iSHARES TRUST

The Markets in Review

Dear Shareholder,

Significant economic headwinds emerged during the 12-month reporting period ended October 31, 2022, disrupting the economic recovery and strong financial markets of 2021. The U.S. economy shrank in the first half of 2022 before returning to moderate growth in the third quarter, marking a shift to a more challenging post-reopening economic environment. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.

Equity prices fell as interest rates rose, particularly weighing on relatively high-valuation growth stocks as inflation decreased the value of future cash flows and investors shifted focus to balance sheet resilience. Both large- and small-capitalization U.S. stocks fell, although declines for small-capitalization U.S. stocks were slightly steeper. Emerging market stocks and international equities from developed markets also declined significantly, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield rose notably during the reporting period, driving its price down, as investors reacted to higher inflation and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and increasing uncertainty led to higher corporate bond spreads (the difference in yield between U.S. Treasuries and similarly-dated corporate bonds).

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation has been more persistent than expected, raised interest rates five times while indicating that additional rate hikes were likely. Furthermore, the Fed wound down its bond-buying programs and is accelerating the reduction of its balance sheet. As investors attempted to assess the Fed’s future trajectory, the Fed’s statements late in the reporting period led markets to believe that additional tightening is likely in the near term.

The pandemic’s restructuring of the economy brought an ongoing mismatch between supply and demand, contributing to the current inflationary regime. While growth has slowed in 2022, we believe that taming inflation requires a more dramatic economic decline to bring demand back to a lower level that is more in line with the economy’s capacity. The Fed has been raising interest rates at the fastest pace in decades, and seems set to overtighten in its effort to get inflation back to target. With this in mind, we believe the possibility of a U.S. recession in the near-term is high, and the outlook for Europe and the U.K. is also troubling. Investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt to rapidly changing conditions.

In this environment, while we favor an overweight to equities in the long-term, the market’s concerns over excessive rate hikes from central banks moderate our outlook. Rising input costs and a deteriorating economic backdrop in China and Europe are likely to challenge corporate earnings, so we are underweight equities overall in the near term. However, we see better opportunities in credit, where higher spreads provide income opportunities and partially compensate for inflation risk. We believe that investment-grade corporates, local-currency emerging market debt, and inflation-protected bonds (particularly in Europe) offer strong opportunities for a six- to twelve-month horizon.

Overall, our view is that investors need to think globally, position themselves to be prepared for a decarbonizing economy, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.


Total Returns as of October 31, 2022

	6-Month		12-Month

U.S. large cap equities (S&P 500^® Index)		(5.50)%		(14.61)%

U.S. small cap equities (Russell 2000^® Index)		(0.20)		(18.54)

International equities (MSCI Europe, Australasia, Far East Index)		(12.70)		(23.00)

Emerging market equities (MSCI Emerging Markets Index)		(19.66)		(31.03)

3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		0.72		0.79

U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		(8.24)		(17.68)

U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		(6.86)		(15.68)

Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)		(4.43)		(11.98)

U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		(4.71)		(11.76)

Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

The U.S. bond market experienced a considerable decline for the 12 months ended October 31, 2022 (the “reporting period”). The Bloomberg U.S. Aggregate Bond Index, a broad measure of U.S. fixed-income performance, returned -15.68%.

The U.S. Federal Reserve’s (Fed’s) shift toward tighter monetary policy was the primary factor driving the market downturn. Annualized consumer price inflation, which had been under 3.0% for over a decade, began to rise throughout 2021 and ultimately climbed above 6.0% in the year’s fourth calendar quarter. The inflation picture soon grew even more challenging following Russia’s invasion of Ukraine in early 2022, which—together with the resulting sanctions—further snarled global supply chains and contributed to a spike in energy prices. Inflation exceeded 8.0% in March 2022 and remained above that level through the end of the reporting period, with a peak of 9.1% in June.

The Fed moved aggressively in an effort to calm price pressures, ending its stimulative quantitative easing program and boosting interest rates from a range of 0.0%-0.25% to 3.0-3.25% in five separate increases from March to September 2022. This marked the largest move in such a short interval since 1980. In addition, the Fed appeared set to continue raising rates until inflation showed signs of returning closer to its longer-term target of 2%. Some evidence began to emerge later in the period that the Fed’s rate hikes had begun to reduce activity in certain segments of the economy, but there was still no sign that consumer price inflation had started to decline in a meaningful fashion. As a result, market prices at the end of October indicated that the central bank would not stop tightening until rates reached the 4.5-5.0% range.

These circumstances weighed heavily on bond market performance. The yield on the two-year U.S. Treasury note rose from 0.50% at the beginning of the period to 4.48% by the end of October 2022, while the 10-year yield climbed from 1.55% to 4.05%. The yield curve inverted significantly as result, meaning that short-term yields were higher those on longer-term debt. In late September, the yield curve moved to its largest inversion since 1982.

The surge in U.S. Treasury yields, together with investors’ increased aversion to risk, fueled weakness across all sectors of the bond market. Mortgage-backed securities, which were hurt by concerns about the housing market and the loss of demand stemming from Fed’s decision to end its quantitative easing policy, posted negative returns. Still, the category held up better than the broader index.

Investment-grade corporate bonds were among the worst-performing segments of the market. In addition to being adversely affected by rising Treasury yields, the asset class was pressured by a pronounced increase in yield spreads. The latter trend reflected concerns that weaker economic growth could lead to a slowdown in corporate earnings. Notably, the yield on corporate bonds—as gauged by the ICE BofA US Corporate Index—closed the period at the highest level since 2009.

High yield bonds also experienced sizable losses. As was the case with investment-grade corporates, a rise in both prevailing yields and yield spreads weighed heavily on performance. However, the category outperformed the investment-grade market due to its lower interest-rate sensitivity and higher weighting in the energy sector. Higher-rated issuers in the category—which are seen as having the least vulnerability to slowing growth—generally outperformed their lower-quality counterparts.

The iShares 0-5 Year Investment Grade Corporate Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated, investment-grade corporate bonds with remaining maturities of less than five years, as represented by the Markit iBoxx USD Liquid Investment Grade 0-5 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

The inception date of the Fund was October 15, 2013. The first day of secondary market trading was October 17, 2013.

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. See “About Fund Performance” for more information.

All major segments of the fixed-income market, including high quality corporate bonds, experienced negative returns over the 12-month period, as hawkish monetary policy and rising Treasury yields weighed on performance.

Entering the period, U.S. inflation was already running well above the 2% target of the U.S. Federal Reserve (Fed). Inflation would spike in the wake of Russia’s late-February invasion of Ukraine, which exacerbated ongoing supply-chain pressures and led to sharply higher commodity prices. Consumer price inflation rose by at least 7.5% on a year-over-year basis in each of the first nine months of 2022, hitting a peak of 9.1% in June. In response, the Fed aggressively raised its benchmark overnight lending rate, bringing the Fed funds target to a range of 3.0% to 3.25%, as compared to 0% to 0.25% at the start of 2022. In addition, the market anticipated significant further rate increases from the Fed in the coming months.

The U.S. Treasury yield curve moved dramatically higher in response to the Fed’s policy tightening, with the two-year yield moving from 0.50% to 4.48% over the 12 months, an increase of 398 basis points. Longer-term Treasury yields, which are less directly influenced by changes in Fed funds, rose to a more moderate degree, as reflected in the bellwether 10-year note yield which increased from 1.55% to 4.05%, or 250 basis points. As a result, short-term Treasury yields were higher than long-term yields at the end of the period, raising concerns that the economy was on the verge of recession.

Returns for investment grade corporate bonds with maturities of five years or less held up better than for their longer-term counterparts but were nonetheless negative for the reporting period, as both rising Treasury yields and widening credit spreads had a negative impact on performance. In terms of credit quality, lower-rated issues in the Moody’s A and Baa rating categories accounted for the great majority of the negative return for the Index, primarily due to their significant weights within the Index. In terms of maturities, more interest rate-sensitive bonds with maturities closest to five years weighed most heavily on performance given the rise in Treasury yields seen during the period.

The iShares Aaa - A Rated Corporate Bond ETF (the “Fund”) seeks to track the investment results of an index composed of Aaa to A, or equivalently rated, fixed rate U.S. dollar-denominated bonds issued by U.S. and non-U.S. corporations, as represented by the Bloomberg U.S. Corporate Aaa - A Capped Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

All major segments of the fixed-income market, including high quality corporate bonds, experienced steeply negative returns over the 12-month period, as hawkish monetary policy and rising Treasury yields weighed on performance.

Returns for corporate bonds rated Aaa to A were notably negative for the reporting period. While A-rated bonds actually slightly outperformed their higher quality counterparts, the segment accounted for the majority of the Index’s negative return due to its heavy weight within the Index. In terms of maturities, more interest rate sensitive bonds with maturities of greater than 10 years weighed most heavily on performance given the rise in Treasury yields seen during the period.

The iShares BB Rated Corporate Bond ETF (the “Fund”) seeks to track the investment results of an index composed of BB (or its equivalent) fixed rate U.S. dollar-denominated bonds issued by U.S. and non-U.S. corporate issuers, as represented by the ICE BofA BB US High Yield Constrained Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

The inception date of the Fund was October 6, 2020. The first day of secondary market trading was October 8, 2020.

High-yield bonds, including those rated BB, lost considerable ground in the annual period. A surge in inflation prompted the U.S. Federal Reserve (Fed) to tighten monetary policy by winding down its stimulative quantitative easing program and beginning to raise interest rates. The Fed hiked rates by a total of three percentage points over the 12-month period, bringing the benchmark Fed funds rate to a range of 3.0% to 3.25%.

High yield bonds were also pressured by rising spreads relative to U.S. Treasuries. At their peak in early July, spreads stood at their highest level in nearly two years. The spread widening was the result of an increase investor risk aversion that was driven, in part, by Russia’s invasion of Ukraine and elevated volatility in the equity market. In addition, investors became more cautious on corporate credit given the prospect of slowing economic growth and a concurrent downturn in corporate earnings in 2023. High yield bond funds experienced significant outflows as a result, further weighing on prices.

Returns for corporate bonds rated BB or the equivalent were notably negative for the reporting period. However, BB-rated bonds outperformed their higher quality, investment grade counterparts due to their lower interest rate sensitivity in a rising rate environment. That said, within the Index performance was weakest for bonds with maturities of greater than 10 years, followed by the 7-10 year maturity range. From a sector perspective, Financial issuers underperformed while Energy issuers outperformed.

The iShares Convertible Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated convertible securities, specifically cash pay bonds, with outstanding issue sizes greater than $250 million, as represented by the Bloomberg U.S. Convertible Cash Pay Bond>$250MM Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

The inception date of the Fund was June 2, 2015. The first day of secondary market trading was June 4, 2015.

U.S. dollar-denominated convertible bonds experienced significant declines over the reporting period. Convertible bonds are hybrid securities that have features of both debt and equity. The bonds represented in the Index pay interest on a periodic basis, similar to standard corporate bonds, but they also have an equity conversion feature and can be redeemed for shares of the issuer’s stock. Due to their convertibility feature, these securities advance or decline with stocks but with less volatility given their fixed-income component.

