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BlackRock California Municipal Series Trust
2025-11-30
BlackRock California Municipal Opportunities Fund
Institutional Shares
MACMX
This semi-annual shareholder report contains important information about BlackRock California Municipal Opportunities Fund (the “Fund”) for the period of June 1, 2025 to November 30, 2025.
semi-annual shareholder report
You can find additional information about the Fund at <span style="color:rgb(0, 0, 0);font-weight:bold;text-decoration-line:none;font-family:'arial';font-size:8pt;line-height:10.4pt;text-align:justify">blackrock.com/fundreports</span>. You can also request this information by contacting us at (800) 441‑7762.
blackrock.com/fundreports
(800) 441‑7762
<div style="margin-top:0px;font-kerning:none;font-family:'arial';font-weight:bold;font-size:10pt;color:rgb(0, 0, 0);margin-bottom:-0.18pt;"> <b>What were the </b> <b>Fund</b> <b> costs for the </b> <b>last six months</b> <b>?</b> </div><div style="margin-top:0px;margin-bottom:0px;font-kerning:none;font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);">(based on a hypothetical $10,000 investment)</div>
<table style="break-inside:avoid;margin-top:2pt;table-layout:auto;width:100%;border-collapse:collapse">
<tr style="break-after:avoid;border-bottom-style:solid;border-bottom-width:0.5pt;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)">
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; font-weight: bold; font-size: 9pt; line-height: 11pt; color: rgb(0, 0, 0); background-color: rgb(255, 206, 0); padding-top: 2pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0; text-align: left;">Class name</td>
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; font-weight: bold; font-size: 9pt; line-height: 11pt; color: rgb(0, 0, 0); background-color: rgb(255, 206, 0); text-align: center; padding-top: 2pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0;">Costs of a $10,000<br/> investment</td>
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; font-weight: bold; font-size: 9pt; line-height: 11pt; color: rgb(0, 0, 0); background-color: rgb(255, 206, 0); text-align: center; padding-top: 2pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0;">Costs paid as a percentage of a<br/> $10,000 investment</td> </tr>
<tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial">
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: rgb(0, 0, 0); overflow-x: hidden; padding-top: 4pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0; font-size: 8pt; line-height: 10pt; text-align: left;">Institutional Shares</td>
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: rgb(0, 0, 0); padding-top: 4pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0; text-align: center; font-size: 8pt; line-height: 10pt;"><span style="float:none">$</span>25</td>
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); padding-top: 4pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0; text-align: center; font-size: 8pt; line-height: 10pt;">0.49<span>%</span><span style="vertical-align:0.5em;font-size:smaller;line-height:0px">(a)</span></td> </tr> </table>
<table style="break-inside:avoid;margin-top:2pt;table-layout:auto;width:100%;border-collapse:collapse">
<tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial">
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; color: rgb(0, 0, 0); padding-top: 1.6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 0; width: initial; text-indent: 0;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;"><sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">(a)</sup></div></td>
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; color: rgb(0, 0, 0); text-indent: 0; padding-top: 1.6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 0; width: 100%;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">Annualized.</div></td> </tr> </table>
25
0.0049
<table style="break-inside:avoid;table-layout:auto;width:100%;border-collapse:collapse;margin-top:0px">
<tr style="break-after:avoid;border-bottom-style:solid;border-bottom-width:0.5pt;break-inside:avoid-page;height:auto;background-color:rgb(255, 206, 0);border-bottom-color:rgb(0, 0, 0)">
<td style="break-inside: avoid-page; vertical-align: bottom; padding-left: 0; padding-right: 0; width: auto; font-family: 'Arial'; font-weight: bold; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0; letter-spacing: normal; text-transform: none; font-kerning: none; color: rgb(0, 0, 0); margin-top: 0; padding-top: 2pt; padding-bottom: 1.5pt; margin-bottom: 0;">Key Fund statistics</td>
<td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; padding-left: 6pt; padding-right: 6pt; font-size: 8pt; line-height: 10pt; width: 12%; padding-top: 1.6pt; padding-bottom: 0;"></td> </tr>
<tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial">
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; padding-left: 6pt; padding-right: 6pt; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-size: 8pt; line-height: 10pt; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-bottom: 0; text-indent: -6pt;">Net Assets</td>
<td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; white-space: nowrap; padding-left: 6pt; padding-right: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; width: 12%; padding-top: 1.6pt; padding-bottom: 0;"><span style="float:none">$</span>2,389,493,341</td> </tr>
<tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial">
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; padding-left: 6pt; padding-right: 6pt; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-size: 8pt; line-height: 10pt; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-bottom: 0; text-indent: -6pt;">Number of Portfolio Holdings</td>
<td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; white-space: nowrap; padding-left: 6pt; padding-right: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; width: 12%; padding-top: 1.6pt; padding-bottom: 0;">237</td> </tr>
<tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)">
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; padding-left: 6pt; padding-right: 6pt; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-size: 8pt; line-height: 10pt; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-bottom: 1.6pt; text-indent: -6pt;">Portfolio Turnover Rate</td>
<td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; white-space: nowrap; padding-left: 6pt; padding-right: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; width: 12%; padding-top: 1.6pt; padding-bottom: 1.6pt;">46<span>%</span></td> </tr> </table>
2389493341
237
0.46
<div style="margin-top:0px;font-kerning:none;font-family:'arial';font-weight:bold;font-size:10pt;color:rgb(0, 0, 0);margin-bottom:-0.18pt;">What did the Fund invest in?</div><div style="margin-top:0px;font-kerning:none;font-family:'arial';text-align:justify;font-size:9pt;line-height:11.4pt;color:rgb(0, 0, 0);margin-bottom:0px;">(as of November 30, 2025)</div>
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<tr style="break-after:avoid;border-bottom-style:solid;border-bottom-width:0.5pt;break-inside:avoid-page;height:auto;font-family:'arial';font-style:italic;font-size:8pt;line-height:10pt;background-color:rgb(255, 206, 0);border-bottom-color:rgb(0, 0, 0)">
<td colspan="3" style="break-inside: avoid-page; vertical-align: bottom; white-space: nowrap; width: auto; font-family: 'Arial'; font-weight: normal; font-style: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0; letter-spacing: normal; text-transform: none; font-kerning: none; color: rgb(0, 0, 0); margin-top: 0; padding-top: 2pt; padding-right: 0; padding-bottom: 1.5pt; padding-left: 0; margin-bottom: 0;"><strong>Sector</strong><strong> allocation</strong></td> </tr>
<tr style="break-after:avoid;border-bottom-style:solid;border-bottom-width:0.5pt;break-inside:avoid-page;height:auto;font-family:'arial';font-style:italic;font-size:8pt;line-height:10pt;border-bottom-color:rgb(0, 0, 0)">
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; white-space: nowrap; font-weight: normal; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt; width: auto;"><em>Sector<sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">(a)</sup></em></td>
<td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; white-space: nowrap; padding-top: 1.6pt; padding-bottom: 0; padding-left: 6pt;"><em>Percent of Total<br/> Investments<sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">(b)</sup></em></td>
<td style="padding-left: 6pt; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; white-space: nowrap; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0;"></td> </tr>
<tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial">
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">County/City/Special District/School District</td>
<td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">32.7</td>
<td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span>%</span></td> </tr>
<tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial">
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Corporate</td>
<td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">18.1</td>
<td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr>
<tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial">
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Transportation</td>
<td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">15.6</td>
<td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr>
<tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial">
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Utilities</td>
<td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">14.8</td>
<td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr>
<tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial">
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">State</td>
<td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">7.5</td>
<td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr>
<tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial">
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Health</td>
<td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">4.0</td>
<td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr>
<tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial">
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Education</td>
<td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">3.8</td>
<td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr>
<tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial">
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Tobacco</td>
<td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">2.4</td>
<td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr>
<tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial">
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Housing</td>
<td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">0.9</td>
<td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr>
<tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:rgb(0, 0, 0)">
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 1.6pt; padding-left: 6pt; text-indent: -6pt;">Interactive Media & Services</td>
<td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 1.6pt; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">0.2</td>
<td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 1.6pt; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> </table>
<table style="break-inside:avoid;table-layout:auto;width:100%;border-collapse:collapse;margin-top:0px">
<tr style="break-after:avoid;border-bottom-style:solid;border-bottom-width:0.5pt;break-inside:avoid-page;height:auto;font-family:'arial';font-style:italic;font-size:8pt;line-height:10pt;background-color:rgb(255, 206, 0);border-bottom-color:rgb(0, 0, 0)">
<td colspan="3" style="break-inside: avoid-page; vertical-align: bottom; white-space: nowrap; width: auto; font-family: 'Arial'; font-weight: normal; font-style: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0; letter-spacing: normal; text-transform: none; font-kerning: none; color: rgb(0, 0, 0); margin-top: 0; padding-top: 2pt; padding-right: 6pt; padding-bottom: 1.5pt; padding-left: 0; margin-bottom: 0;"><strong>Credit quality allocation</strong></td> </tr>
