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Shareholder Report
6 Months Ended
Jun. 30, 2024
USD ($)
Holding
Shareholder Report [Line Items]  
Document Type N-CSRS
Amendment Flag false
Registrant Name BlackRock Funds
Entity Central Index Key 0000844779
Document Period End Date Jun. 30, 2024
C000166149 [Member]  
Shareholder Report [Line Items]  
Fund Name iShares Short-Term TIPS Bond Index Fund
Class Name Institutional Shares
Trading Symbol BIIPX
Annual or Semi-Annual Statement [Text Block] This semi-annual shareholder report contains important information about iShares Short-Term TIPS Bond Index Fund (the “Fund”) for the period of January 1, 2024 to June 30, 2024.
Shareholder Report Annual or Semi-Annual semi-annual shareholder report
Additional Information [Text Block] You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
Additional Information Phone Number (800) 441‑7762
Additional Information Website blackrock.com/fundreports
Expenses [Text Block]
What were the Fund costs for the last six months?
(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
Institutional Shares $6 0.11%
Expenses Paid, Amount $ 6
Expense Ratio, Percent 0.11%
Performance Past Does Not Indicate Future [Text] Past performance is not an indication of future results.
Average Annual Return [Table Text Block]
Average annual total returns
6-Month
Total
Returns
1 Year 5 Years Since
Inception
Institutional Shares 2.34)% 5.29% 3.03)% 2.67%
ICE BofA US Broad Market Index (0.47)% 2.71% (0.23)% 1.11%
Bloomberg U.S. Treasury Inflation-Protected Securities (TIPS) 0-5 Years Index (Series-L) 2.26)% 5.37% 3.16)% 2.77%
Performance Inception Date Feb. 16, 2016
No Deduction of Taxes [Text Block] 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.
Updated Performance Information Location [Text Block] Visit blackrock.com for more recent performance information.
Net Assets $ 299,009,907
Holdings Count | Holding 28
Investment Company Portfolio Turnover 9.00%
Additional Fund Statistics [Text Block]
Key Fund statistics
Net Assets $299,009,907%
Number of Portfolio Holdings $28%
Portfolio Turnover Rate $9%
Holdings [Text Block]
What did the Fund invest in?
(as of June 30, 2024)
Maturity allocation
Period Percent of
Total Investments(a)
1-2 Years 23.0%
2-3 Years 23.6%
3-4 Years 27.0%
4-5 Years 26.4%
Five largest holdings
Security Percent of
Total Investments(a)
U.S. Treasury Inflation-Indexed Notes, 2.38%, 10/15/28 5.6%
U.S. Treasury Inflation-Indexed Notes, 2.13%, 04/15/29 5.0%
U.S. Treasury Inflation-Indexed Notes, 0.38%, 07/15/25 4.9%
U.S. Treasury Inflation-Indexed Notes, 1.25%, 04/15/28 4.8%
U.S. Treasury Inflation-Indexed Notes, 1.63%, 10/15/27 4.8%
(a)
Excludes short-term securities.
Largest Holdings [Text Block]
Five largest holdings
Security Percent of
Total Investments(a)
U.S. Treasury Inflation-Indexed Notes, 2.38%, 10/15/28 5.6%
U.S. Treasury Inflation-Indexed Notes, 2.13%, 04/15/29 5.0%
U.S. Treasury Inflation-Indexed Notes, 0.38%, 07/15/25 4.9%
U.S. Treasury Inflation-Indexed Notes, 1.25%, 04/15/28 4.8%
U.S. Treasury Inflation-Indexed Notes, 1.63%, 10/15/27 4.8%
(a)
Excludes short-term securities.
C000166148 [Member]  
Shareholder Report [Line Items]  
Fund Name iShares Short-Term TIPS Bond Index Fund
Class Name Investor A Shares
Trading Symbol BAIPX
Annual or Semi-Annual Statement [Text Block] This semi-annual shareholder report contains important information about iShares Short-Term TIPS Bond Index Fund (the “Fund”) for the period of January 1, 2024 to June 30, 2024.