7.5% on a year-over-year basis in each of the first nine months of 2022, hitting a peak of 9.1% in June. In response, the Fed aggressively raised its benchmark overnight lending rate, bringing the Fed funds target to a range of 3.0% to 3.25%, as compared to 0% to 0.25% at the start of 2022. In addition, the market anticipated significant further rate increases from the Fed in the coming months. The U.S. Treasury yield curve moved dramatically higher in response to the Fed’s policy tightening,

Convertible securities experienced a sizable downturn beginning late in the first quarter of 2022 and extending into the second quarter, in keeping with the direction across the financial markets. Investor risk sentiment weakened dramatically on tighter Fed policy, recession fears, and the war in Ukraine. Additionally, the prospect of a higher interest rate regime for an extended period weighed on assets with more distant cash flows, such the type of growth company heavily represented in the convertible market. New issue supply of convertibles fell off sharply from the robust levels seen during the post-pandemic rebound, as waning investor demand led to less favorable pricing. As a result, the index returned -24.87% over the reporting period.

Much of the convertible universe is unrated, and unrated issues accounted for the great majority of the Index’s negative return. In sector terms, technology issues are the largest Index constituent and the sector accounted for roughly half of the negative Index return, as rising interest rates weighed on assets with more distant cash flows.

The iShares Floating Rate Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated, investment-grade floating rate bonds with remaining maturities between one month and five years, as represented by the Bloomberg US Floating Rate Note<5 Years Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

While most segments of the fixed-income market experienced steeply negative returns over the 12-month period against a backdrop of hawkish monetary policy and rising Treasury yields, investment grade floating rate bonds managed to post a small positive return as gauged by the Index.

The Index principally comprises U.S. dollar-denominated bonds with interest rates that reset periodically. Floating rate bonds are generally attractive to investors in a rising interest-rate environment. Because their coupon rates adjust to reflect shifts in short-term interest rates, their prices are not very sensitive to changing interest rates. That said, prices for floating rate bonds can fluctuate based on changes in the economic outlook and credit sentiment, as a weaker economy can impact the ability of companies to service their debts. Investment-grade floating-rate bonds posted a modest positive performance for the reporting period, as investors were attracted to their relative price stability in a rising interest rate environment.

The iShares USD Green Bond ETF (the “Fund”) (formerly the iShares Global Green Bond ETF) seeks to track the investment results of an index composed of U.S.dollar-denominated investment-grade green bonds that are issued by U.S. and non-U.S. issuers to fund environmental projects, as represented by Bloomberg MSCI USD Green Bond Select Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index

The inception date of the Fund was 11/13/18. The first day of secondary market trading was 11/15/18.

Green bonds seek to raise funds for projects that aim to positively affect the environment, typically by promoting energy efficiency or reducing carbon emissions. Projects financed using green bonds can include investments in renewable energy generation, wastewater collection and treatment, sustainable forest management, and upgrading equipment to improve energy efficiency.

Effective March 1, 2022, enhancements were made to the iShares Global Green Bond ETF to change its focus from global to U.S. dollar-denominated, investment-grade green bonds. The change is a result of the substantial growth seen in the USD green bond market since the inception of the fund in 2018.

Interest in green bonds continued to grow over the period given the outlook for spending to support efforts to move toward zero carbon emissions and renewable energy sources. In this vein the U.S. Inflation Reduction Act of 2022 included incentives in support of green initiatives.

The Index had a negative return for the period as a sharp rise in U.S. Treasury yields along with an increase in risk aversion on the part of investors given heightened geopolitical uncertainty and recession fears led to weakness across all sectors of the bond market. Investment-grade corporate bonds, which constitute roughly half of the Index, were among the weakest-performing segments of the market. In addition to being adversely affected by rising market interest rates, prices for the asset class were pressured by an increase in credit spreads as investors became concerned that weaker economic growth would lead to a slowdown in corporate earnings. Viewed by credit quality, holdings of bonds rated Baa by Moody’s, the lowest investment grade rating, had the biggest negative impact on return given the widening of credit spreads. In terms of bond maturities, exposure to issues with maturities of 10 years or longer weighed most heavily on return as rates moved higher.

Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of each Fund’s investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

Shareholders of each Fund may incur the following charges: (1) transactional expenses, including brokerage commissions on purchases and sales of fund shares and (2) ongoing expenses, including management fees and other fund expenses. The expense examples shown (which are based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other funds.

The expense examples provide information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”

The expense examples also provide information about hypothetical account values and hypothetical expenses based on a fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in the Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

The expenses shown in the expense examples are intended to highlight shareholders’ ongoing costs only and do not reflect any transactional expenses, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.


Security	Par (000)		Value

Corporate Bonds & Notes

Advertising — 0.1%
Omnicom Group Inc./Omnicom Capital Inc.
3.60%, 04/15/26 (Call 01/15/26)	$	2,715	$	2,547,753
3.65%, 11/01/24 (Call 08/01/24)		1,572		1,517,342


				4,065,095

Aerospace & Defense — 1.8%
Boeing Co. (The)
1.17%, 02/04/23 (Call 12/01/22)^(a)		597		590,163
1.43%, 02/04/24 (Call 11/14/22)		4,227		4,009,065
1.95%, 02/01/24		1,537		1,468,527
2.20%, 02/04/26 (Call 02/04/23)		7,357		6,548,953
2.70%, 02/01/27 (Call 12/01/26)		320		277,933
2.75%, 02/01/26 (Call 01/01/26)		2,065		1,862,208
3.10%, 05/01/26 (Call 03/01/26)		520		469,945
4.51%, 05/01/23 (Call 04/01/23)^(a)		3,185		3,167,722
4.88%, 05/01/25 (Call 04/01/25)		5,403		5,273,969
5.04%, 05/01/27 (Call 03/01/27)		2,205		2,128,688
General Dynamics Corp.
1.15%, 06/01/26 (Call 05/01/26)		800		699,233
1.88%, 08/15/23 (Call 06/15/23)		892		871,305
2.13%, 08/15/26 (Call 05/15/26)		240		215,821
2.25%, 11/15/22^(a)		1,148		1,146,264
2.38%, 11/15/24 (Call 09/15/24)^(a)		910		862,253
3.25%, 04/01/25 (Call 03/01/25)		1,718		1,651,671
3.38%, 05/15/23 (Call 04/15/23)^(a)		917		909,101
3.50%, 05/15/25 (Call 03/15/25)		1,323		1,281,603
3.50%, 04/01/27 (Call 02/01/27)		1,920		1,804,027
L3Harris Technologies Inc.
3.83%, 04/27/25 (Call 01/27/25)		1,024		983,410
3.85%, 06/15/23 (Call 05/15/23)		1,585		1,576,133
3.85%, 12/15/26 (Call 09/15/26)		1,900		1,777,031
Lockheed Martin Corp.
3.55%, 01/15/26 (Call 10/15/25)		1,633		1,567,822
4.95%, 10/15/25		345		345,182
5.10%, 11/15/27		535		536,041
Northrop Grumman Corp.
2.93%, 01/15/25 (Call 11/15/24)		1,964		1,871,902
3.20%, 02/01/27 (Call 11/01/26)		73		67,086
3.25%, 08/01/23		2,083		2,054,635
Raytheon Technologies Corp.
2.65%, 11/01/26 (Call 08/01/26)^(a)		180		163,817
3.13%, 05/04/27 (Call 02/04/27)		230		209,718
3.20%, 03/15/24 (Call 01/15/24)		1,721		1,674,957
3.50%, 03/15/27 (Call 12/15/26)		3,315		3,092,931
3.95%, 08/16/25 (Call 06/16/25)		2,336		2,265,424


				53,424,540

Agriculture — 1.1%
Altria Group Inc.
2.35%, 05/06/25 (Call 04/06/25)		1,706		1,575,065
2.63%, 09/16/26 (Call 06/16/26)^(a)		359		320,790
4.00%, 01/31/24		325		319,568
4.40%, 02/14/26 (Call 12/14/25)^(a)		1,700		1,634,023
Archer-Daniels-Midland Co., 2.50%, 08/11/26 (Call 05/11/26)		1,435		1,311,837
BAT Capital Corp.
2.79%, 09/06/24 (Call 08/06/24)		1,590		1,505,108
3.22%, 08/15/24 (Call 06/15/24)		3,579		3,418,256
3.22%, 09/06/26 (Call 07/06/26)		1,753		1,560,715
3.56%, 08/15/27 (Call 05/15/27)		4,380		3,835,067


Security	Par (000)		Value

Agriculture (continued)
4.70%, 04/02/27 (Call 02/02/27)^(a)	$	894	$	828,364
BAT International Finance PLC, 1.67%, 03/25/26 (Call 02/25/26)^(a)		2,064		1,772,975
Bunge Ltd. Finance Corp.
1.63%, 08/17/25 (Call 07/17/25)		1,397		1,252,753
3.25%, 08/15/26 (Call 05/15/26)		685		625,302
Philip Morris International Inc.
0.88%, 05/01/26 (Call 04/01/26)		1,273		1,088,616
1.13%, 05/01/23		974		957,612
1.50%, 05/01/25 (Call 04/01/25)		1,240		1,130,562
2.13%, 05/10/23 (Call 03/10/23)^(a)		749		739,755
2.50%, 11/02/22		586		586,000
2.63%, 03/06/23		209		207,183
2.75%, 02/25/26 (Call 11/25/25)^(a)		752		689,104
2.88%, 05/01/24 (Call 04/01/24)		1,791		1,729,135
3.13%, 08/17/27 (Call 05/17/27)^(a)		20		17,980
3.25%, 11/10/24^(a)		1,687		1,625,560
3.38%, 08/11/25 (Call 05/11/25)		1,543		1,460,957
3.60%, 11/15/23		350		345,657
Reynolds American Inc.
4.45%, 06/12/25 (Call 03/12/25)		2,934		2,831,730
4.85%, 09/15/23^(a)		844		839,649


				34,209,323

Airlines — 0.1%
Southwest Airlines Co.
5.13%, 06/15/27 (Call 04/15/27)		1,875		1,828,606
5.25%, 05/04/25 (Call 04/04/25)^(a)		2,325		2,311,663


				4,140,269

Apparel — 0.3%
NIKE Inc.
2.25%, 05/01/23 (Call 02/01/23)^(a)		531		525,098
2.38%, 11/01/26 (Call 08/01/26)		1,345		1,225,160
2.40%, 03/27/25 (Call 02/27/25)		1,853		1,749,368
2.75%, 03/27/27 (Call 01/27/27)		2,942		2,695,141
VF Corp.
2.40%, 04/23/25 (Call 03/23/25)		1,685		1,564,994
2.80%, 04/23/27 (Call 02/23/27)^(a)		650		577,323


				8,337,084

Auto Manufacturers — 3.7%
American Honda Finance Corp.
0.55%, 07/12/24^(a)		1,564		1,450,291
0.65%, 09/08/23		297		286,799
0.75%, 08/09/24		990		918,571
0.88%, 07/07/23		789		767,868
1.00%, 09/10/25^(a)		1,433		1,276,961
1.20%, 07/08/25		1,559		1,406,803
1.30%, 09/09/26^(a)		852		739,229
1.50%, 01/13/25		1,430		1,326,700
1.95%, 05/10/23^(a)		1,271		1,252,316
2.05%, 01/10/23		1,260		1,253,900
2.15%, 09/10/24		1,527		1,448,713
2.30%, 09/09/26		210		187,870
2.35%, 01/08/27		610		542,197
2.40%, 06/27/24		1,298		1,242,306
2.60%, 11/16/22^(a)		1,003		1,002,387
2.90%, 02/16/24		1,220		1,186,267
3.45%, 07/14/23		814		806,258
3.55%, 01/12/24		1,393		1,367,800
3.63%, 10/10/23^(a)		1,685		1,662,371


