iShares U.S. ETF Trust

The Markets in Review

Dear Shareholder,

The combination of continued economic growth and cooling inflation provided a supportive backdrop for investors during the 12-month reporting period ended October 31, 2023. Significantly tighter monetary policy helped to rein in inflation, as the annual increase in the Consumer Price Index declined to its long-term average of approximately 3% in October 2023. Meanwhile, real economic growth proved more resilient than many investors anticipated. A moderating labor market also helped ease inflationary pressure, although wages continued to grow and unemployment rates touched the lowest levels in decades before rising slightly. This robust labor market powered further growth in consumer spending, backstopping the economy. On October 7, 2023, Hamas launched a horrific attack on Israel. The ensuing war will have a significant humanitarian impact and could lead to heightened economic and market volatility. We see geopolitics as a structural market risk going forward. See our geopolitical risk dashboard at blackrock.com for more details.

Equity returns were solid during the period, as the durability of consumer spending mitigated investors’ concerns about the economy’s trajectory. The U.S. economy continued to show strength, and growth further accelerated in the third quarter of 2023. However, equity returns were uneven, as the performance of a few notable technology companies supported gains among large-capitalization U.S. stocks, while small-capitalization U.S. stocks declined overall. Meanwhile, international developed market equities advanced, and emerging market equities posted solid gains.

The 10-year U.S. Treasury yield rose during the reporting period, driving its price down, as investors reacted to elevated inflation and attempted to anticipate future interest rate changes. The corporate bond market benefited from improving economic sentiment, although high-yield corporate bond prices fared significantly better than investment-grade bonds as demand from yield-seeking investors remained strong.

The U.S. Federal Reserve (the “Fed”), attempting to manage persistent inflation, raised interest rates six times during the 12-month period, but slowed and then paused its tightening later in the period. The Fed also wound down its bond-buying programs and incrementally reduced its balance sheet by not replacing securities that reach maturity.

Supply constraints appear to have become an embedded feature of the new macroeconomic environment, making it difficult for developed economies to increase production without sparking higher inflation. Geopolitical fragmentation and an aging population risk further exacerbating these constraints, keeping the labor market tight and wage growth high. Although the Fed has decelerated the pace of interest rate hikes and recently opted for several pauses, we believe that the new economic regime means that the Fed will need to maintain high rates for an extended period to keep inflation under control. Furthermore, ongoing structural changes may mean that the Fed will be hesitant to cut interest rates in the event of faltering economic activity lest inflation accelerate again.

While we favor an overweight position in developed market equities in the long term, we prefer an underweight stance in the near term. Expectations for corporate earnings remain elevated, which seems inconsistent with macroeconomic constraints. Nevertheless, we are overweight on Japanese stocks in the near term as shareholder-friendly policies generate increased investor interest. We also believe that stocks with an AI tilt should benefit from an investment cycle that is set to support revenues and margins. In credit, there are selective opportunities in the near term despite tightening credit and financial conditions. For fixed income investing with a six- to twelve-month horizon, we see the most attractive investments in short-term U.S. Treasuries, U.S. inflation-linked bonds, euro area government bonds and gilts, U.S. mortgage-backed securities, and hard-currency emerging market bonds.

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, 2023

	6-Month			12-Month

U.S. large cap equities (S&P 500^® Index)		1.39	%		10.14	%

U.S. small cap equities (Russell 2000^® Index)		(5.29	)		(8.56	)

International equities (MSCI Europe, Australasia, Far East Index)		(7.88	)		14.40

Emerging market equities (MSCI Emerging Markets Index)		(4.78	)		10.80

3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		2.63			4.77

U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		(9.70	)		(3.25	)

U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		(6.13	)		0.36

Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)		(4.65	)		2.64

U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		0.02			6.23

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. fixed-income market, as measured by the Bloomberg U.S. Aggregate Bond Index, posted a return of 0.36% for the 12 months ended October 31, 2023 (the “reporting period”). The benefit of income outweighed the effect of falling prices, leading to a narrow gain.

Several factors played a role in the weak showing for bonds. When the reporting period began, the market was seeing support from a decline in inflation from the peak reached in the months following the outbreak of war in Ukraine. The easing of price pressures fueled expectations that the U.S. Federal Reserve (Fed) could be nearing the end of its long series of interest rate hikes, leading to positive market performance in late 2022. As 2023 progressed, however, the combination of persistent inflation and communications from Fed officials made it clear that although rate hikes were indeed winding down, interest rates were likely to remain “higher for longer.” Continued strength in economic growth, together with elevated housing prices and robust employment, reinforced the notion that the Fed would need to maintain high rates to prevent a reacceleration of inflation. The Fed ultimately raised rates six times over the course of the 12-month period, bringing the benchmark fed funds rate from a range of 3.0-3.25% to 5.25%-5.50%. More important, however, was the fact that the markets continued to push out expectations for the central bank’s first rate cut. At the beginning of the period, the futures markets were indicating the initial rate reduction would occur in the second half of 2023. In contrast, the expected timing had shifted to late 2024 by the end of October.

In this environment, U.S. Treasury yields moved higher across the maturity spectrum (as prices fell). The two-year note climbed 4.48% to 5.09% over the course of the 12-month period, while the 10-year yield rose from 4.05% to 4.93%. Both issues finished October 2023 near their highest levels since 2007. The government bond market, in addition to being affected by rising interest rates, was further pressured by worries that the need for increased Treasury issuance would create an imbalance of supply and demand in the market.

The volatility in U.S. Treasuries, together with lower mortgage pre-payments and the Fed’s efforts to reduce the fixed-income holdings on its balance sheet, caused mortgage-backed securities to finish with a negative return. Conversely, the other major segments of the securitized category—asset-backed securities and commercial mortgage-backed securities—posted gains. Investment-grade corporate bonds also produced positive returns and outpaced Treasuries. The asset class benefited from a larger contribution from income and a decline in its yield spreads versus government issues.

Bonds with maturities of ten years and above, which are most sensitive to rate movements, trailed the broader market. On the other hand, issues in the three- to- seven-year maturity range outperformed. Higher-rated investment-grade bonds, whose performance is dictated more by interest-rate trends than credit developments, generally lagged lower-rated securities.

The BlackRock Short Maturity Bond ETF (the “Fund”) seeks to maximize current income by investing, under normal circumstances, at least 80% of its net assets in a portfolio of U.S. dollar-denominated investment-grade fixed income securities and maintain a weighted average maturity that is less than three years. The Fund is an actively managed exchange-traded fund that does not seek to replicate the performance of a specified index.

On September 27, 2023, the Board approved a proposal to change the name of BlackRock Short Maturity Bond ETF to BlackRock Short Duration Bond ETF, the Fund’s index to Bloomberg U.S. 1-3 Year Government/Credit Bond Index, as well as certain changes to the Fund’s investment objective. These changes became effective on November 1, 2023.

The Bloomberg Short-Term Government/Corporate Index is an unmanaged index that measures the performance of government and corporate securities with less than 1 year remaining to maturity.

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.

Short-term bonds posted a gain in the annual period. Although the U.S. Federal Reserve (Fed) continued to raise interest rates, which was detrimental for the market as a whole, shorter-dated issues were relatively insulated from this trend due to their lower degree of interest rate sensitivity. In addition, income—which has risen considerably in the past two years as the Fed has hiked rates—made a meaningful contribution to total returns. Corporate bonds outperformed U.S. Treasuries thanks to their above-average yields and the tailwind from better-than-expected economic growth.

The Fund’s active overweight positions in corporate issues and securitized products contributed to performance. The investment adviser maintained the Fund’s core allocation to corporates, while adjusting its positioning in a tactical fashion based on movements in yield spreads and shifts in fundamentals. The adviser added to the Fund’s weighting in the industrials sector over the course of the year. Within the sector, the adviser added to the consumer industries based on its view that the U.S. consumer remained fundamentally sound. Additionally, it focused on high-quality structured products, such as asset-backed securities (ABS) and collateralized loan obligations. Within ABS, the adviser preferred consumer sectors such as autos and credit cards. These market segments performed well due to a favorable fundamental backdrop and robust demand from investors seeking high-quality yield.

On the other hand, the Fund’s longer duration stance (interest-rate sensitivity that was above that of the Index) detracted from performance in the third calendar quarter of 2023. As the market began to price in a “higher for longer” interest-rate scenario, as well as expectations that the Fed was nearing the end of its hiking cycle, the adviser believed it was appropriate to maintain a long duration position.

The adviser continued to prioritize quality in the Fund, and it sought to decrease risk at the margin. As part of this process, it reduced the Fund’s allocation to commercial mortgage-backed securities in response to the unique headwinds facing the asset class.

The BlackRock Short Maturity Municipal Bond ETF (the “Fund”) seeks to maximize tax-free current income by investing, under normal circumstances, at least 80% of its net assets in municipal securities such that the interest on each bond is exempt from U.S. federal income taxes and the federal alternative minimum tax. Under normal circumstances, the effective duration of the Fund’s portfolio is expected to be 1.2 years or less, as calculated by the management team, and is not expected to exceed 1.5 years. The Fund is an actively managed exchange-traded fund that does not seek to replicate the performance of a specified index.

The inception date of the Fund was March 3, 2015. The first day of secondary market trading was March 5, 2015.

The Bloomberg Municipal Bond: 1 Year (1-2) Index is an unmanaged index comprised of national municipal bond issues having a maturity of at least one year and less than two years.

The combination of elevated inflation and a tight labor market prompted the U.S. Federal Reserve (Fed) to tighten monetary policy over the course of the 12-month period. As a result, the investment adviser’s decision to keep duration below that of the benchmark through the use of variable rate demand notes (VRDNs) made a positive contribution to performance. (Duration is a measure of interest rate sensitivity.) VRDNs trade at par and capture increases in yields with daily or weekly rate adjustments, which provided protection against adverse price movements. The adviser’s decision to add floating rate notes that offered a yield spread over VRDNs was an additional contributor. Holdings in non-rated municipal one-year operating notes added value, as well. On the other hand, positions in securities that were purchased prior to the point at which the Fed began raising rates detracted.

In terms of portfolio activity, the adviser added short-term bonds at attractive levels as yields rose. In addition, as municipalities addressed their annual operating financing needs for the 2024 fiscal year, the adviser took advantage of offerings with elevated yields. With the Fed approaching the end of its tightening cycle, the adviser selectively increased the Fund’s duration closer to a neutral stance in relation to the benchmark. It achieved this through purchases of higher yielding municipal bonds and notes, together with a reduction in its VRDN holdings.

The BlackRock Ultra Short-Term Bond ETF (the “Fund”) seeks to provide current income consistent with preservation of capital by investing, under normal circumstances, at least 80% of its net assets in a portfolio of U.S. dollar-denominated investment-grade fixed- and floating-rate debt securities and maintain a dollar-weighted average maturity that is less than 180 days. The Fund is an actively managed exchange-traded fund that does not seek to replicate the performance of a specified index.

The inception date of the Fund was December 11, 2013. The first day of secondary market trading was December 13, 2013.

On 3/1/2021 the Fund began referencing the 4pm pricing variant of the ICE BofA US 6-Month Treasury Bill Index. Historical index data prior to 3/1/2021 is for the 3pm pricing variant of the ICE BofA US 6-Month Treasury Bill Index. Index data on and after 3/1/2021 is for the 4pm pricing variant of the ICE BofA US 6-Month Treasury Bill Index.

Ultra short-term bonds posted a gain in the annual period. Although the U.S. Federal Reserve (Fed) continued to raise interest rates, which was a headwind for the market as a whole, shorter-dated issues were relatively insulated from this trend due to their lower degree of interest rate sensitivity. In addition, income—which has risen considerably in the past two years as the Fed has hiked rates—made a meaningful contribution to total returns.

In this environment, the Fund’s benchmark—the ICE BofA US 6-Month Treasury Bill Index—returned 4.88% and strongly outpaced the -0.36% return for the overall fixed-income market, as represented by the Bloomberg U.S. Aggregate Bond Index.

The Fund’s allocation to credit was the primary reason for its outperformance. In particular, the adviser focused on short-dated Tier 2 commercial paper, Tier 1 bank commercial paper, and certificates of deposit with maturities of less than a year, all of which outperformed the benchmark Index due to their higher yields. The Fund’s duration strategy detracted, primarily as a result of a slight long position against the benchmark in February and March. (Duration is a measure of interest rate sensitivity.)

Despite the long duration positioning in the first calendar quarter, the investment adviser’s intended strategy over the first nine months of the period was to maintain a short duration bias given the Fed’s aggressive interest rate hikes. In July, as core inflation began to moderate and the Fed signaled its tightening cycle was nearing an end, the adviser shifted to a long-duration bias. The adviser believed that although inflation was likely to remain elevated, the potential for additional policy tightening was limited. In addition, yields were attractive on a historical basis. The adviser also maintained a “barbell” strategy throughout the period, adding short-dated credit and laddering two-to three-year investment-grade corporate bonds as a way to capitalize on the compelling yields for higher-quality issues.

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

Asset-Backed Securities

ACAS CLO Ltd., 6.55%, 10/18/28 (Call 01/18/24), (3-mo. SOFR + 1.516%)^(a)(b)	USD		1,137	$	1,131,170
Ally Auto Receivables Trust, 2.67%, 04/15/25 (Call 09/15/25)	USD		1,627		1,624,253
AmeriCredit Automobile Receivables Trust, 4.20%, 12/18/25 (Call 08/18/26)	USD		2,666		2,652,838
Anchorage Capital CLO 4-R Ltd., Series 2014-4RA, Class A, 6.70%, 01/28/31 (Call 01/28/24), (3-mo. SOFR + 1.312%)^(a)(b)	USD		3,303		3,289,007
Anchorage Capital CLO 7 Ltd., Series 2015-7A, Class AR2, 6.74%, 01/28/31 (Call 01/28/24), (3-mo. SOFR + 1.352%)^(a)(b)	USD		12,189		12,119,325
Apidos CLO XII, 6.74%, 04/15/31 (Call 01/15/24), (3-mo. SOFR + 1.342%)^(a)(b)	USD		487		485,539
ASSURANT CLO Ltd., Series 2018-2A, Class A, 6.72%, 04/20/31 (Call 01/20/24), (3-mo. SOFR + 1.301%)^(a)(b)	USD		236		234,851
Atlas Senior Loan Fund III Ltd., Series 2013-1A, Class AR, 6.47%, 11/17/27 (Call 11/17/23), (3-mo. SOFR + 1.092%)^(a)(b)	USD		317		316,612
Atrium XIII, Series 13A, Class A1, 6.85%, 11/21/30 (Call 01/23/24), (3-mo. SOFR + 1.442%)^(a)(b)	USD		2,415		2,411,106
Autoflorence 2 SRL
4.56%, 12/24/44 (Call 10/24/26), (1-mo. EURIBOR + 0.700%)^(b)(c)	EUR		6,597		6,980,412
4.61%, 12/24/44 (Call 10/24/26), (1-mo. EURIBOR + 0.750%)^(b)(c)	EUR		574		598,270
AutoFlorence 3 SRL, 6.21%, 12/25/46 (Call 06/25/28), (1-mo. EURIBOR + 2.350%)^(b)(c)	EUR		359		381,246
Autonoria Spain FTA, 5.86%, 01/26/40 (Call 05/25/28), (1-mo. EURIBOR + 2.000%)^(b)(c)	EUR		425		455,881
Azure Finance No. 3 PLC, 6.00%, 06/20/34 (Call 09/20/26), (1-day SONIA + 0.800%)^(b)(c)	GBP		1,479		1,799,828
Bain Capital Credit CLO Ltd., Series 2017-1A, Class A1R, 6.65%, 07/20/30 (Call 01/20/24), (3-mo. SOFR + 1.232%)^(a)(b)	USD		2,521		2,509,009
Barings CLO Ltd., 6.75%, 04/20/31 (Call 01/20/24), (3-mo. SOFR + 1.332%)^(a)(b)	USD		550		547,464
BDS 2021-FL9 Ltd., 6.52%, 11/16/38 (Call 11/16/23), (1-mo. CME Term SOFR + 1.184%)^(a)(b)	USD		3,430		3,344,225
Benefit Street Partners CLO III Ltd., Series 2013-IIIA, Class A1R2, 6.68%, 07/20/29 (Call 01/20/24), (3-mo. SOFR + 1.262%)^(a)(b)	USD		44		43,405
Benefit Street Partners CLO VIII Ltd., Series 2015-8A, Class A1AR, 6.78%, 01/20/31 (Call 01/20/24), (3-mo. SOFR + 1.362%)^(a)(b)	USD		634		632,788
Benefit Street Partners Clo XII Ltd., 6.61%, 10/15/30 (Call 01/15/24), (3-mo. SOFR + 1.212%)^(a)(b)	USD		1,315		1,310,792


Security		Par (000)		Value

BHG Securitization Trust, 3.75%, 06/18/35 (Call 11/17/28)^(a)	USD		420	$	417,458
BMW Vehicle Owner Trust 5.75%, 04/27/26	USD		31,305		31,280,416
5.84%, 12/26/24 (Call 12/25/25), (30-day SOFR + 0.520%)^(b)	USD		1,433		1,433,197
Capital One Prime Auto Receivables Trust, 2.71%, 06/16/25 (Call 04/15/26)	USD		4,184		4,157,860
Carlyle C17 CLO Ltd., Series C17A, Class A1AR, 6.68%, 04/30/31 (Call 01/30/24), (3-mo. SOFR + 1.292%)^(a)(b)	USD		975		969,724
Carlyle Global Market Strategies CLO Ltd., Series 2014-1A, Class A1R2, 6.63%, 04/17/31 (Call 01/17/24), (3-mo. SOFR + 1.232%)^(a)(b)	USD		4,997		4,977,151
Carmax Auto Owner Trust 2022-3, 3.81%, 09/15/25 (Call 05/15/26)	USD		3,086		3,069,656
Carmax Auto Owner Trust 2023-3, 5.92%, 11/16/26	USD		29,295		29,255,200
Cbam Ltd., Series 2018-7A, Class A, 6.78%, 07/20/31 (Call 01/20/24), (3-mo. SOFR + 1.362%)^(a)(b)	USD		732		726,193
Chesapeake Funding II LLC, Series 2020-1A, Class A2, 6.08%, 08/15/32 (Call 11/15/23), (30-day SOFR + 0.764%)^(a)(b)	USD		1,774		1,773,601
CIFC Funding Ltd.
6.84%, 11/16/30 (Call 01/17/24), (3-mo. SOFR + 1.442%)^(a)(b)	USD		578		576,380
Series 2014-2RA, Class A1, 6.71%, 04/24/30 (Call 01/24/24), (3-mo. SOFR + 1.312%)^(a)(b)	USD		199		198,764
Series 2018-1A, Class A, 6.66%, 04/18/31 (Call 01/18/24), (3-mo. SOFR + 1.262%)^(a)(b)	USD		9,375		9,338,695
Series 2018-2A, Class A1, 6.72%, 04/20/31 (Call 01/20/24), (3-mo. SOFR + 1.302%)^(a)(b)	USD		1,233		1,225,930
Citibank Credit Card Issuance Trust 6.22%, 05/14/29, (1-mo. CME Term SOFR + 0.884%)^(b)	USD		7,000		7,007,704
Series 2019-A5, Class A5, 6.07%, 04/22/26, (1-mo. CME Term SOFR + 0.734%)^(b)	USD		40,505		40,526,844
Clover CLO 2018-1 LLC, 6.80%, 04/20/32 (Call 01/20/24), (3-mo. SOFR + 1.382%)^(a)(b)	USD		1,000		997,519
College Ave Student Loans LLC, Series 2021-A, Class A1, 6.54%, 07/25/51 (Call 02/25/32), (1-mo. CME Term SOFR + 1.214%)^(a)(b)	USD		184		182,103
Credit Acceptance Auto Loan Trust, Series 2021-3A, Class A, 1.00%, 05/15/30 (Call 11/15/24)^(a)	USD		2,425		2,380,805
Delamare Cards MTN Issuer PLC, 6.00%, 04/19/31 (Call 04/19/26), (1-day SONIA + 0.800%)^(b)(c)	GBP		3,610		4,394,964
Diameter Capital Clo 1 Ltd., 6.90%, 07/15/36 (Call 01/15/24), (3-mo. SOFR + 1502%)^(a)(b)	USD		2,170		2,156,108
Donlen Fleet Lease Funding 2 LLC, Series 2021-2, Class A2, 0.56%, 12/11/34^(a)	USD		3,167		3,107,668


