iShares Trust

The Markets in Review

Dear Shareholder,

Significant economic headwinds emerged during the 12-month reporting period ended February 28, 2023, as investors navigated changing economic conditions and volatile markets. The U.S. economy shrank in the first half of 2022 before returning to modest growth in the second half of the year, marking a shift to a more challenging post-reopening economic environment. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high before beginning to moderate. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.

Equity prices fell as interest rates rose, particularly during the first half of the reporting period. Both large-and small-capitalization U.S. stocks fell, although equities began to recover in the second half of the period as inflation eased and economic growth resumed. Emerging market stocks and international equities from developed markets declined overall, pressured by rising interest rates and a strong U.S. dollar.

The 10-year U.S. Treasury yield rose notably during the reporting period, driving its price down, as investors reacted to fluctuating inflation data and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and higher interest rates led to rising borrowing costs for corporate issuers.

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation has been more persistent than expected, raised interest rates eight times. Furthermore, the Fed wound down its bond-buying programs and accelerated the reduction of its balance sheet.

Restricted labor supply kept inflation elevated even as other inflation drivers, such as goods prices and energy costs, moderated. While economic growth slowed in the last year, we believe that taming inflation requires a more substantial decline that lowers demand to a level more in line with the economy’s productive capacity. Although the Fed has decelerated the pace of interest rate hikes, it still seems determined to get inflation back to target. With this in mind, we believe the possibility of a U.S. recession in the near-term is high, but the dimming economic outlook has not yet been fully reflected in current market prices. We believe investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt to rapidly changing conditions. Turmoil in the banking sector shortly following the end of the period highlighted the potential for the knock-on effects of substantially higher interest rates to disrupt markets with little warning.

While we favor an overweight to equities in the long term, several factors lead us to take an underweight stance on equities overall in the near term. Expectations for corporate earnings remain elevated, which seems inconsistent with the possibility of a recession in a business environment characterized by higher costs and reduced pricing power. Nevertheless, we are overweight on emerging market stocks as a weaker U.S. dollar provides a supportive backdrop. We also see long-term opportunities in credit, where valuations are appealing and higher yields provide attractive income, although we are neutral on credit in the near term, as we believe that troubles in the banking sector will likely lead to reduced lending. However, we believe there are still some strong opportunities for a six- to twelve-month horizon, particularly short-term U.S. Treasuries, global inflation-linked bonds, and emerging market bonds denominated in local currency.

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

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.


Total Returns as of February 28, 2023
	6-Month		12-Month

U.S. large cap equities (S&P 500^® Index)		1.26%		(7.69)%

U.S. small cap equities (Russell 2000^® Index)		3.63		(6.02)

International equities (MSCI Europe, Australasia, Far East Index)		12.58		(3.14)

Emerging market equities (MSCI Emerging Markets Index)		(2.29)		(15.28)

3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		1.74		2.11

U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		(4.81)		(14.06)

U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		(2.13)		(9.72)

Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)		0.66		(5.10)

U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		2.52		(5.45)

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

U.S. investment-grade bonds lost ground during the 12 months ended February 28, 2023 (the “reporting period”). The Bloomberg U.S. Aggregate Bond Index, a broad measure of U.S. bond performance, returned -9.72% in this interval.

The poor return for the fixed-income market reflected the backdrop of elevated inflation and rising short-term interest rates. Consumer price inflation—which began to rise in late 2021—took another leg higher following Russia’s invasion of Ukraine in early 2022, with year-over-year increases of over 8% in each month from March to September. While inflation showed signs of cooling in late 2022, it nonetheless remained in a range of 6.0% to 7.1% over the final four months of the period – well above the U.S. Federal Reserve’s (Fed’s) stated target of 2%.

The Fed responded to rising inflation by winding down its stimulative quantitative easing program and beginning to raise interest rates aggressively. The Fed boosted short-term rates eight times over the course of the 12-month period, moving the benchmark fed funds rate from a range of 0.0% - 0.25% to 4.50% - 4.75%. This represented the fastest increase in such a short span of time in decades. In addition, the Fed’s communications repeatedly stated the central bank’s intent to remain steadfast in its commitment to fighting inflation. This approach quashed periodic hopes for a pivot toward a less restrictive policy, and it prompted investors to ratchet up their expectations for the likely “terminal rate;” in other words, the level at which the Fed could stop raising rates.

These circumstances created significant headwinds for the fixed-income market. The yield on the two-year U.S. Treasury note rose from 1.43% to 4.82% (as its price fell) over the course of the year, while the 10-year yield climbed from 1.83% to 3.92%. As a result of these moves, the yield curve reached its highest level of inversion (in other words, the extent to which short-term rates exceed longer-term rates) since 1981. Typically, an inverted yield curve is seen as a precursor to a recession.

Investment-grade corporate bonds underperformed Treasuries by a modest margin. Investors’ reduced appetite for risk contributed to an increase in yield spreads versus government issues over the first eight months of the period, as did concerns that the combination of rising inflation and slowing economic growth would crimp both profit margins and earnings. Corporates experienced improving relative performance from November onward, however, offsetting most of the category’s previous shortfall.

Securitized assets—a category that encompasses mortgage-backed securities (MBS), asset backed securities (ABS) and commercial mortgage-backed securities (CMBS)—outperformed both Treasuries and corporates. MBS were the weakest performer of the three as the Fed’s decision to end its quantitative easing policy reduced a key source of demand. ABS, while losing ground in absolute terms, held up reasonably well due to their shorter average maturities and the continued strength of the U.S. consumer sector. CMBS also outpaced the broader fixed-income market.

The iShares ESG Aware 1-5 Year USD Corporate Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated, investment-grade corporate bonds having remaining maturities between one and five years and issued by companies that have positive environmental, social and governance characteristics while seeking to exhibit risk and return characteristics similar to those of the parent index of such index, as represented by the Bloomberg MSCI US Corporate 1-5 Year ESG Focus Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

The inception date of the Fund was July 11, 2017. The first day of secondary market trading was July 13, 2017.

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

Returns for shorter-maturity investment-grade bonds were well into negative territory during the reporting period, in keeping with the weak showing for the bond market as a whole. Historically high inflation spurred the U.S. Federal Reserve to sharply raise the target range for its benchmark fed funds rate from 0%-0.25% to 4.5%-4.75% via a series of rate hikes beginning in March, far exceeding expectations for policy tightening going into the period. As a result, recession fears increased and the U.S. Treasury yield curve became inverted. Russia’s late-February invasion of Ukraine led to a spike in prices early in the period for a variety of commodities ranging from wheat to oil to metals essential to the manufacture of computer chips. While commodity prices eased as the period progressed, inflation was more persistent in the services sector as the labor market remained robust with unemployment dropping to 50 year lows and job openings hovering at record levels. Inflows to the fixed income space increased as the period progressed, driven by significantly more attractive yields.

The Bloomberg MSCI US 1-5 Year Corporate ESG Focus Index (“the Index”) slightly underperformed the broader market, as represented by the Bloomberg US Corporate 1-5 Year Index. Within the Index, performance was most negative for longer maturity, more interest rate sensitive bonds. Relative to the broader market, the ESG selection process leads to overweight and underweight positions in bonds with higher or lower ESG characteristics, respectively. Consequently, the Index achieved an ESG quality score that was higher than the broader market, with lower exposure to carbon intensive companies.

The iShares ESG Aware U.S. Aggregate Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated, investment-grade bonds from issuers generally evaluated for favorable environmental, social and governance practices while seeking to exhibit risk and return characteristics similar to those of the broad U.S. dollar-denominated investment-grade bond market, as represented by the Bloomberg MSCI US Aggregate ESG Focus Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

The inception date of the Fund was October 18, 2018. The first day of secondary market trading was October 23, 2018.

Returns for investment-grade bonds were well into negative territory during the reporting period, in keeping with the weak showing for the bond marketasawhole. Historically high inflation spurred the U.S. Federal Reserve to sharply raise the target range for its benchmark fed funds rate from 0%-0.25% to 4.5%-4.75% via a series of rate hikes beginning in March, far exceeding expectations for policy tightening going into the period. As a result, recession fears increased and the U.S. Treasury yield curve became inverted. Russia’s late-February invasion of Ukraine led to a spike in prices early in the period for a variety of commodities ranging from wheat to oil to metals essential to the manufacture of computer chips. While commodity prices eased as the period progressed, inflation was more persistent in the services sector as the labor market remained robust with unemployment dropping to 50 year lows and job openings hovering at record levels. Inflows to the fixed income space increased as the period progressed, driven by significantly more attractive yields.

The Bloomberg MSCI US Aggregate ESG Focus Index (“the Index”) performed essentially in line with the broader market as represented by the Bloomberg U.S. Aggregate Index. Within the Index, performance was most negative for more interest rate-sensitive longer maturity bonds. Relative to the broader market, the ESG selection process leads to overweight and underweight positions in bonds with higher or lower ESG characteristics, respectively. Consequently, the Index achieved an ESG quality score that was higher than the broader market, with lower exposure to carbon intensive companies.

The iShares ESG Aware USD Corporate Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated, investment-grade corporate bonds issued by companies that have positive environmental, social and governance characteristics while seeking to exhibit risk and return characteristics similar to those of the parent index of such index, as represented by the Bloomberg MSCI US Corporate ESG Focus Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

The inception date of the Fund was July 11, 2017. The first day of secondary market trading was July 13, 2017.

Returns for investment-grade corporate bonds were well into negative territory during the reporting period, in keeping with the weak showing for the bond market as a whole. Historically high inflation spurred the U.S. Federal Reserve to sharply raise the target range for its benchmark fed funds rate from 0%-0.25% to 4.5%-4.75% via a series of rate hikes beginning in March, far exceeding expectations for policy tightening going into the period. As a result, recession fears increased and the U.S. Treasury yield curve became inverted. Russia’s late-February invasion of Ukraine led to a spike in prices early in the period for a variety of commodities ranging from wheat to oil to metals essential to the manufacture of computer chips. While commodity prices eased as the period progressed, inflation was more persistent in the services sector as the labor market remained robust with unemployment dropping to 50-year lows and job openings hovering at record levels. Inflows to the fixed income space increased as the period progressed, driven by significantly more attractive yields.

The Bloomberg MSCI US Corporate ESG Focus Index (“the Index”) underperformed the broader market, as represented by the Bloomberg US Corporate Index. Within the Index, performance was most negative for longer maturity, more interest rate-sensitive bonds. Relative to the broader market, the ESG selection process leads to overweight and underweight positions in bonds with higher or lower ESG characteristics, respectively. Consequently, the Index achieved an ESG quality score that was higher than the broader market, with lower exposure to carbon intensive companies.

