iShares Trust

Copies of the annual reports transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 are attached.

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of each Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

You may elect to receive all future reports in paper free of charge. If you hold accounts through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Please note that not all financial intermediaries may offer this service. Your election to receive reports in paper will apply to all funds held with your financial intermediary.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive electronic delivery of shareholder reports and other communications by contacting your financial intermediary. Please note that not all financial intermediaries may offer this service.

The U.S. bond market advanced for the 12 months ended October 31, 2019 (“reporting period”). The Bloomberg Barclays U.S. Aggregate Bond Index, a broad measure of U.S. fixed-income performance, returned 11.51%.

U.S. economic growth declined to an annualized rate of approximately 1.9% in the third quarter of 2019. As measured by the consumer price index, the year-over-year U.S. inflation rate, which has remained subdued throughout the current economic expansion, decreased to 1.8% in October 2019.

The delayed impact of higher interest rates early in the reporting period and the trade dispute between the U.S. and China ultimately weighed on economic growth. Specifically, growth in the U.S. manufacturing and industrial sectors slowed to a standstill, while business spending contracted due to modest earnings growth and trade uncertainty. On the upside, consumer spending remained relatively resilient, which kept the U.S. economy afloat. The lowest unemployment rate in almost 50 years led to rising wages, while increased borrowing also supported consumer spending. Similarly, government spending increased, financed by a large increase in borrowing.

In response to deteriorating economic conditions, the U.S. Federal Reserve Bank (“Fed”) shifted to a more accommodative monetary policy starting in January 2019. After raising short-term interest rates in December 2018, the Fed reversed course and lowered them three times in 2019. The Fed also supported short-term lending markets to alleviate liquidity concerns.

Long-term bond yields declined more than short-term yields, reflecting lower inflation expectations and solid demand for the relative stability of U.S. Treasuries amid economic uncertainty. Consequently, the U.S. Treasury yield curve (a graphical representation of U.S. Treasury yields at different maturities) flattened before briefly inverting in August 2019, as 10-year Treasury yields dipped below one-year Treasury yields. An inverted yield curve has preceded each of the last seven economic recessions, so the yield curve inversion during the reporting period exacerbated investors’ concerns about the potential for an impending recession.

Lower interest rates drove gains in the value of U.S. Treasury securities, which are typically more sensitive to changes in interest rates than other types of bonds with similar maturities. U.S. Treasury securities with longer maturities posted significantly higher returns. Deficit spending led the U.S. government to maintain a high level of Treasury bond issuance, which increased supply, but demand from international investors seeking relatively higher U.S. yields helped support prices. Despite the decline in inflation, U.S. Treasury inflation-protected securities, which have even greater price sensitivity than nominal Treasuries at comparable maturities, also posted a solid return.

Corporate bonds benefited from more accommodative interest rate policies, generally posting strong returns. Declining yields meant that investors in search of income increasingly sought out corporate debt, which typically yields more than government debt. Demand for investment-grade corporate bonds was particularly high, as investors sought substitutes for low-yielding sovereign debt. Narrow spreads (which measure the difference between yields for corporate bonds and lower-risk Treasury bonds) indicated that investors were confident in the financial resilience of U.S. corporations despite a slowing economy. Corporate bond issuance declined sharply early in the reporting period as interest rates rose and investors became concerned about an economic slowdown. However, issuance increased later in the reporting period when interest rates declined and the economy stabilized.

Among securitized bonds, commercial mortgage backed securities (“CMBSs”) posted the strongest performance amid a decline in issuance of new CMBS debt. Bonds backed by individual home mortgages advanced, despite a rise in refinancing due to lower mortgage rates. Other asset-backed bonds, including those backed by auto loans and credit card debt, also gained despite an increase in default rates, as low unemployment supported consumer spending.

The iShares 0-5 Year TIPS Bond ETF (the “Fund”) seeks to track the investment results of an index composed of inflation-protected U.S. Treasury bonds with remaining maturities of less than five years, as represented by the Bloomberg Barclays U.S. Treasury Inflation-Protected Securities (TIPS) 0-5 Years Index (Series-L) (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

The inception date of the Fund was 12/1/10. The first day of secondary market trading was 12/3/10.

Past performance is no guarantee 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” on page 8 for more information.

The Index posted a positive return for the reporting period as declining interest rates led to rising bond prices. Relatively low inflation limited the income generated by U.S. Treasury inflation-protected securities (“TIPS”). However, declining intermediate-term interest rates drove gains for Index’s longer-maturity TIPS, while the shorter-maturity TIPS in the Index benefited from interest rate cuts by the Fed.

The U.S. Consumer Price Index (“CPI”) increased by 1.8% for the 12 months ended October 2019. Meanwhile, core CPI, which excludes the economically sensitive food and energy categories, increased by 2.3%.

The 5-year, 5-year forward “breakeven” inflation expectation rate, which measures the five-year average expected inflation rate for the period beginning five years from today, decreased during the reporting period, primarily driven by declining commodities prices, particularly the prices of oil and gas. With many of the potential drivers of inflation fading due to slower economic growth, investors’ expectations for intermediate-term inflation declined to a three-year low of 1.64% at the end of the reporting period.

In terms of performance by bond maturity, the intermediate- and short-term TIPS allocations in the Index posted approximately equal contributions to the Index’s return for the reporting period.

The iShares TIPS Bond ETF (the “Fund”) seeks to track the investment results of an index composed of inflation-protected U.S. Treasury bonds, as represented by the Bloomberg Barclays U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L) (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

The Index posted a solid gain for the reporting period as declining interest rates led to rising bond prices. Relatively low inflation limited the income generated by U.S. Treasury inflation-protected securities (“TIPS”), but long-term TIPS have relatively high sensitivity to interest rates, which helped performance in the declining interest rate environment.

In terms of performance by bond maturity, declining long-term interest rates drove strong performance for the Index’s intermediate- and long-term TIPS, while the Index’s allocation to short-term TIPS was a modest contributor to performance for the reporting period.

Past performance is no guarantee of future results. 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. The price used to calculate market return (“Market Price”) is determined by 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.

As a shareholder of your Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested at the beginning of the period (or from the commencement of operations if less than 6 months) and held through the end of the period, is intended to help you understand your ongoing costs (in dollars and cents) of investing in your Fund and to compare these costs with the ongoing costs of investing in other funds.

Actual Expenses — The table provides information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. To estimate the expenses that you paid on your account over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”

Hypothetical Example for Comparison Purposes — The table also provides information about hypothetical account values and hypothetical expenses based on your Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.


Security	Par (000)		Value

U.S. Government Obligations

U.S. Government Obligations — 99.9%
U.S. Treasury Inflation-Indexed Bonds
0.13%, 04/15/20	$	315,507	$	313,864,211
0.13%, 04/15/21		58,051		57,613,375
0.13%, 01/15/22		131,686		130,834,038
0.13%, 04/15/22		183,943		182,547,951
0.13%, 07/15/22		235,856		235,517,551
0.13%, 01/15/23		164,426		163,514,022
0.13%, 10/15/24		15,900		15,947,516
0.25%, 01/15/25		3,373		3,386,708
0.38%, 07/15/23		31,059		31,329,776
0.38%, 07/15/25		192,248		195,208,233
0.50%, 04/15/24		5		5,153
0.63%, 07/15/21		136,838		137,776,979
0.63%, 04/15/23		401,751		405,848,972
0.63%, 01/15/24		186,794		189,969,955
1.13%, 01/15/21		21,122		21,261,584
1.25%, 07/15/20		194,098		195,545,676
1.38%, 01/15/20		60,333		60,327,676

				2,340,499,376


Total U.S. Government Obligations — 99.9% (Cost: $2,332,035,705)				2,340,499,376


Security	Shares (000)		Value

Short-Term Investments

Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.74%^(a)(b)		2,773	$	2,773,000


Total Short-Term Investments — 0.1% (Cost: $2,773,000)				2,773,000


Total Investments in Securities — 100.0% (Cost: $2,334,808,705)				2,343,272,376

Other Assets, Less Liabilities — 0.0%				588,674


Net Assets — 100.0%			$	2,343,861,050

^(a)	Affiliate of the Fund.

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

Investments in issuers considered to be affiliates of the Fund during the year ended October 31, 2019, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of October 31, 2019. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.


Security	Par (000)		Value

U.S. Government Obligations

U.S. Government Obligations — 99.8%
U.S. Treasury Inflation-Indexed Bonds
0.13%, 04/15/20	$	858,999	$	854,526,259
0.13%, 04/15/21		1,850,415		1,836,475,615
0.13%, 01/15/22		654,888		650,653,035
0.13%, 04/15/22		898,283		891,468,914
0.13%, 07/15/22		133,708		133,515,871
0.13%, 01/15/23		815,062		810,539,314
0.13%, 07/15/24		1,144,405		1,145,887,014
0.13%, 10/15/24		122,796		123,166,982
0.13%, 07/15/26		1,172,001		1,172,288,197
0.25%, 01/15/25		962,432		966,235,219
0.25%, 07/15/29		113,298		114,530,322
0.38%, 07/15/23		11,234		11,331,786
0.38%, 07/15/25		978,892		993,963,630
0.38%, 01/15/27		735,347		745,269,186
0.38%, 07/15/27		831,963		847,111,318
0.50%, 04/15/24		3,837		3,887,423
0.50%, 01/15/28		240,916		247,143,144
0.63%, 07/15/21		377,051		379,640,161
0.63%, 04/15/23		986		996,462
0.63%, 01/15/24		327,558		333,127,986
0.63%, 01/15/26		1,540,421		1,581,741,831
0.63%, 02/15/43		124,965		127,861,694
0.75%, 07/15/28		531,189		559,144,991
0.75%, 02/15/42		646,723		679,637,437
0.75%, 02/15/45		774,551		811,854,102
0.88%, 01/15/29		258,843		275,341,728
0.88%, 02/15/47		131,034		141,768,755
1.00%, 02/15/46		249,651		277,192,321
1.00%, 02/15/48		225,730		252,102,654
1.00%, 02/15/49^(a)		46,415		52,175,723
1.25%, 07/15/20		39,998		40,296,214


Security	Par/ Shares (000)		Value

U.S. Government Obligations (continued)
1.38%, 01/15/20	$	21,356	$	21,353,670
1.38%, 02/15/44		639,972		764,036,369
1.75%, 01/15/28		480,661		541,020,880
2.00%, 01/15/26		210,195		233,353,954
2.13%, 02/15/40		60,653		80,113,548
2.38%, 01/15/25		76,549		85,162,859
2.38%, 01/15/27		119,703		138,273,524
2.50%, 01/15/29		380,106		459,855,879
3.63%, 04/15/28		329,888		423,556,877
3.88%, 04/15/29		438,403		588,299,907

				20,395,902,755


Total U.S. Government Obligations — 99.8% (Cost: $20,006,350,565)				20,395,902,755


Short-Term Investments

Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.74%^(b)(c)(d)		29,669		29,669,000


Total Short-Term Investments — 0.1% (Cost: $29,669,000)				29,669,000


Total Investments in Securities — 99.9% (Cost: $20,036,019,565)				20,425,571,755

Other Assets, Less Liabilities — 0.1%				10,490,751


Net Assets — 100.0%			$	20,436,062,506

^(a)	All or a portion of this security is on loan.

^(b)	Affiliate of the Fund.

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

^(d)	All or a portion of this security was purchased with cash collateral received from loaned securities.

Investments in issuers considered to be affiliates of the Fund during the year ended October 31, 2019, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

iShares Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.

These financial statements relate only to the following funds (each, a “Fund,” and collectively, the “Funds”):

The following significant accounting policies are consistently followed by each Fund in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.

Investment Transactions and Income Recognition: Investment transactions are accounted for on trade date. Realized gains and losses on investment transactions are determined using the specific identification method. Interest income, including amortization and accretion of premiums and discounts on debt securities, and payment-in-kind interest income, if any, are recognized daily on the accrual basis. Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source.

In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value per share.

Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds.

Recent Accounting Standards: In March 2017, the Financial Accounting Standards Board issued Accounting Standards Update “Premium Amortization on Purchase Callable Debt Securities” which amends the amortization period for certain purchased callable debt securities. Under the new guidance, premium amortization of purchased callable debt securities that have explicit, non-contingent call features and are callable at fixed prices will be amortized to the earliest call date. The guidance will be applied on a modified retrospective basis and is effective for fiscal years, and their interim periods, beginning after December 15, 2018. Management continues to evaluate the impact of this guidance to the Funds.

Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date should the reporting period end on a day that the Fund’s listing exchange is not open. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. A fund determines the fair value of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Trustees of the Trust (the “Board”). The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:

If events (e.g., a company announcement, market volatility or a natural disaster) occur that are expected to materially affect the value of an investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Global Valuation Committee, in accordance with policies approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global Valuation Committee include market approach, income approach and the cost approach. Valuation techniques used under these approaches take into consideration inputs that include but are not limited to (i) attributes specific to the investment; (ii) the principal market for the investment; (iii) the customary participants in the principal market for the investment; (iv) data assumptions by market participants for the investment, if reasonably available; (v) quoted prices for similar investments in active markets; and (vi) other inputs, such as future cash flows, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and/or default rates.

Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.

Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgement exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The fair value hierarchy for each Fund’s investments is included in its schedule of investments. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

Inflation-Indexed Bonds: Inflation-indexed bonds are fixed-income securities whose principal value is periodically adjusted according to the rate of inflation. If the index measuring inflation rises or falls, the principal value of inflation-indexed bonds will be adjusted upward or downward, and consequently the interest payable on these securities (calculated with respect to a larger or smaller principal amount) will be increased or reduced, respectively. Any upward or downward adjustment in the principal amount of an inflation-indexed bond is included as interest income in the statement of operations, even though investors do not receive their principal until maturity.

Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of October 31, 2019, any securities on loan were collateralized by cash and/or U.S. government obligations. Cash collateral received was invested in money market funds managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates and is disclosed in the schedules of investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan for each Fund, if any, are also disclosed in its schedule of investments. The market value of any securities on loan as of October 31, 2019 and the value of the related cash collateral are disclosed in the statements of assets and liabilities.

Securities lending transactions are entered into by a fund under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the fund, as lender, would offset the market value of the collateral received against the market value of the securities loaned. The value of the collateral is typically greater than the market value of the securities loaned, leaving the lender with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the fund can reinvest cash collateral received in connection with loaned securities.

The following table is a summary of the securities lending agreements by counterparty which are subject to offset under an MSLA as of October 31, 2019:

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).

For its investment advisory services to the iShares 0-5 Year TIPS Bond ETF, BFA is entitled to an annual investment advisory fee of 0.06%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund.

For its investment advisory services to the iShares TIPS Bond ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

Each reduced investment advisory fee level reflects a 5% reduction (rounded to the fourth decimal place) from the investment advisory fee at the prior aggregate average daily net asset level.

Distributor: BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan in a money market fund managed by BFA, or its affiliates, however, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04% (the “collateral investment fees”). Securities lending income is equal to the total of income earned from the reinvestment of cash collateral (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

Prior to January 1, 2019, each Fund retained 80% of securities lending income (which excludes collateral investment fees) and the amount retained was not less than 70% of the total of securities lending income plus the collateral investment fees. In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across the iShares ETF Complex in a calendar year exceeded a specified threshold, each Fund, pursuant to the securities lending agreement, retained for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained could never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income — affiliated — net in its statement of operations. For the year ended October 31, 2019, the Funds paid BTC the following amounts for securities lending agent services:

Officers and Trustees: Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.

Other Transactions: Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

For the year ended October 31, 2019, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends — affiliated in the statement of operations.

A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.

For the year ended October 31, 2019, purchases and sales of investments, excluding in-kind transactions and short-term investments, were as follows:

Each Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes. It is the policy of each Fund to qualify as a regulated investment company by complying with the provisions applicable to regulated investment companies, as defined under Subchapter M of the Internal Revenue Code of 1986, as amended, and to annually distribute substantially all of its ordinary income and any net capital gains (taking into account any capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income and excise taxes. Accordingly, no provision for federal income taxes is required.

Management has analyzed tax laws and regulations and their application to the Funds as of October 31, 2019, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of October 31, 2019, the following permanent differences attributable to the expiration of capital loss carryforwards, amortization methods for premiums and discounts on fixed income securities and realized gains (losses) from in-kind redemptions, were reclassified to the following accounts:

As of October 31, 2019, the tax components of accumulated net earnings (losses) were as follows:

As of October 31, 2019, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Each Fund’s prospectus provides details of the risks to which the Fund is subject.

BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.

Market Risk: Market risk arises mainly from uncertainty about future values of financial instruments influenced by price, currency and interest rate movements. It represents the potential loss a fund may suffer through holding market positions in the face of market movements. A fund is exposed to market risk by its investment in equity, fixed income and/or financial derivative instruments or by its investment in underlying funds. The fair value of securities held by a fund may decline due to general market conditions, economic trends or events that are not specifically related to the issuers of the securities including local, regional or global political, social or economic instability or to factors that affect a particular industry or group of industries. The extent of a fund’s exposure to market risk is the market value of the investments held as shown in the fund’s schedule of investments.

Changes in market interest rates or economic conditions may affect the value and/or liquidity of fixed income investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease as interest rates rise and increase as interest rates fall. Securities with longer durations tend to be more sensitive to interest rate changes, usually making their prices more volatile than those of securities with shorter durations. Given the environment of historically low interest rates, a fund may be subject to a greater risk of price losses if interest rates rise.

Credit Risk: Credit risk is the risk that an issuer or guarantor of debt instruments or the counterparty to a financial transaction, including derivatives contracts, repurchase agreements or loans of portfolio securities, is unable or unwilling to make timely interest and/or principal payments or to otherwise honor its obligations. BFA and its affiliates manage counterparty credit risk by entering into transactions only with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose a fund to issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of a fund’s exposure to credit and counterparty risks with respect to those financial assets is approximated by their value recorded in its statement of assets and liabilities.

Concentration Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its schedule of investments.

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the statement of assets and liabilities.

On June 16, 2016, investors in certain iShares funds (iShares Core S&P Small-Cap ETF, iShares Russell 1000 Growth ETF, iShares Core S&P 500 ETF, iShares Russell Mid-Cap Growth ETF, iShares Russell Mid-Cap ETF, iShares Russell Mid-Cap Value ETF, iShares Select Dividend ETF, iShares Morningstar Mid-Cap ETF, iShares Morningstar Large-Cap ETF, iShares U.S. Aerospace & Defense ETF and iShares Preferred and Income Securities ETF) filed a class action lawsuit against iShares Trust, BlackRock, Inc. and certain of its advisory affiliates, and certain directors/trustees and officers of the Funds (collectively, “Defendants”) in California State Court. The lawsuit alleges the Defendants violated federal securities laws by failing to adequately disclose in the prospectuses issued by the funds noted above the risks of using stop-loss orders in the event of a ‘flash crash’, such as the one that occurred on May 6, 2010. On September 18, 2017, the court issued a Statement of Decision holding that the Plaintiffs lack standing to assert their claims. On October 11, 2017, the court entered final judgment dismissing all of the Plaintiffs’ claims with prejudice. Plaintiffs have appealed the court’s decision. The appeal was fully briefed on January 18, 2019, and a hearing on Plaintiffs’ appeal took place on November 19, 2019.

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of iShares 0-5 Year TIPS Bond ETF and iShares TIPS Bond ETF (two of the funds constituting iShares Trust, hereafter collectively referred to as the “Funds”) as of October 31, 2019, the related statements of operations for the year ended October 31, 2019, the statements of changes in net assets for each of the two years in the period ended October 31, 2019, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2019 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2019, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2019 and each of the financial highlights for each of the five years in the period ended October 31, 2019 in conformity with accounting principles generally accepted in the United States of America.

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2019 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

We have served as the auditor of one or more BlackRock investment companies since 2000.

For the fiscal year ended October 31, 2019, the Funds hereby designate the following maximum amounts allowable as interest-related dividends eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations:

The Funds hereby designate the following amounts of distributions from direct federal obligation interest for the fiscal year ended October 31, 2019:

The law varies in each state as to whether and what percent of ordinary income dividends attribute to federal obligations is exempt from state income tax. Shareholders are advised to check with their tax advisers to determine if any portion of the dividends received is exempt from state income tax.

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Trustees who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Trustees”), is required annually to consider and approve the Investment Advisory Contract between the Trust and BFA (the “Advisory Contract”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Trustees) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Trustees requested, and BFA provided, such information as the Independent Trustees, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Contract. At meetings on May 6, 2019 and May 17, 2019, a committee composed of all of the Independent Trustees (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or their independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 17-19, 2019, the Board, including the Independent Trustees, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Trustees, approved the continuance of the Advisory Contract for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Trustees. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Trustees were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the Advisory Contract for the Fund, the Board, including the Independent Trustees, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) economies of scale; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, no one of which was controlling, and conclusions that formed the basis for the Board, including the Independent Trustees, to approve the Advisory Contract are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs (including, where applicable, funds sponsored by an “at cost” service provider), objectively selected by Broadridge as comprising the Fund’s applicable peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board further noted that due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-, three-, five-, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2018, to that of relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Nature, Extent and Quality of Services Provided by BFA: Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Contract for the coming year as compared to the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, which were provided at the June 17-19, 2019 meeting and throughout the year.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Contract supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation during their meetings. The Board recognized that profitability may be affected by numerous factors including, among other things, fee waivers by the Adviser, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed the sources of direct and ancillary revenue with management, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Contract and from other relationships between the Fund and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors and other information considered.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services, noting that such costs have increased over the past year. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Contract for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts. The Board noted that BFA and its affiliates do manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index. The Board further noted that BFA provided the Board with detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded ETF, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate. The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Contract for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, such as payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services and BlackRock’s increased profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board further noted that any portfolio transactions on behalf of the Fund placed through a BFA affiliate or purchased from an underwriting syndicate in which a BFA affiliate participates (including associated commissions) are reported to the Board pursuant to Rule 17e-1 or Rule 10f-3, as applicable, under the 1940 Act. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Contract for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Trustees, determined that the Fund’s investment advisory fee rate under the Advisory Contract does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Contract for the coming year.

committees (composed solely of Independent Trustees) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Trustees requested, and BFA provided, such information as the Independent Trustees, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Contract. At meetings on May 6, 2019 and May 17, 2019, a committee composed of all of the Independent Trustees (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or their independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 17-19, 2019, the Board, including the Independent Trustees, reviewed the additional information provided by management in response to these requests.

The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were within range of the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Contract), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation during their meetings. The Board recognized that profitability may be affected by numerous factors including, among other things, fee waivers by the Adviser, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed the sources of direct and ancillary revenue with management, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services, noting that such costs have increased over the past year. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Contract for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

The Premium/Discount Information section is intended to present information about the differences between the daily market price on secondary markets for shares of a fund and that fund’s NAV. NAV is the price at which a fund issues and redeems shares. It is calculated in accordance with the standard formula for valuing mutual fund shares. The “Market Price” of a fund generally is determined using the midpoint between the highest bid and the lowest ask on the primary securities exchange on which shares of such fund are listed for trading, as of the time that the fund’s NAV is calculated. A fund’s Market Price may be at, above or below its NAV. The NAV of a fund will fluctuate with changes in the value of its portfolio holdings. The Market Price of a fund will fluctuate in accordance with changes in its NAV, as well as market supply and demand.

Premiums or discounts are the differences (expressed as a percentage) between the NAV and Market Price of a fund on a given day, generally at the time the NAV is calculated. A premium is the amount that a fund is trading above the reported NAV, expressed as a percentage of the NAV. A discount is the amount that a fund is trading below the reported NAV, expressed as a percentage of the NAV.

Premium/discount information for the Funds covering the most recently completed calendar year and the most recently completed calendar quarters since that year (or since the Fund began trading, if shorter) is publicly accessible, free of charge, at iShares.com.

The following information shows the frequency of distributions of premiums and discounts for the Funds for the immediately preceding five calendar years (or from the date a Fund began trading on the secondary market, if less than five years) through the date of the most recent calendar quarter-end. Each line in each table shows the number of trading days in which the Fund traded within the premium/discount range indicated. Premium/discount ranges with no trading days are omitted. The number of trading days in each premium/discount range is also shown as a percentage of the total number of trading days in the period covered by each table. All data presented here represents past performance, which cannot be used to predict future results.

The Board of Trustees has responsibility for the overall management and operations of the Funds, including general supervision of the duties performed by BFA and other service providers. Each Trustee serves until he or she resigns, is removed, dies, retires or becomes incapacitated. Each officer shall hold office until his or her successor is elected and qualifies or until his or her death, resignation or removal. Trustees who are not “interested persons” (as defined in the 1940 Act) of the Trust are referred to as independent trustees (“Independent Trustees”).

The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of open-end equity, multi-asset, index and money market funds (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (the “BlackRock Fixed-Income Complex”) and one complex of ETFs (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the BlackRock Fund Complex referred to as the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 352 funds as of October 31, 2019. With the exception of Robert S. Kapito, Salim Ramji, Charles Park and Neal J. Andrews, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Ramji, Mr. Park and Mr. Andrews is c/o BlackRock, Inc., Park Avenue Plaza, 55 East 52nd Street, New York, NY 10055. The Board has designated Cecilia H. Herbert as its Independent Board Chair. Additional information about the Funds’ Trustees and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

Shareholders can sign up for email notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

The iShares Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT, and for reporting periods ended prior to March 31, 2019, filed such information on Form N-Q. The iShares Funds’ Forms N-Q are available on the SEC’s website at sec.gov. The iShares Funds also disclose their complete schedule of portfolio holdings on a daily basis on the iShares website at iShares.com.

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.

This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by Bloomberg Index Services Limited, nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.

Global investment-grade bonds advanced for the 12 months ended October 31, 2019 (“reporting period”). The Bloomberg Barclays Global Aggregate Index, a broad measure of global bond market performance, returned 9.54% in U.S. dollar terms for the reporting period.

The performance of global bonds was driven primarily by lower interest rates, as concerns about the global economy led central banks around the world to implement a series of interest rate reductions. Following a cycle of higher interest rates in 2018, slowing economic growth and the protracted trade dispute between the U.S. and China prompted central banks to adopt or signal more accommodative monetary policies beginning January 2019. Low inflation and weak economic indicators led investors to anticipate continued stimulative policies from the world’s central banks. Consequently, global bond yields (which are inversely related to prices) declined to their lowest level in 120 years, with more than $17 trillion in bonds worldwide offering a negative yield as of August 2019.

U.S. bond yields declined significantly as the delayed impact of higher interest rates early in the reporting period and the trade dispute between the U.S. and China weighed on economic growth, particularly in the manufacturing and industrial sectors. In response to deteriorating economic conditions, the U.S. Federal Reserve Bank (“Fed”) shifted to a more accommodative monetary policy starting in January 2019. After raising short-term interest rates in December 2018, the Fed reversed course and lowered them three times in 2019. Long-term bond yields declined more than short-term yields, reflecting lower inflation expectations and solid demand for the relative stability of U.S. Treasuries amid economic uncertainty. Consequently, the U.S. Treasury yield curve (a graphical representation of U.S. Treasury yields at different maturities) flattened before briefly inverting in August 2019, as 10-year Treasury yields dipped below two-year Treasury yields.

European bonds also posted strong returns in an environment of tepid economic growth and softening exports. The Eurozone’s slowing economy prompted the European Central Bank (“ECB”) to reinstate its monetary stimulus program and lower the interest rate on deposits made by commercial banks. The ECB also signaled its willingness to decrease its headline short-term interest rate in the future, which further helped Eurozone bond yields. Investors generally viewed the nomination of a new president of the ECB late in the reporting period as a positive development, anticipating that she would continue policies that promote low interest rates and monetary stimulus. As yields for many government bonds turned negative, investors seeking higher returns moved toward debt issued by countries that are considered higher risk. Italian bonds in particular benefited from a shift toward higher-yielding debt, despite the fact that the country dipped into recession briefly in 2019 before returning to growth. U.K. bond yields also declined, as uncertainty surrounding Brexit prompted investors to move away from equities, which are generally more exposed to trade risk.

A slowing Chinese economy and the trade dispute between the U.S. and China helped the performance of bonds in the Asia/Pacific region, as concerns about a possible economic downturn prompted investors to move into bonds. Japanese bond prices increased due to strong demand from both domestic and foreign investors, while South Korean bonds benefited from the country’s high credit rating and trade surplus, which investors viewed as signs of stability. Emerging market bonds also posted solid returns, driven by investors’ demand for yield as an increasing number of developed-market bonds offered negative interest rates.

The iShares 1-3 Year International Treasury Bond ETF (the “Fund”) seeks to track the investment results of an index composed of non-U.S. developed market government bonds with remaining maturities between one and three years, as represented by the S&P International Sovereign Ex-U.S. 1-3 Year Bond Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

The Index rose for the reporting period, as investors searched for relatively stable investments amid market volatility, driving demand for international treasury bonds and currencies. Short-term Japanese government bonds contributed the most to the Index’s return, mainly due to the strength of the Japanese yen. Although short-term bond yields remained negative in Japan, they were even lower in some European countries, notably Germany. Lower yields in Europe made Japanese government bonds comparatively appealing. Additionally, increasing trade tensions between the U.S. and China contributed to the appreciation of the Japanese yen, which tends to benefit from economic uncertainty.

Short-term Italian government bonds also contributed notably to the Index’s performance. A new coalition government increased investor confidence late in the reporting period, lowering borrowing costs and raising bond prices. Short-term Canadian and U.K. government bonds made modest contributions to the Index’s return. Bond yields remained positive in these countries during the reporting period, which played a substantial role in their gains.

On the downside, short-term European government bonds in most countries detracted from the Index’s return. The depreciation of the euro relative to the U.S. dollar and negative interest rates worked against euro-area government bonds. More accommodative monetary policy from the ECB was a significant factor in the decline of the euro. French and German government bonds detracted the most, as they represented the largest weights on average in the Index’s European allocation for the reporting period.

Short-term Swedish and Norwegian government bonds were also noteworthy detractors, driven mainly by the depreciation of the Swedish krona and the Norwegian krone. Trade dispute concerns weighed heavily on the currencies of these small, export-driven economies.

The iShares International Treasury Bond ETF (the “Fund”) seeks to track the investment results of an index composed of non-U.S. developed market government bonds, as represented by the S&P International Sovereign Ex-U.S. Bond Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

The Index advanced during the reporting period, as central banks around the world lowered short-term interest rates amid slowing global growth, trade disputes, and concerns about Brexit. Subdued inflation and investors seeking relatively stable, long-term investments led to lower long-term interest rates, which drove the Index’s positive return.

Japanese government bonds contributed the most to the Index’s return. Yields on long-term bonds declined slightly, with yields on some bonds trading below zero, which nonetheless were in demand by investors. The Bank of Japan continued to purchase long-term government bonds for economic stimulus, although concerns about possible reductions in future purchases limited the bond market’s advance.

In Europe, while the U.S. dollar strengthened slightly against the euro, Italian bonds contributed to the Index’s return. Italian long-term government bond yields declined appreciably despite ongoing concerns about the country’s debt levels. In Italy, the perception of improving political stability following the formation of a new government increased demand for Italian bonds. Investor confidence in Italian companies, many of which are multinational, benefited Italian corporate bonds. British bonds also contributed to the Index’s return. Yields reached record lows as trade tensions and concerns about Brexit drove investors to the relative stability of government bonds.

Portuguese government bonds also contributed to the Index’s performance, as bond yields declined, hitting historic lows. In addition, Portugal’s credit rating was upgraded amid political stability and solid economic growth relative to other European countries. From a maturity perspective, bonds with a maturity of greater than ten years contributed the most to the Index’s return, as investors sought longer-term bonds due to concerns about slowing global economic growth and declining inflation.

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.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.


Security		Par (000)		Value

Foreign Government Obligations

Australia — 4.7%
Australia Government Bond
1.75%, 11/21/20^(a)	AUD		930	$	646,484
2.00%, 12/21/21^(a)	AUD		1,345		949,461
5.75%, 05/15/21^(a)	AUD		1,355		1,002,767
5.75%, 07/15/22^(a)	AUD		675		526,199

					3,124,911

Austria — 4.1%
Republic of Austria Government Bond
3.50%, 09/15/21^(b)	EUR		1,330		1,596,897
3.65%, 04/20/22^(b)	EUR		800		986,235
3.90%, 07/15/20^(b)	EUR		142		163,316

					2,746,448

Belgium — 4.6%
Kingdom of Belgium Government Bond
4.00%, 03/28/22	EUR		700		868,430
4.25%, 09/28/21^(b)	EUR		880		1,073,470
4.25%, 09/28/22^(b)	EUR		875		1,115,507

					3,057,407

Canada — 4.7%
Canadian Government Bond
0.50%, 03/01/22	CAD		625		464,502
0.75%, 03/01/21	CAD		793		596,751
0.75%, 09/01/21	CAD		939		703,970
1.00%, 09/01/22	CAD		1,080		809,965
2.75%, 06/01/22	CAD		400		314,072
3.25%, 06/01/21	CAD		300		234,054

					3,123,314

Denmark — 2.3%
Denmark Government Bond, 3.00%, 11/15/21	DKK		9,800		1,576,056


Finland — 2.6%
Finland Government Bond
0.00%, 04/15/22^(b)(c)	EUR		450		509,608
1.63%, 09/15/22^(b)	EUR		500		593,855
3.50%, 04/15/21^(b)	EUR		530		626,690

					1,730,153

France — 8.5%
French Republic Government Bond OAT
0.00%, 02/25/21^(a)(c)	EUR		260		292,477
0.00%, 05/25/21^(a)(c)	EUR		630		706,866
0.00%, 02/25/22^(a)(c)	EUR		300		338,745
0.00%, 05/25/22^(a)(c)	EUR		1,475		1,667,635
3.00%, 04/25/22^(a)	EUR		900		1,094,152
3.25%, 10/25/21^(a)	EUR		770		921,934
3.75%, 04/25/21^(a)	EUR		600		711,562

					5,733,371

Germany — 6.6%
Bundesobligation
0.00%, 10/08/21^(a)(c)	EUR		400		452,133
0.00%, 04/08/22^(a)(c)	EUR		300		340,228
Bundesrepublik Deutschland Bundesanleihe
1.50%, 09/04/22^(a)	EUR		600		711,368
1.75%, 07/04/22^(a)	EUR		300		356,738
2.00%, 01/04/22^(a)	EUR		700		827,172
2.25%, 09/04/21^(a)	EUR		300		352,658
2.50%, 01/04/21^(a)	EUR		810		938,161


Security		Par (000)		Value

Germany (continued)
3.25%, 07/04/21^(a)	EUR		400	$	475,410

					4,453,868

Ireland — 2.2%
Ireland Government Bond
0.80%, 03/15/22^(a)	EUR		665		765,129
5.00%, 10/18/20	EUR		610		716,548

					1,481,677

Italy — 9.6%
Italy Buoni Poliennali Del Tesoro
0.20%, 10/15/20	EUR		100		112,005
0.35%, 11/01/21	EUR		320		360,304
0.45%, 06/01/21^(a)	EUR		360		405,499
0.65%, 11/01/20	EUR		255		286,969
1.00%, 07/15/22^(a)	EUR		300		343,937
1.20%, 04/01/22	EUR		300		344,942
1.35%, 04/15/22	EUR		300		346,077
1.45%, 09/15/22	EUR		575		668,448
2.15%, 12/15/21	EUR		350		409,150
3.75%, 03/01/21	EUR		420		493,463
3.75%, 05/01/21^(b)	EUR		210		248,177
3.75%, 08/01/21^(b)	EUR		370		440,810
4.00%, 09/01/20	EUR		302		348,667
4.75%, 09/01/21	EUR		500		607,428
5.00%, 03/01/22	EUR		850		1,060,749

					6,476,625

Japan — 22.6%
Japan Government Five Year Bond
0.10%, 12/20/20	JPY		113,000		1,048,918
0.10%, 03/20/21	JPY		240,850		2,237,863
0.10%, 06/20/21	JPY		306,000		2,845,753
0.10%, 09/20/21	JPY		69,550		647,403
0.10%, 12/20/21	JPY		194,000		1,807,921
0.10%, 03/20/22	JPY		101,000		942,143
0.10%, 06/20/22	JPY		35,000		326,725
0.10%, 09/20/22	JPY		175,000		1,635,260
Japan Government Ten Year Bond
1.00%, 03/20/22	JPY		195,000		1,857,429
1.10%, 03/20/21	JPY		2,350		22,136
1.20%, 12/20/20	JPY		61,350		576,578
1.30%, 03/20/21	JPY		49,900		471,319
Japan Government Twenty Year Bond, 2.50%, 12/21/20	JPY		78,000		743,772

					15,163,220

Netherlands — 4.6%
Netherlands Government Bond
0.00%, 01/15/22^(b)(c)	EUR		700		791,967
2.25%, 07/15/22^(b)	EUR		975		1,174,671
3.25%, 07/15/21^(b)	EUR		960		1,142,355

					3,108,993

Norway — 1.3%
Norway Government Bond, 3.75%, 05/25/21^(b)	NOK		7,500		848,092


Portugal — 2.1%
Portugal Obrigacoes do Tesouro OT, 3.85%, 04/15/21^(b)	EUR		1,200		1,424,155


South Korea — 0.1%
Korea Treasury Bond, 1.88%, 03/10/22	KRW		78,000		67,663


Spain — 4.6%
Spain Government Bond 0.05%, 01/31/21	EUR		300		336,776


Security		Par (000)		Value

Spain (continued)
0.05%, 10/31/21	EUR		250	$	281,528
0.40%, 04/30/22	EUR		700		796,581
0.75%, 07/30/21	EUR		440		501,104
1.15%, 07/30/20	EUR		119		134,340
5.50%, 04/30/21^(b)	EUR		440		534,477
5.85%, 01/31/22^(b)	EUR		400		509,478

					3,094,284

Sweden — 2.9%
Sweden Government Bond
3.50%, 06/01/22	SEK		10,100		1,154,901
5.00%, 12/01/20	SEK		6,990		767,781

					1,922,682

Switzerland — 0.6%
Swiss Confederation Government Bond, 2.00%, 04/28/21^(a)	CHF		360		379,883


United Kingdom — 4.6%
United Kingdom Gilt
0.50%, 07/22/22^(a)	GBP		600		777,875
1.50%, 01/22/21^(a)	GBP		50		65,379
1.75%, 09/07/22^(a)	GBP		400		536,803
3.75%, 09/07/21^(a)	GBP		658		902,283
4.00%, 03/07/22^(a)	GBP		300		420,420
8.00%, 06/07/21^(a)	GBP		272		393,782

					3,096,542


Total Foreign Government Obligations — 93.3% (Cost: $63,374,680)					62,609,344


Security	Shares (000)		Value

Short-Term Investments

Money Market Funds — 4.6%
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.74%^(d)(e)		3,056	$	3,056,000


Total Short-Term Investments — 4.6% (Cost: $3,056,000)				3,056,000


Total Investments in Securities — 97.9% (Cost: $66,430,680)				65,665,344

Other Assets, Less Liabilities — 2.1%				1,424,450


Net Assets — 100.0%			$	67,089,794

^(a)	This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

^(b)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(c)	Zero-coupon bond.

^(d)	Affiliate of the Fund.

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

Investments in issuers considered to be affiliates of the Fund during the year ended October 31, 2019, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

As of October 31, 2019, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

For the year ended October 31, 2019, the effect of derivative financial instruments in the Statements of Operations was as follows:

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

The following tables present the Fund’s derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received and pledged by the Fund:


Security		Par (000)		Value

Foreign Government Obligations

Australia — 4.5%
Australia Government Bond
1.50%, 06/21/31^(a)	AUD		700	$	498,011
1.75%, 11/21/20^(a)	AUD		2,225		1,546,695
2.00%, 12/21/21^(a)	AUD		1,400		988,286
2.25%, 11/21/22	AUD		1,650		1,185,694
2.25%, 05/21/28^(a)	AUD		3,100		2,332,426
2.50%, 05/21/30^(a)	AUD		2,390		1,864,517
2.75%, 04/21/24^(a)	AUD		3,050		2,274,781
2.75%, 11/21/27^(a)	AUD		3,109		2,414,230
2.75%, 11/21/28^(a)	AUD		2,820		2,213,185
2.75%, 11/21/29^(a)	AUD		2,555		2,026,561
2.75%, 06/21/35^(a)	AUD		831		683,443
2.75%, 05/21/41^(a)	AUD		500		414,631
3.00%, 03/21/47^(a)	AUD		1,511		1,329,851
3.25%, 04/21/25^(a)	AUD		3,128		2,422,088
3.25%, 04/21/29^(a)	AUD		3,106		2,543,118
3.25%, 06/21/39^(a)	AUD		974		863,987
3.75%, 04/21/37^(a)	AUD		1,171		1,091,676
4.25%, 04/21/26^(a)	AUD		3,614		2,997,898
4.50%, 04/21/33^(a)	AUD		1,555		1,499,994
4.75%, 04/21/27^(a)	AUD		3,318		2,892,281
5.50%, 04/21/23^(a)	AUD		2,785		2,223,861
5.75%, 05/15/21^(a)	AUD		2,837		2,099,520
5.75%, 07/15/22^(a)	AUD		2,791		2,175,735

					40,582,469

Austria — 4.6%
Republic of Austria Government Bond
0.00%, 09/20/22^(b)(c)	EUR		940		1,065,806
0.00%, 07/15/23^(b)(c)	EUR		1,310		1,490,148
0.00%, 07/15/24^(b)(c)	EUR		500		570,153
0.50%, 04/20/27^(b)	EUR		1,350		1,593,634
0.50%, 02/20/29^(b)	EUR		1,250		1,479,353
0.75%, 10/20/26^(b)	EUR		1,724		2,068,482
0.75%, 02/20/28^(b)	EUR		1,450		1,749,212
1.20%, 10/20/25^(b)	EUR		1,621		1,981,540
1.50%, 02/20/47^(b)	EUR		1,092		1,558,376
1.50%, 11/02/86^(b)	EUR		363		551,827
1.65%, 10/21/24^(b)	EUR		1,585		1,953,094
1.75%, 10/20/23^(b)	EUR		1,894		2,305,963
2.10%, 09/20/2117^(b)	EUR		913		1,770,613
2.40%, 05/23/34^(b)	EUR		1,260		1,872,559
3.15%, 06/20/44^(b)	EUR		1,112		2,067,590
3.40%, 11/22/22^(b)	EUR		1,626		2,035,543
3.50%, 09/15/21^(b)	EUR		2,441		2,930,846
3.65%, 04/20/22^(b)	EUR		1,290		1,590,304
3.80%, 01/26/62^(b)	EUR		667		1,639,115
4.15%, 03/15/37^(b)	EUR		2,366		4,437,560
4.85%, 03/15/26^(b)	EUR		1,440		2,148,100
6.25%, 07/15/27	EUR		1,486		2,503,612

					41,363,430

Belgium — 4.7%
Kingdom of Belgium Government Bond
0.20%, 10/22/23^(b)	EUR		820		941,272
0.50%, 10/22/24^(b)	EUR		900		1,051,378
0.80%, 06/22/25^(b)	EUR		1,465		1,745,406
0.80%, 06/22/27^(b)	EUR		1,220		1,470,662
0.80%, 06/22/28^(b)	EUR		1,310		1,585,598
0.90%, 06/22/29^(b)	EUR		2,715		3,321,289


Security		Par (000)		Value

Belgium (continued)
1.00%, 06/22/26^(b)	EUR		1,360	$	1,651,868
1.00%, 06/22/31^(b)	EUR		980		1,216,447
1.45%, 06/22/37^(b)	EUR		395		522,384
1.60%, 06/22/47^(b)	EUR		932		1,293,599
1.70%, 06/22/50^(b)	EUR		585		826,262
1.90%, 06/22/38^(b)	EUR		670		949,232
2.15%, 06/22/66^(b)	EUR		521		843,341
2.25%, 06/22/23^(a)	EUR		1,180		1,452,854
2.25%, 06/22/57^(b)	EUR		450		725,151
2.60%, 06/22/24^(b)	EUR		1,465		1,869,459
3.00%, 06/22/34^(b)	EUR		700		1,101,460
3.75%, 06/22/45^(a)	EUR		954		1,870,242
4.00%, 03/28/22	EUR		1,222		1,516,072
4.00%, 03/28/32^(a)	EUR		836		1,390,072
4.25%, 09/28/21^(b)	EUR		1,366		1,666,318
4.25%, 09/28/22^(b)	EUR		1,433		1,825,573
4.25%, 03/28/41^(b)	EUR		1,509		2,968,239
4.50%, 03/28/26^(b)	EUR		1,087		1,593,261
5.00%, 03/28/35^(b)	EUR		1,678		3,223,843
5.50%, 03/28/28	EUR		1,648		2,731,567
Series 86, 1.25%, 04/22/33^(a)	EUR		684		878,486

					42,231,335

Canada — 4.5%
Canadian Government Bond
0.50%, 03/01/22	CAD		2,388		1,774,771
0.75%, 03/01/21	CAD		3,274		2,463,764
0.75%, 09/01/21	CAD		2,281		1,710,069
1.00%, 09/01/22	CAD		3,090		2,317,400
1.00%, 06/01/27	CAD		2,038		1,504,400
1.50%, 06/01/23	CAD		1,921		1,463,985
1.50%, 06/01/26	CAD		1,725		1,318,657
1.75%, 03/01/23	CAD		2,130		1,635,223
2.00%, 09/01/23	CAD		1,669		1,295,708
2.00%, 06/01/28	CAD		1,724		1,374,386
2.00%, 12/01/51	CAD		1,200		1,008,453
2.25%, 03/01/24	CAD		1,500		1,180,724
2.25%, 06/01/25	CAD		1,700		1,351,166
2.25%, 06/01/29	CAD		3,600		2,942,805
2.50%, 06/01/24	CAD		1,775		1,413,977
2.75%, 06/01/22	CAD		1,588		1,246,864
2.75%, 12/01/48	CAD		1,897		1,834,549
2.75%, 12/01/64	CAD		635		666,225
3.25%, 06/01/21	CAD		1,471		1,147,645
3.50%, 12/01/45	CAD		2,210		2,350,199
4.00%, 06/01/41	CAD		1,992		2,172,490
5.00%, 06/01/37	CAD		1,692		1,962,120
5.75%, 06/01/29	CAD		1,480		1,555,433
5.75%, 06/01/33	CAD		1,650		1,909,172
8.00%, 06/01/27	CAD		520		580,793
9.00%, 06/01/25	CAD		20		21,354
Canadian When Issued Government Bond, 1.50%, 06/01/30	CAD		406		303,282

					40,505,614

Denmark — 2.9%
Denmark Government Bond
0.25%, 11/15/20	DKK		9,851		1,487,154
0.50%, 11/15/27	DKK		25,610		4,145,427
0.50%, 11/15/29^(b)	DKK		5,800		945,120
1.50%, 11/15/23	DKK		16,046		2,611,688


Security		Par (000)		Value

Denmark (continued)
1.75%, 11/15/25	DKK		19,612	$	3,352,634
3.00%, 11/15/21	DKK		18,245		2,934,148
4.50%, 11/15/39	DKK		37,674		11,035,253

					26,511,424

Finland — 3.1%
Finland Government Bond
0.00%, 04/15/22^(b)(c)	EUR		1,333		1,509,574
0.00%, 09/15/23^(b)(c)	EUR		1,485		1,692,361
0.50%, 04/15/26^(b)	EUR		1,552		1,829,682
0.50%, 09/15/27^(b)	EUR		1,350		1,600,065
0.50%, 09/15/28^(b)	EUR		1,146		1,362,996
0.50%, 09/15/29^(b)	EUR		1,000		1,189,395
0.75%, 04/15/31^(b)	EUR		1,253		1,527,147
0.88%, 09/15/25^(b)	EUR		1,063		1,277,123
1.13%, 04/15/34^(b)	EUR		1,050		1,348,050
1.38%, 04/15/47^(b)	EUR		790		1,120,469
1.50%, 04/15/23^(b)	EUR		1,501		1,796,552
1.63%, 09/15/22^(b)	EUR		1,310		1,555,901
2.00%, 04/15/24^(b)	EUR		1,337		1,661,580
2.63%, 07/04/42^(b)	EUR		1,271		2,166,933
2.75%, 07/04/28^(b)	EUR		1,342		1,890,878
3.50%, 04/15/21^(b)	EUR		1,619		1,914,360
4.00%, 07/04/25^(b)	EUR		1,600		2,245,171

					27,688,237

France — 7.7%
French Republic Government Bond OAT
0.00%, 02/25/21^(a)(c)	EUR		1,050		1,181,156
0.00%, 05/25/21^(a)(c)	EUR		1,086		1,218,335
0.00%, 02/25/22^(a)(c)	EUR		1,000		1,129,150
0.00%, 05/25/22^(a)(c)	EUR		1,150		1,300,190
0.00%, 03/25/23^(a)(c)	EUR		1,150		1,298,522
0.00%, 03/25/24^(a)(c)	EUR		1,100		1,254,092
0.00%, 03/25/25^(a)(c)	EUR		750		856,736
0.25%, 11/25/20^(a)	EUR		743		836,425
0.25%, 11/25/26^(a)	EUR		1,230		1,426,591
0.50%, 05/25/25^(a)	EUR		1,403		1,643,208
0.50%, 05/25/26^(a)	EUR		1,246		1,467,946
0.50%, 05/25/29^(a)	EUR		1,100		1,303,180
0.75%, 05/25/28^(a)	EUR		1,201		1,449,902
0.75%, 11/25/28^(a)	EUR		1,250		1,514,077
1.00%, 11/25/25^(a)	EUR		1,200		1,448,695
1.00%, 05/25/27^(a)	EUR		1,230		1,505,084
1.25%, 05/25/34^(a)	EUR		900		1,161,426
1.25%, 05/25/36^(b)	EUR		1,133		1,464,129
1.50%, 05/25/31^(a)	EUR		1,737		2,279,340
1.50%, 05/25/50^(b)	EUR		751		1,022,684
1.75%, 05/25/23^(a)	EUR		1,415		1,704,148
1.75%, 11/25/24^(a)	EUR		1,370		1,695,507
1.75%, 06/25/39^(b)	EUR		700		983,145
1.75%, 05/25/66^(b)	EUR		416		619,913
2.00%, 05/25/48^(b)	EUR		982		1,484,058
2.25%, 10/25/22^(a)	EUR		1,313		1,590,307
2.25%, 05/25/24^(a)	EUR		1,456		1,827,760
2.50%, 10/25/20^(a)	EUR		1,015		1,167,271
2.50%, 05/25/30^(a)	EUR		1,508		2,145,061
2.75%, 10/25/27^(a)	EUR		1,539		2,135,551
3.00%, 04/25/22^(a)	EUR		1,730		2,102,995
3.25%, 10/25/21^(a)	EUR		1,500		1,795,974
3.25%, 05/25/45^(a)	EUR		912		1,672,319


Security		Par (000)		Value

France (continued)
3.50%, 04/25/26^(a)	EUR		1,354	$	1,896,611
3.75%, 04/25/21^(a)	EUR		1,420		1,684,030
4.00%, 10/25/38^(a)	EUR		1,017		1,904,681
4.00%, 04/25/55^(a)	EUR		733		1,641,203
4.00%, 04/25/60^(a)	EUR		447		1,049,617
4.25%, 10/25/23^(a)	EUR		1,715		2,262,334
4.50%, 04/25/41^(a)	EUR		1,304		2,679,030
4.75%, 04/25/35^(a)	EUR		1,207		2,288,127
5.50%, 04/25/29^(a)	EUR		1,320		2,273,491
5.75%, 10/25/32^(a)	EUR		1,168		2,271,727
6.00%, 10/25/25^(a)	EUR		1,123		1,734,606
8.50%, 04/25/23^(a)	EUR		435		640,006

					70,010,340

Germany — 4.6%
Bundesobligation
0.00%, 10/08/21^(a)(c)	EUR		730		825,143
0.00%, 04/08/22^(a)(c)	EUR		661		749,635
0.00%, 10/07/22^(a)(c)	EUR		655		745,644
0.00%, 04/14/23^(a)(c)	EUR		600		685,422
0.00%, 10/13/23^(a)(c)	EUR		600		687,718
0.00%, 04/05/24^(c)	EUR		967		1,110,379
0.00%, 10/18/24^(c)	EUR		300		345,315
Bundesrepublik Deutschland Bundesanleihe
0.00%, 08/15/26^(a)(c)	EUR		904		1,049,243
0.00%, 08/15/29^(a)(c)	EUR		450		522,737
0.25%, 02/15/27^(a)	EUR		945		1,118,032
0.25%, 08/15/28^(a)	EUR		800		951,123
0.25%, 02/15/29^(a)	EUR		800		951,436
0.50%, 02/15/25^(a)	EUR		854		1,010,846
0.50%, 02/15/26^(a)	EUR		1,010		1,206,247
0.50%, 08/15/27^(a)	EUR		950		1,147,954
0.50%, 02/15/28^(a)	EUR		825		999,540
1.00%, 08/15/24^(a)	EUR		685		825,526
1.00%, 08/15/25^(a)	EUR		850		1,038,714
1.25%, 08/15/48^(a)	EUR		650		969,128
1.50%, 09/04/22^(a)	EUR		655		776,577
1.50%, 02/15/23^(a)	EUR		655		783,913
1.50%, 05/15/23^(a)	EUR		641		771,105
1.50%, 05/15/24^(a)	EUR		641		786,180
1.75%, 07/04/22^(a)	EUR		875		1,040,486
1.75%, 02/15/24^(a)	EUR		625		770,412
2.00%, 01/04/22^(a)	EUR		755		892,164
2.00%, 08/15/23^(a)	EUR		689		847,750
2.25%, 09/04/21^(a)	EUR		578		679,575
2.50%, 07/04/44^(a)	EUR		1,031		1,858,895
2.50%, 08/15/46^(a)	EUR		1,146		2,116,884
3.25%, 07/04/21^(a)	EUR		725		861,681
3.25%, 07/04/42^(a)	EUR		560		1,095,040
4.00%, 01/04/37^(a)	EUR		836		1,614,248
4.25%, 07/04/39^(a)	EUR		554		1,156,397
4.75%, 07/04/28^(a)	EUR		464		757,799
4.75%, 07/04/34^(a)	EUR		790		1,545,864
4.75%, 07/04/40^(a)	EUR		618		1,389,132
5.50%, 01/04/31^(a)	EUR		667		1,246,470
5.63%, 01/04/28^(a)	EUR		565		953,248
6.25%, 01/04/24^(a)	EUR		285		410,640
6.25%, 01/04/30^(a)	EUR		375		708,889
6.50%, 07/04/27^(a)	EUR		450		778,302


Security		Par (000)		Value

Germany (continued)
Bundesschatzanweisungen, 0.00% 06/11/21^(a)(c)	EUR		500	$	563,794

					41,345,227

Ireland — 4.2%
Ireland Government Bond
0.00%, 10/18/22^(a)(c)	EUR		1,250		1,414,561
0.80%, 03/15/22^(a)	EUR		1,880		2,163,072
0.90%, 05/15/28^(a)	EUR		2,250		2,720,821
1.00%, 05/15/26^(a)	EUR		3,100		3,735,198
1.10%, 05/15/29^(a)	EUR		1,900		2,341,461
1.30%, 05/15/33^(a)	EUR		1,245		1,572,331
1.35%, 03/18/31^(a)	EUR		847		1,073,187
1.50%, 05/15/50^(a)	EUR		1,104		1,446,729
1.70%, 05/15/37^(a)	EUR		1,560		2,086,757
2.00%, 02/18/45^(a)	EUR		2,438		3,547,639
2.40%, 05/15/30^(a)	EUR		2,754		3,823,728
3.40%, 03/18/24^(a)	EUR		2,258		2,941,347
3.90%, 03/20/23^(a)	EUR		1,933		2,476,923
5.00%, 10/18/20	EUR		1,762		2,070,131
5.40%, 03/13/25	EUR		3,303		4,817,628

					38,231,513

Italy — 7.3%
Italy Buoni Poliennali Del Tesoro
0.05%, 04/15/21	EUR		600		671,825
0.20%, 10/15/20	EUR		582		651,870
0.35%, 11/01/21	EUR		615		692,460
0.45%, 06/01/21^(a)	EUR		695		782,838
0.65%, 11/01/20	EUR		746		839,524
0.65%, 10/15/23	EUR		566		644,504
0.90%, 08/01/22^(a)	EUR		600		686,447
0.95%, 03/01/23	EUR		490		562,157
0.95%, 03/15/23	EUR		630		722,983
1.00%, 07/15/22^(a)	EUR		300		343,937
1.20%, 04/01/22	EUR		700		804,864
1.25%, 12/01/26^(a)	EUR		750		873,668
1.35%, 04/15/22	EUR		743		857,116
1.45%, 09/15/22	EUR		790		918,390
1.45%, 11/15/24^(a)	EUR		550		647,461
1.45%, 05/15/25^(a)	EUR		600		705,740
1.50%, 06/01/25	EUR		800		943,930
1.60%, 06/01/26	EUR		770		916,657
1.65%, 03/01/32^(b)	EUR		985		1,157,952
1.75%, 07/01/24^(a)	EUR		600		713,721
1.85%, 05/15/24	EUR		650		776,646
2.00%, 12/01/25	EUR		750		911,326
2.00%, 02/01/28^(a)	EUR		650		797,860
2.05%, 08/01/27	EUR		930		1,141,063
2.10%, 07/15/26^(a)	EUR		300		367,355
2.15%, 12/15/21	EUR		746		872,074
2.20%, 06/01/27	EUR		740		916,759
2.30%, 10/15/21^(a)	EUR		600		700,776
2.45%, 10/01/23^(a)	EUR		300		364,029
2.45%, 09/01/33^(b)	EUR		600		764,415
2.50%, 12/01/24	EUR		835		1,031,437
2.50%, 11/15/25^(a)	EUR		650		810,121
2.70%, 03/01/47^(b)	EUR		699		919,509
2.80%, 12/01/28^(a)	EUR		750		979,885
2.80%, 03/01/67^(b)	EUR		371		477,921
2.95%, 09/01/38^(b)	EUR		727		980,400
3.00%, 08/01/29^(a)	EUR		400		532,340


Security		Par (000)		Value

Italy (continued)
3.10%, 03/01/40^(b)	EUR		200	$	273,851
3.25%, 09/01/46^(b)	EUR		575		823,705
3.35%, 03/01/35^(b)	EUR		500		700,857
3.45%, 03/01/48^(b)	EUR		687		1,019,698
3.50%, 03/01/30^(b)	EUR		1,043		1,446,074
3.75%, 03/01/21	EUR		883		1,037,447
3.75%, 05/01/21^(b)	EUR		203		239,905
3.75%, 08/01/21^(b)	EUR		1,001		1,192,570
3.75%, 09/01/24	EUR		747		968,550
3.85%, 09/01/49^(b)	EUR		400		630,595
4.00%, 09/01/20	EUR		1,035		1,194,935
4.00%, 02/01/37^(b)	EUR		998		1,514,127
4.50%, 05/01/23	EUR		747		960,230
4.50%, 03/01/24	EUR		1,097		1,446,187
4.50%, 03/01/26^(b)	EUR		925		1,286,516
4.75%, 09/01/21	EUR		874		1,061,785
4.75%, 08/01/23^(b)	EUR		970		1,267,359
4.75%, 09/01/28^(b)	EUR		1,056		1,574,489
4.75%, 09/01/44^(b)	EUR		649		1,130,972
5.00%, 03/01/22	EUR		739		922,228
5.00%, 03/01/25^(b)	EUR		929		1,286,709
5.00%, 08/01/34^(b)	EUR		947		1,557,806
5.00%, 08/01/39^(b)	EUR		789		1,365,441
5.00%, 09/01/40^(b)	EUR		952		1,650,048
5.25%, 11/01/29	EUR		1,109		1,742,697
5.50%, 09/01/22	EUR		738		951,938
5.50%, 11/01/22^(a)	EUR		1,007		1,306,983
5.75%, 02/01/33	EUR		901		1,547,807
6.00%, 05/01/31^(a)	EUR		1,271		2,164,041
6.50%, 11/01/27	EUR		959		1,545,578
7.25%, 11/01/26	EUR		536		867,300
9.00%, 11/01/23	EUR		697		1,050,717

					66,211,105

Japan — 22.5%
Japan Government Five Year Bond
0.10%, 12/20/20	JPY		66,000		612,642
0.10%, 03/20/21	JPY		36,750		341,463
0.10%, 06/20/21	JPY		70,950		659,824
0.10%, 09/20/21	JPY		92,850		864,290
0.10%, 12/20/21	JPY		69,300		645,819
0.10%, 03/20/22	JPY		69,400		647,374
0.10%, 06/20/22	JPY		69,000		644,115
0.10%, 09/20/22	JPY		74,200		693,350
0.10%, 12/20/22	JPY		68,000		636,214
0.10%, 03/20/23	JPY		103,000		964,554
0.10%, 06/20/23	JPY		53,000		496,785
0.10%, 09/20/23	JPY		75,000		703,372
0.10%, 12/20/23	JPY		137,000		1,286,055
0.10%, 03/20/24	JPY		119,000		1,118,691
0.10%, 06/20/24	JPY		144,250		1,356,875
Japan Government Forty Year Bond
0.40%, 03/20/56	JPY		88,750		817,398
0.50%, 03/20/59	JPY		37,450		355,918
0.80%, 03/20/58	JPY		84,000		881,749
0.90%, 03/20/57	JPY		96,450		1,041,612
1.40%, 03/20/55	JPY		53,400		656,147
1.70%, 03/20/54	JPY		52,950		694,436
1.90%, 03/20/53	JPY		53,800		731,825
2.00%, 03/20/52	JPY		90,100		1,240,589
2.20%, 03/20/49	JPY		61,100		851,167


Security		Par (000)		Value

Japan (continued)
2.20%, 03/20/50	JPY		56,150	$	790,141
2.20%, 03/20/51	JPY		83,450		1,185,205
2.40%, 03/20/48	JPY		38,900		557,259
Japan Government Ten Year Bond
0.10%, 03/20/26	JPY		42,600		403,369
0.10%, 06/20/26	JPY		45,000		426,456
0.10%, 09/20/26	JPY		70,450		668,664
0.10%, 12/20/26	JPY		78,500		745,643
0.10%, 03/20/27	JPY		52,000		494,261
0.10%, 06/20/27	JPY		58,050		552,577
0.10%, 09/20/27	JPY		57,250		544,898
0.10%, 12/20/27	JPY		45,000		428,342
0.10%, 03/20/28	JPY		54,000		514,200
0.10%, 06/20/28	JPY		74,400		708,096
0.10%, 09/20/28	JPY		101,000		960,698
0.10%, 12/20/28	JPY		80,000		759,883
0.10%, 03/20/29	JPY		211,400		2,007,210
0.10%, 06/20/29	JPY		408,350		3,871,818
0.30%, 12/20/24	JPY		48,550		462,529
0.30%, 12/20/25	JPY		41,550		398,143
0.40%, 03/20/25	JPY		48,200		462,293
0.40%, 06/20/25	JPY		85,250		819,048
0.40%, 09/20/25	JPY		47,950		461,479
0.50%, 09/20/24	JPY		120,350		1,155,284
0.50%, 12/20/24	JPY		43,850		421,979
0.60%, 03/20/23	JPY		220,200		2,096,101
0.60%, 09/20/23	JPY		30,250		289,183
0.60%, 12/20/23	JPY		187,000		1,791,554
0.60%, 03/20/24	JPY		79,700		765,247
0.60%, 06/20/24	JPY		83,050		799,210
0.70%, 12/20/22	JPY		94,050		896,148
0.80%, 06/20/22	JPY		175,700		1,670,308
0.80%, 09/20/22	JPY		290,450		2,768,712
0.80%, 12/20/22	JPY		206,850		1,977,000
0.80%, 06/20/23	JPY		207,100		1,989,658
0.80%, 09/20/23	JPY		101,800		980,568
0.90%, 03/20/22	JPY		153,500		1,458,722
0.90%, 06/20/22	JPY		101,100		963,595
1.00%, 09/20/21	JPY		179,050		1,694,901
1.00%, 12/20/21	JPY		174,650		1,658,436
1.00%, 03/20/22	JPY		198,800		1,893,625
1.10%, 03/20/21	JPY		37,350		351,823
1.10%, 06/20/21	JPY		82,450		779,273
1.10%, 09/20/21	JPY		77,750		737,347
1.10%, 12/20/21	JPY		102,550		975,821
1.20%, 12/20/20	JPY		163,850		1,539,891
1.20%, 06/20/21	JPY		123,400		1,168,182
1.30%, 03/20/21	JPY		180,050		1,700,619
Japan Government Thirty Year Bond
0.30%, 06/20/46	JPY		71,900		658,031
0.40%, 06/20/49	JPY		69,400		645,172
0.50%, 09/20/46	JPY		83,500		803,339
0.50%, 03/20/49	JPY		101,400		968,414
0.60%, 12/20/46	JPY		69,200		681,220
0.70%, 06/20/48	JPY		112,000		1,128,817
0.70%, 12/20/48	JPY		103,000		1,037,298
0.80%, 03/20/46	JPY		59,700		616,792
0.80%, 03/20/47	JPY		66,000		681,649
0.80%, 06/20/47	JPY		74,300		767,268
0.80%, 09/20/47	JPY		78,400		809,499


Security		Par (000)		Value

Japan (continued)
0.80%, 12/20/47	JPY		83,550	$	862,519
0.80%, 03/20/48	JPY		107,300		1,107,452
0.90%, 09/20/48	JPY		87,000		921,031
1.10%, 03/20/33	JPY		29,000		307,407
1.40%, 09/20/45	JPY		37,500		439,427
1.40%, 12/20/45	JPY		49,950		585,853
1.50%, 12/20/44	JPY		51,950		619,724
1.50%, 03/20/45	JPY		66,250		790,251
1.60%, 06/20/45	JPY		40,650		495,016
1.70%, 06/20/33	JPY		32,550		369,933
1.70%, 12/20/43	JPY		71,350		876,079
1.70%, 03/20/44	JPY		76,600		940,826
1.70%, 06/20/44	JPY		60,500		745,912
1.70%, 09/20/44	JPY		65,200		805,041
1.80%, 11/22/32	JPY		26,000		297,279
1.80%, 03/20/43	JPY		82,500		1,024,029
1.80%, 09/20/43	JPY		70,950		885,620
1.90%, 09/20/42	JPY		168,500		2,118,154
1.90%, 06/20/43	JPY		84,750		1,072,395
2.00%, 12/20/33	JPY		39,750		468,958
2.00%, 09/20/40	JPY		145,300		1,824,660
2.00%, 09/20/41	JPY		143,650		1,819,633
2.00%, 03/20/42	JPY		134,550		1,711,357
2.10%, 09/20/33	JPY		25,550		304,010
2.20%, 09/20/39	JPY		108,400		1,387,717
2.20%, 03/20/41	JPY		127,000		1,649,749
2.30%, 05/20/32	JPY		70,000		837,358
2.30%, 03/20/35	JPY		58,200		721,103
2.30%, 06/20/35	JPY		39,050		485,256
2.30%, 12/20/35	JPY		45,650		570,501
2.30%, 12/20/36	JPY		53,550		676,398
2.30%, 03/20/39	JPY		116,050		1,499,778
2.30%, 03/20/40	JPY		124,950		1,633,001
2.40%, 11/20/31	JPY		22,600		270,828
2.40%, 03/20/34	JPY		48,900		604,857
2.40%, 12/20/34	JPY		42,600		532,196
2.40%, 03/20/37	JPY		82,150		1,053,143
2.40%, 09/20/38	JPY		101,200		1,319,396
2.50%, 06/20/34	JPY		54,500		684,344
2.50%, 09/20/34	JPY		39,700		499,951
2.50%, 09/20/35	JPY		36,550		466,104
2.50%, 03/20/36	JPY		52,000		667,113
2.50%, 06/20/36	JPY		53,500		688,416
2.50%, 09/20/36	JPY		36,900		476,193
2.50%, 09/20/37	JPY		75,800		989,057
2.50%, 03/20/38	JPY		101,800		1,337,596
Japan Government Twenty Year Bond
0.20%, 06/20/36	JPY		80,600		754,429
0.30%, 06/20/39	JPY		400,000		3,757,902
0.40%, 03/20/36	JPY		62,000		599,353
0.40%, 03/20/39	JPY		130,050		1,245,631
0.50%, 09/20/36	JPY		63,000		617,902
0.50%, 03/20/38	JPY		103,700		1,013,920
0.50%, 06/20/38	JPY		142,000		1,387,529
0.50%, 12/20/38	JPY		138,800		1,354,412
0.60%, 12/20/36	JPY		98,100		976,935
0.60%, 06/20/37	JPY		87,050		866,409
0.60%, 09/20/37	JPY		111,100		1,105,399
0.60%, 12/20/37	JPY		90,500		900,136
0.70%, 03/20/37	JPY		85,500		866,080


Security		Par (000)		Value

Japan (continued)
0.70%, 09/20/38	JPY		121,000	$	1,222,323
0.80%, 06/20/23	JPY		31,950		306,951
1.00%, 03/20/23	JPY		39,500		380,987
1.00%, 12/20/35	JPY		101,250		1,070,082
1.20%, 12/20/34	JPY		87,450		945,533
1.20%, 03/20/35	JPY		95,250		1,031,093
1.20%, 09/20/35	JPY		78,850		855,567
1.30%, 06/20/35	JPY		77,300		848,809
1.40%, 12/20/22	JPY		27,000		262,792
1.40%, 09/20/34	JPY		127,000		1,406,416
1.50%, 06/20/32	JPY		50,900		561,800
1.50%, 03/20/33	JPY		59,400		659,035
1.50%, 03/20/34	JPY		93,350		1,043,572
1.50%, 06/20/34	JPY		96,000		1,074,742
1.60%, 06/20/30	JPY		60,800		665,271
1.60%, 03/20/32	JPY		46,700		519,832
1.60%, 06/20/32	JPY		50,100		558,842
1.60%, 03/20/33	JPY		79,100		887,386
1.60%, 12/20/33	JPY		87,850		990,749
1.70%, 12/20/22	JPY		36,000		353,546
1.70%, 09/20/31	JPY		50,400		563,554
1.70%, 12/20/31	JPY		66,600		747,333
1.70%, 03/20/32	JPY		38,300		430,733
1.70%, 06/20/32	JPY		40,750		459,323
1.70%, 09/20/32	JPY		129,450		1,462,274
1.70%, 12/20/32	JPY		102,050		1,155,217
1.70%, 06/20/33	JPY		103,350		1,174,579
1.70%, 09/20/33	JPY		92,600		1,054,435
1.80%, 06/20/23	JPY		33,000		328,110
1.80%, 12/20/23	JPY		25,000		251,001
1.80%, 06/20/30	JPY		72,100		803,254
1.80%, 09/20/30	JPY		48,850		545,793
1.80%, 06/20/31	JPY		45,800		515,855
1.80%, 09/20/31	JPY		88,950		1,004,447
1.80%, 12/20/31	JPY		80,100		907,859
1.80%, 03/20/32	JPY		85,550		971,965
1.80%, 12/20/32	JPY		55,950		640,155
1.90%, 03/22/21	JPY		31,950		304,268
1.90%, 06/20/22	JPY		31,000		303,063
1.90%, 09/20/22	JPY		25,900		254,549
1.90%, 09/20/23	JPY		13,000		130,360
1.90%, 12/20/23	JPY		35,000		352,755
1.90%, 03/20/24	JPY		24,050		243,732
1.90%, 03/20/25	JPY		31,500		325,813
1.90%, 06/20/25	JPY		40,200		417,901
1.90%, 12/20/28	JPY		63,050		695,810
1.90%, 03/20/29	JPY		60,350		668,235
1.90%, 09/20/30	JPY		66,200		746,378
1.90%, 03/20/31	JPY		50,950		577,744
1.90%, 06/20/31	JPY		89,400		1,016,615
2.00%, 06/21/21	JPY		25,650		245,944
2.00%, 03/21/22	JPY		36,100		351,877
2.00%, 06/20/22	JPY		28,750		281,772
2.00%, 12/20/24	JPY		53,100		549,076
2.00%, 03/20/25	JPY		50		520
2.00%, 09/20/25	JPY		42,650		447,962
2.00%, 12/20/25	JPY		56,050		591,712
2.00%, 03/20/27	JPY		38,350		414,948
2.00%, 06/20/30	JPY		51,700		586,263
2.00%, 12/20/30	JPY		55,450		632,768


Security		Par (000)		Value

Japan (continued)
2.00%, 03/20/31	JPY		57,550	$	658,691
2.10%, 12/20/21	JPY		32,850		319,104
2.10%, 03/20/24	JPY		57,300		585,398
2.10%, 09/20/24	JPY		70,600		729,060
2.10%, 03/20/25	JPY		29,900		312,284
2.10%, 06/20/25	JPY		29,150		306,115
2.10%, 09/20/25	JPY		18,850		199,028
2.10%, 12/20/25	JPY		30,000		318,438
2.10%, 03/20/26	JPY		44,600		475,552
2.10%, 12/20/26	JPY		83,350		903,222
2.10%, 03/20/27	JPY		58,400		635,958
2.10%, 06/20/27	JPY		27,500		300,962
2.10%, 09/20/27	JPY		46,300		509,221
2.10%, 12/20/27	JPY		104,850		1,158,127
2.10%, 06/20/28	JPY		35,450		394,454
2.10%, 09/20/28	JPY		66,750		745,398
2.10%, 12/20/28	JPY		35,000		392,267
2.10%, 03/20/29	JPY		70,500		793,052
2.10%, 06/20/29	JPY		75,700		853,886
2.10%, 09/20/29	JPY		76,500		866,038
2.10%, 12/20/29	JPY		77,950		885,560
2.10%, 03/20/30	JPY		100,200		1,142,236
2.10%, 12/20/30	JPY		100,550		1,157,871
2.20%, 12/20/21	JPY		28,800		280,335
2.20%, 03/20/24	JPY		18,950		194,377
2.20%, 06/20/24	JPY		30,750		317,109
2.20%, 03/20/26	JPY		36,700		393,517
2.20%, 06/20/26	JPY		17,050		183,813
2.20%, 09/20/26	JPY		66,000		715,881
2.20%, 09/20/27	JPY		49,750		550,865
2.20%, 03/20/28	JPY		81,400		908,837
2.20%, 09/20/28	JPY		37,600		423,024
2.20%, 06/20/29	JPY		39,450		448,556
2.20%, 12/20/29	JPY		44,800		513,212
2.20%, 03/20/30	JPY		55,700		640,366
2.20%, 03/20/31	JPY		60,600		706,459
2.30%, 03/20/26	JPY		36,000		388,173
2.30%, 06/20/26	JPY		49,300		534,572
2.30%, 09/20/26	JPY		26,900		293,520
2.30%, 06/20/27	JPY		37,150		411,920
2.30%, 06/20/28	JPY		37,950		428,443
2.40%, 06/20/24	JPY		55,800		580,273
2.40%, 03/20/28	JPY		36,500		413,292
2.40%, 06/20/28	JPY		53,000		602,662
2.50%, 12/21/20	JPY		28,700		273,670
Series 49, 2.10%, 03/22/21	JPY		23,000		219,626
Japan Government Two Year Bond
0.10%, 01/01/21	JPY		83,000		770,528
0.10%, 02/01/21	JPY		59,000		547,883
0.10%, 04/01/21	JPY		53,400		496,222
0.10%, 05/01/21	JPY		85,000		790,102
0.10%, 06/01/21	JPY		62,000		576,482
0.10%, 07/01/21	JPY		110,000		1,023,095
0.10%, 08/01/21	JPY		110,000		1,023,411

					203,467,247

Netherlands — 4.6%
Netherlands Government Bond
0.00%, 01/15/22^(b)(c)	EUR		1,649		1,865,648
0.00%, 01/15/24^(b)(c)	EUR		1,750		2,001,784
0.25%, 07/15/25^(b)	EUR		1,827		2,128,940


Security		Par (000)		Value

Netherlands (continued)
0.25%, 07/15/29^(b)	EUR		1,000	$	1,173,218
0.50%, 07/15/26^(b)	EUR		1,680		1,997,059
0.50%, 01/15/40^(b)	EUR		773		933,718
0.75%, 07/15/27^(b)	EUR		1,765		2,142,997
0.75%, 07/15/28^(b)	EUR		1,500		1,835,468
1.75%, 07/15/23^(b)	EUR		2,159		2,624,990
2.00%, 07/15/24^(b)	EUR		1,961		2,455,335
2.25%, 07/15/22^(b)	EUR		1,828		2,202,358
2.50%, 01/15/33^(b)	EUR		1,601		2,412,883
2.75%, 01/15/47^(b)	EUR		1,711		3,255,209
3.25%, 07/15/21^(b)	EUR		2,067		2,459,633
3.75%, 01/15/23	EUR		477		607,749
3.75%, 01/15/42^(b)	EUR		1,851		3,755,310
4.00%, 01/15/37^(b)	EUR		1,875		3,546,188
5.50%, 01/15/28	EUR		1,545		2,566,560
7.50%, 01/15/23^(b)	EUR		829		1,169,504

					41,134,551

Norway — 1.3%
Norway Government Bond
1.50%, 02/19/26^(b)	NOK		9,466		1,044,001
1.75%, 03/13/25^(b)	NOK		11,730		1,309,551
1.75%, 02/17/27^(b)	NOK		10,300		1,155,401
1.75%, 09/06/29^(b)	NOK		7,200		811,816
2.00%, 05/24/23^(b)	NOK		19,654		2,195,908
2.00%, 04/26/28^(b)	NOK		13,400		1,536,128
3.00%, 03/14/24^(b)	NOK		13,110		1,534,583
3.75%, 05/25/21^(b)	NOK		16,956		1,917,366

					11,504,754

Portugal — 4.7%
Portugal Obrigacoes do Tesouro OT
1.95%, 06/15/29^(b)	EUR		2,213		2,887,627
2.13%, 10/17/28^(b)	EUR		2,816		3,702,460
2.20%, 10/17/22^(b)	EUR		2,695		3,239,095
2.25%, 04/18/34^(b)	EUR		1,311		1,810,136
2.88%, 10/15/25^(b)	EUR		3,173		4,165,116
2.88%, 07/21/26^(b)	EUR		2,323		3,097,548
3.85%, 04/15/21^(b)	EUR		2,573		3,053,389
3.88%, 02/15/30^(b)	EUR		1,917		2,930,236
4.10%, 04/15/37^(b)	EUR		2,475		4,279,236
4.10%, 02/15/45^(b)	EUR		800		1,490,063
4.13%, 04/14/27^(b)	EUR		2,204		3,206,889
4.95%, 10/25/23^(b)	EUR		3,162		4,262,664
5.65%, 02/15/24^(b)	EUR		3,126		4,366,872

					42,491,331

South Korea — 0.5%
Korea Treasury Bond
1.88%, 06/10/29	KRW		1,500,000		1,307,295
2.00%, 03/10/49	KRW		2,000,000		1,843,500
3.00%, 12/10/42	KRW		1,000,000		1,078,263

					4,229,058

Spain — 4.6%
Spain Government Bond
0.05%, 01/31/21	EUR		850		954,198
0.05%, 10/31/21	EUR		810		912,151
0.25%, 07/30/24^(b)	EUR		450		512,964
0.35%, 07/30/23	EUR		850		970,402
0.40%, 04/30/22	EUR		1,000		1,137,973
0.45%, 10/31/22	EUR		800		914,686
0.60%, 10/31/29^(b)	EUR		380		439,061


Security		Par (000)		Value

Spain (continued)
0.75%, 07/30/21	EUR		647	$	736,850
1.30%, 10/31/26^(b)	EUR		1,075		1,307,330
1.40%, 04/30/28^(b)	EUR		850		1,051,080
1.40%, 07/30/28^(b)	EUR		900		1,113,180
1.45%, 10/31/27^(b)	EUR		1,050		1,298,920
1.45%, 04/30/29^(b)	EUR		500		622,722
1.50%, 04/30/27^(b)	EUR		750		927,092
1.60%, 04/30/25^(b)	EUR		874		1,068,385
1.85%, 07/30/35^(b)	EUR		400		526,377
1.95%, 04/30/26^(b)	EUR		858		1,080,864
1.95%, 07/30/30^(b)	EUR		965		1,264,613
2.15%, 10/31/25^(b)	EUR		946		1,196,776
2.35%, 07/30/33^(b)	EUR		776		1,076,364
2.70%, 10/31/48^(b)	EUR		550		853,330
2.75%, 10/31/24^(b)	EUR		1,147		1,468,581
2.90%, 10/31/46^(b)	EUR		668		1,064,249
3.45%, 07/30/66^(b)	EUR		408		758,401
3.80%, 04/30/24^(b)	EUR		903		1,189,827
4.20%, 01/31/37^(b)	EUR		797		1,400,704
4.40%, 10/31/23^(b)	EUR		877		1,161,149
4.65%, 07/30/25^(b)	EUR		945		1,341,897
4.70%, 07/30/41^(b)	EUR		558		1,090,910
4.80%, 01/31/24^(b)	EUR		747		1,012,061
4.90%, 07/30/40^(b)	EUR		760		1,503,003
5.15%, 10/31/28^(b)	EUR		780		1,257,178
5.15%, 10/31/44^(b)	EUR		545		1,167,425
5.40%, 01/31/23^(b)	EUR		759		1,005,211
5.50%, 04/30/21^(b)	EUR		966		1,173,421
5.75%, 07/30/32	EUR		745		1,385,422
5.85%, 01/31/22^(b)	EUR		756		962,912
5.90%, 07/30/26^(b)	EUR		922		1,438,768
6.00%, 01/31/29	EUR		951		1,627,463

					41,973,900

Sweden — 1.8%
Sweden Government Bond
0.75%, 05/12/28	SEK		13,535		1,521,481
0.75%, 11/12/29^(b)	SEK		12,650		1,429,377
1.00%, 11/12/26^(a)	SEK		18,035		2,041,426
1.50%, 11/13/23^(b)	SEK		24,050		2,687,405
2.50%, 05/12/25	SEK		17,230		2,073,044
3.50%, 06/01/22	SEK		27,625		3,158,826
3.50%, 03/30/39	SEK		11,995		2,018,245
5.00%, 12/01/20	SEK		11,600		1,274,142

					16,203,946

Switzerland — 0.5%
Swiss Confederation Government Bond
2.00%, 04/28/21^(a)	CHF		1,036		1,093,220
4.00%, 02/11/23^(a)	CHF		1,280		1,502,442
4.00%, 04/08/28^(a)	CHF		1,582		2,240,131

					4,835,793

United Kingdom — 4.7%
United Kingdom Gilt
0.63%, 06/07/25^(a)	GBP		1,350		1,764,368
0.75%, 07/22/23^(a)	GBP		1,080		1,413,870
0.88%, 10/22/29^(a)	GBP		250		331,296
1.00%, 04/22/24^(a)	GBP		1,060		1,406,205
1.25%, 07/22/27^(a)	GBP		804		1,103,318
1.50%, 07/22/26^(a)	GBP		730		1,013,369
1.50%, 07/22/47^(a)	GBP		905		1,273,772


Security		Par (000)		Value


United Kingdom (continued)
1.63%, 10/22/28^(a)	GBP		1,211	$	1,716,685
1.63%, 10/22/54^(a)	GBP		200		298,784
1.63%, 10/22/71^(a)	GBP		350		567,393
1.75%, 09/07/22^(a)	GBP		872		1,170,230
1.75%, 09/07/37^(a)	GBP		850		1,230,787
1.75%, 01/22/49^(a)	GBP		415		618,528
1.75%, 07/22/57^(a)	GBP		610		961,494
2.00%, 09/07/25^(a)	GBP		238		336,921
2.25%, 09/07/23^(a)	GBP		538		744,625
2.50%, 07/22/65^(a)	GBP		712		1,414,827
2.75%, 09/07/24^(a)	GBP		460		661,728
3.25%, 01/22/44^(a)	GBP		873		1,638,977
3.50%, 01/22/45^(a)	GBP		868		1,708,599
3.50%, 07/22/68^(a)	GBP		639		1,605,442
3.75%, 07/22/52^(a)	GBP		668		1,496,301
4.00%, 01/22/60^(a)	GBP		557		1,421,514
4.25%, 12/07/27^(a)	GBP		424		714,784
4.25%, 06/07/32^(a)	GBP		590		1,084,836
4.25%, 03/07/36^(a)	GBP		775		1,505,879
4.25%, 09/07/39^(a)	GBP		525		1,071,334
4.25%, 12/07/40^(a)	GBP		602		1,247,159
4.25%, 12/07/46^(a)	GBP		713		1,595,674
4.25%, 12/07/49^(a)	GBP		550		1,279,209
4.25%, 12/07/55^(a)	GBP		687		1,736,790
4.50%, 09/07/34^(a)	GBP		581		1,133,941
4.50%, 12/07/42^(a)	GBP		678		1,488,207
4.75%, 12/07/30^(a)	GBP		496		924,995
4.75%, 12/07/38^(a)	GBP		529		1,129,725


Security		Par/ Shares (000)		Value


United Kingdom (continued)
5.00%, 03/07/25^(a)	GBP		583	$	936,977
6.00%, 12/07/28^(a)	GBP		405		779,763

					42,528,306


Total Foreign Government Obligations — 93.3% (Cost: $828,960,172)					843,049,580


Short-Term Investments

Money Market Funds — 4.2%
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.74%^(d)(e)			37,577		37,577,000


Total Short-Term Investments — 4.2% (Cost: $37,577,000)					37,577,000


Total Investments in Securities — 97.5% (Cost: $866,537,172)					880,626,580

Other Assets, Less Liabilities — 2.5%					22,830,657


Net Assets — 100.0%				$	903,457,237

^(a)	This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

^(b)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(c)	Zero-coupon bond.

