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. Further-more, 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 under-weight 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 Core Total USD Bond Market ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated bonds that are rated either investment-grade or high yield, as represented by the Bloomberg U.S. Universal 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 June 10, 2014. The first day of secondary market trading was June 12, 2014.

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.

As represented by the Index, U.S. dollar-denominated investment-grade and high-yield bonds declined significantly for the reporting period. A sharp rise in U.S. Treasury yields along with an increase in risk aversion on the part of investors given heightened geopolitical uncertainty and recession fears led to weakness across all sectors of the bond market.

Investment-grade corporate bonds were among the weakest-performing segments of the market. In addition to being adversely affected by rising market interest rates, prices for asset class were pressured by an increase in credit spreads as investors became concerned that weaker economic growth would lead to a slowdown in corporate earnings.

Below-investment grade, high yield corporate bonds also experienced sizable losses. The category outperformed the investment-grade market due to its lower interest-rate sensitivity. In addition, the significant weighting of energy issuers within the sector proved helpful as gas and oil prices remained high over the period. Higher-rated issuers within the category generally outperformed given rising recession fears over the period.

Returns for securitized assets including residential mortgage-backed securities, commercial mortgage-backed securities and asset-backed securities were also well into negative territory. Residential mortgage-backed securities in particular were negatively impacted by the Federal Reserve’s move to discontinue bond purchases as part of policy tightening. However, securitized assets held up better than the broad market as they remained supported by generally strong consumer fundamentals.

U.S. Treasury bonds also declined notably as persistent high inflation led the Federal Reserve to hike its benchmark overnight lending rate, directly impacting short-term Treasury yields and leading the curve higher across maturities. While yield increases for longer-term Treasuries were less significant, they experienced the biggest price declines given their higher sensitivity to changes in interest rates.

The iShares U.S. Fixed Income Balanced Risk Factor ETF (the “Fund”) seeks to track the investment results of an index, composed of taxable U.S. dollar-denominated bonds and U.S. Treasury futures, which targets an equal allocation between interest rate and credit spread risk, as represented by the Bloomberg U.S. Fixed Income Balanced Risk 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 24, 2015. The first day of secondary market trading was February 26, 2015.

Index performance through February 4, 2018 reflects the performance of the Bloomberg Barclays U.S. Aggregate Bond Index. Index performance beginning on February 5, 2018 reflects the performance of the Bloomberg U.S. Fixed Income Balanced Risk Index.

U.S. dollar-denominated investment-grade and high-yield bonds within the Index declined significantly for the reporting period. A sharp rise in U.S. Treasury yields along with an increase in risk aversion on the part of investors given heightened geopolitical uncertainty, high inflation and increasing recession fears led to weakness across all sectors of the bond market.

Within the Index, securitized assets and corporate bonds weighed most heavily on total return. Returns for securitized assets including residential mortgage-backed securities, commercial mortgage-backed securities and asset-backed securities were well into negative territory. Performance for investment-grade corporate bonds was adversely affected by rising market interest rates as well as widening credit spreads as investors became concerned that weaker economic growth would lead to a slowdown in corporate earnings.

U.S. Treasury bonds, which carry a relatively small weight in the Index, also declined notably as persistent high inflation led the Federal Reserve to hike its benchmark overnight lending rate, directly impacting short-term Treasury yields and leading the curve higher across maturities.

In terms of bond maturity, more interest rate-sensitive, longer-term issues experienced the biggest declines given the rise in Treasury yields. However, bonds under 10 years accounted for the bulk of the Index’s negative return as they represent the great majority of the market weight in the Index.

Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of each Fund’s investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

Shareholders of each Fund may incur the following charges: (1) transactional expenses, including brokerage commissions on purchases and sales of fund shares and (2) ongoing expenses, including management fees and other fund expenses. The expense examples shown (which are based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other funds.

The expense examples provide information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”

The expense examples also provide information about hypothetical account values and hypothetical expenses based on a fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in the Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

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


Security	Par (000)		Value

Asset-Backed Securities
American Express Credit Account Master Trust 5.18%, 10/15/27	$	13,000	$	12,999,355
Series 2018-2, Class A, 3.01%, 10/15/25		2,000		1,986,123
Series 2022-2, Class A, 3.39%, 05/15/27		10,000		9,603,047
BA Credit Card Trust Series 2021-A1, Class A1, 0.44%, 09/15/26		5,020		4,692,466
BMW Vehicle Lease Trust Series 2022-1, Class A3, 1.10%, 03/25/25 (Call 03/25/24)		5,020		4,815,703
Capital One Multi-Asset Execution Trust
Class A2, 1.39%, 07/15/30		1,000		815,901
Series 2021-A1, Class A1, 0.55%, 07/15/26		2,500		2,316,940
Carmax Auto Owner Trust 2021-1 Series 2021-1, Class A3, 0.34%, 12/15/25 (Call 06/15/24)		4,673		4,492,700
Ford Credit Auto Owner Trust Series 2020-C A4, 0.51%, 08/15/26 (Call 09/15/24)		5,940		5,452,901
GM Financial Consumer Automobile Receivables Trust Series 2020-2, Class A3, 1.49%, 12/16/24 (Call 08/16/23)		559		551,646
Hyundai Auto Receivables Trust Series 2020-B A3, 0.48%, 12/16/24 (Call 07/15/23)		753		740,635
Toyota Auto Receivables Owner Trust Series 2021-B, Class A4, 0.53%, 10/15/26 (Call 05/15/25)		1,100		989,552
Verizon Master Trust Series 2021-1, Class A, 0.50%, 05/20/27 (Call 05/20/24)		1,910		1,774,933
World Omni Select Auto Trust Series 2020-A, Class A3, 0.55%, 07/15/25 (Call 04/15/23)		355		351,513


Total Asset-Backed Securities — 0.3% (Cost: $53,877,443)				51,583,415


Collaterized Mortgage Obligations

Mortgage-Backed Securities — 0.9%
Bank, Series 2020-BN27, Class A5, 2.14%, 04/15/63 (Call 04/15/30)		690		541,802
BBCMS Mortgage Trust
Series 2020-C7, Class A4, 1.79%, 04/15/53 (Call 04/15/30)		3,000		2,310,955
Series 2020-C7, Class A5, 2.04%, 04/15/53 (Call 04/15/30)		1,330		1,041,682
Series 2022-C15, Class A5, 3.66%, 04/15/55 (Call 04/15/32)^(a)		11,940		10,236,716
BBCMS Trust, Series 2021-C10, Class A5, 2.49%, 07/15/54 (Call 07/15/31)		4,650		3,677,463
Benchmark Mortgage Trust 3.72%, 03/15/62 (Call 03/15/29)		5,000		4,459,524
Series 2018-B4, Class ASB, 4.06%, 07/15/51 (Call 07/15/28)^(a)		464		438,640
Series 2018-B5, Class A4, 4.21%, 07/15/51 (Call 08/15/28)		750		690,988
Series 2019-B11, Class A4, 3.28%, 05/15/52 (Call 06/15/29)		3,000		2,614,826
Series 2019-B9, Class A5, 4.02%, 03/15/52 (Call 02/15/29)		2,500		2,266,435
Series 2020-B21, Class A4, 1.70%, 12/17/53 (Call 12/15/30)		2,400		1,815,895
Series 2020-B21, Class A5, 1.98%, 12/17/53 (Call 12/15/30)		1,450		1,100,925
Series 2020-B22, Class A5, 1.97%, 01/15/54 (Call 01/15/31)		5,000		3,785,741
Series 2020-B23, Class A5, 2.07%, 02/15/54 (Call 02/15/31)		15,000		11,398,609


Security	Par (000)		Value

Mortgage-Backed Securities (continued)
Series 2021-B29, Class A5, 2.39%, 09/15/54 (Call 10/15/31)	$	6,660	$	5,127,061
CD Mortgage Trust, Series 2017-CD5, Class A4, 3.43%, 08/15/50 (Call 07/15/27)		1,280		1,151,086
CFCRE Commercial Mortgage Trust, Series 2017-C8, Class A4, 3.57%, 06/15/50 (Call 05/15/27)		1,000		900,165
Citigroup Commercial Mortgage Trust 3.46%, 12/10/49 (Call 01/10/27)		8,868		8,128,327
Series 20116-P4, Class A4, 2.90%, 07/10/49 (Call 07/10/26)		3,600		3,241,990
Series 2016-GC37, Class A4, 3.31%, 04/10/49 (Call 03/10/26)		1,000		921,213
Series 2017-P7, Class A4, 3.71%, 04/14/50 (Call 04/14/27)		750		689,105
Commission Mortgage Trust 3.78%, 04/10/47 (Call 04/10/24)		16,856		16,367,015
Series 2013-CR12, Class A4, 4.05%, 10/10/46 (Call 11/10/23)		2,200		2,154,612
Series 2014-CR20, Class A4, 3.59%, 11/10/47 (Call 01/10/29)		800		764,711
Series 2014-UBS4, Class AM, 3.97%, 08/10/47 (Call 07/10/29)		750		713,243
Series 2015-CR22, Class A5, 3.31%, 03/10/48 (Call 03/10/25)		2,000		1,886,619
Series 2015-CR25, Class A4, 3.76%, 08/10/48 (Call 08/10/25)		650		612,400
Series 2017-COR2, Class A3, 3.51%, 09/10/50 (Call 09/10/27)		1,000		901,249
CSAIL Commercial Mortgage Trust, Series 2018-CX11, Class A5, 4.03%, 04/15/51 (Call 04/15/28)^(a)		1,750		1,605,138
GS Mortgage Securities Trust
Series 2014-GC24, Class A4, 3.67%, 09/10/47 (Call 09/10/24)		3,889		3,767,706
Series 2014-GC24, Class A5, 3.93%, 09/10/47 (Call 09/10/24)		1,250		1,196,480
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2016-JP3, Class A4, 2.63%, 08/15/49 (Call 09/15/26)		1,846		1,652,305
JPMBB Commercial Mortgage Securities Trust
3.67%, 09/15/47 (Call 02/15/26)		10,293		9,898,829
Series 2013-C14, Class A4, 4.13%, 08/15/46 (Call 08/15/23)^(a)		769		759,060
Series 2014-C18, Class A5, 4.08%, 02/15/47 (Call 01/15/29)		5,097		4,961,527
Series 2015-C31, Class A3, 3.80%, 08/15/48 (Call 08/15/25)		6,511		6,175,181
Series 2015-C32, Class A5, 3.60%, 11/15/48 (Call 10/15/25)		2,500		2,340,816
JPMCC Commercial Mortgage Securities Trust, Series 2017-JP7, Class A5, 3.45%, 09/15/50 (Call 08/15/27)		1,000		902,491
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2016-JP4, Class A4, 3.65%, 12/15/49 (Call 04/15/27)^(a)		2,499		2,292,643
Morgan Stanley Bank of America Merrill Lynch Trust
Series 2014-C14, Class A5, 4.06%, 02/15/47 (Call 02/15/24)		1,466		1,433,552
Series 2014-C17, Class A5, 3.74%, 08/15/47 (Call 07/15/24)		2,500		2,411,641
Series 2014-C18, Class ASB, 3.62%, 10/15/47 (Call 07/15/26)		297		291,992


