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BlackRock ETF Trust II
2026-07-31
iShares AAA CLO Active ETF
iShares AAA CLO Active ETF
CLOA
NASDAQ
This annual shareholder report contains important information about iShares AAA CLO Active ETF (the “Fund”) for the period of August 1, 2025 to July 31, 2026.
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 year?</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/>$10,000 investment</td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; overflow-x: hidden; vertical-align: bottom; text-align: left; padding: 4pt 0 2pt 0;">iShares AAA CLO Active ETF</td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; vertical-align: bottom; text-align: center; padding: 4pt 0 2pt 0;"><span style="float: none;">$</span>21</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;">0.20<span>%</span></td> </tr> </table>
21
0.0020
<div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 0px;"> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid; margin-bottom: 3.5pt;"> <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;">How did the Fund perform last year?</div> </div> <ul style="break-inside: avoid; padding: 0; margin: 0 0 3.5pt 0;"> <li style="font-weight: 400; padding-left: 4pt; font-family: 'Arial'; font-size: 8pt; line-height: 12.32pt; text-align: justify; list-style-type: disc; color: rgb(0, 0, 0); margin-left: 25.5pt;"> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; font-size: 8pt; line-height: 12.32pt; text-align: justify; list-style-type: disc; color: rgb(0, 0, 0); margin: 0px;">For the reporting period ended July 31, 2026, the Fund returned 5.03%.</div> </li> <li style="font-weight: 400; padding-left: 4pt; font-family: 'Arial'; font-size: 8pt; line-height: 12.32pt; text-align: justify; list-style-type: disc; color: rgb(0, 0, 0); margin-left: 25.5pt;"> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; font-size: 8pt; line-height: 12.32pt; text-align: justify; list-style-type: disc; color: rgb(0, 0, 0); margin: 0px;">For the same period, the Fund’s benchmark, the Bloomberg U.S. Universal Index returned 3.02%, and the JP Morgan CLOIE AAA Index returned 5.03%.</div> </li> </ul> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid; margin-bottom: 3.5pt;"> <div style="font-kerning: none; font-family: 'arial'; font-weight: normal; font-size: 10pt; letter-spacing: normal; text-transform: none; color: rgb(0, 0, 0); margin: 0px 0px 5pt 0px;">What contributed to performance?</div> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; font-size: 8pt; line-height: 10.4pt; text-align: justify; color: rgb(0, 0, 0); margin: 0px 0px 3.5pt 0px;">Firm demand for senior floating-rate CLO debt supported carry and price stability for portfolio holdings, while greater dispersion in the underlying loan market increased the value of manager and collateral selection. Selected software issuers and borrowers with nearer-term refinancing needs were pressured, favoring higher-quality collateral pools, stronger structural protections, and liquid senior tranches.</div> </div> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; font-size: 8pt; line-height: 10.4pt; text-align: justify; color: rgb(0, 0, 0); margin: 0px 0px 3.5pt 0px;">The Fund’s core allocation to AAA-rated CLO tranches was the principal positive contributor, while small exposures to AA and A-rated tranches added marginally, along with cash and derivatives positions. No rating category detracted from total return. Base-rate carry and spread income drove most of the return. In factor terms, quality and risk reduction were the most important performance drivers, with relative value also adding to performance through selection across managers, structure, and vintages.</div> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid; margin-bottom: 3.5pt;"> <div style="font-kerning: none; font-family: 'arial'; font-weight: normal; font-size: 10pt; letter-spacing: normal; text-transform: none; color: rgb(0, 0, 0); margin: 0px 0px 5pt 0px;">What detracted from performance?</div> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; font-size: 8pt; line-height: 10.4pt; text-align: justify; color: rgb(0, 0, 0); margin: 0px 0px 3.5pt 0px;">While there were no material detractors for the period, positioning with respect to portfolio duration (and corresponding interest rate sensitivity) had a marginally negative impact on performance, although this was more than offset by positioning along the yield curve. The rolldown effect as issues approach maturity and move toward par value also detracted slightly.</div> </div> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; font-size: 8pt; line-height: 10.4pt; text-align: justify; color: rgb(0, 0, 0); margin: 0px 0px 3.5pt 0px;"><i>The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results. </i></div> </div>
<div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid;"> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 5pt;"> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid;"> <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;">Fund performance</div> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">Cumulative performance: January 10, 2023 through July 31, 2026</div> </div> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">Initial investment of $10,000</div> </div> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 5pt; margin-bottom: 5pt;">
<img alt="Fund Performance - Growth of 10K" src="g105257chartimages_6957287.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 525pt;"/> </div> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-left: 10pt; margin-bottom: 7.2pt;"> <div style="font-weight: 400; 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: -10pt; padding: 0px; margin: 0px;">See “Average annual total returns” for additional information on fund performance.</div> </div> </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; 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-style: normal; font-size: 10pt; 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;">Average annual total returns</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: auto; padding: 1.6pt 0 0 0;"></td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-size: 9pt; font-family: 'Arial'; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; white-space: nowrap; width: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; padding: 1.6pt 0 0 0;"></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: auto; padding: 1.6pt 0 0 0;"></td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-size: 9pt; font-family: 'Arial'; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; white-space: nowrap; width: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; padding: 1.6pt 0 0 0;"></td> </tr>
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<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; text-align: left; text-transform: none; font-weight: normal; font-style: italic; font-size: 8pt; line-height: 10pt; vertical-align: bottom; white-space: nowrap; color: rgb(0, 0, 0); border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;"></td>
<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; font-kerning: none; text-transform: none; width: auto; font-weight: normal; font-style: italic; font-size: 8pt; line-height: 10pt; vertical-align: bottom; white-space: nowrap; color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; padding: 1.6pt 0 0 0;">1 Year</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; text-transform: none; text-align: left; width: auto; font-weight: normal; font-style: italic; font-size: 8pt; line-height: 10pt; vertical-align: bottom; white-space: nowrap; color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; padding: 1.6pt 0 0 0;"></td>
<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; font-kerning: none; text-transform: none; width: auto; font-weight: normal; font-style: italic; font-size: 8pt; line-height: 10pt; vertical-align: bottom; white-space: nowrap; color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; padding: 1.6pt 0 0 0;">Since Fund<br/>Inception</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; text-transform: none; text-align: left; width: auto; font-weight: normal; font-style: italic; font-size: 8pt; line-height: 10pt; vertical-align: bottom; white-space: nowrap; color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; 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="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); text-align: left; overflow-x: hidden; width: 100%; vertical-align: bottom; text-indent: -6pt; font-size: 8pt; line-height: 10pt; padding: 2pt 0 0 6pt;">Fund NAV</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-size: 8pt; line-height: 10pt; padding: 2pt 0 0 0;">5.03</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; width: auto; white-space: nowrap; font-size: 8pt; line-height: 10pt; padding: 1.6pt 6pt 0 0;"><span>%</span></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-size: 8pt; line-height: 10pt; padding: 2pt 0 0 0;">6.80</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; width: auto; white-space: nowrap; font-size: 8pt; line-height: 10pt; 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="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); text-align: left; overflow-x: hidden; width: 100%; vertical-align: bottom; text-indent: -6pt; font-size: 8pt; line-height: 10pt; padding: 2pt 0 0 6pt;">Bloomberg U.S. Universal Index</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-size: 8pt; line-height: 10pt; padding: 2pt 0 0 0;">3.02</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-size: 8pt; line-height: 10pt; padding: 1.6pt 6pt 0 0;"></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-size: 8pt; line-height: 10pt; padding: 2pt 0 0 0;">3.77</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-size: 8pt; line-height: 10pt; padding: 1.6pt 0 0 0;"></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="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); text-align: left; overflow-x: hidden; width: 100%; vertical-align: bottom; text-indent: -6pt; font-size: 8pt; line-height: 10pt; padding: 2pt 0 1.6pt 6pt;">JP Morgan CLOIE AAA Index</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-size: 8pt; line-height: 10pt; padding: 2pt 0 1.6pt 0;">5.03</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-size: 8pt; line-height: 10pt; padding: 1.6pt 6pt 1.6pt 0;"></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-size: 8pt; line-height: 10pt; padding: 2pt 0 1.6pt 0;">6.67</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-size: 8pt; line-height: 10pt; padding: 1.6pt 0 1.6pt 0;"></td> </tr> </table>
Fund NAV
0.0503
0.0680
Bloomberg U.S. Universal Index
0.0302
0.0377
JP Morgan CLOIE AAA Index
0.0503
0.0667
<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>2,213,607,281</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;">415</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 Investment Advisory Fees</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>3,244,918</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;">101<span>%</span></td> </tr> </table>
2213607281
415
3244918
1.01
2023-01-10
Past performance is not an indication of future results.
Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
Visit <span style="color: rgb(0, 0, 0); font-weight: bold; text-decoration-line: none; font-family: 'arial'; font-size: 8pt; line-height: 10.4pt; text-align: justify;">iShares.com</span> for more recent performance information.
<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: 400; font-kerning: none; font-family: 'arial'; text-align: justify; color: rgb(0, 0, 0); font-size: 9pt; line-height: 11.4pt; margin: 0px;">(as of July 31, 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;">Maturity allocation</div>
<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; 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; white-space: nowrap; font-weight: normal; text-align: left; vertical-align: bottom; text-indent: -6pt; width: auto; padding: 1.6pt 0 0 6pt;"><em>Maturity</em></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); width: auto; vertical-align: bottom; font-style: italic; font-size: 8pt; line-height: 10pt; white-space: nowrap; padding: 2pt 0 0 0;"><em>Percent of Total</em><br/><em>Investments</em><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); text-align: left; width: auto; vertical-align: bottom; font-style: italic; font-size: 8pt; line-height: 10pt; white-space: nowrap; 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;">1-5 Years</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); width: auto; vertical-align: bottom; 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;">0.3</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); text-align: left; width: auto; vertical-align: bottom; white-space: nowrap; 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;">5-10 Years</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); width: auto; vertical-align: bottom; 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;">3.5</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); text-align: left; width: auto; vertical-align: bottom; white-space: nowrap; 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;">10-15 Years</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); width: auto; vertical-align: bottom; 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;">96.2</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); text-align: left; width: auto; vertical-align: bottom; white-space: nowrap; 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> <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;">Ten largest holdings</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;">Security</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;">TPG CLO Ltd., Series 2025-2A, Class A1, 5.00%, 01/21/39</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;">0.9</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>%</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;">AB BSL CLO 7 Ltd., Series 2025-7A, Class A1, 4.98%, 01/15/39</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;">0.9</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;">Elmwood CLO 28 Ltd., Series 2024-4A, Class AR, 4.97%, 04/17/37</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;">0.9</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;">KKR CLO 67 Ltd., Series 2026-67A, Class A, 5.00%, 07/15/39</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;">0.9</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;">1988 CLO 2 Ltd., Series 2023-2A, Class A1R, 4.95%, 04/15/38</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;">0.9</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;">Ares Loan Funding I Ltd., Series 2021-ALFA, Class AR, 4.92%, 04/15/39</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;">0.9</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;">Bain Capital Credit CLO Ltd., Series 2024-1A, Class A1R, 4.96%, 04/16/39</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;">0.9</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;">KKR CLO 43 Ltd., Series 2022-43A, Class A1R2, 4.85%, 04/15/38</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;">0.9</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;">New Mountain CLO 7 Ltd., Series CLO-7A, Class A1, 4.93%, 03/31/38</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;">0.9</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: 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;">Carlyle U.S. CLO Ltd., Series 2022-3A, Class A1R2, 4.89%, 04/20/39</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;">0.8</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> </table>
0.003
0.035
0.962
<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;">Ten largest holdings</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;">Security</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;">TPG CLO Ltd., Series 2025-2A, Class A1, 5.00%, 01/21/39</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;">0.9</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>%</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;">AB BSL CLO 7 Ltd., Series 2025-7A, Class A1, 4.98%, 01/15/39</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;">0.9</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;">Elmwood CLO 28 Ltd., Series 2024-4A, Class AR, 4.97%, 04/17/37</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;">0.9</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;">KKR CLO 67 Ltd., Series 2026-67A, Class A, 5.00%, 07/15/39</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;">0.9</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;">1988 CLO 2 Ltd., Series 2023-2A, Class A1R, 4.95%, 04/15/38</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;">0.9</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;">Ares Loan Funding I Ltd., Series 2021-ALFA, Class AR, 4.92%, 04/15/39</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;">0.9</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;">Bain Capital Credit CLO Ltd., Series 2024-1A, Class A1R, 4.96%, 04/16/39</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;">0.9</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;">KKR CLO 43 Ltd., Series 2022-43A, Class A1R2, 4.85%, 04/15/38</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;">0.9</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;">New Mountain CLO 7 Ltd., Series CLO-7A, Class A1, 4.93%, 03/31/38</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;">0.9</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: 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;">Carlyle U.S. CLO Ltd., Series 2022-3A, Class A1R2, 4.89%, 04/20/39</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;">0.8</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> </table>
0.009
0.009
0.009
0.009
0.009
0.009
0.009
0.009
0.009
0.008
iShares BBB-B CLO Active ETF
iShares BBB-B CLO Active ETF
BCLO
NASDAQ
This annual shareholder report contains important information about iShares BBB-B CLO Active ETF (the “Fund”) for the period of August 1, 2025 to July 31, 2026.
