# EDGAR Filing Document

**Accession Number:** 0000774013
**File Stem:** 0001410368-26-039503
**Filing Date:** 2026-4
**Character Count:** 122514
**Document Hash:** 921b90ab3a53050ff764910a935364db
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-26-039503.hdr.sgml**: 20260423

**ACCESSION NUMBER**: 0001410368-26-039503

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260228

**FILED AS OF DATE**: 20260423

**DATE AS OF CHANGE**: 20260423

**PERIOD START**: 20260531

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BLACKROCK MULTI STATE MUNICIPAL SERIES TRUST
- **CENTRAL INDEX KEY:** 0000774013

**ORGANIZATION NAME:**
- **EIN:** 226437104
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0731

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04375
- **FILM NUMBER:** 26886428

**BUSINESS ADDRESS:**
- **STREET 1:** 100 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809
- **BUSINESS PHONE:** 800-441-7762

**MAIL ADDRESS:**
- **STREET 1:** 100 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MERRILL LYNCH MULTI STATE MUNICIPAL SERIES TRUST
- **DATE OF NAME CHANGE:** 20051212

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MERRILL LYNCH N Y MUNI BD FD OF M L MULTI ST MUNI SER TRUST
- **DATE OF NAME CHANGE:** 19930225

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MERRILL LYNCH MULTI STATE TAX EXEMPT SERIES TRUST
- **DATE OF NAME CHANGE:** 19871206

## Series and Classes Contracts Data

### BlackRock New Jersey Municipal Bond Fund (Series ID: S000004033)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000011309 | Investor A1   |  |
| C000011312 | Institutional |  |
| C000038245 | Investor A    |  |
| C000038247 | Investor C    |  |
| C000038248 | Service       |  |
| C000199769 | Class K       |  |

## Nport-Ex

February 28, 2026

2026 Quarterly Report <br>&nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **BlackRock Multi-State Municipal Series Trust** |
| • BlackRock New Jersey Municipal Bond Fund |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Not FDIC Insured • May Lose Value • No Bank Guarantee**<br>

------

Schedule of Investments (unaudited)

February 28, 2026

**BlackRock New Jersey Municipal Bond Fund** 

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | *Par* <br>*(000)*<br>| *Value* |
| **Municipal Bonds** | **Municipal Bonds** | **Municipal Bonds** |
| **Alabama — 0.1%** | **Alabama — 0.1%** |  |
| **Corporate — 0.1%** | **Corporate — 0.1%** |  |
| &nbsp;&nbsp;&nbsp; Black Belt Energy Gas District, RB, Series A, 5.25%, <br> 05/01/56<sup>(a)</sup><br>| $280 | &nbsp;&nbsp; $292870 |
| **California — 0.1%** | **California — 0.1%** |  |
| **Transportation — 0.1%** | **Transportation — 0.1%** |  |
| &nbsp;&nbsp;&nbsp; California Infrastructure & Economic Development Bank, <br> Refunding RB, Class B, AMT, Sustainability Bonds, <br> 12.00%, 01/01/65<sup>(a)(b)</sup><br>| 635 | &nbsp;&nbsp; 342900 |
| **New Jersey — 84.5%** | **New Jersey — 84.5%** |  |
| **Corporate — 6.7%** | **Corporate — 6.7%** |  |
| &nbsp;&nbsp;&nbsp; New Jersey Economic Development Authority, ARB, <br> Series B, AMT, 5.63%, 11/15/30<br>| 510 | &nbsp;&nbsp; 511977 |
| &nbsp;&nbsp;&nbsp; New Jersey Economic Development Authority, RB, AMT, <br> 5.00%, 08/01/59<br>| 310 | &nbsp;&nbsp; 314787 |
| &nbsp;&nbsp;&nbsp; New Jersey Economic Development Authority, Refunding <br> RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.38%, 04/01/38 | 1360 | &nbsp;&nbsp; 1320670 |
| &nbsp;&nbsp;&nbsp; 3.50%, 04/01/42 | 720 | &nbsp;&nbsp; 672169 |
| &nbsp;&nbsp;&nbsp; AMT, 3.75%, 11/01/34<sup>(a)</sup> | 5000 | &nbsp;&nbsp; 5083918 |
| &nbsp;&nbsp;&nbsp; AMT, 3.00%, 08/01/41 | 5670 | &nbsp;&nbsp; 5012688 |
| &nbsp;&nbsp;&nbsp; AMT, 3.00%, 08/01/43 | 5600 | &nbsp;&nbsp; 4639156 |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 2.20%, 10/01/39<sup>(a)</sup> | 3880 | &nbsp;&nbsp; 3721225 |
|  |  | &nbsp;&nbsp; 21276590 |
| **County/City/Special District/School District — 12.7%** | **County/City/Special District/School District — 12.7%** |  |
| &nbsp;&nbsp;&nbsp; Carlstadt School District, Refunding GO, 4.00%, <br> 05/01/30<br>| 1415 | &nbsp;&nbsp; 1416537 |
| Casino Reinvestment Development Authority, Inc., RB |  |  |
| &nbsp;&nbsp;&nbsp; Series B, (AGM), 5.00%, 11/01/43 | 180 | &nbsp;&nbsp; 193279 |
| &nbsp;&nbsp;&nbsp; Series B, (AGM), 5.00%, 11/01/44 | 200 | &nbsp;&nbsp; 212772 |
| &nbsp;&nbsp;&nbsp; Casino Reinvestment Development Authority, Inc., <br> Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, (AGM), 5.00%, 11/01/41 | 300 | &nbsp;&nbsp; 329236 |
| &nbsp;&nbsp;&nbsp; Series A, (AGM), 5.00%, 11/01/42 | 105 | &nbsp;&nbsp; 113945 |
| &nbsp;&nbsp;&nbsp; City of East Orange New Jersey, Refunding GO, (AGM), <br> 3.00%, 09/15/31<br>| 2200 | &nbsp;&nbsp; 2211285 |
| &nbsp;&nbsp;&nbsp; City of Hoboken New Jersey, Refunding GO, Series A, <br> 4.00%, 03/10/26<br>| 2500 | &nbsp;&nbsp; 2500925 |
| &nbsp;&nbsp;&nbsp; City of Newark New Jersey, GOL, (SAW), 4.50%, <br> 03/15/36<br>| 885 | &nbsp;&nbsp; 890139 |
| Clifton Board of Education, GO |  |  |
| &nbsp;&nbsp;&nbsp; 2.00%, 08/15/41 | 1630 | &nbsp;&nbsp; 1242124 |
| &nbsp;&nbsp;&nbsp; 2.25%, 08/15/46 | 1850 | &nbsp;&nbsp; 1250310 |
| &nbsp;&nbsp;&nbsp; County of Bergen New Jersey, Refunding GO, 3.00%, <br> 07/15/38<br>| 1070 | &nbsp;&nbsp; 1059492 |
| &nbsp;&nbsp;&nbsp; Essex County Improvement Authority, RB, (GTD), 4.00%, <br> 11/01/44<br>| 7695 | &nbsp;&nbsp; 7701574 |
| &nbsp;&nbsp;&nbsp; Essex County Improvement Authority, Refunding RB, <br> (NPFGC GTD), 5.50%, 10/01/29<br>| 1500 | &nbsp;&nbsp; 1679047 |
| Ewing Township Board of Education, GO |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/15/38 | 920 | &nbsp;&nbsp; 933456 |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/15/39 | 740 | &nbsp;&nbsp; 749560 |
| &nbsp;&nbsp;&nbsp; Hopewell Valley Regional School District, GO, 4.00%, <br> 02/01/44<br>| 1500 | &nbsp;&nbsp; 1527502 |
| &nbsp;&nbsp;&nbsp; Hudson County Improvement Authority, RB, 5.00%, <br> 05/01/46<br>| 1000 | &nbsp;&nbsp; 1001622 |
| &nbsp;&nbsp;&nbsp; Lenape Regional High School District, GO, 3.50%, <br> 01/01/39<br>| 3400 | &nbsp;&nbsp; 3391873 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **County/City/Special District/School District (continued)** | **County/City/Special District/School District (continued)** |  |
| &nbsp;&nbsp;&nbsp; Monmouth Regional High School District, GO, 3.00%, <br> 02/01/34<br>| 1260 | &nbsp;&nbsp; $1262765 |
| &nbsp;&nbsp;&nbsp; New Jersey Economic Development Authority, RB, <br> Series B, 6.50%, 04/01/31<br>| 1195 | &nbsp;&nbsp; 1203217 |
| &nbsp;&nbsp;&nbsp; New Jersey Economic Development Authority, Refunding <br> SAB, 6.50%, 04/01/28<br>| 1109 | &nbsp;&nbsp; 1144176 |
| &nbsp;&nbsp;&nbsp; Newark Board of Education, Refunding GO, <br> Sustainability Bonds, (BAM), 3.00%, 07/15/39<br>| 630 | &nbsp;&nbsp; 579527 |
| &nbsp;&nbsp;&nbsp; Township of Monroe New Jersey/Middlesex County, <br> Refunding GO<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 06/01/37 | 385 | &nbsp;&nbsp; 382264 |
| &nbsp;&nbsp;&nbsp; 3.00%, 06/01/38 | 410 | &nbsp;&nbsp; 402411 |
| Union County Utilities Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, AMT, (GTD), 4.75%, 12/01/31 | 1150 | &nbsp;&nbsp; 1150735 |
| &nbsp;&nbsp;&nbsp; Series A, AMT, (GTD), 5.25%, 12/01/31 | 5640 | &nbsp;&nbsp; 5651857 |
|  |  | &nbsp;&nbsp; 40181630 |
| **Education — 12.3%** | **Education — 12.3%** |  |
| &nbsp;&nbsp;&nbsp; Atlantic County Improvement Authority, RB, Series A, <br> (AGM), 4.00%, 07/01/46<br>| 1250 | &nbsp;&nbsp; 1203569 |
| &nbsp;&nbsp;&nbsp; Camden County Improvement Authority, RB, <br> Sustainability Bonds, 6.00%, 06/15/52<br>| 220 | &nbsp;&nbsp; 228544 |
| Gloucester County Improvement Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/43 | 500 | &nbsp;&nbsp; 554934 |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/44 | 500 | &nbsp;&nbsp; 548200 |
| &nbsp;&nbsp;&nbsp; Middlesex County Improvement Authority, RB, 5.00%, <br> 08/15/53<br>| 5230 | &nbsp;&nbsp; 5492414 |
| New Jersey Economic Development Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/27<sup>(b)</sup> | 100 | &nbsp;&nbsp; 100978 |
| &nbsp;&nbsp;&nbsp; Series A, 5.13%, 11/01/29<sup>(b)</sup> | 100 | &nbsp;&nbsp; 101852 |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 07/01/37<sup>(b)</sup> | 470 | &nbsp;&nbsp; 472055 |
| &nbsp;&nbsp;&nbsp; Series A, 6.25%, 11/01/38<sup>(b)</sup> | 210 | &nbsp;&nbsp; 218204 |
| &nbsp;&nbsp;&nbsp; Series A, 5.38%, 07/01/47<sup>(b)</sup> | 815 | &nbsp;&nbsp; 762134 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 12/01/48 | 2190 | &nbsp;&nbsp; 2204277 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/15/49<sup>(b)</sup> | 135 | &nbsp;&nbsp; 130902 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 01/01/50 | 265 | &nbsp;&nbsp; 250184 |
| &nbsp;&nbsp;&nbsp; Series A, 6.50%, 11/01/52<sup>(b)</sup> | 1210 | &nbsp;&nbsp; 1241567 |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 11/01/54<sup>(b)</sup> | 1100 | &nbsp;&nbsp; 966326 |
| &nbsp;&nbsp;&nbsp; New Jersey Economic Development Authority, Refunding <br> RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; (AGM), 5.00%, 06/01/37 | 2760 | &nbsp;&nbsp; 2821179 |
| &nbsp;&nbsp;&nbsp; (AGM), 5.00%, 06/01/42 | 690 | &nbsp;&nbsp; 700928 |
| &nbsp;&nbsp;&nbsp; Series A, 5.63%, 08/01/34<sup>(b)</sup> | 230 | &nbsp;&nbsp; 230143 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 09/01/37<sup>(b)</sup> | 315 | &nbsp;&nbsp; 318889 |
| &nbsp;&nbsp;&nbsp; Series A, 5.88%, 08/01/44<sup>(b)</sup> | 430 | &nbsp;&nbsp; 430141 |
| &nbsp;&nbsp;&nbsp; Series A, 5.13%, 09/01/52<sup>(b)</sup> | 2000 | &nbsp;&nbsp; 1959132 |
| &nbsp;&nbsp;&nbsp; New Jersey Educational Facilities Authority, RB, <br> Series C, (AGM), 3.25%, 07/01/49<br>| 290 | &nbsp;&nbsp; 240774 |
| &nbsp;&nbsp;&nbsp; New Jersey Educational Facilities Authority, Refunding <br> RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series B, 5.00%, 07/01/32 | 2465 | &nbsp;&nbsp; 2482997 |
| &nbsp;&nbsp;&nbsp; Series H, (AGM), 4.00%, 07/01/39 | 715 | &nbsp;&nbsp; 715194 |
| &nbsp;&nbsp;&nbsp; New Jersey Higher Education Student Assistance <br> Authority, RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series B, AMT, 4.00%, 12/01/44 | 365 | &nbsp;&nbsp; 359163 |
| &nbsp;&nbsp;&nbsp; Series B, AMT, 4.25%, 12/01/45 | 1000 | &nbsp;&nbsp; 1032504 |
| &nbsp;&nbsp;&nbsp; Sub-Series C, AMT, 4.00%, 12/01/48 | 700 | &nbsp;&nbsp; 615986 |
| &nbsp;&nbsp;&nbsp; Series C, AMT, Subordinate, 5.00%, 12/01/53 | 265 | &nbsp;&nbsp; 258219 |
| &nbsp;&nbsp;&nbsp; Series C, AMT, Subordinate, 5.25%, 12/01/54 | 475 | &nbsp;&nbsp; 485490 |
| &nbsp;&nbsp;&nbsp; New Jersey Higher Education Student Assistance <br> Authority, Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 1-B, AMT, 4.50%, 12/01/45 | 1450 | &nbsp;&nbsp; 1518448 |
| &nbsp;&nbsp;&nbsp; Series B, AMT, 4.00%, 12/01/41 | 660 | &nbsp;&nbsp; 667764 |

