iSHARES TRUST

The Markets in Review

Dear Shareholder,

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

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

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

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

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

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

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

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.


Total Returns as of October 31, 2022
	6-Month		12-Month

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

The iShares 0-5 Year TIPS Bond ETF (the “Fund”) seeks to track the investment results of an index composed of inflation-protected U.S. Treasury bonds with remaining maturities of less than five years, as represented by the Bloomberg U.S. Treasury Inflation-Protected Securities (TIPS) 0-5 Years Index (Series-L) (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. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.

All major segments of the fixed-income market including U.S. Treasury inflation-protected securities (“TIPS”) experienced steeply negative returns over the 12-month period, as hawkish monetary policy and rising Treasury yields weighed on performance.

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

Performance for TIPS is influenced both by the direction of interest rates and changes in inflation expectations. The five-year “breakeven” inflation rate for TIPS, which measures expectations for annualized inflation five years from the present, declined slightly during the reporting period, finishing at 2.67% (source: St. Louis Fed). The rise in Treasury yields pressured TIPS performance in absolute terms, most notably for longer-maturity TIPS which are more interest rate sensitive.

The iShares CMBS ETF (the “Fund”) seeks to track the investment results of an index composed of investment-grade commercial mortgage-backed securities, as represented by the Bloomberg U.S. CMBS (ERISA Only) Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

All major segments of the fixed-income market including commercial mortgage-backed securities (“CMBS”) experienced steeply negative returns over the 12-month period, as hawkish monetary policy and rising Treasury yields weighed on performance.

Entering the period, U.S. inflation was already running well above the 2% target of the U.S. Federal Reserve (Fed). Inflation would spike in the wake of Russia’s late-February invasion of Ukraine, which exacerbated ongoing supply-chain pressures and led to sharply higher commodity prices. Consumer price inflation rose by at least 7.5% on a year-over-year basis in each of the first nine months of 2022, hitting a peak of 9.1% in June. In response, the Fed aggressively raised its benchmark overnight lending rate, bringing the Fed funds target to a range of 3.0% to 3.25%, as compared to 0% to 0.25% at the start of 2022. In addition, the market anticipated significant further rate increases from the Fed in the coming months. The U.S. Treasury yield curve moved dramatically higher in response to the Fed’s policy tightening, with the two-year yield moving from 0.50% to 4.48% over the 12 months, an increase of 398 basis points. In addition, the yield curve became inverted as the market anticipated recession driven by tighter financial conditions.

Against this backdrop of rising rates and recession fears, CMBS issuance declined dramatically relative to the historically high volumes seen in 2021 and early 2022. Performance across property types varied between the pandemic winners and losers. Pandemic losers, such as hotel and retail properties, continued to experience elevated delinquencies relative to the pandemic winners such as industrial and multifamily properties. That said, certain segments are seeing improvement mainly driven by leisure and corporate travel returning to more normalized levels. The office sector remains an area of concern as remote work policies are being implemented which is resulting in lower demand for office space.

The iShares GNMA Bond ETF (the “Fund”) seeks to track the investment results of an index composed of mortgage-backed pass-through securities guaranteed by the Government National Mortgage Association (GNMA or Ginnie Mae), as represented by the Bloomberg U.S. GNMA Bond Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

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

While GNMA payments of principal and interest are guaranteed by the U.S. government, mortgage-backed securities including GNMAs typically perform best in a relatively stable interest rate environment. The upward shift in Treasury yields brought prepayments on underlying mortgages to a virtual halt, leading to extended durations and greater interest rate sensitivity for existing GNMAs. In addition, performance for lower-coupon GNMAs was negatively impacted by concerns that the Fed was prepared to begin selling its holdings of these issues in conjunction with an overall tightening of policy.

The iShares TIPS Bond ETF (the “Fund”) seeks to track the investment results of an index composed of inflation-protected U.S. Treasury bonds, as represented by the Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L) (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 iShares Treasury Floating Rate Bond ETF(the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury floating rate bonds, as represented by the Bloomberg U.S. Treasury Floating Rate 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 February 3, 2014. The first day of secondary market trading was February 4, 2014.

While most major segments of the fixed-income market experienced steeply negative returns over the 12-month period against the backdrop of hawkish monetary policy and rising Treasury yields, returns for Treasury Floating Rate Notes (“FRNs”) were positive for the period.

Treasury FRNs are issued with maturities of two years and coupons that reset periodically based on the three-month Treasury bill rate. As a result, prices for FRNs are relatively unimpacted by the direction of market interest rates. Moreover, FRN performance benefits from increases in short-term Treasury yields.

The iShares U.S. Treasury Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury bonds, as represented by the ICE U.S. Treasury Core Bond 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.

On March 1, 2021 the Fund began to track the 4pm pricing variant of the ICE U.S. Treasury Core Bond Index. Index data on and after March 1, 2021 is for the 4pm pricing variant of the ICE U.S. Treasury Core Bond Index. Historical index data from July 1, 2016 through February 28, 2021 is for the 3pm pricing variant of the ICE U.S. Treasury Core Bond Index. Historical index data prior to July 1, 2016 is for the Barclays U.S. Treasury Bond Index.

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

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


U.S. Government Obligations

U.S. Government Obligations — 99.5%
U.S. Treasury Inflation-Indexed Bonds
0.13%, 01/15/23	$	996,405	$	994,251,045
0.13%, 07/15/24		770,678		750,998,622
0.13%, 10/15/24		703,144		682,422,728
0.13%, 04/15/25		1,090,016		1,045,713,148
0.13%, 10/15/25		652,321		623,907,068
0.13%, 04/15/26		918,871		867,200,733
0.13%, 07/15/26		733,783		693,850,537
0.13%, 10/15/26		800,972		754,147,469
0.13%, 04/15/27		882,620		823,855,086
0.25%, 01/15/25		697,687		674,030,955
0.38%, 07/15/23		218,140		216,377,488
0.38%, 07/15/25		374,507		361,938,506
0.38%, 01/15/27		594,386		562,064,934
0.38%, 07/15/27		449,907		425,023,833
0.50%, 04/15/24		403,882		395,417,503
0.63%, 04/15/23		938,105		932,204,711
0.63%, 01/15/24		791,308		778,544,071
0.63%, 01/15/26		173,132		166,979,333
1.63%, 10/15/27		269,734		270,345,182
2.00%, 01/15/26		13,499		13,576,802


Security	Par/ Shares (000)		Value


U.S. Government Obligations (continued)
2.38%, 01/15/25	$	20,895	$	21,122,958
2.38%, 01/15/27		13,061		13,392,079


				12,067,364,791


Total Long-Term Investments — 99.5% (Cost: $12,913,482,122)				12,067,364,791


Short-Term Securities

Money Market Funds — 0.3%
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%^(a)(b)		29,880		29,880,000


Total Short-Term Securities — 0.3% (Cost: $29,880,000)				29,880,000


Total Investments — 99.8% (Cost: $12,943,362,122)				12,097,244,791

Other Assets Less Liabilities — 0.2%				26,573,132


Net Assets — 100.0%			$	12,123,817,923

^(a)	Affiliate of the Fund.

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

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:

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

Collaterized Mortgage Obligations

Mortgage-Backed Securities — 58.4%
Bank
2.92%, 12/15/52 (Call 12/15/29)	$	1,000	$	836,457
3.30%, 05/15/64 (Call 05/15/31)		500		352,098
3.79%, 04/15/65^(a)		1,500		1,301,930
Series 2017, Class A5, 3.44%, 09/15/60 (Call 09/15/27)		220		198,151
Series 2017-BNK4, Class AS, 3.78%, 05/15/50 (Call 04/15/27)		500		447,053
Series 2017-BNK4, Class ASB, 3.42%, 05/15/50 (Call 04/15/27)		260		247,410
Series 2017-BNK4, Class C, 4.37%, 05/15/50 (Call 04/15/27)^(a)		485		415,506
Series 2017-BNK5, Class A4, 3.13%, 06/15/60 (Call 07/15/27)		1,960		1,747,517
Series 2017-BNK7, Class B, 3.95%, 09/15/60 (Call 09/15/27)		550		478,537
Series 2017-BNK8, Class A3, 3.23%, 11/15/50 (Call 11/15/27)		683		607,429
Series 2017-BNK8, Class AS, 3.73%, 11/15/50 (Call 11/15/27)		1,000		887,243
Series 2018-BN10, Class C, 4.16%, 02/15/61 (Call 02/15/28)^(a)		800		672,577
Series 2018-BN14, Class A3, 3.97%, 09/15/60 (Call 09/15/28)		600		547,491
Series 2018-BN14, Class AS, 4.48%, 09/15/60 (Call 09/15/28)^(a)		500		450,220
Series 2018-BN14, Class B, 4.58%, 09/15/60 (Call 09/15/28)^(a)		750		660,773
Series 2018-BN15, Class A3, 4.14%, 11/15/61 (Call 11/15/28)		500		459,204
Series 2019-BN16, Class AS, 4.27%, 02/15/52 (Call 02/15/29)		262		231,101
Series 2019-BN18, Class A2, 3.47%, 05/15/62 (Call 05/15/29)		830		797,496
Series 2019-BN19, Class A3, 2.93%, 08/15/61 (Call 07/15/29)		2,000		1,709,148
Series 2019-BN19, Class A3, 3.18%, 08/15/61 (Call 07/15/29)		497		425,258
Series 2019-BN20, Class A2, 2.76%, 09/15/62 (Call 10/15/29)		425		355,069
Series 2019-BN20, Class A3, 3.01%, 09/15/62 (Call 10/15/29)		1,000		844,247
Series 2019-BN20, Class B, 3.40%, 09/15/62 (Call 10/15/29)^(a)		1,000		811,287
Series 2019-BN21, Class A4, 2.60%, 10/17/52 (Call 10/15/29)		2,000		1,665,941
Series 2019-BN21, Class A5, 2.85%, 10/17/52 (Call 10/15/29)		500		417,882
Series 2019-BN21, Class B, 3.21%, 10/17/52 (Call 10/15/29)^(a)		1,000		793,707
Series 2019-BN22, Class A3, 2.73%, 11/15/62 (Call 11/15/29)		1,000		825,498
Series 2019-BN22, Class A4, 2.98%, 11/15/62 (Call 11/15/29)		820		689,696
Series 2019-BN24, Class ASB, 2.93%, 11/15/62 (Call 12/15/29)		1,000		889,190
Series 2019-BNK16, Class A4, 4.01%, 02/15/52 (Call 02/15/29)		2,100		1,904,135
Series 2020, Class A5, 2.65%, 01/15/63 (Call 02/15/30)		1,000		818,247


Security	Par (000)		Value

Mortgage-Backed Securities (continued)
Series 2020-BN25, Class A3, 2.39%, 01/15/63 (Call 02/15/30)	$	1,000	$	873,512
Series 2020-BN26, Class B, 2.91%, 03/15/63 (Call 03/15/30)^(a)		250		190,965
Series 2020-BN27, Class AS, 2.55%, 04/15/63 (Call 04/15/30)		1,000		766,484
Series 2020-BN28, Class A4, 1.84%, 03/15/63 (Call 10/15/30)		500		378,080
Series 2020-BN29, Class C, 3.03%, 11/15/53 (Call 12/15/30)^(a)		520		381,160
Series 2020-BN30, Class ABS, 1.67%, 12/15/53		240		197,853
Series 2021-BN32, Class AS, 2.64%, 04/15/54 (Call 04/15/31)		2,075		1,653,817
Series 2021-BN34, Class A5, 2.44%, 06/15/63 (Call 07/15/31)		244		190,152
Series 2021-BN34, Class AS, 2.57%, 06/15/63 (Call 07/15/31)		500		377,354
Series 2021-BN35, Class B, 2.53%, 06/15/64 (Call 08/15/31)		1,000		714,192
Series 2022-BNK40, Class A4, 3.39%, 03/15/64 (Call 03/15/32)^(a)		1,000		841,147
Series 2022-BNK40, Class AS, 3.39%, 03/15/64 (Call 03/15/32)^(a)		1,000		803,916
Series2017-BNK4, Class A4, 3.63%, 05/15/50 (Call 04/15/27)		1,000		914,553
Serise BN23, Class C, 3.51%, 12/15/52 (Call 12/15/29)^(a)		500		379,961
Bank of America Merrill Lynch Commercial Mortgage Trust
Series 2016-UB10, Class A4, 3.17%, 07/15/49 (Call 02/15/31)		800		732,773
Series 2016-UB10, Class B, 3.79%, 07/15/49 (Call 02/15/31)		250		224,202
Series 2017-BNK3, Class A3, 3.31%, 02/15/50 (Call 02/15/27)		1,351		1,222,388
Series 2017-BNK3, Class A4, 3.57%, 02/15/50 (Call 02/15/27)		1,000		915,680
Barclays Commercial Mortgage Trust
Series 2019-C3, Class A4, 3.58%, 05/15/52 (Call 05/15/29)		1,746		1,543,235
Series 2019-C4, Class A5, 2.92%, 08/15/52 (Call 08/15/29)		1,000		844,121
Series 2019-C5, 2.81%, 11/15/52 (Call 11/15/29)		1,000		834,342
Series 2019-C5, Class A2, 3.04%, 11/15/52 (Call 11/15/29)		678		644,873
Series 2019-C5, Class A4, 3.06%, 11/15/52 (Call 11/15/29)		1,000		848,373
BBCMS Mortgage Trust
2.95%, 02/15/55 (Call 02/15/32)^(a)		1,500		1,211,062
Series 2017-C1, Class A4, 3.67%, 02/15/50 (Call 02/15/27)		1,000		917,595
Series 2018-C2, Class A5, 4.31%, 12/15/51 (Call 12/15/28)		1,250		1,156,733
Series 2018-C2, Class C, 4.97%, 12/15/51 (Call 12/15/28)^(a)		250		212,212
Series 2020-C6, Class A4, 2.64%, 02/15/53 (Call 02/15/30)		1,500		1,229,722
Series 2020-C7, Class AS, 2.44%, 04/15/53 (Call 04/15/30)		300		231,269
Series 2020-C8, Class A5, 2.04%, 10/15/53 (Call 10/15/30)		1,000		769,533
Series 2021-C11, Class A5, 2.32%, 09/15/54		2,500		1,924,723
Series 2021-C12, Class A4, 2.42%, 11/15/54		2,000		1,573,459
Series 2021-C12, Class C, 3.21%, 11/15/54^(a)		1,500		1,066,199
Series 2022-C14, Class AS, 3.35%, 02/15/55 (Call 02/15/32)^(a)		250		202,279
Series 2022-C15, Class A5, 3.66%, 04/15/55 (Call 04/15/32)^(a)		2,640		2,263,394
Series 2022-C17, Class A4, 4.17%, 09/15/55 (Call 09/15/32)		2,000		1,786,492


