N-Q 1 final.htm CMA PENNSYLVANIA cmapenn -- 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 Pennsylvania 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 
 
 
 
 
 
Pennsylvania - 100.1%    $ 5,000    ABN AMRO MuniTops Certificates Trust, Lancaster, Pennsylvania, GO, VRDN, Series 2007-47, 3.49% due 5/01/2015 (a)(e)(g)    $ 5,000 
   
 
 
    10,230    ABN AMRO MuniTops Certificates Trust, Pennsylvania, GO, Refunding, VRDN, Series 2006-48, 3.49% due 5/15/2014 (c)(e)(g)    10,230 
   
 
 
    3,760    ABN AMRO MuniTops Certificates Trust, Pennsylvania, GO, VRDN, Series 2001-18, 3.49% due 10/01/2009 (b)(e)(g)    3,760 
   
 
 
    4,000    ABN AMRO MuniTops Certificates Trust, Pennsylvania Turnpike Commission Revenue Bonds, VRDN, Series 2004-9, 3.49% due     
        12/01/2012 (a)(e)(f)(g)            4,000 
   
 
 
 
 
    4,600    ABN AMRO MuniTops Certificates Trust, Philadelphia, Pennsylvania, Water and Wastewater Revenue Bonds, VRDN,     
        Series 2005-15, 3.49% due 7/01/2013 (c)(e)(g)            4,600 
   
 
 
 
 
    7,010    ABN AMRO MuniTops Certificates Trust, Upper Saint Clair Township School District, Pennsylvania, GO, Refunding, VRDN, Series     
        2002-5, 3.48% due 7/15/2010 (c)(e)(f)(g)            7,010 
   
 
 
 
 
    3,955    Allegheny County, Pennsylvania, Hospital Development Authority Revenue Bonds, PUTTERS, VRDN, Series 1281, 3.50%     
        due 1/15/2011 (b)(e)(g)            3,955 
   
 
 
 
 
    2,000    Allegheny County, Pennsylvania, Hospital Development Authority Revenue Bonds (Presbyterian University Hospital), ACES, VRDN,     
        Series B-3, 3.42% due 3/01/2018 (e)            2,000 
   
 
 
 
 
    8,390    Allegheny County, Pennsylvania, Hospital Development Authority Revenue Bonds (University of Pittsburgh Medical Center), VRDN,     
        Series B-1, 3.56% due 12/01/2016 (e)            8,390 
   
 
 
 
 
    7,000    Allegheny County, Pennsylvania, Hospital Development Authority, Revenue Refunding Bonds, ROCS, VRDN, Series II-R-11053,     
        3.50% due 11/15/2040 (e)(g)            7,000 
   
 
 
 
 
    5,690    Allegheny County, Pennsylvania, Hospital Development Authority, Revenue Refunding Bonds, ROCS, VRDN,     
        Series II-R-11054CE, 3.50% due 11/15/2040 (e)(g)        5,690 
   
 
 
 
    1,100    Allegheny County, Pennsylvania, Hospital Development Authority, Revenue Refunding Bonds (University of Pittsburgh Medical     
        Center), Series B, 5% due 6/15/2008            1,106 
   
 
 
 
 
    8,300    Bank of America MACON Trust, Pennsylvania Economic Development Financing Authority, Solid Waste Disposal Revenue Bonds,     
        VRDN, AMT, Series V, 3.54% due 11/01/2028 (e)(g)        8,300 
   
 
 
 
    1,655    Beaver County, Pennsylvania, IDA, PCR, Refunding (FirstEnergy Nuclear Generation Corporation Project), VRDN, 3.50%     
        due 4/01/2041 (e)            1,655 
   
 
 
 
 
    1,200    Bensalem Township, Pennsylvania, School District, GO, PUTTERS, VRDN, Series 1915, 3.50% due 12/15/2016 (b)(e)(g)    1,200 
   
 
 
