N-CSR 1 multistatefinal.htm CMA MULTI-STATE MUNICIPAL SERIES TRUST multistatefinal.htm - Generated by SEC Publisher for SEC Filing

UNITEDSTATES
SECURITIESANDEXCHANGECOMMISSION
Washington,D.C.20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number 811-05011

Name of Fund: CMA Multi-State Municipal Series Trust
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: 03/31/2009

Date of reporting period: 03/31/2009

Item 1 – Report to Stockholders

Annual Report

March 31, 2009

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

Table of Contents   
 
  Page 
 
A Letter to Shareholders  3 
Annual Report:   
Portfolio Information  4 
Disclosure of Expenses  6 
Financial Statements:   
       Schedules of Investments:  7 
       Statements of Assets and Liabilities  36 
       Statements of Operations  38 
       Statements of Changes in Net Assets  40 
Financial Highlights  44 
Notes to Financial Statements  50 
Report of Independent Registered Public Accounting Firm  53 
Important Tax Information (Unaudited)  53 
Officers and Trustees  54 
Additional Information  57 

2 CMA MULTI-STATE MUNICIPAL SERIES TRUST

MARCH 31, 2009

A Letter to Shareholders

The past 12 months have been a period investors would like to forget, but instead will vividly remember, as the global financial crisis erupted into

the worst recession in decades. Daily headlines recounted the downfalls of storied financial firms, volatile swings in the world’s financial markets and

monumental government actions, including the recent passage of the nearly $800 billion American Recovery and Reinvestment Act of 2009.

The economic data generally deteriorated throughout the reporting period. US gross domestic product (“GDP”) contracted at an annual rate of 6.3% in

the fourth quarter of 2008, and economic activity appears on pace to be negative in the first quarter of 2009 as well. The Federal Reserve Board (the

“Fed”) took forceful action to revive the global economy and ailing financial system. In addition to slashing the federal funds target rate from 3.0% to a

record low range of 0% to 0.25%, the central bank provided enormous cash infusions and radically expanded its balance sheet through a range of lending

and acquisition programs.

Against this backdrop, US equities contended with high levels of volatility and posted steep losses, notwithstanding a powerful rally in the final month of the

reporting period. International markets also experienced sharp downturns, with some regions declining as much or more than the United States. Risk

aversion remained the dominant theme in fixed income markets, as investors sought out the haven of Treasury issues at the expense of virtually all other

asset classes. High yield issues, in particular, faced unprecedented challenges and posted severe underperformance; that said, the sector pared its losses

in the first quarter of 2009, as both liquidity and investor sentiment toward lower-quality debt improved. At the same time, the start of the new year brought

somewhat of a return to normalcy for the tax-exempt market, which registered one of its worst years on record in 2008.

In all, investors continued to gravitate toward relative safety, as evidenced in the six- and 12-month returns of the major benchmark indexes:

Total Returns as of March 31, 2009  6-month  12-month 
US equities (S&P 500 Index)  (30.54)%  (38.09)% 
Small cap US equities (Russell 2000 Index)  (37.17)  (37.50) 
International equities (MSCI Europe, Australasia, Far East Index)  (31.11)  (46.50) 
US Treasury securities (Merrill Lynch 10-Year US Treasury Index)  11.88  10.46 
Taxable fixed income (Barclays Capital US Aggregate Bond Index)  4.70  3.13 
Tax-exempt fixed income (Barclays Capital Municipal Bond Index)  5.00  2.27 
High yield bonds (Barclays Capital US Corporate High Yield 2% Issuer Capped Index)  (12.65)  (18.56) 

Past performance is no guarantee of future results. Index performance shown for illustrative purposes only. You cannot invest directly in an index.

Through periods of market turbulence, as ever, BlackRock’s full resources are dedicated to the management of our clients’ assets. We thank you for entrust-

ing BlackRock with your investments and look forward to continuing to serve you in the months and years ahead.


President, BlackRock Advisors, LLC

Seeking additional investment insights?

Visit BlackRock’s award-winning Shareholder® magazine, now available exclusively online at www.blackrock.com/shareholdermagazine. In this issue:
•Discover why portfolio diversification still matters — even as nearly every financial asset class lost value over the past year.
•Learn how adding commodities to a more traditional mix of assets can help you to balance risks and access new potential rewards.
•Assuage your fears about higher taxes and discover how municipal bonds may offer some relief.
•Find out if there’s still value to be found in dividend-paying stocks.

THIS PAGE NOT PART OF YOUR FUND REPORT

3

Portfolio Information as of March 31, 2009   
 
     CMA Arizona Municipal Money Fund   
  Percent of 
Portfolio Composition  Net Assets 
Variable Rate Demand Obligations  89% 
Fixed Rate Notes  7 
Tax-Exempt Commercial Paper  4 
Total  100% 
 
 
     CMA Connecticut Municipal Money Fund   
  Percent of 
Portfolio Composition  Net Assets 
Variable Rate Demand Obligations  81% 
Fixed Rate Notes  14 
Tax-Exempt Commercial Paper  4 
Put Bonds  1 
Total  100% 
 
     CMA Massachusetts Municipal Money Fund   
  Percent of 
Portfolio Composition  Net Assets 
Variable Rate Demand Obligations  81% 
Fixed Rate Notes  17 
Tax-Exempt Commercial Paper  1 
Put Bonds  1 
Total  100% 
 
     CMA New Jersey Municipal Money Fund   
  Percent of 
Portfolio Composition  Net Assets 
Variable Rate Demand Obligations  69% 
Fixed Rate Notes  25 
Put Bonds  4 
Tax-Exempt Commercial Paper  2 
Total  100% 
 
     CMA North Carolina Municipal Money Fund   
  Percent of 
Portfolio Composition  Net Assets 
Variable Rate Demand Obligations  78% 
Fixed Rate Notes  18 
Other Assets Less Liabilities  3 
Tax-Exempt Commercial Paper  1 
Total  100% 
 
     CMA Pennsylvania Municipal Money Fund   
  Percent of 
Portfolio Composition  Net Assets 
Variable Rate Demand Obligations  89% 
Fixed Rate Notes  6 
Tax-Exempt Commercial Paper  3 
Put Bonds  1 
Other Assets Less Liabilities  1 
Total  100% 

     CMA California Municipal Money Fund   
  Percent of 
Portfolio Composition  Net Assets 
Variable Rate Demand Obligations  79% 
Fixed Rate Notes  14 
Tax-Exempt Commercial Paper  5 
Put Bonds  2 
Total  100% 
 
     CMA Florida Municipal Money Fund   
  Percent of 
Portfolio Composition  Net Assets 
Variable Rate Demand Obligations  87% 
Fixed Rate Notes  10 
Put Bonds  3 
Total  100% 
 
 
     CMA Michigan Municipal Money Fund   
  Percent of 
Portfolio Composition  Net Assets 
Variable Rate Demand Obligations  89% 
Fixed Rate Notes  6 
Other Assets Less Liabilities  5 
Total  100% 
 
 
     CMA New York Municipal Money Fund   
  Percent of 
Portfolio Composition  Net Assets 
Variable Rate Demand Obligations  79% 
Fixed Rate Notes  17 
Put Bonds  2 
Other Assets Less Liabilities  2 
Total  100% 
 
     CMA Ohio Municipal Money Fund   
  Percent of 
Portfolio Composition  Net Assets 
Variable Rate Demand Obligations  73% 
Fixed Rate Notes  23 
Tax-Exempt Commercial Paper  1 
Put Bonds  4 
Liabilities in Excess of Other Assets  (1) 
Total  100% 

4 CMA MULTI-STATE MUNICIPAL SERIES TRUST

MARCH 31, 2009

Portfolio Information (concluded) as of March 31, 2009   
 
     Seven-Day Yields   
CMA Arizona Municipal Money Fund  0.04% 
CMA California Municipal Money Fund  0.12% 
CMA Connecticut Municipal Money Fund  0.10% 
CMA Florida Municipal Money Fund  0.04% 
CMA Massachusetts Municipal Money Fund  0.24% 
CMA Michigan Municipal Money Fund  0.14% 
CMA New Jersey Municipal Money Fund  0.30% 
CMA New York Municipal Money Fund  0.22% 
CMA North Carolina Municipal Money Fund  0.14% 
CMA Ohio Municipal Money Fund  0.32% 
CMA Pennsylvania Municipal Money Fund  0.07% 

CMA MULTI-STATE MUNICIPAL SERIES TRUST

MARCH 31, 2009

5

Disclosure of Expenses         
 
Shareholders of each Fund may incur the following charges: (a) expenses         The second table provides information about hypothetical account values 
related to transactions, including sales charges, redemption fees and         and hypothetical expenses based on each Fund’s actual expense ratio and 
exchange fees; and (b) operating expenses including advisory fees, distri-         an assumed rate of return of 5% per year before expenses. In order to assist 
bution fees including 12b-1 fees, and other Fund expenses. The expense         shareholders in comparing the ongoing expenses of investing in these Funds 
example below (which is based on a hypothetical investment of $1,000         and other funds, compare the 5% hypothetical example with the 5% hypo- 
invested on October 1, 2008 and held through March 31, 2009) is intended         thetical examples that appear in other funds’ shareholder reports. 
to assist shareholders both in calculating expenses based on an investment         
       The expenses shown in the table are intended to highlight shareholders’ 
in each Fund and in comparing these expenses with similar costs of invest-         
         ongoing costs only and do not reflect any transactional expenses, such as 
ing in other mutual funds.         
         sales charges, redemption fees or exchange fees. Therefore, the hypothetical 
The first table provides information about actual account values and actual         examples are useful in comparing ongoing expenses only, and will not 
expenses. In order to estimate the expenses a shareholder paid during the         help shareholders determine the relative total expenses of owning different 
period covered by this report, shareholders can divide their account value by         funds. If these transactional expenses were included, shareholder expenses 
$1,000 and then multiply the result by the number for their Fund in the first         would have been higher.     
table under the heading entitled “Expenses Paid During the Period.”         
 
 
  Beginning  Ending  Expenses Paid   
  Account Value  Account Value  During the  Annualized 
  October 1, 2008  March 31, 2009  Period1  Expense Ratio 
Actual         
CMA Arizona         $1,000  $1,003.20  $3.70  0.74% 
CMA California         $1,000  $1,003.30  $3.05  0.61% 
CMA Connecticut         $1,000  $1,003.40  $3.50  0.70% 
CMA Florida         $1,000  $1,003.40  $3.45  0.69% 
CMA Massachusetts         $1,000  $1,003.30  $3.75  0.75% 
CMA Michigan         $1,000  $1,003.40  $3.70  0.74% 
CMA New Jersey         $1,000  $1,004.90  $3.20  0.64% 
CMA New York         $1,000  $1,003.80  $3.00  0.60% 
CMA North Carolina         $1,000  $1,003.70  $3.80  0.76% 
CMA Ohio         $1,000  $1,005.20  $3.65  0.73% 
CMA Pennsylvania         $1,000  $1,003.60  $3.55  0.71% 
Hypothetical (5% annual return before expenses)2         
CMA Arizona         $1,000  $1,021.21  $3.73  0.74% 
CMA California         $1,000  $1,021.86  $3.07  0.61% 
CMA Connecticut         $1,000  $1,021.41  $3.53  0.70% 
CMA Florida         $1,000  $1,021.46  $3.48  0.69% 
CMA Massachusetts         $1,000  $1,021.16  $3.78  0.75% 
CMA Michigan         $1,000  $1,021.21  $3.73  0.74% 
CMA New Jersey         $1,000  $1,021.71  $3.23  0.64% 
CMA New York         $1,000  $1,021.91  $3.02  0.60% 
CMA North Carolina         $1,000  $1,021.11  $3.83  0.76% 
CMA Ohio         $1,000  $1,021.26  $3.68  0.73% 
CMA Pennsylvania         $1,000  $1,021.36  $3.58  0.71% 

1 Expenses for each Fund are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year
period shown).
2 Hypothetical 5% annual return before expenses is calculated by pro-rating the number of days in the most recent fiscal half year divided by 365.

6 CMA MULTI-STATE MUNICIPAL SERIES TRUST

MARCH 31, 2009

Schedule of Investments March 31, 2009      CMA Arizona Municipal Money Fund 
            (Percentages shown are based on Net Assets) 
    Par          Par   
Municipal Bonds  (000)  Value  Municipal Bonds      (000)  Value 
 
     Arizona — 93.8%      Arizona (continued)         
 
AK-Chin Indian Community, Arizona, Revenue Bonds,      Phoenix, Arizona, BB&T Municipal Trust, GO, FLOATS, VRDN,     
 VRDN, 0.55%, 4/07/09 (a)  $ 4,000 $  4,000,000   Series 2012, 0.44%, 4/07/09 (a)(b)                               $  3,150 $  3,150,000 
Apache County, Arizona, IDA, IDR (Tucson Electric      Phoenix, Arizona, Civic Improvement Corporation, TECP,     
 Power Co.), VRDN, Series 83-A, 0.43%, 4/07/09 (a)  7,000  7,000,000   0.95%, 6/09/09      6,000  6,000,000 
Arizona Board of Regents, Revenue Refunding Bonds      Phoenix, Arizona, IDA, M/F Housing Revenue     
 (Arizona State University Project), VRDN (a):       Bonds (CenterTree Project), VRDN, AMT, Series A,     
     Series A, 0.32%, 4/07/09  6,500  6,500,000   0.63%, 4/07/09 (a)      7,110  7,110,000 
     Series B, 0.42%, 4/07/09  7,340  7,340,000  Phoenix, Arizona, IDA, M/F Housing Revenue Refunding     
Arizona Health Facilities Authority, Health Facility Revenue       Bonds (Westward Housing Apartments Project), VRDN,     
 Bonds (Catholic Healthcare West Project), VRDN,       AMT, Series A, 0.62%, 4/07/09 (a)    3,265  3,265,000 
 Series B, 0.43%, 4/07/09 (a)  4,880  4,880,000  Phoenix, Arizona, IDA, Revenue Bonds (Swift Aviation     
Arizona Health Facilities Authority Revenue Bonds,       Services Inc. Project), VRDN, AMT, 0.60%, 4/01/09 (a)  1,200  1,200,000 
 VRDN (a):        Pima County, Arizona, IDA, IDR, Refunding (Brush     
     BB&T Municipal Trust, FLOATS, Series 2003,       Wellman Inc. Project), VRDN, 1.04%, 4/07/09 (a)  300  300,000 
     0.49%, 4/07/09 (b)  3,495  3,495,000  Pima County, Arizona, IDA, IDR (Tucson Electric     
     (Banner Health System), Series C, 0.43%, 4/07/09  1,645  1,645,000   Power Company — Irvington Project), VRDN,     
Arizona Sports and Tourism Authority, Senior Revenue       0.60%, 4/07/09 (a)      4,000  4,000,000 
 Refunding Bonds (Multipurpose Stadium Facility      Pima County, Arizona, IDA, M/F Housing Revenue Bonds     
 Project), VRDN, 1.50%, 4/07/09 (a)  7,000  7,000,000   (Eastside Place Apartments), VRDN, AMT, Series B,     
Casa Grande, Arizona, IDA, IDR (Price Companies Inc.       0.70%, 4/07/09 (a)(d)      2,700  2,700,000 
 Project), VRDN, AMT, Series A, 0.80%, 4/07/09 (a)  770  770,000  Pima County, Arizona, IDA, Revenue Refunding Bonds     
Chandler, Arizona, GO, FLOATS, VRDN, Series 49TP,       (Broadway Proper Retirement Community), VRDN,     
 0.49%, 4/07/09 (a)(b)  4,500  4,500,000   Series A, 0.50%, 4/07/09 (a)(e)    4,160  4,160,000 
Chandler, Arizona, IDA, IDR, Deutsche Bank SPEARS/      Pinal County, Arizona, Electrical District Number 3, Electric     
 LIFERS Trust, VRDN, AMT, Series DBE-150,       System Revenue Bonds, Bank of America Macon Trust,     
 0.55%, 4/07/09 (a)(b)  2,000  2,000,000   VRDN, Series U-1, 0.64%, 4/07/09 (a)(b)  3,500  3,500,000 
Chandler, Arizona, IDA, IDR (Red Rock Stamping Company      Salt River Pima-Maricopa Indian Community, Arizona,     
 Project), VRDN, AMT, 1.35%, 4/07/09 (a)  1,075  1,075,000   Revenue Bonds, VRDN, 0.55%, 4/07/09 (a)  13,385  13,385,000 
Coconino County, Arizona, Pollution Control Corporation      Salt River Project, Arizona, Agriculture Improvement and     
 Revenue Bonds (Arizona Public Service Co. Project),       Power District, Electric System Revenue Bonds, Eagle     
 VRDN, AMT, 0.70%, 4/01/09 (a)  895  895,000   Tax-Exempt Trust, VRDN, Series 2006-0141, Class A,     
Maricopa County, Arizona, IDA, M/F Housing Revenue       0.61%, 4/07/09 (a)(b)      2,500  2,500,000 
 Refunding Bonds, VRDN, AMT (a)(d):      Scottsdale, Arizona, IDA, Hospital Revenue Refunding     
     (Las Gardenias Apartments LP Project), Series A,       Bonds (Scottsdale Healthcare), VRDN, Series C,     
     0.70%, 4/07/09  2,540  2,540,000   1.25%, 4/07/09 (a)(c)      3,150  3,150,000 
     (San Martin Apartments Project), Series A-1,      Scottsdale, Arizona, IDA, Limited Obligation Revenue     
     0.70%, 4/07/09  2,000  2,000,000   Bonds (Notre Dame School), VRDN, Series A,     
     (Villas Solanas Apartments), Series A,       0.50%, 4/07/09 (a)      2,224  2,224,000 
     0.70%, 4/07/09  9,000  9,000,000  Scottsdale, Arizona, Municipal Property Corporation,     
Maricopa County, Arizona, School District Number 66,       Excise Tax Revenue Bonds, 5%, 7/01/09  2,980  3,004,923 
 GO (Roosevelt Elementary Project of 2007), Series A,      Tempe, Arizona, IDA, Revenue Bonds (ASUF Brickyard, LLC     
 3%, 4/07/09 (c)  2,125  2,130,807   Project), VRDN, Series A, 0.55%, 4/07/09 (a)  2,270  2,270,000 
Maricopa County, Arizona, Unified School District      Tempe, Arizona, Transit Excise Tax Revenue Bonds, VRDN,     
 Number 80 (Chandler), GO, 3%, 7/01/09  3,050  3,059,484   0.48%, 4/07/09 (a)      6,405  6,405,000 
 
 
 
 
     Portfolio Abbreviations Applicable to All Funds               
 
To simplify the portfolio holdings in the Schedule of  GAN  Grant Anticipation Notes  PUTTERS  Puttable Tax-Exempt Receipts   
Investments, the names and descriptions of many of  GO  General Obligation Bonds  RAN  Revenue Anticipation Notes   
the securities have been abbreviated according to the  HDA  Housing Development Authority  ROCS  Reset Option Certificates   
following list:  HFA  Housing Finance Agency  SAN  State Aid Notes     
ACESSM  Adjustable Convertible Extendible Securities  IDA  Industrial Development Authority  S/F  Single-Family     
AMT  Alternative Minimum Tax (subject to)  IDR  Industrial Development Revenue Bonds  SPEARS  Short Puttable Exempt Adjustable Receipts 
ARS  Auction Rate Securities  LIFERS  Long Inverse Floating Exempt Receipts  TAN  Tax Anticipation Notes   
BAN  Bond Anticipation Notes  MERLOTS Municipal Exempt Receipts Liquidity  TECP  Tax-Exempt Commercial Paper   
COP  Certificates of Participation    Optional Tenders    TRAN  Tax Revenue Anticipation Notes   
EDA  Economic Development Authority     M/F  Multi-Family    UPDATES  Unit Price Demand Adjustable Tax-Exempt 
EDR  Economic Development Revenue Bonds  MSTR  Municipal Securities Trust Receipts    Securities     
FLOATS  Floating Rate Securities  PCR  Pollution Control Revenue Bonds  VRDN  Variable Rate Demand Notes   

See Notes to Financial Statements.

CMA MULTI-STATE MUNICIPAL SERIES TRUST

MARCH 31, 2009

7

Schedule of Investments (concluded) CMA Arizona Municipal Money Fund
(Percentages shown are based on Net Assets)

    Par   
Municipal Bonds    (000)  Value 
 
     Arizona (concluded)       
 
Tucson, Arizona, IDA, IDR (Fluoresco Old Nogales Project),     
 VRDN, AMT, 1.65%, 4/07/09 (a)  $  2,020 $  2,020,000 
Tucson, Arizona, IDA, Revenue Bonds (United Way Capital     
 Corporation Project), VRDN, 1%, 4/07/09 (a)    3,030  3,030,000 
Verrado Western Overlay Community Facilities District,       
 Arizona, GO, VRDN, 0.50%, 4/07/09 (a)    4,500  4,500,000 
Yavapai County, Arizona, IDA, Hospital Facility Revenue       
 Bonds (Yavapai Regional Medical Center), VRDN,       
 Series B, 3.25%, 4/07/09 (a)(c)    1,170  1,170,000 
Yavapai County, Arizona, IDA, Hospital Facility Revenue       
 Refunding Bonds (Yavapai Regional Medical Center),       
 VRDN, Series A, 0.47%, 4/07/09 (a)    4,600  4,600,000 
      153,474,214 
 
 
     Puerto Rico — 6.1%       
 
Puerto Rico Commonwealth, Public Improvement, GO,       
 Refunding, VRDN, Series A-8, 0.27%, 4/07/09 (a)    3,000  3,000,000 
Puerto Rico Commonwealth, TRAN, Refunding, Series A3,     
 3%, 7/30/09    4,000  4,017,784 
Puerto Rico Electric Power Authority, Power Revenue Bonds,     
 Municipal Securities Trust Certificates, VRDN, Series 36     
 Class A, 0.51%, 4/07/09 (a)(b)    1,500  1,500,000 
Puerto Rico Sales Tax Financing Corporation, Sales Tax       
 Revenue Refunding Bonds, FLOATS, VRDN, Series 2936,     
 0.69%, 4/07/09 (a)(b)(f)    1,500  1,500,000 
      10,017,784 
Total Investments (Cost — $163,491,998*) — 99.9%      163,491,998 
Other Assets Less Liabilities — 0.1%      179,811 
Net Assets — 100.0%               $  163,671,809 

* Cost for federal income tax purposes.
(a) Rate shown is as of report date and maturity shown is the final maturity date or the
date the principal owed can be recovered through demand.
(b) These securities are short-term floating rate certificates issued by tender option
bond trusts and are secured by the underlying municipal bond securities.
(c) FSA Insured.
(d) FNMA Collateralized.
(e) GNMA Collateralized.
(f) Security exempt from registration under Rule 144A of the Securities Act of 1933.
These securities may be resold in transactions exempt from registration to qualified
institutional investors.

•Effective April 1, 2008, the Fund adopted Financial Accounting Standards Board
Statement of Financial Accounting Standards No. 157, “Fair Value Measurements”
(“FAS 157”). FAS 157 clarifies the definition of fair value, establishes a framework
for measuring fair values and requires additional disclosures about the use of fair
value measurements. Various inputs are used in determining the fair value of invest-
ments, which are as follows:
•Level 1 — price quotations in active markets/exchanges for identical securities
•Level 2 — other observable inputs (including, but not limited to: quoted prices for
similar assets or liabilities in markets that are active, quoted prices for identical
or similar assets in markets that are not active, inputs other than quoted prices
that are observable for the assets or liabilities (such as interest rates, yield
curves, volatilities, prepayment speeds, loss severities, credit risks and default
rates) or other market-corroborated inputs)
•Level 3 — unobservable inputs based on the best information available in the
circumstance, to the extent observable inputs are not available (including the
Fund’s own assumptions used in determining the fair value of investments)
The inputs or methodology used for valuing securities are not necessarily an indica-
tion of the risk associated with investing in those securities. For information about
the Fund’s policy regarding valuation of investments and other significant accounting
policies, please refer to Note 1 of the Notes to Financial Statements.
The following table summarizes the inputs used as of March 31, 2009 in deter-
mining the fair valuation of the Fund’s investments:

Valuation  Investments in 
Inputs  Securities 
  Assets 
Level 1  — 
Level 2  $163,491,998 
Level 3  — 
Total  $163,491,998 

See Notes to Financial Statements.

8 CMA MULTI-STATE MUNICIPAL SERIES TRUST

MARCH 31, 2009

Schedule of Investments March 31, 2009  CMA California Municipal Money Fund 
      (Percentages shown are based on Net Assets) 
  Par      Par   
Municipal Bonds  (000)  Value  Municipal Bonds  (000)  Value 
 
     California — 98.9%             California (continued)     
 
ABAG Finance Authority For Non-Profit Corporations,      California Infrastructure and Economic Development     
 California, M/F Revenue Bonds, VRDN, AMT, Series A (a):     Bank Revenue Bonds (J. Paul Getty Trust), Series A2,     
     (Colma Bart Apartments), 0.55%, 4/07/09  $ 10,000 $ 10,000,000   0.50%, 4/01/10  $ 7,200 $ 7,200,000 
     (Southport Apartments), 0.55%, 4/07/09 (g)  19,995  19,995,000  California Infrastructure and Economic Development     
ABAG Finance Authority For Non-Profit Corporations,       Bank, Revenue Refunding Bonds (J. Paul Getty Trust):     
 California, Senior Living Revenue Bonds (Elder           Series A1, 1.70%, 4/01/09  6,680  6,680,000 
 Care Alliance of San Rafael, Inc. Project), VRDN,           Series A4, 1.70%, 4/01/09  4,560  4,560,000 
 0.28%, 4/07/09 (a)  13,785  13,785,000  California Infrastructure and Economic Development     
Alameda, California, Unified School District, GO,       Bank, Revenue Refunding Bonds, VRDN (a):     
 BB&T Municipal Trust, FLOATS, VRDN, Series 2049,           (Pacific Gas and Electric Company Project), AMT,     
 0.48%, 4/07/09 (a)(b)(c)  8,000  8,000,000       Series A, 0.26%, 4/07/09  12,400  12,400,000 
Anaheim, California, Public Financing Authority,           (Pacific Gas and Electric Company Project), AMT,     
 Subordinate Lease Revenue (Public Improvement           Series B, 0.26%, 4/07/09  12,375  12,375,000 
 Project), Deutsche Bank SPEARS/LIFERS Trust, SPEARS,         (Pacific Gas and Electric Company Project), AMT,     
 VRDN, AMT, Series DB-665, 0.46%, 4/07/09 (a)(c)  10,405  10,405,000       Series D, 0.25%, 4/07/09  13,000  13,000,000 
Azusa, California, Public Financing Authority Revenue           (Rand Corporation), Series B, 0.30%, 4/01/09  4,690  4,690,000 
 Bonds, Deutsche Bank SPEARS/LIFERS Trust, SPEARS,    California Infrastructure and Economic Development Bank,     
 VRDN, Series DB-561, 0.46%, 4/07/09 (a)(b)(c)  1,105  1,105,000   TECP, 0.50%, 6/04/09  5,000  5,000,000 
Big Bear Lake, California, Industrial Revenue Bonds      California Municipal Finance Authority, Solid Waste     
 (Southwest Gas Corporation Project), VRDN, AMT,       Disposal Revenue Bonds (Waste Management, Inc.     
 Series A, 0.51%, 4/07/09 (a)  5,400  5,400,000   Project), VRDN, AMT, Series A, 0.45%, 4/07/09 (a)  5,000  5,000,000 
Butte County, California, Board of Education, TRAN,      California Pollution Control Financing Authority, PCR,     
 3%, 8/28/09  5,300  5,329,143   Refunding (Pacific Gas and Electric), VRDN, Series C,     
California Alternative Energy Source Financing Authority,     0.18%, 4/01/09 (a)  14,500  14,500,000 
 Cogeneration Revenue Refunding Bonds (GE Capital      California Pollution Control Financing Authority, Resource     
 Corporation — Arroyo), VRDN, AMT, Series B,       Recovery Revenue Bonds (Wadham Energy LP Project),     
 0.53%, 4/07/09 (a)  21,180  21,180,000   VRDN, AMT, Series C, 0.50%, 4/07/09 (a)  2,300  2,300,000 
California Community College Financing Authority, GO,      California Pollution Control Financing Authority, Solid     
 TRAN, Series A, 3.50%, 6/30/09  48,760  48,969,058   Waste Disposal Revenue Bonds, VRDN, AMT (a):     
California Educational Facilities Authority Revenue Bonds,         (Browning-Ferris Industries of California, Inc. Project),     
 VRDN (a):           Series A, 0.50%, 4/07/09  9,600  9,600,000 
     (Life Chiropractic College), 0.30%, 4/07/09  10,050  10,050,000       (Burrtec Waste Group Inc. Project), Series A,     
     PUTTERS, Series 2495, 0.42%, 4/07/09 (c)  1,595  1,595,000       0.71%, 4/07/09  8,500  8,500,000 
     (Pomona College), Series B, 0.28%, 4/07/09  6,000  6,000,000       (EDCO Disposal Corporation Project), Series A,     
California Educational Facilities Authority, Revenue           0.71%, 4/07/09  7,990  7,990,000 
 Refunding Bonds (Loyola Marymount University), VRDN,         (Sierra Pacific Industries, Inc. Project),     
 0.60%, 4/07/09 (a)  8,100  8,100,000       0.45%, 4/07/09  8,675  8,675,000 
California Educational Facilities Authority, TECP,           (South Tahoe Refuse Project), Series A,     
 0.53%, 11/02/09  12,200  12,200,000       0.78%, 4/07/09  5,535  5,535,000 
California, GO, Refunding, Eclipse Funding Trust, Solar      California Pollution Control Financing Authority, TECP,     
 Eclipse Certificates, VRDN, Series 2005-0004,       1%, 6/01/09  13,750  13,750,000 
 0.44%, 4/07/09 (a)(c)(f)  8,515  8,515,000  California State Department of Water Resources,     
California HFA, Home Mortgage Revenue Bonds, Bank of     Power Supply Revenue Bonds, VRDN, Series C-1,     
 America Austin Trust, VRDN, AMT (a)(c):       0.80%, 4/07/09 (a)  49,100  49,100,000 
     Series 2008-1100, 0.79%, 4/07/09  4,095  4,095,000  California State Department of Water Resources,     
     Series 2008-1101, 0.79%, 4/07/09  9,965  9,965,000   Power Supply Revenue Refunding Bonds, VRDN (a):     
     Series 2008-1116, 0.64%, 4/07/09  2,365  2,365,000       Sub-Series F-2, 0.25%, 4/01/09  15,000  15,000,000 
California HFA, Home Mortgage Revenue Bonds, VRDN,           Sub-Series G-2, 0.25%, 4/07/09  9,060  9,060,000 
 AMT (a):           Sub-Series J-1, 0.25%, 4/01/09  16,475  16,475,000 
     Series B, 0.50%, 4/07/09  53,320  53,320,000  California State, Economic Recovery, GO, VRDN,     
     Series D, 5.25%, 4/07/09  11,200  11,200,000   Series C-11, 0.23%, 4/07/09 (a)  9,790  9,790,000 
     Series F, 0.45%, 4/07/09  13,520  13,520,000  California State Economic Recovery Revenue Bonds,     
     Series Q, 0.95%, 4/07/09  12,975  12,975,000   VRDN, Series C-1, 0.30%, 4/01/09 (a)  14,385  14,385,000 
California HFA, M/F Housing Revenue Bonds, VRDN, AMT,    California State Enterprise Development Authority,     
 Series C, 0.45%, 4/07/09 (a)  25,650  25,650,000   IDR, Refunding (Evapco Project), VRDN, AMT,     
California HFA, M/F Housing Revenue Refunding Bonds III,     0.62%, 4/07/09 (a)  6,000  6,000,000 
 VRDN, AMT, Series G, 0.70%, 4/07/09 (a)  13,690  13,690,000  California State, GO, FLOATS, VRDN, Series 2178,     
California Health Facilities Financing Authority Revenue       0.44%, 4/07/09 (a)(c)  16,680  16,680,000 
 Bonds, VRDN (a):      California State, GO, MSTR, VRDN (a)(c):     
     JPMorgan Securities, Inc., PUTTERS, Series 3299,           Series SGA-39, 1.80%, 4/07/09 (f)  2,510  2,510,000 
     0.42%, 4/07/09 (c)(l)  11,700  11,700,000       Series SGA-7, 1.55%, 4/07/09 (b)  915  915,000 
     (Kaiser Permanente), Series C, 0.25%, 4/07/09  10,000  10,000,000  California State, GO, ROCS, VRDN, Series II-R-623,     
     (Scripps Health), Series F, 0.21%, 4/07/09  3,890  3,890,000   0.54%, 4/07/09 (a)(c)(d)  5,000  5,000,000 

See Notes to Financial Statements.

