N-Q 1 ny.txt CMA NEW YORK MUNICIPAL MONEY FUND UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-Q QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY Investment Company Act File Number 811-05011 Name of Fund: CMA Multi-State Municipal Series Trust Fund Address: P.O. Box 9011 Princeton, NJ 08543-9011 Name and address of agent for service: Robert C. Doll, Jr., 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: (609) 282-2800 Date of fiscal year end: 09/30/05 Date of reporting period: 04/01/2005 - 06/30/2005 Item 1 - Schedule of Investments CMA New York Municipal Money Fund Schedule of Investments as of June 30, 2005 (In Thousands)
Face Amount Municipal Bonds Value New York - 97.4% ABN AMRO Munitops Certificates Trust, New York, Revenue Refunding Bonds, VRDN (k): $ 23,340 Series 2002-10, 2.30% due 11/15/2010 (d) $ 23,340 9,965 Series 2004-24, 2.30% due 7/01/2012 (e) 9,965 10,000 Albany, New York, City School District, GO, BAN, Series B, 4% due 6/30/2006 10,127 2,500 Albany, New York, IDA, IDR, Refunding (Albany Ventures Inc. Project), VRDN, 2.37% due 12/29/2010 (k) 2,500 2,666 Allegany County, New York, GO, BAN, 4% due 4/27/2006 2,693 6,601 Binghamton, New York, City School District, GO, BAN, 3% due 10/14/2005 6,614 10,000 Binghamton, New York, GO, Refunding, BAN, 3% due 9/22/2005 10,029 8,000 Brasher Falls, New York, Central School District, BAN, 3.75% due 7/07/2006 8,072 2,360 Cattaraugus County, New York, Development Agency, IDR (Gowanda Electronics Corporation), VRDN, AMT, Series A, 2.69% due 9/01/2021 (k) 2,360 2,500 Chittenango, New York, Central School District, GO, RAN, 3% due 12/16/2005 2,504 7,000 Clarence, New York, Central School District, TAN, 3.75% due 6/29/2006 7,067 4,043 Clayton, New York, GO, BAN, 3% due 10/01/2005 4,048 5,000 Commack, New York, Union Free School District, GO, BAN, 3% due 11/18/2005 5,018
Portfolio Abbreviations AMT Alternative Minimum Tax (subject to) BAN Bond Anticipation Notes CP Commercial Paper FLOATS Floating Rate Securities GO General Obligation Bonds HFA Housing Finance Agency IDA Industrial Development Authority IDR Industrial Development Revenue Bonds MERLOTS Municipal Extendible Receipt Liquidity Option Tender Securities M/F Multi-Family MSTR Municipal Securities Trust Receipts PUTTERS Puttable Tax-Exempt Receipts RAN Revenue Anticipation Notes ROCS Reset Option Certificates TAN Tax Anticipation Notes VRDN Variable Rate Demand Notes CMA New York Municipal Money Fund Schedule of Investments as of June 30, 2005 (concluded) (In Thousands)
Face Amount Municipal Bonds Value New York $ 3,500 Dutchess County, New York, IDA, Civic Facility Revenue Bonds (Trinity-Pawling (concluded) School Corporation), VRDN, 2.53% due 10/01/2032 (k) $ 3,500 5,000 Eagle Tax-Exempt Trust, Metropolitan Transportation Authority, New York, Revenue Bonds, Series 2003-0051, Class A, 2.57% due 11/15/2032 (b)(k) 5,000 Eagle Tax-Exempt Trust, New York, VRDN (k): 10,145 Series 2001-323, 2.31% due 4/01/2015 10,145 24,500 Series 983201, 2.57% due 4/01/2017 24,500 7,730 Eagle Tax-Exempt Trust, Revenue Refunding Bonds, VRDN, Series 