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0000799113 bmst:C000199785Member bmst:TobaccoMember 2024-11-30 0000799113 bmst:C000199785Member us-gaap:TransportationSectorMember 2024-11-30 0000799113 bmst:C000199785Member oef:UnclassifiedSectorMember 2024-11-30 0000799113 bmst:C000199785Member oef:UtilitiesSectorMember 2024-11-30 iso4217:USD iso4217:USD shares pure shares utr:D bmst:Holding 0000799113 false N-1A N-CSRS BlackRock Municipal Series Trust 2024-11-30 BlackRock Strategic Municipal Opportunities Fund Institutional Shares MAMTX This semi-annual shareholder report contains important information about BlackRock Strategic Municipal Opportunities Fund (the “Fund”) for the period of June 1, 2024 to November 30, 2024. semi-annual shareholder report You can find additional information about the Fund at <span style="color: #000000; 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: #000000; 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: #000000;">(based on a hypothetical $10,000 investment)</div> <table style="break-inside: avoid-page; margin-top: 2pt; table-layout: auto; width: 100%; border-collapse: collapse;"> <tr style="border-bottom-style: solid; border-bottom-width: 0.5pt; break-inside: avoid-page; height: auto; border-bottom-color: #000000;"> <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: #000000; background-color: #ffce00; text-align: left; padding: 2pt 0 2pt 0;">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: #000000; background-color: #ffce00; text-align: center; padding: 2pt 0 2pt 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: #000000; background-color: #ffce00; text-align: center; padding: 2pt 0 2pt 0;">Costs paid as a percentage of a<br/>$10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: #000000; overflow-x: hidden; font-size: 8pt; line-height: 10pt; text-align: left; padding: 4pt 0 2pt 0;">Institutional Shares</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: #000000; text-align: center; font-size: 8pt; line-height: 10pt; padding: 4pt 0 2pt 0;"><span style="float: none;">$</span>36</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; white-space: nowrap; font-family: 'Arial'; color: #000000; text-align: center; font-size: 8pt; line-height: 10pt; padding: 4pt 0 2pt 0;">0.71<span>%</span>^(a)</td> </tr> </table> <table style="break-inside: avoid-page; 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: #000000; width: initial; text-indent: 0; padding: 1.6pt 6pt 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: #000000; margin-bottom: 0px; padding: 0px;">​<sup style="; 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: #000000; text-indent: 0; width: 100%; padding: 1.6pt 6pt 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: #000000; margin-bottom: 0px; padding: 0px;">Annualized.</div> </td> </tr> </table> 36 0.0071 <table style="break-inside: avoid-page; table-layout: auto; width: 100%; border-collapse: collapse; margin-top: 0px;" title="oef:AvgAnnlRtrTableTextBlock"> <tr style="border-bottom-style: solid; border-bottom-width: 0.5pt; break-inside: avoid-page; height: auto; background-color: #ffce00; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: bottom; width: auto; font-family: 'Arial'; font-weight: bold; font-style: normal; font-size: 10pt; text-align: left; text-indent: 0; letter-spacing: normal; text-transform: none; font-kerning: none; color: #000000; margin-top: 0; margin-bottom: 0; padding: 2pt 0 1.5pt 0;">Average annual total returns</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; width: auto; padding: 1.6pt 0 0 0;"></td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; white-space: nowrap; width: auto; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; padding: 1.6pt 0 0 0;"></td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; width: auto; padding: 1.6pt 0 0 0;"></td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; white-space: nowrap; width: auto; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; padding: 1.6pt 0 0 0;"></td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; width: auto; padding: 1.6pt 0 0 0;"></td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; white-space: nowrap; width: auto; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; padding: 1.6pt 0 0 0;"></td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; width: auto; padding: 1.6pt 0 0 0;"></td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; white-space: nowrap; width: auto; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; padding: 1.6pt 0 0 0;"></td> </tr> <tr style="border-bottom-style: none; border-bottom-width: initial; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; width: 60%; font-family: 'Arial'; font-weight: normal; font-style: italic; font-size: 8pt; line-height: 10pt; white-space: nowrap; color: #000000; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;"></td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; width: auto; font-family: 'Arial'; font-weight: normal; font-style: italic; font-size: 8pt; line-height: 10pt; white-space: nowrap; color: #000000; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; padding: 1.6pt 0 0 0;">6-Month<br/>Total<br/>Returns</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; width: auto; font-family: 'Arial'; font-weight: normal; font-style: italic; font-size: 8pt; line-height: 10pt; white-space: nowrap; color: #000000; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; padding: 1.6pt 0 0 0;"></td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; width: auto; font-family: 'Arial'; font-weight: normal; font-style: italic; font-size: 8pt; line-height: 10pt; white-space: nowrap; color: #000000; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; padding: 1.6pt 0 0 0;">1 Year</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; width: auto; font-family: 'Arial'; font-weight: normal; font-style: italic; font-size: 8pt; line-height: 10pt; white-space: nowrap; color: #000000; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; padding: 1.6pt 0 0 0;"></td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; width: auto; font-family: 'Arial'; font-weight: normal; font-style: italic; font-size: 8pt; line-height: 10pt; white-space: nowrap; color: #000000; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; padding: 1.6pt 0 0 0;">5 Years</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; width: auto; font-family: 'Arial'; font-weight: normal; font-style: italic; font-size: 8pt; line-height: 10pt; white-space: nowrap; color: #000000; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; padding: 1.6pt 0 0 0;"></td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; width: auto; font-family: 'Arial'; font-weight: normal; font-style: italic; font-size: 8pt; line-height: 10pt; white-space: nowrap; color: #000000; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; padding: 1.6pt 0 0 0;">10 Years</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; width: auto; font-family: 'Arial'; font-weight: normal; font-style: italic; font-size: 8pt; line-height: 10pt; white-space: nowrap; color: #000000; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; padding: 1.6pt 0 0 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; text-align: left; color: #000000; overflow-x: hidden; font-family: 'Arial'; width: 100%; text-indent: -6pt; font-size: 8pt; line-height: 10pt; padding: 2pt 0 0 6pt;">Institutional Shares</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; font-family: 'Arial'; color: #000000; width: auto; font-size: 8pt; line-height: 10pt; padding: 2pt 0 0 0;">4.76</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: #000000; text-align: left; white-space: nowrap; width: auto; font-size: 8pt; line-height: 10pt; padding: 1.6pt 6pt 0 0;"><span>%</span></td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; font-family: 'Arial'; color: #000000; width: auto; font-size: 8pt; line-height: 10pt; padding: 2pt 0 0 0;">7.12</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: #000000; text-align: left; white-space: nowrap; width: auto; font-size: 8pt; line-height: 10pt; padding: 1.6pt 6pt 0 0;"><span>%</span></td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; font-family: 'Arial'; color: #000000; width: auto; font-size: 8pt; line-height: 10pt; padding: 2pt 0 0 0;">0.89</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: #000000; text-align: left; white-space: nowrap; width: auto; font-size: 8pt; line-height: 10pt; padding: 1.6pt 6pt 0 0;"><span>%</span></td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; font-family: 'Arial'; color: #000000; width: auto; font-size: 8pt; line-height: 10pt; padding: 2pt 0 0 0;">2.50</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: #000000; text-align: left; white-space: nowrap; width: auto; font-size: 8pt; line-height: 10pt; padding: 1.6pt 0 0 0;"><span>%</span></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; text-align: left; color: #000000; overflow-x: hidden; font-family: 'Arial'; width: 100%; text-indent: -6pt; font-size: 8pt; line-height: 10pt; padding: 2pt 0 0 6pt;">Bloomberg Municipal Bond Index</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; font-family: 'Arial'; color: #000000; width: auto; font-size: 8pt; line-height: 10pt; padding: 2pt 0 0 0;">4.54</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: #000000; text-align: left; white-space: nowrap; width: auto; font-size: 8pt; line-height: 10pt; padding: 1.6pt 6pt 0 0;"></td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; font-family: 'Arial'; color: #000000; width: auto; font-size: 8pt; line-height: 10pt; padding: 2pt 0 0 0;">4.93</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: #000000; text-align: left; white-space: nowrap; width: auto; font-size: 8pt; line-height: 10pt; padding: 1.6pt 6pt 0 0;"></td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; font-family: 'Arial'; color: #000000; width: auto; font-size: 8pt; line-height: 10pt; padding: 2pt 0 0 0;">1.35</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: #000000; text-align: left; white-space: nowrap; width: auto; font-size: 8pt; line-height: 10pt; padding: 1.6pt 6pt 0 0;"></td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; font-family: 'Arial'; color: #000000; width: auto; font-size: 8pt; line-height: 10pt; padding: 2pt 0 0 0;">2.45</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: #000000; text-align: left; white-space: nowrap; width: auto; font-size: 8pt; line-height: 10pt; padding: 1.6pt 0 0 0;"></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; color: #000000; overflow-x: hidden; font-family: 'Arial'; width: 100%; text-indent: -6pt; font-size: 8pt; line-height: 10pt; padding: 2pt 0 1.6pt 6pt;">Customized Reference Benchmark</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; font-family: 'Arial'; color: #000000; width: auto; font-size: 8pt; line-height: 10pt; padding: 2pt 0 1.6pt 0;">4.94</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: #000000; text-align: left; white-space: nowrap; width: auto; font-size: 8pt; line-height: 10pt; padding: 1.6pt 6pt 1.6pt 0;"></td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; font-family: 'Arial'; color: #000000; width: auto; font-size: 8pt; line-height: 10pt; padding: 2pt 0 1.6pt 0;">6.41</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: #000000; text-align: left; white-space: nowrap; width: auto; font-size: 8pt; line-height: 10pt; padding: 1.6pt 6pt 1.6pt 0;"></td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; font-family: 'Arial'; color: #000000; width: auto; font-size: 8pt; line-height: 10pt; padding: 2pt 0 1.6pt 0;">1.67</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: #000000; text-align: left; white-space: nowrap; width: auto; font-size: 8pt; line-height: 10pt; padding: 1.6pt 6pt 1.6pt 0;"></td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; font-family: 'Arial'; color: #000000; width: auto; font-size: 8pt; line-height: 10pt; padding: 2pt 0 1.6pt 0;"><span class="sec-hidden" style="-sec-ix-hidden: h_29_b117abc0_da1a_518e_09ec_570b7106be76;" title="Manually tagged">N/A</span></td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: #000000; text-align: left; white-space: nowrap; width: auto; font-size: 8pt; line-height: 10pt; padding: 1.6pt 0 1.6pt 0;"></td> </tr> </table> Institutional Shares 0.0476 0.0712 0.0089 0.0250 Bloomberg Municipal Bond Index 0.0454 0.0493 0.0135 0.0245 Customized Reference Benchmark 0.0494 0.0641 0.0167 <table style="break-inside: avoid-page; table-layout: auto; width: 100%; border-collapse: collapse; margin-top: 0px;"> <tr style="border-bottom-style: solid; border-bottom-width: 0.5pt; break-inside: avoid-page; height: auto; background-color: #ffce00; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: bottom; 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: #000000; margin-top: 0; margin-bottom: 0; padding: 2pt 0 1.5pt 0;">Key Fund statistics</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; font-size: 8pt; line-height: 10pt; width: 12%; padding: 1.6pt 6pt 0 6pt;"></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; color: #000000; overflow-x: hidden; font-family: 'Arial'; font-size: 8pt; line-height: 10pt; font-weight: normal; text-align: left; width: 100%; text-indent: -6pt; padding: 1.6pt 6pt 0 6pt;">Net Assets</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 8pt; line-height: 10pt; width: 12%; padding: 1.6pt 6pt 0 6pt;"><span style="float: none;">$</span>3,952,789,242</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; color: #000000; overflow-x: hidden; font-family: 'Arial'; font-size: 8pt; line-height: 10pt; font-weight: normal; text-align: left; width: 100%; text-indent: -6pt; padding: 1.6pt 6pt 0 6pt;">Number of Portfolio Holdings</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 8pt; line-height: 10pt; width: 12%; padding: 1.6pt 6pt 0 6pt;">618</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: #000000; overflow-x: hidden; font-family: 'Arial'; font-size: 8pt; line-height: 10pt; font-weight: normal; text-align: left; width: 100%; text-indent: -6pt; padding: 1.6pt 6pt 1.6pt 6pt;">Portfolio Turnover Rate</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 8pt; line-height: 10pt; width: 12%; padding: 1.6pt 6pt 1.6pt 6pt;">20<span>%</span></td> </tr> </table> 3952789242 618 0.20 Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit <span style="color: #000000; font-weight: bold; text-decoration-line: none; font-family: 'arial'; font-size: 8pt; line-height: 10.4pt; text-align: justify;">blackrock.com</span> for more recent performance information. <div style="margin-top: 0px; font-kerning: none; font-family: 'arial'; font-weight: bold; font-size: 10pt; color: #000000; 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: #000000; margin-bottom: 0px;">(as of November 30, 2024)</div> <table style="break-inside: avoid-page; table-layout: auto; width: 100%; border-collapse: collapse; margin-top: 0px;"> <tr style="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: #ffce00; border-bottom-color: #000000;"> <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: #000000; margin-top: 0; margin-bottom: 0; padding: 2pt 0 1.5pt 0;"><strong>Sector</strong><strong> allocation</strong></td> </tr> <tr style="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: #000000;"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; white-space: nowrap; font-weight: normal; text-align: left; text-indent: -6pt; width: auto; padding: 1.6pt 0 0 6pt;"><em>Sector<sup style="; font-size: smaller; line-height: 0px;">(a)</sup></em></td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; white-space: nowrap; padding: 1.6pt 0 0 6pt;"><em>Percent of Total<br/>Investments<sup style="; font-size: smaller; line-height: 0px;">(b)</sup></em></td> <td style="width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; white-space: nowrap; padding: 1.6pt 0 0 6pt;"></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: #000000; 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%; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">Utilities</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; 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; padding: 2pt 0 0 0;">23.2</td> <td style="width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; 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; padding: 1.6pt 0 0 0;"><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: #000000; 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%; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">County/City/Special District/School District</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; 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; padding: 2pt 0 0 0;">19.8</td> <td style="width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; 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; padding: 1.6pt 0 0 0;"><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: #000000; 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%; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">Transportation</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; 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; padding: 2pt 0 0 0;">14.8</td> <td style="width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; 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; padding: 1.6pt 0 0 0;"><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: #000000; 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%; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">State</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; 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; padding: 2pt 0 0 0;">11.6</td> <td style="width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; 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; padding: 1.6pt 0 0 0;"><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: #000000; 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%; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">Corporate</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; 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; padding: 2pt 0 0 0;">11.1</td> <td style="width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; 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; padding: 1.6pt 0 0 0;"><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: #000000; 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%; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">Health</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; 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; padding: 2pt 0 0 0;">6.2</td> <td style="width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; 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; padding: 1.6pt 0 0 