iShares U.S. ETF Trust

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of April 30, 2022 saw the emergence of significant challenges that disrupted the economic recovery and strong financial markets which characterized 2021. The U.S. economy shrank in the first quarter of 2022, ending the run of robust growth which followed reopening and the development of the COVID-19 vaccines. Rapid changes in consumer spending led to supply constraints and elevated inflation, which reached a 40-year high. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the invasion has presented challenges for both investors and policymakers.

Equity prices were mixed but mostly down, as persistently high inflation drove investors’ expectations for higher interest rates, particularly weighing on relatively high valuation growth stocks and economically sensitive small-capitalization stocks. Overall, small-capitalization U.S. stocks declined, while large-capitalization U.S. stocks were nearly flat. Both emerging market stocks and international equities from developed markets fell significantly, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose during the reporting period as increasing inflation drove investors’ expectations for higher interest rates. The corporate bond market also faced inflationary headwinds, and increasing uncertainty led to higher corporate bond spreads (the difference in yield between U.S. Treasuries and similarly-dated corporate bonds).

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation is growing faster than expected, raised interest rates in March 2022, the first increase of this business cycle. Furthermore, the Fed wound down its bond-buying programs and raised the prospect of reversing the flow and reducing its balance sheet. Continued high inflation and the Fed’s new tone led many analysts to anticipate that the Fed will continue to raise interest rates multiple times throughout the year.

Looking ahead, however, the horrific war in Ukraine has significantly clouded the outlook for the global economy, leading to major volatility in energy and metal markets. Sanctions on Russia, Europe’s top energy supplier, and general wartime disruption are likely to drive already-high commodity prices even higher. We believe sharp increases in energy prices will exacerbate inflationary pressure while also constraining economic growth. Combating inflation without stifling a recovery, while buffering against ongoing supply and price shocks amid the ebb and flow of the pandemic, will be an especially challenging environment for setting effective monetary policy. Despite the likelihood of more rate increases on the horizon, we believe the Fed will err on the side of protecting employment, even at the expense of higher inflation.

In this environment, we favor an overweight to equities, as valuations have become more attractive and inflation-adjusted interest rates remain low. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and healthcare, are particularly attractive in the long term. We favor U.S. equities due to strong earnings momentum, while Japanese equities should benefit from supportive monetary and fiscal policy. We are underweight credit overall, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local- currency bonds offer potential opportunities for additional yield. We believe that international diversification and a focus on sustainability and quality can help provide portfolio resilience.

Overall, our view is that investors need to think globally, extend their scope across a broad array of asset classes, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.

Sincerely,

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.


Total Returns as of April 30, 2022
	6-Month			12-Month
U.S. large cap equities (S&P 500^® Index)		(9.65)	%		0.21	%
U.S. small cap equities (Russell 2000^® Index)		(18.38)			(16.87)
International equities (MSCI Europe, Australasia, Far East Index)		(11.80)			(8.15)
Emerging market equities (MSCI Emerging Markets Index)		(14.15)			(18.33)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		0.07			0.08
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		(10.29)			(8.86)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		(9.47)			(8.51)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)		(7.90)			(7.88)
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		(7.40)			(5.22)
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

The BlackRock Short Maturity Bond ETF (the “Fund”) seeks to maximize current income by investing, under normal circumstances, at least 80% of its net assets in a portfolio of U.S. dollar-denominated investment-grade fixed income securities and maintain a weighted average maturity that is less than three years. The Fund is an actively managed exchange-traded fund that does not seek to replicate the performance of a specified index.

The inception date of the Fund was 9/25/13. The first day of secondary market trading was 9/26/13.

The Bloomberg Short-Term Government/Corporate Index is an unmanaged index that measures the performance of government and corporate securities with less than 1 year remaining to maturity.

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 7 for more information.

The BlackRock Short Maturity Municipal Bond ETF (the “Fund”) seeks to maximize tax-free current income by investing, under normal circumstances, at least 80% of its net assets in municipal securities such that the interest on each bond is exempt from U.S. federal income taxes and the federal alternative minimum tax. Under normal circumstances, the effective duration of the Fund’s portfolio is expected to be 1.2 years or less, as calculated by the management team, and is not expected to exceed 1.5 years. The Fund is an actively managed exchange-traded fund that does not seek to replicate the performance of a specified index.

The inception date of the Fund was 3/3/15. The first day of secondary market trading was 3/5/15.

The Bloomberg Municipal Bond: 1 Year (1-2) Index is an unmanaged index comprised of national municipal bond issues having a maturity of at least one year and less than two years.

The BlackRock Ultra Short-Term Bond ETF (the “Fund”) seeks to provide current income consistent with preservation of capital by investing, under normal circumstances, at least 80% of its net assets in a portfolio of U.S. dollar-denominated investment-grade fixed- and floating-rate debt securities and maintain a dollar-weighted average maturity that is less than 180 days. The Fund is an actively managed exchange-traded fund that does not seek to replicate the performance of a specified index.

The inception date of the Fund was 12/11/13. The first day of secondary market trading was 12/13/13.

On 3/1/2021 the Fund began referencing the 4pm pricing variant of the ICE BofA US 6-Month Treasury Bill Index. Historical index data prior to 3/1/2021 is for the 3pm pricing variant of the ICE BofA US 6-Month Treasury Bill Index. Index data on and after 3/1/2021 is for the 4pm pricing variant of the ICE BofA US 6-Month Treasury Bill Index.

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

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

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

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

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

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

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


Security		Par (000)		Value

Asset-Backed Securities

AGL Core CLO 4 Ltd., 2.13%, 04/20/33 (Call 07/20/22), (3 mo. LIBOR US + 1.070%)^(a)(b)	USD		1,400	$	1,381,295
AIG CLO Ltd., 2.18%, 04/20/32 (Call 07/20/22), (3 mo. LIBOR US + 1.120%)^(a)(b)	USD		1,000		1,003,523
American Express Credit Account Master Trust, Series 2018-9, Class A, 0.93%, 04/15/26, (1 mo. LIBOR US + 0.380%)^(b)	USD		17,650		17,709,585
AmeriCredit Automobile Receivables Trust, Series 2021-1, Class A2, 0.28%, 06/18/24 (Call 04/18/24)	USD		2,520		2,517,197
Anchorage Capital CLO 4-R Ltd., Series 2014-4RA, Class A, 1.33%, 01/28/31 (Call 07/28/22), (3 mo. LIBOR US + 1.050%)^(a)(b)	USD		4,500		4,480,790
Anchorage Capital CLO 7 Ltd., Series 2015-7A, Class AR2, 1.37%, 01/28/31 (Call 07/28/22), (3 mo. LIBOR US + 1.090%)^(a)(b)	USD		13,840		13,780,858
Apidos CLO XII, 2.12%, 04/15/31 (Call 07/15/22), (3 mo. LIBOR US + 1.08%)^(a)(b)	USD		500		496,103
ASSURANT CLO Ltd., Series 2018-2A, Class A, 2.10%, 04/20/31 (Call 07/20/22), (3 mo. LIBOR US + 1.040%)^(a)(b)	USD		250		247,747
Atlas Senior Loan Fund III Ltd., Series 2013-1A, Class AR, 1.30%, 11/17/27 (Call 05/17/22), (3 mo. LIBOR US + 0.830%)^(a)(b)	USD		6,574		6,534,225
Atrium XIII, Series 13A, Class A1, 2.36%, 11/21/30 (Call 07/23/22), (3 mo. LIBOR US + 1.180%)^(a)(b)	USD		2,500		2,492,348
Autoflorence of Amyloids 0.15%, 12/24/44 (Call 11/24/26)^(b)(c)	EUR		10,320		10,917,268
0.20%, 12/24/44 (Call 11/24/26)^(b)(c)	EUR		898		938,976
Bain Capital Credit CLO Ltd., Series 2017-1A, Class A1R, 2.03%, 07/20/30 (Call 07/20/22), (3 mo. LIBOR US + 0.97%)^(a)(b)	USD		3,200		3,174,017
Barings Clo Ltd., 2.37%, 01/15/33 (Call 07/15/22), (3 mo. LIBOR US + 1.330%)^(a)(b)	USD		3,850		3,823,511
Barings CLO Ltd., 2.13%, 04/20/31 (Call 07/20/22), (3 mo. LIBOR US + 1.070%)^(a)(b)	USD		550		543,586
Benefit Street Partners CLO III Ltd., Series 2013-IIIA, Class A1R2, 2.06%, 07/20/29 (Call 07/20/22), (3 mo. LIBOR US + 1.000%)^(a)(b)	USD		360		358,468
Benefit Street Partners CLO VIII Ltd., Series 2015-8A, Class A1AR, 2.16%, 01/20/31 (Call 07/20/22), (3 mo. LIBOR US + 1.1%)^(a)(b)	USD		750		746,293
Benefit Street Partners Clo XII Ltd., 1.99%, 10/15/30 (Call 07/15/22), (3 mo. LIBOR US + 0.95%)^(a)(b)	USD		1,678		1,661,564
Capital One Prime Auto Receivables Trust, 2.71%, 06/16/25^(b)	USD		15,385		15,383,543
Carlyle C17 CLO Ltd., Series C17A, Class A1AR, 2.32%, 04/30/31 (Call 04/30/22), (3 mo. LIBOR US + 1.030%)^(a)(b)	USD		1,000		991,445
Carlyle Global Market Strategies CLO Ltd., Series 2014-1A, Class A1R2, 2.01%, 04/17/31 (Call 07/17/22), (3 mo. LIBOR US + 0.970%)^(a)(b)	USD		5,234		5,174,951
Cbam Ltd., Series 2018-7A, Class A, 2.16%, 07/20/31 (Call 07/20/22), (3 mo. LIBOR US + 1.1%)^(a)(b)	USD		750		745,229
Cedar Funding IX CLO Ltd., 2.04%, 04/20/31 (Call 07/20/22), (3 mo. LIBOR US + 0.98%)^(a)(b)	USD		2,130		2,110,386
Chesapeake Funding II LLC, Series 2020-1A, Class A2, 1.20%, 08/15/32 (Call 05/15/23), (1 mo. LIBOR US + 0.650%)^(a)(b)	USD		6,981		6,980,397