Security		Par (000)		Value

Dowson PLC 6.12%, 01/20/29 (Call 05/20/25), (1-day SONIA + 0.920%)^(b)(c)	GBP		1,017	$	1,238,170
6.95%, 01/20/29 (Call 05/20/25), (1-day SONIA + 1.750%)^(b)(c)	GBP		646		787,132
7.90%, 08/20/29 (Call 05/20/25), (1-day SONIA + 2.700%)^(b)(c)	GBP		3,806		4,658,600
Dryden 36 Senior Loan Fund, 6.68%, 04/15/29 (Call 01/15/24), (3-mo. SOFR + 1.282%)^(a)(b)	USD		1,235		1,227,742
Dryden 49 Senior Loan Fund, Series 2017-49A, Class AR, 6.61%, 07/18/30 (Call 01/18/24), (3-mo. SOFR + 1.212%)^(a)(b)	USD		9,689		9,649,621
Dryden 77 CLO Ltd., Series 2020-77A, Class XR, 6.64%, 05/20/34 (Call 11/20/23), (3-mo. SOFR + 1.262%)^(a)(b)	USD		172		171,698
Dryden XXVIII Senior Loan Fund, 6.83%, 08/15/30 (Call 11/15/23), (3-mo. SOFR + 1.462%)^(a)(b)	USD		3,101		3,092,830
Dutch Property Finance, Series 2021-2, Class A, 4.65%, 04/28/59 (Call 04/28/26), (3-mo. EURIBOR + 0.700%)^(b)(c)	EUR		4,665		4,918,248
Dutch Property Finance BV, 4.46%, 10/28/59 (Call 01/28/27), (3-mo. EURIBOR + 0.750%)^(b)(c)	EUR		7,360		7,756,923
Elevation CLO Ltd., Series 2014-2A, Class A1R, 6.89%, 10/15/29 (Call 01/15/24), (3-mo. SOFR + 1.492%)^(a)(b)	USD		161		161,032
Elvet Mortgages PLC, Series 2021-1, Class A, 5.59%, 10/22/63, (1-day SONIA + 0.370%)^(c)	GBP		3,308		4,014,226
Enterprise Fleet Financing LLC, 6.40%, 03/20/30^(a)	USD		5,261		5,277,347
Enterprise Fleet Funding LLC, Series 2021-1, Class A2, 0.44%, 12/21/26 (Call 06/20/24)^(a)	USD		2,262		2,235,881
Ford Credit Auto Owner Trust 3.44%, 02/15/25 (Call 12/15/25)	USD		5,731		5,713,852
5.81%, 06/15/26	USD		3,500		3,496,526
6.04%, 03/15/26 (Call 10/15/26), (30-day SOFR + 0.720%)^(b)	USD		18,669		18,677,755
Ford Credit Floorplan Master Owner Trust A, 6.57%, 05/15/28, (30-day SOFR + 1.250%)^(a)(b)	USD		21,540		21,688,477
Galaxy XV CLO Ltd., Series 2013-15A, Class ARR, 6.63%, 10/15/30 (Call 01/15/24), (3-mo. SOFR + 1.232%)^(a)(b)	USD		583		581,691
Galaxy XXVII CLO Ltd., 6.65%, 05/16/31 (Call 11/16/23), (3-mo. SOFR + 1.282%)^(a)(b)	USD		2,660		2,653,203
Generate CLO 2 Ltd., 6.82%, 01/22/31 (Call 01/22/24), (3-mo. SOFR + 1.412%)^(a)(b)	USD		1,492		1,487,999
Gilbert Park CLO Ltd., 6.85%, 10/15/30 (Call 01/15/24), (3-mo. SOFR + 1.452%)^(a)(b)	USD		212		211,850
Ginkgo Personal Loans 2023, 4.65%, 09/23/44^(c)	EUR		1,800		1,904,892
GM Financial Automobile Leasing Trust, 2.93%, 10/21/24 (Call 09/20/24)	USD		1,677		1,673,450
GM Financial Consumer Automobile Receivables Trust, 5.79%, 09/16/26 (Call 03/16/27), (30-day SOFR + 0.470%)^(b)	USD		26,572		26,565,910


Security		Par (000)		Value

GoldenTree Loan Opportunities IX Ltd., Series 2014-9A, Class AR2, 6.76%, 10/29/29 (Call 01/29/24), (3-mo. SOFR + 1.372%)^(a)(b)	USD		5,895	$	5,886,405
Grippen Park CLO Ltd., 6.94%, 01/20/30 (Call 01/20/24), (3-mo. SOFR + 1.522%)^(a)(b)	USD		362		361,270
Highbridge Loan Management, Series 3A-2014, Class A1R, 6.84%, 07/18/29 (Call 01/18/24), (3-mo. SOFR + 1.442%)^(a)(b)	USD		573		572,326
Honda Auto Receivables Owner Trust, 3.81%, 03/18/25 (Call 01/18/26)	USD		5,725		5,693,038
Hyundai Auto Lease Securitization Trust, 5.94%, 10/15/24 (Call 09/15/24), (30-day SOFR + 0.620%)^(a)(b)	USD		2,248		2,248,170
Hyundai Auto Receivables Trust
3.64%, 05/15/25 (Call 07/15/26)	USD		4,054		4,034,935
5.80%, 05/15/26	USD		18,036		18,014,525
6.10%, 11/17/25 (Call 02/15/27), (30-day SOFR + 0.780%)^(b)	USD		10,798		10,804,636
John Deere Owner Trust, 3.73%, 06/16/25 (Call 02/15/26)	USD		3,825		3,802,745
KKR CLO 21 Ltd., 6.66%, 04/15/31 (Call 01/15/24), (3-mo. SOFR + 1.262%)^(a)(b)	USD		5,316		5,284,761
Koromo Italy Srl, 4.64%, 02/26/35 (Call 12/26/25), (1-mo. EURIBOR + 0.800%)^(b)(c)	EUR		3,979		4,215,288
KREF Ltd., 6.78%, 02/17/39 (Call 01/17/24), (1-mo. CME Term SOFR + 1.450%)^(a)(b)	USD		3,205		3,132,888
LCM 29 Ltd., Series 29A, Class AR, 6.73%, 04/15/31 (Call 01/15/24), (3-mo. SOFR + 1.332%)^(a)(b)	USD		2,600		2,562,597
Lt Autorahoitus IV DAC, 4.55%, 07/18/33 (Call 09/18/27), (1-mo. EURIBOR + 0.700%)^(b)(c)	EUR		2,257		2,389,491
Madison Park Funding XIII Ltd., Series 2014-13A, Class AR2, 6.61%, 04/19/30 (Call 01/19/24), (3-mo. SOFR + 1.212%)^(a)(b)	USD		2,959		2,951,436
Madison Park Funding XVII Ltd., Series 2015-17A, Class AR2, 6.67%, 07/21/30 (Call 01/21/24), (3-mo. SOFR + 1.262%)^(a)(b)	USD		1,723		1,716,539
Madison Park Funding XXVI Ltd., Series 2007-4A, Class AR, 6.85%, 07/29/30, (3-mo. LIBOR US + 1.200%)^(a)(b)	USD		4,701		4,696,312
Madison Park Funding XXXVII Ltd., 6.73%, 07/15/33 (Call 01/15/24), (3-mo. SOFR + 1.332%)^(a)(b)	USD		1,750		1,736,982
Mariner CLO LLC, Series 2016-3A, Class AR2, 6.66%, 07/23/29 (Call 01/23/24), (3-mo. SOFR + 1.252%)^(a)(b)	USD		506		503,176
MF1 Ltd., 6.55%, 07/16/36 (Call 11/16/23), (1-mo. CME Term SOFR + 1.214%)^(a)(b)	USD		4,363		4,281,158
Navient Private Education Loan Trust
Series 2017-A, Class A2B, 6.35%, 12/16/58 (Call 11/15/28), (1-mo. CME Term SOFR + 1.014%)^(a)(b)	USD		61		60,482
Series 2020-IA, Class A1B, 6.45%, 04/15/69 (Call 11/15/31), (1-mo. CME Term SOFR + 1.114%)^(a)(b)	USD		4,894		4,798,125


Security		Par (000)		Value

Navient Private Education Refi Loan Trust
Series 2021-BA, Class A, 0.94%, 07/15/69 (Call 02/15/29)^(a)	USD		4,945	$	4,198,609
Series 2021-DA, Class A, 6.51%, 04/15/60 (Call 05/15/32), (PRIME - 1.990%)^(a)(b)	USD		5,471		5,242,152
Navient Student Loan Trust, 7.01%, 03/15/72^(a)	USD		2,972		2,976,744
Nelnet Student Loan Trust
6.14%, 04/20/62 (Call 12/20/31), (1-mo. CME Term SOFR + 0.804%)^(a)(b)	USD		2,321		2,277,658
6.19%, 04/20/62 (Call 08/20/31), (1-mo. CME Term SOFR + 0.854%)^(a)(b)	USD		4,339		4,259,431
Series 2021-A, Class A1, 6.25%, 04/20/62 (Call 02/20/29), (1-mo. CME Term SOFR + 0.914%)^(a)(b)	USD		5,501		5,432,284
Series 2021-BA, Class AFL, 6.23%, 04/20/62 (Call 07/20/29), (1-mo. CME Term SOFR + 0.894%)^(a)(b)	USD		9,677		9,510,154
Neuberger Berman CLO Ltd., Series 2013-14A, Class AR2, 6.68%, 01/28/30 (Call 01/28/24), (3-mo. SOFR + 1.292%)^(a)(b)	USD		416		415,258
Niagara Park Clo Ltd., 6.66%, 07/17/32 (Call 01/17/24), (3-mo. SOFR + 1.262%)^(a)(b)	USD		2,500		2,477,974
OCP CLO Ltd., Series 2017-13A, 6.62%, 07/15/30 (Call 01/15/24), (3-mo. SOFR + 1.222%)^(a)(b)	USD		3,708		3,686,210
Octagon Investment Partners XVII Ltd., Series 2013-1A, Class A1R2, 6.64%, 01/25/31 (Call 01/25/24), (3-mo. SOFR + 1.262%)^(a)(b)	USD		2,707		2,700,520
OneMain Direct Auto Receivables Trust, 6.92%, 03/14/29 (Call 03/14/26), (30-day SOFR + 1.600%)^(a)(b)	USD		8,825		8,843,780
OneMain Financial Issuance Trust
3.84%, 05/14/32 (Call 11/14/23)^(a)	USD		140		140,146
6.08%, 06/16/36 (Call 06/14/26), (30-day SOFR + 0.760%)^(a)(b)	USD		1,843		1,796,352
6.82%, 09/15/36^(a)	USD		7,366		7,298,950
Palmer Square CLO Ltd.
6.66%, 10/17/31 (Call 01/17/24), (3-mo. SOFR + 1.262%)^(a)(b)	USD		1,800		1,793,687
Series 2015-2, 6.78%, 07/20/30 (Call 01/20/24), (3-mo. SOFR + 1.362%)^(a)(b)	USD		2,436		2,428,951
Series 2021-3A, Class A1, 6.81%, 01/15/35 (Call 01/15/24), (3-mo. SOFR + 1.412%)^(a)(b)	USD		500		495,211
PCL Funding VI PLC, 6.60%, 07/15/26 (Call 07/15/24), (1-day SONIA + 1.400%)^(b)(c)	GBP		6,611		8,057,626
PCL Funding VIII PLC
6.38%, 05/15/28 (Call 05/15/26),
(1-day SONIA + 1.180%)^(b)(c)	GBP		3,193		3,884,772
7.70%, 05/15/28^(c)	GBP		592		719,892
PFS Financing Corp.
5.92%, 02/15/26, (30-day SOFR + 0.600%)^(a)(b)	USD		20,642		20,626,252
6.47%, 08/15/27^(a)	USD		11,549		11,537,100
Pikes Peak CLO 1, Series 2018-1A, Class A, 6.84%, 07/24/31 (Call 01/24/24), (3-mo. SOFR + 1.442%)^(a)(b)	USD		1,500		1,491,419


Security		Par (000)		Value

Prodigy Finance CM2021-1 DAC, Series 2021-1A, Class A, 6.69%, 07/25/51 (Call 02/25/27), (1-mo. CME Term SOFR + 1.364%)^(a)(b)	USD		775	$	766,993
Red & Black Auto Germany 8 UG, Class B, 4.62%, 09/15/30 (Call 12/15/25), (1-mo. EURIBOR + 0.750%)^(b)(c)	EUR		289		304,193
Red & Black Auto Italy S.r.l., Class A, 4.58%, 12/28/31 (Call 09/28/25), (1-mo. EURIBOR + 0.700%)^(b)(c)	EUR		7,314		7,740,768
Romark WM-R Ltd., Series 2018-1A, Class A1, 6.71%, 04/20/31 (Call 01/20/24), (3-mo. SOFR + 1.292%)^(a)(b)	USD		3,675		3,650,593
RR 3 Ltd., Series 2018-3A, Class A1R2, 6.75%, 01/15/30 (Call 01/15/24), (3-mo. SOFR + 1.362%)^(a)(b)	USD		1,607		1,602,285
Satus PLC
5.90%, 08/17/28 (Call 02/17/25), (1-day SONIA + 0.700%)^(b)(c)	GBP		21		25,202
6.80%, 08/17/28 (Call 02/17/25), (1-day SONIA + 1.600%)^(b)(c)	GBP		300		364,471
SFS Auto Receivables Securitization Trust, 5.89%, 03/22/27^(a)	USD		10,033		10,007,911
Shackleton Clo Ltd., Series 2017-11A, 6.72%, 08/15/30 (Call 11/15/23), (3-mo. SOFR + 1.352%)^(a)(b)	USD		2,059		2,054,041
Shackleton CLO Ltd., Series 2015-7R, 6.81%, 07/15/31 (Call 01/15/24), (3-mo. SOFR + 1.412%)^(a)(b)	USD		2,730		2,722,539
Signal Peak CLO 2 LLC, Series 2015-1A, Class AR2, 6.66%, 04/20/29 (Call 01/20/24), (3-mo. SOFR + 1.242%)^(a)(b)	USD		672		669,729
Silver Creek CLO Ltd., 6.92%, 07/20/30 (Call 01/20/24), (3-mo. SOFR + 1.502%)^(a)(b)	USD		3,009		3,011,575
Silverstone Master Issuer PLC, 5.51%, 01/21/70 (Call 04/21/27), (1-day SONIA + 0.290%)^(b)(c)	GBP		3,485		4,207,571
SLM Private Credit Student Loan Trust
Series 2004-A, Class A3, 6.07%, 06/15/33 (Call 12/15/23), (3-mo. SOFR + 0.662%)^(b)	USD		2,135		2,105,334
Series 2005-A, Class A4, 5.98%, 12/15/38 (Call 09/15/24), (3-mo. SOFR + 0.572%)^(b)	USD		5,440		5,287,557
Series 2005-B, Class A4, 6.00%, 06/15/39 (Call 12/15/25), (3-mo. SOFR + 0.592%)^(b)	USD		3,839		3,714,209
Series 2006-A, Class A5, 5.96%, 06/15/39 (Call 03/15/28), (3-mo. SOFR + 0.552%)^(b)	USD		9,004		8,655,564
Series 2006-B, Class A5, 5.94%, 12/15/39 (Call 06/15/27), (3-mo. SOFR + 0.532%)^(b)	USD		6,398		6,138,699
SMB Private Education Loan Trust
6.45%, 06/15/37, (1-mo. CME Term SOFR + 1.114%)^(a)(b)	USD		1,869		1,850,823
6.76%, 11/15/52^(a)	USD		6,287		6,286,668
6.77%, 02/16/55, (30-day SOFR + 1.450%)^(a)(b)	USD		13,618		13,508,258
7.12%, 10/16/56, (30-day SOFR + 1.800%)^(a)(b)	USD		7,186		7,224,770


Security		Par (000)		Value

7.12%, 10/15/58, (30-day SOFR + 1.800%)^(a)(b)	USD		17,487	$	17,582,333
7.17%, 05/16/50, (30-day SOFR + 1.850%)^(a)(b)	USD		4,295		4,306,517
Series 2017-A, Class A2B, 6.35%, 09/15/34, (1-mo. CME Term SOFR + 1.014%)^(a)(b)	USD		4,593		4,574,941
SoFi Professional Loan Program LLC
2.65%, 09/25/40 (Call 03/25/25)^(a)	USD		827		788,867
3.34%, 08/25/47 (Call 09/25/25)^(a)	USD		932		902,021
3.59%, 01/25/48 (Call 03/25/26)^(a)	USD		1,147		1,100,531
Sound Point Clo XV Ltd., Series 2017-1A, Class ARR, 6.57%, 01/23/29 (Call 01/23/24), (3-mo. SOFR + 1.162%)^(a)(b)	USD		431		430,379
Sound Point CLO XXVIII Ltd., Series 2020 3A, Class A1, 6.92%, 01/25/32 (Call 01/25/24), (3-mo. SOFR + 1.541%)^(a)(b)	USD		1,250		1,243,892
Southwick Park CLO LLC, 6.74%, 07/20/32 (Call 01/20/24), (3-mo. SOFR + 1.322%)^(a)(b)	USD		8,760		8,688,103
Symphony CLO XVI Ltd., Series 2015-16A, Class AR, 6.81%, 10/15/31 (Call 01/15/24), (3-mo. SOFR + 1.412%)^(a)(b)	USD		500		497,908
TAGUS - Sociedade de Titularizacao de Creditos SA/Ulisses Finance No. 2, 4.56%, 09/23/38 (Call 02/23/28), (1-mo. EURIBOR + 0.700%)^(b)(c)	EUR		8,775		9,247,832
TAGUS - Sociedade de Titularizacao de Creditos SA/Viriato Finance No. 1, 4.83%, 10/28/40 (Call 09/28/27), (1-mo. EURIBOR + 0.950%)^(b)(c)	EUR		1,348		1,407,281
TCI-Symphony CLO Ltd.
6.59%, 07/15/30 (Call 01/15/24), (3-mo. SOFR + 1.192%)^(a)(b)	USD		7,058		7,022,645
6.68%, 10/13/32 (Call 01/13/24), (3-mo. SOFR + 1.282%)^(a)(b)	USD		5,235		5,204,994
TICP CLO IX Ltd., Series 2017-9A, Class A, 6.82%, 01/20/31 (Call 01/20/24), (3-mo. SOFR + 1.402%)^(a)(b)	USD		372		371,416
Together Asset-Backed Securitisation PLC, 5.92%, 07/12/63, (1-day SONIA + 0.700%)^(c)	GBP		1,646		1,986,432
Toyota Auto Receivables Owner Trust, 6.02%, 01/15/26 (Call 01/15/27), (1-mo. CME Term SOFR + 0.690%)^(b)	USD		8,621		8,623,200
Trestles CLO V Ltd., 6.85%, 10/20/34 (Call 01/20/24), (3-mo. SOFR + 1.432%)^(a)(b)	USD		7,640		7,588,397
Volkswagen Auto Lease Trust, 3.02%, 10/21/24 (Call 08/20/24)	USD		4,521		4,509,439
Voya CLO, Series 2017-2A, Class A1R, 6.64%, 06/07/30 (Call 01/15/24), (3-mo. SOFR + 1.242%)^(a)(b)	USD		3,750		3,743,560
Voya CLO Ltd., 6.72%, 04/15/31 (Call 01/15/24), (3-mo. SOFR + 1.322%)^(a)(b)	USD		1,074		1,070,511
Voya Ltd., Series 2012-4, 6.66%, 10/15/30 (Call 01/15/24), (3-mo. SOFR + 1.262%)^(a)(b)	USD		10,536		10,510,287
Wellfleet CLO Ltd., Series 2016-1A, Class AR, 6.59%, 04/20/28 (Call 01/20/24), (3-mo. SOFR + 1.716%)^(a)(b)	USD		1		1,400


