iShares U.S. ETF Trust

The Markets in Review

Dear Shareholder,

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

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

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

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

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

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

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

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.


Total Returns as of October 31, 2022

	6-Month			12-Month

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

The 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.

The inception date of the Fund was September 25, 2013. The first day of secondary market trading was September 26, 2013.

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.

The annual period was characterized by high volatility and poor performance for risk assets. In the United States, inflation reached 40-year highs following the lifting of COVID-related restrictions. This prompted a dramatic response from the U.S. Federal Reserve, including 300 basis points (three percentage points) of interest-rate hikes. Short-term bonds, while having less sensitivity than the overall market, were nonetheless adversely affected by these events. However, the -0.11% return for the Bloomberg Short-Term Government/Corporate Index (the Fund’s benchmark) was well ahead of the -15.68% return versus the broader fixed-income market, as represented by the Bloomberg U.S. Aggregate Bond Index.

The Fund underperformed its benchmark. In absolute terms, the bulk of the Fund’s negative absolute return occurred in the first half of the period. In the latter half, income helped offset the effect of declining prices.

The Fund’s largest allocations were to U.S. investment-grade corporate issues and non-U.S. investment-grade corporates, respectively. Both categories experienced negative total returns as yield spreads widened to reflect mounting recession concerns, detracting from Fund performance. Toward the end of the period, the Fund increased its allocations to U.S. investment-grade corporate bonds and asset-backed securities to capitalize on higher yields.

On the positive side, the Fund benefited from its defensive positioning. About 11% of the portfolio was held in cash-like securities during the period, helping relative performance. Holdings in collateralized loan obligations (CLOs), which are better insulated against rising interest rates due to their floating-rate feature, were also beneficial.

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 annual period was characterized by high volatility and poor performance for risk assets. In the United States, inflation reached 40-year highs following the lifting of COVID-related restrictions. This prompted a dramatic response from the U.S. Federal Reserve, including 300 basis points (three percentage points) of interest-rate hikes. Short-term bonds, while having less rate sensitivity than the overall fixed-income market, were nonetheless adversely affected by these events. Bonds with lower credit quality lagged, as yield spreads widened to reflect mounting concerns that the economy would fall into a recession.

The -2.17% return for the Bloomberg the Bloomberg Municipal Bond: 1 Year (1-2) Index (the Fund’s benchmark) was well ahead of the -15.68% return versus the broader fixed-income market, as represented by the Bloomberg U.S. Aggregate Bond Index.

The Fund outperformed its benchmark. The Fund invests predominately in short-term, fixed-rate, investment-grade municipal bonds and variable-rate demand notes (“VRDNs”), which are longer-maturity securities with floating-rate coupons. VRDNs produced positive total returns in the 12-month period, so the Fund’s holdings in this area contributed to relative performance. The Fund increased its allocation to VRDNs from about 43% to 60% over the reporting period to better position the portfolio for rising rates.

From a sector perspective, tobacco, utility and education bonds delivered positive returns, while transportation issues lagged. Positions in higher-quality securities generally outperformed, with AA rated issues contributing positively. On the other hand, BBB rated bonds detracted due to widening yield spreads.

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.

The annual period was characterized by high volatility and poor performance for risk assets. In the United States, inflation reached 40-year highs following the lifting of COVID-related restrictions. This prompted a dramatic response from the U.S. Federal Reserve, including 300 basis points (three percentage points) of interest-rate hikes. Short-term bonds, while having less sensitivity than the overall market, were nonetheless adversely affected by these events. Bonds with lower credit quality lagged, as yield spreads widened to reflect mounting concerns that the economy would fall into a recession.

The Fund’s benchmark, the ICE BofA US 6-Month Treasury Bill Index, returned 0.53% and strongly outperformed the -15.68% return of the overall fixed-income market, as represented by the Bloomberg U.S. Aggregate Bond Index.

The Fund posted a narrow gain, with income slightly outweighing the impact of falling prices. Relative to the broader market, the Fund benefitted from its defensive positioning. It had a shorter average duration (interest-rate sensitivity) and held a large position in cash and cash equivalents. Commercial paper, which represented about 39% of the Fund’s market value on average, was the primary source of positive total returns. Certificates of deposit, repurchase agreements, and a small allocation to municipal securities were also additive to Fund performance. Positions in these areas helped offset losses from holdings in investment-grade corporate bonds.

Over the course of the year, the Fund reduced its allocations to investment-grade corporate bonds and increased its weighting in commercial paper. Within corporates, the Fund added to floating-rate notes since they are better insulated against interest-rate increases than fixed-rate securities.

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., 5.08%, 10/18/28 (Call 01/18/23), (3 mo. LIBOR US + 0.890%)^(a)(b)	USD		1,617	$	1,576,627
AGL Core CLO 4 Ltd., 5.31%, 04/20/33 (Call 01/20/23), (3 mo. LIBOR US + 1.070%)^(a)(b)	USD		1,400		1,356,171
AIG CLO Ltd., 5.36%, 04/20/32 (Call 01/20/23), (3 mo. LIBOR US + 1.120%)^(a)(b)	USD		1,000		973,018
Ally Auto Receivables Trust, 2.67%, 04/15/25 (Call 11/15/23)	USD		20,041		19,805,873
American Express Credit Account Master Trust, Series 2018-9, Class A, 3.79%, 04/15/26, (1 mo. LIBOR US + 0.380%)^(b)	USD		17,650		17,653,025
AmeriCredit Automobile Receivables Trust 2022-2, 4.20%, 12/18/25 (Call 03/18/24)	USD		8,903		8,830,302
Anchorage Capital CLO 4-R Ltd., Series 2014-4RA, Class A, 5.42%, 01/28/31 (Call 01/28/23), (3 mo. LIBOR US + 1.050%)^(a)(b)	USD		4,500		4,419,555
Anchorage Capital CLO 7 Ltd., Series 2015-7A, Class AR2, 5.46%, 01/28/31 (Call 01/28/23), (3 mo. LIBOR US + 1.090%)^(a)(b)	USD		13,840		13,579,249
Apidos CLO XII, 5.16%, 04/15/31 (Call 01/15/23), (3 mo. LIBOR US + 1.080%)^(a)(b)	USD		500		487,605
Arbor Realty Commercial Real Estate Notes Ltd., 4.48%, 08/15/34 (Call 03/15/24), (1 mo. LIBOR US + 1.070%)^(a)(b)	USD		14,450		13,804,425
ASSURANT CLO Ltd., Series 2018-2A, Class A, 5.28%, 04/20/31 (Call 01/20/23), (3 mo. LIBOR US + 1.040%)^(a)(b)	USD		250		242,779
Atlas Senior Loan Fund III Ltd., Series 2013-1A, Class AR, 3.77%, 11/17/27 (Call 11/17/22), (3 mo. LIBOR US + 0.830%)^(a)(b)	USD		5,544		5,463,930
Atrium XIII, Series 13A, Class A1, 5.50%, 11/21/30 (Call 01/23/23), (3 mo. LIBOR US + 1.180%)^(a)(b)	USD		2,500		2,459,023
Autoflorence 2 SRL 1.64%, 12/24/44 (Call 10/24/26)^(b)(c)	EUR		10,320		10,087,571
1.69%, 12/24/44 (Call 10/24/26)^(b)(c)	EUR		898		857,541
Autonoria Spain FTA 1.82%, 01/25/40 (Call 03/25/28)^(b)(c)	EUR		8,500		8,379,962
2.98%, 01/26/40 (Call 03/25/28)^(b)(c)	EUR		500		488,492
Bain Capital Credit CLO Ltd., Series 2017-1A, Class A1R, 5.21%, 07/20/30 (Call 01/20/23), (3 mo. LIBOR US + 0.970%)^(a)(b)	USD		3,149		3,085,944
Barings CLO Ltd.
5.31%, 04/20/31 (Call 01/20/23), (3 mo. LIBOR US + 1.070%)^(a)(b)	USD		550		535,425
5.41%, 01/15/33 (Call 01/15/23), (3 mo. LIBOR US + 1.330%)^(a)(b)	USD		3,850		3,735,114
BDS 2021-FL9 Ltd., 4.51%, 11/16/38 (Call 10/16/23), (1 mo. LIBOR US + 1.070%)^(a)(b)	USD		8,750		8,316,272
Benefit Street Partners CLO III Ltd., Series 2013-IIIA, Class A1R2, 5.24%, 07/20/29 (Call 01/20/23), (3 mo. LIBOR US + 1.000%)^(a)(b)	USD		258		254,191
Benefit Street Partners CLO VIII Ltd., Series 2015-8A, Class A1AR, 5.34%, 01/20/31 (Call 01/20/23), (3 mo. LIBOR US + 1.100%)^(a)(b)	USD		750		732,375
Benefit Street Partners Clo XII Ltd., 5.03%, 10/15/30 (Call 01/15/23), (3 mo. LIBOR US + 0.950%)^(a)(b)	USD		1,678		1,643,272
BHG Securitization Trust, 3.75%, 06/18/35 (Call 04/17/24)^(a)	USD		1,264		1,244,048


Security		Par (000)		Value

BMW Vehicle Owner Trust, 3.52%, 12/26/24 (Call 11/27/23), (30 day SOFR + 0.520%)^(b)	USD		13,636	$	13,631,282
Capital One Prime Auto Receivables Trust, 2.71%, 06/16/25 (Call 02/15/24)	USD		15,385		15,141,652
Carlyle C17 CLO Ltd., Series C17A, Class A1AR, 5.44%, 04/30/31 (Call 01/30/23), (3 mo. LIBOR US + 1.030%)^(a)(b)	USD		1,000		975,000
Carlyle Global Market Strategies CLO Ltd., Series 2014-1A, Class A1R2, 5.05%, 04/17/31 (Call 01/17/23), (3 mo. LIBOR US + 0.970%)^(a)(b)	USD		5,234		5,090,149
Carmax Auto Owner Trust, 3.81%, 09/15/25 (Call 05/15/24)	USD		8,777		8,660,188
Cbam Ltd., Series 2018-7A, Class A, 5.34%, 07/20/31 (Call 01/20/23), (3 mo. LIBOR US + 1.100%)^(a)(b)	USD		750		723,750
Cedar Funding IX CLO Ltd., 5.22%, 04/20/31 (Call 01/20/23), (3 mo. LIBOR US + 0.980%)^(a)(b)	USD		2,130		2,073,198
Chesapeake Funding II LLC, Series 2020-1A, Class A2, 4.06%, 08/15/32 (Call 05/15/23), (1 mo. LIBOR US + 0.650%)^(a)(b)	USD		5,271		5,258,761
CIFC Funding Ltd.
Series 2014-2RA, Class A1, 5.37%, 04/24/30 (Call 01/24/23), (3 mo. LIBOR US + 1.050%)^(a)(b)	USD		248		243,005
Series 2018-1A, Class A, 5.19%, 04/18/31 (Call 01/18/23), (3 mo. LIBOR US + 1.000%)^(a)(b)	USD		13,000		12,642,500
Series 2018-2A, Class A1, 5.28%, 04/20/31 (Call 01/20/23), (3 mo. LIBOR US + 1.040%)^(a)(b)	USD		1,250		1,216,960
Citibank Credit Card Issuance Trust, Series 2019-A5, Class A5, 4.19%, 04/22/26, (1 mo. LIBOR US + 0.620%)^(b)	USD		40,505		40,456,378
College Ave Student Loans LLC, Series 2021-A, Class A1, 4.69%, 07/25/51 (Call 02/25/32), (1 mo. LIBOR US + 1.100%)^(a)(b)	USD		216		206,452
Credit Acceptance Auto Loan Trust, Series 2021-3A, Class A, 1.00%, 05/15/30 (Call 07/15/24)^(a)	USD		4,130		3,878,505
Diameter Capital Clo 1 Ltd., 5.32%, 07/15/36 (Call 10/15/23), (3 mo. LIBOR US + 1.240%)^(a)(b)	USD		2,170		2,078,550
Donlen Fleet Lease Funding 2 LLC, Series 2021-2, Class A2, 0.56%, 12/11/34^(a)	USD		8,581		8,256,661
Dowson PLC
3.11%, 01/20/29 (Call 09/20/24)^(b)(c)	GBP		3,079		3,510,882
3.94%, 01/20/29 (Call 04/22/25)^(b)(c)	GBP		646		716,789
4.89%, 08/20/29 (Call 02/20/24)^(b)(c)	GBP		1,158		1,298,138
Series 2021-2, Class A, 2.87%, 10/20/28 (Call 11/20/23), (Sterning Ovenight Index Average + 0.680%)^(b)(c)	GBP		4,398		5,027,201
Series 2021-2, Class B, 3.39%, 10/20/28 (Call 05/20/24), (Sterning Ovenight Index Average + 1.200%)^(b)(c)	GBP		1,600		1,793,191
Dryden 36 Senior Loan Fund, 5.10%, 04/15/29 (Call 01/15/23), (3 mo. LIBOR US + 1.020%)^(a)(b)	USD		1,680		1,650,797
Dryden 49 Senior Loan Fund, Series 2017-49A, Class AR, 5.14%, 07/18/30 (Call 01/18/23), (3 mo. LIBOR US + 0.950%)^(a)(b)	USD		10,688		10,489,671
Dryden 77 CLO Ltd., Series 2020-77A, Class XR, 3.98%, 05/20/34 (Call 05/20/23), (3 mo. LIBOR US + 1.000%)^(a)(b)	USD		234		233,015
Dryden XXVI Senior Loan Fund, Series 2013-26A, Class AR, 4.98%, 04/15/29 (Call 01/15/23), (3 mo. LIBOR US + 0.900%)^(a)(b)	USD		14,728		14,456,080
Dryden XXVIII Senior Loan Fund, 4.11%, 08/15/30 (Call 11/15/22), (3 mo. LIBOR US + 1.200%)^(a)(b)	USD		3,333		3,277,069


