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


	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