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BlackRock ETF Trust II
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iShares High Yield Active ETF
iShares High Yield Active ETF
BRHY
NASDAQ
This semi-annual shareholder report contains important information about iShares High Yield Active ETF (the “Fund”) for the period of November 1, 2025 to April 30, 2026.
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) 474‑2737.
blackrock.com/fundreports
(800) 474‑2737
<div style="font-kerning: none; font-family: 'arial'; font-size: 10pt; font-weight: bold; color: rgb(0, 0, 0); margin: 0px 0px -0.18pt 0px;">What were the Fund costs for the last six months?</div> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">(based on a hypothetical $10,000 investment)</div>
<table style="page-break-inside: avoid; table-layout: auto; width: 100%; border-collapse: collapse; margin-top: 2pt; break-inside: avoid;">
<tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 9pt; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); font-weight: bold; text-transform: none; background-color: rgb(255, 206, 0); vertical-align: bottom; text-align: left; padding: 2pt 0 2pt 0;">Fund name</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 9pt; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); font-weight: bold; text-transform: none; background-color: rgb(255, 206, 0); text-align: center; vertical-align: bottom; padding: 2pt 0 2pt 0;">Costs of a $10,000<br/>investment</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 9pt; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); font-weight: bold; text-transform: none; background-color: rgb(255, 206, 0); text-align: center; vertical-align: bottom; padding: 2pt 0 2pt 0;">Costs paid as a percentage of a<br/>$10,000 investment</td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; overflow-x: hidden; vertical-align: bottom; text-align: left; padding: 4pt 0 2pt 0;">iShares High Yield Active ETF</td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; vertical-align: bottom; text-align: center; padding: 4pt 0 2pt 0;"><span style="float: none;">$</span>23</td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; vertical-align: bottom; text-align: center; white-space: nowrap; padding: 4pt 0 2pt 0;">0.45<span>%</span><span style="vertical-align: 0.5em; font-size: smaller; line-height: 0px;">(a)</span></td> </tr> </table>
<table style="page-break-inside: avoid; margin-top: 2pt; table-layout: auto; width: auto; border-collapse: collapse; break-inside: avoid;">
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; font-family: 'Arial'; font-style: normal; line-height: 9pt; color: rgb(0, 0, 0); overflow-x: hidden; font-size: 6pt; vertical-align: super; text-align: left; text-indent: 0; padding: 0 6pt 0 0;"> <div style="font-weight: 400; 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: 0px; margin: 0px;"><sup style="line-height: 0px; font-size: 6pt; vertical-align: super;">(a)</sup></div> </td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; color: rgb(0, 0, 0); vertical-align: bottom; text-align: center; text-indent: 0; padding: 0;"> <div style="font-weight: 400; 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: 0px; margin: 0px;">Annualized.</div> </td> </tr> </table>
23
0.0045
<table style="page-break-inside: avoid; table-layout: auto; width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 0px;">
<tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; background-color: rgb(255, 206, 0); border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; vertical-align: bottom; width: auto; 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; margin-bottom: 0; padding: 2pt 0 1.5pt 0;">Key Fund statistics</td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-size: 9pt; font-family: 'Arial'; text-align: right; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); width: 12%; padding: 2pt 0 0 0;"></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-size: 8pt; line-height: 10pt; font-weight: normal; vertical-align: bottom; text-align: left; width: 100%; text-indent: -6pt; padding: 1.6pt 6pt 0 6pt;">Net Assets</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; font-kerning: none; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; font-weight: normal; vertical-align: bottom; white-space: nowrap; width: 12%; padding: 1.6pt 6pt 0 6pt;"><span style="float: none;">$</span>99,579,201</td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-size: 8pt; line-height: 10pt; font-weight: normal; vertical-align: bottom; text-align: left; width: 100%; text-indent: -6pt; padding: 1.6pt 6pt 0 6pt;">Number of Portfolio Holdings</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; font-kerning: none; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; font-weight: normal; vertical-align: bottom; white-space: nowrap; width: 12%; padding: 1.6pt 6pt 0 6pt;">869</td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-size: 8pt; line-height: 10pt; font-weight: normal; vertical-align: bottom; text-align: left; width: 100%; text-indent: -6pt; padding: 1.6pt 6pt 1.6pt 6pt;">Portfolio Turnover Rate</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; font-kerning: none; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; font-weight: normal; vertical-align: bottom; white-space: nowrap; width: 12%; padding: 1.6pt 6pt 1.6pt 6pt;">26<span>%</span></td> </tr> </table>
99579201
869
0.26
