N-Q 1 final.htm CMA MASSACHUSETTS masscma -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-05011

Name of Fund: CMA Multi-State Municipal Series Trust

  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
CMA Pennsylvania Municipal Money Fund

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809 
Name and address of agent for service: Donald C. Burke, 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: (800) 221-7210 
Date of fiscal year end: 03/31/2008 
Date of reporting period: 10/01/2007 – 12/31/2007 
Item 1 – Schedule of Investments 

CMA Massachusetts Municipal Money Fund of CMA Multi-State Municipal Series Trust

Schedule of Investments as of December 31, 2007 (Unaudited)            (In Thousands) 
 
 
 
        Face                 
        Amount    Municipal Bonds            Value 
 
 
 
 
 
 
 Massachusetts - 99.5%    $ 5,190    Bank of America MACON Trust, Massachusetts State Health and Educational Facilities Authority     
            Revenue Bonds, VRDN, Series 2007-310, 3.51% due 6/15/2012 (a)(f)    $ 5,190 
       
 
 
        5,000    Boston, Massachusetts, Water and Sewer Commission Revenue Bonds, FLOATS, VRDN, Series SG-75,     
            3.48% due 11/01/2019 (a)(f)            5,000 
       
 
 
 
 
        2,346    Canton, Massachusetts, GO, BAN, Series B, 4% due 5/30/2008    2,349 
       
 
 
        5,000    Clipper Tax-Exempt Certificates Trust, Massachusetts Bay Transportation Authority Revenue Bonds,     
            VRDN, Series 2007-18, 3.52% due 5/01/2020 (a)(f)        5,000 
       
 
 
 
        5,320    Clipper Tax-Exempt Trust, Massachusetts, COP, VRDN, AMT, Series 1998-8, 3.45% due 6/01/2010 (a)    5,320 
       
 
 
        5,016    Cohasset, Massachusetts, GO, BAN, 4% due 8/08/2008        5,026 
       
 
 
 
        6,200    Eagle Tax-Exempt Trust, Massachusetts Bay Transportation Authority, Sales Tax Revenue Refunding     
            Bonds, VRDN, Series 2005-0087, Class A, 3.49% due 7/01/2029 (a)(b)(f)    6,200 
       
 
 
        4,210    Hanover, Massachusetts, GO, BAN, 4% due 6/26/2008        4,215 
       
 
 
 
        3,500    Hull, Massachusetts, GO, BAN, 4.25% due 7/11/2008        3,508 
       
 
 
 
        3,000    Lehman Municipal Trust Receipts, Massachusetts State, GO, Refunding, FLOATS, VRDN, Series P62W,     
            3.50% due 11/01/2025 (a)(f)            3,000 
       
 
 
 
 
        12,365    Lehman Municipal Trust Receipts, Massachusetts Water Pollution Abatement Trust Revenue Bonds,     
            FLOATS, VRDN, Series K101W, 3.49% due 8/01/2017 (a)(f)    12,365 
       
 
 
        2,500    Littleton, Massachusetts, GO, Refunding, BAN, 4.10% due 1/24/2008    2,501 
       
 
 
        2,577    Marblehead, Massachusetts, GO, Refunding, BAN, 4% due 8/14/2008    2,582 
       
 
 
        4,100    Massachusetts State Development Finance Agency, Assisted Living Facility Revenue Bonds (Whalers     
            Cove Project), VRDN, Series A, 3.51% due 9/01/2034 (a)        4,100 
       
 
 
 
        4,100    Massachusetts State Development Finance Agency, CP, 3.50% due 1/14/2008    4,100 
       
 
 
        8,300    Massachusetts State Development Finance Agency, CP, 3.42% due 2/13/2008    8,300 
       
 
 
        27,000    Massachusetts State Development Finance Agency, CP, 2.95% due 2/15/2008    27,000 
       
 
 
        6,400    Massachusetts State Development Finance Agency, CP, 3.30% due 3/04/2008    6,400 
       
 
 
        1,200    Massachusetts State Development Finance Agency, IDR (Cell Signaling Technology), VRDN, AMT,     
            3.52% due 12/01/2010 (a)            1,200 
 
 
 
 
 
