The Markets in Review

Dear Shareholder,

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

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

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

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

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

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

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

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.


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

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

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

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

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

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

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

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

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

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

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

Global investment-grade bonds experienced a sizable decline the 12 months ended October 31, 2022 (the “reporting period”). The Bloomberg Global Aggregate Index, a broad measure of global bond market performance, returned -20.79% in U.S. dollar terms for the reporting period.

The poor returns for fixed income reflected the backdrop of sharply rising inflation worldwide. Annualized consumer price inflation in the United States came in above 7.5% in each month of 2022, with a peak of 9.1% in June. Inflation was even more pronounced overseas, particularly in Europe. Inflation rose more than 10% year-over-year in September across the region as a whole, with many Eastern European nations posting increases north of 20%. The trend of rising inflation, which had already begun in 2021, was exacerbated by Russia’s invasion of Ukraine in February 2022. The conflict, together with the sanctions that followed, further snarled global supply chains and contributed to a spike in food and energy prices across the globe.

Developed-market central banks responded by tightening monetary policy in dramatic fashion. In the United States, for example, the U.S. Federal Reserve wound down its stimulative quantitative easing program and raised interest rates from a range of 0%-0.25% to 3.0% - 3.25%. Other central banks followed suit, but the Bank of Japan—which continued to provide stimulus to the nation’s economy—was a notable outlier.

These events fueled a spike in bond yields across the globe. In the United States, the yield on the two-year note rose from 0.50% at the beginning of the period to 4.48% by the end of October 2022, while the 10-year issue climbed from 1.55% to 4.05%. The overseas markets experienced a similar trend directionally, with the weakest performance occurring in the United Kingdom and Continental Europe. Japan held up better in relative terms due to the more accommodative policy of its central bank. Emerging-market bonds, which are highly sensitive to global growth trends, were particularly weak in the annual period.

Corporate bonds generally underperformed government debt. In addition to being hurt by rising prevailing yields, the category was pressured by rising yield spreads over government issues – a trend caused by concerns about economic growth as well as the broader “risk-off” environment.

Unfavorable currency translation weighed on the returns of foreign debt for U.S-based investors. The U.S. dollar surged against most major currencies due in part to expectations that the nation’s stronger relative growth would cause the Fed to raise interest rates more aggressively than its global peers. As a result, the value of non-U.S. investments suffered larger losses in U.S. dollar terms than they did in their local markets. The effect was especially pronounced with respect to emerging-market bonds.

One notable outcome of the downturn in bond prices is that negative-yielding debt—which had risen to be a fairly sizable portion of the overall fixed-income market by late 2021—largely disappeared as yields climbed into positive territory in most countries. However, the real (after-inflation) yields on a large swath of the market remained negative at the close of the period.

The iShares Core 1-5 Year USD Bond 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 with remaining maturities between one and five years, as represented by the Bloomberg U.S. Universal 1-5 Year 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.

Index Performance through June 2, 2014 reflects the performance of the Bloomberg U.S. Government/Credit 1-5 Year Bond Index. Index performance beginning on June 3, 2014 reflects the performance of the Bloomberg U.S. Universal 1-5 Year Index.

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

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

Entering the period, U.S. inflation was already running well above the 2% target of the U.S. Federal Reserve (Fed). Inflation would spike in the wake of Russia’s late-February invasion of Ukraine, which exacerbated ongoing supply-chain pressures and led to sharply higher commodity prices. Consumer price inflation rose by at least 7.5% on a year-over-year basis in each of the first nine months of 2022, hitting a peak of 9.1% in June. In response, the Fed aggressively raised its benchmark overnight lending rate, bringing the Fed funds target to a range of 3.0% to 3.25%, as compared to 0% to 0.25% at the start of 2022. In addition, the market anticipated significant further rate increases from the Fed in the coming months.

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

U.S. Treasuries carry the most weight within the Index by market value and contributed the most to the negative return for the Index despite holding up somewhat better than other sectors. Corporate bonds are the second largest constituent within the Index and were impacted negatively by both rising Treasury yields and widening credit spreads. In terms of credit quality within the Index’s corporate bond exposure, lower quality issues in the Moody’s A and Baa rating categories weighed most heavily on return.

The iShares Core International Aggregate Bond ETF(the “Fund”) seeks to track the investment results of an index composed of global non-U.S. dollar-denominated investment-grade bonds that mitigates exposure to fluctuations between the value of the component currencies and the U.S. dollar, as represented by the Bloomberg Global Aggregate ex USD 10% Issuer Capped (Hedged) 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 November 10, 2015. The first day of secondary market trading was November 12, 2015.

Returns for international bonds were deeply into negative territory for the reporting period, pressured by rising yields and declining prices. Central banks moved to aggressively raise interest rates during the period in the face of persistent historically high inflation, leading global yield curves higher. Inflation was driven by continued supply-chain disruptions, exacerbated by Russia’s invasion of Ukraine in late February and subsequent sanctions imposed upon Russia by the U.S. and its allies. In particular, energy prices spiked as Russian oil and gas came off the market.

Within the Index, euro-bloc bonds, which make up nearly half of the Index by market weight, weighed most heavily on total return as inflation was especially acute in the region, while dollar-bloc markets held up somewhat better. In particular, weak bond performance in France, Germany and Italy contributed to the negative return for the Index as those markets, combined, carry the greatest weight within the Index.

In terms of credit quality, while performance was weak across all ratings categories bonds in the AA category experienced the greatest losses. In terms of bond maturity, bonds with maturities greater than 10 years, which are more sensitive to changes in interest rates, detracted the most from the Index’s return. All maturity segments experienced notably negative performance.

Local currencies represented in the Index generally declined against the U.S. dollar. As a result, hedging activity was additive to the Index’s return. A fully hedged investor seeks to bypass the currency fluctuations — both on the upside and on the downside — related to holding foreign-currency-denominated securities.

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	$	1,000	$	999,950
Class A, 0.90%, 11/15/26		5,000		4,595,683
Series 2018-2, Class A, 3.01%, 10/15/25		3,000		2,979,185
Series 2022-2, Class A, 3.39%, 05/15/27		3,000		2,880,914
BA Credit Card Trust Series 2021-A1, Class A1, 0.44%, 09/15/26		3,510		3,280,987
BMW Vehicle Lease Trust Series 2022-1, Class A3, 1.10%, 03/25/25 (Call 03/25/24)		3,350		3,213,666
Capital One Multi-Asset Execution Trust Series 2021-A1, Class A1, 0.55%, 07/15/26		2,000		1,853,552
CarMax Auto Owner Trust Series 2021-4, Class A3, 0.56%, 09/15/26 (Call 11/15/24)		2,250		2,126,386
Discover Card Execution Note Trust
3.56%, 07/15/27		2,000		1,923,526
Series 2022-A1, Class A1, 1.96%, 02/15/27		2,300		2,137,542
GM Financial Consumer Automobile Receivables Trust Series 2020-2, Class A3, 1.49%, 12/16/24 (Call 08/16/23)		663		654,310
Honda Auto Receivables Owner Trust Series 2020-2, Class A4, 1.09%, 10/15/26 (Call 09/15/23)		2,750		2,640,664
Santander Drive Auto Receivables Trust Series 2021-3, Class C, 0.95%, 09/15/27 (Call 10/15/23)		1,370		1,311,933
Toyota Auto Receivables Owner Trust
2.93%, 09/15/26 (Call 01/15/25)		5,000		4,805,794
Series 2021-B, Class A4, 0.53%, 10/15/26 (Call 05/15/25)		750		674,695
Verizon Master Trust Series 2021-1, Class A, 0.50%, 05/20/27 (Call 05/20/24)		2,870		2,667,046
World Omni Select Auto Trust Series 2020-A, Class A3, 0.55%, 07/15/25 (Call 04/15/23)		178		175,756


Total Asset-Backed Securities — 0.8% (Cost: $40,998,161)				38,921,589


Collaterized Mortgage Obligations

Mortgage-Backed Securities — 1.3%
Benchmark Mortgage Trust, Series 2018-B21, Class A2, 1.74%, 12/17/53 (Call 12/15/30)		1,000		879,550
CD Mortgage Trust, Series 2016-CD2, Class A3, 3.25%, 11/10/49 (Call 11/10/26)		946		867,893
COMM Mortgage Trust
Series 2014-CR20, Class A3, 3.33%, 11/10/47 (Call 01/10/29)		3,305		3,141,679
Series 2015-PC1, Class A5, 3.90%, 07/10/50 (Call 06/10/25)		4,000		3,810,396
Commission Mortgage Trust
Class-A4, 3.09%, 10/10/49 (Call 10/10/26)		5,440		4,895,861
Series 2013-CR12, Class A4, 4.05%, 10/10/46 (Call 11/10/23)		2,000		1,958,738
Series 2014-CR20, Class A4, 3.59%, 11/10/47 (Call 01/10/29)		4,200		4,014,732
Series 2015-CR25, Class A4, 3.76%, 08/10/48 (Call 08/10/25)		2,650		2,496,708
Series 2015-CR27, Class A4, 3.61%, 10/10/48 (Call 10/10/25)		1,335		1,252,436
Series 2015-LC21, Class A4, 3.71%, 07/10/48 (Call 01/10/26)		1,560		1,473,839


Security	Par (000)		Value

Mortgage-Backed Securities (continued)
GS Mortgage Securities Trust
Series 2014-GC20, Class AAB, 3.66%, 04/10/47 (Call 04/10/24)	$	615	$	605,098
Series 2014-GC24, Class A4, 3.67%, 09/10/47 (Call 09/10/24)		1,944		1,883,853
Series 2014-GC24, Class A5, 3.93%, 09/10/47 (Call 09/10/24)		4,000		3,828,736
Series 2017-GS7, Class AAB, 3.20%, 08/10/50 (Call 08/10/27)		3,810		3,594,648
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2013-C16, Class A4, 4.17%, 12/15/46 (Call 11/15/23)		2,831		2,778,698
JPMBB Commercial Mortgage Securities Trust
Series 2014-C18, Class A5, 4.08%, 02/15/47 (Call 01/15/29)		225		219,020
Series 2014-C22, Class A4, 3.80%, 09/15/47 (Call 03/15/26)		3,000		2,886,971
Series 2015-C27, Class AS, 3.02%, 02/15/48 (Call 09/15/26)		1,017		980,529
Series 2015-C29, Class A4, 3.61%, 05/15/48 (Call 06/15/28)		2,000		1,889,806
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2014-C20, Class A5, 3.80%, 07/15/47 (Call 06/15/24)		150		145,039
Morgan Stanley Bank of America Merrill Lynch Trust
Series 2013-C10, Class AS, 4.07%, 07/15/46 (Call 06/15/28)^(a)		1,000		951,917
Series 2014-C17, Class A4, 3.44%, 08/15/47 (Call 07/15/24)		1,511		1,460,582
Series 2014-C18, Class ASB, 3.62%, 10/15/47 (Call 07/15/26)		560		549,448
Series 2015-C22, Class A4, 3.31%, 04/15/48 (Call 04/15/25)		250		234,431
Series 2016-C31, Class A5, 3.10%, 11/15/49 (Call 11/15/26)		3,075		2,762,894
Morgan Stanley Capital I Trust, Series 2019-L3, Class AS, 3.49%, 11/15/52 (Call 11/15/29)		970		806,856
SG Commercial Mortgage Securities Trust, Series 2016-C5, Class C5, 2.90%, 10/10/48 (Call 07/10/26)		843		803,211
UBS Commercial Mortgage Trust, Series 2018-C14, Class ASB, 4.39%, 12/15/51 (Call 12/15/28)		3,890		3,701,379
Wells Fargo Commercial Mortgage Trust
Series 2014-LC18, Class ASB, 3.24%, 12/15/47 (Call 01/15/25)		627		609,817
Series 2016-C35, Class A4, 2.93%, 07/15/48 (Call 07/15/26)		1,000		899,687
Series 2016-NXS5, Class A6, 3.64%, 01/15/59 (Call 02/15/26)		5,000		4,630,745
Series 2017-C39, Class A5, 3.42%, 09/15/50 (Call 08/15/27)		5,000		4,501,301
WFRBS Commercial Mortgage Trust, Series 2012-C10, Class A3, 2.88%, 12/15/45		302		300,776


