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You can also request this information by contacting us at (800) 441‑7762. blackrock.com/fundreports (800) 441‑7762 <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-weight:bold;font-size:10pt;color:rgb(0, 0, 0);margin-bottom:-0.18pt;"> <b>What were the </b> <b>Fund</b> <b> costs for the </b> <b>last six months</b> <b>?</b> </div><div style="margin-top:0px;margin-bottom:0px;font-kerning:none;font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);">(based on a hypothetical $10,000 investment)</div> <table style="break-inside:avoid;margin-top:2pt;table-layout:auto;width:100%;border-collapse:collapse"> <tr style="break-after:avoid;border-bottom-style:solid;border-bottom-width:0.5pt;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; font-weight: bold; font-size: 9pt; line-height: 11pt; color: rgb(0, 0, 0); background-color: rgb(255, 206, 0); padding-top: 2pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0; text-align: left;">Class name</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; font-weight: bold; font-size: 9pt; line-height: 11pt; color: rgb(0, 0, 0); background-color: rgb(255, 206, 0); text-align: center; padding-top: 2pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0;">Costs of a $10,000<br/> investment</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; font-weight: bold; font-size: 9pt; line-height: 11pt; color: rgb(0, 0, 0); background-color: rgb(255, 206, 0); text-align: center; padding-top: 2pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0;">Costs paid as a percentage of a<br/> $10,000 investment</td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: rgb(0, 0, 0); overflow-x: hidden; padding-top: 4pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0; font-size: 8pt; line-height: 10pt; text-align: left;">Institutional Shares</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: rgb(0, 0, 0); padding-top: 4pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0; text-align: center; font-size: 8pt; line-height: 10pt;"><span style="float:none">$</span>25</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); padding-top: 4pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0; text-align: center; font-size: 8pt; line-height: 10pt;">0.48<span>%</span><span style="vertical-align:0.5em;font-size:smaller;line-height:0px">(a)</span></td> </tr> </table> <table style="break-inside:avoid;margin-top:2pt;table-layout:auto;width:100%;border-collapse:collapse"> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; color: rgb(0, 0, 0); padding-top: 1.6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 0; width: initial; text-indent: 0;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">​<sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">(a)</sup></div></td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; color: rgb(0, 0, 0); text-indent: 0; padding-top: 1.6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 0; width: 100%;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">Annualized.</div></td> </tr> </table> 25 0.0048 <table style="break-inside:avoid;table-layout:auto;width:100%;border-collapse:collapse;margin-top:0px"> <tr style="break-after:avoid;border-bottom-style:solid;border-bottom-width:0.5pt;break-inside:avoid-page;height:auto;background-color:rgb(255, 206, 0);border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: bottom; padding-left: 0; padding-right: 0; width: auto; font-family: 'Arial'; font-weight: bold; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0; letter-spacing: normal; text-transform: none; font-kerning: none; color: rgb(0, 0, 0); margin-top: 0; padding-top: 2pt; padding-bottom: 1.5pt; margin-bottom: 0;">Key Fund statistics</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; padding-left: 6pt; padding-right: 6pt; font-size: 8pt; line-height: 10pt; width: 12%; padding-top: 1.6pt; padding-bottom: 0;"></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; padding-left: 6pt; padding-right: 6pt; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-size: 8pt; line-height: 10pt; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-bottom: 0; text-indent: -6pt;">Net Assets</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; white-space: nowrap; padding-left: 6pt; padding-right: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; width: 12%; padding-top: 1.6pt; padding-bottom: 0;"><span style="float:none">$</span>5,785,534,294</td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; padding-left: 6pt; padding-right: 6pt; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-size: 8pt; line-height: 10pt; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-bottom: 0; text-indent: -6pt;">Number of Portfolio Holdings</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; white-space: nowrap; padding-left: 6pt; padding-right: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; width: 12%; padding-top: 1.6pt; padding-bottom: 0;">460</td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; padding-left: 6pt; padding-right: 6pt; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-size: 8pt; line-height: 10pt; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-bottom: 1.6pt; text-indent: -6pt;">Portfolio Turnover Rate</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; white-space: nowrap; padding-left: 6pt; padding-right: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; width: 12%; padding-top: 1.6pt; padding-bottom: 1.6pt;">37<span>%</span></td> </tr> </table> 5785534294 460 0.37 <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-weight:bold;font-size:10pt;color:rgb(0, 0, 0);margin-bottom:-0.18pt;">What did the Fund invest in?</div><div style="margin-top:0px;font-kerning:none;font-family:'arial';text-align:justify;font-size:9pt;line-height:11.4pt;color:rgb(0, 0, 0);margin-bottom:0px;">(as of December 31, 2025)</div> <table style="break-inside:avoid;table-layout:auto;width:100%;border-collapse:collapse;margin-top:0px"> <tr style="break-after:avoid;border-bottom-style:solid;border-bottom-width:0.5pt;break-inside:avoid-page;height:auto;font-family:'arial';font-style:italic;font-size:8pt;line-height:10pt;background-color:rgb(255, 206, 0);border-bottom-color:rgb(0, 0, 0)"> <td colspan="3" style="break-inside: avoid-page; vertical-align: bottom; white-space: nowrap; width: auto; font-family: 'Arial'; font-weight: normal; font-style: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0; letter-spacing: normal; text-transform: none; font-kerning: none; color: rgb(0, 0, 0); margin-top: 0; padding-top: 2pt; padding-right: 0; padding-bottom: 1.5pt; padding-left: 0; margin-bottom: 0;"><strong>Sector</strong><strong> allocation</strong></td> </tr> <tr style="break-after:avoid;border-bottom-style:solid;border-bottom-width:0.5pt;break-inside:avoid-page;height:auto;font-family:'arial';font-style:italic;font-size:8pt;line-height:10pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; white-space: nowrap; font-weight: normal; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt; width: auto;"><em>Sector<sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">(a)</sup></em></td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; white-space: nowrap; padding-top: 1.6pt; padding-bottom: 0; padding-left: 6pt;"><em>Percent of Total<br/> Investments<sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">(b)</sup></em></td> <td style="padding-left: 6pt; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; white-space: nowrap; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0;"></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Transportation</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">25.0</td> <td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Corporate</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">17.2</td> <td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">State</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">13.8</td> <td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Utilities</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">12.0</td> <td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Health</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">11.1</td> <td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">County/City/Special District/School District</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">9.0</td> <td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Housing</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">4.7</td> <td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Education</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">3.6</td> <td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Tobacco</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">1.4</td> <td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Fixed Income Funds</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">1.3</td> <td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 1.6pt; padding-left: 6pt; text-indent: -6pt;"><span style="white-space:nowrap">Other<sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">*</sup></span></td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 1.6pt; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">0.9</td> <td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 1.6pt; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> </table> <table style="break-inside:avoid;table-layout:auto;width:100%;border-collapse:collapse;margin-top:0px"> <tr style="break-after:avoid;border-bottom-style:solid;border-bottom-width:0.5pt;break-inside:avoid-page;height:auto;font-family:'arial';font-style:italic;font-size:8pt;line-height:10pt;background-color:rgb(255, 206, 0);border-bottom-color:rgb(0, 0, 0)"> <td colspan="3" style="break-inside: avoid-page; vertical-align: bottom; white-space: nowrap; width: auto; font-family: 'Arial'; font-weight: normal; font-style: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0; letter-spacing: normal; text-transform: none; font-kerning: none; color: rgb(0, 0, 0); margin-top: 0; padding-top: 2pt; padding-right: 6pt; padding-bottom: 1.5pt; padding-left: 0; margin-bottom: 0;"><strong>Credit quality allocation</strong></td> </tr> <tr style="break-after:avoid;border-bottom-style:solid;border-bottom-width:0.5pt;break-inside:avoid-page;height:auto;font-family:'arial';font-style:italic;font-size:8pt;line-height:10pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; white-space: nowrap; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Credit Rating<sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">(c)</sup></td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; white-space: nowrap; padding-top: 1.6pt; padding-bottom: 0; padding-left: 0;">Percent of Total<br/> Investments<sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">(b)</sup></td> <td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; white-space: nowrap; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0;"></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">AAA/Aaa</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">12.5</td> <td style="padding-left: 0; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">AA/Aa</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">57.3</td> <td style="padding-left: 0; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">A</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">19.9</td> <td style="padding-left: 0; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">BBB/Baa</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">4.4</td> <td style="padding-left: 0; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">BB/Ba</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">0.5</td> <td style="padding-left: 0; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">B</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">0.2</td> <td style="padding-left: 0; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 1.6pt; padding-left: 6pt; text-indent: -6pt;">N/R</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 1.6pt; padding-left: 0; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">5.2</td> <td style="padding-left: 0; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 1.6pt; white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> </table> <table style="border-collapse:collapse;break-inside:avoid;width:100%;margin-top:0px"> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial"> <td style="break-inside: avoid-page; font-kerning: none; overflow-x: hidden; padding-top: 1.6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 0; vertical-align: top; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; width: initial; text-indent: 0; color: rgb(0, 0, 0);"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">​<sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">(a)</sup></div></td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; text-indent: 0; color: rgb(0, 0, 0); padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 0; width: 100%;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes.</div></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial"> <td style="break-inside: avoid-page; font-kerning: none; overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; color: rgb(0, 0, 0); padding-top: 0; padding-right: 6pt; padding-bottom: 0; padding-left: 0; width: initial; vertical-align: top; text-indent: 0;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">​<sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">(b)</sup></div></td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; color: rgb(0, 0, 0); padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; width: 100%;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">Excludes short-term securities.</div></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial"> <td style="break-inside: avoid-page; font-kerning: none; overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; color: rgb(0, 0, 0); padding-top: 0; padding-right: 6pt; padding-bottom: 0; padding-left: 0; width: initial; vertical-align: top; text-indent: 0;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">​<sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">(c)</sup></div></td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; color: rgb(0, 0, 0); padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; width: 100%;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&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: rgb(0, 0, 0); padding-top: 0; padding-right: 6pt; padding-bottom: 0; padding-left: 0; width: initial; vertical-align: top; text-indent: 0;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">​<sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">*</sup></div></td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; color: rgb(0, 0, 0); padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; width: 100%;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">Ten largest sectors are presented. Additional sectors are found in Other.</div></td> </tr> </table> 0.250 0.172 0.138 0.120 0.111 0.090 0.047 0.036 0.014 0.013 0.009 0.125 0.573 0.199 0.044 0.005 0.002 0.052 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. 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. BlackRock National Municipal Fund Service Shares BNMSX This semi-annual shareholder report contains important information about BlackRock National Municipal Fund (the “Fund”) for the period of July 1, 2025 to December 31, 2025. semi-annual shareholder report You can find additional information about the Fund at <span style="color:rgb(0, 0, 0);font-weight:bold;text-decoration-line:none;font-family:'arial';font-size:8pt;line-height:10.4pt;text-align:justify">blackrock.com/fundreports</span>. You can also request this information by contacting us at (800) 441‑7762. blackrock.com/fundreports (800) 441‑7762 <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-weight:bold;font-size:10pt;color:rgb(0, 0, 0);margin-bottom:-0.18pt;"> <b>What were the </b> <b>Fund</b> <b> costs for the </b> <b>last six months</b> <b>?</b> </div><div style="margin-top:0px;margin-bottom:0px;font-kerning:none;font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);">(based on a hypothetical $10,000 investment)</div> <table style="break-inside:avoid;margin-top:2pt;table-layout:auto;width:100%;border-collapse:collapse"> <tr style="break-after:avoid;border-bottom-style:solid;border-bottom-width:0.5pt;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; font-weight: bold; font-size: 9pt; line-height: 11pt; color: rgb(0, 0, 0); background-color: rgb(255, 206, 0); padding-top: 2pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0; text-align: left;">Class name</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; font-weight: bold; font-size: 9pt; line-height: 11pt; color: rgb(0, 0, 0); background-color: rgb(255, 206, 0); text-align: center; padding-top: 2pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0;">Costs of a $10,000<br/> investment</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; font-weight: bold; font-size: 9pt; line-height: 11pt; color: rgb(0, 0, 0); background-color: rgb(255, 206, 0); text-align: center; padding-top: 2pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0;">Costs paid as a percentage of a<br/> $10,000 investment</td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: rgb(0, 0, 0); overflow-x: hidden; padding-top: 4pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0; font-size: 8pt; line-height: 10pt; text-align: left;">Service Shares</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: rgb(0, 0, 0); padding-top: 4pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0; text-align: center; font-size: 8pt; line-height: 10pt;"><span style="float:none">$</span>37</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); padding-top: 4pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0; text-align: center; font-size: 8pt; line-height: 10pt;">0.73<span>%</span><span style="vertical-align:0.5em;font-size:smaller;line-height:0px">(a)</span></td> </tr> </table> <table style="break-inside:avoid;margin-top:2pt;table-layout:auto;width:100%;border-collapse:collapse"> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; color: rgb(0, 0, 0); padding-top: 1.6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 0; width: initial; text-indent: 0;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">​<sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">(a)</sup></div></td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; color: rgb(0, 0, 0); text-indent: 0; padding-top: 1.6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 0; width: 100%;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">Annualized.