 
 Portfolio Abbreviations                 
 
 
 
 
 To simplify the listings of CMA Massachusetts Municipal Money Fund of CMA Multi-State Municipal Series Trust's portfolio holdings in the Schedule     
 of Investments, we have abbreviated the names of many of the securities according to the list below.         
 AMT    Alternative Minimum Tax (subject to)    HFA    Housing Finance Agency     
 BAN    Bond Anticipation Notes        IDR    Industrial Development Revenue Bonds     
 COP    Certificates of Participation        M/F    Multi-Family     
 CP    Commercial Paper        PUTTERS    Puttable Tax-Exempt Receipts     
 CRVS    Custodial Residual and Variable Securities    ROCS    Reset Option Certificates     
 FLOATS    Floating Rate Securities        TRAN    Tax Revenue Anticipation Notes     
 GO    General Obligation Bonds        VRDN    Variable Rate Demand Notes     

1

CMA Massachusetts Municipal Money Fund of CMA Multi-State Municipal Series Trust     
Schedule of Investments as of December 31, 2007 (Unaudited)    (In Thousands) 
 
Face         
Amount    Municipal Bonds    Value 
 
 
$ 2,470    Massachusetts State Development Finance Agency, IDR (Cleveland Motion Controls), VRDN, AMT,     
    3.55% due 6/01/2021 (a)    $ 2,470 
 
 
2,650    Massachusetts State Development Finance Agency, IDR (Concord Foods Issue), VRDN, AMT, 3.52%     
    due 4/01/2021 (a)    2,650 
 
 
3,140    Massachusetts State Development Finance Agency, IDR (V&S Taunton Galvanizing), VRDN,     
    AMT, 3.55% due 12/01/2023 (a)    3,140 
 
 
1,095    Massachusetts State Development Finance Agency, IDR (Ward Hill Central Products Inc.),     
    VRDN, AMT, 3.55% due 8/01/2016 (a)    1,095 
 
 
7,000    Massachusetts State Development Finance Agency, M/F Housing Revenue Bonds (Avalon     
    Acton Apartments), VRDN, AMT, 3.47% due 7/15/2040 (a)(e)    7,000 
 
 
5,155    Massachusetts State Development Finance Agency, M/F Housing Revenue Bonds (Midway Studios     
    Project), VRDN, AMT, Series A, 3.50% due 3/01/2034 (a)    5,155 
 
 
6,000    Massachusetts State Development Finance Agency Revenue Bonds (Berkshire School Project),     
    VRDN, 3.46% due 9/01/2031 (a)    6,000 
 
 
4,875    Massachusetts State Development Finance Agency Revenue Bonds (Boston College HS Issue),     
    VRDN, 3.47% due 8/01/2033 (a)    4,875 
 
 
1,100    Massachusetts State Development Finance Agency Revenue Bonds (Draper Laboratory Issue),     
    VRDN, 3.45% due 6/01/2030 (a)(b)    1,100 
 
 
1,510    Massachusetts State Development Finance Agency Revenue Bonds (Fiba Technologies), VRDN,     
    AMT, 3.49% due 5/01/2023 (a)    1,510 
 
 
4,635    Massachusetts State Development Finance Agency Revenue Bonds (Lesley University), VRDN,     
    3.49% due 7/01/2033 (a)    4,635 
 
 
1,500    Massachusetts State Development Finance Agency Revenue Bonds (Melmark New England, Inc. Project),     
    VRDN, 3.42% due 7/01/2026 (a)    1,500 
 
 
3,980    Massachusetts State Development Finance Agency Revenue Bonds (New Bedford Waste Services),     
    VRDN, AMT, 3.54% due 6/01/2021 (a)    3,980 
 
 
1,685    Massachusetts State Development Finance Agency Revenue Bonds (New Jewish High School Project),     
    VRDN, 3.43% due 6/01/2032 (a)    1,685 
 
 
1,610    Massachusetts State Development Finance Agency Revenue Bonds (Walnut Hill School District),     
    VRDN, 3.47% due 7/01/2032 (a)    1,610 
 
 
6,285    Massachusetts State Development Finance Agency, Revenue Refunding Bonds (Assumption     
    College Project), VRDN, Series A, 3.47% due 3/01/2032 (a)    6,285 
 
