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AUGUST 31, 2026
2026 Quarterly Report
(Unaudited)
BlackRock Multi-State Municipal Series Trust • BlackRock Pennsylvania Municipal Bond Fund
Not FDIC Insured • May Lose Value • No Bank Guarantee
BNM1026U-6041638-19232814
Page 2
Security
Par (000) Value Municipal Bonds
California — 0.1% Transportation — 0.1% California Infrastructure & Economic Development Bank, Refunding RB, Class B, AMT, Sustainability Bonds, 12.00%, 01/01/65 (a)(b) ................................... $ 710 $ 450,850 Pennsylvania — 93.4% Corporate — 7.2% Montgomery County Industrial Development Authority, Refunding RB, Series A, 4.10%, 04/01/53 (a) .............. 1,240 1,259,827 Pennsylvania Economic Development Financing Authority, RB 6.88%, 09/01/47 (b) ...................................... 4,245 4,755,180 AMT, 3.03%, 07/01/51 (a) ................................ 5,000 5,000,005 Series A, AMT, 3.25%, 08/01/37 (a) ....................... 2,500 2,499,872 Series B-2, AMT, 3.05%, 04/01/49 (a) ..................... 2,450 2,447,860 Pennsylvania Economic Development Financing Authority, Refunding RB 2.50%, 12/01/30 (a) ...................................... 2,485 2,483,437 Series B, 5.25%, 12/01/38 (a) ............................ 430 430,583 Series C, 5.25%, 12/01/37 (a) ............................ 755 756,052 AMT, 5.50%, 11/01/44 .................................. 1,355 1,335,183 20,967,999 County/City/Special District/School District — 14.2% Abington School District, GO, (BAM SAW), 04/01/56 (c) ...... 2,585 2,629,512 Allentown Neighborhood Improvement Zone Development Authority, RB (b) 5.00%, 05/01/32 ........................................ 1,405 1,410,712 5.00%, 05/01/42 ........................................ 1,940 1,979,606 6.00%, 05/01/42 ........................................ 2,500 2,690,398 Series A, 5.25%, 05/01/42 .............................. 1,000 1,015,094 Avon Grove School District Chester County, Refunding GOL (SAW), 5.00%, 11/15/27 ................................ 700 719,508 (SAW), 5.00%, 11/15/28 ................................ 875 917,402 Chester County Industrial Development Authority, SAB (b) 4.25%, 03/01/35 ........................................ 1,080 1,018,268 5.00%, 03/01/38 ........................................ 261 261,375 5.13%, 03/01/48 ........................................ 577 564,672 4.75%, 03/01/50 ........................................ 2,635 2,322,563 City of Philadelphia Pennsylvania, GO Series A, 5.25%, 08/01/45 .............................. 750 798,565 Series B, 5.00%, 02/01/39 .............................. 1,540 1,586,732 City of Pittsburgh Pennsylvania, GO, 5.00%, 09/01/41 ...... 750 776,911 Coatesville School District, GOL, CAB (d) Series A, (BAM SAW), 0.00%, 10/01/35 ................. 2,565 1,715,426 Series A, (BAM SAW), 0.00%, 10/01/37 ................. 2,505 1,478,780 Northern York County School District, GOL, (SAW), 11/15/51 (c) ............................................. 2,000 2,044,928 Pennsylvania Economic Development Financing Authority, RB AMT, 5.00%, 06/30/32 .................................. 1,375 1,469,566 AMT, 5.50%, 06/30/43 .................................. 2,500 2,612,916 AMT, 6.00%, 06/30/61 .................................. 1,945 2,028,527 Radnor Township School District, GOL, (SAW), 5.00%, 08/15/55 ............................................... 1,300 1,326,062 Redevelopment Authority of The County of Washington, Refunding TA, 5.00%, 07/01/28 ......................... 170 172,764 School District of Philadelphia, GOL Series A, (SAW), 5.50%, 09/01/48 ....................... 4,000 4,206,994 Series D, (SAW), 3.00%, 09/01/44 ....................... 4,640 3,603,191
Security
Par (000) Value
