iShares Trust

The Markets in Review

Dear Shareholder,

Investors faced an uncertain economic landscape during the 12-month reporting period ended April 30, 2023, amid mixed indicators and rapidly changing market conditions. The U.S. economy returned to modest growth beginning in the third quarter of 2022, although the pace of growth slowed thereafter. Inflation was elevated, reaching a 40-year high as labor costs grew rapidly and unemployment rates reached the lowest levels in decades. However, inflation moderated as the period continued, while continued strength in consumer spending backstopped the economy.

Equity returns varied substantially, as large-capitalization U.S. stocks gained for the period amid a rebound in big tech stocks, whereas small-capitalization U.S. stocks declined. International equities from developed markets advanced strongly, while emerging market stocks declined, pressured by higher interest rates and volatile commodities prices.

The 10-year U.S. Treasury yield rose during the reporting period, driving its price down, as investors reacted to elevated inflation and attempted to anticipate future interest rate changes. The corporate bond market also faced inflationary headwinds, although high-yield corporate bonds posted a positive return as demand from yield-seeking investors remained strong.

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation has been more persistent than expected, raised interest rates eight times. Furthermore, the Fed wound down its bond-buying programs and incrementally reduced its balance sheet by not replacing securities that reach maturity. In addition, the Fed added liquidity to markets amid the failure of prominent regional banks.

Restricted labor supply kept inflation elevated even as other inflation drivers, such as goods prices and energy costs, moderated. While economic growth was modest in the last year, we believe that stickiness in services inflation and continued wage growth will keep inflation above central bank targets for some time. Although the Fed has decelerated the pace of interest rate hikes and indicated a pause could be its next step, we believe that the Fed still seems determined 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, but the dimming economic outlook has not yet been fully reflected in current market prices. We believe 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. Turmoil in the banking sector late in the period highlighted the potential for the rapid increase in interest rates to disrupt markets with little warning.

While we favor an overweight to equities in the long term, we prefer an underweight stance on equities overall in the near term. Expectations for corporate earnings remain elevated, which seems inconsistent with the possibility of a recession. Nevertheless, we are overweight on emerging market stocks as we believe a weakening U.S. dollar could provide a supportive backdrop. We also see selective, long-term opportunities in credit, where we believe that valuations are appealing, and higher yields offer attractive income. However, we are neutral on credit in the near term, as we’re concerned about tightening credit and financial conditions. For fixed income investing with a six- to twelve-month horizon, we see the most significant opportunities in short-term U.S. Treasuries, global inflation-linked bonds, and emerging market bonds denominated in local currency.

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 April 30, 2023

	6-Month		12-Month

U.S. large cap equities (S&P 500^® Index)		8.63%		2.66%

U.S. small cap equities (Russell 2000^® Index)		(3.45)		(3.65)

International equities (MSCI Europe, Australasia, Far East Index)		24.19		8.42

Emerging market equities (MSCI Emerging Markets Index)		16.36		(6.51)

3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		2.09		2.83

U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		7.14		(1.68)

U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		6.91		(0.43)

Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)		7.65		2.87

U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		6.21		1.21

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

The iShares 0-5Year 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 or equal to five years, as represented by the ICE US Treasury 0-5 Year Inflation Linked 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.

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.

The 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.

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.

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 ICE US Treasury Inflation Linked 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.

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.

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.

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 — 97.7%
U.S. Treasury Floating Rate Note, 1.25%, 04/15/28	$	566,631		$	566,099,234
U.S. Treasury Inflation-Indexed Bonds 0.13%, 07/15/24		772,512			753,206,333
0.13%, 10/15/24		617,681			600,550,174
0.13%, 04/15/25		776,594			749,496,796
0.13%, 10/15/25		612,664			591,914,839
0.13%, 04/15/26		581,477			557,030,719
0.13%, 07/15/26		715,078			687,438,155
0.13%, 10/15/26		786,203			752,927,722
0.13%, 04/15/27		852,411			810,148,361
0.25%, 01/15/25		700,879			680,299,828
0.38%, 07/15/23		545,479			545,180,935
0.38%, 07/15/25		569,902			554,675,231
0.38%, 01/15/27		598,019			575,430,007
0.38%, 07/15/27		494,377			476,678,214
0.50%, 04/15/24		419,215			410,306,645
0.50%, 01/15/28		306,177			294,978,681
0.63%, 04/15/23		0	^(a)		14
0.63%, 01/15/24		806,963			795,709,161
0.63%, 01/15/26		287,799			280,539,622
1.63%, 10/15/27		1,230,229			1,250,004,114
1.75%, 01/15/28		22,800			23,259,119
2.00%, 01/15/26		81,752			82,586,144


Security	Par/ Shares (000)		Value

U.S. Government Obligations (continued)
2.38%, 01/15/25	$	112,729	$	113,399,727
2.38%, 01/15/27		79,025		81,673,130
3.63%, 04/15/28		55,801		61,994,794

				12,295,527,699


Total Long-Term Investments — 97.7% (Cost: $12,876,384,172)				12,295,527,699


Short-Term Securities

Money Market Funds — 6.5%
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.75%^(b)(c)		821,830		821,830,000


Total Short-Term Securities — 6.5% (Cost: $821,830,000)				821,830,000


Total Investments — 104.2% (Cost: $13,698,214,172)				13,117,357,699

Liabilities in Excess of Other Assets — (4.2)%				(530,095,882	)


Net Assets — 100.0%			$	12,587,261,817

^(a)	Rounds to less than 1,000.

^(b)	Affiliate of the Fund.

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

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended April 30, 2023 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 — 58.6%
Bank 2.92%, 12/15/52 (Call 12/15/29)	$	1,000	$	886,026
3.30%, 05/15/64 (Call 05/15/31)		500		330,456
3.39%, 06/15/60 (Call 07/15/27)		1,000		936,102
3.74%, 02/15/52 (Call 02/15/29)		600		560,308
3.92%, 04/15/65^(a)		1,500		1,389,008
4.26%, 05/15/61 (Call 05/15/28)^(a)		1,010		977,144
5.20%, 02/15/56 (Call 02/15/33)		1,250		1,274,576
5.94%, 11/15/55 (Call 11/15/32)^(a)		1,000		1,062,232
Series 2017, Class A5, 3.44%, 09/15/60 (Call 09/15/27)		220		206,029
Series 2017-BNK4, Class AS, 3.78%, 05/15/50 (Call 04/15/27)		500		463,446
Series 2017-BNK4, Class ASB, 3.42%, 05/15/50 (Call 04/15/27)		230		221,763
Series 2017-BNK4, Class C, 4.37%, 05/15/50 (Call 04/15/27)^(a)		485		400,845
Series 2017-BNK7, Class B, 3.95%, 09/15/60 (Call 09/15/27)		550		478,616
Series 2017-BNK8, Class A3, 3.23%, 11/15/50 (Call 11/15/27)		683		630,914
Series 2017-BNK8, Class AS, 3.73%, 11/15/50 (Call 11/15/27)		1,000		918,828
Series 2018-BN10, Class C, 4.16%, 02/15/61 (Call 02/15/28)^(a)		800		664,588
Series 2018-BN14, Class A3, 3.97%, 09/15/60 (Call 09/15/28)		600		568,379
Series 2018-BN14, Class AS, 4.48%, 09/15/60 (Call 09/15/28)^(a)		500		467,784
Series 2018-BN15, Class A3, 4.14%, 11/15/61 (Call 11/15/28)		499		476,977
Series 2018-BN15, Class A4, 4.41%, 11/15/61 (Call 11/15/28)^(a)		1,015		987,755
Series 2019-BN16, Class AS, 4.27%, 02/15/52 (Call 02/15/29)		262		242,020
Series 2019-BN19, Class A3, 3.18%, 08/15/61 (Call 07/15/29)		497		444,200
Series 2019-BN20, Class A2, 2.76%, 09/15/62 (Call 10/15/29)		420		369,517
Series 2019-BN20, Class B, 3.40%, 09/15/62 (Call 10/15/29)^(a)		1,000		806,564
Series 2019-BN21, Class A4, 2.60%, 10/17/52 (Call 10/15/29)		1,000		880,006
Series 2019-BN21, Class A5, 2.85%, 10/17/52 (Call 10/15/29)		500		439,222
Series 2019-BN22, Class A3, 2.73%, 11/15/62 (Call 11/15/29)		1,000		873,155
Series 2019-BNK16, Class A4, 4.01%, 02/15/52 (Call 02/15/29)		2,110		2,006,700
Series 2020-BN25, Class A3, 2.39%, 01/15/63 (Call 02/15/30)		537		499,637
Series 2020-BN26, Class B, 2.91%, 03/15/63 (Call 03/15/30)^(a)		250		185,698
Series 2020-BN28, Class A4, 1.84%, 03/15/63 (Call 10/15/30)		500		407,113
Series 2020-BN29, Class C, 3.13%, 11/15/53 (Call 12/15/30)^(a)		520		346,937
Series 2020-BN30, Class ABS, 1.67%, 12/15/53		240		207,920