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

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

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

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

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

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

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


Security	Par (000)		Value

Corporate Bonds & Notes

Advertising — 0.3%
WPP Finance 2010, 3.75%, 09/19/24	$	2,300	$	2,229,091


Aerospace & Defense — 0.2%
Hexcel Corp.
4.20%, 02/15/27 (Call 11/15/26)		1,005		947,193
4.95%, 08/15/25 (Call 05/15/25)		10		9,742
L3Harris Technologies Inc.
3.83%, 04/27/25 (Call 01/27/25)		813		785,683
3.85%, 12/15/26 (Call 09/15/26)		75		71,541
3.95%, 05/28/24 (Call 02/28/24)		85		83,270
Raytheon Technologies Corp.
2.65%, 11/01/26 (Call 08/01/26)		15		13,808
3.13%, 05/04/27 (Call 02/04/27)		15		13,903
3.50%, 03/15/27 (Call 12/15/26)		65		61,515
3.95%, 08/16/25 (Call 06/16/25)		68		66,060


				2,052,715

Agriculture — 0.9%
Archer-Daniels-Midland Co., 2.50%, 08/11/26 (Call 05/11/26)^(a)		35		32,224
Bunge Ltd. Finance Corp.
1.63%, 08/17/25 (Call 07/17/25)		4,961		4,524,630
3.25%, 08/15/26 (Call 05/15/26)		3,080		2,868,250
3.75%, 09/25/27 (Call 06/25/27)		250		234,953


				7,660,057

Airlines — 0.1%
Southwest Airlines Co.
5.13%, 06/15/27 (Call 04/15/27)		20		19,715
5.25%, 05/04/25 (Call 04/04/25)		655		652,151


				671,866

Apparel — 0.4%
NIKE Inc., 2.40%, 03/27/25 (Call 02/27/25)		388		370,241
PVH Corp., 4.63%, 07/10/25 (Call 06/10/25)		1,097		1,071,187
Ralph Lauren Corp., 3.75%, 09/15/25 (Call 07/15/25)^(a)		383		368,994
Tapestry Inc.
4.13%, 07/15/27 (Call 04/15/27)		20		18,887
4.25%, 04/01/25 (Call 01/01/25)		70		68,291
VF Corp.
2.40%, 04/23/25 (Call 03/23/25)		760		712,021
2.80%, 04/23/27 (Call 02/23/27)		960		869,856


				3,479,477

Auto Manufacturers — 1.8%
American Honda Finance Corp.
1.00%, 09/10/25		270		243,694
1.20%, 07/08/25		299		272,586
1.30%, 09/09/26		120		105,440
2.15%, 09/10/24		1,012		965,721
2.30%, 09/09/26		165		150,394
2.35%, 01/08/27^(a)		110		100,137
2.40%, 06/27/24		426		410,119
4.70%, 01/12/28		2,115		2,085,475
4.75%, 01/12/26		60		59,509
Cummins Inc., 0.75%, 09/01/25 (Call 08/01/25)		2,700		2,437,020
General Motors Co., 4.00%, 04/01/25^(a)		610		591,602
General Motors Financial Co. Inc.
1.50%, 06/10/26 (Call 05/10/26)		95		82,948
2.35%, 02/26/27 (Call 01/26/27)		975		861,842
2.70%, 08/20/27 (Call 06/20/27)		65		57,275
2.75%, 06/20/25 (Call 05/20/25)		165		154,796


Security	Par (000)		Value

Auto Manufacturers (continued)
2.90%, 02/26/25 (Call 01/26/25)	$	1,007	$	953,911
4.00%, 01/15/25 (Call 10/15/24)		285		276,385
4.00%, 10/06/26 (Call 07/06/26)		75		71,120
4.30%, 07/13/25 (Call 04/13/25)		97		94,177
4.35%, 04/09/25 (Call 02/09/25)		1,152		1,118,742
4.35%, 01/17/27 (Call 10/17/26)		115		109,863
5.00%, 04/09/27 (Call 03/09/27)		1,230		1,199,422
6.00%, 01/09/28 (Call 12/09/27)		450		452,862
Honda Motor Co. Ltd., 2.53%, 03/10/27 (Call 02/10/27)^(a)		10		9,184
PACCAR Financial Corp.
1.80%, 02/06/25		30		28,166
2.15%, 08/15/24		80		76,494
Toyota Motor Corp., 2.36%, 07/02/24		100		96,213
Toyota Motor Credit Corp.
1.15%, 08/13/27^(a)		560		476,431
1.80%, 02/13/25		318		298,176
1.90%, 01/13/27		170		151,929
2.00%, 10/07/24		27		25,695
2.90%, 04/17/24		138		134,427
3.00%, 04/01/25		693		663,250
3.05%, 03/22/27		185		172,189
3.20%, 01/11/27		165		155,018
3.40%, 04/14/25^(a)		167		161,132
4.55%, 09/20/27		945		929,890


				16,233,234

Auto Parts & Equipment — 0.2%
Aptiv PLC/Aptiv Corp., 2.40%, 02/18/25 (Call 03/31/23)		150		141,368
BorgWarner Inc.
2.65%, 07/01/27 (Call 05/01/27)		690		619,523
3.38%, 03/15/25 (Call 12/15/24)		329		315,426
Lear Corp., 3.80%, 09/15/27 (Call 06/15/27)		40		37,364
Magna International Inc., 3.63%, 06/15/24 (Call 03/15/24)		736		718,417


				1,832,098

Banks — 34.2%
Banco Bilbao Vizcaya Argentaria SA
1.13%, 09/18/25		7,843		7,026,701
6.13%, 09/14/28 (Call 09/14/27), (1 year CMT + 2.700%)^(a)(b)		740		749,028
Banco Santander SA
1.72%, 09/14/27 (Call 09/14/26), (1 year CMT + 0.900%)^(b)		315		271,687
1.85%, 03/25/26		1,612		1,431,537
2.71%, 06/27/24		170		163,812
2.75%, 05/28/25		395		370,739
3.80%, 02/23/28		400		367,008
4.18%, 03/24/28 (Call 03/24/27), (1 year CMT + 2.000%)^(b)		1,195		1,116,034
4.25%, 04/11/27		1,165		1,104,606
5.18%, 11/19/25		472		465,279
Bank of America Corp.
0.98%, 04/22/25 (Call 04/22/24), (1 day SOFR + 0.690%)^(b)		65		61,447
0.98%, 09/25/25 (Call 09/25/24), (1 day SOFR + 0.910%)^(b)		515		477,874
1.20%, 10/24/26 (Call 10/24/25), (1 day SOFR + 1.010%)^(a)(b)		160		142,520
1.32%, 06/19/26 (Call 06/19/25), (1 day SOFR + 1.150%)^(b)		610		553,246


Security	Par (000)		Value

Banks (continued)
1.53%, 12/06/25 (Call 12/06/24), (1 day SOFR + 0.650%)^(b)	$	5	$	4,645
1.73%, 07/22/27 (Call 07/22/26), (1 day SOFR + 0.960%)^(b)		2,486		2,190,390
1.84%, 02/04/25 (Call 02/04/24), (1 day SOFR + 0.670%)^(b)		10		9,639
2.02%, 02/13/26 (Call 02/13/25), (3 mo. LIBOR US + 0.640%)^(b)		4,550		4,238,780
2.46%, 10/22/25 (Call 10/22/24), (3 mo. LIBOR US + 0.870%)^(b)		915		868,225
2.55%, 02/04/28 (Call 02/04/27), (1 day SOFR + 1.050%)^(b)		685		612,609
3.09%, 10/01/25 (Call 10/01/24), (3 mo. LIBOR US + 1.090%)^(b)		433		415,806
3.25%, 10/21/27 (Call 10/21/26)		25		23,032
3.37%, 01/23/26 (Call 01/23/25), (3 mo. LIBOR US + 0.810%)^(b)		662		633,620
3.38%, 04/02/26 (Call 04/02/25), (1 day SOFR + 1.330%)^(b)		300		286,965
3.42%, 12/20/28 (Call 12/20/27), (3 mo. LIBOR US + 1.040%)^(b)		1,870		1,706,768
3.46%, 03/15/25 (Call 03/15/24), (3 mo. LIBOR US + 0.970%)^(b)		1,131		1,105,462
3.50%, 04/19/26^(a)		124		118,440
3.56%, 04/23/27 (Call 04/23/26), (3 mo. LIBOR US + 1.060%)^(b)		395		371,308
3.59%, 07/21/28 (Call 07/21/27), (3 mo. LIBOR US + 1.370%)^(b)		1,070		987,845
3.71%, 04/24/28 (Call 04/24/27), (3 mo. LIBOR US + 1.512%)^(b)		2,300		2,140,173
3.82%, 01/20/28 (Call 01/20/27), (3 mo. LIBOR US + 1.575%)^(b)		1,830		1,720,127
3.84%, 04/25/25 (Call 04/27/24), (1 day SOFR + 1.110%)^(b)		35		34,274
3.88%, 08/01/25		66		64,090
4.00%, 04/01/24		101		99,511
4.00%, 01/22/25		274		266,983
4.20%, 08/26/24		654		641,613
4.25%, 10/22/26		130		124,935
4.38%, 04/27/28 (Call 04/27/27), (1 day SOFR + 1.580%)^(b)		1,485		1,419,333
4.45%, 03/03/26		370		359,847
4.83%, 07/22/26 (Call 07/22/25), (1 day SOFR + 1.750%)^(b)		35		34,442
4.95%, 07/22/28 (Call 07/22/27), (1 day SOFR + 2.040%)^(b)		1,055		1,032,212
5.08%, 01/20/27 (Call 01/20/26)		500		494,490
Series L, 3.95%, 04/21/25		882		855,319
Series L, 4.18%, 11/25/27 (Call 11/25/26)		1,360		1,295,985
Series N, 1.66%, 03/11/27 (Call 03/11/26), (1 day SOFR + 0.910%)^(b)		998		889,388
Bank of Montreal
0.63%, 07/09/24		250		234,565
0.95%, 01/22/27 (Call 01/22/26), (1 day SOFR + 0.603%)^(b)		2,535		2,232,296
1.25%, 09/15/26		1,800		1,571,796
1.50%, 01/10/25		255		237,609
1.85%, 05/01/25^(a)		257		238,997
2.50%, 06/28/24		1,467		1,411,650
2.65%, 03/08/27^(a)		60		54,700


Security	Par (000)		Value

Banks (continued)
3.70%, 06/07/25^(a)	$	110	$	106,359
4.34%, 10/05/28 (Call 10/05/23), (5 year USD Swap + 1.280%)^(b)		595		586,610
5.20%, 02/01/28 (Call 01/01/28)		1,470		1,463,223
Series H, 4.70%, 09/14/27 (Call 08/14/27)		45		44,020
Bank of New York Mellon Corp. (The)
0.75%, 01/28/26 (Call 12/28/25)		165		146,319
1.05%, 10/15/26 (Call 09/15/26)		75		65,180
1.60%, 04/24/25 (Call 03/24/25)		2,010		1,863,049
2.05%, 01/26/27 (Call 12/26/26)		195		174,909
2.10%, 10/24/24		678		645,273
2.45%, 08/17/26 (Call 05/17/26)		10		9,175
2.80%, 05/04/26 (Call 02/04/26)^(a)		140		130,689
3.25%, 09/11/24 (Call 08/11/24)^(a)		596		578,513
3.40%, 05/15/24 (Call 04/15/24)		438		428,460
3.44%, 02/07/28 (Call 02/07/27), (3 mo. LIBOR US + 1.069%)^(b)		45		42,312
3.95%, 11/18/25 (Call 10/18/25)		110		106,704
3.99%, 06/13/28 (Call 06/13/27), (1 day SOFR + 1.151%)^(b)		70		67,079
4.54%, 02/01/29 (Call 02/01/28)		500		485,535
5.80%, 10/25/28 (Call 10/25/27), (1 day SOFR + 1.802%)^(b)		150		153,651
Series G, 3.00%, 02/24/25 (Call 01/24/25)		265		254,167
Bank of Nova Scotia (The)
0.65%, 07/31/24		275		257,273
0.70%, 04/15/24		222		210,642
1.05%, 03/02/26		8,095		7,133,071
1.30%, 06/11/25^(a)		1,761		1,608,357
1.30%, 09/15/26		4,225		3,675,877
1.35%, 06/24/26		1,935		1,704,232
1.45%, 01/10/25		55		51,225
1.95%, 02/02/27		120		106,850
2.20%, 02/03/25		3,814		3,595,648
2.44%, 03/11/24		705		684,668
2.70%, 08/03/26		1,260		1,156,277
2.95%, 03/11/27		220		201,984
3.45%, 04/11/25		70		67,304
4.50%, 12/16/25		50		48,467
4.75%, 02/02/26		800		786,976
5.25%, 12/06/24		190		189,536
Bank OZK, 2.75%, 10/01/31 (Call 10/01/26), (3 mo. SOFR + 2.090%)^(b)		320		273,613
Barclays Bank PLC, 3.75%, 05/15/24		157		153,568
Barclays PLC
2.28%, 11/24/27 (Call 11/24/26), (1 year CMT + 1.050%)^(b)		2,425		2,134,873
2.85%, 05/07/26 (Call 05/07/25), (1 day SOFR + 2.714%)^(b)		805		754,116
3.65%, 03/16/25		340		326,434
3.93%, 05/07/25 (Call 05/07/24), (3 mo. LIBOR US + 1.610%)^(b)		1,755		1,708,843
4.38%, 09/11/24		200		195,100
4.38%, 01/12/26^(a)		1,515		1,464,141
5.20%, 05/12/26		1,030		1,002,756
5.30%, 08/09/26 (Call 08/09/25), (1 year CMT + 2.300%)^(b)		50		49,034
7.39%, 11/02/28 (Call 11/02/27), (1 year CMT + 3.300%)^(b)		335		352,256
BNP Paribas SA, 4.25%, 10/15/24		1,015		991,564
BPCE SA
3.38%, 12/02/26		125		116,548