Security		Par (000)		Value

Dutch Property Finance, Series 2021-2, Class A, 2.28%, 04/28/59 (Call 04/28/26)^(b)(c)	EUR		5,724	$	5,524,773
Dutch Property Finance BV, 0.96%, 10/28/59 (Call 01/28/27)^(b)(c)	EUR		7,979		7,681,099
Elevation CLO Ltd., Series 2014-2A, Class A1R, 5.36%, 10/15/29 (Call 01/15/23), (3 mo. LIBOR US + 1.230%)^(a)(b)	USD		420		413,297
Elmwood CLO X Ltd., Series 2021-3A, Class A, 5.28%, 10/20/34 (Call 01/20/23), (3 mo. LIBOR US + 1.040%)^(a)(b)	USD		13,000		12,497,213
Elvet Mortgages PLC, Series 2021-1, Class A, 2.56%, 10/22/63 (Call 10/22/26)^(b)(c)	GBP		9,348		10,567,590
Enterprise Fleet Funding LLC, Series 2021-1, Class A2, 0.44%, 12/21/26 (Call 04/20/24)^(a)	USD		7,327		7,066,531
Ford Credit Auto Owner Trust, 3.44%, 02/15/25 (Call 01/15/24)	USD		27,812		27,537,284
FS Rialto Issuer LLC, 4.79%, 01/19/39 (Call 04/17/24), (SOFR + 1.900%)^(a)(b)	USD		5,000		4,806,531
Galaxy XV CLO Ltd., Series 2013-15A, Class ARR, 5.05%, 10/15/30 (Call 01/15/23), (3 mo. LIBOR US + 0.970%)^(a)(b)	USD		670		652,366
Galaxy XXVII CLO Ltd., 3.94%, 05/16/31 (Call 11/16/22)^(a)(b)	USD		2,730		2,659,852
Generate CLO 2 Ltd., 5.47%, 01/22/31 (Call 01/22/23)^(a)(b)	USD		1,605		1,572,969
Gilbert Park CLO Ltd., 5.27%, 10/15/30 (Call 01/15/23), (3 mo. LIBOR US + 1.190%)^(a)(b)	USD		250		244,494
GM Financial Automobile Leasing Trust, 2.93%, 10/21/24 (Call 01/20/24)	USD		18,952		18,667,605
GoldenTree Loan Opportunities IX Ltd., Series 2014-9A, Class AR2, 5.52%, 10/29/29 (Call 01/29/23), (3 mo. LIBOR US + 1.110%)^(a)(b)	USD		15,721		15,411,730
HGI CRE CLO Ltd., 4.41%, 09/17/36 (Call 09/19/23), (1 mo. LIBOR US + 1.000%)^(a)(b)	USD		5,380		5,135,561
Highbridge Loan Management, Series 3A-2014, Class A1R, 5.37%, 07/18/29 (Call 01/18/23), (3 mo. LIBOR US + 1.180%)^(a)(b)	USD		1,087		1,068,193
Honda Auto Receivables Owner Trust, 3.81%, 03/18/25 (Call 03/18/24)	USD		12,396		12,257,683
Hyundai Auto Lease Securitization Trust, 3.41%, 10/15/24 (Call 11/15/23), (30 day SOFR + 0.620%)^(a)(b)	USD		23,490		23,485,435
Hyundai Auto Receivables Trust, 3.64%, 05/15/25 (Call 04/15/24)	USD		10,808		10,687,180
John Deere Owner Trust, 3.73%, 06/16/25 (Call 04/15/24)	USD		8,735		8,620,355
KKR CLO 21 Ltd., 5.08%, 04/15/31 (Call 01/15/23), (3 mo. LIBOR US + 1.000%)^(a)(b)	USD		5,590		5,434,511
KREF Ltd., 4.92%, 02/17/39 (Call 01/17/24)^(a)(b)	USD		9,360		9,009,000
LCM 29 Ltd., Series 29A, Class AR, 5.15%, 04/15/31 (Call 01/15/23), (3 mo. LIBOR US + 1.070%)^(a)(b)	USD		2,600		2,528,503
LoanCore Issuer Ltd., 4.71%, 11/15/38 (Call 11/15/23), (1 mo. LIBOR US + 1.300%)^(a)(b)	USD		2,640		2,521,379
Madison Park Funding XIII Ltd., Series 2014-13A, Class AR2, 5.18%, 04/19/30 (Call 01/19/23), (3 mo. LIBOR US + 0.950%)^(a)(b)	USD		3,775		3,708,277
Madison Park Funding XVII Ltd., Series 2015-17A, Class AR2, 5.28%, 07/21/30 (Call 01/21/23), (3 mo. LIBOR US + 1.000%)^(a)(b)	USD		1,784		1,748,624


Security		Par (000)		Value

Madison Park Funding XXIII Ltd., Series 2017-23A, Class AR, 5.33%, 07/27/31 (Call 01/27/23), (3 mo. LIBOR US + 0.970%)^(a)(b)	USD		13,200	$	12,936,000
Madison Park Funding XXVI Ltd., Series 2007-4A, Class AR, 5.61%, 07/29/30, (3 mo. LIBOR US + 1.200%)^(a)(b)	USD		4,875		4,788,264
Madison Park Funding XXXVII Ltd., 5.15%, 07/15/33 (Call 01/15/23), (3 mo. LIBOR US + 1.070%)^(a)(b)	USD		1,750		1,694,704
Mariner CLO LLC, Series 2016-3A, Class AR2, 5.31%, 07/23/29 (Call 01/23/23), (3 mo. LIBOR US + 0.990%)^(a)(b)	USD		951		933,134
MF1 Multifamily Housing Mortgage Loan Trust, 4.54%, 07/16/36 (Call 07/16/23), (1 mo. LIBOR US + 1.100%)^(a)(b)	USD		4,520		4,333,109
Multifamily Housing Mortgage Loan Trust, 4.24%, 02/19/37 (Call 02/17/24)^(a)(b)	USD		1,860		1,788,422
Navient Private Education Loan Trust
Series 2017-A, Class A2B, 4.31%, 12/16/58 (Call 09/16/24), (1 mo. LIBOR US + 0.900%)^(a)(b)	USD		336		334,258
Series 2020-IA, Class A1B, 4.41%, 04/15/69 (Call 05/15/31), (1 mo. LIBOR US + 1.000%)^(a)(b)	USD		6,104		5,899,653
Navient Private Education Refi Loan Trust
Series 2021-BA, Class A, 0.94%, 07/15/69 (Call 09/15/28)^(a)	USD		5,997		5,028,998
Series 2021-DA, Class A, 4.26%, 04/15/60 (Call 05/15/32), (PRIME - 1.990%)^(a)(b)	USD		7,421		6,520,625
Nelnet Student Loan Trust
4.18%, 04/20/62 (Call 03/20/29), (1 mo. LIBOR US + 0.690%)^(a)(b)	USD		2,929		2,823,972
4.23%, 04/20/62 (Call 08/20/29), (1 mo. LIBOR US + 0.740%)^(a)(b)	USD		5,622		5,378,625
Series 2021-A, Class A1, 4.29%, 04/20/62 (Call 02/20/29), (1 mo. LIBOR US + 0.800%)^(a)(b)	USD		7,080		6,893,096
Series 2021-BA, Class AFL, 4.27%, 04/20/62 (Call 07/20/29), (1 mo. LIBOR US + 0.780%)^(a)(b)	USD		12,259		11,817,611
Neuberger Berman CLO Ltd., Series 2013-14A, Class AR2, 5.40%, 01/28/30 (Call 01/28/23), (3 mo. LIBOR US + 0.990%)^(a)(b)	USD		488		478,798
Neuberger Berman Loan Advisers CLO 33 Ltd., 5.16%, 10/16/33 (Call 01/16/23), (3 mo. LIBOR US + 1.080%)^(a)(b)	USD		2,050		1,986,636
Niagara Park Clo Ltd., 5.08%, 07/17/32 (Call 01/17/23), (3 mo. LIBOR US + 1.000%)^(a)(b)	USD		2,500		2,408,750
Nissan Auto Lease Trust, 3.45%, 08/15/24 (Call 11/15/23)	USD		14,548		14,379,879
NLY Commercial Mortgage Trust, Series 2019-FL2, Class A, 4.71%, 02/15/36 (Call 11/15/22), (1 mo. LIBOR US + 1.300%)^(a)(b)	USD		1,226		1,213,921
OCP CLO Ltd., Series 2017-13A, 5.04%, 07/15/30 (Call 01/15/23), (3 mo. LIBOR US + 0.960%)^(a)(b)	USD		3,820		3,728,003
Octagon Investment Partners XVII Ltd., Series 2013-1A, Class A1R2, 5.36%, 01/25/31 (Call 01/25/23), (3 mo. LIBOR US + 1.000%)^(a)(b)	USD		3,000		2,936,579
OneMain Direct Auto Receivables Trust, 4.37%, 03/14/29 (Call 09/15/25)^(a)(b)	USD		8,825		8,793,219
OneMain Financial Issuance Trust
3.53%, 06/16/36 (Call 06/14/26), (SOFR + 0.760%)^(a)(b	USD		5,108		4,687,385
3.84%, 05/14/32 (Call 11/14/22)^(a)	USD		2,893		2,857,277


