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


Security	Par (000)		Value

1.68%, 09/07/22^(c)	$	10,000	$	9,939,376
1.73%, 09/15/22^(c)		28,000		27,814,698
1.97%, 10/21/22^(c)		15,500		15,352,696
Eversource Energy, 0.74%, 05/17/22^(c)		10,000		9,996,325
Fidelity National Information Services, 0.89%, 05/23/22^(c)		6,429		6,425,194
Goldman Sachs International, 1.93%, 11/10/22^(c)		10,000		9,896,488
Hyundai Capital America, 0.70%, 05/11/22^(c)		20,000		19,995,327
ING U.S Funding LLC. 0.56%, 05/12/22, (SOFR + 0.58%)^(c)		25,000		24,994,962
0.64%, 05/17/22^(c)		10,000		9,996,825
Intercontinental Exchange Inc., 0.91%, 05/17/22, (SOFR + 0.58%)^(c)		9,499		9,494,678
J.P. Morgan Securities, 0.22%, 09/30/22,
(3 mo. LIBOR US + 0.17000 %)^(a)		10,000		9,938,104
Kookmin Bank, 2.63%, 04/25/23^(c)		25,000		24,356,467
Kookmin Bank/New York, 1.44%, 08/22/22,
(3 mo. LIBOR US + 0.35%)^(c)		6,000		5,972,496
La Fayette Asset Security, 0.79%, 06/10/22^(c)		32,000		31,967,968
Lloyds Bank Corp, 1.88%, 10/31/22^(c)		15,000		14,856,317
Mackinac Funding, 0.56%, 05/03/22^(c)		7,000		6,999,710
Macquarie Bank Ltd. 0.40%, 01/10/23, (SOFR + 0.350%)^(a)(b)		15,000		14,990,631
0.45%, 09/20/22, (SOFR + 0.180%)^(a)(b)		10,000		9,992,691
0.59%, 02/28/23, (SOFR + 0.3%)^(a)(b)		25,000		24,967,325
1.45%, 08/01/22, (SOFR + 0.180%)^(c)		5,000		4,981,135
2.01%, 11/01/22, (SOFR + 0.350%)^(c)		10,000		9,897,442
Mitsubishi HC Capital America Inc. 0.56%, 05/02/22^(c)		2,000		1,999,906
0.66%, 05/09/22^(c)		5,000		4,999,086
0.74%, 05/12/22^(c)		20,000		19,994,692
0.76%, 05/16/22^(c)		12,536		12,531,519
National Australia Bank Ltd. 1.47%, 09/06/22^(c)		30,000		29,841,075
1.57%, 09/26/22^(c)		20,000		19,870,000
1.76%, 10/11/22, (3 mo. LIBOR US + 0.41 %)^(c)		20,000		19,839,583
2.39%, 02/24/23^(c)		17,000		16,667,253
National Bank of Canada 0.66%, 05/19/22^(c)		8,000		7,997,076
1.86%, 10/31/22, (SOFR + 0.33%)^(c)		10,000		9,905,239
National Grid Holdings, 1.06%, 06/07/22, (SOFR + 0.4%)^(c).		14,500		14,483,349
NatWest Market PLC 1.29%, 07/18/22^(c)		15,600		15,555,523
1.34%, 07/26/22^(c)		25,000		24,918,294
Nieuw Amsterdam Recv, 0.59%, 05/03/22^(c)		30,000		29,998,690
Nordea Bank Abp, 1.72%, 10/21/22, (SOFR + 0.19000%)^(c)		10,000		9,916,972
Nutrien Ltd. 0.82%, 05/17/22^(c)		14,880		14,873,929
1.05%, 05/31/22^(c)		15,000		14,985,960
Oscar AcquisitionCo LLC/Oscar Finance Inc., 0.70%, 05/12/22, (SOFR + 0.33%)^(c)		26,787		26,780,277
Regatta Funding Co. LLC, 1.81%, 10/28/22^(c)		5,000		4,953,236
Royal Bank of Canada, 1.75%, 09/12/22^(c)		20,000		19,868,684
Skandinaviska Enskilda Banken AB 0.88%, 06/21/22^(c)		7,000		6,990,900
1.69%, 09/12/22^(c)		40,000		39,746,738
1.92%, 10/24/22, (3 mo. LIBOR US + 0.645 %)^(c)		15,000		14,859,083
1.93%, 10/26/22^(c)		30,000		29,713,500
Societe Generale SA 0.00%, 09/19/22, (SOFR + 0.35000%)^(d)		10,000		9,938,270
0.37%, 05/03/22^(c)		10,000		9,999,592
1.47%, 08/31/22, (SOFR + 0.42000%)^(c)		15,000		14,924,205


Security	Par (000)		Value

Stanley Works (The), 0.69%, 05/23/22^(c)	$	15,000	$	14,993,100
Sumitomo Mitsui Banking Corp., 1.33%, 07/21/22^(c)		15,000		14,954,315
Suncor Energy Inc., 0.61%, 05/05/22^(c)		17,775		17,773,205
Swedbank AB 1.34%, 08/03/22^(c)		20,000		19,928,853
1.41%, 08/15/22^(c)		12,000		11,949,528
1.83%, 10/17/22^(c)		35,000		34,698,921
1.88%, 10/24/22^(c)		15,000		14,861,679
1.90%, 10/26/22^(c)		20,000		19,812,000
Telus Corp., 1.26%, 07/06/22^(c)		9,250		9,228,107
Thermo Fisher Scientific Inc., 1.02%, 06/01/22^(c)		20,000		19,981,300
Toronto Dominion Bank, 1.29%, 08/03/22^(c)		20,000		19,931,627
Toronto-Dominion Bank 2.19%, 12/09/22^(c)		15,000		14,798,307
2.50%, 02/17/23^(c)		20,000		19,599,670
Transcanada Pipelines Ltd. 0.56%, 05/02/22^(c)		20,000		19,999,062
0.61%, 05/05/22^(c)		30,000		29,996,970
1.35%, 07/20/22, (SOFR + 0.2%)^(c)		20,000		19,938,637
UBS AG London, 1.64%, 09/01/22^(c)		10,000		9,943,333
UBS AG/London 0.57%, 12/02/22, (SOFR + 0.300%)^(a)(b)		10,000		9,991,147
1.51%, 08/18/22^(c)		10,000		9,953,627
UBS AG/LONDON, 0.77%, 05/31/22^(c)		25,000		24,982,822
Verizon Communications Inc. 0.66%, 05/09/22^(c)		19,394		19,390,455
0.67%, 05/10/22^(c)		25,000		24,994,882
1.25%, 07/05/22^(c)		30,000		29,930,376
VW CR Inc. 0.76%, 05/16/22^(c)		10,000		9,996,425
0.78%, 05/17/22^(c)		15,000		14,994,180
1.15%, 06/21/22^(c)		20,000		19,966,051
VW Credit Inc. 1.56%, 08/23/22^(c)		19,500		19,402,231
1.57%, 08/24/22^(c)		10,000		9,949,235
Walt Disney Co. (The) 0.85%, 06/15/22^(c)		16,940		16,921,290
1.05%, 07/15/22^(c)		10,950		10,925,478
Waste Management Inc. 1.38%, 07/25/22^(c)		21,600		21,527,964
1.43%, 08/02/22^(c)		4,805		4,786,906
1.47%, 08/09/22^(c)		19,720		19,638,201
1.61%, 09/08/22^(c)		25,000		24,853,333
Wec Energy Group Inc., 0.61%, 05/05/22^(c)		10,000		9,998,990
Westpac Banking Corp./NY, 1.71%, 10/14/22^(c)		5,000		4,960,520
Westpac Securities NZ Ltd., 1.00%, 07/01/22^(c)		7,250		7,237,389


