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

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 Advanced Investment Grade Corporate Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated, investment grade corporate bonds that applies extensive climate-based screens and other extensive screens for involvement in controversial activities, and reflects the performance of issuers with a favorable environmental, social and governance rating as identified by the index provider, as represented by the iBoxx MSCI ESG Advanced USD Liquid Investment Grade Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

The inception date of the Fund was November 8, 2021. The first day of secondary market trading was November 10, 2021.

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 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 iBoxx MSCI ESG Advanced USD Liquid Investment Grade Index (“the Index”) slightly outperformed the Markit iBoxx USD Liquid Investment Grade Index during the period. 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 Advanced Total USD Bond Market ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar denominated bonds that are rated either investment-grade or high-yield from issuers with a favorable environmental, social and governance rating as identified by the index provider, while applying extensive screens for involvement in controversial activities, as represented by the Bloomberg MSCI US Universal Choice ESG Screened 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 June 23, 2020. The first day of secondary market trading was June 25, 2020.

Returns for 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 Universal Choice ESG Screened Index (“the Index”) slightly outperformed the broader market, as represented by the Bloomberg U.S. Universal Index. Within the Index, performance was most negative for more interest rate-sensitive Treasury securities, as well as lower quality issues rated BBB within investment grade corporate 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.

PORTFOLIO COMPOSITION


Investment Type	Percent of Total Investments^(a)
U.S. Government & Agency Obligations		60.2%
Corporate Bonds & Notes		32.2
Foreign Government Obligations		6.1
Collaterized Mortgage Obligations		1.5
Asset-Backed Securities		0.3
TBA Sales Commitments		(0.3)

Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

^(a)

Excludes money market funds.

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

Apparel — 0.3%
NIKE Inc. 2.85%, 03/27/30 (Call 12/27/29)	$	15	$	13,326
3.38%, 03/27/50 (Call 09/27/49)^(a)		15		11,655
VF Corp., 2.95%, 04/23/30 (Call 01/23/30)^(a)		10		8,263

				33,244

Auto Manufacturers — 1.2%
American Honda Finance Corp., 1.30%, 09/09/26		10		8,782
General Motors Co. 5.15%, 04/01/38 (Call 10/01/37)		25		21,649
6.80%, 10/01/27 (Call 08/01/27)		25		26,047
General Motors Financial Co. Inc. 2.40%, 04/10/28 (Call 02/10/28)		15		12,772
2.70%, 06/10/31 (Call 03/10/31)		85		66,478
3.10%, 01/12/32 (Call 10/12/31)		15		11,940

				147,668
Auto Parts & Equipment — 0.2%
Aptiv PLC/Aptiv Corp. 3.25%, 03/01/32 (Call 12/01/31)^(a)		10		8,338
4.15%, 05/01/52 (Call 11/01/51)		10		7,280
BorgWarner Inc., 2.65%, 07/01/27 (Call 05/01/27)		13		11,663

				27,281
Banks — 28.8%
Banco Santander SA, 1.85%, 03/25/26		200		177,350
Bank of America Corp. 2.30%, 07/21/32 (Call 07/21/31), (1 day SOFR + 1.220%)^(b)		60		46,962
2.68%, 06/19/41 (Call 06/19/40), (1 day SOFR + 1.930%)^(b)		10		6,834
2.69%, 04/22/32 (Call 04/22/31), (1 day SOFR + 1.320%)^(b)		85		68,924
2.83%, 10/24/51 (Call 10/24/50), (1 day SOFR + 1.880%)^(b)		10		6,366
2.97%, 02/04/33 (Call 02/04/32), (1 day SOFR + 1.330%)^(b)		20		16,357
2.97%, 07/21/52 (Call 07/21/51), (1 day SOFR + 1.560%)^(b)		52		33,993
3.31%, 04/22/42 (Call 04/22/41), (1 day SOFR + 1.580%)^(b)		15		11,170
3.97%, 02/07/30 (Call 02/07/29), (3 mo. LIBOR US + 1.210%)^(b)		10		9,152
4.08%, 04/23/40 (Call 04/23/39), (3 mo. LIBOR US + 1.32%)^(b)		45		37,835
4.08%, 03/20/51 (Call 03/20/50), (3 mo. LIBOR US + 3.15%)^(b)		5		3,999
4.25%, 10/22/26		5		4,807
5.02%, 07/22/33 (Call 07/22/32), (1 day SOFR + 2.160%)^(b)		5		4,811
Bank of Montreal, 2.65%, 03/08/27		45		41,028
Bank of New York Mellon Corp. (The), 3.30%, 08/23/29 (Call 05/23/29)		15		13,383
Bank of Nova Scotia (The) 1.35%, 06/24/26		5		4,406
2.45%, 02/02/32		25		20,040
Barclays PLC, 5.50%, 08/09/28 (Call 08/09/27), (1 year CMT + 2.650%)^(b)		200		195,979
Canadian Imperial Bank of Commerce, 1.25%, 06/22/26 (Call 05/22/26)		45		39,538
Citigroup Inc. 2.56%, 05/01/32 (Call 05/01/31), (1 day SOFR + 1.167%)^(b)		10		8,023
2.90%, 11/03/42 (Call 11/03/41), (1 day SOFR + 1.379%)^(b)		30		20,833
3.07%, 02/24/28 (Call 02/24/27), (1 day SOFR + 1.280%)^(b)		15		13,617
3.79%, 03/17/33 (Call 03/17/32), (1 day SOFR + 1.939%)^(b)		5		4,351
3.98%, 03/20/30 (Call 03/20/29), (3 mo. LIBOR US + 1.338%)^(b)		15		13,680
4.13%, 07/25/28^(a)		15		14,026
4.30%, 11/20/26		20		19,166
4.41%, 03/31/31 (Call 03/31/30), (1 day SOFR + 3.914%)^(b)		95		88,338
4.45%, 09/29/27		20		19,087


Security	Par (000)		Value

Banks (continued)
4.60%, 03/09/26	$	5	$	4,866
4.65%, 07/23/48 (Call 06/23/48)		25		22,271
4.75%, 05/18/46		55		47,074
6.63%, 06/15/32		15		15,813
Cooperatieve Rabobank UA, 5.25%, 05/24/41		10		10,376
Deutsche Bank AG/New York NY, 1.69%, 03/19/26		150		134,763
Fifth Third Bancorp. 4.77%, 07/28/30 (Call 07/28/29), (1 day SOFR + 2.127%)^(b)		10		9,574
8.25%, 03/01/38		6		7,412
Goldman Sachs Group Inc. (The) 2.62%, 04/22/32 (Call 04/22/31), (1 day SOFR + 1.281%)^(b)		100		80,395
3.10%, 02/24/33 (Call 02/24/32), (1 day SOFR + 1.410%)^(b)		15		12,360
5.15%, 05/22/45		45		41,684
5.95%, 01/15/27		50		50,868
6.75%, 10/01/37		75		79,459
HSBC Holdings PLC, 2.80%, 05/24/32 (Call 05/24/31), (1 day SOFR + 1.187%)^(b)		200		159,374
Huntington Bancshares Inc./OH, 2.55%, 02/04/30 (Call 01/04/30)		5		4,169
ING Groep NV, 1.73%, 04/01/27 (Call 04/01/26), (1 day SOFR + 1.005%)^(b)		200		177,288
JPMorgan Chase & Co. 2.58%, 04/22/32 (Call 04/22/31), (1 day SOFR + 1.250%)^(b)		135		109,543
2.74%, 10/15/30 (Call 10/15/29), (1 day SOFR + 1.510%)^(b)		15		12,646
3.33%, 04/22/52 (Call 04/22/51), (1 day SOFR + 1.580%)^(b)		10		7,063
4.03%, 07/24/48 (Call 07/24/47), (3 mo. LIBOR US + 1.460%)^(b)		15		12,209
5.40%, 01/06/42		15		14,786
6.40%, 05/15/38		95		103,562
KeyCorp, 2.55%, 10/01/29^(a)		20		16,903
Lloyds Banking Group PLC, 1.63%, 05/11/27 (Call 05/11/26), (1 year CMT + 0.850%)^(b)		200		175,060
Mitsubishi UFJ Financial Group Inc., 2.05%, 07/17/30		200		159,089
Mizuho Financial Group Inc., 2.84%, 09/13/26^(a)		200		183,261
Morgan Stanley 2.24%, 07/21/32 (Call 07/21/31), (1 day SOFR + 1.178%)^(b)		140		108,808
2.94%, 01/21/33 (Call 01/21/32), (1 day SOFR + 1.290%)^(b)		10		8,180
4.30%, 01/27/45		60		51,533
4.35%, 09/08/26		15		14,415
5.60%, 03/24/51 (Call 03/24/50), (1 day SOFR + 4.480%)^(b)		30		30,798
6.30%, 10/18/28 (Call 10/18/27), (1 day SOFR + 2.240%)^(b)		75		77,138
Northern Trust Corp., 6.13%, 11/02/32 (Call 08/02/32)		10		10,538
PNC Financial Services Group Inc. (The) 2.55%, 01/22/30 (Call 10/24/29)		50		42,522
6.04%, 10/28/33 (Call 10/28/32), (1 day SOFR + 2.140%)^(b)		16		16,610
Royal Bank of Canada 1.15%, 07/14/26		40		35,097
2.30%, 11/03/31		10		7,998
5.00%, 02/01/33		10		9,761
6.00%, 11/01/27		25		25,744
State Street Corp., 2.20%, 03/03/31		5		4,019
Sumitomo Mitsui Financial Group Inc., 3.35%, 10/18/27		200		184,065
Toronto-Dominion Bank (The) 2.00%, 09/10/31		15		11,753
4.46%, 06/08/32		35		32,958
Truist Financial Corp. 1.13%, 08/03/27 (Call 06/03/27)		20		16,988
1.27%, 03/02/27 (Call 03/02/26), (1 day SOFR + 0.609%)^(b)		10		8,898
5.12%, 01/26/34 (Call 01/26/33)		25		24,297
U.S. Bancorp., 1.38%, 07/22/30 (Call 04/22/30)		65		50,322


Security	Par (000)		Value

Banks (continued)
Westpac Banking Corp., 2.15%, 06/03/31	$	75	$	62,334

				3,430,699

Beverages — 0.1%
Keurig Dr Pepper Inc., 3.80%, 05/01/50 (Call 11/01/49)		20		14,947


Biotechnology — 1.8%
Amgen Inc. 2.00%, 01/15/32 (Call 10/15/31)		25		19,340
4.40%, 02/22/62 (Call 08/22/61)		15		11,944
4.66%, 06/15/51 (Call 12/15/50)		75		64,579
Biogen Inc. 2.25%, 05/01/30 (Call 02/01/30)		20		16,202
3.15%, 05/01/50 (Call 11/01/49)		5		3,287
Gilead Sciences Inc. 1.65%, 10/01/30 (Call 07/01/30)		25		19,777
4.00%, 09/01/36 (Call 03/01/36)		20		17,576
4.75%, 03/01/46 (Call 09/01/45)		50		45,125
Regeneron Pharmaceuticals Inc., 1.75%, 09/15/30 (Call 06/15/30)		15		11,650