Shareholder Report Annual or Semi-Annual semi-annual shareholder report
Additional Information [Text Block] You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
Additional Information Phone Number (800) 441‑7762.
Additional Information Website blackrock.com/fundreports.
Expenses [Text Block]
What were the Fund costs for the last six months?
(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
Investor A Shares $18 0.36%
Expenses Paid, Amount $ 18
Expense Ratio, Percent 0.36%
Performance Past Does Not Indicate Future [Text] Past performance is not an indication of future results.
Average Annual Return [Table Text Block]
Average annual total returns
6-Month
Total
Returns
1 Year 5 Years Since
Inception
Investor A Shares 2.20)% 5.02% 2.76)% 2.40%
ICE BofA US Broad Market Index (0.47)% 2.71% (0.23)% 1.11%
Bloomberg U.S. Treasury Inflation-Protected Securities (TIPS) 0-5 Years Index (Series-L) 2.26)% 5.37% 3.16)% 2.77%
Performance Inception Date Feb. 16, 2016
No Deduction of Taxes [Text Block] 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.
Updated Performance Information Location [Text Block] Visit blackrock.com for more recent performance information.
Net Assets $ 299,009,907
Holdings Count | Holding 28
Investment Company Portfolio Turnover 9.00%
Additional Fund Statistics [Text Block]
Key Fund statistics
Net Assets $299,009,907%
Number of Portfolio Holdings $28%
Portfolio Turnover Rate $9%
Holdings [Text Block]
What did the Fund invest in?
(as of June 30, 2024)
Maturity allocation
Period Percent of
Total Investments(a)
1-2 Years 23.0%
2-3 Years 23.6%
3-4 Years 27.0%
4-5 Years 26.4%
Five largest holdings
Security Percent of
Total Investments(a)
U.S. Treasury Inflation-Indexed Notes, 2.38%, 10/15/28 5.6%
U.S. Treasury Inflation-Indexed Notes, 2.13%, 04/15/29 5.0%
U.S. Treasury Inflation-Indexed Notes, 0.38%, 07/15/25 4.9%
U.S. Treasury Inflation-Indexed Notes, 1.25%, 04/15/28 4.8%
U.S. Treasury Inflation-Indexed Notes, 1.63%, 10/15/27 4.8%
(a)
Excludes short-term securities.
Largest Holdings [Text Block]
Five largest holdings
Security Percent of
Total Investments(a)
U.S. Treasury Inflation-Indexed Notes, 2.38%, 10/15/28 5.6%
U.S. Treasury Inflation-Indexed Notes, 2.13%, 04/15/29 5.0%
U.S. Treasury Inflation-Indexed Notes, 0.38%, 07/15/25 4.9%
U.S. Treasury Inflation-Indexed Notes, 1.25%, 04/15/28 4.8%
U.S. Treasury Inflation-Indexed Notes, 1.63%, 10/15/27 4.8%
(a)
Excludes short-term securities.
C000166150 [Member]  
Shareholder Report [Line Items]  
Fund Name iShares Short-Term TIPS Bond Index Fund
Class Name Class K Shares
Trading Symbol BKIPX
Annual or Semi-Annual Statement [Text Block] This semi-annual shareholder report contains important information about iShares Short-Term TIPS Bond Index Fund (the “Fund”) for the period of January 1, 2024 to June 30, 2024.
Shareholder Report Annual or Semi-Annual semi-annual shareholder report
Additional Information [Text Block] You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
Additional Information Phone Number (800) 441‑7762
Additional Information Website blackrock.com/fundreports
Expenses [Text Block]
What were the Fund costs for the last six months?
(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
Class K Shares $3 0.06%
Expenses Paid, Amount $ 3
Expense Ratio, Percent 0.06%
Performance Past Does Not Indicate Future [Text] Past performance is not an indication of future results.