Total Commercial Paper — 37.5%
(Cost: $2,369,594,301)			2,367,025,344


Corporate Bonds & Notes

Aerospace & Defense — 0.1%
Raytheon Technologies Corp., 3.65%, 08/16/23 (Call 07/16/23)		4,000		4,027,791


Agriculture — 0.3%
Cargill Inc. 0.40%, 02/02/24 (Call 01/02/24)^(a)(e)		10,165		9,694,625
3.50%, 04/22/25 (Call 04/22/23)^(a)		6,825		6,817,179

				16,511,804


Security	Par (000)		Value

Auto Manufacturers — 5.2%
American Honda Finance Corp. 0.63%, 02/22/23, (3 mo. LIBOR US + 0.150%)^(b)	$	8,820	$	8,815,666
0.65%, 09/08/23		20,000		19,404,953
0.75%, 08/09/24		3,235		3,060,447
0.88%, 07/07/23		7,025		6,878,059
1.03%, 09/08/23, (3 mo. LIBOR US + 0.420%)^(b)		5,790		5,792,890
2.20%, 06/27/22		10,100		10,113,099
BMW Finance NV, 2.25%, 08/12/22^(a)		1,890		1,890,128
BMW U.S. Capital LLC 0.43%, 08/12/24, (SOFR + 0.380%)^(a)(b)		19,960		19,816,460
0.75%, 08/12/24^(a)		2,925		2,769,225
0.80%, 04/01/24^(a)		3,350		3,198,700
0.81%, 04/01/24, (SOFR + 0.530%)^(a)(b)(e)		15,615		15,590,937
Daimler Finance North America LLC 0.75%, 03/01/24^(a)		26,690		25,537,558
1.75%, 03/10/23^(a)(e)		13,184		13,052,588
2.55%, 08/15/22^(a)		2,247		2,250,336
Daimler Trucks Finance North America LLC, 1.13%, 12/14/23^(a)		4,000		3,866,745
Hyundai Capital America 0.80%, 04/03/23^(a)(e)		21,620		21,124,724
0.80%, 01/08/24^(a)		3,000		2,858,227
2.38%, 02/10/23^(a)		7,560		7,520,264
2.85%, 11/01/22^(a)		8,440		8,453,403
Hyundai Capital Services Inc., 0.75%, 09/15/23^(a)		20,000		19,304,718
PACCAR Financial Corp., 0.80%, 06/08/23		2,760		2,709,279
Toyota Motor Credit Corp. 0.45%, 07/22/22		6,580		6,559,333
0.47%, 02/13/23, (SOFR + 0.200%)^(b)(e)		22,277		22,250,732
0.50%, 06/18/24		4,000		3,783,960
0.56%, 09/13/24, (SOFR + 0.290%)^(b)		12,000		11,940,188
0.58%, 06/13/22, (SOFR + 0.300%)^(b)		15,000		14,998,650
0.62%, 10/14/22, (SOFR + 0.340%)^(b)		13,000		12,998,828
0.90%, 03/22/24, (SOFR + 0.320%)^(b)		10,000		10,031,632
2.50%, 03/22/24		15,000		14,837,458
2.90%, 03/30/23		10,000		10,032,130
Volkswagen Group of America Finance LLC, 0.75%, 11/23/22^(a)		15,025		14,876,185

				326,317,502

Auto Parts & Equipment — 0.0%
Aptiv PLC / Aptiv Corp., 2.40%, 02/18/25 (Call 02/18/23)		3,275		3,149,185


Banks — 12.4%
Banco Santander SA, 0.70%, 06/30/24 (Call 06/30/23)^(b)		8,200		7,927,708
Bank of America Corp.
0.52%, 06/14/24 (Call 06/14/23), (SOFR + 0.410%)^(b)		18,580		17,965,990
2.82%, 07/21/23 (Call 07/21/22),
(3 mo. LIBOR US + 0.930%)^(b)		20,834		20,831,216
3.00%, 12/20/23 (Call 12/20/22), (3 mo. LIBOR US + 0.790%)(b)		10,000		9,976,554
3.30%, 01/11/23		10,000		10,080,433
Series 2025, 0.81%, 02/04/25 (Call 02/04/24), (SOFR + 0.660%)^(b)		15,000		14,908,500
BPCE SA
1.40%, 05/31/22, (3 mo. LIBOR US + 0.880%)^(b)(e)		7,006		7,005,977
2.75%, 01/11/23^(a)(e)		4,000		3,999,828
Canadian Imperial Bank of Commerce 1.60%, 06/16/22, (3 mo. LIBOR US + 0.720%)^(b)		3,480		3,481,346
3.50%, 09/13/23		4,500		4,532,117


Security	Par (000)		Value

Banks (continued)
Citigroup Inc., 2.88%, 07/24/23 (Call 07/24/22),
(3 mo. LIBOR US + 0.950%)^(b)	$	20,000	$	19,996,297
Credit Agricole Corporate & Investment Bank SA, 0.40%, 01/15/23 (Call 07/15/22)		12,000		11,898,435
Credit Suisse AG/New York NY 0.47%, 07/10/23, (SOFR + 0.420%)^(b)		14,000		13,961,523
0.50%, 02/02/24		5,335		5,076,628
0.60%, 01/19/24, (SOFR + 0.540%)^(b)		10,000		9,946,690
0.67%, 02/02/24, (SOFR + 0.390%)^(b)		15,000		14,892,016
1.00%, 05/05/23		5,000		4,895,011
Deutsche Bank AG/New York NY 0.96%, 11/08/23		20,815		20,058,027
Series E, 0.55%, 11/08/23, (SOFR + 0.500%)^(b)		16,220		16,125,470
DNB Bank ASA
1.12%, 12/02/22, (3 mo. LIBOR US + 0.620%)^(a)(b)(e)		5,000		5,007,039
2.15%, 12/02/22^(a)		14,382		14,377,149
Fifth Third Bank NA, 1.80%, 01/30/23 (Call 12/30/22)		4,560		4,544,429
Goldman Sachs Group Inc. (The) 0.52%, 03/08/23 (Call 09/08/22)		20,000		19,636,357
1.22%, 12/06/23 (Call 12/06/22)		12,000		11,654,214
0.63%, 11/17/23 (Call 11/17/22), (SOFR + 0.538%)^(b)		10,000		9,846,574
0.74%, 11/17/23 (Call 11/17/22), (SOFR + 0.540%)^(b)		7,000		6,975,655
HSBC Holdings PLC, 1.16%, 11/22/24 (Call 11/22/23), (SOFR + 0.580%)^(b)		6,995		6,708,807
JPMorgan Chase & Co. 0.70%, 03/16/24 (Call 03/16/23), (SOFR + 0.580%)^(b)		4,000		3,909,670
0.86%, 03/16/24 (Call 03/16/23), (SOFR + 0.580%)^(b)		20,000		19,930,900
KeyBank N.A./Cleveland OH
0.43%, 06/14/24 (Call 06/14/23), (SOFR + 0.320%)^(b)		10,000		9,712,151
0.59%, 06/14/24 (Call 06/14/23), (SOFR + 0.320%)^(b)		15,565		15,409,225
Kookmin Bank/New York, 0.60%, 11/03/22, (SOFR + 0.320%)^(a)(b)		11,000		10,992,764
Kookmin Bank/Seoul, 0.50%, 08/03/22, (SOFR + 0.450%)^(a)(b)		10,535		10,532,316
Korea Development Bank (The), 0.84%, 02/18/23, (3 mo. LIBOR US + 0.350%)^(b)		16,455		16,447,801
Lloyds Bank PLC, 2.25%, 08/14/22		10,000		10,014,291
Macquarie Bank Ltd. 0.58%, 04/06/23, (SOFR + 0.300%)^(a)(b)		15,000		14,950,944
2.10%, 10/17/22^(a)		9,450		9,444,731
Mitsubishi UFJ Financial Group Inc. 2.62%, 07/18/22		8,400		8,417,649
2.67%, 07/25/22		35,637		35,715,796
Morgan Stanley
0.53%, 01/25/24 (Call 01/25/23), (SOFR + 0.455%)^(b)		10,000		9,792,365
0.56%, 11/10/23 (Call 11/10/22), (SOFR + 0.466%)^(b)		15,000		14,794,076
0.73%, 04/05/24 (Call 04/05/23), (SOFR + 0.616%)^(b)		30,000		29,210,476
0.90%, 01/24/25 (Call 01/24/24), (3 mo. LIBOR US + 0.140%)^(b)		15,000		14,853,743
3.62%, 04/17/25 (Call 04/17/24), (SOFR + 1.160%)^(b)		6,865		6,829,504
3.75%, 02/25/23		15,384		15,499,158
National Australia Bank Ltd., 1.21%, 12/13/22, (3 mo. LIBOR US + 0.410%)^(a)(b)		3,500		3,503,747
National Australia Bank Ltd./New York, 1.88%, 12/13/22		4,460		4,455,501
Nordea Bank Abp, 1.00%, 06/09/23^(a)		3,135		3,061,221
Nordea Bank Abp/New York NY, 0.30%, 01/27/23		8,000		7,937,456
Santander UK PLC, 2.10%, 01/13/23, (SOFR + 0.43%)		2,105		2,097,569
Skandinaviska Enskilda Banken AB 1.45%, 12/12/22, (3 mo. LIBOR US + 0.645%)^(a)(b)		3,000		3,008,510
2.20%, 12/12/22^(a)		2,845		2,841,051