<div style="font-kerning: none; font-family: 'arial'; font-size: 10pt; font-weight: bold; color: rgb(0, 0, 0); margin: 0px 0px -0.18pt 0px;">What did the Fund invest in?</div> <div style="font-weight: normal; color: rgb(0, 0, 0); font-kerning: none; font-family: 'arial'; text-align: justify; font-size: 9pt; line-height: 11.4pt; margin: 0px;">(as of April 30, 2026)</div> <div style="font-family: 'arial'; font-weight: bold; font-size: 10pt; text-align: left; letter-spacing: normal; text-transform: none; font-kerning: none; color: rgb(0, 0, 0); background-color: rgb(255, 206, 0); border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; padding: 2pt 0px 1.5pt 0px; margin: 0px;">Portfolio composition</div>
<table style="break-inside: avoid-page; page-break-inside: avoid; table-layout: auto; width: 100%; border-collapse: collapse; margin-top: 0px;">
<tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; font-family: 'arial'; font-style: italic; font-size: 8pt; line-height: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; color: rgb(0, 0, 0); font-family: 'Arial'; font-style: italic; font-size: 8pt; line-height: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; white-space: nowrap; font-weight: normal; text-align: left; vertical-align: bottom; text-indent: -6pt; width: auto; padding: 1.6pt 0 0 6pt;">Investment Type</td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-kerning: none; color: rgb(0, 0, 0); font-family: 'Arial'; font-style: italic; font-size: 8pt; line-height: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; white-space: nowrap; vertical-align: bottom; padding: 1.6pt 0 0 6pt;">Percent of Total<br/>Investments<sup style="vertical-align: 0.5em; font-size: smaller; line-height: 0px;">(a)</sup></td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-kerning: none; color: rgb(0, 0, 0); width: auto; text-align: left; font-family: 'Arial'; font-style: italic; font-size: 8pt; line-height: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; white-space: nowrap; vertical-align: bottom; padding: 1.6pt 0 0 6pt;"></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; font-family: 'arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="break-inside: avoid-page; page-break-inside: avoid; 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%; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">Corporate Bonds & Notes</td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: auto; padding: 2pt 0 0 0;">91.0</td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: auto; padding: 1.6pt 0 0 0;"><span>%</span></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; font-family: 'arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="break-inside: avoid-page; page-break-inside: avoid; 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%; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">Floating Rate Loan Interests</td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: auto; padding: 2pt 0 0 0;">4.9</td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: auto; padding: 1.6pt 0 0 0;"><span style="visibility: hidden; margin-left: -7pt;">%</span></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; font-family: 'arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="break-inside: avoid-page; page-break-inside: avoid; 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%; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">Investment Companies</td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: auto; padding: 2pt 0 0 0;">2.2</td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: auto; padding: 1.6pt 0 0 0;"><span style="visibility: hidden; margin-left: -7pt;">%</span></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; font-family: 'arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="break-inside: avoid-page; page-break-inside: avoid; 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%; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">Common Stocks</td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: auto; padding: 2pt 0 0 0;">0.7</td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: auto; padding: 1.6pt 0 0 0;"><span style="visibility: hidden; margin-left: -7pt;">%</span></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; font-family: 'arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="break-inside: avoid-page; page-break-inside: avoid; 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%; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">Preferred Stocks</td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: auto; padding: 2pt 0 0 0;">0.5</td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: auto; padding: 1.6pt 0 0 0;"><span style="visibility: hidden; margin-left: -7pt;">%</span></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; font-family: 'arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="break-inside: avoid-page; page-break-inside: avoid; 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%; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">Convertible Bonds</td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: auto; padding: 2pt 0 0 0;">0.4</td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: auto; padding: 1.6pt 0 0 0;"><span style="visibility: hidden; margin-left: -7pt;">%</span></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; font-family: 'arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; 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%; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 0 1.6pt 6pt;">Fixed Rate Loan Interests</td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: auto; padding: 2pt 0 1.6pt 0;">0.3</td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; white-space: nowrap; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: auto; padding: 1.6pt 0 1.6pt 0;"><span style="visibility: hidden; margin-left: -7pt;">%</span></td> </tr> </table> <div style="font-family: 'arial'; font-weight: bold; font-size: 10pt; text-align: left; letter-spacing: normal; text-transform: none; font-kerning: none; color: rgb(0, 0, 0); background-color: rgb(255, 206, 0); border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; padding: 2pt 0px 1.5pt 0px; margin: 0px;">Credit quality allocation</div>