Average Annual Return [Table Text Block]
Average annual total returns
6-Month
Total
Returns
1 Year 5 Years Since
Inception
Class K Shares 2.36)% 5.35% 3.07)% 2.69%
ICE BofA US Broad Market Index (0.47)% 2.71% (0.23)% 1.11%
Bloomberg U.S. Treasury Inflation-Protected Securities (TIPS) 0-5 Years Index (Series-L) 2.26)% 5.37% 3.16)% 2.77%
Performance Inception Date Feb. 16, 2016
No Deduction of Taxes [Text Block] 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.
Updated Performance Information Location [Text Block] Visit blackrock.com for more recent performance information.
Net Assets $ 299,009,907
Holdings Count | Holding 28
Investment Company Portfolio Turnover 9.00%
Additional Fund Statistics [Text Block]
Key Fund statistics
Net Assets $299,009,907%
Number of Portfolio Holdings $28%
Portfolio Turnover Rate $9%
Holdings [Text Block]
What did the Fund invest in?
(as of June 30, 2024)
Maturity allocation
Period Percent of
Total Investments(a)
1-2 Years 23.0%
2-3 Years 23.6%
3-4 Years 27.0%
4-5 Years 26.4%
Five largest holdings
Security Percent of
Total Investments(a)
U.S. Treasury Inflation-Indexed Notes, 2.38%, 10/15/28 5.6%
U.S. Treasury Inflation-Indexed Notes, 2.13%, 04/15/29 5.0%
U.S. Treasury Inflation-Indexed Notes, 0.38%, 07/15/25 4.9%
U.S. Treasury Inflation-Indexed Notes, 1.25%, 04/15/28 4.8%
U.S. Treasury Inflation-Indexed Notes, 1.63%, 10/15/27 4.8%
(a)
Excludes short-term securities.
Largest Holdings [Text Block]
Five largest holdings
Security Percent of
Total Investments(a)
U.S. Treasury Inflation-Indexed Notes, 2.38%, 10/15/28 5.6%
U.S. Treasury Inflation-Indexed Notes, 2.13%, 04/15/29 5.0%
U.S. Treasury Inflation-Indexed Notes, 0.38%, 07/15/25 4.9%
U.S. Treasury Inflation-Indexed Notes, 1.25%, 04/15/28 4.8%
U.S. Treasury Inflation-Indexed Notes, 1.63%, 10/15/27 4.8%
(a)
Excludes short-term securities.
C000195948 [Member]  
Shareholder Report [Line Items]  
Fund Name iShares Municipal Bond Index Fund
Class Name Institutional Shares
Trading Symbol BIDIX
Annual or Semi-Annual Statement [Text Block] This semi-annual shareholder report contains important information about iShares Municipal Bond Index Fund (the “Fund”) for the period of January 1, 2024 to June 30, 2024.
Shareholder Report Annual or Semi-Annual semi-annual shareholder report
Additional Information [Text Block] You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
Additional Information Phone Number (800) 441‑7762
Additional Information Website blackrock.com/fundreports
Expenses [Text Block]
What were the Fund costs for the last six months?
(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
Institutional Shares $12 0.25%
Expenses Paid, Amount $ 12
Expense Ratio, Percent 0.25%
Performance Past Does Not Indicate Future [Text] Past performance is not an indication of future results.
Average Annual Return [Table Text Block]
Average annual total returns
6-Month
Total
Returns
1 Year 5 Years 10 Years
Institutional Shares (0.33)% 3.19% 1.09% 2.19%
ICE BofA US Municipal Securities Index (0.06)% 3.49% 1.19% 2.46%
No Deduction of Taxes [Text Block] 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.
Updated Performance Information Location [Text Block] Visit blackrock.com for more recent performance information.
Net Assets $ 242,270,439
Holdings Count | Holding 269
Investment Company Portfolio Turnover 2.00%
Additional Fund Statistics [Text Block]
Key Fund statistics
Net Assets $242,270,439%
Number of Portfolio Holdings $269%
Portfolio Turnover Rate $2%
Holdings [Text Block]
What did the Fund invest in?
