# EDGAR Filing Document

**Accession Number:** 0000774013
**File Stem:** 0001193125-25-304095
**Filing Date:** 2025-12
**Character Count:** 17988
**Document Hash:** 023372df08f51e488524fa8138e935eb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-304095.hdr.sgml**: 20251201

**ACCESSION NUMBER**: 0001193125-25-304095

**CONFORMED SUBMISSION TYPE**: 497

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20251201

**DATE AS OF CHANGE**: 20251201

**EFFECTIVENESS DATE**: 20251201

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BLACKROCK CALIFORNIA MUNICIPAL SERIES TRUST
- **CENTRAL INDEX KEY:** 0000765199

**ORGANIZATION NAME:**
- **EIN:** 226437105
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** 497
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 002-96581
- **FILM NUMBER:** 251540861

**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 CALIFORNIA MUNICIPAL SERIES TRUST
- **DATE OF NAME CHANGE:** 20051212

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MERRILL LYNCH CALIFORNIA INSURED MUNICIPAL BOND FUND
- **DATE OF NAME CHANGE:** 20010822
**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:** 497
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 002-99473
- **FILM NUMBER:** 251540862

**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 California Municipal Opportunities Fund (Series ID: S000004030)

---

|  |  |
|:---|:---|
| Class Name    | Class ID   |
| Investor A1   | C000011299 |
| Institutional | C000011302 |
| Investor A    | C000038561 |
| Investor C    | C000038562 |
| Class K       | C000199773 |

---

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

---

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

---

### BlackRock Pennsylvania Municipal Bond Fund (Series ID: S000004035)

---

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

---

## Series and Classes Contracts Data

### BlackRock California Municipal Opportunities Fund (Series ID: S000004030)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000011299 | Investor A1   |  |
| C000011302 | Institutional |  |
| C000038561 | Investor A    |  |
| C000038562 | Investor C    |  |
| C000199773 | Class K       |  |

### 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       |  |

### 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       |  |

**BLACKROCK CALIFORNIA MUNICIPAL SERIES TRUST** 

BlackRock California Municipal Opportunities Fund

**BLACKROCK MULTI-STATE MUNICIPAL SERIES TRUST** 

BlackRock New Jersey Municipal Bond Fund

Blackrock Pennsylvania Municipal Bond Fund

**(each, a "Fund" and together, the "Funds")** 

**Supplement dated December 1, 2025** 

**to the Statement of Additional Information of the Funds (the "SAI"),** 

**dated September 25, 2025, as amended or supplemented to date** 

**Effective immediately, the following change is made to the Funds' SAI:** 

**The chart listing investments and investment strategies in the section of the Funds' SAI entitled "I. Investment Objectives and Policies" as it relates to each Fund is deleted in its entirety and replaced with the following:** 