Security		Par (000)		Value

Palmer Square CLO Ltd.
5.23%, 10/17/31 (Call 01/19/23), (3 mo. LIBOR US + 1.000%)^(a)(b)	USD		1,800	$	1,743,566
Series 2015-2, 5.34%, 07/20/30 (Call 01/20/23), (3 mo. LIBOR US + 1.100%)^(a)(b)	USD		3,603		3,524,968
Series 2021-3A, Class A1, 5.23%, 01/15/35 (Call 01/15/24)^(a)(b)	USD		500		477,395
Palmer Square Loan Funding Ltd., 4.08%, 01/15/31 (Call 10/15/23)^(a)(b)	USD		5,080		5,075,539
PCL Funding V PLC, 2.94%, 10/15/25 (Call 10/15/23)^(b)(c)	GBP		3,000		3,400,414
PCL Funding VI PLC, 3.59%, 07/15/26 (Call 07/15/24)^(b)(c)	GBP		6,611		7,549,270
PFS Financing Corp., 3.39%, 02/15/26, (SOFR + 0.600%)^(a)(b)	USD		22,642		22,467,638
Pikes Peak CLO 1, Series 2018-1A, Class A, 5.50%, 07/24/31 (Call 01/24/23), (3 mo. LIBOR US + 1.180%)^(a)(b)	USD		1,500		1,459,420
Prodigy Finance CM2021-1 DAC, Series 2021-1A, Class A, 4.84%, 07/25/51 (Call 02/25/27), (1 mo. LIBOR US + 1.250%)^(a)(b)	USD		1,424		1,371,513
Red & Black Auto Germany 8 UG, Class B, 1.60%, 09/15/30 (Call 11/15/25)^(b)(c)	EUR		400		385,306
Red & Black Auto Italy S.r.l., Class A, 1.81%, 12/28/31 (Call 09/28/25)^(b)(c)	EUR		12,452		12,186,057
Romark WM-R Ltd., Series 2018-1A, Class A1, 5.27%, 04/20/31 (Call 01/20/23), (3 mo. LIBOR US + 1.030%)^(a)(b)	USD		3,879		3,799,051
RR 3 Ltd., Series 2018-3A, Class A1R2, 5.17%, 01/15/30 (Call 01/15/23), (3 mo. LIBOR US + 1.090%)^(a)(b)	USD		2,000		1,958,902
Santander Drive Auto Receivables Trust 2.76%, 03/17/25 (Call 08/15/23)	USD		15,464		15,357,487
4.05%, 07/15/25 (Call 11/15/23)	USD		7,792		7,736,275
Satus PLC
2.89%, 08/17/28 (Call 01/17/24), (Sterning Ovenight Index Average + 0.700%)^(b)(c)	GBP		524		597,791
3.39%, 08/17/28 (Call 07/17/24), (Sterning Ovenight Index Average + 1.200%)^(b)(c)	GBP		400		453,215
3.79%, 08/17/28 (Call 01/17/25), (Sterning Ovenight Index Average + 1.600%)^(b)(c)	GBP		300		334,838
Shackleton Clo Ltd., Series 2017-11A, 4.00%, 08/15/30 (Call 11/15/22), (3 mo. LIBOR US + 1.090%)^(a)(b)	USD		2,750		2,697,770
Shackleton CLO Ltd., Series 2015-7R, 5.23%, 07/15/31 (Call 01/15/23), (3 mo. LIBOR US + 1.150%)^(a)(b)	USD		2,750		2,678,804
Signal Peak CLO 2 LLC, Series 2015-1A, Class AR2, 5.22%, 04/20/29 (Call 01/20/23), (3 mo. LIBOR US + 0.980%)^(a)(b)	USD		1,351		1,324,678
Silver Creek CLO Ltd., 5.48%, 07/20/30 (Call 01/20/23), (3 mo. LIBOR US + 1.240%)^(a)(b)	USD		6,006		5,913,289
Silverstone Master Issuer PLC, 2.48%, 01/21/70 (Call 04/21/27)^(b)(c)	GBP		3,485		3,906,323
SLM Private Credit Student Loan Trust
Series 2004-A, Class A3, 3.69%, 06/15/33 (Call 12/15/22), (3 mo. LIBOR US + 0.400%)^(b)	USD		3,121		3,035,675
Series 2004-B, Class A3, 3.62%, 03/15/24 (Call 12/15/23), (3 mo. LIBOR US + 0.330%)^(b)	USD		2,121		2,113,180
Series 2005-A, Class A4, 3.60%, 12/15/38 (Call 12/15/26), (3 mo. LIBOR US + 0.310%)^(b)	USD		6,900		6,534,510


Security		Par (000)		Value

Series 2005-B, Class A4, 3.62%, 06/15/39 (Call 09/15/26), (3 mo. LIBOR US + 0.330%)^(b)	USD		4,875	$	4,649,147
Series 2006-A, Class A5, 3.58%, 06/15/39 (Call 09/15/28), (3 mo. LIBOR US + 0.290%)^(b)	USD		10,897		10,207,584
Series 2006-B, Class A5, 3.56%, 12/15/39 (Call 09/15/27), (3 mo. LIBOR US + 0.270%)^(b)	USD		7,801		7,336,079
SMB Private Education Loan Trust
4.24%, 02/16/55, (30 day SOFR + 1.450%)^(a)(b)	USD		11,449		11,079,701
4.64%, 05/16/50, (SOFR + 1.850%)^(a)(b)	USD		5,288		5,258,243
4.75%, 10/15/58	USD		21,335		21,012,963
Series 2017-A, Class A2B, 4.31%, 09/15/34, (1 mo. LIBOR US + 0.900%)^(a)(b)	USD		9,903		9,765,437
Series 2021-C, Class A1, 3.81%, 01/15/53, (1 mo. LIBOR US + 0.400%)^(a)(b)	USD		371		371,127
SoFi Professional Loan Program LLC, Series 16-C, Class A1, 4.69%, 10/27/36 (Call 11/25/22), (1 mo. LIBOR US + 1.100%)^(a)(b)	USD		363		363,290
Sound Point Clo XV Ltd., Series 2017-1A, Class ARR, 5.22%, 01/23/29 (Call 01/23/23), (3 mo. LIBOR US + 0.900%)^(a)(b)	USD		2,124		2,090,942
Sound Point CLO XXVIII Ltd., Series 2020 3A, Class A1, 5.64%, 01/25/32 (Call 01/25/23), (3 mo. LIBOR US + 1.280%)^(a)(b)	USD		1,250		1,210,180
Southwick Park CLO LLC, 5.30%, 07/20/32 (Call 01/20/23), (3 mo. LIBOR US + 1.060%)^(a)(b)	USD		8,760		8,447,705
Symphony CLO XVI Ltd., Series 2015-16A, Class AR, 5.23%, 10/15/31 (Call 01/15/23), (3 mo. LIBOR US + 1.150%)^(a)(b)	USD		500		487,826
TAGUS - Sociedade de Titularizacao de Creditos SA/Ulisses Finance No. 2, 1.64%, 09/23/38 (Call 02/23/28)^(b)(c)	EUR		11,819		11,635,220
TCI-Symphony CLO Ltd.
4.96%, 10/13/32 (Call 01/13/23), (3 mo. LIBOR US + 1.020%)^(a)(b)	USD		5,235		5,069,056
5.01%, 07/15/30 (Call 01/15/23), (3 mo. LIBOR US + 0.930%)^(a)(b)	USD		7,958		7,789,664
TICP CLO IX Ltd., Series 2017-9A, Class A, 5.38%, 01/20/31 (Call 01/20/23), (3 mo. LIBOR US + 1.140%)^(a)(b)	USD		500		488,772
Together Asset-Backed Securitisation PLC, 2.89%, 07/12/63 (Call 10/12/25)^(b)(c)	GBP		2,350		2,622,027
Verizon Owner Trust, Series 2020-A, Class A1B, 3.76%, 07/22/24 (Call 04/20/23), (1 mo. LIBOR US + 0.270%)^(b)	USD		2,536		2,534,043
Volkswagen Auto Lease Trust, 3.20%, 10/21/24 (Call 01/20/24)	USD		20,878		20,536,561
Voya CLO, Series 2017-2A, Class A1R, 5.06%, 06/07/30 (Call 01/15/23), (3 mo. LIBOR US + 0.980%)^(a)(b)	USD		5,122		5,017,154
Voya CLO Ltd., 5.14%, 04/15/31 (Call 01/15/23), (3 mo. LIBOR US + 1.060%)^(a)(b)	USD		1,250		1,220,952
Voya Ltd., Series 2012-4, 5.08%, 10/15/30 (Call 01/15/23), (3 mo. LIBOR US + 1.000%)^(a)(b)	USD		13,000		12,726,176
Wellfleet CLO Ltd., Series 2016-1A, Class AR, 5.15%, 04/20/28 (Call 01/20/23), (3 mo. LIBOR US + 0.910%)^(a)(b)	USD		828		811,969
Westlake Automobile Receivables Trust 3.36%, 08/15/25 (Call 12/15/23)^(a)	USD		7,738		7,634,673


Security		Par (000)		Value

Series 2021-1A, Class A2A, 0.39%, 10/15/24 (Call 02/15/23)^(a)	USD		2,447	$	2,434,300