County/City/Special District/School District (continued) Seneca Valley School District, GOL, (SAW), 5.00%, 03/01/50 ............................................... $ 700 $ 714,669 State College Area School District, GOL, Series A, (SAW), 03/15/51 (c) ............................................. 1,600 1,635,591 41,700,732 Education — 18.2% Berks County Municipal Authority, Refunding RB 5.00%, 10/01/39 ........................................ 600 553,617 5.00%, 10/01/49 ........................................ 795 663,231 Bucks County Industrial Development Authority, RB 5.00%, 03/15/36 ........................................ 430 447,365 5.00%, 03/15/41 ........................................ 290 289,079 5.00%, 03/15/51 ........................................ 1,420 1,319,395 5.13%, 03/15/56 ........................................ 870 805,578 Chester County Industrial Development Authority, RB, Sustainability Bonds, 4.00%, 12/01/51 ................... 4,000 3,460,452 Cumberland County Municipal Authority, Refunding RB, 5.00%, 05/01/56 ........................................ 2,000 1,994,220 Montgomery County Industrial Development Authority, Refunding RB, 5.25%, 11/01/54 ......................... 1,735 1,601,488 Pennsylvania Economic Development Financing Authority, RB, 5.00%, 08/01/49 ................................... 800 816,009 Pennsylvania Higher Education Assistance Agency, RB Series A, 2.63%, 06/01/42 .............................. 970 841,511 Sub-Series 1C, AMT, 5.00%, 06/01/51 ................... 4,370 4,021,349 Series 1, AMT, Subordinate, 5.25%, 06/01/53 ............ 720 675,523 Series 1C, AMT, Subordinate, 5.50%, 06/01/52 .......... 1,515 1,456,715 Series B, AMT, Subordinate, 3.00%, 06/01/47 ............ 1,700 1,154,423 Series B, AMT, Subordinate, 3.13%, 06/01/48 ............ 650 441,144 Series B, AMT, Subordinate, 5.00%, 06/01/50 ............ 755 687,829 Pennsylvania Higher Educational Facilities Authority, RB, 4.00%, 06/15/55 ........................................ 2,300 1,953,594 Pennsylvania Higher Educational Facilities Authority, Refunding RB 5.00%, 05/01/41 ........................................ 810 810,118 Series A, 5.00%, 11/01/29 ............................... 1,150 1,186,902 Series A, 5.00%, 11/01/31 ............................... 205 212,688 Series A, 4.00%, 05/01/50 .............................. 5,000 4,234,289 Pennsylvania State University, RB, 5.25%, 09/01/53 ........ 4,010 4,132,157 Pennsylvania State University, Refunding RB, Series A, 5.50%, 09/01/55 ........................................ 5,960 6,297,902 Philadelphia Authority for Industrial Development, RB 4.00%, 06/15/29 ........................................ 265 261,918 5.00%, 06/15/39 ........................................ 590 563,010 4.00%, 12/01/48 ........................................ 8,090 7,336,571 5.00%, 06/15/50 ........................................ 800 713,043 5.25%, 11/01/52 ........................................ 2,145 2,161,433 Philadelphia Authority for Industrial Development, Refunding RB 5.00%, 06/15/40 (b) ...................................... 600 582,819 Series A, 5.25%, 06/15/52 .............................. 625 588,648 State Public School Building Authority, Refunding RB (BAM), 5.00%, 06/15/27 ................................ 615 625,539 (BAM), 5.00%, 06/15/28 ................................ 220 227,948 53,117,507 Health — 16.4% Allegheny County Hospital Development Authority, RB, Series D2, 2.98%, 11/15/47 (a) ........................... 2,865 2,850,349 Allegheny County Hospital Development Authority, Refunding RB, Series A, 4.00%, 04/01/37 ................ 4,300 4,169,057
Schedule of Investments (unaudited) August 31, 2026
BlackRock Pennsylvania Municipal Bond Fund (Percentages shown are based on Net Assets)