CMA MULTI-STATE MUNICIPAL SERIES TRUST

MARCH 31, 2009

9

Schedule of Investments (continued)  CMA California Municipal Money Fund 
        (Percentages shown are based on Net Assets) 
  Par        Par   
Municipal Bonds  (000)    Value  Municipal Bonds  (000)  Value 
 
     California (continued)             California (continued)     
 
California State, GO, Refunding (i):        Contra Costa County, California, M/F Housing Revenue     
     5.75%, 12/01/09  $ 8,720  $ 8,987,212   Bonds, VRDN, AMT (a):     
     5.875%, 10/01/09 (j)  3,075    3,151,809       (Creekview Apartments), Series B,     
California State, GO, Refunding, VRDN (a):             0.55%, 4/07/09 (h)  $ 17,700   $ 17,700,000 
     FLOATS, Series 2661, 0.44%, 4/07/09 (c)  14,504    14,504,000       (Pleasant Hill Bart Transit Station Project), Series A,     
     PUTTERS, AMT, Series 1933, 0.79%, 4/07/09 (c)  17,625    17,625,000       0.50%, 4/07/09  30,000  30,000,000 
     ROCS, Series II-R-622PB, 0.84%, 4/07/09 (c)(d)(e)  2,440    2,440,000  East Bay Municipal Utility District, California, Wastewater     
     ROCS, Series II-R-846, 0.78%, 4/07/09 (c)(d)(e)  15,070    15,070,000   System Revenue Bonds, ROCS, VRDN, Series     
     Series A-1, 0.30%, 4/01/09  34,115    34,115,000   2007-0072, 0.82%, 4/07/09 (a)(c)(d)  4,720  4,720,000 
     Series A-2, 0.40%, 4/01/09  15,450    15,450,000  East Bay Municipal Utility District, California, Water System     
     Series A-5, 0.15%, 4/01/09  17,425    17,425,000   Revenue Refunding Bonds, VRDN (a):     
     Series A-7, 0.35%, 4/07/09  6,400    6,400,000       Sub-Series A-1, 0.55%, 4/07/09  40,000  40,000,000 
     Series A-8, 0.32%, 4/07/09  8,000    8,000,000       Sub-Series A-2, 0.54%, 4/07/09  20,000  20,000,000 
     Series B-2, 0.40%, 4/01/09  13,300    13,300,000       Sub-Series A-2, 1%, 4/07/09  7,575  7,575,000 
California Statewide Communities Development Authority,             Sub-Series A-3, 1%, 4/07/09  7,580  7,580,000 
 M/F Housing Revenue Bonds, VRDN, AMT (a):             Sub-Series B, 1%, 4/07/09 (b)  24,135  24,135,000 
     (Canyon Creek Apartments), Series C,        Eastern Municipal Water District, California, Water and     
     0.55%, 4/07/09 (g)  21,500    21,500,000   Sewer Revenue Refunding Bonds, COP, VRDN, Series C,     
     (Crossings Senior Apartments), Series I,         0.27%, 4/07/09 (a)  4,780  4,780,000 
     0.49%, 4/07/09  16,285    16,285,000  Elsinore Valley, California, Municipal Water District, COP,     
     (Greentree Senior Apartments Project), Series P,         Eclipse Funding Trust, Solar Eclipse Certificates, VRDN,     
     0.50%, 4/07/09 (g)  7,350    7,350,000   Series 2007-0069, 0.30%, 4/07/09 (a)(c)(f)  9,430  9,430,000 
     (Hallmark Housing Apartments), Series ZZ,        Elsinore Valley, California, Municipal Water District, COP,     
     0.55%, 4/07/09 (g)  6,420    6,420,000   Refunding, VRDN, Series B, 1.25%, 4/07/09 (a)  4,000  4,000,000 
     (Hermosa Vista Apartments), Series XX,        Fremont, California, Union High School District, Santa     
     0.55%, 4/07/09 (g)  6,700    6,700,000   Clara County, GO, TRAN, 2.75%, 7/23/09  9,200  9,233,654 
     (Kimberly Woods), Series B, 0.55%, 4/07/09 (g)  4,200    4,200,000  Golden Empire Schools Financing Authority, California,     
     (Knolls at Green Valley), Series FF, 0.55%, 4/07/09 (g)  13,205    13,205,000   Lease Revenue Refunding Bonds (Kern High School     
     (Las Flores Village Apartments), Series JJ,         District Projects), 3%, 5/01/09  21,000  21,009,607 
     0.43%, 4/07/09  13,500    13,500,000  Golden State Tobacco Securitization Corporation of     
     (Oakmont Chino Hills), Series P, 0.55%, 4/07/09 (g)  10,100    10,100,000   California, Revenue Refunding Bonds, Deutsche Bank     
     (Oakmont of Alameda LP), Series WW,         SPEARS/LIFERS Trust, SPEARS, VRDN, AMT, Series     
     0.55%, 4/07/09 (g)  12,680    12,680,000   DBE-625, 0.46%, 4/07/09 (a)(c)(d)  12,530  12,530,000 
     PUTTERS, Series 1358, 0.69%, 4/07/09 (c)  27,420    27,420,000  Golden State Tobacco Securitization Corporation of     
     (Second Street Senior Apartments), Series TT,         California, Tobacco Settlement Revenue Bonds, FLOATS,     
     0.55%, 4/07/09 (g)  2,255    2,255,000   VRDN, Series 2448, 0.69%, 4/07/09 (a)(c)  11,000  11,000,000 
     (Vineyard Creek LP), Series W, 0.55%, 4/07/09 (g)  23,500    23,500,000  Golden State Tobacco Securitization Corporation     
California Statewide Communities Development Authority,         of California, Tobacco Settlement Revenue     
 M/F Housing Revenue Refunding Bonds, PUTTERS,         Refunding Bonds, FLOATS, VRDN, Series 2911,     
 VRDN, Series 2680, 0.64%, 4/07/09 (a)(c)  16,700    16,700,000   0.54%, 4/07/09 (a)(c)(d)  18,375  18,375,000 
California Statewide Communities Development Authority        Irvine, California, Improvement Bond Act of 1915, Special     
 Revenue Bonds, VRDN, Series L, 0.25%,4/07/09 (a)  21,800    21,800,000   Assessment Bonds, VRDN (a):     
California Statewide Communities Development Authority,             (Assessment District Number 05-21), Series A,     
 Revenue Refunding Bonds, VRDN (a):             0.30%, 4/01/09  11,135  11,135,000 
     FLOATS, Series 2635, 0.54%, 4/07/09 (c)(e)  6,605    6,605,000       (Assessment District Number 97-17), 0.30%, 4/01/09  2,000  2,000,000 
     (John Muir Health), Series B, 0.25%, 4/07/09  14,700    14,700,000  Irvine, California, Improvement Bond Act of 1915, Special     
     (John Muir Health), Series C, 0.15%, 4/01/09  14,600    14,600,000   Assessment Refunding Bonds (Assessment District     
     (Kaiser Permanente), Series D, 0.20%, 4/07/09  7,000    7,000,000   Number 89-10), UPDATES, VRDN, 0.30%, 4/01/09 (a)  5,350  5,350,000 
     (Presbyterian Homes), Series B, 0.28%, 4/07/09  3,500    3,500,000  Loma Linda, California, M/F Housing Revenue     
     (Rady Children’s Hospital), Series A, 1.20%, 4/07/09  6,200    6,200,000   Refunding Bonds (Loma Linda Springs), VRDN, AMT,     
     (Retirement Housing Foundation), 0.28%, 4/07/09  6,100    6,100,000   0.50%, 4/07/09 (a)(g)  19,430  19,430,000 
     (Saint Joseph Health System), Series C,        Los Angeles, California, Community Redevelopment     
     0.25%, 4/07/09  34,900    34,900,000   Agency, M/F Housing Revenue Bonds (Hollywood     
     (Westgate Pasadena Apartment), Series G,         and Vine Apartments Project), VRDN, AMT, Series A,     
     0.50%, 4/07/09  117,250    117,250,000   0.55%, 4/07/09 (a)(g)  99,400  99,400,000 
California, Tax Allocation Refunding Bonds, Eclipse        Los Angeles, California, Department of Water and Power     
 Funding Trust, Solar Eclipse Certificates, VRDN,         Revenue Bonds, Eagle Tax-Exempt Trust, VRDN, Series     
 Series 2006-0044, 0.42%, 4/07/09 (a)(c)(d)  12,520    12,520,000   2006-0010 Class A, 0.84%, 4/07/09 (a)(b)(c)  13,000  13,000,000 
Carlsbad, California, M/F Housing Revenue Bonds        Los Angeles, California, Department of Water and     
 (The Greens Apartments), VRDN, AMT, Series A,         Power, Waterworks Revenue Bonds, ROCS, VRDN,     
 0.65%, 4/07/09 (a)  14,015    14,015,000   Series II-R-11625, 0.78%, 4/07/09 (a)(c)(e)(j)(l)  7,000  7,000,000 
Chula Vista, California, IDR, Refunding (San Diego        Los Angeles, California, GO, TRAN, 3%, 6/30/09  80,000  80,284,752 
 Gas and Electric Company), VRDN, AMT, Series F,        Los Angeles, California, Unified School District, COP,     
 0.20%, 4/07/09 (a)  30,000    30,000,000   Refunding (Administration Building Project), VRDN,     
         Series A, 0.35%, 4/07/09 (a)  10,930  10,930,000 
 
 
See Notes to Financial Statements.             

10 CMA MULTI-STATE MUNICIPAL SERIES TRUST

MARCH 31, 2009

Schedule of Investments (continued)  CMA California Municipal Money Fund 
      (Percentages shown are based on Net Assets) 
  Par      Par   
Municipal Bonds  (000)  Value  Municipal Bonds  (000)  Value 
 
     California (continued)           California (continued)     
 
Los Angeles, California, Unified School District, GO, TRAN,      San Diego County, California, School District Note     
 Series A, 3%, 7/30/09  $ 72,500   $ 72,851,141   Participants Revenue Bonds, TRAN:     
Los Angeles, California, Water and Power Revenue           3.50%, 6/30/09  $ 10,100 $ 10,147,823 
 Refunding Bonds, VRDN (a):           Series B, 3.50%, 6/30/09  18,300  18,383,906 
     FLOATS, Series 1103, 0.59%, 4/07/09 (c)  3,280  3,280,000  San Francisco, California, City and County Airport     
     Sub-Series B-6, 0.15%, 4/01/09  15,500  15,500,000   Commission, International Airport Revenue Refunding     
Metropolitan Water District of Southern California,       Bonds, VRDN, AMT, Second Series (a):     
 Waterworks Revenue Refunding Bonds, VRDN, Series C,           Issue 34A, 0.50%, 4/07/09 (k)  47,450  47,450,000 
 0.70%, 4/07/09 (a)  28,095  28,095,000       Issue 36A, 0.50%, 4/07/09  21,750  21,750,000 
Milpitas, California, M/F Housing Revenue Bonds           Issue 37C, 2.25%, 4/07/09 (b)  33,500  33,500,000 
 (Crossing at Montague), VRDN, AMT, Series A,      San Francisco, California, City and County Redevelopment     
 0.55%, 4/07/09 (a)(g)  20,000  20,000,000   Agency, M/F Housing Revenue Bonds (Third and     
Modesto, California, Irrigation District Financing Authority       Mission Associates LLC), VRDN, AMT, Series C,     
 Revenue Bonds, Municipal Securities Trust Certificates,       0.45%, 4/07/09 (a)(g)  15,000  15,000,000 
 VRDN, Series SGC 44, Class A, 0.51%, 4/07/09 (a)(c)(f)  9,845  9,845,000  San Francisco, California, City and County Redevelopment     
Napa, Valley, California, Unified School District, GO, TRAN,       Agency, M/F Housing Revenue Refunding Bonds     
 3%, 6/30/09  7,750  7,783,692   (Fillmore Center), VRDN, AMT, Series B-2,     
Newport Beach, California, Revenue Refunding Bonds       0.52%, 4/07/09 (a)(h)  6,750  6,750,000 
 (Hoag Memorial Hospital Presbyterian), VRDN, Series D,      San Jose, California, Airport Revenue Refunding Bonds,     
 0.30%, 4/07/09 (a)  15,000  15,000,000   Deutsche Bank SPEARS/LIFERS Trust, SPEARS, VRDN,     
Orange County, California, Sanitation District, COP, FLOATS,       AMT (a)(c)(d):     
 VRDN, Series 2928, 0.54%, 4/07/09 (a)(c)  5,885  5,885,000       Series DB-480, 0.49%, 4/07/09  9,880  9,880,000 
Pleasanton, California, COP (Assisted Living Facility           Series DB-484, 0.49%, 4/07/09  20,870  20,870,000 
 Financing), VRDN, 0.29%, 4/07/09 (a)  17,200  17,200,000       Series DB-544, 0.49%, 4/07/09  9,065  9,065,000 
Regional Airports Improvement Corporation, California,      San Jose, California, Airport Revenue Refunding     
 Term Facilities Completed Revenue Bonds (Los Angeles       Bonds, ROCS, VRDN, AMT, Series II-R-10364,     
 International Airport), VRDN, AMT, 0.37%, 4/01/09 (a)  13,600  13,600,000   0.89%, 4/07/09 (a)(c)(d)(e)(l)  9,800  9,800,000 
Riverside, California, COP, Refunding, VRDN,      San Jose, California, Airport, TECP, 1.75%, 4/02/09  21,596  21,596,000 
 0.30%, 4/07/09 (a)  19,500  19,500,000  San Jose, California, Financing Authority, Lease Revenue     
Riverside, California, Electric Revenue Refunding Bonds,       Refunding Bonds (Civic Center Project), VRDN, Series A,     
 VRDN, Series A, 0.35%, 4/07/09 (a)  9,515  9,515,000   0.23%, 4/07/09 (a)  6,000  6,000,000 
Riverside County, California, IDA, IDR (Universal Forest      San Jose, California, Financing Authority, Lease Revenue     
 Products), VRDN, AMT, 0.47%, 4/07/09 (a)  3,300  3,300,000   Refunding Bonds, ROCS, VRDN, Series II-R-11629,     
Sacramento, California, Housing Authority, M/F Housing       0.78%, 4/07/09 (a)(c)(d)(e)(l)  30,960  30,960,000 
 Revenue Bonds, VRDN, AMT (a):      San Jose, California, M/F Housing Revenue Bonds,     
     (Greenfair Apartments), Series G, 0.49%, 4/07/09  11,100  11,100,000     VRDN (a):     
     (Lofts at Natomas Apartments), Series F,           (Carlton Homes), AMT, Series A, 0.50%, 4/07/09 (g)  12,000  12,000,000 
     0.55%, 4/07/09 (g)  19,190  19,190,000       (Siena Renaissance Square Apartments),     
Sacramento County, California, Airport System Revenue           0.55%, 4/07/09 (h)  49,500  49,500,000 
 Bonds, Deutsche Bank SPEARS/LIFERS Trust, SPEARS,      San Jose, California, M/F Housing Revenue Refunding     
 VRDN, AMT, Series DB-646, 0.49%, 4/07/09 (a)(c)  92,740  92,740,000   Bonds (Almaden Lake Village Apartments), VRDN, AMT,     
Sacramento County, California, GO, TRAN, 2.50%, 8/07/09  80,000  80,253,455   Series A, 0.58%, 4/07/09 (a)(g)  2,000  2,000,000 
Sacramento County, California, Sanitation District      San Mateo-Foster City School District, California, GO, BAN,     
 Financing Authority, Revenue Refunding Bonds, Municipal       1.75%, 3/01/10  13,600  13,732,538 
 Securities Trust Certificates, VRDN, Class A (a)(c)(j):      Santa Clara Valley, California, Transportation Authority,     
     Series SGC-47, 0.51%, 4/07/09  13,650  13,650,000   Sales Tax Revenue Refunding Bonds, VRDN, Series D,     
     Series SGC-49, 0.51%, 4/07/09 (l)  2,500  2,500,000   0.27%, 4/07/09 (a)  8,175  8,175,000 
San Bernardino County, California, Flood Control District,      Santa Rosa, California, M/F Housing Revenue Bonds     
 Judgment Obligation Revenue Refunding Bonds, VRDN,       (Crossings at Santa Rosa), VRDN, AMT, Series A,     
 0.28%, 4/07/09 (a)  5,500  5,500,000   0.49%, 4/07/09 (a)  9,000  9,000,000 
San Diego, California, Housing Authority, M/F Housing      Semitropic Improvement District, Semitropic Water Storage     
 Revenue Bonds, VRDN, AMT (a):       District, California, Revenue Refunding Bonds, VRDN,     
     (Bay Vista Apartments Project), Series A,       Series A, 0.22%, 4/07/09 (a)  35,200  35,200,000 
     0.55%, 4/07/09 (g)  4,800  4,800,000  Simi Valley, California, M/F Housing Revenue Bonds,     
     (Studio 15 Housing Partners), Series B,       VRDN (a):     
     0.52%, 4/07/09  8,300  8,300,000       (Parker Ranch Project), AMT, Series A,     
San Diego, California, Unified School District, GO, TRAN,           0.55%, 4/07/09 (g)  12,500  12,500,000 
 3%, 7/01/09  11,600  11,639,413       (Shadowridge Apartments), 0.55%, 4/07/09 (h)  19,100  19,100,000 
San Diego County, California, Regional Transportation      Sonoma County, California, Junior College District,     
 Commission, Limited Sales Tax Revenue Refunding       GO, Refunding, Eclipse Funding Trust, Solar Eclipse     
 Bonds, VRDN (a):       Certificates, VRDN, Series 2006-0014,     
     Series C, 0.93%, 4/07/09  15,000  15,000,000   0.44%, 4/07/09 (a)(b)(c)  6,920  6,920,000 
     Series D, 1%, 4/07/09  19,000  19,000,000  South Placer, California, Wastewater Authority, Wastewater     
       Revenue Refunding Bonds, VRDN, Series A,     
       0.60%, 4/07/09 (a)  11,600  11,600,000 
 
 
See Notes to Financial Statements.           

CMA MULTI-STATE MUNICIPAL SERIES TRUST

MARCH 31, 2009

11

Schedule of Investments (concluded) CMA California Municipal Money Fund
(Percentages shown are based on Net Assets)

  Par   
Municipal Bonds  (000)  Value 
 
     California (concluded)     
 
University of California Revenue Bonds, PUTTERS,     
 VRDN (a)(c):     
     Series 1231, 0.84%, 4/07/09 (f)  $20,715  $ 20,715,000 
     Series 2475, 0.42%, 4/07/09  520  520,000 
University of California, Revenue Refunding Bonds, Eagle     
 Tax-Exempt Trust, VRDN, Series 2005-0006, Class A,     
 0.84%, 4/07/09 (a)(b)(c)(d)  2,445  2,445,000 
University of California, TECP:     
     0.35%, 5/06/09  19,700  19,700,000 
     0.35%, 5/07/09  7,360  7,360,000 
     0.45%, 5/07/09  2,500  2,500,000 
     0.35%, 6/10/09  28,000  28,000,000 
     0.45%, 6/11/09  14,500  14,500,000 
     0.40%, 6/12/09  26,800  26,800,000 
Val Verde, California, Unified School District, COP,     
 Refunding, VRDN, Series A, 0.30%, 4/07/09 (a)  7,200  7,200,000 
Yuba, California, Community College District, TRAN,     
 3%, 9/10/09  7,500  7,544,814 
    2,870,932,017 
 
 
     Puerto Rico — 1.4%     
 
Puerto Rico Commonwealth, GO, PUTTERS, VRDN,     
 Series 204, 1.34%, 4/07/09 (a)(b)(c)  7,060  7,060,000 
Puerto Rico Commonwealth Highway and Transportation     
 Authority, Transportation Revenue Bonds, BB&T     
 Municipal Trust, FLOATS, VRDN, Series 2035,     
 0.49%, 4/07/09 (a)(c)(k)  7,765  7,765,000 
Puerto Rico Sales Tax Financing Corporation, Sales Tax     
 Revenue Refunding Bonds, FLOATS, VRDN, Series 2936,     
 0.69%, 4/07/09 (a)(c)(l)  25,000  25,000,000 
    39,825,000 
Total Investments (Cost — $2,910,757,017*) — 100.3%    2,910,757,017 
Liabilities in Excess of Other Assets — (0.3)%    (8,194,613) 
Net Assets — 100.0%    $2,902,562,404 

* Cost for federal income tax purposes.
(a) Rate shown is as of report date and maturity shown is the final maturity date or the
date the principal owed can be recovered through demand.
(b) FSA Insured.
(c) These securities are short-term floating rate certificates issued by tender option
bond trusts and are secured by the underlying municipal bond securities.
(d) AMBAC Insured.
(e) BHAC Insured.
(f) NPFGC Insured.
(g) FNMA Collateralized.
(h) FHLMC Collateralized.
(i) US government securities, held in escrow, are used to pay interest on this security,
as well as to retire the bond in full at the date indicated, typically at a premium
to par.
(j) FGIC Insured.
(k) Assured Guaranty Insured.
(l) Security exempt from registration under Rule 144A of the Securities Act of 1933.
These securities may be resold in transactions exempt from registration to qualified
institutional investors.

•Effective April 1, 2008, the Fund adopted Financial Accounting Standards Board
Statement of Financial Accounting Standards No. 157, “Fair Value Measurements”
(“FAS 157”). FAS 157 clarifies the definition of fair value, establishes a framework
for measuring fair values and requires additional disclosures about the use of fair
value measurements. Various inputs are used in determining the fair value of invest-
ments, which are as follows:
•Level 1 — price quotations in active markets/exchanges for identical securities
•Level 2 — other observable inputs (including, but not limited to: quoted prices for
similar assets or liabilities in markets that are active, quoted prices for identical
or similar assets in markets that are not active, inputs other than quoted prices
that are observable for the assets or liabilities (such as interest rates, yield
curves, volatilities, prepayment speeds, loss severities, credit risks and default
rates) or other market-corroborated inputs)
•Level 3 — unobservable inputs based on the best information available in the
circumstance, to the extent observable inputs are not available (including the
Fund’s own assumptions used in determining the fair value of investments)
The inputs or methodology used for valuing securities are not necessarily an indica-
tion of the risk associated with investing in those securities. For information about
the Fund’s policy regarding valuation of investments and other significant accounting
policies, please refer to Note 1 of the Notes to Financial Statements.
The following table summarizes the inputs used as of March 31, 2009 in determin-
ing the fair valuation of the Fund’s investments:

Valuation  Investments in 
Inputs  Securities 
  Assets 
Level 1  — 
Level 2  $2,910,757,017 
Level 3  — 
Total  $2,910,757,017 

See Notes to Financial Statements.

12 CMA MULTI-STATE MUNICIPAL SERIES TRUST

MARCH 31, 2009

Schedule of Investments March 31, 2009  CMA Connecticut Municipal Money Fund 
          (Percentages shown are based on Net Assets) 
    Par          Par     
Municipal Bonds    (000)    Value  Municipal Bonds    (000)    Value 
 
     Connecticut — 95.2%               Connecticut (concluded)         
 
Branford, Connecticut, GO, BAN, 2.50%, 9/09/09  $  4,700  $  4,715,252  Connecticut State Health and Educational Facilities         
Connecticut State Development Authority, IDR, Refunding         Authority Revenue Bonds, VRDN (a) (concluded):         
 (The Energy Network), VRDN, AMT, 0.57%, 4/07/09 (a)  5,500    5,500,000       (Yale University), Series T-2, 0.20%, 4/07/09  $  10,500  $  10,500,000 
Connecticut State Development Authority, IDR, VRDN (a):             (Yale University), Series U, 0.20%, 4/07/09    61,835    61,835,000 
     (Cheshire CPL LLC), AMT, 0.65%, 4/07/09    1,720    1,720,000       (Yale University), Series V-1, 0.20%, 4/01/09    7,500    7,500,000 
     (Reflexite Corporation Project), Series A,               (Yale University), Series V-2, 0.20%, 4/01/09    9,770    9,770,000 
     0.65%, 4/07/09    1,070    1,070,000       (Yale University), Series X-2, 0.20%, 4/07/09    5,000    5,000,000 
     (Reflexite Corporation Project), Series B,               (Yale University), Series Y-2, 0.20%, 4/01/09    2,800    2,800,000 
     0.65%, 4/07/09    1,175    1,175,000  Connecticut State Health and Educational Facilities         
Connecticut State Development Authority Revenue Bonds         Authority, Revenue Refunding Bonds, VRDN (a):         
 (Solid Waste Project — Rand-Whitney Container Board),             (Choate Rosemary Hall Foundation), Series D,         
 VRDN, AMT, 0.61%, 4/07/09 (a)    11,435    11,435,000       0.27%, 4/07/09    8,870    8,870,000 
Connecticut State, GO, PUTTERS, VRDN, Series 320,               (Danbury Hospital), Series J, 0.44%, 4/07/09    25,900    25,900,000 
 0.42%, 4/07/09 (a)(b)    6,000    6,000,000       (Gaylord Hospital Inc.), Series B, 0.50%, 4/07/09    11,705    11,705,000 
Connecticut State, GO, Refunding, FLOATS, VRDN,               (Hospital of Central Connecticut ), Series A,         
 Series 514, 0.54%, 4/07/09 (a)(b)    10,000    10,000,000       0.45%, 4/07/09    7,000    7,000,000 
Connecticut State, GO:               (Kingswood-Oxford School), Series B, 1.75%, 4/07/09  4,730    4,730,000 
     Series A, 2%, 2/15/10    14,000    14,175,190       (Saint Joseph College), Series B, 0.55%, 4/07/09    10,000    10,000,000 
     VRDN, Series A, 0.45%, 4/07/09 (a)    10,000    10,000,000       (Yale-New Haven Hospital Project), Series K1,         
     VRDN, Series A-1, 1.50%, 4/07/09 (a)    26,000    26,000,000       0.28%, 4/07/09    10,935    10,935,000 
Connecticut State, HFA, Housing Revenue Bonds               (Yale-New Haven Hospital Project), Series L1,         
 (CIL Realty, Inc.), VRDN, 0.40%, 4/07/09 (a)    1,600    1,600,000       0.28%, 4/07/09    5,600    5,600,000 
Connecticut State, HFA, Revenue Bonds (Housing          Connecticut State Health and Educational Facilities         
 Mortgage Finance Program), VRDN, AMT (a):           Authority, TECP, 0.45%, 5/01/09    4,080    4,080,000 
     Series D, 0.69%, 4/07/09    7,557    7,557,000  Connecticut State Revenue Bonds, Bank of America Austin       
     Sub-Series E-4, 1.65%, 4/07/09 (c)    8,555    8,555,000   Trust, VRDN, Series 2008-1080, 0.49%, 4/07/09 (a)(b)  2,636    2,636,000 
Connecticut State, HFA, Revenue Refunding Bonds          Connecticut State Special Tax Obligation Revenue Bonds       
 (Housing Mortgage Finance Program), VRDN, AMT (a)(c):         (Transportation Infrastructure), VRDN, Second Lien,         
     Sub-Series A-3, 1.65%, 4/07/09    18,675    18,675,000   Series 1, 1.25%, 4/07/09 (a)(d)    12,000    12,000,000 
     Sub-Series B-4, 0.75%, 4/07/09    11,300    11,300,000  Danbury, Connecticut, GO, Refunding, BAN, 2%, 7/30/09  12,500    12,521,292 
Connecticut State Health and Educational Facilities          East Hampton, Connecticut, GO, Refunding, BAN,         
 Authority Revenue Bonds, VRDN (a):           2.25%, 4/15/09    2,985    2,985,826 
     (Avon Old Farms School Inc.), Series A,          Groton City, Connecticut, GO, BAN, 2.25%, 10/08/09    3,300    3,321,444 
     0.50%, 4/07/09    3,160    3,160,000  Hartford, Connecticut, Redevelopment Agency,         
     Bank of America Austin Trust, Series 2008-352,           M/F Mortgage Revenue Refunding Bonds (Underwood       
     0.59%, 4/07/09 (b)    24,870    24,870,000   Tower Project), VRDN, 0.85%, 4/07/09 (a)(d)    14,145    14,145,000 
     (Charlotte Hungerford), Series C, 0.50%, 4/07/09    935    935,000  Hartford County, Connecticut, Metropolitan District, GO,         
     (Greenwich Adult Day Care), Series A,           3.125%, 6/01/09    4,000    4,008,876 
     0.62%, 4/07/09    3,965    3,965,000  Milford, Connecticut, GO, Refunding, BAN, 3.75%, 5/05/09  7,500    7,508,078 
     (Greenwich Boys and Girls Club), Series A,          Naugatuck, Connecticut, GO, BAN, 2.25%, 5/06/09    6,200    6,204,423 
     0.74%, 4/07/09    5,025    5,025,000  New Canaan, Connecticut, Housing Authority Revenue         
     (Greenwich Family YMCA), Series A, 0.62%, 4/07/09  5,805    5,805,000   Bonds (Village at Waveny Care Center), VRDN,         
     (Hartford Hospital), Series B, 0.50%, 4/07/09    5,000    5,000,000   0.35%, 4/07/09 (a)    2,985    2,985,000 
     (Health Care Capital Asset), Series A-1,          New Haven, Connecticut, TECP:         
     0.50%, 4/07/09    14,880    14,880,000       0.40%, 4/06/09    7,000    7,000,000 
     (Health Care Capital Asset), Series B-1,               0.50%, 4/13/09    7,000    7,000,000 
     0.50%, 4/07/09    10,000    10,000,000       0.50%, 5/13/09    5,882    5,882,000 
     (The Hotchkiss School), Series A, 0.27%, 4/07/09  5,840    5,840,000  Oxford, Connecticut, GO, BAN, 2%, 7/29/09    3,390    3,395,496 
     (King & Low-Heywood Thomas School), Series A,          Redding, Connecticut, GO, Refunding, BAN,         
     0.74%, 4/07/09    10,135    10,135,000   1.25%, 10/27/09    4,765    4,783,063 
     (Klingberg Family Center), Series A, 0.50%, 4/07/09  4,875    4,875,000  Regional School District Number 009, Connecticut, GO,       
     (Lawrence & Memorial Hospital), Series E,           BAN, 1.75%, 10/22/09    1,720    1,729,632 
     0.24%, 4/07/09    10,505    10,505,000  South Central Connecticut Regional Water Authority,         
     (Rectory School), Series A, 0.74%, 4/07/09    6,170    6,170,000   Water System Revenue Bonds, ROCS, VRDN,         
     (University of New Haven), AMT, Series E,           Series II-R-12184, 1.22%, 4/07/09 (a)(b)(e)(f)    14,010    14,010,000 
     0.44%, 4/07/09    6,925    6,925,000  Vernon, Connecticut, GO, BAN, 1.50%, 2/11/10    3,710    3,729,159 
     (Wesleyan University), Series E, 0.40%, 4/01/09    9,000    9,000,000  Wilton, Connecticut, GO, BAN, 1%, 2/09/10    6,000    6,021,081 
     (The Whitby School), Series A, 0.50%, 4/07/09    2,330    2,330,000          576,988,812 

See Notes to Financial Statements.

CMA MULTI-STATE MUNICIPAL SERIES TRUST

MARCH 31, 2009

13

Schedule of Investments (concluded)  CMA Connecticut Municipal Money Fund 
      (Percentages shown are based on Net Assets) 
  Par     
Municipal Bonds  (000)  Value   
 
     Puerto Rico — 4.6%       
 
Puerto Rico Commonwealth, Public Improvement, GO,       
 Refunding, VRDN, Series A-2, 2.25%, 4/07/09 (a)(d)  $ 7,700 $  7,700,000   
Puerto Rico Commonwealth Highway and Transportation       
 Authority, Revenue Refunding Bonds, ROCS, VRDN,       
 Series II-R-10327CE, 2.46%, 4/07/09 (a)(b)  12,000  12,000,000   
Puerto Rico Commonwealth, TRAN, Refunding, Series A2,       
 3%, 7/30/09  8,000  8,035,568   
    27,735,568   
Total Investments (Cost — $604,724,380*) — 99.8%    604,724,380   
Other Assets Less Liabilities — 0.2%    1,474,644   
Net Assets — 100.0%     $ 606,199,024   

* Cost for federal income tax purposes.
(a) Rate shown is as of report date and maturity shown is the final maturity date or the
date the principal owed can be recovered through demand.
(b) These securities are short-term floating rate certificates issued by tender option
bond trusts and are secured by the underlying municipal bond securities.
(c) AMBAC Insured.
(d) FSA Insured.
(e) BHAC Insured.
(f) NPFGC Insured.
•Effective April 1, 2008, the Fund adopted Financial Accounting Standards Board
Statement of Financial Accounting Standards No. 157, “Fair Value Measurements”
(“FAS 157”). FAS 157 clarifies the definition of fair value, establishes a framework
for measuring fair values and requires additional disclosures about the use of fair
value measurements. Various inputs are used in determining the fair value of invest-
ments, which are as follows:
•Level 1 — price quotations in active markets/exchanges for identical securities
•Level 2 — other observable inputs (including, but not limited to: quoted prices for
similar assets or liabilities in markets that are active, quoted prices for identical
or similar assets in markets that are not active, inputs other than quoted prices
that are observable for the assets or liabilities (such as interest rates, yield
curves, volatilities, prepayment speeds, loss severities, credit risks and default
rates) or other market-corroborated inputs)
•Level 3 — unobservable inputs based on the best information available in the
circumstance, to the extent observable inputs are not available (including the
Fund’s own assumptions used in determining the fair value of investments)
The inputs or methodology used for valuing securities are not necessarily an indica-
tion of the risk associated with investing in those securities. For information about
the Fund’s policy regarding valuation of investments and other significant accounting
policies, please refer to Note 1 of the Notes to Financial Statements.
The following table summarizes the inputs used as of March 31, 2009 in deter-
mining the fair valuation of the Fund’s investments:

Valuation  Investments in 
Inputs  Securities 
  Assets 
Level 1  — 
Level 2  $604,724,380 
Level 3  — 
Total  $604,724,380 

See Notes to Financial Statements.

14 CMA MULTI-STATE MUNICIPAL SERIES TRUST

MARCH 31, 2009

Schedule of Investments March 31, 2009    CMA Florida Municipal Money Fund 
        (Percentages shown are based on Net Assets) 
    Par      Par   
Municipal Bonds    (000)  Value  Municipal Bonds  (000)  Value 
 
     Florida — 99.8%             Florida (continued)     
 
Brevard County, Florida, HFA, M/F Housing Revenue        Highlands County, Florida, Health Facilities Authority,     
 Bonds, VRDN, AMT (a):         Hospital Revenue Bonds (Adventist Health System)     
     (Timber Trace Apartments), 0.70%, 4/07/09  $  2,670   $ 2,670,000   VRDN (a):     
     (Wickham Club Apartments), Series A,             Series A, 0.25%, 4/07/09  $ 975  $ 75,000 
     0.63%, 4/07/09    7,200  7,200,000       Series A-2, 0.55%, 4/07/09  4,000  4,000,000 
Brevard County, Florida, School Board, RAN, Refunding,      Highlands County, Florida, Health Facilities Authority,     
 2.75%, 4/24/09    6,000  6,004,348   Hospital Revenue Refunding Bonds (Adventist Health     
Broward County, Florida, BB&T Municipal Trust,         System), VRDN, Series C, 0.55%, 4/07/09 (a)  3,500  3,500,000 
 GO, Refunding, FLOATS, VRDN, Series 2015,        Hillsborough County, Florida, HFA, M/F Housing Revenue     
 0.44%, 4/07/09 (a)(b)    5,505  5,505,000   Bonds (Claymore Crossings Apartments), VRDN, AMT,     
Broward County, Florida, HFA, M/F Housing Revenue         0.65%, 4/07/09 (a)  3,750  3,750,000 
 Bonds (Sailboat Bend Artist Lofts Project), VRDN, AMT,      Jacksonville Electric Authority, Florida, Electric System     
 0.83%, 4/07/09 (a)    750  750,000   Revenue Refunding Bonds, VRDN (a):     
Citizens Property Insurance Corporation, Florida,             Series 3-B-1, 1.50%, 4/07/09  6,990  6,990,000 
 Revenue Refunding Bonds, Municipal Securities             Series 3-C-3, 0.38%, 4/07/09  2,200  2,200,000 
 Trust Certificates, VRDN, Series SGC-46, Class A,        Jacksonville, Florida, Economic Development     
 0.54%, 4/07/09 (a)(b)(c)    6,250  6,250,000   Commission, Special Facilities Airport Revenue Bonds     
Collier County, Florida, IDA, IDR, Refunding (Allete Inc.,         (Holland SheltAir Aviation), VRDN, AMT, Series A-1,     
 Project), VRDN, AMT, 0.57%, 4/07/09 (a)    2,000  2,000,000   0.80%, 4/07/09 (a)  2,960  2,960,000 
Escambia County, Florida, Solid Waste Disposal, System      Jacksonville, Florida, HFA, M/F Housing Revenue Bonds,     
 Revenue Bonds (Gulf Power Company Project), VRDN,       VRDN, AMT (a):     
 First Series, 1.75%, 4/21/10 (a)    7,000  7,000,000       (Christine Cove Apartments), 0.65%, 4/07/09  1,500  1,500,000 
Florida Gulf Coast University Financing Corporation,             (Hartwood Apartments), 0.62%, 4/07/09 (e)  5,735  5,735,000 
 Capital Improvement Revenue Bonds (Housing Project),      Jacksonville, Florida, Health Facilities Authority, Hospital     
 VRDN, Series A, 0.48%, 4/07/09 (a)    5,300  5,300,000   Revenue Bonds, VRDN (a):     
Florida Housing Finance Corporation, M/F Housing             (Baptist Medical), 0.30%, 4/01/09  18,400  18,400,000 
 Revenue Bonds (Stuart Pointe Apartments), VRDN, AMT,           Series C, 0.35%, 4/01/09  800  800,000 
 Series B-3, 0.65%, 4/07/09 (a)    75  75,000       (Southern Baptist Hospital), Series B,     
Florida Housing Finance Corporation, M/F Mortgage             0.35%, 4/01/09  1,600  1,600,000 
 Revenue Bonds, VRDN, AMT (a):        Jacksonville, Florida, Port Authority Revenue Bonds     
     (Boynton Bay Apartments), 0.67%, 4/07/09    3,300  3,300,000   (Mitsui O.S.K. Lines, Ltd. Project), VRDN, AMT,     
     (Cutler Riverside Apartments), 0.62%, 4/07/09 (e)  6,000  6,000,000   0.65%, 4/07/09 (a)  6,840  6,840,000 
     (Wexford Apartments), Series P, 0.63%, 4/07/09    4,730  4,730,000  Jacksonville, Florida, Transit Revenue Refunding Bonds,     
Florida Housing Finance Corporation, ROCS, VRDN, AMT,       VRDN, Series A, 0.39%, 4/07/09 (a)  9,000  9,000,000 
 Series II-R-11688, 0.69%, 4/07/09 (a)(b)(h)    2,900  2,900,000  Lee Memorial Health System, Florida, Hospital Revenue     
Florida Housing Finance Corporation Revenue         Bonds, VRDN (a):     
 Bonds, ROCS, VRDN, AMT, Series II-R-11209,             Series A, 0.30%, 4/01/09  4,300  4,300,000 
 0.66%, 4/07/09 (a)(b)(e)(f)(g)    6,920  6,920,000       Series B, 0.30%, 4/01/09  11,600  11,600,000 
Florida Revenue Bonds, BB&T Municipal Trust, FLOATS,        Lee Memorial Health System, Florida, Hospital Revenue     
 VRDN (a)(b):         Refunding Bonds, VRDN, Series C, 0.58%, 4/07/09 (a)  2,000  2,000,000 
     Series 1010, 0.54%, 4/07/09    2,815  2,815,000  Manatee County, Florida, School District, GO, TAN,     
     Series 1020, 0.54%, 4/07/09    6,000  6,000,000   3%, 10/07/09  3,500  3,524,437 
Florida State Board of Education, Public Education        Miami-Dade County, Florida, Educational Facilities     
 Capital Outlay, GO:         Authority Revenue Bonds, FLOATS, VRDN, Series 2710,     
     JPMorgan Securities, Inc., PUTTERS, VRDN,         0.54%, 4/07/09 (a)(c)  7,410  7,410,000 
     Series 3251, 0.47%, 4/07/09 (a)(b)    1,665  1,665,000  Miami-Dade County, Florida, Educational Facilities     
     PUTTERS, VRDN, Series 2387, 0.47%, 4/07/09 (a)(b)  3,525  3,525,000   Authority, Revenue Refunding Bonds (Florida Memorial     
     Series A, 5%, 6/01/09    4,495  4,516,581   College Project), VRDN, 0.55%, 4/07/09 (a)  2,960  2,960,000 
Florida State Department of Transportation, GO        Miami-Dade County, Florida, IDA, IDR (RAM     
 (Right-of-Way Acquisition and Bridge Construction),         Investments of South Florida, Inc. Project), VRDN,     
 Series A, 5.25%, 7/01/09    1,000  1,009,948   AMT, 0.67%, 4/07/09 (a)  2,660  2,660,000 
Florida State Revenue Bonds, BB&T Municipal Trust,        Miami-Dade County, Florida, IDA, Solid Waste Disposal     
 FLOATS, VRDN, Series 1034, 0.56%, 4/07/09 (a)(b)(h)  6,248  6,247,500   Revenue Refunding Bonds (Florida Power and Light     
Florida State Turnpike Authority, Turnpike Revenue         Company Project), VRDN, AMT, 0.45%, 4/01/09 (a)  12,200  12,200,000 
 Refunding Bonds, FLOATS, VRDN, Series 2854,        Miami-Dade County, Florida, Revenue Bonds, Deutsche     
 0.59%, 4/07/09 (a)(b)    2,700  2,700,000   Bank SPEARS/LIFERS Trust, SPEARS, VRDN, Series     
Gainesville, Florida, Utilities System Revenue Bonds,         DB-538, 0.49%, 4/07/09 (a)(b)(d)  2,240  2,240,000 
 VRDN, Series B, 0.40%, 4/07/09 (a)    2,900  2,900,000  Orange County, Florida, Educational Facilities Authority,     
         Educational Facilities Revenue Refunding Bonds     
         (Rollins College Project), VRDN, 0.34%, 4/01/09 (a)  3,325  3,325,000 

See Notes to Financial Statements.