				65,817,274


Total Collaterized Mortgage Obligations — 1.3% (Cost: $74,037,363)				65,817,274


Security	Par (000)		Value

Corporate Bonds & Notes

Advertising — 0.1%
Clear Channel International BV, 6.63%, 08/01/25 (Call 11/14/22)^(b)	$	160	$	152,490
Clear Channel Outdoor Holdings Inc., 5.13%, 08/15/27 (Call 12/01/22)^(b)		540		485,946
National CineMedia LLC, 5.75%, 08/15/26 (Call 12/01/22)		50		4,085
Omnicom Group Inc./Omnicom Capital Inc.
3.60%, 04/15/26 (Call 01/15/26)		470		441,180
3.65%, 11/01/24 (Call 08/01/24)		850		820,131
Outfront Media Capital LLC/Outfront Media Capital Corp.
5.00%, 08/15/27 (Call 11/14/22)^(b)		300		270,243
6.25%, 06/15/25 (Call 12/01/22)^(b)		170		168,271
Summer BC Bidco B LLC, 5.50%, 10/31/26 (Call 07/15/23)^(b)		200		160,104
WPP Finance 2010, 3.75%, 09/19/24		576		553,380


				3,055,830

Aerospace & Defense — 0.6%
Airbus SE, 3.15%, 04/10/27 (Call 01/10/27)^(b)		200		182,914
BAE Systems Holdings Inc.
3.80%, 10/07/24^(b)		346		334,700
3.85%, 12/15/25 (Call 09/15/25)^(b)		610		578,323
Boeing Co. (The)
1.43%, 02/04/24 (Call 11/14/22)		1,179		1,118,317
1.95%, 02/01/24		644		614,196
2.20%, 02/04/26 (Call 02/04/23)		2,505		2,227,221
2.25%, 06/15/26 (Call 03/15/26)		315		275,877
2.60%, 10/30/25 (Call 07/30/25)		35		31,932
2.70%, 02/01/27 (Call 12/01/26)		500		434,500
2.75%, 02/01/26 (Call 01/01/26)		810		730,774
2.80%, 03/01/24 (Call 02/01/24)		410		394,121
2.80%, 03/01/27 (Call 12/01/26)		80		69,445
2.85%, 10/30/24 (Call 07/30/24)		153		144,403
4.88%, 05/01/25 (Call 04/01/25)		1,678		1,639,037
5.04%, 05/01/27 (Call 03/01/27)		1,000		965,120
Bombardier Inc.
7.13%, 06/15/26 (Call 06/15/23)^(b)		530		503,738
7.50%, 12/01/24 (Call 12/01/22)^(b)		280		279,294
7.50%, 03/15/25 (Call 12/01/22)^(b)		577		567,312
7.88%, 04/15/27 (Call 12/01/22)^(b)		830		788,633
Embraer Netherlands Finance BV
5.05%, 06/15/25		550		520,927
5.40%, 02/01/27		200		183,156
F-Brasile SpA/F-Brasile U.S. LLC, Series XR, 7.38%, 08/15/26 (Call 11/14/22)^(b)		235		186,007
General Dynamics Corp.
1.15%, 06/01/26 (Call 05/01/26)		105		91,713
2.38%, 11/15/24 (Call 09/15/24)		220		208,586
3.25%, 04/01/25 (Call 03/01/25)		675		648,979
3.50%, 05/15/25 (Call 03/15/25)		504		488,265
3.50%, 04/01/27 (Call 02/01/27)		5		4,701
Hexcel Corp.
4.20%, 02/15/27 (Call 11/15/26)		213		193,698
4.95%, 08/15/25 (Call 05/15/25)		140		135,873
Howmet Aerospace Inc.
5.13%, 10/01/24 (Call 07/01/24)		553		546,076
5.90%, 02/01/27		275		272,781
6.88%, 05/01/25 (Call 04/01/25)		265		270,923
L3Harris Technologies Inc.
3.83%, 04/27/25 (Call 01/27/25)		259		248,705


Security	Par (000)		Value

Aerospace & Defense (continued)
3.85%, 12/15/26 (Call 09/15/26)	$	5	$	4,683
3.95%, 05/28/24 (Call 02/28/24)		312		304,999
Lockheed Martin Corp.
3.55%, 01/15/26 (Call 10/15/25)		680		654,588
4.95%, 10/15/25		365		365,339
5.10%, 11/15/27		700		701,505
Northrop Grumman Corp.
2.93%, 01/15/25 (Call 11/15/24)		1,116		1,063,849
3.20%, 02/01/27 (Call 11/01/26)		5		4,607
Raytheon Technologies Corp.
2.65%, 11/01/26 (Call 08/01/26)		150		136,459
3.13%, 05/04/27 (Call 02/04/27)		100		91,385
3.20%, 03/15/24 (Call 01/15/24)		889		865,477
3.50%, 03/15/27 (Call 12/15/26)		666		621,298
3.95%, 08/16/25 (Call 06/16/25)		960		931,267
Rolls-Royce PLC
3.63%, 10/14/25 (Call 07/14/25)^(b)		450		397,197
5.75%, 10/15/27 (Call 07/15/27)^(b)		450		407,430
Spirit AeroSystems Inc.
3.85%, 06/15/26 (Call 03/15/26)		145		129,666
5.50%, 01/15/25 (Call 12/01/22)^(b)		220		213,176
7.50%, 04/15/25 (Call 12/01/22)^(b)		520		506,428
ST Engineering RHQ Ltd., 1.50%, 04/29/25 (Call 01/29/25)^(c)		600		549,576
Teledyne Technologies Inc.
0.95%, 04/01/24 (Call 12/01/22)		339		317,362
1.60%, 04/01/26 (Call 03/01/26)		170		147,502
TransDigm Inc.
6.25%, 03/15/26 (Call 12/01/22)^(b)		1,920		1,893,312
6.38%, 06/15/26 (Call 12/01/22)		415		399,769
7.50%, 03/15/27 (Call 12/01/22)^(d)		245		241,602
8.00%, 12/15/25 (Call 12/01/22)^(b)		480		488,419
TransDigm UK Holdings PLC, 6.88%, 05/15/26 (Call 12/01/22)		220		214,931
Triumph Group Inc.
6.25%, 09/15/24 (Call 12/01/22)^(b)		245		227,294
7.75%, 08/15/25 (Call 12/01/22)^(d)		220		166,881
8.88%, 06/01/24 (Call 02/01/23)^(b)		240		242,532


				28,168,780

Agriculture — 0.3%
Adecoagro SA, 6.00%, 09/21/27		200		180,730
Altria Group Inc.
2.35%, 05/06/25 (Call 04/06/25)		833		768,959
4.40%, 02/14/26 (Call 12/14/25)^(d)		395		379,563
Archer-Daniels-Midland Co., 2.50%, 08/11/26 (Call 05/11/26)		312		285,252
BAT Capital Corp.
2.79%, 09/06/24 (Call 08/06/24)		861		814,187
3.22%, 08/15/24 (Call 06/15/24)		1,194		1,140,533
3.22%, 09/06/26 (Call 07/06/26)		427		380,850
3.56%, 08/15/27 (Call 05/15/27)		1,372		1,200,857
4.70%, 04/02/27 (Call 02/02/27)		157		146,151
BAT International Finance PLC
1.67%, 03/25/26 (Call 02/25/26)		1,082		929,633
3.95%, 06/15/25^(b)		759		721,627
Bunge Ltd. Finance Corp.
1.63%, 08/17/25 (Call 07/17/25)		707		634,002
3.25%, 08/15/26 (Call 05/15/26)		20		18,255
Cargill Inc.
0.40%, 02/02/24 (Call 01/02/24)^(b)(d)		390		367,626


Security	Par (000)		Value

Agriculture (continued)
0.75%, 02/02/26 (Call 01/02/26)^(b)	$	295	$	255,951
3.50%, 04/22/25 (Call 04/22/23)^(b)		230		221,628
3.63%, 04/22/27 (Call 03/22/27)^(b)		425		400,422
4.88%, 10/10/25		840		833,440
Darling Ingredients Inc., 5.25%, 04/15/27 (Call 11/14/22)^(b)		230		221,357
Imperial Brands Finance PLC
3.13%, 07/26/24 (Call 06/26/24)^(b)		475		449,939
3.50%, 07/26/26 (Call 05/26/26)^(b)		445		399,904
4.25%, 07/21/25 (Call 04/21/25)^(b)		550		522,549
6.13%, 07/27/27 (Call 06/27/27)^(b)		350		340,609
MHP Lux SA, 6.95%, 04/03/26^(c)		200		93,000
MHP SE, 7.75%, 05/10/24^(c)		200		95,287
Philip Morris International Inc.
0.88%, 05/01/26 (Call 04/01/26)		497		425,278
1.50%, 05/01/25 (Call 04/01/25)		502		457,452
2.75%, 02/25/26 (Call 11/25/25)		640		587,354
2.88%, 05/01/24 (Call 04/01/24)		607		586,186
3.25%, 11/10/24		572		550,739
3.38%, 08/11/25 (Call 05/11/25)		383		363,555
Reynolds American Inc., 4.45%, 06/12/25 (Call 03/12/25)		1,261		1,217,155
Turning Point Brands Inc., 5.63%, 02/15/26 (Call 02/15/23)^(b)		120		104,698
Vector Group Ltd., 10.50%, 11/01/26 (Call 12/01/22)^(b)		240		236,854
Viterra Finance BV
2.00%, 04/21/26 (Call 03/21/26)^(b)		390		329,230
4.90%, 04/21/27 (Call 03/21/27)^(b)		225		205,274


				16,866,086

Airlines — 0.3%
Air Canada, 3.88%, 08/15/26 (Call 02/15/26)^(b)		521		460,804
Air Canada Pass Through Trust
Series 2015-1, Class A, 3.60%, 09/15/28^(b)		23		20,785
Series 2020-1, Class C, 10.50%, 07/15/26^(b)		155		158,413
Alaska Airlines Pass Through Trust, Series 2020-1, 4.80%, 02/15/29^(b)		63		58,808
Allegiant Travel Co.
7.25%, 08/15/27 (Call 08/15/24)^(b)		255		240,307
8.50%, 02/05/24 (Call 08/05/23)^(b)		75		74,342
American Airlines Group Inc., 3.75%, 03/01/25^(b)(d)		235		207,028
American Airlines Inc., 11.75%, 07/15/25^(b)		1,075		1,176,566
American Airlines Inc./AAdvantage Loyalty IP Ltd., 5.50%, 04/20/26^(b)		1,525		1,453,386
American Airlines Pass Through Trust
Series 2013-1, Class A, 4.00%, 01/15/27		96		81,161
Series 2014-1, Class A, 3.70%, 04/01/28		230		191,843
Series 2015-1, Class A, 3.38%, 11/01/28		156		126,064
Azul Investments LLP, 7.25%, 06/15/26^(c)		200		126,942
Continental Airlines Pass Through Trust, Series 2012-2, Class A, 4.00%, 10/29/24		155		144,575
Delta Air Lines Inc.
2.90%, 10/28/24 (Call 09/28/24)		440		415,659
7.00%, 05/01/25^(b)(d)		1,089		1,103,320
7.38%, 01/15/26 (Call 12/15/25)		375		383,426
Delta Air Lines Inc./SkyMiles IP Ltd., 4.50%, 10/20/25^(b)		1,072		1,044,235
Delta Air Lines Pass Through Trust, Series 2019-1, Class AA, 3.20%, 10/25/25		155		148,704
Gol Finance SA, 7.00%, 01/31/25^(c)		650		282,744
Grupo Aeromexico SAB de CV, 8.50%, 03/17/27 (Call 03/17/24)^(c)		200		164,302