2 BNM1026U-6041638-19232814
Page 3
Security
Par (000) Value
Health (continued) Chester County Health and Education Facilities Authority, RB, Series A, 4.00%, 09/01/50 .......................... $ 2,260 $ 1,928,472 Chester County Health and Education Facilities Authority, Refunding RB 5.25%, 06/01/55 ........................................ 2,250 2,258,270 Series A, 5.25%, 12/01/45 .............................. 1,500 1,199,622 Cumberland County Municipal Authority, Refunding RB 4.00%, 01/01/36 ........................................ 645 632,374 4.13%, 01/01/38 ........................................ 260 252,387 5.00%, 01/01/38 ........................................ 1,480 1,480,491 Doylestown Hospital Authority, RB, 4.00%, 07/01/45 ........ 1,125 1,033,761 DuBois Hospital Authority, Refunding RB, (BAM-TCRS), 4.00%, 07/15/48 ........................................ 3,440 2,952,842 Geisinger Authority, Refunding RB, Series A-1, 4.00%, 02/15/47 ............................................... 1,800 1,552,833 Lancaster Industrial Development Authority, RB 4.00%, 12/01/44 ........................................ 985 837,471 5.00%, 12/01/49 ........................................ 730 686,196 Lancaster Municipal Authority, Refunding RB Series A, 5.00%, 05/01/44 .............................. 690 692,255 Series A, 5.00%, 12/01/55 .............................. 700 666,676 Montgomery County Higher Education and Health Authority, Refunding RB 4.00%, 09/01/49 ........................................ 1,170 995,282 Series B, (BAM-TCRS), 4.00%, 05/01/52 ................ 1,965 1,679,245 Montgomery County Industrial Development Authority, Refunding RB 5.25%, 01/01/40 ........................................ 2,500 2,500,493 5.00%, 12/01/46 ........................................ 850 816,812 Northampton County General Purpose Authority, Refunding RB, Series A1, 4.00%, 08/15/43 ......................... 2,915 2,698,649 Pennsylvania Economic Development Financing Authority, RB, Series A-2, 4.00%, 05/15/53 ........................ 1,480 1,244,747 Pennsylvania Economic Development Financing Authority, Refunding RB Series A, 5.25%, 12/15/51 .............................. 2,900 2,965,383 Series A, 4.00%, 02/15/52 .............................. 860 724,724 Pennsylvania Higher Educational Facilities Authority, RB, 3.00%, 08/15/47 ........................................ 4,265 3,131,374 Pennsylvania Higher Educational Facilities Authority, Refunding RB, Series A, 4.00%, 08/15/43 ................ 2,850 2,651,222 Philadelphia Authority for Industrial Development, RB, Series A, 4.00%, 07/01/49 .............................. 3,120 2,762,396 Pottsville Hospital Authority, Refunding RB, Series B, 5.00%, 01/01/27 (e) ...................................... 2,500 2,518,911 47,882,294 Housing — 12.1% Pennsylvania Housing Finance Agency, RB, M/F Housing 3.15%, 01/01/46 (a) ...................................... 1,500 1,499,693 Series A, (FHLMC), 4.85%, 08/01/45 .................... 3,370 3,224,275 Pennsylvania Housing Finance Agency, RB, S/F Housing Series 143A, Sustainability Bonds, 5.38%, 10/01/46 ...... 2,350 2,417,907 Series 145A, Sustainability Bonds, 4.60%, 10/01/44 ...... 2,880 2,800,056 Series 145A, Sustainability Bonds, 6.00%, 10/01/54 ...... 2,475 2,649,052 Series 146A, Sustainability Bonds, 4.13%, 10/01/39 ...... 1,525 1,477,407 Series 146A, Sustainability Bonds, 4.50%, 10/01/44 ...... 2,000 1,936,758 Series 148A, Sustainability Bonds, 4.80%, 10/01/55 ...... 3,180 3,068,695 Series 149A, Sustainability Bonds, 5.20%, 04/01/53 ...... 1,415 1,415,910 Series 151-A, Sustainability Bonds, 4.95%, 10/01/53 ..... 3,300 3,206,324
Security
Par (000) Value
