-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, V7v6MOsxIS2LIuKQHNoS6N23//tgyADkkFj/n+KzvgqgfXog2ru5ExQK6XH0j2YI PHPEzvPrSdBG7Tt17tylag== 0000900092-07-000158.txt : 20070607 0000900092-07-000158.hdr.sgml : 20070607 20070607121720 ACCESSION NUMBER: 0000900092-07-000158 CONFORMED SUBMISSION TYPE: N-CSR PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20070331 FILED AS OF DATE: 20070607 DATE AS OF CHANGE: 20070607 EFFECTIVENESS DATE: 20070607 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CMA MULTI STATE MUNICIPAL SERIES TRUST CENTRAL INDEX KEY: 0000810598 IRS NUMBER: 000000000 STATE OF INCORPORATION: NJ FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: N-CSR SEC ACT: 1940 Act SEC FILE NUMBER: 811-05011 FILM NUMBER: 07906051 BUSINESS ADDRESS: STREET 1: 800 SCUDDERS MILL ROAD CITY: PLAINSBORO STATE: NJ ZIP: 08536 BUSINESS PHONE: 6092823319 MAIL ADDRESS: STREET 1: 800 SCUDDERS MILL ROAD CITY: PLAINSBORO STATE: NJ ZIP: 08536 FORMER COMPANY: FORMER CONFORMED NAME: CMA NEW YORK LMTX FUND OF CMA MULTI STATE TAX EXEMPT SE TRUS DATE OF NAME CHANGE: 19870423 0000810598 S000004019 CMA Arizona Municipal Money Fund C000011288 CMA Arizona Municipal Money Fund 0000810598 S000004020 CMA Ohio Municipal Money Fund C000011289 CMA Ohio Municipal Money Fund 0000810598 S000004021 CMA Pennsylvania Municipal Money Fund C000011290 CMA Pennsylvania Municipal Money Fund 0000810598 S000004022 CMA California Municipal Money Fund C000011291 CMA California Municipal Money Fund 0000810598 S000004023 CMA Connecticut Municipal Money Fund C000011292 CMA Connecticut Municipal Money Fund 0000810598 S000004024 CMA Florida Municipal Money Fund C000011293 CMA Florida Municipal Money Fund 0000810598 S000004025 CMA Massachusetts Municipal Money Fund C000011294 CMA Massachusetts Municipal Money Fund 0000810598 S000004026 CMA Michigan Municipal Money Fund C000011295 CMA Michigan Municipal Money Fund 0000810598 S000004027 CMA New Jersey Municipal Money Fund C000011296 CMA New Jersey Municipal Money Fund 0000810598 S000004028 CMA New York Municipal Money Fund C000011297 CMA New York Municipal Money Fund 0000810598 S000004029 CMA North Carolina Municipal Money Fund C000011298 CMA North CArolina Municipal Money Fund N-CSR 1 br7491.txt CMA MULTI STATE MUNICIPAL SERIES TRUST UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-CSR CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES Investment Company Act file number 811-05011 Name of Fund: CMA Multi-State Municipal Series Trust Fund Address: P.O. Box 9011 Princeton, NJ 08543-9011 Name and address of agent for service: Robert C. Doll, Jr., Chief Executive Officer, CMA Multi-State Municipal Series Trust, 800 Scudders Mill Road, Plainsboro, NJ, 08536. Mailing address: P.O. Box 9011, Princeton, NJ, 08543-9011 Registrant's telephone number, including area code: (609) 282-2800 Date of fiscal year end: 03/31/07 Date of reporting period: 04/01/06 - 03/31/07 Item 1 - Report to Stockholders Annual Report March 31, 2007 CMA (R) Multi-State Municipal Series Trust CMA (R) Arizona Municipal Money Fund CMA (R) California Municipal Money Fund CMA (R) Connecticut Municipal Money Fund CMA (R) Florida Municipal Money Fund CMA (R) Massachusetts Municipal Money Fund CMA (R) Michigan Municipal Money Fund CMA (R) New Jersey Municipal Money Fund CMA (R) New York Municipal Money Fund CMA (R) North Carolina Municipal Money Fund CMA (R) Ohio Municipal Money Fund CMA (R) Pennsylvania Municipal Money Fund This report is transmitted to shareholders only. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Funds unless accompanied or preceded by the Funds' current prospectus. An investment in the Funds is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Funds. 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. A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available (1) without charge, upon request, by calling toll-free 1-800-441-7762; (2) on www.blackrock.com; and (3) on the Securities and Exchange Commission's Web site at http://www.sec.gov. Information about how the Funds voted proxies relating to securities held in the Funds' portfolios during the most recent 12-month period ended June 30 is available (1) at www.blackrock.com; and (2) on the Securities and Exchange Commission's Web site at http://www.sec.gov. (GO PAPERLESS... logo) It's Fast, Convenient, & Timely! CMA Multi-State Municipal Series Trust Table of Contents Page A Letter to Shareholders 3 Portfolio Holdings 4 Important Tax Information 5 Disclosure of Expenses 6 Schedule of Investments: CMA Arizona Municipal Money Fund 7 CMA California Municipal Money Fund 10 CMA Connecticut Municipal Money Fund 16 CMA Florida Municipal Money Fund 18 CMA Massachusetts Municipal Money Fund 20 CMA Michigan Municipal Money Fund 22 CMA New Jersey Municipal Money Fund 25 CMA New York Municipal Money Fund 28 CMA North Carolina Municipal Money Fund 34 CMA Ohio Municipal Money Fund 36 CMA Pennsylvania Municipal Money Fund 40 Financial Statements 44 Financial Highlights 52 Notes to Financial Statements 58 Report of Independent Registered Public Accounting Firm 63 Officers and Trustees 64 CMA MULTI-STATE MUNICIPAL SERIES TRUST MARCH 31, 2007 A Letter to Shareholders Dear Shareholder For most financial markets, 2007 opened just as 2006 ended - on a positive trajectory. At the end of February and into March, however, global equity markets registered their first significant decline since last summer. The market jitters were triggered by a significant setback in the Chinese market and were exacerbated by several concerns, notably a weakening economy, some disappointing corporate earnings announcements, escalating geopolitical concerns in the Middle East and increasing delinquencies in the subprime mortgage market. Despite the recent spate of volatility, underlying stock market fundamentals appear quite sound, supported by a generally favorable global economic backdrop, tame inflation, relatively low interest rates and attractive valuations. Not unlike the equity market, the bond market also has seen volatility recently as observers have attempted to interpret mixed economic signals. A bond market rally late last year reversed itself early in 2007 as economic data strengthened. Prices improved (and yields fell) again in February as equities struggled, but retrenched slightly in March. Notably, the Treasury curve remained inverted for much of 2006 and into 2007. The 30-year Treasury yield stood at 4.84% at the end of March 2007, while the one-month Treasury offered the highest yield on the curve at 5.07%. For its part, the Federal Reserve Board (the Fed) has left the target short- term interest rate on hold at 5.25% since first pausing in its interest rate- hiking campaign on August 8, 2006. Although the central bankers continue to express concern about potential inflationary pressures, they also have made reference to signs of economic weakness in their public statements. Most observers expect the Fed to keep interest rates on hold for now. Notwithstanding some recent volatility, most major market indexes managed to post positive returns for the annual and semi-annual reporting periods ended March 31, 2007:
Total Returns as of March 31, 2007 6-month 12-month U.S. equities (Standard & Poor's 500 Index) + 7.38% +11.83% Small cap U.S. equities (Russell 2000 Index) +11.02 + 5.91 International equities (MSCI Europe, Australasia, Far East Index) +14.85 +20.20 Fixed income (Lehman Brothers Aggregate Bond Index) + 2.76 + 6.59 Tax-exempt fixed income (Lehman Brothers Municipal Bond Index) + 1.93 + 5.43 High yield bonds (Credit Suisse High Yield Index) + 7.59 +11.82
If recent market movements are any guide, 2007 could be a year of enhanced market volatility. As you navigate the uncertainties of the financial markets, we encourage you to review your investment goals with your financial professional and to make portfolio changes, as needed. For more reflection on the markets, please ask your financial professional for the latest issue of "What's Ahead in 2007: First Quarter Update," or view it online at www.blackrock.com/funds. We thank you for trusting BlackRock with your investment assets, and we look forward to continuing to serve you in the months and years ahead. Sincerely, (Robert C. Doll, Jr.) Robert C. Doll, Jr. Trust President and Trustee CMA MULTI-STATE MUNICIPAL SERIES TRUST MARCH 31, 2007 Portfolio Holdings* CMA Arizona Municipal Money Fund Percent of Total Investments Variable Rate Demand Obligations 93.7% Fixed Rate Notes 4.2 Tax-Exempt Commercial Paper 1.1 Put Bonds 1.0 CMA California Municipal Money Fund Percent of Total Investments Variable Rate Demand Obligations 88.6% Fixed Rate Notes 5.9 Tax-Exempt Commercial Paper 4.5 Put Bonds 1.0 CMA Connecticut Municipal Money Fund Percent of Total Investments Variable Rate Demand Obligations 81.1% Tax-Exempt Commercial Paper 12.5 Fixed Rate Notes 6.4 CMA Florida Municipal Money Fund Percent of Total Investments Variable Rate Demand Obligations 83.6% Tax-Exempt Commercial Paper 10.8 Fixed Rate Notes 5.6 CMA Massachusetts Municipal Money Fund Percent of Total Investments Variable Rate Demand Obligations 71.4% Tax-Exempt Commercial Paper 18.6 Fixed Rate Notes 10.0 CMA Michigan Municipal Money Fund Percent of Total Investments Variable Rate Demand Obligations 87.1% Fixed Rate Notes 9.2 Tax-Exempt Commercial Paper 3.7 CMA New Jersey Municipal Money Fund Percent of Total Investments Variable Rate Demand Obligations 82.3% Fixed Rate Notes 13.3 Tax-Exempt Commercial Paper 4.4 CMA New York Municipal Money Fund Percent of Total Investments Variable Rate Demand Obligations 85.4% Fixed Rate Notes 14.0 Tax-Exempt Commercial Paper 0.4 Put Bonds 0.2 CMA North Carolina Municipal Money Fund Percent of Total Investments Variable Rate Demand Obligations 82.2% Fixed Rate Notes 13.6 Tax-Exempt Commercial Paper 4.2 CMA Ohio Municipal Money Fund Percent of Total Investments Variable Rate Demand Obligations 76.9% Fixed Rate Notes 21.5 Put Bonds 1.6 CMA Pennsylvania Municipal Money Fund Percent of Total Investments Variable Rate Demand Obligations 81.6% Tax-Exempt Commercial Paper 8.0 Fixed Rate Notes 6.3 Put Bonds 4.1 * Based on the market value of total investments of each Fund as of March 31, 2007. Investments are valued at amortized cost, which approximates market value. CMA MULTI-STATE MUNICIPAL SERIES TRUST MARCH 31, 2007 Important Tax Information All of the net investment income distributions paid by CMA Multi-State Municipal Series Trust during the taxable year ended March 31, 2007 qualify as tax-exempt interest dividends for federal income tax purposes. Additionally, the following table summarizes the taxable per share distributions paid by certain funds during the year:
Record Payable Ordinary Long-Term Date Date Income Capital Gains CMA California Municipal Money Fund 12/29/2006 12/29/2006 $.0000085 $.0000295 CMA Florida Municipal Money Fund 12/29/2006 12/29/2006 $.0000539 -- CMA New York Municipal Money Fund 12/29/2006 12/29/2006 $.0000016 $.0000384 CMA Ohio Municipal Money Fund 12/29/2006 12/29/2006 $.0000075 $.0000009
CMA MULTI-STATE MUNICIPAL SERIES TRUST MARCH 31, 2007 Disclosure of Expenses Shareholders of each Fund may incur the following charges: (a) expenses related to transactions, including sales charges, redemption fees and exchange fees; and (b) operating expenses including advisory fees, distribution fees including 12b-1 fees, and other Fund expenses. The following example (which is based on a hypothetical investment of $1,000 invested on October 1, 2006 and held through March 31, 2007) is intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other mutual funds. The first table below provides information about actual account values and actual expenses. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number in the first line under the heading entitled "Expenses Paid During the Period." The second table below provides information about hypothetical account values and hypothetical expenses based on each Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in these Funds and other funds, compare the 5% hypothetical example with the 5% hypothetical examples that appear in other funds' shareholder reports. The expenses shown in the table are intended to highlight shareholders' ongoing costs only and do not reflect any transactional expenses, such as sales charges, redemption fees or exchange fees. Therefore, the second table is useful in comparing ongoing expenses only, and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.
Expenses Paid Ending During the Beginning Account Value Period* October 1, Account Value March 31, 2006 to Annualized October 1, 2006 2007 March 31, 2007 Expense Ratio Actual CMA Arizona $1,000 $1,014.40 $3.72 .74% CMA California $1,000 $1,014.80 $2.81 .56% CMA Connecticut $1,000 $1,014.30 $3.41 .68% CMA Florida $1,000 $1,014.40 $3.62 .72% CMA Massachusetts $1,000 $1,014.40 $3.47 .69% CMA Michigan $1,000 $1,014.70 $3.57 .71% CMA New Jersey $1,000 $1,014.70 $3.06 .61% CMA New York $1,000 $1,015.00 $2.86 .57% CMA North Carolina $1,000 $1,014.40 $3.72 .74% CMA Ohio $1,000 $1,014.60 $3.52 .70% CMA Pennsylvania $1,000 $1,014.70 $3.47 .69% Hypothetical (5% annual return before expenses)** CMA Arizona $1,000 $1,021.21 $3.73 .74% CMA California $1,000 $1,022.11 $2.82 .56% CMA Connecticut $1,000 $1,021.51 $3.43 .68% CMA Florida $1,000 $1,021.31 $3.63 .72% CMA Massachusetts $1,000 $1,021.46 $3.48 .69% CMA Michigan $1,000 $1,021.36 $3.58 .71% CMA New Jersey $1,000 $1,021.86 $3.07 .61% CMA New York $1,000 $1,022.06 $2.87 .57% CMA North Carolina $1,000 $1,021.21 $3.73 .74% CMA Ohio $1,000 $1,021.41 $3.53 .70% CMA Pennsylvania $1,000 $1,021.46 $3.48 .69% * Expenses for each Fund are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period shown). ** Hypothetical 5% annual return before expenses is calculated by pro-rating the number of days in the most recent fiscal half year divided by 365.
CMA MULTI-STATE MUNICIPAL SERIES TRUST MARCH 31, 2007 Schedule of Investments as of March 31, 2007 (In Thousands) CMA Arizona Municipal Money Fund Face Amount Municipal Bonds Value Arizona--97.0% Apache County, Arizona, IDA, IDR (Tucson Electric Power Co.), VRDN (d): $ 250 Series 83-A, 3.65% due 12/15/2018 $ 250 1,250 Series 83-C, 3.65% due 12/15/2018 1,250 3,165 Arizona Health Facilities Authority, Health Facility Revenue Bonds (Catholic Healthcare West Project), VRDN, Series B, 3.68% due 7/01/2035 (d) 3,165 Arizona Health Facilities Authority, Revenue Refunding Bonds (Banner Health System), VRDN (d): 3,900 Series A, 3.65% due 1/01/2029 (e) 3,900 1,800 Series B, 3.65% due 1/01/2035 (b) 1,800 460 Series C, 3.62% due 1/01/2035 (b) 460 1,495 Arizona State University, COP, PUTTERS, VRDN, Series 694, 3.72% due 9/01/2012 (a)(d)(j) 1,495 4,500 Arizona Tourism and Sports Authority, Senior Tax Revenue Bonds (Multipurpose Stadium Facility Project), VRDN, Series A, 3.65% due 7/01/2036 (a)(d) 4,500 1,400 Arizona Tourism and Sports Authority, Tax Revenue Bonds, PUTTERS, VRDN, Series 690, 3.71% due 7/01/2011 (d)(e)(j) 1,400 1,780 Avondale, Arizona, IDA, IDR, Refunding (National Health Investors), VRDN, 3.74% due 12/01/2014 (d) 1,780 700 Bank of America MACON Trust, Pinal County, Arizona, Electrical District Number 3, Electric System Revenue Bonds, VRDN, Series U-1, 3.70% due 10/03/2011 (d) 700 935 Casa Grande, Arizona, IDA, IDR (Price Companies Inc. Project), VRDN, AMT, Series A, 3.71% due 12/01/2017 (d) 935 1,100 Chandler, Arizona, IDA, IDR (Red Rock Stamping Company Project), VRDN, AMT, 3.80% due 2/01/2020 (d) 1,100 4,600 Cochise County, Arizona, Pollution Control Corporation, Solid Waste Disposal Revenue Bonds (Arizona Electric Power Co-Operative Inc. Project), VRDN, AMT, 3.73% due 9/01/2024 (d) 4,600 Face Amount Municipal Bonds Value Arizona (continued) $ 1,000 Coconino County, Arizona, IDA, IDR, VRDN, AMT, 3.75% due 3/01/2027 (d) $ 1,000 Coconino County, Arizona, Pollution Control Corporation Revenue Bonds, VRDN, AMT (d): 300 (Arizona Public Service Co.-Navajo Project), Series A, 3.75% due 10/01/2029 300 100 (Arizona Public Service Co. Project), 3.72% due 11/01/2033 100 2,245 Downtown Phoenix Hotel Corporation, Arizona, Revenue Bonds, FLOATS, VRDN, Series P3U, 3.70% due 7/01/2026 (b)(d) 2,245 2,500 Eagle Tax-Exempt Trust, Salt River Project, Arizona, Agriculture Improvement and Power District, Electric System Revenue Bonds, VRDN, Series 2006-0141, Class A, 3.72% due 1/01/2037 (d) 2,500 2,475 Lehman Municipal Trust Receipts, Phoenix and Pima County, Arizona, Revenue Bonds, FLOATS, VRDN, AMT, Series 2006-P55U, 3.75% due 3/01/2039 (d)(g)(i) 2,475 2,985 Lehman Municipal Trust Receipts, Tucson, Arizona, Revenue Refunding Bonds, FLOATS, VRDN, AMT, Series 2006-P39U, 3.75% due 1/01/2038 (d)(g)(i) 2,985 6,000 Maricopa County, Arizona, IDA, Health Facilities Revenue Bonds, PUTTERS, VRDN, Series 420, 3.71% due 1/01/2010 (d)(j) 6,000 4,215 Maricopa County, Arizona, IDA, IDR (Trans-Matic Manufacturing Production Project), VRDN, AMT, 3.72% due 10/01/2026 (d) 4,215 Maricopa County, Arizona, IDA, M/F Housing Revenue Refunding Bonds, VRDN, AMT (d)(h): 2,540 (Las Gardenias Apartments LP Project), Series A, 3.72% due 4/15/2033 2,540 2,000 (San Martin Apartments Project), Series A-1, 3.72% due 6/15/2035 2,000 8,000 (Villas Solanas Apartments), Series A, 3.72% due 11/15/2032 8,000 Portfolio Abbreviations Applicable to All Funds ACES (SM) Adjustable Convertible Extendible Securities AMT Alternative Minimum Tax (subject to) BAN Bond Anticipation Notes COP Certificates of Participation CP Commercial Paper EDA Economic Development Authority EDR Economic Development Revenue Bonds FLOATS Floating Rate Securities GAN Grant Anticipation Notes GO General Obligation Bonds HDA Housing Development Authority HFA Housing Finance Agency IDB Industrial Development Bond IDA Industrial Development Authority IDR Industrial Development Revenue Bonds M/F Multi-Family MERLOTS Municipal Extendible Receipt Liquidity Option Tender Securities MSTR Municipal Securities Trust Receipts PCR Pollution Control Revenue Bonds PILOT Payment in Lieu of Taxes PUTTERS Puttable Tax-Exempt Receipts RAN Revenue Anticipation Notes ROCS Reset Option Certificates SAN State Aid Notes S/F Single-Family TAN Tax Anticipation Notes TOCS Tender Option Certificates TRAN Tax Revenue Anticipation Notes VRDN Variable Rate Demand Notes CMA MULTI-STATE MUNICIPAL SERIES TRUST MARCH 31, 2007 Schedule of Investments (continued) (In Thousands) CMA Arizona Municipal Money Fund Face Amount Municipal Bonds Value Arizona (continued) $ 710 Maricopa County, Arizona, IDA, S/F Mortgage Revenue Bonds, FLOATS, VRDN, AMT, Series 1165, 3.72% due 2/01/2008 (d) $ 710 3,600 McAllister Academic Village, LLC, Arizona, Revenue Bonds (Arizona State University Project), VRDN, Series A, 3.63% due 7/01/2045 (a)(d) 3,600 1,665 Morgan Keegan Municipal Products, Inc., Maricopa County, Arizona, IDA, VRDN, AMT, Series A, 3.75% due 2/02/2009 (d) 1,665 4,500 Phoenix and Pima County, Arizona, IDA, S/F Revenue Bonds, FLOATS, VRDN, AMT, Series P29U, 3.75% due 7/01/2039 (d)(i) 4,500 2,000 Phoenix, Arizona, Civic Improvement Corporation, CP, 3.67% due 7/10/2007 2,000 5,175 Phoenix, Arizona, Civic Improvement Corporation, Senior Lien Wastewater System, Revenue Refunding Bonds, VRDN, Series A, 3.67% due 7/01/2023 (d)(e) 5,175 5,600 Phoenix, Arizona, Civic Improvement Corporation, State of Arizona Distribution Revenue Bonds, TOCS, VRDN, Series Z-11, 3.71% due 5/08/2034 (b)(d)(j) 5,600 1,000 Phoenix, Arizona, IDA, Government Office Lease Revenue Refunding Bonds, PUTTERS, VRDN, Series 1119, 3.70% due 9/15/2013 (a)(d)(j) 1,000 8,420 Phoenix, Arizona, IDA, M/F Housing Revenue Bonds (Mariners Pointe Apartments Project), VRDN, AMT, Series A, 3.74% due 10/01/2023 (d) 8,420 3,285 Phoenix, Arizona, IDA, M/F Housing Revenue Refunding Bonds (Westward Housing Apartments Project), VRDN, AMT, Series A, 3.75% due 4/01/2033 (d) 3,285 Phoenix, Arizona, IDA, Revenue Bonds, VRDN (d): 5,170 (Leggett & Platt Inc. Project), AMT, 3.71% due 7/01/2029 5,170 2,325 (Pilgrim Rest Foundation Inc. Project), Series A, 3.73% due 10/01/2030 2,325 1,000 (Safeway Inc. Ice Cream Project), AMT, 3.85% due 4/01/2007 1,000 2,500 (Salvo Properties LLC Project), AMT, 3.78% due 3/01/2031 2,500 3,500 (Swift Aviation Services, Inc. Project), AMT, 3.80% due 7/01/2024 3,500 900 Pima County, Arizona, IDA, IDR, Refunding (Brush Wellman Inc. Project), VRDN, 3.73% due 9/01/2009 (d) 900 2,250 Pima County, Arizona, IDA, IDR (Tucson Electric Power Company - Irvington Project), VRDN, 3.70% due 10/01/2022 (d) 2,250 Face Amount Municipal Bonds Value Arizona (continued) $ 2,400 Pima County, Arizona, IDA, M/F Housing Revenue Bonds (Eastside Place Apartments), VRDN, AMT, Series B, 3.77% due 2/15/2031 (d)(h) $ 2,400 1,385 RBC Municipal Products, Inc., Arizona Sports and Tourism Authority, Revenue Refunding Bonds, FLOATS, VRDN, Series I-17, 3.70% due 1/01/2015 (d)(e) 1,385 1,800 Salt River Pima-Maricopa Indian Community, Arizona, Revenue Bonds, VRDN, 3.66% due 10/01/2025 (d) 1,800 Salt River Project, Arizona, Agriculture Improvement and Power District, Electric System Revenue Bonds, VRDN (d): 2,400 FLOATS, Series 1430, 3.69% due 1/01/2037 2,400 390 ROCS, Series II-R-9019, 3.71% due 1/01/2037 (j) 390 3,755 Scottsdale, Arizona, IDA, Hospital Revenue Bonds, ROCS, VRDN, Series II-R-578CE, 3.71% due 5/01/2041 (d)(j) 3,755 Scottsdale, Arizona, IDA, Hospital Revenue Refunding Bonds (Scottsdale Healthcare), VRDN (d): 2,500 Series A, 3.65% due 9/01/2030 (b) 2,500 1,700 Series B, 3.65% due 9/01/2026 (b) 1,700 5,000 Series C, 3.65% due 9/01/2035 (c) 5,000 1,300 Scottsdale, Arizona, IDA, Limited Obligation Revenue Bonds (Notre Dame School), VRDN, Series A, 3.70% due 5/01/2021 (d) 1,300 4,400 Sun Devil Energy Center LLC, Arizona, Revenue Bonds (Arizona State University Project), VRDN, 3.66% due 7/01/2030 (b)(d) 4,400 2,150 Tempe, Arizona, GO, 4% due 7/01/2007 2,151 1,500 Tempe, Arizona, IDA, Revenue Bonds (ASUF Brickyard, LLC Project), VRDN, Series A, 3.66% due 7/01/2034 (d) 1,500 1,500 Tucson, Arizona, IDA, Housing Revenue Bonds (Family Housing Resource Projects), VRDN, Series A, 3.66% due 1/15/2032 (d)(h) 1,500 2,145 Tucson, Arizona, IDA, IDR (Fluoresco Old Nogales Project), VRDN, AMT, 4% due 8/01/2025 (d) 2,145 3,750 Tucson, Arizona, IDA, Joint S/F Mortgage Revenue Bonds, AMT, Series B, 4.90% due 8/03/2007 (d)(g)(i) 3,761 3,325 Tucson, Arizona, IDA Revenue Bonds (United Way Capital Corporation Project), VRDN, 3.95% due 6/01/2021 (d) 3,325 2,800 University of Arizona, COP, VRDN, Series B, 3.68% due 6/01/2031 (a)(d) 2,800 CMA MULTI-STATE MUNICIPAL SERIES TRUST MARCH 31, 2007 Schedule of Investments (concluded) (In Thousands) CMA Arizona Municipal Money Fund Face Amount Municipal Bonds Value Arizona (concluded) $ 4,500 Verrado Western Overlay Community Facilities District, Arizona, GO, VRDN, 3.73% due 7/01/2029 (d) $ 4,500 9,700 Yavapai County, Arizona, IDA, Hospital Facility Revenue Bonds (Yavapai Regional Medical Center), VRDN, Series B, 3.65% due 12/01/2026 (c)(d) 9,700 4,280 Yuma & La Paz Counties, Arizona, Community College District, GO, MERLOTS, VRDN, Series C-02, 3.69% due 7/01/2031 (d)(e)(j) 4,280 Face Amount Municipal Bonds Value Puerto Rico--2.5% $ 3,000 Puerto Rico Commonwealth Highway and Transportation Authority, Transportation Revenue Bonds, PUTTERS, VRDN, Series 246, 3.65% due 7/01/2027 (c)(d)(j) $ 3,000 1,600 Puerto Rico Public Finance Corporation Revenue Bonds, FLOATS, VRDN, Series 919, 3.64% due 8/01/2026 (d)(f) 1,600 Total Investments (Cost--$182,587*)--99.5% 182,587 Other Assets Less Liabilities--0.5% 855 ---------- Net Assets--100.0% $ 183,442 ========== * Cost for federal income tax purposes. (a) AMBAC Insured. (b) FGIC Insured. (c) FSA Insured. (d) Security may have a maturity of more than one year at time of issuance, but has variable rate and demand features that qualify it as a short-term security. The rate disclosed is that currently in effect. This rate changes periodically based upon prevailing market rates. (e) MBIA Insured. (f) CIFG Insured. (g) FHLMC Collateralized. (h) FNMA Collateralized. (i) FNMA/GNMA Collateralized. (j) These securities are short-term floating rate certificates issued by tender option bond trusts and are secured by the underlying municipal bond securities. See Notes to Financial Statements. CMA MULTI-STATE MUNICIPAL SERIES TRUST MARCH 31, 2007 Schedule of Investments as of March 31, 2007 (In Thousands) CMA California Municipal Money Fund Face Amount Municipal Bonds Value California--97.7% $ 19,995 ABAG Finance Authority For Non-Profit Corporations, California, M/F Revenue Bonds (Southport Apartments), VRDN, Series A, 3.64% due 1/15/2036 (e)(k) $ 19,995 13,785 ABAG Finance Authority For Non-Profit Corporations, California, Senior Living Revenue Bonds (Elder Care Alliance of San Rafael, Inc. Project), VRDN, 3.56% due 11/01/2034 (k) 13,785 9,995 ABN AMRO MuniTops Certificates Trust, California, COP, Refunding, VRDN, Series 2006-14, 3.66% due 5/01/2013 (a)(j)(k) 9,995 6,495 ABN AMRO MuniTops Certificates Trust, California, GO, Refunding, VRDN, Series 2003-1, 3.66% due 2/01/2010 (a)(k) 6,495 16,000 ABN AMRO MuniTops Certificates Trust, California, Revenue Bonds, VRDN, Series 2005-50, 3.66% due 12/01/2012 (a)(j)(k) 16,000 9,495 ABN AMRO MuniTops Certificates Trust, California, Revenue Refunding Bonds, VRDN, Series 2006-11, 3.66% due 11/01/2013 (i)(j)(k) 9,495 ABN AMRO MuniTops Certificates Trust, California, VRDN (i)(k): 10,045 GO, Series 2003-9, 3.65% due 9/01/2011 10,045 5,373 Series 1999-7, 3.65% due 7/04/2007 5,373 7,435 ABN AMRO MuniTops Certificates Trust, California, VRDN, COP, Series 2006-25, 3.66% due 6/15/2014 (i)(j)(k) 7,435 13,335 Alameda Corridor Transportation Authority, California, Revenue Bonds, FLOATS, VRDN, Series 15Z, 3.69% due 10/01/2034 (a)(k) 13,335 5,550 Alhambra, California, Unified School District, GO, ROCS, VRDN, Series II-R-2192, 3.68% due 8/01/2022 (c)(k)(l) 5,550 10,000 Alhambra, California, Unified School District, Land Acquisition Notes, 4.75% due 6/29/2007 10,022 2,000 Arcadia, California, Unified School District, GO, PUTTERS, VRDN, Series 1716, 3.68% due 2/01/2015 (f)(k)(l) 2,000 15,000 Auburn, California, Union School District, COP, Refunding, VRDN, 3.74% due 12/01/2032 (f)(k) 15,000 14,070 Bakersfield, California, Hospital Revenue Refunding Bonds, FLOATS, VRDN, Series 788, 3.69% due 3/01/2019 (i)(k) 14,070 Bank of America Austin Trust, University of California, Revenue Refunding Bonds, VRDN (f)(k): 14,000 Series 2007-117, 3.66% due 5/15/2031 14,000 15,200 Series 2007-119, 3.66% due 5/15/2028 15,200 10,210 California Educational Facilities Authority Revenue Bonds (Life Chiropractic College), VRDN, 3.61% due 1/01/2025 (k) 10,210 14,300 California Educational Facilities Authority, Revenue Refunding Bonds (California Institute of Technology), VRDN, Series B, 3.50% due 10/01/2036 (k) 14,300 Face Amount Municipal Bonds Value California (continued) California HFA, Home Mortgage Revenue Bonds, VRDN (k): $ 17,640 AMT, Series B, 3.70% due 8/01/2033 (f) $ 17,640 22,520 AMT, Series B, 3.65% due 8/01/2035 22,520 69,105 AMT, Series C, 3.70% due 2/01/2037 69,105 5,715 AMT, Series J, 3.62% due 2/01/2032 (f) 5,715 55,395 AMT, Series J, 3.62% due 2/01/2033 (i) 55,395 17,955 Series F, 3.70% due 2/01/2033 (a) 17,955 California HFA, M/F Housing Revenue Bonds, VRDN, AMT (k): 25,685 Series A, 3.64% due 2/01/2026 25,685 29,175 Series A, 3.64% due 2/01/2035 29,175 60,715 Series C, 3.70% due 2/01/2033 60,715 California HFA, M/F Housing Revenue Refunding Bonds III, VRDN, AMT (k): 29,180 Series D, 3.70% due 2/01/2038 29,180 33,455 Series D, 3.70% due 8/01/2038 33,455 22,200 Series G, 3.69% due 8/01/2036 22,200 California Health Facilities Financing Authority Revenue Bonds, VRDN (k): 7,781 FLOATS, Series 591, 3.69% due 3/01/2014 (i) 7,781 22,170 FLOATS, Series 592, 3.69% due 3/01/2021 (i) 22,170 36,300 (Kaiser Permanente), Series C, 3.60% due 6/01/2041 36,300 1,500 California Health Facilities Financing Authority, Revenue Refunding Bonds, ROCS, VRDN, Series II-R-603CE, 3.68% due 11/15/2034 (k)(l) 1,500 3,375 California Infrastructure and Economic Development Bank, Revenue Refunding Bonds (Guided Discoveries Inc. Project), VRDN, 3.67% due 6/01/2032 (k) 3,375 California Pollution Control Financing Authority, PCR, Refunding (Pacific Gas and Electric), VRDN (k): 100,000 AMT, Series B, 3.62% due 11/01/2026 100,000 19,700 Series C, 3.66% due 11/01/2026 19,700 38,150 California Pollution Control Financing Authority, Resource Recovery Revenue Bonds (Atlantic Richfield Co. Project), VRDN, Series A, 3.62% due 12/01/2024 (k) 38,150 33,430 California School Cash Reserve Program Authority, Pooled Revenue Bonds, COP, Series A, 4.50% due 7/06/2007 33,510 California State, CP: 7,700 3.48% due 4/04/2007 7,700 14,300 3.56% due 5/02/2007 14,300 25,600 3.50% due 5/04/2007 25,600 14,200 3.55% due 5/07/2007 14,200 14,900 3.50% due 5/08/2007 14,900 10,700 3.52% due 5/09/2007 10,700 9,400 3.55% due 5/18/2007 9,400 California State Department of Water Resources, Power Supply Revenue Bonds, VRDN (k): 7,210 PUTTERS, Series 459, 3.65% due 5/01/2011 (i)(l) 7,210 10,900 Series C-2, 3.53% due 5/01/2022 (a) 10,900 43,000 Series C-4, 3.49% due 5/01/2022 43,000 13,305 