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BlackRock Funds
2025-12-31
BlackRock Exchange Portfolio
BlackRock Shares
STSEX
This annual shareholder report contains important information about BlackRock Exchange Portfolio (the “Fund”) for the period of January 1, 2025 to December 31, 2025.
annual shareholder report
You can find additional information about the Fund at <span style="color: rgb(0, 0, 0); font-weight: bold; text-decoration-line: none; font-family: 'arial'; font-size: 8pt; line-height: 10.4pt; text-align: justify;">blackrock.com/fundreports</span>. You can also request this information by contacting us at (800) 441‑7762.
blackrock.com/fundreports
(800) 441‑7762
<div style="font-kerning: none; font-family: 'arial'; font-weight: bold; font-size: 8pt; color: rgb(0, 0, 0); margin-bottom: 5pt; margin-top: 5pt;">This report describes changes to the Fund that occurred during the reporting period.</div>
<div style="margin-top: 0px; font-kerning: none; font-family: 'arial'; font-weight: bold; font-size: 10pt; color: rgb(0, 0, 0); margin-bottom: -0.18pt;">What were the Fund costs for the last year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-kerning: none; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0);">(based on a hypothetical $10,000 investment)</div>
<table style="break-inside: avoid; margin-top: 2pt; table-layout: auto; width: 100%; border-collapse: collapse;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 0.5pt; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-kerning: none; font-family: 'Arial'; font-weight: bold; font-size: 9pt; line-height: 11pt; color: rgb(0, 0, 0); background-color: rgb(255, 206, 0); vertical-align: bottom; text-align: left; padding: 2pt 0 2pt 0;">Class name</td>
<td style="break-inside: avoid-page; font-kerning: none; font-family: 'Arial'; font-weight: bold; font-size: 9pt; line-height: 11pt; color: rgb(0, 0, 0); background-color: rgb(255, 206, 0); text-align: center; vertical-align: bottom; padding: 2pt 0 2pt 0;">Costs of a $10,000<br/>investment</td>
<td style="break-inside: avoid-page; font-kerning: none; font-family: 'Arial'; font-weight: bold; font-size: 9pt; line-height: 11pt; color: rgb(0, 0, 0); background-color: rgb(255, 206, 0); text-align: center; vertical-align: bottom; padding: 2pt 0 2pt 0;">Costs paid as a percentage of a <br/>$10,000 investment</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-kerning: none; font-family: 'Arial'; color: rgb(0, 0, 0); overflow-x: hidden; font-size: 8pt; line-height: 10pt; text-align: left; vertical-align: bottom; padding: 4pt 0 2pt 0;">BlackRock Shares</td>
<td style="break-inside: avoid-page; font-kerning: none; font-family: 'Arial'; color: rgb(0, 0, 0); text-align: center; font-size: 8pt; line-height: 10pt; vertical-align: bottom; padding: 4pt 0 2pt 0;"><span style="float: none;">$</span>109</td>
<td style="break-inside: avoid-page; font-kerning: none; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); text-align: center; font-size: 8pt; line-height: 10pt; vertical-align: bottom; padding: 4pt 0 2pt 0;">0.99<span>%</span></td> </tr> </table>
109
0.0099
<div style="margin-bottom: 0px;"> <div style="break-inside: avoid; margin-bottom: 3.5pt;"> <div style="font-kerning: none; font-family: 'arial'; font-weight: bold; font-size: 10pt; color: rgb(0, 0, 0); margin-bottom: -0.18pt; margin-top: 0px;">How did the Fund perform last year?</div> </div> <ul style="break-inside: avoid; padding: 0; margin: 3.5pt 0 3.5pt 0;"> <li style="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: 34px;"> <div style="margin-top: 0px; margin-bottom: 0px; font-kerning: none;">For the reporting period ended December 31, 2025, the Fund's BlackRock Shares returned 19.42%.</div> </li> <li style="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: 34px;"> <div style="margin-top: 0px; margin-bottom: 0px; font-kerning: none;">For the same period, the Fund’s benchmark, the S&P 500<sup style="vertical-align: 0.5em; font-size: smaller; line-height: 0px;">®</sup> Index, returned 17.88%.</div> </li> </ul> <div style="break-inside: avoid; margin-bottom: 3.5pt;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial'; font-weight: normal; font-size: 10pt; letter-spacing: normal; text-transform: none; color: rgb(0, 0, 0); margin-bottom: 5pt;">What contributed to performance?