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)		10,000		9,979,607
3.77%, 05/01/23		15,000		14,896,236
3.85%, 07/28/23		10,000		9,888,641


Security	Par (000)		Value

Kookmin Bank/New York
3.28%, 12/02/22, (3 mo. LIBOR US + 0.180%)^(b)	$	10,000	$	9,999,740
3.29%, 01/30/23, (SOFR + 0.300%)^(b)		25,000		24,982,896
3.30%, 02/09/23, (SOFR + 0.320%)^(b)		10,000		9,992,289
3.36%, 02/21/23, (SOFR + 0.320%)^(b)		20,000		19,980,880
Landesbank Baden-Wuerttemberg, 3.53%, 02/03/23, (SOFR + 0.490%)^(b)		17,500		17,496,643
Lloyds Bank Corporate Markets PLC
5.14%, 05/15/23		8,000		7,782,396
5.24%, 10/12/23		15,000		14,975,584
Lloyds Bank Corporate Markets PLC/New York NY
0.40%, 12/01/22		16,000		15,953,127
2.81%, 05/11/23		15,000		14,819,173
3.33%, 02/03/23, (SOFR + 0.280%)^(b)		25,000		24,990,907
Mizuho Bank Ltd.
3.83%, 04/26/23, (SOFR + 0.800%)^(b)		25,000		25,000,091
3.85%, 04/27/23, (SOFR + 0.800%)^(b)		12,500		12,499,618
Mizuho Bank Ltd./New York NY, 3.61%, 02/01/23,
(SOFR + 0.570%)^(b)		30,000		30,003,611
MUFG Bank Ltd./New York NY
3.27%, 01/27/23, (SOFR + 0.280%)^(b)		25,000		24,984,835
3.32%, 01/24/23, (SOFR + 0.280%)^(b)		15,000		14,991,209
Natixis SA/New York NY
2.13%, 11/18/22		10,600		10,592,249
3.26%, 02/07/23, (SOFR + 0.280%)^(b)		10,000		9,995,503
Nordea Bank Abp, 2.21%, 12/05/22		40,000		39,940,222
Royal Bank of Canada
0.37%, 11/10/22		10,000		9,991,282
0.40%, 11/15/22		15,000		14,980,274
3.29%, 01/11/23, (SOFR + 0.250%)^(b)		18,000		17,992,083
4.05%, 08/22/23		25,000		24,726,662
Standard Chartered Bank PLC, 2.15%, 11/22/22		25,000		24,976,722
Standard Chartered Bank/New York
3.34%, 05/01/23, (SOFR + 0.350%)^(b)		25,000		24,959,703
3.35%, 03/13/23, (SOFR + 0.300%)^(b)		30,000		29,973,116
3.41%, 07/28/23, (SOFR + 0.420%)^(b)		15,000		14,967,428
Sumitomo Mitsui Banking Corp.
2.70%, 04/25/23		50,000		49,412,276
3.05%, 11/25/22		14,500		14,493,662
3.74%, 09/28/23^(b)		15,000		14,970,016
Sumitomo Mitsui Banking Corp./New York
3.32%, 01/23/23, (SOFR + 0.280%)^(b)		20,000		19,989,681
3.49%, 01/25/23, (SOFR + 0.450%)^(b)		20,000		19,997,216
Sumitomo Mitsui Trust Bank Ltd./New York, 3.59%, 01/06/23, (SOFR + 0.550%)^(b)		35,000		35,009,092
Swedbank AB, 3.68%, 04/25/23, (SOFR + 0.650%)^(b)		35,000		34,995,035
Toronto-Dominion Bank
0.73%, 12/30/22		8,000		7,957,699
2.69%, 04/28/23		10,000		9,875,131
3.70%, 05/01/23		10,000		9,923,467
4.35%, 09/13/23		17,000		16,835,421
4.99%, 05/01/23		15,000		15,000,000
5.20%, 10/11/23		25,000		24,926,970
Westpac Banking Corp. 2.25%, 01/23/23		30,000		29,866,832
4.22%, 09/06/23		17,000		16,831,270


Total Certificates of Deposit — 15.8% (Cost: $1,117,883,336)				1,114,055,580


Security	Par (000)		Value

Commercial Paper
Alinghi Funding Co. LLC
4.36%, 01/12/23^(a)	$	6,500	$	6,443,060
5.18%, 04/18/23^(a)		33,500		32,705,031
Amcor Finance USA Inc., 3.87%, 11/16/22		13,500		13,476,792
Amcor Flexibles North America Inc.
3.62%, 11/04/22		10,000		9,995,979
3.62%, 12/01/22		35,000		34,878,691
3.91%, 11/18/22		22,000		21,957,100
3.95%, 11/22/22		12,865		12,834,024
4.05%, 12/02/22		15,000		14,946,253
Ameren Corp., 3.77%, 11/07/22		9,939		9,931,714
Ameren Illinois Co., 3.94%, 11/22/22		23,000		22,944,719
American Electric Power Co. Inc.
3.50%, 11/03/22		22,840		22,833,336
3.57%, 11/04/22		13,539		13,533,631
3.86%, 11/15/22		25,000		24,959,823
3.94%, 11/22/22		35,000		34,915,877
Amphenol Corp., 3.79%, 11/14/22		40,000		39,941,107
ASB Bank Ltd.
5.35%, 08/11/23		20,000		19,189,969
5.39%, 09/12/23		15,000		14,322,707
AT&T Inc.
3.94%, 11/23/22		40,500		40,398,311
4.12%, 12/16/22		25,000		24,869,155
Avery Dennison Corp., 3.85%, 11/22/22		9,470		9,447,760
Banco Santander SA, 3.81%, 12/06/22		25,000		24,905,000
Bank of Montreal, 2.80%, 05/12/23		12,000		11,859,649
Bell Canada, 3.65%, 11/14/22		25,000		24,964,553
Bell Telephone Co. of Canada or Bell Canada, 3.70%, 11/18/22		20,000		19,963,100
BPCE SA
3.12%, 11/01/22		30,000		29,997,397
4.76%, 02/22/23		10,000		9,851,610
4.80%, 03/01/23		13,500		13,285,558
Brookfield BRP Holdings Canada Inc.
3.50%, 11/03/22		50,000		49,985,412
3.81%, 11/10/22		23,841		23,815,815
Brookfield Infrastructure Holdings Canada Inc., 3.79%, 11/08/22		25,000		24,978,967
CDP Financial Inc.
3.77%, 08/10/23		25,000		23,978,055
5.49%, 09/07/23		10,000		9,547,063
Ciesco LLC, 3.96%, 12/20/22		23,500		23,371,305
Citigroup Global Markets Inc.
4.14%, 01/03/23		20,000		19,853,760
4.20%, 01/09/23		20,000		19,838,106
5.13%, 04/11/23		30,000		29,323,650
Collateralized Commercial Paper V Co. LLC
3.59%, 02/21/23, (SOFR + 0.540%)^(b)		28,200		28,195,544
4.40%, 01/13/23		20,000		19,820,632
Commonwealth Bank of Australia, 3.65%, 07/13/23, (SOFR + 0.600%)^(a)(b)		35,000		34,975,597
Credit Industriel et Commercial/New York
4.60%, 03/08/23		25,000		24,597,867
5.07%, 05/04/23		15,500		15,106,436
Crown Point Capital Co. LLC, 3.73%, 11/21/22		10,000		9,978,277
DBS Bank Ltd., 3.09%, 11/01/22		25,000		24,997,851
DNB Bank ASA
3.36%, 11/07/22		5,000		4,996,735
4.60%, 03/02/23		10,000		9,846,517