    6,280    Berks County, Pennsylvania, IDA, IDR (Zenith Properties LP Project), VRDN, AMT, 3.60% due 6/01/2031 (e)    6,280 
   
 
 
    6,300    Bethlehem, Pennsylvania, Area School District, GO, VRDN, 3.45% due 1/01/2032 (c)(e)    6,300 
   
 
 
    2,600    Bradford County, Pennsylvania, IDA, Revenue Bonds (State Aggregates Inc. Project), VRDN, AMT, 3.60% due 2/01/2015 (e)    2,600 
   
 
 
    2,915    Bucks County, Pennsylvania, IDA, Revenue Bonds (L&P Properties LP Project), VRDN, AMT, Series A, 3.70%     
        due 6/01/2014 (e)            2,915 
 
 
 
 
 
       Portfolio Abbreviations                 
 
 
 
 
       To simplify the listings of CMA Pennsylvania 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.             
       ACESSM    Adjustable Convertible Extendible Securities    IDR    Industrial Development Revenue Bonds     
       AMT    Alternative Minimum Tax (subject to)    MERLOTS    Municipal Exempt Receipts Liquidity Optional Tenders     
       CP    Commercial Paper        PCR    Pollution Control Revenue Bonds     
       CRVS    Custodial Residual and Variable Securities    PUTTERS    Puttable Tax-Exempt Receipts     
       FLOATS    Floating Rate Securities    ROCS    Reset Option Certificates     
       GO    General Obligation Bonds    S/F    Single-Family     
       HFA    Housing Finance Agency    TRAN    Tax Revenue Anticipation Notes     
       IDA    Industrial Development Authority    VRDN    Variable Rate Demand Notes     

1

CMA Pennsylvania 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 
 
 
$ 265    Bucks County, Pennsylvania, IDA, Revenue Bonds (Specialty Ring Products Inc.), VRDN, AMT, 3.60% due 10/01/2009 (e)    $ 265 
 
 
1,265    Carbondale, Pennsylvania, IDA, IDR (J.M. Wells Company LP Project), VRDN, AMT, 3.55% due 9/01/2015 (e)    1,265 
 
 
2,135    Chester County, Pennsylvania, IDA, Revenue Bonds (The Hankin Group), VRDN, AMT, Series A, 3.60% due 12/01/2020 (e)    2,135 
 
 
2,325    Chester County, Pennsylvania, IDA, Revenue Bonds (West Vincent Association), VRDN, AMT, Series B, 3.60% due     
    12/01/2020 (e)    2,325 
 
 
7,350    Chester County, Pennsylvania, IDA, Student Housing Revenue Bonds (University Student Housing LLC Project), VRDN, 3.48% due     
    8/01/2035 (e)    7,350 
 
 
3,480    Chester County, Pennsylvania, School Authority, School Lease Revenue Bonds, PUTTERS, VRDN, Series 1123, 3.51% due     
    10/01/2013 (a)(e)(g)    3,480 
 
 
900    Crawford County, Pennsylvania, IDA (Heatrix Inc. Project), VRDN, AMT, Series A, 3.64% due 11/01/2017 (e)    900 
 
 
2,300    Cumberland County, Pennsylvania, Municipal Authority, College Revenue Bonds (Dickinson College), VRDN, Series B, 3.45% due     
    11/01/2026 (e)    2,300 
 
 
10,000    Cumberland County, Pennsylvania, Municipal Authority, Revenue Refunding Bonds (Asbury Obligated Group), VRDN, 3.44% due     
    1/01/2041 (e)    10,000 
 
 
700    Delaware County, Pennsylvania, Authority Revenue Refunding Bonds (White Horse Village Project), VRDN, Series B, 3.46% due     
    7/01/2036 (e)    700 
 
 
1,000    Delaware County, Pennsylvania, IDA, Revenue Bonds (Melmark, Inc. Project), VRDN, 3.47% due 3/01/2026 (e)    1,000 
 