^(d)	Affiliate of the Fund.

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

Investments in issuers considered to be affiliates of the Fund during the year ended October 31, 2019, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

As of October 31, 2019, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

For the year ended October 31, 2019, the effect of derivative financial instruments in the Statements of Operations was as follows:

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

These financial statements relate only to the following funds (each, a “Fund,” and collectively, the “Funds”):

Investment Transactions and Income Recognition: Investment transactions are accounted for on trade date. Realized gains and losses on investment transactions are determined using the specific identification method. Interest income, including amortization and accretion of premiums and discounts on debt securities, and payment-in-kind interest income, if any, are recognized daily on the accrual basis. Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source.

Foreign Currency Translation: The accounting records of the Funds are maintained in U.S. dollars. Foreign currencies, as well as investment securities and other assets and liabilities denominated in non-U.S. currencies are translated to U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of investments, income receipts and expense payments are translated into U.S. dollars on the respective dates of such transactions.

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments. Such fluctuations are reflected by the Funds as a component of net realized and unrealized gain (loss) from investments for financial reporting purposes. Each Fund reports realized currency gain (loss) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its statement of operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of October 31, 2019, if any, are disclosed in the statement of assets and liabilities.

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:

Futures Contracts: Each Fund’s use of futures contracts is generally limited to cash equitization. This involves the use of available cash to invest in index futures contracts in order to gain exposure to the equity markets represented in or by the Fund’s underlying index and is intended to allow the Fund to better track its underlying index. Futures contracts are standardized, exchange-traded agreements to buy or sell a specific quantity of an underlying instrument at a set price on a future date. Depending on the terms of a contract, a futures contract is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date.

Upon entering into a futures contract, a fund is required to pledge to the executing broker which holds segregated from its own assets, an amount of cash, U.S. government securities or other high-quality debt and equity securities equal to the minimum initial margin requirements of the exchange on which the contract is traded. Securities deposited as initial margin, if any, are designated in the schedule of investments and cash deposited, if any, is shown as cash pledged for futures contracts in the statement of assets and liabilities.

Pursuant to the contract, a fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation or depreciation and, if any, shown as variation margin receivable or payable on futures contracts in the statement of assets and liabilities. When the contract is closed, a realized gain or loss is recorded in the statement of operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. Losses may arise if the notional value of a futures contract decreases due to an unfavorable change in the market rates or values of the underlying instrument during the term of the contract or if the counterparty does not perform under the contract. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and the assets underlying such contracts.

Forward Foreign Currency Exchange Contracts: Each Fund use forward foreign currency exchange contracts to offset the Fund’s exposure to the component currencies of the non-U.S. dollar-denominated securities held in its portfolio. A forward foreign currency exchange contract is an agreement between two parties to buy and sell a currency against another currency at an agreed upon price and quantity. The contracts are traded over-the-counter (“OTC”) and not on an organized exchange.

The contract is marked-to-market daily and the change in market value is recorded as unrealized appreciation or depreciation in the statement of assets and liabilities. When the contract is closed, a realized gain or loss is recorded in the statement of operations equal to the difference between the value at the time it was opened and the value at the time it was closed. Non-deliverable forward foreign currency exchange contracts (“NDFs”) are settled with the counterparty in cash without the delivery of foreign currency. The use of forward foreign currency exchange contracts involves the risk that the value of a contract changes unfavorably due to movements in the value of the referenced foreign currencies. A fund’s risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the fund.

Master Netting Arrangements: In order to define its contractual rights and to secure rights that will help mitigate its counterparty risk, a fund may enter into an International Swaps and Derivatives Association, Inc. master agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency, or other events.

The collateral requirements under an ISDA Master Agreement are typically calculated by netting the mark-to-market amount for each transaction under such agreement, and comparing that amount to the value of any collateral currently pledged by a fund and the counterparty. Except for NDFs, the forward foreign currency exchange contracts held by the Funds generally do not require collateral. Cash collateral pledged to the counterparty, if any, is presented as cash pledged as collateral for OTC derivatives on the statement of assets and liabilities. Cash received as collateral from the counterparty may be reinvested in money market funds, including those managed by the Funds’ investment adviser, or its affiliates. Such collateral, if any, is presented in the statement of assets and liabilities as affiliated investments at value and as a liability for cash received as collateral on OTC derivatives. To the extent amounts due to the Funds from the counterparty are not fully collateralized, contractually or otherwise, each Fund bears the risk of loss from counterparty non-performance. Each Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.

For financial reporting purposes, each Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the statement of assets and liabilities.

Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BlackRock Fund Advisors (“BFA”) manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock, Inc. (“BlackRock”). Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).

For its investment advisory services to each Fund, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:

Expense Waivers: For the year ended October 31, 2019, BFA has voluntarily waived a portion of its investment advisory fees for the iShares 1-3 Year International Treasury Bond ETF in the amount of $188,754.

Sub-Adviser: BFA has entered into a sub-advisory agreement with BlackRock International Limited (the “Sub-Adviser”), an affiliate of BFA, under which BFA pays the Sub-Adviser for services it provides to the Funds.

Officers and Trustees: Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.

For the year ended October 31, 2019, purchases and sales of investments, excluding in-kind transactions and short-term investments, were as follows:

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of October 31, 2019, the following permanent differences attributable to net investment loss and realized gains (losses) from in-kind redemptions, were reclassified to the following accounts:

As of October 31, 2019, the tax components of accumulated net earnings (losses) were as follows:

For the year ended October 31, 2019, the Funds utilized the following amounts of their capital loss carryforwards as follows:

Investing in the securities of non-U.S. issuers involves certain considerations and risks not typically associated with securities of U.S. issuers. Such risks include, but are not limited to: differences in accounting, auditing and financial reporting standards; more substantial governmental involvement in the economy; higher inflation rates, greater social, economic and political uncertainties; possible nationalization or expropriation of assets; less availability of public information about issuers; imposition of withholding or other taxes; higher transaction and custody costs and delays in settlement procedures; and lower level of regulation of the securities markets and issuers. Non-U.S. securities may be less liquid, more difficult to value, and have greater price volatility due to exchange rate fluctuations. These and other risks are heightened for investments in issuers from countries with less developed capital markets.

monitoring the financial stability of those counterparties. Financial assets, which potentially expose a fund to issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of a fund’s exposure to credit and counterparty risks with respect to those financial assets is approximated by their value recorded in its statement of assets and liabilities.

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of iShares 1-3 Year International Treasury Bond ETF and iShares International Treasury Bond ETF (two of the funds constituting iShares Trust, hereafter collectively referred to as the “Funds”) as of October 31, 2019, the related statements of operations for the year ended October 31, 2019, the statements of changes in net assets for each of the two years in the period ended October 31, 2019, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2019 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2019, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2019 and each of the financial highlights for each of the five years in the period ended October 31, 2019 in conformity with accounting principles generally accepted in the United States of America.

We have served as the auditor of one or more BlackRock investment companies since 2000.

For the fiscal year ended October 31, 2019, the Funds earned foreign source income and paid foreign taxes which they intend to pass through to their shareholders:

The Funds hereby designate the following amounts of distributions from direct federal obligation interest for the fiscal year ended October 31, 2019:

I. iShares 1-3 Year International Treasury Bond ETF and iShares International Treasury Bond ETF (the “Funds”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Trustees who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Trustees”), is required annually to consider and approve the Investment Advisory Contract between the Trust and BFA (the “Advisory Contract”), and the Sub-Advisory Agreement between BFA and BlackRock International Limited (“BIL”) (the “Sub-Advisory Agreement”), on behalf of the Funds. The Advisory Contract and the Sub-Advisory Agreement are referred to hereafter as the “Advisory Agreements”. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Trustees) assess BlackRock’s services to the Funds, including investment management; fund accounting; administrative and shareholder services; oversight of the Funds’ service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Trustees requested, and BFA provided, such information as the Independent Trustees, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Contract. At meetings on May 6, 2019 and May 17, 2019, a committee composed of all of the Independent Trustees (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or their independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 17-19, 2019, the Board, including the Independent Trustees, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Trustees, approved the continuance of the Advisory Contract for the Funds, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Trustees. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Trustees were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the Advisory Contract for the Funds, the Board, including the Independent Trustees, considered various factors, including: (i) the expenses and performance of each Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to each Fund and profits realized by BFA and its affiliates; (iv) economies of scale; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, no one of which was controlling, and conclusions that formed the basis for the Board, including the Independent Trustees, to approve the Advisory Contract are discussed below.

Expenses and Performance of the Funds: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which each Fund invests (if applicable), and waivers/reimbursements (if applicable) of each Fund in comparison with the same information for other ETFs (including, where applicable, funds sponsored by an “at cost” service provider), objectively selected by Broadridge as comprising each Fund’s applicable peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the applicable Peer Groups. The Board further noted that due to the limitations in providing comparable funds in the various Peer Groups, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Funds in all instances.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as any particular Fund, Broadridge also provided, and the Board reviewed, a comparison of such Fund’s performance for the one-, three-, five-, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2018, to that of relevant comparison fund(s) for the same periods. The Board noted that each Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on each Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that each Fund generally performed in line with its respective underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of each Fund supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Nature, Extent and Quality of Services Provided by BFA: Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Contract for the coming year as compared to the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Funds. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Funds, as well as the resources available to them in managing the Funds. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the June 17-19, 2019 meeting and throughout the year.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Funds under the Advisory Contract supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Costs of Services Provided to the Funds and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Funds, based on the fees payable to BFA and its affiliates (including fees under the Advisory Contract), and other sources of revenue and expense to BFA and its affiliates from the Funds’ operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation during their meetings. The Board recognized that profitability may be affected by numerous factors including, among other things, fee waivers by the Adviser, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed the sources of direct and ancillary revenue with management, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Funds. The Board also discussed BFA’s estimated profit margin as reflected in the Funds’ profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Contract and from other relationships between the Funds and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors and other information considered.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Funds increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services, noting that such costs have increased over the past year. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Contract for the Funds did not provide for breakpoints in the Funds’ investment advisory fee rate as the assets of the Funds increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Funds and that track the same index. The Board further noted that BFA provided the Board with detailed information regarding how the Other Accounts generally differ from the Funds, including in terms of the types of services and generally more extensive services provided to the Funds, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Funds, as a publicly traded ETFs, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate. The Board also considered the “all-inclusive” nature of the Funds’ advisory fee structure, and the Funds’ expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rates under the Advisory Contract for the Funds was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Funds by BFA, both direct and indirect, such as payment of revenue to BTC, the Funds’ securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Funds in other funds for which BFA (or its affiliates) provides investment advisory services or other services and BlackRock’s increased profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Funds. The Board further noted that any portfolio transactions on behalf of the Funds placed through a BFA affiliate or purchased from an underwriting syndicate in which a BFAaffiliate participates (including associated commissions) are reported to the Board pursuant to Rule 17e-1 or Rule 10f-3, as applicable, under the 1940 Act. The Board concluded that any such ancillary benefits would not be disadvantageous to the Funds and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Contract for the coming year.

to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Contract for the coming year.

This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by S&P Dow Jones Indices LLC, nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

The iShares J.P. Morgan USD Emerging Markets Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated, emerging market bonds, as represented by the J.P. Morgan EMBI^® Global Core 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.

U.S. dollar-denominated emerging market bonds posted strong performance for the reporting period. Demand for emerging market debt strengthened, as low yields in developed countries sent investors in search of higher yields in emerging markets. Similarly, interest rate reductions by the Fed drove capital flows to emerging markets and provided room for emerging market central banks to lower interest rates.

Latin American bonds contributed the most to the Index’s return for the reporting period. Central bank rate reductions and the restructuring of debt and financial commitments from the government in the state-run energy sector aided Mexican bonds. Bond yields in Mexico declined with inflation, which led to solid performance for Mexican bonds despite ongoing credit concerns in the energy sector. Brazilian bonds benefited from the central bank reducing interest rates to record lows, while Colombian bonds advanced as the central bank kept interest rates low and credit conditions improved.

European bonds also contributed to the Index’s return, led by Russia, where revenues from the state-run energy sector increased cash reserves and drove down bond yields. Ukrainian bonds also advanced, helped by optimism about new political leadership.

In Asia, bonds issued by Indonesia and the Philippines also contributed to the Index’s return. In Indonesia, multiple rate reductions by the country’s central bank and limited government deficits drove bond yields lower. Bonds in the Philippines performed well, buoyed by political stability, strong economic growth, and foreign investment. From a bond maturity perspective, long-term and intermediate-term bonds, which comprised the majority of the Index on average for the reporting period, contributed the most to the Index’s returns.


Security	Par (000)		Value

Corporate Bonds & Notes^(a)

Azerbaijan — 0.4%
Southern Gas Corridor CJSC, 6.88%, 03/24/26^(b)	$	51,115	$	59,548,975


Bahrain — 0.2%
Oil and Gas Holding Co. BSCC (The), 7.50%, 10/25/27^(b)		23,600		26,365,625


Chile — 1.2%
Corp. Nacional del Cobre de Chile
3.00%, 09/30/29 (Call 06/30/29)^(c)		24,900		24,797,270
3.63%, 08/01/27 (Call 05/01/27)^(b)		38,425		40,358,258
4.38%, (Call 08/05/48)^(b)(d)		31,500		34,777,968
4.38%, 02/05/49 (Call 08/05/48)^(b)		1,100		1,214,469
4.50%, 09/16/25^(b)		27,930		30,583,350
4.50%, 08/01/47 (Call 02/01/47)^(b)		31,990		35,828,800

				167,560,115

China — 2.7%
Amber Circle Funding Ltd., 3.25%, 12/04/22^(b)		12,389		12,667,752
China Development Bank, 2.63%, 01/24/22^(b)		18,593		18,732,447
China Development Bank Corp./Hong Kong, 2.81%, 03/06/22, (3 mo. LIBOR US + 0.700%)^(b)(e)		19,290		19,336,296
China Minmetals Corp., 3.75%, (Call 11/13/22)^(b)(d)(f)		14,029		14,099,145
CNAC HK Finbridge Co. Ltd.
3.50%, 07/19/22^(b)		20,526		20,878,791
4.13%, 07/19/27^(b)		13,032		13,732,470
4.63%, 03/14/23^(b)		14,587		15,334,584
5.13%, 03/14/28^(b)		22,170		24,844,256
CNOOC Curtis Funding No. 1 Pty Ltd., 4.50%, 10/03/23^(b)		16,844		18,080,981
Sinopec Group Overseas Development 2012 Ltd.
3.90%, 05/17/22^(b)		16,181		16,802,957
4.88%, 05/17/42^(b)		11,833		14,628,546
Sinopec Group Overseas Development 2013 Ltd., 4.38%, 10/17/23^(b)		19,173		20,519,225
Sinopec Group Overseas Development 2014 Ltd., 4.38%, 04/10/24^(b)		18,109		19,523,766
Sinopec Group Overseas Development 2015 Ltd., 3.25%, 04/28/25^(b)		19,915		20,559,051
Sinopec Group Overseas Development 2017 Ltd.
2.50%, 09/13/22^(b)		17,926		17,982,019
3.00%, 04/12/22^(b)		13,752		13,923,900
3.63%, 04/12/27^(b)		12,207		12,818,820
State Grid Overseas Investment 2013 Ltd., 3.13%, 05/22/23^(b)		12,947		13,262,583
State Grid Overseas Investment 2014 Ltd., 4.13%, 05/07/24^(b)		20,095		21,564,447
State Grid Overseas Investment 2016 Ltd.
2.75%, 05/04/22^(b)		16,624		16,831,800
3.50%, 05/04/27^(b)		29,032		30,595,664
Three Gorges Finance I Cayman Islands Ltd., 3.15%, 06/02/26^(b)		12,779		13,134,416

				389,853,916

Indonesia — 1.1%
Indonesia Asahan Aluminium Persero PT
5.71%, 11/15/23^(b)		12,867		14,153,700
6.53%, 11/15/28^(b)		7,742		9,377,498
Pelabuhan Indonesia II PT, 4.25%, 05/05/25^(b)		9,977		10,569,384
Pertamina Persero PT
4.30%, 05/20/23^(b)		11,681		12,338,056
4.88%, 05/03/22^(b)		13,404		14,183,108


Security	Par (000)		Value

Indonesia (continued)
5.63%, 05/20/43^(b)	$	13,251	$	15,292,482
6.00%, 05/03/42^(b)		9,847		11,844,095
6.45%, 05/30/44^(b)		14,299		18,271,441
Perusahaan Listrik Negara PT
4.13%, 05/15/27^(b)		14,203		14,895,396
5.25%, 10/24/42^(b)		9,114		10,076,666
5.45%, 05/21/28^(b)		8,093		9,276,601
6.15%, 05/21/48^(b)		9,271		11,646,521

				151,924,948

Kazakhstan — 1.5%
Development Bank of Kazakhstan JSC, 4.13%, 12/10/22^(b)		29,180		30,245,070
Kazakhstan Temir Zholy Finance BV, 6.95%, 07/10/42^(b)		28,064		37,709,246
KazMunayGas National Co. JSC
4.75%, 04/19/27^(b)		26,319		28,704,654
5.38%, 04/24/30^(b)		32,406		37,378,296
5.75%, 04/19/47^(b)		31,940		37,258,010
6.38%, 10/24/48^(b)		38,006		47,863,806

				219,159,082

Malaysia — 0.8%
Petronas Capital Ltd.
3.50%, 03/18/25^(b)		39,730		41,865,487
4.50%, 03/18/45^(b)		37,948		46,179,870
7.88%, 05/22/22^(b)		26,360		29,959,788

				118,005,145

Mexico — 2.9%
Banco Nacional de Comercio Exterior SNC/Cayman Islands, 4.38%, 10/14/25^(b)		7,443		7,877,950
Comision Federal de Electricidad
4.75%, 02/23/27^(b)		6,704		7,053,865
4.88%, 01/15/24^(b)		10,701		11,430,005
Mexico City Airport Trust, 5.50%, 07/31/47 (Call 01/31/47)^(b)		15,085		15,110,645
Petroleos Mexicanos
3.50%, 01/30/23		10,691		10,744,455
4.50%, 01/23/26		11,311		11,152,646
4.63%, 09/21/23		10,805		11,302,030
4.88%, 01/18/24		11,635		12,184,754
5.35%, 02/12/28		19,135		18,895,812
5.50%, 06/27/44		10,400		9,318,400
5.63%, 01/23/46		14,926		13,378,920
6.35%, 02/12/48		25,769		24,657,712
6.38%, 01/23/45		23,050		22,399,990
6.49%, 01/23/27 (Call 11/23/26)^(c)		9,030		9,621,465
6.50%, 03/13/27		42,734		45,318,074
6.50%, 01/23/29		16,491		17,200,113
6.50%, 06/02/41		22,351		22,127,490
6.63%, 06/15/35		21,511		21,923,151
6.75%, 09/21/47		45,908		45,694,243
6.84%, 01/23/30 (Call 10/23/29)^(c)		20,895		22,279,294
6.88%, 08/04/26		21,756		23,801,064
7.69%, 01/23/50 (Call 07/23/49)^(c)		36,495		39,589,776

				423,061,854

Oman — 0.1%
Lamar Funding Ltd., 3.96%, 05/07/25^(b)		19,900		18,581,625


Security	Par (000)		Value

Peru — 0.4%
Petroleos del Peru SA
4.75%, 06/19/32^(b)	$	25,469	$	27,272,048
5.63%, 06/19/47^(b)		25,540		29,682,907

				56,954,955

Philippines — 0.2%
Power Sector Assets & Liabilities Management Corp., 7.39%, 12/02/24^(b)		20,645		25,709,477


Russia — 0.3%
Vnesheconombank Via VEB Finance PLC
5.94%, 11/21/23^(b)		12,200		13,404,750
6.03%, 07/05/22^(b)		11,400		12,315,562
6.80%, 11/22/25^(b)		13,200		15,328,500

				41,048,812

Saudi Arabia — 0.8%
Saudi Arabian Oil Co.
2.75%, 04/16/22^(b)		11,200		11,333,840
2.88%, 04/16/24^(b)		12,100		12,266,375
3.50%, 04/16/29^(b)		27,770		28,737,612
4.25%, 04/16/39^(b)		21,595		23,123,278
4.38%, 04/16/49^(b)		30,000		32,625,000

				108,086,105

South Africa — 0.5%
Eskom Holdings SOC Ltd.
6.35%, 08/10/28^(b)		20,254		21,475,569
6.75%, 08/06/23^(b)		15,519		16,003,969
7.13%, 02/11/25^(b)		20,308		20,891,855
Transnet SOC Ltd., 4.00%, 07/26/22^(b)		19,656		19,877,130

				78,248,523

United Arab Emirates — 0.4%
Abu Dhabi Crude Oil Pipeline LLC, 4.60%, 11/02/47^(b)		43,739		50,627,892
MDGH — GMTN BV
2.50%, 11/07/24 (Call 10/07/24)		3,425		3,411,300
2.88%, 11/07/29 (Call 08/07/29)^(c)		4,600		4,558,600
3.70%, 11/07/49 (Call 05/07/49)^(c)		3,850		3,864,438

				62,462,230

Venezuela — 0.1%
Petroleos de Venezuela SA
5.38%, 04/12/27^(b)(g)		24,185		1,481,331
5.50%, 04/12/37^(b)(g)		22,444		1,374,707
6.00%, 05/16/24^(b)(g)		64,888		3,974,353
6.00%, 11/15/26^(b)(g)		46,651		2,857,335
9.00%, 11/17/21^(b)(g)		28,268		1,731,418
9.75%, 05/17/35^(b)(g)		40,301		2,468,451
12.75%, 02/17/22^(b)(g)		14,002		857,641

				14,745,236


Total Corporate Bonds & Notes — 13.6% (Cost: $1,937,865,357)				1,961,316,623


Foreign Government Obligations^(a)

Angola — 0.9%
Angolan Government International Bond
8.25%, 05/09/28^(b)		44,944		46,938,390
9.38%, 05/08/48^(b)		45,117		47,711,227
9.50%, 11/12/25^(b)		37,080		41,761,350

				136,410,967


Security	Par (000)		Value

Argentina — 1.4%
Argentine Republic Government International Bond
3.75%, 12/31/38^(h)	$	59,570	$	23,939,697
4.63%, 01/11/23		22,269		8,977,191
5.63%, 01/26/22		36,099		15,263,108
5.88%, 01/11/28		49,621		18,980,032
6.63%, 07/06/28		12,298		4,817,593
6.88%, 01/26/27		43,656		17,230,477
6.88%, 01/11/48		36,086		14,208,863
7.13%, 07/06/36		20,695		8,090,452
7.13%, 06/28/2117		31,742		12,736,478
7.50%, 04/22/26		75,081		31,580,946
7.63%, 04/22/46		31,648		12,738,320
8.28%, 12/31/33		71,470		36,242,698

				204,805,855

Azerbaijan — 0.6%
Republic of Azerbaijan International Bond
3.50%, 09/01/32^(b)		28,170		27,351,310
4.75%, 03/18/24^(b)		33,003		34,941,926
State Oil Co. of the Azerbaijan Republic, 4.75%, 03/13/23^(b)		23,803		24,777,435

				87,070,671

Bahrain — 2.4%
Bahrain Government International Bond
5.63%, 09/30/31^(c)		26,450		27,723,303
6.00%, 09/19/44^(b)		32,433		32,655,977
6.13%, 07/05/22^(b)		39,000		41,644,688
6.13%, 08/01/23^(b)		35,751		38,935,073
6.75%, 09/20/29^(b)		30,252		34,411,650
7.00%, 01/26/26^(b)		26,555		30,355,684
7.00%, 10/12/28^(b)		44,300		51,083,438
CBB International Sukuk Co. 5 Spc, 5.62%, 02/12/24^(b)		27,142		29,084,349
CBB International Sukuk Co. 7 SPC, 6.88%, 10/05/25^(b)		25,300		29,095,000
CBB International Sukuk Programme Co. SPC, 4.50%, 03/30/27^(c)		26,600		27,464,500

				342,453,662

Bolivia — 0.2%
Bolivian Government International Bond, 4.50%, 03/20/28^(b)		25,927		24,274,154


Brazil — 3.4%
Banco Nacional de Desenvolvimento Economico e Social, 5.75%, 09/26/23^(b)		20,488		22,620,033
Brazil Minas SPE via State of Minas Gerais, 5.33%, 02/15/28^(b)		15,404		16,357,547
Brazilian Government International Bond
2.63%, 01/05/23		32,585		32,666,463
4.25%, 01/07/25		63,779		67,545,947
4.50%, 05/30/29 (Call 02/28/29)		23,733		25,030,898
4.63%, 01/13/28 (Call 10/13/27)		44,979		48,099,418
5.00%, 01/27/45		52,206		54,310,554
5.63%, 01/07/41		36,899		41,430,658
5.63%, 02/21/47		44,530		50,068,419
6.00%, 04/07/26		33,003		38,335,047
7.13%, 01/20/37		31,718		40,787,366
8.25%, 01/20/34		23,834		33,017,538
8.88%, 04/15/24		13,610		17,267,688

				487,537,576


Security	Par (000)		Value

Chile — 0.9%
Chile Government International Bond
3.24%, 02/06/28 (Call 11/06/27)	$	52,350	$	55,998,141
3.50%, 01/25/50 (Call 07/25/49)		34,325		36,920,828
3.86%, 06/21/47		35,945		41,280,586

				134,199,555

China — 0.7%
China Government International Bond
2.13%, 11/02/22^(b)		11,100		11,124,864
2.63%, 11/02/27^(b)		11,803		12,230,859
3.25%, 10/19/23^(b)		18,359		19,246,931
3.50%, 10/19/28^(b)		12,994		14,398,976
Export-Import Bank of China (The)
2.63%, 03/14/22^(b)		12,359		12,450,951
2.88%, 04/26/26^(b)		13,101		13,391,678
3.63%, 07/31/24^(b)		18,238		19,279,208

				102,123,467

Colombia — 3.3%
Colombia Government International Bond
2.63%, 03/15/23 (Call 12/15/22)		17,777		17,904,772
3.88%, 04/25/27 (Call 01/25/27)		41,276		43,933,142
4.00%, 02/26/24 (Call 11/26/23)		35,279		37,362,666
4.50%, 01/28/26 (Call 10/28/25)		26,440		28,968,325
4.50%, 03/15/29 (Call 12/15/28)		36,300		40,440,469
5.00%, 06/15/45 (Call 12/15/44)		82,155		95,787,595
5.20%, 05/15/49 (Call 11/15/48)		26,803		32,280,863
5.63%, 02/26/44 (Call 08/26/43)		44,375		55,149,805
6.13%, 01/18/41		45,409		58,903,987
7.38%, 09/18/37		31,646		44,937,320
8.13%, 05/21/24		17,563		21,734,213

				477,403,157

Costa Rica — 0.5%
Costa Rica Government International Bond
4.25%, 01/26/23^(b)		25,304		24,813,735
7.00%, 04/04/44^(b)		25,993		25,684,333
7.16%, 03/12/45^(b)		26,493		26,377,093

				76,875,161

Croatia — 0.6%
Croatia Government International Bond
5.50%, 04/04/23^(b)		37,968		41,966,505
6.00%, 01/26/24^(b)		42,288		48,684,060

				90,650,565

Dominican Republic — 2.6%
Dominican Republic International Bond
5.50%, 01/27/25^(b)		37,710		40,337,916
5.88%, 04/18/24^(b)		24,675		26,402,250
5.95%, 01/25/27^(b)		42,720		46,992,000
6.00%, 07/19/28^(b)		33,360		36,977,475
6.40%, 06/05/49^(b)		38,685		41,864,424
6.50%, 02/15/48^(b)		26,420		28,855,594
6.85%, 01/27/45^(b)		51,040		57,611,400
6.88%, 01/29/26^(b)		38,205		43,625,334
7.45%, 04/30/44^(b)		39,550		47,472,359

				370,138,752

Ecuador — 2.6%
Ecuador Government International Bond
7.88%, 01/23/28^(b)		67,980		61,075,781
7.95%, 06/20/24^(b)		43,000		41,589,062
8.75%, 06/02/23^(b)		25,700		26,109,594


Security	Par (000)		Value

Ecuador (continued)
8.88%, 10/23/27^(b)	$	56,990	$	53,445,934
9.50%, 03/27/30^(c)		15,900		15,264,000
9.63%, 06/02/27^(b)		22,725		22,128,469
9.65%, 12/13/26^(b)		40,521		39,938,511
10.75%, 03/28/22^(b)		62,650		66,663,516
10.75%, 01/31/29^(b)		47,865		48,747,511

				374,962,378

Egypt — 2.7%
Egypt Government International Bond
5.58%, 02/21/23^(b)		29,733		30,617,259
5.88%, 06/11/25^(b)		35,810		37,085,731
6.13%, 01/31/22^(b)		56,375		58,277,656
6.59%, 02/21/28^(b)		28,784		29,287,720
7.50%, 01/31/27^(b)		47,598		51,584,333
7.60%, 03/01/29^(b)		41,027		43,488,620
7.90%, 02/21/48^(b)		35,800		35,889,500
8.50%, 01/31/47^(b)		61,039		64,110,025
8.70%, 03/01/49^(b)		36,649		39,248,789

				389,589,633

El Salvador — 0.4%
El Salvador Government International Bond
7.12%, 01/20/50 (Call 07/20/49)^(b)		29,425		30,123,844
7.65%, 06/15/35^(b)		25,360		27,666,175

				57,790,019

Ethiopia — 0.2%
Ethiopia International Bond, 6.63%, 12/11/24^(b)		26,400		27,769,500


Gabon — 0.3%
Gabon Government International Bond, 6.38%, 12/12/24^(b)		38,975		38,767,945


Ghana — 0.9%
Ghana Government International Bond
7.63%, 05/16/29^(b)		24,730		25,031,397
8.13%, 01/18/26^(b)		26,158		27,678,434
8.13%, 03/26/32^(b)		30,530		30,873,462
8.63%, 06/16/49^(b)		26,700		26,666,625
8.95%, 03/26/51^(b)		26,175		26,518,547

				136,768,465

Hungary — 1.5%
Hungary Government International Bond
5.38%, 02/21/23		49,808		54,539,760
5.38%, 03/25/24		50,742		57,195,748
5.75%, 11/22/23		49,226		55,640,763
7.63%, 03/29/41		31,572		51,866,877

				219,243,148

India — 0.4%
Export-Import Bank of India
3.38%, 08/05/26^(b)		26,480		27,142,000
3.88%, 02/01/28^(b)		25,630		27,167,800

				54,309,800

Indonesia — 3.7%
Indonesia Government International Bond
2.95%, 01/11/23		10,064		10,190,806
3.38%, 04/15/23^(b)		12,401		12,738,152
3.50%, 01/11/28		11,656		12,129,525
3.70%, 10/30/49		4,700		4,764,625
3.75%, 04/25/22^(b)		19,090		19,692,528
3.85%, 07/18/27^(b)		9,880		10,460,450


Security	Par (000)		Value

Indonesia (continued)
4.10%, 04/24/28	$	10,589	$	11,419,575
4.13%, 01/15/25^(b)		18,258		19,421,948
4.35%, 01/08/27^(b)		11,533		12,567,366
4.35%, 01/11/48		16,518		18,061,401
4.63%, 04/15/43^(b)		13,106		14,629,573
4.75%, 01/08/26^(b)		19,982		22,067,621
4.75%, 02/11/29		12,253		13,953,104
4.75%, 07/18/47^(b)		9,461		10,818,062
5.13%, 01/15/45^(b)		18,822		22,433,471
5.25%, 01/17/42^(b)		20,288		24,250,500
5.25%, 01/08/47^(b)		11,577		14,167,354
5.35%, 02/11/49		10,128		12,891,045
5.38%, 10/17/23^(b)		10,207		11,297,873
5.88%, 01/15/24^(b)		16,412		18,494,273
5.95%, 01/08/46^(b)		11,479		15,224,024
6.63%, 02/17/37^(b)		13,458		18,130,449
6.75%, 01/15/44^(b)		16,802		24,005,857
7.75%, 01/17/38^(b)		16,541		24,749,471
8.50%, 10/12/35^(b)		14,393		22,561,027
Perusahaan Penerbit SBSN Indonesia III
3.30%, 11/21/22^(b)		8,226		8,405,944
3.40%, 03/29/22^(b)		10,589		10,814,016
3.75%, 03/01/23^(b)		9,988		10,356,308
4.15%, 03/29/27^(b)		17,794		19,028,459
4.33%, 05/28/25^(b)		17,924		19,251,496
4.35%, 09/10/24^(b)		13,283		14,241,867
4.40%, 03/01/28^(b)		16,399		17,869,785
4.45%, 02/20/29^(b)		12,435		13,678,500
4.55%, 03/29/26^(b)		14,294		15,607,261

				530,373,716

Iraq — 0.6%
Iraq International Bond
5.80%, 01/15/28 (Call 12/15/19)^(b)		68,547		65,719,436
6.75%, 03/09/23^(b)		25,462		25,660,922

				91,380,358

Ivory Coast — 0.5%
Ivory Coast Government International Bond
5.75%, 12/31/32 (Call 12/31/19)^(b)(h)		26,743		26,459,054
6.13%, 06/15/33^(b)		33,796		33,172,886
6.38%, 03/03/28^(b)		17,838		18,417,735

				78,049,675

Jamaica — 1.0%
Jamaica Government International Bond
6.75%, 04/28/28		37,137		43,972,529
7.88%, 07/28/45		46,041		60,975,549
8.00%, 03/15/39		32,332		43,021,768

				147,969,846

Jordan — 0.5%
Jordan Government International Bond
5.75%, 01/31/27^(b)		25,887		26,809,224
6.13%, 01/29/26^(b)		24,232		25,579,905
7.38%, 10/10/47^(b)		26,347		27,804,319

				80,193,448

Kazakhstan — 1.4%
Kazakhstan Government International Bond
3.88%, 10/14/24^(b)		37,642		40,088,730
4.88%, 10/14/44^(b)		25,640		31,136,575
5.13%, 07/21/25^(b)		64,309		72,926,406


Security	Par (000)		Value

Kazakhstan (continued)
6.50%, 07/21/45^(b)	$	37,950	$	55,084,425

				199,236,136

Kenya — 1.0%
Kenya Government International Bond
6.88%, 06/24/24^(b)		49,874		53,053,467
7.25%, 02/28/28^(b)		24,481		25,766,253
8.00%, 05/22/32^(b)		30,836		32,878,885
8.25%, 02/28/48^(b)		26,701		28,027,706

				139,726,311

Kuwait — 0.9%
Kuwait International Government Bond, 3.50%, 03/20/27^(b)		115,058		123,903,084


Lebanon — 0.9%
Lebanon Government International Bond
6.00%, 01/27/23^(b)		28,231		16,726,867
6.10%, 10/04/22^(b)		39,745		23,847,000
6.60%, 11/27/26^(b)		40,975		22,741,125
6.65%, 02/26/30^(b)		36,765		20,496,487
6.75%, 11/29/27^(b)		26,725		14,832,375
6.85%, 03/23/27^(b)		30,798		17,092,890
7.00%, 03/23/32^(b)		25,225		14,062,938

				129,799,682

Lithuania — 0.3%
Lithuania Government International Bond, 6.63%, 02/01/22^(b)		36,414		40,135,056


Malaysia — 0.9%
1MDB Global Investments Ltd., 4.40%, 03/09/23^(b)		75,700		72,776,088
Malaysia Sovereign Sukuk Bhd, 3.04%, 04/22/25^(b)		25,004		25,972,905
Malaysia Sukuk Global Bhd, 3.18%, 04/27/26^(b)		25,922		27,080,389

				125,829,382

Mexico — 2.5%
Mexico Government International Bond
3.60%, 01/30/25		16,399		17,224,075
3.63%, 03/15/22		14,826		15,331,011
3.75%, 01/11/28		19,074		19,890,606
4.00%, 10/02/23		23,530		24,949,153
4.13%, 01/21/26		16,455		17,622,277
4.15%, 03/28/27		22,116		23,677,942
4.35%, 01/15/47		13,413		13,941,137
4.50%, 04/22/29		25,369		27,929,683
4.50%, 01/31/50 (Call 07/31/49)		16,250		17,265,625
4.60%, 01/23/46		22,137		23,714,261
4.60%, 02/10/48		19,481		21,094,270
4.75%, 03/08/44		30,856		33,729,465
5.55%, 01/21/45		19,303		23,507,435
5.75%, 10/12/2110		22,354		26,070,352
6.05%, 01/11/40		23,016		29,431,710
6.75%, 09/27/34		12,868		17,484,395
8.30%, 08/15/31		8,960		13,199,200

				366,062,597

Mongolia — 0.2%
Mongolia Government International Bond, 5.13%, 12/05/22^(b)		26,100		26,491,500


Morocco — 0.3%
Morocco Government International Bond, 4.25%, 12/11/22^(b)		37,970		39,797,306


Security	Par (000)		Value

Nigeria — 1.6%
Nigeria Government International Bond
6.50%, 11/28/27^(b)	$	38,622	$	38,706,486
7.14%, 02/23/30^(b)		32,155		32,265,533
7.63%, 11/21/25^(b)		26,485		28,852,097
7.63%, 11/28/47^(b)		39,325		38,317,297
7.70%, 02/23/38^(b)		31,720		31,690,262
7.88%, 02/16/32^(b)		37,905		39,089,531
8.75%, 01/21/31^(b)		25,795		28,414,805

				237,336,011

Oman — 2.6%
Oman Government International Bond
3.88%, 03/08/22^(b)		18,000		18,000,000
4.13%, 01/17/23^(b)		23,470		23,558,013
4.75%, 06/15/26^(b)		50,775		49,251,750
5.38%, 03/08/27^(b)		41,420		41,018,744
5.63%, 01/17/28^(b)		50,780		50,145,250
6.00%, 08/01/29^(c)		200		200,000
6.00%, 08/01/29^(b)		28,275		28,275,000
6.50%, 03/08/47^(b)		38,651		35,752,175
6.75%, 01/17/48^(b)		55,220		51,734,237
Oman Sovereign Sukuk SAOC
4.40%, 06/01/24^(b)		39,100		39,442,125
5.93%, 10/31/25^(b)		30,535		32,777,414

				370,154,708

Pakistan — 0.6%
Pakistan Government International Bond
6.88%, 12/05/27^(b)		37,269		37,222,414
8.25%, 04/15/24^(b)		24,480		26,606,700
Third Pakistan International Sukuk Co. Ltd. (The), 5.63%, 12/05/22^(b)		27,300		27,368,250

				91,197,364

Panama — 2.1%
Panama Government International Bond
3.16%, 01/23/30 (Call 10/23/29)		27,800		28,738,250
3.75%, 03/16/25 (Call 12/16/24)		31,812		33,651,131
3.88%, 03/17/28 (Call 12/17/27)		32,551		35,439,901
4.00%, 09/22/24 (Call 06/24/24)		33,062		35,407,336
4.50%, 05/15/47 (Call 11/15/46)		30,600		36,098,438
4.50%, 04/16/50 (Call 10/16/49)		45,448		53,273,577
6.70%, 01/26/36		53,811		75,873,510

				298,482,143

Paraguay — 0.2%
Paraguay Government International Bond, 6.10%, 08/11/44^(b)		26,206		31,954,941


Peru — 2.2%
Peruvian Government International Bond
4.13%, 08/25/27		28,242		31,675,168
5.63%, 11/18/50		64,636		94,711,939
6.55%, 03/14/37		28,592		41,824,735
7.35%, 07/21/25		43,448		55,124,650
8.75%, 11/21/33		55,364		91,437,106

				314,773,598

Philippines — 3.3%
Philippine Government International Bond
3.00%, 02/01/28		34,270		35,726,132
3.70%, 03/01/41		34,867		39,236,271
3.70%, 02/02/42		36,632		41,314,028
3.75%, 01/14/29		29,050		32,309,047


Security	Par (000)		Value

Philippines (continued)
3.95%, 01/20/40	$	35,177	$	40,442,557
4.20%, 01/21/24		25,196		27,298,291
5.00%, 01/13/37		23,447		30,026,814
5.50%, 03/30/26		16,964		20,218,968
6.38%, 01/15/32		18,058		24,620,954
6.38%, 10/23/34		34,450		48,854,406
7.75%, 01/14/31		31,153		46,232,999
9.50%, 02/02/30		37,416		60,216,375
10.63%, 03/16/25		26,986		38,556,248

				485,053,090

Poland — 1.6%
Republic of Poland Government International Bond
3.00%, 03/17/23		51,410		52,968,365
3.25%, 04/06/26		44,303		47,279,608
4.00%, 01/22/24		51,225		55,258,969
5.00%, 03/23/22		74,330		79,718,925

				235,225,867

Qatar — 3.8%
Qatar Government International Bond
3.25%, 06/02/26^(b)		50,450		52,972,500
3.38%, 03/14/24^(b)		32,935		34,437,660
3.88%, 04/23/23^(b)		42,470		44,848,320
4.00%, 03/14/29^(b)		55,625		61,830,664
4.50%, 04/23/28^(b)		40,510		46,333,313
4.63%, 06/02/46^(b)		29,760		36,177,000
4.82%, 03/14/49^(b)		80,550		99,076,500
5.10%, 04/23/48^(b)		79,350		101,320,031
5.75%, 01/20/42^(b)		15,339		21,158,233
6.40%, 01/20/40^(b)		8,240		12,032,975
9.75%, 06/15/30^(b)		8,839		14,545,679
SoQ Sukuk A QSC, 3.24%, 01/18/23^(b)		20,940		21,683,370

				546,416,245

Romania — 1.3%
Romanian Government International Bond
4.38%, 08/22/23^(b)		39,124		41,777,096
4.88%, 01/22/24^(b)		26,710		29,431,081
5.13%, 06/15/48^(b)		30,384		34,951,095
6.13%, 01/22/44^(b)		25,134		32,697,763
6.75%, 02/07/22^(b)		49,643		54,529,733

				193,386,768

Russia — 3.5%
Russian Foreign Bond-Eurobond
4.25%, 06/23/27^(b)		31,800		34,121,400
4.38%, 03/21/29^(b)		36,200		39,204,600
4.50%, 04/04/22^(b)		24,200		25,458,400
4.75%, 05/27/26^(b)		39,400		43,340,000
4.88%, 09/16/23^(b)		37,800		41,485,500
5.10%, 03/28/35^(b)		50,400		58,161,600
5.25%, 06/23/47^(b)		88,800		106,116,000
5.63%, 04/04/42^(b)		37,600		46,473,600
5.88%, 09/16/43^(b)		20,400		26,035,500
7.50%, 03/31/30^(b)(h)		34,740		39,841,864
12.75%, 06/24/28^(b)		30,200		51,491,000

				511,729,464

Saudi Arabia — 3.7%
KSA Sukuk Ltd.
2.89%, 04/20/22^(b)		41,420		42,041,300
2.97%, 10/29/29^(c)		10,200		10,179,600
3.63%, 04/20/27^(b)		42,289		44,340,016


Security	Par (000)		Value

Saudi Arabia (continued)
4.30%, 01/19/29^(b)	$	17,372	$	19,265,548
Saudi Government International Bond
2.88%, 03/04/23^(b)		24,510		25,000,200
3.25%, 10/26/26^(b)		51,023		52,706,759
3.63%, 03/04/28^(b)		46,849		49,238,299
4.00%, 04/17/25^(b)		38,060		40,876,440
4.38%, 04/16/29^(b)		35,554		39,713,818
4.50%, 04/17/30^(b)		25,472		28,847,040
4.50%, 10/26/46^(b)		58,102		63,912,200
4.63%, 10/04/47^(b)		40,887		45,813,883
5.00%, 04/17/49^(b)		33,868		40,144,164
5.25%, 01/16/50^(b)		33,365		41,164,069

				543,243,336

Senegal — 0.4%
Senegal Government International Bond
6.25%, 05/23/33^(b)		27,020		27,619,506
6.75%, 03/13/48^(b)		26,885		26,397,710

				54,017,216

Slovakia — 0.3%
Slovakia Government International Bond, 4.38%, 05/21/22^(b)		38,010		40,088,672


South Africa — 2.3%
Republic of South Africa Government International Bond
4.30%, 10/12/28		41,588		40,142,817
4.67%, 01/17/24		23,474		24,493,652
4.85%, 09/27/27		21,360		21,707,100
4.85%, 09/30/29		11,500		11,356,250
4.88%, 04/14/26		25,860		26,651,962
5.00%, 10/12/46		20,129		18,468,358
5.38%, 07/24/44		20,123		19,311,792
5.65%, 09/27/47		31,437		30,837,732
5.75%, 09/30/49		43,050		41,577,690
5.88%, 05/30/22		20,716		22,308,543
5.88%, 09/16/25		42,204		45,989,171
5.88%, 06/22/30		29,102		30,881,587

				333,726,654

Sri Lanka — 2.0%
Sri Lanka Government International Bond
5.75%, 04/18/23^(b)		32,770		32,862,166
5.88%, 07/25/22^(b)		26,245		26,474,644
6.20%, 05/11/27^(b)		38,705		37,096,323
6.75%, 04/18/28^(b)		32,220		31,454,775
6.83%, 07/18/26^(b)		26,000		26,138,125
6.85%, 03/14/24^(b)		25,750		26,581,738
6.85%, 11/03/25^(b)		39,050		39,574,734
7.55%, 03/28/30^(b)		32,775		33,061,781
7.85%, 03/14/29^(b)		40,200		41,406,000

				294,650,286

Trinidad And Tobago — 0.2%
Trinidad & Tobago Government International Bond, 4.50%, 08/04/26^(b)		26,000		27,023,750


Tunisia — 0.2%
Banque Centrale de Tunisie International Bond, 5.75%, 01/30/25^(b)		27,200		24,879,500


Turkey — 3.7%
Hazine Mustesarligi Varlik Kiralama AS 4.49%, 11/25/24^(b)		8,699		8,330,163


Security	Par (000)		Value

Turkey (continued)
5.00%, 04/06/23^(b)	$	14,531	$	14,385,690
5.80%, 02/21/22^(b)		18,511		18,840,727
Turkey Government International Bond
3.25%, 03/23/23		13,718		13,032,100
4.25%, 04/14/26		14,671		13,368,949
4.88%, 10/09/26		30,254		28,372,579
4.88%, 04/16/43		27,694		22,060,002
5.13%, 03/25/22		10,448		10,562,275
5.13%, 02/17/28		21,810		20,344,641
5.75%, 03/22/24		25,231		25,436,002
5.75%, 05/11/47		36,264		31,153,042
6.00%, 03/25/27		31,034		30,791,547
6.00%, 01/14/41		30,322		27,166,617
6.13%, 10/24/28		21,066		20,796,092
6.25%, 09/26/22		26,141		27,055,935
6.35%, 08/10/24		18,900		19,461,093
6.63%, 02/17/45		29,897		28,411,493
6.75%, 05/30/40		19,259		18,705,304
6.88%, 03/17/36		27,856		27,412,045
7.25%, 12/23/23		20,137		21,477,369
7.25%, 03/05/38		10,050		10,313,812
7.38%, 02/05/25		32,680		35,090,150
7.63%, 04/26/29		28,317		30,396,530
8.00%, 02/14/34		15,571		17,142,698
11.88%, 01/15/30		14,807		20,429,033

				540,535,888

Ukraine — 2.4%
Ukraine Government International Bond
7.38%, 09/25/32^(b)		77,240		80,764,075
7.75%, 09/01/22^(b)		36,358		38,648,554
7.75%, 09/01/23^(b)		35,396		37,873,720
7.75%, 09/01/24^(b)		33,442		35,816,382
7.75%, 09/01/25^(b)		33,342		35,742,624
7.75%, 09/01/26^(b)		33,317		35,865,751
7.75%, 09/01/27^(b)		33,457		36,016,460
9.75%, 11/01/28^(b)		41,503		49,401,540

				350,129,106

United Arab Emirates — 2.8%
Abu Dhabi Government International Bond
2.13%, 09/30/24^(c)		9,700		9,651,500
2.50%, 10/11/22^(b)		64,190		64,831,900
2.50%, 09/30/29^(c)		14,100		14,011,875
3.13%, 05/03/26^(b)		56,018		58,468,788
3.13%, 10/11/27^(b)		81,969		85,452,683
3.13%, 09/30/49^(c)		27,175		26,189,906
4.13%, 10/11/47^(b)		66,730		76,781,206
RAK Capital, 3.09%, 03/31/25^(b)		19,938		20,081,304
Sharjah Sukuk Program Ltd.
3.85%, 04/03/26^(b)		17,400		18,291,750
4.23%, 03/14/28^(b)		23,702		25,650,008

				399,410,920

Uruguay — 2.4%
Uruguay Government International Bond
4.38%, 10/27/27		44,563		49,214,215
4.38%, 01/23/31 (Call 10/23/30)		31,924		35,625,188
4.50%, 08/14/24		28,936		31,278,460
4.98%, 04/20/55		65,300		76,604,784
5.10%, 06/18/50		99,443		118,865,380


Security	Par (000)		Value

Uruguay (continued)
7.63%, 03/21/36	$	27,145	$	40,224,833
				351,812,860

Venezuela — 0.1%
Venezuela Government International Bond
6.00%, 12/09/20^(b)(g)		11,204		1,064,380
7.65%, 04/21/25^(b)(g)		21,100		2,004,500
8.25%, 10/13/24^(b)(g)		17,625		1,674,356
9.00%, 05/07/23^(b)(g)		16,445		1,562,294
9.25%, 09/15/27^(g)		19,628		1,864,660
9.25%, 05/07/28^(b)(g)		18,699		1,776,395
9.37%, 01/13/34^(g)		18,430		1,750,850
11.75%, 10/21/26^(b)(g)		31,102		2,954,709
11.95%, 08/05/31^(b)(g)		20,937		1,988,996
12.75%, 08/23/22^(b)(g)		30,540		2,901,300

				19,542,440

Vietnam — 0.2%
Vietnam Government International Bond, 4.80%, 11/19/24^(b)		24,350		26,604,688


Zambia — 0.3%
Zambia Government International Bond
8.50%, 04/14/24^(b)		24,863		17,559,494
8.97%, 07/30/27^(b)		33,298		23,464,684

				41,024,178


Total Foreign Government Obligations — 85.0% (Cost: $12,342,347,316)				12,314,492,220


Security	Shares (000)		Value

Short-Term Investments

Money Market Funds — 0.7%
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.74%^(i)(j)		98,438	$	98,438,000


Total Short-Term Investments — 0.7% (Cost: $98,438,000)				98,438,000


Total Investments in Securities — 99.3% (Cost: $14,378,650,673)				14,374,246,843

Other Assets, Less Liabilities — 0.7%				108,059,596


Net Assets — 100.0%			$	14,482,306,439

^(a)	U.S. dollar denominated security issued by foreign domiciled entity.

^(b)	This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

^(c)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(d)	Perpetual security with no stated maturity date.

^(e)	Variable or floating rate security. Rate shown is the rate in effect as of period-end.

^(f)	Security is issued at a fixed coupon rate, which converts to a variable rate at a specified date.

^(g)	Issuer filed for bankruptcy and/or is in default.

^(h)	Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect.

⁽ⁱ⁾	Affiliate of the Fund.

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

Investments in issuers considered to be affiliates of the Fund during the year ended October 31, 2019, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

The following significant accounting policies are consistently followed by the Fund in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. The Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.

Investment Transactions and Income Recognition: Investment transactions are accounted for on trade date. Realized gains and losses on investment transactions are determined using the specific identification method. Interest income, including amortization and accretion of premiums and discounts on debt securities, and payment-in-kind interest income, if any, are recognized daily on the accrual basis. Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source.

Foreign Taxes: The Fund may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Fund invests. These foreign taxes, if any, are paid by the Fund and are reflected in its statement of operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of October 31, 2019, if any, are disclosed in the statement of assets and liabilities.

In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Fund. Because such gains or losses are not taxable to the Fund and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Fund’s tax year. These reclassifications have no effect on net assets or net asset value per share.

Distributions: Dividends and distributions paid by the Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Fund.

Indemnifications: In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnification. The Fund’s maximum exposure under these arrangements is unknown because it involves future potential claims against the Fund, which cannot be predicted with any certainty.

Investment Valuation Policies: The Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date should the reporting period end on a day that the Fund’s listing exchange is not open. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. A fund determines the fair value of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Trustees of the Trust (the “Board”). The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of the Fund’s assets and liabilities:

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgement exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The fair value hierarchy for the Fund’s investments is included in its schedule of investments. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BlackRock Fund Advisors (“BFA”) manages the investment of the Fund’s assets. BFA is a California corporation indirectly owned by BlackRock, Inc. (“BlackRock”). Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Fund, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).

For its investment advisory services to the Fund, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

Each reduced investment advisory fee level reflects a 5% reduction (rounded to the fourth decimal place) from the investment advisory fee at the prior aggregate average daily net asset level.

Distributor: BlackRock Investments, LLC, an affiliate of BFA, is the distributor for the Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Fund.

Officers and Trustees: Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.

For the year ended October 31, 2019, transactions executed by the Fund pursuant to Rule 17a-7 under the 1940 Act were as follows:

The Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends — affiliated in the statement of operations.

For the year ended October 31, 2019, purchases and sales of investments, excluding in-kind transactions and short-term investments, were as follows:

The Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes. It is the policy of the Fund to qualify as a regulated investment company by complying with the provisions applicable to regulated investment companies, as defined under Subchapter M of the Internal Revenue Code of 1986, as amended, and to annually distribute substantially all of its ordinary income and any net capital gains (taking into account any capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income and excise taxes. Accordingly, no provision for federal income taxes is required.

Management has analyzed tax laws and regulations and their application to the Fund as of October 31, 2019, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Fund’s financial statements.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of October 31, 2019, the following permanent differences attributable to realized gains (losses) from in-kind redemptions, were reclassified to the following accounts:

As of October 31, 2019, the tax components of accumulated net earnings (losses) were as follows:

In the normal course of business, the Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. The Fund’s prospectus provides details of the risks to which the Fund is subject.

BFA uses a “passive” or index approach to try to achieve the Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.

High yield securities that are rated below investment-grade (commonly referred to as “junk bonds”) or are unrated may be deemed speculative, involve greater levels of risk than higher-rated securities of similar maturity and are more likely to default. High yield securities may be issued by less creditworthy issuers, and issuers of high yield securities may be unable to meet their interest or principal payment obligations. High yield securities are subject to extreme price fluctuations, may be less liquid than higher rated fixed-income securities, even under normal economic conditions, and frequently have redemption features.

Concentration Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within the Fund’s portfolio are disclosed in its schedule of investments.

Capital shares are issued and redeemed by the Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of the Fund are not redeemable.

Management has evaluated the impact of all subsequent events on the Fund through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of iShares J.P. Morgan USD Emerging Markets Bond ETF (one of the funds constituting iShares Trust, referred to hereafter as the “Fund”) as of October 31, 2019, the related statement of operations for the year ended October 31, 2019, the statement of changes in net assets for each of the two years in the period ended October 31, 2019, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2019 (hereafter referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2019 and the financial highlights for each of the five years in the period ended October 31, 2019 in conformity with accounting principles generally accepted in the United States of America.

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We have served as the auditor of one or more BlackRock investment companies since 2000.

For the fiscal year ended October 31, 2019, the Fund intends to pass through to its shareholders foreign source income earned and foreign taxes paid by the underlying funds:

The Fund hereby designates the following amount of distributions from direct federal obligation interest for the fiscal year ended October 31, 2019:

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services, noting that such costs have increased over the past year. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Contract for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index. The Board further noted that BFA provided the Board with detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded ETF, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate. The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Contract for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon the Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

Premium/discount information for the Fund covering the most recently completed calendar year and the most recently completed calendar quarters since that year (or since the Fund began trading, if shorter) is publicly accessible, free of charge, at iShares.com.

The following information shows the frequency of distributions of premiums and discounts for the Fund for the immediately preceding five calendar years (or from the date the Fund began trading on the secondary market, if less than five years) through the date of the most recent calendar quarter-end. Each line in the table shows the number of trading days in which the Fund traded within the premium/discount range indicated. Premium/discount ranges with no trading days are omitted. The number of trading days in each premium/discount range is also shown as a percentage of the total number of trading days in the period covered by each table. All data presented here represents past performance, which cannot be used to predict future results.

The Alternative Investment Fund Managers Directive (the “Directive”) imposes detailed and prescriptive obligations on fund managers established in the European Union (the “EU”). These do not currently apply to managers established outside of the EU, such as BFA (the “Company”). Rather, non-EU managers are only required to comply with certain disclosure, reporting and transparency obligations of the Directive if such managers market a fund to EU investors.

The Company has registered the iShares J.P. Morgan USD Emerging Markets Bond ETF (the “Fund”) to be marketed to EU investors in the United Kingdom, the Netherlands, Finland, Sweden, and Luxembourg.

The Company is required under the Directive to make quantitative disclosures of remuneration. These disclosures are made in line with BlackRock’s interpretation of currently available regulatory guidance on quantitative remuneration disclosures. As market or regulatory practice develops BlackRock may consider it appropriate to make changes to the way in which quantitative remuneration disclosures are calculated. Where such changes are made, this may result in disclosures in relation to a fund not being comparable to the disclosures made in the prior year, or in relation to other BlackRock fund disclosures in that same year.

Disclosures are provided in relation to (a) the staff of the Company; (b) staff who are senior management; and (c) staff who have the ability to materially affect the risk profile of the Fund.

All individuals included in the aggregated figures disclosed are rewarded in line with BlackRock’s remuneration policy for their responsibilities across the relevant BlackRock business area. As all individuals have a number of areas of responsibilities, only the portion of remuneration for those individuals’ services attributable to the Fund is included in the aggregate figures disclosed.

BlackRock has a clear and well defined pay-for-performance philosophy, and compensation programmes which support that philosophy.

BlackRock operates a total compensation model for remuneration which includes a base salary, which is contractual, and a discretionary bonus scheme. Although all employees are eligible to receive a discretionary bonus, there is no contractual obligation to make a discretionary bonus award to any employees. For senior management, a significant percentage of variable remuneration is deferred over time. All employees are subject to a claw-back policy.

Remuneration decisions for employees are made once annually in January following the end of the performance year, based on BlackRock’s full-year financial results and other non-financial goals and objectives. Alongside financial performance, individual total compensation is also based on strategic and operating results and other considerations such as management and leadership capabilities. No set formulas are established and no fixed benchmarks are used in determining annual incentive awards.

Annual incentive awards are paid from a bonus pool which is reviewed throughout the year by BlackRock’s independent compensation committee, taking into account both actual and projected financial information together with information provided by the Enterprise Risk and Regulatory Compliance departments in relation to any activities, incidents or events that warrant consideration in making compensation decisions. Individuals are not involved in setting their own remuneration.

Each of the control functions (Enterprise Risk, Legal & Compliance, and Internal Audit) each have their own organisational structures which are independent of the business units. Functional bonus pools for those control functions are determined with reference to the performance of each individual function and the remuneration of the senior members of control functions is directly overseen by BlackRock’s independent remuneration committee.

Members of staff and senior management of the Company typically provide both AIFMD and non-AIFMD related services in respect of multiple funds, clients and functions of the Company and across the broader BlackRock group. Therefore, the figures disclosed are a sum of each individual’s portion of remuneration attributable to the Fund according to an objective apportionment methodology which acknowledges the multiple-service nature of the Company. Accordingly the figures are not representative of any individual’s actual remuneration or their remuneration structure.

The amount of the total remuneration awarded by the Company to its staff which has been attributed to the iShares J.P. Morgan USD Emerging Markets Bond ETF in respect of the Company’s financial year ending December 31, 2018 was USD 1.51 million. This figure is comprised of fixed remuneration of USD 651.91 thousand and variable remuneration of USD 856.62 thousand. There were a total of 469 beneficiaries of the remuneration described above.

The amount of the aggregate remuneration awarded by the Company, which has been attributed to the iShares J.P. Morgan USD Emerging Markets Bond ETF in respect of the Company’s financial year ending December 31, 2018, to its senior management was USD 209.42 thousand, and to members of its staff whose actions have a material impact on the risk profile of the Fund was USD 27.47 thousand.

The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of open-end equity, multi-asset, index and money market funds (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (the “BlackRock Fixed-Income Complex”) and one complex of ETFs (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the BlackRock Fund Complex referred to as the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 352 funds as of October 31, 2019. With the exception of Robert S. Kapito, Salim Ramji, Charles Park and Neal J. Andrews, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA94105. The address of Mr. Kapito, Mr. Ramji, Mr. Park and Mr. Andrews is c/o BlackRock, Inc., Park Avenue Plaza, 55 East 52nd Street, New York, NY 10055. The Board has designated Cecilia H. Herbert as its Independent Board Chair. Additional information about the Funds’ Trustees and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

The iShares Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT, and for reporting periods ended prior to March 31, 2019, filed such information on Form N-Q. The iShares Fund’s Forms N-Q are available on the SEC’s website at sec.gov. The iShares Funds also disclose their complete schedule of portfolio holdings on a daily basis on the iShares website at iShares.com.

This report is intended for the Fund’s shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by JPMorgan Chase & Co., nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.

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 Barclays 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 inception date of the Fund was 2/14/12. The first day of secondary market trading was 2/16/12.

Corporate bonds rated Aaa to A advanced significantly for the reporting period. Strong demand from investors seeking higher yields with relatively low risk helped drive returns of investment-grade corporate bonds.

Bonds issued by highly-rated financial companies, which constituted approximately 44% of the Index on average, were the most significant contributors to the Index’s return. Banks are typically among the largest issuers of corporate debt, in part due to capital requirement regulations. Bonds issued by banks advanced, as strong balance sheets gave investors confidence that banks would be relatively resilient in the case of an economic downturn. Issuance of new bonds was relatively low, which helped to reduce yields, as supply was insufficient to meet investor demand for top-rated debt. Improved cash flows at banks helped keep new issuances lower, as banks were less reliant on debt to finance their operations.

Technology company debt also contributed to the Index’s return. Technology firms benefited from strong demand for cloud computing services and high profits from subscription-based systems software. Bond issuance among technology companies was relatively low, as tax law changes allowed companies to repatriate cash from abroad, reducing the need for debt financing.

Debt issued by consumer non-cyclical companies were another source of strength. Pharmaceutical company bonds advanced, as drug makers issued bonds to raise capital for merger and acquisition activity and to expand efforts to innovate new products. Bonds issued by consumer cyclical companies also advanced, as debt from retailers and consumer service companies advanced amid continued growth in consumer spending.

From a credit quality perspective, all rating categories held by the Index contributed to performance. Bonds rated A, which represented approximately 73% of the Index on average, were the most significant contributors to return.

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 Barclays 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 6/2/15. The first day of secondary market trading was 6/4/15.

U.S. dollar-denominated convertible bonds advanced strongly for the reporting period. Convertible bonds are hybrid securities that have features of both debt and equity. The bonds represented in the Index pay interest on a periodic basis, similar to non-convertible corporate bonds, but they also have an equity conversion feature and can be redeemed for shares of the issuer’s stock. Due to their convertibility feature, these securities typically move directionally with stocks, but with less volatility given their fixed-income component. Both the equity and debt features of convertible bonds benefited the Index: Declining interest rates supported bond prices, and the stock market’s strong performance helped the equity-like features of convertible bonds.

From a sector perspective, convertible bonds issued by technology companies contributed the majority of the Index’s return. Growing companies, including many technology firms, are among the most prolific issuers of convertible bonds, as the lower coupon rates issuers offer investors can be offset by potentially significant upside. Bonds issued by microchip and semiconductor manufacturers were among the top drivers of performance. Progress in trade negotiations between the U.S. and China helped chipmakers toward the end of the reporting period, as these companies make a significant portion of their sales overseas. Chipmakers were also boosted by strong earnings and sales to data centers. Software companies were another source of strength, supported by rising subscription revenues and the software-as-a-service model.

Consumer cyclical companies also contributed to the Index’s performance, particularly in the gaming area, which benefited from a significant acquisition. Among financial companies, both real estate investment trusts (“REITs”) and finance companies advanced. Strength in the self-storage area, where demographic trends toward downsizing bolstered revenues, drove REIT performance. Finance companies benefited late in the reporting period from optimism about an easing of trade tensions.

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 Barclays 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 inception date of the Fund was 6/14/11. The first day of secondary market trading was 6/17/11.

Investment-grade, floating-rate bonds posted a positive return for the reporting period. Despite the positive performance overall, floating-rate bonds were negatively affected by declining interest rates, which diminished gains. The Index is composed of U.S. dollar-denominated bonds with interest rates that reset periodically. As a result of this reset, floating-rate bonds typically struggle in a declining interest rate environment, as their yields reset at lower levels.

Following an interest rate increase in December 2018, the Fed lowered short-term interest rates three times in 2019. The Fed’s actions led to a decrease in the interest rates issuers use to reset floating-rate bonds, resulting in lower yields on those bonds. Investor expectations that the Fed would continue to lower interest rates also weighed on the performance of floating-rate bonds.

Government and corporate bonds both contributed to the Index’s performance, with corporate bonds driving the majority of the return. Despite falling interest rates, floating-rate corporate bonds experienced strong demand from investors seeking higher-yielding shorter-term debt as the difference between short-term and long-term interest rates narrowed.

Among corporate bonds, banks, which made up approximately 52% of the Index on average for the reporting period, were the leading contributors to the Index’s return. Banks are typically the largest issuers of floating-rate corporate bonds. Borrowing and lending at variable interest rates helps banks manage their interest rate exposure and reduce volatility related to changing interest rates. Consumer-oriented companies were also a source of strength amid increasing consumer spending, with debt issued by both consumer cyclical and consumer non-cyclical companies contributing meaningfully to the Index’s performance. From a credit quality perspective, all rating categories held by the Index contributed to the Index’s return. Lower-rated investment-grade floating-rate bonds were the largest contributors.

Actual Expenses — The table provides information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. To estimate the expenses that you paid on your account over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”

Hypothetical Example for Comparison Purposes — The table also provides information about hypothetical account values and hypothetical expenses based on your Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.