Security	Par (000)		Value

Auto Manufacturers (continued)
Cummins Inc.
0.75%, 09/01/25 (Call 08/01/25)^(a)	$	859	$	764,694
3.65%, 10/01/23 (Call 07/01/23)		493		486,778
General Motors Co.
4.00%, 04/01/25^(a)		417		398,697
4.88%, 10/02/23		1,851		1,833,634
5.40%, 10/02/23^(a)		1,713		1,705,989
6.13%, 10/01/25 (Call 09/01/25)		2,668		2,655,266
General Motors Financial Co. Inc.
1.05%, 03/08/24		1,430		1,340,897
1.20%, 10/15/24		1,110		1,013,972
1.25%, 01/08/26 (Call 12/08/25)		1,966		1,679,776
1.50%, 06/10/26 (Call 05/10/26)		1,620		1,363,537
1.70%, 08/18/23^(a)		1,920		1,856,420
2.35%, 02/26/27 (Call 01/26/27)^(a)		2,080		1,760,685
2.70%, 08/20/27 (Call 06/20/27)		1,025		862,984
2.75%, 06/20/25 (Call 05/20/25)^(a)		1,758		1,615,737
2.90%, 02/26/25 (Call 01/26/25)		1,735		1,617,203
3.25%, 01/05/23 (Call 12/05/22)^(a)		751		748,818
3.50%, 11/07/24 (Call 09/07/24)		1,071		1,021,237
3.70%, 05/09/23 (Call 03/09/23)		2,220		2,196,541
3.80%, 04/07/25^(a)		1,265		1,195,911
3.95%, 04/13/24 (Call 02/13/24)		1,711		1,662,571
4.00%, 01/15/25 (Call 10/15/24)^(a)		1,674		1,607,008
4.00%, 10/06/26 (Call 07/06/26)		500		459,123
4.15%, 06/19/23 (Call 05/19/23)^(a)		1,790		1,772,533
4.25%, 05/15/23		1,549		1,543,100
4.30%, 07/13/25 (Call 04/13/25)		1,315		1,251,980
4.35%, 04/09/25 (Call 02/09/25)		1,468		1,406,972
4.35%, 01/17/27 (Call 10/17/26)		1,000		920,862
5.00%, 04/09/27 (Call 03/09/27)^(a)		1,430		1,350,805
5.10%, 01/17/24 (Call 12/17/23)		1,836		1,815,526
5.25%, 03/01/26 (Call 12/01/25)^(a)		1,710		1,656,712
6.05%, 10/10/25		1,050		1,041,150
Honda Motor Co. Ltd.
2.27%, 03/10/25 (Call 02/10/25)		1,055		989,780
2.53%, 03/10/27 (Call 02/10/27)^(a)		930		832,216
Stellantis NV, 5.25%, 04/15/23		1,792		1,785,316
Toyota Motor Corp.
0.68%, 03/25/24 (Call 02/25/24)^(a)		1,605		1,511,088
1.34%, 03/25/26 (Call 02/25/26)^(a)		1,566		1,383,041
2.36%, 07/02/24		780		747,977
3.42%, 07/20/23^(a)		1,292		1,277,941
Toyota Motor Credit Corp.
0.40%, 04/06/23^(a)		993		976,190
0.45%, 01/11/24		1,355		1,284,451
0.50%, 08/14/23^(a)		1,736		1,679,176
0.50%, 06/18/24		1,460		1,357,624
0.63%, 09/13/24^(a)		1,335		1,231,922
0.80%, 10/16/25		1,599		1,410,619
0.80%, 01/09/26		879		767,892
1.13%, 06/18/26^(a)		1,820		1,580,977
1.35%, 08/25/23^(a)		1,496		1,452,807
1.45%, 01/13/25^(a)		1,720		1,593,420
1.80%, 02/13/25		1,821		1,696,243
1.90%, 01/13/27^(a)		1,113		976,017
2.00%, 10/07/24		706		666,809
2.25%, 10/18/23		728		708,488
2.50%, 03/22/24		285		275,577
2.63%, 01/10/23		697		694,333


Security	Par (000)		Value

Auto Manufacturers (continued)
2.70%, 01/11/23	$	839	$	835,809
2.90%, 03/30/23^(a)		1,126		1,117,621
2.90%, 04/17/24		907		880,295
3.00%, 04/01/25^(a)		1,392		1,327,151
3.05%, 03/22/27		1,205		1,104,264
3.20%, 01/11/27		3,260		3,014,305
3.35%, 01/08/24		841		825,690
3.40%, 04/14/25^(a)		499		479,931
3.45%, 09/20/23		973		961,305
3.65%, 08/18/25		2,400		2,310,364
3.95%, 06/30/25^(a)		945		919,986
4.40%, 09/20/24		3,000		2,970,892
4.55%, 09/20/27		3,000		2,917,643


				109,277,885

Auto Parts & Equipment — 0.2%
Aptiv PLC/Aptiv Corp., 2.40%, 02/18/25 (Call 02/18/23)^(a)		1,215		1,131,623
BorgWarner Inc.
2.65%, 07/01/27 (Call 05/01/27)		655		570,196
3.38%, 03/15/25 (Call 12/15/24)		1,165		1,112,433
Magna International Inc.
3.63%, 06/15/24 (Call 03/15/24)		1,532		1,494,742
4.15%, 10/01/25 (Call 07/01/25)		1,603		1,555,038


				5,864,032

Banks — 34.3%
Australia & New Zealand Banking Group Ltd./New York NY
2.05%, 11/21/22		1,204		1,202,393
3.70%, 11/16/25		1,613		1,547,433
Banco Bilbao Vizcaya Argentaria SA
0.88%, 09/18/23^(a)		1,455		1,395,437
1.13%, 09/18/25		1,250		1,092,952
5.86%, 09/14/26 (Call 09/14/25)^(b)		400		386,498
Banco Santander SA
0.70%, 06/30/24 (Call 06/30/23)^(b)		2,185		2,100,544
1.72%, 09/14/27 (Call 09/14/26)^(b)		325		265,065
1.85%, 03/25/26		1,980		1,690,767
2.71%, 06/27/24		2,106		1,999,045
2.75%, 05/28/25		1,518		1,376,811
3.13%, 02/23/23^(a)		1,635		1,623,209
3.50%, 03/24/25		1,610		1,527,549
3.85%, 04/12/23		1,845		1,830,627
3.89%, 05/24/24		1,985		1,924,424
4.18%, 03/24/28 (Call 03/24/27)^(b)		500		439,929
4.25%, 04/11/27		600		538,947
5.15%, 08/18/25^(a)		625		601,994
5.29%, 08/18/27		2,400		2,208,695
Bank of America Corp.
0.52%, 06/14/24 (Call 06/14/23), (SOFR + 0.410%)^(b)		2,495		2,408,375
0.81%, 10/24/24 (Call 10/24/23), (SOFR + 0.740%)^(a)(b)		2,355		2,234,481
0.98%, 04/22/25 (Call 04/22/24), (SOFR + 0.690%)^(b)		2,856		2,647,114
0.98%, 09/25/25 (Call 09/25/24), (SOFR + 0.910%)^(b)		2,645		2,403,426
1.20%, 10/24/26 (Call 10/24/25), (SOFR + 1.010%)^(b)		3,140		2,724,887
1.32%, 06/19/26 (Call 06/19/25), (SOFR + 1.150%)^(b)		2,775		2,450,047
1.49%, 05/19/24 (Call 05/19/23), (SOFR + 1.460%)^(a)(b)		980		957,726
1.53%, 12/06/25 (Call 12/06/24), (SOFR + 0.650%)^(b)		1,415		1,288,549
1.73%, 07/22/27 (Call 07/22/26), (SOFR + 0.960%)^(b)		6,595		5,637,809
1.84%, 02/04/25 (Call 02/04/24), (SOFR + 0.670%)^(b)		1,810		1,713,611
2.02%, 02/13/26 (Call 02/13/25), (3 mo. LIBOR US + 0.640%)^(b)		2,025		1,852,074


Security	Par (000)		Value

Banks (continued)
2.46%, 10/22/25 (Call 10/22/24), (3 mo. LIBOR US + 0.870%)^(b)	$	2,297	$	2,147,518
2.55%, 02/04/28 (Call 02/04/27), (SOFR + 1.050%)^(b)		1,900		1,643,352
3.00%, 12/20/23 (Call 12/20/22), (3 mo. LIBOR US + 0.790%)^(b)		2,879		2,868,212
3.09%, 10/01/25 (Call 10/01/24), (3 mo. LIBOR US + 1.090%)^(b)		2,242		2,120,695
3.25%, 10/21/27 (Call 10/21/26)		200		178,272
3.30%, 01/11/23		120		119,719
3.37%, 01/23/26 (Call 01/23/25), (3 mo. LIBOR US + 0.810%)^(b)		1,910		1,800,587
3.38%, 04/02/26 (Call 04/02/25), (SOFR + 1.330%)^(b)		1,585		1,488,494
3.46%, 03/15/25 (Call 03/15/24), (3 mo. LIBOR US + 0.970%)^(b)		1,670		1,610,071
3.50%, 04/19/26		2,287		2,137,410
3.55%, 03/05/24 (Call 03/05/23), (3 mo. LIBOR US + 0.780%)^(b)		3,271		3,243,808
3.56%, 04/23/27 (Call 04/23/26), (3 mo. LIBOR US + 1.060%)^(b)		900		828,649
3.84%, 04/25/25 (Call 04/25/24), (SOFR + 1.110%)^(b)		2,105		2,036,593
3.86%, 07/23/24 (Call 07/23/23), (3 mo. LIBOR US + 0.940%)^(b)		3,494		3,443,068
3.88%, 08/01/25^(a)		1,832		1,768,934
4.00%, 04/01/24^(a)		1,966		1,937,920
4.00%, 01/22/25		2,155		2,076,695
4.10%, 07/24/23^(a)		2,023		2,013,003
4.13%, 01/22/24		3,441		3,400,196
4.20%, 08/26/24		3,105		3,035,472
4.25%, 10/22/26		4,190		3,966,775
4.38%, 04/27/28 (Call 04/27/27), (SOFR + 1.580%)^(b)		2,765		2,574,117
4.45%, 03/03/26		1,911		1,833,152
4.83%, 07/22/26 (Call 07/22/25)^(b)		2,485		2,422,109
Series L, 3.95%, 04/21/25		2,550		2,440,241
Series N, 1.66%, 03/11/27 (Call 03/11/26), (SOFR + 0.910%)^(b)		3,020		2,612,130
Bank of Montreal
0.40%, 09/15/23		1,482		1,420,201
0.45%, 12/08/23		1,002		952,124
0.63%, 07/09/24		2,435		2,250,286
0.95%, 01/22/27 (Call 01/22/26), (SOFR + 0.603%)^(b)		845		727,486
1.25%, 09/15/26		2,467		2,095,847
1.50%, 01/10/25		1,795		1,647,297
1.85%, 05/01/25^(a)		1,955		1,795,394
2.15%, 03/08/24		1,950		1,868,409
2.50%, 06/28/24		2,210		2,109,647
2.55%, 11/06/22		723		722,920
2.65%, 03/08/27^(a)		2,575		2,281,716
3.70%, 06/07/25^(a)		1,955		1,870,544
Series E, 3.30%, 02/05/24^(a)		2,522		2,458,381
Series H, 4.25%, 09/14/24		125		122,287
Series H, 4.70%, 09/14/27 (Call 08/14/27)		20		19,143
Bank of New York Mellon Corp. (The)
0.35%, 12/07/23 (Call 11/07/23)		760		724,452
0.50%, 04/26/24 (Call 03/26/24)		723		676,574
0.75%, 01/28/26 (Call 12/28/25)		1,024		894,749
1.05%, 10/15/26 (Call 09/15/26)^(a)		2,070		1,760,077
1.60%, 04/24/25 (Call 03/24/25)		1,007		921,963
1.85%, 01/27/23 (Call 01/02/23)^(a)		993		986,792
2.05%, 01/26/27 (Call 12/26/26)^(a)		1,440		1,266,807
2.10%, 10/24/24^(a)		2,140		2,020,472