0;"><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: #000000; 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%; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">Education</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; 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; padding: 2pt 0 0 0;">4.9</td> <td style="width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; 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; padding: 1.6pt 0 0 0;"><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: #000000; 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%; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">Housing</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; 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; padding: 2pt 0 0 0;">4.3</td> <td style="width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; 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; padding: 1.6pt 0 0 0;"><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: #000000; 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%; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">Tobacco</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; 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; padding: 2pt 0 0 0;">2.8</td> <td style="width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; 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; padding: 1.6pt 0 0 0;"><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: #000000; 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%; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">Commercial Services &amp; Supplies</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; 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; padding: 2pt 0 0 0;">0.7</td> <td style="width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; 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; padding: 1.6pt 0 0 0;"><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: #000000;"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: #000000; 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%; text-indent: -6pt; padding: 1.6pt 0 1.6pt 6pt;">Other<sup style="; font-size: smaller; line-height: 0px;">*</sup></td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; 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; padding: 2pt 0 1.6pt 0;">0.6</td> <td style="width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; 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; padding: 1.6pt 0 1.6pt 0;"><span style="visibility: hidden; margin-left: -7pt;">%</span></td> </tr> </table> <table style="break-inside: avoid-page; table-layout: auto; width: 100%; border-collapse: collapse; margin-top: 0px;"> <tr style="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: #ffce00; border-bottom-color: #000000;"> <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: #000000; margin-top: 0; margin-bottom: 0; padding: 2pt 6pt 1.5pt 0;"><strong>Credit quality allocation</strong></td> </tr> <tr style="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: #000000;"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; white-space: nowrap; font-weight: normal; text-align: left; width: 100%; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">Credit Rating<sup style="; font-size: smaller; line-height: 0px;">(c)</sup></td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; white-space: nowrap; padding: 1.6pt 0 0 0;">Percent of Total<br/>Investments<sup style="; font-size: smaller; line-height: 0px;">(b)</sup></td> <td style="width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; white-space: nowrap; padding: 1.6pt 0 0 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: #000000; 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%; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">AAA/Aaa</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; color: #000000; 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; padding: 2pt 0 0 0;">14.2</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: #000000; text-align: left; 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; padding: 1.6pt 0 0 0;"><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: #000000; 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%; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">AA/Aa</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; color: #000000; 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; padding: 2pt 0 0 0;">41.7</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: #000000; text-align: left; 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; padding: 1.6pt 0 0 0;"><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: #000000; 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%; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">A</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; color: #000000; 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; padding: 2pt 0 0 0;">15.5</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: #000000; text-align: left; 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; padding: 1.6pt 0 0 0;"><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: #000000; 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%; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">BBB/Baa</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; color: #000000; 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; padding: 2pt 0 0 0;">4.0</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: #000000; text-align: left; 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; padding: 1.6pt 0 0 0;"><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: #000000; 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%; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">BB/Ba</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; color: #000000; 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; padding: 2pt 0 0 0;">2.7</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: #000000; text-align: left; 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; padding: 1.6pt 0 0 0;"><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: #000000; 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%; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">B</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; color: #000000; 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; padding: 2pt 0 0 0;">0.4</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: #000000; text-align: left; 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; padding: 1.6pt 0 0 0;"><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: #000000;"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: #000000; 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%; text-indent: -6pt; padding: 1.6pt 0 1.6pt 6pt;">N/R<sup style="; font-size: smaller; line-height: 0px;">(d)</sup></td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; color: #000000; 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; padding: 2pt 0 1.6pt 0;">21.5</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: #000000; text-align: left; 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; padding: 1.6pt 0 1.6pt 0;"><span style="visibility: hidden; margin-left: -7pt;">%</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid-page; 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; vertical-align: top; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; width: initial; text-indent: 0; color: #000000; padding: 1.6pt 6pt 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: #000000; margin-bottom: 0px; padding: 0px;">​<sup style="; 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: #000000; width: 100%; padding: 1.6pt 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: #000000; margin-bottom: 0px; padding: 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: #000000; width: initial; vertical-align: top; text-indent: 0; padding: 0 6pt 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: #000000; margin-bottom: 0px; padding: 0px;">​<sup style="; 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: #000000; width: 100%; padding: 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: #000000; margin-bottom: 0px; padding: 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: #000000; width: initial; vertical-align: top; text-indent: 0; padding: 0 6pt 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: #000000; margin-bottom: 0px; padding: 0px;">​<sup style="; 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: #000000; width: 100%; padding: 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: #000000; margin-bottom: 0px; padding: 0px;">For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&amp;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: #000000; width: initial; vertical-align: top; text-indent: 0; padding: 0 6pt 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: #000000; margin-bottom: 0px; padding: 0px;">​<sup style="; 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: #000000; width: 100%; padding: 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: #000000; margin-bottom: 0px; padding: 0px;">The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of November 30, 2024, the market value of unrated securities deemed by the investment adviser to be investment grade represents less than 1.0% of total investments.</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: #000000; width: initial; vertical-align: top; text-indent: 0; padding: 0 6pt 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: #000000; margin-bottom: 0px; padding: 0px;">​<sup style="; font-size: smaller; line-height: 0px;">*</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: #000000; width: 100%; padding: 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: #000000; margin-bottom: 0px; padding: 0px;">Ten largest sectors are presented. Additional sectors are found in Other.</div> </td> </tr> </table> 0.232 0.198 0.148 0.116 0.111 0.062 0.049 0.043 0.028 0.007 0.006 0.142 0.417 0.155 0.040 0.027 0.004 0.215 For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&amp;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. The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of November 30, 2024, the market value of unrated securities deemed by the investment adviser to be investment grade represents less than 1.0% of total investments. BlackRock Strategic Municipal Opportunities Fund Investor A Shares MEMTX This semi-annual shareholder report contains important information about BlackRock Strategic Municipal Opportunities Fund (the “Fund”) for the period of June 1, 2024 to November 30, 2024. semi-annual shareholder report You can find additional information about the Fund at <span style="color: #000000; 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: #000000; 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: #000000;">(based on a hypothetical $10,000 investment)</div> <table style="break-inside: avoid-page; margin-top: 2pt; table-layout: auto; width: 100%; border-collapse: collapse;"> <tr style="border-bottom-style: solid; border-bottom-width: 0.5pt; break-inside: avoid-page; height: auto; border-bottom-color: #000000;"> <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: #000000; background-color: #ffce00; text-align: left; padding: 2pt 0 2pt 0;">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: #000000; background-color: #ffce00; text-align: center; padding: 2pt 0 2pt 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: #000000; background-color: #ffce00; text-align: center; padding: 2pt 0 2pt 0;">Costs paid as a percentage of a<br/>$10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: #000000; overflow-x: hidden; font-size: 8pt; line-height: 10pt; text-align: left; padding: 4pt 0 2pt 0;">Investor A Shares</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: #000000; text-align: center; font-size: 8pt; line-height: 10pt; padding: 4pt 0 2pt 0;"><span style="float: none;">$</span>46</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; white-space: nowrap; font-family: 'Arial'; color: #000000; text-align: center; font-size: 8pt; line-height: 10pt; padding: 4pt 0 2pt 0;">0.90<span>%</span><span style="vertical-align: 0.5em; font-size: smaller; line-height: 0px;">(a)</span><sup style="vertical-align: 0.5em; font-size: smaller; line-height: 0px;"></sup></td> </tr> </table> <table style="break-inside: avoid-page; 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: #000000; width: initial; text-indent: 0; padding: 1.6pt 6pt 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: #000000; margin-bottom: 0px; padding: 0px;">​<sup style="; 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: #000000; text-indent: 0; width: 100%; padding: 1.6pt 6pt 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: #000000; margin-bottom: 0px; padding: 0px;">Annualized.</div> </td> </tr> </table> 46 0.0090 <table style="break-inside: avoid-page; table-layout: auto; width: 100%; border-collapse: collapse; margin-top: 0px;" title="oef:AvgAnnlRtrTableTextBlock"> <tr style="border-bottom-style: solid; border-bottom-width: 0.5pt; break-inside: avoid-page; height: auto; background-color: #ffce00; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: bottom; width: auto; font-family: 'Arial'; font-weight: bold; font-style: normal; font-size: 10pt; text-align: left; text-indent: 0; letter-spacing: normal; text-transform: none; font-kerning: none; color: #000000; margin-top: 0; margin-bottom: 0; padding: 2pt 0 1.5pt 0;">Average annual total returns</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; width: auto; padding: 1.6pt 0 0 0;"></td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; white-space: nowrap; width: auto; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; padding: 1.6pt 0 0 0;"></td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; width: auto; padding: 1.6pt 0 0 0;"></td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; white-space: nowrap; width: auto; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; padding: 1.6pt 0 0 0;"></td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; width: auto; padding: 1.6pt 0 0 0;"></td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; white-space: nowrap; width: auto; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; padding: 1.6pt 0 0 0;"></td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; width: auto; padding: 1.6pt 0 0 0;"></td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; white-space: nowrap; width: auto; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; padding: 1.6pt 0 0 0;"></td> </tr> <tr style="border-bottom-style: none; border-bottom-width: initial; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; width: 60%; font-family: 'Arial'; font-weight: normal; font-style: italic; font-size: 8pt; line-height: 10pt; white-space: nowrap; color: #000000; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;"></td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; width: auto; font-family: 'Arial'; font-weight: normal; font-style: italic; font-size: 8pt; line-height: 10pt; white-space: nowrap; color: #000000; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; padding: 1.6pt 0 0 0;">6-Month<br/>Total<br/>Returns</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; width: auto; font-family: 'Arial'; font-weight: normal; font-style: italic; font-size: 8pt; line-height: 10pt; white-space: nowrap; color: #000000; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; padding: 1.6pt 0 0 0;"></td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; width: auto; font-family: 'Arial'; font-weight: normal; font-style: italic; font-size: 8pt; line-height: 10pt; white-space: nowrap; color: #000000; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; padding: 1.6pt 0 0 0;">1 Year</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; width: auto; font-family: 'Arial'; font-weight: normal; font-style: italic; font-size: 8pt; line-height: 10pt; white-space: nowrap; color: #000000; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; padding: 1.6pt 0 0 0;"></td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; width: auto; font-family: 'Arial'; font-weight: normal; font-style: italic; font-size: 8pt; line-height: 10pt; white-space: nowrap; color: #000000; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; padding: 1.6pt 0 0 0;">5 Years</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; width: auto; font-family: 'Arial'; font-weight: normal; font-style: italic; font-size: 8pt; line-height: 10pt; white-space: nowrap; color: #000000; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; padding: 1.6pt 0 0 0;"></td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; width: auto; font-family: 'Arial'; font-weight: normal; font-style: italic; font-size: 8pt; line-height: 10pt; white-space: nowrap; color: #000000; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; padding: 1.6pt 0 0 0;">10 Years</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; width: auto; font-family: 'Arial'; font-weight: normal; font-style: italic; font-size: 8pt; line-height: 10pt; white-space: nowrap; color: #000000; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; padding: 1.6pt 0 0 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; text-align: left; color: #000000; overflow-x: hidden; font-family: 'Arial'; width: 100%; text-indent: -6pt; font-size: 8pt; line-height: 10pt; padding: 2pt 0 0 6pt;">Investor A Shares</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; font-family: 'Arial'; color: #000000; width: auto; font-size: 8pt; line-height: 10pt; padding: 2pt 0 0 0;">4.66</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: #000000; text-align: left; white-space: nowrap; width: auto; font-size: 8pt; line-height: 10pt; padding: 1.6pt 6pt 0 0;"><span>%</span></td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; font-family: 'Arial'; color: #000000; width: auto; font-size: 8pt; line-height: 10pt; padding: 2pt 0 0 0;">6.91</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: #000000; text-align: left; white-space: nowrap; width: auto; font-size: 8pt; line-height: 10pt; padding: 1.6pt 6pt 0 0;"><span>%</span></td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; font-family: 'Arial'; color: #000000; width: auto; font-size: 8pt; line-height: 10pt; padding: 2pt 0 0 0;">0.66</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: #000000; text-align: left; white-space: nowrap; width: auto; font-size: 8pt; line-height: 10pt; padding: 1.6pt 6pt 0 0;"><span>%</span></td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; font-family: 'Arial'; color: #000000; width: auto; font-size: 8pt; line-height: 10pt; padding: 2pt 0 0 