Security	Par (000)		Value

Mortgage-Backed Securities (continued)
Series 2015-C20, Class ASB, 3.07%, 02/15/48 (Call 11/15/26)	$	4,971	$	4,835,812
Series 2015-C22, Class A4, 3.31%, 04/15/48 (Call 04/15/25)		500		468,863
Series 2015-C23, Class A4, 3.72%, 07/15/50 (Call 06/15/25)		500		470,788
Series 2016-C28, Class AS, 3.95%, 01/15/49 (Call 02/15/28)		2,000		1,807,832
Morgan Stanley Capital I Trust
Series 2018, Class A3, 4.14%, 10/15/51 (Call 10/15/28)		1,000		915,980
Series 2018-H3, Class A5, 4.18%, 07/15/51 (Call 07/15/28)		1,000		919,003
Series 2019-H6, Class A4, 3.42%, 06/15/52 (Call 06/15/29)		880		763,248
Series 2019-L3, Class AS, 3.49%, 11/15/52 (Call 11/15/29)		420		349,360
Series 2021-L7, Class A5, 2.57%, 10/15/54 (Call 10/15/31)		5,000		3,886,378
UBS Commercial Mortgage Trust, Series 2018-C08, Class A4, 3.98%, 02/15/51 (Call 02/15/28)		875		800,393
Wells Fargo Commercial Mortgage Trust Class A4, 2.34%, 08/15/54 (Call 07/15/31)		920		704,914
Series 2014-LC18, Class ASB, 3.24%, 12/15/47 (Call 01/15/25)		314		304,908
Series 2015-LC22, Class A4, 3.84%, 09/15/58 (Call 09/15/25)		1,000		943,086
Series 2017-C41, Class A4, 3.47%, 11/15/50 (Call 11/15/27)		5,000		4,480,692
Series 2017-C42, Class A4, 3.59%, 12/15/50 (Call 12/15/27)		1,200		1,078,649
Series 2018-C47, Class A4, 4.44%, 09/15/61 (Call 10/15/28)		3,000		2,787,385
Series 2020-C56, Class A5, 2.45%, 06/15/53 (Call 04/15/30)		520		415,303
Series 2020-C58, Class A4, 2.10%, 07/15/53 (Call 12/15/30)		2,120		1,618,000
Series 2021-C59, Class A5, 2.63%, 04/15/54 (Call 04/15/31)		3,470		2,745,379
WFRBS Commercial Mortgage Trust, Series 2012-C10, Class A3, 2.88%, 12/15/45		335		333,360


				160,257,691


Total Collaterized Mortgage Obligations — 0.9% (Cost: $183,061,755)				160,257,691


Corporate Bonds & Notes

Advertising — 0.1%
Advantage Sales & Marketing Inc., 6.50%, 11/15/28 (Call 11/15/23)^(b)(c)		500		425,410
Clear Channel International BV, 6.63%, 08/01/25 (Call 11/14/22)^(b)		200		190,612
Clear Channel Outdoor Holdings Inc.
5.13%, 08/15/27 (Call 12/01/22)^(b)		785		706,421
7.50%, 06/01/29 (Call 06/01/24)^(b)		685		538,561
7.75%, 04/15/28 (Call 04/15/24)^(b)(c)		700		571,081
Interpublic Group of Companies Inc. (The)
2.40%, 03/01/31 (Call 12/01/30)		520		391,232
3.38%, 03/01/41 (Call 09/01/40)		540		348,727
4.65%, 10/01/28 (Call 07/01/28)		865		799,096


Security	Par (000)		Value

Advertising (continued)
4.75%, 03/30/30 (Call 12/30/29)	$	471	$	427,517
5.40%, 10/01/48 (Call 04/01/48)		589		495,537
Lamar Media Corp.
3.63%, 01/15/31 (Call 01/15/26)		265		215,978
3.75%, 02/15/28 (Call 02/15/23)		455		397,675
4.00%, 02/15/30 (Call 02/15/25)^(c)		355		301,097
4.88%, 01/15/29 (Call 01/15/24)^(c)		343		310,305
National CineMedia LLC
5.75%, 08/15/26		125		10,212
5.88%, 04/15/28 (Call 04/15/23)^(b)(c)		255		102,482
Omnicom Group Inc.
2.45%, 04/30/30 (Call 01/30/30)		485		386,482
2.60%, 08/01/31 (Call 05/01/31)		455		356,543
4.20%, 06/01/30 (Call 03/01/30)		609		548,246
Omnicom Group Inc./Omnicom Capital Inc.
3.60%, 04/15/26 (Call 01/15/26)		1,562		1,466,218
3.65%, 11/01/24 (Call 08/01/24)		796		768,029
Outfront Media Capital LLC/Outfront Media Capital Corp.
4.25%, 01/15/29 (Call 01/15/24)^(b)		300		246,627
4.63%, 03/15/30 (Call 03/15/25)^(b)		420		346,559
5.00%, 08/15/27 (Call 11/14/22)^(b)		445		400,860
6.25%, 06/15/25 (Call 12/01/22)^(b)		260		257,356
Stagwell Global LLC, 5.63%, 08/15/29 (Call 08/15/24)^(b)(c)		645		554,822
Summer BC Bidco B LLC, 5.50%, 10/31/26 (Call 07/15/23)^(b)		275		220,143
Terrier Media Buyer Inc., 8.88%, 12/15/27 (Call 12/15/22)^(b)		690		584,285
WPP Finance 2010, 3.75%, 09/19/24		297		285,337


				12,653,450

Aerospace & Defense — 0.6%
Airbus SE
3.15%, 04/10/27 (Call 01/10/27)^(b)		950		868,842
3.95%, 04/10/47 (Call 10/10/46)^(b)		50		37,681
BAE Systems Finance Inc., 7.50%, 07/01/27^(b)		160		169,938
BAE Systems Holdings Inc.
3.80%, 10/07/24^(b)		400		386,936
3.85%, 12/15/25 (Call 09/15/25)^(b)		486		460,762
4.75%, 10/07/44^(b)		581		482,648
BAE Systems PLC
1.90%, 02/15/31 (Call 11/15/30)^(b)		1,075		804,433
3.00%, 09/15/50 (Call 03/15/50)^(b)		885		544,001
3.40%, 04/15/30 (Call 01/15/30)^(b)		210		180,352
5.80%, 10/11/41^(b)		240		230,594
Boeing Co. (The)
1.43%, 02/04/24 (Call 11/14/22)		2,638		2,502,222
2.20%, 02/04/26 (Call 02/04/23)		3,995		3,551,994
2.25%, 06/15/26 (Call 03/15/26)		852		746,182
2.60%, 10/30/25 (Call 07/30/25)		235		214,400
2.70%, 02/01/27 (Call 12/01/26)		734		637,846
2.75%, 02/01/26 (Call 01/01/26)		813		733,481
2.80%, 03/01/24 (Call 02/01/24)		190		182,641
2.80%, 03/01/27 (Call 12/01/26)		900		781,254
2.85%, 10/30/24 (Call 07/30/24)		236		222,739
2.95%, 02/01/30 (Call 11/01/29)		1,380		1,105,684
3.10%, 05/01/26 (Call 03/01/26)		645		582,029
3.20%, 03/01/29 (Call 12/01/28)		664		553,351
3.25%, 02/01/28 (Call 12/01/27)		582		505,723
3.25%, 03/01/28 (Call 12/01/27)		693		596,528
3.25%, 02/01/35 (Call 11/01/34)		503		354,640


Security	Par (000)		Value

Aerospace & Defense (continued)
3.38%, 06/15/46 (Call 12/15/45)	$	509	$	305,731
3.45%, 11/01/28 (Call 08/01/28)		305		260,046
3.50%, 03/01/39 (Call 09/01/38)		200		131,358
3.55%, 03/01/38 (Call 09/01/37)		290		196,092
3.60%, 05/01/34 (Call 02/01/34)		299		222,623
3.63%, 02/01/31 (Call 11/01/30)		745		619,862
3.63%, 03/01/48 (Call 09/01/47)		275		166,480
3.65%, 03/01/47 (Call 09/01/46)		695		427,647
3.75%, 02/01/50 (Call 08/01/49)		415		265,007
3.83%, 03/01/59 (Call 09/01/58)		360		211,050
3.85%, 11/01/48 (Call 05/01/48)		172		108,353
3.90%, 05/01/49 (Call 11/01/48)		707		455,937
3.95%, 08/01/59 (Call 02/01/59)		750		467,595
4.88%, 05/01/25 (Call 04/01/25)		1,871		1,827,555
5.04%, 05/01/27 (Call 03/01/27)		1,847		1,782,577
5.15%, 05/01/30 (Call 02/01/30)		2,049		1,894,260
5.71%, 05/01/40 (Call 11/01/39)		1,510		1,313,383
5.81%, 05/01/50 (Call 11/01/49)		2,264		1,945,387
5.88%, 02/15/40		597		527,903
5.93%, 05/01/60 (Call 11/01/59)		1,765		1,492,925
6.13%, 02/15/33		618		599,293
6.63%, 02/15/38		805		766,127
6.88%, 03/15/39		621		602,047
Bombardier Inc.
6.00%, 02/15/28 (Call 02/15/24)^(b)		445		396,517
7.13%, 06/15/26 (Call 06/15/23)^(b)		707		671,968
7.45%, 05/01/34^(b)		325		304,434
7.50%, 12/01/24 (Call 12/01/22)^(b)		903		900,724
7.50%, 03/15/25 (Call 12/01/22)^(b)		823		809,182
7.88%, 04/15/27 (Call 12/01/22)^(b)		1,345		1,277,965
Embraer Netherlands Finance BV
5.05%, 06/15/25		827		783,285
5.40%, 02/01/27		425		389,207
6.95%, 01/17/28 (Call 10/17/27)^(d)		400		377,952
F-Brasile SpA/F-Brasile U.S. LLC, Series XR, 7.38%, 08/15/26 (Call 11/14/22)^(b)(c)		348		275,449
General Dynamics Corp.
1.15%, 06/01/26 (Call 05/01/26)		155		135,386
2.13%, 08/15/26 (Call 05/15/26)		1,210		1,088,068
2.25%, 06/01/31 (Call 03/01/31)		190		154,637
2.38%, 11/15/24 (Call 09/15/24)		200		189,624
2.63%, 11/15/27 (Call 08/15/27)		215		191,202
2.85%, 06/01/41 (Call 12/01/40)		310		215,831
3.25%, 04/01/25 (Call 03/01/25)		610		586,485
3.50%, 05/15/25 (Call 03/15/25)		459		444,670
3.50%, 04/01/27 (Call 02/01/27)		850		799,136
3.60%, 11/15/42 (Call 05/15/42)		125		95,986
3.63%, 04/01/30 (Call 01/01/30)		1,020		929,006
3.75%, 05/15/28 (Call 02/15/28)		815		761,886
4.25%, 04/01/40 (Call 10/01/39)		525		451,983
4.25%, 04/01/50 (Call 10/01/49)		345		288,458
Hexcel Corp.
4.20%, 02/15/27 (Call 11/15/26)		264		240,076
4.95%, 08/15/25 (Call 05/15/25)		285		276,598
Howmet Aerospace Inc.
3.00%, 01/15/29 (Call 11/15/28)		350		291,274
5.13%, 10/01/24 (Call 07/01/24)		755		745,547
5.90%, 02/01/27		377		373,958
5.95%, 02/01/37^(c)		420		390,117
6.75%, 01/15/28		175		174,757