Housing (continued) Pennsylvania Housing Finance Agency, RB, S/F Housing (continued) Series 151-A, Sustainability Bonds, 6.25%, 10/01/55 ..... $ 3,286 $ 3,665,078 Series 152-A, Sustainability Bonds, 4.10%, 10/01/41 ..... 700 657,294 Pennsylvania Housing Finance Agency, Refunding RB, S/F Housing Series 142-A, Sustainability Bonds, 5.00%, 10/01/43 ..... 1,500 1,533,781 Series 150A, Sustainability Bonds, 5.25%, 10/01/52 ...... 2,830 2,789,772 Philadelphia Authority for Industrial Development, RB, M/F Housing, 5.50%, 12/01/26 (b)(e) ........................... 3,000 3,018,689 35,360,691 State — 2.4% Commonwealth of Pennsylvania, GO Series 1, Class B, 4.00%, 08/15/43 ...................... 2,750 2,597,518 Series 1, Class B, 4.25%, 04/01/46 ...................... 1,980 1,910,228 Series 2020, 2.13%, 05/01/40 ........................... 2,000 1,450,269 Pennsylvania Turnpike Commission Oil Franchise Tax Revenue, Refunding RB, Series A, 3.00%, 12/01/51 ...... 1,500 1,049,313 7,007,328 Tobacco — 0.8% Commonwealth Financing Authority, RB, 5.00%, 06/01/35 ... 2,205 2,263,730 Transportation — 16.2% Allegheny County Airport Authority, ARB, Series A, AMT, (AG), 5.25%, 01/01/39 .................................. 1,120 1,199,329 City of Philadelphia Pennsylvania Airport Revenue, Refunding ARB AMT, (AG), 4.00%, 07/01/40 ............................ 1,075 1,016,757 AMT, (AG), 4.00%, 07/01/46 ............................ 6,000 5,313,091 City of Philadelphia Pennsylvania Airport Revenue, Refunding RB Series B, AMT, 5.50%, 07/01/51 ......................... 750 773,653 Series C, AMT, 4.00%, 07/01/50 ......................... 850 724,775 Pennsylvania Economic Development Financing Authority, RB 5.00%, 12/31/38 ........................................ 2,400 2,403,089 AMT, 5.25%, 06/30/53 .................................. 3,770 3,772,815 Pennsylvania Turnpike Commission Oil Franchise Tax Revenue, Refunding RB, Series A, 4.00%, 12/01/51 ...... 6,965 6,045,688 Pennsylvania Turnpike Commission, RB Sub-Series B-1, 5.25%, 06/01/47 ........................ 1,000 1,006,190 Series 1, Subordinate, 5.00%, 12/01/40 .................. 2,965 3,105,508 Series A, Subordinate, 5.00%, 12/01/37 ................. 2,660 2,760,800 Series A, Subordinate, 3.00%, 12/01/42 ................. 3,100 2,434,470 Series A, Subordinate, 4.00%, 12/01/44 ................. 1,700 1,552,990 Series A, Subordinate, 4.00%, 12/01/49 ................. 2,500 2,176,317 Series A, Subordinate, 4.00%, 12/01/50 ................. 2,500 2,151,020 Pennsylvania Turnpike Commission, RB, CAB, Series A-3, (BAM-TCRS), 0.00%, 12/01/41 (d) ........................ 1,820 871,320 Pennsylvania Turnpike Commission, Refunding RB, Series C, 4.00%, 12/01/51 .............................. 5,000 4,340,049 Southeastern Pennsylvania Transportation Authority, RB 5.25%, 06/01/47 ........................................ 2,000 2,080,266 5.25%, 06/01/52 ........................................ 3,695 3,794,992 47,523,119 Utilities — 5.9% Allegheny County Sanitary Authority, Refunding RB, 4.00%, 12/01/49 ............................................... 640 565,444
Schedule of Investments (unaudited) (continued) August 31, 2026
BlackRock Pennsylvania Municipal Bond Fund (Percentages shown are based on Net Assets)
S CHEDULE OF I NVESTMENTS 3 BNM1026U-6041638-19232814
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Security
Par (000) Value