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 year?</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/>$10,000 investment</td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; overflow-x: hidden; vertical-align: bottom; text-align: left; padding: 4pt 0 2pt 0;">iShares BBB-B CLO Active ETF</td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; vertical-align: bottom; text-align: center; padding: 4pt 0 2pt 0;"><span style="float: none;">$</span>46</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></td> </tr> </table>
46
0.0045
<div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 0px;"> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid; margin-bottom: 3.5pt;"> <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;">How did the Fund perform last year?</div> </div> <ul style="break-inside: avoid; padding: 0; margin: 0 0 3.5pt 0;"> <li style="font-weight: 400; padding-left: 4pt; font-family: 'Arial'; font-size: 8pt; line-height: 12.32pt; text-align: justify; list-style-type: disc; color: rgb(0, 0, 0); margin-left: 25.5pt;"> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; font-size: 8pt; line-height: 12.32pt; text-align: justify; list-style-type: disc; color: rgb(0, 0, 0); margin: 0px;">For the reporting period ended July 31, 2026, the Fund returned 6.01%.</div> </li> <li style="font-weight: 400; padding-left: 4pt; font-family: 'Arial'; font-size: 8pt; line-height: 12.32pt; text-align: justify; list-style-type: disc; color: rgb(0, 0, 0); margin-left: 25.5pt;"> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; font-size: 8pt; line-height: 12.32pt; text-align: justify; list-style-type: disc; color: rgb(0, 0, 0); margin: 0px;">For the same period, the Fund’s benchmark, the Bloomberg U.S. Universal Index returned 3.02%, and the J.P. Morgan CLO High Quality Mezzanine Index returned 6.33%.</div> </li> </ul> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid; margin-bottom: 3.5pt;"> <div style="font-kerning: none; font-family: 'arial'; font-weight: normal; font-size: 10pt; letter-spacing: normal; text-transform: none; color: rgb(0, 0, 0); margin: 0px 0px 5pt 0px;">What contributed to performance?</div> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; font-size: 8pt; line-height: 10.4pt; text-align: justify; color: rgb(0, 0, 0); margin: 0px 0px 3.5pt 0px;">The largest contributor to return was the Fund’s allocation to BBB-rated tranches, which comprised the bulk of the portfolio. Modest exposure to BB-rated tranches also contributed meaningfully, while holdings of cash and derivatives along with a small position in A-rated tranches added slightly to return. Base-rate carry and spread income drove most of the return. In factor terms, value and relative value were the most important performance drivers. Quality and risk reduction were also helpful, as the portfolio maintained limited exposure below BB and emphasized managers and structures with stronger collateral, higher market-value overcollateralization, and better downside protection.</div> </div> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid; margin-bottom: 3.5pt;"> <div style="font-kerning: none; font-family: 'arial'; font-weight: normal; font-size: 10pt; letter-spacing: normal; text-transform: none; color: rgb(0, 0, 0); margin: 0px 0px 5pt 0px;">What detracted from performance?</div> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; font-size: 8pt; line-height: 10.4pt; text-align: justify; color: rgb(0, 0, 0); margin: 0px 0px 3.5pt 0px;">Positioning with respect to portfolio duration (and corresponding interest rate sensitivity) had a marginally negative impact on performance, although this was more than offset by positioning along the yield curve. The rolldown effect as issues approach maturity and move toward par value also detracted slightly. Trading effects detracted modestly as well, while exposure to unrated issues had a minimal negative impact.</div> </div> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; font-size: 8pt; line-height: 10.4pt; text-align: justify; color: rgb(0, 0, 0); margin: 0px 0px 3.5pt 0px;"><i>The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results. </i></div> </div>
<div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid;"> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 5pt;"> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid;"> <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;">Fund performance</div> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">Cumulative performance: January 29, 2025 through July 31, 2026</div> </div> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">Initial investment of $10,000</div> </div> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 5pt; margin-bottom: 5pt;">
<img alt="Fund Performance - Growth of 10K" src="g105257chartimages_6957454.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 525pt;"/> </div> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-left: 10pt; margin-bottom: 7.2pt;"> <div style="font-weight: 400; 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: -10pt; padding: 0px; margin: 0px;">See “Average annual total returns” for additional information on fund performance.</div> </div> </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; 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-style: normal; font-size: 10pt; 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;">Average annual total returns</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: auto; padding: 1.6pt 0 0 0;"></td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-size: 9pt; font-family: 'Arial'; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; white-space: nowrap; width: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; padding: 1.6pt 0 0 0;"></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: auto; padding: 1.6pt 0 0 0;"></td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-size: 9pt; font-family: 'Arial'; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; white-space: nowrap; width: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; padding: 1.6pt 0 0 0;"></td> </tr>
<tr style="break-after: avoid; 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; text-align: left; text-transform: none; font-weight: normal; font-style: italic; font-size: 8pt; line-height: 10pt; vertical-align: bottom; white-space: nowrap; color: rgb(0, 0, 0); border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;"></td>
<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; font-kerning: none; text-transform: none; width: auto; font-weight: normal; font-style: italic; font-size: 8pt; line-height: 10pt; vertical-align: bottom; white-space: nowrap; color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; padding: 1.6pt 0 0 0;">1 Year</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; text-transform: none; text-align: left; width: auto; font-weight: normal; font-style: italic; font-size: 8pt; line-height: 10pt; vertical-align: bottom; white-space: nowrap; color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; padding: 1.6pt 0 0 0;"></td>
<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; font-kerning: none; text-transform: none; width: auto; font-weight: normal; font-style: italic; font-size: 8pt; line-height: 10pt; vertical-align: bottom; white-space: nowrap; color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; padding: 1.6pt 0 0 0;">Since Fund<br/>Inception</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; text-transform: none; text-align: left; width: auto; font-weight: normal; font-style: italic; font-size: 8pt; line-height: 10pt; vertical-align: bottom; white-space: nowrap; color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; 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="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); text-align: left; overflow-x: hidden; width: 100%; vertical-align: bottom; text-indent: -6pt; font-size: 8pt; line-height: 10pt; padding: 2pt 0 0 6pt;">Fund NAV</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-size: 8pt; line-height: 10pt; padding: 2pt 0 0 0;">6.01</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; width: auto; white-space: nowrap; font-size: 8pt; line-height: 10pt; padding: 1.6pt 6pt 0 0;"><span>%</span></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-size: 8pt; line-height: 10pt; padding: 2pt 0 0 0;">5.91</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; width: auto; white-space: nowrap; font-size: 8pt; line-height: 10pt; 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="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); text-align: left; overflow-x: hidden; width: 100%; vertical-align: bottom; text-indent: -6pt; font-size: 8pt; line-height: 10pt; padding: 2pt 0 0 6pt;">Bloomberg U.S. Universal Index</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-size: 8pt; line-height: 10pt; padding: 2pt 0 0 0;">3.02</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-size: 8pt; line-height: 10pt; padding: 1.6pt 6pt 0 0;"></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-size: 8pt; line-height: 10pt; padding: 2pt 0 0 0;">4.25</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-size: 8pt; line-height: 10pt; padding: 1.6pt 0 0 0;"></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="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); text-align: left; overflow-x: hidden; width: 100%; vertical-align: bottom; text-indent: -6pt; font-size: 8pt; line-height: 10pt; padding: 2pt 0 1.6pt 6pt;">J.P. Morgan CLO High Quality Mezzanine Index</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-size: 8pt; line-height: 10pt; padding: 2pt 0 1.6pt 0;">6.33</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-size: 8pt; line-height: 10pt; padding: 1.6pt 6pt 1.6pt 0;"></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-size: 8pt; line-height: 10pt; padding: 2pt 0 1.6pt 0;">6.42</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-size: 8pt; line-height: 10pt; padding: 1.6pt 0 1.6pt 0;"></td> </tr> </table>
Fund NAV
0.0601
0.0591
Bloomberg U.S. Universal Index
0.0302
0.0425
J.P. Morgan CLO High Quality Mezzanine Index
0.0633
0.0642
<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>84,187,746</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;">54</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 Investment Advisory Fees</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>326,904</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;">23<span>%</span></td> </tr> </table>
84187746
54
326904
0.23
2025-01-29
Past performance is not an indication of future results.
Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
Visit <span style="color: rgb(0, 0, 0); font-weight: bold; text-decoration-line: none; font-family: 'arial'; font-size: 8pt; line-height: 10.4pt; text-align: justify;">iShares.com</span> for more recent performance information.