Series C-8, 3.50% due 5/01/2022 13,305 26,200 Series C-9, 3.53% due 5/01/2022 26,200 9,100 Series C-13, 3.55% due 5/01/2022 (f) 9,100 CMA MULTI-STATE MUNICIPAL SERIES TRUST MARCH 31, 2007 Schedule of Investments (continued) (In Thousands) CMA California Municipal Money Fund Face Amount Municipal Bonds Value California (continued) California State Department of Water Resources, Power Supply Revenue Refunding Bonds, VRDN (k): $ 20,800 Sub-Series G-4, 3.49% due 5/01/2016 (f) $ 20,800 22,000 Sub-Series G-5, 3.52% due 5/01/2016 (f) 22,000 19,000 Sub-Series G-6, 3.53% due 5/01/2017 (f) 19,000 10,750 Sub-Series G-11, 3.55% due 5/01/2018 (f) 10,750 25,000 Sub-Series G-13, 3.53% due 5/01/2018 (c) 25,000 67,335 Sub-Series G-14, 3.49% due 5/01/2018 (c) 67,335 44,400 California State Department of Water Resources Revenue Bonds (Central Valley Project), FLOATS, VRDN, Series 27G, 3.67% due 3/01/2009 (k) 44,400 26,800 California State Economic Recovery, GO, FLOATS, VRDN, Series L27, 3.67% due 7/01/2017 (k) 26,800 11,250 California State Economic Recovery Revenue Bonds, VRDN, Series C-14, 3.55% due 7/01/2023 (d)(k) 11,250 California State, GO, Refunding, VRDN (k): 4,560 FLOATS, Series 1320, 3.70% due 2/01/2033 4,560 14,151 FLOATS, Series 1599, 3.64% due 3/01/2035 (i) 14,151 8,930 MERLOTS, Series A-17, 3.67% due 2/01/2018 (a)(l) 8,930 10,250 MSTR, Series SGA-119, 3.70% due 9/01/2028 (c)(l) 10,250 24,170 MSTR, Series SGA-135, 3.70% due 12/01/2030 (a)(l) 24,170 36,355 MSTR, Series SGA-136, 3.70% due 12/01/2030 (d)(l) 36,355 5,195 PUTTERS, Series 806, 3.65% due 3/01/2013 (i)(l) 5,195 3,710 PUTTERS, Series 1255, 3.65% due 12/01/2012 (a)(l) 3,710 3,975 PUTTERS, Series 1680, 3.65% due 9/01/2014 (a)(l) 3,975 2,460 ROCS, Series II-R-622PB, 3.68% due 3/01/2034 (a)(l) 2,460 21,500 ROCS, Series II-R-765CE, 3.68% due 10/01/2036 (l) 21,500 1,300 Series A-1, 3.52% due 5/01/2034 1,300 California State, GO, VRDN (k): 4,100 FLOATS, Series A-2, 3.53% due 5/01/2033 4,100 9,005 MERLOTS, Series B-45, 3.67% due 10/01/2029 (l) 9,005 2,850 MSTR, Series SGA-7, 3.67% due 9/01/2018 (f)(l) 2,850 3,050 MSTR, Series SGA-39, 3.67% due 6/01/2014 (i)(l) 3,050 2,990 MSTR, Series SGA-40, 3.67% due 6/01/2013 (c)(l) 2,990 2,975 MSTR, Series SGA-72, 3.67% due 6/01/2017 (c)(l) 2,975 5,000 ROCS, Series II-R-623, 3.68% due 4/01/2031 (a)(l) 5,000 24,500 Series B-3, 3.50% due 5/01/2033 24,500 4,860 California State Public Works Board, Lease Revenue Bonds, PUTTERS, VRDN, Series 609, 3.65% due 11/01/2012 (c)(k)(l) 4,860 3,000 California State University, Revenue Refunding Bonds, PUTTERS, VRDN, Series 1435, 3.65% due 11/01/2013 (i)(k)(l) 3,000 32,551 California Statewide Communities Development Authority, COP, Refunding, FLOATS, VRDN, Series 909, 3.64% due 8/15/2023 (i)(k) 32,551 California Statewide Communities Development Authority, CP: 24,400 3.54% due 5/16/2007 24,400 20,000 3.53% due 7/11/2007 20,000 Face Amount Municipal Bonds Value California (continued) California Statewide Communities Development Authority, M/F Housing Revenue Bonds, VRDN, AMT (k): $ 10,000 (Canyon Creek Apartments), Series C, 3.64% due 6/15/2025 (e) $ 10,000 45,000 FLOATS, Series 29G, 3.73% due 5/01/2039 45,000 7,350 (Greentree Senior Apartments Project), Series P, 3.66% due 11/15/2030 (e) 7,350 6,420 (Hallmark Housing Apartments), Series ZZ, 3.64% due 12/15/2036 (e) 6,420 6,700 (Hermosa Vista Apartments), Series XX, 3.64% due 5/15/2036 (e) 6,700 4,200 (Kimberly Woods), Series B, 3.64% due 6/15/2025 (e) 4,200 13,205 (Knolls at Green Valley), Series FF, 3.64% due 7/15/2036 (e) 13,205 13,500 (Las Flores Village Apartments), Series JJ, 3.73% due 6/15/2038 13,500 15,100 (Oakmont Chino Hills), Series P, 3.65% due 6/01/2036 15,100 27,420 PUTTERS, Series 1358, 3.70% due 7/01/2011 (l) 27,420 5,335 (Second Street Senior Apartments), Series TT, 3.64% due 12/15/2036 (e) 5,335 7,300 (Vineyard Creek LP), Series W, 3.65% due 12/01/2036 7,300 17,150 California Statewide Communities Development Authority, M/F Revenue Bonds (Crossings Senior Apartments), VRDN, AMT, Series I, 3.66% due 7/15/2040 (k) 17,150 California Statewide Communities Development Authority Revenue Bonds, VRDN (k): 14,700 Series J, 3.60% due 4/01/2036 14,700 8,300 Series L, 3.60% due 4/01/2038 8,300 50,750 Series M, 3.60% due 4/01/2038 50,750 California Statewide Communities Development Authority, Revenue Refunding Bonds, VRDN (k): 11,400 (Kaiser Permanente), Series A, 3.60% due 10/01/2013 11,400 44,200 (Kaiser Permanente), Series D, 3.55% due 5/01/2033 44,200 3,500 (Presbyterian Homes), Series B, 3.53% due 11/15/2036 3,500 8,000 ROCS, Series II-R-763CE, 3.68% due 4/01/2031 (l) 8,000 25,000 California Statewide Communities Development Authority, TRAN, Series A-1, 4.50% due 6/29/2007 (f) 25,055 14,215 Carlsbad, California, M/F Housing Revenue Bonds (The Greens Apartments), VRDN, AMT, Series A, 3.66% due 6/01/2046 (k) 14,215 1,540 Chabot-Las Positas, California, Community College District, GO, FLOATS, VRDN, Series 87-Z, 3.70% due 8/01/2035 (a)(k) 1,540 CMA MULTI-STATE MUNICIPAL SERIES TRUST MARCH 31, 2007 Schedule of Investments (continued) (In Thousands) CMA California Municipal Money Fund Face Amount Municipal Bonds Value California (continued) $ 7,120 Contra Costa, California, Water District Water Revenue Refunding Bonds, FLOATS, VRDN, Series 850, 3.64% due 10/01/2019 (f)(k) $ 7,120 Contra Costa County, California, M/F Housing Revenue Bonds, VRDN, AMT (k): 17,700 (Creekview Apartments), Series B, 3.64% due 7/01/2036 (g) 17,700 20,000 (Pleasant Hill Bart Transit Station Project), Series A, 3.95% due 4/15/2046 20,016 15,000 Eagle Tax-Exempt Trust, California State University, Revenue Refunding Bonds, VRDN, Series 2005-0082, Class A, 3.69% due 11/01/2035 (i)(k) 15,000 13,000 Eagle Tax-Exempt Trust, Los Angeles, California, Department of Water and Power Revenue Bonds, VRDN, Series 2006-0010 Class A, 3.69% due 7/01/2035 (f)(k) 13,000 28,500 Eagle Tax-Exempt Trust, Los Angeles, California, Department of Water and Power, Waterworks Revenue Bonds, VRDN, Series 2006-0036 Class A, 3.68% due 7/01/2030 (a)(k) 28,500 4,800 Eagle Tax-Exempt Trust, Los Angeles, California, Unified School District, GO, VRDN, Series 2003-0043, Class A, 3.69% due 1/01/2028 (i)(k) 4,800 6,430 Eagle Tax-Exempt Trust, Sacramento County, California, Sanitation District Financing Authority Revenue Bonds, VRDN, Series 2006-0023 Class A, 3.69% due 12/01/2035 (a)(k) 6,430 9,900 Eagle Tax-Exempt Trust, San Diego, California, Community College District, GO, VRDN, Series 2006-0042 Class A, 3.68% due 5/01/2030 (f)(k) 9,900 5,500 Eagle Tax-Exempt Trust, San Diego, California, Unified School District, GO, VRDN, Series 2006-0041 Class A, 3.69% due 7/01/2029 (f)(k) 5,500 2,445 Eagle Tax-Exempt Trust, University of California, Revenue Refunding Bonds, VRDN, Series 2005-0006, Class A, 3.69% due 5/15/2033 (a)(k) 2,445 11,980 East Bay Municipal Utility District, California, Water System Revenue Refunding Bonds, VRDN, Sub-Series A, 3.54% due 6/01/2025 (f)(k) 11,980 19,825 Eclipse Funding Trust, Solar Eclipse Certificates, California, GO, Refunding, VRDN, Series 2005-0004, 3.64% due 6/01/2024 (i)(k) 19,825 12,605 Eclipse Funding Trust, Solar Eclipse Certificates, California, Tax Allocation Refunding Bonds, VRDN, Series 2006-0044, 3.65% due 2/01/2015 (a)(k) 12,605 1,985 Fontana, California, Public Financing Authority, Tax Allocation Revenue Refunding Bonds, PUTTERS, VRDN, Series 707, 3.65% due 4/01/2013 (a)(k)(l) 1,985 Face Amount Municipal Bonds Value California (continued) $ 8,920 Fresno, California, Airport Revenue Bonds, MERLOTS, VRDN, AMT, Series B2, 3.72% due 7/01/2030 (f)(k)(l) $ 8,920 4,685 Fresno, California, Water System Revenue Refunding Bonds, MSTR, VRDN, Series SGA 76, 3.67% due 6/01/2024 (c)(k)(l) 4,685 6,727 GS Pool Trust, California, FLOATS, VRDN, AMT, Series 34TP, 3.75% due 5/01/2047 (k) 6,727 11,431 Glendale, California, Hospital Revenue Refunding Bonds, FLOATS, VRDN, Series 590, 3.69% due 3/01/2014 (i)(k) 11,431 Golden State Tobacco Securitization Corporation of California, Tobacco Settlement Revenue Refunding Bonds, TOCS, VRDN (k)(l): 1,824 Series Z-4, 3.71% due 12/13/2023 (a) 1,824 2,560 Series Z-5, 3.71% due 5/06/2022 (f) 2,560 17,410 Lehman Municipal Trust Receipts, Bay Area Toll Authority, California, Revenue Bonds, FLOATS, VRDN, Series 07-P4, 3.55% due 4/01/2045 (a)(d)(k) 17,410 12,575 Lehman Municipal Trust Receipts, California State, GO, Refunding, FLOATS, VRDN, Series 06-K83, 3.64% due 10/01/2027 (a)(k) 12,575 30,000 Lehman Municipal Trust Receipts, Los Angeles, California, Wastewater System Revenue Refunding Bonds, FLOATS, VRDN, Series 06-K80, 3.64% due 6/01/2035 (i)(k) 30,000 25,810 Lehman Municipal Trust Receipts, University of California, Revenue Refunding Bonds, FLOATS, VRDN, Series 07-K3, 3.64% due 5/15/2035 (f)(k) 25,810 19,430 Loma Linda, California, M/F Housing Revenue Refunding Bonds (Loma Linda Springs), VRDN, AMT, 3.66% due 12/15/2031 (e)(k) 19,430 1,785 Long Beach, California, Harbor Revenue Bonds, PUTTERS, VRDN, AMT, Series 730, 3.67% due 11/15/2012 (i)(k)(l) 1,785 6,785 Los Angeles, California, Department of Water and Power, Revenue Refunding Bonds, ROCS, VRDN, Series II-R-4510, 3.68% due 7/01/2021 (i)(k)(l) 6,785 30,000 Los Angeles, California, GO, TRAN, 4.50% due 6/29/2007 30,054 18,324 Los Angeles, California, S/F Home Mortgage Revenue Bonds, VRDN, AMT, 4.52% due 10/01/2040 (k) 18,324 Los Angeles, California, Unified School District, GO, FLOATS, VRDN (k): 16,182 Series 924, 3.64% due 7/01/2023 (f) 16,182 2,290 Series 9TP, 3.67% due 7/01/2031 (a) 2,290 17,320 Series 1627, 3.64% due 7/01/2023 (a) 17,320 10,585 Los Angeles, California, Unified School District, GO, ROCS, VRDN, Series II-R-2219, 3.68% due 7/01/2023 (a)(k)(l) 10,585 CMA MULTI-STATE MUNICIPAL SERIES TRUST MARCH 31, 2007 Schedule of Investments (continued) (In Thousands) CMA California Municipal Money Fund Face Amount Municipal Bonds Value California (continued) $ 15,000 Los Angeles, California, Water and Power Revenue Bonds, VRDN, Sub-Series A-1, 3.53% due 7/01/2035 (k) $ 15,000 Los Angeles, California, Water and Power Revenue Refunding Bonds, VRDN (k): 49,700 Sub-Series B-5, 3.54% due 7/01/2034 49,700 4,200 Sub-Series B-6, 3.55% due 7/01/2034 4,200 63,100 Los Angeles County, California, TRAN, Series A, 4.50% due 6/29/2007 63,246 5,355 Madera, California, Irrigation Financing Authority, Water Revenue Bonds, VRDN, Series A, 3.60% due 1/01/2036 (d)(k) 5,355 3,800 Manteca, California, Redevelopment Agency, Subordinate Tax Allocation Refunding Bonds (Amended Merged Project Area), VRDN, 3.60% due 10/01/2042 (d)(k) 3,800 8,240 Maywood, California, Public Financing Authority, Revenue Refunding Bonds, VRDN, Series A, 3.60% due 10/01/2034 (k) 8,240 8,500 Menlo Park, California, Community Development Agency, Tax Allocation Refunding Bonds (Las Pulgas Community Development Project), VRDN, 3.60% due 1/01/2031 (a)(k) 8,500 4,600 Metropolitan Water District of Southern California Revenue Refunding Bonds, VRDN, Series B-1, 3.53% due 7/01/2020 (k) 4,600 Metropolitan Water District of Southern California, Waterworks Revenue Refunding Bonds, VRDN (k): 10,500 Series A, 3.54% due 7/01/2025 10,500 9,155 Series C, 3.47% due 10/01/2029 9,155 20,000 Milpitas, California, M/F Housing Revenue Bonds (Crossing at Montague), VRDN, AMT, Series A, 3.64% due 8/15/2033 (e)(k) 20,000 7,435 Monrovia, California, Unified School District, GO, MSTR, VRDN, Series SGA 70, 3.67% due 8/01/2022 (i)(k)(l) 7,435 Municipal Securities Trust Certificates, California, GO, Refunding, VRDN, Class A (k): 13,050 Series 2006-3005, 3.71% due 6/04/2014 (a)(j) 13,050 11,660 Series 3002, 3.71% due 3/14/2024 (i) 11,660 Municipal Securities Trust Certificates, California, GO, Class A, VRDN (k): 24,550 Series 2000-97, 3.65% due 9/01/2016 (c) 24,550 20,860 Series 2001-118, 3.70% due 3/03/2009 (c) 20,860 9,310 Series 2005-241, 3.71% due 6/03/2022 (i)(j) 9,310 8,405 Series 2006-249, 3.71% due 1/25/2016 (c) 8,405 5,900 Series 2006-255, 3.71% due 5/10/2023 (i)(j) 5,900 20,205 Series 5007-BBT, 3.71% due 10/20/2025 (c)(j) 20,205 8,125 Series 5008-BBT, 3.71% due 2/27/2027 (f)(j) 8,125 11,195 Series 5009-BBT, 3.71% due 3/14/2022 (c)(j) 11,195 Face Amount Municipal Bonds Value California (continued) $ 12,545 Municipal Securities Trust Certificates, California, Revenue Bonds, VRDN, Series 2005-239, Class A, 3.71% due 5/05/2027 (i)(k) $ 12,545 30,635 Municipal Securities Trust Certificates, California, Revenue Refunding Bonds, VRDN, Series 2006-258, Class A, 3.71% due 1/12/2017 (a)(j)(k) 30,635 11,720 Municipal Securities Trust Certificates, California, Tax Allocation Refunding Bonds, VRDN, Series 2005-243, Class A, 3.65% due 10/02/2013 (f)(k) 11,720 7,700 Municipal Securities Trust Certificates, El Camino Hospital District, California, GO, VRDN, Series 3040, Class A, 3.71% due 6/16/2023 (i)(k) 7,700 Municipal Securities Trust Certificates, Golden State Tobacco Securitization Corporation of California, Revenue Refunding Bonds, VRDN (j)(k): 5,000 Series 7021, Class A, 3.70% due 6/01/2038 (c) 5,000 30,100 Series 7045, Class A, 3.71% due 6/01/2047 30,100 9,810 Municipal Securities Trust Certificates, Kern, California, Community College, GO, VRDN, Series 3026, Class A, 3.71% due 8/13/2019 (f)(k) 9,810 7,315 Municipal Securities Trust Certificates, Newport-Mesa Unified School District, California, GO, VRDN, Series 3049, Class A, 3.71% due 11/13/2025 (i)(k) 7,315 12,130 Municipal Securities Trust Certificates, Rancho Santiago Community College District, California, GO, VRDN, Series 3029, Class A, 3.71% due 1/31/2025 (f)(j)(k) 12,130 2,430 Oakland, California, Sewer Revenue Bonds, PUTTERS, VRDN, Series 631, 3.65% due 6/15/2022 (f)(k)(l) 2,430 6,320 Pittsburg, California, Redevelopment Agency, Tax Allocation Refunding Bonds, ROCS, VRDN, Series II-R-2070, 3.68% due 8/01/2020 (i)(k)(l) 6,320 13,570 Port of Oakland, California, Port Revenue Bonds, MSTR, VRDN, Series SG 112, 3.69% due 11/01/2025 (j)(k)(l) 13,570 15,855 Port of Oakland, California, Revenue Refunding Bonds, MERLOTS, VRDN, AMT, Series B-36, 3.72% due 11/01/2021 (c)(k)(l) 15,855 3,300 Riverside County, California, IDA, IDR (Universal Forest Products), VRDN, AMT, 3.66% due 8/01/2029 (k) 3,300 5,213 Sacramento, California, City Financing Authority, Tax Allocation Revenue Bonds, TOCS, VRDN, Series Z-3, 3.71% due 12/12/2025 (c)(k)(l) 5,213 Sacramento, California, Housing Authority, M/F Housing Revenue Bonds, VRDN, AMT (k): 11,600 (Greenfair Apartments), Series G, 3.69% due 12/01/2030 11,600 15,490 (Lofts at Natomas Apartments), Series F, 3.64% due 4/15/2036 (e) 15,490 CMA MULTI-STATE MUNICIPAL SERIES TRUST MARCH 31, 2007 Schedule of Investments (continued) (In Thousands) CMA California Municipal Money Fund Face Amount Municipal Bonds Value California (continued) $ 2,075 Sacramento, California, Municipal Utility District, Electric Revenue Bonds, PUTTERS, VRDN, Series 591, 3.65% due 8/15/2011 (i)(k)(l) $ 2,075 12,910 Sacramento, California, Municipal Utility District, Electric Revenue Refunding Bonds, FLOATS, VRDN, Series 748, 3.64% due 8/15/2028 (f)(k) 12,910 6,215 Sacramento County, California, COP, ROCS, VRDN, Series II-R-5007, 3.69% due 12/01/2023 (a)(k)(l) 6,215 3,230 Sacramento County, California, Sanitation District Financing Authority Revenue Bonds, ROCS, VRDN, Series II-R-504, 3.68% due 12/01/2035 (a)(k)(l) 3,230 15,500 San Diego, California, Housing Authority, M/F Housing Revenue Bonds (Studio 15 Housing Partners), VRDN, AMT, Series B, 3.67% due 10/01/2039 (k) 15,500 7,000 San Diego, California, Sewer Revenue Bonds, FLOATS, VRDN, Series SG 14, 3.65% due 5/15/2020 (j)(k) 7,000 25,000 San Diego County and School District, California, GO, TRAN, Series B, 4.50% due 7/27/2007 25,061 5,720 San Diego County, California, COP (San Diego Jewish Academy), VRDN, 3.63% due 12/01/2028 (k) 5,720 San Diego County, California, Water Authority, CP: 10,000 3.55% due 5/09/2007 10,000 11,000 3.55% due 6/06/2007 11,000 7,100 San Francisco, California, City and County Airport Commission, International Airport Revenue Refunding Bonds, VRDN, AMT, Second Series, Issue 33C, 3.55% due 5/01/2025 (d)(k) 7,100 5,750 San Francisco, California, City and County Redevelopment Agency, M/F Housing Revenue Refunding Bonds (Fillmore Center), VRDN, AMT, Series B-2, 3.63% due 12/01/2017 (g)(k) 5,750 1,815 San Francisco, California, City and County Unified School District, GO, ROCS, VRDN, Series II-R-6060, 3.68% due 6/15/2021 (f)(k)(l) 1,815 17,810 San Francisco, California, Community College District, GO, FLOATS, VRDN, Series 1386, 3.64% due 6/15/2031 (f)(k) 17,810 5,500 San Joaquin County, California, COP, ROCS, VRDN, Series II-R-2030, 3.68% due 4/01/2020 (i)(k)(l) 5,500 San Joaquin Hills, California, Transportation Corridor Agency, Toll Road Revenue Bonds, VRDN (k): 2,125 FLOATS, Series 20, 3.00% due 1/01/2026 2,125 2,800 PUTTERS, Series 1409, 3.68% due 7/01/2016 (l) 2,800 3,990 San Joaquin Hills, California, Transportation Corridor Agency, Toll Road Revenue Refunding Bonds, FLOATS, VRDN, Series 1524, 3.66% due 1/15/2034 (i)(k) 3,990 Face Amount Municipal Bonds Value California (concluded) $ 2,620 San Jose, California, Airport Revenue Refunding Bonds, ROCS, VRDN, Series II-R-2004, 3.68% due 3/01/2016 (f)(k)(l) $ 2,620 San Jose, California, M/F Housing Revenue Bonds, VRDN (k): 12,000 (Carlton Homes), AMT, Series A, 3.66% due 10/15/2032 (e) 12,000 26,400 (Siena Renaissance Square Apartments), 3.64% due 12/01/2029 (g) 26,400 2,000 San Jose, California, M/F Housing Revenue Refunding Bonds (Almaden Lake Village Apartments), VRDN, AMT, Series A, 3.74% due 3/01/2032 (e)(k) 2,000 16,790 San Jose, California, Redevelopment Agency, Tax Allocation Refunding Bonds, PUTTERS, VRDN, Series 1601, 3.65% due 2/01/2015 (i)(k)(l) 16,790 San Mateo County, California, Community College District, GO, VRDN (k): 2,005 FLOATS, Series 5Z, 3.68% due 9/01/2037 (i) 2,005 5,825 FLOATS, Series 96Z, 3.68% due 9/01/2037 (i) 5,825 11,176 FLOATS, Series 1595, 3.64% due 9/01/2038 11,176 1,650 ROCS, Series II-R-647WFZ, 3.69% due 9/01/2021 (i)(l) 1,650 9,935 Santa Clara, California, Electric Revenue Refunding Bonds, MSTR, VRDN, Series SGA-75, 3.67% due 7/01/2027 (a)(k)(l) 9,935 9,000 Santa Rosa, California, M/F Housing Revenue Bonds (Crossings At Santa Rosa), VRDN, AMT, Series A, 3.66% due 11/01/2039 (k) 9,000 Simi Valley, California, M/F Housing Revenue Bonds, VRDN (k): 12,500 (Parker Ranch Project), AMT, Series A, 3.64% due 7/15/2036 (e) 12,500 12,000 (Shadowridge Apartments), 3.64% due 9/01/2019 (g) 12,000 19,240 Turlock, California, Health Facility Revenue Refunding Bonds (Emanuel Medical Center, Inc.), COP, VRDN, Series B, 3.53% due 10/15/2034 (k) 19,240 University of California Revenue Bonds, VRDN (k): 10,410 FLOATS, Series 1465, 3.64% due 5/15/2030 (f) 10,410 22,800 PUTTERS, Series 1231, 3.65% due 5/15/2012 (i)(l) 22,800 2,615 ROCS, Series II-R-3007, 3.68% due 9/01/2020 (f)(l) 2,615 9,200 Upland, California, Apartment Development Revenue Refunding Bonds (Mountain Springs-Issue A), VRDN, 3.57% due 11/15/2028 (e)(k) 9,200 27,645 Victorville, California, Joint Powers Financing Authority, Lease Revenue Bonds (Cogeneration Facility Project), VRDN, Series A, 3.61% due 5/01/20037 (k) 27,645 14,500 Whittier, California, Revenue Refunding Bonds (Whittier College), VRDN, 3.62% due 12/01/2033 (h)(k) 14,500 CMA MULTI-STATE MUNICIPAL SERIES TRUST MARCH 31, 2007 Schedule of Investments (concluded) (In Thousands) CMA California Municipal Money Fund Face Amount Municipal Bonds Value Puerto Rico--1.7% $ 8,440 Municipal Securities Trust Certificates, Puerto Rico Commonwealth Highway and Transportation Authority, Revenue Refunding Bonds, VRDN, Series 5032, Class A, 3.60% due 8/20/2030 (b)(j)(k) $ 8,440 4,900 Municipal Securities Trust Certificates, Puerto Rico, Revenue Bonds, VRDN, Series 2000-107, Class A, 3.65% due 5/19/2009 (f)(k) 4,900 10,500 Puerto Rico Commonwealth Highway and Transportation Authority, Transportation Revenue Bonds, ROCS, VRDN, Series II-R-789CE, 3.68% due 8/30/2009 (k)(l) 10,500 5,000 Puerto Rico Commonwealth Infrastructure Financing Authority, Special Obligation Revenue Refunding Bonds, FLOATS, VRDN, Series 21Z, 3.67% due 7/01/2045 (a)(c)(k) 5,000 Face Amount Municipal Bonds Value Puerto Rico (concluded) $ 15,000 Puerto Rico Commonwealth, TRAN, Refunding, 4.50% due 7/30/2007 $ 15,049 8,400 Puerto Rico Electric Power Authority, Power Revenue Bonds, MSTR, VRDN, Series SGA-43, 3.63% due 7/01/2022 (i)(k)(l) 8,400 6,100 RBC Municipal Products Inc. Trust, Various States Floater Certificates, Series I-3-Puerto Rico Commonwealth, VRDN, 3.67% due 7/01/2021 (a)(k) 6,100 Total Investments (Cost--$3,353,086*)--99.4% 3,353,086 Other Assets Less Liabilities--0.6% 21,133 ---------- Net Assets--100.0% $3,374,219 ========== * Cost for federal income tax purposes. (a) AMBAC Insured. (b) Assured Guaranty Insured. (c) FGIC Insured. (d) XL Capital Insured. (e) FNMA Collateralized. (f) FSA Insured. (g) FHLMC Collateralized. (h) Radian Insured. (i) MBIA Insured. (j) The security may be offered and sold to "qualified institutional buyers" under Rule 144A of the Securities Act of 1933. (k) Security may have a maturity of more than one year at time of issuance, but has variable rate and demand features that qualify it as a short-term security. The rate disclosed is that currently in effect. This rate changes periodically based upon prevailing markets rates. (l) These securities are short-term floating rate certificates issued by tender option bond trusts and are secured by the underlying municipal bond securities. See Notes to Financial Statements. CMA MULTI-STATE MUNICIPAL SERIES TRUST MARCH 31, 2007 Schedule of Investments as of March 31, 2007 (In Thousands) CMA Connecticut Municipal Money Fund Face Amount Municipal Bonds Value Connecticut--88.2% $ 8,770 ABN AMRO MuniTops Certificates Trust, Connecticut State Health and Educational Facilities Authority, Revenue Refunding Bonds (Trinity College), VRDN, Series 2007-25, 3.69% due 7/01/2015 (d)(e)(h) $ 8,770 Bridgeport, Connecticut, GO, Refunding, VRDN (d): 6,380 FLOATS, Series 936, 3.65% due 9/15/2023 (c) 6,380 2,865 ROCS, Series II-R-182, 3.69% due 8/15/2016 (b)(i) 2,865 10,900 Connecticut State Development Authority (NEPCO), CP, 3.64% due 4/02/2007 10,900 Connecticut State Development Authority, IDR, VRDN (d): 2,480 (Cheshire CPL LLC), AMT, 3.67% due 12/01/2022 2,480 1,530 (Reflexite Corporation Project), Series A, 3.67% due 8/01/2013 1,530 1,655 (Reflexite Corporation Project), Series B, 3.67% due 8/01/2013 1,655 5,500 Revenue Refunding Bonds (The Energy Network), AMT, 3.67% due 9/01/2025 5,500 10,300 Connecticut State Development Authority Revenue Bonds (Solid Waste Project - Rand-Whitney Container Board), VRDN, AMT, 3.69% due 8/01/2023 (d) 10,300 Connecticut State Development Authority, Water Facilities Revenue Refunding Bonds (Connecticut Water Company Project), VRDN, Series A (d): 1,250 AMT, 3.68% due 7/01/2028 1,250 1,150 3.65% due 9/01/2028 1,150 7,500 Connecticut State, GO, FLOATS, VRDN, Series 1609, 3.67% due 12/01/2021 (d) 7,500 Connecticut State, GO, PUTTERS, VRDN (d)(i): 10,940 Series 291, 3.68% due 11/15/2013 (c) 10,940 6,635 Series 320, 3.68% due 11/15/2020 6,635 15,290 Connecticut State, GO, ROCS, VRDN, Series II-R-6076, 3.69% due 11/15/2022 (b)(d)(i) 15,290 Connecticut State, GO, Refunding, VRDN (d): 3,625 FLOATS, Series 515, 3.67% due 12/15/2013 3,625 5,245 FLOATS, Series 75, 3.69% due 6/01/2020 (a) 5,245 4,185 ROCS, Series II-R-596, 3.69% due 6/01/2014 (e)(i) 4,185 12,000 Series D, 5% due 8/01/2007 (c) 12,051 Connecticut State Health and Educational Facilities Authority, CP (Yale University): 11,935 3.62% due 4/04/2007 11,935 11,935 3.60% due 4/05/2007 11,935 Connecticut State Health and Educational Facilities Authority Revenue Bonds VRDN (d): 1,325 (Charlotte Hungerford), Series C, 3.63% due 7/01/2013 1,325 9,700 FLOATS, Series 891, 3.67% due 7/01/2023 (b) 9,700 2,550 FLOATS, Series 1353, 3.67% due 11/01/2033 (b) 2,550 5,000 (Greater Hartford YMCA), Series A, 3.65% due 7/01/2032 (a) 5,000 4,030 (Greenwich Adult Day Care), Series A, 3.66% due 7/01/2036 4,030 5,300 (Greenwich Boys and Girls Club), Series A, 3.67% due 7/01/2033 5,300 Face Amount Municipal Bonds Value Connecticut (continued) Connecticut State Health and Educational Facilities Authority Revenue Bonds VRDN (d) (concluded): $ 7,165 (Greenwich Family YMCA), Series A, 3.66% due 7/01/2035 $ 7,165 5,000 (Hartford Hospital), Series B, 3.62% due 7/01/2030 5,000 11,000 (Health Care Capital Asset), Series A-1, 3.62% due 7/01/2031 11,000 1,920 (The Hotchkiss School), Series A, 3.62% due 7/01/2030 1,920 10,585 (King & Low-Heywood Thomas School), Series A, 3.67% due 7/01/2033 10,585 5,120 (Klingberg Family Center), Series A, 3.63% due 7/01/2032 5,120 7,000 (Lawrence & Memorial Hospital), Series E, 3.72% due 7/01/2034 (g) 7,000 1,450 (Middlesex Hospital), Series J, 3.64% due 7/01/2026 1,450 26,900 (Quinnipiac University), Series F, 3.60% due 7/01/2031 (g) 26,900 6,505 (Rectory School), Series A, 3.67% due 7/01/2030 6,505 7,235 (University of New Haven), AMT, Series E, 3.64% due 7/01/2035 7,235 2,560 (The Whitby School), Series A, 3.63% due 7/01/2021 2,560 20,900 (Yale University), Series T-1, 3.70% due 7/01/2029 20,900 1,500 (Yale University), Series V-1, 3.70% due 7/01/2036 1,500 Connecticut State Health and Educational Facilities Authority, Revenue Refunding Bonds VRDN (d): 5,685 (Ascension Health Credit), Series B, 3.60% due 11/15/2029 5,685 2,200 (Kent School Corporation), Series C, 3.65% due 7/01/2030 (e) 2,200 5,000 (Kingswood-Oxford School), Series B, 3.63% due 7/01/2030 5,000 7,605 Connecticut State HFA, Housing Mortgage Financing Program Revenue Bonds, VRDN, AMT, Series A-2, 3.64% due 5/15/2036 (a)(d) 7,605 Connecticut State HFA, Revenue Bonds (Housing Mortgage Finance Program),VRDN, AMT (d): 8,019 Series D, 3.71% due 11/15/2024 8,019 12,000 Sub-Series A-4, 3.64% due 5/15/2035 (a) 12,000 5,700 Sub-Series E-5, 3.67% due 11/15/2035 (a) 5,700 Connecticut State HFA, Revenue Refunding Bonds (Housing Mortgage Finance Program) VRDN, AMT (a)(d): 5,510 Sub-Series A-3, 3.64% due 5/15/2032 5,510 11,500 Sub-Series B-4, 3.69% due 5/15/2032 11,500 3,105 Connecticut State Revenue Bonds, PUTTERS, VRDN, Series 1410, 3.68% due 7/01/2014 (d)(i) 3,105 10,300 Connecticut State Special Assessment Revenue Bonds, VRDN, 3.70% due 11/15/2020 (d) 10,300 CMA MULTI-STATE MUNICIPAL SERIES TRUST MARCH 31, 2007 Schedule of Investments (concluded) (In Thousands) CMA Connecticut Municipal Money Fund Face Amount Municipal Bonds Value Connecticut (continued) $ 2,800 Connecticut State, Special Tax Obligation Revenue Bonds (Transportation Infrastructure), VRDN, Second Lien, Series 1, 3.67% due 12/01/2010 (c)(d) $ 2,800 8,550 Danbury, Connecticut, GO, Refunding, BAN, 4.50% due 8/03/2007 8,572 7,005 Eagle Tax-Exempt Trust, South Central Connecticut Regional Water Authority, Water System Revenue Refunding Bonds, VRDN, Series 2006-0075, Class A, 3.70% due 8/01/2033 (d)(e) 7,005 21,645 Hartford, Connecticut, Redevelopment Agency, M/F Mortgage Revenue Refunding Bonds (Underwood Tower Project), VRDN, 3.62% due 6/01/2020 (c)(d) 21,645 10,000 Hartford County, Connecticut, Metropolitan District, GO, BAN, 4% due 11/15/2007 10,026 13,370 Lehman Municipal Trust Receipts, Connecticut State Housing, FLOATS, VRDN, Series 2006-P37U, 3.75% due 11/15/2036 (d) 13,370 13,125 Meriden, Connecticut, GO, BAN, 4.50% due 8/03/2007 13,158 6,785 Municipal Securities Trust Certificates Revenue Bonds, Connecticut, VRDN, AMT, Series 2001-128, Class A, 3.70% due 3/30/2015 (b)(d) 6,785 8,450 New Britain, Connecticut, GO, VRDN, 3.65% due 4/01/2013 (a)(d) 8,450 3,395 New Canaan, Connecticut, Housing Authority Revenue Bonds (Village at Waveny Care Center), VRDN, 3.63% due 1/01/2022 (d) 3,395 Face Amount Municipal Bonds Value Connecticut (concluded) $ 16,915 Plainfield, Connecticut, GO, BAN, 4% due 7/09/2007 $ 16,929 5,950 Trumball, Connecticut, GO, BAN, 4.25% due 9/11/2007 5,968 Puerto Rico--8.6% 7,190 Puerto Rico Commonwealth Highway and Transportation Authority Highway Revenue Bonds, FLOATS, VRDN, Series 771, 3.64% due 7/01/2036 (d)(e) 7,190 5,000 Puerto Rico Commonwealth Highway and Transportation Authority Transportation Revenue Bonds, ROCS, VRDN, Series II-R-789CE, 3.68% due 8/30/2009 (d)(i) 5,000 11,000 Puerto Rico Commonwealth Infrastructure Financing Authority, Special Obligation Refunding Bonds, TOCS, VRDN, Series 2, 3.66% due 10/01/2023 (d)(i) 11,000 10,600 Puerto Rico Electric Power Authority, Power Revenue Bonds, MSTR, VRDN, Series SGA-43, 3.63% due 7/01/2022 (d)(e)(i) 10,600 Puerto Rico Public Buildings Authority Revenue Refunding Bonds, FLOATS, VRDN (d)(f): 5,826 Series 747D, 3.64% due 7/01/2017 5,826 7,328 Series 787, 3.64% due 7/01/2036 7,328 Total Investments (Cost--$526,537*)--96.8% 526,537 Other Assets Less Liabilities--3.2% 17,513 ---------- Net Assets--100.0% $ 544,050 ========== * Cost for federal income tax purposes. (a) AMBAC Insured. (b) FGIC Insured. (c) FSA Insured. (d) Security may have a maturity of more than one year at time of issuance, but has variable rate and demand features that qualify it as a short-term security. The rate disclosed is that currently in effect. This rate changes