Blackrock Multi State Municipal Series Trust NPORT-P BlackRock Pennsylvania Municipal Bond Fund (Aug 2023 report)

Schedule of Investments (unaudited) August 31, 2023 BlackRock Pennsylvania Municipal Bond Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Municipal Bonds
Pennsylvania — 92.1%
Corporate — 7.5%
Allegheny County Industrial Development Authority, Refunding RB, 4.88%, 11/01/24	$	1,000	$	1,001,984
Lehigh County Industrial Development Authority, Refunding RB, Series A, 3.00%, 09/01/29		3,100		2,963,743
Montgomery County Industrial Development Authority, Refunding RB, 4.10%, 04/01/53(a)		1,240		1,251,401
Pennsylvania Economic Development Financing Authority, RB
Class A, AMT, 4.46%, 06/01/41(a)		13,335		13,220,852
Series A, AMT, 0.58%, 08/01/37(a)		5,000		4,857,200
Series A, AMT, 3.25%, 08/01/39(b)		2,800		2,009,529
Pennsylvania Economic Development Financing Authority, Refunding RB
AMT, 5.50%, 11/01/44		1,355		1,335,955
Series A, AMT, 4.10%, 04/01/34(a)		705		705,000
				27,345,664
County/City/Special District/School District — 20.5%
Allentown Neighborhood Improvement Zone Development Authority, RB(b)
5.00%, 05/01/32		1,405		1,424,105
5.00%, 05/01/42		330		318,207
Altoona Area School District, GO, Series A, AMT, (AGM), 5.00%, 12/01/36		2,895		2,967,766
Bethlehem Area School District, GO
Series A, AMT, (BAM SAW), 5.00%, 08/01/34		2,390		2,462,623
Series A, AMT, (BAM SAW), 5.00%, 08/01/35		1,790		1,835,756
Boyertown Area School District, GO
(SAW), 5.00%, 10/01/36		890		899,082
(SAW), 5.00%, 10/01/38		1,335		1,344,511
Bristol Township School District, GO, (BAM SAW), 5.00%, 06/01/42		2,550		2,619,630
Chester County Industrial Development Authority, SAB(b)
4.25%, 03/01/35		1,275		1,153,651
4.75%, 03/01/50		2,710		2,225,636
City of Lancaster Pennsylvania, GO, (BAM), 4.00%, 11/01/42		3,720		3,433,835
City of Philadelphia Pennsylvania, GO
Series A, 5.00%, 08/01/37		2,140		2,224,949
Series B, 4.02%, 08/01/31(a)		10,000		10,000,000
Series B, 5.00%, 02/01/39		1,540		1,617,995
City of Pittsburgh Pennsylvania, GO
5.00%, 09/01/41		750		801,319
5.00%, 09/01/42		700		745,224
5.00%, 09/01/43		150		159,405
Coatesville School District, GO, CAB(c)
Series A, (BAM SAW), 0.00%, 10/01/34		290		176,622
Series A, (BAM SAW), 0.00%, 10/01/35		2,565		1,469,009
Series A, (BAM SAW), 0.00%, 10/01/37		2,505		1,251,871
Series B, (BAM SAW), 0.00%, 10/01/33		500		321,398
Series B, (BAM SAW), 0.00%, 10/01/34		980		596,861
Series C, (BAM SAW), 0.00%, 10/01/33		640		411,576
County of Lancaster Pennsylvania, GO
4.00%, 11/01/34		500		508,072
4.00%, 11/01/35		520		525,621
4.00%, 11/01/36		540		542,449
4.00%, 11/01/37		565		564,340