Security	Par (000)		Value

Banks (continued)
4.00%, 04/15/24	$	990	$	974,398
Cadence Bank, 4.13%, 11/20/29 (Call 11/20/24), (3 mo. LIBOR US + 2.470%)^(b)		175		167,578
Canadian Imperial Bank of Commerce
0.95%, 10/23/25		775		693,927
1.00%, 10/18/24		25		23,293
1.25%, 06/22/26 (Call 05/22/26)		240		210,775
2.25%, 01/28/25		1,963		1,853,916
3.10%, 04/02/24		2,143		2,090,111
3.30%, 04/07/25		230		220,499
3.45%, 04/07/27		130		121,818
3.95%, 08/04/25		270		261,533
Citigroup Inc.
0.98%, 05/01/25 (Call 05/01/24), (1 day SOFR + 0.669%)^(b)		260		245,619
1.12%, 01/28/27 (Call 01/28/26), (1 day SOFR + 0.765%)^(b)		3,230		2,866,367
1.28%, 11/03/25 (Call 11/03/24), (1 day SOFR + 0.528%)^(b)		102		94,690
1.46%, 06/09/27 (Call 06/09/26), (1 day SOFR + 0.770%)^(b)		1,465		1,280,586
2.01%, 01/25/26 (Call 01/25/25), (1 day SOFR + 0.694%)^(b)		5		4,666
3.07%, 02/24/28 (Call 02/24/27), (1 day SOFR + 1.280%)^(b)		1,630		1,480,610
3.11%, 04/08/26 (Call 04/08/25), (1 day SOFR + 2.842%)^(b)		1,567		1,487,835
3.20%, 10/21/26 (Call 07/21/26)		80		74,433
3.29%, 03/17/26 (Call 03/17/25), (1 day SOFR + 1.528%)^(b)		75		71,537
3.30%, 04/27/25		568		543,780
3.35%, 04/24/25 (Call 04/24/24), (3 mo. LIBOR US + 0.897%)^(b)		911		886,512
3.40%, 05/01/26^(a)		165		155,826
3.52%, 10/27/28 (Call 10/27/27), (3 mo. LIBOR US + 1.151%)^(b)		855		783,419
3.67%, 07/24/28 (Call 07/24/27), (3 mo. LIBOR US + 1.390%)^(b)		40		37,051
3.70%, 01/12/26		2,095		2,010,152
3.75%, 06/16/24		241		236,096
3.88%, 03/26/25		285		275,735
3.89%, 01/10/28 (Call 01/10/27), (3 mo. LIBOR US + 1.563%)^(b)		1,355		1,274,581
4.00%, 08/05/24		149		146,521
4.14%, 05/24/25 (Call 05/24/24), (1 day SOFR + 1.372%)^(b)		20		19,638
4.30%, 11/20/26		50		47,931
4.40%, 06/10/25		1,068		1,044,899
4.45%, 09/29/27		1,110		1,060,849
4.60%, 03/09/26		170		165,546
4.66%, 05/24/28 (Call 05/24/27), (1 day SOFR + 1.887%)^(b)		685		662,970
5.50%, 09/13/25		582		584,753
Citizens Bank NA, 2.25%, 04/28/25 (Call 03/28/25)		250		233,478
Citizens Financial Group Inc., 2.85%, 07/27/26 (Call 04/25/26)		7		6,485
Comerica Bank
2.50%, 07/23/24		864		828,101
4.00%, 07/27/25		290		279,116
Cooperatieve Rabobank UA, 4.38%, 08/04/25		250		242,398


Security	Par (000)		Value

Banks (continued)
Cooperatieve Rabobank UA/NY, 3.38%, 05/21/25	$	30	$	28,831
Credit Suisse AG/New York NY
2.95%, 04/09/25		240		218,652
3.63%, 09/09/24		500		472,380
3.70%, 02/21/25		2,000		1,866,640
5.00%, 07/09/27		1,000		916,410
7.50%, 02/15/28		600		605,436
Credit Suisse Group AG
3.75%, 03/26/25		464		425,859
4.55%, 04/17/26		670		598,638
Deutsche Bank AG
4.10%, 01/13/26		530		510,671
4.50%, 04/01/25		45		43,523
Deutsche Bank AG/London, 3.70%, 05/30/24		664		648,356
Deutsche Bank AG/New York NY
1.69%, 03/19/26		155		139,106
2.13%, 11/24/26 (Call 11/24/25), (1 day SOFR + 1.870%)^(b)		1,995		1,788,837
2.31%, 11/16/27 (Call 11/16/26), (1 day SOFR + 1.219%)^(b)		710		616,997
2.55%, 01/07/28 (Call 01/07/27), (1 day SOFR + 1.318%)^(b)		1,030		896,357
3.70%, 05/30/24		471		458,603
3.96%, 11/26/25 (Call 11/26/24), (1 day SOFR + 2.581%)^(b)		2,380		2,284,110
4.10%, 01/13/26		953		912,574
6.72%, 01/18/29 (Call 01/18/28), (1 day SOFR + 3.180%)^(b)		185		186,939
Discover Bank
2.45%, 09/12/24 (Call 08/12/24)		304		289,107
3.45%, 07/27/26 (Call 04/27/26)		5		4,654
4.25%, 03/13/26		5		4,799
Fifth Third Bancorp.
1.71%, 11/01/27 (Call 11/01/26), (1 day SOFR + 0.685%)^(b)		5		4,428
4.06%, 04/25/28 (Call 04/25/27), (1 day SOFR + 1.355%)^(a)(b)		50		47,619
First Horizon Corp., 4.00%, 05/26/25 (Call 04/26/25)		357		345,401
Goldman Sachs Group Inc. (The)
0.86%, 02/12/26 (Call 02/12/25), (1 day SOFR + 0.609%)^(b)		75		68,042
1.09%, 12/09/26 (Call 12/09/25), (1 day SOFR + 0.789%)^(b)		220		193,673
1.43%, 03/09/27 (Call 03/09/26), (1 day SOFR + 0.798%)^(b)		2,647		2,333,145
1.54%, 09/10/27 (Call 09/10/26), (1 day SOFR + 0.818%)^(b)		1,525		1,324,081
1.95%, 10/21/27 (Call 10/21/26), (1 day SOFR + 0.913%)^(b)		3,270		2,862,427
2.64%, 02/24/28 (Call 02/24/27), (1 day SOFR + 1.114%)^(b)		1,720		1,537,542
3.27%, 09/29/25 (Call 09/29/24), (3 mo. LIBOR US + 1.201%)^(b)		2,237		2,150,473
3.50%, 01/23/25 (Call 10/23/24)		206		199,072
3.50%, 04/01/25 (Call 03/01/25)		259		249,368
3.50%, 11/16/26 (Call 11/16/25)^(a)		85		79,793
3.62%, 03/15/28 (Call 03/15/27), (1 day SOFR + 1.846%)^(b)		1,180		1,095,783
3.69%, 06/05/28 (Call 06/05/27), (3 mo. LIBOR US + 1.510%)^(b)		1,185		1,100,995


Security	Par (000)		Value

Banks (continued)
3.75%, 05/22/25 (Call 02/22/25)	$	351	$	339,277
3.75%, 02/25/26 (Call 11/25/25)^(a)		25		23,890
3.85%, 07/08/24 (Call 04/08/24)		363		355,333
3.85%, 01/26/27 (Call 01/26/26)		115		108,892
4.25%, 10/21/25		130		125,986
4.48%, 08/23/28 (Call 08/23/27), (1 day SOFR + 1.725%)^(b)		65		62,308
5.95%, 01/15/27^(a)		115		117,049
HSBC Holdings PLC
0.98%, 05/24/25 (Call 05/24/24), (1 day SOFR + 0.708%)^(a)(b)		400		376,256
1.59%, 05/24/27 (Call 05/24/26), (1 day SOFR + 1.290%)^(b)		3,420		2,992,568
1.65%, 04/18/26 (Call 04/18/25), (1 day SOFR + 1.538%)^(b)		960		880,195
2.10%, 06/04/26 (Call 06/04/25), (1 day SOFR + 1.929%)^(b)		1,265		1,165,723
2.25%, 11/22/27 (Call 11/22/26), (1 day SOFR + 1.100%)^(b)		490		431,161
2.63%, 11/07/25 (Call 11/07/24), (1 day SOFR + 1.401%)^(b)		725		686,662
3.80%, 03/11/25 (Call 03/11/24), (3 mo. LIBOR US + 1.211%)^(b)		1,915		1,874,670
3.90%, 05/25/26		3,327		3,172,328
4.04%, 03/13/28 (Call 03/13/27), (3 mo. LIBOR US + 1.546%)^(b)		345		322,137
4.18%, 12/09/25 (Call 12/09/24), (1 day SOFR + 1.510%)^(b)		245		238,493
4.25%, 03/14/24		280		275,786
4.25%, 08/18/25^(a)		429		414,976
4.29%, 09/12/26 (Call 09/15/25), (3 mo. LIBOR US + 1.348%)^(b)		1,445		1,391,492
4.30%, 03/08/26		365		352,937
4.38%, 11/23/26^(a)		545		524,208
4.76%, 06/09/28 (Call 06/09/27), (1 day SOFR + 2.110%)^(b)		550		527,180
7.34%, 11/03/26 (Call 11/03/25), (1 day SOFR + 3.030%)^(a)(b)		390		405,928
7.39%, 11/03/28 (Call 11/03/27), (1 day SOFR + 3.350%)^(b)		495		522,829
HSBC USA Inc.
3.50%, 06/23/24		220		214,372
3.75%, 05/24/24		360		352,595
Huntington Bancshares Inc., 4.44%, 08/04/28 (Call 08/04/27), (1 day SOFR + 1.970%)^(b)		325		310,856
Huntington Bancshares Inc./OH
2.63%, 08/06/24 (Call 07/06/24)		1,105		1,062,899
4.00%, 05/15/25 (Call 04/15/25)		695		675,186
Huntington National Bank (The)
4.01%, 05/16/25 (Call 05/16/24), (1 day SOFR + 1.205%)^(b)		50		49,036
4.55%, 05/17/28 (Call 05/17/27), (1 day SOFR + 1.650%)^(b)		2,075		2,006,981
ING Groep NV
1.73%, 04/01/27 (Call 04/01/26), (1 day SOFR + 1.005%)^(b)		2,430		2,157,354
3.55%, 04/09/24		1,292		1,263,860
3.87%, 03/28/26 (Call 03/28/25), (1 day SOFR + 1.640%)^(b)		230		221,492
3.95%, 03/29/27		380		360,012


