This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the period?
(based on a hypothetical $10,000 investment)
Class name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|---|---|
iShares Mortgage-Backed Securities Active ETF | $ |
| Footnote | Description |
Footnote(a) |
How did the Fund perform last year?
For the period beginning May 1, 2025 and ended April 30, 2026, the Fund returned 6.04%.
For the same period, the Fund’s benchmark, the Bloomberg U.S. Aggregate Bond Index returned 4.06% and the Bloomberg U.S. MBS Index returned 5.56%.
What contributed to performance?
Positive contributions to the Fund’s performance were led by out-of-benchmark allocations including structured securities such as fixed rate and floating rate agency collateralized mortgage obligations as well as interest-only and inverse interest-only agency mortgage derivatives. In addition, high quality securitized assets such as AAA-rated single-asset, single-borrower commercial mortgage-backed securities posted strong positive returns over the period. Relative value trades designed to benefit from the yield spread of agency mortgage-backed securities relative to Treasuries also proved additive.
What detracted from performance?
Positioning with respect to interest rates detracted, most notably a modest overweight to the 2-year and 5-year segments of the yield curve. Security selection within agency MBS also detracted from the Fund’s performance.
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.
Fund performance
Cumulative performance: May 1, 2016 through April 30, 2026
Initial Investment of $10,000
Fund | Bloomberg U.S. Aggregate Bond Index | Bloomberg U.S. MBS Index | |
|---|---|---|---|
Apr 16 | $ | $ | $ |
May 16 | $ | $ | $ |
Jun 16 | $ | $ | $ |
Jul 16 | $ | $ | $ |
Aug 16 | $ | $ | $ |
Sep 16 | $ | $ | $ |
Oct 16 | $ | $ | $ |
Nov 16 | $ | $ | $ |
Dec 16 | $ | $ | $ |
Jan 17 | $ | $ | $ |
Feb 17 | $ | $ | $ |
Mar 17 | $ | $ | $ |
Apr 17 | $ | $ | $ |
May 17 | $ | $ | $ |
Jun 17 | $ | $ | $ |
Jul 17 | $ | $ | $ |
Aug 17 | $ | $ | $ |
Sep 17 | $ | $ | $ |
Oct 17 | $ | $ | $ |
Nov 17 | $ | $ | $ |
Dec 17 | $ | $ | $ |
Jan 18 | $ | $ | $ |
Feb 18 | $ | $ | $ |
Mar 18 | $ | $ | $ |
Apr 18 | $ | $ | $ |
May 18 | $ | $ | $ |
Jun 18 | $ | $ | $ |
Jul 18 | $ | $ | $ |
Aug 18 | $ | $ | $ |
Sep 18 | $ | $ | $ |
Oct 18 | $ | $ | $ |
Nov 18 | $ | $ | $ |
Dec 18 | $ | $ | $ |
Jan 19 | $ | $ | $ |
Feb 19 | $ | $ | $ |
Mar 19 | $ | $ | $ |
Apr 19 | $ | $ | $ |
May 19 | $ | $ | $ |
Jun 19 | $ | $ | $ |
Jul 19 | $ | $ | $ |
Aug 19 | $ | $ | $ |
Sep 19 | $ | $ | $ |
Oct 19 | $ | $ | $ |
Nov 19 | $ | $ | $ |
Dec 19 | $ | $ | $ |
Jan 20 | $ | $ | $ |
Feb 20 | $ | $ | $ |
Mar 20 | $ | $ | $ |
Apr 20 | $ | $ | $ |
May 20 | $ | $ | $ |
Jun 20 | $ | $ | $ |
Jul 20 | $ | $ | $ |
Aug 20 | $ | $ | $ |
Sep 20 | $ | $ | $ |
Oct 20 | $ | $ | $ |
Nov 20 | $ | $ | $ |
Dec 20 | $ | $ | $ |
Jan 21 | $ | $ | $ |
Feb 21 | $ | $ | $ |
Mar 21 | $ | $ | $ |
