iShares Trust

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of April 30, 2022 saw the emergence of significant challenges that disrupted the economic recovery and strong financial markets which characterized 2021. The U.S. economy shrank in the first quarter of 2022, ending the run of robust growth which followed reopening and the development of the COVID-19 vaccines. Rapid changes in consumer spending led to supply constraints and 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 invasion has presented challenges for both investors and policymakers.

Equity prices were mixed but mostly down, as persistently high inflation drove investors’ expectations for higher interest rates, particularly weighing on relatively high valuation growth stocks and economically sensitive small-capitalization stocks. Overall, small-capitalization U.S. stocks declined, while large-capitalization U.S. stocks were nearly flat. Both emerging market stocks and international equities from developed markets fell significantly, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose during the reporting period as increasing inflation drove investors’ expectations for higher interest rates. 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 is growing faster than expected, raised interest rates in March 2022, the first increase of this business cycle. Furthermore, the Fed wound down its bond-buying programs and raised the prospect of reversing the flow and reducing its balance sheet. Continued high inflation and the Fed’s new tone led many analysts to anticipate that the Fed will continue to raise interest rates multiple times throughout the year.

Looking ahead, however, the horrific war in Ukraine has significantly clouded the outlook for the global economy, leading to major volatility in energy and metal markets. Sanctions on Russia, Europe’s top energy supplier, and general wartime disruption are likely to drive already-high commodity prices even higher. We believe sharp increases in energy prices will exacerbate inflationary pressure while also constraining economic growth. Combating inflation without stifling a recovery, while buffering against ongoing supply and price shocks amid the ebb and flow of the pandemic, will be an especially challenging environment for setting effective monetary policy. Despite the likelihood of more rate increases on the horizon, we believe the Fed will err on the side of protecting employment, even at the expense of higher inflation.

In this environment, we favor an overweight to equities, as valuations have become more attractive and inflation-adjusted interest rates remain low. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and healthcare, are particularly attractive in the long term. We favor U.S. equities due to strong earnings momentum, while Japanese equities should benefit from supportive monetary and fiscal policy. We are underweight credit overall, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential opportunities for additional yield. We believe that international diversification and a focus on sustainability and quality can help provide portfolio resilience.

Overall, our view is that investors need to think globally, extend their scope across a broad array of asset classes, 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.

Sincerely,

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.


Total Returns as of April 30, 2022

	6-Month			12-Month

U.S. large cap equities (S&P 500^® Index)		(9.65)	%		0.21%

U.S. small cap equities (Russell 2000^® Index)		(18.38)			(16.87)

International equities (MSCI Europe, Australasia, Far East Index)		(11.80)			(8.15)

Emerging market equities (MSCI Emerging Markets Index)		(14.15)			(18.33)

3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		0.07			0.08

U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		(10.29)			(8.86)

U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		(9.47)			(8.51)

Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)		(7.90)			(7.88)

U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		(7.40)			(5.22)

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

Past performance is no guarantee 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” on page 8 for more information.

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

The inception date of the Fund was 10/6/20. The first day of secondary market trading was 10/8/20.

On 3/1/2021 the Fund began to track the 4pm pricing variant of the ICE BofA BB US High Yield Constrained Index. Historical index data prior to 3/1/2021 is for the 3pm pricing variant of the ICE BofA BB US High Yield Constrained Index. Index data on and after 3/1/2021 is for the 4pm pricing variant of the ICE BofA BB US High Yield Constrained Index.

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

The inception date of the Fund was 6/2/15. The first day of secondary market trading was 6/4/15.

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

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 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 a Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

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


Security	Par (000)		Value

Corporate Bonds & Notes

Aerospace & Defense — 0.9%
General Dynamics Corp.
1.15%, 06/01/26 (Call 05/01/26)	$	165	$	150,185
1.88%, 08/15/23 (Call 06/15/23)		277		273,814
2.13%, 08/15/26 (Call 05/15/26)		425		400,388
2.25%, 06/01/31 (Call 03/01/31)^(a)		155		136,818
2.38%, 11/15/24 (Call 09/15/24)		90		88,150
2.63%, 11/15/27 (Call 08/15/27)^(a)		353		334,905
2.85%, 06/01/41 (Call 12/01/40)		320		259,722
3.25%, 04/01/25 (Call 03/01/25)		475		473,708
3.38%, 05/15/23 (Call 04/15/23)		82		82,635
3.50%, 05/15/25 (Call 03/15/25)		462		463,497
3.50%, 04/01/27 (Call 02/01/27)		487		482,763
3.60%, 11/15/42 (Call 05/14/42)^(a)		278		250,598
3.63%, 04/01/30 (Call 01/01/30)^(a)		540		531,301
3.75%, 05/15/28 (Call 02/15/28)		412		410,649
4.25%, 04/01/40 (Call 10/01/39)		449		443,639
4.25%, 04/01/50 (Call 10/01/49)^(a)		207		206,354
Lockheed Martin Corp.
2.80%, 06/15/50 (Call 12/15/49)		464		359,141
2.90%, 03/01/25 (Call 12/01/24)		545		545,093
3.55%, 01/15/26 (Call 10/15/25)		894		901,000
3.60%, 03/01/35 (Call 09/01/34)		333		315,204
3.80%, 03/01/45 (Call 09/01/44)		610		564,000
3.90%, 06/15/32		210		208,509
4.07%, 12/15/42		668		642,629
4.09%, 09/15/52 (Call 03/15/52)		811		781,058
4.15%, 06/15/53		300		291,144
4.30%, 06/15/62		300		293,046
4.50%, 05/15/36 (Call 11/15/35)		210		215,599
4.70%, 05/15/46 (Call 11/15/45)^(a)		593		627,074
Series B, 6.15%, 09/01/36		55		65,076


				10,797,699

Agriculture — 0.8%
Archer-Daniels-Midland Co.
2.50%, 08/11/26 (Call 05/11/26)		523		502,629
2.70%, 09/15/51 (Call 03/15/51)^(a)		365		282,379
2.90%, 03/01/32 (Call 12/01/31)		560		513,638
3.25%, 03/27/30 (Call 12/27/29)		655		624,811
4.50%, 03/15/49 (Call 09/15/48)		198		205,585
Philip Morris International Inc.
0.88%, 05/01/26 (Call 04/01/26)		405		363,795
1.13%, 05/01/23		380		373,985
1.50%, 05/01/25 (Call 04/01/25)		510		481,379
1.75%, 11/01/30 (Call 08/01/30)		10		8,180
2.10%, 05/01/30 (Call 02/01/30)		251		214,613
2.13%, 05/10/23 (Call 03/10/23)		333		331,495
2.75%, 02/25/26 (Call 11/25/25)		514		498,045
2.88%, 05/01/24 (Call 04/01/24)		340		338,773
3.13%, 08/17/27 (Call 05/17/27)		195		187,857
3.13%, 03/02/28 (Call 12/02/27)^(a)		255		242,362
3.25%, 11/10/24		767		765,558
3.38%, 08/11/25 (Call 05/11/25)		250		248,233
3.38%, 08/15/29 (Call 05/15/29)		289		273,015
3.60%, 11/15/23		259		261,885
3.88%, 08/21/42		335		279,648
4.13%, 03/04/43		389		334,956
4.25%, 11/10/44^(a)		603		528,698
4.38%, 11/15/41		421		377,595


Security	Par (000)		Value

Agriculture (continued)
4.50%, 03/20/42	$	371	$	338,222
4.88%, 11/15/43		392		372,674
6.38%, 05/16/38		730		825,959


				9,775,969

Airlines — 0.3%
American Airlines Pass Through Trust, Class A, 2.88%, 01/11/36		300		266,490
Delta Air Lines Pass Through Trust, Series 2020, Class AA, 2.00%, 12/10/29		32		28,780
JetBlue Pass Through Trust
Series 1A, Class A, 4.00%, 11/15/32		280		268,327
Series 2019-1, Class AA, 2.75%, 11/15/33		234		210,026
United Airlines Pass Through Trust
Series 2016-1, Class AA, 3.10%, 01/07/30		267		248,862
Series 2016-2, Class AA, 2.88%, 04/07/30		214		198,067
Series 2018-1, Class AA, 3.50%, 09/01/31		507		471,716
Series 2019-2, Class AA, 2.70%, 11/01/33		222		196,337
Series 2020-1, Class A, 5.88%, 10/15/27^(a)		1,402		1,419,406


				3,308,011

Apparel — 0.4%
NIKE Inc.
2.25%, 05/01/23 (Call 02/01/23)		427		426,539
2.38%, 11/01/26 (Call 08/01/26)		605		579,021
2.40%, 03/27/25 (Call 02/27/25)		638		623,371
2.75%, 03/27/27 (Call 01/27/27)^(a)		566		546,371
2.85%, 03/27/30 (Call 12/27/29)		717		668,810
3.25%, 03/27/40 (Call 09/27/39)		467		414,990
3.38%, 11/01/46 (Call 05/01/46)		260		230,121
3.38%, 03/27/50 (Call 09/27/49)		715		629,186
3.63%, 05/01/43 (Call 11/01/42)		242		221,527
3.88%, 11/01/45 (Call 05/01/45)^(a)		470		447,327
Ralph Lauren Corp., 2.95%, 06/15/30 (Call 03/15/30)^(a)		520		474,193


				5,261,456

Auto Manufacturers — 1.8%
American Honda Finance Corp.
0.55%, 07/12/24		67		63,247
0.65%, 09/08/23		158		153,456
0.88%, 07/07/23		245		239,860
1.00%, 09/10/25		560		515,407
1.20%, 07/08/25		290		269,778
1.30%, 09/09/26^(a)		535		485,962
1.50%, 01/13/25		500		476,170
1.80%, 01/13/31^(a)		50		42,038
1.95%, 05/10/23		543		538,656
2.00%, 03/24/28		420		379,415
2.15%, 09/10/24		465		453,054
2.25%, 01/12/29		450		404,141
2.30%, 09/09/26^(a)		376		356,335
2.35%, 01/08/27		382		360,142
2.40%, 06/27/24		246		242,544
2.90%, 02/16/24		634		631,312
3.45%, 07/14/23		70		70,508
3.50%, 02/15/28^(a)		396		389,260
3.55%, 01/12/24^(a)		68		68,486
3.63%, 10/10/23		529		533,565
Cummins Inc.
0.75%, 09/01/25 (Call 08/01/25)		357		327,594
1.50%, 09/01/30 (Call 06/01/30)^(a)		203		166,407
2.60%, 09/01/50 (Call 03/01/50)		370		260,006