Security		Par (000)		Value

CIFC Funding Ltd. Series 2014-2RA, Class A1, 2.23%, 04/24/30 (Call 07/24/22), (3 mo. LIBOR US + 1.050%)^(a)(b)	USD		250	$	248,878
Series 2015-2A, Class AR2, 2.05%, 04/15/30 (Call 07/15/22), (3 mo. LIBOR US + 1.010%)^(a)(b)	USD		13,000		12,941,132
Series 2018-1A, Class A, 2.04%, 04/18/31 (Call 07/18/22), (3 mo. LIBOR US + 1.0%)^(a)(b)	USD		13,000		12,885,982
Series 2018-2A, Class A1, 2.10%, 04/20/31 (Call 07/20/22), (3 mo. LIBOR US + 1.040%)^(a)(b)	USD		1,250		1,238,778
Citibank Credit Card Issuance Trust, Series 2019-A5, Class A5, 1.07%, 04/22/26, (1 mo. LIBOR + 0.620%)^(b)	USD		40,505		40,747,277
College Ave Student Loans LLC, Series 2021-A, Class A1, 1.56%, 07/25/51 (Call 02/25/32), (1 mo. LIBOR US + 1.100%)^(a)(b)	USD		245		243,531
Credit Acceptance Auto Loan Trust, Series 2021-3A, Class A, 1.00%, 05/15/30 (Call 11/15/24)^(a)	USD		4,130		3,953,154
Donlen Fleet Lease Funding 2 LLC, Series 2021-2, Class A2, 0.56%, 12/11/34^(a)	USD		11,579		11,326,244
Dowson Dwson
1.61%, 01/20/29^(b)	GBP		4,129		5,193,440
2.44%, 01/20/29^(b)	GBP		646		812,408
Dowson PLC Series 2021-2, Class A, 1.37%, 10/20/28 (Call 11/20/24), (Sterning Ovenight Index Average + 0.680%)^(b)(c)	GBP		7,554		9,494,652
Series 2021-2, Class B, 1.89%, 10/20/28 (Call 11/20/24), (Sterning Ovenight Index Average + 1.200%)^(b)(c)	GBP		1,600		1,995,004
Drive Auto Receivables Trust, Series 2021-1, Class A3, 0.44%, 11/15/24 (Call 09/15/23)	USD		3,870		3,869,174
Dryden 49 Senior Loan Fund, Series 2017-49A, Class AR, 1.99%, 07/18/30 (Call 07/18/22), (3 mo. LIBOR US + 0.95%)^(a)(b)	USD		10,750		10,655,424
Dryden 77 CLO Ltd., Series 2020-77A, Class XR, 1.48%, 05/20/34 (Call 05/20/23), (3 mo. LIBOR US + 1.0%)^(a)(b)	USD		250		249,688
Dryden XXVI Senior Loan Fund, Series 2013-26A, Class AR, 1.94%, 04/15/29 (Call 07/15/22), (3 mo. LIBOR US + 0.900%)^(a)(b)	USD		15,023		14,893,746
Dutch Property Finance, Series 2021-2, Class A, 0.29%, 04/28/59 (Call 04/28/26)^(b)(c)	EUR		6,269		6,582,646
Dutch Property Finance BV, 1.00%, 10/28/59^(b)	EUR		8,498		8,937,768
Elevation CLO Ltd., Series 2014-2A, Class A1R, 2.27%, 10/15/29 (Call 07/15/22), (3 mo. LIBOR US + 1.230%)^(a)(b)	USD		480		478,459
Elmwood CLO X Ltd., Series 2021-3A, Class A, 2.10%, 10/20/34 (Call 10/20/22), (3 mo. LIBOR US + 1.04%)^(a)(b)	USD		13,000		12,781,584
Elvet Mortgages PLC, Series 2021-1, Class A, 0.85%, 10/22/63 (Call 10/22/26)^(b)(c)	GBP		10,830		13,526,096
Enterprise Fleet Funding LLC, Series 2021-1, Class A2, 0.44%, 12/21/26 (Call 07/20/24)^(a)	USD		10,141		9,883,634
Galaxy XV CLO Ltd., Series 2013-15A, Class ARR, 2.01%, 10/15/30 (Call 07/15/22), (3 mo. LIBOR US + 0.97%)^(a)(b)	USD		670		665,111
Gilbert Park CLO Ltd., 2.23%, 10/15/30 (Call 07/15/22), (3 mo. LIBOR US + 1.190%)^(a)(b)	USD		250		249,196
GoldenTree Loan Opportunities IX Ltd., Series 2014-9A, Class AR2, 2.35%, 10/29/29 (Call 04/29/22), (3 mo. LIBOR US + 1.110%)^(a)(b)	USD		16,240		16,185,993


Security		Par (000)		Value

Gosforth Funding PLC, Series 2018-1A, Class A1, 0.63%, 08/25/60 (Call 08/25/23), (3 mo. LIBOR US + 0.450%)^(a)(b)	USD		1,147	$	1,147,200
Highbridge Loan Management, Series 3A-2014, Class A1R, 2.22%, 07/18/29 (Call 07/18/22), (3 mo. LIBOR US + 1.18%)^(a)(b)	USD		1,100		1,097,096
KKR CLO 21 Ltd., 2.04%, 04/15/31 (Call 07/15/22), (3 mo. LIBOR US + 1.000%)^(a)(b)	USD		5,590		5,541,046
LCM 29 Ltd., Series 29A, Class AR, 2.11%, 04/15/31 (Call 07/15/22), (3 mo. LIBOR US + 1.07%)^(a)(b)	USD		2,600		2,568,460
Madison Park Funding XIII Ltd., Series 2014-13A, Class AR2, 1.99%, 04/19/30 (Call 07/19/22), (3 mo. LIBOR US + 0.950%)^(a)(b)	USD		3,902		3,875,791
Madison Park Funding XVII Ltd., Series 2015-17A, Class AR2, 2.10%, 07/21/30 (Call 07/21/22), (3 mo. LIBOR US + 1.000%)^(a)(b)	USD		800		795,045
Madison Park Funding XXIII Ltd., Series 2017-23A, Class AR, 1.24%, 07/27/31 (Call 07/27/22), (3 mo. LIBOR US + 0.970%)^(a)(b)	USD		13,200		13,096,362
Madison Park Funding XXVI Ltd., Series 2007-4A, Class AR, 1.50%, 07/29/30, (3 mo. LIBOR US + 1.2%)^(a)(b)	USD		4,875		4,880,057
Madison Park Funding XXXVII Ltd., 2.11%, 07/15/33 (Call 07/15/22), (3 mo. LIBOR US + 1.070%)^(a)(b)	USD		1,750		1,725,991
Mariner CLO LLC, Series 2016-3A, Class AR2, 2.17%, 07/23/29 (Call 07/23/22), (3 mo. LIBOR US + 0.99%)^(a)(b)	USD		1,058		1,053,228
Navient Private Education Loan Trust Series 2017-A, Class A2B, 1.45%, 12/16/58 (Call 06/15/28), (1 mo. LIBOR US + 0.900%)^(a)(b)	USD		503		501,027
Series 2020-IA, Class A1B, 1.55%, 04/15/69 (Call 12/15/30), (1 mo. LIBOR US + 1.000%)^(a)(b)	USD		6,788		6,746,282
Navient Private Education Refi Loan Trust Series 2021-BA, Class A, 0.94%, 07/15/69 (Call 07/15/28)^(a)	USD		6,640		6,202,463
Series 2021-DA, Class A, 1.51%, 04/15/60 (Call 05/15/32), (PRIME - 1.99%)^(a)(b)	USD		8,580		8,221,468
Nelnet Student Loan Trust 1.28%, 04/20/62 (Call 04/20/31), (1 mo. LIBOR US + 0.690%)^(a)(b)	USD		3,321		3,302,698
1.33%, 04/20/62 (Call 01/20/31), (1 mo. LIBOR US + 0.740%)^(a)(b)	USD		6,431		6,349,896
Series 2021-A, Class A1, 1.39%, 04/20/62 (Call 02/20/29), (1 mo. LIBOR US + 0.8%)^(a)(b)	USD		8,030		7,963,557
Series 2021-BA, Class AFL, 1.37%, 04/20/62 (Call 07/20/29), (1 mo. LIBOR US + 0.780%)^(a)(b)	USD		13,856		13,724,971
Neuberger Berman CLO Ltd., Series 2013-14A, Class AR2, 2.27%, 01/28/30 (Call 07/28/22), (3 mo. LIBOR US + 0.99%)^(a)(b)	USD		497		494,125
Neuberger Berman Loan Advisers CLO 33 Ltd., 2.12%, 10/16/33 (Call 10/16/22), (3 mo. LIBOR US + 1.080%)^(a)(b)	USD		2,050		2,023,770
OCP CLO Ltd., Series 2017-13A, 2.00%, 07/15/30 (Call 07/15/22), (3 mo. LIBOR US + 0.96%)^(a)(b)	USD		2,350		2,328,404
Octagon Investment Partners XVII Ltd., Series 2013-1A, Class A1R2, 2.18%, 01/25/31 (Call 07/25/22), (3 mo. LIBOR US + 1.0%)^(a)(b)	USD		3,000		2,976,446
OneMain Financial Issuance Trust, Series 2016-3A, Class A, 3.83%, 06/18/31 (Call 05/18/22)^(a)	USD		184		183,909


Security		Par (000)		Value

Palmer Square CLO Ltd. 2.04%, 10/17/31 (Call 07/19/22), (3 mo. LIBOR US + 1.000%)^(a)(b)	USD		1,800	$	1,781,429
Series 2015-2, 2.16%, 07/20/30 (Call 07/20/22), (3 mo. LIBOR US + 1.100%)^(a)(b)	USD		3,650		3,632,292
Series 2021-3A, Class A1, 1.38%, 01/15/35 (Call 01/15/24)^(a)(b)	USD		500		491,218
PFS Financing Corp. 0.87%, 02/15/26, (SOFR + 0.600%)^(a)(b)	USD		22,642		22,601,059
Series 2020-F, Class A, 0.93%, 08/15/24^(a)	USD		3,274		3,264,657
Pikes Peak CLO 1, Series 2018-1A, Class A, 2.36%, 07/24/31 (Call 07/24/22), (3 mo. LIBOR US + 1.180%)^(a)(b)	USD		1,500		1,493,466
Prodigy Finance CM2021-1 DAC, Series 2021-1A, Class A, 1.71%, 07/25/51 (Call 02/25/27), (1 mo. LIBOR US + 1.25%)^(a)(b)	USD		1,864		1,846,822
Red & Black Auto Germany 8 UG, Class B, 0.20%, 09/15/30 (Call 11/15/25)^(b)(c)	EUR		400		418,106
Red & Black Auto Italy S.r.l., Class A, 0.16%, 12/28/31 (Call 09/28/25)^(b)(c)	EUR		16,009		16,963,133
Romark WM-R Ltd., Series 2018-1A, Class A1, 2.09%, 04/20/31 (Call 07/20/22), (3 mo. LIBOR US + 1.03%)^(a)(b)	USD		3,879		3,845,729
RR 3 Ltd., Series 2018-3A, Class A1R2, 2.13%, 01/15/30 (Call 07/15/22), (3 mo. LIBOR US + 1.09%)^(a)(b)	USD		2,000		1,989,862
Santander Drive Auto Receivables Trust, Series 2021-1, Class A3, 0.32%, 09/16/24 (Call 09/15/23)	USD		6,381		6,375,210
Satus PLC
1.39%, 08/17/28 (Call 04/17/25), (Sterning Ovenight Index Average + 0.700%)^(b)(c)	GBP		860		1,081,014
1.89%, 08/17/28 (Call 04/17/25), (Sterning Ovenight Index Average + 1.200%)^(b)(c)	GBP		400		499,655
2.29%, 08/17/28 (Call 04/17/25), (Sterning Ovenight Index Average + 1.600%)^(b)(c)	GBP		300		373,735
Shackleton Clo Ltd., Series 2017-11A, 1.60%, 08/15/30 (Call 05/15/22), (3 mo. LIBOR US + 1.09%)^(a)(b)	USD		2,750		2,738,013
Shackleton CLO Ltd., Series 2015-7R, 2.19%, 07/15/31 (Call 07/15/22), (3 mo. LIBOR US + 1.150%)^(a)(b)	USD		2,750		2,731,376
Signal Peak CLO 2 LLC, Series 2015-1A, Class AR2, 2.04%, 04/20/29 (Call 07/20/22), (3 mo. LIBOR US + 0.98%^(a)(b)	USD		1,522		1,513,701
Silver Creek CLO Ltd., 2.30%, 07/20/30 (Call 07/20/22), (3 mo. LIBOR US + 1.240%)^(a)(b)	USD		6,742		6,726,633
SILVERSTONE MASTER ISSUER SMI 2022 1X 2A REGS, 0.98%, 01/21/70 (Call 04/21/27)^(b)(c)	GBP		3,485		4,345,527
SLM Private Credit Student Loan Trust
Series 2004-A, Class A3, 1.23%, 06/15/33 (Call 06/15/22), (3 mo. LIBOR US + 0.400%)^(b)	USD		3,650		3,570,275
Series 2004-B, Class A3, 1.16%, 03/15/24 (Call 03/15/24), (3 mo. LIBOR US + 0.330%)^(b)	USD		3,639		3,624,772
Series 2005-A, Class A4, 1.14%, 12/15/38 (Call 12/15/26), (3 mo. LIBOR US + 0.310%)^(b)	USD		7,697		7,538,919
Series 2005-B, Class A4, 1.16%, 06/15/39 (Call 06/15/26), (3 mo. LIBOR US + 0.330%)^(b)	USD		5,384		5,195,472
Series 2006-A, Class A5, 1.12%, 06/15/39 (Call 03/15/28), (3 mo. LIBOR US + 0.290%)^(b)	USD		11,875		11,357,641
Series 2006-B, Class A5, 1.10%, 12/15/39 (Call 06/15/27), (3 mo. LIBOR US + 0.270%)^(b)	USD		8,508		8,136,654