</div></td> </tr> </table> 37 0.0073 <table style="break-inside:avoid;table-layout:auto;width:100%;border-collapse:collapse;margin-top:0px"> <tr style="break-after:avoid;border-bottom-style:solid;border-bottom-width:0.5pt;break-inside:avoid-page;height:auto;background-color:rgb(255, 206, 0);border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: bottom; padding-left: 0; padding-right: 0; width: auto; font-family: 'Arial'; font-weight: bold; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0; letter-spacing: normal; text-transform: none; font-kerning: none; color: rgb(0, 0, 0); margin-top: 0; padding-top: 2pt; padding-bottom: 1.5pt; margin-bottom: 0;">Key Fund statistics</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; padding-left: 6pt; padding-right: 6pt; font-size: 8pt; line-height: 10pt; width: 12%; padding-top: 1.6pt; padding-bottom: 0;"></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; padding-left: 6pt; padding-right: 6pt; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-size: 8pt; line-height: 10pt; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-bottom: 0; text-indent: -6pt;">Net Assets</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; white-space: nowrap; padding-left: 6pt; padding-right: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; width: 12%; padding-top: 1.6pt; padding-bottom: 0;"><span style="float:none">$</span>5,785,534,294</td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; padding-left: 6pt; padding-right: 6pt; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-size: 8pt; line-height: 10pt; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-bottom: 0; text-indent: -6pt;">Number of Portfolio Holdings</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; white-space: nowrap; padding-left: 6pt; padding-right: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; width: 12%; padding-top: 1.6pt; padding-bottom: 0;">460</td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; padding-left: 6pt; padding-right: 6pt; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-size: 8pt; line-height: 10pt; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-bottom: 1.6pt; text-indent: -6pt;">Portfolio Turnover Rate</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; white-space: nowrap; padding-left: 6pt; padding-right: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; width: 12%; padding-top: 1.6pt; padding-bottom: 1.6pt;">37<span>%</span></td> </tr> </table> 5785534294 460 0.37 <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-weight:bold;font-size:10pt;color:rgb(0, 0, 0);margin-bottom:-0.18pt;">What did the Fund invest in?</div><div style="margin-top:0px;font-kerning:none;font-family:'arial';text-align:justify;font-size:9pt;line-height:11.4pt;color:rgb(0, 0, 0);margin-bottom:0px;">(as of December 31, 2025)</div> <table style="break-inside:avoid;table-layout:auto;width:100%;border-collapse:collapse;margin-top:0px"> <tr style="break-after:avoid;border-bottom-style:solid;border-bottom-width:0.5pt;break-inside:avoid-page;height:auto;font-family:'arial';font-style:italic;font-size:8pt;line-height:10pt;background-color:rgb(255, 206, 0);border-bottom-color:rgb(0, 0, 0)"> <td colspan="3" style="break-inside: avoid-page; vertical-align: bottom; white-space: nowrap; width: auto; font-family: 'Arial'; font-weight: normal; font-style: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0; letter-spacing: normal; text-transform: none; font-kerning: none; color: rgb(0, 0, 0); margin-top: 0; padding-top: 2pt; padding-right: 0; padding-bottom: 1.5pt; padding-left: 0; margin-bottom: 0;"><strong>Sector</strong><strong> allocation</strong></td> </tr> <tr style="break-after:avoid;border-bottom-style:solid;border-bottom-width:0.5pt;break-inside:avoid-page;height:auto;font-family:'arial';font-style:italic;font-size:8pt;line-height:10pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; white-space: nowrap; font-weight: normal; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt; width: auto;"><em>Sector<sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">(a)</sup></em></td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; white-space: nowrap; padding-top: 1.6pt; padding-bottom: 0; padding-left: 6pt;"><em>Percent of Total<br/> Investments<sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">(b)</sup></em></td> <td style="padding-left: 6pt; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; white-space: nowrap; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0;"></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Transportation</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">25.0</td> <td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Corporate</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">17.2</td> <td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">State</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">13.8</td> <td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Utilities</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">12.0</td> <td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Health</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">11.1</td> <td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">County/City/Special District/School District</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">9.0</td> <td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Housing</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">4.7</td> <td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Education</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">3.6</td> <td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Tobacco</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">1.4</td> <td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Fixed Income Funds</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">1.3</td> <td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 1.6pt; padding-left: 6pt; text-indent: -6pt;"><span style="white-space:nowrap">Other<sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">*</sup></span></td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 1.6pt; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">0.9</td> <td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 1.6pt; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> </table> <table style="break-inside:avoid;table-layout:auto;width:100%;border-collapse:collapse;margin-top:0px"> <tr style="break-after:avoid;border-bottom-style:solid;border-bottom-width:0.5pt;break-inside:avoid-page;height:auto;font-family:'arial';font-style:italic;font-size:8pt;line-height:10pt;background-color:rgb(255, 206, 0);border-bottom-color:rgb(0, 0, 0)"> <td colspan="3" style="break-inside: avoid-page; vertical-align: bottom; white-space: nowrap; width: auto; font-family: 'Arial'; font-weight: normal; font-style: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0; letter-spacing: normal; text-transform: none; font-kerning: none; color: rgb(0, 0, 0); margin-top: 0; padding-top: 2pt; padding-right: 6pt; padding-bottom: 1.5pt; padding-left: 0; margin-bottom: 0;"><strong>Credit quality allocation</strong></td> </tr> <tr style="break-after:avoid;border-bottom-style:solid;border-bottom-width:0.5pt;break-inside:avoid-page;height:auto;font-family:'arial';font-style:italic;font-size:8pt;line-height:10pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; white-space: nowrap; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Credit Rating<sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">(c)</sup></td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; white-space: nowrap; padding-top: 1.6pt; padding-bottom: 0; padding-left: 0;">Percent of Total<br/> Investments<sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">(b)</sup></td> <td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; white-space: nowrap; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0;"></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">AAA/Aaa</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">12.5</td> <td style="padding-left: 0; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">AA/Aa</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">57.3</td> <td style="padding-left: 0; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">A</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">19.9</td> <td style="padding-left: 0; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">BBB/Baa</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">4.4</td> <td style="padding-left: 0; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">BB/Ba</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">0.5</td> <td style="padding-left: 0; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">B</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">0.2</td> <td style="padding-left: 0; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 1.6pt; padding-left: 6pt; text-indent: -6pt;">N/R</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 1.6pt; padding-left: 0; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">5.2</td> <td style="padding-left: 0; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 1.6pt; white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> </table> <table style="border-collapse:collapse;break-inside:avoid;width:100%;margin-top:0px"> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial"> <td style="break-inside: avoid-page; font-kerning: none; overflow-x: hidden; padding-top: 1.6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 0; vertical-align: top; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; width: initial; text-indent: 0; color: rgb(0, 0, 0);"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">​<sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">(a)</sup></div></td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; text-indent: 0; color: rgb(0, 0, 0); padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 0; width: 100%;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes.</div></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial"> <td style="break-inside: avoid-page; font-kerning: none; overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; color: rgb(0, 0, 0); padding-top: 0; padding-right: 6pt; padding-bottom: 0; padding-left: 0; width: initial; vertical-align: top; text-indent: 0;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">​<sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">(b)</sup></div></td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; color: rgb(0, 0, 0); padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; width: 100%;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">Excludes short-term securities.</div></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial"> <td style="break-inside: avoid-page; font-kerning: none; overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; color: rgb(0, 0, 0); padding-top: 0; padding-right: 6pt; padding-bottom: 0; padding-left: 0; width: initial; vertical-align: top; text-indent: 0;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">​<sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">(c)</sup></div></td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; color: rgb(0, 0, 0); padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; width: 100%;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&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: rgb(0, 0, 0); padding-top: 0; padding-right: 6pt; padding-bottom: 0; padding-left: 0; width: initial; vertical-align: top; text-indent: 0;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">​<sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">*</sup></div></td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; color: rgb(0, 0, 0); padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; width: 100%;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">Ten largest sectors are presented. Additional sectors are found in Other.</div></td> </tr> </table> 0.250 0.172 0.138 0.120 0.111 0.090 0.047 0.036 0.014 0.013 0.009 0.125 0.573 0.199 0.044 0.005 0.002 0.052 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. 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. BlackRock National Municipal Fund Investor A Shares MDNLX This semi-annual shareholder report contains important information about BlackRock National Municipal Fund (the “Fund”) for the period of July 1, 2025 to December 31, 2025. semi-annual shareholder report You can find additional information about the Fund at <span style="color:rgb(0, 0, 0);font-weight:bold;text-decoration-line:none;font-family:'arial';font-size:8pt;line-height:10.4pt;text-align:justify">blackrock.com/fundreports</span>. You can also request this information by contacting us at (800) 441‑7762. blackrock.com/fundreports (800) 441‑7762 <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-weight:bold;font-size:10pt;color:rgb(0, 0, 0);margin-bottom:-0.18pt;"> <b>What were the </b> <b>Fund</b> <b> costs for the </b> <b>last six months</b> <b>?</b> </div><div style="margin-top:0px;margin-bottom:0px;font-kerning:none;font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);">(based on a hypothetical $10,000 investment)</div> <table style="break-inside:avoid;margin-top:2pt;table-layout:auto;width:100%;border-collapse:collapse"> <tr style="break-after:avoid;border-bottom-style:solid;border-bottom-width:0.5pt;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; font-weight: bold; font-size: 9pt; line-height: 11pt; color: rgb(0, 0, 0); background-color: rgb(255, 206, 0); padding-top: 2pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0; text-align: left;">Class name</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; font-weight: bold; font-size: 9pt; line-height: 11pt; color: rgb(0, 0, 0); background-color: rgb(255, 206, 0); text-align: center; padding-top: 2pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0;">Costs of a $10,000<br/> investment</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; font-weight: bold; font-size: 9pt; line-height: 11pt; color: rgb(0, 0, 0); background-color: rgb(255, 206, 0); text-align: center; padding-top: 2pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0;">Costs paid as a percentage of a<br/> $10,000 investment</td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: rgb(0, 0, 0); overflow-x: hidden; padding-top: 4pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0; font-size: 8pt; line-height: 10pt; text-align: left;">Investor A Shares</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: rgb(0, 0, 0); padding-top: 4pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0; text-align: center; font-size: 8pt; line-height: 10pt;"><span style="float:none">$</span>37</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); padding-top: 4pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0; text-align: center; font-size: 8pt; line-height: 10pt;">0.73<span>%</span><span style="vertical-align:0.5em;font-size:smaller;line-height:0px">(a)</span></td> </tr> </table> <table style="break-inside:avoid;margin-top:2pt;table-layout:auto;width:100%;border-collapse:collapse"> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; color: rgb(0, 0, 0); padding-top: 1.6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 0; width: initial; text-indent: 0;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">​<sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">(a)</sup></div></td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; color: rgb(0, 0, 0); text-indent: 0; padding-top: 1.6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 0; width: 100%;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">Annualized.</div></td> </tr> </table> 37 0.0073 <table style="break-inside:avoid;table-layout:auto;width:100%;border-collapse:collapse;margin-top:0px"> <tr style="break-after:avoid;border-bottom-style:solid;border-bottom-width:0.5pt;break-inside:avoid-page;height:auto;background-color:rgb(255, 206, 0);border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: bottom; padding-left: 0; padding-right: 0; width: auto; font-family: 'Arial'; font-weight: bold; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0; letter-spacing: normal; text-transform: none; font-kerning: none; color: rgb(0, 0, 0); margin-top: 0; padding-top: 2pt; padding-bottom: 1.5pt; margin-bottom: 0;">Key Fund statistics</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; padding-left: 6pt; padding-right: 6pt; font-size: 8pt; line-height: 10pt; width: 12%; padding-top: 1.6pt; padding-bottom: 0;"></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; padding-left: 6pt; padding-right: 6pt; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-size: 8pt; line-height: 10pt; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-bottom: 0; text-indent: -6pt;">Net Assets</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; white-space: nowrap; padding-left: 6pt; padding-right: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; width: 12%; padding-top: 1.6pt; padding-bottom: 0;"><span style="float:none">$</span>5,785,534,294</td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; padding-left: 6pt; padding-right: 6pt; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-size: 8pt; line-height: 10pt; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-bottom: 0; text-indent: -6pt;">Number of Portfolio Holdings</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; white-space: nowrap; padding-left: 6pt; padding-right: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; width: 12%; padding-top: 1.6pt; padding-bottom: 0;">460</td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; padding-left: 6pt; padding-right: 6pt; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-size: 8pt; line-height: 10pt; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-bottom: 1.6pt; text-indent: -6pt;">Portfolio Turnover Rate</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; white-space: nowrap; padding-left: 6pt; padding-right: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; width: 12%; padding-top: 1.6pt; padding-bottom: 1.6pt;">37<span>%</span></td> </tr> </table> 5785534294 460 0.37 <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-weight:bold;font-size:10pt;color:rgb(0, 0, 0);margin-bottom:-0.18pt;">What did the Fund invest in?