0;">2.28</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: #000000; text-align: left; white-space: nowrap; width: auto; font-size: 8pt; line-height: 10pt; padding: 1.6pt 0 0 0;"><span>%</span></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; text-align: left; color: #000000; overflow-x: hidden; font-family: 'Arial'; width: 100%; text-indent: -6pt; font-size: 8pt; line-height: 10pt; padding: 2pt 0 0 6pt;">Investor A Shares (with sales charge)</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; font-family: 'Arial'; color: #000000; width: auto; font-size: 8pt; line-height: 10pt; padding: 2pt 0 0 0;">0.21</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: #000000; text-align: left; white-space: nowrap; width: auto; font-size: 8pt; line-height: 10pt; padding: 1.6pt 6pt 0 0;"></td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; font-family: 'Arial'; color: #000000; width: auto; font-size: 8pt; line-height: 10pt; padding: 2pt 0 0 0;">2.37</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: #000000; text-align: left; white-space: nowrap; width: auto; font-size: 8pt; line-height: 10pt; padding: 1.6pt 6pt 0 0;"></td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; font-family: 'Arial'; color: #000000; width: auto; font-size: 8pt; line-height: 10pt; padding: 2pt 0 0 0;">(0.21</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: #000000; text-align: left; white-space: nowrap; width: auto; font-size: 8pt; line-height: 10pt; padding: 1.6pt 6pt 0 0;"><span>)</span></td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; font-family: 'Arial'; color: #000000; width: auto; font-size: 8pt; line-height: 10pt; padding: 2pt 0 0 0;">1.84</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: #000000; text-align: left; white-space: nowrap; width: auto; font-size: 8pt; line-height: 10pt; padding: 1.6pt 0 0 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; text-align: left; color: #000000; overflow-x: hidden; font-family: 'Arial'; width: 100%; text-indent: -6pt; font-size: 8pt; line-height: 10pt; padding: 2pt 0 0 6pt;">Bloomberg Municipal Bond Index</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; font-family: 'Arial'; color: #000000; width: auto; font-size: 8pt; line-height: 10pt; padding: 2pt 0 0 0;">4.54</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: #000000; text-align: left; white-space: nowrap; width: auto; font-size: 8pt; line-height: 10pt; padding: 1.6pt 6pt 0 0;"></td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; font-family: 'Arial'; color: #000000; width: auto; font-size: 8pt; line-height: 10pt; padding: 2pt 0 0 0;">4.93</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: #000000; text-align: left; white-space: nowrap; width: auto; font-size: 8pt; line-height: 10pt; padding: 1.6pt 6pt 0 0;"></td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; font-family: 'Arial'; color: #000000; width: auto; font-size: 8pt; line-height: 10pt; padding: 2pt 0 0 0;">1.35</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: #000000; text-align: left; white-space: nowrap; width: auto; font-size: 8pt; line-height: 10pt; padding: 1.6pt 6pt 0 0;"></td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; font-family: 'Arial'; color: #000000; width: auto; font-size: 8pt; line-height: 10pt; padding: 2pt 0 0 0;">2.45</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: #000000; text-align: left; white-space: nowrap; width: auto; font-size: 8pt; line-height: 10pt; padding: 1.6pt 0 0 0;"></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; color: #000000; overflow-x: hidden; font-family: 'Arial'; width: 100%; text-indent: -6pt; font-size: 8pt; line-height: 10pt; padding: 2pt 0 1.6pt 6pt;">Customized Reference Benchmark</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; font-family: 'Arial'; color: #000000; width: auto; font-size: 8pt; line-height: 10pt; padding: 2pt 0 1.6pt 0;">4.94</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: #000000; text-align: left; white-space: nowrap; width: auto; font-size: 8pt; line-height: 10pt; padding: 1.6pt 6pt 1.6pt 0;"></td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; font-family: 'Arial'; color: #000000; width: auto; font-size: 8pt; line-height: 10pt; padding: 2pt 0 1.6pt 0;">6.41</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: #000000; text-align: left; white-space: nowrap; width: auto; font-size: 8pt; line-height: 10pt; padding: 1.6pt 6pt 1.6pt 0;"></td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; font-family: 'Arial'; color: #000000; width: auto; font-size: 8pt; line-height: 10pt; padding: 2pt 0 1.6pt 0;">1.67</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: #000000; text-align: left; white-space: nowrap; width: auto; font-size: 8pt; line-height: 10pt; padding: 1.6pt 6pt 1.6pt 0;"></td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; font-family: 'Arial'; color: #000000; width: auto; font-size: 8pt; line-height: 10pt; padding: 2pt 0 1.6pt 0;"><span class="sec-hidden" style="-sec-ix-hidden: h_61_2a615db8_de5e_b09d_8ac9_e1efe6251ad1;" title="Manually tagged">N/A</span></td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: #000000; text-align: left; white-space: nowrap; width: auto; font-size: 8pt; line-height: 10pt; padding: 1.6pt 0 1.6pt 0;"></td> </tr> </table> Investor A Shares 0.0466 0.0691 0.0066 0.0228 Investor A Shares (with sales charge) 0.0021 0.0237 -0.0021 0.0184 Bloomberg Municipal Bond Index 0.0454 0.0493 0.0135 0.0245 Customized Reference Benchmark 0.0494 0.0641 0.0167 <table style="break-inside: avoid-page; table-layout: auto; width: 100%; border-collapse: collapse; margin-top: 0px;"> <tr style="border-bottom-style: solid; border-bottom-width: 0.5pt; break-inside: avoid-page; height: auto; background-color: #ffce00; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: bottom; 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: #000000; margin-top: 0; margin-bottom: 0; padding: 2pt 0 1.5pt 0;">Key Fund statistics</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; font-size: 8pt; line-height: 10pt; width: 12%; padding: 1.6pt 6pt 0 6pt;"></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; color: #000000; overflow-x: hidden; font-family: 'Arial'; font-size: 8pt; line-height: 10pt; font-weight: normal; text-align: left; width: 100%; text-indent: -6pt; padding: 1.6pt 6pt 0 6pt;">Net Assets</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 8pt; line-height: 10pt; width: 12%; padding: 1.6pt 6pt 0 6pt;"><span style="float: none;">$</span>3,952,789,242</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; color: #000000; overflow-x: hidden; font-family: 'Arial'; font-size: 8pt; line-height: 10pt; font-weight: normal; text-align: left; width: 100%; text-indent: -6pt; padding: 1.6pt 6pt 0 6pt;">Number of Portfolio Holdings</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 8pt; line-height: 10pt; width: 12%; padding: 1.6pt 6pt 0 6pt;">618</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: #000000; overflow-x: hidden; font-family: 'Arial'; font-size: 8pt; line-height: 10pt; font-weight: normal; text-align: left; width: 100%; text-indent: -6pt; padding: 1.6pt 6pt 1.6pt 6pt;">Portfolio Turnover Rate</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 8pt; line-height: 10pt; width: 12%; padding: 1.6pt 6pt 1.6pt 6pt;">20<span>%</span></td> </tr> </table> 3952789242 618 0.20 Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit <span style="color: #000000; font-weight: bold; text-decoration-line: none; font-family: 'arial'; font-size: 8pt; line-height: 10.4pt; text-align: justify;">blackrock.com</span> for more recent performance information. <div style="margin-top: 0px; font-kerning: none; font-family: 'arial'; font-weight: bold; font-size: 10pt; color: #000000; 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: #000000; margin-bottom: 0px;">(as of November 30, 2024)</div> <table style="break-inside: avoid-page; table-layout: auto; width: 100%; border-collapse: collapse; margin-top: 0px;"> <tr style="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: #ffce00; border-bottom-color: #000000;"> <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: #000000; margin-top: 0; margin-bottom: 0; padding: 2pt 0 1.5pt 0;"><strong>Sector</strong><strong> allocation</strong></td> </tr> <tr style="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: #000000;"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; white-space: nowrap; font-weight: normal; text-align: left; text-indent: -6pt; width: auto; padding: 1.6pt 0 0 6pt;"><em>Sector<sup style="; font-size: smaller; line-height: 0px;">(a)</sup></em></td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; white-space: nowrap; padding: 1.6pt 0 0 6pt;"><em>Percent of Total<br/>Investments<sup style="; font-size: smaller; line-height: 0px;">(b)</sup></em></td> <td style="width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; white-space: nowrap; padding: 1.6pt 0 0 6pt;"></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: #000000; 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%; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">Utilities</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; 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; padding: 2pt 0 0 0;">23.2</td> <td style="width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; 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; padding: 1.6pt 0 0 0;"><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: #000000; 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%; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">County/City/Special District/School District</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; 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; padding: 2pt 0 0 0;">19.8</td> <td style="width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; 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; padding: 1.6pt 0 0 0;"><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: #000000; 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%; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">Transportation</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; 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; padding: 2pt 0 0 0;">14.8</td> <td style="width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; 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; padding: 1.6pt 0 0 0;"><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: #000000; 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%; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">State</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; 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; padding: 2pt 0 0 0;">11.6</td> <td style="width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; 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; padding: 1.6pt 0 0 0;"><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: #000000; 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%; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">Corporate</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; 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; padding: 2pt 0 0 0;">11.1</td> <td style="width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; 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; padding: 1.6pt 0 0 0;"><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: #000000; 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%; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">Health</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; 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; padding: 2pt 0 0 0;">6.2</td> <td style="width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; 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; padding: 1.6pt 0 0 0;"><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: #000000; 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%; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">Education</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; 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; padding: 2pt 0 0 0;">4.9</td> <td style="width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; 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; padding: 1.6pt 0 0 0;"><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: #000000; 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%; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">Housing</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; 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; padding: 2pt 0 0 0;">4.3</td> <td style="width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; 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; padding: 1.6pt 0 0 0;"><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: #000000; 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%; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">Tobacco</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; 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; padding: 2pt 0 0 0;">2.8</td> <td style="width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; 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; padding: 1.6pt 0 0 0;"><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: #000000; 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%; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">Commercial Services &amp; Supplies</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; 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; padding: 2pt 0 0 0;">0.7</td> <td style="width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; 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; padding: 1.6pt 0 0 0;"><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: #000000;"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: #000000; 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%; text-indent: -6pt; padding: 1.6pt 0 1.6pt 6pt;">Other<sup style="; font-size: smaller; line-height: 0px;">*</sup></td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; 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; padding: 2pt 0 1.6pt 0;">0.6</td> <td style="width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; 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; padding: 1.6pt 0 1.6pt 0;"><span style="visibility: hidden; margin-left: -7pt;">%</span></td> </tr> </table> <table style="break-inside: avoid-page; table-layout: auto; width: 100%; border-collapse: collapse; margin-top: 0px;"> <tr style="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: #ffce00; border-bottom-color: #000000;"> <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: #000000; margin-top: 0; margin-bottom: 0; padding: 2pt 6pt 1.5pt 0;"><strong>Credit quality allocation</strong></td> </tr> <tr style="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: #000000;"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; white-space: nowrap; font-weight: normal; text-align: left; width: 100%; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">Credit Rating<sup style="; font-size: smaller; line-height: 0px;">(c)</sup></td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; white-space: nowrap; padding: 1.6pt 0 0 0;">Percent of Total<br/>Investments<sup style="; font-size: smaller; line-height: 0px;">(b)</sup></td> <td style="width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; white-space: nowrap; padding: 1.6pt 0 0 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: #000000; 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%; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">AAA/Aaa</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; color: #000000; 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; padding: 2pt 0 0 0;">14.2</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: #000000; text-align: left; 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; padding: 1.6pt 0 0 0;"><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: #000000; 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%; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">AA/Aa</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; color: #000000; 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; padding: 2pt 0 0 0;">41.7</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: #000000; text-align: left; 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; padding: 1.6pt 0 0 0;"><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: #000000; 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%; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">A</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; color: #000000; 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; padding: 2pt 0 0 0;">15.5</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: #000000; text-align: left; 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; padding: 1.6pt 0 0 0;"><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: #000000; 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%; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">BBB/Baa</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; color: #000000; 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; padding: 2pt 0 0 0;">4.0</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: #000000; text-align: left; 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; padding: 1.6pt 0 0 0;"><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: #000000; 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%; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">BB/Ba</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; color: #000000; 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; padding: 2pt 0 0 0;">2.7</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: #000000; text-align: left; 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; padding: 1.6pt 0 0 0;"><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: #000000; 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%; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">B</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; color: #000000; 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; padding: 2pt 0 0 0;">0.4</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: #000000; text-align: left; 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; padding: 1.6pt 0 0 0;"><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: #000000;"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: #000000; 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%; text-indent: -6pt; padding: 1.6pt 0 1.6pt 6pt;">N/R<sup style="; font-size: smaller; line-height: 0px;">(d)</sup></td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; color: #000000; 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; padding: 2pt 0 1.6pt 0;">21.5</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: #000000; text-align: left; 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; padding: 1.6pt 0 1.6pt 0;"><span style="visibility: hidden; margin-left: -7pt;">%</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid-page; 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; vertical-align: top; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; width: initial; text-indent: 0; color: #000000; padding: 1.6pt 6pt 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: #000000; margin-bottom: 0px; padding: 0px;">​<sup style="; 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: #000000; width: 100%; padding: 1.6pt 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: #000000; margin-bottom: 0px; padding: 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: #000000; width: initial; vertical-align: top; text-indent: 0; padding: 0 6pt 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: #000000; margin-bottom: 0px; padding: 0px;">​<sup style="; 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: #000000; width: 100%; padding: 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: #000000; margin-bottom: 0px; padding: 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: #000000; width: initial; vertical-align: top; text-indent: 0; padding: 0 6pt 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: #000000; margin-bottom: 0px; padding: 0px;">​<sup style="; 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: #000000; width: 100%; padding: 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: #000000; margin-bottom: 0px; padding: 0px;">For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&amp;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: #000000; width: initial; vertical-align: top; text-indent: 0; padding: 0 6pt 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: #000000; margin-bottom: 0px; padding: 0px;">​<sup style="; 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: #000000; width: 100%; padding: 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: #000000; margin-bottom: 0px; padding: 0px;">The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of November 30, 2024, the market value of unrated securities deemed by the investment adviser to be investment grade represents less than 1.0% of total investments.