Security	Par (000)		Value

Mortgage-Backed Securities (continued)
BBCMS Trust
Series 2021-C10, Class A5, 2.49%, 07/15/54 (Call 07/15/31)	$	1,750	$	1,383,991
Series 2021-C10, Class AS, 2.68%, 07/15/54 (Call 07/15/31)		1,000		757,440
Series 2021-C10, Class B, 2.49%, 07/15/54 (Call 07/15/31)		1,000		713,002
Series 2021-C10, Class C, 2.84%, 07/15/54 (Call 07/15/31)		500		346,445
Benchmark Mortgage Trust
3.46%, 03/15/55 (Call 03/15/32)		2,000		1,677,828
4.45%, 05/15/55 (Call 05/15/32)^(a)		1,750		1,599,539
Series 2018-B1, Class A5, 3.67%, 01/15/51 (Call 01/15/28)^(a)		1,000		905,417
Series 2018-B1, Class AM, 3.88%, 01/15/51 (Call 01/15/28)^(a)		500		446,033
Series 2018-B2, Class A4, 3.61%, 02/15/51 (Call 02/15/28)		1,350		1,217,931
Series 2018-B2, Class AS, 4.08%, 02/15/51 (Call 02/15/28)^(a)		1,000		888,538
Series 2018-B2, Class C, 4.24%, 02/15/51 (Call 02/15/28)^(a)		500		425,704
Series 2018-B3, Class A4, 3.76%, 04/10/51 (Call 04/10/28)		1,700		1,543,768
Series 2018-B3, Class A5, 4.03%, 04/10/51 (Call 04/10/28)		1,000		918,778
Series 2018-B4, Class A5, 4.12%, 07/15/51 (Call 07/15/28)^(a)		1,023		940,520
Series 2018-B4, Class ASB, 4.06%, 07/15/51 (Call 07/15/28)^(a)		464		438,640
Series 2018-B4, Class C, 4.55%, 07/15/51 (Call 07/15/28)^(a)		400		333,941
Series 2018-B5, Class B, 4.57%, 07/15/51 (Call 08/15/28)		500		444,170
Series 2018-B7, Class B, 4.86%, 05/15/53 (Call 11/15/28)^(a)		400		360,497
Series 2018-B8, Class A4, 3.96%, 01/15/52 (Call 12/15/28)		2,000		1,840,589
Series 2018-B8, Class A5, 4.23%, 01/15/52 (Call 12/15/28)		1,000		919,428
Series 2018-B8, Class AS, 4.53%, 01/15/52 (Call 12/15/28)^(a)		1,563		1,428,551
Series 2019-B10, Class AM, 3.98%, 03/15/62 (Call 03/15/29)		600		524,039
Series 2019-B11, Class AS, 3.78%, 05/15/52 (Call 06/15/29)		500		428,846
Series 2019-B11, Class B, 3.96%, 05/15/52 (Call 06/15/29)^(a)		500		415,786
Series 2019-B13, Class C, 3.84%, 08/15/57 (Call 10/15/29)^(a)		500		394,181
Series 2019-B14, Class A5, 3.05%, 12/15/62 (Call 11/15/29)		500		421,356
Series 2019-B9, Class A5, 4.02%, 03/15/52 (Call 02/15/29)		1,000		906,574
Series 2019-B9, Class C, 4.97%, 03/15/52 (Call 02/15/29)^(a)		250		212,931
Series 2020-B16, Class A5, 2.73%, 02/15/53 (Call 02/15/30)		1,990		1,634,679
Series 2020-B16, Class AM, 2.94%, 02/15/53 (Call 02/15/30)^(a)		1,000		799,485
Series 2020-B17, Class C, 3.37%, 03/15/53 (Call 03/15/30)^(a)		250		190,908
Series 2020-B18 AM, Class AM, 2.34%, 07/15/53 (Call 08/15/30)		430		326,495
Series 2020-B19, Class B, 2.35%, 09/15/53 (Call 10/15/30)		450		320,567
Series 2020-B20, Class B, 2.53%, 10/15/53 (Call 10/15/30)		500		370,419
Series 2020-B21, Class A5, 2.25%, 12/17/53 (Call 12/15/30)		500		380,709
Series 2020-B22, Class A5, 1.97%, 01/15/54 (Call 01/15/31)		1,000		757,148


Security	Par (000)		Value

Mortgage-Backed Securities (continued)
Series 2020-IG1, Class A3, 2.69%, 09/15/43 (Call 01/15/30)	$	1,750	$	1,423,128
Series 2021-B23, Class AS, 2.27%, 02/15/54 (Call 02/15/31)		500		375,840
Series 2021-B24, Class A4, 2.26%, 03/15/54 (Call 03/15/31)		2,000		1,578,691
Series 2021-B25, Class A5, 2.58%, 04/15/54 (Call 04/15/31)		2,000		1,582,886
Series 2021-B25, Class ASB, 2.27%, 04/15/54 (Call 04/15/31)		650		537,145
Series 2021-B26, Class A5, 2.61%, 06/15/54 (Call 06/15/31)		1,500		1,188,286
Series 2021-B26, Class AM, 2.83%, 06/15/54 (Call 06/15/31)		500		384,695
Series 2021-B27, Class A2, 2.02%, 07/15/54 (Call 07/15/31)		1,000		872,581
Series 2021-B27, Class A5, 2.39%, 07/15/54 (Call 07/15/31)		1,000		773,403
Series 2021-B27, Class AS, 2.51%, 07/15/54 (Call 07/15/31)		500		374,964
Series 2021-B29, Class A2, 2.02%, 09/15/54 (Call 10/15/31)		1,740		1,515,071
Series 2021-B29, Class A5, 2.39%, 09/15/54 (Call 10/15/31)		830		638,958
Series 2022-B32, Class A5, 3.00%, 01/15/55^(a)		1,000		807,114
Series 2022-B34, Class A5, 3.79%, 04/15/55 (Call 04/15/32)^(a)		1,500		1,293,129
Serise 2020-B17, Class A2, 2.21%, 03/15/53 (Call 03/15/30)		1,000		914,938
Serise 2020-B17, Class A5, 2.29%, 03/15/53 (Call 03/15/30)		1,000		793,406
CCUBS Commercial Mortgage Trust, Series 2017-C1, Class A4, 3.54%, 11/15/50 (Call 12/15/27)^(a)		1,510		1,351,840
CD Mortgage Trust
Series 2017-CD3, Class A4, 3.63%, 02/10/50 (Call 02/10/27)		230		209,505
Series 2017-CD3, Class AS, 3.83%, 02/10/50 (Call 02/10/27)		750		668,044
Series 2017-CD3, Class C, 4.55%, 02/10/50 (Call 02/10/27)^(a)		300		250,637
Series 2017-CD4, Class A4, 3.51%, 05/10/50 (Call 05/10/27)^(a)		1,000		906,243
Series 2017-CD5, Class A4, 3.43%, 08/15/50 (Call 07/15/27)		750		674,464
Series 2017-CD6, Class C, 4.23%, 11/13/50 (Call 11/13/27)^(a)		500		430,129
Series 2018-CD7, Class ASB, 4.21%, 08/15/51 (Call 08/15/28)		550		522,036
Series 2019-CD8, Class A4, 2.91%, 08/15/57 (Call 08/15/29)		1,000		835,988
CFCRE Commercial Mortgage Trust
Series 2016-C3, Class A3, 3.87%, 01/10/48 (Call 01/10/26)		500		469,079
Series 2016-C4, Class A4, 3.28%, 05/10/58 (Call 05/10/26)		1,650		1,506,058
Series 2017-C8, Class ASB, 3.37%, 06/15/50 (Call 05/15/27)		901		856,642
Series 2017-C8, Class B, 4.20%, 06/15/50 (Call 05/15/27)^(a)		750		666,461
Citigroup Commercial Mortgage Trust
Series 2014-GC19, Class A4, 4.02%, 03/10/47 (Call 03/10/24)		500		488,389


Security	Par (000)		Value

Mortgage-Backed Securities (continued)
Series 2014-GC21, Class A5, 3.86%, 05/10/47 (Call 05/10/24)	$	1,145	$	1,110,118
Series 2014-GC23, Class A4, 3.62%, 07/10/47 (Call 07/10/24)		750		721,269
Series 2014-GC23, Class AS, 3.86%, 07/10/47 (Call 07/10/24)		250		238,866
Series 2014-GC23, Class C, 4.43%, 07/10/47 (Call 07/10/24)^(a)		250		235,260
Series 2014-GC25, Class A4, 3.64%, 10/10/47 (Call 10/10/24)		1,000		956,183
Series 2014-GC25, Class AS, 4.02%, 10/10/47 (Call 10/10/24)		953		905,653
Series 2014-GC25, Class B, 4.35%, 10/10/47 (Call 10/10/24)^(a)		100		94,792
Series 2015-GC27, Class A5, 3.14%, 02/10/48 (Call 01/10/25)		2,180		2,057,378
Series 2015-GC29, Class C, 4.14%, 04/10/48 (Call 04/10/25)^(a)		250		229,709
Series 2015-GC31, Class A4, 3.76%, 06/10/48 (Call 06/10/25)		750		708,976
Series 2015-GC33, Class A4, 3.78%, 09/10/58 (Call 05/10/26)		1,500		1,415,979
Series 2015-GC33, Class AS, 4.11%, 09/10/58 (Call 05/10/26)		850		797,750
Series 2015-GC35, Class AAB, 3.61%, 11/10/48 (Call 11/10/25)		328		318,179
Series 2015-P1, Class A5, 3.72%, 09/15/48 (Call 05/15/26)		356		335,073
Series 2016-C1, Class A4, 3.21%, 05/10/49 (Call 06/10/26)		874		797,469
Series 2016-C2, Class A4, 2.83%, 08/10/49 (Call 08/10/26)		1,000		889,410
Series 2016-C3, Class AAB, 2.98%, 11/15/49 (Call 11/15/26)		872		831,133
Series 2016-GC36, Class A4, 3.35%, 02/10/49 (Call 02/10/26)		1,000		934,406
Series 2016-P3, Class A3, 3.06%, 04/15/49 (Call 04/15/26)		1,500		1,413,671
Series 2016-P3, Class A4, 3.33%, 04/15/49 (Call 04/15/26)		75		69,084
Series 2016-P6, Class AS, 4.03%, 12/10/49 (Call 01/10/27)^(a)		1,000		912,231
Series 2017-C4, Class A3, 3.21%, 10/12/50 (Call 11/12/27)		1,000		901,953
Series 2017-P8, Class A3, 3.20%, 09/15/50 (Call 09/15/27)		885		788,188
Series 2017-P8, Class AS, 3.79%, 09/15/50 (Call 09/15/27)^(a)		750		667,375
Series 2018-B2, Class A4, 4.01%, 03/10/51 (Call 03/10/28)		600		550,716
Series 2018-C5, Class A4, 4.23%, 06/10/51 (Call 06/10/28)^(a)		1,000		924,954
Series 2018-C6, Class A4, 4.41%, 11/10/51 (Call 11/10/28)		1,199		1,111,493
Series 2019-C7, Class A4, 3.10%, 12/15/72 (Call 12/15/29)		2,000		1,684,621
Series 2019-GC41, Class AS, 3.02%, 08/10/56 (Call 08/10/29)		750		613,208
Series 2019-GC43, Class A2, 2.98%, 11/10/52 (Call 11/10/29)		863		812,989
Series 2019-GC43, Class A4, 3.04%, 11/10/52 (Call 11/10/29)		750		632,174
Series 2020-GC46, Class A5, 2.72%, 02/15/53 (Call 02/15/30)		1,000		821,870
Series 2020-GC46, Class AS, 2.92%, 02/15/53 (Call 02/15/30)^(a)		500		396,206
Series 2020-GC46, Class B, 3.15%, 02/15/53 (Call 02/15/30)^(a)		234		182,927


Security	Par (000)		Value

Mortgage-Backed Securities (continued)
Commission Mortgage Trust
Series 2013-CR11, Class AM, 4.72%, 08/10/50 (Call 10/10/23)^(a)	$	250	$	246,773
Series 2013-CR6, Class ASB, 2.62%, 03/10/46 (Call 03/10/23)		17		17,214
Series 2013-LC6, Class B, 3.74%, 01/10/46 (Call 02/10/23)		430		428,373
Series 2014-CR14, Class C, 4.59%, 02/10/47 (Call 01/10/24)^(a)		200		190,446
Series 2014-CR16, Class A4, 4.05%, 04/10/47 (Call 04/10/24)		500		485,602
Series 2014-CR16, Class ASB, 3.65%, 04/10/47 (Call 04/10/24)		49		48,193
Series 2014-CR17, Class A5, 3.98%, 05/10/47 (Call 05/10/24)		500		484,728
Series 2014-CR17, Class B, 4.38%, 05/10/47 (Call 05/10/24)		292		275,659
Series 2014-CR18, Class AM, 4.10%, 07/15/47 (Call 07/15/24)		300		286,717
Series 2014-CR19, Class A5, 3.80%, 08/10/47 (Call 08/10/24)		438		422,717
Series 2014-CR19, Class B, 4.70%, 08/10/47 (Call 08/10/24)^(a)		850		811,016
Series 2014-CR20, Class AM, 3.94%, 11/10/47 (Call 01/10/29)		250		234,509
Series 2014-LC17, Class A5, 3.92%, 10/10/47 (Call 12/10/24)		675		650,184
Series 2014-UBS2, Class A5, 3.96%, 03/10/47 (Call 03/10/24)		1,521		1,482,818
Series 2014-UBS2, Class AM, 4.20%, 03/10/47 (Call 03/10/24)		425		411,319
Series 2014-UBS3, Class C, 4.74%, 06/10/47 (Call 06/10/24)^(a)		150		141,292
Series 2014-UBS4, Class A4, 3.42%, 08/10/47 (Call 07/10/29)		250		240,511
Series 2014-UBS4, Class A5, 3.69%, 08/10/47 (Call 07/10/29)		500		480,078
Series 2014-UBS4, Class AM, 3.97%, 08/10/47 (Call 07/10/29)		500		475,495
Series 2014-UBS4, Class B, 4.35%, 08/10/47 (Call 07/10/29)		250		234,441
Series 2014-UBS5, Class A4, 3.84%, 09/10/47 (Call 09/10/24)		730		701,789
Series 2014-UBS6, Class A4, 3.38%, 12/10/47 (Call 10/10/28)		834		794,659
Series 2014-UBS6, Class A5, 3.64%, 12/10/47 (Call 10/10/28)		500		477,419
Series 2015-CR22, Class A5, 3.31%, 03/10/48 (Call 03/10/25)		500		471,655
Series 2015-CR22, Class AM, 3.60%, 03/10/48 (Call 03/10/25)^(a)		200		186,206
Series 2015-CR22, Class C, 4.07%, 03/10/48 (Call 03/10/25)^(a)		300		275,370
Series 2015-CR23, Class A4, 3.50%, 05/10/48 (Call 05/10/25)		500		471,153
Series 2015-CR24, Class A4, 3.43%, 08/10/48 (Call 06/10/26)		954		896,232
Series 2015-CR24, Class B, 4.43%, 08/10/48 (Call 06/10/26)^(a)		750		700,323
Series 2015-CR24, Class D, 3.46%, 08/10/48 (Call 06/10/26)^(a)		200		162,976


Security	Par (000)		Value

Mortgage-Backed Securities (continued)
Series 2015-CR25, Class A4, 3.76%, 08/10/48 (Call 08/10/25)	$	750	$	706,616
Series 2015-CR25, Class ASB, 3.54%, 08/10/48 (Call 08/10/25)		571		552,534
Series 2015-CR25, Class B, 4.52%, 08/10/48 (Call 08/10/25)^(a)		300		277,732
Series 2015-DC1, Class A5, 3.35%, 02/10/48 (Call 02/10/25)		750		708,716
Series 2015-DC1, Class B, 4.04%, 02/10/48 (Call 02/10/25)^(a)		1,000		919,712
Series 2015-DC1, Class C, 4.30%, 02/10/48 (Call 02/10/25)^(a)		250		228,171
Series 2015-LC19, Class A4, 3.18%, 02/10/48 (Call 01/10/27)		1,000		944,554
Series 2015-LC21, Class A4, 3.71%, 07/10/48 (Call 01/10/26)		500		472,384
Series 2015-LC23, Class A4, 3.77%, 10/10/48 (Call 11/10/25)		1,000		941,859
Series 2015-PC1, Class ASB, 3.61%, 07/10/50 (Call 06/10/25)		96		93,889
Series 2016-CR28, Class C, 4.60%, 02/10/49 (Call 01/10/26)^(a)		604		545,746
Series 2016-DC2, Class A4, 3.50%, 02/10/49 (Call 02/10/26)		367		345,132
Series 2016-DC2, Class AM, 4.24%, 02/10/49 (Call 02/10/26)		750		686,790
Series 2016-DC2, Class ASB, 3.55%, 02/10/49 (Call 02/10/26)		650		627,808
Series 2016-DC2, Class C, 4.66%, 02/10/49 (Call 02/10/26)^(a)		250		225,075
Series 2017-COR2, Class C, 4.59%, 09/10/50 (Call 09/10/27)^(a)		750		649,701
Series 2018-COR3, Class A3, 4.23%, 05/10/51 (Call 05/10/28)		750		688,887
Series 2018-COR3, Class B, 4.51%, 05/10/51 (Call 05/10/28)^(a)		500		438,989
Series 2018-COR3, Class C, 4.56%, 05/10/51 (Call 05/10/28)^(a)		500		415,783
Series 2019-GC44, Class A5, 2.95%, 08/15/57 (Call 11/15/29)		1,000		829,501
CSAIL Commercial Mortgage Trust
Series 2015-C1, Class A4, 3.51%, 04/15/50 (Call 03/15/25)		500		474,105
Series 2015-C1, Class AS, 3.79%, 04/15/50 (Call 03/15/25)^(a)		435		408,136
Series 2015-C2, Class A4, 3.50%, 06/15/57 (Call 05/15/25)		500		471,163
Series 2015-C3, Class A4, 3.72%, 08/15/48 (Call 08/15/25)		650		612,941
Series 2015-C4, Class A3, 3.54%, 11/15/48 (Call 11/15/25)		1,489		1,397,666
Series 2015-C4, Class A4, 3.81%, 11/15/48 (Call 11/15/25)		1,464		1,376,132
Series 2015-C4, Class D, 3.56%, 11/15/48 (Call 11/15/25)^(a)		250		213,442
Series 2016-C5, Class C, 4.64%, 11/15/48 (Call 11/15/25)^(a)		750		688,912
Series 2016-C6, Class C, 4.92%, 01/15/49 (Call 05/15/26)^(a)		350		311,849
Series 2016-C7, Class A4, 3.21%, 11/15/49 (Call 11/15/26)		193		179,604
Series 2016-C7, Class AS, 3.96%, 11/15/49 (Call 11/15/26)^(a)		1,000		907,720
Series 2017-CX9, Class A5, 3.45%, 09/15/50 (Call 09/15/27)		1,000		901,132
Series 2018-CX11, Class A5, 4.03%, 04/15/51 (Call 04/15/28)^(a)		1,000		917,222