Security	Par (000)		Value

Banks (continued)
2.20%, 08/16/23 (Call 06/16/23)	$	1,328	$	1,300,643
2.45%, 08/17/26 (Call 05/17/26)		1,370		1,238,385
2.80%, 05/04/26 (Call 02/04/26)^(a)		880		814,816
2.95%, 01/29/23 (Call 12/29/22)		1,154		1,149,128
3.25%, 09/11/24 (Call 08/11/24)		825		799,727
3.25%, 05/16/27 (Call 02/16/27)^(a)		675		624,161
3.35%, 04/25/25 (Call 03/25/25)		920		883,991
3.40%, 05/15/24 (Call 04/15/24)		593		578,038
3.43%, 06/13/25 (Call 06/13/24)^(a)(b)		510		495,042
3.45%, 08/11/23^(a)		811		804,476
3.50%, 04/28/23		1,061		1,055,018
4.41%, 07/24/26 (Call 07/24/25)^(b)		265		257,055
Series 12, 3.65%, 02/04/24 (Call 01/05/24)		1,118		1,098,886
Series G, 3.00%, 02/24/25 (Call 01/24/25)		932		889,736
Series J, 0.85%, 10/25/24 (Call 09/25/24)		905		834,166
Bank of Nova Scotia (The)
0.40%, 09/15/23		905		868,578
0.55%, 09/15/23		912		876,490
0.65%, 07/31/24		1,455		1,339,380
0.70%, 04/15/24		2,385		2,226,422
1.05%, 03/02/26		1,677		1,453,240
1.30%, 06/11/25^(a)		877		787,122
1.30%, 09/15/26		1,565		1,333,016
1.35%, 06/24/26		3,655		3,166,330
1.45%, 01/10/25		805		736,920
1.63%, 05/01/23		791		778,628
1.95%, 02/01/23		107		106,305
1.95%, 02/02/27^(a)		1,400		1,207,343
2.00%, 11/15/22^(a)		608		607,378
2.20%, 02/03/25		850		790,413
2.38%, 01/18/23^(a)		751		747,182
2.44%, 03/11/24		1,565		1,506,296
2.70%, 08/03/26		175		157,726
2.95%, 03/11/27		1,685		1,508,544
3.40%, 02/11/24		2,181		2,132,631
3.45%, 04/11/25		1,470		1,397,509
4.50%, 12/16/25^(a)		1,956		1,880,124
Barclays Bank PLC, 3.75%, 05/15/24^(a)		1,165		1,133,992
Barclays PLC
1.01%, 12/10/24 (Call 12/10/23)^(b)		2,390		2,238,039
2.28%, 11/24/27 (Call 11/24/26)^(b)		1,500		1,240,190
2.85%, 05/07/26 (Call 05/07/25), (SOFR + 2.714%)^(b)		2,857		2,574,410
3.65%, 03/16/25		2,256		2,098,581
3.93%, 05/07/25 (Call 05/07/24), (3 mo. LIBOR US + 1.610%)^(b)		2,662		2,539,273
4.34%, 05/16/24 (Call 05/16/23), (3 mo. LIBOR US + 1.356%)^(b)		1,043		1,029,152
4.38%, 09/11/24		2,229		2,118,092
4.38%, 01/12/26		3,180		2,951,358
5.20%, 05/12/26		722		664,104
5.30%, 08/09/26 (Call 08/09/25)^(b)		1,070		1,017,780
7.33%, 11/02/26		1,600		1,594,862
BNP Paribas SA
3.25%, 03/03/23^(a)		1,001		995,036
4.25%, 10/15/24		1,578		1,517,280
BPCE SA
3.38%, 12/02/26		890		811,383
4.00%, 04/15/24		1,114		1,084,450
Canadian Imperial Bank of Commerce
0.45%, 06/22/23		1,636		1,589,891


Security	Par (000)		Value

Banks (continued)
0.50%, 12/14/23	$	819	$	776,290
0.95%, 06/23/23^(a)		1,459		1,418,763
0.95%, 10/23/25		898		787,094
1.00%, 10/18/24		955		876,625
1.25%, 06/22/26		2,697		2,308,230
2.25%, 01/28/25		2,083		1,940,547
3.10%, 04/02/24^(a)		1,433		1,389,604
3.30%, 04/07/25		1,170		1,111,225
3.45%, 04/07/27^(a)		500		456,301
3.50%, 09/13/23^(a)		1,244		1,229,149
3.95%, 08/04/25		830		796,305
Citibank NA, 3.65%, 01/23/24 (Call 12/23/23)^(a)		2,070		2,038,948
Citigroup Inc.
0.78%, 10/30/24 (Call 10/30/23), (SOFR + 0.686%)^(b)		2,536		2,397,497
0.98%, 05/01/25 (Call 05/01/24), (SOFR + 0.669%)^(b)		2,025		1,871,216
1.12%, 01/28/27 (Call 01/28/26), (SOFR + 0.765%)^(b)		924		787,604
1.28%, 11/03/25 (Call 11/03/24), (SOFR + 0.528%)^(b)		1,755		1,590,973
1.46%, 06/09/27 (Call 06/09/26), (SOFR + 0.770%)^(b)		3,115		2,641,061
1.68%, 05/15/24 (Call 05/15/23), (SOFR + 1.667%)^(b)		2,823		2,761,224
2.01%, 01/25/26 (Call 01/25/25), (SOFR + 0.694%)^(b)		3,310		3,022,791
3.11%, 04/08/26 (Call 04/08/25), (SOFR + 2.842%)^(b)		4,163		3,886,055
3.20%, 10/21/26 (Call 07/21/26)		3,395		3,091,474
3.29%, 03/17/26 (Call 03/17/25), (SOFR + 1.528%)^(a)(b)		1,435		1,345,246
3.30%, 04/27/25^(a)		1,771		1,680,467
3.35%, 04/24/25 (Call 04/24/24), (3 mo. LIBOR US + 0.897%)^(b)		3,983		3,825,448
3.40%, 05/01/26		2,535		2,351,937
3.50%, 05/15/23		1,804		1,788,251
3.70%, 01/12/26		2,787		2,619,101
3.75%, 06/16/24^(a)		1,541		1,506,844
3.88%, 10/25/23		803		793,132
3.88%, 03/26/25		1,553		1,482,083
4.00%, 08/05/24		3,030		2,951,638
4.04%, 06/01/24 (Call 06/01/23), (3 mo. LIBOR US + 1.023%)^(a)(b)		1,715		1,697,085
4.14%, 05/24/25 (Call 05/24/24), (SOFR + 1.372%)^(b)		1,485		1,442,734
4.30%, 11/20/26		1,410		1,330,206
4.40%, 06/10/25		3,152		3,051,416
4.45%, 09/29/27		6,000		5,574,568
4.60%, 03/09/26^(a)		2,165		2,076,537
5.50%, 09/13/25		1,991		1,973,255
5.61%, 09/29/26 (Call 09/29/25)^(b)		1,420		1,401,406
Citizens Bank NA/Providence RI
2.25%, 04/28/25 (Call 03/28/25)		982		903,383
3.70%, 03/29/23 (Call 02/28/23)		600		596,794
3.75%, 02/18/26 (Call 11/18/25)		680		637,502
4.12%, 05/23/25 (Call 05/23/24)^(b)		685		668,105
6.06%, 10/24/25		535		538,650
Citizens Financial Group Inc., 2.85%, 07/27/26 (Call 04/27/26)		553		500,037
Comerica Bank, 2.50%, 07/23/24		1,043		995,598
Comerica Inc., 3.70%, 07/31/23 (Call 06/30/23)		1,551		1,533,241
Cooperatieve Rabobank UA
3.75%, 07/21/26		1,461		1,326,398
4.38%, 08/04/25		2,059		1,947,294
4.63%, 12/01/23^(a)		25		24,679
Cooperatieve Rabobank UA/NY
0.38%, 01/12/24^(a)		430		406,151
1.38%, 01/10/25		1,225		1,125,894
2.75%, 01/10/23^(a)		897		893,750


Security	Par (000)		Value

Banks (continued)
3.38%, 05/21/25	$	1,825	$	1,744,222
3.88%, 08/22/24		300		293,078
Credit Suisse AG/New York NY
0.50%, 02/02/24		1,380		1,261,453
0.52%, 08/09/23		1,840		1,744,633
1.00%, 05/05/23		2,591		2,509,649
1.25%, 08/07/26		2,580		2,059,065
2.95%, 04/09/25		2,186		1,948,670
3.63%, 09/09/24		3,988		3,717,552
3.70%, 02/21/25		2,850		2,602,486
4.75%, 08/09/24		1,125		1,068,442
5.00%, 07/09/27		1,200		1,080,386
Credit Suisse Group AG
3.75%, 03/26/25		3,349		3,016,246
3.80%, 06/09/23		2,409		2,342,878
4.55%, 04/17/26		2,375		2,091,642
Deutsche Bank AG, 6.12%, 07/14/26 (Call 07/14/25)^(b)		1,660		1,587,728
Deutsche Bank AG/London, 3.70%, 05/30/24^(a)		1,485		1,437,611
Deutsche Bank AG/New York NY
0.90%, 05/28/24		1,455		1,335,272
1.45%, 04/01/25 (Call 04/01/24), (SOFR + 1.131%)^(b)		1,210		1,102,379
1.69%, 03/19/26		795		685,184
2.13%, 11/24/26 (Call 11/24/25), (SOFR + 1.870%)^(b)		610		512,766
2.22%, 09/18/24 (Call 09/18/23), (SOFR + 2.159%)^(b)		3,138		2,972,158
2.31%, 11/16/27 (Call 11/16/26), (SOFR + 1.219%)^(b)		1,075		857,347
2.55%, 01/07/28 (Call 01/07/27), (SOFR + 1.318%)^(b)		945		755,131
3.30%, 11/16/22		1,167		1,166,237
3.70%, 05/30/24		1,094		1,050,433
3.95%, 02/27/23^(a)		1,624		1,612,399
3.96%, 11/26/25 (Call 11/26/24), (SOFR + 2.581%)^(b)		1,991		1,834,576
4.16%, 05/13/25^(a)		250		238,192
Series E, 0.96%, 11/08/23		1,415		1,344,360
Discover Bank
2.45%, 09/12/24 (Call 08/12/24)^(a)		2,218		2,083,736
3.35%, 02/06/23 (Call 01/06/23)^(a)		1,140		1,134,468
3.45%, 07/27/26 (Call 04/27/26)		1,685		1,510,163
4.20%, 08/08/23		1,603		1,585,697
Fifth Third Bancorp.
1.63%, 05/05/23 (Call 04/05/23)		830		816,465
1.71%, 11/01/27 (Call 11/01/26), (SOFR + 0.685%)^(a)(b)		100		85,036
2.38%, 01/28/25 (Call 12/28/24)		1,839		1,711,854
2.55%, 05/05/27 (Call 04/05/27)		120		104,924
3.65%, 01/25/24 (Call 12/25/23)		2,689		2,632,885
4.30%, 01/16/24 (Call 12/16/23)		1,363		1,342,868
Fifth Third Bank NA
1.80%, 01/30/23 (Call 12/30/22)		1,078		1,070,204
2.25%, 02/01/27 (Call 01/01/27)		600		526,845
3.85%, 03/15/26 (Call 02/15/26)		490		456,614
3.95%, 07/28/25 (Call 06/28/25)		1,565		1,514,712
5.85%, 10/27/25		1,000		1,001,066
Goldman Sachs Group Inc. (The)
0.52%, 03/08/23		675		664,840
0.63%, 11/17/23 (Call 11/17/22), (SOFR + 0.538%)^(b)		860		857,835
0.66%, 09/10/24 (Call 09/10/23), (SOFR + 0.505%)^(b)		2,125		2,022,853
0.67%, 03/08/24 (Call 03/08/23), (SOFR + 0.572%)^(b)		3,052		2,990,587
0.86%, 02/12/26 (Call 02/12/25), (SOFR + 0.609%)^(b)		1,770		1,568,770
0.93%, 10/21/24 (Call 10/21/23), (SOFR + 0.486%)^(b)		2,470		2,337,713
1.09%, 12/09/26 (Call 12/09/25), (SOFR + 0.789%)^(a)(b)		495		426,509
1.22%, 12/06/23 (Call 12/06/22)		560		535,571
1.43%, 03/09/27 (Call 03/09/26), (SOFR + 0.798%)^(b)		2,025		1,733,168