Security	Par (000)		Value

Aerospace & Defense (continued)
6.88%, 05/01/25 (Call 04/01/25)^(c)	$	535	$	546,957
L3Harris Technologies Inc.
1.80%, 01/15/31 (Call 10/15/30)		558		417,099
2.90%, 12/15/29 (Call 09/15/29)		472		393,195
3.83%, 04/27/25 (Call 01/27/25)		530		508,933
3.85%, 12/15/26 (Call 09/15/26)		687		643,472
3.95%, 05/28/24 (Call 02/28/24)		163		159,342
4.40%, 06/15/28 (Call 03/15/28)		1,444		1,352,233
4.85%, 04/27/35 (Call 10/27/34)		610		544,803
5.05%, 04/27/45 (Call 10/27/44)		208		176,575
6.15%, 12/15/40		15		14,629
Leonardo U.S. Holdings Inc., 6.25%, 01/15/40^(b)		100		88,194
Lockheed Martin Corp.
1.85%, 06/15/30 (Call 03/15/30)		639		510,868
2.80%, 06/15/50 (Call 12/15/49)		403		256,574
3.55%, 01/15/26 (Call 10/15/25)		462		444,735
3.60%, 03/01/35 (Call 09/01/34)		195		166,996
3.80%, 03/01/45 (Call 09/01/44)		915		707,624
3.90%, 06/15/32 (Call 03/15/32)		275		251,548
4.07%, 12/15/42		608		499,156
4.09%, 09/15/52 (Call 03/15/52)		411		325,212
4.15%, 06/15/53 (Call 12/15/52)		505		405,015
4.30%, 06/15/62 (Call 12/15/61)		560		447,720
4.50%, 05/15/36 (Call 11/15/35)		316		287,244
4.70%, 05/15/46 (Call 11/15/45)		1,017		898,418
4.95%, 10/15/25		150		150,140
5.10%, 11/15/27		430		430,925
5.25%, 01/15/33		650		652,093
5.70%, 11/15/54		185		186,630
5.72%, 06/01/40		335		334,712
5.90%, 11/15/63		355		361,131
Series B, 6.15%, 09/01/36		860		904,918
Moog Inc., 4.25%, 12/15/27 (Call 12/15/22)^(b)		336		300,656
Northrop Grumman Corp.
2.93%, 01/15/25 (Call 11/15/24)		1,416		1,349,830
3.20%, 02/01/27 (Call 11/01/26)		807		743,554
3.25%, 01/15/28 (Call 10/15/27)		925		836,811
3.85%, 04/15/45 (Call 10/15/44)		745		562,147
4.03%, 10/15/47 (Call 04/15/47)		1,042		819,325
4.40%, 05/01/30 (Call 02/01/30)		706		664,282
4.75%, 06/01/43		847		735,984
5.05%, 11/15/40		433		392,445
5.15%, 05/01/40 (Call 11/01/39)		470		432,076
5.25%, 05/01/50 (Call 11/01/49)		218		202,912
Raytheon Technologies Corp.
1.90%, 09/01/31 (Call 06/01/31)		725		550,587
2.25%, 07/01/30 (Call 04/01/30)		1,687		1,360,582
2.38%, 03/15/32 (Call 12/15/31)		925		722,804
2.65%, 11/01/26 (Call 08/01/26)		25		22,743
2.82%, 09/01/51 (Call 03/01/51)		460		281,759
3.03%, 03/15/52 (Call 09/15/51)		1,030		654,544
3.13%, 05/04/27 (Call 02/04/27)		517		472,460
3.13%, 07/01/50 (Call 01/01/50)		702		461,888
3.20%, 03/15/24 (Call 01/15/24)		1,160		1,129,306
3.50%, 03/15/27 (Call 12/15/26)		707		659,546
3.70%, 12/15/23 (Call 09/15/23)		345		340,532
3.75%, 11/01/46 (Call 05/01/46)		415		303,440
3.95%, 08/16/25 (Call 06/16/25)		955		926,417
4.05%, 05/04/47 (Call 11/04/46)		535		411,180
4.13%, 11/16/28 (Call 08/16/28)		1,470		1,368,864


Security	Par (000)		Value

Aerospace & Defense (continued)
4.15%, 05/15/45 (Call 11/16/44)	$	596	$	466,585
4.35%, 04/15/47 (Call 10/15/46)		1,005		812,251
4.45%, 11/16/38 (Call 05/16/38)		640		547,213
4.50%, 06/01/42		1,423		1,206,917
4.63%, 11/16/48 (Call 05/16/48)		1,193		1,005,556
4.70%, 12/15/41		428		362,721
4.80%, 12/15/43 (Call 06/15/43)		345		296,831
4.88%, 10/15/40		855		755,923
5.70%, 04/15/40		260		251,061
6.13%, 07/15/38		400		403,848
7.20%, 08/15/27		153		165,765
Rolls-Royce PLC
3.63%, 10/14/25 (Call 07/14/25)^(b)		770		679,648
5.75%, 10/15/27 (Call 07/15/27)^(b)		600		543,240
Spirit AeroSystems Inc.
3.85%, 06/15/26 (Call 03/15/26)^(c)		205		183,321
4.60%, 06/15/28 (Call 03/15/28)		585		419,275
5.50%, 01/15/25 (Call 12/01/22)^(b)		385		373,057
7.50%, 04/15/25 (Call 12/01/22)^(b)		670		652,513
ST Engineering RHQ Ltd., 1.50%, 04/29/25 (Call 01/29/25)^(d)		400		366,384
Teledyne Technologies Inc.
0.95%, 04/01/24 (Call 12/01/22)		740		692,766
1.60%, 04/01/26 (Call 03/01/26)		270		234,268
2.75%, 04/01/31 (Call 01/01/31)		773		604,896
TransDigm Inc.
4.63%, 01/15/29 (Call 01/15/24)		760		647,733
4.88%, 05/01/29 (Call 05/01/24)		481		409,615
5.50%, 11/15/27 (Call 12/01/22)		1,910		1,734,643
6.25%, 03/15/26 (Call 12/01/22)^(b)		2,830		2,790,663
6.38%, 06/15/26 (Call 12/01/22)		530		510,549
7.50%, 03/15/27 (Call 12/01/22)^(c)		460		453,620
8.00%, 12/15/25 (Call 12/01/22)^(b)		1,008		1,025,680
TransDigm UK Holdings PLC, 6.88%, 05/15/26 (Call 12/01/22)		300		293,088
Triumph Group Inc.
6.25%, 09/15/24 (Call 12/01/22)^(b)		335		310,790
7.75%, 08/15/25 (Call 12/01/22)		360		273,078
8.88%, 06/01/24 (Call 02/01/23)^(b)		313		316,302


				98,601,072

Agriculture — 0.3%
Adecoagro SA, 6.00%, 09/21/27^(d)		300		271,095
Altria Group Inc.
2.35%, 05/06/25 (Call 04/06/25)		536		494,792
2.45%, 02/04/32 (Call 11/04/31)		690		490,417
2.63%, 09/16/26 (Call 06/16/26)^(c)		851		761,832
3.40%, 05/06/30 (Call 02/06/30)		670		544,375
3.40%, 02/04/41 (Call 08/04/40)		870		530,152
3.70%, 02/04/51 (Call 08/04/50)		957		559,606
3.80%, 02/14/24 (Call 01/14/24)^(c)		80		78,258
3.88%, 09/16/46 (Call 03/16/46)		978		600,032
4.00%, 02/04/61 (Call 08/04/60)		768		457,874
4.25%, 08/09/42		322		218,384
4.40%, 02/14/26 (Call 12/14/25)^(c)		563		540,998
4.45%, 05/06/50 (Call 11/06/49)		467		299,254
4.50%, 05/02/43		567		388,157
4.80%, 02/14/29 (Call 11/14/28)		645		593,781
5.38%, 01/31/44		1,117		892,293
5.80%, 02/14/39 (Call 08/14/38)		1,407		1,190,336
5.95%, 02/14/49 (Call 08/14/48)		1,568		1,272,197


Security	Par (000)		Value

Agriculture (continued)
Amaggi Luxembourg International Sarl, 5.25%, 01/28/28^(d)	$	400	$	352,936
Archer-Daniels-Midland Co.
2.50%, 08/11/26 (Call 05/11/26)		1,378		1,259,864
2.70%, 09/15/51 (Call 03/15/51)		214		134,118
2.90%, 03/01/32 (Call 12/01/31)		440		367,638
3.25%, 03/27/30 (Call 12/27/29)		643		567,628
3.75%, 09/15/47 (Call 03/15/47)		227		174,368
4.02%, 04/16/43		370		295,589
4.50%, 03/15/49 (Call 09/15/48)		340		295,548
4.54%, 03/26/42		122		105,683
5.38%, 09/15/35		150		147,309
BAT Capital Corp.
2.26%, 03/25/28 (Call 01/25/28)		1,063		841,194
2.73%, 03/25/31 (Call 12/25/30)		1,139		833,361
2.79%, 09/06/24 (Call 08/06/24)		384		363,122
3.22%, 08/15/24 (Call 06/15/24)		998		953,310
3.22%, 09/06/26 (Call 07/06/26)		411		366,579
3.46%, 09/06/29 (Call 06/06/29)		717		578,820
3.56%, 08/15/27 (Call 05/15/27)		1,720		1,505,447
3.73%, 09/25/40 (Call 03/25/40)		540		340,227
3.98%, 09/25/50 (Call 03/25/50)		586		351,401
4.39%, 08/15/37 (Call 02/15/37)		1,691		1,226,060
4.54%, 08/15/47 (Call 02/15/47)		1,015		657,273
4.70%, 04/02/27 (Call 02/02/27)		540		502,686
4.74%, 03/16/32 (Call 12/16/31)		465		389,828
4.76%, 09/06/49 (Call 03/06/49)		832		555,493
4.91%, 04/02/30 (Call 01/02/30)		734		641,611
5.28%, 04/02/50 (Call 10/02/49)		437		312,778
5.65%, 03/16/52 (Call 09/16/51)		445		336,700
7.75%, 10/19/32		300		306,642
BAT International Finance PLC
1.67%, 03/25/26 (Call 02/25/26)		756		649,540
3.95%, 06/15/25^(b)		1,099		1,044,885
4.45%, 03/16/28 (Call 02/16/28)		466		413,528
Bunge Ltd. Finance Corp.
1.63%, 08/17/25 (Call 07/17/25)		176		157,828
2.75%, 05/14/31 (Call 02/14/31)		660		518,971
3.25%, 08/15/26 (Call 05/15/26)		793		723,811
3.75%, 09/25/27 (Call 06/25/27)		560		512,266
Cargill Inc.
0.40%, 02/02/24 (Call 01/02/24)^(b)		80		75,410
0.75%, 02/02/26 (Call 01/02/26)^(b)		1,056		916,217
1.70%, 02/02/31 (Call 11/02/30)^(b)		1,155		874,243
2.13%, 04/23/30 (Call 01/23/30)^(b)		525		419,218
2.13%, 11/10/31 (Call 08/10/31)^(b)		875		670,486
3.13%, 05/25/51 (Call 11/25/50)^(b)		1,175		758,991
3.25%, 05/23/29 (Call 02/23/29)^(b)		125		110,845
3.50%, 04/22/25 (Call 04/22/23)^(b)		110		105,996
3.63%, 04/22/27 (Call 03/22/27)^(b)		250		235,543
3.88%, 05/23/49 (Call 11/23/48)^(b)		240		180,408
4.00%, 06/22/32 (Call 03/22/32)^(b)		200		179,486
4.38%, 04/22/52 (Call 10/22/51)^(b)		75		60,968
4.88%, 10/10/25		420		416,720
5.13%, 10/11/32		530		517,190
Darling Ingredients Inc.
5.25%, 04/15/27 (Call 11/14/22)^(b)		397		382,081
6.00%, 06/15/30 (Call 06/15/25)^(b)		505		486,042
Imperial Brands Finance PLC 3.13%, 07/26/24 (Call 06/26/24)^(b)		900		852,516