Utilities (continued) City of Philadelphia Pennsylvania Water & Wastewater Revenue, RB Series C, (AG), 5.25%, 09/01/49 ........................ $ 2,000 $ 2,089,673 Series C, 5.50%, 06/01/52 .............................. 3,100 3,240,795 City of Philadelphia Pennsylvania Water & Wastewater Revenue, Refunding RB, Series B, (AG), 4.50%, 09/01/48 ............................................... 1,660 1,622,325 Philadelphia Gas Works Co., Refunding RB 10/01/36 (c) ............................................. 2,290 2,528,105 Series A, 5.25%, 08/01/54 .............................. 4,000 4,121,962 Westmoreland County Municipal Authority, RB, 5.00%, 08/15/49 ............................................... 3,000 3,050,602 17,218,906 Total Municipal Bonds in Pennsylvania ................................. 273,042,306 Puerto Rico — 4.2% County/City/Special District/School District — 1.1% Municipality of San Juan Puerto Rico, GO Series A, 5.00%, 07/01/35 .............................. 250 267,142 Series A, 5.00%, 07/01/36 .............................. 40 42,586 Series A, 5.00%, 07/01/38 .............................. 40 41,830 Series A, 5.25%, 07/01/39 .............................. 250 264,830 Series A, 5.25%, 07/01/40 .............................. 40 42,015 Series A, 5.25%, 07/01/41 .............................. 220 230,389 Series A, 5.25%, 07/01/42 .............................. 40 41,754 Series A, 5.25%, 07/01/43 .............................. 160 166,560 Series A, 5.25%, 07/01/44 .............................. 20 20,782 Series A, 5.25%, 07/01/45 .............................. 285 295,996 Series A, 5.00%, 07/01/46 .............................. 260 264,147 Series A, 5.00%, 07/01/51 .............................. 1,540 1,556,118 3,234,149 State — 3.1% Commonwealth of Puerto Rico, GO, Series A-1, Restructured, 5.75%, 07/01/31 .......................... 1,643 1,772,649 Commonwealth of Puerto Rico, RB, 0.00%, 11/01/51 (a)(f)(g) .. 3,349 1,100,984 Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, Series A-1, Restructured, 5.00%, 07/01/58 .......... 600 581,310 Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB (d) Series A-1, Restructured, 0.00%, 07/01/29 ............... 5,700 5,190,660 Series B-1, Restructured, 0.00%, 07/01/46 ............... 925 331,318 8,976,921 Total Municipal Bonds in Puerto Rico ................................... 12,211,070 Wisconsin — 0.7% Transportation — 0.7% Public Finance Authority, RB Series A, AMT, Senior Lien, 5.50%, 07/01/44 ............. 1,050 1,070,861 Series A, AMT, Senior Lien, 5.75%, 07/01/49 ............. 1,000 1,028,564 Total Municipal Bonds in Wisconsin .................................... 2,099,425 Total Municipal Bonds — 98.4% (Cost: $294,791,331) .................................................. 287,803,651
Municipal Bonds Transferred to Tender Option Bond Trusts (h)
Pennsylvania — 6.6% Health — 2.1% Pennsylvania Higher Educational Facilities Authority, RB, Series 2025, 0.00%, 08/15/50 (i) ......................... 6,000 6,250,954
Security
Par (000) Value
Housing — 2.3% Pennsylvania Housing Finance Agency, RB, S/F Housing, Sustainability Bonds, Series 147 A, 4.70%, 10/01/49 (i) .... $ 1,840 $ 1,791,672 Pennsylvania Housing Finance Agency, Refunding RB, S/F Housing, Sustainability Bonds, Series 142-A, 5.00%, 10/01/50 ............................................... 4,997 4,946,045 6,737,717 Utilities — 2.2% Philadelphia Gas Works Co., Refunding RB, Series A, 5.25%, 08/01/54 (i) ...................................... 6,102 6,288,219 Total Municipal Bonds in Pennsylvania ................................. 19,276,890 Total Municipal Bonds Transferred to Tender Option Bond Trusts — 6.6% (Cost: $19,452,552) ................................................... 19,276,890
Shares Warrants
Construction & Engineering — 0.0% Brightline West, (Expires 11/26/35, Strike Price USD 5.00) (g)(j) ............................................... 33,532 16,766 Total Warrants — 0.0% (Cost: $ — ) .......................................................... 16,766 Total Long-Term Investments — 105.0% (Cost: $314,243,883) ................................................. 307,097,307
Short-Term Securities