Security	Par (000)		Value

Corporate Bonds & Notes

Aerospace & Defense — 1.5%
Boeing Co. (The)
2.30%, 08/01/21^(a)	$	100	$	100,644
2.70%, 02/01/27 (Call 12/01/26)		135		137,144
2.95%, 02/01/30 (Call 11/01/29)		85		86,887
3.20%, 03/01/29 (Call 12/01/28)		325		340,200
3.25%, 02/01/35 (Call 11/01/34)		100		104,659
3.60%, 05/01/34 (Call 02/01/34)		280		303,464
3.75%, 02/01/50 (Call 08/01/49)		190		203,684
3.95%, 08/01/59 (Call 02/01/59)		200		218,200
6.88%, 03/15/39		135		198,601
General Dynamics Corp.
1.88%, 08/15/23 (Call 06/15/23)		70		69,936
2.13%, 08/15/26 (Call 05/15/26)		170		170,406
2.38%, 11/15/24 (Call 09/15/24)		110		112,202
2.63%, 11/15/27 (Call 08/15/27)		145		149,647
3.00%, 05/11/21		275		280,011
3.38%, 05/15/23 (Call 04/15/23)		143		150,094
3.50%, 05/15/25 (Call 03/15/25)		100		107,501
3.60%, 11/15/42 (Call 05/14/42)^(a)		34		37,830
3.75%, 05/15/28 (Call 02/15/28)		255		284,315
3.88%, 07/15/21 (Call 04/15/21)^(a)		129		132,687
Lockheed Martin Corp.
3.35%, 09/15/21		350		359,982
3.55%, 01/15/26 (Call 10/15/25)		600		648,168
4.07%, 12/15/42		230		265,190
4.70%, 05/15/46 (Call 11/15/45)		845		1,069,601
Raytheon Co.
2.50%, 12/15/22 (Call 09/15/22)		409		415,953
4.88%, 10/15/40		200		251,752

				6,198,758

Agriculture — 0.9%
Archer-Daniels-Midland Co.
2.50%, 08/11/26 (Call 05/11/26)		250		253,155
3.75%, 09/15/47 (Call 03/15/47)		100		110,748
4.02%, 04/16/43		84		95,456
4.50%, 03/15/49 (Call 09/15/48)		200		248,158
4.54%, 03/26/42		75		91,285
Philip Morris International Inc.
1.88%, 02/25/21 (Call 01/25/21)		100		99,998
2.13%, 05/10/23 (Call 03/10/23)		130		130,039
2.50%, 08/22/22^(a)		526		532,475
2.63%, 02/18/22 (Call 01/18/22)		25		25,329
2.63%, 03/06/23		200		203,204
2.75%, 02/25/26 (Call 11/25/25)^(a)		180		183,091
3.13%, 08/17/27 (Call 05/17/27)		50		51,797
3.13%, 03/02/28 (Call 12/02/27)		105		108,541
3.25%, 11/10/24		180		188,667
3.38%, 08/11/25 (Call 05/11/25)		115		121,469
3.60%, 11/15/23^(a)		208		219,504
3.88%, 08/21/42		115		118,122
4.13%, 03/04/43		195		209,377
4.25%, 11/10/44		340		373,419
4.38%, 11/15/41		74		81,795
4.50%, 03/20/42		30		33,621
4.88%, 11/15/43		100		117,466
6.38%, 05/16/38		290		396,549

				3,993,265


Security	Par (000)		Value

Airlines — 0.3%
American Airlines Pass Through Trust
Series 2014-1, Class A, 3.70%, 10/01/26	$	7	$	7,627
Series 2015-1, Class A, 3.38%, 05/01/27		320		332,078
Series 2015-2, Class AA, 3.60%, 09/22/27		92		96,361
Series 2016-1, Class AA, 3.58%, 01/15/28		43		44,776
Series 2016-3, Class AA, 3.00%, 10/15/28^(a)		183		185,681
Continental Airlines Inc. Pass Through Trust, Series 2012-2, Class A, 4.00%, 04/29/26^(a)		209		221,045
United Airlines Pass Through Trust
Series 2013-1, Class A, 4.30%, 02/15/27		75		80,913
Series 2014-1, Class A, 4.00%, 04/11/26		83		88,137
Series 2014-2, Class A, 3.75%, 09/03/26		287		302,906
Series 2016-1, Class AA, 3.10%, 07/07/28		18		18,087
Series 2016-2, Class AA, 2.88%, 10/07/28^(a)		63		63,193

				1,440,804

Apparel — 0.2%
NIKE Inc.
2.25%, 05/01/23 (Call 02/01/23)		92		93,795
2.38%, 11/01/26 (Call 08/01/26)		140		143,147
3.38%, 11/01/46 (Call 05/01/46)		105		110,706
3.63%, 05/01/43 (Call 11/01/42)^(a)		125		136,358
3.88%, 11/01/45 (Call 05/01/45)		140		159,006
VF Corp., 3.50%, 09/01/21 (Call 06/21/21)		75		76,917

				719,929

Auto Manufacturers — 1.3%
American Honda Finance Corp.
1.65%, 07/12/21		195		194,405
1.70%, 09/09/21		260		259,342
2.30%, 09/09/26^(a)		245		245,341
2.60%, 11/16/22^(a)		145		147,835
2.90%, 02/16/24		296		305,700
3.50%, 02/15/28		235		254,235
3.63%, 10/10/23^(a)		300		318,024
Daimler Finance North America LLC, 8.50%, 01/18/31		325		489,713
Toyota Motor Corp., 2.36%, 07/02/24		150		152,520
Toyota Motor Credit Corp.
1.90%, 04/08/21^(a)		275		275,509
2.15%, 09/08/22		75		75,649
2.25%, 10/18/23^(a)		390		394,801
2.60%, 01/11/22		750		762,660
2.63%, 01/10/23		220		225,001
2.70%, 01/11/23		250		256,677
2.80%, 07/13/22		50		51,249
2.90%, 04/17/24		196		203,742
3.30%, 01/12/22		250		257,970
3.40%, 09/15/21		200		205,820
3.45%, 09/20/23^(a)		250		264,275

				5,340,468

Auto Parts & Equipment — 0.1%
Magna International Inc.
3.63%, 06/15/24 (Call 03/15/24)		180		189,313
4.15%, 10/01/25 (Call 07/01/25)		125		135,266

				324,579

Banks — 34.3%
Australia & New Zealand Banking Group Ltd./New York NY
2.25%, 11/09/20		100		100,471
2.63%, 05/19/22		385		391,687
2.63%, 11/09/22		350		356,860
2.70%, 11/16/20		242		244,074


Security	Par (000)		Value

Banks (continued)
Banco Santander SA
2.71%, 06/27/24	$	420	$	426,040
3.31%, 06/27/29		455		472,308
3.80%, 02/23/28		110		115,950
3.85%, 04/12/23		200		208,870
4.38%, 04/12/28^(a)		200		219,272
Bank of America Corp.
2.15%, 11/09/20 (Call 11/09/19)		100		99,988
2.50%, 10/21/22 (Call 10/21/21)		475		479,375
2.63%, 04/19/21		175		176,869
2.82%, 07/21/23 (Call 07/21/22)^(b)		400		406,364
2.88%, 04/24/23 (Call 04/24/22)^(b)		275		279,636
2.88%, 10/22/30 (Call 10/22/29)^(b)		200		201,182
3.00%, 12/20/23 (Call 12/20/22)^(b)		500		511,710
3.09%, 10/01/25 (Call 10/01/24)^(b)		225		232,457
3.12%, 01/20/23 (Call 01/20/22)^(b)		299		305,115
3.19%, 07/23/30 (Call 07/23/29)^(b)		500		516,135
3.25%, 10/21/27 (Call 10/21/26)		138		143,548
3.30%, 01/11/23		260		269,357
3.37%, 01/23/26 (Call 01/23/25)^(b)		450		470,664
3.42%, 12/20/28 (Call 12/20/27)^(b)		892		935,289
3.46%, 03/15/25 (Call 03/15/24)^(b)		550		575,679
3.50%, 05/17/22 (Call 05/17/21)^(b)		230		234,855
3.50%, 04/19/26^(a)		450		479,200
3.55%, 03/05/24 (Call 03/05/23)^(b)		100		104,216
3.56%, 04/23/27 (Call 04/23/26)^(b)		200		211,582
3.59%, 07/21/28 (Call 07/21/27)^(b)		234		248,248
3.71%, 04/24/28 (Call 04/24/27)^(b)		275		294,627
3.82%, 01/20/28 (Call 01/20/27)^(b)		160		172,501
3.88%, 08/01/25		325		351,455
3.95%, 01/23/49 (Call 01/23/48)^(b)		75		84,455
3.97%, 03/05/29 (Call 03/05/28)^(b)		400		436,016
4.00%, 04/01/24		600		644,088
4.10%, 07/24/23		75		80,137
4.13%, 01/22/24^(a)		475		511,233
4.24%, 04/24/38 (Call 04/24/37)^(b)		225		255,908
4.27%, 07/23/29 (Call 07/23/28)^(b)		900		1,000,683
4.33%, 03/15/50 (Call 03/15/49)^(b)		225		268,492
4.44%, 01/20/48 (Call 01/20/47)^(b)		170		204,928
4.88%, 04/01/44		65		81,637
5.00%, 01/21/44		580		737,685
5.88%, 01/05/21^(a)		75		78,391
5.88%, 02/07/42		225		314,003
Bank of Montreal
1.90%, 08/27/21		400		400,720
2.35%, 09/11/22		590		597,859
2.55%, 11/06/22 (Call 10/06/22)		150		152,721
2.90%, 03/26/22		710		724,448
Series D, 3.10%, 04/13/21		200		203,690
Bank of New York Mellon Corp. (The)
2.05%, 05/03/21 (Call 04/03/21)		425		426,045
2.20%, 08/16/23 (Call 06/16/23)		260		261,485
2.45%, 11/27/20 (Call 10/27/20)		50		50,283
2.45%, 08/17/26 (Call 05/17/26)^(a)		164		165,655
2.50%, 04/15/21 (Call 03/15/21)		120		121,036
2.60%, 02/07/22 (Call 01/07/22)		75		76,106
2.66%, 05/16/23 (Call 05/16/22)^(b)		135		136,833
2.80%, 05/04/26 (Call 02/04/26)		175		180,171
3.00%, 10/30/28 (Call 07/30/28)		175		181,276
3.25%, 09/11/24 (Call 08/11/24)^(a)		25		26,367


Security	Par (000)		Value

Banks (continued)
3.25%, 05/16/27 (Call 02/16/27)	$	75	$	79,738
3.30%, 08/23/29 (Call 05/23/29)		225		237,715
3.40%, 05/15/24 (Call 04/15/24)		316		333,958
3.40%, 01/29/28 (Call 10/29/27)		225		240,680
3.44%, 02/07/28 (Call 02/07/27)^(b)		210		223,146
3.50%, 04/28/23		350		367,552
3.55%, 09/23/21 (Call 08/23/21)		325		335,042
3.85%, 04/28/28		100		111,411
Series 0012, 3.65%, 02/04/24 (Call 01/05/24)		89		94,829
Series G, 3.00%, 02/24/25 (Call 01/24/25)		100		104,854
Bank of Nova Scotia (The)
2.45%, 03/22/21		292		294,409
2.45%, 09/19/22		130		131,929
2.70%, 03/07/22		750		763,305
2.80%, 07/21/21		150		152,283
3.13%, 04/20/21		225		229,055
3.40%, 02/11/24^(a)		270		283,238
Barclays Bank PLC, 2.65%, 01/11/21 (Call 12/11/20)		325		327,499
BB&T Corp.
2.05%, 05/10/21 (Call 04/09/21)		521		521,834
2.15%, 02/01/21 (Call 01/01/21)		25		25,078
2.50%, 08/01/24 (Call 07/01/24)		250		253,308
2.75%, 04/01/22 (Call 03/01/22)		625		635,631
2.85%, 10/26/24 (Call 09/26/24)		806		832,896
3.20%, 09/03/21 (Call 08/03/21)		225		229,813
BNP Paribas SA
3.25%, 03/03/23		640		669,056
5.00%, 01/15/21		325		336,914
BPCE SA, 3.38%, 12/02/26^(a)		400		422,560
Branch Banking & Trust Co.
2.85%, 04/01/21 (Call 03/01/21)		242		244,998
3.63%, 09/16/25 (Call 08/16/25)		275		294,121
Canadian Imperial Bank of Commerce
2.55%, 06/16/22		680		690,873
3.50%, 09/13/23		250		263,550
Citibank N.A.
2.84%, 05/20/22 (Call 04/20/22)^(b)		750		758,977
2.85%, 02/12/21 (Call 01/12/21)		750		758,475
3.17%, 02/19/22 (Call 02/19/21)^(b)		825		836,872
3.40%, 07/23/21 (Call 06/23/21)		400		409,752
3.65%, 01/23/24 (Call 12/23/23)		300		318,504
Citigroup Inc.
2.88%, 07/24/23 (Call 07/24/22)^(b)		1,000		1,017,460
2.90%, 12/08/21 (Call 11/08/21)		250		254,403
3.20%, 10/21/26 (Call 07/21/26)		150		155,646
3.35%, 04/24/25 (Call 04/24/24)^(b)		700		727,951
3.40%, 05/01/26		815		855,766
3.52%, 10/27/28 (Call 10/27/27)^(b)		1,000		1,053,930
3.70%, 01/12/26		250		266,720
3.98%, 03/20/30 (Call 03/20/29)^(b)		600		656,364
4.04%, 06/01/24 (Call 06/01/23)^(b)		350		370,972
4.28%, 04/24/48 (Call 04/27/47)^(a)(b)		100		117,707
4.65%, 07/23/48 (Call 06/23/48)		865		1,067,445
8.13%, 07/15/39		550		905,547
Cooperatieve Rabobank UA
3.88%, 02/08/22		920		957,978
5.25%, 05/24/41		250		344,722
Cooperatieve Rabobank UA/NY
2.50%, 01/19/21		500		503,630
2.75%, 01/10/22		690		701,461


Security	Par (000)		Value

Banks (continued)
2.75%, 01/10/23	$	250	$	255,228
Credit Suisse AG/New York NY
3.00%, 10/29/21		400		407,572
3.63%, 09/09/24		535		568,817
Fifth Third Bank/Cincinnati OH, 3.95%, 07/28/25 (Call 06/28/25)		225		245,588
Goldman Sachs Group Inc. (The)
2.35%, 11/15/21 (Call 11/15/20)		275		275,943
2.60%, 12/27/20 (Call 12/27/19)		25		25,026
2.63%, 04/25/21 (Call 03/25/21)		600		605,430
2.88%, 02/25/21 (Call 01/25/21)		173		174,780
2.88%, 10/31/22 (Call 10/31/21)^(b)		425		430,971
2.91%, 06/05/23 (Call 06/05/22)^(a)(b)		200		203,162
2.91%, 07/24/23 (Call 07/24/22)^(b)		120		121,927
3.00%, 04/26/22 (Call 04/26/21)		430		435,672
3.20%, 02/23/23 (Call 01/23/23)		875		901,976
3.27%, 09/29/25 (Call 09/29/24)^(b)		470		486,121
3.50%, 01/23/25 (Call 10/23/24)		560		586,354
3.50%, 11/16/26 (Call 11/16/25)		515		537,629
3.63%, 01/22/23^(a)		927		969,929
3.63%, 02/20/24 (Call 01/20/24)		250		262,928
3.69%, 06/05/28 (Call 06/05/27)^(b)		335		353,405
3.75%, 05/22/25 (Call 02/22/25)		322		341,388
3.75%, 02/25/26 (Call 11/25/25)		250		265,647
3.81%, 04/23/29 (Call 04/23/28)^(b)		135		143,675
3.85%, 07/08/24 (Call 04/08/24)		630		668,046
3.85%, 01/26/27 (Call 01/26/26)		730		776,902
4.00%, 03/03/24		460		491,515
4.02%, 10/31/38 (Call 10/31/37)^(b)		415		451,254
4.22%, 05/01/29 (Call 05/01/28)^(a)(b)		710		776,435
4.41%, 04/23/39 (Call 04/23/38)^(b)		375		424,395
4.75%, 10/21/45 (Call 04/21/45)		335		408,553
4.80%, 07/08/44 (Call 01/08/44)		285		345,870
5.25%, 07/27/21		195		205,626
5.75%, 01/24/22		305		328,836
6.25%, 02/01/41		275		386,064
HSBC Holdings PLC
2.65%, 01/05/22		550		555,945
2.95%, 05/25/21		600		607,842
3.26%, 03/13/23 (Call 03/13/22)^(a)(b)		500		511,135
3.40%, 03/08/21		1,000		1,017,530
3.60%, 05/25/23		100		104,493
3.80%, 03/11/25 (Call 03/11/24)^(b)		450		472,837
3.90%, 05/25/26		375		400,530
3.95%, 05/18/24 (Call 05/18/23)^(b)		600		630,270
3.97%, 05/22/30 (Call 05/22/29)^(b)		410		442,554
4.00%, 03/30/22^(a)		384		401,580
4.04%, 03/13/28 (Call 03/13/27)^(b)		475		509,570
4.25%, 03/14/24		400		424,496
4.29%, 09/12/26 (Call 09/15/25)^(b)		200		216,336
4.30%, 03/08/26		650		707,278
4.38%, 11/23/26		775		838,201
4.58%, 06/19/29 (Call 06/19/28)^(b)		450		503,595
4.88%, 01/14/22		299		316,441
5.10%, 04/05/21		250		260,565
5.25%, 03/14/44^(a)		600		750,030
6.10%, 01/14/42		125		178,321
6.50%, 05/02/36		125		167,731
6.50%, 09/15/37		360		488,678
6.80%, 06/01/38		305		428,763


Security	Par (000)		Value

Banks (continued)
HSBC USA Inc., 3.50%, 06/23/24	$	275	$	291,002
Huntington National Bank (The), 3.25%, 05/14/21 (Call 04/14/21)		350		356,590
ING Groep NV
3.15%, 03/29/22		335		342,886
3.95%, 03/29/27		350		377,485
4.10%, 10/02/23		475		506,701
4.55%, 10/02/28		470		534,869
JPMorgan Chase & Co.
2.30%, 08/15/21 (Call 08/15/20)		212		212,498
2.40%, 06/07/21 (Call 05/07/21)		200		201,410
2.55%, 03/01/21 (Call 02/01/21)		175		176,423
2.70%, 05/18/23 (Call 03/18/23)		350		356,902
2.78%, 04/25/23 (Call 04/25/22)^(b)		500		507,440
2.95%, 10/01/26 (Call 07/01/26)		125		128,924
2.97%, 01/15/23 (Call 01/15/22)		175		178,281
3.13%, 01/23/25 (Call 10/23/24)		99		102,804
3.20%, 01/25/23		476		493,231
3.20%, 06/15/26 (Call 03/15/26)		200		209,052
3.22%, 03/01/25 (Call 03/01/24)^(b)		150		155,693
3.25%, 09/23/22		350		362,229
3.30%, 04/01/26 (Call 01/01/26)		325		342,010
3.54%, 05/01/28 (Call 05/01/27)^(b)		170		180,433
3.56%, 04/23/24 (Call 04/23/23)^(b)		100		104,426
3.63%, 05/13/24		145		154,144
3.63%, 12/01/27 (Call 12/01/26)		175		184,366
3.70%, 05/06/30 (Call 05/06/29)^(b)		350		377,755
3.78%, 02/01/28 (Call 02/01/27)^(b)		850		915,025
3.80%, 07/23/24 (Call 07/23/23)^(b)		100		105,710
3.88%, 02/01/24		275		294,093
3.88%, 07/24/38 (Call 07/24/37)^(b)		250		275,305
3.90%, 07/15/25 (Call 04/15/25)		450		486,571
3.90%, 01/23/49 (Call 01/23/48)^(b)		250		278,360
3.96%, 11/15/48 (Call 11/15/47)^(b)		575		649,767
4.01%, 04/23/29 (Call 04/23/28)^(b)		200		219,128
4.03%, 07/24/48 (Call 07/24/47)^(a)(b)		230		261,643
4.20%, 07/23/29 (Call 07/23/28)^(b)		470		523,646
4.25%, 10/01/27		350		385,262
4.26%, 02/22/48 (Call 02/22/47)^(b)		165		193,286
4.35%, 08/15/21		108		112,567
4.50%, 01/24/22		250		263,420
4.63%, 05/10/21		947		984,681
4.85%, 02/01/44		25		31,528
5.40%, 01/06/42		165		218,676
5.50%, 10/15/40		190		251,697
5.60%, 07/15/41		367		496,859
6.40%, 05/15/38		490		698,882
KeyBank N.A./Cleveland OH
3.30%, 02/01/22		275		282,824
3.38%, 03/07/23		385		401,220
Lloyds Bank PLC, 2.25%, 08/14/22		260		261,316
Lloyds Banking Group PLC
2.91%, 11/07/23 (Call 11/07/22)^(b)		660		669,200
3.00%, 01/11/22		160		162,646
3.10%, 07/06/21		200		203,174
3.57%, 11/07/28 (Call 11/07/27)^(b)		170		176,377
3.75%, 01/11/27		315		332,835
4.05%, 08/16/23		650		688,512
4.45%, 05/08/25		210		229,942
4.55%, 08/16/28		325		364,465


Security	Par (000)		Value

Banks (continued)
M&T Bank Corp., 3.55%, 07/26/23 (Call 06/26/23)	$	400	$	421,928
Mitsubishi UFJ Financial Group Inc.
2.19%, 09/13/21		350		350,371
2.62%, 07/18/22		300		303,546
2.67%, 07/25/22^(a)		225		227,986
2.80%, 07/18/24		300		306,489
3.00%, 02/22/22		1,050		1,070,244
3.20%, 07/18/29		275		285,681
3.22%, 03/07/22		200		204,904
3.29%, 07/25/27^(a)		450		470,997
3.41%, 03/07/24^(a)		250		261,235
3.46%, 03/02/23		100		103,803
3.54%, 07/26/21		50		51,152
3.68%, 02/22/27		375		401,419
3.74%, 03/07/29		250		271,605
3.75%, 07/18/39		225		243,430
3.78%, 03/02/25		75		80,084
3.85%, 03/01/26		400		430,252
3.96%, 03/02/28		250		275,000
4.15%, 03/07/39		100		113,665
4.29%, 07/26/38		75		86,497
Mizuho Financial Group Inc.
2.27%, 09/13/21		700		702,163
2.95%, 02/28/22		275		279,713
3.17%, 09/11/27		450		466,474
3.55%, 03/05/23		180		187,294
3.66%, 02/28/27		250		266,930
3.92%, 09/11/24 (Call 09/11/23)^(b)		200		210,694
4.02%, 03/05/28		200		220,374
4.25%, 09/11/29 (Call 09/11/28)^(b)		200		223,820
Morgan Stanley
2.50%, 04/21/21		425		428,094
2.63%, 11/17/21		575		581,417
2.72%, 07/22/25 (Call 07/22/24)^(b)		200		202,992
2.75%, 05/19/22		1,225		1,243,730
3.13%, 01/23/23		450		463,428
3.13%, 07/27/26		600		622,968
3.59%, 07/22/28 (Call 07/22/27)^(b)		890		941,193
3.63%, 01/20/27		440		468,899
3.70%, 10/23/24		250		266,017
3.74%, 04/24/24 (Call 04/24/23)^(b)		555		581,596
3.75%, 02/25/23		389		408,874
3.88%, 01/27/26		480		518,371
3.97%, 07/22/38 (Call 07/22/37)^(b)		275		301,843
4.00%, 07/23/25		350		380,047
4.30%, 01/27/45		420		489,632
4.38%, 01/22/47		605		713,846
4.43%, 01/23/30 (Call 01/23/29)^(b)		450		507,195
4.46%, 04/22/39 (Call 04/22/38)^(b)		150		173,993
5.50%, 07/28/21		234		247,609
5.75%, 01/25/21		100		104,510
6.38%, 07/24/42		378		555,789
7.25%, 04/01/32		255		363,148
Series F, 3.88%, 04/29/24		427		455,336
MUFG Americas Holdings Corp., 3.00%, 02/10/25 (Call 01/20/25)		39		39,989
National Australia Bank Ltd./New York
1.88%, 07/12/21		400		399,900
2.50%, 01/12/21		250		251,783
2.50%, 05/22/22		300		304,143


Security	Par (000)		Value

Banks (continued)
2.50%, 07/12/26	$	375	$	378,525
2.63%, 01/14/21		300		302,574
2.80%, 01/10/22		100		101,860
2.88%, 04/12/23		250		256,640
National Bank of Canada, 2.20%, 11/02/20 (Call 10/02/20)		250		250,750
Northern Trust Corp.
2.38%, 08/02/22		278		281,586
3.38%, 08/23/21		93		95,425
3.95%, 10/30/25		405		442,280
PNC Bank N.A.
2.15%, 04/29/21 (Call 03/30/21)		250		250,943
2.63%, 02/17/22 (Call 01/17/22)		575		583,556
3.30%, 10/30/24 (Call 09/30/24)		250		263,645
4.20%, 11/01/25 (Call 10/01/25)		250		275,782
PNC Financial Services Group Inc. (The)
2.60%, 07/23/26 (Call 05/24/26)^(a)		300		305,382
3.15%, 05/19/27 (Call 04/19/27)		140		147,833
3.30%, 03/08/22 (Call 02/06/22)		165		170,102
3.45%, 04/23/29 (Call 01/23/29)		200		215,866
3.50%, 01/23/24 (Call 12/24/23)		490		517,778
3.90%, 04/29/24 (Call 03/29/24)		750		803,235
Royal Bank of Canada
2.50%, 01/19/21^(a)		125		125,923
2.55%, 07/16/24^(a)		275		279,430
2.75%, 02/01/22		384		391,557
3.20%, 04/30/21		334		340,526
3.70%, 10/05/23		350		370,902
4.65%, 01/27/26^(a)		255		283,279
Santander UK PLC, 4.00%, 03/13/24		508		544,373
Skandinaviska Enskilda Banken AB
2.63%, 03/15/21		250		252,218
2.80%, 03/11/22^(a)		280		284,696
State Street Corp.
1.95%, 05/19/21		100		100,136
2.65%, 05/15/23 (Call 05/15/22)^(b)		69		70,105
2.65%, 05/19/26		185		189,270
3.10%, 05/15/23		250		258,458
3.30%, 12/16/24		425		449,242
3.55%, 08/18/25		160		172,626
3.70%, 11/20/23		250		266,465
3.78%, 12/03/24 (Call 12/03/23)^(b)		75		79,383
4.14%, 12/03/29 (Call 12/03/28)^(b)		150		169,716
4.38%, 03/07/21		70		72,406
Sumitomo Mitsui Banking Corp.
2.45%, 10/20/20		242		243,258
3.95%, 07/19/23		725		768,543
3.95%, 01/10/24		75		80,029
Sumitomo Mitsui Financial Group Inc.
2.44%, 10/19/21		50		50,291
2.70%, 07/16/24		400		405,780
2.78%, 07/12/22		175		177,944
2.78%, 10/18/22		200		203,636
2.85%, 01/11/22		100		101,590
2.93%, 03/09/21		325		328,640
3.01%, 10/19/26		294		301,109
3.04%, 07/16/29		600		616,236
3.10%, 01/17/23		40		41,075
3.35%, 10/18/27		150		157,806
3.36%, 07/12/27		250		263,020
3.45%, 01/11/27		410		431,960


Security	Par (000)		Value

Banks (continued)
3.78%, 03/09/26^(a)	$	255	$	274,087
3.94%, 10/16/23		1,000		1,062,650
SunTrust Bank/Atlanta GA
2.45%, 08/01/22 (Call 07/01/22)		575		581,020
2.80%, 05/17/22 (Call 04/17/22)		475		483,564
4.05%, 11/03/25 (Call 09/03/25)		275		301,251
Svenska Handelsbanken AB
2.45%, 03/30/21		350		352,331
3.35%, 05/24/21		250		255,180
Toronto-Dominion Bank (The)
1.80%, 07/13/21		325		324,753
2.13%, 04/07/21		283		284,135
2.50%, 12/14/20		184		185,378
2.55%, 01/25/21		225		226,879
3.25%, 06/11/21		275		280,970
3.25%, 03/11/24		250		261,953
3.50%, 07/19/23		200		211,214
3.63%, 09/15/31 (Call 09/15/26)^(b)		475		495,639
U.S. Bancorp.
2.95%, 07/15/22 (Call 06/15/22)		501		513,986
3.00%, 03/15/22 (Call 02/15/22)		204		209,020
3.10%, 04/27/26 (Call 03/27/26)		400		418,204
3.38%, 02/05/24 (Call 01/05/24)		275		289,776
3.60%, 09/11/24 (Call 08/11/24)		300		319,695
3.70%, 01/30/24 (Call 12/29/23)		75		79,900
Series V, 2.38%, 07/22/26 (Call 06/22/26)		240		242,844
Series V, 2.63%, 01/24/22 (Call 12/23/21)		475		482,339
Series X, 3.15%, 04/27/27 (Call 03/27/27)		525		555,917
U.S. Bank N.A./Cincinnati OH
3.15%, 04/26/21 (Call 03/26/21)		250		254,745
3.40%, 07/24/23 (Call 06/23/23)		285		299,199
Wachovia Corp., 5.50%, 08/01/35		200		252,912
Wells Fargo & Co.
2.10%, 07/26/21		275		275,465
2.50%, 03/04/21		199		200,369
2.55%, 12/07/20		88		88,658
2.63%, 07/22/22		175		177,279
3.00%, 01/22/21		145		146,814
3.00%, 02/19/25		955		984,242
3.00%, 04/22/26		353		362,990
3.00%, 10/23/26		530		544,983
3.07%, 01/24/23 (Call 01/24/22)		525		535,033
3.30%, 09/09/24		620		649,016
3.50%, 03/08/22^(a)		1,275		1,315,494
3.55%, 09/29/25		235		249,532
3.58%, 05/22/28 (Call 05/22/27)^(b)		235		249,737
3.75%, 01/24/24 (Call 12/24/23)		400		423,052
3.90%, 05/01/45		325		368,482
4.10%, 06/03/26		224		240,719
4.13%, 08/15/23		24		25,510
4.15%, 01/24/29 (Call 10/24/28)		460		510,867
4.30%, 07/22/27		475		521,137
4.40%, 06/14/46		240		272,102
4.48%, 01/16/24		269		290,735
4.60%, 04/01/21		212		219,611
4.65%, 11/04/44		470		550,610
4.75%, 12/07/46		475		564,998
4.90%, 11/17/45		335		404,677
5.38%, 02/07/35		25		31,932
5.38%, 11/02/43		90		114,062


Security	Par (000)		Value

Banks (continued)
5.61%, 01/15/44	$	380	$	493,624
Series M, 3.45%, 02/13/23		430		445,175
Wells Fargo Bank N.A.
2.08%, 09/09/22 (Call 09/09/21)^(b)		500		499,560
2.60%, 01/15/21		250		252,148
Westpac Banking Corp.
2.00%, 08/19/21		300		300,561
2.10%, 05/13/21		125		125,416
2.50%, 06/28/22		35		35,510
2.60%, 11/23/20		25		25,201
2.65%, 01/25/21		400		403,752
2.70%, 08/19/26		75		76,916
2.75%, 01/11/23		500		511,685
2.80%, 01/11/22^(a)		300		305,748
2.85%, 05/13/26		400		413,916
3.35%, 03/08/27		350		374,237
3.65%, 05/15/23		250		263,738

				143,857,364

Beverages — 1.9%
Brown-Forman Corp., 4.50%, 07/15/45 (Call 01/15/45)		134		165,671
Coca-Cola Co. (The)
1.55%, 09/01/21		250		249,308
2.20%, 05/25/22		50		50,563
2.25%, 09/01/26		145		146,495
2.45%, 11/01/20		184		185,216
2.50%, 04/01/23		150		153,515
2.55%, 06/01/26		112		115,071
2.88%, 10/27/25		750		788,100
2.90%, 05/25/27		85		89,466
3.15%, 11/15/20		75		76,040
3.20%, 11/01/23		227		239,172
3.30%, 09/01/21		266		273,637
Coca-Cola FEMSA SAB de CV, 3.88%, 11/26/23		350		370,569
Diageo Capital PLC
2.63%, 04/29/23 (Call 01/29/23)		720		734,177
3.88%, 04/29/43 (Call 10/29/42)		70		79,284
5.88%, 09/30/36		100		137,190
Diageo Investment Corp.
2.88%, 05/11/22		110		112,542
4.25%, 05/11/42		159		187,019
PepsiCo Inc.
1.70%, 10/06/21 (Call 09/06/21)		425		424,707
2.25%, 05/02/22 (Call 04/02/22)		550		556,605
2.38%, 10/06/26 (Call 07/06/26)		60		61,090
2.75%, 03/05/22		125		128,033
2.75%, 03/01/23^(a)		145		149,672
2.85%, 02/24/26 (Call 11/24/25)		120		125,324
2.88%, 10/15/49 (Call 04/15/49)		200		195,288
3.00%, 10/15/27 (Call 07/15/27)		80		85,110
3.10%, 07/17/22 (Call 05/17/22)		115		118,926
3.13%, 11/01/20		100		101,304
3.38%, 07/29/49 (Call 01/29/49)		100		106,863
3.45%, 10/06/46 (Call 04/06/46)		475		512,430
3.50%, 07/17/25 (Call 04/17/25)		135		145,696
3.60%, 03/01/24 (Call 12/01/23)		300		320,418
3.60%, 08/13/42		10		10,937
4.00%, 03/05/42		382		441,015
4.00%, 05/02/47 (Call 11/02/46)		90		105,407
4.25%, 10/22/44 (Call 04/22/44)		135		162,248
4.45%, 04/14/46 (Call 10/14/45)		115		143,246


Security	Par (000)		Value

Beverages (continued)
4.60%, 07/17/45 (Call 01/17/45)	$	75	$	94,749
5.50%, 01/15/40		35		47,614

				8,189,717

Biotechnology — 1.0%
Gilead Sciences Inc.
1.95%, 03/01/22 (Call 02/01/22)		100		100,246
2.50%, 09/01/23 (Call 07/01/23)		136		138,131
2.95%, 03/01/27 (Call 12/01/26)^(a)		335		348,487
3.25%, 09/01/22 (Call 07/01/22)		30		31,117
3.50%, 02/01/25 (Call 11/01/24)		314		333,791
3.65%, 03/01/26 (Call 12/01/25)		225		242,548
3.70%, 04/01/24 (Call 01/01/24)		525		558,369
4.00%, 09/01/36 (Call 03/01/36)^(a)		75		83,850
4.15%, 03/01/47 (Call 09/01/46)		160		177,506
4.40%, 12/01/21 (Call 09/01/21)^(a)		124		129,840
4.50%, 04/01/21 (Call 01/01/21)		70		72,105
4.50%, 02/01/45 (Call 08/01/44)		275		317,961
4.60%, 09/01/35 (Call 03/01/35)		212		251,192
4.75%, 03/01/46 (Call 09/01/45)		585		699,438
4.80%, 04/01/44 (Call 10/01/43)		380		457,778
5.65%, 12/01/41 (Call 06/01/41)^(a)		135		176,479

				4,118,838

Chemicals — 0.4%
Ecolab Inc.
3.25%, 12/01/27 (Call 09/01/27)^(a)		100		106,849
3.95%, 12/01/47 (Call 06/01/47)		170		195,201
PPG Industries Inc.
2.80%, 08/15/29 (Call 05/15/29)^(a)		100		100,366
3.60%, 11/15/20		250		254,025
Praxair Inc.
2.20%, 08/15/22 (Call 05/15/22)		104		104,780
2.45%, 02/15/22 (Call 11/15/21)		285		288,605
3.00%, 09/01/21		25		25,525
3.20%, 01/30/26 (Call 10/30/25)^(a)		220		233,301
3.55%, 11/07/42 (Call 05/07/42)		185		195,928

				1,504,580

Commercial Services — 0.3%
Automatic Data Processing Inc., 3.38%, 09/15/25 (Call 06/15/25)^(a)		202		217,158
Leland Stanford Junior University (The), 3.65%, 05/01/48 (Call 11/01/47)		50		56,656
Massachusetts Institute of Technology
4.68%, 07/01/2114		50		67,917
5.60%, 07/01/2111		105		171,469
President and Fellows of Harvard College, 3.15%, 07/15/46 (Call 01/15/46)		175		186,508
Princeton University, 5.70%, 03/01/39		59		84,152
S&P Global Inc.
2.95%, 01/22/27 (Call 10/22/26)		243		252,368
4.50%, 05/15/48 (Call 11/15/47)		100		123,717
University of Southern California, 3.03%, 10/01/39		300		307,473

				1,467,418

Computers — 4.4%
Apple Inc.
1.55%, 08/04/21 (Call 07/04/21)		100		99,687
1.80%, 09/11/24 (Call 08/11/24)		250		249,375
2.15%, 02/09/22		319		321,995
2.20%, 09/11/29 (Call 06/11/29)		150		147,873
2.25%, 02/23/21 (Call 01/23/21)		950		955,947


Security	Par (000)		Value

Computers (continued)
2.30%, 05/11/22 (Call 04/11/22)	$	100	$	101,352
2.40%, 01/13/23 (Call 12/13/22)		185		188,400
2.40%, 05/03/23		1,960		1,997,985
2.45%, 08/04/26 (Call 05/04/26)		150		153,150
2.50%, 02/09/22 (Call 01/09/22)		225		228,719
2.50%, 02/09/25		158		162,264
2.70%, 05/13/22^(a)		137		140,289
2.75%, 01/13/25 (Call 11/13/24)		160		166,021
2.85%, 05/06/21		242		245,969
2.85%, 02/23/23 (Call 12/23/22)		200		206,252
2.85%, 05/11/24 (Call 03/11/24)		175		181,753
2.90%, 09/12/27 (Call 06/12/27)		370		387,368
2.95%, 09/11/49 (Call 03/11/49)		100		97,188
3.00%, 02/09/24 (Call 12/09/23)		175		182,935
3.00%, 06/20/27 (Call 03/20/27)		100		105,405
3.00%, 11/13/27 (Call 08/13/27)		475		501,823
3.20%, 05/13/25		149		158,609
3.20%, 05/11/27 (Call 02/11/27)		175		186,464
3.25%, 02/23/26 (Call 11/23/25)		405		431,600
3.35%, 02/09/27 (Call 11/09/26)		525		563,934
3.45%, 05/06/24		232		247,618
3.45%, 02/09/45^(a)		485		513,959
3.75%, 09/12/47 (Call 03/12/47)		60		66,672
3.75%, 11/13/47 (Call 05/13/47)		325		361,979
3.85%, 05/04/43		292		327,536
3.85%, 08/04/46 (Call 02/04/46)		440		496,465
4.25%, 02/09/47 (Call 08/09/46)		235		280,094
4.38%, 05/13/45		340		410,193
4.45%, 05/06/44^(a)		77		93,520
4.50%, 02/23/36 (Call 08/23/35)		370		449,898
4.65%, 02/23/46 (Call 08/23/45)		600		753,342
IBM Credit LLC
3.00%, 02/06/23		300		309,357
3.45%, 11/30/20		600		610,698
International Business Machines Corp.
1.88%, 08/01/22^(a)		200		199,720
2.25%, 02/19/21		250		251,320
2.80%, 05/13/21		100		101,460
2.85%, 05/13/22		330		337,488
2.88%, 11/09/22		310		318,435
2.90%, 11/01/21		125		127,533
3.00%, 05/15/24		400		415,376
3.30%, 05/15/26		445		470,984
3.30%, 01/27/27		165		175,275
3.38%, 08/01/23		200		209,424
3.45%, 02/19/26^(a)		378		403,651
3.50%, 05/15/29		475		510,815
3.63%, 02/12/24		150		159,234
4.00%, 06/20/42		190		209,213
4.15%, 05/15/39		350		396,035
4.25%, 05/15/49		500		571,445
4.70%, 02/19/46		150		181,116
5.60%, 11/30/39		250		330,933
7.00%, 10/30/25		55		69,383

				18,522,528

Cosmetics & Personal Care — 1.0%
Colgate-Palmolive Co.
1.95%, 02/01/23		64		64,356
2.30%, 05/03/22		145		147,175
3.70%, 08/01/47 (Call 02/01/47)		50		58,209


Security	Par (000)		Value

Cosmetics & Personal Care (continued)
4.00%, 08/15/45	$	195	$	232,374
Estee Lauder Companies Inc. (The)
3.15%, 03/15/27 (Call 12/15/26)		125		131,960
4.15%, 03/15/47 (Call 09/15/46)		100		117,569
Procter & Gamble Co. (The)
1.70%, 11/03/21		175		175,194
1.85%, 02/02/21		25		25,046
2.15%, 08/11/22^(a)		375		379,822
2.30%, 02/06/22^(a)		208		210,877
2.45%, 11/03/26		170		175,102
2.70%, 02/02/26		215		223,929
2.85%, 08/11/27		110		116,741
3.10%, 08/15/23		230		241,431
3.50%, 10/25/47		70		79,228
5.55%, 03/05/37		50		69,704
Unilever Capital Corp.
2.00%, 07/28/26		215		212,691
2.60%, 05/05/24 (Call 03/05/24)		300		307,929
3.00%, 03/07/22		100		102,722
3.10%, 07/30/25		200		210,478
3.50%, 03/22/28 (Call 12/22/27)		475		519,498
5.90%, 11/15/32		280		381,217

				4,183,252

Distribution & Wholesale — 0.1%
WW Grainger Inc., 4.60%, 06/15/45 (Call 12/15/44)		225		268,434


Diversified Financial Services — 3.6%
American Express Co.
2.50%, 08/01/22 (Call 07/01/22)^(a)		622		630,192
2.50%, 07/30/24 (Call 06/29/24)		250		253,715
2.65%, 12/02/22		375		382,500
3.00%, 02/22/21 (Call 01/22/21)		500		506,950
3.00%, 10/30/24 (Call 09/29/24)		375		389,820
3.40%, 02/27/23 (Call 01/27/23)		260		271,188
3.63%, 12/05/24 (Call 11/04/24)^(a)		375		398,381
3.70%, 08/03/23 (Call 07/03/23)		200		211,450
4.05%, 12/03/42		101		117,567
American Express Credit Corp.
2.25%, 05/05/21 (Call 04/05/21)^(a)		375		377,171
2.70%, 03/03/22 (Call 01/31/22)		570		580,226
3.30%, 05/03/27 (Call 04/03/27)		390		419,195
Ameriprise Financial Inc.
2.88%, 09/15/26 (Call 02/02/26)^(a)		240		246,727
4.00%, 10/15/23		225		240,145
Charles Schwab Corp. (The)
2.65%, 01/25/23 (Call 12/25/22)		271		276,298
3.20%, 03/02/27 (Call 12/02/26)		275		288,819
3.20%, 01/25/28 (Call 10/25/27)^(a)		230		242,169
3.25%, 05/21/21 (Call 04/21/21)		92		93,943
3.85%, 05/21/25 (Call 03/21/25)		200		216,850
4.00%, 02/01/29 (Call 11/01/28)		200		222,640
CME Group Inc.
3.00%, 09/15/22		218		225,519
3.00%, 03/15/25 (Call 12/15/24)		315		331,241
4.15%, 06/15/48 (Call 12/15/47)		205		247,427
5.30%, 09/15/43 (Call 03/15/43)		80		108,795
Credit Suisse USA Inc., 7.13%, 07/15/32		230		336,048
Intercontinental Exchange Inc.
2.35%, 09/15/22 (Call 08/15/22)		202		204,176
2.75%, 12/01/20 (Call 11/01/20)		185		186,558


Security	Par (000)		Value

Diversified Financial Services (continued)
3.10%, 09/15/27 (Call 06/15/27)	$	175	$	183,516
3.75%, 12/01/25 (Call 09/01/25)		285		308,438
3.75%, 09/21/28 (Call 06/21/28)		260		285,701
4.00%, 10/15/23		25		26,725
4.25%, 09/21/48 (Call 03/21/48)		170		204,624
Invesco Finance PLC
3.75%, 01/15/26		97		103,525
4.00%, 01/30/24		410		436,703
Mastercard Inc.
2.95%, 11/21/26 (Call 08/21/26)		465		489,501
3.38%, 04/01/24		517		550,626
3.80%, 11/21/46 (Call 05/21/46)^(a)		125		143,393
ORIX Corp.
2.90%, 07/18/22		125		127,614
3.25%, 12/04/24		75		77,953
3.70%, 07/18/27		115		122,668
TD Ameritrade Holding Corp.
2.95%, 04/01/22 (Call 02/01/22)		315		321,902
3.30%, 04/01/27 (Call 01/01/27)^(a)		320		336,627
Visa Inc.
2.15%, 09/15/22 (Call 08/15/22)^(a)		300		303,366
2.20%, 12/14/20 (Call 11/14/20)		310		311,550
2.75%, 09/15/27 (Call 06/15/27)^(a)		115		120,974
2.80%, 12/14/22 (Call 10/14/22)		495		510,003
3.15%, 12/14/25 (Call 09/14/25)		800		855,224
3.65%, 09/15/47 (Call 03/15/47)		220		249,203
4.15%, 12/14/35 (Call 06/14/35)		380		458,432
4.30%, 12/14/45 (Call 06/14/45)		485		603,597

				15,137,575

Electric — 5.3%
AEP Transmission Co. LLC, 3.75%, 12/01/47 (Call 06/01/47)		265		289,483
Alabama Power Co.
3.75%, 03/01/45 (Call 09/01/44)		40		43,229
6.00%, 03/01/39		175		243,715
Series 17-A, 2.45%, 03/30/22 (Call 02/28/22)		20		20,253
Series A, 4.30%, 07/15/48 (Call 01/15/48)		100		118,916
Series B, 3.70%, 12/01/47 (Call 06/01/47)		90		97,189
Ameren Illinois Co., 3.70%, 12/01/47 (Call 06/01/47)		276		308,311
Arizona Public Service Co., 4.35%, 11/15/45 (Call 05/15/45)		70		82,522
Baltimore Gas & Electric Co., 3.50%, 08/15/46 (Call 02/15/46)		80		83,246
Berkshire Hathaway Energy Co.
3.75%, 11/15/23 (Call 08/15/23)^(a)		90		95,634
3.80%, 07/15/48 (Call 01/15/48)		60		65,163
4.45%, 01/15/49 (Call 07/15/48)		250		300,062
4.50%, 02/01/45 (Call 08/01/44)		175		208,635
5.15%, 11/15/43 (Call 05/15/43)		75		95,792
5.95%, 05/15/37		25		34,416
6.13%, 04/01/36		150		208,899
CenterPoint Energy Houston Electric LLC
3.55%, 08/01/42 (Call 02/01/42)		65		69,438
4.50%, 04/01/44 (Call 10/01/43)		90		110,502
Series AC, 4.25%, 02/01/49 (Call 08/01/48)		100		120,740
Commonwealth Edison Co.
2.55%, 06/15/26 (Call 03/15/26)		165		167,896
3.65%, 06/15/46 (Call 12/15/45)		200		217,750
4.00%, 03/01/48 (Call 09/01/47)		280		324,302
5.90%, 03/15/36		75		101,520
Series 123, 3.75%, 08/15/47 (Call 02/15/47)		60		66,550


Security	Par (000)		Value

Electric (continued)
Consolidated Edison Co. of New York Inc.
3.85%, 06/15/46 (Call 12/15/45)	$	160	$	175,558
3.95%, 03/01/43 (Call 09/01/42)		148		163,268
4.45%, 03/15/44 (Call 09/15/43)		220		260,363
4.50%, 12/01/45 (Call 06/01/45)		60		71,520
4.63%, 12/01/54 (Call 06/01/54)		273		327,013
Series 07-A, 6.30%, 08/15/37		70		97,606
Series 08-B, 6.75%, 04/01/38		104		151,510
Series 09-C, 5.50%, 12/01/39		180		236,588
Series 2017, 3.88%, 06/15/47 (Call 12/15/46)		135		148,106
Series A, 4.13%, 05/15/49 (Call 11/15/48)		75		86,051
Series C, 4.30%, 12/01/56 (Call 06/01/56)		25		28,538
Series D, 4.00%, 12/01/28 (Call 09/01/28)		275		308,806
Consumers Energy Co.
4.05%, 05/15/48 (Call 11/15/47)		100		117,498
4.35%, 04/15/49 (Call 10/15/48)		100		123,436
Delmarva Power & Light Co., 3.50%, 11/15/23 (Call 08/15/23)		195		205,659
Dominion Energy South Carolina Inc.
5.10%, 06/01/65 (Call 12/01/64)		85		113,259
6.05%, 01/15/38		25		34,071
DTE Electric Co.
3.70%, 03/15/45 (Call 09/15/44)		125		139,092
3.95%, 03/01/49 (Call 09/01/48)^(a)		200		232,276
Duke Energy Carolinas LLC
2.50%, 03/15/23 (Call 01/15/23)		209		213,002
2.95%, 12/01/26 (Call 09/01/26)		65		67,968
3.05%, 03/15/23 (Call 03/15/23)		105		108,722
3.70%, 12/01/47 (Call 06/01/47)		65		70,961
3.75%, 06/01/45 (Call 12/01/44)		25		27,305
3.88%, 03/15/46 (Call 09/15/45)		200		224,032
3.95%, 11/15/28 (Call 08/15/28)		185		208,961
3.95%, 03/15/48 (Call 09/15/47)		100		113,790
4.00%, 09/30/42 (Call 03/30/42)		75		83,763
4.25%, 12/15/41 (Call 06/15/41)		375		433,804
5.30%, 02/15/40		108		140,031
6.00%, 01/15/38		70		96,478
6.05%, 04/15/38		125		174,000
6.10%, 06/01/37		230		316,372
Duke Energy Florida LLC
3.20%, 01/15/27 (Call 10/15/26)		125		131,669
3.40%, 10/01/46 (Call 04/01/46)		220		226,582
3.80%, 07/15/28 (Call 04/15/28)		475		525,079
6.35%, 09/15/37		50		70,907
6.40%, 06/15/38		135		197,450
Duke Energy Indiana LLC, 3.75%, 05/15/46 (Call 12/15/45)		25		27,127
Duke Energy Progress LLC
2.80%, 05/15/22 (Call 02/15/22)		50		51,070
3.00%, 09/15/21 (Call 06/15/21)		420		428,110
3.60%, 09/15/47 (Call 03/15/47)		10		10,667
4.10%, 03/15/43 (Call 09/15/42)		75		85,115
4.15%, 12/01/44 (Call 06/01/44)		50		57,284
4.20%, 08/15/45 (Call 02/15/45)		70		81,126
Entergy Arkansas LLC, 3.50%, 04/01/26 (Call 01/01/26)		224		238,732
Entergy Louisiana LLC
4.00%, 03/15/33 (Call 12/15/32)		175		199,575
4.20%, 09/01/48 (Call 03/01/48)		195		225,941
Florida Power & Light Co.
2.75%, 06/01/23 (Call 12/01/22)		69		71,047
3.13%, 12/01/25 (Call 06/01/25)		196		207,674


Security	Par (000)		Value

Electric (continued)
3.15%, 10/01/49 (Call 04/01/49)	$	200	$	203,638
3.25%, 06/01/24 (Call 12/01/23)		185		194,455
3.70%, 12/01/47 (Call 06/01/47)		165		183,950
3.95%, 03/01/48 (Call 09/01/47)		225		261,679
4.05%, 06/01/42 (Call 12/01/41)		50		57,580
4.05%, 10/01/44 (Call 04/01/44)		75		87,179
4.13%, 02/01/42 (Call 08/01/41)		30		34,984
4.13%, 06/01/48 (Call 12/01/47)		100		119,363
5.69%, 03/01/40		30		41,191
5.95%, 02/01/38		140		195,565
5.96%, 04/01/39		110		155,683
Georgia Power Co.
4.30%, 03/15/42		329		362,667
Series 10-C, 4.75%, 09/01/40		24		27,642
Kentucky Utilities Co.
3.25%, 11/01/20 (Call 08/01/20)		87		87,887
5.13%, 11/01/40 (Call 05/01/40)		144		182,290
MidAmerican Energy Co.
3.50%, 10/15/24 (Call 07/15/24)		150		159,922
3.65%, 04/15/29 (Call 01/15/29)		125		138,452
3.65%, 08/01/48 (Call 02/01/48)		25		27,699
4.25%, 07/15/49 (Call 01/15/49)		100		122,707
National Rural Utilities Cooperative Finance Corp.
2.85%, 01/27/25 (Call 10/27/24)		150		154,423
3.40%, 02/07/28 (Call 11/07/27)		90		96,638
4.02%, 11/01/32 (Call 05/01/32)		115		131,738
4.30%, 03/15/49 (Call 09/15/48)		170		204,620
Northern States Power Co./MN
2.90%, 03/01/50 (Call 09/01/49)		200		194,262
3.40%, 08/15/42 (Call 02/15/42)^(a)		25		26,305
3.60%, 09/15/47 (Call 03/15/47)		110		120,421
NSTAR Electric Co., 3.20%, 05/15/27 (Call 02/15/27)		220		231,614
Ohio Power Co., Series M, 5.38%, 10/01/21		115		122,326
Oncor Electric Delivery Co. LLC
3.10%, 09/15/49 (Call 03/15/49)^(c)		200		201,066
3.75%, 04/01/45 (Call 10/01/44)		118		131,634
5.30%, 06/01/42 (Call 12/01/41)		95		125,509
7.00%, 09/01/22		20		22,712
7.00%, 05/01/32		140		200,810
PacifiCorp
4.13%, 01/15/49 (Call 07/15/48)		325		379,268
5.75%, 04/01/37		330		443,408
6.00%, 01/15/39		175		242,849
6.25%, 10/15/37		100		141,954
PECO Energy Co., 3.90%, 03/01/48 (Call 09/01/47)		125		142,072
Potomac Electric Power Co., 4.15%, 03/15/43 (Call 09/15/42)		25		28,517
Public Service Co. of Colorado, 3.60%, 09/15/42 (Call 03/15/42)		114		123,070
Public Service Electric & Gas Co.
2.38%, 05/15/23 (Call 02/15/23)		154		156,264
3.80%, 03/01/46 (Call 09/01/45)		11		12,390
Puget Sound Energy Inc., 4.22%, 06/15/48 (Call 12/15/47)		75		87,995
San Diego Gas & Electric Co.
2.50%, 05/15/26 (Call 02/15/26)		145		145,107
4.50%, 08/15/40		215		244,255
Southern California Edison Co.
2.85%, 08/01/29 (Call 05/01/29)^(a)		100		100,128
3.88%, 06/01/21 (Call 03/01/21)^(a)		129		131,585
4.00%, 04/01/47 (Call 10/01/46)		255		267,416
4.50%, 09/01/40 (Call 03/01/40)		75		81,514


Security	Par (000)		Value

Electric (continued)
4.65%, 10/01/43 (Call 04/01/43)	$	155	$	171,954
5.50%, 03/15/40		149		179,377
6.00%, 01/15/34		95		115,625
6.05%, 03/15/39^(a)		50		62,742
Series 08-A, 5.95%, 02/01/38^(a)		132		163,182
Series A, 4.20%, 03/01/29 (Call 12/01/28)		140		154,311
Series B, 4.88%, 03/01/49 (Call 09/01/48)		100		117,419
Series C, 3.50%, 10/01/23 (Call 07/01/23)		165		171,838
Series C, 4.13%, 03/01/48 (Call 09/01/47)		160		170,851
Virginia Electric & Power Co.
4.00%, 01/15/43 (Call 07/15/42)		100		111,469
4.45%, 02/15/44 (Call 08/15/43)		73		86,600
4.60%, 12/01/48 (Call 06/01/48)		200		246,800
8.88%, 11/15/38		176		296,660
Series A, 3.15%, 01/15/26 (Call 10/15/25)		306		320,615
Series A, 3.50%, 03/15/27 (Call 12/15/26)		255		274,291
Series A, 6.00%, 05/15/37		135		182,110
Series B, 3.80%, 09/15/47 (Call 03/15/47)		60		65,701
Series C, 2.75%, 03/15/23 (Call 12/15/22)		119		121,612
Series C, 4.00%, 11/15/46 (Call 05/15/46)		90		100,803
Westar Energy Inc., 4.13%, 03/01/42 (Call 09/01/41)		44		49,730

				22,108,818

Electrical Components & Equipment — 0.1%
Emerson Electric Co.
2.63%, 12/01/21 (Call 11/01/21)		282		286,193
2.63%, 02/15/23 (Call 11/15/22)		57		58,514

				344,707

Electronics — 0.2%
Honeywell International Inc.
1.85%, 11/01/21 (Call 10/01/21)		420		420,777
2.50%, 11/01/26 (Call 08/01/26)		465		475,574
4.25%, 03/01/21		125		129,130
Tyco Electronics Group SA, 3.50%, 02/03/22 (Call 11/03/21)		35		36,052

				1,061,533

Food — 0.0%
Hershey Co. (The), 2.30%, 08/15/26 (Call 05/15/26)		175		177,152


Forest Products & Paper — 0.1%
Georgia-Pacific LLC
7.75%, 11/15/29		171		246,107
8.00%, 01/15/24		110		135,316

				381,423

Gas — 0.2%
Atmos Energy Corp.
3.00%, 06/15/27 (Call 03/15/27)^(a)		15		15,660
3.38%, 09/15/49 (Call 03/15/49)		100		104,830
4.13%, 10/15/44 (Call 04/15/44)		55		63,345
4.15%, 01/15/43 (Call 07/15/42)		85		97,468
4.30%, 10/01/48 (Call 04/01/48)		125		150,071
Dominion Energy Gas Holdings LLC
2.80%, 11/15/20 (Call 10/15/20)		35		35,262
4.60%, 12/15/44 (Call 06/15/44)		25		29,572
ONE Gas Inc., 4.66%, 02/01/44 (Call 08/01/43)		85		103,505
Southern California Gas Co.
3.15%, 09/15/24 (Call 06/15/24)^(a)		65		68,010
Series TT, 2.60%, 06/15/26 (Call 03/15/26)		105		105,989

				773,712

Hand & Machine Tools — 0.1%
Stanley Black & Decker Inc., 2.90%, 11/01/22^(a)		245		251,272


Security	Par (000)		Value

Health Care – Products — 0.5%
Danaher Corp.
3.35%, 09/15/25 (Call 06/15/25)	$	115	$	121,767
4.38%, 09/15/45 (Call 03/15/45)		100		117,005
Medtronic Inc.
2.75%, 04/01/23 (Call 01/01/23)		100		102,847
3.15%, 03/15/22		360		371,282
3.50%, 03/15/25		413		443,913
4.38%, 03/15/35		375		448,294
4.63%, 03/15/45		375		479,546

				2,084,654

Health Care – Services — 2.1%
Ascension Health, 3.95%, 11/15/46		320		367,091
Duke University Health System Inc., Series 2017, 3.92%, 06/01/47 (Call 12/01/46)		75		84,737
Kaiser Foundation Hospitals
3.15%, 05/01/27 (Call 02/01/27)		190		200,752
4.15%, 05/01/47 (Call 11/01/46)		430		503,805
4.88%, 04/01/42		45		56,858
New York and Presbyterian Hospital (The), 4.02%, 08/01/45		40		46,114
Northwell Healthcare Inc.
3.98%, 11/01/46 (Call 11/01/45)		190		200,188
4.26%, 11/01/47 (Call 11/01/46)		150		161,693
SSM Health Care Corp., Series A, 3.82%, 06/01/27 (Call 03/01/27)^(a)		10		10,827
UnitedHealth Group Inc.
2.13%, 03/15/21		125		125,436
2.75%, 02/15/23 (Call 11/15/22)		25		25,555
2.88%, 12/15/21		35		35,728
2.88%, 03/15/22 (Call 12/15/21)		145		148,032
2.88%, 03/15/23		4		4,115
2.88%, 08/15/29		230		236,589
2.95%, 10/15/27		80		82,933
3.10%, 03/15/26		205		214,008
3.35%, 07/15/22		150		155,732
3.38%, 11/15/21 (Call 08/15/21)^(a)		125		128,259
3.38%, 04/15/27		75		79,730
3.45%, 01/15/27		200		213,762
3.50%, 06/15/23		250		262,702
3.50%, 02/15/24		850		899,461
3.50%, 08/15/39 (Call 02/15/39)		200		208,208
3.70%, 08/15/49 (Call 02/15/49)^(a)		475		502,284
3.75%, 07/15/25		710		770,016
3.75%, 10/15/47 (Call 04/15/47)		110		117,381
3.85%, 06/15/28		110		121,199
3.88%, 12/15/28		150		166,386
3.88%, 08/15/59 (Call 02/15/59)		200		212,080
3.95%, 10/15/42 (Call 04/15/42)		75		81,500
4.20%, 01/15/47 (Call 07/15/46)		50		56,582
4.25%, 03/15/43 (Call 09/15/42)		80		90,026
4.25%, 04/15/47 (Call 10/15/46)		100		113,739
4.38%, 03/15/42 (Call 09/15/41)		50		56,856
4.45%, 12/15/48 (Call 06/15/48)		350		413,749
4.63%, 07/15/35		245		297,371
4.63%, 11/15/41 (Call 05/15/41)		75		88,388
4.75%, 07/15/45		275		334,722
5.80%, 03/15/36		105		139,734
6.50%, 06/15/37		50		71,598
6.63%, 11/15/37		275		395,862


Security	Par (000)		Value

Health Care – Services (continued)
6.88%, 02/15/38	$	135	$	199,473

				8,681,261

Household Products & Wares — 0.1%
Kimberly-Clark Corp.
3.20%, 07/30/46 (Call 01/30/46)		165		166,926
6.63%, 08/01/37		146		215,750

				382,676

Insurance — 3.7%
Aflac Inc.
3.63%, 06/15/23		170		179,467
3.63%, 11/15/24		282		301,458
4.75%, 01/15/49 (Call 07/15/48)		155		191,429
Allstate Corp. (The)
3.15%, 06/15/23		107		111,264
3.28%, 12/15/26 (Call 09/15/26)		110		117,435
4.20%, 12/15/46 (Call 06/15/46)		200		234,984
4.50%, 06/15/43		104		124,968
5.55%, 05/09/35		90		116,527
Berkshire Hathaway Finance Corp.
3.00%, 05/15/22		206		213,014
4.20%, 08/15/48 (Call 02/15/48)		315		371,010
4.25%, 01/15/21		150		154,454
4.25%, 01/15/49 (Call 07/15/48)		200		239,182
4.30%, 05/15/43^(a)		83		97,725
4.40%, 05/15/42		175		209,223
5.75%, 01/15/40		37		51,809
Berkshire Hathaway Inc.
2.20%, 03/15/21 (Call 02/15/21)		190		191,079
2.75%, 03/15/23 (Call 01/15/23)		275		283,346
3.00%, 02/11/23		323		335,494
3.13%, 03/15/26 (Call 12/15/25)		365		388,386
3.40%, 01/31/22^(a)		275		285,274
3.75%, 08/15/21		25		25,846
4.50%, 02/11/43		500		609,980
Chubb Corp. (The), 6.00%, 05/11/37		78		108,613
Chubb INA Holdings Inc.
2.30%, 11/03/20 (Call 10/03/20)		160		160,499
2.88%, 11/03/22 (Call 09/03/22)		400		411,324
3.15%, 03/15/25		482		510,284
3.35%, 05/15/24		55		58,125
3.35%, 05/03/26 (Call 02/03/26)		135		145,209
4.35%, 11/03/45 (Call 05/03/45)		210		257,909
Loews Corp.
2.63%, 05/15/23 (Call 02/15/23)		242		246,492
3.75%, 04/01/26 (Call 01/01/26)		315		339,557
4.13%, 05/15/43 (Call 11/15/42)		71		78,770
Manulife Financial Corp.
4.15%, 03/04/26		255		284,404
5.38%, 03/04/46^(a)		170		224,279
Marsh & McLennan Companies Inc.
2.75%, 01/30/22 (Call 12/30/21)		253		256,790
3.50%, 12/29/20		100		101,717
3.50%, 06/03/24 (Call 03/03/24)		115		121,043
3.50%, 03/10/25 (Call 12/10/24)		225		237,938
3.75%, 03/14/26 (Call 12/14/25)		150		161,697
3.88%, 03/15/24 (Call 02/15/24)		105		112,071
4.20%, 03/01/48 (Call 09/01/47)		210		238,067
4.35%, 01/30/47 (Call 07/30/46)		95		109,622
4.38%, 03/15/29 (Call 12/15/28)		275		313,858


Security	Par (000)		Value

Insurance (continued)
4.80%, 07/15/21 (Call 04/15/21)	$	61	$	63,505
4.90%, 03/15/49 (Call 09/15/48)^(a)		150		189,410
MetLife Inc.
3.00%, 03/01/25		165		172,194
3.60%, 04/10/24		140		148,747
3.60%, 11/13/25 (Call 08/13/25)^(a)		152		164,652
4.05%, 03/01/45		253		286,249
4.13%, 08/13/42		146		165,546
4.60%, 05/13/46 (Call 12/13/45)		95		116,387
4.88%, 11/13/43		215		267,004
5.70%, 06/15/35		75		101,444
5.88%, 02/06/41		110		151,269
6.38%, 06/15/34		75		106,604
6.50%, 12/15/32		115		161,278
Series D, 4.37%, 09/15/23		172		186,720
Series N, 3.05%, 12/15/22		250		260,875
Progressive Corp. (The)
2.45%, 01/15/27^(a)		385		388,446
4.13%, 04/15/47 (Call 10/15/46)		305		355,584
Prudential Financial Inc.
3.50%, 05/15/24		240		255,379
3.70%, 03/13/51 (Call 09/13/50)		250		261,983
3.88%, 03/27/28 (Call 12/27/27)^(a)		90		99,395
3.91%, 12/07/47 (Call 06/07/47)		120		129,698
3.94%, 12/07/49 (Call 06/07/49)		303		330,567
4.60%, 05/15/44		190		224,348
5.70%, 12/14/36		190		253,616
Travelers Companies Inc. (The)
3.75%, 05/15/46 (Call 11/15/45)		255		281,474
3.90%, 11/01/20		300		305,802
4.00%, 05/30/47 (Call 11/30/46)		60		69,135
4.60%, 08/01/43		40		49,297
5.35%, 11/01/40		121		160,548
6.25%, 06/15/37		265		378,656
Travelers Property Casualty Corp., 6.38%, 03/15/33		94		132,162

				15,529,596

Internet — 1.8%
Alibaba Group Holding Ltd.
3.40%, 12/06/27 (Call 09/06/27)		500		519,095
3.60%, 11/28/24 (Call 08/28/24)		450		472,639
4.20%, 12/06/47 (Call 06/06/47)		340		384,673
4.50%, 11/28/34 (Call 05/28/34)		225		258,883
Alphabet Inc.
2.00%, 08/15/26 (Call 05/15/26)		410		410,504
3.38%, 02/25/24^(a)		247		262,731
3.63%, 05/19/21		115		118,238
Amazon.com Inc.
2.40%, 02/22/23 (Call 01/22/23)		325		331,373
2.50%, 11/29/22 (Call 08/29/22)		545		556,205
2.80%, 08/22/24 (Call 06/22/24)		410		426,441
3.15%, 08/22/27 (Call 05/22/27)		850		907,409
3.88%, 08/22/37 (Call 02/22/37)		475		541,837
4.05%, 08/22/47 (Call 02/22/47)		695		829,552
4.25%, 08/22/57 (Call 02/22/57)		250		306,443
4.80%, 12/05/34 (Call 06/05/34)		110		138,305
4.95%, 12/05/44 (Call 06/05/44)		305		400,264
5.20%, 12/03/25 (Call 09/03/25)		200		235,240
Baidu Inc.
3.50%, 11/28/22		194		199,378
3.63%, 07/06/27		100		103,819


Security	Par (000)		Value

Internet (continued)
3.88%, 09/29/23 (Call 08/29/23)	$	350	$	364,851

				7,767,880

Machinery — 1.7%
ABB Finance USA Inc.
2.88%, 05/08/22		322		329,660
4.38%, 05/08/42		87		105,516
Caterpillar Financial Services Corp.
2.40%, 06/06/22		110		111,451
2.55%, 11/29/22		95		96,855
2.85%, 06/01/22		70		71,684
2.85%, 05/17/24^(a)		150		155,112
3.15%, 09/07/21		300		307,164
3.45%, 05/15/23		50		52,569
3.65%, 12/07/23		590		626,934
3.75%, 11/24/23^(a)		190		202,960
Caterpillar Inc.
2.60%, 06/26/22 (Call 03/26/22)		135		137,369
3.40%, 05/15/24 (Call 02/15/24)		485		512,146
3.80%, 08/15/42		330		369,052
3.90%, 05/27/21		75		77,400
4.30%, 05/15/44 (Call 11/15/43)		25		29,896
4.75%, 05/15/64 (Call 11/15/63)		125		155,641
5.20%, 05/27/41		95		124,125
Cummins Inc.
3.65%, 10/01/23 (Call 07/01/23)		487		516,848
4.88%, 10/01/43 (Call 04/01/43)		25		31,077
Deere & Co.
2.60%, 06/08/22 (Call 03/08/22)^(a)		161		164,043
2.88%, 09/07/49 (Call 03/07/49)		200		192,828
3.90%, 06/09/42 (Call 12/09/41)		139		158,995
5.38%, 10/16/29		161		202,528
John Deere Capital Corp.
2.15%, 09/08/22		100		100,879
2.30%, 06/07/21^(a)		100		100,756
2.60%, 03/07/24		230		235,424
2.65%, 01/06/22		40		40,685
2.65%, 06/24/24		35		35,973
2.65%, 06/10/26^(a)		135		138,884
2.80%, 03/04/21		38		38,507
2.80%, 01/27/23^(a)		200		205,526
2.80%, 03/06/23		360		370,527
2.80%, 09/08/27		110		113,647
2.80%, 07/18/29		100		103,357
3.15%, 10/15/21		90		92,257
3.20%, 01/10/22		130		133,705
3.35%, 06/12/24^(a)		150		158,682
3.65%, 10/12/23^(a)		260		276,617
3.90%, 07/12/21^(a)		90		93,058
Rockwell Automation Inc., 4.20%, 03/01/49 (Call 09/01/48)		100		118,516

				7,088,853

Manufacturing — 0.9%
3M Co.
1.63%, 09/19/21 (Call 08/19/21)		40		39,896
2.00%, 06/26/22^(a)		100		100,762
2.25%, 03/15/23 (Call 02/15/23)		100		101,193
2.25%, 09/19/26 (Call 06/19/26)		160		160,522
2.88%, 10/15/27 (Call 07/15/27)		285		297,825
3.00%, 08/07/25^(a)		282		297,115
3.13%, 09/19/46 (Call 03/19/46)		122		119,325


Security	Par (000)		Value

Manufacturing (continued)
3.63%, 09/14/28 (Call 06/14/28)	$	350	$	385,826
3.63%, 10/15/47 (Call 04/15/47)		145		153,217
4.00%, 09/14/48 (Call 03/14/48)		275		312,730
5.70%, 03/15/37^(a)		60		80,147
Illinois Tool Works Inc.
2.65%, 11/15/26 (Call 08/15/26)		476		493,050
3.50%, 03/01/24 (Call 12/01/23)		112		118,759
3.90%, 09/01/42 (Call 03/01/42)		200		232,410
Parker-Hannifin Corp.
3.25%, 03/01/27 (Call 12/01/26)		500		524,925
3.30%, 11/21/24 (Call 08/21/24)		72		75,440
4.10%, 03/01/47 (Call 09/01/46)		120		131,814
4.20%, 11/21/34 (Call 05/21/34)		100		113,061
4.45%, 11/21/44 (Call 05/21/44)		100		114,264

				3,852,281

Media — 4.2%
Comcast Cable Communications Holdings Inc., 9.46%, 11/15/22		70		85,439
Comcast Corp.
2.35%, 01/15/27 (Call 10/15/26)		235		235,515
2.65%, 02/01/30 (Call 11/01/29)		190		192,176
2.75%, 03/01/23 (Call 02/01/23)		221		226,761
2.85%, 01/15/23		91		93,644
3.00%, 02/01/24 (Call 01/01/24)		25		25,976
3.13%, 07/15/22		100		103,634
3.15%, 03/01/26 (Call 12/01/25)		750		790,020
3.15%, 02/15/28 (Call 11/15/27)^(a)		325		341,900
3.20%, 07/15/36 (Call 01/15/36)		272		276,298
3.30%, 02/01/27 (Call 11/01/26)		350		371,420
3.38%, 02/15/25 (Call 11/15/24)		135		143,300
3.38%, 08/15/25 (Call 05/15/25)^(a)		360		383,670
3.40%, 07/15/46 (Call 01/15/46)		438		446,677
3.45%, 10/01/21		400		412,492
3.45%, 02/01/50 (Call 08/01/49)		100		102,569
3.55%, 05/01/28 (Call 02/01/28)		100		108,057
3.60%, 03/01/24		325		346,141
3.70%, 04/15/24 (Call 03/15/24)		350		374,682
3.90%, 03/01/38 (Call 09/01/37)^(a)		200		220,356
3.95%, 10/15/25 (Call 08/15/25)		275		301,834
3.97%, 11/01/47 (Call 05/01/47)		244		268,305
4.00%, 08/15/47 (Call 02/15/47)		60		66,341
4.00%, 03/01/48 (Call 09/01/47)		290		322,019
4.00%, 11/01/49 (Call 05/01/49)		481		534,862
4.05%, 11/01/52 (Call 05/01/52)		284		317,668
4.15%, 10/15/28 (Call 07/15/28)		475		536,232
4.20%, 08/15/34 (Call 02/15/34)		205		236,189
4.25%, 10/15/30 (Call 07/15/30)		575		663,331
4.25%, 01/15/33		400		461,904
4.40%, 08/15/35 (Call 02/25/35)^(a)		125		145,019
4.50%, 01/15/43		280		328,367
4.60%, 10/15/38 (Call 04/15/38)		260		309,860
4.60%, 08/15/45 (Call 02/15/45)		175		210,170
4.65%, 07/15/42		325		388,381
4.70%, 10/15/48 (Call 04/15/48)		400		492,872
4.75%, 03/01/44		132		160,475
4.95%, 10/15/58 (Call 04/15/58)		350		451,818
5.65%, 06/15/35		75		97,752
6.40%, 05/15/38		95		134,718
6.45%, 03/15/37		125		176,265
6.50%, 11/15/35		100		139,272


Security	Par (000)		Value

Media (continued)
6.95%, 08/15/37	$	175	$	258,039
7.05%, 03/15/33		25		35,790
NBCUniversal Media LLC
2.88%, 01/15/23		57		58,743
4.38%, 04/01/21		400		414,032
4.45%, 01/15/43		235		271,731
5.95%, 04/01/41		25		34,427
TWDC Enterprises 18 Corp.
1.85%, 07/30/26		264		260,866
2.30%, 02/12/21^(a)		25		25,154
2.35%, 12/01/22^(a)		224		227,602
2.45%, 03/04/22		50		50,856
2.95%, 06/15/27^(a)		285		301,681
3.00%, 02/13/26		375		396,757
3.00%, 07/30/46		170		169,033
3.15%, 09/17/25		275		293,167
3.70%, 12/01/42		325		360,129
4.13%, 06/01/44		410		490,376
Series E, 4.13%, 12/01/41		189		222,122
Walt Disney Co. (The)
1.75%, 08/30/24 (Call 07/30/24)		150		148,961
2.00%, 09/01/29 (Call 06/01/29)		200		195,154
2.75%, 09/01/49 (Call 03/01/49)		100		94,951
3.70%, 09/15/24 (Call 06/15/24)^(c)		500		537,530
4.50%, 02/15/21^(c)		500		516,845
4.75%, 09/15/44 (Call 03/15/44)^(c)		350		447,006

				17,835,333

Metal Fabricate & Hardware — 0.2%
Precision Castparts Corp.
2.50%, 01/15/23 (Call 10/15/22)		262		266,355
3.25%, 06/15/25 (Call 03/15/25)		252		266,631
3.90%, 01/15/43 (Call 07/15/42)		200		221,944

				754,930

Mining — 0.5%
BHP Billiton Finance USA Ltd.
2.88%, 02/24/22		201		205,450
3.25%, 11/21/21^(a)		75		76,970
4.13%, 02/24/42		60		69,097
5.00%, 09/30/43		350		454,881
Rio Tinto Alcan Inc., 6.13%, 12/15/33		295		401,055
Rio Tinto Finance USA Ltd.
3.75%, 06/15/25 (Call 03/15/25)		60		64,822
5.20%, 11/02/40		100		129,667
7.13%, 07/15/28		137		186,009
Rio Tinto Finance USA PLC
4.13%, 08/21/42 (Call 02/21/42)		230		265,839
4.75%, 03/22/42 (Call 09/22/41)		50		61,875

				1,915,665

Oil & Gas — 5.2%
BP Capital Markets America Inc.
2.11%, 09/16/21 (Call 08/16/21)		200		200,780
2.75%, 05/10/23		400		409,876
3.02%, 01/16/27 (Call 10/16/26)		221		229,440
3.12%, 05/04/26 (Call 02/04/26)		130		136,152
3.22%, 11/28/23 (Call 09/28/23)		210		218,881
3.22%, 04/14/24 (Call 02/14/24)		120		125,244
3.59%, 04/14/27 (Call 01/14/27)		125		134,028
3.79%, 02/06/24 (Call 01/06/24)		250		266,795
3.80%, 09/21/25 (Call 07/21/25)		160		173,302


Security	Par (000)		Value

Oil & Gas (continued)
4.74%, 03/11/21	$	12	$	12,474
BP Capital Markets PLC
2.50%, 11/06/22		200		203,246
3.06%, 03/17/22		135		138,592
3.28%, 09/19/27 (Call 06/19/27)		700		739,060
3.51%, 03/17/25		110		117,409
3.54%, 11/04/24		80		85,238
3.56%, 11/01/21		375		387,150
3.72%, 11/28/28 (Call 08/28/28)		75		81,758
3.81%, 02/10/24		280		299,155
3.99%, 09/26/23		50		53,566
Burlington Resources LLC
5.95%, 10/15/36		35		47,274
7.20%, 08/15/31		30		42,480
Chevron Corp.
2.10%, 05/16/21 (Call 04/15/21)		215		216,011
2.36%, 12/05/22 (Call 09/05/22)		320		324,768
2.41%, 03/03/22 (Call 01/03/22)		110		111,438
2.42%, 11/17/20 (Call 10/17/20)		115		115,675
2.50%, 03/03/22 (Call 02/03/22)		293		297,565
2.90%, 03/03/24 (Call 01/03/24)		230		239,570
2.95%, 05/16/26 (Call 02/16/26)		605		636,835
3.19%, 06/24/23 (Call 03/24/23)		655		683,787
3.33%, 11/17/25 (Call 08/17/25)		165		177,528
Conoco Funding Co., 7.25%, 10/15/31		189		269,172
ConocoPhillips
5.90%, 10/15/32		100		132,048
5.90%, 05/15/38		90		122,469
6.50%, 02/01/39		425		621,860
ConocoPhillips Co.
4.30%, 11/15/44 (Call 05/15/44)		210		246,038
4.95%, 03/15/26 (Call 12/15/25)		430		495,063
5.95%, 03/15/46 (Call 09/15/45)		115		167,167
ConocoPhillips Holding Co., 6.95%, 04/15/29		210		285,890
EOG Resources Inc., 4.10%, 02/01/21		200		205,426
Exxon Mobil Corp.
1.90%, 08/16/22		100		100,588
2.02%, 08/16/24 (Call 07/16/24)		250		251,953
2.22%, 03/01/21 (Call 02/01/21)		520		523,406
2.28%, 08/16/26 (Call 06/16/26)		220		222,559
2.40%, 03/06/22 (Call 01/06/22)^(a)		95		96,389
2.44%, 08/16/29 (Call 05/16/29)		250		252,273
2.71%, 03/06/25 (Call 12/06/24)^(a)		365		378,965
2.73%, 03/01/23 (Call 01/01/23)		405		416,623
3.00%, 08/16/39 (Call 02/16/39)		100		101,593
3.04%, 03/01/26 (Call 12/01/25)		285		301,014
3.10%, 08/16/49 (Call 02/16/49)		200		203,640
3.18%, 03/15/24 (Call 12/15/23)		211		222,402
3.57%, 03/06/45 (Call 09/06/44)		190		207,512
4.11%, 03/01/46 (Call 09/01/45)		470		559,944
Shell International Finance BV
1.75%, 09/12/21		302		301,462
1.88%, 05/10/21		450		450,477
2.25%, 11/10/20		220		220,937
2.25%, 01/06/23		405		409,333
2.38%, 08/21/22		100		101,551
2.50%, 09/12/26		285		291,159
2.88%, 05/10/26		206		215,258
3.25%, 05/11/25		350		371,745
3.40%, 08/12/23		150		158,138