				209,480

Building Materials — 0.3%
Carrier Global Corp., 3.58%, 04/05/50 (Call 10/05/49)		20		14,336
Martin Marietta Materials Inc., 2.40%, 07/15/31 (Call 04/15/31)		20		15,945

				30,281

Chemicals — 0.8%
Air Products and Chemicals Inc. 2.05%, 05/15/30 (Call 02/15/30)		10		8,350
2.70%, 05/15/40 (Call 11/15/39)		10		7,395
Celanese U.S. Holdings LLC, 6.17%, 07/15/27 (Call 06/15/27)		13		12,911
CF Industries Inc., 5.15%, 03/15/34		15		13,943
DuPont de Nemours Inc., 5.32%, 11/15/38 (Call 05/15/38)		30		29,102
Nutrien Ltd., 5.00%, 04/01/49 (Call 10/01/48)		10		8,915
Sherwin-Williams Co. (The), 4.50%, 06/01/47 (Call 12/01/46)		15		12,483

				93,099

Commercial Services — 1.0%
Automatic Data Processing Inc., 1.25%, 09/01/30 (Call 06/01/30)		15		11,787
Global Payments Inc. 1.20%, 03/01/26 (Call 02/01/26)		15		13,118
3.20%, 08/15/29 (Call 05/15/29)		15		12,756
5.95%, 08/15/52 (Call 02/15/52)^(a)		10		9,215
PayPal Holdings Inc. 2.30%, 06/01/30 (Call 03/01/30)		20		16,467
2.65%, 10/01/26 (Call 08/01/26)^(a)		40		36,912
4.40%, 06/01/32 (Call 03/01/32)		15		14,097
S&P Global Inc., 2.90%, 03/01/32		10		8,559

				122,911

Computers — 4.7%
Apple Inc. 1.40%, 08/05/28 (Call 06/05/28)		200		168,830
2.65%, 02/08/51 (Call 08/08/50)^(a)		10		6,646
2.70%, 08/05/51 (Call 02/05/51)		40		26,583
2.80%, 02/08/61 (Call 02/08/60)		10		6,358
3.35%, 08/08/32 (Call 05/08/32)^(a)		15		13,504
4.65%, 02/23/46 (Call 08/23/45)		125		118,842
Dell International LLC/EMC Corp. 3.38%, 12/15/41 (Call 06/15/41)^(c)		5		3,307
4.90%, 10/01/26 (Call 08/01/26)		10		9,778
5.30%, 10/01/29 (Call 07/01/29)		40		38,624
6.02%, 06/15/26 (Call 03/15/26)		10		10,128


Security	Par (000)		Value

Computers (continued)
6.20%, 07/15/30 (Call 04/15/30)	$	10	$	10,152
8.35%, 07/15/46 (Call 01/15/46)		3		3,417
Hewlett Packard Enterprise Co. 6.20%, 10/15/35 (Call 04/15/35)		15		15,389
6.35%, 10/15/45 (Call 04/15/45)		5		4,902
HP Inc., 2.65%, 06/17/31 (Call 03/17/31)		50		39,284
International Business Machines Corp., 4.15%, 05/15/39		100		84,661

				560,405

Diversified Financial Services — 4.5%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.00%, 10/29/28 (Call 08/29/28)		150		127,782
Air Lease Corp., 1.88%, 08/15/26 (Call 07/15/26)		5		4,362
Ally Financial Inc., 8.00%, 11/01/31^(a)		15		16,145
American Express Co. 3.13%, 05/20/26 (Call 04/20/26)		5		4,690
4.05%, 05/03/29 (Call 03/03/29)		25		23,720
4.05%, 12/03/42		10		8,801
Capital One Financial Corp., 3.80%, 01/31/28 (Call 12/31/27)		25		23,172
Charles Schwab Corp. (The), 2.45%, 03/03/27 (Call 02/03/27)		15		13,607
CME Group Inc., 2.65%, 03/15/32 (Call 12/15/31)		5		4,187
Discover Financial Services, 4.10%, 02/09/27 (Call 11/09/26)^(a)		35		33,173
Intercontinental Exchange Inc. 1.85%, 09/15/32 (Call 06/15/32)		10		7,497
3.00%, 09/15/60 (Call 03/15/60)		30		18,939
4.95%, 06/15/52 (Call 12/15/51)		15		14,150
Mastercard Inc., 3.85%, 03/26/50 (Call 09/26/49)		10		8,399
Nomura Holdings Inc., 1.65%, 07/14/26		200		174,210
Raymond James Financial Inc., 3.75%, 04/01/51 (Call 10/01/50)		10		7,485
Synchrony Financial, 3.95%, 12/01/27 (Call 09/01/27)		5		4,556
Visa Inc. 1.10%, 02/15/31 (Call 11/15/30)		10		7,661
2.05%, 04/15/30 (Call 01/15/30)		15		12,668
4.30%, 12/14/45 (Call 06/14/45)		25		22,560

				537,764

Electric — 0.1%
Commonwealth Edison Co., 4.00%, 03/01/48 (Call 09/01/47)		10		8,183


Electronics — 0.1%
Amphenol Corp., 2.20%, 09/15/31 (Call 06/15/31)		10		7,959


Entertainment — 0.7%
Magallanes Inc. 4.28%, 03/15/32 (Call 12/15/31)^(c)		35		30,162
5.05%, 03/15/42 (Call 09/15/41)^(c)		10		8,089
5.14%, 03/15/52 (Call 09/15/51)^(c)		55		43,101

				81,352

Environmental Control — 0.3%
Republic Services Inc., 3.95%, 05/15/28 (Call 02/15/28)		20		18,934
Waste Management Inc., 1.50%, 03/15/31 (Call 12/15/30)		20		15,400

				34,334

Food — 1.2%
Conagra Brands Inc., 5.30%, 11/01/38 (Call 05/01/38)		15		13,954
General Mills Inc., 3.20%, 02/10/27 (Call 11/10/26)^(a)		35		33,024
Hormel Foods Corp., 1.80%, 06/11/30 (Call 03/11/30)		25		20,309
Kraft Heinz Foods Co., 4.38%, 06/01/46 (Call 12/01/45)		60		49,175
Sysco Corp., 6.60%, 04/01/50 (Call 10/01/49)		10		10,940
Tyson Foods Inc., 5.10%, 09/28/48 (Call 03/28/48)		20		18,051

				145,453


Security	Par (000)		Value

Hand & Machine Tools — 0.2%
Regal Rexnord Corp., 6.40%, 04/15/33 (Call 01/15/33)^(c)	$	10	$	9,819
Stanley Black & Decker Inc., 2.30%, 03/15/30 (Call 12/15/29)		22		17,853

				27,672

Health Care—Products — 1.2%
Abbott Laboratories, 4.90%, 11/30/46 (Call 05/30/46)		15		14,740
Baxter International Inc. 2.54%, 02/01/32 (Call 11/01/31)^(a)		15		11,600
3.13%, 12/01/51 (Call 06/01/51)^(a)		10		6,059
DH Europe Finance II Sarl, 2.60%, 11/15/29 (Call 08/15/29)		80		69,056
Medtronic Inc., 4.38%, 03/15/35		15		14,217
Thermo Fisher Scientific Inc., 2.80%, 10/15/41 (Call 04/15/41)		30		21,640

				137,312

Health Care—Services — 3.8%
Aetna Inc., 3.88%, 08/15/47 (Call 02/15/47)		15		11,261
Centene Corp., 4.63%, 12/15/29 (Call 12/15/24)		95		87,018
Elevance Health Inc. 2.55%, 03/15/31 (Call 12/15/30)		40		33,163
3.60%, 03/15/51 (Call 09/15/50)		35		25,920
4.65%, 01/15/43		20		17,898
HCA Inc. 2.38%, 07/15/31 (Call 04/15/31)		15		11,676
3.50%, 07/15/51 (Call 01/15/51)		45		29,190
4.13%, 06/15/29 (Call 03/15/29)		10		9,104
4.50%, 02/15/27 (Call 08/15/26)		10		9,588
5.25%, 06/15/49 (Call 12/15/48)		10		8,620
5.38%, 09/01/26 (Call 03/01/26)		10		9,855
5.63%, 09/01/28 (Call 03/01/28)		10		9,885
Humana Inc., 2.15%, 02/03/32 (Call 11/03/31)		15		11,570
UnitedHealth Group Inc. 4.20%, 05/15/32 (Call 02/15/32)		51		47,963
4.20%, 01/15/47 (Call 07/15/46)		15		12,925
4.75%, 05/15/52 (Call 11/15/51)		92		84,188
5.35%, 02/15/33 (Call 11/15/32)		15		15,320
6.05%, 02/15/63 (Call 08/15/62)		15		16,376

				451,520

Insurance — 1.4%
American International Group Inc. 4.38%, 06/30/50 (Call 12/30/49)		5		4,184
4.80%, 07/10/45 (Call 01/10/45)		10		8,910
Chubb INA Holdings Inc. 3.05%, 12/15/61 (Call 06/15/61)		15		9,780
4.35%, 11/03/45 (Call 05/03/45)		15		13,397
Equitable Holdings Inc., 5.00%, 04/20/48 (Call 10/20/47)		10		8,804
Everest Reinsurance Holdings Inc., 3.13%, 10/15/52
(Call 04/15/52)		11		7,108
Hartford Financial Services Group Inc. (The), 3.60%, 08/19/49
(Call 02/19/49)		10		7,451
Marsh & McLennan Companies Inc., 4.90%, 03/15/49
(Call 09/15/48)		10		9,216
MetLife Inc. 4.05%, 03/01/45		27		22,568
4.55%, 03/23/30 (Call 12/23/29)		15		14,741
5.70%, 06/15/35		15		15,725
Progressive Corp. (The), 4.13%, 04/15/47 (Call 10/15/46)		10		8,529
Prudential Financial Inc., 4.35%, 02/25/50 (Call 08/25/49)		25		21,082
Travelers Companies Inc. (The), 3.05%, 06/08/51 (Call 12/08/50)		15		10,418

				161,913


Security	Par (000)		Value

Internet — 2.0%
Alphabet Inc. 1.10%, 08/15/30 (Call 05/15/30)	$	15	$	11,803
2.05%, 08/15/50 (Call 02/15/50)		10		6,023
2.25%, 08/15/60 (Call 02/15/60)		10		5,767
Amazon.com Inc. 2.10%, 05/12/31 (Call 02/12/31)		45		36,971
3.10%, 05/12/51 (Call 11/12/50)		15		10,705
3.25%, 05/12/61 (Call 11/12/60)		95		65,513
3.88%, 08/22/37 (Call 02/22/37)		15		13,257
4.70%, 12/01/32 (Call 09/01/32)		25		24,713
Booking Holdings Inc. 3.60%, 06/01/26 (Call 03/01/26)		18		17,136
4.63%, 04/13/30 (Call 01/13/30)		10		9,697
eBay Inc. 1.40%, 05/10/26 (Call 04/10/26)		28		24,799
3.65%, 05/10/51 (Call 11/10/50)		10		7,161

