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 0-5 Year Investment Grade Corporate Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated, investment-grade corporate bonds with remaining maturities of less than five years, as represented by the Markit iBoxx^®USD Liquid Investment Grade 0-5 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 October 15, 2013. The first day of secondary market trading was October 17, 2013.

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

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

The inception date of the Fund was October 6, 2020. The first day of secondary market trading was October 8, 2020.

TEN LARGEST HOLDINGS



Security	Percent of Total Investments	^(a)

American Airlines Inc./AAdvantage Loyalty IP Ltd., 5.50%, 04/20/26	0.6	%
Directv Financing LLC/Directv Financing Co-Obligor Inc., 5.88%, 08/15/27	0.6
American Airlines Inc./AAdvantage Loyalty IP Ltd., 5.75%, 04/20/29	0.5
Western Digital Corp., 4.75%, 02/15/26	0.4
Nissan Motor Co. Ltd., 4.35%, 09/17/27	0.4
Tenet Healthcare Corp., 4.88%, 01/01/26	0.4
Nissan Motor Co. Ltd., 4.81%, 09/17/30	0.4
Carnival Corp., 4.00%, 08/01/28	0.4
Vodafone Group PLC, 7.00%, 04/04/79	0.4
Occidental Petroleum Corp., 6.45%, 09/15/36	0.3

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

The inception date of the Fund was June 2, 2015. The first day of secondary market trading was June 4, 2015.

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

The iShares USD Green Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated investment-grade green bonds that are issued by U.S. and non-U.S. issuers to fund environmental projects, as represented by Bloomberg MSCI USD Green Bond Select 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 11/13/18. The first day of secondary market trading was 11/15/18.

Index performance through February 28, 2022 reflects the performance of the Bloomberg MSCI Global Green Bond Select (USD Hedged) Index. Index performance beginning on March 1, 2022 reflects the performance of the Bloomberg MSCI USD Green Bond Select 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

Corporate Bonds & Notes

Advertising — 0.1%
Omnicom Group Inc./Omnicom Capital Inc.
3.60%, 04/15/26 (Call 01/15/26)	$	2,060	$	2,004,108
3.65%, 11/01/24 (Call 08/01/24)		1,112		1,090,241


				3,094,349

Aerospace & Defense — 1.8%
Boeing Co. (The)
1.43%, 02/04/24 (Call 05/09/23)		3,552		3,447,510
1.95%, 02/01/24^(a)		1,247		1,216,135
2.20%, 02/04/26 (Call 05/30/23)		6,687		6,212,270
2.70%, 02/01/27 (Call 12/01/26)^(a)		415		384,939
2.75%, 02/01/26 (Call 01/01/26)		2,135		2,020,271
3.10%, 05/01/26 (Call 03/01/26)		735		697,170
3.25%, 02/01/28 (Call 12/01/27)		1,300		1,212,500
4.51%, 05/01/23		2,935		2,935,000
4.88%, 05/01/25 (Call 04/01/25)		4,408		4,393,275
5.04%, 05/01/27 (Call 03/01/27)		2,300		2,310,424
General Dynamics Corp.
1.15%, 06/01/26 (Call 05/01/26)		780		714,046
1.88%, 08/15/23 (Call 06/15/23)^(a)		602		595,892
2.13%, 08/15/26 (Call 05/15/26)^(a)		315		294,719
2.38%, 11/15/24 (Call 09/15/24)		865		836,191
2.63%, 11/15/27 (Call 08/15/27)		50		46,641
3.25%, 04/01/25 (Call 03/01/25)		1,043		1,017,068
3.38%, 05/15/23 (Call 05/09/23)^(a)		832		831,707
3.50%, 05/15/25 (Call 03/15/25)		1,008		987,444
3.50%, 04/01/27 (Call 02/01/27)		1,430		1,389,067
L3Harris Technologies Inc.
3.83%, 04/27/25 (Call 01/27/25)		1,009		986,640
3.85%, 06/15/23 (Call 05/15/23)		1,130		1,126,972
3.85%, 12/15/26 (Call 09/15/26)		1,000		972,384
Lockheed Martin Corp.
3.55%, 01/15/26 (Call 10/15/25)		1,313		1,297,329
4.95%, 10/15/25 (Call 09/15/25)		725		737,771
5.10%, 11/15/27 (Call 10/15/27)^(a)		580		603,443
Northrop Grumman Corp.
2.93%, 01/15/25 (Call 11/15/24)		2,129		2,064,173
3.20%, 02/01/27 (Call 11/01/26)		213		204,836
3.25%, 01/15/28 (Call 10/15/27)		2,300		2,189,825
Raytheon Technologies Corp.
2.65%, 11/01/26 (Call 08/01/26)		205		193,364
3.13%, 05/04/27 (Call 02/04/27)		390		372,319
3.20%, 03/15/24 (Call 01/15/24)		1,351		1,330,971
3.50%, 03/15/27 (Call 12/15/26)		2,795		2,710,689
3.95%, 08/16/25 (Call 06/16/25)^(a)		2,126		2,101,219
5.00%, 02/27/26 (Call 01/27/26)		395		401,730


				48,835,934

Agriculture — 1.6%
Altria Group Inc.
2.35%, 05/06/25 (Call 04/06/25)		956		910,686
2.63%, 09/16/26 (Call 06/16/26)^(a)		444		416,325
4.00%, 01/31/24		455		452,414
4.40%, 02/14/26 (Call 12/14/25)^(a)		1,495		1,484,047
Archer-Daniels-Midland Co., 2.50%, 08/11/26 (Call 05/11/26)		1,640		1,557,598
BAT Capital Corp.
2.26%, 03/25/28 (Call 01/25/28)^(a)		2,010		1,745,994
2.79%, 09/06/24 (Call 08/06/24)		1,270		1,226,897
3.22%, 08/15/24 (Call 06/15/24)		2,924		2,844,014


Security	Par (000)		Value

Agriculture (continued)
3.22%, 09/06/26 (Call 07/06/26)	$	1,178	$	1,114,396
3.56%, 08/15/27 (Call 05/15/27)		4,270		4,000,038
4.70%, 04/02/27 (Call 02/02/27)		1,174		1,160,598
BAT International Finance PLC
1.67%, 03/25/26 (Call 02/25/26)		1,794		1,635,141
4.45%, 03/16/28 (Call 02/16/28)		1,000		960,938
Bunge Ltd. Finance Corp.
1.63%, 08/17/25 (Call 07/17/25)		1,027		949,419
3.25%, 08/15/26 (Call 05/15/26)		750		715,435
3.75%, 09/25/27 (Call 06/25/27)^(a)		100		96,355
Philip Morris International Inc.
0.88%, 05/01/26 (Call 04/01/26)		1,008		909,532
1.13%, 05/01/23^(a)		779		779,000
1.50%, 05/01/25 (Call 04/01/25)		905		852,051
2.75%, 02/25/26 (Call 11/25/25)^(a)		1,057		1,008,701
2.88%, 05/01/24 (Call 04/01/24)		1,371		1,349,928
3.13%, 08/17/27 (Call 05/17/27)		20		19,035
3.25%, 11/10/24		1,092		1,068,050
3.38%, 08/11/25 (Call 05/11/25)		1,023		999,236
3.60%, 11/15/23^(a)		370		368,409
4.88%, 02/13/26		2,190		2,200,958
4.88%, 02/15/28 (Call 01/15/28)^(a)		4,000		4,033,633
5.00%, 11/17/25		1,055		1,065,293
5.13%, 11/15/24		1,100		1,107,905
5.13%, 11/17/27 (Call 10/17/27)		1,645		1,685,054
Reynolds American Inc.
4.45%, 06/12/25 (Call 03/12/25)		2,969		2,921,259
4.85%, 09/15/23		639		637,741


				42,276,080

Airlines — 0.2%
Southwest Airlines Co.
5.13%, 06/15/27 (Call 04/15/27)		1,895		1,910,728
5.25%, 05/04/25 (Call 04/04/25)		2,235		2,240,882


				4,151,610

Apparel — 0.2%
NIKE Inc.
2.25%, 05/01/23		391		391,000
2.38%, 11/01/26 (Call 08/01/26)		1,170		1,104,788
2.40%, 03/27/25 (Call 02/27/25)^(a)		1,638		1,587,243
2.75%, 03/27/27 (Call 01/27/27)		1,897		1,811,285
VF Corp.
2.40%, 04/23/25 (Call 03/23/25)		1,302		1,231,722
2.80%, 04/23/27 (Call 02/23/27)^(a)		490		454,858


				6,580,896

Auto Manufacturers — 3.1%
American Honda Finance Corp.
0.55%, 07/12/24^(a)		1,294		1,230,274
0.65%, 09/08/23^(a)		337		332,691
0.75%, 08/09/24		1,040		987,049
0.88%, 07/07/23		689		683,776
1.00%, 09/10/25		1,208		1,112,750
1.20%, 07/08/25		989		920,273
1.30%, 09/09/26		852		771,940
1.50%, 01/13/25		1,330		1,263,926
2.00%, 03/24/28		750		674,187
2.15%, 09/10/24		1,122		1,084,825
2.30%, 09/09/26		260		243,169
2.35%, 01/08/27^(a)		660		616,091
2.40%, 06/27/24		783		761,224