</div> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial'; font-size: 8pt; line-height: 10.4pt; text-align: justify; color: rgb(0, 0, 0); margin-bottom: 3.5pt;">Investment decisions in the financials, health care and information technology sectors contributed to absolute performance. Holdings in the banking industry proved beneficial in financials, led by JPMorgan Chase & Co. Positioning in pharmaceuticals was most additive in health care, with Johnson & Johnson making the strongest contribution. In information technology, positioning in the software industry contributed due in part to a position in Microsoft Corp.</div> </div> <div style="break-inside: avoid; margin-bottom: 3.5pt;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial'; font-weight: normal; font-size: 10pt; letter-spacing: normal; text-transform: none; color: rgb(0, 0, 0); margin-bottom: 5pt;">What detracted from performance?</div> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial'; font-size: 8pt; line-height: 10.4pt; text-align: justify; color: rgb(0, 0, 0); margin-bottom: 3.5pt;">There were no sector-level detractors from absolute performance at a time of positive returns for the U.S. equity market, but certain individual holdings hurt results.</div> </div> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial'; font-size: 8pt; line-height: 10.4pt; text-align: justify; color: rgb(0, 0, 0); margin-bottom: 3.5pt;"><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="break-inside: avoid;"> <div style="margin-bottom: 5pt;"> <div style="break-inside: avoid;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial'; font-weight: bold; font-size: 10pt; color: rgb(0, 0, 0); margin-bottom: -0.18pt;">Fund performance</div> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial'; text-align: justify; font-size: 9pt; line-height: 11.4pt; color: rgb(0, 0, 0); margin-bottom: 0px;">Cumulative performance: January 1, 2016 through December 31, 2025</div> </div> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial'; text-align: justify; font-size: 9pt; line-height: 11.4pt; color: rgb(0, 0, 0); margin-bottom: 0px;">Initial investment of $10,000</div> </div> <div style="margin-top: 5pt; margin-bottom: 5pt;">
<img alt="Fund Performance - Growth of 10K" src="g60011chartimages_11219453.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 525pt;"/> </div> <div style="padding-left: 10pt; margin-bottom: 7.2pt;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; text-indent: -10pt; color: rgb(0, 0, 0); margin-bottom: 0px; padding: 0px;">See “Average annual total returns” for additional information on fund performance.</div> </div> </div>
<div style="border-bottom-width: 0.5pt; border-bottom-style: solid; 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); margin-top: 0px; margin-bottom: 0px; padding: 2pt 0px 1.5pt 0px;">Average annual total returns</div>
<table style="break-inside: avoid; table-layout: auto; width: 100%; border-collapse: collapse; margin-top: 0px;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-kerning: none; text-align: left; overflow-x: hidden; width: 100%; text-indent: -6pt; font-family: 'Arial'; 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; text-align: right; font-kerning: none; width: auto; font-family: 'Arial'; 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; font-kerning: none; text-align: left; width: auto; font-family: 'Arial'; 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; text-align: right; font-kerning: none; width: auto; font-family: 'Arial'; 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; font-kerning: none; text-align: left; width: auto; font-family: 'Arial'; 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; text-align: right; font-kerning: none; width: auto; font-family: 'Arial'; 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;">10 Years</td>
<td style="break-inside: avoid-page; font-kerning: none; text-align: left; width: auto; font-family: 'Arial'; 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="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-kerning: none; text-align: left; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; width: 100%; vertical-align: bottom; text-indent: -6pt; font-size: 8pt; line-height: 10pt; padding: 2pt 0 0 6pt;">BlackRock Shares</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: rgb(0, 0, 0); width: auto; font-size: 8pt; line-height: 10pt; padding: 2pt 0 0 0;">19.42</td>