				233,545

Machinery — 0.5%
Caterpillar Financial Services Corp., 0.90%, 03/02/26		10		8,876
Caterpillar Inc., 3.25%, 09/19/49 (Call 03/19/49)		30		22,762
Deere & Co., 3.90%, 06/09/42 (Call 12/09/41)		15		13,231
Otis Worldwide Corp., 2.57%, 02/15/30 (Call 11/15/29)		22		18,531

				63,400

Manufacturing — 0.7%
3M Co. 2.88%, 10/15/27 (Call 07/15/27)^(a)		20		18,192
3.25%, 08/26/49 (Call 02/26/49)^(a)		10		6,887
Eaton Corp., 4.15%, 03/15/33 (Call 12/15/32)		15		13,801
Illinois Tool Works Inc., 3.90%, 09/01/42 (Call 03/01/42)		10		8,589
Parker-Hannifin Corp., 3.25%, 06/14/29 (Call 03/14/29)		40		35,594

				83,063

Media — 4.9%
Comcast Corp. 2.94%, 11/01/56 (Call 05/01/56)		15		9,366
2.99%, 11/01/63 (Call 05/01/63)		130		78,978
3.75%, 04/01/40 (Call 10/01/39)		15		12,339
4.15%, 10/15/28 (Call 07/15/28)		195		186,231
4.25%, 01/15/33		15		13,983
7.05%, 03/15/33		35		39,784
Discovery Communications LLC 3.95%, 03/20/28 (Call 12/20/27)		55		50,144
5.20%, 09/20/47 (Call 03/20/47)		30		23,818
Fox Corp. 4.71%, 01/25/29 (Call 10/25/28)		15		14,325
5.48%, 01/25/39 (Call 07/25/38)		10		9,184
5.58%, 01/25/49 (Call 07/25/48)		10		9,066
Paramount Global 4.38%, 03/15/43		30		20,796
4.95%, 01/15/31 (Call 11/15/30)^(a)		15		13,478
Walt Disney Co. (The) 2.65%, 01/13/31^(a)		50		42,576
3.60%, 01/13/51 (Call 07/13/50)		65		50,226
3.80%, 03/22/30^(a)		15		13,932

				588,226

Mining — 0.2%
Newmont Corp. 2.25%, 10/01/30 (Call 07/01/30)		10		8,052
6.25%, 10/01/39		10		10,491


Security	Par (000)		Value

Mining (continued)
Rio Tinto Alcan Inc., 6.13%, 12/15/33	$	10	$	10,745

				29,288

Office & Business Equipment — 0.1%
CDW LLC/CDW Finance Corp., 3.57%, 12/01/31 (Call 09/01/31)		11		9,090


Packaging & Containers — 0.1%
WRKCo Inc., 4.65%, 03/15/26 (Call 01/15/26)		15		14,656


Pharmaceuticals — 10.8%
AbbVie Inc. 2.95%, 11/21/26 (Call 09/21/26)		65		59,937
4.05%, 11/21/39 (Call 05/21/39)		70		59,006
4.25%, 11/21/49 (Call 05/21/49)		55		45,530
4.70%, 05/14/45 (Call 11/14/44)		25		22,117
AmerisourceBergen Corp., 3.45%, 12/15/27 (Call 09/15/27)		25		23,236
Astrazeneca Finance LLC, 1.20%, 05/28/26 (Call 04/28/26)		10		8,870
AstraZeneca PLC, 6.45%, 09/15/37		40		45,138
Becton Dickinson and Co. 2.82%, 05/20/30 (Call 02/20/30)		30		25,656
4.67%, 06/06/47 (Call 12/06/46)		10		8,747
Bristol-Myers Squibb Co. 1.45%, 11/13/30 (Call 08/13/30)		25		19,698
2.95%, 03/15/32 (Call 12/15/31)		25		21,579
3.40%, 07/26/29 (Call 04/26/29)		26		23,840
3.90%, 02/20/28 (Call 11/20/27)		15		14,369
4.25%, 10/26/49 (Call 04/26/49)		60		51,649
Cigna Group (The), 4.90%, 12/15/48 (Call 06/15/48)		65		58,288
CVS Health Corp. 1.88%, 02/28/31 (Call 11/28/30)		15		11,652
2.13%, 09/15/31 (Call 06/15/31)		70		54,870
4.78%, 03/25/38 (Call 09/25/37)		35		31,779
5.05%, 03/25/48 (Call 09/25/47)		65		58,259
5.13%, 07/20/45 (Call 01/20/45)		15		13,513
Eli Lilly & Co., 2.25%, 05/15/50 (Call 11/15/49)		15		9,352
GlaxoSmithKline Capital Inc., 3.88%, 05/15/28		40		38,100
GlaxoSmithKline Capital PLC, 3.38%, 06/01/29 (Call 03/01/29)		25		22,843
Johnson & Johnson 2.45%, 03/01/26 (Call 12/01/25)		25		23,407
3.70%, 03/01/46 (Call 09/01/45)		80		67,233
Merck & Co. Inc. 1.45%, 06/24/30 (Call 03/24/30)		35		27,951
2.90%, 12/10/61 (Call 06/10/61)		10		6,373
3.70%, 02/10/45 (Call 08/10/44)		60		49,260
Novartis Capital Corp. 2.20%, 08/14/30 (Call 05/14/30)		30		25,364
2.75%, 08/14/50 (Call 02/14/50)		25		17,295
Pfizer Inc. 2.70%, 05/28/50 (Call 11/28/49)^(a)		30		20,388
3.45%, 03/15/29 (Call 12/15/28)		15		13,987
4.13%, 12/15/46		15		13,095
7.20%, 03/15/39		35		42,450
Shire Acquisitions Investments Ireland DAC, 3.20%, 09/23/26
(Call 06/23/26)		245		227,951
Zoetis Inc., 5.60%, 11/16/32 (Call 08/16/32)		15		15,524

				1,278,306

Real Estate Investment Trusts — 1.7%
Alexandria Real Estate Equities Inc. 2.00%, 05/18/32 (Call 02/18/32)		20		15,289
3.55%, 03/15/52 (Call 09/15/51)		15		10,728


Security	Par (000)		Value

Real Estate Investment Trusts (continued)
American Tower Corp. 1.88%, 10/15/30 (Call 07/15/30)	$	10	$	7,695
2.10%, 06/15/30 (Call 03/15/30)		10		7,910
3.10%, 06/15/50 (Call 12/15/49)		15		9,311
Boston Properties LP, 2.45%, 10/01/33 (Call 07/01/33)		30		21,872
Brixmor Operating Partnership LP, 4.13%, 05/15/29 (Call 02/15/29)		10		9,004
Crown Castle Inc., 2.90%, 04/01/41 (Call 10/01/40)		30		20,367
Crown Castle International Corp., 2.10%, 04/01/31 (Call 01/01/31)		15		11,737
Equinix Inc., 2.50%, 05/15/31 (Call 02/15/31)		25		19,992
Simon Property Group LP, 2.65%, 07/15/30 (Call 04/15/30)		50		41,993
VICI Properties LP 4.75%, 02/15/28 (Call 01/15/28)		25		23,601
5.63%, 05/15/52 (Call 11/15/51)		5		4,446

				203,945

Retail — 4.4%
Dollar General Corp., 3.50%, 04/03/30 (Call 01/03/30)		15		13,373
Dollar Tree Inc., 4.20%, 05/15/28 (Call 02/15/28)		20		19,032
Home Depot Inc. (The) 2.75%, 09/15/51 (Call 03/15/51)		115		74,633
2.95%, 06/15/29 (Call 03/15/29)		45		40,184
5.88%, 12/16/36		15		16,037
Lowe’s Companies Inc. 1.70%, 09/15/28 (Call 07/15/28)		95		79,391
2.80%, 09/15/41 (Call 03/15/41)		35		23,626
4.45%, 04/01/62 (Call 10/01/61)		20		15,567
5.63%, 04/15/53 (Call 10/15/52)^(a)		15		14,279
McDonald’s Corp. 2.13%, 03/01/30 (Call 12/01/29)		25		20,700
3.63%, 09/01/49 (Call 03/01/49)		30		22,527
4.60%, 09/09/32 (Call 06/09/32)		15		14,441
4.88%, 12/09/45 (Call 06/09/45)		15		13,681
Starbucks Corp. 3.50%, 11/15/50 (Call 05/15/50)		15		10,851
3.55%, 08/15/29 (Call 05/15/29)		42		38,357
Target Corp. 2.35%, 02/15/30 (Call 11/15/29)		10		8,472
2.95%, 01/15/52 (Call 07/15/51)		5		3,392
4.80%, 01/15/53 (Call 07/15/52)		10		9,307
Walgreens Boots Alliance Inc., 3.45%, 06/01/26 (Call 03/01/26)		95		89,117

				526,967

Semiconductors — 5.0%
Analog Devices Inc., 2.95%, 10/01/51 (Call 04/01/51)		5		3,421
Applied Materials Inc., 4.35%, 04/01/47 (Call 10/01/46)		10		8,960
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.88%, 01/15/27 (Call 10/15/26)		30		28,291
Broadcom Inc. 2.45%, 02/15/31 (Call 11/15/30)^(c)		20		15,838
3.46%, 09/15/26 (Call 07/15/26)		80		74,756
3.47%, 04/15/34 (Call 01/15/34)^(c)		15		11,872
3.75%, 02/15/51 (Call 08/15/50)^(c)		5		3,481
4.93%, 05/15/37 (Call 02/15/37)^(c)		75		65,119
Intel Corp. 1.60%, 08/12/28 (Call 06/12/28)		90		75,523
2.80%, 08/12/41 (Call 02/12/41)		85		57,850
3.05%, 08/12/51 (Call 02/12/51)		35		22,391
3.73%, 12/08/47 (Call 06/08/47)		10		7,390
4.60%, 03/25/40 (Call 09/25/39)		10		8,918


Security	Par (000)		Value

Semiconductors (continued)
5.90%, 02/10/63 (Call 08/10/62)	$	21	$	20,587
KLA Corp., 4.95%, 07/15/52 (Call 01/15/52)		15		14,109
Lam Research Corp., 4.88%, 03/15/49 (Call 09/15/48)		5		4,704
Marvell Technology Inc., 2.95%, 04/15/31 (Call 01/15/31)		15		12,040
Micron Technology Inc., 4.66%, 02/15/30 (Call 11/15/29)		25		22,950
NVIDIA Corp., 3.50%, 04/01/40 (Call 10/01/39)		20		16,396
NXP BV/NXP Funding LLC/NXP USA Inc., 3.25%, 05/11/41 (Call 11/11/40)		25		17,359
Qorvo Inc., 4.38%, 10/15/29 (Call 10/15/24)		5		4,459
QUALCOMM Inc.
1.65%, 05/20/32 (Call 02/20/32)		10		7,642
3.25%, 05/20/27 (Call 02/20/27)		50		47,027
4.50%, 05/20/52 (Call 11/20/51)		10		8,865
4.80%, 05/20/45 (Call 11/20/44)		10		9,469
6.00%, 05/20/53 (Call 11/20/52)		10		10,751
Texas Instruments Inc., 3.88%, 03/15/39 (Call 09/15/38)		15		13,247