---

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**BlackRock New Jersey Municipal Bond Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Education (continued)** | **Education (continued)** |  |
| &nbsp;&nbsp;&nbsp; New Jersey Higher Education Student Assistance <br> Authority, Refunding RB (continued)<br>|  |  |
| &nbsp;&nbsp;&nbsp; Sub-Series C, AMT, 3.63%, 12/01/49 | 1065 | &nbsp;&nbsp; $822969 |
| &nbsp;&nbsp;&nbsp; Series C, AMT, Subordinate, 5.00%, 12/01/52 | 8310 | &nbsp;&nbsp; 8303790 |
| Passaic County Improvement Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 01/01/55 | 300 | &nbsp;&nbsp; 288493 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 01/01/60 | 200 | &nbsp;&nbsp; 187501 |
|  |  | &nbsp;&nbsp; 38915844 |
| **Health — 8.8%** | **Health — 8.8%** |  |
| &nbsp;&nbsp;&nbsp; New Jersey Economic Development Authority, Refunding <br> RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/34 | 270 | &nbsp;&nbsp; 278362 |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/39 | 520 | &nbsp;&nbsp; 533079 |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/49 | 2300 | &nbsp;&nbsp; 2255125 |
| &nbsp;&nbsp;&nbsp; New Jersey Health Care Facilities Financing Authority, <br> RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/42 | 3000 | &nbsp;&nbsp; 3055031 |
| &nbsp;&nbsp;&nbsp; 2.38%, 07/01/46 | 3740 | &nbsp;&nbsp; 2469041 |
| &nbsp;&nbsp;&nbsp; 3.00%, 07/01/51 | 13775 | &nbsp;&nbsp; 10473273 |
| &nbsp;&nbsp;&nbsp; New Jersey Health Care Facilities Financing Authority, <br> Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/29 | 285 | &nbsp;&nbsp; 287121 |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/34 | 1000 | &nbsp;&nbsp; 1008109 |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/01/41 | 1000 | &nbsp;&nbsp; 1001946 |
| &nbsp;&nbsp;&nbsp; Series A, 4.00%, 07/01/32 | 2300 | &nbsp;&nbsp; 2306358 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/43 | 900 | &nbsp;&nbsp; 905302 |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 07/01/49 | 900 | &nbsp;&nbsp; 970026 |
| &nbsp;&nbsp;&nbsp; Series A, 4.13%, 07/01/54 | 1085 | &nbsp;&nbsp; 998516 |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 07/01/54 | 1340 | &nbsp;&nbsp; 1425434 |
|  |  | &nbsp;&nbsp; 27966723 |
| **Housing — 5.2%** | **Housing — 5.2%** |  |
| &nbsp;&nbsp;&nbsp; New Jersey Housing & Mortgage Finance Agency, RB, <br> 5.25%, 12/20/65<br>| 345 | &nbsp;&nbsp; 379873 |
| &nbsp;&nbsp;&nbsp; New Jersey Housing & Mortgage Finance Agency, RB, <br> M/F Housing<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, (FNMA), 4.55%, 05/01/41 | 420 | &nbsp;&nbsp; 448317 |
| &nbsp;&nbsp;&nbsp; Series D-1, (GNMA), 5.05%, 09/01/67 | 700 | &nbsp;&nbsp; 726147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Sustainability Bonds, (HUD SECT 8), 4.50%, <br> 05/01/50<br>| 130 | &nbsp;&nbsp; 128010 |
| &nbsp;&nbsp;&nbsp; Series A, Sustainability Bonds, 4.90%, 11/01/50 | 1900 | &nbsp;&nbsp; 1925007 |
| &nbsp;&nbsp;&nbsp; Series A, Sustainability Bonds, 4.95%, 11/01/55 | 1000 | &nbsp;&nbsp; 1012656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D-1, Sustainability Bonds, (FHLMC, FNMA, <br> GNMA), 5.10%, 11/01/45<br>| 1000 | &nbsp;&nbsp; 1043569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D-1, Sustainability Bonds, (FHLMC, FNMA, <br> GNMA), 5.20%, 11/01/55<br>| 1500 | &nbsp;&nbsp; 1551599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E-1, Sustainability Bonds, (HUD SECT 8), <br> 4.50%, 05/01/50<br>| 205 | &nbsp;&nbsp; 201861 |
| &nbsp;&nbsp;&nbsp; New Jersey Housing & Mortgage Finance Agency, RB, <br> S/F Housing<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series H, Sustainability Bonds, 2.15%, 10/01/41 | 910 | &nbsp;&nbsp; 699451 |
| &nbsp;&nbsp;&nbsp; Series H, Sustainability Bonds, 2.30%, 10/01/46 | 680 | &nbsp;&nbsp; 485678 |
| &nbsp;&nbsp;&nbsp; Series K, Sustainability Bonds, 4.70%, 10/01/50 | 570 | &nbsp;&nbsp; 571326 |
| &nbsp;&nbsp;&nbsp; New Jersey Housing & Mortgage Finance Agency, <br> Refunding RB, M/F Housing<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, (HUD SECT 8), 2.45%, 11/01/45 | 240 | &nbsp;&nbsp; 173673 |
| &nbsp;&nbsp;&nbsp; Series A, 4.00%, 11/01/48 | 150 | &nbsp;&nbsp; 140080 |
| &nbsp;&nbsp;&nbsp; Series A, (HUD SECT 8), 2.55%, 11/01/50 | 220 | &nbsp;&nbsp; 146507 |
| &nbsp;&nbsp;&nbsp; Series A, 4.10%, 11/01/53 | 100 | &nbsp;&nbsp; 92066 |
| &nbsp;&nbsp;&nbsp; Series D, AMT, 4.25%, 11/01/37 | 310 | &nbsp;&nbsp; 310259 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Housing (continued)** | **Housing (continued)** |  |
| &nbsp;&nbsp;&nbsp; New Jersey Housing & Mortgage Finance Agency, <br> Refunding RB, M/F Housing (continued)<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Sustainability Bonds, (HUD SECT 8), 2.25%, <br> 11/01/36<br>| 350 | &nbsp;&nbsp; $304683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Sustainability Bonds, (HUD SECT 8), 2.65%, <br> 11/01/46<br>| 350 | &nbsp;&nbsp; 256586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Sustainability Bonds, (HUD SECT 8), 2.70%, <br> 11/01/51<br>| 350 | &nbsp;&nbsp; 239901 |
| &nbsp;&nbsp;&nbsp; New Jersey Housing & Mortgage Finance Agency, <br> Refunding RB, S/F Housing<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 3.75%, 10/01/35 | 900 | &nbsp;&nbsp; 904539 |
| &nbsp;&nbsp;&nbsp; Series E, 2.25%, 10/01/40 | 680 | &nbsp;&nbsp; 553747 |
| Newark Housing Authority, RB, M/F Housing |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 12/01/30 | 1640 | &nbsp;&nbsp; 1643336 |
| &nbsp;&nbsp;&nbsp; Series A, 4.38%, 12/01/33 | 2515 | &nbsp;&nbsp; 2516415 |
|  |  | &nbsp;&nbsp; 16455286 |
| **State — 6.6%** | **State — 6.6%** |  |
| Garden State Preservation Trust, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, (AGM), 5.75%, 11/01/28 | 1625 | &nbsp;&nbsp; 1720815 |
| &nbsp;&nbsp;&nbsp; Series B, (AGM), 0.00%, 11/01/27<sup>(c)</sup> | 4135 | &nbsp;&nbsp; 3947488 |
| New Jersey Economic Development Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/43 | 1955 | &nbsp;&nbsp; 2037656 |
| &nbsp;&nbsp;&nbsp; 4.00%, 06/15/49 | 1190 | &nbsp;&nbsp; 1110358 |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/49 | 700 | &nbsp;&nbsp; 716299 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/15/42 | 4000 | &nbsp;&nbsp; 4103791 |
| &nbsp;&nbsp;&nbsp; Series EEE, 5.00%, 06/15/48 | 735 | &nbsp;&nbsp; 754910 |
| &nbsp;&nbsp;&nbsp; New Jersey Economic Development Authority, Refunding <br> RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Sub-Series A, 5.00%, 07/01/33 | 125 | &nbsp;&nbsp; 127744 |
| &nbsp;&nbsp;&nbsp; Sub-Series A, 4.00%, 07/01/34 | 705 | &nbsp;&nbsp; 709860 |
| &nbsp;&nbsp;&nbsp; New Jersey Educational Facilities Authority, RB, <br> Series A, 5.25%, 09/01/53<br>| 1555 | &nbsp;&nbsp; 1643198 |
| State of New Jersey, GO |  |  |
| &nbsp;&nbsp;&nbsp; 2.00%, 06/01/37 | 2000 | &nbsp;&nbsp; 1723390 |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/38 | 2000 | &nbsp;&nbsp; 2164433 |
|  |  | &nbsp;&nbsp; 20759942 |
| **Tobacco — 2.5%** | **Tobacco — 2.5%** |  |
| Tobacco Settlement Financing Corp., Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/46 | 1750 | &nbsp;&nbsp; 1752738 |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 06/01/46 | 1000 | &nbsp;&nbsp; 1007029 |
| &nbsp;&nbsp;&nbsp; Sub-Series B, 5.00%, 06/01/46 | 5205 | &nbsp;&nbsp; 5149453 |
|  |  | &nbsp;&nbsp; 7909220 |
| **Transportation — 29.6%** | **Transportation — 29.6%** |  |
| &nbsp;&nbsp;&nbsp; New Jersey Economic Development Authority, ARB, <br> AMT, 6.38%, 01/01/35<sup>(b)</sup><br>| 725 | &nbsp;&nbsp; 764094 |
| New Jersey Economic Development Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; Class A, 5.25%, 11/01/47 | 3700 | &nbsp;&nbsp; 3934842 |
| &nbsp;&nbsp;&nbsp; Class A, 5.00%, 11/01/52 | 1000 | &nbsp;&nbsp; 1036263 |
| &nbsp;&nbsp;&nbsp; AMT, (AGM), 5.13%, 01/01/39 | 1000 | &nbsp;&nbsp; 1005680 |
| &nbsp;&nbsp;&nbsp; AMT, (AGM), 5.13%, 07/01/42 | 1000 | &nbsp;&nbsp; 1005133 |
| &nbsp;&nbsp;&nbsp; AMT, 5.38%, 01/01/43 | 905 | &nbsp;&nbsp; 906164 |
| &nbsp;&nbsp;&nbsp; New Jersey Economic Development Authority, Refunding <br> ARB, AMT, 5.00%, 10/01/47<br>| 500 | &nbsp;&nbsp; 500717 |
| New Jersey Transportation Trust Fund Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/42 | 210 | &nbsp;&nbsp; 229190 |
| &nbsp;&nbsp;&nbsp; 5.25%, 06/15/46 | 105 | &nbsp;&nbsp; 112329 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/15/30 | 1250 | &nbsp;&nbsp; 1259045 |
| &nbsp;&nbsp;&nbsp; Series A, 0.00%, 12/15/32<sup>(c)</sup> | 10000 | &nbsp;&nbsp; 8298763 |
| &nbsp;&nbsp;&nbsp; Series AA, 4.00%, 06/15/36 | 1435 | &nbsp;&nbsp; 1496301 |
| &nbsp;&nbsp;&nbsp; Series AA, 4.00%, 06/15/45 | 2470 | &nbsp;&nbsp; 2440603 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**BlackRock New Jersey Municipal Bond Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Transportation (continued)** | **Transportation (continued)** |  |
| &nbsp;&nbsp;&nbsp; New Jersey Transportation Trust Fund Authority, <br> RB (continued)<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series AA, 5.00%, 06/15/45 | 3500 | &nbsp;&nbsp; $3614999 |
| &nbsp;&nbsp;&nbsp; Series AA, 5.25%, 06/15/50 | 1430 | &nbsp;&nbsp; 1525149 |
| &nbsp;&nbsp;&nbsp; Series AA, 5.00%, 06/15/55 | 1500 | &nbsp;&nbsp; 1556380 |