Security	Par (000)		Value

Banks (continued)
Sumitomo Mitsui Financial Group Inc. 0.51%, 01/12/24	$	3,580	$	3,416,767
3.10%, 01/17/23		2,659		2,669,358
Sumitomo Mitsui Trust Bank Ltd. 0.71%, 09/16/24, (SOFR + 0.440%)^(a)(b)		15,000		14,906,357
0.80%, 09/12/23, (SOFR + 0.44%)^(a)		12,744		12,344,801
0.80%, 09/16/24^(a)		12,000		11,229,504
2.55%, 03/10/25^(a)		10,000		9,687,234
Suncorp-Metway Ltd., 2.80%, 05/04/22, (SOFR + 0.19%)^(a)		895		895,043
Svenska Handelsbanken AB, 0.63%, 06/30/23, (SOFR + 0.17000%)^(a)		6,310		6,143,256
Swedbank AB 0.60%, 09/25/23^(a)		14,500		13,992,645
1.30%, 06/02/23^(a)		6,680		6,561,644
Truist Bank
0.48%, 01/17/24 (Call 01/17/23), (SOFR + 0.200%)^(b)		45,000		44,652,150
1.25%, 03/09/23 (Call 02/09/23)		15,000		14,839,598
UBS AG/London 0.38%, 06/01/23^(a)		4,440		4,324,693
0.45%, 02/09/24^(a)		7,000		6,661,922
0.50%, 08/09/24, (SOFR + 0.450%)^(a)(b)		8,470		8,400,918
0.54%, 02/09/24, (SOFR + 0.360%)^(a)(b)		5,000		4,980,480
0.55%, 06/01/23, (SOFR + 0.320%)^(a)(b)		8,470		8,455,178
0.70%, 08/09/24^(a)		4,330		4,081,618
1.38%, 01/13/25 (Call 12/13/24), (SOFR + 0.300%)^(a)		6,970		6,591,347
Westpac Banking Corp. 0.51%, 11/18/24, (SOFR + 0.300%)^(b)		12,445		12,381,937
1.02%, 11/18/24^(e)		3,550		3,363,025
2.00%, 01/13/23		2,375		2,370,138

				782,622,218

Beverages — 0.8%
Coca-Cola Europacific Partners PLC, 0.50%, 05/05/23^(a)		52,207		50,866,797
PepsiCo Inc., 0.75%, 05/01/23		1,615		1,588,736

				52,455,533

Biotechnology — 0.2%
Gilead Sciences Inc., 0.75%, 09/29/23 (Call 05/10/22)		15,971		15,451,209


Chemicals — 0.1%
Ecolab Inc., 0.90%, 12/15/23 (Call 12/15/22)^(e)		8,800		8,526,244


Cosmetics & Personal Care — 0.3%
GSK Consumer Healthcare Capital US LLC, 1.17%, 03/24/24 (Call 03/24/23), (SOFR + 0.540%)^(a)(b)		2,150		2,152,310
GSK Consumer Healthcare Capital US LLC., 3.02%, 03/24/24 (Call 03/24/23)^(a)		9,235		9,142,060
Unilever Capital Corp., 0.63%, 08/12/24 (Call 08/12/22)		5,975		5,649,786

				16,944,156

Diversified Financial Services — 0.8%
American Express Co. 0.40%, 11/03/23, (SOFR + 0.230%)^(b)		10,000		9,927,500
0.75%, 11/03/23		10,000		9,704,172
0.98%, 03/04/25 (Call 02/01/25), (SOFR + 0.930%)^(b)		8,235		8,290,197
1.44%, 04/17/25, (SOFR + 0.950%)		10,000		10,007,700
3.38%, 05/03/24		7,600		7,593,935
LSEGA Financing PLC, 0.65%, 04/06/24 (Call 03/06/24)^(a)		3,895		3,688,487

				49,211,991

Electric — 4.2%
Dominion Energy Inc., Series D, 1.36%, 09/15/23 (Call 05/20/22), (3 mo. LIBOR US + 0.530%)^(b)		30,560		30,506,113


Security	Par (000)		Value

Electric (continued)
Duke Energy Corp. 0.30%, 06/10/23, (SOFR + 0.250%)^(b)	$	14,765	$	14,708,999
2.40%, 08/15/22 (Call 07/15/22)		6,610		6,616,193
Eversource Energy, 0.45%, 08/15/23, (SOFR + 0.250%)^(b)		23,850		23,788,122
Florida Power & Light Co.
0.44%, 05/10/23 (Call 05/31/22), (SOFR + 0.250%)^(b)		11,020		10,988,007
0.66%, 01/12/24 (Call 07/12/22), (SOFR + 0.250%)^(b)		8,240		8,208,674
National Rural Utilities Cooperative Finance Corp, 0.58%, 08/07/23, (SOFR + 0.330%)^(b)		16,150		16,128,731
National Rural Utilities Cooperative Finance Corp.,
Series D, 0.61%, 10/18/24, (SOFR + 0.330%)^(b)		5,000		4,981,501
NextEra Energy Capital Holdings Inc. 0.59%, 03/01/23, (SOFR + 0.540%)^(b)		9,305		9,293,989
0.65%, 03/01/23		6,888		6,777,146
0.68%, 11/03/23, (SOFR + 0.400%)^(b)		30,000		29,835,779
0.75%, 02/22/23 (Call 05/31/22), (3 mo. LIBOR US + 0.270%)^(b)		45,000		44,875,159
2.94%, 03/21/24 (Call 09/21/22)		15,000		14,889,951
PPL Electric Utilities Corp.
0.61%, 06/24/24 (Call 06/24/22), (SOFR + 0.330%)^(b)		8,065		8,017,979
1.22%, 09/28/23, (3 mo. LIBOR US + 0.250%)^(b)		8,710		8,673,975
WEC Energy Group Inc., 0.55%, 09/15/23		21,955		21,191,414
Xcel Energy Inc., 0.50%, 10/15/23 (Call 09/15/23)		7,560		7,289,006

				266,770,738

Electronics — 0.1%
Honeywell International Inc., 0.48%, 08/19/22 (Call 05/10/22)		3,666		3,654,887