				593,415

Software — 5.9%
Activision Blizzard Inc., 2.50%, 09/15/50 (Call 03/15/50)		5		3,103
Adobe Inc., 2.30%, 02/01/30 (Call 11/01/29)		10		8,541
Autodesk Inc., 2.40%, 12/15/31 (Call 09/15/31)		10		7,941
Broadridge Financial Solutions Inc., 2.90%, 12/01/29
(Call 09/01/29)		20		16,893
Fidelity National Information Services Inc., 1.15%, 03/01/26
(Call 02/01/26)		80		70,128
Fiserv Inc.
3.20%, 07/01/26 (Call 05/01/26)		35		32,664
4.40%, 07/01/49 (Call 01/01/49)		20		16,111
Microsoft Corp.
2.53%, 06/01/50 (Call 12/01/49)		165		109,718
3.30%, 02/06/27 (Call 11/06/26)		25		23,864
Oracle Corp.
2.88%, 03/25/31 (Call 12/25/30)		75		62,135
2.95%, 04/01/30 (Call 01/01/30)		45		38,407
3.60%, 04/01/40 (Call 10/01/39)		38		28,009
3.80%, 11/15/37 (Call 05/15/37)		15		11,861
3.85%, 07/15/36 (Call 01/15/36)		15		12,208
3.95%, 03/25/51 (Call 09/25/50)		40		28,665
4.00%, 07/15/46 (Call 01/15/46)		135		98,086
6.25%, 11/09/32 (Call 08/09/32)		15		15,576
salesforce.com Inc.
1.95%, 07/15/31 (Call 04/15/31)		15		12,013
2.90%, 07/15/51 (Call 01/15/51)		20		13,415
VMware Inc., 1.40%, 08/15/26 (Call 07/15/26)		80		69,113
Workday Inc.
3.50%, 04/01/27 (Call 03/01/27)		15		14,012
3.80%, 04/01/32 (Call 01/01/32)		11		9,669

				702,132

Telecommunications — 6.6%
AT&T Inc.
2.55%, 12/01/33 (Call 09/01/33)		125		95,705
3.50%, 06/01/41 (Call 12/01/40)		65		48,756
3.55%, 09/15/55 (Call 03/15/55)		95		64,135
3.65%, 06/01/51 (Call 12/01/50)		85		60,585
3.65%, 09/15/59 (Call 03/15/59)		5		3,368
Bell Telephone Co. of Canada or Bell Canada (The), 4.46%, 04/01/48 (Call 10/01/47)^(a)		15		12,775
British Telecommunications PLC, 9.63%, 12/15/30		5		6,048
Cisco Systems Inc., 5.90%, 02/15/39		25		27,390


Security	Par/ Shares (000)		Value

Telecommunications (continued)
Corning Inc., 4.38%, 11/15/57 (Call 05/15/57)	$	15	$	11,963
Deutsche Telekom International Finance BV, 8.75%, 06/15/30		15		17,763
Motorola Solutions Inc.
2.30%, 11/15/30 (Call 08/15/30)		10		7,788
4.60%, 05/23/29 (Call 02/23/29)		15		14,116
Orange SA, 5.50%, 02/06/44 (Call 08/06/43)		20		20,178
Rogers Communications Inc.
3.80%, 03/15/32 (Call 12/15/31)^(c)		10		8,717
4.35%, 05/01/49 (Call 11/01/48)^(a)		20		15,467
4.55%, 03/15/52 (Call 09/15/51)^(c)		10		7,940
Telefonica Emisiones SA, 7.05%, 06/20/36		55		57,683
Verizon Communications Inc.
1.45%, 03/20/26 (Call 02/20/26)		35		31,305
2.55%, 03/21/31 (Call 12/21/30)		75		61,345
2.99%, 10/30/56 (Call 04/30/56)		110		67,072
3.40%, 03/22/41 (Call 09/22/40)		125		93,864
4.50%, 08/10/33		15		13,897
4.86%, 08/21/46		5		4,517
Vodafone Group PLC, 4.88%, 06/19/49		37		31,884

				784,261

Toys, Games & Hobbies — 0.1%
Hasbro Inc., 3.90%, 11/19/29 (Call 08/19/29)		10		8,818


Transportation — 0.9%
FedEx Corp.
2.40%, 05/15/31 (Call 02/15/31)^(a)		31		25,142
3.25%, 04/01/26 (Call 01/01/26)		30		28,426
4.55%, 04/01/46 (Call 10/01/45)		37		30,535
United Parcel Service Inc., 3.75%, 11/15/47 (Call 05/15/47)		27		22,045

				106,148

Water — 0.1%
American Water Capital Corp., 3.75%, 09/01/47 (Call 03/01/47)		10		7,760


Total Long-Term Investments — 96.7%
(Cost: $13,936,427)				11,496,497


Short-Term Securities

Money Market Funds — 5.9%
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.81%^(d)(e)(f)		580		580,588
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.41%^(d)(e)		120		120,000


Total Short-Term Securities — 5.9%
(Cost: $700,448)				700,588


Total Investments — 102.6%
(Cost: $14,636,875)				12,197,085

Liabilities in Excess of Other Assets — (2.6)%			(304,483)


Net Assets — 100.0%			$11,892,602

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

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

^(d)	Affiliate of the Fund.

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

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

Investments in issuers considered to be affiliate(s) of the Fund during the year ended February 28, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

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

Asset-Backed Securities

American Express Credit Account Master Trust Series 2022-2, Class A, 3.39%, 05/15/27	$	1,000	$	964,259
BA Credit Card Trust Series 2021-A1, Class A1, 0.44%, 09/15/26		400		377,387
Santander Drive Auto Receivables Trust Series 2021-3, Class C, 0.95%, 09/15/27 (Call 10/15/24)		170		164,595
Toyota Auto Receivables Owner Trust Series 2021-B, Class A4, 0.53%, 10/15/26 (Call 05/15/25)		75		68,386
Verizon Master Trust Series 2021-1, Class A, 0.50%, 05/20/27 (Call 05/20/24)		100		94,371


Total Asset-Backed Securities — 0.3% (Cost: $1,744,783)				1,668,998


Collaterized Mortgage Obligations

Mortgage-Backed Securities — 1.5%
Barclays Commercial Mortgage Trust, Series 2019-C3, Class A4, 3.58%, 05/15/52 (Call 05/15/29)		100		91,386
BBCMS Mortgage Trust, Series 2021-C11, Class A5, 2.32%, 09/15/54		200		161,841
BBCMS Trust, Series 2021-C10, Class A5, 2.49%, 07/15/54 (Call 07/15/31)		460		380,197
Benchmark Mortgage Trust
4.45%, 05/15/55 (Call 05/15/32)^(a)		3,000		2,852,108
Series 2018-B4, Class ASB, 4.06%, 07/15/51 (Call 07/15/28)^(a)		1,000		960,737
Series 2020-B16, Class A5, 2.73%, 02/15/53 (Call 02/15/30)		100		85,443
Series 2020-B21, Class A4, 1.70%, 12/17/53 (Call 12/15/30)		100		79,008
CGMS Commercial Mortgage Trust, Series 2017-B1 AAB3.24%, 08/15/50 (Call 08/15/27)		137		130,627
Commission Mortgage Trust, Series 2015-CR25, Class A4, 3.76%, 08/10/48 (Call 08/10/25)		1,000		954,727
CSAIL Commercial Mortgage Trust, Series 2015-C1, Class A4, 3.51%, 04/15/50 (Call 03/15/25)		155		148,588
GS Mortgage Securities Trust, Series 2017-GS7, Class AAB, 3.20%, 08/10/50 (Call 08/10/27)		648		616,440
JPMBB Commercial Mortgage Securities Trust Series 2014-C21, Class A5, 3.77%, 08/15/47 (Call 07/15/24)		75		73,011
Series 2015-C29, Class A4, 3.61%, 05/15/48 (Call 03/15/26)		172		164,254
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C32, Class A4, 3.72%, 12/15/49 (Call 01/15/27)		100		93,695
UBS Commercial Mortgage Trust, Series 2018-C13 ASB4.24%, 10/15/51 (Call 10/15/28)		100		96,359
Wells Fargo Commercial Mortgage Trust Series 2017-RC1, Class A4, 3.63%, 01/15/60 (Call 03/15/27)		150		140,179
Series 2018-C44, Class A5, 4.21%, 05/15/51 (Call 05/15/28)		900		855,006
Series 2021-C59, Class A5, 2.63%, 04/15/54 (Call 04/15/31)		600		496,865

				8,380,471


Total Collaterized Mortgage Obligations — 1.5% (Cost: $9,581,264)				8,380,471


Security	Par (000)		Value

Corporate Bonds & Notes

Advertising — 0.1%
Clear Channel International BV, 6.63%, 08/01/25 (Call 02/01/24)^(b)	$	20	$	19,600
Clear Channel Outdoor Holdings Inc.
5.13%, 08/15/27 (Call 08/15/23)^(b)		70		62,481
7.50%, 06/01/29 (Call 06/01/24)^(b)		60		48,545
7.75%, 04/15/28 (Call 04/15/24)^(b)		55		45,807
Interpublic Group of Companies Inc. (The)
2.40%, 03/01/31 (Call 12/01/30)		50		40,114
3.38%, 03/01/41 (Call 09/01/40)		48		34,905
4.75%, 03/30/30 (Call 12/30/29)		68		64,780
5.40%, 10/01/48 (Call 04/01/48)		20		18,912
Omnicom Group Inc./Omnicom Capital Inc.
3.60%, 04/15/26 (Call 01/15/26)		80		76,230
3.65%, 11/01/24 (Call 08/01/24)		25		24,267
Outfront Media Capital LLC/Outfront Media Capital Corp.
4.25%, 01/15/29 (Call 01/15/24)^(b)		32		26,414
4.63%, 03/15/30 (Call 03/15/25)^(b)		30		24,600
5.00%, 08/15/27 (Call 08/15/23)^(b)		35		31,585
6.25%, 06/15/25 (Call 06/15/23)^(b)		25		24,872
WPP Finance 2010, 3.75%, 09/19/24		5		4,846

				547,958

Aerospace & Defense — 0.1%
Hexcel Corp.
4.20%, 02/15/27 (Call 11/15/26)		30		28,274
4.95%, 08/15/25 (Call 05/15/25)		39		37,995
Howmet Aerospace Inc.
3.00%, 01/15/29 (Call 11/15/28)		36		30,890
5.13%, 10/01/24 (Call 07/01/24)		60		59,453
5.90%, 02/01/27		36		35,877
5.95%, 02/01/37		35		34,571
6.75%, 01/15/28		20		20,575
6.88%, 05/01/25 (Call 04/01/25)		39		39,726
Spirit AeroSystems Inc.
4.60%, 06/15/28 (Call 03/15/28)		40		33,006
7.50%, 04/15/25 (Call 04/15/23)^(b)		70		69,931
9.38%, 11/30/29 (Call 11/30/25)^(b)		50		52,972
Triumph Group Inc.
6.25%, 09/15/24 (Call 03/31/23)^(b)		35		35,041
7.75%, 08/15/25 (Call 08/15/23)^(c)		25		24,016
8.88%, 06/01/24 (Call 12/01/23)^(b)		29		30,304
9.00%, 03/15/28 (Call 03/15/25)		15		15,000