</div><div style="margin-top:0px;font-kerning:none;font-family:'arial';text-align:justify;font-size:9pt;line-height:11.4pt;color:rgb(0, 0, 0);margin-bottom:0px;">(as of December 31, 2025)</div> <table style="break-inside:avoid;table-layout:auto;width:100%;border-collapse:collapse;margin-top:0px"> <tr style="break-after:avoid;border-bottom-style:solid;border-bottom-width:0.5pt;break-inside:avoid-page;height:auto;font-family:'arial';font-style:italic;font-size:8pt;line-height:10pt;background-color:rgb(255, 206, 0);border-bottom-color:rgb(0, 0, 0)"> <td colspan="3" style="break-inside: avoid-page; vertical-align: bottom; white-space: nowrap; width: auto; font-family: 'Arial'; font-weight: normal; font-style: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0; letter-spacing: normal; text-transform: none; font-kerning: none; color: rgb(0, 0, 0); margin-top: 0; padding-top: 2pt; padding-right: 0; padding-bottom: 1.5pt; padding-left: 0; margin-bottom: 0;"><strong>Sector</strong><strong> allocation</strong></td> </tr> <tr style="break-after:avoid;border-bottom-style:solid;border-bottom-width:0.5pt;break-inside:avoid-page;height:auto;font-family:'arial';font-style:italic;font-size:8pt;line-height:10pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; white-space: nowrap; font-weight: normal; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt; width: auto;"><em>Sector<sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">(a)</sup></em></td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; white-space: nowrap; padding-top: 1.6pt; padding-bottom: 0; padding-left: 6pt;"><em>Percent of Total<br/> Investments<sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">(b)</sup></em></td> <td style="padding-left: 6pt; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; white-space: nowrap; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0;"></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Transportation</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">25.0</td> <td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Corporate</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">17.2</td> <td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">State</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">13.8</td> <td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Utilities</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">12.0</td> <td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Health</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">11.1</td> <td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">County/City/Special District/School District</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">9.0</td> <td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Housing</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">4.7</td> <td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Education</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">3.6</td> <td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Tobacco</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">1.4</td> <td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Fixed Income Funds</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">1.3</td> <td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 1.6pt; padding-left: 6pt; text-indent: -6pt;"><span style="white-space:nowrap">Other<sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">*</sup></span></td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 1.6pt; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">0.9</td> <td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 1.6pt; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> </table> <table style="break-inside:avoid;table-layout:auto;width:100%;border-collapse:collapse;margin-top:0px"> <tr style="break-after:avoid;border-bottom-style:solid;border-bottom-width:0.5pt;break-inside:avoid-page;height:auto;font-family:'arial';font-style:italic;font-size:8pt;line-height:10pt;background-color:rgb(255, 206, 0);border-bottom-color:rgb(0, 0, 0)"> <td colspan="3" style="break-inside: avoid-page; vertical-align: bottom; white-space: nowrap; width: auto; font-family: 'Arial'; font-weight: normal; font-style: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0; letter-spacing: normal; text-transform: none; font-kerning: none; color: rgb(0, 0, 0); margin-top: 0; padding-top: 2pt; padding-right: 6pt; padding-bottom: 1.5pt; padding-left: 0; margin-bottom: 0;"><strong>Credit quality allocation</strong></td> </tr> <tr style="break-after:avoid;border-bottom-style:solid;border-bottom-width:0.5pt;break-inside:avoid-page;height:auto;font-family:'arial';font-style:italic;font-size:8pt;line-height:10pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; white-space: nowrap; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Credit Rating<sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">(c)</sup></td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; white-space: nowrap; padding-top: 1.6pt; padding-bottom: 0; padding-left: 0;">Percent of Total<br/> Investments<sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">(b)</sup></td> <td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; white-space: nowrap; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0;"></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">AAA/Aaa</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">12.5</td> <td style="padding-left: 0; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">AA/Aa</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">57.3</td> <td style="padding-left: 0; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">A</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">19.9</td> <td style="padding-left: 0; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">BBB/Baa</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">4.4</td> <td style="padding-left: 0; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">BB/Ba</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">0.5</td> <td style="padding-left: 0; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">B</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">0.2</td> <td style="padding-left: 0; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 1.6pt; padding-left: 6pt; text-indent: -6pt;">N/R</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 1.6pt; padding-left: 0; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">5.2</td> <td style="padding-left: 0; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 1.6pt; white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> </table> <table style="border-collapse:collapse;break-inside:avoid;width:100%;margin-top:0px"> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial"> <td style="break-inside: avoid-page; font-kerning: none; overflow-x: hidden; padding-top: 1.6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 0; vertical-align: top; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; width: initial; text-indent: 0; color: rgb(0, 0, 0);"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">​<sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">(a)</sup></div></td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; text-indent: 0; color: rgb(0, 0, 0); padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 0; width: 100%;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes.</div></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial"> <td style="break-inside: avoid-page; font-kerning: none; overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; color: rgb(0, 0, 0); padding-top: 0; padding-right: 6pt; padding-bottom: 0; padding-left: 0; width: initial; vertical-align: top; text-indent: 0;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">​<sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">(b)</sup></div></td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; color: rgb(0, 0, 0); padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; width: 100%;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">Excludes short-term securities.</div></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial"> <td style="break-inside: avoid-page; font-kerning: none; overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; color: rgb(0, 0, 0); padding-top: 0; padding-right: 6pt; padding-bottom: 0; padding-left: 0; width: initial; vertical-align: top; text-indent: 0;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">​<sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">(c)</sup></div></td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; color: rgb(0, 0, 0); padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; width: 100%;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&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: rgb(0, 0, 0); padding-top: 0; padding-right: 6pt; padding-bottom: 0; padding-left: 0; width: initial; vertical-align: top; text-indent: 0;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">​<sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">*</sup></div></td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; color: rgb(0, 0, 0); padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; width: 100%;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">Ten largest sectors are presented. Additional sectors are found in Other.</div></td> </tr> </table> 0.250 0.172 0.138 0.120 0.111 0.090 0.047 0.036 0.014 0.013 0.009 0.125 0.573 0.199 0.044 0.005 0.002 0.052 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. 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. BlackRock National Municipal Fund Investor C Shares MFNLX This semi-annual shareholder report contains important information about BlackRock National Municipal Fund (the “Fund”) for the period of July 1, 2025 to December 31, 2025. semi-annual shareholder report You can find additional information about the Fund at <span style="color:rgb(0, 0, 0);font-weight:bold;text-decoration-line:none;font-family:'arial';font-size:8pt;line-height:10.4pt;text-align:justify">blackrock.com/fundreports</span>. You can also request this information by contacting us at (800) 441‑7762. blackrock.com/fundreports (800) 441‑7762 <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-weight:bold;font-size:10pt;color:rgb(0, 0, 0);margin-bottom:-0.18pt;"> <b>What were the </b> <b>Fund</b> <b> costs for the </b> <b>last six months</b> <b>?</b> </div><div style="margin-top:0px;margin-bottom:0px;font-kerning:none;font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);">(based on a hypothetical $10,000 investment)</div> <table style="break-inside:avoid;margin-top:2pt;table-layout:auto;width:100%;border-collapse:collapse"> <tr style="break-after:avoid;border-bottom-style:solid;border-bottom-width:0.5pt;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; font-weight: bold; font-size: 9pt; line-height: 11pt; color: rgb(0, 0, 0); background-color: rgb(255, 206, 0); padding-top: 2pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0; text-align: left;">Class name</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; font-weight: bold; font-size: 9pt; line-height: 11pt; color: rgb(0, 0, 0); background-color: rgb(255, 206, 0); text-align: center; padding-top: 2pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0;">Costs of a $10,000<br/> investment</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; font-weight: bold; font-size: 9pt; line-height: 11pt; color: rgb(0, 0, 0); background-color: rgb(255, 206, 0); text-align: center; padding-top: 2pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0;">Costs paid as a percentage of a<br/> $10,000 investment</td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: rgb(0, 0, 0); overflow-x: hidden; padding-top: 4pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0; font-size: 8pt; line-height: 10pt; text-align: left;">Investor C Shares</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: rgb(0, 0, 0); padding-top: 4pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0; text-align: center; font-size: 8pt; line-height: 10pt;"><span style="float:none">$</span>76</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); padding-top: 4pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0; text-align: center; font-size: 8pt; line-height: 10pt;">1.48<span>%</span><span style="vertical-align:0.5em;font-size:smaller;line-height:0px">(a)</span></td> </tr> </table> <table style="break-inside:avoid;margin-top:2pt;table-layout:auto;width:100%;border-collapse:collapse"> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; color: rgb(0, 0, 0); padding-top: 1.6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 0; width: initial; text-indent: 0;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">​<sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">(a)</sup></div></td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; color: rgb(0, 0, 0); text-indent: 0; padding-top: 1.6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 0; width: 100%;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">Annualized.</div></td> </tr> </table> 76 0.0148 <table style="break-inside:avoid;table-layout:auto;width:100%;border-collapse:collapse;margin-top:0px"> <tr style="break-after:avoid;border-bottom-style:solid;border-bottom-width:0.5pt;break-inside:avoid-page;height:auto;background-color:rgb(255, 206, 0);border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: bottom; padding-left: 0; padding-right: 0; width: auto; font-family: 'Arial'; font-weight: bold; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0; letter-spacing: normal; text-transform: none; font-kerning: none; color: rgb(0, 0, 0); margin-top: 0; padding-top: 2pt; padding-bottom: 1.5pt; margin-bottom: 0;">Key Fund statistics</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; padding-left: 6pt; padding-right: 6pt; font-size: 8pt; line-height: 10pt; width: 12%; padding-top: 1.6pt; padding-bottom: 0;"></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; padding-left: 6pt; padding-right: 6pt; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-size: 8pt; line-height: 10pt; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-bottom: 0; text-indent: -6pt;">Net Assets</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; white-space: nowrap; padding-left: 6pt; padding-right: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; width: 12%; padding-top: 1.6pt; padding-bottom: 0;"><span style="float:none">$</span>5,785,534,294</td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; padding-left: 6pt; padding-right: 6pt; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-size: 8pt; line-height: 10pt; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-bottom: 0; text-indent: -6pt;">Number of Portfolio Holdings</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; white-space: nowrap; padding-left: 6pt; padding-right: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; width: 12%; padding-top: 1.6pt; padding-bottom: 0;">460</td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; padding-left: 6pt; padding-right: 6pt; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-size: 8pt; line-height: 10pt; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-bottom: 1.6pt; text-indent: -6pt;">Portfolio Turnover Rate</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; white-space: nowrap; padding-left: 6pt; padding-right: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; width: 12%; padding-top: 1.6pt; padding-bottom: 1.6pt;">37<span>%</span></td> </tr> </table> 5785534294 460 0.37 <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-weight:bold;font-size:10pt;color:rgb(0, 0, 0);margin-bottom:-0.18pt;">What did the Fund invest in?</div><div style="margin-top:0px;font-kerning:none;font-family:'arial';text-align:justify;font-size:9pt;line-height:11.4pt;color:rgb(0, 0, 0);margin-bottom:0px;">(as of December 31, 2025)</div> <table style="break-inside:avoid;table-layout:auto;width:100%;border-collapse:collapse;margin-top:0px"> <tr style="break-after:avoid;border-bottom-style:solid;border-bottom-width:0.5pt;break-inside:avoid-page;height:auto;font-family:'arial';font-style:italic;font-size:8pt;line-height:10pt;background-color:rgb(255, 206, 0);border-bottom-color:rgb(0, 0, 0)"> <td colspan="3" style="break-inside: avoid-page; vertical-align: bottom; white-space: nowrap; width: auto; font-family: 'Arial'; font-weight: normal; font-style: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0; letter-spacing: normal; text-transform: none; font-kerning: none; color: rgb(0, 0, 0); margin-top: 0; padding-top: 2pt; padding-right: 0; padding-bottom: 1.5pt; padding-left: 0; margin-bottom: 0;"><strong>Sector</strong><strong> allocation</strong></td> </tr> <tr style="break-after:avoid;border-bottom-style:solid;border-bottom-width:0.5pt;break-inside:avoid-page;height:auto;font-family:'arial';font-style:italic;font-size:8pt;line-height:10pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; white-space: nowrap; font-weight: normal; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt; width: auto;"><em>Sector<sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">(a)</sup></em></td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; white-space: nowrap; padding-top: 1.6pt; padding-bottom: 0; padding-left: 6pt;"><em>Percent of Total<br/> Investments<sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">(b)</sup></em></td> <td style="padding-left: 6pt; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; white-space: nowrap; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0;"></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Transportation</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">25.0</td> <td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Corporate</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">17.2</td> <td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">State</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">13.8</td> <td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Utilities</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">12.0</td> <td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Health</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">11.1</td> <td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">County/City/Special District/School District</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">9.0</td> <td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Housing</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">4.7</td> <td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Education</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">3.6</td> <td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Tobacco</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">1.4</td> <td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Fixed Income Funds</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">1.3</td> <td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 1.6pt; padding-left: 6pt; text-indent: -6pt;"><span style="white-space:nowrap">Other<sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">*</sup></span></td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 1.6pt; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">0.9</td> <td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 1.6pt; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> </table> <table style="break-inside:avoid;table-layout:auto;width:100%;border-collapse:collapse;margin-top:0px"> <tr style="break-after:avoid;border-bottom-style:solid;border-bottom-width:0.5pt;break-inside:avoid-page;height:auto;font-family:'arial';font-style:italic;font-size:8pt;line-height:10pt;background-color:rgb(255, 206, 0);border-bottom-color:rgb(0, 0, 0)"> <td colspan="3" style="break-inside: avoid-page; vertical-align: bottom; white-space: nowrap; width: auto; font-family: 'Arial'; font-weight: normal; font-style: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0; letter-spacing: normal; text-transform: none; font-kerning: none; color: rgb(0, 0, 0); margin-top: 0; padding-top: 2pt; padding-right: 6pt; padding-bottom: 1.5pt; padding-left: 0; margin-bottom: 0;"><strong>Credit quality allocation</strong></td> </tr> <tr style="break-after:avoid;border-bottom-style:solid;border-bottom-width:0.5pt;break-inside:avoid-page;height:auto;font-family:'arial';font-style:italic;font-size:8pt;line-height:10pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; white-space: nowrap; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Credit Rating<sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">(c)</sup></td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; white-space: nowrap; padding-top: 1.6pt; padding-bottom: 0; padding-left: 0;">Percent of Total<br/> Investments<sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">(b)</sup></td> <td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; white-space: nowrap; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0;"></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">AAA/Aaa</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">12.5</td> <td style="padding-left: 0; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">AA/Aa</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">57.3</td> <td style="padding-left: 0; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">A</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">19.9</td> <td style="padding-left: 0; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">BBB/Baa</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">4.4</td> <td style="padding-left: 0; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">BB/Ba</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">0.5</td> <td style="padding-left: 0; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">B</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">0.2</td> <td style="padding-left: 0; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 1.6pt; padding-left: 6pt; text-indent: -6pt;">N/R</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 1.6pt; padding-left: 0; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">5.2</td> <td style="padding-left: 0; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 1.6pt; white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> </table> <table style="border-collapse:collapse;break-inside:avoid;width:100%;margin-top:0px"> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial"> <td style="break-inside: avoid-page; font-kerning: none; overflow-x: hidden; padding-top: 1.6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 0; vertical-align: top; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; width: initial; text-indent: 0; color: rgb(0, 0, 0);"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">​<sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">(a)</sup></div></td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; text-indent: 0; color: rgb(0, 0, 0); padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 0; width: 100%;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes.</div></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial"> <td style="break-inside: avoid-page; font-kerning: none; overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; color: rgb(0, 0, 0); padding-top: 0; padding-right: 6pt; padding-bottom: 0; padding-left: 0; width: initial; vertical-align: top; text-indent: 0;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">​<sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">(b)</sup></div></td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; color: rgb(0, 0, 0); padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; width: 100%;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">Excludes short-term securities.</div></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial"> <td style="break-inside: avoid-page; font-kerning: none; overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; color: rgb(0, 0, 0); padding-top: 0; padding-right: 6pt; padding-bottom: 0; padding-left: 0; width: initial; vertical-align: top; text-indent: 0;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">​<sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">(c)</sup></div></td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; color: rgb(0, 0, 0); padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; width: 100%;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&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: rgb(0, 0, 0); padding-top: 0; padding-right: 6pt; padding-bottom: 0; padding-left: 0; width: initial; vertical-align: top; text-indent: 0;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">​<sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">*</sup></div></td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; color: rgb(0, 0, 0); padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; width: 100%;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">Ten largest sectors are presented. Additional sectors are found in Other.</div></td> </tr> </table> 0.250 0.172 0.138 0.120 0.111 0.090 0.047 0.036 0.014 0.013 0.009 0.125 0.573 0.199 0.044 0.005 0.002 0.052 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. 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. BlackRock National Municipal Fund Class K Shares BNMLX This semi-annual shareholder report contains important information about BlackRock National Municipal Fund (the “Fund”) for the period of July 1, 2025 to December 31, 2025. semi-annual shareholder report You can find additional information about the Fund at <span style="color:rgb(0, 0, 0);font-weight:bold;text-decoration-line:none;font-family:'arial';font-size:8pt;line-height:10.4pt;text-align:justify">blackrock.com/fundreports</span>. You can also request this information by contacting us at (800) 441‑7762. blackrock.com/fundreports (800) 441‑7762 <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-weight:bold;font-size:10pt;color:rgb(0, 0, 0);margin-bottom:-0.18pt;"> <b>What were the </b> <b>Fund</b> <b> costs for the </b> <b>last six months</b> <b>?</b> </div><div style="margin-top:0px;margin-bottom:0px;font-kerning:none;font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);">(based on a hypothetical $10,000 investment)</div> <table style="break-inside:avoid;margin-top:2pt;table-layout:auto;width:100%;border-collapse:collapse"> <tr style="break-after:avoid;border-bottom-style:solid;border-bottom-width:0.5pt;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; font-weight: bold; font-size: 9pt; line-height: 11pt; color: rgb(0, 0, 0); background-color: rgb(255, 206, 0); padding-top: 2pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0; text-align: left;">Class name</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; font-weight: bold; font-size: 9pt; line-height: 11pt; color: rgb(0, 0, 0); background-color: rgb(255, 206, 0); text-align: center; padding-top: 2pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0;">Costs of a $10,000<br/> investment</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; font-weight: bold; font-size: 9pt; line-height: 11pt; color: rgb(0, 0, 0); background-color: rgb(255, 206, 0); text-align: center; padding-top: 2pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0;">Costs paid as a percentage of a<br/> $10,000 investment</td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: rgb(0, 0, 0); overflow-x: hidden; padding-top: 4pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0; font-size: 8pt; line-height: 10pt; text-align: left;">Class K Shares</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: rgb(0, 0, 0); padding-top: 4pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0; text-align: center; font-size: 8pt; line-height: 10pt;"><span style="float:none">$</span>22</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); padding-top: 4pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0; text-align: center; font-size: 8pt; line-height: 10pt;">0.43<span>%</span><span style="vertical-align:0.5em;font-size:smaller;line-height:0px">(a)</span></td> </tr> </table> <table style="break-inside:avoid;margin-top:2pt;table-layout:auto;width:100%;border-collapse:collapse"> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; color: rgb(0, 0, 0); padding-top: 1.6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 0; width: initial; text-indent: 0;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">​<sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">(a)</sup></div></td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; color: rgb(0, 0, 0); text-indent: 0; padding-top: 1.6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 0; width: 100%;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">Annualized.</div></td> </tr> </table> 22 0.0043 <table style="break-inside:avoid;table-layout:auto;width:100%;border-collapse:collapse;margin-top:0px"> <tr style="break-after:avoid;border-bottom-style:solid;border-bottom-width:0.5pt;break-inside:avoid-page;height:auto;background-color:rgb(255, 206, 0);border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: bottom; padding-left: 0; padding-right: 0; width: auto; font-family: 'Arial'; font-weight: bold; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0; letter-spacing: normal; text-transform: none; font-kerning: none; color: rgb(0, 0, 0); margin-top: 0; padding-top: 2pt; padding-bottom: 1.5pt; margin-bottom: 0;">Key Fund statistics</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; padding-left: 6pt; padding-right: 6pt; font-size: 8pt; line-height: 10pt; width: 12%; padding-top: 1.6pt; padding-bottom: 0;"></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; padding-left: 6pt; padding-right: 6pt; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-size: 8pt; line-height: 10pt; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-bottom: 0; text-indent: -6pt;">Net Assets</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; white-space: nowrap; padding-left: 6pt; padding-right: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; width: 12%; padding-top: 1.6pt; padding-bottom: 0;"><span style="float:none">$</span>5,785,534,294</td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; padding-left: 6pt; padding-right: 6pt; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-size: 8pt; line-height: 10pt; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-bottom: 0; text-indent: -6pt;">Number of Portfolio Holdings</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; white-space: nowrap; padding-left: 6pt; padding-right: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; width: 12%; padding-top: 1.6pt; padding-bottom: 0;">460</td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; padding-left: 6pt; padding-right: 6pt; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-size: 8pt; line-height: 10pt; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-bottom: 1.6pt; text-indent: -6pt;">Portfolio Turnover Rate</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; white-space: nowrap; padding-left: 6pt; padding-right: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; width: 12%; padding-top: 1.6pt; padding-bottom: 1.6pt;">37<span>%</span></td> </tr> </table> 5785534294 460 0.37 <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-weight:bold;font-size:10pt;color:rgb(0, 0, 0);margin-bottom:-0.18pt;">What did the Fund invest in?</div><div style="margin-top:0px;font-kerning:none;font-family:'arial';text-align:justify;font-size:9pt;line-height:11.4pt;color:rgb(0, 0, 0);margin-bottom:0px;">(as of December 31, 2025)</div> <table style="break-inside:avoid;table-layout:auto;width:100%;border-collapse:collapse;margin-top:0px"> <tr style="break-after:avoid;border-bottom-style:solid;border-bottom-width:0.5pt;break-inside:avoid-page;height:auto;font-family:'arial';font-style:italic;font-size:8pt;line-height:10pt;background-color:rgb(255, 206, 0);border-bottom-color:rgb(0, 0, 0)"> <td colspan="3" style="break-inside: avoid-page; vertical-align: bottom; white-space: nowrap; width: auto; font-family: 'Arial'; font-weight: normal; font-style: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0; letter-spacing: normal; text-transform: none; font-kerning: none; color: rgb(0, 0, 0); margin-top: 0; padding-top: 2pt; padding-right: 0; padding-bottom: 1.5pt; padding-left: 0; margin-bottom: 0;"><strong>Sector</strong><strong> allocation</strong></td> </tr> <tr style="break-after:avoid;border-bottom-style:solid;border-bottom-width:0.5pt;break-inside:avoid-page;height:auto;font-family:'arial';font-style:italic;font-size:8pt;line-height:10pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; white-space: nowrap; font-weight: normal; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt; width: auto;"><em>Sector<sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">(a)</sup></em></td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; white-space: nowrap; padding-top: 1.6pt; padding-bottom: 0; padding-left: 6pt;"><em>Percent of Total<br/> Investments<sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">(b)</sup></em></td> <td style="padding-left: 6pt; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; white-space: nowrap; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0;"></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Transportation</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">25.0</td> <td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Corporate</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">17.2</td> <td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">State</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">13.8</td> <td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Utilities</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">12.0</td> <td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Health</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">11.1</td> <td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">County/City/Special District/School District</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">9.0</td> <td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Housing</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">4.7</td> <td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Education</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">3.6</td> <td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Tobacco</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">1.4</td> <td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Fixed Income Funds</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">1.3</td> <td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 1.6pt; padding-left: 6pt; text-indent: -6pt;"><span style="white-space:nowrap">Other<sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">*</sup></span></td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 1.6pt; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">0.9</td> <td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 1.6pt; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> </table> <table style="break-inside:avoid;table-layout:auto;width:100%;border-collapse:collapse;margin-top:0px"> <tr style="break-after:avoid;border-bottom-style:solid;border-bottom-width:0.5pt;break-inside:avoid-page;height:auto;font-family:'arial';font-style:italic;font-size:8pt;line-height:10pt;background-color:rgb(255, 206, 0);border-bottom-color:rgb(0, 0, 0)"> <td colspan="3" style="break-inside: avoid-page; vertical-align: bottom; white-space: nowrap; width: auto; font-family: 'Arial'; font-weight: normal; font-style: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0; letter-spacing: normal; text-transform: none; font-kerning: none; color: rgb(0, 0, 0); margin-top: 0; padding-top: 2pt; padding-right: 6pt; padding-bottom: 1.5pt; padding-left: 0; margin-bottom: 0;"><strong>Credit quality allocation</strong></td> </tr> <tr style="break-after:avoid;border-bottom-style:solid;border-bottom-width:0.5pt;break-inside:avoid-page;height:auto;font-family:'arial';font-style:italic;font-size:8pt;line-height:10pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; white-space: nowrap; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Credit Rating<sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">(c)</sup></td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; white-space: nowrap; padding-top: 1.6pt; padding-bottom: 0; padding-left: 0;">Percent of Total<br/> Investments<sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">(b)</sup></td> <td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; white-space: nowrap; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0;"></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">AAA/Aaa</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">12.5</td> <td style="padding-left: 0; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">AA/Aa</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">57.3</td> <td style="padding-left: 0; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">A</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">19.9</td> <td style="padding-left: 0; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">BBB/Baa</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">4.4</td> <td style="padding-left: 0; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">BB/Ba</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">0.5</td> <td style="padding-left: 0; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">B</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">0.2</td> <td style="padding-left: 0; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 1.6pt; padding-left: 6pt; text-indent: -6pt;">N/R</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 1.6pt; padding-left: 0; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">5.2</td> <td style="padding-left: 0; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 1.6pt; white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> </table> <table style="border-collapse:collapse;break-inside:avoid;width:100%;margin-top:0px"> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial"> <td style="break-inside: avoid-page; font-kerning: none; overflow-x: hidden; padding-top: 1.6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 0; vertical-align: top; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; width: initial; text-indent: 0; color: rgb(0, 0, 0);"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">​<sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">(a)</sup></div></td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; text-indent: 0; color: rgb(0, 0, 0); padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 0; width: 100%;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes.</div></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial"> <td style="break-inside: avoid-page; font-kerning: none; overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; color: rgb(0, 0, 0); padding-top: 0; padding-right: 6pt; padding-bottom: 0; padding-left: 0; width: initial; vertical-align: top; text-indent: 0;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">​<sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">(b)</sup></div></td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; color: rgb(0, 0, 0); padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; width: 100%;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">Excludes short-term securities.