CMA MULTI-STATE MUNICIPAL SERIES TRUST

MARCH 31, 2009

15

Schedule of Investments (concluded) CMA Florida Municipal Money Fund
(Percentages shown are based on Net Assets)

    Par   
Municipal Bonds    (000)  Value 
 
     Florida (concluded)       
 
Orange County, Florida, IDA, IDR (Central Florida YMCA       
 Project), VRDN, 0.55%, 4/07/09 (a)  $  1,070 $  1,070,000 
Orlando, Florida, Utilities Commission, Utility System       
 Revenue Refunding Bonds:       
     5%, 7/01/09    3,000  3,025,161 
     5.25%, 7/01/09    3,775  3,807,546 
Orlando-Orange County Expressway Authority, Florida,       
 Expressway Revenue Refunding Bonds, VRDN,       
 Sub-Series B-1, 0.55%, 4/07/09 (a)    2,900  2,900,000 
Palm Beach County, Florida, Airport Revenue Bonds       
 (Galaxy Aviation), VRDN, AMT, 0.95%, 4/07/09 (a)    1,300  1,300,000 
Palm Beach County, Florida, Revenue Bonds       
 (Joseph L. Morse Geriatric Obligor Group), VRDN,       
 0.48%, 4/07/09 (a)    6,575  6,575,000 
Palm Beach County, Florida, Special Purpose Facilities       
 Revenue Bonds (Flight Safety Project), VRDN, AMT,       
 0.60%, 4/07/09 (a)    17,895  17,895,000 
Pasco County, Florida, School Board, COP, Refunding,       
 VRDN, Series C, 0.55%, 4/07/09 (a)    2,700  2,700,000 
Saint Lucie County, Florida, PCR, Refunding (Florida Power     
 and Light Company Project), VRDN, 0.36%, 4/01/09 (a)  4,500  4,500,000 
Seminole County, Florida, School District, GO, TAN,       
 3%, 9/23/09    8,000  8,050,054 
South Miami Health Facilities Authority, Florida, Hospital       
 Revenue Refunding Bonds, JPMorgan Securities, Inc.,       
 PUTTERS, VRDN, Series 3290, 0.47%, 4/07/09 (a)(b)(h)  4,000  4,000,000 
Sunshine State Governmental Finance Commission,       
 Florida, Revenue Bonds, VRDN (a):       
     1.50%, 4/07/09    11,200  11,200,000 
     2.50%, 4/07/09    4,000  4,000,000 
Total Investments (Cost — $289,475,575*) — 99.8%      289,475,575 
Other Assets Less Liabilities — 0.2%      588,001 
Net Assets — 100.0%    $  290,063,576 

* Cost for federal income tax purposes.
(a) Rate shown is as of report date and maturity shown is the final maturity date or the
date the principal owed can be recovered through demand.
(b) These securities are short-term floating rate certificates issued by tender option
bond trusts and are secured by the underlying municipal bond securities.
(c) NPFGC Insured.
(d) AMBAC Insured.
(e) FHLMC Collateralized.
(f) FNMA Collateralized.
(g) GNMA Collateralized.
(h) Security exempt from registration under Rule 144A of the Securities Act of 1933.
These securities may be resold in transactions exempt from registration to qualified
institutional investors.

•Effective April 1, 2008, the Fund adopted Financial Accounting Standards Board
Statement of Financial Accounting Standards No. 157, “Fair Value Measurements”
(“FAS 157”). FAS 157 clarifies the definition of fair value, establishes a framework
for measuring fair values and requires additional disclosures about the use of fair
value measurements. Various inputs are used in determining the fair value of invest-
ments, which are as follows:
•Level 1 — price quotations in active markets/exchanges for identical securities
•Level 2 — other observable inputs (including, but not limited to: quoted prices for
similar assets or liabilities in markets that are active, quoted prices for identical
or similar assets in markets that are not active, inputs other than quoted prices
that are observable for the assets or liabilities (such as interest rates, yield
curves, volatilities, prepayment speeds, loss severities, credit risks and default
rates) or other market-corroborated inputs)
•Level 3 — unobservable inputs based on the best information available in the
circumstance, to the extent observable inputs are not available (including the
Fund’s own assumptions used in determining the fair value of investments)
The inputs or methodology used for valuing securities are not necessarily an indica-
tion of the risk associated with investing in those securities. For information about
the Fund’s policy regarding valuation of investments and other significant accounting
policies, please refer to Note 1 of the Notes to Financial Statements.
The following table summarizes the inputs used as of March 31, 2009 in determin-
ing the fair valuation of the Fund’s investments:

Valuation  Investments in 
Inputs  Securities 
  Assets 
Level 1  — 
Level 2  $289,475,575 
Level 3  — 
Total  $289,475,575 

See Notes to Financial Statements.

16 CMA MULTI-STATE MUNICIPAL SERIES TRUST

MARCH 31, 2009

Schedule of Investments March 31, 2009  CMA Massachusetts Municipal Money Fund 
          (Percentages shown are based on Net Assets) 
    Par          Par   
Municipal Bonds    (000)    Value  Municipal Bonds    (000)  Value 
 
     Massachusetts — 91.2%               Massachusetts (concluded)       
 
Beverly, Massachusetts, GO, BAN, 1.50%, 10/21/09  $  10,270  $  10,321,494  Massachusetts State, HFA, Housing Revenue Refunding     
Cohasset, Massachusetts, BAN, 2.50%, 8/07/09    10,000    10,031,293   Bonds, VRDN, Series F, 3%, 4/07/09 (a)(e)  $  28,000 $  28,000,000 
Dartmouth, Massachusetts, GO, BAN, 2.50%, 6/26/09  2,186    2,189,580  Massachusetts State Health and Educational Facilities       
Falmouth, Massachusetts, GO, BAN, 1.50%, 3/12/10    4,000    4,028,558   Authority Revenue Bonds, VRDN (a):       
Haverhill, Massachusetts, GO, BAN:               (Essex Museum), 0.50%, 4/07/09    5,880  5,880,000 
     2.50%, 6/26/09    2,788    2,791,937       (Harvard University), BB&T Municipal Trust, FLOATS,     
     Series A, 4%, 9/25/09    3,470    3,494,632       Series 56, 0.44%, 4/07/09 (c)(f)    5,000  5,000,000 
Massachusetts Bay Transportation Authority Revenue               (Harvard Vanguard Medical Associates Project),       
 Bonds, Clipper Tax-Exempt Certificates Trust, VRDN,               Bank of America Macon Trust, Series 2007-310,       
 Series 2007-18, 0.64%, 4/07/09 (a)(c)(f)    5,000    5,000,000       0.64%, 4/07/09 (c)    5,070  5,070,000 
Massachusetts Bay Transportation Authority               (Partners Healthcare System), Series D-4,       
 Revenue Bonds, FLOATS, VRDN, Series SG-156,               0.33%, 4/07/09    16,650  16,650,000 
 0.50%, 4/01/09 (a)(c)(f)    11,060    11,060,000       (Pooled Loan Program), Series N, 0.40%, 4/01/09  4,400  4,400,000 
Massachusetts State, COP, Clipper Tax-Exempt               (Tufts University), Series N-1, 0.20%, 4/07/09    20,000  20,000,000 
 Certificates Trust, VRDN, AMT, Series 1998-8,          Massachusetts State Health and Educational Facilities       
 0.64%, 4/07/09 (a)(c)    4,510    4,510,000   Authority, Revenue Refunding Bonds, VRDN (a):       
Massachusetts State Development Finance Agency, IDR,             (Northeastern University), Series W, 0.30%, 4/07/09  5,000  5,000,000 
 VRDN, AMT (a):               (Partners Healthcare System), Series F-3,       
     (Cell Signaling Technology), 0.75%, 4/07/09    800    800,000       0.33%, 4/07/09    3,445  3,445,000 
     (Concord Foods Issue), 0.75%, 4/07/09    2,415    2,415,000  Massachusetts State Industrial Finance Agency, Industrial     
     (V&S Taunton Galvanizing), 1.25%, 4/07/09    2,685    2,685,000   Revenue Bonds, VRDN, AMT (a):       
Massachusetts State Development Finance Agency,               (AFC Cable Systems Inc. Issue), 0.75%, 4/07/09    1,410  1,410,000 
 M/F Housing Revenue Bonds, VRDN, AMT (a):               (BBB Esquire LLC), 0.57%, 4/07/09    1,200  1,200,000 
     (Avalon Acton Apartments), 0.62%, 4/07/09 (d)    7,000    7,000,000       (Bodwell Project), 0.70%, 4/07/09    4,000  4,000,000 
     (Midway Studios Project), Series A, 0.62%, 4/07/09  5,155    5,155,000       (Garlock Printing Corp.), 0.75%, 4/07/09    600  600,000 
Massachusetts State Development Finance Agency               (Gem Group Inc. Issue), 0.75%, 4/07/09    1,680  1,680,000 
 Revenue Bonds, VRDN (a):               (OCT Co. Inc. Project), 0.57%, 4/07/09    2,800  2,800,000 
     (Boston College HS Issue), 3.50%, 4/07/09    4,770    4,770,000       (Tamasi Family Issue), 4%, 4/07/09    1,000  1,000,000 
     (Clark University), 0.38%, 4/07/09    5,000    5,000,000  Massachusetts State Industrial Finance Agency Revenue     
     (Melmark New England, Inc. Project), 0.49%, 4/07/09  1,450    1,450,000   Bonds (JHC Assisted Living Corporation), VRDN,       
     (New Bedford Waste Services), AMT, 0.60%, 4/07/09  3,755    3,755,000   Series A, 0.54%, 4/07/09 (a)    4,985  4,985,000 
     ROCS, Series II-R-10398, 0.82%, 4/07/09 (b)(c)(f)  2,000    2,000,000  Massachusetts State Industrial Finance Agency, Revenue     
     (Walnut Hill School District), 4%, 4/07/09    1,505    1,505,000   Refunding Bonds (Lightolier Inc. Project), VRDN,       
Massachusetts State Development Finance Agency,           0.60%, 4/07/09 (a)    5,000  5,000,000 
 Revenue Refunding Bonds, VRDN (a):          Massachusetts State Industrial Finance Agency,       
     (Assumption College Project), Series A,           Solid Waste Disposal Revenue Bonds (E.L. Harvey &       
     0.47%, 4/07/09    5,850    5,850,000   Sons Inc.), VRDN, AMT (a):       
     (Boston University Project), Series U-6A,               0.75%, 4/07/09    420  420,000 
     0.20%, 4/01/09    3,600    3,600,000       0.75%, 4/07/09    1,005  1,005,000 
     (Institute for Development Disabilities Project),          Massachusetts State School Building Authority,       
     0.55%, 4/07/09    10,370    10,370,000   Dedicated Sales Tax Revenue Bonds, VRDN (a)(c):       
     (Lasell College), 3.10%, 4/07/09    1,570    1,570,000       PUTTERS, Series 1197, 0.84%, 4/07/09 (f)(g)    7,150  7,150,000 
     (Worcester Polytechnic Institute), Series A,               ROCS, Series II-R-10409, 0.87%, 4/07/09 (f)    3,000  3,000,000 
     0.50%, 4/07/09    7,750    7,750,000  Massachusetts State Water Pollution Abatement       
     (Y.O.U., Inc.), 0.47%, 4/07/09    8,995    8,995,000   Trust, Pool Program Revenue Bonds, ROCS, VRDN,       
Massachusetts State Development Finance Agency, TECP,         Series II-R-11537PB, 0.70%, 4/07/09 (a)(c)    12,475  12,475,000 
 1.20%, 4/21/09    3,900    3,900,000  Massachusetts State Water Pollution Abatement       
Massachusetts State, FLOATS, VRDN, Series SG-126,           Trust, Revenue Refunding Bonds, Municipal       
 0.54%, 4/07/09 (a)(c)    3,255    3,255,000   Securities Trust Certificates, VRDN, Series SGA 87,       
Massachusetts State, GO (Consolidated Loan of 2006),         0.45%, 4/01/09 (a)(c)    25,775  25,775,000 
 VRDN, Series A, 1.05%, 4/01/09 (a)    14,700    14,700,000  North Andover, Massachusetts, GO, BAN,       
Massachusetts State, GO, RAN:           2.50%, 6/18/09    1,644  1,646,865 
     Series B, 4%, 4/30/09    5,000    5,007,303  Norwood, Massachusetts, GO, Refunding, BAN,       
     Series C, 4%, 5/29/09    5,000    5,014,347   1.50%, 6/04/09    6,000  6,006,519 
Massachusetts State, GO, Refunding, VRDN (a):          Quincy, Massachusetts, GO, Refunding, BAN,       
     BB&T Municipal Trust, FLOATS, Series 56,           2.50%, 7/30/09    10,650  10,682,057 
     0.48%, 4/07/09 (c)    6,450    6,450,000  Rockport, Massachusetts, GO, BAN, 1.50%, 6/26/09    651  652,774 
     Series A, 0.45%, 4/07/09    14,775    14,775,000  West Tisbury, Massachusetts, GO, BAN, 2.50%, 10/15/09  4,000  4,017,117 
     Series B, 0.52%, 4/07/09    11,920    11,920,000  Westborough, Massachusetts, GO, BAN, 2.50%, 8/28/09  2,806  2,814,535 
Massachusetts State, GO, VRDN, Series O,          Woburn, Massachusetts, GO, BAN, 2.25%, 7/24/09    2,500  2,504,879 
     0.79%, 4/07/09 (a)    2,790    2,790,000        390,178,890 

See Notes to Financial Statements.

CMA MULTI-STATE MUNICIPAL SERIES TRUST

MARCH 31, 2009

17

Schedule of Investments (concluded)  CMA Massachusetts Municipal Money Fund 
      (Percentages shown are based on Net Assets) 
  Par     
Municipal Bonds  (000)  Value   
 
Puerto Rico — 2.8%       
 
Puerto Rico Commonwealth, Public Improvement, GO,       
 Refunding, Bank of America Austin Trust, VRDN, Series       
 2008-355, 0.54%, 4/07/09 (a)(c)  $ 7,700 $  7,700,000   
Puerto Rico Sales Tax Financing Corporation, Sales Tax       
 Revenue Refunding Bonds, FLOATS, VRDN, Series 2936,       
 0.69%, 4/07/09 (a)(c)(f)  4,400  4,400,000   
    12,100,000   
Total Investments (Cost — $402,278,890*) — 94.0%    402,278,890   
Other Assets Less Liabilities — 6.0%    25,897,706   
Net Assets — 100.0%  $  428,176,596   

* Cost for federal income tax purposes.
(a) Rate shown is as of report date and maturity shown is the final maturity date or the
date the principal owed can be recovered through demand.
(b) BHAC Insured.
(c) These securities are short-term floating rate certificates issued by tender option
bond trusts and are secured by the underlying municipal bond securities.
(d) FNMA Collateralized.
(e) FSA Insured.
(f) Security exempt from registration under Rule 144A of the Securities Act of 1933.
These securities may be resold in transactions exempt from registration to qualified
institutional investors.
(g) NPFGC Insured.
•Effective April 1, 2008, the Fund adopted Financial Accounting Standards Board
Statement of Financial Accounting Standards No. 157, “Fair Value Measurements”
(“FAS 157”). FAS 157 clarifies the definition of fair value, establishes a framework
for measuring fair values and requires additional disclosures about the use of fair
value measurements. Various inputs are used in determining the fair value of invest-
ments, which are as follows:
•Level 1 — price quotations in active markets/exchanges for identical securities
•Level 2 — other observable inputs (including, but not limited to: quoted prices for
similar assets or liabilities in markets that are active, quoted prices for identical
or similar assets in markets that are not active, inputs other than quoted prices
that are observable for the assets or liabilities (such as interest rates, yield
curves, volatilities, prepayment speeds, loss severities, credit risks and default
rates) or other market-corroborated inputs)
•Level 3 — unobservable inputs based on the best information available in the
circumstance, to the extent observable inputs are not available (including the
Fund’s own assumptions used in determining the fair value of investments)
The inputs or methodology used for valuing securities are not necessarily an indica-
tion of the risk associated with investing in those securities. For information about
the Fund’s policy regarding valuation of investments and other significant accounting
policies, please refer to Note 1 of the Notes to Financial Statements.
The following table summarizes the inputs used as of March 31, 2009 in determin-
ing the fair valuation of the Fund’s investments:

Valuation  Investments in 
Inputs  Securities 
  Assets 
Level 1  — 
Level 2  $402,278,890 
Level 3  — 
Total  $402,278,890 

See Notes to Financial Statements.

18 CMA MULTI-STATE MUNICIPAL SERIES TRUST

MARCH 31, 2009

Schedule of Investments March 31, 2009  CMA Michigan Municipal Money Fund 
        (Percentages shown are based on Net Assets) 
    Par      Par   
Municipal Bonds    (000)  Value  Municipal Bonds  (000)  Value 
 
     Michigan — 88.1%             Michigan (continued)     
 
Battle Creek, Michigan, Housing Corporation,        Michigan State Strategic Fund, Limited Obligation     
 Housing Revenue Bonds, VRDN, Series 1997-A,         Revenue Bonds, VRDN, AMT (a):     
 0.54%, 4/07/09 (a)  $  715 $  715,000       (Alphi Manufacturing Inc. Project), 0.90%, 4/07/09  $ 1,000 $  1,000,000 
Berrien County, Michigan, Economic Development             (C&M Manufacturing Corporation Inc. Project),     
 Corporation Revenue Bonds (Arlington Corp. Project),             1.65%, 4/07/09  2,190  2,190,000 
 VRDN, AMT, 1.65%, 4/07/09 (a)    1,835  1,835,000       (Continental Carbonic Products), 0.50%, 4/07/09  1,825  1,825,000 
Cheboygan, Michigan, Area Schools, GO, SAN,             (Drake Enterprises Inc. Project), 1.65%, 4/07/09  1,800  1,800,000 
 2.75%, 6/30/09    2,250  2,254,195       (Glastender Inc. Project), 1.65%, 4/07/09  1,200  1,200,000 
Detroit, Michigan, Water Supply System, Revenue             (Golden Keys Development LLC Project),     
 Refunding Bonds, ROCS, VRDN, Series II-R-11448,             1.65%, 4/07/09  2,025  2,025,000 
 0.84%, 4/07/09 (a)(c)(d)    5,000  5,000,000       (Merrill Tool Holdings Co. Project), Series A,     
East Jordan, Michigan, Public Schools, GO, SAN,             1.34%, 4/07/09  900  900,000 
 2.75%, 6/24/09    1,800  1,804,425       (Merrill Tool Holdings Co. Project), Series B,     
Eastern Michigan University, Revenue Refunding Bonds,             1.01%, 4/07/09  1,400  1,400,000 
 VRDN, 3.50%, 4/07/09 (a)    13,000  13,000,000       (Packaging Direct, Inc. Project), 0.96%, 4/07/09  1,685  1,685,000 
Huron Valley, Michigan, School District, GO, ROCS, VRDN,             (Pioneer Labs Inc. Project), 0.65%, 4/07/09  500  500,000 
 Series II-R-12157, 0.60%, 4/07/09 (a)(b)    8,860  8,860,000       (Richwood Industries Inc. Project), 0.95%, 4/07/09  2,300  2,300,000 
Jackson County, Michigan, Economic Development             (Vector Investments LLC Project), 0.82%, 4/07/09  1,100  1,100,000 
 Corporation, Limited Obligation Revenue Bonds        Michigan State Strategic Fund, Limited Obligation     
 (American Tooling Center Project), VRDN, AMT,         Revenue Refunding Bonds, VRDN (a):     
 1.75%, 4/07/09 (a)    1,200  1,200,000       (Consumers Energy Company Project),     
Lakeview, Michigan, School District (Calhoun District),             0.40%, 4/07/09  5,700  5,700,000 
 GO, VRDN, Series B, 0.40%, 4/07/09 (a)    6,900  6,900,000       (Detroit Edison Company Project), AMT, Series DT,     
Marquette County, Michigan, Economic Development             0.85%, 4/07/09  6,000  6,000,000 
 Corporation, Limited Obligation Revenue Bonds             (Detroit Edison Company Project), Series KT,     
 (Pioneer Labs Inc. Project), VRDN, AMT, Series A,             0.65%, 4/07/09  4,400  4,400,000 
 0.82%, 4/07/09 (a)    400  400,000  Michigan State University, General Revenue Bonds,     
Michigan Municipal Bond Authority, BAN, 3%, 7/15/09    5,000  5,030,735   FLOATS, VRDN, Series A2, 0.20%, 4/07/09 (a)(b)  12,835  12,835,000 
Michigan Municipal Bond Authority Revenue Notes,        Oakland County, Michigan, Economic Development     
 Series A-1, 3%, 8/20/09    8,500  8,544,576   Corporation, Limited Obligation Revenue Bonds (Schain     
Michigan State, HDA, M/F Housing Revenue         Mold & Engineering), VRDN, AMT, 1.65%, 4/07/09 (a)  2,000  2,000,000 
 Bonds (Berrien Woods III), VRDN, AMT, Series A,        Oakland County, Michigan, Economic Development     
 0.63%, 4/07/09 (a)    5,615  5,615,000   Corporation, Limited Obligation Revenue Refunding     
Michigan State, HDA, M/F Limited Obligation         Bonds (Pratt & Miller Engineering), VRDN, AMT,     
 Revenue Bonds (Arbors), VRDN, AMT, Series A,         0.80%, 4/07/09 (a)  2,500  2,500,000 
 0.60%, 4/07/09 (a)    2,255  2,255,000  Rockford, Michigan, IDR, Limited Obligation (Alloy     
Michigan State, HDA, Rental Housing Revenue Refunding         Exchange Project), VRDN, AMT, 1.65%, 4/07/09 (a)  1,300  1,300,000 
 Bonds, VRDN, AMT, Series A, 0.75%, 4/01/09 (a)    22,500  22,500,000  Saline, Michigan, Area Schools, GO, Refunding, VRDN,     
Michigan State, HDA, Revenue Refunding Bonds, VRDN,         0.40%, 4/07/09 (a)  4,830  4,830,000 
 AMT, Series F, 0.65%, 4/07/09 (a)    7,600  7,600,000  University of Michigan, General Revenue Bonds, VRDN,     
Michigan State Hospital Finance Authority Revenue         Series B, 0.20%, 4/07/09 (a)  2,100  2,100,000 
 Bonds (Ascension Health), VRDN, Series B-1,        University of Michigan, University Hospital Revenue     
 0.70%, 1/06/10 (a)    7,000  7,000,000   Bonds, VRDN, Series A, 0.20%, 4/01/09 (a)  35,535  35,535,000 
Michigan State Hospital Finance Authority, Senior        University of Michigan, University Hospital Revenue     
 Credit Revenue Refunding Bonds (Ascension Health),         Refunding Bonds, VRDN (a):     
 VRDN (a):             Series A, 0.20%, 4/01/09  2,300  2,300,000 
     Series B-1, 0.31%, 4/07/09    4,620  4,620,000       Series A-2, 0.20%, 4/01/09  14,800  14,800,000 
     Series B-3, 0.31%, 4/07/09    1,600  1,600,000  Wayne County, Michigan, Airport Authority, Revenue     
     Series B-7, 0.31%, 4/07/09    2,500  2,500,000   Refunding Bonds, VRDN, AMT (a):     
Michigan State Strategic Fund, Limited Obligation,             Series E, 0.65%, 4/07/09  10,900  10,900,000 
 IDR (GNP Real Estate Project), VRDN, AMT,             Series F, 0.63%, 4/07/09  10,900  10,900,000 
 0.80%, 4/07/09 (a)    1,920  1,920,000      245,178,931 

See Notes to Financial Statements.

CMA MULTI-STATE MUNICIPAL SERIES TRUST

MARCH 31, 2009

19

Schedule of Investments (concluded)  CMA Michigan Municipal Money Fund 
      (Percentages shown are based on Net Assets) 
  Par     
Municipal Bonds  (000)  Value   
 
Puerto Rico — 6.8%       
 
Puerto Rico Commonwealth Highway and Transportation       
 Authority, Revenue Refunding Bonds, ROCS, VRDN,       
 Series II-R-10327CE, 2.46%, 4/07/09 (a)(b)  $ 5,700 $ 5,700,000   
Puerto Rico Commonwealth, Public Improvement, GO,       
 Refunding, Bank of America Austin Trust, VRDN, Series       
 2008-355, 0.54%, 4/07/09 (a)(b)  10,125  10,125,000   
Puerto Rico Sales Tax Financing Corporation, Sales Tax       
 Revenue Refunding Bonds, FLOATS, VRDN, Series 2936,       
 0.69%, 4/07/09 (a)(b)(e)  3,000  3,000,000   
    18,825,000   
Total Investments (Cost — $264,003,931*) — 94.9%    264,003,931   
Other Assets Less Liabilities — 5.1%    14,220,790   
Net Assets — 100.0%    $ 278,224,721   

* Cost for federal income tax purposes.
(a) Rate shown is as of report date and maturity shown is the final maturity date or the
date the principal owed can be recovered through demand.
(b) These securities are short-term floating rate certificates issued by tender option
bond trusts and are secured by the underlying municipal bond securities.
(c) BHAC Insured.
(d) FGIC Insured.
(e) Security exempt from registration under Rule 144A of the Securities Act of 1933.
These securities may be resold in transactions exempt from registration to qualified
institutional investors.
•Effective April 1, 2008, the Fund adopted Financial Accounting Standards Board
Statement of Financial Accounting Standards No. 157, “Fair Value Measurements”
(“FAS 157”). FAS 157 clarifies the definition of fair value, establishes a framework
for measuring fair values and requires additional disclosures about the use of fair
value measurements. Various inputs are used in determining the fair value of invest-
ments, which are as follows:
•Level 1 — price quotations in active markets/exchanges for identical securities
•Level 2 — other observable inputs (including, but not limited to: quoted prices for
similar assets or liabilities in markets that are active, quoted prices for identical
or similar assets in markets that are not active, inputs other than quoted prices
that are observable for the assets or liabilities (such as interest rates, yield
curves, volatilities, prepayment speeds, loss severities, credit risks and default
rates) or other market-corroborated inputs)
•Level 3 — unobservable inputs based on the best information available in the
circumstance, to the extent observable inputs are not available (including the
Fund’s own assumptions used in determining the fair value of investments)
The inputs or methodology used for valuing securities are not necessarily an indica-
tion of the risk associated with investing in those securities. For information about
the Fund’s policy regarding valuation of investments and other significant accounting
policies, please refer to Note 1 of the Notes to Financial Statements.
The following table summarizes the inputs used as of March 31, 2009 in determin-
ing the fair valuation of the Fund’s investments:

Valuation  Investments in 
Inputs  Securities 
  Assets 
Level 1  — 
Level 2  $264,003,931 
Level 3  — 
Total  $264,003,931 

See Notes to Financial Statements.

20 CMA MULTI-STATE MUNICIPAL SERIES TRUST

MARCH 31, 2009

Schedule of Investments March 31, 2009  CMA New Jersey Municipal Money Fund 
        (Percentages shown are based on Net Assets) 
    Par      Par   
Municipal Bonds    (000)  Value  Municipal Bonds  (000)  Value 
 
     New Jersey — 95.5%             New Jersey (continued)     
 
Allamuchy Township, New Jersey, GO, BAN,        Long Beach Township, New Jersey, GO, BAN,     
 2.50%, 7/21/09  $   4,300 $ 4,306,589   3.50%, 12/16/09  $ 3,118 $ 3,153,574 
Bergen County, New Jersey, Improvement Authority,        Lower Township, New Jersey, GO, BAN:     
 County-Guaranteed Shared DPW Facility, Lease             2%, 4/03/09  3,631  3,631,073 
 Revenue Project Notes, 2.50%, 4/30/09    4,500  4,502,907       2.50%, 5/29/09  4,000  4,002,276 
Berkeley Heights Township, New Jersey, GO, BAN,        Margate City, New Jersey, GO, BAN, 3%, 7/15/09  7,200  7,224,636 
 1.50%, 9/24/09    6,725  6,756,593  Medford Township, New Jersey, GO, BAN, Series A,     
Boonton, New Jersey, GO, BAN, 2%, 1/22/10    3,156  3,166,688   2.75%, 7/14/09  7,821  7,838,868 
Brick Township, New Jersey, GO, BAN, Series A,        Mercer County, New Jersey, GO, BAN, Series A,     
 1.50%, 11/20/09    14,619  14,704,580   2.25%, 1/14/10  3,100  3,133,572 
Bridgewater Township, New Jersey, GO, BAN:        Middle Township, New Jersey, GO, BAN, 2.50%, 7/15/09  4,094  4,102,569 
     2.50%, 8/20/09    4,000  4,013,155  Middlesex, New Jersey, GO, BAN, 2.75%, 5/21/09  6,075  6,079,439 
     1.50%, 1/28/10    9,100  9,168,326  Millburn Township, New Jersey, GO, BAN, 1.50%, 1/15/10  3,820  3,841,367 
     1.50%, 3/10/10    9,100  9,173,272  Monmouth Beach, New Jersey, GO, BAN, 5%, 10/23/09  1,367  1,370,688 
Butler, New Jersey, GO, BAN, 2.50%, 8/28/09    4,914  4,923,744  Morris Plains, New Jersey, GO, BAN, 2.50%, 7/24/09  1,225  1,227,269 
Camden County, New Jersey, Improvement Authority        New Jersey Building Authority, State Building Revenue     
 Revenue Bonds (Harvest Village Senior Redevelopment         Bonds, VRDN (a):     
 Project), VRDN, Series A, 0.23%, 4/01/09 (a)    9,455  9,455,000       Sub-Series A-1, 0.25%, 4/07/09  3,600  3,600,000 
Camden County, New Jersey, Improvement Authority,             Sub-Series A-3, 0.25%,4/07/09  5,395  5,395,000 
 Special Revenue Bonds, VRDN, 0.54%, 4/07/09 (a)    2,035  2,035,000  New Jersey EDA, EDR, Refunding, VRDN (a):     
Cape May, New Jersey, GO, 2.50%, 7/23/09    3,375  3,381,831       (Diocese of Metuchen Project), 0.30%, 4/07/09  8,890  8,890,000 
Carlstadt, New Jersey, GO, BAN, 1.50%, 1/29/10    9,100  9,156,392       (Jewish Community Foundation Metro West),     
Carteret, New Jersey, GO, BAN, 3.50%, 10/23/09    3,900  3,921,461       0.57%, 4/07/09  5,400  5,400,000 
Chester Township, New Jersey, GO, BAN, 1.25%, 2/26/10    3,209  3,223,769  New Jersey EDA, EDR, VRDN (a):     
Cliffside Park, New Jersey, GO, BAN, 1.50%, 3/26/10    1,400  1,411,792       (The Frisch School Project), 0.33%, 4/07/09  5,400  5,400,000 
Colts Neck Township, New Jersey, GO, BAN, Series A,             (Morris Museum Project), 0.35%, 4/07/09  9,720  9,720,000 
 2.50%, 8/19/09    3,594  3,601,860       (MZR Real Estate LP Project), AMT, 0.67%, 4/07/09  6,915  6,915,000 
Cranford Township, New Jersey, GO, BAN:             (PB Tower & Metro Project), AMT, Series A,     
     2%, 1/14/10    3,026  3,040,399       0.72%, 4/07/09  3,505  3,505,000 
     1.50%, 2/04/10    5,788  5,827,559       (PB Tower & Metro Project), AMT, Series B,     
East Hanover Township, New Jersey, GO, BAN,             0.72%, 4/07/09  1,910  1,910,000 
 2.50%, 8/18/09    1,250  1,252,587       (Wyckoff Family YMCA Inc. Project),     
Edgewater, New Jersey, GO, BAN, 2.50%, 8/21/09    8,684  8,712,760       0.60%, 4/07/09  6,150  6,150,000 
Evesham Township, New Jersey, GO, BAN, Series A,        New Jersey EDA, Gas Facilities Revenue Refunding     
 2.75%, 8/04/09    4,089  4,100,049   Bonds (Pivotal Utility Holdings), VRDN, AMT,     
Fairfield Township, New Jersey, GO, BAN, 1.50%, 2/26/10    5,489  5,519,075   0.20%, 4/01/09 (a)  15,000  15,000,000 
Florham Park, New Jersey, GO, Refunding, BAN,        New Jersey EDA, Revenue Bonds VRDN (a):     
 1.50%, 2/03/10    3,125  3,143,625       (Applewood Estates Project), Series B,     
Garden State Preservation Trust of New Jersey, Open             0.42%, 4/07/09  23,885  23,885,000 
 Space and Farmland Revenue Bonds, FLOATS, VRDN,             (Applewood Estates Project), Series C,     
 Series DCL 006, 3.25%, 4/07/09 (a)(b)(d)    6,120  6,120,000       0.42%, 4/07/09  5,265  5,265,000 
Glen Rock, New Jersey, GO, BAN, 1.50%, 1/22/10    5,347  5,383,721       (Esarc, Inc. Project), 0.57%, 4/07/09  2,490  2,490,000 
Gloucester City, New Jersey, GO, BAN, Series A,             FLOATS, Series 3008, 0.54%, 4/07/09 (b)(e)  24,695  24,695,000 
 2.25%, 4/28/09    3,950  3,951,218       (Jewish Family Service), 0.57%, 4/07/09  915  915,000 
Haddonfield, New Jersey, GO, BAN, 2.50%, 7/23/09    1,973  1,976,993       (Presbyterian Homes), Series A, 0.37%, 4/07/09  23,310  23,310,000 
Harrison Township, New Jersey, GO, BAN, Series A,             (Urban League Project), 0.52%, 4/07/09  2,725  2,725,000 
 2.75%, 5/19/09    9,393  9,401,570  New Jersey EDA, Revenue Refunding Bonds, VRDN,     
Hazlet Township, New Jersey, GO, BAN, 2.50%, 7/31/09    3,321  3,325,898   Series B (a):     
Hillsborough Township, New Jersey, GO, BAN,             (Cedar Crest Village, Inc.), 0.35%, 4/07/09  29,475  29,475,000 
 2.25%, 12/11/09    3,049  3,056,717       (Presbyterian Homes), 0.37%, 4/07/09  9,905  9,905,000 
Howell Township, New Jersey, GO, BAN, 3%, 9/15/09    7,700  7,731,578  New Jersey EDA, School Facilities Construction Revenue     
Howell Township, New Jersey, Sewer Utility, GO, BAN,         Bonds, Eagle Tax-Exempt Trust, VRDN, Series     
 3%, 9/15/09    4,565  4,583,721   2008-0003, Class A, 2.05%, 4/07/09 (a)(b)(d)  4,950  4,950,000 
Hudson County, New Jersey, Improvement Authority        New Jersey EDA, School Facilities Construction Revenue     
 Revenue Bonds (Essential Purpose Pooled Government),         Bonds, VRDN, Sub-Series R-2, 0.30%, 4/01/09 (a)  6,915  6,915,000 
 VRDN, 0.42%, 4/07/09 (a)    4,980  4,980,000  New Jersey EDA, School Facilities Construction, Revenue     
Keyport, New Jersey, GO, BAN, 2.25%, 8/07/09    6,485  6,491,563   Refunding Bonds, VRDN (a):     
Lakewood Township, New Jersey, GO, BAN,             Series V-1, 1.22%, 4/07/09  15,000  15,000,000 
 2.75%, 7/10/09    3,160  3,165,997       Series V-2, 2%, 4/07/09  15,700  15,700,000 
Lambertville, New Jersey, GO, BAN, 2.50%, 6/12/09    4,837  4,843,045  New Jersey EDA, Special Facility Revenue Bonds     
Lenape Regional High School District, New Jersey, GO,         (Port Newark Container LLC), VRDN, AMT,     
 GAN, 3.50%, 12/23/09    5,750  5,770,400   0.60%, 4/07/09 (a)  9,000  9,000,000 
Linwood, New Jersey, GO, BAN, 3%, 6/23/09    900  901,315  New Jersey EDA, TECP, 2.50%, 4/07/09  27,800  27,800,000 
Little Ferry, New Jersey, GO, BAN, 2.75%, 7/17/09    4,996  5,009,208  New Jersey EDA, Thermal Energy Facilities Revenue     
         Bonds (Marina Energy LLC), VRDN, AMT, Series A,     
         0.55%, 4/07/09 (a)  9,200  9,200,000 
 
See Notes to Financial Statements.             