				547,631

Agriculture — 0.0%
Darling Ingredients Inc.
5.25%, 04/15/27 (Call 04/15/23)^(b)		35		33,748
6.00%, 06/15/30 (Call 06/15/25)^(b)		55		53,170

				86,918

Airlines — 0.0%
Gol Finance SA, 7.00%, 01/31/25 (Call 01/31/24)^(d)		50		22,530
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd., 5.75%, 01/20/26 (Call 01/20/24)^(b)		70		65,083

				87,613

Apparel — 0.1%
Crocs Inc.
4.13%, 08/15/31 (Call 08/15/26)^(b)		20		16,380
4.25%, 03/15/29 (Call 03/15/24)^(b)		25		21,461


Security	Par (000)		Value

Apparel (continued)
Hanesbrands Inc.
4.63%, 05/15/24 (Call 02/15/24)^(b)	$	56	$	55,963
4.88%, 05/15/26 (Call 02/15/26)^(b)		53		48,927
9.00%, 02/15/31 (Call 02/15/26)		25		25,287
Kontoor Brands Inc., 4.13%, 11/15/29 (Call 11/15/24)^(b)		25		21,109
PVH Corp., 4.63%, 07/10/25 (Call 06/10/25)		125		122,059
Ralph Lauren Corp.
2.95%, 06/15/30 (Call 03/15/30)		5		4,369
3.75%, 09/15/25 (Call 07/15/25)		10		9,634
Tapestry Inc.
3.05%, 03/15/32 (Call 12/15/31)		25		19,867
4.13%, 07/15/27 (Call 04/15/27)		73		68,936
Under Armour Inc., 3.25%, 06/15/26 (Call 03/15/26)		35		31,205
William Carter Co. (The), 5.63%, 03/15/27 (Call 03/15/23)^(b)		35		33,730
Wolverine World Wide Inc., 4.00%, 08/15/29 (Call 08/15/24)^(b)		35		28,214

				507,141

Auto Manufacturers — 0.2%
Aston Martin Capital Holdings Ltd., 10.50%, 11/30/25 (Call 11/01/24)^(b)		70		69,817
BMW Finance NV, 2.85%, 08/14/29 (Call 05/14/29)^(b)		95		82,820
BMW U.S. Capital LLC
1.25%, 08/12/26 (Call 07/12/26)^(b)		25		21,967
2.55%, 04/01/31 (Call 01/01/31)^(b)		50		41,860
2.80%, 04/11/26 (Call 01/11/26)^(b)		205		191,765
3.30%, 04/06/27 (Call 01/06/27)^(b)		15		14,059
3.70%, 04/01/32 (Call 01/01/32)^(b)(c)		10		9,034
3.90%, 04/09/25 (Call 03/09/25)^(b)		90		87,670
3.95%, 08/14/28 (Call 05/14/28)^(b)		50		47,215
4.15%, 04/09/30 (Call 01/09/30)^(b)		70		66,388
Cummins Inc.
0.75%, 09/01/25 (Call 08/01/25)		22		19,857
1.50%, 09/01/30 (Call 06/01/30)		60		47,561
2.60%, 09/01/50 (Call 03/01/50)		50		31,542
4.88%, 10/01/43 (Call 04/01/43)		55		52,603
Daimler Trucks Finance North America LLC
2.50%, 12/14/31^(b)		75		60,135
3.65%, 04/07/27^(b)(c)		10		9,384
PACCAR Financial Corp.
1.10%, 05/11/26		55		48,822
1.80%, 02/06/25		70		65,721
2.15%, 08/15/24		15		14,343
Wabash National Corp., 4.50%, 10/15/28 (Call 10/15/24)^(b)		25		21,786

				1,004,349

Auto Parts & Equipment — 0.2%
American Axle & Manufacturing Inc.
5.00%, 10/01/29 (Call 10/01/24)		30		24,312
6.25%, 03/15/26 (Call 03/15/23)		16		15,151
6.50%, 04/01/27 (Call 04/01/23)		35		32,290
6.88%, 07/01/28 (Call 07/01/23)		20		17,946
Aptiv PLC
3.10%, 12/01/51 (Call 06/01/51)		85		51,184
4.35%, 03/15/29 (Call 12/15/28)		12		11,346
4.40%, 10/01/46 (Call 04/01/46)		2		1,512
5.40%, 03/15/49 (Call 09/15/48)		40		34,759
Aptiv PLC/Aptiv Corp.
3.25%, 03/01/32 (Call 12/01/31)		55		45,861
4.15%, 05/01/52 (Call 11/01/51)		50		36,589


Security	Par (000)		Value

Auto Parts & Equipment (continued)
BorgWarner Inc. 2.65%, 07/01/27 (Call 05/01/27)	$	150	$	134,679
4.38%, 03/15/45 (Call 09/15/44)		15		11,662
5.00%, 10/01/25^(b)		115		113,156
Cooper-Standard Automotive Inc. 5.63%, 05/15/27 (Call 01/31/25)		20		12,278
13.50%, 03/31/27 (Call 01/31/25)		23		23,485
Dana Financing Luxembourg Sarl, 5.75%, 04/15/25 (Call 04/15/23)^(b)		25		24,466
Dana Inc. 4.25%, 09/01/30 (Call 05/01/26)		25		20,182
4.50%, 02/15/32 (Call 02/15/27)		16		12,758
5.38%, 11/15/27 (Call 11/15/23)		25		23,073
5.63%, 06/15/28 (Call 06/15/23)		25		22,639
Lear Corp. 3.50%, 05/30/30 (Call 02/28/30)		10		8,552
3.55%, 01/15/52 (Call 07/15/51)		35		21,861
3.80%, 09/15/27 (Call 06/15/27)		20		18,682
4.25%, 05/15/29 (Call 02/15/29)		40		36,600
5.25%, 05/15/49 (Call 11/15/48)		50		42,225
Magna International Inc. 2.45%, 06/15/30 (Call 03/15/30)		45		37,382
4.15%, 10/01/25 (Call 07/01/25)		57		55,214

				889,844

Banks — 7.6%
ABN AMRO Bank NV
2.47%, 12/13/29 (Call 12/13/28), (1 year CMT + 1.100%)^(a)(b)		50		41,725
3.32%, 03/13/37 (Call 12/13/31), (5 year CMT + 1.900%)^(a)(b)		50		38,192
4.80%, 04/18/26^(b)		200		192,262
Agricultural Bank Of China Ltd./Singapore, 1.25%, 03/02/26^(d)		200		178,928
AIB Group PLC, 4.26%, 04/10/25 (Call 04/10/24),
(3 mo. LIBOR US + 1.874%)^(a)(b)		200		195,472
Banco de Credito del Peru S.A., 3.13%, 07/01/30
(Call 07/01/25), (5 year CMT + 3.000%)^(a)(d)		100		90,959
Banco do Brasil SA/Cayman, 4.63%, 01/15/25		200		193,470
Banco Santander Chile, 3.18%, 10/26/31 (Call 07/28/31)^(d)		150		127,294
Bancolombia SA, 3.00%, 01/29/25 (Call 12/29/24)		210		196,153
Bangkok Bank PCL/Hong Kong, 4.30%, 06/15/27
(Call 05/15/27)^(d)		200		193,128
Bank Negara Indonesia Persero Tbk PT, 3.75%, 03/30/26^(d)		200		185,014
Bank of China Ltd.
3.50%, 04/20/27^(d)		200		190,612
5.00%, 11/13/24^(d)		200		197,898
Bank of Montreal
0.63%, 07/09/24		115		107,900
0.95%, 01/22/27 (Call 01/22/26), (1 day SOFR + 0.603%)^(a)		30		26,418
1.25%, 09/15/26		210		183,376
1.85%, 05/01/25		125		116,244
2.50%, 06/28/24		309		297,341
2.65%, 03/08/27		50		45,583
3.09%, 01/10/37 (Call 01/10/32), (5 year CMT + 1.400%)^(a)		15		11,771
3.70%, 06/07/25		25		24,173
3.80%, 12/15/32 (Call 12/15/27), (5 year USD Swap + 1.432%)^(a)		50		44,707
5.20%, 02/01/28 (Call 01/01/28)		120		119,447


Security	Par (000)		Value

Banks (continued)
Series H, 4.70%, 09/14/27 (Call 08/14/27)	$	65	$	63,585
Bank of New York Mellon Corp. (The)
1.05%, 10/15/26 (Call 09/15/26)		5		4,345
1.60%, 04/24/25 (Call 03/24/25)		92		85,274
1.65%, 07/14/28 (Call 05/14/28)		10		8,559
1.65%, 01/28/31 (Call 10/28/30)		75		59,019
1.80%, 07/28/31 (Call 04/28/31)		45		35,125
2.05%, 01/26/27 (Call 12/26/26)		10		8,970
2.10%, 10/24/24		50		47,587
2.45%, 08/17/26 (Call 05/17/26)		120		110,104
2.80%, 05/04/26 (Call 02/04/26)		105		98,016
3.00%, 10/30/28 (Call 07/30/28)		90		80,369
3.25%, 09/11/24 (Call 08/11/24)		60		58,240
3.25%, 05/16/27 (Call 02/16/27)		95		89,022
3.30%, 08/23/29 (Call 05/23/29)		125		111,661
3.35%, 04/25/25 (Call 03/25/25)		25		24,077
3.40%, 05/15/24 (Call 04/15/24)		85		83,149
3.40%, 01/29/28 (Call 10/29/27)		165		152,897
3.44%, 02/07/28 (Call 02/07/27), (3 mo. LIBOR US + 1.069%)^(a)		160		150,443
3.85%, 04/28/28		112		106,254
3.95%, 11/18/25 (Call 10/18/25)		50		48,502
5.83%, 10/25/33 (Call 10/25/32), (1 day SOFR + 2.074%)^(a)		10		10,413
Series G, 3.00%, 02/24/25 (Call 01/24/25)		110		105,503
Series J, 0.85%, 10/25/24 (Call 09/25/24)		10		9,329
Series J, 1.90%, 01/25/29 (Call 11/25/28)		20		16,737
Bank of Nova Scotia (The)
0.65%, 07/31/24		135		126,298
1.05%, 03/02/26		45		39,653
1.30%, 06/11/25		45		41,099
1.30%, 09/15/26		55		47,852
1.35%, 06/24/26		250		220,185
1.45%, 01/10/25		10		9,314
1.95%, 02/02/27		40		35,617
2.15%, 08/01/31		135		107,255
2.20%, 02/03/25		240		226,260
2.45%, 02/02/32		10		8,055
2.70%, 08/03/26		15		13,765
3.45%, 04/11/25		10		9,615
4.50%, 12/16/25		100		96,934
4.59%, 05/04/37 (Call 02/04/32), (5 year CMT + 2.050%)^(a)		100		87,574
Banque Federative du Credit Mutuel SA
1.00%, 02/04/25^(b)		40		36,678
1.60%, 10/04/26^(b)		40		34,810
4.94%, 01/26/26^(b)		200		196,984
BDO Unibank Inc., 2.13%, 01/13/26^(d)		200		182,564
BNP Paribas SA
1.32%, 01/13/27 (Call 01/13/26), (1 day SOFR + 1.004%)^(a)(b)		225		199,080
1.90%, 09/30/28 (Call 09/30/27), (1 day SOFR + 1.609%)^(a)(b)		200		168,592
2.22%, 06/09/26 (Call 06/09/25), (1 day SOFR + 2.074%)^(a)(b)		215		198,972
2.59%, 01/20/28 (Call 01/20/27), (1 day SOFR + 1.228%)^(a)(b)		200		177,376
2.87%, 04/19/32 (Call 04/19/31), (1 day SOFR + 1.387%)^(a)(b)		220		177,901