periodically based upon prevailing market rates. (e) MBIA Insured. (f) CIFG Insured. (g) Radian Insured. (h) The security may be offered and sold to "qualified institutional buyers" under Rule 144A of the Securities Act of 1933. (i) These securities are short-term floating rate certificates issued by tender option bond trusts and are secured by the underlying municipal bond securities. See Notes to Financial Statements. CMA MULTI-STATE MUNICIPAL SERIES TRUST MARCH 31, 2007 Schedule of Investments as of March 31, 2007 (In Thousands) CMA Florida Municipal Money Fund Face Amount Municipal Bonds Value Alabama--0.7% $ 2,250 Decatur, Alabama, IDB, Environmental Facilities Revenue Bonds (BP Amoco Chemical Company Project), VRDN, AMT, 3.70% due 11/01/2035 (h) $ 2,250 Florida--93.8% 5,000 Broward County, Florida, CP, 3.70% due 6/18/2007 5,000 2,750 Broward County, Florida, HFA, M/F Housing Revenue Bonds (Sailboat Bend Artist Lofts Project), VRDN, AMT, 3.77% due 4/15/2038 (h) 2,750 2,400 Broward County, Florida, HFA, M/F Revenue Bonds (Sawgrass Pines Apartments Project), VRDN, AMT, Series A, 3.71% due 11/01/2023 (h) 2,400 5,000 Broward County Florida, HFA S/F Mortgage Revenue Bonds, Series D, 5% due 4/01/2008 5,052 8,400 Broward County, Florida, Port Facility Improvement, Revenue Refunding Bonds (Port Everglades), VRDN, AMT, 3.72% due 9/01/2027 (a)(h) 8,400 2,500 Collier County, Florida, Educational Facilities Authority, Limited Obligation Revenue Bonds (Ave Maria University), VRDN, 3.71% due 10/01/2036 (h) 2,500 2,000 Collier County, Florida, IDA, IDR, Refunding (Allete Inc., Project), VRDN, 3.72% due 10/01/2025 (h) 2,000 6,150 Collier County, Florida, School Board, COP, PUTTERS, VRDN, Series 1406, 3.72% due 2/15/2014 (f)(h)(l) 6,150 1,225 Dade County, Florida, Water and Sewer System Revenue Bonds, VRDN, 3.65% due 10/05/2022 (c)(h) 1,225 Eagle Tax-Exempt Trust, Miami-Dade County, Florida, Aviation Revenue Refunding Bonds, VRDN, AMT, Class A (h): 2,475 Series 2006-0040, 3.75% due 10/01/2037 (d) 2,475 4,950 Series 2006-0060, 3.75% due 10/01/2038 (j) 4,950 9,370 Eclipse Funding Trust, Solar Eclipse Certificates, Florida, VRDN, Series 2006-0035, 3.69% due 6/01/2034 (g)(h) 9,370 7,060 Flagler County, Florida, School Board, COP, MERLOTS, VRDN, Series D-01, 3.69% due 8/01/2023 (f)(h)(l) 7,060 2,800 Florida Development Finance Corporation, IDR (Enterprise Bond Program), VRDN, AMT, Series E, 3.81% due 9/01/2026 (h) 2,800 1,800 Florida Housing Finance Corporation, M/F Housing Revenue Bonds (Stuart Pointe Apartments), VRDN, AMT, Series B-3, 3.71% due 4/01/2034 (h) 1,800 Florida Housing Finance Corporation, M/F Housing Revenue Refunding Bonds, VRDN (h): 1,000 (Charleston Apartments), Series I-A, 3.67% due 7/01/2031 1,000 5,780 (Island Club Apartments), Series A, 3.67% due 7/01/2031 5,780 6,500 (Tuscany Lakes Apartments), AMT, Series 1, 3.73% due 11/15/2035 (e) 6,500 Face Amount Municipal Bonds Value Florida (continued) Florida Housing Finance Corporation, M/F Mortgage Revenue Bonds, VRDN, AMT (h): $ 5,000 FLOATS, Series 49G, 3.75% due 6/01/2046 $ 5,000 7,000 (Savannah Springs Apartments Limited), Series N, 3.70% due 12/15/2044 7,000 Florida Local Government Finance Commission, CP: 7,424 3.70% due 4/02/2007 7,424 10,663 3.64% due 4/09/2007 10,663 10,000 3.65% due 5/01/2007 10,000 2,075 Florida State Board of Education, Capital Outlay, GO, VRDN, Series A, 5.125% due 6/01/2007 (h)(i) 2,100 5,378 Florida State Department of Environmental Protection, Preservation Revenue Bonds, FLOATS, VRDN, Series 722, 3.69% due 7/01/2022 (c)(h) 5,378 1,495 Florida State Department of Management Services, Revenue Refunding Bonds (Division of Facilities Management), ROCS, VRDN, Series II-R-4079, 3.71% due 9/01/2020 (a)(h)(l) 1,495 1,000 Florida State University Financial Assistance Inc., Florida Educational and Athletic Facilities Improvement Revenue Bonds, MSTR, VRDN, Series SGB-44-A, 3.70% due 10/01/2031 (a)(h)(l) 1,000 3,000 Fort Myers, Florida, Improvement Revenue Refunding Bonds, PUTTERS, VRDN, Series 1709, 3.72% due 12/01/2014 (g)(h)(l) 3,000 Hillsborough County, Florida, Aviation Authority, Revenue Refunding Bonds, VRDN, AMT (h): 4,855 FLOATS, Series 1060, 3.72% due 10/01/2018 (a) 4,855 7,000 (Tampa International Airport), Series 2006-C, 3.72% due 10/01/2026 (g) 7,000 Hillsborough County, Florida, HFA, M/F Housing Revenue Bonds, VRDN, AMT (h): 4,000 (Claymore Crossings Apartments), 3.71% due 12/15/2038 4,000 4,000 (Lake Kathy Apartments), 3.71% due 12/15/2039 4,000 1,400 Jacksonville, Florida, Electric Authority Revenue Bonds (Electric System), VRDN, Series B, 3.71% due 10/01/2030 (h) 1,400 3,000 Jacksonville, Florida, HFA, M/F Housing Revenue Bonds (Christine Cove Apartments), VRDN, AMT, 3.71% due 9/15/2038 (h) 3,000 1,100 Jacksonville, Florida, Health Facilities Authority, Hospital Revenue Bonds (Southern Baptist Hospital), VRDN, Series A, 3.69% due 8/15/2033 (h) 1,100 5,000 Jacksonville, Florida, PCR, Refunding (Florida Power and Light Co. Project), VRDN, 3.85% due 5/01/2029 (h) 5,000 5,000 Lee County, Florida, Hospital Board of Directors, Hospital Revenue Bonds (Memorial Health System), VRDN, Series A, 3.70% due 4/01/2025 (h) 5,000 3,700 Manatee County, Florida, PCR, Refunding (Florida Power and Light Company Project), VRDN, 3.70% due 9/01/2024 (h) 3,700 CMA MULTI-STATE MUNICIPAL SERIES TRUST MARCH 31, 2007 Schedule of Investments (concluded) (In Thousands) CMA Florida Municipal Money Fund Face Amount Municipal Bonds Value Florida (continued) $ 3,741 Marion County, Florida, IDA, M/F Housing Revenue Refunding Bonds (Chambrel Project), VRDN, 3.67% due 11/15/2032 (e)(h) $ 3,741 6,370 Marion County, Florida, School Board, COP, MERLOTS, VRDN, Series D7, 3.69% due 6/01/2025 (a)(h)(l) 6,370 Miami-Dade County, Florida, Aviation Revenue Refunding Bonds, VRDN (h): 2,050 FLOATS, Series 1415, 3.72% due 10/01/2038 (j) 2,050 7,500 ROCS, AMT, Series II-R-525, 3.74% due 10/01/2037 (d)(l) 7,500 12,300 Miami-Dade County, Florida, IDA, Solid Waste Disposal Revenue Refunding Bonds (Florida Power and Light Company Project), VRDN, AMT, 3.76% due 2/01/2023 (h) 12,300 10,000 Miami-Dade County, Florida, School District, TAN, 4.50% due 6/28/2007 10,018 1,965 Miami-Dade County, Florida, Special Obligation Revenue Bonds, TOCS, VRDN, Series Z-12, 3.71% due 5/15/2015 (g)(h)(l) 1,965 10,000 Municipal Securities Trust Certificates, Florida Housing Finance Corporation Revenue Bonds, VRDN, AMT, Series 7028, Class A, 3.72% due 7/01/2037 (h)(k) 10,000 11,330 Orange County, Florida, Health Facilities Authority Revenue Bonds (Presbyterian Retirement Communities), VRDN, Series B, 3.71% due 11/01/2035 (b)(h) 11,330 9,100 Orlando and Orange County, Florida, Expressway Authority, Expressway Revenue Refunding Bonds, VRDN, Series C2, 3.63% due 7/01/2025 (f)(h) 9,100 385 Palm Beach County, Florida, Revenue Bonds (Norton Gallery, Inc. Project), VRDN, 3.69% due 5/01/2025 (h) 385 17,895 Palm Beach County, Florida, Special Purpose Facilities Revenue Bonds (Flight Safety Project), VRDN, AMT, 3.69% due 6/01/2020 (h) 17,895 3,935 Peace River/Manasota Regional Water Supply Authority, Florida Revenue Bonds, ROCS, VRDN, Series II-R-607PB, 3.70% due 10/01/2030 (f)(h)(l) 3,935 Face Amount Municipal Bonds Value Florida (concluded) $ 2,500 Putnam County, Florida, Development Authority, PCR (Seminole Electric Cooperative, Inc. Project), VRDN, Series H-3, 3.74% due 3/15/2014 (h) $ 2,500 1,700 Sarasota County, Florida, Continuing Care Retirement Community, Revenue Refunding Bonds (Glenridge Palmer Project), VRDN, 3.70% due 6/01/2036 (h) 1,700 3,900 Tampa, Florida, Revenue Bonds (Volunteers of America Project), VRDN, 3.71% due 2/01/2025 (h) 3,900 7,210 Tampa-Hillsborough County, Florida, Expressway Authority Revenue Refunding Bonds, FLOATS, VRDN, Series K13, 3.70% due 7/01/2023 (a)(h) 7,210 3,150 Wauchula, Florida, IDA, Revenue Refunding Bonds (Hardee County Project), VRDN, 3.66% due 12/01/2013 (h) 3,150 4,400 West Palm Beach, Florida, Utility System Revenue Bonds, ROCS, VRDN, Series II-R-621PB, 3.70% due 10/01/2034 (c)(h)(l) 4,400 Texas--6.6% 11,700 Brazos River Harbor Navigation District, Texas, Refunding Bonds (BASF Corporation), VRDN, AMT, 3.91% due 4/01/2031 (h) 11,700 5,000 Gulf Coast IDA, Texas, Exempt Facilities Revenue Bonds (BP Global Power Corporation), VRDN, AMT, 3.70% due 4/01/2038 (h) 5,000 1,400 Gulf Coast Waste Disposal Authority, Texas, PCR (Amoco Oil Company Project), VRDN, AMT, 3.70% due 5/01/2023 (h) 1,400 2,200 West Side Calhoun County, Texas, Navigation District Sewer and Solid Waste District Revenue Bonds (BP Chemicals, Inc. Project), VRDN, AMT, 3.70% due 4/01/2031 (h) 2,200 Total Investments (Cost--$311,326*)--101.1% 311,326 Liabilities in Excess of Other Assets--(1.1%) (3,237) ---------- Net Assets--100.0% $ 308,089 ========== * Cost for federal income tax purposes. (a) AMBAC Insured. (b) Radian Insured. (c) FGIC Insured. (d) XL Capital Insured. (e) FNMA Collateralized. (f) FSA Insured. (g) MBIA Insured. (h) Security may have a maturity of more than one year at time of issuance, but has variable rate and demand features that qualify it as a short-term security. The rate disclosed is that currently in effect. This rate changes periodically based upon prevailing market rates. (i) Prerefunded. (j) CIFG Insured. (k) The security may be offered and sold to "qualified institutional buyers" under Rule 144A of the Securities Act of 1933. (l) These securities are short-term floating rate certificates issued by tender option bond trusts and are secured by the underlying municipal bond securities. See Notes to Financial Statements. CMA MULTI-STATE MUNICIPAL SERIES TRUST MARCH 31, 2007 Schedule of Investments as of March 31, 2007 (In Thousands) CMA Massachusetts Municipal Money Fund Face Amount Municipal Bonds Value Massachusetts--97.6% $ 3,300 ABN AMRO MuniTops Certificates Trust, Massachusetts State School Building Authority Revenue Bonds, VRDN, Series 2005-34, 3.69% due 8/15/2013 (a)(e) $ 3,300 5,000 Boston, Massachusetts, Water and Sewer Commission Revenue Bonds, FLOATS, VRDN, Series SG-75, 3.67% due 11/01/2019 (a)(f) 5,000 6,060 Clipper Tax-Exempt Trust, Massachusetts, VRDN, COP, Series 1998-8, 3.68% due 7/20/2007 (a) 6,060 6,200 Eagle Tax-Exempt Trust, Massachusetts Bay Transportation Authority, Sales Tax Revenue Refunding Bonds, VRDN, Series 2005-0087, Class A, 3.70% due 7/01/2029 (a)(b) 6,200 Eagle Tax-Exempt Trust, Massachusetts State School Building Authority, Dedicated Sales Tax Revenue Bonds, Class A, VRDN (a)(e): 3,000 Series 2006-0035, 3.71%, due 8/15/2030 3,000 6,000 Series 2006-0092, 3.71%, due 8/15/2030 6,000 4,000 Eagle Tax-Exempt Trust, Massachusetts State Special Obligation and Dedicated Tax Revenue Bonds, Series 2004-0025, VRDN, Class A, 3.71% due 1/01/2029 (a)(d) 4,000 5,630 Eagle Tax-Exempt Trust, Massachusetts, Water Revenue Bonds, VRDN, Series 2103, 3.71% due 12/01/2015 (a)(f) 5,630 Haverhill, Massachusetts, GO, BAN: 2,300 4.50% due 9/28/2007 2,310 4,170 4.50% due 11/09/2007 4,193 8,682 Lawrence, Massachusetts, GO, Refunding, BAN, 4.25% due 12/21/2007 8,723 4,090 Lowell, Massachusetts, GO, BAN, Series A, 4.25% due 9/21/2007 4,102 10,000 Massachusetts State, CP Notes, Series D, 3.67% due 5/07/2007 10,000 4,100 Massachusetts State Development Finance Agency, Assisted Living Facility Revenue Bonds (Whalers Cove Project), VRDN, Series A, 3.70% due 9/01/2034 (a) 4,100 Massachusetts State Development Finance Agency, CP: 7,600 (Nantucket Electric Co.), 3.70% due 5/18/2007 7,600 8,500 3.64% due 6/12/2007 8,500 16,555 3.70% due 6/13/2007 16,555 Massachusetts State Development Finance Agency, IDR,VRDN, AMT (a): 1,600 (Cell Signaling Technology), 3.68% due 12/01/2010 1,600 2,545 (Cleveland Motion Controls), 3.80% due 6/01/2021 2,545 2,885 (Concord Foods Issue), 3.68% due 4/01/2021 2,885 3,385 (V&S Taunton Galvanizing), 3.80% due 12/01/2023 3,385 1,155 (Ward Hill Central Products Inc.), 3.80% due 8/01/2016 1,155 Massachusetts State Development Finance Agency, M/F Housing Revenue Bonds, VRDN, AMT (a): 7,000 (Avalon Acton Apartments), 3.67% due 7/15/2040 (g) 7,000 5,155 (Midway Studios Project), Series A, 3.71% due 3/01/2034 5,155 Face Amount Municipal Bonds Value Massachusetts (continued) Massachusetts State Development Finance Agency Revenue Bonds, VRDN (a): $ 6,000 (Berkshire School Project), 3.67% due 9/01/2031 $ 6,000 5,000 (Boston College HS Issue), 3.68% due 8/01/2033 5,000 1,705 (Fiba Technologies), AMT, 3.73% due 5/01/2023 1,705 4,740 (Lesley University), 3.70% due 7/01/2033 4,740 1,500 (Melmark New England, Inc. Project), 3.65% due 7/01/2026 1,500 4,200 (New Bedford Waste Services), AMT, 3.75% due 6/01/2021 4,200 1,685 (New Jewish High School Project), 3.65% due 6/01/2032 1,685 6,500 (Suffolk University), Series A, 3.70% due 7/01/2035 (h) 6,500 1,100 (Walnut Hill School District), 3.68% due 7/01/2032 1,100 2,760 (Xinetics Issue), AMT, 3.68% due 6/01/2021 2,760 6,285 Massachusetts State Development Finance Agency, Revenue Refunding Bonds (Assumption College Project), VRDN, Series A, 3.68% due 3/01/2032 (a) 6,285 3,255 Massachusetts State, FLOATS, VRDN, Series SG-126, 3.67% due 8/01/2018 (a) 3,255 20,500 Massachusetts State, GO (Central Artery), VRDN, Series A, 3.67% due 12/01/2030 (a) 20,500 2,105 Massachusetts State, GO, FLOATS, VRDN, Series 67, 3.67% due 8/01/2026 (a) 2,105 Massachusetts State, GO, Refunding, VRDN (a): 1,437 FLOATS, Series 716D, 3.68% due 8/01/2018 (b) 1,438 7,000 FLOATS, Series 1015, 3.68% due 8/01/2021 (c) 7,000 6,365 PUTTERS, Series 340, 3.68% due 1/01/2017 (b)(i) 6,365 4,995 ROCS, Series II-R-180, 3.70% due 11/01/2015 (d)(i) 4,995 2,790 Massachusetts State, GO, VRDN, Series O, 3.69% due 11/01/2014 (a) 2,790 2,300 Massachusetts State, HFA, Housing Revenue Bonds, ROCS, VRDN, AMT, Series II-R-421, 3.73% due 7/01/2022 (a)(e)(i) 2,300 7,930 Massachusetts State HFA, Rental Housing Mortgage Revenue Refunding Bonds, VRDN, AMT, Series A, 3.72% due 1/01/2043 (a)(e) 7,930 7,500 Massachusetts State HFA, S/F Housing Revenue Bonds, VRDN, AMT, Series Z, 3.60% due 5/01/2007 (a) 7,500 Massachusetts State Health and Educational Facilities Authority, CP (Harvard University): 7,243 3.65% due 5/18/2007 7,243 4,000 3.63% due 5/21/2007 4,000 4,000 3.63% due 5/23/2007 4,000 Massachusetts State Health and Educational Facilities Authority Revenue Bonds, VRDN (a): 2,300 (Partners Healthcare System), Series D-6, 3.70% due 7/01/2017 2,300 6,100 (Sherrill House, Inc.), Series A-1, 3.65% due 1/01/2032 6,100 CMA MULTI-STATE MUNICIPAL SERIES TRUST MARCH 31, 2007 Schedule of Investments (concluded) (In Thousands) CMA Florida Municipal Money Fund Face Amount Municipal Bonds Value Massachusetts (continued) $ 6,950 Massachusetts State Industrial Finance Agency, (New England Power Co.), CP, 3.67% due 5/22/2007 $ 6,950 Massachusetts State Industrial Finance Agency, Industrial Revenue Bonds, VRDN, AMT (a): 1,770 (AFC Cable Systems, Inc. Issue), 3.68% due 7/01/2016 1,770 1,400 (BBB Esquire LLC), 3.68% due 12/01/2016 1,400 4,000 (Bodwell Project), 3.71% due 7/01/2017 4,000 3,100 (Constitution Project), 3.68% due 6/01/2018 3,100 730 (Garlock Printing Corp.), 3.68% due 12/01/2017 730 2,100 (Gem Group Inc. Issue), 3.68% due 7/01/2016 2,100 730 (Insco Corporation Issue), 3.68% due 9/01/2008 730 2,500 (OCT Co. Inc. Project), 3.68% due 12/01/2017 2,500 1,500 (Tamasi Family Issue), 3.75% due 5/01/2013 1,500 Massachusetts State Industrial Finance Agency Revenue Bonds, VRDN (a): 1,445 (Heritage at Dartmouth), AMT, 3.68% due 12/01/2028 1,445 5,185 (JHC Assisted Living Corporation), Series A, 3.71% due 12/01/2029 5,185 1,123 (Lower Mills Association II L.P.), 3.68% due 12/01/2020 1,123 Massachusetts State Industrial Finance Agency, Revenue Refunding Bonds, VRDN (a): 5,000 (Lightolier, Inc. Project), 3.70% due 7/29/2010 5,000 2,520 (Mount Ida College Issue), 3.70% due 12/01/2027 2,520 Massachusetts State Industrial Finance Agency, Solid Waste Disposal Revenue Bonds (E.L. Harvey & Sons, Inc.), VRDN, AMT (a): 840 3.68% due 1/01/2011 840 1,425 3.68% due 6/01/2013 1,425 10,000 Massachusetts State Port Authority, CP, 3.63% due 5/04/2007 10,000 7,705 Massachusetts State School Building Authority, Dedicated Sales Tax Revenue Bonds, PUTTERS, VRDN, Series 1197, 3.70% due 8/15/2013 (a)(b)(i) 7,705 4,965 Massachusetts State Special Obligation and Dedicated Tax Revenue Bonds, MERLOTS, VRDN, Series B19, 3.68% due 1/01/2028 (a)(d)(i) 4,965 9,000 Massachusetts State Turnpike Authority, Metropolitan Highway System Revenue Bonds, FLOATS, VRDN, Series SG-124, 3.67% due 1/01/2029 (a)(c) 9,000 Face Amount Municipal Bonds Value Massachusetts (concluded) $ 9,600 Massachusetts State Turnpike Authority, Metropolitan Highway System, Revenue Refunding Bonds, FLOATS, VRDN, Series 334, 3.68% due 1/01/2037 (a)(b) $ 9,600 4,391 Massachusetts State Water Resources Authority, Revenue Refunding Bonds, FLOATS, VRDN, Series 742D, 3.68% due 8/01/2019 (a)(e) 4,391 340 Municipal Securities Trust Certificates, Massachusetts State Port Authority, Special Facility Revenue Bonds, VRDN, AMT, Series 2001-155, Class A, 3.72% due 4/28/2016 (a)(c) 340 17,275 Municipal Securities Trust Certificates, Massachusetts State Water Pollution Abatement Trust, Revenue Refunding Bonds, VRDN, Series SGA 87, 3.70% due 8/01/2023 (a) 17,275 Pittsfield, Massachusetts, GO, BAN: 3,126 Series A, 4.25% due 10/19/2007 3,136 3,400 Series B, 4% due 4/20/2007 3,401 3,150 Plymouth, Massachusetts, GO, BAN, 4.10% due 6/06/2007 3,153 1,850 Sharon, Massachusetts, BAN, 4.75% due 8/30/2007 1,858 1,400 Swansea, Massachusetts, GO, BAN, 4.25% due 9/14/2007 1,404 3,300 UBS Municipal CRVS Trust, Massachusetts State HFA, Revenue Bonds, VRDN, AMT, Series 06-10, 3.69% due 6/01/2031 (a) 3,300 University of Massachusetts Building Authority, Project Revenue Refunding Bonds, ROCS, VRDN (a)(c)(i): 8,620 Series II R-4522, 3.70% due 11/01/2020 8,620 3,460 Series II R-6016, 3.70% due 11/01/2015 3,460 Puerto Rico--3.3% 3,000 Puerto Rico Commonwealth Aqueduct and Sewer Authority Revenue Bonds, ROCS, VRDN, Series II-R-709CE, 3.71% due 12/15/2008 (a)(i) 3,000 10,330 Puerto Rico Commonwealth Infrastructure Financing Authority, Special Obligation Refunding Bonds, TOCS, VRDN, Series 2, 3.66% due 10/01/2023 (a)(i) 10,330 Total Investments (Cost--$407,550*)--100.9% 407,550 Liabilities in Excess of Other Assets--(0.9%) (3,659) ---------- Net Assets--100.0% $ 403,891 ========== * Cost for federal income tax purposes. (a) Security may have a maturity of more than one year at time of issuance, but has variable rate and demand features that qualify it as a short-term security. The rate disclosed is that currently in effect. This rate changes periodically based upon prevailing market rates. (b) MBIA Insured. (c) AMBAC Insured. (d) FGIC Insured. (e) FSA Insured. (f) The security may be offered and sold to "qualified institutional buyers" under Rule 144A of the Securities Act of 1933. (g) FNMA Collateralized. (h) Assured Guaranty Insured. (i) These securities are short-term floating rate certificates issued by tender option bond trusts and are secured by the underlying municipal bond securities. See Notes to Financial Statements. CMA MULTI-STATE MUNICIPAL SERIES TRUST MARCH 31, 2007 Schedule of Investments as of March 31, 2007 (In Thousands) CMA Michigan Municipal Money Fund Face Amount Municipal Bonds Value Michigan--95.6% $ 825 Battle Creek, Michigan, Housing Corporation, Housing Revenue Bonds, VRDN, Series 1997-A, 3.72% due 2/01/2027 (c) $ 825 2,205 Berrien County, Michigan, Economic Development Corporation Revenue Bonds (Arlington Corp. Project), VRDN, AMT, 4% due 9/01/2016 (c) 2,205 1,500 Cheboygan, Michigan, Area Schools, SAN, 4.25% due 6/29/2007 1,502 3,575 Detroit, Michigan, City School District, GO, Refunding (MACON Trust), VRDN, Series J, 3.69% due 5/01/2028 (a)(c) 3,575 5,975 Detroit, Michigan, Sewer Disposal Revenue Bonds, FLOATS, VRDN, Series 1182, 3.69% due 7/01/2029 (c)(e) 5,975 Eagle Tax-Exempt Trust, Wayne County, Michigan, Airport Authority Revenue Bonds, VRDN, AMT, Class A (b)(c): 4,000 Series 2006-0016, 3.75% due 12/01/2029 4,000 4,850 Series 2007-0017, 3.73% due 12/01/2034 4,850 1,900 East Jordan, Michigan, Public Schools, SAN, 4.50% due 6/22/2007 1,902 2,000 Essexville-Hampton, Michigan, Public Schools, SAN, 4.25% due 5/31/2007 2,002 2,250 Farwell, Michigan, Area Schools, SAN, 4.50% due 8/20/2007 2,255 4,000 Fenton Charter Township, Michigan, BAN, 3.79% due 8/01/2007 4,000 4,040 Fitzgerald, Michigan, Public School District, GO, PUTTERS, VRDN, Series 561, 3.70% due 11/01/2012 (c)(d)(g) 4,040 1,085 Genesee County, Michigan, Economic Development Corporation, Limited Obligation Revenue Bonds (Riegle Press Inc. Project), VRDN, AMT, 3.82% due 8/01/2015 (c) 1,085 1,400 Grand Rapids, Michigan, Economic Development Corporation, Limited Obligation, EDR (Cornerstone University Project), VRDN, 3.68% due 5/01/2034 (c) 1,400 440 Grand Rapids, Michigan, IDR (Custom Printers), VRDN, AMT, 3.82% due 7/01/2015 (c) 440 865 Grand Rapids, Michigan, IDR, Refunding (Etheridge Company Project), VRDN, AMT, 3.82% due 7/01/2009 (c) 865 2,235 Holland Charter Township, Michigan, Economic Development Corporation, Limited Obligation Revenue Bonds (Chicago Mission 3A Hockey), VRDN, 3.76% due 10/01/2028 (c) 2,235 2,000 Jackson County, Michigan, Economic Development Corporation, Limited Obligation Revenue Bonds (American Tooling Center Project), VRDN, AMT, 4% due 6/01/2011 (c) 2,000 Face Amount Municipal Bonds Value Michigan (continued) $ 300 Kent Hospital Finance Authority, Michigan, Revenue Refunding Bonds (Spectrum Health), VRDN, Series C, 3.65% due 1/15/2026 (b)(c) $ 300 2,000 Lincoln Park, Michigan, School District, SAN, 4% due 8/21/2007 2,003 5,600 Macomb County, Michigan, Hospital Finance Authority, Hospital Revenue Refunding Bonds (Mount Clemens General Hospital), VRDN, Series A-1, 3.72% due 10/01/2020 (c) 5,600 500 Marquette County, Michigan, Economic Development Corporation, Limited Obligation Revenue Bonds (Pioneer Labs Inc. Project), VRDN, AMT, Series A, 3.90% due 6/01/2012 (c) 500 2,400 Michigan Higher Education Student Loan Authority Revenue Bonds, FLOATS, VRDN, AMT, Series 1280, 3.72% due 3/01/2030 (c)(d) 2,400 8,695 Michigan Higher Education Student Loan Authority, Revenue Refunding Bonds, PUTTERS, VRDN, AMT, Series 238, 3.75% due 6/01/2019 (c)(d)(g) 8,695 2,165 Michigan State Building Authority, Revenue Refunding Bonds, FLOATS, VRDN, Series 1478, 3.71% due 10/15/2020 (c)(e) 2,165 7,100 Michigan State, HDA, CP, 3.60% due 4/02/2007 7,100 2,000 Michigan State, HDA, Limited Obligations Revenue Bonds (Woodland Meadows Project), VRDN, AMT, 1.10% due 3/01/2013 (c) 2,000 2,285 Michigan State, HDA, M/F Limited Obligation Revenue Bonds (Arbors), VRDN, AMT, Series A, 3.75% due 9/01/2035 (c) 2,285 4,500 Michigan State, HDA, Revenue Refunding Bonds, VRDN, AMT, Series B, 3.74% due 6/01/2030 (c) 4,500 3,200 Michigan State Hospital Finance Authority Revenue Bonds (North Ottawa Care Center, Inc. Project), VRDN, 3.68% due 5/01/2036 (c) 3,200 Michigan State Hospital Finance Authority, Revenue Refunding Bonds, VRDN (c): 4,800 (Ascension Health), 3.62% due 11/15/2033 4,800 1,800 (Henry Ford Health System Project), Series B, 3.66% due 11/15/2040 1,800 2,400 Michigan State Strategic Fund, CP, 3.73% due 4/03/2007 2,400 2,240 Michigan State Strategic Fund, Limited Obligation, IDR (GNP Real Estate Project), VRDN, AMT, 3.72% due 7/01/2034 (c) 2,240 Michigan State Strategic Fund, Limited Obligation Revenue Bonds, VRDN (c): 1,700 (Alphi Manufacturing Inc. Project), AMT, 3.76% due 5/01/2019 1,700 1,315 (Artex Label & Graphics), AMT, 3.81% due 12/01/2022 1,315 975 (Automatic Handling, Inc. Project), AMT, 3.83% due 7/01/2009 975 CMA MULTI-STATE MUNICIPAL SERIES TRUST MARCH 31, 2007 Schedule of Investments (continued) (In Thousands) CMA Michigan Municipal Money Fund Face Amount Municipal Bonds Value Michigan (continued) Michigan State Strategic Fund, Limited Obligation Revenue Bonds, VRDN (c) (continued): $ 200 (BBPV Project), AMT, Series A-2, 4.10% due 1/01/2014 $ 200 690 (Biewer of Lansing LLC Project), AMT, 3.80% due 5/01/2019 690 2,465 (C&M Manufacturing Corporation Inc. Project), AMT, 4% due 7/01/2014 2,465 815 (Chambers Enterprises II Project), AMT, 3.82% due 11/01/2018 815 730 (Cherry Central Co-operative Inc. Project), 3.83% due 11/01/2013 730 5,000 (Continental Carbonic Products), AMT, 3.75% due 3/01/2032 5,000 2,200 (Drake Enterprises Inc. Project), AMT, 4% due 6/01/2015 2,200 3,885 (Environmental Quality Company Project), AMT, 3.82% due 5/01/2026 3,885 2,845 (FMS Walker LLC Project), AMT, 3.78% due 7/01/2029 2,845 2,015 (Forest City Technologies), AMT, 3.78% due 9/01/2015 2,015 1,600 (Glastender Inc. Project), AMT, 4% due 12/01/2010 1,600 2,475 (Golden Keys Development LLC Project), AMT, 4% due 3/01/2018 2,475 4,785 (Hausbeck Pickle Company Project), AMT, 3.82% due 3/01/2037 4,785 675 (Imperial Metal Products Company Project), AMT, 3.80% due 7/01/2020 675 475 (Inalfa-Hollandia Inc. Project), AMT, 3.82% due 5/01/2016 475 1,245 (Innotec Corporation Project), AMT, 3.80% due 9/01/2034 1,245 1,000 (Jo-Mar Family LLC/Troy Tube and Manufacturing Company Project), AMT, 3.78% due 12/01/2026 1,000 1,405 (Karona, Inc. Project), AMT, 3.78% due 12/01/2015 1,405 1,560 (Kerkstra Precast Inc. Project), AMT, 3.82% due 5/01/2025 1,560 735 (M&P Capital LLC Project), AMT, Series A, 3.78% due 6/01/2034 735 1,050 (Merrill Tool Holdings Co. Project), AMT, Series A, 3.83% due 6/01/2025 1,050 1,700 (Merrill Tool Holdings Co. Project), AMT, Series B, 3.83% due 6/01/2025 1,700 1,755 (Morrell Inc. Project), AMT, 3.82% due 5/01/2022 1,755 1,215 (Motor City Mold Inc. Project), AMT, 3.83% due 3/01/2021 1,215 415 (Nuvar Properties LLC Project), AMT, 3.82% due 7/01/2026 415 2,300 (Park Realty LLC), AMT, Series A, 3.82% due 9/01/2026 2,300 2,150 (Partalis Properties Project), AMT, 3.88% due 10/01/2028 2,150 800 (Pioneer Labs Inc. Project), AMT, 3.74% due 9/01/2012 800 Face Amount Municipal Bonds Value Michigan (continued) Michigan State Strategic Fund, Limited Obligation Revenue Bonds, VRDN (c) (concluded): $ 6,720 (Pioneer Metal Finishing Project), AMT, 3.72% due 11/01/2008 $ 6,720 4,895 (Plascore Inc. Project), AMT, 3.90% due 3/01/2032 4,895 1,340 (RS Development LLC Project), AMT, 3.78% due 8/01/2023 1,340 2,400 (Richwood Industries Inc. Project), AMT, 4% due 9/01/2030 2,400 3,660 (Riverwalk Properties LLC Project), AMT, 3.82% due 8/01/2021 3,660 3,800 (Skyway Precision, Inc. Project), AMT, 3.78% due 3/01/2023 3,800 5,400 (SureFil Properties LLC Project), AMT, 3.90% due 4/01/2032 5,400 535 (TEI Investments LLC), AMT, 3.82% due 2/01/2022 535 300 (Thermo-Forms, Inc. Project), AMT, 3.78% due 11/01/2023 300 1,630 (Ultra Aluminum Manufacturing, Inc. Project), AMT, 3.78% due 7/01/2028 1,630 3,700 (Universal Forest Products Project), AMT, 3.81% due 12/01/2022 3,700 1,300 (Vector Investments LLC Project), AMT, 3.90% due 2/01/2020 1,300 2,000 (WDKK Development LLC Project), AMT, 3.82% due 1/01/2024 2,000 200 (Whitehall Industries), AMT, Series A-6, 4.10% due 1/01/2014 200 1,795 (Zatkoff Properties Ltd. Project), AMT, 3.80% due 3/01/2024 1,795 Michigan State Strategic Fund, Limited Obligation Revenue Refunding Bonds, VRDN, AMT (c): 3,165 (Jedco Inc. Project), 3.90% due 11/01/2015 3,165 1,410 (Sintel, Inc. Project), 3.78% due 10/01/2030 1,410 2,470 Michigan State Strategic Fund Revenue Bonds (Russell Investment Company Project), VRDN, AMT, 3.78% due 5/01/2027 (c) 2,470 2,800 Michigan State University, General Revenue Bonds, VRDN, 3.64% due 2/15/2034 (c) 2,800 7,500 Municipal Securities Trust Certificates, Michigan State Building Authority, Revenue Refunding Bonds, VRDN, Series 283, Class A, 3.71% due 10/21/2014 (c)(e) 7,500 10,000 Northville, Michigan, Public Schools, SAN, 4.50% due 8/20/2007 10,024 Oakland County, Michigan, Economic Development Corporation, Limited Obligation Revenue Bonds, VRDN, AMT (c): 500 (Easom Automation System Project), 3.80% due 11/01/2029 500 2,200 (Schain Mold & Engineering), 4% due 4/01/2021 2,200 2,900 Oakland County, Michigan, Economic Development Corporation, Limited Obligation Revenue Refunding Bonds (Pratt & Miller Engineering), VRDN, AMT, 3.72% due 10/01/2029 (c) 2,900 CMA MULTI-STATE MUNICIPAL SERIES TRUST MARCH 31, 2007 Schedule of Investments (concluded) (In Thousands) CMA Michigan Municipal Money Fund Face Amount Municipal Bonds Value Michigan (continued) $ 1,600 Rockford, Michigan, IDR, Limited Obligation (Alloy Exchange Project), VRDN, AMT, 4% due 9/01/2019 (c) $ 1,600 2,300 Saginaw County, Michigan, Economic Development Corporation Revenue Bonds (Al-Fe Heat Treating Project), VRDN, AMT, 3.78% due 2/01/2010 (c) 2,300 1,570 Sanilac County, Michigan, Economic Development Revenue Bonds (Llink Technologies LLC Project), VRDN, AMT, 3.78% due 10/01/2028 (c) 1,570 University of Michigan, University Hospital Revenue Bonds, VRDN (c): 8,600 Series A, 3.65% due 12/01/2027 8,600 2,350 Series B, 3.65% due 12/01/2025 2,350 Face Amount Municipal Bonds Value Michigan (concluded) Wayne County, Michigan, Airport Authority Revenue Bonds, AMT, VRDN (b)(c): $ 1,075 FLOATS, Series 1327, 3.72% due 12/01/2026 $ 1,075 6,795 ROCS, Series II-R-442, 3.74% due 12/01/2029 (g) 6,795 4,560 ROCS, Series II-R-9009, 3.74% due 12/01/2034 (g) 4,560 U.S. Virgin Islands--3.7% 9,725 Virgin Islands Public Finance Authority, Revenue Refunding Bonds, ROCS, VRDN, Series II-R-277, 3.73% due 10/01/2024 (c)(f)(g) 9,725 Total Investments (Cost--$260,538*)--99.3% 260,538 Other Assets Less Liabilities--0.7% 1,888 ---------- Net Assets--100.0% $ 262,426 ========== * Cost for federal income tax purposes. (a) FSA Insured. (b) MBIA Insured. (c) Security may have a maturity of more than one year at time of issuance, but has variable rate and demand features that qualify it as a short-term security. The rate disclosed is that currently in effect. This rate changes periodically based upon prevailing market rates. (d) AMBAC Insured. (e) FGIC Insured. (f) Radian Insured. (g) These securities are short-term floating rate certificates issued by tender option bond trusts and are secured by the underlying municipal bond securities. See Notes to Financial Statements. CMA MULTI-STATE MUNICIPAL SERIES TRUST MARCH 31, 2007 Schedule of Investments as of March 31, 2007 (In Thousands) CMA New Jersey Municipal Money Fund Face Amount Municipal Bonds Value New Jersey--98.4% $ 7,220 ABN AMRO MuniTops Certificates Trust, New Jersey, GO, Refunding, VRDN, Series 2004-17, 3.69% due 7/15/2011 (g)(i) $ 7,220 9,995 ABN AMRO MuniTops Certificates Trust, New Jersey, Revenue Bonds, VRDN, Series 2005-46, 3.67% due 7/01/2013 (e)(i) 9,995 8,875 Avalon Boro, New Jersey, GO, BAN, 4.50% due 5/23/2007 8,885 20,235 Bergen County, New Jersey, Improvement Authority, Subordinate Special Purpose, Limited Obligation Revenue Bonds (Encap Golf Holdings, LLC Project), VRDN, AMT, Series C, 3.67% due 4/01/2025 (i) 20,235 25,605 Bergen County, New Jersey, Improvement Authority, Subordinate Special Purpose, Limited Obligation Revenue Refunding Bonds (Encap Golf Holdings, LLC Project), VRDN, AMT, Series B, 3.66% due 11/01/2025 (i) 25,605 3,000 Bordentown Township, New Jersey, BAN, 4.25% due 11/01/2007 3,009 2,165 Camden County, New Jersey, Improvement Authority, Special Revenue Bonds, VRDN, 3.70% due 9/01/2026 (i) 2,165 5,860 Camden County, New Jersey, Municipal Utilities Authority, County Agreement Sewer Revenue Refunding Bonds, Series B, 4.50% due 7/15/2007 (e) 5,876 3,700 Clark Township, New Jersey, GO, BAN, 4% due 3/28/2008 3,711 3,800 Eagle Tax-Exempt Trust, New Jersey EDA, Revenue Refunding Bonds, VRDN, Series 2006-0038 Class A, 3.70% due 9/01/2026 (a)(i) 3,800 8,425 Eagle Tax-Exempt Trust, New Jersey State Turnpike Authority, Turnpike Revenue Refunding Bonds, VRDN, Series 2003-0041, Class A, 3.70% due 1/01/2030 (a)(i) 8,425 8,600 Freehold Township, New Jersey, GO, BAN, 4.25% due 8/01/2007 8,620 11,765 Garden State Preservation Trust, New Jersey, Open Space and Farmland Preservation, Revenue Refunding Bonds, FLOATS, VRDN, Series RR, 3.68% due 1/19/2017 (f)(i) 11,765 2,726 Hopatcong Boro, New Jersey, GO, BAN, 4.35% due 9/21/2007 2,736 48,865 Hudson County, New Jersey, COP, MERLOTS, VRDN, Series A35, 3.68% due 12/01/2021 (g)(i)(k) 48,865 9,188 Jackson Township, New Jersey, GO, BAN, Series B, 4% due 12/06/2007 9,214 6,745 Jefferson Township, New Jersey, GO, BAN, 4% due 2/01/2008 6,767 2,000 Kinnelon, New Jersey, GO, BAN, 4.25% due 2/29/2008 2,009 9,800 Lakewood Township, New Jersey, Series B, 4% due 11/01/2007 9,820 Face Amount Municipal Bonds Value New Jersey (continued) $ 25,900 Lehman Municipal Trust Receipts, New Jersey State Transportation Trust Fund, Revenue Refunding Bonds, FLOATS, VRDN, Series 06-P63, 3.67% due 12/15/2023 (i) $ 25,900 9,357 Morristown, New Jersey, GO, BAN, 4.25% due 9/26/2007 9,388 Municipal Securities Trust Certificates, New Jersey, Revenue Bonds, VRDN, Class A (a)(i): 29,560 Series 2006-3007, 3.71% due 1/18/2022 (j) 29,560 7,360 Series 3023, 3.71% due 11/11/2030 7,360 Municipal Securities Trust Certificates, Newark, New Jersey, Housing Authority, Port Authority-Port Newark Marine Terminal Additional Rent-Back, VRDN, Class A (g)(i)(j): 5,940 Series 2007-303, 3.68% due 8/19/2024 5,940 3,000 Series 5030, 3.68% due 2/15/2025 3,000 New Jersey EDA, CP, AMT: 12,800 (Chambers Project), 3.73% due 5/01/2007 12,800 12,500 (Chambers Project), 3.75% due 5/07/2007 12,500 15,000 (Keystone Project), 3.66% due 6/06/2007 15,000 5,380 New Jersey EDA, Dock Facility Revenue Refunding Bonds (Bayonne/IMTT Project), VRDN, Series C, 3.65% due 12/01/2027 (i) 5,380 New Jersey EDA, EDR, Refunding, VRDN (i): 9,100 (Diocese of Metuchen Project), 3.60% due 9/01/2030 9,100 5,400 (Jewish Community Foundation Metro West), 3.67% due 12/01/2018 5,400 New Jersey EDA, EDR, VRDN (i): 5,400 (The Frisch School Project), 3.62% due 5/01/2036 5,400 7,380 (MZR Real Estate LP Project), AMT, 3.72% due 12/01/2026 7,380 3,725 (PB Tower & Metro Project), AMT, Series A, 3.85% due 11/01/2026 3,725 1,910 (PB Tower & Metro Project), AMT, Series B, 3.85% due 11/01/2011 1,910 7,160 (Wyckoff Family YMCA Inc. Project), 3.65% due 10/01/2023 7,160 6,100 New Jersey EDA, First Mortgage Revenue Bonds (Lion's Gate Project), VRDN, Series C, 3.62% due 1/01/2020 (i) 6,100 39,000 New Jersey EDA, Natural Gas Facilities Revenue Bonds (NUI Corporation Project), VRDN, AMT, Series A, 3.75% due 6/01/2026 (a)(i) 39,000 New Jersey EDA, Revenue Bonds, VRDN (i): 19,185 (Applewood Estates Project), Series B, 3.57% due 10/01/2035 19,185 9,825 (Applewood Estates Project), Series C, 3.57% due 10/01/2010 9,825 2,610 (Esarc, Inc. Project), 3.72% due 4/01/2029 2,610 6,830 FLOATS, Series 1515, 3.67% due 9/01/2036 6,830 1,740 (Jewish Family Service), 3.72% due 2/01/2022 1,740 21,965 MERLOTS, Series B-02, 3.68% due 6/15/2020 (g)(k) 21,965 3,535 (Ocean County YMCA Inc. Project), 3.72% due 9/01/2021 3,535 CMA MULTI-STATE MUNICIPAL SERIES TRUST MARCH 31, 2007 Schedule of Investments (continued) (In Thousands) CMA New Jersey Municipal Money Fund Face Amount Municipal Bonds Value New Jersey (continued) New Jersey EDA, Revenue Bonds, VRDN (i) (concluded): $ 12,100 (Presbyterian Homes), Series A, 3.65% due 4/01/2031 $ 12,100 12,100 ROCS, Series II-R-309, 3.71% due 6/15/2031 (b)(k) 12,100 3,090 (Urban League Project), 3.72% due 8/01/2019 3,090 2,720 (YMCA of Montclair Project), 3.82% due 6/01/2022 2,720 New Jersey EDA, Revenue Refunding Bonds, VRDN (i): 19,475 (Cedar Crest Village, Inc.), Series B, 3.65% due 1/01/2036 19,475 3,100 FLOATS, AMT, Series 78G, 3.75% due 1/01/2037 3,100 24,365 New Jersey EDA, School Facilities Construction Revenue Bonds, VRDN, Sub-Series R-1, 3.60% due 9/01/2031 (i) 24,365 19,400 New Jersey EDA, Special Facility Revenue Bonds (Port Newark Container LLC), VRDN, AMT, 3.68% due 7/01/2030 (i) 19,400 11,700 New Jersey Environmental Infrastructure Trust Revenue Refunding Bonds (Encap Golf Holdings LLC Project), VRDN, AMT, 3.66% due 11/01/2025 (i) 11,700 New Jersey Health Care Facilities Financing Authority Revenue Bonds, VRDN (i): 11,340 (Children's Specialized Hospital Project), Series B, 3.61% due 7/01/2036 11,340 4,999 FLOATS, Series 702, 3.70% due 7/01/2014 (g) 4,999 9,356 FLOATS, Series 943, 3.67% due 7/01/2024 (e) 9,356 11,550 FLOATS, Series 1157, 3.67% due 7/01/2025 (e) 11,550 2,845 (Wiley Mission Project), 3.65% due 7/01/2029 2,845 New Jersey Health Care Facilities Financing Authority, Revenue Refunding Bonds, VRDN (i): 2,835 FLOATS, Series 1163, 3.69% due 7/01/2018 (h) 2,835 8,000 (RWJ Health Care Corporation), 3.65% due 7/01/2032 8,000 New Jersey State Educational Facilities Authority, Revenue Refunding Bonds, VRDN (i): 8,210 (Centenary College), Series A, 3.65% due 10/01/2033 8,210 6,130 FLOATS, Series 1419, 3.67% due 7/01/2036 (a) 6,130 2,700 (Princeton University), Series B, 3.73% due 7/01/2022 2,700 14,930 New Jersey State Highway Authority, Garden State Parkway General Revenue Refunding Bonds, PUTTERS, VRDN, Series 247, 3.69% due 1/01/2013 (d)(e)(i)(k) 14,930 6,905 New Jersey State Housing and Mortgage Finance Agency, M/F Revenue Refunding Bonds, VRDN, AMT, Series A, 3.67% due 5/01/2028 (f)(i) 6,905 New Jersey State Housing and Mortgage Finance Agency, S/F Housing Revenue Bonds, VRDN, AMT (i): 25,000 Series Q, 3.67% due 4/01/2032 25,000 5,000 Series R, 3.67% due 4/01/2038 5,000 10,925 New Jersey State Housing and Mortgage Finance Agency, S/F Housing Revenue Refunding Bonds, VRDN, AMT, Series O, 3.68% due 10/01/2026 (i) 10,925 15,000 New Jersey State, TRAN, 4.50% due 6/22/2007 15,034 Face Amount Municipal Bonds Value New Jersey (continued) $ 5,300 New Jersey State Transit Corporation, COP, ROCS, VRDN, Series II-R-3045, 3.69% due 9/15/2021 (e)(i)(k) $ 5,300 New Jersey State Transportation Trust Fund Authority Revenue Bonds, VRDN (i): 3,090 FLOATS, Series 14Z, 3.71% due 12/15/2036 (a) 3,090 7,405 FLOATS, Series 963-D, 3.67% due 6/15/2025 (e) 7,405 6,075 MERLOTS, Series A13, 3.68% due 6/15/2020 (g)(k) 6,075 16,425 PUTTERS, Series 332, 3.69% due 12/15/2015 (a)(k) 16,425 7,015 ROCS, Series II-R-4040, 3.69% due 6/15/2022 (f)(k) 7,015 New Jersey State Transportation Trust Fund Authority, Revenue Refunding Bonds, FLOATS, VRDN (f)(i): 3,845 Series 1102, 3.67% due 12/15/2017 3,845 2,995 Series 1117, 3.67% due 12/15/2016 2,995 2,000 New Jersey State Transportation Trust Fund Authority, Transportation System Revenue Bonds, ROCS, VRDN, Series II-R-684Z, 3.71% due 12/15/2036 (a)(i)(k) 2,000 16,115 New Jersey State Turnpike Authority, Turnpike Revenue Bonds, GO, Refunding, ROCS, VRDN, Series II-R-4032, 3.69% due 1/01/2021 (f)(i)(k) 16,115 New Jersey State Turnpike Authority, Turnpike Revenue Bonds, VRDN (f)(i): 85,875 Series C-1, 3.63% due 1/01/2024 85,875 51,300 Series C-2, 3.63% due 1/01/2024 51,300 12,300 New Jersey State Turnpike Authority, Turnpike Revenue Refunding Bonds, VRDN, Series D, 3.59% due 1/01/2018 (e)(i) 12,300 4,475 North Bergen Township, New Jersey, Municipal Utilities Authority, Sewer Revenue Subordinated Project Notes, 4.25% due 1/15/2008 4,495 9,725 North Brunswick Township, New Jersey, GO, BAN, Series B, 4% due 11/09/2007 9,742 3,500 Ocean City, New Jersey, BAN, 4% due 3/14/2008 3,511 8,777 Ocean Township, New Jersey, GO, BAN, 4% due 12/14/2007 8,804 29,644 Passaic, New Jersey, GO, Refunding, BAN, 4.50% due 6/08/2007 29,695 6,000 Piscataway Township, New Jersey, School District, GO, TAN, 4.35% due 8/29/2007 6,017 Port Authority of New York and New Jersey, CP: 17,110 3.65% due 5/01/2007 17,110 2,000 3.64% due 5/04/2007 2,000 1,750 Port Authority of New York and New Jersey, PUTTERS, VRDN, AMT, Series 1089, 3.75% due 9/01/2013 (c)(i)(k) 1,750 8,100 Port Authority of New York and New Jersey, Revenue Refunding Bonds, PUTTERS, VRDN, Series 1546, 3.69% due 10/01/2014 (i)(k) 8,100 Port Authority of New York and New Jersey, Special Obligation Revenue Refunding Bonds (Versatile Structure Obligation), VRDN (i): 72,100 AMT, Series 1R, 3.67% due 8/01/2028 72,100 89,400 AMT, Series 4, 3.66% due 4/01/2024 89,400 41,300 AMT, Series 6, 3.66% due 12/01/2017 41,300 12,330 Series 3, 3.60% due 6/01/2020 12,330 20,300 Series 5, 3.60% due 8/01/2024 20,300 CMA MULTI-STATE MUNICIPAL SERIES TRUST MARCH 31, 2007 Schedule of Investments (concluded) (In Thousands) CMA New Jersey Municipal Money Fund Face Amount Municipal Bonds Value New Jersey (continued) $ 6,613 Randolph Township, New Jersey, GO, BAN, 4% due 8/21/2007 $ 6,622 1,200 Rutgers State University, New Jersey, Revenue Refunding Bonds, VRDN, Series A, 3.65% due 5/01/2018 (i) 1,200 3,695 South Orange Village Township, New Jersey, GO, BAN, 4.35% due 9/13/2007 3,708 7,874 South Plainfield, New Jersey, GO, BAN, 4.25% due 9/25/2007 7,900 3,000 Stafford Township, New Jersey, GAN, 4.50% due 6/29/2007 3,004 4,630 University of Medicine and Dentistry of New Jersey, COP, ROCS, VRDN, Series II-R-6510, 3.69% due 6/15/2024 (g)(i)(k) 4,630 Face Amount Municipal Bonds Value New Jersey (concluded) $ 8,300 University of Medicine and Dentistry, New Jersey, Revenue Refunding Bonds, VRDN, Series B, 3.65% due 12/01/2032 (a)(i) $ 8,300 7,000 Wanaque Boro, New Jersey, GO, BAN, 4% due 8/15/2007 7,009 1,417 Wycoff Township, New Jersey, BAN, 4.50% due 8/14/2007 1,421 Puerto Rico--0.9% 12,500 Puerto Rico Commonwealth Highway and Transportation Authority, Transportation Revenue Bonds, ROCS, VRDN, Series II-R-789CE, 3.68% due 8/30/2009 (i)(k) 12,500 Total Investments (Cost--$1,332,912*)--99.3% 1,332,912 Other Assets Less Liabilities--0.7% 9,170 ---------- Net Assets--100.0% $1,342,082 ========== * Cost for federal income tax purposes. (a) AMBAC Insured. (b) Assured Guaranty Insured. (c) CIFG Insured. (d) Escrowed to maturity. (e) FGIC Insured. (f) FSA Insured. (g) MBIA Insured. (h) Radian Insured. (i) Security may have a maturity of more than one year at time of issuance, but has variable rate and demand features that qualify it as a short-term security. The rate disclosed is that currently in effect. This rate changes periodically based upon prevailing market rates. (j) The security may be offered and sold to "qualified institutional buyers" under Rule 144A of the Securities Act of 1933. (k) These securities are short-term floating rate certificates issued by tender option bond trusts and are secured by the underlying municipal bond securities. See Notes to Financial Statements. CMA MULTI-STATE MUNICIPAL SERIES TRUST MARCH 31, 2007 Schedule of Investments as of March 31, 2007 (In Thousands) CMA New York Municipal Money Fund Face Amount Municipal Bonds Value New York--98.2% $ 6,165 ABN AMRO MuniTops Certificates Trust, New York, GO, VRDN, Series 2006-32, 3.68% due 4/01/2014 (g)(k)(m) $ 6,165 ABN AMRO MuniTops Certificates Trust, New York, Revenue Refunding Bonds, VRDN (k): 23,340 Series 2002-10, 3.68% due 11/15/2010 (f) 23,340 12,930 Series 2004-24, 3.68% due 7/01/2012 (g) 12,930 2,500 Albany, New York, IDA, IDR, Refunding (Albany Ventures Inc. Project), VRDN, 3.73% due 12/29/2010 (k) 2,500 5,700 Amherst, New York, IDA, Civic Facility Revenue Bonds (Daemen College Project), VRDN, Series B, 3.70% due 10/01/2036 (i)(k) 5,700 7,634 Aurora, New York, GO, BAN, 4% due 7/25/2007 7,635 2,000 Avoca, New York, Central School District, GO, BAN, 4.50% due 6/27/2007 2,003 23,000 Bank of America MACON Trust, Seneca County, New York, IDA, Solid Waste Disposal Revenue Bonds, VRDN, AMT, Series W, 3.75% due 10/01/2035 (k) 23,000 11,965 Batavia, New York, City School District, GO, BAN, 4.25% due 11/02/2007 12,007 4,100 Binghamton, New York, Sewer Improvement, GO, BAN, 3.75% due 3/28/2008 4,100 6,500 Brookhaven-Comsewogue Union Free School District, New York, GO, TAN, 4.50% due 6/27/2007 6,512 15,490 Broome County, New York, GO, BAN, 4.75% due 4/19/2007 15,498 Canandaigua, New York, City School District, GO, BAN: 8,000 4.50% due 7/05/2007 8,013 8,300 4% due 10/18/2007 8,320 5,000 Canandaigua, New York, City School District, GO, RAN, 4.75% due 4/12/2007 5,002 10,310 Carmel, New York, Central School District, GO, BAN, 4.50% due 6/29/2007 10,326 5,000 Catskill, New York, Central School District, GO, BAN, 4.25% due 6/28/2007 5,008 1,985 Cattaraugus County, New York, Development Agency, IDR (Gowanda Electronics Corporation), VRDN, AMT, Series A, 3.80% due 9/01/2021 (k) 1,985 3,365 Dutchess County, New York, IDA, Civic Facility Revenue Bonds (Trinity-Pawling School Corporation), VRDN, 3.62% due 10/01/2032 (k) 3,365 12,400 Eagle Tax-Exempt Trust, Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, VRDN Series 2007-0030, Class A, 3.70% due 2/15/2047 (c)(k) 12,400 Eagle Tax-Exempt Trust, Metropolitan Transportation Authority, New York, Revenue Bonds, VRDN, Class A (k): 5,000 Series 2003-0051, 3.71% due 11/15/2032 (c) 5,000 11,780 Series 2006-0015, 3.71% due 11/15/2035 (g) 11,780 Face Amount Municipal Bonds Value New York (continued) $ 7,730 Eagle Tax-Exempt Trust, Metropolitan Transportation Authority, New York, Revenue Refunding Bonds, VRDN, Series 2002-6003, Class A, 3.71% due 11/15/2032 (f)(k) $ 7,730 5,095 Eagle Tax-Exempt Trust, New York City, New York, City IDA, Revenue Bonds, VRDN, Series 2006-0112, Class A, 3.71% due 3/01/2046 (c)(k) 5,095 Eagle Tax-Exempt Trust, New York State Thruway Authority, Revenue Refunding Bonds, GO, VRDN, Class A (f)(k): 14,235 Series 2006-0061, 3.71% due 1/01/2032 14,235 6,900 Series 2006-0063, 3.71% due 1/01/2030 6,900 Eagle Tax-Exempt Trust, New York, VRDN (k): 10,145 Series 2001-323, 3.71% due 4/01/2015 10,145 24,500 Series 983201, 3.70% due 4/01/2017 (g) 24,500 6,930 Eagle Tax-Exempt Trust, Port Authority of New York and New Jersey, Revenue Refunding Bonds, VRDN, Series 2006-0045, Class A, 3.74% due 5/01/2034 (g)(k) 6,930 6,000 Eagle Tax-Exempt Trust, Triborough Bridge and Tunnel Authority, New York, Revenue Bonds, VRDN, Series 2003-0004, Class A, 3.71% due 11/15/2032 (c)(k) 6,000 6,436 East Fishkill, New York, BAN, 4.50% due 8/07/2007 6,451 3,000 Eastport-South Manor Central School District, New York, GO, BAN, 4% due 10/05/2007 3,007 20,885 Eclipse Funding Trust, Solar Eclipse Certificates, New York Convention Center Development Corporation, VRDN, Series 2006-0004, 3.67% due 11/15/2027 (a)(k) 20,885 Erie County, New York, IDA, Civic Facility Revenue Bonds, VRDN (k): 3,720 (Child and Family Services of Erie County), 3.73% due 6/01/2022 3,720 1,310 (Claddagh Commission Inc. Project), 3.73% due 12/01/2015 1,310 1,719 Fayetteville-Manlius, New York, Central School District, GO, BAN, 4% due 11/02/2007 1,722 1,755 GS Pool Trust, Riverhead, New York, IDA, M/F Housing Revenue Bonds, FLOATS, VRDN, AMT, Series 55TP, 3.75% due 12/01/2047 (k) 1,755 9,325 Geneva, New York, GO, BAN, 4.50% due 5/24/2007 9,335 4,200 Gorham-Middlesex Central School District, New York, GO, BAN, 4.375% due 8/02/2007 4,208 6,821 Gowanda, New York, Central School District, GO, BAN, 4.25% due 8/17/2007 6,833 1,500 Greenport, New York, Union Free School District, GO, TAN, 4.50% due 6/27/2007 1,503 2,355 Guilderland, New York, IDA, Civic Facility, Revenue Bonds (West Turnpike), VRDN, Series A, 3.73% due 4/01/2020 (k) 2,355 4,760 Hamburg, New York, GO, BAN, 4.50% due 7/19/2007 4,770 1,495 Harrison, New York, GO, BAN, 4% due 6/21/2007 1,496 CMA MULTI-STATE MUNICIPAL SERIES TRUST MARCH 31, 2007 Schedule of Investments (continued) (In Thousands) CMA New York Municipal Money Fund Face Amount Municipal Bonds Value New York (continued) $ 2,052 Harrison, New York, GO, RAN, 4% due 3/31/2007 $ 2,052 12,000 Hempstead, New York, Union Free School District, GO, TAN, 4.50% due 6/28/2007 12,019 16,000 Islip, New York, IDA, Industrial Revenue Bonds (Bayshore LLC Project), VRDN, AMT, 3.72% due 12/01/2029 (k) 16,000 5,695 Lewiston, New York, GO, Refunding, BAN, 4% due 8/23/2007 5,702 2,376 Liverpool, New York, Central School District, GO, Refunding, BAN, 4.50% due 7/06/2007 2,379 4,000 Long Island Power Authority, New York, Electric System General Revenue Bonds, VRDN, Series E, 3.60% due 12/01/2029 (f)(k) 4,000 Long Island Power Authority, New York, Electric System Revenue Bonds, VRDN (k): 29,805 FLOATS, Series 822-D, 3.68% due 9/01/2029 (b) 29,805 11,200 Series H, 3.62% due 12/01/2029 (f) 11,200 39,755 Sub-Series 3A, 3.58% due 5/01/2033 39,755 1,100 Sub-Series 7-B, 3.62% due 4/01/2025 (g) 1,100 22,375 Long Island Power Authority, New York, Electric System Revenue Refunding Bonds, FLOATS, VRDN, Series 339, 3.68% due 12/01/2026 (g)(k)(m) 22,375 9,200 Mattituck-Cutchogue, New York, Union Free School District, GO, TAN, 4% due 6/29/2007 9,208 30,000 Metropolitan Transportation Authority, New York, CP, 3.65% due 7/10/2007 30,000 25,800 Metropolitan Transportation Authority, New York, Dedicated Tax Fund, Revenue Refunding Bonds, VRDN, Series B, 3.65% due 11/01/2022 (f)(k) 25,800 Metropolitan Transportation Authority, New York, GO, VRDN (k): 45,555 Sub-Series A-1, 3.63% due 11/01/2034 (b) 45,555 41,005 Sub-Series A-3, 3.63% due 11/01/2034 (j) 41,005 Metropolitan Transportation Authority, New York, Revenue Bonds, VRDN (k): 24,900 FLOATS, Series 823D, 3.68% due 11/15/2023 (f) 24,900 19,925 FLOATS, Series 848-D, 3.68% due 11/15/2021 (c) 19,925 9,725 MERLOTS, Series A12, 3.68% due 11/15/2022 (f)(n) 9,725 7,955 PUTTERS, Series 816, 3.69% due 5/15/2013 (a)(n) 7,955 6,760 ROCS, Series II-R-594PB, 3.70% due 11/15/2033 (a)(n) 6,760 Metropolitan Transportation Authority, New York, Revenue Refunding Bonds, VRDN (k): 2,595 FLOATS, Series 1448, 3.78% due 11/15/2031 2,595 10,420 ROCS, Series II-R-557, 3.70% due 11/15/2022 (c)(n) 10,420 10,800 Series D-1, 3.63% due 11/01/2029 (f) 10,800 21,090 Series D-2, 3.63% due 11/01/2032 (f) 21,090 4,396 Milo, New York, Sewer System Improvements, GO, BAN, 3.75% due 11/21/2007 4,397 10,000 Monroe County, New York, GO, BAN, 4.75% due 7/18/2007 10,023 20,000 Monroe County, New York, GO, RAN, 4% due 4/16/2007 20,004 Face Amount Municipal Bonds Value New York (continued) $ 1,635 Monroe County, New York, IDA, Civic Facility Revenue Refunding Bonds (Al Sigl Center for Rehabilitation Agencies, Inc. Project), VRDN, 3.72% due 12/01/2034 (k) $ 1,635 4,500 Montauk, New York, Union Free School District, GO, TAN, 4.25% due 6/27/2007 4,507 3,800 Mount Vernon, New York, City School District, GO, RAN, 4% due 8/22/2007 3,805 8,465 Municipal Securities Trust Certificates, New York State Dormitory Authority, VRDN, Series 7020, Class A, 3.69% due 6/15/2035 (d)(k)(m) 8,465 6,225 Nassau County, New York, IDA, Civic Facility Revenue Refunding and Improvement Bonds (Cold Spring Harbor), VRDN, 3.68% due 1/01/2034 (k) 6,225 13,250 Nassau County, New York, IDA, Revenue Bonds (Clinton Plaza Senior Housing Project), VRDN, 3.65% due 9/01/2034 (e)(k) 13,250 6,900 New Rochelle, New York, City School District, GO, TAN, 4.375% due 6/29/2007 6,910 New York City, New York, City Housing Development Corporation, M/F Mortgage Revenue Bonds, VRDN, AMT, Series A (k): 10,900 (Parkview II Apartments Project), 3.69% due 12/01/2037 10,900 16,000 (Spring Creek Housing LP), 3.69% due 12/01/2039 16,000 19,510 New York City, New York, City Housing Development Corporation, M/F Mortgage Revenue Refunding Bonds (The Crest Project), VRDN, Series A, 3.62% due 12/01/2036 (k) 19,510 New York City, New York, City Housing Development Corporation, M/F Rental Housing Revenue Bonds, VRDN (k): 35,400 AMT, Series A, 3.70% due 8/15/2032 (e) 35,400 14,065 (Armory Place LLC), AMT, Series A, 3.70% due 3/15/2033 (e) 14,065 23,800 (Brittany Development), AMT, Series A, 3.69% due 6/15/2029 (e) 23,800 26,550 (Carnegie Park), Series A, 3.62% due 11/15/2019 (e) 26,550 12,765 (Lyric Development), AMT, Series A, 3.69% due 11/15/2031 (e) 12,765 11,620 (Monterey), Series A, 3.62% due 11/15/2019 (e) 11,620 13,700 (One Columbus Place Development), AMT, Series A, 3.70% due 11/15/2028 (e) 13,700 31,900 (Tribeca Towers), AMT, Series A, 3.67% due 11/15/2019 (e) 31,900 18,600 (West 43rd Street Development), AMT, Series A, 3.69% due 4/15/2029 (e) 18,600 35,400 (West 89th Street Development), AMT, Series A, 3.67% due 11/15/2029 35,400 32,000 (West End Towers), AMT, Series A, 3.70% due 5/15/2034 (e) 32,000 CMA MULTI-STATE MUNICIPAL SERIES TRUST MARCH 31, 2007 Schedule of Investments (continued) (In Thousands) CMA New York Municipal Money Fund Face Amount Municipal Bonds Value New York (continued) New York City, New York, City IDA, Civic Facility Revenue Bonds, VRDN (k): $ 3,110 (Allen-Stevenson School Project), 3.67% due 12/01/2034 $ 3,110 2,240 (Federation of French Alliances in the United States Project), 3.72% due 2/01/2035 2,240 5,590 (Heart Share Human Services), Series A, 3.65% due 7/01/2021 5,590 1,565 (Hewitt School Project), 3.67% due 12/01/2034 1,565 3,000 (Spence-Chapin, Services to Families and Children Project), 3.67% due 12/01/2036 3,000 6,205 New York City, New York, City IDA, Civic Facility Revenue Refunding Bonds (Brooklyn Heights Montessori School Project), VRDN, 3.65% due 1/01/2027 (k) 6,205 20,000 New York City, New York, City IDA, IDR (Tiago Holdings LLC), VRDN, AMT, 3.72% due 1/01/2037 (k) 20,000 25,000 New York City, New York, City IDA, Liberty Revenue Bonds (FC Hanson Office Associates LLC Project), VRDN, 3.64% due 12/01/2039 (k) 25,000 10,000 New York City, New York, City IDA, Revenue Bonds, FLOATS, VRDN, Series 1510, 3.68% due 1/01/2039 (a)(k) 10,000 9,000 New York City, New York, City IDA, Special Facility Revenue Bonds (Air Express International Corporation Project), VRDN, AMT, 3.68% due 7/01/2024 (k) 9,000 29,100 New York City, New York, City Municipal Water Finance Authority, Water and Sewer System Revenue Bonds, MSTR, VRDN, SGB-25, 2.01% due 6/15/2007 (g)(h)(k)(n) 29,100 New York City, New York, City Municipal Water Finance Authority, Water and Sewer System Revenue Refunding Bonds, VRDN (k): 10,871 FLOATS, Series 1352, 3.68% due 6/15/2035 10,871 15,170 PUTTERS, Series 622, 3.69% due 6/15/2012 (a)(n) 15,170 26,880 Series F-2, 3.65% due 6/15/2033 26,880 11,000 Sub-Series C-2, 3.60% due 6/15/2018 11,000 9,500 New York City, New York, City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution Revenue Refunding Bonds, Series AA-1, VRDN 3.75% due 6/15/2032 (k) 9,500 New York City, New York, City Transitional Finance Authority, Future Tax Secured Revenue Bonds, VRDN (k): 67,615 Series A-2, 3.63% due 11/15/2027 67,615 5,500 Series B, 3.65% due 2/01/2031 5,500 2,600 New York City, New York, City Transitional Finance Authority, Future Tax Secured Revenue Refunding Bonds, VRDN, Sub-Series C2, 3.68% due 8/01/2031 (k) 2,600 5,600 New York City, New York, City Transitional Finance Authority, GO, PUTTERS, VRDN, Series 1720, 3.69% due 11/01/2014 (k)(n) 5,600 Face Amount Municipal Bonds Value New York (continued) $ 3,500 New York City, New York, City Transitional Finance Authority, New York City Recovery Revenue Refunding Bonds, VRDN, Series 3, Sub-Series 3F, 3.68% due 11/01/2022 (k) $ 3,500 New York City, New York, City Transitional Finance Authority Revenue Bonds: 13,900 BAN, 4.25% due 6/29/2007 13,921 14,765 FLOATS, VRDN, Series 536, 3.68% due 5/01/2015 (g)(k) 14,765 9,700 Future Tax Secured, VRDN, Series A-1, 3.60% due 11/15/2028 (k) 9,700 12,055 (New York City Recovery), VRDN, Series 1, Sub-Series 1A, 3.65% due 11/01/2022 (k) 12,055 11,375 (New York City Recovery), VRDN, Series 3, Sub-Series 3G, 3.62% due 11/01/2022 (k) 11,375 3,145 ROCS, VRDN, Series II-R-2052, 3.70% due 2/01/2022 (g)(k)(n) 3,145 3,750 ROCS, VRDN, Series II-R-2054, 3.71% due 2/01/2020 (g)(k)(n) 3,750 9,500 VRDN, Sub-Series 2D, 3.62% due 11/01/2022 (k) 9,500 12,800 VRDN, Sub-Series 2-F, 3.68% due 11/01/2022 (k) 12,800 1,490 New York City, New York, City Transitional Finance Authority Revenue Refunding Bonds (New York City Recovery), VRDN, Series 3, Sub-Series 3-B, 3.66% due 11/01/2022 (k) 1,490 34,895 New York City, New York, City Transitional Finance Authority, Special Tax Revenue Refunding Bonds, VRDN, Series C, 3.62% due 2/01/2032 (k) 34,895 New York City, New York, GO, FLOATS, VRDN (k): 500 Series 1446, 3.72% due 4/01/2025 500 832 Series 1447, 3.72% due 6/01/2024 832 New York City, New York, GO, VRDN (k): 5,000 MSTR, SGB-36, 3.65% due 6/01/2022 (a)(n) 5,000 5,475 PUTTERS, Series 1299, 3.69% due 4/01/2014 (f)(n) 5,475 1,995 PUTTERS, Series 1318, 3.69% due 6/01/2013 (a)(n) 1,995 30,000 ROCS, Series II-R-251A, 3.72% due 12/15/2033(n) 30,000 10,865 ROCS, Series II-R-4563, 3.70% due 8/01/2022 (b)(n) 10,865 6,860 Series F-4, 3.63% due 2/15/2020 6,860 4,200 Series F-5, 3.63% due 2/15/2016 4,200 11,850 Series J, Sub-Series J-2, 3.65% due 2/15/2016 11,850 19,000 Series J, Sub-Series J-3, 3.65% due 2/15/2016 19,000 17,545 Sub-Series A-3, 3.65% due 8/01/2031 17,545 2,520 Sub-Series A-9, 3.60% due 8/01/2018 2,520 9,600 Sub-Series B-9, 3.65% due 8/15/2023 9,600 5,000 Sub-Series C-3, 3.64% due 8/15/2029 (b) 5,000 11,000 Sub-Series E-3, 3.64% due 8/01/2034 11,000 29,930 Sub-Series H-6, 3.63% due 3/01/2034 29,930 New York City, New York, GO, VRDN, Refunding (k): 11,305 PUTTERS, Series 914, 3.69% due 2/01/2013 (c)(n) 11,305 1,820 PUTTERS, Series 1341, 3.69% due 2/01/2014 (g)(n) 1,820 10,415 Series A, 4.50% due 8/01/2007 10,446 13,715 Sub-Series C-2, 3.63% due 8/01/2020 13,715 2,390 New York City, New York, Jay Street Development Corporation, Court Facility, Lease Revenue Bonds (Jay Street Project), VRDN, Series A-1, 3.62% due 5/01/2022 (k) 2,390 CMA MULTI-STATE MUNICIPAL SERIES TRUST MARCH 31, 2007 Schedule of Investments (continued) (In Thousands) CMA New York Municipal Money Fund Face Amount Municipal Bonds Value New York (continued) $ 14,272 New York State Commander of General Services Revenue Bonds (People of the State of New York), VRDN, 3.68% due 9/01/2021 (k) $ 14,272 38,285 New York State Dormitory Authority, Mental Health Facilities Improvement Revenue Refunding Bonds, VRDN, Series F-2B, 3.65% due 2/15/2021 (f)(k) 38,285 New York State Dormitory Authority, Mental Health Services Revenue Bonds, VRDN (k): 2,800 Sub-Series D-2E, 3.63% due 2/15/2031 2,800 20,835 Sub-Series D-2F, 3.63% due 2/15/2031 20,835 15,000 Sub-Series D-2H, 3.63% due 2/15/2031 15,000 New York State Dormitory Authority, Revenue Bonds, VRDN (k): 6,900 FLOATS, Series 894, 3.68% due 7/01/2027 (g) 6,900 8,135 MERLOTS, Series B30, 3.68% due 3/15/2027 (c)(n) 8,135 3,750 (North Shore-Long Island Jewish Health System), ROCS, Series II-R-656CE, 3.70% due 11/01/2034 (n) 3,750 6,505 (Pratt Institute), 3.70% due 7/01/2034 (i) 6,505 4,690 (Teresian Housing Corporation), 3.62% due 7/01/2033 4,690 26,080 New York State Dormitory Authority, Revenue Refunding Bonds, FLOATS, VRDN, Series 1155, 3.68% due 5/15/2022 (a)(k) 26,080 3,000 New York State Energy Research and Development