Security	Par (000)		Value

Auto Manufacturers (continued)
2.90%, 02/16/24	$	780	$	766,918
3.45%, 07/14/23		689		686,519
3.50%, 02/15/28		500		482,433
3.55%, 01/12/24^(a)		398		393,580
3.63%, 10/10/23^(a)		945		938,399
4.70%, 01/12/28		330		335,073
4.75%, 01/12/26^(a)		200		202,061
Series A, 4.60%, 04/17/25		820		819,953
Cummins Inc.
0.75%, 09/01/25 (Call 08/01/25)		1,044		955,706
3.65%, 10/01/23 (Call 07/01/23)		393		390,411
General Motors Co.
4.00%, 04/01/25^(a)		499		487,473
4.20%, 10/01/27 (Call 07/01/27)^(a)		200		192,061
6.13%, 10/01/25 (Call 09/01/25)		2,393		2,435,227
6.80%, 10/01/27 (Call 08/01/27)		1,310		1,385,018
General Motors Financial Co. Inc.
1.05%, 03/08/24		1,035		996,063
1.20%, 10/15/24		1,100		1,033,796
1.25%, 01/08/26 (Call 12/08/25)^(a)		1,886		1,697,638
1.50%, 06/10/26 (Call 05/10/26)		1,565		1,399,647
2.35%, 02/26/27 (Call 01/26/27)		1,565		1,407,039
2.40%, 04/10/28 (Call 02/10/28)		1,000		871,752
2.70%, 08/20/27 (Call 06/20/27)		1,200		1,076,018
2.75%, 06/20/25 (Call 05/20/25)^(a)		1,643		1,557,117
2.90%, 02/26/25 (Call 01/26/25)		1,610		1,541,071
3.50%, 11/07/24 (Call 09/07/24)		936		911,842
3.80%, 04/07/25		1,290		1,253,327
3.95%, 04/13/24 (Call 02/13/24)		1,666		1,638,369
4.00%, 01/15/25 (Call 10/15/24)		1,210		1,183,524
4.00%, 10/06/26 (Call 07/06/26)		575		551,059
4.15%, 06/19/23 (Call 05/19/23)		325		324,255
4.30%, 07/13/25 (Call 04/13/25)		1,115		1,087,116
4.35%, 04/09/25 (Call 02/09/25)		1,313		1,286,492
4.35%, 01/17/27 (Call 10/17/26)		1,195		1,157,175
5.00%, 04/09/27 (Call 03/09/27)		1,480		1,462,164
5.10%, 01/17/24 (Call 12/17/23)^(a)		1,176		1,171,759
5.25%, 03/01/26 (Call 12/01/25)^(a)		1,570		1,570,276
5.40%, 04/06/26		645		645,403
6.00%, 01/09/28 (Call 12/09/27)		920		939,300
6.05%, 10/10/25		1,605		1,620,572
Honda Motor Co. Ltd.
2.27%, 03/10/25 (Call 02/10/25)		1,365		1,309,049
2.53%, 03/10/27 (Call 02/10/27)		980		920,786
Toyota Motor Corp.
0.68%, 03/25/24 (Call 02/25/24)^(a)		1,435		1,380,705
1.34%, 03/25/26 (Call 02/25/26)^(a)		1,216		1,118,422
2.36%, 07/02/24		755		733,320
Toyota Motor Credit Corp.
0.45%, 01/11/24^(a)		1,070		1,036,121
0.50%, 06/18/24^(a)		1,565		1,491,336
0.63%, 09/13/24		1,045		990,214
0.80%, 10/16/25		1,309		1,202,245
0.80%, 01/09/26		814		742,016
1.13%, 06/18/26^(a)		1,285		1,165,889
1.15%, 08/13/27^(a)		25		22,076
1.45%, 01/13/25		1,445		1,372,808
1.80%, 02/13/25		1,526		1,457,226
1.90%, 01/13/27		963		885,705
2.00%, 10/07/24		656		632,186


Security	Par (000)		Value

Auto Manufacturers (continued)
2.25%, 10/18/23^(a)	$	638	$	629,234
2.50%, 03/22/24^(a)		400		391,210
2.90%, 04/17/24		842		826,485
3.00%, 04/01/25		1,552		1,506,352
3.05%, 03/22/27		985		940,413
3.05%, 01/11/28		80		76,041
3.20%, 01/11/27		2,185		2,106,379
3.35%, 01/08/24		701		693,821
3.40%, 04/14/25		459		450,723
3.45%, 09/20/23		693		687,977
3.65%, 08/18/25		1,695		1,666,250
3.95%, 06/30/25^(a)		895		885,508
4.40%, 09/20/24		1,235		1,231,539
4.55%, 09/20/27		2,675		2,703,784
4.63%, 01/12/28^(a)		610		620,815
4.80%, 01/10/25^(a)		665		667,791
5.40%, 11/10/25		785		804,457
5.45%, 11/10/27		250		261,602


				83,146,266

Auto Parts & Equipment — 0.2%
Aptiv PLC/Aptiv Corp., 2.40%, 02/18/25 (Call 05/10/23)		1,325		1,263,799
BorgWarner Inc.
2.65%, 07/01/27 (Call 05/01/27)^(a)		1,080		1,001,623
3.38%, 03/15/25 (Call 12/15/24)		1,065		1,035,579
Lear Corp., 3.80%, 09/15/27 (Call 06/15/27)		505		483,795
Magna International Inc.
3.63%, 06/15/24 (Call 03/15/24)^(a)		1,148		1,129,236
4.15%, 10/01/25 (Call 07/01/25)		1,258		1,232,918


				6,146,950

Banks — 33.9%
Australia & New Zealand Banking Group Ltd.
3.70%, 11/16/25		1,173		1,145,966
5.09%, 12/08/25		75		75,702
Banco Bilbao Vizcaya Argentaria SA
0.88%, 09/18/23		1,355		1,330,269
1.13%, 09/18/25		1,385		1,261,931
5.86%, 09/14/26 (Call 09/14/25), (1-year CMT + 2.300%)^(b)		500		498,994
Banco Santander SA
0.70%, 06/30/24 (Call 06/30/23), (1-year CMT + 0.450%)^(b)		2,010		1,991,332
1.72%, 09/14/27 (Call 09/14/26), (1-year CMT + 0.900%)^(b)		825		725,577
1.85%, 03/25/26		2,150		1,949,331
2.71%, 06/27/24		2,206		2,136,510
2.75%, 05/28/25		1,543		1,452,175
3.50%, 03/24/25		1,660		1,603,024
3.80%, 02/23/28		1,000		933,231
3.89%, 05/24/24		2,185		2,141,064
4.18%, 03/24/28 (Call 03/24/27), (1-year CMT + 2.000%)^(b)		1,500		1,426,202
4.25%, 04/11/27		950		913,155
4.38%, 04/12/28		1,200		1,148,403
5.15%, 08/18/25		685		680,557
5.29%, 08/18/27		2,400		2,390,039
Bank of America Corp.
0.81%, 10/24/24 (Call 10/24/23), (1-day SOFR + 0.740%)^(a)(b)		2,055		2,007,331


Security	Par (000)		Value

Banks (continued)
0.98%, 04/22/25 (Call 04/22/24), (1-day SOFR + 0.690%)^(a)(b)	$	2,351	$	2,239,101
0.98%, 09/25/25 (Call 09/25/24), (1-day SOFR + 0.910%)^(b)		1,895		1,775,328
1.20%, 10/24/26 (Call 10/24/25), (1-day SOFR + 1.010%)^(b)		2,730		2,468,427
1.32%, 06/19/26 (Call 06/19/25), (1-day SOFR + 1.150%)^(b)		3,243		2,971,733
1.49%, 05/19/24 (Call 05/19/23), (1-day SOFR + 1.460%)^(a)(b)		775		773,215
1.53%, 12/06/25 (Call 12/06/24), (1-day SOFR + 0.650%)^(b)		1,735		1,627,652
1.73%, 07/22/27 (Call 07/22/26), (1-day SOFR + 0.960%)^(b)		6,495		5,825,831
1.84%, 02/04/25 (Call 02/04/24), (1-day SOFR + 0.670%)^(b)		1,710		1,659,370
2.02%, 02/13/26 (Call 02/13/25), (3-mo. LIBOR US + 0.640%)^(b)		1,750		1,647,074
2.46%, 10/22/25 (Call 10/22/24), (3-mo. LIBOR US + 0.870%)^(b)		2,017		1,926,147
2.55%, 02/04/28 (Call 02/04/27), (1-day SOFR + 1.050%)^(b)		2,120		1,935,602
3.09%, 10/01/25 (Call 10/01/24), (3-mo. LIBOR US + 1.090%)^(a)(b)		1,717		1,658,484
3.25%, 10/21/27 (Call 10/21/26)		600		566,417
3.37%, 01/23/26 (Call 01/23/25), (3-mo. LIBOR US + 0.810%)^(b)		1,995		1,922,529
3.38%, 04/02/26 (Call 04/02/25), (1-day SOFR + 1.330%)^(b)		2,150		2,070,084
3.46%, 03/15/25 (Call 03/15/24), (3-mo. LIBOR US + 0.970%)^(a)(b)		2,005		1,967,757
3.50%, 04/19/26^(a)		2,582		2,507,239
3.56%, 04/23/27 (Call 04/23/26), (3-mo. LIBOR US + 1.060%)^(b)		1,500		1,430,967
3.71%, 04/24/28 (Call 04/24/27), (3-mo. LIBOR US + 1.512%)^(b)		2,050		1,945,231
3.82%, 01/20/28 (Call 01/20/27), (3-mo. LIBOR US + 1.575%)^(b)		2,175		2,082,490
3.84%, 04/25/25 (Call 04/27/24), (1-day SOFR + 1.110%)^(b)		2,055		2,017,550
3.86%, 07/23/24 (Call 07/23/23), (3-mo. LIBOR US + 0.940%)^(b)		2,784		2,773,083
3.88%, 08/01/25		1,732		1,697,188
4.00%, 04/01/24^(a)		2,016		1,993,745
4.00%, 01/22/25		2,250		2,208,374
4.13%, 01/22/24		2,681		2,660,893
4.20%, 08/26/24		3,080		3,038,892
4.25%, 10/22/26		3,165		3,076,457
4.38%, 04/27/28 (Call 04/27/27), (1-day SOFR + 1.580%)^(b)		2,040		1,980,565
4.45%, 03/03/26		1,936		1,906,272
4.83%, 07/22/26 (Call 07/22/25), (1-day SOFR + 1.750%)^(b)		2,185		2,164,456
5.08%, 01/20/27 (Call 01/20/26), (1-day SOFR + 1.290%)^(b)		1,505		1,503,944
Series L, 3.95%, 04/21/25		2,500		2,442,431
Series L, 4.18%, 11/25/27 (Call 11/25/26)		3,280		3,168,334
Series N, 1.66%, 03/11/27 (Call 03/11/26), (1-day SOFR + 0.910%)^(b)		2,980		2,692,157