Total Asset-Backed Securities — 21.0% (Cost: $919,686,367)					890,030,231


Collaterized Mortgage Obligations

Mortgage-Backed Securities — 6.5%
280 Park Avenue Mortgage Trust, Series 2017-280P, Class A, 4.18%, 09/15/34 (Call 11/15/22), (1 mo. LIBOR US + 0.880%)^(a)(b)	USD		12,100		11,766,704
AREIT Trust 4.14%, 01/16/37 (Call 01/15/25)^(a)(b)	USD		1,878		1,791,624
Series 2019-CRE3, Class A, 4.76%, 09/14/36 (Call 08/14/23), (1 mo. LIBOR US + 1.020%)^(a)(b)	USD		4,059		4,042,876
BAMLL Commercial Mortgage Securities Trust, Series 2018-DSNY, Class A, 4.26%, 09/15/34, (1 mo. LIBOR US + 0.850%)^(a)(b)	USD		19,220		18,714,624
BBCMS-TALL Mortgage Trust, Series 2018-TALL, Class A, 4.13%, 03/15/37, (1 mo. LIBOR US + 0.722%)^(a)(b)	USD		8,630		8,111,995
BX Commercial Mortgage Trust 4.10%, 10/15/38, (1 mo. LIBOR US + 0.690%)^(a)(b)	USD		9,063		8,572,413
4.39%, 02/15/39^(a)(b)	USD		10,020		9,557,185
Series 2019-XL, Class A, 4.33%, 10/15/36, (1 mo. LIBOR US + 0.920%)^(a)(b)	USD		5,398		5,289,335
BX Trust 4.31%, 10/15/36, (1 mo. LIBOR US + 0.890%)^(a)(b)	USD		8,520		7,986,659
Series 2019-CALM, Class A, 4.29%, 11/15/32, (1 mo. LIBOR US + 0.876%)^(a)(b)	USD		1,290		1,255,804
Series 2021, Class A, 4.69%, 06/15/36, (1 mo. LIBOR US + 1.280%)^(a)(b)	USD		2,070		1,959,238
CEDR Commercial Mortgage Trust, 4.36%, 02/15/39^(a)(b)	USD		5,410		5,053,379
Chase Home Lending Mortgage Trust, Series 2019-ATR2, Class A11, 4.49%, 07/25/49 (Call 01/25/26), (1 mo. LIBOR US + 0.900%)^(a)(b)	USD		1,133		1,086,310
Cold Storage Trust, Series 2020-ICE5, Class A, 4.31%, 11/15/37, (1 mo. LIBOR US + 0.900%)^(a)(b)	USD		1,843		1,786,745
Commission Mortgage Trust 3.42%, 03/10/31 (Call 03/10/23)^(a)	USD		17,220		17,182,559
3.73%, 03/10/31 (Call 03/10/23)^(a)	USD		10,000		9,980,750
Series 2013- GAM, Class A2, 3.37%, 02/10/28 (Call 02/10/23)^(a)	USD		6,185		6,105,973
Credit Suisse Mortgage Capital Certificates, Series 2019-ICE4, Class A, 4.39%, 05/15/36, (1 mo. LIBOR US + 0.980%)^(a)(b)	USD		6,333		6,214,042
DBGS Mortgage Trust, Series 2018-5BP, Class A, 4.21%, 06/15/33 (Call 11/15/22), (1 mo. LIBOR US + 0.645%)^(a)(b)	USD		4,200		4,000,221
Extended Stay America Trust, Series 2021-ESH, Class A, 4.49%, 07/15/38, (1 mo. LIBOR US + 1.080%)^(a)(b)	USD		6,082		5,838,021
Friary No. 7 PLC, 2.36%, 10/21/70 (Call 10/21/27)^(b)	GBP		1,544		1,762,950
GCT Commercial Mortgage Trust, Series 2021-GCT, Class A, 4.21%, 02/15/38, (1 mo. LIBOR US + 0.800%)^(a)(b)	USD		8,600		8,081,223
GS Mortgage Securities Corportation Trust, 4.36%, 10/15/36, (1 mo. LIBOR US + 0.950%)^(a)(b)	USD		10,360		9,623,515
Hops Hill No. 1 PLC, 3.14%, 05/27/54 (Call 05/27/24)^(b)(c)	GBP		2,968		3,348,433


Security			Par (000)		Value

Mortgage-Backed Securities (continued)
J.P. Morgan Chase Commercial Mortgage Securities Trust, 4.19%, 03/15/39^(a)(b)		USD		5,540	$	5,380,560
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2019-BKWD, Class A, 4.66%, 09/15/29, (1 mo. LIBOR US + 1.000%)^(a)(b)		USD		1,645		1,597,592
KNDL Mortgage Trust, Series 2019-KNSQ, Class A, 4.21%, 05/15/36, (1 mo. LIBOR US + 0.800%)^(a)(b)		USD		8,533		8,362,341
Med Trust, 4.36%, 11/15/38^(a)(b)		USD		4,260		4,057,320
MF1 Multifamily Housing Mortgage Loan Trust 4.45%, 12/15/34, (SOFR + 1.070%)^(a)(b)(d)		USD		1,230		1,174,650
4.75%, 12/15/34, (SOFR + 1.370%)^(a)(b)(d)		USD		480		456,000
MHC Commercial Mortgage Trust, 4.21%, 04/15/38, (1 mo. LIBOR US + 0.801%)^(a)(b)		USD		5,925		5,676,382
Morgan Stanley Capital I Trust
Series 2018-BOP, Class A, 4.26%, 08/15/33, (1 mo. LIBOR US + 0.850%)^(a)(b)		USD		4,330		4,242,065
Series 2018-SUN, Class A, 4.31%, 07/15/35 (Call 07/15/23), (1 mo. LIBOR US + 0.900%)^(a)(b).		USD		19,045		18,449,758
MSCG Trust, 4.31%, 10/15/37, (1 mo. LIBOR US + 0.900%)^(a)(b)		USD		5,300		5,140,776
MTN Commercial Mortgage Trust, 4.77%, 03/15/39^(a)(b)		USD		8,930		8,662,118
Ready Capital Mortgage Financing LLC, 4.67%, 01/25/37 (Call 02/25/24), (SOFR + 1.650%)^(a)(b)		USD		8,560		8,215,570
RIAL Issuer Ltd., 5.72%, 01/19/37 (Call 05/19/24)^(a)(b)		USD		6,955		6,728,962
Taubman Centers Commercial Mortgage Trust, 5.56%, 05/15/37^(a)(b)		USD		2,900		2,823,755
Taurus UK DAC, 2.87%, 08/17/31 (Call 08/17/26), (SOFR + 0.950%)^(b)(c)		GBP		6,837		7,454,332
TPGI Trust, Series 2021 DGWD, Class A, 4.11%, 06/15/26, (1 mo. LIBOR US + 0.700%)^(a)(b)		USD		6,320		5,998,308
Vita Scientia DAC, 1.82%, 02/27/33^(b)(c)		EUR		5,708		5,329,732
Wells Fargo Commercial Mortgage Trust, Series 2017-SMP, Class A, 4.29%, 12/15/34, (1 mo. LIBOR US + 0.750%)^(a)(b)		USD		17,280		17,069,327


Total Collaterized Mortgage Obligations — 6.5% (Cost: $286,921,058)						275,932,126


Commercial Paper
Enel Finance America LLC 4.17%, 11/21/22^(e)	$			20,000		19,951,467
6.44%, 08/09/23^(e)				10,000		9,519,660
6.58%, 09/06/23^(e)				15,000		14,195,550
General Motors Financial Co. Inc., 4.09%, 11/14/22^(e)				20,000		19,968,274
HSBC USA Inc., 5.57%, 08/23/23^(e)				10,000		9,562,167
National Australia Bank Ltd., 4.84%, 03/15/23^(e)				10,000		9,821,875


Total Commercial Paper — 2.0% (Cost: $83,460,375)						83,018,993


Corporate Bonds & Notes

Aerospace & Defense — 0.3%
L3Harris Technologies Inc., 3.85%, 06/15/23
(Call 05/15/23)				15,000		14,865,970


Auto Manufacturers — 7.6%
American Honda Finance Corp., 0.88%, 07/07/23^(f)				10,000		9,716,100
BMW U.S. Capital LLC 0.80%, 04/01/24^(a)				11,565		10,880,857


Security	Par (000)		Value

Auto Manufacturers (continued)
3.00%, 08/12/24, (SOFR + 0.380%)^(a)(b)	$	21,435	$	21,204,122
3.87%, 04/01/25, (SOFR + 0.840%)^(a)(b)		11,100		11,042,815
Daimler Finance North America LLC 0.75%, 03/01/24^(a)(f)		11,005		10,364,949
1.75%, 03/10/23^(a)(f)		17,650		17,465,044
Daimler Trucks Finance North America LLC, 1.13%, 12/14/23^(a)(f)		15,000		14,293,961
General Motors Financial Co. Inc. 1.05%, 03/08/24		20,000		18,754,349
3.65%, 10/15/24, (SOFR + 0.620%)^(b)		15,000		14,555,789
Hyundai Capital America 0.80%, 04/03/23^(a)(f)		17,710		17,355,087
1.00%, 09/17/24^(a)(f)		18,105		16,388,797
Nissan Motor Acceptance Co. LLC, 1.13%, 09/16/24^(a)(f)		10,520		9,392,907
Nissan Motor Acceptance Corp. 1.05%, 03/08/24^(a)(f)		12,515		11,518,423
3.81%, 03/08/24, (3 mo. LIBOR US + 0.640%)^(a)(b)		4,375		4,302,926
3.88%, 09/21/23^(a)(f)		4,000		3,916,772
Stellantis NV, 5.25%, 04/15/23		9,400		9,364,938
Toyota Motor Credit Corp. 3.68%, 12/29/23^(b)		15,000		15,006,414
4.40%, 09/20/24		7,125		7,060,199
Volkswagen Group of America Finance LLC 0.75%, 11/23/22^(a)(f)		44,345		44,219,953
0.88%, 11/22/23^(a)		22,000		20,942,450
3.72%, 06/07/24^(a)(b)		19,465		19,401,953
4.25%, 11/13/23^(a)		13,000		12,843,008


				319,991,813

Banks — 21.7%
Banco Santander SA 0.70%, 06/30/24 (Call 06/30/23)^(b)(f)		21,200		20,356,150
3.85%, 04/12/23^(f)		9,291		9,206,600
5.04%, 04/12/23, (3 mo. LIBOR US + 1.120%)^(b)		10,000		9,986,142
Bank of America Corp. 3.00%, 12/20/23 (Call 12/20/22),
(3 mo. LIBOR US + 0.790%)^(b)		72,625		72,363,492
3.55%, 03/05/24 (Call 03/05/23),
(3 mo. LIBOR US + 0.780%)^(b)		30,000		29,751,493
3.86%, 07/23/24 (Call 07/23/23),
(3 mo. LIBOR US + 0.940%)^(b)(f)		10,000		9,852,480
Bank of Montreal, 3.82%, 06/07/25^(b)		20,000		19,826,378
Banque Federative du Credit Mutuel SA, 2.13%, 11/21/22^(a)		20,000		19,976,402
Barclays PLC, 4.30%, 05/16/24 (Call 05/16/23),
(3 mo. LIBOR US + 1.380%)^(b)		41,000		40,496,393
BPCE SA 3.60%, 01/14/25, (SOFR + 0.570%)^(a)(b)		3,110		3,033,815
4.48%, 09/12/23, (3 mo. LIBOR US + 1.240%)^(a)(b)		15,000		14,995,080
Canadian Imperial Bank of Commerce, 0.45%, 06/22/23		26,320		25,533,290
Citigroup Inc. 1.68%, 05/15/24 (Call 05/15/23), (SOFR + 1.667%)^(b)		15,000		14,672,867
3.78%, 05/24/25 (Call 05/24/24), (SOFR + 1.372%)^(b)		23,300		23,272,148
Credit Suisse AG/New York NY, 0.52%, 08/09/23		25,000		23,687,500
Credit Suisse Group AG, 3.80%, 06/09/23^(f)		8,500		8,287,500