Security	Par (000)		Value
County/City/Special District/School District (continued)
County of Lancaster Pennsylvania, GO (continued) 4.00%, 11/01/38	$	585	$	577,898
Fox Chapel Area School District, GO
(SAW), 5.00%, 02/01/39		3,100		3,223,092
(SAW), 5.00%, 02/01/42		4,000		4,142,996
Northampton County Industrial Development Authority, TA, 7.00%, 07/01/32		1,315		1,315,280
Pennsylvania Economic Development Financing Authority, RB
AMT, 5.00%, 06/30/32		1,375		1,470,017
AMT, 5.50%, 06/30/43		2,500		2,677,122
AMT, 5.75%, 06/30/48		3,770		4,061,217
AMT, 6.00%, 06/30/61		1,945		2,084,381
Pennsylvania Turnpike Commission Oil Franchise Tax Revenue, RB, Series A, AMT, 5.25%, 12/01/44		1,500		1,583,652
Redevelopment Authority of The County of Washington, TA, 5.00%, 07/01/28		600		608,138
School District of Philadelphia, GO
Series D, (AGM), 3.00%, 09/01/44		4,640		3,476,140
Series F, (SAW), 5.00%, 09/01/37		1,815		1,859,286
State Public School Building Authority, Refunding RB, Series A, (AGM), 5.00%, 06/01/33		5,000		5,230,245
				74,910,977
Education — 16.5%
Berks County Municipal Authority, Refunding RB 5.00%, 10/01/39		290		262,155
5.00%, 10/01/49		795		685,063
Chester County Industrial Development Authority, RB 4.00%, 12/01/49		3,750		3,450,322
Sustainability Bonds, 4.00%, 12/01/51		4,000		3,641,648
Delaware County Authority, RB, 5.00%, 08/01/40		1,495		1,521,264
East Hempfield Township Industrial Development Authority, RB, 5.00%, 07/01/25(d)		1,810		1,861,798
Latrobe Industrial Development Authority, Refunding RB, 4.00%, 03/01/46		515		400,327
Northampton County General Purpose Authority, Refunding RB, 4.00%, 11/01/38		2,000		1,927,900
Pennsylvania Higher Education Assistance Agency, RB
Series A, AMT, 2.63%, 06/01/42		1,900		1,510,787
Series B, AMT, Subordinate, 3.13%, 06/01/48		650		474,568
Series B, AMT, Subordinate, 5.00%, 06/01/50		755		697,733
Pennsylvania Higher Educational Facilities Authority, RB, Series AT-1, 4.00%, 06/15/34		5,790		5,815,690
Pennsylvania Higher Educational Facilities Authority, Refunding RB
4.00%, 05/01/36		500		466,731
5.00%, 05/01/37		1,595		1,438,076
5.00%, 05/01/41		810		820,470
Series A, 5.00%, 11/01/25		200		202,806
Series A, 5.00%, 11/01/26		100		102,174
Series A, 5.00%, 11/01/27		150		154,326
Series A, 5.00%, 11/01/29		1,150		1,192,341
Series A, 5.00%, 11/01/31		205		212,464
Series A, (AGM), 4.00%, 05/01/50		5,000		4,552,720
Pennsylvania State University, RB 5.00%, 09/01/48		2,615		2,719,085
Series A, AMT, 5.00%, 09/01/43		3,935		4,168,310
Philadelphia Authority for Industrial Development, RB 4.00%, 06/15/29		485		444,473
5.00%, 06/15/39		590		526,565

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Schedule of Investments (unaudited) (continued) August 31, 2023 BlackRock Pennsylvania Municipal Bond Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Education (continued)
Philadelphia Authority for Industrial Development, RB (continued)
4.00%, 12/01/48	$	8,090	$	7,187,819
5.00%, 06/15/50		800		686,880
5.25%, 11/01/52		2,145		2,246,808
Philadelphia Authority for Industrial Development, Refunding RB
5.00%, 06/15/40(b)		600		561,566
Series 2015, 5.00%, 04/01/45		3,330		3,371,432
Series A, 5.25%, 06/15/52		625		538,948
Swarthmore Borough Authority, Refunding RB, 5.00%, 09/15/47		2,835		3,085,058
University of Pittsburgh-of the Commonwealth System of Higher Education, RB, 4.42%, 02/15/24(a)		3,620		3,619,041
				60,547,348
Health — 18.9%
Allegheny County Hospital Development Authority, RB, Series D2, 4.76%, 11/15/47(a)		2,865		2,861,324
Allegheny County Hospital Development Authority, Refunding RB
Series A, 4.00%, 04/01/37		4,300		3,920,124
Series A, 4.00%, 07/15/39		2,250		2,130,815
Series A, 5.00%, 04/01/47		1,950		1,917,353
Bucks County Industrial Development Authority, RB
4.00%, 08/15/44		1,690		1,491,151
4.00%, 07/01/46		2,500		1,856,313
Chester County Health and Education Facilities Authority, Refunding RB, Series A, 5.25%, 12/01/45		1,500		1,255,671
Cumberland County Municipal Authority, Refunding RB
5.00%, 01/01/25(d)		430		438,751
5.00%, 01/01/29(d)		940		1,029,434
4.00%, 01/01/36		645		585,009
4.13%, 01/01/38		260		230,265
5.00%, 01/01/38		2,185		2,158,028
Doylestown Hospital Authority, RB
Series A, 4.00%, 07/01/45		1,250		867,780
Series A, 5.00%, 07/01/49		1,500		1,187,357
DuBois Hospital Authority, Refunding RB, 4.00%, 07/15/48		3,440		2,942,070
Geisinger Authority, Refunding RB, Series A-1, 5.00%, 02/15/45		5,950		5,997,606
Hospitals & Higher Education Facilities Authority of Philadelphia, Refunding RB, (AGM), 4.00%, 07/01/40		1,600		1,501,021
Lancaster County Hospital Authority, Refunding RB, 5.00%, 11/01/35		925		935,220
Lancaster Industrial Development Authority, RB
4.00%, 12/01/44		730		615,762
4.00%, 12/01/49		985		793,774
Montgomery County Higher Education and Health Authority, Refunding RB
4.00%, 09/01/49		1,170		1,026,908
Series A, 5.00%, 09/01/37		1,365		1,395,019
Montgomery County Industrial Development Authority, Refunding RB
5.25%, 01/01/40		5,000		4,387,300
5.00%, 12/01/46		850		771,546
Moon Industrial Development Authority, Refunding RB, 6.00%, 07/01/45		2,250		1,656,002