| &nbsp;&nbsp;&nbsp; Series BB, 4.00%, 06/15/44 | 2335 | &nbsp;&nbsp; 2319985 |
| &nbsp;&nbsp;&nbsp; Series BB, 4.00%, 06/15/50 | 1000 | &nbsp;&nbsp; 930061 |
| &nbsp;&nbsp;&nbsp; Series BB, 5.25%, 06/15/50 | 5125 | &nbsp;&nbsp; 5435287 |
| &nbsp;&nbsp;&nbsp; Series CC, 5.25%, 06/15/55 | 6800 | &nbsp;&nbsp; 7198984 |
| &nbsp;&nbsp;&nbsp; Series S, 5.00%, 06/15/33 | 550 | &nbsp;&nbsp; 587950 |
| &nbsp;&nbsp;&nbsp; Series S, Class BB, 5.00%, 06/15/36 | 1250 | &nbsp;&nbsp; 1396365 |
| &nbsp;&nbsp;&nbsp; Series S, Class BB, 4.00%, 06/15/37 | 700 | &nbsp;&nbsp; 728345 |
| &nbsp;&nbsp;&nbsp; New Jersey Transportation Trust Fund Authority, RB, <br> CAB<sup>(c)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 0.00%, 12/15/35 | 8900 | &nbsp;&nbsp; 6588091 |
| &nbsp;&nbsp;&nbsp; Series A, 0.00%, 12/15/38 | 10000 | &nbsp;&nbsp; 6384017 |
| &nbsp;&nbsp;&nbsp; New Jersey Transportation Trust Fund Authority, <br> Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/15/31 | 2730 | &nbsp;&nbsp; 2749303 |
| &nbsp;&nbsp;&nbsp; Series A, 4.00%, 06/15/36 | 1700 | &nbsp;&nbsp; 1779628 |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 06/15/41 | 1000 | &nbsp;&nbsp; 1121307 |
| &nbsp;&nbsp;&nbsp; Series AA, 4.25%, 06/15/44 | 1545 | &nbsp;&nbsp; 1570129 |
| New Jersey Turnpike Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 4.00%, 01/01/42 | 1000 | &nbsp;&nbsp; 1022611 |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 01/01/50 | 9300 | &nbsp;&nbsp; 10080945 |
| &nbsp;&nbsp;&nbsp; Series A, 4.00%, 01/01/51 | 1560 | &nbsp;&nbsp; 1511914 |
| &nbsp;&nbsp;&nbsp; Series B, 5.25%, 01/01/52 | 4905 | &nbsp;&nbsp; 5207309 |
| New Jersey Turnpike Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 4.00%, 01/01/39 | 1000 | &nbsp;&nbsp; 1048348 |
| &nbsp;&nbsp;&nbsp; Series C, 5.00%, 01/01/45 | 1500 | &nbsp;&nbsp; 1624011 |
| &nbsp;&nbsp;&nbsp; South Jersey Port Corp., ARB, Series B, AMT, 5.00%, <br> 01/01/42<br>| 2380 | &nbsp;&nbsp; 2422189 |
| South Jersey Transportation Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 11/01/52 | 2000 | &nbsp;&nbsp; 2077720 |
| &nbsp;&nbsp;&nbsp; (BAM), 5.25%, 11/01/52 | 300 | &nbsp;&nbsp; 314291 |
|  |  | &nbsp;&nbsp; 93784442 |
| **Utilities — 0.1%** | **Utilities — 0.1%** |  |
| &nbsp;&nbsp;&nbsp; New Jersey Infrastructure Bank, RB, Sustainability <br> Bonds, 2.00%, 09/01/43<br>| 240 | &nbsp;&nbsp; 168826 |
| **Total Municipal Bonds in New Jersey** | **Total Municipal Bonds in New Jersey** | &nbsp;&nbsp; 267418503 |
| **New York — 4.4%** | **New York — 4.4%** |  |
| **County/City/Special District/School District — 0.3%** | **County/City/Special District/School District — 0.3%** |  |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Future Tax <br> Secured Revenue, RB, Series E, Subordinate, 5.00%, <br> 11/01/53<br>| 935 | &nbsp;&nbsp; 972875 |
| **State — 0.7%** | **State — 0.7%** |  |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Refunding RB, <br> Series A, 5.00%, 03/15/50<br>| 2140 | &nbsp;&nbsp; 2248425 |
| **Transportation — 3.4%** | **Transportation — 3.4%** |  |
| Port Authority of New York & New Jersey, ARB |  |  |
| &nbsp;&nbsp;&nbsp; Series 93, 6.13%, 06/01/94 | 1000 | &nbsp;&nbsp; 1002020 |
| &nbsp;&nbsp;&nbsp; AMT, 5.00%, 11/01/30 | 1000 | &nbsp;&nbsp; 1081542 |
| &nbsp;&nbsp;&nbsp; AMT, 5.00%, 11/01/33 | 495 | &nbsp;&nbsp; 531962 |
| &nbsp;&nbsp;&nbsp; Series 218, AMT, 5.00%, 11/01/32 | 1495 | &nbsp;&nbsp; 1611176 |
| &nbsp;&nbsp;&nbsp; Series 221, AMT, 4.00%, 07/15/45 | 525 | &nbsp;&nbsp; 508715 |
| &nbsp;&nbsp;&nbsp; Series 221, AMT, 4.00%, 07/15/50 | 1335 | &nbsp;&nbsp; 1229637 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Transportation (continued)** | **Transportation (continued)** |  |
| &nbsp;&nbsp;&nbsp; Port Authority of New York & New Jersey, Refunding <br> ARB<br>|  |  |
| &nbsp;&nbsp;&nbsp; AMT, 5.00%, 01/15/52 | 1915 | &nbsp;&nbsp; $1944936 |
| &nbsp;&nbsp;&nbsp; Series 223, AMT, 4.00%, 07/15/41 | 725 | &nbsp;&nbsp; 723873 |
| &nbsp;&nbsp;&nbsp; Series 223, AMT, 4.00%, 07/15/46 | 1755 | &nbsp;&nbsp; 1679077 |
| &nbsp;&nbsp;&nbsp; Series 238, AMT, 5.00%, 07/15/39 | 330 | &nbsp;&nbsp; 363126 |
|  |  | &nbsp;&nbsp; 10676064 |
| **Total Municipal Bonds in New York** | **Total Municipal Bonds in New York** | &nbsp;&nbsp; 13897364 |
| **Pennsylvania — 0.4%** | **Pennsylvania — 0.4%** |  |
| **Transportation — 0.4%** | **Transportation — 0.4%** |  |
| &nbsp;&nbsp;&nbsp; Delaware River Joint Toll Bridge Commission, RB, <br> 5.00%, 07/01/42<br>| 1130 | &nbsp;&nbsp; 1154071 |
| **Puerto Rico — 3.6%** | **Puerto Rico — 3.6%** |  |
| **State — 3.6%** | **State — 3.6%** |  |
| &nbsp;&nbsp;&nbsp; Commonwealth of Puerto Rico, GO, Series A-1, <br> Restructured, 5.75%, 07/01/31<br>| 1043 | &nbsp;&nbsp; 1158948 |
| &nbsp;&nbsp;&nbsp; Commonwealth of Puerto Rico, Notes, 0.00%, <br> 11/01/51<sup>(a)</sup><br>| 2214 | &nbsp;&nbsp; 702945 |
| &nbsp;&nbsp;&nbsp; Puerto Rico Sales Tax Financing Corp., Sales Tax <br> Revenue, RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A-1, Restructured, 5.00%, 07/01/58 | 1830 | &nbsp;&nbsp; 1792372 |
| &nbsp;&nbsp;&nbsp; Series B-2, Restructured, 4.33%, 07/01/40 | 5000 | &nbsp;&nbsp; 5008691 |
| &nbsp;&nbsp;&nbsp; Puerto Rico Sales Tax Financing Corp., Sales Tax <br> Revenue, RB, CAB<sup>(c)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A-1, Restructured, 0.00%, 07/01/46 | 7114 | &nbsp;&nbsp; 2546038 |
| &nbsp;&nbsp;&nbsp; Series B-1, Restructured, 0.00%, 07/01/46 | 567 | &nbsp;&nbsp; 202924 |
| **Total Municipal Bonds in Puerto Rico** | **Total Municipal Bonds in Puerto Rico** | &nbsp;&nbsp; 11411918 |
| **Wisconsin — 0.7%** | **Wisconsin — 0.7%** |  |
| **Education — 0.0%** | **Education — 0.0%** |  |
| Public Finance Authority, RB, 5.00%, 07/01/55<sup>(b)</sup> | 215 | &nbsp;&nbsp; 199544 |
| **Transportation — 0.7%** | **Transportation — 0.7%** |  |
| Public Finance Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, AMT, Senior Lien, 5.50%, 07/01/44 | 1000 | &nbsp;&nbsp; 1057057 |
| &nbsp;&nbsp;&nbsp; Series A, AMT, Senior Lien, 5.75%, 07/01/49 | 1000 | &nbsp;&nbsp; 1054989 |
|  |  | &nbsp;&nbsp; 2112046 |
| **Total Municipal Bonds in Wisconsin** | **Total Municipal Bonds in Wisconsin** | &nbsp;&nbsp; 2311590 |
| **Total Municipal Bonds — 93.8%** <br>**(Cost: $291,023,094)** | **Total Municipal Bonds — 93.8%** <br>**(Cost: $291,023,094)** | &nbsp;&nbsp; 296829216 |
| **Municipal Bonds Transferred to Tender Option Bond Trusts**<sup>(d)</sup> | **Municipal Bonds Transferred to Tender Option Bond Trusts**<sup>(d)</sup> | **Municipal Bonds Transferred to Tender Option Bond Trusts**<sup>(d)</sup> |
| **New Jersey — 3.3%** | **New Jersey — 3.3%** | **New Jersey — 3.3%** |
| **Education — 2.6%** | **Education — 2.6%** |  |
| &nbsp;&nbsp;&nbsp; New Jersey Educational Facilities Authority, RB, <br> Series B, 5.25%, 03/01/54<br>| 7500 | &nbsp;&nbsp; 8174159 |
| **Housing — 0.7%** | **Housing — 0.7%** |  |
| &nbsp;&nbsp;&nbsp; New Jersey Housing & Mortgage Finance Agency, RB, <br> S/F Housing, Sustainability Bonds, Series M, 5.05%, <br> 10/01/45<br>| 2258 | &nbsp;&nbsp; 2337910 |
| **Total Municipal Bonds in New Jersey** | **Total Municipal Bonds in New Jersey** | &nbsp;&nbsp; 10512069 |
| **Total Municipal Bonds Transferred to Tender Option Bond** <br>**Trusts — 3.3%** <br>**(Cost: $10,385,576)** | **Total Municipal Bonds Transferred to Tender Option Bond** <br>**Trusts — 3.3%** <br>**(Cost: $10,385,576)** | &nbsp;&nbsp; 10512069 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**BlackRock New Jersey Municipal Bond Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br>*Shares*<br>| *Value* |
| **Warrants** | **Warrants** | **Warrants** |
| **Construction & Engineering — 0.0%** | **Construction & Engineering — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Brightline West, (Expires 11/26/35, Strike Price USD <br> 5.00)<sup>(e)(f)</sup><br>| 5256 | &nbsp;&nbsp; $10512 |
| **Total Warrants — 0.0%** <br>**(Cost: $—)** | **Total Warrants — 0.0%** <br>**(Cost: $—)** | &nbsp;&nbsp; 10512 |
| **Total Long-Term Investments — 97.1%** <br>**(Cost: $301,408,670)** | **Total Long-Term Investments — 97.1%** <br>**(Cost: $301,408,670)** | &nbsp;&nbsp; 307351797 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 4.4%** | **Money Market Funds — 4.4%** |  |
| &nbsp;&nbsp;&nbsp; BlackRock Liquidity Funds, MuniCash, Institutional <br> Shares, 1.72%<sup>(g)(h)</sup><br>| 13805447 | &nbsp;&nbsp; 13806828 |
| **Total Short-Term Securities — 4.4%** <br>**(Cost: $13,806,771)** | **Total Short-Term Securities — 4.4%** <br>**(Cost: $13,806,771)** | &nbsp;&nbsp; 13806828 |
| **Total Investments — 101.5%** <br>**(Cost: $315,215,441)** | **Total Investments — 101.5%** <br>**(Cost: $315,215,441)** | &nbsp;&nbsp; 321158625 |
| **Other Assets Less Liabilities — 0.8%** | **Other Assets Less Liabilities — 0.8%** | &nbsp;&nbsp; 2663775 |
| **Liability for TOB Trust Certificates, Including Interest Expense and** <br> **Fees Payable — (2.3)%** | **Liability for TOB Trust Certificates, Including Interest Expense and** <br> **Fees Payable — (2.3)%** | &nbsp;&nbsp; (7383978)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | &nbsp;&nbsp; $316438422 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> 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. 