Security		Par (000)		Value

SMB Private Education Loan Trust
Series 2017-A, Class A2B, 1.45%, 09/15/34, (1 mo. LIBOR US + 0.900%)^(a)(b)	USD		12,379	$	12,386,643
Series 2021-C, Class A1, 0.80%, 01/15/53, (1 mo. LIBOR US + 0.400%)^(a)(b)	USD		2,541		2,540,090
SoFi Professional Loan Program LLC, Series 16-C, Class A1, 1.77%, 10/27/36 (Call 12/25/22), (1 mo. LIBOR US + 1.100%)^(a)(b)	USD		543		543,543
Sound Point Clo XV Ltd., Series 2017-1A, Class ARR, 2.08%, 01/23/29 (Call 07/23/22), (3 mo. LIBOR US + 0.900%)^(a)(b)	USD		2,579		2,564,393
Sound Point CLO XXVIII Ltd., Series 2020 3A, Class A1, 2.46%, 01/25/32 (Call 07/25/22), (3 mo. LIBOR US + 1.28%)^(a)(b)	USD		1,250		1,243,233
Southwick Park CLO LLC, 2.12%, 07/20/32 (Call 01/20/23), (3 mo. LIBOR US + 1.060%)^(a)(b)	USD		8,760		8,635,000
Symphony CLO XVI Ltd., Series 2015-16A, Class AR, 1.39%, 10/15/31 (Call 07/15/22), (3 mo. LIBOR US + 1.15%)^(a)(b)	USD		500		496,248
Tagus STC/Ulisses Finance No.2, 0.15%, 09/23/38 (Call 02/23/28)^(b)(c)	EUR		12,100		12,823,936
TCI-Symphony CLO Ltd., 1.26%, 10/13/32 (Call 01/13/23), (3 mo. LIBOR US + 1.020%)^(a)(b)	USD		5,235		5,183,263
TICP CLO IX Ltd., Series 2017-9A, Class A, 2.20%, 01/20/31 (Call 07/20/22), (3 mo. LIBOR US + 1.14%)^(a)(b)	USD		500		497,126
Together Asset Backed Securitisation, 1.39%, 07/12/63 (Call 10/12/25)^(b)(c)	GBP		2,886		3,598,205
Verizon Owner Trust, Series 2020-A, Class A1B, 0.86%, 07/22/24 (Call 04/20/23), (1 mo. LIBOR US + 0.270%)^(b)	USD		6,484		6,484,624
VOYA CLO, Series 2017-2A, Class A1R, 2.02%, 06/07/30 (Call 07/15/22), (3 mo. LIBOR US + 0.980%)^(a)(b)	USD		5,330		5,292,866
Voya Ltd., Series 2012-4, 2.04%, 10/15/30 (Call 07/15/22), (3 mo. LIBOR US + 1.000%)^(a)(b)	USD		13,000		12,906,093
Wellfleet CLO Ltd., Series 2016-1A, Class AR, 1.97%, 04/20/28 (Call 07/20/22), (3 mo. LIBOR US + 0.91%)^(a)(b)	USD		973		969,841
Westlake Automobile Receivables Trust, Series 2021-1A, Class A2A, 0.39%, 10/15/24 (Call 02/15/24)^(a)	USD		7,369		7,329,906


Total Asset-Backed Securities — 13.7% (Cost: $618,923,552)					608,662,976


Certificates of Deposit

Sumitomo Mitsui Banking Corp./New York, 0.70%, 07/15/22	$		30,000		29,993,253


Total Certificates of Deposit — 0.7% (Cost: $30,000,000)					29,993,253


Collaterized Mortgage Obligations

Asset-Backed Securities — 1.2%
Arbor Realty Commercial Real Estate Notes Ltd., 1.62%, 08/15/34 (Call 03/15/24), (1 mo. LIBOR US + 1.070%)^(a)(b)			14,450		14,396,442
BDS 2021-FL9 Ltd., 1.62%, 11/16/38 (Call 10/16/23), (1 mo. LIBOR US + 1.070%)^(a)(b)			8,750		8,522,330


Security		Par (000)		Value

Asset-Backed Securities (continued)
FS Rialto Issuer LLC, 2.20%, 01/19/39 (Call 04/17/24), (SOFR + 1.900%)^(a)(b)	$		5,000	$	4,998,781
HGI CRE CLO Ltd., 1.55%, 09/17/36 (Call 10/17/23), (1 mo. LIBOR US + 1.000%)^(a)(b)			5,380		5,318,409
KREF Ltd., 1.97%, 02/17/39 (Call 02/17/24)^(a)(b)			9,360		9,150,272
LoanCore Issuer Ltd.
1.85%, 11/15/38 (Call 11/15/23), (1 mo. LIBOR US + 1.300%)^(a)(b)			2,640		2,597,100
Series 2018-CRE1, Class A, 1.68%, 05/15/28 (Call 05/15/22), (1 mo. LIBOR US + 1.130%)^(a)(b)			1,463		1,457,357
MF1 Multifamily Housing Mortgage Loan Trust, 1.65%, 07/16/36 (Call 07/16/23),
(1 mo. LIBOR US + 1.1%)^(a)(b)			4,520		4,458,206
Multifamily Housing Mortgage Loan Trust, 1.62%, 02/19/37 (Call 03/17/24)^(a)(b)			1,860		1,825,125
NLY Commercial Mortgage Trust, Series 2019-FL2, Class A, 1.85%, 02/15/36 (Call 05/15/22), (1 mo. LIBOR US + 1.300%)^(a)(b)			1,990		1,986,803


Mortgage-Backed Securities — 6.4%
280 Park Avenue Mortgage Trust, Series 2017-280P, Class A, 1.37%, 09/15/34 (Call 05/15/22), (1 mo. LIBOR US + 0.880%)^(a)(b)	USD		12,100		11,964,008
AREIT CRE TRUST 11/24 1, 1.30%, 11/17/24^(a)(b)	USD		1,975		1,957,341
AREIT Trust, Series 2019-CRE3, Class A, 1.69%, 09/14/36, (1 mo. LIBOR US + 1.020%)^(a)(b)	USD		6,813		6,778,451
BAMLL Commercial Mortgage Securities Trust, Series 2018-DSNY, Class A, 1.25%, 09/15/34, (1 mo. LIBOR US + 0.850%)^(a)(b)	USD		19,220		18,834,506
BBCMS-TALL Mortgage Trust, Series 2018-TALL, Class A, 1.12%, 03/15/37, (1 mo. LIBOR US + 0.722%)^(a)(b)	USD		8,630		8,376,705
BX Commercial Mortgage Trust
1.24%, 10/15/38, (1 mo. LIBOR US + 0.69%)^(a)(b)	USD		9,306		9,067,113
1.53%, 02/15/39^(a)(b)	USD		10,702		10,470,369
Series 2018-BIOA, Class A, 1.23%, 03/15/37, (1 mo. LIBOR US + 0.671%)^(a)(b)	USD		21,075		20,863,522
BX Trust
1.30%, 10/15/36, (1 mo. LIBOR US + 0.89%)^(a)(b)	USD		8,520		8,306,662
Series 2019-CALM, Class A, 1.27%, 11/15/32, (1 mo. LIBOR US + 0.876%)^(a)(b)	USD		6,798		6,712,798
Series 2021, Class A, 1.83%, 06/15/23, (1 mo. LIBOR US + 1.280%)^(a)(b)	USD		2,070		2,041,536
CEDR Commercial Mortgage Trust, 1.04%, 02/15/39^(a)(b)	USD		5,410		5,267,973
Chase Home Lending Mortgage Trust, Series 2019-ATR2, Class A11, 1.57%, 07/25/49 (Call 11/25/23), (1 mo. LIBOR US + 0.900%)^(a)(b)	USD		1,311		1,300,483
Cold Storage Trust, Series 2020-ICE5, Class A, 1.45%, 11/15/37, (1 mo. LIBOR US + 0.900%)^(a)(b)	USD		1,843		1,821,684
Commission, Series 2013- GAM, Class A2, 3.37%, 02/10/28 (Call 02/10/23)^(a)	USD		6,407		6,354,820
Commission Mortgage Trust, Series 2013-CR6, Class A3FL, 0.98%, 03/10/46 (Call 12/10/22), (1 mo. LIBOR US + 0.630%)^(a)(b)	USD		788		787,928
Credit Suisse Mortgage Capital Certificates, Series 2019-ICE4, Class A, 1.38%, 05/15/36, (1 mo. LIBOR US + 0.980%)^(a)(b)	USD		6,333		6,298,169


Security		Par (000)		Value

Mortgage-Backed Securities (continued)
DBGS Mortgage Trust, Series 2018-5BP, Class A, 1.19%, 06/15/33 (Call 05/15/22), (1 mo. LIBOR US + 0.645%)^(a)(b)	USD		4,200	$	4,136,834
Extended Stay America Trust, Series 2021-ESH, Class A, 1.48%, 07/15/38, (1 mo. LIBOR US + 1.08%)^(a)(b)	USD		6,192		6,106,362
GCT Commercial Mortgage Trust, Series 2021-GCT, Class A, 1.35%, 02/15/38, (1 mo. LIBOR US + 0.800%)^(a)(b)	USD		8,600		8,442,242
GS Mortgage Securities Corportation Trust, 1.50%, 10/15/36, (1 mo. LIBOR US + 0.95%)^(a)(b)	USD		10,360		10,146,811
J.P. Morgan Chase Commercial Mortgage Securities Trust, 1.45%, 03/15/39 (Call 03/15/24)^(a)(b)	USD		5,540		5,505,584
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2019-BKWD, Class A, 1.40%, 09/15/29, (1 mo. LIBOR US + 1.000%)^(a)(b)	USD		1,645		1,633,232
KNDL Mortgage Trust, Series 2019-KNSQ, Class A, 1.35%, 05/15/36, (1 mo. LIBOR US + 0.800%)^(a)(b)	USD		8,533		8,447,240
MED Trust LLC, 1.35%, 11/15/38^(a)(b)	USD		4,260		4,187,899
MF1
1.37%, 12/15/34, (SOFR + 1.070%)^(a)(b)	USD		1,230		1,229,201
1.67%, 12/15/34, (SOFR + 1.370%)^(a)(b)	USD		480		479,683
Morgan Stanley Capital I Trust
Series 2017-CLS, Class A, 1.25%, 11/15/34, (1 mo. LIBOR US + 0.700%)^(a)(b)	USD		14,512		14,438,981
Series 2018-BOP, Class A, 1.40%, 08/15/33, (1 mo. LIBOR US + 0.850%)^(a)(b)	USD		5,549		5,512,184
Series 2018-SUN, Class A, 1.45%, 07/15/35 (Call 07/15/22), (1 mo. LIBOR US + 0.900%)^(a)(b)	USD		19,045		18,663,355
MSCG Trust, 1.45%, 10/15/37, (1 mo. LIBOR US + 0.900%)^(a)(b)	USD		5,300		5,253,281
MTN Commercial Mortgage Trust, 1.45%, 03/15/39^(a)(b)	USD		8,930		8,885,292
Ready Capital Mortgage Financing LLC, 1.76%, 01/25/37 (Call 02/25/24), (SOFR + 1.650%)^(a)(b)	USD		8,560		8,567,046
Rialto Real Estate Fund LP, 1.00%, 01/19/37^(b)	USD		6,955		6,955,000
Taurus CMBS, 1.11%, 08/17/31 (Call 08/17/26), (SOFR + 0.95%)^(b)(c)	GBP		6,966		8,657,771
TPGI Trust, Series 2021 DGWD, Class A, 1.25%, 06/15/26, (1 mo. LIBOR US + 0.700%)^(a)(b)	USD		6,320		6,193,384
Vita Scientia, 1.30%, 08/27/25^(b)	EUR		5,709		6,022,711
Wells Fargo Commercial Mortgage Trust, Series 2017-SMP, Class A, 1.43%, 12/15/34, (1 mo. LIBOR US + 0.750%)^(a)(b)	USD		17,280		17,068,377


Total Collaterized Mortgage Obligations — 7.6% (Cost: $343,767,143)					338,447,363


Commercial Paper
Enel Finance America
0.00%, 06/27/22^(d)	$		13,800		13,773,018
0.00%, 08/09/22^(d)			16,000		15,932,907
1.27%, 07/08/22^(b)			20,000		19,950,728
Energy Transfer Partners, 0.00%, 05/16/22^(b)(d)			30,000		29,986,216
GM Financial Co. Inc., 0.00%, 06/16/22^(d)			15,000		14,975,240


Total Commercial Paper — 2.1% (Cost: $94,722,621)					94,618,109


Security	Par (000)		Value

Corporate Bonds & Notes

Aerospace & Defense — 0.1%
L3Harris Technologies Inc., 3.85%, 06/15/23 (Call 05/15/23)		$ 5,000	$	5,040,771


Agriculture — 0.3%
BAT Capital Corp.
1.39%, 08/15/22 (Call 07/15/22), (3 mo. LIBOR US + 0.880%)^(b)		10,000		10,005,948
2.76%, 08/15/22 (Call 07/15/22)^(e)		2,994		2,997,895