 
3,000    Elizabethtown, Pennsylvania, IDA, Revenue Refunding Bonds (Pennsylvania College), VRDN, 3.52% due 6/15/2029 (e)    3,000 
 
 
3,420    Erie, Pennsylvania, Water Authority, Revenue Refunding Bonds, VRDN, Series A, 3.42% due 12/01/2036 (c)(e)    3,420 
 
 
1,850    Geisinger Authority, Pennsylvania, Health System, ROCS, VRDN, Series II-R-11013, 3.50% due 5/01/2037 (e)(g)    1,850 
 
 
5,315    Grove City, Pennsylvania, Area Hospital Authority, Health Care Facility Revenue Bonds (John XXIII Home Project), VRDN, 3.48%     
    due 2/01/2030 (e)    5,315 
 
 
2,330    Hampden, Pennsylvania, IDA, Revenue Refunding Bonds (Pennsylvania Pipe Inc.), VRDN, AMT, 3.60% due 12/01/2014 (e)    2,330 
 
 
9,450    Indiana County, Pennsylvania, IDA, PCR, Refunding (Conemaugh Project), VRDN, AMT, Series A, 2.97% due 6/01/2027 (e)    9,450 
 
 
2,865    Jackson Township, Pennsylvania, IDA, Revenue Bonds (V&S Lebanon Galvanizing Project), VRDN, AMT, 3.70% due     
    4/01/2021 (e)    2,865 
 
 
1,050    Lackawanna County, Pennsylvania, GO, FLOATS, VRDN, Series 2183, 3.50% due 9/15/2017 (c)(e)(g)    1,050 
 
 
1,400    Lackawanna County, Pennsylvania, IDA, IDR (Herff Jones Inc. Project), VRDN, AMT, 3.54% due 6/01/2026 (e)    1,400 
 
 
8,660    Lancaster County, Pennsylvania, Hospital Authority, Health Center Revenue Refunding Bonds (Brethren Village), VRDN, 3.47% due     
    6/15/2020 (e)    8,660 
 
 
800    Lancaster, Pennsylvania, IDA, IDR (Buck Company Project), VRDN, AMT, 3.55% due 2/01/2010 (e)    800 
 
 
3,000    Lancaster, Pennsylvania, IDA, Revenue Bonds (Student Lodging, Inc. Project), VRDN, 3.52% due 12/01/2026 (e)    3,000 
 
 
6,500    Lancaster, Pennsylvania, Municipal Authority, Revenue Refunding Bonds (Ephrata Community Hospital Project), VRDN, 3.51% due     
    1/01/2031 (e)    6,500 
 
 
5,000    Lancaster, Pennsylvania, Municipal Authority, Revenue Refunding Bonds (Garden Spot Village Project), VRDN, Series C, 3.70% due     
    5/01/2036 (e)    5,000 
 
 
2,500    Lehman Municipal Trust Receipts, Pennsylvania HFA, FLOATS, VRDN, AMT, Series 2006-K57, 3.65% due 10/01/2037 (e)(g)    2,500 
 
 
2,290    Luzerne County, Pennsylvania, IDA, Revenue Bonds (Nardone Brothers Baking Project), VRDN, AMT, 3.60% due     
    3/01/2019 (e)    2,290 
 
 
1,315    Montgomery County, Pennsylvania, IDA, Revenue Bonds (Big Little Association Project), VRDN, Series A, 3.60% due     
    2/01/2019 (e)    1,315 
 
 

2

CMA Pennsylvania 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 
 
 
$ 2,405    Montgomery County, Pennsylvania, IDA, Revenue Bonds (Edmund Optical Manufacturing LLC Project), VRDN, AMT,     
    3.60% due 4/01/2016 (e)    $ 2,405 
 
 
985    Montgomery County, Pennsylvania, IDA, Revenue Bonds (Girl Scouts of Southeastern Pennsylvania), VRDN, 3.55% due     
    2/01/2025 (e)    985 
 