<sup>(b)</sup> 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. 

<sup>(c)</sup> Zero-coupon bond.

<sup>(d)</sup> 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. 

<sup>(e)</sup> Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. 

<sup>(f)</sup> Non-income producing security.

<sup>(g)</sup> Affiliate of the Fund.

<sup>(h)</sup> 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 February 28, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*05/31/25*<br>| *Proceeds* <br>*from Sales*<br>| *Net* <br>*Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*02/28/26*<br>| *Shares* <br>*Held at* <br>*02/28/26*<br>| *Income* | *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Liquidity Funds, MuniCash, Institutional Shares | $5686971<br> $8119857 <br><sup>(a)</sup><br>| &nbsp;&nbsp; $— | $— | $— | $13806828 | 13805447 | $220907 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

**Fair Value Hierarchy as of Period End**

Various inputs are used in determining the fair value of financial instruments at the measurement date. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – Unadjusted price quotations in active markets/exchanges that the Fund has the ability to access for identical assets or liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – Inputs that are unobservable and significant to the entire fair value measurement for the asset or liability (including the Valuation Committee'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) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized 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 hierarchy 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 have 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 privately 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 instruments 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. For information about the Fund's policy regarding valuation of financial instruments, refer to its most recent financial statements.

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**BlackRock New Jersey Municipal Bond Fund** 

**Fair Value Hierarchy as of Period End (continued)**

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $296829216 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $296829216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds Transferred to Tender Option Bond Trusts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10512069 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10512069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warrants | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10512 | &nbsp;&nbsp;&nbsp;&nbsp; 10512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp; 13806828 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13806828 |
|  | &nbsp;&nbsp; $13806828 | &nbsp;&nbsp;&nbsp;&nbsp; $307341285 | &nbsp;&nbsp;&nbsp;&nbsp; $10512 | &nbsp;&nbsp;&nbsp;&nbsp; $321158625 |

---

The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of period end, TOB Trust Certificates of $7,317,797 are categorized as Level 2 within the fair value hierarchy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| AGM | Assured Guaranty Municipal Corp. |
| AMT | Alternative Minimum Tax |
| ARB | Airport Revenue Bonds  |
| BAM | Build America Mutual Assurance Co. |
| CAB | Capital Appreciation Bonds |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Association |
| GNMA | Government National Mortgage Association |
| GO | General Obligation Bonds |
| GOL | General Obligation Ltd. |
| GTD | GTD Guaranteed |
| HUD SECT 8 | &nbsp;&nbsp;&nbsp; U.S. Department of Housing and Urban Development <br> Section 8<br>|
| M/F | Multi-Family |
| NPFGC | National Public Finance Guarantee Corp. |
| RB | Revenue Bonds |
| S/F | Single-Family |
| SAB | Special Assessment Bonds |
| SAW | State Aid Withholding |

---

------

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** BlackRock Multi State Municipal Series Trust