Security	Par (000)		Value

Auto Manufacturers (continued)
3.65%, 10/01/23 (Call 07/01/23)	$	462	$	465,913
4.88%, 10/01/43 (Call 04/01/43)		270		273,567
Daimler Finance North America LLC, 8.50%, 01/18/31		245		315,636
Honda Motor Co. Ltd., 2.97%, 03/10/32 (Call 12/10/31)^(a)		500		454,820
Toyota Motor Corp.
0.68%, 03/25/24 (Call 02/25/24)		645		616,504
1.34%, 03/25/26 (Call 02/25/26)		631		580,955
2.36%, 07/02/24^(a)		265		260,768
2.36%, 03/25/31 (Call 12/25/30)^(a)		270		241,369
2.76%, 07/02/29		350		326,165
3.42%, 07/20/23		35		35,265
3.67%, 07/20/28		16		15,918
Toyota Motor Credit Corp.
0.50%, 08/14/23		145		141,014
0.50%, 06/18/24		555		525,052
0.63%, 09/13/24^(a)		200		188,646
0.80%, 10/16/25		410		375,130
0.80%, 01/09/26		70		63,562
1.13%, 06/18/26		805		731,093
1.15%, 08/13/27^(a)		360		316,282
1.35%, 08/25/23		227		223,084
1.45%, 01/13/25^(a)		360		342,860
1.65%, 01/10/31		480		397,402
1.80%, 02/13/25^(a)		558		534,145
1.90%, 01/13/27^(a)		510		473,458
1.90%, 04/06/28		270		243,643
1.90%, 09/12/31		155		130,391
2.00%, 10/07/24		285		277,165
2.15%, 02/13/30		220		194,663
2.25%, 10/18/23		1,285		1,273,679
2.90%, 04/17/24^(a)		653		650,662
3.00%, 04/01/25		758		748,775
3.05%, 03/22/27		400		388,980
3.05%, 01/11/28		310		300,012
3.20%, 01/11/27		552		542,550
3.35%, 01/08/24		316		317,864
3.38%, 04/01/30^(a)		450		432,176
3.40%, 04/14/25		60		60,025
3.45%, 09/20/23		968		975,899
3.65%, 01/08/29		150		147,704


				22,010,139

Auto Parts & Equipment — 0.1%
Magna International Inc.
2.45%, 06/15/30 (Call 03/15/30)		561		491,700
3.63%, 06/15/24 (Call 03/15/24)		689		691,122
4.15%, 10/01/25 (Call 07/01/25)		478		484,501


				1,667,323

Banks — 33.9%
Australia & New Zealand Banking Group Ltd./New York NY, 3.70%, 11/16/25		710		716,752
Banco Bilbao Vizcaya Argentaria SA
0.88%, 09/18/23^(a)		500		483,375
1.13%, 09/18/25		630		571,819
Banco Santander SA
0.70%, 06/30/24 (Call 06/30/23)^(b)		300		290,013
1.72%, 09/14/27 (Call 09/14/26)^(b)		480		422,741
1.85%, 03/25/26		905		823,152
2.71%, 06/27/24		875		857,797
2.75%, 05/28/25		970		926,583


Security	Par (000)		Value

Banks (continued)
2.96%, 03/25/31	$	410	$	354,338
3.31%, 06/27/29^(a)		505		466,241
3.49%, 05/28/30		448		407,913
3.80%, 02/23/28		608		578,573
4.18%, 03/24/28 (Call 03/24/27)^(b)		600		582,840
4.25%, 04/11/27		205		201,784
4.38%, 04/12/28		668		652,683
Bank of America Corp.
0.52%, 06/14/24 (Call 06/14/23), (SOFR + 0.410%)^(b)		35		33,852
0.81%, 10/24/24 (Call 10/24/23), (SOFR + 0.740%)^(b)		456		437,883
0.98%, 04/22/25 (Call 04/22/24), (SOFR + 0.690%)^(b)		385		363,956
0.98%, 09/25/25 (Call 09/25/24), (SOFR + 0.910%)^(b)		496		462,029
1.20%, 10/24/26 (Call 10/24/25), (SOFR + 1.010%)^(b)		560		505,585
1.32%, 06/19/26 (Call 06/19/25), (SOFR + 1.150%)^(b)		697		638,738
1.49%, 05/19/24 (Call 05/19/23), (SOFR + 1.460%)^(b)		230		225,830
1.53%, 12/06/25 (Call 11/06/25), (SOFR + 0.650%)^(b)		180		168,734
1.73%, 07/22/27 (Call 07/22/26), (SOFR + 0.960%)^(b)		85		76,293
1.84%, 02/04/25 (Call 02/04/24), (SOFR + 0.670%)^(b)		645		624,218
1.92%, 10/24/31 (Call 10/24/30), (SOFR + 1.370%)^(b)		850		691,152
2.02%, 02/13/26 (Call 02/13/25), (3 mo. LIBOR US + 0.640%)^(b)		660		624,188
2.09%, 06/14/29 (Call 06/14/28), (SOFR + 1.060%)^(b)		645		561,543
2.30%, 07/21/32 (Call 07/21/31), (SOFR + 1.220%)^(b)		1,030		851,522
2.46%, 10/22/25 (Call 10/22/24), (3 mo. LIBOR US + 0.870%)^(b)		457		440,310
2.50%, 02/13/31 (Call 02/13/30), (3 mo. LIBOR US + 0.990%)^(b)		1,045		898,397
2.55%, 02/04/28 (Call 02/04/27), (SOFR + 1.050%)^(b)		750		692,235
2.57%, 10/20/32 (Call 10/20/31), (SOFR + 1.210%)^(b)		890		751,854
2.59%, 04/29/31 (Call 04/29/30), (SOFR + 2.150%)^(b)		689		596,998
2.68%, 06/19/41 (Call 06/19/40), (SOFR + 1.930%)^(b)		725		543,221
2.69%, 04/22/32 (Call 04/22/31), (SOFR + 1.880%)^(b)		1,185		1,019,183
2.83%, 10/24/51 (Call 10/24/50), (SOFR + 1.880%)^(b)		360		262,166
2.88%, 10/22/30 (Call 10/22/29), (3 mo. LIBOR US + 1.190%)^(b)		560		499,817
2.97%, 02/04/33 (Call 02/04/32), (SOFR + 1.330%)^(b)		985		858,940
2.97%, 07/21/52 (Call 07/21/51), (SOFR + 1.560%)^(b)		400		296,520
3.09%, 10/01/25 (Call 10/01/24), (3 mo. LIBOR US + 1.090%)^(b)		653		640,071
3.19%, 07/23/30 (Call 07/23/29), (3 mo. LIBOR US + 1.180%)^(b)		771		704,756
3.25%, 10/21/27 (Call 10/21/26)		719		684,833
3.31%, 04/22/42 (Call 04/22/41), (SOFR + 1.580%)^(b)		750		617,280
3.37%, 01/23/26 (Call 01/23/25), (3 mo. LIBOR US + 0.810%)^(b)		535		523,433
3.38%, 04/02/26 (Call 04/02/25)^(b)		500		489,240
3.42%, 12/20/28 (Call 12/20/27), (3 mo. LIBOR US + 1.040%)^(b)		1,312		1,241,795
3.46%, 03/15/25 (Call 03/15/24), (3 mo. LIBOR US + 0.970%)^(b)		890		883,076
3.50%, 04/19/26		690		677,697
3.56%, 04/23/27 (Call 04/23/26), (3 mo. LIBOR US + 1.060%)^(b)		752		730,613
3.59%, 07/21/28 (Call 07/21/27), (3 mo. LIBOR US + 1.370%)^(b)		509		488,523
3.71%, 04/24/28 (Call 04/24/27), (3 mo. LIBOR US + 1.512%)^(b)		500		483,285
3.82%, 01/20/28 (Call 01/20/27), (3 mo. LIBOR US + 1.575%)^(b)		710		690,383
3.84%, 04/25/25 (Call 04/27/24)^(a)(b)		1,000		999,040


Security	Par (000)		Value

Banks (continued)
3.86%, 07/23/24 (Call 07/23/23),
(3 mo. LIBOR US + 0.940%)^(b)	$	525	$	526,192
3.88%, 08/01/25		438		440,260
3.95%, 01/23/49 (Call 01/23/48),
(3 mo. LIBOR US + 1.19%)^(b)		309		275,217
3.97%, 03/05/29 (Call 03/05/28),
(3 mo. LIBOR US + 1.070%)^(b)		654		634,884
3.97%, 02/07/30 (Call 02/07/29),
(3 mo. LIBOR US + 1.210%)^(b)		635		613,302
4.00%, 04/01/24		935		948,165
4.08%, 04/23/40 (Call 04/23/39),
(3 mo. LIBOR US + 1.320%)^(b)		503		462,780
4.08%, 03/20/51 (Call 03/20/50),
(3 mo. LIBOR US + 1.315%)^(b)		1,203		1,083,723
4.10%, 07/24/23^(a)		489		496,936
4.13%, 01/22/24		802		813,653
4.24%, 04/24/38 (Call 04/24/37),
(3 mo. LIBOR US + 1.814%)^(b)		373		355,230
4.27%, 07/23/29 (Call 07/23/28),
(3 mo. LIBOR US + 1.310%)^(b)		878		863,364
4.33%, 03/15/50 (Call 03/15/49),
(3 mo. LIBOR US + 1.15%)^(b)		699		662,841
4.38%, 04/27/28 (Call 04/27/27)^(b)		910		908,553
4.44%, 01/20/48 (Call 01/20/47),
(3 mo. LIBOR US + 1.990%)^(b)		510		486,152
4.57%, 04/27/33 (Call 04/27/32)^(b)		790		786,619
4.88%, 04/01/44		250		251,208
5.00%, 01/21/44		502		512,386
5.88%, 02/07/42		453		512,728
Series N, 1.66%, 03/11/27 (Call 03/11/26),
(SOFR + 0.910%)^(b)		710		643,658
Series N, 2.65%, 03/11/32 (Call 03/11/31),
(SOFR + 1.220%)^(b)		431		370,117
Series N, 3.48%, 03/13/52 (Call 03/11/51),
(SOFR + 1.650%)^(b)		330		271,075
Bank of America N.A., 6.00%, 10/15/36		366		409,715
Bank of Montreal
0.40%, 09/15/23		185		178,710
0.45%, 12/08/23		408		391,219
0.63%, 07/09/24		610		574,626
0.75%, 01/10/25, (SOFR + 0.465%)^(b)		400		395,856
0.95%, 01/22/27 (Call 01/22/26), (SOFR + 0.603%)^(b)		635		570,313
1.25%, 09/15/26		1,030		920,047
1.50%, 01/10/25		225		212,900
1.85%, 05/01/25		442		419,622
2.15%, 03/08/24		300		293,961
2.50%, 06/28/24^(a)		485		476,600
2.65%, 03/08/27		300		281,355
Series E, 3.30%, 02/05/24		583		583,764
Bank of New York Mellon Corp. (The)
0.35%, 12/07/23 (Call 11/07/23)		100		96,103
0.50%, 04/26/24 (Call 03/26/24)		200		190,318
0.75%, 01/28/26 (Call 12/28/25)		290		263,210
1.05%, 10/15/26 (Call 09/15/26)^(a)		370		332,819
1.60%, 04/24/25 (Call 03/24/25)		609		578,020
1.65%, 07/14/28 (Call 05/14/28)^(a)		210		186,428
1.65%, 01/28/31 (Call 10/28/30)		230		192,639
1.80%, 07/28/31 (Call 04/28/31)^(a)		300		249,591
2.05%, 01/26/27 (Call 12/26/26)^(a)		100		93,555
2.10%, 10/24/24		496		484,666