Security		Par (000)		Value

Westlake Automobile Receivables Trust
3.36%, 08/15/25 (Call 01/15/26)^(a)	USD		1,700	$	1,694,407
6.07%, 07/15/26 (Call 09/15/26), (30-day SOFR + 0.750%)^(a)(b)	USD		5,494		5,494,529


Total Asset-Backed Securities — 23.2% (Cost: $733,356,963)					725,397,008


Collaterized Mortgage Obligations

Mortgage-Backed Securities — 5.8%
280 Park Avenue Mortgage Trust, Series 2017-280P, Class A, 6.52%, 09/15/34 (Call 09/15/24), (1-mo. CME Term SOFR + 0.930%)^(a)(b)	USD		7,100		6,818,689
BAMLL Commercial Mortgage Securities Trust, Series 2018-DSNY, Class A, 6.48%, 09/15/34, (1-mo. CME Term SOFR + 0.897%)^(a)(b)	USD		14,220		14,076,888
BBCMS-TALL Mortgage Trust, Series 2018-TALL, Class A, 6.25%, 03/15/37, (1-mo. CME Term SOFR + 0.919%)^(a)(b)	USD		8,630		7,979,174
Beast Mortgage Trust, 6.20%, 04/15/36 (Call 04/15/24), (1-mo. CME Term SOFR + 0.864%)^(a)(b)	USD		4,905		4,782,000
Brass No. 11 PLC, 5.97%, 11/16/70 (Call 11/16/27), (1-day SONIA + 0.750%)^(b)(c)	GBP		5,059		6,179,817
BX Trust
6.25%, 02/15/36, (1-mo. CME Term SOFR + 0.914%)^(a)(b)	USD		7,351		7,191,975
Series 2019-CALM, Class A, 6.32%, 11/15/32, (1-mo. CME Term SOFR + 0.990%)^(a)(b)	USD		1,290		1,281,995
Series 2021, Class A, 6.73%, 06/15/36, (1-mo. CME Term SOFR + 1.394%)^(a)(b)	USD		2,070		1,973,445
CEDR Commercial Mortgage Trust, 6.32%, 02/15/39, (1-mo. CME Term SOFR + 0.988%)^(a)(b)	USD		5,410		4,993,528
CENT Trust, 7.95%, 09/15/28^(a)	USD		3,862		3,874,351
Chase Home Lending Mortgage Trust, Series 2019-ATR2, Class A11, 6.34%, 07/25/49 (Call 07/25/29), (1-mo. CME Term SOFR + 1.014%)^(a)(b)	USD		1,043		992,472
COAST Commercial Mortgage Trust, 7.93%, 08/15/36^(a)	USD		4,000		3,944,851
Cold Storage Trust, Series 2020-ICE5, Class A, 6.35%, 11/15/37, (1-mo. CME Term SOFR + 1.014%)^(a)(b)	USD		3,692		3,650,997
CSMC Trust Capital Certificates, Series 2019-ICE4, Class A, 6.36%, 05/15/36, (1-mo. CME Term SOFR + 1.027%)^(a)(b)	USD		6,018		5,995,116
Domi BV, 4.90%, 02/15/55 (Call 02/15/28), (3-mo. EURIBOR + 1.120%)^(b)(c)	EUR		2,643		2,804,802
Extended Stay America Trust, Series 2021-ESH, Class A, 6.53%, 07/15/38, (1-mo. CME Term SOFR + 1.194%)^(a)(b)	USD		5,902		5,833,006
GCT Commercial Mortgage Trust, Series 2021-GCT, Class A, 6.25%, 02/15/38, (1-mo. CME Term SOFR + 0.914%)^(a)(b)	USD		8,600		6,622,000
Great Wolf Trust, 6.48%, 12/15/36, (1-mo. CME Term SOFR + 1.148%)^(a)(b)	USD		5,180		5,151,201


Security			Par (000)		Value

Mortgage-Backed Securities (continued)
GS Mortgage Securities Corportation Trust, 6.40%, 10/15/36, (1-mo. CME Term SOFR + 1.064%)^(a)(b)		USD		4,785	$	4,563,343
Hops Hill No. 1 PLC, 6.15%, 05/27/54 (Call 05/27/24), (1-day SONIA + 0.950%)^(b)(c)		GBP		2,676		3,251,731
JP Morgan Chase Commercial Mortgage
Securities Trust
6.72%, 03/15/39, (30-day SOFR + 1.400%)^(a)(b)		USD		3,540		3,473,462
Series 2019-BKWD, Class A, 6.95%, 09/15/29, (1-mo. CME Term SOFR + 1.364%)^(a)(b)		USD		1,299		1,207,742
KNDL Mortgage Trust, Series 2019-KNSQ, Class A, 6.33%, 05/15/36, (1-mo. CME Term SOFR + 0.996%)^(a)(b)		USD		8,033		8,000,079
Last Mile Securities PE DAC, 4.69%, 08/17/31, (3-mo. Euribor + 0.900%)^(b)(c)		EUR		3,965		4,070,194
LUX, 8.02%, 08/15/40		USD		1,649		1,654,200
MF1 Trust, 6.40%, 12/15/34, (1-mo. CME Term SOFR + 1.070%)^(a)(b)		USD		1,230		1,195,841
Morgan Stanley Capital I Trust, Series 2018-BOP, Class A, 6.23%, 08/15/33, (1-mo. CME Term SOFR + 0.897%)^(a)(b)		USD		1,426		1,198,226
MTN Commercial Mortgage Trust, 6.74%, 03/15/39, (1-mo. CME Term SOFR + 1.396%)^(a)(b)		USD		3,000		2,932,493
Ready Capital Mortgage Financing LLC, 6.97%, 01/25/37 (Call 02/25/25), (30-day SOFR + 1.650%)^(a)(b)		USD		3,351		3,304,423
RIAL Issuer Ltd., 7.58%, 01/19/37, (1-mo. CME Term SOFR + 2.250%)^(a)(b)		USD		2,000		1,955,624
SMRT Commercial Mortgage Trust, 6.34%, 01/15/39, (1-mo. CME Term SOFR + 1.000%)^(a)(b)		USD		3,570		3,467,130
Taubman Centers Commercial Mortgage Trust, 7.52%, 05/15/37, (1-mo. CME Term SOFR + 2.186%)^(a)(b)		USD		4,675		4,603,413
Taurus U.K. DAC
6.17%, 08/17/31 (Call 08/17/26), (1-day SONIA + 0.950%)^(b)(c)		GBP		6,718		7,961,288
6.54%, 11/17/29, (1-day SONIA + 1.319%)^(b)(c)		GBP		6,922		8,324,521
Vita Scientia DAC, 5.08%, 02/27/33, (3-mo. EURIBOR + 1.300%)^(b)(c)		EUR		9,031		9,268,005
Wells Fargo Commercial Mortgage Trust, Series 2017-SMP, Class A, 6.26%, 12/15/34, (1-mo. CME Term SOFR + 0.922%)^(a)(b)		USD		17,280		16,174,586


Total Collaterized Mortgage Obligations — 5.8% (Cost: $187,561,289)						180,752,608


Commercial Paper

AT&T Inc., 5.78%, 02/21/24^(d)	$			18,000		17,679,268
Harley-Davidson Financial Services Inc., 5.60%, 11/14/23^(d)				5,000		4,989,137
HSBC USA Inc. 6.18%, 06/24/24^(d)				5,000		4,804,607


Security		Par (000)		Value

6.43%, 10/11/24^(d)	$		10,000	$	9,418,036


Total Commercial Paper — 1.2% (Cost: $36,005,275)					36,891,048


Corporate Bonds & Notes

Aerospace & Defense — 1.5%
Boeing Co. (The)
1.43%, 02/04/24 (Call 11/13/23)^(e)			10,000		9,873,194
1.95%, 02/01/24			22,000		21,775,083
Northrop Grumman Corp., 2.93%, 01/15/25 (Call 11/15/24)			5,000		4,829,262
RTX Corp., 3.20%, 03/15/24 (Call 01/15/24)			10,000		9,896,990

					46,374,529

Agriculture — 0.2%
BAT Capital Corp., 3.22%, 08/15/24 (Call 06/15/24)			6,477		6,331,876


Auto Manufacturers — 9.5%
American Honda Finance Corp.
0.55%, 07/12/24^(e)			10,550		10,178,105
6.26%, 01/12/26, (1-day SOFR + 0.920%)^(b)(e)			10,735		10,779,920
BMW U.S. Capital LLC
0.80%, 04/01/24^(a)(e)			9,285		9,091,721
5.72%, 08/12/24, (1-day SOFR + 0.380%)^(a)(b)			20,795		20,785,258
6.18%, 04/01/25, (1-day SOFR + 0.840%)^(a)(b)(e)			10,820		10,863,328
Daimler Finance North America LLC, 0.75%, 03/01/24^(a)(e)			21,485		21,120,089
Daimler Trucks Finance North America LLC
1.13%, 12/14/23^(a)(e)			15,000		14,918,140
5.20%, 01/17/25^(a)(e)			8,695		8,618,088
General Motors Financial Co. Inc.
1.05%, 03/08/24			19,320		18,976,733
4.35%, 04/09/25 (Call 02/09/25)			10,000		9,722,937
5.96%, 10/15/24, (1-day SOFR + 0.620%)^(b)			14,480		14,442,530
Hyundai Capital America, 1.00%, 09/17/24^(a)(e)			26,110		24,950,950
Nissan Motor Acceptance Co. LLC, 1.13%, 09/16/24^(a)(e)			18,560		17,708,433
Nissan Motor Acceptance Corp.
1.05%, 03/08/24^(a)			12,075		11,846,219
6.30%, 03/08/24, (3-mo. SOFR + 0.902%)^(a)(b)(e)			4,215		4,208,214
Toyota Motor Credit Corp.
5.91%, 01/10/25, (1-day SOFR + 0.560%)^(b)(e)			19,320		19,323,714
5.99%, 12/29/23, (1-day SOFR + 0.650%)^(b)			14,480		14,489,021
Volkswagen Group of America Finance LLC
0.88%, 11/22/23^(a)			22,000		21,939,155
4.25%, 11/13/23^(a)			13,000		12,992,286
6.29%, 06/07/24, (1-day SOFR + 0.950%)^(a)(b)			19,465		19,501,723

					296,456,564

Banks — 15.4%
Banco Santander SA, 5.74%, 06/30/24, (1-year CMT + 0.450%)^(b)			21,200		21,131,518


Security	Par (000)		Value

Banks (continued)
Bank of America Corp. 4.83%, 07/22/26 (Call 07/22/25),
(1-day SOFR + 1.750%)^(b)	$	29,320	$	28,571,239
5.08%, 01/20/27 (Call 01/20/26),
(1-day SOFR + 1.290%)^(b)		13,150		12,801,066
Bank of Montreal 6.40%, 06/07/25,
(1-day SOFR + 1.060%)^(b)(e)		18,800		18,832,988
Series H, 4.25%, 09/14/24^(e)		4,000		3,935,209
BPCE SA, 5.91%, 01/14/25,
(1-day SOFR + 0.570%)^(a)(b)(e)		3,110		3,097,089
Citigroup Inc.
3.35%, 04/24/25 (Call 04/24/24),
(3-mo. SOFR + 1.158%)^(b)		20,000		19,691,403
6.71%, 05/24/25 (Call 05/24/24),
(1-day SOFR + 1.372%)^(b)		21,700		21,756,772
Cooperatieve Rabobank UA, 5.50%, 07/18/25		10,000		9,934,995
Credit Suisse AG/New York NY, 0.50%, 02/02/24		14,100		13,871,361
Deutsche Bank AG/New York NY, Series E, 5.84%, 11/08/23, (1-day SOFR + 0.500%)^(b)		13,790		13,789,407
DNB Bank ASA, 6.17%, 03/28/25 (Call 03/28/24), (1-day SOFR + 0.830%)^(a)(b)(e)		15,000		15,001,324
Federation des Caisses Desjardins du Quebec, 5.77%, 05/21/24, (1-day SOFR + 0.430%)^(a)(b)		20,000		19,987,326
Goldman Sachs Group Inc. (The)
1.22%, 12/06/23 (Call 11/06/23)		27,899		27,777,159
7.27%, 11/29/23, (3-mo. SOFR + 1.862%)^(b)		12,060		12,069,896
HSBC Holdings PLC
6.90%, 03/11/25 (Call 03/11/24), (3-mo. SOFR + 1.492%)^(b)		13,000		13,034,159
5.92%, 11/22/24 (Call 11/22/23),
(1-day SOFR + 0.580%)^(b)		6,570		6,569,866
HSBC USA Inc., 5.63%, 03/17/25^(e)		15,000		14,902,435
JPMorgan Chase & Co., 5.55%, 12/15/25
(Call 12/15/24), (1-day SOFR + 1.070%)^(b)		20,000		19,849,741
Mitsubishi UFJ Financial Group Inc., 6.99%,
07/18/25 (Call 07/18/24),
(1-day SOFR + 1.650%)^(b)		19,100		19,201,186
Morgan Stanley, 5.80%, 01/25/24
(Call 12/25/23), (1-day SOFR + 0.455%)^(b)		53,860		53,859,461
Morgan Stanley Bank NA, 5.48%, 07/16/25
(Call 06/16/25)		9,765		9,722,196
National Bank of Canada, 5.83%, 08/06/24,
(1-day SOFR + 0.490%)^(b)		8,695		8,683,579
NatWest Markets PLC, 3.48%, 03/22/25^(a)		10,000		9,649,258
Nordea Bank Abp, 6.30%, 06/06/25,
(1-day SOFR + 0.960%)^(a)(b)(e)		19,885		19,963,176
Royal Bank of Canada, 5.66%, 10/25/24^(e)		9,830		9,797,814
Toronto-Dominion Bank (The), 4.29%, 09/13/24		19,650		19,371,638
UBS AG/London, 5.79%, 08/09/24,
(1-day SOFR + 0.450%)^(a)(b)		15,725		15,695,280
Wells Fargo & Co., 3.91%, 04/25/26
(Call 04/25/25), (1-day SOFR + 1.320%)^(b)		18,690		18,020,979

				480,569,520

Beverages — 0.6%
Keurig Dr Pepper Inc., 0.75%, 03/15/24 (Call 11/13/23)^(e)		20,760		20,358,926


Security	Par (000)		Value

Biotechnology — 1.9%
Amgen Inc., 5.25%, 03/02/25	$	26,932	$	26,714,708
Gilead Sciences Inc., 3.70%, 04/01/24 (Call 01/01/24)		33,800		33,491,316

				60,206,024

Diversified Financial Services — 4.4%
AerCap Ireland Capital DAC/AerCap Global
Aviation Trust, 4.88%, 01/16/24
(Call 12/16/23)		10,000		9,968,730
Air Lease Corp., 0.80%, 08/18/24
(Call 07/18/24)^(e)		3,205		3,064,718
American Express Co.
3.40%, 02/22/24 (Call 01/22/24)		20,011		19,851,585
5.57%, 11/03/23, (1-day SOFR + 0.230%)^(b)		6,765		6,764,978
6.27%, 03/04/25 (Call 02/01/25),
(1-day SOFR + 0.930%)^(b)(e)		8,930		8,947,729
Capital One Financial Corp.
4.17%, 05/09/25 (Call 05/09/24),
(1-day SOFR + 1.370%)^(b)		13,800		13,520,601
6.03%, 12/06/24 (Call 12/06/23),
(1-day SOFR + 0.690%)^(b)(e)		8,680		8,578,826
6.69%, 05/09/25 (Call 05/09/24),
(1-day SOFR + 1.350%)^(b)(e)		21,085		20,961,442
Charles Schwab Corp. (The), 5.84%, 03/18/24
(Call 02/18/24), (1-day SOFR + 0.500%)^(b)(e)		32,140		32,098,530
Nasdaq Inc., 5.65%, 06/28/25		5,795		5,773,954
Synchrony Financial
4.25%, 08/15/24 (Call 05/15/24)^(e)		3,130		3,064,501
4.38%, 03/19/24 (Call 02/19/24)		6,050		5,992,866

				138,588,460

Electric — 2.0%
NextEra Energy Capital Holdings Inc.
4.20%, 06/20/24^(e)		6,105		6,033,844
4.26%, 09/01/24		20,000		19,677,579
5.74%, 11/03/23,
(1-day SOFR + 0.400%)^(b)(e)		23,695		23,694,993
6.05%, 03/01/25		3,635		3,632,919
Southern California Edison Co., Series K,
0.98%, 08/01/24^(e)		10,000		9,628,464

				62,667,799

Food — 1.1%
General Mills Inc., 3.65%, 02/15/24
(Call 11/16/23)		23,365		23,218,478
JM Smucker Co. (The), 3.50%, 03/15/25^(e)		10,140		9,814,687

				33,033,165

Health Care - Products — 0.9%
Baxter International Inc., 5.78%, 11/29/24
(Call 10/29/24), (1-day SOFR + 0.440%)^(b)		5,505		5,469,883
GE HealthCare Technologies Inc., 5.55%,
11/15/24^(e)		23,705		23,591,332

				29,061,215

Health Care - Services — 0.2%
Humana Inc., 3.85%, 10/01/24 (Call 07/01/24)		5,000		4,902,379


Home Builders — 0.4%
Lennar Corp., 4.50%, 04/30/24
(Call 01/31/24)^(e)		11,480		11,388,340


Household Products & Wares — 0.3%
Avery Dennison Corp., 0.85%, 08/15/24
(Call 11/13/23)		10,440		10,019,921


Security	Par (000)		Value

Insurance — 1.7%
Marsh & McLennan Companies Inc., 3.88%,
03/15/24 (Call 02/15/24)^(e)	$	4,281	$	4,248,264
MassMutual Global Funding II, 6.21%,
03/21/25, (1-day SOFR + 0.870%)^(a)(b)		3,996		4,010,944
Metropolitan Life Global Funding I, 6.25%,
03/21/25, (1-day SOFR + 0.910%)^(a)(b)(e)		8,745		8,790,572
New York Life Global Funding
2.90%, 01/17/24^(a)		5,000		4,969,544
3.15%, 06/06/24^(a)(e)		12,605		12,410,127
Northwestern Mutual Global Funding, 6.04%,
06/13/25, (1-day SOFR + 0.700%)^(a)		17,700		17,710,433

				52,139,884

Machinery — 1.1%
Caterpillar Financial Services Corp.
5.79%, 11/13/23,
(1-day SOFR + 0.450%)^(b)(e)		24,160		24,162,150
5.86%, 06/13/25, (1-day SOFR + 0.520%)^(e)		10,000		10,019,368

				34,181,518

Machinery - Diversified — 0.3%
John Deere Capital Corp., 5.30%, 09/08/25^(e)		8,153		8,139,505


Manufacturing — 0.7%
Parker-Hannifin Corp., 3.65%, 06/15/24		21,640		21,322,856


Media — 0.8%
Charter Communications Operating LLC/Charter Communications Operating Capital
4.50%, 02/01/24 (Call 01/01/24)^(e)		9,680		9,601,770
7.29%, 02/01/24 (Call 01/01/24), (3-mo. SOFR + 1.912%)^(b)		17,040		17,074,013

				26,675,783

Oil & Gas — 0.6%
Phillips 66, 0.90%, 02/15/24 (Call 11/16/23)		17,890		17,612,637


Pharmaceuticals — 4.8%
AbbVie Inc.
2.60%, 11/21/24 (Call 10/21/24)		49,975		48,288,855
3.60%, 05/14/25 (Call 02/14/25)		4,000		3,869,635
Bayer U.S. Finance II LLC
3.88%, 12/15/23 (Call 12/01/23)^(a)(e)		29,682		29,600,380
6.68%, 12/15/23 (Call 12/01/23), (3-mo. SOFR + 1.272%)^(a)(b)(e)		32,500		32,505,103
Cigna Group (The), 0.61%, 03/15/24
(Call 11/13/23)^(e)		8,210		8,047,955
Pfizer Investment Enterprises Pte. Ltd., 4.65%, 05/19/25		20,000		19,746,631
Takeda Pharmaceutical Co. Ltd., 4.40%,
11/26/23		6,662		6,654,657