Security	Par (000)		Value

Airlines (continued)
Hawaiian Airlines Pass Through Certificates, Series 2013-1, Class A, 3.90%, 07/15/27^(d)	$	93	$	75,699
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd., 5.75%, 01/20/26 (Call 01/20/24)^(b)		520		479,747
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., 6.50%, 06/20/27 (Call 06/30/23)^(b)		600		593,790
Southwest Airlines Co.
5.13%, 06/15/27 (Call 04/15/27)		1,030		1,004,281
5.25%, 05/04/25 (Call 04/04/25)		1,012		1,007,476
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., 8.00%, 09/20/25 (Call 09/20/23)^(b)		228		231,466
U.S. Airways Pass Through Trust, Series 2013-1, Class A, 3.95%, 05/15/27^(d)		131		116,375
United Airlines Holdings Inc.
4.88%, 01/15/25^(d)		160		152,861
5.00%, 02/01/24^(d)		130		127,985
United Airlines Inc., 4.38%, 04/15/26 (Call 10/15/25)^(b)		870		796,006
United Airlines Pass Through Trust
Series 2012-1 A, Class A, 4.15%, 10/11/25		171		162,576
Series 2013-1, Class A, 4.30%, 02/15/27		356		326,356
Series 2014-1, Class A, 4.00%, 10/11/27		415		373,886
Series 2014-2, Class A, 3.75%, 03/03/28^(d)		201		178,522
Series 2016-1, Class B, 3.65%, 07/07/27^(d)		86		75,101
Series 2020-1, Class A, 5.88%, 10/15/27		395		380,451
Series 2020-1, Class B, 4.88%, 07/15/27		191		176,978
Unity 1 Sukuk Ltd., 2.39%, 11/03/25^(c)		400		367,856


				14,690,826

Apparel — 0.1%
Hanesbrands Inc.
4.63%, 05/15/24 (Call 02/15/24)^(b)		435		422,881
4.88%, 05/15/26 (Call 02/15/26)^(b)		405		371,721
Michael Kors USA Inc., 4.25%, 11/01/24 (Call 09/01/24)^(b)		457		431,787
NIKE Inc.
2.38%, 11/01/26 (Call 08/01/26)		200		182,008
2.40%, 03/27/25 (Call 02/27/25)		623		588,922
2.75%, 03/27/27 (Call 01/27/27)		228		209,135
PVH Corp., 4.63%, 07/10/25 (Call 06/10/25)		440		418,480
Ralph Lauren Corp., 3.75%, 09/15/25 (Call 07/15/25)		93		89,990
Under Armour Inc., 3.25%, 06/15/26 (Call 03/15/26)		265		227,783
VF Corp.
2.40%, 04/23/25 (Call 03/23/25)		478		442,819
2.80%, 04/23/27 (Call 02/23/27)		5		4,433
William Carter Co. (The), 5.63%, 03/15/27 (Call 12/01/22)^(b)		255		245,155


				3,635,114

Auto Manufacturers — 1.2%
Allison Transmission Inc., 4.75%, 10/01/27 (Call 11/14/22)^(b)		175		161,410
American Honda Finance Corp.
0.75%, 08/09/24		208		192,997
1.00%, 09/10/25		740		659,666
1.20%, 07/08/25		371		334,694
1.30%, 09/09/26		445		386,060
1.50%, 01/13/25		930		862,677
2.15%, 09/10/24		515		488,534
2.35%, 01/08/27		200		177,810
2.40%, 06/27/24		379		362,779
2.90%, 02/16/24		147		142,938
3.55%, 01/12/24		667		654,974


Security	Par (000)		Value

Auto Manufacturers (continued)
Aston Martin Capital Holdings Ltd., 10.50%, 11/30/25 (Call 11/01/24)^(b)	$	500	$	482,350
Baic Finance Investment Co. Ltd., 2.00%, 03/16/24^(c)		200		190,004
BMW Finance NV, 2.40%, 08/14/24 (Call 07/14/24)^(b)		435		413,646
BMW U.S. Capital LLC
0.75%, 08/12/24^(b)		232		214,475
0.80%, 04/01/24^(b)		580		546,029
1.25%, 08/12/26 (Call 07/12/26)^(b)(d)		430		367,327
2.80%, 04/11/26 (Call 01/11/26)^(b)		65		59,615
3.15%, 04/18/24 (Call 03/18/24)^(b)(d)		590		574,064
3.30%, 04/06/27 (Call 01/06/27)^(b)		100		91,302
3.45%, 04/01/27 (Call 03/01/27)^(b)		700		646,128
3.90%, 04/09/25 (Call 03/09/25)^(b)		864		835,030
Cummins Inc., 0.75%, 09/01/25 (Call 08/01/25)		245		218,170
Daimler Finance North America LLC
0.75%, 03/01/24^(b)		225		211,932
1.45%, 03/02/26^(b)		260		227,869
2.13%, 03/10/25^(b)		675		624,240
2.70%, 06/14/24^(b)		304		291,545
3.30%, 05/19/25^(b)		310		293,427
Daimler Trucks Finance North America LLC
1.63%, 12/13/24^(b)		300		275,847
2.00%, 12/14/26^(b)		500		426,130
3.50%, 04/07/25^(b)		500		472,855
3.65%, 04/07/27^(b)		425		382,555
Ford Motor Co., 4.35%, 12/08/26 (Call 09/08/26)^(d)		700		651,595
Ford Motor Credit Co. LLC
2.30%, 02/10/25 (Call 01/10/25)		525		475,267
2.70%, 08/10/26 (Call 07/10/26)		615		532,682
3.37%, 11/17/23^(d)		495		479,615
3.38%, 11/13/25 (Call 10/13/25)		1,030		935,961
3.66%, 09/08/24		315		298,755
3.81%, 01/09/24 (Call 11/09/23)		500		483,470
4.06%, 11/01/24 (Call 10/01/24)		730		698,946
4.13%, 08/04/25		600		557,700
4.13%, 08/17/27 (Call 06/17/27)		400		355,076
4.27%, 01/09/27 (Call 11/09/26)		480		433,810
4.39%, 01/08/26		625		578,675
4.54%, 08/01/26 (Call 06/01/26)		380		350,660
4.69%, 06/09/25 (Call 04/09/25)		300		284,244
4.95%, 05/28/27 (Call 04/28/27)		500		458,070
5.13%, 06/16/25 (Call 05/16/25)		895		863,720
5.58%, 03/18/24 (Call 02/18/24)		690		681,623
Geely Automobile Holdings Ltd., 4.00%, (Call 12/09/24)^(a)(c)(e)		200		172,312
Geely Finance Hong Kong Ltd., 3.00%, 03/05/25^(c)		200		182,284
General Motors Co.
6.13%, 10/01/25 (Call 09/01/25)		691		688,298
6.80%, 10/01/27 (Call 08/01/27)		500		506,820
General Motors Financial Co. Inc.
1.05%, 03/08/24		390		365,828
1.20%, 10/15/24		640		584,723
1.25%, 01/08/26 (Call 12/08/25)		689		589,102
1.50%, 06/10/26 (Call 05/10/26)		980		825,493
2.35%, 02/26/27 (Call 01/26/27)		710		602,300
2.70%, 08/20/27 (Call 06/20/27)		25		21,088
2.75%, 06/20/25 (Call 05/20/25)		925		851,028
2.90%, 02/26/25 (Call 01/26/25)		786		733,495
3.50%, 11/07/24 (Call 09/07/24)		587		559,892
3.95%, 04/13/24 (Call 02/13/24)		613		596,333


Security	Par (000)		Value

Auto Manufacturers (continued)
4.00%, 01/15/25 (Call 10/15/24)	$	605	$	581,841
4.00%, 10/06/26 (Call 07/06/26)		351		322,113
4.30%, 07/13/25 (Call 04/13/25)		185		176,237
4.35%, 04/09/25 (Call 02/09/25)		321		307,980
4.35%, 01/17/27 (Call 10/17/26)		80		73,747
5.00%, 04/09/27 (Call 03/09/27)		784		741,421
5.10%, 01/17/24 (Call 12/17/23)		924		915,795
5.25%, 03/01/26 (Call 12/01/25)		405		392,376
6.05%, 10/10/25		1,000		992,270
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)		752		698,931
Honda Motor Co. Ltd.
2.27%, 03/10/25 (Call 02/10/25)		350		328,541
2.53%, 03/10/27 (Call 02/10/27)		560		500,959
Hyundai Assan Otomotiv Sanayi ve Ticaret AS, 1.63%, 07/12/26^(c)		200		166,786
Hyundai Capital America
0.80%, 01/08/24^(b)		552		519,967
0.88%, 06/14/24^(b)		610		560,230
1.00%, 09/17/24^(b)		365		330,730
1.30%, 01/08/26 (Call 12/08/25)^(b)		575		489,348
1.50%, 06/15/26 (Call 05/15/26)^(b)		580		483,790
1.65%, 09/17/26 (Call 08/17/26)^(b)		545		452,236
1.80%, 10/15/25 (Call 09/15/25)^(b)		515		453,365
2.65%, 02/10/25 (Call 01/10/25)^(b)		450		416,484
2.75%, 09/27/26^(c)		200		172,756
3.40%, 06/20/24^(c)		425		407,507
3.50%, 11/02/26 (Call 09/02/26)^(b)		245		217,572
4.30%, 02/01/24^(c)		225		220,275
5.88%, 04/07/25 (Call 03/07/25)^(b)		359		356,401
Hyundai Capital Services Inc.
1.25%, 02/08/26^(c)		200		172,658
2.13%, 04/24/25^(c)		200		181,642
2.50%, 01/24/27^(c)		200		173,476
Hyundai Motor Manufacturing Indonesia PT, 1.75%, 05/06/26^(c)		200		169,186
Jaguar Land Rover Automotive PLC
4.50%, 10/01/27 (Call 07/01/27)^(b)		200		141,580
7.75%, 10/15/25 (Call 12/01/22)^(b)		310		286,087
JB Poindexter & Co. Inc., 7.13%, 04/15/26 (Call 12/01/22)^(b)		250		238,290
Kia Corp.
1.00%, 04/16/24^(c)		200		187,100
1.75%, 10/16/26^(c)		200		169,786
2.38%, 02/14/25^(c)		200		184,640
2.75%, 02/14/27^(c)		200		173,060
Mercedes-Benz Finance North America LLC
3.50%, 08/03/25^(b)		135		127,672
3.65%, 02/22/24^(b)		310		303,964
Nissan Motor Acceptance Co. LLC
1.13%, 09/16/24^(b)		355		317,022
1.85%, 09/16/26 (Call 08/16/26)^(b)		600		470,904
Nissan Motor Acceptance Corp.
1.05%, 03/08/24^(b)		245		225,498
2.00%, 03/09/26 (Call 02/09/26)^(b)		165		134,579
Nissan Motor Co. Ltd.
3.52%, 09/17/25 (Call 08/17/25)^(b)		825		732,542
4.35%, 09/17/27 (Call 07/17/27)^(b)		1,000		843,170