 
665    Montgomery County, Pennsylvania, IDA, Revenue Bonds (Independent Support System Project), VRDN, 3.55% due     
    3/01/2016 (e)    665 
 
 
1,880    Montgomery County, Pennsylvania, IDA, Revenue Bonds (Valley Forge Baptist), VRDN, 3.55% due 9/01/2023 (e)    1,880 
 
 
14,750    Moon IDA, Pennsylvania, First Mortgage Revenue Bonds (Providence Point Project), VRDN, 3.50% due 7/01/2038 (e)    14,750 
 
 
4,425    Mount Lebanon, Pennsylvania, School District, GO, MERLOTS, VRDN, Series B19, 3.50% due 2/15/2027 (d)(e)(g)    4,425 
 
 
2,900    Municipal Securities Trust Certificates, Butler County, Pennsylvania, General Authority Revenue Bonds, VRDN, Series SGB 72, Class     
    A, 3.60% due 10/01/2034 (c)(e)(g)    2,900 
 
 
3,500    Municipal Securities Trust Certificates, Butler County, Pennsylvania, General Authority Revenue Bonds, VRDN, Series SGC 14, Class     
    A, 3.51% due 10/01/2008 (c)(e)(g)    3,500 
 
 
5,500    Municipal Securities Trust Certificates, Delaware Valley Regional Finance Authority, Pennsylvania, Local Government Revenue     
    Bonds, VRDN, Series SGC 15, Class A, 3.50% due 6/01/2027 (e)(g)    5,500 
 
 
3,000    Northampton County, Pennsylvania, General Purpose Authority Revenue Notes (Lafayette College), 3.35% due 12/01/2008    3,000 
 
 
2,850    Northampton County, Pennsylvania, IDA, Revenue Bonds (DG Properties Inc. Project), VRDN, AMT, 3.60% due 7/01/2021 (e)    2,850 
 
 
1,890    Northampton County, Pennsylvania, IDA, Revenue Bonds (Nicos Polymers & Grinding), VRDN, AMT, 3.60% due     
    2/01/2020 (e)    1,890 
 
 
1,275    Northampton County, Pennsylvania, IDA, Revenue Bonds (Reale Association Project), VRDN, AMT, 3.55% due 4/01/2012 (e)    1,275 
 
 
15,000    Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds (Merck & Co. Inc. Project), VRDN,     
    AMT, 3.49% due 7/01/2031 (e)    15,000 
 
 
3,930    Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds (PPL Energy Supply LLC Project),     
    VRDN, AMT, 3.20% due 2/01/2008 (e)    3,930 
 
 
1,000    Pennsylvania Economic Development Financing Authority Revenue Bonds (Conestoga Wood Specialists), VRDN, Series C-1, 3.60%     
    due 3/01/2015 (e)    1,000 
 
 
2,800    Pennsylvania Economic Development Financing Authority Revenue Bonds (Delancey Traditions Project), VRDN, AMT, 3.48% due     
    12/01/2036 (e)    2,800 
 
 
9,000    Pennsylvania Economic Development Financing Authority Revenue Bonds (Evergreen Community Power Facility Project), VRDN,     
    AMT, 3.52% due 12/01/2037 (e)    9,000 
 
 
2,000    Pennsylvania Economic Development Financing Authority Revenue Bonds (Pennsylvania Waste, Inc. Project), VRDN, AMT, 3.52%     
    due 10/01/2022 (e)    2,000 
 
 
1,905    Pennsylvania Economic Development Financing Authority Revenue Bonds (Waste Gas Fabricating Company Project), VRDN, AMT,     
    Series C-3, 3.60% due 4/01/2020 (e)    1,905 
 
 
3,000    Pennsylvania Economic Development Financing Authority Revenue Bonds (Westrum Harleysville II Project), VRDN, AMT, 3.48%     
    due 12/01/2034 (e)    3,000 
 