Security	Par (000)		Value

Banks (continued)
2.20%, 08/16/23 (Call 06/16/23)	$	513	$	508,881
2.45%, 08/17/26 (Call 05/17/26)		508		488,036
2.80%, 05/04/26 (Call 02/04/26)		402		392,577
3.00%, 10/30/28 (Call 07/30/28)		216		201,426
3.25%, 09/11/24 (Call 08/11/24)		376		376,293
3.25%, 05/16/27 (Call 02/16/27)		198		194,737
3.30%, 08/23/29 (Call 05/23/29)		445		421,749
3.35%, 04/25/25		200		199,602
3.40%, 05/15/24 (Call 04/15/24)^(a)		486		489,135
3.40%, 01/29/28 (Call 10/29/27)		448		439,107
3.44%, 02/07/28 (Call 02/07/27),
(3 mo. LIBOR US + 1.069%)^(b)		566		557,323
3.45%, 08/11/23		245		246,950
3.85%, 04/28/28		165		165,358
3.85%, 04/26/29		200		198,058
Series 12, 3.65%, 02/04/24 (Call 01/05/24)		551		556,604
Series G, 3.00%, 02/24/25 (Call 01/24/25)		483		479,431
Series J, 0.85%, 10/25/24 (Call 09/25/24)		410		387,782
Bank of Nova Scotia (The)
0.40%, 09/15/23		100		96,754
0.55%, 09/15/23		292		282,609
0.65%, 07/31/24		255		239,335
0.70%, 04/15/24		475		451,701
1.05%, 03/02/26		465		417,463
1.30%, 06/11/25		125		116,018
1.30%, 09/15/26		575		514,458
1.35%, 06/24/26		400		361,076
1.45%, 01/10/25		595		562,251
1.63%, 05/01/23		510		504,349
1.95%, 02/02/27		510		464,992
2.15%, 08/01/31^(a)		545		457,304
2.20%, 02/03/25		761		732,531
2.45%, 02/02/32		500		425,410
2.70%, 08/03/26^(a)		464		442,489
3.40%, 02/11/24^(a)		636		637,119
3.45%, 04/11/25		1,000		988,650
Barclays PLC, 3.75%, 05/15/24		385		385,766
BPCE SA
3.38%, 12/02/26		540		524,599
4.00%, 04/15/24		760		766,794
Canadian Imperial Bank of Commerce
0.45%, 06/22/23		110		107,161
0.50%, 12/14/23		530		508,853
0.95%, 06/23/23		244		238,944
0.95%, 10/23/25		445		404,140
1.00%, 10/18/24		845		794,342
1.25%, 06/22/26		340		303,606
2.25%, 01/28/25		898		864,909
3.10%, 04/02/24^(a)		1,030		1,025,056
3.50%, 09/13/23		547		550,665
Citibank N.A., 3.65%, 01/23/24 (Call 12/23/23)^(a)		545		549,387
Citigroup Inc.
0.78%, 10/30/24 (Call 09/30/23), (SOFR + 0.686%)^(b)		1,155		1,106,351
0.98%, 05/01/25 (Call 05/01/24), (SOFR + 0.669%)^(b)		830		782,541
1.12%, 01/28/27 (Call 01/28/26), (SOFR + 0.765%)^(b)		430		383,723
1.28%, 11/03/25 (Call 11/03/24), (SOFR + 0.528%)^(b)		340		318,213
1.46%, 06/09/27 (Call 06/09/26), (SOFR + 0.770%)^(b)		1,341		1,193,262
1.68%, 05/15/24 (Call 05/15/23), (SOFR + 1.667%)^(b)		653		643,577
2.01%, 01/25/26 (Call 01/25/25), (SOFR + 0.694%)^(b)		735		695,016
2.52%, 11/03/32 (Call 11/03/31), (SOFR + 1.177%)^(b)		845		705,389


Security	Par (000)		Value

Banks (continued)
2.56%, 05/01/32 (Call 05/01/31), (SOFR + 1.167%)^(b)	$	1,370	$	1,157,760
2.57%, 06/03/31 (Call 06/03/30), (SOFR + 2.107%)^(b)		1,703		1,463,149
2.67%, 01/29/31 (Call 01/29/30), (SOFR + 1.146%)^(b)		1,101		959,026
2.90%, 11/03/42 (Call 11/03/41), (SOFR + 1.379%)^(b)		600		457,212
2.98%, 11/05/30 (Call 11/05/29), (SOFR + 1.422%)^(b)		1,038		928,647
3.06%, 01/25/33 (Call 01/25/32), (SOFR + 1.351%)^(b)		1,375		1,202,465
3.07%, 02/24/28 (Call 02/24/27), (SOFR + 1.280%)^(b)		1,160		1,091,688
3.11%, 04/08/26 (Call 04/08/25), (SOFR + 2.842%)^(b)		1,648		1,597,143
3.20%, 10/21/26 (Call 07/21/26)		1,329		1,280,585
3.29%, 03/17/26 (Call 03/17/25)^(b)		500		487,855
3.30%, 04/27/25		539		532,925
3.35%, 04/24/25 (Call 04/24/24),
(3 mo. LIBOR US + 0.897%)^(b)		1,513		1,491,077
3.40%, 05/01/26		955		930,924
3.52%, 10/27/28 (Call 10/27/27),
(3 mo. LIBOR US + 1.151%)^(b)		1,136		1,080,347
3.67%, 07/24/28 (Call 07/24/27),
(3 mo. LIBOR US + 1.390%)^(b)		1,179		1,133,998
3.70%, 01/12/26		770		761,522
3.75%, 06/16/24		376		378,756
3.79%, 03/17/33 (Call 03/17/32)^(b)		800		740,424
3.88%, 10/25/23^(a)		540		547,506
3.88%, 01/24/39 (Call 01/22/38),
(3 mo. LIBOR US + 1.168%)^(b)		521		473,313
3.89%, 01/10/28 (Call 01/10/27),
(3 mo. LIBOR US + 1.563%)^(b)		1,164		1,134,504
3.98%, 03/20/30 (Call 03/20/29),
(3 mo. LIBOR US + 1.338%)^(b)		165		158,382
4.04%, 06/01/24 (Call 06/01/23),
(3 mo. LIBOR US + 1.023%)^(a)(b)		744		748,107
4.08%, 04/23/29 (Call 04/23/28),
(3 mo. LIBOR US + 1.192%)^(b)		939		913,102
4.28%, 04/24/48 (Call 04/24/47),
(3 mo. LIBOR US + 1.839%)^(b)		426		401,637
4.41%, 03/31/31 (Call 03/31/30), (SOFR + 3.914%)^(b)		1,949		1,904,933
4.65%, 07/30/45		619		602,510
4.65%, 07/23/48 (Call 06/23/48)^(a)		1,228		1,214,603
5.32%, 03/26/41 (Call 03/26/40), (SOFR + 4.548%)^(b)		640		678,022
5.88%, 01/30/42		495		552,752
8.13%, 07/15/39		908		1,251,978
Comerica Bank, 2.50%, 07/23/24		255		249,801
Comerica Inc.
3.70%, 07/31/23 (Call 07/01/23)		573		576,747
4.00%, 02/01/29 (Call 10/31/28)		595		592,477
Cooperatieve Rabobank U.A./New York
0.38%, 01/12/24		465		443,852
1.38%, 01/10/25^(a)		450		427,203
3.38%, 05/21/25		780		775,437
5.25%, 05/24/41		396		450,985
Credit Suisse AG/New York NY
0.50%, 02/02/24		185		176,068
1.00%, 05/05/23		365		358,397
1.25%, 08/07/26		1,065		941,897
2.95%, 04/09/25		1,100		1,069,101
3.63%, 09/09/24		1,175		1,172,861
Credit Suisse USA Inc., 3.70%, 02/21/25		1,200		1,188,720
Deutsche Bank AG/New York NY
0.90%, 05/28/24		470		443,666
0.96%, 11/08/23		805		775,762
1.69%, 03/19/26		450		410,909


Security	Par (000)		Value

Banks (continued)
Fifth Third Bank NA
2.25%, 02/01/27 (Call 01/01/27)	$	695	$	651,319
3.95%, 07/28/25 (Call 06/28/25)		765		774,310
Goldman Sachs Group Inc. (The)
0.66%, 09/10/24 (Call 09/10/23), (SOFR + 0.505%)^(b)		140		134,610
0.86%, 02/12/26 (Call 02/12/25), (SOFR + 0.609%)^(b)		92		83,985
0.93%, 10/21/24 (Call 10/21/23), (SOFR + 0.486%)^(b)		500		480,870
1.09%, 12/09/26 (Call 12/09/25), (SOFR + 0.789%)^(b)		525		469,948
1.22%, 12/06/23 (Call 12/06/22)		500		485,925
1.43%, 03/09/27 (Call 03/09/26), (SOFR + 0.798%)^(b)		1,570		1,403,972
1.54%, 09/10/27 (Call 09/10/26), (SOFR + 0.818%)^(b)		882		778,974
1.76%, 01/24/25 (Call 01/24/24), (SOFR + 0.730%)^(b)		300		289,962
1.95%, 10/21/27 (Call 10/21/26), (SOFR + 0.913%)^(b)		1,125		1,010,149
1.99%, 01/27/32 (Call 01/27/31), (SOFR + 1.090%)^(b)		410		331,419
2.38%, 07/21/32 (Call 07/21/31), (SOFR + 1.248%)^(b)		1,747		1,447,075
2.60%, 02/07/30 (Call 11/07/29)^(a)		881		765,025
2.62%, 04/22/32 (Call 04/22/31), (SOFR + 1.281%)^(b)		1,395		1,181,133
2.64%, 02/24/28 (Call 02/24/27), (SOFR + 1.114%)^(b)		750		690,292
2.65%, 10/21/32 (Call 10/21/31), (SOFR + 1.264%)^(b)		1,320		1,114,357
2.91%, 07/21/42 (Call 07/21/41), (SOFR + 1.430%)^(b)		562		434,842
3.10%, 02/24/33 (Call 02/24/32), (SOFR + 1.410%)^(b)		1,330		1,162,606
3.21%, 04/22/42 (Call 04/22/41), (SOFR + 1.513%)^(b)		697		561,705
3.27%, 09/29/25 (Call 09/29/24),
(3 mo. LIBOR US + 1.201%)^(b)		1,112		1,094,430
3.44%, 02/24/43 (Call 02/24/42), (SOFR + 1.513%)^(b)		500		413,380
3.50%, 01/23/25 (Call 10/23/24)		1,179		1,169,061
3.50%, 04/01/25 (Call 03/01/25)		1,528		1,509,664
3.50%, 11/16/26 (Call 11/16/25)		1,556		1,519,652
3.62%, 03/15/28 (Call 03/15/27), (SOFR + 1.846%)^(b)		1,000		962,420
3.63%, 02/20/24 (Call 01/20/24)		926		927,491
3.69%, 06/05/28 (Call 06/05/27),
(3 mo. LIBOR US + 1.510%)^(b)		1,330		1,275,510
3.75%, 05/22/25 (Call 02/22/25)^(a)		954		950,117
3.75%, 02/25/26 (Call 11/25/25)		740		734,842
3.80%, 03/15/30 (Call 12/15/29)		1,138		1,075,808
3.81%, 04/23/29 (Call 04/23/28),
(3 mo. LIBOR US + 1.158%)^(b)		568		545,331
3.85%, 07/08/24 (Call 04/08/24)		1,112		1,118,861
3.85%, 01/26/27 (Call 01/26/26)		1,317		1,288,711
4.00%, 03/03/24		1,308		1,320,164
4.02%, 10/31/38 (Call 10/31/37),
(3 mo. LIBOR US + 1.373%)^(b)		1,003		918,818
4.22%, 05/01/29 (Call 05/01/28),
(3 mo. LIBOR US + 1.301%)^(b)		1,532		1,498,664
4.41%, 04/23/39 (Call 04/23/38),
(3 mo. LIBOR US + 1.430%)^(b)		615		587,743
4.75%, 10/21/45 (Call 04/21/45)		760		752,354
4.80%, 07/08/44 (Call 01/08/44)		793		786,672
6.13%, 02/15/33		543		605,157
6.25%, 02/01/41		1,069		1,246,368
HSBC Bank USA N.A., 7.00%, 01/15/39		235		293,609
HSBC Holdings PLC
0.73%, 08/17/24 (Call 08/17/23), (SOFR + 0.534%)^(b)		500		481,670
0.98%, 05/24/25 (Call 05/24/24), (SOFR + 0.708%)^(b)		825		774,865
1.00%, 08/17/29 (Call 08/17/28), (SOFR + 1.285%)^(b)		1,065		917,615
1.16%, 11/22/24 (Call 11/22/23), (SOFR + 0.580%)^(a)(b)		315		302,104
1.59%, 05/24/27 (Call 05/24/26), (SOFR + 1.290%)^(b)		1,050		933,513
1.65%, 04/18/26 (Call 04/18/25), (SOFR + 1.538%)^(b)		1,828		1,694,245
2.01%, 09/22/28 (Call 09/22/27), (SOFR + 1.732%)^(b)		500		436,305
2.10%, 06/04/26 (Call 06/04/25), (SOFR + 1.929%)^(b)		1,230		1,149,423