Security	Par (000)		Value

Banks (continued)
Deutsche Bank AG/New York NY 2.22%, 09/18/24 (Call 09/18/23), (SOFR + 2.159%)^(b)	$	17,000	$	16,106,245
Series E, 3.10%, 11/08/23, (SOFR + 0.500%)^(b)		13,790		13,617,211
DNB Bank ASA, 3.86%, 03/28/25 (Call 03/28/24),
(3 mo. LIBOR US + 0.390%)^(a)(b)(f)		15,000		14,871,827
Federation des Caisses Desjardins du Quebec, 2.71%, 05/21/24, (SOFR + 0.430%)^(a)(b)		20,000		19,703,893
Goldman Sachs Group Inc. (The) 0.52%, 03/08/23^(f)		25,000		24,605,128
1.22%, 12/06/23 (Call 12/06/22)		28,860		27,612,267
4.64%, 11/29/23, (3 mo. LIBOR US + 1.600%)^(b)		12,060		12,096,141
0.63%, 11/17/23 (Call 11/17/22), (SOFR + 0.538%)^(b)		3,000		2,992,296
HSBC Holdings PLC 0.73%, 08/17/24 (Call 08/17/23), (SOFR + 0.534%)^(b)		13,500		12,800,970
3.60%, 05/25/23^(f)		10,000		9,895,924
4.47%, 03/11/25 (Call 03/11/24), (3 mo. LIBOR US + 1.230%)^(b)		13,000		12,808,173
3.23%, 11/22/24 (Call 11/22/23), (SOFR + 0.580%)^(b)		6,570		6,342,003
Huntington National Bank (The), 3.82%, 05/16/25
(Call 05/16/24), (SOFR + 1.190%)^(b)(f)		22,900		22,722,067
JPMorgan Chase & Co. 0.70%, 03/16/24 (Call 03/16/23), (SOFR + 0.580%)^(b)		12,000		11,767,309
1.51%, 06/01/24 (Call 06/01/23), (SOFR + 1.455%)^(b)(f)		33,590		32,795,549
3.56%, 04/23/24 (Call 04/23/23), (3 mo. LIBOR US + 0.730%)^(b)(f)		48,480		48,011,198
KeyBank NA/Cleveland OH, 0.43%, 06/14/24
(Call 06/14/23), (SOFR + 0.320%)^(b)		4,625		4,478,403
KeyCorp, 3.88%, 05/23/25 (Call 05/23/24)^(b)(f)		7,195		6,977,401
Mitsubishi UFJ Financial Group Inc., 4.68%, 07/18/25
(Call 07/18/24)^(b)		19,100		19,138,263
Mizuho Financial Group Inc. 3.55%, 03/05/23^(f)		20,000		19,905,962
3.63%, 05/25/24 (Call 05/25/23),
(3 mo. LIBOR US + 0.630%)^(b)		10,000		9,916,899
3.95%, 03/05/23, (3 mo. LIBOR US + 0.790%)^(b)		3,000		3,000,423
Morgan Stanley 0.53%, 01/25/24 (Call 01/25/23),
(SOFR + 0.455%)^(b)		66,100		65,110,281
0.56%, 11/10/23 (Call 11/10/22),
(SOFR + 0.466%)^(b)(f)		5,500		5,492,901
3.74%, 04/24/24 (Call 04/24/23),
(3 mo. LIBOR US + 0.847%)^(b)(f)		20,000		19,803,309
3.75%, 02/25/23^(f)		25,000		24,902,428
National Bank of Canada, 3.09%, 08/06/24,
(SOFR + 0.490%)^(b)(f)		8,695		8,518,490
Natwest Group PLC, 5.19%, 06/25/24 (Call 06/25/23), (3 mo. LIBOR US + 1.550%)^(b)		3,000		2,987,950
Nordea Bank Abp, 3.71%, 06/06/25^(a)(b)(f)		19,885		19,727,217
Skandinaviska Enskilda Banken AB, 3.88%, 12/12/22, (3 mo. LIBOR US + 0.645%)^(a)(b)		15,000		14,990,046
Sumitomo Mitsui Financial Group Inc., 4.88%, 10/16/23, (3 mo. LIBOR US + 0.800%)^(b)		4,000		3,997,169
Toronto-Dominion Bank (The), 4.29%, 09/13/24		20,330		19,919,372


Security	Par (000)		Value

Banks (continued)
U.S. Bank NA/Cincinnati OH, 3.40%, 07/24/23 (Call 06/23/23)	$	20,000	$	19,757,573
UBS AG/London, 3.05%, 08/09/24, (SOFR + 0.450%)^(a)(b)		15,725		15,592,263


				918,262,281

Beverages — 0.5%
Keurig Dr Pepper Inc., 0.75%, 03/15/24 (Call 12/01/22)^(f)		21,520		20,273,537


Biotechnology — 0.6%
Gilead Sciences Inc. 0.75%, 09/29/23 (Call 11/14/22)		23,988		23,087,283
2.50%, 09/01/23 (Call 07/01/23)^(f)		4,000		3,912,395


				26,999,678

Building Materials — 0.2%
Martin Marietta Materials Inc., 0.65%, 07/15/23 (Call 12/01/22)^(f)		8,800		8,511,776


Chemicals — 1.1%
DuPont de Nemours Inc., 4.21%, 11/15/23 (Call 10/15/23)		38,000		37,582,883
International Flavors & Fragrances Inc., 3.20%, 05/01/23 (Call 02/01/23)^(f)		9,000		8,910,422


				46,493,305

Computers — 0.2%
Dell International LLC/EMC Corp., 5.45%, 06/15/23 (Call 04/15/23)		8,783		8,768,714


Diversified Financial Services — 6.2%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 1.15%, 10/29/23		35,000		33,154,353
Air Lease Corp. 0.80%, 08/18/24 (Call 07/18/24)^(f)		3,325		3,027,679
2.25%, 01/15/23^(f)		10,637		10,564,402
3.64%, 12/15/22, (3 mo. LIBOR US + 0.350%)^(b)		28,600		28,579,454
3.88%, 07/03/23 (Call 06/03/23)^(f)		6,138		6,068,064
American Express Co. 2.51%, 11/03/23, (SOFR + 0.230%)^(b)		6,765		6,716,410
3.38%, 05/03/24^(f)		15,000		14,548,517
3.40%, 02/22/24 (Call 01/22/24)^(f)		34,465		33,620,777
3.68%, 03/04/25 (Call 02/01/25),
(SOFR + 0.930%)^(b)		8,930		8,903,529
3.69%, 02/27/23 (Call 01/27/23),
(3 mo. LIBOR US + 0.650%)^(b)(f)		4,000		3,997,286
Aviation Capital Group LLC, 3.88%, 05/01/23 (Call 04/01/23)^(a)		19,660		19,352,059
Capital One Financial Corp. 2.60%, 05/11/23 (Call 04/11/23)^(f)		12,550		12,383,151
3.20%, 01/30/23 (Call 12/30/22)^(f)		10,000		9,954,165
3.50%, 12/06/24 (Call 12/06/23),
(SOFR + 0.690%)^(b)		9,000		8,768,160
3.99%, 05/09/25 (Call 05/09/24),
(SOFR + 1.350%)^(b)		22,285		21,965,234
Charles Schwab Corp. (The), 3.40%, 03/18/24 (Call 02/18/24), (SOFR + 0.500%)^(b)		33,050		32,838,958
Synchrony Financial, 4.38%, 03/19/24 (Call 02/19/24)		6,250		6,110,090


				260,552,288

Electric — 3.2%
Dominion Energy Inc., Series D, 3.82%, 09/15/23 (Call 11/21/22), (3 mo. LIBOR US + 0.530%)^(b)(f)		10,105		10,073,469


Security	Par (000)		Value

Electric (continued)
Duke Energy Corp., 3.07%, 06/10/23, (SOFR + 0.250%)^(b)(f)	$	13,415	$	13,329,190
NextEra Energy Capital Holdings Inc. 0.65%, 03/01/23		23,495		23,166,909
2.69%, 11/03/23 (Call 12/01/22),
(SOFR + 0.400%)^(b)		24,300		24,010,769
3.25%, 02/22/23 (Call 12/01/22),
(3 mo. LIBOR US + 0.270%)^(b)		26,954		26,905,652
3.28%, 03/01/23, (SOFR + 0.540%)^(b)		5,580		5,572,565
4.20%, 06/20/24^(f)		6,105		6,008,105
Southern California Edison Co., 0.70%, 04/03/23^(f)		25,212		24,726,088


				133,792,747

Food — 0.1%
General Mills Inc., 5.09%, 10/17/23, (3 mo. LIBOR US + 1.010%)^(b)(f)		2,696		2,709,246


Gas — 0.3%
Atmos Energy Corp., 0.63%, 03/09/23 (Call 11/16/22)^(f)		7,875		7,761,330
ONE Gas Inc., 0.85%, 03/11/23 (Call 12/01/22)^(f)		5,046		4,971,396


				12,732,726

Health Care - Products — 1.1%
Baxter International Inc., 3.14%, 11/29/24^(b)		5,705		5,558,887
Thermo Fisher Scientific Inc. 0.80%, 10/18/23 (Call 12/01/22)^(f)		30,000		28,787,479
3.56%, 10/18/24 (Call 12/01/22), (SOFR + 0.530%)^(b)		11,980		11,850,376


				46,196,742

Health Care - Services — 1.4%
Elevance Health Inc., 2.95%, 12/01/22
(Call 11/16/22)^(f)		4,555		4,549,304
Humana Inc., 0.65%, 08/03/23 (Call 11/08/22)		55,230		53,351,717


				57,901,021

Home Builders — 0.3%
Lennar Corp., 4.50%, 04/30/24 (Call 01/31/24)^(f)		11,500		11,290,789


Household Products & Wares — 0.2%
Avery Dennison Corp., 0.85%, 08/15/24
(Call 12/01/22)^(f)		10,440		9,652,769


Insurance — 0.7%
MassMutual Global Funding II, 3.84%, 03/21/25, (SOFR + 0.270%)^(a)(b)		3,996		3,962,956
Metropolitan Life Global Funding I, 3.88%, 03/21/25, (SOFR + 0.910%)^(a)(b)		8,745		8,677,048
New York Life Global Funding 2.90%, 01/17/24^(a)(f)		5,000		4,876,150
3.15%, 06/06/24^(a)(f)		12,605		12,228,111


				29,744,265

Machinery — 0.9%
Caterpillar Financial Services Corp. 2.74%, 11/13/23, (SOFR + 0.450%)^(b)(f)		25,000		24,986,735
3.42%, 05/15/23, (3 mo. LIBOR US + 0.510%)^(b)		9,020		9,028,195
Rockwell Automation Inc., 0.35%, 08/15/23
(Call 11/14/22)^(f)		3,870		3,730,789


				37,745,719

Manufacturing — 0.7%
Carlisle Companies Inc., 0.55%, 09/01/23
(Call 12/01/22)^(f)		8,390		8,074,230


Security	Par (000)		Value

Manufacturing (continued)
Parker-Hannifin Corp., 3.65%, 06/15/24^(f)	$	22,400	$	21,785,568


				29,859,798

Media — 0.8%
Charter Communications Operating LLC/Charter Communications Operating Capital 4.50%, 02/01/24 (Call 01/01/24)		10,000		9,848,798
6.09%, 02/01/24 (Call 01/01/24), (3 mo. LIBOR US + 1.650%)^(b)		17,640		17,755,717
Sky Ltd., 3.75%, 09/16/24^(a)(f)		7,910		7,687,591


				35,292,106

Oil & Gas — 0.4%
Phillips 66, 0.90%, 02/15/24 (Call 12/01/22)^(f)		18,530		17,532,122


Pharmaceuticals — 5.1%
AbbVie Inc. 2.30%, 11/21/22		33,924		33,878,335
2.90%, 11/06/22^(f)		48,550		48,532,523
Bayer U.S. Finance II LLC 3.88%, 12/15/23 (Call 11/15/23)^(a)(f)		25,000		24,514,842
4.30%, 12/15/23 (Call 11/15/23), (3 mo. LIBOR US + 1.010%)^(a)(b)		32,500		32,335,422
Cigna Corp. 0.61%, 03/15/24 (Call 12/01/22)^(f)		8,490		7,989,111
3.00%, 07/15/23 (Call 05/16/23)^(f)		10,000		9,859,570
3.05%, 11/30/22 (Call 11/16/22)		19,937		19,913,287
Shire Acquisitions Investments Ireland DAC, 2.88%, 09/23/23 (Call 07/23/23)		33,015		32,272,913
Takeda Pharmaceutical Co. Ltd., 4.40%, 11/26/23 (Call 10/26/23)		6,662		6,593,524