Apr 21 | $ | $ | $ |
May 21 | $ | $ | $ |
Jun 21 | $ | $ | $ |
Jul 21 | $ | $ | $ |
Aug 21 | $ | $ | $ |
Sep 21 | $ | $ | $ |
Oct 21 | $ | $ | $ |
Nov 21 | $ | $ | $ |
Dec 21 | $ | $ | $ |
Jan 22 | $ | $ | $ |
Feb 22 | $ | $ | $ |
Mar 22 | $ | $ | $ |
Apr 22 | $ | $ | $ |
May 22 | $ | $ | $ |
Jun 22 | $ | $ | $ |
Jul 22 | $ | $ | $ |
Aug 22 | $ | $ | $ |
Sep 22 | $ | $ | $ |
Oct 22 | $ | $ | $ |
Nov 22 | $ | $ | $ |
Dec 22 | $ | $ | $ |
Jan 23 | $ | $ | $ |
Feb 23 | $ | $ | $ |
Mar 23 | $ | $ | $ |
Apr 23 | $ | $ | $ |
May 23 | $ | $ | $ |
Jun 23 | $ | $ | $ |
Jul 23 | $ | $ | $ |
Aug 23 | $ | $ | $ |
Sep 23 | $ | $ | $ |
Oct 23 | $ | $ | $ |
Nov 23 | $ | $ | $ |
Dec 23 | $ | $ | $ |
Jan 24 | $ | $ | $ |
Feb 24 | $ | $ | $ |
Mar 24 | $ | $ | $ |
Apr 24 | $ | $ | $ |
May 24 | $ | $ | $ |
Jun 24 | $ | $ | $ |
Jul 24 | $ | $ | $ |
Aug 24 | $ | $ | $ |
Sep 24 | $ | $ | $ |
Oct 24 | $ | $ | $ |
Nov 24 | $ | $ | $ |
Dec 24 | $ | $ | $ |
Jan 25 | $ | $ | $ |
Feb 25 | $ | $ | $ |
Mar 25 | $ | $ | $ |
Apr 25 | $ | $ | $ |
May 25 | $ | $ | $ |
Jun 25 | $ | $ | $ |
Jul 25 | $ | $ | $ |
Aug 25 | $ | $ | $ |
Sep 25 | $ | $ | $ |
Oct 25 | $ | $ | $ |
Nov 25 | $ | $ | $ |
Dec 25 | $ | $ | $ |
Jan 26 | $ | $ | $ |
Feb 26 | $ | $ | $ |
Mar 26 | $ | $ | $ |
Apr 26 | $ | $ | $ |
See “Average annual total returns” for additional information on fund performance.
Average annual total returns
Average Annual Total Returns | 1 Year | 5 Years | 10 Years |
|---|---|---|---|
iShares Mortgage-Backed Securities Active ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |||
Bloomberg U.S. Aggregate Bond Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |||
Key Fund statistics
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $ |
|---|---|
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $ |
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
The Fund's total return is 2.39% for the period from October 1, 2025 to April 30, 2026.
As of the close of trading on the New York Stock Exchange on January 23, 2026, BlackRock Mortgage-Backed Securities Fund, a series of BlackRock Funds V, (the “Predecessor Fund”) reorganized into the Fund, which was newly organized, pursuant to an Agreement and Plan of Reorganization. The Institutional Share Class of the Predecessor Fund was the accounting and performance survivor. The Fund's returns shown prior to January 24, 2026 are the returns of the Predecessor Fund.
The Predecessor Fund's returns shown prior to January 28, 2025 are the returns of the Predecessor Fund when it followed different investment strategies and investment process under the name BlackRock GNMA Portfolio.
On September 17, 2018, the Predecessor Fund acquired all of the assets, subject to the liabilities, of BlackRock GNMA Portfolio, a series of BlackRock Funds II ("GNMA Portfolio"), through a tax-free reorganization (the “Reorganization”). GNMA Portfolio was the performance and accounting survivor of the Reorganization.