2002-6003, Class A, 2.57% due 11/15/2032 (d)(k) 7,730 6,000 Eagle Tax-Exempt Trust, Triborough Bridge and Tunnel Authority, New York, Revenue Bonds, Series 2003-0004, Class A, 2.57% due 11/15/2032 (b)(k) 6,000 6,000 East Hampton Township, New York, GO, BAN, Series B, 3.50% due 6/01/2006 6,040 5,170 East Moriches, New York, Union Free School District, GO, TAN, 3.75% due 6/22/2006 5,220 Elmont, New York, Union Free School District, GO, TAN: 5,200 3.50% due 6/29/2006 5,239 2,000 3.75% due 6/29/2006 2,020 Erie County, New York, IDA, Civic Facility Revenue Bonds, VRDN (k): 3,930 (Child and Family Services of Erie County), 2.62% due 6/01/2022 3,930 1,485 (Claddagh Commission Inc. Project), 2.62% due 12/01/2015 1,485 6,540 Freeport, New York, GO, BAN, 2.75% due 7/28/2005 6,545 7,310 Gloversville, New York, City School District, GO, BAN, Series A, 3.50% due 3/24/2006 7,353 2,460 Guilderland, New York, IDA, Civic Facility, Revenue Bonds (West Turnpike), VRDN, Series A, 2.62% due 4/01/2020 (k) 2,460 2,930 Hempstead Town, New York, GO, Refunding, Series A, 3.50% due 2/15/2006 (k) 2,945 16,000 Islip, New York, IDA, Industrial Revenue Bonds (Bayshore LLC Project), VRDN, AMT, 2.61% due 12/01/2029 (k) 16,000 3,759 Katonah-Lewisboro, New York, Union Free School District, GO, BAN, 2.75% due 7/22/2005 3,762 16,820 Long Island Power Authority, New York, Electric System General Revenue Bonds, VRDN, Series E, 2.15% due 12/01/2029 (d)(k) 16,820 Long Island Power Authority, New York, Electric System Revenue Bonds, VRDN (k): 29,915 FLOATS, Series 822-D, 2.56% due 9/01/2029 (f) 29,915 11,200 Series H, 2.20% due 12/01/2029 11,200 40,000 Sub-Series 3A, 2.23% due 5/01/2033 40,000 20,876 Long Island Power Authority, New York, Electric System Revenue Refunding Bonds, FLOATS, Series 339, 2.55% due 12/01/2026 (e)(k) 20,876 Metropolitan Transportation Authority, New York, Dedicated Tax Fund, Revenue Refunding Bonds, VRDN (d)(k): 10,600 FLOATS, Series 639, 2.57% due 11/15/2010 10,600 23,200 Series B, 2.52% due 11/01/2022 23,200 Metropolitan Transportation Authority, New York, GO, VRDN (k): 20,000 Sub-Series A-1, 2.52% due 11/01/2034 (f) 20,000 14,600 Sub-Series A-3, 2.52% due 11/01/2034 (i) 14,600 Metropolitan Transportation Authority, New York, Revenue Bonds, VRDN (k): 20,000 FLOATS, Series 848-D, 2.56% due 11/15/2021 (b) 20,000 9,785 MERLOTS, Series A12, 2.70% due 6/07/2006 (d) 9,785 8,010 PUTTERS, Series 816, 2.57% due 5/15/2013 (a) 8,010 Metropolitan Transportation Authority, New York, Revenue Refunding Bonds, VRDN (k): 38,790 MERLOTS, Series A52, 2.31% due 11/15/2022 (b) 38,790 8,460 MERLOTS, Series B25, 2.31% due 11/15/2025 (b) 8,460 2,400 Series D-1, 2.52% due 11/01/2029 (d) 2,400 7,845 Series D-2, 2.52% due 11/01/2032 (d) 7,845 9,775 Metropolitan Transportation Authority, New York, Service Contract Revenue Bonds, MERLOTS, VRDN, Series A-43, 2.31% due 1/01/2010 (b)(k) 9,775 5,810 Milo, New York, Sewer System Improvements, GO, Refunding, BAN, 3.25% due 11/23/2005 5,834 1,700 Monroe County, New York, IDA, Civic Facility Revenue Refunding Bonds (Al Sigl Center for Rehabilitation