- **b. Investment Company Act file number:** 811-04375

- **c. CIK number of Registrant:** 0000774013

- **d. LEI of Registrant:** 549300FRPGSGLXTBXJ40

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 100 BELLEVUE PARKWAY

  - **City:** Wilmington

  - **State:** DE

  - **Foreign country:** US

  - **Zip / Postal Code:** 19809

  - **Telephone number:** 800-441-7762

**Item A.2. Information about the Series.**

- **a. Name of Series:** BlackRock New Jersey Municipal Bond Fund

- **b. EDGAR series identifier (if any):** S000004033

- **c. LEI of Series:** XY220ROVL0NN4IRP9L80

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-05-31

- **b. Date as of which information is reported:** 2026-02-28

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $324413496.13

**Total Liabilities:** $8689027.40

**Net Assets:** $315724468.73

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 12418.04000000 | **1-Year:** 13739.53000000 | **5-Year:** 67329.70000000 | **10-Year:** 71802.04000000 | **30-Year:** 41320.46000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 64.13000000 | **1-Year:** 3075.14000000 | **5-Year:** 1613.65000000 | **10-Year:** 4220.65000000 | **30-Year:** 8159.55000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000038245 | 0.09%                | 0.77%                | 1.36%                |
| Class ID C000011312 | 0.12%                | 0.79%                | 1.38%                |
| Class ID C000199769 | 0.12%                | 0.70%                | 1.48%                |
| Class ID C000038247 | 0.03%                | 0.61%                | 1.40%                |
| Class ID C000038248 | 0.10%                | 0.77%                | 1.36%                |
| Class ID C000011309 | 0.01%                | 0.78%                | 1.37%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $144.08                  | $-646686.37                                |
| Month 2  | $161799.09               | $1156269.19                                |
| Month 3  | $0.00                    | $3450391.74                                |

**Designated Index Information**

- **Index Name:** 90% Bloomberg Municipal Bond: New Jersey Exempt Total Return Index Unhedged USD/10% New Jersey Bloomberg Municipal Bond: High Yield (non-Investment Grade) Total Return Index