</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: #000000; width: initial; vertical-align: top; text-indent: 0; padding: 0 6pt 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: #000000; margin-bottom: 0px; padding: 0px;">​<sup style="; font-size: smaller; line-height: 0px;">*</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: #000000; width: 100%; padding: 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: #000000; margin-bottom: 0px; padding: 0px;">Ten largest sectors are presented. Additional sectors are found in Other.</div> </td> </tr> </table> 0.232 0.198 0.148 0.116 0.111 0.062 0.049 0.043 0.028 0.007 0.006 0.142 0.417 0.155 0.040 0.027 0.004 0.215 For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&amp;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. The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of November 30, 2024, the market value of unrated securities deemed by the investment adviser to be investment grade represents less than 1.0% of total investments. BlackRock Strategic Municipal Opportunities Fund Investor A1 Shares MDMTX This semi-annual shareholder report contains important information about BlackRock Strategic Municipal Opportunities Fund (the “Fund”) for the period of June 1, 2024 to November 30, 2024. semi-annual shareholder report You can find additional information about the Fund at <span style="color: #000000; 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: #000000; 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: #000000;">(based on a hypothetical $10,000 investment)</div> <table style="break-inside: avoid-page; margin-top: 2pt; table-layout: auto; width: 100%; border-collapse: collapse;"> <tr style="border-bottom-style: solid; border-bottom-width: 0.5pt; break-inside: avoid-page; height: auto; border-bottom-color: #000000;"> <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: #000000; background-color: #ffce00; text-align: left; padding: 2pt 0 2pt 0;">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: #000000; background-color: #ffce00; text-align: center; padding: 2pt 0 2pt 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: #000000; background-color: #ffce00; text-align: center; padding: 2pt 0 2pt 0;">Costs paid as a percentage of a<br/>$10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: #000000; overflow-x: hidden; font-size: 8pt; line-height: 10pt; text-align: left; padding: 4pt 0 2pt 0;">Investor A1 Shares</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: #000000; text-align: center; font-size: 8pt; line-height: 10pt; padding: 4pt 0 2pt 0;"><span style="float: none;">$</span>40</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; white-space: nowrap; font-family: 'Arial'; color: #000000; text-align: center; font-size: 8pt; line-height: 10pt; padding: 4pt 0 2pt 0;">0.77<span>%</span>^(a)</td> </tr> </table> <table style="break-inside: avoid-page; 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: #000000; width: initial; text-indent: 0; padding: 1.6pt 6pt 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: #000000; margin-bottom: 0px; padding: 0px;">​^(a)</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: #000000; text-indent: 0; width: 100%; padding: 1.6pt 6pt 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: #000000; margin-bottom: 0px; padding: 0px;">Annualized.</div> </td> </tr> </table> 40 0.0077 <table style="break-inside: avoid-page; table-layout: auto; width: 100%; border-collapse: collapse; margin-top: 0px;" title="oef:AvgAnnlRtrTableTextBlock"> <tr style="border-bottom-style: solid; border-bottom-width: 0.5pt; break-inside: avoid-page; height: auto; background-color: #ffce00; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: bottom; width: auto; font-family: 'Arial'; font-weight: bold; font-style: normal; font-size: 10pt; text-align: left; text-indent: 0; letter-spacing: normal; text-transform: none; font-kerning: none; color: #000000; margin-top: 0; margin-bottom: 0; padding: 2pt 0 1.5pt 0;">Average annual total returns</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; width: auto; padding: 1.6pt 0 0 0;"></td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; white-space: nowrap; width: auto; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; padding: 1.6pt 0 0 0;"></td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; width: auto; padding: 1.6pt 0 0 0;"></td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; white-space: nowrap; width: auto; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; padding: 1.6pt 0 0 0;"></td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; width: auto; padding: 1.6pt 0 0 0;"></td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; white-space: nowrap; width: auto; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; padding: 1.6pt 0 0 0;"></td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; width: auto; padding: 1.6pt 0 0 0;"></td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; white-space: nowrap; width: auto; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; padding: 1.6pt 0 0 0;"></td> </tr> <tr style="border-bottom-style: none; border-bottom-width: initial; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; width: 60%; font-family: 'Arial'; font-weight: normal; font-style: italic; font-size: 8pt; line-height: 10pt; white-space: nowrap; color: #000000; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;"></td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; width: auto; font-family: 'Arial'; font-weight: normal; font-style: italic; font-size: 8pt; line-height: 10pt; white-space: nowrap; color: #000000; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; padding: 1.6pt 0 0 0;">6-Month<br/>Total<br/>Returns</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; width: auto; font-family: 'Arial'; font-weight: normal; font-style: italic; font-size: 8pt; line-height: 10pt; white-space: nowrap; color: #000000; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; padding: 1.6pt 0 0 0;"></td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; width: auto; font-family: 'Arial'; font-weight: normal; font-style: italic; font-size: 8pt; line-height: 10pt; white-space: nowrap; color: #000000; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; padding: 1.6pt 0 0 0;">1 Year</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; width: auto; font-family: 'Arial'; font-weight: normal; font-style: italic; font-size: 8pt; line-height: 10pt; white-space: nowrap; color: #000000; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; padding: 1.6pt 0 0 0;"></td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; width: auto; font-family: 'Arial'; font-weight: normal; font-style: italic; font-size: 8pt; line-height: 10pt; white-space: nowrap; color: #000000; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; padding: 1.6pt 0 0 0;">5 Years</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; width: auto; font-family: 'Arial'; font-weight: normal; font-style: italic; font-size: 8pt; line-height: 10pt; white-space: nowrap; color: #000000; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; padding: 1.6pt 0 0 0;"></td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; width: auto; font-family: 'Arial'; font-weight: normal; font-style: italic; font-size: 8pt; line-height: 10pt; white-space: nowrap; color: #000000; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; padding: 1.6pt 0 0 0;">10 Years</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; width: auto; font-family: 'Arial'; font-weight: normal; font-style: italic; font-size: 8pt; line-height: 10pt; white-space: nowrap; color: #000000; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; padding: 1.6pt 0 0 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; text-align: left; color: #000000; overflow-x: hidden; font-family: 'Arial'; width: 100%; text-indent: -6pt; font-size: 8pt; line-height: 10pt; padding: 2pt 0 0 6pt;">Investor A1 Shares</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; font-family: 'Arial'; color: #000000; width: auto; font-size: 8pt; line-height: 10pt; padding: 2pt 0 0 0;">4.73</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: #000000; text-align: left; white-space: nowrap; width: auto; font-size: 8pt; line-height: 10pt; padding: 1.6pt 6pt 0 0;"><span>%</span></td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; font-family: 'Arial'; color: #000000; width: auto; font-size: 8pt; line-height: 10pt; padding: 2pt 0 0 0;">7.05</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: #000000; text-align: left; white-space: nowrap; width: auto; font-size: 8pt; line-height: 10pt; padding: 1.6pt 6pt 0 0;"><span>%</span></td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; font-family: 'Arial'; color: #000000; width: auto; font-size: 8pt; line-height: 10pt; padding: 2pt 0 0 0;">0.82</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: #000000; text-align: left; white-space: nowrap; width: auto; font-size: 8pt; line-height: 10pt; padding: 1.6pt 6pt 0 0;"><span>%</span></td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; font-family: 'Arial'; color: #000000; width: auto; font-size: 8pt; line-height: 10pt; padding: 2pt 0 0 0;">2.43</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: #000000; text-align: left; white-space: nowrap; width: auto; font-size: 8pt; line-height: 10pt; padding: 1.6pt 0 0 0;"><span>%</span></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; text-align: left; color: #000000; overflow-x: hidden; font-family: 'Arial'; width: 100%; text-indent: -6pt; font-size: 8pt; line-height: 10pt; padding: 2pt 0 0 6pt;">Bloomberg Municipal Bond Index</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; font-family: 'Arial'; color: #000000; width: auto; font-size: 8pt; line-height: 10pt; padding: 2pt 0 0 0;">4.54</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: #000000; text-align: left; white-space: nowrap; width: auto; font-size: 8pt; line-height: 10pt; padding: 1.6pt 6pt 0 0;"></td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; font-family: 'Arial'; color: #000000; width: auto; font-size: 8pt; line-height: 10pt; padding: 2pt 0 0 0;">4.93</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: #000000; text-align: left; white-space: nowrap; width: auto; font-size: 8pt; line-height: 10pt; padding: 1.6pt 6pt 0 0;"></td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; font-family: 'Arial'; color: #000000; width: auto; font-size: 8pt; line-height: 10pt; padding: 2pt 0 0 0;">1.35</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: #000000; text-align: left; white-space: nowrap; width: auto; font-size: 8pt; line-height: 10pt; padding: 1.6pt 6pt 0 0;"></td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; font-family: 'Arial'; color: #000000; width: auto; font-size: 8pt; line-height: 10pt; padding: 2pt 0 0 0;">2.45</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: #000000; text-align: left; white-space: nowrap; width: auto; font-size: 8pt; line-height: 10pt; padding: 1.6pt 0 0 0;"></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; color: #000000; overflow-x: hidden; font-family: 'Arial'; width: 100%; text-indent: -6pt; font-size: 8pt; line-height: 10pt; padding: 2pt 0 1.6pt 6pt;">Customized Reference Benchmark</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; font-family: 'Arial'; color: #000000; width: auto; font-size: 8pt; line-height: 10pt; padding: 2pt 0 1.6pt 0;">4.94</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: #000000; text-align: left; white-space: nowrap; width: auto; font-size: 8pt; line-height: 10pt; padding: 1.6pt 6pt 1.6pt 0;"></td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; font-family: 'Arial'; color: #000000; width: auto; font-size: 8pt; line-height: 10pt; padding: 2pt 0 1.6pt 0;">6.41</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: #000000; text-align: left; white-space: nowrap; width: auto; font-size: 8pt; line-height: 10pt; padding: 1.6pt 6pt 1.6pt 0;"></td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; font-family: 'Arial'; color: #000000; width: auto; font-size: 8pt; line-height: 10pt; padding: 2pt 0 1.6pt 0;">1.67</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: #000000; text-align: left; white-space: nowrap; width: auto; font-size: 8pt; line-height: 10pt; padding: 1.6pt 6pt 1.6pt 0;"></td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; font-family: 'Arial'; color: #000000; width: auto; font-size: 8pt; line-height: 10pt; padding: 2pt 0 1.6pt 0;"><span class="sec-hidden" style="-sec-ix-hidden: h_74_80fb8c9a_6b9e_4ab9_b11e_03040eadd762;" title="element: N0%, context: 0%">N/A</span></td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: #000000; text-align: left; white-space: nowrap; width: auto; font-size: 8pt; line-height: 10pt; padding: 1.6pt 0 1.6pt 0;"></td> </tr> </table> Investor A1 Shares 0.0473 0.0705 0.0082 0.0243 Bloomberg Municipal Bond Index 0.0454 0.0493 0.0135 0.0245 Customized Reference Benchmark 0.0494 0.0641 0.0167 <table style="break-inside: avoid-page; table-layout: auto; width: 100%; border-collapse: collapse; margin-top: 0px;"> <tr style="border-bottom-style: solid; border-bottom-width: 0.5pt; break-inside: avoid-page; height: auto; background-color: #ffce00; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: bottom; 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: #000000; margin-top: 0; margin-bottom: 0; padding: 2pt 0 1.5pt 0;">Key Fund statistics</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; font-size: 8pt; line-height: 10pt; width: 12%; padding: 1.6pt 6pt 0 6pt;"></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; color: #000000; overflow-x: hidden; font-family: 'Arial'; font-size: 8pt; line-height: 10pt; font-weight: normal; text-align: left; width: 100%; text-indent: -6pt; padding: 1.6pt 6pt 0 6pt;">Net Assets</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 8pt; line-height: 10pt; width: 12%; padding: 1.6pt 6pt 0 6pt;"><span style="float: none;">$</span>3,952,789,242</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; color: #000000; overflow-x: hidden; font-family: 'Arial'; font-size: 8pt; line-height: 10pt; font-weight: normal; text-align: left; width: 100%; text-indent: -6pt; padding: 1.6pt 6pt 0 6pt;">Number of Portfolio Holdings</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 8pt; line-height: 10pt; width: 12%; padding: 1.6pt 6pt 0 6pt;">618</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: #000000; overflow-x: hidden; font-family: 'Arial'; font-size: 8pt; line-height: 10pt; font-weight: normal; text-align: left; width: 100%; text-indent: -6pt; padding: 1.6pt 6pt 1.6pt 6pt;">Portfolio Turnover Rate</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 8pt; line-height: 10pt; width: 12%; padding: 1.6pt 6pt 1.6pt 6pt;">20<span>%</span></td> </tr> </table> 3952789242 618 0.20 Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit <span style="color: #000000; font-weight: bold; text-decoration-line: none; font-family: 'arial'; font-size: 8pt; line-height: 10.4pt; text-align: justify;">blackrock.com</span> for more recent performance information. <div style="margin-top: 0px; font-kerning: none; font-family: 'arial'; font-weight: bold; font-size: 10pt; color: #000000; 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: #000000; margin-bottom: 0px;">(as of November 30, 2024)</div> <table style="break-inside: avoid-page; table-layout: auto; width: 100%; border-collapse: collapse; margin-top: 0px;"> <tr style="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: #ffce00; border-bottom-color: #000000;"> <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: #000000; margin-top: 0; margin-bottom: 0; padding: 2pt 0 1.5pt 0;"><strong>Sector</strong><strong> allocation</strong></td> </tr> <tr style="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: #000000;"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; white-space: nowrap; font-weight: normal; text-align: left; text-indent: -6pt; width: auto; padding: 1.6pt 0 0 6pt;"><em>Sector^(a)</em></td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; white-space: nowrap; padding: 1.6pt 0 0 6pt;"><em>Percent of Total<br/>Investments^(b)</em></td> <td style="width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; white-space: nowrap; padding: 1.6pt 0 0 6pt;"></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: #000000; 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%; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">Utilities</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; 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; padding: 2pt 0 0 0;">23.2</td> <td style="width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; 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; padding: 1.6pt 0 0 0;"><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: #000000; 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%; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">County/City/Special District/School District</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; 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; padding: 2pt 0 0 0;">19.8</td> <td style="width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; 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; padding: 1.6pt 0 0 0;"><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: #000000; 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%; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">Transportation</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; 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; padding: 2pt 0 0 0;">14.8</td> <td style="width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; 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; padding: 1.6pt 0 0 0;"><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: #000000; 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%; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">State</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; 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; padding: 2pt 0 0 0;">11.6</td> <td style="width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; 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; padding: 1.6pt 0 0 0;"><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: #000000; 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%; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">Corporate</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; 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; padding: 2pt 0 0 0;">11.1</td> <td style="width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; 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; padding: 1.6pt 0 0 0;"><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: #000000; 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%; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">Health</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; 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; padding: 2pt 0 0 0;">6.2</td> <td style="width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; 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; padding: 1.6pt 0 0 0;"><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: #000000; 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%; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">Education</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; 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; padding: 2pt 0 0 0;">4.9</td> <td style="width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; 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; padding: 1.6pt 0 0 0;"><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: #000000; 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%; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">Housing</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; 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; padding: 2pt 0 0 0;">4.3</td> <td style="width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; 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; padding: 1.6pt 0 0 0;"><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: #000000; 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%; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">Tobacco</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; 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; padding: 2pt 0 0 0;">2.8</td> <td style="width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; 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; padding: 1.6pt 0 0 0;"><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: #000000; 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%; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">Commercial Services &amp; Supplies</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; 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; padding: 2pt 0 0 0;">0.7</td> <td style="width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; 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; padding: 1.6pt 0 0 0;"><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: #000000;"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: #000000; 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%; text-indent: -6pt; padding: 1.6pt 0 1.6pt 6pt;">Other^*</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; 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; padding: 2pt 0 1.6pt 0;">0.6</td> <td style="width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; 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; padding: 1.6pt 0 1.6pt 0;"><span style="visibility: hidden; margin-left: -7pt;">%</span></td> </tr> </table> <table style="break-inside: avoid-page; table-layout: auto; width: 100%; border-collapse: collapse; margin-top: 0px;"> <tr style="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: #ffce00; border-bottom-color: #000000;"> <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: #000000; margin-top: 0; margin-bottom: 0; padding: 2pt 6pt 1.5pt 0;"><strong>Credit quality allocation</strong></td> </tr> <tr style="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: #000000;"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; white-space: nowrap; font-weight: normal; text-align: left; width: 100%; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">Credit Rating^(c)</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; white-space: nowrap; padding: 1.6pt 0 0 0;">Percent of Total<br/>Investments^(b)</td> <td style="width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; white-space: nowrap; padding: 1.6pt 0 0 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: #000000; 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%; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">AAA/Aaa</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; color: #000000; 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; padding: 2pt 0 0 0;">14.2</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: #000000; text-align: left; 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; padding: 1.6pt 0 0 0;"><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: #000000; 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%; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">AA/Aa</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; color: #000000; 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; padding: 2pt 0 0 0;">41.7</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: #000000; text-align: left; 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; padding: 1.6pt 0 0 0;"><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: #000000; 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%; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">A</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; color: #000000; 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; padding: 2pt 0 0 0;">15.5</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: #000000; text-align: left; 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; padding: 1.6pt 0 0 0;"><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: #000000; 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%; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">BBB/Baa</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; color: #000000; 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; padding: 2pt 0 0 0;">4.0</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: #000000; text-align: left; 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; padding: 1.6pt 0 0 0;"><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: #000000; 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%; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">BB/Ba</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; color: #000000; 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; padding: 2pt 0 0 0;">2.7</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: #000000; text-align: left; 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; padding: 1.6pt 0 0 0;"><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: #000000; 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%; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">B</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; color: #000000; 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; padding: 2pt 0 0 0;">0.4</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: #000000; text-align: left; 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; padding: 1.6pt 0 0 0;"><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: #000000;"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: #000000; 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%; text-indent: -6pt; padding: 1.6pt 0 1.6pt 6pt;">N/R^(d)</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; color: #000000; 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; padding: 2pt 0 1.6pt 0;">21.5</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: #000000; text-align: left; 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; padding: 1.6pt 0 1.6pt 0;"><span style="visibility: hidden; margin-left: -7pt;">%</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid-page; 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; vertical-align: top; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; width: initial; text-indent: 0; color: #000000; padding: 1.6pt 6pt 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: #000000; margin-bottom: 0px; padding: 0px;">​^(a)</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: #000000; width: 100%; padding: 1.6pt 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: #000000; margin-bottom: 0px; padding: 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: #000000; width: initial; vertical-align: top; text-indent: 0; padding: 0 6pt 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: #000000; margin-bottom: 0px; padding: 0px;">​^(b)</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: #000000; width: 100%; padding: 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: #000000; margin-bottom: 0px; padding: 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: #000000; width: initial; vertical-align: top; text-indent: 0; padding: 0 6pt 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: #000000; margin-bottom: 0px; padding: 0px;">​^(c)</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: #000000; width: 100%; padding: 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: #000000; margin-bottom: 0px; padding: 0px;">For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&amp;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: #000000; width: initial; vertical-align: top; text-indent: 0; padding: 0 6pt 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: #000000; margin-bottom: 0px; padding: 0px;">​^(d)</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: #000000; width: 100%; padding: 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: #000000; margin-bottom: 0px; padding: 0px;">The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of November 30, 2024, the market value of unrated securities deemed by the investment adviser to be investment grade represents less than 1.0% of total investments.</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: #000000; width: initial; vertical-align: top; text-indent: 0; padding: 0 6pt 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: #000000; margin-bottom: 0px; padding: 0px;">​^*</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: #000000; width: 100%; padding: 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: #000000; margin-bottom: 0px; padding: 0px;">Ten largest sectors are presented. Additional sectors are found in Other.</div> </td> </tr> </table> 0.232 0.198 0.148 0.116 0.111 0.062 0.049 0.043 0.028 0.007 0.006 0.142 0.417 0.155 0.040 0.027 0.004 0.215 For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&amp;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. The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of November 30, 2024, the market value of unrated securities deemed by the investment adviser to be investment grade represents less than 1.0% of total investments. BlackRock Strategic Municipal Opportunities Fund Investor C Shares MFMTX This semi-annual shareholder report contains important information about BlackRock Strategic Municipal Opportunities Fund (the “Fund”) for the period of June 1, 2024 to November 30, 2024. semi-annual shareholder report You can find additional information about the Fund at <span style="color: #000000; 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: #000000; 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: #000000;">(based on a hypothetical $10,000 investment)</div> <table style="break-inside: avoid-page; margin-top: 2pt; table-layout: auto; width: 100%; border-collapse: collapse;"> <tr style="border-bottom-style: solid; border-bottom-width: 0.5pt; break-inside: avoid-page; height: auto; border-bottom-color: #000000;"> <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: #000000; background-color: #ffce00; text-align: left; padding: 2pt 0 2pt 0;">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: #000000; background-color: #ffce00; text-align: center; padding: 2pt 0 2pt 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: #000000; background-color: #ffce00; text-align: center; padding: 2pt 0 2pt 0;">Costs paid as a percentage of a<br/>$10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: #000000; overflow-x: hidden; font-size: 8pt; line-height: 10pt; text-align: left; padding: 4pt 0 2pt 0;">Investor C Shares</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: #000000; text-align: center; font-size: 8pt; line-height: 10pt; padding: 4pt 0 2pt 0;"><span style="float: none;">$</span>86</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; white-space: nowrap; font-family: 'Arial'; color: #000000; text-align: center; font-size: 8pt; line-height: 10pt; padding: 4pt 0 2pt 0;">1.68<span>%</span><span style="vertical-align: 0.5em; font-size: smaller; line-height: 0px;">(a)</span><sup style="vertical-align: 0.5em; font-size: smaller; line-height: 0px;"></sup></td> </tr> </table> <table style="break-inside: avoid-page; 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: #000000; width: initial; text-indent: 0; padding: 1.6pt 6pt 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: #000000; margin-bottom: 0px; padding: 0px;">​<sup style="vertical-align: middle; 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: #000000; text-indent: 0; width: 100%; padding: 1.6pt 6pt 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: #000000; margin-bottom: 0px; padding: 0px;">Annualized.</div> </td> </tr> </table> 86 0.0168 <table style="break-inside: avoid-page; table-layout: auto; width: 100%; border-collapse: collapse; margin-top: 0px;" title="oef:AvgAnnlRtrTableTextBlock"> <tr style="border-bottom-style: solid; border-bottom-width: 0.5pt; break-inside: avoid-page; height: auto; background-color: #ffce00; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: bottom; width: auto; font-family: 'Arial'; font-weight: bold; font-style: normal; font-size: 10pt; text-align: left; text-indent: 0; letter-spacing: normal; text-transform: none; font-kerning: none; color: #000000; margin-top: 0; margin-bottom: 0; padding: 2pt 0 1.5pt 0;">Average annual total returns</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; width: auto; padding: 1.6pt 0 0 0;"></td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; white-space: nowrap; width: auto; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; padding: 1.6pt 0 0 0;"></td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; width: auto; padding: 1.6pt 0 0 0;"></td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; white-space: nowrap; width: auto; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; padding: 1.6pt 0 0 0;"></td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; width: auto; padding: 1.6pt 0 0 0;"></td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; white-space: nowrap; width: auto; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; padding: 1.6pt 0 0 0;"></td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; width: auto; padding: 1.6pt 0 0 0;"></td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; white-space: nowrap; width: auto; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; padding: 1.6pt 0 0 0;"></td> </tr> <tr style="border-bottom-style: none; border-bottom-width: initial; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; width: 60%; font-family: 'Arial'; font-weight: normal; font-style: italic; font-size: 8pt; line-height: 10pt; white-space: nowrap; color: #000000; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;"></td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; width: auto; font-family: 'Arial'; font-weight: normal; font-style: italic; font-size: 8pt; line-height: 10pt; white-space: nowrap; color: #000000; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; padding: 1.6pt 0 0 0;">6-Month<br/>Total<br/>Returns</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; width: auto; font-family: 'Arial'; font-weight: normal; font-style: italic; font-size: 8pt; line-height: 10pt; white-space: nowrap; color: #000000; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; padding: 1.6pt 0 0 0;"></td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; width: auto; font-family: 'Arial'; font-weight: normal; font-style: italic; font-size: 8pt; line-height: 10pt; white-space: nowrap; color: #000000; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; padding: 1.6pt 0 0 0;">1 Year</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; width: auto; font-family: 'Arial'; font-weight: normal; font-style: italic; font-size: 8pt; line-height: 10pt; white-space: nowrap; color: #000000; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; padding: 1.6pt 0 0 0;"></td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; width: auto; font-family: 