N-Q 1 final.htm CMA NEW YORK nycma -- 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 New York 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 
 
 
 
New York - 100.8%    $ 12,000    ABN AMRO MuniTops Certificates Trust, New York City, New York, City Municipal Water Finance     
        Authority, Water and Sewer System, Revenue Refunding Bonds, VRDN, Series 2004-46, 3.47%     
        due 12/15/2012 (g)(k)(m)    $ 12,000 
   
 
 
    6,165    ABN AMRO MuniTops Certificates Trust, New York, GO, VRDN, Series 2006-32, 3.47%     
        due 4/01/2014 (h)(k)(l)(m)    6,165 
   
 
 
    23,340    ABN AMRO MuniTops Certificates Trust, New York, Revenue Refunding Bonds, VRDN, Series 2002-     
        10, 3.47% due 11/15/2010 (g)(k)(m)    23,340 
   
 
 
    19,930    ABN AMRO MuniTops Certificates Trust, New York, Revenue Refunding Bonds, VRDN, Series 2004-     
        24, 3.47% due 7/01/2012 (h)(k)(m)    19,930 
   
 
 
    9,000    Albany, New York, City School District, GO, Refunding, BAN, 4.25% due 6/27/2008    9,022 
   
 
 
    12,300    Albany, New York, City School District, GO, Refunding, BAN, 4% due 7/18/2008    12,318 
   
 
 
    11,375    Albany, New York, GO, BAN, 4% due 7/11/2008    11,391 
   
 
 
    2,000    Albany, New York, IDA, Civic Facility Revenue Bonds (Albany Medical Center Hospital Project),     
        VRDN, Series C, 3.41% due 5/01/2027 (k)    2,000 
   
 
 
    2,500    Albany, New York, IDA, IDR, Refunding (Albany Ventures Inc. Project), VRDN, 3.48%     
        due 12/29/2010 (k)    2,500 
   
 
 
    4,100    Amityville, New York, Union Free School District, GO, TAN, 3.90% due 6/27/2008    4,105 
   
 
 
    4,200    Arlington, New York, Central School District, GO, BAN, Series B, 4.25% due 8/22/2008    4,215 
   
 
 
    6,545    BB&T Municipal Trust, New York Liberty Development Corporation Revenue Bonds (Goldman Sachs     
        Headquarters), FLOATS, VRDN, Series 2025, 3.473% due 10/01/2035 (k)(m)    6,545 
   
 
 
    6,130    Bank of America AUSTIN Trust, New York State Dormitory Authority Revenue Bonds, VRDN, Series     
        2007-159, 3.47% due 3/15/2031 (k)(m)    6,130 
   
 
 
    23,000    Bank of America MACON Trust, Seneca County, New York, IDA, Solid Waste Disposal Revenue     
        Bonds, VRDN, AMT, Series W, 3.54% due 10/01/2035 (k)(m)    23,000 
   
 
 
    3,350    Bellmore, New York, Union Free School District, GO, BAN, 3.50% due 6/18/2008    3,356 
 
 
 

Portfolio Abbreviations

To simplify the listings of CMA New York 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)    IDR    Industrial Development Revenue Bonds 
BAN    Bond Anticipation Notes    MERLOTS    Municipal Exempt Receipts Liquidity Optional Tenders 
COP    Certificates of Participation    M/F    Multi-Family 
CP    Commercial Paper    PUTTERS    Puttable Tax-Exempt Receipts 
CRVS    Custodial Residual and Variable Securities    RAN    Revenue Anticipation Notes 
FLOATS    Floating Rate Securities    ROCS    Reset Option Certificates 
GO    General Obligation Bonds    TAN    Tax Anticipation Notes 
HFA    Housing Finance Agency    VRDN    Variable Rate Demand Notes 
IDA    Industrial Development Authority         
 
 
 

1

CMA New York 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 
 
 
$ 4,200    Binghamton, New York, City School District, GO, BAN, 3.90% due 9/19/2008    $ 4,208 
 
 
1,810    Cattaraugus County, New York, Development Agency, IDR (Gowanda Electronics Corporation), VRDN,     
    AMT, Series A, 3.55% due 9/01/2021 (k)    1,810 
 
 
10,000    Cheektowaga, New York, Central School District, GO, BAN, 3.25% due 12/26/2008    10,027 
 
 
1,000    Copiague, New York, Union Free School District, GO, BAN, 3.50% due 6/18/2008    1,001 
 
 
6,200    Corning, New York, City School District, GO, BAN, 4% due 6/27/2008    6,207 
 
 
12,400    Eagle Tax-Exempt Trust, Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, VRDN,     
    Series 2007-0030, Class A, 3.49% due 2/15/2047 (c)(g)(k)(m)    12,400 
 
 
11,780    Eagle Tax-Exempt Trust, Metropolitan Transportation Authority, New York, Revenue Bonds, VRDN,     
    Series 2006-0015, Class A, 3.50% due 11/15/2035 (h)(k)(m)    11,780 
 
 
5,095    Eagle Tax-Exempt Trust, New York City, New York, City IDA, Revenue Bonds, VRDN, Series 2006-     
    0112, Class A, 3.55% due 3/01/2046 (c)(k)(m)    5,095 
 
 
6,900    Eagle Tax-Exempt Trust, New York State Thruway Authority, Revenue Refunding Bonds, GO, VRDN,     
    Series 2006-0063, Class A, 3.17% due 1/01/2030 (g)(k)(m)    6,900 
 
 
10,000    East Hampton Township, New York, GO, BAN, Series B, 3.50% due 6/19/2008    10,023 
 
 
8,200    Eastchester, New York, Union Free School District, GO, TAN, 4% due 6/20/2008    8,211 
 
 
20,810    Eclipse Funding Trust, Solar Eclipse Certificates, New York Convention Center Development     
    Corporation, VRDN, Series 2006-0004, 3.78% due 11/15/2027 (a)(k)(m)    20,810 
 
 
10,000    Elwood, New York, Union Free School District, GO, TAN, 4% due 6/27/2008    10,017 
 
 
3,625    Erie County, New York, IDA, Civic Facility Revenue Bonds (Child and Family Services of Erie County),     
    VRDN, 3.48% due 6/01/2022 (k)    3,625 
 
 
1,235    Erie County, New York, IDA, Civic Facility Revenue Bonds (Claddagh Commission Inc. Project),     
    VRDN, 3.48% due 12/01/2015 (k)    1,235 
 
 
8,000    Erie County, New York, IDA, Revenue Bonds (Orchard Park CCRC Project), VRDN, Series B, 3.39%     
    due 11/15/2036 (k)    8,000 
 
 
1,260    Freeport, New York, GO, BAN, Series A, 4% due 5/09/2008    1,261 
 
 
3,800    Geneva, New York, IDA, Civic Facility Revenue Bonds (Colleges of the Seneca Project), VRDN, 3.46%     
    due 12/01/2037 (k)    3,800 
 
 
9,875    Glens Falls, New York, City School District, GO, BAN, 4% due 7/11/2008    9,889 
 
 
4,100    Greenport, New York, Union Free School District, GO, TAN, 4% due 6/30/2008    4,105 
 