Security	Par (000)		Value

Auto Manufacturers (continued)
PACCAR Financial Corp.
0.35%, 02/02/24	$	9	$	8,515
0.50%, 08/09/24		290		268,085
0.90%, 11/08/24		175		161,458
1.10%, 05/11/26		215		188,884
1.80%, 02/06/25		206		192,214
2.00%, 02/04/27		375		332,351
2.15%, 08/15/24		300		284,877
2.85%, 04/07/25		25		23,799
3.15%, 06/13/24		495		481,600
3.55%, 08/11/25		195		188,672
4.95%, 10/03/25		340		339,915
Stellantis Finance U.S. Inc., 1.71%, 01/29/27 (Call 12/29/26)^(b)		480		397,138
Toyota Motor Corp.
0.68%, 03/25/24 (Call 02/25/24)		955		899,390
1.34%, 03/25/26 (Call 02/25/26)		1,037		916,034
2.36%, 07/02/24		336		322,261
Toyota Motor Credit Corp.
0.50%, 06/18/24		575		534,882
0.63%, 09/13/24		675		623,180
0.80%, 01/09/26		15		13,103
1.13%, 06/18/26		780		677,329
1.45%, 01/13/25		970		899,180
1.80%, 02/13/25		403		375,834
1.90%, 01/13/27		735		644,154
2.00%, 10/07/24		435		411,018
2.90%, 04/17/24		238		231,008
3.00%, 04/01/25		315		300,368
3.05%, 03/22/27		595		544,693
3.20%, 01/11/27		25		23,123
3.35%, 01/08/24		181		177,930
3.40%, 04/14/25		38		36,577
3.65%, 08/18/25		805		775,086
3.95%, 06/30/25		380		370,337
4.40%, 09/20/24		900		891,207
4.55%, 09/20/27		840		817,110
Volkswagen Group of America Finance LLC
1.25%, 11/24/25 (Call 10/24/25)^(b)		680		594,742
2.85%, 09/26/24^(b)		220		209,128
3.35%, 05/13/25^(b)		695		655,142
3.95%, 06/06/25^(b)(d)		500		478,565
4.35%, 06/08/27 (Call 05/08/27)^(b)		600		556,506


				61,111,186

Auto Parts & Equipment — 0.1%
Adient Global Holdings Ltd., 4.88%, 08/15/26 (Call 12/01/22)^(b)(d)		360		321,631
American Axle & Manufacturing Inc.
6.25%, 03/15/26 (Call 11/14/22)^(d)		90		85,500
6.50%, 04/01/27 (Call 12/01/22)		225		207,675
BorgWarner Inc.
2.65%, 07/01/27 (Call 05/01/27)		255		222,648
3.38%, 03/15/25 (Call 12/15/24)		199		190,111
5.00%, 10/01/25^(b)		170		165,556
Clarios Global LP, 6.75%, 05/15/25 (Call 12/01/22)^(b)		202		202,248
Clarios Global LP/Clarios US Finance Co.
6.25%, 05/15/26 (Call 12/01/22)^(b)(d)		405		395,013
8.50%, 05/15/27 (Call 12/01/22)^(b)(d)		865		850,632
Cooper-Standard Automotive Inc.
5.63%, 11/15/26 (Call 11/16/22)^(b)		185		69,577


Security	Par (000)		Value

Auto Parts & Equipment (continued)
13.00%, 06/01/24 (Call 12/01/22)^(b)(d)	$	125	$	128,325
Dana Financing Luxembourg Sarl, 5.75%, 04/15/25 (Call 12/01/22)^(b)		200		195,428
Goodyear Tire & Rubber Co. (The)
4.88%, 03/15/27 (Call 12/15/26)^(d)		305		277,568
5.00%, 05/31/26 (Call 12/01/22)		425		408,170
9.50%, 05/31/25 (Call 11/16/22)		385		401,513
IHO Verwaltungs GmbH
4.75%, 09/15/26 (Call 11/11/22), (5.50% PIK)^(b)(f)		270		230,051
6.00%, 05/15/27 (Call 11/11/22), (6.75% PIK)^(b)(f)		200		171,842
Magna International Inc.
3.63%, 06/15/24 (Call 03/15/24)		201		196,132
4.15%, 10/01/25 (Call 07/01/25)		115		111,755
Tenneco Inc.
5.00%, 07/15/26 (Call 11/07/22)		247		246,039
5.38%, 12/15/24 (Call 11/07/22)^(d)		135		133,466
ZF North America Capital Inc., 4.75%, 04/29/25^(b)		470		441,123


				5,652,003

Banks — 10.9%
ABN AMRO Bank NV
1.54%, 06/16/27 (Call 06/16/26)^(a)(b)		650		543,667
4.75%, 07/28/25^(b)		555		525,502
4.80%, 04/18/26^(b)		330		308,623
ABQ Finance Ltd.
1.88%, 09/08/25^(c)		400		356,232
3.13%, 09/24/24^(c)		400		380,404
Abu Dhabi Commercial Bank PJSC
3.50%, 03/31/27^(c)		200		183,544
4.50%, 09/14/27^(c)		200		190,468
Access Bank PLC, 6.13%, 09/21/26^(c)		200		145,128
Agricultural Bank of China Ltd., 0.75%, 03/02/24^(c)		200		189,468
Agricultural Bank of China Ltd./Hong Kong
0.70%, 06/17/24^(c)		200		186,962
1.25%, 06/17/26^(c)		400		353,760
2.25%, 03/01/27^(c)		200		180,094
Agricultural Bank of China Ltd./New York
0.85%, 01/19/24^(c)		200		190,718
1.25%, 01/19/26^(c)		800		717,720
1.50%, 01/18/25^(c)		200		185,796
Ahli United Sukuk Ltd., 3.88%, (Call 06/17/26)^(a)(c)(e)		200		182,362
AIB Group PLC
4.26%, 04/10/25 (Call 04/10/24)^(a)(b)		550		524,227
7.58%, 10/14/26		500		497,135
Akbank TAS
5.13%, 03/31/25^(c)		200		178,876
6.80%, 02/06/26^(c)		200		180,962
6.80%, 06/22/31 (Call 06/22/26)^(a)(c)		200		164,708
ANZ Bank New Zealand Ltd., 5.55%, 08/11/32 (Call 08/11/27)^(a)(b)		285		271,274
ANZ New Zealand Int’l Ltd./London
1.25%, 06/22/26^(b)		275		237,053
2.17%, 02/18/25^(b)		380		353,145
3.40%, 03/19/24^(b)		685		667,642
Aozora Bank Ltd., 1.05%, 09/09/24^(c)		200		183,328
Arab National Bank, 3.33%, 10/28/30 (Call 10/28/25)^(a)(c)		400		371,848
ASB Bank Ltd.
1.63%, 10/22/26^(b)		200		171,960
3.13%, 05/23/24^(b)		425		410,427
5.28%, 06/17/32 (Call 06/17/27)^(a)(b)		380		350,558
AUB Sukuk Ltd., 2.62%, 09/09/26^(c)		200		177,160


Security	Par (000)		Value

Banks (continued)
Australia & New Zealand Banking Group Ltd.
2.95%, 07/22/30 (Call 07/22/25)^(a)(b)	$	1,145	$	1,020,699
4.40%, 05/19/26^(b)		200		187,046
Banco Bilbao Vizcaya Argentaria SA
1.13%, 09/18/25		1,105		965,129
5.86%, 09/14/26 (Call 09/14/25)^(a)		400		386,480
Banco Bradesco SA/Cayman Islands
3.20%, 01/27/25^(c)		400		377,112
4.38%, 03/18/27^(c)(d)		200		186,344
Banco de Bogota SA, 6.25%, 05/12/26^(c)		400		366,804
Banco de Credito del Peru, 2.70%, 01/11/25 (Call 12/11/24)^(c)(d)		400		371,820
Banco de Credito del Peru S.A.
3.13%, 07/01/30 (Call 07/01/25)^(a)(c)		500		438,605
3.25%, 09/30/31 (Call 09/30/26)^(a)(c)		200		168,084
Banco de Credito e Inversiones SA, 3.50%, 10/12/27^(c)		200		178,684
Banco del Estado de Chile, 2.70%, 01/09/25 (Call 12/09/24)^(c)		400		372,276
Banco do Brasil SA/Cayman
3.25%, 09/30/26^(c)		200		178,100
4.63%, 01/15/25^(c)		600		582,126
4.75%, 03/20/24^(c)		400		393,888
Banco General SA, 4.13%, 08/07/27 (Call 05/07/27)^(c)		200		182,074
Banco Inbursa SA Institucion De Banca Multiple Grupo Financiero Inbursa
4.13%, 06/06/24^(c)		650		628,108
4.38%, 04/11/27 (Call 01/11/27)^(c)		150		136,416
Banco Internacional del Peru SAA Interbank, 3.25%, 10/04/26 (Call 08/04/26)^(c)		200		179,444
Banco Nacional de Comercio Exterior SNC/Cayman Islands
2.72%, 08/11/31 (Call 08/11/26)^(a)(c)		400		338,460
4.38%, 10/14/25^(c)		400		380,640
Banco Santander Chile, 2.70%, 01/10/25 (Call 12/10/24)^(c)(d)		350		328,594
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand, 5.38%, 04/17/25^(c)		700		675,913
Banco Santander SA
1.72%, 09/14/27 (Call 09/14/26)^(a)		800		652,808
1.85%, 03/25/26		900		768,240
2.71%, 06/27/24		990		940,391
2.75%, 05/28/25		925		839,863
3.50%, 03/24/25		800		759,680
3.89%, 05/24/24		800		775,336
4.18%, 03/24/28 (Call 03/24/27)^(a)		825		726,602
5.15%, 08/18/25		300		288,567
5.18%, 11/19/25		287		272,773
5.29%, 08/18/27		925		854,006
Banco Votorantim SA, 4.38%, 07/29/25^(c)		200		189,086
Bancolombia SA, 3.00%, 01/29/25 (Call 12/29/24)		325		291,327
Bangkok Bank PCL/Hong Kong
4.05%, 03/19/24^(c)		400		393,620
4.30%, 06/15/27 (Call 05/15/27)^(c)		200		188,116
Bank Mandiri Persero Tbk PT
2.00%, 04/19/26^(c)		200		173,472
3.75%, 04/11/24^(c)		247		239,027
4.75%, 05/13/25^(c)		200		192,226
Bank Muscat SAOG, 4.75%, 03/17/26^(c)		200		189,044