Security	Par (000)		Value

Mortgage-Backed Securities (continued)
Series 2021-BN32, Class AS, 2.64%, 04/15/54 (Call 04/15/31)	$	2,075	$	1,774,711
Series 2021-BN34, Class A5, 2.44%, 06/15/63 (Call 07/15/31)		244		201,037
Series 2021-BN34, Class AS, 2.57%, 06/15/63 (Call 07/15/31)		500		398,288
Series 2021-BN35, Class B, 2.53%, 06/15/64 (Call 08/15/31)		1,000		674,905
Series 2022-BNK40, Class AS, 3.51%, 03/15/64 (Call 03/15/32)^(a)		1,000		840,202
Series2017-BNK4, Class A4, 3.63%, 05/15/50 (Call 04/15/27)		1,000		943,037
Serise BN23, Class C, 3.62%, 12/15/52 (Call 12/15/29)^(a)		500		356,721
Bank of America Merrill Lynch Commercial Mortgage Trust
Series 2016-UB10, Class A4, 3.17%, 07/15/49 (Call 02/15/31)		800		753,340
Series 2016-UB10, Class B, 3.79%, 07/15/49 (Call 02/15/31)		250		227,124
Series 2017-BNK3, Class A4, 3.57%, 02/15/50 (Call 02/15/27)		1,000		944,530
Barclays Commercial Mortgage Trust
Series 2019-C4, Class A5, 2.92%, 08/15/52 (Call 08/15/29)		1,000		891,679
Series 2019-C5, 2.81%, 11/15/52 (Call 11/15/29)		1,000		879,930
Series 2019-C5, Class A2, 3.04%, 11/15/52 (Call 11/15/29)		678		653,476
Series 2019-C5, Class A4, 3.06%, 11/15/52 (Call 11/15/29)		1,000		895,790
BBCMS Mortgage Trust 2.95%, 02/15/55 (Call 02/15/32)^(a)		1,500		1,292,364
5.45%, 09/15/55 (Call 09/15/32)^(a)		847		626,094
6.33%, 04/15/56		250		252,037
Series 2017-C1, Class A4, 3.67%, 02/15/50 (Call 02/15/27)		1,000		946,482
Series 2018-C2, Class C, 5.13%, 12/15/51 (Call 12/15/28)^(a)		250		202,938
Series 2020-C6, Class A4, 2.64%, 02/15/53 (Call 02/15/30)		1,500		1,303,281
Series 2020-C7, Class AS, 2.44%, 04/15/53 (Call 04/15/30)		300		248,165
Series 2020-C8, Class A5, 2.04%, 10/15/53 (Call 10/15/30)		1,000		829,586
Series 2021-C11, Class A5, 2.32%, 09/15/54		1,500		1,238,525
Series 2021-C12, Class A4, 2.42%, 11/15/54		1,000		840,274
Series 2021-C12, Class C, 3.21%, 11/15/54^(a)		500		348,054
Series 2022-C14, Class AS, 3.35%, 02/15/55 (Call 02/15/32)^(a)		250		211,951
Series 2022-C15, Class A5, 3.66%, 04/15/55 (Call 04/15/32)^(a)		1,640		1,493,083
Series 2022-C17, Class A4, 4.17%, 09/15/55 (Call 09/15/32)		1,000		935,550
BBCMS Mortgage Trust 2022-C18, 5.71%, 12/15/55 (Call 12/15/32)^(a)		1,000		1,060,038
BBCMS Trust
Series 2021-C10, Class A5, 2.49%, 07/15/54 (Call 07/15/31)		1,750		1,476,499
Series 2021-C10, Class AS, 2.68%, 07/15/54 (Call 07/15/31)		1,000		821,972
Series 2021-C10, Class B, 2.49%, 07/15/54 (Call 07/15/31)		1,000		753,751
Series 2021-C10, Class C, 2.84%, 07/15/54 (Call 07/15/31)		500		315,955
Benchmark Mortgage Trust 2.58%, 03/15/54 (Call 03/15/31)		1,000		839,567
3.20%, 01/15/55^(a)		500		344,908
3.46%, 03/15/55 (Call 03/15/32)		1,000		891,714
4.59%, 05/15/55 (Call 05/15/32)^(a)		750		714,183
Series 2018-B1, Class A5, 3.67%, 01/15/51 (Call 01/15/28)^(a)		1,000		940,409


Security	Par (000)		Value

Mortgage-Backed Securities (continued)
Series 2018-B1, Class AM, 3.88%, 01/15/51 (Call 01/15/28)^(a)	$	500	$	454,987
Series 2018-B2, Class A4, 3.61%, 02/15/51 (Call 02/15/28)		1,350		1,264,137
Series 2018-B2, Class AS, 4.08%, 02/15/51 (Call 02/15/28)^(a)		1,000		921,610
Series 2018-B2, Class C, 4.44%, 02/15/51 (Call 02/15/28)^(a)		500		403,895
Series 2018-B3, Class A4, 3.76%, 04/10/51 (Call 04/10/28)		700		658,627
Series 2018-B3, Class A5, 4.03%, 04/10/51 (Call 04/10/28)		1,000		949,374
Series 2018-B4, Class A5, 4.12%, 07/15/51 (Call 07/15/28)^(a)		1,023		982,661
Series 2018-B4, Class ASB, 4.06%, 07/15/51 (Call 07/15/28)^(a)		464		450,427
Series 2018-B4, Class C, 4.70%, 07/15/51 (Call 07/15/28)^(a)		400		326,258
Series 2018-B5, Class B, 4.57%, 07/15/51 (Call 08/15/28)		500		435,388
Series 2018-B7, Class B, 5.01%, 05/15/53 (Call 11/15/28)^(a)		400		353,086
Series 2018-B8, Class A4, 3.96%, 01/15/52 (Call 12/15/28)		1,000		952,984
Series 2018-B8, Class A5, 4.23%, 01/15/52 (Call 12/15/28)		1,000		957,229
Series 2018-B8, Class AS, 4.53%, 01/15/52 (Call 12/15/28)^(a)		1,563		1,465,472
Series 2019-B10, Class A3, 3.46%, 03/15/62 (Call 03/15/29)		800		735,443
Series 2019-B10, Class AM, 3.98%, 03/15/62 (Call 03/15/29)		600		540,179
Series 2019-B11, Class AS, 3.78%, 05/15/52 (Call 06/15/29)		500		444,125
Series 2019-B11, Class B, 3.96%, 05/15/52 (Call 06/15/29)^(a)		500		401,305
Series 2019-B13, Class C, 3.84%, 08/15/57 (Call 10/15/29)^(a)		500		385,132
Series 2019-B14, Class A5, 3.05%, 12/15/62 (Call 11/15/29)		500		442,882
Series 2019-B9, Class A5, 4.02%, 03/15/52 (Call 02/15/29)		1,000		940,389
Series 2019-B9, Class C, 4.97%, 03/15/52 (Call 02/15/29)^(a)		250		203,270
Series 2020-B16, Class A5, 2.73%, 02/15/53 (Call 02/15/30)		990		860,051
Series 2020-B16, Class AM, 2.94%, 02/15/53 (Call 02/15/30)^(a)		1,000		834,479
Series 2020-B17, Class C, 3.37%, 03/15/53 (Call 03/15/30)^(a)		250		178,971
Series 2020-B18 AM, Class AM, 2.34%, 07/15/53 (Call 08/15/30)		430		338,970
Series 2020-B19, Class B, 2.35%, 09/15/53 (Call 10/15/30)		450		313,181
Series 2020-B20, Class B, 2.53%, 10/15/53 (Call 10/15/30)		500		360,978
Series 2020-B21, Class A5, 2.25%, 12/17/53 (Call 12/15/30)		500		397,035
Series 2020-B22, Class A5, 1.97%, 01/15/54 (Call 01/15/31)		1,000		806,030
Series 2020-IG1, Class A3, 2.69%, 09/15/43 (Call 01/15/30).		1,750		1,512,625
Series 2021-B23, Class AS, 2.27%, 02/15/54 (Call 02/15/31)		500		391,980
Series 2021-B24, Class A4, 2.26%, 03/15/54 (Call 03/15/31)		1,000		836,475
Series 2021-B25, Class A5, 2.58%, 04/15/54 (Call 04/15/31)		1,000		829,248
Series 2021-B25, Class ASB, 2.27%, 04/15/54 (Call 04/15/31)		650		566,727


Security	Par (000)		Value

Mortgage-Backed Securities (continued)
Series 2021-B26, Class A5, 2.61%, 06/15/54 (Call 06/15/31)	$	1,500	$	1,260,859
Series 2021-B26, Class AM, 2.83%, 06/15/54 (Call 06/15/31)		500		401,071
Series 2021-B27, Class A2, 2.02%, 07/15/54 (Call 07/15/31)		1,000		900,635
Series 2021-B27, Class A5, 2.39%, 07/15/54 (Call 07/15/31)		1,000		822,484
Series 2021-B27, Class AS, 2.51%, 07/15/54 (Call 07/15/31)		500		394,419
Series 2021-B29, Class A5, 2.39%, 09/15/54 (Call 10/15/31)		830		685,549
Series 2022-B32, Class A5, 3.00%, 01/15/55^(a)		1,000		855,675
Series 2022-B34, Class A5, 3.79%, 04/15/55 (Call 04/15/32)^(a)		1,500		1,348,427
Series 2023-B38, Class A2, 5.63%, 04/15/56		2,000		2,029,079
Serise 2020-B17, Class A2, 2.21%, 03/15/53 (Call 03/15/30)		1,000		920,893
Serise 2020-B17, Class A5, 2.29%, 03/15/53 (Call 03/15/30)		1,000		836,778
BMO Mortgage Trust, 5.31%, 09/15/54 (Call 10/15/32)		1,000		1,024,440
Cantor Commercial Real Estate Lending, 3.01%, 01/15/53 (Call 12/15/29)		1,000		880,980
CCUBS Commercial Mortgage Trust, Series 2017-C1,
Class A4, 3.54%, 11/15/50 (Call 12/15/27)^(a)		1,510		1,410,091
CD Mortgage Trust
Series 2017-CD3, Class A4, 3.63%, 02/10/50 (Call 02/10/27)		230		215,334
Series 2017-CD3, Class AS, 3.83%, 02/10/50 (Call 02/10/27)		750		657,231
Series 2017-CD3, Class C, 4.70%, 02/10/50 (Call 02/10/27)^(a)		300		229,290
Series 2017-CD4, Class A4, 3.51%, 05/10/50 (Call 05/10/27)^(a)		1,000		940,053
Series 2017-CD5, Class A4, 3.43%, 08/15/50 (Call 07/15/27)		750		699,802
Series 2017-CD6, Class C, 4.37%, 11/13/50 (Call 11/13/27)^(a)		500		412,743
Series 2018-CD7, Class ASB, 4.21%, 08/15/51 (Call 08/15/28)		550		534,777
Series 2019-CD8, Class A4, 2.91%, 08/15/57 (Call 08/15/29)		1,000		874,954
CFCRE Commercial Mortgage Trust
Series 2016-C3, Class A3, 3.87%, 01/10/48 (Call 01/10/26)		500		474,713
Series 2016-C4, Class A4, 3.28%, 05/10/58 (Call 05/10/26)		1,650		1,538,680
Series 2017-C8, Class ASB, 3.37%, 06/15/50 (Call 05/15/27)		795		765,983
Series 2017-C8, Class B, 4.20%, 06/15/50 (Call 05/15/27)^(a)		750		650,935
Citigroup Commercial Mortgage Trust
Series 2014-GC19, Class A4, 4.02%, 03/11/47 (Call 03/10/24)		500		494,082
Series 2014-GC23, Class A4, 3.62%, 07/10/47 (Call 07/10/24)		750		726,150
Series 2014-GC23, Class AS, 3.86%, 07/10/47 (Call 07/10/24)		250		243,559
Series 2014-GC23, Class C, 4.58%, 07/10/47 (Call 07/10/24)^(a)		250		230,701
Series 2014-GC25, Class B, 4.35%, 10/10/47 (Call 10/10/24)^(a)		100		91,174