Security	Par (000)		Value

Agriculture (continued)
3.50%, 07/26/26 (Call 05/26/26)^(b)	$	1,760	$	1,581,642
3.88%, 07/26/29 (Call 04/26/29)^(b)		430		361,097
4.25%, 07/21/25 (Call 04/21/25)^(b)		1,230		1,168,611
6.13%, 07/27/27 (Call 06/27/27)^(b)		350		340,609
IOI Investment L Bhd, 3.38%, 11/02/31 (Call 05/02/31)^(d)		200		146,426
JT International Financial Services BV
2.25%, 09/14/31 (Call 06/14/31)^(d)		400		279,836
6.88%, 10/24/32^(c)		300		304,431
MHP Lux SA, 6.95%, 04/03/26^(d)		400		186,000
MHP SE, 7.75%, 05/10/24^(d)		400		190,575
Philip Morris International Inc.
0.88%, 05/01/26 (Call 04/01/26)		963		824,029
1.50%, 05/01/25 (Call 04/01/25)		375		341,722
1.75%, 11/01/30 (Call 08/01/30)		556		408,365
2.10%, 05/01/30 (Call 02/01/30)		350		267,190
2.75%, 02/25/26 (Call 11/25/25)		395		362,507
2.88%, 05/01/24 (Call 04/01/24)		966		932,876
3.13%, 08/17/27 (Call 05/17/27)		232		208,758
3.13%, 03/02/28 (Call 12/02/27)^(c)		455		397,661
3.25%, 11/10/24		627		603,694
3.38%, 08/11/25 (Call 05/11/25)		385		365,454
3.38%, 08/15/29 (Call 05/15/29)^(c)		500		427,655
3.60%, 11/15/23		392		386,281
3.88%, 08/21/42		513		340,160
4.13%, 03/04/43		316		215,373
4.25%, 11/10/44		985		683,885
4.38%, 11/15/41		618		446,530
4.50%, 03/20/42		584		426,846
4.88%, 11/15/43		533		409,765
6.38%, 05/16/38		1,131		1,054,737
Reynolds American Inc.
4.45%, 06/12/25 (Call 03/12/25)		1,786		1,723,901
5.70%, 08/15/35 (Call 02/15/35)		471		398,075
5.85%, 08/15/45 (Call 02/15/45)		1,405		1,099,469
6.15%, 09/15/43		538		436,033
7.25%, 06/15/37		526		501,441
Turning Point Brands Inc., 5.63%, 02/15/26 (Call 02/15/23)^(b)		125		109,060
Vector Group Ltd.
5.75%, 02/01/29 (Call 02/01/24)^(b)		565		494,703
10.50%, 11/01/26 (Call 12/01/22)^(b)		320		315,805
Viterra Finance BV
2.00%, 04/21/26 (Call 03/21/26)^(b)		540		455,857
3.20%, 04/21/31 (Call 01/21/31)^(b)		350		254,419
4.90%, 04/21/27 (Call 03/21/27)^(b)		300		273,699
5.25%, 04/21/32 (Call 01/21/32)^(b)		750		629,722


				56,565,134

Airlines — 0.2%
Air Canada, 3.88%, 08/15/26 (Call 02/15/26)^(b)		710		627,967
Air Canada Pass Through Trust
Series 2015-1, Class A, 3.60%, 09/15/28^(b)		319		282,081
Series 2017-1, Class AA, 3.30%, 07/15/31^(b)		779		651,016
Series 2020-1, Class C, 10.50%, 07/15/26^(b)		340		347,487
Series 2020-2, Class A, 5.25%, 10/01/30^(b)		636		588,728
Alaska Airlines Pass Through Trust, Series 2020-1, 4.80%, 02/15/29^(b)		282		262,675
Allegiant Travel Co.
7.25%, 08/15/27 (Call 08/15/24)^(b)		325		306,273
8.50%, 02/05/24 (Call 08/05/23)^(b)		78		77,315


Security	Par (000)		Value

Airlines (continued)
American Airlines 2021-1 Pass Through Trust, Series B, 3.95%, 01/11/32^(c)	$	145	$	113,300
American Airlines Group Inc., 3.75%, 03/01/25^(b)(c)		326		287,196
American Airlines Inc., 11.75%, 07/15/25^(b)		1,810		1,981,009
American Airlines Inc./AAdvantage Loyalty IP Ltd.
5.50%, 04/20/26^(b)		2,260		2,153,870
5.75%, 04/20/29^(b)		1,880		1,710,800
American Airlines Pass Through Trust
Class A, 3.25%, 04/15/30		151		114,560
Series 2013-1, Class A, 4.00%, 01/15/27		153		129,119
Series 2014-1, Class A, 3.70%, 04/01/28		320		266,182
Series 2015-1, Class A, 3.38%, 11/01/28		383		308,858
Series 2015-2, Class AA, 3.60%, 03/22/29		123		107,568
Series 2016-1, Class A, 4.10%, 07/15/29		121		93,895
Series 2016-1, Class AA, 3.58%, 07/15/29		150		131,054
Series 2016-2, Class A, 3.65%, 12/15/29^(c)		282		211,005
Series 2016-2, Class AA, 3.20%, 12/15/29		567		481,271
Series 2016-3, Class AA, 3.00%, 04/15/30		482		403,090
Series 2017-1, Class AA, 3.65%, 08/15/30		363		321,499
Series 2017-2, Class AA, 3.35%, 04/15/31		530		448,118
Series 2019-1, Class AA, 3.15%, 08/15/33		52		42,271
Series A, Class A, 2.88%, 01/11/36		815		634,486
Avianca Midco 2 Ltd., 9.00%, 12/01/28 (Call 12/01/24)^(d)		850		639,081
Azul Investments LLP, 7.25%, 06/15/26^(d)		400		253,884
British Airways Pass Through Trust
Class A, 2.90%, 09/15/36^(b)(c)		276		220,662
Class A, 4.25%, 05/15/34^(b)		314		278,577
Series 2018-1, Class AA, 3.80%, 03/20/33^(b)		151		134,148
Series 2019-1, Class AA, 3.30%, 06/15/34^(b)		339		282,782
Continental Airlines Pass Through Trust, Series 2012-2, Class A, 4.00%, 10/29/24		331		309,804
Delta Air Lines Inc.
2.90%, 10/28/24 (Call 09/28/24)		610		576,255
3.75%, 10/28/29 (Call 07/28/29)^(c)		378		312,360
4.38%, 04/19/28 (Call 01/19/28)^(c)		305		272,130
7.00%, 05/01/25^(b)		2,665		2,700,045
7.38%, 01/15/26 (Call 12/15/25)^(c)		795		812,864
Delta Air Lines Inc./SkyMiles IP Ltd.
4.50%, 10/20/25^(b)(c)		1,835		1,787,473
4.75%, 10/20/28^(b)		1,546		1,437,301
Delta Air Lines Pass Through Trust
Series 2019-1, Class AA, 3.20%, 10/25/25		55		52,766
Series 2020, Class AA, 2.00%, 12/10/29		75		63,221
Gol Finance SA
7.00%, 01/31/25 (Call 11/30/22)^(d)		200		86,998
8.00%, 06/30/26 (Call 12/24/22)^(d)		600		359,832
Grupo Aeromexico SAB de CV, 8.50%, 03/17/27 (Call 03/17/24)^(d)		400		328,604
Hawaiian Airlines Pass Through Certificates, Series 2013-1, Class A, 3.90%, 07/15/27		90		73,405
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd., 5.75%, 01/20/26 (Call 01/20/24)^(b)		805		742,685
JetBlue Pass Through Trust
Series 1A, Class A, 4.00%, 05/15/34		383		335,895
Series 2019-1, Class AA, 2.75%, 11/15/33^(c)		194		155,326
Latam Airlines Group SA, 13.38%, 10/15/29		300		294,786
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., 6.50%, 06/20/27 (Call 06/30/23)^(b)		518		512,050


Security	Par (000)		Value

Airlines (continued)
Southwest Airlines Co.
2.63%, 02/10/30 (Call 11/10/29)	$	515	$	409,955
3.00%, 11/15/26 (Call 08/15/26)		398		358,033
3.45%, 11/16/27 (Call 08/16/27)		376		337,550
5.13%, 06/15/27 (Call 04/15/27)		1,776		1,731,653
5.25%, 05/04/25 (Call 04/04/25)		809		805,384
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., 8.00%, 09/20/25 (Call 09/20/23)^(b)		358		363,442
U.S. Airways Pass Through Trust, Series 2013-1, Class A, 3.95%, 05/15/27^(c)		229		203,127
United Airlines Holdings Inc.
4.88%, 01/15/25^(c)		210		200,630
5.00%, 02/01/24^(c)		425		418,412
United Airlines Inc.
4.38%, 04/15/26 (Call 10/15/25)^(b)		1,235		1,129,963
4.63%, 04/15/29 (Call 10/15/28)^(b)		1,395		1,197,635
United Airlines Pass Through Trust
Series 2013-1, Class A, 4.30%, 02/15/27		486		445,283
Series 2014-1, Class A, 4.00%, 10/11/27		483		434,874
Series 2014-2, Class A, 3.75%, 03/03/28		630		560,993
Series 2016-1, Class AA, 3.10%, 01/07/30		103		88,175
Series 2016-1, Class B, 3.65%, 07/07/27^(c)		255		222,622
Series 2016-2, Class AA, 2.88%, 04/07/30		360		301,851
Series 2018-1, Class AA, 3.50%, 09/01/31		313		265,049
Series 2019, Class AA, 4.15%, 08/25/31		643		566,363
Series 2019-2, Class AA, 2.70%, 11/01/33		25		19,463
Series 2019-2, Class B, 3.50%, 11/01/29		105		87,850
Series 2020-1, Class A, 5.88%, 10/15/27		633		631,251
Series 2020-1, Class B, 4.88%, 07/15/27		1,059		983,999
Unity 1 Sukuk Ltd., 2.39%, 11/03/25^(d)		400		367,856


				38,237,040

Apparel — 0.1%
Crocs Inc.
4.13%, 08/15/31 (Call 08/15/26)^(b)		360		273,254
4.25%, 03/15/29 (Call 03/15/24)^(b)		206		164,915
Hanesbrands Inc.
4.63%, 05/15/24 (Call 02/15/24)^(b)		524		509,401
4.88%, 05/15/26 (Call 02/15/26)^(b)		535		491,039
Kontoor Brands Inc., 4.13%, 11/15/29 (Call 11/15/24)^(b)		206		165,777
Levi Strauss & Co., 3.50%, 03/01/31 (Call 03/01/26)^(b)(c)		300		240,171
Michael Kors USA Inc., 4.25%, 11/01/24 (Call 09/01/24)^(b)		1,075		1,015,692
NIKE Inc.
2.38%, 11/01/26 (Call 08/01/26)		795		723,482
2.40%, 03/27/25 (Call 02/27/25)		315		297,770
2.75%, 03/27/27 (Call 01/27/27)		567		520,086
2.85%, 03/27/30 (Call 12/27/29)		1,492		1,294,415
3.25%, 03/27/40 (Call 09/27/39)		1,335		1,014,680
3.38%, 11/01/46 (Call 05/01/46)		535		389,646
3.38%, 03/27/50 (Call 09/27/49)^(c)		482		351,209
3.63%, 05/01/43 (Call 11/01/42)		192		148,875
3.88%, 11/01/45 (Call 05/01/45)		290		231,504
PVH Corp., 4.63%, 07/10/25 (Call 06/10/25)		637		605,844
Ralph Lauren Corp.
2.95%, 06/15/30 (Call 03/15/30)		212		177,181
3.75%, 09/15/25 (Call 07/15/25)		338		327,059
Tapestry Inc., 4.13%, 07/15/27 (Call 04/15/27)		149		134,779
Under Armour Inc., 3.25%, 06/15/26 (Call 03/15/26)		425		365,313
VF Corp.
2.40%, 04/23/25 (Call 03/23/25)		421		390,014


Security	Par (000)		Value

Apparel (continued)
2.80%, 04/23/27 (Call 02/23/27)	$	211	$	187,092
2.95%, 04/23/30 (Call 01/23/30)		95		76,751
William Carter Co. (The), 5.63%, 03/15/27 (Call 12/01/22)^(b)		251		241,309
Wolverine World Wide Inc., 4.00%, 08/15/29 (Call 08/15/24)^(b)(c)		330		262,961