<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: 400; font-kerning: none; font-family: 'arial'; text-align: justify; color: rgb(0, 0, 0); font-size: 9pt; line-height: 11.4pt; margin: 0px;">(as of July 31, 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;">Maturity allocation</div>
<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; 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; white-space: nowrap; font-weight: normal; text-align: left; vertical-align: bottom; text-indent: -6pt; width: auto; padding: 1.6pt 0 0 6pt;"><em>Maturity</em></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); width: auto; vertical-align: bottom; font-style: italic; font-size: 8pt; line-height: 10pt; white-space: nowrap; padding: 2pt 0 0 0;"><em>Percent of Total</em><br/><em>Investments</em><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); text-align: left; width: auto; vertical-align: bottom; font-style: italic; font-size: 8pt; line-height: 10pt; white-space: nowrap; 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;">5-10 Years</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); width: auto; vertical-align: bottom; 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;">5.9</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); text-align: left; width: auto; vertical-align: bottom; white-space: nowrap; 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: 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;">10-15 Years</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); width: auto; vertical-align: bottom; 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;">94.1</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); text-align: left; width: auto; vertical-align: bottom; white-space: nowrap; 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> <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;">Ten largest holdings</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;">Security</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;">Elmwood CLO 29 Ltd., Series 2024-5A, Class CR2, 5.48%, 04/20/37</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;">6.0</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>%</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;">OHA Credit Partners XIV Ltd., Series 2017-14A, Class D1R, 6.58%, 07/21/37</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;">4.8</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 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;">Palmer Square CLO Ltd., Series 2024-4A, Class D1, 6.40%, 01/15/38</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;">4.0</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;">GoldenTree Loan Management U.S. CLO 10 Ltd., Series 2021-10A, Class DR, 6.83%, 10/20/37</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;">3.7</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;">Apidos CLO L, Series 2024-50A, Class D1, 6.53%, 01/20/38</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;">3.5</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;">Birch Grove CLO 11 Ltd., Series 2024-11A, Class D1, 6.83%, 01/22/38</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;">3.0</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;">GoldenTree Loan Management U.S. CLO 17 Ltd., Series 2023-17A, Class DR, 6.53%, 01/20/39</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;">3.0</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;">Warwick Capital CLO 7 Ltd., Series 2025-7A, Class D1, 6.48%, 10/21/38</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;">3.0</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;">OHA Credit Funding 10-R Ltd., Series 2021-10RA, Class D1, 6.43%, 07/18/38</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;">3.0</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: 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;">Golub Capital Partners CLO 74 B Ltd., Series 2024-74A, Class D1, 7.01%, 07/25/37</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;">2.7</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> </table>
0.059
0.941
<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;">Ten largest holdings</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;">Security</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;">Elmwood CLO 29 Ltd., Series 2024-5A, Class CR2, 5.48%, 04/20/37</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;">6.0</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>%</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;">OHA Credit Partners XIV Ltd., Series 2017-14A, Class D1R, 6.58%, 07/21/37</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;">4.8</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 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;">Palmer Square CLO Ltd., Series 2024-4A, Class D1, 6.40%, 01/15/38</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;">4.0</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;">GoldenTree Loan Management U.S. CLO 10 Ltd., Series 2021-10A, Class DR, 6.83%, 10/20/37</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;">3.7</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;">Apidos CLO L, Series 2024-50A, Class D1, 6.53%, 01/20/38</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;">3.5</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;">Birch Grove CLO 11 Ltd., Series 2024-11A, Class D1, 6.83%, 01/22/38</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;">3.0</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;">GoldenTree Loan Management U.S. CLO 17 Ltd., Series 2023-17A, Class DR, 6.53%, 01/20/39</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;">3.0</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;">Warwick Capital CLO 7 Ltd., Series 2025-7A, Class D1, 6.48%, 10/21/38</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;">3.0</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;">OHA Credit Funding 10-R Ltd., Series 2021-10RA, Class D1, 6.43%, 07/18/38</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;">3.0</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: 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;">Golub Capital Partners CLO 74 B Ltd., Series 2024-74A, Class D1, 7.01%, 07/25/37</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;">2.7</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> (a)Excludes money market funds.
0.060
0.048
0.040
0.037
0.035
0.030
0.030
0.030
0.030
0.027
iShares Flexible Income Active ETF
iShares Flexible Income Active ETF
BINC
This annual shareholder report contains important information about iShares Flexible Income Active ETF (the “Fund”) for the period of August 1, 2025 to July 31, 2026.
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 year?</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/>$10,000 investment</td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; overflow-x: hidden; vertical-align: bottom; text-align: left; padding: 4pt 0 2pt 0;">iShares Flexible Income Active ETF</td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; vertical-align: bottom; text-align: center; padding: 4pt 0 2pt 0;"><span style="float: none;">$</span>40</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;">0.39<span>%</span></td> </tr> </table>
40
0.0039
<div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 0px;"> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid; margin-bottom: 3.5pt;"> <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;">How did the Fund perform last year?</div> </div> <ul style="break-inside: avoid; padding: 0; margin: 0 0 3.5pt 0;"> <li style="font-weight: 400; padding-left: 4pt; font-family: 'Arial'; font-size: 8pt; line-height: 12.32pt; text-align: justify; list-style-type: disc; color: rgb(0, 0, 0); margin-left: 25.5pt;"> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; font-size: 8pt; line-height: 12.32pt; text-align: justify; list-style-type: disc; color: rgb(0, 0, 0); margin: 0px;">For the reporting period ended July 31, 2026, the Fund returned 4.40%.</div> </li> <li style="font-weight: 400; padding-left: 4pt; font-family: 'Arial'; font-size: 8pt; line-height: 12.32pt; text-align: justify; list-style-type: disc; color: rgb(0, 0, 0); margin-left: 25.5pt;"> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; font-size: 8pt; line-height: 12.32pt; text-align: justify; list-style-type: disc; color: rgb(0, 0, 0); margin: 0px;">For the same period, the Fund’s benchmark, the Bloomberg U.S. Universal Index returned 3.02%.</div> </li> </ul> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid; margin-bottom: 3.5pt;"> <div style="font-kerning: none; font-family: 'arial'; font-weight: normal; font-size: 10pt; letter-spacing: normal; text-transform: none; color: rgb(0, 0, 0); margin: 0px 0px 5pt 0px;">What contributed to performance?</div> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; font-size: 8pt; line-height: 10.4pt; text-align: justify; color: rgb(0, 0, 0); margin: 0px 0px 3.5pt 0px;">Holdings in securitized credit, including commercial mortgage-backed securities, collateralized loan obligations, asset-backed securities, and non-agency residential mortgage-backed securities were the primary contributors to performance. Positions in U.S. and European high yield bonds also contributed, as did dollar-denominated emerging market debt and agency mortgage-backed securities.</div> </div> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid; margin-bottom: 3.5pt;"> <div style="font-kerning: none; font-family: 'arial'; font-weight: normal; font-size: 10pt; letter-spacing: normal; text-transform: none; color: rgb(0, 0, 0); margin: 0px 0px 5pt 0px;">What detracted from performance?</div> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; font-size: 8pt; line-height: 10.4pt; text-align: justify; color: rgb(0, 0, 0); margin: 0px 0px 3.5pt 0px;">Holdings in U.S. and European government debt hurt results, as yields rose during the period.</div> </div> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; font-size: 8pt; line-height: 10.4pt; text-align: justify; color: rgb(0, 0, 0); margin: 0px 0px 3.5pt 0px;"><i>The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results. </i></div> </div>
<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;">Fund performance</div> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">Cumulative performance: May 19, 2023 through July 31, 2026</div> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">Initial investment of $10,000</div> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 5pt; margin-bottom: 5pt;">
<img alt="Fund Performance - Growth of 10K" src="g105257chartimages_6957360.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 525pt;"/> </div> <div style="font-weight: 400; 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: -10pt; padding: 0px; margin: 0px;">See “Average annual total returns” for additional information on fund performance.</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; 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-style: normal; font-size: 10pt; 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;">Average annual total returns</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: auto; padding: 1.6pt 0 0 0;"></td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-size: 9pt; font-family: 'Arial'; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; white-space: nowrap; width: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; padding: 1.6pt 0 0 0;"></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: auto; padding: 1.6pt 0 0 0;"></td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-size: 9pt; font-family: 'Arial'; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; white-space: nowrap; width: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; padding: 1.6pt 0 0 0;"></td> </tr>
<tr style="break-after: avoid; 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; text-align: left; text-transform: none; font-weight: normal; font-style: italic; font-size: 8pt; line-height: 10pt; vertical-align: bottom; white-space: nowrap; color: rgb(0, 0, 0); border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;"></td>
<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; font-kerning: none; text-transform: none; width: auto; font-weight: normal; font-style: italic; font-size: 8pt; line-height: 10pt; vertical-align: bottom; white-space: nowrap; color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; padding: 1.6pt 0 0 0;">1 Year</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; text-transform: none; text-align: left; width: auto; font-weight: normal; font-style: italic; font-size: 8pt; line-height: 10pt; vertical-align: bottom; white-space: nowrap; color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; padding: 1.6pt 0 0 0;"></td>
<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; font-kerning: none; text-transform: none; width: auto; font-weight: normal; font-style: italic; font-size: 8pt; line-height: 10pt; vertical-align: bottom; white-space: nowrap; color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; padding: 1.6pt 0 0 0;">Since Fund<br/>Inception</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; text-transform: none; text-align: left; width: auto; font-weight: normal; font-style: italic; font-size: 8pt; line-height: 10pt; vertical-align: bottom; white-space: nowrap; color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; 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="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); text-align: left; overflow-x: hidden; width: 100%; vertical-align: bottom; text-indent: -6pt; font-size: 8pt; line-height: 10pt; padding: 2pt 0 0 6pt;">Fund NAV</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-size: 8pt; line-height: 10pt; padding: 2pt 0 0 0;">4.40</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; width: auto; white-space: nowrap; font-size: 8pt; line-height: 10pt; padding: 1.6pt 6pt 0 0;"><span>%</span></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-size: 8pt; line-height: 10pt; padding: 2pt 0 0 0;">6.94</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; width: auto; white-space: nowrap; font-size: 8pt; line-height: 10pt; 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: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); text-align: left; overflow-x: hidden; width: 100%; vertical-align: bottom; text-indent: -6pt; font-size: 8pt; line-height: 10pt; padding: 2pt 0 1.6pt 6pt;">Bloomberg U.S. Universal Index</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-size: 8pt; line-height: 10pt; padding: 2pt 0 1.6pt 0;">3.02</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-size: 8pt; line-height: 10pt; padding: 1.6pt 6pt 1.6pt 0;"></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-size: 8pt; line-height: 10pt; padding: 2pt 0 1.6pt 0;">4.12</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-size: 8pt; line-height: 10pt; padding: 1.6pt 0 1.6pt 0;"></td> </tr> </table>
Fund NAV
0.0440
0.0694
Bloomberg U.S. Universal Index
0.0302
0.0412
<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>16,118,472,821</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;">4,653</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 Investment Advisory Fees</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>58,829,103</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;">389<span>%</span></td> </tr> </table>
16118472821
4653
58829103
3.89
2023-05-19
Past performance is not an indication of future results.
Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
Visit <span style="color: rgb(0, 0, 0); font-weight: bold; text-decoration-line: none; font-family: 'arial'; font-size: 8pt; line-height: 10.4pt; text-align: justify;">iShares.com</span> for more recent performance information.
<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: 400; font-kerning: none; font-family: 'arial'; text-align: justify; color: rgb(0, 0, 0); font-size: 9pt; line-height: 11.4pt; margin: 0px;">(as of July 31, 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;">34.9</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>%</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;">U.S. Government & Agency Obligations</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;">23.1</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;">Collateralized Mortgage Obligations</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;">18.5</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;">Asset-Backed Securities</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;">13.6</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;">Foreign Government Obligations</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;">13.1</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;">2.3</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 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;">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;">1.9</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;">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;">0.2</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;">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 0 0;">0.1</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;">Warrants</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;">0.1</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;">Other^</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;">(7.8</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>)</span><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;">AAA/Aaa</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;">11.5</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;">AA/Aa</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;">25.5</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;">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;">6.8</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 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;">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;">11.4</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;">17.0</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;">11.4</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;">1.1</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: 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;">CC/Ca</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;">0.0</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><span style="vertical-align: 0.5em; font-size: smaller; line-height: 0px;">(b)</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;">C</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;">0.0</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><span style="vertical-align: 0.5em; font-size: smaller; line-height: 0px;">(b)</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;">15.2</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;">(b)</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;">Rounds to less than 0.1%.</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;">Ten largest investment types are presented. Additional investment types are found in Other.</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>
0.349
0.231
0.185
0.136
0.131
0.023
0.019
0.002
0.001
0.001
-0.078
0.115
0.255
0.068
0.114
0.170
0.114
0.011
0.000
0.000
0.001
0.152
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.
iShares Floating Rate Loan Active ETF
iShares Floating Rate Loan Active ETF
BRLN
This annual shareholder report contains important information about iShares Floating Rate Loan Active ETF (the “Fund”) for the period of August 1, 2025 to July 31, 2026.