Security	Par (000)		Value

Banks (continued)
1.54%, 09/10/27 (Call 09/10/26), (SOFR + 0.818%)^(b)	$	3,200	$	2,683,038
1.76%, 01/24/25 (Call 01/24/24), (SOFR + 0.730%)^(b)		3,400		3,211,209
1.95%, 10/21/27 (Call 10/21/26), (SOFR + 0.913%)^(b)		1,860		1,579,798
2.64%, 02/24/28 (Call 02/24/27), (SOFR + 1.114%)^(b)		1,215		1,050,735
3.00%, 03/15/24		1,830		1,769,380
3.20%, 02/23/23 (Call 01/23/23)		1,342		1,334,363
3.27%, 09/29/25 (Call 09/29/24), (3 mo. LIBOR US + 1.201%)^(b)		4,051		3,841,237
3.50%, 01/23/25 (Call 10/23/24)		3,290		3,143,511
3.50%, 04/01/25 (Call 03/01/25)		4,513		4,275,385
3.50%, 11/16/26 (Call 11/16/25)		2,295		2,095,167
3.62%, 03/15/28 (Call 03/15/27), (SOFR + 1.846%)^(b)		840		757,572
3.63%, 01/22/23		2,255		2,248,896
3.63%, 02/20/24 (Call 01/20/24)		2,289		2,237,581
3.75%, 05/22/25 (Call 02/22/25)		2,981		2,838,676
3.75%, 02/25/26 (Call 11/25/25)		2,162		2,030,596
3.85%, 07/08/24 (Call 04/08/24)		2,046		1,998,435
3.85%, 01/26/27 (Call 01/26/26)		5,715		5,318,794
4.00%, 03/03/24		4,583		4,498,509
4.25%, 10/21/25		3,236		3,097,573
4.39%, 06/15/27 (Call 06/15/26)^(b)		1,415		1,330,127
5.70%, 11/01/24		1,020		1,019,951
5.95%, 01/15/27		520		524,653
HSBC Holdings PLC
0.98%, 05/24/25 (Call 05/24/24), (SOFR + 0.708%)^(b)		3,447		3,131,065
1.16%, 11/22/24 (Call 11/22/23), (SOFR + 0.580%)^(b)		2,125		1,993,928
1.59%, 05/24/27 (Call 05/24/26), (SOFR + 1.290%)^(b)		2,920		2,399,431
1.65%, 04/18/26 (Call 04/18/25), (SOFR + 1.538%)^(b)		2,841		2,480,693
2.10%, 06/04/26 (Call 06/04/25), (SOFR + 1.929%)^(b)		2,595		2,281,675
2.25%, 11/22/27 (Call 11/22/26), (SOFR + 1.100%)^(b)		1,875		1,543,176
2.63%, 11/07/25 (Call 11/07/24), (SOFR + 1.401%)^(b)		2,285		2,089,151
3.00%, 03/10/26 (Call 03/10/25), (SOFR + 1.430%)^(b)		250		227,234
3.03%, 11/22/23 (Call 11/22/22), (3 mo. LIBOR US + 0.923%)^(a)(b)		1,041		1,038,878
3.60%, 05/25/23		2,635		2,610,352
3.80%, 03/11/25 (Call 03/11/24), (3 mo. LIBOR US + 1.211%)^(b)		4,057		3,875,838
3.90%, 05/25/26^(a)		2,570		2,341,231
3.95%, 05/18/24 (Call 05/18/23), (3 mo. LIBOR US + 0.987%)^(b)		2,552		2,510,492
4.18%, 12/09/25 (Call 12/09/24)^(b)		1,345		1,270,083
4.25%, 03/14/24^(a)		3,264		3,150,564
4.25%, 08/18/25^(a)		1,637		1,524,742
4.29%, 09/12/26 (Call 09/12/25), (3 mo. LIBOR US + 1.348%)^(b)		810		747,614
4.30%, 03/08/26^(a)		3,573		3,363,353
4.38%, 11/23/26		735		666,584
7.34%, 11/03/26 (Call 11/03/25)		2,300		2,300,000
7.39%, 11/03/28 (Call 11/03/27)		1,625		1,625,000
HSBC USA Inc.
3.50%, 06/23/24^(a)		1,254		1,211,020
3.75%, 05/24/24^(a)		2,115		2,054,973
Huntington Bancshares Inc./OH
2.63%, 08/06/24 (Call 07/06/24)		1,232		1,175,749
4.00%, 05/15/25 (Call 04/15/25)		1,295		1,246,895
Huntington National Bank (The)
3.55%, 10/06/23 (Call 09/06/23)^(a)		885		871,170
4.01%, 05/16/25 (Call 05/16/24)^(a)(b)		1,630		1,588,945
ING Groep NV
1.73%, 04/01/27 (Call 04/01/26), (SOFR + 1.005%)^(b)		1,340		1,141,362


Security	Par (000)		Value

Banks (continued)
3.55%, 04/09/24^(a)	$	2,012	$	1,953,066
3.87%, 03/28/26 (Call 03/28/25), (SOFR + 1.640%)^(b)		1,420		1,340,963
3.95%, 03/29/27		1,650		1,497,233
4.10%, 10/02/23^(a)		2,627		2,590,094
Intesa Sanpaolo SpA, 5.25%, 01/12/24^(a)		272		267,910
JPMorgan Chase & Co.
0.56%, 02/16/25 (Call 02/16/24), (SOFR + 0.420%)^(b)		985		918,268
0.65%, 09/16/24 (Call 09/16/23), (SOFR + 0.600%)^(b)		1,655		1,580,515
0.70%, 03/16/24 (Call 03/16/23), (SOFR + 0.580%)^(b)		2,199		2,155,621
0.77%, 08/09/25 (Call 08/09/24), (SOFR + 0.490%)^(b)		2,330		2,128,502
0.82%, 06/01/25 (Call 06/01/24), (SOFR + 0.540%)^(b)		2,360		2,174,647
0.97%, 06/23/25 (Call 06/23/24), (SOFR + 0.580%)^(b)		3,530		3,245,207
1.04%, 02/04/27 (Call 02/04/26), (SOFR + 0.695%)^(b)		955		813,006
1.05%, 11/19/26 (Call 11/19/25), (SOFR + 0.800%)^(b)		1,135		977,293
1.47%, 09/22/27 (Call 09/22/26), (SOFR + 0.765%)^(b)		3,100		2,602,027
1.51%, 06/01/24 (Call 06/01/23), (SOFR + 1.455%)^(b)		930		908,123
1.56%, 12/10/25 (Call 12/10/24), (SOFR + 0.605%)^(b)		3,855		3,516,536
1.58%, 04/22/27 (Call 04/22/26), (SOFR + 0.885%)^(b)		4,025		3,459,046
2.01%, 03/13/26 (Call 03/13/25), (SOFR + 1.585%)^(b)		2,422		2,208,543
2.08%, 04/22/26 (Call 04/22/25), (SOFR + 1.850%)^(b)		3,612		3,290,011
2.30%, 10/15/25 (Call 10/15/24), (SOFR + 1.160%)^(b)		1,992		1,857,321
2.60%, 02/24/26 (Call 02/24/25), (SOFR + 0.915%)^(b)		1,360		1,260,549
2.70%, 05/18/23 (Call 03/18/23)^(a)		2,068		2,046,158
2.95%, 10/01/26 (Call 07/01/26)		3,710		3,387,710
2.95%, 02/24/28 (Call 02/24/27), (SOFR + 1.170%)^(b)		2,495		2,194,993
3.13%, 01/23/25 (Call 10/23/24)		2,989		2,861,032
3.20%, 01/25/23^(a)		3,157		3,147,580
3.20%, 06/15/26 (Call 03/15/26)		1,670		1,544,675
3.22%, 03/01/25 (Call 03/01/24),
(3 mo. LIBOR US + 1.155%)^(b)		2,661		2,569,739
3.30%, 04/01/26 (Call 01/01/26)^(a)		3,200		2,985,023
3.38%, 05/01/23		2,063		2,045,620
3.56%, 04/23/24 (Call 04/23/23), (3 mo. LIBOR US + 0.730%)^(b)		601		595,120
3.63%, 05/13/24^(a)		2,424		2,374,144
3.80%, 07/23/24 (Call 07/23/23), (3 mo. LIBOR US + 0.890%)^(a)(b)		2,974		2,931,133
3.85%, 06/14/25 (Call 06/14/24)^(b)		4,625		4,486,956
3.88%, 02/01/24		1,497		1,478,508
3.88%, 09/10/24		3,864		3,765,773
3.90%, 07/15/25 (Call 04/15/25)		3,985		3,846,860
3.96%, 01/29/27 (Call 01/29/26), (3 mo. LIBOR US + 1.245%)^(b)		1,205		1,129,154
4.02%, 12/05/24 (Call 12/05/23), (3 mo. LIBOR US + 1.000%)^(b)		3,480		3,415,040
4.08%, 04/26/26 (Call 04/26/25), (SOFR + 1.320%)^(b)		1,717		1,645,789
4.13%, 12/15/26^(a)		510		483,471
4.32%, 04/26/28 (Call 04/26/27), (SOFR + 1.560%)^(b)		3,340		3,108,998
4.85%, 07/25/28 (Call 07/25/27)^(b)		3,000		2,850,920
7.63%, 10/15/26		110		118,635
8.00%, 04/29/27		15		16,377
KeyBank NA/Cleveland OH
0.42%, 01/03/24 (Call 01/03/23), (SOFR + 0.340%)^(a)(b)		708		701,437
0.43%, 06/14/24 (Call 06/14/23), (SOFR + 0.320%)^(b)		525		507,974
1.25%, 03/10/23		887		876,022
3.30%, 06/01/25^(a)		1,380		1,312,805
3.38%, 03/07/23^(a)		1,074		1,069,431
3.40%, 05/20/26		1,330		1,223,625
4.15%, 08/08/25		380		367,194


