# EDGAR Filing Document

**Accession Number:** 0000774013
**File Stem:** 0001752724-25-177714
**Filing Date:** 2025-7
**Character Count:** 70437
**Document Hash:** 61c3e98be87ee1ddc8a201800fe39bc3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-177714.hdr.sgml**: 20250725

**ACCESSION NUMBER**: 0001752724-25-177714

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250725

**DATE AS OF CHANGE**: 20250725

**PERIOD START**: 20250531

**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:** 251149284

**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 Pennsylvania Municipal Bond Fund (Series ID: S000004035)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000011317 | Investor A1   |  |
| C000011320 | Institutional |  |
| C000038303 | Investor A    |  |
| C000038305 | Investor C    |  |
| C000038306 | Service       |  |
| C000199770 | Class K       |  |

## 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 Pennsylvania Municipal Bond Fund

- **b. EDGAR series identifier (if any):** S000004035

- **c. LEI of Series:** G7BEIGRWM2OT1UVZZC25

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

- **a. Date of fiscal year-end:** 2025-05-31

- **b. Date as of which information is reported:** 2025-05-31

**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:** $333810254.76

**Total Liabilities:** $14040637.95

**Net Assets:** $319769616.81

**Delayed Delivery Securities:** $1469428.80

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 20759.77000000 | **1-Year:** 15071.76000000 | **5-Year:** 54318.35000000 | **10-Year:** 49274.09000000 | **30-Year:** 137211.62000000

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

- **3-Month:** 263.50000000 | **1-Year:** 768.75000000 | **5-Year:** 1414.42000000 | **10-Year:** 9945.94000000 | **30-Year:** 11051.74000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000011317 | -1.81%               | -1.43%               | -0.10%               |
| Class ID C000199770 | -1.80%               | -1.42%               | -0.09%               |
| Class ID C000038306 | -1.82%               | -1.45%               | -0.11%               |
| Class ID C000011320 | -1.80%               | -1.43%               | -0.09%               |
| Class ID C000038303 | -1.82%               | -1.44%               | -0.11%               |
| Class ID C000038305 | -1.88%               | -1.51%               | -0.18%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-211725.34              | $-6677788.45                               |
| Month 2  | $-945566.41              | $-4497275.34                               |
| Month 3  | $-187863.04              | $-1206113.01                               |

**Designated Index Information**

- **Index Name:** Fund`s Designated Reference Portfolio is the Fund`s Securities Portfolio

- **Index Identifier:** Fund`s Designated Reference Portfolio is the Fund`s Securities Portfolio