Security	Par (000)		Value

Banks (continued)
2.25%, 11/22/27 (Call 11/22/26), (SOFR + 1.100%)^(b)	$	1,165	$	1,053,043
2.36%, 08/18/31 (Call 08/18/30), (SOFR + 1.947%)^(b)		855		709,881
2.63%, 11/07/25 (Call 11/07/24), (SOFR + 1.401%)^(b)		1,155		1,112,253
2.80%, 05/24/32 (Call 05/24/31), (SOFR + 1.187%)^(b)		785		659,502
2.85%, 06/04/31 (Call 06/04/30), (SOFR + 2.387%)^(b)		735		635,025
2.87%, 11/22/32 (Call 11/22/31), (SOFR + 1.410%)^(b)		1,100		917,928
3.00%, 03/10/26 (Call 03/10/25), (SOFR + 1.430%)^(b)		560		539,829
3.60%, 05/25/23		760		766,825
3.80%, 03/11/25 (Call 03/11/24),
(3 mo. LIBOR US + 1.211%)^(b)		1,200		1,194,660
3.90%, 05/25/26		1,285		1,265,969
3.95%, 05/18/24 (Call 05/18/23),
(3 mo. LIBOR US + 0.987%)^(b)		795		798,371
3.97%, 05/22/30 (Call 05/22/29),
(3 mo. LIBOR US + 1.610%)^(b)		1,178		1,114,694
4.04%, 03/13/28 (Call 03/13/27),
(3 mo. LIBOR US + 1.546%)^(b)		1,988		1,927,943
4.29%, 09/12/26 (Call 09/15/25),
(3 mo. LIBOR US + 1.348%)^(b)		1,210		1,203,163
4.30%, 03/08/26		1,692		1,695,773
4.58%, 06/19/29 (Call 06/19/28),
(3 mo. LIBOR US + 1.535%)^(b)		973		955,846
4.95%, 03/31/30		1,378		1,391,656
6.10%, 01/14/42		320		362,723
HSBC USA Inc., 3.50%, 06/23/24		495		495,198
Huntington National Bank (The), 3.55%, 10/06/23 (Call 09/06/23)		505		507,717
ING Groep NV
1.73%, 04/01/27 (Call 04/01/26), (SOFR + 1.005%)^(b)		470		423,705
2.73%, 04/01/32 (Call 04/01/31), (SOFR + 1.316%)^(b)		213		182,130
3.55%, 04/09/24		445		444,061
3.87%, 03/28/26 (Call 03/28/25), (SOFR + 1.640%)^(b)		300		296,733
3.95%, 03/29/27		795		777,025
4.02%, 03/28/28 (Call 03/28/27)^(b)		300		291,345
4.05%, 04/09/29		505		485,800
4.10%, 10/02/23		817		825,064
4.25%, 03/28/33 (Call 03/28/32)^(b)		300		287,121
4.55%, 10/02/28		770		765,773
JPMorgan Chase & Co.
0.56%, 02/16/25 (Call 02/16/24), (SOFR + 0.420%)^(b)		150		142,133
0.65%, 09/16/24 (Call 09/16/23), (SOFR + 0.600%)^(b)		65		62,865
0.77%, 08/09/25 (Call 08/09/24), (SOFR + 0.490%)^(b)		85		79,404
0.97%, 06/23/25 (Call 06/23/24), (SOFR + 0.580%)^(b)		365		343,137
1.04%, 02/04/27 (Call 02/04/26), (SOFR + 0.695%)^(a)(b)		60		53,434
1.05%, 11/19/26 (Call 11/19/25), (SOFR + 0.800%)^(b)		110		98,793
1.47%, 09/22/27 (Call 09/22/26), (SOFR + 0.765%)^(b)		710		631,147
1.51%, 06/01/24 (Call 06/01/23), (SOFR + 1.455%)^(b)		250		245,945
1.56%, 12/10/25 (Call 12/10/24), (SOFR + 0.605%)^(b)		700		659,092
1.58%, 04/22/27 (Call 04/22/26), (SOFR + 0.885%)^(b)		825		746,064
1.76%, 11/19/31 (Call 11/19/30), (SOFR + 1.105%)^(a)(b)		140		112,983
1.95%, 02/04/32 (Call 02/04/31), (SOFR + 1.065%)^(b)		339		276,851
2.01%, 03/13/26 (Call 03/13/25), (SOFR + 1.585%)^(b)		360		339,336
2.07%, 06/01/29 (Call 06/01/28), (SOFR + 1.015%)^(b)		180		157,687
2.08%, 04/22/26 (Call 04/22/25), (SOFR + 1.850%)^(b)		1,230		1,157,602
2.18%, 06/01/28 (Call 06/01/27), (SOFR + 1.890%)^(b)		321		288,714
2.30%, 10/15/25 (Call 10/15/24), (SOFR + 1.160%)^(b)		540		518,535
2.52%, 04/22/31 (Call 04/22/30), (SOFR + 2.040%)^(b)		885		768,738
2.53%, 11/19/41 (Call 11/19/40), (SOFR + 2.460%)^(b)		290		215,325
2.55%, 11/08/32 (Call 11/08/31), (SOFR + 1.180%)^(b)		725		615,206
2.58%, 04/22/32 (Call 04/22/31), (SOFR + 1.250%)^(b)		745		641,140


Security	Par (000)		Value

Banks (continued)
2.60%, 02/24/26 (Call 02/24/25), (SOFR + 0.915%)^(b)	$	550	$	529,215
2.70%, 05/18/23 (Call 03/18/23)		727		726,215
2.74%, 10/15/30 (Call 10/15/29), (SOFR + 1.510%)^(b)		915		812,200
2.95%, 10/01/26 (Call 07/01/26)		692		663,351
2.95%, 02/24/28 (Call 02/24/27), (SOFR + 1.170%)^(b)		595		560,419
2.96%, 05/13/31 (Call 05/13/30), (SOFR + 2.515%)^(b)		606		532,922
2.96%, 01/25/33 (Call 01/25/32), (SOFR + 1.260%)^(b)		570		502,204
3.11%, 04/22/41 (Call 04/22/40), (SOFR + 1.38%)^(a)(b)		465		374,957
3.11%, 04/22/51 (Call 04/22/50), (SOFR + 1.220%)^(b)		210		161,906
3.13%, 01/23/25 (Call 10/23/24)		855		846,749
3.16%, 04/22/42 (Call 04/22/41), (SOFR + 2.440%)^(b)		440		357,082
3.20%, 06/15/26 (Call 03/15/26)		675		658,935
3.22%, 03/01/25 (Call 03/01/24),
(3 mo. LIBOR US + 1.155%)^(b)		685		678,157
3.30%, 04/01/26 (Call 01/01/26)		683		667,872
3.33%, 04/22/52 (Call 04/22/51), (SOFR + 1.510%)^(b)		975		778,820
3.38%, 05/01/23		199		200,077
3.51%, 01/23/29 (Call 01/23/28),
(3 mo. LIBOR US + 0.945%)^(b)		290		276,260
3.54%, 05/01/28 (Call 05/01/27),
(3 mo. LIBOR US + 1.380%)^(b)		778		747,355
3.56%, 04/23/24 (Call 04/23/23),
(3 mo. LIBOR US + 0.730%)^(b)		792		793,109
3.63%, 05/13/24		890		897,405
3.63%, 12/01/27 (Call 12/01/26)		277		267,593
3.70%, 05/06/30 (Call 05/06/29),
(3 mo. LIBOR US + 1.160%)^(b)		836		793,815
3.78%, 02/01/28 (Call 02/01/27),
(3 mo. LIBOR US + 1.337%)^(b)		649		630,718
3.80%, 07/23/24 (Call 07/23/23),
(3 mo. LIBOR US + 0.890%)^(a)(b)		546		548,184
3.88%, 02/01/24		629		637,642
3.88%, 09/10/24		830		834,167
3.88%, 07/24/38 (Call 07/24/37),
(3 mo. LIBOR US + 1.360%)^(b)		691		635,126
3.90%, 07/15/25 (Call 04/15/25)^(a)		657		660,449
3.90%, 01/23/49 (Call 01/23/48),
(3 mo. LIBOR US + 1.460%)^(b)		465		410,558
3.96%, 01/29/27 (Call 01/29/26),
(3 mo. LIBOR US + 1.245%)^(b)		60		59,386
3.96%, 11/15/48 (Call 11/15/47),
(3 mo. LIBOR US + 1.360%)^(b)		925		825,387
4.01%, 04/23/29 (Call 04/23/28),
(3 mo. LIBOR US + 1.120%)^(b)		640		624,275
4.02%, 12/05/24 (Call 12/05/23),
(3 mo. LIBOR US + 1.000%)^(b)		435		436,962
4.03%, 07/24/48 (Call 07/24/47),
(3 mo. LIBOR US + 1.580%)^(b)		463		417,607
4.08%, 04/26/26 (Call 04/26/25), (SOFR + 1.320%)^(b)		960		958,205
4.13%, 12/15/26		480		477,422
4.20%, 07/23/29 (Call 07/23/28),
(3 mo. LIBOR US + 1.260%)^(b)		870		854,975
4.25%, 10/01/27		460		457,318
4.26%, 02/22/48 (Call 02/22/47),
(3 mo. LIBOR US + 1.580%)^(b)		548		513,690
4.32%, 04/26/28 (Call 04/26/27), (SOFR + 1.560%)^(b)		1,000		997,110
4.45%, 12/05/29 (Call 12/05/28),
(3 mo. LIBOR US + 1.330%)^(b)		715		710,631
4.49%, 03/24/31 (Call 03/24/30), (SOFR + 3.790%)^(b)		135		134,536
4.59%, 04/26/33 (Call 04/26/32)^(b)		95		95,523


