N-Q/A 1 final.htm CMA NORTH CAROLINE nccma -- 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 North Carolina 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 
 
 
 
 
 
 
 
 North Carolina - 95.3%    $ 1,300    Alamance County, North Carolina, Industrial Facilities and Pollution Control Financing Authority,     
                IDR (Millender Project), VRDN, AMT, 3.55% due 12/01/2020 (d)    $ 1,300 
       
 
 
 
            800    Buncombe County, North Carolina, Industrial Facilities and Pollution Control Financing Authority, Revenue     
                Refunding Bonds (Industrial Development Alliance), VRDN, AMT, 3.62% due 8/01/2009 (d)    800 
       
 
 
 
            1,875    Carrboro, North Carolina, GO, BAN, 3.75% due 8/27/2008        1,878 
       
 
 
 
 
            1,460    Charlotte, North Carolina, Airport Revenue Bonds, VRDN, AMT, Series B, 5% due 7/01/2008 (b)(d)    1,468 
       
 
 
 
            3,000    Charlotte, North Carolina, Airport Revenue Refunding Bonds, VRDN, AMT, Series A, 3.53%     
                due 7/01/2017 (b)(d)            3,000 
       
 
 
 
 
 
            4,500    Charlotte, North Carolina, COP (Transit Projects/Phase II), VRDN, Series F, 3.35% due 6/01/2020 (d)    4,500 
       
 
 
 
            5,051    Charlotte, North Carolina, CP, 3.05% due 7/22/2008        5,051 
       
 
 
 
 
            20    Charlotte-Mecklenburg Hospital Authority, North Carolina, Health Care System Revenue Refunding Bonds     
                (Carolinas Healthcare System), VRDN, Series B, 3.46% due 1/15/2026 (d)    20 
       
 
 
 
            3,765    Cleveland County, North Carolina, Industrial Facilities and Pollution Control Financing Authority, Industrial     
                Revenue Bonds (Blachford Rubber Project), VRDN, AMT, 3.65% due 7/01/2023 (d)    3,765 
       
 
 
 
            4,900    Cleveland County, North Carolina, Industrial Facilities and Pollution Control Financing Authority, Industrial     
                Revenue Bonds (Chris Craft Corporation Project), VRDN, AMT, 3.52% due 5/01/2032 (d)    4,900 
       
 
 
 
            3,364    Columbus County, North Carolina, Water and Sewer District Number 2, GO, BAN, 4% due 2/06/2008    3,365 
       
 
 
 
            1,900    Eagle Tax-Exempt Trust, North Carolina Capital Facilities Financing Agency, Revenue Refunding Bonds, VRDN,     
                Series 2006-0139, Class A, 3.51% due 10/01/2041 (d)(f)        1,900 
       
 
 
 
 
            3,675    Eagle Tax-Exempt Trust, Raleigh, North Carolina, Combined Enterprise System Revenue Bonds, VRDN, Series     
                2007-0010, Class A, 3.49% due 3/01/2016 (d)(f)        3,675 
       
 
 
 
 
            5,561    East Moore, North Carolina, Water District, BAN, 4.25% due 4/02/2008    5,567 
       
 
 
 
            1,785    Eclipse Funding Trust, Solar Eclipse Certificates, Sampson County, North Carolina, COP, VRDN,     
                Series 2006-0160, 3.60% due 6/01/2017 (c)(d)(f)        1,785 
       
 
 
 
 
            4,065    Fayetteville, North Carolina, Public Works Commission, Revenue Refunding Bonds, VRDN,     
                Series A, 3.47% due 3/01/2020 (c)(d)            4,065 
       
 
 
 
 
 
            1,255    Gaston County, North Carolina, Industrial Facilities and Pollution Control Financing Authority, IDR     
                (Marlatex Corporation Project), VRDN, AMT, 3.60% due 6/01/2015 (d)    1,255 
       
 
 
 
            1,830    Greensboro, North Carolina, GO, BAN, Series B, 3.75% due 2/01/2008    1,830 
 
 
 
 
 
 Portfolio Abbreviations                         
 
 
 
 
 
 
 To simplify the listings of CMA North Carolina 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            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        TRAN    Tax Revenue Anticipation Notes     
 HFA    Housing Finance Agency        VRDN    Variable Rate Demand Notes     

1

CMA North Carolina 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    Guilford County, North Carolina, Industrial Facilities and Pollution Control Financing Authority, IDR     
    (High Point Textiles Auxiliaries), Refunding, VRDN, AMT, 3.55% due 6/01/2012 (d)    $ 2,800 
 