				215,889,527

Pipelines — 2.1%
Enbridge Inc. 0.55%, 10/04/23^(f)		2,805		2,681,285
2.15%, 02/16/24		6,820		6,557,567
3.05%, 02/17/23, (SOFR + 0.400%)^(b)		3,130		3,124,230
4.00%, 10/01/23 (Call 07/01/23)^(f)		6,000		5,917,573
Energy Transfer LP 3.45%, 01/15/23 (Call 12/01/22)^(f)		10,000		9,968,204
3.60%, 02/01/23 (Call 12/01/22)^(f)		6,400		6,375,726
4.25%, 03/15/23 (Call 12/15/22)		6,550		6,516,167
Kinder Morgan Energy Partners LP 3.50%, 09/01/23 (Call 06/01/23)^(f)		20,091		19,810,205
4.30%, 05/01/24 (Call 02/01/24)^(f)		4,820		4,731,675
MPLX LP, 4.50%, 07/15/23 (Call 04/15/23)^(f)		25,000		24,782,655


				90,465,287

Real Estate Investment Trusts — 0.3%
American Tower Corp., 3.38%, 05/15/24
(Call 04/15/24)^(f)		15,000		14,535,458


Retail — 1.7%
7-Eleven Inc. 0.63%, 02/10/23 (Call 12/01/22)^(a)		40,909		40,408,010
0.80%, 02/10/24^(a)		29,600		27,913,954
Starbucks Corp., 3.05%, 02/14/24 (Call 02/14/23), (SOFR + 0.420%)^(b)(f)		4,130		4,112,778


				72,434,742

Semiconductors — 0.5%
Analog Devices Inc., 3.28%, 10/01/24,
(SOFR + 0.250%)^(b)(f)		5,025		4,945,220


Security	Par Shares (000)		Value

Semiconductors (continued)
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.63%, 01/15/24 (Call 11/15/23)	$	17,000	$	16,649,316


				21,594,536

Software — 3.0%
Fidelity National Information Services Inc., 0.38%, 03/01/23^(f)		31,909		31,411,201
Fiserv Inc., 3.80%, 10/01/23 (Call 09/01/23)^(f)		15,539		15,307,500
Oracle Corp. 2.40%, 09/15/23 (Call 07/15/23)^(f)		23,000		22,433,782
2.63%, 02/15/23 (Call 01/15/23)^(f)		20,753		20,613,037
VMware Inc., 0.60%, 08/15/23		37,339		35,948,804


				125,714,324

Telecommunications — 1.6%
AT&T Inc. 3.66%, 03/25/24 (Call 12/01/22),
(SOFR + 0.640%)^(b)		22,000		21,867,086
4.42%, 06/12/24, (3 mo. LIBOR US + 1.180%)^(b)		14,350		14,396,760
Rogers Communications Inc., 2.95%, 03/15/25
(Call 03/15/23)^(a)(f)		8,950		8,438,321
Verizon Communications Inc. 3.48%, 03/22/24, (SOFR + 0.500%)^(b)		11,715		11,617,811
4.01%, 05/15/25 (Call 03/15/25),
(3 mo. LIBOR US + 1.100%)^(b)		10,000		9,993,399


				66,313,377

Transportation — 0.5%
Ryder System Inc. 3.65%, 03/18/24 (Call 02/18/24)^(f)		17,550		17,135,953
3.88%, 12/01/23 (Call 11/01/23)		5,000		4,929,433


				22,065,386

Trucking & Leasing — 0.7%
Penske Truck Leasing Co. LP/PTL Finance Corp. 2.70%, 03/14/23 (Call 02/14/23)^(a)(f)		10,000		9,897,345
3.90%, 02/01/24 (Call 01/01/24)^(a)		6,000		5,846,818
4.13%, 08/01/23 (Call 07/01/23)^(a)(f)		15,000		14,805,483


				30,549,646


Total Corporate Bonds & Notes — 64.0% (Cost: $2,766,429,233)				2,708,731,695


Repurchase Agreements^(b)(g)

Goldman Sachs & Co., 3.05%, 11/01/22 (Purchased on 10/31/22 to be repurchased at $100,008,472, collateralized by Government agency mortgage-backed security, 2.50% to 6.00%, due 04/01/26 to 08/15/57, par and fair value of $115,684,459 and $101,616,391, respectively)		100,000		100,000,000


Total Repurchase Agreements — 2.4% (Cost: $100,000,000)				100,000,000


Money Market Funds

BlackRock Cash Funds: Institutional, SL Agency Shares, 3.29%^(h)(i)(j)		77,908		77,892,775


Security	Shares (000)		Value

BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%^(h)(i)		190,200	$	190,200,000


Total Money Market Funds — 6.4% (Cost: $268,096,491)				268,092,775


Total Investments — 102.3% (Cost: $4,424,593,524)				4,325,805,820

Liabilities in Excess of Other Assets — (2.3)%				(95,640,199	)


Net Assets — 100.0%			$	4,230,165,621

^(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.

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2022 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, 2022, 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 tables present the Fund’s derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received and pledged 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 — 1.8%
Black Belt Energy Gas District RB 4.00%, 12/01/22	$	240	$	239,969
4.00%, 12/01/22		750		749,650
4.00%, 06/01/23		240		239,773
4.00%, 06/01/23		1,500		1,497,663
4.00%, 12/01/24		1,250		1,228,015
5.00%, 12/01/23		1,000		1,004,817
5.25%, 12/01/24		2,745		2,765,316
Southeast Energy Authority A Cooperative District RB
Series A, 4.00%, 10/01/23		450		448,305
Series B, 4.00%, 06/01/24		1,200		1,190,672


				9,364,180

California — 0.4%
California Community Choice Financing Authority RB
4.00%, 02/01/24		500		498,715
4.00%, 08/01/24		350		348,401
State of California GO, 5.00%, 12/01/24		1,190		1,232,430


				2,079,546

Colorado — 0.6%
Adams & Arapahoe Joint School District 28J Aurora, 5.00%, 12/01/22 (SAW)		1,000		1,001,457
City & County of Denver Co. Airport System Revenue RB, Series A, 5.00%, 11/15/23		250		254,392
City of Colorado Springs Co. Utilities System Revenue RB, 2.19%, 11/01/40 (Put 11/07/22)^(a)		2,000		2,000,000


				3,255,849

Connecticut — 3.7%
Connecticut Housing Finance Authority RB, 2.19%, 05/15/50 (Put 11/07/22)^(a)		5,000		5,000,000
State of Connecticut GO
3.23%, 03/01/25 ^(a)(b)		4,600		4,667,947
Series A, 3.00%, 01/15/23		2,000		1,999,652
Series C, VRDN, 2.30%, 05/15/34 (Put 11/07/22)^(a)		7,820		7,820,000


				19,487,599

District of Columbia — 1.8%
District of Columbia, 2.20%, 05/01/72		4,000		3,999,333
District of Columbia RB, 2.31%, 04/01/38 (Put 11/07/22)^(a)		2,890		2,890,000
Tender Option Bond Trust Receipts/Certificates RB, 2.29%, 10/01/53 (Put 11/07/22)^(a)(c)		2,355		2,355,000


				9,244,333

Florida — 6.5%
City of Gainesville Utilities System Revenue, 1.64%, 10/01/42 (Put 11/01/22)^(a)		7,800		7,800,000
County of Escambia FL RB, 1.63%, 04/01/39 (Put 11/01/22)^(a)		2,300		2,300,000
County of Martin FL RB, 2.28%, 07/01/52 (Put 11/07/22)^(a)		2,500		2,500,000
County of Miami-Dade FL Aviation Revenue RB, Series A, 5.00%, 10/01/23		2,500		2,535,107
County of Palm Beach FL RB, 2.28%, 07/01/32 (Put 11/07/22)^(a)		2,800		2,800,000
County of St Lucie FL RB, 1.79%, 09/01/28 (Put 11/01/22)^(a)		11,790		11,790,000
Miami-Dade County Industrial Development Authority RB, 0.40%, 08/01/23		1,000		971,286
Pinellas County Housing Finance Authority RB, 2.24%, 10/01/48 (Put 11/07/22)^(a)		3,070		3,070,000


				33,766,393


Security	Par (000)		Value

Georgia — 5.2%
Burke County Development Authority RB, 2.25%, 10/01/32 (Put 05/25/23)^(a)	$	2,000	$	1,983,832
City of Atlanta GA TA RB, 5.00%, 12/01/22		3,975		3,979,543
Main Street Natural Gas Inc. RB
5.00%, 06/01/27		1,750		1,744,969
VRDN, 2.81%, 08/01/48 (Put 09/01/23)^(a)(b)		5,000		4,941,005
Series A, VRDN, 4.00%, 04/01/48 (Put 09/01/23)^(a)		5,685		5,654,028
Series D, VRDN, 2.93%, 08/01/48 (Put 12/01/23)^(b)		5,000		4,958,120
Monroe County Development Authority RB, 1.80%, 06/01/49 (Put 11/01/22)^(a)		3,700		3,700,000


				26,961,497

Illinois — 1.9%
Chicago Midway International Airport, 5.00%, 01/01/23		970		971,870
County of Cook IL GO, 4.00%, 11/15/22		1,395		1,395,314
Illinois Development Finance Authority RB
VRDN, 2.27%, 07/01/33 (Put 11/07/22)^(a)		2,600		2,600,000
VRDN, 2.28%, 02/01/33 (Put 11/07/22)^(a)		2,000		2,000,000
Illinois Finance Authority RB, 2.25%, 01/01/37 (Put 11/07/22)^(a)		3,100		3,100,000


				10,067,184

Indiana — 3.8%
Indiana Finance Authority RB, 4.50%, 12/15/46 (Put 05/15/23)		12,000		12,043,032
Indianapolis Local Public Improvement Bond Bank RB, Series A, 5.00%, 06/01/23		1,800		1,816,659
Tender Option Bond Trust Receipts/Certificates RB, 2.39%, 04/01/30 (Put 11/07/22)^(a)(c)		6,000		6,000,000


				19,859,691

Iowa — 4.1%
Iowa Finance Authority RB
VRDN, 2.23%, 01/01/47 (Put 11/07/22)^(a)		8,400		8,400,000
VRDN, 2.34%, 12/01/41 (Put 11/07/22)^(a)(c)		3,200		3,200,000
VRDN, 2.28%, 05/01/23 (Put 11/07/22)^(a)		10,000		10,000,000


				21,600,000

Kansas — 1.3%
City of Burlington KS RB
Series A, VRDN, 2.41%, 09/01/35 (Put 11/07/22)^(a)		4,000		4,000,000
Series B, VRDN, 2.41%, 09/01/35 (Put 11/07/22)^(a)		3,000		3,000,000


				7,000,000

Kentucky — 6.9%
County of Meade KY RB
VRDN, 2.33%, 08/01/61 (Put 11/01/22)^(a)		6,600		6,600,000
VRDN, 2.35%, 08/01/61 (Put 11/01/22)^(a)		18,900		18,900,000
Kentucky Public Energy Authority RB
4.00%, 02/01/23		1,000		999,444
4.00%, 12/01/49 (Put 06/01/25)		4,000		3,926,856
Series A, VRDN, 4.00%, 04/01/48 (Put 04/01/24)^(a)		3,930		3,900,301
Kentucky State Property & Building Commission RB,
Series A, 5.00%, 11/01/22		1,000		1,000,000
Tender Option Bond Trust Receipts/Certificates RB, 2.27%, 12/01/41 (Put 11/07/22) (AGM)^(a)(c)		500		500,000


				35,826,601

Louisiana — 5.8%
Lake Charles Harbor & Terminal District RB, 1.00%, 12/01/51 (Put 12/01/24)^(a)		4,325		4,069,535
Louisiana Offshore Terminal Authority RB, 1.65%, 09/01/27 (Put 12/01/23)^(a)		400		390,246