				10,600,219

Auto Manufacturers — 0.7%
Allison Transmission Inc.
3.75%, 01/30/31 (Call 01/30/26)^(b)		725		581,341
4.75%, 10/01/27 (Call 11/14/22)^(b)		320		295,149
5.88%, 06/01/29 (Call 06/01/24)^(b)		345		321,764
American Honda Finance Corp.
0.75%, 08/09/24		200		185,574
1.00%, 09/10/25		380		338,747
1.20%, 07/08/25		485		437,538
1.30%, 09/09/26		375		325,331
1.50%, 01/13/25		210		194,798
1.80%, 01/13/31		418		320,251
2.00%, 03/24/28		460		386,386
2.15%, 09/10/24		426		404,108
2.25%, 01/12/29		208		173,441
2.30%, 09/09/26		535		477,782
2.35%, 01/08/27		831		738,801
2.40%, 06/27/24		639		611,651
2.90%, 02/16/24		300		291,711
3.50%, 02/15/28		546		497,084
3.55%, 01/12/24		212		208,178
Aston Martin Capital Holdings Ltd., 10.50%, 11/30/25 (Call 11/01/24)^(b)		705		680,113
Baic Finance Investment Co. Ltd., 2.00%, 03/16/24^(d)		200		190,004
BMW Finance NV
2.40%, 08/14/24 (Call 07/14/24)^(b)		1,038		987,045
2.85%, 08/14/29 (Call 05/14/29)^(b)		535		451,010
BMW U.S. Capital LLC
0.75%, 08/12/24^(b)		265		244,982
0.80%, 04/01/24^(b)		920		866,116
1.25%, 08/12/26 (Call 07/12/26)^(b)		470		401,497
1.95%, 08/12/31 (Call 05/12/31)^(b)(c)		320		241,094
2.55%, 04/01/31 (Call 01/01/31)^(b)		473		375,245
2.80%, 04/11/26 (Call 01/11/26)^(b)		980		898,807
3.15%, 04/18/24 (Call 03/18/24)^(b)(c)		293		285,086
3.30%, 04/06/27 (Call 01/06/27)^(b)		170		155,213
3.45%, 04/01/27 (Call 03/01/27)^(b)		820		756,893
3.63%, 04/18/29 (Call 01/18/29)^(b)		130		116,124
3.70%, 04/01/32 (Call 01/01/32)^(b)(c)		700		602,224
3.75%, 04/12/28 (Call 01/12/28)^(b)		690		633,303
3.90%, 04/09/25 (Call 03/09/25)^(b)		750		724,852
4.15%, 04/09/30 (Call 01/09/30)^(b)		410		374,166
Cummins Inc.
0.75%, 09/01/25 (Call 08/01/25)		185		164,741
1.50%, 09/01/30 (Call 06/01/30)		983		750,806
2.60%, 09/01/50 (Call 03/01/50)^(c)		135		79,777
4.88%, 10/01/43 (Call 04/01/43)		245		217,962
Daimler Finance North America LLC
0.75%, 03/01/24^(b)		95		89,482
2.13%, 03/10/25^(b)		1,485		1,373,328
2.63%, 03/10/30^(b)		915		745,030
2.70%, 06/14/24^(b)		329		315,521
3.10%, 08/15/29^(b)		1,183		1,007,230


Security	Par (000)		Value

Auto Manufacturers (continued)
3.30%, 05/19/25^(b)	$	230	$	217,704
4.30%, 02/22/29^(b)		665		613,130
Daimler Trucks Finance North America LLC
1.63%, 12/13/24^(b)(c)		640		588,474
2.00%, 12/14/26^(b)		390		332,381
3.50%, 04/07/25^(b)		500		472,855
3.65%, 04/07/27^(b)		810		729,105
Ford Holdings LLC, 9.30%, 03/01/30		320		350,304
Ford Motor Co.
3.25%, 02/12/32 (Call 11/12/31)		1,600		1,201,488
4.35%, 12/08/26 (Call 09/08/26)^(c)		909		846,143
4.75%, 01/15/43		1,261		880,077
5.29%, 12/08/46 (Call 06/08/46)		801		592,900
6.10%, 08/19/32 (Call 05/19/32)		1,045		957,471
6.38%, 02/01/29		160		153,614
6.63%, 10/01/28		500		493,125
7.13%, 11/15/25		125		127,708
7.40%, 11/01/46		375		342,915
7.45%, 07/16/31^(c)		678		679,993
7.50%, 08/01/26		2		2,094
9.63%, 04/22/30 (Call 01/22/30)		345		385,237
Ford Motor Credit Co. LLC
2.30%, 02/10/25 (Call 01/10/25)		650		588,425
2.70%, 08/10/26 (Call 07/10/26)		843		730,164
2.90%, 02/16/28 (Call 12/16/27)		450		365,395
2.90%, 02/10/29 (Call 12/10/28)		500		392,945
3.37%, 11/17/23		500		484,460
3.38%, 11/13/25 (Call 10/13/25)		1,400		1,272,180
3.63%, 06/17/31 (Call 03/17/31)		610		471,414
3.66%, 09/08/24		415		393,598
3.81%, 01/09/24 (Call 11/09/23)		510		493,139
3.82%, 11/02/27 (Call 08/02/27)		545		472,815
4.00%, 11/13/30 (Call 08/13/30)		1,065		863,364
4.06%, 11/01/24 (Call 10/01/24)		800		765,968
4.13%, 08/04/25		710		659,945
4.13%, 08/17/27 (Call 06/17/27)		758		672,869
4.27%, 01/09/27 (Call 11/09/26)		610		551,300
4.39%, 01/08/26		985		911,992
4.54%, 08/01/26 (Call 06/01/26)		510		470,623
4.69%, 06/09/25 (Call 04/09/25)		310		293,719
4.95%, 05/28/27 (Call 04/28/27)		900		824,526
5.11%, 05/03/29 (Call 02/03/29)		917		819,266
5.13%, 06/16/25 (Call 05/16/25)		900		868,545
5.58%, 03/18/24 (Call 02/18/24)		845		834,742
Geely Automobile Holdings Ltd., 4.00%, (Call 12/09/24)^(a)(d)(e)		200		172,312
Geely Finance Hong Kong Ltd., 3.00%, 03/05/25^(d)		200		182,284
General Motors Co.
4.00%, 04/01/25		78		74,774
4.20%, 10/01/27 (Call 07/01/27)^(c)		744		680,976
5.00%, 10/01/28 (Call 07/01/28)^(c)		441		408,617
5.00%, 04/01/35		328		272,443
5.15%, 04/01/38 (Call 10/01/37)		450		367,722
5.20%, 04/01/45		1,402		1,080,437
5.40%, 10/15/29 (Call 08/15/29)		535		495,881
5.40%, 04/01/48 (Call 10/01/47)		365		288,843
5.60%, 10/15/32 (Call 07/15/32)		740		671,876
5.95%, 04/01/49 (Call 10/01/48)		530		447,739
6.13%, 10/01/25 (Call 09/01/25)		1,065		1,060,836
6.25%, 10/02/43		865		758,164


Security	Par (000)		Value

Auto Manufacturers (continued)
6.60%, 04/01/36 (Call 10/01/35)	$	733	$	690,867
6.75%, 04/01/46 (Call 10/01/45)		509		472,459
6.80%, 10/01/27 (Call 08/01/27)		744		754,148
General Motors Financial Co. Inc.
1.05%, 03/08/24		530		497,151
1.20%, 10/15/24		140		127,908
1.25%, 01/08/26 (Call 12/08/25)		1,085		927,686
1.50%, 06/10/26 (Call 05/10/26)		800		673,872
2.35%, 02/26/27 (Call 01/26/27)		325		275,701
2.35%, 01/08/31 (Call 10/08/30)		545		399,774
2.40%, 04/10/28 (Call 02/10/28)		547		443,278
2.40%, 10/15/28 (Call 08/15/28)		205		161,866
2.70%, 08/20/27 (Call 06/20/27)		700		590,450
2.70%, 06/10/31 (Call 03/10/31)		640		476,352
2.75%, 06/20/25 (Call 05/20/25)		898		826,187
2.90%, 02/26/25 (Call 01/26/25)		1,193		1,113,308
3.10%, 01/12/32 (Call 10/12/31)		275		209,520
3.50%, 11/07/24 (Call 09/07/24)		270		257,531
3.60%, 06/21/30 (Call 03/21/30)		950		777,575
3.85%, 01/05/28 (Call 10/05/27)		246		216,696
3.95%, 04/13/24 (Call 02/13/24)		1,172		1,140,133
4.00%, 01/15/25 (Call 10/15/24)		727		699,170
4.00%, 10/06/26 (Call 07/06/26)		942		864,473
4.30%, 07/13/25 (Call 04/13/25)		750		714,472
4.30%, 04/06/29 (Call 02/06/29)		530		465,642
4.35%, 04/09/25 (Call 02/09/25)		462		443,261
4.35%, 01/17/27 (Call 10/17/26)^(c)		800		737,472
5.00%, 04/09/27 (Call 03/09/27)		1,120		1,059,173
5.10%, 01/17/24 (Call 12/17/23)		614		608,548
5.25%, 03/01/26 (Call 12/01/25)		682		660,742
5.65%, 01/17/29 (Call 10/17/28)		453		427,464
6.05%, 10/10/25		300		297,681
Harley-Davidson Financial Services Inc.
3.05%, 02/14/27 (Call 01/14/27)^(b)		100		85,333
3.35%, 06/08/25 (Call 05/08/25)^(b)		1,487		1,382,062
Honda Motor Co. Ltd., 2.97%, 03/10/32 (Call 12/10/31) .		608		503,485
Hyundai Assan Otomotiv Sanayi ve Ticaret AS, 1.63%, 07/12/26^(d)		200		166,786
Hyundai Capital America
0.80%, 01/08/24^(b)		1,430		1,347,017
0.88%, 06/14/24^(b)		1,310		1,203,117
1.00%, 09/17/24^(b)		690		625,216
1.30%, 01/08/26 (Call 12/08/25)^(b)		910		774,446
1.50%, 06/15/26 (Call 05/15/26)^(b)		805		671,467
1.65%, 09/17/26 (Call 08/17/26)^(b)		745		618,194
1.80%, 10/15/25 (Call 09/15/25)^(b)		705		620,626
1.80%, 01/10/28^(b)		583		457,818
2.00%, 06/15/28 (Call 04/15/28)^(b)		735		572,528
2.10%, 09/15/28 (Call 07/17/28)^(b)		525		405,793
2.38%, 10/15/27 (Call 08/15/27)^(b)		975		795,727
2.65%, 02/10/25 (Call 01/10/25)^(b)		850		786,692
2.75%, 09/27/26^(d)		350		302,323
3.00%, 02/10/27 (Call 12/10/26)^(b)		655		570,132
3.40%, 06/20/24^(d)		400		383,536
3.50%, 11/02/26 (Call 09/02/26)^(b)		1,192		1,058,556
4.30%, 02/01/24^(d)		50		48,950
5.88%, 04/07/25 (Call 03/07/25)^(b)(c)		593		588,707
6.38%, 04/08/30 (Call 01/08/30)^(b)		270		262,453
Hyundai Capital Services Inc.
1.25%, 02/08/26^(d)		600		517,974