Security	Par (000)		Value

4.94%, 04/28/23	$	10,000	$	9,760,140
Duke Energy Corp.
3.35%, 11/01/22		55,000		54,994,887
3.85%, 11/14/22		25,000		24,962,628
E.ON SE, 4.01%, 11/28/22		30,000		29,906,713
Enbridge U.S. Inc., 4.29%, 12/16/22		35,000		34,809,125
Enel Finance America LLC
3.80%, 11/03/22		15,000		14,995,574
4.06%, 11/17/22		35,000		34,933,013
4.17%, 11/21/22		20,000		19,951,467
4.27%, 12/05/22		10,000		9,958,651
5.12%, 01/19/23		20,000		19,774,978
Evergy Kansas Central Inc., 3.77%, 11/07/22		10,636		10,628,203
Evergy Missouri West Inc., 3.77%, 11/07/22		32,264		32,240,349
Fidelity National Information Services Inc., 3.89%, 11/18/22		4,000		3,992,240
Fiserv Inc., 3.87%, 11/14/22		48,840		48,766,686
Goldman Sachs International, 3.51%, 11/10/22		10,000		9,990,269
GTA Funding LLC, 4.44%, 01/17/23		20,000		19,809,247
HSBC USA Inc.
5.55%, 08/14/23		15,000		14,364,295
5.59%, 09/07/23		20,000		19,078,576
Kookmin Bank, 5.08%, 04/25/23		25,000		24,393,900
Korea Development Bank (The), 5.15%, 05/26/23		12,500		12,140,625
Korea Development Bank/New York NY, 4.36%, 02/06/23		7,500		7,411,984
La Fayette Asset Securitization LLC
4.71%, 02/01/23		13,666		13,501,661
4.72%, 02/03/23		16,304		16,103,291
Legacy Capital Co. LLC, 3.75%, 11/23/22		16,700		16,660,118
Liberty Street Funding LLC
3.50%, 11/07/22		25,000		24,982,986
4.58%, 01/19/23		35,000		34,647,433
4.60%, 01/20/23		20,000		19,794,980
4.99%, 02/28/23		10,000		9,836,333
Lloyds Bank PLC, 4.68%, 02/07/23		21,250		20,979,727
LMA-Americas LLC
3.55%, 11/08/22		28,287		28,264,716
4.46%, 01/13/23		20,000		19,818,494
5.23%, 05/02/23		18,700		18,215,868
Macquarie Bank Ltd.
3.13%, 11/01/22, (SOFR + 0.350%)		10,000		9,999,129
3.36%, 02/28/23, (SOFR + 0.300%)^(a)(b)		25,000		24,977,041
3.39%, 01/10/23, (SOFR + 0.350%)^(a)(b)		15,000		14,999,141
3.78%, 04/25/23, (SOFR + 0.750%)^(a)(b)		25,000		25,000,018
5.50%, 08/17/23		10,000		9,575,553
Matchpoint Finance PLC, 3.85%, 12/08/22		25,000		24,898,693
Mitsubishi HC Capital America Inc.
3.54%, 11/03/22		23,042		23,035,201
4.38%, 01/03/23		25,000		24,806,800
National Australia Bank Ltd.
3.45%, 04/05/23, (SOFR + 0.400%)^(a)(b)		25,000		24,975,700
3.55%, 03/14/23, (SOFR + 0.500%)^(a)(b)		10,000		9,998,888
4.45%, 02/01/23		15,000		14,829,655
4.66%, 02/24/23		17,000		16,748,296
Natixis SA/New York NY
3.07%, 11/01/22		37,500		37,496,802
3.46%, 11/10/22		10,000		9,990,389
Nutrien Ltd. 3.58%, 11/03/22		23,364		23,357,028
3.89%, 11/14/22		5,783		5,774,274
3.90%, 11/15/22		25,000		24,959,479
3.91%, 11/16/22		16,844		16,814,804


Security	Par (000)		Value

3.96%, 11/21/22	$	23,320	$	23,266,267
Pricoa Short Term Funding LLC, 5.46%, 09/13/23		15,000		14,311,846
Raytheon Technologies Corp.
3.78%, 11/08/22		20,000		19,983,196
4.83%, 02/06/23		34,500		34,052,111
Regatta Funding Co. LLC, 4.52%, 01/18/23		10,000		9,901,864
Ridgefield Funding Co. LLC, 4.35%, 01/12/23		35,000		34,693,968
Salisbury Receivables Co. LLC, 4.33%, 02/02/23		30,000		29,664,655
Skandinaviska Enskilda Banken AB
0.16%, 06/01/23		35,000		35,000,000
3.42%, 04/05/23, (SOFR + 0.380%)^(a)(b)		25,000		24,975,300
3.46%, 11/10/22		25,000		24,975,972
Skandinaviska Enskilda Banken AB/New York NY, 3.55%, 04/12/23, (SOFR + 0.510%)^(b)		20,000		19,986,944
Sony Capital Corp.
3.47%, 11/01/22		40,000		39,996,149
3.54%, 11/02/22		20,000		19,996,066
Spire Inc.
3.89%, 11/17/22		19,875		19,838,594
3.90%, 11/18/22		5,000		4,990,275
3.93%, 11/21/22		21,150		21,101,612
Stanley Black & Decker Inc.
3.72%, 11/21/22		30,000		29,935,075
3.73%, 11/22/22		11,000		10,974,993
Sumitomo Mitsui Trust Bank Ltd., 3.50%, 11/14/22		16,700		16,677,282
Suncorp-Metway Ltd., 3.77%, 11/07/22		10,500		10,492,303
Svenska Handelsbanken AB
3.80%, 07/28/23, (SOFR + 0.750%)^(a)(b)		25,000		24,996,279
4.37%, 02/27/23		30,000		29,572,988
4.48%, 03/06/23		25,000		24,613,950
TELUS Corp.
4.41%, 01/10/23		4,365		4,327,354
4.49%, 01/18/23		42,700		42,283,304
4.64%, 02/02/23		23,850		23,564,594
Toronto-Dominion Bank
3.79%, 12/09/22		15,000		14,938,640
4.47%, 02/17/23		20,000		19,732,647
TransCanada PipeLines Ltd.
3.37%, 11/01/22		9,091		9,090,150
3.77%, 11/07/22		25,000		24,981,673
4.14%, 12/12/22		27,500		27,367,817
UBS AG/London, 3.64%, 09/26/23^(a)(b)		10,000		9,984,864
Versailles Commercial Paper LLC, 4.41%, 01/11/23		15,000		14,868,840
Victory Receivables Corp.
4.37%, 01/09/23		20,000		19,831,339
4.80%, 02/01/23		15,000		14,816,325
4.83%, 02/08/23		15,000		14,801,542
Virginia Electric & Power Co., 3.58%, 11/08/22		18,232		18,217,491
Volvo Treasury North America LP, 3.89%, 11/17/22		33,655		33,593,352
Vulcan Materials Co., 3.93%, 11/08/22		7,876		7,869,120
Westpac Banking Corp., 4.53%, 03/03/23		5,000		4,923,860


Total Commercial Paper — 39.8% (Cost: $2,812,073,261)				2,807,656,144


Corporate Bonds & Notes

Aerospace & Defense — 0.2%
Lockheed Martin Corp., 4.95%, 10/15/25^(c)		6,195		6,200,162