 
9,740    Massachusetts State Development Finance Agency, Revenue Refunding Bonds (Fessenden School),     
    VRDN, AMT, 3.49% due 8/01/2031 (a)    9,740 
 
 
1,570    Massachusetts State Development Finance Agency, Revenue Refunding Bonds (Lasell College),     
    VRDN, 3.44% due 7/01/2036 (a)    1,570 
 
 
3,255    Massachusetts State, FLOATS, VRDN, Series SG-126, 3.48% due 8/01/2018 (a)(f)    3,255 
 
 
11,070    Massachusetts State, GO (Central Artery), VRDN, Series A, 3.44% due 12/01/2030 (a)    11,070 
 
 

2

CMA Massachusetts Municipal Money Fund of CMA Multi-State Municipal Series Trust     
Schedule of Investments as of December 31, 2007 (Unaudited)    (In Thousands) 
 
Face         
Amount    Municipal Bonds    Value 
 
 
$ 6,500    Massachusetts State, GO (Consolidated Loan of 2006), VRDN, Series B, 3.45% due 3/01/2026 (a)    $ 6,500 
 
 
1,437    Massachusetts State, GO, Refunding, FLOATS, VRDN, Series 716D, 3.49% due 8/01/2018 (a)(b)(f)    1,437 
 
 
6,335    Massachusetts State, GO, Refunding, PUTTERS, VRDN, Series 340, 3.48% due 1/01/2017 (a)(b)(f)    6,335 
 
 
11,020    Massachusetts State, GO, Refunding, VRDN, Series B, 3% due 8/01/2015 (a)    11,020 
 
 
2,790    Massachusetts State, GO, VRDN, Series O, 3.47% due 11/01/2014 (a)    2,790 
 
 
2,300    Massachusetts State, HFA, Housing Revenue Bonds, ROCS, VRDN, AMT, Series II-R-421,     
    3.57% due 7/01/2022 (a)(d)(f)    2,300 
 
 
4,495    Massachusetts State, HFA, Housing Revenue Bonds, ROCS, VRDN, AMT, Series II-R-10207,     
    3.57% due 6/01/2017 (a)(f)    4,495 
 
 
7,243    Massachusetts State Health and Educational Facilities Authority, CP, 3.38% due 2/13/2008    7,243 
 
 
10,000    Massachusetts State Health and Educational Facilities Authority, CP, 3.35% due 3/11/2008    10,000 
 
 
6,210    Massachusetts State Health and Educational Facilities Authority Revenue Bonds (Alliance Health of South     
    Massachusetts), VRDN, Series A, 3.13% due 7/01/2037 (a)    6,210 
 
 
2,000    Massachusetts State Health and Educational Facilities Authority Revenue Bonds (Bentley     
    College Project), VRDN, Series K, 3.40% due 7/01/2030 (a)    2,000 
 
 
5,100    Massachusetts State Health and Educational Facilities Authority Revenue Bonds (Partners Healthcare     
    System), VRDN, Series D-6, 3.50% due 7/01/2017 (a)    5,100 
 
 
7,100    Massachusetts State Health and Educational Facilities Authority Revenue Bonds (Sherrill House Inc.), VRDN,     
    Series A-1, 3.44% due 1/01/2032 (a)    7,100 
 
 
3,000    Massachusetts State Health and Educational Facilities Authority, Revenue Refunding Bonds, FLOATS,     
    VRDN, Series 954, 3.49% due 7/01/2008 (a)(c)(f)    3,000 
 
 
16,715    Massachusetts State Health and Educational Facilities Authority, Revenue Refunding Bonds (Partners     
    Healthcare System), VRDN, Series D-4, 3.42% due 7/01/2038 (a)    16,715 
 
 
1,590    Massachusetts State Industrial Finance Agency, Industrial Revenue Bonds (AFC Cable Systems Inc. Issue),     
    VRDN, AMT, 3.52% due 7/01/2016 (a)    1,590 
 
 
1,300    Massachusetts State Industrial Finance Agency, Industrial Revenue Bonds (BBB Esquire LLC), VRDN,     
    AMT, 3.50% due 12/01/2016 (a)    1,300 
 