Security	Par (000)		Value

Banks (continued)
Bank Negara Indonesia Persero Tbk PT
3.75%, 03/30/26^(c)	$	400	$	329,624
4.30%, (Call 03/24/27)^(a)(c)(e)		200		143,546
Bank of America Corp.
0.98%, 04/22/25 (Call 04/22/24), (SOFR + 0.690%)^(a)		1,117		1,034,577
0.98%, 09/25/25 (Call 09/25/24), (SOFR + 0.910%)^(a)		390		354,385
1.20%, 10/24/26 (Call 10/24/25), (SOFR + 1.010%)^(a)		2,320		2,012,809
1.32%, 06/19/26 (Call 06/19/25), (SOFR + 1.150%)^(a)		2,359		2,083,658
1.53%, 12/06/25 (Call 12/06/24), (SOFR + 0.650%)^(a)		1,690		1,540,756
1.73%, 07/22/27 (Call 07/22/26), (SOFR + 0.960%)^(a)		3,500		2,991,765
1.84%, 02/04/25 (Call 02/04/24), (SOFR + 0.670%)^(a)		643		609,178
2.02%, 02/13/26 (Call 02/13/25), (3 mo. LIBOR US + 0.640%)^(a)		2,565		2,347,078
2.46%, 10/22/25 (Call 10/22/24), (3 mo. LIBOR US + 0.870%)^(a)		1,280		1,193,638
2.55%, 02/04/28 (Call 02/04/27), (SOFR + 1.050%)^(a)		1,045		903,800
3.09%, 10/01/25 (Call 10/01/24), (3 mo. LIBOR US + 1.090%)^(a)		395		373,935
3.37%, 01/23/26 (Call 01/23/25), (3 mo. LIBOR US + 0.810%)^(a)		1,039		979,060
3.38%, 04/02/26 (Call 04/02/25), (SOFR + 1.330%)^(a)		1,500		1,408,635
3.46%, 03/15/25 (Call 03/15/24), (3 mo. LIBOR US + 0.970%)^(a)		1,432		1,380,548
3.50%, 04/19/26		655		612,307
3.56%, 04/23/27 (Call 04/23/26), (3 mo. LIBOR US + 1.060%)^(a)		100		92,029
3.59%, 07/21/28 (Call 07/21/27), (3 mo. LIBOR US + 1.370%)^(a)		500		448,205
3.71%, 04/24/28 (Call 04/24/27), (3 mo. LIBOR US + 1.512%)^(a)		200		180,992
3.82%, 01/20/28 (Call 01/20/27), (3 mo. LIBOR US + 1.575%)^(a)		240		219,422
3.84%, 04/25/25 (Call 04/25/24), (SOFR + 1.110%)^(a)		1,410		1,364,189
3.88%, 08/01/25		390		376,861
4.00%, 04/01/24		1,046		1,031,199
4.00%, 01/22/25		252		243,016
4.13%, 01/22/24		991		979,534
4.20%, 08/26/24		1,295		1,266,523
4.25%, 10/22/26		200		189,192
4.38%, 04/27/28 (Call 04/27/27), (SOFR + 1.580%)^(a)		1,255		1,167,250
4.45%, 03/03/26		669		641,310
4.83%, 07/22/26 (Call 07/22/25)^(a)		1,145		1,113,169
4.95%, 07/22/28 (Call 07/22/27)^(a)		1,090		1,039,773
Series L, 3.95%, 04/21/25		460		440,510
Series N, 1.66%, 03/11/27 (Call 03/11/26), (SOFR + 0.910%)^(a)		2,240		1,934,419
Bank of China Ltd.
3.50%, 04/20/27^(c)		200		189,348
5.00%, 11/13/24^(c)		1,800		1,778,796
Bank of China Ltd./Hong Kong
0.75%, 02/04/24^(c)		400		378,976
1.25%, 06/24/25^(c)		600		545,784
2.38%, 01/16/25^(c)		600		567,690
3.13%, 04/17/24^(c)		200		195,110
Bank of China Ltd./London, 1.00%, 11/02/24^(c)		200		185,218
Bank of China Ltd./Luxembourg, 1.40%, 04/28/26^(c)		400		357,532
Bank of China/Johannesburg, 1.88%, 02/16/25^(c)		200		186,850
Bank of Communications Co. Ltd., 3.80%, (Call 11/18/25)^(a)(c)(e)		1,500		1,387,170


Security	Par (000)		Value

Banks (continued)
Bank of Communications Co. Ltd./Hong Kong, 1.20%, 09/10/25^(c)	$	400	$	359,936
Bank of Communications Hong Kong Ltd., 2.30%, 07/08/31 (Call 07/08/26)^(a)(c)		400		349,424
Bank of East Asia Ltd. (The), 4.00%, 05/29/30 (Call 05/29/25)^(a)(c)		500		456,115
Bank of Ireland Group PLC, 6.25%, 09/16/26 (Call 09/16/25)^(a)(b)		655		632,985
Bank of Montreal
0.63%, 07/09/24		565		522,246
0.95%, 01/22/27 (Call 01/22/26), (SOFR + 0.603%)^(a)		160		138,042
1.25%, 09/15/26		815		693,345
1.50%, 01/10/25		665		610,596
1.85%, 05/01/25		339		311,283
2.15%, 03/08/24		850		814,368
2.50%, 06/28/24		692		660,846
2.65%, 03/08/27		780		691,197
3.70%, 06/07/25		1,635		1,566,232
Series E, 3.30%, 02/05/24		906		883,975
Series H, 4.70%, 09/14/27 (Call 08/14/27)		100		95,792
Bank of New York Mellon Corp. (The)
0.50%, 04/26/24 (Call 03/26/24)		711		664,998
0.75%, 01/28/26 (Call 12/28/25)		150		131,120
1.05%, 10/15/26 (Call 09/15/26)		930		790,909
1.60%, 04/24/25 (Call 03/24/25)		936		857,105
2.05%, 01/26/27 (Call 12/26/26)		1,080		949,039
2.10%, 10/24/24		794		749,314
2.80%, 05/04/26 (Call 02/04/26)		105		97,228
3.25%, 09/11/24 (Call 08/11/24)		507		491,379
3.35%, 04/25/25 (Call 03/25/25)		532		511,582
3.40%, 05/15/24 (Call 04/15/24)		202		196,940
3.43%, 06/13/25 (Call 06/13/24)^(a)		428		414,809
3.44%, 02/07/28 (Call 02/07/27), (3 mo. LIBOR US + 1.069%)^(a)		205		187,591
3.95%, 11/18/25 (Call 10/18/25)		20		19,340
3.99%, 06/13/28 (Call 06/13/27)^(a)		190		176,976
4.41%, 07/24/26 (Call 07/24/25)^(a)		110		106,792
5.80%, 10/25/28		400		402,796
Series G, 3.00%, 02/24/25 (Call 01/24/25)		271		258,648
Series J, 0.85%, 10/25/24 (Call 09/25/24)		870		800,304
Bank of New Zealand
2.29%, 01/27/27^(b)		445		389,909
3.50%, 02/20/24^(b)		310		303,143
Bank of Nova Scotia (The)
0.65%, 07/31/24		975		897,312
0.70%, 04/15/24		855		798,339
1.05%, 03/02/26		875		758,485
1.30%, 06/11/25		246		220,940
1.30%, 09/15/26		495		422,002
1.35%, 06/24/26		750		648,533
1.45%, 01/10/25		935		856,666
1.95%, 02/02/27		600		518,376
2.20%, 02/03/25		534		497,117
2.44%, 03/11/24		800		770,112
2.95%, 03/11/27		580		519,506
3.40%, 02/11/24		961		938,983
3.45%, 04/11/25		628		597,680
4.50%, 12/16/25		115		110,231
Bank of the Philippine Islands, 2.50%, 09/10/24^(c)		200		188,298


Security	Par (000)		Value

Banks (continued)
Bank OZK, 2.75%, 10/01/31 (Call 10/01/26), (SOFR + 2.090%)^(a)	$	165	$	139,965
Bank Rakyat Indonesia Persero Tbk PT, 3.95%, 03/28/24^(c)		200		194,014
BankUnited Inc., 4.88%, 11/17/25 (Call 08/17/25)		205		197,690
Banque Federative du Credit Mutuel SA
1.00%, 02/04/25^(b)		395		355,413
1.60%, 10/04/26^(b)		560		473,682
2.38%, 11/21/24^(b)		415		388,618
4.52%, 07/13/25^(b)		485		469,912
4.75%, 07/13/27^(b)		500		472,260
Barclays PLC
1.01%, 12/10/24 (Call 12/10/23)^(a)		125		117,124
2.28%, 11/24/27 (Call 11/24/26)^(a)		972		804,145
2.85%, 05/07/26 (Call 05/07/25), (SOFR + 2.714%)^(a)		917		826,281
3.93%, 05/07/25 (Call 05/07/24), (3 mo. LIBOR US + 1.610%)^(a)		1,100		1,046,914
4.38%, 09/11/24		400		380,160
4.38%, 01/12/26		1,200		1,114,416
5.20%, 05/12/26		945		870,751
5.30%, 08/09/26 (Call 08/09/25)^(a)		685		651,791
5.50%, 08/09/28 (Call 08/09/27)^(a)		900		831,096
7.33%, 11/02/26		1,000		998,340
7.39%, 11/02/28		1,000		995,060
BBK BSC, 5.50%, 07/09/24^(c)		200		194,180
BBVA Bancomer SA/Texas
4.38%, 04/10/24^(c)		200		196,236
6.75%, 09/30/22^(c)		400		357,516
BDO Unibank Inc., 2.13%, 01/13/26^(c)		400		355,616
BNG Bank NV
1.50%, 10/16/24^(b)(d)		925		870,860
2.38%, 03/16/26^(b)		22		20,454
2.63%, 02/27/24^(b)		930		905,606
BNP Paribas SA
1.32%, 01/13/27 (Call 01/13/26)^(a)(b)		1,575		1,327,126
1.68%, 06/30/27 (Call 06/30/26)^(a)(b)		1,010		846,602
1.90%, 09/30/28 (Call 09/30/27), (SOFR + 1.609%)^(a)(b)		200		157,818
2.22%, 06/09/26 (Call 06/09/25)^(a)(b)		1,395		1,247,493
2.59%, 01/20/28 (Call 01/20/27)^(a)(b)		950		801,648
2.82%, 11/19/25 (Call 11/19/24)^(a)(b)		1,420		1,318,442
3.38%, 01/09/25^(b)		815		770,664
4.71%, 01/10/25 (Call 01/10/24)^(a)(b)		650		638,807
BOS Funding Ltd., 4.00%, 09/18/24^(c)		200		190,066
Boubyan Sukuk Ltd.
2.59%, 02/18/25^(c)		400		377,648
3.39%, 03/29/27^(c)		200		187,118
Boubyan Tier 1 Sukuk Ltd., 3.95%, (Call 10/01/26)^(a)(c)(e)		200		182,156
BPCE SA
1.63%, 01/14/25^(b)		705		644,899
1.65%, 10/06/26 (Call 10/06/25)^(a)(b)		840		721,627
2.05%, 10/19/27 (Call 10/19/26)^(a)(b)		1,050		873,064
2.38%, 01/14/25^(b)		845		775,296
4.00%, 04/15/24		865		841,965
4.50%, 03/15/25^(b)		605		568,567
4.63%, 07/11/24^(b)		565		541,801
4.88%, 04/01/26^(b)		280		260,529
5.15%, 07/21/24^(b)		405		390,339
Burgan Bank SAK
2.75%, 12/15/31 (Call 09/15/26)^(a)(c)		200		150,000
5.75%, (Call 07/09/24)^(a)(c)(e)		200		169,192