				13,003,843

Auto Manufacturers — 7.5%
American Honda Finance Corp.
1.95%, 05/20/22		14,773		14,779,217
2.20%, 06/27/22		6,136		6,143,958
BMW Finance NV, 2.25%, 08/12/22^(a)		16,350		16,351,108
BMW U.S. Capital LLC 0.43%, 08/12/24, (SOFR + 0.380%)^(a)(b)(e)		22,230		22,070,135
0.80%, 04/01/24^(a)		12,000		11,458,029
1.12%, 04/01/25, (SOFR + 0.840%)^(a)(b)		11,100		11,132,271
Daimler Finance North America LLC 0.75%, 03/01/24^(a)(e)		9,005		8,616,175
2.55%, 08/15/22^(a)		19,691		19,720,233
Daimler Trucks Finance North America LLC, 1.13%, 12/14/23^(a)(e)		15,000		14,500,293
General Motors Financial Co. Inc. 0.91%, 10/15/24, (SOFR + 0.620%)^(b)		15,000		14,751,875
1.05%, 03/08/24^(e)		20,000		19,091,212
Hyundai Capital America 0.80%, 04/03/23^(a)(e)		17,710		17,304,296
1.00%, 09/17/24^(a)		8,105		7,543,251
Nissan Motor Acceptance Co. LLC, 1.13%, 09/16/24^(a)(e)		10,520		9,776,521
Nissan Motor Acceptance Corp. 1.05%, 03/08/24^(a)(e)		12,515		11,804,302
1.25%, 03/08/24,
(3 mo. LIBOR US + 0.640%)^(a)(b)(e)		4,375		4,352,865
3.88%, 09/21/23^(a)		4,000		3,998,416
Stellantis NV, 5.25%, 04/15/23		9,400		9,558,766
Volkswagen Group of America Finance LLC 0.75%, 11/23/22^(a)(e)		44,345		43,905,785
0.88%, 11/22/23^(a)		14,000		13,440,740
2.70%, 09/26/22^(a)(e)		2,145		2,144,333
2.90%, 05/13/22^(a)(e)		35,500		35,515,633
4.25%, 11/13/23^(a)(e)		13,000		13,156,349

				331,115,763

Banks — 23.4%
Banco Santander SA 0.70%, 06/30/24 (Call 06/30/23)^(b)		21,200		20,496,026
2.13%, 04/12/23, (3 mo. LIBOR US + 1.120%)^(b)		10,000		10,058,804
3.85%, 04/12/23		9,291		9,372,228
Bank of America Corp.
3.00%, 12/20/23 (Call 12/20/22),
(3 mo. LIBOR US + 0.790%)^(b)		58,985		58,846,706
3.30%, 01/11/23		25,000		25,201,082
3.55%, 03/05/24 (Call 03/05/23),
(3 mo. LIBOR US + 0.780%)^(b)		30,000		30,019,139
3.86%, 07/23/24 (Call 07/23/23),
(3 mo. LIBOR US + 0.940%)^(b)		10,000		10,023,319


Security	Par (000)		Value

Banks (continued)
Banque Federative du Credit Mutuel SA, 2.13%, 11/21/22^(a)(e)		$ 20,000		$ 19,972,910
Barclays Bank PLC, 1.70%, 05/12/22		15,000		15,002,855
Barclays PLC, 1.84%, 05/16/24 (Call 05/16/23),
(3 mo. LIBOR US + 1.380%)^(b)		41,000		41,258,254
BPCE SA 0.86%, 01/14/25, (SOFR + 0.570%)^(a)(b)		3,110		3,089,059
2.04%, 09/12/23, (3 mo. LIBOR US + 1.240%)^(a)(b)		15,000		15,121,500
3.00%, 05/22/22^(a)		17,993		18,005,844
Canadian Imperial Bank of Commerce, 0.45%, 06/22/23		27,480		26,765,569
Citigroup Inc. 1.68%, 05/15/24 (Call 05/15/23),
(SOFR + 1.667%)^(b)		15,000		14,778,455
1.91%, 10/27/22 (Call 09/27/22),
(3 mo. LIBOR US + 0.690%)^(b)		10,000		10,014,510
2.70%, 10/27/22 (Call 09/27/22)^(e)		33,800		33,887,050
2.88%, 07/24/23 (Call 07/24/22),
(3 mo. LIBOR US + 0.950%)^(b)(e)		13,250		13,247,547
Cooperatieve Rabobank UA, 1.84%, 09/26/23,
(3 mo. LIBOR US + 0.860%)^(a)(b)		10,000		10,054,153
Credit Suisse AG/New York NY, 0.52%, 08/09/23		25,000		24,200,901
Credit Suisse Group AG, 3.80%, 06/09/23		8,500		8,526,600
Credit Suisse Group Funding Guernsey Ltd., 3.80%, 09/15/22		19,380		19,489,874
Deutsche Bank AG/New York NY 2.22%, 09/18/24 (Call 09/18/23),
(SOFR + 2.159%)^(b)		17,000		16,535,119
Series E, 0.55%, 11/08/23, (SOFR + 0.500%)^(b)(e)		13,790		13,709,632
DNB Bank ASA, 1.11%, 03/28/25 (Call 03/28/24),
(3 mo. LIBOR US + 0.390%)^(a)(b)(e)		15,000		15,014,250
Federation des Caisses Desjardins du Quebec, 0.48%, 05/21/24, (SOFR + 0.430%)^(a)(b)		20,000		19,855,392
Goldman Sachs Group Inc. (The) 0.52%, 03/08/23 (Call 09/08/22)^(e)		25,000		24,545,447
1.22%, 12/06/23 (Call 12/06/22)		28,860		28,028,386
2.11%, 11/29/23, (3 mo. LIBOR US + 1.600%)^(b)		13,800		13,963,564
2.18%, 07/24/23 (Call 07/24/22),
(3 mo. LIBOR US + 1.000%)^(b)		5,000		4,999,192
3.20%, 02/23/23 (Call 01/23/23)^(e)		7,583		7,609,697
HSBC Holdings PLC 0.73%, 08/17/24 (Call 08/17/23),
(SOFR + 0.534%)^(b)		11,120		10,702,284
1.98%, 03/11/25 (Call 03/11/24),
(3 mo. LIBOR US + 1.230%)^(b)(e)		13,000		12,993,569
3.60%, 05/25/23^(e)		10,000		10,074,433
Series ., 0.63%, 11/22/24 (Call 11/22/23), (SOFR + 0.580%)^(b)		6,570		6,491,423
Huntington National Bank (The), 2.50%, 08/07/22 (Call 07/07/22)^(e)		15,430		15,436,432
JPMorgan Chase & Co. 0.70%, 03/16/24 (Call 03/16/23),
(SOFR + 0.580%)^(b)		2,000		1,954,835
1.51%, 06/01/24 (Call 06/01/23),
(SOFR + 1.455%)^(b)		33,590		33,056,172
3.25%, 09/23/22		5,000		5,028,651
3.56%, 04/23/24 (Call 04/23/23),
(3 mo. LIBOR US + 0.730%)^(b)		29,600		29,605,618
KeyBank N.A./Cleveland OH, 0.43%, 06/14/24 (Call 06/14/23), (SOFR + 0.320%)^(b)		4,625		4,491,870


Security	Par (000)		Value

Banks (continued)
Mitsubishi UFJ Financial Group Inc. 1.97%, 07/25/22, (3 mo. LIBOR US + 0.790%)^(b)		$ 3,000		$ 3,002,216
2.62%, 07/18/22^(e)		5,000		5,010,505
2.67%, 07/25/22^(e)		5,000		5,011,055
Mizuho Financial Group Inc. 1.13%, 05/25/24 (Call 05/25/23),
(3 mo. LIBOR US + 0.630%)^(b)(e)		10,000		9,978,783
1.37%, 03/05/23, (3 mo. LIBOR US + 0.790%)^(b)(e)		3,000		3,010,349
1.65%, 09/13/23 (Call 09/13/22),
(3 mo. LIBOR US + 0.850%)^(b)(e)		25,000		25,036,118
3.55%, 03/05/23^(e)		20,000		20,128,741
Morgan Stanley
0.53%, 01/25/24 (Call 01/25/23),
(SOFR + 0.455%)^(b)		41,100		40,246,621
0.56%, 11/10/23 (Call 11/10/22),
(SOFR + 0.466%)^(b)		5,500		5,424,495
2.58%, 10/24/23 (Call 10/24/22),
(3 mo. LIBOR US + 1.400%)^(b)		23,700		23,784,591
3.74%, 04/24/24 (Call 04/24/23),
(3 mo. LIBOR US + 0.847%)^(b)		20,000		19,990,698
3.75%, 02/25/23^(e)		25,000		25,187,139
National Bank of Canada, 0.54%, 08/06/24,
(SOFR + 0.490%)^(b)(e)		8,695		8,626,294
Natwest Group PLC 1.98%, 05/15/23 (Call 05/15/22),
(3 mo. LIBOR US + 1.470%)^(b)		9,895		9,893,906
2.52%, 06/25/24 (Call 06/25/23),
(3 mo. LIBOR US + 1.550%)^(b)		3,000		3,018,308
3.50%, 05/15/23 (Call 05/15/22), (3 mo. LIBOR US + 1.48%^(b)(e)		8,500		8,500,414
3.88%, 09/12/23^(e)		20,000		20,058,097
Skandinaviska Enskilda Banken AB, 1.45%, 12/12/22, (3 mo. LIBOR US + 0.645%)^(a)(b)(e)		15,000		15,042,552
Sumitomo Mitsui Financial Group Inc. 1.84%, 10/16/23, (3 mo. LIBOR US + 0.800%)^(b)(e)		4,000		4,013,966
2.78%, 07/12/22^(e)		5,000		5,011,902
UBS AG/London, 0.50%, 08/09/24,
(SOFR + 0.450%)^(a)(b)		15,725		15,596,746
UBS Group AG 1.70%, 05/23/23 (Call 05/23/22),
(3 mo. LIBOR US + 1.220%)^(a)(b)		20,000		20,009,055
3.49%, 05/23/23 (Call 05/23/22)^(a)		20,000		20,026,237
Wells Fargo & Co., 2.47%, 10/31/23 (Call 10/31/22), (3 mo. LIBOR US + 1.230%)^(b)		14,000		14,054,316

				1,041,191,455

Beverages — 0.3%
Keurig Dr Pepper Inc., 0.75%, 03/15/24
(Call 05/31/22)^(e)		11,955		11,407,116


Biotechnology — 0.6%
Gilead Sciences Inc., 0.75%, 09/29/23
(Call 05/10/22)^(e)		25,438		24,610,097


Building Materials — 0.2%
Martin Marietta Materials Inc., 0.65%, 07/15/23 (Call 07/15/22)^(e)		8,800		8,576,639


Chemicals — 0.4%
DuPont de Nemours Inc., 4.21%, 11/15/23
(Call 10/15/23)		2,000		2,025,994


Security	Par (000)		Value

Chemicals (continued)
International Flavors & Fragrances Inc. 0.70%, 09/15/22^(a)		$ 5,300	$	5,269,266
3.20%, 05/01/23 (Call 02/01/23)		9,000		9,011,220
Sherwin-Williams Co. (The), 2.75%, 06/01/22 (Call 05/31/22)^(e)		1,254		1,254,805

				17,561,285

Computers — 0.5%
Dell International LLC/EMC Corp., 5.45%, 06/15/23 (Call 04/15/23)		10,523		10,752,512
International Business Machines Corp. 2.85%, 05/13/22		7,500		7,504,284
2.88%, 11/09/22^(e)		3,679		3,693,059