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 year?</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/>$10,000 investment</td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; overflow-x: hidden; vertical-align: bottom; text-align: left; padding: 4pt 0 2pt 0;">iShares Floating Rate Loan Active ETF</td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; vertical-align: bottom; text-align: center; padding: 4pt 0 2pt 0;"><span style="float: none;">$</span>54</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;">0.53<span>%</span></td> </tr> </table>
54
0.0053
<div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 0px;"> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid; margin-bottom: 3.5pt;"> <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;">How did the Fund perform last year?</div> </div> <ul style="break-inside: avoid; padding: 0; margin: 0 0 3.5pt 0;"> <li style="font-weight: 400; padding-left: 4pt; font-family: 'Arial'; font-size: 8pt; line-height: 12.32pt; text-align: justify; list-style-type: disc; color: rgb(0, 0, 0); margin-left: 25.5pt;"> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; font-size: 8pt; line-height: 12.32pt; text-align: justify; list-style-type: disc; color: rgb(0, 0, 0); margin: 0px;">For the reporting period ended July 31, 2026, the Fund returned 4.20%.</div> </li> <li style="font-weight: 400; padding-left: 4pt; font-family: 'Arial'; font-size: 8pt; line-height: 12.32pt; text-align: justify; list-style-type: disc; color: rgb(0, 0, 0); margin-left: 25.5pt;"> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; font-size: 8pt; line-height: 12.32pt; text-align: justify; list-style-type: disc; color: rgb(0, 0, 0); margin: 0px;">For the same period, the Fund’s benchmark, the Bloomberg U.S. Universal Index returned 3.02%, and the Morningstar LSTA Leveraged Loan Index returned 4.28%.</div> </li> </ul> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid; margin-bottom: 3.5pt;"> <div style="font-kerning: none; font-family: 'arial'; font-weight: normal; font-size: 10pt; letter-spacing: normal; text-transform: none; color: rgb(0, 0, 0); margin: 0px 0px 5pt 0px;">What contributed to performance?</div> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; font-size: 8pt; line-height: 10.4pt; text-align: justify; color: rgb(0, 0, 0); margin: 0px 0px 3.5pt 0px;">The Fund’s core allocation to individual bank loans was the primary contributor to the Fund’s return. The overall bank loan market experienced positive performance over the period, returning 4.28%. Exposure to bank loans via indexed products also contributed positively to performance, along with holdings of both high yield and investment grade corporate bonds. In terms of credit categories, issues rated BB led positive contributions, followed by those rated B2 and B3. In sector terms, holdings within property & casualty insurance, diversified manufacturing, and media & entertainment proved most additive.</div> </div> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid; margin-bottom: 3.5pt;"> <div style="font-kerning: none; font-family: 'arial'; font-weight: normal; font-size: 10pt; letter-spacing: normal; text-transform: none; color: rgb(0, 0, 0); margin: 0px 0px 5pt 0px;">What detracted from performance?</div> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; font-size: 8pt; line-height: 10.4pt; text-align: justify; color: rgb(0, 0, 0); margin: 0px 0px 3.5pt 0px;">Holdings of issues rated CCC or lower detracted as this segment of the loans market performed poorly over the period. In sector terms, exposure to both aerospace & defense and cable & satellite weighed on return.</div> </div> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; font-size: 8pt; line-height: 10.4pt; text-align: justify; color: rgb(0, 0, 0); margin: 0px 0px 3.5pt 0px;"><i>The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results. </i></div> </div>
<div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid;"> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 5pt;"> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid;"> <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;">Fund performance</div> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">Cumulative performance: October 4, 2022 through July 31, 2026</div> </div> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">Initial investment of $10,000</div> </div> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 5pt; margin-bottom: 5pt;">
<img alt="Fund Performance - Growth of 10K" src="g105257chartimages_6957266.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 525pt;"/> </div> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-left: 10pt; margin-bottom: 7.2pt;"> <div style="font-weight: 400; 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: -10pt; padding: 0px; margin: 0px;">See “Average annual total returns” for additional information on fund performance.</div> </div> </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; 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-style: normal; font-size: 10pt; 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;">Average annual total returns</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: auto; padding: 1.6pt 0 0 0;"></td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-size: 9pt; font-family: 'Arial'; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; white-space: nowrap; width: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; padding: 1.6pt 0 0 0;"></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: auto; padding: 1.6pt 0 0 0;"></td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-size: 9pt; font-family: 'Arial'; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; white-space: nowrap; width: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; padding: 1.6pt 0 0 0;"></td> </tr>
<tr style="break-after: avoid; 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; text-align: left; text-transform: none; font-weight: normal; font-style: italic; font-size: 8pt; line-height: 10pt; vertical-align: bottom; white-space: nowrap; color: rgb(0, 0, 0); border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;"></td>
<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; font-kerning: none; text-transform: none; width: auto; font-weight: normal; font-style: italic; font-size: 8pt; line-height: 10pt; vertical-align: bottom; white-space: nowrap; color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; padding: 1.6pt 0 0 0;">1 Year</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; text-transform: none; text-align: left; width: auto; font-weight: normal; font-style: italic; font-size: 8pt; line-height: 10pt; vertical-align: bottom; white-space: nowrap; color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; padding: 1.6pt 0 0 0;"></td>
<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; font-kerning: none; text-transform: none; width: auto; font-weight: normal; font-style: italic; font-size: 8pt; line-height: 10pt; vertical-align: bottom; white-space: nowrap; color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; padding: 1.6pt 0 0 0;">Since Fund<br/>Inception</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; text-transform: none; text-align: left; width: auto; font-weight: normal; font-style: italic; font-size: 8pt; line-height: 10pt; vertical-align: bottom; white-space: nowrap; color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; 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="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); text-align: left; overflow-x: hidden; width: 100%; vertical-align: bottom; text-indent: -6pt; font-size: 8pt; line-height: 10pt; padding: 2pt 0 0 6pt;">Fund NAV</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-size: 8pt; line-height: 10pt; padding: 2pt 0 0 0;">4.20</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; width: auto; white-space: nowrap; font-size: 8pt; line-height: 10pt; padding: 1.6pt 6pt 0 0;"><span>%</span></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-size: 8pt; line-height: 10pt; padding: 2pt 0 0 0;">8.01</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; width: auto; white-space: nowrap; font-size: 8pt; line-height: 10pt; 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="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); text-align: left; overflow-x: hidden; width: 100%; vertical-align: bottom; text-indent: -6pt; font-size: 8pt; line-height: 10pt; padding: 2pt 0 0 6pt;">Bloomberg U.S. Universal Index</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-size: 8pt; line-height: 10pt; padding: 2pt 0 0 0;">3.02</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-size: 8pt; line-height: 10pt; padding: 1.6pt 6pt 0 0;"></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-size: 8pt; line-height: 10pt; padding: 2pt 0 0 0;">4.25</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-size: 8pt; line-height: 10pt; padding: 1.6pt 0 0 0;"></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="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); text-align: left; overflow-x: hidden; width: 100%; vertical-align: bottom; text-indent: -6pt; font-size: 8pt; line-height: 10pt; padding: 2pt 0 1.6pt 6pt;">Morningstar LSTA Leveraged Loan Index</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-size: 8pt; line-height: 10pt; padding: 2pt 0 1.6pt 0;">4.28</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-size: 8pt; line-height: 10pt; padding: 1.6pt 6pt 1.6pt 0;"></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-size: 8pt; line-height: 10pt; padding: 2pt 0 1.6pt 0;">8.42</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-size: 8pt; line-height: 10pt; padding: 1.6pt 0 1.6pt 0;"></td> </tr> </table>
Fund NAV
0.0420
0.0801
Bloomberg U.S. Universal Index
0.0302
0.0425
Morningstar LSTA Leveraged Loan Index
0.0428
0.0842
<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>53,664,739</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;">452</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 Investment Advisory Fees</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>305,317</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;">40<span>%</span></td> </tr> </table>
53664739
452
305317
0.40
2022-10-04
Past performance is not an indication of future results.
Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
Visit <span style="color: rgb(0, 0, 0); font-weight: bold; text-decoration-line: none; font-family: 'arial'; font-size: 8pt; line-height: 10.4pt; text-align: justify;">iShares.com</span> for more recent performance information.
<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: 400; font-kerning: none; font-family: 'arial'; text-align: justify; color: rgb(0, 0, 0); font-size: 9pt; line-height: 11.4pt; margin: 0px;">(as of July 31, 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;">Credit quality allocation</div>
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<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;">Credit Rating*</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;">A</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;">0.0</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><span style="vertical-align: 0.5em; font-size: smaller; line-height: 0px;">(b)</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;">BBB/Baa</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;">10.2</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;">BB/Ba</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;">31.9</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;">B</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;">51.5</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;">CCC/Caa</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;">2.5</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: 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 0 6pt;">N/R</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;">3.9</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> </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;">Maturity allocation</div>
<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; 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;"><em>Maturity</em></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;"><em>Percent of Total</em><br/><em>Investments</em><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;">0-1 Year</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;">0.3</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;">1-5 Years</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;">44.4</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;">5-10 Years</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;">55.3</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;">(b)</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;">Rounds to less than 0.1%.</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>
0.000
0.102
0.319
0.515
0.025
0.039
0.003
0.444
0.553
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.
iShares Intermediate Muni Income Active ETF
iShares Intermediate Muni Income Active ETF
INMU
This annual shareholder report contains important information about iShares Intermediate Muni Income Active ETF (the “Fund”) for the period of August 1, 2025 to July 31, 2026.