Food — 0.7%
Hormel Foods Corp., 0.65%, 06/03/24 (Call 06/03/22)^(e)		12,125		11,559,446
Nestle Holdings Inc., 0.61%, 09/14/24 (Call 09/14/23)^(a)		35,000		32,941,080

				44,500,526

Gas — 0.7%
Atmos Energy Corp. 0.63%, 03/09/23 (Call 05/16/22)		8,175		8,031,271
1.02%, 03/09/23 (Call 05/31/22), (3 mo. LIBOR US + 0.380%)^(b)		23,770		23,782,123
CenterPoint Energy Resources Corp., 0.70%, 03/02/23 (Call 05/31/22)		15,935		15,600,141

				47,413,535

Health Care - Products — 0.9%
Thermo Fisher Scientific Inc.
0.64%, 04/18/23 (Call 05/31/22), (SOFR + 0.350%)^(b)		20,000		19,969,110
0.80%, 10/18/23 (Call 10/18/22)		30,000		29,088,224
0.82%, 10/18/24 (Call 10/18/22), (SOFR + 0.530%)^(b)		9,215		9,176,389

				58,233,723

Health Care - Services — 0.8%
Roche Holdings Inc.
0.49%, 03/05/24, (SOFR + 0.240%)^(a)(b)		5,370		5,359,005
0.59%, 09/11/23, (SOFR + 0.240%)^(a)(b)		15,000		15,006,138
1.88%, 03/08/24^(a)		15,000		14,718,158
UnitedHealth Group Inc., 0.55%, 05/15/24 (Call 05/15/22)		15,135		14,408,200

				49,491,501

Household Products & Wares — 0.1%
Church & Dwight Co. Inc., 2.45%, 08/01/22 (Call 07/01/22)		2,000		2,001,842
Reckitt Benckiser Treasury Services PLC, 2.38%, 06/24/22 (Call 05/24/22), (SOFR + 0.24%)^(a)		3,000		3,002,013

				5,003,855


Security	Par (000)		Value

Insurance — 3.3%
Athene Global Funding, 2.51%, 03/08/24^(a)	$	10,000	$	9,749,663
Brighthouse Financial Global Funding 0.53%, 02/24/23, (SOFR + 0.310%)^(a)(b)(e)		23,890		23,833,511
1.20%, 12/15/23^(a)		17,000		16,397,403
Jackson National Life Global Funding, 0.88%, 01/06/23, (SOFR + 0.600%)^(a)(b)		26,000		26,010,617
MassMutual Global Funding II, 0.85%, 06/09/23, (SOFR + 0.55%)^(a)(e)		8,328		8,153,966
MET Tower Global Funding, 0.83%, 01/17/23, (SOFR + 0.550%)^(a)(b)		22,000		22,018,834
Metropolitan Life Global Funding I 0.55%, 06/07/24^(a)		3,590		3,385,704
0.60%, 09/08/22, (SOFR + 0.350%)^(a)(b)		23,000		23,014,260
0.60%, 01/07/24, (SOFR + 0.320%)^(a)(b)		27,000		26,883,050
0.85%, 01/13/23, (SOFR + 0.570%)^(a)(b)		16,460		16,474,979
Principal Life Global Funding II 0.61%, 08/23/24, (SOFR + 0.380%)^(a)(b)		635		629,714
0.75%, 08/23/24^(a)		660		617,929
Protective Life Global Funding 0.33%, 12/09/22^(a)(e)		15,000		14,830,149
0.63%, 10/13/23^(a)		4,820		4,654,754
0.85%, 03/31/23^(a)		9,525		9,525,003

				206,179,536

Internet — 0.3%
Amazon.com Inc. 0.25%, 05/12/23		9,205		9,010,132
3.00%, 04/13/25		10,000		9,968,300

				18,978,432

Machinery — 1.7%
Caterpillar Financial Services Corp. 0.45%, 05/17/24, (SOFR + 0.245%)^(b)		10,000		9,953,900
0.54%, 09/13/24, (SOFR + 0.270%)^(b)		15,620		15,500,288
0.95%, 05/13/22		12,000		11,998,254
0.95%, 01/10/24		20,000		19,380,429
1.13%, 05/13/22, (3 mo. LIBOR US + 0.735%)^(b)		5,000		5,000,406
John Deere Capital Corp. 0.40%, 07/10/23, (SOFR + 0.120%)^(b)		7,330		7,304,081
0.48%, 10/11/24, (SOFR + 0.200%)^(b)(e)		14,290		14,292,275
0.55%, 07/05/22		11,060		11,033,864
0.90%, 01/10/24		3,605		3,488,905
Rockwell Automation Inc., 0.35%, 08/15/23 (Call 08/15/22), (SOFR + 0.25000%)		9,050		8,772,933

				106,725,335

Manufacturing — 0.3%
Siemens Financieringsmaatschappij NV, 0.48%, 03/11/24, (SOFR + 0.43%)^(a)(b)		18,980		18,998,681


Oil & Gas — 0.9%
Chevron Corp., 1.14%, 05/11/23		4,510		4,451,036
Chevron USA Inc., 0.58%, 08/11/23, (3 mo. LIBOR US + 0.200%)^(b)		37,065		37,026,405
ConocoPhillips Co., 2.13%, 03/08/24 (Call 09/08/22)		16,000		15,734,630

				57,212,071

Oil & Gas Services — 0.0%
Schlumberger Finance Canada Ltd., 2.65%, 11/20/22 (Call 10/20/22)^(a)		2,500		2,504,719


Pharmaceuticals — 0.6%
AbbVie Inc., 3.25%, 10/01/22 (Call 07/01/22)		12,685		12,712,294


Security	Par (000)		Value

Pharmaceuticals (continued)
AstraZeneca PLC 0.30%, 05/26/23	$	24,000	$	23,441,226
2.38%, 06/12/22		764		764,652

				36,918,172

Pipelines — 1.0%
Enbridge Inc. 0.45%, 02/17/23, (SOFR + 0.400%)^(b)		11,350		11,327,694
0.55%, 10/04/23^(e)		5,380		5,182,768
0.83%, 02/16/24, (SOFR + 0.630%)^(b)		10,125		10,137,465
2.15%, 02/16/24		5,530		5,404,248
2.90%, 07/15/22 (Call 06/15/22)		5,000		5,007,388
TransCanada PipeLines Ltd., 1.00%, 10/12/24 (Call 09/12/24)^(e)		27,205		25,532,422

				62,591,985
Retail — 0.5%
Amazon.com Inc., 2.73%, 04/13/24		20,000		19,978,006
McDonald’s Corp., 3.35%, 04/01/23 (Call 03/01/23)^(e)		1,263		1,271,549
Starbucks Corp., 0.47%, 02/14/24 (Call 02/14/23), (SOFR + 0.420%)^(b)		11,515		11,525,797

				32,775,352

Savings & Loans — 0.5%
Nationwide Building Society 0.55%, 01/22/24, (SOFR + 0.28000%)^(a)		16,520		15,754,351
2.00%, 01/27/23, (SOFR + 0.18000%)^(a)		15,890		15,808,906

				31,563,257

Semiconductors — 0.8%
Analog Devices Inc., 0.52%, 10/01/24, (SOFR + 0.250%)^(b)		15,330		15,257,112
NVIDIA Corp. 0.31%, 06/15/23 (Call 06/15/22)		28,000		27,314,412
0.58%, 06/14/24		5,305		5,048,589

				47,620,113

Software — 0.2%
Adobe Inc., 1.70%, 02/01/23		4,010		3,986,398
Roper Technologies Inc., 0.45%, 08/15/22		2,390		2,377,513
salesforce.com Inc., 0.63%, 07/15/24 (Call 07/15/22)		9,415		8,920,020