 
1,900    Pennsylvania Economic Development Financing Authority, Wastewater Treatment Revenue Refunding Bonds (Sunoco Inc. - R & M     
    Project), VRDN, AMT, Series A, 3.385% due 10/01/2034 (e)    1,900 
 
 
2,300    Pennsylvania Economic Development Financing Authority, Wastewater Treatment Revenue Refunding Bonds (Sunoco Inc. - R & M     
    Project), VRDN, AMT, Series B, 3.60% due 10/01/2034 (e)    2,300 
 
 
8,360    Pennsylvania Energy Development Authority Revenue Bonds (B&W Ebensburg Project), VRDN, AMT, 3.52% due 12/01/2011 (e)    8,360 
 
 

3

CMA Pennsylvania 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 
 
 
$ 750    Pennsylvania HFA, S/F Mortgage Revenue Bonds, FLOATS, VRDN, AMT, Series 2158, 3.55% due 4/01/2017 (e)(g)    $ 750 
 
 
5,210    Pennsylvania HFA, S/F Mortgage Revenue Bonds, MERLOTS, VRDN, AMT, Series B15, 3.55% due 10/01/2026 (e)(g)    5,210 
 
 
4,290    Pennsylvania HFA, S/F Mortgage Revenue Bonds, PUTTERS, VRDN, AMT, Series 1592, 3.54% due 10/01/2014 (e)(g)    4,290 
 
 
6,830    Pennsylvania HFA, S/F Mortgage Revenue Bonds, VRDN, AMT, Series 83B, 3.45% due 4/01/2035 (e)    6,830 
 
 
13,750    Pennsylvania HFA, S/F Mortgage Revenue Bonds, VRDN, AMT, Series 83C, 3.45% due 10/01/2035 (e)    13,750 
 
 
2,530    Pennsylvania HFA, S/F Mortgage Revenue Bonds, VRDN, AMT, Series 85B, 3.45% due 4/01/2035 (e)    2,530 
 
 
7,815    Pennsylvania HFA, S/F Mortgage Revenue Bonds, VRDN, AMT, Series 86B, 3.50% due 4/01/2035 (e)    7,815 
 
 
9,660    Pennsylvania HFA, S/F Mortgage Revenue Bonds, VRDN, AMT, Series 89, 3.50% due 10/01/2035 (e)    9,660 
 
 
15,000    Pennsylvania HFA, S/F Mortgage Revenue Bonds, VRDN, AMT, Series 90C, 3.45% due 4/01/2036 (e)    15,000 
 
 
16,700    Pennsylvania HFA, S/F Mortgage Revenue Refunding Bonds, VRDN, AMT, Series 91B, 3.50% due 10/01/2036 (e)    16,700 
 
 
20,300    Pennsylvania HFA, S/F Mortgage Revenue Refunding Bonds, VRDN, AMT, Series 92B, 3.45% due 10/01/2036 (e)    20,300 
 
 
4,957    Pennsylvania State, GO, FLOATS, VRDN, Series 696, 3.50% due 5/01/2018 (c)(e)(g)    4,957 
 
 
2,998    Pennsylvania State, GO, FLOATS, VRDN, Series 1924, 3.50% due 3/01/2020 (e)(g)    2,999 
 
 
1,415    Pennsylvania State, GO, PUTTERS, VRDN, Series 1382, 3.50% due 10/01/2013 (e)(g)    1,415 
 
 
1,700    Pennsylvania State, GO, ROCS, VRDN, Series II-R-11056, 3.05% due 3/13/2008 (e)(g)    1,700 
 
 
1,000    Pennsylvania State, GO, ROCS, VRDN, Series II-R-11158, 3.50% due 3/01/2023 (e)(g)    1,000 
 
 
2,495    Pennsylvania State, GO, Refunding, Third Series, 5% due 7/01/2008 (e)    2,513 
 