Security	Par (000)		Value

Banks (continued)
KeyCorp
2.25%, 04/06/27^(a)	$	475	$	407,750
3.88%, 05/23/25 (Call 05/23/24)^(b)		1,530		1,486,190
4.15%, 10/29/25^(a)		1,255		1,208,684
Lloyds Banking Group PLC
0.70%, 05/11/24 (Call 05/11/23), (1 year CMT + 0.550%)^(a)(b)		990		960,237
1.63%, 05/11/27 (Call 05/11/26)^(b)		330		276,317
2.44%, 02/05/26 (Call 02/05/25)^(a)(b)		1,706		1,550,029
2.91%, 11/07/23 (Call 11/07/22), (3 mo. LIBOR US + 0.810%)^(b)		1,595		1,594,281
3.51%, 03/18/26 (Call 03/18/25)^(b)		1,725		1,596,688
3.75%, 01/11/27		960		858,143
3.75%, 03/18/28 (Call 03/18/27)^(b)		1,500		1,322,280
3.87%, 07/09/25 (Call 07/09/24)^(b)		2,133		2,033,185
3.90%, 03/12/24		2,269		2,211,043
4.05%, 08/16/23^(a)		2,466		2,436,986
4.45%, 05/08/25		2,080		1,993,542
4.50%, 11/04/24		1,402		1,348,745
4.58%, 12/10/25		843		773,992
4.65%, 03/24/26		1,037		953,001
4.72%, 08/11/26 (Call 08/11/25)^(b)		2,000		1,895,743
M&T Bank Corp., 3.55%, 07/26/23 (Call 06/26/23)		1,352		1,337,919
Manufacturers & Traders Trust Co.
2.90%, 02/06/25 (Call 01/06/25)^(a)		1,555		1,473,313
3.40%, 08/17/27		50		44,416
Mitsubishi UFJ Financial Group Inc.
0.85%, 09/15/24 (Call 09/15/23)^(b)		1,917		1,830,510
0.95%, 07/19/25 (Call 07/19/24)^(b)		2,425		2,225,279
0.96%, 10/11/25 (Call 10/11/24)^(b)		965		877,704
1.41%, 07/17/25		2,089		1,864,891
1.54%, 07/20/27 (Call 07/20/26)^(b)		2,380		2,008,947
1.64%, 10/13/27 (Call 10/13/26)^(b)		240		201,970
2.19%, 02/25/25		3,307		3,050,284
2.34%, 01/19/28 (Call 01/19/27)^(b)		1,680		1,436,474
2.53%, 09/13/23		494		481,794
2.76%, 09/13/26		152		135,351
2.80%, 07/18/24		1,108		1,056,285
3.29%, 07/25/27		60		53,757
3.41%, 03/07/24		2,351		2,286,163
3.46%, 03/02/23^(a)		723		720,235
3.68%, 02/22/27^(a)		50		45,746
3.76%, 07/26/23^(a)		2,232		2,204,577
3.78%, 03/02/25		796		763,714
3.84%, 04/17/26 (Call 04/17/25)^(b)		655		622,824
3.85%, 03/01/26		2,553		2,400,118
4.08%, 04/19/28 (Call 04/19/27)^(b)		1,700		1,561,991
4.79%, 07/18/25 (Call 07/18/24)^(b)		1,085		1,064,507
5.02%, 07/20/28 (Call 07/20/27)^(b)		700		665,037
5.06%, 09/12/25 (Call 09/12/24)^(b)		1,645		1,620,477
Mizuho Financial Group Inc.
0.85%, 09/08/24 (Call 09/08/23), (SOFR + 0.872%)^(a)(b)		1,902		1,817,599
1.23%, 05/22/27 (Call 05/22/26)^(b)		1,920		1,612,825
1.24%, 07/10/24 (Call 07/10/23), (SOFR + 1.252%)^(b)		2,216		2,142,682
1.55%, 07/09/27 (Call 07/09/26)^(b)		650		550,768
2.23%, 05/25/26 (Call 05/25/25), (3 mo. LIBOR US + 0.830%)^(b)		1,985		1,795,825
2.56%, 09/13/25 (Call 09/13/24), (SOFR + 1.362%)^(b)		1,180		1,105,021
2.65%, 05/22/26 (Call 05/22/25)^(a)(b)		1,600		1,464,086
2.84%, 07/16/25 (Call 07/16/24), (SOFR + 1.242%)^(b)		1,570		1,484,695


Security	Par (000)		Value

Banks (continued)
2.84%, 09/13/26^(a)	$	510	$	453,625
3.55%, 03/05/23		572		569,613
3.66%, 02/28/27		515		465,920
3.92%, 09/11/24 (Call 09/11/23), (3 mo. LIBOR US + 1.000%)^(b)		1,893		1,856,504
Morgan Stanley
0.53%, 01/25/24 (Call 01/25/23), (SOFR + 0.455%)^(b)		2,940		2,896,992
0.56%, 11/10/23 (Call 11/10/22), (SOFR + 0.466%)^(a)(b)		972		970,982
0.73%, 04/05/24 (Call 04/05/23), (SOFR + 0.616%)^(b)		327		318,986
0.79%, 01/22/25 (Call 01/22/24), (SOFR + 0.509%)^(b)		1,718		1,603,807
0.79%, 05/30/25 (Call 05/30/24), (SOFR + 0.525%)^(b)		3,050		2,791,549
0.99%, 12/10/26 (Call 12/10/25), (SOFR + 0.720%)^(b)		1,980		1,695,645
1.16%, 10/21/25 (Call 10/21/24), (SOFR + 0.560%)^(b)		3,005		2,724,843
1.51%, 07/20/27 (Call 07/20/26), (SOFR + 0.858%)^(b)		2,735		2,319,425
1.59%, 05/04/27 (Call 05/04/26), (SOFR + 0.879%)^(b)		2,300		1,968,853
2.19%, 04/28/26 (Call 04/28/25), (SOFR + 1.990%)^(b)		5,620		5,131,001
2.48%, 01/21/28 (Call 01/21/27), (SOFR + 1.000%)^(b)		1,740		1,504,534
2.63%, 02/18/26 (Call 02/18/25), (SOFR + 0.940%)^(b)		5,600		5,189,968
2.72%, 07/22/25 (Call 07/22/24), (SOFR + 1.152%)^(b)		1,584		1,493,510
3.13%, 01/23/23		3,205		3,193,895
3.13%, 07/27/26		1,550		1,414,364
3.62%, 04/17/25 (Call 04/17/24), (SOFR + 1.160%)^(b)		1,795		1,733,756
3.63%, 01/20/27		4,490		4,137,310
3.70%, 10/23/24		3,691		3,578,018
3.74%, 04/24/24 (Call 04/24/23), (3 mo. LIBOR US + 0.847%)^(b)		620		613,867
3.75%, 02/25/23^(a)		2,405		2,392,821
3.88%, 01/27/26		4,635		4,405,740
3.95%, 04/23/27		5,125		4,735,220
4.00%, 07/23/25		3,874		3,729,230
4.10%, 05/22/23^(a)		2,905		2,890,569
4.21%, 04/20/28 (Call 04/20/27), (SOFR + 1.610%)^(b)		985		911,631
4.35%, 09/08/26		2,710		2,578,935
4.68%, 07/17/26 (Call 07/17/25)^(b)		1,940		1,882,648
4.88%, 11/01/22		1,954		1,954,000
5.00%, 11/24/25		2,750		2,706,230
6.25%, 08/09/26		1,230		1,251,891
Series F, 3.88%, 04/29/24		4,462		4,366,557
Series I, 0.86%, 10/21/25 (Call 10/21/24), (SOFR + 0.745%)^(b)		4,609		4,160,064
National Australia Bank Ltd., 3.91%, 06/09/27		825		778,893
National Australia Bank Ltd./New York
1.88%, 12/13/22^(a)		890		887,542
2.50%, 07/12/26^(a)		1,105		1,004,230
2.88%, 04/12/23^(a)		380		377,025
3.00%, 01/20/23^(a)		714		711,488
3.38%, 01/14/26		1,570		1,484,227
3.50%, 06/09/25^(a)		1,110		1,065,623
3.63%, 06/20/23^(a)		630		625,336
National Bank of Canada
0.55%, 11/15/24 (Call 11/15/23)^(a)(b)		1,840		1,743,077
0.75%, 08/06/24^(a)		1,240		1,139,872
2.10%, 02/01/23		440		436,820
3.75%, 06/09/25 (Call 06/09/24)^(b)		1,635		1,576,538
Natwest Group PLC, 2.36%, 05/22/24 (Call 05/22/23)^(a)(b)		1,833		1,787,132
NatWest Group PLC
1.64%, 06/14/27 (Call 06/14/26)^(b)		1,100		913,553
4.27%, 03/22/25 (Call 03/22/24), (3 mo. LIBOR US + 1.762%)^(b)		3,411		3,288,222


Security	Par (000)		Value

Banks (continued)
4.52%, 06/25/24 (Call 06/25/23), (3 mo. LIBOR US + 1.550%)^(b)	$	2,240	$	2,208,265
4.80%, 04/05/26^(a)		2,518		2,373,643
Northern Trust Corp.
3.95%, 10/30/25		1,745		1,693,535
4.00%, 05/10/27 (Call 04/10/27)^(a)		2,155		2,059,750
PNC Bank NA
2.70%, 11/01/22		648		648,000
2.95%, 01/30/23 (Call 12/30/22)		916		912,621
2.95%, 02/23/25 (Call 01/24/25)		1,190		1,132,237
3.10%, 10/25/27 (Call 09/25/27)		200		180,678
3.25%, 06/01/25 (Call 05/02/25)		1,377		1,308,815
3.30%, 10/30/24 (Call 09/30/24)^(a)		971		934,606
3.50%, 06/08/23 (Call 05/09/23)		934		925,964
3.80%, 07/25/23 (Call 06/25/23)		939		929,426
3.88%, 04/10/25 (Call 03/10/25)		1,130		1,086,991
4.20%, 11/01/25 (Call 10/02/25)		900		868,692
2.50%, 08/27/24 (Call 07/27/24)^(a)		981		935,355
PNC Financial Services Group Inc. (The)
1.15%, 08/13/26 (Call 07/13/26)^(a)		1,690		1,451,040
2.20%, 11/01/24 (Call 10/02/24)		1,703		1,605,909
2.60%, 07/23/26 (Call 05/23/26)		730		659,099
2.85%, 11/09/22^(c)		429		428,848
3.15%, 05/19/27 (Call 04/19/27)		560		503,889
3.50%, 01/23/24 (Call 12/23/23)^(a)		2,092		2,049,451
3.90%, 04/29/24 (Call 03/29/24)		1,860		1,819,798
Regions Financial Corp., 2.25%, 05/18/25 (Call 04/18/25)		824		758,426
Royal Bank of Canada
0.43%, 01/19/24		884		833,796
0.50%, 10/26/23^(a)		847		809,388
0.65%, 07/29/24		1,640		1,511,658
0.75%, 10/07/24		1,595		1,459,833
0.88%, 01/20/26		1,139		982,462
1.15%, 06/10/25^(a)		1,276		1,145,886
1.15%, 07/14/26		1,877		1,601,508
1.20%, 04/27/26		1,757		1,517,983
1.40%, 11/02/26		2,015		1,714,116
1.60%, 04/17/23^(a)		819		806,924
1.60%, 01/21/25		630		578,758
1.95%, 01/17/23^(a)		1,114		1,108,143
2.05%, 01/21/27		1,064		921,772
2.25%, 11/01/24		1,969		1,850,835
2.55%, 07/16/24		1,813		1,727,942
3.38%, 04/14/25^(a)		1,695		1,616,103
3.63%, 05/04/27		2,215		2,042,213
3.70%, 10/05/23		1,815		1,789,794
3.97%, 07/26/24^(a)		1,105		1,079,004
4.24%, 08/03/27		1,045		981,493
4.65%, 01/27/26		2,229		2,150,980
5.66%, 10/25/24		510		511,619
6.00%, 11/01/27		1,000		1,005,938
Santander Holdings USA Inc.
2.49%, 01/06/28 (Call 01/06/27), (SOFR + 1.249%)^(a)(b)		530		438,645
3.24%, 10/05/26 (Call 08/05/26)		920		812,869
3.40%, 01/18/23 (Call 12/18/22)^(a)		1,033		1,030,749
3.45%, 06/02/25 (Call 05/02/25)		968		904,825
3.50%, 06/07/24 (Call 05/07/24)		3,000		2,876,313
4.26%, 06/09/25 (Call 06/09/24)^(b)		1,395		1,333,969
4.40%, 07/13/27 (Call 04/14/27)		410		370,402
4.50%, 07/17/25 (Call 04/17/25)^(a)		1,481		1,417,516