Security	Par (000)		Value

Aerospace & Defense (continued)
Raytheon Technologies Corp., 3.65%, 08/16/23 (Call 07/16/23)^(c)	$	4,000	$	3,958,041

				10,158,203

Agriculture — 0.4%
Cargill Inc.
0.40%, 02/02/24 (Call 01/02/24)^(a)		10,165		9,589,634
3.50%, 04/22/25 (Call 04/22/23)^(a)(c)		6,825		6,579,149
4.88%, 10/10/25		14,235		14,114,856

				30,283,639

Auto Manufacturers — 4.6%
American Honda Finance Corp.
0.65%, 09/08/23^(c)		20,000		19,249,296
0.75%, 08/09/24^(c)		3,235		3,000,506
0.88%, 07/07/23^(c)		7,025		6,825,560
3.13%, 02/22/23, (3 mo. LIBOR US + 0.150%)^(b)(c)		8,820		8,805,317
3.59%, 09/08/23, (3 mo. LIBOR US + 0.420%)^(b)		5,790		5,778,112
BMW U.S. Capital LLC
0.75%, 08/12/24^(a)		2,925		2,701,275
0.80%, 04/01/24^(a)		3,350		3,151,826
3.00%, 08/12/24, (SOFR + 0.380%)^(a)(b)		19,960		19,745,009
3.56%, 04/01/24, (SOFR + 0.530%)^(a)(b)		15,615		15,545,505
Daimler Finance North America LLC
0.75%, 03/01/24^(a)		26,690		25,137,710
1.75%, 03/10/23^(a)		13,184		13,045,844
Daimler Trucks Finance North America LLC, 1.13%, 12/14/23^(a)		4,000		3,811,723
Hyundai Capital America
0.80%, 04/03/23^(a)		21,620		21,186,729
0.80%, 01/08/24^(a)		3,000		2,831,482
2.38%, 02/10/23^(a)		7,560		7,498,555
2.85%, 11/01/22^(a)(c)		8,440		8,440,000
Hyundai Capital Services Inc., 0.75%, 09/15/23^(a)		20,000		19,151,164
PACCAR Financial Corp.
0.80%, 06/08/23^(c)		2,760		2,696,214
3.15%, 06/13/24		8,865		8,604,552
Toyota Motor Credit Corp.
0.50%, 06/18/24		4,000		3,720,730
2.50%, 03/22/24		15,000		14,494,946
2.90%, 03/30/23^(c)		10,000		9,924,873
3.12%, 09/13/24, (SOFR + 0.290%)^(b)		12,000		11,855,570
3.24%, 02/13/23, (SOFR + 0.200%)^(b)(c)		22,277		22,257,853
3.60%, 03/22/24, (SOFR + 0.320%)^(b)		10,000		9,968,849
3.65%, 08/18/25		13,145		12,653,065
4.40%, 09/20/24		15,000		14,863,577
Volkswagen Group of America Finance LLC
0.75%, 11/23/22^(a)		15,025		14,982,631
3.72%, 06/07/24^(a)(b)		12,380		12,339,901

				324,268,374

Auto Parts & Equipment — 0.0%
Aptiv PLC/Aptiv Corp., 2.40%, 02/18/25 (Call 02/18/23)^(c)		3,275		3,051,425


Banks — 12.4%
Banco Santander SA
0.70%, 06/30/24 (Call 06/30/23)^(b)		8,200		7,873,605
3.89%, 05/24/24		15,800		15,319,073
Bank of America Corp.
0.52%, 06/14/24 (Call 06/14/23), (SOFR + 0.410%)^(b)		18,580		17,935,784
3.00%, 12/20/23 (Call 12/20/22), (3 mo. LIBOR US + 0.790%)^(b)		10,000		9,963,992


Security	Par (000)		Value

Banks (continued)
3.30%, 01/11/23	$	10,000	$	9,979,615
Series 2025, 3.28%, 02/04/25 (Call 02/04/24), (SOFR + 0.660%)^(b)		15,000		14,749,238
Bank of New York Mellon Corp. (The), 3.43%, 06/13/25 (Call 06/13/24)^(b)(c)		16,100		15,617,834
BPCE SA, 2.75%, 01/11/23^(a)(c)		4,000		3,976,994
Canadian Imperial Bank of Commerce, 3.50%, 09/13/23^(c)		4,500		4,439,534
Citigroup Inc., 4.14%, 05/24/25 (Call 05/24/24), (SOFR + 1.372%)^(b)(c)		4,770		4,637,267
Cooperatieve Rabobank UA/NY, 3.88%, 08/22/24		16,800		16,421,428
Credit Agricole Corporate & Investment Bank SA, 0.40%, 01/15/23		12,000		11,911,918
Credit Suisse AG/New York NY
0.50%, 02/02/24		5,335		4,880,701
1.00%, 05/05/23		5,000		4,848,232
2.97%, 02/02/24, (SOFR + 0.390%)^(b)		15,000		14,400,000
3.47%, 07/10/23, (SOFR + 0.420%)^(b)		14,000		13,962,865
3.59%, 01/19/24, (SOFR + 0.540%)^(b)		10,000		9,955,035
Deutsche Bank AG/New York NY
4.16%, 05/13/25^(c)		6,905		6,569,431
Series E, 0.96%, 11/08/23		20,815		19,796,672
Series E, 3.10%, 11/08/23, (SOFR + 0.500%)^(b)		16,220		16,016,763
DNB Bank ASA
2.15%, 12/02/22^(a)		14,382		14,355,685
3.72%, 12/02/22, (3 mo. LIBOR US + 0.620%)^(a)(b)		5,000		4,998,536
Fifth Third Bank NA, 1.80%, 01/30/23 (Call 12/30/22)		4,560		4,527,936
Goldman Sachs Group Inc. (The)
0.52%, 03/08/23^(c)		20,000		19,684,102
1.22%, 12/06/23 (Call 12/06/22)		12,000		11,481,192
0.63%, 11/17/23 (Call 11/17/22), (SOFR + 0.538%)^(b)		10,000		9,974,320
3.19%, 11/17/23 (Call 11/17/22), (SOFR + 0.540%)^(b)		7,000		6,965,840
HSBC Holdings PLC, 1.16%, 11/22/24 (Call 11/22/23), (SOFR + 0.580%)^(b)		6,995		6,564,506
JPMorgan Chase & Co.
0.70%, 03/16/24 (Call 03/16/23), (SOFR + 0.580%)^(b)		4,000		3,922,436
3.47%, 03/16/24 (Call 03/16/23), (SOFR + 0.580%)^(b)		20,000		19,838,485
3.85%, 06/14/25 (Call 06/14/24)^(b)		16,100		15,599,993
KeyBank NA/Cleveland OH
0.43%, 06/14/24 (Call 06/14/23), (SOFR + 0.320%)^(b)		10,000		9,683,034
3.18%, 06/14/24 (Call 06/14/23), (SOFR + 0.320%)^(b)		15,565		15,386,021
4.15%, 08/08/25^(c)		5,370		5,185,808
Kookmin Bank, 2.60%, 11/03/22, (SOFR + 0.320%)^(a)(b)		11,000		10,999,992
Korea Development Bank (The), 3.31%, 02/18/23, (3 mo. LIBOR US + 0.350%)^(b)		16,455		16,432,374
Macquarie Bank Ltd., 3.34%, 04/06/23, (SOFR + 0.300%)^(a)(b)		15,000		14,966,933
Mitsubishi UFJ Financial Group Inc.
4.79%, 07/18/25 (Call 07/18/24)^(b)		9,010		8,838,122
5.06%, 09/12/25 (Call 09/12/24)^(b)		15,675		15,447,220
Morgan Stanley
0.53%, 01/25/24 (Call 01/25/23), (SOFR + 0.455%)^(b)		10,000		9,850,269
0.56%, 11/10/23 (Call 11/10/22), (SOFR + 0.466%)^(b)		15,000		14,980,640
0.73%, 04/05/24 (Call 04/05/23), (SOFR + 0.616%)^(b)		30,000		29,268,014
3.62%, 04/17/25 (Call 04/17/24), (SOFR + 1.160%)^(b)(c)		6,865		6,631,523
3.66%, 01/24/25 (Call 01/24/24), (3 mo. LIBOR US + 0.140%)^(b)		15,000		14,722,634
3.75%, 02/25/23^(c)		15,384		15,323,958
4.20%, 04/17/25 (Call 04/17/24), (SOFR + 0.950%)^(b)		10,000		9,934,000
MUFG Bank Ltd., 3.59%, 05/31/23^(b)		25,000		24,957,251