What did the Fund invest in?
(as of April 30, 2026)
Portfolio composition
Credit quality allocation
Investment Type | Percent of Total InvestmentsFootnote Reference(a) |
|---|---|
U.S. Government Sponsored Agency Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Non-Agency Mortgage-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
Credit RatingFootnote Reference(b) | Percent of Total InvestmentsFootnote Reference(a) |
|---|---|
AAA/AaaFootnote Reference(c)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
AA/Aa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
N/R........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
| Footnote | Description |
Footnote(a) | Excludes short-term securities, short investments and options, if any. |
Footnote(b) | For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings, Moody's Investors Service, Inc. or Fitch Ratings, 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, if any, are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
Footnote(c) | The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors, individual investments and/or issuers. Using this approach, the investment adviser has deemed unrated U.S. Government Sponsored Agency Securities and/or U.S. Treasury Obligations to be of similar credit quality as investments rated AAA/Aaa. |
Material fund changes
This is a summary of certain changes to the Fund since September 30, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available approximately 120 days after April 30, 2026 at blackrock.com/fundreports or upon request by contacting us at (800) 474-2737).
Effective as of April 30, 2026, the Fund’s fiscal year-end is changed from September 30 to April 30.
Effective as of the close of trading on the New York Stock Exchange on January 23, 2026, BlackRock Mortgage-Backed Securities Fund was reorganized into the Fund.
The net expense ratio decreased from the prior fiscal year end primarily due to a change in the Fund’s expense structure in connection with the reorganization.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 474-2737.
The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2026 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
MBBA-04/26-AR
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Class name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|---|---|
iShares Securitized Income Active ETF | $ |
How did the Fund perform last year?
For the reporting period ended April 30, 2026, the Fund returned 6.29%.
For the same period, the Fund’s benchmark, the Bloomberg U.S. Aggregate Bond Index returned 4.06%, the 50% Bloomberg ABS Index / 50% Non-Agency Investment Grade CMBS Index returned 4.88% and the Bloomberg U.S. MBS Index returned 5.56%.
What contributed to performance?
Positive contributions to performance were led by allocations to non-agency residential mortgage-backed securities for the period, specifically those backed by non-qualified mortgages, single family rentals and non-performing/reperforming loans. The Fund’s positioning in commercial mortgage-backed securities and agency-backed structured securities such as collateralized mortgage obligations and mortgage derivatives were also additive. The Fund's cash position had no material impact on performance.
What detracted from performance?
The Fund’s allocation to agency mortgage-backed securities was the sole detractor over the period.