Security	Par (000)		Value

Banks (continued)
Cadence Bank, 4.13%, 11/20/29 (Call 11/20/24), (3 mo. LIBOR US + 2.470%)^(a)	$	115	$	108,889
Canadian Imperial Bank of Commerce
0.50%, 12/14/23		560		531,356
0.95%, 10/23/25		60		52,609
1.00%, 10/18/24		820		752,842
1.25%, 06/22/26		844		722,025
2.25%, 01/28/25		448		417,706
3.10%, 04/02/24		653		632,979
3.95%, 08/04/25		1,000		960,270
CBQ Finance Ltd.
2.00%, 09/15/25^(c)		400		358,668
2.00%, 05/12/26^(c)		200		175,360
China CITIC Bank International Ltd., 4.63%, 02/28/29 (Call 02/28/24)^(a)(c)		250		245,343
China Construction Bank Corp.
2.45%, 06/24/30 (Call 06/24/25)^(a)(c)		1,200		1,108,812
2.85%, 01/21/32 (Call 01/21/27)^(a)(c)		600		544,458
4.25%, 02/27/29 (Call 02/27/24)^(a)(c)		1,310		1,287,691
China Construction Bank Corp./Hong Kong
0.86%, 04/22/24^(c)		200		188,714
1.25%, 08/04/25^(c)		600		543,762
1.46%, 04/22/26^(c)		600		537,786
China Development Bank
3.00%, 06/01/26^(c)		600		568,896
3.38%, 01/24/27^(c)		200		190,724
China Everbright Bank Co. Ltd., 0.84%, 06/15/24^(c)		200		187,252
China Everbright Bank Co. Ltd./Hong Kong, 0.93%, 03/11/24^(c)		200		189,244
China Everbright Bank Co. Ltd./Luxembourg, 0.83%, 09/14/24^(c)		200		185,334
China Merchants Bank Co. Ltd./Hong Kong, 1.20%, 09/10/25^(c)		600		536,136
China Merchants Bank Co. Ltd./Luxembourg Branch, 1.25%, 09/01/26^(c)		200		174,926
CIMB Bank Bhd
2.13%, 07/20/27^(c)		200		171,702
4.69%, 10/09/24, (3 mo. LIBOR US + 0.780%)^(a)(c)		400		399,876
Citibank NA, 3.65%, 01/23/24 (Call 12/23/23)		835		822,358
Citigroup Inc.
0.98%, 05/01/25 (Call 05/01/24), (SOFR + 0.669%)^(a)		885		816,386
1.12%, 01/28/27 (Call 01/28/26), (SOFR + 0.765%)^(a)		1,749		1,487,577
1.28%, 11/03/25 (Call 11/03/24), (SOFR + 0.528%)^(a)		802		726,893
1.46%, 06/09/27 (Call 06/09/26), (SOFR + 0.770%)^(a)		1,605		1,363,496
2.01%, 01/25/26 (Call 01/25/25), (SOFR + 0.694%)^(a)		1,570		1,434,760
3.07%, 02/24/28 (Call 02/24/27), (SOFR + 1.280%)^(a)		1,265		1,116,805
3.11%, 04/08/26 (Call 04/08/25), (SOFR + 2.842%)^(a)		2,012		1,877,779
3.20%, 10/21/26 (Call 07/21/26)		1,530		1,394,641
3.29%, 03/17/26 (Call 03/17/25), (SOFR + 1.528%)^(a)		1,000		937,300
3.30%, 04/27/25		120		113,906
3.35%, 04/24/25 (Call 04/24/24), (3 mo. LIBOR US + 0.897%)^(a)		1,666		1,599,793
3.40%, 05/01/26		205		190,336
3.52%, 10/27/28 (Call 10/27/27), (3 mo. LIBOR US + 1.151%)^(a)		600		531,168
3.67%, 07/24/28 (Call 07/24/27), (3 mo. LIBOR US + 1.390%)^(a)		1,000		896,510
3.70%, 01/12/26		915		860,256
3.75%, 06/16/24		586		573,266
3.88%, 03/26/25		310		296,624


Security	Par (000)		Value

Banks (continued)
3.89%, 01/10/28 (Call 01/10/27), (3 mo. LIBOR US + 1.563%)^(a)	$	840	$	769,255
4.00%, 08/05/24		431		420,247
4.14%, 05/24/25 (Call 05/24/24), (SOFR + 1.372%)^(a)		627		609,055
4.40%, 06/10/25		1,463		1,416,945
4.60%, 03/09/26		290		278,359
4.66%, 05/24/28 (Call 05/24/27), (SOFR + 1.887%)^(a)		685		645,386
5.50%, 09/13/25		1,081		1,071,693
5.61%, 09/29/26 (Call 09/29/25)^(a)		1,520		1,499,495
Citizens Bank NA/Providence RI, 2.25%, 04/28/25 (Call 03/28/25)		170		156,436
Citizens Financial Group Inc.
2.85%, 07/27/26 (Call 04/27/26)		567		513,946
4.30%, 12/03/25 (Call 11/03/25)		300		284,817
Comerica Bank, 2.50%, 07/23/24		370		352,270
Commercial Bank of Dubai PSC, 6.00%, (Call 04/21/26)^(a)(c)(e)		200		187,112
Commercial Bank PSQC (The), 4.50%, (Call 03/03/26)^(a)(c)(e)		400		356,068
Commonwealth Bank of Australia
1.13%, 06/15/26^(b)		985		851,651
2.30%, 03/14/25^(b)(d)		965		903,993
2.55%, 03/14/27^(b)		965		867,496
2.63%, 09/06/26^(b)		45		40,895
2.85%, 05/18/26^(b)		300		277,494
4.50%, 12/09/25^(b)		200		192,842
Cooperatieve Rabobank UA
1.00%, 09/24/26 (Call 09/24/25)^(a)(b)		600		517,950
1.11%, 02/24/27 (Call 02/24/26)^(a)(b)		1,085		917,150
1.34%, 06/24/26 (Call 06/24/25)^(a)(b)		1,000		879,030
1.98%, 12/15/27 (Call 12/15/26)^(a)(b)		650		545,838
2.63%, 07/22/24^(b)(d)		745		709,173
4.00%, 04/10/29 (Call 04/10/24)^(a)(c)		200		187,948
4.38%, 08/04/25		410		387,897
4.66%, 08/22/28 (Call 08/22/27)^(a)(b)		1,000		925,670
Cooperatieve Rabobank UA/NY
1.38%, 01/10/25		945		867,841
3.38%, 05/21/25		295		281,787
Corp. Financiera de Desarrollo SA, 4.75%, 07/15/25^(c)		200		189,624
Credicorp Ltd., 2.75%, 06/17/25 (Call 05/17/25)^(c)		200		183,622
Credit Agricole Corporate & Investment Bank SA, 0.78%, 06/28/24 (Call 12/28/22)		100		92,570
Credit Agricole SA
1.25%, 01/26/27 (Call 01/26/26)^(a)(b)		1,025		863,060
2.02%, 01/11/27^(b)(d)		730		628,837
Credit Agricole SA/London
1.91%, 06/16/26 (Call 06/16/25)^(a)(b)		1,190		1,054,388
2.38%, 01/22/25^(b)		250		232,358
3.25%, 10/04/24^(b)		1,355		1,287,724
Credit Suisse AG/New York NY
0.50%, 02/02/24		420		383,498
1.25%, 08/07/26		937		748,110
2.95%, 04/09/25		720		644,321
3.70%, 02/21/25		540		494,078
4.75%, 08/09/24		750		712,073
5.00%, 07/09/27		750		674,610
Credit Suisse Group AG
1.31%, 02/02/27 (Call 02/02/26)^(a)(b)		1,045		827,400
2.19%, 06/05/26 (Call 06/05/25)^(a)(b)		820		691,875
2.59%, 09/11/25 (Call 09/11/24)^(a)(b)		950		845,500


Security	Par (000)		Value

Banks (continued)
3.75%, 03/26/25	$	730	$	654,562
4.55%, 04/17/26		1,145		1,002,917
6.37%, 07/15/26 (Call 07/15/25)^(a)(b)		750		699,548
6.44%, 08/11/28 (Call 08/11/27)^(a)(b)		500		455,640
Dah Sing Bank Ltd., 3.00%, 11/02/31 (Call 11/02/26)^(a)(c)		250		217,750
Danske Bank A/S
1.23%, 06/22/24 (Call 06/22/23)^(b)		677		618,338
1.55%, 09/10/27 (Call 09/10/26)^(a)(b)		600		494,148
1.62%, 09/11/26 (Call 09/11/25)^(a)(b)		200		170,770
3.24%, 12/20/25 (Call 12/20/24)^(a)(b)		520		480,137
3.77%, 03/28/25 (Call 03/28/24)^(a)(b)		525		499,590
4.30%, 04/01/28 (Call 04/01/27)^(a)(b)		800		705,816
5.38%, 01/12/24^(b)		535		527,328
DBS Group Holdings Ltd.
1.82%, 03/10/31 (Call 03/10/26)^(a)(c)		400		345,036
3.30%, (Call 02/27/25)^(a)(c)(e)		400		350,080
4.52%, 12/11/28 (Call 12/11/23)^(a)(b)(d)		365		360,678
Deutsche Bank AG
4.10%, 01/13/26		75		70,683
4.50%, 04/01/25		700		650,629
6.12%, 07/14/26 (Call 07/14/25)^(a)		520		497,099
Deutsche Bank AG/London, 3.70%, 05/30/24		549		530,548
Deutsche Bank AG/New York NY
0.90%, 05/28/24		577		529,617
1.45%, 04/01/25 (Call 04/01/24), (SOFR + 1.131%)^(a)		432		393,396
1.69%, 03/19/26		485		417,391
2.13%, 11/24/26 (Call 11/24/25), (SOFR + 1.870%)^(a)		995		837,412
2.31%, 11/16/27 (Call 11/16/26), (SOFR + 1.219%)^(a)		925		737,382
2.55%, 01/07/28 (Call 01/07/27), (SOFR + 1.318%)^(a)		875		700,061
3.96%, 11/26/25 (Call 11/26/24), (SOFR + 2.581%)^(a)		830		764,571
4.10%, 01/13/26		417		388,231
Development Bank of Kazakhstan JSC, 5.75%, 05/12/25^(c)		200		198,000
Dexia Credit Local SA, 1.63%, 10/16/24^(b)		1,705		1,604,797
DIB Sukuk Ltd.
1.96%, 06/22/26^(c)		400		351,740
2.74%, 02/16/27^(c)		400		359,184
2.95%, 02/20/25^(c)		300		283,149
2.95%, 01/16/26^(c)		600		554,400
DIB Tier 1 Sukuk 3 Ltd., 6.25%, (Call 01/22/25)^(a)(c)(e)		600		593,508
DIB Tier 1 Sukuk 4 Ltd., 4.63%, (Call 05/19/26)^(a)(c)(e)		200		187,164
DIB Tier 1 Sukuk 5 Ltd., 3.38%, (Call 10/19/26)^(a)(c)(e)		200		179,874
Discover Bank, 2.45%, 09/12/24 (Call 08/12/24)		735		690,202
DNB Bank ASA
1.54%, 05/25/27 (Call 05/25/26)^(a)(b)		720		612,173
2.97%, 03/28/25 (Call 03/28/24)^(a)(b)		975		932,763
5.90%, 10/09/26		1,000		985,420
Doha Finance Ltd., 2.38%, 03/31/26^(c)		200		175,616
Ecobank Transnational Inc., 9.50%, 04/18/24^(c)		200		188,500
EI Sukuk Co. Ltd.
1.83%, 09/23/25^(c)		200		181,170
2.08%, 11/02/26^(c)		200		176,064
Emirates Development Bank PJSC
1.64%, 06/15/26^(c)		200		176,868
3.52%, 03/06/24^(c)		400		390,120
Emirates NBD Bank PJSC
1.64%, 01/13/26^(c)		400		353,172
2.63%, 02/18/25^(c)		200		187,196
4.25%, (Call 02/27/27)^(a)(c)(e)		200		171,168
6.13%, (Call 03/20/25)^(a)(c)(e)		400		378,776