 
2,900    Guilford County, North Carolina, Industrial Facilities and Pollution Control Financing Authority, IDR     
    (Nat Sherman Building LLC), VRDN, AMT, 3.65% due 3/01/2022 (d)    2,900 
 
 
2,100    Guilford County, North Carolina, Industrial Facilities and Pollution Control Financing Authority, IDR     
    (Snider Tire Inc.), VRDN, AMT, 3.55% due 10/01/2019 (d)    2,100 
 
 
420    Hertford, North Carolina, GO, BAN, 4% due 3/19/2008    420 
 
 
200    Lee County, North Carolina, Industrial Facilities and Pollution Control Financing Authority, IDR     
    (Arden Corporation Project), VRDN, AMT, 3.58% due 8/01/2034 (d)    200 
 
 
2,825    Lee County, North Carolina, Industrial Facilities and Pollution Control Financing Authority,     
    IDR (Lee Central LLC Project), VRDN, AMT, 3.55% due 12/01/2023 (d)    2,825 
 
 
1,570    Lincoln County, North Carolina, Industrial Facilities and Pollution Control Financing Authority,     
    IDR (Packaging NC Project), VRDN, AMT, 3.59% due 10/01/2013 (d)    1,570 
 
 
2,000    Lincoln County, North Carolina, Industrial Facilities and Pollution Control Financing Authority,     
    IDR (Sabo USA Inc. Project), VRDN, AMT, 3.55% due 5/01/2019 (d)    2,000 
 
 
9,000    Martin County, North Carolina, Industrial Facilities and Pollution Control Financing Authority, IDR     
    (Penco Products Project), VRDN, AMT, 3.58% due 9/01/2022 (d)    9,000 
 
 
2,600    Mecklenburg County, North Carolina, COP, VRDN, 3.43% due 2/01/2025 (d)    2,600 
 
 
6,000    Mecklenburg County, North Carolina, COP, VRDN, 3.43% due 2/01/2026 (d)    6,000 
 
 
4,875    Mecklenburg County, North Carolina, GO, VRDN, Series A, 3.43% due 2/01/2026 (d)    4,875 
 
 
300    Mecklenburg County, North Carolina, Industrial Facilities and Pollution Control Financing Authority, Industrial     
    Revenue Bonds (Ferguson Supply and Box Manufacturing), VRDN, AMT, 3.55% due 8/01/2010 (d)    300 
 
 
680    Mecklenburg County, North Carolina, Industrial Facilities and Pollution Control Financing Authority, Industrial     
    Revenue Bonds (Piedmont Plastics Project), VRDN, AMT, 3.55% due 10/01/2013 (d)    680 
 
 
3,725    Mecklenburg County, North Carolina, Industrial Facilities and Pollution Control Financing Authority, Industrial     
    Revenue Bonds (Southern Steel Company LLC Project), VRDN, AMT, 3.55% due 3/02/2015 (d)    3,725 
 
 
2,000    Municipal Securities Trust Certificates, GO, VRDN, Series 138, Class A, 3.52% due 3/16/2015 (d)(f)    2,000 
 
 
1,500    New Hanover County, North Carolina, COP, VRDN, 3.43% due 10/01/2032 (d)    1,500 
 
 
2,200    North Carolina Agriculture Finance Authority, Agriculture Development Revenue Bonds     
    (Albemarle Cotton Growers), VRDN, AMT, 3.55% due 7/01/2014 (d)    2,200 
 
 
6,210    North Carolina Agriculture Finance Authority, Agriculture Development Revenue Refunding Bonds     
    (Harvey Fertilizer and Gas Project), VRDN, AMT, 3.60% due 6/01/2016 (d)    6,210 
 
 
2,528    North Carolina Capital Facilities Finance Agency, CP, 3.23% due 3/05/2008    2,528 
 
 
1,264    North Carolina Capital Facilities Finance Agency, CP, 3.40% due 3/07/2008    1,264 
 
 
3,700    North Carolina Capital Facilities Finance Agency, Educational Facilities Revenue Bonds     
    (Megellan Charter School Project), VRDN, 3.50% due 6/01/2027 (d)    3,700 
 
 
100    North Carolina Capital Facilities Finance Agency, Exempt Facilities Revenue Bonds     
    (Republic Services Inc. Project), VRDN, AMT, 3.53% due 7/01/2034 (d)    100 
 
 
1,570    North Carolina Capital Facilities Finance Agency, IDR, Refunding     
    (Safety Test and Equipment Company Project), VRDN, AMT, Series A-2, 3.50% due 11/01/2021 (d)    1,570 
 