Security	Par (000)		Value

Mortgage-Backed Securities (continued)
Series 2019-C15, Class A2, 3.45%, 03/15/52 (Call 02/15/29)	$	1,045	$	1,011,610
Series 2019-C15, Class A3, 3.78%, 03/15/52 (Call 02/15/29)		1,400		1,262,843
Series 2019-C15, Class B, 4.48%, 03/15/52 (Call 02/15/29)		1,000		861,907
Series 2019-C17, Class A5, 3.02%, 09/15/52 (Call 09/15/29)		2,000		1,673,871
Series 2019-C18, Class ASB, 2.87%, 12/15/52 (Call 12/15/29)		500		441,796
Series 2020-C19, Class A3, 2.56%, 03/15/53 (Call 03/15/30)		500		403,915
DBGS Mortgage Trust, Series 2018-C1, Class A4, 4.47%, 10/15/51 (Call 10/15/28)		1,400		1,298,431
DBJPM Mortgage Trust
Series 2016-C1, Class A4, 3.28%, 05/10/49 (Call 04/10/26)		1,000		918,553
Series 2016-C1, Class ASB, 3.04%, 05/10/49 (Call 04/10/26)		385		366,454
Series 2016-C1, Class B, 4.20%, 05/10/49 (Call 04/10/26)^(a)		1,160		1,026,422
Series 2016-C1, Class C, 3.32%, 05/10/49 (Call 04/10/26)^(a)		468		396,375
Series 2017-C6, Class A3, 3.27%, 06/10/50 (Call 06/10/27)		561		540,393
Federal National Mortgage Association
1.71%, 11/25/31^(a)		983		828,286
1.94%, 12/25/31^(a)		1,000		779,471
2.35%, 02/25/31		1,000		844,370
Series 2016-M1, Class A2, 2.94%, 01/25/26^(a)		807		761,875
Series 2016-M10, Class AV2, 3.00%, 11/25/45		500		386,536
Series 2016-M12, Class AV2, 2.31%, 10/25/23		260		257,224
Series 2016-M5, Class A2, 2.47%, 04/25/26		1,000		924,043
Series 2017-M1, Class A2, 2.41%, 10/25/26^(a)		786		719,737
Series 2017-M14, Class A2, 2.87%, 11/25/27^(a)		1,811		1,662,352
Series 2017-M15, Class ATS2, 3.16%, 11/25/27^(a)		457		442,177
Series 2018-M14, Class A2, 3.58%, 08/25/28^(a)		409		383,766
Series 2019-M12, Class A2, 2.89%, 06/25/29^(a)		1,175		1,042,615
Series 2019-M25, Class A2, 2.33%, 11/25/29^(a)		1,690		1,440,559
Series 2020-M1, Class A1, 2.15%, 10/25/29		1,568		1,445,419
Series 2020-M1, Class A2, 2.44%, 10/25/29		4,530		3,877,185
Series 2020-M14, Class A2, 1.78%, 05/25/30		1,000		803,840
Series 2020-M20, Class A2, 1.44%, 10/25/29		250		198,270
Series 2020-M5, Class A3, 2.19%, 01/25/30		1,000		832,859
Series 2020-M8, Class A2, 1.82%, 02/25/30		100		81,315
Series 2021-M19, Class A2, 1.74%, 10/25/31^(a)		2,000		1,539,230
Series 2021-M4, Class A2, 1.46%, 02/25/31^(a)		2,500		1,911,110
Series 2022-M3, Class A2, 1.71%, 11/25/31^(a)		2,000		1,523,904
Series 2022-M4, Class A2, 2.29%, 05/25/30^(a)		1,800		1,508,043
Series2019-M6, Class A2, 3.45%, 01/01/29		577		538,636
Serise 2015-M15, Class A2, 2.92%, 10/25/25^(a)		653		619,868
GS Mortgage Securities Trust
Series 2012-GCJ9, Class AS, 3.12%, 11/10/45		32		31,542
Series 2013-GC16, Class AS, 4.65%, 11/10/46 (Call 11/10/23)		150		148,079
Series 2013-GC16, Class C, 5.31%, 11/10/46 (Call 11/10/23)^(a)		100		97,003
Series 2014-GC18, Class AS, 4.38%, 01/10/47 (Call 01/10/24)		650		626,958
Series 2014-GC20, Class A5, 4.00%, 04/10/47 (Call 04/10/24)		400		389,899
Series 2014-GC20, Class B, 4.53%, 04/10/47 (Call 04/10/24)^(a)		250		236,222


Security	Par (000)		Value

Mortgage-Backed Securities (continued)
Series 2014-GC22, Class A5, 3.86%, 06/10/47 (Call 06/10/24)	$	1,640	$	1,585,705
Series 2014-GC22, Class AS, 4.11%, 06/10/47 (Call 06/10/24)		250		239,221
Series 2014-GC24, Class AAB, 3.65%, 09/10/47 (Call 09/10/24)		216		211,697
Series 2014-GC26, Class A5, 3.63%, 11/10/47 (Call 12/10/24)		1,485		1,408,914
Series 2015-GC30, Class AAB, 3.12%, 05/10/50 (Call 05/10/25)		215		208,773
Series 2015-GC30, Class AS, 3.78%, 05/10/50 (Call 05/10/25)^(a)		500		467,727
Series 2015-GC32, Class A3, 3.50%, 07/10/48 (Call 07/10/25)		545		512,717
Series 2015-GC32, Class C, 4.41%, 07/10/48 (Call 07/10/25)^(a)		804		722,439
Series 2015-GC34, Class A4, 3.51%, 10/10/48 (Call 10/10/25)		1,500		1,398,906
Series 2015-GS1, Class A3, 3.73%, 11/10/48 (Call 11/10/25)		1,500		1,397,738
Series 2016-GS2, Class A4, 3.05%, 05/10/49 (Call 05/10/26)		1,170		1,063,867
Series 2016-GS3, Class A3, 2.59%, 10/10/49 (Call 10/10/26)		1,291		1,153,249
Series 2016-GS3, Class A4, 2.85%, 10/10/49 (Call 10/10/26)		780		697,204
Series 2016-GS4, Class A4, 3.44%, 11/10/49 (Call 11/10/26)^(a)		39		35,559
Series 2017-GS6, Class B, 3.87%, 05/10/50 (Call 05/10/27)		1,000		870,145
Series 2017-GS7, Class A3, 3.17%, 08/10/50 (Call 08/10/27)		1,000		892,073
Series 2017-GS7, Class B, 3.88%, 08/10/50 (Call 08/10/27)		500		442,235
Series 2018-GS9, Class A4, 3.99%, 03/10/51 (Call 03/10/28)^(a)		1,000		915,437
Series 2019-GC38, Class A4, 3.97%, 02/10/52 (Call 02/10/29)		750		677,162
Series 2019-GC40, Class A4, 3.16%, 07/10/52 (Call 07/10/29)		1,131		966,742
Series 2019-GSA1, Class C, 3.80%, 11/10/52 (Call 11/10/29)^(a)		500		386,873
Series 2020-GC45, Class A4, 2.66%, 02/13/53 (Call 01/13/30)		775		632,576
JP Morgan Chase Commercial Mortgage Securities Trust
Series 2015-JP1, Class A4, 3.65%, 01/15/49 (Call 12/15/25)		1,000		938,825
Series 2015-JP1, Class AS, 4.12%, 01/15/49 (Call 12/15/25)^(a)		750		693,946
Series 2016-JP3, Class AS, 3.14%, 08/15/49 (Call 09/15/26)		1,000		875,542
Series 2016-JP3, Class B, 3.40%, 08/15/49 (Call 09/15/26)^(a)		108		94,643
JPMBB Commercial Mortgage Securities Trust
Series 2013-C14, Class AS, 4.41%, 08/15/46 (Call 08/15/23)^(a)		150		148,073
Series 2013-C14, Class B, 4.55%, 08/15/46 (Call 08/15/23)^(a)		500		488,782
Series 2013-C15, Class B, 4.93%, 11/15/45 (Call 10/15/23)^(a)		200		196,054
Series 2013-C15, Class C, 5.18%, 11/15/45 (Call 10/15/23)^(a)		110		107,556


Security	Par (000)		Value

Mortgage-Backed Securities (continued)
Series 2013-C17, Class A4, 4.20%, 01/15/47 (Call 01/15/24)	$	490	$	480,081
Series 2013-C17, Class C, 4.88%, 01/15/47 (Call 01/15/24)^(a)		100		95,929
Series 2014-C18, Class A5, 4.08%, 02/15/47 (Call 01/15/29)		1,400		1,362,789
Series 2014-C18, Class AS, 4.44%, 02/15/47 (Call 01/15/29)^(a)		1,200		1,160,852
Series 2014-C18, Class B, 4.79%, 02/15/47 (Call 01/15/29)^(a)		225		215,418
Series 2014-C19, Class C, 4.65%, 04/15/47 (Call 01/15/25)^(a)		200		188,748
Series 2014-C21, Class A4, 3.49%, 08/15/47 (Call 07/15/24)		510		492,386
Series 2014-C21, Class A5, 3.77%, 08/15/47 (Call 07/15/24)		500		481,950
Series 2014-C21, Class ASB, 3.43%, 08/15/47 (Call 07/15/24)		119		116,554
Series 2014-C22, Class A4, 3.80%, 09/15/47 (Call 03/15/26)		1,006		968,098
Series 2014-C22, Class C, 4.55%, 09/15/47 (Call 03/15/26)^(a)		200		178,484
Series 2014-C23, Class A5, 3.93%, 09/15/47 (Call 02/15/26)		1,144		1,102,232
Series 2014-C23, Class ASB, 3.66%, 09/15/47 (Call 02/15/26)		140		136,958
Series 2014-C25, Class AS, 4.07%, 11/15/47 (Call 11/15/24)		232		220,028
Series 2014-C25, Class B, 4.35%, 11/15/47 (Call 11/15/24)^(a)		185		173,821
Series 2015-C27, Class AS, 3.63%, 02/15/48 (Call 09/15/26)		500		463,229
Series 2015-C28, Class A3, 2.91%, 10/15/48 (Call 04/15/25)		803		755,806
Series 2015-C28, Class ASB, 3.04%, 10/15/48 (Call 04/15/25)		215		208,152
Series 2015-C29, Class ASB, 3.30%, 05/15/48 (Call 06/15/28)		251		243,266
Series 2015-C29, Class B, 4.12%, 05/15/48 (Call 06/15/28)^(a)		250		229,553
Series 2015-C30, Class AS, 4.23%, 07/15/48 (Call 07/15/25)^(a)		635		595,916
Series 2015-C31, Class A3, 3.80%, 08/15/48 (Call 08/15/25)		946		897,460
Series 2015-C33, Class A4, 3.77%, 12/15/48 (Call 11/15/25)		1,000		941,845
Series 2016-C1, Class A5, 3.58%, 03/17/49 (Call 02/15/26)		822		764,215
Series 2016-C1, Class B, 4.74%, 03/17/49 (Call 02/15/26)^(a)		450		415,546
Series 2016-C1, Class C, 4.74%, 03/17/49 (Call 02/15/26)^(a)		400		360,750
JPMCC Commercial Mortgage Securities Trust
Series 2017-JP5, Class AS, 3.88%, 03/15/50 (Call 04/15/27)^(a)		650		584,001
Series 2017-JP5, Class ASB, 3.55%, 03/15/50 (Call 04/15/27)		112		105,764
Series 2017-JP6, Class A5, 3.49%, 07/15/50 (Call 06/15/27)		300		272,596
Series 2017-JP6, Class AS, 3.74%, 07/15/50 (Call 06/15/27)		400		354,144


Security	Par (000)		Value

Mortgage-Backed Securities (continued)
Series 2017-JP7, Class A5, 3.45%, 09/15/50 (Call 08/15/27)	$	1,000	$	902,491
Series 2019-COR5, Class A2, 3.15%, 06/13/52 (Call 06/13/29)		324		312,440
Series 2019-COR5, Class A4, 3.39%, 06/13/52 (Call 06/13/29)		1,200		1,042,893
JPMDB Commercial Mortgage Securities Trust
Series 2016-C2, Class A4, 3.14%, 06/15/49 (Call 05/15/26)		1,000		913,124
Series 2016-C2, Class B, 3.99%, 06/15/49 (Call 05/15/26)^(a)		750		651,715
Series 2017-C5, Class A5, 3.69%, 03/15/50 (Call 04/15/27)		1,100		1,011,537
Series 2017-C7, Class A3, 3.05%, 10/15/50 (Call 11/15/27)		1,196		1,140,931
Series 2017-C7, Class A5, 3.41%, 10/15/50 (Call 11/15/27)		1,050		943,608
Series 2018-C8, Class A3, 3.94%, 06/15/51 (Call 06/15/28)		561		519,143
Series 2019-COR6, Class A4, 3.06%, 11/13/52 (Call 11/13/29)		955		803,290
Series 2020-COR7, Class A5, 2.18%, 05/13/53 (Call 04/13/30)		539		417,570
JPMorgan Chase Commercial Mortgage Securities Trust
Series 2013-C13, Class A4, 3.99%, 01/15/46 (Call 07/15/23)^(a)		205		202,580
Series 2013-C13, Class ASB, 3.41%, 01/15/46 (Call 07/15/23)		7		6,943
Series 2014-C20, Class A5, 3.80%, 07/15/47 (Call 06/15/24)		500		483,462
Series 2014-C20, Class B, 4.40%, 07/15/47 (Call 06/15/24)^(a)		100		93,914
Series 2015-JP1, Class A5, 3.91%, 01/15/49 (Call 12/15/25)		1,462		1,375,526
Series 2016-JP2, Class A4, 2.82%, 08/15/49 (Call 07/15/26)		1,023		917,072
Series 2016-JP2, Class AS, 3.06%, 08/15/49 (Call 07/15/26)		700		613,688
Series 2016-JP4, Class A4, 3.65%, 12/15/49 (Call 04/15/27)^(a)		1,090		999,992
Morgan Stanley Bank of America Merrill Lynch Trust
Series 2013-C10, Class ASB, 3.91%, 07/15/46 (Call 06/15/28)^(a)		14		14,280
Series 2013-C11, Class A3, 3.96%, 08/15/46 (Call 08/15/23)		312		308,038
Series 2013-C13, Class C, 4.90%, 11/15/46 (Call 11/15/28)^(a)		230		217,475
Series 2013-C7, Class B, 3.77%, 02/15/46 (Call 01/15/23)		200		197,236
Series 2013-C8, Class B, 3.64%, 12/15/48 (Call 02/15/23)^(a)		200		198,044
Series 2014-C14, Class A5, 4.06%, 02/15/47 (Call 02/15/24)		733		716,776
Series 2014-C14, Class AS, 4.38%, 02/15/47 (Call 02/15/24)^(a)		200		195,592
Series 2014-C14, Class B, 4.87%, 02/15/47 (Call 02/15/24)^(a)		200		194,198
Series 2014-C15, Class ASB, 3.65%, 04/15/47 (Call 04/15/24)		60		59,116
Series 2014-C16, Class A5, 3.89%, 06/15/47 (Call 06/15/26)		500		484,590
Series 2014-C17, Class A5, 3.74%, 08/15/47 (Call 07/15/24)		2,220		2,141,537
Series 2014-C18, Class A3, 3.65%, 10/15/47 (Call 07/15/26)		329		314,014