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; 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;"><span style="display: inline; visibility: initial; margin-left: initial;">%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: rgb(0, 0, 0); width: auto; font-size: 8pt; line-height: 10pt; padding: 2pt 0 0 0;">15.69</td>
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; 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;"><span style="display: inline; visibility: initial; margin-left: initial;">%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: rgb(0, 0, 0); width: auto; font-size: 8pt; line-height: 10pt; padding: 2pt 0 0 0;">14.00</td>
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; 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;"><span style="display: inline; visibility: initial; margin-left: initial;">%</span></td> </tr>
<tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-kerning: none; text-align: left; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; width: 100%; vertical-align: bottom; text-indent: -6pt; font-size: 8pt; line-height: 10pt; padding: 2pt 0 1.6pt 6pt;">S&P 500<sup style="vertical-align: 0.5em; font-size: smaller; line-height: 0px;">®</sup> Index</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: rgb(0, 0, 0); width: auto; font-size: 8pt; line-height: 10pt; padding: 2pt 0 1.6pt 0;">17.88</td>
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; 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="break-inside: avoid-page; text-align: right; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: rgb(0, 0, 0); width: auto; font-size: 8pt; line-height: 10pt; padding: 2pt 0 1.6pt 0;">14.42</td>
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; 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="break-inside: avoid-page; text-align: right; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: rgb(0, 0, 0); width: auto; font-size: 8pt; line-height: 10pt; padding: 2pt 0 1.6pt 0;">14.82</td>
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; 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>
BlackRock Shares
0.1942
0.1569
0.1400
S&P 500® Index
0.1788
0.1442
0.1482
<div style="border-bottom-width: 0.5pt; border-bottom-style: solid; 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); margin-top: 0px; margin-bottom: 0px; padding: 2pt 0px 1.5pt 0px;">Key Fund statistics</div>
<table style="break-inside: avoid; table-layout: auto; width: 100%; border-collapse: collapse; margin-top: 0px;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-size: 8pt; line-height: 10pt; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 6pt 0 6pt;">Net Assets</td>
<td style="break-inside: avoid-page; text-align: right; font-kerning: none; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; width: 12%; vertical-align: bottom; padding: 1.6pt 6pt 0 6pt;"><span style="float: none;">$</span>276,253,482</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-size: 8pt; line-height: 10pt; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 6pt 0 6pt;">Number of Portfolio Holdings</td>
<td style="break-inside: avoid-page; text-align: right; font-kerning: none; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; width: 12%; vertical-align: bottom; padding: 1.6pt 6pt 0 6pt;">25</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-size: 8pt; line-height: 10pt; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 6pt 0 6pt;">Net Investment Advisory Fees</td>
<td style="break-inside: avoid-page; text-align: right; font-kerning: none; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; width: 12%; vertical-align: bottom; padding: 1.6pt 6pt 0 6pt;"><span style="float: none;">$</span>1,343,074</td> </tr>
<tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-size: 8pt; line-height: 10pt; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 6pt 1.6pt 6pt;">Portfolio Turnover Rate</td>
<td style="break-inside: avoid-page; text-align: right; font-kerning: none; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; width: 12%; vertical-align: bottom; padding: 1.6pt 6pt 1.6pt 6pt;"><span class="sec-hidden" style="-sec-ix-hidden: h_30_574e3fc2_af77_cef1_7f3c_fffa994e0269;">—</span><span>%</span></td> </tr> </table>
276253482
25
1343074
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;">blackrock.com</span> for more recent performance information.