 
2,240    Guilderland, New York, IDA, Civic Facility, Revenue Bonds (West Turnpike), VRDN, Series A, 3.48%     
    due 4/01/2020 (k)    2,240 
 
 
1,700    Half Hollow Hills Central School District of Huntington and Babylon, New York, GO, TAN, 4%     
    due 6/30/2008    1,702 
 
 
14,500    Harborfields Central School District (Greenlawn), New York, GO, TAN, 3.90% due 6/27/2008    14,517 
 
 
19,500    Hauppauge, New York, Union Free School District, GO, TAN, 3.90% due 6/27/2008    19,523 
 
 
22,900    Hempstead, New York, Union Free School District, GO, TAN, 4.25% due 6/24/2008    22,953 
 
 

2

CMA New York 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 
 
 
$ 800    Hicksville, New York, Union Free School District, GO, TAN, 4% due 6/27/2008    $ 801 
 
 
3,800    Hilton, New York, Central School District, GO, RAN, 4% due 6/19/2008    3,805 
 
 
20,000    Huntington, New York, Union Free School District, GO, TAN, 3.641% due 6/27/2008    20,025 
 
 
16,000    Islip, New York, IDA, Industrial Revenue Bonds (Bayshore LLC Project), VRDN, AMT, 3.47%     
    due 12/01/2029 (k)    16,000 
 
 
7,800    Islip, New York, Union Free School District 002, GO, TAN, 3.90% due 6/27/2008    7,809 
 
 
4,100    Kings Park, New York, Central School District, GO, BAN, 3.90% due 8/15/2008    4,106 
 
 
2,500    Laurens, New York, Central School District, GO, BAN, 4% due 6/26/2008    2,504 
 
 
11,340    Lehman Municipal Trust Receipts, New York City, New York, City Municipal Water Finance Authority,     
    Water and Sewer System Revenue Refunding Bonds, FLOATS, VRDN, Series 2006-P48U, 3.59% due     
    6/15/2015 (k)(m)    11,340 
 
 
10,880    Lehman Municipal Trust Receipts, New York Institute of Technology Revenue Bonds, FLOATS,     
    VRDN, Series 2007-P113, 3.54% due 3/01/2017 (h)(k)(m)    10,880 
 
 
5,300    Lindenhurst, New York, Union Free School District, School Construction, GO, BAN, Series B, 4%     
    due 7/10/2008    5,307 
 
 
1,000    Livonia, New York, Central School District, GO, BAN, 3.25% due 6/28/2008    1,001 
 
 
19,775    Long Island Power Authority, New York, Electric System Revenue Bonds, FLOATS, VRDN, Series 822-     
    D, 3.53% due 9/01/2029 (b)(k)(m)    19,775 
 
 
4,000    Long Island Power Authority, New York, Electric System Revenue Bonds, VRDN, Series E, 3.40%     
    due 12/01/2029 (g)(k)    4,000 
 
 
11,200    Long Island Power Authority, New York, Electric System Revenue Bonds, VRDN, Series H, 3.34%     
    due 12/01/2029 (g)(k)    11,200 
 
 
8,100    Long Island Power Authority, New York, Electric System Revenue Bonds, VRDN, Sub-Series 3B,     
    3.37% due 5/01/2033 (k)    8,100 
 
 
3,800    Long Island Power Authority, New York, Electric System Revenue Bonds, VRDN, Sub-Series 7B,     
    3.34% due 4/01/2025 (h)(k)    3,800 
 
 
22,375    Long Island Power Authority, New York, Electric System Revenue Refunding Bonds, FLOATS, VRDN,     
    Series 339, 3.48% due 12/01/2026 (h)(k)(m)    22,375 
 
 
8,200    Long Island Power Authority, New York, Electric System Revenue Refunding Bonds, VRDN, Series A,     
    5.125% due 6/01/2008 (g)(j)(k)    8,331 
 
 
7,900    Mattituck-Cutchogue, New York, Union Free School District, GO, TAN, 3.90% due 6/30/2008    7,910 
 
 
7,840    Metropolitan Transportation Authority, New York, Dedicated Tax Fund Revenue Bonds, ROCS, VRDN,     
    Series II-R-10290, 3.49% due 11/15/2012 (g)(k)(m)    7,840 
 
 
5,025    Metropolitan Transportation Authority, New York, Dedicated Tax Fund Revenue Bonds, ROCS, VRDN,     
    Series II-R-10296, 3.54% due 11/15/2013 (c)(k)(m)    5,025 
 
 
8,100    Metropolitan Transportation Authority, New York, Dedicated Tax Fund Revenue Bonds, VRDN, Series     
    D-1, 3.50% due 11/01/2034 (a)(k)    8,100 
 
 

3

CMA New York 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 
 
 
$ 25,400    Metropolitan Transportation Authority, New York, Dedicated Tax Fund, Revenue Refunding Bonds,     
    VRDN, Series B, 3.35% due 11/01/2022 (g)(k)    $ 25,400 
 
 
48,820    Metropolitan Transportation Authority, New York, GO, VRDN, Sub-Series A-1, 3.38%     
    due 11/01/2034 (b)(k)    48,820 
 
 
22,000    Metropolitan Transportation Authority, New York, GO, VRDN, Sub-Series A-3, 3.52%     
    due 11/01/2034 (i)(k)    22,000 
 
 
24,753    Metropolitan Transportation Authority, New York, Revenue Bonds, FLOATS, VRDN, Series 823D,     
    3.48% due 11/15/2023 (g)(k)(m)    24,753 
 
 
19,926    Metropolitan Transportation Authority, New York, Revenue Bonds, FLOATS, VRDN, Series 848D,     
    3.65% due 11/15/2021 (c)(k)(m)    19,926 
 
 
3,495    Metropolitan Transportation Authority, New York, Revenue Bonds, FLOATS, VRDN, Series 2210,     
    3.48% due 11/15/2015 (a)(k)(m)    3,495 
 
 
9,680    Metropolitan Transportation Authority, New York, Revenue Bonds, MERLOTS, VRDN, Series A12,     
    3.50% due 11/15/2022 (g)(k)(m)    9,680 
 
 
7,920    Metropolitan Transportation Authority, New York, Revenue Bonds, PUTTERS, VRDN, Series 816,     
    3.47% due 5/15/2013 (a)(k)(m)    7,920 
 
 
6,750    Metropolitan Transportation Authority, New York, Revenue Bonds, ROCS, VRDN, Series II-R-594PB,     
    3.50% due 11/15/2033 (a)(k)(m)    6,750 
 
 
9,800    Metropolitan Transportation Authority, New York, Revenue Bonds, VRDN, Sub-Series E-1, 3.37%     
    due 11/01/2035 (k)    9,800 
 
 
15,750    Metropolitan Transportation Authority, New York, Revenue Bonds, VRDN, Sub-Series E-2, 3.40%     
    due 11/01/2035 (k)    15,750 
 
 
5,585    Metropolitan Transportation Authority, New York, Revenue Refunding Bonds, FLOATS, VRDN, Series     
    1448, 3.56% due 11/15/2031 (k)(m)    5,585 
 