---

| | | | |
|:---|:---|:---|:---|
|  | **California<br>Fund** | **New Jersey<br>Fund** | **Pennsylvania<br>Fund** |
| &nbsp;&nbsp;&nbsp; **Asset-Backed Securities** | | | |
| &nbsp;&nbsp;&nbsp; **Asset-Based Securities** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Precious Metal-Related Securities | | | |
| &nbsp;&nbsp;&nbsp; **Borrowing and Leverage** | X | X | X |
| &nbsp;&nbsp;&nbsp; **Cash Management** | X | X | X |
| &nbsp;&nbsp;&nbsp; **Collateralized Debt Obligations** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateralized Bond Obligations | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateralized Loan Obligations | | | |
| &nbsp;&nbsp;&nbsp; **Commercial Paper** | X | X | X |
| &nbsp;&nbsp;&nbsp; **Commodity-Linked Derivative Instruments and Hybrid Instruments** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Qualifying Hybrid Instruments | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Hybrid Instruments Without Principal Protection | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Limitations on Leverage | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Counterparty Risk | | | |
| &nbsp;&nbsp;&nbsp; **Convertible Securities** | | | |
| &nbsp;&nbsp;&nbsp; **Corporate Loans** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Direct Lending | | | |
| &nbsp;&nbsp;&nbsp; **Credit Linked Securities** | | | |
| &nbsp;&nbsp;&nbsp; **Cyber Security Issues** | X | X | X |
| &nbsp;&nbsp;&nbsp; **Debt Securities** | X | X | X |
| &nbsp;&nbsp;&nbsp;&nbsp; Floating Rate and Variable Rate Securities | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Inflation-Indexed Bonds | X | X | X |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment Grade Debt Obligations | X | X | X |
| &nbsp;&nbsp;&nbsp;&nbsp; <u>High Yield Investments ("Junk Bonds")</u> | X | X | X |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mezzanine Investments | | | |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **California<br>Fund** | **New Jersey<br>Fund** | **Pennsylvania<br>Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp; Pay-in-kind Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Supranational Entities |  |  |  |
| &nbsp;&nbsp;&nbsp; **Depositary Receipts (ADRs, EDRs and GDRs)** |  |  |  |
| &nbsp;&nbsp;&nbsp; **Derivatives** | X | X | X |
| &nbsp;&nbsp;&nbsp;&nbsp; Hedging | X | X | X |
| &nbsp;&nbsp;&nbsp;&nbsp; Speculation | X | X | X |
| &nbsp;&nbsp;&nbsp;&nbsp; <u>Risk Factors in Derivatives</u> | X | X | X |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Correlation Risk | X | X | X |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Counterparty Risk | X | X | X |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Risk | X | X | X |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency Risk |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Illiquidity Risk | X | X | X |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Leverage Risk | X | X | X |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Market Risk | X | X | X |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valuation Risk | X | X | X |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Volatility Risk | X | X | X |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | X | X | X |
| &nbsp;&nbsp;&nbsp;&nbsp; <u>Swap Agreements</u> | X | X | X |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Default Swaps and Similar Instruments | X | X | X |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Swaps, Floors and Caps | X | X | X |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Return Swaps | X | X | X |
| &nbsp;&nbsp;&nbsp;&nbsp; <u>Options</u> | X | X | X |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options on Securities and Securities Indices | X | X | X |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Call Options | X | X | X |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Put Options | X | X | X |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options on Government National Mortgage Association ("GNMA") Certificates |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options on Swaps ("Swaptions") | X | X | X |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FLEX Options |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; <u>Foreign Exchange Transactions</u> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spot Transactions and FX Forwards |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency Futures |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency Options |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency Swaps |  |  |  |
| &nbsp;&nbsp;&nbsp; **Distressed Securities** | X | X | X |
| &nbsp;&nbsp;&nbsp; **Environmental, Social and Governance ("ESG") Integration** | X | X | X |
| &nbsp;&nbsp;&nbsp; **Equity Securities** | X | X | X |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate-Related Securities |  |  |  |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **California<br>Fund** | **New Jersey<br>Fund** | **Pennsylvania<br>Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities of Smaller or Emerging Growth Companies |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tracking Stocks |  |  |  |
| &nbsp;&nbsp;&nbsp; **Exchange-Traded Notes ("ETNs")** |  |  |  |
| &nbsp;&nbsp;&nbsp; **Foreign Investments** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Investment Risks |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Market Risk |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Economy Risk |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Currency Risk and Exchange Risk |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Governmental Supervision and Regulation/Accounting Standards |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Certain Risks of Holding Fund Assets Outside the United States |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Publicly Available Information |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Settlement Risk |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Debt |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Withholding Tax Reclaims Risk |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Economic Trading Partners Risk |  |  |  |
| &nbsp;&nbsp;&nbsp; **Funding Agreements** |  |  |  |
| &nbsp;&nbsp;&nbsp; **Guarantees** | X | X | X |
| &nbsp;&nbsp;&nbsp; **Illiquid Investments** | X | X | X |