Authority, Facilities Revenue Bonds (Consolidated Edison Company of New York, Inc. Project), VRDN, AMT, Sub-Series C-3, 3.68% due 11/01/2039 (k) 3,000 New York State, HFA, Housing Revenue Bonds, VRDN, Series A (k): 31,900 (100 Maiden Lane Project), 3.64% due 11/01/2037 31,900 12,150 (363 West 30th Street), AMT, 3.70% due 11/01/2032 (l) 12,150 3,400 (West 33rd Street Housing), AMT, 3.69% due 11/15/2036 (e) 3,400 9,850 (West 43rd Street), AMT, 3.71% due 11/01/2034 9,850 33,700 (West 43rd Street), AMT, 3.72% due 11/01/2034 33,700 4,825 New York State, HFA, M/F Housing Revenue Bonds, VRDN, Series A, 3.68% due 11/01/2028 (a)(k) 4,825 New York State, HFA, M/F Revenue Bonds, VRDN, Series A (e)(k): 5,000 (750 6th Ave), 3.70% due 5/15/2031 5,000 5,600 (Kew Gardens Hills), AMT, 3.67% due 5/15/2036 5,600 New York State, HFA, Revenue Bonds, VRDN, AMT (k): 20,465 (360 West 43rd Street), Series A, 3.66% due 11/15/2033 (e) 20,465 8,350 (1500 Lexington Associates LLC), Series A, 3.65% due 5/15/2034 (e) 8,350 28,600 (1501 Lex Associates LP), Series A, 3.67% due 5/15/2032 (e) 28,600 25,000 (Avalon Bowery Place II), Series A, 3.71% due 11/01/2039 25,000 37,245 (Biltmore Tower Project), Series A, 3.70% due 5/15/2034 (e) 37,245 Face Amount Municipal Bonds Value New York (continued) New York State, HFA, Revenue Bonds, VRDN, AMT (k) (concluded): $ 23,630 (Chelsea Apartments), Series A, 3.65% due 11/15/2036 (e) $ 23,630 12,000 (Gethsemane Apartments), Series A, 3.67% due 5/15/2033 (e) 12,000 21,000 (Saxony Housing), Series A, 3.70% due 5/15/2030 21,000 13,000 (Talleyrand Crescent), 3.65% due 5/15/2028 (e) 13,000 54,400 (Tribeca), Series A, 3.67% due 11/15/2029 (e) 54,400 32,600 (Tribeca Pointe LLC), Series A, 3.66% due 5/15/2029 (e) 32,600 10,800 (Victory Housing), Series A, 3.66% due 11/01/2033 (l) 10,800 10,100 (West 17th Street Housing), Series A, 3.71% due 11/01/2039 10,100 New York State, HFA, Service Contract Revenue Refunding Bonds, VRDN (k): 7,300 Series C, 3.63% due 3/15/2026 7,300 18,800 Series D, 3.63% due 3/15/2026 18,800 83 New York State Local Government Assistance Corporation Revenue Bonds, VRDN, Series B, 3.60% due 4/01/2025 (k) 83 34,000 New York State Mortgage Agency, Homeowner Mortgage Revenue Bonds, VRDN, AMT, Series 142, 3.66% due 10/01/2037 (k) 34,000 25,931 New York State Power Authority, CP, 3.65% due 5/03/2007 25,931 New York State Power Authority, GO, VRDN (k): 1,230 3.65% due 3/01/2016 1,230 5,000 3.65% due 3/01/2020 5,000 10,540 New York State Thruway Authority, Highway and Bridge Trust Fund, General Revenue Bonds, PUTTERS, VRDN, Series 1098, 3.69% due 7/01/2013 (f)(k)(n) 10,540 New York State Thruway Authority, Highway and Bridge Trust Fund, Revenue Refunding Bonds, ROCS, VRDN (a)(k)(n): 3,000 Series II-R-458, 3.70% due 4/01/2020 3,000 7,515 Series II-R-5012, 3.71% due 4/01/2019 7,515 4,000 New York State Urban Development Corporation Revenue Bonds, FLOATS, VRDN, Series SG-164, 3.69% due 3/15/2033 (c)(k) 4,000 9,000 Newburgh, New York, City School District, GO, RAN, 4.375% due 6/22/2007 9,013 4,765 Newburgh, New York, GO, BAN, Series A, 4% due 9/13/2007 4,773 11,950 North Greenbush, New York, GO, BAN, 4.75% due 4/20/2007 11,958 3,000 North Syracuse, New York, Central School District, GO, RAN, 4.50% due 6/22/2007 3,005 2,900 North Tonawanda, New York, GO, TAN, 4% due 6/20/2007 2,902 3,240 Ogdensburg, New York, GO, BAN, 4% due 8/24/2007 3,244 1,950 Onondaga County, New York, IDA, IDR (Peregrine International LLC Project), VRDN, AMT, 3.67% due 5/01/2022 (k) 1,950 CMA MULTI-STATE MUNICIPAL SERIES TRUST MARCH 31, 2007 Schedule of Investments (continued) (In Thousands) CMA New York Municipal Money Fund Face Amount Municipal Bonds Value New York (continued) $ 3,100 Onondaga County, New York, IDA, Solid Waste Disposal Facility, Revenue Refunding Bonds (Solvay Paperboard Project), VRDN, AMT, 3.74% due 7/01/2023 (k) $ 3,100 3,400 Ontario County, New York, IDA, Civic Facility Revenue Bonds (Friends of the Finger Lakes Performing Arts Center, Inc. Project), VRDN, Series A, 3.67% due 12/01/2036 (k) 3,400 1,670 Oswego County, New York, IDA, Civic Facility Revenue Bonds (O H Properties Inc. Project), VRDN, Series A, 3.75% due 6/01/2024 (k) 1,670 4,000 Port Authority of New York and New Jersey, Revenue Refunding Bonds, MERLOTS, VRDN, AMT, Series C01, 3.73% due 12/01/2016 (f)(k)(n) 4,000 5,000 Port Authority of New York and New Jersey, Special Obligation Revenue Refunding Bonds (Versatile Structure Obligation), VRDN, AMT, Series 6, 3.66% due 12/01/2017 (k) 5,000 15,000 Ramapo, New York, Housing Authority Revenue Bonds (Fountainview at College Road, Inc. Project), VRDN, 3.70% due 12/01/2029 (k) 15,000 3,100 Rockland County, New York, GO, BAN, Series B, 4% due 4/26/2007 3,101 Rockland County, New York, IDA, Civic Facility Revenue Bonds (Dominican College Project), VRDN (k): 6,855 Series A, 3.68% due 7/01/2035 6,855 3,060 Series B, 3.68% due 7/01/2035 3,060 9,645 Rockland County, New York, IDA, Civic Facility Revenue Refunding Bonds (Dominican College Project), VRDN, Series A, 3.68% due 5/01/2034 (k) 9,645 10,000 Rome, New York, City School District, GO, BAN, 4.50% due 6/22/2007 10,014 9,000 Sachem Central School District (Holbrook), New York, GO, BAN, 4.50% due 6/27/2007 9,015 7,000 Schenectady, New York, City School District, GO, RAN, 4.50% due 7/31/2007 7,015 19,500 South Huntington, New York, Union Free School District, GO, TAN, 4.25% due 6/29/2007 19,533 4,000 Southampton, New York, Union Free School District, GO, TAN, 4.375% due 6/27/2007 4,006 3,000 Southold, New York, Union Free School District, GO, TAN, 4.50% due 6/29/2007 3,006 6,500 Syracuse, New York, GO, RAN, Series C, 4.25% due 6/29/2007 6,512 6,750 Syracuse, New York, IDA, PILOT Revenue Bonds, FLOATS, VRDN, AMT, Series 1631, 3.71% due 1/01/2036 (j)(k) 6,750 Tobacco Settlement Financing Corporation of New York Revenue Bonds, VRDN (k): 7,395 PUTTERS, Series 648, 3.69% due 6/01/2011 (a)(n) 7,395 2,895 ROCS, Series II-R-2034, 3.71% due 6/01/2020 (a)(n) 2,895 2,000 Series A-1, 5% due 6/01/2007 2,005 19,125 Series B-1, 4% due 6/01/2007 19,136 Face Amount Municipal Bonds Value New York (concluded) $ 3,300 Tonawanda, New York, City School District, GO, RAN, 4% due 10/24/2007 $ 3,306 3,900 Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Refunding Bonds, VRDN, Series B, 3.61% due 1/01/2032 (a)(k) 3,900 Triborough Bridge and Tunnel Authority, New York, General Revenue Refunding Bonds, VRDN (k): 31,580 Sub-Series B-2, 3.65% due 1/01/2032 31,580 21,000 Sub-Series B-3, 3.64% due 1/01/2032 21,000 Triborough Bridge and Tunnel Authority, New York, Revenue Bonds, VRDN (a)(k): 7,055 PUTTERS, Series 342, 3.69% due 11/15/2020 (n) 7,055 2,035 ROCS, Series II-R-2013, 3.70% due 11/15/2021 (n) 2,035 Triborough Bridge and Tunnel Authority, New York, Revenue Refunding Bonds, VRDN (g)(k)(n): 9,900 MERLOTS, Series B03, 3.68% due 11/15/2020 9,900 14,395 MERLOTS, Series B13, 3.68% due 11/15/2021 14,395 14,040 PUTTERS, Series 304, 3.69% due 11/15/2018 14,040 5,305 ROCS, Series II-R-1032, 3.70% due 11/15/2021 5,305 Triborough Bridge and Tunnel Authority, New York, Special Obligation Revenue Refunding Bonds, VRDN (f)(k): 9,445 Series A, 3.63% due 1/01/2031 9,445 1,435 Series C, 3.61% due 1/01/2031 1,435 2,455 Series D, 3.61% due 1/01/2031 2,455 5,600 Tsasc, Inc., New York, Revenue Refunding Bonds, ROCS, VRDN, Series II-R-519CE, 3.71% due 6/01/2042 (k)(n) 5,600 3,500 Ulster County, New York, GO, BAN, 4% due 11/21/2007 3,510 2,500 Union Endicott, New York, Central School District, GO, BAN, Series B, 4.50% due 7/18/2007 2,504 1,591 Victor, New York, Central School District, GO, Refunding, BAN, 4% due 10/05/2007 1,595 10,000 Watertown, New York, Enlarged City School District, GO, BAN, 4.50% due 7/13/2007 10,018 2,155 Watertown, New York, GO, BAN, 4.25% due 2/27/2008 2,166 2,000 Waverly, New York, Central School District, GO, RAN, 4.50% due 6/29/2007 2,003 4,300 Westchester County, New York, IDA, Civic Facility Revenue Refunding Bonds (Northern Westchester Hospital), VRDN, 3.68% due 11/01/2024 (k) 4,300 12,000 William Floyd Union Free School District of Mastics- Moriches-Shirley, New York, GO, TAN, 4.50% due 6/29/2007 12,019 3,550 Williamson, New York, Central School District, GO, BAN, 4.50% due 7/13/2007 3,556 1,500 Yonkers, New York, IDA, Revenue Bonds, MERLOTS, VRDN, Series A01, 3.73% due 7/01/2042 (k)(n) 1,500 CMA MULTI-STATE MUNICIPAL SERIES TRUST MARCH 31, 2007 Schedule of Investments (concluded) (In Thousands) CMA New York Municipal Money Fund Face Amount Municipal Bonds Value Puerto Rico--1.0% $ 8,845 Municipal Securities Trust Certificates, Puerto Rico, GO, VRDN, Series 2002-199, Class A, 3.65% due 1/25/2016 (g)(k) $ 8,845 4,550 Puerto Rico Municipal Finance Agency Revenue Bonds, FLOATS, VRDN, Series 805, 3.64% due 8/01/2027 (f)(k) 4,550 Face Amount Municipal Bonds Value Puerto Rico (concluded) $ 12,682 Puerto Rico Public Buildings Authority Revenue Refunding Bonds, FLOATS, VRDN, Series 747D, 3.64% due 7/01/2017 (b)(k) $ 12,682 3,397 Puerto Rico Public Finance Corporation Revenue Bonds, FLOATS, VRDN, Series 919, 3.64% due 8/01/2026 (b)(k) 3,397 Total Investments (Cost--$2,813,640*)--99.2% 2,813,640 Other Assets Less Liabilities--0.8% 22,065 ---------- Net Assets--100.0% $2,835,705 ========== * Cost for federal income tax purposes. (a) AMBAC Insured. (b) CIFG Insured. (c) FGIC Insured. (d) FHA Insured. (e) FNMA Collateralized. (f) FSA Insured. (g) MBIA Insured. (h) Prerefunded. (i) Radian Insured. (j) XL Capital Insured. (k) Security may have a maturity of more than one year at time of issuance, but has variable rate and demand features that qualify it as a short-term security. The rate disclosed is that currently in effect. This rate changes periodically based upon prevailing market rates. (l) FHLMC Collateralized. (m) The security may be offered and sold to "qualified institutional buyers" under Rule 144A of the Securities Act of 1933. (n) These securities are short-term floating rate certificates issued by tender option bond trusts and are secured by the underlying municipal bond securities. See Notes to Financial Statements. CMA MULTI-STATE MUNICIPAL SERIES TRUST MARCH 31, 2007 Schedule of Investments as of March 31, 2007 (In Thousands) CMA North Carolina Municipal Money Fund Face Amount Municipal Bonds Value North Carolina--98.9% $ 1,900 ABN AMRO MuniTops Certificates Trust, Charlotte, North Carolina, Water and Sewer Enterprise, Revenue Refunding Bonds, VRDN, Series 2007-10, 3.70% due 7/01/2014 (e)(g) $ 1,900 1,400 Alamance County, North Carolina, Industrial Facilities and Pollution Control Financing Authority, IDR (Millender Project), VRDN, AMT, 3.76% due 12/01/2020 (e) 1,400 1,200 Buncombe County, North Carolina, Industrial Facilities and Pollution Control Financing Authority, Revenue Refunding Bonds (Industrial Development Alliance), VRDN, AMT, 3.85% due 8/01/2009 (e) 1,200 1,800 Carrboro, North Carolina, BAN, 4% due 12/05/2007 1,804 4,551 Charlotte, North Carolina, Water and Sewer, CP, 3.65% due 12/06/2007 4,551 2,325 Cleveland County, North Carolina, Industrial Facilities and Pollution Control Financing Authority, Industrial Revenue Bonds (Blachford Rubber Project), VRDN, AMT, 3.78% due 7/01/2023 (e) 2,325 1,200 Durham County, North Carolina, Public Improvement, GO, VRDN, Series B, 4% due 6/01/2007 (e) 1,201 1,900 Eagle Tax-Exempt Trust, North Carolina Capital Facilities Financing Agency, Revenue Refunding Bonds, VRDN, Series 2006-0139, Class A, 3.72% due 10/01/2041 (e) 1,900 1,778 Flat Rock-Bannerton, North Carolina, Water and Sewer System, GO, BAN, 4% due 9/26/2007 1,781 2,545 Guilford County, North Carolina, GO, VRDN, Series C, 4% due 10/01/2007 (e) 2,550 Guilford County, North Carolina, Industrial Facilities and Pollution Control Financing Authority, IDR, VRDN, AMT (e): 2,800 (High Point Textiles Auxiliaries), Refunding, 3.76% due 6/01/2012 2,800 1,310 (Marlatex Corporation Project), 3.81% due 6/01/2015 1,310 3,000 (Nat Sherman Building LLC), 3.86% due 3/01/2022 3,000 600 (Neal Manufacturing), 3.71% due 11/01/2013 600 1,600 (Ornamental Products), 3.71% due 12/01/2014 1,600 2,200 (Snider Tire, Inc.), 3.76% due 10/01/2019 2,200 3,775 Halifax County, North Carolina, BAN, 4% due 9/12/2007 3,781 525 Hertford, North Carolina, Water and Sewer, GO, BAN, 4% due 10/10/2007 526 Lee County, North Carolina, Industrial Facilities and Pollution Control Financing Authority, IDR, VRDN, AMT (e): 200 (Arden Corporation Project), 3.82% due 8/01/2034 200 2,980 (Lee Central LLC Project), 3.76% due 12/01/2023 2,980 1,815 Lincoln County, North Carolina, Industrial Facilities and Pollution Control Financing Authority, IDR (Packaging NC Project), VRDN, 3.78% due 10/01/2013 (e) 1,815 Face Amount Municipal Bonds Value North Carolina (continued) $ 5,090 Little River Water District, Johnson County, North Carolina, BAN, 4% due 9/26/2007 $ 5,098 9,000 Martin County, North Carolina, Industrial Facilities and Pollution Control Financing Authority, IDR (Penco Products Project), VRDN, AMT, 3.82% due 9/01/2022 (e) 9,000 Mecklenburg County, North Carolina, Industrial Facilities and Pollution Control Financing Authority, Industrial Revenue Bonds, VRDN, AMT (e): 400 (Ferguson Supply and Box Manufacturing), 3.78% due 8/01/2010 400 770 (Piedmont Plastics Project), 3.78% due 10/01/2013 770 4,100 (Southern Steel Company LLC Project), 3.71% due 3/02/2015 4,100 14,115 Municipal Securities Trust Certificates, North Carolina, GO, VRDN, Series 138, Class A, 3.69% due 3/16/2015 (e) 14,115 2,500 North Carolina Agriculture Finance Authority, Agriculture Development Revenue Bonds (Albemarle Cotton Growers), VRDN, AMT, 3.76% due 7/01/2014 (e) 2,500 6,810 North Carolina Agriculture Finance Authority, Agriculture Development Revenue Refunding Bonds (Harvey Fertilizer and Gas Project), VRDN, AMT, 3.76% due 6/01/2016 (e) 6,810 2,000 North Carolina Capital Facilities Finance Agency, Educational Facilities Revenue Refunding Bonds (High Point University Project), VRDN, 3.68% due 12/01/2028 (e) 2,000 1,645 North Carolina Capital Facilities Finance Agency, IDR, Refunding (Safety Test and Equipment Company Project), VRDN, AMT, Series A-2, 3.71% due 11/01/2021 (e) 1,645 1,307 North Carolina Eastern Municipal Power Agency, Power System Revenue Refunding Bonds, MERLOTS, VRDN, Series 955-D, 3.69% due 1/01/2018 (a)(e)(h) 1,307 North Carolina HFA, Home Ownership Revenue Bonds, VRDN, AMT (e): 5,995 MERLOTS, Series B12, 3.74% due 7/01/2037 (h) 5,995 1,220 Series 15-C, 3.72% due 7/01/2032 (d) 1,220 4,400 Series 17-C, 3.72% due 7/01/2033 4,400 7,800 Series 18-C, 3.72% due 1/01/2035 7,800 2,500 Series 22-C, 3.65% due 10/01/2007 2,500 1,570 North Carolina HFA, Revenue Bonds, ROCS, VRDN, AMT, Series II-R-175, 3.74% due 1/01/2034 (e)(h) 1,570 2,700 North Carolina Infrastructure Finance Corporation, COP (North Carolina State Correctional Facilities Project), VRDN, Series A, 4% due 2/01/2008 (e) 2,708 100 North Carolina Medical Care Commission, Health Care Facilities, First Mortgage Revenue Refunding Bonds (Carol Woods Project), VRDN, 3.65% due 4/01/2031 (c)(e) 100 North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, VRDN (e): 2,000 5.10% due 5/01/2007 2,003 3,600 Series A, 3.66% due 11/01/2034 3,600 CMA MULTI-STATE MUNICIPAL SERIES TRUST MARCH 31, 2007 Schedule of Investments (concluded) (In Thousands) CMA North Carolina Municipal Money Fund Face Amount Municipal Bonds Value North Carolina (continued) $ 4,200 North Carolina Medical Care Commission, Health Care Facilities, Revenue Refunding Bonds (Novant Health, Inc.), ROCS, VRDN, Series II-R-811, 3.71% due 6/01/2039 (e)(h) $ 4,200 North Carolina Medical Care Commission, Hospital Revenue Bonds, VRDN (e): 700 (Moses H. Cone Memorial Health System), Series A, 3.65% due 10/01/2035 700 4,125 (Park Ridge Hospital Project), 3.65% due 8/15/2018 4,125 2,300 (Pooled Equipment Financing Project), ACES, 3.65% due 12/01/2025 (b) 2,300 5,230 North Carolina Medical Care Commission, Retirement Facilities Revenue Refunding Bonds (Aldersgate Project), VRDN, 3.69% due 1/01/2031 (e) 5,230 4,335 North Carolina Municipal Power Agency Number 1, Catawba Electric Revenue Bonds, ROCS, VRDN, Series II-R-211, 3.71% due 1/01/2020 (b)(e)(h) 4,335 North Carolina State Educational Assistance Authority, Revenue Refunding Bonds (Guaranteed Student Loan), VRDN, AMT (a)(e): 8,000 Series A-1, 3.70% due 9/01/2035 8,000 3,715 Series A-2, 3.70% due 9/01/2035 3,715 2,220 North Carolina State, GO, PUTTERS, VRDN, Series 1400, 3.72% due 6/01/2014 (e)(h) 2,220 1,160 North Carolina State Ports Authority, Exempt Facility Revenue Bonds (Wilmington Bulk LLC Project), VRDN, AMT, Series A, 3.78% due 9/01/2022 (e) 1,160 2,845 North Carolina State Ports Authority, Port Facilities Revenue Refunding Bonds, VRDN, AMT, Series A-2, 3.72% due 3/01/2013 (e) 2,845 1,175 Onslow County, North Carolina, GO, Refunding, 4% due 5/01/2007 (e)(f) 1,175 640 Piedmont Triad Airport Authority, North Carolina, Special Facility Revenue Bonds (Cessna Aircraft Company Project), VRDN, 3.71% due 10/01/2012 (e) 640 6,300 RBC Municipal Products, Inc., North Carolina Medical Care Commission, Hospital Revenue Bonds (Novant Health Inc.), FLOATS, VRDN, Series I-15, 3.71% due 11/01/2014 (e) 6,300 2,000 RBC Municipal Products, Inc., North Carolina Medical Care Commission, Hospital Revenue Refunding Bonds (Mission Health, Inc.), FLOATS, VRDN, Series I-23, 3.71% due 4/01/2015 (e) 2,000 5,500 Raleigh Durham, North Carolina, Airport Authority, Airport Revenue Bonds, VRDN, AMT, Series A, 3.67% due 5/01/2036 (e)(f) 5,500 Face Amount Municipal Bonds Value North Carolina (concluded) $ 280 Rockingham County, North Carolina, Industrial Facilities and Pollution Control Financing Authority Revenue Bonds (Whiteridge Inc. Project), VRDN, AMT, 3.78% due 2/01/2013 (e) $ 280 2,300 Rowan County, North Carolina, Industrial Facilities and Pollution Control Financing Authority, PCR, IDR (Hon Industries Project), VRDN, AMT, 3.76% due 4/01/2018 (e) 2,300 3,000 Rutherford County, North Carolina, Industrial Facilities and Pollution Control Financing Authority, IDR (All American Homes of North Carolina), VRDN, AMT, 3.79% due 11/01/2011 (e) 3,000 1,400 Sampson County, North Carolina, Industrial Facilities and Pollution Control Financing Authority, IDR (Dubose Strapping, Inc. Project), VRDN, AMT, 3.81% due 1/01/2012 (e) 1,400 1,800 Stanley County, North Carolina, Industrial Facilities and Pollution Control Financing Authority, IDR (Patrick Industries Project), VRDN, AMT, 4% due 8/01/2010 (e) 1,800 1,824 Trinity, North Carolina, Sanitary Sewer, GO, BAN, 4.25% due 7/25/2007 1,827 2,380 Vance County, North Carolina, Industrial Facilities and Pollution Control Financing Authority, IDR (HH Hunt Manufacturing Facilities LLC Project), VRDN, 3.76% due 6/01/2015 (e) 2,380 Wake County, North Carolina, CP: 2,000 3.60% due 5/22/2007 2,000 1,800 3.55% due 5/30/2007 1,800 1,600 Wilson County, North Carolina, Industrial Facilities and Pollution Control Financing Authority, IDR (Supreme/Murphy Truck Project), VRDN, AMT, 4% due 6/01/2015 (e) 1,600 3,265 Yancey County, North Carolina, Industrial Facilities and Pollution Control Financing Authority, IDR (Altec Industries, Inc. Project), VRDN, AMT, 3.78% due 3/01/2027 (e) 3,265 Puerto Rico--0.5% 1,000 Puerto Rico Commonwealth Highway and Transportation Authority, Transportation Revenue Bonds, ROCS, VRDN, Series II-R-789CE, 3.68% due 8/30/2009 (e)(h) 1,000 Total Investments (Cost--$198,162*)--99.4% 198,162 Other Assets Less Liabilities--0.6% 1,216 ---------- Net Assets--100.0% $ 199,378 ========== * Cost for federal income tax purposes. (a) AMBAC Insured. (b) MBIA Insured. (c) Radian Insured. (d) FSA Insured. (e) Security may have a maturity of more than one year at time of issuance, but has variable rate and demand features that qualify it as a short-term security. The rate disclosed is that currently in effect. This rate changes periodically based upon prevailing market rates. (f) XL Capital Insured. (g) The security may be offered and sold to "qualified institutional buyers" under Rule 144A of the Securities Act of 1933. (h) These securities are short-term floating rate certificates issued by tender option bond trusts and are secured by the underlying municipal bond securities. See Notes to Financial Statements. CMA MULTI-STATE MUNICIPAL SERIES TRUST MARCH 31, 2007 Schedule of Investments as of March 31, 2007 (In Thousands) CMA Ohio Municipal Money Fund Face Amount Municipal Bonds Value Ohio--99.6% $ 10,820 ABN AMRO MuniTops Certificates Trust, Cincinnati, Ohio, School District, GO, VRDN, Series 2003-34, 3.68% due 12/01/2011 (d)(e) $ 10,820 5,000 ABN AMRO MuniTops Certificates Trust, Middletown, Ohio, City School District, GO, VRDN, Series 2004-23, 3.70% due 12/01/2011 (c)(e) 5,000 7,595 ABN AMRO MuniTops Certificates Trust, South- Western City School District, Ohio, Revenue Bonds, VRDN, Series 2001-7, 3.68% due 12/01/2007 (a)(e) 7,595 5,000 ABN AMRO MuniTops Certificates Trust, University of Cincinnati, Ohio, VRDN, Series 2004-4, 3.70% due 6/01/2012 (a)(e) 5,000 4,930 ABN AMRO MuniTops Certificates Trust, Westerville, Ohio, City School District, VRDN, Series 2001-3, 3.68% due 6/01/2009 (b)(e) 4,930 Akron, Ohio, Income Tax Revenue Bonds, VRDN (c)(e)(g): 990 PUTTERS, Series 381, 3.72% due 12/01/2011 990 1,985 ROCS, Series II-R-2137, 3.71% due 12/01/2020 1,985 American Municipal Power, Inc., Ohio, BAN: 240 3.70% due 12/06/2007 240 1,085 (Brewster Village Project), 3.70% due 1/10/2008 1,085 500 (Lodi Village Project), 3.75% due 3/13/2008 500 380 (Versailles Project), 3.75% due 11/15/2007 380 175 (Yellow Springs Project), 3.75% due 11/01/2007 175 980 American Municipal Power, Inc., Ohio, RAN, 3.65% due 11/01/2007 980 1,380 American Municipal Power, Inc., Ohio, Revenue Refunding Bonds (Combustion Turbine Project), VRDN, 3.68% due 3/01/2023 (e) 1,380 500 Ashtabula County, Ohio, Hospital Facilities Revenue Bonds (Ashtabula County Medical Center Project), VRDN, 3.68% due 12/01/2007 (e) 500 1,010 Avon, Ohio, Local School District, School Construction, GO, BAN, 4.125% due 1/11/2008 1,014 1,020 Barberton, Ohio, Various Purpose Improvement Notes, GO, 4.25% due 11/15/2007 1,024 2,515 Barberton, Ohio, Various Purpose Improvement Notes, GO, Refunding, VRDN, 5% due 4/10/2007 (e) 2,516 100 Bedford Heights, Ohio, GO, BAN, 3.95% due 2/14/2008 100 380 Brunswick, Ohio, GO (Traffic Signal Project), BAN, 3.85% due 12/05/2007 381 2,265 Brunswick, Ohio, Storm Water Drainage System Notes, GO, 4.75% due 5/22/2007 2,268 7,930 Butler County, Ohio, EDR (Great Miami Valley YMCA Project), VRDN, 3.68% due 9/01/2020 (e) 7,930 130 Butler County, Ohio, GO (Jail Rehab), BAN, 4.40% due 9/20/2007 131 6,895 Butler County, Ohio, Hospital Facilities Revenue Bonds, PUTTERS, VRDN, Series 1596, 3.70% due 5/15/2014 (c)(e)(g) 6,895 1,000 Butler County, Ohio, Road Improvement, GO, BAN, 4.50% due 8/10/2007 1,002 Face Amount Municipal Bonds Value Ohio (continued) $ 625 Celina, Ohio, GO, Refunding, BAN, 4.25% due 11/14/2007 $ 627 3,250 Cincinnati, Ohio, City School District, GO, PUTTERS, VRDN, Series 315, 3.70% due 6/01/2010 (d)(e)(g) 3,250 5,750 Cincinnati, Ohio, City School District, GO, Refunding, MERLOTS, VRDN, Series D04, 3.69% due 12/01/2027 (c)(e)(g) 5,750 285 Clark County, Ohio, GO, BAN, 4.02% due 2/13/2008 286 3,700 Clinton County, Ohio, Hospital Revenue Refunding Bonds, VRDN, Series D-1, 3.66% due 12/01/2015 (e) 3,700 3,330 Columbus, Ohio, City School District, GO, Refunding, PUTTERS, VRDN, Series 1488, 3.70% due 6/01/2014 (d)(e)(g) 3,330 8,035 Columbus, Ohio, Regional Airport Authority, M/F Housing Revenue Refunding Bonds (West Bay Apartments Project), VRDN, AMT, 3.80% due 12/01/2034 (e) 8,035 11,100 Columbus, Ohio, Regional Airport Authority, Senior Capital Funding Revenue Bonds (OASBO Expanded Asset Pooled Financing Program), VRDN, 3.67% due 7/01/2035 (e) 11,100 4,305 Cuyahoga County, Ohio, Civic Facility Revenue Bonds (Fairfax Development Corporation), VRDN, 3.73% due 6/01/2022 (e) 4,305 3,000 Cuyahoga County, Ohio, EDR (Cleveland Botanical Garden Project), VRDN, 3.68% due 7/01/2031 (e) 3,000 2,425 Cuyahoga County, Ohio, Health Care Facilities Revenue Bonds (Catholic Charities Facilities), VRDN, 3.73% due 7/01/2012 (e) 2,425 4,680 Cuyahoga County, Ohio, Hospital Facilities Revenue Bonds (Sisters of Charity Health System), VRDN, 3.68% due 11/01/2030 (e) 4,680 Cuyahoga County, Ohio, IDR, VRDN (e): 145 (Athens Pastries Inc. Project), AMT, 3.80% due 6/03/2009 145 145 (Erieview Metal Treating Project), 3.80% due 5/05/2010 145 6,000 (Orlando Baking Company Project), AMT, 3.90% due 1/01/2023 6,000 Cuyahoga County, Ohio, IDR, VRDN, Refunding (e): 790 (Curtiss Wright Project), 3.78% due 12/01/2008 790 1,525 (Parma Care Center Inc. Project), AMT, 3.73% due 12/01/2011 1,525 750 Deerfield Township, Ohio, GO, BAN, Series B, 3.75% due 11/29/2007 750 3,460 Deerfield Township, Ohio, Tax Increment Revenue Bonds, Subordinated Notes, VRDN, Series A, 3.68% due 12/01/2022 (e) 3,460 Dover, Ohio, Various Purpose Improvement Notes, GO: 2,720 5% due 4/05/2007 2,721 1,795 4.25% due 4/03/2008 1,805 1,000 Eagle Tax-Exempt Trust, Cincinnati, Ohio, City School District, COP, VRDN, Series 2006-0155, Class A, 3.72% due 12/15/2032 (d)(e) 1,000 CMA MULTI-STATE MUNICIPAL SERIES TRUST MARCH 31, 2007 Schedule of Investments (continued) (In Thousands) CMA Ohio Municipal Money Fund Face Amount Municipal Bonds Value Ohio (continued) $ 4,000 Eagle Tax-Exempt Trust, Cleveland, Ohio, Water District, VRDN, Series 98, Class 3501, 3.72% due 1/01/2021 (e) $ 4,000 2,525 Erie County, Ohio, BAN, 4.25% due 9/27/2007 2,533 1,900 Euclid, Ohio, GO, BAN, 4.50% due 5/31/2007 1,902 560 Fairborn, Ohio, GO (Fire Station), BAN, 4.25% due 11/01/2007 562 2,500 Franklin County, Ohio, IDR, Refunding (Heekin Can Inc. Project), VRDN, 3.73% due 5/01/2007 (e) 2,500 2,800 Franklin County, Ohio, Revenue Bonds (Trinity Health Credit), VRDN, Series F, 3.67% due 12/01/2030 (d)(e) 2,800 210 Greene County, Ohio, IDR (FC Limited/AFC Stamping), VRDN, AMT, 3.80% due 9/01/2016 (e) 210 8,000 Greene County, Ohio, Sewer System Revenue Refunding Bonds, FLOATS, VRDN, Series 1610, 3.69% due 12/01/2025 (a)(e) 8,000 4,800 Hamilton County, Ohio, EDR (The Contemporary Arts Center), VRDN, 3.70% due 11/01/2021 (e) 4,800 4,750 Hamilton County, Ohio, Parking System Revenue Bonds, VRDN, 3.67% due 12/01/2026 (e) 4,750 3,200 Hamilton County, Ohio, Student Housing Revenue Bonds (Block 3 Community Urban Redevelopment Corporation Project), VRDN, 3.70% due 8/01/2036 (e) 3,200 595 Hamilton, Ohio, Road Improvement, GO, BAN, 4.10% due 9/14/2007 596 1,215 Hamilton, Ohio, Waste Water System, GO, BAN, 4% due 9/14/2007 1,217 5,855 Hancock County, Ohio, M/F Housing Revenue Bonds (Crystal Glen Apartments), VRDN, AMT, Series A, 3.73% due 1/01/2031 (e) 5,855 1,253 Hubbard, Ohio, Exempted Village School District, GO, BAN, 5% due 6/28/2007 1,257 1,568 Huber Heights, Ohio, GO, Refunding, BAN (Utility Improvements), 4.25% due 8/16/2007 1,572 615 Huber Heights, Ohio, IDR (Lasermike, Inc. Project), VRDN, 3.80% due 12/01/2014 (e) 615 2,385 Independence, Ohio, EDR, Refunding (Rockside Spectrum Building), VRDN, 3.73% due 12/01/2016 (e) 2,385 Indian Lake, Ohio, Local School District, School Construction, GO, BAN: 1,000 4.20% due 5/24/2007 1,001 610 4.70% due 5/24/2007 611 1,350 Kent, Ohio, GO, BAN, 4.25% due 10/18/2007 1,355 4,955 Knox County, Ohio, Hospital Facilities Revenue Bonds (Knox Community Hospital Project), VRDN, 3.68% due 12/01/2029 (e) 4,955 1,500 Lake County, Ohio, Various Purpose, GO, VRDN, 5% due 7/23/2007 (e) 1,505 670 Lancaster, Ohio, Street Improvements, GO, BAN, 4.25% due 10/17/2007 672 5,230 Lehman Municipal Trust Receipts, Madeira, Ohio, City School District, GO, Refunding, VRDN, Series 07-K8, 3.70% due 12/01/2027 (d)(e) 5,230 Face Amount Municipal Bonds Value Ohio (continued) $ 2,000 Lehman Municipal Trust Receipts, Ohio State HFA, FLOATS, VRDN, AMT, Series 2006-K25, 3.75% due 9/01/2031 (e) $ 2,000 630 Lorain County, Ohio, Highway Improvement, GO, BAN, 4.25% due 3/28/2008 633 915 Lucas County, Ohio, EDR (Hammill Manufacturing Company Project), VRDN, AMT, 3.73% due 5/01/2010 (e) 915 Lucas County, Ohio, Hospital Revenue Bonds, VRDN (e): 25 (Sunshine Children's Home Project), 3.83% due 12/01/2007 25 945 (Sunshine Inc.