</div></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial"> <td style="break-inside: avoid-page; font-kerning: none; overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; color: rgb(0, 0, 0); padding-top: 0; padding-right: 6pt; padding-bottom: 0; padding-left: 0; width: initial; vertical-align: top; text-indent: 0;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">​<sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">(c)</sup></div></td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; color: rgb(0, 0, 0); padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; width: 100%;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&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: rgb(0, 0, 0); padding-top: 0; padding-right: 6pt; padding-bottom: 0; padding-left: 0; width: initial; vertical-align: top; text-indent: 0;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">​<sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">*</sup></div></td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; color: rgb(0, 0, 0); padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; width: 100%;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">Ten largest sectors are presented. Additional sectors are found in Other.</div></td> </tr> </table> 0.250 0.172 0.138 0.120 0.111 0.090 0.047 0.036 0.014 0.013 0.009 0.125 0.573 0.199 0.044 0.005 0.002 0.052 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. 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. BlackRock Short Duration Muni Fund Institutional Shares MALMX This semi-annual shareholder report contains important information about BlackRock Short Duration Muni Fund (the “Fund”) (formerly known as BlackRock Short-Term Municipal Fund) for the period of July 1, 2025 to December 31, 2025. semi-annual shareholder report You can find additional information about the Fund at <span style="color:rgb(0, 0, 0);font-weight:bold;text-decoration-line:none;font-family:'arial';font-size:8pt;line-height:10.4pt;text-align:justify">blackrock.com/fundreports</span>. You can also request this information by contacting us at (800) 441‑7762. blackrock.com/fundreports (800) 441‑7762 <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-weight:bold;font-size:10pt;color:rgb(0, 0, 0);margin-bottom:-0.18pt;"> <b>What were the </b> <b>Fund</b> <b> costs for the </b> <b>last six months</b> <b>?</b> </div><div style="margin-top:0px;margin-bottom:0px;font-kerning:none;font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);">(based on a hypothetical $10,000 investment)</div> <table style="break-inside:avoid;margin-top:2pt;table-layout:auto;width:100%;border-collapse:collapse"> <tr style="break-after:avoid;border-bottom-style:solid;border-bottom-width:0.5pt;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; font-weight: bold; font-size: 9pt; line-height: 11pt; color: rgb(0, 0, 0); background-color: rgb(255, 206, 0); padding-top: 2pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0; text-align: left;">Class name</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; font-weight: bold; font-size: 9pt; line-height: 11pt; color: rgb(0, 0, 0); background-color: rgb(255, 206, 0); text-align: center; padding-top: 2pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0;">Costs of a $10,000<br/> investment</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; font-weight: bold; font-size: 9pt; line-height: 11pt; color: rgb(0, 0, 0); background-color: rgb(255, 206, 0); text-align: center; padding-top: 2pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0;">Costs paid as a percentage of a<br/> $10,000 investment</td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: rgb(0, 0, 0); overflow-x: hidden; padding-top: 4pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0; font-size: 8pt; line-height: 10pt; text-align: left;">Institutional Shares</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: rgb(0, 0, 0); padding-top: 4pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0; text-align: center; font-size: 8pt; line-height: 10pt;"><span style="float:none">$</span>18</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); padding-top: 4pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0; text-align: center; font-size: 8pt; line-height: 10pt;">0.36<span>%</span><span style="vertical-align:0.5em;font-size:smaller;line-height:0px">(a)</span></td> </tr> </table> <table style="break-inside:avoid;margin-top:2pt;table-layout:auto;width:100%;border-collapse:collapse"> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; color: rgb(0, 0, 0); padding-top: 1.6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 0; width: initial; text-indent: 0;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">​<sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">(a)</sup></div></td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; color: rgb(0, 0, 0); text-indent: 0; padding-top: 1.6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 0; width: 100%;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">Annualized.</div></td> </tr> </table> 18 0.0036 <table style="break-inside:avoid;table-layout:auto;width:100%;border-collapse:collapse;margin-top:0px"> <tr style="break-after:avoid;border-bottom-style:solid;border-bottom-width:0.5pt;break-inside:avoid-page;height:auto;background-color:rgb(255, 206, 0);border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: bottom; padding-left: 0; padding-right: 0; width: auto; font-family: 'Arial'; font-weight: bold; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0; letter-spacing: normal; text-transform: none; font-kerning: none; color: rgb(0, 0, 0); margin-top: 0; padding-top: 2pt; padding-bottom: 1.5pt; margin-bottom: 0;">Key Fund statistics</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; padding-left: 6pt; padding-right: 6pt; font-size: 8pt; line-height: 10pt; width: 12%; padding-top: 1.6pt; padding-bottom: 0;"></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; padding-left: 6pt; padding-right: 6pt; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-size: 8pt; line-height: 10pt; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-bottom: 0; text-indent: -6pt;">Net Assets</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; white-space: nowrap; padding-left: 6pt; padding-right: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; width: 12%; padding-top: 1.6pt; padding-bottom: 0;"><span style="float:none">$</span>488,622,879</td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; padding-left: 6pt; padding-right: 6pt; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-size: 8pt; line-height: 10pt; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-bottom: 0; text-indent: -6pt;">Number of Portfolio Holdings</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; white-space: nowrap; padding-left: 6pt; padding-right: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; width: 12%; padding-top: 1.6pt; padding-bottom: 0;">186</td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; padding-left: 6pt; padding-right: 6pt; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-size: 8pt; line-height: 10pt; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-bottom: 1.6pt; text-indent: -6pt;">Portfolio Turnover Rate</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; white-space: nowrap; padding-left: 6pt; padding-right: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; width: 12%; padding-top: 1.6pt; padding-bottom: 1.6pt;">24<span>%</span></td> </tr> </table> 488622879 186 0.24 <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-weight:bold;font-size:10pt;color:rgb(0, 0, 0);margin-bottom:-0.18pt;">What did the Fund invest in?</div><div style="margin-top:0px;font-kerning:none;font-family:'arial';text-align:justify;font-size:9pt;line-height:11.4pt;color:rgb(0, 0, 0);margin-bottom:0px;">(as of December 31, 2025)</div> <table style="break-inside:avoid;table-layout:auto;width:100%;border-collapse:collapse;margin-top:0px"> <tr style="break-after:avoid;border-bottom-style:solid;border-bottom-width:0.5pt;break-inside:avoid-page;height:auto;font-family:'arial';font-style:italic;font-size:8pt;line-height:10pt;background-color:rgb(255, 206, 0);border-bottom-color:rgb(0, 0, 0)"> <td colspan="3" style="break-inside: avoid-page; vertical-align: bottom; white-space: nowrap; width: auto; font-family: 'Arial'; font-weight: normal; font-style: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0; letter-spacing: normal; text-transform: none; font-kerning: none; color: rgb(0, 0, 0); margin-top: 0; padding-top: 2pt; padding-right: 0; padding-bottom: 1.5pt; padding-left: 0; margin-bottom: 0;"><strong>Sector</strong><strong> allocation</strong></td> </tr> <tr style="break-after:avoid;border-bottom-style:solid;border-bottom-width:0.5pt;break-inside:avoid-page;height:auto;font-family:'arial';font-style:italic;font-size:8pt;line-height:10pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; white-space: nowrap; font-weight: normal; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt; width: auto;"><em>Sector<sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">(a)</sup></em></td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; white-space: nowrap; padding-top: 1.6pt; padding-bottom: 0; padding-left: 6pt;"><em>Percent of Total<br/> Investments<sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">(b)</sup></em></td> <td style="padding-left: 6pt; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; white-space: nowrap; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0;"></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Transportation</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">26.9</td> <td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Corporate</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">25.6</td> <td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Health</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">18.8</td> <td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Housing</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">9.3</td> <td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">County/City/Special District/School District</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">5.9</td> <td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Utilities</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">5.3</td> <td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">State</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">5.2</td> <td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Education</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">2.3</td> <td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 1.6pt; padding-left: 6pt; text-indent: -6pt;">Tobacco</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 1.6pt; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">0.7</td> <td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 1.6pt; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> </table> <table style="break-inside:avoid;table-layout:auto;width:100%;border-collapse:collapse;margin-top:0px"> <tr style="break-after:avoid;border-bottom-style:solid;border-bottom-width:0.5pt;break-inside:avoid-page;height:auto;font-family:'arial';font-style:italic;font-size:8pt;line-height:10pt;background-color:rgb(255, 206, 0);border-bottom-color:rgb(0, 0, 0)"> <td colspan="3" style="break-inside: avoid-page; vertical-align: bottom; white-space: nowrap; width: auto; font-family: 'Arial'; font-weight: normal; font-style: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0; letter-spacing: normal; text-transform: none; font-kerning: none; color: rgb(0, 0, 0); margin-top: 0; padding-top: 2pt; padding-right: 6pt; padding-bottom: 1.5pt; padding-left: 0; margin-bottom: 0;"><strong>Credit quality allocation</strong></td> </tr> <tr style="break-after:avoid;border-bottom-style:solid;border-bottom-width:0.5pt;break-inside:avoid-page;height:auto;font-family:'arial';font-style:italic;font-size:8pt;line-height:10pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; white-space: nowrap; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Credit Rating<sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">(c)</sup></td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; white-space: nowrap; padding-top: 1.6pt; padding-bottom: 0; padding-left: 0;">Percent of Total<br/> Investments<sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">(b)</sup></td> <td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; white-space: nowrap; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0;"></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">AAA/Aaa</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">6.1</td> <td style="padding-left: 0; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">AA/Aa</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">43.0</td> <td style="padding-left: 0; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">A</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">39.1</td> <td style="padding-left: 0; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">BBB/Baa</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">8.2</td> <td style="padding-left: 0; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">BB/Ba</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">0.6</td> <td style="padding-left: 0; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 1.6pt; padding-left: 6pt; text-indent: -6pt;">N/R</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 1.6pt; padding-left: 0; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">3.0</td> <td style="padding-left: 0; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 1.6pt; white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> </table> <table style="border-collapse:collapse;break-inside:avoid;width:100%;margin-top:0px"> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial"> <td style="break-inside: avoid-page; font-kerning: none; overflow-x: hidden; padding-top: 1.6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 0; vertical-align: top; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; width: initial; text-indent: 0; color: rgb(0, 0, 0);"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">​<sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">(a)</sup></div></td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; text-indent: 0; color: rgb(0, 0, 0); padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 0; width: 100%;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes.</div></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial"> <td style="break-inside: avoid-page; font-kerning: none; overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; color: rgb(0, 0, 0); padding-top: 0; padding-right: 6pt; padding-bottom: 0; padding-left: 0; width: initial; vertical-align: top; text-indent: 0;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">​<sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">(b)</sup></div></td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; color: rgb(0, 0, 0); padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; width: 100%;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">Excludes short-term securities.</div></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial"> <td style="break-inside: avoid-page; font-kerning: none; overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; color: rgb(0, 0, 0); padding-top: 0; padding-right: 6pt; padding-bottom: 0; padding-left: 0; width: initial; vertical-align: top; text-indent: 0;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">​<sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">(c)</sup></div></td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; color: rgb(0, 0, 0); padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; width: 100%;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&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> </table> 0.269 0.256 0.188 0.093 0.059 0.053 0.052 0.023 0.007 0.061 0.430 0.391 0.082 0.006 0.030 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. 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. BlackRock Short Duration Muni Fund Investor A Shares MELMX This semi-annual shareholder report contains important information about BlackRock Short Duration Muni Fund (the “Fund”) (formerly known as BlackRock Short-Term Municipal Fund) for the period of July 1, 2025 to December 31, 2025. semi-annual shareholder report You can find additional information about the Fund at <span style="color:rgb(0, 0, 0);font-weight:bold;text-decoration-line:none;font-family:'arial';font-size:8pt;line-height:10.4pt;text-align:justify">blackrock.com/fundreports</span>. You can also request this information by contacting us at (800) 441‑7762. blackrock.com/fundreports (800) 441‑7762 <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-weight:bold;font-size:10pt;color:rgb(0, 0, 0);margin-bottom:-0.18pt;"> <b>What were the </b> <b>Fund</b> <b> costs for the </b> <b>last six months</b> <b>?</b> </div><div style="margin-top:0px;margin-bottom:0px;font-kerning:none;font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);">(based on a hypothetical $10,000 investment)</div> <table style="break-inside:avoid;margin-top:2pt;table-layout:auto;width:100%;border-collapse:collapse"> <tr style="break-after:avoid;border-bottom-style:solid;border-bottom-width:0.5pt;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; font-weight: bold; font-size: 9pt; line-height: 11pt; color: rgb(0, 0, 0); background-color: rgb(255, 206, 0); padding-top: 2pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0; text-align: left;">Class name</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; font-weight: bold; font-size: 9pt; line-height: 11pt; color: rgb(0, 0, 0); background-color: rgb(255, 206, 0); text-align: center; padding-top: 2pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0;">Costs of a $10,000<br/> investment</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; font-weight: bold; font-size: 9pt; line-height: 11pt; color: rgb(0, 0, 0); background-color: rgb(255, 206, 0); text-align: center; padding-top: 2pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0;">Costs paid as a percentage of a<br/> $10,000 investment</td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: rgb(0, 0, 0); overflow-x: hidden; padding-top: 4pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0; font-size: 8pt; line-height: 10pt; text-align: left;">Investor A Shares</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: rgb(0, 0, 0); padding-top: 4pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0; text-align: center; font-size: 8pt; line-height: 10pt;"><span style="float:none">$</span>31</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); padding-top: 4pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0; text-align: center; font-size: 8pt; line-height: 10pt;">0.60<span>%</span><span style="vertical-align:0.5em;font-size:smaller;line-height:0px">(a)</span></td> </tr> </table> <table style="break-inside:avoid;margin-top:2pt;table-layout:auto;width:100%;border-collapse:collapse"> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; color: rgb(0, 0, 0); padding-top: 1.6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 0; width: initial; text-indent: 0;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">​<sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">(a)</sup></div></td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; color: rgb(0, 0, 0); text-indent: 0; padding-top: 1.6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 0; width: 100%;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">Annualized.