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 year?</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/>$10,000 investment</td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; overflow-x: hidden; vertical-align: bottom; text-align: left; padding: 4pt 0 2pt 0;">iShares Intermediate Muni Income Active ETF</td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; vertical-align: bottom; text-align: center; padding: 4pt 0 2pt 0;"><span style="float: none;">$</span>30</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;">0.29<span>%</span></td> </tr> </table>
30
0.0029
<div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 0px;"> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid; margin-bottom: 3.5pt;"> <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;">How did the Fund perform last year?</div> </div> <ul style="break-inside: avoid; padding: 0; margin: 0 0 3.5pt 0;"> <li style="font-weight: 400; padding-left: 4pt; font-family: 'Arial'; font-size: 8pt; line-height: 12.32pt; text-align: justify; list-style-type: disc; color: rgb(0, 0, 0); margin-left: 25.5pt;"> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; font-size: 8pt; line-height: 12.32pt; text-align: justify; list-style-type: disc; color: rgb(0, 0, 0); margin: 0px;">For the reporting period ended July 31, 2026, the Fund returned 5.19%.</div> </li> <li style="font-weight: 400; padding-left: 4pt; font-family: 'Arial'; font-size: 8pt; line-height: 12.32pt; text-align: justify; list-style-type: disc; color: rgb(0, 0, 0); margin-left: 25.5pt;"> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; font-size: 8pt; line-height: 12.32pt; text-align: justify; list-style-type: disc; color: rgb(0, 0, 0); margin: 0px;">For the same period, the Fund’s benchmark, the Bloomberg Municipal Bond Index returned 5.27%, the Bloomberg Municipal 3-10 Year Index returned 2.49% and the Bloomberg Custom Blend Benchmark returned 3.86%.</div> </li> </ul> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid; margin-bottom: 3.5pt;"> <div style="font-kerning: none; font-family: 'arial'; font-weight: normal; font-size: 10pt; letter-spacing: normal; text-transform: none; color: rgb(0, 0, 0); margin: 0px 0px 5pt 0px;">What contributed to performance?</div> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; font-size: 8pt; line-height: 10.4pt; text-align: justify; color: rgb(0, 0, 0); margin: 0px 0px 3.5pt 0px;">The Fund’s total return reflects contributions from both income and positive price performance.</div> </div> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; font-size: 8pt; line-height: 10.4pt; text-align: justify; color: rgb(0, 0, 0); margin: 0px 0px 3.5pt 0px;">The municipal curve flattened, with front-end yields higher and intermediate-to-long maturity yields lower over the year. As a result, curve positioning had the largest positive impact on the Fund’s absolute return. The Fund was overweight 10-20 year maturities, the steepest part of the municipal curve. Holdings in lower-rated bonds further contributed to results at a time of tightening credit spreads. At the sector level, healthcare, transportation, and pre-paid gas issues made the largest contributions to the Fund’s return.</div> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid; margin-bottom: 3.5pt;"> <div style="font-kerning: none; font-family: 'arial'; font-weight: normal; font-size: 10pt; letter-spacing: normal; text-transform: none; color: rgb(0, 0, 0); margin: 0px 0px 5pt 0px;">What detracted from performance?</div> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; font-size: 8pt; line-height: 10.4pt; text-align: justify; color: rgb(0, 0, 0); margin: 0px 0px 3.5pt 0px;">At a time of robust returns for the Fund and the broader market, all segments of the portfolio contributed positively. However, a few specific holdings detracted.</div> </div> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; font-size: 8pt; line-height: 10.4pt; text-align: justify; color: rgb(0, 0, 0); margin: 0px 0px 3.5pt 0px;"><i>The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results. </i></div> </div>
<div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid;"> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 5pt;"> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid;"> <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;">Fund performance</div> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">Cumulative performance: March 16, 2021 through July 31, 2026</div> </div> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">Initial investment of $10,000</div> </div> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 5pt; margin-bottom: 5pt;">
<img alt="Fund Performance - Growth of 10K" src="g105257chartimages_6957172.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 525pt;"/> </div> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-left: 10pt; margin-bottom: 7.2pt;"> <div style="font-weight: 400; 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: -10pt; padding: 0px; margin: 0px;">See “Average annual total returns” for additional information on fund performance.</div> </div> </div>
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<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-style: normal; font-size: 10pt; 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;">Average annual total returns</td>
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<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-size: 9pt; font-family: 'Arial'; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; white-space: nowrap; width: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; padding: 1.6pt 0 0 0;"></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: auto; padding: 1.6pt 0 0 0;"></td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-size: 9pt; font-family: 'Arial'; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; white-space: nowrap; width: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; padding: 1.6pt 0 0 0;"></td>
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<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-size: 9pt; font-family: 'Arial'; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; white-space: nowrap; width: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; padding: 1.6pt 0 0 0;"></td> </tr>
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<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; text-align: left; text-transform: none; font-weight: normal; font-style: italic; font-size: 8pt; line-height: 10pt; vertical-align: bottom; white-space: nowrap; color: rgb(0, 0, 0); border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;"></td>
<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; font-kerning: none; text-transform: none; width: auto; font-weight: normal; font-style: italic; font-size: 8pt; line-height: 10pt; vertical-align: bottom; white-space: nowrap; color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; padding: 1.6pt 0 0 0;">1 Year</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; text-transform: none; text-align: left; width: auto; font-weight: normal; font-style: italic; font-size: 8pt; line-height: 10pt; vertical-align: bottom; white-space: nowrap; color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; padding: 1.6pt 0 0 0;"></td>
<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; font-kerning: none; text-transform: none; width: auto; font-weight: normal; font-style: italic; font-size: 8pt; line-height: 10pt; vertical-align: bottom; white-space: nowrap; color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; padding: 1.6pt 0 0 0;">5 Years</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; text-transform: none; text-align: left; width: auto; font-weight: normal; font-style: italic; font-size: 8pt; line-height: 10pt; vertical-align: bottom; white-space: nowrap; color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; padding: 1.6pt 0 0 0;"></td>
<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; font-kerning: none; text-transform: none; width: auto; font-weight: normal; font-style: italic; font-size: 8pt; line-height: 10pt; vertical-align: bottom; white-space: nowrap; color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; padding: 1.6pt 0 0 0;">Since Fund<br/>Inception</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; text-transform: none; text-align: left; width: auto; font-weight: normal; font-style: italic; font-size: 8pt; line-height: 10pt; vertical-align: bottom; white-space: nowrap; color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; 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="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); text-align: left; overflow-x: hidden; width: 100%; vertical-align: bottom; text-indent: -6pt; font-size: 8pt; line-height: 10pt; padding: 2pt 0 0 6pt;">Fund NAV</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-size: 8pt; line-height: 10pt; padding: 2pt 0 0 0;">5.19</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; width: auto; white-space: nowrap; font-size: 8pt; line-height: 10pt; padding: 1.6pt 6pt 0 0;"><span>%</span></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-size: 8pt; line-height: 10pt; padding: 2pt 0 0 0;">1.37</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; width: auto; white-space: nowrap; font-size: 8pt; line-height: 10pt; padding: 1.6pt 6pt 0 0;"><span>%</span></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-size: 8pt; line-height: 10pt; padding: 2pt 0 0 0;">1.87</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; width: auto; white-space: nowrap; font-size: 8pt; line-height: 10pt; 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="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); text-align: left; overflow-x: hidden; width: 100%; vertical-align: bottom; text-indent: -6pt; font-size: 8pt; line-height: 10pt; padding: 2pt 0 0 6pt;">Bloomberg Municipal Bond Index</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-size: 8pt; line-height: 10pt; padding: 2pt 0 0 0;">5.27</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-size: 8pt; line-height: 10pt; padding: 1.6pt 6pt 0 0;"></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-size: 8pt; line-height: 10pt; padding: 2pt 0 0 0;">0.51</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-size: 8pt; line-height: 10pt; padding: 1.6pt 6pt 0 0;"></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-size: 8pt; line-height: 10pt; padding: 2pt 0 0 0;">0.86</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-size: 8pt; line-height: 10pt; 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="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); text-align: left; overflow-x: hidden; width: 100%; vertical-align: bottom; text-indent: -6pt; font-size: 8pt; line-height: 10pt; padding: 2pt 0 0 6pt;">Bloomberg Municipal 3-10 Year Index</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-size: 8pt; line-height: 10pt; padding: 2pt 0 0 0;">2.49</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-size: 8pt; line-height: 10pt; padding: 1.6pt 6pt 0 0;"></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-size: 8pt; line-height: 10pt; padding: 2pt 0 0 0;">0.82</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-size: 8pt; line-height: 10pt; padding: 1.6pt 6pt 0 0;"></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-size: 8pt; line-height: 10pt; padding: 2pt 0 0 0;">0.99</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-size: 8pt; line-height: 10pt; padding: 1.6pt 0 0 0;"></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="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); text-align: left; overflow-x: hidden; width: 100%; vertical-align: bottom; text-indent: -6pt; font-size: 8pt; line-height: 10pt; padding: 2pt 0 1.6pt 6pt;">Bloomberg Custom Blend Benchmark</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-size: 8pt; line-height: 10pt; padding: 2pt 0 1.6pt 0;">3.86</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-size: 8pt; line-height: 10pt; padding: 1.6pt 6pt 1.6pt 0;"></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-size: 8pt; line-height: 10pt; padding: 2pt 0 1.6pt 0;">1.03</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-size: 8pt; line-height: 10pt; padding: 1.6pt 6pt 1.6pt 0;"></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-size: 8pt; line-height: 10pt; padding: 2pt 0 1.6pt 0;">1.28</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-size: 8pt; line-height: 10pt; padding: 1.6pt 0 1.6pt 0;"></td> </tr> </table>
Fund NAV
0.0519
0.0137
0.0187
Bloomberg Municipal Bond Index
0.0527
0.0051
0.0086
Bloomberg Municipal 3-10 Year Index
0.0249
0.0082
0.0099
Bloomberg Custom Blend Benchmark
0.0386
0.0103
0.0128
<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>538,950,846</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;">458</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 Investment Advisory Fees</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>942,507</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;">47<span>%</span></td> </tr> </table>
538950846
458
942507
0.47
2021-03-16
Past performance is not an indication of future results.
Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
Visit <span style="color: rgb(0, 0, 0); font-weight: bold; text-decoration-line: none; font-family: 'arial'; font-size: 8pt; line-height: 10.4pt; text-align: justify;">iShares.com</span> for more recent performance information.
<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: 400; font-kerning: none; font-family: 'arial'; text-align: justify; color: rgb(0, 0, 0); font-size: 9pt; line-height: 11.4pt; margin: 0px;">(as of July 31, 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;">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-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;">Credit Rating*</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;">AAA/Aaa</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;">16.1</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;">AA/Aa</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;">47.9</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;">A</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;">26.1</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;">BBB/Baa</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;">5.3</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 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;">BB/Ba</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;">1.1</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;">B</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;">0.1</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 0 6pt;">N/R</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;">3.4</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> </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;">Ten largest holdings</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;">Security</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;">State of Connecticut Special Tax Revenue, RB, 5.00%, 07/01/39</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;">1.1</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>%</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;">Commonwealth of Pennsylvania, GO, 5.00%, 04/01/42</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;">1.0</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;">Port of Portland OR Airport Revenue, RB, 5.25%, 07/01/42</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;">1.0</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;">State of Connecticut, GO, 5.00%, 08/15/38</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;">0.9</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;">Black Belt Energy Gas District, RB, 5.00%, 03/01/55</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;">0.9</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;">State of Washington, GO, 5.00%, 02/01/40</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;">0.8</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 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;">California Community Choice Financing Authority, RB, 5.00%, 10/01/56</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;">0.8</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 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;">Massachusetts Clean Water Trust (The), RB, 5.00%, 02/01/43</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;">0.8</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 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;">Minnesota Housing Finance Agency, RB, 6.00%, 01/01/53</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;">0.8</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 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;">California Statewide Communities Development Authority, RB, 5.00%, 10/01/28</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;">0.8</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>
0.161
0.479
0.261
0.053
0.011
0.001
0.034
<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;">Ten largest holdings</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;">Security</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;">State of Connecticut Special Tax Revenue, RB, 5.00%, 07/01/39</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;">1.1</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>%</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;">Commonwealth of Pennsylvania, GO, 5.00%, 04/01/42</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;">1.0</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;">Port of Portland OR Airport Revenue, RB, 5.25%, 07/01/42</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;">1.0</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;">State of Connecticut, GO, 5.00%, 08/15/38</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;">0.9</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;">Black Belt Energy Gas District, RB, 5.00%, 03/01/55</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;">0.9</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;">State of Washington, GO, 5.00%, 02/01/40</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;">0.8</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 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;">California Community Choice Financing Authority, RB, 5.00%, 10/01/56</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;">0.8</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 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;">Massachusetts Clean Water Trust (The), RB, 5.00%, 02/01/43</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;">0.8</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 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;">Minnesota Housing Finance Agency, RB, 6.00%, 01/01/53</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;">0.8</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 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;">California Statewide Communities Development Authority, RB, 5.00%, 10/01/28</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;">0.8</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>(a)Excludes money market funds.
0.011
0.010
0.010
0.009
0.009
0.008
0.008
0.008
0.008
0.008
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.
iShares Short Duration High Yield Muni Active ETF
iShares Short Duration High Yield Muni Active ETF
SHYM
This annual shareholder report contains important information about iShares Short Duration High Yield Muni Active ETF (the “Fund”) for the period of August 1, 2025 to July 31, 2026.