Security	Par (000)		Value

Banks (continued)
4.85%, 02/01/44^(a)	$	268	$	271,564
4.95%, 06/01/45		555		556,437
5.40%, 01/06/42		354		380,794
5.50%, 10/15/40		350		380,608
5.60%, 07/15/41		463		508,328
5.63%, 08/16/43^(a)		255		276,104
6.40%, 05/15/38^(a)		552		654,622
7.63%, 10/15/26		420		479,090
8.00%, 04/29/27		184		213,808
KeyBank N.A./Cleveland OH
0.43%, 06/14/24 (Call 06/14/23), (SOFR + 0.320%)^(b)		415		403,459
3.30%, 06/01/25		602		597,328
Lloyds Banking Group PLC
0.70%, 05/11/24 (Call 05/11/23),
(1 year CMT + 0.550%)^(b)		115		111,671
1.63%, 05/11/27 (Call 05/11/26)^(b)		435		390,147
2.44%, 02/05/26 (Call 02/05/25)^(b)		290		277,002
3.57%, 11/07/28 (Call 11/07/27),
(3 mo. LIBOR US + 1.205%)^(b)		685		650,812
3.75%, 01/11/27		730		710,998
3.75%, 03/18/28 (Call 03/18/27)^(b)		500		482,700
3.87%, 07/09/25 (Call 07/09/24)^(b)		739		737,633
3.90%, 03/12/24		505		506,141
4.05%, 08/16/23		728		735,171
4.38%, 03/22/28		740		730,661
4.45%, 05/08/25		845		853,349
4.55%, 08/16/28		565		564,378
M&T Bank Corp., 3.55%, 07/26/23 (Call 06/26/23)		449		451,523
Manufacturers & Traders Trust Co.
2.90%, 02/06/25 (Call 01/06/25)		520		511,654
3.40%, 08/17/27		705		683,575
Mitsubishi UFJ Financial Group Inc.
0.85%, 09/15/24 (Call 09/15/23)^(b)		615		593,075
0.95%, 07/19/25 (Call 07/19/24)^(b)		700		657,307
0.96%, 10/11/25 (Call 10/11/24)^(b)		475		442,719
1.41%, 07/17/25		865		799,104
1.54%, 07/20/27 (Call 07/20/26)^(b)		905		810,880
1.64%, 10/13/27 (Call 10/13/26)^(b)		780		696,127
2.05%, 07/17/30		455		378,687
2.19%, 02/25/25		1,175		1,126,273
2.31%, 07/20/32 (Call 07/20/31)^(b)		990		825,056
2.34%, 01/19/28 (Call 01/19/27)^(b)		615		564,066
2.49%, 10/13/32 (Call 10/13/31)^(b)		410		344,724
2.56%, 02/25/30^(a)		559		488,236
2.76%, 09/13/26		360		340,564
2.80%, 07/18/24		480		472,334
2.85%, 01/19/33 (Call 01/19/32)^(b)		615		532,442
3.20%, 07/18/29		955		877,960
3.29%, 07/25/27^(a)		547		524,409
3.41%, 03/07/24		753		752,450
3.68%, 02/22/27^(a)		627		615,137
3.74%, 03/07/29		860		826,030
3.75%, 07/18/39		610		553,758
3.76%, 07/26/23		368		371,496
3.78%, 03/02/25		159		159,817
3.84%, 04/17/26 (Call 04/17/25)^(b)		500		498,130
3.85%, 03/01/26		635		629,729
3.96%, 03/02/28		567		554,821
4.05%, 09/11/28		676		658,836
4.08%, 04/19/28 (Call 04/19/27)^(b)		500		493,710


Security	Par (000)		Value

Banks (continued)
4.15%, 03/07/39	$	186	$	177,403
4.29%, 07/26/38		55		53,535
4.32%, 04/19/33^(a)		500		490,155
Mizuho Financial Group Inc.
0.85%, 09/08/24 (Call 09/08/23), (SOFR + 0.872%)^(b)		550		530,315
1.23%, 05/22/27 (Call 05/22/26)^(b)		435		384,984
1.24%, 07/10/24 (Call 07/10/23), (SOFR + 1.252%)^(b)		310		302,163
1.55%, 07/09/27 (Call 07/09/26)^(b)		650		580,846
1.98%, 09/08/31 (Call 09/08/30), (SOFR + 1.532%)^(b)		215		175,833
2.17%, 05/22/32 (Call 05/22/31)^(b)		325		267,092
2.20%, 07/10/31 (Call 07/10/30), (SOFR + 1.772%)^(b)		460		385,259
2.23%, 05/25/26 (Call 05/25/25),
(3 mo. LIBOR US + 0.830%)^(b)		440		416,011
2.26%, 07/09/32 (Call 07/09/31)^(a)(b)		355		293,755
2.56%, 09/13/25 (Call 09/13/24), (SOFR + 1.362%)^(b)		250		242,488
2.59%, 05/25/31 (Call 05/25/30),
(3 mo. LIBOR US + 1.070%)^(b)		255		221,758
2.65%, 05/22/26 (Call 05/22/25)^(a)(b)		350		336,672
2.84%, 07/16/25 (Call 07/16/24), (SOFR + 1.242%)^(b)		25		24,469
2.84%, 09/13/26		220		208,208
2.87%, 09/13/30 (Call 09/13/29), (SOFR + 1.572%)^(b)		325		291,831
3.15%, 07/16/30 (Call 07/16/29),
(3 mo. LIBOR US + 1.130%)^(b)		385		353,461
3.17%, 09/11/27^(a)		396		374,806
3.26%, 05/22/30 (Call 05/22/29)^(b)		375		347,224
3.66%, 02/28/27		562		549,046
3.92%, 09/11/24 (Call 09/11/23),
(3 mo. LIBOR US + 1.000%)^(a)(b)		295		296,387
4.02%, 03/05/28		490		480,504
4.25%, 09/11/29 (Call 09/11/28),
(3 mo. LIBOR US + 1.270%)^(b)		425		417,393
Morgan Stanley
0.73%, 04/05/24 (Call 04/05/23), (SOFR + 0.616%)^(b)		460		448,049
0.79%, 01/22/25 (Call 01/22/24), (SOFR + 0.509%)^(b)		802		762,550
0.79%, 05/30/25 (Call 05/30/24), (SOFR + 0.525%)^(b)		565		528,371
0.99%, 12/10/26 (Call 12/10/25), (SOFR + 0.720%)^(b)		1,487		1,327,832
1.16%, 10/21/25 (Call 10/21/24), (SOFR + 0.560%)^(b)		1,500		1,401,585
1.51%, 07/20/27 (Call 07/20/26), (SOFR + 0.858%)^(b)		1,082		965,945
1.59%, 05/04/27 (Call 04/04/27), (SOFR + 0.879%)^(b)		47		42,401
1.79%, 02/13/32 (Call 02/13/31), (SOFR + 1.034%)^(b)		550		441,062
1.93%, 04/28/32 (Call 01/28/32), (SOFR + 1.020%)^(b)		1,063		858,213
2.19%, 04/28/26 (Call 04/28/25), (SOFR + 1.990%)^(b)		510		481,578
2.24%, 07/21/32 (Call 07/21/31), (SOFR + 1.178%)^(b)		1,340		1,109,440
2.48%, 01/21/28 (Call 01/21/27), (SOFR + 1.000%)^(b)		970		892,895
2.51%, 10/20/32 (Call 10/20/31), (SOFR + 1.200%)^(b)		995		837,979
2.63%, 02/18/26 (Call 02/18/25), (SOFR + 0.940%)^(b)		650		625,761
2.70%, 01/22/31 (Call 01/22/30), (SOFR + 1.143%)^(b)		1,096		964,612
2.72%, 07/22/25 (Call 07/22/24), (SOFR + 1.152%)^(b)		1,298		1,263,992
2.80%, 01/25/52 (Call 07/25/51), (SOFR + 1.430%)^(b)		535		389,298
2.94%, 01/21/33 (Call 01/21/32), (SOFR + 1.290%)^(b)		735		641,420
3.13%, 07/27/26		1,428		1,368,838
3.22%, 04/22/42 (Call 04/22/41), (SOFR + 1.431%)^(a)(b)		1,042		854,346
3.59%, 07/22/28 (Call 07/22/27),
(3 mo. LIBOR US + 1.340%)^(b)		1,470		1,409,113
3.62%, 04/17/25 (Call 04/17/24), (SOFR + 1.160%)^(b)		1,120		1,113,885
3.62%, 04/01/31 (Call 04/01/30), (SOFR + 3.120%)^(b)		630		590,461
3.63%, 01/20/27		1,503		1,466,312
3.70%, 10/23/24^(a)		1,528		1,531,774
3.74%, 04/24/24 (Call 04/24/23),
(3 mo. LIBOR US + 0.847%)^(b)		1,497		1,496,790


Security	Par (000)		Value

Banks (continued)
3.77%, 01/24/29 (Call 01/24/28),
(3 mo. LIBOR US + 1.140%)^(b)	$	1,057	$	1,020,047
3.88%, 01/27/26		1,666		1,654,105
3.97%, 07/22/38 (Call 07/22/37),
(3 mo. LIBOR US + 1.455%)^(b)		1,059		977,372
4.00%, 07/23/25		1,477		1,479,230
4.21%, 04/20/28 (Call 04/20/27), (SOFR + 1.610%)^(b)		795		789,085
4.30%, 01/27/45		985		927,466
4.38%, 01/22/47		1,080		1,033,873
4.43%, 01/23/30 (Call 01/23/29),
(3 mo. LIBOR US + 1.628%)^(b)		437		434,116
4.46%, 04/22/39 (Call 04/22/38),
(3 mo. LIBOR US + 0.408%)^(b)		420		413,074
5.60%, 03/24/51 (Call 03/24/50), (SOFR + 4.480%)^(b)		826		940,021
6.25%, 08/09/26		620		671,299
6.38%, 07/24/42		892		1,075,128
7.25%, 04/01/32		846		1,015,462
Series F, 3.88%, 04/29/24		1,616		1,627,619
Series I, 0.86%, 10/21/25 (Call 10/21/24),
(SOFR + 0.745%)^(b)		510		473,479
National Australia Bank Ltd./New York
2.50%, 07/12/26		705		673,085
3.38%, 01/14/26		580		575,128
3.63%, 06/20/23		40		40,404
National Bank of Canada
0.55%, 11/15/24 (Call 11/15/23)^(b)		785		751,284
0.75%, 08/06/24		735		690,643
Northern Trust Corp.
1.95%, 05/01/30 (Call 02/01/30)^(a)		555		482,634
3.15%, 05/03/29 (Call 02/03/29)		400		383,824
3.65%, 08/03/28 (Call 05/03/28)		410		408,327
3.95%, 10/30/25		700		709,436
PNC Bank N.A.
2.70%, 10/22/29		590		531,248
2.95%, 02/23/25 (Call 01/23/25)		370		366,282
3.10%, 10/25/27 (Call 09/25/27)^(a)		275		266,591
3.25%, 06/01/25 (Call 05/02/25)		260		258,656
3.25%, 01/22/28 (Call 12/23/27)		350		339,119
3.30%, 10/30/24 (Call 09/30/24)		420		418,748
3.80%, 07/25/23 (Call 06/25/23)		275		277,291
3.88%, 04/10/25 (Call 03/10/25)		295		295,817
4.05%, 07/26/28		595		590,734
4.20%, 11/01/25 (Call 10/01/25)		290		294,660
2.50%, 08/27/24 (Call 07/27/24)		345		337,941
PNC Financial Services Group Inc. (The)
1.15%, 08/13/26 (Call 07/13/26)		450		407,817
2.20%, 11/01/24 (Call 10/02/24)		441		430,385
2.31%, 04/23/32 (Call 04/23/31), (SOFR + 0.979%)^(b)		638		549,911
2.55%, 01/22/30 (Call 10/24/29)		620		554,912
2.60%, 07/23/26 (Call 05/24/26)^(a)		625		600,231
3.15%, 05/19/27 (Call 04/19/27)		450		438,174
3.45%, 04/23/29 (Call 01/23/29)^(a)		711		684,025
3.50%, 01/23/24 (Call 12/24/23)		750		754,492
3.90%, 04/29/24 (Call 03/29/24)		407		411,624
Royal Bank of Canada
0.43%, 01/19/24^(a)		130		124,615
0.50%, 10/26/23		611		589,804
0.65%, 07/29/24		667		627,313
0.75%, 10/07/24		765		717,975
0.88%, 01/20/26^(a)		15		13,466


Security	Par (000)		Value

Banks (continued)
1.15%, 06/10/25	$	772	$	713,969
1.15%, 07/14/26		405		363,107
1.20%, 04/27/26		720		650,124
1.40%, 11/02/26		530		477,085
1.60%, 01/21/25^(a)		225		213,480
2.05%, 01/21/27^(a)		690		635,718
2.25%, 11/01/24		793		770,503
2.30%, 11/03/31		685		582,757
2.55%, 07/16/24		330		324,235
3.38%, 04/14/25		300		296,823
3.63%, 05/04/27^(a)		1,000		981,820
3.70%, 10/05/23		866		875,491
3.88%, 05/04/32		1,000		960,460
4.65%, 01/27/26^(a)		463		472,306
Santander UK PLC, 4.00%, 03/13/24^(a)		1,215		1,228,158
State Street Corp.
1.68%, 11/18/27 (Call 11/18/26), (SOFR + 0.560%)^(b)		325		297,268
2.20%, 02/07/28 (Call 02/07/27), (SOFR + 0.730%)^(b)		355		329,618
2.20%, 03/03/31		387		328,679
2.35%, 11/01/25 (Call 11/01/24)^(b)		458		444,736
2.40%, 01/24/30^(a)		355		318,687
2.62%, 02/07/33 (Call 02/07/32), (SOFR + 1.002%)^(b)		425		375,662
2.65%, 05/19/26		375		364,515
3.03%, 11/01/34 (Call 11/01/29), (SOFR + 1.490%)^(b)		225		205,778
3.10%, 05/15/23		481		483,294
3.30%, 12/16/24^(a)		673		673,774
3.55%, 08/18/25		319		319,603
3.70%, 11/20/23		704		711,800
3.78%, 12/03/24 (Call 12/03/23),
(3 mo. LIBOR US + 0.770%)^(b)		260		262,296
4.14%, 12/03/29 (Call 12/03/28),
(3 mo. LIBOR US + 1.030%)^(b)		245		246,299
Sumitomo Mitsui Banking Corp.
3.40%, 07/11/24^(a)		200		199,384
3.65%, 07/23/25		55		54,622
3.95%, 07/19/23		485		489,312
3.95%, 01/10/24^(a)		335		338,762
Sumitomo Mitsui Financial Group Inc.
0.95%, 01/12/26		260		232,931
1.40%, 09/17/26		780		695,573
1.47%, 07/08/25		325		301,399
1.71%, 01/12/31		830		663,685
1.90%, 09/17/28		645		554,726
2.13%, 07/08/30		325		273,130
2.17%, 01/14/27		50		45,859
2.22%, 09/17/31		505		418,524
2.30%, 01/12/41		290		210,441
2.35%, 01/15/25		815		783,272
2.45%, 09/27/24		242		235,069
2.47%, 01/14/29		265		235,007
2.63%, 07/14/26		959		906,485
2.70%, 07/16/24		465		455,719
2.72%, 09/27/29^(a)		405		362,151
2.75%, 01/15/30^(a)		900		800,343
3.01%, 10/19/26		760		726,248
3.04%, 07/16/29		1,184		1,084,059
3.05%, 01/14/42		260		211,611
3.35%, 10/18/27		465		446,935
3.36%, 07/12/27		839		809,123
3.45%, 01/11/27		852		825,503


Security	Par (000)		Value

Banks (continued)
3.54%, 01/17/28	$	445	$	428,588
3.75%, 07/19/23		510		514,080
3.78%, 03/09/26		339		334,915
3.94%, 10/16/23		419		423,249
3.94%, 07/19/28		236		230,131
4.31%, 10/16/28^(a)		205		203,518
Svenska Handelsbanken AB, 3.90%, 11/20/23		580		587,412
Toronto-Dominion Bank (The)
0.30%, 06/02/23		25		24,380
0.45%, 09/11/23		165		159,756
0.55%, 03/04/24		115		109,633
0.70%, 09/10/24		30		28,261
0.75%, 06/12/23		160		156,581
0.75%, 09/11/25^(a)		572		520,955
0.75%, 01/06/26^(a)		867		779,502
1.15%, 06/12/25		695		645,398
1.20%, 06/03/26		470		423,973
1.25%, 12/13/24		155		147,090
1.25%, 09/10/26		160		143,458
1.45%, 01/10/25^(a)		800		758,496
1.95%, 01/12/27		800		734,696
2.00%, 09/10/31		315		262,449
2.35%, 03/08/24		200		196,944
2.45%, 01/12/32		380		326,017
2.65%, 06/12/24		730		721,576
2.80%, 03/10/27		200		190,114
3.20%, 03/10/32		700		638,883
3.25%, 03/11/24		716		716,508
3.50%, 07/19/23		908		915,754
3.63%, 09/15/31 (Call 09/15/26)^(a)(b)		397		387,686
Truist Bank
1.50%, 03/10/25 (Call 02/10/25)		215		204,072
2.15%, 12/06/24 (Call 11/06/24)		150		145,634
2.25%, 03/11/30 (Call 12/11/29)		762		659,991
2.64%, 09/17/29 (Call 09/17/24)^(b)		437		423,182
2.75%, 05/01/23 (Call 04/01/23)		256		255,488
3.20%, 04/01/24 (Call 03/01/24)		388		387,922
3.30%, 05/15/26 (Call 04/15/26)		30		29,445
3.63%, 09/16/25 (Call 08/16/25)		695		691,685
3.69%, 08/02/24 (Call 08/02/23),
(3 mo. LIBOR US + 0.735%)^(a)(b)		155		155,944
3.80%, 10/30/26 (Call 09/30/26)^(a)		302		299,789
4.05%, 11/03/25 (Call 09/03/25)		164		166,829
Truist Financial Corp.
1.13%, 08/03/27 (Call 06/03/27)		405		352,370
1.20%, 08/05/25 (Call 07/03/25)		160		148,544
1.27%, 03/02/27 (Call 03/02/26), (SOFR + 0.609%)^(b)		762		692,826
1.89%, 06/07/29 (Call 06/07/28), (SOFR + 0.862%)^(b)		695		608,556
1.95%, 06/05/30 (Call 03/05/30)		263		225,241
2.50%, 08/01/24 (Call 07/01/24)		530		520,259
2.85%, 10/26/24 (Call 09/26/24)		860		849,714
3.70%, 06/05/25 (Call 05/05/25)		570		571,436
3.75%, 12/06/23 (Call 11/06/23)		125		126,266
3.88%, 03/19/29 (Call 02/19/29)		473		459,671
4.00%, 05/01/25 (Call 03/01/25)		502		507,562
U.S. Bancorp.
1.38%, 07/22/30 (Call 04/22/30)		255		208,649
1.45%, 05/12/25 (Call 04/12/25)		679		640,474
2.22%, 01/27/28 (Call 01/27/27), (SOFR + 0.730%)^(b)		330		306,755
2.40%, 07/30/24 (Call 06/30/24)		707		694,140


