

(page 1 of 2)

|                                                                              | Period from
December 29, 1994
(Inception) to Sept.
30, 2000 | For the three
months ended
September
30, 2000 | For the three
months ended
September 30,
1999
|----------------------------------------------------------------------------- | ----------------------------------------------------------- | --------------------------------------------- | ---------------------------------------------
|**CASH FLOWS FROM
OPERATING ACTIVITIES**                                      |                                                             |                                               |                                              
|Net Loss                                                                      | (13,436)                                                    | (2,494)                                       | (644)                                        
|Adjustments to reconcile net loss
 to net cash used by operating
 activities: |                                                             |                                               |                                              
|Amortization                                                                  | 200                                                         | -                                             | 20                                           
|Rent                                                                          | 600                                                         | 150                                           | -                                            
|Stock issued for consulting fees                                              | 2,145                                                       | -                                             | -                                            
|Increase in accounts payable                                                  | 383                                                         | 383                                           | 241                                          
|Decrease in prepaid expenses                                                  | -                                                           | -                                             | 258                                          
|Net cash used by operating
   activities                                      | (10,108)                                                    | (1,961)                                       | (125)                                        
|**CASH FLOWS FROM
INVESTING ACTIVITIES**                                      |                                                             |                                               |                                              
|Increase in organization costs                                                | (200)                                                       | -                                             | -                                            
|Net cash used by investing
     activities                                    | (200)                                                       | -                                             | -                                            
|**CASH FLOWS FROM
FINANCING ACTIVITIES**                                      |                                                             |                                               |                                              
|Cash provided by shareholders                                                 | 10,250                                                      | 750                                           | 5,000                                        
|Cash paid for expenses by
    shareholders                                    | 718                                                         | -                                             | 125                                          
|Issuance of common stock                                                      | 255                                                         | -                                             | -                                            
|Net cash provided by financing
  activities                                   | 11,223                                                      | 750                                           | 5,125                                        
|**NET INCREASE (DECREASE)
IN CASH AND CASH
EQUIVALENTS**                      | 915                                                         | (1,211)                                       | 5,000                                        
|**CASH AND CASH
EQUIVALENTS,  BEGINNING
OF PERIOD**                           | -                                                           | 2,126                                         | -                                            
|**CASH AND CASH
EQUIVALENTS, END OF
PERIOD**                                  | 915                                                         | 915                                           | 5,000                                        

The accompanying notes are an integral part of the financial statements

NATIONAL CMA, INC.

(A Development Stage Company)

STATEMENTS OF CASH FLOWS

(unaudited)

(page 2 of 2)

|                                                                               | For the nine months
ended September 30,
2000 | For the nine months
ended September 30,
1999
|------------------------------------------------------------------------------ | -------------------------------------------- | --------------------------------------------
|**CASH FLOWS FROM OPERATING
ACTIVITIES**                                       |                                              |                                             
|Net Loss                                                                       | (6,490)                                      | (664)                                       
|Adjustments to reconcile net loss to net cash
   used by operating activities: |                                              |                                             
|Amortization                                                                   | -                                            | 40                                          
|Rent                                                                           | 450                                          | -                                           
|Stock issued for consulting fees                                               | -                                            | -                                           
|Increase in accounts payable                                                   | (748)                                        | 241                                         
|Decrease in prepaid expense                                                    | -                                            | 258                                         
|Net cash used by operating activities                                          | (6,788)                                      | (125)                                       
|**CASH FLOWS FROM INVESTING
ACTIVITIES**                                       |                                              |                                             
|Increase in organization costs                                                 | -                                            | -                                           
|Net cash used by investing activities                                          | -                                            | -                                           
|**CASH FLOWS FROM FINANCING
ACTIVITIES**                                       |                                              |                                             
|Cash provided by shareholders                                                  | 5,250                                        | 5,000                                       
|Cash paid for expenses by shareholders                                         | 19                                           | 125                                         
|Issuance of common stock                                                       | -                                            | -                                           
|Net cash provided by financing activities                                      | 5,269                                        | 5,125                                       
|**NET INCREASE (DECREASE) IN
CASH AND CASH EQUIVALENTS**                       | (1,519)                                      | 5,000                                       
|**CASH AND CASH EQUIVALENTS,
BEGINNING OF PERIOD**                             | 2,434                                        | -                                           
|**CASH AND CASH EQUIVALENTS,
END OF PERIOD**                                   | 915                                          | 5,000                                       

The accompanying notes are an integral part of the financial statements

NATIONAL CMA, INC.