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 year?</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/>$10,000 investment</td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; overflow-x: hidden; vertical-align: bottom; text-align: left; padding: 4pt 0 2pt 0;">iShares Short Duration High Yield Muni Active ETF</td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; vertical-align: bottom; text-align: center; padding: 4pt 0 2pt 0;"><span style="float: none;">$</span>35</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;">0.34<span>%</span></td> </tr> </table>
35
0.0034
<div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 0px;"> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid; margin-bottom: 3.5pt;"> <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;">How did the Fund perform last year?</div> </div> <ul style="break-inside: avoid; padding: 0; margin: 0 0 3.5pt 0;"> <li style="font-weight: 400; padding-left: 4pt; font-family: 'Arial'; font-size: 8pt; line-height: 12.32pt; text-align: justify; list-style-type: disc; color: rgb(0, 0, 0); margin-left: 25.5pt;"> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; font-size: 8pt; line-height: 12.32pt; text-align: justify; list-style-type: disc; color: rgb(0, 0, 0); margin: 0px;">For the reporting period ended July 31, 2026, the Fund returned 4.85%.</div> </li> <li style="font-weight: 400; padding-left: 4pt; font-family: 'Arial'; font-size: 8pt; line-height: 12.32pt; text-align: justify; list-style-type: disc; color: rgb(0, 0, 0); margin-left: 25.5pt;"> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; font-size: 8pt; line-height: 12.32pt; text-align: justify; list-style-type: disc; color: rgb(0, 0, 0); margin: 0px;">For the same period, the Fund’s benchmark, the Bloomberg Municipal Bond Index returned 5.27%, and the Bloomberg Custom Blend Muni Index returned 5.05%.</div> </li> </ul> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid; margin-bottom: 3.5pt;"> <div style="font-kerning: none; font-family: 'arial'; font-weight: normal; font-size: 10pt; letter-spacing: normal; text-transform: none; color: rgb(0, 0, 0); margin: 0px 0px 5pt 0px;">What contributed to performance?</div> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; font-size: 8pt; line-height: 10.4pt; text-align: justify; color: rgb(0, 0, 0); margin: 0px 0px 3.5pt 0px;">At the sector level, industrial development revenue, corporate municipal, education, and healthcare issues were the leading contributors to absolute performance. Holdings in high yield and not-rated securities made the largest contribution from a credit perspective, followed by those rated BBB and A.</div> </div> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; font-size: 8pt; line-height: 10.4pt; text-align: justify; color: rgb(0, 0, 0); margin: 0px 0px 3.5pt 0px;">The Fund further benefited from its holdings in higher income-producing bonds, led by those with coupons of 5% and above.</div> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; font-size: 8pt; line-height: 10.4pt; text-align: justify; color: rgb(0, 0, 0); margin: 0px 0px 3.5pt 0px;">In terms of yield curve positioning, holdings in the 5- to 10-year maturity range made the largest contribution, followed by the 15- to 20-year and 10- to 15-year segments.</div> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid; margin-bottom: 3.5pt;"> <div style="font-kerning: none; font-family: 'arial'; font-weight: normal; font-size: 10pt; letter-spacing: normal; text-transform: none; color: rgb(0, 0, 0); margin: 0px 0px 5pt 0px;">What detracted from performance?</div> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; font-size: 8pt; line-height: 10.4pt; text-align: justify; color: rgb(0, 0, 0); margin: 0px 0px 3.5pt 0px;">At a time of robust returns for the Fund and the broader market, there were only a limited number of detractors. Positions in the bonds of Brightline East and Brightline West, which were issued to finance high-speed rail projects, were notable detractors at the individual security level.</div> </div> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; font-size: 8pt; line-height: 10.4pt; text-align: justify; color: rgb(0, 0, 0); margin: 0px 0px 3.5pt 0px;">The Fund had a higher-than-normal cash balance on July 31 due to a sizable inflow that occurred late in the period. The elevated cash position did not reflect a defensive posture.</div> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; font-size: 8pt; line-height: 10.4pt; text-align: justify; color: rgb(0, 0, 0); margin: 0px 0px 3.5pt 0px;"><i>The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results. </i></div> </div>
<div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid;"> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 5pt;"> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid;"> <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;">Fund performance</div> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">Cumulative performance: March 16, 2021 through July 31, 2026</div> </div> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">Initial investment of $10,000</div> </div> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 5pt; margin-bottom: 5pt;">
<img alt="Fund Performance - Growth of 10K" src="g105257chartimages_6957099.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 525pt;"/> </div> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-left: 10pt; margin-bottom: 7.2pt;"> <div style="font-weight: 400; 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: -10pt; padding: 0px; margin: 0px;">See “Average annual total returns” for additional information on fund performance.</div> </div> </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; 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-style: normal; font-size: 10pt; 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;">Average annual total returns</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: auto; padding: 1.6pt 0 0 0;"></td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-size: 9pt; font-family: 'Arial'; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; white-space: nowrap; width: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; padding: 1.6pt 0 0 0;"></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: auto; padding: 1.6pt 0 0 0;"></td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-size: 9pt; font-family: 'Arial'; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; white-space: nowrap; width: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; padding: 1.6pt 0 0 0;"></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: auto; padding: 1.6pt 0 0 0;"></td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-size: 9pt; font-family: 'Arial'; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; white-space: nowrap; width: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; padding: 1.6pt 0 0 0;"></td> </tr>
<tr style="break-after: avoid; 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; text-align: left; text-transform: none; font-weight: normal; font-style: italic; font-size: 8pt; line-height: 10pt; vertical-align: bottom; white-space: nowrap; color: rgb(0, 0, 0); border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;"></td>
<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; font-kerning: none; text-transform: none; width: auto; font-weight: normal; font-style: italic; font-size: 8pt; line-height: 10pt; vertical-align: bottom; white-space: nowrap; color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; padding: 1.6pt 0 0 0;">1 Year</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; text-transform: none; text-align: left; width: auto; font-weight: normal; font-style: italic; font-size: 8pt; line-height: 10pt; vertical-align: bottom; white-space: nowrap; color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; padding: 1.6pt 0 0 0;"></td>
<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; font-kerning: none; text-transform: none; width: auto; font-weight: normal; font-style: italic; font-size: 8pt; line-height: 10pt; vertical-align: bottom; white-space: nowrap; color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; padding: 1.6pt 0 0 0;">5 Years</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; text-transform: none; text-align: left; width: auto; font-weight: normal; font-style: italic; font-size: 8pt; line-height: 10pt; vertical-align: bottom; white-space: nowrap; color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; padding: 1.6pt 0 0 0;"></td>
<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; font-kerning: none; text-transform: none; width: auto; font-weight: normal; font-style: italic; font-size: 8pt; line-height: 10pt; vertical-align: bottom; white-space: nowrap; color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; padding: 1.6pt 0 0 0;">Since Fund<br/>Inception</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; text-transform: none; text-align: left; width: auto; font-weight: normal; font-style: italic; font-size: 8pt; line-height: 10pt; vertical-align: bottom; white-space: nowrap; color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; 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="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); text-align: left; overflow-x: hidden; width: 100%; vertical-align: bottom; text-indent: -6pt; font-size: 8pt; line-height: 10pt; padding: 2pt 0 0 6pt;">Fund NAV</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-size: 8pt; line-height: 10pt; padding: 2pt 0 0 0;">4.85</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; width: auto; white-space: nowrap; font-size: 8pt; line-height: 10pt; padding: 1.6pt 6pt 0 0;"><span>%</span></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-size: 8pt; line-height: 10pt; padding: 2pt 0 0 0;">0.45</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; width: auto; white-space: nowrap; font-size: 8pt; line-height: 10pt; padding: 1.6pt 6pt 0 0;"><span>%</span></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-size: 8pt; line-height: 10pt; padding: 2pt 0 0 0;">1.82</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; width: auto; white-space: nowrap; font-size: 8pt; line-height: 10pt; 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="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); text-align: left; overflow-x: hidden; width: 100%; vertical-align: bottom; text-indent: -6pt; font-size: 8pt; line-height: 10pt; padding: 2pt 0 0 6pt;">Bloomberg Municipal Bond Index</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-size: 8pt; line-height: 10pt; padding: 2pt 0 0 0;">5.27</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-size: 8pt; line-height: 10pt; padding: 1.6pt 6pt 0 0;"></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-size: 8pt; line-height: 10pt; padding: 2pt 0 0 0;">0.51</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-size: 8pt; line-height: 10pt; padding: 1.6pt 6pt 0 0;"></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-size: 8pt; line-height: 10pt; padding: 2pt 0 0 0;">0.86</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-size: 8pt; line-height: 10pt; padding: 1.6pt 0 0 0;"></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="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); text-align: left; overflow-x: hidden; width: 100%; vertical-align: bottom; text-indent: -6pt; font-size: 8pt; line-height: 10pt; padding: 2pt 0 1.6pt 6pt;">Bloomberg Custom Blend Muni Index</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-size: 8pt; line-height: 10pt; padding: 2pt 0 1.6pt 0;">5.05</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-size: 8pt; line-height: 10pt; padding: 1.6pt 6pt 1.6pt 0;"></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-size: 8pt; line-height: 10pt; padding: 2pt 0 1.6pt 0;"><span class="sec-hidden" style="-sec-ix-hidden:h_160_b0348817_1c19_143b_0847_ad883b0007a1">N/A</span></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-size: 8pt; line-height: 10pt; padding: 1.6pt 6pt 1.6pt 0;"></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-size: 8pt; line-height: 10pt; padding: 2pt 0 1.6pt 0;"><span class="sec-hidden" style="-sec-ix-hidden:h_160_75435275_61ad_32d2_6c3b_5d62168dd73c">N/A</span></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-size: 8pt; line-height: 10pt; padding: 1.6pt 0 1.6pt 0;"></td> </tr> </table>
Fund NAV
0.0485
0.0045
0.0182
Bloomberg Municipal Bond Index
0.0527
0.0051
0.0086
Bloomberg Custom Blend Muni Index
0.0505
<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>802,733,023</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;">503</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 Investment Advisory Fees</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>1,711,747</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;">31<span>%</span></td> </tr> </table>
802733023
503
1711747
0.31
2021-03-16
Past performance is not an indication of future results.
Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
Visit <span style="color: rgb(0, 0, 0); font-weight: bold; text-decoration-line: none; font-family: 'arial'; font-size: 8pt; line-height: 10.4pt; text-align: justify;">iShares.com</span> for more recent performance information.