Security	Par (000)		Value

Banks (continued)
2.49%, 11/03/36 (Call 11/03/31)^(b)	$	600	$	505,038
2.68%, 01/27/33 (Call 01/27/32), (SOFR + 1.020%)^(b)		255		226,029
3.00%, 07/30/29 (Call 04/30/29)^(a)		412		383,020
3.10%, 04/27/26 (Call 03/27/26)		698		682,728
3.38%, 02/05/24 (Call 01/05/24)		726		728,810
3.60%, 09/11/24 (Call 08/11/24)		887		891,737
3.70%, 01/30/24 (Call 12/29/23)		492		497,127
3.90%, 04/26/28 (Call 03/26/28)		440		440,770
3.95%, 11/17/25 (Call 10/17/25)		665		675,394
Series V, 2.38%, 07/22/26 (Call 06/22/26)^(a)		929		885,105
Series X, 3.15%, 04/27/27 (Call 03/27/27)		774		754,905
U.S. Bank N.A./Cincinnati OH
2.05%, 01/21/25 (Call 12/21/24)		150		145,083
2.80%, 01/27/25 (Call 12/27/24)^(a)		464		458,348
3.40%, 07/24/23 (Call 06/23/23)		485		489,181
Wachovia Corp., 5.50%, 08/01/35		360		375,037
Wells Fargo & Co.
0.81%, 05/19/25 (Call 05/19/24), (SOFR + 0.510%)^(b)		505		475,493
1.65%, 06/02/24 (Call 06/02/23), (SOFR + 1.600%)^(b)		1,365		1,341,972
2.16%, 02/11/26 (Call 02/11/25),
(3 mo. LIBOR US + 0.750%)^(b)		1,070		1,014,948
2.19%, 04/30/26 (Call 04/29/25), (SOFR + 2.000%)^(b)		640		604,640
2.39%, 06/02/28 (Call 06/02/27), (SOFR + 2.100%)^(b)		795		722,313
2.41%, 10/30/25 (Call 10/30/24), (SOFR + 1.087%)^(b)		945		908,542
2.57%, 02/11/31 (Call 02/11/30), (SOFR + 1.262%)^(b)		430		377,101
2.88%, 10/30/30 (Call 10/30/29), (SOFR + 1.432%)^(b)		1,115		1,000,601
3.00%, 02/19/25^(a)		1,117		1,097,910
3.00%, 04/22/26		1,419		1,364,056
3.00%, 10/23/26		1,310		1,251,417
3.07%, 04/30/41 (Call 04/29/40), (SOFR + 2.530%)^(b)		1,208		977,079
3.20%, 06/17/27 (Call 06/17/26),
(3 mo. LIBOR US + 1.170%)^(b)		917		878,138
3.30%, 09/09/24		990		986,208
3.35%, 03/02/33 (Call 03/02/32), (SOFR + 1.500%)^(b)		1,000		908,920
3.53%, 03/24/28 (Call 03/24/27), (SOFR + 1.510%)^(b)		655		630,582
3.55%, 09/29/25		973		966,646
3.58%, 05/22/28 (Call 05/22/27),
(3 mo. LIBOR US + 1.310%)^(b)		1,274		1,223,129
3.75%, 01/24/24 (Call 12/24/23)^(a)		1,414		1,425,171
3.90%, 05/01/45		790		710,723
3.91%, 04/25/26 (Call 04/25/25), (SOFR + 1.320%)^(b)		1,540		1,529,559
4.10%, 06/03/26		889		885,177
4.13%, 08/15/23		391		395,583
4.15%, 01/24/29 (Call 10/24/28)		1,075		1,059,036
4.30%, 07/22/27		936		934,091
4.40%, 06/14/46^(a)		840		780,931
4.48%, 01/16/24		671		683,615
4.48%, 04/04/31 (Call 04/04/30), (SOFR + 4.032%)^(b)		586		585,420
4.61%, 04/25/53^(b)		2,040		2,011,583
4.65%, 11/04/44		787		750,735
4.75%, 12/07/46		831		812,136
4.90%, 11/17/45		638		626,599
5.01%, 04/04/51 (Call 04/04/50), (SOFR + 4.502%)^(b)		2,077		2,160,599
5.38%, 11/02/43		825		860,805
5.61%, 01/15/44		610		651,090
Wells Fargo Bank N.A.
5.85%, 02/01/37		330		367,307
5.95%, 08/26/36		600		666,738
6.60%, 01/15/38		348		422,723


Security	Par (000)		Value

Banks (continued)
Westpac Banking Corp.
1.02%, 11/18/24	$	375	$	355,553
1.15%, 06/03/26		150		135,869
1.95%, 11/20/28		555		490,231
2.15%, 06/03/31		540		460,868
2.35%, 02/19/25		228		221,757
2.65%, 01/16/30		505		460,151
2.70%, 08/19/26		535		514,007
2.85%, 05/13/26		720		698,818
3.30%, 02/26/24		826		830,006
3.35%, 03/08/27		690		676,379
3.40%, 01/25/28		615		597,128
3.65%, 05/15/23		568		573,958


				408,660,105

Beverages — 2.1%
Brown-Forman Corp., 4.50%, 07/15/45 (Call 01/15/45)		405		395,973
Coca-Cola Co. (The)
1.00%, 03/15/28		115		99,591
1.38%, 03/15/31		184		150,350
1.45%, 06/01/27^(a)		745		677,525
1.50%, 03/05/28		246		220,268
1.65%, 06/01/30		770		654,777
1.75%, 09/06/24^(a)		269		263,615
2.00%, 03/05/31		270		233,056
2.13%, 09/06/29		748		669,602
2.25%, 01/05/32		1,345		1,180,587
2.50%, 06/01/40^(a)		434		348,085
2.50%, 03/15/51		508		375,194
2.60%, 06/01/50		670		506,969
2.75%, 06/01/60^(a)		497		365,722
2.88%, 05/05/41		355		296,592
2.90%, 05/25/27		494		481,739
3.00%, 03/05/51		1,049		859,467
3.38%, 03/25/27		341		340,339
3.45%, 03/25/30		695		677,569
4.20%, 03/25/50		295		297,357
Coca-Cola Femsa SAB de CV
1.85%, 09/01/32 (Call 06/01/32)		150		119,390
2.75%, 01/22/30 (Call 10/22/29)		490		440,838
5.25%, 11/26/43		335		349,894
Diageo Capital PLC
1.38%, 09/29/25 (Call 08/29/25)		475		444,353
2.00%, 04/29/30 (Call 01/29/30)		535		465,562
2.13%, 10/24/24 (Call 09/24/24)		480		466,277
2.13%, 04/29/32 (Call 01/29/32)		425		362,351
2.38%, 10/24/29 (Call 07/24/29)^(a)		480		432,850
3.50%, 09/18/23 (Call 08/18/23)		100		100,691
3.88%, 05/18/28 (Call 02/18/28)^(a)		60		60,299
3.88%, 04/29/43 (Call 10/29/42)^(a)		286		265,611
5.88%, 09/30/36		369		429,859
Diageo Investment Corp., 4.25%, 05/11/42^(a)		248		240,726
Fomento Economico Mexicano SAB de CV, 3.50%, 01/16/50 (Call 07/16/49)		930		744,316
PepsiCo Inc.
0.40%, 10/07/23		345		334,885
0.75%, 05/01/23^(a)		502		494,073
1.40%, 02/25/31 (Call 11/25/30)		520		429,083
1.63%, 05/01/30 (Call 02/01/30)		495		422,532
1.95%, 10/21/31 (Call 07/21/31)^(a)		545		467,550
2.25%, 03/19/25 (Call 02/19/25)^(a)		1,139		1,112,199


Security	Par (000)		Value

Beverages (continued)
2.38%, 10/06/26 (Call 07/06/26)	$	227	$	217,947
2.63%, 03/19/27 (Call 01/19/27)		135		130,031
2.63%, 07/29/29 (Call 04/29/29)		658		614,796
2.63%, 10/21/41 (Call 04/21/41)^(a)		315		255,790
2.75%, 04/30/25 (Call 01/30/25)		722		713,863
2.75%, 03/19/30 (Call 12/19/29)		892		829,453
2.75%, 10/21/51 (Call 04/21/51)		630		497,517
2.85%, 02/24/26 (Call 11/24/25)		797		782,901
2.88%, 10/15/49 (Call 04/15/49)		615		500,063
3.00%, 10/15/27 (Call 07/15/27)^(a)		358		350,636
3.38%, 07/29/49 (Call 01/29/49)		249		218,597
3.45%, 10/06/46 (Call 04/06/46)		561		500,356
3.50%, 07/17/25 (Call 04/17/25)		796		801,644
3.60%, 03/01/24 (Call 12/01/23)		561		567,137
3.63%, 03/19/50 (Call 09/19/49)		499		463,102
3.88%, 03/19/60 (Call 09/19/59)		200		190,158
4.00%, 05/02/47 (Call 11/02/46)^(a)		200		195,416
7.00%, 03/01/29		50		59,757


				25,166,880

Chemicals — 0.7%
Air Products and Chemicals Inc.
1.50%, 10/15/25 (Call 09/15/25)		470		440,724
1.85%, 05/15/27 (Call 03/15/27)		476		438,058
2.05%, 05/15/30 (Call 02/15/30)		505		443,016
2.70%, 05/15/40 (Call 11/15/39)		492		397,777
2.80%, 05/15/50 (Call 11/15/49)		468		364,024
Ecolab Inc.
0.90%, 12/15/23 (Call 12/15/22)		300		290,748
1.30%, 01/30/31 (Call 10/30/30)		345		279,802
1.65%, 02/01/27 (Call 01/01/27)		220		202,365
2.13%, 02/01/32 (Call 11/01/31)^(a)		350		300,367
2.13%, 08/15/50 (Call 02/15/50)^(a)		430		290,710
2.70%, 11/01/26 (Call 08/01/26)		845		817,436
2.70%, 12/15/51 (Call 06/15/51)^(a)		110		83,244
2.75%, 08/18/55 (Call 02/18/55)		345		254,407
3.25%, 12/01/27 (Call 09/01/27)^(a)		142		139,384
4.80%, 03/24/30 (Call 12/24/29)^(a)		357		377,163
EI du Pont de Nemours and Co.
1.70%, 07/15/25 (Call 06/15/25)		408		385,091
2.30%, 07/15/30 (Call 04/15/30)^(a)		327		289,768
Linde Inc./CT
1.10%, 08/10/30 (Call 05/10/30)		690		564,344
3.20%, 01/30/26 (Call 10/30/25)^(a)		396		392,804
3.55%, 11/07/42 (Call 05/07/42)^(a)		327		299,705
PPG Industries Inc.
1.20%, 03/15/26 (Call 02/15/26)		75		68,212
3.75%, 03/15/28 (Call 12/15/27)		683		681,415
Washington University (The)
3.52%, 04/15/54		200		176,492
4.35%, 04/15/2122		200		175,862


				8,152,918

Commercial Services — 1.2%
American University (The), Series 2019, 3.67%, 04/01/49		303		267,070
Automatic Data Processing Inc.
1.25%, 09/01/30 (Call 06/01/30)		986		810,867
1.70%, 05/15/28 (Call 03/15/28)		155		139,674
3.38%, 09/15/25 (Call 06/15/25)		901		905,424