Agencies, Inc. Project), VRDN, 2.60% due 12/01/2034 (k) 1,700 1,225 Monroe County, New York, IDA, Revenue Bonds (Coopervision Project), VRDN, 2.44% due 1/01/2012 (k) 1,225 6,070 Monroe County, New York, Public Improvement, GO, BAN, 3% due 7/28/2005 6,076 10,000 Monticello, New York, Central School District, GO, BAN, 2.75% due 7/29/2005 10,009 8,000 Mount Vernon, New York, City School District, GO, TAN, 3.25% due 8/26/2005 8,014 12,500 Nassau County, New York, IDA, Revenue Bonds (Clinton Plaza Senior Housing Project), VRDN, 2.28% due 9/01/2034 (k) 12,500 New York City, New York, City Housing Development Corporation, M/F Mortgage Revenue Bonds, VRDN, Series A (k): 19,510 (63 Wall Street), 2.20% due 12/01/2036 19,510 10,000 (Gold Street Project), 2.26% due 1/01/2037 10,000 New York City, New York, City Housing Development Corporation, M/F Rental Housing Revenue Bonds, VRDN, Series A (k): 3,300 (Armory Place LLC), AMT, Series A, 2.25% due 3/15/2033 (c) 3,300 8,100 (Brittany Development), AMT, 2.25% due 6/15/2029 (c) 8,100 17,450 (Carnegie Park), 2.20% due 11/15/2019 (c) 17,450 3,700 (Monterey), 2.20% due 11/15/2019 (c) 3,700 29,800 (Tribeca Towers), AMT, 2.25% due 11/15/2019 (c) 29,800 18,600 (West 43rd Street Development), AMT, 2.25% due 4/15/2029 (c) 18,600 35,400 (West 89th Street Development), AMT, 2.25% due 11/15/2029 35,400 New York City, New York, City IDA, Civic Facility Revenue Bonds, VRDN (k): 3,200 (Allen-Stevenson School Project), 2.55% due 12/01/2034 3,200 2,550 (Federation of French Alliances in the United States Project), 2.60% due 2/01/2035 2,550 1,600 (Hewitt School Project), 2.55% due 12/01/2034 1,600 6,380 New York City, New York, City IDA, Civic Facility Revenue Refunding Bonds (Brooklyn Heights Montessori School Project), VRDN, 2.28% due 1/01/2027 (k) 6,380 2,400 New York City, New York, City IDA, IDR (DXB Videotape Inc. Project), VRDN, AMT, 2.35% due 6/30/2017 (k) 2,400 New York City, New York, City IDA, Liberty Revenue Bonds, VRDN (k): 25,000 (FC Hanson Office Associates LLC Project), 2.40% due 12/01/2039 25,000 24,700 (One Bryant Park LLC Project), Series B, 2.52% due 11/01/2039 24,700 9,000 New York City, New York, City IDA, Special Facility Revenue Bonds (Air Express International Corporation Project), VRDN, AMT, 2.32% due 7/01/2024 (k) 9,000 7,000 New York City, New York, City Municipal Water Finance Authority, CP, 2.92% due 7/14/2005 7,000 29,100 New York City, New York, City Municipal Water Finance Authority, Water and Sewer System Revenue Bonds, MSTR, VRDN, SGB-25, 2.01% due 6/15/2007 (e)(h)(k) 29,100 New York City, New York, City Municipal Water Finance Authority, Water and Sewer System Revenue Refunding Bonds, VRDN (k): 51,530 MSTR, Series SGB-27, 2.57% due 6/15/2024 (d) 51,530 15,270 PUTTERS, Series 622, 2.57% due 6/15/2012 (a) 15,270 22,505 Series F-1, 2.38% due 6/15/2033 22,505 30,200 Series F-2, 2.30% due 6/15/2033 30,200 10,600 Series G, 2.42% due 6/15/2024 (b) 10,600 New York City, New York, City Transitional Finance Authority Revenue Bonds, VRDN (k): 14,835 FLOATS, Series 536, 2.55% due 5/01/2015 (e) 14,835 5,500 Future Tax Secured, Series