Security	Par (000)		Value

Banks (continued)
Bank of Montreal
0.45%, 12/08/23^(a)	$	922	$	897,089
0.63%, 07/09/24		1,890		1,792,649
0.95%, 01/22/27 (Call 01/22/26), (1-day SOFR + 0.603%)^(b)		1,170		1,049,840
1.25%, 09/15/26		1,692		1,506,561
1.50%, 01/10/25		1,785		1,682,556
1.85%, 05/01/25		1,730		1,627,121
2.15%, 03/08/24^(a)		1,510		1,469,677
2.50%, 06/28/24		1,670		1,617,149
2.65%, 03/08/27^(a)		2,045		1,902,502
3.70%, 06/07/25		1,460		1,423,191
5.20%, 12/12/24		1,090		1,090,005
5.20%, 02/01/28 (Call 01/01/28)		750		762,559
Series E, 3.30%, 02/05/24		2,077		2,043,470
Series H, 4.25%, 09/14/24		270		266,506
Series H, 4.70%, 09/14/27 (Call 08/14/27)		265		264,461
Bank of New York Mellon Corp. (The)
0.35%, 12/07/23 (Call 11/07/23)^(a)		660		640,820
0.50%, 04/26/24 (Call 03/26/24)^(a)		813		775,285
0.75%, 01/28/26 (Call 12/28/25)		674		607,574
1.05%, 10/15/26 (Call 09/15/26)		1,265		1,118,393
1.60%, 04/24/25 (Call 03/24/25)		1,042		979,521
2.05%, 01/26/27 (Call 12/26/26)^(a)		1,105		1,006,892
2.10%, 10/24/24		1,195		1,147,237
2.45%, 08/17/26 (Call 05/17/26)		1,045		977,559
2.80%, 05/04/26 (Call 02/04/26)		1,005		958,949
3.25%, 09/11/24 (Call 08/11/24)		675		658,748
3.25%, 05/16/27 (Call 02/16/27)		820		782,357
3.35%, 04/25/25 (Call 03/25/25)		975		942,944
3.40%, 05/15/24 (Call 04/15/24)		578		567,535
3.40%, 01/29/28 (Call 10/29/27)		50		47,683
4.95%, 04/26/27 (Call 04/26/26), (1-day SOFR + 1.026%)^(b)		1,330		1,339,298
Series 12, 3.65%, 02/04/24 (Call 01/05/24)		968		957,445
Series G, 3.00%, 02/24/25 (Call 01/24/25)		897		866,194
Series J, 0.85%, 10/25/24 (Call 09/25/24)		885		832,513
Bank of Nova Scotia (The)
0.40%, 09/15/23		705		692,473
0.55%, 09/15/23		812		797,654
0.65%, 07/31/24		1,505		1,420,766
0.70%, 04/15/24		1,635		1,562,041
1.05%, 03/02/26		1,372		1,231,791
1.30%, 06/11/25^(a)		1,282		1,184,526
1.30%, 09/15/26		1,385		1,234,495
1.35%, 06/24/26		2,245		2,018,527
1.45%, 01/10/25		1,145		1,076,359
1.63%, 05/01/23		651		651,000
1.95%, 02/02/27		1,245		1,134,150
2.20%, 02/03/25		1,580		1,504,192
2.44%, 03/11/24		1,245		1,221,278
2.70%, 08/03/26		275		257,568
2.95%, 03/11/27		1,130		1,061,720
3.40%, 02/11/24^(a)		1,646		1,619,799
3.45%, 04/11/25		1,490		1,446,237
4.50%, 12/16/25		1,631		1,600,592
4.75%, 02/02/26		590		588,710
5.25%, 12/06/24		45		45,023
Barclays Bank PLC, 3.75%, 05/15/24^(a)		1,110		1,087,382


Security	Par (000)		Value

Banks (continued)
Barclays PLC
1.01%, 12/10/24 (Call 12/10/23), (1-year CMT + 0.800%)^(b)	$	1,950	$	1,887,595
2.28%, 11/24/27 (Call 11/24/26), (1-year CMT + 1.050%)^(b)		1,785		1,598,044
2.85%, 05/07/26 (Call 05/07/25), (1-day SOFR + 2.714%)^(b)		2,122		1,999,888
3.65%, 03/16/25		2,346		2,250,751
3.93%, 05/07/25 (Call 05/07/24), (3-mo. LIBOR US + 1.610%)^(b)		2,422		2,368,124
4.34%, 05/16/24 (Call 05/16/23), (3-mo. LIBOR US + 1.356%)^(b)		1,193		1,192,228
4.34%, 01/10/28 (Call 01/10/27)^(a)		1,500		1,445,341
4.38%, 09/11/24^(a)		1,479		1,437,483
4.38%, 01/12/26		2,926		2,846,751
5.20%, 05/12/26		1,797		1,754,733
5.30%, 08/09/26 (Call 08/09/25), (1-year CMT + 2.300%)^(b)		1,270		1,260,309
7.33%, 11/02/26 (Call 11/02/25), (1-year CMT + 3.050%)^(b)		1,600		1,658,488
BNP Paribas SA, 4.25%, 10/15/24		943		924,897
BPCE SA
3.38%, 12/02/26		295		278,392
4.00%, 04/15/24		1,014		998,463
Canadian Imperial Bank of Commerce
0.45%, 06/22/23		1,246		1,237,424
0.50%, 12/14/23^(a)		819		794,454
0.95%, 10/23/25^(a)		773		703,489
1.00%, 10/18/24^(a)		1,025		967,289
1.25%, 06/22/26 (Call 05/22/26)		1,007		904,168
2.25%, 01/28/25		1,253		1,196,688
3.10%, 04/02/24^(a)		1,258		1,231,329
3.30%, 04/07/25		1,420		1,375,000
3.45%, 04/07/27		750		716,527
3.50%, 09/13/23^(a)		1,094		1,088,082
3.95%, 08/04/25		855		836,053
5.00%, 04/28/28		700		702,660
5.14%, 04/28/25		700		700,312
Citibank NA, 3.65%, 01/23/24 (Call 12/23/23)^(a)		2,085		2,061,454
Citigroup Inc.
0.78%, 10/30/24 (Call 09/30/23), (1-day SOFR + 0.686%)^(b)		2,986		2,912,637
0.98%, 05/01/25 (Call 05/01/24), (1-day SOFR + 0.669%)^(b)		2,410		2,296,475
1.12%, 01/28/27 (Call 01/28/26), (1-day SOFR + 0.765%)^(b)		3,149		2,831,902
1.28%, 11/03/25 (Call 11/03/24), (1-day SOFR + 0.528%)^(b)		1,505		1,412,653
1.46%, 06/09/27 (Call 06/09/26), (1-day SOFR + 0.770%)^(b)		3,680		3,305,525
1.68%, 05/15/24 (Call 05/15/23), (1-day SOFR + 1.667%)^(b)		1,853		1,850,305
2.01%, 01/25/26 (Call 01/25/25), (1-day SOFR + 0.694%)^(b)		2,590		2,442,461
3.07%, 02/24/28 (Call 02/24/27), (1-day SOFR + 1.280%)^(b)		50		46,730
3.11%, 04/08/26 (Call 04/08/25), (1-day SOFR + 2.842%)^(b)		4,338		4,174,433
3.20%, 10/21/26 (Call 07/21/26)		3,670		3,482,472