'Arial'; font-weight: normal; font-style: italic; font-size: 8pt; line-height: 10pt; white-space: nowrap; color: #000000; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; padding: 1.6pt 0 0 0;">5 Years</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; width: auto; font-family: 'Arial'; font-weight: normal; font-style: italic; font-size: 8pt; line-height: 10pt; white-space: nowrap; color: #000000; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; padding: 1.6pt 0 0 0;"></td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; width: auto; font-family: 'Arial'; font-weight: normal; font-style: italic; font-size: 8pt; line-height: 10pt; white-space: nowrap; color: #000000; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; padding: 1.6pt 0 0 0;">10 Years</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; width: auto; font-family: 'Arial'; font-weight: normal; font-style: italic; font-size: 8pt; line-height: 10pt; white-space: nowrap; color: #000000; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; padding: 1.6pt 0 0 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; text-align: left; color: #000000; overflow-x: hidden; font-family: 'Arial'; width: 100%; text-indent: -6pt; font-size: 8pt; line-height: 10pt; padding: 2pt 0 0 6pt;">Investor C Shares</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; font-family: 'Arial'; color: #000000; width: auto; font-size: 8pt; line-height: 10pt; padding: 2pt 0 0 0;">4.25</td> <td style="break-inside: avoid-page; vertical-align: middle; font-kerning: none; font-family: 'Arial'; color: #000000; text-align: left; white-space: nowrap; width: auto; font-size: 8pt; line-height: 10pt; padding: 1.6pt 6pt 0 0;"><span>%</span></td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; font-family: 'Arial'; color: #000000; width: auto; font-size: 8pt; line-height: 10pt; padding: 2pt 0 0 0;">6.08</td> <td style="break-inside: avoid-page; vertical-align: middle; font-kerning: none; font-family: 'Arial'; color: #000000; text-align: left; white-space: nowrap; width: auto; font-size: 8pt; line-height: 10pt; padding: 1.6pt 6pt 0 0;"><span>%</span></td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; font-family: 'Arial'; color: #000000; width: auto; font-size: 8pt; line-height: 10pt; padding: 2pt 0 0 0;">(0.10</td> <td style="break-inside: avoid-page; vertical-align: middle; font-kerning: none; font-family: 'Arial'; color: #000000; text-align: left; white-space: nowrap; width: auto; font-size: 8pt; line-height: 10pt; padding: 1.6pt 6pt 0 0;"><span>)</span><span>%</span></td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; font-family: 'Arial'; color: #000000; width: auto; font-size: 8pt; line-height: 10pt; padding: 2pt 0 0 0;">1.66</td> <td style="break-inside: avoid-page; vertical-align: middle; font-kerning: none; font-family: 'Arial'; color: #000000; text-align: left; white-space: nowrap; width: auto; font-size: 8pt; line-height: 10pt; padding: 1.6pt 0 0 0;"><span>%</span></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; text-align: left; color: #000000; overflow-x: hidden; font-family: 'Arial'; width: 100%; text-indent: -6pt; font-size: 8pt; line-height: 10pt; padding: 2pt 0 0 6pt;">Investor C Shares (with sales charge)</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; font-family: 'Arial'; color: #000000; width: auto; font-size: 8pt; line-height: 10pt; padding: 2pt 0 0 0;">3.25</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: #000000; text-align: left; white-space: nowrap; width: auto; font-size: 8pt; line-height: 10pt; padding: 1.6pt 6pt 0 0;"></td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; font-family: 'Arial'; color: #000000; width: auto; font-size: 8pt; line-height: 10pt; padding: 2pt 0 0 0;">5.08</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: #000000; text-align: left; white-space: nowrap; width: auto; font-size: 8pt; line-height: 10pt; padding: 1.6pt 6pt 0 0;"></td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; font-family: 'Arial'; color: #000000; width: auto; font-size: 8pt; line-height: 10pt; padding: 2pt 0 0 0;">(0.10</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: #000000; text-align: left; white-space: nowrap; width: auto; font-size: 8pt; line-height: 10pt; padding: 1.6pt 6pt 0 0;"><span>)</span></td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; font-family: 'Arial'; color: #000000; width: auto; font-size: 8pt; line-height: 10pt; padding: 2pt 0 0 0;">1.66</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: #000000; text-align: left; white-space: nowrap; width: auto; font-size: 8pt; line-height: 10pt; padding: 1.6pt 0 0 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; text-align: left; color: #000000; overflow-x: hidden; font-family: 'Arial'; width: 100%; text-indent: -6pt; font-size: 8pt; line-height: 10pt; padding: 2pt 0 0 6pt;">Bloomberg Municipal Bond Index</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; font-family: 'Arial'; color: #000000; width: auto; font-size: 8pt; line-height: 10pt; padding: 2pt 0 0 0;">4.54</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: #000000; text-align: left; white-space: nowrap; width: auto; font-size: 8pt; line-height: 10pt; padding: 1.6pt 6pt 0 0;"></td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; font-family: 'Arial'; color: #000000; width: auto; font-size: 8pt; line-height: 10pt; padding: 2pt 0 0 0;">4.93</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: #000000; text-align: left; white-space: nowrap; width: auto; font-size: 8pt; line-height: 10pt; padding: 1.6pt 6pt 0 0;"></td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; font-family: 'Arial'; color: #000000; width: auto; font-size: 8pt; line-height: 10pt; padding: 2pt 0 0 0;">1.35</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: #000000; text-align: left; white-space: nowrap; width: auto; font-size: 8pt; line-height: 10pt; padding: 1.6pt 6pt 0 0;"></td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; font-family: 'Arial'; color: #000000; width: auto; font-size: 8pt; line-height: 10pt; padding: 2pt 0 0 0;">2.45</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: #000000; text-align: left; white-space: nowrap; width: auto; font-size: 8pt; line-height: 10pt; padding: 1.6pt 0 0 0;"></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; color: #000000; overflow-x: hidden; font-family: 'Arial'; width: 100%; text-indent: -6pt; font-size: 8pt; line-height: 10pt; padding: 2pt 0 1.6pt 6pt;">Customized Reference Benchmark</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; font-family: 'Arial'; color: #000000; width: auto; font-size: 8pt; line-height: 10pt; padding: 2pt 0 1.6pt 0;">4.94</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: #000000; text-align: left; white-space: nowrap; width: auto; font-size: 8pt; line-height: 10pt; padding: 1.6pt 6pt 1.6pt 0;"></td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; font-family: 'Arial'; color: #000000; width: auto; font-size: 8pt; line-height: 10pt; padding: 2pt 0 1.6pt 0;">6.41</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: #000000; text-align: left; white-space: nowrap; width: auto; font-size: 8pt; line-height: 10pt; padding: 1.6pt 6pt 1.6pt 0;"></td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; font-family: 'Arial'; color: #000000; width: auto; font-size: 8pt; line-height: 10pt; padding: 2pt 0 1.6pt 0;">1.67</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: #000000; text-align: left; white-space: nowrap; width: auto; font-size: 8pt; line-height: 10pt; padding: 1.6pt 6pt 1.6pt 0;"></td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; font-family: 'Arial'; color: #000000; width: auto; font-size: 8pt; line-height: 10pt; padding: 2pt 0 1.6pt 0;"><span class="sec-hidden" style="-sec-ix-hidden: h_106_630a97a4_cc1c_4512_a9af_916dcaaf268f;" title="Manually tagged">N/A</span></td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: #000000; text-align: left; white-space: nowrap; width: auto; font-size: 8pt; line-height: 10pt; padding: 1.6pt 0 1.6pt 0;"></td> </tr> </table> Investor C Shares 0.0425 0.0608 -0.0010 0.0166 Investor C Shares (with sales charge) 0.0325 0.0508 -0.0010 0.0166 Bloomberg Municipal Bond Index 0.0454 0.0493 0.0135 0.0245 Customized Reference Benchmark 0.0494 0.0641 0.0167 <table style="break-inside: avoid-page; table-layout: auto; width: 100%; border-collapse: collapse; margin-top: 0px;"> <tr style="border-bottom-style: solid; border-bottom-width: 0.5pt; break-inside: avoid-page; height: auto; background-color: #ffce00; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: bottom; 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: #000000; margin-top: 0; margin-bottom: 0; padding: 2pt 0 1.5pt 0;">Key Fund statistics</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; font-size: 8pt; line-height: 10pt; width: 12%; padding: 1.6pt 6pt 0 6pt;"></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; color: #000000; overflow-x: hidden; font-family: 'Arial'; font-size: 8pt; line-height: 10pt; font-weight: normal; text-align: left; width: 100%; text-indent: -6pt; padding: 1.6pt 6pt 0 6pt;">Net Assets</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 8pt; line-height: 10pt; width: 12%; padding: 1.6pt 6pt 0 6pt;"><span style="float: none;">$</span>3,952,789,242</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; color: #000000; overflow-x: hidden; font-family: 'Arial'; font-size: 8pt; line-height: 10pt; font-weight: normal; text-align: left; width: 100%; text-indent: -6pt; padding: 1.6pt 6pt 0 6pt;">Number of Portfolio Holdings</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 8pt; line-height: 10pt; width: 12%; padding: 1.6pt 6pt 0 6pt;">618</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: #000000; overflow-x: hidden; font-family: 'Arial'; font-size: 8pt; line-height: 10pt; font-weight: normal; text-align: left; width: 100%; text-indent: -6pt; padding: 1.6pt 6pt 1.6pt 6pt;">Portfolio Turnover Rate</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 8pt; line-height: 10pt; width: 12%; padding: 1.6pt 6pt 1.6pt 6pt;">20<span>%</span></td> </tr> </table> 3952789242 618 0.20 Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit <span style="color: #000000; font-weight: bold; text-decoration-line: none; font-family: 'arial'; font-size: 8pt; line-height: 10.4pt; text-align: justify;">blackrock.com</span> for more recent performance information. <div style="margin-top: 0px; font-kerning: none; font-family: 'arial'; font-weight: bold; font-size: 10pt; color: #000000; 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: #000000; margin-bottom: 0px;">(as of November 30, 2024)</div> <table style="break-inside: avoid-page; table-layout: auto; width: 100%; border-collapse: collapse; margin-top: 0px;"> <tr style="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: #ffce00; border-bottom-color: #000000;"> <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: #000000; margin-top: 0; margin-bottom: 0; padding: 2pt 0 1.5pt 0;"><strong>Sector</strong><strong> allocation</strong></td> </tr> <tr style="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: #000000;"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; white-space: nowrap; font-weight: normal; text-align: left; text-indent: -6pt; width: auto; padding: 1.6pt 0 0 6pt;"><em>Sector<sup style="vertical-align: middle; font-size: smaller; line-height: 0px;">(a)</sup></em></td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; white-space: nowrap; padding: 1.6pt 0 0 6pt;"><em>Percent of Total<br/>Investments<sup style="vertical-align: middle; font-size: smaller; line-height: 0px;">(b)</sup></em></td> <td style="width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; white-space: nowrap; padding: 1.6pt 0 0 6pt;"></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: #000000; 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%; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">Utilities</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; 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; padding: 2pt 0 0 0;">23.2</td> <td style="width: auto; break-inside: avoid-page; vertical-align: middle; font-kerning: none; text-align: left; 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; padding: 1.6pt 0 0 0;"><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: #000000; 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%; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">County/City/Special District/School District</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; 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; padding: 2pt 0 0 0;">19.8</td> <td style="width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; 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; padding: 1.6pt 0 0 0;"><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: #000000; 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%; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">Transportation</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; 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; padding: 2pt 0 0 0;">14.8</td> <td style="width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; 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; padding: 1.6pt 0 0 0;"><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: #000000; 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%; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">State</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; 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; padding: 2pt 0 0 0;">11.6</td> <td style="width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; 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; padding: 1.6pt 0 0 0;"><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: #000000; 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%; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">Corporate</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; 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; padding: 2pt 0 0 0;">11.1</td> <td style="width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; 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; padding: 1.6pt 0 0 0;"><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: #000000; 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%; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">Health</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; 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; padding: 2pt 0 0 0;">6.2</td> <td style="width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; 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; padding: 1.6pt 0 0 0;"><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: #000000; 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%; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">Education</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; 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; padding: 2pt 0 0 0;">4.9</td> <td style="width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; 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; padding: 1.6pt 0 0 0;"><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: #000000; 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%; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">Housing</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; 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; padding: 2pt 0 0 0;">4.3</td> <td style="width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; 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; padding: 1.6pt 0 0 0;"><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: #000000; 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%; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">Tobacco</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; 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; padding: 2pt 0 0 0;">2.8</td> <td style="width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; 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; padding: 1.6pt 0 0 0;"><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: #000000; 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%; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">Commercial Services &amp; Supplies</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; 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; padding: 2pt 0 0 0;">0.7</td> <td style="width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; 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; padding: 1.6pt 0 0 0;"><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: #000000;"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: #000000; 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%; text-indent: -6pt; padding: 1.6pt 0 1.6pt 6pt;">Other<sup style="vertical-align: middle; font-size: smaller; line-height: 0px;">*</sup></td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; 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; padding: 2pt 0 1.6pt 0;">0.6</td> <td style="width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; 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; padding: 1.6pt 0 1.6pt 0;"><span style="visibility: hidden; margin-left: -7pt;">%</span></td> </tr> </table> <table style="break-inside: avoid-page; table-layout: auto; width: 100%; border-collapse: collapse; margin-top: 0px;"> <tr style="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: #ffce00; border-bottom-color: #000000;"> <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: #000000; margin-top: 0; margin-bottom: 0; padding: 2pt 6pt 1.5pt 0;"><strong>Credit quality allocation</strong></td> </tr> <tr style="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: #000000;"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; white-space: nowrap; font-weight: normal; text-align: left; width: 100%; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">Credit Rating<sup style="vertical-align: middle; font-size: smaller; line-height: 0px;">(c)</sup></td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; white-space: nowrap; padding: 1.6pt 0 0 0;">Percent of Total<br/>Investments<sup style="vertical-align: middle; font-size: smaller; line-height: 0px;">(b)</sup></td> <td style="width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; white-space: nowrap; padding: 1.6pt 0 0 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: #000000; 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%; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">AAA/Aaa</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; color: #000000; 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; padding: 2pt 0 0 0;">14.2</td> <td style="break-inside: avoid-page; vertical-align: middle; font-kerning: none; color: #000000; text-align: left; 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; padding: 1.6pt 0 0 0;"><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: #000000; 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%; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">AA/Aa</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; color: #000000; 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; padding: 2pt 0 0 0;">41.7</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: #000000; text-align: left; 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; padding: 1.6pt 0 0 0;"><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: #000000; 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%; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">A</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; color: #000000; 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; padding: 2pt 0 0 0;">15.5</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: #000000; text-align: left; 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; padding: 1.6pt 0 0 0;"><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: #000000; 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%; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">BBB/Baa</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; color: #000000; 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; padding: 2pt 0 0 0;">4.0</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: #000000; text-align: left; 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; padding: 1.6pt 0 0 0;"><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: #000000; 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%; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">BB/Ba</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; color: #000000; 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; padding: 2pt 0 0 0;">2.7</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: #000000; text-align: left; 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; padding: 1.6pt 0 0 0;"><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: #000000; 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%; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">B</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; color: #000000; 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; padding: 2pt 0 0 0;">0.4</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: #000000; text-align: left; 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; padding: 1.6pt 0 0 0;"><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: #000000;"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: #000000; 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%; text-indent: -6pt; padding: 1.6pt 0 1.6pt 6pt;">N/R<sup style="vertical-align: middle; font-size: smaller; line-height: 0px;">(d)</sup></td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; color: #000000; 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; padding: 2pt 0 1.6pt 0;">21.5</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: #000000; text-align: left; 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; padding: 1.6pt 0 1.6pt 0;"><span style="visibility: hidden; margin-left: -7pt;">%</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid-page; 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; vertical-align: top; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; width: initial; text-indent: 0; color: #000000; padding: 1.6pt 6pt 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: #000000; margin-bottom: 0px; padding: 0px;">​<sup style="vertical-align: middle; 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: #000000; width: 100%; padding: 1.6pt 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: #000000; margin-bottom: 0px; padding: 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: #000000; width: initial; vertical-align: top; text-indent: 0; padding: 0 6pt 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: #000000; margin-bottom: 0px; padding: 0px;">​<sup style="vertical-align: middle; 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: #000000; width: 100%; padding: 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: #000000; margin-bottom: 0px; padding: 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: #000000; width: initial; vertical-align: top; text-indent: 0; padding: 0 6pt 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: #000000; margin-bottom: 0px; padding: 0px;">​<sup style="vertical-align: middle; 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: #000000; width: 100%; padding: 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: #000000; margin-bottom: 0px; padding: 0px;">For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&amp;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: #000000; width: initial; vertical-align: top; text-indent: 0; padding: 0 6pt 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: #000000; margin-bottom: 0px; padding: 0px;">​<sup style="vertical-align: middle; 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: #000000; width: 100%; padding: 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: #000000; margin-bottom: 0px; padding: 0px;">The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of November 30, 2024, the market value of unrated securities deemed by the investment adviser to be investment grade represents less than 1.0% of total investments.</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: #000000; width: initial; vertical-align: top; text-indent: 0; padding: 0 6pt 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: #000000; margin-bottom: 0px; padding: 0px;">​<sup style="vertical-align: middle; font-size: smaller; line-height: 0px;">*</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: #000000; width: 100%; padding: 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: #000000; margin-bottom: 0px; padding: 0px;">Ten largest sectors are presented. Additional sectors are found in Other.</div> </td> </tr> </table> 0.232 0.198 0.148 0.116 0.111 0.062 0.049 0.043 0.028 0.007 0.006 0.142 0.417 0.155 0.040 0.027 0.004 0.215 For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&amp;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. The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of November 30, 2024, the market value of unrated securities deemed by the investment adviser to be investment grade represents less than 1.0% of total investments. BlackRock Strategic Municipal Opportunities Fund Class K Shares MKMTX This semi-annual shareholder report contains important information about BlackRock Strategic Municipal Opportunities Fund (the “Fund”) for the period of June 1, 2024 to November 30, 2024. semi-annual shareholder report You can find additional information about the Fund at <span style="color: #000000; 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: #000000; 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: #000000;">(based on a hypothetical $10,000 investment)</div> <table style="break-inside: avoid-page; margin-top: 2pt; table-layout: auto; width: 100%; border-collapse: collapse;"> <tr style="border-bottom-style: solid; border-bottom-width: 0.5pt; break-inside: avoid-page; height: auto; border-bottom-color: #000000;"> <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: #000000; background-color: #ffce00; text-align: left; padding: 2pt 0 2pt 0;">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: #000000; background-color: #ffce00; text-align: center; padding: 2pt 0 2pt 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: #000000; background-color: #ffce00; text-align: center; padding: 2pt 0 2pt 0;">Costs paid as a percentage of a<br/>$10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: #000000; overflow-x: hidden; font-size: 8pt; line-height: 10pt; text-align: left; padding: 4pt 0 2pt 0;">Class K Shares</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: #000000; text-align: center; font-size: 8pt; line-height: 10pt; padding: 4pt 0 2pt 0;"><span style="float: none;">$</span>32</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; white-space: nowrap; font-family: 'Arial'; color: #000000; text-align: center; font-size: 8pt; line-height: 10pt; padding: 4pt 0 2pt 0;">0.62<span>%</span>^(a)</td> </tr> </table> <table style="break-inside: avoid-page; 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: #000000; width: initial; text-indent: 0; padding: 1.6pt 6pt 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: #000000; margin-bottom: 0px; padding: 0px;">​<sup style="; 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: #000000; text-indent: 0; width: 100%; padding: 1.6pt 6pt 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: #000000; margin-bottom: 0px; padding: 0px;">Annualized.</div> </td> </tr> </table> 32 0.0062 <table style="break-inside: avoid-page; table-layout: auto; width: 100%; border-collapse: collapse; margin-top: 0px;" title="oef:AvgAnnlRtrTableTextBlock"> <tr style="border-bottom-style: solid; border-bottom-width: 0.5pt; break-inside: avoid-page; height: auto; background-color: #ffce00; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: bottom; width: auto; font-family: 'Arial'; font-weight: bold; font-style: normal; font-size: 10pt; text-align: left; text-indent: 0; letter-spacing: normal; text-transform: none; font-kerning: none; color: #000000; margin-top: 0; margin-bottom: 0; padding: 2pt 0 1.5pt 0;">Average annual total returns</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; width: auto; padding: 1.6pt 0 0 0;"></td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; white-space: nowrap; width: auto; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; padding: 1.6pt 0 0 0;"></td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; width: auto; padding: 1.6pt 0 0 0;"></td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; white-space: nowrap; width: auto; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; padding: 1.6pt 0 0 0;"></td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; width: auto; padding: 1.6pt 0 0 0;"></td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; white-space: nowrap; width: auto; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; padding: 1.6pt 0 0 0;"></td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; width: auto; padding: 1.6pt 0 0 0;"></td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; white-space: nowrap; width: auto; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; padding: 1.6pt 0 0 0;"></td> </tr> <tr style="border-bottom-style: none; border-bottom-width: initial; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; width: 60%; font-family: 'Arial'; font-weight: normal; font-style: italic; font-size: 8pt; line-height: 10pt; white-space: nowrap; color: #000000; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;"></td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; width: auto; font-family: 'Arial'; font-weight: normal; font-style: italic; font-size: 8pt; line-height: 10pt; white-space: nowrap; color: #000000; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; padding: 1.6pt 0 0 0;">6-Month<br/>Total<br/>Returns</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; width: auto; font-family: 'Arial'; font-weight: normal; font-style: italic; font-size: 8pt; line-height: 10pt; white-space: nowrap; color: #000000; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; padding: 1.6pt 0 0 0;"></td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; width: auto; font-family: 'Arial'; font-weight: normal; font-style: italic; font-size: 8pt; line-height: 10pt; white-space: nowrap; color: #000000; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; padding: 1.6pt 0 0 0;">1 Year</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; width: auto; font-family: 'Arial'; font-weight: normal; font-style: italic; font-size: 8pt; line-height: 10pt; white-space: nowrap; color: #000000; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; padding: 1.6pt 0 0 0;"></td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; width: auto; font-family: 'Arial'; font-weight: normal; font-style: italic; font-size: 8pt; line-height: 10pt; white-space: nowrap; color: #000000; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; padding: 1.6pt 0 0 0;">5 Years</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; width: auto; font-family: 'Arial'; font-weight: normal; font-style: italic; font-size: 8pt; line-height: 10pt; white-space: nowrap; color: #000000; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; padding: 1.6pt 0 0 0;"></td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; width: auto; font-family: 'Arial'; font-weight: normal; font-style: italic; font-size: 8pt; line-height: 10pt; white-space: nowrap; color: #000000; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; padding: 1.6pt 0 0 0;">10 Years</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; width: auto; font-family: 'Arial'; font-weight: normal; font-style: italic; font-size: 8pt; line-height: 10pt; white-space: nowrap; color: #000000; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; padding: 1.6pt 0 0 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; text-align: left; color: #000000; overflow-x: hidden; font-family: 'Arial'; width: 100%; text-indent: -6pt; font-size: 8pt; line-height: 10pt; padding: 2pt 0 0 6pt;">Class K Shares</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; font-family: 'Arial'; color: #000000; width: auto; font-size: 8pt; line-height: 10pt; padding: 2pt 0 0 0;">4.81</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: #000000; text-align: left; white-space: nowrap; width: auto; font-size: 8pt; line-height: 10pt; padding: 1.6pt 6pt 0 0;"><span>%</span></td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; font-family: 'Arial'; color: #000000; width: auto; font-size: 8pt; line-height: 10pt; padding: 2pt 0 0 0;">7.21</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: #000000; text-align: left; white-space: nowrap; width: auto; font-size: 8pt; line-height: 10pt; padding: 1.6pt 6pt 0 0;"><span>%</span></td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; font-family: 'Arial'; color: #000000; width: auto; font-size: 8pt; line-height: 10pt; padding: 2pt 0 0 0;">0.97</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: #000000; text-align: left; white-space: nowrap; width: auto; font-size: 8pt; line-height: 10pt; padding: 1.6pt 6pt 0 0;"><span>%</span></td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; font-family: 'Arial'; color: #000000; width: auto; font-size: 8pt; line-height: 10pt; padding: 2pt 0 0 0;">2.55</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: #000000; text-align: left; white-space: nowrap; width: auto; font-size: 8pt; line-height: 10pt; padding: 1.6pt 0 0 0;"><span>%</span></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; text-align: left; color: #000000; overflow-x: hidden; font-family: 'Arial'; width: 100%; text-indent: -6pt; font-size: 8pt; line-height: 10pt; padding: 2pt 0 0 6pt;">Bloomberg Municipal Bond Index</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; font-family: 'Arial'; color: #000000; width: auto; font-size: 8pt; line-height: 10pt; padding: 2pt 0 0 0;">4.54</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: #000000; text-align: left; white-space: nowrap; width: auto; font-size: 8pt; line-height: 10pt; padding: 1.6pt 6pt 0 0;"></td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; font-family: 'Arial'; color: #000000; width: auto; font-size: 8pt; line-height: 10pt; padding: 2pt 0 0 0;">4.93</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: #000000; text-align: left; white-space: nowrap; width: auto; font-size: 8pt; line-height: 10pt; padding: 1.6pt 6pt 0 0;"></td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; font-family: 'Arial'; color: #000000; width: auto; font-size: 8pt; line-height: 10pt; padding: 2pt 0 0 0;">1.35</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: #000000; text-align: left; white-space: nowrap; width: auto; font-size: 8pt; line-height: 10pt; padding: 1.6pt 6pt 0 0;"></td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; font-family: 'Arial'; color: #000000; width: auto; font-size: 8pt; line-height: 10pt; padding: 2pt 0 0 0;">2.45</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: #000000; text-align: left; white-space: nowrap; width: auto; font-size: 8pt; line-height: 10pt; padding: 1.6pt 0 0 0;"></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; color: #000000; overflow-x: hidden; font-family: 'Arial'; width: 100%; text-indent: -6pt; font-size: 8pt; line-height: 10pt; padding: 2pt 0 1.6pt 6pt;">Customized Reference Benchmark</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; font-family: 'Arial'; color: #000000; width: auto; font-size: 8pt; line-height: 10pt; padding: 2pt 0 1.6pt 0;">4.94</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: #000000; text-align: left; white-space: nowrap; width: auto; font-size: 8pt; line-height: 10pt; padding: 1.6pt 6pt 1.6pt 0;"></td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; font-family: 'Arial'; color: #000000; width: auto; font-size: 8pt; line-height: 10pt; padding: 2pt 0 1.6pt 0;">6.41</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: #000000; text-align: left; white-space: nowrap; width: auto; font-size: 8pt; line-height: 10pt; padding: 1.6pt 6pt 1.6pt 0;"></td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; font-family: 'Arial'; color: #000000; width: auto; font-size: 8pt; line-height: 10pt; padding: 2pt 0 1.6pt 0;">1.67</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: #000000; text-align: left; white-space: nowrap; width: auto; font-size: 8pt; line-height: 10pt; padding: 1.6pt 6pt 1.6pt 0;"></td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; font-family: 'Arial'; color: #000000; width: auto; font-size: 8pt; line-height: 10pt; padding: 2pt 0 1.6pt 0;"><span class="sec-hidden" style="-sec-ix-hidden: h_134_b334c009_7c38_487b_8530_20afbef6aed6;" title="element: N0%, context: 0%">N/A</span></td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: #000000; text-align: left; white-space: nowrap; width: auto; font-size: 8pt; line-height: 10pt; padding: 1.6pt 0 1.6pt 0;"></td> </tr> </table> Class K Shares 0.0481 0.0721 0.0097 0.0255 Bloomberg Municipal Bond Index 0.0454 0.0493 0.0135 0.0245 Customized Reference Benchmark 0.0494 0.0641 0.0167 <table style="break-inside: avoid-page; table-layout: auto; width: 100%; border-collapse: collapse; margin-top: 0px;"> <tr style="border-bottom-style: solid; border-bottom-width: 0.5pt; break-inside: avoid-page; height: auto; background-color: #ffce00; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: bottom; 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: #000000; margin-top: 0; margin-bottom: 0; padding: 2pt 0 1.5pt 0;">Key Fund statistics</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; font-size: 8pt; line-height: 10pt; width: 12%; padding: 1.6pt 6pt 0 6pt;"></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; color: #000000; overflow-x: hidden; font-family: 'Arial'; font-size: 8pt; line-height: 10pt; font-weight: normal; text-align: left; width: 100%; text-indent: -6pt; padding: 1.6pt 6pt 0 6pt;">Net Assets</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 8pt; line-height: 10pt; width: 12%; padding: 1.6pt 6pt 0 6pt;"><span style="float: none;">$</span>3,952,789,242</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; color: #000000; overflow-x: hidden; font-family: 'Arial'; font-size: 8pt; line-height: 10pt; font-weight: normal; text-align: left; width: 100%; text-indent: -6pt; padding: 1.6pt 6pt 0 6pt;">Number of Portfolio Holdings</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 8pt; line-height: 10pt; width: 12%; padding: 1.6pt 6pt 0 6pt;">618</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: #000000; overflow-x: hidden; font-family: 'Arial'; font-size: 8pt; line-height: 10pt; font-weight: normal; text-align: left; width: 100%; text-indent: -6pt; padding: 1.6pt 6pt 1.6pt 6pt;">Portfolio Turnover Rate</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 8pt; line-height: 10pt; width: 12%; padding: 1.6pt 6pt 1.6pt 6pt;">20<span>%</span></td> </tr> </table> 3952789242 618 0.20 2018-01-25 Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit <span style="color: #000000; font-weight: bold; text-decoration-line: none; font-family: 'arial'; font-size: 8pt; line-height: 10.4pt; text-align: justify;">blackrock.com</span> for more recent performance information. <div style="margin-top: 0px; font-kerning: none; font-family: 'arial'; font-weight: bold; font-size: 10pt; color: #000000; 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: #000000; margin-bottom: 0px;">(as of November 30, 2024)</div> <table style="break-inside: avoid-page; table-layout: auto; width: 100%; border-collapse: collapse; margin-top: 0px;"> <tr style="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: #ffce00; border-bottom-color: #000000;"> <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: #000000; margin-top: 0; margin-bottom: 0; padding: 2pt 0 1.5pt 0;"><strong>Sector</strong><strong> allocation</strong></td> </tr> <tr style="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: #000000;"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; white-space: nowrap; font-weight: normal; text-align: left; text-indent: -6pt; width: auto; padding: 1.6pt 0 0 6pt;"><em>Sector<sup style="; font-size: smaller; line-height: 0px;">(a)</sup></em></td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; white-space: nowrap; padding: 1.6pt 0 0 6pt;"><em>Percent of Total<br/>Investments<sup style="; font-size: smaller; line-height: 0px;">(b)</sup></em></td> <td style="width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; white-space: nowrap; padding: 1.6pt 0 0 6pt;"></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: #000000; 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%; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">Utilities</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; 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; padding: 2pt 0 0 0;">23.2</td> <td style="width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; 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; padding: 1.6pt 0 0 0;"><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: #000000; 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%; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">County/City/Special District/School District</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; 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; padding: 2pt 0 0 0;">19.8</td> <td style="width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; 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; padding: 1.6pt 0 0 0;"><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: #000000; 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%; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">Transportation</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; 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; padding: 2pt 0 0 0;">14.8</td> <td style="width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; 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; padding: 1.6pt 0 0 0;"><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: #000000; 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%; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">State</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; 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; padding: 2pt 0 0 0;">11.6</td> <td style="width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; 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; padding: 1.6pt 0 0 0;"><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: #000000; 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%; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">Corporate</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; 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; padding: 2pt 0 0 0;">11.1</td> <td style="width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; 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; padding: 1.6pt 0 0 0;"><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: #000000; 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%; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">Health</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; 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; padding: 2pt 0 0 0;">6.2</td> <td style="width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; 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; padding: 1.6pt 0 0 0;"><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: #000000; 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%; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">Education</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; 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; padding: 2pt 0 0 0;">4.9</td> <td style="width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; 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; padding: 1.6pt 0 0 0;"><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: #000000; 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%; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">Housing</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; 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; padding: 2pt 0 0 0;">4.3</td> <td style="width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; 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; padding: 1.6pt 0 0 0;"><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: #000000; 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%; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">Tobacco</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; 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; padding: 2pt 0 0 0;">2.8</td> <td style="width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; 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; padding: 1.6pt 0 0 0;"><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: #000000; 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%; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">Commercial Services &amp; Supplies</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; 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; padding: 2pt 0 0 0;">0.7</td> <td style="width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; 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; padding: 1.6pt 0 0 0;"><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: #000000;"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: #000000; 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%; text-indent: -6pt; padding: 1.6pt 0 1.6pt 6pt;">Other<sup style="; font-size: smaller; line-height: 0px;">*</sup></td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; 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; padding: 2pt 0 1.6pt 0;">0.6</td> <td style="width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; 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; padding: 1.6pt 0 1.6pt 0;"><span style="visibility: hidden; margin-left: -7pt;">%</span></td> </tr> </table> <table style="break-inside: avoid-page; table-layout: auto; width: 100%; border-collapse: collapse; margin-top: 0px;"> <tr style="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: #ffce00; border-bottom-color: #000000;"> <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: #000000; margin-top: 0; margin-bottom: 0; padding: 2pt 6pt 1.5pt 0;"><strong>Credit quality allocation</strong></td> </tr> <tr style="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: #000000;"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; white-space: nowrap; font-weight: normal; text-align: left; width: 100%; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">Credit Rating<sup style="; font-size: smaller; line-height: 0px;">(c)</sup></td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; white-space: nowrap; padding: 1.6pt 0 0 0;">Percent of Total<br/>Investments<sup style="; font-size: smaller; line-height: 0px;">(b)</sup></td> <td style="width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; white-space: nowrap; padding: 1.6pt 0 0 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: #000000; 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%; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">AAA/Aaa</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; color: #000000; 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; padding: 2pt 0 0 0;">14.2</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: #000000; text-align: left; 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; padding: 1.6pt 0 0 0;"><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: #000000; 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%; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">AA/Aa</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; color: #000000; 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; padding: 2pt 0 0 0;">41.7</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: #000000; text-align: left; 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; padding: 1.6pt 0 0 0;"><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: #000000; 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%; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">A</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; color: #000000; 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; padding: 2pt 0 0 0;">15.5</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: #000000; text-align: left; 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; padding: 1.6pt 0 0 0;"><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: #000000; 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%; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">BBB/Baa</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; color: #000000; 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; padding: 2pt 0 0 0;">4.0</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: #000000; text-align: left; 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; padding: 1.6pt 0 0 0;"><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: #000000; 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%; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">BB/Ba</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; color: #000000; 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; padding: 2pt 0 0 0;">2.7</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: #000000; text-align: left; 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; padding: 1.6pt 0 0 0;"><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: #000000; 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%; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">B</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; color: #000000; 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; padding: 2pt 0 0 0;">0.4</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: #000000; text-align: left; 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; padding: 1.6pt 0 0 0;"><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: #000000;"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: #000000; 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%; text-indent: -6pt; padding: 1.6pt 0 1.6pt 6pt;">N/R<sup style="; font-size: smaller; line-height: 0px;">(d)</sup></td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; color: #000000; 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; padding: 2pt 0 1.6pt 0;">21.5</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: #000000; text-align: left; 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; padding: 1.6pt 0 1.6pt 0;"><span style="visibility: hidden; margin-left: -7pt;">%</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid-page; 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; vertical-align: top; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; width: initial; text-indent: 0; color: #000000; padding: 1.6pt 6pt 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: #000000; margin-bottom: 0px; padding: 0px;">​<sup style="; 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: #000000; width: 100%; padding: 1.6pt 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: #000000; margin-bottom: 0px; padding: 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: #000000; width: initial; vertical-align: top; text-indent: 0; padding: 0 6pt 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: #000000; margin-bottom: 0px; padding: 0px;">​<sup style="; 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: #000000; width: 100%; padding: 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: #000000; margin-bottom: 0px; padding: 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: #000000; width: initial; vertical-align: top; text-indent: 0; padding: 0 6pt 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: #000000; margin-bottom: 0px; padding: 0px;">​<sup style="; 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: #000000; width: 100%; padding: 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: #000000; margin-bottom: 0px; padding: 0px;">For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&amp;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: #000000; width: initial; vertical-align: top; text-indent: 0; padding: 0 6pt 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: #000000; margin-bottom: 0px; padding: 0px;">​<sup style="; 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: #000000; width: 100%; padding: 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: #000000; margin-bottom: 0px; padding: 0px;">The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of November 30, 2024, the market value of unrated securities deemed by the investment adviser to be investment grade represents less than 1.0% of total investments.</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: #000000; width: initial; vertical-align: top; text-indent: 0; padding: 0 6pt 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: #000000; margin-bottom: 0px; padding: 0px;">​<sup style="; font-size: smaller; line-height: 0px;">*</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: #000000; width: 100%; padding: 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: #000000; margin-bottom: 0px; padding: 0px;">Ten largest sectors are presented. Additional sectors are found in Other.</div> </td> </tr> </table> 0.232 0.198 0.148 0.116 0.111 0.062 0.049 0.043 0.028 0.007 0.006 0.142 0.417 0.155 0.040 0.027 0.004 0.215 For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&amp;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. The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of November 30, 2024, the market value of unrated securities deemed by the investment adviser to be investment grade represents less than 1.0% of total investments. For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes. Excludes short-term securities. Ten largest sectors are presented. Additional sectors are found in Other. 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. Annualized. The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of November 30, 2024, the market value of unrated securities deemed by the investment adviser to be investment grade represents less than 1.0% of total investments. For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes. Excludes short-term securities. Ten largest sectors are presented. Additional sectors are found in Other. 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. The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of November 30, 2024, the market value of unrated securities deemed by the investment adviser to be investment grade represents less than 1.0% of total investments. For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes. Excludes short-term securities. Annualized. Ten largest sectors are presented. Additional sectors are found in Other. 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. Annualized. The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of November 30, 2024, the market value of unrated securities deemed by the investment adviser to be investment grade represents less than 1.0% of total investments. For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes. Excludes short-term securities. Ten largest sectors are presented. Additional sectors are found in Other. 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. Annualized. The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of November 30, 2024, the market value of unrated securities deemed by the investment adviser to be investment grade represents less than 1.0% of total investments. For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes. Excludes short-term securities. Ten largest sectors are presented. Additional sectors are found in Other. 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. Annualized. The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of November 30, 2024, the market value of unrated securities deemed by the investment adviser to be investment grade represents less than 1.0% of total investments.