Security	Par (000)		Value

Banks (continued)
National Australia Bank Ltd., 3.66%, 12/13/22, (3 mo. LIBOR US + 0.410%)^(a)(b)	$	3,500	$	3,496,448
National Australia Bank Ltd./New York, 1.88%, 12/13/22^(c)		4,460		4,448,166
Nordea Bank Abp
1.00%, 06/09/23^(a)		3,135		3,052,916
3.60%, 06/06/25^(a)		10,665		10,182,514
4.75%, 09/22/25^(a)(c)		16,900		16,554,980
Nordea Bank Abp/New York NY, 0.30%, 01/27/23		8,000		7,922,257
PNC Financial Services Group Inc., 5.67%, 10/28/25^(c)		15,526		15,541,719
Santander UK PLC, 2.10%, 01/13/23		2,105		2,090,829
Skandinaviska Enskilda Banken AB
2.20%, 12/12/22^(a)		2,845		2,837,405
3.88%, 12/12/22, (3 mo. LIBOR US + 0.645%)^(a)(b)		3,000		2,998,009
Societe Generale SA, 4.35%, 06/13/25^(a)(c)		15,000		14,472,284
Sumitomo Mitsui Financial Group Inc.
0.51%, 01/12/24		3,580		3,373,308
3.10%, 01/17/23^(c)		2,659		2,650,094
Sumitomo Mitsui Trust Bank Ltd.
0.80%, 09/12/23, (SOFR + 0.44%)^(a)		12,744		12,246,453
0.80%, 09/16/24^(a)(c)		12,000		10,990,685
2.55%, 03/10/25^(a)(c)		10,000		9,318,188
3.29%, 09/16/24, (SOFR + 0.440%)^(a)(b)		15,000		14,868,115
Svenska Handelsbanken AB
0.63%, 06/30/23^(a)		6,310		6,117,645
3.65%, 06/10/25^(a)		15,900		15,167,620
Swedbank AB
0.60%, 09/25/23^(a)(c)		14,500		13,874,180
1.30%, 06/02/23^(a)		6,680		6,519,279
Truist Bank
1.25%, 03/09/23 (Call 02/06/23)		15,000		14,809,660
3.24%, 01/17/24 (Call 01/17/23), (SOFR + 0.200%)^(b)		45,000		44,518,270
UBS AG/London
0.38%, 06/01/23^(a)		4,440		4,315,460
0.45%, 02/09/24^(a)		7,000		6,573,252
0.70%, 08/09/24^(a)		4,330		3,978,120
1.38%, 01/13/25 (Call 12/13/24), (SOFR + 0.300%)^(a)		6,970		6,377,011
2.96%, 02/09/24, (SOFR + 0.360%)^(a)(b)		5,000		4,961,940
3.05%, 08/09/24, (SOFR + 0.450%)^(a)(b)		8,470		8,398,504
3.06%, 06/01/23, (SOFR + 0.320%)^(a)(b)		8,470		8,451,281
UBS Group AG, 4.49%, 08/05/25 (Call 08/05/24)^(a)(b)		8,810		8,510,680
Westpac Banking Corp.
1.02%, 11/18/24		3,550		3,272,471
2.00%, 01/13/23^(c)		2,375		2,363,746
2.95%, 11/18/24, (SOFR + 0.300%)^(b)		12,445		12,253,266

				871,283,560

Beverages — 0.8%
Coca-Cola Europacific Partners PLC, 0.50%, 05/05/23^(a)		52,207		50,933,348
PepsiCo Inc., 0.75%, 05/01/23		1,615		1,584,085

				52,517,433

Biotechnology — 0.2%
Gilead Sciences Inc., 0.75%, 09/29/23 (Call 11/14/22)		15,971		15,371,310


Chemicals — 0.2%
Ecolab Inc., 0.90%, 12/15/23 (Call 12/15/22)^(c)		8,800		8,413,574
Sherwin-Williams Co. (The), 4.05%, 08/08/24		7,310		7,171,795

				15,585,369

Cosmetics & Personal Care — 0.2%
GSK Consumer Healthcare Capital U.S. LLC, 3.02%, 03/24/24		9,235		8,909,979


Security	Par (000)		Value

Cosmetics & Personal Care (continued)
Unilever Capital Corp., 0.63%, 08/12/24 (Call 12/01/22)^(c)	$	5,975	$	5,558,414

				14,468,393

Diversified Financial Services — 0.8%
American Express Co. 0.75%, 11/03/23		10,000		9,581,158
2.51%, 11/03/23, (SOFR + 0.230%)^(b)		10,000		9,928,175
3.38%, 05/03/24		7,600		7,371,249
3.68%, 03/04/25 (Call 02/01/25), (SOFR + 0.930%)^(b)		8,235		8,210,589
Capital One Financial Corp., 4.17%, 05/09/25 (Call 05/09/24)^(b)		15,800		15,184,039
LSEGA Financing PLC, 0.65%, 04/06/24 (Call 03/06/24)^(a)		3,895		3,636,066

				53,911,276

Electric — 3.9%
Dominion Energy Inc., Series D, 3.82%, 09/15/23 (Call 11/21/22), (3 mo. LIBOR US + 0.530%)^(b)		30,560		30,464,644
Duke Energy Corp., 3.07%, 06/10/23, (SOFR + 0.250%)^(b)		14,765		14,670,554
Eversource Energy, 2.88%, 08/15/23, (SOFR + 0.250%)^(b)		23,850		23,719,643
Florida Power & Light Co.
2.87%, 05/10/23 (Call 11/14/22), (SOFR + 0.250%)^(b)		11,020		10,982,171
3.42%, 01/12/24 (Call 11/14/22), (SOFR + 0.250%)^(b)		8,240		8,152,007
National Rural Utilities Cooperative Finance Corp. 3.00%, 08/07/23, (SOFR + 0.330%)^(b)		16,150		16,106,129
Series D, 3.36%, 10/18/24, (SOFR + 0.330%)^(b)		5,000		4,931,771
NextEra Energy Capital Holdings Inc. 0.65%, 03/01/23		6,888		6,791,814
2.69%, 11/03/23 (Call 12/01/22), (SOFR + 0.400%)^(b)		30,000		29,642,925
2.94%, 03/21/24 (Call 12/01/22)^(c)		15,000		14,522,552
3.25%, 02/22/23 (Call 12/01/22), (3 mo. LIBOR US + 0.270%)^(b)		45,000		44,919,283
3.28%, 03/01/23, (SOFR + 0.540%)^(b)		9,305		9,292,602
4.26%, 09/01/24		10,000		9,805,314
PPL Electric Utilities Corp. 3.35%, 06/24/24 (Call 11/14/22), (SOFR + 0.330%)^(b)		8,065		7,953,685
3.89%, 09/28/23 (Call 11/14/22), (3 mo. LIBOR US + 0.250%)^(b)		8,710		8,683,081
WEC Energy Group Inc. 0.55%, 09/15/23^(c)		21,955		21,064,829
5.00%, 09/27/25 (Call 08/27/25)		7,465		7,435,667
Xcel Energy Inc., 0.50%, 10/15/23 (Call 09/15/23)		7,560		7,214,975