<tr style="break-after:avoid;border-bottom-style:solid;border-bottom-width:0.5pt;break-inside:avoid-page;height:auto;font-family:'arial';font-style:italic;font-size:8pt;line-height:10pt;border-bottom-color:rgb(0, 0, 0)">
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; white-space: nowrap; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Credit Rating<sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">(c)</sup></td>
<td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; white-space: nowrap; padding-top: 1.6pt; padding-bottom: 0; padding-left: 0;">Percent of Total<br/> Investments<sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">(b)</sup></td>
<td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; white-space: nowrap; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0;"></td> </tr>
<tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial">
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">AAA/Aaa</td>
<td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">16.8</td>
<td style="padding-left: 0; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span>%</span></td> </tr>
<tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial">
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">AA/Aa</td>
<td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">60.9</td>
<td style="padding-left: 0; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr>
<tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial">
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">A</td>
<td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">10.4</td>
<td style="padding-left: 0; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr>
<tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial">
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">BBB/Baa</td>
<td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">0.9</td>
<td style="padding-left: 0; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr>
<tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial">
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">BB/Ba</td>
<td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span class="sec-hidden" style="-sec-ix-hidden:h_19_d3249a13_5b64_477a_a431_a1826147d7c3" title="element: B60%, context: 10%">—</span></td>
<td style="padding-left: 0; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span><span style="vertical-align:0.5em;font-size:smaller;line-height:0px">(d)</span></td> </tr>
<tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial">
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">CCC/Caa</td>
<td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">0.1</td>
<td style="padding-left: 0; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr>
<tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:rgb(0, 0, 0)">
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 1.6pt; padding-left: 6pt; text-indent: -6pt;">N/R</td>
<td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 1.6pt; padding-left: 0; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">10.9</td>
<td style="padding-left: 0; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 1.6pt; white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> </table>
<table style="border-collapse:collapse;break-inside:avoid;width:100%;margin-top:0px">
<tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial">
<td style="break-inside: avoid-page; font-kerning: none; overflow-x: hidden; padding-top: 1.6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 0; vertical-align: top; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; width: initial; text-indent: 0; color: rgb(0, 0, 0);"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;"><sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">(a)</sup></div></td>
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; text-indent: 0; color: rgb(0, 0, 0); padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 0; width: 100%;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes.</div></td> </tr>
<tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial">
<td style="break-inside: avoid-page; font-kerning: none; overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; color: rgb(0, 0, 0); padding-top: 0; padding-right: 6pt; padding-bottom: 0; padding-left: 0; width: initial; vertical-align: top; text-indent: 0;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;"><sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">(b)</sup></div></td>
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; color: rgb(0, 0, 0); padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; width: 100%;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">Excludes short-term securities.</div></td> </tr>
<tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial">
<td style="break-inside: avoid-page; font-kerning: none; overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; color: rgb(0, 0, 0); padding-top: 0; padding-right: 6pt; padding-bottom: 0; padding-left: 0; width: initial; vertical-align: top; text-indent: 0;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;"><sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">(c)</sup></div></td>
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; color: rgb(0, 0, 0); padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; width: 100%;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.</div></td> </tr>
<tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial">
<td style="break-inside: avoid-page; font-kerning: none; overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; color: rgb(0, 0, 0); padding-top: 0; padding-right: 6pt; padding-bottom: 0; padding-left: 0; width: initial; vertical-align: top; text-indent: 0;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;"><sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">(d)</sup></div></td>
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; color: rgb(0, 0, 0); padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; width: 100%;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">Rounds to less than 0.1%.</div></td> </tr> </table>
0.327
0.181
0.156
0.148
0.075
0.040
0.038
0.024
0.009
0.002
0.168
0.609
0.104
0.009
0.001
0.109
For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.
For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc.
BlackRock California Municipal Opportunities Fund
Investor A Shares
MECMX
This semi-annual shareholder report contains important information about BlackRock California Municipal Opportunities Fund (the “Fund”) for the period of June 1, 2025 to November 30, 2025.
semi-annual shareholder report
You can find additional information about the Fund at <span style="color:rgb(0, 0, 0);font-weight:bold;text-decoration-line:none;font-family:'arial';font-size:8pt;line-height:10.4pt;text-align:justify">blackrock.com/fundreports</span>. You can also request this information by contacting us at (800) 441‑7762.
blackrock.com/fundreports
(800) 441‑7762
<div style="margin-top:0px;font-kerning:none;font-family:'arial';font-weight:bold;font-size:10pt;color:rgb(0, 0, 0);margin-bottom:-0.18pt;"> <b>What were the </b> <b>Fund</b> <b> costs for the </b> <b>last six months</b> <b>?</b> </div><div style="margin-top:0px;margin-bottom:0px;font-kerning:none;font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);">(based on a hypothetical $10,000 investment)</div>
<table style="break-inside:avoid;margin-top:2pt;table-layout:auto;width:100%;border-collapse:collapse">
<tr style="break-after:avoid;border-bottom-style:solid;border-bottom-width:0.5pt;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)">
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; font-weight: bold; font-size: 9pt; line-height: 11pt; color: rgb(0, 0, 0); background-color: rgb(255, 206, 0); padding-top: 2pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0; text-align: left;">Class name</td>
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; font-weight: bold; font-size: 9pt; line-height: 11pt; color: rgb(0, 0, 0); background-color: rgb(255, 206, 0); text-align: center; padding-top: 2pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0;">Costs of a $10,000<br/> investment</td>
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; font-weight: bold; font-size: 9pt; line-height: 11pt; color: rgb(0, 0, 0); background-color: rgb(255, 206, 0); text-align: center; padding-top: 2pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0;">Costs paid as a percentage of a<br/> $10,000 investment</td> </tr>
<tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial">
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: rgb(0, 0, 0); overflow-x: hidden; padding-top: 4pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0; font-size: 8pt; line-height: 10pt; text-align: left;">Investor A Shares</td>
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: rgb(0, 0, 0); padding-top: 4pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0; text-align: center; font-size: 8pt; line-height: 10pt;"><span style="float:none">$</span>38</td>
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); padding-top: 4pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0; text-align: center; font-size: 8pt; line-height: 10pt;">0.74<span>%</span><span style="vertical-align:0.5em;font-size:smaller;line-height:0px">(a)</span></td> </tr> </table>
<table style="break-inside:avoid;margin-top:2pt;table-layout:auto;width:100%;border-collapse:collapse">
<tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial">
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; color: rgb(0, 0, 0); padding-top: 1.6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 0; width: initial; text-indent: 0;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;"><sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">(a)</sup></div></td>
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; color: rgb(0, 0, 0); text-indent: 0; padding-top: 1.6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 0; width: 100%;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">Annualized.</div></td> </tr> </table>
38
0.0074
<table style="break-inside:avoid;table-layout:auto;width:100%;border-collapse:collapse;margin-top:0px">
<tr style="break-after:avoid;border-bottom-style:solid;border-bottom-width:0.5pt;break-inside:avoid-page;height:auto;background-color:rgb(255, 206, 0);border-bottom-color:rgb(0, 0, 0)">
<td style="break-inside: avoid-page; vertical-align: bottom; padding-left: 0; padding-right: 0; width: auto; font-family: 'Arial'; font-weight: bold; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0; letter-spacing: normal; text-transform: none; font-kerning: none; color: rgb(0, 0, 0); margin-top: 0; padding-top: 2pt; padding-bottom: 1.5pt; margin-bottom: 0;">Key Fund statistics</td>
<td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; padding-left: 6pt; padding-right: 6pt; font-size: 8pt; line-height: 10pt; width: 12%; padding-top: 1.6pt; padding-bottom: 0;"></td> </tr>
<tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial">
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; padding-left: 6pt; padding-right: 6pt; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-size: 8pt; line-height: 10pt; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-bottom: 0; text-indent: -6pt;">Net Assets</td>
<td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; white-space: nowrap; padding-left: 6pt; padding-right: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; width: 12%; padding-top: 1.6pt; padding-bottom: 0;"><span style="float:none">$</span>2,389,493,341</td> </tr>
<tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial">
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; padding-left: 6pt; padding-right: 6pt; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-size: 8pt; line-height: 10pt; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-bottom: 0; text-indent: -6pt;">Number of Portfolio Holdings</td>
<td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; white-space: nowrap; padding-left: 6pt; padding-right: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; width: 12%; padding-top: 1.6pt; padding-bottom: 0;">237</td> </tr>
<tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)">
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; padding-left: 6pt; padding-right: 6pt; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-size: 8pt; line-height: 10pt; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-bottom: 1.6pt; text-indent: -6pt;">Portfolio Turnover Rate</td>