Security	Par (000)		Value

Banks (continued)
3.05%, 01/13/31 (Call 01/13/30), (1 day SOFR + 1.507%)^(a)(b)	$	225	$	189,992
4.38%, 05/12/26^(b)		200		193,060
4.40%, 08/14/28^(b)		230		216,987
5.13%, 01/13/29 (Call 01/13/28)		200		196,584
BPCE SA
1.00%, 01/20/26^(b)		90		79,619
1.65%, 10/06/26 (Call 10/06/25), (1 day SOFR + 1.520%)^(a)(b)		165		147,556
2.38%, 01/14/25^(b)		310		291,450
2.70%, 10/01/29^(b)		75		64,021
3.12%, 10/19/32 (Call 10/19/31), (1 day SOFR + 1.730%)^(a)(b)		60		46,278
3.38%, 12/02/26		15		13,986
3.58%, 10/19/42 (Call 10/19/41), (1 day SOFR + 1.952%)^(a)(b)		55		37,607
4.50%, 03/15/25^(b)		200		194,234
4.63%, 07/11/24^(b)		35		34,172
4.88%, 04/01/26^(b)		245		238,238
5.15%, 07/21/24^(b)		271		266,626
CBQ Finance Ltd., 2.00%, 05/12/26^(d)		200		181,104
Citizens Financial Group Inc.
2.50%, 02/06/30 (Call 12/06/29)		85		70,272
2.64%, 09/30/32 (Call 07/02/32)		55		41,902
2.85%, 07/27/26 (Call 04/25/26)		135		125,076
3.25%, 04/30/30 (Call 01/30/30)		100		87,341
4.30%, 12/03/25 (Call 11/03/25)		30		29,091
5.64%, 05/21/37 (Call 05/21/32), (5 year CMT + 2.750%)^(a)		5		4,697
Comerica Bank, 2.50%, 07/23/24		200		191,690
Comerica Inc., 4.00%, 02/01/29 (Call 10/31/28)		130		121,173
Cooperatieve Rabobank UA
1.11%, 02/24/27 (Call 02/24/26), (1 year CMT + 0.550%)^(a)(b)		55		48,194
1.34%, 06/24/26 (Call 06/24/25), (1 year CMT + 1.000%)^(a)(b)		300		270,417
1.98%, 12/15/27 (Call 12/15/26), (1 year CMT + 0.730%)^(a)(b)		290		252,613
3.75%, 07/21/26		30		28,168
5.25%, 05/24/41		136		141,701
5.25%, 08/04/45		20		18,960
5.75%, 12/01/43		35		35,257
Cooperatieve Rabobank UA/NY
1.38%, 01/10/25		50		46,646
3.38%, 05/21/25		290		278,702
Credit Agricole SA, 4.00%, 01/10/33 (Call 01/10/28), (5 year USD Swap + 1.644%)^(a)(b)		270		241,545
Credit Agricole SA/London, 1.91%, 06/16/26 (Call 06/16/25), (1 day SOFR + 1.676%)^(a)(b)		230		211,315
DBS Group Holdings Ltd., 1.82%, 03/10/31 (Call 03/10/26), (5 year CMT + 1.100%)^(a)(d)		200		178,552
DIB Sukuk Ltd.
2.95%, 02/20/25^(d)		200		191,000
2.95%, 01/16/26^(d)		200		188,600
Discover Bank, 4.65%, 09/13/28 (Call 06/13/28)		240		228,108
DNB Bank ASA
0.86%, 09/30/25 (Call 09/30/24), (1 year CMT + 0.330%)^(a)(b)		125		115,665
1.54%, 05/25/27 (Call 05/25/26), (1 year CMT + 0.720%)^(a)(b)		230		200,700


Security	Par (000)		Value

Banks (continued)
1.61%, 03/30/28 (Call 03/30/27), (1 year CMT + 0.680%)^(a)(b)	$	15	$	12,824
2.97%, 03/28/25 (Call 03/28/24), (1 day SOFR + 0.810%)^(a)(b)		15		14,530
Dresdner Funding Trust I, 8.15%, 06/30/31 (Call 06/30/29)^(b)		60		64,533
Federation des Caisses Desjardins du Quebec
0.70%, 05/21/24^(b)		215		202,431
2.05%, 02/10/25^(b)		240		223,483
First Abu Dhabi Bank PJSC, 4.50%, (Call 04/05/26), (5 year CMT + 4.138%)^(a)(d)(e)		200		190,000
First Horizon Bank, 5.75%, 05/01/30 (Call 02/01/30)		20		20,008
First Horizon Corp., 4.00%, 05/26/25 (Call 04/26/25)		140		135,451
First Republic Bank/CA
4.38%, 08/01/46 (Call 02/01/46)		40		30,206
4.63%, 02/13/47 (Call 08/13/46)		30		23,711
Hana Bank, 1.25%, 12/16/26^(d)		200		171,124
Huntington Bancshares Inc., 2.49%, 08/15/36 (Call 08/15/31), (5 year CMT + 1.170%)^(a)		70		51,834
Huntington Bancshares Inc./OH
2.55%, 02/04/30 (Call 01/04/30)		150		125,521
2.63%, 08/06/24 (Call 07/06/24)		256		246,246
4.00%, 05/15/25 (Call 04/15/25)		145		140,866
Industrial & Commercial Bank of China Ltd., 4.88%, 09/21/25^(d)		200		196,792
Industrial & Commercial Bank of China Ltd./Dubai DIFC, 5.56%, 10/17/24, (3 mo. LIBOR US + 0.770%)^(a)(d)		200		200,376
Industrial & Commercial Bank of China Ltd./Singapore, 1.20%, 09/09/25^(d)		200		181,146
ING Groep NV
1.73%, 04/01/27 (Call 04/01/26), (1 day SOFR + 1.005%)^(a)		210		186,438
3.95%, 03/29/27		265		251,061
4.55%, 10/02/28		200		191,684
Kasikornbank PCL/Hong Kong, 3.34%, 10/02/31 (Call 10/02/26), (5 year CMT + 1.700%)^(a)(d)		200		176,728
KeyCorp
2.25%, 04/06/27		161		143,314
2.55%, 10/01/29		175		148,073
3.88%, 05/23/25 (Call 05/23/24), (1 day SOFR + 1.250%)^(a)		10		9,781
4.10%, 04/30/28		85		80,617
4.15%, 10/29/25		170		165,483
4.79%, 06/01/33 (Call 06/01/32), (1 day SOFR + 2.060%)^(a)		10		9,380
Kookmin Bank, 4.50%, 02/01/29^(d)		200		186,794
Korea Development Bank (The), 2.00%, 10/25/31		200		161,204
Kreditanstalt fuer Wiederaufbau
0.00%, 04/18/36^(f)		70		40,436
0.38%, 07/18/25		375		338,985
0.50%, 09/20/24		187		174,333
0.63%, 01/22/26		224		200,256
0.75%, 09/30/30		190		148,751
1.00%, 10/01/26		60		53,182
1.75%, 09/14/29		285		246,229
2.00%, 05/02/25		179		168,713
2.50%, 11/20/24		380		364,245
2.88%, 04/03/28		149		139,498
3.38%, 08/23/24		500		487,520
Landwirtschaftliche Rentenbank 0.88%, 03/30/26		90		80,477


Security	Par (000)		Value

Banks (continued)
1.75%, 07/27/26	$	215	$	196,155
1.75%, 01/14/27^(d)		75		67,721
2.00%, 01/13/25		25		23,705
2.38%, 06/10/25		105		99,433
Series 37, 2.50%, 11/15/27		115		106,035
Series 40, 0.50%, 05/27/25		240		218,114
Lloyds Banking Group PLC
2.44%, 02/05/26 (Call 02/05/25), (1 year CMT + 1.000%)^(a)		290		271,791
3.37%, 12/14/46 (Call 09/14/41), (5 year CMT + 1.500%)^(a)		50		33,917
3.75%, 01/11/27		250		233,635
3.75%, 03/18/28 (Call 03/18/27), (1 year CMT + 1.800%)^(a)		100		92,654
4.34%, 01/09/48		255		196,358
4.45%, 05/08/25		220		214,661
4.58%, 12/10/25		220		211,640
4.65%, 03/24/26		200		192,768
Macquarie Bank Ltd.
3.05%, 03/03/36 (Call 03/03/31), (5 year CMT + 1.700%)^(a)(b)		90		68,700
3.62%, 06/03/30^(b)		65		54,977
4.88%, 06/10/25^(b)		35		34,487
Mitsubishi UFJ Financial Group Inc.
0.95%, 07/19/25 (Call 07/19/24), (1 year CMT + 0.550%)^(a)		200		186,772
2.19%, 02/25/25		215		201,483
2.31%, 07/20/32 (Call 07/20/31), (1 year CMT + 0.950%)^(a)		200		156,024
2.49%, 10/13/32 (Call 10/13/31), (1 year CMT + 0.970%)^(a)		110		86,655
2.56%, 02/25/30		200		167,210
2.85%, 01/19/33 (Call 01/19/32), (1 year CMT + 1.100%)^(a)		200		161,548
3.29%, 07/25/27		10		9,267
3.74%, 03/07/29		95		86,995
3.75%, 07/18/39		200		168,356
3.78%, 03/02/25		15		14,564
4.05%, 09/11/28		10		9,372
4.29%, 07/26/38		30		26,908
5.13%, 07/20/33 (Call 07/20/32), (1 year CMT + 2.125%)^(a)		200		193,952
5.42%, 02/22/29 (Call 02/22/28)		200		198,604
Morgan Stanley
0.79%, 05/30/25 (Call 05/30/24), (1 day SOFR + 0.525%)^(a)		130		121,755
0.99%, 12/10/26 (Call 12/10/25), (1 day SOFR + 0.720%)^(a)		290		254,858
1.16%, 10/21/25 (Call 10/21/24), (1 day SOFR + 0.560%)^(a)		120		111,127
1.51%, 07/20/27 (Call 07/20/26), (1 day SOFR + 0.858%)^(a)		244		212,973
1.59%, 05/04/27 (Call 04/04/27), (1 day SOFR + 0.879%)^(a)		269		237,559
1.79%, 02/13/32 (Call 02/13/31), (1 day SOFR + 1.034%)^(a)		185		140,696
1.93%, 04/28/32 (Call 04/28/31), (1 day SOFR + 1.020%)^(a)		150		114,740
2.19%, 04/28/26 (Call 04/28/25), (1 day SOFR + 1.990%)^(a)		85		79,162


