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 collectively, the “Funds”)
Supplement dated September 29, 2022 (the “Supplement”) to each Fund’s
Summary Prospectuses and Prospectuses, each dated September 28, 2022, as supplemented to date
The following changes are made to each Fund’s Summary Prospectuses and Prospectuses, as applicable:
The section of the Summary Prospectuses entitled “Key Facts About BlackRock California Municipal Opportunities Fund — Portfolio Managers” and the section of the Prospectuses entitled “Fund Overview — Key Facts About BlackRock California Municipal Opportunities Fund — Portfolio Managers” are deleted in their entirety and replaced with the following:
Portfolio Managers
| Name | Portfolio Manager of the Fund Since |
Title | ||
| Theodore R. Jaeckel, Jr., CFA1 | 2006 | Managing Director of BlackRock, Inc. | ||
| Walter O’Connor, CFA | 1993 | Managing Director of BlackRock, Inc. | ||
| Peter Hayes | 2015 | Managing Director of BlackRock, Inc. | ||
| James Pruskowski | 2015 | Managing Director of BlackRock, Inc. | ||
| Michael Kalinoski, CFA | 2015 | Director of BlackRock, Inc. | ||
| Kevin Maloney, CFA | 2022 | Director of BlackRock, Inc. | ||
| Michael Perilli, CFA | 2022 | Director of BlackRock, Inc. |
| 1 | On or about March 1, 2023, Theodore R. Jaeckel, Jr. will retire from BlackRock, Inc., and will no longer serve as a portfolio manager of the Fund. |
The section of the Summary Prospectuses entitled “Key Facts About BlackRock New Jersey Municipal Bond Fund — Portfolio Managers” and the section of the Prospectuses entitled “Fund Overview — Key Facts About BlackRock New Jersey Municipal Bond Fund — Portfolio Managers” are deleted in their entirety and replaced with the following:
Portfolio Managers
| Name | Portfolio Manager of the Fund Since |
Title | ||
| Theodore R. Jaeckel, Jr., CFA1 | 2006 | Managing Director of BlackRock, Inc. | ||
| Phillip Soccio, CFA | 2017 | Director of BlackRock, Inc. | ||
| Kristi Manidis | 2022 | Director of BlackRock, Inc. | ||
| Christian Romaglino, CFA | 2022 | Director of BlackRock, Inc. |
| 1 | On or about March 1, 2023, Theodore R. Jaeckel, Jr. will retire from BlackRock, Inc., and will no longer serve as a portfolio manager of the Fund. |
The section of the Summary Prospectuses entitled “Key Facts About BlackRock Pennsylvania Municipal Bond Fund — Portfolio Managers” and the section of the Prospectuses entitled “Fund Overview — Key Facts About BlackRock Pennsylvania Municipal Bond Fund — Portfolio Managers” are deleted in their entirety and replaced with the following:
Portfolio Managers
| Name | Portfolio Manager of the Fund Since |
Title | ||
| Theodore R. Jaeckel, Jr., CFA1 | 2006 | Managing Director of BlackRock, Inc. | ||
| Walter O’Connor, CFA | 2006 | Managing Director of BlackRock, Inc. | ||
| Phillip Soccio, CFA | 2009 | Director of BlackRock, Inc. | ||
| Kristi Manidis | 2022 | Director of BlackRock, Inc. | ||
| Christian Romaglino, CFA | 2022 | Director of BlackRock, Inc. |
| 1 | On or about March 1, 2023, Theodore R. Jaeckel, Jr. will retire from BlackRock, Inc., and will no longer serve as a portfolio manager of the Fund. |
The section of the Prospectuses entitled “Details About the Funds — How Each Fund Invests — About the Portfolio Management Team of the California Fund” is deleted in its entirety and replaced with the following:
| ABOUT THE PORTFOLIO MANAGEMENT TEAM OF THE CALIFORNIA FUND |
| The California Fund is managed by a team of financial professionals. Theodore R. Jaeckel, Jr., CFA1, Walter O’Connor, CFA, Peter Hayes, James Pruskowski, Michael Kalinoski, CFA, Kevin Maloney, CFA and Michael Perilli, CFA, are the co-portfolio managers and are jointly and primarily responsible for the day-to-day management of the Fund. Please see “Management of the Funds — Portfolio Manager Information” for additional information about the portfolio management team. |
| 1 | On or about March 1, 2023, Theodore R. Jaeckel, Jr. will retire from BlackRock, Inc., and will no longer serve as a portfolio manager of the Fund. |
The section of the Prospectuses entitled “Details About the Funds — How Each Fund Invests — About the Portfolio Management Team of the New Jersey Fund” is deleted in its entirety and replaced with the following:
| ABOUT THE PORTFOLIO MANAGEMENT TEAM OF THE NEW JERSEY FUND |
| The New Jersey Fund is managed by a team of financial professionals. Theodore R. Jaeckel, Jr., CFA1, Phillip Soccio, CFA, Kristi Manidis, and Christian Romaglino, CFA, are the co-portfolio managers and are jointly and primarily responsible for the day-to-day management of the Fund. Please see “Management of the Funds — Portfolio Manager Information” for additional information about the portfolio management team. |