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.
Fund performance
Cumulative performance: May 1, 2016 through April 30, 2026
Initial Investment of $10,000
Fund | Bloomberg U.S. Aggregate Bond Index | 50% Bloomberg ABS Index / 50% Non-Agency Investment Grade CMBS Index | Bloomberg U.S. MBS Index | |
|---|---|---|---|---|
May 16 | $ | $ | $ | $ |
Jun 16 | $ | $ | $ | $ |
Jul 16 | $ | $ | $ | $ |
Aug 16 | $ | $ | $ | $ |
Sep 16 | $ | $ | $ | $ |
Oct 16 | $ | $ | $ | $ |
Nov 16 | $ | $ | $ | $ |
Dec 16 | $ | $ | $ | $ |
Jan 17 | $ | $ | $ | $ |
Feb 17 | $ | $ | $ | $ |
Mar 17 | $ | $ | $ | $ |
Apr 17 | $ | $ | $ | $ |
May 17 | $ | $ | $ | $ |
Jun 17 | $ | $ | $ | $ |
Jul 17 | $ | $ | $ | $ |
Aug 17 | $ | $ | $ | $ |
Sep 17 | $ | $ | $ | $ |
Oct 17 | $ | $ | $ | $ |
Nov 17 | $ | $ | $ | $ |
Dec 17 | $ | $ | $ | $ |
Jan 18 | $ | $ | $ | $ |
Feb 18 | $ | $ | $ | $ |
Mar 18 | $ | $ | $ | $ |
Apr 18 | $ | $ | $ | $ |
May 18 | $ | $ | $ | $ |
Jun 18 | $ | $ | $ | $ |
Jul 18 | $ | $ | $ | $ |
Aug 18 | $ | $ | $ | $ |
Sep 18 | $ | $ | $ | $ |
Oct 18 | $ | $ | $ | $ |
Nov 18 | $ | $ | $ | $ |
Dec 18 | $ | $ | $ | $ |
Jan 19 | $ | $ | $ | $ |
Feb 19 | $ | $ | $ | $ |
Mar 19 | $ | $ | $ | $ |
Apr 19 | $ | $ | $ | $ |
May 19 | $ | $ | $ | $ |
Jun 19 | $ | $ | $ | $ |
Jul 19 | $ | $ | $ | $ |
Aug 19 | $ | $ | $ | $ |
Sep 19 | $ | $ | $ | $ |
Oct 19 | $ | $ | $ | $ |
Nov 19 | $ | $ | $ | $ |
Dec 19 | $ | $ | $ | $ |
Jan 20 | $ | $ | $ | $ |
Feb 20 | $ | $ | $ | $ |
Mar 20 | $ | $ | $ | $ |
Apr 20 | $ | $ | $ | $ |
May 20 | $ | $ | $ | $ |
Jun 20 | $ | $ | $ | $ |
Jul 20 | $ | $ | $ | $ |
Aug 20 | $ | $ | $ | $ |
Sep 20 | $ | $ | $ | $ |
Oct 20 | $ | $ | $ | $ |
Nov 20 | $ | $ | $ | $ |
Dec 20 | $ | $ | $ | $ |
Jan 21 | $ | $ | $ | $ |
Feb 21 | $ | $ | $ | $ |
Mar 21 | $ | $ | $ | $ |
Apr 21 | $ | $ | $ | $ |
May 21 | $ | $ | $ | $ |
Jun 21 | $ | $ | $ | $ |
Jul 21 | $ | $ | $ | $ |
Aug 21 | $ | $ | $ | $ |
Sep 21 | $ | $ | $ | $ |
Oct 21 | $ | $ | $ | $ |
Nov 21 | $ | $ | $ | $ |
Dec 21 | $ | $ | $ | $ |
Jan 22 | $ | $ | $ | $ |
Feb 22 | $ | $ | $ | $ |
Mar 22 | $ | $ | $ | $ |
Apr 22 | $ | $ | $ | $ |
May 22 | $ | $ | $ | $ |
Jun 22 | $ | $ | $ | $ |
Jul 22 | $ | $ | $ | $ |
Aug 22 | $ | $ | $ | $ |
Sep 22 | $ | $ | $ | $ |
Oct 22 | $ | $ | $ | $ |
Nov 22 | $ | $ | $ | $ |
Dec 22 | $ | $ | $ | $ |
Jan 23 | $ | $ | $ | $ |
Feb 23 | $ | $ | $ | $ |
Mar 23 | $ | $ | $ | $ |
Apr 23 | $ | $ | $ | $ |
May 23 | $ | $ | $ | $ |
Jun 23 | $ | $ | $ | $ |
Jul 23 | $ | $ | $ | $ |
Aug 23 | $ | $ | $ | $ |
Sep 23 | $ | $ | $ | $ |
Oct 23 | $ | $ | $ | $ |
Nov 23 | $ | $ | $ | $ |
Dec 23 | $ | $ | $ | $ |
Jan 24 | $ | $ | $ | $ |
Feb 24 | $ | $ | $ | $ |
Mar 24 | $ | $ | $ | $ |
Apr 24 | $ | $ | $ | $ |
May 24 | $ | $ | $ | $ |
Jun 24 | $ | $ | $ | $ |
Jul 24 | $ | $ | $ | $ |
Aug 24 | $ | $ | $ | $ |
Sep 24 | $ | $ | $ | $ |
Oct 24 | $ | $ | $ | $ |
Nov 24 | $ | $ | $ | $ |
Dec 24 | $ | $ | $ | $ |
Jan 25 | $ | $ | $ | $ |
Feb 25 | $ | $ | $ | $ |
Mar 25 | $ | $ | $ | $ |
Apr 25 | $ | $ | $ | $ |
May 25 | $ | $ | $ | $ |
Jun 25 | $ | $ | $ | $ |
Jul 25 | $ | $ | $ | $ |
Aug 25 | $ | $ | $ | $ |
Sep 25 | $ | $ | $ | $ |
Oct 25 | $ | $ | $ | $ |
Nov 25 | $ | $ | $ | $ |
Dec 25 | $ | $ | $ | $ |
Jan 26 | $ | $ | $ | $ |
Feb 26 | $ | $ | $ | $ |
Mar 26 | $ | $ | $ | $ |
Apr 26 | $ | $ | $ | $ |
See “Average annual total returns” for additional information on fund performance.