Security	Par (000)		Value

Auto Manufacturers (continued)
2.13%, 04/24/25^(d)	$	400	$	363,284
2.50%, 01/24/27^(d)		200		173,476
3.63%, 08/29/27^(d)		200		179,318
Hyundai Motor Manufacturing Indonesia PT, 1.75%, 05/06/26^(d)		200		169,186
Jaguar Land Rover Automotive PLC
4.50%, 10/01/27 (Call 07/01/27)^(b)(c)		295		208,830
5.50%, 07/15/29 (Call 07/15/24)^(b)		340		239,799
5.88%, 01/15/28 (Call 01/15/24)^(b)		380		280,030
7.75%, 10/15/25 (Call 12/01/22)^(b)		1,040		959,774
JB Poindexter & Co. Inc., 7.13%, 04/15/26 (Call 12/01/22)^(b)		330		314,543
Kia Corp.
1.00%, 04/16/24^(d)		261		244,165
1.75%, 10/16/26^(d)		600		509,358
2.75%, 02/14/27^(d)		200		173,060
3.25%, 04/21/26^(b)		300		274,158
Mercedes-Benz Finance North America LLC
3.25%, 08/01/24^(b)		290		279,374
3.50%, 08/03/25^(b)		1,165		1,101,764
3.65%, 02/22/24^(b)		330		323,575
3.75%, 02/22/28^(b)(c)		970		884,417
8.50%, 01/18/31		428		499,134
Nissan Motor Acceptance Co. LLC
1.13%, 09/16/24^(b)		1,045		933,206
1.85%, 09/16/26 (Call 08/16/26)^(b)		1,400		1,098,776
2.45%, 09/15/28 (Call 07/15/28)^(b)		1,125		809,977
Nissan Motor Acceptance Corp.
2.00%, 03/09/26 (Call 02/09/26)^(b)		105		85,641
2.75%, 03/09/28 (Call 01/09/28)^(b)		445		337,381
Nissan Motor Co. Ltd.
3.52%, 09/17/25 (Call 08/17/25)^(b)		1,510		1,340,774
4.35%, 09/17/27 (Call 07/17/27)^(b)		1,545		1,302,698
4.81%, 09/17/30 (Call 06/17/30)^(b)		1,313		1,049,048
PACCAR Financial Corp.
0.50%, 08/09/24		315		291,195
1.10%, 05/11/26		240		210,847
1.80%, 02/06/25		249		232,337
2.00%, 02/04/27		200		177,254
2.15%, 08/15/24		210		199,414
3.15%, 06/13/24		125		121,616
3.55%, 08/11/25		210		203,186
4.95%, 10/03/25		235		234,941
PM General Purchaser LLC, 9.50%, 10/01/28 (Call 10/01/23)^(b)		425		364,952
Stellantis Finance U.S. Inc.
1.71%, 01/29/27 (Call 12/29/26)^(b)		1,220		1,009,391
2.69%, 09/15/31 (Call 06/15/31)^(b)(c)		870		619,275
Toyota Motor Corp.
0.68%, 03/25/24 (Call 02/25/24)		475		447,341
1.34%, 03/25/26 (Call 02/25/26)		949		838,299
2.36%, 07/02/24		160		153,458
2.36%, 03/25/31 (Call 12/25/30)		595		485,211
2.76%, 07/02/29		615		533,365
3.67%, 07/20/28		165		152,709
Toyota Motor Credit Corp.
0.45%, 01/11/24		250		237,027
0.50%, 06/18/24		895		832,556
0.63%, 09/13/24		965		890,917
0.80%, 10/16/25		600		530,454
0.80%, 01/09/26		15		13,103


Security	Par (000)		Value

Auto Manufacturers (continued)
1.13%, 06/18/26^(c)	$	1,310	$	1,137,565
1.15%, 08/13/27		105		87,250
1.45%, 01/13/25		500		463,495
1.65%, 01/10/31^(c)		60		45,709
1.80%, 02/13/25		490		456,969
1.90%, 01/13/27		520		455,728
1.90%, 04/06/28		1,060		897,407
1.90%, 09/12/31		795		606,649
2.00%, 10/07/24		235		222,044
2.15%, 02/13/30		192		157,000
2.90%, 04/17/24		376		364,953
3.00%, 04/01/25		467		445,308
3.05%, 03/22/27		1,025		938,336
3.05%, 01/11/28		384		347,389
3.20%, 01/11/27		767		709,414
3.35%, 01/08/24		140		137,626
3.38%, 04/01/30		766		680,706
3.40%, 04/14/25		427		411,005
3.50%, 10/24/25^(d)(f)		450		427,720
3.65%, 08/18/25		435		418,835
3.65%, 01/08/29		326		299,112
3.95%, 06/30/25		440		428,811
4.40%, 09/20/24		540		534,724
4.45%, 06/29/29		540		517,941
4.55%, 09/20/27		540		525,285
Volkswagen Group of America Finance LLC
0.88%, 11/22/23^(b)		1,485		1,414,210
1.25%, 11/24/25 (Call 10/24/25)^(b)		1,500		1,311,930
1.63%, 11/24/27 (Call 09/24/27)^(b)(c)		1,103		883,062
2.85%, 09/26/24^(b)		573		544,682
3.20%, 09/26/26^(b)		335		304,183
3.35%, 05/13/25^(b)		425		400,626
3.75%, 05/13/30^(b)		145		122,627
3.95%, 06/06/25^(b)		1,090		1,043,272
4.25%, 11/13/23^(b)		455		449,403
4.35%, 06/08/27 (Call 05/08/27)^(b)		1,195		1,108,374
4.60%, 06/08/29 (Call 04/08/29)^(b)		1,015		920,483
4.63%, 11/13/25^(b)		300		290,124
4.75%, 11/13/28^(b)		566		519,028
Wabash National Corp., 4.50%, 10/15/28 (Call 10/15/24)^(b)		345		284,132


				128,634,511

Auto Parts & Equipment — 0.1%
Adient Global Holdings Ltd., 4.88%, 08/15/26 (Call 12/01/22)^(b)(c)		485		433,309
American Axle & Manufacturing Inc.
5.00%, 10/01/29 (Call 10/01/24)^(c)		345		280,568
6.25%, 03/15/26^(c)		181		171,950
6.50%, 04/01/27 (Call 12/01/22)		290		267,670
6.88%, 07/01/28 (Call 07/01/23)		310		286,564
Aptiv PLC
3.10%, 12/01/51 (Call 06/01/51)^(c)		1,105		615,120
4.35%, 03/15/29 (Call 12/15/28)		265		236,523
4.40%, 10/01/46 (Call 04/01/46)		118		82,797
5.40%, 03/15/49 (Call 09/15/48)		399		314,496
Aptiv PLC/Aptiv Corp.
3.25%, 03/01/32 (Call 12/01/31)		475		378,832
4.15%, 05/01/52 (Call 11/01/51)		600		404,904
BorgWarner Inc.
2.65%, 07/01/27 (Call 05/01/27)		448		391,162


Security	Par (000)		Value

Auto Parts & Equipment (continued)
3.38%, 03/15/25 (Call 12/15/24)	$	170	$	162,406
4.38%, 03/15/45 (Call 09/15/44)		95		68,051
5.00%, 10/01/25^(b)		1,212		1,180,318
Clarios Global LP, 6.75%, 05/15/25 (Call 12/01/22)^(b)		259		259,319
Clarios Global LP/Clarios US Finance Co.
6.25%, 05/15/26 (Call 12/01/22)^(b)(c)		530		516,930
8.50%, 05/15/27 (Call 12/01/22)^(b)(c)		1,261		1,240,055
Cooper-Standard Automotive Inc.
5.63%, 11/15/26 (Call 11/16/22)^(b)(c)		258		97,031
13.00%, 06/01/24 (Call 12/01/22)^(b)(c)		200		205,320
Dana Financing Luxembourg Sarl, 5.75%, 04/15/25 (Call 12/01/22)^(b)		195		190,542
Dana Inc.
4.25%, 09/01/30 (Call 05/01/26)		260		207,740
4.50%, 02/15/32 (Call 02/15/27)		225		171,272
5.38%, 11/15/27 (Call 11/15/22)		280		253,512
5.63%, 06/15/28 (Call 06/15/23)		265		239,753
Dealer Tire LLC/DT Issuer LLC, 8.00%, 02/01/28 (Call 08/01/23)^(b)(c)		325		284,762
Dornoch Debt Merger Sub Inc., 6.63%, 10/15/29 (Call 10/15/24)^(b)		410		272,785
Goodyear Tire & Rubber Co. (The)
4.88%, 03/15/27 (Call 12/15/26)^(c)		429		390,416
5.00%, 05/31/26 (Call 12/01/22)^(c)		545		523,418
5.00%, 07/15/29 (Call 04/15/29)^(c)		515		446,974
5.25%, 04/30/31 (Call 01/30/31)		335		281,661
5.25%, 07/15/31 (Call 04/15/31)^(c)		385		321,775
5.63%, 04/30/33 (Call 01/30/33)^(c)		310		259,207
7.00%, 03/15/28^(c)		199		194,960
9.50%, 05/31/25 (Call 11/16/22)		432		450,528
IHO Verwaltungs GmbH
4.75%, 09/15/26 (Call 11/11/22), (5.50% PIK)^(b)(g)		315		268,393
6.00%, 05/15/27 (Call 11/11/22), (6.75% PIK)^(b)(g)		225		193,322
6.38%, 05/15/29 (Call 05/15/24), (7.13% PIK)^(b)(g)		240		204,730
Lear Corp.
2.60%, 01/15/32 (Call 10/15/31)		425		309,919
3.50%, 05/30/30 (Call 02/28/30)		90		73,489
3.55%, 01/15/52 (Call 07/15/51)		180		102,589
3.80%, 09/15/27 (Call 06/15/27)		147		132,872
4.25%, 05/15/29 (Call 02/15/29)		280		245,781
5.25%, 05/15/49 (Call 11/15/48)		460		358,782
Levc Finance Ltd., 1.38%, 03/25/24^(d)		200		189,078
Magna International Inc.
2.45%, 06/15/30 (Call 03/15/30)		475		380,427
3.63%, 06/15/24 (Call 03/15/24)		1,010		985,538
4.15%, 10/01/25 (Call 07/01/25)		180		174,920
Nemak SAB de CV, 3.63%, 06/28/31 (Call 03/28/31)^(d)		400		291,052
Real Hero Merger Sub 2 Inc., 6.25%, 02/01/29 (Call 02/01/24)^(b)		355		256,988
Tenneco Inc.
5.00%, 07/15/26 (Call 11/07/22)		390		388,483
5.13%, 04/15/29 (Call 04/15/24)^(b)		460		456,191
5.38%, 12/15/24^(c)		175		173,012
7.88%, 01/15/29 (Call 01/15/24)^(b)		310		308,019
Titan International Inc., 7.00%, 04/30/28 (Call 04/30/24)		245		228,235
Toyota Industries Corp., 3.57%, 03/16/28 (Call 12/16/27)^(b)		499		456,186
Wheel Pros Inc., 6.50%, 05/15/29 (Call 05/15/24)^(b)		245		116,843
ZF North America Capital Inc., 4.75%, 04/29/25^(b)		645		605,371