 
13,800    Metropolitan Transportation Authority, New York, Revenue Refunding Bonds, VRDN, Series D-1,     
    3.38% due 11/01/2029 (g)(k)    13,800 
 
 
32,185    Metropolitan Transportation Authority, New York, Revenue Refunding Bonds, VRDN, Series D-2,     
    3.38% due 11/01/2032 (g)(k)    32,185 
 
 
3,000    Miller Place, New York, Union Free School District, GO, TAN, 4% due 6/30/2008    3,004 
 
 
1,635    Monroe County, New York, IDA, Civic Facility Revenue Refunding Bonds (Al Sigl Center for     
    Rehabilitation Agencies, Inc. Project), VRDN, 3.50% due 12/01/2034 (k)    1,635 
 
 
3,486    Monroe-Woodbury, New York, Central School District, GO, BAN, 3.70% due 11/14/2008    3,496 
 
 
8,465    Municipal Securities Trust Certificates, New York State Dormitory Authority, VRDN, Series 7020,     
    Class A, 3.52% due 6/15/2035 (d)(k)(l)(m)    8,465 
 
 
2,000    Nassau County, New York, IDA, Civic Facility Revenue Refunding and Improvement Bonds (Cold     
    Spring Harbor), VRDN, 3.45% due 1/01/2034 (k)    2,000 
 
 

4

CMA New York 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 
 
 
$ 13,250    Nassau County, New York, IDA, Revenue Bonds (Clinton Plaza Senior Housing Project), VRDN, AMT,     
    3.42% due 9/01/2034 (f)(k)    $ 13,250 
 
 
2,700    New Rochelle, New York, City School District, GO, BAN, 4% due 4/25/2008    2,703 
 
 
10,900    New York City, New York, City Housing Development Corporation, M/F Mortgage Revenue Bonds     
    (Parkview II Apartments Project), VRDN, AMT, Series A, 3.50% due 12/01/2037 (k)    10,900 
 
 
21,000    New York City, New York, City Housing Development Corporation, M/F Mortgage Revenue Bonds     
    (Spring Creek Housing LP), VRDN, AMT, Series A, 3.50% due 12/01/2039 (k)    21,000 
 
 
19,000    New York City, New York, City Housing Development Corporation, M/F Mortgage Revenue Bonds     
    (Susans Court Project), VRDN, AMT, Series A, 3.50% due 11/01/2039 (k)    19,000 
 
 
19,510    New York City, New York, City Housing Development Corporation, M/F Mortgage Revenue Refunding     
    Bonds (The Crest Project), VRDN, Series A, 3.45% due 12/01/2036 (k)    19,510 
 
 
11,500    New York City, New York, City Housing Development Corporation, M/F Rental Housing Revenue     
    Bonds (155 West 21st Street Development), VRDN, AMT, Series A, 3.50% due 11/15/2037 (f)(k)    11,500 
 
 
14,065    New York City, New York, City Housing Development Corporation, M/F Rental Housing Revenue     
    Bonds (Armory Place LLC), VRDN, AMT, Series A, 3.50% due 3/15/2033 (f)(k)    14,065 
 
 
10,900    New York City, New York, City Housing Development Corporation, M/F Rental Housing Revenue     
    Bonds (Atlantic Court Apartments Project), VRDN, AMT, Series A, 3.52% due 12/01/2035 (e)(k)    10,900 
 
 
24,830    New York City, New York, City Housing Development Corporation, M/F Rental Housing Revenue     
    Bonds (Brittany Development), VRDN, AMT, Series A, 3.50% due 6/15/2029 (f)(k)    24,830 
 
 
26,550    New York City, New York, City Housing Development Corporation, M/F Rental Housing Revenue     
    Bonds (Carnegie Park), VRDN, Series A, 3.34% due 11/15/2019 (f)(k)    26,550 
 
 
35,400    New York City, New York, City Housing Development Corporation, M/F Rental Housing Revenue     
    Bonds (Clinton 54 LLC), VRDN, AMT, Series A, 3.50% due 8/15/2032 (f)(k)    35,400 
 
 
12,765    New York City, New York, City Housing Development Corporation, M/F Rental Housing Revenue     
    Bonds (Lyric Development), VRDN, AMT, Series A, 3.50% due 11/15/2031 (f)(k)    12,765 
 
 
11,620    New York City, New York, City Housing Development Corporation, M/F Rental Housing Revenue     
    Bonds (Monterey), VRDN, Series A, 3.34% due 11/15/2019 (f)(k)    11,620 
 
 
13,700    New York City, New York, City Housing Development Corporation, M/F Rental Housing Revenue     
    Bonds (One Columbus Place Development), VRDN, AMT, Series A, 3.50% due 11/15/2028 (f)(k)    13,700 
 
 
31,900    New York City, New York, City Housing Development Corporation, M/F Rental Housing Revenue     
    Bonds (Tribeca Towers), VRDN, AMT, Series A, 3.42% due 11/15/2019 (f)(k)    31,900 
 
 
19,400    New York City, New York, City Housing Development Corporation, M/F Rental Housing Revenue     
    Bonds (West 43rd Street Development), VRDN, AMT, Series A, 3.50% due 4/15/2029 (f)(k)    19,400 
 
 
15,000    New York City, New York, City Housing Development Corporation, M/F Rental Housing Revenue     
    Bonds (West 61st Street Apartments Project), VRDN, AMT, Series A, 3.50% due 12/15/2037 (f)(k)    15,000 
 
 
35,400    New York City, New York, City Housing Development Corporation, M/F Rental Housing Revenue     
    Bonds (West 89th Street Development), VRDN, AMT, Series A, 3.42% due 11/15/2029 (k)    35,400 
 
 

5

CMA New York 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 
 
 
$ 34,000    New York City, New York, City Housing Development Corporation, M/F Rental Housing Revenue     
    Bonds (West End Towers), VRDN, AMT, Series A, 3.50% due 5/15/2034 (f)(k)    $ 34,000 
 
 
3,025    New York City, New York, City IDA, Civic Facility Revenue Bonds (Allen-Stevenson School Project),     
    VRDN, 3.45% due 12/01/2034 (k)    3,025 
 
 
2,040    New York City, New York, City IDA, Civic Facility Revenue Bonds (Federation of French Alliances in     
    the United States Project), VRDN, 3.50% due 2/01/2035 (k)    2,040 
 
 
5,145    New York City, New York, City IDA, Civic Facility Revenue Bonds (Heart Share Human Services),     
    VRDN, Series A, 3.45% due 7/01/2021 (k)    5,145 
 
 
1,565    New York City, New York, City IDA, Civic Facility Revenue Bonds (Hewitt School Project), VRDN,     
    3.45% due 12/01/2034 (k)    1,565 
 
 
2,900    New York City, New York, City IDA, Civic Facility Revenue Bonds (Spence-Chapin, Services to     
    Families and Children Project), VRDN, 3.45% due 12/01/2036 (k)    2,900 
 
 
6,205    New York City, New York, City IDA, Civic Facility Revenue Refunding Bonds (Brooklyn Heights     
    Montessori School Project), VRDN, 3.45% due 1/01/2027 (k)    6,205 
 