<div style="margin-top: 0px; font-kerning: none; font-family: 'arial'; font-weight: bold; font-size: 10pt; color: rgb(0, 0, 0); margin-bottom: -0.18pt;">What did the Fund invest in?</div> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial'; text-align: justify; font-size: 9pt; line-height: 11.4pt; color: rgb(0, 0, 0); margin-bottom: 0px;">(as of December 31, 2025)</div> <div style="border-bottom-width: 0.5pt; border-bottom-style: solid; 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); margin-top: 0px; margin-bottom: 0px; padding: 2pt 0px 1.5pt 0px;"><b>Sector allocation</b></div>
<table style="break-inside: avoid; table-layout: auto; width: 100%; border-collapse: collapse; margin-top: 0px;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 0.5pt; break-inside: avoid-page; height: auto; font-family: 'arial'; font-style: italic; font-size: 8pt; line-height: 10pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-kerning: none; white-space: nowrap; font-weight: normal; text-align: left; vertical-align: bottom; text-indent: -6pt; width: auto; padding: 1.6pt 0 0 6pt;"><em>Sector<sup style="vertical-align: 0.5em; font-size: smaller; line-height: 0px;">(a)</sup></em></td>
<td style="break-inside: avoid-page; text-align: right; font-kerning: none; white-space: nowrap; vertical-align: bottom; padding: 1.6pt 0 0 6pt;"><em>Percent of<br/>Net Assets</em></td>
<td style="width: auto; break-inside: avoid-page; font-kerning: none; text-align: left; white-space: nowrap; vertical-align: bottom; padding: 1.6pt 0 0 6pt;"></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; font-family: 'arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; 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;">Financials</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: bottom; font-kerning: none; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 2pt 0 0 0;">33.3</td>
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;"><span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; font-family: 'arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; 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;">Information Technology</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: bottom; font-kerning: none; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 2pt 0 0 0;">28.6</td>
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;"><span style="visibility: hidden; margin-left: -7pt;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; font-family: 'arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; 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;">Health Care</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: bottom; font-kerning: none; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 2pt 0 0 0;">16.0</td>
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;"><span style="visibility: hidden; margin-left: -7pt;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; font-family: 'arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; 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;">Industrials</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: bottom; font-kerning: none; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 2pt 0 0 0;">9.5</td>
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;"><span style="visibility: hidden; margin-left: -7pt;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; font-family: 'arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; 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;">Consumer Staples</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: bottom; font-kerning: none; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 2pt 0 0 0;">8.9</td>
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;"><span style="visibility: hidden; margin-left: -7pt;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; font-family: 'arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; 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;">Energy</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: bottom; font-kerning: none; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 2pt 0 0 0;">3.8</td>
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;"><span style="visibility: hidden; margin-left: -7pt;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; font-family: 'arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; 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;">Short-Term Securities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: bottom; font-kerning: none; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 2pt 0 0 0;">0.2</td>
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;"><span style="visibility: hidden; margin-left: -7pt;">%</span></td> </tr>
<tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; font-family: 'arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; 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;">Liabilities in Excess of Other Assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: bottom; font-kerning: none; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 2pt 0 1.6pt 0;">(0.3</td>
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 1.6pt 0;"><span>)</span><span style="visibility: hidden; margin-left: -7pt;">%</span></td> </tr> </table> <div style="border-bottom-width: 0.5pt; border-bottom-style: solid; 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); margin-top: 0px; margin-bottom: 0px; padding: 2pt 0px 1.5pt 0px;"><b>Ten largest holdings</b></div>
<table style="break-inside: avoid; table-layout: auto; width: 100%; border-collapse: collapse; margin-top: 0px;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 0.5pt; break-inside: avoid-page; height: auto; font-family: 'arial'; font-style: italic; font-size: 8pt; line-height: 10pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-kerning: none; white-space: nowrap; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 0 0 6pt;"><em>Security<sup style="vertical-align: 0.5em; font-size: smaller; line-height: 0px;">(b)</sup></em></td>
<td style="break-inside: avoid-page; text-align: right; font-kerning: none; white-space: nowrap; vertical-align: bottom; padding: 1.6pt 0 0 0;"><em>Percent of<br/>Net Assets</em></td>