 
500    Pennsylvania State, GO, Second Series, 5.25% due 10/01/2008 (e)    506 
 
 
12,000    Pennsylvania State Higher Education Assistance Agency, Student Loan Revenue Bonds, VRDN, AMT, Series A, 3.45% due     
    12/01/2024 (a)(e)    12,000 
 
 
1,900    Pennsylvania State Higher Education Assistance Agency, Student Loan Revenue Bonds, VRDN, AMT, Series A, 3.52% due 6/01/2029     
    (a)(e)    1,900 
 
 
1,200    Pennsylvania State Higher Education Assistance Agency, Student Loan Revenue Bonds, VRDN, AMT, Series A, 3.50% due 7/01/2037     
    (a)(e)    1,200 
 
 
6,000    Pennsylvania State Higher Education Assistance Agency, Student Loan Revenue Refunding Bonds, VRDN, AMT, Series B, 3.52%     
    due 1/01/2017 (c)(e)    6,000 
 
 
2,578    Pennsylvania State Higher Educational Facilities Authority Revenue Bonds, FLOATS, VRDN, Series 1547, 3.50% due     
    9/01/2039 (a)(e)(g)    2,578 
 
 
3,700    Pennsylvania State Higher Educational Facilities Authority Revenue Bonds (Honeysuckle Holdings Student Housing Project at     
    Bloomsburg University of Pennsylvania), VRDN, Series A, 3.45% due 7/01/2034 (e)    3,700 
 
 
900    Pennsylvania State Higher Educational Facilities Authority Revenue Bonds (Rosemont College Project), VRDN, Series O, 3.42% due     
    11/01/2034 (e)    900 
 
 
1,400    Pennsylvania State Higher Educational Facilities Authority Revenue Bonds (Waynesburg College), VRDN, Series N2, 3.44% due     
    5/01/2034 (e)    1,400 
 
 
4,160    Pennsylvania State Higher Educational Facilities Authority, Revenue Refunding Bonds, FLOATS, VRDN, Series 1412, 3.50% due     
    4/01/2028 (d)(e)(g)    4,160 
 
 
2,495    Pennsylvania State Public School Building Authority, Lease Revenue Refunding Bonds, PUTTERS, VRDN, Series 1877, 3.50% due     
    12/01/2016 (c)(e)(g)    2,495 
 
 
2,500    Pennsylvania State Public School Building Authority, School Revenue Bonds, ROCS, VRDN, Series II-R-11268, 3.50% due     
    12/01/2023 (c)(e)(g)    2,500 
 
 
14,900    Pennsylvania State Turnpike Commission, Turnpike Revenue Refunding Bonds, VRDN, Series A-1, 3.40% due 12/01/2030 (e)    14,900 
 
 
2,285    Pennsylvania State Turnpike Commission, Turnpike Revenue Refunding Bonds, VRDN, Series A-3, 3.40% due 12/01/2030 (e)    2,285 
 
 

4

CMA Pennsylvania 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 
 
 
$ 1,000    Pennsylvania State Turnpike Commission, Turnpike Revenue Refunding Bonds, Series S, 5.50% due 6/01/2008 (b)    $ 1,007 
 
 
1,200    Pennsylvania State Turnpike Commission, Turnpike Revenue Refunding Bonds, VRDN, Series U, 3.40% due 12/01/2019 (e)    1,200 
 
 
1,800    Philadelphia, Pennsylvania, Airport Revenue Bonds, FLOATS, VRDN, AMT, Series 2157, 3.53% due 6/15/2017 (c)(e)(g)    1,800 
 
 
1,800    Philadelphia, Pennsylvania, Airport Revenue Bonds, VRDN, AMT, Series B, 3.60% due 6/15/2020 (d)(e)    1,800 
 
 
5,785    Philadelphia, Pennsylvania, Airport Revenue Refunding Bonds, VRDN, AMT, Series C, 3.55% due 6/15/2025 (d)(e)    5,785 
 
 
3,940    Philadelphia, Pennsylvania, Authority for IDR (Comhar Inc. Project), VRDN, 3.50% due 9/01/2023 (e)    3,940 
 