<td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; white-space: nowrap; padding-left: 6pt; padding-right: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; width: 12%; padding-top: 1.6pt; padding-bottom: 1.6pt;">46<span>%</span></td> </tr> </table>
2389493341
237
0.46
<div style="margin-top:0px;font-kerning:none;font-family:'arial';font-weight:bold;font-size:10pt;color:rgb(0, 0, 0);margin-bottom:-0.18pt;">What did the Fund invest in?</div><div style="margin-top:0px;font-kerning:none;font-family:'arial';text-align:justify;font-size:9pt;line-height:11.4pt;color:rgb(0, 0, 0);margin-bottom:0px;">(as of November 30, 2025)</div>
<table style="break-inside:avoid;table-layout:auto;width:100%;border-collapse:collapse;margin-top:0px">
<tr style="break-after:avoid;border-bottom-style:solid;border-bottom-width:0.5pt;break-inside:avoid-page;height:auto;font-family:'arial';font-style:italic;font-size:8pt;line-height:10pt;background-color:rgb(255, 206, 0);border-bottom-color:rgb(0, 0, 0)">
<td colspan="3" style="break-inside: avoid-page; vertical-align: bottom; white-space: nowrap; width: auto; font-family: 'Arial'; font-weight: normal; font-style: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0; letter-spacing: normal; text-transform: none; font-kerning: none; color: rgb(0, 0, 0); margin-top: 0; padding-top: 2pt; padding-right: 0; padding-bottom: 1.5pt; padding-left: 0; margin-bottom: 0;"><strong>Sector</strong><strong> allocation</strong></td> </tr>
<tr style="break-after:avoid;border-bottom-style:solid;border-bottom-width:0.5pt;break-inside:avoid-page;height:auto;font-family:'arial';font-style:italic;font-size:8pt;line-height:10pt;border-bottom-color:rgb(0, 0, 0)">
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; white-space: nowrap; font-weight: normal; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt; width: auto;"><em>Sector<sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">(a)</sup></em></td>
<td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; white-space: nowrap; padding-top: 1.6pt; padding-bottom: 0; padding-left: 6pt;"><em>Percent of Total<br/> Investments<sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">(b)</sup></em></td>
<td style="padding-left: 6pt; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; white-space: nowrap; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0;"></td> </tr>
<tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial">
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">County/City/Special District/School District</td>
<td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">32.7</td>
<td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span>%</span></td> </tr>
<tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial">
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Corporate</td>
<td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">18.1</td>
<td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr>
<tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial">
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Transportation</td>
<td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">15.6</td>
<td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr>
<tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial">
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Utilities</td>
<td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">14.8</td>
<td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr>
<tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial">
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">State</td>
<td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">7.5</td>
<td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr>
<tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial">
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Health</td>
<td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">4.0</td>
<td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr>
<tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial">
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Education</td>
<td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">3.8</td>
<td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr>
<tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial">
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Tobacco</td>
<td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">2.4</td>
<td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr>
<tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial">
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Housing</td>
<td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">0.9</td>
<td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr>
<tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:rgb(0, 0, 0)">
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 1.6pt; padding-left: 6pt; text-indent: -6pt;">Interactive Media & Services</td>
<td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 1.6pt; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">0.2</td>
<td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 1.6pt; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> </table>
<table style="break-inside:avoid;table-layout:auto;width:100%;border-collapse:collapse;margin-top:0px">
<tr style="break-after:avoid;border-bottom-style:solid;border-bottom-width:0.5pt;break-inside:avoid-page;height:auto;font-family:'arial';font-style:italic;font-size:8pt;line-height:10pt;background-color:rgb(255, 206, 0);border-bottom-color:rgb(0, 0, 0)">
<td colspan="3" style="break-inside: avoid-page; vertical-align: bottom; white-space: nowrap; width: auto; font-family: 'Arial'; font-weight: normal; font-style: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0; letter-spacing: normal; text-transform: none; font-kerning: none; color: rgb(0, 0, 0); margin-top: 0; padding-top: 2pt; padding-right: 6pt; padding-bottom: 1.5pt; padding-left: 0; margin-bottom: 0;"><strong>Credit quality allocation</strong></td> </tr>
<tr style="break-after:avoid;border-bottom-style:solid;border-bottom-width:0.5pt;break-inside:avoid-page;height:auto;font-family:'arial';font-style:italic;font-size:8pt;line-height:10pt;border-bottom-color:rgb(0, 0, 0)">
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; white-space: nowrap; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Credit Rating<sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">(c)</sup></td>
<td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; white-space: nowrap; padding-top: 1.6pt; padding-bottom: 0; padding-left: 0;">Percent of Total<br/> Investments<sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">(b)</sup></td>
<td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; white-space: nowrap; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0;"></td> </tr>
<tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial">
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">AAA/Aaa</td>
<td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">16.8</td>
<td style="padding-left: 0; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span>%</span></td> </tr>
<tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial">
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">AA/Aa</td>
<td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">60.9</td>
<td style="padding-left: 0; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr>
<tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial">
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">A</td>
<td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">10.4</td>
<td style="padding-left: 0; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr>
<tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial">
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">BBB/Baa</td>
<td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">0.9</td>
<td style="padding-left: 0; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr>
<tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial">
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">BB/Ba</td>
<td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span class="sec-hidden" style="-sec-ix-hidden:h_40_7eb705de_204c_44cf_a773_d8d8188e1dc7" title="element: B60%, context: 10%">—</span></td>
<td style="padding-left: 0; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span><span style="vertical-align:0.5em;font-size:smaller;line-height:0px">(d)</span></td> </tr>
<tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial">
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">CCC/Caa</td>
<td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">0.1</td>
<td style="padding-left: 0; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr>
<tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:rgb(0, 0, 0)">
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 1.6pt; padding-left: 6pt; text-indent: -6pt;">N/R</td>
<td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 1.6pt; padding-left: 0; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">10.9</td>
<td style="padding-left: 0; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 1.6pt; white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> </table>
<table style="border-collapse:collapse;break-inside:avoid;width:100%;margin-top:0px">
<tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial">
<td style="break-inside: avoid-page; font-kerning: none; overflow-x: hidden; padding-top: 1.6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 0; vertical-align: top; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; width: initial; text-indent: 0; color: rgb(0, 0, 0);"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;"><sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">(a)</sup></div></td>
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; text-indent: 0; color: rgb(0, 0, 0); padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 0; width: 100%;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes.</div></td> </tr>
<tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial">
<td style="break-inside: avoid-page; font-kerning: none; overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; color: rgb(0, 0, 0); padding-top: 0; padding-right: 6pt; padding-bottom: 0; padding-left: 0; width: initial; vertical-align: top; text-indent: 0;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;"><sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">(b)</sup></div></td>
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; color: rgb(0, 0, 0); padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; width: 100%;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">Excludes short-term securities.</div></td> </tr>
<tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial">
<td style="break-inside: avoid-page; font-kerning: none; overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; color: rgb(0, 0, 0); padding-top: 0; padding-right: 6pt; padding-bottom: 0; padding-left: 0; width: initial; vertical-align: top; text-indent: 0;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;"><sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">(c)</sup></div></td>
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; color: rgb(0, 0, 0); padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; width: 100%;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.</div></td> </tr>
<tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial">
<td style="break-inside: avoid-page; font-kerning: none; overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; color: rgb(0, 0, 0); padding-top: 0; padding-right: 6pt; padding-bottom: 0; padding-left: 0; width: initial; vertical-align: top; text-indent: 0;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;"><sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">(d)</sup></div></td>
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; color: rgb(0, 0, 0); padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; width: 100%;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">Rounds to less than 0.1%.</div></td> </tr> </table>
0.327
0.181
0.156
0.148
0.075
0.040
0.038
0.024
0.009
0.002
0.168
0.609
0.104
0.009
0.001
0.109
For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.