| 1 | On or about March 1, 2023, Theodore R. Jaeckel, Jr. will retire from BlackRock, Inc., and will no longer serve as a portfolio manager of the Fund. |
The section of the Prospectuses entitled “Details About the Funds — How Each Fund Invests — About the Portfolio Management Team of the Pennsylvania Fund” is deleted in its entirety and replaced with the following:
| ABOUT THE PORTFOLIO MANAGEMENT TEAM OF THE PENNSYLVANIA FUND |
| The Pennsylvania Fund is managed by a team of financial professionals. Theodore R. Jaeckel, Jr., CFA1, Walter O’Connor, CFA, Phillip Soccio, CFA, Kristi Manidis, and Christian Romaglino, CFA, are the co-portfolio managers and are jointly and primarily responsible for the day-to-day management of the Fund. Please see “Management of the Funds — Portfolio Manager Information” for additional information about the portfolio management team. |
| 1 | On or about March 1, 2023, Theodore R. Jaeckel, Jr. will retire from BlackRock, Inc., and will no longer serve as a portfolio manager of the Fund. |
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The section of the Prospectuses entitled “Management of the Funds — Portfolio Manager Information — California Fund” is deleted in its entirety and replaced with the following:
California Fund
The Fund is managed by a team of financial professionals. Walter O’Connor, CFA, Theodore R. Jaeckel, Jr., CFA, Peter Hayes, James Pruskowski, Michael Kalinoski, CFA, Kevin Maloney, CFA and Michael Perilli, CFA, are the co-portfolio managers and are jointly and primarily responsible for the day-to-day management of the Fund.
| Portfolio Manager | Primary Role | Since | Title and Recent Biography | |||
| Walter O’Connor, CFA, Co-portfolio manager | Jointly and primarily responsible for the day-to-day management of the Fund’s portfolio, including setting the Fund’s overall investment strategy and overseeing the management of the Fund. | 1993 | Managing Director of BlackRock, Inc. since 2006. | |||
| Theodore R. Jaeckel, Jr., CFA, Co-portfolio manager1 | Jointly and primarily responsible for the day-to-day management of the Fund’s portfolio, including setting the Fund’s overall investment strategy and overseeing the management of the Fund. | 2006 | Managing Director of BlackRock, Inc. since 2006. | |||
| Peter Hayes, Co-portfolio manager | Jointly and primarily responsible for the day-to-day management of the Fund’s portfolio, including setting the Fund’s overall investment strategy and overseeing the management of the Fund. | 2015 | Managing Director of BlackRock, Inc. since 2006; Head of Municipal Bonds within BlackRock Fixed Income Portfolio Management Group since 2006. | |||
| James Pruskowski, Co-portfolio manager | Jointly and primarily responsible for the day-to-day management of the Fund’s portfolio, including setting the Fund’s overall investment strategy and overseeing the management of the Fund. | 2015 | Managing Director of BlackRock, Inc. since 2006. | |||
| Michael Kalinoski, CFA, Co-portfolio manager | Jointly and primarily responsible for the day-to-day management of the Fund’s portfolio, including setting the Fund’s overall investment strategy and overseeing the management of the Fund. | 2015 | Director of BlackRock, Inc. since 2006. | |||
| Kevin Maloney, CFA, Co-portfolio manager | Jointly and primarily responsible for the day-to-day management of the Fund’s portfolio, including setting the Fund’s overall investment strategy and overseeing the management of the Fund. | 2022 | Director of BlackRock, Inc. since 2021; Vice President of BlackRock, Inc. from 2018 to 2020; Associate of BlackRock, Inc. from 2014 to 2017; Analyst of BlackRock, Inc. from 2011 to 2013. |
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| Portfolio Manager | Primary Role | Since | Title and Recent Biography | |||
| Michael Perilli, CFA, Co-portfolio manager | Jointly and primarily responsible for the day-to-day management of the Fund’s portfolio, including setting the Fund’s overall investment strategy and overseeing the management of the Fund. | 2022 | Director of BlackRock, Inc. since 2021; Vice President of BlackRock, Inc. from 2017 to 2020; Associate of BlackRock, Inc. from 2011 to 2016. |
| 1 | On or about March 1, 2023, Theodore R. Jaeckel, Jr. will retire from BlackRock, Inc., and will no longer serve as a portfolio manager of the Fund. |
The section of the Prospectuses entitled “Management of the Funds — Portfolio Manager Information — New Jersey Fund” is deleted in its entirety and replaced with the following:
New Jersey Fund
The Fund is managed by a team of financial professionals. Theodore R. Jaeckel, Jr., CFA, Phillip Soccio, CFA, Kristi Manidis, and Christian Romaglino, CFA, are the co-portfolio managers and are jointly and primarily responsible for the day-to-day management of the Fund.