CMA MULTI-STATE MUNICIPAL SERIES TRUST

MARCH 31, 2009

21

Schedule of Investments (continued)  CMA New Jersey Municipal Money Fund 
      (Percentages shown are based on Net Assets) 
  Par      Par   
Municipal Bonds  (000)  Value  Municipal Bonds  (000)  Value 
 
     New Jersey (continued)           New Jersey (continued)     
 
New Jersey Health Care Facilities Financing Authority      Newark, New Jersey, Port Authority Revenue Bonds,     
 Revenue Bonds, VRDN (a):       Deutsche Bank SPEARS/LIFERS Trust, SPEARS, VRDN,     
     (Children’s Specialized Hospital Project), Series B,       Series DBE-511, 0.48%, 4/07/09 (a)(b)(g)  $ 5,380  $ 5,380,000 
     0.43%, 4/07/09  $ 16,285 $ 16,285,000  Newton, New Jersey, GO, BAN, 2.50%, 6/25/09  3,249  3,253,276 
     (Meridian Health System), Series B, 0.37%, 4/07/09  27,500  27,500,000  Nutley, New Jersey, GO, BAN, 4%, 12/18/09  1,534  1,544,684 
     (Recovery Management System Inc.),      Oakland, New Jersey, GO, BAN, 2%, 2/11/10  5,627  5,653,412 
     0.39%, 4/07/09  1,940  1,940,000  Pennsauken Township, New Jersey, GO, BAN, Series A,     
     (Robert Wood Johnson University), Series A3,       2.50%, 9/08/09  2,888  2,896,503 
     0.43%, 4/07/09  9,500  9,500,000  Phillipsburg, New Jersey, GO, BAN, 2.25%, 9/04/09  3,257  3,258,363 
     (Wiley Mission Project), 0.39%, 4/07/09  10,560  10,560,000  Port Authority of New York and New Jersey,     
New Jersey Health Care Facilities Financing Authority,       Consolidated Revenue Refunding Bonds, JPMorgan     
 Revenue Refunding Bonds, VRDN (a):       Securities, Inc., PUTTERS, VRDN, AMT, Series 3176,     
     (Holy Name Hospital), Bank of America Austin Trust,       0.60%, 4/07/09 (a)(b)(e)  27,860  27,860,000 
     Series 2008-353, 0.64%, 4/07/09  4,000  4,000,000  Port Authority of New York and New Jersey, Revenue     
     (RWJ Health Care Corporation), 0.37%, 4/07/09  7,565  7,565,000   Refunding Bonds, VRDN (a)(b):     
New Jersey State Educational Facilities Authority           FLOATS, AMT, Series 2977, 0.59%, 4/07/09 (e)  3,335  3,335,000 
 Revenue Bonds, ROCS, VRDN, Series II-R-10284,           JPMorgan Securities, Inc., PUTTERS, AMT, Series     
 0.54%, 4/07/09 (a)(b)  8,000  8,000,000       3193, 0.60%, 4/07/09 (e)  12,995  12,995,000 
New Jersey State Educational Facilities Authority, Revenue           PUTTERS, Series 1546, 0.45%, 4/07/09  5,710  5,710,000 
 Refunding Bonds (Centenary College), VRDN, Series A,           PUTTERS, Series 3095, 0.45%, 4/07/09  8,400  8,400,000 
 0.39%, 4/07/09 (a)  7,740  7,740,000  Port Authority of New York and New Jersey, Special     
New Jersey State, GO, Refunding, Series J, 5%, 7/15/09  1,700  1,719,510   Obligation Revenue Refunding Bonds (Versatile     
New Jersey State Higher Education Assistance Authority,       Structure Obligation), VRDN (a):     
 Student Loan Revenue Bonds, RBC Municipal           AMT, Series 1R, 0.20%, 4/01/09  95,500  95,500,000 
 Products, Inc., FLOATS, VRDN, AMT (a)(b):           AMT, Series 4, 0.45%, 4/01/09  88,400  88,400,000 
     Series L-35, 0.69%, 4/07/09  25,245  25,245,000       AMT, Series 6, 0.45%, 4/01/09  45,100  45,100,000 
     Series L-36, 0.69%, 4/07/09  11,500  11,500,000       Series 3, 0.10%, 4/01/09  20,200  20,200,000 
New Jersey State Higher Education Assistance Authority,      Readington Township, New Jersey, GO, BAN,     
 Student Loan Revenue Bonds, ROCS, VRDN, AMT,       1.50%, 2/04/10  22,000  22,140,884 
 Series II-R-11571, 0.83%, 4/07/09 (a)(b)(c)  6,500  6,500,000  Ridgefield Park, New Jersey, GO, BAN, 2.75%, 4/24/09  1,833  1,833,616 
New Jersey State Housing and Mortgage Finance Agency,      Rutherford, New Jersey, GO, BAN, 2.75%, 5/01/09  7,660  7,665,623 
 S/F Housing Revenue Bonds, VRDN (a):      Saddle River, New Jersey, GO, BAN, 1%, 4/01/10  6,266  6,291,377 
     0.30%, 4/07/09  15,000  15,000,000  Salem County, New Jersey, Pollution Control Financing     
     AMT, Series Q, 2%, 4/07/09  59,700  59,700,000   Authority, Revenue Refunding Bonds (Public     
     AMT, Series R, 2%, 4/07/09  32,615  32,615,000   Service Electric & Gas Company), VRDN, Series B2,     
     AMT, Series V, 0.36%, 4/07/09  51,375  51,375,000   0.38%, 4/07/09 (a)  7,000  7,000,000 
     AMT, Series Y, 0.60%, 4/07/09  9,000  9,000,000  Scotch Plains-Fanwood School District, New Jersey, GO,     
     AMT, Series Z, 0.47%, 4/07/09  6,000  6,000,000   BAN, Series A, 2.50%, 6/11/09  1,800  1,801,737 
     Series P, 2%, 4/07/09  7,685  7,685,000  Scotch Plains, New Jersey, GO, BAN, 1.50%, 1/22/10  7,800  7,854,224 
New Jersey State Transportation Trust Fund Authority      Secaucus, New Jersey, GO, Refunding, BAN,     
 Revenue Bonds, Clipper Tax-Exempt Certificates Trust,       1.50%, 1/15/10  14,014  14,103,845 
 VRDN, Series 2006-12, 0.59%, 4/07/09 (a)(b)  59,315  59,315,000  South Plainfield, New Jersey, GO, BAN, 2.75%, 7/01/09  7,320  7,335,114 
New Jersey State Transportation Trust Fund Authority      Sparta Township, New Jersey, GO, BAN, 1.25%, 2/26/10  9,320  9,362,795 
 Revenue Bonds, Deutsche Bank SPEARS/      Summit, New Jersey, GO, BAN, 2.25%, 2/05/10  1,000  1,008,410 
 LIFERS Trust, SPEARS, VRDN, Series DB-447,      Sussex County, New Jersey, GO, BAN, 2.50%, 6/24/09  3,204  3,208,022 
 0.48%, 4/07/09 (a)(b)(d)(e)  3,000  3,000,000  Union Township, New Jersey, GO, BAN, 2.50%, 8/07/09  5,814  5,825,271 
New Jersey State Transportation Trust Fund Authority,      Warren Township, New Jersey, GO, BAN:     
 Revenue Refunding Bonds, FLOATS, VRDN, Series           2.50%, 4/23/09  4,180  4,182,018 
 DCL-041, 3.25%, 4/07/09 (a)(b)  11,085  11,085,000       3%, 4/23/09  1,520  1,520,939 
New Jersey State Turnpike Authority, Turnpike Revenue      Washington Township, Warren County, New Jersey, GO,     
 Bonds, VRDN (a):       BAN, 2.50%, 5/15/09  3,998  3,999,945 
     Series A, 0.47%, 4/07/09  10,000  10,000,000  Wayne Township, New Jersey, GO, BAN, 2%, 9/18/09  5,320  5,339,987 
     Series C-1, 2.25%, 4/07/09 (d)  13,000  13,000,000  West Long Branch, New Jersey, GO, BAN, 3%, 5/21/09  3,519  3,522,595 
New Jersey State Turnpike Authority, Turnpike Revenue      West Orange Township, New Jersey, GO, BAN,     
 Refunding Bonds, VRDN (a):       2.50%, 4/09/09  2,462  2,462,181 
     ROCS, Series II-R-10380,      West Paterson, New Jersey, GO, BAN, 2.75%, 7/17/09  5,303  5,317,065 
     0.81%, 4/07/09 (b)(e)(f)  22,550  22,550,000  Westfield, New Jersey, GO, BAN, 2.50%, 4/09/09  2,738  2,738,411 
     Series D, 0.30%, 4/07/09  8,400  8,400,000  Westwood, New Jersey, GO, BAN, 2.50%, 7/24/09  2,351  2,355,360 
New Milford, New Jersey, GO, BAN, 2.25%, 6/30/09  4,856  4,862,779      1,446,280,234 
Newark, New Jersey, Housing Authority, Port Authority-           
 Port Newark Marine Terminal, Revenue Refunding Bonds,           
 BB&T Municipal Trust, FLOATS, VRDN, Series 2044,           
 0.51%, 4/07/09 (a)(b)(g)  4,370  4,370,000       

See Notes to Financial Statements.

22 CMA MULTI-STATE MUNICIPAL SERIES TRUST

MARCH 31, 2009

Schedule of Investments (concluded)  CMA New Jersey Municipal Money Fund 
      (Percentages shown are based on Net Assets) 
  Par     
Municipal Bonds  (000)  Value   
 
     Puerto Rico — 4.4%       
 
Puerto Rico Commonwealth, Public Improvement, GO,       
 Refunding, Bank of America Austin Trust, VRDN,       
 Series 2008-355, 0.54%, 4/07/09 (a)(b)  $ 45,575   $ 45,575,000   
Puerto Rico Sales Tax Financing Corporation, Sales Tax       
 Revenue Refunding Bonds, FLOATS, VRDN, Series       
 2936, 0.69%, 4/07/09 (a)(b)(e)  22,050  22,050,000   
    67,625,000   
Total Investments (Cost — $1,513,905,234*) — 99.9%    1,513,905,234   
Other Assets Less Liabilities — 0.1%    853,942   
Net Assets — 100.0%                                                         $1,514,759,176 

* Cost for federal income tax purposes.
(a) Rate shown is as of report date and maturity shown is the final maturity date or the
date the principal owed can be recovered through demand.
(b) These securities are short-term floating rate certificates issued by tender option
bond trusts and are secured by the underlying municipal bond securities.
(c) Assured Guaranty Insured.
(d) FSA Insured.
(e) Security exempt from registration under Rule 144A of the Securities Act of 1933.
These securities may be resold in transactions exempt from registration to qualified
institutional investors.
(f) BHAC Insured.
•Effective April 1, 2008, the Fund adopted Financial Accounting Standards Board
Statement of Financial Accounting Standards No. 157, “Fair Value Measurements”
(“FAS 157”). FAS 157 clarifies the definition of fair value, establishes a framework
for measuring fair values and requires additional disclosures about the use of fair
value measurements. Various inputs are used in determining the fair value of invest-
ments, which are as follows:
•Level 1 — price quotations in active markets/exchanges for identical securities
•Level 2 — other observable inputs (including, but not limited to: quoted prices for
similar assets or liabilities in markets that are active, quoted prices for identical
or similar assets in markets that are not active, inputs other than quoted prices
that are observable for the assets or liabilities (such as interest rates, yield
curves, volatilities, prepayment speeds, loss severities, credit risks and default
rates) or other market-corroborated inputs)
•Level 3 — unobservable inputs based on the best information available in the
circumstance, to the extent observable inputs are not available (including the
Fund’s own assumptions used in determining the fair value of investments)
The inputs or methodology used for valuing securities are not necessarily an indica-
tion of the risk associated with investing in those securities. For information about
the Fund’s policy regarding valuation of investments and other significant accounting
policies, please refer to Note 1 of the Notes to Financial Statements.
The following table summarizes the inputs used as of March 31, 2009 in determin-
ing the fair valuation of the Fund’s investments:

Valuation  Investments in 
Inputs  Securities 
  Assets 
Level 1  — 
Level 2  $1,513,905,234 
Level 3  — 
Total  $1,513,905,234 

See Notes to Financial Statements.

CMA MULTI-STATE MUNICIPAL SERIES TRUST

MARCH 31, 2009

23

Schedule of Investments March 31, 2009  CMA New York Municipal Money Fund 
      (Percentages shown are based on Net Assets) 
  Par        Par   
Municipal Bonds  (000)  Value  Municipal Bonds    (000)  Value 
 
New York — 97.9%           New York (continued)       
 
Albany County, New York, Airport Authority, Airport      Hunter-Tannersville, New York, Central School District, GO,     
 Revenue Refunding Bonds, VRDN, AMT, Series A,       BAN, 2.75%, 7/17/09  $   7,512 $ 7,535,788 
 0.64%, 4/07/09 (a)  $ 13,905   $ 13,905,000  Irvington, New York, Union Free School District, GO, TAN,     
Albany, New York, City School District, GO, BAN, Series A,       3.25%, 6/19/09    6,000  6,018,328 
 3%, 6/26/09  10,000  10,028,323  Kenmore-Tonawanda, New York, Union Free School District,     
Albany, New York, IDA, Civic Facility Revenue Bonds       GO, BAN, 3%, 9/10/09    5,564  5,590,615 
 (Albany Medical Center Hospital Project), VRDN,      Lancaster Town, New York, GO, BAN, 3%, 7/22/09    7,360  7,383,029 
 Series C, 0.54%, 4/07/09 (a)  1,920  1,920,000  Levittown, New York, Union Free School District, GO, BAN,     
Ardsley, New York, Union Free School District, GO, TAN,       2.75%, 7/17/09    6,040  6,059,695 
 2.75%, 6/26/09  3,095  3,100,443  Lindenhurst, New York, Union Free School District, GO,       
Auburn, New York, GO, BAN, Series A, 1.99%, 6/05/09  6,660  6,668,972   TAN, 2.75%, 6/24/09    24,500  24,560,035 
Averill Park, New York, Central School District, GO, BAN,      Livonia, New York, Central School District, GO, BAN,       
 Series A, 2.50%, 7/24/09  10,710  10,740,201   2.50%, 6/25/09    2,270  2,271,620 
Babylon, New York, Union Free School District, GO, TAN,      Long Beach, New York, GO, BAN, 1.75%, 10/29/09    10,000  10,038,051 
 2.75%, 6/26/09  4,000  4,009,487  Long Island Power Authority, New York, Electric System       
Bayport-Blue Point, New York, Union Free School District,       Revenue Bonds, VRDN (a):       
 GO, TAN, 1.64%, 6/30/09  5,765  5,780,693       Sub-Series 2A, 0.49%, 4/07/09    12,160  12,160,000 
Beacon, New York, City School District, GO, BAN,           Sub-Series 3B, 0.23%, 4/01/09    4,000  4,000,000 
 2.50%, 6/30/09  4,920  4,928,578  Massapequa, New York, Union Free School District, GO,     
Broome County, New York, GO, Refunding, BAN,       TAN, 2.50%, 6/24/09    4,755  4,764,580 
 2.75%, 4/17/09  15,000  15,007,902  Metropolitan Transportation Authority, New York, Dedicated     
Burnt Hills-Ballston Lake Central School District,       Tax Fund, Revenue Refunding Bonds, VRDN, Sub-Series     
 New York, GO:       B-2, 0.30%, 4/07/09 (a)    6,675  6,675,000 
     BAN, Series A, 3%, 7/02/09  4,873  4,888,983  Metropolitan Transportation Authority, New York, Revenue     
     TAN, Series A, 3%, 7/02/09  2,855  2,864,151   Refunding Bonds, VRDN, Series G, 0.25%, 4/01/09 (a)  10,100  10,100,000 
Carmel, New York, Central School District, GO, RAN,      Middletown, New York, GO, BAN, 2.75%, 4/10/09    4,310  4,311,188 
 3%, 6/30/09  3,800  3,811,255  Miller Place, New York, Union Free School District, GO,       
Cassadaga Valley, New York, Central School District, GO,       TAN, 2.50%, 6/30/09    5,315  5,326,998 
 Refunding, BAN, 2.75%, 6/16/09  7,705  7,715,500  Mineola, New York, Union Free School District, GO, TAN,     
Cattaraugus County, New York, Development Agency,       2.75%, 6/29/09    3,720  3,730,467 
 IDR (Gowanda Electronics Corporation), VRDN, AMT,      Monroe County, New York, IDA, Revenue Bonds (Klein       
 Series A, 1.35%, 4/07/09 (a)  1,585  1,585,000   Steel Service, Inc.), VRDN, AMT, 0.64%, 4/07/09 (a)(i)  7,885  7,885,000 
Center Moriches, New York, Union Free School District,      Montauk, New York, Union Free School District, GO, TAN,     
 GO, TAN, 3%, 6/26/09  2,000  2,003,566   3%, 6/24/09    2,000  2,004,645 
Chautauqua County, New York, GO, BAN, 2.25%, 1/15/10  9,996  10,079,143  Monticello, New York, Central School District, GO, BAN,       
Churchville Chili, New York, Central School District, GO,       2.50%, 7/24/09    5,305  5,314,995 
 BAN, 2.75%, 6/24/09  7,230  7,245,204  Mount Sinai, New York, Union Free School District, GO,       
Cohoes, New York, IDA, Urban Cultural Park Facility       TAN, 2.75%, 6/30/09    9,435  9,459,738 
 Revenue Bonds (Eddy Cohoes Project), VRDN,      Nassau County, New York, IDA, Revenue Bonds       
 0.38%, 4/07/09 (a)  7,600  7,600,000   (Clinton Plaza Senior Housing Project), VRDN, AMT,       
Commack, New York, Union Free School District, GO, TAN,       0.74%, 4/07/09 (a)(d)    13,250  13,250,000 
 2.75%, 6/30/09  12,740  12,774,780  Nassau County, New York, Interim Financing Authority,       
Deer Park, New York, Union Free School District, GO, TAN,       Sales Tax Secured Revenue Refunding Bonds, VRDN (a):     
 2.50%, 6/30/09  13,110  13,139,598       Series A, 0.30%, 4/07/09    15,000  15,000,000 
Depew, New York, Union Free School District, GO, BAN,           Series C, 1.40%, 4/07/09    20,000  20,000,000 
 2.50%, 6/03/09  6,140  6,147,073       Series D, 2.15%, 4/07/09    43,000  43,000,000 
East Aurora, New York, GO, BAN, 2.75%, 4/02/09  3,400  3,400,176  New York City, New York, City Health and Hospital       
East Fishkill, New York, GO, BAN, 2.75%, 4/15/09  3,495  3,496,042   Corporation, Health System Revenue Refunding Bonds,     
East Ramapo Central School District, New York, GO, BAN,       VRDN (a):       
 2.50%, 6/19/09  7,800  7,811,078       Series B, 0.27%, 4/07/09    11,400  11,400,000 
Erie County, New York, IDA, Civic Facility Revenue           Series C, 0.35%, 4/07/09    7,700  7,700,000 
 Bonds (Claddagh Commission Inc. Project), VRDN,      New York City, New York, City Housing Development       
 1.15%, 4/07/09 (a)  1,085  1,085,000   Corporation, M/F Housing Revenue Bonds:       
Erie County, New York, IDA, Revenue Bonds (Orchard Park      (1405 Fifth Avenue Apartments), VRDN, AMT, Series A,     
 CCRC Project), VRDN, Series B, 2.38%, 4/07/09 (a)  3,425  3,425,000       0.70%, 4/07/09 (a)    9,500  9,500,000 
Fayetteville-Manlius Central School District, New York, GO,           Series M, 1.20%, 12/22/09 (j)    11,400  11,400,000 
 BAN, 2.75%, 4/24/09  6,214  6,218,866       VRDN, AMT, Series A-1-B, 0.50%, 4/07/09 (a)    11,505  11,505,000 
Guilderland, New York, IDA, Civic Facility, Revenue Bonds           VRDN, AMT, Series H-2-B, 0.65%, 4/01/09 (a)    44,290  44,290,000 
 (West Turnpike), VRDN, Series A, 1.15%, 4/07/09 (a)  2,120  2,120,000       VRDN, AMT, Series I, 1.85%, 4/07/09 (a)    54,000  54,000,000 
Hamburg Town, New York, GO, BAN, 2.75%, 7/16/09  5,960  5,978,206  New York City, New York, City Housing Development       
Hicksville, New York, Union Free School District, GO, TAN,       Corporation, M/F Housing Revenue Refunding       
 3%, 6/26/09  8,500  8,524,432   Bonds, ROCS, VRDN, AMT, Series II-R-11699,       
Hoosick Falls, New York, Central School District, GO,       0.70%, 4/07/09 (a)(b)(i)    6,570  6,570,000 
 Refunding, BAN, 3%, 4/03/09  5,860  5,860,606         
 
 
 
See Notes to Financial Statements.             

24 CMA MULTI-STATE MUNICIPAL SERIES TRUST

MARCH 31, 2009

Schedule of Investments (continued)  CMA New York Municipal Money Fund 
        (Percentages shown are based on Net Assets) 
    Par        Par     
Municipal Bonds    (000)  Value  Municipal Bonds    (000)    Value 
 
     New York (continued)             New York (continued)         
 
New York City, New York, City Housing Development        New York City, New York, City Transitional Finance Authority,       
 Corporation, M/F Mortgage Revenue Bonds, AMT, VRDN,       Future Tax Secured Revenue Bonds, VRDN (a):         
 Series A (a):             Series A-1, 0.55%, 4/07/09  $  2,200  $ 2,200,000 
     (Parkview II Apartments Project), 0.70%, 4/07/09  $   4,255  $ 4,255,000       Series A-2, 0.30%, 4/07/09    67,615    67,615,000 
     (Spring Creek Housing LP), 0.70%, 4/07/09    21,000  21,000,000  New York City, New York, City Transitional Finance Authority       
     (Susans Court Project), 0.70%, 4/07/09    19,000  19,000,000   Revenue Bonds, VRDN (a):         
New York City, New York, City Housing Development             (New York City Recovery) Series 1, Sub-Series 1-C,         
 Corporation, M/F Rental Housing Revenue Bonds, VRDN,           0.14%, 4/01/09    6,200    6,200,000 
 Series A (a):             (New York City Recovery) Series 3, Sub-Series 3-G,       
     (155 West 21st Street Development), AMT,             0.27%, 4/07/09    47,810    47,810,000 
     0.45%, 4/07/09 (d)    11,500  11,500,000       Sub-Series 2-B, 1.10%, 4/07/09    20,350    20,350,000 
     (Armory Place LLC), AMT, 0.45%, 4/07/09 (d)    14,065  14,065,000       Sub-Series 2-C, 0.30%, 4/0/709    1,655    1,655,000 
     (Atlantic Court Apartments Project), AMT,        New York City, New York, City Transitional Finance Authority       
     0.55%, 4/07/09 (e)    10,900  10,900,000   Revenue Refunding Bonds (New York City Recovery),         
     (Brittany Development), AMT, 0.45%, 4/07/09 (d)    24,830  24,830,000   VRDN, Series 3, Sub-Series 3-B, 0.45%, 4/01/09 (a)  35,925    35,925,000 
     (Carnegie Park), 0.32%, 4/07/09 (d)    26,550  26,550,000  New York City, New York, City Transitional Finance Authority,       
     (Clinton 54 LLC), AMT, 0.45%, 4/07/09 (d)    35,400  35,400,000   Special Tax Revenue Refunding Bonds, VRDN, Series C,       
     (Lyric Development), AMT, 0.45%, 4/07/09 (d)    12,765  12,765,000   0.27%, 4/07/09 (a)    70,000    70,000,000 
     (One Columbus Place Development), AMT,        New York City, New York, GO, JPMorgan Securities, Inc.,         
     0.45%, 4/07/09 (d)    13,700  13,700,000   PUTTERS, VRDN, Series 3282, 0.45%, 4/07/09 (a)(b)(i)  3,325    3,325,000 
     (West 43rd Street Development), AMT,        New York City, New York, GO, ROCS, VRDN, Series         
     0.45%, 4/07/09 (d)    19,400  19,400,000   II-R-251A, 1.43%, 4/07/09 (a)(b)    30,000    30,000,000 
     (West 61st Street Apartments Project), AMT,        New York City, New York, GO, Refunding, VRDN (a):         
     0.45%, 4/07/09 (d)    15,000  15,000,000       Sub-Series C-2, 0.35%, 4/07/09    7,615    7,615,000 
     (West 89th Street Development), AMT,             Sub-Series C-3, 0.31%, 4/07/09    12,815    12,815,000 
     0.45%, 4/07/09    35,400  35,400,000       Sub-Series J-4, 0.25%, 4/01/09    18,500    18,500,000 
     (West End Towers), AMT, 0.47%, 4/07/09 (d)    34,000  34,000,000       Sub-Series J-9, 0.36%, 4/07/09    20,300    20,300,000 
New York City, New York, City IDA, Civic Facility Revenue        New York City, New York, GO, VRDN (a):         
 Bonds, VRDN (a):             Series F-4, 0.40%, 4/07/09    6,860    6,860,000 
     (College of Mount Saint Vincent Project), Series B,             Series F-5, 0.35%, 4/07/09    11,675    11,675,000 
     0.38%, 4/07/09 (c)    2,400  2,400,000       Series H-1, 0.45%, 4/01/09    300    300,000 
     (Heart Share Human Services), Series A,             Sub-Series A-3, 0.35%, 4/07/09    25,800    25,800,000 
     0.50%, 4/07/09    4,700  4,700,000       Sub-Series A-9, 0.35%, 4/07/09    2,520    2,520,000 
     (Lycee Francais de New York Project), Series B,             Sub-Series B-9, 0.35%, 4/07/09    8,700    8,700,000 
     0.35%, 4/07/09    3,350  3,350,000       Sub-Series F-3, 0.49%, 4/07/09    5,725    5,725,000 
New York City, New York, City IDA, Civic Facility Revenue             Sub-Series H-2, 0.35%, 4/07/09    5,600    5,600,000 
 Refunding Bonds, VRDN (a):             Sub-Series H-6, 0.45%, 4/07/09    9,515    9,515,000 
     (Brooklyn Heights Montessori School Project),             Sub-Series I-5, 0.15%, 4/01/09    10,650    10,650,000 
     0.47%, 4/07/09    5,975  5,975,000       Sub-Series L-4, 0.15%, 4/01/09    5,000    5,000,000 
     (Touro College Project), 0.40%, 4/07/09    4,500  4,500,000       Sub-Series L-5, 0.90%, 4/01/09    9,800    9,800,000 
New York City, New York, City IDA, Special Facility Revenue      New York City, New York, Trust for Cultural Resources         
 Bonds (Air Express International Corporation Project),       Revenue Bonds (Lincoln Center for the Performing         
 VRDN, AMT, 0.50%, 4/07/09 (a)    14,000  14,000,000   Arts, Inc. Project), VRDN (a):         
New York City, New York, City Municipal Water Finance             Series B-1, 0.27%, 4/07/09    3,750    3,750,000 
 Authority, Water and Sewer System Revenue Bonds,             Series B-2, 0.35%, 4/07/09    16,500    16,500,000 
 VRDN (a)(b):        New York City, New York, Trust for Cultural Resources,         
     PUTTERS, Series 2540, 0.45%, 4/07/09    1,460  1,460,000   Revenue Refunding Bonds:         
     PUTTERS, Series 2559, 0.45%, 4/07/09    1,775  1,775,000       VRDN, (Lincoln Center for the Performing Arts, Inc.         
     ROCS, Series II-R-9301, 1%, 4/07/09    7,985  7,985,000       Project), Series A-1, 0.16%, 4/07/09 (a)    30,700    30,700,000 
New York City, New York, City Municipal Water Finance             (Museum of Modern Art), Series 1A, 4%, 8/01/09 (j)  4,390    4,422,759 
 Authority, Water and Sewer System Revenue Refunding      New York Convention Center Development Corporation,         
 Bonds, VRDN (a)(b):         Eclipse Funding Trust, Solar Eclipse Certificates, VRDN,       
     Eagle Tax-Exempt Trust, Series 2008-0023 Class A,       Series 2006-0004, 0.44%, 4/07/09 (a)(b)(g)    20,655    20,655,000 
     1.05%, 4/07/09    22,675  22,675,000  New York Liberty Development Corporation Revenue         
     FLOATS, Series 1501, 0.54%, 4/07/09    5,980  5,980,000   Bonds (Goldman Sachs Headquarters), BB&T         
     PUTTERS, Series 988, 0.45%, 4/07/09    10,665  10,665,000   Municipal Trust, FLOATS, VRDN, Series 2025,         
     Sub-Series B-1, 0.30%, 4/07/09    6,500  6,500,000   0.44%, 4/07/09 (a)(b)    15,865    15,865,000 
     Sub-Series B-3, 0.25%, 4/01/09    35,300  35,300,000  New York State Commander of General Services Revenue       
New York City, New York, City Municipal Water Finance         Bonds (People of the State of New York), VRDN,         
 Authority, Water and Sewer System, Second General         0.38%, 4/07/09 (a)    12,756    12,756,000 
 Resolution Revenue Refunding Bonds, VRDN (a):        New York State Dormitory Authority, Mental Health         
     Series AA-1, 0.15%, 4/01/09    19,800  19,800,000   Services Revenue Bonds, VRDN, (a):         
     Series AA-2, 1%, 4/01/09    4,000  4,000,000       Sub-Series D-2E, 0.40%, 4/07/09    2,800    2,800,000 
             Sub-Series D-2G, 0.40%, 4/07/09    25,385    25,385,000 
             Sub-Series D-2H, 0.40%, 4/07/09    15,000    15,000,000 

See Notes to Financial Statements.