Security	Par (000)		Value

Banks (continued)
5.81%, 09/09/26 (Call 09/09/25)^(a)(b)	$	1,000	$	964,380
Santander UK Group Holdings PLC
1.09%, 03/15/25 (Call 03/15/24), (SOFR + 0.787%)^(b)		955		877,111
1.53%, 08/21/26 (Call 08/21/25)^(b)		1,212		1,032,522
1.67%, 06/14/27 (Call 06/14/26), (SOFR + 0.989%)^(b)		2,195		1,794,127
2.47%, 01/11/28 (Call 01/11/27), (SOFR + 1.220%)^(b)		300		247,824
3.37%, 01/05/24 (Call 01/05/23), (3 mo. LIBOR US + 1.080%)^(b)		684		679,001
4.80%, 11/15/24 (Call 11/15/23), (3 mo. LIBOR US + 1.570%)^(b)		2,311		2,260,785
Santander UK PLC, 4.00%, 03/13/24		2,157		2,112,189
State Street Corp.
1.68%, 11/18/27 (Call 11/18/26), (SOFR + 0.560%)^(b)		225		194,892
2.65%, 05/19/26		920		851,893
3.30%, 12/16/24^(a)		2,228		2,149,762
3.55%, 08/18/25		2,946		2,830,618
3.70%, 11/20/23		1,261		1,244,792
Sumitomo Mitsui Banking Corp.
3.00%, 01/18/23		200		199,159
3.40%, 07/11/24^(a)		1,175		1,130,451
3.65%, 07/23/25^(a)		40		37,832
3.95%, 07/19/23		275		273,202
3.95%, 01/10/24		825		809,178
Sumitomo Mitsui Financial Group Inc.
0.51%, 01/12/24^(a)		420		395,846
0.95%, 01/12/26		1,384		1,191,043
1.40%, 09/17/26^(a)		3,260		2,759,584
1.47%, 07/08/25		3,770		3,364,693
2.17%, 01/14/27		660		570,713
2.35%, 01/15/25		2,239		2,083,854
2.45%, 09/27/24		2,475		2,328,575
2.63%, 07/14/26^(a)		3,105		2,781,172
2.70%, 07/16/24		3,830		3,645,292
3.01%, 10/19/26		855		771,030
3.10%, 01/17/23^(a)		439		437,524
3.35%, 10/18/27^(a)		20		17,775
3.36%, 07/12/27^(a)		1,705		1,532,497
3.45%, 01/11/27		590		537,228
3.75%, 07/19/23^(a)		868		858,080
3.78%, 03/09/26		2,780		2,617,423
3.94%, 10/16/23		2,065		2,041,713
SVB Financial Group, 1.80%, 10/28/26 (Call 09/28/26)		595		499,778
Svenska Handelsbanken AB, 3.90%, 11/20/23		1,861		1,836,154
Synchrony Bank
5.40%, 08/22/25 (Call 07/22/25)		1,210		1,169,219
5.63%, 08/23/27 (Call 07/23/27)		1,250		1,175,738
Toronto-Dominion Bank (The)
0.25%, 01/06/23^(a)		520		516,095
0.30%, 06/02/23^(a)		1,706		1,661,948
0.45%, 09/11/23		1,544		1,484,551
0.55%, 03/04/24		1,867		1,751,494
0.70%, 09/10/24		860		788,939
0.75%, 06/12/23		1,217		1,184,039
0.75%, 09/11/25^(a)		1,135		994,122
0.75%, 01/06/26		1,304		1,124,937
1.15%, 06/12/25		1,186		1,062,288
1.20%, 06/03/26		895		770,430
1.25%, 12/13/24		1,345		1,234,380
1.25%, 09/10/26		2,280		1,944,619
1.45%, 01/10/25		985		905,075


Security	Par (000)		Value

Banks (continued)
1.90%, 12/01/22	$	1,356	$	1,353,096
1.95%, 01/12/27		1,285		1,114,042
2.35%, 03/08/24		2,130		2,046,506
2.65%, 06/12/24^(a)		2,626		2,515,613
2.80%, 03/10/27		2,360		2,102,022
3.25%, 03/11/24		2,905		2,825,926
3.50%, 07/19/23^(a)		1,490		1,474,694
3.77%, 06/06/25		2,155		2,068,535
4.11%, 06/08/27		1,550		1,450,295
4.29%, 09/13/24		2,135		2,091,496
4.69%, 09/15/27		3,025		2,892,876
Truist Bank
1.25%, 03/09/23 (Call 02/06/23)		790		780,039
1.50%, 03/10/25 (Call 02/10/25)^(a)		1,930		1,764,804
2.15%, 12/06/24 (Call 11/05/24)		2,352		2,201,570
2.75%, 05/01/23 (Call 04/01/23)		723		715,797
3.00%, 02/02/23 (Call 01/02/23)^(a)		802		798,366
3.20%, 04/01/24 (Call 03/01/24)		2,512		2,438,376
3.30%, 05/15/26 (Call 04/15/26)		1,370		1,261,106
3.63%, 09/16/25 (Call 08/16/25)		1,800		1,703,452
3.69%, 08/02/24 (Call 08/02/23), (3 mo. LIBOR US + 0.735%)^(a)(b)		837		827,268
3.80%, 10/30/26 (Call 09/30/26)		1,270		1,181,917
4.05%, 11/03/25 (Call 09/03/25)		598		577,034
Truist Financial Corp.
1.13%, 08/03/27 (Call 06/03/27)		30		24,316
1.20%, 08/05/25 (Call 07/03/25)		911		812,444
1.27%, 03/02/27 (Call 03/02/26), (SOFR + 0.609%)^(b)		1,353		1,167,891
2.20%, 03/16/23 (Call 02/13/23)^(a)		620		614,986
2.50%, 08/01/24 (Call 07/01/24)		1,923		1,836,380
2.85%, 10/26/24 (Call 09/26/24)		2,041		1,951,144
3.70%, 06/05/25 (Call 05/05/25)		1,542		1,476,574
3.75%, 12/06/23 (Call 11/06/23)		1,652		1,629,633
4.00%, 05/01/25 (Call 03/01/25)		1,882		1,823,057
4.26%, 07/28/26 (Call 07/28/25)^(b)		2,000		1,929,115
5.90%, 10/28/26		1,300		1,300,222
U.S. Bancorp.
1.45%, 05/12/25 (Call 04/11/25)^(a)		2,255		2,060,449
2.22%, 01/27/28 (Call 01/27/27), (SOFR + 0.730%)^(b)		2,600		2,268,066
2.40%, 07/30/24 (Call 06/28/24)^(a)		2,174		2,077,395
3.10%, 04/27/26 (Call 03/27/26)		885		820,686
3.38%, 02/05/24 (Call 01/05/24)		1,590		1,558,266
3.60%, 09/11/24 (Call 08/11/24)^(a)		1,776		1,730,008
3.70%, 01/30/24 (Call 12/29/23)		790		778,269
3.95%, 11/17/25 (Call 10/17/25)		1,090		1,051,454
5.73%, 10/21/26		525		526,453
Series V, 2.38%, 07/22/26 (Call 06/22/26)		724		656,131
Series X, 3.15%, 04/27/27 (Call 03/27/27)^(a)		75		69,013
U.S. Bank NA/Cincinnati OH
1.95%, 01/09/23 (Call 12/09/22)^(a)		680		676,719
2.05%, 01/21/25 (Call 12/20/24)		786		734,561
2.80%, 01/27/25 (Call 12/27/24)^(a)		1,133		1,078,067
2.85%, 01/23/23 (Call 12/23/22)		606		603,870
3.40%, 07/24/23 (Call 06/23/23)		1,399		1,383,736
Wells Fargo & Co.
0.81%, 05/19/25 (Call 05/19/24), (SOFR + 0.510%)^(a)(b)		4,610		4,265,968
1.65%, 06/02/24 (Call 06/02/23), (SOFR + 1.600%)^(b)		3,291		3,215,655
2.16%, 02/11/26 (Call 02/11/25), (3 mo. LIBOR US + 0.750%)^(b)		4,826		4,432,560
2.19%, 04/30/26 (Call 04/30/25), (SOFR + 2.000%)^(b)		3,838		3,493,962


Security	Par (000)		Value

Banks (continued)
2.41%, 10/30/25 (Call 10/30/24), (SOFR + 1.087%)^(b)	$	4,799	$	4,471,954
3.00%, 02/19/25		4,111		3,884,242
3.00%, 04/22/26		5,213		4,769,108
3.00%, 10/23/26		2,150		1,946,485
3.20%, 06/17/27 (Call 06/17/26), (3 mo. LIBOR US + 1.170%)^(a)(b)		4,450		4,030,996
3.30%, 09/09/24		3,591		3,468,606
3.53%, 03/24/28 (Call 03/24/27), (SOFR + 1.510%)^(b)		980		883,515
3.55%, 09/29/25		4,115		3,893,608
3.75%, 01/24/24 (Call 12/22/23)		4,793		4,706,390
3.91%, 04/25/26 (Call 04/25/25), (SOFR + 1.320%)^(a)(b)		3,420		3,257,356
4.10%, 06/03/26^(a)		1,747		1,652,031
4.13%, 08/15/23^(a)		2,185		2,167,703
4.30%, 07/22/27		1,850		1,730,114
4.48%, 01/16/24^(a)		453		448,771
4.54%, 08/15/26 (Call 08/15/25)^(b)		3,975		3,823,013
Westpac Banking Corp.
1.02%, 11/18/24		1,890		1,743,627
1.15%, 06/03/26		2,335		2,027,263
2.00%, 01/13/23^(a)		912		907,603
2.35%, 02/19/25		1,456		1,368,806
2.70%, 08/19/26^(a)		1,755		1,603,377
2.75%, 01/11/23^(a)		492		490,021
2.85%, 05/13/26		1,300		1,202,688
3.30%, 02/26/24^(a)		2,397		2,349,861
3.35%, 03/08/27		1,370		1,268,493
3.65%, 05/15/23^(a)		1,154		1,147,759
3.74%, 08/26/25		1,345		1,297,214
4.04%, 08/26/27^(a)		200		189,923