				148,713,216

Pipelines — 2.1%
Enbridge Inc., 2.15%, 02/16/24^(e)		6,620		6,540,891
Energy Transfer LP, 5.88%, 01/15/24
(Call 11/16/23)		9,680		9,677,401
Energy Transfer LP/Regency Energy Finance
Corp., 4.50%, 11/01/23		18,660		18,660,000
Kinder Morgan Energy Partners LP, 4.30%,
05/01/24 (Call 02/01/24)		14,660		14,527,344
Sabine Pass Liquefaction LLC, 5.63%,
03/01/25 (Call 12/01/24)^(e)		8,800		8,742,444


Security	Par (000)		Value

Pipelines (continued)
Spectra Energy Partners LP, 4.75%, 03/15/24
(Call 12/15/23)^(e)	$	9,000	$	8,957,052

				67,105,132

Real Estate Investment Trusts — 2.0%
American Tower Corp.
2.40%, 03/15/25 (Call 02/15/25)		5,000		4,748,169
3.38%, 05/15/24 (Call 04/15/24)		29,463		29,032,030
5.00%, 02/15/24		4,840		4,822,915
Crown Castle International Corp., 3.20%,
09/01/24 (Call 07/01/24)		3,000		2,927,633
Equinix Inc., 2.63%, 11/18/24 (Call 10/18/24)^(e)		21,100		20,373,157

				61,903,904

Retail — 1.0%
7-Eleven Inc., 0.80%, 02/10/24
(Call 12/01/23)^(a)		28,600		28,174,978
Starbucks Corp., 5.76%, 02/14/24
(Call 11/13/23), (1-day SOFR + 0.420%)^(b)		4,130		4,130,056

				32,305,034

Semiconductors — 1.5%
Analog Devices Inc., 5.59%, 10/01/24,
(1-day SOFR + 0.250%)^(b)(e)		5,025		5,022,889
Broadcom Corp./Broadcom Cayman Finance
Ltd., 3.63%, 01/15/24 (Call 12/04/23)		16,400		16,316,485
Broadcom Inc., 3.63%, 10/15/24
(Call 09/15/24)^(e)		4,840		4,733,558
NXP BV/NXP Funding LLC, 4.88%, 03/01/24
(Call 02/01/24)		22,000		21,886,920

				47,959,852

Software — 3.0%
Fidelity National Information Services Inc.,
0.60%, 03/01/24		20,000		19,637,197
Fiserv Inc., 2.75%, 07/01/24 (Call 06/01/24)^(e)		30,200		29,545,263
Oracle Corp.
2.95%, 11/15/24 (Call 09/15/24)		10,000		9,698,092
2.95%, 05/15/25 (Call 02/15/25)		8,000		7,656,893
3.40%, 07/08/24 (Call 04/08/24)		9,675		9,508,953
VMware Inc., 1.00%, 08/15/24 (Call 11/13/23)		20,000		19,208,871

				95,255,269

Telecommunications — 1.3%
AT&T Inc., 6.85%, 06/12/24,
(3-mo. SOFR + 1.442%)^(b)		13,870		13,938,826
Rogers Communications Inc., 2.95%,
03/15/25^(e)		23,330		22,315,149
Verizon Communications Inc., 3.38%, 02/15/25		5,000		4,848,282

				41,102,257

Transportation — 1.6%
Canadian Pacific Railway Co., 1.35%, 12/02/24 (Call 12/01/23)^(e)		20,220		19,254,893
Ryder System Inc.
3.65%, 03/18/24 (Call 02/18/24)^(e)		24,950		24,721,288
3.88%, 12/01/23 (Call 11/01/23)		4,840		4,831,928

				48,808,109

Trucking & Leasing — 0.2%
Penske Truck Leasing Co. LP/PTL Finance
Corp., 3.90%, 02/01/24 (Call 01/01/24)^(a)		5,800		5,767,082


Total Corporate Bonds & Notes — 61.1%
(Cost: $1,921,574,326)				1,908,950,756


Security	Par (000)		Value

U.S. Government Agency Obligations

U.S. Government Agency Obligations — 0.9%
Federal Home Loan Banks
5.51%, 04/01/24 (Call 12/08/23)	$	15,000	$	14,977,960
5.55%, 04/05/24 (Call 12/13/23)		14,524		14,499,802


Total U.S. Government Agency Obligations — 0.9%
(Cost: $29,523,810)				29,477,762


	Shares

Money Market Funds
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%^(f)(g)(h)		40,115,222		40,131,268
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.33%^(f)(g)		217,490,000		217,490,000


Total Money Market Funds — 8.3%
(Cost: $257,594,942)				257,621,268


Total Investments — 100.5%
(Cost: $3,165,616,605)				3,139,090,450

Liabilities in Excess of Other Assets — (0.5)%				(14,135,148	)


Net Assets — 100.0%			$	3,124,955,302

^(a)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(b)	Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.

^(c)	This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

^(d)	Rates are discount rates or a range of discount rates as of period end.

^(e)	All or a portion of this security is on loan.

^(f)	Affiliate of the Fund.

^(g)	Annualized 7-day yield as of period end.

^(h)	All or a portion of this security was purchased with the cash collateral from loaned securities.

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

For the period ended October 31, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

The following table presents the Fund’s derivative assets by counterparty net of amounts available for offset under an MNA and net of the related collateral received by the Fund:

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.


Security	Par (000)		Value

Municipal Debt Obligations

Alabama — 11.0%
Black Belt Energy Gas District RB
4.00%, 12/01/24	$	1,250	$	1,233,041
4.81%, 12/01/48 (Call 09/01/24), (SIFMA Municipal Swap Index)^(a)(b)		20,000		19,916,834
5.00%, 12/01/23		1,000		999,332
5.25%, 12/01/23		530		529,800
5.25%, 06/01/24		500		500,068
5.25%, 12/01/24		2,745		2,743,304
5.25%, 12/01/24		630		630,355
5.25%, 06/01/25		615		615,561
Columbia Industrial Development Board RB, 4.25%, 12/01/37 (Put 10/31/23)^(b)		26,575		26,575,000
Energy Southeast A Cooperative District RB
5.50%, 11/01/26		800		807,604
5.50%, 05/01/27		1,570		1,587,094
Eutaw Industrial Development Board RB, 4.25%, 06/01/28 (Put 10/31/23)^(b)		1,600		1,600,000
Southeast Energy Authority A Cooperative District RB
5.00%, 07/01/24		350		349,309
5.00%, 06/01/25		170		169,884
5.00%, 07/01/25		650		647,214
5.00%, 06/01/26		185		184,910
5.00%, 06/01/27		1,000		999,753
5.00%, 05/01/53 (Put 08/01/28)		5,500		5,446,730
Series B, 4.00%, 06/01/24		1,200		1,191,151

				66,726,944

Alaska — 0.1%
Borough of North Slope AK GO, 5.00%, 06/30/24		750		754,275


Arizona — 0.6%
Arizona Health Facilities Authority RB
VRDN, 4.34%, 01/01/46 (PR 11/04/25), (SIFMA Municipal Swap Index)^(a)(b)		500		500,000
VRDN, 4.34%, 01/01/46 (Put 11/04/26), (SIFMA Municipal Swap Index)^(a)(b)		3,100		3,016,907

				3,516,907

California — 0.3%
California Community Choice Financing Authority RB
4.00%, 02/01/24		500		498,116
4.00%, 08/01/24		350		347,171
State of California GO, 5.00%, 12/01/24		1,190		1,206,491

				2,051,778

Colorado — 0.9%
City & County of Denver Co. Airport System Revenue RB, Series A, 5.00%, 11/15/23		250		250,055
Colorado School of Mines RB, 5.06%, 12/01/25 (Call 06/01/25), (SIFMA Municipal Swap Index)^(a)(b)		5,000		5,012,826

				5,262,881

Connecticut — 4.0%
Connecticut State Health & Educational Facilities Authority RB, 4.13%, 07/01/37 (Put 11/01/23)^(b)		7,500		7,500,000
State of Connecticut GO
5.00%, 08/01/25		4,575		4,662,240
5.18%, 03/01/25 , (SIFMA Municipal Swap Index)^(a)(b)		4,600		4,620,488
VRDN, 5.14%, 03/01/24 , (SIFMA Municipal Swap Index)^(a)(b)		5,130		5,126,556
Series C, VRDN, 4.13%, 05/15/34 (Put 10/31/23)^(b)		2,400		2,400,000

				24,309,284


Security	Par (000)		Value

District of Columbia — 0.2%
Tender Option Bond Trust Receipts/Certificates RB, 1.95%, 10/01/53 (Put 10/01/29)^(b)(c)	$	1,435	$	1,435,000


Florida — 0.5%
County of Martin FL RB, 4.20%, 07/01/52 (Put 10/31/23)^(b)		2,500		2,500,000
County of St. Lucie FL RB, 4.20%, 09/01/28 (Put 10/31/23)^(b)		550		550,000

				3,050,000

Georgia — 3.3%
Main Street Natural Gas Inc. RB
5.00%, 05/15/24		1,500		1,498,552
5.00%, 06/01/24		560		559,451
5.00%, 09/01/24		220		219,980
5.00%, 12/01/24		300		299,559
5.00%, 03/01/25		290		290,089
5.00%, 06/01/25		750		748,491
5.00%, 09/01/25		260		260,242
5.00%, 12/01/25		550		548,660
5.00%, 05/15/26		2,695		2,686,335
5.00%, 12/01/26		1,000		997,404
5.00%, 06/01/27		1,750		1,743,236
VRDN, 4.76%, 08/01/48 (Call 12/01/23), (SIFMA Municipal Swap Index)^(a)(b)		5,000		4,978,358
Series D, VRDN, 4.46%, 08/01/48 (Call 12/01/23)^(a)(b)		5,000		4,981,477

				19,811,834

Illinois — 2.3%
City of Chicago Waterworks Revenue, 5.00%, 11/01/23		750		750,000
Illinois Finance Authority RB
VRDN, 4.09%, 01/01/37 (Put 11/01/23)^(b)		2,900		2,900,000
4.10%, 11/01/38 (Put 10/31/23)^(b)		5,000		5,000,000
Illinois Housing Development Authority RB, 3.50%, 10/01/54 (Call 04/01/24) (GNMA/FNMA/FHLMC COLL)^(b)		3,200		3,189,806
State of Illinois GO, 5.00%, 05/01/24		2,000		2,005,680

				13,845,486

Indiana — 6.1%
Indiana Finance Authority RB
3.95%, 05/01/28 (Put 12/01/23)^(b)		8,000		8,000,000
4.30%, 05/01/34 (Put 12/01/23)		10,000		10,000,000
4.50%, 12/15/46 (Put 11/15/23)		12,000		11,994,855
Class B, 4.39%, 03/01/39 (Put 03/01/27), (SIFMA Municipal Swap Index)^(a)(b)		920		884,440
Tender Option Bond Trust Receipts/Certificates RB, 2.05%, 04/01/30 (Put 11/01/23)^(b)(c)		6,000		6,000,000

				36,879,295

Iowa — 7.4%
Iowa Finance Authority RB, 4.22%, 12/01/41 (Put 10/31/23)^(b)(c)		29,600		29,600,000
PEFA Inc., 5.00%, 09/01/49 (Put 09/01/26)		15,100		14,989,759

				44,589,759

Kansas — 1.2%
City of Burlington KS RB
Series A, VRDN, 4.10%, 09/01/35 (Put 10/31/23)^(b)		4,000		4,000,000
Series B, VRDN, 4.10%, 09/01/35 (Put 10/31/23)^(b)		3,000		3,000,000

				7,000,000

Kentucky — 5.9%
County of Meade KY RB
VRDN, 4.75%, 08/01/61 (Put 10/31/23)^(b)		8,775		8,775,000
VRDN, 4.80%, 08/01/61 (Put 10/31/23)^(b)		17,900		17,900,000


Security	Par (000)		Value

Kentucky (continued)
Kentucky Public Energy Authority RB
4.00%, 12/01/49 (Put 06/01/25)	$	4,000	$	3,929,546
Series A, VRDN, 4.00%, 04/01/48 (Put 04/01/24)^(b)		3,930		3,910,338
Kentucky State Property & Building Commission RB
5.00%, 11/01/24		300		302,062
5.00%, 11/01/25		375		380,519
Tender Option Bond Trust Receipts/Certificates RB, 1.93%, 12/01/41 (Put 12/01/27) (AGM)^(b)(c)		500		500,000

				35,697,465

Louisiana — 5.1%
Lake Charles Harbor & Terminal District RB, 1.00%, 12/01/51 (Put 12/01/24)^(b)		4,325		4,130,251
Louisiana Offshore Terminal Authority RB, 1.65%, 09/01/27 (Put 12/01/23)^(b)		400		398,640
Parish of St James LA RB, Series B1, 4.61%, 11/01/40 (Put 10/31/23)^(b)		26,500		26,500,000

				31,028,891

Massachusetts — 1.2%
City of Somerville RB, 5.00%, 05/30/24		3,000		3,016,431
Massachusetts Educational Financing Authority RB, 5.00%, 01/01/24		2,500		2,499,452
Massachusetts Housing Finance Agency RB
Series A, 0.30%, 12/01/23 (Call 11/21/23)		1,000		996,406
Series A, 0.40%, 06/01/24 (Call 11/21/23)		1,000		977,336

				7,489,625

Minnesota — 2.4%
City of Minneapolis MN RB, 4.05%, 12/01/40 (Put 11/01/23)^(b)		9,450		9,450,000
City of Rochester MN RB, 4.07%, 05/01/61 (Put 10/31/23)^(b)		4,800		4,800,000

				14,250,000

Missouri — 0.3%
RBC Municipal Products Inc. Trust RB, 4.14%, 09/01/39 (Put 11/01/23)^(b)(c)		2,000		2,000,000


Nebraska — 0.7%
Central Plains Energy Project RB, 5.00%, 03/01/50 (Call 12/28/23)^(b)		1,000		1,000,185
County of Douglas NE RB, 4.62%, 07/01/35 (Put 09/01/26), (SIFMA Municipal Swap Index)^(a)(b)		3,435		3,337,631

				4,337,816

Nevada — 0.4%
State of Nevada Department of Business & Industry RB, 3.70%, 01/01/50 (Put 01/31/24)^(c)		2,600		2,573,014


New Jersey — 9.3%
Borough of Tinton Falls NJ RB, 5.00%, 04/25/24		2,300		2,306,236
Borough of Waldwick NJ RB, 5.00%, 10/10/24		1,114		1,119,024
City of Clifton NJ RB, 5.00%, 05/23/24		2,000		2,004,803
City of South Amboy RB, 5.00%, 06/28/24		1,090		1,091,954
Hudson County Improvement Authority RB, 5.00%, 07/24/24 (GTD)		1,785		1,795,264
New Jersey Economic Development Authority RB
5.00%, 03/01/24		2,850		2,855,672
5.25%, 09/01/24 ^(c)		7,600		7,660,735
Series B, 5.00%, 11/01/23		1,450		1,450,000
Series B, 5.00%, 11/01/24		1,010		1,018,868
Series N-1, 5.50%, 09/01/24 (AMBAC)		1,460		1,476,469
New Jersey Higher Education Student Assistance Authority RB, 5.00%, 12/01/24		500		502,039


Security	Par (000)		Value

New Jersey (continued)
New Jersey Sports & Exposition Authority RB, 5.00%, 09/01/24	$	3,165	$	3,183,912
New Jersey Transportation Trust Fund Authority RB 5.00%, 06/15/24		1,150		1,156,191
Series A, 5.00%, 06/15/24		1,575		1,583,478
Series A, 5.00%, 12/15/24		1,000		1,009,785
Series A, 5.50%, 12/15/23		155		155,250
Series D, 5.00%, 12/15/23		470		470,244
Series D, 5.25%, 12/15/23		1,275		1,276,694
Township of Cranford NJ RB, 5.00%, 08/22/24		1,940		1,947,950
Township of Cranford RB, 5.00%, 06/20/24		1,940		1,944,560
Township of Montville NJ RB, 5.00%, 11/06/24		1,300		1,310,035
Township of Ocean NJ/Ocean County RB, 5.00%, 05/30/24		1,428		1,430,068
Township of Plainsboro RB, 5.00%, 07/25/24		10,080		10,110,912
Township of Toms River RB, 5.00%, 07/26/24		3,900		3,923,999
Township of Voorhees NJ RB, 5.00%, 09/25/24		1,000		1,007,212
Township of Winslow NJ RB, 5.00%, 03/29/24		2,375		2,378,431

				56,169,785

New Mexico — 0.2%
New Mexico Mortgage Finance Authority RB, 5.00%, 02/01/42 (Call 04/01/25) (HUD SECT 8)^(b)		970		975,675


New York — 6.6%
Albany Industrial Development Agency RB, 4.20%, 07/01/32 (Put 11/02/23)^(b)		700		700,000
Catskill Central School District RB, 5.00%, 06/28/24 (SAW)		1,915		1,920,126
Genesee County Funding Corp. (The) RB, 5.00%, 12/01/23		150		149,957
Mount Pleasant Central School District RB, 5.00%, 06/28/24 (SAW)		1,760		1,765,382
New York City Housing Development Corp. RB, 0.45%, 11/01/25 (FHA)		1,560		1,456,752
New York City Municipal Water Finance Authority RB, 4.00%, 06/15/44 (Put 10/31/23)^(b)		5,700		5,700,000
New York City Transitional Finance Authority Future Tax Secured Revenue RB
Series A-4, VRDN, 3.95%, 08/01/45 (Put 11/01/23)^(b)		9,700		9,700,000
Series G-6, VRDN, 4.00%, 05/01/34 (Put 10/31/23)^(b)		1,225		1,225,000
New York Transportation Development Corp. RB, Series A, 5.00%, 12/01/23		1,250		1,249,962
Town of New Paltz NY RB, 5.00%, 10/04/24		3,237		3,259,192
Triborough Bridge & Tunnel Authority RB, 4.61%, 04/01/26 (Call 10/01/25), (1-day SOFR + 0.650%)^(a)(b)		11,000		11,000,000
Village of Ossining NY RB, 5.00%, 09/20/24		1,873		1,891,583

				40,017,954

North Carolina — 2.1%
North Carolina Capital Facilities Finance Agency RB, Series A, 3.95%, 07/01/34 (Put 12/01/23)^(b)		13,000		13,000,000


Ohio — 0.9%
Akron Bath Copley Joint Township Hospital District RB, 5.00%, 11/15/23		325		325,027
Ohio Higher Educational Facility Commission RB, Series B, 4.32%, 12/01/42 (Put 12/01/26), (SIFMA Municipal Swap Index)^(a)(b)		5,500		5,323,545

				5,648,572

Oregon — 0.5%
State of Oregon Housing & Community Services Department RB, 4.21%, 07/01/37 (Put 12/01/23)^(b)		2,965		2,965,000


Security	Par (000)		Value

Pennsylvania — 10.2%
Allegheny County Hospital Development Authority RB VRDN, 4.56%, 11/15/23 , (SIFMA Municipal Swap Index)^(a)(b)	$	1,500	$	1,494,975
VRDN, 4.77%, 11/15/26 , (SIFMA Municipal Swap Index)^(a)(b)		1,000		992,836
Ephrata Area School District GO, 3.00%, 03/01/24		1,000		995,866
Pennsylvania Economic Development Financing Authority RB
VRDN, 4.49%, 06/01/41 (Put 06/03/24), (SIFMA Municipal Swap Index)^(a)(b)		3,000		2,968,527
VRDN, 5.25%, 12/01/37 (Put 10/31/23)^(b)		19,970		19,970,000
VRDN, 5.25%, 12/01/38 (Put 10/31/23)^(b)		23,000		23,000,000
Pennsylvania Housing Finance Agency RB, 5.00%, 10/01/25		500		509,816
Pennsylvania Turnpike Commission RB, 4.79%, 12/01/23 (Call 12/01/23), (SIFMA Municipal Swap Index)^(a)(b)		10,750		10,712,293
Philadelphia Gas Works Co. RB, 5.00%, 10/01/24		1,000		1,005,646

				61,649,959

South Carolina — 1.2%
South Carolina Jobs-Economic Development Authority RB, 4.11%, 03/01/63 (Put 10/31/23)^(b)		6,000		6,000,000
Tender Option Bond Trust Receipts/Certificates RB, 2.02%, 12/01/55 (Put 06/01/32) (BAM-TCRS)^(b)(c)		1,000		1,000,000