<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: 400; font-kerning: none; font-family: 'arial'; text-align: justify; color: rgb(0, 0, 0); font-size: 9pt; line-height: 11.4pt; margin: 0px;">(as of July 31, 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;">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-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;">Credit Rating*</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;">AAA/Aaa</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;">0.0</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><span style="vertical-align: 0.5em; font-size: smaller; line-height: 0px;">(b)</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;">AA/Aa</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;">9.6</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;">A</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;">14.0</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 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;">BBB/Baa</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;">9.9</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;">BB/Ba</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;">14.3</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 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;">B</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;">4.8</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;">CCC/Caa</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;">0.1</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 0 6pt;">N/R</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;">47.3</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 0 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;">Ten largest holdings</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;">Security</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;">Commonwealth of Puerto Rico Notes, 0.00%, 11/01/51</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;">2.0</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>%</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;">Black Belt Energy Gas District, RB, 5.00%, 12/01/31</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 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;">City of Atlanta GA Water & Wastewater Revenue, RB, 5.00%, 11/01/32</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;">1.5</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;">Black Belt Energy Gas District, RB, 5.00%, 12/01/34</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;">1.4</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;">City & County of Denver Colorado, RB, AMT, 5.00%, 10/01/32</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;">1.3</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;">Metropolitan Pier & Exposition Authority, RB, 4.00%, 12/15/42</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;">1.3</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;">New York Transportation Development Corp., RB, AMT, 5.25%, 08/01/31</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;">1.3</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;">Black Belt Energy Gas District, RB, 5.00%, 07/01/33</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;">1.1</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: 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;">Kentucky Public Energy Authority, RB, 5.00%, 12/01/33</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;">1.1</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;">Philadelphia Authority for Industrial Development, RB, 5.50%, 12/01/58</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;">1.1</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 1.6pt 0;"><span style="visibility: hidden; margin-left: -7pt;">%</span></td> </tr> </table>
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<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>
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<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;">(b)</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;">Rounds to less than 0.1%.</div> </td> </tr>
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<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>
0.000
0.096
0.140
0.099
0.143
0.048
0.001
0.473
<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;">Ten largest holdings</div>
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<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;">Security</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;">Commonwealth of Puerto Rico Notes, 0.00%, 11/01/51</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;">2.0</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>%</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;">Black Belt Energy Gas District, RB, 5.00%, 12/01/31</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 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;">City of Atlanta GA Water & Wastewater Revenue, RB, 5.00%, 11/01/32</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;">1.5</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;">Black Belt Energy Gas District, RB, 5.00%, 12/01/34</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;">1.4</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;">City & County of Denver Colorado, RB, AMT, 5.00%, 10/01/32</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;">1.3</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;">Metropolitan Pier & Exposition Authority, RB, 4.00%, 12/15/42</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;">1.3</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;">New York Transportation Development Corp., RB, AMT, 5.25%, 08/01/31</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;">1.3</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;">Black Belt Energy Gas District, RB, 5.00%, 07/01/33</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;">1.1</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: 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;">Kentucky Public Energy Authority, RB, 5.00%, 12/01/33</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;">1.1</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;">Philadelphia Authority for Industrial Development, RB, 5.50%, 12/01/58</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;">1.1</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 1.6pt 0;"><span style="visibility: hidden; margin-left: -7pt;">%</span></td> </tr> </table>(a)Excludes money market funds.
0.020
0.016
0.015
0.014
0.013
0.013
0.013
0.011
0.011
0.011
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.
iShares Short-Term California Muni Active ETF
iShares Short-Term California Muni Active ETF
CALI
NASDAQ
This annual shareholder report contains important information about iShares Short-Term California Muni Active ETF (the “Fund”) for the period of August 1, 2025 to July 31, 2026.
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 year?</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/>$10,000 investment</td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; overflow-x: hidden; vertical-align: bottom; text-align: left; padding: 4pt 0 2pt 0;">iShares Short-Term California Muni Active ETF</td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; vertical-align: bottom; text-align: center; padding: 4pt 0 2pt 0;"><span style="float: none;">$</span>20</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;">0.20<span>%</span></td> </tr> </table>
20
0.0020
<div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 0px;"> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid; margin-bottom: 3.5pt;"> <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;">How did the Fund perform last year?</div> </div> <ul style="break-inside: avoid; padding: 0; margin: 0 0 3.5pt 0;"> <li style="font-weight: 400; padding-left: 4pt; font-family: 'Arial'; font-size: 8pt; line-height: 12.32pt; text-align: justify; list-style-type: disc; color: rgb(0, 0, 0); margin-left: 25.5pt;"> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; font-size: 8pt; line-height: 12.32pt; text-align: justify; list-style-type: disc; color: rgb(0, 0, 0); margin: 0px;">For the reporting period ended July 31, 2026, the Fund returned 2.32%.</div> </li> <li style="font-weight: 400; padding-left: 4pt; font-family: 'Arial'; font-size: 8pt; line-height: 12.32pt; text-align: justify; list-style-type: disc; color: rgb(0, 0, 0); margin-left: 25.5pt;"> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; font-size: 8pt; line-height: 12.32pt; text-align: justify; list-style-type: disc; color: rgb(0, 0, 0); margin: 0px;">For the same period, the Fund’s benchmark, the Bloomberg Municipal Bond Index returned 5.27%, and the Bloomberg California Municipal 0-2 Year Index returned 2.31%.</div> </li> </ul> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid; margin-bottom: 3.5pt;"> <div style="font-kerning: none; font-family: 'arial'; font-weight: normal; font-size: 10pt; letter-spacing: normal; text-transform: none; color: rgb(0, 0, 0); margin: 0px 0px 5pt 0px;">What contributed to performance?</div> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; font-size: 8pt; line-height: 10.4pt; text-align: justify; color: rgb(0, 0, 0); margin: 0px 0px 3.5pt 0px;">With respect to credit tiers, A rated issues made the largest contribution to performance, followed by those rated AA. At the sector level, corporate-backed and transportation issues were the top contributors. In terms of security types, holdings in municipal variable rate demand notes, commercial paper, and municipal notes made the largest contributions, respectively.</div> </div> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid; margin-bottom: 3.5pt;"> <div style="font-kerning: none; font-family: 'arial'; font-weight: normal; font-size: 10pt; letter-spacing: normal; text-transform: none; color: rgb(0, 0, 0); margin: 0px 0px 5pt 0px;">What detracted from performance?</div> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; font-size: 8pt; line-height: 10.4pt; text-align: justify; color: rgb(0, 0, 0); margin: 0px 0px 3.5pt 0px;">At a time of positive returns for the California municipal market, there were no meaningful detractors from absolute returns.</div> </div> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; font-size: 8pt; line-height: 10.4pt; text-align: justify; color: rgb(0, 0, 0); margin: 0px 0px 3.5pt 0px;"><i>The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results. </i></div> </div>
<div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid;"> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 5pt;"> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid;"> <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;">Fund performance</div> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">Cumulative performance: July 11, 2023 through July 31, 2026</div> </div> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">Initial investment of $10,000</div> </div> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 5pt; margin-bottom: 5pt;">
<img alt="Fund Performance - Growth of 10K" src="g105257chartimages_6957381.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 525pt;"/> </div> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-left: 10pt; margin-bottom: 7.2pt;"> <div style="font-weight: 400; 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: -10pt; padding: 0px; margin: 0px;">See “Average annual total returns” for additional information on fund performance.</div> </div> </div>
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<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; vertical-align: bottom; width: auto; font-weight: bold; font-style: normal; font-size: 10pt; text-align: left; text-indent: 0; letter-spacing: normal; text-transform: none; font-kerning: none; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 0; padding: 2pt 0 1.5pt 0;">Average annual total returns</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: auto; padding: 1.6pt 0 0 0;"></td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-size: 9pt; font-family: 'Arial'; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; white-space: nowrap; width: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; padding: 1.6pt 0 0 0;"></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: auto; padding: 1.6pt 0 0 0;"></td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-size: 9pt; font-family: 'Arial'; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; white-space: nowrap; width: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; padding: 1.6pt 0 0 0;"></td> </tr>
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<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; text-align: left; text-transform: none; font-weight: normal; font-style: italic; font-size: 8pt; line-height: 10pt; vertical-align: bottom; white-space: nowrap; color: rgb(0, 0, 0); border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;"></td>
<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; font-kerning: none; text-transform: none; width: auto; font-weight: normal; font-style: italic; font-size: 8pt; line-height: 10pt; vertical-align: bottom; white-space: nowrap; color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; padding: 1.6pt 0 0 0;">1 Year</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; text-transform: none; text-align: left; width: auto; font-weight: normal; font-style: italic; font-size: 8pt; line-height: 10pt; vertical-align: bottom; white-space: nowrap; color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; padding: 1.6pt 0 0 0;"></td>
<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; font-kerning: none; text-transform: none; width: auto; font-weight: normal; font-style: italic; font-size: 8pt; line-height: 10pt; vertical-align: bottom; white-space: nowrap; color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; padding: 1.6pt 0 0 0;">Since Fund<br/>Inception</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; text-transform: none; text-align: left; width: auto; font-weight: normal; font-style: italic; font-size: 8pt; line-height: 10pt; vertical-align: bottom; white-space: nowrap; color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; padding: 1.6pt 0 0 0;"></td> </tr>
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<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); text-align: left; overflow-x: hidden; width: 100%; vertical-align: bottom; text-indent: -6pt; font-size: 8pt; line-height: 10pt; padding: 2pt 0 0 6pt;">Fund NAV</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-size: 8pt; line-height: 10pt; padding: 2pt 0 0 0;">2.32</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; width: auto; white-space: nowrap; font-size: 8pt; line-height: 10pt; padding: 1.6pt 6pt 0 0;"><span>%</span></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-size: 8pt; line-height: 10pt; padding: 2pt 0 0 0;">2.98</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; width: auto; white-space: nowrap; font-size: 8pt; line-height: 10pt; 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="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); text-align: left; overflow-x: hidden; width: 100%; vertical-align: bottom; text-indent: -6pt; font-size: 8pt; line-height: 10pt; padding: 2pt 0 0 6pt;">Bloomberg Municipal Bond Index</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-size: 8pt; line-height: 10pt; padding: 2pt 0 0 0;">5.27</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-size: 8pt; line-height: 10pt; padding: 1.6pt 6pt 0 0;"></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-size: 8pt; line-height: 10pt; padding: 2pt 0 0 0;">3.16</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-size: 8pt; line-height: 10pt; padding: 1.6pt 0 0 0;"></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="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); text-align: left; overflow-x: hidden; width: 100%; vertical-align: bottom; text-indent: -6pt; font-size: 8pt; line-height: 10pt; padding: 2pt 0 1.6pt 6pt;">Bloomberg California Municipal 0-2 Year Index</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-size: 8pt; line-height: 10pt; padding: 2pt 0 1.6pt 0;">2.31</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-size: 8pt; line-height: 10pt; padding: 1.6pt 6pt 1.6pt 0;"></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-size: 8pt; line-height: 10pt; padding: 2pt 0 1.6pt 0;">2.95</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-size: 8pt; line-height: 10pt; padding: 1.6pt 0 1.6pt 0;"></td> </tr> </table>
Fund NAV
0.0232
0.0298
Bloomberg Municipal Bond Index
0.0527
0.0316
Bloomberg California Municipal 0-2 Year Index
0.0231
0.0295
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<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>447,817,300</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;">232</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 Investment Advisory Fees</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>509,748</td> </tr>
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<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;">52<span>%</span></td> </tr> </table>
447817300
232
509748
0.52
2023-07-11
Past performance is not an indication of future results.
Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
Visit <span style="color: rgb(0, 0, 0); font-weight: bold; text-decoration-line: none; font-family: 'arial'; font-size: 8pt; line-height: 10.4pt; text-align: justify;">iShares.com</span> for more recent performance information.