Security	Par (000)		Value

Oil & Gas (continued)
3.50%, 11/13/23 (Call 10/13/23)	$	130	$	137,601
3.63%, 08/21/42		20		21,587
3.75%, 09/12/46		340		378,971
3.88%, 11/13/28 (Call 08/23/28)		100		112,719
4.00%, 05/10/46		540		622,469
4.13%, 05/11/35		500		576,955
4.38%, 05/11/45		370		448,821
4.55%, 08/12/43		292		360,436
5.50%, 03/25/40		45		60,955
6.38%, 12/15/38		340		495,003
Total Capital Canada Ltd., 2.75%, 07/15/23		201		207,020
Total Capital International SA
2.22%, 07/12/21 (Call 06/12/21)		100		100,649
2.70%, 01/25/23		300		307,572
2.75%, 06/19/21^(a)		75		76,115
2.83%, 01/10/30 (Call 10/10/29)		215		222,538
2.88%, 02/17/22		119		121,802
3.46%, 07/12/49 (Call 01/12/49)		205		217,245
3.70%, 01/15/24		408		436,523
3.75%, 04/10/24		345		370,803
Total Capital SA
3.88%, 10/11/28		485		544,868
4.25%, 12/15/21^(a)		7		7,358

				21,637,141

Oil & Gas Services — 0.2%
Baker Hughes a GE Co. LLC
3.20%, 08/15/21 (Call 05/15/21)		230		234,857
5.13%, 09/15/40^(a)		295		337,315
Baker Hughes a GE Co. LLC/Baker Hughes Co-Obligor Inc.
3.34%, 12/15/27 (Call 09/15/27)		145		149,269
4.08%, 12/15/47 (Call 06/15/47)		210		210,577
Schlumberger Investment SA, 3.65%, 12/01/23 (Call 09/01/23)		120		126,911

				1,058,929

Pharmaceuticals — 6.0%
AmerisourceBergen Corp.
3.25%, 03/01/25 (Call 12/01/24)		75		77,895
3.40%, 05/15/24 (Call 02/15/24)^(a)		150		156,137
3.45%, 12/15/27 (Call 09/15/27)		190		197,961
4.25%, 03/01/45 (Call 09/01/44)		35		35,789
4.30%, 12/15/47 (Call 06/15/47)		115		118,420
Bristol-Myers Squibb Co.
2.55%, 05/14/21^(c)		150		151,743
2.60%, 05/16/22^(c)		325		331,029
2.90%, 07/26/24 (Call 06/26/24)^(c)		535		555,635
3.20%, 06/15/26 (Call 04/15/26)^(c)		350		369,932
3.25%, 02/27/27		65		69,778
3.25%, 08/01/42		180		181,199
3.40%, 07/26/29 (Call 04/26/29)^(c)		580		624,179
4.13%, 06/15/39 (Call 12/15/38)^(c)		325		371,410
4.25%, 10/26/49 (Call 04/26/49)^(c)		565		660,954
4.50%, 03/01/44 (Call 09/01/43)^(a)		84		101,408
Eli Lilly & Co.
2.75%, 06/01/25 (Call 03/01/25)		370		384,241
3.10%, 05/15/27 (Call 02/15/27)		75		79,610
3.38%, 03/15/29 (Call 12/15/28)		150		162,983
3.70%, 03/01/45 (Call 09/01/44)		202		226,668
3.88%, 03/15/39 (Call 09/15/38)^(a)		215		248,955
3.95%, 05/15/47 (Call 11/15/46)		30		34,963


Security	Par (000)		Value

Pharmaceuticals (continued)
3.95%, 03/15/49 (Call 09/15/48)	$	235	$	275,328
4.15%, 03/15/59 (Call 09/15/58)		275		327,404
5.55%, 03/15/37^(a)		118		158,448
GlaxoSmithKline Capital Inc.
2.80%, 03/18/23		175		180,208
3.38%, 05/15/23		125		131,078
3.63%, 05/15/25		210		226,590
3.88%, 05/15/28		260		289,996
4.20%, 03/18/43		115		135,695
5.38%, 04/15/34		350		456,330
6.38%, 05/15/38		390		568,706
GlaxoSmithKline Capital PLC
2.85%, 05/08/22		355		363,200
2.88%, 06/01/22 (Call 05/01/22)		200		204,734
3.13%, 05/14/21		50		51,012
3.38%, 06/01/29 (Call 03/01/29)		200		215,948
Johnson & Johnson
1.65%, 03/01/21 (Call 02/01/21)		100		99,988
2.05%, 03/01/23 (Call 01/01/23)		137		138,001
2.25%, 03/03/22 (Call 02/03/22)^(a)		110		111,221
2.45%, 03/01/26 (Call 12/01/25)		375		384,506
2.63%, 01/15/25 (Call 11/15/24)		115		118,738
2.90%, 01/15/28 (Call 10/15/27)		300		316,080
2.95%, 03/03/27 (Call 12/03/26)		235		247,927
3.38%, 12/05/23		145		153,768
3.40%, 01/15/38 (Call 07/15/37)		325		351,117
3.50%, 01/15/48 (Call 07/15/47)		55		60,694
3.55%, 03/01/36 (Call 09/01/35)		125		137,586
3.63%, 03/03/37 (Call 09/03/36)		180		200,407
3.70%, 03/01/46 (Call 09/01/45)		355		402,588
3.75%, 03/03/47 (Call 09/03/46)		175		199,717
4.38%, 12/05/33 (Call 06/05/33)		272		327,852
4.50%, 09/01/40		210		257,309
4.50%, 12/05/43 (Call 06/05/43)		50		62,240
4.95%, 05/15/33		60		75,751
5.95%, 08/15/37		132		187,381
Mead Johnson Nutrition Co.
3.00%, 11/15/20		25		25,247
4.13%, 11/15/25 (Call 08/15/25)		450		493,704
Merck & Co. Inc.
2.35%, 02/10/22		75		76,201
2.40%, 09/15/22 (Call 03/15/22)		231		235,638
2.75%, 02/10/25 (Call 11/10/24)		490		508,752
2.80%, 05/18/23		410		424,297
2.90%, 03/07/24 (Call 02/07/24)		100		104,229
3.40%, 03/07/29 (Call 12/07/28)		200		218,142
3.60%, 09/15/42 (Call 03/15/42)		150		165,854
3.70%, 02/10/45 (Call 08/10/44)		460		514,823
3.88%, 01/15/21 (Call 10/15/20)^(a)		250		255,190
3.90%, 03/07/39 (Call 09/07/38)		200		231,664
4.00%, 03/07/49 (Call 09/07/48)^(a)		375		447,919
4.15%, 05/18/43		10		12,001
6.50%, 12/01/33		100		145,479
Novartis Capital Corp.
2.40%, 05/17/22 (Call 04/17/22)		145		147,279
2.40%, 09/21/22		264		268,789
3.00%, 11/20/25 (Call 08/20/25)		195		206,123
3.10%, 05/17/27 (Call 02/17/27)		150		159,978
3.40%, 05/06/24		532		566,165
3.70%, 09/21/42		73		81,969


Security	Par (000)		Value

Pharmaceuticals (continued)
4.00%, 11/20/45 (Call 05/20/45)	$	400	$	473,772
4.40%, 05/06/44		315		392,062
Pfizer Inc.
1.95%, 06/03/21		100		100,245
2.20%, 12/15/21		50		50,458
2.75%, 06/03/26		145		150,478
2.80%, 03/11/22		100		102,221
2.95%, 03/15/24 (Call 02/15/24)		100		104,273
3.00%, 09/15/21		100		102,234
3.00%, 06/15/23		227		235,987
3.00%, 12/15/26^(a)		235		249,095
3.20%, 09/15/23 (Call 08/15/23)		450		471,658
3.40%, 05/15/24		285		303,385
3.45%, 03/15/29 (Call 12/15/28)		50		54,448
3.60%, 09/15/28 (Call 06/15/28)		385		424,054
3.90%, 03/15/39 (Call 09/15/38)^(a)		175		199,276
4.00%, 12/15/36		370		423,865
4.00%, 03/15/49 (Call 09/15/48)		75		87,683
4.13%, 12/15/46		225		267,442
4.20%, 09/15/48 (Call 03/15/48)		300		361,203
4.30%, 06/15/43		5		5,955
4.40%, 05/15/44		460		558,251
7.20%, 03/15/39		357		565,160
Pharmacia LLC, 6.60%, 12/01/28		250		331,437
Sanofi
3.38%, 06/19/23 (Call 05/19/23)		290		305,123
3.63%, 06/19/28 (Call 03/19/28)		220		245,498
4.00%, 03/29/21		300		309,417
Wyeth LLC
5.95%, 04/01/37		235		322,819
6.00%, 02/15/36		124		169,694
6.50%, 02/01/34		75		106,559

				25,321,632

Real Estate Investment Trusts — 1.2%
AvalonBay Communities Inc., 3.45%, 06/01/25 (Call 03/03/25)		160		169,845
ERP Operating LP
2.85%, 11/01/26 (Call 08/01/26)		135		139,046
3.00%, 04/15/23 (Call 01/15/23)		25		25,833
3.50%, 03/01/28 (Call 12/01/27)		405		434,743
4.50%, 07/01/44 (Call 01/01/44)		129		154,794
4.63%, 12/15/21 (Call 09/15/21)		242		253,812
Federal Realty Investment Trust, 4.50%, 12/01/44 (Call 06/01/44)^(a)		115		136,491
Prologis LP
3.75%, 11/01/25 (Call 08/01/25)		230		251,068
4.25%, 08/15/23 (Call 05/15/23)		210		226,470
Public Storage
2.37%, 09/15/22 (Call 08/15/22)		75		75,937
3.09%, 09/15/27 (Call 06/15/27)		140		147,706
Realty Income Corp.
3.00%, 01/15/27 (Call 10/15/26)		290		298,755
3.25%, 10/15/22 (Call 07/15/22)		355		367,414
3.65%, 01/15/28 (Call 10/15/27)		185		199,528
Simon Property Group LP
2.35%, 01/30/22 (Call 10/30/21)		50		50,464
2.50%, 07/15/21 (Call 04/15/21)		75		75,663
2.63%, 06/15/22 (Call 03/15/22)		50		50,938
2.75%, 02/01/23 (Call 12/01/22)		325		332,524
2.75%, 06/01/23 (Call 03/01/23)		50		51,247


Security	Par (000)		Value

Real Estate Investment Trusts (continued)
3.25%, 11/30/26 (Call 08/30/26)	$	111	$	117,038
3.25%, 09/13/49 (Call 03/13/49)		200		198,174
3.30%, 01/15/26 (Call 10/15/25)		200		211,350
3.38%, 10/01/24 (Call 07/01/24)		275		290,254
3.38%, 06/15/27 (Call 03/15/27)		165		175,334
3.38%, 12/01/27 (Call 09/01/27)		50		53,509
3.50%, 09/01/25 (Call 06/01/25)		50		53,328
3.75%, 02/01/24 (Call 11/01/23)		100		106,474
4.25%, 11/30/46 (Call 05/30/46)		25		29,194
4.75%, 03/15/42 (Call 09/15/41)		89		108,638
6.75%, 02/01/40 (Call 11/01/39)		210		310,800

				5,096,371

Retail — 3.5%
Costco Wholesale Corp.
2.15%, 05/18/21 (Call 04/18/21)		101		101,596
2.30%, 05/18/22 (Call 04/18/22)		207		209,952
2.75%, 05/18/24 (Call 03/18/24)		355		368,426
3.00%, 05/18/27 (Call 02/18/27)^(a)		205		217,987
Home Depot Inc. (The)
2.00%, 04/01/21 (Call 03/01/21)		25		25,092
2.13%, 09/15/26 (Call 06/15/26)^(a)		200		200,206
2.63%, 06/01/22 (Call 05/01/22)		360		367,855
2.70%, 04/01/23 (Call 01/01/23)		225		231,552
2.80%, 09/14/27 (Call 06/14/27)		175		183,309
3.35%, 09/15/25 (Call 06/15/25)^(a)		375		401,805
3.50%, 09/15/56 (Call 03/15/56)		140		149,467
3.75%, 02/15/24 (Call 11/15/23)		115		123,715
3.90%, 06/15/47 (Call 12/15/46)		165		189,686
4.20%, 04/01/43 (Call 10/01/42)		94		110,073
4.25%, 04/01/46 (Call 10/01/45)		215		257,278
4.40%, 04/01/21 (Call 01/01/21)		100		103,031
4.40%, 03/15/45 (Call 09/15/44)		255		307,915
4.50%, 12/06/48 (Call 06/06/48)		400		501,160
4.88%, 02/15/44 (Call 08/15/43)		152		195,317
5.40%, 09/15/40 (Call 03/15/40)		275		369,699
5.88%, 12/16/36		680		945,370
5.95%, 04/01/41 (Call 10/01/40)^(a)		35		49,955
Target Corp.
2.50%, 04/15/26		145		148,792
2.90%, 01/15/22		315		323,045
3.38%, 04/15/29 (Call 01/15/29)		200		217,666
3.50%, 07/01/24		84		90,083
3.63%, 04/15/46^(a)		270		295,542
3.90%, 11/15/47 (Call 05/15/47)		165		188,780
4.00%, 07/01/42		405		464,235
TJX Companies Inc. (The), 2.25%, 09/15/26 (Call 06/15/26)		410		411,287
Walmart Inc.
1.90%, 12/15/20		150		150,360
2.35%, 12/15/22 (Call 11/15/22)		150		152,506
2.38%, 09/24/29 (Call 06/24/29)		300		302,688
2.55%, 04/11/23 (Call 01/11/23)^(a)		484		495,180
2.65%, 12/15/24 (Call 10/15/24)		325		336,170
2.95%, 09/24/49 (Call 03/24/49)		375		374,509
3.13%, 06/23/21		174		177,997
3.30%, 04/22/24 (Call 01/22/24)		705		745,545
3.40%, 06/26/23 (Call 05/26/23)		725		764,135
3.55%, 06/26/25 (Call 04/26/25)		290		314,499
3.63%, 12/15/47 (Call 06/15/47)		190		212,827
3.70%, 06/26/28 (Call 03/26/28)		275		305,792
3.95%, 06/28/38 (Call 12/28/37)		405		473,368


Security	Par (000)		Value

Retail (continued)
4.00%, 04/11/43 (Call 10/11/42)	$	105	$	122,112
4.05%, 06/29/48 (Call 12/29/47)		680		816,156
4.30%, 04/22/44 (Call 10/22/43)		75		91,159
5.25%, 09/01/35		500		659,385
5.63%, 04/01/40		190		267,668
5.63%, 04/15/41		100		142,120
6.20%, 04/15/38		55		81,555
7.55%, 02/15/30		50		73,381

				14,808,988

Semiconductors — 2.1%
Applied Materials Inc.
3.30%, 04/01/27 (Call 01/01/27)		175		186,904
3.90%, 10/01/25 (Call 07/01/25)		105		114,904
4.30%, 06/15/21^(a)		190		197,319
4.35%, 04/01/47 (Call 10/01/46)^(a)		185		224,492
5.85%, 06/15/41		174		237,202
Intel Corp.
1.70%, 05/19/21 (Call 04/19/21)		195		194,906
2.60%, 05/19/26 (Call 02/19/26)^(a)		115		118,419
2.70%, 06/17/24 (Call 04/17/24)		175		180,628
2.88%, 05/11/24 (Call 03/11/24)		315		327,802
3.10%, 07/29/22		26		26,917
3.15%, 05/11/27 (Call 02/11/27)		250		266,825
3.30%, 10/01/21		600		617,370
3.70%, 07/29/25 (Call 04/29/25)		573		623,619
3.73%, 12/08/47 (Call 06/08/47)		517		580,751
4.00%, 12/15/32		140		162,536
4.10%, 05/19/46 (Call 11/19/45)^(a)		160		187,472
4.10%, 05/11/47 (Call 11/11/46)		185		216,326
4.25%, 12/15/42		100		118,878
4.80%, 10/01/41		50		63,008
4.90%, 07/29/45 (Call 01/29/45)		35		45,224
NVIDIA Corp., 3.20%, 09/16/26 (Call 06/16/26)		165		173,928
QUALCOMM Inc.
2.60%, 01/30/23 (Call 12/30/22)		315		320,642
2.90%, 05/20/24 (Call 03/20/24)		480		495,739
3.00%, 05/20/22		203		208,570
3.25%, 05/20/27 (Call 02/20/27)		350		368,200
3.45%, 05/20/25 (Call 02/20/25)		450		477,220
4.30%, 05/20/47 (Call 11/20/46)		105		118,084
4.65%, 05/20/35 (Call 11/20/34)		160		189,069
4.80%, 05/20/45 (Call 11/20/44)^(a)		388		463,353
Texas Instruments Inc.
1.85%, 05/15/22 (Call 04/15/22)		225		225,342
2.90%, 11/03/27 (Call 08/03/27)		295		311,378
4.15%, 05/15/48 (Call 11/15/47)^(a)		365		441,986
Xilinx Inc., 2.95%, 06/01/24 (Call 04/01/24)		220		227,423

				8,712,436

Software — 5.2%
Adobe Inc., 3.25%, 02/01/25 (Call 11/01/24)		377		398,587
Microsoft Corp.
1.55%, 08/08/21 (Call 07/08/21)		950		948,708
2.00%, 11/03/20 (Call 10/03/20)		450		451,057
2.00%, 08/08/23 (Call 06/08/23)		370		373,637
2.38%, 02/12/22 (Call 01/12/22)		175		177,594
2.38%, 05/01/23 (Call 02/01/23)		225		229,689
2.40%, 02/06/22 (Call 01/06/22)		175		177,646
2.40%, 08/08/26 (Call 05/08/26)^(a)		850		871,488
2.65%, 11/03/22 (Call 09/03/22)		271		278,271


Security	Par (000)		Value

Software (continued)
2.70%, 02/12/25 (Call 11/12/24)	$	179	$	186,412
2.88%, 02/06/24 (Call 12/06/23)		590		615,523
3.13%, 11/03/25 (Call 08/03/25)		155		165,405
3.30%, 02/06/27 (Call 11/06/26)		480		519,605
3.45%, 08/08/36 (Call 02/08/36)		375		411,349
3.50%, 02/12/35 (Call 08/12/34)		100		110,155
3.50%, 11/15/42		190		209,367
3.63%, 12/15/23 (Call 09/15/23)		350		374,874
3.70%, 08/08/46 (Call 02/08/46)		790		903,610
3.75%, 05/01/43 (Call 11/01/42)		102		116,017
3.75%, 02/12/45 (Call 08/12/44)^(a)		209		239,215
3.95%, 08/08/56 (Call 02/08/56)		375		442,995
4.00%, 02/08/21		100		103,008
4.00%, 02/12/55 (Call 08/12/54)		500		598,310
4.10%, 02/06/37 (Call 08/06/36)^(a)		295		349,640
4.20%, 11/03/35 (Call 05/03/35)		392		466,213
4.25%, 02/06/47 (Call 08/06/46)		322		399,805
4.45%, 11/03/45 (Call 05/03/45)		375		477,367
4.50%, 10/01/40		165		206,654
4.50%, 02/06/57 (Call 08/06/56)^(a)		305		396,454
4.75%, 11/03/55 (Call 05/03/55)		50		67,203
4.88%, 12/15/43 (Call 06/15/43)		250		328,515
5.20%, 06/01/39		335		452,210
5.30%, 02/08/41		212		291,129
Oracle Corp.
1.90%, 09/15/21 (Call 08/15/21)		825		826,914
2.40%, 09/15/23 (Call 07/15/23)		100		101,498
2.50%, 05/15/22 (Call 03/15/22)		285		289,437
2.50%, 10/15/22		530		539,985
2.63%, 02/15/23 (Call 01/15/23)		150		153,318
2.65%, 07/15/26 (Call 04/15/26)^(a)		776		796,184
2.80%, 07/08/21		80		81,380
2.95%, 11/15/24 (Call 09/15/24)		125		130,180
2.95%, 05/15/25 (Call 02/15/25)		272		283,359
3.25%, 11/15/27 (Call 08/15/27)		302		321,715
3.25%, 05/15/30 (Call 02/15/30)		300		319,758
3.40%, 07/08/24 (Call 04/08/24)		345		365,514
3.63%, 07/15/23		172		182,224
3.80%, 11/15/37 (Call 05/15/37)^(a)		225		247,307
3.85%, 07/15/36 (Call 01/15/36)		395		435,855
3.90%, 05/15/35 (Call 11/15/34)		314		350,725
4.00%, 07/15/46 (Call 01/15/46)		385		428,952
4.00%, 11/15/47 (Call 05/15/47)		250		280,257
4.13%, 05/15/45 (Call 11/15/44)		175		197,629
4.30%, 07/08/34 (Call 01/08/34)		922		1,081,349
4.38%, 05/15/55 (Call 11/15/54)		282		334,427
4.50%, 07/08/44 (Call 01/08/44)		125		148,641
5.38%, 07/15/40		410		532,643
6.13%, 07/08/39		310		437,401
6.50%, 04/15/38		140		202,383
salesforce.com Inc., 3.70%, 04/11/28 (Call 01/11/28)		385		425,433

				21,832,180

Telecommunications — 1.0%
America Movil SAB de CV
3.13%, 07/16/22		250		257,027
4.38%, 07/16/42^(a)		244		276,894
4.38%, 04/22/49 (Call 10/22/48)		325		375,482
6.13%, 03/30/40		265		359,382
6.38%, 03/01/35		25		33,841


Security	Par (000)		Value

Telecommunications (continued)
Cisco Systems Inc.
1.85%, 09/20/21 (Call 08/20/21)	$	390	$	390,604
2.20%, 02/28/21		425		427,503
2.20%, 09/20/23 (Call 07/20/23)		185		187,572
2.50%, 09/20/26 (Call 06/20/26)^(a)		345		355,305
2.60%, 02/28/23		100		102,499
2.90%, 03/04/21^(a)		50		50,755
2.95%, 02/28/26		189		199,508
3.00%, 06/15/22		90		92,858
3.50%, 06/15/25		150		162,236
3.63%, 03/04/24		124		133,171
5.50%, 01/15/40		208		286,799
5.90%, 02/15/39		435		614,350

				4,305,786

Transportation — 1.5%
Burlington Northern Santa Fe LLC
3.00%, 03/15/23 (Call 12/15/22)		100		103,152
3.00%, 04/01/25 (Call 01/01/25)		125		131,015
3.05%, 09/01/22 (Call 06/01/22)		75		77,251
3.25%, 06/15/27 (Call 03/15/27)		175		188,643
3.40%, 09/01/24 (Call 06/01/24)		95		101,189
3.75%, 04/01/24 (Call 01/01/24)		50		53,479
3.85%, 09/01/23 (Call 06/01/23)		108		115,111
3.90%, 08/01/46 (Call 02/01/46)		100		111,485
4.05%, 06/15/48 (Call 12/15/47)		200		228,300
4.13%, 06/15/47 (Call 12/15/46)		130		151,119
4.15%, 04/01/45 (Call 10/01/44)		220		253,937
4.15%, 12/15/48 (Call 06/15/48)^(a)		215		250,694
4.38%, 09/01/42 (Call 03/01/42)		75		87,474
4.40%, 03/15/42 (Call 09/15/41)		114		133,814
4.45%, 03/15/43 (Call 09/15/42)		120		141,770
4.55%, 09/01/44 (Call 03/01/44)		285		342,296
4.70%, 09/01/45 (Call 03/01/45)		135		166,466
4.90%, 04/01/44 (Call 10/01/43)		160		201,051
5.05%, 03/01/41 (Call 09/01/40)		45		56,424
5.15%, 09/01/43 (Call 03/01/43)		110		141,301
5.40%, 06/01/41 (Call 12/01/40)		45		58,421
5.75%, 05/01/40 (Call 11/01/39)		45		61,042
6.15%, 05/01/37		220		307,745
Canadian National Railway Co.
2.75%, 03/01/26 (Call 12/01/25)^(a)		60		61,938
3.20%, 08/02/46 (Call 02/02/46)		160		166,424
4.45%, 01/20/49 (Call 07/20/48)		165		208,799


Security	Par/ Shares (000)		Value

Transportation (continued)
6.25%, 08/01/34	$	65	$	91,335
United Parcel Service Inc.
2.40%, 11/15/26 (Call 08/15/26)		110		111,035
2.45%, 10/01/22		107		108,805
2.50%, 04/01/23 (Call 03/01/23)		240		244,512
2.80%, 11/15/24 (Call 09/15/24)		273		282,989
3.05%, 11/15/27 (Call 08/15/27)		205		215,572
3.13%, 01/15/21		62		62,977
3.40%, 11/15/46 (Call 05/15/46)		145		147,894
3.75%, 11/15/47 (Call 05/15/47)		375		403,267
4.88%, 11/15/40 (Call 05/15/40)		75		91,554
6.20%, 01/15/38		317		447,804

				6,108,084


Total Corporate Bonds & Notes — 98.9% (Cost: $391,611,939)				415,140,802


Short-Term Investments

Money Market Funds — 6.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.00%^(d)(e)(f)		25,602		25,614,542
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.74%^(d)(e)		1,677		1,677,000

				27,291,542


Total Short-Term Investments — 6.5% (Cost: $27,282,208)				27,291,542


Total Investments in Securities — 105.4% (Cost: $418,894,147)				442,432,344

Other Assets, Less Liabilities — (5.4)%				(22,822,389	)


Net Assets — 100.0%			$	419,609,955

^(a)	All or a portion of this security is on loan.

^(b)	Security is issued at a fixed coupon rate, which converts to a variable rate at a specified date.

^(c)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(d)	Affiliate of the Fund.

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

^(f)	All or a portion of this security was purchased with cash collateral received from loaned securities.

Investments in issuers considered to be affiliates of the Fund during the year ended October 31, 2019, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:


Security	Par (000)		Value

Convertible Bonds

Aerospace & Defense — 0.4%
Aerojet Rocketdyne Holdings Inc., 2.25%, 12/15/23	$	850	$	1,480,675


Airlines — 0.3%
GOL Equity Finance SA, 3.75%, 07/15/24^(a)		1,050		1,206,083


Auto Manufacturers — 3.6%
NIO Inc., 4.50%, 02/01/24^(a)		2,600		724,542
Tesla Inc.
1.25%, 03/01/21		3,625		3,937,982
2.00%, 05/15/24		5,465		6,690,253
2.38%, 03/15/22		2,625		3,079,440

				14,432,217

Auto Parts & Equipment — 0.2%
Meritor Inc., 3.25%, 10/15/37 (Call 10/15/25)		925		954,415


Banks — 0.4%
Bank of America Finance LLC, 0.25%, 05/01/23		860		865,194
Deutsche Bank AG/London, 1.00%, 05/01/23		600		596,022

				1,461,216

Biotechnology — 5.7%
Acorda Therapeutics Inc., 1.75%, 06/15/21		730		508,795
AMAG Pharmaceuticals Inc., 3.25%, 06/01/22		675		519,358
BioMarin Pharmaceutical Inc.
0.60%, 08/01/24		1,025		1,026,097
1.50%, 10/15/20		1,340		1,403,007
Emergent BioSolutions Inc., 2.88%, 01/15/21		420		395,325
Exact Sciences Corp.
0.38%, 03/15/27		1,800		1,929,834
1.00%, 01/15/25		1,275		1,773,933
Illumina Inc.
0.00%, 08/15/23^(b)		2,385		2,569,480
0.50%, 06/15/21		1,325		1,721,904
Insmed Inc., 1.75%, 01/15/25		1,265		1,082,423
Intercept Pharmaceuticals Inc., 3.25%, 07/01/23		1,570		1,373,420
Ionis Pharmaceuticals Inc., 1.00%, 11/15/21		2,000		2,206,260
Ligand Pharmaceuticals Inc., 0.75%, 05/15/23		1,850		1,604,024
Medicines Co. (The)
2.50%, 01/15/22		815		1,314,236
2.75%, 07/15/23		1,340		1,669,050
Novavax Inc., 3.75%, 02/01/23		650		264,303
PTC Therapeutics Inc., 1.50%, 09/15/26^(a)		500		520,805
Radius Health Inc., 3.00%, 09/01/24		675		638,307
Retrophin Inc., 2.50%, 09/15/25		675		504,968

				23,025,529

Building Materials — 0.2%
Cemex SAB de CV, 3.72%, 03/15/20		695		693,735


Commercial Services — 2.8%
Cardtronics Inc., 1.00%, 12/01/20		700		697,676
Chegg Inc.
0.13%, 03/15/25^(a)		2,425		2,266,163
0.25%, 05/15/23		1,060		1,388,059
Euronet Worldwide Inc., 0.75%, 03/15/49 (Call 03/21/26)^(a)		1,730		1,967,114
FTI Consulting Inc., 2.00%, 08/15/23		975		1,214,996
Macquarie Infrastructure Corp., 2.00%, 10/01/23		1,005		945,996
Square Inc., 0.50%, 05/15/23		2,500		2,766,700

				11,246,704

Computers — 2.2%
Insight Enterprises Inc., 0.75%, 02/15/25^(a)		800		870,416


Security	Par (000)		Value

Computers (continued)
Lumentum Holdings Inc., 0.25%, 03/15/24	$	1,495	$	1,882,041
Nutanix Inc., 0.00% 01/15/23^(b)		1,559		1,494,317
Pure Storage Inc., 0.13%, 04/15/23		1,500		1,571,880
Western Digital Corp., 1.50%, 02/01/24		3,257		3,098,677

				8,917,331

Diversified Financial Services — 1.5%
JPMorgan Chase Financial Co. LLC, 0.25%, 05/01/23^(a)		1,975		2,010,846
LendingTree Inc., 0.63%, 06/01/22		825		1,489,868
PRA Group Inc.
3.00%, 08/01/20		700		696,542
3.50%, 06/01/23		875		887,294
Qudian Inc., 1.00%, 07/01/26^(a)		1,200		1,133,580

				6,218,130

Electric — 0.5%
NRG Energy Inc., 2.75%, 06/01/48 (Call 06/01/25)		1,682		1,912,518


Electronics — 1.9%
Fortive Corp., 0.88%, 02/15/22^(a)		4,050		3,992,854
II VI Inc., 0.25%, 09/01/22		999		1,006,932
OSI Systems Inc., 1.25%, 09/01/22		825		910,280
Vishay Intertechnology Inc., 2.25%, 06/15/25		1,998		1,967,471

				7,877,537

Energy – Alternate Sources — 0.9%
NextEra Energy Partners LP, 1.50%, 09/15/20^(a)		625		654,044
SunPower Corp.
0.88%, 06/01/21		890		808,316
4.00%, 01/15/23		1,075		917,254
Tesla Energy Operations Inc./DE, 1.63%, 11/01/19		1,365		1,362,461

				3,742,075

Engineering & Construction — 0.6%
Dycom Industries Inc., 0.75%, 09/15/21		1,290		1,218,753
KBR Inc., 2.50%, 11/01/23^(a)		1,075		1,345,836

				2,564,589

Entertainment — 0.5%
Live Nation Entertainment Inc., 2.50%, 03/15/23		1,550		1,890,380


Health Care – Products — 3.1%
CONMED Corp., 2.63%, 02/01/24^(a)		1,175		1,608,270
Insulet Corp.
0.38%, 09/01/26^(a)		800		764,920
1.38%, 11/15/24		1,903		3,154,774
NuVasive Inc., 2.25%, 03/15/21		2,090		2,617,725
Repligen Corp., 0.38%, 07/15/24		1,025		1,029,479
Wright Medical Group Inc., 1.63%, 06/15/23		1,900		1,823,886
Wright Medical Group NV, 2.25%, 11/15/21		1,375		1,621,813

				12,620,867

Health Care – Services — 1.5%
Anthem Inc., 2.75%, 10/15/42		700		2,644,369
Invitae Corp., 2.00%, 09/01/24^(a)		900		818,154
Teladoc Health Inc.
1.38%, 05/15/25		710		1,151,712
3.00%, 12/15/22		750		1,406,850

				6,021,085

Holding Companies – Diversified — 0.8%
Ares Capital Corp.
3.75%, 02/01/22		1,040		1,075,006
4.63%, 03/01/24		1,200		1,268,628
Prospect Capital Corp., 4.95%, 07/15/22 (Call 04/15/22)		750		770,535

				3,114,169


Security	Par (000)		Value

Insurance — 1.0%
AXA SA, 7.25%, 05/15/21^(a)	$	2,425	$	2,529,615
MGIC Investment Corp., 9.00%, 04/01/63^(a)		1,000		1,354,840

				3,884,455

Internet — 19.3%
8x8 Inc., 0.50%, 02/01/24^(a)		875		891,100
Baozun Inc., 1.63%, 05/01/24^(a)		825		874,484
Booking Holdings Inc.
0.35%, 06/15/20		2,300		3,582,618
0.90%, 09/15/21		3,505		4,119,532
Ctrip.com International Ltd.
1.00%, 07/01/20		1,775		1,738,612
1.99%, 07/01/25		1,550		1,622,122
Etsy Inc.
0.00%, 03/01/23^(b)		1,000		1,416,330
0.13%, 10/01/26^(a)		1,700		1,551,522
FireEye Inc.
0.88%, 06/01/24		1,546		1,529,272
Series B, 1.63%, 06/01/35 (Call 06/01/22)		1,150		1,107,255
IAC Financeco 2 Inc., 0.88%, 06/15/26^(a)		1,600		1,719,744
IAC Financeco 3 Inc., 2.00%, 01/15/30^(a)		1,750		1,951,635
IAC FinanceCo Inc., 0.88%, 10/01/22^(a)		1,350		2,147,094
iQIYI Inc.
2.00%, 04/01/25^(a)		3,295		2,983,524
3.75%, 12/01/23^(a)		2,100		2,143,176
MercadoLibre Inc., 2.00%, 08/15/28		2,550		3,621,663
Okta Inc., 0.13%, 09/01/25^(a)		2,700		2,559,060
Palo Alto Networks Inc., 0.75%, 07/01/23		4,570		5,019,779
Pinduoduo Inc., 0.00% 10/01/24^(a)(b)		2,800		3,254,804
Proofpoint Inc., 0.25%, 08/15/24^(a)		2,514		2,602,618
Q2 Holdings Inc., 0.75%, 06/01/26^(a)		700		742,679
RingCentral Inc., 0.00% 03/15/23^(b)		1,375		2,775,011
Snap Inc., 0.75%, 08/01/26^(a)		3,500		3,545,955
Twitter Inc.
0.25%, 06/15/24		3,255		3,106,930
1.00%, 09/15/21		2,685		2,594,542
Wayfair Inc.
0.38%, 09/01/22		1,350		1,434,402
1.00%, 08/15/26^(a)		2,500		2,208,550
1.13%, 11/01/24^(a)		1,525		1,561,127
Weibo Corp., 1.25%, 11/15/22		2,500		2,346,250
Wix.com Ltd., 0.00% 07/01/23^(b)		1,054		1,202,329
YY Inc.
0.75%, 06/15/25^(a)		1,430		1,319,218
1.38%, 06/15/26^(a)		1,525		1,406,401
Zendesk Inc., 0.25%, 03/15/23		1,543		2,005,530
Zillow Group Inc.
0.75%, 09/01/24^(a)		1,700		1,702,737
1.38%, 09/01/26^(a)		1,200		1,187,760
1.50%, 07/01/23		975		867,984
2.00%, 12/01/21		1,640		1,665,797

				78,109,146

Iron & Steel — 0.8%
Allegheny Technologies Inc., 4.75%, 07/01/22		750		1,207,703
Cleveland-Cliffs Inc., 1.50%, 01/15/25		900		986,148
United States Steel Corp., 5.00%, 11/01/26^(a)		1,000		1,077,730

				3,271,581

Lodging — 1.8%
Caesars Entertainment Corp., 5.00%, 10/01/24		3,200		5,685,120


Security	Par (000)		Value

Lodging (continued)
Huazhu Group Ltd., 0.38%, 11/01/22	$	1,315	$	1,438,097

				7,123,217

Machinery — 0.2%
Chart Industries Inc., 1.00%, 11/15/24^(a)		800		963,120


Media — 5.1%
DISH Network Corp.
2.38%, 03/15/24		2,505		2,249,365
3.38%, 08/15/26		8,690		8,099,775
Liberty Interactive LLC
1.75%, 09/30/46 (Call 10/05/23)^(a)		800		1,138,736
3.50%, 01/15/31 (Call 12/16/19)		350		310,345
Liberty Latin America Ltd., 2.00%, 07/15/24^(a)		1,400		1,457,204
Liberty Media Corp.
1.38%, 10/15/23		2,275		2,852,804
2.13%, 03/31/48 (Call 04/07/23)^(a)		950		979,593
2.25%, 12/01/48 (Call 12/02/21)^(a)		1,350		1,601,127
Liberty Media Corp-Liberty Formula One, 1.00%, 01/30/23		1,675		2,120,935

				20,809,884

Oil & Gas — 1.9%
Chesapeake Energy Corp., 5.50%, 09/15/26		3,365		1,873,228
Ensco Jersey Finance Ltd., 3.00%, 01/31/24		2,665		1,704,108
Nabors Industries Inc., 0.75%, 01/15/24		1,700		1,086,878
Oasis Petroleum Inc., 2.63%, 09/15/23		880		607,614
Transocean Inc., 0.50%, 01/30/23		2,125		1,742,011
Whiting Petroleum Corp., 1.25%, 04/01/20		779		765,243

				7,779,082

Pharmaceuticals — 5.6%
Aerie Pharmaceuticals Inc., 1.50%, 10/01/24^(a)		850		947,147
Aphria Inc., 5.25%, 06/01/24^(a)		800		520,520
Aurora Cannabis Inc., 5.50%, 02/28/24^(a)		800		586,928
Clovis Oncology Inc.
1.25%, 05/01/25		700		242,459
4.50%, 08/01/24^(a)		700		438,634
Dermira Inc., 3.00%, 05/15/22		550		454,839
DexCom Inc.
0.75%, 05/15/22		1,165		1,902,212
0.75%, 12/01/23^(a)		2,375		2,841,830
Herbalife Nutrition Ltd., 2.63%, 03/15/24		1,850		1,867,926
Horizon Pharma Investment Ltd., 2.50%, 03/15/22		1,225		1,468,947
Jazz Investments I Ltd.
1.50%, 08/15/24		2,175		2,088,217
1.88%, 08/15/21		1,150		1,148,298
Neurocrine Biosciences Inc., 2.25%, 05/15/24		1,500		2,188,890
Pacira BioSciences Inc., 2.38%, 04/01/22		800		801,800
Sarepta Therapeutics Inc., 1.50%, 11/15/24		1,450		2,047,849
Supernus Pharmaceuticals Inc., 0.63%, 04/01/23		950		876,907
Teva Pharmaceutical Finance Co. LLC, Series C, 0.25%, 02/01/26 (Call 11/20/19)		1,735		1,619,623
Tilray Inc., 5.00%, 10/01/23		1,100		608,553

				22,651,579

Pipelines — 0.3%
Cheniere Energy Inc., 4.25%, 03/15/45 (Call 03/15/20)		1,600		1,248,736


Real Estate Investment Trusts — 2.9%
Apollo Commercial Real Estate Finance Inc., 4.75%, 08/23/22		925		931,790
Blackstone Mortgage Trust Inc., 4.38%, 05/05/22		1,375		1,453,017
Colony Capital Inc., 3.88%, 01/15/21		890		879,124
Extra Space Storage LP, 3.13%, 10/01/35 (Call 09/05/20)^(a)		1,700		2,091,544
IH Merger Sub LLC, 3.50%, 01/15/22		825		1,134,565


Security	Par (000)		Value

Real Estate Investment Trusts (continued)
iStar Inc., 3.13%, 09/15/22	$	965	$	1,026,615
Spirit Realty Capital Inc., 3.75%, 05/15/21		850		876,996
Starwood Property Trust Inc., 4.38%, 04/01/23 (Call 01/01/23)		575		596,902
Two Harbors Investment Corp., 6.25%, 01/15/22		660		679,166
Uniti Fiber Holdings Inc., 4.00%, 06/15/24^(a)		1,229		1,022,393
VEREIT Inc., 3.75%, 12/15/20		1,000		1,013,690

				11,705,802

Retail — 1.0%
Guess? Inc., 2.00%, 04/15/24^(a)		750		716,752
RH
0.00%, 07/15/20^(b)		700		1,096,655
0.00%, 06/15/23^(b)		1,019		1,150,767
0.00%, 09/15/24^(a)(b)		1,000		1,045,740

				4,009,914

Semiconductors — 12.5%
Advanced Micro Devices Inc., 2.13%, 09/01/26		1,900		8,244,461
Cree Inc., 0.88%, 09/01/23		1,650		1,786,125
Cypress Semiconductor Corp., 4.50%, 01/15/22		675		1,170,396
Inphi Corp., 0.75%, 09/01/21		691		957,401
Intel Corp., 3.25%, 08/01/39		1,150		3,184,994
Microchip Technology Inc.
1.63%, 02/15/25		4,375		8,433,950
1.63%, 02/15/27		6,150		8,047,644
2.25%, 02/15/37		2,265		2,973,764
NXP Semiconductors NV, 1.00%, 12/01/19		3,300		3,635,214
ON Semiconductor Corp.
1.00%, 12/01/20		1,960		2,378,989
1.63%, 10/15/23		1,750		2,175,723
Rovi Corp., 0.50%, 03/01/20		840		827,282
Silicon Laboratories Inc., 1.38%, 03/01/22		1,325		1,677,861
Synaptics Inc., 0.50%, 06/15/22		1,750		1,654,870
Teradyne Inc., 1.25%, 12/15/23		1,400		2,782,318
Veeco Instruments Inc., 2.70%, 01/15/23		750		683,790

				50,614,782

Software — 16.9%
Akamai Technologies Inc.
0.13%, 05/01/25		3,300		3,694,416
0.38%, 09/01/27^(a)		3,150		3,137,841
Allscripts Healthcare Solutions Inc., 1.25%, 07/01/20		800		792,568
Alteryx Inc.
0.50%, 08/01/24^(a)		1,100		1,017,258
1.00%, 08/01/26^(a)		1,100		992,453
Atlassian Inc., 0.63%, 05/01/23		2,675		4,265,394
Avaya Holdings Corp., 2.25%, 06/15/23		1,221		1,056,141
Bilibili Inc., 1.38%, 04/01/26^(a)		1,695		1,559,502
Blackline Inc., 0.13%, 08/01/24^(a)		1,250		1,186,325
Coupa Software Inc., 0.13%, 06/15/25^(a)		2,315		2,637,202
DocuSign Inc., 0.50%, 09/15/23		1,847		2,172,331
Envestnet Inc., 1.75%, 06/01/23		800		904,536
Five9 Inc., 0.13%, 05/01/23		800		1,186,480
Guidewire Software Inc., 1.25%, 03/15/25		1,000		1,193,560
HubSpot Inc., 0.25%, 06/01/22		1,125		1,921,680
j2 Global Inc., 3.25%, 06/15/29 (Call 06/20/21)		1,050		1,546,839
Momo Inc., 1.25%, 07/01/25		2,378		2,190,804
MongoDB Inc., 0.75%, 06/15/24		750		1,481,662
New Relic Inc., 0.50%, 05/01/23		1,650		1,587,399
Nice Systems Inc., 1.25%, 01/15/24		780		1,514,230
Nuance Communications Inc.
1.00%, 12/15/35 (Call 12/20/22)		1,890		1,839,480


Security	Par/ Shares (000)		Value

Software (continued)
1.25%, 04/01/25	$	1,025	$	1,073,698
1.50%, 11/01/35 (Call 11/05/21)		650		668,258
Pluralsight Inc., 0.38%, 03/01/24^(a)		1,735		1,519,270
RealPage Inc., 1.50%, 11/15/22		950		1,454,535
SailPoint Technologies Holding Inc., 0.13%, 09/15/24^(a)		1,050		1,019,571
Sea Ltd., 2.25%, 07/01/23		1,481		2,503,675
ServiceNow Inc., 0.00% 06/01/22^(b)		2,075		3,888,218
Splunk Inc.
0.50%, 09/15/23		3,873		4,205,265
1.13%, 09/15/25		2,147		2,379,241
Tabula Rasa HealthCare Inc., 1.75%, 02/15/26^(a)		978		1,015,536
Twilio Inc., 0.25%, 06/01/23		1,525		2,316,734
Verint Systems Inc., 1.50%, 06/01/21		1,315		1,342,299
Workday Inc., 0.25%, 10/01/22		3,400		4,330,546
Workiva Inc., 1.13%, 08/15/26^(a)		750		677,820
Zynga Inc., 0.25%, 06/01/24^(a)		1,961		2,012,515

				68,285,282

Telecommunications — 2.3%
GCI Liberty Inc., 1.75%, 09/30/46 (Call 10/05/23)^(a)		1,425		1,912,250
GDS Holdings Ltd., 2.00%, 06/01/25		750		793,260
Infinera Corp., 2.13%, 09/01/24		1,425		1,244,524
Intelsat SA, 4.50%, 06/15/25		1,125		1,814,479
InterDigital Inc., 2.00%, 06/01/24^(a)		1,160		1,146,057
Viavi Solutions Inc., 1.00%, 03/01/24		1,200		1,618,368
Vonage Holdings Corp., 1.75%, 06/01/24^(a)		1,045		1,017,830

				9,546,768

Transportation — 0.6%
Air Transport Services Group Inc., 1.13%, 10/15/24		525		483,809
Atlas Air Worldwide Holdings Inc., 1.88%, 06/01/24		675		527,519
Golar LNG Ltd., 2.75%, 02/15/22		1,415		1,269,807

				2,281,135

Trucking & Leasing — 0.1%
Greenbrier Companies Inc. (The), 2.88%, 02/01/24		640		616,934


Total Convertible Bonds — 99.4% (Cost: $390,016,640)				402,280,672


Common Stocks

Communications Equipment — 0.1%
Motorola Solutions Inc.		3		415,800


Total Common Stocks — 0.1% (Cost $312,964)				415,800


Short-Term Investments

Money Market Funds — 0.8%
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.74%^(c)(d)		3,309		3,309,000


Total Short-Term Investments — 0.8% (Cost: $3,309,000)				3,309,000


Total Investments in Securities — 100.3% (Cost: $393,638,604)				406,005,472

Other Assets, Less Liabilities — (0.3)%				(1,378,454	)


Net Assets — 100.0%			$	404,627,018

Investments in issuers considered to be affiliates of the Fund during the year ended October 31, 2019, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:


Security	Par (000)		Value

Corporate Bonds & Notes

Aerospace & Defense — 0.4%
General Dynamics Corp.
2.47%, 05/11/20, (3 mo. LIBOR US + 0.290%)^(a)	$	7,610	$	7,617,914
2.56%, 05/11/21, (3 mo. LIBOR US + 0.380%)^(a)		15,935		15,991,091
Spirit AeroSystems Inc., 2.92%, 06/15/21 (Call 12/02/19), (3 mo. LIBOR US + 0.800%)^(a)(b)		8,425		8,393,828
United Technologies Corp., 2.82%, 08/16/21 (Call 11/18/19), (3 mo. LIBOR US + 0.650%)^(a)		12,135		12,139,247

				44,142,080

Agriculture — 0.4%
BAT Capital Corp.
2.77%, 08/14/20, (3 mo. LIBOR US + 0.590%)^(a)		11,139		11,161,278
3.04%, 08/15/22 (Call 07/15/22), (3 mo. LIBOR US + 0.880%)^(a)		18,235		18,316,511
Philip Morris International Inc., 2.57%, 02/21/20, (3 mo. LIBOR US + 0.420%)^(a)(b)		8,116		8,125,820

				37,603,609

Auto Manufacturers — 7.8%
American Honda Finance Corp.
2.24%, 07/20/20, (3 mo. LIBOR US + 0.270%)^(a)(b)		10,850		10,864,105
2.33%, 11/13/19, (3 mo. LIBOR US + 0.150%)^(a)		2,510		2,510,301
2.38%, 06/16/20, (3 mo. LIBOR US + 0.260%)^(a)		6,585		6,593,231
2.39%, 02/12/21, (3 mo. LIBOR US + 0.210%)^(a)(b)		8,536		8,535,659
2.42%, 12/10/21, (3 mo. LIBOR US + 0.290%)^(a)(b)		19,005		19,014,502
2.49%, 06/11/21, (3 mo. LIBOR US + 0.350%)^(a)(b)		12,400		12,425,172
2.50%, 01/08/21, (3 mo. LIBOR US + 0.470%)^(a)		3,030		3,040,453
2.52%, 02/14/20, (3 mo. LIBOR US + 0.340%)^(a)(b)		11,851		11,862,969
2.64%, 11/05/21, (3 mo. LIBOR US + 0.350%)^(a)(b)		18,345		18,364,446
2.64%, 06/27/22, (3 mo. LIBOR US + 0.540%)^(a)		12,570		12,617,766
2.64%, 11/16/22, (3 mo. LIBOR US + 0.470%)^(a)(b)		6,200		6,203,844
BMW Finance NV, 2.97%, 08/12/22, (3 mo. LIBOR US + 0.790%)^(a)(b)(c)		13,800		13,881,282
BMW U.S. Capital LLC
2.41%, 04/12/21, (3 mo. LIBOR US + 0.410%)^(a)(c)		14,112		14,132,462
2.53%, 04/14/22, (3 mo. LIBOR US + 0.530%)^(a)(c)		5,500		5,503,575
2.55%, 08/14/20, (3 mo. LIBOR US + 0.37%)^(a)(c)		3,458		3,464,294
2.68%, 08/13/21, (3 mo. LIBOR US + 0.500%)^(a)(b)(c)		24,487		24,532,301
Daimler Finance North America LLC
2.45%, 05/04/21, (3 mo. LIBOR US + 0.550%)^(a)(c)		18,590		18,588,513
2.60%, 02/22/21, (3 mo. LIBOR US + 0.450%)^(a)(b)(c)		37,050		37,049,629
2.61%, 02/12/21, (3 mo. LIBOR US + 0.430%)^(a)(c)		9,680		9,676,999
2.67%, 01/06/20, (3 mo. LIBOR US + 0.630%)^(a)(b)(c)		5,326		5,330,367
2.68%, 05/04/20, (3 mo. LIBOR US + 0.390%)^(a)(b)(c)		7,785		7,789,437
2.74%, 05/04/23, (3 mo. LIBOR US + 0.840%)^(a)(b)(c)		14,904		14,904,447
2.82%, 05/05/20, (3 mo. LIBOR US + 0.530%)^(a)(b)(c)		11,025		11,037,127
2.96%, 11/05/21, (3 mo. LIBOR US + 0.670%)^(a)(b)(c)		3,230		3,234,296
3.03%, 02/22/22, (3 mo. LIBOR US + 0.880%)^(a)(c)		17,900		17,996,660
3.06%, 02/15/22, (3 mo. LIBOR US + 0.900%)^(a)(c)		18,160		18,277,314
Ford Motor Credit Co. LLC
2.70%, 11/02/20, (3 mo. LIBOR US + 0.430%)^(a)(b)		2,480		2,465,046
2.85%, 04/05/21, (3 mo. LIBOR US + 0.810%)^(a)		9,868		9,788,563
2.88%, 10/12/21, (3 mo. LIBOR US + 0.880%)^(a)(b)		8,370		8,262,111
2.92%, 06/12/20, (3 mo. LIBOR US + 0.790%)^(a)(b)		16,850		16,847,641
3.01%, 01/09/20, (3 mo. LIBOR US + 1.000%)^(a)		14,445		14,458,434
3.22%, 11/04/19, (3 mo. LIBOR US + 0.930%)^(a)		6,720		6,720,000
3.37%, 03/28/22, (3 mo. LIBOR US + 1.270%)^(a)		9,355		9,242,927
3.37%, 08/03/22, (3 mo. LIBOR US + 1.080%)^(a)		18,137		17,790,221
3.39%, 02/15/23, (3 mo. LIBOR US + 1.235%)^(a)		15,130		14,716,346
4.59%, 01/07/21, (3 mo. LIBOR US + 2.550%)^(a)(b)		5,520		5,600,371


Security	Par (000)		Value

Auto Manufacturers (continued)
5.18%, 01/07/22, (3 mo. LIBOR US + 3.140%)^(a)(b)	$	5,520	$	5,680,632
General Motors Co.
3.01%, 08/07/20, (3 mo. LIBOR US + 0.800%)^(a)		13,736		13,758,802
3.03%, 09/10/21, (3 mo. LIBOR US + 0.900%)^(a)(b)		10,315		10,319,745
General Motors Financial Co. Inc.
2.78%, 11/06/20, (3 mo. LIBOR US + 0.540%)^(a)(b)		2,450		2,445,075
2.86%, 04/09/21, (3 mo. LIBOR US + 0.850%)^(a)(b)		14,325		14,333,595
2.92%, 04/13/20, (3 mo. LIBOR US + 0.930%)^(a)(b)		22,796		22,844,555
3.03%, 01/05/23, (3 mo. LIBOR US + 0.990%)^(a)(b)		11,602		11,489,461
3.34%, 11/06/21, (3 mo. LIBOR US + 1.100%)^(a)		912		913,660
3.41%, 06/30/22, (3 mo. LIBOR US + 1.310%)^(a)(b)		9,999		10,022,298
3.54%, 01/14/22, (3 mo. LIBOR US + 1.550%)^(a)(b)		11,909		12,009,750
Harley-Davidson Financial Services Inc.
2.65%, 05/21/20, (3 mo. LIBOR US + 0.500%)^(a)(b)(c)		4,135		4,137,192
3.08%, 03/02/21, (3 mo. LIBOR US + 0.940%)^(a)(b)(c)		13,085		13,142,051
Hyundai Capital America
2.97%, 07/08/21, (3 mo. LIBOR US + 0.940%)^(a)(c)		16,825		16,856,463
2.97%, 07/08/21, (3 mo. LIBOR US + 0.940%)^(a)(b)(d)		500		500,935
Nissan Motor Acceptance Corp.
2.39%, 07/13/20, (3 mo. LIBOR US + 0.390%)^(a)(b)(c)		10,970		10,974,717
2.49%, 09/28/20, (3 mo. LIBOR US + 0.390%)^(a)(b)(c)		4,560		4,561,870
2.65%, 07/13/22, (3 mo. LIBOR US + 0.650%)^(a)(b)(c)		7,800		7,786,584
2.79%, 09/21/21, (3 mo. LIBOR US + 0.630%)^(a)(c)		11,020		11,027,714
2.79%, 09/28/22, (3 mo. LIBOR US + 0.690%)^(a)(b)(c)		8,258		8,238,759
2.89%, 01/13/22, (3 mo. LIBOR US + 0.890%)^(a)(c)		9,272		9,311,128
Toyota Motor Credit Corp.
2.11%, 01/10/20, (3 mo. LIBOR US + 0.100%)^(a)		6,305		6,307,144
2.26%, 04/17/20, (3 mo. LIBOR US + 0.260%)^(a)(b)		13,981		13,994,841
2.28%, 04/13/21, (3 mo. LIBOR US + 0.280%)^(a)(b)		17,483		17,505,378
2.32%, 11/14/19, (3 mo. LIBOR US + 0.140%)^(a)(b)		3,995		3,995,559
2.32%, 09/18/20, (3 mo. LIBOR US + 0.170%)^(a)		15,180		15,194,725
2.33%, 10/07/21, (3 mo. LIBOR US + 0.290%)^(a)		2,000		2,001,860
2.37%, 01/11/23, (3 mo. LIBOR US + 0.390%)^(a)		4,950		4,938,367
2.50%, 03/12/20, (3 mo. LIBOR US + 0.370%)^(a)(b)		15,176		15,196,336
2.52%, 05/17/22, (3 mo. LIBOR US + 0.400%)^(a)(b)		4,320		4,326,221
2.57%, 01/08/21, (3 mo. LIBOR US + 0.540%)^(a)		10,230		10,274,398
2.58%, 09/08/22, (3 mo. LIBOR US + 0.480%)^(a)(b)		19,446		19,500,838
2.67%, 01/11/22, (3 mo. LIBOR US + 0.690%)^(a)(b)		7,411		7,475,846
Volkswagen Group of America Finance LLC
2.95%, 11/13/20, (3 mo. LIBOR US + 0.770%)^(a)(c)		9,123		9,157,941
2.97%, 09/24/21, (3 mo. LIBOR US + 0.860%)^(a)(c)		7,940		7,978,985
3.12%, 11/12/21, (3 mo. LIBOR US + 0.940%)^(a)(b)(c)		26,115		26,265,422

				777,791,658

Banks — 51.0%
ABN AMRO Bank NV
2.38%, 01/19/21, (3 mo. LIBOR US + 0.410%)^(a)(b)(c)		21,460		21,494,121
2.70%, 08/27/21, (3 mo. LIBOR US + 0.570%)^(a)(c)		16,124		16,192,849
ANZ New Zealand Int’l Ltd./London, 2.94%, 01/25/22, (3 mo. LIBOR US + 1.000%)^(a)(b)(c)		1,410		1,427,470
ASB Bank Ltd., 3.09%, 06/14/23, (3 mo. LIBOR US + 0.970%)^(a)(c)		12,200		12,325,782
Australia & New Zealand Banking Group Ltd.
2.41%, 07/02/20, (3 mo. LIBOR US + 0.320%)^(a)(c)		150		150,341
2.50%, 11/09/20, (3 mo. LIBOR US + 0.320%)^(a)(c)		11,245		11,261,643
2.58%, 05/17/21, (3 mo. LIBOR US + 0.460%)^(a)(c)		17,395		17,455,535
2.62%, 08/19/20, (3 mo. LIBOR US + 0.500%)^(a)(b)(c)		6,970		6,990,980
2.76%, 11/09/22, (3 mo. LIBOR US + 0.580%)^(a)(c)		4,250		4,267,085
2.83%, 05/19/22, (3 mo. LIBOR US + 0.710%)^(a)(b)(c)		8,665		8,735,620
3.02%, 11/23/21, (3 mo. LIBOR US + 0.870%)^(a)(b)(c)		9,995		10,113,141
3.13%, 06/01/21, (3 mo. LIBOR US + 0.990%)^(a)(b)(c)		11,535		11,670,767


Security	Par (000)		Value

Banks (continued)
Banco Santander SA
3.12%, 04/12/23, (3 mo. LIBOR US + 1.120%)^(a)	$	19,640	$	19,716,596
3.24%, 02/23/23, (3 mo. LIBOR US + 1.090%)^(a)(b)		14,210		14,282,187
3.54%, 04/11/22, (3 mo. LIBOR US + 1.560%)^(a)(b)		9,819		9,987,842
Bank of America Corp.
2.31%, 01/23/22 (Call 01/23/21), (3 mo. LIBOR US + 0.380%)^(a)(b)		18,205		18,211,372
2.63%, 07/21/21 (Call 07/21/20), (3 mo. LIBOR US + 0.660%)^(a)		21,454		21,514,500
2.75%, 10/01/21 (Call 10/01/20), (3 mo. LIBOR US + 0.650%)^(a)		20,507		20,578,364
2.76%, 06/25/22 (Call 06/25/21), (3 mo. LIBOR US + 0.650%)^(a)		25,879		25,975,270
2.89%, 07/23/24 (Call 07/23/23), (3 mo. LIBOR US + 0.960%)^(a)		4,850		4,894,620
2.92%, 03/05/24 (Call 03/05/23), (3 mo. LIBOR US + 0.790%)^(a)		28,895		29,023,005
2.94%, 04/24/23 (Call 04/24/22), (3 mo. LIBOR US + 1.000%)^(a)		29,039		29,346,523
3.13%, 01/20/23 (Call 01/20/22), (3 mo. LIBOR US + 1.160%)^(a)		24,292		24,570,386
3.15%, 10/21/22 (Call 10/21/21), (3 mo. LIBOR US + 1.180%)^(a)		9,782		9,917,187
3.39%, 04/19/21, (3 mo. LIBOR US + 1.420%)^(a)(b)		13,290		13,510,880
Bank of America N.A.
2.26%, 07/26/21 (Call 07/26/20), (3 mo. LIBOR US + 0.320%)^(a)(b)		17,300		17,313,667
2.48%, 05/24/21 (Call 04/24/21), (3 mo. LIBOR US + 0.350%)^(a)		16,050		16,064,605
Bank of Montreal
2.34%, 07/13/20, (3 mo. LIBOR US + 0.340%)^(a)		9,895		9,912,811
2.35%, 01/22/21, (3 mo. LIBOR US + 0.400%)^(a)(b)		1,890		1,895,311
2.56%, 06/15/20, (3 mo. LIBOR US + 0.440%)^(a)(b)		22,673		22,728,095
2.68%, 03/26/22, (3 mo. LIBOR US + 0.570%)^(a)(b)		11,045		11,108,177
2.73%, 12/12/19, (3 mo. LIBOR US + 0.600%)^(a)		6,165		6,170,487
2.77%, 09/11/22, (3 mo. LIBOR US + 0.630%)^(a)(b)		10,583		10,656,764
2.92%, 08/27/21, (3 mo. LIBOR US + 0.790%)^(a)(b)		13,614		13,758,036
Series D, 2.46%, 04/13/21, (3 mo. LIBOR US + 0.460%)^(a)(b)		17,374		17,445,928
Bank of New York Mellon (The)
2.41%, 06/04/21 (Call 06/04/20), (3 mo. LIBOR US + 0.280%)^(a)(b)		16,500		16,519,800
2.43%, 12/04/20 (Call 12/04/19), (3 mo. LIBOR US + 0.300%)^(a)		21,910		21,910,876
Bank of New York Mellon Corp. (The)
2.99%, 08/17/20, (3 mo. LIBOR US + 0.870%)^(a)(b)		9,535		9,588,301
2.99%, 10/30/23 (Call 10/30/22), (3 mo. LIBOR US + 1.050%)^(a)(b)		14,650		14,906,229
Bank of Nova Scotia (The)
2.32%, 01/08/21, (3 mo. LIBOR US + 0.290%)^(a)		11,088		11,104,410
2.36%, 01/25/21, (3 mo. LIBOR US + 0.420%)^(a)(b)		990		992,742
2.39%, 07/14/20, (3 mo. LIBOR US + 0.390%)^(a)(b)		4,884		4,894,842
2.41%, 04/20/21, (3 mo. LIBOR US + 0.440%)^(a)		9,055		9,088,141
2.74%, 03/07/22, (3 mo. LIBOR US + 0.640%)^(a)		17,244		17,362,294
2.75%, 12/05/19, (3 mo. LIBOR US + 0.620%)^(a)(b)		6,942		6,947,345
2.78%, 09/19/22, (3 mo. LIBOR US + 0.620%)^(a)(b)		12,821		12,901,131
Banque Federative du Credit Mutuel SA
2.46%, 07/20/20, (3 mo. LIBOR US + 0.490%)^(a)(c)		6,010		6,025,205
2.70%, 07/20/22, (3 mo. LIBOR US + 0.730%)^(a)(b)(c)		3,685		3,700,477
2.93%, 07/20/23, (3 mo. LIBOR US + 0.960%)^(a)(c)		11,915		12,028,550


Security	Par (000)		Value

Banks (continued)
Barclays Bank PLC
2.44%, 01/11/21 (Call 12/11/20), (3 mo. LIBOR US + 0.460%)^(a)	$	23,783	$	23,767,303
2.86%, 08/07/20, (3 mo. LIBOR US + 0.650%)^(a)(b)		9,859		9,880,098
Barclays PLC
3.55%, 05/16/24 (Call 05/16/23), (3 mo. LIBOR US + 1.380%)^(a)(b)		30,680		30,896,908
3.59%, 02/15/23 (Call 02/15/22), (3 mo. LIBOR US + 1.430%)^(a)(b)		16,340		16,461,896
3.63%, 01/10/23 (Call 01/10/22), (3 mo. LIBOR US + 1.625%)^(a)(b)		21,800		22,049,610
4.29%, 08/10/21, (3 mo. LIBOR US + 2.110%)^(a)		17,661		18,038,769
BB&T Corp.
2.13%, 02/01/21 (Call 01/01/21), (3 mo. LIBOR US + 0.220%)^(a)(b)		14,537		14,528,714
2.69%, 06/15/20, (3 mo. LIBOR US + 0.570%)^(a)		13,636		13,673,908
2.75%, 04/01/22 (Call 03/01/22), (3 mo. LIBOR US + 0.650%)^(a)(b)		1,555		1,564,035
BBVA USA, 2.87%, 06/11/21 (Call 05/11/21), (3 mo. LIBOR US + 0.730%)^(a)(b)		15,430		15,455,768
BNG Bank NV
2.10%, 07/14/20, (3 mo. LIBOR US + 0.100%)^(a)(c)		45,345		45,373,567
2.21%, 03/11/22, (3 mo. LIBOR US + 0.070%)^(a)(b)(c)		9,280		9,283,155
BPCE SA
3.00%, 05/31/22, (3 mo. LIBOR US + 0.880%)^(a)		2,090		2,102,561
3.37%, 05/22/22, (3 mo. LIBOR US + 1.220%)^(a)(b)(c)		13,387		13,550,857
3.37%, 09/12/23, (3 mo. LIBOR US + 1.240%)^(a)(b)(c)		22,955		23,234,592
Branch Banking & Trust Co.
2.35%, 06/01/20 (Call 05/01/20), (3 mo. LIBOR US + 0.220%)^(a)(b)		11,755		11,742,187
2.45%, 01/15/20 (Call 12/14/19), (3 mo. LIBOR US + 0.450%)^(a)		15,087		15,091,979
Canadian Imperial Bank of Commerce
2.22%, 02/02/21, (3 mo. LIBOR US + 0.315%)^(a)(b)		14,125		14,149,578
2.35%, 10/05/20, (3 mo. LIBOR US + 0.310%)^(a)		5,771		5,783,985
2.79%, 09/13/23, (3 mo. LIBOR US + 0.660%)^(a)		3,275		3,288,919
2.84%, 06/16/22, (3 mo. LIBOR US + 0.720%)^(a)		18,771		18,948,386
Capital One N.A.
3.01%, 08/08/22 (Call 07/08/22), (3 mo. LIBOR US + 0.820%)^(a)(b)		8,110		8,143,657
3.09%, 01/30/23 (Call 01/30/22), (3 mo. LIBOR US + 1.150%)^(a)(b)		7,960		8,021,451
Citibank N.A.
2.23%, 05/01/20 (Call 04/01/20), (3 mo. LIBOR US + 0.320%)^(a)(b)		35,902		35,933,235
2.27%, 10/20/20, (3 mo. LIBOR US + 0.300%)^(a)		15,465		15,484,486
2.50%, 07/23/21 (Call 06/23/21), (3 mo. LIBOR US + 0.570%)^(a)		19,705		19,799,584
2.53%, 02/12/21 (Call 01/12/21), (3 mo. LIBOR US + 0.350%)^(a)		29,020		29,060,628
2.63%, 06/12/20, (3 mo. LIBOR US + 0.500%)^(a)		16,052		16,095,340
2.65%, 02/19/22 (Call 01/19/22), (3 mo. LIBOR US + 0.530%)^(a)(b)		8,200		8,214,432
2.74%, 05/20/22 (Call 04/20/22), (3 mo. LIBOR US + 0.600%)^(a)(b)		21,700		21,756,420
Citigroup Inc.
2.63%, 10/27/22 (Call 09/27/22), (3 mo. LIBOR US + 0.690%)^(a)(b)		26,884		26,986,428
2.68%, 11/04/22 (Call 11/04/21), (SOFRRATE + 0.870%)^(a)		20,000		20,020,600


Security	Par (000)		Value

Banks (continued)
2.89%, 07/24/23 (Call 07/24/22), (3 mo. LIBOR US + 0.950%)^(a)(b)	$	14,365	$	14,488,970
2.90%, 04/25/22 (Call 03/25/22), (3 mo. LIBOR US + 0.960%)^(a)		27,618		27,944,445
3.16%, 06/01/24 (Call 06/01/23), (3 mo. LIBOR US + 1.023%)^(a)		19,705		19,908,750
3.17%, 12/08/21 (Call 11/08/21), (3 mo. LIBOR US + 1.070%)^(a)(b)		30,269		30,680,961
3.22%, 05/17/24 (Call 05/17/23), (3 mo. LIBOR US + 1.100%)^(a)		21,820		22,081,840
3.25%, 10/26/20, (3 mo. LIBOR US + 1.310%)^(a)		10,725		10,837,076
3.46%, 08/02/21, (3 mo. LIBOR US + 1.190%)^(a)(b)		21,652		21,961,840
3.48%, 03/30/21, (3 mo. LIBOR US + 1.380%)^(a)(b)		25,837		26,223,780
3.57%, 09/01/23 (Call 09/01/22), (3 mo. LIBOR US + 1.430%)^(a)(b)		25,790		26,311,474
Citizens Bank N.A./Providence RI
2.68%, 03/02/20 (Call 02/03/20), (3 mo. LIBOR US + 0.540%)^(a)(b)		5,365		5,369,936
2.90%, 02/14/22 (Call 01/14/22), (3 mo. LIBOR US + 0.720%)^(a)		5,250		5,270,948
2.94%, 05/26/22, (3 mo. LIBOR US + 0.810%)^(a)		4,920		4,907,011
Commonwealth Bank of Australia
2.55%, 09/18/20, (3 mo. LIBOR US + 0.400%)^(a)(c)		3,920		3,930,506
2.58%, 03/10/20, (3 mo. LIBOR US + 0.450%)^(a)(b)(c)		16,620		16,645,927
2.82%, 03/16/23, (3 mo. LIBOR US + 0.700%)^(a)(b)(c)		21,610		21,758,893
2.83%, 03/10/22, (3 mo. LIBOR US + 0.700%)^(a)(c)		9,400		9,473,696
2.83%, 09/18/22, (3 mo. LIBOR US + 0.680%)^(a)(b)(c)		6,555		6,604,163
2.85%, 11/07/19, (3 mo. LIBOR US + 0.640%)^(a)(c)		15,325		15,326,532
2.94%, 09/06/21, (3 mo. LIBOR US + 0.830%)^(a)(b)(c)		8,873		8,971,047
2.95%, 06/04/24, (3 mo. LIBOR US + 0.820%)^(a)(b)(c)		10,420		10,524,513
Cooperatieve Rabobank UA, 2.97%, 09/26/23, (3 mo. LIBOR US + 0.860%)^(a)(c)		2,750		2,759,680
Cooperatieve Rabobank UA/NY
2.37%, 04/26/21, (3 mo. LIBOR US + 0.430%)^(a)		12,515		12,554,422
2.49%, 01/10/23, (3 mo. LIBOR US + 0.480%)^(a)(b)		8,210		8,184,631
2.84%, 01/10/22, (3 mo. LIBOR US + 0.830%)^(a)(b)		12,150		12,268,463
Credit Agricole Corporate & Investment Bank SA, 2.69%, 05/03/21, (3 mo. LIBOR US + 0.400%)^(a)(c)		850		851,284
Credit Agricole SA/London
2.96%, 04/24/23, (3 mo. LIBOR US + 1.020%)^(a)(c)		11,190		11,258,707
3.10%, 06/10/20, (3 mo. LIBOR US + 0.970%)^(a)(b)(c)		6,795		6,830,674
3.28%, 07/01/21, (3 mo. LIBOR US + 1.180%)^(a)(b)(c)		3,365		3,413,725
3.44%, 01/10/22, (3 mo. LIBOR US + 1.430%)^(a)(b)(c)		10,150		10,312,806
Credit Suisse Group AG
3.32%, 12/14/23 (Call 12/14/22), (3 mo. LIBOR US + 1.200%)^(a)(b)(c)		15,290		15,418,283
3.37%, 06/12/24 (Call 06/12/23), (3 mo. LIBOR US + 1.240%)^(a)(b)(c)		5,890		5,949,195
Credit Suisse Group Funding Guernsey Ltd., 4.29%, 04/16/21, (3 mo. LIBOR US + 2.290%)^(a)		15,950		16,370,761
Danske Bank A/S
2.65%, 03/02/20, (3 mo. LIBOR US + 0.510%)^(a)(c)		9,520		9,521,714
3.19%, 09/12/23, (3 mo. LIBOR US + 1.060%)^(a)(b)(c)		5,730		5,677,628
DBS Group Holdings Ltd.
2.56%, 07/25/22, (3 mo. LIBOR US + 0.620%)^(a)(b)(c)		3,220		3,231,399
2.59%, 06/08/20, (3 mo. LIBOR US + 0.490%)^(a)(b)(c)		19,740		19,762,109
Deutsche Bank AG/New York NY
2.77%, 01/22/21, (3 mo. LIBOR US + 0.815%)^(a)(b)		13,395		13,322,265
2.97%, 07/13/20, (3 mo. LIBOR US + 0.970%)^(a)(b)		16,245		16,211,535
3.36%, 11/16/22, (3 mo. LIBOR US + 1.190%)^(a)(b)		10,373		10,116,372


Security	Par (000)		Value

Banks (continued)
3.36%, 02/27/23, (3 mo. LIBOR US + 1.230%)^(a)(b)	$	14,660	$	14,224,598
3.58%, 02/04/21, (3 mo. LIBOR US + 1.290%)^(a)		10,220		10,194,143
Dexia Credit Local SA, 2.45%, 09/04/20, (3 mo. LIBOR US + 0.320%)^(a)(b)(c)		3,400		3,407,208
DNB Bank ASA, 2.46%, 10/02/20, (3 mo. LIBOR US + 0.370%)^(a)(c)		8,050		8,064,249
Federation des Caisses Desjardins du Quebec, 2.27%, 10/30/20, (3 mo. LIBOR US + 0.330%)^(a)(b)(c)		13,795		13,814,865
Fifth Third Bank/Cincinnati OH
2.19%, 10/30/20 (Call 09/30/20), (3 mo. LIBOR US + 0.250%)^(a)(b)		9,280		9,288,259
2.38%, 07/26/21 (Call 06/26/21), (3 mo. LIBOR US + 0.440%)^(a)(b)		11,470		11,515,192
Goldman Sachs Group Inc. (The)
2.71%, 10/31/22 (Call 10/31/21), (3 mo. LIBOR US + 0.780%)^(a)		35,975		36,141,564
2.83%, 12/27/20 (Call 12/27/19), (3 mo. LIBOR US + 0.730%)^(a)(b)		14,858		14,874,790
2.90%, 02/23/23, (3 mo. LIBOR US + 0.750%)^(a)(b)		62,679		62,810,626
2.94%, 07/24/23 (Call 07/24/22), (3 mo. LIBOR US + 1.000%)^(a)(b)		18,940		19,081,671
3.05%, 04/26/22 (Call 04/26/21), (3 mo. LIBOR US + 1.110%)^(a)(b)		51,048		51,562,053
3.09%, 04/23/20 (Call 03/23/20), (3 mo. LIBOR US + 1.160%)^(a)(b)		26,558		26,660,779
3.18%, 06/05/23 (Call 06/05/22), (3 mo. LIBOR US + 1.050%)^(a)		5,515		5,562,264
3.30%, 04/23/21 (Call 03/23/21), (3 mo. LIBOR US + 1.360%)^(a)		22,110		22,434,133
3.32%, 09/15/20 (Call 08/15/20), (3 mo. LIBOR US + 1.200%)^(a)(b)		19,109		19,253,846
3.33%, 11/15/21 (Call 11/15/20), (3 mo. LIBOR US + 1.170%)^(a)		26,165		26,386,618
3.72%, 11/29/23, (3 mo. LIBOR US + 1.600%)^(a)(b)		39,925		41,237,734
3.90%, 02/25/21, (3 mo. LIBOR US + 1.770%)^(a)		16,180		16,484,346
HSBC Holdings PLC
2.72%, 05/18/21 (Call 05/18/20), (3 mo. LIBOR US + 0.600%)^(a)		28,155		28,185,689
2.78%, 09/11/21 (Call 09/11/20), (3 mo. LIBOR US + 0.650%)^(a)(b)		33,886		33,944,284
3.12%, 05/18/24 (Call 05/18/23), (3 mo. LIBOR US + 1.000%)^(a)		22,140		22,301,622
3.37%, 03/11/25 (Call 03/11/24), (3 mo. LIBOR US + 1.230%)^(a)(b)		12,300		12,419,187
3.54%, 01/05/22, (3 mo. LIBOR US + 1.500%)^(a)		24,830		25,343,733
3.79%, 05/25/21, (3 mo. LIBOR US + 1.660%)^(a)		32,731		33,333,905
4.34%, 03/08/21, (3 mo. LIBOR US + 2.240%)^(a)		26,682		27,319,166
HSBC USA Inc., 2.79%, 11/13/19, (3 mo. LIBOR US + 0.610%)^(a)		3,590		3,590,682
Huntington National Bank (The), 2.64%, 03/10/20, (3 mo. LIBOR US + 0.510%)^(a)		2,360		2,364,578
Industrial & Commercial Bank of China Ltd./New York NY, 2.94%, 11/08/20, (3 mo. LIBOR US + 0.750%)^(a)(b)		2,895		2,899,111
Industrial Bank of Korea, 2.87%, 08/02/21, (3 mo. LIBOR US + 0.600%)^(a)(d)		1,430		1,435,234
ING Groep NV
3.09%, 10/02/23, (3 mo. LIBOR US + 1.000%)^(a)		18,541		18,675,793
3.25%, 03/29/22, (3 mo. LIBOR US + 1.150%)^(a)		19,545		19,789,508