Money Market Funds — 0.1% BlackRock Liquidity Funds, MuniCash, Institutional Shares, 2.21% (k)(l) .............................................. 372,041 372,079 Total Short-Term Securities — 0.1% (Cost: $372,078) ...................................................... 372,079 Total Investments — 105.1% (Cost: $314,615,961) ................................................. 307,469,386 Liabilities in Excess of Other Assets — (0.6)% .......................... (1,722,458) Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (4.5)% ............................................... (13,273,722) Net Assets — 100.0% ................................................... $ 292,473,206 (a) Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available. (b) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. (c) When-issued security. (d) Zero-coupon bond. (e) U.S. 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. (f) Issuer filed for bankruptcy and/or is in default. (g) Non-income producing security. (h) Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Fund. These bonds serve as collateral in a secured borrowing. (i) All or a portion of the security is subject to a recourse agreement. The aggregate maximum potential amount the Fund could ultimately be required to pay under the agreements, which expire between August 1, 2032 to October 1, 2042, is $9,858,109. (j) Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.
Schedule of Investments (unaudited) (continued) August 31, 2026
BlackRock Pennsylvania Municipal Bond Fund (Percentages shown are based on Net Assets)
4 BNM1026U-6041638-19232814
Page 5
(k) Affiliate of the Fund. (l) Annualized 7-day yield as of period end.
For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Fund for compliance purposes.
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the period ended August 31, 2026 for purposes of Section 2(a)(3) of the Investm ent Company Act of 1940, as amended, were as follows:
Affiliated Issuer
Value at 05/31/26
Purchases at Cost
Proceeds from Sales
Net Realized Gain (Loss)
Change in Unrealized Appreciation (Depreciation)
Value at 08/31/26
Shares Held at 08/31/26 Income
Capital Gain Distributions from Underlying Funds BlackRock Liquidity Funds, MuniCash, Institutional Shares ...... $ 25,733,400 $ — $ (25,361,321) (a) $ — $ — $ 372,079 372,041 $ 53,544 $ —
(a) Represents net amount purchased (sold).
Fair Value Hiera rchy as of P eriod End
Various inputs are used in determining the fair value of financial instruments at the measurement date. These inputs to valuation techniques are cate gorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:
• Level 1 – Unadjusted price quotations in active markets/exchanges that the Fund has the ability to access for identical assets or liabilities;
• Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and
• Level 3 – Inputs that are unobservable and significant to the entire fair value measurement for the asset or liability (including the Valuation Commit tee’s assumptions used in determining the fair value of financial instruments).
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) an d the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments ca tegorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hie rarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 ha ve significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by priv ately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instru ments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities. F or information about the Fund’s policy regarding valuation of financial instruments, refer to its most recent financial statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial inst ruments into major categories is disclosed in the Schedule of Investments above.