Security	Par (000)		Value

Mortgage-Backed Securities (continued)
Series 2015-GC29, Class C, 4.28%, 04/10/48 (Call 04/10/25)^(a)	$	250	$	232,858
Series 2015-GC31, Class A4, 3.76%, 06/10/48 (Call 06/10/25)		750		722,356
Series 2015-GC35, Class AAB, 3.61%, 11/10/48 (Call 11/10/25)		270		262,692
Series 2015-P1, Class A5, 3.72%, 09/15/48 (Call 05/15/26)		356		342,063
Series 2016-C1, Class A4, 3.21%, 05/10/49 (Call 06/10/26)		874		822,571
Series 2016-GC36, Class A4, 3.35%, 02/10/49 (Call 02/10/26)		1,000		953,685
Series 2016-P3, Class A4, 3.33%, 04/15/49 (Call 04/15/26)		75		70,981
Series 2017-C4, Class A3, 3.21%, 10/12/50 (Call 11/12/27)		1,000		934,483
Series 2017-P8, Class A3, 3.20%, 09/15/50 (Call 09/15/27)		885		819,599
Series 2017-P8, Class AS, 3.79%, 09/15/50 (Call 09/15/27)^(a)		750		680,759
Series 2018-B2, Class A4, 4.01%, 03/10/51 (Call 03/10/28)		600		571,088
Series 2018-C5, Class A4, 4.23%, 06/10/51 (Call 06/10/28)^(a)		1,000		962,650
Series 2018-C6, Class A4, 4.41%, 11/10/51 (Call 11/10/28)		1,199		1,160,386
Series 2019-C7, Class A4, 3.10%, 12/15/72 (Call 12/15/29)		1,000		889,745
Series 2019-GC41, Class AS, 3.02%, 08/10/56 (Call 08/10/29)		750		642,692
Series 2019-GC43, Class A2, 2.98%, 11/10/52 (Call 11/10/29)		863		825,702
Series 2019-GC43, Class A4, 3.04%, 11/10/52 (Call 11/10/29)		750		658,874
Series 2020-GC46, Class A5, 2.72%, 02/15/53 (Call 02/15/30)		1,000		865,976
Series 2020-GC46, Class AS, 2.92%, 02/15/53 (Call 02/15/30)^(a)		500		414,913
Series 2020-GC46, Class B, 3.15%, 02/15/53 (Call 02/15/30)^(a)		234		173,675
Commission Mortgage Trust
Series 2014-CR14, Class C, 4.73%, 02/10/47 (Call 01/10/24)^(a)		200		175,357
Series 2014-CR16, Class ASB, 3.65%, 04/10/47 (Call 04/10/24)		26		26,169
Series 2014-CR17, Class B, 4.38%, 05/10/47 (Call 05/10/24)		292		269,137
Series 2014-CR18, Class AM, 4.10%, 07/15/47 (Call 07/15/24)		300		288,803
Series 2014-CR19, Class A5, 3.80%, 08/10/47 (Call 08/10/24)		438		427,469
Series 2014-CR19, Class B, 4.70%, 08/10/47 (Call 08/10/24)^(a)		850		789,872
Series 2014-CR20, Class AM, 3.94%, 11/10/47 (Call 01/10/29)		250		240,287
Series 2014-LC17, Class A5, 3.92%, 10/10/47 (Call 12/10/24)		675		655,888
Series 2014-UBS2, Class AM, 4.20%, 03/10/47 (Call 03/10/24)		425		413,977
Series 2014-UBS3, Class C, 4.89%, 06/10/47 (Call 06/10/24)^(a)		150		140,111
Series 2014-UBS4, Class A4, 3.42%, 08/10/47 (Call 07/10/29)		250		243,577
Series 2014-UBS4, Class A5, 3.69%, 08/10/47 (Call 07/10/29)		500		484,201
Series 2014-UBS4, Class AM, 3.97%, 08/10/47 (Call 07/10/29)		500		476,785


Security	Par (000)		Value

Mortgage-Backed Securities (continued)
Series 2014-UBS4, Class B, 4.35%, 08/10/47 (Call 07/10/29)	$	250	$	235,490
Series 2014-UBS5, Class A4, 3.84%, 09/10/47 (Call 09/10/24)		730		706,728
Series 2014-UBS6, Class A5, 3.64%, 12/10/47 (Call 10/10/28)		500		482,500
Series 2015-CR22, Class A5, 3.31%, 03/10/48 (Call 03/10/25)		500		479,454
Series 2015-CR22, Class AM, 3.60%, 03/10/48 (Call 03/10/25)^(a)		200		189,232
Series 2015-CR22, Class C, 4.20%, 03/10/48 (Call 03/10/25)^(a)		300		266,714
Series 2015-CR23, Class A4, 3.50%, 05/10/48 (Call 05/10/25)		500		480,497
Series 2015-CR24, Class A4, 3.43%, 08/10/48 (Call 06/10/26)		925		887,973
Series 2015-CR24, Class B, 4.49%, 08/10/48 (Call 06/10/26)^(a)		750		690,309
Series 2015-CR24, Class D, 3.46%, 08/10/48 (Call 06/10/26)^(a)		200		158,562
Series 2015-CR25, Class A4, 3.76%, 08/10/48 (Call 08/10/25)		750		721,803
Series 2015-CR25, Class B, 4.67%, 08/10/48 (Call 08/10/25)^(a)		300		273,090
Series 2015-DC1, Class A5, 3.35%, 02/10/48 (Call 02/10/25)		750		720,279
Series 2015-DC1, Class C, 4.44%, 02/10/48 (Call 02/10/25)^(a)		250		211,764
Series 2015-LC21, Class A4, 3.71%, 07/10/48 (Call 01/10/26)		500		481,595
Series 2015-LC23, Class A4, 3.77%, 10/10/48 (Call 11/10/25)		1,000		960,983
Series 2016-CR28, Class C, 4.76%, 02/10/49 (Call 01/10/26)^(a)		604		536,890
Series 2016-DC2, Class A4, 3.50%, 02/10/49 (Call 02/10/26)		337		322,649
Series 2016-DC2, Class AM, 4.24%, 02/10/49 (Call 02/10/26)		750		707,510
Series 2016-DC2, Class C, 4.81%, 02/10/49 (Call 02/10/26)^(a)		250		219,540
Series 2017-COR2, Class C, 4.74%, 09/10/50 (Call 09/10/27)^(a)		750		600,287
Series 2018-COR3, Class A3, 4.23%, 05/10/51 (Call 05/10/28)		750		720,524
Series 2018-COR3, Class B, 4.66%, 05/10/51 (Call 05/10/28)^(a)		500		429,176
Series 2018-COR3, Class C, 4.71%, 05/10/51 (Call 05/10/28)^(a)		500		413,677
Series 2019-GC44, Class A5, 2.95%, 08/15/57 (Call 11/15/29)		1,000		883,971
CSAIL Commercial Mortgage Trust
Series 2015-C1, Class A4, 3.51%, 04/15/50 (Call 03/15/25)		500		479,270
Series 2015-C1, Class AS, 3.79%, 04/15/50 (Call 03/15/25)^(a)		435		411,481
Series 2015-C2, Class A4, 3.50%, 06/15/57 (Call 05/15/25)		500		479,994
Series 2015-C3, Class A4, 3.72%, 08/15/48 (Call 08/15/25)		1,900		1,826,639
Series 2015-C4, Class A4, 3.81%, 11/15/48 (Call 11/15/25)		1,464		1,407,907
Series 2015-C4, Class D, 3.71%, 11/15/48 (Call 11/15/25)^(a)		250		204,625
Series 2016-C5, Class C, 4.80%, 11/15/48 (Call 11/15/25)^(a)		750		672,632


Security	Par (000)		Value

Mortgage-Backed Securities (continued)
Series 2016-C6, Class C, 5.08%, 01/15/49 (Call 05/15/26)^(a)	$	350	$	311,335
Series 2016-C7, Class A4, 3.21%, 11/15/49 (Call 11/15/26)		193		183,397
Series 2016-C7, Class A5, 3.50%, 11/15/49 (Call 11/15/26)		115		106,898
Series 2016-C7, Class AS, 3.96%, 11/15/49 (Call 11/15/26)^(a)		1,000		913,513
Series 2017-CX9, Class A5, 3.45%, 09/15/50 (Call 09/15/27)		1,000		934,277
Series 2018-CX11, Class A5, 4.03%, 04/15/51 (Call 04/15/28)^(a)		1,000		952,160
Series 2019-C15, Class A2, 3.45%, 03/15/52 (Call 02/15/29)		1,001		973,779
Series 2019-C15, Class A3, 3.78%, 03/15/52 (Call 02/15/29)		1,400		1,314,544
Series 2019-C15, Class B, 4.48%, 03/15/52 (Call 02/15/29)		1,000		831,536
Series 2019-C17, Class A5, 3.02%, 09/15/52 (Call 09/15/29)		2,000		1,775,376
Series 2019-C18, Class ASB, 2.87%, 12/15/52 (Call 12/15/29)		500		460,490
Series 2020-C19, Class A3, 2.56%, 03/15/53 (Call 03/15/30)		1,500		1,283,038
DBGS Mortgage Trust, Series 2018-C1, Class A4, 4.47%, 10/15/51 (Call 10/15/28)		1,400		1,338,082
DBJPM Mortgage Trust
Series 2016-C1, Class A4, 3.28%, 05/10/49 (Call 04/10/26)		1,000		945,305
Series 2016-C1, Class ASB, 3.04%, 05/10/49 (Call 04/10/26)		328		316,087
Series 2016-C1, Class C, 3.47%, 05/10/49 (Call 04/10/26)^(a)		468		386,600
Series 2017-C6, Class A3, 3.27%, 06/10/50 (Call 06/10/27)		560		545,162
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, 4.35%, 01/25/33		4,000		4,043,755
Federal National Mortgage Association 1.76%, 11/25/31^(a)		969		857,180
2.00%, 12/25/31^(a)		1,000		835,896
2.35%, 02/25/31		1,000		891,616
Series 2016-M1, Class A2, 2.94%, 01/25/26^(a)		595		574,570
Series 2016-M10, Class AV2, 3.00%, 11/25/45		500		418,274
Series 2016-M12, Class AV2, 2.31%, 10/25/23		90		89,571
Series 2016-M5, Class A2, 2.47%, 04/25/26		2,000		1,902,640
Series 2017-M1, Class A2, 2.50%, 10/25/26^(a)		760		718,317
Series 2017-M14, Class A2, 2.96%, 11/25/27^(a)		1,708		1,623,023
Series 2017-M15, Class ATS2, 3.20%, 11/25/27^(a)		427		411,282
Series 2018-M14, Class A2, 3.70%, 08/25/28^(a)		409		398,495
Series 2019-M12, Class A2, 2.89%, 06/25/29^(a)		1,175		1,095,009
Series 2019-M25, Class A2, 2.33%, 11/25/29^(a)		1,690		1,518,582
Series 2020-M1, Class A1, 2.15%, 10/25/29		1,455		1,372,362
Series 2020-M1, Class A2, 2.44%, 10/25/29		2,530		2,281,371
Series 2020-M14, Class A2, 1.78%, 05/25/30		1,000		853,174
Series 2020-M20, Class A2, 1.44%, 10/25/29		250		211,768
Series 2020-M5, Class A3, 2.19%, 01/25/30		1,000		880,626
Series 2020-M8, Class A2, 1.82%, 02/25/30		100		86,788
Series 2021-M19, Class A2, 1.80%, 10/25/31^(a)		2,000		1,652,078
Series 2021-M4, Class A2, 1.51%, 02/25/31^(a)		2,500		2,045,903
Series 2022-M3, Class A2, 1.76%, 11/25/31^(a)		2,000		1,639,995
Series 2022-M4, Class A2, 2.29%, 05/25/30^(a)		1,800		1,594,397
Series2019-M6, Class A2, 3.45%, 01/01/29		477		463,431
Freddie Mac Multifamily Structured Pass Through Certificates 2.05%, 11/25/28 (Call 12/25/28)^(a)		1,000		895,409
3.53%, 08/25/32 (Call 09/25/32)		1,000		948,374