Security	Par (000)		Value

Banks (continued)
4.02%, 03/28/28 (Call 03/28/27), (1 day SOFR + 1.830%)^(b)	$	550	$	516,741
JPMorgan Chase & Co.
0.56%, 02/16/25 (Call 02/16/24), (1 day SOFR + 0.420%)^(b)		70		66,385
0.77%, 08/09/25 (Call 08/09/24), (1 day SOFR + 0.490%)^(b)		97		90,093
0.82%, 06/01/25 (Call 06/01/24), (1 day SOFR + 0.540%)^(b)		60		56,288
0.97%, 06/23/25 (Call 06/23/24), (3 mo. SOFR + 0.580%)^(b)		2		1,878
1.04%, 02/04/27 (Call 02/04/26), (3 mo. SOFR + 0.695%)^(a)(b)		710		623,579
1.05%, 11/19/26 (Call 11/19/25), (1 day SOFR + 0.800%)^(b)		240		212,606
1.47%, 09/22/27 (Call 09/22/26), (1 day SOFR + 0.765%)^(b)		2,725		2,362,629
1.56%, 12/10/25 (Call 12/10/24), (1 day SOFR + 0.605%)^(b)		32		29,739
1.58%, 04/22/27 (Call 04/22/26), (1 day SOFR + 0.885%)^(b)		615		543,943
2.01%, 03/13/26 (Call 03/13/25), (3 mo. SOFR + 1.585%)^(b)		2,605		2,423,770
2.08%, 04/22/26 (Call 04/22/25), (1 day SOFR + 1.850%)^(b)		3,672		3,411,141
2.18%, 06/01/28 (Call 06/01/27), (1 day SOFR + 1.890%)^(b)		55		48,139
2.30%, 10/15/25 (Call 10/15/24), (1 day SOFR + 1.160%)^(b)		249		235,696
2.60%, 02/24/26 (Call 02/24/25), (1 day SOFR + 0.915%)^(a)(b)		15		14,175
2.95%, 10/01/26 (Call 07/01/26)		5		4,652
2.95%, 02/24/28 (Call 02/24/27), (1 day SOFR + 1.170%)^(b)		460		417,321
3.13%, 01/23/25 (Call 10/23/24)		239		230,343
3.20%, 06/15/26 (Call 03/15/26)^(a)		110		103,579
3.22%, 03/01/25 (Call 03/01/24), (3 mo. LIBOR US + 1.155%)^(b)		40		39,039
3.30%, 04/01/26 (Call 01/01/26)		25		23,656
3.54%, 05/01/28 (Call 05/01/27), (3 mo. LIBOR US + 1.380%)^(b)		145		134,405
3.63%, 05/13/24		38		37,316
3.78%, 02/01/28 (Call 02/01/27), (3 mo. LIBOR US + 1.337%)^(b)		2,135		2,006,324
3.88%, 09/10/24		6		5,854
3.90%, 07/15/25 (Call 04/15/25)		106		102,966
3.96%, 01/29/27 (Call 01/29/26), (3 mo. LIBOR US + 1.245%)^(b)		85		81,231
4.08%, 04/26/26 (Call 04/26/25), (1 day SOFR + 1.320%)^(b)		115		111,766
4.13%, 12/15/26^(a)		70		67,342
4.32%, 04/26/28 (Call 04/26/27), (1 day SOFR + 1.560%)^(b)		3,410		3,258,460
4.85%, 07/25/28 (Call 07/25/27), (1 day SOFR + 1.990%)^(b)		1,970		1,925,439
7.63%, 10/15/26		30		32,354
7.75%, 07/15/25		35		36,838
8.00%, 04/29/27		195		218,377
KeyCorp, 2.25%, 04/06/27^(a)		5		4,451
Lloyds Bank PLC, 3.50%, 05/14/25		700		670,523


Security	Par (000)		Value

Banks (continued)
Lloyds Banking Group PLC
1.63%, 05/11/27 (Call 05/11/26), (1 year CMT + 0.850%)^(b)	$	565	$	495,025
2.44%, 02/05/26 (Call 02/05/25), (1 year CMT + 1.000%)^(b)		2,220		2,080,606
3.51%, 03/18/26 (Call 03/18/25), (1 year CMT + 1.600%)^(b)		20		19,102
3.57%, 11/07/28 (Call 11/07/27), (3 mo. LIBOR US + 1.205%)^(b)		400		363,152
3.75%, 03/18/28 (Call 03/18/27), (1 year CMT + 1.800%)^(b)		35		32,429
3.87%, 07/09/25 (Call 07/09/24), (1 year CMT + 3.500%)^(b)		446		434,368
3.90%, 03/12/24		740		727,346
4.45%, 05/08/25		460		448,836
4.50%, 11/04/24		372		364,259
4.58%, 12/10/25^(a)		1,522		1,464,164
4.65%, 03/24/26		2,990		2,881,882
5.87%, 03/06/29 (Call 03/06/28)		400		400,280
Mitsubishi UFJ Financial Group Inc.
0.95%, 07/19/25 (Call 07/19/24), (1 year CMT + 0.550%)^(b)		55		51,362
1.41%, 07/17/25		245		222,673
1.64%, 10/13/27 (Call 10/13/26), (1 year CMT + 0.670%)^(b)		55		47,755
2.19%, 02/25/25		1,500		1,405,695
2.34%, 01/19/28 (Call 01/19/27), (1 year CMT + 0.830%)^(b)		620		549,698
2.80%, 07/18/24		200		192,688
3.29%, 07/25/27		525		486,502
3.41%, 03/07/24		140		137,052
3.78%, 03/02/25		138		133,992
3.85%, 03/01/26		20		19,107
4.08%, 04/19/28 (Call 04/19/27), (1 year CMT + 1.300%)^(b)		960		908,467
4.79%, 07/18/25 (Call 07/18/24), (1 year CMT + 1.700%)^(b)		225		222,012
5.06%, 09/12/25 (Call 09/12/24), (1 year CMT + 1.550%)^(b)		235		232,617
5.35%, 09/13/28 (Call 09/13/27), (1 year CMT + 1.900%)^(b)		475		471,133
5.42%, 02/22/29 (Call 02/22/28)		480		476,650
5.72%, 02/20/26 (Call 02/20/25)		405		404,457
Mizuho Financial Group Inc.
1.23%, 05/22/27 (Call 05/22/26), (1 year CMT + 0.670%)^(b)		875		758,485
1.55%, 07/09/27 (Call 07/09/26), (1 year CMT + 0.750%)^(b)		100		87,108
2.23%, 05/25/26 (Call 05/25/25), (3 mo. LIBOR US + 0.830%)^(b)		1,375		1,270,129
2.56%, 09/13/25 (Call 09/13/24), (1 day SOFR + 1.362%)^(b)		820		777,598
2.84%, 07/16/25 (Call 07/16/24), (1 day SOFR + 1.242%)^(b)		372		355,930
5.67%, 05/27/29 (Call 05/27/28), (1 year CMT + 1.500%)^(b)		300		299,508
Morgan Stanley
0.79%, 01/22/25 (Call 01/22/24), (1 day SOFR + 0.509%)^(b)		105		100,422
0.79%, 05/30/25 (Call 05/30/24), (1 day SOFR + 0.525%)^(b)		340		318,437


Security	Par (000)		Value

Banks (continued)
0.99%, 12/10/26 (Call 12/10/25), (1 day SOFR + 0.720%)^(b)	$	3,747	$	3,292,939
1.16%, 10/21/25 (Call 10/21/24), (1 day SOFR + 0.560%)^(b)		52		48,155
1.51%, 07/20/27 (Call 07/20/26), (1 day SOFR + 0.858%)^(b)		2,575		2,247,563
1.59%, 05/04/27 (Call 04/04/27), (1 day SOFR + 0.879%)^(b)		3,885		3,430,921
2.19%, 04/28/26 (Call 04/28/25), (1 day SOFR + 1.990%)^(a)(b)		1,743		1,623,291
2.48%, 01/21/28 (Call 01/21/27), (1 day SOFR + 1.000%)^(b)		1,760		1,569,216
2.63%, 02/18/26 (Call 02/18/25), (1 day SOFR + 0.940%)^(b)		445		419,791
2.72%, 07/22/25 (Call 07/22/24), (1 day SOFR + 1.152%)^(b)		1,697		1,627,185
3.13%, 07/27/26^(a)		1,935		1,801,350
3.59%, 07/22/28 (Call 07/22/27), (3 mo. LIBOR US + 1.340%)^(b)		185		171,110
3.62%, 04/17/25 (Call 04/17/24), (1 day SOFR + 1.160%)^(a)(b)		265		258,902
3.63%, 01/20/27		40		37,833
3.70%, 10/23/24		1,987		1,935,696
3.77%, 01/24/29 (Call 01/24/28), (3 mo. LIBOR US + 1.140%)^(b)		2,200		2,033,482
3.88%, 01/27/26		2,596		2,498,416
3.95%, 04/23/27		350		330,792
4.00%, 07/23/25		919		895,391
4.21%, 04/20/28 (Call 04/20/27), (1 day SOFR + 1.610%)^(b)		720		684,468
4.35%, 09/08/26		335		322,210
4.68%, 07/17/26 (Call 07/17/25), (1 day SOFR + 1.669%)^(b)		425		416,785
5.00%, 11/24/25		958		948,018
5.12%, 02/01/29 (Call 02/01/28), (1 day SOFR + 1.730%)^(b)		275		270,168
6.25%, 08/09/26		225		231,442
6.30%, 10/18/28 (Call 10/18/27), (1 day SOFR + 2.240%)^(b)		10		10,285
Series F, 3.88%, 04/29/24		1,306		1,285,796
Series I, 0.86%, 10/21/25 (Call 10/21/24), (1 day SOFR + 0.745%)^(b)		628		578,733
National Bank of Canada
0.55%, 11/15/24 (Call 11/15/23), (1 year CMT + 0.400%)^(b)		250		241,250
0.75%, 08/06/24		250		234,115
3.75%, 06/09/25 (Call 06/09/24), (1 day SOFR + 1.009%)^(b)		4,170		4,073,673
5.25%, 01/17/25		1,950		1,944,481
NatWest Group PLC
1.64%, 06/14/27 (Call 06/14/26), (1 year CMT + 0.900%)^(b)		2,045		1,796,185
3.07%, 05/22/28 (Call 05/22/27), (1 year CMT + 2.550%)^(a)(b)		1,465		1,320,551
3.75%, 11/01/29 (Call 11/01/24), (5 year CMT + 2.100%)(b)		531		499,512
4.27%, 03/22/25 (Call 03/22/24), (3 mo. LIBOR US + 1.762%)^(b)		1,577		1,549,308
4.80%, 04/05/26^(a)		1,160		1,129,852
5.52%, 09/30/28 (Call 09/30/27), (1 year CMT + 2.270%)^(b)		225		222,986
5.85%, 03/02/27 (Call 03/02/26)		500		500,445


Security	Par (000)		Value

Banks (continued)
Northern Trust Corp.
3.38%, 05/08/32 (Call 05/08/27), (3 mo. LIBOR US + 1.131%)^(b)	$	35	$	31,759
3.95%, 10/30/25		508		491,261
4.00%, 05/10/27 (Call 04/10/27)^(a)		35		33,908
PNC Bank NA
2.95%, 02/23/25 (Call 01/23/25)		270		258,393
3.10%, 10/25/27 (Call 09/25/27)		500		464,785
3.25%, 06/01/25 (Call 05/02/25)		342		328,029
3.30%, 10/30/24 (Call 09/30/24)		259		250,953
3.88%, 04/10/25 (Call 03/10/25)		2,202		2,133,980
2.50%, 08/27/24 (Call 07/27/24)		2,590		2,489,378
PNC Financial Services Group Inc. (The)
1.15%, 08/13/26 (Call 07/13/26)		80		70,241
2.20%, 11/01/24 (Call 10/02/24)		783		747,107
2.60%, 07/23/26 (Call 05/24/26)		185		170,916
3.15%, 05/19/27 (Call 04/19/27)		800		748,160
3.90%, 04/29/24 (Call 03/29/24)		431		423,940
4.76%, 01/26/27 (Call 01/26/26), (1 day SOFR + 1.085%)^(b)		505		497,198
5.35%, 12/02/28 (Call 12/02/27), (1 day SOFR + 1.620%)^(b)		1,305		1,307,506
Regions Financial Corp., 2.25%, 05/18/25 (Call 04/18/25)^(a)		1,060		990,528
Royal Bank of Canada
0.88%, 01/20/26		145		128,403
1.15%, 06/10/25		1,078		984,052
1.15%, 07/14/26		195		171,046
1.20%, 04/27/26		45		39,842
1.40%, 11/02/26		125		109,061
2.05%, 01/21/27^(a)		80		71,678
2.25%, 11/01/24		860		818,522
2.55%, 07/16/24		1,215		1,170,774
3.63%, 05/04/27		140		132,091
4.24%, 08/03/27		30		28,832
4.65%, 01/27/26		95		92,890
4.88%, 01/12/26^(a)		250		247,887
4.90%, 01/12/28		1,620		1,596,964
6.00%, 11/01/27		90		92,669
Santander Holdings USA Inc.
2.49%, 01/06/28 (Call 01/06/27), (1 day SOFR + 1.249%)^(a)(b)		3,100		2,702,487
3.24%, 10/05/26 (Call 08/05/26)		195		179,687
3.45%, 06/02/25 (Call 05/02/25)		565		537,722
3.50%, 06/07/24 (Call 05/07/24)^(a)		273		265,910
4.26%, 06/09/25 (Call 06/09/24), (1 day SOFR + 1.380%)^(b)		75		73,024
4.50%, 07/17/25 (Call 04/17/25)		880		854,718
Santander UK Group Holdings PLC
1.09%, 03/15/25 (Call 03/15/24), (1 day SOFR + 0.787%)^(b)		105		99,493
1.53%, 08/21/26 (Call 08/21/25), (1 year CMT + 1.250%)^(b)		205		183,252
1.67%, 06/14/27 (Call 06/14/26), (1 day SOFR + 0.989%)^(b)		245		213,910
2.47%, 01/11/28 (Call 01/11/27), (1 day SOFR + 1.220%)^(b)		2,370		2,078,324
6.53%, 01/10/29 (Call 01/10/28)^(a)		240		242,990
Santander UK PLC
2.88%, 06/18/24		30		28,956
4.00%, 03/13/24		41		40,448