CMA MULTI-STATE MUNICIPAL SERIES TRUST

MARCH 31, 2009

25

Schedule of Investments (continued)  CMA New York Municipal Money Fund 
      (Percentages shown are based on Net Assets) 
  Par      Par     
Municipal Bonds  (000)  Value  Municipal Bonds  (000)    Value 
 
     New York (continued)           New York (continued)       
 
New York State Dormitory Authority, Non-State Supported      New York State, HFA, Revenue Bonds, VRDN (a):       
 Debt Revenue Bonds (Rockefeller University), VRDN,           (80 DeKalb Avenue Project), AMT, Series A,       
 Series A2, 0.27%, 4/07/09 (a)  $ 8,300   $ 8,300,000       0.47%, 4/07/09  $ 32,850    $ 32,850,000 
New York State Dormitory Authority, Non-State Supported           (125 West 31st Street Housing), AMT, Series A,       
 Debt, Revenue Refunding Bonds (Cornell University),           0.45%, 4/07/09 (d)  15,000    15,000,000 
 VRDN, Series B, 0.20%, 4/01/09 (a)  31,400  31,400,000       (320 West 38th Street Project), Series A,       
New York State Dormitory Authority Revenue Bonds,           0.32%, 4/07/09  12,000    12,000,000 
 VRDN (a)(b):           (360 West 43rd Street), AMT, Series A,       
     Eagle Tax-Exempt Trust, Series 2006-0002, Class A,           0.45%, 4/07/09 (d)  23,565    23,565,000 
     0.58%, 4/07/09  30,800  30,800,000       (1500 Lexington Associates LLC), AMT, Series A,       
     Eagle Tax-Exempt Trust, Series 2006-0164, Class A,           0.50%, 4/07/09 (d)  4,400    4,400,000 
     0.58%, 4/07/09  17,000  17,000,000       (Avalon Bowery Place II), AMT, Series A,       
     (Glen Eddy, Inc.), 0.38%, 4/07/09  10,355  10,355,000       0.82%, 4/07/09  25,000    25,000,000 
     PUTTERS, Series 1955, 0.45%, 4/07/09  6,615  6,615,000       (Gethsemane Apartments), AMT, Series A,       
     ROCS, Series II-R-12040, 1.01%, 4/07/09  6,500  6,500,000       0.50%, 4/07/09 (d)  12,000    12,000,000 
New York State Dormitory Authority, Revenue Refunding           (Grace Towers Housing II LLC), AMT, Series A,       
 Bonds, VDRN (a):           0.45%, 4/07/09 (e)  4,975    4,975,000 
     (Cornell University), Series B, 0.26%, 4/07/09  9,265  9,265,000       (Kew Gardens Hills), AMT, 0.45%, 4/07/09  5,600    5,600,000 
     ROCS, Series II-R-11560, 0.60%, 4/07/09  2,200  2,200,000       (Normandie Court-I Project), 0.39%, 4/07/09  4,050    4,050,000 
New York State Dormitory Authority, State Personal           (Saxony Housing), AMT, Series A, 0.45%, 4/07/09  29,100    29,100,000 
 Income Tax Revenue Bonds (Education), JPMorgan           (Tribeca Pointe LLC), AMT, Series A,       
 Securities, Inc., PUTTERS, VRDN, Series 3280,           0.45%, 4/07/09 (d)  22,900    22,900,000 
 0.45%, 4/07/09 (a)(b)  3,325  3,325,000       (Victory Housing), AMT, Series A, 0.45%, 4/07/09 (e)  19,000    19,000,000 
New York State Dormitory Authority, State Supported           (Victory Housing), AMT, Series A, 0.50%, 4/07/09 (e)  12,700    12,700,000 
 Debt, Consolidated Fifth General Resolution, Revenue           (Worth Street Project), AMT, Series A,       
 Refunding Bonds (City University System), VRDN,           0.45%, 4/07/09 (d)  13,600    13,600,000 
 Series D, 0.35%, 4/07/09 (a)  10,000  10,000,000  New York State, HFA, Service Contract Revenue Refunding       
New York State Dormitory Authority, State Supported       Bonds, VRDN (a):       
 Debt Revenue Bonds (Cornell University), VRDN (a):           Series C, 1.10%, 4/07/09  6,900    6,900,000 
     Series A, 0.26%, 4/07/09  5,000  5,000,000       Series E, 0.40%, 4/07/09  10,400    10,400,000 
     Series B, 0.26%, 4/07/09  9,765  9,765,000       Series M-2, 0.40%, 4/07/09  4,200    4,200,000 
New York State Dormitory Authority, State Supported      New York State Local Government Assistance Corporation       
 Debt, Revenue Refunding Bonds (New York City Public       Revenue Bonds, VRDN (a):       
 Library), VRDN, Series B, 0.28%, 74/07/09 (a)  7,245  7,245,000       Series A, 0.35%, 4/07/09  45,800    45,800,000 
New York State Energy Research and Development           Series B, 0.24%, 4/07/09  83    83,000 
 Authority, Facilities Revenue Bonds (Consolidated           Series B, 0.67%, 4/07/09  2,120    2,120,000 
 Edison Company of New York, Inc. Project), VRDN,           Series C, 0.24%, 4/07/09  8,800    8,800,000 
 AMT (a):           Series E, 0.35%, 4/07/09  15,720    15,720,000 
     Sub-Series C-1, 0.60%, 4/07/09  5,400  5,400,000  New York State Local Government Assistance Corporation,       
     Sub-Series C-2, 0.65%, 4/07/09  6,000  6,000,000   Revenue Refunding Bonds, Senior Lien, VRDN (a):       
     Sub-Series C-3, 0.53%, 4/07/09  27,500  27,500,000       Series B-BV, 0.32%, 4/07/09  3,300    3,300,000 
New York State Energy Research and Development           Series B-CV, 0.31%, 4/07/09  10,380    10,380,000 
 Authority, PCR, Refunding (New York State Electric and      New York State Mortgage Agency, Homeowner Mortgage       
 Gas Corporation), VRDN (a):       Revenue Bonds, VRDN (a):       
     Series B, 0.53%, 4/07/09  7,000  7,000,000       AMT, Series 125, 1.55%, 4/07/09  25,000    25,000,000 
     Series C, 0.38%, 4/07/09  8,200  8,200,000       AMT, Series 139, 0.85%, 4/01/09  24,250    24,250,000 
     Series D1, 0.45%, 4/07/09  17,500  17,500,000       AMT, Series 147, 1.50%, 4/07/09  15,000    15,000,000 
     Series D2, 0.45%, 4/07/09  3,500  3,500,000       Series 159, 0.40%, 4/07/09  20,000    20,000,000 
New York State Environmental Facilities Corporation, State      New York State Mortgage Agency, Homeowner Mortgage       
 Clean Water and Drinking Revenue Refunding Bonds,       Revenue Refunding Bonds, VRDN, Series 162,       
 PUTTERS, VRDN (a)(b):       0.40%, 4/07/09 (a)  8,300    8,300,000 
     JPMorgan Securities, Inc., Series 3269,      New York State Mortgage Agency Revenue Bonds, ROCS,       
     0.45%, 4/07/09 (i)  10,705  10,705,000   VRDN, AMT (a)(b)(i):       
     Series 2900, 0.45%, 4/07/09  3,500  3,500,000       Series II-R-11705, 0.69%, 4/07/09  6,780    6,780,000 
New York State, HFA, Housing Revenue Bonds, VRDN,           Series II-R-11707, 0.68%, 4/07/09  6,210    6,210,000 
 AMT, Series A (a):      New York State Urban Development Corporation       
     (316 11th Avenue Project), 0.45%, 4/07/09 (d)  25,000  25,000,000   Revenue Bonds, PUTTERS, VRDN, Series 2750,       
     (363 West 30th Street), 0.47%, 4/07/09 (e)  12,150  12,150,000   0.45%, 4/07/09 (a)(b)  5,000    5,000,000 
     (Helena Housing), 0.60%, 4/07/09 (d)  10,000  10,000,000  Niagara-Wheatfield, New York, Central School District, GO,       
     (West 33rd Street Housing), 0.45%, 4/07/09 (d)  3,400  3,400,000   BAN, 2.75%, 5/20/09  2,164    2,166,355 
New York State, HFA, M/F Revenue Bonds, VRDN,      North Babylon, New York, Union Free School District, GO,       
 (750 6th Ave), 0.45%, 4/07/09  5,000  5,000,000   TAN, 3%, 6/24/09  8,000    8,021,640 
      North Hempstead, New York, GO, BAN, 3%, 6/26/09  2,000    2,004,905 
      North Shore, Central School District, New York, Glen Head,       
       GO, TAN, 2.50%, 6/24/09  4,090    4,098,526 
      North Syracuse, New York, Central School District, GO,       
       RAN, 2.75%, 6/19/09  4,000    4,007,049 
See Notes to Financial Statements.             

26 CMA MULTI-STATE MUNICIPAL SERIES TRUST

MARCH 31, 2009

Schedule of Investments (continued)  CMA New York Municipal Money Fund 
        (Percentages shown are based on Net Assets) 
    Par        Par   
Municipal Bonds    (000)  Value  Municipal Bonds    (000)  Value 
 
     New York (continued)             New York (continued)       
 
Northeastern Clinton Central School District, New York,        Seneca Falls, New York, Central School District, GO:       
 Champlain, GO, BAN, 2.50%, 6/30/09  $   3,790   $ 3,792,862       BAN, 2.75%, 6/19/09  $  2,675  $ 2,680,238 
Ogdensburg, New York, Enlarged City School District, GO,           RAN, 2.75%, 6/19/09    3,160  3,165,910 
 RAN, 2.75%, 6/26/09    3,255  3,258,181  South Colonie, New York, Central School District, GO,       
Oneida County, New York, IDA, IDR (Rome Properties LLC       Refunding, BAN, 2.75%, 6/19/09    5,640  5,651,503 
 Project), VRDN, AMT, 1.25%, 4/07/09 (a)    3,900  3,900,000  South Glens Falls, New York, Central School District, GO:     
Onondaga County, New York, IDA, Civic Facility Revenue           BAN, 2.75%, 6/19/09    3,400  3,406,506 
 Bonds (Syracuse University Project), VRDN, Series B,             RAN, 2.75%, 6/19/09    3,775  3,782,058 
 0.38%, 4/07/09 (a)    3,885  3,885,000  South Jefferson, New York, Central School District, GO,       
Onondaga County, New York, IDA, IDR, VRDN, AMT (a):         RAN, 2.75%, 6/18/09    3,240  3,246,262 
     (G.A. Braun Inc. Project), 0.64%, 4/07/09    9,995  9,995,000  Suffolk County, New York, IDA, Civic Facility Revenue Bonds     
     (Peregrine International LLC Project), 0.65%, 4/07/09  1,700  1,700,000   (Touro College Project), VRDN, 0.40%, 4/07/09 (a)    2,100  2,100,000 
Oswego County, New York, IDA, Civic Facility Revenue        Suffolk County, New York, Water Authority Revenue Bonds,     
 Bonds (O H Properties Inc. Project), VRDN, Series A,         BAN, 0.28%, 1/15/13    31,330  31,330,000 
 0.64%, 4/07/09 (a)    1,550  1,550,000  Syracuse, New York, IDA, Civic Facility Revenue Bonds       
Otsego County, New York, IDA, Civic Facility Revenue         (Syracuse University Project), VRDN, Series A-2,       
 Bonds (Templeton Foundation Project), VRDN, Series A,       0.13%, 4/01/09 (a)    21,500  21,500,000 
 0.85%, 4/07/09 (a)    2,745  2,745,000  Tarrytown, New York, GO, BAN, Series B, 3%, 11/13/09  6,138  6,180,285 
Penn Yan, New York, Central School District, GO, BAN,        Tarrytown, New York, GO, Refunding, BAN, 2.75%, 5/28/09  6,620  6,629,163 
 2.75%, 6/18/09    15,030  15,060,026  Thousand Island, New York, Central School District, GO,       
Perinton, New York, GO, Refunding, BAN,         BAN, 3%, 6/30/09    6,790  6,802,409 
 3.50%, 12/22/09    7,180  7,303,111  Three Village Central School District (Brookhaven and       
Plainview Old Bethpage, New York, Central School District,       Smithtown), New York, GO, BAN, 1.99%, 5/15/09    2,093  2,095,216 
 GO, TAN, 2.75%, 6/30/09    8,300  8,321,842  Tobacco Settlement Financing Corporation of New York,     
Port Authority of New York and New Jersey, Revenue         Asset-Backed Revenue Refunding Bonds, Series B,       
 Refunding Bonds, VRDN (a)(b):         4%, 6/01/09 (j)    8,205  8,230,990 
     FLOATS, AMT, Series 2977, 0.59%, 4/07/09 (i)    7,110  7,110,000  Triborough Bridge and Tunnel Authority, New York, General     
     FLOATS, Series 766, 0.59%, 4/07/09 (h)    1,745  1,745,000   Revenue Refunding Bonds:       
     PUTTERS, AMT, Series 2945, 0.60%, 4/07/09    1,665  1,665,000       Series A-1, 2%, 1/20/10 (j)    20,000  20,217,211 
Port Authority of New York and New Jersey, Special             VRDN, Series B, 0.40%, 4/07/09 (a)    5,900  5,900,000 
 Obligation Revenue Refunding Bonds (Versatile             VRDN, Sub-Series B-2, 1.50%, 4/07/09 (a)    102,300  102,300,000 
 Structure Obligation), VRDN (a):             VRDN, Sub-Series B-3, 0.49%, 4/07/09 (a)    6,300  6,300,000 
     Series 2, 0.28%, 4/01/09    11,200  11,200,000       VRDN, Sub-Series B-4, 0.45%, 4/07/09 (a)    22,615  22,615,000 
     Series 3, 0.15%, 4/01/09    15,400  15,400,000  Triborough Bridge and Tunnel Authority, New York, Revenue     
Port Jervis, New York City, School District, GO, Refunding,       Refunding Bonds, ROCS, VRDN, Series II-R-4096,       
 BAN, 2.75%, 6/30/09    4,095  4,102,652   1%, 4/07/09 (a)(b)    10,895  10,895,000 
Port Washington, New York, Union Free School District,        Troy, New York, IDA, Civic Facility Revenue Bonds       
 GO, TAN, 2.75%, 6/24/09    13,995  14,032,520   (Rensselaer Polytechnic Institute), VRDN, Series D,       
Poughkeepsie City, New York, GO, BAN, Series A,         0.34%, 4/07/09 (a)    13,250  13,250,000 
 2.75%, 4/24/09    4,960  4,963,573  Ulster County, New York, IDA, Civic Facility Revenue Bonds     
Poughkeepsie, New York, City School District, GO, BAN,         (Kingston Regional Senior Living Corporation), VRDN,     
 2.75%, 6/26/09    4,900  4,907,576   Series C, 0.38%, 4/07/09 (a)    8,940  8,940,000 
Ramapo, New York, Housing Authority Revenue Bonds        Wappinger, New York, GO, BAN, 2.75%, 4/03/09    3,171  3,171,259 
 (Fountainview at College Road, Inc. Project), VRDN,        West Babylon, New York, Unified Free School District, GO:     
 0.64%, 4/07/09 (a)    14,800  14,800,000       BAN, 2.75%, 7/30/09    4,710  4,722,397 
Red Hook, New York, Central School District, GO, BAN,             TAN, 3%, 6/26/09    15,500  15,546,030 
 2.50%, 7/29/09    7,375  7,396,701  Westchester County, New York, IDA, Civic Facility Revenue     
Rockland County, New York, IDA, Civic Facility Revenue         Refunding Bonds (Northern Westchester Hospital),       
 Bonds (Dominican College Project), VRDN (a):         VRDN, 0.39%, 4/07/09 (a)    3,930  3,930,000 
     Series A, 0.45%, 4/07/09    6,640  6,640,000  Williamsville, New York, Central School District, GO, BAN,     
     Series B, 0.45%, 4/07/09    2,970  2,970,000   2.75%, 6/25/09    2,861  2,864,962 
Rockland County, New York, IDA, Civic Facility Revenue        Yonkers, New York, IDA, Revenue Bonds, MERLOTS, VRDN,     
 Refunding Bonds (Dominican College Project), VRDN,       Series A01, 0.65%, 4/07/09 (a)(b)(f)    1,500  1,500,000 
 Series A, 0.45%, 4/07/09 (a)    9,315  9,315,000        2,943,847,690 
Rockville Centre, New York, Union Free School District,               
 GO, TAN, 3.35%, 6/26/09    3,000  3,015,039         
Rocky Point, New York, Union Free School District, GO:             Puerto Rico — 0.2%       
     BAN, 2.75%, 6/30/09    4,580  4,591,893         
     TAN, 2.75%, 6/25/09    2,290  2,295,621  Puerto Rico Sales Tax Financing Corporation, Sales Tax       
Sag Harbor, New York, Union Free School District, GO,         Revenue Refunding Bonds, FLOATS, VRDN, Series 2936,     
 TAN, 3%, 6/30/09    8,200  8,225,887   0.69%, 4/07/09 (a)(b)    5,000  5,000,000 
Schenectady, New York, City School District, GO:        Total Investments (Cost — $2,948,847,690*) — 98.1%    2,948,847,690 
     BAN, 2.75%, 7/10/09    4,796  4,806,900  Other Assets Less Liabilities — 1.9%      57,945,134 
     RAN, 2.75%, 7/31/09    6,500  6,507,643  Net Assets — 100.0%      $3,006,792,824 
 
 
 
See Notes to Financial Statements.               

CMA MULTI-STATE MUNICIPAL SERIES TRUST

MARCH 31, 2009

27

Schedule of Investments (concluded) CMA New York Municipal Money Fund

* Cost for federal income tax purposes.
(a) Rate shown is as of report date and maturity shown is the final maturity date or the
date the principal owed can be recovered through demand.
(b) These securities are short-term floating rate certificates issued by tender option
bond trusts and are secured by the underlying municipal bond securities.
(c) Radian Insured.
(d) FNMA Collateralized.
(e) FHLMC Collateralized.
(f) GNMA Collateralized.
(g) AMBAC Insured.
(h) FSA Insured.
(i) Security exempt from registration under Rule 144A of the Securities Act of 1933.
These securities may be resold in transactions exempt from registration to qualified
institutional investors.
(j) Variable rate security. Rate is as of report date.
•Effective April 1, 2008, the Fund adopted Financial Accounting Standards Board
Statement of Financial Accounting Standards No. 157, “Fair Value Measurements”
(“FAS 157”). FAS 157 clarifies the definition of fair value, establishes a framework
for measuring fair values and requires additional disclosures about the use of fair
value measurements. Various inputs are used in determining the fair value of invest-
ments, which are as follows:
•Level 1 — price quotations in active markets/exchanges for identical securities
•Level 2 — other observable inputs (including, but not limited to: quoted prices for
similar assets or liabilities in markets that are active, quoted prices for identical
or similar assets in markets that are not active, inputs other than quoted prices
that are observable for the assets or liabilities (such as interest rates, yield
curves, volatilities, prepayment speeds, loss severities, credit risks and default
rates) or other market-corroborated inputs)
•Level 3 — unobservable inputs based on the best information available in the
circumstance, to the extent observable inputs are not available (including the
Fund’s own assumptions used in determining the fair value of investments)
The inputs or methodology used for valuing securities are not necessarily an indica-
tion of the risk associated with investing in those securities. For information about
the Fund’s policy regarding valuation of investments and other significant accounting
policies, please refer to Note 1 of the Notes to Financial Statements.
The following table summarizes the inputs used as of March 31, 2009 in determin-
ing the fair valuation of the Fund’s investments:

Valuation  Investments in 
Inputs  Securities 
  Assets 
Level 1  — 
Level 2  $2,948,847,690 
Level 3  — 
Total  $2,948,847,690 

See Notes to Financial Statements.

28 CMA MULTI-STATE MUNICIPAL SERIES TRUST

MARCH 31, 2009

Schedule of Investments March 31, 2009    CMA North Carolina Municipal Money Fund 
        (Percentages shown are based on Net Assets) 
    Par      Par   
Municipal Bonds    (000)  Value  Municipal Bonds  (000)  Value 
 
     North Carolina — 93.1%             North Carolina (concluded)     
 
Alamance County, North Carolina, Industrial Facilities and      North Carolina Medical Care Commission, Health Care     
 Pollution Control Financing Authority, IDR (Millender         Facilities Revenue Bonds (Novant Health Group),     
 Project), VRDN, AMT, 0.67%, 4/07/09 (a)  $  1,200   $ 1,200,000   VRDN (a):     
Buncombe County, North Carolina, Industrial Facilities and           Series A, 0.40%, 4/07/09  $ 1,400   $ 1,400,000 
 Pollution Control Financing Authority, Revenue Refunding           Series B, 0.70%, 4/07/09  3,670  3,670,000 
 Bonds (Industrial Development Alliance), VRDN, AMT,        North Carolina Medical Care Commission, Health Care     
 0.79%, 4/07/09 (a)    400  400,000   Facilities, Revenue Refunding Bonds, ROCS, VRDN,     
Carrboro, North Carolina, GO, BAN, 3%, 5/20/09    1,890  1,892,556   Series II-R-10313, 1.01%, 4/07/09 (a)(b)  6,500  6,500,000 
Central Nash Water and Sewer District, North Carolina, GO,      North Carolina, Revenue Bonds, BB&T Municipal Trust,     
 BAN, 2.50%, 5/27/09    3,755  3,758,487   FLOATS, VRDN (a)(b):     
Charlotte-Mecklenburg Hospital Authority, North Carolina,           Series 1008, 0.54%, 4/07/09  6,135  6,135,000 
 Health Care System Revenue Refunding Bonds (Carolinas           Series 1009, 0.54%, 4/07/09  6,775  6,775,000 
 Healthcare System), VRDN, Series D, 0.30%, 4/07/09 (a)  1,925  1,925,000       Series 1011, 0.54%, 4/07/09  5,745  5,745,000 
Cleveland County, North Carolina, Industrial Facilities and      North Carolina State Educational Assistance Authority,     
 Pollution Control Financing Authority, Industrial Revenue       Revenue Refunding Bonds (Guaranteed Student Loan),     
 Bonds (Blachford Rubber Project), VRDN, AMT,         VRDN, AMT, Series A-2, 0.57%, 4/07/09 (a)  7,000  7,000,000 
 1.65%, 4/07/09 (a)    3,450  3,450,000  North Carolina State University-Raleigh, North Carolina,     
Eagle Tax-Exempt Trust, North Carolina Capital Facilities         Revenue Refunding Bonds, VRDN, Series B,     
 Financing Agency, Revenue Refunding Bonds, VRDN,         0.42%, 4/07/09 (a)  585  585,000 
 Series 2006-0139, Class A, 0.61%, 4/07/09 (a)(b)    1,900  1,900,000  Piedmont Triad Airport Authority, North Carolina, Special     
Fayetteville, North Carolina, Public Works Commission,         Facility Revenue Bonds (Cessna Aircraft Company     
 Revenue Refunding Bonds, VRDN, Series A,         Project), VRDN, 0.80%, 4/07/09 (a)  400  400,000 
 2%, 4/07/09 (a)(c)    4,065  4,065,000  Raleigh, North Carolina, COP:     
Gaston County, North Carolina, Industrial Facilities and             (Downtown Improvement Project), Series A,     
 Pollution Control Financing Authority, IDR (Marlatex             2.50%, 1/20/10  6,000  6,088,257 
 Corporation Project), VRDN, AMT, 0.72%, 4/07/09 (a)    1,135  1,135,000       (Downtown Improvement Project), VRDN, Series B,     
Guilford County, North Carolina, Industrial Facilities and             0.42%, 4/07/09 (a)  8,000  8,000,000 
 Pollution Control Financing Authority, IDR (Nat Sherman           (Governmental Facilities Project), 3%, 11/25/09  9,000  9,098,887 
 Building LLC), VRDN, AMT, 0.77%, 4/07/09 (a)    2,600  2,600,000  Rowan County, North Carolina, Industrial Facilities and     
Lee County, North Carolina, Industrial Facilities and         Pollution Control Financing Authority, PCR, IDR (Hon     
 Pollution Control Financing Authority, IDR (Lee         Industries Project), VRDN, AMT, 0.67%, 4/07/09 (a)  2,300  2,300,000 
 Central LLC Project), VRDN, AMT, 0.67%, 4/07/09 (a)    2,670  2,670,000  Rutherford County, North Carolina, Industrial Facilities     
Lincoln County, North Carolina, Industrial Facilities and         and Pollution Control Financing Authority, IDR (All     
 Pollution Control Financing Authority, IDR (Sabo USA Inc.       American Homes of North Carolina), VRDN, AMT,     
 Project), VRDN, AMT, 0.70%, 4/07/09 (a)    2,000  2,000,000   0.85%, 4/07/09 (a)  1,800  1,800,000 
Mecklenburg County, North Carolina, GO, VRDN, Series C,      South Central Water and Sewer District, Harnett County,     
 0.55%, 4/07/09 (a)    600  600,000   North Carolina, GO, BAN, 1.75%, 6/16/09  7,000  7,006,604 
North Carolina Agriculture Finance Authority, Agriculture        Stanley County, North Carolina, Industrial Facilities and     
 Development Revenue Bonds (Albemarle Cotton         Pollution Control Financing Authority, IDR (Patrick     
 Growers), VRDN, AMT, 0.67%, 4/07/09 (a)    1,900  1,900,000   Industries Project), VRDN, AMT, 1.65%, 4/07/09 (a)  1,000  1,000,000 
North Carolina Agriculture Finance Authority, Agriculture        University of North Carolina at Chapel Hill, Hospital     
 Development Revenue Refunding Bonds (Harvey Fertilizer       Revenue Refunding Bonds, VRDN, Series B,     
 and Gas Project), VRDN, AMT, 0.72%, 4/07/09 (a)    1,010  1,010,000   0.35%, 4/07/09 (a)  985  985,000 
North Carolina Capital Facilities Finance Agency, IDR,        University of North Carolina, University Revenue Refunding     
 Refunding (Safety Test and Equipment Company Project),       Bonds, VRDN, Series B, 0.20%, 4/07/09 (a)  3,155  3,155,000 
 VRDN, AMT, Series A-2, 0.62%, 4/07/09 (a)    1,495  1,495,000  Vance County, North Carolina, Industrial Facilities and     
North Carolina Capital Facilities Finance Agency, Solid         Pollution Control Financing Authority, IDR (HH Hunt     
 Waste Disposal, Revenue Refunding Bonds (Duke Energy       Manufacturing Facilities LLC Project), VRDN,     
 Carolinas LLC), VRDN, AMT, Series A, 0.48%, 4/07/09 (a)  5,300  5,300,000   0.72%, 4/07/09 (a)  1,740  1,740,000 
North Carolina Capital Facilities Finance Agency, TECP,        Wake County, North Carolina, GO:     
 0.40%, 4/01/09    2,792  2,792,000       BAN, 3.50%, 10/15/09  5,500  5,552,806 
North Carolina Educational Facilities Finance Agency             VRDN, Series A, 0.44%, 4/07/09 (a)  6,000  6,000,000 
 Revenue Bonds (Duke University Project), VRDN (a):        Wilson County, North Carolina, Industrial Facilities and     
     Series A, 0.20%, 4/07/09    500  500,000   Pollution Control Financing Authority, IDR (Supreme/     
     Series A, 0.20%, 4/07/09    1,100  1,100,000   Murphy Truck Project), VRDN, AMT, 1.65%, 4/07/09 (a)  1,300  1,300,000 
     Series B, 0.20%, 4/07/09    1,450  1,450,000  Winston-Salem, North Carolina, COP, VRDN, Series C,     
North Carolina HFA, Home Ownership Revenue Bonds,         1.10%, 4/07/09 (a)  7,000  7,000,000 
 VRDN, AMT (a):        Winston-Salem, North Carolina, Water and Sewer System     
     MERLOTS, Series 12-B, 0.65%, 4/07/09 (b)(d)    5,640  5,640,000   Revenue Bonds, VRDN, Series B, 1.50%, 4/07/09 (a)  2,300  2,300,000 
     Series 15-C, 0.58%, 4/07/09 (c)    3,515  3,515,000  Winston-Salem, North Carolina, Water and Sewer     
     Series 17-C, 0.58%, 4/07/09    7,125  7,125,000   System, Revenue Refunding Bonds, VRDN, Series C,     
     Series 18-C, 0.58%, 4/07/09    7,800  7,800,000   2%, 4/07/09 (a)  1,975  1,975,000 
North Carolina HFA, Revenue Bonds, ROCS, VRDN, AMT,        Yancey County, North Carolina, Industrial Facilities and     
 Series II-R-175, 0.68%, 4/07/09 (a)(b)(d)    2,425  2,425,000   Pollution Control Financing Authority, IDR (Altec     
         Industries, Inc. Project), VRDN, AMT, 0.70%, 4/07/09 (a)  4,000  4,000,000 
            177,159,597 
 
See Notes to Financial Statements.             

CMA MULTI-STATE MUNICIPAL SERIES TRUST

MARCH 31, 2009

29

Schedule of Investments (concluded)  CMA North Carolina Municipal Money Fund 
      (Percentages shown are based on Net Assets) 
  Par     
Municipal Bonds  (000)  Value   
 
Puerto Rico — 4.2%       
 
Puerto Rico Commonwealth, TRAN, Refunding, Series A2,       
 3%, 7/30/09  $ 6,000 $  6,026,676   
Puerto Rico Sales Tax Financing Corporation, Sales Tax       
 Revenue Refunding Bonds, FLOATS, VRDN, Series 2936,       
 0.69%, 4/07/09 (a)(b)(d)  2,000  2,000,000   
    8,026,676   
Total Investments (Cost — $185,186,273*) — 97.3%    185,186,273   
Other Assets Less Liabilities — 2.7%    5,131,719   
Net Assets — 100.0%  $  190,317,992   

* Cost for federal income tax purposes.
(a) Rate shown is as of report date and maturity shown is the final maturity date or the
date the principal owed can be recovered through demand.
(b) These securities are short-term floating rate certificates issued by tender option
bond trusts and are secured by the underlying municipal bond securities.
(c) FSA Insured.
(d) Security exempt from registration under Rule 144A of the Securities Act of 1933.
These securities may be resold in transactions exempt from registration to qualified
institutional investors.
•Effective April 1, 2008, the Fund adopted Financial Accounting Standards Board
Statement of Financial Accounting Standards No. 157, “Fair Value Measurements”
(“FAS 157”). FAS 157 clarifies the definition of fair value, establishes a framework
for measuring fair values and requires additional disclosures about the use of fair
value measurements. Various inputs are used in determining the fair value of invest-
ments, which are as follows:
•Level 1 — price quotations in active markets/exchanges for identical securities
•Level 2 — other observable inputs (including, but not limited to: quoted prices for
similar assets or liabilities in markets that are active, quoted prices for identical
or similar assets in markets that are not active, inputs other than quoted prices
that are observable for the assets or liabilities (such as interest rates, yield
curves, volatilities, prepayment speeds, loss severities, credit risks and default
rates) or other market-corroborated inputs)
•Level 3 — unobservable inputs based on the best information available in the
circumstance, to the extent observable inputs are not available (including the
Fund’s own assumptions used in determining the fair value of investments)
The inputs or methodology used for valuing securities are not necessarily an indica-
tion of the risk associated with investing in those securities. For information about
the Fund’s policy regarding valuation of investments and other significant accounting
policies, please refer to Note 1 of the Notes to Financial Statements.
The following table summarizes the inputs used as of March 31, 2009 in determin-
ing the fair valuation of the Fund’s investments:

Valuation  Investments in 
Inputs  Securities 
  Assets 
Level 1  — 
Level 2  $185,186,273 
Level 3  — 
Total  $185,186,273 

See Notes to Financial Statements.

30 CMA MULTI-STATE MUNICIPAL SERIES TRUST

MARCH 31, 2009

Schedule of Investments March 31, 2009    CMA Ohio Municipal Money Fund 
          (Percentages shown are based on Net Assets) 
  Par          Par   
Municipal Bonds  (000)    Value  Municipal Bonds    (000)  Value 
 
     Ohio — 98.5%             Ohio (continued)       
 
Akron, Bath and Copley Joint Township Hospital District,        Columbus, Ohio, Regional Airport Authority, Revenue     
 Ohio, Hospital Facilities Revenue Refunding Bonds,         Refunding Bonds, Deutsche Bank SPEARS/     
 (Summa Health System Project), VRDN, Series B,         LIFERS Trust, SPEARS, VRDN, Series DB-488,     
 0.51%, 4/07/09 (a)  $ 940    $ 940,000   0.49%, 4/07/09 (a)(c)(k)  $   1,400   $ 1,400,000 
Allen County, Ohio, Hospital Facilities Revenue Bonds        Cuyahoga County, Ohio, Civic Facility Revenue     
 (Catholic Healthcare Partners), VRDN (a):         Bonds (Fairfax Development Corporation), VRDN,     
     Series A, 0.25%, 4/01/09  6,900    6,900,000   0.85%, 4/07/09 (a)    3,920  3,920,000 
     Series B, 0.50%, 4/01/09  1,000    1,000,000  Cuyahoga County, Ohio, EDR, VRDN (a):     
American Municipal Power, Inc., Ohio, BAN:             (Cleveland Botanical Garden Project),     
     2.25%, 10/29/09  2,700    2,703,894       1.49%, 4/07/09    3,000  3,000,000 
     3.75%, 10/29/09  1,338    1,339,451       (Cleveland Hearing and Speech Center Project),     
     3.75%, 11/12/09  2,320    2,323,529       0.99%, 4/07/09    3,400  3,400,000 
     (Bryan Project), 2.375%, 8/13/09  2,690    2,691,721  Cuyahoga County, Ohio, Health Care Facilities Revenue     
     (Electric System — Saint Mary’s Project),         Bonds, VRDN (a):       
     4%, 10/01/09  900    902,220       (Catholic Charities Facilities), 1.69%, 4/07/09  1,615  1,615,000 
     (Tipp City Project), 2.50%, 5/13/09  650    650,190       (Franciscan Communities), Series E, 0.48%, 4/07/09  150  150,000 
American Municipal Power, Inc., Ohio, Revenue        Cuyahoga County, Ohio, IDR, Refunding (Parma Care     
 Refunding Bonds (Combustion Turbine Project), VRDN,         Center Inc. Project), VRDN, AMT, 4%, 4/07/09 (a)  960  960,000 
 0.65%, 4/07/09 (a)  1,800    1,800,000  Cuyahoga County, Ohio, IDR, VRDN (a):     
American Municipal Power, Inc., Ohio, TECP:             (All Foils, Inc. Project), AMT, Series A, 3.14%, 4/07/09  100  100,000 
     0.60%, 4/08/09  10,000    10,000,000       (Erieview Metal Treating Project), 1.35%, 4/07/09  145  145,000 
     0.45%, 5/05/09  9,301    9,301,000       (Trio Diversified Company Project), AMT,     
Avon, Ohio, Local School District, GO, BAN,             1.35%, 4/07/09    885  885,000 
 2.50%, 1/07/10  1,720    1,733,741  Deerfield Township, Ohio, GO, Refunding, BAN,     
Avon, Ohio, Recreational Facilities Improvements, GO,         2.15%, 11/17/09    2,100  2,100,000 
 BAN, 2.35%, 5/14/09  1,230    1,230,516  Defiance County, Ohio, GO, BAN, 2.50%, 7/23/09  1,040  1,041,720 
Barberton, Ohio, Fire Station Improvements, GO, BAN,        Delaware County, Ohio, Port Authority, EDR (Columbus     
 2.75%, 7/07/09  1,610    1,613,390   Zoological Park), VRDN, 0.49%, 4/07/09 (a)  4,000  4,000,000 
Barberton, Ohio, GO, BAN, 2.25%, 4/08/09  1,090    1,090,094  Erie County, Ohio, Hospital Facilities Revenue Bonds,     
Barberton, Ohio, Street Improvements, GO, BAN,         FLOATS, VRDN, Series 2801, 0.54%, 4/07/09 (a)(c)  4,300  4,300,000 
 4%, 11/12/09  460    461,374  Fairborn, Ohio, GO, BAN:       
Bay Village, Ohio, Police Station, BAN, 2.50%, 7/18/09  1,700    1,702,985       2.50%, 5/20/09    700  700,422 
Beavercreek, Ohio, City School District, GO, BAN,             4.25%, 10/29/09    225  225,946 
 2%, 8/18/09  300    300,914  Fairfield, Ohio, Municipal Court Police, GO, BAN,     
Berea, Ohio, BAN:         3.50%, 10/30/09    1,065  1,066,508 
     2.50%, 7/02/09  875    875,872  Fairfield, Ohio, Wastewater System Improvements, GO,     
     2.10%, 8/27/09  900    900,900   BAN, 2.25%, 8/28/09    1,500  1,503,029 
Brecksville, Ohio, BAN, 2.35%, 7/02/09  1,800    1,801,119  Fulton County, Ohio, Revenue Refunding Bonds (Fulton     
Brooklyn, Ohio, GO, BAN, 3.25%, 5/14/09  450    450,450   County Health Center), VRDN, 0.45%, 4/07/09 (a)  1,000  1,000,000 
Brunswick, Ohio, Traffic Improvement, GO, BAN,        Franklin County, Ohio, Hospital Revenue Bonds     
 2.85%, 11/19/09  900    901,400   (Nationwide Children’s Hospital), VRDN, Series B,     
Butler County, Ohio, GO, BAN, 4.25%, 8/06/09  600    601,533   0.20%, 4/07/09 (a)    13,900  13,900,000 
Butler County, Ohio, Healthcare Facilities Revenue Bonds        Franklin County, Ohio, Hospital Revenue Refunding Bonds     
 (LifeSphere), VRDN, 0.48%, 4/07/09 (a)  9,725    9,725,000   (Nationwide Children’s Hospital), VRDN (a):     
Butler County, Ohio, Technology and Career Development             Series F, 0.47%, 4/07/09    7,000  7,000,000 
 School District, GO, Refunding, BAN, 1.50%, 3/18/10  4,600    4,624,154       Series G, 0.40%, 4/07/09    13,705  13,705,000 
Chillicothe, Ohio, Street Improvements, GO, BAN,        Franklin County, Ohio, Senior Housing Revenue Bonds     
 2.50%, 6/08/09  700    700,660   (Saint George Commons Apartments), VRDN,     
Cincinnati, Ohio, City School District, COP, ROCS, VRDN,         0.65%, 4/07/09 (a)(d)    2,385  2,385,000 
 Series II-R-12049, 1.30%, 4/07/09 (a)(b)(c)  1,000    1,000,000  Greene County, Ohio, IDR (FC Limited/AFC Stamping),     
Cleveland, Ohio, Airport System Revenue Refunding         VRDN, AMT, 1.35%, 4/07/09 (a)    75  75,000 
 Bonds, VRDN, AMT, Series A, 0.55%, 4/07/09 (a)  2,000    2,000,000  Green, Ohio, GO, BAN, 2.75%, 7/14/09  2,977  2,984,136 
Cleveland, Ohio, Water District, Eagle Tax-Exempt        Hamilton County, Ohio, Hospital Facilities Revenue Bonds     
 Trust, VRDN, Series 98, Class 3501,         (Children’s Hospital Medical Center), VRDN (a):     
 0.82%, 4/07/09 (a)(c)(f)(k)  4,000    4,000,000       0.47%, 4/07/09    5,000  5,000,000 
Cleveland, Ohio, Waterworks Revenue Refunding Bonds,             Series M, 0.38%, 4/07/09    2,100  2,100,000 
 VRDN, Series Q, 0.55%, 4/07/09 (a)  2,300    2,300,000  Huber Heights, Ohio, City School District, GO, BAN,     
Columbus, Ohio, City School District, GO,         2%, 8/18/09    2,200  2,207,181 
 Refunding, PUTTERS, VRDN, Series 1488,        Huber Heights, Ohio, IDR (Lasermike Inc. Project), VRDN,     
 0.84%, 4/07/09 (a)(b)(c)  2,430    2,430,000   1.25%, 4/07/09 (a)    460  460,000 
Columbus, Ohio, Regional Airport Authority, M/F Housing        Independence, Ohio, EDR, Refunding (Rockside Spectrum     
 Revenue Refunding Bonds (West Bay Apartments         Building), VRDN, 0.66%, 4/07/09 (a)  1,945  1,945,000 
 Project), VRDN, AMT, 0.80%, 4/07/09 (a)  7,975    7,975,000         
 
 
 
 
See Notes to Financial Statements.               