| &nbsp;&nbsp;&nbsp; **Index Funds** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash Flows; Expenses |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Tracking Error Risk |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P 500 Index |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Russell Indexes |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; MSCI Indexes |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; FTSE Indexes |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bloomberg Indexes |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ICE BofA Indexes |  |  |  |
| &nbsp;&nbsp;&nbsp; **Indexed and Inverse Securities** | X | X | X |
| &nbsp;&nbsp;&nbsp; **Inflation Risk** | X | X | X |
| &nbsp;&nbsp;&nbsp; **Initial Public Offering ("IPO") Risk** |  |  |  |
| &nbsp;&nbsp;&nbsp; **Investment in Emerging Markets** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Brady Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; China Investments Risk |  |  |  |
| &nbsp;&nbsp;&nbsp; **Investment in Other Investment Companies** | X | X | X |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-Traded Funds | X | X | X |
| &nbsp;&nbsp;&nbsp; **Issuer Insolvency Risk** |  |  |  |
| &nbsp;&nbsp;&nbsp; **Lease Obligations** | X | X | X |
| &nbsp;&nbsp;&nbsp; **Life Settlement Investments** |  |  |  |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **California<br>Fund** | **New Jersey<br>Fund** | **Pennsylvania<br>Fund** |
| &nbsp;&nbsp;&nbsp; **Liquidity Risk Management** | X | X | X |
| &nbsp;&nbsp;&nbsp; **Master Limited Partnerships** | | | |
| &nbsp;&nbsp;&nbsp; **Merger Transaction Risk** | | | |
| &nbsp;&nbsp;&nbsp;**Money Market Obligations of Domestic Banks, Foreign Banks and Foreign Branches of U.S. Banks** | X | X | X |
| &nbsp;&nbsp;&nbsp; **Money Market Securities** | X | X | X |
| &nbsp;&nbsp;&nbsp; **Mortgage-Related Securities** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Securities | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations ("CMOs") | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Adjustable Rate Mortgage Securities | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; CMO Residuals | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Stripped Mortgage-Backed Securities | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Tiered Index Bonds | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; TBA Commitments | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage Dollar Rolls | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Interest Margin (NIM) Securities | | | |
| &nbsp;&nbsp;&nbsp; **Municipal Investments** | X | X | X |
| &nbsp;&nbsp;&nbsp;&nbsp; Risk Factors and Special Considerations Relating to Municipal Bonds | X | X | X |
| &nbsp;&nbsp;&nbsp;&nbsp; <u>Description of Municipal Bonds</u> | X | X | X |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Obligation Bonds | X | X | X |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds | X | X | X |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Private Activity Bonds ("PABs") | X | X | X |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Moral Obligation Bonds | X | X | X |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Notes | X | X | X |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Commercial Paper | X | X | X |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Lease Obligations | X | X | X |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tender Option Bonds | X | X | X |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yields | X | X | X |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable Rate Demand Obligations ("VRDOs") | X | X | X |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transactions in Financial Futures Contracts on Municipal Indexes | X | X | X |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Call Rights | X | X | X |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Interest Rate Swap Transactions | X | X | X |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insured Municipal Bonds | X | X | X |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Build America Bonds | X | X | X |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax-Exempt Municipal Investments | X | X | X |
| &nbsp;&nbsp;&nbsp; **Participation Notes** | | | |
| &nbsp;&nbsp;&nbsp; **Portfolio Turnover Rates** | X | X | X |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **California<br>Fund** | **New Jersey<br>Fund** | **Pennsylvania<br>Fund** |
| &nbsp;&nbsp;&nbsp; **Preferred Stock** | X | X | X |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax-Exempt Preferred Shares | X | X | X |
| &nbsp;&nbsp;&nbsp;&nbsp; Trust Preferred Securities | X | X | X |
| &nbsp;&nbsp;&nbsp; **Proxy Voting Policies** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; <u>Open-End Active and Fixed Income Index Fund Proxy Voting Policy</u> | X | X | X |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlackRock Active Investment Stewardship Climate and Decarbonization Stewardship Guidelines |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; <u>Index Equity Fund Proxy Voting Policy</u> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlackRock Investment Stewardship Climate and Decarbonization Stewardship Guidelines |  |  |  |
| &nbsp;&nbsp;&nbsp; **Real Estate Investment Trusts ("REITs")** |  |  |  |
| &nbsp;&nbsp;&nbsp; **Recent Market Events** | X | X | X |
| &nbsp;&nbsp;&nbsp; **Reference Rate Replacement Risk** | X | X | X |
| &nbsp;&nbsp;&nbsp; **Repurchase Agreements and Purchase and Sale Contracts** | X | X | X |
| &nbsp;&nbsp;&nbsp; **Restricted Securities** | X | X | X |
| &nbsp;&nbsp;&nbsp; **Reverse Repurchase Agreements** | X | X | X |
| &nbsp;&nbsp;&nbsp; **Rights Offerings and Warrants to Purchase** | X | X | X |
| &nbsp;&nbsp;&nbsp; **Rule 144A Securities** | X | X | X |
| &nbsp;&nbsp;&nbsp; **Securities Lending** | X | X | X |
| &nbsp;&nbsp;&nbsp; **Short Sales** |  |  |  |
| &nbsp;&nbsp;&nbsp; **Special Purpose Acquisition Companies** |  |  |  |
| &nbsp;&nbsp;&nbsp; **Standby Commitment Agreements** |  |  |  |
| &nbsp;&nbsp;&nbsp; **Stripped Securities** |  |  |  |
| &nbsp;&nbsp;&nbsp; **Structured Notes** |  |  |  |
| &nbsp;&nbsp;&nbsp; **Taxability Risk** | X | X | X |
| &nbsp;&nbsp;&nbsp; **Temporary Defensive Measures** | X | X | X |
| &nbsp;&nbsp;&nbsp; **U.S. Government Obligations** | X | X | X |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations | X | X | X |
| &nbsp;&nbsp;&nbsp; **U.S. Treasury Rolls** | X | X | X |
| &nbsp;&nbsp;&nbsp; **Utility Industries** | X | X | X |
| &nbsp;&nbsp;&nbsp;**When-Issued Securities, Delayed Delivery Securities and Forward Commitments** | X | X | X |
| &nbsp;&nbsp;&nbsp; **Yields and Ratings** | X | X | X |
| &nbsp;&nbsp;&nbsp; **Zero Coupon Securities** | X | X | X |

---

**Shareholders should retain this Supplement for future reference.** 

SAI-MUNI-1225SUP