Security	Par (000)		Value

Banks (continued)
State Street Corp.
1.68%, 11/18/27 (Call 11/18/26), (1 day SOFR + 0.560%)^(b)	$	90	$	79,498
2.20%, 02/07/28 (Call 02/07/27), (1 day SOFR + 0.730%)^(b)		30		26,966
2.35%, 11/01/25 (Call 11/01/24), (1 day SOFR + 0.940%)^(b)		2,537		2,412,839
2.90%, 03/30/26 (Call 10/30/25), (1 day SOFR + 2.600%)^(b)		260		247,465
3.30%, 12/16/24		1,008		976,298
3.55%, 08/18/25		2,665		2,570,392
5.82%, 11/04/28 (Call 11/04/27), (1 day SOFR + 1.715%)^(b)		5		5,121
Sumitomo Mitsui Banking Corp.
3.40%, 07/11/24		250		243,048
3.65%, 07/23/25^(a)		260		249,046
Sumitomo Mitsui Financial Group Inc.
1.40%, 09/17/26		200		173,430
1.47%, 07/08/25		1,680		1,529,926
2.17%, 01/14/27		220		195,523
2.35%, 01/15/25		1,895		1,787,572
2.45%, 09/27/24		1,230		1,172,953
2.63%, 07/14/26		60		54,774
2.70%, 07/16/24		865		832,640
3.01%, 10/19/26		25		23,006
3.35%, 10/18/27		550		505,950
3.36%, 07/12/27		125		115,545
3.45%, 01/11/27		30		27,968
3.54%, 01/17/28		35		32,265
5.52%, 01/13/28		1,720		1,720,998
SVB Financial Group
1.80%, 10/28/26 (Call 09/28/26)		85		74,199
3.50%, 01/29/25		409		394,746
4.35%, 04/29/28 (Call 04/29/27), (1 day SOFR + 1.713%)^(a)(b)		735		702,013
Synchrony Financial, 5.63%, 08/23/27 (Call 07/23/27)		520		509,179
Toronto-Dominion Bank (The)
0.70%, 09/10/24		132		123,028
0.75%, 09/11/25		175		156,291
0.75%, 01/06/26		105		92,666
1.15%, 06/12/25		1,354		1,234,929
1.20%, 06/03/26		450		394,623
1.25%, 09/10/26		3,980		3,469,167
1.45%, 01/10/25		50		46,667
1.95%, 01/12/27		20		17,806
2.65%, 06/12/24		3,082		2,979,986
2.80%, 03/10/27		400		365,552
3.63%, 09/15/31 (Call 09/15/26), (5 year USD Swap + 2.205%)^(b)		835		776,441
3.77%, 06/06/25		70		67,638
4.11%, 06/08/27		125		120,020
4.69%, 09/15/27		95		92,986
Truist Bank
1.50%, 03/10/25 (Call 02/10/25)		50		46,434
2.15%, 12/06/24 (Call 11/06/24)		244		231,449
2.64%, 09/17/29 (Call 09/17/24), (5 year CMT + 1.150%)^(b)		606		570,991
3.20%, 04/01/24 (Call 03/01/24)		52		50,818
3.63%, 09/16/25 (Call 08/16/25)		250		239,963


Security	Par (000)		Value

Banks (continued)
Truist Financial Corp.
1.13%, 08/03/27 (Call 06/03/27)	$	80	$	68,119
1.20%, 08/05/25 (Call 07/03/25)		65		59,160
1.27%, 03/02/27 (Call 03/02/26), (1 day SOFR + 0.609%)^(b)		600		534,246
2.50%, 08/01/24 (Call 07/01/24)		100		96,076
2.85%, 10/26/24 (Call 09/26/24)		69		66,642
3.70%, 06/05/25 (Call 05/05/25)		99		95,760
4.00%, 05/01/25 (Call 03/01/25)		177		172,504
4.12%, 06/06/28 (Call 06/06/27), (1 day SOFR + 1.368%)^(a)(b)		5		4,782
4.87%, 01/26/29 (Call 01/26/28)		600		589,128
U.S. Bancorp, 4.65%, 02/01/29 (Call 02/01/28), (1 day SOFR + 1.230%)^(b)		350		340,049
U.S. Bancorp.
1.45%, 05/12/25 (Call 04/12/25)		90		83,055
2.40%, 07/30/24 (Call 06/30/24)		30		28,821
3.60%, 09/11/24 (Call 08/11/24)		53		51,736
U.S. Bank NA/Cincinnati OH
2.05%, 01/21/25 (Call 12/20/24)		127		119,935
2.80%, 01/27/25 (Call 12/27/24)		117		112,149
Valley National Bancorp., 3.00%, 06/15/31 (Call 06/15/26), (3 mo. SOFR + 2.360%)^(b)		270		238,783
Wells Fargo & Co.
2.39%, 06/02/28 (Call 06/02/27), (1 day SOFR + 2.100%)^(b)		1,385		1,225,240
3.00%, 10/23/26		60		55,434
3.53%, 03/24/28 (Call 03/24/27), (1 day SOFR + 1.510%)^(b)		235		217,706
3.58%, 05/22/28 (Call 05/22/27), (3 mo. LIBOR US + 1.310%)^(b)		819		757,944
4.30%, 07/22/27		300		290,124
4.81%, 07/25/28 (Call 07/25/27), (1 day SOFR + 1.980%)^(b)		2,990		2,911,752
Western Alliance Bancorp., 3.00%, 06/15/31 (Call 06/15/26), (1 day SOFR + 2.250%)^(b)		505		439,673
Westpac Banking Corp.
1.15%, 06/03/26		170		149,738
2.35%, 02/19/25		520		492,206
2.85%, 05/13/26^(a)		275		256,231
2.89%, 02/04/30 (Call 02/04/25), (5 year CMT + 1.350%)^(b)		1,401		1,303,280
3.35%, 03/08/27		170		159,849
4.32%, 11/23/31 (Call 11/23/26), (5 year USD ICE Swap + 2.236%)^(b)		155		146,091


				309,007,065

Beverages — 3.7%
Anheuser-Busch InBev Worldwide Inc., 3.65%, 02/01/26 (Call 11/01/25)		310		297,104
Brown-Forman Corp., 3.50%, 04/15/25 (Call 02/15/25)		55		53,232
Coca-Cola Co. (The)
1.45%, 06/01/27^(a)		2,430		2,134,658
1.75%, 09/06/24^(a)		259		248,785
2.90%, 05/25/27^(a)		85		79,576
3.38%, 03/25/27		1,955		1,865,246
Constellation Brands Inc.
4.35%, 05/09/27 (Call 04/09/27)		55		53,133
5.00%, 02/02/26 (Call 02/02/24)		100		99,083
Diageo Capital PLC
1.38%, 09/29/25 (Call 08/29/25)		5,485		4,989,869


Security	Par (000)		Value

Beverages (continued)
2.13%, 10/24/24 (Call 09/24/24)	$	4,905	$	4,660,829
5.20%, 10/24/25		500		504,000
5.30%, 10/24/27 (Call 09/24/27)		2,230		2,263,762
Keurig Dr Pepper Inc.
2.55%, 09/15/26 (Call 06/15/26)		65		59,392
3.40%, 11/15/25 (Call 08/15/25)		30		28,572
3.43%, 06/15/27 (Call 03/15/27)^(a)		1,685		1,574,885
4.42%, 05/25/25 (Call 03/25/25)		391		383,301
Molson Coors Beverage Co., 3.00%, 07/15/26 (Call 04/15/26)		9,914		9,165,989
PepsiCo Inc.
2.25%, 03/19/25 (Call 02/19/25)		310		293,784
2.38%, 10/06/26 (Call 07/06/26)		135		124,509
2.63%, 03/19/27 (Call 01/19/27)		1,295		1,197,357
2.75%, 04/30/25 (Call 01/30/25)		436		416,280
2.85%, 02/24/26 (Call 11/24/25)		60		56,716
3.50%, 07/17/25 (Call 04/17/25)^(a)		1,856		1,796,942
3.60%, 03/01/24 (Call 12/01/23)		244		240,867
4.45%, 05/15/28 (Call 04/15/28)^(a)		500		495,935
4.55%, 02/13/26 (Call 01/13/26)		500		496,755


				33,580,561

Biotechnology — 1.4%
Amgen Inc.
1.90%, 02/21/25 (Call 01/21/25)		642		600,392
2.20%, 02/21/27 (Call 12/21/26)		20		17,926
2.60%, 08/19/26 (Call 05/19/26)		165		151,513
3.13%, 05/01/25 (Call 02/01/25)		536		512,196
3.63%, 05/22/24 (Call 02/22/24)		2,242		2,192,272
5.15%, 03/02/28 (Call 02/02/28)		2,105		2,096,601
5.25%, 03/02/25		1,255		1,252,440
Baxalta Inc., 4.00%, 06/23/25 (Call 03/23/25)		135		130,900
Biogen Inc., 4.05%, 09/15/25 (Call 06/15/25)		977		945,863
Gilead Sciences Inc.
1.20%, 10/01/27 (Call 08/01/27)		740		625,278
2.95%, 03/01/27 (Call 12/01/26)		865		801,094
3.50%, 02/01/25 (Call 11/01/24)		389		376,750
3.65%, 03/01/26 (Call 12/01/25)		465		444,168
3.70%, 04/01/24 (Call 01/01/24)		2,301		2,260,387


				12,407,780

Building Materials — 2.4%
Carrier Global Corp.
2.24%, 02/15/25 (Call 01/15/25)		440		413,332
2.49%, 02/15/27 (Call 12/15/26)		1,765		1,591,801
Fortune Brands Home & Security Inc., 4.00%, 06/15/25 (Call 03/15/25)^(a)		3,128		3,016,612
Johnson Controls International PLC
3.63%, 07/02/24 (Call 04/02/24)^(c)		3,000		2,927,280
3.90%, 02/14/26 (Call 11/14/25)^(a)		4,297		4,138,827
Lennox International Inc.
1.35%, 08/01/25 (Call 07/01/25)		215		195,102
1.70%, 08/01/27 (Call 06/01/27)		1,085		926,829
Martin Marietta Materials Inc., 4.25%, 07/02/24 (Call 04/02/24)		238		234,425
Owens Corning
3.40%, 08/15/26 (Call 05/15/26)		887		830,179
4.20%, 12/01/24 (Call 09/01/24)		404		395,112
Trane Technologies Luxembourg Finance SA
3.50%, 03/21/26 (Call 01/21/26)		1,455		1,379,485
3.55%, 11/01/24 (Call 08/01/24)		5,238		5,084,317


Security	Par (000)		Value

Building Materials (continued)
Vulcan Materials Co., 4.50%, 04/01/25 (Call 01/01/25)	$	65	$	64,059