				18,982,850


Security	Par (000)		Value

Banks — 6.5%
ABN AMRO Bank NV
1.54%, 06/16/27 (Call 06/16/26)^(a)(b)	$	760	$	635,672
2.47%, 12/13/29 (Call 12/13/28)^(a)(b)		600		466,230
3.32%, 03/13/37 (Call 12/13/31)^(a)(b)		895		616,548
4.75%, 07/28/25^(b)		905		856,899
4.80%, 04/18/26^(b)		1,175		1,098,883
ABQ Finance Co., 2.00%, 07/06/26^(d)		200		173,312
ABQ Finance Ltd.
1.88%, 09/08/25^(d)		600		534,348
3.13%, 09/24/24^(d)		400		380,404
Abu Dhabi Commercial Bank PJSC, 3.50%, 03/31/27^(d)		1,000		917,720
Access Bank PLC, 6.13%, 09/21/26^(d)		200		145,128
Agricultural Bank of China Ltd., 0.75%, 03/02/24^(d)		400		378,936
Agricultural Bank of China Ltd./Hong Kong
0.70%, 06/17/24^(d)		400		373,924
1.20%, 10/22/25^(d)		400		358,944
Agricultural Bank of China Ltd./New York
0.85%, 01/19/24^(d)		800		762,872
1.25%, 01/19/26^(d)		400		358,860
1.50%, 01/18/25^(d)		200		185,796
2.00%, 01/18/27^(d)		200		178,934
Agricultural Bank Of China Ltd./Singapore, 1.25%, 03/02/26^(d)		200		178,600
AIB Group PLC
4.26%, 04/10/25 (Call 04/10/24)^(a)(b)		465		443,210
7.58%, 10/14/26		400		397,708
Akbank TAS
5.13%, 03/31/25^(d)		400		357,752
6.80%, 02/06/26^(d)		400		361,924
6.80%, 06/22/31 (Call 06/22/26)^(a)(d)		200		164,708
ANZ Bank New Zealand Ltd., 5.55%, 08/11/32 (Call 08/11/27)^(a)(b)		300		285,552
ANZ New Zealand Int’l Ltd./London
1.25%, 06/22/26^(b)		355		306,014
2.17%, 02/18/25^(b)		365		339,205
3.40%, 03/19/24^(b)		789		769,007
3.45%, 07/17/27^(b)		934		851,789
3.45%, 01/21/28^(b)		879		790,977
Arab National Bank, 3.33%, 10/28/30 (Call 10/28/25)^(a)(d)		600		557,772
ASB Bank Ltd.
1.63%, 10/22/26^(b)		715		614,757
2.38%, 10/22/31^(b)		410		310,177
3.13%, 05/23/24^(b)		338		326,410
5.28%, 06/17/32 (Call 06/17/27)^(a)(b)		500		461,260
AUB Sukuk Ltd., 2.62%, 09/09/26^(d)		400		354,320
Australia & New Zealand Banking Group Ltd.
2.57%, 11/25/35 (Call 11/25/30)^(a)(b)		1,455		1,023,025
2.95%, 07/22/30 (Call 07/22/25)^(a)(b)		2,099		1,871,133
4.40%, 05/19/26^(b)		295		275,893
Australia & New Zealand Banking Group Ltd./New York NY, 3.70%, 11/16/25		435		417,387
Banco Bilbao Vizcaya Argentaria SA
1.13%, 09/18/25		2,435		2,126,778
5.86%, 09/14/26 (Call 09/14/25)^(a)		800		772,960
Banco Bradesco SA/Cayman Islands, 3.20%, 01/27/25^(d)		800		754,224
Banco de Bogota SA, 6.25%, 05/12/26^(d)		600		550,206
Banco de Chile, 2.99%, 12/09/31 (Call 09/09/31)^(d)		400		308,372


Security	Par (000)		Value

Banks (continued)
Banco de Credito del Peru S.A.
3.13%, 07/01/30 (Call 07/01/25)^(a)(d)	$	700	$	614,047
3.25%, 09/30/31 (Call 09/30/26)^(a)(d)		500		420,210
Banco de Credito e Inversiones SA
2.88%, 10/14/31 (Call 07/14/31)^(d)		200		153,312
3.50%, 10/12/27^(d)		400		357,368
Banco del Estado de Chile, 2.70%, 01/09/25 (Call 12/09/24)^(c)(d)		400		372,276
Banco do Brasil SA/Cayman
3.25%, 09/30/26^(d)		400		356,200
4.63%, 01/15/25^(d)		800		776,168
4.75%, 03/20/24^(d)		600		590,832
4.88%, 01/11/29^(d)		200		180,148
Banco General SA, 4.13%, 08/07/27 (Call 05/07/27)^(d)		400		364,148
Banco Inbursa SA Institucion De Banca Multiple Grupo Financiero Inbursa
4.13%, 06/06/24^(d)		450		434,844
4.38%, 04/11/27 (Call 01/11/27)^(d)		770		700,269
Banco Internacional del Peru SAA Interbank, 3.25%, 10/04/26 (Call 08/04/26)^(d)		250		224,305
Banco Nacional de Comercio Exterior SNC/Cayman Islands
2.72%, 08/11/31 (Call 08/11/26)^(a)(d)		400		338,460
4.38%, 10/14/25^(d)		600		570,960
Banco Nacional de Panama, 2.50%, 08/11/30 (Call 05/11/30)^(d)		800		578,792
Banco Santander Chile
2.70%, 01/10/25 (Call 12/10/24)^(c)(d)		650		610,246
3.18%, 10/26/31 (Call 07/28/31)^(c)(d)		150		117,975
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand, 5.38%, 04/17/25^(d)		1,050		1,013,869
Banco Santander SA
1.72%, 09/14/27 (Call 09/14/26)^(a)		603		492,054
1.85%, 03/25/26		558		476,309
2.71%, 06/27/24		810		769,411
2.75%, 05/28/25		948		860,746
2.75%, 12/03/30		1,255		868,134
2.96%, 03/25/31		675		500,404
3.23%, 11/22/32 (Call 11/22/31)^(a)		625		428,538
3.31%, 06/27/29		1,023		852,844
3.49%, 05/28/30		810		639,487
3.80%, 02/23/28		897		762,172
3.89%, 05/24/24		400		387,668
4.18%, 03/24/28 (Call 03/24/27)^(a)		600		528,438
4.25%, 04/11/27		870		785,575
5.15%, 08/18/25		200		192,378
5.18%, 11/19/25		335		318,394
5.29%, 08/18/27		200		184,650
Banco Votorantim SA, 4.38%, 07/29/25^(d)		400		378,172
Bancolombia SA, 3.00%, 01/29/25 (Call 12/29/24)		800		717,112
Bangkok Bank PCL/Hong Kong
3.47%, 09/23/36^(d)		600		421,692
3.73%, 09/25/34 (Call 09/25/29)^(a)(d)		800		598,608
4.05%, 03/19/24^(d)		600		590,430
4.30%, 06/15/27 (Call 05/15/27)^(d)		200		188,116
4.45%, 09/19/28^(d)		500		467,650
9.03%, 03/15/29^(b)(c)		400		438,300
Bank Mandiri Persero Tbk PT
2.00%, 04/19/26^(d)		400		346,944
4.75%, 05/13/25^(d)		600		576,678


Security	Par (000)		Value

Banks (continued)
Bank Muscat SAOG, 4.75%, 03/17/26^(d)	$	400	$	378,088
Bank Negara Indonesia Persero Tbk PT
3.75%, 03/30/26^(d)		600		494,436
4.30%, (Call 03/24/27)^(a)(d)(e)		200		143,546
Bank of America Corp.
0.98%, 04/22/25 (Call 04/22/24), (SOFR + 0.690%)^(a)		874		809,508
0.98%, 09/25/25 (Call 09/25/24), (SOFR + 0.910%)^(a)		1,182		1,074,060
1.20%, 10/24/26 (Call 10/24/25), (SOFR + 1.010%)^(a)		1,913		1,659,700
1.32%, 06/19/26 (Call 06/19/25), (SOFR + 1.150%)^(a)		1,904		1,681,765
1.53%, 12/06/25 (Call 12/06/24), (SOFR + 0.650%)^(a)		1,343		1,224,400
1.73%, 07/22/27 (Call 07/22/26), (SOFR + 0.960%)^(a)		3,542		3,027,666
1.84%, 02/04/25 (Call 02/04/24), (SOFR + 0.670%)^(a)		488		462,331
1.90%, 07/23/31 (Call 07/23/30), (SOFR + 1.530%)^(a)		1,532		1,136,606
1.92%, 10/24/31 (Call 10/24/30), (SOFR + 1.370%)^(a)		1,315		966,104
2.02%, 02/13/26 (Call 02/13/25), (3 mo. LIBOR US + 0.640%)^(a)		1,385		1,267,330
2.09%, 06/14/29 (Call 06/14/28), (SOFR + 1.060%)^(a)		1,038		839,950
2.30%, 07/21/32 (Call 07/21/31), (SOFR + 1.220%)^(a)		1,400		1,036,546
2.46%, 10/22/25 (Call 10/22/24), (3 mo. LIBOR US + 0.870%)^(a)		646		602,414
2.48%, 09/21/36 (Call 09/21/31)^(a)		1,930		1,378,618
2.50%, 02/13/31 (Call 02/13/30), (3 mo. LIBOR US + 0.990%)^(a)		1,998		1,568,530
2.55%, 02/04/28 (Call 02/04/27), (SOFR + 1.050%)^(a)		1,788		1,546,405
2.57%, 10/20/32 (Call 10/20/31), (SOFR + 1.210%)^(a)		1,553		1,172,779
2.59%, 04/29/31 (Call 04/29/30), (SOFR + 2.150%)^(a)		2,238		1,769,117
2.68%, 06/19/41 (Call 06/19/40), (SOFR + 1.930%)^(a)		3,282		2,080,591
2.69%, 04/22/32 (Call 04/22/31), (SOFR + 1.320%)^(a)		2,960		2,284,498
2.83%, 10/24/51 (Call 10/24/50), (SOFR + 1.880%)^(a)		675		392,762
2.88%, 10/22/30 (Call 10/22/29), (3 mo. LIBOR US + 1.190%)^(a)		1,407		1,147,212
2.97%, 02/04/33 (Call 02/04/32), (SOFR + 1.330%)^(a)		2,355		1,824,842
2.97%, 07/21/52 (Call 07/21/51), (SOFR + 1.560%)^(a)		505		299,894
3.09%, 10/01/25 (Call 10/01/24), (3 mo. LIBOR US + 1.090%)^(a)		945		894,603
3.19%, 07/23/30 (Call 07/23/29), (3 mo. LIBOR US + 1.180%)^(a)		1,498		1,253,407
3.25%, 10/21/27 (Call 10/21/26)		1,348		1,204,061
3.31%, 04/22/42 (Call 04/22/41), (SOFR + 1.580%)^(a)		1,942		1,342,874


Security	Par (000)		Value

Banks (continued)
3.37%, 01/23/26 (Call 01/23/25), (3 mo. LIBOR US + 0.810%)^(a)	$	1,275	$	1,201,445
3.38%, 04/02/26 (Call 04/02/25), (SOFR + 1.330%)^(a)		1,860		1,746,707
3.42%, 12/20/28 (Call 12/20/27), (3 mo. LIBOR US + 1.040%)^(a)		3,610		3,188,135
3.46%, 03/15/25 (Call 03/15/24), (3 mo. LIBOR US + 0.970%)^(a)		1,425		1,373,800
3.50%, 04/19/26		1,471		1,375,120
3.56%, 04/23/27 (Call 04/23/26), (3 mo. LIBOR US + 1.060%)^(a)		1,112		1,023,362
3.59%, 07/21/28 (Call 07/21/27), (3 mo. LIBOR US + 1.370%)^(a)		1,436		1,287,245
3.71%, 04/24/28 (Call 04/24/27), (3 mo. LIBOR US + 1.512%)^(a)		1,284		1,161,969
3.82%, 01/20/28 (Call 01/20/27), (3 mo. LIBOR US + 1.575%)^(a)		1,597		1,460,073
3.84%, 04/25/25 (Call 04/25/24), (SOFR + 1.110%)^(a)		1,988		1,923,410
3.85%, 03/08/37 (Call 03/08/32)^(a)		700		561,827
3.88%, 08/01/25		1,196		1,155,707
3.95%, 01/23/49 (Call 01/23/48), (3 mo. LIBOR US + 1.19%)^(a)		938		670,070
3.97%, 03/05/29 (Call 03/05/28), (3 mo. LIBOR US + 1.070%)^(a)		1,516		1,362,020
3.97%, 02/07/30 (Call 02/07/29), (3 mo. LIBOR US + 1.210%)^(a)		2,571		2,274,975
4.00%, 04/01/24		2,015		1,986,488
4.00%, 01/22/25		812		783,052
4.08%, 04/23/40 (Call 04/23/39), (3 mo. LIBOR US + 1.32%)^(a)		862		671,481
4.08%, 03/20/51 (Call 03/20/50), (3 mo. LIBOR US + 3.15%)^(a)		3,277		2,432,452
4.13%, 01/22/24		1,718		1,698,123
4.20%, 08/26/24		1,953		1,910,054
4.24%, 04/24/38 (Call 04/24/37), (3 mo. LIBOR US + 1.814%)^(a)		1,820		1,478,259
4.25%, 10/22/26		923		873,121
4.27%, 07/23/29 (Call 07/23/28), (3 mo. LIBOR US + 1.310%)^(a)		1,790		1,626,197
4.33%, 03/15/50 (Call 03/15/49), (3 mo. LIBOR US + 1.520%)^(a)		1,371		1,065,308
4.38%, 04/27/28 (Call 04/27/27), (SOFR + 1.580%)^(a)		1,550		1,441,624
4.44%, 01/20/48 (Call 01/20/47), (3 mo. LIBOR US + 1.990%)^(a)		2,144		1,697,083
4.45%, 03/03/26		1,131		1,084,188
4.57%, 04/27/33 (Call 04/27/32), (SOFR + 1.830%)^(a)		1,733		1,538,315
4.83%, 07/22/26 (Call 07/22/25)^(a)		1,870		1,818,014
4.88%, 04/01/44		310		255,487
4.95%, 07/22/28 (Call 07/22/27)^(a)		1,815		1,731,365
5.00%, 01/21/44		1,240		1,059,915
5.02%, 07/22/33 (Call 07/22/32)^(a)		3,250		2,982,850
5.88%, 02/07/42		1,094		1,049,879
6.11%, 01/29/37		1,562		1,503,425
6.22%, 09/15/26		315		319,731
7.75%, 05/14/38		1,195		1,323,474
Series L, 3.95%, 04/21/25		1,117		1,069,673
Series L, 4.18%, 11/25/27 (Call 11/25/26)		1,525		1,398,196