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Susquehanna Area Regional Airport Authority                   | SUSQUEHANNA PA AREA REGL ARPTAUTH SYS REVENUE                | CUSIP: 86909RBH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2200000 | PA      | $2177109.24   | 0.68%             | 2038-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp Sales Tax Revenue        | PUERTO RICO SALES TAX FING CORP SALES TAX REVENUE            | CUSIP: 74529JQW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    925000 | PA      | $291820.84    | 0.09%             | 2046-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Chester County Industrial Development Authority               | CHESTER CNTY PA INDL DEV AUTH SPL OBLIG REVENUE              | CUSIP: 16559WAB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    358000 | PA      | $341816.69    | 0.11%             | 2038-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Sanitary Authority                           | ALLEGHENY CNTY PA SAN AUTH                                   | CUSIP: 017357R71<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    640000 | PA      | $556586.48    | 0.17%             | 2049-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Allentown Neighborhood Improvement Zone Development Authority | ALLENTOWN PA NEIGHBORHOOD IMPT ZONE DEV AUTH TAX REVENUE     | CUSIP: 018444BC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    330000 | PA      | $312140.17    | 0.10%             | 2042-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority         | PENNSYLVANIA ST ECON DEV FINGAUTH EXEMPT FACS REVENUE        | CUSIP: 708686DZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1355000 | PA      | $1354919.47   | 0.42%             | 2044-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA Airport Revenue                       | PHILADELPHIA PA ARPT REVENUE                                 | CUSIP: 717817XW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1075000 | PA      | $1009492.76   | 0.32%             | 2040-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Pennsylvania                                  | PENNSYLVANIA ST                                              | CUSIP: 70914P4H2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4704723.35   | 1.47%             | 2043-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                              | PENNSYLVANIA ST TURNPIKE COMMISSION TURNPIKE REVENUE         | CUSIP: 709224HW2<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   1820000 | PA      | $803247.39    | 0.25%             | 2041-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Allentown Neighborhood Improvement Zone Development Authority | ALLENTOWN PA NEIGHBORHOOD IMPT ZONE DEV AUTH TAX REVENUE     | CUSIP: 018444CC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2015000 | PA      | $1930257.38   | 0.60%             | 2042-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Hospital Development Authority               | ALLEGHENY CNTY PA HOSP DEV AUTH                              | CUSIP: 01728A3X2<br>LEI: 54930046B973R604OG22 | Long             | DBT              | MUN               | US        |   4300000 | PA      | $4125946.66   | 1.29%             | 2037-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chester County Industrial Development Authority               | CHESTER CNTY PA INDL DEV AUTH                                | CUSIP: 165588FJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3425996.72   | 1.07%             | 2051-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development             | PHILADELPHIA PA AUTH FOR INDL DEV REVENUES                   | CUSIP: 71781XFU2<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |    310000 | PA      | $305679.29    | 0.10%             | 2029-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Doylestown Hospital Authority                                 | DOYLESTOWN PA HOSP AUTH                                      | CUSIP: 261333HD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1125000 | PA      | $977093.29    | 0.31%             | 2045-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Educational Facilities Authority          | PENNSYLVANIA ST HGR EDUCTNL FACS AUTH REVENUE                | CUSIP: 70917SV67<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    810000 | PA      | $810136.39    | 0.25%             | 2041-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Hospital Development Authority               | ALLEGHENY CNTY PA HOSP DEV AUTH                              | CUSIP: 01728A5V4<br>LEI: 54930046B973R604OG22 | Long             | DBT              | MUN               | US        |   2865000 | PA      | $2823021.73   | 0.88%             | 2047-11-15      | Floating      | 2.67%                 | No            |                  2 | On Loan: No      |
| Cumberland County Municipal Authority                         | CUMBERLAND CNTY PA MUNI AUTH                                 | CUSIP: 230614NJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    645000 | PA      | $607242.61    | 0.19%             | 2036-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Coatesville School District                                   | COATESVILLE PA AREA SCH DIST                                 | CUSIP: 190684PT1<br>LEI: 549300FB4I8E5MPRFX97 | Long             | DBT              | MUN               | US        |   2505000 | PA      | $1334509.54   | 0.42%             | 2037-10-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                              | PENNSYLVANIA ST TURNPIKE COMMISSION TURNPIKE REVENUE         | CUSIP: 709225HC3<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   2965000 | PA      | $3111451.40   | 0.97%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission Oil Franchise Tax Revenue    | PENNSYLVANIA ST TURNPIKE COMMISSION OIL FRANCHISE TAX REVENU | CUSIP: 709221WA9<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1056517.53   | 0.33%             | 2051-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Coatesville School District                                   | COATESVILLE PA AREA SCH DIST                                 | CUSIP: 190684PQ7<br>LEI: 549300FB4I8E5MPRFX97 | Long             | DBT              | MUN               | US        |    290000 | PA      | $184893.21    | 0.06%             | 2034-10-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority         | PENNSYLVANIA ST ECON DEV FING AUTH REVENUE                   | CUSIP: 