				21,197,360

Chemicals — 1.8%
Air Products and Chemicals Inc., 3.35%, 07/31/24 (Call 04/30/24)		175		170,602
Celanese U.S. Holdings LLC
1.40%, 08/05/26 (Call 07/05/26)		35		29,812
5.90%, 07/05/24		5		4,994
6.05%, 03/15/25^(a)		67		66,753
6.17%, 07/15/27 (Call 06/15/27)		980		972,072
Eastman Chemical Co., 3.80%, 03/15/25 (Call 12/15/24)		45		43,650
Ecolab Inc.
1.65%, 02/01/27 (Call 01/01/27)		6,390		5,649,974
2.70%, 11/01/26 (Call 08/01/26)		4,060		3,743,361
3.25%, 12/01/27 (Call 09/01/27)^(a)		1,525		1,420,324
5.25%, 01/15/28 (Call 12/15/27)		495		499,920
EI du Pont de Nemours and Co., 1.70%, 07/15/25 (Call 06/15/25)		164		151,169
Linde Inc./CT, 2.65%, 02/05/25 (Call 11/05/24)		685		653,682
LyondellBasell Industries NV, 5.75%, 04/15/24 (Call 01/15/24)		305		304,872
Nutrien Ltd.
3.00%, 04/01/25 (Call 01/01/25)		75		71,303
4.00%, 12/15/26 (Call 09/15/26)^(a)		360		345,899
PPG Industries Inc.
1.20%, 03/15/26 (Call 02/15/26)		1,126		996,611
2.40%, 08/15/24 (Call 07/15/24)		601		576,305
Sherwin-Williams Co. (The)
3.13%, 06/01/24 (Call 04/01/24)		155		150,598
3.45%, 08/01/25 (Call 05/01/25)		165		158,055
3.45%, 06/01/27 (Call 03/01/27)		5		4,688


				16,014,644

Commercial Services — 1.4%
Automatic Data Processing Inc., 3.38%, 09/15/25 (Call 06/15/25)^(a)		8,317		8,013,346
Block Financial LLC, 5.25%, 10/01/25 (Call 07/01/25)^(a)		337		333,327
GXO Logistics Inc., 1.65%, 07/15/26 (Call 06/15/26)		1,380		1,183,598
Moody’s Corp., 3.75%, 03/24/25 (Call 02/24/25)		60		58,062
PayPal Holdings Inc.
1.65%, 06/01/25 (Call 05/01/25)		3,104		2,875,639
2.65%, 10/01/26 (Call 08/01/26)		150		138,529
Quanta Services Inc., 0.95%, 10/01/24 (Call 03/31/23)		50		46,408
S&P Global Inc., 2.45%, 03/01/27 (Call 02/01/27)		405		368,616


				13,017,525

Computers — 2.1%
Dell International LLC/EMC Corp.
4.90%, 10/01/26 (Call 08/01/26)		325		317,766
6.02%, 06/15/26 (Call 03/15/26)		830		839,562
DXC Technology Co., 1.80%, 09/15/26 (Call 08/15/26)		105		91,271
Hewlett Packard Enterprise Co.
1.45%, 04/01/24 (Call 03/01/24)		700		669,858
1.75%, 04/01/26 (Call 03/01/26)		1,007		904,205
4.90%, 10/15/25 (Call 07/15/25)		2,788		2,764,665
HP Inc.
1.45%, 06/17/26 (Call 05/17/26)		85		74,607
2.20%, 06/17/25 (Call 05/17/25)		2,163		2,019,355
3.00%, 06/17/27 (Call 04/17/27)^(a)		215		195,525
International Business Machines Corp.
1.70%, 05/15/27 (Call 03/15/27)		50		43,833


Security	Par (000)		Value

Computers (continued)
2.20%, 02/09/27 (Call 01/09/27)	$	15	$	13,484
3.00%, 05/15/24		1,765		1,715,986
3.30%, 05/15/26		615		581,150
3.30%, 01/27/27		100		93,782
3.45%, 02/19/26		4,660		4,441,399
4.50%, 02/06/26		500		490,190
4.50%, 02/06/28 (Call 01/06/28)		500		486,745
7.00%, 10/30/25		2,275		2,381,379
Kyndryl Holdings Inc., 2.05%, 10/15/26 (Call 09/15/26)		5		4,300
Leidos Inc., 3.63%, 05/15/25 (Call 04/15/25)		496		476,438
Western Digital Corp., 4.75%, 02/15/26 (Call 11/15/25)		715		674,016


				19,279,516

Cosmetics & Personal Care — 0.4%
Colgate-Palmolive Co.
3.10%, 08/15/27 (Call 07/15/27)		2,250		2,122,267
4.60%, 03/01/28 (Call 02/01/28)		124		123,957
4.80%, 03/02/26		124		124,015
Procter & Gamble Co. (The)
2.80%, 03/25/27		10		9,322
2.85%, 08/11/27^(a)		20		18,626
Unilever Capital Corp.
2.60%, 05/05/24 (Call 03/05/24)		181		175,478
2.90%, 05/05/27 (Call 02/05/27)		30		27,915
3.10%, 07/30/25^(a)		102		97,418
3.25%, 03/07/24 (Call 02/07/24)		342		335,372
3.38%, 03/22/25 (Call 01/22/25)		200		192,898


				3,227,268

Distribution & Wholesale — 0.3%
WW Grainger Inc., 1.85%, 02/15/25 (Call 01/15/25)		3,161		2,962,868


Diversified Financial Services — 5.9%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
1.75%, 01/30/26 (Call 12/30/25)		2,285		2,019,437
2.45%, 10/29/26 (Call 09/29/26)^(a)		1,500		1,322,865
2.88%, 08/14/24 (Call 07/14/24)^(a)		648		616,630
3.50%, 01/15/25 (Call 11/15/24)		849		808,825
4.45%, 10/01/25 (Call 08/01/25)		610		585,600
4.45%, 04/03/26 (Call 02/03/26)		535		509,448
6.50%, 07/15/25 (Call 06/15/25)		652		654,386
Affiliated Managers Group Inc., 3.50%, 08/01/25		35		33,626
Air Lease Corp.
1.88%, 08/15/26 (Call 07/15/26)		205		178,977
2.20%, 01/15/27 (Call 12/15/26)		825		724,985
2.30%, 02/01/25 (Call 01/01/25)		765		714,388
2.88%, 01/15/26 (Call 12/15/25)^(a)		708		652,840
3.25%, 03/01/25 (Call 01/01/25)		679		644,697
3.38%, 07/01/25 (Call 06/01/25)		91		85,671
3.63%, 04/01/27 (Call 01/01/27)		110		101,081
4.25%, 09/15/24 (Call 06/15/24)		306		299,758
Aircastle Ltd., 4.25%, 06/15/26 (Call 04/15/26)		1,455		1,378,758
Ally Financial Inc.
4.63%, 03/30/25		368		360,276
4.75%, 06/09/27 (Call 05/09/27)^(a)		795		758,589
5.13%, 09/30/24		1,360		1,348,576
5.80%, 05/01/25 (Call 04/01/25)^(a)		85		85,162
American Express Co.
1.65%, 11/04/26 (Call 10/04/26)		100		88,417
2.50%, 07/30/24 (Call 06/29/24)^(a)		2,635		2,536,425
2.55%, 03/04/27 (Call 02/01/27)		510		461,866
3.00%, 10/30/24 (Call 09/29/24)		1,950		1,880,015


Security	Par (000)		Value

Diversified Financial Services (continued)
3.13%, 05/20/26 (Call 04/20/26)	$	858	$	805,885
3.30%, 05/03/27 (Call 04/02/27)		450		420,350
3.63%, 12/05/24 (Call 11/04/24)		479		465,210
4.20%, 11/06/25 (Call 10/06/25)^(a)		382		373,669
5.85%, 11/05/27 (Call 10/05/27)		955		983,831
American Express Credit Corp., 3.30%, 05/03/27 (Call 04/03/27)		70		66,020
Ameriprise Financial Inc.
3.00%, 04/02/25 (Call 03/02/25)		1,104		1,056,097
3.70%, 10/15/24		29		28,316
BGC Partners Inc., 3.75%, 10/01/24 (Call 09/01/24)		82		78,353
Brookfield Finance Inc.
3.90%, 01/25/28 (Call 10/25/27)		90		83,817
4.00%, 04/01/24 (Call 02/01/24)^(a)		881		866,895
4.25%, 06/02/26 (Call 03/02/26)		287		276,349
Capital One Financial Corp.
1.88%, 11/02/27 (Call 11/02/26), (1 day SOFR + 0.855%)^(b)		190		166,060
3.75%, 07/28/26 (Call 06/28/26)		20		18,796
3.75%, 03/09/27 (Call 02/09/27)		225		211,057
4.93%, 05/10/28 (Call 05/10/27), (1 day SOFR + 2.057%)^(a)(b)		1,675		1,620,311
5.47%, 02/01/29 (Call 02/01/28), (1 day SOFR + 2.080%)^(b)		225		220,757
Cboe Global Markets Inc., 3.65%, 01/12/27 (Call 10/12/26)^(a)		645		616,478
Charles Schwab Corp. (The)
2.45%, 03/03/27 (Call 02/03/27)		55		49,907
3.00%, 03/10/25 (Call 12/10/24)		183		175,127
3.85%, 05/21/25 (Call 03/21/25)		147		142,894
4.20%, 03/24/25 (Call 02/22/25)^(a)		399		392,037
CME Group Inc., 3.00%, 03/15/25 (Call 12/15/24)		654		630,240
Discover Financial Services
3.75%, 03/04/25 (Call 12/04/24)		505		486,214
3.95%, 11/06/24 (Call 08/06/24)		273		265,790
4.10%, 02/09/27 (Call 11/09/26)		270		255,849
4.50%, 01/30/26 (Call 11/30/25)^(a)		10		9,681
Eaton Vance Corp., 3.50%, 04/06/27 (Call 01/06/27)		1,285		1,207,270
Franklin Resources Inc., 2.85%, 03/30/25		570		541,363
Intercontinental Exchange Inc., 4.00%, 09/15/27 (Call 08/15/27)		235		228,366
Invesco Finance PLC, 3.75%, 01/15/26		533		514,436
Janus Henderson U.S. Holdings Inc., 4.88%, 08/01/25 (Call 05/01/25)		2,435		2,399,814
Legg Mason Inc., 4.75%, 03/15/26		480		474,062
Mastercard Inc., 2.00%, 03/03/25 (Call 02/03/25)		325		306,560
Morgan Stanley, 5.05%, 01/28/27 (Call 01/28/26)		195		192,927
Morgan Stanley Domestic Holdings Inc., 3.80%, 08/24/27 (Call 05/24/27)		3,120		2,934,298
Nasdaq Inc., 3.85%, 06/30/26 (Call 03/30/26)		30		28,724
Nomura Holdings Inc.
1.65%, 07/14/26		2,185		1,907,155
1.85%, 07/16/25		1,235		1,126,221
2.33%, 01/22/27		2,285		2,022,225
2.65%, 01/16/25		380		359,195
5.71%, 01/09/26		200		199,564
5.84%, 01/18/28		200		201,674
ORIX Corp.
3.25%, 12/04/24		235		226,155
3.70%, 07/18/27		75		70,904
5.00%, 09/13/27		5		4,956


Security	Par (000)		Value

Diversified Financial Services (continued)
Radian Group Inc.
4.50%, 10/01/24 (Call 07/01/24)	$	85	$	82,200
4.88%, 03/15/27 (Call 09/15/26)		610		570,881
6.63%, 03/15/25 (Call 09/15/24)		760		759,255
Synchrony Financial
3.70%, 08/04/26 (Call 05/04/26)^(a)		260		241,288
3.95%, 12/01/27 (Call 09/01/27)		1,510		1,376,486
4.25%, 08/15/24 (Call 05/15/24)		1,157		1,128,607
4.38%, 03/19/24 (Call 02/19/24)		490		483,165
4.50%, 07/23/25 (Call 04/24/25)		1,015		977,496
Western Union Co. (The)
1.35%, 03/15/26 (Call 02/15/26)		1,087		955,364
2.85%, 01/10/25 (Call 12/10/24)		1,926		1,829,161