Security	Par (000)		Value

Banks (continued)
3.29%, 03/17/26 (Call 03/17/25), (1-day SOFR + 1.528%)^(b)	$	1,765	$	1,705,858
3.30%, 04/27/25		1,776		1,721,166
3.35%, 04/24/25 (Call 04/24/24), (3-mo. SOFR + 1.158%)^(b)		3,413		3,334,417
3.40%, 05/01/26		2,610		2,513,811
3.50%, 05/15/23		1,364		1,363,490
3.70%, 01/12/26		2,687		2,617,512
3.75%, 06/16/24^(a)		1,366		1,349,737
3.88%, 10/25/23^(a)		783		779,039
3.88%, 03/26/25		1,478		1,436,841
3.89%, 01/10/28 (Call 01/10/27), (3-mo. SOFR + 1.825%)^(b)		2,075		1,996,903
4.00%, 08/05/24		1,870		1,843,866
4.04%, 06/01/24 (Call 06/01/23), (3-mo. LIBOR US + 1.023%)^(a)(b)		1,225		1,223,210
4.14%, 05/24/25 (Call 05/24/24), (1-day SOFR + 1.372%)^(b)		1,835		1,812,950
4.30%, 11/20/26		1,405		1,372,401
4.40%, 06/10/25		3,127		3,074,779
4.45%, 09/29/27		5,134		5,014,881
4.60%, 03/09/26		2,045		2,021,072
5.50%, 09/13/25		1,921		1,928,589
5.61%, 09/29/26 (Call 09/29/25), (1-day SOFR + 1.546%)^(b)		2,040		2,064,238
Citizens Bank NA, 2.25%, 04/28/25 (Call 03/28/25)^(a)		387		354,519
Citizens Bank NA/Providence RI
3.75%, 02/18/26 (Call 11/18/25)		460		425,880
4.12%, 05/23/25 (Call 05/23/24), (1-day SOFR + 1.395%)^(b)		760		725,214
6.06%, 10/24/25 (Call 10/24/24), (1-day SOFR + 1.450%)^(b)		715		691,772
Citizens Financial Group Inc., 2.85%, 07/27/26 (Call 04/25/26)		243		213,888
Comerica Bank, 2.50%, 07/23/24^(a)		443		412,997
Comerica Inc., 3.70%, 07/31/23 (Call 07/01/23)^(a)		961		951,459
Commonwealth Bank of Australia/New York NY
5.08%, 01/10/25		60		60,335
5.32%, 03/13/26		985		1,003,584
Cooperatieve Rabobank UA
3.75%, 07/21/26		1,506		1,417,837
4.38%, 08/04/25		1,754		1,709,309
4.63%, 12/01/23		70		69,488
Cooperatieve Rabobank UA/NY
0.38%, 01/12/24^(a)		355		342,914
1.38%, 01/10/25		1,075		1,015,683
3.38%, 05/21/25		1,300		1,257,866
3.88%, 08/22/24		350		345,358
5.00%, 01/13/25		250		250,540
Credit Suisse AG, 7.95%, 01/09/25		890		906,919
Credit Suisse AG/New York NY
0.50%, 02/02/24		1,105		1,042,369
0.52%, 08/09/23		1,290		1,265,122
1.00%, 05/05/23^(a)		2,091		2,082,199
1.25%, 08/07/26		1,765		1,495,245
2.95%, 04/09/25^(a)		1,586		1,478,601
3.63%, 09/09/24		3,638		3,461,360
3.70%, 02/21/25		2,550		2,406,621
4.75%, 08/09/24		1,125		1,088,529
5.00%, 07/09/27		1,241		1,195,890


Security	Par (000)		Value

Banks (continued)
7.50%, 02/15/28^(a)	$	2,890	$	3,073,618
Credit Suisse Group AG
3.75%, 03/26/25		2,929		2,730,970
3.80%, 06/09/23		1,809		1,792,448
4.55%, 04/17/26		2,135		1,989,969
Deutsche Bank AG
4.50%, 04/01/25^(a)		1,220		1,142,711
6.12%, 07/14/26 (Call 07/14/25), (1-day SOFR + 3.190%)^(b)		1,505		1,488,166
Deutsche Bank AG/London, 3.70%, 05/30/24		1,045		1,013,481
Deutsche Bank AG/New York NY
0.90%, 05/28/24		1,290		1,217,664
1.45%, 04/01/25 (Call 04/01/24), (1-day SOFR + 1.131%)^(b)		1,025		966,959
1.69%, 03/19/26^(a)		795		715,604
2.13%, 11/24/26 (Call 11/24/25), (1-day SOFR + 1.870%)^(b)		1,790		1,594,372
2.22%, 09/18/24 (Call 09/18/23), (1-day SOFR + 2.159%)^(b)		2,118		2,075,359
2.31%, 11/16/27 (Call 11/16/26), (1-day SOFR + 1.219%)^(b)		2,100		1,822,965
2.55%, 01/07/28 (Call 01/07/27), (1-day SOFR + 1.318%)^(b)		1,585		1,378,899
3.70%, 05/30/24		1,044		1,012,676
3.96%, 11/26/25 (Call 11/26/24), (1-day SOFR + 2.581%)^(b)		2,041		1,952,135
4.16%, 05/13/25^(a)		315		304,815
Series E, 0.96%, 11/08/23		1,375		1,331,445
Discover Bank
2.45%, 09/12/24 (Call 08/12/24)		1,313		1,248,243
3.45%, 07/27/26 (Call 04/27/26)		875		811,389
4.20%, 08/08/23		1,148		1,141,616
Fifth Third Bancorp.
1.63%, 05/05/23		420		419,849
1.71%, 11/01/27 (Call 11/01/26), (1-day SOFR + 0.685%)^(b)		385		333,847
2.38%, 01/28/25 (Call 12/29/24)		1,144		1,072,392
2.55%, 05/05/27 (Call 04/05/27)		310		275,705
3.65%, 01/25/24 (Call 12/25/23)		1,994		1,960,719
3.95%, 03/14/28 (Call 02/14/28)		50		46,665
4.30%, 01/16/24 (Call 12/16/23)^(a)		533		527,075
Fifth Third Bank NA
2.25%, 02/01/27 (Call 01/01/27)^(a)		830		745,407
3.85%, 03/15/26 (Call 02/15/26)		490		460,558
3.95%, 07/28/25 (Call 06/28/25)^(a)		750		718,839
5.85%, 10/27/25 (Call 10/27/24), (1-day SOFR + 1.230%)^(b)		1,370		1,362,032
Goldman Sachs Group Inc. (The)
0.66%, 09/10/24 (Call 09/10/23), (1-day SOFR + 0.505%)^(b)		2,105		2,063,986
0.86%, 02/12/26 (Call 02/12/25), (1-day SOFR + 0.609%)^(b)		1,280		1,174,954
0.93%, 10/21/24 (Call 10/21/23), (1-day SOFR + 0.486%)^(a)(b)		2,580		2,519,560
1.09%, 12/09/26 (Call 12/09/25), (1-day SOFR + 0.789%)^(b)		1,195		1,069,948
1.22%, 12/06/23 (Call 05/04/23)		510		498,409
1.43%, 03/09/27 (Call 03/09/26), (1-day SOFR + 0.798%)^(b)		2,420		2,177,651


Security	Par (000)		Value

Banks (continued)
1.54%, 09/10/27 (Call 09/10/26), (1-day SOFR + 0.818%)^(b)	$	3,680	$	3,262,377
1.76%, 01/24/25 (Call 01/24/24), (1-day SOFR + 0.730%)^(b)		2,655		2,576,667
1.95%, 10/21/27 (Call 10/21/26), (1-day SOFR + 0.913%)^(b)		5,865		5,261,207
2.64%, 02/24/28 (Call 02/24/27), (1-day SOFR + 1.114%)^(b)		3,320		3,041,605
3.00%, 03/15/24^(a)		2,010		1,968,198
3.27%, 09/29/25 (Call 09/29/24), (3-mo. SOFR + 1.201%)^(b)		3,166		3,063,406
3.50%, 01/23/25 (Call 10/23/24)		3,310		3,217,784
3.50%, 04/01/25 (Call 03/01/25)		4,458		4,330,841
3.50%, 11/16/26 (Call 11/16/25)		2,590		2,470,846
3.62%, 03/15/28 (Call 03/15/27), (1-day SOFR + 1.846%)^(b)		3,740		3,561,326
3.63%, 02/20/24 (Call 01/20/24)		2,239		2,208,014
3.75%, 05/22/25 (Call 02/22/25)		2,806		2,733,683
3.75%, 02/25/26 (Call 11/25/25)		2,122		2,070,972
3.85%, 07/08/24 (Call 04/08/24)		2,121		2,087,534
3.85%, 01/26/27 (Call 01/26/26)		4,910		4,757,622
4.00%, 03/03/24		4,278		4,226,357
4.25%, 10/21/25		2,401		2,361,109
4.39%, 06/15/27 (Call 06/15/26), (1-day SOFR + 1.510%)^(b)		1,315		1,290,776
5.70%, 11/01/24		1,020		1,029,248
5.95%, 01/15/27^(a)		855		883,280
HSBC Holdings PLC
0.98%, 05/24/25 (Call 05/24/24), (1-day SOFR + 0.708%)^(b)		2,642		2,496,665
1.16%, 11/22/24 (Call 11/22/23), (1-day SOFR + 0.580%)^(a)(b)		1,425		1,388,376
1.59%, 05/24/27 (Call 05/24/26), (1-day SOFR + 1.290%)^(b)		2,345		2,088,029
1.65%, 04/18/26 (Call 04/18/25), (1-day SOFR + 1.538%)^(b)		2,736		2,531,673
2.10%, 06/04/26 (Call 06/04/25), (1-day SOFR + 1.929%)^(b)		2,420		2,252,959
2.25%, 11/22/27 (Call 11/22/26), (1-day SOFR + 1.100%)^(b)		3,385		3,028,898
2.63%, 11/07/25 (Call 11/07/24), (1-day SOFR + 1.401%)^(b)		2,515		2,399,428
3.00%, 03/10/26 (Call 03/10/25), (1-day SOFR + 1.430%)^(b)		250		238,068
3.60%, 05/25/23		2,345		2,341,636
3.80%, 03/11/25 (Call 03/11/24), (3-mo. LIBOR US + 1.211%)^(a)(b)		3,202		3,138,002
3.90%, 05/25/26		3,095		2,998,085
4.04%, 03/13/28 (Call 03/13/27), (3-mo. LIBOR US + 1.546%)^(b)		2,500		2,381,777
4.18%, 12/09/25 (Call 12/09/24), (1-day SOFR + 1.510%)^(a)(b)		1,345		1,315,418
4.25%, 03/14/24		2,784		2,739,899
4.25%, 08/18/25		1,777		1,727,178
4.29%, 09/12/26 (Call 09/15/25), (3-mo. LIBOR US + 1.348%)^(b)		1,210		1,174,191
4.30%, 03/08/26		3,623		3,543,721
4.38%, 11/23/26^(a)		995		962,025
6.16%, 03/09/29 (Call 03/09/28), (1-day SOFR + 1.970%)^(b)		970		997,748