				15,283,931

Telecommunications — 0.7%
Bell Telephone Co. of Canada or Bell Canada (The), Series US-3, 0.75%, 03/17/24		21,081		20,131,137
NTT Finance Corp., 0.58%, 03/01/24^(a)		6,005		5,725,094
Verizon Communications Inc. 0.75%, 03/22/24		3,580		3,438,925
0.80%, 03/22/24, (SOFR + 0.500%)^(b)		16,955		16,923,540

				46,218,696

Transportation — 0.1%
Ryder System Inc., 2.88%, 06/01/22		4,899		4,905,189


Total Corporate Bonds & Notes — 38.6% (Cost: $2,476,098,528)				2,438,761,867


Municipal Debt Obligations

Alabama — 0.1%
Alabama Federal Aid Highway Finance Authority
0.23%, 09/01/22		3,035		3,025,734
0.45%, 09/01/23		3,545		3,445,102

				6,470,836

Arizona — 0.0%
County of Pima AZ COP, 0.48%, 12/01/22		1,020		1,012,893


Security	Par (000)		Value

California — 0.5%
California Health Facilities Financing Authority RB, 0.42%, 06/01/22	$	2,400	$	2,398,874
County of Fresno CA, 0.25%, 06/30/22, (SOFR + 0.89%)		19,900		19,878,548
Mizuho Floater/Residual Trust RB, 0.62%, 07/01/39 (05/05/22), (SOFR + 0.16000%)^(a)(f)		10,000		10,000,000
Port of Oakland RB, 0.82%, 05/01/23, (SOFR + 0.38%)		400		392,660

				32,670,082

Connecticut — 0.0%
Connecticut Housing Finance Authority RB, Class A4, 0.30%, 11/15/22 (Call 05/31/22)		580		575,419


Hawaii — 0.1%
State of Hawaii GO, 0.43%, 10/01/22		4,945		4,923,123


New York — 2.9%
City of New York NY GO, Class D, 0.43%, 08/01/22, (3 mo. LIBOR US + 0.27%)		5,575		5,563,655
Deutsche Bank Spears/Lifers Trust, 0.94%, 04/01/31 (Call 05/09/22)^(a)(f)		51,500		51,500,000
Long Island Power Authority RB 0.36%, 03/01/23 (Call 06/01/22), (SOFR + 0.28000%)		6,800		6,691,255
0.76%, 03/01/23 (Call 06/01/22), (SOFR + 0.28000%)		1,290		1,271,739
Mizuho Floater/Residual Trust RB VRDN, 0.59%, 02/01/23 (Put 05/31/22)^(a)(f)		13,000		13,000,000
VRDN, 0.59%, 07/01/25 Put ^(a)(f)		28,230		28,230,000
VRDN, 0.74%, 09/01/27 Put ^(a)(f)		11,000		11,000,000
VRDN, 0.59%, 02/15/41 (Put 05/31/22)^(a)(f)		5,484		5,484,126
VRDN, 0.59%, 11/01/56 (Put 05/31/22)^(a)(f)		250		250,000
VRDN, 0.74%, 09/01/26 (Put 05/31/22)^(a)(f)		6,000		6,000,000
VRDN, 0.74%, 03/01/31 Put ^(a)(f)		18,000		18,000,000
VRDN, 0.74%, 03/01/31 Put ^(a)(f)		8,640		8,640,000
New York State Dormitory Authority RB, 2.01%, 03/15/23		1,765		1,758,748
Port Authority of New York & New Jersey RB, Series AAA, 1.09%, 07/01/23		12,570		12,337,279
Taxable Municipal Funding Trust RB VRDN, 0.29%, 09/01/30 (Put 05/01/25)^(a)(f)		6,870		6,870,000
VRDN, 0.94%, 01/16/25 (Put 04/29/22)^(a)(f)		1,085		1,085,000
VRDN, 0.94%, 02/01/31 Put ^(a)(f)		400		400,000
VRDN, 0.94%, 11/15/54 (Put 11/15/26)^(a)(f)		1,010		1,010,000

				179,091,802

Texas — 0.0%
City of Houston Texas Airport System Revenue RB, 0.88%, 07/01/22		690		689,624
State of Texas GO 0.31%, 10/01/22		545		542,506
0.31%, 10/01/22		515		512,643

				1,744,773


Total Municipal Debt Obligations — 3.6% (Cost $227,045,100)				226,488,928


Repurchase Agreements^(b)(g)

Bank of America Securities Inc., 0.64%, 05/02/22 (Purchased on 04/29/22 to be repurchased at $35,001,867, collateralized by non-agency mortgage-backed security, 0.38% to 6.10%, due 11/13/23 to 1/25/70, par and fair value of $108,610,501 and $37,705,118, respectively)		35,000		35,000,000


Security	Par (000)		Value

Bank of America Securities Inc., 0.92%, 05/02/22 (Purchased on 04/29/22 to be repurchased at $7,000,537, collateralized by non-agency mortgage-backed security, 3.00%, due to 10/25/58, par and fair value of $10,733,517 and $8,400,000, respectively)	$	7,000	$	7,000,000
BNP Paribas, 0.65%, 05/02/22 (Purchased on 04/29/22 to be repurchased at $20,001,083, collateralized by non-agency mortgage-backed security, 1.45% to 9.75%, due 3/15/23 to 10/10/79, par and fair value of $23,029,182 and $21,936,791, respectively)		20,000		20,000,000
Citigroup Global Markets Inc., 0.59%, 05/02/22 (Purchased on 04/29/22 to be repurchased at $9,000,443, collateralized by non-agency mortgage-backed security, 0.91% to 3.85%, due to 5/1/38 to 9/20/71, par and fair value of $162,563,543 and $9,334,123, respectively)		9,000		9,000,000
Citigroup Global Markets Inc., 0.61%, 05/02/22 (Purchased on 04/29/22 to be repurchased at $12,000,610, collateralized by non-agency mortgage-backed security, 0.63% to 3.50%, due 6/2/26 to 12/25/57, par and fair value of $14,905,000 and $12,558,347, respectively)		12,000		12,000,000
Credit Suisse Securities (USA) LLC, 0.89%, 05/02/22 (Purchased on 04/29/22 to be repurchased at $35,002,596, collateralized by non-agency mortgage-backed security, 0.00% to 9.50%, due 8/15/25 to 7/25/51, par and fair value of $46,018,894 and $40,250,000, respectively)		35,000		35,000,000
Goldman Sachs & Co. LLC, 0.80%, 05/02/22 (Purchased on 04/29/22 to be repurchased at $60,004,000, collateralized by non-agency mortgage-backed security, 1.70% to 9.15%, due 6/6/22 to 11/15/41, par and fair value of $67,191,000 and $63,000,498, respectively)		60,000		60,000,000
Mizuho Securities USA Inc., 0.87%, 05/02/22 (Purchased on 04/29/22 to be repurchased at $11,000,798, collateralized by non-agency mortgage-backed security, 0.00% to 5.29%, due 3/10/23 to 5/25/65, par and fair value of $21,180,000 and $12,499,887, respectively)		11,000		11,000,000
Mizuho Securities USA LLC, 0.77%, 05/02/22 (Purchased on 04/29/22 to be repurchased at $6,000,385, collateralized by non-agency mortgage-backed security, 4.75%, due to 2/15/41, par and fair value of $4,897,000 and $6,120,088, respectively)		6,000		6,000,000
Wells Fargo Securities, 0.47%, 05/02/22 (Purchased on 04/29/22 to be repurchased at $35,001,371, collateralized by non-agency mortgage-backed security, 1.53% to 4.75%, due 7/10/22 to 4/25/60, par and fair value of $67,610,132 and $38,213,175, respectively)		35,000		35,000,000
Wells Fargo Securities, 1.08%, 05/02/22 (Purchased on 04/29/22 to be repurchased at $25,002,250, collateralized by non-agency mortgage-backed security, 0.00% to 6.02%, due 1/15/25 to 5/15/48, par and fair value of $45,222,738 and $28,750,000, respectively)		25,000		25,000,000