				52,967,060

Electric — 5.5%
Avangrid Inc.
3.15%, 12/01/24 (Call 10/01/24)		4,178		4,012,175
3.20%, 04/15/25 (Call 03/15/25)		7,806		7,411,251
Baltimore Gas & Electric Co., 2.40%, 08/15/26 (Call 05/15/26)		5		4,567
Commonwealth Edison Co., 2.55%, 06/15/26 (Call 03/15/26) .		115		106,266
Connecticut Light & Power Co. (The)
Series A, 0.75%, 12/01/25 (Call 11/01/25)		45		39,970
Series A, 3.20%, 03/15/27 (Call 12/15/26)		275		258,426
Edison International
3.55%, 11/15/24 (Call 10/15/24)		219		211,670
4.95%, 04/15/25 (Call 03/15/25)		298		293,610
5.75%, 06/15/27 (Call 04/15/27)^(a)		640		643,021
Enel Americas SA, 4.00%, 10/25/26 (Call 07/25/26)		1,305		1,265,602
Eversource Energy
2.90%, 03/01/27 (Call 02/01/27)		2,580		2,362,016
4.20%, 06/27/24		15		14,742
4.60%, 07/01/27 (Call 06/01/27)		45		43,889
Series H, 3.15%, 01/15/25 (Call 10/15/24)		348		334,139
Series L, 2.90%, 10/01/24 (Call 08/01/24)		1,787		1,717,843
Series Q, 0.80%, 08/15/25 (Call 07/15/25)^(a)		176		157,372
Series U, 1.40%, 08/15/26 (Call 07/15/26)^(a)		3,095		2,716,822
Exelon Corp.
3.40%, 04/15/26 (Call 01/15/26)		162		152,776
3.95%, 06/15/25 (Call 03/15/25)^(a)		659		637,793
5.15%, 03/15/28 (Call 02/15/28)		130		128,891
Florida Power & Light Co.
2.85%, 04/01/25 (Call 03/01/25)		4,286		4,097,116
3.13%, 12/01/25 (Call 06/01/25)		143		136,328
5.05%, 04/01/28 (Call 03/01/28)		245		244,681
Fortis Inc./Canada, 3.06%, 10/04/26 (Call 07/04/26)		2,350		2,182,257
Iberdrola International BV, 5.81%, 03/15/25^(a)		975		981,347
ITC Holdings Corp.
3.25%, 06/30/26 (Call 03/30/26)		3,175		2,965,767
3.65%, 06/15/24 (Call 03/15/24)		1,546		1,506,500
National Rural Utilities Cooperative Finance Corp., 5.25%, 04/20/46 (Call 04/20/26), (3 mo. LIBOR US + 3.630%)^(a)(b)		15		14,182
NextEra Energy Capital Holdings Inc.
1.88%, 01/15/27 (Call 12/15/26)		2,360		2,080,647
3.55%, 05/01/27 (Call 02/01/27)^(a)		50		46,747
3.80%, 03/15/82 (Call 03/15/27), (5 year CMT + 2.547%)^(b)		330		281,985
4.63%, 07/15/27 (Call 06/15/27)		60		58,368
4.90%, 02/28/28 (Call 01/28/28)		600		587,196
6.05%, 03/01/25		280		281,868


Security	Par (000)		Value

Electric (continued)
NSTAR Electric Co., 3.20%, 05/15/27 (Call 02/15/27)	$	425	$	395,866
Oncor Electric Delivery Co. LLC, 2.95%, 04/01/25 (Call 01/01/25)		2,540		2,418,664
Pacific Gas and Electric Co.
2.10%, 08/01/27 (Call 06/01/27)		55		46,795
5.45%, 06/15/27 (Call 05/15/27)		1,015		991,543
PECO Energy Co., 3.15%, 10/15/25 (Call 07/15/25)		45		42,880
Potomac Electric Power Co., 3.60%, 03/15/24 (Call 12/15/23)		110		107,881
Public Service Electric & Gas Co.
0.95%, 03/15/26 (Call 02/15/26)		77		68,197
2.25%, 09/15/26 (Call 06/15/26)		45		40,878
3.00%, 05/15/25 (Call 02/15/25)		102		97,168
3.00%, 05/15/27 (Call 02/15/27)		10		9,279
Public Service Enterprise Group Inc.
0.80%, 08/15/25 (Call 07/15/25)		725		649,665
2.88%, 06/15/24 (Call 05/15/24)		1,854		1,789,852
5.85%, 11/15/27 (Call 10/15/27)		4,030		4,121,602
San Diego Gas & Electric Co., 2.50%, 05/15/26 (Call 02/15/26)		105		96,426
Sempra Energy
3.25%, 06/15/27 (Call 03/15/27)		30		27,591
4.13%, 04/01/52 (Call 01/01/27), (5 year CMT + 2.868%)^(b)		505		427,856
Southern California Edison Co.
5.30%, 03/01/28 (Call 02/01/28)		70		69,917
Series E, 3.70%, 08/01/25 (Call 06/01/25)		125		120,096


				49,499,986

Electrical Components & Equipment — 0.0%
Emerson Electric Co., 3.15%, 06/01/25 (Call 03/01/25)		134		128,340


Electronics — 1.1%
Agilent Technologies Inc., 3.05%, 09/22/26 (Call 06/22/26)		760		705,797
Allegion U.S. Holding Co. Inc.
3.20%, 10/01/24 (Call 08/01/24)		374		359,691
3.55%, 10/01/27 (Call 07/01/27)		365		335,147
Amphenol Corp., 2.05%, 03/01/25 (Call 02/01/25)		225		211,462
Avnet Inc., 4.63%, 04/15/26 (Call 01/15/26)		195		187,395
Flex Ltd.
3.75%, 02/01/26 (Call 01/01/26)		1,650		1,567,731
4.75%, 06/15/25 (Call 03/15/25)		267		260,790
6.00%, 01/15/28 (Call 12/15/27)		70		70,375
Fortive Corp., 3.15%, 06/15/26 (Call 03/15/26)		60		56,013
Honeywell International Inc.
1.10%, 03/01/27 (Call 02/01/27)		45		39,148
1.35%, 06/01/25 (Call 05/01/25)		2,990		2,762,282
2.30%, 08/15/24 (Call 07/15/24)		354		339,847
2.50%, 11/01/26 (Call 08/01/26)		45		41,569
Hubbell Inc., 3.15%, 08/15/27 (Call 05/15/27)		10		9,218
Jabil Inc., 4.25%, 05/15/27 (Call 04/15/27)		45		42,765
Keysight Technologies Inc.
4.55%, 10/30/24 (Call 07/30/24)^(a)		869		855,252
4.60%, 04/06/27 (Call 01/06/27)		100		97,973
Legrand France SA, 8.50%, 02/15/25^(a)		375		399,176
Trimble Inc., 4.75%, 12/01/24 (Call 09/01/24)		625		614,250
Tyco Electronics Group SA
3.45%, 08/01/24 (Call 05/01/24)		89		86,714
4.50%, 02/13/26		150		148,066
Vontier Corp., 1.80%, 04/01/26 (Call 03/01/26)		883		771,839


				9,962,500


Security	Par (000)		Value

Entertainment — 0.2%
Magallanes Inc., 3.76%, 03/15/27 (Call 02/15/27)^(d)	$	1,900	$	1,743,079


Environmental Control — 0.1%
Republic Services Inc.
2.50%, 08/15/24 (Call 07/15/24)		185		177,635
3.20%, 03/15/25 (Call 12/15/24)		213		203,945
Waste Management Inc., 3.13%, 03/01/25 (Call 12/01/24)		45		43,209


				424,789

Food — 3.0%
Campbell Soup Co.
3.30%, 03/19/25 (Call 12/19/24)		343		329,108
3.95%, 03/15/25 (Call 01/15/25)		277		269,906
Conagra Brands Inc.
1.38%, 11/01/27 (Call 09/01/27)		15		12,481
4.30%, 05/01/24 (Call 04/01/24)		953		939,534
4.60%, 11/01/25 (Call 09/01/25)		20		19,608
General Mills Inc.
3.20%, 02/10/27 (Call 11/10/26)^(a)		5,160		4,871,453
4.00%, 04/17/25 (Call 02/17/25)^(a)		1,063		1,035,064
Hershey Co. (The)
0.90%, 06/01/25 (Call 05/01/25)^(a)		190		173,438
3.20%, 08/21/25 (Call 05/21/25)		15		14,340
Hormel Foods Corp., 0.65%, 06/03/24 (Call 03/31/23)		20		18,881
Ingredion Inc., 3.20%, 10/01/26 (Call 07/01/26)		1,875		1,753,987
JM Smucker Co. (The), 3.50%, 03/15/25		227		218,705
Kellogg Co.
3.25%, 04/01/26		9,007		8,499,456
3.40%, 11/15/27 (Call 08/15/27)		2,015		1,880,438
Kraft Heinz Foods Co.
3.00%, 06/01/26 (Call 03/01/26)		107		99,584
3.88%, 05/15/27 (Call 02/15/27)		165		156,879
Kroger Co. (The)
2.65%, 10/15/26 (Call 07/15/26)		330		304,154
3.50%, 02/01/26 (Call 11/01/25)		295		280,619
3.70%, 08/01/27 (Call 05/01/27)		1,810		1,708,278
McCormick & Co. Inc./MD
0.90%, 02/15/26 (Call 01/15/26)		180		158,391
3.15%, 08/15/24 (Call 06/15/24)		877		847,638
3.40%, 08/15/27 (Call 05/15/27)		2,565		2,380,859
Mondelez International Inc.
1.50%, 05/04/25 (Call 04/04/25)		1,674		1,543,779
2.63%, 03/17/27 (Call 01/17/27)		5		4,565


				27,521,145

Forest Products & Paper — 0.0%
Celulosa Arauco y Constitucion SA, 4.50%, 08/01/24 (Call 05/01/24)		230		225,653
Fibria Overseas Finance Ltd., 5.50%, 01/17/27		15		14,972


				240,625

Gas — 0.3%
National Fuel Gas Co.
5.20%, 07/15/25 (Call 04/15/25)		290		286,105
5.50%, 01/15/26 (Call 12/15/25)		1,384		1,378,561
ONE Gas Inc., 1.10%, 03/11/24 (Call 03/16/23)		212		202,689
Southern California Gas Co.
2.95%, 04/15/27 (Call 03/15/27)		18		16,656
3.15%, 09/15/24 (Call 06/15/24)		535		517,072
3.20%, 06/15/25 (Call 03/15/25)		75		71,591
Series TT, 2.60%, 06/15/26 (Call 03/15/26)		415		383,722


				2,856,396


Security	Par (000)		Value

Hand & Machine Tools — 0.0%
Stanley Black & Decker Inc., 4.00%, 03/15/60 (Call 03/15/25), (5 year CMT + 2.657%)^(a)(b)	$	349	$	300,650


Health Care - Products — 0.1%
Baxter International Inc., 1.92%, 02/01/27 (Call 01/01/27)		25		21,774
Danaher Corp., 3.35%, 09/15/25 (Call 06/15/25)		32		30,673
DH Europe Finance II Sarl, 2.20%, 11/15/24 (Call 10/15/24)		385		366,423