CMA MULTI-STATE MUNICIPAL SERIES TRUST

MARCH 31, 2009

31

Schedule of Investments (continued)  CMA Ohio Municipal Money Fund 
        (Percentages shown are based on Net Assets) 
    Par      Par   
Municipal Bonds    (000)  Value  Municipal Bonds  (000)  Value 
 
     Ohio (continued)             Ohio (continued)     
 
Independence, Ohio, GO, BAN, 2.10%, 4/30/09  $   2,900 $ 2,900,700  Ohio State Higher Educational Facilities Commission,     
Kent, Ohio, GO, BAN, 3.75%, 10/15/09    700  701,652   Hospital Revenue Refunding Bonds (Cleveland Clinic     
Lake County, Ohio, GO, BAN, 2%, 4/08/10    700  703,437   Health System), VRDN, Series B-2, 0.30%, 4/01/09 (a) $  5,050  $ 5,050,000 
Lancaster, Ohio, Street Improvements, GO, BAN,        Ohio State Higher Educational Facilities Commission     
 3.50%, 10/15/09    600  601,580   Revenue Bonds, (Ashland University), VRDN,     
Lancaster Port Authority, Ohio, Gas Revenue Bonds,         1.30%, 4/07/09 (a)  14,200  14,200,000 
 VRDN, 0.46%, 4/07/09 (a)    14,880  14,880,000  Ohio State Higher Educational Facilities Commission     
Lebanon, Ohio, Water System Improvement, GO, BAN,         Revenue Bonds, Eagle Tax-Exempt Trust, VRDN, Series     
 2.125%, 4/07/10    2,800  2,815,792   2007-0041 Class A, 0.83%, 4/07/09 (a)(c)(f)(g)  2,100  2,100,000 
Licking County, Ohio, GO, Refunding, BAN,        Ohio State Higher Educational Facilities Commission     
 2.50%, 9/01/09    1,200  1,202,980   Revenue Bonds, VRDN, (University Hospitals Health     
Lima, Ohio, Hospital Revenue Bonds (Lima Memorial         System, Inc. Project), Series C, 0.38%, 4/07/09 (a)  8,600  8,600,000 
 Hospital Project), VRDN, 0.45%, 4/07/09 (a)    2,700  2,700,000  Ohio State Higher Educational Facilities Commission,     
Lorain County, Ohio, Port Authority, Educational Facilities       Revenue Refunding Bonds (Case Western Reserve     
 Revenue Bonds (Saint Ignatius High School Project),         University), VRDN, Series A, 0.65%, 4/07/09 (a)  6,650  6,650,000 
 VRDN, 0.50%, 4/07/09 (a)    1,630  1,630,000  Ohio State IDR (University Forest Products Project), VRDN,     
Mahoning County, Ohio, IDR, VRDN, AMT (a):         AMT, 0.72%, 4/07/09 (a)  2,700  2,700,000 
     (Industrial Waste Control Project), 1.35%, 4/07/09  1,290  1,290,000  Ohio State, Infrastructure Improvement, GO, VRDN,     
     (M&J Development Limited Project), 1.25%, 4/07/09  2,270  2,270,000   Series B, 0.20%, 4/07/09 (a)  1,200  1,200,000 
Marion County, Ohio, GO, BAN:        Ohio State Water Development Authority, BAN, Refunding,     
     (Legacy Crossing), 2.25%, 4/29/09    945  945,331   4%, 10/01/09  2,350  2,369,170 
     (Menard Capital Improvement), 3.875%, 10/21/09  490  491,656  Ohio State Water Development Authority, Pollution Control     
Mason, Ohio, Golf Course Acquisition, GO, Refunding,         Facilities, Revenue Refunding Bonds (FirstEnergy     
 BAN, 1.50%, 3/11/10    1,150  1,158,088   Nuclear Generation Corporation Project), VRDN, AMT,     
Mason, Ohio, Real Estate, GO, BAN, 2.75%, 7/01/09    3,100  3,106,511   Series A, 0.57%, 4/07/09 (a)  4,000  4,000,000 
Medina County, Ohio, IDR (Partners in Plastics Project),      Oregon, Ohio, GO, BAN, 2.50%, 9/09/09  650  648,610 
 VRDN, AMT, 1.35%, 4/07/09 (a)    450  450,000  Painesville, Ohio, GO, BAN, Series 2, 4.40%, 11/05/09  660  665,381 
Mentor, Ohio, GO, BAN, 2.75%, 8/06/09    1,860  1,866,083  Painesville, Ohio, Street Improvements, GO, BAN,     
Montgomery County, Ohio, IDR (Citywide Development         2.35%, 8/13/09  1,650  1,652,393 
 Corporation Project), VRDN, AMT, 1.80%, 4/07/09 (a)  950  950,000  Pepper Pike, Ohio, BAN, 1.95%, 6/17/09  2,655  2,656,123 
Muskingum County, Ohio, GO, BAN, 2.375%, 9/24/09    800  801,614  Pickerington, Ohio, GO, Refunding, BAN, 2%, 2/04/10  5,939  5,978,848 
Nordonia Hills, Ohio, City School District, GO, BAN,        Portage County, Ohio, Industrial Revenue Bonds (John E.     
 2.375%, 6/23/09    200  200,515   Susong Project), VRDN, Series B, 1.35%,4/07/09 (a)  545  545,000 
North Olmsted, Ohio, Capital Improvement and        Portage County, Ohio, Industrial Revenue Refunding     
 Equipment, GO, BAN:         Bonds, VRDN (a):     
     2.35%, 4/02/09    1,820  1,820,019       (John E. Susong Project), Series A, 1.35%, 4/07/09  360  360,000 
     2%, 4/01/10    1,110  1,113,807       (PM Properties One Ltd.), AMT, 3.05%, 4/07/09  880  880,000 
Ohio State Air Quality Development Authority, Revenue        Port of Greater Cincinnati Development Authority,     
 Refunding Bonds, VRDN (a):         Ohio, Special Obligation Development Revenue     
     (Cincinnati Gas and Electric), Series A,         Bonds (Sycamore Township), VRDN, Series A,     
     0.75%, 4/07/09    2,100  2,100,000   0.47%, 4/07/09 (a)  3,000  3,000,000 
     (Cincinnati Gas and Electric), Series B,        Rickenbacker, Ohio, Port Authority, Capital Funding     
     2.50%, 4/07/09    2,100  2,100,000   Revenue Bonds, ROCS, VRDN, Series II-R-591CE,     
     (Dayton Power and Light Project), AMT, Series A,         0.84%, 4/07/09 (a)(c)  11,320  11,320,000 
     0.48%, 4/07/09    600  600,000  Saint Mary’s, Ohio, GO, BAN, 2.55%, 6/02/09  449  449,189 
     (Dayton Power and Light Project), AMT, Series B,        Seneca County, Ohio, Capital Improvements, GO, BAN,     
     0.55%, 4/07/09    8,300  8,300,000   4%, 11/12/09  460  461,374 
Ohio State Air Quality Development Authority, Revenue        Seven Hills, Ohio, Recreation Center Improvements, GO,     
 Refunding Bonds, VRDN (a) (concluded):         BAN, 2.30%, 8/19/09  2,020  2,023,059 
     (FirstEnergy Nuclear Generation Corporation Project),      Sharonville, Ohio, GO, BAN:     
     AMT, Series A, 0.51%, 4/07/09    5,950  5,950,000       2.75%, 7/24/09  960  961,923 
     (FirstEnergy Nuclear Generation Corporation Project),           2%, 1/20/10  1,950  1,957,760 
     Series B, 0.25%, 4/01/09    18,500  18,500,000  Sidney, Ohio, GO, BAN, 2.75%, 6/25/09  1,146  1,147,717 
Ohio State, HFA, Mortgage Revenue Refunding        South Euclid, Ohio, GO, Refunding, BAN, 2.50%, 1/25/10  1,400  1,417,088 
 Bonds, MERLOTS, VRDN, AMT, Series A02,        Stark County, Ohio, Sewer District, GO, BAN:     
 0.65%, 4/07/09 (a)(c)(i)    2,815  2,815,000       Series 2008-1, 2.65%, 9/10/09  2,000  2,000,000 
Ohio State, HFA, Residential Mortgage Revenue Bonds,             Series 2008-2, 2.40%, 9/10/09  1,285  1,287,532 
 VRDN (a):        Summit County, Ohio, Exempt Facility Revenue Bonds     
     AMT, Series B, 0.50%, 4/07/09 (d)(i)    25,000  25,000,000   (KB Compost Services Inc. Project), VRDN, AMT,     
     AMT, Series B-3, 0.50%, 4/07/09    1,955  1,955,000   1.35%, 4/07/09 (a)  950  950,000 
     AMT, Series H, 0.58%, 4/07/09 (d)(i)(j)    3,700  3,700,000  Summit County, Ohio, IDR (Waldonia Investment Project),     
     AMT, Series I, 0.63%, 4/07/09    400  400,000   VRDN, AMT, 1.35%, 4/07/09 (a)  220  220,000 
     AMT, Series J, 0.59%, 4/07/09 (d)(i)    15,000  15,000,000  Summit County, Ohio, Port Authority Revenue Bonds     
     ROCS, Series II-R-11575, 0.55%, 4/07/09 (c)(d)(i)(j)  6,500  6,500,000   (Compost Services, Inc. Project), VRDN, AMT,     
         1.25%, 4/07/09 (a)  3,625  3,625,000 
        Sylvania Township, Ohio, GO, BAN, 1.25%, 3/26/10  700  703,908 
 
See Notes to Financial Statements.             

32 CMA MULTI-STATE MUNICIPAL SERIES TRUST

MARCH 31, 2009

Schedule of Investments (concluded) CMA Ohio Municipal Money Fund
(Percentages shown are based on Net Assets)

    Par   
Municipal Bonds    (000)  Value 
 
     Ohio (concluded)       
 
Trumbull County, Ohio, Health Care Facility, Revenue       
 Refunding Bonds (Shepherd of the Valley Lutheran       
 Retirement Services), VRDN, 0.54%, 4/07/09 (a)(h)  $  10,900 $  10,900,000 
Trumbull County, Ohio, IDR (Ellwood Engineered Casting     
 Company), Refunding, VRDN, AMT, 1.05%, 4/07/09 (a)  3,500  3,500,000 
Trumbull County, Ohio, IDR (McDonald Steel Corporation),     
 VRDN, AMT, 1.05%, 4/07/09 (a)    4,650  4,650,000 
Upper Valley Joint Vocational School District, Ohio, GO,       
 BAN, 3.75%, 11/24/09    470  473,131 
Valley View, Ohio, IDR, Refunding and Improvement Bonds     
 (Sweet Valley Dillon), VRDN, 1.35%, 4/07/09 (a)    380  380,000 
Vandalia-Butler City School District, Ohio, GO, BAN,       
 2.125%, 6/04/09    11,975  11,993,681 
Vermilion, Ohio, GO, BAN, 2.50%, 7/23/09    2,746  2,751,079 
Wadsworth, Ohio, City School District, GO, BAN,       
 2.125%, 7/01/09    500  501,098 
Wapakoneta, Ohio, GO, BAN, 3%, 12/03/09    400  401,053 
Willoughby, Ohio, IDR (Malish Brush and Specialty),       
 VRDN, AMT, 3.15%, 4/07/09 (a)    140  140,000 
Wyoming, Ohio, GO, BAN, 2.25%, 9/03/09    550  550,922 
University of Akron, Ohio, Revenue Refunding Bonds,       
 VRDN, Series C-2, 2.75%, 4/07/09 (a)(e)    19,000  19,000,000 
      456,785,853 
 
 
     Puerto Rico — 2.2%       
 
Puerto Rico Commonwealth, Public Improvement, GO,       
 Refunding, Bank of America Austin Trust, VRDN, Series     
 2008-355, 0.54%, 4/07/09 (a)(c)    10,000  10,000,000 
Total Investments (Cost — $466,785,853*) — 100.7%    466,785,853 
Liabilities in Excess of Other Assets — (0.7%)      (3,183,401) 
Net Assets — 100.0%    $  463,602,452 

* The cost and unrealized appreciation (depreciation) of investments as of April 30,
2009 were as follows:

Aggregate cost  $  466,784,351 
Gross unrealized appreciation  $  1,502 
Gross unrealized depreciation    — 
Net unrealized appreciation  $  1,502 

(a) Rate shown is as of report date and maturity shown is the final maturity date or the
date the principal owed can be recovered through demand.
(b) FSA Insured.
(c) These securities are short-term floating rate certificates issued by tender option
bond trusts and are secured by the underlying municipal bond securities.
(d) FNMA Collateralized.
(e) Assured Guaranty Insured.
(f) BHAC Insured.
(g) AMBAC Insured.
(h) Radian Insured.
(i) GNMA Collateralized.
(j) FHLMC Collateralized.
(k) NPFGC Insured.

•Effective April 1, 2008, the Fund adopted Financial Accounting Standards Board
Statement of Financial Accounting Standards No. 157, “Fair Value Measurements”
(“FAS 157”). FAS 157 clarifies the definition of fair value, establishes a framework
for measuring fair values and requires additional disclosures about the use of fair
value measurements. Various inputs are used in determining the fair value of invest-
ments, which are as follows:
•Level 1 — price quotations in active markets/exchanges for identical securities
•Level 2 — other observable inputs (including, but not limited to: quoted prices for
similar assets or liabilities in markets that are active, quoted prices for identical
or similar assets in markets that are not active, inputs other than quoted prices
that are observable for the assets or liabilities (such as interest rates, yield
curves, volatilities, prepayment speeds, loss severities, credit risks and default
rates) or other market-corroborated inputs)
•Level 3 — unobservable inputs based on the best information available in the
circumstance, to the extent observable inputs are not available (including the
Fund’s own assumptions used in determining the fair value of investments)
The inputs or methodology used for valuing securities are not necessarily an indica-
tion of the risk associated with investing in those securities. For information about
the Fund’s policy regarding valuation of investments and other significant accounting
policies, please refer to Note 1 of the Notes to Financial Statements.
The following table summarizes the inputs used as of March 31, 2009 in determin-
ing the fair valuation of the Fund’s investments:

Valuation  Investments in 
Inputs  Securities 
  Assets 
Level 1  — 
Level 2  $466,785,853 
Level 3  — 
Total  $466,785,853 

See Notes to Financial Statements.

CMA MULTI-STATE MUNICIPAL SERIES TRUST

MARCH 31, 2009

33

Schedule of Investments March 31, 2009  CMA Pennsylvania Municipal Money Fund 
        (Percentages shown are based on Net Assets) 
    Par        Par   
Municipal Bonds    (000)  Value  Municipal Bonds    (000)  Value 
 
     Pennsylvania — 98.0%             Pennsylvania (continued)       
 
Allegheny County, Pennsylvania, Hospital Development        Lower Merion, Pennsylvania, School District, GO, VRDN (a):     
 Authority, Health Care Revenue Bonds (Dialysis             Series A, 0.43%, 4/07/09  $   2,400  $ 2,400,000 
 Clinic, Inc.), VRDN, Series B, 0.55%, 4/07/09 (a)  $   1,500 $ 1,500,000       Series B, 0.43%, 4/07/09    2,000  2,000,000 
Allegheny County, Pennsylvania, Hospital Development        Montgomery County, Pennsylvania, IDA, Revenue Bonds,     
 Authority Revenue Bonds (Presbyterian University         VRDN (a):       
 Hospital), ACES, VRDN (a):             (Big Little Association Project), Series A,       
     Series B-1, 0.40%, 4/07/09    12,025  12,025,000       0.62%, 4/07/09    1,090  1,090,000 
     Series B-2, 0.40%, 4/07/09    2,450  2,450,000       (Edmund Optical Manufacturing LLC Project), AMT,     
     Series B-3, 0.40%, 4/07/09    2,245  2,245,000       0.72%, 4/07/09    2,090  2,090,000 
Allegheny County, Pennsylvania, Hospital Development             (Girl Scouts of Southeastern Pennsylvania),       
 Authority Revenue Bonds, RBC Municipal Products, Inc.,           0.62%, 4/07/09    850  850,000 
 FLOATS, VRDN (a)(b)(d):             (Independent Support System Project),       
     Series C-5, 0.57%, 4/07/09    7,000  7,000,000       0.62%, 4/07/09    410  410,000 
     Series E-11, 0.57%, 4/07/09    4,600  4,600,000       (Valley Forge Baptist), 0.62%, 4/07/09    1,785  1,785,000 
Berks County, Pennsylvania, Municipal Authority Revenue      Moon, Pennsylvania, IDA, First Mortgage Revenue Bonds     
 Bonds, RBC Municipal Products, Inc., FLOATS, VRDN,         (Providence Point Project), VRDN, 0.75%, 4/07/09 (a)  4,000  4,000,000 
 Series C-13, 0.57%, 4/07/09 (a)(b)(d)    4,600  4,600,000  Northampton County, Pennsylvania, General Purpose     
Bucks County, Pennsylvania, IDA, Revenue Bonds (Specialty       Authority, University Revenue Bonds (Lafayette College     
 Ring Products Inc.), VRDN, AMT, 0.72%, 4/07/09 (a)  150  150,000   Project), VRDN, 0.30%, 4/07/09 (a)    1,800  1,800,000 
Butler County Pennsylvania Industrial Development        Northampton County, Pennsylvania, IDA, Revenue Bonds,     
 Authority Revenue Bond, Concordia Lutheran-Series A,         VRDN, AMT (a):       
 VDRN, 0.48%, 4/07/09 (a)    6,000  6,000,000       (DG Properties Inc. Project), 0.72%, 4/07/09  2,705  2,705,000 
Carbondale, Pennsylvania, IDA, IDR (J.M. Wells             (Libra Partners LLC Project), 0.72%, 4/07/09  4,805  4,805,000 
 Company LP Project), VRDN, AMT, 1.35%, 4/07/09 (a)  1,115  1,115,000       (Nicos Polymers & Grinding), 0.72%, 4/07/09  1,645  1,645,000 
Chester County, Pennsylvania, IDA, Revenue Bonds, VRDN,           (Reale Association Project), 0.67%, 4/07/09  1,040  1,040,000 
 AMT (a):        Pennsylvania Economic Development Financing Authority,     
     (The Hankin Group), Series A, 0.72%, 4/07/09    2,025  2,025,000   Exempt Facilities Revenue Bonds (Merck & Co. Inc.     
     (West Vincent Association), Series B, 0.72%, 4/07/09  2,205  2,205,000   Project), VRDN, AMT, 0.61%, 4/07/09 (a)    21,100  21,100,000 
Cumberland County, Pennsylvania, Municipal Authority,        Pennsylvania Economic Development Financing Authority     
 Revenue Refunding Bonds (Asbury Obligated Group),       Revenue Bonds, VRDN (a):       
 VRDN, 0.48%, 4/07/09 (a)    9,875  9,875,000       (Conestoga Wood Specialists), Series C-1,       
Delaware River Joint Toll Bridge Commission of New Jersey           0.72%, 4/07/09    1,000  1,000,000 
 and Pennsylvania, Bridge Revenue Bonds, VRDN (a):             (Evergreen Community Power Facility Project), AMT,     
     Series B-1, 1.30%, 4/07/09    3,000  3,000,000       0.69%, 4/07/09    8,500  8,500,000 
     Series B-2, 2%, 4/07/09    17,000  17,000,000       (NHS-AVS LLC Project), 0.62%, 4/01/09    33,200  33,200,000 
Delaware Valley Regional Finance Authority, Pennsylvania,           (Pennsylvania Waste, Inc. Project), AMT, 0.64%, 4/07/09  4,500  4,500,000 
 Local Government Revenue Bonds, FLOATS, VRDN,             (Westrum Harleysville II Project), AMT, 0.75%, 4/07/09  3,000  3,000,000 
 Series 2933, 0.69%, 4/07/09 (a)(b)    16,920  16,920,000  Pennsylvania Economic Development Financing Authority,     
Emmaus, Pennsylvania, General Authority Revenue Bonds,       Solid Waste Disposal Revenue Bonds, Bank of       
 VRDN, Series A, 0.47%, 4/07/09 (a)    5,000  5,000,000   America Macon Trust, VRDN, AMT, Series V,       
Emmaus, Pennsylvania, General Authority, Revenue         0.79%, 4/07/09 (a)(b)    8,300  8,300,000 
 Refunding Bonds, VRDN, Series 89F, Sub-Series F24,      Pennsylvania HFA, Rental Housing Revenue Refunding     
 0.42%, 4/07/09 (a)    3,000  3,000,000   Bonds, VRDN (a):       
Erie County, Pennsylvania, Hospital Authority, Hospital             Series B, 0.55%, 4/07/09    2,765  2,765,000 
 Facilities Revenue Bonds (Saint Mary’s Home of Erie             Series C, 0.55%, 4/07/09    1,425  1,425,000 
 Project), VRDN, Series A, 0.52%, 4/07/09 (a)    8,800  8,800,000       Series D, 0.55%, 4/07/09    5,355  5,355,000 
Hampden, Pennsylvania, IDA, Revenue Refunding Bonds      Pennsylvania HFA, S/F Mortgage Revenue Bonds,     
 (Pennsylvania Pipe Inc.), VRDN, AMT, 0.72%, 4/07/09 (a)  2,235  2,235,000   JPMorgan Securities, Inc., PUTTERS, VRDN, AMT, Series     
Haverford Township, Pennsylvania, School district, GO,         3297, 0.65%, 4/07/09 (a)(b)(d)    1,000  1,000,000 
 Refunding, VRDN, 0.47%, 4/07/09 (a)    1,700  1,700,000  Pennsylvania HFA, S/F Mortgage Revenue Bonds, VRDN,     
Indiana County, Pennsylvania, IDA, PCR, Refunding         AMT (a):       
 (Conemaugh Project), VRDN, AMT, Series A,             Series 83B, 0.80%, 4/07/09    6,275  6,275,000 
 0.55%, 4/07/09 (a)    9,850  9,850,000       Series 83C, 0.80%, 4/07/09    7,750  7,750,000 
Jackson Township, Pennsylvania, IDA, Revenue Bonds             Series 85B, 0.75%, 4/07/09    2,530  2,530,000 
 (V&S Lebanon Galvanizing Project), VRDN, AMT,        Pennsylvania HFA, S/F Mortgage Revenue Refunding     
 1.55%, 4/07/09 (a)    2,090  2,090,000   Bonds, VRDN, AMT (a):       
Lancaster County, Pennsylvania, Hospital Authority,             Series 84C, 2.75%, 4/07/09    4,365  4,365,000 
 Revenue Refunding Bonds (Masonic Homes Project),           Series 84D, 2.75%, 4/07/09    4,500  4,500,000 
 VRDN (a):             Series 99C, 2.75%, 4/07/09    7,500  7,500,000 
     Series A, 0.35%, 4/01/09    1,500  1,500,000  Pennsylvania State, GO:       
     Series D, 0.35%, 4/01/09    3,000  3,000,000       FLOATS, VRDN, Series 2720, 0.54%, 4/07/09 (a)(b)  5,000  5,000,000 
             ROCS, VRDN, Series II-R-11056,       
             0.60%, 4/07/09 (a)(b)(d)    1,700  1,700,000 
             Second Series, 5%, 9/15/09    2,050  2,081,889 
 
 
 
See Notes to Financial Statements.               

34 CMA MULTI-STATE MUNICIPAL SERIES TRUST

MARCH 31, 2009

Schedule of Investments (concluded) CMA Pennsylvania Municipal Money Fund
(Percentages shown are based on Net Assets)

  Par   
Municipal Bonds  (000)  Value 
 
     Pennsylvania (continued)     
 
Pennsylvania State, GO, Clipper Tax-Exempt Certificates     
 Trust, VRDN, Series 2007-30, 0.64%, 4/07/09 (a)(b) $  7,300   $ 7,300,000 
Pennsylvania State, GO, JPMorgan Securities, Inc.,     
 PUTTERS, VRDN, Series 3250, 0.45%, 4/07/09 (a)(b)  1,695  1,695,000 
Pennsylvania State Higher Educational Facilities Authority     
 Revenue Bonds (Holy Family University Project, VRDN,     
 0.47%, 4/07/09 (a)  1,500  1,500,000 
Pennsylvania State Turnpike Commission, Turnpike     
 Revenue Refunding Bonds, VRDN (a):     
     Series A-1, 0.50%, 4/07/09  20,600  20,600,000 
     Series A-2, 0.50%, 4/07/09  22,000  22,000,000 
     Series A-3, 0.50%, 4/07/09  30,910  30,910,000 
     Series A-3, 0.50%, 4/07/09  10,085  10,085,000 
     Series B, 1.75%, 4/07/09  800  800,000 
     Series U, 2.25%, 4/07/09  1,000  1,000,000 
Pennsylvania State University Revenue Bonds, PUTTERS,     
 VRDN, Series 1971, 0.45%, 4/07/09 (a)(b)  4,330  4,330,000 
Philadelphia, Pennsylvania, Airport Revenue Bonds,     
 Deutsche Bank SPEARS/LIFERS Trust, SPEARS, VRDN,     
 AMT, Series DB-495, 0.52%, 4/07/09 (a)(b)(c)  2,850  2,850,000 
Philadelphia, Pennsylvania, Authority for IDR, Refunding,     
 VRDN (a):     
     (Liberty Lutheran Services Project),     
     0.48%, 4/07/09  15,000  15,000,000 
     Series B, 0.40%, 4/07/09  45,000  45,000,000 
Philadelphia, Pennsylvania, Authority for IDR, VRDN (a):     
     (Chemical Heritage Foundation Project),     
     0.50%, 4/07/09  4,700  4,700,000 
     (Chestnut Hill Academy Project), 0.57%, 4/07/09  3,500  3,500,000 
     (Comhar Inc. Project), 0.57%, 4/07/09  3,770  3,770,000 
     (Girard Estate — Aramark Project), 0.45%, 4/07/09  6,400  6,400,000 
     (Girard Estate Facilities Leasing), 0.45%, 4/07/09  6,700  6,700,000 
     (Henry H. Ottens Manufacturing Project),     
     0.62%, 4/07/09  815  815,000 
     (Interim House West Project), 0.62%, 4/07/09  1,015  1,015,000 
     (Lannett Company Inc. Project), 0.62%, 4/07/09  665  665,000 
Philadelphia, Pennsylvania, Authority for Industrial     
 Development, Educational Facilities Revenue Refunding     
 Bonds (Chestnut Hill College Project), VRDN, Series A,     
 0.50%, 4/07/09 (a)  4,000  4,000,000 
Philadelphia, Pennsylvania, GO, TRAN, Series A,     
 3.50%, 6/30/09  16,500  16,561,236 
Philadelphia, Pennsylvania, Gas Works Revenue Bonds,     
 VRDN, Fifth Series A-2, 0.40%, 4/07/09 (a)  7,400  7,400,000 
Philadelphia, Pennsylvania, Hospitals and Higher     
 Education Facilities Authority, Hospital Revenue     
 Refunding Bonds (Children’s Hospital Project), VRDN (a):     
     Series A, 0.35%, 4/01/09  7,220  7,220,000 
     Series A, 0.35%, 4/01/09  1,500  1,500,000 
     Series B, 0.35%, 4/07/09  6,800  6,800,000 
     Series B, 0.35%, 4/07/09  700  700,000 
Pittsburgh, Pennsylvania, School District, GO, BAN,     
 3.50%, 11/02/09  4,250  4,286,996 
Saint Mary Hospital Authority of Bucks County,     
 Pennsylvania, Revenue Bonds (Catholic Health     
 Initiatives), VRDN, Series C, 0.32%, 4/07/09 (a)  15,150  15,150,000 
Southcentral General Authority, Pennsylvania, Revenue     
 Bonds (Homewood at Hanover Project), VRDN,     
 0.59%, 4/07/09 (a)  5,900  5,900,000 
University of Pittsburgh, Pennsylvania, The Commonwealth     
 System of Higher Education, Revenue Refunding Bonds     
 (University Capital Project), Series B, VRDN, 0.54%,     
 4/07/09 (a)  5,140  5,140,000 

    Par   
Municipal Bonds    (000)  Value 
 
     Pennsylvania (concluded)       
 
Upper Merion, Pennsylvania, General Authority Lease,       
 Revenue Refunding Bonds, VRDN, 0.46%, 4/07/09 (a)  $  500 $  500,000 
Upper Merion, Pennsylvania, Municipal Utility Authority,       
 Revenue Refunding Bonds, VRDN, 0.46%, 4/07/09 (a)    600  600,000 
Venango, Pennsylvania, IDA, TECP:       
     3%, 4/01/09    13,100  13,100,000 
     3%, 4/07/09    3,868  3,868,000 
Washington County, Pennsylvania, Authority Revenue       
 Refunding Bonds (University of Pennsylvania), VRDN,       
 0.20%, 4/07/09 (a)    5,645  5,645,000 
York County, Pennsylvania, IDA, Revenue Bonds (495       
 Leasing Project), VRDN, AMT, 0.72%, 4/07/09 (a)    1,505  1,505,000 
      578,863,121 
 
 
     Puerto Rico — 1.4%       
 
Puerto Rico Commonwealth, TRAN, Refunding, Series A3,       
 3%, 7/30/09    8,000  8,035,568 
Total Investments (Cost — $586,898,689*) — 99.4%      586,898,689 
Other Assets Less Liabilities — 0.6%      3,339,364 
Net Assets — 100.0%    $  590,238,053 

* Cost for federal income tax purposes.
(a) Rate shown is as of report date and maturity shown is the final maturity date or the
date the principal owed can be recovered through demand.
(b) These securities are short-term floating rate certificates issued by tender option
bond trusts and are secured by the underlying municipal bond securities.
(c) FSA Insured.
(d) Security exempt from registration under Rule 144A of the Securities Act of 1933.
These securities may be resold in transactions exempt from registration to qualified
institutional investors.
•Effective April 1, 2008, the Fund adopted Financial Accounting Standards Board
Statement of Financial Accounting Standards No. 157, “Fair Value Measurements”
(“FAS 157”). FAS 157 clarifies the definition of fair value, establishes a framework
for measuring fair values and requires additional disclosures about the use of fair
value measurements. Various inputs are used in determining the fair value of invest-
ments, which are as follows:
•Level 1 — price quotations in active markets/exchanges for identical securities
•Level 2 — other observable inputs (including, but not limited to: quoted prices for
similar assets or liabilities in markets that are active, quoted prices for identical
or similar assets in markets that are not active, inputs other than quoted prices
that are observable for the assets or liabilities (such as interest rates, yield
curves, volatilities, prepayment speeds, loss severities, credit risks and default
rates) or other market-corroborated inputs)
•Level 3 — unobservable inputs based on the best information available in the
circumstance, to the extent observable inputs are not available (including the
Fund’s own assumptions used in determining the fair value of investments)
The inputs or methodology used for valuing securities are not necessarily an indica-
tion of the risk associated with investing in those securities. For information about
the Fund’s policy regarding valuation of investments and other significant accounting
policies, please refer to Note 1 of the Notes to Financial Statements.
The following table summarizes the inputs used as of March 31, 2009 in determin-
ing the fair valuation of the Fund’s investments:

Valuation  Investments in 
Inputs  Securities 
  Assets 
Level 1  — 
Level 2  $586,898,689 
Level 3  — 
Total  $586,898,689 

See Notes to Financial Statements.

CMA MULTI-STATE MUNICIPAL SERIES TRUST

MARCH 31, 2009

35

Statements of Assets and Liabilities       
 
  CMA  CMA  CMA 
March 31, 2009  Arizona  California  Connecticut 
 
     Assets       
 
Investments at value — unaffiliated1  $ 163,491,998  $2,910,757,017  $ 604,724,380 
Cash  64,035  3,308,682  230,854 
Investments sold receivable  —  —  — 
Interest receivable  227,057  10,197,618  1,328,680 
Prepaid expenses  12,089  202,729  42,614 
Capital shares sold receivable  19  1,856  271,690 
Other assets  —  —  195 
Total assets  163,795,198  2,924,467,902  606,598,413 
 
 
     Liabilities       
 
Investment advisory fees payable  70,272  1,019,485  255,905 
Distribution fees payable  23,128  390,031  84,991 
Investments purchased payable  —  20,293,882  — 
Other affiliates payable  1,677  32,034  6,117 
Capital shares redeemed payable  —  —  117 
Income dividends payable  —  458  — 
Officer’s and Trustees’ fees payable  —  636  129 
Other accrued expenses payable  28,312  168,972  50,366 
Other liabilities payable  —  —  1,764 
Total liabilities  123,389  21,905,498  399,389 
Net Assets  $ 163,671,809  $2,902,562,404  $ 606,199,024 
 
 
     Net Assets Consist of       
 
Par value, $0.10 per share, unlimited number of shares authorized2  $ 16,374,018  $ 290,197,419  $ 60,608,561 
Paid-in capital in excess of par  147,311,001  2,612,340,166  545,589,433 
Undistributed net investment income  45  —  — 
Accumulated net realized gain (loss)  (13,255)  24,819  1,030 
Net Assets, $1.00 net asset value per share  $ 163,671,809  $2,902,562,404  $ 606,199,024 
   1 Investments at cost — unaffiliated  $ 163,491,998  $2,910,757,017  $ 604,724,380 
   2 Shares issued and outstanding  163,740,180  2,901,974,188  606,085,612 

See Notes to Financial Statements.

36 CMA MULTI-STATE MUNICIPAL SERIES TRUST

MARCH 31, 2009

CMA  CMA  CMA  CMA  CMA  CMA  CMA  CMA 
Florida  Massachusetts  Michigan  New Jersey  New York  North Carolina  Ohio  Pennsylvania 
 
 
 
$ 289,475,575  $ 402,278,890  $ 264,003,931  $1,513,905,234  $2,948,847,690  $ 185,186,273  $ 466,785,853  $ 586,898,689 
13,861  2,906,060  4,980,695  865,127  107,760  4,694,629  70,670  142,159 
—  22,085,778  8,957,128  —  47,637,093  —  75,000  2,500,804 
736,963  1,161,068  466,458  7,104,727  11,695,956  575,518  1,460,079  1,065,535 
19,844  28,333  25,918  81,509  182,491  17,216  32,762  37,619 
—  134  154  1,617  1,184  215  131,694  356 
60  —  —  463  —  —  —  266 
290,246,303  428,460,263  278,434,284  1,521,958,677  3,008,472,174  190,473,851  468,556,058  590,645,428 
 
 
 
 
108,128  174,793  125,069  567,921  1,051,459  86,411  201,344  251,366 
30,502  56,192  36,965  209,721  413,304  27,650  63,511  81,152 
—  —  —  6,291,377  —  —  4,633,036  — 
3,022  13,399  2,751  13,786  30,186  1,849  4,296  5,922 
476  —  20  946  711  —  66  136 
—  192  94  —  590  —  —  — 
32  85  31  —  321  22  100  129 
40,567  39,006  44,633  115,750  182,779  39,927  51,253  68,670 
—  —  —  —  —  —  —  — 
182,727  283,667  209,563  7,199,501  1,679,350  155,859  4,953,606  407,375 
$ 290,063,576  $ 428,176,596  $ 278,224,721  $1,514,759,176  $3,006,792,824  $ 190,317,992  $ 463,602,452  $ 590,238,053 
 
 
 
 
$ 29,006,170  $ 42,815,210  $ 27,833,526  $ 151,465,486  $ 300,686,116  $ 19,034,689  $ 46,338,100  $ 59,034,351 
260,849,646  385,361,260  250,434,743  1,363,286,261  2,706,090,946  171,296,832  417,258,558  531,246,356 
207,760  —  —  —  489  —  238  — 
—  126  (43,548)  7,429  15,273  (13,529)  5,556  (42,654) 
$ 290,063,576  $ 428,176,596  $ 278,224,721  $1,514,759,176  $3,006,792,824  $ 190,317,992  $ 463,602,452  $ 590,238,053 
$ 289,475,575  $ 402,278,890  $ 264,003,931  $1,513,905,234  $2,948,847,690  $ 185,186,273  $ 466,785,853  $ 586,898,689 
290,061,700  428,152,104  278,335,261  1,514,654,858  3,006,861,156  190,346,886  463,380,999  590,343,505 

See Notes to Financial Statements.