Security	Par/ Shares (000)		Value

Wells Fargo Securities, 1.10%, 05/02/22 (Purchased on 04/29/22 to be repurchased at $22,002,017, collateralized by non-agency mortgage-backed security, 2.75%, due to 4/12/27, par and fair value of $22,411,000 and $22,440,103, respectively)	$	22,000	$	22,000,000
Wells Fargo Securities, 1.30%, 05/02/22 (Purchased on 04/29/22 to be repurchased at $3,000,325, collateralized by non-agency mortgage-backed security, 4.55%, due to 11/14/24, par and fair value of $3,182,000 and $3,300,638, respectively)		3,000		3,000,000


Total Repurchase Agreements — 4.4% (Cost: $280,000,000)				280,000,000


U.S. Government Obligations

U.S. Government Obligations — 0.2%
U.S. Treasury Note/Bond, 0.25%, 09/30/23		10,000		9,691,406

Total U.S. Government Obligations — 0.2% (Cost: $9,991,534)				9,691,406


Money Market Funds

BlackRock Cash Funds: Institutional, SL Agency Shares, 0.38%^(h)(i)(j)		17,089		17,089,282

Total Money Market Funds — 0.3% (Cost: $17,085,197)				17,089,282

Total Investments in Securities — 100.4% (Cost: $6,378,633,720)				6,335,205,808

Other Assets, Less Liabilities — (0.4)%				(25,323,213	)

Net Assets — 100.0%			$	6,309,882,595

^(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)	Rates are discount rates or a range of discount rates as of period end.

^(d)	Zero-coupon bond.

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

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

^(g)	Maturity date represents next reset date.

^(h)	Affiliate of the Fund.

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

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

iShares U.S. ETF 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 financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure 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. Below is a summary of significant accounting policies:

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed (the “trade dates”). Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis.

Foreign Currency Translation: Each Fund’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) 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 Statements 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 April 30, 2022, if any, are disclosed in the Statements of Assets and Liabilities.

The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statements of Operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

Segregation and Collateralization: In cases where a Fund enters into certain investments (e.g.,forward foreign currency exchange contracts) that would be treated as “senior securities” for 1940 Act purposes, a Fund may segregate or designate on its books and record cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments. Doing so allows the investment to be excluded from treatment as a “senior security.” Furthermore, if required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments or obligations.

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 (“NAV”) 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. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

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. 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. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Trustees of the Trust (the “Board”). If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with a policy approved by the Board as reflecting fair value. 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., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such 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 a policy 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 cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Global Valuation Committee, or its delegate, seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.

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 judgment 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. Investments classified within Level 3 have significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. 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.

Zero-Coupon Bonds: Zero-coupon bonds are normally issued at a significant discount from face value and do not provide for periodic interest payments. These bonds may experience greater volatility in market value than other debt obligations of similar maturity which provide for regular interest payments.

Repurchase Agreements: Repurchase agreements are commitments to purchase a security from a counterparty who agrees to repurchase the same security at a mutually agreed upon date and price. On a daily basis, the counterparty is required to maintain collateral subject to the agreement and in value no less than the agreed upon repurchase amount. Repurchase agreements may be traded bilaterally, in a tri-party arrangement or may be centrally cleared through a sponsoring agent. Subject to the custodial undertaking associated with a tri-party repurchase arrangement and for centrally cleared agreements, a third party custodian maintains accounts to hold collateral for a fund and its counterparties. Typically, a fund and counterparty are not permitted to sell, re-pledge or use the collateral absent a default by the counterparty or the fund. In the event the counterparty defaults and the fair value of the collateral declines, a fund could experience losses, delays and costs in liquidating the collateral.

Repurchase agreements are entered into by a fund under Master Repurchase Agreements (each, an “MRA”). The MRA permits the fund, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables with collateral held by and/or posted to the counterparty. As a result, one single net payment is created. Bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of the MRA counterparty’s bankruptcy or insolvency. Based on the terms of the MRA, the fund receives securities as collateral with a market value in excess of the repurchase price at maturity. Upon a bankruptcy or insolvency of the MRA counterparty, the fund would recognize a liability with respect to such excess collateral. The liability reflects the fund’s obligation under bankruptcy law to return the excess to the counterparty.

The following table summarizes the open repurchase agreements as of April 30, 2022 which are subject to offset under an MRA:

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 period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates is disclosed in the Schedule 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, if any, are also disclosed in each Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.

Securities lending transactions are entered into by the Funds 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 Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left 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 Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:

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.

Forward Foreign Currency Exchange Contracts: Forward foreign currency exchange contracts are entered into to gain or reduce exposure to foreign currencies (foreign currency exchange rate risk).

A forward foreign currency exchange contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a specified date. These contracts help to manage the overall exposure to the currencies in which some of the investments held by the Funds are denominated and in some cases, may be used to obtain exposure to a particular market.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 Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements 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 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, and such value may exceed the amount(s) reflected in the Statements of Assets and Liabilities. Cash amounts pledged for forward foreign currency exchange contracts are considered restricted and are included in cash pledged as collateral for OTC derivatives in the Statements of Assets and Liabilities. 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. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. 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.

For derivatives traded under an ISDA Master Agreement, the collateral requirements 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.

Cash collateral that has been pledged to cover obligations of the Funds and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Funds, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Funds. Any additional required collateral is delivered to/pledged by the Funds on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A Fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Funds from the counterparty are not fully collateralized, each Fund bears the risk of loss from counterparty non-performance. Likewise, to the extent the Funds have delivered collateral to a counterparty and stand ready to perform under the terms of their agreement with such counterparty, each Fund bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.

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

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 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: 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”). The total of the investment advisory fee and acquired fund fees and expenses, if any, is a fund’s total annual operating expenses. Total expenses as shown in the Statement of Operations does not include acquired fund fees and expenses.

BFA has contractually agreed to waive a portion of its investment advisory fees for the BlackRock Short Maturity Bond ETF through February 28, 2025 in an amount equal to the acquired fund fees and expenses, if any, attributable to the Fund’s investments in other registered investment companies advised by BFA or its affiliates.

This amount is included in investment advisory fees waived in the Statements of Operations. For the six months ended April 30, 2022, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:

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, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, 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 SL Agency Shares of such money market fund will not be subject to a sales load, distribution

fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. 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.

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the six months ended April 30, 2022, 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 six months ended April 30, 2022, 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 Statements of Operations.

For the six months ended April 30, 2022, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:

Each Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes. It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Management has analyzed tax laws and regulations and their application to the Funds as of April 30, 2022, 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.

As of October 31, 2021, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

As of April 30, 2022, 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. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which the Fund is subject.

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.

Market Risk: Each Fund may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during periods of declining interest rates, which would force each Fund to reinvest in lower yielding securities. Each Fund may also be exposed to reinvestment risk, which is the risk that income from each Fund’s portfolio will decline if each Fund invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below each Fund portfolio’s current earnings rate.

Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions, credit rating downgrades, or the bankruptcy of the issuer could have a significant effect on an issuer’s ability to make payments of principal and/or interest or otherwise affect the value of such securities. Municipal securities can be significantly affected by political or economic changes, including changes made in the law after issuance of the securities, as well as uncertainties in the municipal market related to, taxation, legislative changes or the rights of municipal security holders, including in connection with an issuer insolvency. Municipal securities backed by current or anticipated revenues from a specific project or specific assets can be negatively affected by the discontinuance of the tax benefits supporting the project or assets or the inability to collect revenues for the project or from the assets. Municipal securities may be less liquid than taxable bonds, and there may be less publicly available information on the financial condition of municipal security issuers than for issuers of other securities.