Security	Par (000)		Value

Mortgage-Backed Securities (continued)
3.80%, 10/25/32 (Call 11/25/32)^(a)	$	1,000	$	968,218
GS Mortgage Securities Trust
Series 2013-GC16, Class AS, 4.65%, 11/10/46 (Call 11/10/23)		150		148,126
Series 2013-GC16, Class C, 5.48%, 11/10/46 (Call 11/10/23)^(a)		100		96,441
Series 2014-GC18, Class AS, 4.38%, 01/10/47 (Call 01/10/24)		650		633,505
Series 2014-GC20, Class B, 4.53%, 04/10/47 (Call 04/10/24)^(a)		250		239,954
Series 2014-GC22, Class AS, 4.11%, 06/10/47 (Call 06/10/24)		250		242,409
Series 2014-GC24, Class AAB, 3.65%, 09/10/47 (Call 09/10/24)		149		147,041
Series 2014-GC26, Class A5, 3.63%, 11/10/47 (Call 12/10/24)		1,485		1,429,015
Series 2015-GC30, Class AAB, 3.12%, 05/10/50 (Call 05/10/25)		161		157,272
Series 2015-GC30, Class AS, 3.78%, 05/10/50 (Call 05/10/25)^(a)		500		473,010
Series 2015-GC32, Class A3, 3.50%, 07/10/48 (Call 07/10/25)		543		521,142
Series 2015-GC32, Class C, 4.56%, 07/10/48 (Call 07/10/25)^(a)		804		716,726
Series 2015-GC34, Class A4, 3.51%, 10/10/48 (Call 10/10/25)		1,500		1,425,183
Series 2015-GS1, Class A3, 3.73%, 11/10/48 (Call 11/10/25)		1,500		1,437,686
Series 2016-GS2, Class A4, 3.05%, 05/10/49 (Call 05/10/26)		1,170		1,098,673
Series 2016-GS3, Class A3, 2.59%, 10/10/49 (Call 10/10/26)		1,291		1,192,802
Series 2016-GS3, Class A4, 2.85%, 10/10/49 (Call 10/10/26)		780		721,891
Series 2016-GS4, Class A4, 3.44%, 11/10/49 (Call 11/10/26)^(a)		39		36,730
Series 2017-GS6, Class B, 3.87%, 05/10/50 (Call 05/10/27)		1,000		861,572
Series 2017-GS7, Class A3, 3.17%, 08/10/50 (Call 08/10/27)		1,000		920,085
Series 2017-GS7, Class B, 3.88%, 08/10/50 (Call 08/10/27)		500		440,731
Series 2018-GS9, Class A4, 3.99%, 03/10/51 (Call 03/10/28)^(a)		1,000		951,306
Series 2019-GC38, Class A4, 3.97%, 02/10/52 (Call 02/10/29)		750		708,020
Series 2019-GC40, Class A4, 3.16%, 07/10/52 (Call 07/10/29)		1,131		1,017,096
Series 2019-GSA1, Class C, 3.93%, 11/10/52 (Call 11/10/29)^(a)		500		388,344
Series 2020-GC45, Class A4, 2.66%, 02/13/53 (Call 01/13/30)		775		671,413
JP Morgan Chase Commercial Mortgage Securities Trust
Series 2015-JP1, Class A4, 3.65%, 01/15/49 (Call 12/15/25)		1,000		958,466
Series 2015-JP1, Class AS, 4.12%, 01/15/49 (Call 12/15/25)^(a)		750		703,082
Series 2016-JP3, Class AS, 3.14%, 08/15/49 (Call 09/15/26)		1,000		887,153
Series 2016-JP3, Class B, 3.40%, 08/15/49 (Call 09/15/26)^(a)		108		91,575


Security	Par (000)		Value

Mortgage-Backed Securities (continued)
JPMBB Commercial Mortgage Securities Trust
Series 2013-C14, Class B, 4.70%, 08/15/46 (Call 08/15/23)^(a)	$	500	$	480,872
Series 2013-C15, Class C, 5.34%, 11/15/45 (Call 10/15/23)^(a)		110		106,946
Series 2013-C17, Class C, 5.05%, 01/15/47 (Call 01/15/24)^(a)		100		96,298
Series 2014-C18, Class B, 4.89%, 02/15/47 (Call 01/15/29)^(a)		225		204,157
Series 2014-C19, Class C, 4.80%, 04/15/47 (Call 01/15/25)^(a)		200		187,816
Series 2014-C21, Class ASB, 3.43%, 08/15/47 (Call 07/15/24)		82		80,887
Series 2014-C22, Class A4, 3.80%, 09/15/47 (Call 03/15/26)		1,006		976,051
Series 2014-C22, Class C, 4.70%, 09/15/47 (Call 03/15/26)^(a)		200		176,515
Series 2014-C23, Class A5, 3.93%, 09/15/47 (Call 02/15/26)		1,144		1,111,882
Series 2014-C25, Class AS, 4.07%, 11/15/47 (Call 11/15/24)		232		222,318
Series 2014-C25, Class B, 4.35%, 11/15/47 (Call 11/15/24)^(a)		185		164,935
Series 2015-C27, Class AS, 3.63%, 02/15/48 (Call 09/15/26)		500		468,055
Series 2015-C28, Class A3, 2.91%, 10/15/48 (Call 04/15/25)		666		635,907
Series 2015-C29, Class ASB, 3.30%, 05/15/48 (Call 03/15/26)		191		186,386
Series 2015-C29, Class B, 4.12%, 05/15/48 (Call 03/15/26)^(a)		250		229,390
Series 2015-C30, Class AS, 4.23%, 07/15/48 (Call 07/15/25)^(a)		635		597,895
Series 2015-C31, Class A3, 3.80%, 08/15/48 (Call 08/15/25)		946		912,728
Series 2015-C33, Class A4, 3.77%, 12/15/48 (Call 11/15/25)		1,000		966,011
Series 2016-C1, Class A5, 3.58%, 03/17/49 (Call 02/15/26)		822		783,458
Series 2016-C1, Class B, 4.89%, 03/17/49 (Call 02/15/26)^(a)		450		411,676
Series 2016-C1, Class C, 4.89%, 03/17/49 (Call 02/15/26)^(a)		400		352,512
JPMCC Commercial Mortgage Securities Trust
Series 2017-JP5, Class AS, 3.88%, 03/15/50 (Call 04/15/27)^(a)		650		603,104
Series 2017-JP5, Class ASB, 3.55%, 03/15/50 (Call 04/15/27)		100		96,547
Series 2017-JP6, Class A5, 3.49%, 07/15/50 (Call 06/15/27)		300		279,815
Series 2017-JP6, Class AS, 3.74%, 07/15/50 (Call 06/15/27)		400		368,369
Series 2017-JP7, Class A5, 3.45%, 09/15/50 (Call 08/15/27)		1,000		933,766
Series 2019-COR5, Class A2, 3.15%, 06/13/52 (Call 06/13/29)		313		305,277
Series 2019-COR5, Class A4, 3.39%, 06/13/52 (Call 06/13/29)		1,200		1,094,899
JPMDB Commercial Mortgage Securities Trust
Series 2016-C2, Class A4, 3.14%, 06/15/49 (Call 05/15/26)		1,000		941,028


Security	Par (000)		Value

Mortgage-Backed Securities (continued)
Series 2016-C2, Class B, 3.99%, 06/15/49 (Call 05/15/26)^(a)	$	750	$	640,440
Series 2017-C5, Class A5, 3.69%, 03/15/50 (Call 04/15/27)		1,100		1,038,733
Series 2017-C7, Class A5, 3.41%, 10/15/50 (Call 11/15/27)		1,050		977,110
Series 2018-C8, Class A3, 3.94%, 06/15/51 (Call 06/15/28)		561		536,046
Series 2019-COR6, Class A4, 3.06%, 11/13/52 (Call 11/13/29)		955		836,716
Series 2020-COR7, Class A5, 2.18%, 05/13/53 (Call 04/13/30)		539		449,913
JPMorgan Chase Commercial Mortgage Securities Trust
Series 2013-C13, Class A4, 3.99%, 01/15/46 (Call 07/15/23)^(a)		57		56,825
Series 2014-C20, Class B, 4.40%, 07/15/47 (Call 06/15/24)^(a)		100		91,862
Series 2015-JP1, Class A5, 3.91%, 01/15/49 (Call 12/15/25)		1,462		1,405,809
Series 2016-JP2, Class AS, 3.06%, 08/15/49 (Call 07/15/26)		700		635,787
Series 2016-JP4, Class A4, 3.65%, 12/15/49 (Call 04/15/27)^(a)		1,090		1,032,931
Morgan Stanley Bank of America Merrill Lynch Trust 2.60%, 09/15/49 (Call 10/15/26)		737		681,195
Series 2013-C11, Class A3, 3.96%, 08/15/46 (Call 08/15/23)		196		195,578
Series 2013-C13, Class C, 5.05%, 11/15/46 (Call 11/15/28)^(a)		230		223,987
Series 2014-C14, Class B, 5.04%, 02/15/47 (Call 02/15/24)^(a)		200		196,391
Series 2014-C15, Class ASB, 3.65%, 04/15/47 (Call 04/15/24)		40		39,209
Series 2014-C18, Class A3, 3.65%, 10/15/47 (Call 07/15/26)		329		319,865
Series 2014-C18, Class A4, 3.92%, 10/15/47 (Call 07/15/26)		1,150		1,117,555
Series 2015-C20, Class AS, 3.61%, 02/15/48 (Call 11/15/26)		500		474,408
Series 2015-C21, Class A4, 3.34%, 03/15/48 (Call 03/15/31)		901		863,620
Series 2015-C22, Class A4, 3.31%, 04/15/48 (Call 04/15/25)		1,000		956,429
Series 2015-C22, Class C, 4.34%, 04/15/48 (Call 04/15/25)^(a)		250		218,631
Series 2015-C23, Class A3, 3.45%, 07/15/50 (Call 06/15/25)		717		687,679
Series 2015-C23, Class A4, 3.72%, 07/15/50 (Call 06/15/25)		1,000		962,285
Series 2015-C24, Class A3, 3.48%, 05/15/48 (Call 08/15/25)		308		295,476
Series 2015-C24, Class A4, 3.73%, 05/15/48 (Call 08/15/25)		950		914,543
Series 2015-C25, Class ASB, 3.38%, 10/15/48 (Call 09/15/25)		260		251,917
Series 2016-C28, Class A4, 3.54%, 01/15/49 (Call 02/15/28)		1,000		952,453
Series 2016-C30, Class A5, 2.86%, 09/15/49 (Call 10/15/26)		500		462,780
Series 2016-C31, Class A5, 3.10%, 11/15/49 (Call 11/15/26)		1,250		1,164,081
Series 2016-C32, Class A4, 3.72%, 12/15/49 (Call 01/15/27)		1,000		948,532