Security	Par (000)		Value

Commercial Services (continued)
Brown University in Providence in the State of Rhode Island and Providence Plant, Series A, 2.92%, 09/01/50 (Call 03/01/50)	$	265	$	217,658
California Institute of Technology, 3.65%, 09/01/2119 (Call 03/01/2119)		185		140,902
Cintas Corp., 4.00%, 05/01/32		100		99,185
Cintas Corp. No. 2
3.45%, 05/01/25 (Call 04/01/25)		75		74,765
3.70%, 04/01/27 (Call 01/01/27)		283		281,333
Duke University, Series 2020, 2.83%, 10/01/55^(a)		315		243,646
Ford Foundation (The), Series 2020, 2.82%, 06/01/70 (Call 12/01/69)		315		220,963
George Washington University (The), Series 2018, 4.13%, 09/15/48 (Call 03/15/48)		141		136,533
Leland Stanford Junior University (The), 3.65%, 05/01/48 (Call 11/01/47)		419		398,792
Massachusetts Institute of Technology
3.89%, 07/01/2116		313		271,102
4.68%,		260		270,080
5.60%, ^(a)		283		350,337
Series F, 2.99%, 07/01/50 (Call 01/01/50)		175		148,243
Northwestern University, 4.64%, 12/01/44		279		294,356
PayPal Holdings Inc.
1.35%, 06/01/23		145		143,089
1.65%, 06/01/25 (Call 05/01/25)		195		184,581
2.30%, 06/01/30 (Call 03/01/30)		545		476,673
2.40%, 10/01/24 (Call 09/01/24)		225		220,748
2.65%, 10/01/26 (Call 08/01/26)		210		201,212
2.85%, 10/01/29 (Call 07/01/29)		1,025		941,001
3.25%, 06/01/50 (Call 12/01/49)^(a)		460		365,304
President and Fellows of Harvard College
2.52%, 10/15/50 (Call 04/15/50)		261		199,699
3.15%, 07/15/46 (Call 01/15/46)		289		258,340
3.30%, 07/15/56 (Call 01/15/56)		310		277,016
Rockefeller Foundation (The), Series 2020, 2.49%, 10/01/50 (Call 04/01/50)		330		245,193
S&P Global Inc.
1.25%, 08/15/30 (Call 05/15/30)		25		20,370
2.30%, 08/15/60 (Call 02/15/60)		393		244,650
2.45%, 03/01/27 (Call 02/01/27)^(c)		90		84,822
2.50%, 12/01/29 (Call 09/01/29)		370		333,004
2.70%, 03/01/29 (Call 01/01/29)^(c)		300		277,038
2.90%, 03/01/32 (Call 12/01/31)^(c)		800		723,376
2.95%, 01/22/27 (Call 10/22/26)^(a)		308		297,266
3.25%, 12/01/49 (Call 06/01/49)		249		199,735
3.70%, 03/01/52 (Call 09/01/51)^(c)		240		209,604
3.90%, 03/01/62 (Call 09/01/61)^(c)		200		175,224
4.25%, 05/01/29 (Call 02/02/29)^(c)		600		603,612
4.75%, 08/01/28 (Call 05/01/28)^(c)		600		621,606
Thomas Jefferson University, 3.85%, 11/01/57 (Call 05/01/57)		205		173,026
Trustees of Princeton University (The)
5.70%, 03/01/39		294		354,220
Series 2020, 2.52%, 07/01/50 (Call 01/01/50)		264		207,235
University of Southern California, 3.03%, 10/01/39		399		344,137
Yale University
Series 2020, 0.87%, 04/15/25 (Call 03/15/25)		53		49,695
Series 2020, 1.48%, 04/15/30 (Call 01/15/30)		130		111,284
Series 2020, 2.40%, 04/15/50 (Call 10/15/49)		70		52,713


				13,866,403


Security	Par (000)		Value

Computers — 3.9%
Apple Inc.
0.55%, 08/20/25 (Call 07/20/25)	$	345	$	317,300
0.70%, 02/08/26 (Call 01/08/26)		960		876,720
0.75%, 05/11/23		33		32,497
1.13%, 05/11/25 (Call 04/11/25)		1,207		1,138,430
1.20%, 02/08/28 (Call 12/08/27)		1,078		944,037
1.25%, 08/20/30 (Call 05/20/30)		420		346,697
1.40%, 08/05/28 (Call 06/05/28)		760		667,417
1.65%, 05/11/30 (Call 02/11/30)		493		423,526
1.65%, 02/08/31 (Call 11/08/30)		940		795,531
1.70%, 08/05/31 (Call 05/05/31)		700		590,975
1.80%, 09/11/24 (Call 08/11/24)		296		288,789
2.05%, 09/11/26 (Call 07/11/26)		775		734,444
2.20%, 09/11/29 (Call 06/11/29)		652		591,879
2.38%, 02/08/41 (Call 08/08/40)		735		573,351
2.40%, 05/03/23		1,602		1,604,451
2.40%, 08/20/50 (Call 06/20/50)		205		148,133
2.45%, 08/04/26 (Call 05/04/26)		1,095		1,056,357
2.50%, 02/09/25^(a)		836		824,304
2.55%, 08/20/60 (Call 02/20/60)		345		243,066
2.65%, 05/11/50 (Call 11/11/49)		552		420,293
2.65%, 02/08/51 (Call 08/08/50)^(a)		852		644,351
2.70%, 08/05/51 (Call 02/05/51)		460		351,008
2.75%, 01/13/25 (Call 11/13/24)		977		968,940
2.80%, 02/08/61 (Call 02/08/60)		1,110		814,984
2.85%, 05/11/24 (Call 03/11/24)		878		877,561
2.85%, 08/05/61 (Call 02/05/61)		1,005		749,368
2.90%, 09/12/27 (Call 06/12/27)		1,000		967,550
2.95%, 09/11/49 (Call 03/11/49)		780		629,335
3.00%, 02/09/24 (Call 12/09/23)		953		956,660
3.00%, 06/20/27 (Call 03/20/27)^(a)		631		620,727
3.00%, 11/13/27 (Call 08/13/27)^(a)		699		686,453
3.20%, 05/13/25		998		1,000,565
3.20%, 05/11/27 (Call 02/11/27)		947		934,414
3.25%, 02/23/26 (Call 11/23/25)		1,381		1,378,625
3.35%, 02/09/27 (Call 11/09/26)		1,023		1,018,929
3.45%, 05/06/24		1,291		1,305,537
3.45%, 02/09/45		889		793,566
3.75%, 09/12/47 (Call 03/12/47)		595		551,892
3.75%, 11/13/47 (Call 05/13/47)		607		565,269
3.85%, 05/04/43		1,279		1,212,441
3.85%, 08/04/46 (Call 02/04/46)		975		922,691
4.25%, 02/09/47 (Call 08/09/46)		538		535,009
4.38%, 05/13/45^(a)		940		952,370
4.45%, 05/06/44		454		466,036
4.50%, 02/23/36 (Call 08/23/35)		793		843,118
4.65%, 02/23/46 (Call 08/23/45)		1,742		1,841,172
IBM Corp.
2.72%, 02/09/32 (Call 11/09/31)		200		177,594
3.43%, 02/09/52 (Call 08/09/51)		325		267,530
International Business Machines Corp.
1.70%, 05/15/27 (Call 03/15/27)		30		27,237


	Page


The Markets in Review		2
Fund Summary		4
About Fund Performance		8
Shareholder Expenses		8
Schedules of Investments		9
Financial Statements
Statements of Assets and Liabilities		62
Statements of Operations		63
Statements of Changes in Net Assets		64
Financial Highlights		66
Notes to Financial Statements		70
Statement Regarding Liquidity Risk Management Program		78
Supplemental Information		79
General Information		80
Glossary of Terms Used in this Report		81


				Average Annual Total Returns									Cumulative Total Returns

	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		(12.15	)%		(10.26	)%		1.48	%		2.37	%		(10.26	)%		7.61	%		26.38	%
Fund Market		(12.35	)		(10.63	)		1.42			2.28			(10.63	)		7.32			25.28
Index		(12.10	)		(10.17	)		1.59			2.51			(10.17	)		8.21			28.08


Actual				Hypothetical 5% Return


Beginning Account Value (11/01/21)	Ending Account Value (04/30/22)	Expenses Paid During the Period	^(a)		Beginning Account Value (11/01/21)	Ending Account Value (04/30/22)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

$ 1,000.00	$ 878.50	$ 0.70			$ 1,000.00	$ 1,024.10	$ 0.75		0.15	%



Maturity		Percent of Total Investments^(a)

1-5 Years		38.6%
5-10 Years		25.8
10-15 Years		5.3
15-20 Years		7.1
More than 20 Years		23.2


				Average Annual Total Returns						Cumulative Total Returns

	6 Months			1 Year			Since Inception			1 Year			Since Inception

Fund NAV		(8.10	)%		(5.85	)%		(0.56	)%		(5.85	)%		(0.87	)%
Fund Market		(8.52	)		(6.28	)		(0.74	)		(6.28	)		(1.16	)
Index		(7.99	)		(5.67	)		(0.32	)		(5.67	)		(0.50	)


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


Fund Summary as of April 30, 2022		iShares^® Aaa - A Rated Corporate Bond ETF



Security		Percent of Total Investments^(a)

Microsoft Corp., 2.92%, 03/17/52		0.3%
Microsoft Corp., 2.53%, 06/01/50		0.2
Wells Fargo & Co., 5.01%, 04/04/51		0.2
Amazon.com Inc., 1.20%, 06/03/27		0.2
Wells Fargo & Co., 4.61%, 04/25/53		0.2
Comcast Corp., 2.94%, 11/01/56		0.2
HSBC Holdings PLC, 4.04%, 03/13/28		0.2
Citigroup Inc., 4.41%, 03/31/31		0.2
Apple Inc., 4.65%, 02/23/46		0.2
International Business Machines Corp., 3.00%, 05/15/24		0.2


4		2 0 2 2 I S H A R E S S E M I - 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 April 30, 2022		iShares^® BB Rated Corporate Bond ETF



Maturity		Percent of Total Investments^(a)

0-1 Year		0.3%
1-5 Years		31.0
5-10 Years		58.6
10-15 Years		4.2
15-20 Years		1.5
More than 20 Years		4.4



Security		Percent of Total Investments^(a)

Sprint Corp., 7.88%, 09/15/23		0.6%
Directv Financing LLC/Directv Financing Co-Obligor Inc., 5.88%, 08/15/27		0.5
American Airlines Inc./AAdvantage Loyalty IP Ltd., 5.50%, 04/20/26		0.5
Centene Corp., 4.63%, 12/15/29		0.5
American Airlines Inc./AAdvantage Loyalty IP Ltd., 5.75%, 04/20/29		0.4
HCA Inc., 5.38%, 02/01/25		0.4
Intesa Sanpaolo SpA, 5.02%, 06/26/24		0.4
Sprint Capital Corp., 6.88%, 11/15/28		0.4
HCA Inc., 3.50%, 09/01/30		0.4
Centene Corp., 4.25%, 12/15/27		0.4


Fund Summary as of April 30, 2022		iShares^® Convertible Bond ETF



Security		Percent of Total Investments^(a)

Palo Alto Networks Inc., 0.38%, 06/01/25		1.7%
Palo Alto Networks Inc., 0.75%, 07/01/23		1.6
Pioneer Natural Resources Co., 0.25%, 05/15/25		1.3
Southwest Airlines Co., 1.25%, 05/01/25		1.2
DISH Network Corp., 3.38%, 08/15/26		1.1
Ford Motor Co. , 03/15/26		1.1
Sea Ltd., 0.25%, 09/15/26		1.0
MongoDB Inc., 0.25%, 01/15/26		0.9
DexCom Inc., 0.75%, 12/01/23		0.8
DISH Network Corp. , 12/15/25		0.8


Fund Summary as of April 30, 2022		iShares^® Floating Rate Bond ETF


				Average Annual Total Returns									Cumulative Total Returns

	6 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception

Fund NAV		(18.74	)%		(17.19	)%		12.99	%		10.76	%		(17.19	)%		84.17	%		102.75	%
Fund Market		(19.18	)		(17.45	)		12.78			10.69			(17.45	)		82.48			101.89
Index		(18.65	)		(16.96	)		13.54			11.34			(16.96	)		88.66			110.04


				Average Annual Total Returns									Cumulative Total Returns

	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		(0.31	)%		(0.13	)%		1.49	%		1.30	%		(0.13	)%		7.65	%		13.83	%
Fund Market		(0.34	)		(0.06	)		1.50			1.29			(0.06	)		7.70			13.64
Index		(0.23	)		0.04			1.77			1.53			0.04			9.17			16.45



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

Aaa		12.6%
Aa		13.3
A		54.9
Baa		15.1
Ba		0.3
Not Rated		3.8