Security	Par (000)		Value

Banks (continued)
JPMorgan Chase & Co.
2.65%, 03/09/21 (Call 03/09/20), (3 mo. LIBOR US + 0.550%)^(a)(b)	$	41,314	$	41,368,534
2.66%, 04/23/24 (Call 04/23/23), (3 mo. LIBOR US + 0.730%)^(a)(b)		15,585		15,589,208
2.76%, 06/18/22 (Call 05/18/22), (3 mo. LIBOR US + 0.610%)^(a)		28,906		28,996,476
2.82%, 06/01/21 (Call 06/01/20), (3 mo. LIBOR US + 0.680%)^(a)(b)		29,038		29,095,786
2.82%, 07/23/24 (Call 07/23/23), (3 mo. LIBOR US + 0.890%)^(a)		9,005		9,061,101
2.84%, 04/25/23 (Call 04/25/22), (3 mo. LIBOR US + 0.900%)^(a)		34,427		34,689,678
3.00%, 01/15/23 (Call 01/15/22), (3 mo. LIBOR US + 1.000%)^(a)(b)		21,840		22,062,986
3.13%, 10/29/20 (Call 09/29/20), (3 mo. LIBOR US + 1.205%)^(a)(b)		14,500		14,627,455
3.17%, 10/24/23 (Call 10/24/22), (3 mo. LIBOR US + 1.230%)^(a)		41,534		42,285,350
3.20%, 06/07/21 (Call 05/07/21), (3 mo. LIBOR US + 1.100%)^(a)(b)		23,921		24,205,660
3.62%, 03/01/21 (Call 02/01/21), (3 mo. LIBOR US + 1.480%)^(a)(b)		17,463		17,732,279
JPMorgan Chase Bank N.A.
2.20%, 02/01/21 (Call 02/01/20), (3 mo. LIBOR US + 0.290%)^(a)(b)		31,462		31,466,090
2.28%, 04/26/21 (Call 04/26/20), (3 mo. LIBOR US + 0.340%)^(a)		27,165		27,178,582
2.49%, 02/19/21 (Call 02/19/20), (3 mo. LIBOR US + 0.370%)^(a)		4,550		4,552,321
2.60%, 02/01/21 (Call 02/01/20)^(e)		2,500		2,503,225
KEB Hana Bank, 2.77%, 04/05/20, (3 mo. LIBOR US + 0.725%)^(a)(d)		400		400,616
KeyBank NA/Cleveland OH, 2.57%, 02/01/22, (3 mo. LIBOR US + 0.660%)^(a)(b)		10,750		10,812,673
Korea Development Bank (The)
2.58%, 02/27/20, (3 mo. LIBOR US + 0.450%)^(a)		6,520		6,522,869
2.77%, 07/06/22, (3 mo. LIBOR US + 0.725%)^(a)		8,355		8,419,166
2.84%, 09/19/20, (3 mo. LIBOR US + 0.675%)^(a)(b)		18,740		18,794,721
2.84%, 02/27/22, (3 mo. LIBOR US + 0.705%)^(a)		13,705		13,792,164
Landwirtschaftliche Rentenbank
2.39%, 06/03/21, (3 mo. LIBOR US + 0.250%)^(a)(b)(c)		20,995		21,068,902
2.47%, 02/19/21, (3 mo. LIBOR US + 0.350%)^(a)(b)(c)		15,010		15,073,792
Lloyds Bank PLC, 2.70%, 05/07/21, (3 mo. LIBOR US + 0.490%)^(a)		25,580		25,618,370
Lloyds Banking Group PLC, 2.96%, 06/21/21, (3 mo. LIBOR US + 0.800%)^(a)(b)		4,420		4,441,791
M&T Bank Corp., 2.62%, 07/26/23 (Call 06/26/23), (3 mo. LIBOR US + 0.680%)^(a)		1,485		1,489,321
Macquarie Bank Ltd., 3.05%, 07/29/20, (3 mo. LIBOR US + 1.120%)^(a)(b)(c)		9,350		9,414,796
Macquarie Group Ltd.
3.16%, 11/28/23 (Call 11/28/22), (3 mo. LIBOR US + 1.020%)^(a)(b)(c)		40		40,169
3.45%, 03/27/24 (Call 03/27/23), (3 mo. LIBOR US + 1.350%)^(a)(c)		9,460		9,598,778
Manufacturers & Traders Trust Co., 2.21%, 01/25/21, (3 mo. LIBOR US + 0.270%)^(a)(b)		8,280		8,272,796
Mitsubishi UFJ Financial Group Inc. 2.59%, 07/26/21, (3 mo. LIBOR US + 0.650%)^(a)		11,726		11,761,764


Security	Par (000)		Value

Banks (continued)
2.73%, 07/25/22, (3 mo. LIBOR US + 0.790%)^(a)	$	27,721	$	27,839,646
2.80%, 03/07/22, (3 mo. LIBOR US + 0.700%)^(a)		13,435		13,466,304
2.80%, 07/26/23, (3 mo. LIBOR US + 0.860%)^(a)(b)		30,758		30,916,711
2.88%, 03/02/23, (3 mo. LIBOR US + 0.740%)^(a)(b)		24,225		24,266,182
3.07%, 02/22/22, (3 mo. LIBOR US + 0.920%)^(a)(b)		13,549		13,659,424
3.19%, 09/13/21, (3 mo. LIBOR US + 1.060%)^(a)(b)		10,991		11,112,451
4.02%, 03/01/21, (3 mo. LIBOR US + 1.880%)^(a)(b)		9,795		9,990,998
Mizuho Financial Group Inc.
2.84%, 07/16/23 (Call 07/16/22), (3 mo. LIBOR US + 0.840%)^(a)		10,750		10,786,765
2.92%, 03/05/23, (3 mo. LIBOR US + 0.790%)^(a)		14,460		14,496,728
2.98%, 09/13/23 (Call 09/13/22), (3 mo. LIBOR US + 0.850%)^(a)		11,725		11,765,920
3.02%, 09/11/22, (3 mo. LIBOR US + 0.880%)^(a)		25,375		25,563,536
3.08%, 02/28/22, (3 mo. LIBOR US + 0.940%)^(a)(b)		34,453		34,708,297
3.14%, 09/11/24 (Call 09/11/23), (3 mo. LIBOR US + 1.000%)^(a)		2,500		2,522,450
3.27%, 09/13/21, (3 mo. LIBOR US + 1.140%)^(a)		22,384		22,651,936
3.48%, 04/12/21, (3 mo. LIBOR US + 1.480%)^(a)(b)(c)		8,790		8,918,774
Morgan Stanley
2.73%, 02/10/21 (Call 02/10/20), (3 mo. LIBOR US + 0.550%)^(a)		50,551		50,600,540
2.75%, 06/10/22 (Call 06/10/21), (SOFRRATE + 0.830%)^(a)(b)		9,790		9,808,209
2.88%, 07/22/22 (Call 07/22/21), (3 mo. LIBOR US + 0.930%)^(a)		64,855		65,415,996
3.08%, 01/27/20, (3 mo. LIBOR US + 1.140%)^(a)		21,684		21,734,090
3.10%, 06/16/20, (3 mo. LIBOR US + 0.980%)^(a)(b)		16,590		16,668,968
3.15%, 01/20/22 (Call 01/20/21), (3 mo. LIBOR US + 1.180%)^(a)		70,370		71,096,922
3.34%, 10/24/23 (Call 10/24/22), (3 mo. LIBOR US + 1.400%)^(a)		47,033		48,005,642
3.37%, 04/21/21, (3 mo. LIBOR US + 1.400%)^(a)		34,318		34,866,402
3.41%, 05/08/24 (Call 05/08/23), (3 mo. LIBOR US + 1.220%)^(a)		23,155		23,516,218
MUFG Union Bank N.A., 2.70%, 03/07/22 (Call 02/07/22), (3 mo. LIBOR US + 0.600%)^(a)(b)		9,335		9,348,256
National Australia Bank Ltd.
2.35%, 01/12/21, (3 mo. LIBOR US + 0.350%)^(a)(b)(c)		14,965		14,997,773
2.60%, 04/12/23, (3 mo. LIBOR US + 0.600%)^(a)(b)(c)		9,335		9,369,726
2.62%, 11/04/21, (3 mo. LIBOR US + 0.710%)^(a)(b)(c)		11,555		11,649,404
2.66%, 05/22/20, (3 mo. LIBOR US + 0.510%)^(a)(c)		39,717		39,823,044
2.74%, 09/20/21, (3 mo. LIBOR US + 0.580%)^(a)(b)(c)		1,830		1,840,559
2.87%, 05/22/22, (3 mo. LIBOR US + 0.720%)^(a)(b)(c)		8,710		8,783,861
2.90%, 01/10/22, (3 mo. LIBOR US + 0.890%)^(a)(b)(c)		15,715		15,901,380
3.00%, 07/12/21, (3 mo. LIBOR US + 1.000%)^(a)(b)(c)		10,755		10,891,158
National Bank of Canada
2.23%, 11/02/20 (Call 10/02/20), (3 mo. LIBOR US + 0.330%)^(a)(b)		3,500		3,505,495
2.60%, 01/17/20, (3 mo. LIBOR US + 0.600%)^(a)(b)		6,175		6,182,842
2.69%, 06/12/20 (Call 05/12/20), (3 mo. LIBOR US + 0.560%)^(a)(b)		7,040		7,057,178
NatWest Markets PLC, 3.50%, 09/29/22, (3 mo. LIBOR US + 1.400%)^(a)(b)(c)		6,625		6,716,756
Nederlandse Waterschapsbank NV, 2.16%, 02/24/20, (3 mo. LIBOR US + 0.030%)^(a)(b)(c)		11,140		11,142,451
Nordea Bank Abp
2.59%, 05/29/20, (3 mo. LIBOR US + 0.470%)^(a)(b)(c)		13,595		13,625,725
3.12%, 05/27/21, (3 mo. LIBOR US + 0.990%)^(a)(c)		4,450		4,501,754


Security	Par (000)		Value

Banks (continued)
Oesterreichische Kontrollbank AG, 2.45%, 11/04/19, (3 mo. LIBOR US + 0.160%)^(a)	$	19,555	$	19,555,000
PNC Bank N.A.
2.20%, 01/22/21, (3 mo. LIBOR US + 0.250%)^(a)		15,150		15,162,271
2.40%, 07/22/22 (Call 07/22/21), (3 mo. LIBOR US + 0.450%)^(a)		12,250		12,255,880
2.44%, 06/10/21 (Call 06/10/20), (3 mo. LIBOR US + 0.310%)^(a)		12,450		12,463,944
2.44%, 07/27/22, (3 mo. LIBOR US + 0.500%)^(a)		23,800		23,879,016
2.48%, 05/19/20, (3 mo. LIBOR US + 0.360%)^(a)		10,095		10,108,527
2.48%, 03/12/21 (Call 03/12/20), (3 mo. LIBOR US + 0.350%)^(a)		7,230		7,235,206
Regions Bank/Birmingham AL
2.48%, 04/01/21 (Call 03/01/21), (3 mo. LIBOR US + 0.380%)^(a)(b)		9,470		9,451,534
2.68%, 08/13/21 (Call 08/13/20), (3 mo. LIBOR US + 0.500%)^(a)		9,040		9,046,961
Royal Bank of Canada
2.18%, 10/26/20, (3 mo. LIBOR US + 0.240%)^(a)(b)		15,444		15,466,857
2.25%, 07/22/20, (3 mo. LIBOR US + 0.300%)^(a)(b)		4,497		4,504,735
2.33%, 04/30/21, (3 mo. LIBOR US + 0.390%)^(a)		32,558		32,659,255
2.34%, 01/25/21, (3 mo. LIBOR US + 0.400%)^(a)(b)		475		476,131
2.40%, 04/29/22, (3 mo. LIBOR US + 0.470%)^(a)(b)		4,650		4,658,928
2.52%, 03/02/20, (3 mo. LIBOR US + 0.380%)^(a)		17,472		17,493,141
2.63%, 03/06/20, (3 mo. LIBOR US + 0.520%)^(a)		20,089		20,124,758
2.64%, 02/01/22, (3 mo. LIBOR US + 0.730%)^(a)(b)		22,252		22,442,477
2.70%, 10/05/23, (3 mo. LIBOR US + 0.660%)^(a)		10,327		10,366,243
Royal Bank of Scotland Group PLC
3.63%, 05/15/23 (Call 05/15/22), (3 mo. LIBOR US + 1.470%)^(a)(b)		33,517		33,799,883
3.66%, 06/25/24 (Call 06/25/23), (3 mo. LIBOR US + 1.550%)^(a)(b)		13,685		13,834,988
Santander UK PLC
2.59%, 11/03/20, (3 mo. LIBOR US + 0.300%)^(a)		1,452		1,446,787
2.76%, 06/01/21, (3 mo. LIBOR US + 0.620%)^(a)(b)		6,180		6,188,714
2.82%, 11/15/21, (3 mo. LIBOR US + 0.660%)^(a)(b)		15,880		15,895,245
Skandinaviska Enskilda Banken AB, 2.55%, 05/17/21, (3 mo. LIBOR US + 0.430%)^(a)(b)(c)		18,810		18,874,330
Societe Generale SA, 3.36%, 04/08/21, (3 mo. LIBOR US + 1.330%)^(a)(b)(c)		1,240		1,257,819
Standard Chartered PLC
3.12%, 01/20/23 (Call 01/04/22), (3 mo. LIBOR US + 1.150%)^(a)(c)		6,010		6,041,072
3.33%, 09/10/22 (Call 09/10/21), (3 mo. LIBOR US + 1.200%)^(a)(c)		12,300		12,388,068
State Street Corp., 3.02%, 08/18/20, (3 mo. LIBOR US + 0.900%)^(a)(b)		12,141		12,217,610
Sumitomo Mitsui Banking Corp.
2.35%, 01/17/20, (3 mo. LIBOR US + 0.350%)^(a)		35,815		35,849,741
2.37%, 10/16/20, (3 mo. LIBOR US + 0.370%)^(a)		2,970		2,975,316
Sumitomo Mitsui Financial Group Inc.
2.74%, 10/18/22, (3 mo. LIBOR US + 0.740%)^(a)		18,019		18,069,453
2.74%, 01/17/23, (3 mo. LIBOR US + 0.740%)^(a)		18,620		18,654,819
2.78%, 07/12/22, (3 mo. LIBOR US + 0.780%)^(a)(b)		11,195		11,246,049
2.80%, 10/16/23, (3 mo. LIBOR US + 0.800%)^(a)(b)		9,440		9,472,851
2.83%, 07/19/23, (3 mo. LIBOR US + 0.860%)^(a)(b)		7,360		7,401,805
3.11%, 07/14/21, (3 mo. LIBOR US + 1.110%)^(a)(b)		11,139		11,264,982
3.11%, 10/19/21, (3 mo. LIBOR US + 1.140%)^(a)(b)		17,505		17,729,064
3.78%, 03/09/21, (3 mo. LIBOR US + 1.680%)^(a)(b)		18,030		18,334,166


Security	Par (000)		Value

Banks (continued)
SunTrust Bank/Atlanta GA
2.44%, 10/26/21 (Call 10/26/20), (3 mo. LIBOR US + 0.500%)^(a)	$	7,325	$	7,332,252
2.46%, 01/31/20 (Call 12/31/19), (3 mo. LIBOR US + 0.530%)^(a)		14,640		14,647,613
2.71%, 05/17/22 (Call 04/17/22), (3 mo. LIBOR US + 0.590%)^(a)		3,000		3,010,260
2.86%, 08/02/22 (Call 08/02/21), (3 mo. LIBOR US + 0.590%)^(a)		4,994		5,003,089
Svenska Handelsbanken AB
2.46%, 09/08/20, (3 mo. LIBOR US + 0.360%)^(a)(b)		19,604		19,646,737
2.60%, 05/24/21, (3 mo. LIBOR US + 0.470%)^(a)		27,000		27,099,090
Swedbank AB, 2.82%, 03/14/22, (3 mo. LIBOR US + 0.700%)^(a)(b)(c)		7,545		7,533,984
Synchrony Bank, 2.73%, 03/30/20, (3 mo. LIBOR US + 0.625%)^(a)		15,288		15,302,065
Toronto-Dominion Bank (The)
2.18%, 01/25/21, (3 mo. LIBOR US + 0.240%)^(a)(b)		13,850		13,858,587
2.40%, 09/17/20, (3 mo. LIBOR US + 0.260%)^(a)(b)		17,850		17,879,274
2.42%, 06/11/20, (3 mo. LIBOR US + 0.280%)^(a)		3,606		3,611,048
2.54%, 12/01/22, (3 mo. LIBOR US + 0.530%)^(a)		10,340		10,360,473
2.57%, 06/11/21, (3 mo. LIBOR US + 0.430%)^(a)		13,830		13,880,894
2.61%, 07/19/23, (3 mo. LIBOR US + 0.640%)^(a)(b)		15,305		15,401,881
3.04%, 04/07/21, (3 mo. LIBOR US + 1.000%)^(a)(b)		7,993		8,085,719
3.05%, 12/14/20, (3 mo. LIBOR US + 0.930%)^(a)		2,415		2,436,832
U.S. Bank N.A./Cincinnati OH
2.07%, 10/23/20 (Call 09/23/20), (3 mo. LIBOR US + 0.140%)^(a)(b)		7,243		7,218,374
2.13%, 01/17/20 (Call 12/17/19), (3 mo. LIBOR US + 0.125%)^(a)(b)		1,700		1,700,527
2.19%, 07/24/20 (Call 06/24/20), (3 mo. LIBOR US + 0.250%)^(a)		18,175		18,194,811
2.21%, 02/04/21 (Call 01/04/21), (3 mo. LIBOR US + 0.310%)^(a)(b)		6,050		6,058,773
2.26%, 01/24/20 (Call 12/24/19), (3 mo. LIBOR US + 0.320%)^(a)(b)		20,315		20,322,313
2.26%, 04/26/21 (Call 03/26/21), (3 mo. LIBOR US + 0.320%)^(a)		32,735		32,800,143
2.44%, 05/21/21 (Call 05/21/20), (3 mo. LIBOR US + 0.290%)^(a)		17,530		17,547,179
2.55%, 11/16/21 (Call 10/15/21), (3 mo. LIBOR US + 0.380%)^(a)(b)		8,695		8,720,650
UBS AG/London
2.62%, 12/01/20 (Call 11/01/20), (3 mo. LIBOR US + 0.480%)^(a)(c)		23,864		23,932,012
2.68%, 06/08/20 (Call 05/08/20), (3 mo. LIBOR US + 0.580%)^(a)(c)		25,105		25,170,273
UBS Group Funding Switzerland AG
3.11%, 08/15/23 (Call 08/15/22), (3 mo. LIBOR US + 0.950%)^(a)(c)		35,720		35,924,676
3.37%, 05/23/23 (Call 05/23/22), (3 mo. LIBOR US + 1.220%)^(a)(c)		21,780		22,048,547
3.44%, 02/01/22, (3 mo. LIBOR US + 1.530%)^(a)(b)(c)		18,925		19,347,784
3.57%, 09/24/20, (3 mo. LIBOR US + 1.440%)^(a)(b)(c)		3,390		3,428,409
3.77%, 04/14/21, (3 mo. LIBOR US + 1.780%)^(a)(b)(c)		24,795		25,289,412
UniCredit SpA, 5.90%, 01/14/22, (3 mo. LIBOR US + 3.900%)^(a)(b)(c)		11,585		12,171,780
United Overseas Bank Ltd., 2.41%, 04/23/21, (3 mo. LIBOR US + 0.480%)^(a)(c)		480		480,773


Security	Par (000)		Value

Banks (continued)
Wells Fargo & Co.
2.83%, 07/22/20, (3 mo. LIBOR US + 0.880%)^(a)(b)	$	24,173	$	24,300,875
2.96%, 07/26/21, (3 mo. LIBOR US + 1.025%)^(a)(b)		47,191		47,756,820
3.05%, 01/24/23 (Call 01/24/22), (3 mo. LIBOR US + 1.110%)^(a)		16,930		17,138,916
3.11%, 12/07/20, (3 mo. LIBOR US + 1.010%)^(a)(b)		13,169		13,283,570
3.11%, 02/11/22 (Call 02/11/21), (3 mo. LIBOR US + 0.930%)^(a)		53,876		54,216,496
3.16%, 10/31/23 (Call 10/31/22), (3 mo. LIBOR US + 1.230%)^(a)		36,332		36,972,533
3.47%, 03/04/21, (3 mo. LIBOR US + 1.340%)^(a)(b)		43,538		44,141,437
Series N, 2.62%, 01/30/20, (3 mo. LIBOR US + 0.680%)^(a)(b)		23,505		23,540,493
Wells Fargo Bank N.A.
2.23%, 01/15/20, (3 mo. LIBOR US + 0.230%)^(a)		15,130		15,138,775
2.31%, 01/15/21, (3 mo. LIBOR US + 0.310%)^(a)(b)		20,005		20,033,807
2.43%, 07/23/21 (Call 07/23/20), (3 mo. LIBOR US + 0.500%)^(a)		36,055		36,111,967
2.46%, 10/22/21 (Call 09/21/21), (3 mo. LIBOR US + 0.510%)^(a)		19,665		19,732,451
2.53%, 05/21/21 (Call 05/21/20), (3 mo. LIBOR US + 0.380%)^(a)(b)		10,000		10,007,200
2.80%, 09/09/22 (Call 09/09/21), (3 mo. LIBOR US + 0.660%)^(a)		10,200		10,241,106
Westpac Banking Corp.
2.28%, 01/25/21, (3 mo. LIBOR US + 0.340%)^(a)(b)		14,488		14,514,368
2.44%, 05/15/20, (3 mo. LIBOR US + 0.280%)^(a)		8,768		8,778,346
2.54%, 03/06/20, (3 mo. LIBOR US + 0.430%)^(a)(b)		5,660		5,668,150
2.55%, 01/11/23, (3 mo. LIBOR US + 0.570%)^(a)(b)		14,502		14,543,621
2.81%, 06/28/22, (3 mo. LIBOR US + 0.710%)^(a)(b)		10,455		10,549,931
2.83%, 01/11/22, (3 mo. LIBOR US + 0.850%)^(a)		4,631		4,682,265
2.88%, 05/15/23, (3 mo. LIBOR US + 0.720%)^(a)(b)		23,365		23,545,378
2.90%, 02/26/24, (3 mo. LIBOR US + 0.770%)^(a)(b)		9,575		9,651,600
2.97%, 08/19/21, (3 mo. LIBOR US + 0.850%)^(a)(b)		9,469		9,572,591

				5,065,377,163

Beverages — 0.3%
Constellation Brands Inc., 2.86%, 11/15/21 (Call 12/02/19), (3 mo. LIBOR US + 0.700%)^(a)		11,040		11,043,533
Diageo Capital PLC, 2.36%, 05/18/20, (3 mo. LIBOR US + 0.240%)^(a)		12,705		12,713,639
PepsiCo Inc., 2.63%, 05/02/22, (3 mo. LIBOR US + 0.365%)^(a)(b)		4,272		4,285,585

				28,042,757

Biotechnology — 0.1%
Amgen Inc., 2.63%, 05/11/20, (3 mo. LIBOR US + 0.450%)^(a)(b)		11,116		11,130,228


Building Materials — 0.2%
Martin Marietta Materials Inc.
2.66%, 12/20/19, (3 mo. LIBOR US + 0.500%)^(a)		3,505		3,507,348
2.80%, 05/22/20, (3 mo. LIBOR US + 0.650%)^(a)(b)		3,237		3,241,791
Vulcan Materials Co., 2.78%, 03/01/21, (3 mo. LIBOR US + 0.650%)^(a)		15,464		15,497,248

				22,246,387

Chemicals — 0.2%
DuPont de Nemours Inc.
2.87%, 11/15/20, (3 mo. LIBOR US + 0.710%)^(a)(b)		6,960		6,994,313
3.27%, 11/15/23, (3 mo. LIBOR US + 1.110%)^(a)		10,200		10,396,962

				17,391,275


Security	Par (000)		Value

Commercial Services — 0.0%
Equifax Inc., 3.03%, 08/15/21, (3 mo. LIBOR US + 0.870%)^(a)(b)	$	3,855	$	3,860,590
Korea Expressway Corp., 2.67%, 04/20/20, (3 mo. LIBOR US + 0.700%)^(a)(d)		700		701,127

				4,561,717

Computers — 2.3%
Apple Inc.
2.25%, 05/11/20, (3 mo. LIBOR US + 0.070%)^(a)(b)		12,646		12,647,391
2.41%, 02/07/20, (3 mo. LIBOR US + 0.200%)^(a)(b)		150		150,066
2.43%, 02/07/20, (3 mo. LIBOR US + 0.250%)^(a)		13,960		13,968,236
2.48%, 05/06/20, (3 mo. LIBOR US + 0.300%)^(a)(b)		8,319		8,330,147
2.53%, 05/11/22, (3 mo. LIBOR US + 0.350%)^(a)		24,420		24,531,355
2.68%, 02/09/22, (3 mo. LIBOR US + 0.500%)^(a)(b)		24,786		24,978,339
3.28%, 02/23/21, (3 mo. LIBOR US + 1.130%)^(a)(b)		13,585		13,767,175
DXC Technology Co., 3.08%, 03/01/21 (Call 11/12/19), (3 mo. LIBOR US + 0.950%)^(a)(b)		7,198		7,205,414
Hewlett Packard Enterprise Co., 2.76%, 10/05/21 (Call 11/15/19), (3 mo. LIBOR US + 0.720%)^(a)		16,132		16,128,774
IBM Credit LLC
2.23%, 01/20/21, (3 mo. LIBOR US + 0.260%)^(a)		20,523		20,565,483
2.45%, 02/05/21, (3 mo. LIBOR US + 0.160%)^(a)		28,080		28,086,178
2.59%, 11/30/20, (3 mo. LIBOR US + 0.470%)^(a)		33,525		33,665,470
International Business Machines Corp.
2.17%, 01/27/20, (3 mo. LIBOR US + 0.230%)^(a)(b)		14,480		14,488,398
2.82%, 11/06/21, (3 mo. LIBOR US + 0.580%)^(a)(b)		7,100		7,139,334

				225,651,760

Cosmetics & Personal Care — 0.0%
Procter & Gamble Co. (The), 2.52%, 11/01/19, (3 mo. LIBOR US + 0.270%)^(a)(b)		3,728		3,728,000


Diversified Financial Services — 2.4%
American Express Co.
2.27%, 10/30/20 (Call 09/29/20), (3 mo. LIBOR US + 0.330%)^(a)		15,169		15,188,416
2.52%, 08/01/22 (Call 07/01/22), (3 mo. LIBOR US + 0.610%)^(a)(b)		11,995		12,065,051
2.65%, 05/17/21 (Call 04/17/21), (3 mo. LIBOR US + 0.525%)^(a)		23,155		23,228,401
2.65%, 08/03/23 (Call 07/03/23), (3 mo. LIBOR US + 0.750%)^(a)(b)		13,119		13,178,036
2.76%, 05/20/22 (Call 04/19/22), (3 mo. LIBOR US + 0.620%)^(a)(b)		14,350		14,401,804
2.78%, 02/27/23 (Call 01/27/23), (3 mo. LIBOR US + 0.650%)^(a)		18,315		18,376,905
2.89%, 11/05/21 (Call 10/05/21), (3 mo. LIBOR US + 0.600%)^(a)		4,703		4,727,973
American Express Credit Corp.
2.57%, 03/03/20 (Call 02/03/20), (3 mo. LIBOR US + 0.430%)^(a)		5,628		5,633,515
2.84%, 03/03/22 (Call 02/03/22), (3 mo. LIBOR US + 0.700%)^(a)		8,846		8,902,172
2.86%, 05/26/20 (Call 04/25/20), (3 mo. LIBOR US + 0.730%)^(a)		9,307		9,337,062
Series F, 3.17%, 09/14/20 (Call 09/14/20), (3 mo. LIBOR US + 1.050%)^(a)(b)		12,369		12,456,201
BOC Aviation Ltd.
2.96%, 05/02/21, (3 mo. LIBOR US + 1.050%)^(a)(d)		6,845		6,874,776
3.24%, 09/26/23 (Call 08/27/23), (3 mo. LIBOR US + 1.125%)^(a)(d)		13,200		13,279,464


Security	Par (000)		Value

Diversified Financial Services (continued)
Capital One Financial Corp.
2.39%, 10/30/20 (Call 09/30/20), (3 mo. LIBOR US + 0.450%)^(a)	$	10,020	$	10,039,339
2.66%, 01/30/23 (Call 12/30/22), (3 mo. LIBOR US + 0.720%)^(a)		13,035		13,011,798
2.94%, 05/12/20 (Call 04/12/20), (3 mo. LIBOR US + 0.760%)^(a)(b)		7,310		7,329,152
3.05%, 03/09/22 (Call 02/09/22), (3 mo. LIBOR US + 0.950%)^(a)		7,688		7,757,269
Charles Schwab Corp. (The), 2.47%, 05/21/21 (Call 04/21/21), (3 mo. LIBOR US + 0.320%)^(a)(b)		21,084		21,102,343
CPPIB Capital Inc., 2.11%, 12/27/19, (3 mo. LIBOR US + 0.010%)^(a)(c)		970		970,349
TD Ameritrade Holding Corp., 2.34%, 11/01/21 (Call 10/01/21), (3 mo. LIBOR US + 0.430%)^(a)(b)		17,065		17,091,621

				234,951,647

Electric — 1.3%
Consolidated Edison Co. of New York Inc., Series C, 2.51%, 06/25/21, (3 mo. LIBOR US + 0.400%)^(a)		22,007		22,082,264
Dominion Energy Inc., 2.54%, 12/01/20, (3 mo. LIBOR US + 0.400%)^(a)(c)		1,000		1,001,150
Duke Energy Corp.
2.68%, 05/14/21, (3 mo. LIBOR US + 0.500%)^(a)(b)(c)		785		787,724
2.79%, 03/11/22, (3 mo. LIBOR US + 0.650%)^(a)		760		763,192
Duke Energy Progress LLC, 2.28%, 09/08/20, (3 mo. LIBOR US + 0.180%)^(a)		12,641		12,650,101
Florida Power & Light Co., 2.64%, 05/06/22 (Call 11/06/19), (3 mo. LIBOR US + 0.400%)^(a)		18,920		18,920,000
Mississippi Power Co., 2.75%, 03/27/20 (Call 12/02/19), (3 mo. LIBOR US + 0.650%)^(a)(b)		1,475		1,470,029
National Rural Utilities Cooperative Finance Corp., 2.48%, 06/30/21, (3 mo. LIBOR US + 0.375%)^(a)(b)		6,130		6,146,306
NextEra Energy Capital Holdings Inc.
2.54%, 08/21/20 (Call 12/02/19), (3 mo. LIBOR US + 0.400%)^(a)		110		109,974
2.69%, 08/28/21 (Call 12/02/19), (3 mo. LIBOR US + 0.550%)^(a)(b)		8,215		8,212,782
2.85%, 02/25/22, (3 mo. LIBOR US + 0.720%)^(a)(b)		7,915		7,975,866
Sempra Energy
2.50%, 01/15/21 (Call 12/02/19), (3 mo. LIBOR US + 0.500%)^(a)		11,823		11,819,217
2.57%, 03/15/21, (3 mo. LIBOR US + 0.450%)^(a)		11,378		11,353,537
Southern Power Co., 2.71%, 12/20/20 (Call 12/02/19), (3 mo. LIBOR US + 0.550%)^(a)(b)(c)		21,355		21,350,943

				124,643,085

Electronics — 0.0%
Tyco Electronics Group SA, 2.58%, 06/05/20, (3 mo. LIBOR US + 0.450%)^(a)		1,515		1,516,970


Food — 1.1%
Campbell Soup Co.
2.62%, 03/16/20, (3 mo. LIBOR US + 0.500%)^(a)		7,624		7,629,260
2.75%, 03/15/21, (3 mo. LIBOR US + 0.630%)^(a)		13,440		13,458,682
Conagra Brands Inc.
2.51%, 10/09/20, (3 mo. LIBOR US + 0.500%)^(a)(b)		13,655		13,664,695
2.70%, 10/22/20 (Call 11/12/19), (3 mo. LIBOR US + 0.750%)^(a)		680		680,048
General Mills Inc.
2.54%, 04/16/21, (3 mo. LIBOR US + 0.540%)^(a)(b)		17,435		17,483,295
3.01%, 10/17/23, (3 mo. LIBOR US + 1.010%)^(a)(b)		12,261		12,392,806


Security	Par (000)		Value

Food (continued)
Kraft Heinz Foods Co.
2.75%, 02/10/21, (3 mo. LIBOR US + 0.570%)^(a)	$	10,431	$	10,413,997
3.00%, 08/10/22, (3 mo. LIBOR US + 0.820%)^(a)		14,290		14,293,858
Tyson Foods Inc.
2.60%, 08/21/20, (3 mo. LIBOR US + 0.450%)^(a)		10,405		10,413,636
2.68%, 06/02/20, (3 mo. LIBOR US + 0.550%)^(a)		9,140		9,153,619

				109,583,896

Gas — 0.1%
Dominion Energy Gas Holdings LLC, Series A, 2.72%, 06/15/21, (3 mo. LIBOR US + 0.600%)^(a)		1,948		1,958,305
WGL Holdings Inc., 2.52%, 11/29/19, (3 mo. LIBOR US + 0.400%)^(a)		3,235		3,234,644

				5,192,949

Health Care – Products — 0.5%
Becton Dickinson and Co.
2.98%, 12/29/20 (Call 12/02/19), (3 mo. LIBOR US + 0.875%)^(a)		14,624		14,630,581
3.14%, 06/06/22, (3 mo. LIBOR US + 1.030%)^(a)(b)		18,850		18,949,717
Medtronic Inc., 2.92%, 03/15/20, (3 mo. LIBOR US + 0.800%)^(a)		10,376		10,404,949
Zimmer Biomet Holdings Inc., 2.91%, 03/19/21 (Call 11/15/19), (3 mo. LIBOR US + 0.750%)^(a)(b)		7,695		7,692,922

				51,678,169

Health Care – Services — 0.1%
UnitedHealth Group Inc.
2.07%, 10/15/20, (3 mo. LIBOR US + 0.070%)^(a)(b)		8,040		8,030,754
2.38%, 06/15/21, (3 mo. LIBOR US + 0.260%)^(a)		5,580		5,575,815

				13,606,569

Household Products & Wares — 0.1%
Reckitt Benckiser Treasury Services PLC, 2.69%, 06/24/22, (3 mo. LIBOR US + 0.560%)^(a)(c)		9,295		9,307,269


Insurance — 2.0%
AIA Group Ltd., 2.68%, 09/20/21 (Call 08/20/21), (3 mo. LIBOR US + 0.520%)^(a)(b)(c)		11,240		11,248,880
Athene Global Funding
3.11%, 04/20/20, (3 mo. LIBOR US + 1.140%)^(a)(b)(c)		5,890		5,913,560
3.32%, 07/01/22, (3 mo. LIBOR US + 1.230%)^(a)(b)(c)		11,481		11,614,294
Berkshire Hathaway Finance Corp., 2.33%, 01/10/20, (3 mo. LIBOR US + 0.320%)^(a)(b)		5,004		5,007,253
Jackson National Life Global Funding
2.24%, 04/27/20, (3 mo. LIBOR US + 0.300%)^(a)(b)(c)		6,000		6,007,020
2.30%, 10/15/20, (3 mo. LIBOR US + 0.300%)^(a)(b)(c)		8,140		8,146,349
2.62%, 06/11/21, (3 mo. LIBOR US + 0.480%)^(a)(b)(c)		4,900		4,916,366
2.83%, 06/27/22, (3 mo. LIBOR US + 0.730%)^(a)(b)(c)		25,705		25,912,696
Marsh & McLennan Companies Inc., 3.30%, 12/29/21 (Call 12/29/19), (3 mo. LIBOR US + 1.200%)^(a)		3,985		3,984,004
Metropolitan Life Global Funding I
2.26%, 01/08/21, (3 mo. LIBOR US + 0.230%)^(a)(c)		10,645		10,655,432
2.39%, 09/07/20, (3 mo. LIBOR US + 0.570%)^(a)(c)		7,160		7,177,470
2.53%, 06/12/20, (3 mo. LIBOR US + 0.400%)^(a)(b)(c)		15,485		15,516,434
New York Life Global Funding
2.07%, 01/21/20, (3 mo. LIBOR US + 0.100%)^(a)(b)(c)		12,330		12,333,822
2.22%, 01/28/21, (3 mo. LIBOR US + 0.280%)^(a)(b)(c)		5,640		5,649,137
2.26%, 10/01/20, (3 mo. LIBOR US + 0.160%)^(a)(c)		18,010		18,027,830
2.28%, 04/09/20, (3 mo. LIBOR US + 0.270%)^(a)(c)		9,600		9,612,864
2.44%, 07/12/22, (3 mo. LIBOR US + 0.440%)^(a)(b)(c)		11,380		11,372,148
2.56%, 08/06/21, (3 mo. LIBOR US + 0.320%)^(a)(c)		9,035		9,050,179
2.65%, 06/10/22, (3 mo. LIBOR US + 0.520%)^(a)(b)(c)		12,540		12,581,257


Security	Par (000)		Value

Insurance (continued)
Principal Life Global Funding II
2.41%, 06/26/20, (3 mo. LIBOR US + 0.300%)^(a)(b)(c)	$	3,735	$	3,742,059
2.47%, 03/02/21, (3 mo. LIBOR US + 0.330%)^(a)(c)		409		409,184
Protective Life Global Funding
2.37%, 07/13/20, (3 mo. LIBOR US + 0.370%)^(a)(b)(c)		2,010		2,013,980
2.62%, 06/28/21, (3 mo. LIBOR US + 0.520%)^(a)(c)		690		693,257

				201,585,475

Internet — 0.3%
eBay Inc., 2.81%, 01/30/23, (3 mo. LIBOR US + 0.870%)^(a)		11,589		11,629,330
Tencent Holdings Ltd.
2.57%, 01/19/23, (3 mo. LIBOR US + 0.605%)^(a)(d)		8,860		8,809,941
2.89%, 04/11/24, (3 mo. LIBOR US + 0.910%)^(a)(b)(d)		4,400		4,405,984

				24,845,255

Lodging — 0.0%
Marriott International Inc./MD 2.75%, 03/08/21, (3 mo. LIBOR US + 0.650%)^(a)		700		702,632
Series Y, 2.74%, 12/01/20, (3 mo. LIBOR US + 0.600%)^(a)		820		822,673

				1,525,305

Machinery — 2.1%
Caterpillar Financial Services Corp.
2.25%, 11/29/19, (3 mo. LIBOR US + 0.130%)^(a)		16,281		16,285,559
2.34%, 05/15/20, (3 mo. LIBOR US + 0.180%)^(a)(b)		22,862		22,876,174
2.35%, 03/15/21, (3 mo. LIBOR US + 0.230%)^(a)		24,399		24,412,420
2.38%, 08/26/20, (3 mo. LIBOR US + 0.250%)^(a)(b)		2,620		2,622,332
2.38%, 09/07/21, (3 mo. LIBOR US + 0.280%)^(a)		6,975		6,976,046
2.42%, 09/04/20, (3 mo. LIBOR US + 0.290%)^(a)(b)		14,195		14,211,466
2.45%, 12/07/20, (3 mo. LIBOR US + 0.350%)^(a)(b)		3,715		3,722,541
2.52%, 01/10/20, (3 mo. LIBOR US + 0.510%)^(a)(b)		19,073		19,093,027
Series I, 2.51%, 05/17/21, (3 mo. LIBOR US + 0.390%)^(a)(b)		9,770		9,788,661
John Deere Capital Corp.
2.18%, 10/09/20, (3 mo. LIBOR US + 0.170%)^(a)		2,340		2,342,410
2.19%, 01/08/21, (3 mo. LIBOR US + 0.160%)^(a)(b)		1,960		1,959,510
2.22%, 01/07/20, (3 mo. LIBOR US + 0.180%)^(a)		6,785		6,788,121
2.37%, 03/12/21, (3 mo. LIBOR US + 0.240%)^(a)(b)		12,920		12,926,977
2.39%, 09/10/21, (3 mo. LIBOR US + 0.260%)^(a)		1,785		1,785,643
2.43%, 03/13/20, (3 mo. LIBOR US + 0.300%)^(a)(b)		6,927		6,934,897
2.43%, 07/10/20, (3 mo. LIBOR US + 0.420%)^(a)(b)		5,265		5,277,320
2.45%, 06/22/20, (3 mo. LIBOR US + 0.290%)^(a)(b)		7,505		7,514,306
2.50%, 06/07/21, (3 mo. LIBOR US + 0.400%)^(a)(b)		3,915		3,927,880
2.58%, 09/08/22, (3 mo. LIBOR US + 0.480%)^(a)(b)		16,840		16,873,006
2.65%, 06/07/23, (3 mo. LIBOR US + 0.550%)^(a)(b)		12,520		12,541,785
Wabtec Corp., 3.42%, 09/15/21 (Call 11/15/19), (3 mo. LIBOR US + 1.050%)^(a)(b)		4,945		4,947,423

				203,807,504

Manufacturing — 0.6%
3M Co., 2.48%, 02/14/24 (Call 01/14/24), (3 mo. LIBOR US + 0.300%)^(a)(b)		3,234		3,216,827
General Electric Co.
2.63%, 01/09/20 (Call 12/09/19), (3 mo. LIBOR US + 0.620%)^(a)(b)		6,896		6,898,207
3.00%, 04/15/23, (3 mo. LIBOR US + 1.000%)^(a)		4,450		4,406,702
3.12%, 03/15/23, (3 mo. LIBOR US + 1.000%)^(a)		10,398		10,320,951
Siemens Financieringsmaatschappij NV
2.46%, 03/16/20, (3 mo. LIBOR US + 0.340%)^(a)(c)		12,175		12,190,219
2.73%, 03/16/22, (3 mo. LIBOR US + 0.610%)^(a)(b)(c)		19,605		19,685,184


Security	Par (000)		Value

Manufacturing (continued)
Textron Inc., 2.73%, 11/10/20 (Call 11/12/19), (3 mo. LIBOR US + 0.550%)^(a)(b)	$	2,878	$	2,873,165

				59,591,255

Media — 1.6%
Charter Communications Operating LLC/Charter Communications Operating Capital, 3.56%, 02/01/24 (Call 01/01/24), (3 mo. LIBOR US + 1.650%)^(a)		14,535		14,947,358
Comcast Corp.
2.43%, 10/01/20, (3 mo. LIBOR US + 0.330%)^(a)(b)		24,815		24,877,286
2.54%, 10/01/21, (3 mo. LIBOR US + 0.440%)^(a)(b)		34,670		34,853,058
2.63%, 04/15/24, (3 mo. LIBOR US + 0.630%)^(a)		9,545		9,625,178
NBCUniversal Enterprise Inc., 2.50%, 04/01/21, (3 mo. LIBOR US + 0.400%)^(a)(c)		30,215		30,313,501
TWDC Enterprises 18 Corp.
2.26%, 03/04/20, (3 mo. LIBOR US + 0.130%)^(a)(b)		8,873		8,877,880
2.32%, 06/05/20, (3 mo. LIBOR US + 0.190%)^(a)(b)		13,764		13,777,626
2.52%, 03/04/22, (3 mo. LIBOR US + 0.390%)^(a)(b)		9,714		9,761,987
Walt Disney Co. (The)
2.36%, 09/01/21, (3 mo. LIBOR US + 0.250%)^(a)(b)		165		165,417
2.50%, 09/01/22, (3 mo. LIBOR US + 0.390%)^(a)		9,400		9,460,818

				156,660,109

Oil & Gas — 2.1%
BP Capital Markets PLC, 2.38%, 11/24/20, (3 mo. LIBOR US + 0.250%)^(a)(b)		4,995		5,003,092
Chevron Corp.
2.35%, 03/03/20, (3 mo. LIBOR US + 0.210%)^(a)(b)		9,754		9,760,438
2.57%, 11/15/19, (3 mo. LIBOR US + 0.410%)^(a)		13,027		13,030,126
2.62%, 03/03/22, (3 mo. LIBOR US + 0.480%)^(a)(b)		8,213		8,254,886
2.66%, 03/03/22, (3 mo. LIBOR US + 0.530%)^(a)		11,730		11,804,251
2.69%, 11/15/21, (3 mo. LIBOR US + 0.530%)^(a)(b)		766		771,868
ConocoPhillips Co., 3.06%, 05/15/22, (3 mo. LIBOR US + 0.900%)^(a)		12,316		12,472,660
EQT Corp., 2.87%, 10/01/20 (Call 11/18/19), (3 mo. LIBOR US + 0.770%)^(a)		14,305		14,279,394
Exxon Mobil Corp.
2.48%, 03/06/22, (3 mo. LIBOR US + 0.370%)^(a)(b)		14,175		14,248,427
2.50%, 08/16/22, (3 mo. LIBOR US + 0.330%)^(a)(b)		10,785		10,840,327
Occidental Petroleum Corp.
3.14%, 02/08/21, (3 mo. LIBOR US + 0.950%)^(a)		4,650		4,681,574
3.44%, 08/13/21 (Call 08/13/20), (3 mo. LIBOR US + 1.250%)^(a)		5,640		5,675,983
3.64%, 08/15/22 (Call 08/15/20), (3 mo. LIBOR US + 1.450%)^(a)		25,670		25,841,989
Petroleos Mexicanos, 5.79%, 03/11/22, (3 mo. LIBOR US + 3.650%)^(a)(b)		27,589		28,779,741
Phillips 66
2.73%, 02/26/21 (Call 11/15/19), (3 mo. LIBOR US + 0.600%)^(a)(b)		12,471		12,472,122
2.75%, 04/15/20 (Call 12/02/19), (3 mo. LIBOR US + 0.750%)^(a)(b)(c)		6,390		6,392,428
Shell International Finance BV
2.58%, 11/13/23, (3 mo. LIBOR US + 0.400%)^(a)(b)		14,689		14,695,463
2.63%, 05/11/20, (3 mo. LIBOR US + 0.450%)^(a)(b)		12,214		12,242,703

				211,247,472

Pharmaceuticals — 2.5%
Allergan Funding SCS, 3.39%, 03/12/20, (3 mo. LIBOR US + 1.255%)^(a)(b)		10,585		10,624,270


Security	Par (000)		Value

Pharmaceuticals (continued)
AstraZeneca PLC
2.75%, 06/10/22, (3 mo. LIBOR US + 0.620%)^(a)(b)	$	2,300	$	2,304,370
2.79%, 08/17/23, (3 mo. LIBOR US + 0.665%)^(a)(b)		18,045		18,073,331
Bayer U.S. Finance II LLC
2.74%, 06/25/21 (Call 05/25/21), (3 mo. LIBOR US + 0.630%)^(a)(b)(c)		26,905		26,971,993
3.13%, 12/15/23 (Call 11/15/23), (3 mo. LIBOR US + 1.010%)^(a)(c)		26,260		26,342,194
Bristol-Myers Squibb Co.
2.37%, 11/16/20, (3 mo. LIBOR US + 0.200%)^(a)(c)		285		285,433
2.55%, 05/16/22, (3 mo. LIBOR US + 0.380%)^(a)(c)		5,270		5,274,743
Cardinal Health Inc., 2.89%, 06/15/22, (3 mo. LIBOR US + 0.770%)^(a)(b)		8,209		8,230,672
Cigna Corp.
2.49%, 03/17/20, (3 mo. LIBOR US + 0.350%)^(a)		19,790		19,802,666
2.89%, 07/15/23 (Call 06/15/23), (3 mo. LIBOR US + 0.890%)^(a)		24,315		24,375,544
Series WI, 2.79%, 09/17/21 (Call 11/18/19), (3 mo. LIBOR US + 0.650%)^(a)		18,055		18,056,986
CVS Health Corp.
2.73%, 03/09/20, (3 mo. LIBOR US + 0.630%)^(a)		817		818,536
2.82%, 03/09/21, (3 mo. LIBOR US + 0.720%)^(a)(b)		19,528		19,633,451
Express Scripts Holding Co., 2.87%, 11/30/20 (Call 11/15/19), (3 mo. LIBOR US + 0.750%)^(a)(b)		11,952		11,949,968
GlaxoSmithKline Capital PLC, 2.53%, 05/14/21, (3 mo. LIBOR US + 0.350%)^(a)(b)		17,195		17,231,453
Merck & Co. Inc., 2.56%, 02/10/20, (3 mo. LIBOR US + 0.375%)^(a)		21,740		21,758,262
Pfizer Inc., 2.45%, 09/15/23, (3 mo. LIBOR US + 0.330%)^(a)(b)		11,320		11,309,586
Zoetis Inc., 2.58%, 08/20/21, (3 mo. LIBOR US + 0.440%)^(a)		10,165		10,169,574

				253,213,032

Pipelines — 0.5%
Enbridge Inc.
2.41%, 01/10/20, (3 mo. LIBOR US + 0.400%)^(a)		15,800		15,808,216
2.82%, 06/15/20, (3 mo. LIBOR US + 0.700%)^(a)		6,413		6,428,519
MPLX LP
3.00%, 09/09/21 (Call 09/09/20), (3 mo. LIBOR US + 0.900%)^(a)		120		120,749
3.20%, 09/09/22 (Call 09/10/20), (3 mo. LIBOR US + 1.100%)^(a)		11,660		11,702,676
Spectra Energy Partners LP, 2.83%, 06/05/20, (3 mo. LIBOR US + 0.700%)^(a)(b)		5,135		5,146,451
TransCanada PipeLines Ltd., 2.43%, 11/15/19, (3 mo. LIBOR US + 0.275%)^(a)(b)		6,361		6,362,145

				45,568,756

Real Estate Investment Trusts — 0.1%
AvalonBay Communities Inc., 2.43%, 01/15/21 (Call 11/15/19), (3 mo. LIBOR US + 0.430%)^(a)(b)		5,865		5,862,830
SL Green Operating Partnership LP, 3.15%, 08/16/21 (Call 11/15/19), (3 mo. LIBOR US + 0.980%)^(a)		1,230		1,229,975

				7,092,805

Retail — 0.7%
Dollar Tree Inc., 2.70%, 04/17/20 (Call 11/15/19), (3 mo. LIBOR US + 0.700%)^(a)		12,066		12,067,689
Home Depot Inc. (The)
2.28%, 06/05/20, (3 mo. LIBOR US + 0.150%)^(a)		8,847		8,853,724
2.45%, 03/01/22, (3 mo. LIBOR US + 0.310%)^(a)		10,610		10,634,615


Security	Par (000)		Value

Retail (continued)
McDonald’s Corp., 2.37%, 10/28/21, (3 mo. LIBOR US + 0.430%)^(a)(b)	$	5,274	$	5,258,231
Walmart Inc.
2.20%, 06/23/20, (3 mo. LIBOR US + 0.040%)^(a)(b)		13,930		13,935,154
2.39%, 06/23/21, (3 mo. LIBOR US + 0.230%)^(a)		16,665		16,715,495

				67,464,908

Semiconductors — 0.4%
Intel Corp.
2.26%, 05/11/20, (3 mo. LIBOR US + 0.080%)^(a)		12,345		12,347,839
2.53%, 05/11/22, (3 mo. LIBOR US + 0.350%)^(a)		19,133		19,209,915
QUALCOMM Inc., 2.67%, 01/30/23, (3 mo. LIBOR US + 0.730%)^(a)		12,589		12,693,111

				44,250,865

Telecommunications — 2.8%
AT&T Inc.
2.65%, 01/15/20, (3 mo. LIBOR US + 0.650%)^(a)		23,156		23,186,797
2.89%, 06/01/21, (3 mo. LIBOR US + 0.750%)^(a)		25,521		25,667,746
2.95%, 07/15/21, (3 mo. LIBOR US + 0.950%)^(a)		48,483		48,972,678
3.03%, 06/30/20, (3 mo. LIBOR US + 0.930%)^(a)		22,304		22,417,081
3.31%, 06/12/24, (3 mo. LIBOR US + 1.180%)^(a)		68,955		70,129,993
Deutsche Telekom International Finance BV, 2.58%, 01/17/20, (3 mo. LIBOR US + 0.580%)^(a)(c)		10,970		10,979,654
Verizon Communications Inc.
2.70%, 05/22/20, (3 mo. LIBOR US + 0.550%)^(a)(b)		21,577		21,629,864
3.12%, 03/16/22, (3 mo. LIBOR US + 1.000%)^(a)		31,129		31,609,632
Vodafone Group PLC, 2.99%, 01/16/24, (3 mo. LIBOR US + 0.990%)^(a)(b)		26,560		26,829,053

				281,422,498

Transportation — 0.3%
United Parcel Service Inc.
2.25%, 04/01/21, (3 mo. LIBOR US + 0.150%)^(a)(b)		11,795		11,796,533
2.55%, 05/16/22, (3 mo. LIBOR US + 0.380%)^(a)(b)		14,572		14,631,308
2.55%, 04/01/23, (3 mo. LIBOR US + 0.450%)^(a)		6,020		6,042,154

				32,469,995

Trucking & Leasing — 0.0%
Aviation Capital Group LLC
2.61%, 07/30/21, (3 mo. LIBOR US + 0.670%)^(a)(b)(c)		510		508,649
3.08%, 06/01/21, (3 mo. LIBOR US + 0.950%)^(a)(c)		440		440,972
GATX Corp., 3.01%, 11/05/21, (3 mo. LIBOR US + 0.720%)^(a)(b)		2,955		2,967,381

				3,917,002


Total Corporate Bonds & Notes — 84.3% (Cost: $8,364,180,653)				8,382,809,424


Foreign Government Obligations^(f)

Canada — 0.2%
CPPIB Capital Inc., 2.03%, 10/16/20, (3 mo. LIBOR US + 0.030%)^(a)(c)		1,750		1,750,402
Export Development Canada
2.28%, 11/23/20, (3 mo. LIBOR US + 0.130%)^(a)(c)		13,610		13,627,421
2.46%, 03/02/20, (3 mo. LIBOR US + 0.320%)^(a)(c)		20		20,025
Province of Quebec Canada, 2.29%, 09/21/20, (3 mo. LIBOR US + 0.130%)^(a)		7,420		7,427,791

				22,825,639

Finland — 0.4%
Municipality Finance PLC 1.95%, 10/26/20, (3 mo. LIBOR US + 0.010%)^(a)(c)		660		659,921


Security	Par (000)		Value

Finland (continued)
2.17%, 02/17/21, (3 mo. LIBOR US + 0.050%)^(a)(c)	$	10,270	$	10,271,746
2.38%, 02/07/20, (3 mo. LIBOR US + 0.170%)^(a)(c)		33,005		33,019,852

				43,951,519

Japan — 0.5%
Japan Bank for International Cooperation
2.36%, 07/21/20, (3 mo. LIBOR US + 0.390%)^(a)		18,250		18,291,610
2.62%, 06/01/20, (3 mo. LIBOR US + 0.480%)^(a)		13,185		13,216,249
2.70%, 02/24/20, (3 mo. LIBOR US + 0.570%)^(a)		13,360		13,383,246

				44,891,105

Norway — 1.1%
Kommunalbanken AS
2.04%, 04/15/21, (3 mo. LIBOR US + 0.040%)^(a)(c)		400		399,920
2.17%, 03/12/21, (3 mo. LIBOR US + 0.040%)^(a)(c)		34,410		34,419,291
2.21%, 03/17/20, (3 mo. LIBOR US + 0.070%)^(a)(c)		23,900		23,912,189
2.23%, 09/08/21, (3 mo. LIBOR US + 0.130%)^(a)(c)		27,610		27,634,021
2.45%, 06/16/20, (3 mo. LIBOR US + 0.330%)^(a)(c)		20,828		20,872,155

				107,237,576

South Korea — 0.6%
Export-Import Bank of Korea
2.63%, 06/25/22, (3 mo. LIBOR US + 0.525%)^(a)		7,400		7,417,982
2.71%, 06/01/21, (3 mo. LIBOR US + 0.575%)^(a)(b)		3,530		3,539,213
2.83%, 11/01/22, (3 mo. LIBOR US + 0.925%)^(a)(b)		8,560		8,679,412
2.91%, 06/01/23, (3 mo. LIBOR US + 0.775%)^(a)		12,450		12,578,982
Series 5, 2.81%, 01/25/22, (3 mo. LIBOR US + 0.875%)^(a)(b)		19,360		19,551,858
Korea Development Bank (The)
2.57%, 10/01/22, (3 mo. LIBOR US + 0.475%)^(a)		4,200		4,206,510
2.67%, 03/12/21, (3 mo. LIBOR US + 0.550%)^(a)		1,120		1,122,251

				57,096,208

Supranational — 8.2%
African Development Bank, 2.31%, 06/15/20, (3 mo. LIBOR US + 0.190%)^(a)		10,615		10,629,649
Asian Development Bank
2.13%, 12/15/21, (3 mo. LIBOR US + 0.010%)^(a)(b)		72,959		72,960,459
2.17%, 03/16/21, (3 mo. LIBOR US + 0.050%)^(a)(b)		23,055		23,070,677
2.31%, 06/16/21, (3 mo. LIBOR US + 0.190%)^(a)		54,720		54,868,291
2.45%, 02/26/20, (3 mo. LIBOR US + 0.320%)^(a)(b)		25,104		25,133,874
European Bank for Reconstruction & Development
2.12%, 01/10/20, (3 mo. LIBOR US + 0.110%)^(a)		14,653		14,659,887
2.13%, 11/19/20, (3 mo. LIBOR US + 0.010%)^(a)		4,030		4,029,919
2.16%, 03/23/20, (3 mo. LIBOR US)^(a)(b)		20,110		20,117,240
2.19%, 05/11/22, (3 mo. LIBOR US + 0.010%)^(a)		17,230		17,220,696
European Investment Bank
2.04%, 01/27/20, (3 mo. LIBOR US + 0.100%)^(a)(c)		8,415		8,417,609
2.07%, 01/19/23, (3 mo. LIBOR US + 0.100%)^(a)(c)		16,730		16,753,422
2.24%, 03/24/21, (3 mo. LIBOR US + 0.110%)^(a)(c)		32,235		32,279,162
Inter-American Development Bank
1.92%, 10/25/21, (3 mo. LIBOR US - 0.020%)^(a)		48,130		48,060,693
1.94%, 10/09/20, (3 mo. LIBOR US)^(a)		45,084		45,062,810
2.00%, 01/15/22, (3 mo. LIBOR US)^(a)(b)		8,130		8,118,455
2.01%, 07/15/20, (3 mo. LIBOR US + 0.010%)^(a)		31,230		31,236,246
2.07%, 07/15/22, (3 mo. LIBOR US + 0.070%)^(a)		63,375		63,404,786
2.20%, 07/15/21, (3 mo. LIBOR US + 0.200%)^(a)		64,286		64,471,787
2.22%, 10/15/20, (3 mo. LIBOR US + 0.220%)^(a)		25,700		25,752,942


Security	Par/ Shares (000)		Value

Supranational (continued)
2.32%, 04/15/20, (3 mo. LIBOR US + 0.320%)^(a)(d)	$	18,640	$	18,670,942
International Bank for Reconstruction & Development
2.10%, 10/13/20, (3 mo. LIBOR US + 0.100%)^(a)		26,697		26,723,163
2.46%, 02/11/21, (3 mo. LIBOR US + 0.280%)^(a)		40,785		40,915,920
International Finance Corp.
2.13%, 12/15/20, (3 mo. LIBOR US + 0.010%)^(a)(b)		45,120		45,127,219
2.19%, 12/15/22, (3 mo. LIBOR US + 0.070%)^(a)(b)		60,153		60,207,138
2.30%, 12/15/21, (3 mo. LIBOR US + 0.180%)^(a)(b)		36,237		36,362,380

				814,255,366

Sweden — 0.0%
Svensk Exportkredit AB, 2.17%, 12/14/20, (3 mo. LIBOR US + 0.050%)^(a)		3,065		3,065,092


Total Foreign Government Obligations — 11.0% (Cost: $1,093,036,249)				1,093,322,505


U.S. Government Obligations

U.S. Government Obligations — 2.8%
U.S. Treasury Floating Rate Note, 1.68%, 10/31/20, (3 mo. Treasury money market yield + 0.045%)^(a)		275,000		274,762,436


Total U.S. Government Obligations — 2.8% (Cost: $274,810,582)				274,762,436


Short-Term Investments

Money Market Funds — 4.6%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.00%^(g)(h)(i)		216,523		216,631,440
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.74%^(g)(h)		242,647		242,647,000

				459,278,440


Total Short-Term Investments — 4.6% (Cost: $459,192,555)				459,278,440


Total Investments in Securities — 102.7% (Cost: $10,191,220,039)				10,210,172,805

Other Assets, Less Liabilities — (2.7)%				(269,662,350	)


Net Assets — 100.0%			$	9,940,510,455

^(a)	Variable or floating rate security. Rate shown is the rate in effect as of period-end.

^(b)	All or a portion of this security is on loan.

^(c)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(d)	This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

^(e)	Security is issued at a fixed coupon rate, which converts to a variable rate at a specified date.

^(f)	U.S. dollar denominated security issued by foreign domiciled entity.

^(g)	Affiliate of the Fund.

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

⁽ⁱ⁾	All or a portion of this security was purchased with cash collateral received from loaned securities.

Investments in issuers considered to be affiliates of the Fund during the year ended October 31, 2019, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

These financial statements relate only to the following funds (each, a “Fund,” and collectively, the “Funds”):

Investment Transactions and Income Recognition: Investment transactions are accounted for on trade date. Realized gains and losses on investment transactions are determined using the specific identification method. Interest income, including amortization and accretion of premiums and discounts on debt securities, and payment-in-kind interest income, if any, are recognized daily on the accrual basis. For convertible securities, premiums attributable to the debt instrument are amortized, but premiums attributable to the conversion feature are not amortized. Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source.

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:

The following table is a summary of the securities lending agreements by counterparty which are subject to offset under an MSLA as of October 31, 2019:

Officers and Trustees: Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.

For the year ended October 31, 2019, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

For the year ended October 31, 2019, purchases and sales of investments, excluding in-kind transactions and short-term investments, were as follows:

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of October 31, 2019, the following permanent differences attributable to realized gains (losses) from in-kind redemptions, were reclassified to the following accounts:

As of October 31, 2019, the tax components of accumulated net earnings (losses) were as follows:

Shareholders of iShares Aaa - A Rated Corporate Bond ETF, iShares Convertible Bond ETF and

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of iShares Aaa - A Rated Corporate Bond ETF, iShares Convertible Bond ETF and iShares Floating Rate Bond ETF (three of the funds constituting iShares Trust, hereafter collectively referred to as the “Funds”) as of October 31, 2019, the related statements of operations for the year ended October 31, 2019, the statements of changes in net assets for each of the two years in the period ended October 31, 2019, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2019, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2019 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

We have served as the auditor of one or more BlackRock investment companies since 2000.

The following maximum amounts are hereby designated as qualified dividend income for individuals for the fiscal year ended October 31, 2019:

The Funds hereby designate the following amounts of distributions from direct federal obligation interest for the fiscal year ended October 31, 2019:

The following distribution amounts are hereby designated for the fiscal year ended October 31, 2019:

I. iShares Aaa - A Rated Corporate Bond ETF, iShares Convertible Bond ETF, iShares Floating Rate Bond ETF (the “Funds”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Trustees who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Trustees”), is required annually to consider and approve the Investment Advisory Contract between the Trust and BFA (the “Advisory Contract”) on behalf of the Funds. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Trustees) assess BlackRock’s services to the Funds, including investment management; fund accounting; administrative and shareholder services; oversight of the Funds’ service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Trustees requested, and BFA provided, such information as the Independent Trustees, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Contract. At meetings on May 6, 2019 and May 17, 2019, a committee composed of all of the Independent Trustees (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or their independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 17-19, 2019, the Board, including the Independent Trustees, reviewed the additional information provided by management in response to these requests.

The Board also noted that the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) for the Funds were lower than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in their respective Peer Group, excluding iShares funds. In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as any particular Fund, Broadridge also provided, and the Board reviewed, a comparison of such Fund’s performance for the one-, three-, five-, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2018, to that of relevant comparison fund(s) for the same periods. The Board noted that each Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on each Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that each Fund generally performed in line with its respective underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of each Fund supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Nature, Extent and Quality of Services Provided by BFA: Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Contract for the coming year as compared to the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Funds. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Funds, as well as the resources available to them in managing the Funds. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the June 17-19, 2019 meeting and throughout the year.

funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation during their meetings. The Board recognized that profitability may be affected by numerous factors including, among other things, fee waivers by the Adviser, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed the sources of direct and ancillary revenue with management, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Funds. The Board also discussed BFA’s estimated profit margin as reflected in the Funds’ profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Funds increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services, noting that such costs have increased over the past year. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Contract for the Funds did not provide for breakpoints in the Funds’ investment advisory fee rate as the assets of the Funds increase. However, the Board would continue to assess the appropriateness of adding breakpoints in the future.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objectives and strategies as the Funds and that track the same indexes. The Board further noted that BFA provided the Board with detailed information regarding how the Other Accounts generally differ from the Funds, including in terms of the types of services and generally more extensive services provided to the Funds, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Funds, as a publicly traded ETFs, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate. The Board also considered the “all-inclusive” nature of the Funds’ advisory fee structure, and the Funds’ expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rates under the Advisory Contract for the Funds was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Funds by BFA, both direct and indirect, such as payment of revenue to BTC, the Funds’ securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Funds in other funds for which BFA (or its affiliates) provides investment advisory services or other services and BlackRock’s increased profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Funds. The Board further noted that any portfolio transactions on behalf of the Funds placed through a BFA affiliate or purchased from an underwriting syndicate in which a BFA affiliate participates (including associated commissions) are reported to the Board pursuant to Rule 17e-1 or Rule 10f-3, as applicable, under the 1940 Act. The Board concluded that any such ancillary benefits would not be disadvantageous to the Funds and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Contract for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Trustees, determined that the Funds’ investment advisory fee rates under the Advisory Contract do not constitute fees that are so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Contract for the coming year.

This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

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 10/15/13. The first day of secondary market trading was 10/17/13.

Investment-grade corporate bonds with remaining maturities of less than five years advanced significantly for the reporting period. Strong demand from investors seeking higher yields with relatively low risk helped drive returns of investment-grade corporate bonds.

Bonds issued by highly-rated financial companies, which constituted approximately 38% of the Index on average, were the most significant contributors to return. Banks are typically among the largest issuers of corporate debt, in part due to capital requirement regulations. Bonds issued by banks advanced, as investor confidence mounted that their strong balance sheets would make banks relatively resilient in the event of an economic downturn. Issuance of new bonds was relatively low, which helped to reduce yields, as supply was insufficient to meet investor demand for top-rated debt. Improved cash flows at banks helped keep new issuances lower, as banks were less reliant on debt to finance their operations.

Consumer non-cyclical corporate debt also contributed to the Index’s return. Pharmaceutical company bonds gained, as drug makers issued debt to raise capital for merger and acquisition activity and to expand efforts to innovate new products. Food and beverage company bonds also advanced amid growing consumer spending on online food delivery.

Bonds issued by technology companies were another source of strength. Technology firms benefited from strong demand for cloud computing services and high profits from subscription-based systems software. Debt issuance among technology companies was relatively low, as tax law changes allowed companies to repatriate cash from abroad, reducing the need for debt financing.

From a credit quality perspective, bonds rated Baa, which is the lowest rating category within investment grade, contributed the most to the Index’s return. A-rated bonds were also significant contributors.

The iShares Global Green Bond ETF (the “Fund”) seeks to track the investment results of an index composed of global investment-grade green bonds that are issued to fund environmental projects, while mitigating exposure to currency fluctuations versus the U.S. dollar, as represented by Bloomberg Barclays MSCI Global Green Bond Select (USD Hedged) 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.

Green bonds seek to raise funds for projects that aim to positively affect the environment, such as promoting energy efficiency or reducing carbon emissions. Projects using green bonds included investments in renewable energy generation and improving energy efficiency in buildings and transmission lines. Investors are increasingly interested in assessing the environmental impact of their investment decisions. Issuers responded with greater issuance in the first nine months of 2019 than in all of 2018. Green bonds are also attracting the interest of government organizations, particularly in the E.U., which proposed a set of standards for green bonds.

Green bonds advanced significantly for the abbreviated reporting period, driven by lower interest rates and strong investor demand relative to supply. From a country perspective, France, one of the most active issuers of green bonds, was the leading contributor to the Index’s return. Among French green bonds, the sovereigns category contributed the most; France was the first country to issue major green sovereign bonds, which, among other projects, were used to finance a tax credit for improving home energy efficiency.

U.S. green bonds were also significant contributors, particularly U.S. corporate bonds, which were issued by companies seeking to fund projects such as battery storage and rebates for solar projects. Dutch green bonds also advanced, as did bonds issued by supranational organizations such as the European Investment Bank, which uses the proceeds to finance renewable energy projects.

In terms of relative performance, the Index outperformed the broader market as represented by the Bloomberg Barclays Global Aggregate Bond Index. The Index invests only in bonds that meet the Green Bond Principles as verified by MSCI ESG Research, resulting in a mix of bonds that can differ substantially from the broader market. The Index held an overweight position in government-related bonds and in corporate securities and an underweight in Treasuries and securitized assets. Overall, both sector allocation and security selection contributed positively to the Index’s relative performance.