| Portfolio Manager | Primary Role | Since | Title and Recent Biography | |||
| Theodore R. Jaeckel, Jr., CFA, Co-portfolio manager1 | Jointly and primarily responsible for the day-to-day management of the Fund’s portfolio, including setting the Fund’s overall investment strategy and overseeing the management of the Fund. | 2006 | Managing Director of BlackRock, Inc. since 2006. | |||
| Phillip Soccio, CFA, Co-portfolio manager | Jointly and primarily responsible for the day-to-day management of the Fund’s portfolio, including setting the Fund’s overall investment strategy and overseeing the management of the Fund. | 2017 | Director of BlackRock, Inc. since 2009; Vice President of BlackRock, Inc. from 2005 to 2009. | |||
| Kristi Manidis, Co-portfolio manager | Jointly and primarily responsible for the day-to-day management of the Fund’s portfolio, including setting the Fund’s overall investment strategy and overseeing the management of the Fund. | 2022 | Director of BlackRock, Inc. since 2016; Vice President of BlackRock, Inc. from 2011 to 2015; Associate of BlackRock, Inc. from 2006 to 2010. | |||
| Christian Romaglino, CFA, Co-portfolio manager | Jointly and primarily responsible for the day-to-day management of the Fund’s portfolio, including setting the Fund’s overall investment strategy and overseeing the management of the Fund. | 2022 | Director at BlackRock, Inc. since 2017; portfolio manager at Brown Brothers Harriman from 2010 to 2017. |
| 1 | On or about March 1, 2023, Theodore R. Jaeckel, Jr. will retire from BlackRock, Inc., and will no longer serve as a portfolio manager of the Fund. |
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The section of the Prospectuses entitled “Management of the Funds — Portfolio Manager Information — Pennsylvania Fund” is deleted in its entirety and replaced with the following:
Pennsylvania Fund
The Fund is managed by a team of financial professionals. Theodore R. Jaeckel, Jr., CFA, Walter O’Connor, CFA, Phillip Soccio, CFA, Kristi Manidis, and Christian Romaglino, CFA, are the co-portfolio managers and are jointly and primarily responsible for the day-to-day management of the Fund.
| Portfolio Manager | Primary Role | Since | Title and Recent Biography | |||
| Theodore R. Jaeckel, Jr., CFA, Co-portfolio manager1 | Jointly and primarily responsible for the day-to-day management of the Fund’s portfolio, including setting the Fund’s overall investment strategy and overseeing the management of the Fund. | 2006 | Managing Director of BlackRock, Inc. since 2006. | |||
| Walter O’Connor, CFA, Co-portfolio manager | Jointly and primarily responsible for the day-to-day management of the Fund’s portfolio, including setting the Fund’s overall investment strategy and overseeing the management of the Fund. | 2006 | Managing Director of BlackRock, Inc. since 2006. | |||
| Phillip Soccio, CFA, Co-portfolio manager | Jointly and primarily responsible for the day-to-day management of the Fund’s portfolio, including setting the Fund’s overall investment strategy and overseeing the management of the Fund. | 2009 | Director of BlackRock, Inc. since 2009; Vice President of BlackRock, Inc. from 2005 to 2009. | |||
| Kristi Manidis, Co-portfolio manager | Jointly and primarily responsible for the day-to-day management of the Fund’s portfolio, including setting the Fund’s overall investment strategy and overseeing the management of the Fund. | 2022 | Director of BlackRock, Inc. since 2016; Vice President of BlackRock, Inc. from 2011 to 2015; Associate of BlackRock, Inc. from 2006 to 2010. | |||
| Christian Romaglino, CFA, Co-portfolio manager | Jointly and primarily responsible for the day-to-day management of the Fund’s portfolio, including setting the Fund’s overall investment strategy and overseeing the management of the Fund. | 2022 | Director at BlackRock, Inc. since 2017; portfolio manager at Brown Brothers Harriman from 2010 to 2017. |
| 1 | On or about March 1, 2023, Theodore R. Jaeckel, Jr. will retire from BlackRock, Inc., and will no longer serve as a portfolio manager of the Fund. |
Shareholders should retain this Supplement for future reference.
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