Security	Par (000)		Value
Health (continued)
Mount Lebanon Hospital Authority, RB, 4.00%, 07/01/48	$	2,910	$	2,602,465
Northampton County General Purpose Authority, Refunding RB, 5.00%, 08/15/46		1,350		1,336,404
Pennsylvania Economic Development Financing Authority, RB
Series A-2, 4.00%, 05/15/53		1,480		1,319,235
Series B, 4.00%, 03/15/40		2,000		1,936,178
Pennsylvania Economic Development Financing Authority, Refunding RB, Series A, 4.00%, 11/15/42		4,000		3,735,460
Pennsylvania Higher Educational Facilities Authority, RB, 3.00%, 08/15/47		3,565		2,593,923
Pottsville Hospital Authority, Refunding RB, Series B, 5.00%, 07/01/41		5,000		5,071,160
St Mary Hospital Authority, Refunding RB 5.00%, 12/01/28(d)		4,065		4,445,785
5.00%, 12/01/48		2,035		2,087,829
				69,080,042
Housing — 4.4%
Pennsylvania Housing Finance Agency, RB, S/F Housing
Series 137, 2.45%, 10/01/41		1,315		929,014
Series 137, 2.60%, 04/01/46		5,270		3,547,622
Pennsylvania Housing Finance Agency, Refunding RB
Series 136, 2.55%, 10/01/51		2,250		1,411,738
Series 142-A, 5.00%, 10/01/50		2,970		2,994,547
Series 2022, 4.15%, 10/01/42		3,000		2,792,931
Philadelphia Authority for Industrial Development, RB, M/F Housing(e)(f)
Series A, 3.50%, 12/01/36		1,260		630,000
Series A, 4.00%, 12/01/46		5,740		2,870,000
Series A, 4.00%, 12/01/51		2,300		1,150,000
				16,325,852
State — 1.0%
Chester County Industrial Development Authority, SAB(b)
5.00%, 03/01/38		441		426,507
5.13%, 03/01/48		874		802,552
Commonwealth of Pennsylvania, GO, Series A, 4.00%, 09/15/31		2,500		2,554,763
				3,783,822
Tobacco — 2.4%
Commonwealth Financing Authority, RB
5.00%, 06/01/35		2,205		2,319,834
(AGM), 4.00%, 06/01/39		6,700		6,367,412
				8,687,246
Transportation — 14.9%
City of Philadelphia Pennsylvania Airport Revenue, Refunding ARB
AMT, (AGM), 4.00%, 07/01/40		1,075		991,482
Series B, AMT, 5.00%, 07/01/37		1,800		1,838,506
Delaware River Joint Toll Bridge Commission, RB, 5.00%, 07/01/42		4,045		4,186,385
Pennsylvania Economic Development Financing Authority, RB
AMT, 5.00%, 12/31/38		3,000		3,002,760
AMT, 5.00%, 06/30/42		2,620		2,571,601
Pennsylvania Turnpike Commission Oil Franchise Tax Revenue, Refunding RB, Series A, 4.00%, 12/01/51		5,680		5,098,544

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Schedule of Investments (unaudited) (continued)	BlackRock Pennsylvania Municipal Bond Fund
August 31, 2023	(Percentages shown are based on Net Assets)