Security	Par (000)		Value

Mortgage-Backed Securities (continued)
Series 2014-C18, Class A4, 3.92%, 10/15/47 (Call 07/15/26)	$	1,150	$	1,108,347
Series 2014-C19, Class A4, 3.53%, 12/15/47 (Call 10/15/26)		1,275		1,216,192
Series 2015-C20, Class AS, 3.61%, 02/15/48 (Call 11/15/26)		500		466,836
Series 2015-C21, Class A4, 3.34%, 03/15/48 (Call 03/15/31)		901		845,596
Series 2015-C22, Class A4, 3.31%, 04/15/48 (Call 04/15/25)		1,000		937,726
Series 2015-C22, Class C, 4.20%, 04/15/48 (Call 04/15/25)^(a)		250		217,146
Series 2015-C23, Class A3, 3.45%, 07/15/50 (Call 06/15/25)		730		686,279
Series 2015-C23, Class A4, 3.72%, 07/15/50 (Call 06/15/25)		1,000		941,577
Series 2015-C24, Class A3, 3.48%, 05/15/48 (Call 08/15/25)		336		316,903
Series 2015-C24, Class A4, 3.73%, 05/15/48 (Call 08/15/25)		950		888,304
Series 2015-C25, Class ASB, 3.38%, 10/15/48 (Call 09/15/25)		318		306,195
Series 2015-C27, Class A4, 3.75%, 12/15/47 (Call 11/15/25)		1,373		1,288,493
Series 2016-C28, Class A4, 3.54%, 01/15/49 (Call 02/15/28)		1,000		927,686
Series 2016-C30, Class A5, 2.86%, 09/15/49 (Call 10/15/26)		500		446,889
Series 2016-C31, Class A5, 3.10%, 11/15/49 (Call 11/15/26)		1,250		1,123,128
Series 2016-C32, Class A4, 3.72%, 12/15/49 (Call 01/15/27)		1,000		918,613
Series 2016-C32, Class ASB, 3.51%, 12/15/49 (Call 01/15/27)		261		247,266
Series 2017-C33, Class A5, 3.60%, 05/15/50 (Call 05/15/27)		1,100		1,001,902
Series 2017-C34, Class A4, 3.54%, 11/15/52 (Call 10/15/27)		1,000		901,924
Series 2017-C34, Class AS, 3.86%, 11/15/52 (Call 10/15/27)		500		444,933
Morgan Stanley Capital I, Series 2017-HR2, Class A4, 3.59%, 12/15/50 (Call 12/15/27)		2,010		1,806,350
Morgan Stanley Capital I Trust
Series 2015-MS1, Class A4, 3.78%, 05/15/48 (Call 07/15/25)^(a)		500		472,906
Series 2015-UBS8, Class AS, 4.11%, 12/15/48 (Call 12/15/25)		250		228,945
Series 2016-BNK2, Class A4, 3.05%, 11/15/49 (Call 11/15/26)		1,250		1,120,903
Series 2016-UB11, Class A4, 2.78%, 08/15/49 (Call 08/15/26)		1,000		891,264
Series 2016-UB12, Class A3, 3.34%, 12/15/49 (Call 12/15/26)		983		898,133
Series 2016-UB12, Class A4, 3.60%, 12/15/49 (Call 12/15/26)		1,500		1,371,645
Series 2017-H1, Class A5, 3.53%, 06/15/50 (Call 06/15/27)		1,000		905,732
Series 2018-H3, Class A4, 3.91%, 07/15/51 (Call 07/15/28)		500		457,597
Series 2019-H7, Class A4, 3.26%, 07/15/52 (Call 07/15/29)		1,000		855,918
Series 2020-HR8, Class A4, 2.04%, 07/15/53 (Call 08/15/30)		1,120		863,823


Security	Par (000)		Value

Mortgage-Backed Securities (continued)
Series 2020-L4, Class A3, 2.70%, 02/15/53 (Call 02/15/30)	$	1,500	$	1,225,372
Series 2021-L5, Class ASB, 2.43%, 05/15/54 (Call 05/15/31)		145		120,540
Series 2021-L6, Class A2, 2.13%, 06/15/54 (Call 07/15/31)^(a)		1,500		1,311,572
Series 2021-L7, Class A5, 2.57%, 10/15/54 (Call 10/15/31)		3,000		2,331,827
SG Commercial Mortgage Securities Trust, Series 2016-C5, Class A4, 3.06%, 10/10/48 (Call 07/10/26)		1,000		897,568
UBS Commercial Mortgage Trust
Series 2017-C2, Class A4, 3.49%, 08/15/50 (Call 08/15/27)		1,000		903,483
Series 2017-C6, Class AS, 3.93%, 12/15/50 (Call 12/15/27)^(a)		500		443,495
Series 2017-C7, Class A4, 3.68%, 12/15/50 (Call 01/15/33)		1,000		900,147
Series 2018-C08, Class A4, 3.98%, 02/15/51 (Call 02/15/28)		1,325		1,212,024
Series 2018-C15, Class B, 4.92%, 12/15/51 (Call 01/15/29)^(a)		750		660,900
Series 2019-C16, Class AS, 3.89%, 04/15/52 (Call 04/15/29)		1,592		1,377,825
Series 2019-C17, Class A4, 2.92%, 10/15/52 (Call 10/15/29)		1,000		831,011
Wells Fargo Commercial Mortgage Trust
4.15%, 08/15/51 (Call 08/15/28)		1,623		1,488,322
Series 2013-LC12, Class AS, 4.30%, 07/15/46 (Call 07/15/23)^(a)		473		458,599
Series 2015-C26, Class AS, 3.58%, 02/15/48 (Call 02/15/25)		820		764,699
Series 2015-C27, Class A5, 3.45%, 02/15/48 (Call 03/15/25)		1,000		942,417
Series 2015-C27, Class B, 4.14%, 02/15/48 (Call 03/15/25)^(a)		330		300,593
Series 2015-C28, Class A4, 3.54%, 05/15/48 (Call 05/15/25)		500		470,853
Series 2015-C28, Class AS, 3.87%, 05/15/48 (Call 05/15/25)^(a)		250		232,902
Series 2015-C30, Class A4, 3.66%, 09/15/58 (Call 08/15/25)		817		769,282
Series 2015-C30, Class ASB, 3.41%, 09/15/58 (Call 08/15/25)		269		260,958
Series 2015-C31, Class A4, 3.70%, 11/15/48 (Call 11/15/25)		500		469,799
Series 2015-C31, Class B, 4.48%, 11/15/48 (Call 11/15/25)^(a)		1,000		926,813
Series 2015-C31, Class C, 4.60%, 11/15/48 (Call 11/15/25)^(a)		450		404,994
Series 2015-LC20, Class A3, 3.09%, 04/15/50		600		584,087
Series 2015-LC20, Class B, 3.72%, 04/15/50 (Call 04/15/25)		750		687,657
Series 2015-LC22, Class A4, 3.84%, 09/15/58 (Call 09/15/25)		1,000		943,086
Series 2015-NXS2, Class A5, 3.77%, 07/15/58 (Call 07/15/25)^(a)		750		708,028
Series 2016-C32, Class ASB, 3.32%, 01/15/59 (Call 01/15/26)		718		692,013
Series 2016-C33, Class A4, 3.43%, 03/15/59 (Call 04/15/26)		1,000		924,196
Series 2016-C34, Class A4, 3.10%, 06/15/49 (Call 05/15/26)		1,000		911,159
Series 2016-C35, Class A4, 2.93%, 07/15/48 (Call 07/15/26)		1,000		899,686


Security	Par (000)		Value

Mortgage-Backed Securities (continued)
Series 2016-C36, Class AS, 3.42%, 11/15/59 (Call 10/15/26)	$	500	$	439,505
Series 2016-LC24, Class A4, 2.94%, 10/15/49 (Call 09/15/26)		1,680		1,508,062
Series 2016-LC25, Class B, 4.34%, 12/15/59 (Call 11/15/26)^(a)		198		176,642
Series 2016-NXS4, Class A4, 3.72%, 12/15/48 (Call 11/15/25)		1,920		1,803,792
Series 2016-NXS6, Class B, 3.81%, 11/15/49 (Call 10/15/26)		500		435,106
Series 2017-C38, Class A4, 3.19%, 07/15/50 (Call 06/15/27)		487		437,582
Series 2017-C38, Class A5, 3.45%, 07/15/50 (Call 06/15/27)		1,000		902,220
Series 2017-C39, Class A5, 3.42%, 09/15/50 (Call 08/15/27)		2,500		2,250,651
Series 2017-C39, Class ASB, 3.21%, 09/15/50 (Call 08/15/27)		950		896,712
Series 2017-C39, Class C, 4.12%, 09/15/50 (Call 08/15/27)		500		420,356
Series 2017-C42, Class A4, 3.59%, 12/15/50 (Call 12/15/27)		1,250		1,123,593
Series 2017-C42, Class B, 4.00%, 12/15/50 (Call 12/15/27)^(a)		500		439,160
Series 2018-C44, Class A4, 3.95%, 05/15/51 (Call 05/15/28)		1,250		1,138,857
Series 2018-C44, Class A5, 4.21%, 05/15/51 (Call 05/15/28)		1,000		923,499
Series 2018-C45, Class AS, 4.41%, 06/15/51 (Call 07/15/28)^(a)		350		314,861
Series 2018-C46, Class AS, 4.38%, 08/15/51 (Call 08/15/28)		500		447,681
Series 2018-C47, Class A4, 4.44%, 09/15/61 (Call 10/15/28)		1,250		1,161,411
Series 2018-C47, Class ASB, 4.37%, 09/15/61 (Call 10/15/28)		1,625		1,546,688
Series 2018-C48, Class A5, 4.30%, 01/15/52 (Call 12/15/28)		1,010		929,943
Series 2019-C49, Class A5, 4.02%, 03/15/52 (Call 02/15/29)		1,625		1,468,159
Series 2019-C49, Class C, 4.87%, 03/15/52 (Call 02/15/29)^(a)		665		563,235
Series 2019-C50, Class A5, 3.73%, 05/15/52 (Call 05/15/29)		750		663,009
Series 2019-C50, Class AS, 4.02%, 05/15/52 (Call 05/15/29)		1,000		866,306
Series 2019-C51, Class AS, 3.58%, 06/15/52 (Call 06/15/29)		492		415,762
Series 2019-C53, Class A4, 3.04%, 10/15/52 (Call 10/15/29)		1,400		1,178,154
Series 2020-C55, Class A5, 2.73%, 02/15/53 (Call 02/15/30)		1,000		817,196
Series 2020-C56, Class ASB, 2.42%, 06/15/53 (Call 04/15/30)		500		430,259
Series 2020-C56, Class B, 3.74%, 06/15/53 (Call 04/15/30)^(a)		345		280,421
Series 2020-C56, Class C, 3.74%, 06/15/53 (Call 04/15/30)^(a)		800		617,892
Series 2020-C57, Class A4, 2.12%, 08/15/53 (Call 08/15/30)		1,919		1,489,809


Security	Par (000)		Value

Mortgage-Backed Securities (continued)
Series 2020-C58, Class A4, 2.10%, 07/15/53 (Call 12/15/30)	$	1,000	$	763,207
Series 2021-C59, Class A5, 2.63%, 04/15/54 (Call 04/15/31)		1,000		791,176
Series 2021-C59, Class ASB, 2.30%, 04/15/54 (Call 04/15/31)		459		389,414
WFRBS Commercial Mortgage Trust
Series 2012-C10, Class AS, 3.24%, 12/15/45		250		243,846
Series 2013-C13, Class C, 3.91%, 05/15/45 (Call 05/15/23)^(a)		110		107,237
Series 2013-C14, Class B, 3.84%, 06/15/46 (Call 06/15/23)^(a)		500		470,811
Series 2013-C18, Class A4, 3.90%, 12/15/46 (Call 01/15/24)		419		406,986
Series 2013-UBS1, Class A4, 4.08%, 03/15/46 (Call 03/15/24)^(a)		712		698,375
Series 2014-C19, Class A4, 3.83%, 03/15/47 (Call 03/15/24)		285		278,965
Series 2014-C19, Class B, 4.72%, 03/15/47 (Call 03/15/24)^(a)		300		284,853
Series 2014-C22, Class A4, 3.49%, 09/15/57 (Call 09/15/24)		972		929,659
Series 2014-C22, Class A5, 3.75%, 09/15/57 (Call 09/15/24)		400		383,318
Series 2014-C22, Class AS, 4.07%, 09/15/57 (Call 09/15/24)^(a)		480		456,856
Series 2014-C24, Class A5, 3.61%, 11/15/47 (Call 11/15/24)		100		95,348
Series 2014-C25, Class A5, 3.63%, 11/15/47 (Call 12/15/24)		1,050		1,001,844
Series 2014-LC14, Class A5, 4.05%, 03/15/47 (Call 02/15/24)		950		928,021


				342,368,885


Total Collaterized Mortgage Obligations — 58.4% (Cost: $400,031,772)				342,368,885


U.S. Government Agency Obligations

Mortgage-Backed Securities — 41.0%
Federal National Mortgage Association
Series 2013-M6, Class 1A2, 3.35%, 02/25/43^(a)		296		277,438
Series 2014-M11, Class 1A, 3.12%, 08/25/24^(a)		604		588,711
Series 2014-M11, Class 2A, 3.29%, 08/25/26^(a)		560		531,140
Series 2014-M13, Class A2, 3.02%, 08/25/24^(a)		102		98,843
Series 2014-M3, Class A2, 3.50%, 01/25/24^(a)		280		276,850
Series 2014-M4, Class A2, 3.35%, 03/25/24^(a)		375		368,570
Series 2015-M1, Class A2, 2.53%, 09/25/24		506		487,977
Series 2015-M11, Class A2, 2.85%, 04/25/25^(a)		725		692,329
Series 2015-M13, Class A2, 2.70%, 06/25/25^(a)		696		659,689
Series 2015-M2, Class A, 2.62%, 12/25/24		324		309,561
Series 2015-M8, Class A2, 2.90%, 01/25/25^(a)		1,125		1,077,977
Series 2016-M6, Class A2, 2.49%, 05/25/26		274		253,265
Series 2016-M9, Class A2, 2.29%, 06/25/26		2,000		1,836,966
Series 2017, Class A2, 2.96%, 09/25/27^(a)		935		866,555
Series 2017-M11, Class A2, 2.98%, 08/25/29		1,000		894,102
Series 2017-M15, Class AV2, 2.57%, 11/25/24^(a)		629		607,586
Series 2017-M2, Class A2, 2.76%, 02/25/27^(a)		2,248		2,080,509
Series 2017-M3, Class A2, 2.47%, 12/25/26^(a)		645		590,093
Series 2017-M4, Class A2, 2.55%, 12/25/26^(a)		723		662,676