				21,949,855

Diversified Financial Services — 6.2%
AerCap Ireland Capital DAC/AerCap Global
Aviation Trust 1.15%, 10/29/23^(e)		35,000		33,404,907
4.63%, 07/01/22^(e)		20,500		20,565,526
Air Lease Corp. 0.70%, 02/15/24 (Call 01/15/24)		4,840		4,587,981
1.18%, 12/15/22, (3 mo. LIBOR US + 0.350%)^(b)(e)		28,600		28,566,029
3.88%, 07/03/23 (Call 06/03/23)		6,138		6,159,038
American Express Co. 0.98%, 03/04/25 (Call 02/01/25),
(SOFR + 0.930%)^(b)(e)		8,930		8,989,856
1.16%, 02/27/23 (Call 01/27/23),
(3 mo. LIBOR US + 0.650%)^(b)(e)		4,000		4,004,181
2.50%, 08/01/22 (Call 07/01/22)^(e)		15,000		15,024,362
3.40%, 02/27/23 (Call 01/27/23)^(e)		22,382		22,543,611
3.40%, 02/22/24 (Call 01/22/24)^(e)		25,000		25,064,604
Aviation Capital Group LLC, 3.88%, 05/01/23
(Call 04/01/23)^(a)		20,240		20,191,629
Capital One Financial Corp. 2.60%, 05/11/23 (Call 04/11/23)^(e)		14,000		13,968,443
3.20%, 01/30/23 (Call 12/30/22)^(e)		10,000		10,062,069
Charles Schwab Corp. (The), 0.55%, 03/18/24
(Call 02/18/24), (SOFR + 0.500%)^(b)		34,500		34,456,644
International Lease Finance Corp., 5.88%, 08/15/22^(e)		21,825		22,002,305
Synchrony Financial, 4.38%, 03/19/24
(Call 02/19/24)^(e)		6,250		6,301,695

				275,892,880

Electric — 3.3%
Dominion Energy Inc., Series D, 1.36%, 09/15/23 (Call 05/20/22), (3 mo. LIBOR US + 0.530%)^(b)(e)		10,975		10,955,648
Duke Energy Corp. 0.30%, 06/10/23, (SOFR + 0.250%)^(b)(e)		13,865		13,812,413
3.05%, 08/15/22 (Call 05/31/22)^(e)		17,045		17,066,679
NextEra Energy Capital Holdings Inc. 0.59%, 03/01/23, (SOFR + 0.540%)^(b)(e)		5,580		5,573,397
0.65%, 03/01/23^(e)		24,670		24,272,967
0.68%, 11/03/23 (Call 05/31/22),
(SOFR + 0.400%)^(b)		24,300		24,166,981
0.75%, 02/22/23 (Call 05/31/22),
(3 mo. LIBOR US + 0.270%)^(b)		26,954		26,879,223
Southern California Edison Co., 0.07%, 04/03/23		26,240		25,677,969

				148,405,277


Security	Par (000)		Value

Food — 0.3%
General Mills Inc. 2.05%, 10/17/23, (3 mo. LIBOR US + 1.010%)^(b)(e)		$ 2,696	$	2,726,466
2.60%, 10/12/22 (Call 09/12/22)^(e)		9,135		9,139,707

				11,866,173

Gas — 0.6%
Atmos Energy Corp., 0.63%, 03/09/23
(Call 05/16/22)^(e)		7,875		7,736,545
ONE Gas Inc., 0.85%, 03/11/23 (Call 05/31/22)^(e)		20,000		19,650,288

				27,386,833

Health Care - Products — 0.4%
Baxter International Inc., 0.49%, 11/29/24,
(SOFR + 0.440%)^(a)(b)		6,430		6,398,296
Thermo Fisher Scientific Inc., 0.82%, 10/18/24
(Call 10/18/22), (SOFR + 0.530%)^(b)		12,850		12,796,159

				19,194,455

Health Care - Services — 1.7%
Anthem Inc. 2.95%, 12/01/22 (Call 11/01/22)^(e)		4,555		4,571,317
3.13%, 05/15/22		27,616		27,631,027
Humana Inc., 0.65%, 08/03/23 (Call 05/09/22)		43,100		41,831,160

				74,033,504

Home Builders — 0.1%
Lennar Corp., 4.50%, 04/30/24 (Call 01/31/24)^(e)		4,500		4,566,331


Household Products & Wares — 0.2%
Avery Dennison Corp., 0.85%, 08/15/24
(Call 08/15/22)^(e)		10,440		9,836,278


Insurance — 0.4%
MassMutual Global Funding II, 0.92%, 03/21/25, (SOFR + 0.270%)^(a)(b)		3,996		4,004,233
Metropolitan Life Global Funding I, 0.96%, 03/21/25, (SOFR + 0.910%)^(a)(b)		8,745		8,775,172
New York Life Global Funding, 2.90%, 01/17/24^(a)		5,000		4,974,700

				17,754,105

Internet — 0.3%
Amazon.com Inc., 3.00%, 04/13/25^(b)(e)		14,825		14,778,005


Machinery — 0.3%
Caterpillar Financial Services Corp., 1.02%, 05/15/23, (3 mo. LIBOR US + 0.510%)^(b)		9,600		9,626,006
Rockwell Automation Inc., 0.35%, 08/15/23
(Call 08/15/22), (SOFR + 0.25000%)		3,870		3,751,519

				13,377,525

Manufacturing — 0.6%
Carlisle Companies Inc., 0.55%, 09/01/23 (Call 09/01/22)		9,115		8,801,123
General Electric Co., 2.70%, 10/09/22		17,655		17,697,232

				26,498,355

Media — 2.3%
Charter Communications Operating LLC/Charter Communications Operating Capital 2.94%, 02/01/24 (Call 01/01/24), (3 mo. LIBOR US + 1.650%)^(b)		18,300		18,639,087
4.46%, 07/23/22 (Call 05/31/22)^(e)		74,155		74,282,030
4.50%, 02/01/24 (Call 01/01/24)		10,000		10,123,210

				103,044,327

Oil & Gas — 0.5%
ConocoPhillips Co., 2.40%, 03/07/25 (Call 03/07/23)		5,365		5,220,632


Security	Par (000)		Value

Oil & Gas (continued)
Phillips 66, 0.90%, 02/15/24 (Call 05/31/22)^(e)		$ 19,400	$	18,628,701

				23,849,333

Pharmaceuticals — 5.4%
AbbVie Inc. 2.30%, 11/21/22		21,924		21,920,538
2.90%, 11/06/22^(e)		50,000		50,132,701
Bayer U.S. Finance II LLC 1.84%, 12/15/23 (Call 11/15/23),
(3 mo. LIBOR US + 1.010%)^(a)(b)		32,500		32,651,716
3.88%, 12/15/23 (Call 11/15/23)^(a)		15,000		15,118,865
Bristol-Myers Squibb Co., 2.60%, 05/16/22		10,400		10,406,871
Cigna Corp. 0.61%, 03/15/24 (Call 05/31/22)^(e)		9,360		8,920,107
3.05%, 11/30/22 (Call 10/31/22)^(e)		19,937		20,029,674
CVS Health Corp. 2.75%, 12/01/22 (Call 09/01/22)^(e)		15,000		15,037,587
3.50%, 07/20/22 (Call 05/20/22)^(e)		33,390		33,423,423
Shire Acquisitions Investments Ireland DAC, 2.88%, 09/23/23 (Call 07/23/23)^(e)		9,760		9,736,004
Takeda Pharmaceutical Co. Ltd., 4.40%, 11/26/23 (Call 10/26/23)		20,000		20,310,683

				237,688,169

Pipelines — 1.4%
Enbridge Inc. 0.45%, 02/17/23, (SOFR + 0.400%)^(b)		3,130		3,123,849
0.55%, 10/04/23^(e)		2,805		2,702,168
2.15%, 02/16/24		7,980		7,798,535
4.00%, 10/01/23 (Call 07/01/23)		6,000		6,057,256
Energy Transfer LP 3.45%, 01/15/23 (Call 10/15/22)		10,000		10,020,049
3.60%, 02/01/23 (Call 11/01/22)^(e)		6,400		6,411,515
4.25%, 03/15/23 (Call 12/15/22)^(e)		8,000		8,060,333
Kinder Morgan Energy Partners LP 3.50%, 09/01/23 (Call 06/01/23)^(e)		7,123		7,137,713
4.30%, 05/01/24 (Call 02/01/24)^(e)		4,820		4,874,647
Kinder Morgan Inc., 3.15%, 01/15/23 (Call 12/15/22)^(e)		6,309		6,325,868

				62,511,933

Retail — 1.2%
7-Eleven Inc. 0.63%, 02/10/23 (Call 05/31/22)^(a)(e)		34,000		33,400,342
0.80%, 02/10/24 (Call 05/31/22)^(a)(e)		15,600		14,862,015
Starbucks Corp., 0.47%, 02/14/24 (Call 02/14/23), (SOFR + 0.420%)^(b)		4,130		4,133,872

				52,396,229

Semiconductors — 0.1%
Analog Devices Inc., 0.52%, 10/01/24, (SOFR + 0.250%)^(b)		5,025		5,001,108


Software — 3.3%
Fidelity National Information Services Inc., 0.38%, 03/01/23^(e)		32,634		32,026,458
Fiserv Inc.
3.50%, 10/01/22 (Call 07/01/22)^(e)		25,675		25,746,409
3.80%, 10/01/23 (Call 09/01/23)		11,769		11,878,406
Oracle Corp.
2.40%, 09/15/23 (Call 07/15/23)		8,000		7,924,816
2.50%, 10/15/22^(e)		23,441		23,450,825
2.63%, 02/15/23 (Call 01/15/23)^(e)		10,780		10,784,006


Security	Par/ Shares (000)		Value

Software (continued)
VMware Inc., 0.60%, 08/15/23^(e)		$ 34,000	$	32,897,056

				144,707,976

Telecommunications — 1.5%
AT&T Inc. 0.91%, 03/25/24 (Call 05/31/22),
(SOFR + 0.640%)^(b)		22,000		21,978,902
1.98%, 06/12/24, (3 mo. LIBOR US + 1.180%)^(b)		15,000		15,186,891
Rogers Communications Inc., 2.95%, 03/15/25 (Call 03/15/23)^(a)		9,385		9,150,873
Verizon Communications Inc. 0.80%, 03/22/24, (SOFR + 0.500%)^(b)		12,440		12,416,918
1.61%, 05/15/25 (Call 03/15/25),
(3 mo. LIBOR US + 1.100%)^(b)		10,000		10,111,326

				68,844,910

Transportation — 1.0%
Ryder System Inc. 2.88%, 06/01/22 (Call 05/31/22)		20,000		20,025,266
3.65%, 03/18/24 (Call 02/18/24)^(e)		19,000		18,933,901
3.88%, 12/01/23 (Call 11/01/23)^(e)		5,000		5,039,284

				43,998,451

Trucking & Leasing — 0.7%
Penske Truck Leasing Co. LP/PTL Finance Corp. 2.70%, 03/14/23 (Call 02/14/23)^(a)		10,000		9,966,446
4.13%, 08/01/23 (Call 07/01/23)^(a)		15,000		15,104,947
4.88%, 07/11/22^(a)		4,901		4,928,870

				30,000,263


Total Corporate Bonds & Notes — 65.1% (Cost: $2,933,848,702)				2,890,089,244


Money Market Funds

BlackRock Cash Funds: Institutional, SL Agency Shares, 0.38%^(f)(g)(h)		60,065		60,065,271
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.34%^(f)(g)		446,610		446,610,000


Total Money Market Funds — 11.4% (Cost: $506,663,262)				506,675,271


Total Investments in Securities — 100.6% (Cost: $4,527,925,280)				4,468,486,216

Other Assets, Less Liabilities — (0.6)%				(27,505,864	)


Net Assets — 100.0%			$	4,440,980,352

^(a)	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.

^(b)	Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.

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

^(d)	Zero-coupon bond.

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

^(f)	Affiliate of the Fund.

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

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

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended April 30, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

For the period ended April 30, 2022, 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 table presents the Fund’s derivative assets by counterparty net of amounts available for offset under an MNA and net of the related collateral received by the Fund:

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

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.