 
9,690    New York City, New York, City IDA, Civic Facility Revenue Refunding Bonds (Touro College Project),     
    VRDN, 3.35% due 6/01/2037 (k)    9,690 
 
 
20,000    New York City, New York, City IDA, IDR (Tiago Holdings LLC), VRDN, AMT, 3.50%     
    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, 3.39% due 12/01/2039 (k)    25,000 
 
 
24,600    New York City, New York, City IDA, Liberty Revenue Bonds (One Bryant Park LLC Project), VRDN,     
    Series B, 3.48% due 11/01/2039 (k)    24,600 
 
 
6,496    New York City, New York, City IDA, Revenue Bonds, FLOATS, VRDN, Series 1875, 3.65%     
    due 9/01/2016 (c)(k)(m)    6,496 
 
 
14,000    New York City, New York, City IDA, Special Facility Revenue Bonds (Air Express International     
    Corporation Project), VRDN, AMT, 3.50% due 7/01/2024 (k)    14,000 
 
 
20,000    New York City, New York, City Municipal Water Finance Authority, CP, 3.55% due 1/17/2008    20,000 
 
 
16,000    New York City, New York, City Municipal Water Finance Authority, CP, 3.48% due 2/06/2008    16,000 
 
 
7,200    New York City, New York, City Municipal Water Finance Authority, Water and Sewer System Revenue     
    Refunding Bonds, FLOATS, VRDN, Series 1226, 3.48% due 6/15/2015 (k)(m)    7,200 
 
 
11,580    New York City, New York, City Municipal Water Finance Authority, Water and Sewer System Revenue     
    Refunding Bonds, FLOATS, VRDN, Series 1352, 3.48% due 6/15/2035 (k)(m)    11,580 
 
 
17,580    New York City, New York, City Municipal Water Finance Authority, Water and Sewer System Revenue     
    Refunding Bonds, PUTTERS, VRDN, Series 622, 3.47% due 6/15/2012 (a)(k)(m)    17,580 
 
 
12,000    New York City, New York, City Municipal Water Finance Authority, Water and Sewer System Revenue     
    Refunding Bonds, PUTTERS, VRDN, Series 988, 3.47% due 6/15/2013 (k)(m)    12,000 
 
 

6

CMA New York 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 
 
 
$ 3,450    New York City, New York, City Municipal Water Finance Authority, Water and Sewer System Revenue     
    Refunding Bonds, PUTTERS, VRDN, Series 1263, 3.52% due 6/15/2013 (g)(k)(m)    $ 3,450 
 
 
22,600    New York City, New York, City Municipal Water Finance Authority, Water and Sewer System Revenue     
    Refunding Bonds, VRDN, Fiscal 2003 Sub-Series C-1, 3.30% due 6/15/2018 (k)    22,600 
 
 
6,075    New York City, New York, City Municipal Water Finance Authority, Water and Sewer System Revenue     
    Refunding Bonds, VRDN, Series BB-3, 3.25% due 6/15/2034 (k)    6,075 
 
 
25,100    New York City, New York, City Municipal Water Finance Authority, Water and Sewer System Revenue     
    Refunding Bonds, VRDN, Series BB-5, 3.26% due 6/15/2033 (k)    25,100 
 
 
29,445    New York City, New York, City Municipal Water Finance Authority, Water and Sewer System Revenue     
    Refunding Bonds, VRDN, Series CC-1, 3.37% due 6/15/2038 (k)    29,445 
 
 
8,900    New York City, New York, City Municipal Water Finance Authority, Water and Sewer System Revenue     
    Refunding Bonds, VRDN, Series F-1, 3.30% due 6/15/2033 (k)    8,900 
 
 
6,880    New York City, New York, City Municipal Water Finance Authority, Water and Sewer System Revenue     
    Refunding Bonds, VRDN, Series F-2, 3.34% due 6/15/2033 (k)    6,880 
 
 
15,300    New York City, New York, City Municipal Water Finance Authority, Water and Sewer System Revenue     
    Refunding Bonds, VRDN, Sub-Series C-2, 3.35% due 6/15/2018 (k)    15,300 
 
 
2,400    New York City, New York, City Municipal Water Finance Authority, Water and Sewer System, Second     
    General Resolution Revenue Refunding Bonds, VRDN, Series AA-1, 3.25%     
    due 6/15/2032 (k)    2,400 
 
 
19,200    New York City, New York, City Transitional Finance Authority, Future Tax Secured Revenue Bonds,     
    VRDN, Series A-1, 3.40% due 11/15/2028 (k)    19,200 
 
 
67,615    New York City, New York, City Transitional Finance Authority, Future Tax Secured Revenue Bonds,     
    VRDN, Series A-2, 3.40% due 11/15/2027 (k)    67,615 
 
 
5,590    New York City, New York, City Transitional Finance Authority, GO, PUTTERS, VRDN, Series 1720,     
    3.47% due 11/01/2014 (k)(m)    5,590 
 
 
2,400    New York City, New York, City Transitional Finance Authority, New York City Recovery Revenue     
    Refunding Bonds, VRDN, Series 3, Sub-Series 3-E, 3.43% due 11/01/2022 (k)    2,400 
 
 
5,668    New York City, New York, City Transitional Finance Authority Revenue Bonds, FLOATS, VRDN,     
    Series 362, 3.48% due 11/01/2023 (k)(m)    5,668 
 
 
14,726    New York City, New York, City Transitional Finance Authority Revenue Bonds, FLOATS, VRDN,     
    Series 536, 3.48% due 5/01/2015 (h)(k)(m)    14,726 
 
 
10,845    New York City, New York, City Transitional Finance Authority Revenue Bonds (New York City     
    Recovery), VRDN, Series 1, Sub-Series 1-A, 3.40% due 11/01/2022 (k)    10,845 
 
 
5,050    New York City, New York, City Transitional Finance Authority Revenue Bonds (New York City     
    Recovery), VRDN, Series 1, Sub-Series 1-C, 3.47% due 11/01/2022 (k)    5,050 
 
 
27,380    New York City, New York, City Transitional Finance Authority Revenue Bonds (New York City     
    Recovery), VRDN, Series 3, Sub-Series 3-G, 3.35% due 11/01/2022 (k)    27,380 
 
 

7

CMA New York 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 
 
 
$ 3,140    New York City, New York, City Transitional Finance Authority Revenue Bonds, ROCS, VRDN, Series     
    II-R-2052, 3.49% due 2/01/2022 (h)(k)(m)    $ 3,140 
 
 
3,735    New York City, New York, City Transitional Finance Authority Revenue Bonds, ROCS, VRDN, Series     
    II-R-2054, 3.50% due 2/01/2020 (h)(k)(m)    3,735 
 
 
2,400    New York City, New York, City Transitional Finance Authority Revenue Bonds, VRDN, Sub-Series 2A,     
    3.40% due 11/01/2022 (k)    2,400 
 
 
46,220    New York City, New York, City Transitional Finance Authority Revenue Bonds, VRDN, Sub-Series 2B,     
    3.40% due 11/01/2022 (k)    46,220 
 
 
8,150    New York City, New York, City Transitional Finance Authority Revenue Bonds, VRDN, Sub-Series 2C,     
    3.40% due 11/01/2022 (k)    8,150 
 