An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. Although vaccines have been developed and approved for use by various governments, the duration of this pandemic and its effects cannot be determined with certainty.

Valuation Risk: The price each Fund could receive upon the sale of any particular portfolio investment may differ from each Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs.

Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

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.

Certain Funds invest a significant portion of their assets in high yield securities. 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.

The Funds invest a significant portion of their assets in fixed-income securities and/or use derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will increase as interest rates fall and decrease as interest rates rise. The Funds may be subject to a greater risk of rising interest rates due to the current period of historically low rates.

Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a Fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

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 Statements of Assets and Liabilities.

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.

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares U.S. ETF Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for BlackRock Short Maturity Bond ETF, BlackRock Short Maturity Municipal Bond ETF and BlackRock Ultra Short-Term Bond ETF (the “Funds” or “ETFs”), each a series of the Trust, which is reasonably designed to assess and manage each Fund’s liquidity risk.

The Board of Trustees (the “Board”) of the Trust, on behalf of the Funds, met on December 9, 2021 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2020 through September 30, 2021 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing each Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish each Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including extended market holidays and the imposition of capital controls in certain non-U.S. countries.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing each Fund’s liquidity risk, as follows:

As part of BlackRock’s continuous review of the effectiveness of the Program, the Committee made the following material changes to the Program: (1) updates to certain model components in the Program’s methodology; and (2) certain iShares Funds entered into a $800 million credit agreement with a group of lenders that replaced a previous liquidity facility. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.

On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Funds will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.

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.

Shareholders can sign up for e-mail 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 and Rule 30e-3 notices 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 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 their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at iShares.com/fundreports.

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.

A description of the Trust’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at iShares.com.

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”).


				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	$	—


	BlackRock Short Maturity Bond ETF			BlackRock Short Maturity Municipal Bond ETF			BlackRock Ultra Short-Term Bond ETF

ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)	$	3,961,810,945		$	321,625,130		$	6,038,116,526
Affiliated^(c)		506,675,271			—			17,089,282
Repurchase agreements, at value — Unaffiliated^(d)		—			—			280,000,000
Cash		21,079,505			64,737			967,276
Foreign currency, at value^(e)		2,580,366			—			—
Receivables:
Investments sold		13,736,772			—			—
Securities lending income — Affiliated		9,490			—			7,917
Dividends		164,772			11,084			1,086,463
Interest		15,845,376			1,805,085			5,248,681
Unrealized appreciation on:
Forward foreign currency exchange contracts		4,309,622			—			—

Total assets		4,526,212,119			323,506,036			6,342,516,145


LIABILITIES
Collateral on securities loaned, at value		60,047,061			—			17,107,130
Payables:
Investments purchased		24,296,844			5,880,283			7,599,240
Capital shares redeemed		—			—			7,513,148
Investment advisory fees		887,862			63,630			414,032

Total liabilities		85,231,767			5,943,913			32,633,550


NET ASSETS	$	4,440,980,352		$	317,562,123		$	6,309,882,595


NET ASSETS CONSIST OF:
Paid-in capital	$	4,523,263,867		$	320,287,356		$	6,351,570,380
Accumulated loss		(82,283,515	)		(2,725,233	)		(41,687,785	)

NET ASSETS	$	4,440,980,352		$	317,562,123		$	6,309,882,595


Shares outstanding		89,750,000			6,400,000			125,950,000


Net asset value	$	49.48		$	49.62		$	50.10


Shares authorized		Unlimited			Unlimited			Unlimited


Par value		None			None			None


^(a)Securities loaned, at value	$	57,902,319		$	—		$	16,698,288
^(b)Investments, at cost — Unaffiliated	$	4,021,262,018		$	324,336,707		$	6,081,548,523
^(c)Investments, at cost — Affiliated	$	506,663,262		$	—		$	17,085,197
^(d)Repurchase agreements, at cost — Unaffiliated	$	—		$	—		$	280,000,000
^(e)Foreign currency, at cost	$	2,576,556		$	—		$	—


	BlackRock Short Maturity Bond ETF			BlackRock Short Maturity Municipal Bond ETF			BlackRock Ultra Short-Term Bond ETF

INVESTMENT INCOME
Dividends — Affiliated	$	155,420		$	11		$	3,355
Interest — Unaffiliated		19,982,140			755,902			16,426,605
Securities lending income — Affiliated — net		34,857			—			37,804
Foreign taxes withheld		(190	)		—			—

Total investment income		20,172,227			755,913			16,467,764


EXPENSES
Investment advisory fees		5,767,340			375,734			2,437,715
Professional fees		217			217			217

Total expenses		5,767,557			375,951			2,437,932

Less:
Investment advisory fees waived		(62,388	)		—			—

Total expenses after fees waived		5,705,169			375,951			2,437,932

Net investment income		14,467,058			379,962			14,029,832


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(957,422	)		—			22,867
Investments — Affiliated		(20,226	)		3			(21,904	)
In-kind redemptions — Unaffiliated		13,315			—			—
Forward foreign currency exchange contracts		5,697,209			—			—
Foreign currency transactions		244,447			—			—

Net realized gain		4,977,323			3			963

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(63,111,093	)		(3,121,040	)		(45,350,476	)
Investments — Affiliated		3,295			—			4,085
Forward foreign currency exchange contracts		3,837,887			—			—
Foreign currency translations		(903	)		—			—

Net change in unrealized appreciation (depreciation)		(59,270,814	)		(3,121,040	)		(45,346,391	)

Net realized and unrealized loss		(54,293,491	)		(3,121,037	)		(45,345,428	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(39,826,433	)	$	(2,741,075	)	$	(31,315,596	)


	BlackRock Short Maturity Bond ETF						BlackRock Short Maturity Municipal Bond ETF
	Six Months Ended 04/30/22 (unaudited)			Year Ended 10/31/21			Six Months Ended 04/30/22 (unaudited)			Year Ended 10/31/21
INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	14,467,058		$	35,445,063		$	379,962		$	964,192
Net realized gain (loss)		4,977,323			5,840,631			3			(4,755	)
Net change in unrealized appreciation (depreciation)		(59,270,814	)		(9,550,521	)		(3,121,040	)		(395,104	)

Net increase (decrease) in net assets resulting from operations		(39,826,433	)		31,735,173			(2,741,075	)		564,333


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(15,103,815	)		(39,578,305	)		(301,036	)		(1,005,763	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(358,289,432	)		464,293,661			27,435,233			2,519,567


NET ASSETS
Total increase (decrease) in net assets		(413,219,680	)		456,450,529			24,393,122			2,078,137
Beginning of period		4,854,200,032			4,397,749,503			293,169,001			291,090,864

End of period	$	4,440,980,352		$	4,854,200,032		$	317,562,123		$	293,169,001


	BlackRock Ultra Short-Term Bond ETF
	Six Months Ended 04/30/22 (unaudited)			Year Ended 10/31/21
INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	14,029,832		$	23,822,908
Net realized gain		963			115,920
Net change in unrealized appreciation (depreciation)		(45,346,391	)		(9,452,665	)

Net increase (decrease) in net assets resulting from operations		(31,315,596	)		14,486,163


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(12,399,875	)		(24,852,336	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		546,936,084			894,302,572


NET ASSETS
Total increase in net assets		503,220,613			883,936,399
Beginning of period		5,806,661,982			4,922,725,583

End of period	$	6,309,882,595		$	5,806,661,982


	BlackRock Short Maturity Bond ETF
	Six Months Ended 04/30/22 (unaudited)			Year Ended 10/31/21			Year Ended 10/31/20			Year Ended 10/31/19			Year Ended 10/31/18			Year Ended 10/31/17

Net asset value, beginning of period	$	50.07		$	50.15		$	50.36		$	50.12		$	50.25		$	50.17