-Northwest Ohio Project), 3.83% due 6/02/2014 945 1,560 Mahoning County, Ohio, IDR (Industrial Waste Control Project), VRDN, AMT, 3.80% due 12/01/2032 (e) 1,560 725 Mahoning County, Ohio, Revenue Bonds (Youngstown Community School Project), VRDN, 3.78% due 2/01/2017 (e) 725 Marion, Ohio, GO, BAN: 5,825 4.25% due 10/17/2007 5,844 1,295 (Legacy Crossing), 4.50% due 5/03/2007 1,296 516 (Menard Capital Improvements), 4.15% due 10/23/2007 517 6,975 Marysville, Ohio, BAN, Tax Increment Financing Revenue Refunding Bonds, 3.80% due 9/12/2007 6,975 630 Marysville, Ohio, GO, BAN, 4.25% due 3/06/2008 633 1,215 Mason, Ohio, IDR (O D M Properties LLC Project), VRDN, AMT, 3.90% due 11/01/2018 (e) 1,215 982 Massillon, Ohio, GO, BAN (Lincoln Center), 4.125% due 11/13/2007 985 750 Medina County, Ohio, IDR (Partners in Plastics Project), VRDN, AMT, 3.80% due 9/01/2012 (e) 750 1,265 Middletown, Ohio, GO (Union Road Improvements), VRDN, 4.25% due 11/01/2007 (e) 1,270 600 Montgomery County, Ohio, EDR (Benjamin & Marian Project), VRDN, Series A, 3.73% due 4/01/2011 (e) 600 Montgomery County, Ohio, Health Care Facilities Revenue Bonds, VRDN (e): 2,195 (Kettering Affiliated Project), 3.73% due 5/01/2022 2,195 1,445 (South Community, Inc. Project), 3.78% due 9/01/2014 1,445 1,270 Montgomery County, Ohio, IDR (Citywide Development Corporation Project), VRDN, AMT, 4% due 12/01/2013 (e) 1,270 5,260 Montgomery County, Ohio, M/F Housing Revenue Refunding Bonds (Timber Creek Village Apartments), VRDN, AMT, 3.75% due 12/01/2027 (e) 5,260 13,900 Montgomery County, Ohio, Revenue Bonds (Catholic Health Initiatives), VRDN, Series B-2, 3.68% due 4/01/2037 (e) 13,900 2,690 Muskingum County, Ohio, Various Purpose, GO, BAN, 4.50% due 7/17/2007 2,695 CMA MULTI-STATE MUNICIPAL SERIES TRUST MARCH 31, 2007 Schedule of Investments (continued) (In Thousands) CMA Ohio Municipal Money Fund Face Amount Municipal Bonds Value Ohio (continued) $ 550 Newark, Ohio, GO, BAN (Evans Boulevard Construction), 4.50% due 10/10/2007 $ 552 1,730 North Central Local School District, Ohio, BAN, 4.50% due 6/22/2007 1,733 1,575 Oakwood, Ohio, Land Acquisition, GO, BAN, 4.25% due 10/17/2007 1,580 3,790 Ohio HFA, Mortgage Revenue Refunding Bonds, MERLOTS, VRDN, AMT, Series A02, 3.74% due 3/01/2036 (e)(f)(g) 3,790 5,300 Ohio State Air Quality Development Authority, PCR (Ohio Edison Company), VRDN, AMT, Series C, 3.80% due 9/01/2018 (e) 5,300 Ohio State Air Quality Development Authority, Revenue Refunding Bonds (Cincinnati Gas and Electric), VRDN (e): 2,100 Series A, 3.85% due 9/01/2030 2,100 2,100 Series B, 3.90% due 9/01/2030 2,100 Ohio State, GO, PUTTERS, VRDN (e)(g): 9,500 Series 306, 3.70% due 11/01/2018 9,500 4,565 Series 1485, 3.72% due 3/15/2014 (b) 4,565 800 Ohio State Higher Educational Facilities Commission, Higher Educational Facility Revenue Bonds (Kenyon College Project), VRDN, 3.70% due 11/01/2035 (e) 800 2,215 Ohio State Higher Educational Facilities Commission Revenue Bonds (Mount Vernon Nazareth College Project), VRDN, 3.73% due 9/01/2009 (e) 2,215 790 Ohio State Higher Educational Facilities Commission, Revenue Refunding Bonds (Pooled Financing), VRDN, 3.73% due 12/01/2016 (e) 790 2,700 Ohio State IDR (University Forest Products Project), VRDN, AMT, 3.81% due 10/01/2020 (e) 2,700 Ohio State Solid Waste Revenue Bonds, VRDN, AMT (e): 4,700 (BP Exploration and Oil Inc. Project), 3.70% due 2/01/2033 4,700 1,900 (BP Exploration and Oil Inc. Project), 3.70% due 8/01/2034 1,900 6,200 (BP Products of North America), 3.70% due 8/01/2034 6,200 3,200 (Republic Services, Inc. Project), 3.95% due 11/01/2035 3,200 1,000 Olmsted Falls, Ohio, GO, BAN, 3.90% due 10/18/2007 1,001 2,050 Osnaburg, Ohio, Local School District, GO, BAN (School Facilities Construction), 4.75% due 7/31/2007 2,057 920 Painesville, Ohio, GO, BAN, Series 3, 4.25% due 11/13/2007 923 440 Paulding Village, Ohio, GO, BAN, 4.50% due 9/13/2007 441 1,134 Perrysburg, Ohio, GO, BAN, 4.50% due 8/09/2007 1,136 6,100 Port of Greater Cincinnati Development Authority, Ohio, Special Obligation Development Revenue Bonds (Springdale Public Infrastructure), VRDN, 3.80% due 2/01/2031 (e) 6,100 Face Amount Municipal Bonds Value Ohio (continued) $ 4,845 Portage County, Ohio, IDR (Singer Steel Company Project), VRDN, AMT, 3.90% due 1/01/2020 (e) $ 4,845 695 Portage County, Ohio, Industrial Revenue Bonds (John E. Susong Project), VRDN, Series B, 3.80% due 5/02/2016 (e) 695 Portage County, Ohio, Industrial Revenue Refunding Bonds, VRDN (e): 760 (John E. Susong Project), Series A, 3.80% due 5/02/2011 760 1,260 (PM Properties One Ltd.), AMT, 4% due 11/01/2012 1,260 913 Richland County, Ohio, Bridge and Road Improvement, GO, BAN, 4.75% due 8/07/2007 916 258 Richland County, Ohio, GO, BAN, 4.25% due 3/25/2008 259 110 Sandusky County, Ohio, IDR (Magnesium Refining Technologies Inc. Project), VRDN, AMT, Series A, 3.80% due 9/01/2007 (e) 110 1,265 Seven Hills, Ohio, GO, Refunding, BAN (Street Improvements), 4.25% due 12/06/2007 1,270 2,550 Shaker Heights, Ohio, GO, Refunding, BAN, Series A, 4.75% due 5/11/2007 2,553 1,360 Sharonville, Ohio, GO, BAN, 4.50% due 8/14/2007 1,363 625 Springdale, Ohio, GO, BAN, 4.25% due 10/11/2007 627 5,100 Stark County, Ohio, Port Authority, EDR (Meiser Bartley Gratings Project), VRDN, AMT, 3.90% due 4/01/2015 (e) 5,100 590 Strongsville, Ohio, IDR (E&E Properties/Dupli Systems Project), VRDN, AMT, 3.88% due 2/01/2010 (e) 590 1,650 Summit County, Ohio, Exempt Facility Revenue Bonds (KB Compost Services, Inc. Project), VRDN, AMT, 3.80% due 12/01/2011 (e) 1,650 510 Summit County, Ohio, IDR (Waldonia Investment Project), VRDN, AMT, 3.80% due 7/01/2018 (e) 510 2,400 Summit County, Ohio, Port Authority Revenue Bonds (Compost Services, Inc. Project), VRDN, AMT, 3.80% due 4/01/2021 (e) 2,400 1,000 Teays Valley, Ohio, Local School District, School Facilities Construction Improvement Notes, 4.25% due 6/15/2007 1,001 3,500 Toledo, Ohio, City School District, GO, PUTTERS, VRDN, Series 655, 3.72% due 12/01/2011 (c)(e)(g) 3,500 3,875 Trotwood, Ohio, GO, Real Estate Acquisition Notes, Series A, 4.50% due 9/27/2007 3,891 1,900 Trumbull County, Ohio, GO, BAN (County Building Improvements), 4.55% due 4/04/2007 1,900 3,500 Trumbull County, Ohio, IDR (Ellwood Engineered Casting Company), Refunding, VRDN, AMT, 3.80% due 4/01/2013 (e) 3,500 2,000 Trumbull County, Ohio, IDR (McDonald Steel Corporation), VRDN, AMT, 3.80% due 4/01/2017 (e) 2,000 CMA MULTI-STATE MUNICIPAL SERIES TRUST MARCH 31, 2007 Schedule of Investments (concluded) (In Thousands) CMA Ohio Municipal Money Fund Face Amount Municipal Bonds Value Ohio (continued) $ 4,800 University of Cincinnati, Ohio, General Receipts Revenue Refunding Bonds, VRDN, Series B, 3.68% due 6/01/2020 (b)(e) $ 4,800 1,800 University of Toledo, Ohio, General Receipts Revenue Refunding Bonds, VRDN, 3.70% due 6/01/2032 (c)(e) 1,800 625 Valley View, Ohio, IDR (Porter Development Project), VRDN, AMT, 3.88% due 5/01/2016 (e) 625 670 Valley View, Ohio, IDR, Refunding and Improvement Bonds (Sweet Valley Dillon), VRDN, 3.80% due 4/01/2011 (e) 670 2,955 Van Wert County, Ohio, GO, BAN (Capital Facilities), 4.25% due 12/13/2007 2,968 1,000 Vermilion, Ohio, GO, BAN, 4.50% due 7/26/2007 1,002 500 Wapakoneta, Ohio, BAN, 4% due 11/14/2007 501 Face Amount Municipal Bonds Value Ohio (concluded) $ 1,085 Warren County, Ohio, IDR (PAC Manufacturing LLC Project), VRDN, AMT, 3.80% due 12/01/2025 (e) $ 1,085 3,400 West Chester Township, Ohio, Tax Increment Financing Revenue Bonds (West Chester Streets Project), VRDN, 3.77% due 12/01/2021 (e) 3,400 655 Willoughby, Ohio, IDR (Malish Brush and Specialty), VRDN, AMT, 4.15% due 6/01/2009 (e) 655 Wood County, Ohio, IDR, VRDN, AMT (e): 185 (Centaur Tool and Die Inc. Project), 3.88% due 8/01/2010 185 1,405 (Jerl Machine Project), 3.78% due 9/01/2016 1,405 385 Wooster, Ohio, IDR (Litco International, Inc. Project), VRDN, AMT, 3.88% due 5/01/2010 (e) 385 Total Investments (Cost--$376,950*)--99.6% 376,950 Other Assets Less Liabilities--0.4% 1,511 ---------- Net Assets--100.0% $ 378,461 ========== * Cost for federal income tax purposes. (a) AMBAC Insured. (b) MBIA Insured. (c) FGIC Insured. (d) FSA Insured. (e) Security may have a maturity of more than one year at time of issuance, but has variable rate and demand features that qualify it as a short-term security. The rate disclosed is that currently in effect. This rate changes periodically based upon prevailing market rates. (f) GNMA Collateralized. (g) These securities are short-term floating rate certificates issued by tender option bond trusts and are secured by the underlying municipal bond securities. See Notes to Financial Statements. CMA MULTI-STATE MUNICIPAL SERIES TRUST MARCH 31, 2007 Schedule of Investments as of March 31, 2007 (In Thousands) CMA Pennsylvania Municipal Money Fund Face Amount Municipal Bonds Value Pennsylvania--99.2% $ 10,230 ABN AMRO MuniTops Certificates Trust, Pennsylvania, GO, Refunding, VRDN, Series 2006-48, 3.70% due 5/15/2014 (d)(e) $ 10,230 3,760 ABN AMRO MuniTops Certificates Trust, Pennsylvania, GO, VRDN, Series 2001-18, 3.70% due 10/01/2009 (c)(d) 3,760 4,000 ABN AMRO MuniTops Certificates Trust, Pennsylvania Turnpike Commission Revenue Bonds, VRDN, Series 2004-9, 3.70% due 12/01/2012 (a)(d) 4,000 4,600 ABN AMRO MuniTops Certificates Trust, Philadelphia, Pennsylvania, Water and Wastewater Revenue Bonds, VRDN, Series 2005-15, 3.66% due 7/01/2013 (d)(e) 4,600 4,500 ABN AMRO MuniTops Certificates Trust, Upper Saint Clair Township School District, Pennsylvania, GO, Refunding, VRDN, Series 2002-5, 3.65% due 7/15/2010 (d)(e)(g) 4,500 1,000 Allegheny County, Pennsylvania, Airport Authority, Airport Revenue Refunding Bonds, PUTTERS, VRDN, AMT, Series 1594, 3.75% due 1/01/2018 (b)(c)(d)(i) 1,000 Allegheny County, Pennsylvania, Hospital Development Authority Revenue Bonds, PUTTERS, VRDN (d)(i): 3,955 Series 1281, 3.70% due 1/15/2011 (c) 3,955 9,209 (University of Pittsburgh Medical Center), Series B-1, 3.78% due 12/01/2016 9,209 3,660 Allegheny County, Pennsylvania, Hospital Development Authority, Revenue Refunding Bonds (Jefferson Regional Medical Center Project), VRDN, Series A, 3.78% due 5/01/2007 (d) 3,660 9,280 Allegheny County, Pennsylvania, IDA, Health and Housing Facilities, Senior Revenue Refunding Bonds (Longwood at Oakmont, Inc.), VRDN, Series B, 3.68% due 7/01/2027 (d)(f) 9,280 8,300 Bank of America MACON Trust, Pennsylvania Economic Development Financing Authority, Solid Waste Disposal Revenue Bonds, VRDN, AMT, Series V, 3.75% due 11/01/2028 (d) 8,300 6,400 Berks County, Pennsylvania, IDA, IDR (Zenith Properties LP Project), VRDN, AMT, 3.76% due 6/01/2031 (d) 6,400 3,450 Bethlehem, Pennsylvania, Area School District, GO, VRDN, 3.68% due 1/01/2032 (d)(e) 3,450 2,600 Bradford County, Pennsylvania, IDA Revenue Bonds (State Aggregates Inc. Project), VRDN, AMT, 3.81% due 2/01/2015 (d) 2,600 Bucks County, Pennsylvania, IDA Revenue Bonds, VRDN, AMT (d): 2,670 (Bracalentes Manufacturing Company Inc. Project), 3.81% due 6/01/2016 2,670 4,500 (Harsco Corporation Project), 3.81% due 8/01/2011 4,500 3,260 (L&P Properties LP Project), Series A, 3.91% due 6/01/2014 3,260 395 (Specialty Ring Products, Inc.), 3.81% due 10/01/2009 395 Face Amount Municipal Bonds Value Pennsylvania (continued) $ 4,300 Butler County, Pennsylvania, IDA Revenue Bonds (Concordia Lutheran Ministers), VRDN, Series C, 3.67% due 10/01/2030 (d)(f) $ 4,300 1,425 Carbondale, Pennsylvania, IDA, IDR (JM Wells Company LP Project), VRDN, AMT, 3.80% due 9/01/2015 (d) 1,425 Chester County, Pennsylvania, IDA Revenue Bonds, VRDN, AMT (d): 2,240 (The Hankin Group), Series A, 3.81% due 12/01/2020 2,240 2,440 (West Vincent Association), Series B, 3.81% due 12/01/2020 2,440 3,495 Chester County, Pennsylvania, School Authority, School Lease Revenue Bonds, PUTTERS, VRDN, Series 1123, 3.72% due 10/01/2013 (a)(d)(i) 3,495 3,600 Coatsville, Pennsylvania, School District, GO, VRDN, 5.75% due 4/01/2007 (d)(e)(h) 3,600 985 Crawford County, Pennsylvania, IDA (Heatrix Inc. Project), VRDN, AMT, Series A, 3.83% due 11/01/2017 (d) 985 Cumberland County, Pennsylvania, Municipal Authority, Revenue Refunding Bonds, VRDN (d): 10,000 (Asbury Obligated Group), 3.67% due 1/01/2041 10,000 2,500 (Presbyterian Homes Project), Series B, 3.65% due 12/01/2007 (f) 2,500 2,800 Delaware County, Pennsylvania, Authority Revenue Refuning Bonds (Riddle Village Project), VRDN, 3.65% due 6/01/2037 (d) 2,800 4,500 Delaware County, Pennsylvania, IDA, PCR, Refunding (BP Exploration and Oil), VRDN, 3.71% due 10/01/2019 (d) 4,500 1,000 Delaware County, Pennsylvania, IDA, Revenue Bonds (Melmark, Inc. Project), VRDN, 3.70% due 3/01/2026 (d) 1,000 5,000 Eagle Tax-Exempt Trust, Delaware Valley Regional Finance Authority, Pennsylvania, Local Government Revenue Bonds, VRDN, Series 2004-0026, Class A, 3.72% due 8/01/2028 (a)(d) 5,000 3,000 Elizabethtown, Pennsylvania, IDA, Revenue Refunding Bonds (Pennsylvania College), VRDN, 3.75% due 6/15/2029 (d) 3,000 15,000 Erie, Pennsylvania, City School District, GO, TRAN, 4.50% due 6/29/2007 15,019 1,325 Greene County, Pennsylvania, IDA Revenue Bonds (Manufacturing Facilities-Kyowa America), VRDN, AMT, Series D, 3.83% due 7/01/2014 (d) 1,325 5,315 Grove City, Pennsylvania, Area Hospital Authority, Health Care Facility Revenue Bonds (John XXIII Home Project), VRDN, 3.73% due 2/01/2030 (d) 5,315 2,420 Hampden, Pennsylvania, IDA Revenue Refunding Bonds (Pennsylvania Pipe Inc.), VRDN, AMT, 3.81% due 12/01/2014 (d) 2,420 CMA MULTI-STATE MUNICIPAL SERIES TRUST MARCH 31, 2007 Schedule of Investments (continued) (In Thousands) CMA Pennsylvania Municipal Money Fund Face Amount Municipal Bonds Value Pennsylvania (continued) $ 7,650 Harrisburg, Pennsylvania, Authority, School Revenue Refunding Bonds (The School District of Harrisburg Project), VRDN, 3.65% due 12/01/2027 (a)(d) $ 7,650 4,660 Indiana County, Pennsylvania, IDA, PCR, Refunding (Conemaugh Project), VRDN, AMT, Series A, 3.73% due 6/01/2027 (d) 4,660 3,605 Jackson Township, Pennsylvania, IDA Revenue Bonds (V&S Lebanon Galvanizing Project), VRDN, AMT, 4% due 4/01/2021 (d) 3,605 6,390 Lackawanna County, Pennsylvania, GO, MSTR, VRDN, Series SGB-38, 3.69% due 9/15/2020 (d)(i) 6,390 1,400 Lackawanna County, Pennsylvania, IDA, IDR (Herff Jones Inc. Project), VRDN, AMT, 3.78% due 6/01/2026 (d) 1,400 9,130 Lancaster County, Pennsylvania, Hospital Authority, Health Center Revenue Refunding Bonds (Brethren Village), VRDN, 3.70% due 6/15/2020 (d) 9,130 800 Lancaster, Pennsylvania, IDA, IDR (Buck Company Project), VRDN, AMT, 3.76% due 2/01/2010 (d) 800 3,000 Lancaster, Pennsylvania, IDA, Revenue Bonds (Student Lodging, Inc. Project), VRDN, 3.75% due 12/01/2026 (d) 3,000 5,000 Lancaster, Pennsylvania, Municipal Authority, Revenue Refunding Bonds (Garden Spot Village Project), VRDN, Series C, 3.70% due 5/01/2036 (d) 5,000 13,235 Langhorne Manor Boro, Pennsylvania, Higher Education and Health Authority, Retirement Revenue Refunding Bonds (Wesley Enhanced Living), VRDN, Series A, 3.68% due 10/01/2032 (d)(f) 13,235 2,500 Lehman Municipal Trust Receipts, Pennsylvania HFA, FLOATS, VRDN, AMT, Series 2006-K57, 3.78% due 10/01/2037 (d) 2,500 1,765 Ligonier Valley, Pennsylvania, School District, GO, TAN, 4.50% due 6/29/2007 1,767 2,290 Luzerne County, Pennsylvania, IDA Revenue Bonds (Nardone Brothers Baking Project), VRDN, AMT, 3.76% due 3/01/2019 (d) 2,290 4,220 Montgomery County, Pennsylvania, IDA, Retirement Community Revenue Bonds (ACTS Retirement- Life Communities, Inc.), VRDN, 3.68% due 11/15/2029 (d)(f) 4,220 Montgomery County, Pennsylvania, IDA, Revenue Bonds, VRDN (d): 1,315 (Big Little Association Project), Series A, 3.81% due 2/01/2019 1,315 2,700 (Edmund Optical Manufacturing LLC Project), AMT, 3.81% due 4/01/2016 2,700 985 (Girl Scouts of Southeastern Pennsylvania), 3.76% due 2/01/2025 985 665 (Independent Support System Project), 3.76% due 3/01/2016 665 1,975 (Valley Forge Baptist), 3.76% due 9/01/2023 1,975 Face Amount Municipal Bonds Value Pennsylvania (continued) $ 4,425 Mount Lebanon, Pennsylvania, School District, GO, MERLOTS, VRDN, Series B19, 3.69% due 2/15/2027 (b)(d)(i) $ 4,425 6,000 Municipal Securities Trust Certificates, Pennsylvania, Revenue Refunding Bonds, VRDN, Series 2001-121, Class A, 3.70% due 12/22/2009 (c)(d) 6,000 Northampton County, Pennsylvania, IDA Revenue Bonds, VRDN, AMT (d): 2,985 (DG Properties Inc. Project), 3.81% due 7/01/2021 2,985 1,890 (Nicos Polymers & Grinding), 3.81% due 2/01/2020 1,890 1,505 (Reale Association Project), 3.76% due 4/01/2012 1,505 15,000 Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds (Merck & Co. Inc. Project), VRDN, AMT, 3.72% due 7/01/2031 (d) 15,000 2,500 Pennsylvania Economic Development Financing Authority, Resource Recovery Revenue Refunding Bonds, ROCS, VRDN, AMT, Series II-R-394, 3.73% due 12/01/2018 (a)(d)(i) 2,500 Pennsylvania Economic Development Financing Authority Revenue Bonds, VRDN (d): 1,000 (Conestoga Wood Specialists), Series C-1, 3.81% due 3/01/2015 1,000 2,800 (Delancey Traditions Project), AMT, 3.67% due 12/01/2036 2,800 2,285 (Waste Gas Fabricating Company Project), AMT, Series C-3, 3.81% due 4/01/2020 2,285 3,000 (Westrum Harleysville II Project), AMT, 3.67% due 1/01/2035 3,000 Pennsylvania Economic Development Financing Authority, Wastewater Treatment Revenue Refunding Bonds (Sunoco Inc. - R & M Project), VRDN, AMT (d): 1,900 Series A, 3.875% due 10/01/2034 1,900 2,300 Series B, 3.86% due 10/01/2034 2,300 1,480 Pennsylvania Energy Development Authority Revenue Bonds (B&W Ebensburg Project), VRDN, AMT, 3.70% due 12/01/2011 (d) 1,480 Pennsylvania State, GO, FLOATS, VRDN (d): 4,986 Series 696, 3.69% due 5/01/2018 (e) 4,986 6,805 Series 1624, 3.69% due 3/01/2027 6,805 Pennsylvania HFA, S/F Mortgage Revenue Bonds, VRDN, AMT (d): 5,250 MERLOTS, Series B15, 3.74% due 10/01/2026 (i) 5,250 4,300 PUTTERS, Series 1592, 3.75% due 10/01/2014 (i) 4,300 9,100 Series 83C, 3.67% due 10/01/2035 9,100 8,000 Series 86B, 3.70% due 4/01/2035 8,000 10,000 Series 89, 3.70% due 10/01/2035 10,000 24,750 Series 90C, 3.69% due 4/01/2036 24,750 5,000 Series 95-C, 3.67% due 4/01/2026 5,000 12,900 Pennsylvania HFA, S/F Mortgage Revenue Refunding Bonds, VRDN, AMT, Series 91-B, 3.70% due 10/01/2036 (d) 12,900 CMA MULTI-STATE MUNICIPAL SERIES TRUST MARCH 31, 2007 Schedule of Investments (continued) (In Thousands) CMA Pennsylvania Municipal Money Fund Face Amount Municipal Bonds Value Pennsylvania (continued) $ 6,000 Pennsylvania State Higher Education Assistance Agency, Student Loan Revenue Refunding Bonds, VRDN, AMT, Series B, 3.71% due 1/01/2017 (d)(e) $ 6,000 Pennsylvania State Higher Educational Facilities Authority Revenue Bonds, VRDN (d): 2,580 FLOATS, Series 1547, 3.69% due 9/01/2039 (a) 2,580 1,415 PUTTERS, Series 1378, 3.72% due 6/15/2014 (f)(i) 1,415 4,100 (Saint Joseph's University), Series C4, 3.62% due 11/01/2028 4,100 Pennsylvania State Higher Educational Facilities Authority, Revenue Refunding Bonds, VRDN (d): 1,700 (Association of Independent Colleges and Universities of Pennsylvania Financing Program), Series I1, 3.63% due 11/01/2007 1,700 4,167 FLOATS, Series 1412, 3.69% due 4/01/2028 (b) 4,168 1,500 Pennsylvania State Turnpike Commission, Turnpike Revenue Refunding Bonds, VRDN, Series B, 3.65% due 12/01/2012 (d) 1,500 1,800 Philadelphia, Pennsylvania, Airport Revenue Bonds, VRDN, AMT, Series B, 3.70% due 6/15/2020 (b)(d) 1,800 5,900 Philadelphia, Pennsylvania, Airport Revenue Refunding Bonds, VRDN, AMT, Series C, 3.75% due 6/15/2025 (b)(d) 5,900 Philadelphia, Pennsylvania, Authority for IDR, VRDN (d): 4,105 (Comhar, Inc. Project), 3.71% due 9/01/2023 4,105 6,065 (Gift of Life Donor Program Project), 3.68% due 12/01/2034 6,065 2,000 (Girard Estate Facilities Leasing), 3.70% due 11/01/2031 2,000 2,105 (Greater Philadelphia Health Care), Revenue Refunding Bonds, 3.68% due 1/01/2024 2,105 1,240 (Henry H. Ottens Manufacturing Project), 3.81% due 10/01/2013 1,240 1,070 (Interim House West Project), 3.76% due 9/01/2026 1,070 780 (Lannett Company, Inc. Project), 3.81% due 5/01/2014 780 865 Philadelphia, Pennsylvania, GO, TRAN, 4.50% due 6/29/2007 867 15,000 Philadelphia, Pennsylvania, Gas Works, CP, 3.63% due 5/07/2007 15,000 Philadelphia, Pennsylvania, Hospitals and Higher Education Facilities Authority, Hospital Revenue Refunding Bonds (Children's Hospital Project), VRDN (d): 1,700 Series A, 3.70% due 7/01/2022 1,700 2,000 Series B, 3.70% due 7/01/2025 2,000 Face Amount Municipal Bonds Value Pennsylvania (continued) $ 3,600 RBC Municipal Products, Inc., Pennsylvania State Public School Building Authority Revenue Bonds, FLOATS, VRDN, Series I-16, 3.69% due 12/01/2014 (d)(e) $ 3,600 1,535 RBC Municipal Products, Inc., Pocono Mountain School District, Pennsylvania, GO, Refunding, FLOATS, VRDN, Series I-22, 3.70% due 3/01/2015 (d)(e) 1,535 1,415 Schuylkill County, Pennsylvania, IDA, Revenue Bonds (K.P. Tamaqua, LP Project), VRDN, AMT, 3.71% due 1/01/2032 (d) 1,415 1,920 Scranton-Lackawanna, Pennsylvania, Health and Welfare Authority, Revenue Refunding Bonds, MERLOTS, VRDN, Series A-18, 3.69% due 3/01/2015 (a)(d)(i) 1,920 2,390 Somerset County, Pennsylvania, IDA Revenue Bonds (Somerset Welding and Steel), VRDN, AMT, 3.78% due 3/02/2015 (d) 2,390 2,300 Southcentral General Authority, Pennsylvania, Revenue Bonds, ROCS, VRDN, Series II-R-604, 3.72% due 12/01/2030 (d)(f)(i) 2,300 3,100 Susquehanna County, Pennsylvania, IDA Revenue Bonds (Stabler Companies Inc. Project), VRDN, AMT, 3.76% due 12/01/2016 (d) 3,100 7,250 Temple University of the Commonwealth System of Higher Education, Pennsylvania, University Funding Obligations, Revenue Refunding Bonds, 5% due 4/26/2007 7,257 2,500 UBS Municipal CRVS Trust, Philadelphia, Pennsylvania, Authority for IDR, FLOATS, VRDN, Series 06-1014, 3.68% due 6/01/2026 (c)(d) 2,500 4,000 Union County, Pennsylvania, Hospital Authority, Hospital Revenue Refunding Bonds (Evangelical Community Hospital), VRDN, 3.70% due 2/01/2008 (d)(f) 4,000 3,000 University of Pittsburgh, Pennsylvania, The Commonwealth System of Higher Education (Pittsburgh Asset Notes-Panthers), 4.50% due 8/24/2007 3,009 2,185 Upper Merion, Pennsylvania, General Authority Lease, Revenue Refunding Bonds, VRDN, 3.68% due 9/01/2016 (d) 2,185 4,100 Upper Merion, Pennsylvania, Municipal Utility Authority, Revenue Refunding Bonds, VRDN, 3.68% due 9/01/2016 (d) 4,100 26,124 Venango, Pennsylvania, IDA, CP, 3.70% due 5/03/2007 26,124 2,000 Washington County, Pennsylvania, IDA, IDR (Pennatronics Corporation Project), VRDN, AMT, 3.78% due 11/01/2020 (d) 2,000 CMA MULTI-STATE MUNICIPAL SERIES TRUST MARCH 31, 2007 Schedule of Investments (concluded) (In Thousands) CMA Pennsylvania Municipal Money Fund Face Amount Municipal Bonds Value Pennsylvania (continued) $ 1,925 Wyoming, Pennsylvania, IDA, Revenue Bonds (Deer Park Lumber, Inc. Project), VRDN, AMT, Series A, 3.73% due 3/01/2023 (d) $ 1,925 3,500 York County, Pennsylvania, GO, TRAN, 4% due 6/30/2007 3,503 Face Amount Municipal Bonds Value Pennsylvania (concluded) $ 2,100 York County, Pennsylvania, IDA Revenue Bonds (495 Leasing Project), VRDN, AMT, 3.81% due 6/01/2021 (d) $ 2,100 Total Investments (Cost--$511,639*)--99.2% 511,639 Other Assets Less Liabilities--0.8% 4,110 ---------- Net Assets--100.0% $ 515,749 ========== * Cost for federal income tax purposes. (a) AMBAC Insured. (b) MBIA Insured. (c) FGIC Insured. (d) Security may have a maturity of more than one year at time of issuance, but has variable rate and demand features that qualify it as a short-term security. The rate disclosed is that currently in effect. This rate changes periodically based upon prevailing market rates. (e) FSA Insured. (f) Radian Insured. (g) The security may be offered and sold to "qualified institutional buyers" under Rule 144A of the Securities Act of 1933. (h) Prerefunded. (i) These securities are short-term floating rate certificates issued by tender option bond trusts and are secured by the underlying municipal bond securities. See Notes to Financial Statements. CMA MULTI-STATE MUNICIPAL SERIES TRUST MARCH 31, 2007 Statements of Assets and Liabilities
CMA CMA CMA CMA CMA As of March 31, 2007 Arizona California Connecticut Florida Massachusetts Assets Investments in unaffiliated securities, at value* $ 182,586,755 $3,353,085,887 $ 526,537,491 $ 311,325,980 $ 407,549,913 Cash 8,591 78,343 117,484 24,874 232,104 Interest receivable 977,974 23,962,646 4,389,146 2,053,926 2,649,633 Receivable for securities sold -- -- 13,368,887 -- -- Prepaid expenses and other assets 4,862 32,520 13,882 10,908 7,192 -------------- -------------- -------------- -------------- -------------- Total assets 183,578,182 3,377,159,396 544,426,890 313,415,688 410,438,842 -------------- -------------- -------------- -------------- -------------- Liabilities Payable to investment adviser 73,099 1,090,052 225,642 173,455 170,227 Payable to distributor 25,768 470,967 81,232 43,039 60,178 Payable for securities purchased -- 1,065,108 -- 5,051,750 6,256,979 Payable for other affiliates 1,638 24,258 4,854 3,444 3,624 Payable for beneficial interest redeemed 174 26,722 776 882 785 Accrued expenses and other liabilities 35,848 263,259 64,133 54,342 56,389 -------------- -------------- -------------- -------------- -------------- Total liabilities 136,527 2,940,366 376,637 5,326,912 6,548,182 -------------- -------------- -------------- -------------- -------------- Net Assets Net assets $ 183,441,655 $3,374,219,030 $ 544,050,253 $ 308,088,776 $ 403,890,660 ============== ============== ============== ============== ============== Net Assets Consist of Undistributed investment income--net $ 45 $ -- $ -- $ 207,760 $ -- Undistributed (accumulated) realized capital gains (losses)--net (49,348) 4,272 (64,329) (11,010) 27,388 -------------- -------------- -------------- -------------- -------------- Total accumulated earnings (losses)--net (49,303) 4,272 (64,329) 196,750 27,388 -------------- -------------- -------------- -------------- -------------- Shares of beneficial interest, $.10 par value, unlimited number of shares authorized 18,351,740 337,458,997 54,418,892 30,809,979 40,386,337 Paid-in capital in excess of par 165,139,218 3,036,755,761 489,695,690 277,082,047 363,476,935 -------------- -------------- -------------- -------------- -------------- Net Assets--Equivalent to $1.00 per share based on shares of beneficial interest outstanding++ $ 183,441,655 $3,374,219,030 $ 544,050,253 $ 308,088,776 $ 403,890,660 ============== ============== ============== ============== ============== ++ Shares of beneficial interest outstanding 183,517,400 3,374,589,973 544,188,916 308,099,786 403,863,370 ============== ============== ============== ============== ============== * Identified cost $ 182,586,755 $3,353,085,887 $ 526,537,491 $ 311,325,980 $ 407,549,913 ============== ============== ============== ============== ============== See Notes to Financial Statements.
CMA MULTI-STATE MUNICIPAL SERIES TRUST MARCH 31, 2007 Statements of Assets and Liabilities (concluded)
CMA CMA CMA CMA CMA CMA As of March 31, 2007 Michigan New Jersey New York North Carolina Ohio Pennsylvania Assets Investments in unaffiliated securities, at value* $ 260,538,382 $1,332,911,777 $2,813,639,600 $ 198,162,348 $ 376,949,826 $ 511,638,769 Cash 96,420 103,620 261,478 315,194 24,888 36,878 Interest receivable 1,983,767 9,884,903 23,418,907 1,045,027 3,466,249 4,427,540 Receivable for securities sold -- -- -- -- 75,000 -- Prepaid expenses and other assets 10,404 8,484 21,921 8,963 10,112 10,552 -------------- -------------- -------------- -------------- -------------- -------------- Total assets 262,628,973 1,342,908,784 2,837,341,906 199,531,532 380,526,075 516,113,739 -------------- -------------- -------------- -------------- -------------- -------------- Liabilities Payable to investment adviser 114,107 494,129 963,208 83,614 151,572 215,536 Payable to distributor 39,570 198,561 420,586 29,603 53,323 75,077 Payable for securities purchased -- -- -- -- 1,804,460 -- Payable for other affiliates 2,442 10,908 24,048 1,938 3,042 4,422 Payable for beneficial interest redeemed 1,817 3,007 6,380 259 953 1,327 Accrued expenses and other liabilities 44,929 120,521 223,173 38,384 51,947 68,059 -------------- -------------- -------------- -------------- -------------- -------------- Total liabilities 202,865 827,126 1,637,395 153,798 2,065,297 364,421 -------------- -------------- -------------- -------------- -------------- -------------- Net Assets Net assets $ 262,426,108 $1,342,081,658 $2,835,704,511 $ 199,377,734 $ 378,460,778 $ 515,749,318 ============== ============== ============== ============== ============== ============== Net Assets Consist of Undistributed investment income--net $ -- $ -- $ -- $ -- $ -- $ -- Undistributed (accumulated) realized capital gains (losses)--net (88,516) (100,026) 23,705 (866) 6,304 (144,153) -------------- -------------- -------------- -------------- -------------- -------------- Total accumulated earnings (losses)--net (88,516) (100,026) 23,705 (866) 6,304 (144,153) -------------- -------------- -------------- -------------- -------------- -------------- Shares of beneficial interest, $.10 par value, unlimited number of shares authorized 26,258,162 134,218,201 283,608,904 19,939,397 37,845,447 51,593,986 Paid-in capital in excess of par 236,256,462 1,207,963,483 2,552,071,902 179,439,203 340,609,027 464,299,485 -------------- -------------- -------------- -------------- -------------- -------------- Net Assets--Equivalent to $1.00 per share based on shares of beneficial interest outstanding++ $ 262,426,108 $1,342,081,658 $2,835,704,511 $ 199,377,734 $ 378,460,778 $ 515,749,318 ============== ============== ============== ============== ============== ============== ++ Shares of beneficial interest outstanding 262,581,616 1,342,182,012 2,836,089,041 199,393,965 378,454,474 515,939,865 ============== ============== ============== ============== ============== ============== * Identified cost $ 260,538,382 $1,332,911,777 $2,813,639,600 $ 198,162,348 $ 376,949,826 $ 511,638,769 ============== ============== ============== ============== ============== ============== See Notes to Financial Statements.