CMA MULTI-STATE MUNICIPAL SERIES TRUST

MARCH 31, 2009

37

Statements of Operations       
 
           CMA  CMA           CMA 
Year Ended March 31, 2009         Arizona       California  Connecticut 
 
Investment Income       
 
Income  $ 3,422,056  $ 61,212,012  $ 11,355,862 
 
 
Expenses       
 
Investment advisory  927,492  14,156,971  3,152,592 
Distribution  226,138  4,202,154  810,683 
Accounting services  54,765  402,926  130,528 
Federal insurance  40,815  790,074  141,973 
Professional  32,794  68,882  39,666 
Registration  25,442  57,333  23,653 
Officer and Trustees  18,919  60,293  24,648 
Transfer agent  18,400  310,221  57,707 
Custodian  7,796  85,200  18,827 
Printing  3,187  54,504  9,968 
Miscellaneous  23,035  86,331  30,180 
Total expenses  1,378,783  20,274,889  4,440,425 
Less fees waived by advisor  (3,065)  —  — 
Less distribution fees waived  (22,293)  (1,968)  (18,283) 
Less fees paid indirectly  (169)  —  (68) 
Total expenses after fees waived and paid indirectly  1,353,256  20,272,921  4,422,074 
Net investment income  2,068,800  40,939,091  6,933,788 
 
 
Realized Gain (Loss)       
 
Net realized gain (loss) from investments  —  129,562  73,491 
Net Increase in Net Assets Resulting from Operations  $ 2,068,800  $ 41,068,653  $ 7,007,279 

See Notes to Financial Statements.

38 CMA MULTI-STATE MUNICIPAL SERIES TRUST

MARCH 31, 2009

         CMA           CMA           CMA           CMA  CMA           CMA           CMA           CMA 
       Florida  Massachusetts  Michigan  New Jersey       New York  North Carolina           Ohio  Pennsylvania 
 
 
 
$ 5,997,853  $ 7,735,955  $ 5,741,791  $ 29,991,657  $ 58,381,596  $ 4,023,627  $ 9,609,548  $ 11,786,144 
 
 
 
 
1,696,057  2,208,869  1,535,789  6,868,163  13,672,285  1,076,533  2,368,639  3,155,468 
325,721  548,460  357,911  1,935,642  4,141,667  266,643  583,121  769,792 
78,173  97,205  74,373  254,773  393,127  59,032  101,561  131,453 
59,004  96,620  60,521  338,079  698,099  39,124  98,079  132,070 
44,835  57,881  54,952  53,799  72,922  44,578  37,977  49,764 
29,103  25,222  25,573  26,867  47,403  19,736  31,341  25,427 
20,719  22,184  20,490  35,670  56,764  19,386  22,387  24,671 
33,844  63,488  40,481  165,722  360,942  33,110  62,539  86,169 
13,834  14,171  11,131  45,179  83,749  8,568  16,495  21,857 
5,307  6,973  5,003  24,019  48,897  3,561  7,085  9,865 
32,030  29,063  32,269  52,179  97,444  25,831  43,321  48,039 
2,338,627  3,170,136  2,218,493  9,800,092  19,673,299  1,596,102  3,372,545  4,454,575 
(2,743)  —  —  —  —  —  —  — 
(23,999)  (522)  —  —  (4,520)  —  —  (2,715) 
(456)  (18)  (144)  —  (848)  (188)  (309)  (306) 
2,311,429  3,169,596  2,218,349  9,800,092  19,667,931  1,595,914  3,372,236  4,451,554 
3,686,424  4,566,359  3,523,442  20,191,565  38,713,665  2,427,713  6,237,312  7,334,590 
 
 
 
 
15,692  24,590  23,611  11,176  266,560  (12,323)  176,203  80,504 
$ 3,702,116  $ 4,590,949  $ 3,547,053  $ 20,202,741  $ 38,980,225  $ 2,415,390  $ 6,413,515  $ 7,415,094 

See Notes to Financial Statements.

CMA MULTI-STATE MUNICIPAL SERIES TRUST

MARCH 31, 2009

39

Statements of Changes in Net Assets           
 
  CMA Arizona  CMA California 
  Year Ended March 31,  Year Ended March 31, 
Increase (Decrease) in Net Assets:           2009       2008  2009  2008 
     Operations           
Net investment income  $ 2,068,800  $ 5,328,863  $ 40,939,091  $ 94,881,661 
Net realized gain (loss)  —    7,374  129,562  1,046,322 
Net increase in net assets resulting from operations  2,068,800    5,336,237  41,068,653  95,927,983 
 
     Dividends and Distributions to Shareholders From           
Net investment income  (2,068,800)    (5,328,863)  (40,939,091)  (94,881,661) 
Net realized gain  —    —  —  (216,725) 
Decrease in net assets resulting from dividends and distributions to shareholders  (2,068,800)    (5,328,863)  (40,939,091)  (95,098,386) 
 
     Capital Share Transactions           
Net proceeds from sale of shares  943,538,176  1,089,875,930  20,157,762,922  21,053,676,025 
Reinvestment of dividends  2,068,800    5,328,809  40,938,672  95,097,346 
Cost of shares redeemed  (986,449,997)  (1,074,138,938)  (21,227,718,525)  (20,592,372,225) 
Net increase (decrease) in net assets derived from capital share transactions  (40,843,021)    21,065,801  (1,029,016,931)  556,401,146 
 
     Net Assets           
Total increase (decrease) in net assets  (40,843,021)    21,073,175  (1,028,887,369)  557,230,743 
Beginning of year  204,514,830    183,441,655  3,931,449,773  3,374,219,030 
End of year  $ 163,671,809  $ 204,514,830  $ 2,902,562,404  $ 3,931,449,773 
End of year undistributed net investment income  $ 45    $ 45  —  — 

See Notes to Financial Statements.

40 CMA MULTI-STATE MUNICIPAL SERIES TRUST

MARCH 31, 2009

CMA Connecticut  CMA Florida  CMA Massachusetts  CMA Michigan 
Year Ended March 31,  Year Ended March 31,  Year Ended March 31,  Year Ended March 31, 
         2009  2008  2009  2008           2009  2008           2009           2008 
 
 
$ 6,933,788  $ 16,226,305  $ 3,686,424  $ 8,759,827  $ 4,566,359  $ 11,660,531  $ 3,523,442  $ 8,116,882 
73,491  203,706  15,692  (2,806)  24,590  34,943  23,611  21,357 
7,007,279  16,430,011  3,702,116  8,757,021  4,590,949  11,695,474  3,547,053  8,138,239 
 
 
 
(6,933,788)  (16,226,305)  (3,686,424)  (8,759,827)  (4,566,359)  (11,660,531)  (3,523,442)  (8,116,882) 
—  (25,122)  —  —  —  (62,331)  —  — 
(6,933,788)  (16,251,427)  (3,686,424)  (8,759,827)  (4,566,359)  (11,722,862)  (3,523,442)  (8,116,882) 
 
 
 
3,470,561,671  3,487,123,229  2,879,977,919  2,659,652,272  2,326,904,767  3,143,873,790  1,706,849,517  1,738,807,872 
6,933,788  16,251,580  3,686,424  8,759,815  4,566,334  11,722,824  3,523,289  8,116,886 
(3,547,717,295)  (3,371,256,277)  (2,966,460,321)  (2,603,654,195)  (2,370,129,382)  (3,092,649,599)  (1,753,383,590)  (1,688,160,329) 
(70,221,836)  132,118,532  (82,795,978)  64,757,892  (38,658,281)  62,947,015  (43,010,784)  58,764,429 
 
 
 
(70,148,345)  132,297,116  (82,780,286)  64,755,086  (38,633,691)  62,919,627  (42,987,173)  58,785,786 
676,347,369  544,050,253  372,843,862  308,088,776  466,810,287  403,890,660  321,211,894  262,426,108 
$ 606,199,024  $ 676,347,369  $ 290,063,576  $ 372,843,862  $ 428,176,596  $ 466,810,287  $ 278,224,721  $ 321,211,894 
—  —  $ 207,760  $ 207,760  —  —  —  — 

See Notes to Financial Statements.

CMA MULTI-STATE MUNICIPAL SERIES TRUST

MARCH 31, 2009

41

Statements of Changes in Net Assets (concluded)     
 
  CMA New Jersey 
  Year Ended March 31, 
Increase (Decrease) in Net Assets:  2009  2008 
     Operations     
Net investment income  $ 20,191,565  $ 39,991,749 
Net realized gain (loss)  11,176  301,006 
Net increase in net assets resulting from operations  20,202,741  40,292,755 
 
     Dividends and Distributions to Shareholders From     
Net investment income  (20,191,565)  (39,991,749) 
Net realized gain  (107,510)  — 
Decrease in net assets resulting from dividends and distributions to shareholders  (20,299,075)  (39,991,749) 
 
     Capital Share Transactions     
Net proceeds from sale of shares  7,472,756,484  7,281,359,614 
Reinvestment of dividends  20,298,648  39,992,701 
Cost of shares redeemed  (7,749,888,517)  (6,892,046,084) 
Net increase (decrease) in net assets derived from capital share transactions  (256,833,385)  429,306,231 
 
     Net Assets     
Total increase (decrease) in net assets  (256,929,719)  429,607,237 
Beginning of year  1,771,688,895  1,342,081,658 
End of year  $1,514,759,176  $1,771,688,895 
End of year undistributed net investment income  —  — 

See Notes to Financial Statements.

42 CMA MULTI-STATE MUNICIPAL SERIES TRUST

MARCH 31, 2009

CMA New York  CMA North Carolina  CMA Ohio  CMA Pennsylvania 
Year Ended March 31,  Year Ended March 31,  Year Ended March 31,  Year Ended March 31, 
2009  2008           2009           2008  2009  2008           2009  2008 
 
 
$ 38,713,665  $ 87,947,719  $ 2,427,713  $ 5,956,485  $ 6,237,312  $ 11,012,330  $ 7,334,590  $ 15,887,463 
266,560  247,969  (12,323)  (340)  176,203  45,250  80,504  4,591 
38,980,225  88,195,688  2,415,390  5,956,145  6,413,515  11,057,580  7,415,094  15,892,054 
 
 
 
(38,713,665)  (87,947,719)  (2,427,713)  (5,956,485)  (6,237,312)  (11,012,330)  (7,334,590)  (15,887,463) 
—  (198,331)  —  —  —  (6,304)  —  — 
(38,713,665)  (88,146,050)  (2,427,713)  (5,956,485)  (6,237,312)  (11,018,634)  (7,334,590)  (15,887,463) 
 
 
 
14,495,523,989  18,185,007,725  1,083,441,883  1,015,685,337  1,964,102,203  1,819,200,452  4,201,584,373  4,189,533,980 
38,712,677  88,145,520  2,427,638  5,956,620  6,237,312  11,018,412  7,334,590  15,890,649 
(15,172,553,352)  (17,464,064,444)  (1,172,216,081)  (944,342,476)  (1,987,835,453)  (1,727,796,401)  (4,286,113,025)  (4,053,826,927) 
(638,316,686)  809,088,801  (86,346,560)  77,299,481  (17,495,938)  102,422,463  (77,194,062)  151,597,702 
 
 
 
(638,050,126)  809,138,439  (86,358,883)  77,299,141  (17,319,735)  102,461,409  (77,113,558)  151,602,293 
3,644,842,950  2,835,704,511  276,676,875  199,377,734  480,922,187  378,460,778  667,351,611  515,749,318 
$ 3,006,792,824  $3,644,842,950  $ 190,317,992  $ 276,676,875  $ 463,602,452  $ 480,922,187  $ 590,238,053  $ 667,351,611 
$ 489  —  —  —  $ 238  —  —  — 

See Notes to Financial Statements.

CMA MULTI-STATE MUNICIPAL SERIES TRUST

MARCH 31, 2009

43

Financial Highlights      CMA Arizona Municipal Money Fund 
 
    Year Ended March 31,       
  2009  2008  2007    2006    2005 
     Per Share Operating Performance               
Net asset value, beginning of year  $ 1.00  $ 1.00  $ 1.00  $  1.00  $  1.00 
Net investment income  0.0111  0.0278  0.0288    0.0211    0.0077 
Net realized gain (loss)  —  0.0000  (0.0000)    (0.0000)    (0.0000) 
Net increase from investment operations  0.0111  0.0278  0.0288    0.0211    0.0077 
Dividends from net investment income  (0.0111)  (0.0278)  (0.0288)    (0.0211)    (0.0077) 
Net asset value, end of year  $ 1.00  $ 1.00  $ 1.00  $  1.00  $  1.00 
 
     Total Investment Return               
Based on net asset value  1.11%  2.82%  2.91%    2.13%    0.77% 
 
     Ratios to Average Net Assets               
Total expenses after waiver and fees paid indirectly  0.73%  0.72%  0.73%    0.72%    0.74% 
Total expenses  0.74%  0.72%  0.73%    0.72%    0.74% 
Net investment income  1.12%  2.75%  2.89%    2.11%    0.78% 
 
     Supplemental Data               
Net assets, end of year (000)  $ 163,672  $ 204,515  $ 183,442  $  169,647  $  168,983 
 
 
 
 
Financial Highlights      CMA California Municipal Money Fund 
 
    Year Ended March 31,       
  2009  2008  2007    2006    2005 
     Per Share Operating Performance               
Net asset value, beginning of year  $ 1.00  $ 1.00  $ 1.00  $  1.00  $  1.00 
Net investment income  0.0112  0.0286  0.0295    0.0212    0.0089 
Net realized gain (loss)  0.0000  0.0003  0.0002    (0.0001)    0.0001 
Net increase from investment operations  0.0112  0.0289  0.0297    0.0211    0.0090 
Dividends and distributions from:               
Net investment income  (0.0112)  (0.0286)  (0.0295)    (0.0212)    (0.0089) 
Net realized gain  —  (0.0001)  (0.0000)    —    — 
Total dividends and distributions  (0.0112)  (0.0287)  (0.0295)    (0.0212)    (0.0089) 
Net asset value, end of year  $ 1.00  $ 1.00  $ 1.00  $  1.00  $  1.00 
 
     Total Investment Return               
Based on net asset value  1.12%  2.90%  2.99%    2.14%    0.89% 
 
     Ratios to Average Net Assets               
Total expenses after waiver  0.57%  0.55%  0.57%    0.57%    0.57% 
Total expenses  0.57%  0.55%  0.57%    0.57%    0.57% 
Net investment income  1.16%  2.82%  2.96%    2.12%    0.90% 
 
     Supplemental Data               
Net assets, end of year (000)  $ 2,902,562  $ 3,931,450  $ 3,374,219  $ 2,693,459  $ 2,395,426 

See Notes to Financial Statements.

44 CMA MULTI-STATE MUNICIPAL SERIES TRUST

MARCH 31, 2009

Financial Highlights (continued)        CMA Connecticut Municipal Money Fund 
 
      Year Ended March 31,       
  2009    2008    2007    2006    2005 
     Per Share Operating Performance                   
Net asset value, beginning of year  $ 1.00  $  1.00  $  1.00  $  1.00  $  1.00 
Net investment income  0.0107    0.0272     0.0284    0.0203    0.0073 
Net realized gain (loss)  0.0001    0.0003    (0.0000)    (0.0000)    (0.0001) 
Net increase from investment operations  0.0108    0.0275     0.0284    0.0203    0.0072 
Dividends and distributions from:                   
     Net investment income  (0.0107)    (0.0272)    (0.0284)    (0.0203)    (0.0073) 
     Net realized gain  —    (0.0000)    —    —    (0.0000) 
Total dividends and distributions  (0.0107)    (0.0272)    (0.0284)    (0.0203)    (0.0073) 
Net asset value, end of year  $ 1.00  $  1.00  $  1.00  $  1.00  $  1.00 
 
     Total Investment Return                   
Based on net asset value  1.08%    2.75%    2.87%    2.05%    0.74% 
 
     Ratios to Average Net Assets                   
Total expenses after waiver and fees paid indirectly  0.68%    0.67%    0.68%    0.68%    0.67% 
Total expenses  0.68%    0.67%    0.68%    0.68%    0.67% 
Net investment income  1.06%    2.68%    2.85%    2.03%    0.72% 
 
     Supplemental Data                   
Net assets, end of year (000)  $ 606,199  $  676,347  $  544,050  $  510,151  $  519,765 
 
 
 
Financial Highlights          CMA Florida Municipal Money Fund 
 
                  Period 
              November 15, 20051 
      Year Ended March 31,    to March 31, 
      2009    2008    2007    2006 
     Per Share Operating Performance                   
Net asset value, beginning of period    $  1.00  $  1.00  $  1.00  $  1.00 
Net investment income      0.0107    0.0277    0.0288    0.0094 
Net realized gain (loss)      0.0000    (0.0000)    (0.0000)    0.0000 
Net increase from investment operations      0.0107    0.0277    0.0288    0.0094 
Dividends and distributions from:                   
     Net investment income      (0.0107)    (0.0277)    (0.0288)    (0.0094) 
     Net realized gain      —    —    (0.0000)    — 
Total dividends and distributions      (0.0107)    (0.0277)    (0.0288)    (0.0094) 
Net asset value, end of period    $  1.00  $  1.00  $  1.00  $  1.00 
 
     Total Investment Return                   
Based on net asset value      1.08%    2.80%    2.90%    0.94%2 
 
     Ratios to Average Net Assets                   
Total expenses after waivers and fees paid indirectly      0.68%    0.69%    0.70%    0.58%3 
Total expenses      0.69%    0.69%    0.71%    0.72%3 
Net investment income      1.09%    2.74%    2.88%    2.55%3 
 
     Supplemental Data                   
Net assets, end of period (000)    $  290,064  $  372,844  $  308,089  $  472,295 

1 Commencement of Operations.
2 Aggregate total investment return.
3 Annualized.

See Notes to Financial Statements.

CMA MULTI-STATE MUNICIPAL SERIES TRUST

MARCH 31, 2009

45

Financial Highlights (continued)      CMA Massachusetts Municipal Money Fund 
 
      Year Ended March 31,       
  2009    2008    2007    2006    2005 
     Per Share Operating Performance                   
Net asset value, beginning of year  $ 1.00  $  1.00  $  1.00  $  1.00  $  1.00 
Net investment income  0.0103    0.0272    0.0286    0.0202    0.0075 
Net realized gain (loss)  0.0001    0.0001    0.0001    —    (0.0000) 
Net increase from investment operations  0.0104    0.0273    0.0287    0.0202    0.0075 
Dividends and distributions from:                   
     Net investment income  (0.0103)    (0.0272)    (0.0286)    (0.0202)    (0.0075) 
     Net realized gain  —    (0.0001)    —    —    (0.0001) 
Total dividends and distributions  (0.0103)    (0.0273)    (0.0286)    (0.0202)    (0.0076) 
Net asset value, end of year  $ 1.00  $  1.00  $  1.00  $  1.00  $  1.00 
 
     Total Investment Return                   
Based on net asset value  1.03%    2.76%    2.89%    2.04%    0.76% 
 
     Ratios to Average Net Assets                   
Total expenses after waivers and fees paid indirectly  0.72%    0.70%    0.69%    0.70%    0.71% 
Total expenses  0.72%    0.70%    0.69%    0.70%    0.71% 
Net investment income  1.03%    2.68%    2.87%    2.03%    0.74% 
 
     Supplemental Data                   
Net assets, end of year (000)  $ 428,177  $  466,810  $  403,891  $  345,065  $  345,043 
 
 
 
 
Financial Highlights          CMA Michigan Municipal Money Fund 
 
      Year Ended March 31,       
  2009    2008    2007    2006    2005 
     Per Share Operating Performance                   
Net asset value, beginning of year  $ 1.00  $  1.00  $  1.00  $  1.00  $  1.00 
Net investment income  0.0115     0.0281    0.0293    0.0207    0.0082 
Net realized gain (loss)  0.0001     0.0001    0.0000    (0.0003)    (0.0000) 
Net increase from investment operations  0.0116     0.0282    0.0293    0.0204    0.0082 
Dividends from net investment income  (0.0115)    (0.0281)    (0.0293)    (0.0207)    (0.0082) 
Net asset value, end of year  $ 1.00  $  1.00  $  1.00  $  1.00  $  1.00 
 
     Total Investment Return                   
Based on net asset value  1.16%    2.84%    2.95%    2.09%    0.82% 
 
     Ratios to Average Net Assets                   
Total expenses after fees paid indirectly  0.72%    0.71%    0.71%    0.70%    0.70% 
Total expenses  0.72%    0.71%    0.71%    0.70%    0.70% 
Net investment income  1.15%    2.78%    2.93%    2.06%    0.80% 
 
     Supplemental Data                   
Net assets, end of year (000)  $ 278,225  $  321,212  $  262,426  $  283,669  $  271,421 

See Notes to Financial Statements.

46 CMA MULTI-STATE MUNICIPAL SERIES TRUST

MARCH 31, 2009

Financial Highlights (continued)      CMA New Jersey Municipal Money Fund 
 
    Year Ended March 31,       
  2009  2008  2007    2006    2005 
     Per Share Operating Performance               
Net asset value, beginning of year  $ 1.00  $ 1.00  $ 1.00  $  1.00  $  1.00 
Net investment income  0.0128  0.0278  0.0290    0.0211    0.0082 
Net realized gain (loss)  0.0000  0.0002  0.0001    (0.0000)    (0.0001) 
Net increase from investment operations  0.0128  0.0280  0.0291    0.0211    0.0081 
Dividends and distributions from:               
     Net investment income  (0.0128)  (0.0278)  (0.0290)    (0.0211)    (0.0082) 
     Net realized gain  (0.0000)  —  —    —    (0.0000) 
Total dividends and distributions  (0.0128)  (0.0278)  (0.0290)    (0.0211)    (0.0082) 
Net asset value, end of year  $ 1.00  $ 1.00  $ 1.00  $  1.00  $  1.00 
 
     Total Investment Return               
Based on net asset value  1.29%  2.81%  2.93%    2.14%    0.83% 
 
     Ratios to Average Net Assets               
Total expenses  0.61%  0.60%  0.62%    0.63%    0.63% 
Net investment income  1.26%  2.71%  2.92%    2.12%    0.81% 
 
     Supplemental Data               
Net assets, end of year (000)  $ 1,514,759  $ 1,771,689  $ 1,342,082  $ 1,103,796  $ 1,027,382 
 
 
 
Financial Highlights             CMA New York Municipal Money Fund 
 
    Year Ended March 31,       
  2009  2008  2007    2006    2005 
     Per Share Operating Performance               
Net asset value, beginning of year  $ 1.00  $ 1.00  $ 1.00  $  1.00  $  1.00 
Net investment income  0.0114  0.0284  0.0298    0.0213    0.0087 
Net realized gain (loss)  0.0001  0.0001  0.0002    (0.0001)    (0.0001) 
Net increase from investment operations  0.0115  0.0285  0.0300    0.0212    0.0086 
Dividends and distributions from:               
     Net investment income  (0.0114)  (0.0284)  (0.0298)    (0.0213)    (0.0087) 
     Net realized gain  —  (0.0001)  (0.0000)    —    (0.0001) 
Total dividends and distributions  (0.0114)  (0.0285)  (0.0298)    (0.0213)    (0.0088) 
Net asset value, end of year  $ 1.00  $ 1.00  $ 1.00  $  1.00  $  1.00 
 
     Total Investment Return               
Based on net asset value  1.15%  2.87%  3.01%    2.15%    0.88% 
 
     Ratios to Average Net Assets               
Total expenses after waiver and fees paid indirectly  0.58%  0.56%  0.57%    0.58%    0.58% 
Total expenses  0.58%  0.56%  0.57%    0.58%    0.58% 
Net investment income  1.13%  2.77%  2.99%    2.14%    0.86% 
 
     Supplemental Data               
Net assets, end of year (000)  $ 3,006,793  $ 3,644,843  $ 2,835,705  $ 2,510,821  $ 2,312,666 
 
 
 
See Notes to Financial Statements.               

CMA MULTI-STATE MUNICIPAL SERIES TRUST

MARCH 31, 2009

47

Financial Highlights (continued)        CMA North Carolina Municipal Money Fund 
 
      Year Ended March 31,       
  2009    2008    2007    2006    2005 
     Per Share Operating Performance                   
Net asset value, beginning of year  $ 1.00  $  1.00   $  1.00  $  1.00  $  1.00 
Net investment income  0.0114    0.0276    0.0288    0.0185    0.0074 
Net realized gain (loss)  (0.0001)    (0.0000)    0.0000    0.0000    (0.0000) 
Net increase from investment operations  0.0113    0.0276    0.0288    0.0185    0.0074 
Dividends and distributions from:                   
     Net investment income  (0.0114)    (0.0276)    (0.0288)    (0.0185)    (0.0074) 
     Net realized gain  —    —    —    —    (0.0001) 
Total dividends and distributions  (0.0114)    (0.0276)    (0.0288)    (0.0185)    (0.0075) 
Net asset value, end of year  $ 1.00  $  1.00   $  1.00  $  1.00  $  1.00 
 
     Total Investment Return                   
Based on net asset value  1.15%    2.79%    2.90%    2.08%    0.75% 
 
     Ratios to Average Net Assets                   
Total expenses after fees paid indirectly  0.74%    0.72%    0.73%    0.72%    0.72% 
Total expenses  0.74%    0.72%    0.73%    0.72%    0.72% 
Net investment income  1.13%    2.70%    2.88%    2.06%    0.72% 
 
     Supplemental Data                   
Net assets, end of year (000)  $ 190,318  $  276,677   $  199,378  $  203,180  $  202,597 
 
 
 
Financial Highlights          CMA Ohio Municipal Money Fund 
 
      Year Ended March 31,       
  2009    2008    2007    2006    2005 
     Per Share Operating Performance                   
Net asset value, beginning of year  $ 1.00  $  1.00   $  1.00  $  1.00  $  1.00 
Net investment income  0.0136    0.0279    0.0287    0.0204    0.0078 
Net realized gain  0.0004    0.0001    0.0000    0.0000    — 
Net increase from investment operations  0.0140    0.0280    0.0287    0.0204    0.0078 
Dividends and distributions from:                   
     Net investment income  (0.0136)    (0.0279)    (0.0287)    (0.0204)    (0.0078) 
     Net realized gain  —    (0.0000)    (0.0000)    (0.0000)    — 
Total dividends and distributions  (0.0136)    (0.0279)    (0.0287)    (0.0204)    (0.0078) 
Net asset value, end of year  $ 1.00  $  1.00   $  1.00  $  1.00  $  1.00 
 
     Total Investment Return                   
Based on net asset value  1.37%    2.83%    2.90%    2.07%    0.78% 
 
     Ratios to Average Net Assets                   
Total expenses after fees paid indirectly  0.71%    0.69%    0.70%    0.70%    0.70% 
Total expenses  0.71%    0.69%    0.70%    0.70%    0.70% 
Net investment income  1.32%    2.73%    2.88%    2.04%    0.77% 
 
     Supplemental Data                   
Net assets, end of year (000)  $ 463,602  $  480,922   $  378,461  $  327,056  $  379,307 

See Notes to Financial Statements.

48 CMA MULTI-STATE MUNICIPAL SERIES TRUST

MARCH 31, 2009

Financial Highlights (concluded)        CMA Pennsylvania Municipal Money Fund 
      Year Ended March 31,       
  2009    2008  2007    2006    2005 
     Per Share Operating Performance                 
Net asset value, beginning of year  $ 1.00  $  1.00  $ 1.00  $  1.00  $  1.00 
Net investment income  0.0111    0.0277  0.0292    0.0208    0.0080 
Net realized gain (loss)  0.0001    0.0000  (0.0000)    (0.0002)    0.0000 
Net increase from investment operations  0.0112    0.0277  0.0292    0.0206    0.0080 
Dividends from net investment income  (0.0111)    (0.0277)  (0.0292)    (0.0208)    (0.0080) 
Net asset value, end of year  $ 1.00  $  1.00  $ 1.00  $  1.00  $  1.00 
     Total Investment Return                 
Based on net asset value  1.12%    2.80%  2.95%    2.11%    0.80% 
     Ratios to Average Net Assets                 
Total expenses after waiver and fees paid indirectly  0.68%    0.67%  0.69%    0.69%    0.69% 
Total expenses  0.68%    0.67%  0.69%    0.69%    0.69% 
Net investment income  1.12%    2.72%  2.93%    2.09%    0.79% 
     Supplemental Data                 
Net assets, end of year (000)  $ 590,238  $  667,352  $ 515,749  $  497,912  $  454,881 

See Notes to Financial Statements.

CMA MULTI-STATE MUNICIPAL SERIES TRUST

MARCH 31, 2009

49

Notes to Financial Statements

1. Organization and Significant Accounting Policies:

CMA Arizona Municipal Money Fund (“CMA Arizona”), CMA California
Municipal Money Fund (“CMA California”), CMA Connecticut Municipal
Money Fund (“CMA Connecticut”), CMA Florida Municipal Money Fund
(“CMA Florida”), CMA Massachusetts Municipal Money Fund (“CMA
Massachusetts”), CMA Michigan Municipal Money Fund (“CMA Michigan”),
CMA New Jersey Municipal Money Fund (“CMA New Jersey”), CMA New York
Municipal Money Fund (“CMA New York”), CMA North Carolina Municipal
Money Fund (“CMA North Carolina”), CMA Ohio Municipal Money Fund
(“CMA Ohio”) and CMA Pennsylvania Municipal Money Fund (“CMA
Pennsylvania”) (collectively, the “Funds”) are part of CMA Multi-State
Municipal Series Trust (the “Trust”). The Trust is organized as a Massachusetts
business trust. The Funds are registered under the Investment Company
Act of 1940, as amended (the “1940 Act”), as non-diversified, open-end
management investment companies. The Funds’ financial statements are
prepared in conformity with accounting principles generally accepted in
the United States of America, which may require the use of management
accruals and estimates. Actual results may differ from these estimates.

The following is a summary of significant accounting policies followed by
the Funds:

Valuation of Investments: The Funds’ securities are valued under the amor-
tized cost method which approximates current market value in accordance
with Rule 2a-7 of the 1940 Act. Under this method, securities are valued at
cost when purchased and thereafter, a constant proportionate amortization
of any discount or premium is recorded until the maturity of the security. The
Funds seeks to maintain the net asset value per share at $1.00, although
there is no assurance that it will be able to do so on a continuing basis.

Investment Transactions and Investment Income: Investment transactions
are recorded on the dates the transactions are entered into (the trade
dates). Realized gains and losses on security transactions are determined
on the identified cost basis. Interest income is recognized on the accrual
basis. The Funds amortize all premiums and discounts on debt securities.

Dividends and Distributions to Shareholders: Dividends from net invest-
ment income are declared and reinvested daily and paid monthly.
Distributions of realized gains, if any, are recorded on the ex-dividend date.

Income Taxes: It is the Funds’ policy to comply with the requirements of
the Internal Revenue Code applicable to regulated investment companies
and to distribute substantially all of its taxable income to its shareholders.
Therefore, no federal income tax provision is required.

The Funds file US federal and various state and local tax returns. No
income tax returns are currently under examination. The statute of limita-
tions on the Funds’ US federal tax returns remains open for the four years
ended March 31, 2009. The statutes of limitations on the Funds’ state and
local tax returns may remain open for an additional year depending upon
the jurisdiction.

Recent Accounting Pronouncement: In March 2008, Statement of
Financial Accounting Standards No. 161, “Disclosures about Derivative
Instruments and Hedging Activities — an amendment of FASB Statement
No. 133” (“FAS 161”) was issued. FAS 161 is intended to improve financial

reporting for derivative instruments by requiring enhanced disclosure that
enables investors to understand how and why an entity uses derivatives,
how derivatives are accounted for, and how derivative instruments affect an
entity’s results of operations and financial position. FAS 161 is effective for
financial statements issued for fiscal years and interim periods beginning
after November 15, 2008. The impact on the Funds’ financial statement
disclosures, if any, is currently being assessed.

Other: Expenses directly related to the Funds are charged to that Fund.
Other operating expenses shared by several funds are pro-rated among the
funds on the basis of relative net assets or other appropriate methods.

2. Investment Advisory Agreement and Other Transactions
with Affiliates:

The Trust, on behalf of each of the Funds, entered into separate Investment
Advisory Agreements with BlackRock Advisors, LLC (the “Advisor”), an indi-
rect, wholly owned subsidiary of BlackRock, Inc., to provide investment
advisory and administration services. The PNC Financial Services Group,
Inc. (“PNC”) and Bank of America Corporation (“BAC”) are the largest
stockholders of BlackRock, Inc. (“BlackRock”). BAC became a stockholder
of BlackRock following its acquisition of Merrill Lynch & Co., Inc. (“Merrill
Lynch”) on January 1, 2009. Prior to that date, both PNC and Merrill Lynch
were considered affiliates of the Funds under the 1940 Act. Subsequent to
the acquisition, PNC remains an affiliate, but due to the restructuring of
Merrill Lynch’s ownership interest of BlackRock, BAC is not deemed to be
an affiliate under the 1940 Act.

The Advisor is responsible for the management of each Fund’s portfolio and
provides the necessary personnel, facilities, equipment and certain other
services necessary to the operations of the Funds. For such services, each
Fund pays the Advisor a monthly fee based on the average daily value of
the Fund’s net assets at the following annual rates:

Portion of average daily value of net assets:  Rate 
 
Not exceeding $500 million  0.500% 
In excess of $500 million but not exceeding $1 billion  0.425% 
In excess of $1 billion  0.375% 

The Advisor has entered into a separate sub-advisory agreement with
BlackRock Investment Management, LLC (“BIM”), an affiliate of the Advisor,
with respect to each Fund under which the Advisor pays BIM for services it
provides, a monthly fee that is a percentage of the investment advisory fee
paid by each Fund to the Advisor.

For the year ended March 31, 2009, the Funds reimbursed the Advisor the
following amounts for certain accounting services, which are included in
accounting services in the Statements of Operations:

  Accounting 
  Services 
 
CMA Arizona     $  3,320 
CMA California  $62,412 
CMA Connecticut  $11,443 
CMA Florida     $  5,815 
CMA Massachusetts     $  7,737 
CMA Michigan     $  5,356 
CMA New Jersey  $28,125 
CMA New York  $60,060 
CMA North Carolina     $  3,728 
CMA Ohio     $  8,246 
CMA Pennsylvania  $11,536 

50 CMA MULTI-STATE MUNICIPAL SERIES TRUST

MARCH 31, 2009

Notes to Financial Statements (continued)

Effective October 1, 2008, the Trust, on behalf of the Funds, entered
in a Distribution Agreement and a Shareholder Servicing and Distribution
Plan (the “Distribution Plan”) with BlackRock Investments, LLC (“BIL”),
which replaced Merrill Lynch, Pierce, Fenner & Smith Incorporated
(“MLPF&S”) (collectively, the “Distributor”) as the sole distributor of the
Funds. MLPF&S is a wholly owned subsidiary of Merrill Lynch. BIL is an
affiliate of BlackRock. The distribution fees did not change as a result of
the transaction.

Pursuant to the Distribution Plan adopted by the Trust on behalf of the
Funds in accordance with Rule 12b-1 under the 1940 Act, each Fund pays
the Distributor a distribution fee. The fee is accrued daily and paid monthly
at an annual rate of 0.125% of each Fund’s average daily net assets.

The Advisor and the Distributor voluntarily agreed to waive their respective
advisory and distribution fees and reimburse operating expenses to enable
the Funds to maintain a minimum daily net investment income dividend.
These amounts are shown as fees waived by advisor and distribution fees
waived in the Statements of Operations. The Advisor and the Distributor
may discontinue the waiver or reimbursement at any time.