				276,353,646

Food — 1.1%
Hormel Foods Corp., 0.65%, 06/03/24 (Call 12/01/22)^(c)		12,125		11,324,746
Nestle Holdings Inc. 0.61%, 09/14/24 (Call 09/14/23)^(a)		35,000		32,360,182
4.00%, 09/12/25^(a)(c)		17,000		16,674,970
Walmart Inc., 3.90%, 09/09/25^(c)		20,000		19,581,146

				79,941,044

Gas — 0.7%
Atmos Energy Corp. 0.63%, 03/09/23 (Call 11/16/22)		8,175		8,056,999
3.57%, 03/09/23 (Call 12/01/22), (3 mo. LIBOR US + 0.380%)^(b)		23,770		23,713,826
CenterPoint Energy Resources Corp., 0.70%, 03/02/23 (Call 12/01/22)^(c)		15,935		15,713,844

				47,484,669

Health Care - Products — 0.8%
Thermo Fisher Scientific Inc. 0.80%, 10/18/23 (Call 12/01/22)		30,000		28,787,479
3.38%, 04/18/23 (Call 12/01/22), (SOFR + 0.350%)^(b)		20,000		19,968,418


Security	Par (000)		Value

Health Care - Products (continued)
3.56%, 10/18/24 (Call 12/01/22), (SOFR + 0.530%)^(b)	$	9,215	$	9,115,293

				57,871,190

Health Care - Services — 0.9%
Roche Holdings Inc. 1.88%, 03/08/24^(a)		15,000		14,416,650
2.99%, 03/05/24, (SOFR + 0.240%)^(a)(b)		5,370		5,333,207
3.15%, 09/11/23, (SOFR + 0.240%)^(a)(b)		15,000		14,971,677
UnitedHealth Group Inc. 0.55%, 05/15/24 (Call 11/14/22)^(c)		15,135		14,161,540
5.00%, 10/15/24		17,600		17,607,744

				66,490,818

Insurance — 3.4%
Athene Global Funding, 2.51%, 03/08/24^(a)		10,000		9,529,939
Brighthouse Financial Global Funding 1.20%, 12/15/23^(a)(c)		17,000		16,185,475
2.99%, 02/24/23, (SOFR + 0.310%)^(a)(b)		23,890		23,858,057
Jackson National Life Global Funding, 3.64%, 01/06/23, (SOFR + 0.600%)^(a)(b)		26,000		25,987,069
MassMutual Global Funding II 0.85%, 06/09/23, (SOFR + 0.55%)^(a)		8,328		8,124,702
4.15%, 08/26/25^(a)		7,302		7,079,857
MET Tower Global Funding, 3.58%, 01/17/23, (SOFR + 0.550%)^(a)(b)		22,000		21,994,391
Metropolitan Life Global Funding I 0.55%, 06/07/24^(a)(c)		3,590		3,321,573
3.36%, 01/07/24, (SOFR + 0.320%)^(a)(b)		27,000		26,770,999
3.61%, 01/13/23, (SOFR + 0.570%)^(a)(b)		16,460		16,464,214
New York Life Global Funding 3.15%, 06/06/24^(a)		8,400		8,148,840
3.18%, 06/06/24^(a)(b)		9,130		9,065,698
3.60%, 08/05/25^(a)(c)		16,500		15,786,208
Northwestern Mutual Global Funding, 4.00%, 07/01/25^(a)(c).		16,300		15,773,938
Principal Life Global Funding II 0.75%, 08/23/24^(a)		660		606,590
3.07%, 08/23/24, (SOFR + 0.380%)^(a)(b)		635		626,312
Protective Life Global Funding 0.33%, 12/09/22^(a)		15,000		14,941,066
0.63%, 10/13/23^(a)(c)		4,820		4,619,099
3.58%, 03/31/23^(a)(b)		9,525		9,517,465

				238,401,492

Internet — 0.5%
Amazon.com Inc. 0.25%, 05/12/23^(c)		9,205		8,991,084
2.73%, 04/13/24^(c)		20,000		19,473,228
3.00%, 04/13/25^(c)		10,000		9,622,976

				38,087,288

Machinery — 1.3%
Caterpillar Financial Services Corp. 0.95%, 01/10/24^(c)		20,000		19,093,498
2.89%, 05/17/24, (SOFR + 0.245%)^(b)		10,000		9,932,710
3.10%, 09/13/24, (SOFR + 0.270%)^(b)		15,620		15,443,214
John Deere Capital Corp. 0.90%, 01/10/24		3,605		3,441,344
3.16%, 07/10/23, (SOFR + 0.120%)^(b)		7,330		7,296,404
3.24%, 10/11/24, (SOFR + 0.200%)^(b)		14,290		14,106,802
3.40%, 06/06/25^(c)		10,390		10,021,311
Rockwell Automation Inc., 0.35%, 08/15/23 (Call 11/14/22)		9,050		8,724,455

				88,059,738


Security	Par (000)		Value

Manufacturing — 0.3%
Siemens Financieringsmaatschappij NV, 3.25%, 03/11/24, (SOFR + 0.430%)^(a)(b)(c)	$	18,980	$	18,921,490


Media — 0.0%
Comcast Corp., 5.25%, 11/07/25		2,950		2,949,203


Oil & Gas — 0.8%
Chevron Corp., 1.14%, 05/11/23^(c)		4,510		4,425,890
Chevron USA Inc., 3.12%, 08/11/23, (3 mo. LIBOR US + 0.200%)^(b)		37,065		36,973,779
ConocoPhillips Co., 2.13%, 03/08/24 (Call 12/01/22)		16,000		15,406,091

				56,805,760

Pharmaceuticals — 0.4%
AstraZeneca PLC, 0.30%, 05/26/23		24,000		23,393,932
GSK Consumer Healthcare Capital U.S. LLC, 3.93%, 03/24/24^(a)		2,150		2,143,209

				25,537,141

Pipelines — 0.8%
Enbridge Inc. 0.55%, 10/04/23		5,380		5,142,715
2.15%, 02/16/24		5,530		5,317,206
3.05%, 02/17/23, (SOFR + 0.400%)^(b)		11,350		11,329,076
3.26%, 02/16/24, (SOFR + 0.630%)^(b)		10,125		10,013,060
TransCanada PipeLines Ltd., 1.00%, 10/12/24 (Call 09/12/24)		27,205		24,974,741

				56,776,798

Retail — 0.4%
Home Depot Inc. (The), 4.00%, 09/15/25 (Call 08/15/25)		5,170		5,061,018
Lowe’s Companies Inc., 4.40%, 09/08/25		11,510		11,282,509
McDonald’s Corp., 3.35%, 04/01/23 (Call 03/01/23)^(c)		1,263		1,256,104
Starbucks Corp., 3.05%, 02/14/24 (Call 02/14/23), (SOFR + 0.420%)^(b)		11,515		11,466,983