Security	Par (000)		Value

Municipal Debt Obligations

Alabama — 4.3%
Black Belt Energy Gas District RB 4.00%, 06/01/22	$	170	$	170,330
4.00%, 12/01/22		240		243,144
4.00%, 12/01/22		750		758,653
4.00%, 06/01/23		240		244,391
4.00%, 12/01/24		1,250		1,277,215
Series A, VRDN, 4.00%, 08/01/47 (Put 05/20/22)^(a)(b)		4,000		4,016,064
Columbia Industrial Development Board RB, VRDN, 0.39%, 12/01/37 (Put 04/29/22)^(a)(b)		3,300		3,300,000
Southeast Alabama Gas Supply District (The) RB, Series A, 4.00%, 06/01/22		1,500		1,502,301
Southeast Energy Authority A Cooperative District RB
Series A, 4.00%, 10/01/22		355		357,606
Series A, 4.00%, 10/01/23		450		456,100
Series B, 4.00%, 06/01/24		1,200		1,221,662

				13,547,466

California — 0.6%
California County Tobacco Securitization Agency RB, Series A, 4.00%, 06/01/22		545		546,058
State of California GO, 5.00%, 12/01/24		1,190		1,267,883

				1,813,941

Colorado — 0.1%
City & County of Denver Co. Airport System Revenue RB, Series A, 5.00%, 11/15/23		250		259,571


Connecticut — 2.0%
Connecticut State Health & Educational Facilities Authority RB, 4.00%, 07/01/22		500		501,707
State of Connecticut GO
Series A, 3.00%, 01/15/23		2,000		2,017,876
Series C, VRDN, 0.48%, 05/15/34 (Put 04/29/22)^(a)(b)		1,920		1,920,000
Series C, 3.00%, 06/01/22		900		901,140
Series C, 5.00%, 07/15/22		900		906,547
State of Connecticut Special Tax Revenue ST, Series A, 5.00%, 05/01/22		200		200,000

				6,447,270

District of Columbia — 2.7%
District of Columbia RB, VRDN, 0.55%, 04/01/38 (Put 04/29/22)^(a)(b)		2,890		2,890,000
Metropolitan Washington Airports Authority RB, 5.00%, 10/01/22		1,200		1,215,068
Tender Option Bond Trust Receipts/Certificates RB, VRDN, 0.49%, 10/01/53 (Put 10/01/29)^(a)(b)(c)		4,525		4,525,000

				8,630,068

Florida — 2.8%
County of Martin FL RB, VRDN, 0.40%, 07/15/22 (Put 04/29/22)^(a)(b)		500		500,000
County of Miami-Dade FL Aviation Revenue RB, Series A, 5.00%, 10/01/23		2,500		2,584,407
County of Palm Beach FL RB, VRDN, 0.48%, 07/01/32 (Put 05/02/22)^(a)(b)		2,800		2,800,000
Florida Development Finance Corp. RB, VRDN, 0.30%, 12/01/56 (Put 05/31/22)^(a)(b)		2,150		2,144,432
Miami-Dade County Industrial Development Authority RB, 0.40%, 08/01/23		1,000		967,265

				8,996,104


Security	Par (000)		Value

Georgia — 7.9%
Bartow County Development Authority RB, VRDN, 1.55%, 08/01/43 (Put 08/19/22)^(a)(b)	$	2,000	$	1,995,994
Burke County Development Authority RB, VRDN, 2.25%, 10/01/32 (Put 05/25/23)^(a)(b)		2,000		1,985,544
City of Atlanta GA TA, 5.00%, 12/01/22		3,975		4,040,063
Main Street Natural Gas Inc. RB
Series A, VRDN, 4.00%, 04/01/48 (Put 06/01/23)^(a)(b)		5,685		5,775,869
Series D, VRDN, 1.14%, 08/01/48 (Put 09/01/23)^(a)(b)		5,000		4,975,170
Monroe County Development Authority RB, VRDN, 0.39%, 06/01/49 (Put 04/29/22)^(a)(b)		3,700		3,700,000
Municipal Electric Authority of Georgia RB, VRDN, 0.46%, 01/01/48 (Put 04/29/22)^(a)(b)		1,000		1,000,000
Tender Option Bond Trust Receipts/Certificates RB, VRDN, 0.49%, 01/01/44 (Put 07/01/28) (AGM)^(a)(b)(c)		1,700		1,700,000

				25,172,640

Illinois — 3.4%
County of Cook IL GO, 4.00%, 11/15/22		1,395		1,411,630
Illinois Development Finance Authority RB, VRDN, 0.48%, 02/01/33 (Put 04/29/22)^(a)(b)		2,000		2,000,000
Illinois Finance Authority RB, VRDN, 0.45%, 01/01/37 (Put 05/02/22)^(a)(b)		3,300		3,300,000
Tender Option Bond Trust Receipts/Certificates GO, VRDN, 0.48%, 03/01/33 (Put 05/06/22)^(a)(b)(c)		4,000		4,000,000

				10,711,630

Indiana — 3.2%
City of Rockport IN RB, VRDN, 1.35%, 07/01/25 (Put 09/01/22)^(a)(b)		2,250		2,245,529
Indianapolis Local Public Improvement Bond Bank RB, Series A, 5.00%, 06/01/23		1,800		1,851,027
Tender Option Bond Trust Receipts/Certificates RB, VRDN, 0.59%, 04/01/30 (Put 05/06/22)^(a)(b)(c)		6,000		6,000,000

				10,096,556

Iowa — 1.0%
Iowa Finance Authority RB, VRDN, 0.49%, 12/01/41 (Put 04/29/22)^(a)(b)(c)		3,200		3,200,000


Kansas — 2.2%
City of Burlington KS RB
Series A, VRDN, 0.67%, 09/01/35 (Put 04/29/22)^(a)(b)		4,000		4,000,000
Series B, VRDN, 0.67%, 09/01/35 (Put 04/29/22)^(a)(b)		3,000		3,000,000

				7,000,000

Kentucky — 8.4%
County of Meade KY RB
VRDN, 0.60%, 08/01/61 (Put 04/29/22)^(a)(b)		7,600		7,600,000
VRDN, 0.59%, 08/01/61 (Put 04/29/22)^(a)(b)		7,500		7,500,000
Kentucky Public Energy Authority RB
4.00%, 02/01/23		1,000		1,013,616
Series A, VRDN, 4.00%, 04/01/48 (Put 01/02/24)^(a)(b)		3,930		4,004,065
Kentucky State Property & Building Commission RB, Series A, 5.00%, 11/01/22		1,000		1,016,571
Louisville/Jefferson County Metropolitan Government RB, VRDN, 0.52%, 06/01/33 (Put 04/29/22)^(a)(b)		5,000		5,000,000
Tender Option Bond Trust Receipts/Certificates RB, VRDN, 0.47%, 12/01/41 (Put 12/01/27) (AGM)^(a)(b)(c)		500		500,000

				26,634,252

Louisiana — 3.0%
Consolidated Govt of the City of Baton Rouge & Parish of E Baton Rouge Sales Tax RB, 5.00%, 08/01/22 (AGM)		465		469,236


Security	Par (000)		Value

Louisiana (continued)
Lake Charles Harbor & Terminal District RB, VRDN, 1.00%, 12/01/51 (Put 12/01/24)^(a)(b)	$	4,325	$	4,091,761
Louisiana Offshore Terminal Authority RB, VRDN, 1.65%, 09/01/27 (Put 12/01/23)^(a)(b)		400		392,594
Louisiana Stadium & Exposition District RB, 4.00%, 07/03/23 (Call 04/01/23)		2,325		2,362,358
Parish of St Charles LA RB, 4.00%, 12/01/40 (Put 06/01/22)^(a)(b)		2,345		2,348,661

				9,664,610

Massachusetts — 1.9%
Massachusetts Educational Financing Authority RB 5.00%, 07/01/22		1,445		1,451,835
5.00%, 01/01/24		2,500		2,582,732
Massachusetts Housing Finance Agency RB
Series A, 0.30%, 12/01/23 (Call 06/01/22)		1,000		951,862
Series A, 0.40%, 06/01/24 (Call 06/01/23)		1,000		959,541

				5,945,970

Michigan — 2.1%
Michigan Finance Authority RB 0.40%, 10/15/23		665		644,694
5.00%, 10/15/22		3,250		3,289,552
5.00%, 11/01/22		240		243,867
5.00%, 12/01/22		1,390		1,415,583
Series A, 4.00%, 06/01/22		1,000		1,001,776

				6,595,472

Minnesota — 0.6%
City of Minneapolis MN RB, Class C, 0.33%, 11/15/48 (Put 04/29/22)^(a)(b)		2,050		2,050,000


Mississippi — 3.6%
Mississippi Business Finance Corp. RB
VRDN, 0.33%, 12/01/30 (Put 05/02/22)^(a)(b)		1,600		1,600,000
Series A, VRDN, 0.47%, 12/01/30 (Put 05/02/22)^(a)(b)		10,000		10,000,000

				11,600,000

Missouri — 1.0%
City of Kansas City MO RB, 5.00%, 09/01/22		810		818,307
County of Greene MO COP, Series A, 3.00%, 03/01/23		350		353,409
RBC Municipal Products Inc. Trust RB, VRDN, 0.49%, 09/01/39 (Put 05/06/22)^(a)(b)(c)		2,000		2,000,000

				3,171,716

Nebraska — 0.9%
Central Plains Energy Project RB, VRDN, 5.00%, 03/01/50 (Put 10/01/23)^(a)(b)		1,000		1,028,529
County of Douglas NE RB, 0.97%, 07/01/35		2,000		1,950,722

				2,979,251

Nevada — 0.8%
County of Clark Department of Aviation RB, 5.00%, 07/01/22		2,165		2,176,806
Nevada Housing Division RB, 0.25%, 12/01/22 (Call 05/20/22)		485		480,648

				2,657,454

New Jersey — 13.2%
Jersey City Municipal Utilities Authority RB, 3.00%, 07/01/22		4,000		4,009,496
New Jersey Economic Development Authority RB 5.00%, 06/15/22		200		200,768
5.25%, 09/01/24 ^(c)		7,600		8,004,457
Series A, 4.00%, 07/01/22		2,000		2,007,336
Series AAA, 5.00%, 06/15/22		1,000		1,003,838
Series B, 5.00%, 11/01/23 (SAP)		1,450		1,498,634


Security	Par (000)		Value

New Jersey (continued)
Series B, 5.00%, 11/01/24	$	1,010	$	1,062,325
Series NN, 5.00%, 03/01/23		1,000		1,022,281
Series UU, 5.00%, 06/15/22		2,000		2,007,676
Series UU, 5.00%, 06/15/23		1,575		1,617,741
New Jersey Health Care Facilities Financing Authority RB, 5.00%, 10/01/23		1,500		1,549,686
New Jersey Higher Education Student Assistance Authority RB, 5.00%, 12/01/24		500		525,060
New Jersey Housing & Mortgage Finance Agency RB, 4.00%, 04/01/23		1,290		1,309,149
New Jersey Transportation Trust Fund Authority RB Series A, 5.00%, 06/15/22		220		220,854
Series A, 5.00%, 06/15/22		2,750		2,760,266
Series A, 5.00%, 06/15/24		1,575		1,653,378
Series A, 5.50%, 12/15/22		1,430		1,461,396
Series A, 5.50%, 12/15/22 (AGM-CR)		190		194,194
Series A, 5.50%, 12/15/23		155		161,782
Series B, 5.25%, 12/15/22 (AMBAC)		910		928,134
Series D, 5.00%, 12/15/23		470		487,395
Series D, 5.25%, 12/15/23		1,275		1,327,197
State of New Jersey GO, Series A, 4.00%, 06/01/23		1,290		1,311,985
Tobacco Settlement Financing Corp. RB, Series A, 5.00%, 06/01/22		3,000		3,008,067
Township of Deptford NJ RB, Series A, 1.00%, 07/13/22		1,478		1,477,297
Township of Evesham NJ GO, 1.00%, 06/14/22		988		987,090

				41,797,482

New Mexico — 0.2%
New Mexico Municipal Energy Acquisition Authority RB, Series A, 4.00%, 05/01/22		600		600,000


New York — 6.4%
Albany Industrial Development Agency RB, VRDN, 0.55%, 07/01/32 (Put 05/05/22)^(a)(b)		900		900,000
Amherst Development Corp. RB, VRDN, 0.51%, 02/01/35 (Put 04/29/22)^(a)(b)		1,720		1,720,000
City of New York NY GO, VRDN, 0.35%, 12/01/47 (Put 04/29/22)^(a)(b)		2,400		2,400,000
Nassau Health Care Corp. RB, Series C, 5.00%, 08/01/23 (GTD)		1,425		1,470,415
New York City Housing Development Corp. RB, 0.45%, 11/01/25 (FHA)		1,560		1,444,189
New York City Transitional Finance Authority Future Tax Secured Revenue RB, VRDN, 0.36%, 02/01/44 (Put 04/29/22)^(a)(b)		3,200		3,200,000
New York Transportation Development Corp. RB 5.00%, 12/01/22		495		502,761
Series A, 5.00%, 12/01/23		1,250		1,285,794
Tender Option Bond Trust Receipts/Certificates GO, VRDN, 0.47%, 09/01/26 (Put 05/06/22)^(a)(b)(c)		2,195		2,195,000
Tender Option Bond Trust Receipts/Certificates RB, VRDN, 0.47%, 07/01/50 (Put 07/01/30)^(a)(b)(c)		2,000		2,000,000
Town of Newburgh NY GOL, 1.00%, 05/18/22		820		819,773
Town of Oyster Bay NY GOL 4.00%, 03/01/23		425		431,819
5.00%, 08/15/22 (BAM)		715		722,189
Village of Kings Point NY RB, 1.00%, 07/22/22		1,300		1,299,156