				418,870

Health Care - Services — 1.9%
Aetna Inc., 3.50%, 11/15/24 (Call 08/15/24)		231		223,904
Centene Corp., 4.25%, 12/15/27 (Call 12/15/23)		315		291,655
Elevance Health Inc.
1.50%, 03/15/26 (Call 02/15/26)		1,350		1,207,575
2.38%, 01/15/25 (Call 12/15/24)		660		624,710
3.35%, 12/01/24 (Call 10/01/24)		408		394,618
3.50%, 08/15/24 (Call 05/15/24)^(a)		435		423,342
3.65%, 12/01/27 (Call 09/01/27)^(a)		2,145		2,012,482
4.90%, 02/08/26 (Call 02/08/24)		550		543,801
HCA Inc.
3.13%, 03/15/27 (Call 02/15/27)^(d)		1,030		937,475
4.50%, 02/15/27 (Call 08/15/26)		1,040		996,466
5.25%, 04/15/25		487		481,984
5.25%, 06/15/26 (Call 12/15/25)		95		93,652
5.38%, 02/01/25		305		302,145
5.38%, 09/01/26 (Call 03/01/26)		352		346,815
5.88%, 02/15/26 (Call 08/15/25)		365		364,898
Humana Inc.
1.35%, 02/03/27 (Call 01/03/27)		95		81,796
3.85%, 10/01/24 (Call 07/01/24)		209		204,015
3.95%, 03/15/27 (Call 12/15/26)		95		90,756
4.50%, 04/01/25 (Call 03/01/25)^(a)		607		596,578
Laboratory Corp. of America Holdings
1.55%, 06/01/26 (Call 05/01/26)		162		143,485
2.30%, 12/01/24 (Call 11/01/24)		178		168,247
3.25%, 09/01/24 (Call 07/01/24)^(a)		141		136,519
3.60%, 02/01/25 (Call 11/01/24)		243		234,356
3.60%, 09/01/27 (Call 06/01/27)		55		52,143
Quest Diagnostics Inc.
3.45%, 06/01/26 (Call 03/01/26)		430		407,141
3.50%, 03/30/25 (Call 12/30/24)		470		452,281
4.25%, 04/01/24 (Call 01/01/24)		1,053		1,035,826
UnitedHealth Group Inc.
3.70%, 05/15/27 (Call 04/15/27)		1,010		964,338
1.15%, 05/15/26 (Call 04/15/26)		15		13,295
1.25%, 01/15/26^(a)		5		4,520
2.38%, 08/15/24		60		57,628
2.95%, 10/15/27		1,560		1,432,486
3.10%, 03/15/26		95		90,057
3.38%, 04/15/27		55		51,867
3.45%, 01/15/27		60		56,893
3.75%, 07/15/25		283		274,663
5.25%, 02/15/28 (Call 01/15/28)		985		998,475


				16,792,887

Holding Companies - Diversified — 0.1%
Morgan Stanley Direct Lending Fund, 4.50%, 02/11/27 (Call 01/11/27)		590		554,747


Home Builders — 0.0%
Toll Brothers Finance Corp., 4.88%, 03/15/27 (Call 12/15/26)^(a)		65		62,460


Security	Par (000)		Value

Home Furnishings — 0.0%
Harman International Industries Inc., 4.15%, 05/15/25 (Call 02/15/25)	$	25	$	24,200
Leggett & Platt Inc., 3.50%, 11/15/27 (Call 08/15/27)		315		289,832
Whirlpool Corp., 3.70%, 05/01/25		2		1,927


				315,959

Household Products & Wares — 0.5%
Church & Dwight Co. Inc., 3.15%, 08/01/27 (Call 05/01/27)		15		13,988
Kimberly-Clark Corp.
1.05%, 09/15/27 (Call 07/15/27)		4,090		3,475,314
2.75%, 02/15/26		190		179,557
3.05%, 08/15/25		440		420,143


				4,089,002

Insurance — 0.8%
American International Group Inc., 2.50%, 06/30/25 (Call 05/30/25)^(a)		91		85,660
Aon Corp., 8.21%, 01/01/27		500		519,185
Chubb INA Holdings Inc.
3.15%, 03/15/25		85		81,637
3.35%, 05/15/24		90		87,963
CNO Financial Group Inc., 5.25%, 05/30/25 (Call 02/28/25)		313		309,463
Lincoln National Corp., 3.35%, 03/09/25		25		23,940
Manulife Financial Corp.
2.48%, 05/19/27 (Call 03/19/27)		15		13,601
4.06%, 02/24/32 (Call 02/24/27), (5 year USD ICE Swap + 1.647%)^(b)		25		23,183
4.15%, 03/04/26^(a)		12		11,666
Marsh & McLennan Companies Inc.
3.50%, 03/10/25 (Call 12/10/24)		416		400,949
3.75%, 03/14/26 (Call 12/14/25)		80		76,770
3.88%, 03/15/24 (Call 02/15/24)		189		185,950
MetLife Inc., 3.00%, 03/01/25		407		390,215
Principal Financial Group Inc., 3.40%, 05/15/25 (Call 02/15/25)		51		48,992
Prudential Financial Inc.
1.50%, 03/10/26 (Call 02/10/26)		60		54,111
4.50%, 09/15/47 (Call 09/15/27), (3 mo. LIBOR US + 2.380%)^(b)		105		97,042
5.20%, 03/15/44 (Call 03/15/24), (3 mo. LIBOR US + 3.040%)^(b)		4,018		3,947,564
5.38%, 05/15/45 (Call 05/15/25), (3 mo. LIBOR US + 3.031%)^(b)		830		807,831
Voya Financial Inc., 3.65%, 06/15/26		37		35,032
Willis North America Inc., 3.60%, 05/15/24 (Call 03/15/24)		99		96,430


				7,297,184

Internet — 0.3%
Amazon.com Inc.
0.80%, 06/03/25 (Call 05/03/25)		1,005		917,053
1.20%, 06/03/27 (Call 04/03/27)		75		64,744
2.80%, 08/22/24 (Call 06/22/24)		67		64,862
3.15%, 08/22/27 (Call 05/22/27)		85		79,396
3.80%, 12/05/24 (Call 09/05/24)		23		22,514
Booking Holdings Inc., 3.65%, 03/15/25 (Call 12/15/24)		13		12,582
eBay Inc.
1.40%, 05/10/26 (Call 04/10/26)		255		226,458
1.90%, 03/11/25 (Call 02/11/25)		383		357,990
3.45%, 08/01/24 (Call 05/01/24)		152		148,284
3.60%, 06/05/27 (Call 03/05/27)		180		169,655
Expedia Group Inc., 5.00%, 02/15/26 (Call 11/15/25)		835		823,702


				2,887,240


Security	Par (000)		Value

Iron & Steel — 0.2%
Nucor Corp.
2.00%, 06/01/25 (Call 05/01/25)	$	188	$	174,842
4.30%, 05/23/27 (Call 04/23/27)		140		135,757
Reliance Steel & Aluminum Co., 1.30%, 08/15/25 (Call 07/15/25)		153		138,182
Steel Dynamics Inc.
2.40%, 06/15/25 (Call 05/15/25)		214		199,709
2.80%, 12/15/24 (Call 11/15/24)		265		252,394
5.00%, 12/15/26 (Call 12/15/23)^(a)		1,060		1,040,199


				1,941,083

Leisure Time — 0.0%
Harley-Davidson Inc., 3.50%, 07/28/25 (Call 04/28/25)		380		365,336


Lodging — 0.2%
Hyatt Hotels Corp.
4.85%, 03/15/26 (Call 12/15/25)^(a)		357		351,031
5.63%, 04/23/25 (Call 03/23/25)		240		238,567
Marriott International Inc./MD
3.75%, 03/15/25 (Call 12/15/24)		429		414,414
3.75%, 10/01/25 (Call 07/01/25)		97		93,257
Series EE, 5.75%, 05/01/25 (Call 04/01/25)		456		459,790
Series R, 3.13%, 06/15/26 (Call 03/15/26)		130		121,525


				1,678,584

Machinery — 1.1%
Caterpillar Financial Services Corp.
1.10%, 09/14/27^(a)		20		17,104
1.45%, 05/15/25		72		66,547
1.70%, 01/08/27^(a)		55		49,559
2.15%, 11/08/24		106		101,066
2.85%, 05/17/24		130		126,309
3.25%, 12/01/24		126		122,288
3.30%, 06/09/24		325		317,028
3.60%, 08/12/27^(a)		15		14,331
Caterpillar Inc., 3.40%, 05/15/24 (Call 02/15/24)		42		41,155
CNH Industrial Capital LLC
1.45%, 07/15/26 (Call 06/15/26)		1,845		1,632,677
1.88%, 01/15/26 (Call 12/15/25)		2,135		1,943,341
3.95%, 05/23/25		810		783,999
CNH Industrial NV, 3.85%, 11/15/27 (Call 08/15/27)^(a)		1,030		975,976
Deere & Co., 2.75%, 04/15/25 (Call 03/15/25)		180		171,637
John Deere Capital Corp.
1.70%, 01/11/27		5		4,457
1.75%, 03/09/27		20		17,843
2.05%, 01/09/25		37		35,051
2.35%, 03/08/27		35		31,812
2.60%, 03/07/24^(a)		86		83,808
2.65%, 06/24/24^(a)		285		275,977
2.80%, 09/08/27^(a)		10		9,192
3.35%, 06/12/24		194		189,600
3.40%, 09/11/25		80		76,842
3.45%, 03/13/25		29		28,093
4.15%, 09/15/27		35		34,035
Otis Worldwide Corp., 2.06%, 04/05/25 (Call 03/05/25)		391		364,924
Rockwell Automation Inc., 2.88%, 03/01/25 (Call 12/01/24)		65		62,119
Westinghouse Air Brake Technologies Corp.
3.20%, 06/15/25 (Call 05/15/25)		185		174,166
3.45%, 11/15/26 (Call 08/15/26)		40		36,988


	Page


The Markets in Review		2
Annual Report:
Market Overview		4
Fund Summary		5
About Fund Performance		11
Disclosure of Expenses		11
Schedules of Investments		12
Financial Statements
Statements of Assets and Liabilities		117
Statements of Operations		118
Statements of Changes in Net Assets		119
Financial Highlights		121
Notes to Financial Statements		124
Report of Independent Registered Public Accounting Firm		133
Important Tax Information		134
Statement Regarding Liquidity Risk Management Program		135
Supplemental Information		136
Trustee and Officer Information		137
General Information		140
Glossary of Terms Used in this Report		141


	Average Annual Total Returns									Cumulative Total Returns

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

Fund NAV		(3.58	)%		1.42	%		1.17	%		(3.58	)%		7.29	%		6.78	%
Fund Market		(3.63	)		1.36			1.18			(3.63	)		6.98			6.82
Index		(3.51	)		1.63			1.40			(3.51	)		8.40			8.18


Actual					Hypothetical 5% Return
Beginning Account Value (09/01/22)	Ending Account Value (02/28/23	)	Expenses Paid During the Period	^(a)	Beginning Account Value (09/01/22)	Ending Account Value (02/28/23	)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

$ 1,000.00	$ 1,000.00		$ 0.60		$ 1,000.00	$ 1,024.20		$ 0.60		0.12%



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

Aaa	1.8	%
Aa	3.2
A	48.8
Baa	44.6
Ba	0.6
Not Rated	1.0



Maturity	Percent of Total Investments	^(a)

1-2 Years	18.3	%
2-3 Years	31.3
3-4 Years	24.9
4-5 Years	19.7
5-6 Years	4.8
6-7 Years	0.4
8-9 Years	0.2
21-22 Years	0.4


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


4		2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S


Fund Summary as of February 28, 2023		iShares^® ESG Aware 1-5 Year USD Corporate Bond ETF


Fund Summary as of February 28, 2023 (continued)		iShares^® ESG Aware 1-5 Year USD Corporate Bond ETF


Fund Summary as of February 28, 2023		iShares^® ESG Aware U.S. Aggregate Bond ETF



Investment Type	Percent of Total Investments	^(a)

U.S. Government & Agency Obligations	69.8	%
Corporate Bonds & Notes	25.9
Foreign Government Obligations	3.4
Collaterized Mortgage Obligations	0.9
Asset-Backed Securities	0.3
Municipal Debt Obligations	—	^(b)
TBA Sales Commitments	(0.3	)


Fund Summary as of February 28, 2023		iShares^® ESG Aware USD Corporate Bond ETF


A B O U T F U N D P E R F O R M A N C E / D I S C L O S U R E OF E X P E N S E S		11


	Average Annual Total Returns						Cumulative Total Returns

	1 Year			Since Inception			1 Year			Since Inception

Fund NAV		(9.81	)%		0.58	%		(9.81	)%		2.57	%
Fund Market		(9.85	)		0.59			(9.85	)		2.60
Index		(9.74	)		0.70			(9.74	)		3.07