Security	Par (000)		Value

Mortgage-Backed Securities (continued)
Series 2017-M7, Class A2, 2.96%, 02/25/27^(a)	$	948	$	882,017
Series 2017-M8, Class A2, 3.06%, 05/25/27^(a)		2,181		2,031,817
Series 2018-M1, Class A2, 2.99%, 12/25/27^(a)		755		697,823
Series 2018-M10, Class A2, 3.36%, 07/25/28^(a)		2,382		2,216,769
Series 2018-M13, Class A2, 3.74%, 09/25/30^(a)		84		77,786
Series 2018-M7, Class A2, 3.04%, 03/25/28^(a)		760		699,231
Series 2019-M1, Class A2, 3.55%, 09/25/28^(a)		2,701		2,531,853
Series 2019-M2, Class A2, 3.63%, 11/25/28^(a)		1,852		1,740,059
Series 2019-M5, Class A2, 3.27%, 02/25/29		2,450		2,257,931
Series 2019-M7, Class A2, 3.14%, 04/25/29		2,584		2,339,054
Series 2019-M9, Class A2, 2.94%, 06/25/29		1,792		1,609,234
Series 2020-M5, Class A2, 2.21%, 01/25/30		2,496		2,107,893
Series 2021-M17, Class A2, 1.71%, 07/25/31^(a)		2,000		1,544,780
Series 2022-M1, Class A2, 1.67%, 10/25/31^(a)		3,000		2,284,412
Freddie Mac Multifamily Structured Pass Through Certificates
1.31%, 05/25/30 (Call 06/25/30)		1,000		772,536
2.03%, 09/25/28 (Call 10/25/28)		1,150		983,602
2.12%, 04/25/55 (Call 09/25/29)^(a)		3,000		2,560,868
2.25%, 03/25/54 (Call 02/25/32)		165		132,243
2.45%, 04/25/32 (Call 05/25/32)		1,000		811,873
2.92%, 06/25/54 (Call 07/25/32)		3,500		2,953,981
3.00%, 06/25/32 (Call 06/25/32)^(a)		2,500		2,122,397
3.50%, 07/25/32 (Call 08/25/32)^(a)		2,000		1,770,820
Class A1, 2.55%, 05/25/31 (Call 02/25/32)		2,248		1,965,105
Class A2, 2.25%, 02/25/32 (Call 02/25/32)		2,500		2,004,014
Series K037, Class A2, 3.49%, 01/25/24 (Call 01/25/24)		750		738,634
Series K038, Class A2, 3.39%, 03/25/24 (Call 05/25/24)		500		490,062
Series K039, Class A2, 3.30%, 07/25/24 (Call 08/25/24)		263		256,253
Series K040, Class A2, 3.24%, 09/25/24 (Call 10/25/24)		1,120		1,087,094
Series K041, Class A2, 3.17%, 10/25/24 (Call 11/25/24)		1,250		1,210,887
Series K043, Class A2, 3.06%, 12/25/24 (Call 01/25/25)		1,000		961,783
Series K044, Class A2, 2.81%, 01/25/25 (Call 01/25/25)		2,346		2,243,913
Series K046, Class A2, 3.21%, 03/25/25 (Call 04/25/25)		1,785		1,714,637
Series K048, Class A1, 2.69%, 12/25/24 (Call 08/25/25)		173		168,978
Series K049, Class A2, 3.01%, 07/25/25 (Call 08/25/25)		1,800		1,714,906
Series K050, Class A2, 3.33%, 08/25/25 (Call 10/25/25)^(a)		2,000		1,918,614
Series K051, Class A2, 3.31%, 09/25/25 (Call 10/25/25)		2,630		2,518,356
Series K052, Class A2, 3.15%, 11/25/25 (Call 01/25/26)		800		761,278
Series K053, Class A2, 3.00%, 12/25/25 (Call 01/25/26)		2,200		2,081,590
Series K054, Class A2, 2.75%, 01/25/26 (Call 02/25/26)		700		656,146
Series K055, Class A2, 2.67%, 03/25/26 (Call 04/25/26)		1,500		1,398,456
Series K056, Class A1, 2.20%, 07/25/25 (Call 06/25/26)		174		168,300
Series K056, Class A2, 2.53%, 05/25/26 (Call 06/25/26)		1,725		1,596,437
Series K057, Class A2, 2.57%, 07/25/26 (Call 08/25/26)		1,725		1,595,300
Series K058, Class A2, 2.65%, 08/25/26 (Call 09/25/26)		1,527		1,410,287
Series K059, Class A2, 3.12%, 09/25/26 (Call 10/25/26)^(a)		1,780		1,671,434
Series K060, Class A2, 3.30%, 10/25/26 (Call 12/25/26)		1,046		987,533
Series K061, Class A2, 3.35%, 11/25/26 (Call 12/25/26)^(a)		1,300		1,229,307
Series K062, Class A2, 3.41%, 12/25/26 (Call 01/25/27)		1,000		946,345
Series K063, Class A2, 3.43%, 01/25/27 (Call 02/25/27)^(a)		1,345		1,273,214
Series K064, Class A1, 2.89%, 10/25/26 (Call 05/25/27)		659		633,632
Series K064, Class A2, 3.22%, 03/25/27 (Call 05/25/27)		325		304,787
Series K065, Class A2, 3.24%, 04/25/27 (Call 07/25/27)		2,570		2,408,373
Series K067, Class A1, 2.90%, 03/25/27 (Call 09/25/27)		755		724,233
Series K067, Class A2, 3.19%, 07/25/27 (Call 09/25/27)		1,600		1,491,778
Series K068, Class A2, 3.24%, 08/25/27 (Call 10/25/27)		1,000		933,467
Series K069, Class A2, 3.19%, 09/25/27 (Call 10/25/27)^(a)		1,000		930,454
Series K070, Class A1, 3.03%, 04/25/27 (Call 12/25/27)		1,537		1,475,845
Series K070, Class A2, 3.30%, 11/25/27 (Call 12/25/27)^(a)		1,541		1,438,734
Series K071, Class A2, 3.29%, 11/25/27 (Call 02/25/28)		1,500		1,397,832


Security	Par (000)		Value

Mortgage-Backed Securities (continued)
Series K072, Class A2, 3.44%, 12/25/27 (Call 12/25/27)	$	1,000	$	937,938
Series K073, Class A2, 3.35%, 01/25/28 (Call 10/25/28)		2,397		2,235,786
Series K074, Class A1, 3.60%, 09/25/27 (Call 07/25/28)		871		842,044
Series K074, Class A2, 3.60%, 01/25/28 (Call 07/25/28)		1,000		942,974
Series K075, Class A2, 3.65%, 02/25/28 (Call 05/25/28)^(a)		1,000		944,700
Series K076, Class A1, 3.73%, 12/25/27 (Call 05/25/28)		979		947,176
Series K076, Class A2, 3.90%, 04/25/28 (Call 05/25/28)		2,025		1,934,254
Series K077, Class A2, 3.85%, 05/25/28 (Call 05/25/28)^(a)		1,000		952,357
Series K078, Class A2, 3.85%, 06/25/28 (Call 10/25/28)		1,140		1,085,169
Series K079, Class A2, 3.93%, 06/25/28 (Call 07/25/28)		2,100		2,004,029
Series K080, Class A2, 3.93%, 07/25/28 (Call 08/25/28)^(a)		1,700		1,620,798
Series K081, Class A2, 3.90%, 08/25/28 (Call 12/25/28)^(a)		1,500		1,426,967
Series K082, Class A2, 3.92%, 09/25/28 (Call 10/25/28)^(a)		2,310		2,198,236
Series K083, Class A2, 4.05%, 09/25/28 (Call 10/25/28)^(a)		1,195		1,144,096
Series K084, Class A2, 3.78%, 10/25/28 (Call 11/25/28)^(a)		1,000		940,627
Series K085, Class A2, 4.06%, 10/25/28 (Call 11/25/28)^(a)		1,000		954,702
Series K086, Class A2, 3.86%, 11/25/28 (Call 11/25/28)^(a)		1,725		1,632,790
Series K087, Class A2, 3.77%, 12/25/28 (Call 01/25/29)		1,571		1,479,524
Series K088, Class A1, 3.48%, 09/25/28 (Call 04/25/29)		330		315,094
Series K088, Class A2, 3.69%, 01/25/29 (Call 04/25/29)		2,010		1,883,306
Series K089, Class A1, 3.34%, 10/25/28 (Call 04/25/29)		2,275		2,158,725
Series K089, Class A2, 3.56%, 01/25/29 (Call 04/25/29)		1,400		1,302,032
Series K091, Class A2, 3.51%, 03/25/29 (Call 10/25/29)		2,017		1,867,211
Series K092, Class A2, 3.30%, 04/25/29 (Call 07/25/29)		2,010		1,836,139
Series K094, Class A2, 2.90%, 06/25/29 (Call 11/25/29)		2,420		2,154,080
Series K095, Class A2, 2.79%, 06/25/29 (Call 01/25/30)		2,675		2,363,204
Series K096, Class A2, 2.52%, 07/25/29 (Call 07/25/29)		1,215		1,053,078
Series K097, Class A1, 2.16%, 05/25/29 (Call 12/25/29)		964		868,733
Series K097, Class A2, 2.51%, 07/25/29 (Call 12/25/29)		2,250		1,946,801
Series K098, Class A2, 2.43%, 08/25/29 (Call 08/25/29)		500		430,144
Series K100, Class A2, 2.67%, 09/25/29 (Call 10/25/29)		1,000		871,736
Series K101, Class A2, 2.52%, 10/25/29 (Call 01/25/30)		250		215,485
Series K102, Class A1, 2.18%, 05/25/29 (Call 04/25/30)		944		849,945
Series K102, Class A2, 2.54%, 10/25/29 (Call 04/25/30)		2,000		1,725,275
Series K103, Class A2, 2.65%, 11/25/29 (Call 06/25/30)		1,220		1,058,102
Series K104, Class A2, 2.25%, 01/25/30 (Call 07/25/30)		3,005		2,529,651
Series K105, Class A2, 1.87%, 01/25/30 (Call 06/25/30)		1,485		1,213,411
Series K106, Class A1, 1.78%, 10/25/29 (Call 02/25/30)		2,428		2,095,933
Series K106, Class A2, 2.07%, 01/25/30 (Call 02/25/30)		2,250		1,862,542
Series K107, Class A2, 1.64%, 01/25/30 (Call 02/25/30)		3,250		2,611,208
Series K108, Class A2, 1.52%, 03/25/30 (Call 03/25/30)		2,153		1,707,244
Series K109, Class A2, 1.56%, 04/25/30 (Call 04/25/30)		3,000		2,375,446
Series K110, Class A1, 1.02%, 09/25/29 (Call 05/25/30)		977		809,057
Series K110, Class A2, 1.48%, 04/25/30 (Call 05/25/30)		1,640		1,291,525
Series K111, Class A2, 1.35%, 05/25/30 (Call 07/25/30)		1,500		1,164,952
Series K114, Class A2, 1.37%, 06/25/30 (Call 06/25/30)		760		587,714
Series K115, Class A2, 1.38%, 06/25/30 (Call 07/25/30)		1,000		774,759
Series K116, Class A2, 1.38%, 07/25/30 (Call 09/25/30)		2,000		1,546,358
Series K117, Class A2, 1.41%, 08/25/30 (Call 10/25/30)		1,500		1,159,496
Series K118, Class A1, 0.79%, 03/25/30 (Call 09/25/30)		1,909		1,586,869
Series K118, Class A2, 1.49%, 09/25/30 (Call 09/25/30)		2,500		1,942,344
Series K119, Class A2, 1.57%, 09/25/30 (Call 10/25/30)		3,000		2,342,849
Series K120, Class A2, 1.50%, 10/25/30 (Call 10/25/30)		3,200		2,478,703
Series K121, Class A2, 1.55%, 10/25/30 (Call 03/25/31)		1,500		1,165,264
Series K123, Class A2, 1.62%, 12/25/30 (Call 01/25/31)		600		467,974
Series K124, Class A2, 1.66%, 12/25/30 (Call 01/25/31)		2,300		1,796,387
Series K125, Class A2, 1.85%, 01/25/31 (Call 01/25/31)		3,000		2,377,002
Series K126, Class A2, 2.07%, 01/25/31 (Call 05/25/31)		3,866		3,121,757
Series K127, Class A2, 2.11%, 01/25/31 (Call 02/25/31)		3,000		2,426,220
Series K128, Class A2, 2.02%, 03/25/31 (Call 03/25/31)		1,000		801,952


Security	Par (000)		Value

Mortgage-Backed Securities (continued)
Series K130, Class A2, 1.72%, 06/25/31 (Call 07/25/31)	$	2,500	$	1,941,489
Series K131, Class A2, 1.85%, 07/25/31 (Call 09/25/31)		3,000		2,352,856
Series K132, Class A2, 2.02%, 08/25/31 (Call 12/25/31)		1,000		791,803
Series K133, Class A2, 2.10%, 09/25/31 (Call 10/25/31)		1,000		795,980
Series K135, Class A1, 1.61%, 10/25/30 (Call 11/25/31)		1,215		1,016,100
Series K135, CLASS A2, 2.15%, 10/25/31 (Call 11/25/31)^(a)		2,800		2,237,115
Series K136, Class A2, 2.13%, 11/25/31 (Call 12/25/31)		2,000		1,591,297
Series K139, Class A2, 2.59%, 01/25/32 (Call 02/25/32)^(a)		2,000		1,653,514
Series K142, Class A2, 2.40%, 03/25/32 (Call 03/25/32)		3,000		2,433,043
Series K150, 3.71%, 09/25/32		2,000		1,806,437
Series K1510, Class A2, 3.72%, 01/25/31 (Call 01/25/34)		250		230,628
Series K1510, Class A3, 3.79%, 01/25/34 (Call 01/25/34)		500		451,160
Series K-1511, Class A2, 3.47%, 03/25/31 (Call 04/25/34)		1,000		902,547
Series K-1512, Class A2, 2.99%, 05/25/31 (Call 10/25/34)		730		634,533
Series K-1512, Class A3, 3.06%, 04/25/34 (Call 10/25/34)		450		373,918
Series K-1513, Class A3, 2.80%, 08/25/34 (Call 12/25/34)		1,015		815,450
Series K-1514, Class A2, 2.86%, 10/25/34 (Call 10/25/34)		1,000		803,754
Series K-1516, Class A2, 1.72%, 05/25/35 (Call 10/25/35)		1,825		1,278,016
Series K-1517, Class A2, 1.72%, 07/25/35 (Call 08/25/35)		500		351,582
Series K-1518, Class A2, 1.86%, 10/25/35 (Call 10/25/35)		2,500		1,767,618
Series K152, Class A1, 2.83%, 05/25/30 (Call 04/25/31)		1,137		1,041,716
Series K152, Class A2, 3.08%, 01/25/31 (Call 04/25/31)		250		220,157
Series K-1520, Class A2, 2.44%, 02/25/36 (Call 04/25/36)		2,000		1,486,794
Series K-1521, Class A2, 2.18%, 08/25/36 (Call 09/25/36)		1,000		717,106
Series K153, Class A3, 3.12%, 10/25/31 (Call 02/25/32)^(a)		500		435,220
Series K154, Class A3, 3.46%, 11/25/32 (Call 12/25/32)		1,345		1,184,553
Series K155, Class A1, 3.75%, 11/25/29 (Call 05/25/33)		468		447,842
Series K156, Class A3, 3.70%, 06/25/33 (Call 07/25/33)^(a)		500		448,609
Series K157, Class A2, 3.99%, 05/25/33 (Call 09/25/33)^(a)		1,076		1,013,760
Series K159, Class A1, 3.95%, 12/25/29 (Call 11/25/33)		1,497		1,444,175
Series K159, Class A2, 3.95%, 11/25/30 (Call 11/25/33)^(a)		833		783,000
Series K159, Class A3, 3.95%, 11/25/33 (Call 11/25/33)^(a)		2,000		1,837,859
Series K725, Class A2, 3.00%, 01/25/24 (Call 05/25/24)		989		967,384
Series K727, Class A2, 2.95%, 07/25/24 (Call 10/25/24)		866		840,879
Series K728, Class A2, 3.06%, 08/25/24 (Call 11/25/24)^(a)		1,955		1,902,636
Series K729, Class A1, 2.95%, 02/25/24 (Call 11/25/24)		112		111,947
Series K730, Class A2, 3.59%, 01/25/25 (Call 02/25/25)^(a)		1,998		1,940,172
Series K731, Class A2, 3.60%, 02/25/25 (Call 05/25/25)^(a)		991		962,373
Series K733, Class A2, 3.75%, 08/25/25 (Call 01/25/26)		1,000		968,365
Series K734, Class A2, 3.21%, 02/25/26 (Call 07/25/26)		1,000		949,299
Series K735, Class A2, 2.86%, 05/25/26 (Call 06/25/26)		1,993		1,863,454
Series K737, Class AM, 2.10%, 10/25/26 (Call 12/25/26)		300		269,537
Series K739, Class A2, 1.34%, 09/25/27 (Call 09/25/27)		2,150		1,834,690
Series K740, Class A2, 1.47%, 09/25/27 (Call 10/25/27)		2,000		1,704,951
Series K741, Class A2, 1.60%, 12/25/27 (Call 12/25/27)		1,120		955,164
Series K742, Class A2, 1.76%, 03/25/28 (Call 04/25/28)		1,000		854,896
Series K742, Class AM, 1.37%, 04/25/28 (Call 04/25/28)		1,400		1,161,676
Series K745, Class A2, 1.66%, 08/25/28 (Call 09/25/28)		3,000		2,514,367
Series KS03, Class A4, 3.16%, 05/25/25 (Call 08/25/25)^(a)		1,000		962,041


				240,211,150


Total U.S. Government Agency Obligations — 41.0% (Cost: $279,621,872)				240,211,150


Total Long-Term Investments — 99.4% (Cost: $679,653,644)				582,580,035


Security	Par (000)		Value


U.S. Government Agency Obligations

Mortgage-Backed Securities — 100.8%
Government National Mortgage Association
1.50%, 10/20/51	$	460	$	354,916
2.00%, 07/20/50		42		34,631
2.00%, 08/20/50		848		701,306
2.00%, 09/20/50		7,797		6,451,625
2.00%, 02/20/51		15,893		13,126,781
2.00%, 10/20/51		2,140		1,761,941
2.00%, 12/20/51		60,152		49,497,896
2.00%, 01/20/52		346		284,781
2.00%, 03/20/52		485		398,700
2.00%, 04/20/52		497		407,259
2.00%, 11/21/52^(a)		2,855		2,344,669
2.50%, 01/15/28		4		3,635
2.50%, 02/20/28		6		5,376
2.50%, 01/20/31		95		88,057
2.50%, 07/20/35		1,418		1,283,688
2.50%, 04/20/43		14		12,037
2.50%, 12/20/46		1,298		1,122,295
2.50%, 01/20/47		124		107,551
2.50%, 06/20/50		3,470		2,964,973
2.50%, 08/20/50		14,432		12,331,436
2.50%, 09/20/50		4,127		3,527,598
2.50%, 01/20/51		3,589		3,066,600
2.50%, 02/20/51		4,100		3,492,960
2.50%, 05/20/51		5,994		5,101,581
2.50%, 07/20/51		20,527		17,457,373
2.50%, 08/20/51		21,702		18,449,794
2.50%, 11/20/51		9,791		8,314,547
2.50%, 12/20/51		550		467,474
2.50%, 02/20/52		1,942		1,647,566
2.50%, 04/20/52		497		420,637
2.50%, 11/21/52^(a)		3,275		2,774,562
3.00%, 07/15/27		3		3,202
3.00%, 09/15/27		6		5,910
3.00%, 01/20/31		122		112,982
3.00%, 07/20/31		194		179,874
3.00%, 02/20/32		152		140,352
3.00%, 09/15/42		5		4,454
3.00%, 10/15/42		37		32,646
3.00%, 01/20/43		341		303,115
3.00%, 07/15/43		60		53,699
3.00%, 09/20/43		708		630,173
3.00%, 01/15/44		1,905		1,695,602
3.00%, 08/20/44		394		350,371
3.00%, 05/20/45		280		248,588
3.00%, 07/20/45		77		68,485
3.00%, 10/20/45		125		110,361
3.00%, 12/20/45		1,545		1,370,182
3.00%, 01/20/46		503		445,547
3.00%, 02/20/46		521		461,562
3.00%, 03/20/46		1,937		1,716,855
3.00%, 04/20/46		1,276		1,131,003
3.00%, 05/20/46		1,627		1,441,540
3.00%, 06/20/46		575		511,522
3.00%, 07/20/46		581		514,610
3.00%, 08/20/46		3,737		3,312,151
3.00%, 09/20/46		2,467		2,185,994
3.00%, 12/15/46		141		123,830