Security	Par (000)		Value

Banks (continued)
7.34%, 11/03/26 (Call 11/03/25), (1-day SOFR + 3.030%)^(a)(b)	$	2,265	$	2,378,753
7.39%, 11/03/28 (Call 11/03/27), (1-day SOFR + 3.350%)^(b)		1,025		1,103,289
HSBC USA Inc.
3.50%, 06/23/24		1,239		1,215,499
3.75%, 05/24/24		1,580		1,552,222
5.63%, 03/17/25		890		896,192
Huntington Bancshares Inc./OH
2.63%, 08/06/24 (Call 07/06/24)		777		742,816
4.00%, 05/15/25 (Call 04/15/25)		555		529,460
Huntington National Bank (The)
3.55%, 10/06/23 (Call 09/06/23)		835		827,662
4.01%, 05/16/25 (Call 05/16/24), (1-day SOFR + 1.205%)^(a)(b)		555		535,270
5.70%, 11/18/25 (Call 11/18/24), (1-day SOFR + 1.215%)^(b)		1,170		1,143,764
ING Groep NV
1.73%, 04/01/27 (Call 04/01/26), (1-day SOFR + 1.005%)^(b)		1,200		1,081,954
3.55%, 04/09/24		822		806,196
3.87%, 03/28/26 (Call 03/28/25), (1-day SOFR + 1.640%)^(b)		900		872,307
3.95%, 03/29/27		1,595		1,529,760
4.02%, 03/28/28 (Call 03/28/27), (1-day SOFR + 1.830%)^(b)		1,000		955,301
4.10%, 10/02/23		1,687		1,675,950
Intesa Sanpaolo SpA, 5.25%, 01/12/24^(a)		712		710,310
JPMorgan Chase & Co.
0.56%, 02/16/25 (Call 02/16/24), (1-day SOFR + 0.420%)^(b)		940		903,185
0.65%, 09/16/24 (Call 09/16/23), (3-mo. SOFR + 0.600%)^(a)(b)		805		790,230
0.77%, 08/09/25 (Call 08/09/24), (1-day SOFR + 0.490%)^(b)		1,835		1,727,799
0.82%, 06/01/25 (Call 06/01/24), (1-day SOFR + 0.540%)^(b)		2,365		2,248,015
0.97%, 06/23/25 (Call 06/23/24), (3-mo. SOFR + 0.580%)^(b)		2,565		2,433,272
1.04%, 02/04/27 (Call 02/04/26), (3-mo. SOFR + 0.695%)^(b)		1,130		1,014,261
1.05%, 11/19/26 (Call 11/19/25), (1-day SOFR + 0.800%)^(b)		1,555		1,405,833
1.47%, 09/22/27 (Call 09/22/26), (1-day SOFR + 0.765%)^(b)		3,125		2,782,934
1.51%, 06/01/24 (Call 06/01/23), (1-day SOFR + 1.455%)^(a)(b)		880		877,165
1.56%, 12/10/25 (Call 12/10/24), (1-day SOFR + 0.605%)^(b)		2,580		2,423,491
1.58%, 04/22/27 (Call 04/22/26), (1-day SOFR + 0.885%)^(b)		3,750		3,397,133
2.01%, 03/13/26 (Call 03/13/25), (3-mo. SOFR + 1.585%)^(b)		2,512		2,370,513
2.08%, 04/22/26 (Call 04/22/25), (1-day SOFR + 1.850%)^(b)		3,662		3,451,153
2.30%, 10/15/25 (Call 10/15/24), (1-day SOFR + 1.160%)^(b)		1,997		1,908,346
2.60%, 02/24/26 (Call 02/24/25), (1-day SOFR + 0.915%)^(b)		1,665		1,586,528
2.95%, 10/01/26 (Call 07/01/26)^(a)		3,260		3,093,735


Security	Par (000)		Value

Banks (continued)
2.95%, 02/24/28 (Call 02/24/27), (1-day SOFR + 1.170%)^(b)	$	2,395	$	2,228,627
3.13%, 01/23/25 (Call 10/23/24)		2,824		2,747,175
3.20%, 06/15/26 (Call 03/15/26)^(a)		1,995		1,928,586
3.22%, 03/01/25 (Call 03/01/24), (3-mo. SOFR + 1.155%)^(a)(b)		2,236		2,192,609
3.30%, 04/01/26 (Call 01/01/26)^(a)		2,890		2,799,341
3.38%, 05/01/23^(a)		1,613		1,613,000
3.63%, 05/13/24^(a)		2,324		2,288,096
3.78%, 02/01/28 (Call 02/01/27), (3-mo. LIBOR US + 1.337%)^(b)		3,000		2,882,119
3.80%, 07/23/24 (Call 07/23/23), (3-mo. LIBOR US + 0.890%)^(b)		2,674		2,662,998
3.85%, 06/14/25 (Call 06/14/24), (1-day SOFR + 0.980%)^(b)		1,535		1,507,312
3.88%, 02/01/24		1,362		1,349,598
3.88%, 09/10/24		3,314		3,257,331
3.90%, 07/15/25 (Call 04/15/25)		3,045		2,999,305
3.96%, 01/29/27 (Call 01/29/26), (3-mo. LIBOR US + 1.245%)^(b)		1,255		1,220,661
4.02%, 12/05/24 (Call 12/05/23), (3-mo. LIBOR US + 1.000%)^(a)(b)		2,565		2,542,130
4.08%, 04/26/26 (Call 04/26/25), (1-day SOFR + 1.320%)^(b)		1,842		1,808,734
4.13%, 12/15/26^(a)		795		782,709
4.25%, 10/01/27		225		221,173
4.32%, 04/26/28 (Call 04/26/27), (1-day SOFR + 1.560%)^(b)		2,765		2,712,938
4.85%, 07/25/28 (Call 07/25/27), (1-day SOFR + 1.990%)^(b)		2,675		2,684,635
5.55%, 12/15/25 (Call 12/15/24), (1-day SOFR + 1.070%)^(b)		3,000		3,014,001
7.63%, 10/15/26		330		358,612
8.00%, 04/29/27^(a)		15		16,896
KeyBank NA, 4.70%, 01/26/26 (Call 12/26/25)^(a)		285		275,435
KeyBank NA/Cleveland OH
0.43%, 06/14/24 (Call 06/14/23), (1-day SOFR + 0.320%)^(b)		350		342,697
3.30%, 06/01/25		1,015		958,017
3.40%, 05/20/26		460		420,108
4.15%, 08/08/25^(a)		1,095		1,048,395
5.85%, 11/15/27 (Call 10/16/27)^(a)		1,250		1,249,308
KeyCorp
2.25%, 04/06/27		540		471,907
3.88%, 05/23/25 (Call 05/23/24), (1-day SOFR + 1.250%)^(a)(b)		505		487,842
4.10%, 04/30/28		50		46,239
4.15%, 10/29/25		675		643,180
Lloyds Banking Group PLC
0.70%, 05/11/24 (Call 05/11/23), (1-year CMT + 0.550%)^(b)		700		699,241
1.63%, 05/11/27 (Call 05/11/26), (1-year CMT + 0.850%)^(b)		815		728,784
2.44%, 02/05/26 (Call 02/05/25), (1-year CMT + 1.000%)^(b)		1,566		1,479,422
3.51%, 03/18/26 (Call 03/18/25), (1-year CMT + 1.600%)^(b)		1,140		1,095,639
3.75%, 01/11/27		1,035		985,395
3.75%, 03/18/28 (Call 03/18/27), (1-year CMT + 1.800%)^(b)		1,025		965,454


Security	Par (000)		Value

Banks (continued)
3.87%, 07/09/25 (Call 07/09/24), (1-year CMT + 3.500%)^(b)	$	1,893	$	1,849,484
3.90%, 03/12/24		1,619		1,592,239
4.05%, 08/16/23		1,891		1,882,460
4.38%, 03/22/28		1,500		1,450,793
4.45%, 05/08/25		2,010		1,974,243
4.50%, 11/04/24		1,252		1,223,836
4.58%, 12/10/25		843		812,151
4.65%, 03/24/26		1,137		1,094,330
4.72%, 08/11/26 (Call 08/11/25), (1-year CMT + 1.750%)^(b)		1,740		1,716,396
M&T Bank Corp., 3.55%, 07/26/23 (Call 06/26/23)		412		410,134
Manufacturers & Traders Trust Co.
2.90%, 02/06/25 (Call 01/06/25)		865		818,902
3.40%, 08/17/27^(a)		50		44,581
4.65%, 01/27/26 (Call 12/27/25)		1,835		1,773,612
4.70%, 01/27/28 (Call 12/28/27)		1,900		1,804,180
5.40%, 11/21/25 (Call 10/21/25)^(a)		925		904,798
Mitsubishi UFJ Financial Group Inc.
0.85%, 09/15/24 (Call 09/15/23), (1-year CMT + 0.680%)^(a)(b)		1,742		1,709,505
0.95%, 07/19/25 (Call 07/19/24), (1-year CMT + 0.550%)^(a)(b)		2,410		2,278,484
0.96%, 10/11/25 (Call 10/11/24), (1-year CMT + 0.450%)^(b)		1,015		948,785
1.41%, 07/17/25		1,939		1,784,797
1.54%, 07/20/27 (Call 07/20/26), (1-year CMT + 0.750%)^(b)		2,705		2,407,205
1.64%, 10/13/27 (Call 10/13/26), (1-year CMT + 0.670%)^(b)		625		555,929
2.19%, 02/25/25		3,057		2,892,959
2.34%, 01/19/28 (Call 01/19/27), (1-year CMT + 0.830%)^(b)		1,515		1,372,758
2.53%, 09/13/23		494		490,050
2.76%, 09/13/26^(a)		152		141,350
2.80%, 07/18/24		1,305		1,264,072
3.29%, 07/25/27^(a)		1,285		1,212,636
3.41%, 03/07/24		1,826		1,797,844
3.68%, 02/22/27^(a)		50		49,221
3.78%, 03/02/25		846		827,207
3.84%, 04/17/26 (Call 04/17/25), (1-year CMT + 1.125%)^(b)		670		649,137
3.85%, 03/01/26		2,633		2,550,625
3.96%, 03/02/28		50		48,185
4.08%, 04/19/28 (Call 04/19/27), (1-year CMT + 1.300%)^(b)		1,425		1,374,408
4.79%, 07/18/25 (Call 07/18/24), (1-year CMT + 1.700%)^(b)		1,535		1,521,154
5.02%, 07/20/28 (Call 07/20/27), (1-year CMT + 1.950%)^(b)		625		623,734
5.06%, 09/12/25 (Call 09/12/24), (1-year CMT + 1.550%)^(b)		1,795		1,785,243
5.54%, 04/17/26 (Call 04/17/25), (1-year CMT + 1.500%)^(a)(b)		430		431,410
5.72%, 02/20/26 (Call 02/20/25), (1-year CMT + 1.080%)^(b)		1,815		1,824,192
Mizuho Financial Group Inc.
0.85%, 09/08/24 (Call 09/08/23), (1-day SOFR + 0.872%)^(b)		897		881,325