<table style="break-inside: avoid-page; page-break-inside: avoid; table-layout: auto; width: 100%; border-collapse: collapse; margin-top: 0px;">
<tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; font-style: italic; font-size: 8pt; line-height: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); font-style: italic; font-size: 8pt; line-height: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; white-space: nowrap; font-weight: normal; text-align: left; vertical-align: bottom; text-indent: -6pt; width: auto; padding: 1.6pt 0 0 6pt;">Credit Rating*</td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; font-kerning: none; color: rgb(0, 0, 0); font-style: italic; font-size: 8pt; line-height: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; white-space: nowrap; vertical-align: bottom; padding: 1.6pt 0 0 0;">Percent of Total<br/>Investments<sup style="vertical-align: 0.5em; font-size: smaller; line-height: 0px;">(a)</sup></td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); width: auto; text-align: left; font-style: italic; font-size: 8pt; line-height: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; white-space: nowrap; vertical-align: bottom; padding: 1.6pt 0 0 0;"></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">A</td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 2pt 0 0 0;">1.6</td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; white-space: nowrap; width: auto; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;"><span>%</span></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">BBB/Baa</td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 2pt 0 0 0;">2.6</td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; white-space: nowrap; width: auto; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;"><span style="visibility: hidden; margin-left: -7pt;">%</span></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">BB/Ba</td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 2pt 0 0 0;">42.0</td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; white-space: nowrap; width: auto; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;"><span style="visibility: hidden; margin-left: -7pt;">%</span></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">B</td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 2pt 0 0 0;">41.9</td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; white-space: nowrap; width: auto; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;"><span style="visibility: hidden; margin-left: -7pt;">%</span></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">CCC/Caa</td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 2pt 0 0 0;">8.0</td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; white-space: nowrap; width: auto; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;"><span style="visibility: hidden; margin-left: -7pt;">%</span></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">D</td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 2pt 0 0 0;">0.1</td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; white-space: nowrap; width: auto; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;"><span style="visibility: hidden; margin-left: -7pt;">%</span></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 0 1.6pt 6pt;">N/R</td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 2pt 0 1.6pt 0;">3.8</td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; white-space: nowrap; width: auto; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 1.6pt 0;"><span style="visibility: hidden; margin-left: -7pt;">%</span></td> </tr> </table>
<table style="page-break-inside: avoid; table-layout: auto; width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 0px;">
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; width: initial; text-indent: 0; padding: 1.6pt 6pt 0 0;"> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; color: rgb(0, 0, 0); font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; padding: 0px; margin: 0px;"><sup style="vertical-align: 0.5em; font-size: smaller; line-height: 0px;">(a)</sup></div> </td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; text-indent: 0; width: 100%; padding: 1.6pt 0 0 0;"> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; color: rgb(0, 0, 0); font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; padding: 0px; margin: 0px;">Excludes money market funds.</div> </td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; width: initial; vertical-align: top; text-indent: 0; padding: 0 6pt 0 0;"> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; color: rgb(0, 0, 0); font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; padding: 0px; margin: 0px;"><sup style="vertical-align: 0.5em; font-size: smaller; line-height: 0px;">*</sup></div> </td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; width: 100%; padding: 0;"> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; color: rgb(0, 0, 0); font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; padding: 0px; margin: 0px;">For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.</div> </td> </tr> </table>
0.910
0.049
0.022
0.007
0.005
0.004
0.003
0.016
0.026
0.420
0.419
0.080
0.001
0.038
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.
Excludes money market funds.
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.