 
4,600    Philadelphia, Pennsylvania, Authority for IDR (Gift of Life Donor Program Project), VRDN, 3.45% due 12/01/2034 (e)    4,600 
 
 
2,700    Philadelphia, Pennsylvania, Authority for IDR (Girard Estate - Aramark Project), VRDN, 3.43% due 6/01/2032 (e)    2,700 
 
 
3,700    Philadelphia, Pennsylvania, Authority for IDR (Girard Estate Facilities Leasing), VRDN, 3.43% due 11/01/2031 (e)    3,700 
 
 
5,105    Philadelphia, Pennsylvania, Authority for IDR (Greater Philadelphia Health Care), Revenue Refunding Bonds, VRDN, 3.45% due     
    1/01/2024 (e)    5,105 
 
 
1,030    Philadelphia, Pennsylvania, Authority for IDR (Henry H. Ottens Manufacturing Project), VRDN, 3.60% due 10/01/2013 (e)    1,030 
 
 
1,045    Philadelphia, Pennsylvania, Authority for IDR (Interim House West Project), VRDN, 3.55% due 9/01/2026 (e)    1,045 
 
 
675    Philadelphia, Pennsylvania, Authority for IDR (Lannett Company Inc. Project), VRDN, 3.60% due 5/01/2014 (e)    675 
 
 
5,000    Philadelphia, Pennsylvania, Gas Works, CP, 3.39% due 1/04/2008    5,000 
 
 
12,000    Philadelphia, Pennsylvania, School District, GO, TRAN, Series A, 4.50% due 6/27/2008    12,044 
 
 
3,200    Philadelphia, Pennsylvania, Water and Wastewater Revenue Refunding Bonds, FLOATS, VRDN, Series 1713, 3.49%     
    due 8/01/2016 (a)(e)(g)    3,200 
 
 
1,000    Philadelphia, Pennsylvania, Water and Wastewater Revenue Refunding Bonds, 6.25% due 8/01/2008 (d)    1,015 
 
 
1,400    Philadelphia, Pennsylvania, Water and Wastewater Revenue Refunding Bonds, VRDN, 3.46% due 6/15/2023 (c)(e)    1,400 
 
 
3,600    Pocono Mountain School District, Pennsylvania, GO, Refunding, FLOATS, VRDN, Series 1681, 3.50% due 3/01/2017 (c)(e)(g)    3,600 
 
 
11,000    Saint Mary Hospital Authority of Bucks County, Pennsylvania, Revenue Bonds (Catholic Health Initiatives), VRDN, Series C, 3.37%     
    due 5/01/2044 (e)    11,000 
 
 
1,415    Schuylkill County, Pennsylvania, IDA, Revenue Bonds (K.P. Tamaqua, LP Project), VRDN, AMT, 3.52% due 1/01/2032 (e)    1,415 
 
 
1,910    Scranton-Lackawanna, Pennsylvania, Health and Welfare Authority, Revenue Refunding Bonds, MERLOTS, VRDN, Series A-18,     
    3.50% due 3/01/2015 (a)(e)(g)    1,910 
 
 
4,000    Shippensburg Borough, Pennsylvania, Authority Revenue Refunding Bonds (Bethlehem Area School District Project), VRDN, 3.45%     
    due 7/01/2031 (c)(e)    4,000 
 
 
2,195    Somerset County, Pennsylvania, IDA, Revenue Bonds (Somerset Welding and Steel), VRDN, AMT, 3.54% due 3/02/2015 (e)    2,195 
 
 
5,400    Souderton, Pennsylvania, Area School District, GO (High School Completion Project), VRDN, 3.45% due 11/01/2024 (c)(e)    5,400 
 
 
1,155    Stroudsburg, Pennsylvania, Area School District, GO, TRAN, 4.50% due 6/30/2008    1,158 
 