70869PHX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2620000 | PA      | $2603931.44   | 0.81%             | 2042-06-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Education Assistance Agency               | PENNSYLVANIA HGR EDU ASSISTANCE AGY LOAN REVENUE             | CUSIP: 70878CAN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1345000 | PA      | $1186251.06   | 0.37%             | 2042-06-01      | Fixed         | 2.63%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                           | PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE                  | CUSIP: 70879QWK5<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |   2880000 | PA      | $2798194.49   | 0.88%             | 2044-10-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA Airport Revenue                       | PHILADELPHIA PA ARPT REVENUE                                 | CUSIP: 717817UM0<br>LEI: 549300IVFOPB4AG7UL47 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3882528.68   | 1.21%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Delaware River Joint Toll Bridge Commission                   | DELAWARE RIVER PA JT TOLL BRIDGE COMMISSION                  | CUSIP: 246343LL9<br>LEI: 549300N6IGAQMI0JLE23 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2506399.73   | 0.78%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                              | PENNSYLVANIA ST TURNPIKE COMMISSION TURNPIKE REVENUE         | CUSIP: 709224DT3<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   5740000 | PA      | $2318092.34   | 0.72%             | 2042-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| St Mary Hospital Authority                                    | SAINT MARY PA HOSP AUTH                                      | CUSIP: 792222FT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2035000 | PA      | $2008601.29   | 0.63%             | 2048-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Industrial Development Authority/PA         | MONTGOMERY CNTY PA INDL DEV AUTH                             | CUSIP: 613609N44<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1735000 | PA      | $1682351.43   | 0.53%             | 2054-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Bucks County Water and Sewer Authority                        | BUCKS CNTY PA WTR & SWR AUTH SWR SYS REVENUE                 | CUSIP: 118683JZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    870000 | PA      | $900719.68    | 0.28%             | 2047-12-01      | 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        |    600000 | PA      | $562208.59    | 0.18%             | 2058-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lancaster Industrial Development Authority                    | LANCASTER PA INDL DEV AUTH                                   | CUSIP: 514349CX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    985000 | PA      | $848401.59    | 0.27%             | 2044-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Northampton County General Purpose Authority                  | NORTHAMPTON CNTY PA GEN PURPOSE AUTH HOSP REVENUE            | CUSIP: 66353RCD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1281132.81   | 0.40%             | 2046-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Education Assistance Agency               | PENNSYLVANIA HGR EDU ASSISTANCE AGY LOAN REVENUE             | CUSIP: 70878CAG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1130044.62   | 0.35%             | 2047-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                   | PUERTO RICO CMWLTH                                           | CUSIP: 74514L3J4<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   1643027 | PA      | $1763672.01   | 0.55%             | 2031-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                           | PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE                  | CUSIP: 70879QTZ6<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |   4996684 | PA      | $5014722.11   | 1.57%             | 2050-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority         | PENNSYLVANIA ST ECON DEV FING AUTH UPMC REVENUE              | CUSIP: 70870JHW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3415000 | PA      | $3398630.03   | 1.06%             | 2050-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development             | PHILADELPHIA PA AUTH FOR INDL DEV REVENUES                   | CUSIP: 71781XGA5<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |    800000 | PA      | $715364.69    | 0.22%             | 2050-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chester County Industrial Development Authority               | CHESTER CNTY PA INDL DEV AUTH SPL OBLIG REVENUE              | CUSIP: 16559WAC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    749000 | PA      | $689705.44    | 0.22%             | 2048-03-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority         | PENNSYLVANIA ST ECON DEV FING AUTH UPMC REVENUE              | CUSIP: 70870JEG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    860000 | PA      | $712428.56    | 0.22%             | 2052-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Allentown Neighborhood Improvement Zone Development Authority | ALLENTOWN PA NEIGHBORHOOD IMPT ZONE DEV AUTH TAX REVENUE     | CUSIP: 018444AX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1405000 | PA      | $1407904.18   | 0.44%             | 2032-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                           | PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE                  | CUSIP: 70879QXT5<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1908633.42   | 0.60%             | 2044-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Redevelopment Authority of The County of Washington           | WASHINGTON CNTY PA REDEV AUTH REVENUE                        | CUSIP: 938618AC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    460000 | PA      | $463928.42    | 0.15%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Geisinger Authority                                           | GEISINGER PA AUTH HLTH SYS REVENUE                           | CUSIP: 368497HQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1530636.25   | 0.48%             | 2047-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development             | PHILADELPHIA PA AUTH FOR INDL DEV CHRT SCH REVENUE           | CUSIP: 71780CBQ2<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |    625000 | PA      | $581778.76    | 0.18%             | 2052-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Commonwealth Financing Authority                              | CMWLTH FING AUTH PA TOBACCO MASTER SETTLEMENT PAYMENT REV    | CUSIP: 20282EAS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6700000 | PA      | $6243586.55   | 1.95%             | 2039-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA Airport Revenue                       | PHILADELPHIA PA ARPT REVENUE                                 | CUSIP: 717817UH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1324349.12   | 0.41%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                              | PENNSYLVANIA ST TURNPIKE COMMISSION TURNPIKE REVENUE         | CUSIP: 709224WQ8<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   4205000 | PA      | $4221666.39   | 1.32%             | 2042-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Higher Education and Health Authority       | MONTGOMERY CNTY PA HGR EDU & HLTH AUTH                       | CUSIP: 613603B40<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1170000 | PA      | $970570.84    | 0.30%             | 2049-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development             | PHILADELPHIA PA AUTH FOR INDL DEV SENIOR LIVING REVENUE      | CUSIP: 717800AC0<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |   5740000 | PA      | $4477199.54   | 1.40%             | 2046-12-01      | 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: 74529JRL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2660000 | PA      | $2394282.89   | 0.75%             | 2058-07-01      | Fixed         | 4.78%                 | No            |                  2 | On Loan: No      |
| Lancaster Municipal Authority                                 | LANCASTER PA MUNI AUTH HLTHCARE FACS REVENUE                 | CUSIP: 514350AL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    690000 | PA      | $673436.46    | 0.21%             | 2044-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Coatesville School District                                   | COATESVILLE PA AREA SCH DIST                                 | CUSIP: 190684PW4<br>LEI: 549300FB4I8E5MPRFX97 | Long             | DBT              | MUN               | US        |    980000 | PA      | $624811.53    | 0.20%             | 2034-10-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Lancaster Industrial Development Authority                    | LANCASTER PA INDL DEV AUTH                                   | CUSIP: 514349CY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    730000 | PA      | $677520.89    | 0.21%             | 2049-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                           | PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE                  | CUSIP: 70879QC35<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |   1840000 | PA      | $1778216.14   | 0.56%             | 2049-10-01      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                              | PENNSYLVANIA ST TURNPIKE COMMISSION TURNPIKE REVENUE         | CUSIP: 709224P78<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2171953.40   | 0.68%             | 2049-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                           | PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE                  | CUSIP: 70879QWN9<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |   2860000 | PA      | $3065935.84   | 0.96%             | 2054-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development             | PHILADELPHIA PA AUTH FOR INDL DEV REVENUES                   | CUSIP: 71781XFF5<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |   8090000 | PA      | $7081080.65   | 2.21%             | 2048-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania State University/The                             | PENNSYLVANIA ST UNIV                                         | CUSIP: 709235E76<br>LEI: 549300QDK4O4XCJ47X56 | Long             | DBT              | MUN               | US        |   3935000 | PA      | $4015154.26   | 1.26%             | 2043-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Educational Facilities Authority          | PENNSYLVANIA ST HGR EDUCTNL FACS AUTH REVENUE                | CUSIP: 70917TEW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    205000 | PA      | $212901.96    | 0.07%             | 2031-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southeastern Pennsylvania Transportation Authority            | S ESTRN PA TRANSPRTN AUTH                                    | CUSIP: 842039FR5<br>LEI: 98450061A2F3FD36E493 | Long             | DBT              | MUN               | US        |   5695000 | PA      | $5846319.91   | 1.83%             | 2052-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                              | PENNSYLVANIA ST TURNPIKE COMMISSION TURNPIKE REVENUE         | CUSIP: 709224C98<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |    450000 | PA      | $454769.92    | 0.14%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Altoona Area School District                                  | ALTOONA PA AREA SCH DIST                                     | CUSIP: 021807LN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2895000 | PA      | $2910328.68   | 0.91%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Airport Authority                            | ALLEGHENY CNTY PA ARPT AUTH ARPT REVENUE                     | CUSIP: 01728LFK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1822997.31   | 0.57%             | 2056-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pottsville Hospital Authority/PA                              | POTTSVILLE PA HOSP AUTH                                      | CUSIP: 738435CP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5164678.20   | 1.62%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                              | PENNSYLVANIA ST TURNPIKE COMMISSION TURNPIKE REVENUE         | CUSIP: 709225BD7<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2163463.60   | 0.68%             | 2050-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA Water & Wastewater Revenue            | PHILADELPHIA PA WTR & WSTWTR REVENUE                         | CUSIP: 717893H87<br>LEI: 549300IVFOPB4AG7UL47 | Long             | DBT              | MUN               | US        |   3460000 | PA      | $3513889.33   | 1.10%             | 2043-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                              | PENNSYLVANIA ST TURNPIKE COMMISSION TURNPIKE REVENUE         | CUSIP: 709225BA3<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1542248.06   | 0.48%             | 2044-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Cumberland County Municipal Authority                         | CUMBERLAND CNTY PA MUNI AUTH                                 | CUSIP: 230614TH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1480000 | PA      | $1447630.31   | 0.45%             | 2038-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development             | PHILADELPHIA PA AUTH FOR INDL DEV UNIV REVENUE               | CUSIP: 71780TBL6<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |   2145000 | PA      | $2162498.01   | 0.68%             | 2052-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority         | PENNSYLVANIA ST ECON DEV FING AUTH T/E PRIVATE ACTIVITY REV  | CUSIP: 70868YAY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1945000 | PA      | $2026052.00   | 0.63%             | 2061-06-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                           | PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE                  | CUSIP: 70879QXS7<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |   1525000 | PA      | $1455364.40   | 0.46%             | 2039-10-01      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                              | PENNSYLVANIA ST TURNPIKE COMMISSION TURNPIKE REVENUE         | CUSIP: 709224WR6<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1004847.11   | 0.31%             | 2047-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority         | PENNSYLVANIA ST ECON DEV FING AUTH UPMC REVENUE              | CUSIP: 70870JEQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3640000 | PA      | $3913901.99   | 1.22%             | 2031-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Educational Facilities Authority          | PENNSYLVANIA ST HGR EDUCTNL FACS AUTH REVENUE                | CUSIP: 70917TAT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4238612.00   | 1.33%             | 2050-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                              | PENNSYLVANIA ST TURNPIKE COMMISSION TURNPIKE REVENUE         | CUSIP: 709225GL4<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   1225000 | PA      | $1276813.43   | 0.40%             | 2052-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| DuBois Hospital Authority                                     | DUBOIS PA HOSP AUTH                                          | CUSIP: 263804DG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3440000 | PA      | $3008321.90   | 0.94%             | 2048-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Educational Facilities Authority          | PENNSYLVANIA ST HGR EDUCTNL FACS AUTH REVENUE                | CUSIP: 70917SXT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $487055.02    | 0.15%             | 2036-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Coatesville School District                                   | COATESVILLE PA AREA SCH DIST                                 | CUSIP: 190684PR5<br>LEI: 549300FB4I8E5MPRFX97 | Long             | DBT              | MUN               | US        |   2565000 | PA      | $1596097.82   | 0.50%             | 2035-10-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Education Assistance Agency               | PENNSYLVANIA HGR EDU ASSISTANCE AGY LOAN REVENUE             | CUSIP: 70878CBJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4370000 | PA      | $4171524.96   | 1.30%             | 2051-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cumberland County Municipal Authority                         | CUMBERLAND CNTY PA MUNI AUTH                                 | CUSIP: 230614NK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    260000 | PA      | $240291.98    | 0.08%             | 2038-01-01      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                              | PENNSYLVANIA ST TURNPIKE COMMISSION TURNPIKE REVENUE         | CUSIP: 709225AY2<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   3100000 | PA      | $2394200.84   | 0.75%             | 2042-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Higher Education and Health Authority       | MONTGOMERY CNTY PA HGR EDU & HLTH AUTH                       | CUSIP: 613603L56<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1965000 | PA      | $1657682.86   | 0.52%             | 2052-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                           | PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE                  | CUSIP: 70879QTX1<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1528787.51   | 0.48%             | 2043-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development             | PHILADELPHIA PA AUTH FOR INDL DEV CHRT SCH REVENUE           | CUSIP: 71780CAZ3<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |    600000 | PA      | $584170.16    | 0.18%             | 2040-06-15      | Fixed         | 5.00%                 | 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        |   1545000 | PA      | $1561925.78   | 0.49%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Education Assistance Agency               | PENNSYLVANIA HGR EDU ASSISTANCE AGY LOAN REVENUE             | CUSIP: 70878CAP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $442328.24    | 0.14%             | 2048-06-01      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| Philadelphia Gas Works Co                                     | PHILADELPHIA PA GAS WKS REVENUE                              | CUSIP: 71783MDF9<br>LEI: 549300H8UJ7V5WU5IA90 | Long             | DBT              | MUN               | US        |   6102161 | PA      | $6291996.59   | 1.97%             | 2054-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Commonwealth Financing Authority                              | CMWLTH FING AUTH PA TOBACCO MASTER SETTLEMENT PAYMENT REV    | CUSIP: 20282EAR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2205000 | PA      | $2256864.40   | 0.71%             | 2035-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chester County Industrial Development Authority               | CHESTER CNTY PA INDL DEV AUTH SPL OBLIG REVENUE              | CUSIP: 16559WAE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2695000 | PA      | $2349140.97   | 0.73%             | 2050-03-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA Water & Wastewater Revenue            | PHILADELPHIA PA WTR & WSTWTR REVENUE                         | CUSIP: 7178933W9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2079349.68   | 0.65%             | 2049-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority         | PENNSYLVANIA ST ECON DEV FINGAUTH EXEMPT FACS REVENUE        | CUSIP: 708686ET3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    755000 | PA      | $758022.32    | 0.24%             | 2037-12-01      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                           | PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE                  | CUSIP: 70879QUK7<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |   2350000 | PA      | $2417594.77   | 0.76%             | 2046-10-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development             | PHILADELPHIA PA AUTH FOR INDL DEV SENIOR LIVING REVENUE      | CUSIP: 717800AB2<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |   1260000 | PA      | $982799.90    | 0.31%             | 2036-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| BlackRock Liquidity Funds                                     | BlackRock Liquidity Funds: MuniCash, Institutional Shares    | CUSIP: 09248U841<br>LEI: 5493007YVNX55LTRQ706 | Long             | STIV             | RF                | US        |  18633458 | NS      | $18635321.64  | 5.83%             |  |  |  | No            |                  1 | On Loan: No      |
| City of Philadelphia PA Airport Revenue                       | PHILADELPHIA PA ARPT REVENUE                                 | CUSIP: 717817UK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1805487.12   | 0.56%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Williamsport Sanitary Authority                               | WILLIAMSPORT PA SAN AUTH                                     | CUSIP: 970225ED6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1420000 | PA      | $1369232.87   | 0.43%             | 2040-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Berks County Municipal Authority/The                          | BERKS CNTY PA MUNI AUTH UNIV REVENUE                         | CUSIP: 08454AAB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $546329.77    | 0.17%             | 2039-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA Water & Wastewater Revenue            | PHILADELPHIA PA WTR & WSTWTR REVENUE                         | CUSIP: 717893Z87<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3100000 | PA      | $3205184.58   | 1.00%             | 2052-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA                                       | PHILADELPHIA PA                                              | CUSIP: 717813XP9<br>LEI: 549300IVFOPB4AG7UL47 | Long             | DBT              | MUN               | US        |   1540000 | PA      | $1596592.00   | 0.50%             | 2039-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Educational Facilities Authority          | PENNSYLVANIA ST HGR EDUCTNL FACS AUTH REVENUE                | CUSIP: 70917S6X6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3565000 | PA      | $2566714.87   | 0.80%             | 2047-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA Water & Wastewater Revenue            | PHILADELPHIA PA WTR & WSTWTR REVENUE                         | CUSIP: 7178932Y6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3521686 | PA      | $3681878.41   | 1.15%             | 2053-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority         | PENNSYLVANIA ST ECON DEV FING AUTH REVENUE                   | CUSIP: 70869PJY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3007340.25   | 0.94%             | 2038-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northampton County General Purpose Authority                  | NORTHAMPTON CNTY PA GEN PURPOSE AUTH CLG REVENUE             | CUSIP: 66353LDL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1939306.94   | 0.61%             | 2038-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Lancaster Municipal Authority                                 | LANCASTER PA MUNI AUTH HLTHCARE FACS REVENUE                 | CUSIP: 514350AS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $650510.54    | 0.20%             | 2055-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority         | PENNSYLVANIA ST ECON DEV FING AUTH T/E PRIVATE ACTIVITY REV  | CUSIP: 70868YAF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1375000 | PA      | $1456074.77   | 0.46%             | 2032-06-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                           | PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE                  | CUSIP: 70879QN82<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |   3180000 | PA      | $3075679.78   | 0.96%             | 2055-10-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                              | PENNSYLVANIA ST TURNPIKE COMMISSION TURNPIKE REVENUE         | CUSIP: 709224P29<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   2660000 | PA      | $2793000.21   | 0.87%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Education Assistance Agency               | PENNSYLVANIA HGR EDU ASSISTANCE AGY LOAN REVENUE             | CUSIP: 70878CBB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    755000 | PA      | $724544.08    | 0.23%             | 2050-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Industrial Development Authority/PA         | MONTGOMERY CNTY PA INDL DEV AUTH                             | CUSIP: 613609B88<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4806318.30   | 1.50%             | 2040-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| County of Lancaster PA                                        | LANCASTER CNTY PA                                            | CUSIP: 5140404E1<br>LEI: 549300W9YR5FSCHLO756 | Long             | DBT              | MUN               | US        |    565000 | PA      | $549968.74    | 0.17%             | 2037-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                      | PUBLIC FIN AUTH WI REVENUE                                   | CUSIP: 74442PF59<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1050000 | PA      | $1080844.79   | 0.34%             | 2044-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority         | PENNSYLVANIA ST ECON DEV FING AUTH UPMC REVENUE              | CUSIP: 70870JFN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1480000 | PA      | $1215610.45   | 0.38%             | 2053-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development             | PHILADELPHIA PA AUTH FOR INDL DEV REVENUES                   | CUSIP: 71781XFV0<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |    590000 | PA      | $582421.90    | 0.18%             | 2039-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                           | PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE                  | CUSIP: 70879QRY1<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |   3235000 | PA      | $3075313.35   | 0.96%             | 2042-10-01      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                              | PENNSYLVANIA ST TURNPIKE COMMISSION TURNPIKE REVENUE         | CUSIP: 709225EV4<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4414584.75   | 1.38%             | 2051-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority         | PENNSYLVANIA ST ECON DEV FINGAUTH EXEMPT FACS REVENUE        | CUSIP: 708686ES5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    430000 | PA      | $431722.33    | 0.14%             | 2038-12-01      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| Montgomery County Higher Education and Health Authority       | MONTGOMERY CNTY PA HGR EDU & HLTH AUTH                       | CUSIP: 613603G94<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2411936.75   | 0.75%             | 2057-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Education Assistance Agency               | PENNSYLVANIA HGR EDU ASSISTANCE AGY LOAN REVENUE             | CUSIP: 70878CBT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1515000 | PA      | $1490422.62   | 0.47%             | 2052-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority         | PENNSYLVANIA ST ECON DEV FING AUTH REVENUE                   | CUSIP: 70869PKW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1788071.28   | 0.56%             | 2040-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| School District of Philadelphia/The                           | PHILADELPHIA PA SCH DIST                                     | CUSIP: 717883TN2<br>LEI: 254900HSKDHZKBZCUL90 | Long             | DBT              | MUN               | US        |   1815000 | PA      | $1838025.38   | 0.57%             | 2037-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Moon Industrial Development Authority                         | MOON INDL DEV AUTH PA REVENUE                                | CUSIP: 61543RAT3<br>LEI: 549300CGX4T1GTNHL435 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $1892272.64   | 0.59%             | 2045-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Educational Facilities Authority          | PENNSYLVANIA ST HGR EDUCTNL FACS AUTH REVENUE                | CUSIP: 70917TEU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1190826.27   | 0.37%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Industrial Development Authority/PA         | MONTGOMERY CNTY PA INDL DEV AUTH                             | CUSIP: 613609D60<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $768863.62    | 0.24%             | 2046-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Geisinger Authority                                           | GEISINGER PA AUTH HLTH SYS REVENUE                           | CUSIP: 368497HP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6950000 | PA      | $6871887.28   | 2.15%             | 2045-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission Oil Franchise Tax Revenue    | PENNSYLVANIA ST TURNPIKE COMMISSION OIL FRANCHISE TAX REVENU | CUSIP: 709221VZ5<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   5680000 | PA      | $5026399.16   | 1.57%             | 2051-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA                                       | PHILADELPHIA PA                                              | CUSIP: 717813VW6<br>LEI: 549300IVFOPB4AG7UL47 | Long             | DBT              | MUN               | US        |   2140000 | PA      | $2187870.47   | 0.68%             | 2037-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chester County Industrial Development Authority               | CHESTER CNTY PA INDL DEV AUTH SPL OBLIG REVENUE              | CUSIP: 16559WAD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1160000 | PA      | $1067524.53   | 0.33%             | 2035-03-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                      | PUBLIC FIN AUTH WI REVENUE                                   | CUSIP: 74442PF67<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1027365.19   | 0.32%             | 2049-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Chester County Health and Education Facilities Authority      | CHESTER CNTY PA HLTH & EDU FACS AUTH HLTH SYS REVENUE        | CUSIP: 16557HFM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1253333.48   | 0.39%             | 2050-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Berks County Municipal Authority/The                          | BERKS CNTY PA MUNI AUTH UNIV REVENUE                         | CUSIP: 08454AAC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    795000 | PA      | $672321.98    | 0.21%             | 2049-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Westmoreland County Municipal Authority                       | WESTMORELAND CNTY PA MUNI AUTH                               | CUSIP: 961017SH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1518727.46   | 0.47%             | 2049-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Gas Works Co                                     | PHILADELPHIA PA GAS WKS REVENUE                              | CUSIP: 71783MDF9<br>LEI: 549300H8UJ7V5WU5IA90 | Long             | DBT              | MUN               | US        |   1430000 | PA      | $1474486.64   | 0.46%             | 2054-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority         | PENNSYLVANIA ST ECON DEV FING AUTH T/E PRIVATE ACTIVITY REV  | CUSIP: 70868YAW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5355000 | PA      | $5252101.16   | 1.64%             | 2053-06-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA Water & Wastewater Revenue            | PHILADELPHIA PA WTR & WSTWTR REVENUE                         | CUSIP: 7178933X7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $513539.47    | 0.16%             | 2054-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| California Infrastructure & Economic Development Bank         | CALIFORNIA ST INFRASTRUCTURE & ECON DEV BANK REVENUE         | CUSIP: 13034A6B1<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |    980000 | PA      | $945732.08    | 0.30%             | 2065-01-01      | Floating      | 9.50%                 | No            |                  2 | On Loan: No      |