Financial Data Services, Inc. (“FDS”), a wholly-owned subsidiary of
Merrill Lynch, serves as transfer agent. Interest is earned by the Funds
from FDS based on the difference, if any, between estimated and actual
daily share activity, which results in uninvested net proceeds from sales
of the Funds’ shares.

Pursuant to the terms of the custody agreement, custodian fees may be
reduced by amounts calculated on uninvested cash balances, which are
shown on the Statements of Operations as fees paid indirectly.

Certain officers and/or trustees of the Trust are officers and/or directors
of BlackRock, Inc. or its affiliates. The Funds reimburse the Advisor for
compensation paid to the Trust’s Chief Compliance Officer.

3. Market and Credit Risk:

In the normal course of business, the Funds invest in securities and
enter into transactions where risks exist due to fluctuations in the market
(market risk) or failure of the issuer of a security to meet all its obligations
(credit risk). The value of securities held by the Funds may decline in
response to certain events, including those directly involving the issuers
whose securities are owned by the Funds; conditions affecting the general
economy; overall market changes; local, regional or global political, social
or economic instability; and currency and interest rate and price fluctua-
tions. Similar to credit risk, the Funds may be exposed to counterparty risk,
or the risk that an entity with which the Funds have unsettled or open
transactions may default. Financial assets, which potentially expose the
Funds to credit and counterparty risks, consist principally of investments
and cash due from counterparties. The extent of the Funds’ exposure to
credit and counterparty risks with respect to these financial assets is
approximated by their value recorded in the Funds’ Statements of Assets
and Liabilities.

4. Capital Share Transactions:

The number of shares sold, reinvested and redeemed during the periods
corresponds to the amounts included in the Statements of Changes in
Net Assets with respect to net proceeds from sale of shares, reinvestment
of dividends and cost of shares redeemed, respectively, since shares are
recorded at $1.00 per share.

5. Income Tax Information:

Reclassifications: Accounting principles generally accepted in the United
States of America require that certain components of net assets be ad-
justed to reflect permanent differences between financial and tax reporting.
The following permanent differences as of March 31, 2009 attributable to
the expiration of capital loss carryforwards, the use of equalization and
non-deductible expenses were reclassified to the following accounts:

    CMA    CMA    CMA 
    Arizona    California  Connecticut 
Paid-in capital in excess of par  $  (25,753)  $  938,612   $  186,716 
Accumulated net realized gain (loss)  $  25,753  $  (938,612)   $  (186,716) 
 
        CMA    CMA 
        Florida  Massachusetts 
Paid-in capital in excess of par      $  1,876   $  24,464 
Accumulated net realized gain (loss)      $  (1,876)   $  (24,464) 
 
        CMA    CMA 
        New Jersey    New York 
Paid-in capital in excess of par      $  97,217   $  324,141 
Undistributed net investment income        —    489 
Accumulated net realized gain (loss)      $  (97,217)   $  (324,630) 
 
            CMA 
            Ohio 
Paid-in capital in excess of par           $  215,659 
Undistributed net investment income           $  238 
Accumulated net realized gain (loss)           $  (215,897) 

The tax character of distributions paid during the years ended March 31,
2009 and March 31, 2008 were as follows:

  CMA  CMA    CMA 
  Arizona  California  Connecticut 
Tax-exempt income         
03/31/2009  $ 2,068,800  $40,938,566  $  6,933,536 
03/31/2008  $ 5,328,863  $94,881,661  $16,226,305 
Ordinary income         
03/31/2009  —  $ 105,268  $  40,192 
03/31/2008  —  $ 127,272    — 
Long-term capital gain         
03/31/2009  —  $ 832,672  $  80,189 
03/31/2008  —  $ 89,453  $  25,122 
Total         
03/31/2009  $ 2,068,800  $41,876,506  $  7,053,917 
03/31/2008  $ 5,328,863  $95,098,386  $16,251,427 

CMA MULTI-STATE MUNICIPAL SERIES TRUST

MARCH 31, 2009

51

Notes to Financial Statements (concluded)

    CMA    CMA  CMA 
    Florida  Massachusetts  Michigan 
Tax-exempt income           
03/31/2009  $  3,686,170   $  4,566,359  $ 3,523,442 
03/31/2008  $  8,759,827  $11,660,531  $ 8,116,882 
Ordinary income           
03/31/2009  $  1,152    —  — 
03/31/2008    —   $  8,655  — 
Long-term capital gain           
03/31/2009  $  978   $  24,464  — 
03/31/2008    —   $  53,676  — 
Total           
03/31/2009  $  3,688,300   $  4,590,823  $ 3,523,442 
03/31/2008  $  8,759,827  $11,722,862  $ 8,116,882 
 
    CMA    CMA  CMA 
    New Jersey    New York  North Carolina 
Tax-exempt income           
03/31/2009  $20,191,481  $38,692,201  $ 2,427,713 
03/31/2008  $39,991,749  $87,947,719  $ 5,956,485 
Ordinary income           
03/31/2009  $  86,005   $  65,806  — 
03/31/2008    —   $  10,206  — 
Long-term capital gain           
03/31/2009  $  118,806   $  250,319  — 
03/31/2008    —   $  188,125  — 
Total           
03/31/2009  $20,396,292  $39,008,326  $ 2,427,713 
03/31/2008  $39,991,749  $88,146,050  $ 5,956,485 
 
        CMA  CMA 
        Ohio  Pennsylvania 
Tax-exempt income           
03/31/2009       $  6,236,874  $ 7,334,590 
03/31/2008      $11,012,330  $15,887,463 
Ordinary income           
03/31/2009       $  33,206  — 
03/31/2008        —  — 
Long-term capital gain           
03/31/2009       $  183,129  — 
03/31/2008       $  6,304  — 
Total           
03/31/2009       $  6,453,209  $ 7,334,590 
03/31/2008      $11,018,634  $15,887,463 

As of March 31, 2009, the tax components of accumulated earnings
(losses) were as follows:

    CMA    CMA    CMA 
    Arizona    California  Connecticut 
Undistributed tax-exempt income  $  45    —    — 
Undistributed net ordinary income    —   $  24,819  $  343 
Undistributed net long term gains or             
   capital loss carryforwards  $  (13,255)    —  $  687 
Total Undistributed (Accumulated)             
   Net Earnings (Losses)  $  (13,210)   $  24,819  $  1,030 
 
    CMA    CMA    CMA 
    Florida  Massachusetts    Michigan 
Undistributed tax-exempt income  $  207,760    —    — 
Undistributed net ordinary income    —    —    — 
Undistributed net long term gains or             
   capital loss carryforwards    —   $  126  $  (43,548) 
Total Undistributed (Accumulated)             
   Net Earnings (Losses)  $  207,760   $  126  $  (43,548) 

    CMA    CMA    CMA 
    New Jersey    New York  North Carolina 
Undistributed tax-exempt income    —  $  489    — 
Undistributed net ordinary income    —  $  2,299    — 
Undistributed net long term gains             
   or capital loss carryforwards  $  7,429  $  12,974   $  (13,529) 
Total Undistributed (Accumulated)             
   Net Earnings (Losses)  $  7,429  $  15,762   $  (13,529) 
 
        CMA    CMA 
        Ohio  Pennsylvania 
Undistributed tax-exempt income      $  238    — 
Undistributed net ordinary income      $  615    — 
Undistributed net long term gains or             
   capital loss carryforwards      $  3,439   $  (42,654) 
Net unrealized gains*      $  1,502    — 
Total Undistributed (Accumulated) Net           
   Earnings (Losses)      $  5,794   $  (42,654) 

* The difference between book-basis and tax-basis unrealized gains is attributable to
the difference between book and tax amortization methods for premiums and dis-
counts on fixed income securities.

As of March 31, 2009, the Funds had capital loss carryforwards
available to offset future realized capital gains through the indicated
expiration dates:

  CMA  CMA  CMA  CMA 
Expires March 31,  Arizona  Michigan  North Carolina  Pennsylvania 
2009  —  —  —  — 
2010  —  —  —  — 
2013  $ 789  —  $ 866  — 
2014  $ 3,372  $ 5,729  —  — 
2015  $ 9,094  $ 37,819  —  $ 42,654 
2016  —  —  $ 340  — 
2017  —  —  $ 12,323  — 
Total  $ 13,255  $ 43,548  $ 13,529  $ 42,654 
 
6. Federal Insurance:         

The Funds participate in the US Treasury Department’s Temporary
Guarantee Program for Money Market Funds (the “Program”). As a result
of the Funds’ participation in the Program, in the event a Fund’s net
asset value falls below $0.995 per share, shareholders in that Fund will
have federal insurance of $1.00 per share up to the lesser of shareholders’
balances in the Fund as of the close of business on September 19, 2008,
or the remaining balances of such shareholder accounts as of the date
the guarantee is triggered. Any increase in the number of shares in a
shareholder’s balance after the close of business on September 19, 2008
and any future investments after a shareholder has closed their account
will not be guaranteed. As a participant of the Program, which expires
September 18, 2009, each Fund paid a participation fee of 0.01% for
the period September 19, 2008 through December 18, 2008 and 0.03%
for the period December 19, 2008 through September 18, 2009 of the
Funds’ shares outstanding value as of September 19, 2008. The participa-
tion fee for the period September 19, 2008 to March 31, 2009 is included
in federal insurance on the Statements of Operations.

52 CMA MULTI-STATE MUNICIPAL SERIES TRUST

MARCH 31, 2009

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees of
CMA Multi-State Municipal Series Trust:

We have audited the accompanying statements of assets and liabilities,
including the schedules of investments, of CMA Multi-State Municipal
Series Trust (the “Trust”) comprising of CMA Arizona Municipal Money Fund,
CMA California Municipal Money Fund, CMA Connecticut Municipal Money
Fund, CMA Florida Municipal Money Fund, CMA Massachusetts Municipal
Money Fund, CMA Michigan Municipal Money Fund, CMA New Jersey
Municipal Money Fund, CMA New York Municipal Money Fund, CMA North
Carolina Municipal Money Fund, CMA Ohio Municipal Money Fund and
CMA Pennsylvania Municipal Money Fund (collectively, the “Funds”) as of
March 31, 2009, and the related statements of operations for the year
then ended, the statements of changes in net assets for each of the two
years in the period then ended, and the financial highlights for the periods
presented. These financial statements and financial highlights are the
responsibility of the Trust’s management. Our responsibility is to express
an opinion on these financial statements and financial highlights based
on our audits.

We conducted our audits in accordance with the standards of the Public
Company Accounting Oversight Board (United States). Those standards
require that we plan and perform the audit to obtain reasonable assurance
about whether the financial statements and financial highlights are free
of material misstatement. The Trust is not required to have, nor were we
engaged to perform, an audit of its internal control over financial reporting.
Our audits included consideration of internal control over financial report-

ing as a basis for designing audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Trust’s internal control over financial reporting. Accord-
ingly, we express no such opinion. An audit also includes examining, on a
test basis, evidence supporting the amounts and disclosures in the finan-
cial statements, assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. Our procedures included confirmation of securities
owned as of March 31, 2009, by correspondence with the custodian and
brokers; where replies were not received from brokers, we performed other
auditing procedures. We believe that our audits provide a reasonable basis
for our opinion.

In our opinion, the financial statements and financial highlights referred
to above present fairly, in all material respects, the financial position of
each of the Funds constituting CMA Multi-State Municipal Series Trust
as of March 31, 2009, the results of their operations for the year then
ended, the changes in their net assets for each of the two years in the
period then ended, and the financial highlights for the periods presented,
in conformity with accounting principles generally accepted in the United
States of America.

Deloitte & Touche LLP
Princeton, New Jersey
May 21, 2009

Important Tax Information (Unaudited)

All of the net investment income distributions paid by each of the Funds
of the CMA Multi-State Municipal Series Trust during the taxable year
ended March 31, 2009 qualify as tax-exempt interest dividends for
Federal income tax purposes.

Additionally, CMA New Jersey Municipal Money Fund paid a taxable ordi-
nary income distribution of $0.0000317 per share and a long term capital
gain distribution of $0.00000425 per share to shareholders of record on
December 8, 2008.

CMA MULTI-STATE MUNICIPAL SERIES TRUST

MARCH 31, 2009

53

Officers and Trustees         
 
        Number of   
    Length of    BlackRock-   
  Position(s)  Time    Advised Funds   
Name, Address  Held with  Served as    and Portfolios  Public 
and Year of Birth  Trust  a Trustee2  Principal Occupation(s) During Past 5 Years  Overseen  Trusteeships 
 
     Non-Interested Trustees1         
Ronald W. Forbes  Co-Chair of  Since  Professor Emeritus of Finance, School of Business, State University of New York  34 Funds  None 
40 East 52nd Street  the Board  1988  at Albany since 2000.  81 Portfolios   
New York, NY 10022  of Trustees         
1940  and Trustee         
Rodney D. Johnson  Co-Chair of  Since  President, Fairmount Capital Advisors, Inc. since 1987; Director, Fox Chase  34 Funds  None 
40 East 52nd Street  the Board  2007  Cancer Center since 2002; Member of the Archdiocesan Investment Committee  81 Portfolios   
New York, NY 10022  of Trustees    of the Archdiocese of Philadelphia since 2003; Director, The Committee of Seventy     
1941  and Trustee    (civic) since 2006.     
David O. Beim  Trustee  Since  Professor of Finance and Economics at the Columbia University Graduate  34 Funds  None 
40 East 52nd Street    2007  School of Business since 1991; Trustee, Phillips Exeter Academy since 2002;  81 Portfolios   
New York, NY 10022      Formerly Chairman, Wave Hill Inc. (public garden and cultural center) from 1990     
1940      to 2006.     
Dr. Matina Horner  Trustee  Since  Formerly Executive Vice President of Teachers Insurance and Annuity Association  34 Funds  NSTAR 
40 East 52nd Street    2007  and College Retirement Equities Fund from 1989 to 2003.  81 Portfolios  (electric and 
New York, NY 10022          gas utility) 
1939           
Herbert I. London  Trustee and  Since  Professor Emeritus, New York University since 2005; John M. Olin Professor of  34 Funds  AIMS Worldwide, 
40 East 52nd Street  Member of  2007  Humanities, New York University from 1993 to 2005 and Professor thereof from  81 Portfolios  Inc. (marketing) 
New York, NY 10022  the Audit    1980 to 2005; President, Hudson Institute (policy research organization) since     
1939  Committee    1997 and Trustee thereof since 1980; Chairman of the Board of Trustees for     
      Grantham University since 2006; Director, InnoCentive, Inc. (strategic solutions     
      company) since 2005; Director, Cerego, LLC (software development and design)     
      since 2005.     
 
Cynthia A. Montgomery  Trustee  Since  Professor, Harvard Business School since 1989; Director, Harvard Business  34 Funds  Newell 
40 East 52nd Street    1994  School Publishing since 2005; Director, McLean Hospital since 2005.  81 Portfolios  Rubbermaid, Inc. 
New York, NY 10022          (manufacturing) 
1952           
Joseph P. Platt, Jr.  Trustee  Since  Director, The West Penn Allegheny Health System (a not-for-profit health system)  34 Funds  Greenlight 
40 East 52nd Street    2007  since 2008; Director, Jones and Brown (Canadian insurance broker) since 1998;  81 Portfolios  Capital Re, Ltd 
New York, NY 10022      General Partner, Thorn Partners, LP (private investment) since 1998; Formerly    (reinsurance 
1947      Partner, Amarna Corporation, LLC (private investment company) from 2002    company) 
      to 2008.     
 
Robert C. Robb, Jr.  Trustee  Since  Partner, Lewis, Eckert, Robb and Company (management and financial consulting  34 Funds  None 
40 East 52nd Street    2007  firm) since 1981.  81 Portfolios   
New York, NY 10022           
1945           

54 CMA MULTI-STATE MUNICIPAL SERIES TRUST

MARCH 31, 2009

Officers and Trustees (continued)     
 
        Number of   
    Length of    BlackRock-   
  Position(s)  Time    Advised Funds   
Name, Address  Held with  Served as    and Portfolios  Public 
and Year of Birth  Trust  a Trustee2  Principal Occupation(s) During Past 5 Years  Overseen  Trusteeships 
 
     Non-Interested Trustees1 (concluded)         
Toby Rosenblatt  Trustee  Since  President, Founders Investments Ltd. (private investments) since 1999; Director,  34 Funds  A.P. Pharma, Inc. 
40 East 52nd Street    2007  Forward Management, LLC since 2007; Director, The James Irvine Foundation  81 Portfolios  (specialty 
New York, NY 10022      (philanthropic foundation) since 1997; Formerly Trustee, State Street Research    pharmaceuticals) 
1945      Mutual Funds from 1990 to 2005; Formerly, Trustee, Metropolitan Series Funds, Inc.     
      from 2001 to 2005.     
 
Kenneth L. Urish  Chair of  Since  Managing Partner, Urish Popeck & Co., LLC (certified public accountants and  34 Funds  None 
40 East 52nd Street  the Audit  2007  consultants) since 1976; Member of External Advisory Board, The Pennsylvania  81 Portfolios   
New York, NY 10022  Committee    State University Accounting Department since 2001; Trustee, The Holy Family     
1951  and Trustee    Foundation since 2001; Committee Member, Professional Ethics Committee of     
      the Pennsylvania Institute of Certified Public Accountants since 2007; Formerly     
      President and Trustee, Pittsburgh Catholic Publishing Associates from 2003 to     
      2008; Formerly Director, Inter-Tel from 2006 to 2007.     
 
Frederick W. Winter  Trustee and  Since  Professor and Dean Emeritus of the Joseph M. Katz School of Business, University  34 Funds  None 
40 East 52nd Street  Member of  2007  of Pittsburgh since 2005 and Dean thereof from 1997 to 2005; Director, Alkon  81 Portfolios   
New York, NY 10022  the Audit    Corporation (pneumatics) since 1992; Director, Tippman Sports (recreation) since     
1945  Committee    2005; Formerly Director, Indotronix International (IT services) from 2004 to 2008.     
  1 Trustees serve until their resignation, removal or death, or until December 31 of the year in which they turn 72.     
  2 Following the combination of Merrill Lynch Investment Managers, L.P. (“MLIM”) and BlackRock, Inc. (“BlackRock”) in September 2006, the various legacy 
   MLIM and legacy BlackRock Fund boards were realigned and consolidated into three new Fund boards in 2007. As a result, although the chart shows 
   certain trustees as joining the Trust’s board in 2007, each trustee first became a member of the board of trustees of other legacy MLIM or legacy 
   BlackRock Funds as follows: David O. Beim since 1998; Ronald W. Forbes since 1977; Matina Horner since 2004; Rodney D. Johnson since 1995; 
   Herbert I. London since 1987; Cynthia A. Montgomery since 1994; Joseph P. Platt since 1999; Robert C. Robb, Jr. since 1999; Toby Rosenblatt since 
   2005; Kenneth L. Urish since 1999 and Frederick W. Winter since 1999.     
 
 
 
     Interested Trustees1           
Richard S. Davis  Trustee  Since  Managing Director, BlackRock, Inc. since 2005; Formerly Chief Executive Officer,  175 Funds  None 
40 East 52nd Street    2007  State Street Research & Management Company from 2000 to 2005; Formerly  286 Portfolios   
New York, NY 10022      Chairman of the Board of Trustees, State Street Research Mutual Funds from     
1945      2000 to 2005; Formerly Chairman, SSR Realty from 2000 to 2004.     
Henry Gabbay  Trustee  Since  Formerly Consultant, BlackRock, Inc. from 2007 to 2008; Formerly Managing  175 Funds  None 
40 East 52nd Street    2007  Director, BlackRock, Inc. from 1989 to 2007; Formerly Chief Administrative Officer,  286 Portfolios   
New York, NY 10022      BlackRock Advisors, LLC from 1998 to 2007; Formerly President of BlackRock     
1947      Funds and BlackRock Bond Allocation Target Shares from 2005 to 2007 and     
      Treasurer of certain closed-end funds in the BlackRock fund complex from 1989     
      to 2006.     
 
  1 Mr. Davis is an “interested person,” as defined in the Investment Company Act of 1940, of the Trust based on his position with BlackRock, Inc. and its 
   affiliates. Mr. Gabbay is an “interested person” of the Trust based on his former positions with BlackRock, Inc. and its affiliates as well as his ownership 
   of BlackRock, Inc. and PNC securities. Trustees serve until their resignation, removal or death, or until December 31 of the year in which they turn 72. 

CMA MULTI-STATE MUNICIPAL SERIES TRUST

MARCH 31, 2009

55

Officers and Trustees (concluded)       
 
                                     Number of   
    Length of                                 BlackRock-   
  Position(s)  Time                                 Advised Funds 
Name, Address  Held with  Served as                                 and Portfolios Public 
and Year of Birth  Trust  a Trustee  Principal Occupation(s) During Past 5 Years                             Overseen  Trusteeships 
 
Trust Officers1             
Donald C. Burke  President  Since  Managing Director of BlackRock, Inc. since 2006; Formerly Managing Director of Merrill Lynch Investment Managers, L.P. 
40 East 52nd Street  and Chief  2007  (“MLIM”) and Fund Asset Management, L.P. (“FAM”) in 2006; First Vice President thereof from 1997 to 2005; Treasurer 
New York, NY 10022  Executive    thereof from 1999 to 2006 and Vice President thereof from 1990 to 1997.   
1960  Officer           
Anne F. Ackerley  Vice  Since  Managing Director of BlackRock, Inc. since 2000; Chief Operating Officer of BlackRock’s U.S. Retail Group since 2006; 
40 East 52nd Street  President  2007  Formerly Head of BlackRock’s Mutual Fund Group from 2000 to 2006.   
New York, NY 10022             
1962             
Neal J. Andrews  Chief  Since  Managing Director of BlackRock, Inc. since 2006; Formerly Senior Vice President and Line of Business Head of Fund 
40 East 52nd Street  Financial  2007  Accounting and Administration at PNC Global Investment Servicing (U.S.) Inc. (formerly PFPC Inc.) from 1992 to 2006. 
New York, NY 10022  Officer           
1966             
Jay M. Fife  Treasurer  Since  Managing Director of BlackRock, Inc. since 2007 and Director in 2006; Formerly Assistant Treasurer of the MLIM/FAM 
40 East 52nd Street    2007  advised funds from 2005 to 2006; Director of MLIM Fund Services Group from 2001 to 2006.   
New York, NY 10022             
1970             
Brian P. Kindelan  Chief  Since  Chief Compliance Officer of the BlackRock-advised Funds since 2007; Managing Director and Senior Counsel of 
40 East 52nd Street  Compliance  2007  BlackRock, Inc. since 2005; Formerly Director and Senior Counsel of BlackRock Advisors, Inc. from 2001 to 2004. 
New York, NY 10022  Officer of           
1959  the Trust           
Howard B. Surloff  Secretary  Since  Managing Director of BlackRock, Inc. and General Counsel of U.S. Funds at BlackRock, Inc. since 2006; Formerly General 
40 East 52nd Street    2007  Counsel (U.S.) of Goldman Sachs Asset Management, L.P. from 1993 to 2006.   
New York, NY 10022             
1965             
  1 Officers of the Trust serve at the pleasure of the Board of Trustees.       
 
Fund Address     Custodian         Transfer Agent  Accounting Agent  Independent  Legal Counsel 
CMA Multi-State     State Street Bank and       Financial Data  State Street Bank and  Registered Public  Sidley Austin LLP 
Municipal Series Trust     Trust Company       Services, Inc.  Trust Company  Accounting Firm  New York, NY 10019 
100 Bellevue Parkway     Boston, MA 02101       Jacksonville, FL 32246  Princeton, NJ 08540  Deloitte & Touche LLP   
Wilmington, DE 19809          Princeton, NJ 08540   

56 CMA MULTI-STATE MUNICIPAL SERIES TRUST

MARCH 31, 2009

Additional Information

Availability of Quarterly Schedule of Investments

The Funds file their complete schedule of portfolio holdings with the
Securities and Exchange Commission (“SEC”) for the first and third quar-
ters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available
on the SEC’s website at http://www.sec.gov and may also be reviewed

and copied at the SEC’s Public Reference Room in Washington, DC.
Information on the operation of the Public Reference Room may be
obtained by calling (800) SEC-0330.The Funds’ Forms N-Q may also be
obtained upon request and without charge by calling (800) 441-7762.

Electronic Delivery

Electronic copies of most financial reports and prospectuses are available
on the Funds’ website or shareholders can sign up for e-mail notifications
of quarterly statements, annual and semi-annual reports and prospectuses
by enrolling in the Funds’ electronic delivery program.

Shareholders Who Hold Accounts with Investment Advisors, Banks
or Brokerages:

Please contact your financial advisor to enroll. Please note that not all
investment advisors, banks or brokerages may offer this service.

General Information

The Funds will mail only one copy of shareholder documents, including
annual and semi-annual reports and proxy statements, to shareholders
with multiple accounts at the same address. This practice is commonly
called “householding” and it is intended to reduce expenses and eliminate
duplicate mailings of shareholder documents. Mailings of your shareholder

documents may be householded indefinitely unless you instruct us other-
wise. If you do not want the mailing of these documents to be combined
with those for other members of your household, please contact the Funds
at (800) 441-7762.

CMA MULTI-STATE MUNICIPAL SERIES TRUST

MARCH 31, 2009

57

Additional Information (concluded)

BlackRock Privacy Principles

BlackRock is committed to maintaining the privacy of its current and former
fund investors and individual clients (collectively, “Clients”) and to safe-
guarding their non-public personal information. The following information
is provided to help you understand what personal information BlackRock
collects, how we protect that information and why in certain cases we
share such information with select parties.

If you are located in a jurisdiction where specific laws, rules or regulations
require BlackRock to provide you with additional or different privacy-related
rights beyond what is set forth below, then BlackRock will comply with
those specific laws, rules or regulations.

BlackRock obtains or verifies personal non-public information from and
about you from different sources, including the following: (i) information
we receive from you or, if applicable, your financial intermediary, on appli-
cations, forms or other documents; (ii) information about your transactions
with us, our affiliates, or others; (iii) information we receive from a con-
sumer reporting agency; and (iv) from visits to our websites.

BlackRock does not sell or disclose to non-affiliated third parties any non-
public personal information about its Clients, except as permitted by law
or as is necessary to respond to regulatory requests or to service Client
accounts. These non-affiliated third parties are required to protect the
confidentiality and security of this information and to use it only for its
intended purpose.

We may share information with our affiliates to service your account or to
provide you with information about other BlackRock products or services
that may be of interest to you. In addition, BlackRock restricts access to
non-public personal information about its Clients to those BlackRock
employees with a legitimate business need for the information. BlackRock
maintains physical, electronic and procedural safeguards that are designed
to protect the non-public personal information of its Clients, including pro-
cedures relating to the proper storage and disposal of such information.

58 CMA MULTI-STATE MUNICIPAL SERIES TRUST

MARCH 31, 2009

This report is transmitted to shareholders only. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Funds unless
accompanied or preceded by the Trust’s current prospectus. An investment in the Funds is not insured or guaranteed by the Federal Deposit Insurance
Corporation or any other government agency other than with respect to the Funds’ participation in the US Treasury Department’s Temporary Guarantee
Program for Money Market Funds disclosed in this annual report. Although the Funds seek to preserve the value of your investment at $1.00 per share,
it is possible to lose money by investing in the Funds. Total return information assumes reinvestment of all distributions. Past performance results shown in
this report should not be considered a representation of future performance. For current month-end performance information, call (800) 882-0052. The
Funds’ current seven-day yields more closely reflect the current earnings of the Funds than the total returns quoted. Statements and other information
herein are as dated and are subject to change.

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available (1) without
charge, upon request, by calling toll-free (800) 441-7762; (2) at www.blackrock.com; and (3) on the Securities and Exchange Commission’s website at
http://www.sec.gov. Information about how the Funds voted proxies relating to securities held in the Funds’ portfolios during the most recent 12-month
period ended June 30 is available (1) at www.blackrock.com or by calling (800) 441-7762 and (2) on the Securities and Exchange Commission’s website
at http://www.sec.gov.


#CMASTATES-3/09

Item 2 – Code of Ethics – The registrant (or the “Fund”) has adopted a code of ethics, as of the end
of the period covered by this report, applicable to the registrant’s principal executive officer,
principal financial officer and principal accounting officer, or persons performing similar
functions. During the period covered by this report, there have been no amendments to or
waivers granted under the code of ethics. A copy of the code of ethics is available without
charge at www.blackrock.com.

Item 3 – Audit Committee Financial Expert – The registrant’s board of directors or trustees, as
applicable (the “board of directors”) has determined that (i) the registrant has the following
audit committee financial expert serving on its audit committee and (ii) each audit
committee financial expert is independent:
Kenneth L. Urish

Under applicable securities laws, a person determined to be an audit committee financial
expert will not be deemed an “expert” for any purpose, including without limitation for the
purposes of Section 11 of the Securities Act of 1933, as a result of being designated or
identified as an audit committee financial expert. The designation or identification as an
audit committee financial expert does not impose on such person any duties, obligations, or
liabilities greater than the duties, obligations, and liabilities imposed on such person as a
member of the audit committee and board of directors in the absence of such designation or
identification.

Item 4 – Principal Accountant Fees and Services

           (a) Audit Fees  (b) Audit-Related Fees1             (c) Tax Fees2   (d) All Other Fees3 
  Current  Previous  Current  Previous  Current  Previous  Current  Previous 
  Fiscal  Fiscal Year  Fiscal  Fiscal  Fiscal Year Fiscal Year Fiscal Year Fiscal Year 
Entity Name  Year End  End  Year End Year End  End  End  End  End 
 
CMA Arizona Municipal  $23,200  $23,100  $0  $0  $6,100  $6,100  $733  $749 
Money Fund                 
CMA California                 
Municipal Money Fund  $26,400  $26,300  $0  $0  $6,100  $6,100  $733  $749 
 
CMA Connecticut  $24,400  $24,300  $0  $0  $6,100  $6,100  $733  $749 
Municipal Money Fund                 
CMA Florida Municipal                 
Money Fund  $24,400  $24,300  $0  $0  $6,100  $6,100  $733  $749 
 
CMA Massachusetts  $24,400  $24,300  $0  $0  $6,100  $6,100  $733  $749 
Municipal Money Fund                 
CMA Michigan                 
Municipal Money Fund  $24,400  $24,300  $0  $0  $6,100  $6,100  $733  $749 
 
CMA New Jersey  $26,400  $26,300  $0  $0  $6,100  $6,100  $733  $749 
Municipal Money Fund                 
CMA New York                 
Municipal Money Fund  $26,400  $26,300  $0  $0  $6,100  $6,100  $733  $749 
 
CMA North Carolina  $23,400  $23,300  $0  $0  $6,100  $6,100  $733  $749 
Municipal Money Fund                 
CMA Ohio Municipal                 
Money Fund  $23,400  $23,300  $0  $0  $6,100  $6,100  $733  $749 
 
CMA Pennsylvania  $23,400  $23,300  $0  $0  $6,100  $6,100  $733  $749 
Municipal Money Fund                 

1 The nature of the services include assurance and related services reasonably related to the performance of the audit of
financial statements not included in Audit Fees.
2 The nature of the services include tax compliance, tax advice and tax planning.
3 The nature of the services include a review of compliance procedures and attestation thereto.

(e)(1) Audit Committee Pre-Approval Policies and Procedures:
The registrant’s audit committee (the “Committee”) has adopted policies and
procedures with regard to the pre-approval of services. Audit, audit-related and tax

compliance services provided to the registrant on an annual basis require specific pre-
approval by the Committee. The Committee also must approve other non-audit services
provided to the registrant and those non-audit services provided to the registrant’s affiliated
service providers that relate directly to the operations and the financial reporting of the
registrant. Certain of these non-audit services that the Committee believes are a) consistent
with the SEC’s auditor independence rules and b) routine and recurring services that will
not impair the independence of the independent accountants may be approved by the
Committee without consideration on a specific case-by-case basis (“general pre-approval”).
The term of any general pre-approval is 12 months from the date of the pre-approval, unless
the Committee provides for a different period. Tax or other non-audit services provided to
the registrant which have a direct impact on the operation or financial reporting of the
registrant will only be deemed pre-approved provided that any individual project does not
exceed $10,000 attributable to the registrant or $50,000 for all of the registrants the
Committee oversees. For this purpose, multiple projects will be aggregated to determine if
they exceed the previously mentioned cost levels.
Any proposed services exceeding the pre-approved cost levels will require specific
pre-approval by the Committee, as will any other services not subject to general pre-
approval (e.g., unanticipated but permissible services). The Committee is informed of each
service approved subject to general pre-approval at the next regularly scheduled in-person
board meeting. At this meeting, an analysis of such services is presented to the Committee
for ratification. The Committee may delegate to one or more of its members the authority to
approve the provision of and fees for any specific engagement of permitted non-audit
services, including services exceeding pre-approved cost levels.

(e)(2) None of the services described in each of Items 4(b) through (d) were approved by
the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not Applicable

(g) Affiliates’ Aggregate Non-Audit Fees:

  Current Fiscal  Previous Fiscal 
Entity Name  Year End  Year End 
 
CMA Arizona Municipal Money Fund  $414,333  $411,849 
CMA California Municipal Money Fund  $414,333  $411,849 
CMA Connecticut Municipal Money Fund  $414,333  $411,849 
CMA Florida Municipal Money Fund  $414,333  $411,849 
CMA Massachusetts Municipal Money Fund  $414,333  $411,849 
CMA Michigan Municipal Money Fund  $414,333  $411,849 
CMA New Jersey Municipal Money Fund  $414,333  $411,849 
CMA New York Municipal Money Fund  $414,333  $411,849 
CMA North Carolina Municipal Money Fund  $414,333  $411,849 
CMA Ohio Municipal Money Fund  $414,333  $411,849 
CMA Pennsylvania Municipal Money Fund  $414,333  $411,849 

(h) The registrant’s audit committee has considered and determined that the provision of
non-audit services that were rendered to the registrant’s investment adviser (not including
any non-affiliated sub-adviser whose role is primarily portfolio management and is
subcontracted with or overseen by the registrant’s investment adviser), and any entity
controlling, controlled by, or under common control with the investment adviser that
provides ongoing services to the registrant that were not pre-approved pursuant to paragraph
(c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal
accountant’s independence.

Regulation S-X Rule 2-01(c)(7)(ii) – $407,500, 0%

Item 5 – Audit Committee of Listed Registrants – Not Applicable

Item 6 – Investments
(a) The registrant’s Schedule of Investments is included as part of the Report to
Stockholders filed under Item 1 of this form.
(b) Not Applicable due to no such divestments during the semi-annual period covered since
the previous Form N-CSR filing.

Item 7 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management
Investment Companies – Not Applicable

Item 8 – Portfolio Managers of Closed-End Management Investment Companies – Not Applicable

Item 9 – Purchases of Equity Securities by Closed-End Management Investment Company and
Affiliated Purchasers – Not Applicable

Item 10 – Submission of Matters to a Vote of Security Holders – The registrant’s Nominating and
Governance Committee will consider nominees to the board of directors recommended by
shareholders when a vacancy becomes available. Shareholders who wish to recommend a
nominee should send nominations which include biographical information and set forth the
qualifications of the proposed nominee to the registrant’s Secretary. There have been no
material changes to these procedures.

Item 11 – Controls and Procedures

11(a) – The registrant’s 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 15(d)-15(b) under the Securities Exchange Act of 1934, as amended.

11(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 second fiscal quarter
of the period covered by this report that have materially affected, or are reasonably likely to
materially affect, the registrant’s internal control over financial reporting.

Item 12 – Exhibits attached hereto

12(a)(1) – Code of Ethics – See Item 2

12(a)(2) – Certifications – Attached hereto

12(a)(3) – Not Applicable

12(b) – Certifications – Attached hereto

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment
Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.

CMA Multi-State Municipal Series Trust

By: /s/ Donald C. Burke
Donald C. Burke
Chief Executive Officer of
CMA Multi-State Municipal Series Trust

Date: May 20, 2009

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: May 20, 2009

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

Date: May 20, 2009