Security	Par (000)		Value

Banks (continued)
2.24%, 07/21/32 (Call 07/21/31),
(1 day SOFR + 1.178%)^(a)	$	210	$	163,407
2.48%, 01/21/28 (Call 01/21/27),
(1 day SOFR + 1.000%)^(a)		5		4,458
2.48%, 09/16/36 (Call 09/16/31),
(1 day SOFR + 1.360%)^(a)		235		175,207
2.51%, 10/20/32 (Call 10/20/31),
(1 day SOFR + 1.200%)^(a)		151		119,288
2.63%, 02/18/26 (Call 02/18/25),
(1 day SOFR + 0.940%)^(a)		70		66,035
2.70%, 01/22/31 (Call 01/22/30),
(1 day SOFR + 1.143%)^(a)		235		196,293
2.72%, 07/22/25 (Call 07/22/24),
(1 day SOFR + 1.152%)^(a)		60		57,532
2.80%, 01/25/52 (Call 07/25/51),
(1 day SOFR + 1.430%)^(a)		155		99,817
2.94%, 01/21/33 (Call 01/21/32),
(1 day SOFR + 1.290%)^(a)		140		114,692
3.13%, 07/27/26		85		79,129
3.22%, 04/22/42 (Call 04/22/41),
(1 day SOFR + 1.485%)^(a)		285		212,296
3.59%, 07/22/28 (Call 07/22/27),
(3 mo. LIBOR US + 1.340%)^(a)		119		110,065
3.62%, 04/01/31 (Call 04/01/30),
(1 day SOFR + 3.120%)^(a)		200		176,990
3.63%, 01/20/27		255		241,187
3.70%, 10/23/24		330		321,479
3.77%, 01/24/29 (Call 01/24/28),
(3 mo. LIBOR US + 1.140%)^(a)		230		212,591
3.88%, 01/27/26		160		153,986
3.95%, 04/23/27		200		189,024
4.00%, 07/23/25		140		136,403
4.21%, 04/20/28 (Call 04/20/27),
(1 day SOFR + 1.610%)^(a)		30		28,520
4.30%, 01/27/45		150		128,995
4.35%, 09/08/26		95		91,373
4.38%, 01/22/47		145		126,209
4.43%, 01/23/30 (Call 01/23/29),
(3 mo. LIBOR US + 1.628%)^(a)		240		226,082
4.68%, 07/17/26 (Call 07/17/25),
(1 day SOFR + 1.669%)^(a)		175		171,617
4.89%, 07/20/33 (Call 07/20/32),
(1 day SOFR + 2.076%)^(a)		100		94,968
5.00%, 11/24/25		185		183,072
5.30%, 04/20/37 (Call 04/20/32),
(1 day SOFR + 2.620%)^(a)		105		97,688
5.60%, 03/24/51 (Call 03/24/50),
(1 day SOFR + 4.480%)^(a)		100		103,373
6.25%, 08/09/26		25		25,716
6.34%, 10/18/33 (Call 10/18/32),
(1 day SOFR + 2.560%)^(a)		200		210,914
6.38%, 07/24/42		103		113,375
7.25%, 04/01/32		86		97,404
Series F, 3.88%, 04/29/24		385		379,044
Series I, 0.86%, 10/21/25 (Call 10/21/24),
(1 day SOFR + 0.745%)^(a)		70		64,509
National Bank of Canada, 0.75%, 08/06/24		250		234,115
Nordea Bank Abp
0.63%, 05/24/24^(b)		55		51,820
0.75%, 08/28/25^(b)		240		214,488


Security	Par (000)		Value

Banks (continued)
1.50%, 09/30/26^(b)	$	95	$	82,648
4.63%, 09/13/33 (Call 09/13/28),
(5 year USD Swap + 1.690%)^(a)(b)		90		82,699
Northern Trust Corp.
1.95%, 05/01/30 (Call 02/01/30)		75		61,325
3.15%, 05/03/29 (Call 02/03/29)		100		90,885
3.38%, 05/08/32 (Call 05/08/27),
(3 mo. LIBOR US + 1.131%)^(a)		110		99,815
3.65%, 08/03/28 (Call 05/03/28)		100		94,589
3.95%, 10/30/25		50		48,353
4.00%, 05/10/27 (Call 04/10/27)		15		14,532
NRW Bank
0.63%, 05/19/25^(d)		120		109,241
0.88%, 03/09/26^(d)		25		22,296
Oesterreichische Kontrollbank AG
0.38%, 09/17/25		175		156,942
0.50%, 09/16/24		125		116,492
1.50%, 02/12/25		200		187,238
Oversea-Chinese Banking Corp. Ltd.
1.83%, 09/10/30 (Call 09/10/25),
(5 year CMT + 1.580%)^(a)(b)		118		107,189
4.25%, 06/19/24^(b)		35		34,447
PNC Bank NA, 2.95%, 02/23/25 (Call 01/23/25)		250		239,252
PNC Financial Services Group Inc. (The)
1.15%, 08/13/26 (Call 07/13/26)		50		43,901
2.20%, 11/01/24 (Call 10/02/24)		160		152,666
2.31%, 04/23/32 (Call 04/23/31),
(1 day SOFR + 0.979%)^(a)		135		109,499
2.55%, 01/22/30 (Call 10/24/29)		270		229,829
2.60%, 07/23/26 (Call 05/24/26)		175		161,677
3.15%, 05/19/27 (Call 04/19/27)		65		60,788
3.45%, 04/23/29 (Call 01/23/29)		201		184,910
3.90%, 04/29/24 (Call 03/29/24)		55		54,099
4.63%, 06/06/33 (Call 06/06/32),
(1 day SOFR + 1.850%)^(a)		10		9,294
5.07%, 01/24/34 (Call 01/24/33),
(1 day SOFR + 1.933%)^(a)		150		145,294
5.67%, 10/28/25 (Call 10/28/24),
(1 day SOFR + 1.090%)^(a)		50		50,201
QNB Finance Ltd., 2.63%, 05/12/25^(d)		200		188,338
Regions Financial Corp.
1.80%, 08/12/28 (Call 06/12/28)		65		54,534
2.25%, 05/18/25 (Call 04/18/25)		160		149,514
7.38%, 12/10/37		26		29,804
Shinhan Bank Co. Ltd., 3.88%, 03/24/26^(c)(d)		200		187,252
Shinhan Financial Group Co. Ltd., 3.34%, 02/05/30
(Call 02/05/25), (5 year CMT + 1.500%)^(a)(d)		200		189,140
Skandinaviska Enskilda Banken AB
0.65%, 09/09/24^(b)		200		186,350
0.85%, 09/02/25^(b)		200		178,834
Standard Chartered PLC
2.61%, 01/12/28 (Call 01/12/27),
(1 year CMT + 1.180%)^(a)(b)		315		280,514
2.68%, 06/29/32 (Call 06/29/31),
(1 year CMT + 1.200%)^(a)(b)		200		158,998
3.27%, 02/18/36 (Call 11/18/30),
(5 year CMT + 2.300%)^(a)(b)		200		162,240
3.97%, 03/30/26 (Call 03/30/25),
(1 year CMT + 1.650%)^(a)(b)		200		193,278


Security	Par (000)		Value

Banks (continued)
4.64%, 04/01/31 (Call 04/01/30),
(1 year CMT + 3.850%)^(a)(b)	$	200	$	188,050
6.17%, 01/09/27 (Call 01/09/26),
(1 year CMT + 2.050%)^(a)(b)		300		302,961
6.30%, 01/09/29 (Call 01/09/28),
(1 year CMT + 2.450%)^(a)(b)		250		255,510
State Street Corp.
2.20%, 03/03/31		100		80,405
2.35%, 11/01/25 (Call 11/01/24),
(1 day SOFR + 0.940%)^(a)		110		104,617
2.40%, 01/24/30		65		55,583
2.62%, 02/07/33 (Call 02/07/32),
(1 day SOFR + 1.002%)^(a)		20		16,425
2.65%, 05/19/26		65		60,720
2.90%, 03/30/26 (Call 10/30/25),
(1 day SOFR + 2.600%)^(a)		100		95,179
3.03%, 11/01/34 (Call 11/01/29),
(1 day SOFR + 1.490%)^(a)		20		17,097
3.15%, 03/30/31 (Call 03/30/30),
(1 day SOFR + 2.650%)^(a)		5		4,391
3.30%, 12/16/24		64		61,987
3.55%, 08/18/25		99		95,486
4.14%, 12/03/29 (Call 12/03/28),
(3 mo. LIBOR US + 1.030%)^(a)		65		61,638
Sumitomo Mitsui Banking Corp., 3.65%, 07/23/25^(c)		35		33,525
Sumitomo Mitsui Financial Group Inc.
1.47%, 07/08/25		240		218,561
1.71%, 01/12/31		110		83,760
1.90%, 09/17/28		200		166,006
2.13%, 07/08/30		50		39,940
2.14%, 09/23/30		62		48,611
2.63%, 07/14/26		75		68,468
2.70%, 07/16/24		250		240,647
2.93%, 09/17/41		160		111,098
3.01%, 10/19/26		125		115,030
3.20%, 09/17/29		120		102,742
3.35%, 10/18/27		93		85,552
3.36%, 07/12/27		145		134,032
3.45%, 01/11/27		55		51,275
3.54%, 01/17/28		20		18,437
3.78%, 03/09/26		125		119,407
3.94%, 07/19/28		20		18,692
4.31%, 10/16/28		45		42,643
5.71%, 01/13/30		200		201,454
SVB Financial Group
1.80%, 10/28/26 (Call 09/28/26)		40		34,917
1.80%, 02/02/31 (Call 11/02/30)		75		55,618
2.10%, 05/15/28 (Call 03/15/28)		55		46,204
3.13%, 06/05/30 (Call 03/05/30)		70		59,053
3.50%, 01/29/25		40		38,606
Svenska Handelsbanken AB
0.55%, 06/11/24^(b)		250		235,110
1.42%, 06/11/27 (Call 06/11/26),
(1 year CMT + 0.630%)^(a)(b)(c)		225		197,984
Synovus Financial Corp., 5.90%, 02/07/29 (Call 02/07/24),
(5 year USD Swap + 3.379%)^(a)		15		14,867
Toronto-Dominion Bank (The)
0.55%, 03/04/24		215		204,886
0.70%, 09/10/24		45		41,941
0.75%, 09/11/25		100		89,309