Security	Par (000)		Value

Banks (continued)
6.13%, (Call 04/09/26)^(a)(c)(e)	$	400	$	376,972
Fab Sukuk Co. Ltd.
1.41%, 01/14/26^(c)		400		352,524
3.88%, 01/22/24^(c)		600		588,270
Federation des Caisses Desjardins du Quebec
0.70%, 05/21/24^(b)		460		426,314
2.05%, 02/10/25^(b)		445		409,080
4.40%, 08/23/25^(b)		600		576,108
4.55%, 08/23/27^(b)		600		560,994
Fifth Third Bancorp.
1.71%, 11/01/27 (Call 11/01/26), (SOFR + 0.685%)^(a)		885		753,002
2.38%, 01/28/25 (Call 12/28/24)		407		379,035
3.65%, 01/25/24 (Call 12/25/23)		540		528,892
4.06%, 04/25/28 (Call 04/25/27)^(a)		800		733,400
4.30%, 01/16/24 (Call 12/16/23)		184		181,312
6.36%, 10/27/28		1,000		1,005,980
Fifth Third Bank NA, 5.85%, 10/27/25		1,000		1,001,000
First Abu Dhabi Bank PJSC, 4.50%, (Call 04/05/26)^(a)(c)(e)		600		548,514
First Horizon Corp., 4.00%, 05/26/25 (Call 04/26/25)		412		394,494
First-Citizens Bank & Trust Co., 2.97%, 09/27/25 (Call 09/27/24), (SOFR + 1.715%)^(a)		300		281,028
Freedom Mortgage Corp.
6.63%, 01/15/27 (Call 01/15/24)^(b)		230		171,502
7.63%, 05/01/26 (Call 05/01/23)^(b)		255		201,335
8.13%, 11/15/24 (Call 12/01/22)^(b)		180		158,623
8.25%, 04/15/25 (Call 12/01/22)^(b)		238		204,885
Goldman Sachs Group Inc. (The)
0.86%, 02/12/26 (Call 02/12/25), (SOFR + 0.609%)^(a)		320		283,654
1.09%, 12/09/26 (Call 12/09/25), (SOFR + 0.789%)^(a)		1,130		972,410
1.43%, 03/09/27 (Call 03/09/26), (SOFR + 0.798%)^(a)		1,139		974,688
1.54%, 09/10/27 (Call 09/10/26), (SOFR + 0.818%)^(a)		1,474		1,237,909
1.76%, 01/24/25 (Call 01/24/24), (SOFR + 0.730%)^(a)		1,140		1,077,061
1.95%, 10/21/27 (Call 10/21/26), (SOFR + 0.913%)^(a)		1,945		1,652,803
2.64%, 02/24/28 (Call 02/24/27), (SOFR + 1.114%)^(a)		1,138		984,029
3.00%, 03/15/24		591		571,491
3.27%, 09/29/25 (Call 09/29/24), (3 mo. LIBOR US + 1.201%)^(a)		902		854,988
3.50%, 01/23/25 (Call 10/23/24)		1,212		1,160,078
3.50%, 04/01/25 (Call 03/01/25)		1,638		1,551,628
3.50%, 11/16/26 (Call 11/16/25)		1,064		977,795
3.62%, 03/15/28 (Call 03/15/27), (SOFR + 1.846%)^(a)		1,750		1,577,187
3.63%, 02/20/24 (Call 01/20/24)		837		818,360
3.69%, 06/05/28 (Call 06/05/27), (3 mo. LIBOR US + 1.510%)^(a)		1,300		1,168,310
3.75%, 05/22/25 (Call 02/22/25)		961		915,410
3.75%, 02/25/26 (Call 11/25/25)		890		836,244
3.85%, 07/08/24 (Call 04/08/24)		908		887,488
3.85%, 01/26/27 (Call 01/26/26)		774		718,272
4.00%, 03/03/24		1,751		1,719,132
4.10%, 05/31/24^(g)		36		35,180
4.25%, 10/21/25		1,045		1,000,264
4.39%, 06/15/27 (Call 06/15/26)^(a)		520		488,779
4.48%, 08/23/28 (Call 08/23/27)^(a)		1,210		1,124,526
5.70%, 11/01/24		430		429,948
5.95%, 01/15/27		63		63,580
Gulf International Bank BSC, 2.38%, 09/23/25^(c)		200		180,368
Hana Bank
1.25%, 12/16/26^(c)		200		168,530
3.25%, 03/30/27^(c)		200		179,770
3.50%, 01/30/24^(c)		200		196,138


Security	Par (000)		Value

Banks (continued)
4.25%, 10/14/24^(c)	$	200	$	193,820
HSBC Holdings PLC
0.98%, 05/24/25 (Call 05/24/24), (SOFR + 0.708%)^(a)		895		813,886
1.16%, 11/22/24 (Call 11/22/23), (SOFR + 0.580%)^(a)		795		745,988
1.59%, 05/24/27 (Call 05/24/26), (SOFR + 1.290%)^(a)		1,201		987,330
1.65%, 04/18/26 (Call 04/18/25), (SOFR + 1.538%)^(a)		1,465		1,280,088
2.10%, 06/04/26 (Call 06/04/25), (SOFR + 1.929%)^(a)		1,110		976,178
2.25%, 11/22/27 (Call 11/22/26), (SOFR + 1.100%)^(a)		1,250		1,028,487
2.63%, 11/07/25 (Call 11/07/24), (SOFR + 1.401%)^(a)		1,245		1,137,855
3.00%, 03/10/26 (Call 03/10/25), (SOFR + 1.430%)^(a)		1,485		1,348,825
3.80%, 03/11/25 (Call 03/11/24), (3 mo. LIBOR US + 1.211%)^(a)		1,260		1,203,111
3.90%, 05/25/26		370		337,914
4.04%, 03/13/28 (Call 03/13/27), (3 mo. LIBOR US + 1.546%)^(a)		1,000		876,180
4.18%, 12/09/25 (Call 12/09/24)^(a)		430		406,023
4.25%, 03/14/24		1,070		1,035,193
4.25%, 08/18/25		795		740,479
4.29%, 09/12/26 (Call 09/12/25), (3 mo. LIBOR US + 1.348%)^(a)		345		318,245
4.30%, 03/08/26		1,545		1,454,695
4.38%, 11/23/26		510		464,202
4.76%, 06/09/28 (Call 06/09/27)^(a)		1,000		900,520
5.21%, 08/11/28 (Call 08/11/27)^(a)		1,100		1,008,700
7.34%, 11/03/26 (Call 11/03/25)		1,500		1,500,000
7.39%, 11/03/28 (Call 11/03/27)		705		705,000
HSBC USA Inc.
3.50%, 06/23/24		470		452,972
3.75%, 05/24/24		600		582,768
Huntington Bancshares Inc., 4.44%, 08/04/28 (Call 08/04/27)^(a)		160		148,840
Huntington Bancshares Inc./OH
2.63%, 08/06/24 (Call 07/06/24)		1,012		966,703
4.00%, 05/15/25 (Call 04/15/25)		376		362,265
Huntington National Bank (The)
4.01%, 05/16/25 (Call 05/16/24)^(a)		285		277,724
4.55%, 05/17/28 (Call 05/17/27)^(a)		280		267,193
ICICI Bank Ltd./Dubai, 4.00%, 03/18/26^(c)		200		188,134
Industrial & Commercial Bank of China Ltd.
3.20%, (Call 09/24/26)^(a)(c)(e)		3,000		2,674,290
4.88%, 09/21/25^(c)		600		589,620
Industrial & Commercial Bank of China Ltd./Dubai DIFC, 4.85%, 10/17/24, (3 mo. LIBOR US + 0.770%)^(a)(c)		600		599,478
Industrial & Commercial Bank of China Ltd./Hong Kong
1.20%, 07/20/25^(c)		800		724,096
4.26%, 09/16/24, (3 mo. LIBOR US + 0.780%)^(a)(c)		800		800,296
Industrial & Commercial Bank of China Ltd./Singapore
1.20%, 09/09/25^(c)		600		540,456
5.19%, 04/25/24, (3 mo. LIBOR US + 0.830%)^(a)(c)		400		400,628
Industrial & Commercial Bank of China Macau Ltd., 2.88%, 09/12/29 (Call 09/12/24)^(a)(c)		600		569,070
Industrial Bank Co. Ltd./Hong Kong
0.88%, 06/10/24^(c)		700		656,551
1.13%, 11/06/23^(c)		200		192,176
ING Groep NV
1.40%, 07/01/26 (Call 07/01/25)^(a)(b)		475		416,100
1.73%, 04/01/27 (Call 04/01/26), (SOFR + 1.005%)^(a)		625		531,750
3.55%, 04/09/24		545		529,162
3.87%, 03/28/26 (Call 03/28/25), (SOFR + 1.640%)^(a)		975		915,915
3.95%, 03/29/27		460		418,066


Security	Par (000)		Value

Banks (continued)
4.02%, 03/28/28 (Call 03/28/27), (SOFR + 1.830%)^(a)	$	505	$	453,929
4.63%, 01/06/26^(b)		500		475,940
International Bank of Azerbaijan OJSC, 3.50%, 09/01/24^(c)		330		310,200
Intesa Sanpaolo SpA
5.02%, 06/26/24^(b)		880		840,180
5.71%, 01/15/26^(b)		650		591,260
Series XR, 3.25%, 09/23/24^(b)		425		396,695
Itau Unibanco Holding SA/Cayman Island, 3.25%, 01/24/25^(c)(d)		200		191,000
JPMorgan Chase & Co.
0.56%, 02/16/25 (Call 02/16/24), (SOFR + 0.420%)^(a)		610		567,794
0.77%, 08/09/25 (Call 08/09/24), (SOFR + 0.490%)^(a)		1,045		951,650
0.82%, 06/01/25 (Call 06/01/24), (SOFR + 0.540%)^(a)		930		856,688
0.97%, 06/23/25 (Call 06/23/24), (SOFR + 0.580%)^(a)		1,130		1,039,193
1.04%, 02/04/27 (Call 02/04/26), (SOFR + 0.695%)^(a)		475		404,083
1.05%, 11/19/26 (Call 11/19/25), (SOFR + 0.800%)^(a)		1,330		1,145,848
1.47%, 09/22/27 (Call 09/22/26), (SOFR + 0.765%)^(a)		1,644		1,381,733
1.56%, 12/10/25 (Call 12/10/24), (SOFR + 0.605%)^(a)		1,525		1,391,517
1.58%, 04/22/27 (Call 04/22/26), (SOFR + 0.885%)^(a)		1,988		1,708,030
2.01%, 03/13/26 (Call 03/13/25), (SOFR + 1.585%)^(a)		1,600		1,459,184
2.08%, 04/22/26 (Call 04/22/25), (SOFR + 1.850%)^(a)		2,054		1,870,352
2.18%, 06/01/28 (Call 06/01/27), (SOFR + 1.890%)^(a)		335		283,464
2.30%, 10/15/25 (Call 10/15/24), (SOFR + 1.160%)^(a)		1,405		1,310,120
2.60%, 02/24/26 (Call 02/24/25), (SOFR + 0.915%)^(a)		1,000		926,680
2.95%, 10/01/26 (Call 07/01/26)		910		831,431
2.95%, 02/24/28 (Call 02/24/27), (SOFR + 1.170%)^(a)		965		849,673
3.13%, 01/23/25 (Call 10/23/24)		719		687,975
3.22%, 03/01/25 (Call 03/01/24), (3 mo. LIBOR US + 1.155%)^(a)		945		912,681
3.30%, 04/01/26 (Call 01/01/26)		226		211,066
3.54%, 05/01/28 (Call 05/01/27), (3 mo. LIBOR US + 1.380%)^(a)		242		217,669
3.63%, 05/13/24		865		847,812
3.78%, 02/01/28 (Call 02/01/27), (3 mo. LIBOR US + 1.337%)^(a)		645		587,782
3.85%, 06/14/25 (Call 06/14/24)^(a)		1,620		1,575,223
3.88%, 02/01/24		220		217,272
3.88%, 09/10/24		1,832		1,784,698
3.90%, 07/15/25 (Call 04/15/25)		198		191,343
3.96%, 01/29/27 (Call 01/29/26), (3 mo. LIBOR US + 1.245%)^(a)		1,178		1,103,939
4.02%, 12/05/24 (Call 12/05/23), (3 mo. LIBOR US + 1.000%)^(a)		1,009		990,848
4.08%, 04/26/26 (Call 04/26/25), (SOFR + 1.320%)^(a)		1,765		1,692,088
4.13%, 12/15/26		300		284,379
4.32%, 04/26/28 (Call 04/26/27), (SOFR + 1.560%)^(a)		1,631		1,518,249
4.85%, 07/25/28 (Call 07/25/27)^(a)		1,815		1,725,738
7.63%, 10/15/26		505		544,198
7.75%, 07/15/25		25		26,638
8.00%, 04/29/27		150		164,603
Kasikornbank PCL/Hong Kong, 3.34%, 10/02/31 (Call 10/02/26)^(a)(c)		400		337,100
KeyBank NA/Cleveland OH
3.30%, 06/01/25		250		237,698
4.15%, 08/08/25		650		628,264
KeyCorp
2.25%, 04/06/27		130		111,701
3.88%, 05/23/25 (Call 05/23/24)^(a)		170		165,019
4.15%, 10/29/25		145		139,919