A, 2.35% due 2/15/2030 5,500 16,215 Future Tax Secured, Series A-2, 2.23% due 11/15/2027 16,215 29,355 (New York City Recovery), Series 1, Sub-Series 1A, 2.23% due 11/01/2022 29,355 3,790 ROCS, Series II-R-2054, 2.59% due 2/01/2020 (e) 3,790 2,700 Sub-Series 2A, 2.46% due 11/01/2022 2,700 19,000 Sub-Series 2B, 2.35% due 11/01/2022 19,000 New York City, New York, City Transitional Finance Authority, Revenue Refunding Bonds, VRDN (k): 3,950 (New York City Recovery), Series 3, Sub-Series 3-B, 2.48% due 11/01/2022 3,950 4,600 (New York City Recovery), Series 3, Sub-Series 3-H, 2.38% due 11/01/2022 4,600 New York City, New York, GO, VRDN (k): 9,540 MERLOTS, Series A36, 2.70% due 6/07/2006 (a) 9,540 5,000 MSTR, SGB-36, 2.55% due 6/01/2022 (a) 5,000 27,955 PUTTERS, Series 865, 2.57% due 4/01/2013 (a) 27,955 20,000 ROCS, Series II-R-251A, 2.61% due 12/15/2019 (k) 20,000 6,860 Series F-4, 2.23% due 2/15/2020 (k) 6,860 4,200 Series F-5, 2.23% due 2/15/2016 4,200 3,850 Series J, Sub-Series J-2, 2.31% due 2/15/2016 3,850 2,800 Sub-Series A-3, 2.23% due 8/01/2031 2,800 14,700 Sub-Series A-6, 2.22% due 8/01/2031 14,700 5,000 Sub-Series C-3, 2.30% due 8/15/2029 5,000 8,000 Sub-Series H-6, 2.20% due 3/01/2034 8,000 New York City, New York, GO, Refunding, VRDN (k): 12,100 MERLOTS, Series A32, 2.31% due 8/01/2011 (d) 12,100 7,075 PUTTERS, Series 914, 2.32% due 2/01/2013 (b) 7,075 6,000 Series H, Sub-Series H-2, 2.38% due 8/01/2013 (e) 6,000 4,400 Series H, Sub-Series H-2, 2.38% due 8/01/2014 (e) 4,400 13,000 Sub-Series C-3, 2.18% due 8/01/2020 (f) 13,000 14,400 Sub-Series C-4, 2.18% due 8/01/2020 14,400 28,000 Sub-Series C-5, 2.24% due 8/01/2020 28,000 100 Sub-Series E-4, 2.43% due 8/01/2021 100 200 Sub-Series E-4, 2.43% due 8/01/2022 200 800 Sub-Series E-5, 2.48% due 8/01/2015 800 750 Sub-Series E-5, 2.48% due 8/01/2017 750 13,815 Sub-Series C-2, 2.23% due 8/01/2020 13,815 16,767 New York State Commander of General Services Revenue Bonds (People of the State of New York), VRDN, 2.34% due 9/01/2021 (k) 16,767 5,175 New York State Dormitory Authority, Consolidated Third General Resolution Revenue Bonds (City University System), VRDN, Series 1, 5.375% due 7/01/2005 (a)(h)(k) 5,279 New York State Dormitory Authority, Mental Health Services Revenue Bonds, VRDN (k): 30,000 Sub-Series D-2G, 2.52% due 2/15/2031 30,000 15,000 Sub-Series D-2H, 2.52% due 2/15/2031 15,000 New York State Dormitory Authority Revenue Bonds, VRDN (k): 6,900 FLOATS, Series 894, 2.29% due 8/24/2005 (e) 6,900 2,230 MERLOTS, Series A35, 2.31% due 8/01/2023 (e)(g) 2,230 7,165 MERLOTS, Series B30, 2.31% due 3/15/2027 (b) 7,165 6,655 (Pratt Institute), 2.62% due 7/01/2034 (j) 6,655 5,900 (Teresian Housing Corporation), 2.51% due 7/01/2033 5,900 3,000 (Upstate Community Colleges), Series A, 6.25% due 7/01/2005 (h) 3,060 20,000 New York State Dormitory Authority, Revenue Refunding Bonds, MERLOTS, VRDN, Series A-09, 2.78% due 5/15/2031 (a)(k) 20,000 3,000 New York State Energy Research and Development Authority, Facilities Revenue Bonds (Consolidated Edison Company of New York, Inc. Project), Sub-Series