Average annual total returns
Average Annual Total Returns | 1 Year | 5 Years | 10 Years |
|---|---|---|---|
iShares Securitized Income Active ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |||
Bloomberg U.S. Aggregate Bond Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |||
Key Fund statistics
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $ |
|---|---|
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $ |
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
As of the close of trading on the New York Stock Exchange on January 23, 2026, BlackRock Securitized Income Fund, a series of Managed Account Series II, (the “Predecessor Fund”) reorganized into the Fund, which was newly organized, pursuant to an Agreement and Plan of Reorganization. The Institutional Share Class of the Predecessor Fund is the accounting and performance survivor. The Fund's returns shown prior to January 24, 2026 are the returns of the Predecessor Fund.
The Predecessor Fund's returns shown prior to August 5, 2025 are the returns of the Predecessor Fund when it followed different investment strategies and investment process under the name BlackRock U.S. Mortgage Portfolio.
On September 17, 2018, the Predecessor Fund acquired all of the assets, subject to the liabilities, of BlackRock U.S. Mortgage Portfolio, a series of Managed Account Series ("U.S. Mortgage Portfolio"), through a tax-free reorganization (the "Reorganization"). U.S. Mortgage Portfolio was the performance and accounting survivor of the Reorganization.
What did the Fund invest in?
(as of April 30, 2026)
Portfolio composition
Credit quality allocation
Investment Type | Percent of Total InvestmentsFootnote Reference(a) |
|---|---|
Non-Agency Mortgage-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Asset-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
U.S. Government Sponsored Agency Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
Credit RatingFootnote Reference(b) | Percent of Total InvestmentsFootnote Reference(a) |
|---|---|
AAA/AaaFootnote Reference(c)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
AA/Aa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
BBB/Baa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
BB/Ba........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
B........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
CCC/Caa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
CC/Ca........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
C........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
D........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
N/R........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
| Footnote | Description |
Footnote(a) | Excludes short-term securities, short investments and options, if any. |
Footnote(b) | For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings, Moody's Investors Service, Inc. or Fitch Ratings, 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. |
Footnote(c) | The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors, individual investments and/or issuers. Using this approach, the investment adviser has deemed unrated U.S. Government Sponsored Agency Securities and/or U.S. Treasury Obligations to be of similar credit quality as investments rated AAA/Aaa. |
Material fund changes
This is a summary of certain changes to the Fund since April 30, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available approximately 120 days after April 30, 2026 at blackrock.com/fundreports or upon request by contacting us at (800) 474-2737.
Effective the close of trading on the NYSE on January 23, 2026, BlackRock Securitized Income Fund (formerly known as BlackRock U.S. Mortgage Portfolio) was reorganized into the Fund.
The net expense ratio decreased from the prior fiscal year end primarily due to a change in the Fund’s expense structure in connection with the reorganization.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 474-2737.
The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2026 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
SECU-04/26-AR