Security	Par (000)		Value

Banks (continued)
Kookmin Bank
1.38%, 05/06/26^(c)	$	400	$	349,444
1.75%, 05/04/25^(c)		400		365,196
2.13%, 02/15/25^(c)		200		185,776
4.35%, (Call 07/02/24)^(a)(c)(e)		200		182,274
Korea Development Bank (The)
0.40%, 03/09/24		200		188,054
0.80%, 07/19/26		200		172,054
1.00%, 09/09/26		600		517,074
2.13%, 10/01/24		200		189,592
3.00%, 01/13/26		800		753,536
3.25%, 02/19/24		250		244,583
3.38%, 09/16/25		600		570,660
3.75%, 01/22/24		200		197,136
Kreditanstalt fuer Wiederaufbau
0.25%, 03/08/24		1,540		1,452,343
0.38%, 07/18/25		4,310		3,855,424
0.50%, 09/20/24		1,315		1,218,610
0.63%, 01/22/26		5,164		4,566,525
1.00%, 10/01/26		132		115,668
1.25%, 01/31/25		2,120		1,972,512
1.38%, 08/05/24		2,067		1,955,279
2.00%, 05/02/25		1,931		1,816,221
2.50%, 11/20/24		2,859		2,742,381
2.63%, 02/28/24		2,820		2,747,808
3.00%, 05/20/27		5		4,721
Landeskreditbank Baden-Wuerttemberg Foerderbank
0.50%, 12/08/25^(c)		10		8,814
2.00%, 07/23/24^(c)		1,440		1,376,611
Landwirtschaftliche Rentenbank
0.88%, 03/30/26		162		143,313
1.75%, 07/27/26		25		22,636
1.75%, 01/14/27^(c)		5		4,490
2.00%, 01/13/25		1,867		1,768,254
2.38%, 01/23/24^(c)		1,084		1,054,526
2.38%, 06/10/25		645		610,267
Series 40, 0.50%, 05/27/25		1,335		1,204,504
Lloyds Banking Group PLC
1.63%, 05/11/27 (Call 05/11/26)^(a)		850		712,547
2.44%, 02/05/26 (Call 02/05/25)^(a)		875		795,078
3.51%, 03/18/26 (Call 03/18/25)^(a)		950		880,032
3.75%, 03/18/28 (Call 03/18/27)^(a)		930		821,050
3.87%, 07/09/25 (Call 07/09/24)^(a)		340		323,962
3.90%, 03/12/24		495		482,100
4.45%, 05/08/25		365		349,984
4.50%, 11/04/24		300		289,026
4.65%, 03/24/26		1,185		1,092,712
M&T Bank Corp., 4.55%, 08/16/28 (Call 08/16/27)^(a)		850		800,590
Macquarie Bank Ltd.
2.30%, 01/22/25^(b)		680		636,684
3.23%, 03/21/25^(b)		485		463,015
3.90%, 01/15/26^(b)		410		390,447
4.00%, 07/29/25^(b)		310		298,431
Macquarie Group Ltd.
1.20%, 10/14/25 (Call 10/14/24)^(a)(b)		537		487,150
1.34%, 01/12/27 (Call 01/12/26)^(a)(b)		685		581,962
1.63%, 09/23/27 (Call 09/23/26)^(a)(b)		465		385,350
1.94%, 04/14/28 (Call 04/14/27), (SOFR + 0.995%)^(a)(b)		380		312,242
4.10%, 06/21/28 (Call 06/21/27)^(a)(b)		65		58,921
5.11%, 08/09/26 (Call 08/09/25)^(a)(b)		565		549,773


Security	Par (000)		Value

Banks (continued)
Malayan Banking Bhd, 3.72%, 08/16/24, (3 mo. LIBOR US + 0.800%)^(a)(c)	$	600	$	600,174
MAR Sukuk Ltd., 2.21%, 09/02/25^(c)		600		548,334
Mashreqbank PSC, 4.25%, 02/26/24^(c)		200		195,822
Metropolitan Bank & Trust Co., 2.13%, 01/15/26^(c)		400		354,736
Mitsubishi UFJ Financial Group Inc.
0.95%, 07/19/25 (Call 07/19/24)^(a)		1,175		1,078,438
0.96%, 10/11/25 (Call 10/11/24)^(a)		620		563,735
1.41%, 07/17/25		1,020		910,544
1.54%, 07/20/27 (Call 07/20/26)^(a)		1,290		1,090,360
1.64%, 10/13/27 (Call 10/13/26)^(a)		825		694,980
2.19%, 02/25/25		1,165		1,074,922
2.34%, 01/19/28 (Call 01/19/27)^(a)		740		632,663
2.80%, 07/18/24		305		290,561
3.41%, 03/07/24		1,199		1,165,992
3.78%, 03/02/25		65		62,386
3.84%, 04/17/26 (Call 04/17/25)^(a)		375		356,456
4.08%, 04/19/28 (Call 04/19/27)^(a)		805		739,256
4.79%, 07/18/25 (Call 07/18/24)^(a)		945		927,225
5.02%, 07/20/28 (Call 07/20/27)^(a)		800		760,968
5.06%, 09/12/25 (Call 09/12/24)^(a)		410		403,920
5.35%, 09/13/28 (Call 09/13/27)^(a)		390		376,011
Mizuho Financial Group Inc.
1.23%, 05/22/27 (Call 05/22/26)^(a)		400		336,228
1.55%, 07/09/27 (Call 07/09/26)^(a)		675		571,543
2.23%, 05/25/26 (Call 05/25/25), (3 mo. LIBOR US + 0.830%)^(a)		620		560,740
2.56%, 09/13/25 (Call 09/13/24), (SOFR + 1.362%)^(a)		695		650,652
2.65%, 05/22/26 (Call 05/22/25)^(a)		545		499,018
2.84%, 07/16/25 (Call 07/16/24), (SOFR + 1.242%)^(a)		332		314,201
2.84%, 09/13/26		200		177,596
3.48%, 04/12/26^(b)		1,000		919,210
3.66%, 02/28/27		200		181,164
5.41%, 09/13/28 (Call 09/13/27)^(a)(d)		800		772,672
Morgan Stanley
0.79%, 01/22/25 (Call 01/22/24), (SOFR + 0.509%)^(a)		315		294,090
0.79%, 05/30/25 (Call 05/30/24), (SOFR + 0.525%)^(a)		1,627		1,490,055
0.99%, 12/10/26 (Call 12/10/25), (SOFR + 0.720%)^(a)		2,405		2,060,363
1.16%, 10/21/25 (Call 10/21/24), (SOFR + 0.560%)^(a)		1,225		1,109,323
1.51%, 07/20/27 (Call 07/20/26), (SOFR + 0.858%)^(a)		1,270		1,076,998
1.59%, 05/04/27 (Call 05/04/26), (SOFR + 0.879%)^(a)		1,540		1,318,964
2.19%, 04/28/26 (Call 04/28/25), (SOFR + 1.990%)^(a)		1,836		1,675,332
2.48%, 01/21/28 (Call 01/21/27), (SOFR + 1.000%)^(a)		1,305		1,128,903
2.63%, 02/18/26 (Call 02/18/25), (SOFR + 0.940%)^(a)		935		866,277
2.72%, 07/22/25 (Call 07/22/24), (SOFR + 1.152%)^(a)		977		922,014
3.13%, 07/27/26		1,492		1,361,480
3.59%, 07/22/28 (Call 07/22/27), (3 mo. LIBOR US + 1.340%)^(a)		1,000		896,730
3.62%, 04/17/25 (Call 04/17/24), (SOFR + 1.160%)^(a)		570		550,603
3.63%, 01/20/27		1,340		1,236,110
3.70%, 10/23/24		1,423		1,379,741
3.88%, 01/27/26		740		700,824
3.95%, 04/23/27		1,410		1,305,533
4.00%, 07/23/25		332		319,729
4.21%, 04/20/28 (Call 04/20/27), (SOFR + 1.610%)^(a)		885		819,156
4.35%, 09/08/26		495		471,740
4.68%, 07/17/26 (Call 07/17/25)^(a)		845		820,191
5.00%, 11/24/25		960		944,592
6.25%, 08/09/26		225		229,154
Series F, 3.88%, 04/29/24		1,342		1,314,878


	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		127
Statements of Operations		128
Statements of Changes in Net Assets		129
Financial Highlights		130
Notes to Financial Statements		132
Report of Independent Registered Public Accounting Firm		142
Important Tax Information		143
Board Review and Approval of Investment Advisory Contract		144
Supplemental Information		148
Trustee and Officer Information		149
General Information		152
Glossary of Terms Used in this Report		153


	Average Annual Total Returns									Cumulative Total Returns


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

Fund NAV		(7.86	)%		0.48	%		0.93	%		(7.86	)%		2.41	%		9.65	%
Fund Market		(7.84	)		0.45			0.92			(7.84	)		2.25			9.62
Index		(7.91	)		0.53			1.01			(7.91	)		2.69			10.61


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		$ 970.50		$ 0.30			$ 1,000.00		$ 1,024.90		$ 0.31		0.06%




Investment Type	Percent of Total Investments^(a)


U.S. Government & Agency Obligations		55.6%
Corporate Bonds & Notes		36.2
Foreign Government Obligations		6.1
Collaterized Mortgage Obligations		1.3
Asset-Backed Securities		0.8
Municipal Debt Obligations		—^(b)
Common Stocks		—^(b)


	Average Annual Total Returns									Cumulative Total Returns


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

Fund NAV		(10.05	)%		0.55	%		1.48	%		(10.05	)%		2.77	%		10.76	%
Fund Market		(10.11	)		0.51			1.47			(10.11	)		2.57			10.76
Index		(10.00	)		0.65			1.56			(10.00	)		3.30			11.37


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 1-5 Year USD Bond ETF


Fund Summary as of October 31, 2022 (continued)		iShares^® Core 1-5 Year USD Bond ETF




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


Aaa		55.8%
Aa		4.9
A		14.9
Baa		12.9
Ba		3.4
B		2.9
Caa		0.7
Ca		0.1
Not Rated		4.4


Fund Summary as of October 31, 2022		iShares^® Core International Aggregate Bond ETF




Country/Geographic Region	Percent of Total Investments^(a)


China		18.5%
Japan		11.3
France		9.9
Germany		8.7
United Kingdom		7.9
Canada		6.3
Italy		5.8
Spain		4.5
Australia		3.1
Supranational		2.7


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