Security	Par (000)		Value

Corporate Bonds & Notes

Advertising — 0.2%
Interpublic Group of Companies Inc. (The)
3.50%, 10/01/20	$	141	$	142,834
3.75%, 10/01/21		539		554,874
3.75%, 02/15/23		645		674,565
4.20%, 04/15/24		1,035		1,110,888
Omnicom Group Inc./Omnicom Capital Inc.
3.63%, 05/01/22		1,120		1,161,215
4.45%, 08/15/20		133		135,648
WPP Finance 2010
3.63%, 09/07/22		555		574,793
4.75%, 11/21/21		110		115,435

				4,470,252

Aerospace & Defense — 1.8%
Boeing Co. (The)
2.70%, 05/01/22		36		36,618
4.88%, 02/15/20^(a)		2,089		2,106,192
General Dynamics Corp.
1.88%, 08/15/23 (Call 06/15/23)		185		185,001
2.25%, 11/15/22 (Call 08/15/22)		886		896,280
2.88%, 05/11/20		643		646,399
3.00%, 05/11/21		2,815		2,865,583
3.38%, 05/15/23 (Call 04/15/23)^(a)		1,930		2,025,194
L3Harris Technologies Inc.
3.85%, 06/15/23 (Call 05/15/23)^(b)		975		1,029,419
4.95%, 02/15/21 (Call 11/15/20)^(b)		995		1,023,336
Lockheed Martin Corp.
2.50%, 11/23/20 (Call 10/23/20)		1,904		1,916,491
3.10%, 01/15/23 (Call 11/15/22)		120		124,327
3.35%, 09/15/21		521		536,028
4.25%, 11/15/19		1,798		1,799,203
Northrop Grumman Corp.
2.08%, 10/15/20		1,868		1,871,198
2.55%, 10/15/22 (Call 09/15/22)^(a)		2,035		2,066,689
3.25%, 08/01/23		325		339,297
3.50%, 03/15/21		610		622,681
Raytheon Co.
2.50%, 12/15/22 (Call 09/15/22)		295		299,832
3.13%, 10/15/20		2,354		2,382,419
4.40%, 02/15/20		75		75,533
Rockwell Collins Inc.
2.80%, 03/15/22 (Call 02/15/22)		1,166		1,187,627
3.20%, 03/15/24 (Call 01/15/24)		73		76,005
United Technologies Corp.
1.50%, 11/01/19		860		860,000
1.90%, 05/04/20		454		454,090
1.95%, 11/01/21 (Call 10/01/21)		75		75,104
2.30%, 05/04/22 (Call 04/04/22)		125		126,184
2.80%, 05/04/24 (Call 03/04/24)		525		540,786
3.10%, 06/01/22		1,445		1,488,956
3.35%, 08/16/21		1,334		1,368,394
3.65%, 08/16/23 (Call 07/16/23)		2,322		2,455,718
4.50%, 04/15/20^(a)		2,419		2,450,370

				33,930,954

Agriculture — 1.4%
Altria Group Inc.
2.63%, 01/14/20 (Call 12/14/19)^(a)		1,972		1,972,742
2.85%, 08/09/22		1,148		1,164,030
3.49%, 02/14/22		550		564,229


Security	Par (000)		Value

Agriculture (continued)
3.80%, 02/14/24 (Call 01/14/24)	$	1,290	$	1,350,041
4.00%, 01/31/24		550		581,384
4.75%, 05/05/21		2,004		2,084,629
BAT Capital Corp.
2.76%, 08/15/22 (Call 07/15/22)		3,389		3,418,702
2.79%, 09/06/24 (Call 08/06/24)		1,022		1,018,124
3.22%, 08/15/24 (Call 06/15/24)^(a)		2,000		2,030,655
Bunge Ltd. Finance Corp.
3.50%, 11/24/20^(a)		317		321,422
4.35%, 03/15/24 (Call 02/15/24)		23		24,315
Philip Morris International Inc.
1.88%, 02/25/21 (Call 01/25/21)		1,614		1,613,669
2.00%, 02/21/20		2,040		2,040,767
2.13%, 05/10/23 (Call 03/10/23)		29		28,968
2.38%, 08/17/22 (Call 07/17/22)		804		810,973
2.50%, 08/22/22		500		506,120
2.50%, 11/02/22 (Call 10/02/22)		880		890,349
2.63%, 02/18/22 (Call 01/18/22)		1,550		1,569,627
2.63%, 03/06/23		495		503,028
2.88%, 05/01/24 (Call 04/01/24)		750		770,821
2.90%, 11/15/21		120		122,236
3.60%, 11/15/23^(a)		180		190,026
4.50%, 03/26/20		545		550,367
Reynolds American Inc.
3.25%, 06/12/20		1,292		1,301,266
4.00%, 06/12/22		280		291,153
4.85%, 09/15/23		15		16,215
6.88%, 05/01/20		1,293		1,320,331

				27,056,189

Airlines — 0.2%
Delta Air Lines Inc.
2.88%, 03/13/20		853		855,748
3.40%, 04/19/21		520		527,704
3.63%, 03/15/22 (Call 02/15/22)		1,036		1,062,344
3.80%, 04/19/23 (Call 03/19/23)		1,388		1,437,454

				3,883,250

Apparel — 0.0%
NIKE Inc., 2.25%, 05/01/23 (Call 02/01/23)^(a)		411		417,470


Auto Manufacturers — 4.1%
American Honda Finance Corp.
1.65%, 07/12/21^(a)		1,778		1,772,238
1.70%, 09/09/21		290		289,170
1.95%, 07/20/20^(a)		805		806,197
2.00%, 02/14/20		1,196		1,197,375
2.05%, 01/10/23		31		31,028
2.15%, 09/10/24		981		985,118
2.20%, 06/27/22		710		716,130
2.40%, 06/27/24		810		820,529
2.45%, 09/24/20		1,051		1,058,255
2.60%, 11/16/22		577		588,343
2.65%, 02/12/21		90		90,913
2.90%, 02/16/24		65		66,949
3.00%, 06/16/20^(a)		180		181,509
3.15%, 01/08/21		44		44,665
3.38%, 12/10/21		50		51,556
3.45%, 07/14/23		800		839,658
3.55%, 01/12/24		505		534,813
3.63%, 10/10/23		750		795,063


Security	Par (000)		Value

Auto Manufacturers (continued)
Ford Motor Credit Co. LLC
2.34%, 11/02/20	$	1,567	$	1,561,880
2.46%, 03/27/20		684		683,616
2.68%, 01/09/20^(a)		1,495		1,495,251
2.98%, 08/03/22 (Call 07/03/22)		700		695,921
3.10%, 05/04/23		600		591,727
3.16%, 08/04/20		225		226,212
3.20%, 01/15/21		3,240		3,253,562
3.22%, 01/09/22		510		510,635
3.34%, 03/18/21		1,100		1,106,414
3.34%, 03/28/22 (Call 02/28/22)		900		904,241
3.35%, 11/01/22		2,000		2,005,422
3.66%, 09/08/24		500		494,605
3.81%, 10/12/21		350		356,126
3.81%, 01/09/24 (Call 11/09/23)		1,025		1,024,462
4.06%, 11/01/24 (Call 10/01/24)		995		999,826
4.14%, 02/15/23 (Call 01/15/23)		2,225		2,269,172
4.25%, 09/20/22		450		463,088
5.09%, 01/07/21		1,000		1,025,511
5.58%, 03/18/24 (Call 02/18/24)		1,630		1,736,023
5.60%, 01/07/22		1,100		1,156,457
5.75%, 02/01/21^(a)		675		698,512
5.88%, 08/02/21		1,175		1,232,923
8.13%, 01/15/20		1,203		1,216,329
General Motors Co., 4.88%, 10/02/23^(a)		626		672,378
General Motors Financial Co. Inc.
2.45%, 11/06/20		50		50,088
2.65%, 04/13/20		400		400,907
3.15%, 01/15/20 (Call 12/15/19)		917		918,225
3.15%, 06/30/22 (Call 05/30/22)		1,740		1,766,746
3.20%, 07/13/20 (Call 06/13/20)		1,839		1,850,470
3.20%, 07/06/21 (Call 06/06/21)		3,112		3,147,571
3.25%, 01/05/23 (Call 12/05/22)		1,479		1,498,781
3.45%, 01/14/22 (Call 12/14/21)		2,080		2,120,976
3.45%, 04/10/22 (Call 02/10/22)		370		377,637
3.55%, 04/09/21		290		294,408
3.55%, 07/08/22		985		1,009,246
3.70%, 11/24/20 (Call 10/24/20)		357		361,563
3.70%, 05/09/23 (Call 03/09/23)		1,783		1,829,825
3.95%, 04/13/24 (Call 02/13/24)		160		165,598
4.15%, 06/19/23 (Call 05/19/23)		1,801		1,877,259
4.20%, 03/01/21 (Call 02/01/21)		1,810		1,848,218
4.20%, 11/06/21		100		103,323
4.25%, 05/15/23		68		71,541
4.38%, 09/25/21		250		258,797
5.10%, 01/17/24 (Call 12/17/23)		2,235		2,406,836
Toyota Motor Corp.
2.16%, 07/02/22		1,027		1,035,395
2.36%, 07/02/24		1,225		1,245,456
3.18%, 07/20/21		1,925		1,969,135
3.42%, 07/20/23		1,275		1,343,776
Toyota Motor Credit Corp.
1.90%, 04/08/21^(a)		1,453		1,455,362
1.95%, 04/17/20^(a)		1,441		1,443,457
2.15%, 03/12/20^(a)		1,541		1,542,831
2.15%, 09/08/22^(a)		761		767,396
2.20%, 01/10/20		1,307		1,307,806
2.25%, 10/18/23		90		91,058
2.60%, 01/11/22		915		930,129
2.63%, 01/10/23		50		51,129


Security	Par (000)		Value

Auto Manufacturers (continued)
2.65%, 04/12/22	$	500	$	509,909
2.70%, 01/11/23		1,432		1,471,013
2.80%, 07/13/22		25		25,610
2.90%, 04/17/24		22		22,866
2.95%, 04/13/21		1,451		1,474,334
3.05%, 01/08/21		100		101,452
3.30%, 01/12/22		869		896,033
3.40%, 09/15/21		175		180,121
3.45%, 09/20/23		1,275		1,346,292
4.25%, 01/11/21		25		25,715
4.50%, 06/17/20		40		40,654

				78,884,746

Auto Parts & Equipment — 0.0%
Aptiv Corp., 4.15%, 03/15/24 (Call 12/15/23)		50		53,182
Magna International Inc., 3.63%, 06/15/24 (Call 03/15/24)		530		557,125

				610,307

Banks — 35.2%
Australia & New Zealand Banking Group Ltd.
2.13%, 08/19/20^(a)		300		300,523
3.30%, 05/17/21		2,550		2,603,832
Australia & New Zealand Banking Group Ltd./New York NY
2.25%, 11/09/20^(a)		800		803,399
2.55%, 11/23/21		1,245		1,261,451
2.63%, 05/19/22		630		641,217
2.63%, 11/09/22		825		840,886
Banco Bilbao Vizcaya Argentaria SA, 3.00%, 10/20/20		575		579,623
Banco Santander SA
2.71%, 06/27/24		800		811,762
3.13%, 02/23/23		1,700		1,735,518
3.50%, 04/11/22		600		616,374
3.85%, 04/12/23		600		627,080
Bank of America Corp.
2.15%, 11/09/20 (Call 11/09/19)		355		355,000
2.33%, 10/01/21 (Call 10/01/20)^(c)		1,030		1,032,163
2.50%, 10/21/22 (Call 10/21/21)		860		867,864
2.63%, 10/19/20^(a)		2,430		2,444,313
2.63%, 04/19/21^(a)		1,614		1,631,310
2.74%, 01/23/22 (Call 01/23/21)^(c)		2,520		2,538,792
2.82%, 07/21/23 (Call 07/21/22)^(c)		3,006		3,053,301
2.88%, 04/24/23 (Call 04/24/22)^(c)		2,308		2,346,016
3.00%, 12/20/23 (Call 12/20/22)^(c)		6,591		6,740,210
3.12%, 01/20/23 (Call 01/20/22)^(c)		1,375		1,402,586
3.30%, 01/11/23		3,684		3,819,192
3.50%, 05/17/22 (Call 05/17/21)^(c)		305		311,482
3.55%, 03/05/24 (Call 03/05/23)^(c)		2,100		2,188,682
3.86%, 07/23/24 (Call 07/23/23)^(c)		3,000		3,165,878
4.00%, 04/01/24		370		397,095
4.10%, 07/24/23		1,150		1,227,368
4.13%, 01/22/24		3,603		3,876,002
4.20%, 08/26/24		1,000		1,076,847
5.00%, 05/13/21		500		522,286
5.63%, 07/01/20		2,525		2,586,182
5.70%, 01/24/22		1,180		1,277,558
5.88%, 01/05/21^(a)		1,490		1,557,920
Series L, 2.25%, 04/21/20		2,432		2,433,240
Bank of America N.A., 3.34%, 01/25/23 (Call 01/25/22)^(c)		280		287,498
Bank of Montreal
1.90%, 08/27/21		1,437		1,439,519
2.05%, 11/01/22		735		735,520


Security	Par (000)		Value

Banks (continued)
2.10%, 12/12/19	$	48	$	48,008
2.10%, 06/15/20		455		455,009
2.35%, 09/11/22		865		876,561
2.50%, 06/28/24^(a)		2,975		3,012,066
2.55%, 11/06/22 (Call 10/06/22)		94		95,720
2.90%, 03/26/22		140		142,835
3.10%, 07/13/20		542		546,677
Series D, 3.10%, 04/13/21		1,205		1,226,590
Series E, 3.30%, 02/05/24		3,440		3,592,625
Bank of New York Mellon Corp. (The)
2.05%, 05/03/21 (Call 04/03/21)		1,976		1,981,587
2.10%, 10/24/24		1,000		1,003,875
2.20%, 08/16/23 (Call 06/16/23)		50		50,258
2.45%, 11/27/20 (Call 10/27/20)		1,340		1,345,817
2.50%, 04/15/21 (Call 03/15/21)		35		35,239
2.60%, 08/17/20 (Call 07/17/20)		334		335,576
2.60%, 02/07/22 (Call 01/07/22)^(a)		1,422		1,442,061
2.95%, 01/29/23 (Call 12/29/22)^(a)		1,084		1,115,222
3.40%, 05/15/24 (Call 04/15/24)		1,022		1,080,457
3.45%, 08/11/23		705		741,162
3.50%, 04/28/23		1,200		1,261,085
3.55%, 09/23/21 (Call 08/23/21)^(a)		490		505,056
4.15%, 02/01/21		110		113,090
4.60%, 01/15/20^(a)		75		75,391
Series 0012, 3.65%, 02/04/24 (Call 01/05/24)^(a)		1,574		1,675,158
Series G, 2.15%, 02/24/20 (Call 01/24/20)^(a)		2,065		2,066,425
Bank of Nova Scotia (The)
2.15%, 07/14/20		1,230		1,232,509
2.35%, 10/21/20		3,689		3,705,822
2.45%, 03/22/21^(a)		1,692		1,705,377
2.45%, 09/19/22		2,814		2,860,547
2.50%, 01/08/21		402		405,025
2.70%, 03/07/22^(a)		875		890,735
2.80%, 07/21/21		510		517,797
3.13%, 04/20/21		267		271,940
3.40%, 02/11/24		1,000		1,048,798
Barclays Bank PLC
2.65%, 01/11/21 (Call 12/11/20)		1,030		1,038,131
5.14%, 10/14/20		250		256,430
Barclays PLC
2.75%, 11/08/19^(a)		300		300,015
2.88%, 06/08/20		1,055		1,058,376
3.20%, 08/10/21		1,725		1,753,009
3.25%, 01/12/21		2,875		2,907,232
3.68%, 01/10/23 (Call 01/10/22)		1,420		1,451,256
4.34%, 05/16/24 (Call 05/16/23)^(c)		1,600		1,684,492
4.38%, 09/11/24		1,200		1,258,987
4.61%, 02/15/23 (Call 02/15/22)^(c)		2,935		3,065,626
BB&T Corp.
2.05%, 05/10/21 (Call 04/09/21)		279		279,249
2.15%, 02/01/21 (Call 01/01/21)		658		660,050
2.20%, 03/16/23 (Call 02/13/23)^(a)		500		502,501
2.45%, 01/15/20 (Call 12/15/19)		1,820		1,821,147
2.50%, 08/01/24 (Call 07/01/24)		1,522		1,541,926
2.63%, 06/29/20 (Call 05/29/20)		2,141		2,147,851
2.75%, 04/01/22 (Call 03/01/22)		1,252		1,273,372
3.05%, 06/20/22 (Call 05/20/22)		320		328,212
3.20%, 09/03/21 (Call 08/03/21)		35		35,759
3.75%, 12/06/23 (Call 11/06/23)		1,582		1,678,710
5.25%, 11/01/19		150		150,000


Security	Par (000)		Value

Banks (continued)
BBVA USA
2.88%, 06/29/22 (Call 05/29/22)^(a)	$	600	$	609,822
3.50%, 06/11/21 (Call 05/11/21)		1,450		1,476,749
BNP Paribas SA
3.25%, 03/03/23		1,470		1,536,903
4.25%, 10/15/24		1,000		1,062,596
5.00%, 01/15/21		2,460		2,549,744
BPCE SA
2.25%, 01/27/20^(a)		1,275		1,276,661
2.65%, 02/03/21		550		554,930
2.75%, 12/02/21		550		559,213
4.00%, 04/15/24		1,000		1,077,026
Branch Banking & Trust Co.
2.10%, 01/15/20 (Call 12/15/19)^(a)		575		575,052
2.25%, 06/01/20 (Call 05/01/20)		875		876,070
2.63%, 01/15/22 (Call 12/15/21)		568		575,571
Canadian Imperial Bank of Commerce
2.10%, 10/05/20		792		793,869
2.55%, 06/16/22		2,519		2,559,481
2.61%, 07/22/23 (Call 07/22/22)^(c)		50		50,474
2.70%, 02/02/21		50		50,508
3.10%, 04/02/24		1,585		1,641,030
3.50%, 09/13/23		510		537,738
Capital One N.A.
2.15%, 09/06/22 (Call 08/06/22)		300		299,695
2.25%, 09/13/21 (Call 08/13/21)		1,866		1,873,044
2.35%, 01/31/20 (Call 12/31/19)		1,430		1,429,356
2.65%, 08/08/22 (Call 07/08/22)		600		608,543
2.95%, 07/23/21 (Call 06/23/21)		454		461,012
Citibank N.A.
2.10%, 06/12/20 (Call 05/12/20)		1,918		1,918,384
2.84%, 05/20/22 (Call 05/20/21)^(c)		500		505,888
2.85%, 02/12/21 (Call 01/12/21)		285		288,108
3.05%, 05/01/20 (Call 04/01/20)^(a)		1,830		1,838,143
3.17%, 02/19/22 (Call 02/19/21)^(c)		2,110		2,139,631
3.40%, 07/23/21 (Call 06/23/21)		1,136		1,163,737
3.65%, 01/23/24 (Call 12/23/23)		2,605		2,762,564
Citigroup Inc.
2.35%, 08/02/21		4,026		4,048,739
2.40%, 02/18/20		2,753		2,755,362
2.45%, 01/10/20 (Call 12/10/19)^(a)		60		60,031
2.65%, 10/26/20^(a)		1,685		1,696,711
2.70%, 03/30/21		3,321		3,353,506
2.70%, 10/27/22 (Call 09/27/22)^(a)		1,759		1,787,988
2.75%, 04/25/22 (Call 03/25/22)		1,762		1,786,444
2.88%, 07/24/23 (Call 07/24/22)^(c)		1,820		1,849,499
2.90%, 12/08/21 (Call 11/08/21)		1,504		1,529,780
3.14%, 01/24/23 (Call 01/24/22)^(c)		2,255		2,299,227
3.50%, 05/15/23^(a)		1,160		1,202,301
3.75%, 06/16/24		1,080		1,146,395
3.88%, 10/25/23		500		530,800
4.00%, 08/05/24		1,000		1,064,116
4.04%, 06/01/24 (Call 06/01/23)^(c)		1,000		1,057,999
4.05%, 07/30/22		550		577,175
4.50%, 01/14/22		1,586		1,667,651
5.38%, 08/09/20		1,702		1,745,214
Citizens Bank N.A./Providence RI
2.20%, 05/26/20 (Call 04/26/20)		350		349,993
2.25%, 03/02/20 (Call 02/03/20)		565		565,311
2.25%, 10/30/20 (Call 09/30/20)		1,700		1,704,726


Security	Par (000)		Value

Banks (continued)
2.45%, 12/04/19 (Call 12/02/19)^(a)	$	100	$	100,039
2.55%, 05/13/21 (Call 04/13/21)		1,020		1,027,820
2.65%, 05/26/22 (Call 04/26/22)		775		785,310
3.70%, 03/29/23 (Call 02/28/23)		500		524,458
Comerica Bank, 2.50%, 07/23/24		1,000		1,014,598
Comerica Inc., 3.70%, 07/31/23 (Call 06/30/23)		883		931,057
Commonwealth Bank of Australia/New York NY
2.30%, 03/12/20		445		445,613
2.40%, 11/02/20		1,242		1,248,635
2.55%, 03/15/21		1,290		1,303,267
Cooperatieve Rabobank UA
3.88%, 02/08/22		3,370		3,505,361
3.95%, 11/09/22		1,410		1,472,935
4.50%, 01/11/21		1,079		1,112,145
4.63%, 12/01/23		1,225		1,320,538
Cooperatieve Rabobank UA/NY
2.25%, 01/14/20^(a)		1,150		1,151,011
2.50%, 01/19/21		1,150		1,158,859
2.75%, 01/10/22		1,120		1,137,902
2.75%, 01/10/23		1,105		1,129,571
3.13%, 04/26/21		625		636,120
Credit Suisse AG/New York NY
3.00%, 10/29/21		1,521		1,550,520
3.63%, 09/09/24		2,500		2,656,746
4.38%, 08/05/20		275		279,832
5.40%, 01/14/20^(a)		2,087		2,100,612
Credit Suisse Group Funding Guernsey Ltd.
2.75%, 03/26/20		2,595		2,597,570
3.13%, 12/10/20		3,358		3,391,110
3.80%, 09/15/22		1,341		1,396,593
3.80%, 06/09/23		1,295		1,355,029
Deutsche Bank AG, 3.38%, 05/12/21		1,658		1,665,875
Deutsche Bank AG/London, 3.70%, 05/30/24		500		505,124
Deutsche Bank AG/New York NY
2.70%, 07/13/20		72		72,060
3.15%, 01/22/21		1,700		1,702,546
3.30%, 11/16/22		1,815		1,818,865
3.38%, 05/12/21^(a)		225		226,277
3.70%, 05/30/24		700		707,443
3.95%, 02/27/23		750		766,364
4.25%, 02/04/21		560		569,830
4.25%, 10/14/21		1,500		1,533,627
Series D, 5.00%, 02/14/22^(a)		2,275		2,370,156
Discover Bank
2.45%, 09/12/24 (Call 08/12/24)		250		250,229
3.10%, 06/04/20 (Call 05/04/20)		1,920		1,929,149
3.35%, 02/06/23 (Call 01/06/23)		1,250		1,290,385
7.00%, 04/15/20		400		408,139
Fifth Third Bancorp.
2.60%, 06/15/22 (Call 05/15/22)		897		907,928
2.88%, 07/27/20 (Call 06/27/20)		1,890		1,900,306
3.50%, 03/15/22 (Call 02/15/22)		435		448,514
3.65%, 01/25/24 (Call 12/25/23)		1,773		1,870,160
4.30%, 01/16/24 (Call 12/16/23)		40		43,027
Fifth Third Bank/Cincinnati OH
2.20%, 10/30/20 (Call 09/30/20)		1,519		1,521,294
2.25%, 06/14/21 (Call 05/14/21)		412		414,023
2.88%, 10/01/21 (Call 09/01/21)		825		839,173
3.35%, 07/26/21 (Call 06/26/21)		300		307,007


Security	Par (000)		Value

Banks (continued)
Goldman Sachs Bank USA/New York NY, 3.20%, 06/05/20^(a)	$	1,072	$	1,080,008
Goldman Sachs Group Inc. (The)
2.30%, 12/13/19 (Call 11/13/19)^(a)		1,572		1,572,126
2.35%, 11/15/21 (Call 11/15/20)		175		175,595
2.60%, 04/23/20 (Call 03/23/20)		2,055		2,060,754
2.60%, 12/27/20 (Call 12/27/19)		1,894		1,895,951
2.63%, 04/25/21 (Call 03/25/21)		3,321		3,351,276
2.75%, 09/15/20 (Call 08/15/20)		1,480		1,488,924
2.88%, 02/25/21 (Call 01/25/21)		2,570		2,595,162
2.88%, 10/31/22 (Call 10/31/21)^(c)		1,384		1,402,911
2.91%, 06/05/23 (Call 06/05/22)^(c)		1,965		1,997,281
2.91%, 07/24/23 (Call 07/24/22)^(c)		4,125		4,187,226
3.00%, 04/26/22 (Call 04/26/21)		2,204		2,233,357
3.20%, 02/23/23 (Call 01/23/23)		2,810		2,897,494
3.63%, 01/22/23		1,380		1,442,961
3.63%, 02/20/24 (Call 01/20/24)		3,750		3,940,337
4.00%, 03/03/24		2,726		2,912,983
5.25%, 07/27/21		2,307		2,434,839
5.38%, 03/15/20^(a)		1,719		1,738,322
5.75%, 01/24/22		1,060		1,142,370
Series D, 6.00%, 06/15/20		1,647		1,686,052
HSBC Bank USA N.A., 4.88%, 08/24/20^(a)		750		767,160
HSBC Holdings PLC
2.65%, 01/05/22		1,225		1,238,258
2.95%, 05/25/21		4,065		4,111,237
3.03%, 11/22/23 (Call 11/22/22)^(c)		1,275		1,301,022
3.26%, 03/13/23 (Call 03/13/22)^(a)(c)		1,945		1,987,942
3.40%, 03/08/21		3,830		3,895,467
3.60%, 05/25/23		1,735		1,810,091
3.95%, 05/18/24 (Call 05/18/23)^(c)		1,500		1,574,859
4.00%, 03/30/22^(a)		2,123		2,220,200
4.25%, 03/14/24^(a)		2,178		2,310,963
4.88%, 01/14/22		593		627,325
5.10%, 04/05/21		1,940		2,021,395
HSBC USA Inc.
2.35%, 03/05/20^(a)		1,313		1,315,065
2.75%, 08/07/20		2,035		2,047,149
5.00%, 09/27/20^(a)		205		210,203
Huntington Bancshares Inc./OH
2.30%, 01/14/22 (Call 12/14/21)		1,694		1,704,779
2.63%, 08/06/24 (Call 07/06/24)		1,000		1,015,175
3.15%, 03/14/21 (Call 02/14/21)		982		996,152
Huntington National Bank (The)
2.38%, 03/10/20 (Call 02/10/20)		170		170,017
3.13%, 04/01/22 (Call 03/01/22)		635		651,003
3.55%, 10/06/23 (Call 09/06/23)^(a)		1,095		1,154,931
ING Groep NV
3.15%, 03/29/22		1,325		1,356,285
3.55%, 04/09/24		1,535		1,608,987
4.10%, 10/02/23		1,350		1,439,845
JPMorgan Chase & Co.
2.25%, 01/23/20 (Call 12/23/19)^(a)		3,309		3,308,661
2.30%, 08/15/21 (Call 08/15/20)		2,218		2,222,559
2.40%, 06/07/21 (Call 05/07/21)^(a)		1,523		1,532,845
2.55%, 10/29/20 (Call 09/29/20)		2,048		2,060,124
2.55%, 03/01/21 (Call 02/01/21)		2,851		2,873,999
2.70%, 05/18/23 (Call 03/18/23)		1,340		1,367,411
2.75%, 06/23/20 (Call 05/23/20)		2,959		2,974,476
2.78%, 04/25/23 (Call 04/25/22)^(c)		1,105		1,121,060


Security	Par (000)		Value

Banks (continued)
2.97%, 01/15/23 (Call 01/15/22)	$	1,370	$	1,395,914
3.20%, 01/25/23		3,299		3,415,768
3.21%, 04/01/23 (Call 04/01/22)^(c)		2,829		2,896,357
3.25%, 09/23/22		2,059		2,131,225
3.38%, 05/01/23		1,815		1,893,302
3.51%, 06/18/22 (Call 06/18/21)^(c)		3,275		3,349,475
3.56%, 04/23/24 (Call 04/23/23)^(c)		1,950		2,034,757
3.63%, 05/13/24		1,075		1,143,159
3.80%, 07/23/24 (Call 07/23/23)^(c)		2,000		2,114,159
3.88%, 02/01/24		436		465,991
3.88%, 09/10/24		2,000		2,133,717
4.25%, 10/15/20		2,094		2,138,309
4.35%, 08/15/21		2,980		3,106,137
4.40%, 07/22/20^(a)		1,131		1,149,944
4.50%, 01/24/22		3,768		3,968,352
4.63%, 05/10/21		320		332,652
4.95%, 03/25/20		890		900,132
JPMorgan Chase Bank N.A.
2.60%, 02/01/21 (Call 02/01/20)^(a)(c)		1,050		1,051,476
3.09%, 04/26/21 (Call 04/26/20)^(c)		3,350		3,368,338
KeyBank N.A./Cleveland OH
2.30%, 09/14/22		1,380		1,389,821
2.50%, 12/15/19^(a)		840		840,470
3.30%, 02/01/22^(a)		2,875		2,961,549
KeyCorp.
2.90%, 09/15/20		1,319		1,329,921
5.10%, 03/24/21		255		265,448
Lloyds Bank PLC
2.25%, 08/14/22		1,000		1,004,349
3.30%, 05/07/21		1,300		1,323,734
6.38%, 01/21/21		25		26,329
Lloyds Banking Group PLC
2.86%, 03/17/23 (Call 03/17/22)^(a)(c)		1,000		1,010,283
2.91%, 11/07/23 (Call 11/07/22)^(c)		2,415		2,448,192
3.00%, 01/11/22		2,035		2,068,289
3.10%, 07/06/21		800		813,224
3.90%, 03/12/24		790		834,476
4.05%, 08/16/23		1,875		1,985,613
M&T Bank Corp., 3.55%, 07/26/23 (Call 06/26/23)		555		582,042
Manufacturers & Traders Trust Co.
2.05%, 08/17/20 (Call 07/17/20)		1,190		1,191,251
2.10%, 02/06/20 (Call 01/06/20)^(a)		1,210		1,209,599
2.50%, 05/18/22 (Call 04/18/22)		100		101,196
2.63%, 01/25/21 (Call 12/25/20)		1,025		1,033,071
Mitsubishi UFJ Financial Group Inc.
2.19%, 09/13/21		2,700		2,702,183
2.53%, 09/13/23^(a)		500		504,920
2.62%, 07/18/22		1,550		1,568,291
2.67%, 07/25/22		2,378		2,407,760
2.80%, 07/18/24^(a)		1,000		1,019,686
2.95%, 03/01/21		2,375		2,401,653
3.00%, 02/22/22		169		172,235
3.41%, 03/07/24		1,520		1,587,721
3.46%, 03/02/23		1,000		1,036,371
3.54%, 07/26/21		237		242,613
3.76%, 07/26/23		1,382		1,454,441
Mizuho Financial Group Inc.
2.27%, 09/13/21		15		15,046
2.60%, 09/11/22		2,175		2,197,556
2.72%, 07/16/23 (Call 07/16/22)^(c)		500		505,908


Security	Par (000)		Value

Banks (continued)
2.95%, 02/28/22	$	1,225	$	1,245,095
3.55%, 03/05/23		800		832,449
Morgan Stanley
2.50%, 04/21/21		3,511		3,536,489
2.63%, 11/17/21		4,249		4,294,409
2.65%, 01/27/20^(a)		2,615		2,616,203
2.75%, 05/19/22		890		903,705
2.80%, 06/16/20^(a)		2,975		2,986,394
3.13%, 01/23/23		5,185		5,334,725
3.70%, 10/23/24		2,000		2,127,967
3.74%, 04/24/24 (Call 04/24/23)^(c)		2,580		2,701,085
3.75%, 02/25/23		1,536		1,614,647
4.10%, 05/22/23		417		441,339
4.88%, 11/01/22		1,975		2,120,074
5.50%, 01/26/20^(a)		1,137		1,145,810
5.50%, 07/24/20		2,447		2,508,212
5.50%, 07/28/21		2,171		2,296,485
5.75%, 01/25/21		1,429		1,493,217
Series F, 3.88%, 04/29/24		1,290		1,375,012
MUFG Union Bank N.A., 3.15%, 04/01/22 (Call 03/01/22)		860		881,234
National Australia Bank Ltd./New York
1.88%, 07/12/21		1,975		1,974,800
2.13%, 05/22/20		1,690		1,691,537
2.50%, 01/12/21		140		141,102
2.50%, 05/22/22		1,845		1,870,253
2.63%, 07/23/20^(a)		850		855,009
2.63%, 01/14/21		1,440		1,452,355
2.80%, 01/10/22		1,295		1,318,591
2.88%, 04/12/23		95		97,598
3.00%, 01/20/23		1,000		1,029,909
3.70%, 11/04/21		770		796,991
National Bank of Canada
2.15%, 06/12/20 (Call 05/12/20)		1,850		1,848,677
2.20%, 11/02/20 (Call 10/02/20)		260		260,671
Northern Trust Corp.
2.38%, 08/02/22		50		50,666
3.38%, 08/23/21		25		25,656
3.45%, 11/04/20		442		448,487
PNC Bank N.A.
2.00%, 05/19/20 (Call 04/19/20)^(a)		1,400		1,400,235
2.15%, 04/29/21 (Call 03/30/21)		715		717,393
2.23%, 07/22/22 (Call 07/22/21)^(c)		500		501,263
2.30%, 06/01/20 (Call 05/02/20)^(a)		1,000		1,001,671
2.45%, 11/05/20 (Call 10/06/20)		1,650		1,657,939
2.45%, 07/28/22 (Call 06/28/22)		900		911,064
2.50%, 01/22/21 (Call 12/23/20)^(a)		1,083		1,090,617
2.55%, 12/09/21 (Call 11/09/21)		300		303,587
2.60%, 07/21/20 (Call 06/21/20)^(a)		1,250		1,255,078
2.63%, 02/17/22 (Call 01/18/22)		998		1,013,126
2.70%, 11/01/22 (Call 10/01/22)		675		686,199
2.95%, 01/30/23 (Call 12/30/22)		1,350		1,382,785
3.50%, 06/08/23 (Call 05/09/23)		1,000		1,049,338
3.80%, 07/25/23 (Call 06/25/23)		600		632,421
PNC Financial Services Group Inc. (The)
3.50%, 01/23/24 (Call 12/23/23)		1,100		1,162,863
3.90%, 04/29/24 (Call 03/29/24)		550		589,157
4.38%, 08/11/20		225		229,277
5.13%, 02/08/20		665		670,402
Regions Financial Corp.
2.75%, 08/14/22 (Call 07/14/22)^(a)		3,001		3,056,256


Security	Par (000)		Value

Banks (continued)
3.20%, 02/08/21 (Call 01/08/21)	$	1,000	$	1,012,865
3.80%, 08/14/23 (Call 07/14/23)^(a)		1,130		1,195,162
Royal Bank of Canada
2.13%, 03/02/20^(a)		1,612		1,611,516
2.15%, 10/26/20		2,256		2,262,452
2.25%, 11/01/24		500		501,013
2.35%, 10/30/20		1,245		1,251,237
2.50%, 01/19/21		1,340		1,351,295
2.55%, 07/16/24^(a)		1,975		2,003,630
2.75%, 02/01/22		834		850,616
2.80%, 04/29/22		1,225		1,250,094
3.20%, 04/30/21		1,201		1,224,679
3.70%, 10/05/23		1,275		1,348,609
Royal Bank of Scotland Group PLC
3.50%, 05/15/23 (Call 05/15/22)^(c)		2,041		2,084,099
3.88%, 09/12/23		1,770		1,845,383
4.52%, 06/25/24 (Call 06/25/23)^(c)		890		944,769
5.13%, 05/28/24		2,596		2,802,148
6.00%, 12/19/23		1,240		1,374,974
6.10%, 06/10/23		1,775		1,952,794
6.13%, 12/15/22		640		697,434
Santander Holdings USA Inc.
2.65%, 04/17/20 (Call 03/17/20)^(a)		2,550		2,552,065
3.40%, 01/18/23 (Call 12/18/22)		290		297,913
3.50%, 06/07/24 (Call 05/07/24)		1,250		1,285,561
3.70%, 03/28/22 (Call 02/28/22)		1,592		1,636,595
4.45%, 12/03/21 (Call 11/03/21)		50		52,033
Santander UK Group Holdings PLC
2.88%, 10/16/20		556		559,542
2.88%, 08/05/21		1,375		1,388,547
3.13%, 01/08/21		1,866		1,884,555
3.37%, 01/05/24 (Call 01/05/23)^(c)		1,025		1,046,473
3.57%, 01/10/23 (Call 01/10/22)		1,175		1,199,877
Santander UK PLC
2.38%, 03/16/20		845		845,997
3.40%, 06/01/21		1,325		1,352,875
3.75%, 11/15/21		440		454,250
4.00%, 03/13/24		1,405		1,501,983
Skandinaviska Enskilda Banken AB
1.88%, 09/13/21		550		548,768
2.80%, 03/11/22^(a)		1,010		1,031,678
State Street Corp.
1.95%, 05/19/21		1,300		1,301,402
2.55%, 08/18/20^(a)		1,839		1,848,857
3.10%, 05/15/23		900		929,823
3.70%, 11/20/23		1,085		1,156,622
Sumitomo Mitsui Banking Corp.
2.45%, 01/16/20		1,810		1,811,369
2.51%, 01/17/20		2,550		2,552,370
3.20%, 07/18/22		10		10,273
Sumitomo Mitsui Financial Group Inc.
2.06%, 07/14/21		1,072		1,072,051
2.44%, 10/19/21		603		607,733
2.45%, 09/27/24^(a)		1,000		1,002,202
2.70%, 07/16/24		1,750		1,775,075
2.78%, 07/12/22		1,063		1,080,279
2.78%, 10/18/22		1,526		1,554,189
2.85%, 01/11/22		4,300		4,368,180
2.93%, 03/09/21		2,007		2,029,161
3.10%, 01/17/23		2,384		2,446,755


Security	Par (000)		Value

Banks (continued)
3.75%, 07/19/23	$	275	$	289,140
SunTrust Bank/Atlanta GA
2.25%, 01/31/20 (Call 12/31/19)		850		850,357
2.45%, 08/01/22 (Call 07/01/22)		310		313,212
2.59%, 01/29/21 (Call 01/29/20)^(a)(c)		753		753,703
2.75%, 05/01/23 (Call 04/01/23)		85		86,545
2.80%, 05/17/22 (Call 04/17/22)		250		254,582
3.00%, 02/02/23 (Call 01/02/23)		1,135		1,164,686
3.20%, 04/01/24 (Call 03/01/24)		1,424		1,484,792
3.50%, 08/02/22 (Call 08/02/21)^(c)		110		112,526
3.53%, 10/26/21 (Call 10/26/20)^(c)		279		282,979
3.69%, 08/02/24 (Call 08/02/23)^(c)		500		525,174
SunTrust Banks Inc.
2.70%, 01/27/22 (Call 12/27/21)		1,934		1,958,991
2.90%, 03/03/21 (Call 02/03/21)		2,490		2,517,214
Svenska Handelsbanken AB
1.88%, 09/07/21		1,250		1,248,371
1.95%, 09/08/20		700		700,420
2.40%, 10/01/20		1,075		1,079,945
2.45%, 03/30/21		1,425		1,436,276
3.35%, 05/24/21		740		755,918
3.90%, 11/20/23		1,420		1,517,884
Synchrony Bank, 3.00%, 06/15/22 (Call 05/15/22)		500		507,041
Toronto-Dominion Bank (The)
1.80%, 07/13/21		1,516		1,514,649
1.85%, 09/11/20^(a)		250		249,910
1.90%, 12/01/22		365		364,094
2.13%, 04/07/21		1,364		1,369,028
2.25%, 11/05/19		2,057		2,057,005
2.50%, 12/14/20		2,042		2,057,233
2.55%, 01/25/21		1,755		1,770,604
2.65%, 06/12/24		1,600		1,637,510
3.00%, 06/11/20		50		50,284
3.25%, 06/11/21		848		867,032
3.25%, 03/11/24		1,500		1,571,777
3.50%, 07/19/23		1,160		1,223,324
U.S. Bancorp.
2.35%, 01/29/21 (Call 12/29/20)		1,920		1,931,675
2.40%, 07/30/24 (Call 06/28/24)		1,500		1,526,298
2.95%, 07/15/22 (Call 06/15/22)		1,694		1,735,743
3.00%, 03/15/22 (Call 02/15/22)		1,130		1,159,541
3.38%, 02/05/24 (Call 01/05/24)		2,900		3,062,509
3.70%, 01/30/24 (Call 12/29/23)		20		21,323
4.13%, 05/24/21 (Call 04/23/21)^(a)		40		41,291
Series V, 2.63%, 01/24/22 (Call 12/23/21)		1,880		1,909,869
U.S. Bank N.A./Cincinnati OH
2.05%, 10/23/20 (Call 09/23/20)^(a)		300		300,357
2.35%, 01/23/20 (Call 12/23/19)		2,340		2,340,942
2.85%, 01/23/23 (Call 12/23/22)		250		257,189
3.10%, 05/21/21 (Call 05/21/20)^(c)		850		855,113
3.15%, 04/26/21 (Call 03/26/21)		500		508,898
3.40%, 07/24/23 (Call 06/23/23)		1,095		1,149,846
3.45%, 11/16/21 (Call 10/15/21)		405		417,966
UBS AG/Stamford CT
2.35%, 03/26/20^(a)		1,900		1,901,197
4.88%, 08/04/20		150		153,245
Wells Fargo & Co.
2.10%, 07/26/21		2,658		2,662,718
2.50%, 03/04/21		2,014		2,027,630
2.55%, 12/07/20		2,181		2,197,445


Security	Par (000)		Value

Banks (continued)
2.60%, 07/22/20^(a)	$	2,787	$	2,800,768
2.63%, 07/22/22		3,860		3,911,499
3.00%, 01/22/21		1,143		1,157,130
3.07%, 01/24/23 (Call 01/24/22)		2,927		2,983,468
3.30%, 09/09/24		2,021		2,111,307
3.50%, 03/08/22^(a)		2,180		2,248,739
3.75%, 01/24/24 (Call 12/24/23)		3,152		3,333,873
4.13%, 08/15/23		2,640		2,799,770
4.60%, 04/01/21		1,009		1,044,846
Series M, 3.45%, 02/13/23		1,346		1,392,993
Series N, 2.15%, 01/30/20		4,502		4,504,701
Wells Fargo Bank N.A.
2.08%, 09/09/22 (Call 09/09/21)^(c)		350		349,645
2.15%, 12/06/19		1,175		1,175,306
2.60%, 01/15/21		1,876		1,891,619
2.90%, 05/27/22 (Call 05/27/21)^(c)		2,550		2,580,680
3.33%, 07/23/21 (Call 07/23/20)^(c)		1,425		1,437,844
3.55%, 08/14/23 (Call 07/14/23)		1,710		1,797,487
3.63%, 10/22/21 (Call 09/21/21)		775		798,408
Westpac Banking Corp.
2.00%, 08/19/21		620		621,427
2.10%, 05/13/21^(a)		1,127		1,130,831
2.15%, 03/06/20^(a)		984		984,794
2.30%, 05/26/20^(a)		1,390		1,392,853
2.50%, 06/28/22		1,640		1,664,219
2.60%, 11/23/20		1,000		1,007,928
2.65%, 01/25/21		375		378,572
2.75%, 01/11/23		30		30,683
2.80%, 01/11/22		850		865,935
3.05%, 05/15/20^(a)		585		589,259
3.30%, 02/26/24		985		1,032,369
3.65%, 05/15/23^(a)		2,275		2,399,590
4.88%, 11/19/19		1,600		1,602,030
Zions Bancorp. N.A., 3.35%, 03/04/22 (Call 02/04/22)		525		537,564

				680,746,645

Beverages — 2.1%
Anheuser-Busch InBev Finance Inc.
3.30%, 02/01/23 (Call 12/01/22)^(a)		4,503		4,682,419
3.70%, 02/01/24		2,000		2,134,059
Anheuser-Busch InBev Worldwide Inc.
2.50%, 07/15/22		222		225,820
6.88%, 11/15/19		110		110,157
Coca-Cola Co. (The)
1.55%, 09/01/21		955		952,337
1.75%, 09/06/24		1,266		1,259,305
1.88%, 10/27/20		1,357		1,359,673
2.20%, 05/25/22		190		192,227
2.45%, 11/01/20		1,185		1,193,846
2.50%, 04/01/23		54		55,274
3.15%, 11/15/20		1,219		1,236,151
3.20%, 11/01/23		2,580		2,718,798
3.30%, 09/01/21		100		102,888
Constellation Brands Inc.
2.25%, 11/06/20		525		526,425
2.65%, 11/07/22 (Call 10/07/22)		350		355,316
2.70%, 05/09/22 (Call 04/09/22)		1,022		1,035,227
3.20%, 02/15/23 (Call 01/15/23)^(a)		1,008		1,039,235
3.75%, 05/01/21		62		63,457
4.25%, 05/01/23		1,045		1,117,273


Security	Par (000)		Value

Beverages (continued)
Diageo Capital PLC
2.13%, 10/24/24 (Call 09/24/24)	$	1,000	$	1,003,442
2.63%, 04/29/23 (Call 01/29/23)		625		637,395
3.00%, 05/18/20		310		311,752
3.50%, 09/18/23 (Call 08/18/23)		1,000		1,053,678
4.83%, 07/15/20^(a)		375		382,672
Diageo Investment Corp., 2.88%, 05/11/22		822		841,048
Keurig Dr Pepper Inc.
3.55%, 05/25/21		640		654,676
4.06%, 05/25/23 (Call 04/25/23)		2,830		2,993,474
Molson Coors Brewing Co.
2.10%, 07/15/21 (Call 06/15/21)		1,539		1,539,480
3.50%, 05/01/22^(a)		165		169,843
PepsiCo Inc.
1.70%, 10/06/21 (Call 09/06/21)		525		524,638
1.85%, 04/30/20 (Call 03/30/20)^(a)		1,684		1,683,603
2.00%, 04/15/21 (Call 03/15/21)		890		893,213
2.15%, 10/14/20 (Call 09/14/20)		1,420		1,424,756
2.25%, 05/02/22 (Call 04/02/22)		155		156,801
2.75%, 03/05/22		1,090		1,116,006
2.75%, 03/01/23		1,668		1,721,983
3.00%, 08/25/21		1,108		1,133,063
3.10%, 07/17/22 (Call 05/17/22)		300		310,081
3.13%, 11/01/20		205		207,763
3.60%, 03/01/24 (Call 12/01/23)		2,114		2,258,422

				41,377,676

Biotechnology — 1.5%
Amgen Inc.
1.85%, 08/19/21 (Call 07/19/21)		95		94,980
2.13%, 05/01/20 (Call 04/01/20)^(a)		1,411		1,412,275
2.20%, 05/11/20^(a)		1,115		1,117,052
2.25%, 08/19/23 (Call 06/19/23)^(a)		1,850		1,859,354
2.65%, 05/11/22 (Call 04/11/22)		1,760		1,786,619
2.70%, 05/01/22 (Call 03/01/22)^(a)		270		274,124
3.45%, 10/01/20		964		977,237
3.63%, 05/15/22 (Call 02/15/22)		1,125		1,164,205
3.63%, 05/22/24 (Call 02/22/24)		53		56,225
3.88%, 11/15/21 (Call 08/15/21)		1,361		1,407,211
4.10%, 06/15/21 (Call 03/15/21)		1,010		1,041,775
Biogen Inc.
2.90%, 09/15/20		2,369		2,387,992
3.63%, 09/15/22		190		198,625
Celgene Corp.
2.25%, 08/15/21		140		140,593
2.75%, 02/15/23 (Call 01/15/23)		1,050		1,069,921
2.88%, 08/15/20		2,071		2,084,328
2.88%, 02/19/21		50		50,543
3.25%, 08/15/22		110		113,514
3.25%, 02/20/23 (Call 01/20/23)		760		785,882
3.55%, 08/15/22		928		964,956
3.95%, 10/15/20		1,770		1,803,965
Gilead Sciences Inc.
1.95%, 03/01/22 (Call 02/01/22)		10		10,019
2.35%, 02/01/20		935		935,871
2.50%, 09/01/23 (Call 07/01/23)		1,025		1,041,867
2.55%, 09/01/20^(a)		2,009		2,022,045
3.25%, 09/01/22 (Call 07/01/22)		434		450,418
3.70%, 04/01/24 (Call 01/01/24)^(a)		1,065		1,132,590
4.40%, 12/01/21 (Call 09/01/21)^(a)		2,160		2,258,341


Security	Par (000)		Value

Biotechnology (continued)
4.50%, 04/01/21 (Call 01/01/21)	$	745	$	767,778

				29,410,305

Building Materials — 0.0%
Fortune Brands Home & Security Inc., 4.00%, 09/21/23 (Call 08/21/23)		550		582,266


Chemicals — 1.0%
Celanese U.S. Holdings LLC, 3.50%, 05/08/24 (Call 04/08/24)		810		836,228
Dow Chemical Co. (The)
3.00%, 11/15/22 (Call 08/15/22)		2,257		2,311,382
3.15%, 05/15/24 (Call 04/15/24)^(b)		90		92,755
4.13%, 11/15/21 (Call 11/12/19)		1,040		1,078,991
DuPont de Nemours Inc.
3.77%, 11/15/20		1,200		1,221,864
4.21%, 11/15/23 (Call 10/15/23)		2,412		2,588,918
Eastman Chemical Co., 3.60%, 08/15/22 (Call 05/15/22)		600		619,699
Ecolab Inc.
2.38%, 08/10/22 (Call 07/10/22)^(a)		765		773,780
4.35%, 12/08/21		1,313		1,379,779
LYB International Finance BV, 4.00%, 07/15/23		940		996,002
LyondellBasell Industries NV, 6.00%, 11/15/21 (Call 08/17/21)		670		714,921
Mosaic Co. (The)
3.25%, 11/15/22 (Call 10/15/22)		680		697,275
4.25%, 11/15/23 (Call 08/15/23)^(a)		825		879,768
PPG Industries Inc., 3.60%, 11/15/20		515		523,544
Praxair Inc.
2.20%, 08/15/22 (Call 05/15/22)		1,493		1,505,248
2.45%, 02/15/22 (Call 11/15/21)		395		399,788
2.70%, 02/21/23 (Call 11/21/22)		25		25,575
3.00%, 09/01/21		387		395,060
4.05%, 03/15/21		75		77,260
Sherwin-Williams Co. (The)
2.75%, 06/01/22 (Call 05/01/22)		1,617		1,644,933
3.13%, 06/01/24 (Call 04/01/24)		52		54,010
Syngenta Finance NV, 3.13%, 03/28/22		127		128,231

				18,945,011

Commercial Services — 0.6%
Automatic Data Processing Inc., 2.25%, 09/15/20 (Call 08/15/20)		1,078		1,082,390
Block Financial LLC
4.13%, 10/01/20 (Call 09/01/20)		1,104		1,121,962
5.50%, 11/01/22 (Call 05/01/22)^(a)		100		107,114
Cintas Corp. No. 2, 2.90%, 04/01/22 (Call 03/01/22)		486		495,966
Equifax Inc.
2.30%, 06/01/21 (Call 05/01/21)		50		49,967
3.30%, 12/15/22 (Call 09/15/22)		771		794,670
Global Payments Inc.
3.75%, 06/01/23 (Call 03/01/23)		75		78,382
3.80%, 04/01/21 (Call 03/01/21)		1,541		1,573,826
4.00%, 06/01/23 (Call 05/01/23)		595		628,525
IHS Markit Ltd., 4.13%, 08/01/23 (Call 07/01/23)		1,080		1,145,150
Moody’s Corp.
2.63%, 01/15/23 (Call 12/15/22)		25		25,389
2.75%, 12/15/21 (Call 11/15/21)		59		59,931
4.50%, 09/01/22 (Call 06/01/22)		630		668,561
4.88%, 02/15/24 (Call 11/15/23)^(a)		75		82,808
5.50%, 09/01/20		160		164,619


Security	Par (000)		Value

Commercial Services (continued)
PayPal Holdings Inc.
2.20%, 09/26/22	$	31	$	31,159
2.40%, 10/01/24 (Call 09/01/24)		1,585		1,596,761
RELX Capital Inc.
3.13%, 10/15/22 (Call 07/15/22)		200		204,664
3.50%, 03/16/23 (Call 02/16/23)		1,150		1,193,750
S&P Global Inc., 3.30%, 08/14/20 (Call 07/14/20)		513		518,513

				11,624,107

Computers — 3.7%
Apple Inc.
1.55%, 02/07/20^(a)		975		974,099
1.55%, 08/04/21 (Call 07/04/21)		3,217		3,207,787
1.70%, 09/11/22		162		161,896
1.80%, 11/13/19		55		55,002
1.80%, 05/11/20^(a)		1,274		1,274,312
1.80%, 09/11/24 (Call 08/11/24)		530		527,884
1.90%, 02/07/20		125		125,063
2.00%, 05/06/20^(a)		1,125		1,126,237
2.00%, 11/13/20		175		175,524
2.10%, 09/12/22 (Call 08/12/22)		3,935		3,969,024
2.15%, 02/09/22		2,321		2,341,861
2.25%, 02/23/21 (Call 01/23/21)		3,014		3,032,090
2.30%, 05/11/22 (Call 04/11/22)		1,458		1,476,539
2.40%, 01/13/23 (Call 12/13/22)		150		152,724
2.40%, 05/03/23		3,323		3,380,623
2.50%, 02/09/22 (Call 01/09/22)		1,873		1,902,828
2.70%, 05/13/22		625		639,474
2.85%, 05/06/21		2,453		2,493,259
2.85%, 02/23/23 (Call 12/23/22)		1,090		1,122,841
2.85%, 05/11/24 (Call 03/11/24)		1,184		1,229,233
3.00%, 02/09/24 (Call 12/09/23)		1,907		1,990,903
3.45%, 05/06/24		2,200		2,346,337
Dell International LLC/EMC Corp.
4.00%, 07/15/24 (Call 06/15/24)^(b)		1,422		1,488,267
4.42%, 06/15/21 (Call 05/15/21)^(b)		4,004		4,135,095
5.45%, 06/15/23 (Call 04/15/23)^(b)		2,697		2,929,959
DXC Technology Co., 4.25%, 04/15/24 (Call 02/15/24)		565		589,767
Hewlett Packard Enterprise Co.
2.25%, 04/01/23 (Call 03/01/23)		1,030		1,029,352
3.50%, 10/05/21 (Call 09/05/21)		312		320,428
3.60%, 10/15/20 (Call 09/15/20)		3,887		3,938,991
4.40%, 10/15/22 (Call 08/15/22)		765		810,281
HP Inc.
3.75%, 12/01/20		570		580,731
4.05%, 09/15/22		57		60,153
4.30%, 06/01/21		210		217,475
4.38%, 09/15/21		40		41,694
4.65%, 12/09/21		206		217,988
IBM Credit LLC
2.20%, 09/08/22		1,105		1,111,963
2.65%, 02/05/21		765		772,709
3.00%, 02/06/23		835		860,519
3.60%, 11/30/21		1,775		1,836,464
International Business Machines Corp.
1.63%, 05/15/20		2,303		2,300,810
1.88%, 08/01/22		510		509,018
1.90%, 01/27/20^(a)		260		260,017
2.25%, 02/19/21		550		552,637
2.50%, 01/27/22		1,775		1,797,701
2.85%, 05/13/22		775		792,301


Security	Par (000)		Value

Computers (continued)
3.00%, 05/15/24	$	4,000	$	4,145,988
3.38%, 08/01/23		1,000		1,047,151
3.63%, 02/12/24		2,250		2,388,218
8.38%, 11/01/19		180		180,000
Seagate HDD Cayman
4.25%, 03/01/22 (Call 02/01/22)		44		45,479
4.75%, 06/01/23		1,190		1,253,962
4.88%, 03/01/24 (Call 01/01/24)^(a)		1,100		1,167,027

				71,087,685

Cosmetics & Personal Care — 0.7%
Colgate-Palmolive Co.
2.30%, 05/03/22		245		248,555
3.25%, 03/15/24		1,014		1,074,973
Estee Lauder Companies Inc. (The), 1.80%, 02/07/20		425		424,613
Procter & Gamble Co. (The)
1.70%, 11/03/21		1,240		1,240,330
1.85%, 02/02/21		125		125,247
1.90%, 11/01/19^(a)		840		840,000
1.90%, 10/23/20		389		389,659
2.15%, 08/11/22^(a)		2,230		2,257,607
2.30%, 02/06/22^(a)		670		678,832
3.10%, 08/15/23		26		27,333
Unilever Capital Corp.
1.38%, 07/28/21^(a)		570		565,905
1.80%, 05/05/20		25		25,003
2.10%, 07/30/20^(a)		900		901,637
2.20%, 05/05/22 (Call 04/05/22)		990		998,481
2.60%, 05/05/24 (Call 03/05/24)^(a)		500		512,455
3.00%, 03/07/22		550		565,083
3.13%, 03/22/23 (Call 02/22/23)		680		707,119
3.25%, 03/07/24 (Call 02/07/24)		250		263,291
4.25%, 02/10/21^(a)		875		901,669

				12,747,792

Diversified Financial Services — 4.8%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
2.88%, 08/14/24 (Call 07/14/24)		500		502,666
3.30%, 01/23/23 (Call 12/23/22)		1,020		1,045,763
3.50%, 05/26/22 (Call 04/26/22)^(a)		550		566,160
3.95%, 02/01/22 (Call 01/01/22)		1,770		1,835,445
4.13%, 07/03/23 (Call 06/03/23)		275		289,357
4.50%, 05/15/21		2,360		2,449,833
4.63%, 10/30/20		1,288		1,324,054
4.63%, 07/01/22		170		180,022
4.88%, 01/16/24 (Call 12/16/23)		1,250		1,357,494
5.00%, 10/01/21		150		158,074
Air Lease Corp.
2.13%, 01/15/20		139		139,024
2.25%, 01/15/23		555		553,225
2.50%, 03/01/21		189		189,855
2.63%, 07/01/22 (Call 06/01/22)		641		646,818
2.75%, 01/15/23 (Call 12/15/22)		795		803,944
3.00%, 09/15/23 (Call 07/15/23)		122		124,245
3.38%, 06/01/21 (Call 05/01/21)		987		1,005,297
3.75%, 02/01/22 (Call 12/01/21)		40		41,223
3.88%, 04/01/21 (Call 03/01/21)		250		255,532
3.88%, 07/03/23 (Call 06/03/23)		1,025		1,073,558
4.25%, 02/01/24 (Call 01/01/24)		850		910,075
4.25%, 09/15/24 (Call 06/15/24)		1,000		1,077,404


Security	Par (000)		Value

Diversified Financial Services (continued)
Aircastle Ltd.
4.13%, 05/01/24 (Call 02/01/24)	$	40	$	41,903
4.40%, 09/25/23 (Call 08/25/23)		1,221		1,285,736
5.00%, 04/01/23^(a)		324		346,926
5.13%, 03/15/21		150		155,220
5.50%, 02/15/22		105		111,583
Ally Financial Inc.
3.88%, 05/21/24 (Call 04/21/24)		500		522,911
4.25%, 04/15/21		500		512,625
American Express Co.
2.20%, 10/30/20 (Call 09/29/20)		575		576,604
2.50%, 08/01/22 (Call 07/01/22)		1,879		1,903,778
2.50%, 07/30/24 (Call 06/30/24)		2,465		2,501,757
2.65%, 12/02/22		1,199		1,223,815
2.75%, 05/20/22 (Call 04/20/22)		500		509,699
3.00%, 02/22/21 (Call 01/22/21)		50		50,689
3.38%, 05/17/21 (Call 04/17/21)		597		609,599
3.40%, 02/27/23 (Call 01/27/23)		2,935		3,056,767
3.40%, 02/22/24 (Call 01/22/24)		1,168		1,226,959
3.70%, 08/03/23 (Call 07/03/23)		1,496		1,581,431
American Express Credit Corp.
2.20%, 03/03/20 (Call 02/01/20)		1,628		1,628,895
2.25%, 05/05/21 (Call 04/04/21)		2,165		2,177,118
2.38%, 05/26/20 (Call 04/25/20)		2,555		2,560,851
2.70%, 03/03/22 (Call 01/31/22)		2,709		2,756,880
Series F, 2.60%, 09/14/20 (Call 08/14/20)		1,782		1,791,658
Ameriprise Financial Inc.
3.00%, 03/22/22		65		66,416
4.00%, 10/15/23		578		617,755
5.30%, 03/15/20		508		514,058
Brookfield Finance Inc., 4.00%, 04/01/24 (Call 02/01/24)^(a)		1,000		1,064,773
Capital One Bank USA N.A., 3.38%, 02/15/23		620		638,531
Capital One Financial Corp.
2.40%, 10/30/20 (Call 09/30/20)		15		15,046
2.50%, 05/12/20 (Call 04/12/20)		1,118		1,120,337
3.05%, 03/09/22 (Call 02/09/22)		2,505		2,554,489
3.20%, 01/30/23 (Call 12/30/22)		2,816		2,894,086
3.30%, 10/30/24 (Call 09/30/24)		1,000		1,040,503
3.45%, 04/30/21 (Call 03/30/21)		925		943,663
3.50%, 06/15/23		1,750		1,822,368
3.90%, 01/29/24 (Call 12/29/23)		1,430		1,516,266
4.75%, 07/15/21		575		600,575
Charles Schwab Corp. (The)
2.65%, 01/25/23 (Call 12/25/22)^(a)		1,487		1,516,735
3.25%, 05/21/21 (Call 04/21/21)		1,136		1,160,316
3.55%, 02/01/24 (Call 01/01/24)		100		105,765
4.45%, 07/22/20		925		941,345
CME Group Inc., 3.00%, 09/15/22		990		1,022,826
Discover Financial Services, 3.85%, 11/21/22		955		999,173
GE Capital International Funding Co. Unlimited Co., 2.34%, 11/15/20		5,399		5,398,784
Intercontinental Exchange Inc.
2.35%, 09/15/22 (Call 08/15/22)^(a)		1,142		1,153,951
2.75%, 12/01/20 (Call 11/01/20)		1,647		1,659,181
4.00%, 10/15/23		125		133,651
International Lease Finance Corp.
4.63%, 04/15/21^(a)		945		977,021
5.88%, 08/15/22		550		602,641
8.25%, 12/15/20		150		159,967
8.63%, 01/15/22		177		200,858


Security	Par (000)		Value

Diversified Financial Services (continued)
Invesco Finance PLC
3.13%, 11/30/22	$	250	$	256,809
4.00%, 01/30/24		150		159,782
Jefferies Financial Group Inc., 5.50%, 10/18/23 (Call 01/18/23)		292		317,899
Jefferies Group LLC
5.13%, 01/20/23		815		877,355
6.88%, 04/15/21		630		668,988
Mastercard Inc.
2.00%, 11/21/21 (Call 10/21/21)^(a)		570		572,855
3.38%, 04/01/24		25		26,640
Nasdaq Inc., 4.25%, 06/01/24 (Call 03/01/24)		528		569,882
Nomura Holdings Inc., 6.70%, 03/04/20^(a)		1,105		1,121,246
ORIX Corp.
2.90%, 07/18/22		297		303,064
4.05%, 01/16/24		575		614,384
Synchrony Financial
2.70%, 02/03/20 (Call 01/03/20)		349		348,878
2.85%, 07/25/22 (Call 06/25/22)		230		232,605
3.75%, 08/15/21 (Call 06/15/21)^(a)		821		840,379
4.25%, 08/15/24 (Call 05/15/24)		1,506		1,593,614
4.38%, 03/19/24 (Call 02/19/24)		803		854,177
TD Ameritrade Holding Corp., 2.95%, 04/01/22 (Call 02/01/22)^(a)		1,608		1,643,032
Visa Inc.
2.15%, 09/15/22 (Call 08/15/22)^(a)		690		697,490
2.20%, 12/14/20 (Call 11/14/20)		3,971		3,990,458
2.80%, 12/14/22 (Call 10/14/22)		1,944		2,001,489

				92,794,578

Electric — 2.2%
Alabama Power Co., Series 17-A, 2.45%, 03/30/22 (Call 02/28/22)		100		101,217
American Electric Power Co. Inc., 2.15%, 11/13/20		1,330		1,333,421
Berkshire Hathaway Energy Co., 3.75%, 11/15/23 (Call 08/15/23)		25		26,571
CenterPoint Energy Inc.
2.50%, 09/01/22 (Call 08/01/22)		805		812,001
2.50%, 09/01/24 (Call 08/01/24)		575		578,396
3.60%, 11/01/21		575		591,546
3.85%, 02/01/24 (Call 01/01/24)		120		127,009
Commonwealth Edison Co., 4.00%, 08/01/20 (Call 05/01/20)^(a)		225		227,160
Consolidated Edison Inc., 2.00%, 05/15/21 (Call 04/15/21)		846		846,148
Dominion Energy Inc.
2.58%, 07/01/20		571		573,012
2.72%, 08/15/21^(d)		270		272,507
3.07%, 08/15/24^(d)		600		617,786
4.10%, 04/01/21^(d)		691		709,132
DTE Energy Co.
Series C, 2.53%, 10/01/24		600		601,543
Series D, 3.70%, 08/01/23 (Call 07/01/23)		442		463,221
Duke Energy Carolinas LLC
2.50%, 03/15/23 (Call 01/15/23)		149		151,945
3.05%, 03/15/23 (Call 02/15/23)^(a)		700		725,273
3.90%, 06/15/21 (Call 03/15/21)		270		277,662
Duke Energy Corp.
1.80%, 09/01/21 (Call 08/01/21)		1,032		1,029,815
2.40%, 08/15/22 (Call 07/15/22)		836		843,349
3.05%, 08/15/22 (Call 05/15/22)		345		353,957
3.55%, 09/15/21 (Call 06/15/21)		437		447,926


Security	Par (000)		Value

Electric (continued)
3.75%, 04/15/24 (Call 01/15/24)	$	271	$	288,001
Duke Energy Indiana LLC, 3.75%, 07/15/20^(a)		120		121,760
Duke Energy Progress LLC
2.80%, 05/15/22 (Call 02/15/22)		1,080		1,102,190
3.00%, 09/15/21 (Call 06/15/21)^(a)		121		123,332
Emera U.S. Finance LP, 2.70%, 06/15/21 (Call 05/15/21)		1,405		1,417,133
Entergy Corp., 4.00%, 07/15/22 (Call 05/15/22)^(a)		573		598,901
Evergy Inc., 2.45%, 09/15/24 (Call 08/15/24)		1,000		1,006,382
Eversource Energy, Series K, 2.75%, 03/15/22 (Call 02/15/22)		275		279,149
Exelon Corp.
2.85%, 06/15/20 (Call 05/15/20)		150		150,680
3.50%, 06/01/22 (Call 05/01/22)		605		622,321
5.15%, 12/01/20 (Call 09/01/20)		881		903,624
Exelon Generation Co. LLC
2.95%, 01/15/20 (Call 12/15/19)		20		20,021
3.40%, 03/15/22 (Call 02/15/22)		975		1,001,674
4.00%, 10/01/20 (Call 07/01/20)		105		106,374
4.25%, 06/15/22 (Call 03/15/22)		476		498,599
FirstEnergy Corp.
Series A, 2.85%, 07/15/22 (Call 05/15/22)		535		544,783
Series B, 4.25%, 03/15/23 (Call 12/15/22)		250		264,733
Florida Power & Light Co., 2.75%, 06/01/23 (Call 12/01/22)		100		102,912
Georgia Power Co.
4.25%, 12/01/19		157		157,309
Series C, 2.00%, 09/08/20		450		450,317
ITC Holdings Corp., 2.70%, 11/15/22 (Call 10/15/22)		100		101,425
MidAmerican Energy Co., 3.50%, 10/15/24 (Call 07/15/24)		500		533,088
Nevada Power Co., Series BB, 2.75%, 04/15/20		200		201,081
NextEra Energy Capital Holdings Inc.
2.80%, 01/15/23 (Call 12/15/22)		30		30,628
2.90%, 04/01/22		430		438,987
3.15%, 04/01/24 (Call 03/01/24)		1,863		1,934,610
Ohio Power Co., Series M, 5.38%, 10/01/21		130		138,257
Oncor Electric Delivery Co. LLC, 2.75%, 06/01/24 (Call 05/01/24)^(b)		750		771,164
PPL Capital Funding Inc., 3.40%, 06/01/23 (Call 03/01/23)		75		77,430
Progress Energy Inc., 4.40%, 01/15/21 (Call 10/15/20)		1,574		1,609,540
PSEG Power LLC
3.00%, 06/15/21 (Call 05/15/21)		1,150		1,164,600
3.85%, 06/01/23 (Call 05/01/23)		1,558		1,645,047
Public Service Enterprise Group Inc.
2.65%, 11/15/22 (Call 10/15/22)		460		467,581
2.88%, 06/15/24 (Call 05/15/24)		60		61,573
Puget Energy Inc., 6.00%, 09/01/21		125		133,341
Sempra Energy
2.40%, 02/01/20		640		640,399
2.40%, 03/15/20 (Call 02/15/20)^(a)		1,209		1,209,866
2.88%, 10/01/22 (Call 07/01/22)		870		886,725
2.90%, 02/01/23 (Call 01/01/23)		665		675,851
3.55%, 06/15/24 (Call 03/15/24)		500		523,370
4.05%, 12/01/23 (Call 09/01/23)		115		122,043
Southern California Edison Co., 3.88%, 06/01/21 (Call 03/01/21)^(a)		1,200		1,228,315
Southern Co. (The)
2.35%, 07/01/21 (Call 06/01/21)		1,901		1,911,144
2.75%, 06/15/20 (Call 05/15/20)		1,247		1,253,365
2.95%, 07/01/23 (Call 05/01/23)		1,605		1,643,117
Southern Power Co., Series D, 1.95%, 12/15/19		60		60,028


Security	Par (000)		Value

Electric (continued)
Virginia Electric & Power Co., Series C, 2.75%, 03/15/23 (Call 12/15/22)	$	1,214	$	1,240,325
WEC Energy Group Inc., 3.38%, 06/15/21		35		35,758
Xcel Energy Inc., 4.70%, 05/15/20 (Call 12/02/19)^(a)		722		733,642

				42,943,092

Electrical Components & Equipment — 0.0%
Emerson Electric Co., 2.63%, 12/01/21 (Call 11/01/21)		264		268,452


Electronics — 0.3%
Agilent Technologies Inc., 3.88%, 07/15/23 (Call 04/15/23)		212		222,885
Arrow Electronics Inc., 3.25%, 09/08/24 (Call 07/08/24)		21		21,574
Flex Ltd., 5.00%, 02/15/23		1,177		1,254,277
Fortive Corp., 2.35%, 06/15/21 (Call 05/15/21)		100		100,257
Honeywell International Inc.
1.85%, 11/01/21 (Call 10/01/21)		2,641		2,646,072
2.30%, 08/15/24 (Call 07/15/24)		1,010		1,028,080
Tech Data Corp., 3.70%, 02/15/22 (Call 01/15/22)		405		415,599

				5,688,744

Environmental Control — 0.3%
Republic Services Inc.
2.50%, 08/15/24 (Call 07/15/24)^(a)		1,060		1,077,429
3.55%, 06/01/22 (Call 03/01/22)		1,349		1,401,786
4.75%, 05/15/23 (Call 02/15/23)		175		189,646
5.00%, 03/01/20		444		448,528
5.25%, 11/15/21		141		150,227
Waste Management Inc.
2.40%, 05/15/23 (Call 03/15/23)		982		997,219
2.90%, 09/15/22 (Call 06/15/22)		130		133,542
2.95%, 06/15/24 (Call 05/15/24)		650		672,692
4.75%, 06/30/20		1,088		1,108,381

				6,179,450

Food — 1.1%
Campbell Soup Co.
3.30%, 03/15/21^(a)		658		668,508
3.65%, 03/15/23 (Call 02/15/23)		1,927		2,008,452
4.25%, 04/15/21		25		25,734
Conagra Brands Inc.
3.20%, 01/25/23 (Call 10/25/22)		1,425		1,463,902
3.80%, 10/22/21		700		722,528
4.30%, 05/01/24 (Call 04/01/24)		1,022		1,099,222
General Mills Inc.
2.60%, 10/12/22 (Call 09/12/22)		508		515,509
3.15%, 12/15/21 (Call 09/15/21)		754		769,925
3.20%, 04/16/21		190		193,366
3.70%, 10/17/23 (Call 09/17/23)		825		871,460
Hershey Co. (The), 3.38%, 05/15/23 (Call 04/15/23)^(a)		765		803,150
JM Smucker Co. (The), 3.50%, 10/15/21		615		633,073
Kellogg Co.
2.65%, 12/01/23		42		42,652
4.00%, 12/15/20^(a)		1,243		1,268,899
Kraft Heinz Foods Co.
2.80%, 07/02/20 (Call 06/02/20)^(a)		391		391,887
4.00%, 06/15/23 (Call 05/15/23)		1,559		1,636,836
Kroger Co. (The)
2.95%, 11/01/21 (Call 10/01/21)		550		559,089
3.30%, 01/15/21 (Call 12/15/20)		1,624		1,646,514
3.40%, 04/15/22 (Call 01/15/22)^(a)		63		64,796
3.85%, 08/01/23 (Call 05/01/23)		78		82,285
4.00%, 02/01/24 (Call 11/01/23)		550		586,760


Security	Par (000)		Value

Food (continued)
6.15%, 01/15/20	$	275	$	277,181
McCormick & Co. Inc./MD, 2.70%, 08/15/22 (Call 07/15/22)		100		101,733
Mondelez International Inc.
3.00%, 05/07/20^(a)		205		206,083
3.63%, 05/07/23 (Call 04/07/23)		1,328		1,392,166
Sysco Corp.
2.50%, 07/15/21 (Call 06/15/21)		742		748,704
2.60%, 10/01/20 (Call 09/01/20)		1,494		1,502,206
Tyson Foods Inc.
2.25%, 08/23/21 (Call 07/23/21)		150		150,723
3.95%, 08/15/24 (Call 05/15/24)		75		80,494
4.50%, 06/15/22 (Call 03/15/22)		595		629,727


			21,143,564

Forest Products & Paper — 0.0%
Georgia-Pacific LLC, 8.00%, 01/15/24		25		30,752
International Paper Co., 3.65%, 06/15/24 (Call 03/15/24)		22		23,204

				53,956

Gas — 0.1%
CenterPoint Energy Resources Corp., 4.50%, 01/15/21 (Call 10/15/20)		210		214,802
Dominion Energy Gas Holdings LLC, 2.80%, 11/15/20 (Call 10/15/20)		765		771,975
National Fuel Gas Co., 3.75%, 03/01/23 (Call 12/01/22)^(a)		219		224,794
NiSource Inc., 2.65%, 11/17/22 (Call 10/17/22)		316		320,571

				1,532,142

Health Care – Products — 1.1%
Abbott Laboratories
2.55%, 03/15/22^(a)		110		111,614
2.90%, 11/30/21 (Call 10/30/21)		4,118		4,200,402
3.40%, 11/30/23 (Call 09/30/23)		234		246,986
Becton Dickinson and Co.
2.40%, 06/05/20^(a)		240		240,681
2.68%, 12/15/19		566		566,210
2.89%, 06/06/22 (Call 05/06/22)		2,616		2,667,442
3.13%, 11/08/21		90		91,816
3.25%, 11/12/20		125		126,481
3.36%, 06/06/24 (Call 04/06/24)		1,500		1,569,518
Boston Scientific Corp.
3.38%, 05/15/22^(a)		95		98,125
3.45%, 03/01/24 (Call 02/01/24)		1,718		1,803,232
DH Europe Finance II Sarl, 2.20%, 11/15/24 (Call 10/15/24)		1,000		1,005,460
Medtronic Inc.
2.75%, 04/01/23 (Call 01/01/23)		350		359,981
3.15%, 03/15/22		2,977		3,067,288
Stryker Corp.
2.63%, 03/15/21 (Call 02/15/21)		1,400		1,414,233
3.38%, 05/15/24 (Call 02/15/24)		50		52,573
4.38%, 01/15/20^(a)		277		278,334
Thermo Fisher Scientific Inc.
3.00%, 04/15/23 (Call 02/15/23)		990		1,021,165
4.15%, 02/01/24 (Call 11/01/23)		183		196,776
Zimmer Biomet Holdings Inc.
2.70%, 04/01/20 (Call 03/01/20)		2,380		2,385,169
3.15%, 04/01/22 (Call 02/01/22)		226		230,646

				21,734,132

Health Care – Services — 1.4%
Aetna Inc.
2.75%, 11/15/22 (Call 08/15/22)		2,216		2,247,435
2.80%, 06/15/23 (Call 04/15/23)		196		198,935


Security	Par (000)		Value

Health Care — Services (continued)
Anthem Inc.
2.50%, 11/21/20	$	364	$	366,536
2.95%, 12/01/22 (Call 11/01/22)		1,147		1,173,237
3.13%, 05/15/22^(a)		174		178,542
3.30%, 01/15/23		1,130		1,173,142
3.50%, 08/15/24 (Call 05/15/24)		500		526,318
3.70%, 08/15/21 (Call 05/15/21)		865		887,679
4.35%, 08/15/20		955		973,141
HCA Inc.
4.75%, 05/01/23		1,102		1,180,240
5.00%, 03/15/24		2,437		2,658,929
Humana Inc., 3.15%, 12/01/22 (Call 09/01/22)		780		799,305
Laboratory Corp. of America Holdings
2.63%, 02/01/20		310		310,432
3.20%, 02/01/22		310		316,624
3.75%, 08/23/22 (Call 05/23/22)^(a)		1,123		1,163,110
Quest Diagnostics Inc., 4.75%, 01/30/20^(a)		392		394,299
UnitedHealth Group Inc.
1.95%, 10/15/20		555		556,133
2.13%, 03/15/21		1,379		1,384,334
2.30%, 12/15/19		801		801,393
2.38%, 10/15/22		940		952,745
2.38%, 08/15/24		1,000		1,014,003
2.70%, 07/15/20		1,939		1,950,261
2.75%, 02/15/23 (Call 11/15/22)		50		51,147
2.88%, 12/15/21		50		51,038
2.88%, 03/15/22 (Call 12/15/21)		1,434		1,463,675
2.88%, 03/15/23		1,113		1,144,066
3.35%, 07/15/22		385		399,672
3.38%, 11/15/21 (Call 08/15/21)		110		112,935
3.50%, 06/15/23		1,475		1,549,877
3.50%, 02/15/24		103		109,012

				26,088,195

Holding Companies — Diversified — 0.1%
Ares Capital Corp.
3.50%, 02/10/23 (Call 01/10/23)^(a)		860		872,747
3.63%, 01/19/22 (Call 12/19/21)		430		436,723
3.88%, 01/15/20 (Call 12/15/19)		75		75,154
4.20%, 06/10/24 (Call 05/10/24)		1,037		1,075,780

				2,460,404

Home Builders — 0.1%
DR Horton Inc., 2.50%, 10/15/24 (Call 09/15/24)		1,000		1,001,257


Household Products & Wares — 0.0%
Clorox Co. (The), 3.05%, 09/15/22 (Call 06/15/22)^(a)		50		51,252


Housewares — 0.1%
Newell Brands Inc., 3.85%, 04/01/23 (Call 02/01/23)		1,604		1,659,751


Insurance — 1.5%
Aflac Inc., 3.63%, 06/15/23		690		727,105
Allstate Corp. (The), 3.15%, 06/15/23		125		129,901
American International Group Inc.
3.30%, 03/01/21 (Call 02/01/21)		2,672		2,715,492
3.38%, 08/15/20		362		366,296
4.13%, 02/15/24		612		657,757
4.88%, 06/01/22		1,050		1,124,252
6.40%, 12/15/20		465		487,870
Aon Corp., 5.00%, 09/30/20		166		170,805
Aon PLC, 3.50%, 06/14/24 (Call 03/14/24)		1,000		1,050,417


Security	Par (000)		Value

Insurance (continued)
AXA Equitable Holdings Inc., 3.90%, 04/20/23 (Call 03/20/23)	$	1,068	$	1,118,809
Berkshire Hathaway Finance Corp.
2.90%, 10/15/20		607		614,046
3.00%, 05/15/22		275		284,417
4.25%, 01/15/21		1,238		1,274,803
Berkshire Hathaway Inc.
2.20%, 03/15/21 (Call 02/15/21)		1,342		1,350,839
2.75%, 03/15/23 (Call 01/15/23)		2,540		2,615,620
3.40%, 01/31/22		785		813,733
3.75%, 08/15/21		60		62,133
Chubb INA Holdings Inc.
2.30%, 11/03/20 (Call 10/03/20)		1,309		1,315,252
2.88%, 11/03/22 (Call 09/03/22)		1,040		1,069,557
3.35%, 05/15/24		50		52,987
Hartford Financial Services Group Inc. (The), 5.50%, 03/30/20^(a)		316		320,967
Lincoln National Corp., 4.00%, 09/01/23^(a)		75		80,073
Loews Corp., 2.63%, 05/15/23 (Call 02/15/23)		640		652,498
Manulife Financial Corp., 4.90%, 09/17/20		10		10,273
Marsh & McLennan Companies Inc.
2.35%, 03/06/20 (Call 02/06/20)		982		982,974
2.75%, 01/30/22 (Call 12/30/21)		385		390,888
3.50%, 12/29/20		325		330,705
3.88%, 03/15/24 (Call 02/15/24)		2,010		2,145,839
4.80%, 07/15/21 (Call 04/15/21)		350		363,760
MetLife Inc.
3.60%, 04/10/24		572		607,347
Series D, 4.37%, 09/15/23		1,110		1,205,089
Series N, 3.05%, 12/15/22		673		693,528
Progressive Corp. (The), 3.75%, 08/23/21		25		25,810
Prudential Financial Inc.
3.50%, 05/15/24		65		69,035
4.50%, 11/15/20		450		462,133
5.38%, 06/21/20		643		657,685
Travelers Companies Inc. (The), 3.90%, 11/01/20		870		887,943
Willis North America Inc., 3.60%, 05/15/24 (Call 03/15/24)		1,485		1,552,826
Willis Towers Watson PLC, 5.75%, 03/15/21		50		52,334

				29,493,798

Internet — 0.8%
Alphabet Inc.
3.38%, 02/25/24^(a)		210		223,526
3.63%, 05/19/21		1,428		1,468,248
Amazon.com Inc.
1.90%, 08/21/20		1,783		1,784,923
2.40%, 02/22/23 (Call 01/22/23)		1,803		1,836,213
2.50%, 11/29/22 (Call 08/29/22)		420		428,364
2.60%, 12/05/19 (Call 11/05/19)^(a)		1,590		1,589,996
2.80%, 08/22/24 (Call 06/22/24)^(a)		1,021		1,060,995
Booking Holdings Inc., 2.75%, 03/15/23 (Call 02/15/23)		535		547,542
eBay Inc.
2.15%, 06/05/20		255		255,392
2.60%, 07/15/22 (Call 04/15/22)^(a)		1,694		1,711,241
2.75%, 01/30/23 (Call 12/30/22)		794		805,822
2.88%, 08/01/21 (Call 06/01/21)		1,645		1,668,083
3.25%, 10/15/20 (Call 07/15/20)^(a)		291		293,715
3.45%, 08/01/24 (Call 05/01/24)		975		1,020,060
3.80%, 03/09/22 (Call 02/09/22)		175		181,574


Security	Par (000)		Value

Internet (continued)
Expedia Group Inc., 5.95%, 08/15/20^(a)	$	485	$	499,306

				15,375,000

Iron & Steel — 0.3%
ArcelorMittal
3.60%, 07/16/24		800		818,929
5.50%, 03/01/21		865		900,072
6.25%, 02/25/22		1,775		1,916,887
Nucor Corp.
4.00%, 08/01/23 (Call 05/01/23)		750		795,894
4.13%, 09/15/22 (Call 06/15/22)		215		226,555

				4,658,337

Lodging — 0.2%
Las Vegas Sands Corp., 3.20%, 08/08/24 (Call 07/08/24)^(a)		1,485		1,518,214
Marriott International Inc./MD
2.30%, 01/15/22 (Call 12/15/21)		1,646		1,654,065
3.60%, 04/15/24 (Call 03/15/24)		1,000		1,055,685

				4,227,964

Machinery — 1.7%
ABB Finance USA Inc., 2.88%, 05/08/22		1,110		1,135,393
Caterpillar Financial Services Corp.
1.70%, 08/09/21		460		458,831
1.85%, 09/04/20^(a)		1,279		1,279,481
1.90%, 09/06/22		282		282,132
2.00%, 11/29/19		427		427,053
2.00%, 03/05/20^(a)		1,904		1,905,217
2.10%, 01/10/20		50		50,026
2.25%, 12/01/19		515		515,165
2.40%, 06/06/22		955		967,480
2.55%, 11/29/22		549		559,651
2.85%, 06/01/22		50		51,178
2.85%, 05/17/24		1,000		1,033,361
2.95%, 05/15/20		45		45,272
2.95%, 02/26/22		1,026		1,050,981
3.15%, 09/07/21		375		383,776
3.45%, 05/15/23		544		571,679
3.65%, 12/07/23		753		800,420
Caterpillar Inc.
2.60%, 06/26/22 (Call 03/26/22)		65		66,139
3.40%, 05/15/24 (Call 02/15/24)		530		560,442
3.90%, 05/27/21		1,976		2,039,868
CNH Industrial Capital LLC
4.20%, 01/15/24		500		533,219
4.38%, 04/05/22		225		235,239
4.88%, 04/01/21		1,415		1,464,622
CNH Industrial NV, 4.50%, 08/15/23		552		589,009
Cummins Inc., 3.65%, 10/01/23 (Call 07/01/23)		475		500,865
Deere & Co., 2.60%, 06/08/22 (Call 03/08/22)^(a)		1,980		2,020,124
John Deere Capital Corp.
1.70%, 01/15/20^(a)		80		79,963
1.95%, 06/22/20		154		154,314
1.95%, 06/13/22		300		300,873
2.05%, 03/10/20^(a)		410		410,678
2.15%, 09/08/22		1,233		1,243,419
2.35%, 01/08/21		175		176,308
2.38%, 07/14/20^(a)		533		535,712
2.55%, 01/08/21		1,006		1,014,220
2.60%, 03/07/24		560		573,012
2.65%, 01/06/22		500		508,760
2.65%, 06/24/24		1,030		1,057,705