 

2

CMA North Carolina 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    North Carolina Eastern Municipal Power Agency, Power System Revenue Bonds, ROCS, VRDN,     
    Series II-R-11246, 3.56% due 7/01/2021 (d)(f)(g)    $ 5 
 
 
1,307    North Carolina Eastern Municipal Power Agency, Power System Revenue Refunding Bonds, MERLOTS, VRDN,     
    Series 955-D, 3.50% due 1/01/2018 (a)(d)(f)    1,307 
 
 
1,600    North Carolina Educational Facilities Finance Agency, Educational Facilities Revenue Bonds     
    (Duke University Project), VRDN, Series A, 3.40% due 12/01/2017 (d)    1,600 
 
 
5,990    North Carolina HFA, Home Ownership Revenue Bonds, MERLOTS, VRDN, AMT, Series B12, 3.55%     
    due 7/01/2037 (d)(f)    5,990 
 
 
1,200    North Carolina HFA, Home Ownership Revenue Bonds, VRDN, AMT, Series 15-C, 3.48%     
    due 7/01/2032 (c)(d)    1,200 
 
 
7,125    North Carolina HFA, Home Ownership Revenue Bonds, VRDN, AMT, Series 17-C, 3.48% due 7/01/2033 (d)    7,125 
 
 
7,800    North Carolina HFA, Home Ownership Revenue Bonds, VRDN, AMT, Series 18-C, 3.48% due 1/01/2035 (d)    7,800 
 
 
4,451    North Carolina HFA, Home Ownership Revenue Refunding Bonds, FLOATS, VRDN, AMT, Series 1784, 3.55%     
    due 1/01/2039 (d)(f)    4,452 
 
 
1,405    North Carolina HFA, Revenue Bonds, ROCS, VRDN, AMT, Series II-R-175, 3.58% due 1/01/2034 (d)(f)    1,405 
 
 
2,700    North Carolina Infrastructure Finance Corporation, COP (North Carolina State Correctional Facilities Project),     
    VRDN, Series A, 4% due 2/01/2008 (d)    2,701 
 
 
3,850    North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds     
    (Moses Cone Health System), VRDN, Series A, 3.40% due 10/01/2035 (d)    3,850 
 
 
890    North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds     
    (Novant Health Group), VRDN, Series B, 3.48% due 11/01/2034 (d)    890 
 
 
5,000    North Carolina Medical Care Commission, Health Care Facilities, Revenue Refunding Bonds     
    (Lutheran Retirement Project), VRDN, 3.44% due 1/01/2037 (d)    5,000 
 
 
6,200    North Carolina Medical Care Commission, Health Care Facilities, Revenue Refunding Bonds,     
    ROCS, VRDN, Series II-R-10313, 3.55% due 6/01/2011 (d)(f)    6,200 
 
 
4,335    North Carolina Municipal Power Agency Number 1, Catawba Electric Revenue Bonds, ROCS, VRDN, Series II-R-     
    211, 3.50% due 1/01/2020 (b)(d)(f)    4,335 
 
 
8,000    North Carolina State Educational Assistance Authority, Revenue Refunding Bonds     
    (Guaranteed Student Loan), VRDN, AMT, Series A-1, 3.57% due 9/01/2035 (a)(d)    8,000 
 
 
3,715    North Carolina State Educational Assistance Authority, Revenue Refunding Bonds     
    (Guaranteed Student Loan), VRDN, AMT, Series A-2, 3.57% due 9/01/2035 (a)(d)    3,715 
 
 
2,500    North Carolina State Educational Assistance Authority, Revenue Refunding Bonds     
    (Guaranteed Student Loan), VRDN, AMT, Series A-3, 3.53% due 9/01/2035 (a)(d)    2,500 
 
 
2,220    North Carolina State, GO, PUTTERS, VRDN, Series 1400, 3.51% due 6/01/2014 (d)(f)    2,220 
 
 
1,095    North Carolina State Ports Authority, Exempt Facility Revenue Bonds (Wilmington Bulk LLC Project), VRDN,     
    AMT, Series A, 3.55% due 9/01/2022 (d)    1,095 
 
 
2,418    Oneals Water District, Johnston County, North Carolina, GO, BAN, 3.75% due 7/23/2008    2,421 
 
 
495    Piedmont Triad Airport Authority, North Carolina, Special Facility Revenue Bonds     
    (Cessna Aircraft Company Project), VRDN, 3.53% due 10/01/2012 (d)    495 
 
 