For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc.
BlackRock California Municipal Opportunities Fund
Investor A1 Shares
MDCMX
This semi-annual shareholder report contains important information about BlackRock California Municipal Opportunities Fund (the “Fund”) for the period of June 1, 2025 to November 30, 2025.
semi-annual shareholder report
You can find additional information about the Fund at <span style="color:rgb(0, 0, 0);font-weight:bold;text-decoration-line:none;font-family:'arial';font-size:8pt;line-height:10.4pt;text-align:justify">blackrock.com/fundreports</span>. You can also request this information by contacting us at (800) 441‑7762.
blackrock.com/fundreports
(800) 441‑7762
<div style="margin-top:0px;font-kerning:none;font-family:'arial';font-weight:bold;font-size:10pt;color:rgb(0, 0, 0);margin-bottom:-0.18pt;"> <b>What were the </b> <b>Fund</b> <b> costs for the </b> <b>last six months</b> <b>?</b> </div><div style="margin-top:0px;margin-bottom:0px;font-kerning:none;font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);">(based on a hypothetical $10,000 investment)</div>
<table style="break-inside:avoid;margin-top:2pt;table-layout:auto;width:100%;border-collapse:collapse">
<tr style="break-after:avoid;border-bottom-style:solid;border-bottom-width:0.5pt;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)">
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; font-weight: bold; font-size: 9pt; line-height: 11pt; color: rgb(0, 0, 0); background-color: rgb(255, 206, 0); padding-top: 2pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0; text-align: left;">Class name</td>
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; font-weight: bold; font-size: 9pt; line-height: 11pt; color: rgb(0, 0, 0); background-color: rgb(255, 206, 0); text-align: center; padding-top: 2pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0;">Costs of a $10,000<br/> investment</td>
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; font-weight: bold; font-size: 9pt; line-height: 11pt; color: rgb(0, 0, 0); background-color: rgb(255, 206, 0); text-align: center; padding-top: 2pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0;">Costs paid as a percentage of a<br/> $10,000 investment</td> </tr>
<tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial">
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: rgb(0, 0, 0); overflow-x: hidden; padding-top: 4pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0; font-size: 8pt; line-height: 10pt; text-align: left;">Investor A1 Shares</td>
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: rgb(0, 0, 0); padding-top: 4pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0; text-align: center; font-size: 8pt; line-height: 10pt;"><span style="float:none">$</span>30</td>
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); padding-top: 4pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0; text-align: center; font-size: 8pt; line-height: 10pt;">0.58<span>%</span><span style="vertical-align:0.5em;font-size:smaller;line-height:0px">(a)</span></td> </tr> </table>
<table style="break-inside:avoid;margin-top:2pt;table-layout:auto;width:100%;border-collapse:collapse">
<tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial">
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; color: rgb(0, 0, 0); padding-top: 1.6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 0; width: initial; text-indent: 0;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;"><sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">(a)</sup></div></td>
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; color: rgb(0, 0, 0); text-indent: 0; padding-top: 1.6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 0; width: 100%;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">Annualized.</div></td> </tr> </table>
30
0.0058
<table style="break-inside:avoid;table-layout:auto;width:100%;border-collapse:collapse;margin-top:0px">
<tr style="break-after:avoid;border-bottom-style:solid;border-bottom-width:0.5pt;break-inside:avoid-page;height:auto;background-color:rgb(255, 206, 0);border-bottom-color:rgb(0, 0, 0)">
<td style="break-inside: avoid-page; vertical-align: bottom; padding-left: 0; padding-right: 0; width: auto; font-family: 'Arial'; font-weight: bold; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0; letter-spacing: normal; text-transform: none; font-kerning: none; color: rgb(0, 0, 0); margin-top: 0; padding-top: 2pt; padding-bottom: 1.5pt; margin-bottom: 0;">Key Fund statistics</td>
<td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; padding-left: 6pt; padding-right: 6pt; font-size: 8pt; line-height: 10pt; width: 12%; padding-top: 1.6pt; padding-bottom: 0;"></td> </tr>
<tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial">
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; padding-left: 6pt; padding-right: 6pt; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-size: 8pt; line-height: 10pt; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-bottom: 0; text-indent: -6pt;">Net Assets</td>
<td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; white-space: nowrap; padding-left: 6pt; padding-right: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; width: 12%; padding-top: 1.6pt; padding-bottom: 0;"><span style="float:none">$</span>2,389,493,341</td> </tr>
<tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial">
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; padding-left: 6pt; padding-right: 6pt; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-size: 8pt; line-height: 10pt; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-bottom: 0; text-indent: -6pt;">Number of Portfolio Holdings</td>
<td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; white-space: nowrap; padding-left: 6pt; padding-right: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; width: 12%; padding-top: 1.6pt; padding-bottom: 0;">237</td> </tr>
<tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)">
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; padding-left: 6pt; padding-right: 6pt; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-size: 8pt; line-height: 10pt; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-bottom: 1.6pt; text-indent: -6pt;">Portfolio Turnover Rate</td>
<td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; white-space: nowrap; padding-left: 6pt; padding-right: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; width: 12%; padding-top: 1.6pt; padding-bottom: 1.6pt;">46<span>%</span></td> </tr> </table>
2389493341
237
0.46
<div style="margin-top:0px;font-kerning:none;font-family:'arial';font-weight:bold;font-size:10pt;color:rgb(0, 0, 0);margin-bottom:-0.18pt;">What did the Fund invest in?</div><div style="margin-top:0px;font-kerning:none;font-family:'arial';text-align:justify;font-size:9pt;line-height:11.4pt;color:rgb(0, 0, 0);margin-bottom:0px;">(as of November 30, 2025)</div>
<table style="break-inside:avoid;table-layout:auto;width:100%;border-collapse:collapse;margin-top:0px">
<tr style="break-after:avoid;border-bottom-style:solid;border-bottom-width:0.5pt;break-inside:avoid-page;height:auto;font-family:'arial';font-style:italic;font-size:8pt;line-height:10pt;background-color:rgb(255, 206, 0);border-bottom-color:rgb(0, 0, 0)">
<td colspan="3" style="break-inside: avoid-page; vertical-align: bottom; white-space: nowrap; width: auto; font-family: 'Arial'; font-weight: normal; font-style: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0; letter-spacing: normal; text-transform: none; font-kerning: none; color: rgb(0, 0, 0); margin-top: 0; padding-top: 2pt; padding-right: 0; padding-bottom: 1.5pt; padding-left: 0; margin-bottom: 0;"><strong>Sector</strong><strong> allocation</strong></td> </tr>
<tr style="break-after:avoid;border-bottom-style:solid;border-bottom-width:0.5pt;break-inside:avoid-page;height:auto;font-family:'arial';font-style:italic;font-size:8pt;line-height:10pt;border-bottom-color:rgb(0, 0, 0)">
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; white-space: nowrap; font-weight: normal; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt; width: auto;"><em>Sector<sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">(a)</sup></em></td>
<td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; white-space: nowrap; padding-top: 1.6pt; padding-bottom: 0; padding-left: 6pt;"><em>Percent of Total<br/> Investments<sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">(b)</sup></em></td>
<td style="padding-left: 6pt; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; white-space: nowrap; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0;"></td> </tr>
<tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial">
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">County/City/Special District/School District</td>
<td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">32.7</td>
<td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span>%</span></td> </tr>
<tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial">
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Corporate</td>
<td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">18.1</td>
<td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr>
<tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial">
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Transportation</td>
<td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">15.6</td>
<td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr>
<tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial">
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Utilities</td>