Security	Par (000)		Value

Louisiana (continued)
Louisiana Stadium & Exposition District RB, 4.00%, 07/03/23 (Call 04/01/23)	$	2,325	$	2,330,596
Parish of St James LA RB, Series B1, 2.61%, 11/01/40 (Put 11/07/22)^(a)		23,400		23,400,000


				30,190,377

Massachusetts — 0.9%
Massachusetts Educational Financing Authority RB, 5.00%, 01/01/24		2,500		2,533,332
Massachusetts Housing Finance Agency RB
Series A, 0.30%, 12/01/23 (Call 11/21/22)		1,000		962,812
Series A, 0.40%, 06/01/24 (Call 06/01/23)		1,000		952,749


				4,448,893

Michigan — 2.7%
Michigan Finance Authority RB 0.40%, 10/15/23		665		646,068
5.00%, 11/01/22		240		240,000
5.00%, 12/01/22		1,390		1,391,857
Michigan State Housing Development Authority RB, 2.22%, 04/01/62 (Put 11/07/22)^(a)		12,000		12,000,000


				14,277,925

Minnesota — 3.8%
City of Minneapolis MN RB, 2.24%, 12/01/40 (Put 11/07/22)^(a)		9,450		9,450,000
City of Rochester MN RB, 2.23%, 05/01/61 (Put 11/07/22)^(a)		4,800		4,800,000
Minneapolis-St. Paul Metropolitan Airports Commission RB, 5.00%, 01/01/23		410		410,791
University of Minnesota RB, 2.24%, 12/06/22		5,175		5,175,237


				19,836,028

Mississippi — 2.6%
Mississippi Business Finance Corp. RB
VRDN, 1.66%, 11/01/35 (Put 11/01/22)^(a)		4,970		4,970,000
VRDN, 1.66%, 11/01/35 (Put 11/01/22)^(a)		3,800		3,800,000
Series A, VRDN, 2.20%, 12/01/30 (Put 11/07/22)^(a)		5,000		5,000,000


				13,770,000

Missouri — 0.4%
County of Greene MO COP, Series A, 3.00%, 03/01/23		350		349,864
RBC Municipal Products Inc. Trust RB, 2.29%, 09/01/39 (Put 11/07/22)^(a)(c)		2,000		2,000,000


				2,349,864

Nebraska — 0.6%
Central Plains Energy Project RB, 5.00%, 03/01/50 (Put 01/01/24)^(a)		1,000		1,000,450
County of Douglas NE RB, 2.77%, 07/01/35 (Put 09/01/26)^(a)(b)		1,980		1,936,945


				2,937,395

Nevada — 0.5%
County of Clark Department of Aviation RB, 2.27%, 07/01/40 (Put 11/07/22)^(a)		2,600		2,600,000


New Jersey — 8.0%
Borough of Berlin NJ GO, 4.50%, 09/26/23		2,212		2,223,120
Borough of Park Ridge NJ GO, 4.50%, 04/28/23		1,000		1,003,137
Borough of Wood-Ridge NJ GO, 4.50%, 03/01/23		1,640		1,643,655
New Jersey Economic Development Authority RB 5.25%, 09/01/24 ^(c)		7,600		7,799,743
Series B, 5.00%, 11/01/23 (SAP)		1,450		1,466,062
Series B, 5.00%, 11/01/24		1,010		1,030,670
Series N-1, 5.50%, 09/01/24 (AMBAC)		1,460		1,500,452


Security	Par (000)		Value

New Jersey (continued)
Series NN, 5.00%, 03/01/23	$	1,000	$	1,004,164
Series UU, 5.00%, 06/15/23		1,575		1,586,704
New Jersey Health Care Facilities Financing Authority RB, 5.00%, 10/01/23		1,500		1,515,463
New Jersey Higher Education Student Assistance Authority RB, 5.00%, 12/01/24		500		509,253
New Jersey Housing & Mortgage Finance Agency RB, 4.00%, 04/01/23		1,290		1,289,781
New Jersey Transportation Trust Fund Authority RB
Series A, 5.00%, 06/15/24		1,575		1,606,635
Series A, 5.00%, 12/15/24		1,000		1,021,502
Series A, 5.50%, 12/15/22		1,430		1,432,979
Series A, 5.50%, 12/15/22 (AGM-CR)		1,735		1,739,764
Series A, 5.50%, 12/15/23		155		157,743
Series B, 5.25%, 12/15/22 (AMBAC)		910		911,629
Series D, 5.00%, 12/15/23		470		475,769
Series D, 5.25%, 12/15/23		1,275		1,294,106
State of New Jersey GO, Series A, 4.00%, 06/01/23		1,290		1,294,960
Township of Cranford NJ GO, 4.75%, 07/20/23		1,940		1,949,570
Township of Deptford NJ RB, 4.00%, 07/11/23		1,800		1,797,233
Township of Plainsboro NJ GO, 4.50%, 07/26/23		1,500		1,506,303
Township of Plainsboro NJ RB, 4.00%, 07/26/23		1,340		1,337,816
Township of River Vale NJ RB, 4.00%, 07/14/23		1,258		1,256,707
Township of Voorhees NJ GO, 4.00%, 09/27/23		1,145		1,147,390


				41,502,310

New York — 7.8%
Albany Industrial Development Agency RB, 2.34%, 07/01/32 (Put 11/07/22)^(a)		800		800,000
Amherst Development Corp. RB, 2.31%, 02/01/35 (Put 11/07/22)^(a)		1,720		1,720,000
City of New York GO
VRDN, 1.60%, 09/01/49 (Put 11/01/22)^(a)		4,700		4,700,000
Series F-5, VRDN, 1.60%, 06/01/44 (Put 11/01/22)^(a)		7,300		7,300,000
Genesee County Funding Corp. (The) RB 5.00%, 12/01/22		150		150,140
5.00%, 12/01/23		150		151,679
Metropolitan Transportation Authority, 1.62%, 11/01/32 (Put 11/01/22)^(a)		4,500		4,500,000
Nassau Health Care Corp. RB, Series C, 5.00%, 08/01/23 (GTD)		1,425		1,440,813
New York City Housing Development Corp. RB 0.45%, 11/01/25 (FHA)		1,560		1,398,244
VRDN, 2.20%, 05/01/61 (Put 11/07/22) (FHA 542 (C))^(a)		4,165		4,165,000
New York Transportation Development Corp. RB 5.00%, 12/01/22		495		495,558
Series A, 5.00%, 12/01/23		1,250		1,259,106
Town of Oyster Bay NY GOL, 4.00%, 03/01/23		425		426,193
Triborough Bridge & Tunnel Authority RB, 1.00%, 04/01/26		11,000		10,537,637
Village of Hamburg NY, 3.50%, 07/20/23		1,506		1,498,797


				40,543,167

North Carolina — 0.6%
North Carolina Capital Facilities Finance Agency RB, Series A, 2.75%, 07/01/34 (Put 12/01/22)^(a)		3,000		3,000,000


North Dakota — 1.2%
North Dakota Housing Finance Agency RB, 2.22%, 07/01/36 (Put 11/07/22)^(a)		6,520		6,520,000


Security	Par (000)		Value

Ohio — 0.4%
Akron Bath Copley Joint Township Hospital District RB 5.00%, 11/15/22	$	225	$	225,127
5.00%, 11/15/23		325		329,832
City of Cleveland OH GOL, Series A, 2.00%, 12/01/22		300		299,733
County of Miami OH GOL, 3.25%, 07/27/23		1,050		1,041,185


				1,895,877

Pennsylvania — 9.9%
Allegheny County Hospital Development Authority RB, 2.61%, 11/15/23^(a)(b)		1,500		1,499,070
Butler County Industrial Development Authority/PA RB, 2.31%, 05/01/34 (Put 11/07/22)^(a)		2,100		2,100,000
Ephrata Area School District GO, 3.00%, 03/01/24		1,000		993,284
Pennsylvania Economic Development Financing Authority, 3.25%, 12/01/38 (Put 11/07/22)^(a)		23,000		23,000,000
Pennsylvania Economic Development Financing Authority RB
VRDN, 2.64%, 06/01/41 (Put 06/03/24)^(a)(b)		3,000		2,878,851
VRDN, 3.25%, 12/01/37 (Put 11/07/22)^(a)		9,070		9,070,000
Pennsylvania Housing Finance Agency RB, 5.00%, 10/01/25		500		517,466
Pennsylvania Turnpike Commission RB, 2.84%, 12/01/23 (Call 06/01/23)^(a)(b)		10,000		9,967,080
Tender Option Bond Trust Receipts/Certificates RB, 2.27%, 10/01/41 (Put 11/07/22)^(a)(c)		1,620		1,620,000


				51,645,751

Puerto Rico — 0.6%
Puerto Rico Housing Finance Authority RB, 5.00%, 12/01/22		3,000		3,003,342


South Carolina — 0.4%
South Carolina Public Service Authority RB, 2.26%, 01/01/36 (Put 11/07/22)^(a)		900		900,000
Tender Option Bond Trust Receipts/Certificates RB, 2.36%, 12/01/55 (Put 11/07/22) (BAM-TCRS)^(a)(c)		1,000		1,000,000


				1,900,000

South Dakota — 0.3%
South Dakota Housing Development Authority RB, 2.26%, 11/01/62 (Put 11/07/22)^(a)		1,770		1,770,000


Tennessee — 2.5%
Johnson City Health & Educational Facilities Board RB, 2.28%, 07/01/45 (Put 11/07/22)^(a)		2,030		2,030,000
Metropolitan Government of Nashville & Davidson County Water & Sewer Revenue, 2.27%, 11/08/22		10,000		9,999,413
Tennergy Corp./TN RB
Series A, 4.00%, 03/01/23		375		374,384
Series A, 4.00%, 09/01/23		320		318,482
Tennessee Energy Acquisition Corp. RB, Series A, 5.00%, 11/01/23		250		250,029


				12,972,308

Texas — 11.6%
Bexar County Housing Finance Corp. RB, 2.24%, 12/15/25 (Put 11/07/22)^(a)		2,305		2,305,000
Board of Regents of the University of Texas System RB, 2.10%, 01/05/23		2,000		1,996,028
Harris County Cultural Education Facilities Finance Corp. RB, 1.80%, 11/01/22		15,000		15,000,000
Harris County Health Facilities Development Corp. RB, 1.64%, 12/01/41 (Put 11/01/22)^(a)		2,100		2,100,000
Pasadena Independent School District GO, 2.20%, 02/01/35 (Put 11/07/22)^(a)		2,400		2,400,000


Security	Par/ Shares (000)		Value

Texas (continued)
Port of Arthur Navigation District Industrial Development Corp. RB
VRDN, 2.29%, 12/01/40 (Put 11/07/22)^(a)	$	7,000	$	7,000,000
VRDN, 2.29%, 06/01/41 (Put 11/07/22)^(a)		3,000		3,000,000
Red River Education Finance Corp. RB, 2.25%, 03/01/30 (Put 11/07/22)^(a)		3,300		3,300,000
State of Texas GO
VRDN, 2.30%, 06/01/50 (Put 11/07/22)^(a)		3,560		3,560,000
VRDN, 2.35%, 12/01/43 (Put 11/07/22)^(a)		9,700		9,700,000
Series A, VRDN, 2.35%, 06/01/44 (Put 11/07/22)^(a)		400		400,000
Series A, VRDN, 2.35%, 06/01/45 (Put 11/07/22)^(a)		2,670		2,670,000
State of Texas GOL, 2.26%, 06/01/53 (Put 11/07/22)^(a)		2,500		2,500,000
Tender Option Bond Trust Receipts/Certificates RB, 2.34%, 06/15/27 (Put 11/07/22)^(a)(c)		1,155		1,155,000
Texas Municipal Gas Acquisition & Supply Corp. III RB 5.00%, 12/15/22		2,000		2,001,472
5.00%, 12/15/23		1,150		1,156,685