Security	Par (000)		Value

Banks (continued)
1.23%, 05/22/27 (Call 05/22/26), (1-year CMT + 0.670%)^(b)	$	1,970	$	1,739,526
1.24%, 07/10/24 (Call 07/10/23), (1-day SOFR + 1.252%)^(b)		1,711		1,696,240
1.55%, 07/09/27 (Call 07/09/26), (1-year CMT + 0.750%)^(b)		767		681,118
2.23%, 05/25/26 (Call 05/25/25), (3-mo. LIBOR US + 0.830%)^(b)		1,250		1,170,792
2.56%, 09/13/25 (Call 09/13/24), (1-day SOFR + 1.362%)^(b)		685		656,616
2.65%, 05/22/26 (Call 05/22/25), (1-year CMT + 0.900%)^(b)		1,060		1,001,022
2.84%, 07/16/25 (Call 07/16/24), (1-day SOFR + 1.242%)^(b)		515		497,845
2.84%, 09/13/26^(a)		510		474,807
3.17%, 09/11/27		1,000		932,016
3.66%, 02/28/27		620		592,721
3.92%, 09/11/24 (Call 09/11/23), (3-mo. LIBOR US + 1.000%)^(a)(b)		1,028		1,020,682
4.02%, 03/05/28		1,000		956,026
Morgan Stanley
0.79%, 01/22/25 (Call 01/22/24), (1-day SOFR + 0.509%)^(b)		1,853		1,787,250
0.79%, 05/30/25 (Call 05/30/24), (1-day SOFR + 0.525%)^(b)		3,000		2,840,602
0.99%, 12/10/26 (Call 12/10/25), (1-day SOFR + 0.720%)^(b)		2,150		1,923,854
1.16%, 10/21/25 (Call 10/21/24), (1-day SOFR + 0.560%)^(b)		3,120		2,920,622
1.51%, 07/20/27 (Call 07/20/26), (1-day SOFR + 0.858%)^(b)		2,940		2,612,395
1.59%, 05/04/27 (Call 04/04/27), (1-day SOFR + 0.879%)^(a)(b)		3,415		3,071,915
2.19%, 04/28/26 (Call 04/28/25), (1-day SOFR + 1.990%)^(b)		4,682		4,408,865
2.48%, 01/21/28 (Call 01/21/27), (1-day SOFR + 1.000%)^(b)		2,115		1,932,324
2.63%, 02/18/26 (Call 02/18/25), (1-day SOFR + 0.940%)^(b)		3,410		3,250,870
2.72%, 07/22/25 (Call 07/22/24), (1-day SOFR + 1.152%)^(b)		1,914		1,847,581
3.13%, 07/27/26		2,105		2,001,530
3.62%, 04/17/25 (Call 04/17/24), (1-day SOFR + 1.160%)^(b)		1,730		1,696,789
3.63%, 01/20/27		4,260		4,098,489
3.70%, 10/23/24		3,771		3,695,590
3.88%, 01/27/26		4,585		4,476,827
3.95%, 04/23/27		4,205		4,046,631
4.00%, 07/23/25		3,749		3,697,011
4.21%, 04/20/28 (Call 04/20/27), (1-day SOFR + 1.610%)^(b)		960		931,515
4.35%, 09/08/26		2,655		2,593,135
4.68%, 07/17/26 (Call 07/17/25), (1-day SOFR + 1.669%)^(b)		2,545		2,524,930
5.00%, 11/24/25		2,365		2,364,681
5.05%, 01/28/27 (Call 01/28/26), (1-day SOFR + 1.295%)^(b)		1,055		1,057,130
5.16%, 04/20/29 (Call 04/20/28), (1-day SOFR + 1.590%)^(b)		885		892,203


Security	Par (000)		Value

Banks (continued)
5.29%, 01/25/24 (Call 12/25/23), (1-day SOFR + 0.455%)^(b)	$	40	$	39,911
6.14%, 10/16/26 (Call 10/16/25), (1-day SOFR + 1.770%)^(b)		10		10,289
6.25%, 08/09/26		1,090		1,130,546
Series F, 3.88%, 04/29/24^(a)		3,957		3,902,776
Series I, 0.86%, 10/21/25 (Call 10/21/24), (1-day SOFR + 0.745%)^(b)		2,179		2,028,155
Morgan Stanley Bank NA, 4.75%, 04/21/26 (Call 03/21/26)		455		457,236
National Australia Bank Ltd.
3.91%, 06/09/27^(a)		880		861,284
4.94%, 01/12/28		640		653,195
4.97%, 01/12/26		540		546,727
National Australia Bank Ltd./New York
2.50%, 07/12/26		950		893,790
3.38%, 01/14/26		1,325		1,285,304
3.50%, 06/09/25^(a)		480		467,654
National Bank of Canada
0.55%, 11/15/24 (Call 11/15/23), (1-year CMT + 0.400%)^(b)		945		920,996
0.75%, 08/06/24		860		812,429
3.75%, 06/09/25 (Call 06/09/24), (1-day SOFR + 1.009%)^(b)		245		240,479
5.25%, 01/17/25		550		547,189
Natwest Group PLC, 2.36%, 05/22/24 (Call 05/22/23), (1-year CMT + 2.150%)^(a)(b)		1,528		1,524,781
NatWest Group PLC
1.64%, 06/14/27 (Call 06/14/26), (1-year CMT + 0.900%)^(b)		1,150		1,023,234
4.27%, 03/22/25 (Call 03/22/24), (3-mo. LIBOR US + 1.762%)^(b)		2,906		2,862,504
4.52%, 06/25/24 (Call 06/25/23), (3-mo. LIBOR US + 1.550%)^(a)(b)		1,670		1,665,838
4.80%, 04/05/26		1,328		1,321,587
5.85%, 03/02/27 (Call 03/02/26), (1-year CMT + 1.350%)^(b)		1,250		1,264,161
6.00%, 12/19/23^(a)		90		89,705
7.47%, 11/10/26 (Call 11/10/25), (1-year CMT + 2.850%)^(b)		2,060		2,154,617
Northern Trust Corp.
3.95%, 10/30/25		950		929,237
4.00%, 05/10/27 (Call 04/10/27)		1,205		1,185,254
PNC Bank NA
2.95%, 02/23/25 (Call 01/23/25)		1,065		1,019,738
3.10%, 10/25/27 (Call 09/25/27)^(a)		1,085		1,016,543
3.25%, 06/01/25 (Call 05/02/25)		1,117		1,070,132
3.25%, 01/22/28 (Call 12/23/27)		950		885,283
3.30%, 10/30/24 (Call 09/30/24)^(a)		881		853,936
3.50%, 06/08/23 (Call 05/08/23)		544		542,500
3.80%, 07/25/23 (Call 06/25/23)		599		595,695
3.88%, 04/10/25 (Call 03/10/25)		890		860,402
4.20%, 11/01/25 (Call 10/01/25)^(a)		540		523,481
2.50%, 08/27/24 (Call 07/27/24)		1,036		997,492
PNC Financial Services Group Inc. (The)
1.15%, 08/13/26 (Call 07/13/26)^(a)		865		767,245
2.20%, 11/01/24 (Call 10/02/24)^(a)		1,088		1,039,187
2.60%, 07/23/26 (Call 05/24/26)		725		678,158
3.15%, 05/19/27 (Call 04/19/27)		840		789,611
3.50%, 01/23/24 (Call 12/24/23)^(a)		1,307		1,289,936