				29,066,614

Savings & Loans — 0.4%
Nationwide Building Society 0.55%, 01/22/24^(a)		16,520		15,497,785
2.00%, 01/27/23^(a)		15,890		15,766,524

				31,264,309

Semiconductors — 0.7%
Analog Devices Inc., 3.28%, 10/01/24, (SOFR + 0.250%)^(b)		15,330		15,086,611
NVIDIA Corp. 0.31%, 06/15/23 (Call 12/01/22)		28,000		27,231,500
0.58%, 06/14/24 (Call 06/14/23)		5,305		4,949,202

				47,267,313

Software — 0.2%
Adobe Inc., 1.70%, 02/01/23		4,010		3,980,127
salesforce.com Inc., 0.63%, 07/15/24 (Call 12/01/22)^(c)		9,415		8,769,183

				12,749,310

Telecommunications — 0.7%
Bell Telephone Co. of Canada or Bell Canada (The), Series US-3, 0.75%, 03/17/24		21,081		19,829,491
NTT Finance Corp. 0.58%, 03/01/24^(a)(c)		6,005		5,647,819
4.14%, 07/26/24^(a)		2,830		2,776,969


Security	Par (000)		Value

Telecommunications (continued)
Verizon Communications Inc. 0.75%, 03/22/24^(c)	$	3,580	$	3,380,363
3.48%, 03/22/24, (SOFR + 0.500%)^(b)		16,955		16,814,339

				48,448,981


Total Corporate Bonds & Notes — 37.1% (Cost: $2,674,281,467)				2,613,375,786


Municipal Debt Obligations

Alabama — 0.0%
Alabama Federal Aid Highway Finance Authority RB, 0.45%, 09/01/23		3,545		3,413,948


Arizona — 0.0%
County of Pima AZ COP, 0.48%, 12/01/22		1,020		1,016,675


California — 0.0%
Port of Oakland RB, 0.82%, 05/01/23		400		391,369


New York — 2.4%
Deutsche Bank Spears/Lifers Trust RB, 3.27%, 04/01/31 (Put 11/07/22)^(a)(d)		51,500		51,500,000
Long Island Power Authority RB 0.36%, 03/01/23 (Call 12/01/22)		6,800		6,703,080
0.76%, 03/01/23 (Call 12/01/22)		1,290		1,273,227
Mizuho Floater/Residual Trust RB
VRDN, 3.34%, 02/01/23 (Put 12/05/22)^(a)(d)		13,000		13,000,000
VRDN, 3.34%, 07/01/25 (Put 12/05/22)^(a)(d)		27,180		27,180,000
VRDN, 3.49%, 09/01/27 (Put 01/29/23)^(a)(d)		11,000		11,000,000
VRDN, 3.34%, 02/15/41 (Put 12/05/22)^(a)(d)		4,918		4,918,091
VRDN, 3.49%, 09/01/26 (Put 01/29/23)^(a)(d)		6,000		6,000,000
VRDN, 3.49%, 03/01/31 (Put 01/29/23)^(a)(d)		18,000		18,000,000
VRDN, 3.49%, 03/01/31 (Put 01/29/23)^(a)(d)		8,640		8,640,000
New York State Dormitory Authority RB, 2.01%, 03/15/23		1,765		1,747,444
Port Authority of New York & New Jersey RB, Series AAA, 1.09%, 07/01/23		12,570		12,251,124
Taxable Municipal Funding Trust RB
VRDN, 3.81%, 01/16/25 (Put 12/05/22)^(a)(d)		1,085		1,085,000
VRDN, 3.81%, 09/01/30 (Put 12/05/22)^(a)(d)		4,350		4,350,000

				167,647,966


Total Municipal Debt Obligations — 2.4% (Cost $173,063,091)				172,469,958


Repurchase Agreements^(b)(e)

Bank of America Securities Inc., 3.57%, 11/01/22 (Purchased on 10/31/22 to be repurchased at $7,000,694, collateralized by non-agency mortgage-backed security, 0.00% to 3.64%, due 10/25/59 to 07/25/60, par and fair value of $32,537,811 and $8,289,226, respectively)		7,000		7,000,000
Bank of America Securities Inc., 3.39%, 11/01/22 (Purchased on 10/31/22 to be repurchased at $35,003,296, collateralized by non-agency mortgage-backed security, 3.96% to 8.00%, due 08/27/29 to 09/26/50, par and fair value of $52,685,123 and $41,165,226, respectively)		35,000		35,000,000


Security	Par (000)		Value

BNP Paribas, 3.42%, 11/01/22 (Purchased on 10/31/22 to be repurchased at $20,001,900, collateralized by non-agency mortgage-backed security, 2.05% to 11.50%, due 09/15/23 to 01/01/99, par and fair value of $24,383,960 and $21,576,005, respectively)	$	20,000	$	20,000,000
Citigroup Global Markets Inc., 3.36%, 11/01/22 (Purchased on 10/31/22 to be repurchased at $9,000,840, collateralized by non-agency mortgage-backed security, 1.75% to 5.81%, due 10/21/30 to 07/25/68, par and fair value of $11,283,863 and $10,306,011, respectively)		9,000		9,000,000
Citigroup Global Markets Inc., 3.38%, 11/01/22 (Purchased on 10/31/22 to be repurchased at $12,001,127, collateralized by non-agency mortgage-backed security, 1.75% to 5.81%, due 10/21/30 to 07/25/68, par and fair value of $16,627,953 and $12,655,003, respectively)		12,000		12,000,000
Credit Suisse Securities (USA) LLC, 3.66%, 11/01/22 (Purchased on 10/31/22 to be repurchased at $35,003,558, collateralized by non-agency mortgage-backed security, 0.00% to 9.50%, due 11/25/35 to 03/25/67, par and fair value of $735,783,974 and $40,140,106, respectively)		35,000		35,000,000
Goldman Sachs & Co. LLC, 3.57%, 11/01/22 (Purchased on 10/31/22 to be repurchased at $60,005,950, collateralized by non-agency mortgage-backed security, 0.0% to 10.29%, due 10/09/26 to 11/25/51, par and fair value of $104,066,912 and 68,896,183, respectively)		60,000		60,000,000
Mizuho Securities USA Inc., 3.52%, 11/01/22 (Purchased on 10/31/22 to be repurchased at $6,000,587, collateralized by non-agency mortgage-backed security, 4.00%, due 10/31/29, par and fair value of $6,158,900 and $6,119,421, respectively)		6,000		6,000,000
Mizuho Securities USA Inc., 3.62%, 11/01/22 (Purchased on 10/31/22 to be repurchased at $30,003,017, collateralized by non-agency mortgage-backed security, 1.99% to 7.95%, due 04/1/24 to 10/25/59, par and fair value of $53,899,995 and $34,414,869, respectively)		30,000		30,000,000
Wells Fargo Securities, 3.55%, 11/01/22 (Purchased on 10/31/22 to be repurchased at $25,002,465, collateralized by non-agency mortgage-backed security, 0.00% to 7.16%, due 01/15/25 to 10/25/59, par and fair value of $43,695,081 and $28,710,683, respectively)		25,000		25,000,000


Total Repurchase Agreements — 3.4% (Cost: $239,000,000)				239,000,000


Security	Par/ Shares (000)		Value

U.S. Government Obligations

U.S. Government Obligations — 0.1%
U.S. Treasury Note/Bond, 0.25%, 09/30/23	$	10,000	$	9,609,375


Total U.S. Government Obligations — 0.1% (Cost: $9,994,540)				9,609,375


Money Market Funds

BlackRock Cash Funds: Institutional, SL Agency Shares, 3.29%^(f)(g)(h)		56,999		56,987,823


Total Money Market Funds — 0.8% (Cost: $56,989,604)				56,987,823


Total Investments — 101.5% (Cost: $7,234,880,237)				7,162,863,331

Liabilities in Excess of Other Assets — (1.5)%				(109,322,152	)


Net Assets — 100.0%			$	7,053,541,179

^(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)	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)	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.