</div></td> </tr> </table> 31 0.0060 <table style="break-inside:avoid;table-layout:auto;width:100%;border-collapse:collapse;margin-top:0px"> <tr style="break-after:avoid;border-bottom-style:solid;border-bottom-width:0.5pt;break-inside:avoid-page;height:auto;background-color:rgb(255, 206, 0);border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: bottom; padding-left: 0; padding-right: 0; width: auto; font-family: 'Arial'; font-weight: bold; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0; letter-spacing: normal; text-transform: none; font-kerning: none; color: rgb(0, 0, 0); margin-top: 0; padding-top: 2pt; padding-bottom: 1.5pt; margin-bottom: 0;">Key Fund statistics</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; padding-left: 6pt; padding-right: 6pt; font-size: 8pt; line-height: 10pt; width: 12%; padding-top: 1.6pt; padding-bottom: 0;"></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; padding-left: 6pt; padding-right: 6pt; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-size: 8pt; line-height: 10pt; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-bottom: 0; text-indent: -6pt;">Net Assets</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; white-space: nowrap; padding-left: 6pt; padding-right: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; width: 12%; padding-top: 1.6pt; padding-bottom: 0;"><span style="float:none">$</span>488,622,879</td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; padding-left: 6pt; padding-right: 6pt; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-size: 8pt; line-height: 10pt; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-bottom: 0; text-indent: -6pt;">Number of Portfolio Holdings</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; white-space: nowrap; padding-left: 6pt; padding-right: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; width: 12%; padding-top: 1.6pt; padding-bottom: 0;">186</td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; padding-left: 6pt; padding-right: 6pt; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-size: 8pt; line-height: 10pt; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-bottom: 1.6pt; text-indent: -6pt;">Portfolio Turnover Rate</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; white-space: nowrap; padding-left: 6pt; padding-right: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; width: 12%; padding-top: 1.6pt; padding-bottom: 1.6pt;">24<span>%</span></td> </tr> </table> 488622879 186 0.24 <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-weight:bold;font-size:10pt;color:rgb(0, 0, 0);margin-bottom:-0.18pt;">What did the Fund invest in?</div><div style="margin-top:0px;font-kerning:none;font-family:'arial';text-align:justify;font-size:9pt;line-height:11.4pt;color:rgb(0, 0, 0);margin-bottom:0px;">(as of December 31, 2025)</div> <table style="break-inside:avoid;table-layout:auto;width:100%;border-collapse:collapse;margin-top:0px"> <tr style="break-after:avoid;border-bottom-style:solid;border-bottom-width:0.5pt;break-inside:avoid-page;height:auto;font-family:'arial';font-style:italic;font-size:8pt;line-height:10pt;background-color:rgb(255, 206, 0);border-bottom-color:rgb(0, 0, 0)"> <td colspan="3" style="break-inside: avoid-page; vertical-align: bottom; white-space: nowrap; width: auto; font-family: 'Arial'; font-weight: normal; font-style: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0; letter-spacing: normal; text-transform: none; font-kerning: none; color: rgb(0, 0, 0); margin-top: 0; padding-top: 2pt; padding-right: 0; padding-bottom: 1.5pt; padding-left: 0; margin-bottom: 0;"><strong>Sector</strong><strong> allocation</strong></td> </tr> <tr style="break-after:avoid;border-bottom-style:solid;border-bottom-width:0.5pt;break-inside:avoid-page;height:auto;font-family:'arial';font-style:italic;font-size:8pt;line-height:10pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; white-space: nowrap; font-weight: normal; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt; width: auto;"><em>Sector<sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">(a)</sup></em></td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; white-space: nowrap; padding-top: 1.6pt; padding-bottom: 0; padding-left: 6pt;"><em>Percent of Total<br/> Investments<sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">(b)</sup></em></td> <td style="padding-left: 6pt; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; white-space: nowrap; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0;"></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Transportation</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">26.9</td> <td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Corporate</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">25.6</td> <td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Health</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">18.8</td> <td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Housing</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">9.3</td> <td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">County/City/Special District/School District</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">5.9</td> <td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Utilities</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">5.3</td> <td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">State</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">5.2</td> <td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Education</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">2.3</td> <td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 1.6pt; padding-left: 6pt; text-indent: -6pt;">Tobacco</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 1.6pt; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">0.7</td> <td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 1.6pt; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> </table> <table style="break-inside:avoid;table-layout:auto;width:100%;border-collapse:collapse;margin-top:0px"> <tr style="break-after:avoid;border-bottom-style:solid;border-bottom-width:0.5pt;break-inside:avoid-page;height:auto;font-family:'arial';font-style:italic;font-size:8pt;line-height:10pt;background-color:rgb(255, 206, 0);border-bottom-color:rgb(0, 0, 0)"> <td colspan="3" style="break-inside: avoid-page; vertical-align: bottom; white-space: nowrap; width: auto; font-family: 'Arial'; font-weight: normal; font-style: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0; letter-spacing: normal; text-transform: none; font-kerning: none; color: rgb(0, 0, 0); margin-top: 0; padding-top: 2pt; padding-right: 6pt; padding-bottom: 1.5pt; padding-left: 0; margin-bottom: 0;"><strong>Credit quality allocation</strong></td> </tr> <tr style="break-after:avoid;border-bottom-style:solid;border-bottom-width:0.5pt;break-inside:avoid-page;height:auto;font-family:'arial';font-style:italic;font-size:8pt;line-height:10pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; white-space: nowrap; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Credit Rating<sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">(c)</sup></td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; white-space: nowrap; padding-top: 1.6pt; padding-bottom: 0; padding-left: 0;">Percent of Total<br/> Investments<sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">(b)</sup></td> <td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; white-space: nowrap; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0;"></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">AAA/Aaa</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">6.1</td> <td style="padding-left: 0; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">AA/Aa</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">43.0</td> <td style="padding-left: 0; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">A</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">39.1</td> <td style="padding-left: 0; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">BBB/Baa</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">8.2</td> <td style="padding-left: 0; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">BB/Ba</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">0.6</td> <td style="padding-left: 0; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 1.6pt; padding-left: 6pt; text-indent: -6pt;">N/R</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 1.6pt; padding-left: 0; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">3.0</td> <td style="padding-left: 0; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 1.6pt; white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> </table> <table style="border-collapse:collapse;break-inside:avoid;width:100%;margin-top:0px"> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial"> <td style="break-inside: avoid-page; font-kerning: none; overflow-x: hidden; padding-top: 1.6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 0; vertical-align: top; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; width: initial; text-indent: 0; color: rgb(0, 0, 0);"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">​<sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">(a)</sup></div></td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; text-indent: 0; color: rgb(0, 0, 0); padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 0; width: 100%;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes.</div></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial"> <td style="break-inside: avoid-page; font-kerning: none; overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; color: rgb(0, 0, 0); padding-top: 0; padding-right: 6pt; padding-bottom: 0; padding-left: 0; width: initial; vertical-align: top; text-indent: 0;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">​<sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">(b)</sup></div></td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; color: rgb(0, 0, 0); padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; width: 100%;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">Excludes short-term securities.</div></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial"> <td style="break-inside: avoid-page; font-kerning: none; overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; color: rgb(0, 0, 0); padding-top: 0; padding-right: 6pt; padding-bottom: 0; padding-left: 0; width: initial; vertical-align: top; text-indent: 0;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">​<sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">(c)</sup></div></td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; color: rgb(0, 0, 0); padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; width: 100%;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&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> </table> 0.269 0.256 0.188 0.093 0.059 0.053 0.052 0.023 0.007 0.061 0.430 0.391 0.082 0.006 0.030 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. 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. BlackRock Short Duration Muni Fund Investor A1 Shares MDLMX This semi-annual shareholder report contains important information about BlackRock Short Duration Muni Fund (the “Fund”) (formerly known as BlackRock Short-Term Municipal Fund) for the period of July 1, 2025 to December 31, 2025. semi-annual shareholder report You can find additional information about the Fund at <span style="color:rgb(0, 0, 0);font-weight:bold;text-decoration-line:none;font-family:'arial';font-size:8pt;line-height:10.4pt;text-align:justify">blackrock.com/fundreports</span>. You can also request this information by contacting us at (800) 441‑7762. blackrock.com/fundreports (800) 441‑7762 <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-weight:bold;font-size:10pt;color:rgb(0, 0, 0);margin-bottom:-0.18pt;"> <b>What were the </b> <b>Fund</b> <b> costs for the </b> <b>last six months</b> <b>?</b> </div><div style="margin-top:0px;margin-bottom:0px;font-kerning:none;font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);">(based on a hypothetical $10,000 investment)</div> <table style="break-inside:avoid;margin-top:2pt;table-layout:auto;width:100%;border-collapse:collapse"> <tr style="break-after:avoid;border-bottom-style:solid;border-bottom-width:0.5pt;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; font-weight: bold; font-size: 9pt; line-height: 11pt; color: rgb(0, 0, 0); background-color: rgb(255, 206, 0); padding-top: 2pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0; text-align: left;">Class name</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; font-weight: bold; font-size: 9pt; line-height: 11pt; color: rgb(0, 0, 0); background-color: rgb(255, 206, 0); text-align: center; padding-top: 2pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0;">Costs of a $10,000<br/> investment</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; font-weight: bold; font-size: 9pt; line-height: 11pt; color: rgb(0, 0, 0); background-color: rgb(255, 206, 0); text-align: center; padding-top: 2pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0;">Costs paid as a percentage of a<br/> $10,000 investment</td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: rgb(0, 0, 0); overflow-x: hidden; padding-top: 4pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0; font-size: 8pt; line-height: 10pt; text-align: left;">Investor A1 Shares</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: rgb(0, 0, 0); padding-top: 4pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0; text-align: center; font-size: 8pt; line-height: 10pt;"><span style="float:none">$</span>24</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); padding-top: 4pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0; text-align: center; font-size: 8pt; line-height: 10pt;">0.46<span>%</span><span style="vertical-align:0.5em;font-size:smaller;line-height:0px">(a)</span></td> </tr> </table> <table style="break-inside:avoid;margin-top:2pt;table-layout:auto;width:100%;border-collapse:collapse"> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; color: rgb(0, 0, 0); padding-top: 1.6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 0; width: initial; text-indent: 0;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">​<sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">(a)</sup></div></td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; color: rgb(0, 0, 0); text-indent: 0; padding-top: 1.6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 0; width: 100%;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">Annualized.</div></td> </tr> </table> 24 0.0046 <table style="break-inside:avoid;table-layout:auto;width:100%;border-collapse:collapse;margin-top:0px"> <tr style="break-after:avoid;border-bottom-style:solid;border-bottom-width:0.5pt;break-inside:avoid-page;height:auto;background-color:rgb(255, 206, 0);border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: bottom; padding-left: 0; padding-right: 0; width: auto; font-family: 'Arial'; font-weight: bold; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0; letter-spacing: normal; text-transform: none; font-kerning: none; color: rgb(0, 0, 0); margin-top: 0; padding-top: 2pt; padding-bottom: 1.5pt; margin-bottom: 0;">Key Fund statistics</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; padding-left: 6pt; padding-right: 6pt; font-size: 8pt; line-height: 10pt; width: 12%; padding-top: 1.6pt; padding-bottom: 0;"></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; padding-left: 6pt; padding-right: 6pt; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-size: 8pt; line-height: 10pt; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-bottom: 0; text-indent: -6pt;">Net Assets</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; white-space: nowrap; padding-left: 6pt; padding-right: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; width: 12%; padding-top: 1.6pt; padding-bottom: 0;"><span style="float:none">$</span>488,622,879</td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; padding-left: 6pt; padding-right: 6pt; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-size: 8pt; line-height: 10pt; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-bottom: 0; text-indent: -6pt;">Number of Portfolio Holdings</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; white-space: nowrap; padding-left: 6pt; padding-right: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; width: 12%; padding-top: 1.6pt; padding-bottom: 0;">186</td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; padding-left: 6pt; padding-right: 6pt; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-size: 8pt; line-height: 10pt; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-bottom: 1.6pt; text-indent: -6pt;">Portfolio Turnover Rate</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; white-space: nowrap; padding-left: 6pt; padding-right: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; width: 12%; padding-top: 1.6pt; padding-bottom: 1.6pt;">24<span>%</span></td> </tr> </table> 488622879 186 0.24 <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-weight:bold;font-size:10pt;color:rgb(0, 0, 0);margin-bottom:-0.18pt;">What did the Fund invest in?