(as of June 30, 2024)
Sector allocation
Sector(a) Percent of
Total Investments(b)
Transportation 29.5%
State 26.1%
County/City/Special District/School District 17.8%
Utilities 12.3%
Health 6.8%
Education 6.6%
Housing 0.9%
Credit quality allocation
Credit Rating(c) Percent of
Total Investments(b)
AAA/Aaa 21.8%
AA/Aa 59.3%
A 17.6%
BBB/Baa 0.5%
N/R 0.8%
(a)
For purposes of this report, sector sub-classifications may differ from those utilized for compliance purposes.
(b)
Excludes short-term securities.
(c)
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.
Credit Ratings Selection [Text Block] 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.
C000195947 [Member]  
Shareholder Report [Line Items]  
Fund Name iShares Municipal Bond Index Fund
Class Name Investor A Shares
Trading Symbol BIDAX
Annual or Semi-Annual Statement [Text Block] This semi-annual shareholder report contains important information about iShares Municipal Bond Index Fund (the “Fund”) for the period of January 1, 2024 to June 30, 2024.
Shareholder Report Annual or Semi-Annual semi-annual shareholder report
Additional Information [Text Block] You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
Additional Information Phone Number (800) 441‑7762
Additional Information Website blackrock.com/fundreports
Expenses [Text Block]
What were the Fund costs for the last six months?
(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
Investor A Shares $25 0.50%
Expenses Paid, Amount $ 25
Expense Ratio, Percent 0.50%
Performance Past Does Not Indicate Future [Text] Past performance is not an indication of future results.
Average Annual Return [Table Text Block]
Average annual total returns
6-Month
Total
Returns
1 Year 5 Years 10 Years
Investor A Shares (0.46)% 2.93% 0.85% 2.04%
ICE BofA US Municipal Securities Index (0.06)% 3.49% 1.19% 2.46%
No Deduction of Taxes [Text Block] 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.
Updated Performance Information Location [Text Block] Visit blackrock.com for more recent performance information.
Net Assets $ 242,270,439
Holdings Count | Holding 269
Investment Company Portfolio Turnover 2.00%
Additional Fund Statistics [Text Block]
Key Fund statistics
Net Assets $242,270,439%
Number of Portfolio Holdings $269%
Portfolio Turnover Rate $2%
Holdings [Text Block]
What did the Fund invest in?
(as of June 30, 2024)
Sector allocation
Sector(a) Percent of
Total Investments(b)
Transportation 29.5%
State 26.1%
County/City/Special District/School District 17.8%
Utilities 12.3%
Health 6.8%
Education 6.6%
Housing 0.9%
Credit quality allocation
Credit Rating(c) Percent of
Total Investments(b)
AAA/Aaa 21.8%
AA/Aa 59.3%
A 17.6%
BBB/Baa 0.5%
N/R 0.8%
(a)
For purposes of this report, sector sub-classifications may differ from those utilized for compliance purposes.
(b)
Excludes short-term securities.
(c)
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.
Credit Ratings Selection [Text Block] 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.
C000201952 [Member]  
Shareholder Report [Line Items]  
Fund Name iShares Municipal Bond Index Fund
Class Name Investor P Shares
Trading Symbol BIDPX
Annual or Semi-Annual Statement [Text Block] This semi-annual shareholder report contains important information about iShares Municipal Bond Index Fund (the “Fund”) for the period of January 1, 2024 to June 30, 2024.
Shareholder Report Annual or Semi-Annual semi-annual shareholder report
Additional Information [Text Block] You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
Additional Information Phone Number (800) 441‑7762
Additional Information Website blackrock.com/fundreports
Expenses [Text Block]
What were the Fund costs for the last six months?
(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
Investor P Shares $25 0.50%
Expenses Paid, Amount $ 25
Expense Ratio, Percent 0.50%
Performance Past Does Not Indicate Future [Text] Past performance is not an indication of future results.