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, 2022, 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. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

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.

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, 2022 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.

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 Statements of Operations. For the year ended October 31, 2022, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:

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, 2022, 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, 2022, 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, 2022, 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, 2022, 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, 2022, permanent differences attributable to realized gains (losses) from in-kind redemptions were reclassified to the following accounts:

As of October 31, 2022, the tax components of accumulated net earnings (losses) were as follows:

As of October 31, 2022, 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.

An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. Although vaccines have been developed and approved for use by various governments, the duration of this pandemic and its effects cannot be determined with certainty.

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.

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.

Concentration 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.

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 current period of historically low interest rates. The Federal Reserve has recently begun to raise 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.

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 United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against instruments whose terms currently include LIBOR. 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 has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

iShares U.S. ETF Trust and Shareholders of each of the three funds listed in the table below

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, 2022, the related statements of operations for the year ended October 31, 2022, the statements of changes in net assets for each of the two years in the period ended October 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2022 (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, 2022, 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, 2022 and each of the financial highlights for each of the five years in the period ended October 31, 2022 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, 2022 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, 2022:

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, 2022:

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, 2022:

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 and approve 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 3, 2022 and May 18, 2022, 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 13-15, 2022, 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 another fund 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 waivers and reimbursements) for the Fund were within range of the median of the investment advisory fee rates and overall expenses (net of 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.

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 recent 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. 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 3, 2022 meeting and throughout the year, and matters related to BFA’s portfolio compliance program.

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, 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 (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 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.

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 3, 2022 and May 18, 2022, 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 13-15, 2022, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

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 another fund 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 waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

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).

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 3, 2022 and May 18, 2022, 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 13-15, 2022, 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 BFAand its affiliates; and (vi) other benefits to BFAand/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 another fund 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 waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rate and overall expenses (net of 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 recent 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. 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 3, 2022 meeting and throughout the year and matters related to BFA’s portfolio compliance program.

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.

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.

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.

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 379 funds as of October 31, 2022. With the exception of Robert S. Kapito, Salim Ramji and Charles Park, 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. Park is c/o BlackRock, Inc., Park Avenue Plaza, 55 East 52^nd Street, New York, NY 10055. The Board has designated Cecilia H. Herbert 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			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



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	$	17,719,634	$	39,302,794	^(a)	$	—	$	(32,824	)	$	(1,781	)	$	56,987,823		56,999	$	108,258	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares^(c)		—		0	^(a)		—		—			—			—		—		18,753			—

								$	(32,824	)	$	(1,781	)	$	56,987,823			$	127,011		$	—


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

ASSETS
Investments, at value — unaffiliated^(a)(b)	$	3,957,713,045		$	544,966,926		$	6,866,875,508
Investments, at value — affiliated^(c)		268,092,775			28,912			56,987,823
Repurchase agreements, at value — unaffiliated^(d)		100,000,000			—			239,000,000
Cash		13,021,129			15,037,302			677,029
Foreign currency, at value^(e)		4,216,591			—			—
Receivables:
Investments sold		289,551			—			—
Securities lending income — affiliated		32,373			—			15,289
Dividends — unaffiliated		—			394			—
Dividends — affiliated		617,117			254			5,987,359
Interest — unaffiliated		18,762,395			2,184,344			12,362,310
Unrealized appreciation on forward foreign currency exchange contracts		688,209			—			—

Total assets		4,363,433,185			562,218,132			7,181,905,318


LIABILITIES
Collateral on securities loaned, at value		77,913,142			—			57,022,457
Payables:
Investments purchased		—			41,149,848			70,865,872
Capital shares redeemed		54,063,878			—			—
Investment advisory fees		905,452			108,669			475,810
Unrealized depreciation on forward foreign currency exchange contracts		385,092			—			—

Total liabilities		133,267,564			41,258,517			128,364,139


NET ASSETS	$	4,230,165,621		$	520,959,615		$	7,053,541,179


NET ASSETS CONSIST OF
Paid-in capital	$	4,341,331,077		$	524,069,902		$	7,109,872,054
Accumulated loss		(111,165,456	)		(3,110,287	)		(56,330,875	)

NET ASSETS	$	4,230,165,621		$	520,959,615		$	7,053,541,179


NET ASSET VALUE
Shares outstanding		86,050,000			10,500,000			141,100,000

Net asset value	$	49.16		$	49.62		$	49.99

Shares authorized		Unlimited			Unlimited			Unlimited

Par value		None			None			None


^(a)Investments, at cost — unaffiliated	$	4,056,497,033		$	548,774,446		$	6,938,890,633
^(b)Securities loaned, at value	$	75,001,180		$	—		$	55,410,058
^(c)Investments, at cost — affiliated	$	268,096,491		$	28,912		$	56,989,604
^(d)Repurchase agreements, at cost — unaffiliated	$	100,000,000		$	—		$	239,000,000
^(e)Foreign currency, at cost	$	4,201,675		$	—		$	—


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

INVESTMENT INCOME
Dividends — affiliated	$	2,217,681		$	3,902		$	21,639
Interest — unaffiliated		61,794,349			3,545,804			83,104,140
Securities lending income — affiliated — net		155,468			—			105,372
Other income — unaffiliated		210,325			—			—
Foreign taxes withheld		(1,327	)		—			—


Total investment income		64,376,496			3,549,706			83,231,151


EXPENSES
Investment advisory		11,379,383			884,889			5,125,738
Professional		217			217			217


Total expenses		11,379,600			885,106			5,125,955

Less:
Investment advisory fees waived		(158,671	)		—			—


Total expenses after fees waived		11,220,929			885,106			5,125,955


Net investment income		53,155,567			2,664,600			78,105,196


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(4,074,552	)		(66	)		22,739
Investments — affiliated		(43,078	)		(828	)		(32,824	)
Forward foreign currency exchange contracts		18,266,401			—			—
Foreign currency transactions		507,944			—			—
In-kind redemptions — unaffiliated^(a)		(658,147	)		—			—


		13,998,568			(894	)		(10,085	)

Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		(102,444,008	)		(4,216,983	)		(73,933,604	)
Investments — affiliated		(12,430	)		—			(1,781	)
Forward foreign currency exchange contracts		(168,618	)		—			—
Foreign currency translations		11,875			—			—


		(102,613,181	)		(4,216,983	)		(73,935,385	)


Net realized and unrealized loss		(88,614,613	)		(4,217,877	)		(73,945,470	)


NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(35,459,046	)	$	(1,553,277	)	$	4,159,726


	BlackRock Short Maturity Bond ETF						BlackRock Short Maturity Municipal Bond ETF


	Year Ended 10/31/22			Year Ended 10/31/21			Year Ended 10/31/22			Year Ended 10/31/21