Security	Par (000)		Value


Mortgage-Backed Securities (continued)
3.00%, 12/20/46	$	431	$	381,956
3.00%, 02/15/47		171		150,635
3.00%, 02/20/47		486		430,674
3.00%, 06/20/47		57		50,763
3.00%, 07/20/47		983		870,942
3.00%, 10/20/47		323		286,128
3.00%, 02/20/48		45		40,181
3.00%, 04/20/49		1,995		1,767,794
3.00%, 07/20/49		410		362,251
3.00%, 09/20/49		32		28,050
3.00%, 10/15/49		855		749,805
3.00%, 11/20/49		1,225		1,079,491
3.00%, 01/20/50		3,124		2,752,121
3.00%, 04/20/50		8,657		7,613,215
3.00%, 07/20/50		11,173		9,821,001
3.00%, 08/20/50		1,325		1,164,148
3.00%, 08/20/51		1,168		1,021,455
3.00%, 10/20/51		6,776		5,919,452
3.00%, 11/20/51		1,037		905,931
3.00%, 12/20/51		1,924		1,680,143
3.00%, 05/20/52		1,195		1,038,135
3.00%, 07/20/52		3,322		2,890,148
3.00%, 11/21/52^(a)		5,381		4,683,572
3.50%, 02/15/26		2		1,699
3.50%, 11/15/26		1		1,359
3.50%, 02/20/27		5		4,250
3.50%, 01/20/31		41		38,374
3.50%, 07/20/32		108		101,520
3.50%, 09/15/41		4		3,963
3.50%, 06/20/42		2,848		2,559,074
3.50%, 09/15/42		11		10,022
3.50%, 09/20/42		120		109,989
3.50%, 10/15/42		4		3,995
3.50%, 10/20/42		280		257,843
3.50%, 11/15/42		24		22,071
3.50%, 11/20/42		926		851,276
3.50%, 12/20/42		98		90,296
3.50%, 02/20/43		755		693,728
3.50%, 03/15/43		36		32,781
3.50%, 05/15/43		32		29,244
3.50%, 06/15/43		125		115,462
3.50%, 04/20/45		272		248,907
3.50%, 09/20/45		3,001		2,744,364
3.50%, 11/20/45		11		9,949
3.50%, 12/20/45		75		68,671
3.50%, 03/20/46		382		349,148
3.50%, 04/20/46		60		54,774
3.50%, 06/20/46		581		528,787
3.50%, 07/20/46		3,429		3,122,805
3.50%, 11/20/46		10		9,408
3.50%, 12/20/46		144		131,087
3.50%, 01/20/47		52		46,999
3.50%, 02/20/47		127		115,828
3.50%, 03/20/47		259		236,085
3.50%, 04/20/47		1,110		1,009,502
3.50%, 08/20/47		513		467,238
3.50%, 09/20/47		978		890,076
3.50%, 10/20/47		7,430		6,763,963
3.50%, 12/15/47		482		437,294
3.50%, 12/20/47		578		526,067


Security	Par (000)		Value


Mortgage-Backed Securities (continued)
3.50%, 02/20/48	$	1,355	$	1,233,150
3.50%, 04/20/48		110		99,303
3.50%, 11/20/48		697		633,496
3.50%, 09/20/49		218		197,450
3.50%, 10/20/49		265		240,040
3.50%, 12/20/49		734		665,604
3.50%, 01/20/50		1,674		1,518,131
3.50%, 03/20/50		1,435		1,301,110
3.50%, 04/20/50		9,668		8,762,815
3.50%, 05/20/50		399		361,449
3.50%, 06/20/50		619		560,872
3.50%, 08/20/50		2,760		2,499,862
3.50%, 08/20/52		1,547		1,382,784
3.50%, 09/20/52		3,991		3,567,720
3.50%, 11/21/52^(a)		7,726		6,914,086
4.00%, 03/20/26		1		1,410
4.00%, 07/20/26		1		1,142
4.00%, 02/15/41		6		5,463
4.00%, 03/15/41		5		4,458
4.00%, 04/15/41		25		23,747
4.00%, 05/15/41		7		6,483
4.00%, 12/15/41		8		7,127
4.00%, 01/15/42		5		4,620
4.00%, 02/15/42		16		15,743
4.00%, 03/15/42		40		37,738
4.00%, 05/15/42		9		8,025
4.00%, 08/15/42		8		7,672
4.00%, 09/20/42		216		205,589
4.00%, 04/15/44		29		27,079
4.00%, 05/15/44		40		37,731
4.00%, 08/20/44		25		23,563
4.00%, 10/20/44		271		255,287
4.00%, 03/20/45		1,092		1,027,868
4.00%, 08/15/45		2,998		2,814,645
4.00%, 08/20/45		427		400,922
4.00%, 09/20/45		589		552,307
4.00%, 10/20/45		5		4,985
4.00%, 01/20/46		9		8,427
4.00%, 03/20/46		104		97,734
4.00%, 07/20/46		10		9,383
4.00%, 09/20/46		302		283,231
4.00%, 11/20/46		116		108,893
4.00%, 12/15/46		20		19,216
4.00%, 06/20/47		1,716		1,607,249
4.00%, 07/20/47		350		327,832
4.00%, 08/20/47		7		6,156
4.00%, 11/20/47		103		96,182
4.00%, 03/20/48		66		61,882
4.00%, 04/20/48		453		425,269
4.00%, 05/20/48		3,533		3,311,842
4.00%, 06/20/48		1,252		1,171,583
4.00%, 07/20/48		373		348,516
4.00%, 10/20/48		1,270		1,187,981
4.00%, 11/20/48		4,132		3,865,438
4.00%, 09/15/49		193		180,686
4.00%, 01/20/50		501		466,315
4.00%, 02/20/50		11		10,133
4.00%, 09/20/50		362		336,607
4.00%, 07/20/52		236		217,716
4.00%, 09/20/52		3,621		3,333,064


Security	Par/ Shares (000)		Value


Mortgage-Backed Securities (continued)
4.00%, 11/21/52^(a)	$	6,987	$	6,437,756
4.50%, 07/20/24		1		576
4.50%, 08/15/39		83		80,631
4.50%, 07/15/40		20		19,653
4.50%, 08/15/40		31		30,669
4.50%, 11/20/45		194		188,075
4.50%, 08/20/46		328		318,282
4.50%, 09/20/46		54		53,166
4.50%, 10/20/46		54		52,235
4.50%, 11/20/46		56		54,656
4.50%, 04/20/47		6		5,324
4.50%, 06/20/47		7		6,278
4.50%, 07/20/47		2,337		2,251,310
4.50%, 02/20/48		328		315,892
4.50%, 06/20/48		21		20,372
4.50%, 07/20/48		134		128,471
4.50%, 08/20/48		116		111,455
4.50%, 09/20/48		3,304		3,177,708
4.50%, 10/20/48		110		105,479
4.50%, 12/20/48		993		954,365
4.50%, 01/20/49		654		628,740
4.50%, 03/20/49		16		15,692
4.50%, 06/20/49		643		618,459
4.50%, 08/20/49		195		187,933
4.50%, 10/20/49		141		135,982
4.50%, 01/20/50		772		742,958
4.50%, 08/20/52		3,402		3,222,745
4.50%, 11/21/52^(a)		6,888		6,527,456
5.00%, 07/15/39		19		19,592
5.00%, 07/20/42		110		110,719
5.00%, 07/20/46		44		43,685
5.00%, 04/20/48		46		45,575
5.00%, 05/20/48		243		239,722
5.00%, 11/20/48		56		55,464
5.00%, 12/20/48		54		52,803
5.00%, 01/20/49		155		153,004
5.00%, 04/20/49		10		9,664
5.00%, 09/20/50		229		227,888
5.00%, 09/20/52		2,128		2,069,065
5.00%, 11/21/52^(a)		5,954		5,793,037
5.50%, 10/15/38		14		14,557
5.50%, 07/20/40		185		190,255
5.50%, 11/21/52^(a)		950		945,171
6.00%, 09/20/38		18		18,343
6.00%, 11/21/52^(a)		200		203,740


				333,012,157


Total Long-Term Investments — 100.8% (Cost: $384,767,988)				333,012,157


Short-Term Securities

Money Market Funds — 11.8%
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%^(b)(c)		38,794		38,794,000


Total Short-Term Securities — 11.8% (Cost: $38,794,000)				38,794,000


Total Investments Before TBA Sales Commitments — 112.6% (Cost: $423,561,988)				371,806,157


Security	Par (000)			Value


TBA Sales Commitments^(a)

Mortgage-Backed Securities — (1.5)%
Government National Mortgage Association
3.50%, 11/21/52		(4,550	)	$	(4,071,847	)
4.50%, 11/21/52		(950	)		(900,274	)


Total TBA Sales Commitments — (1.5)% (Proceeds: $(4,979,156))					(4,972,121	)


Total Investments, Net of TBA Sales Commitments — 111.1% (Cost: $418,582,832)					366,834,036

Liabilities in Excess of Other Assets — (11.1)%					(36,556,397	)


Net Assets — 100.0%				$	330,277,639


Security	Par (000)		Value


U.S. Government Obligations

U.S. Government Obligations — 99.3%
U.S. Treasury Inflation-Indexed Bonds
0.13%, 07/15/24	$	760,668	$	741,244,785
0.13%, 10/15/24		972,874		944,203,485
0.13%, 04/15/25		1,303,373		1,250,398,952
0.13%, 10/15/25		332,512		318,028,294
0.13%, 04/15/26		827,257		780,738,127
0.13%, 07/15/26		815,238		770,872,715
0.13%, 10/15/26		870,102		819,236,401
0.13%, 04/15/27		998,550		932,066,426
0.13%, 01/15/30		1,150,209		1,030,268,661
0.13%, 07/15/30		970,398		866,451,785
0.13%, 01/15/31		1,069,142		947,089,715
0.13%, 07/15/31		726,861		640,959,095
0.13%, 01/15/32		1,062,655		928,482,294
0.13%, 02/15/51		584,750		374,582,341
0.13%, 02/15/52		324,832		208,573,382
0.25%, 01/15/25		724,388		699,827,229
0.25%, 07/15/29		229,446		209,483,152
0.25%, 02/15/50		117,465		78,308,365
0.38%, 07/15/23		0		13
0.38%, 07/15/25		143,467		138,652,306
0.38%, 01/15/27		935,150		884,298,171
0.38%, 07/15/27		807,113		762,473,754
0.50%, 04/15/24		1,350,587		1,322,282,387
0.50%, 01/15/28		694,034		653,551,678
0.63%, 01/15/24		331,838		326,485,465
0.63%, 01/15/26		1,510,272		1,456,598,190
0.63%, 07/15/32		756,837		693,855,939
0.63%, 02/15/43		147,567		116,549,539
0.75%, 07/15/28		451,874		430,298,571
0.75%, 02/15/42		435,703		358,482,017
0.75%, 02/15/45		741,012		589,844,154
0.88%, 01/15/29		628,276		598,581,179
0.88%, 02/15/47		204,499		164,420,882


Security	Par/ Shares (000)		Value


U.S. Government Obligations (continued)
1.00%, 02/15/46	$	410,939	$	343,171,884
1.00%, 02/15/48		192,145		158,236,126
1.00%, 02/15/49		123,138		101,605,881
1.38%, 02/15/44		613,871		560,158,460
1.63%, 10/15/27		388,987		389,868,585
1.75%, 01/15/28		568,565		570,232,389
2.00%, 01/15/26		268,455		270,011,148
2.13%, 02/15/40		204,516		214,068,138
2.13%, 02/15/41		122,993		128,507,676
2.38%, 01/15/25		23,233		23,485,496
2.38%, 01/15/27		14,482		14,848,550
2.50%, 01/15/29		378,256		395,844,006
3.38%, 04/15/32		5,837		6,692,066
3.63%, 04/15/28		212,604		233,015,777
3.88%, 04/15/29		325,260		366,696,906

				24,813,632,537


Total Long-Term Investments — 99.3% (Cost: $29,229,491,604)				24,813,632,537


Short-Term Securities

Money Market Funds — 0.2%
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%^(a)(b)		36,490		36,490,000


Total Short-Term Securities — 0.2% (Cost: $36,490,000)				36,490,000


Total Investments — 99.5% (Cost: $29,265,981,604)				24,850,122,537

Other Assets Less Liabilities — 0.5%				131,743,588


Net Assets — 100.0%			$	24,981,866,125

^(a)	Affiliate of the Fund.

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


Security	Par (000)		Value

U.S. Government Obligations

U.S. Government Obligations — 99.2%
U.S. Treasury Note/Bond
0.13%, 12/15/23	$	172,550	$	164,131,448
0.25%, 05/15/24		1,508,861		1,411,138,682
0.25%, 05/31/25		100,120		89,920,275
0.25%, 07/31/25		14,767		13,186,648
0.25%, 08/31/25		316,755		281,751,099
0.25%, 10/31/25		308,589		272,703,475
0.38%, 04/15/24		467,988		439,963,564
0.38%, 07/15/24		5		4,657
0.38%, 08/15/24		438,349		406,791,296
0.38%, 11/30/25		514,354		454,781,183
0.50%, 03/31/25		585		533,264
0.50%, 02/28/26		361,749		318,155,420
0.50%, 05/31/27		116,191		98,036,156
0.63%, 07/31/26		212,788		185,383,234
0.63%, 12/31/27		222,187		185,048,456
0.63%, 08/15/30		3,506		2,708,111
0.75%, 12/31/23		115,927		110,814,438
0.75%, 03/31/26		128,569		113,763,476
0.75%, 04/30/26		67,840		59,855,550
0.75%, 05/31/26		67,986		59,830,336
0.75%, 08/31/26		428,666		374,279,001
0.75%, 01/31/28		10,935		9,143,967
0.88%, 06/30/26		126,942		111,951,935
1.00%, 12/15/24		38,108		35,455,326
1.00%, 07/31/28		142,815		119,256,103
1.13%, 01/15/25		5,000		4,648,242
1.13%, 02/28/25		115,748		107,238,714
1.13%, 10/31/26		79,049		69,736,040
1.13%, 08/31/28		14,438		12,113,820
1.25%, 03/31/28		200,909		171,745,803
1.25%, 06/30/28		76,670		65,133,561
1.25%, 09/30/28		218,657		184,508,925
1.25%, 08/15/31		1,986		1,578,641
1.38%, 10/31/28		145,422		123,415,562
1.38%, 11/15/31		1,323,282		1,055,834,056
1.38%, 11/15/40		30,347		18,747,571
1.38%, 08/15/50		56,023		32,122,693
1.50%, 02/15/25		341,769		319,567,365
1.50%, 11/30/28		389,452		332,509,857
1.50%, 02/15/30		25		20,525
1.63%, 02/15/26		173,226		158,447,657
1.63%, 05/15/26		570,580		519,138,647
1.63%, 11/15/50		74,439		42,569,803
1.88%, 02/15/32		200,043		166,348,257
1.88%, 02/15/41		62,618		42,330,746
1.88%, 02/15/51		1,282,875		785,410,148
1.88%, 11/15/51		94,451		57,533,941
2.00%, 04/30/24		4,000		3,846,719
2.00%, 05/31/24		4,746		4,556,160
2.00%, 02/15/25		506,636		479,344,942
2.00%, 08/15/25		252,227		236,039,056
2.00%, 11/15/26		4,117		3,759,979
2.00%, 02/15/50		3,471		2,207,763
2.00%, 08/15/51		118,677		74,761,874
2.13%, 07/31/24		21,946		21,034,727
2.13%, 05/15/25		308,827		291,455,859
2.25%, 11/15/25		24,005		22,515,096