Security	Par (000)		Value
Transportation (continued)
Pennsylvania Turnpike Commission, RB
Series A-1, 5.00%, 12/01/41	$	100	$	102,551
Sub-Series B-1, 5.00%, 06/01/42		5,205		5,358,740
Sub-Series B-1, 5.25%, 06/01/47		1,000		1,032,227
1st Series, Subordinate, 5.00%, 12/01/40		2,965		3,183,414
Series A, Subordinate, 5.00%, 12/01/37		2,660		2,816,959
Series A, Subordinate, 4.00%, 12/01/44		1,700		1,597,449
Series A, Subordinate, 4.00%, 12/01/50		2,500		2,253,082
Pennsylvania Turnpike Commission, RB, CAB(c)
Sub-Series A-3, (AGM), 0.00%, 12/01/40		1,820		802,922
Sub-Series A-3, 0.00%, 12/01/42		5,740		2,257,008
Pennsylvania Turnpike Commission, Refunding RB
Series B, 5.25%, 12/01/52		1,225		1,312,534
Series B-2, (AGM), 5.00%, 06/01/35		2,900		3,043,098
Series C, 4.00%, 12/01/51		5,000		4,600,760
Southeastern Pennsylvania Transportation Authority, RB
5.25%, 06/01/47		3,695		4,005,531
5.25%, 06/01/52		2,000		2,151,914
Susquehanna Area Regional Airport Authority, Refunding RB, AMT, 5.00%, 01/01/38		2,200		2,183,025
				54,390,492
Utilities — 6.0%
Allegheny County Sanitary Authority, RB, 5.00%, 06/01/45		1,425		1,482,318
City of Philadelphia Pennsylvania Water & Wastewater Revenue, RB
Series C, 5.50%, 06/01/47		3,100		3,362,511
Series A, AMT, 5.00%, 10/01/43		3,460		3,577,003
Series A, AMT, 5.25%, 10/01/52		1,190		1,224,431
New Kensington Municipal Sanitary Authority, RB, (AGM), 3.25%, 12/01/47		2,055		1,599,380
Oxford Area Sewer Authority, Refunding RB
(BAM), 3.00%, 07/01/46		2,395		1,749,693
(BAM), 2.38%, 07/01/55		915		476,282
Pennsylvania Economic Development Financing Authority, Refunding RB, Class B, 5.20%, 12/01/38(a)		2,500		2,500,000
Philadelphia Gas Works Co., Refunding RB
5.00%, 08/01/30		700		719,675
5.00%, 08/01/31		900		925,303
5.00%, 08/01/32		1,200		1,233,781
5.00%, 08/01/33		600		616,551
5.00%, 08/01/34		1,050		1,077,843
Williamsport Sanitary Authority, Refunding RB, (BAM), 4.00%, 01/01/40		1,420		1,354,155
				21,898,926
Total Municipal Bonds in Pennsylvania				336,970,369

Security	Par (000)		Value
Puerto Rico — 3.3%
State — 3.3%
Commonwealth of Puerto Rico, GO, Series A-1, Restructured, 5.63%, 07/01/29	$	1,643	$	1,740,914
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB
Series A-1, Restructured, 4.75%, 07/01/53		4,797		4,490,961
Series A-2, Restructured, 4.78%, 07/01/58		2,660		2,481,993
Series A-2, Restructured, 4.33%, 07/01/40		1,390		1,312,924
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB(c)
Series A-1, Restructured, 0.00%, 07/01/46		6,252		1,733,048
Series B-1, Restructured, 0.00%, 07/01/46		925		254,895
Total Municipal Bonds in Puerto Rico				12,014,735
Total Long-Term Investments — 95.4%
(Cost: $372,297,207)				348,985,104
		Shares
Short-Term Securities
Money Market Funds — 3.8%
BlackRock Liquidity Funds, MuniCash, Institutional Class, 4.03%(g)(h)		13,921,594		13,921,594
Total Short-Term Securities — 3.8%
(Cost: $13,919,156)				13,921,594
Total Investments — 99.2%
(Cost: $386,216,363)				362,906,698
Other Assets Less Liabilities — 0.8%				3,011,443
Net Assets — 100.0%			$	365,918,141

^(a)  Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.

^(b)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(c)  Zero-coupon bond.

^(d)  U.S. Government securities held in escrow, are used to pay interest on this security as well as to retire the bond in full at the date indicated, typically at a premium to par.

^(e)  Issuer filed for bankruptcy and/or is in default.

^(f)  Non-income producing security.

^(g)  Affiliate of the Fund.

^(h)  Annualized 7-day yield as of period end.

For Fund compliance purposes, the Fund’s sector classifications refer to one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease.

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Schedule of Investments (unaudited) (continued)	BlackRock Pennsylvania Municipal Bond Fund
August 31, 2023

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the period ended August 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 05/31/23		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 08/31/23		Shares Held at 08/31/23		Income		Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, MuniCash, Institutional Class	$	20,846,287	$	—	$	(6,925,282)	(a)	$	1,010	$	(421)	$	13,921,594		13,921,594	$	154,968	$	—

^(a)  Represents net amount purchased (sold).

Fair Value Hierarchy as of Period End

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

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

• Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market–corroborated inputs); and

• Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (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. There may not be a secondary market, and/or there are 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.

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
Investments
Long-Term Investments
Municipal Bonds	$	—	$	348,985,104	$	—	$	348,985,104
Short-Term Securities
Money Market Funds		13,921,594		—		—		13,921,594
	$	13,921,594	$	348,985,104	$	—	$	362,906,698

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
GO	General Obligation Bonds
M/F	Multi-Family
RB	Revenue Bond

Portfolio Abbreviation (continued)
S/F	Single-Family
SAB	Special Assessment Bonds
SAW	State Aid Withholding
ST	Special Tax
TA	Tax Allocation

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