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	53,155,567		$	35,445,063		$	2,664,600		$	964,192
Net realized gain (loss)		13,998,568			5,840,631			(894	)		(4,755	)
Net change in unrealized appreciation (depreciation)		(102,613,181	)		(9,550,521	)		(4,216,983	)		(395,104	)


Net increase (decrease) in net assets resulting from operations		(35,459,046	)		31,735,173			(1,553,277	)		564,333


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(49,011,290	)		(39,578,305	)		(1,873,888	)		(1,005,763	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(539,564,075	)		464,293,661			231,217,779			2,519,567


NET ASSETS
Total increase (decrease) in net assets		(624,034,411	)		456,450,529			227,790,614			2,078,137
Beginning of year		4,854,200,032			4,397,749,503			293,169,001			291,090,864


End of year	$	4,230,165,621		$	4,854,200,032		$	520,959,615		$	293,169,001


	BlackRock Ultra Short-Term Bond ETF


	Year Ended 10/31/22			Year Ended 10/31/21


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	78,105,196		$	23,822,908
Net realized gain (loss)		(10,085	)		115,920
Net change in unrealized appreciation (depreciation)		(73,935,385	)		(9,452,665	)


Net increase in net assets resulting from operations		4,159,726			14,486,163


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(62,518,287	)		(24,852,336	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		1,305,237,758			894,302,572


NET ASSETS
Total increase in net assets		1,246,879,197			883,936,399
Beginning of year		5,806,661,982			4,922,725,583


End of year	$	7,053,541,179		$	5,806,661,982


	BlackRock Short Maturity Bond ETF


	Year Ended 10/31/22			Year Ended 10/31/21			Year Ended 10/31/20			Year Ended 10/31/19			Year Ended 10/31/18


Net asset value, beginning of year	$	50.07		$	50.15		$	50.36		$	50.12		$	50.25

Net investment income^(a)		0.58			0.38			0.91			1.37			1.11
Net realized and unrealized gain (loss)^(b)		(0.95	)		(0.03	)		(0.16	)		0.21			(0.23	)

Net increase (decrease) from investment operations		(0.37	)		0.35			0.75			1.58			0.88

Distributions from net investment income^(c)		(0.54	)		(0.43	)		(0.96	)		(1.34	)		(1.01	)


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


Total Return^(d)
Based on net asset value		(0.75	)%		0.70	%		1.51	%		3.19	%		1.78	%


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		1.17	%		0.76	%		1.81	%		2.73	%		2.21	%


Supplemental Data
Net assets, end of year (000)	$	4,230,166		$	4,854,200		$	4,397,750		$	6,260,259		$	4,981,818

Portfolio turnover rate^(f)		44	%		55	%		67	%^(g)		58	%^(g)		48	%


	BlackRock Short Maturity Municipal Bond ETF


	Year Ended 10/31/22			Year Ended 10/31/21			Year Ended 10/31/20			Year Ended 10/31/19			Year Ended 10/31/18


Net asset value, beginning of year	$	50.11		$	50.19		$	50.13		$	49.85		$	50.01

Net investment income^(a)		0.37			0.17			0.51			0.81			0.68
Net realized and unrealized gain (loss)^(b)		(0.62	)		(0.07	)		0.13			0.26			(0.21	)

Net increase (decrease) from investment operations		(0.25	)		0.10			0.64			1.07			0.47

Distributions from net investment income^(c)		(0.24	)		(0.18	)		(0.58	)		(0.79	)		(0.63	)


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


Total Return^(d)
Based on net asset value		(0.51	)%		0.19	%		1.29	%		2.16	%		0.95	%


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

Net investment income		0.75	%		0.34	%		1.02	%		1.63	%		1.35	%


Supplemental Data
Net assets, end of year (000)	$	520,960		$	293,169		$	291,091		$	210,532		$	127,111

Portfolio turnover rate^(f)		98	%		52	%		108	%		170	%		221	%


	BlackRock Ultra Short-Term Bond ETF


	Year Ended 10/31/22			Year Ended 10/31/21			Year Ended 10/31/20			Year Ended 10/31/19			Year Ended 10/31/18


Net asset value, beginning of year	$	50.45		$	50.54		$	50.41		$	50.15		$	50.12

Net investment income^(a)		0.61			0.22			0.69			1.38			1.16
Net realized and unrealized gain (loss)^(b)		(0.60	)		(0.07	)		0.25			0.23			(0.16	)

Net increase from investment operations		0.01			0.15			0.94			1.61			1.00

Distributions from net investment income^(c)		(0.47	)		(0.24	)		(0.81	)		(1.35	)		(0.97	)


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


Total Return^(d)
Based on net asset value		0.03	%		0.29	%		1.89	%		3.25	%		2.02	%


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

Net investment income		1.22	%		0.44	%		1.36	%		2.74	%		2.33	%


Supplemental Data
Net assets, end of year (000)	$	7,053,541		$	5,806,662		$	4,922,726		$	2,195,391		$	601,794

Portfolio turnover rate^(f)		27	%		47	%		54	%		16	%		32	%



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
Short Maturity Bond
Goldman Sachs & Co.	$	100,000,000	$	—	$	100,000,000		$	—


Ultra Short-Term Bond
Bank of America Securities Inc.	$	42,000,000	$	—	$	42,000,000		$	—
BNP Paribas		20,000,000		—		20,000,000			—
Citigroup Global Markets Inc.		21,000,000		—		21,000,000			—
Credit Suisse Securities (USA) LLC		35,000,000		—		35,000,000			—
Goldman Sachs & Co. LLC		60,000,000		—		60,000,000			—
Mizuho Securities USA Inc.		36,000,000		—		36,000,000			—
Wells Fargo Securities		25,000,000		—		25,000,000			—

	$	239,000,000	$	—	$	239,000,000		$	—


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	$	4,271,324	$	(4,271,324	)	$	—		$	—
Barclays Capital, Inc.		297,977		(297,977	)		—			—
BMO Capital Markets Corp.		153,618		(153,618	)		—			—
BNP Paribas SA		1,006,672		(1,006,672	)		—			—
BofA Securities, Inc.		5,914,556		(5,914,556	)		—			—
Citigroup Global Markets, Inc.		4,976		(4,976	)		—			—
Goldman Sachs & Co. LLC		16,176,524		(16,176,524	)		—			—
J.P. Morgan Securities LLC		25,527,615		(25,527,615	)		—			—
Mitsubishi UFJ Securities Holdings Co., Ltd.		6,335,756		(6,335,756	)		—			—
Morgan Stanley		14,136,992		(14,136,992	)		—			—
Pershing LLC		38,951		(38,951	)		—			—
Wells Fargo Securities LLC		1,136,219		(1,136,219	)		—			—

	$	75,001,180	$	(75,001,180	)	$	—		$	—

Ultra Short-Term Bond
Barclays Capital, Inc.	$	2,718,766	$	(2,718,766	)	$	—		$	—
BMO Capital Markets Corp.		625,802		(625,802	)		—			—
BNP Paribas SA		157,779		(157,779	)		—			—
BofA Securities, Inc.		13,145,713		(13,145,713	)		—			—
Credit Suisse Securities (USA) LLC		1,552,814		(1,552,814	)		—			—
HSBC Securities (USA), Inc.		6,204,138		(6,204,138	)		—			—
J.P. Morgan Securities LLC		26,406,788		(26,406,788	)		—			—
Nomura Securities International, Inc.		1,370,607		(1,370,607	)		—			—
Wells Fargo Securities LLC		3,227,651		(3,227,651	)		—			—

	$	55,410,058	$	(55,410,058	)	$	—		$	—


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