Security	Par (000)		Value

U.S. Government Obligations (continued)
2.25%, 02/15/27	$	512,534	$	471,050,871
2.25%, 08/15/27		99,660		90,955,048
2.25%, 11/15/27		298,299		271,067,746
2.25%, 05/15/41		89,397		64,460,126
2.25%, 08/15/49		1,715		1,166,002
2.25%, 02/15/52		89,609		60,094,036
2.38%, 02/29/24		517,294		502,320,765
2.38%, 08/15/24		799,436		768,770,323
2.38%, 04/30/26		13,701		12,813,298
2.38%, 05/15/27		71,754		66,072,356
2.38%, 03/31/29		24,531		23,055,378
2.38%, 05/15/29		242,193		216,801,025
2.50%, 04/30/24		5,000		4,845,703
2.50%, 02/28/26		22,054		20,746,267
2.50%, 02/15/46		4,999		3,575,352
2.50%, 05/15/46		495,175		353,315,097
2.63%, 12/31/23		240,467		235,103,458
2.63%, 02/15/29		970,057		883,509,909
2.63%, 07/31/29		197,625		179,421,884
2.75%, 02/15/24		413,333		403,467,903
2.75%, 05/15/25		344,355		330,231,066
2.75%, 06/30/25		154,166		147,686,210
2.75%, 08/31/25		22,054		21,058,124
2.75%, 04/30/27		16,511		15,472,800
2.75%, 07/31/27		2,133		1,993,855
2.75%, 02/15/28		573,715		532,456,825
2.75%, 08/15/32		116,805		104,522,224
2.75%, 11/15/42		561,472		432,575,007
2.75%, 08/15/47		13,978		10,483,500
2.75%, 11/15/47		48,257		36,207,830
2.88%, 04/30/25		2,896		2,787,032
2.88%, 07/31/25		22,054		21,159,779
2.88%, 11/30/25		37,997		36,299,009
2.88%, 05/15/28		352,597		328,204,263
2.88%, 08/15/28		6,062		5,629,855
2.88%, 05/15/32		121,922		110,472,762
2.88%, 05/15/43		43,003		33,708,719
2.88%, 08/15/45		99,701		76,793,292
2.88%, 11/15/46		270,772		208,272,323
2.88%, 05/15/49		12,263		9,549,811
2.88%, 05/15/52		6,078		4,717,098
3.00%, 07/31/24		16,309		15,873,881
3.00%, 07/15/25		20,091		19,350,144
3.00%, 10/31/25		32,438		31,131,610
3.00%, 11/15/44		10,365		8,195,638
3.00%, 02/15/47		3,063		2,409,002
3.00%, 02/15/48		142,886		112,829,707
3.00%, 08/15/48		38,651		30,688,290
3.00%, 08/15/52		114,528		94,114,219
3.13%, 08/15/25		83,392		80,518,885
3.13%, 11/15/28		1,189,053		1,117,524,030
3.13%, 08/31/29		154,824		145,074,926
3.13%, 02/15/43		98,586		80,805,615
3.25%, 08/31/24^(a)		24,494		23,935,231
3.25%, 06/30/29		2,640		2,492,738
3.38%, 05/15/44		60,601		51,243,776
3.63%, 08/15/43		35		31,042
3.75%, 11/15/43		759,540		685,751,513
3.88%, 09/30/29		52,705		51,766,192
4.25%, 05/15/39		11,578		11,525,989


Security	Par/ Shares (000)		Value


U.S. Government Obligations (continued)
4.38%, 02/15/38	$	45,496	$	46,244,196
4.38%, 11/15/39		184,480		185,957,281
4.50%, 05/15/38		3,048		3,138,488
5.00%, 05/15/37		37,200		40,418,672
5.50%, 08/15/28		2,500		2,651,465
6.13%, 11/15/27		287,825		311,098,351
U.S. Treasury STRIPS
0.00%, 02/15/29^(b)		39,465		30,114,290
0.00%, 08/15/35^(b)		15,080		8,616,391
0.00%, 08/15/36^(b)		60,316		32,920,059
0.00%, 05/15/43^(b)		28,562		11,166,338


				21,069,291,739


Total Long-Term Investments — 99.2% (Cost: $23,924,479,938)				21,069,291,739


Short-Term Securities

Money Market Funds — 0.2%
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%^(c)(d)(e)		39,685		39,685,406


Total Short-Term Securities — 0.2% (Cost: $39,685,406)				39,685,406


Total Investments — 99.4% (Cost: $23,964,165,344)				21,108,977,145

Other Assets Less Liabilities — 0.6%				132,937,066


Net Assets — 100.0%			$	21,241,914,211

iShares 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.

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 pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.

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

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

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

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

Non-agency mortgage-backed securities are securities issued by non-governmental issuers and have no direct or indirect government guarantees of payment and are subject to various risks. Non-agency mortgage loans are obligations of the borrowers thereunder only and are not typically insured or guaranteed by any other person or

entity. The ability of a borrower to repay a loan is dependent upon the income or assets of the borrower. A number of factors, including a general economic downturn, acts of God, terrorism, social unrest and civil disturbances, may impair a borrower’s ability to repay its loans.

Inflation-Indexed Bonds: Inflation-indexed bonds are fixed-income securities whose principal value is periodically adjusted according to the rate of inflation. If the index measuring inflation rises or falls, the principal value of inflation-indexed bonds will be adjusted upward or downward, and consequently the interest payable on these securities (calculated with respect to a larger or smaller principal amount) will be increased or reduced, respectively. Any upward or downward adjustment in the principal amount of an inflation-indexed bond is included as interest income in the Statements of Operations, even though investors do not receive their principal until maturity. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds.

Stripped Bonds: A stripped bond is a bond that has had its coupon payments and principal repayment stripped into two separate components then selling the separate parts as a zero-coupon bond and an interest paying coupon bond. Once stripped, each component trades as a separate security. Stripped bonds have a greater sensitivity to changes in interest rates than similar maturity debt obligations which provide for regular interest payments.

Zero-Coupon Bonds: Zero-coupon bonds are normally issued at a significant discount from face value and do not provide for periodic interest payments. These bonds may experience greater volatility in market value than other debt obligations of similar maturity which provide for regular interest payments.

TBA Commitments: TBA commitments are forward agreements for the purchase or sale of securities, including mortgage-backed securities for a fixed price, with payment and delivery on an agreed upon future settlement date. The specific securities to be delivered are not identified at the trade date. However, delivered securities must meet specified terms, including issuer, rate and mortgage terms. When entering into TBA commitments, a fund may take possession of or deliver the underlying mortgage-backed securities but can extend the settlement or roll the transaction. TBA commitments involve a risk of loss if the value of the security to be purchased or sold declines or increases, respectively, prior to settlement date, if there are expenses or delays in connection with the TBA transactions, or if the counterparty fails to complete the transaction.

Mortgage Dollar Roll Transactions: Certain Funds may sell TBA mortgage-backed securities and simultaneously contract to repurchase substantially similar (i.e., same type, coupon and maturity) securities on a specific future date at an agreed upon price. During the period between the sale and repurchase, a fund is not entitled to receive interest and principal payments on the securities sold. Mortgage dollar roll transactions are treated as purchases and sales and a fund realizes gains and losses on these transactions. Mortgage dollar rolls involve the risk that the market value of the securities that a fund is required to purchase may decline below the agreed upon repurchase price of those securities.

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.

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).

Effective January 5, 2022, for its investment advisory services to the iShares 0-5 Year TIPS Bond ETF, BFA is entitled to an annual investment advisory fee of 0.03%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund. Prior to January 5, 2022, for its investment advisory services to the Fund, BFA was entitled to an annual investment advisory fee of 0.05%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund.

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:

For its investment advisory services to the iShares TIPS Bond ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, 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 Statement of Operations does not include acquired fund fees and expenses.

For the iShares GNMABond ETF, BFAhas contractually agreed to waive a portion of its investment advisory fees for the Fund through February 29, 2024 in an amount equal to the acquired fund fees and expenses, if any, attributable to the Fund’s investments in other registered investment companies.

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.

A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.

For the year ended October 31, 2022, purchases and sales of investments, including mortgage dollar rolls and 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 distributions paid in excess of taxable income and 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.

BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.

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.

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.

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.

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.

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.

Certain Funds invest a significant portion of their assets in securities backed by commercial or residential mortgage loans or in issuers that hold mortgage and other asset-backed securities. When a fund concentrates its investments in this manner, it assumes a greater risk of prepayment or payment extension by securities issuers. Changes in economic conditions, including delinquencies and/or defaults on assets underlying these securities, can affect the value, income and/or liquidity of such positions. Investment percentages in these securities are presented in the Schedule of Investments.

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 Trust and Shareholders of each of the six 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 (six of the funds constituting iShares 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 amount(s), or maximum amount(s) allowable by law, as interest-related dividends and qualified short-term capital gains eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations for the fiscal year ended October 31, 2022:

The Funds hereby designate the following amounts, or maximum amounts allowable by law, as capital gain dividends, subject to a long-term capital gains tax rate as noted below, 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 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.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. 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 its underlying index over the relevant periods.

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.

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

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory 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 substantially the same investment objective and strategy as the Fund and that track the same index 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.

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.

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 higher 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).

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 do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index 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.

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 higher 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.

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 already provided for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

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 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 do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index 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 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 Alternative Investment Fund Managers Directive and the Alternative Investment Fund Managers Regulations 2013 (as amended) and the “Guidelines on sound remuneration policies under the AIFMD” issued by the European Securities and Markets Authority (together the “Regulations”) impose detailed and prescriptive obligations on fund managers established in the European Union (the “EU”) and the UK. These do not currently apply to managers established outside of the EU or UK, such as BFA (the “Company”). Rather, non-EU and non-UK managers are only required to comply with certain disclosure, reporting and transparency obligations of the Regulations if such managers market a fund to EU investors.

The Company has registered the iShares 0-5 Year TIPS Bond ETF (the “Fund”) to be marketed to United Kingdom.

The Company is required under the Regulations to make quantitative disclosures of remuneration. These disclosures are made in line with BlackRock’s interpretation of currently available regulatory guidance on quantitative remuneration disclosures. As market or regulatory practice develops BlackRock may consider it appropriate to make changes to the way in which quantitative remuneration disclosures are calculated. Where such changes are made, this may result in disclosures in relation to a fund not being comparable to the disclosures made in the prior year, or in relation to other BlackRock fund disclosures in that same year.

Disclosures are provided in relation to (a) the staff of the Company; (b) staff who are senior management; and (c) staff who have the ability to materially affect the risk profile of the Fund.

All individuals included in the aggregated figures disclosed are rewarded in line with BlackRock’s remuneration policy for their responsibilities across the relevant BlackRock business area.As all individuals have a number of areas of responsibilities, only the portion of remuneration for those individuals’ services attributable to the Fund is included in the aggregate figures disclosed.

BlackRock has a clear and well defined pay-for-performance philosophy, and compensation programmes which support that philosophy.

BlackRock operates a total compensation model for remuneration which includes a base salary, which is contractual, and a discretionary bonus scheme. Although all employees are eligible to receive a discretionary bonus, there is no contractual obligation to make a discretionary bonus award to any employees. For senior management, a significant percentage of variable remuneration is deferred over time. All employees are subject to a claw-back policy.

Remuneration decisions for employees are made once annually in January following the end of the performance year, based on BlackRock’s full-year financial results and other non-financial goals and objectives. Alongside financial performance, individual total compensation is also based on strategic and operating results and other considerations such as management and leadership capabilities. No set formulas are established and no fixed benchmarks are used in determining annual incentive awards.

Annual incentive awards are paid from a bonus pool which is reviewed throughout the year by BlackRock’s independent compensation committee, taking into account both actual and projected financial information together with information provided by the Enterprise Risk and Regulatory Compliance departments in relation to any activities, incidents or events that warrant consideration in making compensation decisions. Individuals are not involved in setting their own remuneration.

Each of the control functions (Enterprise Risk, Legal & Compliance, and Internal Audit) each have their own organisational structures which are independent of the business units. Functional bonus pools for those control functions are determined with reference to the performance of each individual function and the remuneration of the senior members of control functions is directly overseen by BlackRock’s independent remuneration committee.

Members of staff and senior management of the Company typically provide both AIFMD and non-AIFMD related services in respect of multiple funds, clients and functions of the Company and across the broader BlackRock group. Therefore, the figures disclosed are a sum of each individual’s portion of remuneration attributable to the Fund according to an objective apportionment methodology which acknowledges the multiple-service nature of the Company. Accordingly the figures are not representative of any individual’s actual remuneration or their remuneration structure.

The amount of total & aggregate remuneration awarded by the Company to its staff which has been attributed to the Fund in respect of the Company’s financial year ending December 31, 2021 were as follows:

The iShares 0-5 Year TIPS Bond ETF (the “Fund”) is registered under the Alternative Investment Fund Managers Directive to be marketed to European Union (“EU”) investors, as noted above. As a result, certain disclosures are required under the EU Sustainable Finance Disclosure Regulation (“SFDR”).

The Fund has not been categorized under the SFDR as an “Article 8” or “Article 9” product. In addition, the Fund’s investments do not take into account the criteria for environmentally sustainable economic activities under the EU sustainable investment taxonomy regulation.

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. Each officer shall hold office until his or her successor is elected and qualifies or until his or her death, resignation or removal. 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 BFA or 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 U.S. ETF 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 52nd Street, New York, NY 10055. The Board has designated John E. Kerrigan as its Independent Board Chair. Additional information about the Funds’ Trustees and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

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

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

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

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

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

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

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

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by Bloomberg Index Services Limited or ICE Data Indices, LLC nor do these companies make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the companies listed above.


	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(2.51	)%		2.57	%		1.34	%		(2.51	)%		13.50	%		14.28	%
Fund Market		(2.55	)		2.56			1.34			(2.55	)		13.48			14.24
Index		(2.55	)		2.52			1.37			(2.55	)		13.24			14.59


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	$ 973.70	$ 0.15			$ 1,000.00	$ 1,025.10	$ 0.15		0.03	%


MATURITY ALLOCATION


Maturity	Percent of Total Investments^(a)


0-1 Year		17.8%
1-2 Years		21.5
2-3 Years		22.6
3-4 Years		20.7
4-5 Years		17.4


FIVE LARGEST HOLDINGS


Security			Percent of Total Investments^(a)


U.S. Treasury Inflation-Indexed Bonds, 0.13%, 04/15/25			8.7%
U.S. Treasury Inflation-Indexed Bonds, 0.13%, 01/15/23			8.2
U.S. Treasury Inflation-Indexed Bonds, 0.63%, 04/15/23			7.7
U.S. Treasury Inflation-Indexed Bonds, 0.13%, 04/15/26			7.2
U.S. Treasury Inflation-Indexed Bonds, 0.13%, 04/15/27			6.8


	Average Annual Total Returns									Cumulative Total Returns

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

Fund NAV		(13.75	)%		(0.06	)%		1.05	%		(13.75	)%		(0.29	)%		10.99	%
Fund Market		(14.02	)		(0.07	)		1.04			(14.02	)		(0.36	)		10.94
Index		(13.44	)		0.23			1.35			(13.44	)		1.14			14.33


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		17
Disclosure of Expenses		17
Schedules of Investments		18
Financial Statements:
Statements of Assets and Liabilities		38
Statements of Operations		40
Statements of Changes in Net Assets		42
Financial Highlights		45
Notes to Financial Statements		51
Report of Independent Registered Public Accounting Firm		60
Important Tax Information		61
Board Review and Approval of Investment Advisory Contract		62
Supplemental Information		72
Trustee and Officer Information		74
General Information		77
Glossary of Terms Used in this Report		78


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


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


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


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


Actual					Hypothetical 5% Return


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

	$ 1,000.00	$ 939.10	$ 1.22			$ 1,000.00	$ 1,023.90	$ 1.28		0.25	%


CREDIT QUALITY ALLOCATION

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


Aaa			67.7%
Aa			4.1
A			0.8
Baa			0.5
Not Rated			26.9


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


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


MATURITY ALLOCATION

Maturity			Percent of Total Investments^(a)


1-5 Years			12.7%
5-10 Years			29.5
10-15 Years			2.2
20-25 Years			6.4
25-30 Years			30.8
30-35 Years			12.5
35-40 Years			3.8
More than 40 Years			2.1




Security	Percent of Total Investments^(a)