				60,244,185

Virginia — 0.4%
Fairfax County Industrial Development Authority RB, 5.00%, 05/15/23		300		302,924
Loudoun County Economic Development Authority RB, 2.19%, 02/15/38 (Put 11/07/22)^(a)		2,025		2,025,000


				2,327,924

Washington — 0.2%
Washington Health Care Facilities Authority RB, 5.00%, 08/01/49 (Put 08/01/25)^(a)		800		818,554


Wisconsin — 5.4%
State of Wisconsin GO, 2.66%, 05/01/25 (Call 11/01/24)^(a)(b)		19,990		19,816,987
Wisconsin Health & Educational Facilities Authority RB, 2.42%, 08/15/54 (Put 07/01/26)^(a)(b)		2,000		1,963,166
Wisconsin Housing & Economic Development Authority RB
VRDN, 2.24%, 03/01/41 (Put 11/07/22)^(a)		1,000		1,000,000
VRDN, 2.24%, 04/01/46 (Put 11/07/22)^(a)		765		765,000
Series C, VRDN, 2.20%, 05/01/46 (Put 11/07/22)^(a)		4,355		4,355,000


				27,900,153


Total Municipal Debt Obligations — 104.6% (Cost $548,774,446)				544,966,926


Money Market Funds

BlackRock Liquidity Funds: MuniCash, 1.83%^(d)(e)		29		28,912


Total Money Market Funds — 0.0% (Cost: $28,912)				28,912


Total Investments — 104.6% (Cost: $548,803,358)				544,995,838

Liabilities in Excess of Other Assets — (4.6)%				(24,036,223	)


Net Assets — 100.0%			$	520,959,615

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

^(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.


Security	Par (000)		Value

Asset-Backed Securities
American Express Credit Account Master Trust, 5.18%, 10/15/27	$	14,709	$	14,708,270
BMW Vehicle Owner Trust, 2.52%, 12/26/24 (Call 11/25/23)		13,523		13,353,620
CarMax Auto Owner Trust
2.81%, 05/15/25 (Call 09/15/23)		3,470		3,427,373
5.61%, 12/15/25		12,861		12,859,925
Chase Issuance Trust, 3.97%, 09/15/27		14,100		13,701,346
Ford Credit Auto Lease Trust
0.24%, 04/15/24 (Call 02/15/23)		3,231		3,207,073
2.78%, 10/15/24 (Call 09/15/23)		4,065		4,009,888
Ford Credit Auto Owner Trust
0.73%, 09/15/24 (Call 07/15/23)		6,860		6,769,009
3.44%, 02/15/25 (Call 01/15/24)		9,988		9,889,343
Honda Auto Receivables Owner Trust, 1.44%, 10/15/24 (Call 11/15/23)		13,886		13,654,487
Hyundai Auto Lease Securitization Trust
0.24%, 01/16/24 (Call 04/15/23)^(a)		8,123		8,042,676
0.81%, 04/15/24 (Call 08/15/23)^(a)		7,368		7,224,975
2.75%, 10/15/24 (Call 12/15/23)^(a)		18,449		18,135,688
4.34%, 01/15/25 (Call 04/15/24)^(a)		2,378		2,352,825
Nissan Auto Receivables Owner Trust, 4.50%, 08/15/25 (Call 06/15/24)		9,440		9,353,333
Toyota Auto Receivables Owner Trust, 2.35%, 01/15/25 (Call 09/15/23)		9,153		9,018,834


Total Asset-Backed Securities — 2.1% (Cost: $151,594,938)				149,708,665


Certificates of Deposit

Banco Santander SA, 3.82%, 05/03/23, (SOFR + 0.800%)^(b)		10,000		9,999,809
Banco Santander SA/New York, 3.67%, 01/18/23, (SOFR + 0.620%)^(b)		8,000		8,000,910
Bank of Montreal
0.50%, 11/28/22		7,000		6,982,316
5.40%, 10/13/23		25,000		24,982,160
Bank of Montreal/Chicago IL, 3.75%, 07/13/23, (SOFR + 0.700%)^(b)		7,000		6,997,951
Bank of Nova Scotia (The), 4.05%, 07/14/23		20,000		19,816,692
Barclays Bank PLC/NY 1.65%, 03/03/23		15,000		14,831,890
2.98%, 06/01/23		8,750		8,636,518
3.28%, 02/03/23, (SOFR + 0.300%)^(b)		30,000		29,978,106
3.70%, 06/08/23, (SOFR + 0.650%)^(b)		15,000		14,983,689
4.00%, 07/13/23		15,000		14,871,236
Bayerische Landesbank/New York
0.90%, 06/27/23		15,000		14,584,074
4.52%, 01/27/23, (3 mo. LIBOR US + 0.160%)^(b)		22,500		22,499,796
Canadian Imperial Bank of Commerce 0.35%, 11/02/22		6,000		5,999,069
3.26%, 03/03/23, (SOFR + 0.280%)^(b)		30,000		29,980,341
3.34%, 01/06/23, (SOFR + 0.300%)^(b)		10,000		9,997,930
4.65%, 09/14/23		17,000		16,882,033
CDP Financial Inc., 5.24%, 06/27/23		7,900		7,634,565
Citibank NA 3.61%, 09/21/23^(b)


	Average Annual Total Returns									Cumulative Total Returns

	1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		(0.75	)%		1.28	%		1.20	%		(0.75	)%		6.56	%		11.51	%
Fund Market		(0.77	)		1.27			1.20			(0.77	)		6.49			11.47
Bloomberg Short-Term Government/Corporate Index		(0.11	)		1.23			0.91			(0.11	)		6.29			8.55


Actual					Hypothetical 5% Return
	Beginning Account Value (05/01/22)	Ending Account Value (10/31/22)	Expenses Paid During the Period	^(a)		Beginning Account Value (05/01/22)	Ending Account Value (10/31/22)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$ 1,001.10	$ 1.26			$ 1,000.00	$ 1,023.90	$ 1.28		0.25	%


Moody’s Credit Rating^*	Percent of Total Investments	^(a)
Aaa	17.1	%
Aa	3.6
A	30.5
Baa	34.4
Ba	0.7
P-1	0.2
P-2	1.1
P-3	0.5
Not Rated	11.9


	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		(0.51	)%		0.81	%		0.81	%		(0.51	)%		4.13	%		6.34	%
Fund Market		(0.42	)		0.82			0.82			(0.42	)		4.17			6.42
Bloomberg Municipal Bond: 1 Year (1-2) Index		(2.20	)		0.72			0.73			(2.20	)		3.64			5.72


S&P Credit Rating^*	Percent of Total Investments	^(a)
AAA	2.9	%
AA+	12.5
AA	8.6
AA-	5.3
A+	5.7
A	5.4
A-	13.3
BBB+	5.4
BBB	0.7
Not Rated	40.2


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		34
Statements of Operations		35
Statements of Changes in Net Assets		36
Financial Highlights		38
Notes to Financial Statements		41
Report of Independent Registered Public Accounting Firm		50
Important Tax Information		51
Board Review and Approval of Investment Advisory Contract		52
Supplemental Information		58
Trustee and Officer Information		59
General Information		62
Glossary of Terms Used in this Report		63


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


Fund Summary as of October 31, 2022		BlackRock Short Maturity Bond ETF


Fund Summary as of October 31, 2022 (continued)		BlackRock Short Maturity Bond ETF


Investment Type	Percent of Total Investments	^(a)
Corporate Bonds & Notes	66.8	%
Asset-Backed Securities	21.9
Collaterized Mortgage Obligations	6.8
Repurchase Agreements	2.5
Commercial Paper	2.0


Fund Summary as of October 31, 2022		BlackRock Short Maturity Municipal Bond ETF


State	Percent of Total Investments	^(a)
Texas	11.1	%
Pennsylvania	9.5
New Jersey	7.6
New York	7.4
Kentucky	6.6
Florida	6.2
Louisiana	5.5
Wisconsin	5.1
Georgia	4.9
Iowa	4.0


Fund Summary as of October 31, 2022		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



		2022 Annual Report


Affiliated Issuer		Value at 10/31/21		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 10/31/22	Shares Held at 10/31/22 (000)		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	49,889,059	$	28,059,224	^(a)	$	—		$	(43,078	)	$	(12,430	)	$	77,892,775	77,908	$	157,553	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		208,310,000		—			(18,110,000	)^(a)		—			—			190,200,000	190,200		2,215,596			—

									$	(43,078	)	$	(12,430	)	$	268,092,775		$	2,373,149		$	—


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

USD	56,929,972	EUR	56,714,000	HSBC Bank PLC		12/21/22	$	653,287
USD	49,073,169	GBP	42,688,000	HSBC Bank PLC		12/21/22		34,922


								688,209

USD	8,836,063	EUR	8,994,000	State Street Bank and Trust Co.		12/21/22		(88,586	)
USD	4,998,995	GBP	4,479,000	Deutsche Bank Securities Inc.		12/21/22		(146,299	)
USD	2,416,122	GBP	2,234,000	State Street Bank and Trust Co.		12/21/22		(150,207	)


								(385,092	)


							$	303,117



	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	$	—	$	—	$	—	$	688,209	$	—	$	—	$	688,209

Liabilities — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts	$	—	$	—	$	—	$	385,092	$	—	$	—	$	385,092



Forward foreign currency exchange contracts
Average amounts purchased — in USD	$	760,188
Average amounts sold — in USD	$	117,089,408


	Assets		Liabilities
Derivative Financial Instruments:
Forward foreign currency exchange contracts	$	688,209	$	385,092

Total derivative assets and liabilities in the Statement of Assets and Liabilities		688,209		385,092
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		—

Total derivative assets and liabilities subject to an MNA		688,209		385,092


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)
HSBC Bank PLC	$	688,209	$	—		$	—	$	—	$	688,209



Counterparty		Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset	^(a)		Non-Cash Collateral Pledged		Cash Collateral Pledged		Net Amount of Derivative Liabilities	^(c)(d)

Deutsche Bank Securities Inc	$	146,299	$	—		$	—	$	—	$	146,299
State Street Bank and Trust Co		238,793		—			—		—		238,793

	$	385,092	$	—		$	—	$	—	$	385,092


	Level 1		Level 2			Level 3		Total
Investments
Assets
Asset-Backed Securities	$	—	$	890,030,231		$	—	$	890,030,231
Collaterized Mortgage Obligations		—		274,301,476			1,630,650		275,932,126
Commercial Paper		—		83,018,993			—		83,018,993
Corporate Bonds & Notes		—		2,708,731,695			—		2,708,731,695
Repurchase Agreements		—		100,000,000			—		100,000,000
Money Market Funds		268,092,775		—			—		268,092,775

	$	268,092,775	$	4,056,082,395		$	1,630,650	$	4,325,805,820


Derivative financial instruments^(a)
Assets
Forward Foreign Currency Exchange Contracts	$	—	$	688,209		$	—	$	688,209
Liabilities
Forward Foreign Currency Exchange Contracts		—		(385,092	)		—		(385,092	)

	$	—	$	303,117		$	—	$	303,117