Security	Par (000)		Value

Mortgage-Backed Securities (continued)
Series 2016-C32, Class ASB, 3.51%, 12/15/49 (Call 01/15/27)	$	233	$	224,477
Series 2017-C33, Class A5, 3.60%, 05/15/50 (Call 05/15/27)		1,100		1,035,970
Series 2017-C34, Class A4, 3.54%, 11/15/52 (Call 10/15/27)		1,000		934,926
Series 2017-C34, Class AS, 3.86%, 11/15/52 (Call 10/15/27)		500		455,147
Morgan Stanley Capital I Trust
Series 2015-MS1, Class A4, 3.78%, 05/15/48 (Call 07/15/25)^(a)		500		482,006
Series 2015-UBS8, Class AS, 4.11%, 12/15/48 (Call 12/15/25)		250		229,767
Series 2016-UB11, Class A4, 2.78%, 08/15/49 (Call 08/15/26)		1,275		1,177,199
Series 2016-UB12, Class A3, 3.34%, 12/15/49 (Call 12/15/26)		983		925,541
Series 2016-UB12, Class A4, 3.60%, 12/15/49 (Call 12/15/26)		1,500		1,417,030
Series 2017-H1, Class A5, 3.53%, 06/15/50 (Call 06/15/27)		1,000		934,607
Series 2018-H3, Class A4, 3.91%, 07/15/51 (Call 07/15/28)		500		474,513
Series 2019-H7, Class A4, 3.26%, 07/15/52 (Call 07/15/29)		1,000		902,699
Series 2020-HR8, Class A4, 2.04%, 07/15/53 (Call 08/15/30)		1,120		920,661
Series 2020-L4, Class A3, 2.70%, 02/15/53 (Call 02/15/30)		1,500		1,296,735
Series 2021-L5, Class ASB, 2.43%, 05/15/54 (Call 05/15/31)		145		127,058
Series 2021-L6, Class A2, 2.13%, 06/15/54 (Call 07/15/31)^(a)		1,500		1,349,668
Series 2021-L7, Class A5, 2.57%, 10/15/54 (Call 10/15/31)		2,000		1,665,359
SG Commercial Mortgage Securities Trust, Series 2016-C5, Class A4, 3.06%, 10/10/48 (Call 07/10/26)		1,000		923,402
UBS Commercial Mortgage Trust
Series 2017-C2, Class A4, 3.49%, 08/15/50 (Call 08/15/27)		1,000		935,459
Series 2017-C6, Class AS, 3.93%, 12/15/50 (Call 12/15/27)^(a)		500		459,633
Series 2017-C7, Class A4, 3.68%, 12/15/50 (Call 01/15/33)		1,000		934,856
Series 2018-C08, Class A4, 3.98%, 02/15/51 (Call 02/15/28)		1,325		1,259,262
Series 2018-C15, Class B, 4.92%, 12/15/51 (Call 01/15/29)^(a)		750		686,909
Series 2019-C16, Class AS, 3.89%, 04/15/52 (Call 04/15/29)		1,592		1,396,418
Series 2019-C17, Class A4, 2.92%, 10/15/52 (Call 10/15/29)		1,000		882,577
Wells Fargo Commercial Mortgage Trust 2.65%, 08/15/49 (Call 08/15/26)		1,000		921,416
2.96%, 10/15/52 (Call 10/15/29)		900		836,483
4.00%, 04/15/55 (Call 04/15/32)^(a)		500		463,442
4.15%, 08/15/51 (Call 08/15/28)		623		596,399
Series 2013-LC12, Class AS, 4.43%, 07/15/46 (Call 07/15/23)^(a)		473		457,803
Series 2015-C26, Class AS, 3.58%, 02/15/48 (Call 02/15/25)		820		779,511
Series 2015-C27, Class A5, 3.45%, 02/15/48 (Call 03/15/25)		1,000		960,178
Series 2015-C27, Class B, 4.14%, 02/15/48 (Call 03/15/25)^(a)		330		272,313
Series 2015-C28, Class A4, 3.54%, 05/15/48 (Call 05/15/25)		500		479,901


Security	Par (000)		Value

Mortgage-Backed Securities (continued)
Series 2015-C28, Class AS, 3.87%, 05/15/48 (Call 05/15/25)^(a)	$	250	$	238,004
Series 2015-C30, Class A4, 3.66%, 09/15/58 (Call 08/15/25)		1,817		1,745,410
Series 2015-C30, Class ASB, 3.41%, 09/15/58 (Call 08/15/25)		215		209,832
Series 2015-C31, Class A4, 3.70%, 11/15/48 (Call 11/15/25)		500		479,189
Series 2015-C31, Class B, 4.48%, 11/15/48 (Call 11/15/25)^(a)		1,000		904,193
Series 2015-C31, Class C, 4.75%, 11/15/48 (Call 11/15/25)^(a)		450		400,105
Series 2015-LC20, Class B, 3.72%, 04/15/50 (Call 04/15/25)		750		693,428
Series 2015-LC22, Class A4, 3.84%, 09/15/58 (Call 09/15/25)		1,000		962,674
Series 2015-NXS2, Class A5, 3.77%, 07/15/58 (Call 07/15/25)^(a)		750		722,626
Series 2016-C32, Class ASB, 3.32%, 01/15/59 (Call 01/15/26)		587		569,567
Series 2016-C33, Class A4, 3.43%, 03/15/59 (Call 04/15/26)		1,000		948,792
Series 2016-C34, Class A4, 3.10%, 06/15/49 (Call 05/15/26)		1,000		939,358
Series 2016-C36, Class AS, 3.42%, 11/15/59 (Call 10/15/26)		500		447,929
Series 2016-LC24, Class A4, 2.94%, 10/15/49 (Call 09/15/26)		1,680		1,561,290
Series 2016-LC25, Class B, 4.49%, 12/15/59 (Call 11/15/26)^(a)		198		177,391
Series 2016-NXS4, Class A4, 3.72%, 12/15/48 (Call 11/15/25)		1,920		1,841,322
Series 2016-NXS6, Class B, 3.81%, 11/15/49 (Call 10/15/26)		500		437,392
Series 2017-C38, Class A4, 3.19%, 07/15/50 (Call 06/15/27)		483		449,691
Series 2017-C38, Class A5, 3.45%, 07/15/50 (Call 06/15/27)		1,000		933,917
Series 2017-C39, Class A5, 3.42%, 09/15/50 (Call 08/15/27)		2,500		2,330,740
Series 2017-C39, Class ASB, 3.21%, 09/15/50 (Call 08/15/27)		842		807,900
Series 2017-C39, Class C, 4.12%, 09/15/50 (Call 08/15/27)		500		423,143
Series 2017-C42, Class A4, 3.59%, 12/15/50 (Call 12/15/27)		1,250		1,159,278
Series 2017-C42, Class B, 4.00%, 12/15/50 (Call 12/15/27)^(a)		500		441,501
Series 2018-C44, Class A4, 3.95%, 05/15/51 (Call 05/15/28)		1,250		1,186,688
Series 2018-C45, Class AS, 4.41%, 06/15/51 (Call 07/15/28)^(a)		350		327,945
Series 2018-C46, Class AS, 4.38%, 08/15/51 (Call 08/15/28)		500		466,398
Series 2018-C47, Class A4, 4.44%, 09/15/61 (Call 10/15/28)		1,250		1,213,073
Series 2018-C48, Class A5, 4.30%, 01/15/52 (Call 12/15/28)		1,010		972,031
Series 2019-C49, Class A5, 4.02%, 03/15/52 (Call 02/15/29)		1,625		1,539,660


Security	Par (000)		Value

Mortgage-Backed Securities (continued)
Series 2019-C49, Class C, 4.87%, 03/15/52 (Call 02/15/29)^(a)	$	665	$	560,989
Series 2019-C50, Class A5, 3.73%, 05/15/52 (Call 05/15/29)		750		697,436
Series 2019-C50, Class AS, 4.02%, 05/15/52 (Call 05/15/29)		1,000		899,318
Series 2019-C51, Class AS, 3.58%, 06/15/52 (Call 06/15/29)		492		433,470
Series 2019-C53, Class A4, 3.04%, 10/15/52 (Call 10/15/29)		1,400		1,242,508
Series 2020-C55, Class A5, 2.73%, 02/15/53 (Call 02/15/30)		1,000		866,549
Series 2020-C56, Class ASB, 2.42%, 06/15/53 (Call 04/15/30)		500		446,658
Series 2020-C56, Class B, 3.86%, 06/15/53 (Call 04/15/30)^(a)		345		275,014
Series 2020-C56, Class C, 3.86%, 06/15/53 (Call 04/15/30)^(a)		800		570,741
Series 2020-C57, Class A4, 2.12%, 08/15/53 (Call 08/15/30)		919		763,012
Series 2020-C58, Class A4, 2.10%, 07/15/53 (Call 12/15/30)		1,000		815,301
Series 2021-C59, Class A5, 2.63%, 04/15/54 (Call 04/15/31)		2,000		1,682,680
Series 2021-C59, Class ASB, 2.30%, 04/15/54 (Call 04/15/31)		459		409,222
WFRBS Commercial Mortgage Trust
Series 2012-C10, Class AS, 3.24%, 12/15/45 (Call 05/15/23)		70		66,339
Series 2013-C13, Class C, 3.91%, 05/15/45 (Call 05/15/23)^(a)		110		106,828
Series 2013-C14, Class B, 3.84%, 06/15/46 (Call 06/15/23)^(a)		500		431,155
Series 2014-C19, Class B, 4.72%, 03/15/47 (Call 03/15/24)^(a)		300		289,438
Series 2014-C22, Class A4, 3.49%, 09/15/57 (Call 09/15/24)		909		880,694
Series 2014-C22, Class A5, 3.75%, 09/15/57 (Call 09/15/24)		400		386,557
Series 2014-C22, Class AS, 4.07%, 09/15/57 (Call 09/15/24)^(a)		480		456,208
Series 2014-C24, Class A5, 3.61%, 11/15/47 (Call 11/15/24)		100		96,474
Series 2014-C25, Class A5, 3.63%, 11/15/47 (Call 12/15/24)		1,050		1,014,227
Series 2014-LC14, Class A5, 4.05%, 03/15/47 (Call 02/15/24)		950		938,165

				298,746,085


Total Collaterized Mortgage Obligations — 58.6% (Cost: $336,720,839)				298,746,085


U.S. Government Agency Obligations

Mortgage-Backed Securities — 41.0%
Federal National Mortgage Association
Series 2013-M6, Class 1A2, 3.45%, 02/25/43^(a)		292		281,306
Series 2014-M11, Class 1A, 3.19%, 08/25/24^(a)		437		428,406
Series 2014-M11, Class 2A, 3.40%, 08/25/26^(a)		554		538,660
Series 2014-M13, Class A2, 3.02%, 08/25/24^(a)		95		92,884