C-3, VRDN, AMT, 2.36% due 11/01/2039 (k) 3,000 New York State, HFA, Housing Revenue Bonds, VRDN, Series A (k): 20,000 (100 Maiden Lane Project), 2.29% due 11/01/2037 20,000 33,950 (West 43rd Street), AMT, 2.25% due 11/01/2034 33,950 4,945 New York State, HFA, M/F Housing Revenue Bonds, VRDN, Series A, 2.32% due 11/01/2028 (a)(k) 4,945 5,600 New York State, HFA, M/F Revenue Bonds (Kew Gardens Hills), VRDN, AMT, Series A, 2.25% due 5/15/2036 (c)(k) 5,600 New York State, HFA, Revenue Bonds, VRDN, AMT (k): 6,400 (1500 Lexington Associates LLC), Series A, 2.40% due 5/15/2034 (c) 6,400 28,600 (1501 Lex Associates LP), Series A, 2.25% due 5/15/2032 (c) 28,600 20,000 (Chelsea Apartments), Series A, 2.45% due 11/15/2036 (c) 20,000 12,000 (Gethsemane Apartments), Series A, 2.34% due 5/15/2033 (c) 12,000 21,000 (Helena Housing), Series A, 2.25% due 11/01/2036 21,000 13,450 (Saxony Housing), Series A, 2.25% due 5/15/2030 13,450 13,000 (Talleyrand Crescent), 2.32% due 5/15/2028 (c) 13,000 32,600 (Tribeca Pointe LLC), Series A, 2.28% due 5/15/2029 (c) 32,600 54,400 (Tribeca), Series A, 2.25% due 11/15/2029 (c) 54,400 10,545 New York State, HFA, Revenue Bonds (Biltmore Tower Project), AMT, Series A, 2.36% due 5/15/2034 (k) 10,545 New York State, HFA, Service Contract Revenue Refunding Bonds, VRDN (k): 7,500 Series C, 2.23% due 3/15/2026 7,500 19,300 Series D, 2.23% due 3/15/2026 19,300 9,500 New York State Local Assistance Corporation Revenue Bonds, VRDN, Series A, 2.20% due 4/01/2022 (k) 9,500 83 New York State Local Government Assistance Corporation Revenue Bonds, VRDN, Series B, 2.10% due 4/01/2025 (k) 83 24,830 New York State Local Government Assistance Corporation, Revenue Refunding Bonds, Sub Lien, VRDN, Series A-7V, 2.18% due 4/01/2020 (b)(k) 24,830 4,545 New York State Thruway Authority, Highway and Bridge Trust Fund, Revenue Refunding Bonds, ROCS, VRDN, Series II-R-5012, 2.57% due 4/01/2019 (a)(k) 4,545 8,155 New York State Thruway Authority, Highway and Bridge Trust Fund, Second General Revenue Bonds, PUTTERS, VRDN, Series 405, 2.57% due 10/01/2011 (e)(k) 8,155 8,510 New York State Urban Development Corporation Revenue Bonds, MERLOTS, VRDN, Series A01, 2.31% due 3/15/2015 (b)(k) 8,510 4,000 Newark Valley, New York, Central School District, GO, BAN, Series B, 3.75% due 6/29/2006 4,038 18,681 North Babylon, New York, Union Free School District, GO, BAN, 3.50% due 8/09/2005 18,711 2,075 Onondaga County, New York, IDA, IDR (Peregrine International LLC Project), VRDN, AMT, 2.33% due 5/01/2022 (k) 2,075 14,200 Onondaga County, New York, IDA, Solid Waste Disposal Facility Revenue Refunding Bonds (Solvay Paperboard Project), VRDN, AMT, 2.65% due 7/01/2023 (k) 14,200 2,500 Ossining, New York, Union Free School District, GO, BAN, 3.25% due 12/16/2005 2,506 1,775 Oswego County, New York, IDA, Civic Facility Revenue Bonds (O H Properties Inc. Project), VRDN, Series A, 2.64% due 6/01/2024 (k) 1,775 Port Authority of New York and New Jersey, Special Obligation Revenue Refunding Bonds, (Versatile Structure Obligation), VRDN (k): 1,300 Series 3, 2.46% due 6/01/2020 1,300 14,800 