(A Development Stage Company)

NOTES TO FINANCIAL STATEMENTS

September 30, 2000

1.	Summary of Significant Accounting Policies

Development Stage Company

National CMA, Inc. (a development stage company) (the "Company") was initially
incorporated under the laws of the State of Colorado on December 29, 1994.  After engaging in
minimal activity related to its business plan, the Company's activities ceased in early 1995, and
the Company became inactive until its reinstatement by the Colorado Secretary of State on
September 25, 1998. The principal office of the corporation is 7331 South Meadow Court,
Boulder, Colorado 80301.

The Company is a new enterprise in the development stage as defined by Statement No. 7
of the Financial Accounting Standards Board and has not engaged in any business other than
organizational efforts. It has no full-time employees and owns no real property. The Company
intends to operate as a capital market access corporation by registering with the U.S. Securities
and Exchange Commission under the Securities Exchange Act of 1934.  After this, the Company
intends to seek to acquire one or more existing businesses which have existing management,
through merger or acquisition. Management of the Company will have virtually unlimited
discretion in determining the business activities in which the Company might engage.

The Company currently does not own any properties or an interest in any business.
Moreover, it has not identified any properties or business opportunities that it shall seek to
acquire, has no understanding or arrangement to acquire any properties or business interests, and
has not identified any specific geographical area, industry, or type of business in which it intends
to operate.

Accounting Method

The Company records income and expenses on the accrual method.

Fiscal Year

The fiscal year of the corporation is December 31.

Loss per Share

Loss per share was computed using the weighted average number of shares of common
stock outstanding during the period.

Organization Costs

Costs to incorporate the Company were originally capitalized to be amortized over a
sixty-month period.  With the adoption of SOP 98-5, the unamortized portion of these costs was
written off to expense during the year ended December 31, 1999.

Financial Instruments

Unless otherwise indicated, the fair value of all reported assets and liabilities which
represent financial instruments (none of which are held for trading purposes) approximate the
carrying values of such amounts.

Statement of Cash Flows

For purposes of the statement of cash flows, the Company considers all highly liquid debt
instruments purchased with an original maturity of three months or less to be cash equivalents.

Use of Estimates

The preparation of the Company's financial statements in conformity with generally
accepted accounting principles requires the Company's management to make estimates and
assumptions that effect the amounts reported in these financial statements and accompanying
notes.  Actual results could differ from those estimates.

Consideration of Other Comprehensive Income Items

SFAF 130 - Reporting Comprehensive Income, requires companies to present
comprehensive income (consisting primarily of net income plus other direct equity changes and
credits) and its components as part of the basic financial statements.  For the period ended
September 30, 2000, the Company's financial statements do not contain any changes in equity
that are required to be reported separately in comprehensive income.

Stock Basis

Shares of common stock issued for other than cash have been assigned amounts
equivalent to the fair value of the service or assets received in exchange.

2.	Stockholders' Equity

As of September 30, 2000, 12,000,000 shares of the Company's no par value common
stock had been issued for a combination of cash and consulting services provided.  The services
were converted to shares at $0.0002 per share and valued at a total of $2,145.

3.	Related Party Transactions

As of the date hereof, there are two shareholders of the Company acting as officers and
directors and are the owners of approximately 5,000,000 shares of common stock, constituting
approximately 42% of the Company's issued and outstanding shares.

Rent is being provided to the Company at no charge.  For purposes of the financial
statements, the Company is accruing $50 per month as additional paid-in capital for this use.

4.	Income Taxes

The Company has Federal net operating loss carryforwards of approximately $13,436
expiring during the years 2009 and 2019.  The tax benefit of these net operating losses is
approximately $2,553, and has been offset by a full allowance for realization.  This carryforward
may be limited upon the consummation of a business combination under IRC Section 381.

ITEM 2.	MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF
OPERATION

Liquidity and Capital Resources

As of September 30, 2000, the Company remains in the development stage.  Since
inception, it has experienced no significant change in liquidity or capital resources or
stockholder's equity other than the receipt of proceeds in the amount of $255 from its inside
capitalization funds and receipt of additional paid in capital totaling $10,968, which included
both additional cash contributions totaling $10,250, as well as the direct payment of a total of
$718 in Company expenses by existing shareholders. Consequently, for the quarter ended
September 30, 2000, the Company's balance sheet reflects current and total assets of $915 in the
form of cash, and current liabilities of $383.