 
8,525    New York City, New York, City Transitional Finance Authority Revenue Bonds, VRDN, Sub-Series 2D,     
    3.35% due 11/01/2022 (k)    8,525 
 
 
1,600    New York City, New York, City Transitional Finance Authority Revenue Bonds, VRDN, Sub-Series B-     
    3, 3.40% due 11/01/2028 (k)    1,600 
 
 
6,988    New York City, New York, City Transitional Finance Authority, Revenue Refunding Bonds, FLOATS,     
    VRDN, Series 1857, 3.48% due 11/01/2030 (k)(m)    6,988 
 
 
9,955    New York City, New York, City Transitional Finance Authority, Revenue Refunding Bonds, ROCS,     
    VRDN, Series II-R-11096, 3.49% due 11/01/2021 (k)(m)    9,955 
 
 
60,795    New York City, New York, City Transitional Finance Authority, Special Tax Revenue Refunding Bonds,     
    VRDN, Series C, 3.35% due 2/01/2032 (k)    60,795 
 
 
2,745    New York City, New York, GO, FLOATS, VRDN, Series 2211, 3.48% due 6/01/2015 (k)(m)    2,745 
 
 
5,455    New York City, New York, GO, PUTTERS, VRDN, Series 1299, 3.47% due 4/01/2014 (g)(k)(m)    5,455 
 
 
1,985    New York City, New York, GO, PUTTERS, VRDN, Series 1318, 3.47% due 6/01/2013 (a)(k)(m)    1,985 
 
 
4,330    New York City, New York, GO, PUTTERS, VRDN, Series 1381, 3.52% due 6/01/2014 (a)(k)(m)    4,330 
 
 
17,805    New York City, New York, GO, PUTTERS, VRDN, Series 1996, 3.47% due 4/01/2014 (k)(m)    17,805 
 
 
30,000    New York City, New York, GO, ROCS, VRDN, Series II-R-251A, 3.51% due 12/15/2033 (k)(m)    30,000 
 
 
9,000    New York City, New York, GO, ROCS, VRDN, Series II-R-518, 3.49% due 8/01/2022 (h)(k)(m)    9,000 
 
 
5,065    New York City, New York, GO, ROCS, VRDN, Series II-R-9195, 3.49% due 3/01/2015 (k)(m)    5,065 
 
 
1,820    New York City, New York, GO, Refunding, PUTTERS, VRDN, Series 1341, 3.52%     
    due 2/01/2014 (h)(k)(m)    1,820 
 
 
9,660    New York City, New York, GO, Refunding, PUTTERS, VRDN, Series 2013, 3.47%     
    due 2/01/2014 (k)(m)    9,660 
 
 
2,400    New York City, New York, GO, Refunding, VRDN, Series H, Sub-Series H-2, 3.30%     
    due 8/01/2014 (h)(k)    2,400 
 
 
7,615    New York City, New York, GO, Refunding, VRDN, Sub-Series C-2, 3.40% due 8/01/2020 (k)    7,615 
 
 
4,400    New York City, New York, GO, Refunding, VRDN, Sub-Series C-3, 3.35% due 8/01/2020 (k)    4,400 
 
 
30,550    New York City, New York, GO, Refunding, VRDN, Sub-Series C-4, 3.32% due 8/01/2020 (k)    30,550 
 
 

8

CMA New York 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 
 
 
$ 11,400    New York City, New York, GO, Refunding, VRDN, Sub-Series E-4, 3.25% due 8/01/2021 (k)    $ 11,400 
 
 
6,860    New York City, New York, GO, VRDN, Series F-4, 3.40% due 2/15/2020 (k)    6,860 
 
 
4,200    New York City, New York, GO, VRDN, Series F-5, 3.40% due 2/15/2016 (k)    4,200 
 
 
17,545    New York City, New York, GO, VRDN, Sub-Series A-3, 3.40% due 8/01/2031 (k)    17,545 
 
 
5,800    New York City, New York, GO, VRDN, Sub-Series A-4, 3.40% due 8/01/2023 (k)    5,800 
 
 
2,520    New York City, New York, GO, VRDN, Sub-Series A-9, 3.40% due 8/01/2018 (k)    2,520 
 
 
8,500    New York City, New York, GO, VRDN, Sub-Series B-9, 3.31% due 8/15/2023 (k)    8,500 
 
 
3,300    New York City, New York, GO, VRDN, Sub-Series E-2, 3.37% due 8/01/2034 (k)    3,300 
 
 
22,100    New York City, New York, GO, VRDN, Sub-Series E-3, 3.39% due 8/01/2034 (k)    22,100 
 
 
19,150    New York City, New York, GO, VRDN, Sub-Series H-1, 3.37% due 1/01/2036 (k)    19,150 
 
 
6,300    New York City, New York, GO, VRDN, Sub-Series I-3, 3.30% due 4/01/2036 (k)    6,300 
 
 
2,950    New York City, New York, GO, VRDN, Sub-Series I-5, 3.25% due 4/01/2036 (k)    2,950 
 
 
2,330    New York City, New York, GO, VRDN, Sub-Series I-6, 3.25% due 4/01/2036 (k)    2,330 
 
 
2,140    New York City, New York, Jay Street Development Corporation, Court Facility, Lease Revenue Bonds     
    (Jay Street Project), VRDN, Series A-1, 3.34% due 5/01/2022 (k)    2,140 
 
 
6,100    New York Liberty Development Corporation Revenue Bonds, FLOATS, VRDN, Series 1251, 3.48%     
    due 10/01/2029 (k)(m)    6,100 
 
 
13,905    New York State Commander of General Services Revenue Bonds (People of the State of New York),     
    VRDN, 3.43% due 9/01/2021 (k)    13,905 
 
 
33,285    New York State Dormitory Authority, Mental Health Facilities Improvement Revenue Refunding Bonds,     
    VRDN, Series F-2B, 3.45% due 2/15/2021 (g)(k)    33,285 
 
 
2,800    New York State Dormitory Authority, Mental Health Services Revenue Bonds, VRDN, Sub-Series D-2E,     
    3.38% due 2/15/2031 (k)    2,800 
 
 
27,885    New York State Dormitory Authority, Mental Health Services Revenue Bonds, VRDN, Sub-Series D-     
    2G, 3.38% due 2/15/2031 (k)    27,885 
 
 
15,000    New York State Dormitory Authority, Mental Health Services Revenue Bonds, VRDN, Sub-Series D-     
    2H, 3.38% due 2/15/2031 (k)    15,000 
 
 
8,200    New York State Dormitory Authority, Non-State Supported Debt Revenue Bonds (Barnard College),     
    VRDN, Series B, 3.48% due 7/01/2037 (c)(k)    8,200 
 
 
10,775    New York State Dormitory Authority Revenue Bonds (Glen Eddy, Inc.), VRDN, 3.37%     
    due 7/01/2029 (k)    10,775 
 
 
3,750    New York State Dormitory Authority Revenue Bonds (North Shore-Long Island Jewish Health System),     
    ROCS, VRDN, Series II-R-656CE, 3.49% due 11/01/2034 (k)(m)    3,750 
 