Security	Par (000)		Value

Mortgage-Backed Securities (continued)
Series 2014-M3, Class A2, 3.50%, 01/25/24^(a)	$	195	$	192,459
Series 2014-M4, Class A2, 3.35%, 03/25/24^(a)		286		283,863
Series 2015-M1, Class A2, 2.53%, 09/25/24		499		486,211
Series 2015-M11, Class A2, 2.95%, 04/25/25^(a)		714		693,344
Series 2015-M13, Class A2, 2.79%, 06/25/25^(a)		676		652,766
Series 2015-M2, Class A, 2.62%, 12/25/24		320		310,556
Series 2015-M8, Class A2, 2.90%, 01/25/25^(a)		1,080		1,052,041
Series 2016-M6, Class A2, 2.49%, 05/25/26		272		258,209
Series 2016-M9, Class A2, 2.29%, 06/25/26		1,960		1,852,615
Series 2017, Class A2, 3.06%, 09/25/27^(a)		928		888,653
Series 2017-M11, Class A2, 2.98%, 08/25/29		999		936,921
Series 2017-M15, Class AV2, 2.65%, 11/25/24^(a)		594		580,303
Series 2017-M3, Class A2, 2.55%, 12/25/26^(a)		641		605,766
Series 2017-M4, Class A2, 2.64%, 12/25/26^(a)		707		669,627
Series 2017-M7, Class A2, 2.96%, 02/25/27^(a)		889		852,173
Series 2017-M8, Class A2, 3.06%, 05/25/27^(a)		2,018		1,938,118
Series 2018-M1, Class A2, 3.09%, 12/25/27^(a)		705		673,777
Series 2018-M10, Class A2, 3.47%, 07/25/28^(a)		2,382		2,308,118
Series 2018-M13, Class A2, 3.87%, 09/25/30^(a)		79		77,434
Series 2018-M7, Class A2, 3.13%, 03/25/28^(a)		735		702,990
Series 2019-M1, Class A2, 3.67%, 09/25/28^(a)		2,645		2,577,337
Series 2019-M2, Class A2, 3.75%, 11/25/28^(a)		1,824		1,782,501
Series 2019-M4, Class A2, 3.61%, 02/25/31		1,223		1,176,481
Series 2019-M5, Class A2, 3.27%, 02/25/29		2,412		2,307,679
Series 2019-M7, Class A2, 3.14%, 04/25/29		2,489		2,357,850
Series 2019-M9, Class A2, 2.94%, 06/25/29		3,179		2,988,564
Series 2020-M5, Class A2, 2.21%, 01/25/30		2,312		2,059,261
Series 2021-M17, Class A2, 1.71%, 07/25/31^(a)		2,000		1,654,420
Series 2022-M1, Class A2, 1.72%, 10/25/31^(a)		2,000		1,638,393
Freddie Mac Multifamily Structured Pass Through Certificates
1.31%, 05/25/30 (Call 06/25/30)		1,000		826,924
2.03%, 09/25/28 (Call 10/25/28)		1,150		1,032,177
2.12%, 03/25/29 (Call 09/25/29)^(a)		1,000		895,682
2.25%, 01/25/32 (Call 02/25/32)		165		141,614
2.45%, 04/25/32 (Call 05/25/32)		1,000		870,055
2.92%, 06/25/32 (Call 07/25/32)		2,650		2,394,354
3.00%, 06/25/32 (Call 06/25/32)^(a)		2,500		2,273,069
3.50%, 07/25/32 (Call 08/25/32)^(a)		2,000		1,892,642
Class A1, 2.55%, 05/25/31 (Call 02/25/32)		2,245		2,060,596
Class A2, 2.25%, 02/25/32 (Call 02/25/32)		2,500		2,145,281
Series K039, Class A2, 3.30%, 07/25/24 (Call 08/25/24)		263		257,428
Series K040, Class A2, 3.24%, 09/25/24 (Call 10/25/24)		620		605,226
Series K041, Class A2, 3.17%, 10/25/24 (Call 11/25/24)		1,250		1,220,792
Series K043, Class A2, 3.06%, 12/25/24 (Call 01/25/25)		1,000		974,234
Series K044, Class A2, 2.81%, 01/25/25 (Call 01/25/25)		823		798,186
Series K046, Class A2, 3.21%, 03/25/25 (Call 04/25/25)		1,785		1,738,640
Series K047, Class A2, 3.33%, 05/25/25 (Call 05/25/25)^(a)		2,000		1,952,175
Series K048, Class A1, 2.69%, 12/25/24 (Call 08/25/25)		131		127,768
Series K048, Class A2, 3.28%, 06/25/25 (Call 08/25/25)^(a)		1,000		975,367
Series K049, Class A2, 3.01%, 07/25/25 (Call 08/25/25)		1,800		1,745,171
Series K050, Class A2, 3.33%, 08/25/25 (Call 10/25/25)^(a)		2,000		1,950,818
Series K051, Class A2, 3.31%, 09/25/25 (Call 10/25/25)		630		613,965
Series K052, Class A2, 3.15%, 11/25/25 (Call 01/25/26)		1,800		1,747,171
Series K054, Class A2, 2.75%, 01/25/26 (Call 02/25/26)		700		671,925
Series K055, Class A2, 2.67%, 03/25/26 (Call 04/25/26)		500		478,394
Series K056, Class A1, 2.20%, 07/25/25 (Call 06/25/26)		119		115,196
Series K057, Class A2, 2.57%, 07/25/26 (Call 08/25/26)		725		690,261
Series K058, Class A2, 2.65%, 08/25/26 (Call 09/25/26)		1,527		1,453,272
Series K059, Class A2, 3.12%, 09/25/26 (Call 10/25/26)^(a)		1,780		1,718,574
Series K060, Class A2, 3.30%, 10/25/26 (Call 12/25/26)		1,046		1,015,075


Security	Par (000)		Value

Mortgage-Backed Securities (continued)
Series K061, Class A2, 3.35%, 11/25/26 (Call 12/25/26)^(a)	$	1,300	$	1,263,233
Series K062, Class A2, 3.41%, 12/25/26 (Call 01/25/27)		1,000		972,897
Series K063, Class A2, 3.43%, 01/25/27 (Call 02/25/27)^(a)		1,345		1,309,299
Series K064, Class A1, 2.89%, 10/25/26 (Call 05/25/27)		581		562,832
Series K064, Class A2, 3.22%, 03/25/27 (Call 05/25/27)		325		313,896
Series K065, Class A2, 3.24%, 04/25/27 (Call 07/25/27)		1,285		1,241,185
Series K067, Class A1, 2.90%, 03/25/27 (Call 09/25/27)		675		656,310
Series K067, Class A2, 3.19%, 07/25/27 (Call 09/25/27)		1,600		1,540,400
Series K068, Class A2, 3.24%, 08/25/27 (Call 10/25/27)		1,397		1,346,801
Series K069, Class A2, 3.19%, 09/25/27 (Call 10/25/27)^(a)		1,000		961,810
Series K070, Class A2, 3.30%, 11/25/27 (Call 12/25/27)^(a)		1,541		1,487,875
Series K071, Class A2, 3.29%, 11/25/27 (Call 02/25/28)		1,500		1,447,054
Series K073, Class A2, 3.35%, 01/25/28 (Call 10/25/28)		1,000		966,750
Series K074, Class A1, 3.60%, 09/25/27 (Call 07/25/28)		430		421,204
Series K075, Class A2, 3.65%, 02/25/28 (Call 05/25/28)^(a)		1,000		978,988
Series K076, Class A1, 3.73%, 12/25/27 (Call 05/25/28)		945		929,350
Series K077, Class A2, 3.85%, 05/25/28 (Call 05/25/28)^(a)		1,000		987,690
Series K078, Class A2, 3.85%, 06/25/28 (Call 10/25/28)		1,640		1,620,212
Series K079, Class A2, 3.93%, 06/25/28 (Call 07/25/28)		2,100		2,081,319
Series K080, Class A2, 3.93%, 07/25/28 (Call 08/25/28)^(a)		1,700		1,684,836
Series K081, Class A2, 3.90%, 08/25/28 (Call 12/25/28)^(a)		1,500		1,484,708
Series K082, Class A2, 3.92%, 09/25/28 (Call 10/25/28)^(a)		2,310		2,287,597
Series K083, Class A2, 4.05%, 09/25/28 (Call 10/25/28)^(a)		1,100		1,096,104
Series K084, Class A2, 3.78%, 10/25/28 (Call 11/25/28)^(a)		1,000		979,277
Series K085, Class A2, 4.06%, 10/25/28 (Call 11/25/28)^(a)		2,000		1,985,289
Series K086, Class A2, 3.86%, 11/25/28 (Call 11/25/28)^(a)		1,725		1,702,212
Series K087, Class A2, 3.77%, 12/25/28 (Call 01/25/29)		1,571		1,543,357
Series K088, Class A1, 3.48%, 09/25/28 (Call 04/25/29)		306		299,535
Series K088, Class A2, 3.69%, 01/25/29 (Call 04/25/29)		2,010		1,965,363
Series K089, Class A1, 3.34%, 10/25/28 (Call 04/25/29)		2,213		2,152,836
Series K089, Class A2, 3.56%, 01/25/29 (Call 04/25/29)		1,400		1,359,899
Series K090, Class A2, 3.42%, 02/25/29 (Call 10/25/29)		1,000		963,984
Series K091, Class A2, 3.51%, 03/25/29 (Call 10/25/29)		2,017		1,952,604
Series K092, Class A2, 3.30%, 04/25/29 (Call 07/25/29)		1,010		965,905
Series K094, Class A2, 2.90%, 06/25/29 (Call 11/25/29)		420		392,181
Series K095, Class A2, 2.79%, 06/25/29 (Call 01/25/30)		675		626,058
Series K096, Class A2, 2.52%, 07/25/29 (Call 07/25/29)		1,215		1,108,100
Series K097, Class A1, 2.16%, 05/25/29 (Call 12/25/29)		949		883,297
Series K098, Class A2, 2.43%, 08/25/29 (Call 08/25/29)		500		452,776
Series K100, Class A2, 2.67%, 09/25/29 (Call 10/25/29)		1,000		917,203
Series K101, Class A2, 2.52%, 10/25/29 (Call 01/25/30)		250		227,032
Series K102, Class A1, 2.18%, 05/25/29 (Call 04/25/30)		925		860,798
Series K103, Class A2, 2.65%, 11/25/29 (Call 06/25/30)		1,220		1,115,271
Series K104, Class A2, 2.25%, 01/25/30 (Call 07/25/30)		2,005		1,784,763
Series K105, Class A2, 1.87%, 01/25/30 (Call 06/25/30)		1,485		1,287,371
Series K106, Class A1, 1.78%, 10/25/29 (Call 02/25/30)		1,446		1,305,375
Series K106, Class A2, 2.07%, 01/25/30 (Call 02/25/30)		2,250		1,975,060
Series K107, Class A2, 1.64%, 01/25/30 (Call 02/25/30)		1,250		1,068,270
Series K108, Class A2, 1.52%, 03/25/30 (Call 03/25/30)		2,153		1,819,287
Series K109, Class A2, 1.56%, 04/25/30 (Call 04/25/30)		3,000		2,534,281
Series K110, Class A1, 1.02%, 09/25/29 (Call 05/25/30)		971		842,321
Series K110, Class A2, 1.48%, 04/25/30 (Call 05/25/30)		1,640		1,379,213
Series K111, Class A2, 1.35%, 05/25/30 (Call 07/25/30)		1,500		1,245,389
Series K114, Class A2, 1.37%, 06/25/30 (Call 06/25/30)		760		628,974
Series K115, Class A2, 1.38%, 06/25/30 (Call 07/25/30)		2,500		2,071,587
Series K116, Class A2, 1.38%, 07/25/30 (Call 09/25/30)		2,000		1,653,350
Series K117, Class A2, 1.41%, 08/25/30 (Call 10/25/30)		1,500		1,240,020
Series K118, Class A1, 0.79%, 03/25/30 (Call 09/25/30)		1,881		1,624,695
Series K118, Class A2, 1.49%, 09/25/30 (Call 09/25/30)		2,500		2,076,659
Series K119, Class A2, 1.57%, 09/25/30 (Call 10/25/30)		1,000		834,632