Security	Par (000)		Value

Banks (continued)
3.90%, 04/29/24 (Call 03/29/24)	$	1,335	$	1,311,029
4.76%, 01/26/27 (Call 01/26/26), (1-day SOFR + 1.085%)^(b)		1,830		1,811,166
5.67%, 10/28/25 (Call 10/28/24), (1-day SOFR + 1.090%)^(b)		820		823,339
Regions Financial Corp., 2.25%, 05/18/25 (Call 04/18/25)^(a)		214		199,383
Royal Bank of Canada
0.43%, 01/19/24		884		853,912
0.50%, 10/26/23^(a)		822		803,038
0.65%, 07/29/24		1,250		1,183,870
0.75%, 10/07/24		1,515		1,424,288
0.88%, 01/20/26^(a)		1,644		1,489,811
1.15%, 06/10/25		1,711		1,587,028
1.15%, 07/14/26		1,237		1,113,970
1.20%, 04/27/26		1,807		1,634,334
1.40%, 11/02/26		1,255		1,121,892
1.60%, 01/21/25		830		785,103
2.05%, 01/21/27^(a)		819		748,103
2.25%, 11/01/24		2,044		1,960,680
2.55%, 07/16/24		1,733		1,682,193
3.38%, 04/14/25		1,570		1,527,156
3.63%, 05/04/27		1,525		1,468,295
3.97%, 07/26/24		1,510		1,491,619
4.24%, 08/03/27		1,120		1,095,573
4.65%, 01/27/26^(a)		1,809		1,792,993
4.88%, 01/12/26		945		948,776
4.90%, 01/12/28		900		904,964
4.95%, 04/25/25		690		690,204
5.66%, 10/25/24		535		540,049
6.00%, 11/01/27		1,655		1,740,166
Santander Holdings USA Inc.
2.49%, 01/06/28 (Call 01/06/27), (1-day SOFR + 1.249%)^(b)		530		465,012
3.24%, 10/05/26 (Call 08/05/26)		630		578,845
3.45%, 06/02/25 (Call 05/02/25)		1,158		1,100,164
3.50%, 06/07/24 (Call 05/07/24)		1,250		1,215,718
4.26%, 06/09/25 (Call 06/09/24), (1-day SOFR + 1.380%)^(b)		630		609,240
4.40%, 07/13/27 (Call 04/14/27)		955		909,895
4.50%, 07/17/25 (Call 04/17/25)		1,291		1,257,250
5.81%, 09/09/26 (Call 09/09/25), (1-day SOFR + 2.328%)^(b)		560		554,967
Santander UK Group Holdings PLC
1.09%, 03/15/25 (Call 03/15/24), (1-day SOFR + 0.787%)^(a)(b)		1,030		979,700
1.53%, 08/21/26 (Call 08/21/25), (1-year CMT + 1.250%)^(b)		977		878,311
1.67%, 06/14/27 (Call 06/14/26), (1-day SOFR + 0.989%)^(b)		1,815		1,592,384
2.47%, 01/11/28 (Call 01/11/27), (1-day SOFR + 1.220%)^(b)		1,175		1,041,991
4.80%, 11/15/24 (Call 11/15/23), (3-mo. LIBOR US + 1.570%)^(b)		1,181		1,169,810
6.83%, 11/21/26 (Call 11/21/25), (1-day SOFR + 2.749%)^(b)		355		361,759
Santander UK PLC, 4.00%, 03/13/24		1,247		1,231,355
State Street Corp.
2.65%, 05/19/26		235		222,604
3.30%, 12/16/24		1,593		1,549,582


Security	Par (000)		Value

Banks (continued)
3.55%, 08/18/25	$	1,651	$	1,605,354
3.70%, 11/20/23		1,056		1,047,891
4.86%, 01/26/26 (Call 01/26/25), (1-day SOFR + 0.604%)^(b)		490		489,597
Sumitomo Mitsui Banking Corp.
3.40%, 07/11/24^(a)		1,170		1,147,406
3.65%, 07/23/25^(a)		40		38,640
3.95%, 07/19/23^(a)		275		274,267
3.95%, 01/10/24		650		642,992
Sumitomo Mitsui Financial Group Inc.
0.51%, 01/12/24^(a)		420		406,168
0.95%, 01/12/26		1,434		1,287,653
1.40%, 09/17/26		2,540		2,256,992
1.47%, 07/08/25		2,845		2,624,209
2.17%, 01/14/27		855		775,717
2.35%, 01/15/25		1,799		1,711,216
2.45%, 09/27/24^(a)		1,755		1,686,369
2.63%, 07/14/26		2,870		2,682,750
2.70%, 07/16/24		2,970		2,878,976
3.01%, 10/19/26		930		871,575
3.35%, 10/18/27		540		505,495
3.36%, 07/12/27		1,705		1,621,869
3.45%, 01/11/27		1,615		1,534,937
3.54%, 01/17/28		870		818,472
3.75%, 07/19/23^(a)		573		571,331
3.78%, 03/09/26^(a)		2,205		2,144,273
3.94%, 10/16/23		1,150		1,144,099
5.46%, 01/13/26		500		505,600
5.52%, 01/13/28		2,560		2,618,236
Svenska Handelsbanken AB, 3.90%, 11/20/23		1,556		1,539,378
Synchrony Bank, 5.40%, 08/22/25 (Call 07/22/25)		945		900,519
Synchrony Financial, 5.63%, 08/23/27 (Call 07/23/27)		1,055		1,003,540
Toronto-Dominion Bank (The)
0.30%, 06/02/23		1,041		1,036,905
0.55%, 03/04/24		812		780,150
0.70%, 09/10/24		835		786,126
0.75%, 06/12/23		1,017		1,011,604
0.75%, 09/11/25		1,085		985,032
0.75%, 01/06/26^(a)		1,349		1,217,858
1.15%, 06/12/25		1,091		1,009,035
1.20%, 06/03/26		1,340		1,200,887
1.25%, 12/13/24		685		645,834
1.25%, 09/10/26		1,750		1,558,537
1.45%, 01/10/25^(a)		1,020		961,622
1.95%, 01/12/27		1,120		1,013,147
2.35%, 03/08/24		2,060		2,006,392
2.65%, 06/12/24		1,576		1,531,620
2.80%, 03/10/27		1,590		1,479,353
3.25%, 03/11/24		1,760		1,727,819
3.77%, 06/06/25		1,770		1,727,983
4.11%, 06/08/27		1,525		1,485,033
4.29%, 09/13/24		1,795		1,775,263
4.69%, 09/15/27		2,110		2,096,131
5.10%, 01/09/26		800		806,904
5.16%, 01/10/28		1,500		1,517,915
Truist Bank
1.50%, 03/10/25 (Call 02/10/25)		1,680		1,562,151
2.15%, 12/06/24 (Call 11/06/24)		1,782		1,688,999
2.75%, 05/01/23		463		463,000
3.20%, 04/01/24 (Call 03/01/24)		2,117		2,073,496


Security	Par (000)		Value

Banks (continued)
3.30%, 05/15/26 (Call 04/15/26)	$	705	$	654,283
3.63%, 09/16/25 (Call 08/16/25)		1,510		1,435,067
3.69%, 08/02/24 (Call 08/02/23), (3-mo. LIBOR US + 0.735%)^(a)(b)		1,092		1,085,614
3.80%, 10/30/26 (Call 09/30/26)		770		719,859
4.05%, 11/03/25 (Call 09/03/25)		573		554,883
Truist Financial Corp.
1.13%, 08/03/27 (Call 06/03/27)^(a)		90		76,658
1.20%, 08/05/25 (Call 07/03/25)		836		756,819
1.27%, 03/02/27 (Call 03/02/26), (1-day SOFR + 0.609%)^(a)(b)		1,248		1,105,737
2.50%, 08/01/24 (Call 07/01/24)^(a)		1,643		1,579,855
2.85%, 10/26/24 (Call 09/26/24)^(a)		1,606		1,545,690
3.70%, 06/05/25 (Call 05/05/25)		1,267		1,217,694
3.75%, 12/06/23 (Call 11/06/23)		552		547,132
4.00%, 05/01/25 (Call 03/01/25)		1,142		1,109,191
4.26%, 07/28/26 (Call 07/28/25), (1-day SOFR + 1.456%)^(b)		1,790		1,735,308
4.87%, 01/26/29 (Call 01/26/28), (1-day SOFR + 1.435%)^(b)		875		856,814
5.90%, 10/28/26 (Call 10/28/25), (1-day SOFR + 1.626%)^(b)		885		890,524
U.S. Bancorp.
1.45%, 05/12/25 (Call 04/12/25)		1,950		1,810,244
2.22%, 01/27/28 (Call 01/27/27), (1-day SOFR + 0.730%)^(b)		2,205		1,988,267
2.40%, 07/30/24 (Call 06/30/24)		1,759		1,700,150
3.10%, 04/27/26 (Call 03/27/26)		970		909,434
3.38%, 02/05/24 (Call 01/05/24)		1,585		1,559,549
3.60%, 09/11/24 (Call 08/11/24)		1,326		1,289,314
3.70%, 01/30/24 (Call 12/29/23)		740		731,558
3.95%, 11/17/25 (Call 10/17/25)		1,065		1,033,011
5.73%, 10/21/26 (Call 10/21/25), (1-day SOFR + 1.430%)^(b)		1,080		1,086,722
Series V, 2.38%, 07/22/26 (Call 06/22/26)		749		695,639
Series X, 3.15%, 04/27/27 (Call 03/27/27)^(a)		1,345		1,266,747
U.S. Bank NA/Cincinnati OH
2.05%, 01/21/25 (Call 12/20/24)		811		768,826
2.80%, 01/27/25 (Call 12/27/24)		1,203		1,154,337
Wells Fargo & Co.
0.81%, 05/19/25 (Call 05/19/24), (1-day SOFR + 0.510%)^(b)		1,330		1,265,967
2.16%, 02/11/26 (Call 02/11/25), (3-mo. LIBOR US + 0.750%)^(b)		4,236		4,009,530
2.19%, 04/30/26 (Call 04/29/25), (1-day SOFR + 2.000%)^(b)		4,083		3,847,101
2.41%, 10/30/25 (Call 10/30/24), (1-day SOFR + 1.087%)^(b)		3,954		3,782,062
3.00%, 02/19/25		2,876		2,781,621
3.00%, 04/22/26		4,778		4,551,180
3.00%, 10/23/26		2,565		2,414,837
3.20%, 06/17/27 (Call 06/17/26), (3-mo. LIBOR US + 1.170%)^(b)		3,725		3,516,312
3.30%, 09/09/24		1,496		1,462,867
3.53%, 03/24/28 (Call 03/24/27), (1-day SOFR + 1.510%)^(b)		4,405		4,169,852
3.55%, 09/29/25		3,810		3,704,953
3.75%, 01/24/24 (Call 12/22/23)^(a)		3,658		3,615,129
3.91%, 04/25/26 (Call 04/25/25), (1-day SOFR + 1.320%)^(b)		3,220		3,138,886