Security	Par (000)		Value

Banks (continued)
0.75%, 01/06/26	$	250	$	220,632
1.15%, 06/12/25		55		50,163
1.20%, 06/03/26		180		157,849
1.25%, 09/10/26		90		78,449
1.45%, 01/10/25		10		9,333
2.00%, 09/10/31		40		31,410
2.65%, 06/12/24		280		270,732
2.80%, 03/10/27		10		9,139
3.20%, 03/10/32		195		167,741
3.63%, 09/15/31 (Call 09/15/26),
(5 year USD Swap + 2.205%)^(a)		150		139,480
4.46%, 06/08/32		100		94,198
4.69%, 09/15/27		175		171,290
Truist Bank
1.50%, 03/10/25 (Call 02/10/25)		40		37,147
2.15%, 12/06/24 (Call 11/06/24)		20		18,971
2.25%, 03/11/30 (Call 12/11/29)		70		57,849
2.64%, 09/17/29 (Call 09/17/24),
(5 year CMT + 1.150%)^(a)		60		56,534
3.30%, 05/15/26 (Call 04/15/26)		80		75,011
3.63%, 09/16/25 (Call 08/16/25)		25		23,996
3.80%, 10/30/26 (Call 09/30/26)		10		9,451
4.05%, 11/03/25 (Call 09/03/25)		5		4,859
Truist Financial Corp.
1.13%, 08/03/27 (Call 06/03/27)		65		55,347
1.20%, 08/05/25 (Call 07/03/25)		105		95,567
1.27%, 03/02/27 (Call 03/02/26),
(1 day SOFR + 0.609%)^(a)		135		120,205
1.89%, 06/07/29 (Call 06/07/28),
(1 day SOFR + 0.862%)^(a)		85		71,722
1.95%, 06/05/30 (Call 03/05/30)		45		36,413
2.50%, 08/01/24 (Call 07/01/24)		153		146,996
2.85%, 10/26/24 (Call 09/26/24)		95		91,753
3.70%, 06/05/25 (Call 05/05/25)		200		193,454
3.88%, 03/19/29 (Call 02/19/29)		45		41,785
4.00%, 05/01/25 (Call 03/01/25)		50		48,730
4.12%, 06/06/28 (Call 06/06/27),
(1 day SOFR + 1.368%)^(a)		150		143,466
4.92%, 07/28/33 (Call 07/28/32),
(1 day SOFR + 2.240%)^(a)		50		47,127
Turkiye Vakiflar Bankasi TAO, 5.25%, 02/05/25^(d)		200		186,012
U.S. Bancorp.
1.38%, 07/22/30 (Call 04/22/30)		10		7,753
1.45%, 05/12/25 (Call 04/12/25)		10		9,228
2.22%, 01/27/28 (Call 01/27/27),
(1 day SOFR + 0.730%)^(a)		65		58,294
2.40%, 07/30/24 (Call 06/30/24)		35		33,624
2.49%, 11/03/36 (Call 11/03/31), (5 year CMT + 0.950%)^(a).		150		115,356
2.68%, 01/27/33 (Call 01/27/32),
(1 day SOFR + 1.020%)^(a)		70		57,767
3.00%, 07/30/29 (Call 04/30/29)		105		92,246
3.10%, 04/27/26 (Call 03/27/26)		45		42,268
3.60%, 09/11/24 (Call 08/11/24)		85		82,974
3.95%, 11/17/25 (Call 10/17/25)		10		9,709
4.84%, 02/01/34 (Call 02/01/33)		180		172,269
4.97%, 07/22/33 (Call 07/22/32),
(1 day SOFR + 2.110%)^(a)		100		95,355
Series V, 2.38%, 07/22/26 (Call 06/22/26)		220		201,872
Series X, 3.15%, 04/27/27 (Call 03/27/27)		170		158,586
United Overseas Bank Ltd., 1.25%, 04/14/26^(b)		30		26,687


Security	Par (000)		Value

Banks (continued)
Valley National Bancorp., 3.00%, 06/15/31 (Call 06/15/26),
(3 mo. SOFR + 2.360%)^(a)	$	55	$	48,641
Webster Financial Corp., 4.10%, 03/25/29 (Call 12/25/28)		70		64,386
Western Alliance Bancorp., 3.00%, 06/15/31 (Call 06/15/26),
(1 day SOFR + 2.250%)^(a)		35		30,472
Woori Bank, 0.75%, 02/01/26^(d)		200		174,768
Zions Bancorp NA, 3.25%, 10/29/29 (Call 07/29/29)		15		12,481

				43,346,203

Beverages — 0.1%
Coca-Cola Icecek AS, 4.50%, 01/20/29 (Call 10/20/28)^(d)		200		172,400
Keurig Dr Pepper Inc.
2.25%, 03/15/31 (Call 12/15/30)		5		4,005
2.55%, 09/15/26 (Call 06/15/26)		65		59,392
3.20%, 05/01/30 (Call 02/01/30)		80		69,659
3.35%, 03/15/51 (Call 09/15/50)		55		37,744
3.43%, 06/15/27 (Call 03/15/27)		25		23,366
3.80%, 05/01/50 (Call 11/01/49)		45		33,700
3.95%, 04/15/29 (Call 02/15/29)		40		36,993
4.05%, 04/15/32 (Call 01/15/32)		35		31,647
4.42%, 12/15/46 (Call 06/15/46)		56		46,538
4.50%, 11/15/45 (Call 05/15/45)		35		29,832
4.50%, 04/15/52 (Call 10/15/51)		75		62,763

				608,039

Biotechnology — 0.6%
Amgen Inc.
1.65%, 08/15/28 (Call 06/15/28)		45		37,687
2.00%, 01/15/32 (Call 10/15/31)		155		119,934
2.20%, 02/21/27 (Call 12/21/26)		168		150,575
2.30%, 02/25/31 (Call 11/25/30)		71		57,515
2.45%, 02/21/30 (Call 11/21/29)		90		75,562
2.60%, 08/19/26 (Call 05/19/26)		87		79,889
2.77%, 09/01/53 (Call 03/01/53)		75		45,259
2.80%, 08/15/41 (Call 02/15/41)		85		58,459
3.00%, 02/22/29 (Call 12/22/28)		40		35,586
3.00%, 01/15/52 (Call 07/15/51)		5		3,200
3.13%, 05/01/25 (Call 02/01/25)		57		54,469
3.15%, 02/21/40 (Call 08/21/39)		117		86,000
3.20%, 11/02/27 (Call 08/02/27)		70		64,707
3.35%, 02/22/32 (Call 11/22/31)		20		17,322
3.38%, 02/21/50 (Call 08/21/49)		142		99,004
4.05%, 08/18/29 (Call 06/18/29)		150		139,848
4.20%, 02/22/52 (Call 08/22/51)		75		60,366
4.40%, 05/01/45 (Call 11/01/44)		142		118,762
4.40%, 02/22/62 (Call 08/22/61)		50		40,133
4.56%, 06/15/48 (Call 12/15/47)		85		73,046
4.66%, 06/15/51 (Call 12/15/50)		207		178,734
4.88%, 03/01/53 (Call 09/01/52)		10		8,898
5.15%, 03/02/28 (Call 02/02/28)		250		249,002
5.15%, 11/15/41 (Call 05/15/41)		37		34,260
5.25%, 03/02/33 (Call 12/02/32)		260		258,071
5.60%, 03/02/43 (Call 09/02/42)		150		148,185
5.65%, 03/02/53 (Call 09/02/52)		300		297,531
5.75%, 03/02/63 (Call 09/02/62)		150		147,927
6.38%, 06/01/37		35		37,467
6.40%, 02/01/39		45		47,880
Biogen Inc.
2.25%, 05/01/30 (Call 02/01/30)		134		108,537
3.15%, 05/01/50 (Call 11/01/49)		95		62,940
3.25%, 02/15/51 (Call 08/15/50)		50		33,663


	Average Annual Total Returns						Cumulative Total Returns
	1 Year			Since Inception			1 Year			Since Inception
Fund NAV		(12.17	)%		(14.01	)%		(12.17	)%		(17.93	)%
Fund Market		(12.19	)		(13.88	)		(12.19	)		(17.77	)
Index		(11.99	)		(13.86	)		(11.99	)		(17.77	)


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	$	983.00	$	0.89		$	1,000.00	$	1,023.90	$	0.90		0.18	%


Maturity	Percent of Total Investments	^(a)
1-5 Years	23.9	%
5-10 Years	37.1
10-15 Years	5.6
15-20 Years	8.5
More than 20 Years	24.9


	Average Annual Total Returns					Cumulative Total Returns
	1 Year			Since Inception		1 Year			Since Inception
Fund NAV		(9.22	)%		(4.62)%		(9.22	)%		(11.95)%
Fund Market		(9.36	)		(4.61)		(9.36	)		(11.92)
Index		(9.15	)		(4.49)		(9.15	)		(11.60)


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		$ 981.70		$ 0.59		$1,000.00		$1,024.20		$0.60		0.12	%


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
Annual Report:
Market Overview		4
Fund Summary		5
About Fund Performance		9
Disclosure of Expenses		9
Schedules of Investments		10
Financial Statements
Statements of Assets and Liabilities		58
Statements of Operations		59
Statements of Changes in Net Assets		60
Financial Highlights		61
Notes to Financial Statements		63
Report of Independent Registered Public Accounting Firm		71
Important Tax Information		72
Statement Regarding Liquidity Risk Management Program		73
Supplemental Information		74
Trustee and Officer Information		75
General Information		78
Glossary of Terms Used in this Report		79


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 Advanced Investment Grade Corporate Bond ETF


Fund Summary as of February 28, 2023 (continued)		iShares^® ESG Advanced Investment Grade Corporate Bond ETF


Moody’s Credit Rating^*	Percent of Total Investments	^(a)
Aaa	4.9	%
Aa	1.5
A	44.2
Baa	48.1
Ba	1.1
Not Rated	0.2


Fund Summary as of February 28, 2023		iShares^® ESG Advanced Total USD Bond Market ETF


Moody’s Credit Rating^*	Percent of Total Investments^(a)
Aaa		50.2%
Aa		10.8
A		12.0
Baa		15.0
Ba		3.1
B		1.8
Caa		0.3
Ca		0.1
Not Rated		6.7


8		2 0 2 3 IS 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


A B O U T F U N D P E R F O R M A N C E / D I S C L O S U R E O F E X P E N S E S		9



		2023 Annual Report




Affiliated Issuer		Value at 02/28/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/28/23	Shares Held at 02/28/23 (000)		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares	$	176,035	$	404,230	^(a)	$	—		$	172	$	151	$	580,588	580	$	479	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		140,000		—			(20,000	)^(a)		—		—		120,000	120		2,310			—

									$	172	$	151	$	700,588		$	2,789		$	—




	Level 1		Level 2		Level 3		Total

Assets
Investments
Long-Term Investments
Corporate Bonds & Notes	$	—	$	11,496,497	$	—	$	11,496,497
Short-Term Securities
Money Market Funds		700,588		—		—		700,588

	$	700,588	$	11,496,497	$	—	$	12,197,085