<td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">14.8</td>
<td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr>
<tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial">
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">State</td>
<td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">7.5</td>
<td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr>
<tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial">
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Health</td>
<td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">4.0</td>
<td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr>
<tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial">
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Education</td>
<td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">3.8</td>
<td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr>
<tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial">
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Tobacco</td>
<td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">2.4</td>
<td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr>
<tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial">
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Housing</td>
<td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">0.9</td>
<td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr>
<tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:rgb(0, 0, 0)">
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 1.6pt; padding-left: 6pt; text-indent: -6pt;">Interactive Media & Services</td>
<td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 1.6pt; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">0.2</td>
<td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 1.6pt; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> </table>
<table style="break-inside:avoid;table-layout:auto;width:100%;border-collapse:collapse;margin-top:0px">
<tr style="break-after:avoid;border-bottom-style:solid;border-bottom-width:0.5pt;break-inside:avoid-page;height:auto;font-family:'arial';font-style:italic;font-size:8pt;line-height:10pt;background-color:rgb(255, 206, 0);border-bottom-color:rgb(0, 0, 0)">
<td colspan="3" style="break-inside: avoid-page; vertical-align: bottom; white-space: nowrap; width: auto; font-family: 'Arial'; font-weight: normal; font-style: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0; letter-spacing: normal; text-transform: none; font-kerning: none; color: rgb(0, 0, 0); margin-top: 0; padding-top: 2pt; padding-right: 6pt; padding-bottom: 1.5pt; padding-left: 0; margin-bottom: 0;"><strong>Credit quality allocation</strong></td> </tr>
<tr style="break-after:avoid;border-bottom-style:solid;border-bottom-width:0.5pt;break-inside:avoid-page;height:auto;font-family:'arial';font-style:italic;font-size:8pt;line-height:10pt;border-bottom-color:rgb(0, 0, 0)">
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; white-space: nowrap; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Credit Rating<sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">(c)</sup></td>
<td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; white-space: nowrap; padding-top: 1.6pt; padding-bottom: 0; padding-left: 0;">Percent of Total<br/> Investments<sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">(b)</sup></td>
<td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; white-space: nowrap; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0;"></td> </tr>
<tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial">
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">AAA/Aaa</td>
<td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">16.8</td>
<td style="padding-left: 0; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span>%</span></td> </tr>
<tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial">
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">AA/Aa</td>
<td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">60.9</td>
<td style="padding-left: 0; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr>
<tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial">
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">A</td>
<td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">10.4</td>
<td style="padding-left: 0; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr>
<tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial">
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">BBB/Baa</td>
<td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">0.9</td>
<td style="padding-left: 0; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr>
<tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial">
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">BB/Ba</td>
<td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span class="sec-hidden" style="-sec-ix-hidden:h_61_aca52654_5741_4d2b_94c9_fcda7b2fc854" title="element: B60%, context: 10%">—</span></td>
<td style="padding-left: 0; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span><span style="vertical-align:0.5em;font-size:smaller;line-height:0px">(d)</span></td> </tr>
<tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial">
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">CCC/Caa</td>
<td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">0.1</td>
<td style="padding-left: 0; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr>
<tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:rgb(0, 0, 0)">
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 1.6pt; padding-left: 6pt; text-indent: -6pt;">N/R</td>
<td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 1.6pt; padding-left: 0; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">10.9</td>
<td style="padding-left: 0; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 1.6pt; white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> </table>
<table style="border-collapse:collapse;break-inside:avoid;width:100%;margin-top:0px">
<tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial">
<td style="break-inside: avoid-page; font-kerning: none; overflow-x: hidden; padding-top: 1.6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 0; vertical-align: top; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; width: initial; text-indent: 0; color: rgb(0, 0, 0);"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;"><sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">(a)</sup></div></td>
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; text-indent: 0; color: rgb(0, 0, 0); padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 0; width: 100%;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes.</div></td> </tr>
<tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial">
<td style="break-inside: avoid-page; font-kerning: none; overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; color: rgb(0, 0, 0); padding-top: 0; padding-right: 6pt; padding-bottom: 0; padding-left: 0; width: initial; vertical-align: top; text-indent: 0;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;"><sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">(b)</sup></div></td>
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; color: rgb(0, 0, 0); padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; width: 100%;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">Excludes short-term securities.</div></td> </tr>
<tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial">
<td style="break-inside: avoid-page; font-kerning: none; overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; color: rgb(0, 0, 0); padding-top: 0; padding-right: 6pt; padding-bottom: 0; padding-left: 0; width: initial; vertical-align: top; text-indent: 0;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;"><sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">(c)</sup></div></td>
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; color: rgb(0, 0, 0); padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; width: 100%;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.</div></td> </tr>
<tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial">
<td style="break-inside: avoid-page; font-kerning: none; overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; color: rgb(0, 0, 0); padding-top: 0; padding-right: 6pt; padding-bottom: 0; padding-left: 0; width: initial; vertical-align: top; text-indent: 0;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;"><sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">(d)</sup></div></td>
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; color: rgb(0, 0, 0); padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; width: 100%;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">Rounds to less than 0.1%.</div></td> </tr> </table>
0.327
0.181
0.156
0.148
0.075
0.040
0.038
0.024
0.009
0.002
0.168
0.609
0.104
0.009
0.001
0.109
For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.
For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc.
BlackRock California Municipal Opportunities Fund
Investor C Shares
MFCMX
This semi-annual shareholder report contains important information about BlackRock California Municipal Opportunities Fund (the “Fund”) for the period of June 1, 2025 to November 30, 2025.
semi-annual shareholder report
You can find additional information about the Fund at <span style="color:rgb(0, 0, 0);font-weight:bold;text-decoration-line:none;font-family:'arial';font-size:8pt;line-height:10.4pt;text-align:justify">blackrock.com/fundreports</span>. You can also request this information by contacting us at (800) 441‑7762.