Security	Par (000)		Value

Banks (continued)
Series L, 4.75%, 04/21/45	$	840	$	669,690
Series N, 1.66%, 03/11/27 (Call 03/11/26), (SOFR + 0.910%)^(a)		1,889		1,631,303
Series N, 2.65%, 03/11/32 (Call 03/11/31), (SOFR + 1.220%)^(a)		2,232		1,720,560
Series N, 3.48%, 03/13/52 (Call 03/13/51), (SOFR + 1.650%)^(a)		835		551,609
Bank of America NA, 6.00%, 10/15/36		1,335		1,298,928
Bank of China Ltd.
3.50%, 04/20/27^(d)		200		189,348
5.00%, 11/13/24^(d)		2,300		2,272,906
Bank of China Ltd./Hong Kong
0.75%, 02/04/24^(d)		400		378,976
0.88%, 01/14/24^(d)		600		572,610
1.25%, 06/24/25^(d)		400		363,856
2.38%, 01/16/25^(d)		800		756,920
3.88%, 06/30/25^(d)		400		389,136
Bank of China Ltd./London, 1.00%, 11/02/24^(d)		400		370,436
Bank of China Ltd./Luxembourg, 1.40%, 04/28/26^(d)		800		715,064
Bank of China Ltd./Singapore, 0.80%, 04/28/24^(d)		400		376,860
Bank of China Ltd./Sydney, 0.75%, 09/29/24^(d)		200		185,098
Bank of Communications Co. Ltd., 3.80%, (Call 11/18/25)^(a)(d)(e)		2,000		1,849,560
Bank of Communications Co. Ltd./Hong Kong, 1.20%, 09/10/25^(d)		800		719,872
Bank of Communications Hong Kong Ltd., 2.30%, 07/08/31 (Call 07/08/26)^(a)(d)		600		524,136
Bank of East Asia Ltd. (The), 4.00%, 05/29/30 (Call 05/29/25)^(a)(d)		1,100		1,003,453
Bank of Ireland Group PLC
2.03%, 09/30/27 (Call 09/30/26)^(a)(b)		55		44,602
4.50%, 11/25/23^(b)		1,225		1,202,864
6.25%, 09/16/26 (Call 09/16/25)^(a)(b)		820		792,440
Bank of Montreal
0.45%, 12/08/23		1,280		1,216,410
0.63%, 07/09/24		1,155		1,067,601
0.95%, 01/22/27 (Call 01/22/26), (SOFR + 0.603%)^(a)		750		647,070
1.25%, 09/15/26		1,915		1,629,148
1.50%, 01/10/25		50		45,910
1.85%, 05/01/25		247		226,805
2.15%, 03/08/24		598		572,932
2.50%, 06/28/24		1,288		1,230,014
2.65%, 03/08/27		600		531,690
3.09%, 01/10/37 (Call 01/10/32)^(a)		270		197,289
3.70%, 06/07/25		200		191,588
3.80%, 12/15/32 (Call 12/15/27)^(a)		631		540,931
4.34%, 10/05/28 (Call 10/05/23)^(a)		1,045		1,026,524
Series E, 3.30%, 02/05/24		2,061		2,010,897
Series H, 4.25%, 09/14/24		280		274,145
Series H, 4.70%, 09/14/27 (Call 08/14/27)		675		646,596
Bank of New York Mellon Corp. (The)
0.35%, 12/07/23 (Call 11/07/23)		270		257,334
0.50%, 04/26/24 (Call 03/26/24)		465		434,915
0.75%, 01/28/26 (Call 12/28/25)		230		201,050
1.05%, 10/15/26 (Call 09/15/26)		527		448,182
1.60%, 04/24/25 (Call 03/24/25)		870		796,668
1.65%, 07/14/28 (Call 05/14/28)		680		552,976
1.65%, 01/28/31 (Call 10/28/30)		160		119,899
1.80%, 07/28/31 (Call 04/28/31)		460		342,576
2.05%, 01/26/27 (Call 12/26/26)		365		320,740


Security	Par (000)		Value

Banks (continued)
2.10%, 10/24/24	$	1,190	$	1,123,027
2.45%, 08/17/26 (Call 05/17/26)		514		466,075
2.50%, 01/26/32 (Call 10/26/31)		385		298,225
2.80%, 05/04/26 (Call 02/04/26)		297		275,016
3.00%, 10/30/28 (Call 07/30/28)		508		436,778
3.25%, 09/11/24 (Call 08/11/24)		1,086		1,052,540
3.25%, 05/16/27 (Call 02/16/27)		498		460,217
3.30%, 08/23/29 (Call 05/23/29)		778		673,281
3.35%, 04/25/25 (Call 03/25/25)		555		533,699
3.40%, 05/15/24 (Call 04/15/24)		285		277,861
3.40%, 01/29/28 (Call 10/29/27)		624		567,478
3.43%, 06/13/25 (Call 06/13/24)^(a)		270		261,679
3.44%, 02/07/28 (Call 02/07/27), (3 mo. LIBOR US + 1.069%)^(a)		1,106		1,012,078
3.85%, 04/28/28		500		464,800
3.85%, 04/26/29 (Call 02/26/29)		445		398,987
3.95%, 11/18/25 (Call 10/18/25)		545		527,010
3.99%, 06/13/28 (Call 06/13/27)^(a)		685		638,043
4.29%, 06/13/33 (Call 06/13/32)^(a)		270		241,250
4.41%, 07/24/26 (Call 07/24/25)^(a)		145		140,772
4.60%, 07/26/30 (Call 07/26/29)^(a)		90		84,249
5.80%, 10/25/28		80		80,559
5.83%, 10/25/33		360		360,922
Series 12, 3.65%, 02/04/24 (Call 01/05/24)		813		799,212
Series G, 3.00%, 02/24/25 (Call 01/24/25)		600		572,652
Series J, 0.85%, 10/25/24 (Call 09/25/24)		200		183,978
Series J, 1.90%, 01/25/29 (Call 11/25/28)		300		242,184
Bank of New Zealand
2.00%, 02/21/25^(b)		1,326		1,225,052
2.29%, 01/27/27^(b)		555		486,291
2.87%, 01/27/32^(b)		308		245,510
3.50%, 02/20/24^(b)		789		771,547
Bank of Nova Scotia (The)
0.65%, 07/31/24		420		386,534
0.70%, 04/15/24		265		247,438
1.05%, 03/02/26		115		99,687
1.30%, 06/11/25		510		458,046
1.30%, 09/15/26		1,170		997,460
1.35%, 06/24/26		1,060		916,593
1.45%, 01/10/25		500		458,110
1.95%, 02/02/27		805		695,488
2.15%, 08/01/31		785		583,859
2.20%, 02/03/25		883		822,011
2.45%, 02/02/32		500		375,520
2.70%, 08/03/26		790		712,264
3.40%, 02/11/24		1,463		1,429,483
3.45%, 04/11/25		558		531,060
4.50%, 12/16/25		940		901,018
4.59%, 05/04/37 (Call 02/04/32)^(a)		230		189,161
Bank of the Philippine Islands, 2.50%, 09/10/24^(d)		200		188,298
Bank Rakyat Indonesia Persero Tbk PT, 3.95%, 03/28/24^(d)		400		388,028
BankUnited Inc.
4.88%, 11/17/25 (Call 08/17/25)		410		395,379
5.13%, 06/11/30 (Call 03/11/30)		545		487,982
Banque Federative du Credit Mutuel SA
0.65%, 02/27/24^(b)		485		455,056
1.00%, 02/04/25^(b)		950		854,791
1.60%, 10/04/26^(b)		820		693,605
2.38%, 11/21/24^(b)		1,008		943,921


	Page

The Markets in Review		2
Annual Report:
Market Overview		4
Fund Summary		5
About Fund Performance		9
Disclosure of Expenses		9
Schedules of Investments		10
Financial Statements:
Statements of Assets and Liabilities		171
Statements of Operations		172
Statements of Changes in Net Assets		173
Financial Highlights		174
Notes to Financial Statements		176
Report of Independent Registered Public Accounting Firm		185
Important Tax Information		186
Board Review and Approval of Investment Advisory Contract		187
Supplemental Information		189
Trustee and Officer Information		190
General Information		193
Glossary of Terms Used in this Report		194


	Average Annual Total Returns									Cumulative Total Returns

	1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception

Fund NAV		(15.73	)%		(0.46	)%		0.92	%		(15.73	)%		(2.30	)%		7.95	%
Fund Market		(15.63	)		(0.48	)		0.93			(15.63	)		(2.36	)		8.08
Index		(15.79	)		(0.42	)		0.94			(15.79	)		(2.10	)		8.16


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	$ 931.20	$ 0.24			$ 1,000.00	$ 1,025.00	$ 0.26		0.05	%



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

Aaa		47.8	%
Aa		8.6
A		16.0
Baa		14.5
Ba		3.4
B		2.7
Caa		0.6
Ca		0.1
Not Rated		6.3



	Percent of
Investment Type		Total Investments	^(a)

U.S. Government & Agency Obligations		61.1	%
Corporate Bonds & Notes		33.0
Foreign Government Obligations		4.7
Collaterized Mortgage Obligations		0.9
Municipal Debt Obligations		0.5
Asset-Backed Securities		0.3
TBA Sales Commitments		(0.5	)
Common Stocks		—	^(b)


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


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^® Core Total USD Bond Market ETF


Fund Summary as of October 31, 2022 (continued)		iShares^® Core Total USD Bond Market ETF


Fund Summary as of October 31, 2022		iShares^® U.S. Fixed Income Balanced Risk Factor 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	$ 948.10	$ 1.23			$ 1,000.00	$ 1,023.90	$ 1.28		0.25	%




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


Aaa			2.3%
Aa			2.4
A			49.9
Baa			31.0
Ba			6.9
B			5.7
Caa			0.8
Not Rated			1.0




Maturity			Percent of Total Investments^(a)


0-1 Year			1.1%
1-5 Years			45.7
5-10 Years			29.0
10-15 Years			1.3
15-20 Years			3.3
More than 20 Years			19.6


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			9


	Average Annual Total Returns									Cumulative Total Returns

	1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception

Fund NAV		(16.04	)%		(1.30	)%		0.24	%		(16.04	)%		(6.33	)%		1.88	%
Fund Market		(16.09	)		(1.35	)		0.23			(16.09	)		(6.55	)		1.81
Index		(15.81	)		(1.11	)		0.40			(15.81	)		(5.43	)		3.07