Series 5, 2.29% due 8/01/2024 14,800 26,940 Poughkeepsie, New York, City School District, GO, BAN, 3.50% due 5/05/2006 27,102 3,560 Putnam County, New York, IDA, Revenue Bonds (Dynacept Corporation Project), VRDN, AMT, 2.61% due 1/01/2021 (k) 3,560 9,850 Putnam Valley, New York, Central School District, GO, BAN, 3.50% due 6/30/2006 9,919 5,000 Rochester, New York, GO, Refunding, BAN, Series II, 3% due 10/21/2005 5,017 Rockland County, New York, IDA, Civic Facility Revenue Bonds (Dominican College Project), VRDN (k): 6,855 Series A, 2.30% due 7/01/2035 6,855 3,060 Series B, 2.30% due 7/01/2035 3,060 9,800 Rockland County, New York, IDA, Revenue Bonds (Dominican College Project), VRDN, Series A, 2.57% due 5/01/2034 (k) 9,800 10,000 Rome, New York, City School District, GO, RAN, 3.50% due 6/23/2006 10,055 Schenectady, New York, City School District, GO: 4,700 BAN, 3% due 7/08/2005 4,701 9,000 RAN, 3% due 7/08/2005 9,002 8,000 RAN, 3.75% due 7/06/2006 8,072 5,000 Shenendehowa Central School District of Clifton Park, New York, GO, RAN, 3% due 6/22/2006 5,007 3,000 South Country Central School District of Brookhaven, New York, TAN, 3.75% due 6/23/2006 3,027 500 South Glens Falls, New York, Central School District, GO, RAN, 3.50% due 6/16/2006 503 3,250 South Orangetown, New York, Central School District, TAN, 3.75% due 6/30/2006 3,283 8,600 Southampton Township, New York, GO, BAN, 3.50% due 4/13/2006 8,654 Suffolk County, New York, GO: 25,000 TAN, Series I, 3.25% due 8/16/2005 25,042 2,435 VRDN, Series A, 3% due 2/01/2006 (e)(k) 2,438 4,920 Suffolk County, New York, IDA, Solid Waste Disposal Facility, Revenue Refunding Bonds (Ogden Martin Systems), ROCS, AMT, 2.53% due 10/01/2006 (a)(k) 4,920 Tobacco Settlement Financing Corporation of New York Revenue Bonds VRDN (a)(k): 7,475 PUTTERS, VRDN, Series 648, 2.57% due 6/01/2011 7,475 2,930 ROCS, Series II-R-2034, 2.58% due 6/01/2020 2,930 8,020 ROCS, Series II-R-4508, 2.58% due 6/01/2021 8,020 7,000 Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, VRDN, Series A, 2.18% due 11/01/2035 (k) 7,000 7,100 Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Refunding Bonds, VRDN, Series C, 2.23% due 1/01/2032 (a)(k) 7,100 Triborough Bridge and Tunnel Authority, New York, Revenue Bonds, VRDN (a)(k): 9,500 MERLOTS, Series B28, 2.31% due 11/15/2026 9,500 7,055 PUTTERS, Series 342, 2.57% due 11/15/2020 7,055 2,050 ROCS, Series II-R-2013, 2.57% due 11/15/2021 2,050 Triborough Bridge and Tunnel Authority, New York, Revenue Refunding Bonds, VRDN (e)(k): 12,895 FLOATS, Series 839, 2.56% due 11/15/2019 12,895 9,940 MERLOTS, Series B03, 2.31% due 11/15/2020 9,940 14,480 MERLOTS, Series B13, 2.31% due 11/15/2021 14,480 14,100 PUTTERS, Series 304, 2.57% due 11/15/2018 14,100 5,330 ROCS, Series II-R-1032, 2.57% due 11/15/2021 5,330 Triborough Bridge and Tunnel Authority, New York, Special Obligation Revenue Refunding Bonds, VRDN (d)(k): 21,315 Series A, 2.23% due 1/01/2031 21,315 1,625 Series C, 2.23% due 1/01/2031 1,625 14,140 Series D, 2.23% due 1/01/2031 14,140 13,556 Ulster County, New York, GO, Refunding, BAN, Series A, 3% due 