CMA MULTI-STATE MUNICIPAL SERIES TRUST MARCH 31, 2007 Statements of Operations
CMA CMA CMA CMA CMA For the Year Ended March 31, 2007 Arizona California Connecticut Florida Massachusetts Investment Income Interest and amortization of premium and discount earned $ 6,150,983 $ 95,809,774 $ 18,167,213 $ 12,964,915 $ 13,847,826 -------------- -------------- -------------- -------------- -------------- Expenses Investment advisory fees 848,890 11,054,684 2,559,380 1,808,776 1,942,227 Distribution fees 209,597 3,324,477 638,852 408,494 480,920 Accounting services 57,888 378,093 113,130 96,289 94,067 Transfer agent fees 18,698 245,330 55,284 45,431 56,836 Professional fees 46,332 64,334 51,012 59,453 51,792 Registration fees 28,895 74,221 24,745 22,250 22,274 Custodian fees 9,754 71,125 17,666 16,339 13,643 Printing and shareholder reports 3,229 45,132 8,614 15,471 6,864 Pricing fees 7,886 24,165 9,744 10,260 12,050 Trustees' fees and expenses 2,670 25,556 5,689 5,136 4,401 Offering costs -- -- -- 77,192 -- Other 11,758 42,210 15,134 17,571 12,057 -------------- -------------- -------------- -------------- -------------- Total expenses before waiver 1,245,597 15,349,327 3,499,250 2,582,662 2,697,131 Waiver of expenses -- -- -- (34,243) -- -------------- -------------- -------------- -------------- -------------- Total expenses after waiver 1,245,597 15,349,327 3,499,250 2,548,419 2,697,131 -------------- -------------- -------------- -------------- -------------- Investment income--net 4,905,386 80,460,447 14,667,963 10,416,496 11,150,695 -------------- -------------- -------------- -------------- -------------- Realized Gain (Loss)--Net Realized gain (loss) on investments--net (2,458) 509,436 (2,251) (11,010) 38,200 -------------- -------------- -------------- -------------- -------------- Net Increase in Net Assets Resulting from Operations $ 4,902,928 $ 80,969,883 $ 14,665,712 $ 10,405,486 $ 11,188,895 ============== ============== ============== ============== ============== See Notes to Financial Statements.
CMA MULTI-STATE MUNICIPAL SERIES TRUST MARCH 31, 2007 Statements of Operations (concluded)
CMA CMA CMA CMA CMA CMA For the Year Ended March 31, 2007 Michigan New Jersey New York North Carolina Ohio Pennsylvania Investment Income Interest and amortization of premium and discount earned $ 10,255,092 $ 41,534,778 $ 91,734,347 $ 7,315,818 $ 12,113,810 $ 17,482,441 -------------- -------------- -------------- -------------- -------------- -------------- Expenses Investment advisory fees 1,409,171 5,278,419 10,530,506 1,012,904 1,689,997 2,410,339 Distribution fees 338,293 1,445,019 3,184,564 251,331 420,482 589,638 Accounting services 74,917 207,887 337,586 63,890 83,507 105,633 Transfer agent fees 41,925 154,130 362,617 31,523 60,154 80,104 Professional fees 49,507 53,015 62,653 60,919 45,066 53,779 Registration fees 26,363 28,964 53,976 18,209 23,494 32,139 Custodian fees 14,460 35,789 67,986 10,796 13,789 19,935 Printing and shareholder reports 5,139 19,417 45,079 3,742 5,988 8,395 Pricing fees 14,434 14,243 32,028 9,370 18,196 15,671 Trustees' fees and expenses 3,670 11,316 23,852 2,958 4,126 5,583 Offering costs -- -- -- -- -- -- Other 11,212 22,778 44,112 9,613 12,088 14,699 -------------- -------------- -------------- -------------- -------------- -------------- Total expenses before waiver 1,989,091 7,270,977 14,744,959 1,475,255 2,376,887 3,335,915 Waiver of expenses -- -- -- -- -- -- -------------- -------------- -------------- -------------- -------------- -------------- Total expenses after waiver 1,989,091 7,270,977 14,744,959 1,475,255 2,376,887 3,335,915 -------------- -------------- -------------- -------------- -------------- -------------- Investment income--net 8,266,001 34,263,801 76,989,388 5,840,563 9,736,923 14,146,526 -------------- -------------- -------------- -------------- -------------- -------------- Realized Gain (Loss)--Net Realized gain (loss) on investments--net 1,301 62,225 489,786 1,094 6,604 (5,251) -------------- -------------- -------------- -------------- -------------- -------------- Net Increase in Net Assets Resulting from Operations $ 8,267,302 $ 34,326,026 $ 77,479,174 $ 5,841,657 $ 9,743,527 $ 14,141,275 ============== ============== ============== ============== ============== ============== See Notes to Financial Statements.
CMA MULTI-STATE MUNICIPAL SERIES TRUST MARCH 31, 2007 Statements of Changes in Net Assets
CMA Arizona CMA California For the Year Ended For the Year Ended March 31, March 31, Increase (Decrease) in Net Assets: 2007 2006 2007 2006 Operations Investment income--net $ 4,905,386 $ 3,763,349 $ 80,460,447 $ 50,906,209 Realized gain (loss)--net (2,458) (7,246) 509,436 (320,926) ---------------------------------- ----------------------------------- Net increase in net assets resulting from operations 4,902,928 3,756,103 80,969,883 50,585,283 ---------------------------------- ----------------------------------- Dividends & Distributions to Shareholders Investment income--net (4,905,386) (3,763,349) (80,460,447) (50,906,209) Realized gain--net -- -- (81,007) -- ---------------------------------- ----------------------------------- Net decrease in net assets resulting from dividends and distributions to shareholders (4,905,386) (3,763,349) (80,541,454) (50,906,209) ---------------------------------- ----------------------------------- Beneficial Interest Transactions Net proceeds from sale of shares 848,303,918 836,975,424 16,693,016,838 12,874,780,845 Value of shares issued to shareholders in reinvestment of dividends and distributions 4,905,306 3,763,417 80,541,269 50,907,246 ---------------------------------- ----------------------------------- 853,209,224 840,738,841 16,773,558,107 12,925,688,091 Cost of shares redeemed (839,411,645) (840,067,781) (16,093,226,205) (12,627,334,313) ---------------------------------- ----------------------------------- Net increase (decrease) in net assets derived from beneficial interest transactions 13,797,579 671,060 680,331,902 298,353,778 ---------------------------------- ----------------------------------- Net Assets Total increase (decrease) in net assets 13,795,121 663,814 680,760,331 298,032,852 Beginning of period 169,646,534 168,982,720 2,693,458,699 2,395,425,847 ---------------------------------- ----------------------------------- End of period* $ 183,441,655 $ 169,646,534 $ 3,374,219,030 $ 2,693,458,699 ================================== =================================== * Undistributed investment income--net $ 45 $ 45 -- -- ================================== =================================== ** Commencement of operations. See Notes to Financial Statements.
CMA MULTI-STATE MUNICIPAL SERIES TRUST MARCH 31, 2007 Statements of Changes in Net Assets (continued)
CMA Connecticut CMA Florida For the Year Ended For the Year Ended March 31, March 31, Increase (Decrease) in Net Assets: 2007 2006 2007 2006 Operations Investment income--net $ 14,667,963 $ 10,055,873 $ 10,416,496 $ 3,767,029 Realized gain (loss)--net (2,251) (1,838) (11,010) 1,063 ---------------------------------- ----------------------------------- Net increase in net assets resulting from operations 14,665,712 10,054,035 10,405,486 3,768,092 ---------------------------------- ----------------------------------- Dividends & Distributions to Shareholders Investment income--net (14,667,963) (10,055,873) (10,416,496) (3,767,029) Realized gain--net -- -- (1,063) -- ---------------------------------- ----------------------------------- Net decrease in net assets resulting from dividends and distributions to shareholders (14,667,963) (10,055,873) (10,417,559) (3,767,029) ---------------------------------- ----------------------------------- Beneficial Interest Transactions Net proceeds from sale of shares 2,621,067,461 2,169,725,752 2,932,075,533 2,210,491,357 Value of shares issued to shareholders in reinvestment of dividends and distributions 14,667,789 10,056,057 10,417,738 3,766,864 ---------------------------------- ----------------------------------- 2,635,735,250 2,179,781,809 2,942,493,271 2,214,258,221 Cost of shares redeemed (2,601,833,970) (2,189,393,679) (3,106,687,315) (1,741,964,391) ---------------------------------- ----------------------------------- Net increase (decrease) in net assets derived from beneficial interest transactions 33,901,280 (9,611,870) (164,194,044) 472,293,830 ---------------------------------- ----------------------------------- Net Assets Total increase (decrease) in net assets 33,899,029 (9,613,708) (164,206,117) 472,294,893 Beginning of period 510,151,224 519,764,932 472,294,893 -- ---------------------------------- ----------------------------------- End of period* $ 544,050,253 $ 510,151,224 $ 308,088,776 $ 472,294,893 ================================== =================================== * Undistributed investment income--net -- -- $ 207,760 $ 130,568 ================================== =================================== ** Commencement of operations. See Notes to Financial Statements.
CMA MULTI-STATE MUNICIPAL SERIES TRUST MARCH 31, 2007 Statements of Changes in Net Assets (continued)
CMA Massachusetts CMA Michigan For the Year Ended For the Year Ended March 31, March 31, Increase (Decrease) in Net Assets: 2007 2006 2007 2006 Operations Investment income--net $ 11,150,695 $ 6,761,120 $ 8,266,001 $ 5,991,116 Realized gain (loss)--net 38,200 -- 1,301 (74,061) ---------------------------------- ----------------------------------- Net increase in net assets resulting from operations 11,188,895 6,761,120 8,267,302 5,917,055 ---------------------------------- ----------------------------------- Dividends & Distributions to Shareholders Investment income--net (11,150,695) (6,761,120) (8,266,001) (5,991,116) Realized gain--net -- -- -- -- ---------------------------------- ----------------------------------- Net decrease in net assets resulting from dividends and distributions to shareholders (11,150,695) (6,761,120) (8,266,001) (5,991,116) ---------------------------------- ----------------------------------- Beneficial Interest Transactions Net proceeds from sale of shares 2,276,801,728 1,688,978,220 1,683,204,189 1,398,366,527 Value of shares issued to shareholders in reinvestment of dividends and distributions 11,150,723 6,760,909 8,266,151 5,991,124 ---------------------------------- ----------------------------------- 2,287,952,451 1,695,739,129 1,691,470,340 1,404,357,651 Cost of shares redeemed (2,229,165,426) (1,695,717,138) (1,712,714,219) (1,392,036,281) ---------------------------------- ----------------------------------- Net increase (decrease) in net assets derived from beneficial interest transactions 58,787,025 21,991 (21,243,879) 12,321,370 ---------------------------------- ----------------------------------- Net Assets Total increase (decrease) in net assets 58,825,225 21,991 (21,242,578) 12,247,309 Beginning of period 345,065,435 345,043,444 283,668,686 271,421,377 ---------------------------------- ----------------------------------- End of period* $ 403,890,660 $ 345,065,435 $ 262,426,108 $ 283,668,686 ================================== =================================== * Undistributed investment income--net -- -- -- -- ================================== =================================== ** Commencement of operations. See Notes to Financial Statements.
CMA MULTI-STATE MUNICIPAL SERIES TRUST MARCH 31, 2007 Statements of Changes in Net Assets (continued)
CMA New Jersey CMA New York For the Year Ended For the Year Ended March 31, March 31, Increase (Decrease) in Net Assets: 2007 2006 2007 2006 Operations Investment income--net $ 34,263,801 $ 21,873,484 $ 76,989,388 $ 48,712,728 Realized gain (loss)--net 62,225 (29,696) 489,786 (189,082) ---------------------------------- ----------------------------------- Net increase in net assets resulting from operations 34,326,026 21,843,788 77,479,174 48,523,646 ---------------------------------- ----------------------------------- Dividends & Distributions to Shareholders Investment income--net (34,263,801) (21,873,484) (76,989,388) (48,712,728) Realized gain--net -- -- (99,540) -- ---------------------------------- ----------------------------------- Net decrease in net assets resulting from dividends and distributions to shareholders (34,263,801) (21,873,484) (77,088,928) (48,712,728) ---------------------------------- ----------------------------------- Beneficial Interest Transactions Net proceeds from sale of shares 5,607,476,661 4,821,270,389 12,400,518,854 9,613,526,391 Value of shares issued to shareholders in reinvestment of dividends 34,264,013 21,873,695 77,089,519 48,713,309 ---------------------------------- ----------------------------------- 5,641,740,674 4,843,144,084 12,477,608,373 9,662,239,700 Cost of shares redeemed (5,403,517,064) (4,766,701,051) (12,153,115,566) (9,463,894,924) ---------------------------------- ----------------------------------- Net increase in net assets derived from beneficial interest transactions 238,223,610 76,443,033 324,492,807 198,344,776 ---------------------------------- ----------------------------------- Net Assets Total increase in net assets 238,285,835 76,413,337 324,883,053 198,155,694 Beginning of year 1,103,795,823 1,027,382,486 2,510,821,458 2,312,665,764 ---------------------------------- ----------------------------------- End of year $ 1,342,081,658 $ 1,103,795,823 $ 2,835,704,511 $ 2,510,821,458 ================================== =================================== See Notes to Financial Statements.
CMA MULTI-STATE MUNICIPAL SERIES TRUST MARCH 31, 2007 Statements of Changes in Net Assets (continued)
CMA North Carolina CMA Ohio For the Year Ended For the Year Ended March 31, March 31, Increase (Decrease) in Net Assets: 2007 2006 2007 2006 Operations Investment income--net $ 5,840,563 $ 3,906,632 $ 9,736,923 $ 7,220,561 Realized gain (loss)--net 1,094 1,780 6,604 14,136 ---------------------------------- ----------------------------------- Net increase in net assets resulting from operations 5,841,657 3,908,412 9,743,527 7,234,697 ---------------------------------- ----------------------------------- Dividends & Distributions to Shareholders Investment income--net (5,840,563) (3,906,632) (9,736,923) (7,220,561) Realized gain--net -- -- (300) (14,136) ---------------------------------- ----------------------------------- Net decrease in net assets resulting from dividends and distributions to shareholders (5,840,563) (3,906,632) (9,737,223) (7,234,697) ---------------------------------- ----------------------------------- Beneficial Interest Transactions Net proceeds from sale of shares 921,040,266 514,642,722 1,612,103,089 1,493,246,044 Value of shares issued to shareholders in reinvestment of dividends 5,840,572 3,906,643 9,737,223 7,234,580 ---------------------------------- ----------------------------------- 926,880,838 518,549,365 1,621,840,312 1,500,480,624 Cost of shares redeemed (930,684,301) (517,967,603) (1,570,441,397) (1,552,731,846) ---------------------------------- ----------------------------------- Net increase in net assets derived from beneficial interest transactions (3,803,463) 581,762 51,398,915 (52,251,222) ---------------------------------- ----------------------------------- Net Assets Total increase in net assets (3,802,369) 583,542 51,405,219 (52,251,222) Beginning of year 203,180,103 202,596,561 327,055,559 379,306,781 ---------------------------------- ----------------------------------- End of year $ 199,377,734 $ 203,180,103 $ 378,460,778 $ 327,055,559 ================================== =================================== See Notes to Financial Statements.
CMA MULTI-STATE MUNICIPAL SERIES TRUST MARCH 31, 2007 Statements of Changes in Net Assets (concluded)
CMA Pennsylvania For the Year Ended March 31, Increase (Decrease) in Net Assets: 2007 2006 Operations Investment income_net $ 14,146,526 $ 9,911,440 Realized gain (loss)--net (5,251) (83,241) ----------------------------------- Net increase in net assets resulting from operations 14,141,275 9,828,199 ----------------------------------- Dividends & Distributions to Shareholders Investment income--net (14,146,526) (9,911,440) Realized gain--net -- -- ----------------------------------- Net decrease in net assets resulting from dividends and distributions to shareholders (14,146,526) (9,911,440) ----------------------------------- Beneficial Interest Transactions Net proceeds from sale of shares 3,242,817,084 2,674,507,973 Value of shares issued to shareholders in reinvestment of dividends 14,146,827 9,911,478 ----------------------------------- 3,256,963,911 2,684,419,451 Cost of shares redeemed (3,239,121,363) (2,641,305,497) ----------------------------------- Net increase in net assets derived from beneficial interest transactions 17,842,548 43,113,954 ----------------------------------- Net Assets Total increase in net assets 17,837,297 43,030,713 Beginning of year 497,912,021 454,881,308 ----------------------------------- End of year $ 515,749,318 $ 497,912,021 =================================== See Notes to Financial Statements.
CMA MULTI-STATE MUNICIPAL SERIES TRUST MARCH 31, 2007 Financial Highlights CMA Arizona Municipal Money Fund
The following per share data and ratios have been derived For the Year Ended March 31, from information provided in the financial statements. 2007 2006 2005 2004 2003 Per Share Operating Performance Net asset value, beginning of year $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ------------ ------------ ------------ ------------ ------------ Investment income--net .03 .02 .01 --++ .01 Realized gain (loss)--net --++++ --++++ --++++ --++ -- ------------ ------------ ------------ ------------ ------------ Total from investment operations .03 .02 .01 --++ .01 ------------ ------------ ------------ ------------ ------------ Less dividends from investment income--net (.03) (.02) (.01) --++++ (.01) ------------ ------------ ------------ ------------ ------------ Net asset value, end of year $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ============ ============ ============ ============ ============ Total investment return 2.91% 2.13% .77% .35% .77% ============ ============ ============ ============ ============ Ratios to Average Net Assets Expenses .73% .72% .74% .74% .72% ============ ============ ============ ============ ============ Investment income--net 2.89% 2.11% .78% .36% .78% ============ ============ ============ ============ ============ Supplemental Data Net assets, end of year (in thousands) $ 183,442 $ 169,647 $ 168,983 $ 167,386 $ 190,812 ============ ============ ============ ============ ============
CMA California Municipal Money Fund
The following per share data and ratios have been derived For the Year Ended March 31, from information provided in the financial statements. 2007 2006 2005 2004 2003 Per Share Operating Performance Net asset value, beginning of year $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ------------ ------------ ------------ ------------ ------------ Investment income--net .03 .02 .01 --++ .01 Realized gain (loss)--net --++ --++++ --++ --++++ --++ ------------ ------------ ------------ ------------ ------------ Total from investment operations .03 .02 .01 --++ .01 ------------ ------------ ------------ ------------ ------------ Less dividends and distributions: Investment income--net (.03) (.02) (.01) --++++ (.01) Realized gain--net --++++ -- -- -- -- ------------ ------------ ------------ ------------ ------------ Total dividends and distributions (.03) (.02) (.01) --++++ (.01) ------------ ------------ ------------ ------------ ------------ Net asset value, end of year $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ============ ============ ============ ============ ============ Total investment return 2.99% 2.14% .89% .49% .85% ============ ============ ============ ============ ============ Ratios to Average Net Assets Expenses .57% .57% .57% .57% .57% ============ ============ ============ ============ ============ Investment income--net 2.96% 2.12% .90% .50% .85% ============ ============ ============ ============ ============ Supplemental Data Net assets, end of year (in thousands) $ 3,374,219 $ 2,693,459 $ 2,395,426 $ 2,338,900 $ 2,666,851 ============ ============ ============ ============ ============ ++ Amount is less than $.01 per share. ++++ Amount is less than $(.01) per share. See Notes to Financial Statements.
CMA MULTI-STATE MUNICIPAL SERIES TRUST MARCH 31, 2007 Financial Highlights (continued) CMA Connecticut Municipal Money Fund
The following per share data and ratios have been derived For the Year Ended March 31, from information provided in the financial statements. 2007 2006 2005 2004 2003 Per Share Operating Performance Net asset value, beginning of year $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ------------ ------------ ------------ ------------ ------------ Investment income--net .03 .02 .01 --++ .01 Realized gain (loss)--net --++++ --++++ --++++ --++ --++ ------------ ------------ ------------ ------------ ------------ Total from investment operations .03 .02 .01 --++ .01 ------------ ------------ ------------ ------------ ------------ Less dividends and distributions: Investment income--net (.03) (.02) (.01) --++++ (.01) Realized gain--net -- -- --++++ -- -- ------------ ------------ ------------ ------------ ------------ Total dividends and distributions (.03) (.02) (.01) --++++ (.01) ------------ ------------ ------------ ------------ ------------ Net asset value, end of year $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ============ ============ ============ ============ ============ Total investment return 2.87% 2.05% .74% .34% .70% ============ ============ ============ ============ ============ Ratios to Average Net Assets Expenses, net of waiver .68% .68% .67% .66% .67% ============ ============ ============ ============ ============ Expenses .68% .68% .67% .67% .67% ============ ============ ============ ============ ============ Investment income--net 2.85% 2.03% .72% .34% .70% ============ ============ ============ ============ ============ Supplemental Data Net assets, end of year (in thousands) $ 544,050 $ 510,151 $ 519,765 $ 595,841 $ 535,308 ============ ============ ============ ============ ============
CMA Florida Municipal Money Fund
For the Period For the November 15, Year Ended 2005** to The following per share data and ratios have been derived March 31, March 31, from information provided in the financial statements. 2007 2006 Per Share Operating Performance Net asset value, beginning of period $ 1.00 $ 1.00 ------------ ------------ Investment income--net .03 .01 Realized gain (loss)--net --++++ --++ ------------ ------------ Total from investment operations .03 .01 ------------ ------------ Less dividends and distributions: Investment income--net (.03) (.01) Realized gain--net --++++ -- ------------ ------------ Total dividends and distributions (.03) (.01) ------------ ------------ Net asset value, end of period $ 1.00 $ 1.00 ============ ============ Total investment return 2.90% .94%+++ ============ ============ Ratios to Average Net Assets Expenses, net of waiver .70% .58%* ============ ============ Expenses .71% .72%* ============ ============ Investment income--net 2.88% 2.55%* ============ ============ Supplemental Data Net assets, end of period (in thousands) $ 308,089 $ 472,295 ============ ============ * Annualized. ** Commencement of operations. ++ Amount is less than $.01 per share. +++ Aggregate total investment return. ++++ Amount is less than $(.01) per share. See Notes to Financial Statements.
CMA MULTI-STATE MUNICIPAL SERIES TRUST MARCH 31, 2007 Financial Highlights (continued) CMA Massachusetts Municipal Money Fund
The following per share data and ratios have been derived For the Year Ended March 31, from information provided in the financial statements. 2007 2006 2005 2004 2003 Per Share Operating Performance Net asset value, beginning of year $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ------------ ------------ ------------ ------------ ------------ Investment income--net .03 .02 .01 --++ .01 Realized gain (loss)--net --++ -- --++++ --++ --++ ------------ ------------ ------------ ------------ ------------ Total from investment operations .03 .02 .01 --++ .01 ------------ ------------ ------------ ------------ ------------ Less dividends and distributions: Investment income--net (.03) (.02) (.01) --++++ (.01) Realized gain--net -- -- --++++ --++++ -- ------------ ------------ ------------ ------------ ------------ Total dividends and distributions (.03) (.02) (.01) --++++ (.01) ------------ ------------ ------------ ------------ ------------ Net asset value, end of year $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ============ ============ ============ ============ ============ Total investment return 2.89% 2.04% .76% .38% .79% ============ ============ ============ ============ ============ Ratios to Average Net Assets Expenses .69% .70% .71% .70% .69% ============ ============ ============ ============ ============ Investment income--net 2.87% 2.03% .74% .38% .78% ============ ============ ============ ============ ============ Supplemental Data Net assets, end of year (in thousands) $ 403,891 $ 345,065 $ 345,043 $ 372,239 $ 421,618 ============ ============ ============ ============ ============
CMA Michigan Municipal Money Fund
The following per share data and ratios have been derived For the Year Ended March 31, from information provided in the financial statements. 2007 2006 2005 2004 2003 Per Share Operating Performance Net asset value, beginning of year $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ------------ ------------ ------------ ------------ ------------ Investment income--net .03 .02 .01 --++ .01 Realized gain (loss)--net --++ --++++ --++++ --++ --++ ------------ ------------ ------------ ------------ ------------ Total from investment operations .03 .02 .01 --++ .01 ------------ ------------ ------------ ------------ ------------ Less dividends from investment income--net (.03) (.02) (.01) --++++ (.01) ------------ ------------ ------------ ------------ ------------ Net asset value, end of year $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ============ ============ ============ ============ ============ Total investment return 2.95% 2.09% .82% .42% .85% ============ ============ ============ ============ ============ Ratios to Average Net Assets Expenses .71% .70% .70% .70% .69% ============ ============ ============ ============ ============ Investment income--net 2.93% 2.06% .80% .43% .84% ============ ============ ============ ============ ============ Supplemental Data Net assets, end of year (in thousands) $ 262,426 $ 283,669 $ 271,421 $ 327,492 $ 349,249 ============ ============ ============ ============ ============ ++ Amount is less than $.01 per share. ++++ Amount is less than $(.01) per share. See Notes to Financial Statements.
CMA MULTI-STATE MUNICIPAL SERIES TRUST MARCH 31, 2007 Financial Highlights (continued) CMA New Jersey Municipal Money Fund
The following per share data and ratios have been derived For the Year Ended March 31, from information provided in the financial statements. 2007 2006 2005 2004 2003 Per Share Operating Performance Net asset value, beginning of year $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ------------ ------------ ------------ ------------ ------------ Investment income--net .03 .02 .01 --++ .01 Realized gain (loss)--net --++ --++++ --++++ --++ --++ ------------ ------------ ------------ ------------ ------------ Total from investment operations .03 .02 .01 --++ .01 ------------ ------------ ------------ ------------ ------------ Less dividends and distributions: Investment income--net (.03) (.02) (.01) --++++ (.01) Realized gain--net -- -- --++++ --++++ --++++ ------------ ------------ ------------ ------------ ------------ Total dividends and distributions (.03) (.02) (.01) --++++ (.01) ------------ ------------ ------------ ------------ ------------ Net asset value, end of year $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ============ ============ ============ ============ ============ Total investment return 2.93% 2.14% .83% .43% .80% ============ ============ ============ ============ ============ Ratios to Average Net Assets Expenses .62% .63% .63% .61% .62% ============ ============ ============ ============ ============ Investment income--net 2.92% 2.12% .81% .44% .79% ============ ============ ============ ============ ============ Supplemental Data Net assets, end of year (in thousands) $ 1,342,082 $ 1,103,796 $ 1,027,382 $ 1,165,201 $ 1,225,954 ============ ============ ============ ============ ============
CMA New York Municipal Money Fund
The following per share data and ratios have been derived For the Year Ended March 31, from information provided in the financial statements. 2007 2006 2005 2004 2003 Per Share Operating Performance Net asset value, beginning of year $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ------------ ------------ ------------ ------------ ------------ Investment income--net .03 .02 .01 --++ .01 Realized gain (loss)--net --++ --++++ --++++ --++ --++ ------------ ------------ ------------ ------------ ------------ Total from investment operations .03 .02 .01 --++ .01 ------------ ------------ ------------ ------------ ------------ Less dividends and distributions: Investment income--net (.03) (.02) (.01) --++++ (.01) Realized gain--net --++++ -- --++++ --++++ -- ------------ ------------ ------------ ------------ ------------ Total dividends and distributions (.03) (.02) (.01) --++++ (.01) ------------ ------------ ------------ ------------ ------------ Net asset value, end of year $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ============ ============ ============ ============ ============ Total investment return 3.01% 2.15% .88% .49% .91% ============ ============ ============ ============ ============ Ratios to Average Net Assets Expenses .57% .58% .58% .57% .57% ============ ============ ============ ============ ============ Investment income--net 2.99% 2.14% .86% .50% .92% ============ ============ ============ ============ ============ Supplemental Data Net assets, end of year (in thousands) $ 2,835,705 $ 2,510,821 $ 2,312,666 $ 2,510,413 $ 2,527,958 ============ ============ ============ ============ ============ ++ Amount is less than $.01 per share. ++++ Amount is less than $(.01) per share. See Notes to Financial Statements.
CMA MULTI-STATE MUNICIPAL SERIES TRUST MARCH 31, 2007 Financial Highlights (continued) CMA North Carolina Municipal Money Fund
The following per share data and ratios have been derived For the Year Ended March 31, from information provided in the financial statements. 2007 2006 2005 2004 2003 Per Share Operating Performance Net asset value, beginning of year $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ------------ ------------ ------------ ------------ ------------ Investment income--net .03 .02 .01 --++ .01 Realized gain (loss)--net --++ --++ --++++ --++ --++ ------------ ------------ ------------ ------------ ------------ Total from investment operations .03 .02 .01 --++ .01 ------------ ------------ ------------ ------------ ------------ Less dividends and distributions: Investment income--net (.03) (.02) (.01) --++++ (.01) Realized gain--net -- -- --++++ -- -- ------------ ------------ ------------ ------------ ------------ Total dividends and distributions (.03) (.02) (.01) --++++ (.01) ------------ ------------ ------------ ------------ ------------ Net asset value, end of year $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ============ ============ ============ ============ ============ Total investment return 2.90% 2.08% .75% .37% .76% ============ ============ ============ ============ ============ Ratios to Average Net Assets Expenses .73% .72% .72% .71% .70% ============ ============ ============ ============ ============ Investment income--net 2.88% 2.06% .72% .38% .77% ============ ============ ============ ============ ============ Supplemental Data Net assets, end of year (in thousands) $ 199,378 $ 203,180 $ 202,597 $ 240,576 $ 288,079 ============ ============ ============ ============ ============
CMA Ohio Municipal Money Fund
The following per share data and ratios have been derived For the Year Ended March 31, from information provided in the financial statements. 2007 2006 2005 2004 2003 Per Share Operating Performance Net asset value, beginning of year $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ------------ ------------ ------------ ------------ ------------ Investment income--net .03 .02 .01 --++ .01 Realized gain--net --++ --++ -- -- -- ------------ ------------ ------------ ------------ ------------ Total from investment operations .03 .02 .01 --++ .01 ------------ ------------ ------------ ------------ ------------ Less dividends and distributions: Investment income--net (.03) (.02) (.01) --++++ (.01) Realized gain--net --++++ --++++ -- -- --++++ ------------ ------------ ------------ ------------ ------------ Total dividends and distributions (.03) (.02) (.01) --++++ (.01) ------------ ------------ ------------ ------------ ------------ Net asset value, end of year $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ============ ============ ============ ============ ============ Total investment return 2.90% 2.07% .78% .43% .90% ============ ============ ============ ============ ============ Ratios to Average Net Assets Expenses .70% .70% .70% .69% .69% ============ ============ ============ ============ ============ Investment income--net 2.88% 2.04% .77% .43% .90% ============ ============ ============ ============ ============ Supplemental Data Net assets, end of year (in thousands) $ 378,461 $ 327,056 $ 379,307 $ 414,045 $ 474,267 ============ ============ ============ ============ ============ ++ Amount is less than $.01 per share. ++++ Amount is less than $(.01) per share. See Notes to Financial Statements.
CMA MULTI-STATE MUNICIPAL SERIES TRUST MARCH 31, 2007 Financial Highlights (concluded) CMA Pennsylvania Municipal Money Fund
The following per share data and ratios have been derived For the Year Ended March 31, from information provided in the financial statements. 2007 2006 2005 2004 2003 Per Share Operating Performance Net asset value, beginning of year $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ------------ ------------ ------------ ------------ ------------ Investment income--net .03 .02 .01 --++ .01 Realized gain (loss)--net --++++ --++++ --++ --++ --++++ ------------ ------------ ------------ ------------ ------------ Total from investment operations .03 .02 .01 --++ .01 ------------ ------------ ------------ ------------ ------------ Less dividends from investment income--net (.03) (.02) (.01) --++++ (.01) ------------ ------------ ------------ ------------ ------------ Net asset value, end of year $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ============ ============ ============ ============ ============ Total investment return 2.95% 2.11% .80% .42% .83% ============ ============ ============ ============ ============ Ratios to Average Net Assets Expenses .69% .69% .69% .68% .67% ============ ============ ============ ============ ============ Investment income--net 2.93% 2.09% .79% .43% .84% ============ ============ ============ ============ ============ Supplemental Data Net assets, end of year (in thousands) $ 515,749 $ 497,912 $ 454,881 $ 500,274 $ 591,105 ============ ============ ============ ============ ============ ++ Amount is less than $.01 per share. ++++ Amount is less than $(.01) per share. See Notes to Financial Statements.