Security	Par (000)		Value

Machinery (continued)
2.70%, 01/06/23	$	130	$	133,176
2.75%, 03/15/22		511		521,286
2.80%, 03/04/21		700		708,811
2.80%, 01/27/23		50		51,419
2.80%, 03/06/23^(a)		1,085		1,116,471
3.13%, 09/10/21		475		486,112
3.15%, 10/15/21		441		452,050
3.20%, 01/10/22		640		658,485
3.65%, 10/12/23		75		79,790
Roper Technologies Inc.
2.35%, 09/15/24 (Call 08/15/24)		21		21,111
2.80%, 12/15/21 (Call 11/15/21)		430		436,697
3.00%, 12/15/20 (Call 11/15/20)		1,143		1,154,925
3.65%, 09/15/23 (Call 08/15/23)		752		792,583
Wabtec Corp., 4.40%, 03/15/24 (Call 02/15/24)		1,205		1,283,923
Xylem Inc./NY, 4.88%, 10/01/21		125		131,386

				33,609,812

Manufacturing — 1.0%
3M Co.
1.63%, 09/19/21 (Call 08/19/21)		75		74,791
2.00%, 08/07/20		50		50,113
2.00%, 06/26/22^(a)		890		894,235
2.25%, 03/15/23 (Call 02/15/23)		655		663,320
3.25%, 02/14/24 (Call 01/14/24)		1,246		1,310,372
Eaton Corp., 2.75%, 11/02/22		1,205		1,228,385
General Electric Co.
2.20%, 01/09/20 (Call 12/09/19)		1,573		1,573,082
2.70%, 10/09/22		3,373		3,394,691
3.10%, 01/09/23		1,730		1,758,317
3.15%, 09/07/22		500		509,655
3.38%, 03/11/24		25		25,776
3.45%, 05/15/24 (Call 02/13/24)		1,000		1,031,130
4.38%, 09/16/20^(a)		1,131		1,151,687
4.63%, 01/07/21		2,160		2,221,496
4.65%, 10/17/21^(a)		1,866		1,944,123
5.30%, 02/11/21		37		38,326
5.50%, 01/08/20		794		798,684
5.55%, 05/04/20^(a)		125		127,224
Ingersoll-Rand Global Holding Co. Ltd., 4.25%, 06/15/23^(a)		330		351,960
Parker-Hannifin Corp., 2.70%, 06/14/24 (Call 05/14/24)		615		626,857


			19,774,224

Media — 2.2%
CBS Corp.
3.38%, 03/01/22 (Call 12/01/21)		717		734,293
3.70%, 08/15/24 (Call 05/15/24)		22		23,179
Charter Communications Operating LLC/Charter Communications Operating Capital
3.58%, 07/23/20 (Call 06/23/20)		2,261		2,280,481
4.46%, 07/23/22 (Call 05/23/22)		2,954		3,102,920
4.50%, 02/01/24 (Call 01/01/24)		900		967,389
Comcast Cable Communications Holdings Inc., 9.46%, 11/15/22		1,064		1,298,138
Comcast Corp.
1.63%, 01/15/22 (Call 12/15/21)^(a)		680		679,350
2.75%, 03/01/23 (Call 02/01/23)^(a)		875		897,620
2.85%, 01/15/23		1,785		1,837,639
3.00%, 02/01/24 (Call 01/01/24)		1,195		1,241,174
3.13%, 07/15/22		1,063		1,101,111
3.30%, 10/01/20		149		151,011


Security	Par (000)		Value

Media (continued)
3.45%, 10/01/21	$	530	$	546,183
3.60%, 03/01/24		1,935		2,062,485
3.70%, 04/15/24 (Call 03/15/24)		1,722		1,841,832
Discovery Communications LLC
2.80%, 06/15/20 (Call 05/15/20)		510		512,194
2.95%, 03/20/23 (Call 02/20/23)		1,075		1,094,507
4.38%, 06/15/21		651		673,626
Fox Corp.
3.67%, 01/25/22^(b)		975		1,009,339
4.03%, 01/25/24 (Call 12/25/23)^(b)		1,239		1,323,388
NBCUniversal Media LLC
2.88%, 01/15/23		1,025		1,055,204
4.38%, 04/01/21^(a)		1,839		1,902,766
Time Warner Cable LLC
4.00%, 09/01/21 (Call 06/01/21)		1,010		1,036,555
4.13%, 02/15/21 (Call 11/15/20)		1,577		1,607,803
5.00%, 02/01/20		1,869		1,881,484
Time Warner Entertainment Co. LP, 8.38%, 03/15/23		50		59,485
TWDC Enterprises 18 Corp.
1.80%, 06/05/20		305		305,038
1.95%, 03/04/20^(a)		797		797,348
2.15%, 09/17/20		300		300,804
2.30%, 02/12/21^(a)		995		1,001,347
2.35%, 12/01/22		1,501		1,524,633
2.45%, 03/04/22		1,850		1,882,184
2.75%, 08/16/21		145		147,512
3.75%, 06/01/21		25		25,797
Viacom Inc.
3.88%, 12/15/21^(a)		670		693,774
4.25%, 09/01/23 (Call 06/01/23)^(a)		1,192		1,266,612
4.50%, 03/01/21		190		195,842
Walt Disney Co. (The)
1.65%, 09/01/22		145		144,711
1.75%, 08/30/24 (Call 07/30/24)		1,496		1,482,471
3.00%, 09/15/22^(b)		495		511,238
4.50%, 02/15/21^(b)		1,260		1,303,060

				42,503,527

Metal Fabricate & Hardware — 0.1%
Precision Castparts Corp.
2.25%, 06/15/20 (Call 05/15/20)		1,109		1,112,962
2.50%, 01/15/23 (Call 10/15/22)		395		401,158

				1,514,120

Mining — 0.2%
BHP Billiton Finance USA Ltd.
2.88%, 02/24/22		1,375		1,405,278
3.25%, 11/21/21		105		107,698
Kinross Gold Corp., 5.13%, 09/01/21 (Call 06/01/21)		50		51,738
Newmont Goldcorp Corp.
3.50%, 03/15/22 (Call 12/15/21)		1,525		1,570,055
3.70%, 03/15/23 (Call 12/15/22)		795		827,806

				3,962,575

Oil & Gas — 4.8%
BP Capital Markets America Inc.
2.11%, 09/16/21 (Call 08/16/21)^(a)		141		141,520
2.52%, 09/19/22 (Call 08/19/22)		985		1,000,654
2.75%, 05/10/23		538		551,011
3.22%, 11/28/23 (Call 09/28/23)		25		26,039
3.22%, 04/14/24 (Call 02/14/24)		1,100		1,147,922
3.25%, 05/06/22		1,143		1,179,541


Security	Par (000)		Value

Oil & Gas (continued)
3.79%, 02/06/24 (Call 01/06/24)	$	1,250	$	1,329,340
4.50%, 10/01/20		1,966		2,011,913
4.74%, 03/11/21^(a)		878		912,506
BP Capital Markets PLC
2.32%, 02/13/20		1,115		1,116,426
2.50%, 11/06/22^(a)		756		768,204
2.52%, 01/15/20^(a)		1,135		1,136,526
3.06%, 03/17/22^(a)		132		135,471
3.56%, 11/01/21		3,057		3,157,138
3.81%, 02/10/24		1,000		1,068,035
3.99%, 09/26/23		225		240,969
Canadian Natural Resources Ltd.
2.95%, 01/15/23 (Call 12/15/22)		1,862		1,899,457
3.45%, 11/15/21 (Call 08/15/21)		310		317,916
3.80%, 04/15/24 (Call 01/15/24)		103		108,764
Cenovus Energy Inc., 3.00%, 08/15/22 (Call 05/15/22)		170		171,551
Chevron Corp.
1.96%, 03/03/20 (Call 02/03/20)		1,280		1,280,420
1.99%, 03/03/20		425		425,605
2.10%, 05/16/21 (Call 04/15/21)^(a)		1,615		1,621,554
2.19%, 11/15/19		285		285,032
2.36%, 12/05/22 (Call 09/05/22)		1,817		1,842,493
2.41%, 03/03/22 (Call 01/03/22)		650		658,328
2.42%, 11/17/20 (Call 10/17/20)		705		709,482
2.43%, 06/24/20 (Call 05/24/20)		515		517,290
2.50%, 03/03/22 (Call 02/03/22)		1,148		1,165,213
2.57%, 05/16/23 (Call 03/16/23)		1,800		1,837,237
2.90%, 03/03/24 (Call 01/03/24)		35		36,460
3.19%, 06/24/23 (Call 03/24/23)		2,584		2,697,377
Cimarex Energy Co., 4.38%, 06/01/24 (Call 03/01/24)		525		549,505
Continental Resources Inc./OK
3.80%, 06/01/24 (Call 03/01/24)^(a)		1,523		1,550,484
4.50%, 04/15/23 (Call 01/15/23)		1,600		1,665,664
5.00%, 09/15/22 (Call 12/02/19)^(a)		265		266,987
Encana Corp., 3.90%, 11/15/21 (Call 08/15/21)		395		405,096
EOG Resources Inc.
2.45%, 04/01/20 (Call 03/01/20)		1,300		1,303,450
2.63%, 03/15/23 (Call 12/15/22)^(a)		1,240		1,266,021
4.10%, 02/01/21		900		923,847
4.40%, 06/01/20		150		152,323
EQT Corp.
3.00%, 10/01/22 (Call 09/01/22)^(a)		1,082		1,033,264
4.88%, 11/15/21		1,580		1,597,889
Equinor ASA
2.45%, 01/17/23		895		910,355
2.65%, 01/15/24		1,750		1,801,066
2.75%, 11/10/21		144		146,655
2.90%, 11/08/20		101		102,036
3.15%, 01/23/22		545		560,234
3.70%, 03/01/24		1,155		1,236,657
Exxon Mobil Corp.
1.90%, 08/16/22		270		271,255
1.91%, 03/06/20 (Call 02/06/20)		1,116		1,116,219
2.02%, 08/16/24 (Call 07/16/24)^(a)		1,975		1,989,015
2.22%, 03/01/21 (Call 02/01/21)		4,454		4,485,219
2.40%, 03/06/22 (Call 01/06/22)		100		101,441
2.73%, 03/01/23 (Call 01/01/23)		755		776,217
3.18%, 03/15/24 (Call 12/15/23)		500		526,724
Husky Energy Inc.
3.95%, 04/15/22 (Call 01/15/22)		375		387,344


Security	Par (000)		Value

Oil & Gas (continued)
4.00%, 04/15/24 (Call 01/15/24)	$	500	$	524,955
7.25%, 12/15/19		472		474,884
Marathon Oil Corp., 2.80%, 11/01/22 (Call 08/01/22)		370		373,972
Marathon Petroleum Corp.
3.40%, 12/15/20 (Call 11/15/20)		1,023		1,037,076
3.63%, 09/15/24 (Call 06/15/24)		500		526,689
4.75%, 12/15/23 (Call 10/15/23)		300		327,375
5.13%, 03/01/21		509		529,698
Newfield Exploration Co.
5.63%, 07/01/24^(a)		1,000		1,094,669
5.75%, 01/30/22		165		175,983
Occidental Petroleum Corp.
2.60%, 08/13/21^(a)		65		65,386
2.70%, 08/15/22		142		143,382
2.70%, 02/15/23 (Call 11/15/22)		1,638		1,649,965
2.90%, 08/15/24 (Call 07/15/24)		2,522		2,546,862
3.13%, 02/15/22 (Call 11/15/21)		630		639,171
4.85%, 03/15/21 (Call 02/15/21)		1,715		1,771,665
6.95%, 07/01/24		1,025		1,207,592
Series 1, 4.10%, 02/01/21 (Call 11/01/20)		1,561		1,589,755
Phillips 66, 4.30%, 04/01/22		1,701		1,795,651
Pioneer Natural Resources Co.
3.45%, 01/15/21 (Call 12/15/20)		75		76,100
3.95%, 07/15/22 (Call 04/15/22)		928		966,181
Shell International Finance BV
1.75%, 09/12/21		158		157,769
1.88%, 05/10/21^(a)		1,875		1,876,475
2.13%, 05/11/20		1,416		1,419,898
2.25%, 11/10/20		1,361		1,367,507
2.25%, 01/06/23		1,099		1,110,130
2.38%, 08/21/22		837		849,818
3.40%, 08/12/23		826		870,123
3.50%, 11/13/23 (Call 10/13/23)		922		975,577
4.38%, 03/25/20		1,506		1,520,304
Total Capital Canada Ltd., 2.75%, 07/15/23		1,720		1,769,819
Total Capital International SA
2.22%, 07/12/21 (Call 06/12/21)		250		251,548
2.70%, 01/25/23		675		692,084
2.75%, 06/19/21		1,425		1,446,369
2.88%, 02/17/22		750		767,783
3.70%, 01/15/24		507		542,378
3.75%, 04/10/24		522		560,841
Total Capital SA
4.13%, 01/28/21		165		169,463
4.45%, 06/24/20		2,807		2,855,237

				93,342,495

Oil & Gas Services — 0.3%
Baker Hughes a GE Co. LLC/Baker Hughes Co-Obligor Inc., 2.77%, 12/15/22 (Call 11/15/22)		1,331		1,353,065
Halliburton Co.
3.25%, 11/15/21 (Call 08/15/21)		73		74,524
3.50%, 08/01/23 (Call 05/01/23)		1,455		1,508,858
National Oilwell Varco Inc., 2.60%, 12/01/22 (Call 09/01/22)		1,221		1,231,357
Schlumberger Investment SA, 3.65%, 12/01/23 (Call 09/01/23)		1,263		1,335,905

				5,503,709

Packaging & Containers — 0.1%
Packaging Corp. of America, 4.50%, 11/01/23 (Call 08/01/23)		600		646,307


Security	Par (000)		Value

Packaging & Containers (continued)
WRKCo Inc., 3.00%, 09/15/24 (Call 07/15/24)	$	500	$	511,226

				1,157,533

Pharmaceuticals — 5.9%
AbbVie Inc.
2.30%, 05/14/21 (Call 04/14/21)		3,005		3,019,087
2.50%, 05/14/20 (Call 04/14/20)^(a)		2,362		2,369,737
2.85%, 05/14/23 (Call 03/14/23)		1,610		1,637,859
2.90%, 11/06/22		2,489		2,537,866
3.20%, 11/06/22 (Call 09/06/22)		913		937,312
3.38%, 11/14/21		518		530,248
3.75%, 11/14/23 (Call 10/14/23)		1,679		1,768,371
Allergan Finance LLC, 3.25%, 10/01/22 (Call 07/01/22)		1,534		1,567,901
Allergan Funding SCS
3.00%, 03/12/20 (Call 02/12/20)		4,622		4,634,124
3.45%, 03/15/22 (Call 01/15/22)		2,147		2,198,620
3.85%, 06/15/24 (Call 03/15/24)		1,025		1,081,605
Allergan Inc./U.S., 3.38%, 09/15/20		86		86,962
AmerisourceBergen Corp.
3.40%, 05/15/24 (Call 02/15/24)		158		164,573
3.50%, 11/15/21 (Call 08/15/21)		130		133,116
AstraZeneca PLC
2.38%, 11/16/20		1,923		1,931,651
2.38%, 06/12/22 (Call 05/12/22)		365		368,271
3.50%, 08/17/23 (Call 07/17/23)		855		896,122
Bristol-Myers Squibb Co.
2.00%, 08/01/22^(a)		803		805,609
2.60%, 05/16/22^(b)		680		692,362
2.90%, 07/26/24 (Call 06/26/24)^(b)		3,521		3,654,975
3.25%, 11/01/23		210		220,040
Cardinal Health Inc.
2.62%, 06/15/22 (Call 05/15/22)		2,240		2,264,653
3.08%, 06/15/24 (Call 04/15/24)		367		373,053
3.20%, 03/15/23		709		727,451
Cigna Corp.
3.00%, 07/15/23 (Call 05/16/23)^(b)		410		418,673
3.20%, 09/17/20^(a)		300		303,118
3.40%, 09/17/21		2,552		2,613,119
3.50%, 06/15/24 (Call 03/17/24)^(b)		250		260,592
3.75%, 07/15/23 (Call 06/15/23)		2,742		2,872,036
3.90%, 02/15/22^(b)		1,143		1,185,194
4.00%, 02/15/22 (Call 11/15/21)^(b)		733		758,552
4.75%, 11/15/21^(b)		2,461		2,584,074
CVS Health Corp.
2.13%, 06/01/21 (Call 05/01/21)		2,352		2,355,360
2.63%, 08/15/24 (Call 07/15/24)		2,170		2,193,347
2.75%, 12/01/22 (Call 09/01/22)		1,460		1,482,253
2.80%, 07/20/20 (Call 06/20/20)		2,423		2,436,474
3.13%, 03/09/20		200		200,865
3.35%, 03/09/21^(a)		1,150		1,170,301
3.50%, 07/20/22 (Call 05/20/22)		745		770,672
3.70%, 03/09/23 (Call 02/09/23)^(a)		6,169		6,432,213
4.00%, 12/05/23 (Call 09/05/23)		165		174,795
Eli Lilly & Co., 2.35%, 05/15/22		550		557,729
Express Scripts Holding Co., 2.60%, 11/30/20		668		672,275
GlaxoSmithKline Capital Inc.
2.80%, 03/18/23		1,275		1,313,936
3.38%, 05/15/23		1,473		1,543,874
GlaxoSmithKline Capital PLC
2.85%, 05/08/22		1,233		1,262,146
2.88%, 06/01/22 (Call 05/01/22)		154		157,564


Security	Par (000)		Value

Pharmaceuticals (continued)
3.00%, 06/01/24 (Call 05/01/24)	$	2,050	$	2,131,792
3.13%, 05/14/21		800		816,111
Johnson & Johnson
1.65%, 03/01/21 (Call 02/01/21)		1,855		1,855,015
1.88%, 12/05/19		293		292,961
1.95%, 11/10/20		125		125,348
2.05%, 03/01/23 (Call 01/01/23)		125		125,943
2.25%, 03/03/22 (Call 02/03/22)		653		660,351
2.95%, 09/01/20^(a)		575		580,105
3.38%, 12/05/23		24		25,477
McKesson Corp.
3.65%, 11/30/20		100		101,623
3.80%, 03/15/24 (Call 12/15/23)		1,600		1,680,837
Mead Johnson Nutrition Co.
3.00%, 11/15/20		111		112,097
4.90%, 11/01/19		125		125,000
Merck & Co. Inc.
1.85%, 02/10/20		1,448		1,448,025
2.35%, 02/10/22		1,414		1,436,693
2.40%, 09/15/22 (Call 06/15/22)		150		153,083
2.80%, 05/18/23^(a)		1,955		2,022,808
2.90%, 03/07/24 (Call 02/07/24)		1,175		1,224,715
3.88%, 01/15/21 (Call 10/15/20)		25		25,517
Mylan Inc., 4.20%, 11/29/23 (Call 08/29/23)		50		52,445
Mylan NV
3.15%, 06/15/21 (Call 05/15/21)		3,057		3,095,318
3.75%, 12/15/20 (Call 11/15/20)		315		319,549
Novartis Capital Corp.
1.80%, 02/14/20		1,265		1,264,915
2.40%, 05/17/22 (Call 04/17/22)		780		792,396
2.40%, 09/21/22		1,555		1,583,560
3.40%, 05/06/24		2,047		2,178,578
4.40%, 04/24/20		958		970,141
Pfizer Inc.
1.70%, 12/15/19		673		672,845
1.95%, 06/03/21		1,351		1,353,208
2.20%, 12/15/21^(a)		1,567		1,581,817
2.80%, 03/11/22		125		127,825
2.95%, 03/15/24 (Call 02/15/24)		1,345		1,402,556
3.00%, 09/15/21		250		255,562
3.00%, 06/15/23		700		726,839
3.20%, 09/15/23 (Call 08/15/23)		1,027		1,075,720
3.40%, 05/15/24		587		624,785
Sanofi
3.38%, 06/19/23 (Call 05/19/23)^(a)		1,875		1,972,091
4.00%, 03/29/21		1,534		1,582,311
Shire Acquisitions Investments Ireland DAC
2.40%, 09/23/21 (Call 08/23/21)		2,500		2,514,239
2.88%, 09/23/23 (Call 07/23/23)		1,901		1,940,680
Takeda Pharmaceutical Co. Ltd.
4.00%, 11/26/21 (Call 10/26/21)^(b)		300		310,804
4.40%, 11/26/23 (Call 10/26/23)^(b)		2,954		3,175,302
Wyeth LLC, 6.45%, 02/01/24		105		123,821
Zoetis Inc.
3.25%, 02/01/23 (Call 11/01/22)		1,080		1,115,006
3.45%, 11/13/20 (Call 10/13/20)		250		253,511

				114,330,055

Pipelines — 3.1%
Columbia Pipeline Group Inc., 3.30%, 06/01/20 (Call 05/01/20)		1,160		1,164,216


Security	Par (000)		Value

Pipelines (continued)
Enable Midstream Partners LP, 3.90%, 05/15/24 (Call 02/15/24)	$	1,040	$	1,057,600
Enbridge Energy Partners LP
4.20%, 09/15/21 (Call 06/15/21)		175		180,847
4.38%, 10/15/20 (Call 09/15/20)		1,062		1,083,305
5.20%, 03/15/20		346		350,353
Enbridge Inc.
2.90%, 07/15/22 (Call 06/15/22)		645		658,549
3.50%, 06/10/24 (Call 03/10/24)		98		102,262
4.00%, 10/01/23 (Call 07/01/23)		1,191		1,261,761
Energy Transfer Operating LP
3.60%, 02/01/23 (Call 11/01/22)		991		1,017,439
4.15%, 10/01/20 (Call 08/01/20)		1,895		1,921,871
4.25%, 03/15/23 (Call 12/15/22)		348		364,187
4.50%, 04/15/24 (Call 03/15/24)		1,023		1,091,958
4.65%, 06/01/21 (Call 03/01/21)		860		885,531
5.20%, 02/01/22 (Call 11/01/21)^(a)		1,814		1,909,062
5.88%, 01/15/24 (Call 10/15/23)^(a)		674		748,520
7.50%, 10/15/20		475		498,396
Series 5Y, 4.20%, 09/15/23 (Call 08/15/23)		825		869,206
Energy Transfer Partners LP/Regency Energy Finance Corp.
4.50%, 11/01/23 (Call 08/01/23)		975		1,030,373
5.00%, 10/01/22 (Call 07/01/22)		25		26,552
5.88%, 03/01/22 (Call 12/01/21)		300		320,547
Enterprise Products Operating LLC
2.80%, 02/15/21		762		769,742
2.85%, 04/15/21 (Call 03/15/21)		841		851,461
3.35%, 03/15/23 (Call 12/15/22)^(a)		1,250		1,293,762
3.50%, 02/01/22		665		686,482
3.90%, 02/15/24 (Call 11/15/23)		634		675,038
5.20%, 09/01/20		1,463		1,502,354
5.25%, 01/31/20		838		844,807
EQM Midstream Partners LP, 4.75%, 07/15/23 (Call 06/15/23)		1,835		1,815,628
Kinder Morgan Energy Partners LP
3.45%, 02/15/23 (Call 11/15/22)		100		103,314
3.50%, 03/01/21 (Call 01/01/21)^(a)		1,600		1,625,492
3.50%, 09/01/23 (Call 06/01/23)		80		82,962
3.95%, 09/01/22 (Call 06/01/22)		1,186		1,236,461
4.15%, 02/01/24 (Call 11/01/23)		275		292,434
4.30%, 05/01/24 (Call 02/01/24)		1,073		1,148,256
5.00%, 10/01/21 (Call 07/01/21)		75		78,402
5.30%, 09/15/20		592		608,739
6.50%, 04/01/20		420		427,175
6.85%, 02/15/20		500		506,664
Kinder Morgan Inc./DE
3.05%, 12/01/19		1,879		1,880,807
3.15%, 01/15/23 (Call 12/15/22)		1,750		1,793,079
Magellan Midstream Partners LP, 4.25%, 02/01/21		449		460,905
MPLX LP
3.38%, 03/15/23 (Call 02/15/23)		1,079		1,106,539
4.50%, 07/15/23 (Call 04/15/23)		303		322,431
ONEOK Inc.
2.75%, 09/01/24 (Call 08/01/24)		175		176,389
4.25%, 02/01/22 (Call 11/01/21)^(a)		90		93,344
7.50%, 09/01/23 (Call 06/01/23)		25		29,313
ONEOK Partners LP, 3.38%, 10/01/22 (Call 07/01/22)		1,808		1,855,653
Plains All American Pipeline LP/PAA Finance Corp.
2.60%, 12/15/19 (Call 11/15/19)		1,651		1,651,241


Security	Par (000)		Value

Pipelines (continued)
3.65%, 06/01/22 (Call 03/01/22)	$	605	$	620,253
3.85%, 10/15/23 (Call 07/15/23)		1,025		1,058,609
5.00%, 02/01/21 (Call 11/01/20)		45		46,197
5.75%, 01/15/20^(a)		74		74,485
Sabine Pass Liquefaction LLC
5.63%, 02/01/21 (Call 11/01/20)		1,210		1,248,527
5.63%, 04/15/23 (Call 01/15/23)		1,250		1,359,632
5.75%, 05/15/24 (Call 02/15/24)		1,625		1,815,210
6.25%, 03/15/22 (Call 12/15/21)		1,125		1,210,834
Spectra Energy Partners LP, 4.75%, 03/15/24 (Call 12/15/23)		1,050		1,145,640
Sunoco Logistics Partners Operations LP, 4.40%, 04/01/21 (Call 03/01/21)		125		128,415
TransCanada PipeLines Ltd.
2.50%, 08/01/22		650		658,535
3.75%, 10/16/23 (Call 07/16/23)^(a)		295		311,872
3.80%, 10/01/20		1,100		1,117,711
Western Midstream Operating LP
4.00%, 07/01/22 (Call 04/01/22)		250		253,704
5.38%, 06/01/21 (Call 03/01/21)		105		108,383
Williams Companies Inc. (The)
3.35%, 08/15/22 (Call 05/15/22)		859		881,736
3.60%, 03/15/22 (Call 01/15/22)		1,331		1,368,553
3.70%, 01/15/23 (Call 10/15/22)		1,300		1,345,387
4.00%, 11/15/21 (Call 08/15/21)		25		25,745
4.13%, 11/15/20 (Call 08/15/20)		190		192,991
4.30%, 03/04/24 (Call 12/04/23)		889		945,525
4.50%, 11/15/23 (Call 08/15/23)		50		53,445
4.55%, 06/24/24 (Call 03/24/24)		1,025		1,104,436
5.25%, 03/15/20		2,085		2,108,285

				59,645,519

Real Estate Investment Trusts — 1.9%
Alexandria Real Estate Equities Inc.
3.90%, 06/15/23 (Call 03/15/23)		275		290,349
4.00%, 01/15/24 (Call 12/15/23)		1,016		1,087,647
American Tower Corp.
2.25%, 01/15/22^(a)		175		175,541
2.80%, 06/01/20 (Call 05/01/20)^(a)		1,796		1,803,599
3.00%, 06/15/23		175		179,580
3.30%, 02/15/21 (Call 01/15/21)		415		421,276
3.38%, 05/15/24 (Call 04/15/24)		272		283,432
3.45%, 09/15/21		205		209,933
3.50%, 01/31/23		1,855		1,929,139
4.70%, 03/15/22		1,205		1,275,364
5.00%, 02/15/24		851		941,479
5.90%, 11/01/21		149		159,952
Boston Properties LP
3.13%, 09/01/23 (Call 06/01/23)		1,850		1,914,096
3.80%, 02/01/24 (Call 11/01/23)		25		26,458
3.85%, 02/01/23 (Call 11/01/22)		722		758,415
4.13%, 05/15/21 (Call 02/15/21)		1,210		1,242,584
Brixmor Operating Partnership LP, 3.65%, 06/15/24 (Call 04/15/24)		305		318,380
CC Holdings GS V LLC/Crown Castle GS III Corp., 3.85%, 04/15/23		1,390		1,464,892
Crown Castle International Corp.
2.25%, 09/01/21 (Call 08/01/21)		1,455		1,458,525
3.15%, 07/15/23 (Call 06/15/23)		210		216,201
3.20%, 09/01/24 (Call 07/01/24)		21		21,754
3.40%, 02/15/21 (Call 01/15/21)		1,337		1,357,518


Security	Par (000)		Value

Real Estate Investment Trusts (continued)
4.88%, 04/15/22	$	470	$	500,027
5.25%, 01/15/23		1,533		1,673,120
Digital Realty Trust LP, 3.95%, 07/01/22 (Call 05/01/22)		875		913,026
ERP Operating LP
3.00%, 04/15/23 (Call 01/15/23)		298		307,229
4.63%, 12/15/21 (Call 09/15/21)		910		953,861
4.75%, 07/15/20 (Call 04/15/20)^(a)		395		400,089
GLP Capital LP/GLP Financing II Inc., 5.38%, 11/01/23 (Call 08/01/23)^(a)		15		16,425
HCP Inc.
3.88%, 08/15/24 (Call 05/17/24)		1,006		1,074,394
4.25%, 11/15/23 (Call 08/15/23)		228		245,068
Kimco Realty Corp., 3.40%, 11/01/22 (Call 09/01/22)		170		176,002
Omega Healthcare Investors Inc., 4.38%, 08/01/23 (Call 06/01/23)^(a)		139		147,604
Prologis LP, 4.25%, 08/15/23 (Call 05/15/23)		132		142,155
Public Storage, 2.37%, 09/15/22 (Call 08/15/22)		1,283		1,298,743
Realty Income Corp.
3.25%, 10/15/22 (Call 07/15/22)		125		129,313
4.65%, 08/01/23 (Call 05/01/23)		85		92,434
Service Properties Trust
4.35%, 10/01/24 (Call 09/01/24)		1,000		1,021,583
4.50%, 06/15/23 (Call 12/15/22)		463		478,843
5.00%, 08/15/22 (Call 02/15/22)^(a)		650		679,316
Simon Property Group LP
2.00%, 09/13/24 (Call 06/13/24)		1,021		1,018,984
2.35%, 01/30/22 (Call 10/30/21)		330		333,185
2.50%, 09/01/20 (Call 06/01/20)		75		75,275
2.50%, 07/15/21 (Call 04/15/21)		225		227,139
2.63%, 06/15/22 (Call 03/15/22)		1,325		1,346,621
2.75%, 02/01/23 (Call 11/01/22)		10		10,227
2.75%, 06/01/23 (Call 03/01/23)		1,935		1,980,772
3.75%, 02/01/24 (Call 11/01/23)		247		263,170
Ventas Realty LP/Ventas Capital Corp., 3.25%, 08/15/22 (Call 05/15/22)		1,118		1,150,566
VEREIT Operating Partnership LP, 4.60%, 02/06/24 (Call 11/06/23)^(a)		44		47,447
Welltower Inc.
3.63%, 03/15/24 (Call 02/15/24)		1,045		1,102,794
3.75%, 03/15/23 (Call 12/15/22)		520		544,989
3.95%, 09/01/23 (Call 08/01/23)		670		711,296
Weyerhaeuser Co., 4.63%, 09/15/23		265		286,666

				36,884,477

Retail — 2.5%
AutoZone Inc.
3.13%, 07/15/23 (Call 04/15/23)		190		195,720
3.70%, 04/15/22 (Call 01/15/22)		220		227,073
4.00%, 11/15/20 (Call 08/15/20)		55		55,919
Best Buy Co. Inc., 5.50%, 03/15/21 (Call 12/15/20)		130		134,547
Costco Wholesale Corp.
1.70%, 12/15/19^(a)		1,845		1,844,372
1.75%, 02/15/20^(a)		110		109,919
2.15%, 05/18/21 (Call 04/18/21)		100		100,572
2.25%, 02/15/22		64		64,841
2.30%, 05/18/22 (Call 04/18/22)^(a)		1,435		1,453,696
2.75%, 05/18/24 (Call 03/18/24)		756		783,874
Dollar General Corp., 3.25%, 04/15/23 (Call 01/15/23)^(a)		1,250		1,296,162
Dollar Tree Inc., 3.70%, 05/15/23 (Call 04/15/23)		1,160		1,211,031
Gap Inc. (The), 5.95%, 04/12/21 (Call 01/12/21)		950		987,257


Security	Par (000)		Value

Retail (continued)
Home Depot Inc. (The)
1.80%, 06/05/20^(a)	$	281	$	280,409
2.00%, 04/01/21 (Call 03/01/21)		2,416		2,423,998
2.63%, 06/01/22 (Call 05/01/22)		1,845		1,885,585
2.70%, 04/01/23 (Call 01/01/23)		1,280		1,316,230
3.25%, 03/01/22		495		512,170
3.75%, 02/15/24 (Call 11/15/23)^(a)		65		69,918
4.40%, 04/01/21 (Call 01/01/21)		180		185,484
Lowe’s Companies Inc.
3.12%, 04/15/22 (Call 01/15/22)		1,115		1,142,205
3.75%, 04/15/21 (Call 01/15/21)		220		224,677
3.80%, 11/15/21 (Call 08/15/21)		10		10,316
3.88%, 09/15/23 (Call 06/15/23)^(a)		975		1,036,515
4.63%, 04/15/20 (Call 12/02/19)^(a)		270		270,626
Macy’s Retail Holdings Inc.
2.88%, 02/15/23 (Call 11/15/22)		598		594,137
3.45%, 01/15/21 (Call 12/15/20)		150		150,932
3.63%, 06/01/24 (Call 03/01/24)		500		501,671
McDonald’s Corp.
2.20%, 05/26/20 (Call 04/26/20)		925		926,234
2.63%, 01/15/22		40		40,654
2.75%, 12/09/20 (Call 11/09/20)^(a)		1,783		1,798,782
3.35%, 04/01/23 (Call 03/01/23)^(a)		1,290		1,347,862
Nordstrom Inc.
4.00%, 10/15/21 (Call 07/15/21)		45		46,270
4.75%, 05/01/20		396		401,871
O’Reilly Automotive Inc., 4.88%, 01/14/21 (Call 10/14/20)		53		54,444
Starbucks Corp.
2.10%, 02/04/21 (Call 01/04/21)		1,041		1,043,541
2.20%, 11/22/20		795		797,573
2.70%, 06/15/22 (Call 04/15/22)		645		657,618
3.10%, 03/01/23 (Call 02/01/23)^(a)		1,890		1,955,567
Target Corp.
2.90%, 01/15/22		665		681,918
3.50%, 07/01/24^(a)		1,000		1,072,567
3.88%, 07/15/20		966		979,749
TJX Companies Inc. (The), 2.50%, 05/15/23 (Call 02/15/23)		500		509,700
Walgreen Co., 3.10%, 09/15/22		687		707,953
Walgreens Boots Alliance Inc.
2.70%, 11/18/19		876		876,148
3.30%, 11/18/21 (Call 09/18/21)		2,005		2,048,412
Walmart Inc.
1.90%, 12/15/20		2,240		2,245,392
2.35%, 12/15/22 (Call 11/15/22)		650		661,089
2.55%, 04/11/23 (Call 01/11/23)		1,639		1,675,927
2.85%, 06/23/20^(a)		155		156,071
2.85%, 07/08/24 (Call 06/08/24)		1,116		1,164,179
3.13%, 06/23/21		1,923		1,966,938
3.25%, 10/25/20^(a)		75		76,061
3.30%, 04/22/24 (Call 01/22/24)		820		866,014
3.40%, 06/26/23 (Call 05/26/23)		3,510		3,698,334
3.63%, 07/08/20		795		806,066
4.25%, 04/15/21^(a)		40		41,448

				48,374,238

Semiconductors — 2.2%
Analog Devices Inc.
2.88%, 06/01/23 (Call 03/01/23)		50		51,146
3.13%, 12/05/23 (Call 10/05/23)		409		422,863


Security	Par (000)		Value

Semiconductors (continued)
Applied Materials Inc.
2.63%, 10/01/20 (Call 09/01/20)	$	593	$	596,643
4.30%, 06/15/21		828		860,105
Broadcom Corp./Broadcom Cayman Finance Ltd.
2.20%, 01/15/21^(a)		2,527		2,526,036
2.38%, 01/15/20		2,799		2,801,087
2.65%, 01/15/23 (Call 12/15/22)		905		906,749
3.00%, 01/15/22 (Call 12/15/21)^(a)		2,572		2,604,022
3.63%, 01/15/24 (Call 11/15/23)		2,124		2,185,028
Broadcom Inc.
3.13%, 10/15/22^(b)		2,620		2,668,024
3.63%, 10/15/24 (Call 09/15/24)^(b)		1,000		1,026,851
Intel Corp.
1.70%, 05/19/21 (Call 04/19/21)		301		300,788
1.85%, 05/11/20		769		769,651
2.35%, 05/11/22 (Call 04/11/22)		2,265		2,296,203
2.45%, 07/29/20		2,279		2,289,623
2.70%, 12/15/22		1,850		1,900,135
2.88%, 05/11/24 (Call 03/11/24)		602		626,380
3.30%, 10/01/21		1,453		1,494,599
KLA Corp., 4.13%, 11/01/21 (Call 09/01/21)		453		469,130
Lam Research Corp.
2.75%, 03/15/20 (Call 02/15/20)^(a)		320		320,700
2.80%, 06/15/21 (Call 05/15/21)		1,322		1,341,330
Maxim Integrated Products Inc., 3.38%, 03/15/23 (Call 12/15/22)		125		128,556
Microchip Technology Inc., 4.33%, 06/01/23 (Call 05/01/23)		1,060		1,121,658
Micron Technology Inc., 4.64%, 02/06/24 (Call 01/06/24)^(a)		635		681,361
NVIDIA Corp., 2.20%, 09/16/21 (Call 08/16/21)		1,896		1,903,499
NXP BV/NXP Funding LLC, 4.88%, 03/01/24 (Call 02/01/24)^(b)		879		955,007
QUALCOMM Inc.
2.25%, 05/20/20		1,785		1,788,934
2.60%, 01/30/23 (Call 12/30/22)		2,756		2,806,342
2.90%, 05/20/24 (Call 03/20/24)		1,100		1,134,415
3.00%, 05/20/22		1,226		1,257,556
Texas Instruments Inc.
1.75%, 05/01/20 (Call 04/01/20)^(a)		125		125,077
1.85%, 05/15/22 (Call 04/15/22)^(a)		25		25,030
2.25%, 05/01/23 (Call 02/01/23)		105		106,421
2.75%, 03/12/21 (Call 02/12/21)		569		575,817
Xilinx Inc.
2.95%, 06/01/24 (Call 04/01/24)		525		541,909
3.00%, 03/15/21		495		500,990

				42,109,665

Software — 2.6%
Activision Blizzard Inc., 2.30%, 09/15/21 (Call 08/15/21)		383		384,741
Adobe Inc., 4.75%, 02/01/20		1,655		1,667,267
CA Inc.
3.60%, 08/15/22 (Call 07/15/22)		418		427,283
5.38%, 12/01/19		156		156,216
Fidelity National Information Services Inc.
2.25%, 08/15/21 (Call 07/15/21)		2,007		2,014,096
3.50%, 04/15/23 (Call 01/15/23)		95		99,069
3.63%, 10/15/20 (Call 09/15/20)		1,130		1,145,395
Fiserv Inc.
2.70%, 06/01/20 (Call 05/01/20)		1,055		1,058,851
2.75%, 07/01/24 (Call 06/01/24)		2,237		2,283,785
3.80%, 10/01/23 (Call 09/01/23)		820		868,856


Security	Par (000)		Value

Software (continued)
Microsoft Corp.
1.55%, 08/08/21 (Call 07/08/21)	$	2,470	$	2,465,567
1.85%, 02/06/20		781		780,998
1.85%, 02/12/20 (Call 01/12/20)^(a)		1,345		1,345,217
2.00%, 11/03/20 (Call 10/03/20)		1,889		1,893,496
2.00%, 08/08/23 (Call 06/08/23)		1,450		1,462,987
2.13%, 11/15/22		250		253,174
2.38%, 02/12/22 (Call 01/12/22)		1,912		1,939,445
2.38%, 05/01/23 (Call 02/01/23)		1,795		1,831,334
2.40%, 02/06/22 (Call 01/06/22)		1,795		1,820,070
2.65%, 11/03/22 (Call 09/03/22)		973		998,838
2.88%, 02/06/24 (Call 12/06/23)		2,475		2,578,064
3.00%, 10/01/20		241		243,757
3.63%, 12/15/23 (Call 09/15/23)		1,450		1,552,025
Oracle Corp.
1.90%, 09/15/21 (Call 08/15/21)		3,403		3,410,465
2.40%, 09/15/23 (Call 07/15/23)		2,835		2,875,241
2.50%, 05/15/22 (Call 03/15/22)		3,555		3,609,308
2.50%, 10/15/22		1,714		1,746,257
2.63%, 02/15/23 (Call 01/15/23)		960		979,738
2.80%, 07/08/21		2,541		2,584,637
3.40%, 07/08/24 (Call 04/08/24)		1,550		1,639,973
3.63%, 07/15/23		51		54,039
3.88%, 07/15/20		997		1,010,587
salesforce.com Inc., 3.25%, 04/11/23 (Call 03/11/23)		849		884,841
VMware Inc.
2.30%, 08/21/20		977		978,615
2.95%, 08/21/22 (Call 07/21/22)		1,383		1,404,116

				50,448,348

Telecommunications — 2.7%
AT&T Inc.
2.45%, 06/30/20 (Call 05/30/20)		1,126		1,129,015
2.63%, 12/01/22 (Call 09/01/22)		358		363,449
2.80%, 02/17/21 (Call 01/17/21)		1,415		1,429,185
3.00%, 02/15/22		2,490		2,545,823
3.00%, 06/30/22 (Call 04/30/22)		2,515		2,572,932
3.20%, 03/01/22 (Call 02/01/22)		1,475		1,513,109
3.55%, 06/01/24 (Call 03/01/24)		57		59,814
3.60%, 02/17/23 (Call 12/17/22)		1,290		1,346,624
3.80%, 03/15/22		1,862		1,937,862
3.80%, 03/01/24 (Call 01/01/24)		1,250		1,324,591
3.88%, 08/15/21		1,095		1,130,835
3.90%, 03/11/24 (Call 12/11/23)		299		317,152
4.45%, 05/15/21		420		435,640
4.45%, 04/01/24 (Call 01/01/24)		1,002		1,084,400
4.60%, 02/15/21 (Call 11/15/20)		1,134		1,164,464
British Telecommunications PLC, 4.50%, 12/04/23 (Call 11/04/23)		1,050		1,131,842
Cisco Systems Inc.
1.85%, 09/20/21 (Call 08/20/21)		1,864		1,867,139
2.20%, 02/28/21		3,562		3,582,217
2.20%, 09/20/23 (Call 07/20/23)		255		258,337
2.45%, 06/15/20		1,656		1,662,269
2.60%, 02/28/23		9		9,228
3.00%, 06/15/22		115		118,616
3.63%, 03/04/24		622		667,553
4.45%, 01/15/20		3,896		3,916,267
Juniper Networks Inc., 4.50%, 03/15/24		22		23,792


Security	Par (000)		Value

Telecommunications (continued)
Motorola Solutions Inc.
3.50%, 03/01/23	$	179	$	185,369
3.75%, 05/15/22		818		848,378
Orange SA
1.63%, 11/03/19^(a)		1,186		1,186,000
4.13%, 09/14/21^(a)		428		444,948
Rogers Communications Inc., 4.10%, 10/01/23 (Call 07/01/23)		1,040		1,108,673
Telefonica Emisiones SA
4.57%, 04/27/23		1,025		1,105,044
5.13%, 04/27/20^(a)		2,367		2,401,460
5.46%, 02/16/21		679		708,179
Verizon Communications Inc.
2.45%, 11/01/22 (Call 08/01/22)		948		962,238
2.95%, 03/15/22		1,599		1,639,258
3.13%, 03/16/22		1,935		1,990,688
3.45%, 03/15/21		80		81,729
4.15%, 03/15/24 (Call 12/15/23)		115		124,433
4.60%, 04/01/21		400		414,957
5.15%, 09/15/23		4,284		4,785,786
Vodafone Group PLC
2.50%, 09/26/22^(a)		35		35,619
3.75%, 01/16/24		3,123		3,290,194

				52,905,108

Transportation — 0.8%
Burlington Northern Santa Fe LLC
3.00%, 03/15/23 (Call 12/15/22)		1,541		1,589,925
3.05%, 03/15/22 (Call 12/15/21)		250		256,220
3.05%, 09/01/22 (Call 06/01/22)^(a)		545		561,512
3.40%, 09/01/24 (Call 06/01/24)		23		24,470
3.85%, 09/01/23 (Call 06/01/23)		75		80,023
CSX Corp.
3.40%, 08/01/24 (Call 05/01/24)		1,000		1,057,575
3.70%, 11/01/23 (Call 08/01/23)		75		79,283
FedEx Corp.
2.63%, 08/01/22^(a)		1,215		1,230,682
3.40%, 01/14/22		425		437,576
4.00%, 01/15/24		25		26,671
Norfolk Southern Corp.
2.90%, 02/15/23 (Call 11/15/22)		245		250,946
3.00%, 04/01/22 (Call 01/01/22)^(a)		941		960,999
3.25%, 12/01/21 (Call 09/01/21)		50		51,179
Ryder System Inc.
2.50%, 09/01/24 (Call 08/01/24)		75		75,471
2.88%, 06/01/22 (Call 05/01/22)		75		76,297
3.65%, 03/18/24 (Call 02/18/24)		848		893,447
Union Pacific Corp.
2.95%, 03/01/22		45		46,085
3.15%, 03/01/24 (Call 02/01/24)^(a)		130		135,842
3.20%, 06/08/21		936		955,831
3.50%, 06/08/23 (Call 05/08/23)		1,145		1,200,373
4.00%, 02/01/21 (Call 11/01/20)^(a)		310		316,609
4.16%, 07/15/22 (Call 04/15/22)^(a)		1,000		1,054,974
United Parcel Service Inc.
2.05%, 04/01/21		102		102,345
2.35%, 05/16/22 (Call 04/16/22)		500		506,011
2.45%, 10/01/22		1,321		1,342,971
2.50%, 04/01/23 (Call 03/01/23)		1,665		1,696,262


Security	Par/ Shares (000)		Value

Transportation (continued)
3.13%, 01/15/21	$	640	$	650,013

				15,659,592


Total Corporate Bonds & Notes — 99.0% (Cost: $1,876,980,662)				1,914,853,720


Short-Term Investments

Money Market Funds — 5.9%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.00%^(e)(f)(g)		88,613		88,657,772
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.74%^(e)(f)		25,905		25,905,000

				114,562,772


Total Short-Term Investments — 5.9% (Cost: $114,537,752)				114,562,772


Total Investments in Securities — 104.9% (Cost: $1,991,518,414)				2,029,416,492

Other Assets, Less Liabilities — (4.9)%				(95,131,264	)


Net Assets — 100.0%			$	1,934,285,228

Investments in issuers considered to be affiliates of the Fund during the year ended October 31, 2019, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:


Security		Par (000)		Value

Corporate Bonds & Notes

Australia — 1.0%
Australia & New Zealand Banking Group Ltd., Series TCD, 3.25%, 06/03/20^(a)	AUD		100	$	69,688
National Australia Bank Ltd.
0.63%, 08/30/23^(a)	EUR		100		114,373
4.00%, 12/16/21	AUD		50		36,384
Westpac Banking Corp., 0.63%, 11/22/24^(a)	EUR		100		114,547

					334,992

Austria — 0.7%
Raiffeisen Bank International AG, 0.25%, 07/05/21^(a)	EUR		100		112,224
Verbund AG, 1.50%, 11/20/24^(a)	EUR		100		119,982

					232,206

Brazil — 0.3%
Fibria Overseas Finance Ltd., 5.50%, 01/17/27^(b)	USD		100		109,012


Canada — 0.9%
Bank of Nova Scotia (The), 2.38%, 01/18/23	USD		50		50,529
Brookfield Renewable Partners ULC, 4.25%, 01/15/29 (Call 10/15/28)	CAD		75		61,627
Ontario Power Generation Inc., 4.25%, 01/18/49 (Call 07/18/48)	CAD		110		94,667
Toronto-Dominion Bank (The), 1.85%, 09/11/20	USD		100		100,017

					306,840

China — 2.0%
Bank of China Ltd./Luxembourg, 2.25%, 07/12/21^(a)	USD		200		199,604
CGNPC International Ltd., 2.00%, 09/11/25^(a)	EUR		100		119,347
China Development Bank, 0.38%, 11/16/21^(a)	EUR		100		112,367
Rail Transit International Development Co. Ltd., 1.63%, 06/22/22^(a)	EUR		100		115,342
Three Gorges Finance II Cayman Islands Ltd., 1.30%, 06/21/24^(a)	EUR		100		116,218

					662,878

Denmark — 0.8%
Orsted AS
2.13%, 05/17/27 (Call 02/17/27)^(a)	GBP		100		135,792
2.25%, 11/24/3017 (Call 08/24/24)^(a)(c)	EUR		100		116,865

					252,657

Finland — 0.3%
Nordea Bank Abp, 0.30%, 06/30/22^(a)	EUR		100		112,875


France — 9.7%
ALD SA, 1.25%, 10/11/22^(a)	EUR		100		115,315
BNP Paribas SA
1.00%, 04/17/24^(a)	EUR		100		115,514
1.13%, 08/28/24^(a)	EUR		100		116,054
Covivio, 1.13%, 09/17/31 (Call 06/17/31)^(a)	EUR		100		113,887
Credit Agricole SA/London, 0.75%, 12/05/23^(a)	EUR		100		114,976
Electricite de France SA
1.00%, 10/13/26 (Call 07/13/26)^(a)	EUR		200		235,228
3.63%, 10/13/25 (Call 07/13/25)^(b)(d)	USD		150		160,544
Engie SA
0.38%, 02/28/23 (Call 11/28/22)^(a)	EUR		100		113,179
0.88%, 03/27/24 (Call 12/27/23)^(a)	EUR		100		116,014
1.38%, (Call 01/16/23)^(a)(c)(e)	EUR		100		112,690
1.38%, 02/28/29 (Call 11/28/28)^(a)	EUR		100		122,173
1.38%, 06/21/39 (Call 03/21/39)^(a)	EUR		100		119,272
3.25%, (Call 11/28/24)^(a)(c)(e)	EUR		100		122,591
HSBC France SA, 0.63%, 12/03/20	EUR		100		112,625
ICADE, 1.50%, 09/13/27 (Call 06/13/27)^(a)	EUR		100		119,629


Security		Par (000)		Value

France (continued)
La Banque Postale SA, 1.38%, 04/24/29^(a)	EUR		100	$	118,995
La Poste SA, 1.45%, 11/30/28^(a)	EUR		100		121,871
Regie Autonome des Transports Parisiens, 0.35%, 06/20/29^(a)	EUR		100		114,254
SNCF Reseau
1.00%, 11/09/31^(a)	EUR		100		120,836
1.88%, 03/30/34^(a)	EUR		200		267,442
2.25%, 12/20/47^(a)	EUR		100		146,407
Societe Generale SA, 0.13%, 10/05/21^(a)	EUR		100		112,145
Societe Generale SFH SA, 0.13%, 07/18/29^(a)	EUR		100		112,435
Unibail-Rodamco-Westfield SE, 2.50%, 02/26/24^(a)	EUR		150		185,475

					3,209,551

Germany — 10.5%
Berlin Hyp AG
0.01%, 07/19/27^(a)	EUR		50		56,385
0.13%, 05/05/22^(a)	EUR		50		56,493
0.13%, 10/23/23	EUR		100		113,569
1.13%, 10/25/27^(a)	EUR		100		118,836
Deutsche Hypothekenbank AG, 0.25%, 12/10/24^(a)	EUR		100		114,559
Deutsche Kreditbank AG, 0.75%, 09/26/24^(a)	EUR		100		114,945
E.ON SE
0.00%, 08/28/24 (Call 05/28/24)^(a)(f)	EUR		50		55,567
0.35%, 02/28/30 (Call 11/28/29)^(a)	EUR		50		54,607
EnBW Energie Baden-Wuerttemberg AG, 1.13%, 11/05/79 (Call 08/05/24)^(a)(c)	EUR		100		111,127
EnBW International Finance BV, 1.88%, 10/31/33 (Call 07/31/33)^(a)	EUR		50		65,435
Innogy Finance BV, 1.25%, 10/19/27 (Call 07/19/27)^(a)	EUR		100		119,280
KfW
0.01%, 05/05/27^(a)	EUR		300		342,125
0.05%, 05/30/24	EUR		150		171,463
0.13%, 06/03/22	SEK		1,000		103,658
0.25%, 06/30/25	EUR		200		231,488
0.50%, 09/28/26^(a)	EUR		100		118,137
0.88%, 09/15/26^(a)	GBP		50		64,954
1.25%, 08/28/23	NOK		500		53,523
1.38%, 02/02/28^(a)	SEK		300		33,526
1.63%, 06/05/20^(a)	GBP		100		129,976
1.75%, 09/14/29	USD		200		199,664
2.00%, 11/30/21	USD		350		352,789
2.00%, 09/29/22	USD		100		101,161
2.40%, 07/02/20^(a)	AUD		150		104,252
Landesbank Baden-Wuerttemberg
0.13%, 06/27/23^(a)	EUR		100		113,520
Series 806, 0.38%, 05/24/24^(a)	EUR		100		112,269
NRW Bank
0.38%, 11/17/26^(a)	EUR		50		58,105
0.50%, 09/13/27^(a)	EUR		50		58,683
0.75%, 06/30/28^(a)	EUR		50		59,942
0.88%, 11/10/25^(a)	EUR		75		89,498

					3,479,536

India — 0.6%
Axis Bank Ltd./Dubai, 2.88%, 06/01/21^(a)	USD		200		200,290


Ireland — 0.4%
ESB Finance DAC, 1.13%, 06/11/30 (Call 03/11/30)^(a)	EUR		100		119,193


Italy — 3.1%
Enel Finance International NV
1.00%, 09/16/24^(a)	EUR		125		145,223


Security		Par (000)		Value

Italy (continued)
1.13%, 09/16/26 (Call 06/16/26)^(a)	EUR		150	$	176,639
1.50%, 07/21/25 (Call 04/21/25)^(a)	EUR		100		119,440
Ferrovie dello Stato Italiane SpA, 0.88%, 12/07/23^(a)	EUR		100		114,157
Hera SpA, 0.88%, 07/05/27 (Call 04/05/27)^(a)	EUR		100		115,103
Intesa Sanpaolo SpA, 0.88%, 06/27/22^(a)	EUR		100		113,801
Iren SpA, 1.95%, 09/19/25 (Call 06/19/25)^(a)	EUR		100		121,572
Unione di Banche Italiane SpA, 1.50%, 04/10/24^(a)	EUR		100		114,833

					1,020,768

Japan — 1.7%
Mitsubishi UFJ Financial Group Inc.
0.98%, 10/09/23^(a)	EUR		200		229,991
2.53%, 09/13/23^(b)	USD		200		202,002
Sumitomo Mitsui Financial Group Inc., 0.93%, 10/11/24^(a)	EUR		100		115,216

					547,209

Lithuania — 0.4%
Lietuvos Energija UAB, 2.00%, 07/14/27^(a)	EUR		100		121,319


Luxembourg — 0.4%
Prologis International Funding II SA, 0.88%, 07/09/29 (Call 04/09/29)^(a)	EUR		125		140,176


Netherlands — 6.4%
ABN AMRO Bank NV
0.63%, 05/31/22^(a)	EUR		50		56,765
0.75%, 06/09/20^(a)	EUR		50		56,133
0.88%, 04/22/25^(a)	EUR		100		115,960
Alliander NV, 0.88%, 04/22/26 (Call 01/22/26)^(a)	EUR		100		117,402
Cooperatieve Rabobank UA, 0.13%, 10/11/21^(a)	EUR		100		112,249
ING Groep NV
2.50%, 11/15/30^(a)	EUR		100		133,060
4.63%, 01/06/26^(d)	USD		200		222,354
LeasePlan Corp. NV, 1.38%, 03/07/24^(a)	EUR		100		116,081
Nederlandse Waterschapsbank NV
0.70%, 01/25/23^(a)	SEK		550		57,818
1.00%, 09/03/25^(a)	EUR		100		120,139
2.38%, 03/24/26^(d)	USD		200		207,310
TenneT Holding BV
0.75%, 06/26/25 (Call 03/26/25)^(a)	EUR		100		115,808
0.88%, 06/03/30 (Call 03/03/30)^(a)	EUR		100		116,463
1.25%, 10/24/33 (Call 07/24/33)^(a)	EUR		150		179,929
1.75%, 06/04/27 (Call 03/04/27)^(a)	EUR		100		124,571
2.00%, 06/05/34 (Call 03/05/34)^(a)	EUR		100		131,438
Vesteda Finance BV, 1.50%, 05/24/27 (Call 02/24/27)^(a)	EUR		100		118,092

					2,101,572

Norway — 1.0%
DNB Boligkreditt AS, 0.63%, 06/19/25^(a)	EUR		175		204,270
SpareBank 1 Boligkreditt AS, 0.50%, 01/30/25^(a)	EUR		100		115,855

					320,125

Portugal — 0.3%
EDP Finance BV, 0.38%, 09/16/26 (Call 06/16/26)^(a)	EUR		100		111,366


South Korea — 0.6%
Hyundai Capital Services Inc., 2.88%, 03/16/21^(a)	USD		200		201,038


Spain — 3.9%
Adif — Alta Velocidad, 0.80%, 07/05/23^(a)	EUR		100		115,021
Banco Bilbao Vizcaya Argentaria SA
1.00%, 06/21/26^(a)	EUR		100		115,741
1.38%, 05/14/25^(a)	EUR		100		117,996


Security		Par (000)		Value

Spain (continued)
Iberdrola Finanzas SA
1.25%, 10/28/26 (Call 07/28/26)^(a)	EUR		100	$	119,683
1.25%, (Call 13/06/2027), 09/13/27^(a)	EUR		100		120,516
Iberdrola International BV
0.38%, 09/15/25^(a)	EUR		100		113,187
1.13%, 04/21/26^(a)	EUR		100		118,462
1.88%, (Call 02/22/23)^(a)(c)(e)	EUR		200		228,151
2.63%, (Call 12/26/23)^(a)(c)(e)	EUR		100		118,803
Naturgy Finance BV Co., 0.88%, 05/15/25 (Call 02/15/25)^(a)	EUR		100		115,801

					1,283,361

Sweden — 1.0%
Skandinaviska Enskilda Banken AB, 0.30%, 02/17/22^(a)	EUR		100		112,664
Svenska Handelsbanken AB, 0.38%, 07/03/23^(a)	EUR		100		113,316
Vattenfall AB, 0.50%, 06/24/26 (Call 03/24/26)^(a)	EUR		100		113,318

					339,298

United Kingdom — 1.6%
Barclays PLC, 0.63%, 11/14/23 (Call 11/14/22)^(a)(c)	EUR		100		112,934
Gwynt y Mor OFTO PLC, 2.78%, 02/17/34^(a)	GBP		84		118,131
HSBC Holdings PLC, 1.50%, 12/04/24 (Call 12/04/23)^(a)(c)	EUR		100		117,949
SSE PLC, 0.88%, 09/06/25 (Call 06/06/25)^(a)	EUR		150		171,700

					520,714

United States — 9.8%
Alexandria Real Estate Equities Inc., 4.00%, 01/15/24 (Call 12/15/23)	USD		125		133,720
Apple Inc.
2.85%, 02/23/23 (Call 12/23/22)	USD		150		154,689
3.00%, 06/20/27 (Call 03/20/27)^(b)	USD		125		131,756
Avangrid Inc., 3.15%, 12/01/24 (Call 10/01/24)	USD		100		103,544
Bank of America Corp.
2.15%, 11/09/20 (Call 11/09/19)	USD		150		149,982
3.50%, 05/17/22 (Call 05/17/21)^(c)	USD		100		102,111
Boston Properties LP
3.40%, 06/21/29 (Call 03/21/29)	USD		50		52,739
4.50%, 12/01/28 (Call 09/01/28)	USD		150		170,886
Citigroup Inc., 0.50%, 01/29/22 (Call 12/29/21)^(a)	EUR		100		113,039
Digital Euro Finco LLC, 2.50%, 01/16/26 (Call 10/16/25)^(a)	EUR		100		121,924
Digital Realty Trust LP, 3.95%, 07/01/22 (Call 05/01/22)	USD		75		78,318
DTE Electric Co.
3.95%, 03/01/49 (Call 09/01/48)	USD		35		40,648
Series A, 4.05%, 05/15/48 (Call 11/15/47)	USD		75		88,101
Duke Energy Carolinas LLC, 3.95%, 11/15/28 (Call 08/15/28)	USD		100		112,952
Duke Energy Progress LLC, 3.45%, 03/15/29 (Call 12/15/28)	USD		50		54,340
ERP Operating LP, 4.15%, 12/01/28 (Call 09/01/28)	USD		50		56,330
Interstate Power & Light Co.
3.50%, 09/30/49 (Call 03/30/49)	USD		25		25,392
4.10%, 09/26/28 (Call 06/26/28)	USD		75		83,026
Kaiser Foundation Hospitals, 3.15%, 05/01/27 (Call 02/01/27)	USD		100		105,659
Massachusetts Institute of Technology, 3.96%, 07/01/38	USD		50		57,963
MidAmerican Energy Co.
3.10%, 05/01/27 (Call 02/01/27)^(b)	USD		50		52,745
3.65%, 04/15/29 (Call 01/15/29)	USD		50		55,381
3.65%, 08/01/48 (Call 02/01/48)	USD		50		55,399
3.95%, 08/01/47 (Call 02/01/47)	USD		150		173,152
4.25%, 07/15/49 (Call 01/15/49)	USD		75		92,030
Northern States Power Co./MN, 2.90%, 03/01/50 (Call 09/01/49)	USD		100		97,131


Security		Par (000)		Value

United States (continued)
NSTAR Electric Co., 3.25%, 05/15/29 (Call 02/15/29)	USD		25	$	26,681
Public Service Co. of Colorado
3.70%, 06/15/28 (Call 12/15/27)	USD		50		55,134
4.10%, 06/15/48 (Call 12/15/47)	USD		50		59,065
Southern Power Co.
1.85%, 06/20/26	EUR		100		122,555
4.15%, 12/01/25 (Call 09/01/25)	USD		150		164,107
Southwestern Public Service Co., 3.75%, 06/15/49 (Call 12/15/48)	USD		25		27,536
Toyota Motor Credit Corp., 0.00%, 07/21/21^(a)(f)	EUR		100		111,803
Verizon Communications Inc., 3.88%, 02/08/29 (Call 11/08/28)^(b)	USD		135		149,075
Westar Energy Inc., 2.55%, 07/01/26 (Call 04/01/26)	USD		50		50,570

					3,229,483


Total Corporate Bonds & Notes — 57.4% (Cost: $18,243,983)					18,956,459


Foreign Government Obligations

Australia — 0.8%
New South Wales Treasury Corp., 3.00%, 11/15/28^(a)	AUD		150		116,535
Queensland Treasury Corp.
2.50%, 03/06/29^(a)	AUD		100		74,519
3.00%, 03/22/24^(d)	AUD		100		74,370

					265,424

Belgium — 2.6%
Kingdom of Belgium Government Bond, Series 86 1.25%, 04/22/33^(a)	EUR		660		848,089


Canada — 2.3%
CPPIB Capital Inc., 3.00%, 06/15/28^(a)	CAD		250		204,164
Export Development Canada, 1.80%, 09/01/22	CAD		150		114,571
Province of Ontario Canada
1.95%, 01/27/23	CAD		125		95,688
2.65%, 02/05/25	CAD		225		177,783
Province of Quebec Canada
1.65%, 03/03/22	CAD		75		57,040
2.45%, 03/01/23	CAD		150		116,707

					765,953

Chile — 1.0%
Chile Government International Bond
0.83%, 07/02/31 (Call 04/02/31)	EUR		100		113,932
3.50%, 01/25/50 (Call 07/25/49)	USD		200		215,232

					329,164

Denmark — 0.5%
Kommunekredit, 0.75%, 05/18/27^(a)	EUR		150		178,339


Finland — 0.4%
Municipality Finance PLC, 0.75%, 09/07/27^(a)	EUR		100		119,866


France — 12.3%
Agence Francaise de Developpement EPIC, 0.50%, 10/31/25^(a)	EUR		100		115,926
Caisse des Depots et Consignations, 0.20%, 03/01/22^(a)	EUR		100		113,407
French Republic Government Bond OAT, 1.75%, 06/25/39^(d)	EUR		1,925		2,704,593
Region of Ile de France
0.63%, 04/23/27^(a)	EUR		100		117,277
1.38%, 06/20/33^(a)	EUR		100		127,802
2.38%, 04/24/26^(a)	EUR		100		129,952
SNCF Reseau, 0.88%, 01/22/29^(a)	EUR		100		119,012


Security		Par (000)		Value

France (continued)
Societe Du Grand Paris EPIC
1.13%, 10/22/28^(a)	EUR		200	$	245,314
1.13%, 05/25/34^(a)	EUR		300		370,642

					4,043,925

Indonesia — 0.6%
Perusahaan Penerbit SBSN Indonesia III, 3.75%, 03/01/23^(a)	USD		200		207,700


Ireland — 1.7%
Ireland Government Bond, 1.35%, 03/18/31^(a)	EUR		455		576,388


Netherlands — 2.1%
Netherlands Government Bond, 0.50%, 01/15/40^(d)	EUR		565		683,424


Norway — 0.7%
Kommunalbanken AS
1.38%, 10/26/20^(d)	USD		200		199,258
2.70%, 09/05/23	AUD		50		36,311

					235,569

Poland — 1.3%
Republic of Poland Government International Bond
0.50%, 12/20/21^(a)	EUR		100		113,086
1.00%, 03/07/29^(a)	EUR		100		121,305
1.13%, 08/07/26^(a)	EUR		100		120,328
2.00%, 03/08/49^(a)	EUR		50		69,685

					424,404

Spain — 0.4%
Adif — Alta Velocidad, 1.25%, 05/04/26^(a)	EUR		100		119,169


Supranational — 13.1%
African Development Bank, 3.00%, 12/06/21	USD		50		51,416
Asian Development Bank
0.35%, 07/16/25	EUR		75		86,913
2.13%, 03/19/25	USD		50		51,271
2.45%, 01/17/24	AUD		100		72,309
3.13%, 09/26/28	USD		150		166,965
Series 5Y, 1.88%, 08/10/22	USD		125		125,963
EUROFIMA, 0.25%, 02/09/24^(a)	EUR		100		114,153
European Bank for Reconstruction & Development
0.00%, 01/10/24^(f)	EUR		100		113,534
1.88%, 07/15/21	USD		150		150,541
European Investment Bank
0.38%, 05/15/26^(a)	EUR		150		175,372
0.50%, 07/19/22^(a)	SEK		400		41,943
0.50%, 11/15/23^(a)	EUR		350		406,643
0.50%, 11/13/37	EUR		200		234,220
0.75%, 11/15/24^(a)	GBP		75		96,841
1.13%, 09/16/21^(a)	CAD		200		150,660
1.13%, 11/15/32	EUR		50		63,585
1.25%, 11/13/26^(a)	EUR		100		124,451
1.50%, 03/02/27	SEK		1,900		213,301
1.50%, 11/15/47	EUR		100		143,243
1.63%, 02/04/25^(a)	CHF		50		56,479
2.13%, 04/13/26^(b)	USD		225		231,311
2.25%, 03/07/20^(a)	GBP		100		130,021
2.38%, 05/24/27	USD		75		78,676
2.70%, 01/12/23^(a)	AUD		150		108,240
2.88%, 06/13/25^(d)	USD		200		213,312
3.30%, 02/03/28	AUD		100		78,299
International Bank for Reconstruction & Development 0.63%, 11/22/27	EUR		100		119,221


Security	Par (000)		Value

Supranational (continued)
1.75%, 11/22/21 (Call 02/22/20)	USD	50	$	50,010
2.13%, 03/03/25	USD	150		153,951
International Finance Corp.
1.25%, 12/15/23	GBP	50		65,958
2.00%, 10/24/22	USD	125		126,519
2.13%, 04/07/26	USD	100		102,761
Nordic Investment Bank
0.13%, 06/10/24^(a)	EUR	50		57,310
0.16%, 04/23/20	SEK	500		51,893
0.50%, 11/03/25^(a)	EUR	100		117,384

				4,324,669

Sweden — 1.5%
Kommuninvest I Sverige AB
0.38%, 03/27/24^(a)	SEK	1,000		104,496
1.88%, 06/01/21^(d)	USD	200		200,514
Svensk Exportkredit AB, 1.88%, 06/23/20	USD	200		200,048

				505,058

United Kingdom — 0.4%
Transport for London, 2.13%, 04/24/25^(a)	GBP	100		136,694


Total Foreign Government Obligations — 41.7% (Cost: $12,933,121)				13,763,835


Municipal Debt Obligations

United States — 0.2%
District of Columbia Water & Sewer Authority RB, Series A, 4.81%, 10/01/2114	$	50		67,839


Total Municipal Debt Obligations — 0.2% (Cost: $51,426)				67,839


Security	Shares (000)		Value

Short-Term Investments

Money Market Funds — 3.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.00%^(g)(h)(i)		631	$	631,714
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.74%^(g)(h)		610		610,000

				1,241,714


Total Short-Term Investments — 3.8% (Cost: $1,241,667)				1,241,714


Total Investments in Securities — 103.1% (Cost: $32,470,197)				34,029,847

Other Assets, Less Liabilities — (3.1)%				(1,029,119	)


Net Assets — 100.0%			$	33,000,728

^(a)	This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

^(b)	All or a portion of this security is on loan.

^(c)	Security is issued at a fixed coupon rate, which converts to a variable rate at a specified date.

^(d)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(e)	Perpetual security with no stated maturity date.

^(f)	Zero-coupon bond.

^(g)	Affiliate of the Fund.

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

⁽ⁱ⁾	All or a portion of this security was purchased with cash collateral received from loaned securities.

Investments in issuers considered to be affiliates of the Fund during the period ended October 31, 2019, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

As of October 31, 2019, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

For the period ended October 31, 2019, the effect of derivative financial instruments in the Statements of Operations was as follows:

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

These financial statements relate only to the following funds (each, a “Fund,” and collectively, the “Funds”):

Investment Transactions and Income Recognition: Investment transactions are accounted for on trade date. Realized gains and losses on investment transactions are determined using the specific identification method. Interest income, including amortization and accretion of premiums and discounts on debt securities, and payment-in-kind interest income, if any, are recognized daily on the accrual basis. Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source.

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:

The following table is a summary of the securities lending agreements by counterparty which are subject to offset under an MSLA as of October 31, 2019:

Forward Foreign Currency Exchange Contracts: The iShares Global Green Bond ETF uses forward foreign currency exchange contracts to hedge the currency exposure of non-U.S. dollar-denominated securities held in its portfolio. A forward foreign currency exchange contract is an agreement between two parties to buy and sell a currency against another currency at an agreed upon price and quantity. The contracts are traded over-the-counter (“OTC”) and not on an organized exchange.

currency. The use of forward foreign currency exchange contracts involves the risk that the value of a contract changes unfavorably due to movements in the value of the referenced foreign currencies. A fund’s risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the fund.

For financial reporting purposes, each Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the statement of assets and liabilities.

Expense Waivers: The total of the investment advisory fee and any fund other expenses are a fund’s total annual operating expenses. For the iShares Global Green Bond ETF, BFA has contractually agreed to waive a portion of its investment advisory fee through March 1, 2020 in order to limit the Fund’s total annual operating expenses after fee waiver to 0.20% of average daily net assets.

Officers and Trustees: Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.

For the year ended October 31, 2019, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

For the year ended October 31, 2019, purchases and sales of investments, excluding in-kind transactions and short-term investments, were as follows:

Each Fund is treated as an entity separate from the Company’s other funds for federal income tax purposes. It is the policy of each Fund to qualify as a regulated investment company by complying with the provisions applicable to regulated investment companies, as defined under Subchapter M of the Internal Revenue Code of 1986, as amended, and to annually distribute substantially all of its ordinary income and any net capital gains (taking into account any capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income and excise taxes. Accordingly, no provision for federal income taxes is required.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of October 31, 2019, the following permanent differences attributable to the use of equalization and realized gains (losses) from in-kind redemptions, were reclassified to the following accounts:

As of October 31, 2019, the tax components of accumulated net earnings (losses) were as follows:

For the year ended October 31, 2019, the iShares 0-5 Year Investment Grade Corporate Bond ETF utilized $293,199 of its capital loss carryforwards.

orders in the event of a ‘flash crash’, such as the one that occurred on May 6, 2010. On September 18, 2017, the court issued a Statement of Decision holding that the Plaintiffs lack standing to assert their claims. On October 11, 2017, the court entered final judgment dismissing all of the Plaintiffs’ claims with prejudice. Plaintiffs have appealed the court’s decision. The appeal was fully briefed on January 18, 2019, and a hearing on Plaintiffs’ appeal took place on November 19, 2019.

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of iShares 0-5 Year Investment Grade Corporate Bond ETF and iShares Global Green Bond ETF (two of the funds constituting iShares Trust, hereafter collectively referred to as the “Funds”) as of October 31, 2019, the related statements of operations and changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2019, the results of each of their operations and changes in each of their net assets for each of the periods indicated in the table below and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

We have served as the auditor of one or more BlackRock investment companies since 2000.

For the fiscal year ended October 31, 2019, the Fund earned foreign source income which it intends to pass through to its shareholders:

The Funds hereby designate the following amounts of distributions from direct federal obligation interest for the fiscal year ended October 31, 2019:

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs (including, where applicable, funds sponsored by an “at cost” service provider), objectively selected by Broadridge as comprising the Fund’s applicable peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the applicable Peer Groups. The Board further noted that due to the limitations in providing comparable funds in the various Peer Groups, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances.

The Board also noted that the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in their respective Peer Group, excluding iShares funds. In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as any particular Fund, Broadridge also provided, and the Board reviewed, a comparison of such Fund’s performance for the one-, three-, five-, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2018, to that of relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its respective underlying index over the relevant periods.

Nature, Extent and Quality of Services Provided by BFA: Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Contract for the coming year as compared to the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the June 17-19, 2019 meeting and throughout the year.

funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation during their meetings. The Board recognized that profitability may be affected by numerous factors including, among other things, fee waivers by the Adviser, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed the sources of direct and ancillary revenue with management, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services, noting that such costs have increased over the past year. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Contract for the Funds did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board would continue to assess the appropriateness of adding breakpoints in the future.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objectives and strategies as the Fund and that track the same indexes. The Board further noted that BFA provided the Board with detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded ETFs, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate. The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rates under the Advisory Contract for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Trustees, determined that the Fund’s investment advisory fee rates under the Advisory Contract do not constitute fees that are so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Contract for the coming year.

Independent Trustees) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Trustees requested, and BFA provided, such information as the Independent Trustees, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Contract. At meetings on May 6, 2019 and May 17, 2019, a committee composed of all of the Independent Trustees (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or their independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 17-19, 2019, the Board, including the Independent Trustees, reviewed the additional information provided by management in response to these requests.

The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds. The Board also noted that BFA pays BIL for its sub-advisory services, and that there are no additional fees imposed on the Fund in respect of the services provided under the Sub-Advisory Agreement.

Nature, Extent and Quality of Services Provided by BFA: Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Contract for the coming year as compared to the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the June 17-19, 2019 meeting and throughout the year.

mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed the sources of direct and ancillary revenue with management, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index. The Board further noted that BFA provided the Board with detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded ETF, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate. The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Contract for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by Bloomberg Index Services Limited or Markit Indices Limited, nor do these companies make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the companies listed above.

The iShares CMBS ETF (the “Fund”) seeks to track the investment results of an index composed of investment-grade commercial mortgage-backed securities, as represented by the Bloomberg Barclays U.S. CMBS (ERISA Only) Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

The inception date of the Fund was 2/14/12. The first day of secondary market trading was 2/16/12.

Commercial mortgage-backed securities (“CMBSs”) posted a solid return for the reporting period. Declining interest rates and high investor demand for yield combined with a lower supply of CMBSs drove gains in the category. Lower interest rates typically have a greater positive impact on CMBSs than on residential mortgage-backed securities, since most CMBSs are fixed-term with penalties for early payment, meaning that CMBSs are less exposed to prepayment risk.

From a supply and demand perspective, issuance of new CMBSs declined, restricting the supply of CMBS debt available to investors. Lower issuance was in part the delayed result of rising interest rates in 2018, which made borrowing more expensive for CMBS issuers. Similarly, higher interest rates in the first half of the reporting period led some borrowers with maturing loans to choose alternate funding sources instead of resecuritizing in the CMBS market. Additionally, since many commercial mortgages have 10-year maturities, weak CMBS issuances a decade ago meant less refinancing of maturing bonds in the current reporting period. Despite lower issuance, investor demand for CMBSs remained brisk.

From a credit quality perspective, delinquency rates, which measure late payments on CMBS loans, hit the lowest point since the financial crisis in 2008. Notably, delinquency rates were particularly low for industrial CMBSs, aided by strong demand for industrial commercial property and increasing demand for warehouses from e-commerce companies. While retail CMBSs had the highest delinquency rates, they continued to decline as solid consumer spending drove growth in retail sales.

Aaa-rated CMBSs, which represented approximately 47% of the Index on average during the reporting period, contributed the most to the Index’s return. CMBSs backed by government-sponsored entities such as Fannie Mae, which represented 36% of the Index on average, also contributed meaningfully to performance.