				20,391,096

North Carolina — 0.2%
North Carolina Medical Care Commission RB, VRDN, 0.47%, 10/01/35 (Put 04/29/22)^(a)(b)		500		500,000


Security	Par (000)		Value

North Dakota — 2.2%
North Dakota Housing Finance Agency RB, VRDN, 0.44%, 07/01/36 (Put 05/06/22)^(a)(b)	$	6,875	$	6,875,000


Ohio — 2.1%
Akron Bath Copley Joint Township Hospital District RB
5.00%, 11/15/22		225		228,295
5.00%, 11/15/23		325		337,185
City of Cleveland OH GOL, Series A, 2.00%, 12/01/22		300		300,832
Ohio Higher Educational Facility Commission RB, VRDN, 0.41%, 01/01/39 (Put 04/29/22)^(a)(b)		5,975		5,975,000

				6,841,312

Oregon — 1.9%
Oregon State Facilities Authority RB, VRDN, 0.32%, 08/01/34 (Put 04/29/22)^(a)(b)		6,100		6,100,000


Pennsylvania — 5.2%
Allegheny County Hospital Development Authority RB, 1.00%, 11/15/23^(a)(b)		1,500		1,500,005
Butler County Industrial Development Authority/PA RB, VRDN, 0.53%, 05/01/34 (Put 05/02/22)^(a)(b)		2,200		2,200,000
Connellsville Area School District GOL, 4.00%, 08/15/22 (BAM SAW)		500		503,561
Ephrata Area School District GO, 3.00%, 03/01/24		1,000		1,007,895
General Authority of Southcentral Pennsylvania RB, VRDN, 0.38%, 06/01/37 (Put 04/29/22)^(a)(b)		3,300		3,300,000
Muhlenberg School District GOL, 4.00%, 05/15/22 (SAW)		700		700,614
Pennsylvania Economic Development Financing Authority RB, VRDN, 0.75%, 12/01/37 (Put 04/29/22)^(a)(b)		3,000		3,000,000
Pennsylvania Housing Finance Agency RB 5.00%, 10/01/25		500		539,509
Series 133, 5.00%, 10/01/22		380		385,353
Philadelphia Gas Works Co. RB, Series A, 5.00%, 08/01/22		1,315		1,325,932
Southeastern Pennsylvania Transportation Authority RB, 5.00%, 06/01/22		360		361,001
Tender Option Bond Trust Receipts/Certificates RB, VRDN, 0.47%, 10/01/41 (Put 10/01/29)^(a)(b)(c)		1,620		1,620,000

				16,443,870

Puerto Rico — 1.0%
Puerto Rico Housing Finance Authority RB, 5.00%, 12/01/22		3,000		3,052,932


South Carolina — 0.3%
South Carolina Public Service Authority RB, VRDN, 0.50%, 01/01/36 (Put 04/29/22)^(a)(b)		900		900,000


South Dakota — 0.6%
South Dakota Housing Development Authority RB, VRDN, 0.45%, 11/01/62 (Put 04/29/22)^(a)(b)		1,780		1,780,000


Tennessee — 0.6%
Metropolitan Government Nashville & Davidson County Health & Educational Facility RB, 5.00%, 05/01/22		535		535,000
Tennergy Corp./TN
Series A, 4.00%, 09/01/22		335		337,375
Series A, 4.00%, 03/01/23		375		380,114
Series A, 4.00%, 09/01/23		320		325,633
Tennessee Energy Acquisition Corp. RB, Series A, 5.00%, 11/01/23		250		256,942

				1,835,064


Security	Par (000)		Value

Texas — 13.5%
Fort Bend Independent School District RB
0.55%, 05/27/22	$	5,000	$	4,999,244
0.60%, 05/27/22		5,000		4,999,313
Harris County Cultural Education Facilities Finance Corp. RB, VRDN, 5.00%, 06/01/32 (Put 09/01/22)^(a)(b)		4,000		4,071,820
Port of Arthur Navigation District Industrial Development Corp. RB VRDN, 0.49%, 12/01/40 (Put 05/02/22)^(a)(b)		7,000		7,000,000
VRDN, 0.49%, 06/01/41 (Put 05/02/22)^(a)(b)		3,000		3,000,000
State of Texas GO
VRDN, 0.47%, 12/01/43 (Put 05/06/22)^(a)(b)		9,700		9,700,000
Series A, VRDN, 0.47%, 06/01/44 (Put 05/02/22)^(a)(b)		410		410,000
Series A, VRDN, 0.47%, 06/01/45 (Put 04/29/22)^(a)(b)		2,910		2,910,000
Tarrant County Cultural Education Facilities Finance Corp. RB, VRDN, 0.32%, 10/01/41 (Put 04/29/22)^(a)(b)		1,000		1,000,000
Tender Option Bond Trust Receipts/Certificates RB, VRDN, 0.54%, 06/15/27 (Put 05/06/22)^(a)(b)(c)		1,500		1,500,000
Texas Municipal Gas Acquisition & Supply Corp. III RB
5.00%, 12/15/22		2,000		2,030,104
5.00%, 12/15/23		1,150		1,183,122

				42,803,603

Virginia — 0.1%
Fairfax County Industrial Development Authority RB, 5.00%, 05/15/23		300		308,728


Washington — 0.3%
King County Housing Authority RB, 3.00%, 06/01/22		250		250,290
Washington Health Care Facilities Authority RB, VRDN, 5.00%, 08/01/49 (Put 02/01/25)^(a)(b)		800		840,096

				1,090,386

Wisconsin — 1.0%
Public Finance Authority RB, 5.00%, 06/01/22		175		175,462
Wisconsin Health & Educational Facilities Authority RB, VRDN, 0.62%, 08/15/54 (Put 01/01/26)^(a)(b)		2,000		1,956,224
Wisconsin Housing & Economic Development Authority RB, VRDN, 0.44%, 03/01/41 (Put 04/29/22)^(a)(b)		1,000		1,000,000

				3,131,686


Total Municipal Debt Obligations — 101.3% (Cost $324,336,707)				321,625,130


Total Investments in Securities — 101.3% (Cost: $324,336,707)				321,625,130

Other Assets, Less Liabilities — (1.3)%			(4,063,007)


Net Assets — 100.0%			$317,562,123

^(a)

Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.

^(b)

Variable rate security. Rate as of period end and maturity is the date the principal owed can be recovered through demand.

^(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.


Security	Par (000)		Value

Asset-Backed Securities
CarMax Auto Owner Trust 2.81%, 05/15/25	$	3,752	$	3,751,689
Series 20-4, Class A2A, 0.31%, 01/16/24 (Call 06/15/24)		1,662		1,660,499
Ford Credit Auto Lease Trust 0.24%, 04/15/24 (Call 01/15/24)		7,361		7,296,796
3.06%, 10/15/24		4,343		4,344,384
Ford Credit Auto Owner Trust, 0.73%, 09/15/24 (Call 08/15/25)		11,021		10,905,104
Honda Auto Receivables Owner Trust, 1.44%, 10/15/24 (Call 05/15/25)		14,164		14,043,266
Hyundai Auto Lease Securitization Trust 0.24%, 01/16/24 (Call 03/15/24)^(a)		14,741		14,580,326
0.81%, 04/15/24 (Call 06/15/24)^(a)		10,000		9,861,733
Toyota Auto Receivables, 2.35%, 01/15/25		9,455		9,432,001


Total Asset-Backed Securities — 1.2% (Cost: $76,495,328)				75,875,798


Certificates of Deposit
Banco Santander SA, 0.62%, 08/01/22		10,000		9,982,436
Banco Santander SA/New York, 0.75%, 10/19/22, (SOFR + 0.450%)^(b)		10,000		10,000,139
Bank of Montreal, 0.50%, 11/28/22		7,000		6,935,419
Barclays Bank PLC, 1.65%, 03/03/23		15,000		14,896,899
Barclays Bank PLC/NY, 0.57%, 02/03/23, (SOFR + 0.300%)^(b)		30,000		29,958,136
Bayerische Landesbank/New York 0.90%, 06/27/23		15,000		14,821,625
1.38%, 01/27/23, (3 mo. LIBOR US + 0.160%)^(b)		22,500		22,486,494
BNP Paribas NY, 0.20%, 09/08/22		35,000		34,841,396
Canadian Imperial Bank of Commerce 0.35%, 11/02/22		6,000		5,950,437
1.39%, 09/12/22		35,000		35,001,361
Canadian Imperial Bank of Commerce/New York NY 0.50%, 08/24/22, (SOFR + 0.220%)^(b)		22,000		21,996,495
0.56%, 03/03/23, (SOFR + 0.280%)^(b)		30,000		29,957,026
0.58%, 01/06/23, (SOFR + 0.300%)^(b)		10,000		9,991,483
Credit Industriel et Commercial/New York, 0.37%, 05/06/22,
(3 mo. LIBOR US + 0.5000%)^(b)		7,000		6,999,838
Credit Suisse AG/New York NY, 0.50%, 10/28/22		15,000		14,885,213
Kookmin Bank/New York 0.58%, 01/30/23, (SOFR + 0.300%)^(b)		25,000		24,965,230
0.60%, 02/09/23, (SOFR + 0.320%)^(b)		10,000		9,986,935
0.60%, 02/21/23, (SOFR + 0.320%)^(b)		20,000		19,972,128
0.68%, 12/02/22, (3 mo. LIBOR US + 0.180%)^(b)		10,000		10,002,880
1.35%, 10/24/22, (3 mo. LIBOR US + 0.170%)^(b)		5,000		5,000,737
Landesbank Baden-Wuerttemberg 0.34%, 10/21/22		10,000		9,927,814
0.81%, 06/03/22, (SOFR + 0.28000%)		8,000		7,996,013
Lloyds Bank Corp. 0.23%, 08/17/22		6,700		6,677,059
0.40%, 12/01/22		16,000		15,845,779
Lloyds Bank Corporate Markets PLC, 0.23%, 06/30/22		15,000		14,980,635
Lloyds Bank Corporate Markets PLC/New York NY, 0.55%, 02/03/23, (SOFR + 0.280%)^(b)		25,000		24,972,292
Mitsubishi UFJ Financial Group, 0.25%, 05/05/22, (SOFR + 0.466%)		8,000		7,999,778
Mizuho Bank Ltd./New York NY, 0.46%, 07/25/22, (SOFR + 0.160%)^(b)		11,500		11,495,807


Security	Par (000)		Value

MUFG Bank Ltd. 0.23%, 07/15/22	$	7,000	$	6,985,690
0.30%, 10/31/22		7,500		7,440,330
0.32%, 08/08/22		5,000		4,985,744
MUFG Bank Ltd/New York NY 0.55%, 01/24/23, (SOFR + 0.280%)^(b)		15,000		14,983,183
0.55%, 01/27/23, (SOFR + 0.280%)^(b)		25,000		24,971,663
Natix NY, 0.56%, 06/17/22, (SOFR + 0.180%)^(b)		12,000		11,999,163
Natixis SA/New York NY, 0.56%, 02/07/23, (SOFR + 0.280%)^(b)		10,000		9,987,810
Nordea Bank Abp/New York NY, 0.46%, 10/27/22, (SOFR + 0.190%)^(b)		20,000		19,979,828
Oversea Chinese Bannking Corp., 0.17%, 06/03/22, (3 mo. LIBOR US + 0.25%)		10,130		10,123,821
Royal Bank of Canada 0.20%, 08/16/22		18,000		17,933,956
0.37%, 11/10/22		10,000		9,910,767
0.40%, 11/15/22		15,000		14,863,004
0.53%, 01/11/23, (SOFR + 0.250%)^(b)		18,000		17,976,174
Royal Bank of Canada/New York NY, 0.41%, 05/24/22, (SOFR + 0.130%)^(b)		10,000		9,999,797
Standard Chartered Bank/New York 0.58%, 03/13/23, (SOFR + 0.300%)^(b)		30,000		29,953,549
0.63%, 05/01/23, (SOFR + 0.350%)^(b)		25,000		24,964,987
0.69%, 07/28/23, (SOFR + 0.420%)^(b)		15,000		14,994,400
Sumitomo Mitsui Banking Corp., 2.70%, 04/25/23		50,000		49,970,811
Sumitomo Mitsui Banking Corp./New York 0.56%, 01/23/23, (SOFR + 0.280%)^(b)		20,000		19,971,846
0.70%, 07/15/22		10,000		9,997,751
Sumitomo Mitsui Trust Bank, 0.25%, 05/11/22, (SOFR + 0.28%)		5,000		4,999,617
Svenska Handelsbanken/New York NY 0.44%, 09/09/22, (SOFR + 0.170%)^(b)		10,000		9,993,875
0.72%, 10/27/22, (SOFR + 0.190%)^(b)		15,000		14,984,871
Toronto Dominion Bank 0.50%, 07/26/22		20,000		19,964,584
0.73%, 12/30/22		8,000		7,917,643
Toronto-Dominion Bank 0.53%, 07/05/22		25,000		24,975,142
1.75%, 10/21/22		15,000		14,987,087
2.69%, 04/28/23		10,000		9,999,291
Toronto-Dominion Bank/NY, 0.34%, 10/28/22		7,000		6,943,114
UBS AG/Stamford Branch, 1.68%, 10/20/22		5,000		4,996,245
Westpac Banking Corp., 2.25%, 01/23/23		30,000		29,989,956