 
2,800    Susquehanna County, Pennsylvania, IDA, Revenue Bonds (Stabler Companies Inc. Project), VRDN, AMT, 3.60% due     
    12/01/2016 (e)    2,800 
 
 
4,200    UBS Municipal CRVS Trust, Pennsylvania Economic Development Financing Authority Revenue Bonds, FLOATS, VRDN,     
    Series 07-15, 3.50% due 8/01/2011 (e)(g)    4,200 
 
 
200    University of Pittsburgh, Pennsylvania, The Commonwealth System of Higher Education, Revenue Refunding Bonds (University     
    Capital Project), VRDN, Series A, 3.40% due 9/15/2010 (e)    200 
 
 
2,000    University of Pittsburgh, Pennsylvania, The Commonwealth System of Higher Education, Revenue Refunding Bonds (University     
    Capital Project), VRDN, Series A, 3.40% due 9/15/2011 (e)    2,000 
 
 
1,100    University of Pittsburgh, Pennsylvania, The Commonwealth System of Higher Education, Revenue Refunding Bonds (University     
    Capital Project), VRDN, Series A, 3.40% due 9/15/2016 (e)    1,100 
 
 

5

CMA Pennsylvania 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 
 
 
$ 3,800    University of Pittsburgh, Pennsylvania, The Commonwealth System of Higher Education, Revenue Refunding Bonds (University     
        Capital Project), VRDN, Series A, 3.40% due 9/15/2019 (e)    $ 3,800 
 
 
 
    1,500    University of Pittsburgh, Pennsylvania, The Commonwealth System of Higher Education, Revenue Refunding Bonds (University     
        Capital Project), VRDN, Series A, 3.40% due 9/15/2020 (e)    1,500 
 
 
 
    6,400    University of Pittsburgh, Pennsylvania, The Commonwealth System of Higher Education, Revenue Refunding Bonds (University     
        Capital Project), VRDN, Series A, 3.40% due 9/15/2022 (e)    6,400 
 
 
 
    600    Upper Merion, Pennsylvania, General Authority Lease, Revenue Refunding Bonds, VRDN, 3.45% due 9/01/2016 (e)    600 
 
 
 
    695    Upper Merion, Pennsylvania, Municipal Utility Authority, Revenue Refunding Bonds, VRDN, 3.45% due 9/01/2016 (e)    695 
 
 
 
    1,140    Venango, Pennsylvania, IDA, CP, 3.47% due 1/04/2008    1,140 
 
 
 
    21,240    Venango, Pennsylvania, IDA, CP, 3.37% due 2/11/2008    21,240 
 
 
 
    2,000    Washington County, Pennsylvania, IDA, IDR (Pennatronics Corporation Project), VRDN, AMT, 3.59% due 11/01/2020 (e)    2,000 
 
 
 
    4,000    Westmoreland County, Pennsylvania, Municipal Authority, Municipal Service Revenue Refunding Bonds, VRDN, 5% due 8/15/2008     
        (b)(e)    4,033 
 
 
 
    1,810    York County, Pennsylvania, IDA, Revenue Bonds (495 Leasing Project), VRDN, AMT, 3.60% due 6/01/2021 (e)    1,810 
 
 
 
Puerto Rico - 1.2%    7,000    Puerto Rico Commonwealth, TRAN, 4.25% due 7/30/2008    7,034 
 
 
 
        Total Investments (Cost - $603,895*) - 101.3%    603,895 
        Liabilities in Excess of Other Assets - (1.3%)    (7,744) 
           
        Net Assets - 100.0%    $ 596,151 
           
* Cost for federal income tax purposes.         

(a)      AMBAC Insured.
 
(b)      FGIC Insured.
 
(c)      FSA Insured.
 
(d)      MBIA 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)      The security may be offered and sold to "qualified institutional buyers" under Rule 144A of the Securities Act of 1933.
 
(g)      These securities are short-term floating rate certificates issued by tender option bond trusts and are secured by the underlying municipal bond securities.
 

6

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