 
6,615    New York State Dormitory Authority Revenue Bonds, PUTTERS, VRDN, Series 1955, 3.47%     
    due 3/15/2015 (k)(m)    6,615 
 
 
29,985    New York State Dormitory Authority Revenue Bonds, PUTTERS, VRDN, Series 1956, 3.47%     
    due 3/15/2015 (k)(m)    29,985 
 
 

9

CMA New York 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 
 
 
$ 6,880    New York State Dormitory Authority Revenue Bonds, PUTTERS, VRDN, Series 1959, 3.47%     
    due 3/15/2015 (k)(m)    $ 6,880 
 
 
6,120    New York State Dormitory Authority Revenue Bonds, ROCS, VRDN, Series II-R-11041CE, 3.49%     
    due 5/01/2033 (k)(m)    6,120 
 
 
4,690    New York State Dormitory Authority Revenue Bonds (Teresian Housing Corporation), VRDN, 3.37%     
    due 7/01/2033 (k)    4,690 
 
 
27,500    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, 3.45%     
    due 11/01/2039 (k)    27,500 
 
 
14,000    New York State, GO, VRDN, Series A, 3.20% due 5/15/2008 (k)    14,000 
 
 
6,000    New York State, GO, VRDN, Series G, 3.20% due 5/15/2008 (k)    6,000 
 
 
12,150    New York State, HFA, Housing Revenue Bonds (363 West 30th Street), VRDN, AMT, Series A, 3.52%     
    due 11/01/2032 (e)(k)    12,150 
 
 
3,400    New York State, HFA, Housing Revenue Bonds (West 33rd Street Housing), VRDN, AMT, Series A,     
    3.52% due 11/15/2036 (f)(k)    3,400 
 
 
9,850    New York State, HFA, Housing Revenue Bonds (West 43rd Street), VRDN, AMT, Series A, 3.52%     
    due 11/01/2034 (k)    9,850 
 
 
33,700    New York State, HFA, Housing Revenue Bonds (West 43rd Street), VRDN, AMT, Series A, 3.53%     
    due 11/01/2034 (k)    33,700 
 
 
4,710    New York State, HFA, M/F Housing Revenue Bonds, VRDN, Series A, 3.48% due 11/01/2028 (a)(k)    4,710 
 
 
5,000    New York State, HFA, M/F Revenue Bonds (750 6th Ave), VRDN, Series A, 3.43%     
    due 5/15/2031 (f)(k)    5,000 
 
 
5,600    New York State, HFA, M/F Revenue Bonds (Kew Gardens Hills), VRDN, AMT, Series A, 3.42%     
    due 5/15/2036 (f)(k)    5,600 
 
 
10,000    New York State, HFA, Revenue Bonds (10 Barclay Street), VRDN, Series A, 3.40%     
    due 11/15/2037 (f)(k)    10,000 
 
 
12,100    New York State, HFA, Revenue Bonds (42nd & 10th Project), VRDN, AMT, Series A, 3.53%     
    due 11/01/2041 (k)    12,100 
 
 
23,565    New York State, HFA, Revenue Bonds (360 West 43rd Street), VRDN, AMT, Series A, 3.50%     
    due 11/15/2033 (f)(k)    23,565 
 
 
4,400    New York State, HFA, Revenue Bonds (1500 Lexington Associates LLC), VRDN, AMT, Series A,     
    3.49% due 5/15/2034 (f)(k)    4,400 
 
 
28,600    New York State, HFA, Revenue Bonds (1501 Lex Associates LP), VRDN, AMT, Series A, 3.42%     
    due 5/15/2032 (f)(k)    28,600 
 
 
25,000    New York State, HFA, Revenue Bonds (Avalon Bowery Place II), VRDN, AMT, Series A, 3.54%     
    due 11/01/2039 (k)    25,000 
 
 

10

CMA New York 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 
 
 
$ 37,245    New York State, HFA, Revenue Bonds (Biltmore Tower Project), VRDN, AMT, Series A, 3.43%     
    due 5/15/2034 (f)(k)    $ 37,245 
 
 
23,630    New York State, HFA, Revenue Bonds (Chelsea Apartments), VRDN, AMT, Series A, 3.49%     
    due 11/15/2036 (f)(k)    23,630 
 
 
12,000    New York State, HFA, Revenue Bonds (Gethsemane Apartments), VRDN, AMT, Series A, 3.42%     
    due 5/15/2033 (f)(k)    12,000 
 
 
4,975    New York State, HFA, Revenue Bonds (Grace Towers Housing II LLC), VRDN, AMT, Series A, 3.50%     
    due 5/01/2040 (e)(k)    4,975 
 
 
29,100    New York State, HFA, Revenue Bonds (Saxony Housing), VRDN, AMT, Series A, 3.52%     
    due 5/15/2030 (k)    29,100 
 
 
13,000    New York State, HFA, Revenue Bonds (Talleyrand Crescent), VRDN, AMT, 3.41%     
    due 5/15/2028 (f)(k)    13,000 
 
 
32,600    New York State, HFA, Revenue Bonds (Tribeca Pointe LLC), VRDN, AMT, Series A, 3.48%     
    due 5/15/2029 (f)(k)    32,600 
 
 
54,400    New York State, HFA, Revenue Bonds (Tribeca), VRDN, AMT, Series A, 3.42% due 11/15/2029 (f)(k)    54,400 
 
 
10,800    New York State, HFA, Revenue Bonds (Victory Housing), VRDN, AMT, Series A, 3.48%     
    due 11/01/2033 (e)(k)    10,800 
 
 
10,100    New York State, HFA, Revenue Bonds (West 17th Street Housing), VRDN, AMT, Series A, 3.52%     
    due 11/01/2039 (k)    10,100 
 
 
4,500    New York State, HFA, Revenue Bonds (Worth Street Project), VRDN, AMT, Series A, 3.50%     
    due 5/15/2033 (f)(k)    4,500 
 
 
7,200    New York State, HFA, Service Contract Revenue Refunding Bonds, VRDN, Series C, 3.40%     
    due 3/15/2026 (k)    7,200 
 
 
4,500    New York State, HFA, Service Contract Revenue Refunding Bonds, VRDN, Series G, 3.35%     
    due 3/15/2028 (k)    4,500 
 
 
82    New York State Local Government Assistance Corporation Revenue Bonds, VRDN, Series B, 3.35%     
    due 4/01/2025 (k)    83 
 
 
13,120    New York State Local Government Assistance Corporation, VRDN, Series E, 3.35% due 4/01/2025 (k)    13,120 
 
 
19,800    New York State Mortgage Agency, Homeowner Mortgage Revenue Bonds, VRDN, AMT, 37th Series,     
    3.35% due 4/01/2035 (k)    19,800 
 
 
20,700    New York State Mortgage Agency, Homeowner Mortgage Revenue Bonds, VRDN, AMT, Series 135,     
    3.45% due 4/01/2037 (k)    20,700 
 
 
29,500    New York State Mortgage Agency, Homeowner Mortgage Revenue Bonds, VRDN, AMT, Series 142,     
    3.45% due 10/01/2037 (k)    29,500 
 