blackrock.com/fundreports
(800) 441‑7762
<div style="margin-top:0px;font-kerning:none;font-family:'arial';font-weight:bold;font-size:10pt;color:rgb(0, 0, 0);margin-bottom:-0.18pt;"> <b>What were the </b> <b>Fund</b> <b> costs for the </b> <b>last six months</b> <b>?</b> </div><div style="margin-top:0px;margin-bottom:0px;font-kerning:none;font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);">(based on a hypothetical $10,000 investment)</div>
<table style="break-inside:avoid;margin-top:2pt;table-layout:auto;width:100%;border-collapse:collapse">
<tr style="break-after:avoid;border-bottom-style:solid;border-bottom-width:0.5pt;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)">
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; font-weight: bold; font-size: 9pt; line-height: 11pt; color: rgb(0, 0, 0); background-color: rgb(255, 206, 0); padding-top: 2pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0; text-align: left;">Class name</td>
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; font-weight: bold; font-size: 9pt; line-height: 11pt; color: rgb(0, 0, 0); background-color: rgb(255, 206, 0); text-align: center; padding-top: 2pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0;">Costs of a $10,000<br/> investment</td>
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; font-weight: bold; font-size: 9pt; line-height: 11pt; color: rgb(0, 0, 0); background-color: rgb(255, 206, 0); text-align: center; padding-top: 2pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0;">Costs paid as a percentage of a<br/> $10,000 investment</td> </tr>
<tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial">
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: rgb(0, 0, 0); overflow-x: hidden; padding-top: 4pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0; font-size: 8pt; line-height: 10pt; text-align: left;">Investor C Shares</td>
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: rgb(0, 0, 0); padding-top: 4pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0; text-align: center; font-size: 8pt; line-height: 10pt;"><span style="float:none">$</span>76</td>
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); padding-top: 4pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0; text-align: center; font-size: 8pt; line-height: 10pt;">1.49<span>%</span><span style="vertical-align:0.5em;font-size:smaller;line-height:0px">(a)</span></td> </tr> </table>
<table style="break-inside:avoid;margin-top:2pt;table-layout:auto;width:100%;border-collapse:collapse">
<tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial">
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; color: rgb(0, 0, 0); padding-top: 1.6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 0; width: initial; text-indent: 0;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;"><sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">(a)</sup></div></td>
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; color: rgb(0, 0, 0); text-indent: 0; padding-top: 1.6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 0; width: 100%;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">Annualized.</div></td> </tr> </table>
76
0.0149
<table style="break-inside:avoid;table-layout:auto;width:100%;border-collapse:collapse;margin-top:0px">
<tr style="break-after:avoid;border-bottom-style:solid;border-bottom-width:0.5pt;break-inside:avoid-page;height:auto;background-color:rgb(255, 206, 0);border-bottom-color:rgb(0, 0, 0)">
<td style="break-inside: avoid-page; vertical-align: bottom; padding-left: 0; padding-right: 0; width: auto; font-family: 'Arial'; font-weight: bold; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0; letter-spacing: normal; text-transform: none; font-kerning: none; color: rgb(0, 0, 0); margin-top: 0; padding-top: 2pt; padding-bottom: 1.5pt; margin-bottom: 0;">Key Fund statistics</td>
<td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; padding-left: 6pt; padding-right: 6pt; font-size: 8pt; line-height: 10pt; width: 12%; padding-top: 1.6pt; padding-bottom: 0;"></td> </tr>
<tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial">
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; padding-left: 6pt; padding-right: 6pt; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-size: 8pt; line-height: 10pt; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-bottom: 0; text-indent: -6pt;">Net Assets</td>
<td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; white-space: nowrap; padding-left: 6pt; padding-right: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; width: 12%; padding-top: 1.6pt; padding-bottom: 0;"><span style="float:none">$</span>2,389,493,341</td> </tr>
<tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial">
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; padding-left: 6pt; padding-right: 6pt; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-size: 8pt; line-height: 10pt; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-bottom: 0; text-indent: -6pt;">Number of Portfolio Holdings</td>
<td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; white-space: nowrap; padding-left: 6pt; padding-right: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; width: 12%; padding-top: 1.6pt; padding-bottom: 0;">237</td> </tr>
<tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)">
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; padding-left: 6pt; padding-right: 6pt; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-size: 8pt; line-height: 10pt; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-bottom: 1.6pt; text-indent: -6pt;">Portfolio Turnover Rate</td>
<td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; white-space: nowrap; padding-left: 6pt; padding-right: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; width: 12%; padding-top: 1.6pt; padding-bottom: 1.6pt;">46<span>%</span></td> </tr> </table>
2389493341
237
0.46
<div style="margin-top:0px;font-kerning:none;font-family:'arial';font-weight:bold;font-size:10pt;color:rgb(0, 0, 0);margin-bottom:-0.18pt;">What did the Fund invest in?</div><div style="margin-top:0px;font-kerning:none;font-family:'arial';text-align:justify;font-size:9pt;line-height:11.4pt;color:rgb(0, 0, 0);margin-bottom:0px;">(as of November 30, 2025)</div>
<table style="break-inside:avoid;table-layout:auto;width:100%;border-collapse:collapse;margin-top:0px">
<tr style="break-after:avoid;border-bottom-style:solid;border-bottom-width:0.5pt;break-inside:avoid-page;height:auto;font-family:'arial';font-style:italic;font-size:8pt;line-height:10pt;background-color:rgb(255, 206, 0);border-bottom-color:rgb(0, 0, 0)">
<td colspan="3" style="break-inside: avoid-page; vertical-align: bottom; white-space: nowrap; width: auto; font-family: 'Arial'; font-weight: normal; font-style: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0; letter-spacing: normal; text-transform: none; font-kerning: none; color: rgb(0, 0, 0); margin-top: 0; padding-top: 2pt; padding-right: 0; padding-bottom: 1.5pt; padding-left: 0; margin-bottom: 0;"><strong>Sector</strong><strong> allocation</strong></td> </tr>
<tr style="break-after:avoid;border-bottom-style:solid;border-bottom-width:0.5pt;break-inside:avoid-page;height:auto;font-family:'arial';font-style:italic;font-size:8pt;line-height:10pt;border-bottom-color:rgb(0, 0, 0)">
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; white-space: nowrap; font-weight: normal; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt; width: auto;"><em>Sector<sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">(a)</sup></em></td>
<td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; white-space: nowrap; padding-top: 1.6pt; padding-bottom: 0; padding-left: 6pt;"><em>Percent of Total<br/> Investments<sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">(b)</sup></em></td>
<td style="padding-left: 6pt; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; white-space: nowrap; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0;"></td> </tr>
<tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial">
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">County/City/Special District/School District</td>
<td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">32.7</td>
<td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span>%</span></td> </tr>
<tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial">
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Corporate</td>
<td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">18.1</td>
<td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr>
<tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial">
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Transportation</td>
<td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">15.6</td>
<td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr>
<tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial">
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Utilities</td>
<td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">14.8</td>
<td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr>
<tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial">
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">State</td>
<td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">7.5</td>
<td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr>
<tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial">
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Health</td>
<td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">4.0</td>
<td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr>
<tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial">
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Education</td>
<td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">3.8</td>
<td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr>
<tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial">
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Tobacco</td>
<td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">2.4</td>
<td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr>
<tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial">
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Housing</td>
<td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">0.9</td>
<td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr>
<tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:rgb(0, 0, 0)">
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 1.6pt; padding-left: 6pt; text-indent: -6pt;">Interactive Media & Services</td>
<td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 1.6pt; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">0.2</td>
<td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 1.6pt; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> </table>
<table style="break-inside:avoid;table-layout:auto;width:100%;border-collapse:collapse;margin-top:0px">
<tr style="break-after:avoid;border-bottom-style:solid;border-bottom-width:0.5pt;break-inside:avoid-page;height:auto;font-family:'arial';font-style:italic;font-size:8pt;line-height:10pt;background-color:rgb(255, 206, 0);border-bottom-color:rgb(0, 0, 0)">
<td colspan="3" style="break-inside: avoid-page; vertical-align: bottom; white-space: nowrap; width: auto; font-family: 'Arial'; font-weight: normal; font-style: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0; letter-spacing: normal; text-transform: none; font-kerning: none; color: rgb(0, 0, 0); margin-top: 0; padding-top: 2pt; padding-right: 6pt; padding-bottom: 1.5pt; padding-left: 0; margin-bottom: 0;"><strong>Credit quality allocation</strong></td> </tr>
<tr style="break-after:avoid;border-bottom-style:solid;border-bottom-width:0.5pt;break-inside:avoid-page;height:auto;font-family:'arial';font-style:italic;font-size:8pt;line-height:10pt;border-bottom-color:rgb(0, 0, 0)">
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; white-space: nowrap; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Credit Rating<sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">(c)</sup></td>
<td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; white-space: nowrap; padding-top: 1.6pt; padding-bottom: 0; padding-left: 0;">Percent of Total<br/> Investments<sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">(b)</sup></td>
<td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; white-space: nowrap; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0;"></td> </tr>
<tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial">
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">AAA/Aaa</td>
<td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">16.8</td>
<td style="padding-left: 0; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span>%</span></td> </tr>
<tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial">
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">AA/Aa</td>
<td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">60.9</td>
<td style="padding-left: 0; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr>
<tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial">
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">A</td>
<td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">10.4</td>
<td style="padding-left: 0; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr>
<tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial">
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">BBB/Baa</td>
<td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">0.9</td>
<td style="padding-left: 0; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr>
<tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial">
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">BB/Ba</td>
<td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span class="sec-hidden" style="-sec-ix-hidden:h_82_ca854b2a_52b4_4d91_93ce_6162769cf101">—</span></td>
<td style="padding-left: 0; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span><span style="vertical-align:0.5em;font-size:smaller;line-height:0px">(d)</span></td> </tr>
<tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial">
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">CCC/Caa</td>
<td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">0.1</td>
<td style="padding-left: 0; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr>
<tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:rgb(0, 0, 0)">
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 1.6pt; padding-left: 6pt; text-indent: -6pt;">N/R</td>
<td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 1.6pt; padding-left: 0; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">10.9</td>
<td style="padding-left: 0; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 1.6pt; white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> </table>
<table style="border-collapse:collapse;break-inside:avoid;width:100%;margin-top:0px">
<tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial">
<td style="break-inside: avoid-page; font-kerning: none; overflow-x: hidden; padding-top: 1.6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 0; vertical-align: top; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; width: initial; text-indent: 0; color: rgb(0, 0, 0);"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;"><sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">(a)</sup></div></td>
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; text-indent: 0; color: rgb(0, 0, 0); padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 0; width: 100%;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes.</div></td> </tr>
<tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial">
<td style="break-inside: avoid-page; font-kerning: none; overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; color: rgb(0, 0, 0); padding-top: 0; padding-right: 6pt; padding-bottom: 0; padding-left: 0; width: initial; vertical-align: top; text-indent: 0;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;"><sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">(b)</sup></div></td>
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; color: rgb(0, 0, 0); padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; width: 100%;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">Excludes short-term securities.</div></td> </tr>
<tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial">
<td style="break-inside: avoid-page; font-kerning: none; overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; color: rgb(0, 0, 0); padding-top: 0; padding-right: 6pt; padding-bottom: 0; padding-left: 0; width: initial; vertical-align: top; text-indent: 0;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;"><sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">(c)</sup></div></td>
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; color: rgb(0, 0, 0); padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; width: 100%;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.</div></td> </tr>
<tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial">
<td style="break-inside: avoid-page; font-kerning: none; overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; color: rgb(0, 0, 0); padding-top: 0; padding-right: 6pt; padding-bottom: 0; padding-left: 0; width: initial; vertical-align: top; text-indent: 0;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;"><sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">(d)</sup></div></td>
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; color: rgb(0, 0, 0); padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; width: 100%;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">Rounds to less than 0.1%.</div></td> </tr> </table>
0.327
0.181
0.156
0.148
0.075
0.040
0.038
0.024
0.009
0.002
0.168
0.609
0.104
0.009
0.001
0.109
For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.
For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc.
BlackRock California Municipal Opportunities Fund
Class K Shares
MKCMX
This semi-annual shareholder report contains important information about BlackRock California Municipal Opportunities Fund (the “Fund”) for the period of June 1, 2025 to November 30, 2025.
semi-annual shareholder report
You can find additional information about the Fund at <span style="color:rgb(0, 0, 0);font-weight:bold;text-decoration-line:none;font-family:'arial';font-size:8pt;line-height:10.4pt;text-align:justify">blackrock.com/fundreports</span>. You can also request this information by contacting us at (800) 441‑7762.
blackrock.com/fundreports
(800) 441‑7762
<div style="margin-top:0px;font-kerning:none;font-family:'arial';font-weight:bold;font-size:10pt;color:rgb(0, 0, 0);margin-bottom:-0.18pt;"> <b>What were the </b> <b>Fund</b> <b> costs for the </b> <b>last six months</b> <b>?</b> </div><div style="margin-top:0px;margin-bottom:0px;font-kerning:none;font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);">(based on a hypothetical $10,000 investment)</div>
<table style="break-inside:avoid;margin-top:2pt;table-layout:auto;width:100%;border-collapse:collapse">
<tr style="break-after:avoid;border-bottom-style:solid;border-bottom-width:0.5pt;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)">
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; font-weight: bold; font-size: 9pt; line-height: 11pt; color: rgb(0, 0, 0); background-color: rgb(255, 206, 0); padding-top: 2pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0; text-align: left;">Class name</td>
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; font-weight: bold; font-size: 9pt; line-height: 11pt; color: rgb(0, 0, 0); background-color: rgb(255, 206, 0); text-align: center; padding-top: 2pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0;">Costs of a $10,000<br/> investment</td>
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; font-weight: bold; font-size: 9pt; line-height: 11pt; color: rgb(0, 0, 0); background-color: rgb(255, 206, 0); text-align: center; padding-top: 2pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0;">Costs paid as a percentage of a<br/> $10,000 investment</td> </tr>
<tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial">
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: rgb(0, 0, 0); overflow-x: hidden; padding-top: 4pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0; font-size: 8pt; line-height: 10pt; text-align: left;">Class K Shares</td>
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: rgb(0, 0, 0); padding-top: 4pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0; text-align: center; font-size: 8pt; line-height: 10pt;"><span style="float:none">$</span>23</td>
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); padding-top: 4pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0; text-align: center; font-size: 8pt; line-height: 10pt;">0.45<span>%</span><span style="vertical-align:0.5em;font-size:smaller;line-height:0px">(a)</span></td> </tr> </table>
<table style="break-inside:avoid;margin-top:2pt;table-layout:auto;width:100%;border-collapse:collapse">
<tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial">
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; color: rgb(0, 0, 0); padding-top: 1.6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 0; width: initial; text-indent: 0;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;"><sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">(a)</sup></div></td>
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; color: rgb(0, 0, 0); text-indent: 0; padding-top: 1.6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 0; width: 100%;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">Annualized.</div></td> </tr> </table>
23
0.0045
<table style="break-inside:avoid;table-layout:auto;width:100%;border-collapse:collapse;margin-top:0px">
<tr style="break-after:avoid;border-bottom-style:solid;border-bottom-width:0.5pt;break-inside:avoid-page;height:auto;background-color:rgb(255, 206, 0);border-bottom-color:rgb(0, 0, 0)">
<td style="break-inside: avoid-page; vertical-align: bottom; padding-left: 0; padding-right: 0; width: auto; font-family: 'Arial'; font-weight: bold; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0; letter-spacing: normal; text-transform: none; font-kerning: none; color: rgb(0, 0, 0); margin-top: 0; padding-top: 2pt; padding-bottom: 1.5pt; margin-bottom: 0;">Key Fund statistics</td>
<td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; padding-left: 6pt; padding-right: 6pt; font-size: 8pt; line-height: 10pt; width: 12%; padding-top: 1.6pt; padding-bottom: 0;"></td> </tr>
<tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial">
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; padding-left: 6pt; padding-right: 6pt; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-size: 8pt; line-height: 10pt; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-bottom: 0; text-indent: -6pt;">Net Assets</td>
<td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; white-space: nowrap; padding-left: 6pt; padding-right: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; width: 12%; padding-top: 1.6pt; padding-bottom: 0;"><span style="float:none">$</span>2,389,493,341</td> </tr>
<tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial">
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; padding-left: 6pt; padding-right: 6pt; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-size: 8pt; line-height: 10pt; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-bottom: 0; text-indent: -6pt;">Number of Portfolio Holdings</td>
<td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; white-space: nowrap; padding-left: 6pt; padding-right: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; width: 12%; padding-top: 1.6pt; padding-bottom: 0;">237</td> </tr>
<tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)">
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; padding-left: 6pt; padding-right: 6pt; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-size: 8pt; line-height: 10pt; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-bottom: 1.6pt; text-indent: -6pt;">Portfolio Turnover Rate</td>
<td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; white-space: nowrap; padding-left: 6pt; padding-right: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; width: 12%; padding-top: 1.6pt; padding-bottom: 1.6pt;">46<span>%</span></td> </tr> </table>
2389493341
237
0.46
<div style="margin-top:0px;font-kerning:none;font-family:'arial';font-weight:bold;font-size:10pt;color:rgb(0, 0, 0);margin-bottom:-0.18pt;">What did the Fund invest in?</div><div style="margin-top:0px;font-kerning:none;font-family:'arial';text-align:justify;font-size:9pt;line-height:11.4pt;color:rgb(0, 0, 0);margin-bottom:0px;">(as of November 30, 2025)</div>
<table style="break-inside:avoid;table-layout:auto;width:100%;border-collapse:collapse;margin-top:0px">