Average Annual Return [Table Text Block]
Average annual total returns
6-Month
Total
Returns
1 Year 5 Years 10 Years
Investor P Shares (0.46)% 2.94)% 0.85% 2.04%
Investor P Shares (with sales charge) (4.44)% (1.18)% 0.03% 1.63%
ICE BofA US Municipal Securities Index (0.06)% 3.49)% 1.19% 2.46%
No Deduction of Taxes [Text Block] 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.
Updated Performance Information Location [Text Block] Visit blackrock.com for more recent performance information.
Net Assets $ 242,270,439
Holdings Count | Holding 269
Investment Company Portfolio Turnover 2.00%
Additional Fund Statistics [Text Block]
Key Fund statistics
Net Assets $242,270,439%
Number of Portfolio Holdings $269%
Portfolio Turnover Rate $2%
Holdings [Text Block]
What did the Fund invest in?
(as of June 30, 2024)
Sector allocation
Sector(a) Percent of
Total Investments(b)
Transportation 29.5%
State 26.1%
County/City/Special District/School District 17.8%
Utilities 12.3%
Health 6.8%
Education 6.6%
Housing 0.9%
Credit quality allocation
Credit Rating(c) Percent of
Total Investments(b)
AAA/Aaa 21.8%
AA/Aa 59.3%
A 17.6%
BBB/Baa 0.5%
N/R 0.8%
(a)
For purposes of this report, sector sub-classifications may differ from those utilized for compliance purposes.
(b)
Excludes short-term securities.
(c)
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.
Credit Ratings Selection [Text Block] 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.
C000195949 [Member]  
Shareholder Report [Line Items]  
Fund Name iShares Municipal Bond Index Fund
Class Name Class K Shares
Trading Symbol BIDKX
Annual or Semi-Annual Statement [Text Block] This semi-annual shareholder report contains important information about iShares Municipal Bond Index Fund (the “Fund”) for the period of January 1, 2024 to June 30, 2024.
Shareholder Report Annual or Semi-Annual semi-annual shareholder report
Additional Information [Text Block] You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
Additional Information Phone Number (800) 441‑7762
Additional Information Website blackrock.com/fundreports
Expenses [Text Block]
What were the Fund costs for the last six months?
(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
Class K Shares $10 0.20%
Expenses Paid, Amount $ 10
Expense Ratio, Percent 0.20%
Performance Past Does Not Indicate Future [Text] Past performance is not an indication of future results.
Average Annual Return [Table Text Block]
Average annual total returns
6-Month
Total
Returns
1 Year 5 Years 10 Years
Class K Shares (0.31)% 3.24% 1.14% 2.21%
ICE BofA US Municipal Securities Index (0.06)% 3.49% 1.19% 2.46%
No Deduction of Taxes [Text Block] 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.
Updated Performance Information Location [Text Block] Visit blackrock.com for more recent performance information.
Net Assets $ 242,270,439
Holdings Count | Holding 269
Investment Company Portfolio Turnover 2.00%
Additional Fund Statistics [Text Block]
Key Fund statistics
Net Assets $242,270,439%
Number of Portfolio Holdings $269%
Portfolio Turnover Rate $2%
Holdings [Text Block]
What did the Fund invest in?
(as of June 30, 2024)
Sector allocation
Sector(a) Percent of
Total Investments(b)
Transportation 29.5%
State 26.1%
County/City/Special District/School District 17.8%
Utilities 12.3%
Health 6.8%
Education 6.6%
Housing 0.9%
Credit quality allocation
Credit Rating(c) Percent of
Total Investments(b)
AAA/Aaa 21.8%
AA/Aa 59.3%
A 17.6%
BBB/Baa 0.5%
N/R 0.8%
(a)
For purposes of this report, sector sub-classifications may differ from those utilized for compliance purposes.
(b)
Excludes short-term securities.
(c)
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.
Credit Ratings Selection [Text Block] 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.