 
4,000    Massachusetts State Industrial Finance Agency, Industrial Revenue Bonds (Bodwell Project), VRDN,     
    AMT, 3.53% due 7/01/2017 (a)    4,000 
 
 
2,800    Massachusetts State Industrial Finance Agency, Industrial Revenue Bonds (Constitution Project), VRDN,     
    AMT, 3.50% due 6/01/2018 (a)    2,800 
 
 
665    Massachusetts State Industrial Finance Agency, Industrial Revenue Bonds (Garlock Printing Corp.), VRDN,     
    AMT, 3.52% due 12/01/2017 (a)    665 
 
 
1,890    Massachusetts State Industrial Finance Agency, Industrial Revenue Bonds (Gem Group Inc. Issue), VRDN,     
    AMT, 3.52% due 7/01/2016 (a)    1,890 
 
 
365    Massachusetts State Industrial Finance Agency, Industrial Revenue Bonds (Insco Corporation Issue),     
    VRDN, AMT, 3.52% due 9/01/2008 (a)    365 
 
 

3

CMA Massachusetts Municipal Money Fund of CMA Multi-State Municipal Series Trust     
Schedule of Investments as of December 31, 2007 (Unaudited)    (In Thousands) 
 
Face         
Amount    Municipal Bonds    Value 
 
 
$ 2,800    Massachusetts State Industrial Finance Agency, Industrial Revenue Bonds (OCT Co. Inc. Project),     
    VRDN, AMT, 3.50% due 12/01/2017 (a)    $ 2,800 
 
 
1,300    Massachusetts State Industrial Finance Agency, Industrial Revenue Bonds (Tamasi Family Issue), VRDN,     
    AMT, 3.54% due 5/01/2013 (a)    1,300 
 
 
1,445    Massachusetts State Industrial Finance Agency Revenue Bonds (Heritage at Dartmouth), VRDN,     
    AMT, 3.48% due 12/01/2028 (a)    1,445 
 
 
5,085    Massachusetts State Industrial Finance Agency Revenue Bonds (JHC Assisted Living Corporation),     
    VRDN, Series A, 3.46% due 12/01/2029 (a)    5,085 
 
 
1,043    Massachusetts State Industrial Finance Agency Revenue Bonds (Lower Mills Association II L.P.),     
    VRDN, 3.50% due 12/01/2020 (a)    1,043 
 
 
5,000    Massachusetts State Industrial Finance Agency, Revenue Refunding Bonds (Lightolier Inc. Project),     
    VRDN, 3.40% due 7/29/2010 (a)    5,000 
 
 
840    Massachusetts State Industrial Finance Agency, Solid Waste Disposal Revenue Bonds     
    (E.L.Harvey & Sons Inc.), VRDN, AMT, 3.52% due 1/01/2011 (a)    840 
 
 
1,215    Massachusetts State Industrial Finance Agency, Solid Waste Disposal Revenue Bonds     
    (E.L. Harvey & Sons Inc.), VRDN, AMT, 3.52% due 6/01/2013 (a)    1,215 
 
 
7,690    Massachusetts State School Building Authority, Dedicated Sales Tax Revenue Bonds, PUTTERS, VRDN,     
    Series 1197, 3.48% due 8/15/2013 (a)(b)(f)    7,690 
 
 
3,000    Massachusetts State School Building Authority, Dedicated Sales Tax Revenue Bonds, ROCS, VRDN,     
    Series II-R-12179, 3.55% due 8/15/2015 (a)(d)(f)    3,000 
 
 
6,000    Massachusetts State School Building Authority, Dedicated Sales Tax Revenue Bonds, ROCS, VRDN,     
    Series II-R-12187, 3.55% due 8/15/2015 (a)(d)(f)    6,000 
 
 
9,000    Massachusetts State Turnpike Authority, Metropolitan Highway System Revenue Bonds, FLOATS, VRDN,     
    Series SG-124, 3.48% due 1/01/2029 (a)(c)(f)    9,000 
 