<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: 400; font-kerning: none; font-family: 'arial'; text-align: justify; color: rgb(0, 0, 0); font-size: 9pt; line-height: 11.4pt; margin: 0px;">(as of July 31, 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;">Credit quality allocation</div>
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<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;">Credit Rating*</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>
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<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;">AAA/Aaa</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;">6.1</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;">AA/Aa</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;">67.9</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;">A</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;">25.4</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: 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;">BBB/Baa</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;">0.2</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: 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 0 6pt;">N/R</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> </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;">Ten largest holdings</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;">Security</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;">City of Modesto Water Revenue, COP, VRDN, 1.70%, 08/07/26</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>%</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;">Municipal Water District of Orange County Water Facilities Corp., COP, VRDN, 1.77%, 08/07/26</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;">2.5</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;">State of California, GO, 1.50%, 08/07/26</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;">2.2</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;">California Housing Finance Agency, RB, 1.50%, 08/07/26</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;">1.8</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 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;">University of California, RB, VRDN, 2.70%, 08/03/26</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;">1.7</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;">California Health Facilities Financing Authority, RB, 2.85%, 08/03/26</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 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;">Bay Area Toll Authority, RB, 2.70%, 08/03/26</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 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;">Northern California Energy Authority, RB, 5.00%, 05/01/30</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 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;">California Community Choice Financing Authority, RB, 5.00%, 11/01/30</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;">1.5</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;">San Diego Public Facilities Financing Authority, RB, VRDN, 2.85%, 08/03/26</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;">1.5</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>
0.061
0.679
0.254
0.002
0.004
<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;">Ten largest holdings</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;">Security</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;">City of Modesto Water Revenue, COP, VRDN, 1.70%, 08/07/26</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>%</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;">Municipal Water District of Orange County Water Facilities Corp., COP, VRDN, 1.77%, 08/07/26</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;">2.5</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;">State of California, GO, 1.50%, 08/07/26</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;">2.2</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;">California Housing Finance Agency, RB, 1.50%, 08/07/26</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;">1.8</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 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;">University of California, RB, VRDN, 2.70%, 08/03/26</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;">1.7</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;">California Health Facilities Financing Authority, RB, 2.85%, 08/03/26</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 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;">Bay Area Toll Authority, RB, 2.70%, 08/03/26</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 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;">Northern California Energy Authority, RB, 5.00%, 05/01/30</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 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;">California Community Choice Financing Authority, RB, 5.00%, 11/01/30</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;">1.5</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;">San Diego Public Facilities Financing Authority, RB, VRDN, 2.85%, 08/03/26</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;">1.5</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>(a)Excludes money market funds.
0.026
0.025
0.022
0.018
0.017
0.016
0.016
0.016
0.015
0.015
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.
iShares Total Return Active ETF
iShares Total Return Active ETF
BRTR
NASDAQ
This annual shareholder report contains important information about iShares Total Return Active ETF (the “Fund”) for the period of August 1, 2025 to July 31, 2026.
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 year?</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/>$10,000 investment</td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; overflow-x: hidden; vertical-align: bottom; text-align: left; padding: 4pt 0 2pt 0;">iShares Total Return Active ETF</td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; vertical-align: bottom; text-align: center; padding: 4pt 0 2pt 0;"><span style="float: none;">$</span>38</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;">0.37<span>%</span></td> </tr> </table>
38
0.0037
<div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 0px;"> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid; margin-bottom: 3.5pt;"> <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;">How did the Fund perform last year?</div> </div> <ul style="break-inside: avoid; padding: 0; margin: 0 0 3.5pt 0;"> <li style="font-weight: 400; padding-left: 4pt; font-family: 'Arial'; font-size: 8pt; line-height: 12.32pt; text-align: justify; list-style-type: disc; color: rgb(0, 0, 0); margin-left: 25.5pt;"> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; font-size: 8pt; line-height: 12.32pt; text-align: justify; list-style-type: disc; color: rgb(0, 0, 0); margin: 0px;">For the reporting period ended July 31, 2026, the Fund returned 3.20%.</div> </li> <li style="font-weight: 400; padding-left: 4pt; font-family: 'Arial'; font-size: 8pt; line-height: 12.32pt; text-align: justify; list-style-type: disc; color: rgb(0, 0, 0); margin-left: 25.5pt;"> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; font-size: 8pt; line-height: 12.32pt; text-align: justify; list-style-type: disc; color: rgb(0, 0, 0); margin: 0px;">For the same period, the Fund’s benchmark, the Bloomberg U.S. Aggregate Bond Index returned 2.71%.</div> </li> </ul> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid; margin-bottom: 3.5pt;"> <div style="font-kerning: none; font-family: 'arial'; font-weight: normal; font-size: 10pt; letter-spacing: normal; text-transform: none; color: rgb(0, 0, 0); margin: 0px 0px 5pt 0px;">What contributed to performance?</div> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; font-size: 8pt; line-height: 10.4pt; text-align: justify; color: rgb(0, 0, 0); margin: 0px 0px 3.5pt 0px;">The Fund’s holdings in agency mortgage backed-securities, structured products, U.S. investment-grade corporates, and emerging market debt were the top contributors to absolute performance.</div> </div> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid; margin-bottom: 3.5pt;"> <div style="font-kerning: none; font-family: 'arial'; font-weight: normal; font-size: 10pt; letter-spacing: normal; text-transform: none; color: rgb(0, 0, 0); margin: 0px 0px 5pt 0px;">What detracted from performance?</div> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; font-size: 8pt; line-height: 10.4pt; text-align: justify; color: rgb(0, 0, 0); margin: 0px 0px 3.5pt 0px;">The Fund’s duration positioning, primarily in the United States, was the largest detractor given that U.S. rates rose during the period. (Duration is a measure of interest rate sensitivity.)</div> </div> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; font-size: 8pt; line-height: 10.4pt; text-align: justify; color: rgb(0, 0, 0); margin: 0px 0px 3.5pt 0px;"><i>The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results. </i></div> </div>
<div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid;"> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 5pt;"> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid;"> <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;">Fund performance</div> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">Cumulative performance: December 12, 2023 through July 31, 2026</div> </div> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">Initial investment of $10,000</div> </div> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 5pt; margin-bottom: 5pt;">
<img alt="Fund Performance - Growth of 10K" src="g105257chartimages_6957193.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 525pt;"/> </div> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-left: 10pt; margin-bottom: 7.2pt;"> <div style="font-weight: 400; 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: -10pt; padding: 0px; margin: 0px;">See “Average annual total returns” for additional information on fund performance.</div> </div> </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; 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-style: normal; font-size: 10pt; 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;">Average annual total returns</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: auto; padding: 1.6pt 0 0 0;"></td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-size: 9pt; font-family: 'Arial'; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; white-space: nowrap; width: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; padding: 1.6pt 0 0 0;"></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: auto; padding: 1.6pt 0 0 0;"></td>
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-size: 9pt; font-family: 'Arial'; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; white-space: nowrap; width: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; padding: 1.6pt 0 0 0;"></td> </tr>
<tr style="break-after: avoid; 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; text-align: left; text-transform: none; font-weight: normal; font-style: italic; font-size: 8pt; line-height: 10pt; vertical-align: bottom; white-space: nowrap; color: rgb(0, 0, 0); border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;"></td>
<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; font-kerning: none; text-transform: none; width: auto; font-weight: normal; font-style: italic; font-size: 8pt; line-height: 10pt; vertical-align: bottom; white-space: nowrap; color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; padding: 1.6pt 0 0 0;">1 Year</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; text-transform: none; text-align: left; width: auto; font-weight: normal; font-style: italic; font-size: 8pt; line-height: 10pt; vertical-align: bottom; white-space: nowrap; color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; padding: 1.6pt 0 0 0;"></td>
<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; text-align: right; font-kerning: none; text-transform: none; width: auto; font-weight: normal; font-style: italic; font-size: 8pt; line-height: 10pt; vertical-align: bottom; white-space: nowrap; color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; padding: 1.6pt 0 0 0;">Since Fund<br/>Inception</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; text-transform: none; text-align: left; width: auto; font-weight: normal; font-style: italic; font-size: 8pt; line-height: 10pt; vertical-align: bottom; white-space: nowrap; color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; 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="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); text-align: left; overflow-x: hidden; width: 100%; vertical-align: bottom; text-indent: -6pt; font-size: 8pt; line-height: 10pt; padding: 2pt 0 0 6pt;">Fund NAV</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-size: 8pt; line-height: 10pt; padding: 2pt 0 0 0;">3.20</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; width: auto; white-space: nowrap; font-size: 8pt; line-height: 10pt; padding: 1.6pt 6pt 0 0;"><span>%</span></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-size: 8pt; line-height: 10pt; padding: 2pt 0 0 0;">4.42</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; width: auto; white-space: nowrap; font-size: 8pt; line-height: 10pt; 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: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-kerning: none; color: rgb(0, 0, 0); text-align: left; overflow-x: hidden; width: 100%; vertical-align: bottom; text-indent: -6pt; font-size: 8pt; line-height: 10pt; padding: 2pt 0 1.6pt 6pt;">Bloomberg U.S. Aggregate Bond Index</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-size: 8pt; line-height: 10pt; padding: 2pt 0 1.6pt 0;">2.71</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-size: 8pt; line-height: 10pt; padding: 1.6pt 6pt 1.6pt 0;"></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-size: 8pt; line-height: 10pt; padding: 2pt 0 1.6pt 0;">3.93</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-size: 8pt; line-height: 10pt; padding: 1.6pt 0 1.6pt 0;"></td> </tr> </table>
Fund NAV
0.0320
0.0442
Bloomberg U.S. Aggregate Bond Index
0.0271
0.0393
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<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>739,948,893</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;">2,939</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 Investment Advisory Fees</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>1,776,493</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;">864<span>%</span></td> </tr> </table>
739948893
2939
1776493
8.64
2023-12-12
Past performance is not an indication of future results.
Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
Visit <span style="color: rgb(0, 0, 0); font-weight: bold; text-decoration-line: none; font-family: 'arial'; font-size: 8pt; line-height: 10.4pt; text-align: justify;">iShares.com</span> for more recent performance information.
<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: 400; font-kerning: none; font-family: 'arial'; text-align: justify; color: rgb(0, 0, 0); font-size: 9pt; line-height: 11.4pt; margin: 0px;">(as of July 31, 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;">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-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;">Credit Rating*</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;">AAA/Aaa</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;">19.6</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;">AA/Aa</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;">50.4</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: 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;">A</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;">4.8</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;">BBB/Baa</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;">10.1</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;">BB/Ba</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;">3.1</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;">B</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;">1.3</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 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;">CCC/Caa</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: 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;">CC/Ca</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;">0.0</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 style="visibility: hidden; margin-left: -7pt;">%</span><span style="vertical-align: 0.5em; font-size: smaller; line-height: 0px;">(b)</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;">C</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;">0.1</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;">D</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;">0.0</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 style="visibility: hidden; margin-left: -7pt;">%</span><span style="vertical-align: 0.5em; font-size: smaller; line-height: 0px;">(b)</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 0 6pt;">N/R</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;">10.2</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> </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;">Maturity 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;"><em>Maturity</em></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;"><em>Percent of Total</em><br/><em>Investments</em><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;">0-1 Year</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;">1.4</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;">1-5 Years</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;">15.1</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: 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;">5-10 Years</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;">30.1</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: 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;">10-15 Years</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;">8.7</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;">15-20 Years</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;">8.6</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: 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;">More than 20 Years</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;">36.1</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 1.6pt 0;"><span style="visibility: hidden; margin-left: -7pt;">%</span></td> </tr> </table>
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<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>
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<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;">(b)</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;">Rounds to less than 0.1%.</div> </td> </tr>
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<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>
0.196
0.504
0.048
0.101
0.031
0.013
0.004
0.000
0.001
0.000
0.102
0.014
0.151
0.301
0.087
0.086
0.361
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.
Excludes money market funds.
Excludes money market funds.
Rounds to less than 0.1%.
For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.
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.
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.
Rounds to less than 0.1%.
Excludes money market funds.
Excludes money market funds.
Ten largest investment types are presented. Additional investment types 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.
Rounds to less than 0.1%.
Excludes money market funds.
Rounds to less than 0.1%.
For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.