The Company does not have sufficient assets or capital resources to pay its on-going
expenses while it is seeking out business opportunities, and it has no current plans to raise
additional capital through sale of securities, or otherwise. As a result, although the Company has
no agreement in place with its shareholders or other persons to pay expenses on its behalf, it is
currently anticipated that the Company will rely on loans or additional capital contributions from
shareholders to pay expenses at least until it is able to consummate a business transaction.

Results of Operations

During the period from December 30, 1994 (inception) through September 30, 2000, the
Company has engaged in no significant operations other than organizational activities,
acquisition of capital and preparation and filing of its registration statement on Form 10-SB
under the Securities Exchange Act of 1934, as amended, compliance with its periodical reporting
requirements and initial efforts to locate a suitable merger or acquisition candidate.   No revenues
were received by the Company during this period.

The Company experienced a net loss of $2,494 for the third quarter, and a net loss of
$6,490 for the nine months ended September 30, 2000, compared with losses of $644 and $664
for the same periods of the previous fiscal year. The loss during the quarter and during the nine
months ended September 30, 2000 is primarily the result of legal, consulting, and accounting
costs related to registration under the Securities Exchange Act of 1934 and to subsequent
compliance with reporting requirements of the securities laws, as well as payment of transfer
agent fees. The Company does not expect to generate any revenue until it completes a business
combination, but will continue to incur legal and accounting fees and other costs associated with
compliance with its reporting obligations. As a result, the Company expects that it will continue
to incur losses each quarter at least until it has completed a business combination.  Depending
upon the performance of any acquired business, the Company may continue to operate at a loss
even following completion of a business combination.

Plan of Operations

For the fiscal year ending December 31, 2000, and for the succeeding twelve months, the
Company expects to continue its efforts to locate a suitable business acquisition candidate and
thereafter to complete a business acquisition transaction.  The Company anticipates incurring a
loss for the fiscal year as a result of expenses associated with compliance with the reporting
requirements of the Securities Exchange Act of 1934, and expenses associated with locating and
evaluating acquisition candidates. The Company does not expect to generate revenues until it
completes a business acquisition, and, depending upon the performance of the acquired business,
it may also continue to operate at a loss after completion of a business combination.

Need for Additional Financing

The Company believes it will require additional capital in order to pay the costs
associated with carrying out its plan of operations and the costs of compliance with its continuing
reporting obligations under the Securities Exchange Act of 1934, as amended, for the fiscal year
ending December 31, 2000 and thereafter.  This additional capital will be required whether or not
the Company is able to complete a business combination transaction during the current fiscal
year.  Furthermore, once a business combination is completed, the Company's needs for
additional financing are likely to increase substantially.

No specific commitments to provide additional funds have been made by management or
other stockholders, and the Company has no current plans, proposals, arrangements or
understandings to raise additional capital through the sale or issuance of additional securities
prior to the location of a merger or acquisition candidate.  Accordingly, there can be no assurance
that any additional funds will be available to the Company to allow it to cover its expenses.
Notwithstanding the foregoing, however, to the extent that additional funds are required, the
Company anticipates receiving such funds in the form of advancements from current
shareholders without the issuance of additional shares or other securities, or through the private
placement of restricted securities.  In addition, in order to minimize the amount of additional
cash which is required in order to carry out its business plan, the Company might seek to
compensate certain service providers by issuances of stock in lieu of cash.

**

PART II - OTHER INFORMATION

ITEM 6.	EXHIBITS AND REPORTS ON FORM 8-K.

(a)  The Exhibits listed below are filed as part of this Annual Report.

Exhibit No.				Document

27							Financial Data Statement

(b)	No reports on Form 8-K were filed by the Company for the quarter ended
September 30, 2000.

SIGNATURES

In accordance with Section 12 of the Securities Exchange Act of 1934, the registrant
caused this registration statement to be signed on its behalf by the undersigned, thereunto duly
authorized.

NATIONAL CMA, INC.

By:  /S/ GRANT W. PECK

Grant W. Peck, President and Director

Date:  November 9, 2000