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                                                                    | Title                                                        | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| New Jersey Health Care Facilities Financing Authority                   | NEW JERSEY ST HLTH CARE FACS FING AUTH REVENUE               | CUSIP: 64579F5M1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    285000 | PA      | $287121.08    | 0.09%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                 | PORT AUTH OF NEW YORK & NEW JERSEY NY                        | CUSIP: 73358XHF2<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   1915000 | PA      | $1944935.85   | 0.62%             | 2052-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                 | PORT AUTH OF NEW YORK & NEW JERSEY NY                        | CUSIP: 733580S88<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1002020.10   | 0.32%             | 2094-06-01      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                  | PUERTO RICO SALES TAX FING CORP SALES TAX REVENUE            | CUSIP: 74529JQW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    567000 | PA      | $202924.31    | 0.06%             | 2046-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BRIGHTLINE WEST EQ WARRANTS                                             | BRIGHTLINE WEST EQ WARRANTS                                  | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               |  | US        |      5256 | NS      | $10512.00     | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                          | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 64613CBE7<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1396364.63   | 0.44%             | 2036-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lenape Regional High School District                                    | LENAPE NJ REGL HIGH SCH DIST                                 | CUSIP: 525876XL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3400000 | PA      | $3391873.32   | 1.07%             | 2039-01-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| New Jersey Turnpike Authority                                           | NEW JERSEY ST TURNPIKE AUTH TURNPIKE REVENUE                 | CUSIP: 646140GD9<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1624010.85   | 0.51%             | 2045-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Health Care Facilities Financing Authority                   | NEW JERSEY ST HLTH CARE FACS FING AUTH REVENUE               | CUSIP: 645790PE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4620000 | PA      | $3455910.61   | 1.09%             | 2051-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                          | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 64613CDQ8<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1545000 | PA      | $1570128.65   | 0.50%             | 2044-06-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                          | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 64613CHS0<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1556380.35   | 0.49%             | 2055-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Higher Education Student Assistance Authority                | NEW JERSEY ST HGR EDU ASSISTANCE AUTH STUDENT LOAN REVENUE   | CUSIP: 646080YB1<br>LEI: 5493007OOYUHTF8GSL63 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1032503.80   | 0.33%             | 2045-12-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Casino Reinvestment Development Authority Inc                           | CASINO REINVESTMENT DEV AUTH NJ LUXURY TAX REVENUE           | CUSIP: 14760RCN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $212771.68    | 0.07%             | 2044-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Higher Education Student Assistance Authority                | NEW JERSEY ST HGR EDU ASSISTANCE AUTH STUDENT LOAN REVENUE   | CUSIP: 646080TW1<br>LEI: 5493007OOYUHTF8GSL63 | Long             | DBT              | MUN               | US        |    700000 | PA      | $615985.72    | 0.20%             | 2048-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| South Jersey Port Corp                                                  | SOUTH JERSEY NJ PORT CORP                                    | CUSIP: 838530RG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2380000 | PA      | $2422188.83   | 0.77%             | 2042-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Health Care Facilities Financing Authority                   | NEW JERSEY ST HLTH CARE FACS FING AUTH REVENUE               | CUSIP: 645790UP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $970025.49    | 0.31%             | 2049-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Township of Monroe NJ/Middlesex County                                  | MONROE TWP NJ MIDDLESEX CNTY                                 | CUSIP: 611312MV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    410000 | PA      | $402410.65    | 0.13%             | 2038-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                               | NEW JERSEY ST ECON DEV AUTH REVENUE                          | CUSIP: 6459182D4<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    905000 | PA      | $906164.19    | 0.29%             | 2043-01-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                | PUBLIC FIN AUTH WI CHRT SCH REVENUE                          | CUSIP: 744396KG6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    215000 | PA      | $199543.67    | 0.06%             | 2055-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Housing & Mortgage Finance Agency                            | NEW JERSEY ST HSG & MTGE FIN AGY MF REVENUE                  | CUSIP: 646108L65<br>LEI: 5493002ONULJL0FIGU24 | Long             | DBT              | MUN               | US        |    240000 | PA      | $173672.81    | 0.06%             | 2045-11-01      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| Hudson County Improvement Authority                                     | HUDSON CNTY NJ IMPT AUTH LEASE REVENUE                       | CUSIP: 443730MG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001621.60   | 0.32%             | 2046-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ewing Township Board of Education                                       | EWING TWP NJ SCH DIST                                        | CUSIP: 300569HU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    920000 | PA      | $933455.46    | 0.30%             | 2038-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                               | NEW JERSEY ST ECON DEV AUTH REVENUE                          | CUSIP: 64577B5Y6<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   2300000 | PA      | $2255124.47   | 0.71%             | 2049-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Health Care Facilities Financing Authority                   | NEW JERSEY ST HLTH CARE FACS FING AUTH REVENUE               | CUSIP: 645790QE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9155000 | PA      | $7017362.43   | 2.22%             | 2051-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Housing & Mortgage Finance Agency                            | NEW JERSEY ST HSG & MTGE FIN AGY MF REVENUE                  | CUSIP: 646108T75<br>LEI: 5493002ONULJL0FIGU24 | Long             | DBT              | MUN               | US        |    350000 | PA      | $256586.33    | 0.08%             | 2046-11-01      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                               | NEW JERSEY ST ECON DEV AUTH ECON DEV REVENUE                 | CUSIP: 64577HMG3<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1108940 | PA      | $1144176.02   | 0.36%             | 2028-04-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                          | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 646136WK3<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $6384017.00   | 2.02%             | 2038-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Housing & Mortgage Finance Agency                            | NEW JERSEY ST HSG & MTGE FIN AGY MF REVENUE                  | CUSIP: 646108T83<br>LEI: 5493002ONULJL0FIGU24 | Long             | DBT              | MUN               | US        |    350000 | PA      | $239901.31    | 0.08%             | 2051-11-01      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| New Jersey Housing & Mortgage Finance Agency                            | NEW JERSEY ST HSG & MTGE FIN AGY MF REVENUE                  | CUSIP: 6461087J3<br>LEI: 5493002ONULJL0FIGU24 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1551599.40   | 0.49%             | 2055-11-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                          | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 6461367J4<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   2470000 | PA      | $2440603.05   | 0.77%             | 2045-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                               | NEW JERSEY ST ECON DEV AUTH SCH REVENUE                      | CUSIP: 645912DX1<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    470000 | PA      | $472055.26    | 0.15%             | 2037-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                               | NEW JERSEY ST ECON DEV AUTH                                  | CUSIP: 645779CG2<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   5670000 | PA      | $5012687.67   | 1.59%             | 2041-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Turnpike Authority                                           | NEW JERSEY ST TURNPIKE AUTH TURNPIKE REVENUE                 | CUSIP: 646140JD6<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |   9300000 | PA      | $10080945.18  | 3.19%             | 2050-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                               | NEW JERSEY ST ECON DEV AUTH DOCK & WHARF FAC REVENUE         | CUSIP: 64578TAA2<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    725000 | PA      | $764093.67    | 0.24%             | 2035-01-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                          | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 64613CGK8<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   6800000 | PA      | $7198983.88   | 2.28%             | 2055-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                               | NEW JERSEY ST ECON DEV AUTH SCH REVENUE                      | CUSIP: 645912EW2<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    210000 | PA      | $218204.05    | 0.07%             | 2038-11-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| New Jersey Health Care Facilities Financing Authority                   | NEW JERSEY ST HLTH CARE FACS FING AUTH REVENUE               | CUSIP: 645790UR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1085000 | PA      | $998515.63    | 0.32%             | 2054-07-01      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| New Jersey Housing & Mortgage Finance Agency                            | NEW JERSEY ST HSG & MTGE FIN AGY MF CONDUIT REVENUE          | CUSIP: 646127FN5<br>LEI: 5493002ONULJL0FIGU24 | Long             | DBT              | MUN               | US        |    345000 | PA      | $380070.94    | 0.12%             | 2065-12-20      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                  | PUERTO RICO SALES TAX FING CORP SALES TAX REVENUE            | CUSIP: 74529JPX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1830000 | PA      | $1792371.54   | 0.57%             | 2058-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Housing & Mortgage Finance Agency                            | NEW JERSEY ST HSG & MTGE FIN AGY REVENUE                     | CUSIP: 64613AEZ1<br>LEI: 5493002ONULJL0FIGU24 | Long             | DBT              | MUN               | US        |    680000 | PA      | $485677.62    | 0.15%             | 2046-10-01      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                          | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 64613CCV8<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1121307.10   | 0.36%             | 2041-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                             | PUERTO RICO CMWLTH                                           | CUSIP: 74514L3J4<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   1043523 | PA      | $1158948.12   | 0.37%             | 2031-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| New Jersey Higher Education Student Assistance Authority                | NEW JERSEY ST HGR EDU ASSISTANCE AUTH STUDENT LOAN REVENUE   | CUSIP: 646080XK2<br>LEI: 5493007OOYUHTF8GSL63 | Long             | DBT              | MUN               | US        |    365000 | PA      | $359162.70    | 0.11%             | 2044-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Passaic County Improvement Authority/The                                | PASSAIC CNTY NJ IMPT AUTH CHRT SCH REVENUE                   | CUSIP: 70275QAH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $187500.90    | 0.06%             | 2060-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                          | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 6461365W7<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    550000 | PA      | $587950.50    | 0.19%             | 2033-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                               | NEW JERSEY ST ECON DEV AUTH WTR FACS REVENUE                 | CUSIP: 645780FJ1<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    310000 | PA      | $314786.59    | 0.10%             | 2059-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Essex County Improvement Authority                                      | ESSEX CNTY NJ IMPT AUTH                                      | CUSIP: 296809TK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7695000 | PA      | $7701573.84   | 2.44%             | 2044-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                               | NEW JERSEY ST ECON DEV AUTH SCH REVENUE                      | CUSIP: 645912DM5<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    430000 | PA      | $430140.83    | 0.14%             | 2044-08-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                               | NEW JERSEY ST ECON DEV AUTH REVENUE                          | CUSIP: 6459182F9<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1005132.60   | 0.32%             | 2042-07-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| New Jersey Higher Education Student Assistance Authority                | NEW JERSEY ST HGR EDU ASSISTANCE AUTH STUDENT LOAN REVENUE   | CUSIP: 646080WP2<br>LEI: 5493007OOYUHTF8GSL63 | Long             | DBT              | MUN               | US        |    660000 | PA      | $667764.44    | 0.21%             | 2041-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                 | PORT AUTH OF NEW YORK & NEW JERSEY NY                        | CUSIP: 73358W5S9<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |    525000 | PA      | $508715.24    | 0.16%             | 2045-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Higher Education Student Assistance Authority                | NEW JERSEY ST HGR EDU ASSISTANCE AUTH STUDENT LOAN REVENUE   | CUSIP: 646080XL0<br>LEI: 5493007OOYUHTF8GSL63 | Long             | DBT              | MUN               | US        |    265000 | PA      | $258218.68    | 0.08%             | 2053-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                          | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 6461365Q0<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $930060.90    | 0.29%             | 2050-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Monmouth Regional High School District                                  | MONMOUTH NJ REGL HIGH SCH DIST                               | CUSIP: 609677DX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1260000 | PA      | $1262764.94   | 0.40%             | 2034-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Educational Facilities Authority                             | NEW JERSEY ST EDUCTNL FACS AUTH REVENUE                      | CUSIP: 646066NQ9<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |    715000 | PA      | $715194.19    | 0.23%             | 2039-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                               | NEW JERSEY ST ECON DEV AUTH REV                              | CUSIP: 64577XEH5<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1955000 | PA      | $2037656.42   | 0.65%             | 2043-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Union County Utilities Authority                                        | UNION CNTY NJ UTILITIES AUTH RESOURCE RECOVERY FAC LEASE REV | CUSIP: 906363AB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5640000 | PA      | $5651856.97   | 1.79%             | 2031-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| California Infrastructure & Economic Development Bank                   | CALIFORNIA ST INFRASTRUCTURE & ECON DEV BANK REVENUE         | CUSIP: 13034A7E4<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |    635000 | PA      | $342900.00    | 0.11%             | 2065-01-01      | Floating      | 12.00%                | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                 | PORT AUTH OF NEW YORK & NEW JERSEY NY                        | CUSIP: 73358W5T7<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   1335000 | PA      | $1229636.59   | 0.39%             | 2050-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Housing & Mortgage Finance Agency                            | NEW JERSEY ST HSG & MTGE FIN AGY REVENUE                     | CUSIP: 64613ACU4<br>LEI: 5493002ONULJL0FIGU24 | Long             | DBT              | MUN               | US        |    680000 | PA      | $553747.12    | 0.18%             | 2040-10-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                               | NEW JERSEY ST ECON DEV AUTH REVENUE                          | CUSIP: 64577B4K7<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   2760000 | PA      | $2821178.71   | 0.89%             | 2037-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Housing & Mortgage Finance Agency                            | NEW JERSEY ST HSG & MTGE FIN AGY MF REVENUE                  | CUSIP: 64610ABD6<br>LEI: 5493002ONULJL0FIGU24 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1012656.00   | 0.32%             | 2055-11-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                               | NEW JERSEY ST ECON DEV AUTH SCH REVENUE                      | CUSIP: 645912DY9<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    815000 | PA      | $762134.29    | 0.24%             | 2047-07-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                      | NEW YORK ST DORM AUTH ST PERSONAL INCOME TAX REVENUE         | CUSIP: 64990KGX5<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   2140000 | PA      | $2248425.45   | 0.71%             | 2050-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Hoboken NJ                                                      | HOBOKEN NJ                                                   | CUSIP: 434110XP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2500925.00   | 0.79%             | 2026-03-10      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Garden State Preservation Trust                                         | GARDEN ST PRESERVATION TRUST NJ OPEN SPACE & FARMLAND PRESER | CUSIP: 365418BX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1625000 | PA      | $1720814.55   | 0.55%             | 2028-11-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Gloucester County Improvement Authority/The                             | GLOUCESTER CNTY NJ IMPT AUTH                                 | CUSIP: 37970PNH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $554933.95    | 0.18%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                          | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 6461368A2<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1779628.34   | 0.56%             | 2036-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Housing & Mortgage Finance Agency                            | NEW JERSEY ST HSG & MTGE FIN AGY MF REVENUE                  | CUSIP: 646108WE6<br>LEI: 5493002ONULJL0FIGU24 | Long             | DBT              | MUN               | US        |    310000 | PA      | $310258.48    | 0.10%             | 2037-11-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| New Jersey Housing & Mortgage Finance Agency                            | NEW JERSEY ST HSG & MTGE FIN AGY MF REVENUE                  | CUSIP: 6461087G9<br>LEI: 5493002ONULJL0FIGU24 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1043568.80   | 0.33%             | 2045-11-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| New Jersey Housing & Mortgage Finance Agency                            | NEW JERSEY ST HSG & MTGE FIN AGY REVENUE                     | CUSIP: 64613ALR1<br>LEI: 5493002ONULJL0FIGU24 | Long             | DBT              | MUN               | US        |   2257797 | PA      | $2337910.04   | 0.74%             | 2045-10-01      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                               | NEW JERSEY ST ECON DEV AUTH ECON DEV REVENUE                 | CUSIP: 64577HMN8<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1195000 | PA      | $1203216.70   | 0.38%             | 2031-04-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                          | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 6461367K1<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2614482.25   | 0.83%             | 2045-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Educational Facilities Authority                             | NEW JERSEY ST EDUCTNL FACS AUTH REVENUE                      | CUSIP: 646067FW3<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |   1555000 | PA      | $1643197.89   | 0.52%             | 2053-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New Jersey Housing & Mortgage Finance Agency                            | NEW JERSEY ST HSG & MTGE FIN AGY MF CONDUIT REVENUE          | CUSIP: 646127FV7<br>LEI: 5493002ONULJL0FIGU24 | Long             | DBT              | MUN               | US        |    700000 | PA      | $726147.24    | 0.23%             | 2067-09-01      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                               | NEW JERSEY ST ECON DEV AUTH                                  | CUSIP: 645779CC1<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1360000 | PA      | $1320669.89   | 0.42%             | 2038-04-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| State of New Jersey                                                     | NEW JERSEY ST                                                | CUSIP: 646039ZJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1723390.00   | 0.55%             | 2037-06-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                               | NEW JERSEY ST ECON DEV AUTH REVENUE                          | CUSIP: 64577B5W0<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    270000 | PA      | $278362.12    | 0.09%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Housing & Mortgage Finance Agency                            | NEW JERSEY ST HSG & MTGE FIN AGY MF REVENUE                  | CUSIP: 646108L73<br>LEI: 5493002ONULJL0FIGU24 | Long             | DBT              | MUN               | US        |    220000 | PA      | $146507.04    | 0.05%             | 2050-11-01      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| New Jersey Health Care Facilities Financing Authority                   | NEW JERSEY ST HLTH CARE FACS FING AUTH REVENUE               | CUSIP: 645790FL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2300000 | PA      | $2306358.35   | 0.73%             | 2032-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                          | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 6461362E0<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1259044.63   | 0.40%             | 2030-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Infrastructure Bank                                          | NEW JERSEY INFRASTRUCTURE BANK                               | CUSIP: 64580CJW8<br>LEI: 5493006ZE03IRA2BET07 | Long             | DBT              | MUN               | US        |    240000 | PA      | $168825.48    | 0.05%             | 2043-09-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                               | NEW JERSEY ST ECON DEV AUTH MTR VEHCL SURCHARGE REVENUE      | CUSIP: 64578JBH8<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    125000 | PA      | $127744.34    | 0.04%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Housing & Mortgage Finance Agency                            | NEW JERSEY ST HSG & MTGE FIN AGY MF REVENUE                  | CUSIP: 6461084J6<br>LEI: 5493002ONULJL0FIGU24 | Long             | DBT              | MUN               | US        |    130000 | PA      | $128009.57    | 0.04%             | 2050-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| New Jersey Turnpike Authority                                           | NEW JERSEY ST TURNPIKE AUTH TURNPIKE REVENUE                 | CUSIP: 646140DK6<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |   1560000 | PA      | $1511913.62   | 0.48%             | 2051-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                 | PORT AUTH OF NEW YORK & NEW JERSEY NY                        | CUSIP: 73358XAX0<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   1755000 | PA      | $1679076.59   | 0.53%             | 2046-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                               | NEW JERSEY ST ECON DEV AUTH REV                              | CUSIP: 64577XED4<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   3700000 | PA      | $3934841.96   | 1.25%             | 2047-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New Jersey Turnpike Authority                                           | NEW JERSEY ST TURNPIKE AUTH TURNPIKE REVENUE                 | CUSIP: 646140DJ9<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1022611.50   | 0.32%             | 2042-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Higher Education Student Assistance Authority                | NEW JERSEY ST HGR EDU ASSISTANCE AUTH STUDENT LOAN REVENUE   | CUSIP: 646080UP4<br>LEI: 5493007OOYUHTF8GSL63 | Long             | DBT              | MUN               | US        |   1065000 | PA      | $822969.06    | 0.26%             | 2049-12-01      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| New Jersey Housing & Mortgage Finance Agency                            | NEW JERSEY ST HSG & MTGE FIN AGY REVENUE                     | CUSIP: 64613AEY4<br>LEI: 5493002ONULJL0FIGU24 | Long             | DBT              | MUN               | US        |    910000 | PA      | $699451.12    | 0.22%             | 2041-10-01      | Fixed         | 2.15%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                          | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 6461363Q2<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   2730000 | PA      | $2749303.01   | 0.87%             | 2031-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                          | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 64613CHR2<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1430000 | PA      | $1525148.77   | 0.48%             | 2050-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                               | NEW JERSEY ST ECON DEV AUTH REVENUE                          | CUSIP: 6459182B8<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1005680.10   | 0.32%             | 2039-01-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                          | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 6461366Z9<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1435000 | PA      | $1496301.33   | 0.47%             | 2036-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Health Care Facilities Financing Authority                   | NEW JERSEY ST HLTH CARE FACS FING AUTH REVENUE               | CUSIP: 645790FR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $905302.26    | 0.29%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Housing & Mortgage Finance Agency                            | NEW JERSEY ST HSG & MTGE FIN AGY MF REVENUE                  | CUSIP: 646108T59<br>LEI: 5493002ONULJL0FIGU24 | Long             | DBT              | MUN               | US        |    350000 | PA      | $304682.88    | 0.10%             | 2036-11-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                          | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 646136WG2<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   8900000 | PA      | $6588091.50   | 2.09%             | 2035-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                               | NEW JERSEY ST ECON DEV AUTH REVENUE                          | CUSIP: 64577B7S7<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1190000 | PA      | $1110358.18   | 0.35%             | 2049-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Gloucester County Improvement Authority/The                             | GLOUCESTER CNTY NJ IMPT AUTH                                 | CUSIP: 37970PNJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $548199.70    | 0.17%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Casino Reinvestment Development Authority Inc                           | CASINO REINVESTMENT DEV AUTH NJ LUXURY TAX REVENUE           | CUSIP: 14760RCM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    180000 | PA      | $193279.43    | 0.06%             | 2043-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Casino Reinvestment Development Authority Inc                           | CASINO REINVESTMENT DEV AUTH NJ LUXURY TAX REVENUE           | CUSIP: 14760RBR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    105000 | PA      | $113945.40    | 0.04%             | 2042-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp                                       | TOBACCO SETTLEMENT FING CORP NJ                              | CUSIP: 888808HQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1752737.70   | 0.56%             | 2046-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp                                       | TOBACCO SETTLEMENT FING CORP NJ                              | CUSIP: 888808HT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5205000 | PA      | $5149452.76   | 1.63%             | 2046-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clifton Board Of Education                                              | CLIFTON NJ BRD OF EDU                                        | CUSIP: 187099JL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1850000 | PA      | $1250310.29   | 0.40%             | 2046-08-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                 | PORT AUTH OF NEW YORK & NEW JERSEY NY                        | CUSIP: 73358XAW2<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |    725000 | PA      | $723873.28    | 0.23%             | 2041-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                               | NEW JERSEY ST ECON DEV AUTH REVENUE                          | CUSIP: 64577B7T5<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    700000 | PA      | $716298.66    | 0.23%             | 2049-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                               | NEW JERSEY ST ECON DEV AUTH                                  | CUSIP: 645779CF4<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   5600000 | PA      | $4639156.48   | 1.47%             | 2043-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Health Care Facilities Financing Authority                   | NEW JERSEY ST HLTH CARE FACS FING AUTH REVENUE               | CUSIP: 645790UQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1340000 | PA      | $1425433.71   | 0.45%             | 2054-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New Jersey Health Care Facilities Financing Authority                   | NEW JERSEY ST HLTH CARE FACS FING AUTH REVENUE               | CUSIP: 645790FA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001946.30   | 0.32%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                               | NEW JERSEY ST ECON DEV AUTH                                  | CUSIP: 645779CB3<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    720000 | PA      | $672169.46    | 0.21%             | 2042-04-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue | NEW YORK CITY NY TRANSITIONAL FIN AUTH REV                   | CUSIP: 64972JPT9<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |    935000 | PA      | $972874.89    | 0.31%             | 2053-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                               | NEW JERSEY ST ECON DEV AUTH SCH REVENUE                      | CUSIP: 645912FL5<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   2190000 | PA      | $2204277.05   | 0.70%             | 2048-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                               | NEW JERSEY ST ECON DEV AUTH CHARTER SCH LEASE REV            | CUSIP: 64578QAC4<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $966326.13    | 0.31%             | 2054-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                               | NEW JERSEY ST ECON DEV AUTH REVENUE                          | CUSIP: 64577B5X8<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    520000 | PA      | $533079.40    | 0.17%             | 2039-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Educational Facilities Authority                             | NEW JERSEY ST EDUCTNL FACS AUTH REVENUE                      | CUSIP: 646067GY8<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |   7500000 | PA      | $8174159.25   | 2.59%             | 2054-03-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Delaware River Joint Toll Bridge Commission                             | DELAWARE RIVER PA JT TOLL BRIDGE COMMISSION                  | CUSIP: 246343LJ4<br>LEI: 549300N6IGAQMI0JLE23 | Long             | DBT              | MUN               | US        |   1130000 | PA      | $1154070.58   | 0.37%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Turnpike Authority                                           | NEW JERSEY ST TURNPIKE AUTH TURNPIKE REVENUE                 | CUSIP: 646140EB5<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1048347.70   | 0.33%             | 2039-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                  | PUERTO RICO SALES TAX FING CORP SALES TAX REVENUE            | CUSIP: 74529JRM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5008691.00   | 1.59%             | 2040-07-01      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| Garden State Preservation Trust                                         | GARDEN ST PRESERVATION TRUST NJ OPEN SPACE & FARMLAND PRESER | CUSIP: 365418BF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4135000 | PA      | $3947487.67   | 1.25%             | 2027-11-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Housing & Mortgage Finance Agency                            | NEW JERSEY ST HSG & MTGE FIN AGY REVENUE                     | CUSIP: 64613AAB8<br>LEI: 5493002ONULJL0FIGU24 | Long             | DBT              | MUN               | US        |    900000 | PA      | $904538.61    | 0.29%             | 2035-10-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Newark Board of Education                                               | NEWARK NJ BRD OF EDU                                         | CUSIP: 650370DU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    630000 | PA      | $579526.92    | 0.18%             | 2039-07-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                               | NEW JERSEY ST ECON DEV AUTH SPL FAC REVENUE                  | CUSIP: 64578CBW0<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    510000 | PA      | $511976.91    | 0.16%             | 2030-11-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Hopewell Valley Regional School District                                | HOPEWELL VLY NJ REGL SCH DIST                                | CUSIP: 439686MF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1527502.35   | 0.48%             | 2044-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                          | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 64613CBF4<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    700000 | PA      | $728344.75    | 0.23%             | 2037-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BlackRock Liquidity Funds                                               | BlackRock Liquidity Funds: MuniCash, Institutional Shares    | CUSIP: 09248U841<br>LEI: 5493007YVNX55LTRQ706 | Long             | STIV             | RF                | US        |  13884123 | NS      | $13885511.41  | 4.40%             |  |  |  | No            |                  1 | On Loan: No      |