				7,000,000

Tennessee — 4.1%
Tender Option Bond Trust Receipts/Certificates RB, 4.27%, 09/01/36 (Put 12/01/23)^(b)(c)		4,360		4,360,000
Tennergy Corp./TN RB
5.25%, 12/01/23		650		649,590
5.25%, 12/01/24		575		573,569
5.25%, 12/01/25		575		573,066
Tennessee Energy Acquisition Corp. RB
5.25%, 09/01/24		8,985		8,991,569
5.25%, 09/01/26		3,355		3,364,259
5.63%, 09/01/26		5,925		5,894,153
Series A, 5.00%, 11/01/23		250		250,000

				24,656,206

Texas — 7.6%
Bexar County Housing Finance Corp. RB, 4.05%, 12/15/25 (Put 11/15/23)^(b)		2,005		2,005,000
City of Houston TX Combined Utility System Revenue RB, 4.13%, 05/15/34 (Put 10/31/23)^(b)		1,700		1,700,000
Fort Bend Independent School District, 3.85%, 12/13/23		3,000		2,999,283
Harris County Cultural Education Facilities Finance Corp. RB, 4.05%, 10/01/45 (Put 11/01/23)^(b)		5,000		5,000,000
Mission Economic Development Corp. RB, 4.25%, 07/01/40 (Put 12/01/23)^(b)		5,000		4,980,232
Port of Arthur Navigation District Industrial Development Corp. RB, 4.11%, 06/01/41 (Put 11/01/23)^(b)		3,000		3,000,000


Security	Par (000)		Value

Texas (continued)
State of Texas GO
VRDN, 4.10%, 12/01/46 (Put 11/01/23)^(b)	$	3,405	$	3,405,000
VRDN, 4.15%, 12/01/43 (Put 11/01/23)^(b)		9,045		9,045,000
Series A, VRDN, 4.15%, 06/01/45 (Put 10/31/23)^(b)		5,335		5,335,000
Texas Municipal Gas Acquisition & Supply Corp. III RB
5.00%, 12/15/23		4,300		4,297,526
5.00%, 12/15/25		2,500		2,498,713
5.00%, 12/15/26		1,850		1,843,811

				46,109,565

Utah — 0.3%
County of Utah UT RB, 3.90%, 05/15/58 (Put 10/31/23)^(b)		1,600		1,600,000


Washington — 0.1%
Washington Health Care Facilities Authority RB, 5.00%, 08/01/49 (Put 08/01/25)^(b)		800		802,643


Wisconsin — 3.6%
State of Wisconsin GO, 4.61%, 05/01/25 (Call 11/01/24), (SIFMA Municipal Swap Index)^(a)(b)		19,990		19,692,968
Wisconsin Health & Educational Facilities Authority RB, 4.37%, 08/15/54 (Put 07/01/26), (SIFMA Municipal Swap Index)^(a)(b)		2,000		1,993,523

				21,686,491


Total Municipal Debt Obligations — 100.6% (Cost $611,671,430)				608,892,104


	Shares

Money Market Funds

BlackRock Liquidity Funds: MuniCash, 3.82%^(d)(e)		91,129		91,129


Total Money Market Funds — 0.0% (Cost: $91,129)				91,129


Total Investments — 100.6% (Cost: $611,762,559)				608,983,233

Liabilities in Excess of Other Assets — (0.6)%				(3,780,398	)


Net Assets — 100.0%			$	605,202,835

^(a)	Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.

^(b)	Variable rate security. Rate as of period end and maturity is the date the principal owed can be recovered through demand.

^(c)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(d)	Affiliate of the Fund.

^(e)	Annualized 7-day yield as of period end.


Security	Par (000)		Value

Asset-Backed Securities

American Express Credit Account Master Trust, Class A, 4.95%, 10/15/27	$	14,709	$	14,520,453
BMW Vehicle Lease Trust
5.27%, 02/25/25		3,870		3,862,089
5.95%, 08/25/25		19,139		19,139,193
BMW Vehicle Owner Trust, 2.52%, 12/26/24 (Call 12/25/25)		1,421		1,416,950
Carmax Auto Owner Trust, 6.17%, 06/15/26 (Call 09/15/26), (30-day SOFR + 0.850%)^(a)		16,756		16,773,331
CarMax Auto Owner Trust
2.81%, 05/15/25 (Call 03/15/26)		329		328,778
5.23%, 01/15/26 (Call 07/15/26)		15,862		15,802,925
6.08%, 12/15/26		13,818		13,817,306
6.12%, 12/15/26		710		710,302
Carmax Auto Owner Trust 2022-4, 5.34%, 12/15/25 (Call 09/15/26)		7,301		7,281,041
Carmax Auto Owner Trust 2023-3, 5.92%, 11/16/26		12,180		12,163,452
Chase Issuance Trust, 3.97%, 09/15/27		14,100		13,673,163
CNH Equipment Trust, 5.34%, 09/15/26 (Call 08/15/27)		8,421		8,375,684
Ford Credit Auto Lease Trust
5.19%, 06/15/25 (Call 08/15/25)		2,957		2,949,829
5.90%, 02/15/26		7,684		7,674,745
Ford Credit Auto Owner Trust, 3.44%, 02/15/25 (Call 12/15/25)		2,058		2,051,990
Honda Auto Receivables Owner Trust
1.44%, 10/15/24 (Call 08/15/25)		1,403		1,398,295
5.41%, 04/15/26 (Call 09/15/26)		15,800		15,725,696
Hyundai Auto Lease Securitization Trust
2.75%, 10/15/24 (Call 09/15/24)^(b)		1,766		1,763,634
4.34%, 01/15/25 (Call 02/15/25)^(b)		1,173		1,168,786
5.20%, 04/15/25 (Call 05/15/25)^(b)		8,414		8,387,156
5.47%, 09/15/25 (Call 09/15/25)^(b)		7,286		7,260,560
6.07%, 09/15/25 (Call 09/15/25), (30-day SOFR + 0.750%)^(a)(b)		7,873		7,881,857
Mercedes-Benz Auto Lease Trust, 5.24%, 11/17/25 (Call 01/15/26)		29,750		29,618,234
Mercedes-Benz Auto Receivables Trust, 5.92%, 11/16/26		10,655		10,653,100
Nissan Auto Receivables 2023-A Owner Trust, 5.97%, 02/17/26 (Call 12/15/26), (30-day SOFR + 0.650%)^(a)		21,992		22,004,296
Nissan Auto Receivables Owner Trust, 4.50%, 08/15/25 (Call 11/15/26)		5,796		5,767,121
Toyota Auto Receivables Owner Trust
2.35%, 01/15/25 (Call 05/15/26)		1,459		1,454,103
5.28%, 05/15/26 (Call 04/15/27)		13,555		13,489,924
5.84%, 05/15/26 (Call 04/15/27), (30-day SOFR + 0.520%)^(a)		12,898		12,890,245
USAA Auto Owner Trust, 5.83%, 07/15/26^(b)		6,462		6,452,122
Volkswagen Auto Lease Trust, 5.87%, 01/20/26		22,639		22,608,483


Total Asset-Backed Securities — 5.0% (Cost: $310,222,466)				309,064,843


Certificates of Deposit

Bank of America NA, 5.90%, 05/14/24		30,450		30,447,689
Bank of Montreal
5.41%, 05/17/24		31,600		31,508,861


Security	Par (000)		Value

5.82%, 04/01/24	$	18,140	$	18,142,414
5.93%, 04/12/24		25,000		25,007,405
Bank of Nova Scotia, 5.80%, 01/26/24, (1-day SOFR + 0.490%)^(a)		31,700		31,722,498
Barclays Bank PLC
5.54%, 02/07/24		16,800		16,784,058
5.70%, 02/16/24		25,000		24,983,971
BNP Paribas SA, 5.70%, 03/04/24		20,000		19,997,292
Canadian Imperial Bank of Commerce
5.40%, 02/08/24		25,000		24,979,134
5.81%, 02/05/24, (1-day SOFR + 0.500%)^(a)		26,350		26,376,762
5.90%, 06/13/24		22,170		22,173,809
5.93%, 06/28/24		17,400		17,396,865
5.94%, 04/12/24		15,980		15,990,441
5.99%, 07/01/24, (1-day SOFR + 0.680%)^(a)		15,500		15,528,066
Cooperatieve Rabobank UA, 5.18%, 02/01/24		25,000		24,961,138
Credit Industriel et Commercial
5.60%, 11/27/23		27,800		27,802,937
5.73%, 01/12/24		11,135		11,138,823
DNB Bank ASA
5.63%, 12/14/23		6,770		6,771,615
5.65%, 12/20/23		8,230		8,232,397
HSBC Bank USA NA
5.38%, 11/03/23		15,000		14,999,825
5.90%, 06/06/24		9,000		8,999,973
Macquarie Bank Ltd., 5.85%, 05/13/24, (1-day SOFR + 0.540%)^(a)(b)		15,230		15,240,463
Mitsubishi UFJ Trust & Banking Corp., 5.86%, 06/06/24, (1-day SOFR + 0.550%)^(a)		15,220		15,227,438
Mizuho Bank Ltd.
5.53%, 02/21/24		20,000		19,978,565
5.80%, 01/29/24		61,320		61,335,743
Natixis SA
5.15%, 11/02/23		12,500		12,499,749
5.26%, 02/02/24		20,000		19,965,461
5.70%, 12/01/23		50,000		50,009,775
5.97%, 05/20/24		39,040		39,045,757
Nordea Bank Abp, 5.91%, 04/12/24, (1-day SOFR + 0.600%)^(a)		17,500		17,519,236
Royal Bank of Canada, 5.88%, 06/27/24		15,400		15,394,892
State Street Bank & Trust Co., 5.81%, 03/28/24, (1-day SOFR + 0.500%)^(a)		15,000		15,009,299
Sumitomo Mitsui Banking Corp., 5.73%, 02/27/24, (1-day SOFR + 0.420%)^(a)		20,210		20,218,770
Svenska Handelsbanken/New York NY, 5.86%, 04/29/24, (1-day SOFR + 0.550%)^(a)		47,390		47,429,645
Swedbank AB, 5.41%, 11/02/23		47,300		47,299,955
Toronto-Dominion Bank
5.33%, 02/06/24		20,150		20,122,180
5.52%, 02/22/24		31,600		31,575,638
6.00%, 08/26/24		9,890		9,892,760
6.00%, 09/09/24		16,000		16,005,734
6.05%, 07/03/24		15,400		15,406,249
Wells Fargo Bank NA
5.81%, 01/22/24, (1-day SOFR + 0.500%)^(a)		47,700		47,733,958
5.95%, 07/08/24, (1-day SOFR + 0.640%)^(a)		25,000		25,031,986
Westpac Banking Corp., 5.63%, 11/06/23, (1-day SOFR + 0.320%)^(a)		31,550		31,551,045


Total Certificates of Deposit — 16.3% (Cost: $1,017,411,639)				1,017,440,271


Security	Par (000)		Value

Commercial Paper
Amazon.com Inc.
5.31%, 11/06/23	$	10,887	$	10,877,365
5.31%, 11/13/23		5,366		5,355,725
5.32%, 11/16/23		10,884		10,858,348
Amcor Finance USA Inc.
5.47%, 11/13/23		33,500		33,433,904
5.52%, 11/20/23		24,000		23,926,622
Amcor Flexibles North America Inc.
5.46%, 11/07/23		31,000		30,967,149
5.70%, 11/27/23		36,690		36,533,857
5.71%, 11/29/23		20,700		20,605,206
Ameren Corp., 5.42%, 11/01/23		6,250		6,249,059
American Electric Power Co. Inc., 5.44%, 11/08/23		15,000		14,981,881
American Honda Finance Corp.
5.46%, 11/16/23		46,360		46,247,764
5.72%, 01/08/24		12,500		12,364,516
5.74%, 01/16/24		29,500		29,142,344
ANZ New Zealand International Ltd.
5.33%, 11/09/23		23,350		23,318,924
5.73%, 07/03/24		24,500		23,577,535
AON Corp., 5.67%, 01/16/24		31,750		31,369,728
Australia & New Zealand Banking Group Ltd.,
5.30%, 11/01/23		20,000		19,997,054
Banco Santander SA, 5.61%, 02/01/24		57,000		56,186,385
BASF SE, 5.59%, 12/18/23		8,810		8,744,853
Bell Telephone Co. of Canada or Bell
Canada (The)
5.51%, 11/15/23		15,500		15,464,518
5.51%, 11/16/23		19,250		19,202,981
Brighthouse Financial Short Term Funding LLC,
5.37%, 11/14/23		4,413		4,403,797
Brookfield Corporate Treasury Ltd.
5.47%, 11/02/23		34,750		34,739,448
5.49%, 11/07/23		29,710		29,678,342
CDP Financial Inc.
5.60%, 02/23/24		31,400		30,847,885
5.81%, 06/07/24		2,464		2,379,576
Citigroup Global Markets Inc., 5.95%, 09/23/24		41,480		39,347,851
Commonwealth Bank of Australia
5.81%, 03/18/24, (1-day SOFR + 0.500%)^(a)(b)		15,400		15,411,612
5.81%, 07/26/24		26,500		25,396,977
DNB Bank ASA
5.81%, 06/13/24		16,000		15,436,654
5.86%, 07/30/24		45,880		43,928,394
Eli Lilly & Co., 5.32%, 11/14/23		21,550		21,505,510
Eversource Energy, 5.49%, 11/09/23		37,432		37,380,686
Federation des Caisses Desjardins du Quebec
5.55%, 01/12/24		27,270		26,966,564
5.69%, 03/11/24		36,250		35,509,043
Fidelity National Information Services Inc.
5.43%, 11/06/23		31,250		31,221,726
5.48%, 11/14/23		30,750		30,684,627
5.51%, 11/20/23		31,500		31,403,788
5.52%, 11/21/23		33,670		33,561,917
FMS Wertmanagement
5.69%, 05/02/24		24,250		23,564,752
5.69%, 05/03/24		23,500		22,832,377
GlaxoSmithKline LLC, 5.33%, 11/06/23		26,240		26,216,703
HSBC Bank PLC, 6.16%, 11/01/23, (1-day SOFR + 0.850%)^(a)(b)		20,000		20,000,396
HSBC USA Inc., 5.34%, 11/01/23		6,422		6,421,047


Security	Par (000)		Value

Hyundai Capital America, 5.42%, 11/08/23	$	30,250	$	30,213,637
ING U.S. Funding LLC, 5.83%, 06/07/24		32,020		30,918,986
Intercontinental Exchange Inc.
5.65%, 11/03/23		31,250		31,235,281
5.66%, 11/09/23		13,710		13,690,614
5.67%, 11/15/23		16,750		16,710,520
JP Morgan Securities LLC, 5.68%, 03/25/24		16,000		15,639,620
L’Oreal SA, 5.37%, 11/20/23		12,800		12,761,939
LSEGA Financing PLC
5.50%, 11/03/23		7,000		6,996,793
5.62%, 11/27/23		20,750		20,662,933
LVMH Moet Hennessy Louis Vuitton Inc., 5.44%, 01/16/24		15,000		14,827,445
LVMH Moet Hennessy Louis Vuitton SE
5.50%, 02/09/24		15,681		15,442,626
5.51%, 02/12/24		8,190		8,061,684
5.71%, 05/17/24		16,700		16,188,652
5.72%, 05/23/24		9,243		8,951,628
Macquarie Bank Ltd.
5.73%, 02/12/24		17,500		17,215,109
5.88%, 05/13/24		30,000		29,074,562
5.88%, 05/16/24		17,500		16,951,760
5.95%, 01/09/24, (1-day SOFR + 0.640%)^(a)(b)		15,000		15,011,820
Marriott International Inc., 5.63%, 11/21/23		22,250		22,182,014
Mercedes-Benz Finance North America LLC, 5.55%, 01/11/24		30,293		29,960,383
Microchip Technology Inc.
5.60%, 11/07/23		5,300		5,294,239
5.62%, 11/17/23		16,500		16,456,346
5.63%, 11/21/23		15,750		15,698,477
5.64%, 11/28/23		8,210		8,174,130
Mitsubishi HC Finance America LLC, 5.47%, 11/06/23		16,000		15,985,417
MUFG Bank Ltd.
5.59%, 01/17/24		15,800		15,610,991
5.78%, 04/12/24		25,700		25,040,688
National Australia Bank Ltd., 5.56%, 03/01/24, (1-day SOFR + 0.250%)^(a)(b)		20,000		19,995,960
National Bank of Canada, 5.64%, 02/23/24		33,438		32,845,778
NatWest Markets PLC, 5.95%, 05/20/24		15,920		15,405,466
NextEra Energy Capital Holdings Inc., 5.60%, 12/05/23		25,500		25,361,910
Nutrien Ltd., 5.62%, 11/30/23		4,000		3,981,367
Penske Truck Leasing Co. LP
5.51%, 11/03/23		10,250		10,245,298
5.59%, 11/14/23		20,000		19,956,586
5.62%, 11/17/23		31,050		30,967,856
PPG Industries Inc.
5.42%, 11/02/23		17,770		17,764,646
5.43%, 11/03/23		39,290		39,272,240
PSP Capital Inc., 5.34%, 11/13/23		9,250		9,232,195
Pure Grove Funding, 5.53%, 01/08/24		20,000		19,790,202
Ryder System Inc.
5.43%, 11/06/23		5,450		5,445,069
5.49%, 11/16/23		1,500		1,496,346
5.52%, 11/20/23		20,890		20,826,131
Sanofi SA, 5.64%, 04/08/24		15,419		15,041,634
Societe Generale SA, 5.71%, 04/24/24		27,160		26,422,796
Spire Inc.
5.42%, 11/01/23		30,110		30,105,465
5.43%, 11/03/23		14,250		14,243,559
5.57%, 11/28/23		17,750		17,673,398


Security	Par (000)		Value

5.61%, 12/07/23	$	14,750	$	14,665,500
Suncorp-Metway Ltd., 5.90%, 01/30/24		16,250		16,011,259
Toyota Industries Commercial Finance Inc.
5.52%, 01/26/24		16,400		16,184,236
5.53%, 02/05/24		6,053		5,964,075
5.63%, 04/22/24		7,510		7,311,158
United Overseas Bank Ltd., 5.78%, 04/16/24		10,540		10,263,138
United Parcel Service Inc., 5.43%, 01/17/24		5,750		5,683,099
Verizon Communications Inc., 5.44%, 11/07/23		77,880		77,797,772
Vulcan Materials Co.
5.44%, 11/08/23		15,750		15,730,975
5.60%, 12/05/23		17,500		17,405,233
VW Credit Inc.
5.42%, 11/01/23		5,500		5,499,172
5.48%, 11/14/23		18,000		17,961,714
5.49%, 11/16/23		15,390		15,352,512
5.53%, 11/21/23		31,500		31,398,772
5.76%, 01/24/24		14,350		14,157,607
Westpac Banking Corp., 5.76%, 05/06/24		34,270		33,270,036
Westpac Securities NZ Ltd., 4.68%, 02/23/24		10,000		9,852,776


Total Commercial Paper — 35.8% (Cost: $2,234,465,683)				2,233,786,620


Corporate Bonds & Notes

Aerospace & Defense — 0.2%
Lockheed Martin Corp., 4.95%, 10/15/25 (Call 09/15/25)		6,195		6,150,003
RTX Corp., 5.00%, 02/27/26 (Call 01/27/26)		5,590		5,493,341


				11,643,344

Agriculture — 0.7%
Cargill Inc.
0.40%, 02/02/24 (Call 01/02/24)^(b)(c)		10,165		10,026,342
3.50%, 04/22/25 (Call 12/01/23)^(b)		6,825		6,624,812
4.88%, 10/10/25 (Call 09/10/25)^(b)(c)		14,235		14,082,103
Philip Morris International Inc., 5.13%, 11/15/24		16,000		15,890,490