Security	Par (000)		Value

Banks (continued)
4.10%, 06/03/26	$	2,012	$	1,961,026
4.30%, 07/22/27		1,900		1,857,894
4.48%, 01/16/24^(a)		613		610,172
4.54%, 08/15/26 (Call 08/15/25), (1-day SOFR + 1.560%)^(b)		3,010		2,974,301
Westpac Banking Corp.
1.02%, 11/18/24		1,920		1,814,880
1.15%, 06/03/26		1,660		1,496,295
2.35%, 02/19/25		1,256		1,205,506
2.70%, 08/19/26		1,140		1,076,461
2.85%, 05/13/26		1,650		1,569,949
3.30%, 02/26/24		1,512		1,492,266
3.35%, 03/08/27		1,155		1,109,797
3.40%, 01/25/28		1,250		1,193,558
3.74%, 08/26/25		355		347,758
4.04%, 08/26/27		1,230		1,215,235
5.35%, 10/18/24		125		126,076
5.46%, 11/18/27		1,290		1,341,341


				923,326,617

Beverages — 1.4%
Anheuser-Busch InBev Worldwide Inc.
3.65%, 02/01/26 (Call 11/01/25)		4,449		4,371,983
4.00%, 04/13/28 (Call 01/13/28)		3,000		2,971,374
Coca-Cola Co. (The)
1.45%, 06/01/27		1,290		1,173,171
1.75%, 09/06/24		1,491		1,445,220
2.90%, 05/25/27		440		422,245
3.38%, 03/25/27^(a)		1,840		1,807,349
Constellation Brands Inc.
3.50%, 05/09/27 (Call 02/09/27)		455		440,506
3.60%, 05/09/24		1,190		1,170,537
3.70%, 12/06/26 (Call 09/06/26)^(a)		544		528,603
4.35%, 05/09/27 (Call 04/09/27)		700		694,529
4.40%, 11/15/25 (Call 09/15/25)		1,004		995,688
5.00%, 02/02/26 (Call 02/02/24)^(a)		510		507,849
Diageo Capital PLC
1.38%, 09/29/25 (Call 08/29/25)		1,070		992,914
2.13%, 10/24/24 (Call 09/24/24)		1,082		1,041,131
3.50%, 09/18/23 (Call 08/18/23)^(a)		742		737,858
5.20%, 10/24/25		830		843,353
5.30%, 10/24/27 (Call 09/24/27)		800		835,014
Keurig Dr Pepper Inc.
0.75%, 03/15/24 (Call 05/09/23)		1,620		1,559,992
3.13%, 12/15/23 (Call 10/15/23)^(a)		700		690,790
3.40%, 11/15/25 (Call 08/15/25)		657		636,137
4.42%, 05/25/25 (Call 03/25/25)		962		953,068
Molson Coors Beverage Co., 3.00%, 07/15/26 (Call 04/15/26)		2,720		2,580,656
PepsiCo Inc.
0.40%, 10/07/23		655		642,994
0.75%, 05/01/23		459		459,000
2.25%, 03/19/25 (Call 02/19/25)		1,199		1,157,968
2.38%, 10/06/26 (Call 07/06/26)^(a)		540		512,154
2.63%, 03/19/27 (Call 01/19/27)		1,900		1,798,839
2.75%, 04/30/25 (Call 01/30/25)		756		733,551
2.85%, 02/24/26 (Call 11/24/25)		575		556,703
3.00%, 10/15/27 (Call 07/15/27)		100		96,179
3.50%, 07/17/25 (Call 04/17/25)		543		534,501
3.60%, 03/01/24 (Call 12/01/23)		1,099		1,087,740
3.60%, 02/18/28 (Call 01/18/28)		1,375		1,355,618


Security	Par (000)		Value

Beverages (continued)
4.45%, 05/15/28 (Call 04/15/28)^(a)	$	890	$	912,423
4.55%, 02/13/26 (Call 01/13/26)^(a)		950		964,322


				38,211,959

Biotechnology — 1.3%
Amgen Inc.
1.90%, 02/21/25 (Call 01/21/25)		821		780,567
2.20%, 02/21/27 (Call 12/21/26)		1,922		1,778,154
2.60%, 08/19/26 (Call 05/19/26)		1,545		1,454,089
3.13%, 05/01/25 (Call 02/01/25)		1,193		1,159,167
3.20%, 11/02/27 (Call 08/02/27)		185		176,166
3.63%, 05/22/24 (Call 02/22/24)		1,505		1,484,202
5.15%, 03/02/28 (Call 02/02/28)		4,810		4,930,750
5.25%, 03/02/25		1,980		1,995,620
5.51%, 03/02/26 (Call 03/02/24)		3,860		3,874,137
Baxalta Inc., 4.00%, 06/23/25 (Call 03/23/25)		1,313		1,289,340
Biogen Inc., 4.05%, 09/15/25 (Call 06/15/25)		1,800		1,767,592
Gilead Sciences Inc.
0.75%, 09/29/23 (Call 05/09/23)		1,456		1,434,819
1.20%, 10/01/27 (Call 08/01/27)		380		333,474
2.95%, 03/01/27 (Call 12/01/26)^(a)		1,340		1,282,169
3.50%, 02/01/25 (Call 11/01/24)		2,397		2,357,109
3.65%, 03/01/26 (Call 12/01/25)		3,593		3,516,344
3.70%, 04/01/24 (Call 01/01/24)^(a)		2,528		2,492,938
Illumina Inc.
5.75%, 12/13/27 (Call 11/13/27)		315		323,649
5.80%, 12/12/25 (Call 11/12/25)		380		385,478
Royalty Pharma PLC
0.75%, 09/02/23		1,314		1,295,859
1.20%, 09/02/25 (Call 08/02/25)		1,427		1,301,916
1.75%, 09/02/27 (Call 07/02/27)		755		662,080


				36,075,619

Building Materials — 0.2%
Carrier Global Corp.
2.24%, 02/15/25 (Call 01/15/25)		1,481		1,412,146
2.49%, 02/15/27 (Call 12/15/26)		515		476,547
Fortune Brands Home & Security Inc.
4.00%, 09/21/23 (Call 08/21/23)		843		840,765
4.00%, 06/15/25 (Call 03/15/25)		835		819,878
Martin Marietta Materials Inc., 3.50%, 12/15/27 (Call 09/15/27)		25		24,026
Masco Corp., 1.50%, 02/15/28 (Call 12/15/27)		57		49,325
Trane Technologies Luxembourg Finance SA, 3.55%, 11/01/24 (Call 08/01/24)		1,099		1,070,936
Vulcan Materials Co., 5.80%, 03/01/26 (Call 03/01/24)		40		40,264


				4,733,887

Chemicals — 1.0%
Air Products and Chemicals Inc.
1.50%, 10/15/25 (Call 09/15/25)		1,096		1,021,832
1.85%, 05/15/27 (Call 03/15/27)		700		643,203
Albemarle Corp., 4.65%, 06/01/27 (Call 05/01/27)		1,240		1,220,857
Celanese U.S. Holdings LLC


	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		99
Statements of Operations		101
Statements of Changes in Net Assets		103
Financial Highlights		106
Notes to Financial Statements		112
Statement Regarding Liquidity Risk Management Program		122
Supplemental Information		123
General Information		124
Glossary of Terms Used in this Report		125


				Average Annual Total Returns									Cumulative Total Returns

	6-Month Total Returns			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception

Fund NAV		4.20	%		2.05	%		1.92	%		1.70	%		2.05	%		9.97	%		17.43	%
Fund Market		4.13			2.07			1.91			1.70			2.07			9.91			17.47
Index		4.22			2.08			1.97			1.78			2.08			10.23			18.39


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	$ 1,042.00	$ 0.30			$ 1,000.00	$ 1,024.50	$ 0.30		0.06	%


MATURITY ALLOCATION

Maturity	Percent of Total Investments	^(a)

0-1 Year	11.8	%
1-5 Years	87.9
5-10 Years	0.3


				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		8.79	%		0.40	%		1.56	%		1.75	%		0.40	%		8.04	%		18.95	%
Fund Market		8.90			0.80			1.62			1.70			0.80			8.36			18.42
Index		8.83			0.49			1.66			1.88			0.49			8.58			20.41


2		T H I S P A G E I S N O T P A R T O F Y O U R F U N D R E P O R T


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


CREDIT QUALITY ALLOCATION

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

Aaa	2.1	%
Aa	4.6
A	48.8
Baa	42.5
Ba	0.9
Not Rated	1.1


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^® Aaa - A Rated Corporate Bond ETF


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	$ 1,087.90	$ 0.78			$ 1,000.00	$ 1,024.10	$ 0.75		0.15	%


Fund Summary as of April 30, 2023		iShares^® BB Rated Corporate Bond ETF


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


				Average Annual Total Returns									Cumulative Total Returns

	6-Month Total Returns			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception

Fund NAV		2.15	%		(5.82	)%		9.30	%		8.52	%		(5.82	)%		55.96	%		90.96	%
Fund Market		2.27			(5.56	)		9.28			8.50			(5.56	)		55.87			90.67
Index		2.40			(5.44	)		9.81			9.06			(5.44	)		59.67			98.62


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



Security	Percent of Total Investments	^(a)

Anheuser-Busch Companies LLC/Anheuser-Busch InBev Worldwide Inc., 4.90%, 02/01/46	0.4	%
Microsoft Corp., 2.92%, 03/17/52	0.2
Microsoft Corp., 2.53%, 06/01/50	0.2
Wells Fargo & Co., 5.01%, 04/04/51	0.2
Visa Inc., 3.15%, 12/14/25	0.2
Wells Fargo & Co., 4.90%, 07/25/33	0.2
Citigroup Inc., 4.41%, 03/31/31	0.2
Comcast Corp., 2.94%, 11/01/56	0.2
Apple Inc., 4.65%, 02/23/46	0.2
Microsoft Corp., 3.30%, 02/06/27	0.2


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