The iShares GNMA Bond ETF (the “Fund”) seeks to track the investment results of an index composed of mortgage-backed pass-through securities guaranteed by the Government National Mortgage Association (GNMA or Ginnie Mae), as represented by the Bloomberg Barclays U.S. GNMA Bond Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

The inception date of the Fund was 2/14/12. The first day of secondary market trading was 2/16/12.

Mortgage-backed securities (“MBSs”) guaranteed by the Government National Mortgage Association (“GNMA”) advanced for the reporting period. A series of interest rate decreases instituted by the Fed beginning in January 2019 benefited GNMA MBSs. However, as part of its balance sheet normalization, the Fed divested some of its MBSs, resulting in an increase in supply.

During the reporting period, the 10-year U.S. Treasury bond yield, an important benchmark for mortgage lending rates, declined from 3.15% to 1.69%. Reflecting that decrease, the average rate for a 30-year, fixed-rate conforming mortgage declined by more than 100 basis points — from 4.83% at the beginning of the reporting period to 3.78% at the end of the reporting period. All else being equal, falling interest rates lead to higher prices on fixed-rate bonds, including GNMA MBSs, and this inverse relationship contributed to the Index’s overall advance.

While a decline in interest rates helps boost the value of existing MBSs, it also increases prepayment risk, which can negatively affect the value of the Index. When homeowners prepay their remaining mortgage balance in order to refinance at a lower rate, there is a reduction in the quantity of higher-yielding mortgages available to investors. As a consequence of lower interest rates, refinancing activity reached a three-year high in August 2019. These prepayments limited the gains for GNMA MBSs in the declining interest rate environment. However, since interest rates were historically low from 2009 — 2016, prepayment risk was mostly confined to mortgages originated in recent years, mitigating the downside from prepayments overall.

From a maturity perspective, all maturity categories contributed to the Index’s performance. Due to the increased refinancing activity, the approximate weighted average life of the mortgages represented by the Index declined from 6.8 years to 5.4 years.

The iShares Treasury Floating Rate Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury floating rate bonds, as represented by the Bloomberg Barclays U.S. Treasury Floating Rate Bond Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

The inception date of the Fund was 2/3/14. The first day of secondary market trading was 2/4/14.

U.S. Treasury floating-rate bonds posted a positive return for the reporting period. Despite the positive performance overall, floating-rate bonds were negatively affected by declining interest rates, which diminished gains. The Index is composed of short-term U.S. Treasury securities that reset their interest rates on a weekly basis. Due to this periodic reset, U.S. Treasury floating-rate bonds typically struggle in a declining interest rate environment.

Following an interest rate increase in December 2018, the Fed lowered short-term interest rates three times in 2019. The Fed’s actions led to a decrease in the yield of the 13-week Treasury bill, which is the benchmark used to reset the interest rates of U.S. Treasury floating-rate bonds. This decrease resulted in lower yields on U.S. Treasury floating-rate bonds.

Investor expectations that the Fed would continue to lower interest rates also weighed on the performance of floating-rate U.S. Treasuries during the latter part of the reporting period. Inflation was persistently low and declined during the reporting period from 2.5% to 1.8%, below the Fed’s target of 2.0%. Expected inflation, measured by examining the spread between inflation-protected and fixed-rate securities of a similar maturity, indicated that inflation would remain low for the near future, which prompted investors to expect the Fed to continue its policy of monetary easing.

As short-term interest rates declined, the yield on U.S. Treasury floating-rate bonds also declined — from 2.36% to 1.75%. High interest from investors bolstered trading volumes in U.S. floating-rate Treasuries, which reached a monthly average of approximately $3.6 billion, a significant increase over the prior reporting period’s level. To meet its financing needs, the U.S. Treasury Department considered expanding this market by issuing one-year floating-rate Treasuries, in addition to the two-year bonds already being issued.

The iShares U.S. Treasury Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury bonds, as represented by the ICE U.S. Treasury Core Bond Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

The inception date of the Fund was 2/14/12. The first day of secondary market trading was 2/16/12.

Index performance through June 30, 2016 reflects the performance of the Bloomberg Barclays U.S. Treasury Bond Index. Index performance beginning on July 1, 2016 reflects the performance of the ICE U.S. Treasury Core Bond Index.

Declining interest rates drove U.S. Treasury bond prices higher for all bond maturities during the reporting period. Weak economic growth, subdued inflation, and relatively low sovereign bond yields in other countries helped the performance of U.S. Treasuries.

Recession concerns and periods of heightened stock market volatility generated demand for more stable investments, especially U.S. Treasury bonds. Intermediate- and long-term Treasuries contributed the most to the Index’s return, primarily due to their higher sensitivity to changes in interest rates. The Fed reduced short-term interest rates for the first time in over ten years, which led to lower yields and modest performance for short-term Treasuries in the Index. Yields for longer-term Treasuries also declined more than short-term Treasury yields. Consequently, the Treasury yield curve (a graphical representation of U.S. Treasury yields at different maturities) inverted during part of the reporting period, leading to expectations of a recession and lower interest rates.

Global capital flows into the U.S. also helped U.S. Treasury performance. A generally weak international economic outlook and negative short-term yields in Europe and Japan led to rising foreign demand for the comparatively high yields of U.S. Treasury bonds. Demand for U.S. Treasuries was particularly high in Japan, where investors sought higher yields abroad, and the U.K., where Brexit concerns increased the appeal of U.S. Treasuries.

Treasury bond prices increased even as the supply of Treasuries rose. The budget deficit grew 26% to reach $984 billion, the highest level in seven years. Seeking to prevent the increased supply from disrupting markets, the Fed announced a plan to buy $60 billion per month in U.S. Treasury bills late in the reporting period


Security	Par (000)		Value

Collaterized Mortgage Obligations

Mortgage-Backed Securities — 59.8%
Banc of America Commercial Mortgage Trust
Series 2016-UB10, Class A4, 3.17%, 07/15/49	$	800	$	838,277
Series 2017-BNK3, Class A3, 3.31%, 02/15/50		1,365		1,451,956
Series 2017-BNK3, Class A4, 3.57%, 02/15/50		1,000		1,080,281
Series 2017-BNK3, Class ASB, 3.37%, 02/15/50		1,000		1,054,195
Bank
Series 2017-BNK4, Class ASB, 3.42%, 05/15/50		300		317,319
Series 2017-BNK8, Class A3, 3.23%, 11/15/50		1,000		1,059,058
Series 2019-BN18, Class A2, 3.47%, 05/15/62		830		871,840
Series 2019-BN19, Class A3, 2.93%, 08/15/61		1,000		1,038,170
Series 2019-BN19, Class A3, 3.18%, 08/15/61 (Call 07/11/29)		497		526,383
Series 2019-BN21, Class B, 3.21%, 10/17/52		1,000		1,026,732
Series 2019-BNK16, Class A4, 4.01%, 02/15/52		1,750		1,967,629
Barclays Commercial Mortgage Securities Trust, Series 2017-C1, Class A4, 3.67%, 02/15/50		1,000		1,084,455
Barclays Commercial Mortgage Trust, Series 2019-C3, Class A4, 3.58%, 05/15/52		600		652,028
BBCMS Mortgage Trust
Series 2017-C1, Class A2, 3.19%, 02/15/50		1,215		1,240,099
Series 2018-C2, Class A5, 4.31%, 12/15/51		1,250		1,428,321
Series 2018-C2, Class C, 4.97%, 12/15/51^(a)		250		281,227
Benchmark Mortgage Trust
Series 2018-B1, Class A2, 3.57%, 01/15/51		750		779,305
Series 2018-B1, Class A5, 3.67%, 01/15/51^(a)		1,542		1,683,531
Series 2018-B1, Class AM, 3.88%, 01/15/51^(a)		500		550,028
Series 2018-B2, Class A4, 3.61%, 02/15/51		1,000		1,086,160
Series 2018-B2, Class A5, 3.88%, 02/15/51^(a)		750		831,012
Series 2018-B2, Class AS, 4.08%, 02/15/51^(a)		1,000		1,116,002
Series 2018-B2, Class C, 4.20%, 02/15/51^(a)		500		541,641
Series 2018-B3, Class A5, 4.03%, 04/10/51		1,000		1,118,166
Series 2018-B4, Class A2, 3.98%, 07/15/51		500		530,239
Series 2018-B4, Class A5, 4.12%, 07/15/51^(a)		750		844,844
Series 2018-B4, Class ASB, 4.06%, 07/15/51^(a)		464		510,453
Series 2018-B4, Class C, 4.56%, 07/15/51^(a)		400		445,104
Series 2018-B5, Class A4, 4.21%, 07/15/51		500		567,724
Series 2018-B5, Class AS, 4.42%, 07/15/51^(a)		1,000		1,144,936
Series 2018-B5, Class B, 4.57%, 07/15/51		500		572,199
Series 2018-B6, Class A4, 4.26%, 10/10/51		2,000		2,282,804
Series 2018-B7, Class B, 4.86%, 05/15/53^(a)		400		466,475
Series 2019-B10, Class A3, 3.46%, 03/15/62		500		541,156
Series 2019-B10, Class AM, 3.98%, 03/15/62		600		664,143
Series 2019-B11, Class AS, 3.78%, 05/15/52		500		546,881
Series 2019-B11, Class B, 3.96%, 05/15/52^(a)		500		546,563
Series 2019-B9, Class A4, 3.75%, 03/15/52		1,000		1,104,465
Series 2019-B9, Class A5, 4.02%, 03/15/52		2,000		2,249,238
Series 2019-B9, Class C, 4.97%, 03/15/52^(a)		250		283,857
CCUBS Commercial Mortgage Trust, Series 2017-C1, Class A4, 3.54%, 11/15/50^(a)		1,000		1,075,926
CD Commercial Mortgage Trust
Series 2016-CD2, Class A2, 3.04%, 11/10/49		400		405,878
Series 2017-CD3, Class A4, 3.63%, 02/10/50		230		248,989
Series 2017-CD3, Class AS, 3.83%, 02/10/50		750		806,555
Series 2017-CD3, Class C, 4.56%, 02/10/50^(a)		300		327,846
Series 2017-CD5, Class A4, 3.43%, 08/15/50 (Call 07/11/27)		750		803,948
Series 2017-CD6, Class C, 4.27%, 11/13/50^(a)		500		537,414


Security	Par (000)		Value

Mortgage-Backed Securities (continued)
CFCRE Commercial Mortgage Trust
Series 2016-C3, Class A3, 3.87%, 01/10/48	$	500	$	543,881
Series 2016-C4, Class A4, 3.28%, 05/10/58		1,650		1,734,310
Series 2017-C8, Class A4, 3.57%, 06/15/50		1,000		1,074,064
Series 2017-C8, Class B, 4.20%, 06/15/50^(a)		750		821,934
Citigroup Commercial Mortgage Trust
Series 2012-GC8, Class A4, 3.02%, 09/10/45		287		293,749
Series 2013-GC11, Class A3, 2.82%, 04/10/46		848		867,492
Series 2013-GC11, Class AS, 3.42%, 04/10/46		100		103,885
Series 2013-GC15, Class A4, 4.37%, 09/10/46^(a)		750		809,326
Series 2014-GC19, Class A4, 4.02%, 03/10/47		500		536,716
Series 2014-GC21, Class A5, 3.86%, 05/10/47		500		534,614
Series 2014-GC23, Class A4, 3.62%, 07/10/47		750		800,405
Series 2014-GC23, Class AS, 3.86%, 07/10/47		250		265,704
Series 2014-GC23, Class C, 4.44%, 07/10/47^(a)		250		264,325
Series 2014-GC25, Class AS, 4.02%, 10/10/47		750		802,695
Series 2014-GC25, Class B, 4.35%, 10/10/47^(a)		100		107,030
Series 2015-GC27, Class A5, 3.14%, 02/10/48		750		784,781
Series 2015-GC27, Class AS, 3.57%, 02/10/48		250		263,631
Series 2015-GC29, Class C, 4.14%, 04/10/48^(a)		250		262,332
Series 2015-GC31, Class A4, 3.76%, 06/10/48		750		809,473
Series 2015-GC33, Class A4, 3.78%, 09/10/58		1,500		1,622,500
Series 2015-GC35, Class A4, 3.82%, 11/10/48		1,000		1,084,848
Series 2015-GC35, Class AAB, 3.61%, 11/10/48		500		524,927
Series 2016-C1, Class A4, 3.21%, 05/10/49		650		685,112
Series 2016-C2, Class A4, 2.83%, 08/10/49		1,000		1,030,952
Series 2016-P5, Class A4, 2.94%, 10/10/49		1,000		1,038,185
Series 2016-P6, Class A2, 3.04%, 12/10/49		250		253,865
Series 2016-P6, Class AS, 4.03%, 12/10/49^(a)		1,000		1,092,629
Series 2017-P7, Class A4, 3.71%, 04/14/50		1,250		1,360,127
Series 2017-P8, Class AS, 3.79%, 09/15/50^(a)		750		810,905
Series 2018-B2, Class A4, 4.01%, 03/10/51		600		665,467
Series 2018-C6, Class A4, 4.41%, 11/10/51		1,000		1,152,115
Series 2019-GC41, Class A5, 2.87%, 08/10/56		1,000		1,032,830
COMM Mortgage Trust
Series 2012-CR1, Class A3, 3.39%, 05/15/45		234		240,548
Series 2012-CR3, Class A3, 2.82%, 10/15/45		147		148,925
Series 2012-CR4, Class A3, 2.85%, 10/15/45		994		1,010,903
Series 2012-CR5, Class A4, 2.77%, 12/10/45		1,680		1,712,216
Series 2012-LC4, Class AM, 4.06%, 12/10/44		150		155,204
Series 2012-LC4, Class C, 5.54%, 12/10/44^(a)		200		207,855
Series 2013-CR11, Class AM, 4.72%, 08/10/50^(a)		250		272,489
Series 2013-CR12, Class A4, 4.05%, 10/10/46		800		852,200
Series 2013-CR13, Class A4, 4.19%, 11/10/46^(a)		1,000		1,078,235
Series 2013-CR6, Class ASB, 2.62%, 03/10/46		338		341,576
Series 2013-CR8, Class A4, 3.33%, 06/10/46		636		657,695
Series 2013-CR8, Class A5, 3.61%, 06/10/46^(a)		500		524,276
Series 2013-CR9, Class A4, 4.23%, 07/10/45^(a)		700		749,717
Series 2013-LC6, Class AM, 3.28%, 01/10/46		100		102,948
Series 2013-LC6, Class ASB, 2.48%, 01/10/46		192		193,452
Series 2013-LC6, Class B, 3.74%, 01/10/46		430		446,507
Series 2014-CR15, Class A4, 4.07%, 02/10/47^(a)		400		429,887
Series 2014-CR16, Class A4, 4.05%, 04/10/47		500		536,619
Series 2014-CR16, Class ASB, 3.65%, 04/10/47		195		201,179
Series 2014-CR17, Class B, 4.38%, 05/10/47		292		311,005
Series 2014-CR18, Class AM, 4.10%, 07/15/47		300		320,306
Series 2014-CR19, Class A5, 3.80%, 08/10/47		438		469,665
Series 2014-CR19, Class B, 4.70%, 08/10/47^(a)		850		916,700
Series 2014-CR20, Class AM, 3.94%, 11/10/47		250		266,522
Series 2014-LC15, Class A4, 4.01%, 04/10/47		945		1,014,148


Security	Par (000)		Value

Mortgage-Backed Securities (continued)
Series 2014-LC17, Class A5, 3.92%, 10/10/47	$	675	$	729,218
Series 2014-UBS2, Class A5, 3.96%, 03/10/47		250		266,899
Series 2014-UBS3, Class A4, 3.82%, 06/10/47		750		798,627
Series 2014-UBS3, Class C, 4.75%, 06/10/47^(a)		150		158,148
Series 2014-UBS4, Class A4, 3.42%, 08/10/47		250		261,991
Series 2014-UBS4, Class A5, 3.69%, 08/10/47		500		531,942
Series 2014-UBS4, Class AM, 3.97%, 08/10/47		500		533,844
Series 2014-UBS4, Class B, 4.35%, 08/10/47		250		265,084
Series 2014-UBS5, Class A4, 3.84%, 09/10/47 (Call 09/06/24)		665		713,204
Series 2014-UBS6, Class A5, 3.64%, 12/10/47		500		531,488
Series 2015-CR22, Class A5, 3.31%, 03/10/48		500		527,004
Series 2015-CR22, Class AM, 3.60%, 03/10/48^(a)		200		211,600
Series 2015-CR22, Class C, 4.12%, 03/10/48^(a)		300		318,136
Series 2015-CR23, Class A4, 3.50%, 05/10/48		500		531,758
Series 2015-CR24, Class B, 4.38%, 08/10/48^(a)		250		272,728
Series 2015-CR24, Class D, 3.46%, 08/10/48^(a)		200		189,314
Series 2015-CR25, Class A4, 3.76%, 08/10/48		750		808,929
Series 2015-CR25, Class ASB, 3.54%, 08/10/48		1,000		1,044,801
Series 2015-CR25, Class B, 4.54%, 08/10/48^(a)		300		322,591
Series 2015-CR26, Class A4, 3.63%, 10/10/48		898		962,720
Series 2015-DC1, Class A5, 3.35%, 02/10/48		750		788,726
Series 2015-DC1, Class B, 4.04%, 02/10/48^(a)		500		527,262
Series 2015-DC1, Class C, 4.34%, 02/10/48^(a)		250		262,577
Series 2015-LC21, Class A4, 3.71%, 07/10/48		500		537,120
Series 2015-PC1, Class A2, 3.15%, 07/10/50		120		120,687
Series 2015-PC1, Class A5, 3.90%, 07/10/50		850		919,672
Series 2015-PC1, Class ASB, 3.61%, 07/10/50		200		208,515
Series 2016-DC2, Class A4, 3.50%, 02/10/49		603		643,560
Series 2016-DC2, Class A5, 3.77%, 02/10/49		1,000		1,081,828
Series 2016-DC2, Class AM, 4.24%, 02/10/49		750		819,965
Series 2016-DC2, Class ASB, 3.55%, 02/10/49		1,000		1,046,316
Series 2016-DC2, Class C, 4.64%, 02/10/49^(a)		250		262,943
Series 2017-COR2, Class A3, 3.51%, 09/10/50		1,000		1,074,932
Series 2018-COR3, Class A3, 4.23%, 05/10/51		750		846,552
Series 2018-COR3, Class B, 4.51%, 05/10/51^(a)		500		568,640
Commercial Mortgage Pass Through Certificates
Series 2014-CR14, Class A4, 4.24%, 02/10/47^(a)		425		458,584
Series 2014-CR14, Class C, 4.64%, 02/10/47^(a)		200		211,094
Series 2016-CR28, Class A4, 3.76%, 02/10/49		1,000		1,082,402
Series 2017-COR2, Class C, 4.56%, 09/10/50^(a)		750		819,661
CSAIL Commercial Mortgage Trust
Series 2015-C1, Class A4, 3.51%, 04/15/50		500		529,039
Series 2015-C2, Class A4, 3.50%, 06/15/57		500		529,427
Series 2015-C2, Class AS, 3.85%, 06/15/57^(a)		700		743,194
Series 2015-C3, Class A4, 3.72%, 08/15/48		650		698,158
Series 2015-C4, Class A3, 3.54%, 11/15/48		1,000		1,066,993
Series 2015-C4, Class D, 3.58%, 11/15/48^(a)		250		247,381
Series 2016-C5, Class C, 4.54%, 11/15/48^(a)		750		809,261
Series 2016-C6, Class C, 4.75%, 01/15/49^(a)		350		380,172
Series 2017-CX9, Class A5, 3.45%, 09/15/50		1,000		1,070,531
Series 2018-CX11, Class A5, 4.03%, 04/15/51^(a)		1,000		1,110,433
DBGS Mortgage Trust, Series 2018-C1, Class A4, 4.47%, 10/15/51		1,400		1,615,788
DBJPM Mortgage Trust
Series 2016-C1, Class A4, 3.28%, 05/10/49		1,000		1,061,180
Series 2016-C1, Class ASB, 3.04%, 05/10/49		500		516,405
Series 2016-C1, Class B, 4.20%, 05/10/49^(a)		500		541,769
Series 2016-C1, Class C, 3.35%, 05/10/49^(a)		468		473,919
Series 2016-C3, Class A5, 2.89%, 08/10/49		2,100		2,172,861


Security	Par (000)		Value

Mortgage-Backed Securities (continued)
Series 2017-C6, Class A3, 3.27%, 06/10/50	$	750	$	783,325
GS Mortgage Securities Corp. II
Series 2012-GCJ7, Class A4, 3.38%, 05/10/45		560		570,436
Series 2013-GC10, Class A5, 2.94%, 02/10/46		400		410,723
GS Mortgage Securities Trust
Series 2011-GC5, Class A3, 3.82%, 08/10/44		40		40,196
Series 2012-GC6, Class AAB, 3.31%, 01/10/45		59		59,088
Series 2012-GCJ7, Class AS, 4.09%, 05/10/45		100		104,323
Series 2012-GCJ9, Class AS, 3.12%, 11/10/45		200		205,651
Series 2013-GC12, Class AS, 3.38%, 06/10/46		300		310,125
Series 2013-GC12, Class B, 3.78%, 06/10/46^(a)		115		119,205
Series 2013-GC14, Class A5, 4.24%, 08/10/46		550		590,341
Series 2013-GC16, Class A4, 4.27%, 11/10/46		500		538,843
Series 2013-GC16, Class AS, 4.65%, 11/10/46		150		163,193
Series 2013-GC16, Class C, 5.31%, 11/10/46^(a)		100		109,587
Series 2014-GC18, Class A4, 4.07%, 01/10/47		1,300		1,396,441
Series 2014-GC20, Class A5, 4.00%, 04/10/47		400		427,457
Series 2014-GC20, Class B, 4.53%, 04/10/47^(a)		250		259,972
Series 2014-GC20, Class C, 4.96%, 04/10/47^(a)		500		514,021
Series 2014-GC22, Class AS, 4.11%, 06/10/47		250		266,741
Series 2014-GC24, Class AAB, 3.65%, 09/10/47		582		603,559
Series 2014-GC26, Class A5, 3.63%, 11/10/47		750		801,395
Series 2015-GC30, Class AAB, 3.12%, 05/10/50		462		475,046
Series 2015-GC30, Class AS, 3.78%, 05/10/50 (Call 05/06/25)^(a)		500		534,333
Series 2015-GC32, Class A3, 3.50%, 07/10/48		600		638,156
Series 2015-GC34, Class A4, 3.51%, 10/10/48		1,500		1,600,311
Series 2015-GS1, Class D, 3.27%, 11/10/48		415		379,350
Series 2016-GS2, Class A4, 3.05%, 05/10/49		500		522,097
Series 2016-GS3, Class A4, 2.85%, 10/10/49		500		515,684
Series 2017-GS7, Class AAB, 3.20%, 08/10/50		1,000		1,047,780
Series 2017-GS7, Class B, 3.88%, 08/10/50		500		539,022
Series 2018-GS9, Class A4, 3.99%, 03/10/51^(a)		1,000		1,114,591
Series 2019-GC38, Class A4, 3.97%, 02/10/52		750		841,462
Series 2019-GC40, Class A4, 3.16%, 07/10/52		1,131		1,197,086
JPMBB Commercial Mortgage Securities Trust
Series 2013-C12, Class AS, 4.04%, 07/15/45^(a)		500		530,775
Series 2013-C12, Class D, 4.10%, 07/15/45^(a)		50		50,000
Series 2013-C14, Class B, 4.70%, 08/15/46^(a)		500		534,913
Series 2013-C14, Class A4, 4.13%, 08/15/46^(a)		680		727,585
Series 2013-C14, Class AS, 4.41%, 08/15/46^(a)		150		161,611
Series 2013-C15, Class A5, 4.13%, 11/15/45		500		536,751
Series 2013-C15, Class B, 4.93%, 11/15/45^(a)		200		218,623
Series 2013-C15, Class C, 5.20%, 11/15/45^(a)		110		120,104
Series 2013-C17, Class A4, 4.20%, 01/15/47		490		528,662
Series 2013-C17, Class C, 4.89%, 01/15/47^(a)		100		108,235
Series 2014-C18, Class A5, 4.08%, 02/15/47 (Call 02/11/24)		1,400		1,507,146
Series 2014-C18, Class AS, 4.44%, 02/15/47 (Call 02/11/24)^(a)		200		215,804
Series 2014-C18, Class ASB, 3.57%, 02/15/47		434		446,621
Series 2014-C18, Class B, 4.81%, 02/15/47 (Call 02/11/24)^(a)		225		241,651
Series 2014-C19, Class C, 4.68%, 04/15/47^(a)		200		212,492
Series 2014-C21, Class A4, 3.49%, 08/15/47		818		857,918
Series 2014-C21, Class A5, 3.77%, 08/15/47		500		534,784
Series 2014-C21, Class ASB, 3.43%, 08/15/47		365		375,634
Series 2014-C22, Class A4, 3.80%, 09/15/47 (Call 07/15/24)		750		803,429


Security	Par (000)		Value

Mortgage-Backed Securities (continued)
Series 2014-C22, Class ASB, 3.50%, 09/15/47 (Call 04/15/24)	$	947	$	977,284
Series 2014-C22, Class C, 4.56%, 09/15/47 (Call 08/15/24)^(a)		200		207,459
Series 2014-C23, Class A5, 3.93%, 09/15/47 (Call 09/15/24)		1,900		2,049,714
Series 2014-C23, Class ASB, 3.66%, 09/15/47 (Call 07/15/24)		340		352,733
Series 2014-C24, Class A3, 3.10%, 11/15/47		500		502,692
Series 2014-C25, Class B, 4.35%, 11/15/47^(a)		185		198,688
Series 2015-C27, Class AS, 3.63%, 02/15/48 (Call 01/15/25)		500		527,079
Series 2015-C28, Class A3, 2.91%, 10/15/48		1,078		1,107,997
Series 2015-C28, Class A4, 3.23%, 10/15/48		750		786,595
Series 2015-C28, Class ASB, 3.04%, 10/15/48		500		513,673
Series 2015-C29, Class ASB, 3.30%, 05/15/48 (Call 11/15/24)		515		532,875
Series 2015-C29, Class B, 4.12%, 05/15/48 (Call 05/15/25)^(a)		250		266,831
Series 2015-C31, Class A3, 3.80%, 08/15/48		1,090		1,179,759
Series 2015-C32, Class A2, 2.82%, 11/15/48		492		492,842
Series 2015-C33, Class A4, 3.77%, 12/15/48		1,175		1,274,338
Series 2016-C1, Class A5, 3.58%, 03/15/49		750		805,376
Series 2016-C1, Class B, 4.74%, 03/15/49^(a)		450		500,748
JPMCC Commercial Mortgage Securities Trust
Series 2017-JP5, Class A3, 3.34%, 03/15/50		250		260,294
Series 2017-JP5, Class A5, 3.72%, 03/15/50		800		870,687
Series 2017-JP5, Class AS, 3.88%, 03/15/50^(a)		650		705,005
Series 2017-JP6, Class A5, 3.49%, 07/15/50		300		322,055
Series 2017-JP6, Class AS, 3.74%, 07/15/50		400		430,147
Series 2017-JP7, Class A5, 3.45%, 09/15/50		1,000		1,071,433
Series 2019-COR5, Class A2, 3.15%, 06/13/52		360		373,995
Series 2019-COR5, Class A4, 3.39%, 06/13/52		1,200		1,289,744
JPMDB Commercial Mortgage Securities Trust
Series 2016-C2, Class A4, 3.14%, 06/15/49		1,000		1,049,013
Series 2016-C2, Class B, 3.99%, 06/15/49 (Call 05/11/26)^(a)		750		805,283
Series 2016-C4, Class A3, 3.14%, 12/15/49		1,500		1,576,410
Series 2017-C5, Class A5, 3.69%, 03/15/50		1,100		1,193,521
Series 2017-C7, Class A5, 3.41%, 10/15/50		1,050		1,125,025
Series 2018-C8, Class A2, 4.03%, 06/15/51		1,000		1,058,429
Series 2018-C8, Class A4, 4.21%, 06/15/51		1,000		1,130,286
JPMorgan Chase Commercial Mortgage Securities Trust
Series 2011-C5, Class A3, 4.17%, 08/15/46		113		116,650
Series 2012-C6, Class A3, 3.51%, 05/15/45		215		221,788
Series 2012-C8, Class A3, 2.83%, 10/15/45		964		982,601
Series 2012-C8, Class ASB, 2.38%, 10/15/45		179		179,109
Series 2012-LC9, Class A5, 2.84%, 12/15/47		1,344		1,369,576
Series 2013-C10, Class A5, 3.14%, 12/15/47		598		616,861
Series 2013-C10, Class AS, 3.37%, 12/15/47		100		103,453
Series 2013-C10, Class ASB, 2.70%, 12/15/47		66		66,467
Series 2013-C10, Class B, 3.67%, 12/15/47^(a)		100		104,382
Series 2013-C10, Class C, 4.12%, 12/15/47^(a)		200		208,410
Series 2013-C13, Class A4, 3.99%, 01/15/46^(a)		222		234,866
Series 2013-C13, Class ASB, 3.41%, 01/15/46		36		36,679
Series 2013-C16, Class ASB, 3.67%, 12/15/46		313		322,479
Series 2013-LC11, Class A5, 2.96%, 04/15/46		500		513,758
Series 2013-LC11, Class C, 3.96%, 04/15/46^(a)		100		103,312
Series 2014-C20, Class A5, 3.80%, 07/15/47		1,500		1,603,777
Series 2014-C20, Class B, 4.40%, 07/15/47 (Call 06/11/24)^(a)		100		106,757


Security	Par (000)		Value

Mortgage-Backed Securities (continued)
Series 2015-JP1, Class A5, 3.91%, 01/15/49	$	800	$	872,778
Series 2016-JP2, Class AS, 3.06%, 08/15/49 (Call 07/11/26)		700		723,294
Series 2016-JP4, Class A4, 3.65%, 12/15/49^(a)		1,090		1,178,949
Morgan Stanley Bank of America Merrill Lynch Trust
Series 2012-C6, Class A4, 2.86%, 11/15/45		757		770,796
Series 2012-C6, Class AS, 3.48%, 11/15/45		500		516,695
Series 2013-C07, Class AAB, 2.47%, 02/15/46		99		99,796
Series 2013-C09, Class A4, 3.10%, 05/15/46		500		516,183
Series 2013-C10, Class A4, 4.08%, 07/15/46^(a)		1,000		1,068,006
Series 2013-C10, Class ASB, 3.91%, 07/15/46^(a)		184		189,740
Series 2013-C11, Class A3, 3.96%, 08/15/46		479		508,036
Series 2013-C13, Class A3, 3.77%, 11/15/46		1,225		1,294,510
Series 2013-C13, Class A4, 4.04%, 11/15/46		600		642,830
Series 2013-C13, Class C, 4.91%, 11/15/46^(a)		230		246,872
Series 2013-C7, Class AS, 3.21%, 02/15/46 (Call 01/11/23)		621		639,826
Series 2013-C7, Class B, 3.77%, 02/15/46 (Call 01/11/23)		200		206,554
Series 2013-C8, Class B, 3.56%, 12/15/48^(a)		200		206,094
Series 2013-C9, Class AAB, 2.66%, 05/15/46		1,132		1,144,166
Series 2014-C14, Class AS, 4.38%, 02/15/47^(a)		200		213,615
Series 2014-C14, Class B, 4.75%, 02/15/47^(a)		200		217,083
Series 2014-C15, Class A4, 4.05%, 04/15/47		1,000		1,071,501
Series 2014-C15, Class ASB, 3.65%, 04/15/47		227		235,250
Series 2014-C16, Class A5, 3.89%, 06/15/47		500		534,859
Series 2014-C17, Class A5, 3.74%, 08/15/47 (Call 07/11/24)		750		799,398
Series 2014-C18, Class A3, 3.65%, 10/15/47		500		527,458
Series 2014-C19, Class A4, 3.53%, 12/15/47		1,275		1,352,396
Series 2015-C20, Class A4, 3.25%, 02/15/48		800		838,776
Series 2015-C20, Class AS, 3.61%, 02/15/48		500		527,792
Series 2015-C21, Class A4, 3.34%, 03/15/48		800		841,562
Series 2015-C22, Class C, 4.24%, 04/15/48^(a)		250		263,571
Series 2015-C23, Class A3, 3.45%, 07/15/50		750		795,055
Series 2015-C24, Class A3, 3.48%, 05/15/48		375		398,200
Series 2015-C24, Class A4, 3.73%, 05/15/48		950		1,023,302
Series 2015-C25, Class ASB, 3.38%, 10/15/48		628		653,640
Series 2015-C26, Class A5, 3.53%, 10/15/48		1,000		1,068,443
Series 2016-C29, Class A4, 3.33%, 05/15/49		1,000		1,052,921
Series 2016-C30, Class A5, 2.86%, 09/15/49		500		515,140
Series 2016-C32, Class A4, 3.72%, 12/15/49		1,000		1,087,630
Series 2017-C33, Class A5, 3.60%, 05/15/50		1,100		1,188,801
Series 2017-C34, Class A4, 3.54%, 11/15/52		1,000		1,080,143
Series 2017-C34, Class AS, 3.86%, 11/15/52		500		547,131
Morgan Stanley Capital I Trust
Series 2011-C3, Class A4, 4.12%, 07/15/49		505		518,554
Series 2012-C4, Class A4, 3.24%, 03/15/45		700		714,693
Series 2015-MS1, Class A4, 3.78%, 05/15/48^(a)		500		538,994
Series 2015-UBS8, Class A, 4.11%, 12/15/48		250		270,215
Series 2016-BNK2, Class A4, 3.05%, 11/15/49		1,250		1,308,230
Series 2017-H1, Class A5, 3.53%, 06/15/50		1,000		1,075,877
Series 2018-H3, Class A5, 4.18%, 07/15/51		1,000		1,126,984
Series 2019-H7, Class A4, 3.26%, 07/15/52		1,000		1,063,072
Series 2019-L2, Class A4, 4.07%, 03/15/52		1,000		1,126,800
SG Commercial Mortgage Securities Trust, Series 2016-C5, Class A4, 3.06%, 10/10/48		1,000		1,042,058
UBS Commercial Mortgage Trust
Series 2012-C1, Class B, 4.82%, 05/10/45		150		157,680
Series 2017-C1, Class A2, 2.98%, 06/15/50		666		676,056
Series 2017-C2, Class A4, 3.49%, 08/15/50		1,000		1,071,056
Series 2017-C6, Class AS, 3.93%, 12/15/50^(a)		500		547,903


Security	Par (000)		Value

Mortgage-Backed Securities (continued)
Series 2017-C7, Class A4, 3.68%, 12/15/50	$	1,000	$	1,087,051
Series 2018-C08, Class A4, 3.98%, 02/15/51		750		830,759
Series 2018-C12, Class A2, 4.15%, 08/15/51		1,000		1,063,993
Series 2018-C12, Class ASB, 4.19%, 08/15/51		1,000		1,107,589
Series 2019-C16, Class AS, 3.89%, 04/15/52		500		544,927
Series 2019-C16, Class ASB, 3.46%, 04/15/52		1,395		1,492,862
UBS-Barclays Commercial Mortgage Trust
Series 2012-C3, Class A4, 3.09%, 08/10/49		650		665,005
Series 2012-C4, Class A5, 2.85%, 12/10/45		250		254,507
Series 2012-C4, Class AAB, 2.46%, 12/10/45		197		197,981
Series 2013-C6, Class A4, 3.24%, 04/10/46		677		700,562
UBS-Citigroup Commercial Mortgage Trust, Series 2011-C1, Class A3, 3.60%, 01/10/45		331		337,937
Wells Fargo Commercial Mortgage Trust
Series 2012-LC5, Class A3, 2.92%, 10/15/45		1,207		1,233,211
Series 2012-LC5, Class AS, 3.54%, 10/15/45		200		207,211
Series 2012-LC5, Class B, 4.14%, 10/15/45		300		313,164
Series 2013-LC12, Class A4, 4.22%, 07/15/46^(a)		650		694,960
Series 2013-LC12, Class AS, 4.28%, 07/15/46^(a)		473		505,071
Series 2013-LC12, Class C, 4.28%, 07/15/46^(a)		100		102,491
Series 2015-C27, Class B, 4.14%, 02/15/48^(a)		330		349,773
Series 2015-C28, Class A4, 3.54%, 05/15/48		500		532,898
Series 2015-C28, Class AS, 3.87%, 05/15/48^(a)		250		265,093
Series 2015-C30, Class A4, 3.66%, 09/15/58		817		879,063
Series 2015-C31, Class A4, 3.70%, 11/15/48		500		538,564
Series 2015-C31, Class C, 4.61%, 11/15/48 (Call 11/11/25)^(a)		450		485,778
Series 2015-LC20, Class A3, 3.09%, 04/15/50		600		610,166
Series 2015-LC22, Class A4, 3.84%, 09/15/58		1,000		1,084,418
Series 2015-NXS2, Class A5, 3.77%, 07/15/58^(a)		750		809,395
Series 2015-SG1, Class A4, 3.79%, 09/15/48		1,000		1,078,773
Series 2015-SG1, Class D, 4.47%, 09/15/48^(a)		200		170,898
Series 2016-C32, Class ASB, 3.32%, 01/15/59		1,100		1,147,082
Series 2016-C34, Class A2, 2.60%, 06/15/49		500		502,500
Series 2016-C34, Class A4, 3.10%, 06/15/49		1,000		1,047,528
Series 2016-C36, Class AS, 3.42%, 11/15/59 (Call 10/11/26)		500		526,546
Series 2016-C37, Class A2, 3.10%, 12/15/49		1,315		1,336,057
Series 2016-NXS6, Class B, 3.81%, 11/15/49		500		528,131
Series 2017-C38, Class A2, 3.04%, 07/15/50		500		510,557
Series 2017-C38, Class A4, 3.19%, 07/15/50		500		526,718
Series 2017-C38, Class A5, 3.45%, 07/15/50		1,000		1,073,342
Series 2017-C42, Class A4, 3.59%, 12/15/50		1,250		1,354,227
Series 2017-C42, Class B, 4.00%, 12/15/50^(a)		500		540,622
Series 2018-C44, Class A5, 4.21%, 05/15/51		1,000		1,130,028
Series 2018-C45, Class AS, 4.41%, 06/15/51^(a)		350		396,675
Series 2018-C48, Class A5, 4.30%, 01/15/52		1,000		1,143,737
Series 2019-C49, Class A5, 4.02%, 03/15/52		1,150		1,290,027
Series 2019-C51, Class AS, 3.58%, 06/15/52		348		371,042
WFRBS Commercial Mortgage Trust
Series 2012-C07, Class A2, 3.43%, 06/15/45		500		515,254
Series 2012-C09, Class A3, 2.87%, 11/15/45		175		178,156
Series 2012-C10, Class A3, 2.88%, 12/15/45		200		204,173
Series 2012-C10, Class AS, 3.24%, 12/15/45		250		256,801
Series 2012-C6, Class AS, 3.84%, 04/15/45		145		149,737
Series 2012-C8, Class A3, 3.00%, 08/15/45		360		367,687
Series 2012-C8, Class ASB, 2.56%, 08/15/45		213		214,738
Series 2012-C9, Class C, 4.54%, 11/15/45^(a)		150		156,817
Series 2013-C13, Class C, 3.91%, 05/15/45^(a)		110		112,067
Series 2013-C14, Class B, 3.84%, 06/15/46^(a)		500		514,886


Security	Par (000)		Value

Mortgage-Backed Securities (continued)
Series 2013-C15, Class A4, 4.15%, 08/15/46^(a)	$	750	$	801,271
Series 2013-C17, Class A3, 3.75%, 12/15/46		756		799,043
Series 2013-C17, Class ASB, 3.56%, 12/15/46		618		636,229
Series 2013-C18, Class A4, 3.90%, 12/15/46		600		638,491
Series 2013-UBS1, Class A4, 4.08%, 03/15/46^(a)		800		857,321
Series 2014-C19, Class A4, 3.83%, 03/15/47		300		319,054
Series 2014-C19, Class B, 4.72%, 03/15/47 (Call 03/01/24)^(a)		300		322,103
Series 2014-C20, Class A5, 4.00%, 05/15/47		200		215,025
Series 2014-C20, Class ASB, 3.64%, 05/15/47		344		356,124
Series 2014-C22, Class A3, 3.53%, 09/15/57		129		133,063
Series 2014-C22, Class A5, 3.75%, 09/15/57		400		427,250
Series 2014-C22, Class AS, 4.07%, 09/15/57^(a)		480		513,341
Series 2014-C24, Class A5, 3.61%, 11/15/47		100		106,542
Series 2014-C24, Class C, 4.29%, 11/15/47^(a)		100		100,126
Series 2014-LC14, Class ASB, 3.52%, 03/15/47		130		133,886

				252,470,892


Total Collaterized Mortgage Obligations — 59.8% (Cost: $242,590,512)				252,470,892


U.S. Government Agency Obligations

Mortgage-Backed Securities — 39.7%
Federal National Mortgage Association
Series 2010-M4, Class A3, 3.82%, 06/25/20		51		50,579
Series 2011-M1, Class A3, 3.76%, 06/25/21		454		459,428
Series 2011-M4, Class A2, 3.73%, 06/25/21		554		562,621
Series 2012-M17, Class A2, 2.18%, 11/25/22		1,148		1,155,304
Series 2012-M2, Class A2, 2.72%, 02/25/22		625		633,920
Series 2012-M8, Class A2, 2.35%, 05/25/22		360		363,359
Series 2012-M9, Class A2, 2.48%, 04/25/22		624		630,346
Series 2013-M12, Class APT, 2.41%, 03/25/23^(a)		585		593,192
Series 2013-M14, Class A2, 3.33%, 10/25/23^(a)		1,347		1,410,803
Series 2013-M4, Class ATS2, 2.61%, 03/25/22^(a)		24		23,942
Series 2013-M6, Class 1AC, 3.55%, 02/25/43^(a)		300		326,819
Series 2013-M6, Class A2, 3.43%, 02/25/43^(a)		300		326,685
Series 2013-M7, Class A2, 2.28%, 12/27/22		612		617,552
Series 2014-M06, Class A2, 2.68%, 05/25/21^(a)		577		578,822
Series 2014-M11, Class 1A, 3.11%, 08/25/24^(a)		910		954,224
Series 2014-M11, Class 2A, 3.30%, 08/25/26^(a)		696		746,591
Series 2014-M13, Class A2, 3.02%, 08/25/24^(a)		200		208,667
Series 2014-M3, Class A2, 3.48%, 01/25/24^(a)		989		1,044,436
Series 2014-M4, Class A2, 3.35%, 03/25/24^(a)		700		737,197
Series 2014-M9, Class A2, 3.10%, 07/25/24^(a)		500		523,495
Series 2015-M1, Class A2, 2.53%, 09/25/24		750		766,706
Series 2015-M10, Class A1, 2.63%, 04/25/27		1,477		1,507,448
Series 2015-M11, Class A2, 2.83%, 04/25/25^(a)		800		833,144
Series 2015-M13, Class A2, 2.71%, 06/25/25^(a)		1,000		1,036,492
Series 2015-M2, Class A, 2.62%, 12/25/24		435		446,502
Series 2015-M4, Class AV2, 2.51%, 07/25/22^(a)		840		849,430
Series 2015-M8, Class A2, 2.90%, 01/25/25^(a)		1,250		1,301,046
Series 2016-M1, Class A1, 2.43%, 01/25/26		89		89,358
Series 2016-M10, Class A1, 2.10%, 07/25/28		223		223,476
Series 2016-M3, Class A2, 2.70%, 02/25/26		954		988,992
Series 2016-M3, Class ASQ2, 2.26%, 02/25/23		224		225,777
Series 2016-M9, Class A2, 2.29%, 06/25/26		2,000		2,026,898
Series 2017-M15, Class AV2, 2.63%, 11/25/24^(a)		1,000		1,029,046
Series 2017-M2, Class A2, 2.80%, 02/25/27^(a)		1,000		1,046,008
Series 2017-M3, Class A2, 2.48%, 12/25/26^(a)		850		872,172


Security	Par (000)		Value

Mortgage-Backed Securities (continued)
Series 2017-M7, Class A2, 2.96%, 02/25/27^(a)	$	1,038	$	1,093,577
Series 2017-M8, Class A2, 3.06%, 05/25/27^(a)		1,100		1,166,575
Series 2018-M1, Class A2, 2.99%, 12/25/27^(a)		1,000		1,059,337
Series 2018-M10, Class A2, 3.38%, 07/25/28^(a)		1,040		1,131,719
Series 2018-M13, Class A2, 3.70%, 09/25/30^(a)		100		111,935
Series 2018-M7, Class A2, 3.05%, 03/25/28^(a)		800		852,015
Series 2019-M1, Class A2, 3.55%, 09/25/28^(a)		2,000		2,209,048
Series 2019-M2, Class A2, 3.63%, 11/25/28^(a)		1,000		1,111,740
Series 2019-M5, Class A2, 3.27%, 01/25/29		700		755,370
Series 2019-M6, Class A1, 3.30%, 08/01/28		495		527,087
Series 2019-M7, Class A2, 3.14%, 04/25/29		1,300		1,393,536
Series 2019-M9, Class A2, 2.94%, 04/25/29		970		1,023,630
FHLMC Multifamily Structured Pass Through Certificates
Series K013, Class A2, 3.97%, 01/25/21 (Call 01/11/21)^(a)		500		507,590
Series K015, Class A2, 3.23%, 07/25/21		2,166		2,191,864
Series K017, Class A2, 2.87%, 12/25/21		1,465		1,483,352
Series K019, Class A2, 2.27%, 03/25/22		1,500		1,511,473
Series K020, Class A2, 2.37%, 05/25/22		600		605,966
Series K022, Class A2, 2.36%, 07/25/22		1,600		1,617,573
Series K023, Class A2, 2.31%, 08/25/22		1,000		1,010,298
Series K025, Class A2, 2.68%, 10/25/22		1,175		1,199,337
Series K026, Class A2, 2.51%, 11/25/22		1,000		1,016,577
Series K027, Class A2, 2.64%, 01/25/23		1,000		1,020,896
Series K028, Class A2, 3.11%, 02/25/23		1,710		1,769,231
Series K029, Class A2, 3.32%, 02/25/23		1,000		1,041,145
Series K030, Class A2, 3.25%, 04/25/23^(a)		1,000		1,039,980
Series K031, Class A2, 3.30%, 04/25/23^(a)		1,000		1,043,322
Series K032, Class A1, 3.02%, 02/25/23		330		334,540
Series K032, Class A2, 3.31%, 05/25/23^(a)		180		188,049
Series K033, Class A1, 2.87%, 02/25/23		527		535,550
Series K033, Class A2, 3.06%, 07/25/23^(a)		1,000		1,037,461
Series K034, Class A2, 3.53%, 07/25/23^(a)		1,000		1,053,409
Series K035, Class A2, 3.46%, 08/25/23^(a)		1,000		1,051,804
Series K036, Class A2, 3.53%, 10/25/23^(a)		650		686,367
Series K037, Class A2, 3.49%, 01/25/24		1,150		1,215,937
Series K038, Class A1, 2.60%, 10/25/23		415		418,785
Series K040, Class A2, 3.24%, 09/25/24		1,250		1,320,449
Series K041, Class A2, 3.17%, 10/25/24		1,250		1,318,209
Series K043, Class A2, 3.06%, 12/25/24		1,000		1,050,138
Series K044, Class A2, 2.81%, 01/25/25		1,250		1,298,006
Series K046, Class A2, 3.21%, 03/25/25		1,285		1,360,931
Series K048, Class A1, 2.69%, 12/25/24		405		413,113
Series K048, Class A2, 3.28%, 06/25/25^(a)		1,000		1,064,434
Series K049, Class A2, 3.01%, 07/25/25		1,000		1,051,653
Series K050, Class A2, 3.33%, 08/25/25^(a)		1,050		1,121,972
Series K051, Class A2, 3.31%, 09/25/25		2,130		2,276,026
Series K052, Class A1, 2.60%, 01/25/25		357		362,911
Series K052, Class A2, 3.15%, 11/25/25		800		848,589
Series K054, Class A2, 2.75%, 01/25/26		1,700		1,769,329
Series K055, Class A2, 2.67%, 03/25/26		1,250		1,297,266
Series K056, Class A2, 2.53%, 05/25/26		1,560		1,606,565
Series K058, Class A1, 2.34%, 07/25/26		1,363		1,382,246
Series K058, Class A2, 2.65%, 08/25/26		1,527		1,584,776
Series K059, Class A2, 3.12%, 09/25/26^(a)		1,200		1,279,383
Series K060, Class A2, 3.30%, 10/25/26		2,341		2,525,330
Series K061, Class A1, 3.01%, 08/25/26		918		953,724
Series K061, Class A2, 3.35%, 11/25/26^(a)		1,300		1,404,343
Series K062, Class A2, 3.41%, 12/25/26		1,000		1,085,496
Series K063, Class A2, 3.43%, 01/25/27^(a)		2,600		2,823,677
Series K064, Class A1, 2.89%, 10/25/26		1,174		1,218,390


Security	Par (000)		Value

Mortgage-Backed Securities (continued)
Series K064, Class A2, 3.22%, 03/25/27	$	325	$	348,986
Series K065, Class A1, 2.86%, 10/25/26		1,132		1,171,896
Series K065, Class A2, 3.24%, 04/25/27		2,570		2,764,693
Series K066, Class A2, 3.12%, 06/25/27		1,400		1,494,194
Series K067, Class A1, 2.90%, 03/25/27		950		986,606
Series K067, Class A2, 3.19%, 07/25/27		600		644,027
Series K068, Class A2, 3.24%, 08/25/27		1,000		1,077,499
Series K069, Class A2, 3.19%, 09/25/27^(a)		1,179		1,265,653
Series K070, Class A2, 3.30%, 11/25/27^(a)		1,500		1,623,038
Series K071, Class A2, 3.29%, 11/25/27		1,000		1,080,479
Series K072, Class A2, 3.44%, 12/25/27		1,450		1,583,786
Series K073, Class A2, 3.35%, 01/25/28		1,297		1,407,806
Series K074, Class A1, 3.60%, 09/25/27		978		1,052,297
Series K074, Class A2, 3.60%, 01/25/28		1,000		1,103,505
Series K075, Class A2, 3.65%, 02/25/28^(a)		1,000		1,107,595
Series K076, Class A1, 3.73%, 12/25/27		1,084		1,175,083
Series K076, Class A2, 3.90%, 04/25/28		2,000		2,254,342
Series K077, Class A2, 3.85%, 05/25/28^(a)		1,450		1,628,414
Series K078, Class A2, 3.85%, 06/25/28		1,000		1,125,159
Series K079, Class A2, 3.93%, 06/25/28		1,750		1,978,658
Series K080, Class A2, 3.93%, 07/25/28^(a)		700		792,409
Series K081, Class A2, 3.90%, 08/25/28^(a)		500		564,883
Series K082, Class A2, 3.92%, 09/25/28^(a)		1,000		1,132,045
Series K083, Class A2, 4.05%, 09/25/28^(a)		1,000		1,142,643
Series K085, Class A2, 4.06%, 10/25/28^(a)		2,000		2,285,565
Series K087, Class A2, 3.77%, 12/25/28		1,800		2,020,188
Series K088, Class A1, 3.48%, 09/25/28		349		376,882
Series K088, Class A2, 3.69%, 01/25/29		2,000		2,234,109
Series K089, Class A2, 3.56%, 01/25/29		2,650		2,933,701
Series K090, Class A2, 3.42%, 02/25/29		500		548,939
Series K091, Class A2, 3.51%, 03/25/29		1,500		1,657,524
Series K092, Class A2, 3.30%, 04/25/29		2,000		2,179,887
Series K094, Class A2, 2.90%, 06/25/29		1,420		1,507,065
Series K1510, Class A2, 3.72%, 01/25/31		250		282,054
Series K1510, Class A3, 3.79%, 01/25/34		500		571,829
Series K-1512, Class A2, 2.99%, 05/25/31		230		245,316
Series K-1512, Class A3, 3.06%, 04/25/34		450		479,473
Series K-1513, Class A3, 2.80%, 08/25/34		1,000		1,034,122
Series K152, Class A2, 3.08%, 01/25/31		250		264,372
Series K153, Class A3, 3.12%, 10/25/31^(a)		500		531,552
Series K154, Class A2, 3.42%, 04/25/32		500		550,682
Series K154, Class A3, 3.46%, 11/25/32		345		380,423
Series K157, Class A2, 3.99%, 05/25/33^(a)		1,076		1,231,671
Series K159, Class A2, 3.95%, 11/25/30^(a)		833		949,983
Series K159, Class A3, 3.95%, 11/25/33^(a)		1,000		1,161,011
Series K715, Class A2, 2.86%, 01/25/21		1,469		1,478,703
Series K717, Class A2, 2.99%, 09/25/21		1,250		1,264,678
Series K720, Class A1, 2.32%, 11/25/21		416		416,509
Series K720, Class A2, 2.72%, 06/25/22		800		811,573
Series K721, Class A2, 3.09%, 08/25/22^(a)		2,000		2,044,953
Series K723, Class A2, 2.45%, 08/25/23		455		461,730
Series K724, Class A2, 3.06%, 11/25/23^(a)		1,400		1,452,168
Series K725, Class A2, 3.00%, 01/25/24		1,000		1,038,028
Series K728, Class A2, 3.06%, 08/25/24^(a)		1,000		1,041,854
Series K729, Class A1, 2.95%, 02/25/24		951		971,235
Series K729, Class A2, 3.14%, 10/25/24		1,000		1,046,453
Series K730, Class A2, 3.59%, 01/25/25^(a)		1,400		1,495,876
Series K731, Class A2, 3.60%, 02/25/25^(a)		1,000		1,067,946
Series K732, Class A2, 3.70%, 05/25/25		1,000		1,078,002
Series K733, Class A2, 3.75%, 08/25/25		1,000		1,086,020


Security	Par/ Shares (000)		Value

Mortgage-Backed Securities (continued)
Series K734, Class A2, 3.21%, 02/25/26	$	1,950	$	2,067,441
Series KS03, Class A4, 3.16%, 05/25/25^(a)		1,000		1,053,642

				167,432,363


Total U.S. Government Agency Obligations — 39.7% (Cost: $161,211,576)				167,432,363


Short-Term Investments

Money Market Funds — 0.7%
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.74%^(b)(c)		3,061		3,061,000


Total Short-Term Investments — 0.7% (Cost: $3,061,000)				3,061,000


Total Investments in Securities — 100.2% (Cost: $406,863,088)				422,964,255

Other Assets, Less Liabilities — (0.2)%				(940,105	)


Net Assets — 100.0%			$	422,024,150

Investments in issuers considered to be affiliates of the Fund during the year ended October 31, 2019, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:


Security	Par (000)		Value

U.S. Government Agency Obligations

Mortgage-Backed Securities — 99.4%
Government National Mortgage Association
2.50%, 01/15/28	$	8	$	8,211
2.50%, 02/20/28		16		16,123
2.50%, 01/20/31		246		250,524
2.50%, 04/20/43		30		30,374
2.50%, 01/20/47		380		385,786
2.50%, 11/01/49^(a)		892		903,847
3.00%, 07/15/27		12		12,127
3.00%, 09/15/27		14		14,094
3.00%, 01/20/31		336		345,138
3.00%, 07/20/31		531		546,613
3.00%, 02/20/32		443		455,763
3.00%, 09/15/42		7		7,098
3.00%, 10/15/42		69		70,526
3.00%, 01/20/43		813		842,542
3.00%, 07/15/43		130		134,982
3.00%, 09/20/43		1,688		1,750,352
3.00%, 01/15/44		2,943		3,045,113
3.00%, 08/20/44		947		980,040
3.00%, 05/20/45		960		993,881
3.00%, 10/20/45		403		417,461
3.00%, 02/20/46		1,396		1,444,767
3.00%, 04/20/46		188		194,221
3.00%, 05/20/46		1,180		1,219,857
3.00%, 06/20/46		1,357		1,401,883
3.00%, 07/20/46		2,099		2,169,367
3.00%, 08/20/46		1,331		1,375,452
3.00%, 09/20/46		1,724		1,781,689
3.00%, 12/15/46		400		413,576
3.00%, 12/20/46		1,486		1,535,649
3.00%, 02/15/47		302		311,956
3.00%, 02/20/47		933		963,730
3.00%, 07/20/47		3,832		3,950,343
3.00%, 11/01/49^(a)		15,990		16,459,692
3.50%, 02/15/26		7		7,482
3.50%, 11/15/26		5		5,319
3.50%, 02/20/27		14		14,691
3.50%, 01/20/31		96		99,376
3.50%, 07/20/32		331		344,243
3.50%, 09/15/41		11		11,350
3.50%, 09/15/42		29		31,001
3.50%, 09/20/42		292		309,110
3.50%, 10/15/42		13		13,302
3.50%, 10/20/42		685		724,529
3.50%, 11/15/42		66		69,895
3.50%, 11/20/42		2,244		2,374,262
3.50%, 12/20/42		230		243,447
3.50%, 03/15/43		756		799,992
3.50%, 05/15/43		62		66,249
3.50%, 06/15/43		174		184,034
3.50%, 04/20/45		943		989,210
3.50%, 11/20/45		36		37,529
3.50%, 12/20/45		243		254,924
3.50%, 03/20/46		1,319		1,380,735
3.50%, 04/20/46		207		216,687
3.50%, 06/20/46		2,097		2,194,285
3.50%, 07/20/46		12,540		13,124,449
3.50%, 11/20/46		36		37,657


Security	Par (000)		Value

Mortgage-Backed Securities (continued)
3.50%, 12/20/46	$	463	$	484,611
3.50%, 01/20/47		186		194,476
3.50%, 02/20/47		485		507,504
3.50%, 03/20/47		1,049		1,092,953
3.50%, 04/20/47		252		266,437
3.50%, 08/20/47		1,096		1,161,210
3.50%, 10/20/47		512		540,684
3.50%, 12/15/47		678		718,644
3.50%, 12/20/47		802		846,593
3.50%, 01/20/48		1,448		1,508,297
3.50%, 02/20/48		620		645,308
3.50%, 04/20/48		223		236,543
3.50%, 11/01/49^(a)		32,319		33,542,235
4.00%, 03/20/26		5		5,280
4.00%, 07/20/26		4		4,072
4.00%, 02/15/41		16		17,348
4.00%, 03/15/41		21		21,943
4.00%, 04/15/41		61		65,615
4.00%, 05/15/41		11		12,171
4.00%, 12/15/41		18		18,712
4.00%, 01/15/42		13		13,559
4.00%, 02/15/42		37		40,844
4.00%, 03/15/42		79		84,595
4.00%, 05/15/42		17		18,157
4.00%, 08/15/42		20		21,512
4.00%, 09/20/42		398		424,486
4.00%, 04/15/44		114		120,730
4.00%, 05/15/44		90		95,788
4.00%, 08/20/44		67		71,136
4.00%, 10/20/44		729		772,409
4.00%, 08/15/45		5,763		6,157,089
4.00%, 09/20/45		1,965		2,078,650
4.00%, 10/20/45		17		18,258
4.00%, 01/20/46		29		30,141
4.00%, 03/20/46		331		350,215
4.00%, 07/20/46		33		35,055
4.00%, 09/20/46		969		1,016,552
4.00%, 11/20/46		399		418,522
4.00%, 12/15/46		63		66,509
4.00%, 06/20/47		7,569		7,925,063
4.00%, 07/20/47		1,611		1,686,493
4.00%, 08/20/47		29		30,209
4.00%, 11/20/47		464		486,193
4.00%, 03/20/48		1,460		1,528,635
4.00%, 04/20/48		1,067		1,138,714
4.00%, 05/20/48		3,968		4,229,204
4.00%, 11/20/48		1,802		1,932,450
4.00%, 11/01/49^(a)		7,955		8,271,957
4.50%, 04/15/24		7		7,431
4.50%, 07/20/24		4		3,928
4.50%, 08/15/39		215		233,003
4.50%, 07/15/40		55		58,504
4.50%, 08/15/40		100		107,783
4.50%, 11/20/45		539		581,011
4.50%, 08/20/46		970		1,045,655
4.50%, 09/20/46		144		155,869
4.50%, 10/20/46		159		172,269
4.50%, 11/20/46		176		190,010
4.50%, 04/20/47		23		24,035
4.50%, 06/20/47		27		28,764


Security	Par (000)		Value

Mortgage-Backed Securities (continued)
4.50%, 02/20/48	$	1,697	$	1,791,534
4.50%, 06/20/48		138		144,787
4.50%, 07/20/48		856		898,835
4.50%, 08/20/48		694		727,807
4.50%, 12/20/48		2,143		2,249,213
4.50%, 03/20/49		139		145,808
4.50%, 05/20/49		2,908		3,070,002
4.50%, 06/20/49		4,073		4,300,178
4.50%, 08/20/49		1,156		1,220,014
4.50%, 11/01/49^(a)		2,409		2,521,922
5.00%, 07/15/39		44		49,315
5.00%, 07/20/42		236		255,916
5.00%, 07/20/46		110		119,988
5.00%, 04/20/48		215		228,052
5.00%, 05/20/48		1,309		1,388,537
5.00%, 11/20/48		423		447,779
5.00%, 12/20/48		424		448,566
5.00%, 01/20/49		1,413		1,496,549
5.00%, 04/20/49		88		93,019
5.00%, 11/01/49^(a)		2,687		2,839,166
5.50%, 10/15/38		28		32,247
5.50%, 07/20/40		387		440,902
5.50%, 11/01/49^(a)		905		964,989


Security	Par/ Shares (000)		Value

Mortgage-Backed Securities (continued)
6.00%, 09/20/38	$	38	$	44,005
6.00%, 11/01/49^(a)		200		220,758

				177,668,446


Total U.S. Government Agency Obligations — 99.4% (Cost: $174,489,846)				177,668,446


Short-Term Investments

Money Market Funds — 37.0%
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.74%^(b)(c)		66,232		66,232,000


Total Short-Term Investments — 37.0% (Cost: $66,232,000)				66,232,000


Total Investments in Securities — 136.4% (Cost: $240,721,846)				243,900,446

Other Assets, Less Liabilities — (36.4)%				(65,147,885	)


Net Assets — 100.0%			$	178,752,561

^(a)	TBA transaction.

^(b)	Affiliate of the Fund.

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

Investments in issuers considered to be affiliates of the Fund during the year ended October 31, 2019, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:


Security	Par (000)		Value

U.S. Government Obligations

U.S. Government Obligations — 99.3%
U.S. Treasury Floating Rate Note
1.64%, 01/31/20,
(3 mo. Treasury money market yield + 0.000%)^(a)	$	1,609	$	1,608,913
1.67%, 04/30/20,
(3 mo. Treasury money market yield + 0.033%)^(a)		45,592		45,577,195
1.68%, 07/31/20,
(3 mo. Treasury money market yield + 0.043%)^(a)		104,246		104,189,772
1.68%, 10/31/20,
(3 mo. Treasury money market yield + 0.045%)^(a)		57,385		57,335,726
1.75%, 01/31/21,
(3 mo. Treasury money market yield + 0.115%)^(a)		196,308		196,078,563
1.78%, 04/30/21,
(3 mo. Treasury money market yield + 0.139%)^(a)		45,076		45,015,215
1.86%, 07/31/21,
(3 mo. Treasury money market yield + 0.220%)^(a)		30,475		30,462,797
1.94%, 10/31/21,
(3 mo. Treasury money market yield + 0.300%)^(a)		24,000		24,017,559

				504,285,740


Total U.S. Government Obligations — 99.3% (Cost: $504,663,398)				504,285,740


Security	Shares (000)		Value

Short-Term Investments

Money Market Funds — 0.7%
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.74%^(b)(c)		3,581	$	3,581,000


Total Short-Term Investments — 0.7% (Cost: $3,581,000)				3,581,000


Total Investments in Securities — 100.0% (Cost: $508,244,398)				507,866,740

Other Assets, Less Liabilities — (0.0)%				(36,572	)


Net Assets — 100.0%			$	507,830,168

^(a)	Variable or floating rate security. Rate shown is the rate in effect as of period-end.

^(b)	Affiliate of the Fund.

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

Investments in issuers considered to be affiliates of the Fund during the year ended October 31, 2019, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:


Security	Par (000)		Value

U.S. Government Obligations

U.S. Government Obligations — 97.4%
U.S. Treasury Note/Bond
1.13%, 02/28/21	$	145,910	$	145,020,861
1.13%, 08/31/21		250,803		248,794,617
1.25%, 03/31/21		5,978		5,949,511
1.38%, 02/29/20		52		51,953
1.38%, 05/31/20		850		848,771
1.38%, 09/30/20		612		610,637
1.38%, 10/31/20		33		32,921
1.38%, 04/30/21		17,678		17,620,685
1.38%, 06/30/23		134,579		133,864,049
1.38%, 08/31/23		1,296		1,289,115
1.50%, 11/30/19		19		18,995
1.50%, 05/31/20		376		375,706
1.50%, 06/15/20		39		38,980
1.50%, 08/15/26		24,116		23,955,310
1.63%, 11/30/20		208,772		208,796,466
1.63%, 04/30/23		63,932		64,151,766
1.63%, 05/31/23		60,962		61,176,319
1.63%, 02/15/26		106,752		106,935,480
1.63%, 05/15/26		214,527		214,870,578
1.75%, 11/30/21		310,413		311,674,053
1.75%, 02/28/22		290,744		292,152,291
1.75%, 06/30/22		147		147,913
1.75%, 09/30/22		29,740		29,938,855
1.75%, 01/31/23		104,306		105,039,402
1.75%, 05/15/23		30,344		30,573,950
1.88%, 01/31/22		168,396		169,606,346
1.88%, 02/28/22		58,840		59,283,598
1.88%, 03/31/22		52,493		52,919,506
1.88%, 04/30/22		208,727		210,471,828
1.88%, 07/31/22		76,436		77,149,602
1.88%, 08/31/22		326,105		329,352,908
1.88%, 09/30/22		198,298		200,350,694
2.00%, 07/31/20		447		448,174
2.00%, 11/30/20		94,975		95,364,947
2.00%, 02/28/21		92,689		93,192,574
2.00%, 08/31/21		104,675		105,484,596
2.00%, 12/31/21		58,840		59,403,117
2.00%, 10/31/22		41,246		41,822,800
2.00%, 04/30/24		19,420		19,809,159
2.00%, 02/15/25		354,603		362,526,161
2.00%, 08/15/25		334,619		342,396,176
2.00%, 11/15/26		180,015		184,761,490
2.13%, 08/31/20		228		228,962
2.13%, 01/31/21		139,849		140,766,658
2.13%, 06/30/21		250,720		252,962,667
2.13%, 08/15/21		220,709		222,821,254
2.13%, 09/30/21		208,956		211,135,346
2.13%, 12/31/21		99,684		100,906,585
2.13%, 06/30/22		181,566		184,431,338
2.13%, 12/31/22		2,466		2,511,536
2.13%, 11/30/23		19,420		19,875,156
2.13%, 02/29/24		110,291		113,018,117
2.13%, 09/30/24		23,168		23,804,215
2.13%, 05/15/25		209,559		215,690,649
2.25%, 03/31/21		46,368		46,790,021
2.25%, 04/30/21		399,876		403,734,382
2.25%, 04/15/22		110,169		112,053,923


Security	Par (000)		Value

U.S. Government Obligations (continued)
2.25%, 12/31/23	$	78,627	$	80,893,669
2.25%, 01/31/24		111,891		115,186,539
2.25%, 10/31/24		81,414		84,171,263
2.25%, 11/15/24		394,023		407,337,080
2.25%, 11/15/25		167,981		174,352,571
2.25%, 02/15/27		835,571		872,388,347
2.25%, 08/15/27		30,835		32,245,460
2.25%, 11/15/27		186,656		195,310,714
2.38%, 12/31/20		105,065		105,967,902
2.38%, 08/15/24		691,618		718,094,209
2.38%, 05/15/27		139,701		147,286,328
2.50%, 12/31/20		2,250		2,272,852
2.50%, 03/31/23		48,808		50,386,634
2.50%, 08/15/23		969		1,003,417
2.50%, 02/15/45		227,016		241,505,898
2.50%, 02/15/46		75,636		80,529,130
2.50%, 05/15/46		215,698		229,667,815
2.63%, 08/15/20		640		645,000
2.63%, 11/15/20		274,043		276,869,574
2.63%, 12/15/21		46		47,055
2.63%, 12/31/23		81,958		85,569,274
2.75%, 08/31/23		20,908		21,854,577
2.75%, 02/15/28		110,143		119,561,087
2.75%, 08/15/42		75,450		83,696,117
2.75%, 11/15/42		87,214		96,733,034
2.75%, 08/15/47		134,470		150,438,872
2.88%, 10/15/21		145,922		149,592,850
2.88%, 10/31/23		24,452		25,725,223
2.88%, 11/30/23		11,113		11,701,642
2.88%, 04/30/25		60,535		64,696,247
2.88%, 05/31/25		187,268		200,259,718
2.88%, 11/30/25		6,113		6,566,222
2.88%, 05/15/28		211,243		231,715,197
2.88%, 08/15/28		123,054		135,176,741
2.88%, 05/15/43		13,062		14,795,379
2.88%, 08/15/45		225,902		257,378,268
2.88%, 11/15/46		378,160		432,535,271
2.88%, 05/15/49		14,360		16,546,534
3.00%, 11/15/44		6,608		7,674,831
3.00%, 05/15/47		336		393,435
3.00%, 02/15/48		119,153		139,832,562
3.00%, 08/15/48		17,668		20,768,872
3.00%, 02/15/49		12		14,147
3.13%, 05/15/21		11,590		11,858,471
3.13%, 11/15/28		28,079		31,486,869
3.13%, 11/15/41		191,765		225,885,805
3.13%, 02/15/42		6,232		7,342,436
3.13%, 02/15/43		41,335		48,718,434
3.13%, 08/15/44		70,035		82,985,885
3.38%, 11/15/19		249		249,142
3.38%, 05/15/44		42,833		52,765,959
3.50%, 05/15/20		224		225,735
3.63%, 02/15/20		162		162,880
3.63%, 02/15/21		64,096		65,748,065
3.75%, 11/15/43		266,924		347,021,532
3.88%, 08/15/40		36,506		47,701,649
4.25%, 05/15/39		19,373		26,438,848
4.25%, 11/15/40		35,484		48,696,246
4.38%, 02/15/38		24,592		33,831,154
4.38%, 11/15/39		141,576		196,519,655


Security	Par (000)		Value

U.S. Government Obligations (continued)
4.38%, 05/15/41	$	6,499	$	9,081,400
4.50%, 02/15/36		73,124		100,165,598
4.50%, 05/15/38		640		894,894
4.75%, 02/15/37		33		46,950
5.00%, 05/15/37		6,088		8,911,310
5.25%, 02/15/29		110,468		144,415,335
5.38%, 02/15/31		2,096		2,879,789
5.50%, 08/15/28		11,978		15,732,354
6.25%, 05/15/30		260		373,718
7.13%, 02/15/23		272,501		321,210,672
8.13%, 05/15/21		6,850		7,524,297
8.75%, 08/15/20		368,814		388,911,483
U.S. Treasury STRIPS Coupon
0.00%, 08/15/25^(a)		30,179		27,444,518
0.00%, 08/15/36^(a)		29,265		20,644,872

				14,824,267,181


Total U.S. Government Obligations — 97.4% (Cost: $14,380,837,138)				14,824,267,181


Security	Shares (000)		Value

Short-Term Investments

Money Market Funds — 2.8%
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.74%^(b)(c)		427,744	$	427,744,000


Total Short-Term Investments — 2.8% (Cost: $427,744,000)				427,744,000


Total Investments in Securities — 100.2% (Cost: $14,808,581,138)				15,252,011,181

Other Assets, Less Liabilities — (0.2)%				(32,799,888	)


Net Assets — 100.0%			$	15,219,211,293

^(a)	Zero-coupon bond.

^(b)	Affiliate of the Fund.

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

Investments in issuers considered to be affiliates of the Fund during the year ended October 31, 2019, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

These financial statements relate only to the following funds (each, a “Fund,” and collectively, the “Funds”):

Investment Transactions and Income Recognition: Investment transactions are accounted for on trade date. Realized gains and losses on investment transactions are determined using the specific identification method. Interest income, including amortization and accretion of premiums and discounts on debt securities, and payment-in-kind interest income, if any, are recognized daily on the accrual basis. Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source.

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:

Stripped Bonds: A stripped bond is a bond that has had its coupon payments and principal repayment stripped into two separate components then selling the separate parts as a zero-coupon bond and an interest paying coupon bond. Once stripped, each component trades as a separate security. Stripped bonds have a greater sensitivity to changes in interest rates than similar maturity debt obligations which provide for regular interest payments.

TBA Commitments: A fund may purchase mortgage pass-through securities on a when-issued or to-be-announced (“TBA”) basis, with payment and delivery scheduled for a future date. The underlying mortgage pools to be delivered are not identified at the trade date. However, delivered securities must meet specified terms, including issuer, rate and mortgage terms. A fund could be exposed to possible risk if there are adverse market actions, expenses or delays in connection with the TBA transactions, or if the counterparty fails to complete the transaction.

TBA Roll Transactions: A fund may enter into a TBA agreement, sell the obligation to purchase the pools stipulated in the TBA agreement prior to the stipulated settlement date and enter into a new TBA agreement for future delivery of pools of mortgage pass-through securities (a “TBA roll”). TBA rolls are treated as purchase and sale transactions in which the fund realizes gains and losses. A fund’s use of TBA rolls may cause the fund to experience higher portfolio turnover and higher transactions costs. TBA rolls involve the risk that the market value of the securities that a fund is required to purchase may decline below the agreed upon purchase price of those securities.

As of October 31, 2019, any securities on loan were collateralized by cash and/or U.S. government obligations. Cash collateral received was invested in money market funds managed by BlackRock FundAdvisors (“BFA”), the Funds’ investment adviser, or its affiliates and is disclosed in the schedules of investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan for each Fund, if any, are also disclosed in its schedule of investments. The market value of any securities on loan as of October 31, 2019 and the value of the related cash collateral are disclosed in the statements of assets and liabilities.

securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

For its investment advisory services to each of the following Funds, BFAis entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:

Expense Waivers: A fund may incur its pro rata share of fees and expenses attributable to its investments in other investment companies (“acquired fund fees and expenses”). For the iShares GNMA Bond ETF, BFA has contractually agreed to waive a portion of its investment advisory fees for the Fund through February 29, 2024 in an amount equal to the acquired fund fees and expenses, if any, attributable to the Fund’s investments in other registered investment companies.

Officers and Trustees: Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.

For the year ended October 31, 2019, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

For the year ended October 31, 2019, purchases and sales of investments, including TBA rolls and excluding in-kind transactions and short-term investments, were as follows:

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of October 31, 2019, the following permanent differences attributable to realized gains (losses) from in-kind redemptions, were reclassified to the following accounts:

As of October 31, 2019, the tax components of accumulated net earnings (losses) were as follows:

For the year ended October 31, 2019, the Funds utilized the following amounts of their capital loss carryforwards as follows:

When a fund concentrates its investments in mortgage-backed securities, it assumes a greater risk of prepayment or payment extension by securities issuers, which may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio.

BlackRock, Inc. and certain of its advisory affiliates, and certain directors/trustees and officers of the Funds (collectively, “Defendants”) in California State Court. The lawsuit alleges the Defendants violated federal securities laws by failing to adequately disclose in the prospectuses issued by the funds noted above the risks of using stop-loss orders in the event of a ‘flash crash’, such as the one that occurred on May 6, 2010. On September 18, 2017, the court issued a Statement of Decision holding that the Plaintiffs lack standing to assert their claims. On October 11, 2017, the court entered final judgment dismissing all of the Plaintiffs’ claims with prejudice. Plaintiffs have appealed the court’s decision. The appeal was fully briefed on January 18, 2019, and a hearing on Plaintiffs’ appeal took place on November 19, 2019.

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of iShares CMBS ETF, iShares GNMA Bond ETF, iShares Treasury Floating Rate Bond ETF and iShares U.S. Treasury Bond ETF (four of the funds constituting iShares Trust, hereafter collectively referred to as the “Funds”) as of October 31, 2019, the related statements of operations for the year ended October 31, 2019, the statements of changes in net assets for each of the two years in the period ended October 31, 2019, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2019 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2019, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2019 and each of the financial highlights for each of the five years in the period ended October 31, 2019 in conformity with accounting principles generally accepted in the United States of America.

We have served as the auditor of one or more BlackRock investment companies since 2000.

The Funds hereby designate the following amounts of distributions from direct federal obligation interest for the fiscal year ended October 31, 2019:

The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were higher than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index. The Board further noted that BFA provided the Board with detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded ETF, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate. The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Contract for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, such as payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services and BlackRock’s increased profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board further noted that any portfolio transactions on behalf of the Fund placed through a BFA affiliate or purchased from an underwriting syndicate in which a BFAaffiliate participates (including associated commissions) are reported to the Board pursuant to Rule 17e-1 or Rule 10f-3, as applicable, under the 1940 Act. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Contract for the coming year.

II. iShares GNMA Bond ETF, iShares Treasury Floating Rate Bond ETF, iShares U.S. Treasury Bond ETF (the “Funds”)

committees (composed solely of Independent Trustees) assess BlackRock’s services to the Funds, including investment management; fund accounting; administrative and shareholder services; oversight of the Funds’ service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Trustees requested, and BFA provided, such information as the Independent Trustees, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Contract. At meetings on May 6, 2019 and May 17, 2019, a committee composed of all of the Independent Trustees (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or their independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 17-19, 2019, the Board, including the Independent Trustees, reviewed the additional information provided by management in response to these requests.