3

CMA North Carolina 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 
 
 
 
$ 4,860    Raleigh Durham, North Carolina, Airport Authority, Airport Revenue Bonds, PUTTERS, VRDN, AMT, Series     
        2012, 3.54% due 5/01/2015 (d)(f)(g)    $ 4,860 
 
 
 
    4,500    Raleigh Durham, North Carolina, Airport Authority, Airport Revenue Bonds, VRDN, AMT, Series A, 3.52%     
        due 5/01/2036 (d)(e)    4,500 
 
 
 
    280    Rockingham County, North Carolina, Industrial Facilities and Pollution Control Financing Authority Revenue     
        Bonds (Whiteridge Inc. Project), VRDN, AMT, 3.55% due 2/01/2013 (d)    280 
 
 
 
    2,300    Rowan County, North Carolina, Industrial Facilities and Pollution Control Financing Authority, PCR, IDR     
        (Hon Industries Project), VRDN, AMT, 3.55% due 4/01/2018 (d)    2,300 
 
 
 
    2,400    Rutherford County, North Carolina, Industrial Facilities and Pollution Control Financing Authority, IDR     
        (All American Homes of North Carolina), VRDN, AMT, 3.57% due 11/01/2011 (d)    2,400 
 
 
 
    70    Sampson County, North Carolina, Industrial Facilities and Pollution Control Financing Authority, IDR     
        (Dubose Strapping Inc. Project), VRDN, AMT, 3.60% due 1/01/2012 (d)    70 
 
 
 
    1,044    Spring Lake, North Carolina, GO, BAN, 3.90% due 5/21/2008    1,045 
 
 
 
    1,400    Stanley County, North Carolina, Industrial Facilities and Pollution Control Financing Authority, IDR     
        (Patrick Industries Project), VRDN, AMT, 3.75% due 8/01/2010 (d)    1,400 
 
 
 
    1,324    Trinity, North Carolina, GO, BAN, 4.25% due 4/23/2008    1,326 
 
 
 
    3,300    UBS Municipal CRVS Trust, North Carolina Medical Care Commission, Health Care Facilities, Revenue     
        Refunding Bonds, FLOATS, VRDN, Series 07-1021, 3.50% due 9/01/2015 (d)(f)    3,300 
 
 
 
    200    Union County, North Carolina, GO, Refunding, VRDN, Series A, 3.42% due 3/01/2029 (d)    200 
 
 
 
    2,140    Vance County, North Carolina, Industrial Facilities and Pollution Control Financing Authority, IDR     
        (HH Hunt Manufacturing Facilities LLC Project), VRDN, 3.60% due 6/01/2015 (d)    2,140 
 
 
 
    2,400    Wake County, North Carolina, Housing Authority, M/F Housing Revenue Bonds (Casa-Melvid Apartments),     
        VRDN, AMT, Series A, 3.54% due 11/01/2033 (d)    2,400 
 
 
 
    1,400    Wilson County, North Carolina, Industrial Facilities and Pollution Control Financing Authority, IDR     
        (Supreme/Murphy Truck Project), VRDN, AMT, 3.70% due 6/01/2015 (d)    1,400 
 
 
 
    2,000    Winston-Salem, North Carolina, Water and Sewer System, Revenue Refunding Bonds, VRDN, Series C, 3.48%     
        due 6/01/2028 (d)    2,000 
 
 
 
    3,265    Yancey County, North Carolina, Industrial Facilities and Pollution Control Financing Authority, IDR     
        (Altec Industries, Inc. Project), VRDN, AMT, 3.55% due 3/01/2027 (d)    3,265 
 
 
 
 Puerto Rico - 3.3%    7,500    Puerto Rico Commonwealth, TRAN, 4.25% due 7/30/2008    7,536 
 
 
 
        Total Investments (Cost - $227,919*) - 98.6%    227,919 
        Other Assets Less Liabilities - 1.4%    3,300 
           
        Net Assets - 100.0%    $ 231,219 
           

4

CMA North Carolina Municipal Money Fund of CMA Multi-State Municipal Series Trust

Schedule of Investments as of December 31, 2007 (Unaudited)

  * Cost for federal income tax purposes.

(a)      AMBAC Insured.
 
(b)      MBIA Insured.
 
(c)      FSA Insured.
 
(d)      Security may have a maturity of more than one year at time of issuance, but has variable rate and demand features that qualify it as a short-term security. The rate disclosed is that currently in effect. This rate changes periodically based upon prevailing market rates.
 
(e)      XL Capital Insured.
 
(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)      FGIC Insured.
 

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