<td style="width: auto; break-inside: avoid-page; font-kerning: none; text-align: left; white-space: nowrap; vertical-align: bottom; padding: 1.6pt 0 0 0;"></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; font-family: 'arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; 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;">Microsoft Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 2pt 0 0 0;">27.5</td>
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;"><span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; font-family: 'arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; 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;">Berkshire Hathaway, Inc., Class B</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 2pt 0 0 0;">10.1</td>
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;"><span style="visibility: hidden; margin-left: -7pt;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; font-family: 'arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; 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;">JPMorgan Chase & Co.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 2pt 0 0 0;">10.0</td>
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;"><span style="visibility: hidden; margin-left: -7pt;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; font-family: 'arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; 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;">General Dynamics Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 2pt 0 0 0;">9.5</td>
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;"><span style="visibility: hidden; margin-left: -7pt;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; font-family: 'arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; 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;">American Express Co.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 2pt 0 0 0;">8.2</td>
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;"><span style="visibility: hidden; margin-left: -7pt;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; font-family: 'arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; 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;">Visa, Inc., Class A</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 2pt 0 0 0;">5.0</td>
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;"><span style="visibility: hidden; margin-left: -7pt;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; font-family: 'arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; 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;">AstraZeneca PLC, ADR</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 2pt 0 0 0;">4.3</td>
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;"><span style="visibility: hidden; margin-left: -7pt;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; font-family: 'arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; 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;">Johnson & Johnson</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 2pt 0 0 0;">4.2</td>
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;"><span style="visibility: hidden; margin-left: -7pt;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; font-family: 'arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; 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;">Novartis AG, ADR</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 2pt 0 0 0;">3.4</td>
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;"><span style="visibility: hidden; margin-left: -7pt;">%</span></td> </tr>
<tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; font-family: 'arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; 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;">Walmart, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 2pt 0 1.6pt 0;">3.3</td>
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 1.6pt 0;"><span style="visibility: hidden; margin-left: -7pt;">%</span></td> </tr> </table>
<table style="border-collapse: collapse; break-inside: avoid; width: 100%; margin-top: 0px;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-kerning: none; overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; width: initial; text-indent: 0; color: rgb(0, 0, 0); padding: 1.6pt 6pt 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; color: rgb(0, 0, 0); margin-bottom: 0px; padding: 0px;"><sup style="vertical-align: 0.5em; font-size: smaller; line-height: 0px;">(a)</sup></div> </td>
<td style="break-inside: avoid-page; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; text-indent: 0; color: rgb(0, 0, 0); width: 100%; padding: 1.6pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; color: rgb(0, 0, 0); margin-bottom: 0px; padding: 0px;">For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-kerning: none; overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; color: rgb(0, 0, 0); width: initial; vertical-align: top; text-indent: 0; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; color: rgb(0, 0, 0); margin-bottom: 0px; padding: 0px;"><sup style="vertical-align: 0.5em; font-size: smaller; line-height: 0px;">(b)</sup></div> </td>
<td style="break-inside: avoid-page; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; color: rgb(0, 0, 0); width: 100%; padding: 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; color: rgb(0, 0, 0); margin-bottom: 0px; padding: 0px;">Excludes short-term securities.</div> </td> </tr> </table>
0.333
0.286
0.160
0.095
0.089
0.038
0.002
-0.003
<div style="border-bottom-width: 0.5pt; border-bottom-style: solid; 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); margin-top: 0px; margin-bottom: 0px; padding: 2pt 0px 1.5pt 0px;"><b>Ten largest holdings</b></div>
<table style="break-inside: avoid; table-layout: auto; width: 100%; border-collapse: collapse; margin-top: 0px;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 0.5pt; break-inside: avoid-page; height: auto; font-family: 'arial'; font-style: italic; font-size: 8pt; line-height: 10pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-kerning: none; white-space: nowrap; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 0 0 6pt;"><em>Security<sup style="vertical-align: 0.5em; font-size: smaller; line-height: 0px;">(b)</sup></em></td>