Net investment income^(a)		0.15			0.38			0.91			1.37			1.11			0.74
Net realized and unrealized gain (loss)^(b)		(0.58	)		(0.03	)		(0.16	)		0.21			(0.23	)		0.04

Net increase (decrease) from investment operations		(0.43	)		0.35			0.75			1.58			0.88			0.78


Distributions^(c)
From net investment income		(0.16	)		(0.43	)		(0.96	)		(1.34	)		(1.01	)		(0.70	)

Total distributions		(0.16	)		(0.43	)		(0.96	)		(1.34	)		(1.01	)		(0.70	)


Net asset value, end of period	$	49.48		$	50.07		$	50.15		$	50.36		$	50.12		$	50.25


Total Return^(d)
Based on net asset value		(0.86	)%^(e)		0.70	%		1.51	%		3.19	%		1.78	%		1.57	%


Ratios to Average Net Assets^(f)
Total expenses		0.25	%^(g)		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%

Total expenses after fees waived		0.25	%^(g)		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%

Net investment income		0.63	%^(g)		0.76	%		1.81	%		2.73	%		2.21	%		1.47	%


Supplemental Data
Net assets, end of period (000)	$	4,440,980		$	4,854,200		$	4,397,750		$	6,260,259		$	4,981,818		$	2,909,738

Portfolio turnover rate^(h)		18	%^(e)		55	%		67	%⁽ⁱ⁾		58	%⁽ⁱ⁾		48	%		56	%


	BlackRock Short Maturity Municipal Bond ETF


	Six Months Ended 04/30/22 (unaudited)			Year Ended 10/31/21			Year Ended 10/31/20			Year Ended 10/31/19			Year Ended 10/31/18			Year Ended 10/31/17


Net asset value, beginning of period	$	50.11		$	50.19		$	50.13		$	49.85		$	50.01		$	50.02

Net investment income^(a)		0.06			0.17			0.51			0.81			0.68			0.49
Net realized and unrealized gain (loss)^(b)		(0.50	)		(0.07	)		0.13			0.26			(0.21	)		(0.03	)

Net increase (decrease) from investment operations		(0.44	)		0.10			0.64			1.07			0.47			0.46


Distributions^(c)
From net investment income		(0.05	)		(0.18	)		(0.58	)		(0.79	)		(0.63	)		(0.47	)

Total distributions		(0.05	)		(0.18	)		(0.58	)		(0.79	)		(0.63	)		(0.47	)


Net asset value, end of period	$	49.62		$	50.11		$	50.19		$	50.13		$	49.85		$	50.01


Total Return^(d)
Based on net asset value		(0.89	)%^(e)		0.19	%		1.29	%		2.16	%		0.95	%		0.93	%


Ratios to Average Net Assets^(f)
Total expenses		0.25	%^(g)		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%

Total expenses after fees waived		0.25	%^(g)		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%

Net investment income		0.25	%^(g)		0.34	%		1.02	%		1.63	%		1.35	%		0.99	%


Supplemental Data
Net assets, end of period (000)	$	317,562		$	293,169		$	291,091		$	210,532		$	127,111		$	52,507

Portfolio turnover rate^(h)		43	%^(e)		52	%		108	%		170	%		221	%		163	%


	BlackRock Ultra Short-Term Bond ETF


	Six Months Ended 04/30/22 (unaudited)			Year Ended 10/31/21			Year Ended 10/31/20			Year Ended 10/31/19			Year Ended 10/31/18			Year Ended 10/31/17


Net asset value, beginning of period	$	50.45		$	50.54		$	50.41		$	50.15		$	50.12		$	50.04

Net investment income^(a)		0.11			0.22			0.69			1.38			1.16			0.71
Net realized and unrealized gain (loss)^(b)		(0.36	)		(0.07	)		0.25			0.23			(0.16	)		0.02

Net increase (decrease) from investment operations		(0.25	)		0.15			0.94			1.61			1.00			0.73


Distributions^(c)
From net investment income		(0.10	)		(0.24	)		(0.81	)		(1.35	)		(0.97	)		(0.65	)

Total distributions		(0.10	)		(0.24	)		(0.81	)		(1.35	)		(0.97	)		(0.65	)


Net asset value, end of period	$	50.10		$	50.45		$	50.54		$	50.41		$	50.15		$	50.12


Total Return^(d)
Based on net asset value		(0.50	)%^(e)		0.29	%		1.89	%		3.25	%		2.02	%		1.47	%


Ratios to Average Net Assets^(f)
Total expenses		0.08	%^(g)		0.08	%		0.08	%		0.08	%		0.08	%		0.09	%

Net investment income		0.46	%^(g)		0.44	%		1.36	%		2.74	%		2.33	%		1.43	%


Supplemental Data
Net assets, end of period (000)	$	6,309,883		$	5,806,662		$	4,922,726		$	2,195,391		$	601,794		$	187,932

Portfolio turnover rate^(h)		19	%^(e)		47	%		54	%		16	%		32	%		11	%


BlackRock ETF	Diversification Classification
Short Maturity Bond		Diversified
Short Maturity Municipal Bond		Diversified
Ultra Short-Term Bond		Diversified


BlackRock ETF and Counterparty	Market Value of Repurchase Agreements		Cash Collateral Received		Non-Cash Collateral Received^(a)		Net Amount
Ultra Short-Term Bond
Bank of America Securities Inc.	$	42,000,000	$	—	$	42,000,000	$	—
BNP Paribas		20,000,000		—		20,000,000		—
Citigroup Global Markets Inc.		21,000,000		—		21,000,000		—
Credit Suisse Securities (USA) LLC		35,000,000		—		35,000,000		—
Goldman Sachs Inc.		60,000,000		—		60,000,000		—
Mizuho Securities USA Inc.		17,000,000		—		17,000,000		—
Wells Fargo Securities LLC		85,000,000		—		85,000,000		—

	$	280,000,000	$	—	$	280,000,000	$	—


BlackRock ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	^(a)		Non-Cash Collateral Received		Net Amount
Short Maturity Bond
Barclays Bank PLC	$	4,417,836	$	4,417,836		$	—	$	—
Barclays Capital, Inc.		301,047		301,047			—		—
BofA Securities, Inc.		849,841		849,841			—		—
Citigroup Global Markets, Inc.		696,240		696,240			—		—
Credit Suisse Securities (USA) LLC		165,356		165,356			—		—
Goldman Sachs & Co. LLC		9,139,436		9,139,436			—		—
HSBC Securities (USA), Inc.		859,535		859,535			—		—
J.P. Morgan Securities LLC		22,231,152		22,231,152			—		—
Jefferies LLC		100,722		100,722			—		—
Mitsubishi UFJ Securities Holdings Co., Ltd.		344,574		344,574			—		—
Morgan Stanley		10,779,402		10,779,402			—		—
Toronto-Dominion Bank		8,017,178		8,017,178			—		—

	$	57,902,319	$	57,902,319		$	—	$	—

Ultra Short-Term Bond
Barclays Capital, Inc.	$	6,549,850	$	6,549,850		$	—	$	—
BMO Capital Markets Corp.		354,383		354,383			—		—
BNP Paribas SA		469,004		469,004			—		—
BofA Securities, Inc.		863,931		863,931			—		—
HSBC Securities (USA), Inc.		4,895,513		4,895,513			—		—
Nomura Securities International, Inc.		3,352,055		3,352,055			—		—
Wells Fargo Securities LLC		213,552		213,552			—		—

	$	16,698,288	$	16,698,288		$	—	$	—


BlackRock ETF		Investment Advisory Fee
Short Maturity Bond		0.25%
Short Maturity Municipal Bond		0.25
Ultra Short-Term Bond		0.08


BlackRock ETF		Fees Paid to BTC
Short Maturity Bond		$ 14,617
Ultra Short-Term Bond		13,308