Level 1 Level 2 Level 3 Total Assets Investments Long-Term Investments Municipal Bonds ...................................................................... $ — $ 287,803,651 $ — $ 287,803,651 Municipal Bonds Transferred to Tender Option Bond Trusts .............................. — 19,276,890 — 19,276,890 Warrants .............................................................................. — — 16,766 16,766 Short-Term Securities Money Market Funds .................................................................. 372,079 — — 372,079 $ 372,079 $ 307,080,541 $ 16,766 $ 307,469,386
The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of period en d, TOB Trust Certificates of $13,233,845 are categorized as Level 2 within the fair value hierarchy.
Schedule of Investments (unaudited) (continued) August 31, 2026
BlackRock Pennsylvania Municipal Bond Fund
S CHEDULE OF I NVESTMENTS 5 BNM1026U-6041638-19232814
Page 6
Portfolio Abbreviation
AMT Alternative Minimum Tax ARB Airport Revenue Bonds BAM Build America Mutual Assurance Co. BAM-TCRS Build America Mutual Assurance Co. - Transferable Custodial Receipts CAB Capital Appreciation Bonds FHLMC Federal Home Loan Mortgage Corp. GO General Obligation Bonds GOL General Obligation Ltd. M/F Multi-Family RB Revenue Bonds S/F Single-Family SAB Special Assessment Bonds SAW State Aid Withholding TA Tax Allocation
Schedule of Investments (unaudited) (continued) August 31, 2026
BlackRock Pennsylvania Municipal Bond Fund
6 BNM1026U-6041638-19232814
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},
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},
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},
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},
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},
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"text": "12.00%, 01/01/65"
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},
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"text": "Pennsylvania \u2014 93.4%"
},
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"x": 30,
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},
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},
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},
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},
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},
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"text": "Avon Grove School District Chester County, Refunding GOL"
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"text": "(SAW), 5.00%, 11/15/27"
},
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},
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"text": "700 719,508"
},
{
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},
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},
{
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},
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},
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"text": "875 917,402"
},
{
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"x": 30,
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},
"id": "aa9cef96-97f9-418b-9622-e0b439ce1b81",
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},
{
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},
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},
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},
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},
{
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},
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},
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"text": "1,080 1,018,268"
},
{
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"width": 79,
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},
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},
{
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},
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},
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},
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"text": "261 261,375"
},
{
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"x": 44,
"y": 620
},
"id": "149db8f5-9af4-49a2-8014-733a73eb125f",
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},
{
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},
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},
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},
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"text": "577 564,672"
},
{
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"x": 43,
"y": 633
},
"id": "e361bde4-0bdc-4f4e-8598-85e19325bf87",
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},
{
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},
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},
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},
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"text": "2,635 2,322,563"
},
{
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"width": 185,
"x": 30,
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},
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},
{
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},
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"text": "Series A, 5.25%, 08/01/45"
},
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},
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},
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},
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"text": "750 798,565"
},
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},
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"text": "Series B, 5.00%, 02/01/39"
},
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},
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},
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},
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"text": "1,540 1,586,732"
},
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},
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},
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},
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},
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"x": 30,
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},
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"text": "Coatesville School District, GOL, CAB"
},
{
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"x": 216,
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},
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},
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},
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"text": "Series A, (BAM SAW), 0.00%, 10/01/35"
},
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},
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},
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},
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},
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},
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},
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"text": "2,505 1,478,780"
},
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},
"id": "6c6165a8-45cc-4b52-99df-657c6daa61c3",
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"text": "Northern York County School District, GOL, (SAW),"
},
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},
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},
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"text": "AMT, 5.00%, 06/30/32"
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},
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},
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},
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},
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},
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"text": "4,640 3,603,191"
},
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"text": "County/City/Special District/School District (continued)"
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"text": "$ 700 $ 714,669"
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