				1,027,499,169

Beverages — 1.3%
Anheuser-Busch Companies LLC/Anheuser-Busch InBev Worldwide Inc., 3.65%, 02/01/26 (Call 11/01/25)		5,444		5,218,041
Coca-Cola Co. (The)
1.45%, 06/01/27		950		824,648
1.75%, 09/06/24		1,541		1,466,249
2.90%, 05/25/27		355		327,844
3.38%, 03/25/27^(a)		2,070		1,966,624
Constellation Brands Inc.
3.50%, 05/09/27 (Call 02/09/27)		395		362,786
3.60%, 05/09/24^(a)		1,640		1,598,296
3.70%, 12/06/26 (Call 09/06/26)		430		400,949
4.35%, 05/09/27 (Call 04/09/27)		685		653,560
4.40%, 11/15/25 (Call 09/15/25)^(a)		1,089		1,060,323
Diageo Capital PLC
1.38%, 09/29/25 (Call 08/29/25)		1,610		1,451,575
2.13%, 10/24/24 (Call 09/24/24)		1,602		1,512,495
2.63%, 04/29/23 (Call 01/29/23)		1,833		1,812,824
3.50%, 09/18/23 (Call 08/18/23)		792		780,899
5.20%, 10/24/25		1,000		1,003,012
5.30%, 10/24/27		1,000		1,003,674
Keurig Dr Pepper Inc.
0.75%, 03/15/24 (Call 12/01/22)		1,645		1,548,873
3.13%, 12/15/23 (Call 10/15/23)		775		759,360
3.40%, 11/15/25 (Call 08/15/25)^(a)		1,162		1,102,109
4.42%, 05/25/25 (Call 03/25/25)^(a)		807		796,817
Molson Coors Beverage Co., 3.00%, 07/15/26 (Call 04/15/26)		2,640		2,405,818
PepsiCo Inc.
0.40%, 10/07/23		810		776,879


Security	Par (000)		Value

Beverages (continued)
0.75%, 05/01/23	$	609	$	597,790
2.25%, 03/19/25 (Call 02/19/25)		2,364		2,226,918
2.38%, 10/06/26 (Call 07/06/26)		215		196,821
2.63%, 03/19/27 (Call 01/19/27)		2,355		2,156,312
2.75%, 03/01/23^(a)		362		359,871
2.75%, 04/30/25 (Call 01/30/25)		501		476,232
2.85%, 02/24/26 (Call 11/24/25)		575		541,092
3.00%, 10/15/27 (Call 07/15/27)		25		23,070
3.50%, 07/17/25 (Call 04/17/25)		508		491,762
3.60%, 03/01/24 (Call 12/01/23)		2,294		2,264,829
3.60%, 02/18/28 (Call 01/18/28)		1,425		1,339,562


				39,507,914

Biotechnology — 1.0%
Amgen Inc.
1.90%, 02/21/25 (Call 01/21/25)		1,011		941,314
2.20%, 02/21/27 (Call 12/21/26)		1,497		1,328,614
2.25%, 08/19/23 (Call 06/19/23)^(a)		1,824		1,783,882
2.60%, 08/19/26 (Call 05/19/26)^(a)		2,645		2,419,407
3.13%, 05/01/25 (Call 02/01/25)^(a)		1,513		1,446,276
3.63%, 05/22/24 (Call 02/22/24)		1,475		1,445,432
Baxalta Inc., 4.00%, 06/23/25 (Call 03/23/25)		1,608		1,556,785
Biogen Inc., 4.05%, 09/15/25 (Call 06/15/25)		1,520		1,464,241
Gilead Sciences Inc.
0.75%, 09/29/23 (Call 11/14/22)		1,731		1,666,312
1.20%, 10/01/27 (Call 08/01/27)		200		164,447
2.50%, 09/01/23 (Call 07/01/23)		1,449		1,420,834
2.95%, 03/01/27 (Call 12/01/26)		1,050		955,091
3.50%, 02/01/25 (Call 11/01/24)^(a)		2,672		2,580,015
3.65%, 03/01/26 (Call 12/01/25)		4,353		4,122,840
3.70%, 04/01/24 (Call 01/01/24)^(a)		2,773		2,721,716
Illumina Inc., 0.55%, 03/23/23		365		358,135
Royalty Pharma PLC
0.75%, 09/02/23		1,244		1,193,596
1.20%, 09/02/25 (Call 08/02/25)		2,027		1,789,124


				29,358,061

Building Materials — 0.1%
Carrier Global Corp.
2.24%, 02/15/25 (Call 01/15/25)^(a)		1,251		1,163,222
2.49%, 02/15/27 (Call 12/15/26)		490		431,574
Fortune Brands Home & Security Inc.
4.00%, 09/21/23 (Call 08/21/23)^(a)		1,138		1,126,950
4.00%, 06/15/25 (Call 03/15/25)		775		742,207


				3,463,953

Chemicals — 1.0%
Air Products and Chemicals Inc.
1.50%, 10/15/25 (Call 09/15/25)		1,456		1,320,215
1.85%, 05/15/27 (Call 03/15/27)^(a)		625		546,022
Albemarle Corp., 4.65%, 06/01/27 (Call 05/01/27)		1,240		1,173,385
Celanese U.S. Holdings LLC
3.50%, 05/08/24 (Call 04/08/24)		977		936,179
4.63%, 11/15/22		477


	Page

The Markets in Review		2
Annual Report:
Market Overview		4
Fund Summary		5
About Fund Performance		17
Disclosure of Expenses		17
Schedules of Investments		18
Financial Statements:
Statements of Assets and Liabilities		101
Statements of Operations		103
Statements of Changes in Net Assets		105
Financial Highlights		108
Notes to Financial Statements		114
Report of Independent Registered Public Accounting Firm		126
Important Tax Information		127
Board Review and Approval of Investment Advisory Contract		129
Supplemental Information		135
Trustee and Officer Information		136
General Information		139
Glossary of Terms Used in this Report		140


	Average Annual Total Returns									Cumulative Total Returns

	1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception

Fund NAV		(6.35	)%		0.93	%		1.33	%		(6.35	)%		4.73	%		12.70	%
Fund Market		(6.29	)		0.93			1.34			(6.29	)		4.74			12.81
Index		(6.36	)		0.97			1.42			(6.36	)		4.92			13.60


Actual							Hypothetical 5% Return


	Beginning Account Value (05/01/22	)	Ending Account Value (10/31/22	)	Expenses Paid During the Period	^(a)		Beginning Account Value (05/01/22	)	Ending Account Value (10/31/22	)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00		$ 979.30		$ 0.30			$ 1,000.00		$ 1,024.90		$ 0.31		0.06	%


MATURITY ALLOCATION
Maturity	Percent of Total Investments	^(a)

0-1 Year	13.3	%
1-5 Years	85.2
5-10 Years	1.5


	Average Annual Total Returns									Cumulative Total Returns

	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		(18.93	)%		(0.70	)%		0.98	%		(18.93	)%		(3.45	)%		10.24	%
Fund Market		(18.86	)		(0.72	)		0.92			(18.86	)		(3.53	)		9.58
Index		(18.84	)		(0.58	)		1.11			(18.84	)		(2.88	)		11.67


2		T H I S P A G E I S N O T P A R T O F Y O U R F U N D R E P O R T


4		2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S


Fund Summary as of October 31, 2022		iShares^® 0-5 Year Investment Grade Corporate Bond ETF


Fund Summary as of October 31, 2022 (continued)		iShares^® 0-5 Year Investment Grade Corporate Bond ETF


CREDIT QUALITY ALLOCATION
Moody’s Credit Rating^*	Percent of Total Investments	^(a)

Aaa	2.6	%
Aa	4.8
A	49.2
Baa	41.3
Ba	1.0
Not Rated	1.1


Fund Summary as of October 31, 2022		iShares^® Aaa - A Rated Corporate Bond ETF


TEN LARGEST HOLDINGS
Security	Percent of Total Investments	^(a)

Microsoft Corp., 2.92%, 03/17/52	0.2	%
Microsoft Corp., 2.53%, 06/01/50	0.2
Amazon.com Inc., 3.15%, 08/22/27	0.2
Apple Inc., 3.25%, 02/23/26	0.2
Wells Fargo & Co., 5.01%, 04/04/51	0.2
Microsoft Corp., 3.30%, 02/06/27	0.2
Apple Inc., 4.65%, 02/23/46	0.2
Comcast Corp., 2.94%, 11/01/56	0.2
Visa Inc., 3.15%, 12/14/25	0.1
Shell International Finance BV, 6.38%, 12/15/38	0.1


Fund Summary as of October 31, 2022		iShares^® BB Rated Corporate Bond ETF


Fund Summary as of October 31, 2022		iShares^® Convertible Bond ETF


Actual						Hypothetical 5% Return


	Beginning Account Value (05/01/22)	Ending Account Value (10/31/22	)	Expenses Paid During the Period	^(a)		Beginning Account Value (05/01/22	)	Ending Account Value (10/31/22	)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$ 922.00		$ 0.97			$ 1,000.00		$ 1,024.20		$ 1.02		0.20	%


TEN LARGEST HOLDINGS

Security	Percent of Total Investments	^(a)

American Airlines Inc./AAdvantage Loyalty IP Ltd., 5.50%, 04/20/26	0.6	%
Directv Financing LLC/Directv Financing Co-Obligor Inc., 5.88%, 08/15/27	0.6
American Airlines Inc./AAdvantage Loyalty IP Ltd., 5.75%, 04/20/29	0.5
Sprint Capital Corp., 6.88%, 11/15/28	0.4
Sprint Capital Corp., 8.75%, 03/15/32	0.4
Tenet Healthcare Corp., 4.88%, 01/01/26	0.3
Sprint Corp., 7.13%, 06/15/24	0.3
Carnival Corp., 4.00%, 08/01/28	0.3
Tenet Healthcare Corp., 6.13%, 06/15/30	0.3
United Airlines Inc., 4.38%, 04/15/26	0.3


MATURITY ALLOCATION

Maturity	Percent of Total Investments^(a)

0-1 Year		7.5	%
1-5 Years		81.8
5-10 Years		8.3
More than 20 Years		2.4


Fund Summary as of October 31, 2022		iShares^® Floating Rate Bond ETF


Fund Summary as of October 31, 2022		iShares^® USD Green Bond ETF


Actual								Hypothetical 5% Return

	Beginning Account Value (05/01/22)		Ending Account Value (10/31/22	)		Expenses Paid During the Period	^(a)		Beginning Account Value (05/01/22	)		Ending Account Value (10/31/22	)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	936.60		$	0.39		$	1,000.00		$	1,024.80		$	0.41		0.08	%


A B O U T F U N D P E R F O R M A N C E / D I S C L O S U R E O F E X P E N S E S		17