| Coatesville School District                                   | COATESVILLE PA AREA SCH DIST                                 | CUSIP: 190684PX2<br>LEI: 549300FB4I8E5MPRFX97 | Long             | DBT              | MUN               | US        |    640000 | PA      | $432906.00    | 0.14%             | 2033-10-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Northampton County General Purpose Authority                  | NORTHAMPTON CNTY PA GEN PURPOSE AUTH HOSP REVENUE            | CUSIP: 66353RDC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2915000 | PA      | $2612186.89   | 0.82%             | 2043-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                           | PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE                  | CUSIP: 70879QPZ0<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2048255.07   | 0.64%             | 2046-04-01      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| School District of Philadelphia/The                           | PHILADELPHIA PA SCH DIST                                     | CUSIP: 717883A77<br>LEI: 254900HSKDHZKBZCUL90 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4169737.24   | 1.30%             | 2048-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Allegheny County Airport Authority                            | ALLEGHENY CNTY PA ARPT AUTH ARPT REVENUE                     | CUSIP: 01728LKR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1120000 | PA      | $1186930.15   | 0.37%             | 2039-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA Water & Wastewater Revenue            | PHILADELPHIA PA WTR & WSTWTR REVENUE                         | CUSIP: 7178932X8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1760000 | PA      | $1690462.19   | 0.53%             | 2048-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| School District of Philadelphia/The                           | PHILADELPHIA PA SCH DIST                                     | CUSIP: 717883XM9<br>LEI: 254900HSKDHZKBZCUL90 | Long             | DBT              | MUN               | US        |   4640000 | PA      | $3553501.82   | 1.11%             | 2044-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Industrial Development Authority/PA         | MONTGOMERY CNTY PA INDL DEV AUTH EXEMPT FACS REVENUE         | CUSIP: 61361TAA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1240000 | PA      | $1255706.14   | 0.39%             | 2053-04-01      | Floating      | 4.10%                 | No            |                  2 | On Loan: No      |
| Bethlehem Area School District                                | BETHLEHEM PA AREA SCH DIST                                   | CUSIP: 087365UM2<br>LEI: 549300PVLLD0D81XYN53 | Long             | DBT              | MUN               | US        |   1790000 | PA      | $1794706.48   | 0.56%             | 2035-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority         | PENNSYLVANIA ST ECON DEV FING AUTH T/E PRIVATE ACTIVITY REV  | CUSIP: 70868YAU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2612376.78   | 0.82%             | 2043-06-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| State Public School Building Authority                        | STATE PUBLIC SCH BLDG AUTH PA LEASE REVENUE                  | CUSIP: 85732GUH1<br>LEI: 5493006JN0UR7OGWTO86 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5049051.30   | 1.58%             | 2033-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Pittsburgh PA                                         | PITTSBURGH PA                                                | CUSIP: 725209RS1<br>LEI: 549300EZQQVTL1QEIU17 | Long             | DBT              | MUN               | US        |    750000 | PA      | $773780.42    | 0.24%             | 2041-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pittsburgh Water & Sewer Authority                            | PITTSBURGH PA WTR & SWR AUTH                                 | CUSIP: 725304ZQ5<br>LEI: 54930034DVH6W22T1E86 | Long             | DBT              | MUN               | US        |   1230000 | PA      | $1249056.40   | 0.39%             | 2055-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chester County Health and Education Facilities Authority      | CHESTER CNTY PA HLTH & EDU FACS AUTH REVENUE                 | CUSIP: 165579EW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1234961.36   | 0.39%             | 2045-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development             | PHILADELPHIA PA AUTH FOR INDL DEV HOSP REVENUE               | CUSIP: 717901CA8<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |   3120000 | PA      | $2692851.94   | 0.84%             | 2049-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA Water & Wastewater Revenue            | PHILADELPHIA PA WTR & WSTWTR REVENUE                         | CUSIP: 717893D32<br>LEI: 549300IVFOPB4AG7UL47 | Long             | DBT              | MUN               | US        |   1190000 | PA      | $1190252.30   | 0.37%             | 2052-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development             | PHILADELPHIA PA AUTH FOR INDL DEV SENIOR LIVING REVENUE      | CUSIP: 717800AD8<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |   2300000 | PA      | $1793999.82   | 0.56%             | 2051-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Lancaster Municipal Authority                                 | LANCASTER PA MUNI AUTH HLTHCARE FACS REVENUE                 | CUSIP: 514350AM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    515000 | PA      | $483190.01    | 0.15%             | 2049-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Coatesville School District                                   | COATESVILLE PA AREA SCH DIST                                 | CUSIP: 190684PV6<br>LEI: 549300FB4I8E5MPRFX97 | Long             | DBT              | MUN               | US        |    500000 | PA      | $344119.99    | 0.11%             | 2033-10-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-06-30

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

**Signature:** Chuck Pulsfort

**Name of Signer:** Chuck Pulsfort

**Title:** Assistant Treasurer