| New Jersey Economic Development Authority                               | NEW JERSEY ST ECON DEV AUTH REV                              | CUSIP: 64577XEE2<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1036262.90   | 0.33%             | 2052-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                               | NEW JERSEY ST ECON DEV AUTH SCH REVENUE                      | CUSIP: 645912ED4<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1959131.60   | 0.62%             | 2052-09-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| New Jersey Housing & Mortgage Finance Agency                            | NEW JERSEY ST HSG & MTGE FIN AGY MF REVENUE                  | CUSIP: 646108YE4<br>LEI: 5493002ONULJL0FIGU24 | Long             | DBT              | MUN               | US        |    100000 | PA      | $92066.35     | 0.03%             | 2053-11-01      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                  | PUERTO RICO SALES TAX FING CORP SALES TAX REVENUE            | CUSIP: 74529JQG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7114000 | PA      | $2546038.00   | 0.81%             | 2046-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Higher Education Student Assistance Authority                | NEW JERSEY ST HGR EDU ASSISTANCE AUTH STUDENT LOAN REVENUE   | CUSIP: 646080YC9<br>LEI: 5493007OOYUHTF8GSL63 | Long             | DBT              | MUN               | US        |    475000 | PA      | $485490.04    | 0.15%             | 2054-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                             | PUERTO RICO CMWLTH                                           | CUSIP: 74514L4E4<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   2214000 | PA      | $702945.00    | 0.22%             | 2051-11-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                          | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 646136Y54<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000516.90   | 0.32%             | 2045-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                               | NEW JERSEY ST ECON DEV AUTH REVENUE                          | CUSIP: 64577B4L5<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    690000 | PA      | $700928.08    | 0.22%             | 2042-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Township of Monroe NJ/Middlesex County                                  | MONROE TWP NJ MIDDLESEX CNTY                                 | CUSIP: 611312MU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    385000 | PA      | $382264.07    | 0.12%             | 2037-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                               | NEW JERSEY ST ECON DEV AUTH WTR FACS REVENUE                 | CUSIP: 645780FL6<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   3880000 | PA      | $3721225.36   | 1.18%             | 2039-10-01      | Floating      | 2.20%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                          | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 64613CEH7<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   5125000 | PA      | $5435287.49   | 1.72%             | 2050-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| South Jersey Transportation Authority                                   | S JERSEY NJ TRANSPRTN AUTH TRANSPRTN SYS REVENUE             | CUSIP: 838536MQ0<br>LEI: 549300W8SZI2CAOKT956 | Long             | DBT              | MUN               | US        |    300000 | PA      | $314290.83    | 0.10%             | 2052-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                | PUBLIC FIN AUTH WI REVENUE                                   | CUSIP: 74442PF59<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1057057.10   | 0.33%             | 2044-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Camden County Improvement Authority/The                                 | CAMDEN CNTY NJ IMPT AUTH SCH REVENUE                         | CUSIP: 13281PAC1<br>LEI: 549300UTQBT9ZE0QFB15 | Long             | DBT              | MUN               | US        |    220000 | PA      | $228544.25    | 0.07%             | 2052-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Educational Facilities Authority                             | NEW JERSEY ST EDUCTNL FACS AUTH REVENUE                      | CUSIP: 6460667A2<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |    290000 | PA      | $240773.89    | 0.08%             | 2049-07-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Carlstadt School District                                               | CARLSTADT NJ SCH DIST                                        | CUSIP: 142843CW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1415000 | PA      | $1416537.26   | 0.45%             | 2030-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Passaic County Improvement Authority/The                                | PASSAIC CNTY NJ IMPT AUTH CHRT SCH REVENUE                   | CUSIP: 70275QAG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $288492.93    | 0.09%             | 2055-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                 | PORT AUTH OF NEW YORK & NEW JERSEY NY                        | CUSIP: 73358W3S1<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |    495000 | PA      | $531961.55    | 0.17%             | 2033-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Atlantic County Improvement Authority/The                               | ATLANTIC CNTY NJ IMPT AUTH LEASE REVENUE                     | CUSIP: 048501HV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1203569.00   | 0.38%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Newark NJ                                                       | NEWARK NJ                                                    | CUSIP: 650367MP7<br>LEI: 5493008RBPM01QHRYX34 | Long             | DBT              | MUN               | US        |    885000 | PA      | $890138.75    | 0.28%             | 2036-03-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| New Jersey Housing & Mortgage Finance Agency                            | NEW JERSEY ST HSG & MTGE FIN AGY MF REVENUE                  | CUSIP: 6461085M8<br>LEI: 5493002ONULJL0FIGU24 | Long             | DBT              | MUN               | US        |    205000 | PA      | $201861.25    | 0.06%             | 2050-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                 | PORT AUTH OF NEW YORK & NEW JERSEY NY                        | CUSIP: 73358XHZ8<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |    330000 | PA      | $363125.83    | 0.12%             | 2039-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                          | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 6461365M9<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   2335000 | PA      | $2319985.02   | 0.73%             | 2044-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                               | NEW JERSEY ST ECON DEV AUTH SCH REVENUE                      | CUSIP: 645912DW3<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100978.48    | 0.03%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                               | NEW JERSEY ST ECON DEV AUTH SCH REVENUE                      | CUSIP: 645912EV4<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    100000 | PA      | $101851.57    | 0.03%             | 2029-11-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Middlesex County Improvement Authority                                  | MIDDLESEX CNTY NJ IMPT AUTH LEASE REVENUE                    | CUSIP: 596564RX4<br>LEI: 549300QDGS1CLXDHV188 | Long             | DBT              | MUN               | US        |   5230000 | PA      | $5492414.20   | 1.74%             | 2053-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                               | NEW JERSEY ST ECON DEV AUTH SCH REVENUE                      | CUSIP: 645912EC6<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    315000 | PA      | $318889.18    | 0.10%             | 2037-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                               | NEW JERSEY ST ECON DEV AUTH REVENUE                          | CUSIP: 64577B5G5<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    735000 | PA      | $754910.05    | 0.24%             | 2048-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Health Care Facilities Financing Authority                   | NEW JERSEY ST HLTH CARE FACS FING AUTH REVENUE               | CUSIP: 645790LP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3055031.10   | 0.97%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Educational Facilities Authority                             | NEW JERSEY ST EDUCTNL FACS AUTH REVENUE                      | CUSIP: 646066SJ0<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |   2465000 | PA      | $2482997.46   | 0.79%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp                                       | TOBACCO SETTLEMENT FING CORP NJ                              | CUSIP: 888808HR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1007029.60   | 0.32%             | 2046-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New Jersey Housing & Mortgage Finance Agency                            | NEW JERSEY ST HSG & MTGE FIN AGY REVENUE                     | CUSIP: 64613AJN3<br>LEI: 5493002ONULJL0FIGU24 | Long             | DBT              | MUN               | US        |    570000 | PA      | $571326.16    | 0.18%             | 2050-10-01      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                 | PORT AUTH OF NEW YORK & NEW JERSEY NY                        | CUSIP: 73358W3P7<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1081542.00   | 0.34%             | 2030-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                          | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 646136WP2<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $8298763.00   | 2.63%             | 2032-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                          | BLACK BELT ENERGY GAS DIST AL GAS PROJECT REVENUE            | CUSIP: 09182TEV5<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    280000 | PA      | $292869.92    | 0.09%             | 2056-05-01      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| City of East Orange NJ                                                  | EAST ORANGE NJ                                               | CUSIP: 274137S41<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2200000 | PA      | $2211284.68   | 0.70%             | 2031-09-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Housing & Mortgage Finance Agency                            | NEW JERSEY ST HSG & MTGE FIN AGY MF CONDUIT REVENUE          | CUSIP: 646127FS4<br>LEI: 5493002ONULJL0FIGU24 | Long             | DBT              | MUN               | US        |    420000 | PA      | $448316.86    | 0.14%             | 2041-05-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                          | NEW JERSEY ST TRANSPRTN TRUSTFUND AUTH                       | CUSIP: 64613CFM5<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    105000 | PA      | $112329.48    | 0.04%             | 2046-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                               | NEW JERSEY ST ECON DEV AUTH MTR VEHCL SURCHARGE REVENUE      | CUSIP: 64578JBF2<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    705000 | PA      | $709860.06    | 0.22%             | 2034-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Casino Reinvestment Development Authority Inc                           | CASINO REINVESTMENT DEV AUTH NJ LUXURY TAX REVENUE           | CUSIP: 14760RBQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $329235.54    | 0.10%             | 2041-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Health Care Facilities Financing Authority                   | NEW JERSEY ST HLTH CARE FACS FING AUTH REVENUE               | CUSIP: 64579F8L0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1008109.30   | 0.32%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clifton Board Of Education                                              | CLIFTON NJ BRD OF EDU                                        | CUSIP: 187099JF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1630000 | PA      | $1242124.22   | 0.39%             | 2041-08-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                | PUBLIC FIN AUTH WI REVENUE                                   | CUSIP: 74442PF67<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1054989.40   | 0.33%             | 2049-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                               | NEW JERSEY ST ECON DEV AUTH SCH REVENUE                      | CUSIP: 645912FX9<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    135000 | PA      | $130901.70    | 0.04%             | 2049-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Bergen NJ                                                     | BERGEN CNTY NJ                                               | CUSIP: 083763TY8<br>LEI: 549300SC7R4EFIYK0S67 | Long             | DBT              | MUN               | US        |   1070000 | PA      | $1059491.96   | 0.34%             | 2038-07-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Housing & Mortgage Finance Agency                            | NEW JERSEY ST HSG & MTGE FIN AGY MF REVENUE                  | CUSIP: 646108YD6<br>LEI: 5493002ONULJL0FIGU24 | Long             | DBT              | MUN               | US        |    150000 | PA      | $140079.62    | 0.04%             | 2048-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                               | NEW JERSEY ST ECON DEV AUTH                                  | CUSIP: 64578EKA4<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4103791.20   | 1.30%             | 2042-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Essex County Improvement Authority                                      | ESSEX CNTY NJ IMPT AUTH                                      | CUSIP: 296809RL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1679047.35   | 0.53%             | 2029-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                               | NEW JERSEY ST ECON DEV AUTH REVENUE                          | CUSIP: 64577BG57<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    265000 | PA      | $250184.19    | 0.08%             | 2050-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Health Care Facilities Financing Authority                   | NEW JERSEY ST HLTH CARE FACS FING AUTH REVENUE               | CUSIP: 645790PC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3740000 | PA      | $2469040.66   | 0.78%             | 2046-07-01      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                               | NEW JERSEY ST ECON DEV AUTH SCH REVENUE                      | CUSIP: 645912EX0<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1210000 | PA      | $1241567.21   | 0.39%             | 2052-11-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                               | NEW JERSEY ST ECON DEV AUTH SPL FAC REVENUE                  | CUSIP: 64578CCF6<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500716.60    | 0.16%             | 2047-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Higher Education Student Assistance Authority                | NEW JERSEY ST HGR EDU ASSISTANCE AUTH STUDENT LOAN REVENUE   | CUSIP: 646080WQ0<br>LEI: 5493007OOYUHTF8GSL63 | Long             | DBT              | MUN               | US        |   8310000 | PA      | $8303789.94   | 2.63%             | 2052-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Housing & Mortgage Finance Agency                            | NEW JERSEY ST HSG & MTGE FIN AGY MF REVENUE                  | CUSIP: 64610ABC8<br>LEI: 5493002ONULJL0FIGU24 | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1925007.04   | 0.61%             | 2050-11-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Union County Utilities Authority                                        | UNION CNTY NJ UTILITIES AUTH RESOURCE RECOVERY FAC LEASE REV | CUSIP: 906363AA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1150735.43   | 0.36%             | 2031-12-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| South Jersey Transportation Authority                                   | S JERSEY NJ TRANSPRTN AUTH TRANSPRTN SYS REVENUE             | CUSIP: 838536MR8<br>LEI: 549300W8SZI2CAOKT956 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2077720.00   | 0.66%             | 2052-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New Jersey Turnpike Authority                                           | NEW JERSEY ST TURNPIKE AUTH TURNPIKE REVENUE                 | CUSIP: 646140EU3<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |   4905000 | PA      | $5207308.88   | 1.65%             | 2052-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                 | PORT AUTH OF NEW YORK & NEW JERSEY NY                        | CUSIP: 73358W3R3<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   1495000 | PA      | $1611176.45   | 0.51%             | 2032-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Newark Housing Authority                                                | NEWARK NJ HSG AUTH CAPITAL FUND PROGRAM REVENUE              | CUSIP: 650359AJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2515000 | PA      | $2516415.44   | 0.80%             | 2033-12-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                               | NEW JERSEY ST ECON DEV AUTH WTR FACS REVENUE                 | CUSIP: 645780FT9<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5083918.00   | 1.61%             | 2034-11-01      | Floating      | 3.75%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                               | NEW JERSEY ST ECON DEV AUTH SCH REVENUE                      | CUSIP: 645912DL7<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    230000 | PA      | $230143.06    | 0.07%             | 2034-08-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| State of New Jersey                                                     | NEW JERSEY ST                                                | CUSIP: 646039ZK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2164432.80   | 0.69%             | 2038-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ewing Township Board of Education                                       | EWING TWP NJ SCH DIST                                        | CUSIP: 300569HV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    740000 | PA      | $749560.43    | 0.24%             | 2039-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                          | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 64613CCF3<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    210000 | PA      | $229190.14    | 0.07%             | 2042-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Higher Education Student Assistance Authority                | NEW JERSEY ST HGR EDU ASSISTANCE AUTH STUDENT LOAN REVENUE   | CUSIP: 646080YX3<br>LEI: 5493007OOYUHTF8GSL63 | Long             | DBT              | MUN               | US        |   1450000 | PA      | $1518447.98   | 0.48%             | 2045-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Newark Housing Authority                                                | NEWARK NJ HSG AUTH CAPITAL FUND PROGRAM REVENUE              | CUSIP: 650359AM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1640000 | PA      | $1643336.42   | 0.52%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-03-31

**Name of Applicant:** BlackRock Multi State Municipal Series Trust

**Signature:** Chuck Pulsfort

**Name of Signer:** Chuck Pulsfort

**Title:** Assistant Treasurer