Total Certificates of Deposit — 14.6% (Cost: $922,323,732)				920,273,183


Commercial Paper
Amcor Flexibles North America 0.70%, 05/11/22^(c)		30,000		29,992,980
1.09%, 06/09/22^(c)		30,000		29,962,895
Ameren Corp. 0.70%, 05/12/22^(c)		22,614		22,608,325
1.03%, 06/02/22^(c)		15,000		14,985,451
American Electric Power Inc. 0.58%, 05/03/22^(c)		28,250		28,248,189
0.59%, 05/04/22^(c)		20,000		19,998,358
American Honda Financial, 1.26%, 07/06/22^(c)		20,000		19,952,664
Amphenol Corp., 0.65%, 05/10/22^(c)		19,000		18,996,255
Antalis SA, 1.40%, 08/04/22^(c)		25,000		24,912,228


Security	Par (000)		Value

ANZ New Zealand International Ltd. 0.36%, 05/02/22^(c)	$	30,000	$	29,999,092
1.86%, 10/21/22^(c)		25,000		24,776,389
ASB Bank Ltd., 0.84%, 09/15/22, (SOFR + 0.790%)^(a)(b)		18,250		18,280,323
ASB Finance Ltd., 1.53%, 09/12/22^(c)		15,000		14,913,640
AT&T Inc., 0.78%, 05/17/22^(c)		66,300		66,274,276
AT+T Inc., 1.55%, 08/16/22^(c)		45,000		44,789,358
Australia & New Zealand Banking Group Ltd., 1.20%, 07/28/22^(c)		10,000		9,970,000
Avery Dennison Corp. 0.62%, 05/06/22^(c)		5,250		5,249,367
0.67%, 05/10/22^(c)		7,965		7,963,382
Barclays Bank PLC, Series 10-10.51%, 07/22/22, (SOFR + 0.230%)^(a)(b)		10,000		9,998,670
Base Aktiengesellsch 1.72%, 09/02/22^(c)		10,000		9,940,325
2.14%, 10/03/22^(c)		17,400		17,239,051
Baxter International, 0.56%, 05/02/22^(c)		37,037		37,035,262
Bedford Row Funding Corp., 0.44%, 06/27/22, (FEDL01 + 0.110%)^(a)(b)		15,000		14,995,920
Bell Canada, 0.66%, 05/12/22^(c)		30,000		29,992,872
BNZ Financial Funding Ltd., 0.82%, 06/13/22^(c)		7,500		7,492,313
BNZ International Funding Ltd., 0.94%, 07/01/22^(c)		10,000		9,983,585
BPCE SA 1.25%, 08/01/22^(c)		15,000		14,951,198
2.43%, 03/01/23^(c)		13,500		13,227,125
2.51%, 02/22/23^(c)		10,000		9,795,600
Brookfield Infrastructure Holdings, 0.58%, 05/03/22^(c)		19,316		19,314,762
Brookfield Renewable, 0.81%, 05/19/22^(c)		12,000		11,994,580
Church & Dwight Co. Inc., 0.93%, 05/25/22^(c)		14,060		14,050,607
Citigroup Global Markets Inc. 1.32%, 08/01/22^(c)		18,000		17,938,383
2.20%, 01/03/23^(c)		20,000		19,699,817
2.60%, 04/11/23^(c)		30,000		29,267,541
Collateralized Commercial Paper Flex Co. LLC 0.27%, 08/18/22^(a)		15,000		14,947,561
0.92%, 06/24/22^(c)		30,000		29,955,153
Collateralized Commercial Paper V Co. 1.46%, 09/14/22^(c)		18,750		18,634,497
1.66%, 10/14/22^(c)		12,650		12,543,622
1.70%, 10/21/22^(c)		15,000		14,865,250
Commonwealth Bank of Australia 0.63%, 10/14/22, (SOFR + 0.350%)^(a)(b)		15,000		15,000,000
1.77%, 10/21/22^(c)		5,000		4,957,465
Crown Point Capital Co., 0.30%, 10/04/22^(a)		10,000		9,939,342
Disney (walt) Co. (The), 1.69%, 09/30/22^(c)		5,000		4,964,174
DNB Bank ASA 1.73%, 10/19/22^(c)		5,000		4,958,696
1.86%, 11/07/22^(c)		5,000		4,950,933
2.41%, 03/02/23^(c)		10,000		9,798,915
DZ Bank AG Deutsche Zentral, 1.36%, 08/12/22^(c)		6,260		6,235,260
Enbridge Inc. 0.83%, 05/09/22^(c)		10,000		9,997,686
0.95%, 05/18/22^(c)		20,000		19,990,004
1.37%, 07/05/22^(c)		30,000		29,923,843
Enel Finance America 1.07%, 06/08/22^(c)		8,860		8,849,496
1.08%, 06/10/22^(c)		10,000		9,987,400
1.27%, 07/08/22^(c)		12,000		11,970,437
1.36%, 07/21/22^(c)		15,000		14,953,209
1.45%, 08/03/22^(c)		15,100		15,042,016


				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		(0.86	)%		(0.73	)%		1.43	%		1.26	%		(0.73	)%		7.33	%		11.39	%
Fund Market		(0.88	)		(0.75	)		1.41			1.26			(0.75	)		7.24			11.34
Bloomberg Short-Term Government/Corporate Index		(0.33	)		(0.28	)		1.30			0.93			(0.28	)		6.64			8.31


Actual							Hypothetical 5% Return

	Beginning Account Value (11/01/21)		Ending Account Value (04/30/22)		Expenses Paid During the Period	^(a)		Beginning Account Value (11/01/21)		Ending Account Value (04/30/22)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	991.40	$	1.23		$	1,000.00	$	1,023.60	$	1.25		0.25	%


Moody’s Credit Rating^*	Percent of Total Investments^(a)
Aaa		14.3%
Aa		2.4
A		32.5
Baa		34.1
Ba		2.6
P-1		0.8
P-2		1.2
Not Rated		12.1


				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception

Fund NAV		(0.89	)%		(0.96	)%		0.84	%		0.81	%		(0.96	)%		4.27	%		5.94	%
Fund Market		(0.82	)		(0.93	)		0.84			0.82			(0.93	)		4.25			5.99
Bloomberg Municipal Bond: 1 Year (1-2) Index		(1.99	)		(1.98	)		0.85			0.81			(1.98	)		4.33			5.94


Actual							Hypothetical 5% Return

	Beginning Account Value (11/01/21)		Ending Account Value (04/30/22)		Expenses Paid During the Period	^(a)		Beginning Account Value (11/01/21)		Ending Account Value (04/30/22)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio

$	1,000.00	$	991.10	$	1.23		$	1,000.00	$	1,023.60	$	1.25		0.25	%


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


	Page
The Markets in Review		2
Fund Summary		4
About Fund Performance		7
Shareholder Expenses		7
Schedules of Investments		8
Financial Statements
Statements of Assets and Liabilities		29
Statements of Operations		30
Statements of Changes in Net Assets		31
Financial Highlights		33
Notes to Financial Statements		36
Statement Regarding Liquidity Risk Management Program		45
Supplemental Information		46
General Information		47
Glossary of Terms Used in this Report		48


Fund Summary as of April 30, 2022		BlackRock Short Maturity Bond ETF


Investment Type	Percent of Total Investments^(a)
Corporate Bonds & Notes		72.9%
Asset-Backed Securities		15.4
Collaterized Mortgage Obligations		8.5
Commercial Paper		2.4
Certificates of Deposit		0.8


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


Fund Summary as of April 30, 2022		BlackRock Short Maturity Municipal Bond ETF


S&P Credit Rating^*	Percent of Total Investments	^(a)

AAA	0.5	%
AA+	0.9
AA	4.8
AA-	2.2
A+	5.6
A	37.1
A-	2.5
BBB+	9.3
BBB	2.0
BB+	0.6
Not Rated	34.5


State	Percent of Total Investments	^(a)

Texas	13.3	%
New Jersey	13.0
Kentucky	8.3
Georgia	7.8
New York	6.3
Pennsylvania	5.1
Alabama	4.2
Mississippi	3.6
Illinois	3.3
Indiana	3.1


Fund Summary as of April 30, 2022		BlackRock Ultra Short-Term Bond ETF


A B O U T F U N D P E R F O R M A N C E / S H A R E H O L D E R E X P E N S E S		7



Affiliated Issuer	Value at 10/31/21		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 04/30/22		Shares Held at 04/30/22 (000)		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares	$	49,889,059	$	10,193,143	^(a)	$	—	$	(20,226	)	$	3,295	$	60,065,271		60,065	$	36,943	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		208,310,000		238,300,000	^(a)		—		—			—		446,610,000		446,610		153,334			—


								$	(20,226	)	$	3,295	$	506,675,271			$	190,277		$	—



	Foreign Currency Exchange Contracts

Assets — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts	$	4,309,622



	Foreign Currency Exchange Contracts

Net Realized Gain (Loss) from:
Forward foreign currency exchange contracts	$	5,697,209


Net Change in Unrealized Appreciation (Depreciation) on:
Forward foreign currency exchange contracts	$	3,837,887



Forward foreign currency exchange contracts:
Average amounts purchased — in USD	$	486,450
Average amounts sold — in USD	$	104,111,245



	Assets		Liabilities

Derivative Financial Instruments:
Forward foreign currency exchange contracts	$	4,309,622	$	—

Total derivative assets and liabilities in the Statement of Assets and Liabilities		4,309,622		—
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		—

Total derivative assets and liabilities subject to an MNA		4,309,622		—


Counterparty	Derivative Assets Subject to an MNA by Counterparty		Derivatives Available for Offset		Non-Cash Collateral Received		Cash Collateral Received	Net Amount of Derivative Assets	^(a)(b)

Barclays Bank PLC	$2,103,167	$	—	$	—	$	—	$2,103,167
Deutsche Bank Securities Inc.	2,206,455		—		—		—	2,206,455


	$4,309,622	$	—	$	—	$	—	$ 4,309,622



	Level 1		Level 2		Level 3		Total
Investments
Assets
Asset-Backed Securities	$	—	$	608,662,976	$	—	$	608,662,976
Certificates of Deposit		—		29,993,253		—		29,993,253
Collaterized Mortgage Obligations		—		338,447,363		—		338,447,363
Commercial Paper		—		94,618,109		—		94,618,109
Corporate Bonds & Notes		—		2,890,089,244		—		2,890,089,244
Money Market Funds		506,675,271		—		—		506,675,271

	$	506,675,271	$	3,961,810,945	$	—	$	4,468,486,216

Derivative financial instruments^(a)
Assets
Forward Foreign Currency Exchange Contracts	$	—	$	4,309,622	$	—	$	4,309,622



Affiliated Issuer	Value at 10/31/21		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 04/30/22		Shares Held at 04/30/22 (000)		Income		Capital Gain Distributions from Underlying Funds

BlackRock Liquidity Funds: MuniCash^(a)	$	—	$	—		$ (3)^(b)	$	3	$	—	$	—		—	$	11	$	—