Security	Par (000)		Value

Mortgage-Backed Securities (continued)
Series K120, Class A2, 1.50%, 10/25/30 (Call 10/25/30)	$	3,200	$	2,651,724
Series K121, Class A2, 1.55%, 10/25/30 (Call 03/25/31)		1,500		1,246,280
Series K123, Class A2, 1.62%, 12/25/30 (Call 01/25/31)		600		500,439
Series K124, Class A2, 1.66%, 12/25/30 (Call 01/25/31)		2,300		1,921,119
Series K125, Class A2, 1.85%, 01/25/31 (Call 01/25/31)		2,000		1,692,847
Series K126, Class A2, 2.07%, 01/25/31 (Call 05/25/31)		2,616		2,253,574
Series K127, Class A2, 2.11%, 01/25/31 (Call 02/25/31)		2,740		2,364,158
Series K128, Class A2, 2.02%, 03/25/31 (Call 03/25/31)		1,000		856,823
Series K130, Class A2, 1.72%, 06/25/31 (Call 07/25/31)		2,500		2,080,277
Series K131, Class A2, 1.85%, 07/25/31 (Call 09/25/31)		1,000		839,794
Series K132, Class A2, 2.02%, 08/25/31 (Call 12/25/31)		1,000		847,753
Series K133, Class A2, 2.10%, 09/25/31 (Call 10/25/31)		1,000		851,749
Series K135, Class A1, 1.61%, 10/25/30 (Call 11/25/31)		1,203		1,057,840
Series K135, CLASS A2, 2.15%, 10/25/31 (Call 11/25/31)^(a)		2,800		2,395,045
Series K136, Class A2, 2.13%, 11/25/31 (Call 12/25/31)		2,000		1,704,138
Series K139, Class A2, 2.59%, 01/25/32 (Call 02/25/32)^(a)		2,000		1,766,201
Series K142, Class A2, 2.40%, 03/25/32 (Call 03/25/32)		1,000		867,649
Series K150, 3.71%, 09/25/32 (Call 10/25/32)^(a)		2,000		1,923,520
Series K1510, Class A2, 3.72%, 01/25/31 (Call 01/25/34)		250		242,197
Series K1510, Class A3, 3.79%, 01/25/34 (Call 01/25/34)		500		479,771
Series K-1511, Class A2, 3.47%, 03/25/31 (Call 04/25/34)		1,000		950,500
Series K-1512, Class A2, 2.99%, 05/25/31 (Call 10/25/34)		730		672,203
Series K-1512, Class A3, 3.06%, 04/25/34 (Call 10/25/34)		450		400,418
Series K-1513, Class A3, 2.80%, 08/25/34 (Call 12/25/34)		1,015		877,945
Series K-1514, Class A2, 2.86%, 10/25/34 (Call 10/25/34)		1,000		862,758
Series K-1516, Class A2, 1.72%, 05/25/35 (Call 10/25/35)		1,825		1,386,436
Series K-1517, Class A2, 1.72%, 07/25/35 (Call 08/25/35)		500		382,229
Series K-1518, Class A2, 1.86%, 10/25/35 (Call 10/25/35)		1,500		1,150,475
Series K152, Class A1, 2.83%, 05/25/30 (Call 04/25/31)		1,100		1,041,586
Series K152, Class A2, 3.08%, 01/25/31 (Call 04/25/31)		250		232,417
Series K-1520, Class A2, 2.44%, 02/25/36 (Call 04/25/36)		1,000		813,276
Series K-1521, Class A2, 2.18%, 08/25/36 (Call 09/25/36)		1,000		782,276
Series K153, Class A3, 3.12%, 10/25/31 (Call 02/25/32)^(a)		500		462,400
Series K154, Class A3, 3.46%, 11/25/32 (Call 12/25/32)		1,345		1,266,927
Series K155, Class A1, 3.75%, 11/25/29 (Call 05/25/33)		453		445,583
Series K156, Class A3, 3.70%, 06/25/33 (Call 07/25/33)^(a)		500		479,298
Series K157, Class A2, 3.99%, 05/25/33 (Call 09/25/33)^(a)		1,826		1,809,508
Series K159, Class A1, 3.95%, 12/25/29 (Call 11/25/33)		1,468		1,452,431
Series K159, Class A2, 3.95%, 11/25/30 (Call 11/25/33)^(a)		833		821,478
Series K159, Class A3, 3.95%, 11/25/33 (Call 11/25/33)^(a)		1,000		974,621
Series K727, Class A2, 2.95%, 07/25/24 (Call 10/25/24)		858		840,767
Series K728, Class A2, 3.06%, 08/25/24 (Call 11/25/24)^(a)		970		949,499
Series K729, Class A1, 2.95%, 02/25/24 (Call 11/25/24)		67		67,470
Series K729, Class A2, 3.14%, 10/25/24 (Call 11/25/24)		1,250		1,221,277
Series K730, Class A2, 3.59%, 01/25/25 (Call 02/25/25)^(a)		1,920		1,881,930
Series K731, Class A2, 3.60%, 02/25/25 (Call 05/25/25)^(a)		937		918,566
Series K734, Class A2, 3.21%, 02/25/26 (Call 07/25/26)		1,000		969,790
Series K735, Class A2, 2.86%, 05/25/26 (Call 06/25/26)		495		475,323
Series K737, Class AM, 2.10%, 10/25/26 (Call 12/25/26)		300		278,575
Series K739, Class A2, 1.34%, 09/25/27 (Call 09/25/27)		2,150		1,919,496
Series K740, Class A2, 1.47%, 09/25/27 (Call 10/25/27)		2,400		2,143,309
Series K741, Class A2, 1.60%, 12/25/27 (Call 12/25/27)		1,120		1,001,563
Series K742, Class A2, 1.76%, 03/25/28 (Call 04/25/28)		1,000		896,982
Series K742, Class AM, 1.37%, 04/25/28 (Call 04/25/28)		1,400		1,219,779
Series K745, Class A2, 1.66%, 08/25/28 (Call 09/25/28)		1,000		881,670


Security	Par/ Shares (000)		Value

Mortgage-Backed Securities (continued)
Series KS03, Class A4, 3.16%, 05/25/25 (Call 08/25/25)^(a)	$	1,000	$	974,699


				209,196,650


Total U.S. Government Agency Obligations — 41.0% (Cost: $230,119,908)				209,196,650


Total Long-Term Investments — 99.6% (Cost: $566,840,747)				507,942,735


Short-Term Securities

Money Market Funds — 0.5%
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.75%^(b)(c)		2,380		2,380,000


Total Short-Term Securities — 0.5% (Cost: $2,380,000)				2,380,000


Total Investments — 100.1% (Cost: $569,220,747)				510,322,735

Liabilities in Excess of Other Assets — (0.1)%				(473,079	)


Net Assets — 100.0%			$	509,849,656


Security	Par (000)		Value

U.S. Government Agency Obligations

Mortgage-Backed Securities — 100.5%
Government National Mortgage Association
1.50%, 10/20/51	$	444	$	357,519
2.00%, 07/20/50		40		34,363
2.00%, 08/20/50		812		697,901
2.00%, 09/20/50		7,477		6,427,231
2.00%, 01/20/51		2,233		1,916,899
2.00%, 02/20/51		13,950		11,988,293
2.00%, 03/20/51		6,803		5,836,807
2.00%, 10/20/51		2,065		1,767,857
2.00%, 12/20/51		29,475		25,223,581
2.00%, 01/20/52		6,827		5,847,683
2.00%, 04/20/52		1,390		1,188,585
2.00%, 05/20/52		988		844,832
2.50%, 01/15/28		3		3,371
2.50%, 02/20/28		5		4,720
2.50%, 01/20/31		87		82,665
2.50%, 07/20/35		1,321		1,226,400
2.50%, 04/20/43		13		12,064
2.50%, 12/20/46		1,233		1,108,500
2.50%, 01/20/47		119		106,871
2.50%, 06/20/50		3,300		2,921,216
2.50%, 08/20/50		10,780		9,542,547
2.50%, 09/20/50		3,969		3,513,040
2.50%, 01/20/51		3,425		3,043,060
2.50%, 02/20/51		3,910		3,469,779
2.50%, 05/20/51		9,982		8,849,502
2.50%, 07/20/51		14,077		12,470,963
2.50%, 08/20/51		10,433		9,239,469
2.50%, 09/20/51		6,203		5,491,520
2.50%, 12/20/51		6,477		5,729,526
2.50%, 02/20/52		1,872		1,655,104
2.50%, 05/18/53^(a)		500		441,748
3.00%, 07/15/27		3		2,725
3.00%, 09/15/27		6		5,356
3.00%, 01/20/31		109		104,464
3.00%, 07/20/31		173		166,028
3.00%, 02/20/32		137		131,115
3.00%, 09/15/42		5		4,525
3.00%, 10/15/42		34		31,624
3.00%, 01/20/43		324		302,423
3.00%, 07/15/43		57		53,219
3.00%, 09/20/43		671		625,808
3.00%, 01/15/44		1,816		1,686,253
3.00%, 08/20/44		374		348,797
3.00%, 05/20/45		265		246,425
3.00%, 07/20/45		73		68,137
3.00%, 10/20/45		118		109,656
3.00%, 12/20/45		1,469		1,365,185
3.00%, 01/20/46		474		440,811
3.00%, 02/20/46		493		458,334
3.00%, 03/20/46		1,826		1,695,063
3.00%, 04/20/46		1,211		1,123,893
3.00%, 05/20/46		1,538		1,430,253
3.00%, 06/20/46		543		504,742
3.00%, 08/20/46		3,547		3,291,908
3.00%, 09/20/46		2,335		2,166,975
3.00%, 12/15/46		135		124,904
3.00%, 12/20/46		408		378,779