 
9,600    Massachusetts State Turnpike Authority, Metropolitan Highway System, Revenue Refunding Bonds, FLOATS,     
    VRDN, Series 334, 3.49% due 1/01/2037 (a)(b)(f)    9,600 
 
 
1,240    Massachusetts State Water Resources Authority, Multi-Modal Subordinated General Revenue Refunding Bonds,     
    VRDN, Series B, 3.45% due 4/01/2028 (a)(c)    1,240 
 
 
4,388    Massachusetts State Water Resources Authority, Revenue Refunding Bonds, FLOATS, VRDN,     
    Series 742D, 3.49% due 8/01/2019 (a)(d)(f)    4,388 
 
 
6,225    Massachusetts State Water Resources Authority, Revenue Refunding Bonds, ROCS, VRDN,     
    Series II-R-10128, 3.49% due 12/01/2015 (a)(c)(g)    6,225 
 
 
37,775    Municipal Securities Trust Certificates, Massachusetts State Water Pollution Abatement Trust, Revenue     
    Refunding Bonds, VRDN, Series SGA 87, 3.50% due 8/01/2023 (a)(f)    37,775 
 
 
4,650    New Bedford, Massachusetts, GO, BAN, 4% due 2/15/2008    4,651 
 
 
3,249    Northborough, Massachusetts, GO, BAN, 4% due 5/02/2008    3,253 
 
 
16,351    Plymouth, Massachusetts, GO, BAN, 3.75% due 5/15/2008    16,379 
 
 
7,600    Revere, Massachusetts, GO, BAN, 3.75% due 10/30/2008    7,621 
 
 

4

CMA Massachusetts Municipal Money Fund of CMA Multi-State Municipal Series Trust     
Schedule of Investments as of December 31, 2007 (Unaudited)    (In Thousands) 
 
    Face         
    Amount    Municipal Bonds    Value 
 
 
 
    $ 2,601    Somerville, Massachusetts, GO, BAN, 4% due 2/20/2008    $ 2,602 
   
 
 
    3,295    UBS Municipal CRVS Trust, Massachusetts State HFA, Revenue Bonds, VRDN, AMT,     
        Series 06-10, 3.50% due 6/01/2031 (a)(f)    3,295 
   
 
 
    3,445    University of Massachusetts Building Authority, Project Revenue Refunding Bonds, ROCS, VRDN     
        Series II R-6016, 3.49% due 11/01/2015 (a)(c)(f)    3,445 
 
 
 
 Puerto Rico - 1.6%    2,000    Municipal Securities Trust Certificates, Puerto Rico Public Power Authority, Power Revenue Bonds, VRDN,     
        Series 19, Class A, 3.45% due 7/01/2017 (a)(d)(f)    2,000 
   
 
 
    5,000    Puerto Rico Commonwealth, TRAN, 4.25% due 7/30/2008    5,024 
 
 
 
        Total Investments (Cost - $450,452*) - 101.1%    450,452 
        Liabilities in Excess of Other Assets - (1.1%)    (4,959) 
           
        Net Assets - 100.0%    $ 445,493 
           
     * 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)      FSA Insured.
 
(e)      FNMA Collateralized.
 
(f)      These securities are short-term floating rate certificates issued by tender option bond trusts and are secured by the underlying municipal bond securities.
 
(g)      Tradable Custodial Receipts (TRACERS).
 

5

Item 2 – Controls and Procedures

2(a) –    The registrant’s principal executive and principal financial officers or persons performing similar functions 
    have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under 
    the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 
    days of the filing of this report based on the evaluation of these controls and procedures required by Rule 
    30a-3(b) under the 1940 Act and Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended. 

2(b) – There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-

3(d) under the 1940 Act) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3 – Exhibits

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/ Donald C. Burke

  Donald C. Burke
Chief Executive Officer (principal executive officer) of
CMA Multi-State Municipal Series Trust

Date: February 21, 2008

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/ Donald C. Burke

  Donald C. Burke
Chief Executive Officer (principal executive officer) of
CMA Multi-State Municipal Series Trust

  Date: February 21, 2008

By:    /s/ Neal J. Andrews 
    Neal J. Andrews 
    Chief Financial Officer (principal financial officer) of 
    CMA Multi-State Municipal Series Trust 

Date: February 21, 2008