				46,623,747

Auto Manufacturers — 4.6%
American Honda Finance Corp.
0.75%, 08/09/24		3,235		3,110,746
6.02%, 01/10/25, (1-day SOFR + 0.670%)^(a)(c)		15,000		15,000,478
BMW U.S. Capital LLC
0.75%, 08/12/24^(b)		2,925		2,814,321
0.80%, 04/01/24^(b)(c)		3,350		3,280,265
5.72%, 08/12/24, (1-day SOFR + 0.380%)^(a)(b)		19,960		19,950,650
5.87%, 04/01/24, (1-day SOFR + 0.530%)^(a)(b)		15,615		15,624,013
Daimler Trucks Finance North America LLC
1.13%, 12/14/23^(b)(c)		4,000		3,978,171
5.20%, 01/17/25^(b)		9,295		9,212,781
5.60%, 08/08/25^(b)		10,155		10,084,309
Hyundai Capital America
0.80%, 01/08/24^(b)		3,000		2,970,136
5.80%, 06/26/25^(b)		7,590		7,544,841
5.95%, 09/21/26^(b)(c)		15,400		15,265,635
6.25%, 11/03/25^(b)		15,600		15,597,716
6.49%, 08/04/25, (1-day SOFR + 1.150%)^(a)(b)		14,525		14,526,910
Mercedes-Benz Finance North America LLC,
5.38%, 08/01/25^(b)(c)		15,290		15,233,783
PACCAR Financial Corp., 3.15%, 06/13/24		8,865		8,723,707
Toyota Motor Credit Corp.
0.50%, 06/18/24		4,000		3,871,414


Security	Par (000)		Value

Auto Manufacturers (continued)
2.50%, 03/22/24	$	15,000	$	14,811,715
3.65%, 08/18/25^(c)		13,145		12,718,118
4.40%, 09/20/24		15,000		14,830,809
5.63%, 09/13/24, (1-day SOFR + 0.290%)^(a)		12,000		11,983,452
5.83%, 08/22/24, (1-day SOFR + 0.520%)^(a)		15,110		15,118,310
5.93%, 06/13/24, (1-day SOFR + 0.620%)^(a)(c)		15,210		15,225,942
5.96%, 03/22/24, (1-day SOFR + 0.620%)^(a)(c)		10,000		10,004,208
Volkswagen Group of America Finance LLC 5.80%, 09/12/25^(b)(c)		10,000		9,952,729
6.29%, 06/07/24, (1-day SOFR + 0.950%)^(a)(b)		12,380		12,403,356

				283,838,515

Auto Parts & Equipment — 0.0%
Aptiv PLC, 2.40%, 02/18/25 (Call 11/13/23)^(c)		3,275		3,123,707


Banks — 13.5%
Australia & New Zealand Banking Group Ltd.
4.83%, 02/03/25^(b)(c)		14,970		14,819,324
5.09%, 12/08/25		10,810		10,690,854
5.67%, 10/03/25		15,000		15,022,515
6.09%, 07/03/25, (1-day SOFR + 0.750%)^(b)(c)		14,655		14,693,500
Banco Santander SA 3.89%, 05/24/24		15,800		15,582,873
5.74%, 06/30/24, (1-year CMT + 0.450%)^(a)(c)		8,200		8,173,512
Bank of America Corp. 5.75%, 06/14/24 (Call 05/14/24), (1-day SOFR + 0.410%)^(a)		18,580		18,557,149
Series 2025, 6.00%, 02/04/25 (Call 02/04/24), (1-day SOFR + 0.660%)^(a)		15,000		14,966,173
Bank of Montreal, 5.66%, 12/04/23, (1-day SOFR + 0.350%)^(a)		20,000		20,003,720
Banque Federative du Credit Mutuel SA, 4.93%, 01/26/26^(b)		17,400		16,922,069
Citibank NA, 6.15%, 09/29/25 (Call 08/29/25), (1-day SOFR + 0.805%)^(a)		15,440		15,445,558
Citigroup Inc., 4.14%, 05/24/25 (Call 05/24/24), (1-day SOFR + 1.372%)^(a)(c)		4,770		4,711,115
Commonwealth Bank of Australia, 5.50%, 09/12/25		15,210		15,194,129
Commonwealth Bank of Australia/New York NY, 5.08%, 01/10/25		17,800		17,712,993
Cooperatieve Rabobank UA, 5.50%, 07/18/25		15,300		15,200,543
Cooperatieve Rabobank UA/NY, 3.88%, 08/22/24		16,800		16,515,953
Credit Suisse AG/New York NY 0.50%, 02/02/24		5,335		5,248,490
5.74%, 02/02/24, (1-day SOFR + 0.390%)^(a)		15,000		14,968,800
5.86%, 01/19/24, (1-day SOFR + 0.540%)^(a)		10,000		10,006,923
Deutsche Bank AG/New York NY 4.16%, 05/13/25		6,905		6,701,125
Series E, 0.96%, 11/08/23		20,815		20,793,920
Series E, 5.84%, 11/08/23,
(1-day SOFR + 0.500%)^(a)		16,220		16,219,303
Goldman Sachs Group Inc. (The), 1.22%, 12/06/23 (Call 11/06/23)		12,000		11,947,593
HSBC Holdings PLC, 1.16%, 11/22/24 (Call 11/22/23), (1-day SOFR + 0.580%)^(a)		6,995		6,974,007
JPMorgan Chase & Co., 3.85%, 06/14/25 (Call 06/14/24), (1-day SOFR + 0.980%)^(a)		16,100		15,852,721
KeyBank NA, 4.70%, 01/26/26 (Call 12/26/25)		3,275		3,041,655
KeyBank NA/Cleveland OH 4.15%, 08/08/25		5,370		4,994,149


Security	Par (000)		Value

Banks (continued)
5.66%, 06/14/24 (Call 12/01/23), (1-day SOFR + 0.320%)^(a)(c)	$	10,000	$	9,755,951
5.66%, 06/14/24 (Call 12/01/23), (1-day SOFR + 0.320%)^(a)(c)		15,565		15,219,855
Mitsubishi UFJ Financial Group Inc.
4.79%, 07/18/25 (Call 07/18/24), (1-year CMT + 1.700%)^(a)		9,010		8,907,513
5.06%, 09/12/25 (Call 09/12/24), (1-year CMT + 1.550%)^(a)		15,675		15,503,640
5.72%, 02/20/26 (Call 02/20/25), (1-year CMT + 1.080%)^(a)		12,775		12,694,846
Morgan Stanley
3.62%, 04/17/25 (Call 04/17/24), (1-day SOFR + 1.160%)^(a)(c)		6,865		6,776,329
5.80%, 01/25/24 (Call 12/25/23), (1-day SOFR + 0.455%)^(a)		21,000		20,999,790
5.97%, 01/24/25 (Call 01/24/24), (1-day SOFR + 0.625%)^(a)		15,000		14,962,650
6.51%, 04/17/25 (Call 04/17/24), (1-day SOFR + 0.950%)^(a)		10,000		10,015,483
Morgan Stanley Bank NA, 5.48%, 07/16/25 (Call 06/16/25)		7,520		7,487,037
National Australia Bank Ltd./New York
4.97%, 01/12/26		17,800		17,589,709
5.20%, 05/13/25		13,305		13,220,050
National Securities Clearing Corp., 5.15%, 05/30/25^(b)		5,105		5,068,049
Nordea Bank Abp
3.60%, 06/06/25^(b)		10,665		10,291,850
4.75%, 09/22/25^(b)		16,900		16,550,118
PNC Financial Services Group Inc. (The), 5.67%, 10/28/25 (Call 10/28/24), (1-day SOFR + 1.090%)^(a)		15,526		15,369,032
Societe Generale SA, 4.35%, 06/13/25^(b)(c)		15,000		14,579,591
Sumitomo Mitsui Financial Group Inc.
0.51%, 01/12/24^(c)		3,580		3,541,701
5.46%, 01/13/26		17,800		17,565,245
Sumitomo Mitsui Trust Bank Ltd.
0.80%, 09/16/24^(b)(c)		12,000		11,463,427
2.55%, 03/10/25^(b)(c)		10,000		9,543,015
5.65%, 09/14/26^(b)		12,000		11,909,650
5.72%, 02/13/24, (1-day SOFR + 0.410%)^(a)		30,000		30,011,873
5.78%, 09/16/24, (1-day SOFR + 0.440%)^(a)(b)		15,000		14,975,688
Svenska Handelsbanken AB, 3.65%, 06/10/25^(b)(c)		15,900		15,344,883
Truist Bank, 5.54%, 01/17/24 (Call 11/13/23),
(1-day SOFR + 0.200%)^(a)		45,000		44,927,526
UBS AG
5.80%, 09/11/25		8,000		7,956,727
6.27%, 09/11/25, (1-day SOFR + 0.930%)^(a)		8,000		7,992,891
UBS AG/London
0.45%, 02/09/24^(b)		7,000		6,890,052
0.70%, 08/09/24^(b)(c)		4,330		4,154,996
1.38%, 01/13/25 (Call 12/13/24)^(b)(c)		6,970		6,579,188
5.70%, 02/09/24, (1-day SOFR + 0.360%)^(a)(b)		5,000		4,997,842
5.79%, 08/09/24, (1-day SOFR + 0.450%)^(a)(b)		8,470		8,453,992
UBS Group AG, 4.49%, 08/05/25 (Call 08/05/24), (1-year CMT + 1.600%)^(a)(b)(c)		8,810		8,666,174
Wells Fargo Bank NA, 5.55%, 08/01/25 (Call 07/01/25)		15,230		15,175,684
Westpac Banking Corp. 1.02%, 11/18/24^(c)		3,550		3,379,968


Security	Par (000)		Value

Banks (continued)
5.35%, 10/18/24^(c)	$	17,600	$	17,532,094
5.64%, 11/18/24, (1-day SOFR + 0.300%)^(a)		23,886		23,839,336


				840,854,111

Chemicals — 0.5%
Ecolab Inc., 0.90%, 12/15/23 (Call 11/13/23)		8,800		8,746,421
Linde Inc., 4.80%, 12/05/24^(c)		17,700		17,581,129
Sherwin-Williams Co. (The), 4.05%, 08/08/24^(c)		7,310		7,201,211


				33,528,761

Computers — 0.2%
Hewlett Packard Enterprise Co., 5.90%, 10/01/24		15,400		15,372,222


Cosmetics & Personal Care — 0.2%
GSK Consumer Healthcare Capital U.S. LLC, 3.02%, 03/24/24 (Call 11/16/23)^(c)		9,235		9,114,523
Unilever Capital Corp., 0.63%, 08/12/24 (Call 11/16/23)		5,975		5,740,744


				14,855,267

Diversified Financial Services — 1.3%
American Express Co.
0.75%, 11/03/23		10,000		9,998,672
3.38%, 05/03/24^(c)		7,600		7,506,216
5.57%, 11/03/23, (1-day SOFR + 0.230%)^(a)		10,000		9,999,968
6.27%, 03/04/25 (Call 02/01/25), (1-day SOFR + 0.930%)^(a)(c)		8,235		8,251,349
6.34%, 10/30/26 (Call 10/30/25), (1-day SOFR + 1.330%)^(a)		15,700		15,744,504
Capital One Financial Corp., 4.17%, 05/09/25 (Call 05/09/24), (1-day SOFR + 1.370%)^(a)		15,800		15,480,108
CDP Financial Inc., 4.50%, 02/13/26^(b)		9,219		9,044,840
LSEGA Financing PLC, 0.65%, 04/06/24 (Call 03/06/24)^(b)		3,895		3,803,138


				79,828,795

Electric — 2.0%
Florida Power & Light Co.
4.45%, 05/15/26 (Call 04/15/26)^(c)		7,965		7,791,581
5.72%, 01/12/24 (Call 11/13/23), (1-day SOFR + 0.380%)^(a)		8,240		8,240,105
National Rural Utilities Cooperative Finance Corp., Series D, 5.67%, 10/18/24, (1-day SOFR + 0.330%)^(a)		5,000		4,993,705
NextEra Energy Capital Holdings Inc. 2.94%, 03/21/24 (Call 12/01/23)		15,000		14,819,520
4.26%, 09/01/24		28,679		28,216,665
5.74%, 11/03/23, (1-day SOFR + 0.400%)^(a)		30,000		29,999,991
6.05%, 03/01/25		5,275		5,271,980
WEC Energy Group Inc.
4.75%, 01/09/26 (Call 12/09/25)		10,000		9,756,444
5.00%, 09/27/25 (Call 08/27/25)^(c)		7,465		7,355,013
Wisconsin Public Service Corp., 5.35%, 11/10/25 (Call 10/10/25)		8,520		8,492,172


				124,937,176

Electronics — 0.0%
Amphenol Corp., 4.75%, 03/30/26		2,840		2,774,576


Food — 1.0%
Hormel Foods Corp., 0.65%, 06/03/24 (Call 11/16/23)^(c)		12,125		11,759,294


Security	Par (000)		Value

Food (continued)
Nestle Holdings Inc.
0.61%, 09/14/24 (Call 12/01/23)^(b)(c)	$	35,000	$	33,519,530
4.00%, 09/12/25 (Call 08/12/25)^(b)(c)		17,000		16,633,195

				61,912,019

Health Care - Services — 0.6%
Roche Holdings Inc.
1.88%, 03/08/24^(b)		15,000		14,798,233
5.58%, 03/05/24, (1-day SOFR + 0.240%)^(a)(b)		5,370		5,370,792
UnitedHealth Group Inc., 5.00%, 10/15/24^(c)		17,600		17,499,985


				37,669,010

Insurance — 3.2%
Athene Global Funding, 2.51%, 03/08/24^(b)		10,000		9,862,745
Brighthouse Financial Global Funding, 1.20%, 12/15/23^(b)		17,000		16,904,469
MassMutual Global Funding II
4.15%, 08/26/25^(b)		7,302		7,105,518
6.33%, 07/10/26, (1-day SOFR + 0.980%)^(b)		15,252		15,295,251
Metropolitan Life Global Funding I
0.55%, 06/07/24^(b)(c)		3,590		3,478,359
5.00%, 01/06/26^(b)		10,000		9,849,166
5.66%, 01/07/24, (1-day SOFR + 0.320%)^(a)(b)(c)		27,000		27,001,093
New York Life Global Funding
3.15%, 06/06/24^(b)(c)		8,400		8,270,136
3.60%, 08/05/25^(b)		16,500		15,958,897
5.77%, 06/06/24, (1-day SOFR + 0.430%)^(a)(b)		9,130		9,132,512
6.04%, 06/13/25, (1-day SOFR + 0.700%)^(b)		18,500		18,542,450
Northwestern Mutual Global Funding
4.00%, 07/01/25^(b)		16,300		15,854,360
6.04%, 06/13/25, (1-day SOFR + 0.700%)^(b)		15,400		15,409,077
Pacific Life Global Funding II, 6.20%, 06/16/25, (1-day SOFR + 0.860%)^(b)		14,705		14,716,598
Principal Life Global Funding II
0.75%, 08/23/24^(b)		660		631,123
5.72%, 08/23/24, (1-day SOFR + 0.380%)^(a)(b)		635		634,599
Protective Life Global Funding, 5.37%, 01/06/26^(b)(c)		10,000		9,909,179


				198,555,532

Internet — 0.8%
Amazon.com Inc.
2.73%, 04/13/24		20,000		19,735,851
3.00%, 04/13/25		10,000		9,672,424
eBay Inc., 5.90%, 11/22/25 (Call 10/22/25)		17,600		17,615,543


				47,023,818

Machinery — 1.7%
Caterpillar Financial Services Corp.
0.95%, 01/10/24		20,000		19,820,823
4.35%, 05/15/26		15,800		15,418,992
5.59%, 05/17/24, (1-day SOFR + 0.245%)^(a)		10,000		9,998,614
5.61%, 09/13/24, (1-day SOFR + 0.270%)^(a)		15,620		15,616,251
John Deere Capital Corp.
0.90%, 01/10/24		3,605		3,571,943
3.40%, 06/06/25		10,390		10,062,847
4.80%, 01/09/26^(c)		17,800		17,564,753
5.55%, 10/11/24, (1-day SOFR + 0.200%)^(a)(c)		14,290		14,290,695


				106,344,918

Manufacturing — 0.3%
Siemens Financieringsmaatschappij NV, 5.77%,
03/11/24, (1-day SOFR + 0.430%)^(a)(b)		18,980		18,985,884


Security	Par (000)		Value

Media — 0.0%
Comcast Corp., 5.25%, 11/07/25	$	2,950	$	2,934,344


Oil & Gas — 0.3%
ConocoPhillips Co., 2.13%, 03/08/24 (Call 11/13/23)		16,000		15,793,597


Pharmaceuticals — 0.8%
Merck & Co. Inc., 2.75%, 02/10/25 (Call 11/10/24)		17,000		16,441,246
Pfizer Investment Enterprises Pte. Ltd., 4.65%, 05/19/25		31,500		31,100,943


				47,542,189

Pipelines — 0.9%
Enbridge Inc.
2.15%, 02/16/24		5,530		5,463,917
5.97%, 02/16/24, (1-day SOFR + 0.630%)^(a)		10,125		10,131,651
Enterprise Products Operating LLC, 5.05%, 01/10/26		12,365		12,218,422
TransCanada PipeLines Ltd., 1.00%, 10/12/24 (Call 09/12/24)		27,205		25,901,012


				53,715,002

Real Estate Investment Trusts — 0.2%
Public Storage, 5.95%, 07/25/25, (1-day SOFR + 0.600%)		11,250		11,261,919


Retail — 0.9%
Home Depot Inc. (The), 4.00%, 09/15/25 (Call 08/15/25)		5,170		5,042,993
Lowe’s Companies Inc.
4.40%, 09/08/25		11,510		11,251,805
4.80%, 04/01/26 (Call 03/01/26)		6,660		6,523,115
Starbucks Corp., 5.76%, 02/14/24 (Call 11/13/23), (1-day SOFR + 0.420%)^(a)		11,515		11,515,155
Walmart Inc., 3.90%, 09/09/25		20,000		19,537,688


				53,870,756

Savings & Loans — 0.3%
Nationwide Building Society, 0.55%, 01/22/24^(b)		16,520		16,319,952


Semiconductors — 0.3%
Analog Devices Inc., 5.59%, 10/01/24, (1-day SOFR + 0.250%)^(a)		15,330		15,323,559
NVIDIA Corp., 0.58%, 06/14/24 (Call 11/13/23)		5,305		5,143,311


				20,466,870

Software — 0.3%
Intuit Inc., 5.25%, 09/15/26 (Call 08/15/26)^(c)		11,165		11,131,748
salesforce.com Inc., 0.63%, 07/15/24 (Call 11/13/23)		9,415		9,086,495


				20,218,243

Telecommunications — 0.5%
Bell Telephone Co. of Canada or Bell Canada (The), Series US-3, 0.75%, 03/17/24^(c)		21,081		20,660,552
NTT Finance Corp.
0.58%, 03/01/24^(b)(c)		6,005		5,898,700
4.14%, 07/26/24^(b)(c)		2,830		2,792,987
Verizon Communications Inc., 0.75%, 03/22/24		3,580		3,509,486


				32,861,725


Total Corporate Bonds & Notes — 35.3% (Cost: $2,226,633,414)				2,202,855,999


Security	Par (000)		Value

Municipal Debt Obligations

Illinois — 0.1%
State of Illinois GO, 5.25%, 05/01/25	$	5,865	$	5,793,643


New York — 0.1%
Taxable Municipal Funding Trust RB
VRDN, 5.60%, 01/16/25 (Put 12/05/23)^(b)(d)		1,015		1,015,000
VRDN, 5.60%, 09/01/30 (Put 05/01/25)^(b)(d)		2,440		2,440,000


				3,455,000


Total Municipal Debt Obligations — 0.2% (Cost $9,320,000)				9,248,643


Repurchase Agreements^(a)(e)