Security	Par (000)		Value

Mortgage-Backed Securities (continued)
3.00%, 02/15/47	$	162	$	148,833
3.00%, 02/20/47		461		427,567
3.00%, 06/20/47		54		50,188
3.00%, 07/20/47		928		859,726
3.00%, 10/20/47		305		282,285
3.00%, 02/20/48		43		39,538
3.00%, 04/20/49		1,884		1,746,056
3.00%, 07/20/49		387		357,420
3.00%, 09/20/49		30		27,752
3.00%, 10/15/49		797		732,286
3.00%, 11/20/49		1,161		1,071,023
3.00%, 04/20/50		8,182		7,534,197
3.00%, 07/20/50		10,609		9,773,163
3.00%, 08/20/50		2,891		2,660,225
3.00%, 09/20/50		647		595,223
3.00%, 09/20/51		2,225		2,040,351
3.00%, 10/20/51		1,234		1,131,108
3.00%, 11/20/51		2,088		1,912,970
3.00%, 07/20/52		473		431,606
3.00%, 10/20/52		3,628		3,315,139
3.50%, 02/15/26		1		1,361
3.50%, 11/15/26		1		1,122
3.50%, 02/20/27		4		3,518
3.50%, 01/20/31		36		35,228
3.50%, 07/20/32		96		92,994
3.50%, 09/15/41		4		3,867
3.50%, 06/20/42		2,682		2,510,034
3.50%, 09/15/42		9		8,556
3.50%, 09/20/42		113		108,924
3.50%, 10/15/42		4		4,060
3.50%, 10/20/42		266		256,185
3.50%, 11/15/42		22		21,261
3.50%, 11/20/42		877		842,870
3.50%, 12/20/42		93		89,703
3.50%, 02/20/43		736		706,582
3.50%, 03/15/43		33		30,997
3.50%, 05/15/43		30		28,586
3.50%, 06/15/43		121		116,414
3.50%, 04/20/45		258		246,204
3.50%, 06/20/45		96		91,735
3.50%, 09/20/45		2,838		2,713,636
3.50%, 11/20/45		10		9,853
3.50%, 12/20/45		71		67,870
3.50%, 03/20/46		362		345,674
3.50%, 04/20/46		57		54,023
3.50%, 06/20/46		549		523,068
3.50%, 07/20/46		3,242		3,089,169
3.50%, 11/20/46		10		9,278
3.50%, 12/20/46		136		129,928
3.50%, 01/20/47		49		46,456
3.50%, 02/20/47		120		114,714
3.50%, 03/20/47		244		232,710
3.50%, 04/20/47		1,051		999,543
3.50%, 08/20/47		492		467,486
3.50%, 09/20/47		924		879,590
3.50%, 10/20/47		5,336		5,081,944
3.50%, 12/15/47		468		443,913
3.50%, 12/20/47		559		532,903
3.50%, 01/20/48		16		15,592
3.50%, 02/20/48		1,277		1,215,530


Security	Par (000)		Value

Mortgage-Backed Securities (continued)
3.50%, 04/20/48	$	102	$	97,717
3.50%, 05/20/48		318		302,870
3.50%, 09/20/48		34		32,537
3.50%, 11/20/48		658		626,465
3.50%, 03/20/49		7,708		7,333,553
3.50%, 09/20/49		205		194,776
3.50%, 10/20/49		249		236,901
3.50%, 04/20/50		5,985		5,679,715
3.50%, 05/20/50		373		354,278
3.50%, 06/20/50		582		549,273
3.50%, 02/20/52		3,272		3,083,349
3.50%, 08/20/52		377		353,526
4.00%, 03/20/26		1		1,082
4.00%, 07/20/26		1		881
4.00%, 02/15/41		6		5,506
4.00%, 03/15/41		5		4,513
4.00%, 04/15/41		22		21,717
4.00%, 05/15/41		6		5,784
4.00%, 12/15/41		7		6,569
4.00%, 01/15/42		5		4,661
4.00%, 02/15/42		16		15,895
4.00%, 03/15/42		37		35,765
4.00%, 05/15/42		8		8,167
4.00%, 08/15/42		8		7,798
4.00%, 09/20/42		197		189,781
4.00%, 04/15/44		28		27,615
4.00%, 05/15/44		39		37,826
4.00%, 08/20/44		24		23,235
4.00%, 10/20/44		256		251,242
4.00%, 03/20/45		1,036		1,017,140
4.00%, 08/15/45		2,956		2,871,284
4.00%, 08/20/45		404		396,082
4.00%, 09/20/45		6,263		6,134,125
4.00%, 10/20/45		5		4,928
4.00%, 01/20/46		8		8,299
4.00%, 03/20/46		98		96,342
4.00%, 07/20/46		10		9,271
4.00%, 09/20/46		286		278,968
4.00%, 11/20/46		110		106,892
4.00%, 12/15/46		19		18,114
4.00%, 05/20/47		28		27,455
4.00%, 06/20/47		1,619		1,579,563
4.00%, 07/20/47		329		320,558
4.00%, 08/20/47		6		6,066
4.00%, 11/20/47		97		94,754
4.00%, 03/20/48		62		60,461
4.00%, 04/20/48		439		427,078
4.00%, 05/20/48		3,303		3,213,588
4.00%, 06/20/48		1,184		1,151,579
4.00%, 07/20/48		351		341,682
4.00%, 11/20/48		3,927		3,821,086
4.00%, 09/15/49		187		181,690
4.00%, 01/20/50		470		457,305
4.00%, 02/20/50		10		9,951
4.00%, 09/20/52		1,180		1,133,732
4.00%, 12/20/52		569		546,991
4.00%, 05/18/53^(a)		1,625		1,560,666
4.50%, 07/20/24		0		348
4.50%, 08/15/39		81		80,801
4.50%, 07/15/40		17		16,921


				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		2.62	%		(0.08	)%		3.06	%		1.59	%		(0.08	)%		16.25	%		17.10	%
Fund Market		2.64			(0.08	)		3.06			1.59			(0.08	)		16.26			17.12
Index^(a)		2.68			(0.10	)		3.02			1.61			(0.10	)		16.03			17.37
Bloomberg U.S. Treasury Inflation-Protected Securities (TIPS) 0-5 Years Index (Series-L)		2.69			(0.08	)		3.02			1.62			(0.08	)		16.05			17.39
ICE US Treasury 0-5 Year Inflation Linked Bond Index^(b)		2.73			(0.19	)		3.04			N/A			(0.19	)		16.13			N/A


Actual							Hypothetical 5% Return


	Beginning Account Value (11/01/22)		Ending Account Value (04/30/23)		Expenses Paid During the Period	^(a)		Beginning Account Value (11/01/22)		Ending Account Value (04/30/23)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio

$	1,000.00	$	1,026.20	$	0.15		$	1,000.00	$	1,024.60	$	0.15		0.03	%



Maturity	Percent of Total Investments	^(a)
0-1 Year	14.2	%
1-2 Years	23.7
2-3 Years	16.8
3-4 Years	23.6
4-5 Years	21.7



Security	Percent of Total Investments	^(a)
U.S. Treasury Inflation-Indexed Bonds, 1.63%, 10/15/27	10.2	%
U.S. Treasury Inflation-Indexed Bonds, 0.13%, 04/15/27	6.6
U.S. Treasury Inflation-Indexed Bonds, 0.63%, 01/15/24	6.5
U.S. Treasury Inflation-Indexed Bonds, 0.13%, 07/15/24	6.1
U.S. Treasury Inflation-Indexed Bonds, 0.13%, 10/15/26	6.1


			Average Annual Total Returns							Cumulative Total Returns

	6-Month Total Returns			1 Year		5 Years		10 Years			1 Year		5 Years		10 Years
Fund NAV	5.24	%		(1.17	)%	1.41	%	1.41	%		(1.17	)%	7.26	%	15.00	%
Fund Market	5.77			(1.29	)	1.48		1.40			(1.29	)	7.62		14.87
Index	5.43			(0.81	)	1.71		1.71			(0.81	)	8.85		18.53


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

Semi-Annual Report:
Fund Summary		4
About Fund Performance		10
Disclosure of Expenses		10
Schedules of Investments		11
Financial Statements
Statements of Assets and Liabilities		30
Statements of Operations		32
Statements of Changes in Net Assets		34
Financial Highlights		37
Notes to Financial Statements		43
Statement Regarding Liquidity Risk Management Program		51
Supplemental Information		52
General Information		53
Glossary of Terms Used in this Report		54


Fund Summary as of April 30, 2023		iShares^® 0-5 Year TIPS Bond ETF


4		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S


Fund Summary as of April 30, 2023		iShares^® CMBS ETF



Moody’s Credit Rating^*	Percent of Total Investments	^(a)
Aaa	59.4	%
Aa	4.0
A	0.8
Baa	0.2
Ba	0.1
Not Rated	35.5


Fund Summary as of April 30, 2023		iShares^® GNMA Bond ETF


Fund Summary as of April 30, 2023		iShares^® TIPS Bond ETF


Fund Summary as of April 30, 2023		iShares^® Treasury Floating Rate Bond ETF


Fund Summary as of April 30, 2023		iShares^® U.S. Treasury Bond ETF



Maturity	Percent of Total Investments	^(a)
5-10 Years	1.2	%
10-15 Years	0.4
15-20 Years	2.4
20-25 Years	18.0
25-30 Years	75.3
30-35 Years	2.7


MATURITY ALLOCATION
Maturity	Percent of Total Investments⁽	^a)
1-5 Years	50.4	%
5-10 Years	29.5
10-15 Years	1.0
15-20 Years	4.2
More than 20 Years	14.9


FIVE LARGEST HOLDINGS
Security	Percent of Total Investments	^(a)
U.S. Treasury Note/Bond, 0.25%, 05/15/24	6.5	%
U.S. Treasury Note/Bond, 3.13%, 11/15/28	5.3
U.S. Treasury Note/Bond, 1.38%, 11/15/31	5.1
U.S. Treasury Note/Bond, 2.63%, 02/15/29	4.2
U.S. Treasury Note/Bond, 1.88%, 02/15/51	4.0



Affiliated Issuer	Value at 10/31/22		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 04/30/23		Shares Held at 04/30/23 (000)		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	29,880,000	$	791,950,000	^(a)	$	—	$	—	$	—	$	821,830,000		821,830	$	4,502,014	^(b)	$	74



	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
U.S. Government Obligations	$	—	$	12,295,527,699	$	—	$	12,295,527,699
Short-Term Securities
Money Market Funds		821,830,000		—		—		821,830,000

	$	821,830,000	$	12,295,527,699	$	—	$	13,117,357,699