CMA MULTI-STATE MUNICIPAL SERIES TRUST MARCH 31, 2007 Notes to Financial Statements 1. Significant Accounting Policies: CMA Arizona Municipal Money Fund, CMA California Municipal Money Fund, CMA Connecticut Municipal Money Fund, CMA Florida Municipal Money Fund, CMA Massachusetts Municipal Money Fund, CMA Michigan Municipal Money Fund, CMA New Jersey Municipal Money Fund, CMA New York Municipal Money Fund, CMA North Carolina Municipal Money Fund, CMA Ohio Municipal Money Fund and CMA Pennsylvania Municipal Money Fund (the "Funds") are part of CMA Multi-State Municipal Series Trust (the "Trust"). The Funds are registered under the Investment Company Act of 1940, as amended, as non-diversified, open-end management investment companies. The Funds' financial statements are prepared in conformity with U.S. generally accepted accounting principles, which may require the use of management accruals and estimates. Actual results may differ from these estimates. The following is a summary of significant accounting policies followed by the Funds. (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 demand notice payment period. In the case of a floating rate instrument, the remaining maturity is the next coupon date on which the interest rate is to be adjusted. (b) Income taxes--It is the Funds' policy to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of their taxable income to their shareholders. Therefore, no federal income tax provision is required. (c) Security transactions and investment income--Security transactions are recorded on the dates the trans-actions are entered into (the trade dates). Realized gains and losses on security transactions are determined on the identified cost basis. Interest income (including amortization of premium and discount) is recognized on the accrual 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 Funds declare dividends daily and reinvest 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 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' capital loss carryforward. The Funds may distribute capital gains more frequently than annually in order to maintain the Fund's net asset value at $1.00 per share. (f) Expenses--Certain expenses have been allocated to the individual Funds in the Trust on a pro rata basis based upon the respective aggregate net asset value of each Fund included in the Trust. (g) Offering costs--Offering costs for CMA Florida Municipal Money Fund were amortized over a 12-month period beginning with the commencement of operations. (h) Recent accounting pronouncements--In July 2006, the Financial Accounting Standards Board ("FASB") issued Interpretation No. 48 ("FIN 48"), "Accounting for Uncertainty in Income Taxes - an interpretation of FASB Statement No. 109." FIN 48 prescribes the minimum recognition threshold a tax position must meet in connection with accounting for uncertainties in income tax positions taken or expected to be taken by an entity, including mutual funds, before being measured and recognized in the financial statements. Adoption of FIN 48 is required for the last net asset value calculations in the first required financial statement reporting period for fiscal years beginning after December 15, 2006. The impact on the Funds' financial statements, if any, is currently being assessed. In September 2006, "Statement of Financial Accounting Standards No. 157, Fair Value Measurements" ("FAS 157"), was issued and is effective for fiscal years beginning after November 15, 2007. FAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. At this time, management is evaluating the implications of FAS 157 and its impact on the Funds' financial statements, if any, has not been determined. CMA MULTI-STATE MUNICIPAL SERIES TRUST MARCH 31, 2007 Notes to Financial Statements (continued) In addition, in February 2007, FASB issued "Statement of Financial Accounting Standards No. 159, The Fair Value Option for Financial Assets and Financial Liabilities" ("FAS 159"), which is effective for fiscal years beginning after November 15, 2007. Early adoption is permitted as of the beginning of a fiscal year that begins on or before November 15, 2007, provided the entity also elects to apply the provisions of FAS 157. FAS 159 permits entities to choose to measure many financial instruments and certain other items at fair value that are not currently required to be measured at fair value. FAS 159 also establishes presentation and disclosure requirements designed to facilitate comparisons between entities that choose different measurement attributes for similar types of assets and liabilities. At this time, management is evaluating the implications of FAS 159 and its impact on the Funds' financial statements, if any, has not been determined. (i) Reclassifications--U.S. generally accepted accounting principles require that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. Accordingly, the current year's permanent book/tax differences for certain Funds have been reclassified as follows: CMA Arizona Municipal Money Fund $5,514 has been reclassified between paid-in capital in excess of par and accumulated net realized capital losses as a result of a permanent difference attributable to the expiration of a capital loss carryforward. This reclassification has no effect on net assets or net asset value per share. CMA Florida Municipal Money Fund $77,192 has been reclassified between paid-in capital in excess of par and undistributed net investment income as a result of a permanent difference attributable to non-deductible expenses. This reclassification has no effect on net assets or net asset value per share. CMA Pennsylvania Municipal Money Fund $3,815 has been reclassified between paid-in capital in excess of par and accumulated net realized capital losses as a result of a permanent difference attributable to the expiration of a capital loss carryforward. This reclassification has no effect on net assets or net asset value per share. 2. Investment Advisory Agreement and Transactions with Affiliates: On September 29, 2006, BlackRock, Inc. and Merrill Lynch & Co., Inc. ("Merrill Lynch") combined Merrill Lynch's investment management business, Merrill Lynch Investment Managers, L.P. ("MLIM"), and its affiliates, including Fund Asset Management, L.P. ("FAM"), with BlackRock, Inc. to create a new independent company. Merrill Lynch has a 49.8% economic interest and a 45% voting interest in the combined company and The PNC Financial Services Group, Inc. has approximately a 34% economic and voting interest. The new company operates under the BlackRock name and is governed by a board of directors with a majority of independent members. Shareholders of each of the Funds approved a new Investment Advisory Agreement with BlackRock Advisors, Inc. an indirect, wholly owned subsidiary of BlackRock, Inc. (the "Manager"), which was reorganized into a limited liability company and renamed BlackRock Advisors, LLC. The advisory agreements were approved on the following dates: Shareholder Approval Date CMA Arizona Municipal Money Fund 9/15/2006 CMA California Municipal Money Fund 9/15/2006 CMA Connecticut Municipal Money Fund 8/31/2006 CMA Florida Municipal Money Fund 8/31/2006 CMA Massachusetts Municipal Money Fund 9/15/2006 CMA Michigan Municipal Money Fund 8/31/2006 CMA New Jersey Municipal Money Fund 8/31/2006 CMA New York Municipal Money Fund 9/15/2006 CMA North Carolina Municipal Money Fund 8/31/2006 CMA Ohio Municipal Money Fund 8/31/2006 CMA Pennsylvania Municipal Money Fund 8/31/2006 The new Investment Advisory Agreements between the Funds and the Manager became effective on September 29, 2006. Prior to September 29, 2006, FAM was the Funds' manager. The general partner of FAM is Princeton Services, Inc. ("PSI"), an indirect, wholly owned subsidiary of Merrill Lynch, which is the limited partner. The Manager is responsible for the management of each Fund's portfolio and provides the necessary personnel, facilities, equipment and certain other services necessary to the operations of the Funds. For such services, each Fund pays a monthly fee based upon the average daily value of each 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. For CMA Florida Municipal Money Fund during the period April 1, 2006 to September 29, 2006, FAM earned fees of $970,930, of which $34,243 was waived. This waiver was voluntary and effective May 1, 2006, is no longer in place. CMA MULTI-STATE MUNICIPAL SERIES TRUST MARCH 31, 2007 Notes to Financial Statements (continued) In addition, the Manager has entered into a sub-advisory agreement with BlackRock Investment Management, LLC ("BIM"), an affiliate of the Manager with respect to each Fund, under which the Manager pays the Sub-Adviser for services it provides a monthly fee that is equal to a percentage of the management fee paid by each Fund to the Manager. Pursuant to the Shareholder Servicing Plan in compliance with Rule 12b-1 under the Investment Company Act of 1940, Merrill Lynch, Pierce, Fenner & Smith Incorporated ("MLPF&S"), a wholly owned subsidiary of Merrill Lynch, receives a distribution fee from the Fund. The fee is accrued daily and paid monthly at the annual rate of .125% of average daily net assets of each Fund for shareholders whose Fund accounts are serviced by MLPF&S financial advisors, whether maintained through MLPF&S or directly with the Fund's transfer agent. The distribution fee is to compensate MLPF&S for providing, or arranging for the provision of, shareholder servicing and sales and promotional activities and services with respect to shares of the Fund. Financial Data Services, Inc. ("FDS"), a wholly owned subsidiary of Merrill Lynch, is the Fund's transfer agent. The Funds reimbursed FAM and the Manager for certain accounting services. The reimbursements were as follows: For the Period For the Period April 1, 2006 to September 30, 2006 September 29, 2006 to March 31, 2007 Reimbursement Reimbursement to FAM to the Manager CMA Arizona Municipal Money Fund $ 1,882 $ 1,638 CMA California Municipal Money Fund $27,938 $24,258 CMA Connecticut Municipal Money Fund $ 5,666 $ 4,854 CMA Florida Municipal Money Fund $ 8,610 $ 3,444 CMA Massachusetts Municipal Money Fund $ 4,359 $ 3,624 CMA Michigan Municipal Money Fund $ 3,143 $ 2,442 CMA New Jersey Municipal Money Fund $12,576 $10,908 CMA New York Municipal Money Fund $27,766 $24,048 CMA North Carolina Municipal Money Fund $ 2,302 $ 1,938 CMA Ohio Municipal Money Fund $ 3,913 $ 3,042 CMA Pennsylvania Municipal Money Fund $ 4,981 $ 4,422 Prior to September 29, 2006, certain officers and/or trustees of the Trusts were officers and/or directors of FAM, PSI, FDS, and/or MLIM. Commencing September 29, 2006, certain officers and/or trustees of the Trust are officers and/or directors of BlackRock, Inc. or its affiliates. 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. Distributions to Shareholders: CMA Arizona Municipal Money Fund 3/31/2007 3/31/2006 Distributions paid from: Tax-exempt income $ 4,905,386 $ 3,763,349 -------------- --------------- Total distributions $ 4,905,386 $ 3,763,349 ============== =============== On March 31, 2007, the Fund had a net capital loss carryforward of $49,348, of which $10,340 expires in 2008, $25,753 expires in 2009, $789 expires in 2013, $3,372 expires in 2014 and $9,094 expires in 2015. This amount will be available to offset like amounts of any future taxable gains. As of March 31, 2007, there were no significant differences between the book and tax components of net assets. CMA California Municipal Money Fund 3/31/2007 3/31/2006 Distributions paid from: Tax-exempt income $ 80,437,107 $ 50,906,209 Ordinary income 23,340 -- Net long-term capital gains 81,007 -- -------------- --------------- Total distributions $ 80,541,454 $ 50,906,209 ============== =============== As of March 31, 2007, there were no significant differences between the book and tax components of net assets. CMA MULTI-STATE MUNICIPAL SERIES TRUST MARCH 31, 2007 Notes to Financial Statements (continued) CMA Connecticut Municipal Money Fund 3/31/2007 3/31/2006 Distributions paid from: Tax-exempt income $ 14,667,963 $ 10,055,873 -------------- --------------- Total distributions $ 14,667,963 $ 10,055,873 ============== =============== On March 31, 2007, the Fund had a net capital loss carryforward of $61,829, all of which expires in 2014. This amount will be available to offset like amounts of any future taxable gains. As of March 31, 2007, there were no significant differences between the book and tax components of net assets. CMA Florida 11/15/2005++ Municipal Money Fund 3/31/2007 to 3/31/2006 Distributions paid from: Tax-exempt income $ 10,401,283 $ 3,767,029 Ordinary income 16,276 -- -------------- --------------- Total distributions $ 10,417,559 $ 3,767,029 ============== =============== ++ Commencement of operations. On March 31, 2007, the Fund had a net capital loss carryforward of $11,013, all of which expires in 2015. This amount will be available to offset like amounts of any future taxable gains. As of March 31, 2007, there were no significant differences between the book and tax components of net assets. CMA Massachusetts Municipal Money Fund 3/31/2007 3/31/2006 Distributions paid from: Tax-exempt income $ 11,150,695 $ 6,761,120 -------------- --------------- Total distributions $ 11,150,695 $ 6,761,120 ============== =============== As of March 31, 2007, there were no significant differences between the book and tax components of net assets. CMA Michigan Municipal Money Fund 3/31/2007 3/31/2006 Distributions paid from: Tax-exempt income $ 8,266,001 $ 5,991,116 -------------- --------------- Total distributions $ 8,266,001 $ 5,991,116 ============== =============== On March 31, 2007, the Fund had a net capital loss carryforward of $88,516, of which $5,068 expires in 2008, $4,954 expires in 2009, $40,675 expires in 2014 and $37,819 expires in 2015. This amount will be available to offset like amounts of any future taxable gains. As of March 31, 2007, there were no significant differences between the book and tax components of net assets. CMA New Jersey Municipal Money Fund 3/31/2007 3/31/2006 Distributions paid from: Tax-exempt income $ 34,263,801 $ 21,873,484 -------------- --------------- Total distributions $ 34,263,801 $ 21,873,484 ============== =============== On March 31, 2007, the Fund had a net capital loss carryforward of $100,026, all of which expires in 2014. This amount will be available to offset like amounts of any future taxable gains. As of March 31, 2007, there were no significant differences between the book and tax components of net assets. CMA New York Municipal Money Fund 3/31/2007 3/31/2006 Distributions paid from: Tax-exempt income $ 76,985,185 $ 48,712,728 Ordinary income 4,203 -- Net long-term capital gains 99,540 -- -------------- --------------- Total distributions $ 77,088,928 $ 48,712,728 ============== =============== As of March 31, 2007, there were no significant differences between the book and tax components of net assets. CMA North Carolina Municipal Money Fund 3/31/2007 3/31/2006 Distributions paid from: Tax-exempt income $ 5,840,563 $ 3,880,198 Ordinary Income -- 26,434 -------------- --------------- Total distributions $ 5,840,563 $ 3,906,632 ============== =============== On March 31, 2007, the Fund had a net capital loss carryforward of $866, all of which expires in 2013. This amount will be available to offset like amounts of any future taxable gains. As of March 31, 2007, there were no significant differences between the book and tax components of net assets. CMA MULTI-STATE MUNICIPAL SERIES TRUST MARCH 31, 2007 Notes to Financial Statements (concluded) CMA Ohio Municipal Money Fund 3/31/2007 3/31/2006 Distributions paid from: Tax-exempt income $ 9,734,282 $ 7,220,561 Ordinary income 2,641 -- Net long-term capital gains 300 14,136 -------------- --------------- Total distributions $ 9,737,223 $ 7,234,697 ============== =============== As of March 31, 2007, there were no significant differences between the book and tax components of net assets. CMA Pennsylvania Municipal Money Fund 3/31/2007 3/31/2006 Distributions paid from: Tax-exempt income $ 14,146,526 $ 9,911,440 -------------- --------------- Total distributions $ 14,146,526 $ 9,911,440 ============== =============== On March 31, 2007, the Fund had a net capital loss carryforward of $144,153, of which $20,995 expires in 2008, $33,951 expires in 2009, $715 expires in 2010, $36,703 expires in 2014 and $51,789 expires in 2015. This amount will be available to offset like amounts of any future taxable gains. As of March 31, 2007, there were no significant differences between the book and tax components of net assets. CMA MULTI-STATE MUNICIPAL SERIES TRUST MARCH 31, 2007 Report of Independent Registered Public Accounting Firm To the Shareholders and Board of Trustees of CMA Multi-State Municipal Series Trust: We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of CMA Multi-State Municipal Series Trust (the "Trust") comprising CMA Arizona Municipal Money Fund, CMA California Municipal Money Fund, CMA Connecticut Municipal Money Fund, CMA Florida Municipal Money Fund, CMA Massachusetts Municipal Money Fund, CMA Michigan Municipal Money Fund, CMA New Jersey Municipal Money Fund, CMA New York Municipal Money Fund, CMA North Carolina Municipal Money Fund, CMA Ohio Municipal Money Fund and CMA Pennsylvania Municipal Money Fund (the "Funds") as of March 31, 2007, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years then ended (for CMA Florida Municipal Money Fund, for the year then ended and for the period November 15, 2005 (commencement of operations) through March 31, 2006), and the financial highlights for the respective periods then ended. These financial statements and financial highlights are the responsibility of the Trust's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Trust is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of March 31, 2007, by correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of each of the Funds constituting CMA Multi-State Municipal Series Trust as of March 31, 2007, the results of their operations for the year then ended, the changes in their net assets for each of the respective periods presented and their financial highlights for the respective periods presented then ended, in conformity with accounting principles generally accepted in the United States of America. Deloitte & Touche LLP Princeton, New Jersey May 21, 2007 CMA MULTI-STATE MUNICIPAL SERIES TRUST MARCH 31, 2007 Officers and Trustees
Number of Funds and Portfolios in Other Public Position(s) Length of Fund Complex Directorships Held with Time Overseen by Held by Name, Address & Age Trust Served Principal Occupation(s) During Past 5 Years Trustee Trustee Interested Trustee Robert C. Doll, Jr.* President 2005 to Vice Chairman and Director of BlackRock, Inc., 122 Funds None P.O. Box 9011 and present Global Chief Investment Officer for Equities, 168 Portfolios Princeton, Trustee Chairman of the BlackRock Retail Operating NJ 08543-9011 Committee, and member of the BlackRock Age: 52 Executive Committee since 2006; President of the funds advised by Merrill Lynch Investment Managers, L.P. ("MLIM") and its affiliates ("MLIM/FAM-advised funds") from 2005 to 2006 and Chief Investment Officer thereof from 2001 to 2006; President of MLIM and Fund Asset Management, L.P. ("FAM") from 2001 to 2006; Co-Head (Americas Region) thereof from 2000 to 2001 and Senior Vice President from 1999 to 2001; President and Director of Princeton Services, Inc. ("Princeton Services") and President of Princeton Administrators, L.P. ("Princeton Administrators") from 2001 to 2006; Chief Investment Officer of OppenheimerFunds, Inc. in 1999 and Executive Vice President thereof from 1991 to 1999. * Mr. Doll is a director, trustee or member of an advisory board of certain other investment companies for which BlackRock Advisors, LLC and its affiliates act as investment adviser. Mr. Doll is an "interested person," as defined in the Investment Company Act, of the Fund based on his positions with BlackRock, Inc. and its affiliates. Trustees serve until their resignation, removal or death, or until December 31 of the year in which they turn 72. As Trust President, Mr. Doll serves at the pleasure of the Board of Trustees. Independent Trustees* Ronald W. Forbes** Trustee 1988 to Professor Emeritus of Finance, School of 47 Funds None P.O. Box 9095 present Business, State University of New York at 49 Portfolios Princeton, Albany since 2000 and Professor thereof NJ 08543-9095 from 1989 to 2000; International Consultant, Age: 66 Urban Institute, Washington, D.C. from 1995 to 1999. Cynthia A. Montgomery++ Trustee 1994 to Professor, Harvard Business School since 1989; 47 Funds Newell P.O. Box 9095 present Associate Professor, J.L. Kellogg Graduate 49 Portfolios Rubbermaid, Inc. Princeton, School of Management, Northwestern University (manufacturing) NJ 08543-9095 from 1985 to 1989; Associate Professor, Graduate Age: 54 School of Business Administration, University of Michigan from 1979 to 1985; Director, Harvard Business School Publishing since 2005; Director, McLean Hospital since 2005. * Trustees serve until their resignation, removal or death, or until December 31 of the year in which they turn 72. ** Chairman of the Board of Trustees and the Audit Committee. ++ Chair of the Nominating Committee.
CMA MULTI-STATE MUNICIPAL SERIES TRUST MARCH 31, 2007 Officers and Trustees (continued)
Number of Funds and Portfolios in Other Public Position(s) Length of Fund Complex Directorships Held with Time Overseen by Held by Name, Address & Age Trust Served Principal Occupation(s) During Past 5 Years Trustee Trustee Independent Trustees* (concluded) Jean Margo Reid Trustee 2004 to Self-employed consultant since 2001; Counsel 47 Funds None P.O. Box 9095 present of Alliance Capital Management (investment 49 Portfolios Princeton, adviser) in 2000; General Counsel, Director and NJ 08543-9095 Secretary of Sanford C. Bernstein & Co., Inc. Age: 61 (investment adviser/broker-dealer) from 1997 to 2000; Secretary, Sanford C. Bernstein Fund, Inc. from 1994 to 2000; Director and Secretary of SCB, Inc. since 1998; Director and Secretary of SCB Partners, Inc. since 2000; and Director of Covenant House from 2001 to 2004. Roscoe S. Suddarth Trustee 2000 to President, Middle East Institute, from 1995 to 47 Funds None P.O. Box 9095 present 2001; Foreign Service Officer, United States 49 Portfolios Princeton, Foreign Service, from 1961 to 1995 and Career NJ 08543-9095 Minister from 1989 to 1995; Deputy Inspector Age: 71 General, U.S. Department of State, from 1991 to 1994; U.S. Ambassador to the Hashemite Kingdom of Jordan from 1987 to 1990. Richard R. West Trustee 1988 to Professor of Finance from 1984 to 1995, 47 Funds Bowne & Co., P.O. Box 9095 present Dean from 1984 to 1993 and since 1995 49 Portfolios Inc. (financial Princeton, Dean Emeritus of New York University's printers); NJ 08543-9095 Leonard N. Stern School of Business Vornado Age: 69 Administration. Realty Trust (real estate company); Alexander's, Inc. (real estate company) * Trustees serve until their resignation, removal or death, or until December 31 of the year in which they turn 72. Position(s) Length of Held with Time Name, Address & Age Trust Served Principal Occupation(s) During Past 5 Years Trust Officers* Donald C. Burke Vice 1993 to Managing Director of BlackRock, Inc. since 2006; Managing Director of Merrill P.O. Box 9011 President present Lynch Investment Managers, L.P. ("MLIM") and Fund Asset Management, L.P. ("FAM") Princeton, and and in 2006; First Vice President of MLIM and FAM from 1997 to 2005 and Treasurer NJ 08543-9011 Treasurer 1999 to thereof from 1999 to 2006; Vice President of MLIM and FAM from 1990 to 1997. Age: 46 present John M. Loffredo Senior 2002 to Managing Director of BlackRock, Inc. since 2006; Managing Director (Tax-Exempt P.O. Box 9011 Vice present Fund Management) of MLIM from 2000 to 2006; Director of MLIM from 1997 Princeton, President to 2000. NJ 08543-9011 Age: 43 Edward J. Andrews Vice 1993 to Director of BlackRock, Inc. since 2006; Director (Tax-Exempt Fund Management) P.O. Box 9011 President present of MLIM from 2000 to 2006; Vice President of MLIM from 1991 to 2000. Princeton, NJ 08543-9011 Age: 46
CMA MULTI-STATE MUNICIPAL SERIES TRUST MARCH 31, 2007 Officers and Trustees (concluded)
Position(s) Length of Held with Time Name, Address & Age Trust Served Principal Occupation(s) During Past 5 Years Trust Officers* (concluded) Steven T. Lewis Vice 1996 to Director of BlackRock, Inc. since 2006; Director (Tax-Exempt Fund Management) P.O. Box 9011 President present of MLIM in 2006; Vice President of MLIM from 1998 to 2006. Princeton, NJ 08543-9011 Age: 43 Darrin J. SanFillippo Vice 1996 to Director of BlackRock, Inc. since 2006; Director (Tax-Exempt Fund Management) P.O. Box 9011 President present of MLIM in 2006; Vice President of MLIM from 2000 to 2006. Princeton, NJ 08543-9011 Age: 42 Kevin A. Schiatta Vice 1990 to Director of BlackRock, Inc. since 2006; Director (Tax-Exempt Fund Management) P.O. Box 9011 President present of MLIM from 2000 to 2006; Vice President of MLIM from 1994 to 2000. Princeton, NJ 08543-9011 Age: 52 Marie Sheehan Vice 2005 to Director of BlackRock, Inc. since 2006; Director (Tax-Exempt Fund Management) P.O. Box 9011 President present of MLIM from 2000 to 2006. Princeton, NJ 08543-9011 Age: 46 Jeffrey Hiller Trust Chief 2004 to Managing Director of BlackRock, Inc. and Fund Chief Compliance Officer since 2006; P.O. Box 9011 Compliance present Chief Compliance Officer of the MLIM/FAM-advised funds and First Vice President Princeton, Officer and Chief Compliance Officer of MLIM (Americas Region) from 2004 to 2006; Chief NJ 08543-9011 Compliance Officer of the IQ Funds since 2004; Global Director of Compliance at Age: 55 Morgan Stanley Investment Management from 2002 to 2004; Managing Director and Global Director of Compliance at Citigroup Asset Management from 2000 to 2002; Chief Compliance Officer at Soros Fund Management in 2000; Chief Compliance Officer at Prudential Financial from 1995 to 2000; Senior Counsel in the Securities and Exchange Commission's Division of Enforcement in Washington, D.C. from 1990 to 1995. Alice A. Pellegrino Secretary 2004 to Director of BlackRock, Inc. since 2006; Director (Legal Advisory) of MLIM from P.O. Box 9011 present 2002 to 2006; Vice President of MLIM from 1999 to 2002; Attorney associated with Princeton, MLIM from 1997 to 1999; Secretary of MLIM, FAM, FAM Distributors, Inc. and NJ 08543-9011 Princeton Services from 2004 to 2006. Age: 47 * Officers of the Trust serve at the pleasure of the Board of Trustees.
Further information about the Trust's Officers and Trustees is available in the Trust's Statement of Additional Information, which can be obtained without charge by calling 1-800-441-7762. 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). Fund Address CMA Multi-State Municipal Series Trust P.O. Box 9011 Princeton, NJ 08543-9011 Effective January 1, 2007, Edward D. Zinbarg retired as a Trustee of CMA (R) Multi-State Municipal Series Trust. The Trust's Board of Trustees wishes Mr. Zinbarg well in his retirement. Effective April 13, 2007, Jeffrey Hiller resigned his position as Chief Compliance Officer of the Trust. Also effective April 13, 2007, Karen Clark was appointed Chief Compliance Officer of the Trust. Ms. Clark has been a Managing Director of BlackRock, Inc. since 2007. She was a Director thereof from 2005 to 2007. Prior to that, Ms. Clark was a principal and senior compliance officer at State Street Global Advisors from 2001 to 2005. Ms. Clark was a principal consultant with PricewaterhouseCoopers, LLP from 1998 to 2001. From 1993 to 1998, Ms. Clark was Branch Chief, Division of Investment Management and Office of Compliance Inspections and Examinations, with the U.S. Securities and Exchange Commission. CMA MULTI-STATE MUNICIPAL SERIES TRUST MARCH 31, 2007 BlackRock Privacy Principles BlackRock is committed to maintaining the privacy of its current and former fund investors and individual clients (collectively, "Clients") and to safeguarding their nonpublic personal information. The following information is provided to help you understand what personal information BlackRock collects, how we protect that information and why in certain cases we share such information with select parties. If you are located in a jurisdiction where specific laws, rules or regulations require BlackRock to provide you with additional or different privacy-related rights beyond what is set forth below, then BlackRock will comply with those specific laws, rules or regulations. BlackRock obtains or verifies personal nonpublic information from and about you from different sources, including the following: (i) information we receive from you or, if applicable, your financial intermediary, on applications, forms or other documents; (ii) information about your transactions with us, our affiliates, or others; (iii) information we receive from a consumer reporting agency; and (iv) from visits to our Web sites. BlackRock does not sell or disclose to nonaffiliated third parties any nonpublic personal information about its Clients, except as permitted by law or as is necessary to service Client accounts. These nonaffiliated third parties are required to protect the confidentiality and security of this information and to use it only for its intended purpose. We may share information with our affiliates to service your account or to provide you with information about other BlackRock products or services that may be of interest to you. In addition, BlackRock restricts access to nonpublic personal information about its Clients to those BlackRock employees with a legitimate business need for the information. BlackRock maintains physical, electronic and procedural safeguards that are designed to protect the nonpublic personal information of its Clients, including procedures relating to the proper storage and disposal of such information. Availability of Quarterly Schedules of Investments The Funds file their complete schedules of portfolio holdings with the Securities and Exchange Commission ("SEC") for the first and third quarters of each fiscal year on Form N-Q. The Funds' Forms N-Q are available on the SEC's Web site at http://www.sec.gov. The Funds' Forms N-Q may also be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. Electronic Delivery Electronic copies of most financial reports and prospectuses are available on the Funds' Web site. Shareholders can sign up for e-mail notifications of quarterly statements, annual and semi-annual reports and prospectuses by enrolling in the Funds' electronic delivery program. Shareholders Who Hold Accounts with Investment Advisers, Banks or Brokerages: Please contact your financial advisor to enroll. Please note that not all investment advisers, banks or brokerages may offer this service. CMA MULTI-STATE MUNICIPAL SERIES TRUST MARCH 31, 2007 Item 2 - Code of Ethics - The registrant has adopted a code of ethics, as of the end of the period covered by this report, that applies to the registrant's principal executive officer, principal financial officer and principal accounting officer, or persons performing similar functions. A copy of the code of ethics is available without charge at www.blackrock.com. Item 3 - Audit Committee Financial Expert - The registrant's board of directors has determined that (i) the registrant has the following audit committee financial experts serving on its audit committee and (ii) each audit committee financial expert is independent: (1) Ronald W. Forbes, (2) Richard R. West, and (3) Edward D. Zinbarg (retired as of December 31, 2006). Item 4 - Principal Accountant Fees and Services CMA Arizona Municipal Money Fund (a) Audit Fees - Fiscal Year Ending March 31, 2007 - $26,800 Fiscal Year Ending March 31, 2006 - $26,800 (b) Audit-Related Fees - Fiscal Year Ending March 31, 2007 - $0 Fiscal Year Ending March 31, 2006 - $0 (c) Tax Fees - Fiscal Year Ending March 31, 2007 - $6,100 Fiscal Year Ending March 31, 2006 - $6,000 The nature of the services include tax compliance, tax advice and tax planning. (d) All Other Fees - Fiscal Year Ending March 31, 2007 - $0 Fiscal Year Ending March 31, 2006 - $0 CMA California Municipal Money Fund (a) Audit Fees - Fiscal Year Ending March 31, 2007 - $30,000 Fiscal Year Ending March 31, 2006 - $30,000 (b) Audit-Related Fees - Fiscal Year Ending March 31, 2007 - $0 Fiscal Year Ending March 31, 2006 - $0 (c) Tax Fees - Fiscal Year Ending March 31, 2007 - $6,100 Fiscal Year Ending March 31, 2006 - $6,000 The nature of the services include tax compliance, tax advice and tax planning. (d) All Other Fees - Fiscal Year Ending March 31, 2007 - $0 Fiscal Year Ending March 31, 2006 - $0 CMA Connecticut Municipal Money Fund (a) Audit Fees - Fiscal Year Ending March 31, 2007 - $27,800 Fiscal Year Ending March 31, 2006 - $27,800 (b) Audit-Related Fees - Fiscal Year Ending March 31, 2007 - $0 Fiscal Year Ending March 31, 2006 - $0 (c) Tax Fees - Fiscal Year Ending March 31, 2007 - $6,100 Fiscal Year Ending March 31, 2006 - $6,000 The nature of the services include tax compliance, tax advice and tax planning. (d) All Other Fees - Fiscal Year Ending March 31, 2007 - $0 Fiscal Year Ending March 31, 2006 - $0 CMA Florida Municipal Money Fund (a) Audit Fees - Fiscal Year Ending March 31, 2007 - $27,300 Fiscal Year Ending March 31, 2006 - $27,300 (b) Audit-Related Fees - Fiscal Year Ending March 31, 2007 - $0 Fiscal Year Ending March 31, 2006 - $4,000 The nature of the services include assurance and related services reasonably related to the performance of the audit of financial statements not included in Audit Fees. (c) Tax Fees - Fiscal Year Ending March 31, 2007 - $6,100 Fiscal Year Ending March 31, 2006 - $6,000 The nature of the services include tax compliance, tax advice and tax planning. (d) All Other Fees - Fiscal Year Ending March 31, 2007 - $0 Fiscal Year Ending March 31, 2006 - $0 CMA Massachusetts Municipal Money Fund (a) Audit Fees - Fiscal Year Ending March 31, 2007 - $27,800 Fiscal Year Ending March 31, 2006 - $27,800 (b) Audit-Related Fees - Fiscal Year Ending March 31, 2007 - $0 Fiscal Year Ending March 31, 2006 - $0 (c) Tax Fees - Fiscal Year Ending March 31, 2007 - $6,100 Fiscal Year Ending March 31, 2006 - $6,000 The nature of the services include tax compliance, tax advice and tax planning. (d) All Other Fees - Fiscal Year Ending March 31, 2007 - $0 Fiscal Year Ending March 31, 2006 - $0 CMA Michigan Municipal Money Fund (a) Audit Fees - Fiscal Year Ending March 31, 2007 - $27,800 Fiscal Year Ending March 31, 2006 - $27,800 (b) Audit-Related Fees - Fiscal Year Ending March 31, 2007 - $0 Fiscal Year Ending March 31, 2006 - $0 (c) Tax Fees - Fiscal Year Ending March 31, 2007 - $6,100 Fiscal Year Ending March 31, 2006 - $6,000 The nature of the services include tax compliance, tax advice and tax planning. (d) All Other Fees - Fiscal Year Ending March 31, 2007 - $0 Fiscal Year Ending March 31, 2006 - $0 CMA New Jersey Municipal Money Fund (a) Audit Fees - Fiscal Year Ending March 31, 2007 - $30,000 Fiscal Year Ending March 31, 2006 - $30,000 (b) Audit-Related Fees - Fiscal Year Ending March 31, 2007 - $0 Fiscal Year Ending March 31, 2006 - $0 (c) Tax Fees - Fiscal Year Ending March 31, 2007 - $6,100 Fiscal Year Ending March 31, 2006 - $6,000 The nature of the services include tax compliance, tax advice and tax planning. (d) All Other Fees - Fiscal Year Ending March 31, 2007 - $0 Fiscal Year Ending March 31, 2006 - $0 CMA New York Municipal Money Fund (a) Audit Fees - Fiscal Year Ending March 31, 2007 - $30,000 Fiscal Year Ending March 31, 2006 - $30,000 (b) Audit-Related Fees - Fiscal Year Ending March 31, 2007 - $0 Fiscal Year Ending March 31, 2006 - $0 (c) Tax Fees - Fiscal Year Ending March 31, 2007 - $6,100 Fiscal Year Ending March 31, 2006 - $6,000 The nature of the services include tax compliance, tax advice and tax planning. (d) All Other Fees - Fiscal Year Ending March 31, 2007 - $0 Fiscal Year Ending March 31, 2006 - $0 CMA North Carolina Municipal Money Fund (a) Audit Fees - Fiscal Year Ending March 31, 2007 - $26,800 Fiscal Year Ending March 31, 2006 - $26,800 (b) Audit-Related Fees - Fiscal Year Ending March 31, 2007 - $0 Fiscal Year Ending March 31, 2006 - $0 (c) Tax Fees - Fiscal Year Ending March 31, 2007 - $6,100 Fiscal Year Ending March 31, 2006 - $6,000 The nature of the services include tax compliance, tax advice and tax planning. (d) All Other Fees - Fiscal Year Ending March 31, 2007 - $0 Fiscal Year Ending March 31, 2006 - $0 CMA Ohio Municipal Money Fund (a) Audit Fees - Fiscal Year Ending March 31, 2007 - $27,800 Fiscal Year Ending March 31, 2006 - $27,800 (b) Audit-Related Fees - Fiscal Year Ending March 31, 2007 - $0 Fiscal Year Ending March 31, 2006 - $0 (c) Tax Fees - Fiscal Year Ending March 31, 2007 - $6,100 Fiscal Year Ending March 31, 2006 - $6,000 The nature of the services include tax compliance, tax advice and tax planning. (d) All Other Fees -Fiscal Year Ending March 31, 2007 - $0 Fiscal Year Ending March 31, 2006 - $0 CMA Pennsylvania Municipal Money Fund (a) Audit Fees - Fiscal Year Ending March 31, 2007 - $27,800 Fiscal Year Ending March 31, 2006 - $27,800 (b) Audit-Related Fees - Fiscal Year Ending March 31, 2007 - $0 Fiscal Year Ending March 31, 2006 - $0 (c) Tax Fees - Fiscal Year Ending March 31, 2007 - $6,100 Fiscal Year Ending March 31, 2006 - $6,000 The nature of the services include tax compliance, tax advice and tax planning. (d) All Other Fees - Fiscal Year Ending March 31, 2007 - $0 Fiscal Year Ending March 31, 2006 - $0 (e)(1) The registrant's audit committee (the "Committee") has adopted policies and procedures with regard to the pre-approval of services. Audit, audit-related and tax compliance services provided to the registrant on an annual basis require specific pre-approval by the Committee. The Committee also must approve other non-audit services provided to the registrant and those non-audit services provided to the registrant's affiliated service providers that relate directly to the operations and the financial reporting of the registrant. Certain of these non-audit services that the Committee believes are a) consistent with the SEC's auditor independence rules and b) routine and recurring services that will not impair the independence of the independent accountants may be approved by the Committee without consideration on a specific case-by-case basis ("general pre-approval"). However, such services will only be deemed pre-approved provided that any individual project does not exceed $5,000 attributable to the registrant or $50,000 for all of the registrants the Committee oversees. Any proposed services exceeding the pre-approved cost levels will require specific pre- approval by the Committee, as will any other services not subject to general pre-approval (e.g., unanticipated but permissible services). The Committee is informed of each service approved subject to general pre-approval at the next regularly scheduled in-person board meeting. (e)(2) 0% (f) Not Applicable (g) Fiscal Year Ended March 31, 2007 - $3,016,200 Fiscal Year Ended March 31, 2006 - $3,754,550 (h) The registrant's audit committee has considered and determined that the provision of non-audit services that were rendered to the registrant's investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre- approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence. Regulation S-X Rule 2-01(c)(7)(ii) - $1,739,500, 0% Item 5 - Audit Committee of Listed Registrants - Not Applicable Item 6 - Schedule of Investments - Not Applicable Item 7 - Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies - Not Applicable Item 8 - Portfolio Managers of Closed-End Management Investment Companies - Not Applicable Item 9 - Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers - Not Applicable Item 10 - Submission of Matters to a Vote of Security Holders - The registrant's Nominating Committee will consider nominees to the Board recommended by shareholders when a vacancy becomes available. Shareholders who wish to recommend a nominee should send nominations which include biographical information and sets forth the qualifications of the proposed nominee to the registrant's Secretary. There have been no material changes to these procedures. Item 11 - Controls and Procedures 11(a) - The registrant's certifying officers have reasonably designed such disclosure controls and procedures to ensure material information relating to the registrant is made known to us by others particularly during the period in which this report is being prepared. The registrant's certifying officers have determined that the registrant's disclosure controls and procedures are effective based on our evaluation of these controls and procedures as of a date within 90 days prior to the filing date of this report. 11(b) - There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the second fiscal half- year of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. Item 12 - Exhibits attached hereto 12(a)(1) - Code of Ethics - See Item 2 12(a)(2) - Certifications - Attached hereto 12(a)(3) - Not Applicable 12(b) - Certifications - Attached hereto Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. CMA Multi-State Municipal Series Trust By: /s/ Robert C. Doll, Jr. ----------------------- Robert C. Doll, Jr., Chief Executive Officer of CMA Multi-State Municipal Series Trust Date: May 21, 2007 Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By: /s/ Robert C. Doll, Jr. ----------------------- Robert C. Doll, Jr., Chief Executive Officer of CMA Multi-State Municipal Series Trust Date: May 21, 2007 By: /s/ Donald C. Burke ------------------- Donald C. Burke, Chief Financial Officer of CMA Multi-State Municipal Series Trust Date: May 21, 2007 EX-99.CERT 2 section302.txt SECTION 302 EX-99. CERT CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 I, Robert C. Doll, Jr., Chief Executive Officer of CMA Multi-State Municipal Series Trust, certify that: 1. I have reviewed this report on Form N-CSR of CMA Multi-State Municipal Series Trust; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: May 21, 2007 /s/ Robert C. Doll, Jr. ----------------------- Robert C. Doll, Jr., Chief Executive Officer of CMA Multi-State Municipal Series Trust EX-99. CERT CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 I, Donald C. Burke, Chief Financial Officer of CMA Multi-State Municipal Series Trust, certify that: 1. I have reviewed this report on Form N-CSR of CMA Multi-State Municipal Series Trust; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: May 21, 2007 /s/ Donald C. Burke ------------------- Donald C. Burke, Chief Financial Officer of CMA Multi-State Municipal Series Trust EX-99.1350CERT 3 section906.txt SECTION 906 Exhibit 99.1350CERT Certification Pursuant to Section 906 of the Sarbanes Oxley Act I, Robert C. Doll, Jr., Chief Executive Officer of CMA Multi-State Municipal Series Trust (the "Fund"), certify that: 1. The N-CSR of the Fund (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and 2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Fund. Dated: May 21, 2007 /s/ Robert C. Doll, Jr. ----------------------- Robert C. Doll, Jr., Chief Executive Officer of CMA Multi-State Municipal Series Trust A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to CMA Multi-State Municipal Series Trust and will be retained by CMA Multi-State Municipal Series Trust and furnished to the Securities and Exchange Commission or its staff upon request. Exhibit 99.1350CERT Certification Pursuant to Section 906 of the Sarbanes Oxley Act I, Donald C. Burke, Chief Financial Officer of CMA Multi-State Municipal Series Trust (the "Fund"), certify that: 1. The N-CSR of the Fund (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and 2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Fund. Dated: May 21, 2007 /s/ Donald C. Burke ------------------- Donald C. Burke, Chief Financial Officer of CMA Multi-State Municipal Series Trust A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to CMA Multi-State Municipal Series Trust and will be retained by CMA Multi-State Municipal Series Trust and furnished to the Securities and Exchange Commission or its staff upon request. -----END PRIVACY-ENHANCED MESSAGE-----