Bank of America Securities Inc., 5.44%, 11/01/23 (Purchased on 10/31/23 to be repurchased at $10,001,511, collateralized by non-agency mortgage-backed security, 0.90% to 9.25%, due 05/28/24 to 01/15/43, par and fair value of $9,797,000 and $10,500,107, respectively)		10,000		10,000,000
Bank of America Securities Inc., 5.64%, 11/01/23 (Purchased on 10/31/23 to be repurchased at $54,758,578, collateralized by non-agency mortgage-backed security, 2.00% to 8.86%, due 11/17/24 to 05/25/59, par and fair value of $69,326,248 and $59,160,543, respectively)		54,750		54,750,000
Bank of America Securities Inc., 5.82%, 11/01/23 (Purchased on 10/31/23 to be repurchased at $10,001,617, collateralized by non-agency mortgage-backed security, 3.66%, due 10/25/59,par and fair value of $16,197,909 and $12,000,000, respectively)		10,000		10,000,000
BNP Paribas, 5.68%, 11/01/23 (Purchased on 10/31/23 to be repurchased at $36,755,798,collateralized by non-agency mortgage-backed security, 0.65% to 10.50%, due 11/13/23 to 12/31/79, par and fair value of $54,796,778 and $40,146,412, respectively)		36,750		36,750,000
Citigroup Global Markets Inc, 5.62%, 11/01/23 (Purchased on 10/31/23 to be repurchased at $9,001,405, collateralized by non-agency mortgage-backed security, 6.76% to 6.84%, due 07/15/34 to 10/20/34, par and fair value of $9,717,570 and $9,651,430, respectively)		9,000		9,000,000
Citigroup Global Markets Inc, 5.64%, 11/01/23 (Purchased on 10/31/23 to be repurchased at $12,001,880, collateralized by non-agency mortgage-backed security, 6.76% to 7.19%, due 07/15/34 to 07/15/35, par and fair value of $12,862,999 and $12,832,650, respectively)		12,000		12,000,000
Goldman Sachs & Co. LLC, 5.83%, 11/01/23 (Purchased on 10/31/23 to be repurchased at $90,014,575, collateralized by U.S. Government Agency and non-agency mortgage-backed security, 1.49% to 10.75%, due 12/15/23 to 03/25/52, par and fair value of $112,811,881 and $94,500,001, respectively)		90,000		90,000,000


Security	Par (000)		Value

Mizuho Securities USA Inc., 5.77%, 11/01/23 (Purchased on 10/31/23 to be repurchased at $6,000,962, collateralized by non-agency mortgage-backed security, 4.63% to 8.67%, due 05/12/26 to 06/03/50, par and fair value of $6,501,241 and $6,393,662, respectively)	$	6,000	$	6,000,000
Mizuho Securities USA Inc., 5.87%, 11/01/23 (Purchased on 10/31/23 to be repurchased at $30,004,892, collateralized by non-agency mortgage-backed security, 4.90% to 7.78%, due 08/15/30 to 07/25/49, par and fair value of $35,072,845 and $33,001,749, respectively)		30,000		30,000,000
Wells Fargo Securities, 5.71%, 11/01/23 (Purchased on 10/31/23 to be repurchased at $77,012,213, collateralized by non-agency mortgage-backed security, 0.45% to 8.66%, due 09/16/24 to 04/15/35, par and fair value of $91,692,383 and $80,850,155, respectively)		77,000		77,000,000


Total Repurchase Agreements — 5.4% (Cost: $335,500,000)				335,500,000


U.S. Government Obligations

U.S. Government Obligations — 2.0%
U.S. Treasury Bill
5.41%, 12/05/23 ^(f)		31,400		31,243,088
5.47%, 01/18/24 ^(c)(f)		15,900		15,716,984
5.49%, 01/16/24 ^(f)		31,500		31,147,384
U.S. Treasury Note/Bond
4.75%, 07/31/25		30,890		30,688,491
5.00%, 08/31/25 ^(c)		15,530		15,497,241


Total U.S. Government Obligations — 2.0% (Cost: $123,964,250)				124,293,188


	Shares

Money Market Funds

BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%^(g)(h)(i)		123,103,507		123,152,749


Total Money Market Funds — 2.0% (Cost: $123,127,159)				123,152,749


Total Investments — 102.0% (Cost: $6,380,644,611)				6,355,342,313

Liabilities in Excess of Other Assets — (2.0)%				(123,089,242	)


Net Assets — 100.0%			$	6,232,253,071

^(a)	Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.

^(b)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(c)	All or a portion of this security is on loan.

^(d)	Variable rate security. Rate as of period end and maturity is the date the principal owed can be recovered through demand.

^(e)	Maturity date represents next reset date.

^(f)	Rates are discount rates or a range of discount rates as of period end.

^(g)	Affiliate of the Fund.

^(h)	Annualized 7-day yield as of period end.

iShares U.S. ETF Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.

These financial statements relate only to the following funds (each, a “Fund” and collectively, the “Funds”):

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed (the “trade dates”). Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis.

Foreign Currency Translation: Each Fund’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of October 31, 2023, if any, are disclosed in the Statements of Assets and Liabilities.

The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statements of Operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

Collateralization: If required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.

In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.

Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds.

Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of the Trust (the “Board”) of each Fund has approved the designation of BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA’s policies. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with BFA’s policies and procedures as reflecting fair value. BFA has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee, in accordance with BFA’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement.

Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

Asset-Backed and Mortgage-Backed Securities: Asset-backed securities are generally issued as pass-through certificates or as debt instruments. Asset-backed securities issued as pass-through certificates represent undivided fractional ownership interests in an underlying pool of assets. Asset-backed securities issued as debt instruments, which are also known as collateralized obligations, are typically issued as the debt of a special purpose entity organized solely for the purpose of owning such assets and issuing such debt. Asset-backed securities are often backed by a pool of assets representing the obligations of a number of different parties. The yield characteristics of certain asset-backed securities may differ from traditional debt securities. One such major difference is that all or a principal part of the obligations may be prepaid at any time because the underlying assets (i.e., loans) may be prepaid at any time. As a result, a decrease in interest rates in the market may result in increases in the level of prepayments as borrowers, particularly mortgagors, refinance and repay their loans. An increased prepayment rate with respect to an asset-backed security will have the effect of shortening the maturity of the security. In addition, a fund may subsequently have to reinvest the proceeds at lower interest rates. If a fund has purchased such an asset-backed security at a premium, a faster than anticipated prepayment rate could result in a loss of principal to the extent of the premium paid.

For mortgage pass-through securities (the “Mortgage Assets”) there are a number of important differences among the agencies and instrumentalities of the U.S. Government that issue mortgage-related securities and among the securities that they issue. For example, mortgage-related securities guaranteed by Ginnie Mae are guaranteed as to the timely payment of principal and interest by Ginnie Mae and such guarantee is backed by the full faith and credit of the United States. However, mortgage-related securities issued by Freddie Mac and Fannie Mae, including Freddie Mac and Fannie Mae guaranteed mortgage pass-through certificates, which are solely the obligations of Freddie Mac and Fannie Mae, are not backed by or entitled to the full faith and credit of the United States, but are supported by the right of the issuer to borrow from the U.S. Treasury.

Non-agency mortgage-backed securities are securities issued by non-governmental issuers and have no direct or indirect government guarantees of payment and are subject to various risks. Non-agency mortgage loans are obligations of the borrowers thereunder only and are not typically insured or guaranteed by any other person or entity. The ability of a borrower to repay a loan is dependent upon the income or assets of the borrower. A number of factors, including a general economic downturn, acts of God, terrorism, social unrest and civil disturbances, may impair a borrower’s ability to repay its loans.

Repurchase Agreements: Repurchase agreements are commitments to purchase a security from a counterparty who agrees to repurchase the same security at a mutually agreed upon date and price. On a daily basis, the counterparty is required to maintain collateral subject to the agreement and in value no less than the agreed upon repurchase amount. Repurchase agreements may be traded bilaterally, in a tri-party arrangement or may be centrally cleared through a sponsoring agent. Subject to the custodial undertaking associated with a tri-party repurchase arrangement and for centrally cleared agreements, a third party custodian maintains accounts to hold collateral for a fund and its counterparties. Typically, a fund and counterparty are not permitted to sell, re-pledge or use the collateral absent a default by the counterparty or the fund. In the event the counterparty defaults and the fair value of the collateral declines, a fund could experience losses, delays and costs in liquidating the collateral.

Repurchase agreements are entered into by a fund under Master Repurchase Agreements (each, an “MRA”). The MRA permits the fund, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables with collateral held by and/or posted to the counterparty. As a result, one single net payment is created. Bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of the MRA counterparty’s bankruptcy or insolvency. Based on the terms of the MRA, the fund receives securities as collateral with a market value in excess of the repurchase price at maturity. Upon a bankruptcy or insolvency of the MRA counterparty, the fund would recognize a liability with respect to such excess collateral. The liability reflects the fund’s obligation under bankruptcy law to return the excess to the counterparty.

The following table summarizes the open repurchase agreements as of October 31, 2023 which are subject to offset under an MRA:

Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned

securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BFA, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.

Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

Forward Foreign Currency Exchange Contracts: Forward foreign currency exchange contracts are entered into to gain or reduce exposure to foreign currencies (foreign currency exchange rate risk).

A forward foreign currency exchange contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a specified date. These contracts help to manage the overall exposure to the currencies in which some of the investments held by the Funds are denominated and in some cases, may be used to obtain exposure to a particular market.The contracts are traded over-the-counter (“OTC”) and not on an organized exchange.

The contract is marked-to-market daily and the change in market value is recorded as unrealized appreciation or depreciation in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the value at the time it was opened and the value at the time it was closed. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency. The use of forward foreign currency exchange contracts involves the risk that the value of a contract changes unfavorably due to movements in the value of the referenced foreign currencies, and such value may exceed the amount(s) reflected in the Statements of Assets and Liabilities. Cash amounts pledged for forward foreign currency exchange contracts are considered restricted and are included in cash pledged as collateral for OTC derivatives in the Statements of Assets and Liabilities. A fund’s risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund.

Master Netting Arrangements: In order to define its contractual rights and to secure rights that will help mitigate its counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency, or other events.

For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement, and comparing that amount to the value of any collateral currently pledged by a fund and the counterparty.

Cash collateral that has been pledged to cover obligations of the Funds and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Funds, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Funds. Any additional required collateral is delivered to/pledged by the Funds on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Funds from the counterparty are not fully collateralized, each Fund bears the risk of loss from counterparty non-performance. Likewise, to the extent the Funds have delivered collateral to a counterparty and stand ready to perform under the terms of their agreement with such counterparty, each Fund bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.

For financial reporting purposes, each Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statements of Assets and Liabilities.

Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).

For its investment advisory services to each of the following Funds, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:

Expense Waivers: A fund may incur its pro rata share of fees and expenses attributable to its investments in other investment companies (“acquired fund fees and expenses”). The total of the investment advisory fee and acquired fund fees and expenses, if any, is a fund’s total annual operating expenses. Total expenses as shown in the Statements of Operations does not include acquired fund fees and expenses.

For the BlackRock Short Maturity Bond ETF, BFA has contractually agreed to waive a portion of its investment advisory fees for the Fund through February 28, 2025 in an amount equal to the acquired fund fees and expenses, if any, attributable to the Fund’s investments in other registered investment companies advised by BFA or its affiliates.

This amount is included in investment advisory fees waived in the Statement of Operations. For the year ended October 31, 2023, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:

Sub-Adviser: BFA has entered into a sub-advisory agreement with BlackRock International Limited (the “Sub-Adviser”), an affiliate of BFA, under which BFA pays the Sub-Adviser for services it provides to the BlackRock Ultra Short-Term Bond ETF.

Distributor: BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the year ended October 31, 2023, the Funds paid BTC the following amounts for securities lending agent services:

Officers and Trustees: Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.

Other Transactions: Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

For the year ended October 31, 2023, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the Statements of Operations.

For the year ended October 31, 2023, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

Each Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes. It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Management has analyzed tax laws and regulations and their application to the Funds as of October 31, 2023, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of October 31, 2023, permanent differences attributable to nondeductible expenses and realized gains (losses) from in-kind redemptions were reclassified to the following accounts:

As of October 31, 2023, the tax components of accumulated net earnings (losses) were as follows:

For the year ended October 31, 2023, the BlackRock Short Maturity Municipal Bond ETF utilized $1,037 of its capital loss carryforwards.

As of October 31, 2023, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which the Fund is subject.

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.

Market Risk: Each Fund may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during periods of declining interest rates, which would force each Fund to reinvest in lower yielding securities. Each Fund may also be exposed to reinvestment risk, which is the risk that income from each Fund’s portfolio will decline if each Fund invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below each Fund portfolio’s current earnings rate.

Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions, credit rating downgrades, or the bankruptcy of the issuer could have a significant effect on an issuer’s ability to make payments of principal and/or interest or otherwise affect the value of such securities. Municipal securities can be significantly affected by political or economic changes, including changes made in the law after issuance of the securities, as well as uncertainties in the municipal market related to, taxation, legislative changes or the rights of municipal security holders, including in connection with an issuer insolvency. Municipal securities backed by current or anticipated revenues from a specific project or specific assets can be negatively affected by the discontinuance of the tax benefits supporting the project or assets or the inability to collect revenues for the project or from the assets. Municipal securities may be less liquid than taxable bonds, and there may be less publicly available information on the financial condition of municipal security issuers than for issuers of other securities.

Infectious Illness Risk: An outbreak of an infectious illness, such as the COVID-19 pandemic, may adversely impact the economies of many nations and the global economy, and may impact individual issuers and capital markets in ways that cannot be foreseen. An infectious illness outbreak may result in, among other things, closed international borders, prolonged quarantines, supply chain disruptions, market volatility or disruptions and other significant economic, social and political impacts.

Valuation Risk: The price each Fund could receive upon the sale of any particular portfolio investment may differ from each Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to

significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs may significantly impact the resulting fair value and therefore each Fund’s results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by each Fund, and each Fund could realize a greater than expected loss or lesser than expected gain upon the sale of the investment. Each Fund’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.

Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that BFA believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.

Geographic/Asset Class Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.

The Funds invest a significant portion of their assets in securities of issuers located in the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative “debt ceiling.” Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the the Funds invest.

Certain Funds invest a significant portion of their assets in high yield securities. High yield securities that are rated below investment-grade (commonly referred to as “junk bonds”) or are unrated may be deemed speculative, involve greater levels of risk than higher-rated securities of similar maturity and are more likely to default. High yield securities may be issued by less creditworthy issuers, and issuers of high yield securities may be unable to meet their interest or principal payment obligations. High yield securities are subject to extreme price fluctuations, may be less liquid than higher rated fixed-income securities, even under normal economic conditions, and frequently have redemption features.

The Funds invest a significant portion of their assets in fixed-income securities and/or use derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease as interest rates rise and increase as interest rates fall. The Funds may be subject to a greater risk of rising interest rates due to the period of historically low interest rates that ended in March 2022. The Federal Reserve has recently been raising the federal funds rate as part of its efforts to address inflation. There is a risk that interest rates will continue to rise, which will likely drive down the prices of bonds and other fixed-income securities, and could negatively impact the Funds’ performance.

Certain Funds invest a significant portion of their assets within the financials sector. Performance of companies in the financials sector may be adversely impacted by many factors, including, among others, changes in government regulations, economic conditions, and interest rates, credit rating downgrades, adverse public perception, exposure concentration and decreased liquidity in credit markets.The impact of changes in capital requirements and recent or future regulation of any individual financial company, or of the financials sector as a whole, cannot be predicted, but may negatively impact the Funds.

Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

LIBOR Transition Risk: The Funds may be exposed to financial instruments that recently transitioned from, or continue to be tied to the London Interbank Offered Rate (“LIBOR”) to determine payment obligations, financing terms, hedging strategies or investment value. The United Kingdom’s Financial Conduct Authority, which regulates LIBOR, has ceased publishing all LIBOR settings, but some USD LIBOR settings will continue to be published under a synthetic methodology until September 30, 2024 for certain legacy contracts. The Secured Overnight Financing Rate (“SOFR”) has been used increasingly on a voluntary basis in new instruments and transactions. Under U.S.

regulations that implement a statutory fallback mechanism to replace LIBOR, benchmark rates based on SOFR have replaced LIBOR in certain financial contracts. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.

Management’s evaluation of the impact of all subsequent events on the Funds’ financial statements was completed through the date the financial statements were available to be issued and the following item was noted:

On September 27 2023, the Board approved a proposal to change the name of BlackRock Short Maturity Bond ETF to BlackRock Short Duration Bond ETF, the Fund’s index to Bloomberg U.S. 1-3 Year Government/Credit Bond Index, as well as certain changes to the Fund’s investment objective. These changes became effective on November 1, 2023.

iShares U.S. ETF Trust and Shareholders of BlackRock Short Duration Bond ETF, BlackRock Short Maturity Municipal Bond ETF and BlackRock Ultra Short-Term Bond ETF

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (three of the funds constituting iShares U.S. ETF Trust, hereafter collectively referred to as the “Funds”) as of October 31, 2023, the related statements of operations for the year ended October 31, 2023, the statements of changes in net assets for each of the two years in the period ended October 31, 2023, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2023 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2023, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2023 and each of the financial highlights for each of the five years in the period ended October 31, 2023 in conformity with accounting principles generally accepted in the United States of America.

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2023 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

We have served as the auditor of one or more BlackRock investment companies since 2000.

The Funds hereby designate the following amounts, or maximum amounts allowable by law, of distributions from direct federal obligation interest for the fiscal year ended October 31, 2023:

The law varies in each state as to whether and what percent of ordinary income dividends attributable to federal obligations is exempt from state income tax. Shareholders are advised to check with their tax advisers to determine if any portion of the dividends received is exempt from state income tax.

The Funds hereby designate the following amounts, or maximum amounts allowable by law, as interest income eligible to be treated as a Section 163(j) interest dividend for the fiscal year ended October 31, 2023:

The Funds hereby designate the following amounts, or maximum amounts allowable by law, as interest-related dividends eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations for the fiscal year ended October 31, 2023:

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider the approval of the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 2, 2023 and May 15, 2023, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 7-8, 2023, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were within range of the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

The Board noted that the Fund is an actively managed ETF that does not seek to track the performance of a specified index and that the management team for the Fund manages the Fund’s portfolio in accordance with its investment objective. The Board further noted that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its reference benchmark. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with expectations relative to the Fund’s peer group (where applicable) and reference benchmark or stated investment objective.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about ongoing enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the May 2, 2023 meeting and throughout the year, and matters related to BFA’s portfolio compliance program and other compliance programs and services.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability (as discussed above), including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates manage Other Accounts with a similar investment strategy or investment mandate as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board further considered other direct benefits that might accrue to BFA, including the potential for reduction in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider the approval of the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”), and the Sub-Advisory Agreement between BFA and BlackRock International Limited, (together the “Advisory Agreements”), on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreements. At meetings on May 2, 2023 and May 15, 2023, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 7-8, 2023, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreements for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreements for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA and BlackRock International Limited; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreements are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds. The Board further noted that BFA pays BlackRock International Limited for sub-advisory services, and that there are no additional fees imposed on the Fund in respect of the services provided under the Sub-Advisory Agreement(s).

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about ongoing enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA and BlackRock International Limited under the Advisory Agreements for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, including those of the Sub-Advisor(s), as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding investment performance, investment and risk management

processes and strategies for BFA and BlackRock International Limited, which were provided at the May 2, 2023 meeting and throughout the year and matters related to BFA’s portfolio compliance program and other compliance programs and services.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreements supported the Board’s approval of the continuance of the Advisory Agreements for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreements and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreements for the coming year.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability (as discussed above), including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

(including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreements for the coming year.

The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

Effective January 24, 2023, the SEC adopted rule and form amendments to require open-end mutual funds and ETFs to transmit concise and visually engaging streamlined annual and semiannual reports to shareholders that highlight key information. Other information, including financial statements, will no longer appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of these amendments on the shareholder reports for the Funds.

Information on the Fund’s net asset value, market price, premiums and discounts, and bid-ask spreads can be found at iShares.com.

The Board of Trustees has responsibility for the overall management and operations of the Funds, including general supervision of the duties performed by BFA and other service providers. Each Trustee serves until he or she resigns, is removed, dies, retires or becomes incapacitated. The President, Chief Compliance Officer, Treasurer and Secretary shall each hold office until their successors are chosen and qualify, and all other officers shall hold office until he or she resigns or is removed. Trustees who are not “interested persons” (as defined in the 1940 Act) of the Trust are referred to as independent trustees (“Independent Trustees”).