<td style="break-inside: avoid-page; text-align: right; font-kerning: none; white-space: nowrap; vertical-align: bottom; padding: 1.6pt 0 0 0;"><em>Percent of<br/>Net Assets</em></td>
<td style="width: auto; break-inside: avoid-page; font-kerning: none; text-align: left; white-space: nowrap; vertical-align: bottom; padding: 1.6pt 0 0 0;"></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; font-family: 'arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; 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;">Microsoft Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 2pt 0 0 0;">27.5</td>
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;"><span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; font-family: 'arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; 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;">Berkshire Hathaway, Inc., Class B</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 2pt 0 0 0;">10.1</td>
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;"><span style="visibility: hidden; margin-left: -7pt;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; font-family: 'arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; 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;">JPMorgan Chase & Co.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 2pt 0 0 0;">10.0</td>
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;"><span style="visibility: hidden; margin-left: -7pt;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; font-family: 'arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; 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;">General Dynamics Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 2pt 0 0 0;">9.5</td>
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;"><span style="visibility: hidden; margin-left: -7pt;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; font-family: 'arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; 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;">American Express Co.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 2pt 0 0 0;">8.2</td>
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;"><span style="visibility: hidden; margin-left: -7pt;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; font-family: 'arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; 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;">Visa, Inc., Class A</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 2pt 0 0 0;">5.0</td>
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;"><span style="visibility: hidden; margin-left: -7pt;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; font-family: 'arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; 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;">AstraZeneca PLC, ADR</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 2pt 0 0 0;">4.3</td>
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;"><span style="visibility: hidden; margin-left: -7pt;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; font-family: 'arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; 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;">Johnson & Johnson</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 2pt 0 0 0;">4.2</td>
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;"><span style="visibility: hidden; margin-left: -7pt;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; font-family: 'arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; 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;">Novartis AG, ADR</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 2pt 0 0 0;">3.4</td>
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;"><span style="visibility: hidden; margin-left: -7pt;">%</span></td> </tr>
<tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; font-family: 'arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; 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;">Walmart, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 2pt 0 1.6pt 0;">3.3</td>
<td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; color: rgb(0, 0, 0); text-align: left; white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 1.6pt 0;"><span style="visibility: hidden; margin-left: -7pt;">%</span></td> </tr> </table> (b)Excludes short-term securities.
0.275
0.101
0.100
0.095
0.082
0.050
0.043
0.042
0.034
0.033
<div style="font-kerning: none; font-family: 'arial'; font-weight: bold; font-size: 10pt; color: rgb(0, 0, 0); margin-bottom: -0.18pt; margin-top: 0px;">Material fund changes</div><div style="margin-top: 0px; font-kerning: none; font-family: 'arial'; font-size: 8pt; line-height: 10.4pt; text-align: justify; color: rgb(0, 0, 0); margin-bottom: 3.5pt;">This is a summary of certain changes to the Fund since December 31, 2024. For more complete information, you may review the Fund’s next prospectus, which we expect to be available approximately 120 days after December 31, 2025 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> or upon request by contacting us at (800) 441-7762.</div><div style="margin-top: 0px; font-kerning: none; font-family: 'arial'; font-size: 8pt; line-height: 10.4pt; text-align: justify; color: rgb(0, 0, 0); margin-bottom: 3.5pt;">The net expense ratio increased from the prior fiscal year primarily due to a change in the Fund’s operating expenses.</div>
<div style="margin-top: 0px; font-kerning: none; font-family: 'arial'; font-size: 8pt; line-height: 10.4pt; text-align: justify; color: rgb(0, 0, 0); margin-bottom: 3.5pt;">This is a summary of certain changes to the Fund since December 31, 2024. For more complete information, you may review the Fund’s next prospectus, which we expect to be available approximately 120 days after December 31, 2025 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> or upon request by contacting us at (800) 441-7762.</div>
blackrock.com/fundreports
(800) 441-7762
<div style="margin-top: 0px; font-kerning: none; font-family: 'arial'; font-size: 8pt; line-height: 10.4pt; text-align: justify; color: rgb(0, 0, 0); margin-bottom: 3.5pt;">The net expense ratio increased from the prior fiscal year primarily due to a change in the Fund’s operating expenses.</div>
For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes.
Excludes short-term securities.