 
13,120    New York State Power Authority, CP, 3.38% due 1/18/2008    13,120 
 
 
15,340    New York State Power Authority, GO, VRDN, 3.64% due 3/01/2016 (k)    15,340 
 
 

11

CMA New York 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 
 
 
$ 10,510    New York State Thruway Authority, Highway and Bridge Trust Fund, General Revenue Bonds,     
    PUTTERS, VRDN, Series 1098, 3.47% due 7/01/2013 (g)(k)(m)    $ 10,510 
 
 
8,740    New York State Thruway Authority, Highway and Bridge Trust Fund Revenue Bonds, ROCS, VRDN,     
    Series II-R-10140, 3.54% due 4/01/2011 (c)(k)(m)    8,740 
 
 
13,049    New York State Thruway Authority, Highway and Bridge Trust Fund, Revenue Refunding Bonds,     
    FLOATS, VRDN, Series 1611, 3.48% due 4/01/2025 (a)(k)(m)    13,049 
 
 
3,000    New York State Thruway Authority, Highway and Bridge Trust Fund, Revenue Refunding Bonds,     
    ROCS, VRDN, Series II-R-458, 3.49% due 4/01/2020 (a)(k)(m)    3,000 
 
 
7,460    New York State Thruway Authority, Highway and Bridge Trust Fund, Revenue Refunding Bonds,     
    ROCS, VRDN, Series II-R-5012, 3.50% due 4/01/2019 (a)(k)(m)    7,460 
 
 
14,235    New York State Thruway Authority, Revenue Refunding Bonds, ROCS, VRDN, Series II-R-12093,     
    3.53% due 7/01/2015 (g)(k)(m)    14,235 
 
 
9,000    New York State Urban Development Corporation, COP, ROCS, VRDN, Series II-R-10011CE, 3.51%     
    due 4/01/2010 (k)(m)    9,000 
 
 
11,200    New York State Urban Development Corporation Revenue Bonds, FLOATS, VRDN, Series 1664,     
    3.48% due 3/15/2027 (k)(m)    11,200 
 
 
4,000    New York State Urban Development Corporation Revenue Bonds, FLOATS, VRDN, Series SG-164,     
    3.47% due 3/15/2033 (c)(k)(m)    4,000 
 
 
1,700    North Babylon, New York, Union Free School District, GO, TAN, 4% due 6/26/2008    1,703 
 
 
1,046    North Syracuse, New York, Central School District, GO, BAN, 4% due 6/19/2008    1,047 
 
 
3,300    Ogdensburg, New York, Enlarged City School District, GO, RAN, 4% due 6/27/2008    3,303 
 
 
4,050    Oneida County, New York, IDA, IDR (Rome Properties LLC Project), VRDN, AMT, 3.55%     
    due 6/01/2027 (k)    4,050 
 
 
11,500    Oneida County, New York, IDA, Revenue Bonds (Preswick Glen Civic Facility Project), VRDN, 3.39%     
    due 10/01/2036 (k)    11,500 
 
 
9,994    Onondaga County, New York, IDA, IDR (G.A. Braun Inc. Project), VRDN, AMT, 3.52%     
    due 6/01/2034 (k)    9,995 
 
 
1,825    Onondaga County, New York, IDA, IDR (Peregrine International LLC Project), VRDN, AMT, 3.52%     
    due 5/01/2022 (k)    1,825 
 
 
2,300    Onondaga County, New York, IDA, Solid Waste Disposal Facility, Revenue Refunding Bonds (Solvay     
    Paperboard Project), VRDN, AMT, 3.49% due 7/01/2023 (k)    2,300 
 
 
3,345    Ontario County, New York, IDA, Civic Facility Revenue Bonds (Friends of the Finger Lakes Performing     
    Arts Center, Inc. Project), VRDN, Series A, 3.45% due 12/01/2036 (k)    3,345 
 
 
7,561    Orange County, New York, GO, BAN, 3.90% due 7/24/2008    7,562 
 
 
1,625    Oswego County, New York, IDA, Civic Facility Revenue Bonds (O H Properties Inc. Project), VRDN,     
    Series A, 3.52% due 6/01/2024 (k)    1,624 
 
 
2,800    Otsego County, New York, IDA, Civic Facility Revenue Bonds (Templeton Foundation Project), VRDN,     
    Series A, 3.48% due 6/01/2027 (k)    2,800 
 
 

12

CMA New York 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 
 
 
$ 24,800    Port Authority of New York and New Jersey Revenue Bonds, PUTTERS, VRDN, Series 2092, 3.46%     
    due 8/15/2017 (g)(k)(m)    $ 24,800 
 
 
7,900    Port Authority of New York and New Jersey Revenue Bonds, PUTTERS, VRDN, Series 2398, 3.46%     
    due 11/15/2015 (a)(k)(m)    7,900 
 
 
7,955    Port Authority of New York and New Jersey, Revenue Refunding Bonds, MERLOTS, VRDN, AMT,     
    Series C01, 3.83% due 12/01/2016 (g)(k)(m)    7,954 
 
 
6,930    Port Authority of New York and New Jersey, Revenue Refunding Bonds, ROCS, VRDN, Series II-R-     
    12041, 3.63% due 5/01/2014 (h)(k)(m)    6,930 
 
 
2,454    Poughkeepsie City, New York, GO, BAN, Series B, 3.90% due 9/12/2008    2,458 
 
 
6,880    Poughkeepsie City, New York, GO, BAN, Series C, 3.90% due 7/18/2008    6,890 
 
 
15,000    Ramapo, New York, Housing Authority Revenue Bonds (Fountainview at College Road, Inc. Project),     
    VRDN, 3.47% due 12/01/2029 (k)    15,000 
 
 
6,700    Rockland County, New York, GO, BAN, Series E, 3.641% due 9/04/2008    6,711 
 
 
6,750    Rockland County, New York, IDA, Civic Facility Revenue Bonds (Dominican College Project), VRDN,     
    Series A, 3.47% due 7/01/2035 (k)    6,750 
 
 
3,015    Rockland County, New York, IDA, Civic Facility Revenue Bonds (Dominican College Project), VRDN,     
    Series B, 3.47% due 7/01/2035 (k)    3,015 
 
 
9,485    Rockland County, New York, IDA, Civic Facility Revenue Refunding Bonds (Dominican College     
    Project), VRDN, Series A, 3.47% due 5/01/2034 (k)    9,485 
 
 
3,500    Rome, New York, City School District, GO, BAN, Series A, 4% due 7/25/2008    3,504 
 
 
8,200    Rome, New York, City School District, GO, RAN, 4% due 6/20/2008    8,207 
 
 
4,200    Rome, New York, City School District, GO, Refunding, BAN, Series A, 4% due 6/27/2008    4,204 
 
 
5,700    Schenectady, New York, City School District, GO, RAN, 4% due 7/31/2008    5,707 
 
 
10,435    Shenendehowa Central School District of Clifton Park, New York, GO, Refunding, BAN, 3.85%     
    due 6/27/2008    10,436 
 
 
2,500    Southampton, New York, Union Free School District, GO, BAN, 3.90% due 9/17/2008    2,505 
 
 
7,500    Southampton, New York, Union Free School District, GO, TAN, 3.90% due 6/27/2008    7,510 
 