</div><div style="margin-top:0px;font-kerning:none;font-family:'arial';text-align:justify;font-size:9pt;line-height:11.4pt;color:rgb(0, 0, 0);margin-bottom:0px;">(as of December 31, 2025)</div> <table style="break-inside:avoid;table-layout:auto;width:100%;border-collapse:collapse;margin-top:0px"> <tr style="break-after:avoid;border-bottom-style:solid;border-bottom-width:0.5pt;break-inside:avoid-page;height:auto;font-family:'arial';font-style:italic;font-size:8pt;line-height:10pt;background-color:rgb(255, 206, 0);border-bottom-color:rgb(0, 0, 0)"> <td colspan="3" style="break-inside: avoid-page; vertical-align: bottom; white-space: nowrap; width: auto; font-family: 'Arial'; font-weight: normal; font-style: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0; letter-spacing: normal; text-transform: none; font-kerning: none; color: rgb(0, 0, 0); margin-top: 0; padding-top: 2pt; padding-right: 0; padding-bottom: 1.5pt; padding-left: 0; margin-bottom: 0;"><strong>Sector</strong><strong> allocation</strong></td> </tr> <tr style="break-after:avoid;border-bottom-style:solid;border-bottom-width:0.5pt;break-inside:avoid-page;height:auto;font-family:'arial';font-style:italic;font-size:8pt;line-height:10pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; white-space: nowrap; font-weight: normal; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt; width: auto;"><em>Sector<sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">(a)</sup></em></td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; white-space: nowrap; padding-top: 1.6pt; padding-bottom: 0; padding-left: 6pt;"><em>Percent of Total<br/> Investments<sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">(b)</sup></em></td> <td style="padding-left: 6pt; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; white-space: nowrap; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0;"></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Transportation</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">26.9</td> <td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Corporate</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">25.6</td> <td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Health</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">18.8</td> <td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Housing</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">9.3</td> <td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">County/City/Special District/School District</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">5.9</td> <td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Utilities</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">5.3</td> <td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">State</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">5.2</td> <td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Education</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">2.3</td> <td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 1.6pt; padding-left: 6pt; text-indent: -6pt;">Tobacco</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 1.6pt; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">0.7</td> <td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 1.6pt; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> </table> <table style="break-inside:avoid;table-layout:auto;width:100%;border-collapse:collapse;margin-top:0px"> <tr style="break-after:avoid;border-bottom-style:solid;border-bottom-width:0.5pt;break-inside:avoid-page;height:auto;font-family:'arial';font-style:italic;font-size:8pt;line-height:10pt;background-color:rgb(255, 206, 0);border-bottom-color:rgb(0, 0, 0)"> <td colspan="3" style="break-inside: avoid-page; vertical-align: bottom; white-space: nowrap; width: auto; font-family: 'Arial'; font-weight: normal; font-style: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0; letter-spacing: normal; text-transform: none; font-kerning: none; color: rgb(0, 0, 0); margin-top: 0; padding-top: 2pt; padding-right: 6pt; padding-bottom: 1.5pt; padding-left: 0; margin-bottom: 0;"><strong>Credit quality allocation</strong></td> </tr> <tr style="break-after:avoid;border-bottom-style:solid;border-bottom-width:0.5pt;break-inside:avoid-page;height:auto;font-family:'arial';font-style:italic;font-size:8pt;line-height:10pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; white-space: nowrap; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Credit Rating<sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">(c)</sup></td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; white-space: nowrap; padding-top: 1.6pt; padding-bottom: 0; padding-left: 0;">Percent of Total<br/> Investments<sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">(b)</sup></td> <td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; white-space: nowrap; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0;"></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">AAA/Aaa</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">6.1</td> <td style="padding-left: 0; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">AA/Aa</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">43.0</td> <td style="padding-left: 0; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">A</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">39.1</td> <td style="padding-left: 0; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">BBB/Baa</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">8.2</td> <td style="padding-left: 0; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">BB/Ba</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">0.6</td> <td style="padding-left: 0; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 1.6pt; padding-left: 6pt; text-indent: -6pt;">N/R</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 1.6pt; padding-left: 0; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">3.0</td> <td style="padding-left: 0; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 1.6pt; white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> </table> <table style="border-collapse:collapse;break-inside:avoid;width:100%;margin-top:0px"> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial"> <td style="break-inside: avoid-page; font-kerning: none; overflow-x: hidden; padding-top: 1.6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 0; vertical-align: top; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; width: initial; text-indent: 0; color: rgb(0, 0, 0);"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">​<sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">(a)</sup></div></td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; text-indent: 0; color: rgb(0, 0, 0); padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 0; width: 100%;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes.</div></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial"> <td style="break-inside: avoid-page; font-kerning: none; overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; color: rgb(0, 0, 0); padding-top: 0; padding-right: 6pt; padding-bottom: 0; padding-left: 0; width: initial; vertical-align: top; text-indent: 0;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">​<sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">(b)</sup></div></td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; color: rgb(0, 0, 0); padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; width: 100%;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">Excludes short-term securities.</div></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial"> <td style="break-inside: avoid-page; font-kerning: none; overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; color: rgb(0, 0, 0); padding-top: 0; padding-right: 6pt; padding-bottom: 0; padding-left: 0; width: initial; vertical-align: top; text-indent: 0;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">​<sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">(c)</sup></div></td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; color: rgb(0, 0, 0); padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; width: 100%;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&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> </table> 0.269 0.256 0.188 0.093 0.059 0.053 0.052 0.023 0.007 0.061 0.430 0.391 0.082 0.006 0.030 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. 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. BlackRock Short Duration Muni Fund Investor C Shares MFLMX This semi-annual shareholder report contains important information about BlackRock Short Duration Muni Fund (the “Fund”) (formerly known as BlackRock Short-Term Municipal Fund) for the period of July 1, 2025 to December 31, 2025. semi-annual shareholder report You can find additional information about the Fund at <span style="color:rgb(0, 0, 0);font-weight:bold;text-decoration-line:none;font-family:'arial';font-size:8pt;line-height:10.4pt;text-align:justify">blackrock.com/fundreports</span>. You can also request this information by contacting us at (800) 441‑7762. blackrock.com/fundreports (800) 441‑7762 <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-weight:bold;font-size:10pt;color:rgb(0, 0, 0);margin-bottom:-0.18pt;"> <b>What were the </b> <b>Fund</b> <b> costs for the </b> <b>last six months</b> <b>?</b> </div><div style="margin-top:0px;margin-bottom:0px;font-kerning:none;font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);">(based on a hypothetical $10,000 investment)</div> <table style="break-inside:avoid;margin-top:2pt;table-layout:auto;width:100%;border-collapse:collapse"> <tr style="break-after:avoid;border-bottom-style:solid;border-bottom-width:0.5pt;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; font-weight: bold; font-size: 9pt; line-height: 11pt; color: rgb(0, 0, 0); background-color: rgb(255, 206, 0); padding-top: 2pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0; text-align: left;">Class name</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; font-weight: bold; font-size: 9pt; line-height: 11pt; color: rgb(0, 0, 0); background-color: rgb(255, 206, 0); text-align: center; padding-top: 2pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0;">Costs of a $10,000<br/> investment</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; font-weight: bold; font-size: 9pt; line-height: 11pt; color: rgb(0, 0, 0); background-color: rgb(255, 206, 0); text-align: center; padding-top: 2pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0;">Costs paid as a percentage of a<br/> $10,000 investment</td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: rgb(0, 0, 0); overflow-x: hidden; padding-top: 4pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0; font-size: 8pt; line-height: 10pt; text-align: left;">Investor C Shares</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: rgb(0, 0, 0); padding-top: 4pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0; text-align: center; font-size: 8pt; line-height: 10pt;"><span style="float:none">$</span>69</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); padding-top: 4pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0; text-align: center; font-size: 8pt; line-height: 10pt;">1.36<span>%</span><span style="vertical-align:0.5em;font-size:smaller;line-height:0px">(a)</span></td> </tr> </table> <table style="break-inside:avoid;margin-top:2pt;table-layout:auto;width:100%;border-collapse:collapse"> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; color: rgb(0, 0, 0); padding-top: 1.6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 0; width: initial; text-indent: 0;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">​<sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">(a)</sup></div></td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; color: rgb(0, 0, 0); text-indent: 0; padding-top: 1.6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 0; width: 100%;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">Annualized.</div></td> </tr> </table> 69 0.0136 <table style="break-inside:avoid;table-layout:auto;width:100%;border-collapse:collapse;margin-top:0px"> <tr style="break-after:avoid;border-bottom-style:solid;border-bottom-width:0.5pt;break-inside:avoid-page;height:auto;background-color:rgb(255, 206, 0);border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: bottom; padding-left: 0; padding-right: 0; width: auto; font-family: 'Arial'; font-weight: bold; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0; letter-spacing: normal; text-transform: none; font-kerning: none; color: rgb(0, 0, 0); margin-top: 0; padding-top: 2pt; padding-bottom: 1.5pt; margin-bottom: 0;">Key Fund statistics</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; padding-left: 6pt; padding-right: 6pt; font-size: 8pt; line-height: 10pt; width: 12%; padding-top: 1.6pt; padding-bottom: 0;"></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; padding-left: 6pt; padding-right: 6pt; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-size: 8pt; line-height: 10pt; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-bottom: 0; text-indent: -6pt;">Net Assets</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; white-space: nowrap; padding-left: 6pt; padding-right: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; width: 12%; padding-top: 1.6pt; padding-bottom: 0;"><span style="float:none">$</span>488,622,879</td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; padding-left: 6pt; padding-right: 6pt; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-size: 8pt; line-height: 10pt; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-bottom: 0; text-indent: -6pt;">Number of Portfolio Holdings</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; white-space: nowrap; padding-left: 6pt; padding-right: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; width: 12%; padding-top: 1.6pt; padding-bottom: 0;">186</td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; padding-left: 6pt; padding-right: 6pt; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-size: 8pt; line-height: 10pt; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-bottom: 1.6pt; text-indent: -6pt;">Portfolio Turnover Rate</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; white-space: nowrap; padding-left: 6pt; padding-right: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; width: 12%; padding-top: 1.6pt; padding-bottom: 1.6pt;">24<span>%</span></td> </tr> </table> 488622879 186 0.24 <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-weight:bold;font-size:10pt;color:rgb(0, 0, 0);margin-bottom:-0.18pt;">What did the Fund invest in?</div><div style="margin-top:0px;font-kerning:none;font-family:'arial';text-align:justify;font-size:9pt;line-height:11.4pt;color:rgb(0, 0, 0);margin-bottom:0px;">(as of December 31, 2025)</div> <table style="break-inside:avoid;table-layout:auto;width:100%;border-collapse:collapse;margin-top:0px"> <tr style="break-after:avoid;border-bottom-style:solid;border-bottom-width:0.5pt;break-inside:avoid-page;height:auto;font-family:'arial';font-style:italic;font-size:8pt;line-height:10pt;background-color:rgb(255, 206, 0);border-bottom-color:rgb(0, 0, 0)"> <td colspan="3" style="break-inside: avoid-page; vertical-align: bottom; white-space: nowrap; width: auto; font-family: 'Arial'; font-weight: normal; font-style: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0; letter-spacing: normal; text-transform: none; font-kerning: none; color: rgb(0, 0, 0); margin-top: 0; padding-top: 2pt; padding-right: 0; padding-bottom: 1.5pt; padding-left: 0; margin-bottom: 0;"><strong>Sector</strong><strong> allocation</strong></td> </tr> <tr style="break-after:avoid;border-bottom-style:solid;border-bottom-width:0.5pt;break-inside:avoid-page;height:auto;font-family:'arial';font-style:italic;font-size:8pt;line-height:10pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; white-space: nowrap; font-weight: normal; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt; width: auto;"><em>Sector<sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">(a)</sup></em></td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; white-space: nowrap; padding-top: 1.6pt; padding-bottom: 0; padding-left: 6pt;"><em>Percent of Total<br/> Investments<sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">(b)</sup></em></td> <td style="padding-left: 6pt; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; white-space: nowrap; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0;"></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Transportation</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">26.9</td> <td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Corporate</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">25.6</td> <td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Health</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">18.8</td> <td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Housing</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">9.3</td> <td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">County/City/Special District/School District</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">5.9</td> <td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Utilities</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">5.3</td> <td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">State</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">5.2</td> <td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Education</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">2.3</td> <td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 1.6pt; padding-left: 6pt; text-indent: -6pt;">Tobacco</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 1.6pt; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">0.7</td> <td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 1.6pt; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> </table> <table style="break-inside:avoid;table-layout:auto;width:100%;border-collapse:collapse;margin-top:0px"> <tr style="break-after:avoid;border-bottom-style:solid;border-bottom-width:0.5pt;break-inside:avoid-page;height:auto;font-family:'arial';font-style:italic;font-size:8pt;line-height:10pt;background-color:rgb(255, 206, 0);border-bottom-color:rgb(0, 0, 0)"> <td colspan="3" style="break-inside: avoid-page; vertical-align: bottom; white-space: nowrap; width: auto; font-family: 'Arial'; font-weight: normal; font-style: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0; letter-spacing: normal; text-transform: none; font-kerning: none; color: rgb(0, 0, 0); margin-top: 0; padding-top: 2pt; padding-right: 6pt; padding-bottom: 1.5pt; padding-left: 0; margin-bottom: 0;"><strong>Credit quality allocation</strong></td> </tr> <tr style="break-after:avoid;border-bottom-style:solid;border-bottom-width:0.5pt;break-inside:avoid-page;height:auto;font-family:'arial';font-style:italic;font-size:8pt;line-height:10pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; white-space: nowrap; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Credit Rating<sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">(c)</sup></td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; white-space: nowrap; padding-top: 1.6pt; padding-bottom: 0; padding-left: 0;">Percent of Total<br/> Investments<sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">(b)</sup></td> <td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; white-space: nowrap; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0;"></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">AAA/Aaa</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">6.1</td> <td style="padding-left: 0; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">AA/Aa</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">43.0</td> <td style="padding-left: 0; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">A</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">39.1</td> <td style="padding-left: 0; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">BBB/Baa</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">8.2</td> <td style="padding-left: 0; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">BB/Ba</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">0.6</td> <td style="padding-left: 0; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 1.6pt; padding-left: 6pt; text-indent: -6pt;">N/R</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 1.6pt; padding-left: 0; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">3.0</td> <td style="padding-left: 0; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 1.6pt; white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> </table> <table style="border-collapse:collapse;break-inside:avoid;width:100%;margin-top:0px"> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial"> <td style="break-inside: avoid-page; font-kerning: none; overflow-x: hidden; padding-top: 1.6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 0; vertical-align: top; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; width: initial; text-indent: 0; color: rgb(0, 0, 0);"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">​<sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">(a)</sup></div></td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; text-indent: 0; color: rgb(0, 0, 0); padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 0; width: 100%;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes.</div></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial"> <td style="break-inside: avoid-page; font-kerning: none; overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; color: rgb(0, 0, 0); padding-top: 0; padding-right: 6pt; padding-bottom: 0; padding-left: 0; width: initial; vertical-align: top; text-indent: 0;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">​<sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">(b)</sup></div></td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; color: rgb(0, 0, 0); padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; width: 100%;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">Excludes short-term securities.</div></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial"> <td style="break-inside: avoid-page; font-kerning: none; overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; color: rgb(0, 0, 0); padding-top: 0; padding-right: 6pt; padding-bottom: 0; padding-left: 0; width: initial; vertical-align: top; text-indent: 0;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">​<sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">(c)</sup></div></td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; color: rgb(0, 0, 0); padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; width: 100%;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&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> </table> 0.269 0.256 0.188 0.093 0.059 0.053 0.052 0.023 0.007 0.061 0.430 0.391 0.082 0.006 0.030 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. 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. BlackRock Short Duration Muni Fund Class K Shares MPLMX This semi-annual shareholder report contains important information about BlackRock Short Duration Muni Fund (the “Fund”) (formerly known as BlackRock Short-Term Municipal Fund) for the period of July 1, 2025 to December 31, 2025. semi-annual shareholder report You can find additional information about the Fund at <span style="color:rgb(0, 0, 0);font-weight:bold;text-decoration-line:none;font-family:'arial';font-size:8pt;line-height:10.4pt;text-align:justify">blackrock.com/fundreports</span>. You can also request this information by contacting us at (800) 441‑7762. blackrock.com/fundreports (800) 441‑7762 <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-weight:bold;font-size:10pt;color:rgb(0, 0, 0);margin-bottom:-0.18pt;"> <b>What were the </b> <b>Fund</b> <b> costs for the </b> <b>last six months</b> <b>?</b> </div><div style="margin-top:0px;margin-bottom:0px;font-kerning:none;font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);">(based on a hypothetical $10,000 investment)</div> <table style="break-inside:avoid;margin-top:2pt;table-layout:auto;width:100%;border-collapse:collapse"> <tr style="break-after:avoid;border-bottom-style:solid;border-bottom-width:0.5pt;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; font-weight: bold; font-size: 9pt; line-height: 11pt; color: rgb(0, 0, 0); background-color: rgb(255, 206, 0); padding-top: 2pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0; text-align: left;">Class name</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; font-weight: bold; font-size: 9pt; line-height: 11pt; color: rgb(0, 0, 0); background-color: rgb(255, 206, 0); text-align: center; padding-top: 2pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0;">Costs of a $10,000<br/> investment</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; font-weight: bold; font-size: 9pt; line-height: 11pt; color: rgb(0, 0, 0); background-color: rgb(255, 206, 0); text-align: center; padding-top: 2pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0;">Costs paid as a percentage of a<br/> $10,000 investment</td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: rgb(0, 0, 0); overflow-x: hidden; padding-top: 4pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0; font-size: 8pt; line-height: 10pt; text-align: left;">Class K Shares</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: rgb(0, 0, 0); padding-top: 4pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0; text-align: center; font-size: 8pt; line-height: 10pt;"><span style="float:none">$</span>16</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); padding-top: 4pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0; text-align: center; font-size: 8pt; line-height: 10pt;">0.31<span>%</span><span style="vertical-align:0.5em;font-size:smaller;line-height:0px">(a)</span></td> </tr> </table> <table style="break-inside:avoid;margin-top:2pt;table-layout:auto;width:100%;border-collapse:collapse"> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; color: rgb(0, 0, 0); padding-top: 1.6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 0; width: initial; text-indent: 0;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">​<sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">(a)</sup></div></td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; color: rgb(0, 0, 0); text-indent: 0; padding-top: 1.6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 0; width: 100%;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">Annualized.</div></td> </tr> </table> 16 0.0031 <table style="break-inside:avoid;table-layout:auto;width:100%;border-collapse:collapse;margin-top:0px"> <tr style="break-after:avoid;border-bottom-style:solid;border-bottom-width:0.5pt;break-inside:avoid-page;height:auto;background-color:rgb(255, 206, 0);border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: bottom; padding-left: 0; padding-right: 0; width: auto; font-family: 'Arial'; font-weight: bold; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0; letter-spacing: normal; text-transform: none; font-kerning: none; color: rgb(0, 0, 0); margin-top: 0; padding-top: 2pt; padding-bottom: 1.5pt; margin-bottom: 0;">Key Fund statistics</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; padding-left: 6pt; padding-right: 6pt; font-size: 8pt; line-height: 10pt; width: 12%; padding-top: 1.6pt; padding-bottom: 0;"></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; padding-left: 6pt; padding-right: 6pt; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-size: 8pt; line-height: 10pt; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-bottom: 0; text-indent: -6pt;">Net Assets</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; white-space: nowrap; padding-left: 6pt; padding-right: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; width: 12%; padding-top: 1.6pt; padding-bottom: 0;"><span style="float:none">$</span>488,622,879</td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; padding-left: 6pt; padding-right: 6pt; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-size: 8pt; line-height: 10pt; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-bottom: 0; text-indent: -6pt;">Number of Portfolio Holdings</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; white-space: nowrap; padding-left: 6pt; padding-right: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; width: 12%; padding-top: 1.6pt; padding-bottom: 0;">186</td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; padding-left: 6pt; padding-right: 6pt; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-size: 8pt; line-height: 10pt; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-bottom: 1.6pt; text-indent: -6pt;">Portfolio Turnover Rate</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; white-space: nowrap; padding-left: 6pt; padding-right: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; width: 12%; padding-top: 1.6pt; padding-bottom: 1.6pt;">24<span>%</span></td> </tr> </table> 488622879 186 0.24 <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-weight:bold;font-size:10pt;color:rgb(0, 0, 0);margin-bottom:-0.18pt;">What did the Fund invest in?</div><div style="margin-top:0px;font-kerning:none;font-family:'arial';text-align:justify;font-size:9pt;line-height:11.4pt;color:rgb(0, 0, 0);margin-bottom:0px;">(as of December 31, 2025)</div> <table style="break-inside:avoid;table-layout:auto;width:100%;border-collapse:collapse;margin-top:0px"> <tr style="break-after:avoid;border-bottom-style:solid;border-bottom-width:0.5pt;break-inside:avoid-page;height:auto;font-family:'arial';font-style:italic;font-size:8pt;line-height:10pt;background-color:rgb(255, 206, 0);border-bottom-color:rgb(0, 0, 0)"> <td colspan="3" style="break-inside: avoid-page; vertical-align: bottom; white-space: nowrap; width: auto; font-family: 'Arial'; font-weight: normal; font-style: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0; letter-spacing: normal; text-transform: none; font-kerning: none; color: rgb(0, 0, 0); margin-top: 0; padding-top: 2pt; padding-right: 0; padding-bottom: 1.5pt; padding-left: 0; margin-bottom: 0;"><strong>Sector</strong><strong> allocation</strong></td> </tr> <tr style="break-after:avoid;border-bottom-style:solid;border-bottom-width:0.5pt;break-inside:avoid-page;height:auto;font-family:'arial';font-style:italic;font-size:8pt;line-height:10pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; white-space: nowrap; font-weight: normal; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt; width: auto;"><em>Sector<sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">(a)</sup></em></td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; white-space: nowrap; padding-top: 1.6pt; padding-bottom: 0; padding-left: 6pt;"><em>Percent of Total<br/> Investments<sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">(b)</sup></em></td> <td style="padding-left: 6pt; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; white-space: nowrap; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0;"></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Transportation</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">26.9</td> <td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Corporate</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">25.6</td> <td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Health</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">18.8</td> <td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Housing</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">9.3</td> <td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">County/City/Special District/School District</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">5.9</td> <td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Utilities</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">5.3</td> <td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">State</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">5.2</td> <td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Education</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">2.3</td> <td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 1.6pt; padding-left: 6pt; text-indent: -6pt;">Tobacco</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 1.6pt; padding-left: 0; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">0.7</td> <td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 1.6pt; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> </table> <table style="break-inside:avoid;table-layout:auto;width:100%;border-collapse:collapse;margin-top:0px"> <tr style="break-after:avoid;border-bottom-style:solid;border-bottom-width:0.5pt;break-inside:avoid-page;height:auto;font-family:'arial';font-style:italic;font-size:8pt;line-height:10pt;background-color:rgb(255, 206, 0);border-bottom-color:rgb(0, 0, 0)"> <td colspan="3" style="break-inside: avoid-page; vertical-align: bottom; white-space: nowrap; width: auto; font-family: 'Arial'; font-weight: normal; font-style: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0; letter-spacing: normal; text-transform: none; font-kerning: none; color: rgb(0, 0, 0); margin-top: 0; padding-top: 2pt; padding-right: 6pt; padding-bottom: 1.5pt; padding-left: 0; margin-bottom: 0;"><strong>Credit quality allocation</strong></td> </tr> <tr style="break-after:avoid;border-bottom-style:solid;border-bottom-width:0.5pt;break-inside:avoid-page;height:auto;font-family:'arial';font-style:italic;font-size:8pt;line-height:10pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; white-space: nowrap; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Credit Rating<sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">(c)</sup></td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; white-space: nowrap; padding-top: 1.6pt; padding-bottom: 0; padding-left: 0;">Percent of Total<br/> Investments<sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">(b)</sup></td> <td style="padding-left: 0; width: auto; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; white-space: nowrap; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0;"></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">AAA/Aaa</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">6.1</td> <td style="padding-left: 0; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">AA/Aa</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">43.0</td> <td style="padding-left: 0; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">A</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">39.1</td> <td style="padding-left: 0; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">BBB/Baa</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">8.2</td> <td style="padding-left: 0; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">BB/Ba</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">0.6</td> <td style="padding-left: 0; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;font-family:'arial';font-style:normal;font-size:8pt;line-height:10pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-right: 0; padding-bottom: 1.6pt; padding-left: 6pt; text-indent: -6pt;">N/R</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 1.6pt; padding-left: 0; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">3.0</td> <td style="padding-left: 0; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 1.6pt; white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><span style="visibility:hidden;margin-left:-7pt">%</span></td> </tr> </table> <table style="border-collapse:collapse;break-inside:avoid;width:100%;margin-top:0px"> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial"> <td style="break-inside: avoid-page; font-kerning: none; overflow-x: hidden; padding-top: 1.6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 0; vertical-align: top; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; width: initial; text-indent: 0; color: rgb(0, 0, 0);"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">​<sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">(a)</sup></div></td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; text-indent: 0; color: rgb(0, 0, 0); padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 0; width: 100%;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes.</div></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial"> <td style="break-inside: avoid-page; font-kerning: none; overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; color: rgb(0, 0, 0); padding-top: 0; padding-right: 6pt; padding-bottom: 0; padding-left: 0; width: initial; vertical-align: top; text-indent: 0;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">​<sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">(b)</sup></div></td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; color: rgb(0, 0, 0); padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; width: 100%;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">Excludes short-term securities.</div></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial"> <td style="break-inside: avoid-page; font-kerning: none; overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; color: rgb(0, 0, 0); padding-top: 0; padding-right: 6pt; padding-bottom: 0; padding-left: 0; width: initial; vertical-align: top; text-indent: 0;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">​<sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">(c)</sup></div></td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; color: rgb(0, 0, 0); padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; width: 100%;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&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> </table> 0.269 0.256 0.188 0.093 0.059 0.053 0.052 0.023 0.007 0.061 0.430 0.391 0.082 0.006 0.030 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. 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. For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes. Excludes short-term securities. For purposes of this report, 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. For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes. Excludes short-term securities. For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. Annualized. For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes. Excludes short-term securities. For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. Annualized. Ten largest sectors are presented. Additional sectors are found in Other. For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes. Excludes short-term securities. For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. 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. For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes. Excludes short-term securities. For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. Annualized. Annualized. For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes. Excludes short-term securities. For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. Annualized. 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. 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. Excludes short-term securities. For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes. 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.