The registered investment companies advised by BFAor its affiliates (the “BlackRock-advised Funds”) are organized into one complex of open-end equity, multi-asset, index and money market funds and ETFs (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (including ETFs) (the “BlackRock Fixed-Income Complex”) and one complex of ETFs (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares Trust, and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 404 funds as of October 31, 2023. With the exception of Robert S. Kapito, Salim Ramji and Aaron Wasserman, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Ramji and Mr. Wasserman is c/o BlackRock, Inc., 50 Hudson Yards, New York, NY 10001. The Board has designated John E. Kerrigan as its Independent Board Chair. Additional information about the Funds’ Trustees and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at iShares.com/fundreports.

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.

A description of the Trust’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at iShares.com.

This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).


	Average Annual Total Returns									Cumulative Total Returns

	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		5.67	%		2.04	%		1.64	%		5.67	%		10.63	%		17.67	%
Fund Market		5.71			2.04			1.64			5.71			10.61			17.64
Bloomberg Short-Term Government/Corporate Index		4.81			1.84			1.30			4.81			9.56			13.76


Actual					Hypothetical 5% Return
	Beginning Account Value (05/01/23)	Ending Account Value (10/31/23)	Expenses Paid During the Period	^(a)		Beginning Account Value (05/01/23)	Ending Account Value (10/31/23)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$ 1,027.20	$ 1.28			$ 1,000.00	$ 1,023.90	$ 1.28		0.25	%


Moody’s Credit Rating^*	Percent of Total Investments	^(a)
Aaa	20.4	%
Aa	4.1
A	30.0
Baa	31.5
Ba	0.9
Not Rated	13.1


	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		3.32	%		1.28	%		1.09	%		3.32	%		6.58	%		9.88	%
Fund Market		3.25			1.26			1.09			3.25			6.47			9.88
Bloomberg Municipal Bond: 1 Year (1-2) Index		2.45			1.07			0.93			2.45			5.49			8.31


S&P Credit Rating^*	Percent of Total Investments	^(a)
AAA	3.0	%
AA+	9.2
AA	9.5
AA-	2.7
A+	2.6
A	2.2
A-	19.9
BBB+	8.6
Not Rated	42.3


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


	Page

The Markets in Review		2
Annual Report:
Market Overview		4
Fund Summary		5
About Fund Performance		11
Disclosure of Expenses		11
Schedules of Investments		12
Financial Statements
Statements of Assets and Liabilities		33
Statements of Operations		34
Statements of Changes in Net Assets		35
Financial Highlights		37
Notes to Financial Statements		40
Report of Independent Registered Public Accounting Firm		50
Important Tax Information		51
Board Review and Approval of Investment Advisory Contract		52
Supplemental Information		59
Trustee and Officer Information		60
General Information		63
Glossary of Terms Used in this Report		64


4		2 0 2 3 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, 2023		BlackRock Short Maturity Bond ETF


Fund Summary as of October 31, 2023 (continued)		BlackRock Short Maturity Bond ETF


Investment Type	Percent of Total Investments	^(a)
Corporate Bonds & Notes	66.2	%
Asset-Backed Securities	25.2
Collaterized Mortgage Obligations	6.3
Commercial Paper	1.3
U.S. Government & Agency Obligations	1.0


Fund Summary as of October 31, 2023		BlackRock Short Maturity Municipal Bond ETF


State	Percent of Total Investments	^(a)
Alabama	11.0	%
Pennsylvania	10.1
New Jersey	9.2
Texas	7.6
Iowa	7.3
New York	6.6
Indiana	6.1
Kentucky	5.9
Louisiana	5.1
Tennessee	4.0


Fund Summary as of October 31, 2023		BlackRock Ultra Short-Term Bond ETF


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		11



		2023 Annual Report


Affiliated Issuer		Value at 10/31/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 10/31/23	Shares Held at 10/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	77,892,775	$	—		$	(37,817,406	)^(a)	$	25,857	$	30,042	$	40,131,268	40,115,222	$	299,299	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		190,200,000		27,290,000	^(a)		—			—		—		217,490,000	217,490,000		4,909,677			187

									$	25,857	$	30,042	$	257,621,268		$	5,208,976		$	187



Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)

Long Contracts
2-Year U.S. Treasury Note		8,200		12/29/23	$	1,660,116	$	(722	)
5-Year U.S. Treasury Note		4,250		12/29/23		443,892		(71,761	)

							$	(72,483	)


Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)

GBP	963,000	USD	1,168,945	State Street Bank and Trust Co.		12/20/23	$	1,975
USD	64,289,039	EUR	60,044,000	Deutsche Bank Securities Inc.		12/20/23		614,860
USD	483,163	EUR	455,000	State Street Bank and Trust Co.		12/20/23		655
USD	64,964,776	GBP	52,463,000	Barclays Bank PLC		12/20/23		1,174,558


								1,792,048

							$	1,792,048



	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total

Assets — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts	$	—	$	—	$	—	$	1,792,048	$	—	$	—	$	1,792,048

Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	—	$	—	$	—	$	—	$	72,483	$	—	$	72,483



Futures contracts:
Average notional value of contracts — long	$	526,002,053
Forward foreign currency exchange contracts:
Average amounts purchased — in USD	$	3,915,366
Average amounts sold — in USD	$	166,817,980


	Assets		Liabilities
Derivative Financial Instruments:
Futures contracts	$	—	$	72,483
Forward foreign currency exchange contracts		1,792,048		—

Total derivative assets and liabilities in the Statement of Assets and Liabilities		1,792,048		72,483
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		(72,483	)

Total derivative assets and liabilities subject to an MNA		1,792,048		—


Counterparty		Derivative Assets Subject to an MNA by Counterparty		Derivatives Available for Offset	^(a)		Non-Cash Collateral Received		Cash Collateral Received		Net Amount of Derivative Assets	^(b)(c)
Barclays Bank PLC	$	1,174,558	$	—		$	—	$	—	$	1,174,558
Deutsche Bank Securities Inc.		614,860		—			—		—		614,860
State Street Bank and Trust Co.		2,630		—			—		—		2,630

	$	1,792,048	$	—		$	—	$	—	$	1,792,048


	Level 1			Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Asset-Backed Securities	$	—		$	725,397,008	$	—	$	725,397,008
Collaterized Mortgage Obligations		—			180,752,608		—		180,752,608
Commercial Paper		—			36,891,048		—		36,891,048
Corporate Bonds & Notes		—			1,908,950,756		—		1,908,950,756
U.S. Government & Agency Obligations		—			29,477,762		—		29,477,762
Short-Term Securities
Money Market Funds		257,621,268			—		—		257,621,268

	$	257,621,268		$	2,881,469,182	$	—	$	3,139,090,450

Derivative Financial Instruments^(a)
Assets
Foreign Currency Exchange Contracts	$	—		$	1,792,048	$	—	$	1,792,048
Liabilities
Interest Rate Contracts		(72,483	)		—		—		(72,483	)

	$	(72,483	)	$	1,792,048	$	—		1,719,565


	BlackRock Short Maturity Bond ETF			BlackRock Short Maturity Municipal Bond ETF			BlackRock Ultra Short-Term Bond ETF

ASSETS
Investments, at value — unaffiliated^(a)(b)	$	2,881,469,182		$	608,892,104		$	5,896,689,564
Investments, at value — affiliated^(c)		257,621,268			91,129			123,152,749
Cash		511,968			9,781			143,762
Foreign currency, at value^(d)		3,558,412			—			—
Repurchase agreements, at value — unaffiliated^(e)		—			—			335,500,000
Receivables:
Investments sold		274,186			5,028,990			—
Securities lending income — affiliated		11,879			—			26,143
Dividends — affiliated		864,882			2,165			18,266,240
Interest — unaffiliated		19,678,765			4,019,566			19,833,308
Unrealized appreciation on forward foreign currency exchange contracts		1,792,048			—			—

Total assets		3,165,782,590			618,043,735			6,393,611,766


LIABILITIES
Collateral on securities loaned, at value		40,095,736			—			123,163,812
Payables:
Investments purchased		—			2,748,815			37,770,782
Capital shares redeemed		—			9,962,025			—
Investment advisory fees		659,069			130,060			424,101
Variation margin on futures contracts		72,483			—			—

Total liabilities		40,827,288			12,840,900			161,358,695


Commitments and contingent liabilities

NET ASSETS	$	3,124,955,302		$	605,202,835		$	6,232,253,071


NET ASSETS CONSIST OF
Paid-in capital	$	3,176,101,726		$	606,244,586		$	6,233,953,817
Accumulated loss		(51,146,424	)		(1,041,751	)		(1,700,746	)

NET ASSETS	$	3,124,955,302		$	605,202,835		$	6,232,253,071


NET ASSET VALUE
Shares outstanding		62,600,000			12,150,000			123,650,000

Net asset value	$	49.92		$	49.81		$	50.40

Shares authorized		Unlimited			Unlimited			Unlimited

Par value		None			None			None


^(a) Investments, at cost — unaffiliated	$	2,908,021,663		$	611,671,430		$	5,922,017,452
^(b) Securities loaned, at value	$	38,668,271		$	—		$	119,667,412
^(c) Investments, at cost — affiliated	$	257,594,942		$	91,129		$	123,127,159
^(d) Foreign currency, at cost	$	3,575,086		$	—		$	—
^(e) Repurchase agreements, at cost — unaffiliated	$	—		$	—		$	335,500,000


	BlackRock Short Maturity Bond ETF			BlackRock Short Maturity Municipal Bond ETF			BlackRock Ultra Short-Term Bond ETF

INVESTMENT INCOME
Dividends — affiliated	$	4,909,677		$	14,894		$	190,048
Interest — unaffiliated		156,641,299			17,085,422			289,879,518
Securities lending income — affiliated — net		299,299			—			271,539
Other income — unaffiliated		102,478			—			—
Foreign taxes withheld		(6,578	)		—			—


Total investment income		161,946,175			17,100,316			290,341,105


EXPENSES
Investment advisory		9,468,386			1,298,997			5,178,516

Total expenses		9,468,386			1,298,997			5,178,516

Less:
Investment advisory fees waived		(97,236	)		—			—


Total expenses after fees waived		9,371,150			1,298,997			5,178,516


Net investment income		152,575,025			15,801,319			285,162,589


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(8,996,563	)		(88	)		(2,514,885	)
Investments — affiliated		25,857			959			(3,800	)
Capital gain distributions from underlying funds — affiliated		187			—			—
Forward foreign currency exchange contracts		(7,043,455	)		—			—
Foreign currency transactions		(362,772	)		—			—
In-kind redemptions — unaffiliated^(a)		(588,387	)		—			—


		(16,965,133	)		871			(2,518,685	)

Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		72,231,507			1,028,194			46,687,237
Investments — affiliated		30,042			—			27,371
Forward foreign currency exchange contracts		1,488,931			—			—
Foreign currency translations		(40,177	)		—			—

Futures contracts		(72,483	)		—			—


		73,637,820			1,028,194			46,714,608


Net realized and unrealized gain		56,672,687			1,029,065			44,195,923

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	209,247,712		$	16,830,384		$	329,358,512


	BlackRock Short Maturity Bond ETF						BlackRock Short Maturity Municipal Bond ETF


	Year Ended 10/31/23			Year Ended 10/31/22			Year Ended 10/31/23			Year Ended 10/31/22


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	152,575,025		$	53,155,567		$	15,801,319		$	2,664,600
Net realized gain (loss)		(16,965,133	)		13,998,568			871			(894	)
Net change in unrealized appreciation (depreciation)		73,637,820			(102,613,181	)		1,028,194			(4,216,983	)


Net increase (decrease) in net assets resulting from operations		209,247,712			(35,459,046	)		16,830,384			(1,553,277	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(149,817,488	)		(49,011,290	)		(14,761,848	)		(1,873,888	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(1,164,640,543	)		(539,564,075	)		82,174,684			231,217,779


NET ASSETS
Total increase (decrease) in net assets		(1,105,210,319	)		(624,034,411	)		84,243,220			227,790,614
Beginning of year		4,230,165,621			4,854,200,032			520,959,615			293,169,001


End of year	$	3,124,955,302		$	4,230,165,621		$	605,202,835		$	520,959,615


	BlackRock Ultra Short-Term Bond ETF


	Year Ended 10/31/23			Year Ended 10/31/22


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	285,162,589		$	78,105,196
Net realized loss		(2,518,685	)		(10,085	)
Net change in unrealized appreciation (depreciation)		46,714,608			(73,935,385	)


Net increase in net assets resulting from operations		329,358,512			4,159,726


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(274,745,720	)		(62,518,287	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(875,900,900	)		1,305,237,758


NET ASSETS
Total increase (decrease) in net assets		(821,288,108	)		1,246,879,197
Beginning of year		7,053,541,179			5,806,661,982


End of year	$	6,232,253,071		$	7,053,541,179


	BlackRock Short Maturity Bond ETF


	Year Ended 10/31/23			Year Ended 10/31/22			Year Ended 10/31/21			Year Ended 10/31/20			Year Ended 10/31/19


Net asset value, beginning of year	$	49.16		$	50.07		$	50.15		$	50.36		$	50.12

Net investment income^(a)		2.00			0.58			0.38			0.91			1.37
Net realized and unrealized gain (loss)^(b)		0.73			(0.95	)		(0.03	)		(0.16	)		0.21

Net increase (decrease) from investment operations		2.73			(0.37	)		0.35			0.75			1.58

Distributions from net investment income^(c)		(1.97	)		(0.54	)		(0.43	)		(0.96	)		(1.34	)


Net asset value, end of year	$	49.92		$	49.16		$	50.07		$	50.15		$	50.36


Total Return^(d)
Based on net asset value		5.67	%		(0.75	)%		0.70	%		1.51	%		3.19	%


Ratios to Average Net Assets^(e)
Total expenses		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%

Total expenses after fees waived		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%

Net investment income		4.03	%		1.17	%		0.76	%		1.81	%		2.73	%


Supplemental Data
Net assets, end of year (000)	$	3,124,955		$	4,230,166		$	4,854,200		$	4,397,750		$	6,260,259

Portfolio turnover rate^(f)		40	%		44	%		55	%		67	%^(g)		58	%^(g)


	BlackRock Short Maturity Municipal Bond ETF


	Year Ended 10/31/23			Year Ended 10/31/22			Year Ended 10/31/21			Year Ended 10/31/20			Year Ended 10/31/19


Net asset value, beginning of year	$	49.62		$	50.11		$	50.19		$	50.13		$	49.85

Net investment income^(a)		1.51			0.37			0.17			0.51			0.81
Net realized and unrealized gain (loss)^(b)		0.11			(0.62	)		(0.07	)		0.13			0.26

Net increase (decrease) from investment operations		1.62			(0.25	)		0.10			0.64			1.07

Distributions from net investment income^(c)		(1.43	)		(0.24	)		(0.18	)		(0.58	)		(0.79	)


Net asset value, end of year	$	49.81		$	49.62		$	50.11		$	50.19		$	50.13


Total Return^(d)
Based on net asset value		3.32	%		(0.51	)%		0.19	%		1.29	%		2.16	%


Ratios to Average Net Assets^(e)
Total expenses		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%

Net investment income		3.04	%		0.75	%		0.34	%		1.02	%		1.63	%


Supplemental Data
Net assets, end of year (000)	$	605,203		$	520,960		$	293,169		$	291,091		$	210,532

Portfolio turnover rate^(f)		195	%		98	%		52	%		108	%		170	%


	BlackRock Ultra Short-Term Bond ETF


	Year Ended 10/31/23			Year Ended 10/31/22			Year Ended 10/31/21			Year Ended 10/31/20			Year Ended 10/31/19


Net asset value, beginning of year	$	49.99		$	50.45		$	50.54		$	50.41		$	50.15

Net investment income^(a)		2.21			0.61			0.22			0.69			1.38
Net realized and unrealized gain (loss)^(b)		0.34			(0.60	)		(0.07	)		0.25			0.23

Net increase from investment operations		2.55			0.01			0.15			0.94			1.61

Distributions from net investment income^(c)		(2.14	)		(0.47	)		(0.24	)		(0.81	)		(1.35	)


Net asset value, end of year	$	50.40		$	49.99		$	50.45		$	50.54		$	50.41


Total Return^(d)
Based on net asset value		5.22	%		0.03	%		0.29	%		1.89	%		3.25	%


Ratios to Average Net Assets^(e)
Total expenses		0.08	%		0.08	%		0.08	%		0.08	%		0.08	%

Net investment income		4.41	%		1.22	%		0.44	%		1.36	%		2.74	%


Supplemental Data
Net assets, end of year (000)	$	6,232,253		$	7,053,541		$	5,806,662		$	4,922,726		$	2,195,391

Portfolio turnover rate^(f)		41	%		27	%		47	%		54	%		16	%



BlackRock ETF	Diversification Classification

Short Maturity Bond		Diversified
Short Maturity Municipal Bond		Diversified
Ultra Short-Term Bond		Diversified


BlackRock ETF and Counterparty		Market Value of Repurchase Agreements		Cash Collateral Received at value		Non-Cash Collateral Received at Fair Value	^(a)		Net Amount

Ultra Short-Term Bond
Bank of America Securities Inc.	$	74,750,000	$	—	$	74,750,000		$	—
BNP Paribas		36,750,000		—		36,750,000			—
Citigroup Global Markets Inc.		21,000,000		—		21,000,000			—
Goldman Sachs & Co. LLC		90,000,000		—		90,000,000			—
Mizuho Securities USA Inc.		36,000,000		—		36,000,000			—
Wells Fargo Securities		77,000,000		—		77,000,000			—

	$	335,500,000	$	—	$	335,500,000		$	—


BlackRock ETF and Counterparty		Securities Loaned at Value		Cash Collateral Received	^(a)		Non-Cash Collateral Received, at Fair Value	^(a)		Net Amount

Short Maturity Bond
Barclays Bank PLC	$	6,283,293	$	(6,283,293	)	$	—		$	—
Barclays Capital, Inc.		498,075		(498,075	)		—			—
BMO Capital Markets Corp.		665,622		(665,622	)		—			—
BNP Paribas SA		1,437,760		(1,437,760	)		—			—
BofA Securities, Inc.		5,615,381		(5,615,381	)		—			—
Citigroup Global Markets, Inc.		4,507,282		(4,507,282	)		—			—
Deutsche Bank Securities, Inc.		99,834		(99,834	)		—			—
Goldman Sachs & Co. LLC		1,425,803		(1,425,803	)		—			—
HSBC Securities (USA), Inc.		5,254,110		(5,254,110	)		—			—
J.P. Morgan Securities LLC		3,199,386		(3,199,386	)		—			—
Mizuho Securities USA LLC		200,018		(200,018	)		—			—
Morgan Stanley		5,348,802		(5,348,802	)		—			—
Pershing LLC		836,817		(836,817	)		—			—
RBC Capital Markets LLC		3,296,088		(3,296,088	)		—			—

	$	38,668,271	$	(38,668,271	)	$	—		$	—

Ultra Short-Term Bond
Barclays Capital, Inc.	$	7,862,801	$	(7,862,801	)	$	—		$	—
BMO Capital Markets Corp.		7,405,244		(7,405,244	)		—			—
BNP Paribas SA		170,041		(170,041	)		—			—
BofA Securities, Inc.		47,450,081		(47,450,081	)		—			—
Goldman Sachs & Co. LLC		20,828,985		(20,828,985	)		—			—
HSBC Securities (USA), Inc.		3,191,550		(3,191,550	)		—			—
J.P. Morgan Securities LLC		28,430,573		(28,430,573	)		—			—
Jefferies LLC		145,335		(145,335	)		—			—
Mizuho Securities USA LLC		100,105		(100,105	)		—			—
Nomura Securities International, Inc.		3,307,575		(3,307,575	)		—			—
Toronto-Dominion Bank		775,122		(775,122	)		—			—

	$	119,667,412	$	(119,667,412	)	$	—		$	—


BlackRock ETF	Investment Advisory Fees
Short Maturity Bond		0.25	%
Short Maturity Municipal Bond		0.25
Ultra Short-Term Bond		0.08


BlackRock ETF	Amounts
Short Maturity Bond	$	90,371
Ultra Short-Term Bond		80,212