11/18/2005 13,605 3,635 Wappinger, New York, GO, BAN, 3.50% due 4/28/2006 3,657 4,500 Westchester County, New York, IDA, Civic Facility Revenue Refunding Bonds (Northern Westchester Hospital), VRDN, 2.31% due 11/01/2024 (k) 4,500 William Floyd Union Free School District, Mastics-Moriches-Shirley, GO: 3,000 BAN, 3.75% due 6/27/2006 3,029 2,000 TAN, 3.75% due 6/27/2006 2,019 1,500 Yonkers, New York, IDA, Revenue Bonds, MERLOTS, VRDN, Series A01, 2.36% due 7/01/2042 (k) 1,500 Puerto Rico - 3.7% Government Development Bank of Puerto Rico, CP: 7,000 2.90% due 7/01/2005 7,000 27,403 3.05% due 7/15/2005 27,403 2,400 Municipal Securities Trust Certificates, Puerto Rico, GO, VRDN, Series 2002-199, Class A, 2.27% due 1/25/2016 (e)(k) 2,400 12,750 Puerto Rico Commonwealth, TRAN, 3% due 7/29/2005 12,749 12,755 Puerto Rico Public Buildings Authority, Revenue Refunding Bonds, FLOATS, VRDN, Series 747D, 2.56% due 7/01/2017 (f)(k) 12,755 Puerto Rico Public Finance Corporation Revenue Bonds, FLOATS, VRDN (f)(k): 14,191 Series 911, 2.54% due 8/01/2026 14,191 3,496 Series 919, 2.28% due 8/01/2026 3,496 Total Investments (Cost - $2,190,780*) - 101.1% 2,190,780 Liabilities in Excess of Other Assets - (1.1%) (23,551) ----------- Net Assets - 100.0% $ 2,167,229 =========== (a) AMBAC Insured. (b) FGIC Insured. (c) FNMA Collateralized. (d) FSA Insured. (e) MBIA Insured. (f) CIFG Insured (g) FHA Insured. (h) Prerefunded. (i) XL Capital Insured. (j) Radian Insured. (k) Security may have a maturity of more than one year at time of issuance, but has variable rate and demand features that qualify it as a short-term security. The rate disclosed is that currently in effect. This rate changes periodically based upon prevailing market rates. * Cost for federal income tax purposes.
Item 2 - Controls and Procedures 2(a) - The registrant's certifying officers have reasonably designed such disclosure controls and procedures to ensure material information relating to the registrant is made known to us by others particularly during the period in which this report is being prepared. The registrant's certifying officers have determined that the registrant's disclosure controls and procedures are effective based on our evaluation of these controls and procedures as of a date within 90 days prior to the filing date of this report. 2(b) - There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the last fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. Item 3 - Exhibits Certifications - Attached hereto Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. CMA Multi-State Municipal Series Trust By: /s/ Robert C. Doll, Jr. ----------------------- Robert C. Doll, Jr. Chief Executive Officer CMA Multi-State Municipal Series Trust Date: August 19, 2005 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/ Robert C. Doll, Jr. ----------------------- Robert C. Doll, Jr. Chief Executive Officer CMA Multi-State Municipal Series Trust Date: August 19, 2005 By: /s/ Donald C. Burke ------------------- Donald C. Burke Chief Financial Officer CMA Multi-State Municipal Series Trust Date: August 19, 2005