U.S. Treasury Inflation-Indexed Bonds, 0.63%, 01/15/26		5.9%
U.S. Treasury Inflation-Indexed Bonds, 0.50%, 04/15/24		5.3
U.S. Treasury Inflation-Indexed Bonds, 0.13%, 04/15/25		5.0
U.S. Treasury Inflation-Indexed Bonds, 0.13%, 01/15/30		4.2
U.S. Treasury Inflation-Indexed Bonds, 0.13%, 01/15/31		3.8


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




Security	Percent of Total Investments^(a)


U.S. Treasury Floating Rate Note, 4.07%, 07/31/23		21.3%
U.S. Treasury Floating Rate Note, 3.95%, 10/31/24		19.9
U.S. Treasury Floating Rate Note, 4.09%, 01/31/23		16.6
U.S. Treasury Floating Rate Note, 4.08%, 07/31/24		14.9
U.S. Treasury Floating Rate Note, 3.97%, 04/30/24		10.0


Fund Summary as of October 31, 2022		iShares^® U.S. Treasury 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			17




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: Treasury, SL Agency Shares	$	558,699,039	$	—	$	(528,819,039	)^(a)	$	—	$	—	$	29,880,000		29,880	$	1,316,788	^(b)	$	—




	Level 1		Level 2		Level 3		Total


Investments
Assets
U.S. Government Obligations	$	—	$	12,067,364,791	$	—	$	12,067,364,791
Money Market Funds		29,880,000		—		—		29,880,000

	$	29,880,000	$	12,067,364,791	$	—	$	12,097,244,791


Security	Shares (000)		Value


Short-Term Securities

Money Market Funds — 0.3%
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%^(b)(c)		1,600	$	1,600,000


Total Short-Term Securities — 0.3% (Cost: $1,600,000)				1,600,000


Total Investments — 99.7% (Cost: $681,253,644)				584,180,035

Other Assets Less Liabilities — 0.3%				1,649,233


Net Assets — 100.0%			$	585,829,268



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: Treasury, SL Agency Shares	$	426,474,749	$	—	$	(386,789,343	)^(a)	$	—	$	—	$	39,685,406		39,685	$	722,151	^(b)	$	—


	iShares 0-5 Year TIPS Bond ETF				iShares CMBS ETF			iShares GNMA Bond ETF			iShares TIPS Bond ETF


ASSETS
Investments, at value — unaffiliated^(a)		$	12,067,364,791		$	582,580,035		$	333,012,157		$	24,813,632,537
Investments, at value — affiliated^(b)			29,880,000			1,600,000			38,794,000			36,490,000
Cash			5,379			16,449			6,129			334
Receivables:
Investments sold			230,944,718			1,468,658			471,187			336,520,275
Securities lending income — affiliated			183,168			—			—			218,854
TBA sales commitments			—			—			4,979,156			—
Due from custodian			—			2,114,006			—			—
Capital shares sold			179			—			2,145,848			73,356
Dividends — affiliated			121,764			5,897			83,340			345,196
Interest — unaffiliated			6,233,316			1,692,963			867,098			30,736,241


Total assets			12,334,733,315			589,478,008			380,358,915			25,218,016,793


LIABILITIES
TBA sales commitments, at value			—			—			4,972,121			—
Payables:
Investments purchased			210,584,147			3,519,940			45,084,362			230,639,780
Capital shares redeemed			25,574			—			—			1,345,209
Investment advisory fees			305,671			128,800			24,793			4,165,679


Total liabilities			210,915,392			3,648,740			50,081,276			236,150,668


NET ASSETS		$	12,123,817,923		$	585,829,268		$	330,277,639		$	24,981,866,125


NET ASSETS CONSIST OF
Paid-in capital		$	13,048,973,694		$	700,181,025		$	394,049,832		$	29,797,529,044
Accumulated loss			(925,155,771	)		(114,351,757	)		(63,772,193	)		(4,815,662,919	)


NET ASSETS		$	12,123,817,923		$	585,829,268		$	330,277,639		$	24,981,866,125


NET ASSETVALUE
Shares outstanding			124,750,000			13,000,000			7,750,000			235,100,000


Net asset value		$	97.18		$	45.06		$	42.62		$	106.26


Shares authorized			Unlimited			Unlimited			Unlimited			Unlimited


Par value			None			None			None			None


^(a)Investments, at cost — unaffiliated		$	12,913,482,122		$	679,653,644		$	384,767,988		$	29,229,491,604
^(b)Investments, at cost — affiliated		$	29,880,000		$	1,600,000		$	38,794,000		$	36,490,000


	iShares Treasury Floating Rate Bond ETF		iShares U.S. Treasury Bond ETF


ASSETS
Investments, at value — unaffiliated^(a)(b)	$	3,717,288,514	$	21,069,291,739
Investments, at value — affiliated^(c)		—		39,685,406
Cash		63,374,894		3,302
Receivables:
Investments sold		—		157,154,624
Securities lending income — affiliated		3,477		11,936
Capital shares sold		6,725,998		1,285,648
Dividends — affiliated		711,983		47,473
Interest — unaffiliated		1,553,163		154,965,000


Total assets		3,789,658,029		21,422,445,128


LIABILITIES
Collateral on securities loaned, at value		—		24,350,406
Payables:
Investments purchased		6,377,612		146,680,551
Capital shares redeemed		—		8,526,942
Investment advisory fees		457,900		973,018


Total liabilities		6,835,512		180,530,917


NET ASSETS	$	3,782,822,517	$	21,241,914,211


NET ASSETS CONSIST OF
Paid-in capital	$	3,773,134,222	$	24,601,714,576
Accumulated earnings (loss)		9,688,295		(3,359,800,365	)


NET ASSETS	$	3,782,822,517	$	21,241,914,211


NET ASSET VALUE
Shares outstanding		74,900,000		948,500,000


Net asset value	$	50.50	$	22.40


Shares authorized		Unlimited		Unlimited


Par value		None		None


^(a)Investments, at cost — unaffiliated	$	3,717,947,343	$	23,924,479,938
^(b)Securities loaned, at value	$	—	$	23,676,530
^(c)Investments, at cost — affiliated	$	—	$	39,685,406


	iShares 0-5 Year TIPS Bond ETF			iShares CMBS ETF			iShares GNMA Bond ETF			iShares TIPS Bond ETF


INVESTMENT INCOME
Dividends — affiliated	$	1,044,075		$	25,789		$	275,035		$	1,369,175
Interest — unaffiliated^(a)(b)		676,483,761			19,364,018			5,427,089			2,137,369,836
Securities lending income — affiliated — net		272,713			—			—			601,892

Total investment income		677,800,549			19,389,807			5,702,124			2,139,340,903


EXPENSES
Investment advisory		3,586,349			1,838,368			380,008			60,866,353
Professional		217			217			217			217

Total expenses		3,586,566			1,838,585			380,225			60,866,570

Less:
Investment advisory fees waived		—			—			(26,169	)		—


Total expenses after fees waived		3,586,566			1,838,585			354,056			60,866,570

Net investment income		674,213,983			17,551,222			5,348,068			2,078,474,333


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(78,919,423	)		(18,661,019	)		(8,776,553	)		(375,993,770	)
In-kind redemptions — unaffiliated^(c)		(182,553	)		—			—			(66,793,568	)

		(79,101,976	)		(18,661,019	)		(8,776,553	)		(442,787,338	)

Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		(946,415,284	)		(105,496,354	)		(49,977,400	)		(5,520,153,272	)

		(946,415,284	)		(105,496,354	)		(49,977,400	)		(5,520,153,272	)

Net realized and unrealized loss		(1,025,517,260	)		(124,157,373	)		(58,753,953	)		(5,962,940,610	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(351,303,277	)	$	(106,606,151	)	$	(53,405,885	)	$	(3,884,466,277	)


	iShares Treasury Floating Rate Bond ETF			iShares U.S. Treasury Bond ETF


INVESTMENT INCOME
Dividends — affiliated	$	1,247,220		$	401,935
Interest — unaffiliated		27,569,764			297,432,197
Securities lending income — affiliated — net		10,205			320,216


Total investment income		28,827,189			298,154,348


EXPENSES
Investment advisory		1,935,965			9,210,386
Professional		217			217

Total expenses		1,936,182			9,210,603


Net investment income		26,891,007			288,943,745


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		16,812			(419,482,712	)
In-kind redemptions — unaffiliated^(a)		209,402			(78,214,266	)


		226,214			(497,696,978	)

Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		(670,939	)		(2,755,101,547	)


		(670,939	)		(2,755,101,547	)


Net realized and unrealized loss		(444,725	)		(3,252,798,525	)


NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	26,446,282		$	(2,963,854,780	)


	iShares 0-5 Year TIPS Bond ETF						iShares CMBS 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	$	674,213,983		$	205,532,661		$	17,551,222		$	14,414,419
Net realized gain (loss)		(79,101,976	)		39,866,814			(18,661,019	)		2,035,608
Net change in unrealized appreciation (depreciation)		(946,415,284	)		46,409,311			(105,496,354	)		(16,946,499	)


Net increase (decrease) in net assets resulting from operations		(351,303,277	)		291,808,786			(106,606,151	)		(496,472	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(708,599,128	)		(209,931,933	)		(19,482,690	)		(15,800,694	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		5,688,028,105			4,572,586,705			(108,467,807	)		345,487,641


NET ASSETS
Total increase (decrease) in net assets		4,628,125,700			4,654,463,558			(234,556,648	)		329,190,475
Beginning of year		7,495,692,223			2,841,228,665			820,385,916			491,195,441


End of year	$	12,123,817,923		$	7,495,692,223		$	585,829,268		$	820,385,916


	iShares GNMA Bond ETF						iShares TIPS 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	$	5,348,068		$	385,759		$	2,078,474,333		$	1,099,103,928
Net realized gain (loss)		(8,776,553	)		(1,301,515	)		(442,787,338	)		824,140,987
Net change in unrealized appreciation (depreciation)		(49,977,400	)		(4,933,632	)		(5,520,153,272	)		(129,747,390	)


Net increase (decrease) in net assets resulting from operations		(53,405,885	)		(5,849,388	)		(3,884,466,277	)		1,793,497,525


DISTRIBUTIONS TO SHAREHOLDERS^(a)
From net investment income		(4,647,702	)		(590,997	)		(2,167,278,308	)		(1,131,771,551	)
Return of capital		—			(4,165,344	)		—			—


Decrease in net assets resulting from distributions to shareholders		(4,647,702	)		(4,756,341	)		(2,167,278,308	)		(1,131,771,551	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(95,516,056	)		13,169,725			(4,835,024,590	)		11,250,572,331


NET ASSETS
Total increase (decrease) in net assets		(153,569,643	)		2,563,996			(10,886,769,175	)		11,912,298,305
Beginning of year		483,847,282			481,283,286			35,868,635,300			23,956,336,995


End of year	$	330,277,639		$	483,847,282		$	24,981,866,125		$	35,868,635,300


	iShares Treasury Floating Rate Bond ETF						iShares U.S. Treasury 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 (loss)	$	26,891,007		$	(54,932	)	$	288,943,745		$	146,145,828
Net realized gain (loss)		226,214			191,601			(497,696,978	)		57,544,516
Net change in unrealized appreciation (depreciation)		(670,939	)		(231,479	)		(2,755,101,547	)		(549,141,099	)


Net increase (decrease) in net assets resulting from operations		26,446,282			(94,810	)		(2,963,854,780	)		(345,450,755	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(16,475,106	)		(77,549	)		(256,285,822	)		(270,729,481	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		3,511,487,208			(145,814,606	)		8,796,873,416			1,243,723,778


NET ASSETS
Total increase (decrease) in net assets		3,521,458,384			(145,986,965	)		5,576,732,814			627,543,542
Beginning of year		261,364,133			407,351,098			15,665,181,397			15,037,637,855


End of year	$	3,782,822,517		$	261,364,133		$	21,241,914,211		$	15,665,181,397


	iShares 0-5 Year TIPS 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	$	105.95		$	103.32		$	100.17		$	98.21		$	100.52

Net investment income^(a)		6.31			4.52			1.62			2.05			2.61
Net realized and unrealized gain (loss)^(b)		(8.83	)		2.17			2.85			2.02			(2.22	)


Net increase (decrease) from investment operations		(2.52	)		6.69			4.47			4.07			0.39


Distributions from net investment income^(c)		(6.25	)		(4.06	)		(1.32	)		(2.11	)		(2.70	)


Net asset value, end of year	$	97.18		$	105.95		$	103.32		$	100.17		$	98.21


Total Return^(d)
Based on net asset value		(2.51	)%		6.55	%		4.49	%		4.17	%		0.39	%


Ratios to Average Net Assets^(e)
Total expenses		0.03	%		0.05	%		0.06	%		0.06	%		0.06	%


Net investment income		6.15	%		4.28	%		1.59	%		2.07	%		2.62	%


Supplemental Data
Net assets, end of year (000)	$	12,123,818		$	7,495,692		$	2,841,229		$	2,343,861		$	2,199,887


Portfolio turnover rate^(f)		27	%		36	%		72	%		58	%		40	%


	iShares CMBS 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		$	53.62			$	54.88			$	53.42			$	49.36			$	51.60


Net investment income^(a)			1.19				1.23				1.39				1.45				1.37
Net realized and unrealized gain (loss)^(b)			(8.45	)			(1.06	)			1.47				4.04				(2.26	)


Net increase (decrease) from investment operations			(7.26	)			0.17				2.86				5.49				(0.89	)


Distributions^(c)

From net investment income			(1.18	)			(1.22	)			(1.40	)			(1.43	)			(1.35	)
From net realized gain			(0.12	)			(0.21	)			—				—				—


Total distributions			(1.30	)			(1.43	)			(1.40	)			(1.43	)			(1.35	)


Net asset value, end of year		$	45.06			$	53.62			$	54.88			$	53.42			$	49.36


Total Return^(d)
Based on net asset value			(13.75	)%			0.29	%			5.42	%			11.27	%			(1.74	)%


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


Net investment income			2.39	%			2.26	%			2.58	%			2.81	%			2.72	%


Supplemental Data
Net assets, end of year (000)		$	585,829			$	820,386			$	491,195			$	422,024			$	310,990


Portfolio turnover rate^(f)			21	%			13	%			26	%			21	%			13	%


	iShares GNMA 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		$	49.88			$	50.93			$	50.35			$	47.67			$	49.74

Net investment income^(a)			0.66				0.04				0.77				1.34				1.12
Net realized and unrealized gain (loss)^(b)			(7.31	)			(0.61	)			0.82				2.69				(2.05	)

Net increase (decrease) from investment operations			(6.65	)			(0.57	)			1.59				4.03				(0.93	)



Distributions^(c)
From net investment income			(0.61	)			(0.06	)			(0.82	)			(1.35	)			(1.14	)
Return of capital			—				(0.42	)			(0.19	)			—				(0.00	)^(d)


Total distributions			(0.61	)			(0.48	)			(1.01	)			(1.35	)			(1.14	)


Net asset value, end of year		$	42.62			$	49.88			$	50.93			$	50.35			$	47.67


Total Return^(e)
Based on net asset value			(13.42	)%			(1.14	)%			3.18	%			8.55	%			(1.90	)%


Ratios to Average Net Assets^(f)
Total expenses			0.10	%			0.15	%			0.15	%			0.15	%			0.15	%

Total expenses after fees waived			0.09	%			0.13	%			0.12	%			0.13	%			0.12	%

Net investment income			1.41	%			0.08	%			1.51	%			2.71	%			2.31	%


Supplemental Data
Net assets, end of year (000)		$	330,278			$	483,847			$	481,283			$	178,753			$	102,483

Portfolio turnover rate^(g)(h)			313	%			498	%			699	%			529	%			834	%


	iShares TIPS 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	$	128.61		$	125.29		$	116.11		$	108.83		$	113.73

Net investment income^(a)		7.63			4.90			1.56			2.11			3.14
Net realized and unrealized gain (loss)^(b)		(21.96	)		3.33			8.87			7.41			(4.63	)

Net increase (decrease) from investment operations		(14.33	)		8.23			10.43			9.52			(1.49	)

Distributions from net investment income^(c)		(8.02	)		(4.91	)		(1.25	)		(2.24	)		(3.41	)


Net asset value, end of year	$	106.26		$	128.61		$	125.29		$	116.11		$	108.83


Total Return^(d)
Based on net asset value		(11.62	)%		6.67	%		9.02	%		8.80	%		(1.36	)%


Ratios to Average Net Assets^(e)
Total expenses		0.19	%		0.19	%		0.19	%		0.19	%		0.19	%

Net investment income		6.36	%		3.84	%		1.29	%		1.87	%		2.80	%


Supplemental Data
Net assets, end of year (000)	$	24,981,866		$	35,868,635		$	23,956,337		$	20,436,063		$	22,223,190

Portfolio turnover rate^(f)		20	%		34	%		53	%		17	%		21	%