 
2,500    South Glens Falls, New York, Central School District, GO, RAN, 4% due 7/03/2008    2,502 
 
 
38,000    Suffolk County, New York, GO, TAN, 3.50% due 8/14/2008    38,160 
 
 
4,100    Tarrytowns, New York, Union Free School District, GO, TAN, 3.90% due 6/13/2008    4,105 
 
 
7,340    Tobacco Settlement Financing Corporation of New York Revenue Bonds, PUTTERS, VRDN, Series     
    648, 3.73% due 6/01/2011 (a)(k)(m)    7,340 
 
 
2,874    Tobacco Settlement Financing Corporation of New York Revenue Bonds, ROCS, VRDN, Series II-R-     
    2034, 3.50% due 6/01/2020 (a)(k)(m)    2,875 
 
 
1,600    Tobacco Settlement Financing Corporation of New York Revenue Bonds, VRDN, Series B-1, 5%     
    due 6/01/2008 (k)    1,608 
 
 

13

CMA New York 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 
 
 
$ 5,900    Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, VRDN, Series     
    A, 3.35% due 11/01/2035 (k)    $ 5,900 
 
 
10,405    Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, VRDN, Series     
    B, 3.42% due 1/01/2033 (a)(k)    10,404 
 
 
3,900    Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Refunding Bonds,     
    VRDN, Series B, 3.39% due 1/01/2032 (k)    3,900 
 
 
11,300    Triborough Bridge and Tunnel Authority, New York, General Revenue Refunding Bonds, VRDN, Series     
    F, 3.42% due 11/01/2032 (k)    11,300 
 
 
100    Triborough Bridge and Tunnel Authority, New York, General Revenue Refunding Bonds, VRDN, Sub-     
    Series B-3, 3.38% due 1/01/2032 (k)    100 
 
 
8,943    Triborough Bridge and Tunnel Authority, New York, Revenue Bonds, FLOATS, VRDN, Series 1878,     
    3.48% due 11/15/2037 (k)(m)    8,943 
 
 
7,055    Triborough Bridge and Tunnel Authority, New York, Revenue Bonds, PUTTERS, VRDN, Series 342,     
    3.47% due 11/15/2020 (a)(k)(m)    7,055 
 
 
2,020    Triborough Bridge and Tunnel Authority, New York, Revenue Bonds, ROCS, VRDN, Series II-R-2013,     
    3.49% due 11/15/2021 (a)(k)(m)    2,020 
 
 
6,000    Triborough Bridge and Tunnel Authority, New York, Revenue Bonds, ROCS, VRDN, Series II-R-     
    10272, 3.54% due 11/15/2013 (c)(k)(m)    6,000 
 
 
9,870    Triborough Bridge and Tunnel Authority, New York, Revenue Refunding Bonds, MERLOTS, VRDN,     
    Series B03, 3.50% due 11/15/2020 (h)(k)(m)    9,870 
 
 
14,334    Triborough Bridge and Tunnel Authority, New York, Revenue Refunding Bonds, MERLOTS, VRDN,     
    Series B13, 3.50% due 11/15/2021 (h)(k)(m)    14,335 
 
 
27,400    Triborough Bridge and Tunnel Authority, New York, Revenue Refunding Bonds (MTA Bridges and     
    Tunnels), VRDN, Series AB, 3.40% due 1/01/2019 (g)(k)    27,400 
 
 
13,995    Triborough Bridge and Tunnel Authority, New York, Revenue Refunding Bonds, PUTTERS, VRDN,     
    Series 304, 3.47% due 11/15/2018 (h)(k)(m)    13,995 
 
 
5,290    Triborough Bridge and Tunnel Authority, New York, Revenue Refunding Bonds, ROCS, VRDN, Series     
    II-R-1032, 3.49% due 11/15/2021 (h)(k)(m)    5,290 
 
 
5,600    Tsasc, Inc., New York, Revenue Refunding Bonds, ROCS, VRDN, Series II-R-519CE, 3.50%     
    due 6/01/2042 (k)(m)    5,600 
 
 
2,500    UBS Municipal CRVS Trust, New York State Thruway Authority, Highway and Bridge Trust Fund     
    Revenue Bonds, FLOATS, VRDN, Series 07-17, 3.46% due 10/01/2017 (k)(m)    2,500 
 
 
3,500    UBS Municipal CRVS Trust, New York State Thruway Authority, Revenue Refunding Bonds, FLOATS,     
    VRDN, Series 07-1042, 3.46% due 10/01/2017 (a)(k)(m)    3,500 
 
 
1,800    UBS Municipal CRVS Trust, New York State Urban Development Corporation Revenue Bonds,     
    FLOATS, VRDN, Series 07-1037, 3.46% due 3/15/2017 (k)(m)    1,800 
 
 
3,300    Vestal, New York, GO, Refunding, BAN, 4% due 5/23/2008    3,305 
 
 

14

CMA New York 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 
 
 
 
$ 800    Wantagh, New York, Union Free School District, GO, TAN, 3.641% due 6/27/2008    $ 801 
 
 
    13,961    Watertown, New York, Enlarged City School District, GO, Refunding, BAN, 4% due 6/26/2008    13,979 
 
 
 
    2,155    Watertown, New York, GO, BAN, 4.25% due 2/27/2008    2,157 
 
 
 
    4,100    Westchester County, New York, IDA, Civic Facility Revenue Refunding Bonds (Northern Westchester     
        Hospital), VRDN, 3.45% due 11/01/2024 (k)    4,100 
 
 
 
    1,500    Yonkers, New York, IDA, Revenue Bonds, MERLOTS, VRDN, Series A01, 3.55%     
        due 7/01/2042 (k)(m)    1,500 
 
 
 
    6,200    Yorktown, New York, Central School District, GO, BAN, 4% due 10/02/2008    6,223 
 
 
 
Puerto Rico - 0.4%    8,845    Municipal Securities Trust Certificates, Puerto Rico, GO, VRDN, Series 2002-199, Class A, 3.48%     
        due 1/25/2016 (h)(k)(m)    8,845 
 
 
 
    4,550    Puerto Rico Municipal Finance Agency Revenue Bonds, FLOATS, VRDN, Series 805, 3.46%     
        due 8/01/2027 (g)(k)(m)    4,550 
 
 
 
        Total Investments (Cost - $3,339,784*) - 101.2%    3,339,784 
        Liabilities in Excess of Other Assets - (1.2%)    (38,831) 
           
        Net Assets - 100.0%    $ 3,300,953 
           
   * Cost for federal income tax purposes.             

(a)      AMBAC Insured.
 
(b)      CIFG Insured.
 
(c)      FGIC Insured.
 
(d)      FHA Insured.
 
(e)      FHLMC Collateralized.
 
(f)      FNMA Collateralized.
 
(g)      FSA Insured.
 
(h)      MBIA Insured.
 
(i)      XL Capital Insured.
 
(j)      Prerefunded.
 
(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)      The security may be offered and sold to "qualified institutional buyers" under Rule 144A of the Securities Act of 1933.
 
(m)      These securities are short-term floating rate certificates issued by tender option bond trusts and are secured by the underlying municipal bond securities.
 

15

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