<tr style="break-after:avoid;border-bottom-style:solid;border-bottom-width:0.5pt;break-inside:avoid-page;height:auto;font-family:'arial';font-style:italic;font-size:8pt;line-height:10pt;background-color:rgb(255, 206, 0);border-bottom-color:rgb(0, 0, 0)">
<td colspan="3" style="break-inside: avoid-page; vertical-align: bottom; white-space: nowrap; width: auto; font-family: 'Arial'; font-weight: normal; font-style: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0; letter-spacing: normal; text-transform: none; font-kerning: none; color: rgb(0, 0, 0); margin-top: 0; padding-top: 2pt; padding-right: 0; padding-bottom: 1.5pt; padding-left: 0; margin-bottom: 0;"><strong>Sector</strong><strong> allocation</strong></td> </tr>
<tr style="break-after:avoid;border-bottom-style:solid;border-bottom-width:0.5pt;break-inside:avoid-page;height:auto;font-family:'arial';font-style:italic;font-size:8pt;line-height:10pt;border-bottom-color:rgb(0, 0, 0)">
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; white-space: nowrap; font-weight: normal; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt; width: auto;"><em>Sector<sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">(a)</sup></em></td>
<td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; white-space: nowrap; padding-top: 1.6pt; padding-bottom: 0; padding-left: 6pt;"><em>Percent of Total<br/> Investments<sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">(b)</sup></em></td>
<td style="padding-left: 6pt; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; white-space: nowrap; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0;"></td> </tr>
<tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial">
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">County/City/Special District/School District</td>
<td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">32.7</td>
<td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span>%</span></td> </tr>
<tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial">
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Corporate</td>
<td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">18.1</td>
<td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr>
<tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial">
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Transportation</td>
<td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">15.6</td>
<td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr>
<tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial">
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Utilities</td>
<td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">14.8</td>
<td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr>
<tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial">
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">State</td>
<td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">7.5</td>
<td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr>
<tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial">
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Health</td>
<td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">4.0</td>
<td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr>
<tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial">
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Education</td>
<td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">3.8</td>
<td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr>
<tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial">
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Tobacco</td>
<td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">2.4</td>
<td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr>
<tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial">
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Housing</td>
<td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">0.9</td>
<td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr>
<tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:rgb(0, 0, 0)">
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 1.6pt; padding-left: 6pt; text-indent: -6pt;">Interactive Media & Services</td>
<td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 1.6pt; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">0.2</td>
<td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 1.6pt; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> </table>
<table style="break-inside:avoid;table-layout:auto;width:100%;border-collapse:collapse;margin-top:0px">
<tr style="break-after:avoid;border-bottom-style:solid;border-bottom-width:0.5pt;break-inside:avoid-page;height:auto;font-family:'arial';font-style:italic;font-size:8pt;line-height:10pt;background-color:rgb(255, 206, 0);border-bottom-color:rgb(0, 0, 0)">
<td colspan="3" style="break-inside: avoid-page; vertical-align: bottom; white-space: nowrap; width: auto; font-family: 'Arial'; font-weight: normal; font-style: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0; letter-spacing: normal; text-transform: none; font-kerning: none; color: rgb(0, 0, 0); margin-top: 0; padding-top: 2pt; padding-right: 6pt; padding-bottom: 1.5pt; padding-left: 0; margin-bottom: 0;"><strong>Credit quality allocation</strong></td> </tr>
<tr style="break-after:avoid;border-bottom-style:solid;border-bottom-width:0.5pt;break-inside:avoid-page;height:auto;font-family:'arial';font-style:italic;font-size:8pt;line-height:10pt;border-bottom-color:rgb(0, 0, 0)">
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; white-space: nowrap; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Credit Rating<sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">(c)</sup></td>
<td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; white-space: nowrap; padding-top: 1.6pt; padding-bottom: 0; padding-left: 0;">Percent of Total<br/> Investments<sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">(b)</sup></td>
<td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; white-space: nowrap; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0;"></td> </tr>
<tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial">
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">AAA/Aaa</td>
<td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">16.8</td>
<td style="padding-left: 0; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span>%</span></td> </tr>
<tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial">
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">AA/Aa</td>
<td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">60.9</td>
<td style="padding-left: 0; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr>
<tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial">
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">A</td>
<td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">10.4</td>
<td style="padding-left: 0; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr>
<tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial">
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">BBB/Baa</td>
<td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">0.9</td>
<td style="padding-left: 0; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr>
<tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial">
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">BB/Ba</td>
<td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span class="sec-hidden" style="-sec-ix-hidden:h_103_7c37d97f_cee5_401f_8825_f7c21e23a501">—</span></td>
<td style="padding-left: 0; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span><span style="vertical-align:0.5em;font-size:smaller;line-height:0px">(d)</span></td> </tr>
<tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial">
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">CCC/Caa</td>
<td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">0.1</td>
<td style="padding-left: 0; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr>
<tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:rgb(0, 0, 0)">
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 1.6pt; padding-left: 6pt; text-indent: -6pt;">N/R</td>
<td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 1.6pt; padding-left: 0; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">10.9</td>
<td style="padding-left: 0; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 1.6pt; white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> </table>
<table style="border-collapse:collapse;break-inside:avoid;width:100%;margin-top:0px">
<tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial">
<td style="break-inside: avoid-page; font-kerning: none; overflow-x: hidden; padding-top: 1.6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 0; vertical-align: top; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; width: initial; text-indent: 0; color: rgb(0, 0, 0);"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;"><sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">(a)</sup></div></td>
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; text-indent: 0; color: rgb(0, 0, 0); padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 0; width: 100%;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes.</div></td> </tr>
<tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial">
<td style="break-inside: avoid-page; font-kerning: none; overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; color: rgb(0, 0, 0); padding-top: 0; padding-right: 6pt; padding-bottom: 0; padding-left: 0; width: initial; vertical-align: top; text-indent: 0;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;"><sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">(b)</sup></div></td>
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; color: rgb(0, 0, 0); padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; width: 100%;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">Excludes short-term securities.</div></td> </tr>
<tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial">
<td style="break-inside: avoid-page; font-kerning: none; overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; color: rgb(0, 0, 0); padding-top: 0; padding-right: 6pt; padding-bottom: 0; padding-left: 0; width: initial; vertical-align: top; text-indent: 0;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;"><sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">(c)</sup></div></td>
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; color: rgb(0, 0, 0); padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; width: 100%;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.</div></td> </tr>
<tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial">
<td style="break-inside: avoid-page; font-kerning: none; overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; color: rgb(0, 0, 0); padding-top: 0; padding-right: 6pt; padding-bottom: 0; padding-left: 0; width: initial; vertical-align: top; text-indent: 0;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;"><sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">(d)</sup></div></td>
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; color: rgb(0, 0, 0); padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; width: 100%;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">Rounds to less than 0.1%.</div></td> </tr> </table>
0.327
0.181
0.156
0.148
0.075
0.040
0.038
0.024
0.009
0.002
0.168
0.609
0.104
0.009
0.001
0.109
For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.
For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc.
For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes.
Excludes short-term securities.
Excludes short-term securities.
For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.
Rounds to less than 0.1%.
For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.
Rounds to less than 0.1%.
Annualized.
Annualized.
For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes.
Excludes short-term securities.
For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.
Rounds to less than 0.1%.
Annualized.
For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes.
Excludes short-term securities.
For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.
Rounds to less than 0.1%.
Annualized.
For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes.
Excludes short-term securities.
For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.
Rounds to less than 0.1%.
Annualized.
For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes.