The Markets in Review

Dear Shareholder,

The 12-month reporting period as of February 28, 2022 saw a continuation of the resurgent growth that followed the initial coronavirus (or “COVID-19”) pandemic reopening, albeit at a slower pace. The global economy weathered the emergence of several variant strains and the resulting peaks and troughs in infections amid optimism that increasing vaccinations and economic adaptation could help contain the pandemic’s disruptions. However, rapid changes in consumer spending led to supply constraints and elevated inflation. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the invasion has presented challenges for both investors and policymakers.

Equity prices were mixed, as persistently high inflation drove investors’ expectations for higher interest rates, which particularly weighed on relatively high valuation growth stocks and economically sensitive small-capitalization stocks. Overall, small-capitalization U.S. stocks declined, while large-capitalization U.S. stocks posted a solid advance. International equities from developed markets gained slightly, although emerging market stocks declined, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose during the reporting period as the economy expanded rapidly and inflation reached its highest annualized reading in decades. In the corporate bond market, the improving economy assuaged credit concerns and led to modest returns for high-yield corporate bonds, outpacing the negative return of investment-grade corporate bonds.

The U.S. Federal Reserve (the “Fed”) maintained accommodative monetary policy during the reporting period by keeping near-zero interest rates. However, the Fed’s tone shifted during the period, as it reduced its bond-buying program and raised the prospect of higher rates in 2022. Continued high inflation and the Fed’s new stance led many analysts to anticipate that the Fed will raise interest rates multiple times throughout the year.

Looking ahead, however, the horrific war in Ukraine has significantly clouded the outlook for the global economy. Sanctions on Russia and general wartime disruption are likely to drive already-high commodity prices even further upwards, and we have already seen spikes in energy and metal markets. While this will exacerbate inflationary pressure, it could also constrain economic growth, making the Fed’s way forward less clear. Its challenge will be combating inflation without stifling a recovery that is now facing additional supply shocks.

In this environment, we favor an overweight to equities, as we believe low interest rates and continued economic growth will support further gains, albeit likely more modest than what we saw in 2021. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and health care, are particularly attractive in the long term. U.S. and other developed market equities have room for further growth, while we believe Chinese equities stand to gain from a more accommodative monetary and fiscal environment. We are underweight long-term credit, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential opportunities. We believe that international diversification and a focus on sustainability can help provide portfolio resilience, and the disruption created by the coronavirus appears to be accelerating the shift toward sustainable investments.

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

Sincerely,

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.


Total Returns as of February 28, 2022
	6-Month		12-Month

U.S. large cap equities (S&P 500^® Index)		(2.62)%		16.39%

U.S. small cap equities (Russell 2000^® Index)		(9.46)		(6.01)

International equities (MSCI Europe, Australasia, Far East Index)		(6.78)		2.83

Emerging market equities (MSCI Emerging Markets Index)		(9.81)		(10.69)

3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		0.02		0.04

U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		(3.94)		(1.67)

U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		(4.07)		(2.64)

Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)		(3.09)		(0.66)

U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		(3.07)		0.64

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, 2022 (the “reporting period”). The Bloomberg U.S. Aggregate Bond Index, a broad measure of U.S. bond performance, returned -2.64% in this interval.

The market downturn reflected a shift from an environment dominated by the adverse economic effects of COVID-19 to one characterized by improving growth and rising inflation. As vaccines were rolled out and lockdowns related to the virus gradually eased, economic growth rebounded in kind. U.S. GDP rose nearly 6% in real (after-inflation) terms in 2021, up from -3.4% in 2020. However, the supply of goods and labor was insufficient to keep up with the increase in demand. These circumstances translated to a surge in inflation, with sharply rising prices for commodities, consumer products, housing costs and labor. Inflation, as measured by the U.S. Core Personal Consumption Index, moved north of 4% in October 2021 and exceeded 5% in January 2022 – well above its range of recent years.

The U.S. Federal Reserve (“Fed”) at first did not adjust its monetary policy in response to accelerating inflation, calling the uptrend “transitory.” As inflation in fact persisted, the Fed shifted gears in November 2021 by announcing it would taper the stimulative bond-buying program known as quantitative easing. It also stated its intention to begin raising interest rates. Investors, appearing to sense that the Fed had fallen behind the curve in fighting inflation, soon began to price in the possibility of as many as six to seven rate increases in 2022.

Late in the period, Russia’s invasion of Ukraine led to a large increase in uncertainty and somewhat dampened expectations regarding the likely extent of Fed tightening. At the same time, commodity prices surged in anticipation that the sanctions levied on Russia would further constrict the available supply of raw materials. Expectations for future inflation therefore remained elevated as of the end of February, limiting the typical “flight to quality” into higher-rated bonds.

Yields on U.S. Treasuries rose, as prices fell, in the annual period. Short-dated issues, which are most sensitive to Fed policy, were hardest hit in the downturn. The yield on the two-year note surged from 0.13% at the beginning of the period to 1.43% by February 28, 2022. Longer-dated bonds, where prices are driven more by longer-term growth expectations than the Fed, held up better on a relative basis. The 10-year yield moved from 1.41% to 1.83% over the 12-month interval, while the 30-year bond stayed even around 2.15%.

Investment-grade corporate bonds experienced a loss and lagged the broader market. Corporate issues performed reasonably well through most of 2021, when the generally favorable investment backdrop encouraged investors to take on greater risk in search of more attractive yields. However, corporates gave up all of their previous gains in January and February 2022 after the start of the Russia-Ukraine conflict fueled a spike in the market’s aversion to risk.

Securitized assets also posted negative returns, underperforming Treasuries but finishing slightly ahead of corporate bonds. Although the housing market remained robust, mortgage-backed securities—which make up the bulk of the category—nonetheless lost ground in the environment of rising interest rates.

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”) (formerly the Bloomberg Barclays MSCI US Corporate 1-5 Year ESG Focus 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 7/11/17. The first day of secondary market trading was 7/13/17.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 11 for more information.

The bond market in the U.S. experienced a challenging year broadly, while investment-grade (“IG”) corporate bonds with positive environmental, social, and governance (“ESG”) characteristics performed similarly to their traditional IG sector. Short-term issues experienced a meaningful downturn due to expectations for tighter Fed policy, weighing on returns for the Index. Although bonds with higher ESG ratings sold off in tandem with the broader fixed-income market, the ESG space continued to benefit from robust inflows and an increased focus from investors, corporations, regulators and other key stakeholders.

In terms of relative performance, the Index slightly underperformed the broader market, as represented by the Bloomberg US Corporate 1-5 Year Index. 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 Index was overweight in industrials and utilities and underweight in financials compared to the market as a whole. Within the industrials sector, the Index’s largest overweights were in the information technology and consumer cyclical industries, and energy and communications were its most notable underweights. Electricity was the key driver of the Index’s overweight in utilities, while its underweight in financials largely stemmed from below-benchmark weightings in insurance and finance 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”) (formerly the Bloomberg Barclays MSCI US Aggregate ESG Focus Index). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

The inception date of the Fund was 10/18/18. The first day of secondary market trading was 10/23/18.

At the asset class level, U.S. Treasuries experienced the smallest losses and outpaced securitized assets and corporate bonds, respectively. Corporate bonds strongly outperformed in 2021, but their relative strength in this time was outweighed by their slump in January-February 2022 following the outbreak of the Russia-Ukraine conflict Although bonds with higher ESG ratings sold off in tandem with the broader fixed-income market, the ESG space continued to benefit from robust inflows and an increased focus from investors, corporations, regulators, and other key stakeholders.

The Index slightly underperformed the broader market, as represented by the Bloomberg U.S. Aggregate Index. 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 Index held a small overweight position in corporate bonds relative to the market, with overweights in industrials and utilities and an underweight in financials. It had modest underweights in U.S. Treasuries, government-related bonds and securitized assets.

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”) (formerly the Bloomberg Barclays MSCI US Corporate ESG Focus 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 7/11/17. The first day of secondary market trading was 7/13/17.

The bond market in the U.S. experienced a challenging year broadly, while investment-grade (“IG”) corporate bonds with positive environmental, social, and governance (“ESG”) characteristics performed similarly to their traditional IG sector. Short-term issues experienced a meaningful downturn due to expectations for tighter Fed policy, weighing on returns. Although bonds with higher ESG ratings sold off in tandem with the broader fixed-income market, the ESG space continued to benefit from robust inflows and an increased focus from investors, corporations, regulators and other key stakeholders.

The Index slightly underperformed the broader market, as represented by the Bloomberg US Corporate 1-5 Year Index. 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 Period.”

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

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


Security	Par (000)		Value

Corporate Bonds & Notes

Advertising — 0.3%
WPP Finance 2010, 3.75%, 09/19/24	$	2,761	$	2,859,292


Aerospace & Defense — 0.2%
L3Harris Technologies Inc.
3.83%, 04/27/25 (Call 01/27/25)		713		743,003
3.85%, 06/15/23 (Call 05/15/23)^(a)		288		295,154
3.85%, 12/15/26 (Call 09/15/26)		25		26,243
3.95%, 05/28/24 (Call 02/28/24)		320		331,574
Raytheon Technologies Corp., 3.95%, 08/16/25 (Call 06/16/25)		521		549,296
Teledyne Technologies Inc., 1.60%, 04/01/26 (Call 03/01/26)		300		289,206


				2,234,476

Agriculture — 1.0%
Bunge Ltd. Finance Corp.
1.63%, 08/17/25 (Call 07/17/25)		5,239		5,085,550
3.25%, 08/15/26 (Call 05/15/26)^(a)		2,055		2,104,792
4.35%, 03/15/24 (Call 03/10/22)		2,617		2,742,773


				9,933,115

Airlines — 0.1%
Southwest Airlines Co., 5.25%, 05/04/25 (Call 04/04/25)		1,008		1,087,078


Apparel — 0.3%
NIKE Inc., 2.40%, 03/27/25 (Call 02/27/25)		568		576,156
PVH Corp., 4.63%, 07/10/25 (Call 06/10/25)		1,192		1,259,050
Ralph Lauren Corp., 3.75%, 09/15/25 (Call 07/15/25)^(a)		383		400,821
VF Corp., 2.40%, 04/23/25 (Call 03/23/25)		920		922,981


				3,159,008

Auto Manufacturers — 1.4%
American Honda Finance Corp.
1.00%, 09/10/25		360		344,812
1.20%, 07/08/25		432		417,606
2.15%, 09/10/24^(a)		955		956,222
2.40%, 06/27/24^(a)		471		475,639
2.90%, 02/16/24		499		508,321
3.55%, 01/12/24^(a)		790		814,893
3.63%, 10/10/23		357		367,507
Cummins Inc.
0.75%, 09/01/25 (Call 08/01/25)		3,140		2,989,971
3.65%, 10/01/23 (Call 07/01/23)		1,687		1,729,698
General Motors Co., 4.00%, 04/01/25		595		617,598
General Motors Financial Co. Inc.
2.75%, 06/20/25 (Call 05/20/25)		110		109,946
2.90%, 02/26/25 (Call 01/26/25)		887		892,428
4.00%, 01/15/25 (Call 10/15/24)		555		574,264
4.30%, 07/13/25 (Call 04/13/25)		62		64,699
4.35%, 04/09/25 (Call 02/09/25)		1,375		1,438,814
PACCAR Financial Corp.
1.80%, 02/06/25		25		24,786
2.15%, 08/15/24^(a)		80		80,411
Toyota Motor Corp.
2.36%, 07/02/24^(a)		95		95,684
3.42%, 07/20/23		251		257,441
Toyota Motor Credit Corp.
0.50%, 08/14/23		230		226,619
1.35%, 08/25/23		167		166,492
1.80%, 02/13/25^(a)		378		375,263
2.00%, 10/07/24		222		221,967


Security	Par (000)		Value

Auto Manufacturers (continued)
2.25%, 10/18/23	$	91	$	91,873
2.90%, 04/17/24		163		166,309
3.00%, 04/01/25		413		423,106
3.35%, 01/08/24		75		77,125
3.40%, 04/14/25		162		167,644
3.45%, 09/20/23		247		253,852


				14,930,990

Auto Parts & Equipment — 0.2%
BorgWarner Inc., 3.38%, 03/15/25 (Call 12/15/24)^(a)		569		586,662
Magna International Inc., 3.63%, 06/15/24 (Call 03/15/24)		961		987,754


				1,574,416

Banks — 34.3%
Banco Bilbao Vizcaya Argentaria SA
0.88%, 09/18/23		3,555		3,502,884
1.13%, 09/18/25		8,316		7,902,445
Banco Santander SA
1.72%, 09/14/27 (Call 09/14/26)^(b)		35		33,001
1.85%, 03/25/26		1,495		1,436,740
2.71%, 06/27/24		105		105,956
2.75%, 05/28/25		550		550,528
3.85%, 04/12/23		295		301,402
5.18%, 11/19/25		710		758,337
Bank of America Corp.
0.98%, 09/25/25 (Call 09/25/24), (SOFR + 0.910%)^(b)		440		423,399
1.20%, 10/24/26 (Call 10/24/25), (SOFR + 1.010%)^(b)		160		151,355
1.32%, 06/19/26 (Call 06/19/25), (SOFR + 1.150%)^(b)		528		504,805
1.49%, 05/19/24 (Call 05/19/23), (SOFR + 1.460%)^(b)		325		323,024
1.73%, 07/22/27 (Call 07/22/26), (SOFR + 0.960%)^(b)		2,411		2,303,156
1.84%, 02/04/25 (Call 02/04/24), (SOFR + 0.670%)^(b)		230		227,755
2.02%, 02/13/26 (Call 02/13/25), (3 mo. LIBOR US + 0.640%)^(b)		4,035		3,968,261
2.46%, 10/22/25 (Call 10/22/24), (3 mo. LIBOR US + 0.870%)^(b)		915		912,896
2.55%, 02/04/28 (Call 02/04/27), (SOFR + 1.050%)^(b)		460		452,727
3.09%, 10/01/25 (Call 10/01/24), (3 mo. LIBOR US + 1.090%)^(b)		608		616,561
3.37%, 01/23/26 (Call 01/23/25), (3 mo. LIBOR US + 0.810%)^(b)		287		292,640
3.46%, 03/15/25 (Call 03/15/24), (3 mo. LIBOR US + 0.970%)^(b)		936		954,439
3.50%, 04/19/26		114		118,224
3.55%, 03/05/24 (Call 03/05/23), (3 mo. LIBOR US + 0.780%)^(b)		1,107		1,124,668
3.56%, 04/23/27 (Call 04/23/26), (3 mo. LIBOR US + 1.060%)^(b)		270		277,204
3.82%, 01/20/28 (Call 01/20/27), (3 mo. LIBOR US + 1.575%)^(b)		2,000		2,084,640
3.86%, 07/23/24 (Call 07/23/23), (3 mo. LIBOR US + 0.940%)^(b)		939		961,132
3.88%, 08/01/25		615		644,520
4.00%, 04/01/24		371		384,861
4.00%, 01/22/25		244		253,404
4.10%, 07/24/23		388		401,010
4.13%, 01/22/24^(a)		281		292,144
4.20%, 08/26/24		684		712,188
4.45%, 03/03/26		170		180,747
Series L, 3.95%, 04/21/25		802		831,393
Series N, 1.66%, 03/11/27 (Call 03/11/26), (SOFR + 0.910%)^(b)		1,303		1,246,476


Security	Par (000)		Value

Banks (continued)
Bank of Montreal
0.95%, 01/22/27 (Call 01/22/26), (SOFR + 0.603%)^(b)	$	2,540	$	2,397,227
1.25%, 09/15/26		2,065		1,958,322
1.50%, 01/10/25		200		195,814
1.85%, 05/01/25		525		518,915
2.50%, 06/28/24^(a)		1,312		1,324,057
4.34%, 10/05/28 (Call 10/05/23)^(b)		820		844,821
Series E, 3.30%, 02/05/24		2,837		2,907,102
Bank of New York Mellon Corp. (The)
0.75%, 01/28/26 (Call 12/28/25)		215		203,943
1.60%, 04/24/25 (Call 03/24/25)		2,245		2,210,202
2.05%, 01/26/27 (Call 12/26/26)		250		247,218
2.10%, 10/24/24		946		949,510
2.20%, 08/16/23 (Call 06/16/23)		2,828		2,850,228
2.80%, 05/04/26 (Call 02/04/26)		45		46,008
3.25%, 09/11/24 (Call 08/11/24)^(a)		421		433,681
3.40%, 05/15/24 (Call 04/15/24)		441		455,134
3.45%, 08/11/23		920		944,058
3.50%, 04/28/23		1,024		1,046,948
3.95%, 11/18/25 (Call 10/18/25)		170		180,346
Series 12, 3.65%, 02/04/24 (Call 01/05/24)		1,106		1,141,646
Series G, 3.00%, 02/24/25 (Call 01/24/25)		340		348,945
Bank of Nova Scotia (The)
0.40%, 09/15/23		85		83,327
1.05%, 03/02/26		8,210		7,776,019
1.30%, 06/11/25		1,761		1,699,400
1.30%, 09/15/26 (Call 06/15/26)		4,145		3,941,066
1.35%, 06/24/26		2,830		2,700,839
1.95%, 02/02/27		200		194,284
2.20%, 02/03/25^(a)		3,814		3,801,643
2.70%, 08/03/26		1,075		1,085,503
3.40%, 02/11/24		2,231		2,289,296
4.50%, 12/16/25		55		58,462
Bank OZK, 2.75%, 10/01/31 (Call 10/01/26), (SOFR + 2.090%)^(b)		2,290		2,272,459
Barclays Bank PLC, 3.75%, 05/15/24^(a)		42		43,495
Barclays PLC
2.28%, 11/24/27 (Call 11/24/26)^(b)		2,580		2,488,462
2.85%, 05/07/26 (Call 05/07/25), (SOFR + 2.714%)^(b)		1,190		1,188,548
3.65%, 03/16/25		340		348,966
3.93%, 05/07/25 (Call 05/07/24), (3 mo. LIBOR US + 1.610%)^(b)		1,955		2,008,352
4.34%, 05/16/24 (Call 05/16/23), (3 mo. LIBOR US + 1.356%)^(a)(b)		2,020		2,076,095
4.38%, 09/11/24		125		129,604
4.38%, 01/12/26		1,445		1,525,718
5.20%, 05/12/26		1,050		1,131,196
BNP Paribas SA, 4.25%, 10/15/24		1,295		1,352,161
BPCE SA, 4.00%, 04/15/24		1,710		1,771,970
Cadence Bank, 4.13%, 11/20/29 (Call 11/20/24), (3 mo. LIBOR US + 2.470%)^(b)		75		76,097
Canadian Imperial Bank of Commerce
0.95%, 06/23/23		802		793,627
0.95%, 10/23/25		730		693,982
1.25%, 06/22/26 (Call 05/22/26)		305		288,676
2.25%, 01/28/25		2,068		2,065,436
3.10%, 04/02/24		2,146		2,188,727
3.50%, 09/13/23		2,441		2,509,006
Citibank N.A., 3.65%, 01/23/24 (Call 12/23/23)		276		285,260


Security	Par (000)		Value

Banks (continued)
Citigroup Inc.
1.12%, 01/28/27 (Call 01/28/26), (SOFR + 0.765%)^(b)	$	3,110	$	2,929,869
1.46%, 06/09/27 (Call 06/09/26), (SOFR + 0.770%)^(b)		1,255		1,188,736
1.68%, 05/15/24 (Call 05/15/23), (SOFR + 1.667%)^(b)		550		549,307
2.01%, 01/25/26 (Call 01/25/25), (SOFR + 0.694%)^(b)		360		354,737
3.07%, 02/24/28 (Call 02/24/27), (SOFR + 1.280%)^(b)		500		504,400
3.11%, 04/08/26 (Call 04/08/25), (SOFR + 2.842%)^(b)		1,502		1,522,157
3.30%, 04/27/25^(a)		498		509,987
3.35%, 04/24/25 (Call 04/24/24), (3 mo. LIBOR US + 0.897%)^(b)		1,146		1,169,779
3.40%, 05/01/26		70		72,161
3.50%, 05/15/23		1,058		1,082,239
3.70%, 01/12/26		1,565		1,634,815
3.75%, 06/16/24		241		249,442
3.88%, 10/25/23		262		270,426
3.88%, 03/26/25		425		439,395
4.00%, 08/05/24		239		247,014
4.04%, 06/01/24 (Call 06/01/23), (3 mo. LIBOR US + 1.023%)^(b)		1,836		1,883,185
4.40%, 06/10/25		1,688		1,771,505
4.60%, 03/09/26		730		778,968
5.50%, 09/13/25		587		640,382
Citizens Bank N.A./Providence RI, 2.25%, 04/28/25 (Call 03/28/25)		320		319,002
Comerica Bank
2.50%, 07/23/24		849		857,456
4.00%, 07/27/25		405		425,756
Comerica Inc., 3.70%, 07/31/23 (Call 06/30/23)		2,682		2,743,766
Cooperatieve Rabobank U.A.
4.38%, 08/04/25		350		366,534
4.63%, 12/01/23^(a)		170		177,254
Credit Suisse AG/New York NY
1.00%, 05/05/23		292		289,752
2.95%, 04/09/25		210		212,860
3.63%, 09/09/24		1,280		1,321,050
Credit Suisse Group AG
3.75%, 03/26/25		729		748,770
3.80%, 06/09/23		576		588,925
4.55%, 04/17/26^(a)		825		871,431
Deutsche Bank AG, 4.10%, 01/13/26		490		510,276
Deutsche Bank AG/London, 3.70%, 05/30/24		889		912,523
Deutsche Bank AG/New York NY
2.13%, 11/24/26 (Call 11/24/25), (SOFR + 1.870%)^(b)		2,805		2,700,430
2.22%, 09/18/24 (Call 09/18/23), (SOFR + 2.159%)^(b)		867		865,387
2.31%, 11/16/27 (Call 11/16/26), (SOFR + 1.219%)^(b)		25		23,908
2.55%, 01/07/28 (Call 01/07/27), (SOFR + 1.318%)^(b)		2,750		2,644,977
3.70%, 05/30/24		956		979,613
3.96%, 11/26/25 (Call 11/26/24), (SOFR + 2.581%)^(b)		2,480		2,537,362
4.10%, 01/13/26		1,083		1,129,601
Discover Bank
2.45%, 09/12/24 (Call 08/12/24)		312		312,465
4.20%, 08/08/23		252		259,908
4.68%, 08/09/28 (Call 08/09/23)^(b)		927		951,417
First Citizens BancShares Inc./NC, 3.38%, 03/15/30 (Call 03/15/25), (SOFR + 2.465%)^(a)(b)		125		124,248
First Horizon Corp.
3.55%, 05/26/23 (Call 04/26/23)^(a)		252		256,029
4.00%, 05/26/25 (Call 04/26/25)		582		604,064
First-Citizens Bank & Trust Co., 2.97%, 09/27/25 (Call 09/27/24), (SOFR + 1.715%)^(b)		347		350,276


Security	Par (000)		Value

Banks (continued)
FNB Corp./PA, 2.20%, 02/24/23 (Call 01/24/23)	$	25	$	25,030
Goldman Sachs Group Inc. (The)
1.09%, 12/09/26 (Call 12/09/25), (SOFR + 0.789%)^(b)		175		164,658
1.43%, 03/09/27 (Call 03/09/26), (SOFR + 0.798%)^(b)		2,357		2,228,072
1.54%, 09/10/27 (Call 09/10/26), (SOFR + 0.818%)^(a)(b)		1,085		1,022,439
1.76%, 01/24/25 (Call 01/24/24), (SOFR + 0.730%)^(b)		350		346,213
1.95%, 10/21/27 (Call 10/21/26), (SOFR + 0.913%)^(b)		2,905		2,784,965
2.64%, 02/24/28 (Call 02/24/27), (SOFR + 1.114%)^(b)		2,680		2,648,590
3.27%, 09/29/25 (Call 09/29/24), (3 mo. LIBOR US + 1.201%)^(b)		1,992		2,027,637
3.50%, 01/23/25 (Call 10/23/24)		364		374,523
3.50%, 04/01/25 (Call 03/01/25)		529		543,891
3.63%, 02/20/24 (Call 01/20/24)		945		971,016
3.75%, 05/22/25 (Call 02/22/25)		531		549,404
3.85%, 07/08/24 (Call 04/08/24)^(a)		668		690,104
4.00%, 03/03/24		1,195		1,237,554
HSBC Holdings PLC
0.98%, 05/24/25 (Call 05/24/24), (SOFR + 0.708%)^(b)		300		289,983
1.16%, 11/22/24 (Call 11/22/23), (SOFR + 0.580%)^(b)		200		195,852
1.59%, 05/24/27 (Call 05/24/26), (SOFR + 1.290%)^(b)		3,325		3,134,610
1.65%, 04/18/26 (Call 04/18/25), (SOFR + 1.538%)^(b)		985		949,855
2.10%, 06/04/26 (Call 06/04/25), (SOFR + 1.929%)^(b)		1,015		990,122
2.25%, 11/22/27 (Call 11/22/26), (SOFR + 1.100%)^(b)		230		221,495
2.63%, 11/07/25 (Call 11/07/24), (SOFR + 1.401%)^(b)		785		784,011
3.60%, 05/25/23		285		291,609
3.80%, 03/11/25 (Call 03/11/24), (3 mo. LIBOR US + 1.211%)^(b)		1,865		1,911,494
3.90%, 05/25/26		4,040		4,203,176
3.95%, 05/18/24 (Call 05/18/23), (3 mo. LIBOR US + 0.987%)^(b)		385		393,362
4.25%, 03/14/24^(a)		375		387,518
4.25%, 08/18/25		402		417,015
4.29%, 09/12/26 (Call 09/12/25), (3 mo. LIBOR US + 1.348%)^(b)		1,470		1,533,254
4.30%, 03/08/26		255		269,334
4.38%, 11/23/26		1,935		2,035,581
HSBC USA Inc., 3.50%, 06/23/24		225		231,644
Huntington Bancshares Inc./OH
2.63%, 08/06/24 (Call 07/06/24)		1,240		1,249,412
4.00%, 05/15/25 (Call 04/15/25)		1,185		1,238,692
Huntington National Bank (The)
1.80%, 02/03/23 (Call 01/03/23)		180		180,110
3.55%, 10/06/23 (Call 09/06/23)		200		205,350
ING Groep NV
1.73%, 04/01/27 (Call 04/01/26), (SOFR + 1.005%)^(b)		2,600		2,485,496
3.55%, 04/09/24		1,707		1,751,536
4.10%, 10/02/23		2,300		2,375,049
Intesa Sanpaolo SpA, 5.25%, 01/12/24		7,040		7,391,366
JPMorgan Chase & Co.
0.65%, 09/16/24 (Call 09/16/23), (SOFR + 0.600%)^(b)		170		166,756
1.04%, 02/04/27 (Call 02/04/26), (SOFR + 0.695%)^(b)		940		880,131
1.05%, 11/19/26 (Call 11/19/25), (SOFR + 0.800%)^(b)		160		150,416
1.47%, 09/22/27 (Call 09/22/26), (SOFR + 0.765%)^(b)		2,770		2,613,440
1.51%, 06/01/24 (Call 06/01/23), (SOFR + 1.455%)^(b)		379		377,454
1.58%, 04/22/27 (Call 04/22/26), (SOFR + 0.885%)^(b)		570		545,045
2.01%, 03/13/26 (Call 03/13/25), (SOFR + 1.585%)^(b)		2,475		2,435,152
2.08%, 04/22/26 (Call 04/22/25), (SOFR + 1.850%)^(b)		3,622		3,566,113
2.30%, 10/15/25 (Call 10/15/24), (SOFR + 1.160%)^(b)		534		531,549
2.60%, 02/24/26 (Call 02/24/25), (SOFR + 0.915%)^(b)		200		200,506
2.70%, 05/18/23 (Call 03/18/23)		141		142,574


Security	Par (000)		Value

Banks (continued)
2.95%, 02/24/28 (Call 02/24/27), (SOFR + 1.170%)^(b)	$	470	$	472,801
3.13%, 01/23/25 (Call 10/23/24)		54		55,202
3.20%, 06/15/26 (Call 03/15/26)		110		112,878
3.22%, 03/01/25 (Call 03/01/24), (3 mo. LIBOR US + 1.155%)^(b)		355		361,230
3.38%, 05/01/23		336		342,337
3.56%, 04/23/24 (Call 04/23/23), (3 mo. LIBOR US + 0.730%)^(b)		225		229,118
3.63%, 05/13/24		544		562,153
3.78%, 02/01/28 (Call 02/01/27), (3 mo. LIBOR US + 1.337%)^(b)		2,000		2,088,460
3.80%, 07/23/24 (Call 07/23/23), (3 mo. LIBOR US + 0.890%)^(b)		223		228,310
3.88%, 02/01/24		183		189,868
3.88%, 09/10/24		776		805,333
3.90%, 07/15/25 (Call 04/15/25)		131		136,908
3.96%, 01/29/27 (Call 01/29/26), (3 mo. LIBOR US + 1.245%)^(b)		55		57,579
4.02%, 12/05/24 (Call 12/05/23), (3 mo. LIBOR US + 1.000%)^(b)		690		712,101
7.63%, 10/15/26		30		36,254
7.75%, 07/15/25		35		41,001
KeyBank N.A./Cleveland OH, 3.30%, 06/01/25		272		281,115
Lloyds Bank PLC, 3.50%, 05/14/25^(a)		700		719,236
Lloyds Banking Group PLC
1.63%, 05/11/27 (Call 05/11/26)^(b)		25		23,716
2.44%, 02/05/26 (Call 02/05/25)^(b)		1,875		1,861,181
3.87%, 07/09/25 (Call 07/09/24)^(b)		936		963,930
3.90%, 03/12/24		875		906,518
4.05%, 08/16/23		1,215		1,251,535
4.45%, 05/08/25		370		389,469
4.50%, 11/04/24		950		991,430
4.58%, 12/10/25		2,020		2,118,091
4.65%, 03/24/26		3,000		3,172,950
Mitsubishi UFJ Financial Group Inc.
0.85%, 09/15/24 (Call 09/15/23)^(b)		320		314,106
1.41%, 07/17/25		500		482,340
2.19%, 02/25/25		1,345		1,335,141
2.34%, 01/19/28 (Call 01/19/27)^(b)		395		385,469
2.80%, 07/18/24		255		258,274
3.41%, 03/07/24		300		307,560
3.76%, 07/26/23		388		398,658
3.78%, 03/02/25		138		143,378
Mizuho Financial Group Inc.
0.85%, 09/08/24 (Call 09/08/23), (SOFR + 0.872%)^(b)		180		176,567
1.23%, 05/22/27 (Call 05/22/26)^(b)		1,140		1,067,633
1.24%, 07/10/24 (Call 07/10/23), (SOFR + 1.252%)^(b)		387		382,836
2.23%, 05/25/26 (Call 05/25/25), (3 mo. LIBOR US + 0.830%)^(b)		1,305		1,288,413
2.56%, 09/13/25 (Call 09/13/24), (SOFR + 1.362%)^(b)		655		655,675
2.84%, 07/16/25 (Call 07/16/24), (SOFR + 1.242%)^(b)		390		393,260
3.92%, 09/11/24 (Call 09/11/23), (3 mo. LIBOR US + 1.000%)^(b)		337		345,877
Morgan Stanley
0.73%, 04/05/24 (Call 04/05/23), (SOFR + 0.610%)^(b)		160		157,811
0.79%, 01/22/25 (Call 01/22/24), (SOFR + 0.590%)^(b)		35		34,007
0.79%, 05/30/25 (Call 05/30/24), (SOFR + 0.525%)^(b)		125		120,556
0.99%, 12/10/26 (Call 12/10/25), (SOFR + 0.720%)^(b)		4,317		4,044,640
1.51%, 07/20/27 (Call 07/20/26), (SOFR + 0.858%)^(b)		2,965		2,810,761
1.59%, 05/04/27 (Call 05/04/26), (SOFR + 0.879%)^(b)		4,565		4,349,167


Security	Par (000)		Value

Banks (continued)
2.19%, 04/28/26 (Call 04/28/25), (SOFR + 1.990%)^(b)	$	2,031	$	2,003,744
2.48%, 01/21/28 (Call 01/21/27), (SOFR + 1.000%)^(b)		825		811,223
2.63%, 02/18/26 (Call 02/18/25), (SOFR + 0.940%)^(b)		1,000		1,000,780
2.72%, 07/22/25 (Call 07/22/24), (SOFR + 1.152%)^(a)(b)		1,902		1,913,184
3.13%, 07/27/26		2,045		2,083,650
3.70%, 10/23/24		1,932		1,998,519
3.74%, 04/24/24 (Call 04/24/23), (3 mo. LIBOR US + 0.847%)^(b)		2,902		2,958,212
3.88%, 01/27/26		2,496		2,606,947
4.00%, 07/23/25		834		874,074
4.10%, 05/22/23		805		826,123
4.35%, 09/08/26		140		148,677
5.00%, 11/24/25		1,158		1,245,730
6.25%, 08/09/26		195		223,257
Series F, 3.88%, 04/29/24		1,916		1,980,569
Series I, 0.86%, 10/21/25 (Call 10/21/24), (SOFR + 0.745%)^(b)		436		418,451
National Australia Bank Ltd./New York, 3.63%, 06/20/23		47		48,230
Natwest Group PLC
1.64%, 06/14/27 (Call 06/14/26)^(a)(b)		1,825		1,733,476
2.36%, 05/22/24 (Call 05/22/23)^(b)		460		460,943
3.75%, 11/01/29 (Call 11/01/24)^(b)		1,259		1,274,788
3.88%, 09/12/23		1,470		1,505,515
4.27%, 03/22/25 (Call 03/22/24), (3 mo. LIBOR US + 1.762%)^(b)		1,510		1,561,612
4.52%, 06/25/24 (Call 06/25/23), (3 mo. LIBOR US + 1.550%)^(b)		1,285		1,322,149
4.80%, 04/05/26		2,030		2,175,551
5.13%, 05/28/24		1,477		1,551,441
6.00%, 12/19/23		1,125		1,194,829
6.10%, 06/10/23^(a)		1,213		1,268,968
Northern Trust Corp., 3.95%, 10/30/25		823		872,503
Pacific Western Bank, 3.25%, 05/01/31 (Call 05/01/26), (SOFR + 2.520%)^(b)		5		4,885
People’s United Bank N.A., 4.00%, 07/15/24 (Call 04/16/24)		30		30,934
PNC Bank N.A.
2.95%, 02/23/25 (Call 01/24/25)		85		87,230
3.25%, 06/01/25 (Call 05/02/25)		157		162,330
3.30%, 10/30/24 (Call 09/30/24)		27		27,872
3.50%, 06/08/23 (Call 05/09/23)		237		242,264
3.80%, 07/25/23 (Call 06/25/23)		80		82,093
PNC Bank NA
3.88%, 04/10/25 (Call 03/10/25)		2,050		2,138,970
2.50%, 08/27/24 (Call 07/27/24)		2,530		2,557,273
PNC Financial Services Group Inc. (The)
2.20%, 11/01/24 (Call 10/02/24)		803		805,706
3.50%, 01/23/24 (Call 12/23/23)		2,610		2,686,055
3.90%, 04/29/24 (Call 03/29/24)		427		443,367
Regions Financial Corp., 2.25%, 05/18/25 (Call 04/18/25)		1,900		1,902,831
Royal Bank of Canada
1.15%, 06/10/25		1,718		1,654,125
1.20%, 04/27/26		280		265,944
1.60%, 04/17/23		506		506,729
2.05%, 01/21/27		250		244,913
2.25%, 11/01/24		988		988,731
2.55%, 07/16/24		1,183		1,194,830
3.70%, 10/05/23		515		530,826
Santander Holdings USA Inc.
2.49%, 01/06/28 (Call 01/06/27), (SOFR + 1.249%)^(b)		2,245		2,180,546


Security	Par (000)		Value

Banks (continued)
3.24%, 10/05/26 (Call 08/05/26)	$	20	$	20,208
3.45%, 06/02/25 (Call 05/02/25)		420		427,102
3.50%, 06/07/24 (Call 05/07/24)		441		450,067
4.50%, 07/17/25 (Call 04/17/25)		660		692,003
Santander UK Group Holdings PLC
1.53%, 08/21/26 (Call 08/21/25)^(b)		475		453,117
1.67%, 06/14/27 (Call 06/14/26), (SOFR + 0.989%)^(b)		200		188,946
2.47%, 01/11/28 (Call 01/11/27), (SOFR + 1.220%)^(b)		1,995		1,931,220
4.80%, 11/15/24 (Call 11/15/23), (3 mo. LIBOR US + 1.570%)^(b)		1,005		1,044,497
Santander UK PLC
2.88%, 06/18/24^(a)		30		30,408
4.00%, 03/13/24		281		291,349
State Street Corp.
1.75%, 02/06/26 (Call 02/06/25), (SOFR + 0.441%)^(b)		90		88,966
2.20%, 02/07/28 (Call 02/07/27), (SOFR + 0.730%)^(b)		300		296,163
2.35%, 11/01/25 (Call 11/01/24)^(b)		2,232		2,245,481
2.65%, 05/19/26		35		35,725
2.90%, 03/30/26 (Call 03/30/25), (SOFR + 2.600%)^(b)		245		249,993
3.10%, 05/15/23		1,068		1,086,861
3.30%, 12/16/24		963		996,262
3.55%, 08/18/25		2,338		2,440,778
3.70%, 11/20/23		526		543,495
3.78%, 12/03/24 (Call 12/03/23), (3 mo. LIBOR US + 0.770%)^(b)		525		541,758
Sumitomo Mitsui Banking Corp.
3.40%, 07/11/24		250		257,655
3.65%, 07/23/25		260		270,559
3.95%, 07/19/23^(a)		115		118,292
3.95%, 01/10/24		20		20,751
Sumitomo Mitsui Financial Group Inc.
1.47%, 07/08/25		1,995		1,926,472
2.35%, 01/15/25		1,875		1,868,400
2.45%, 09/27/24		1,045		1,047,832
2.70%, 07/16/24^(a)		975		984,282
3.75%, 07/19/23		377		387,345
3.94%, 10/16/23		486		501,999
SVB Financial Group, 3.50%, 01/29/25		424		437,004
Svenska Handelsbanken AB, 3.90%, 11/20/23		500		518,665
Toronto-Dominion Bank (The)
0.45%, 09/11/23		578		566,729
0.75%, 06/12/23		513		507,629
0.75%, 09/11/25		605		571,804
0.75%, 01/06/26		50		47,154
1.15%, 06/12/25		1,372		1,321,867
1.20%, 06/03/26		150		142,764
1.25%, 09/10/26		4,125		3,912,604
2.65%, 06/12/24		2,577		2,609,934
3.25%, 03/11/24		1,486		1,524,918
3.50%, 07/19/23		4,173		4,277,367
3.63%, 09/15/31 (Call 09/15/26)^(b)		1,040		1,072,094
Truist Bank
1.25%, 03/09/23 (Call 02/09/23)		150		149,670
1.50%, 03/10/25 (Call 02/10/25)		45		44,263
2.15%, 12/06/24 (Call 11/05/24)		155		155,521
2.64%, 09/17/29 (Call 09/17/24)^(b)		631		633,492
2.75%, 05/01/23 (Call 04/01/23)		245		248,229
3.20%, 04/01/24 (Call 03/01/24)		141		144,776
3.30%, 05/15/26 (Call 04/15/26)		90		93,165
3.63%, 09/16/25 (Call 08/16/25)		435		453,218


Security	Par (000)		Value

Banks (continued)
3.69%, 08/02/24 (Call 08/02/23), (3 mo. LIBOR US + 0.735%)^(b)	$	80	$	82,067
Truist Financial Corp.
1.20%, 08/05/25 (Call 07/03/25)		65		62,669
1.27%, 03/02/27 (Call 03/02/26), (SOFR + 0.609%)^(b)		475		453,772
2.20%, 03/16/23 (Call 02/13/23)		171		171,911
2.50%, 08/01/24 (Call 07/01/24)		213		215,439
2.85%, 10/26/24 (Call 09/26/24)		134		136,554
3.70%, 06/05/25 (Call 05/05/25)		74		77,329
3.75%, 12/06/23 (Call 11/06/23)		305		314,720
4.00%, 05/01/25 (Call 03/01/25)		390		409,305
U.S. Bancorp.
1.45%, 05/12/25 (Call 04/11/25)		210		205,361
2.40%, 07/30/24 (Call 06/28/24)		378		382,260
3.38%, 02/05/24 (Call 01/05/24)		284		291,969
3.60%, 09/11/24 (Call 08/11/24)		126		130,730
3.70%, 01/30/24 (Call 12/29/23)		116		120,109
U.S. Bank N.A./Cincinnati OH
2.05%, 01/21/25 (Call 12/20/24)		117		117,089
2.80%, 01/27/25 (Call 12/27/24)		102		104,033
Valley National Bancorp., 3.00%, 06/15/31 (Call 06/15/26), (SOFR + 2.360%)^(b)		270		265,372
Western Alliance Bancorp., 3.00%, 06/15/31 (Call 06/15/26), (SOFR + 2.250%)^(b)		925		917,193
Westpac Banking Corp.
1.15%, 06/03/26		155		148,391
2.35%, 02/19/25		1,138		1,147,377
2.85%, 05/13/26		345		354,077
2.89%, 02/04/30 (Call 02/04/25)^(b)		1,401		1,384,314
3.30%, 02/26/24		1,552		1,597,908
3.65%, 05/15/23		1,137		1,166,596
4.32%, 11/23/31 (Call 11/23/26)^(b)		30		31,292


				354,053,547

Beverages — 3.3%
Anheuser-Busch Companies LLC/Anheuser-Busch InBev Worldwide Inc., 3.65%, 02/01/26 (Call 11/01/25)		415		433,820
Brown-Forman Corp., 3.50%, 04/15/25 (Call 02/15/25)		55		57,180
Coca-Cola Co. (The), 1.75%, 09/06/24		144		144,055
Diageo Capital PLC
1.38%, 09/29/25 (Call 08/29/25)		5,245		5,091,059
2.13%, 10/24/24 (Call 09/24/24)		4,850		4,868,042
2.63%, 04/29/23 (Call 01/29/23)		2,735		2,763,116
3.50%, 09/18/23 (Call 08/18/23)		3,950		4,051,752
Keurig Dr Pepper Inc.
3.13%, 12/15/23 (Call 10/15/23)		295		300,992
4.06%, 05/25/23 (Call 04/25/23)		256		262,615
4.42%, 05/25/25 (Call 03/25/25)		339		358,587
Molson Coors Beverage Co., 3.00%, 07/15/26 (Call 04/15/26)		10,550		10,738,951
PepsiCo Inc.
0.75%, 05/01/23		507		503,400
2.25%, 03/19/25 (Call 02/19/25)		1,310		1,323,297
2.75%, 04/30/25 (Call 01/30/25)^(a)		706		720,995
2.85%, 02/24/26 (Call 11/24/25)		245		252,558
3.50%, 07/17/25 (Call 04/17/25)		2,021		2,111,622
3.60%, 03/01/24 (Call 12/01/23)^(a)		547		565,401


				34,547,442


Security	Par (000)		Value

Biotechnology — 1.2%
Amgen Inc.
1.90%, 02/21/25 (Call 01/21/25)	$	627	$	623,257
2.25%, 08/19/23 (Call 06/19/23)^(a)		747		753,409
2.60%, 08/19/26 (Call 05/19/26)^(a)		80		80,724
3.13%, 05/01/25 (Call 02/01/25)		811		829,515
3.63%, 05/22/24 (Call 02/22/24)^(a)		2,210		2,283,505
Baxalta Inc., 4.00%, 06/23/25 (Call 03/23/25)		375		391,957
Biogen Inc., 4.05%, 09/15/25 (Call 06/15/25)		1,302		1,361,111
Gilead Sciences Inc.
0.75%, 09/29/23 (Call 03/21/22)		293		288,775
2.50%, 09/01/23 (Call 07/01/23)		1,123		1,135,308
3.50%, 02/01/25 (Call 11/01/24)		969		1,002,469
3.65%, 03/01/26 (Call 12/01/25)		788		822,199
3.70%, 04/01/24 (Call 01/01/24)		2,791		2,881,317


				12,453,546

Building Materials — 0.9%
Carrier Global Corp., 2.24%, 02/15/25 (Call 01/15/25)		492		491,395
Fortune Brands Home & Security Inc.
4.00%, 09/21/23 (Call 08/21/23)		752		773,244
4.00%, 06/15/25 (Call 03/15/25)^(a)		643		672,302
Johnson Controls International PLC
3.63%, 07/02/24 (Call 04/02/24)^(c)		2,340		2,416,401
3.90%, 02/14/26 (Call 11/14/25)		3,092		3,257,051
Lennox International Inc.
1.35%, 08/01/25 (Call 07/01/25)		595		572,580
3.00%, 11/15/23 (Call 09/15/23)		491		498,247
Martin Marietta Materials Inc., 4.25%, 07/02/24 (Call 04/02/24)		238		248,572
Owens Corning
3.40%, 08/15/26 (Call 05/15/26)		350		360,206
4.20%, 12/01/24 (Call 09/01/24)		254		265,163
Vulcan Materials Co., 4.50%, 04/01/25 (Call 01/01/25)		65		68,881


				9,624,042

Chemicals — 1.7%
Air Products and Chemicals Inc., 3.35%, 07/31/24 (Call 04/30/24)		175		180,320
Albemarle Corp., 4.15%, 12/01/24 (Call 09/01/24)		324		337,579
Celanese U.S. Holdings LLC, 3.50%, 05/08/24 (Call 04/08/24)		379		386,667
Dow Chemical Co. (The), 3.63%, 05/15/26 (Call 03/15/26)		660		689,311
DuPont de Nemours Inc., 4.21%, 11/15/23 (Call 10/15/23)		771		798,879
Eastman Chemical Co., 3.80%, 03/15/25 (Call 12/15/24)		763		790,811
Ecolab Inc.
1.65%, 02/01/27 (Call 01/01/27)^(a)		4,305		4,188,593
2.70%, 11/01/26 (Call 08/01/26)		2,605		2,653,036
EI du Pont de Nemours and Co., 1.70%, 07/15/25 (Call 06/15/25)		779		763,334
FMC Corp., 4.10%, 02/01/24 (Call 11/01/23)		15		15,466
International Flavors & Fragrances Inc., 3.20%, 05/01/23 (Call 02/01/23)		351		355,180
Linde Inc./CT, 2.65%, 02/05/25 (Call 11/05/24)		1,035		1,053,144
LYB International Finance BV, 4.00%, 07/15/23		268		275,713
LyondellBasell Industries NV, 5.75%, 04/15/24 (Call 01/15/24)^(a)		300		319,605
Mosaic Co. (The), 4.25%, 11/15/23 (Call 08/15/23)		368		380,597
Nutrien Ltd.
1.90%, 05/13/23		511		511,899
3.00%, 04/01/25 (Call 01/01/25)		75		76,267
4.00%, 12/15/26 (Call 09/15/26)		500		532,575


Security	Par (000)		Value

Chemicals (continued)
PPG Industries Inc.
1.20%, 03/15/26 (Call 02/15/26)	$	1,696	$	1,619,053
2.40%, 08/15/24 (Call 07/15/24)		566		570,488
3.20%, 03/15/23 (Call 02/15/23)		307		312,277
Sherwin-Williams Co. (The)
3.13%, 06/01/24 (Call 04/01/24)		380		388,664
3.45%, 08/01/25 (Call 05/01/25)		115		118,348


				17,317,806

Commercial Services — 2.1%
Automatic Data Processing Inc., 3.38%, 09/15/25 (Call 06/15/25)		7,625		7,959,356
Block Financial LLC, 5.25%, 10/01/25 (Call 07/01/25)		335		361,334
GXO Logistics Inc., 1.65%, 07/15/26 (Call 06/15/26)^(d)		2,240		2,137,587
Moody’s Corp.
3.75%, 03/24/25 (Call 02/24/25)		40		41,725
4.88%, 02/15/24 (Call 11/15/23)^(a)		280		293,628
PayPal Holdings Inc.
1.35%, 06/01/23		727		725,437
1.65%, 06/01/25 (Call 05/01/25)		2,609		2,556,950
RELX Capital Inc., 3.50%, 03/16/23 (Call 02/16/23)		7,352		7,476,911
S&P Global Inc., 4.00%, 06/15/25 (Call 03/15/25)		332		349,692


				21,902,620

Computers — 2.7%
Hewlett Packard Enterprise Co.
1.45%, 04/01/24 (Call 03/01/24)		986		970,678
1.75%, 04/01/26 (Call 03/01/26)^(a)		997		962,554
2.25%, 04/01/23 (Call 03/01/23)		1,061		1,067,430
4.45%, 10/02/23 (Call 09/02/23)		1,010		1,047,703
4.90%, 10/15/25 (Call 07/15/25)		2,738		2,940,448
HP Inc.
1.45%, 06/17/26 (Call 05/17/26)		275		260,835
2.20%, 06/17/25 (Call 05/17/25)		1,838		1,826,365
International Business Machines Corp.
3.00%, 05/15/24		5,103		5,222,359
3.30%, 05/15/26		925		962,869
3.38%, 08/01/23		1,774		1,818,368
3.45%, 02/19/26^(a)		5,190		5,414,416
3.63%, 02/12/24		2,209		2,284,923
7.00%, 10/30/25		2,138		2,482,154
Leidos Inc.
2.95%, 05/15/23 (Call 04/15/23)		301		304,639
3.63%, 05/15/25 (Call 04/15/25)		681		702,247


				28,267,988

Cosmetics & Personal Care — 0.4%
Colgate-Palmolive Co.
2.10%, 05/01/23		598		602,072
3.25%, 03/15/24^(a)		1,883		1,941,298
Procter & Gamble Co. (The), 3.10%, 08/15/23		318		325,546
Unilever Capital Corp.
0.38%, 09/14/23		240		235,438
2.60%, 05/05/24 (Call 03/05/24)		614		621,362
3.25%, 03/07/24 (Call 02/07/24)^(a)		525		537,589
3.38%, 03/22/25 (Call 01/22/25)		200		206,708


				4,470,013

Distribution & Wholesale — 0.3%
WW Grainger Inc., 1.85%, 02/15/25 (Call 01/15/25)		2,996		2,971,732


Security	Par (000)		Value

Diversified Financial Services — 5.7%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
1.75%, 01/30/26 (Call 12/30/25)	$	2,415	$	2,291,086
2.45%, 10/29/26 (Call 09/29/26)		1,460		1,406,958
2.88%, 08/14/24 (Call 07/14/24)		708		710,181
3.15%, 02/15/24 (Call 01/15/24)		145		146,478
3.50%, 01/15/25 (Call 11/15/24)		1,065		1,082,029
4.13%, 07/03/23 (Call 06/03/23)		600		613,404
4.45%, 10/01/25 (Call 08/01/25)		665		692,132
4.50%, 09/15/23 (Call 08/15/23)		320		330,112
4.88%, 01/16/24 (Call 12/16/23)		420		436,800
6.50%, 07/15/25 (Call 06/15/25)		680		749,598
Affiliated Managers Group Inc.
3.50%, 08/01/25		35		36,229
4.25%, 02/15/24		295		307,375
Air Lease Corp.
2.20%, 01/15/27 (Call 12/15/26)		1,000		959,820
2.30%, 02/01/25 (Call 01/01/25)		810		801,041
2.88%, 01/15/26 (Call 12/15/25)^(a)		491		489,763
3.00%, 09/15/23 (Call 07/15/23)		325		328,520
3.25%, 03/01/25 (Call 01/01/25)		569		574,201
3.38%, 07/01/25 (Call 06/01/25)		199		201,336
4.25%, 02/01/24 (Call 01/01/24)		473		488,609
4.25%, 09/15/24 (Call 06/15/24)		576		596,667
Aircastle Ltd.
4.13%, 05/01/24 (Call 02/01/24)		271		277,320
4.25%, 06/15/26 (Call 04/15/26)		55		56,613
4.40%, 09/25/23 (Call 08/25/23)		602		617,110
5.00%, 04/01/23		510		524,984
Ally Financial Inc.
1.45%, 10/02/23 (Call 09/02/23)		255		251,960
3.05%, 06/05/23 (Call 05/05/23)		288		291,381
3.88%, 05/21/24 (Call 04/21/24)		815		840,893
4.63%, 03/30/25		528		555,963
5.13%, 09/30/24		1,275		1,352,469
5.80%, 05/01/25 (Call 04/01/25)^(a)		260		281,468
American Express Co.
2.50%, 07/30/24 (Call 06/30/24)		2,550		2,580,370
3.00%, 10/30/24 (Call 09/29/24)		1,890		1,932,903
3.13%, 05/20/26 (Call 04/20/26)		423		434,506
3.40%, 02/22/24 (Call 01/22/24)		1,784		1,834,148
3.63%, 12/05/24 (Call 11/04/24)^(a)		779		806,421
3.70%, 08/03/23 (Call 07/03/23)		1,695		1,740,511
4.20%, 11/06/25 (Call 10/06/25)^(a)		1,262		1,342,579
Ameriprise Financial Inc.
3.00%, 04/02/25 (Call 03/02/25)		949		966,082
3.70%, 10/15/24^(a)		504		525,027
4.00%, 10/15/23		379		391,700
BGC Partners Inc., 3.75%, 10/01/24 (Call 09/01/24)		650		662,149
Brookfield Finance Inc.
4.00%, 04/01/24 (Call 02/01/24)		1,591		1,645,237
4.25%, 06/02/26 (Call 03/02/26)		60		64,010
Charles Schwab Corp. (The)
3.00%, 03/10/25 (Call 12/10/24)		258		264,233
3.85%, 05/21/25 (Call 03/21/25)^(a)		447		469,614
4.20%, 03/24/25 (Call 02/24/25)		404		428,648
CME Group Inc., 3.00%, 03/15/25 (Call 12/15/24)		805		826,510
Discover Financial Services
3.75%, 03/04/25 (Call 12/04/24)		505		523,084
3.95%, 11/06/24 (Call 08/06/24)		263		273,194
Franklin Resources Inc., 2.85%, 03/30/25^(a)		515		525,176


Security	Par (000)		Value

Diversified Financial Services (continued)
Intercontinental Exchange Inc.
0.70%, 06/15/23	$	240	$	237,271
3.45%, 09/21/23 (Call 08/21/23)		189		193,700
4.00%, 10/15/23		313		323,964
Invesco Finance PLC
3.75%, 01/15/26		283		296,522
4.00%, 01/30/24		888		916,416
Janus Henderson US Holdings Inc., 4.88%, 08/01/25 (Call 05/01/25)		1,595		1,701,083
Legg Mason Inc., 4.75%, 03/15/26		150		163,214
Mastercard Inc.
2.00%, 03/03/25 (Call 02/03/25)		543		544,520
3.38%, 04/01/24		476		492,227
Mizuho Financial Group Inc., 2.65%, 05/22/26 (Call 05/22/25)^(b)		500		500,365
Nasdaq Inc., 4.25%, 06/01/24 (Call 03/01/24)		293		305,344
Nomura Holdings Inc.
1.65%, 07/14/26		2,515		2,389,200
1.85%, 07/16/25		2,015		1,960,655
2.33%, 01/22/27		1,815		1,752,673
2.65%, 01/16/25		330		331,040
ORIX Corp.
3.25%, 12/04/24		185		189,418
4.05%, 01/16/24^(a)		250		259,013
Synchrony Financial
3.70%, 08/04/26 (Call 05/04/26)		155		157,928
4.25%, 08/15/24 (Call 05/15/24)^(a)		1,277		1,321,363
4.38%, 03/19/24 (Call 02/19/24)		630		651,773
4.50%, 07/23/25 (Call 04/23/25)		1,770		1,856,270
Western Union Co. (The)
1.35%, 03/15/26 (Call 02/15/26)^(a)		2,052		1,958,244
2.85%, 01/10/25 (Call 12/10/24)		2,559		2,591,525
4.25%, 06/09/23 (Call 05/09/23)		1,014		1,039,147
				58,661,477

Electric — 5.2%
Avangrid Inc.
3.15%, 12/01/24 (Call 10/01/24)^(a)		4,171		4,253,669
3.20%, 04/15/25 (Call 03/15/25)		7,666		7,841,781
Baltimore Gas & Electric Co., 3.35%, 07/01/23 (Call 04/01/23)		680		692,084
Commonwealth Edison Co., 2.55%, 06/15/26 (Call 03/15/26)		50		50,488
Connecticut Light & Power Co. (The), Series A, 0.75%, 12/01/25 (Call 11/01/25)		160		151,258
Consolidated Edison Inc., Series A, 0.65%, 12/01/23 (Call 04/08/22)		217		212,506
Delmarva Power & Light Co., 3.50%, 11/15/23 (Call 08/15/23)		767		786,275
Edison International
2.95%, 03/15/23 (Call 01/15/23)		402		404,890
3.55%, 11/15/24 (Call 10/15/24)		290		296,716
4.95%, 04/15/25 (Call 03/15/25)		541		572,600
Enel Americas SA, 4.00%, 10/25/26 (Call 07/25/26)		1,045		1,076,601
Eversource Energy
2.80%, 05/01/23 (Call 02/01/23)		881		888,938
2.90%, 03/01/27 (Call 02/01/27)		1,000		1,006,630
Series H, 3.15%, 01/15/25 (Call 10/15/24)^(a)		418		426,134
Series L, 2.90%, 10/01/24 (Call 08/01/24)		1,897		1,924,905
Series N, 3.80%, 12/01/23 (Call 11/01/23)		913		938,464
Series Q, 0.80%, 08/15/25 (Call 07/15/25)^(a)		611		577,016


Security	Par (000)		Value

Electric (continued)
Series U, 1.40%, 08/15/26 (Call 07/15/26)	$	2,875	$	2,737,086
Exelon Corp.
3.40%, 04/15/26 (Call 01/15/26)		405		418,017
3.95%, 06/15/25 (Call 03/15/25)		1,770		1,841,296
Florida Power & Light Co.
2.75%, 06/01/23 (Call 12/01/22)		120		121,129
2.85%, 04/01/25 (Call 03/01/25)		4,739		4,839,040
3.13%, 12/01/25 (Call 06/01/25)		636		655,239
3.25%, 06/01/24 (Call 12/01/23)		778		797,613
Fortis Inc./Canada, 3.06%, 10/04/26 (Call 07/04/26)		2,975		3,003,649
Iberdrola International BV, 5.81%, 03/15/25^(a)		315		348,018
ITC Holdings Corp.
3.25%, 06/30/26 (Call 03/30/26)		2,680		2,751,476
3.65%, 06/15/24 (Call 03/15/24)		1,996		2,047,657
National Rural Utilities Cooperative Finance Corp.
4.75%, 04/30/43 (Call 04/30/23), (3 mo. LIBOR US + 2.910%)^(b)		1,078		1,059,210
5.25%, 04/20/46 (Call 04/20/26), (3 mo. LIBOR US + 3.630%)^(b)		10		10,335
NextEra Energy Capital Holdings Inc., 1.88%, 01/15/27 (Call 12/15/26)		1,850		1,791,207
Oncor Electric Delivery Co. LLC, 2.95%, 04/01/25 (Call 01/01/25)		2,370		2,417,376
PECO Energy Co., 3.15%, 10/15/25 (Call 07/15/25)		35		36,009
Potomac Electric Power Co., 3.60%, 03/15/24 (Call 12/15/23)^(a)		210		216,378
Public Service Co. of New Hampshire, 3.50%, 11/01/23 (Call 08/01/23)^(a)		307		313,984
Public Service Electric & Gas Co.
0.95%, 03/15/26 (Call 02/15/26)		107		102,158
2.38%, 05/15/23 (Call 02/15/23)		361		363,794
3.00%, 05/15/25 (Call 02/15/25)		70		71,387
3.25%, 09/01/23 (Call 08/01/23)		498		508,109
Public Service Enterprise Group Inc.
0.80%, 08/15/25 (Call 07/15/25)		788		745,046
2.88%, 06/15/24 (Call 05/15/24)		2,052		2,080,708
San Diego Gas & Electric Co.
2.50%, 05/15/26 (Call 02/15/26)		145		146,320
Series NNN, 3.60%, 09/01/23 (Call 06/01/23)		755		771,285
Southern California Edison Co.
Series C, 3.50%, 10/01/23 (Call 07/01/23)		267		272,866
Series D, 3.40%, 06/01/23 (Call 05/01/23)		40		40,552
Series E, 3.70%, 08/01/25 (Call 06/01/25)		530		549,372


				53,157,271

Electrical Components & Equipment — 0.0%
Emerson Electric Co., 3.15%, 06/01/25 (Call 03/01/25)		127		130,805


Electronics — 1.4%
Agilent Technologies Inc.
3.05%, 09/22/26 (Call 06/22/26)		55		56,218
3.88%, 07/15/23 (Call 04/15/23)		1,638		1,676,444
Allegion U.S. Holding Co. Inc., 3.20%, 10/01/24 (Call 08/01/24)		384		389,100
Amphenol Corp.
2.05%, 03/01/25 (Call 02/01/25)		225		223,279
3.20%, 04/01/24 (Call 02/01/24)		193		196,956
Avnet Inc., 4.63%, 04/15/26 (Call 01/15/26)		25		26,492
Flex Ltd.
3.75%, 02/01/26 (Call 01/01/26)		2,420		2,497,730
4.75%, 06/15/25 (Call 03/15/25)		200		212,074


Security	Par (000)		Value

Electronics (continued)
Fortive Corp., 3.15%, 06/15/26 (Call 03/15/26)^(a)	$	10	$	10,298
Honeywell International Inc.
1.35%, 06/01/25 (Call 05/01/25)		2,748		2,684,851
2.30%, 08/15/24 (Call 07/15/24)		1,467		1,481,905
3.35%, 12/01/23		280		287,655
Keysight Technologies Inc., 4.55%, 10/30/24 (Call 07/30/24)		959		1,009,242
Legrand France SA, 8.50%, 02/15/25		328		385,964
Trimble Inc.
4.15%, 06/15/23 (Call 05/15/23)		868		890,516
4.75%, 12/01/24 (Call 09/01/24)		1,120		1,181,544
Tyco Electronics Group SA, 3.45%, 08/01/24 (Call 05/01/24)^(a)		84		86,239
Vontier Corp, 1.80%, 04/01/26 (Call 03/01/26)		738		689,351


				13,985,858

Environmental Control — 0.1%
Republic Services Inc.
2.50%, 08/15/24 (Call 07/15/24)		243		245,384
3.20%, 03/15/25 (Call 12/15/24)		273		279,418
Waste Management Inc.
2.40%, 05/15/23 (Call 03/15/23)		266		268,027
3.13%, 03/01/25 (Call 12/01/24)		45		46,317


				839,146

Food — 2.6%
Campbell Soup Co.
3.30%, 03/19/25 (Call 12/19/24)		308		315,026
3.95%, 03/15/25 (Call 01/15/25)		470		490,379
Conagra Brands Inc., 4.30%, 05/01/24 (Call 04/01/24)		1,333		1,383,734
General Mills Inc.
3.20%, 02/10/27 (Call 11/10/26)		3,000		3,087,930
3.65%, 02/15/24 (Call 11/15/23)^(a)		443		456,290
3.70%, 10/17/23 (Call 09/17/23)		2,125		2,186,476
4.00%, 04/17/25 (Call 02/17/25)		1,128		1,180,486
Hershey Co. (The)
0.90%, 06/01/25 (Call 05/01/25)		540		519,809
3.20%, 08/21/25 (Call 05/21/25)		15		15,497
Hormel Foods Corp., 0.65%, 06/03/24 (Call 06/03/22)		20		19,477
Ingredion Inc., 3.20%, 10/01/26 (Call 07/01/26)^(a)		650		667,531
JM Smucker Co. (The), 3.50%, 03/15/25		507		524,603
Kellogg Co.
2.65%, 12/01/23		2,657		2,695,394
3.25%, 04/01/26		8,902		9,138,704
Kroger Co. (The)
3.85%, 08/01/23 (Call 05/01/23)		135		138,325
4.00%, 02/01/24 (Call 11/01/23)		232		240,064
McCormick & Co. Inc./MD
0.90%, 02/15/26 (Call 01/15/26)		560		528,018
3.15%, 08/15/24 (Call 06/15/24)		1,192		1,220,894
Mondelez International Inc., 1.50%, 05/04/25 (Call 04/04/25)		1,302		1,268,200
Tyson Foods Inc.
3.90%, 09/28/23 (Call 08/28/23)		88		90,487
3.95%, 08/15/24 (Call 05/15/24)		349		362,482


				26,529,806

Forest Products & Paper — 0.0%
Celulosa Arauco y Constitucion SA, 4.50%, 08/01/24 (Call 05/01/24)		420		434,473


Security	Par (000)		Value

Gas — 0.3%
National Fuel Gas Co.
3.75%, 03/01/23 (Call 12/01/22)	$	187	$	189,510
5.20%, 07/15/25 (Call 04/15/25)		235		250,541
5.50%, 01/15/26 (Call 12/15/25)		1,249		1,354,203
ONE Gas Inc.
1.10%, 03/11/24 (Call 03/11/24)		215		210,182
3.61%, 02/01/24 (Call 11/01/23)		276		282,635
Southern California Gas Co.
3.15%, 09/15/24 (Call 06/15/24)		325		333,063
3.20%, 06/15/25 (Call 03/15/25)		50		51,359
Series TT, 2.60%, 06/15/26 (Call 03/15/26)		310		313,212


				2,984,705

Hand & Machine Tools — 0.0%
Stanley Black & Decker Inc., 4.00%, 03/15/60 (Call 03/15/25)^(b)		492		477,668


Health Care - Products — 0.0%
Danaher Corp., 3.35%, 09/15/25 (Call 06/15/25)		32		33,125
DH Europe Finance II Sarl, 2.20%, 11/15/24 (Call 10/15/24)		338		338,223
Zimmer Biomet Holdings Inc., 3.55%, 04/01/25 (Call 01/01/25)^(a)		45		46,302


				417,650

Health Care - Services — 1.1%
Aetna Inc.
2.80%, 06/15/23 (Call 04/15/23)		411		416,298
3.50%, 11/15/24 (Call 08/15/24)		301		309,870
Anthem Inc.
1.50%, 03/15/26 (Call 02/15/26)		805		778,701
2.38%, 01/15/25 (Call 12/15/24)		525		527,525
3.35%, 12/01/24 (Call 10/01/24)		643		661,904
3.50%, 08/15/24 (Call 05/15/24)		505		519,524
HCA Inc.
4.75%, 05/01/23		263		270,893
5.00%, 03/15/24		2,021		2,124,111
5.25%, 04/15/25		782		839,751
5.25%, 06/15/26 (Call 12/15/25)		255		276,293
Humana Inc.
3.85%, 10/01/24 (Call 07/01/24)		314		325,659
4.50%, 04/01/25 (Call 03/01/25)		702		745,629
Laboratory Corp. of America Holdings
1.55%, 06/01/26 (Call 05/01/26)		510		488,942
2.30%, 12/01/24 (Call 11/01/24)		123		122,963
3.25%, 09/01/24 (Call 07/01/24)		589		600,509
3.60%, 02/01/25 (Call 11/01/24)		441		453,533
4.00%, 11/01/23 (Call 08/01/23)		30		30,877
Quest Diagnostics Inc.
3.45%, 06/01/26 (Call 03/01/26)^(a)		265		274,362
3.50%, 03/30/25 (Call 12/30/24)		555		572,044
4.25%, 04/01/24 (Call 01/01/24)		713		741,499
UnitedHealth Group Inc., 3.75%, 07/15/25		251		263,151


				11,344,038

Home Furnishings — 0.0%
Harman International Industries Inc., 4.15%, 05/15/25 (Call 02/15/25)		20		21,043
Whirlpool Corp.
3.70%, 05/01/25		2		2,085
4.00%, 03/01/24		40		41,557


				64,685


Security	Par (000)		Value

Household Products & Wares — 0.2%
Clorox Co. (The), 3.50%, 12/15/24 (Call 09/15/24)	$	888	$	921,229
Kimberly-Clark Corp.
2.40%, 06/01/23		569		575,367
2.75%, 02/15/26		185		189,316
3.05%, 08/15/25		240		247,539


				1,933,451

Insurance — 1.5%
Aflac Inc.
3.25%, 03/17/25^(a)		184		190,350
3.63%, 11/15/24		310		323,541
Allstate Corp. (The), Series B, 5.75%, 08/15/53 (Call 08/15/23), (3 mo. LIBOR US + 2.938%)^(b)		1,007		1,012,921
American International Group Inc.
2.50%, 06/30/25 (Call 05/30/25)		280		281,268
3.75%, 07/10/25 (Call 04/10/25)		383		398,665
4.13%, 02/15/24		93		96,895
Aspen Insurance Holdings Ltd., 4.65%, 11/15/23		70		72,709
Assurant Inc., 4.20%, 09/27/23 (Call 08/27/23)		230		237,636
CNO Financial Group Inc., 5.25%, 05/30/25 (Call 02/28/25) .		313		335,289
Lincoln National Corp.
3.35%, 03/09/25^(a)		225		232,018
4.00%, 09/01/23		110		113,484
Manulife Financial Corp., 4.15%, 03/04/26		215		228,117
Marsh & McLennan Companies Inc.
3.50%, 06/03/24 (Call 03/03/24)		1,186		1,222,137
3.50%, 03/10/25 (Call 12/10/24)		356		368,777
3.75%, 03/14/26 (Call 12/14/25)		50		52,778
3.88%, 03/15/24 (Call 02/15/24)		1,412		1,462,945
MetLife Inc.
3.00%, 03/01/25		807		830,766
3.60%, 04/10/24^(a)		345		357,168
Principal Financial Group Inc., 3.40%, 05/15/25 (Call 02/15/25)		51		52,324
Prudential Financial Inc.
5.20%, 03/15/44 (Call 03/15/24), (3 mo. LIBOR US + 3.040%)^(b)		413		416,940
5.38%, 05/15/45 (Call 05/15/25), (3 mo. LIBOR US + 3.031%)^(a)(b)		1,055		1,074,064
5.63%, 06/15/43 (Call 06/15/23), (3 mo. LIBOR US + 3.920%)^(b)		394		405,556
Reinsurance Group of America Inc., 4.70%, 09/15/23		58		60,305
Swiss Re America Holding Corp., 7.00%, 02/15/26^(a)		1,835		2,147,849
Voya Financial Inc.
3.65%, 06/15/26		30		31,479
5.65%, 05/15/53 (Call 05/15/23), (3 mo. LIBOR US + 3.580%)^(b)		581		586,490
Willis North America Inc., 3.60%, 05/15/24 (Call 03/15/24)^(a)		294		301,582
XLIT Ltd., 4.45%, 03/31/25		2,025		2,137,286


				15,031,339

Internet — 0.4%
Amazon.com Inc.
0.80%, 06/03/25 (Call 05/03/25)		776		748,700
2.80%, 08/22/24 (Call 06/22/24)^(a)		317		324,231
3.80%, 12/05/24 (Call 09/05/24)		381		399,280
Booking Holdings Inc., 3.65%, 03/15/25 (Call 12/15/24)		263		273,339
eBay Inc.
1.40%, 05/10/26 (Call 04/10/26)		200		191,690
1.90%, 03/11/25 (Call 02/11/25)		526		519,830


Security	Par (000)		Value

Internet (continued)
3.45%, 08/01/24 (Call 05/01/24)	$	347	$	356,511
Expedia Group Inc., 5.00%, 02/15/26 (Call 11/15/25)		1,190		1,281,142


				4,094,723

Iron & Steel — 0.2%
Nucor Corp.
2.00%, 06/01/25 (Call 05/01/25)		238		235,506
4.00%, 08/01/23 (Call 05/01/23)		210		215,569
Reliance Steel & Aluminum Co.
1.30%, 08/15/25 (Call 07/15/25)		553		532,196
4.50%, 04/15/23 (Call 01/15/23)^(a)		244		249,636
Steel Dynamics Inc.
2.40%, 06/15/25 (Call 05/15/25)		239		238,434
2.80%, 12/15/24 (Call 11/15/24)		360		365,436
5.00%, 12/15/26 (Call 04/08/22)		25		25,689


				1,862,466

Leisure Time — 0.0%
Harley-Davidson Inc., 3.50%, 07/28/25 (Call 04/28/25)		330		335,716


Lodging — 0.8%
Hyatt Hotels Corp.
4.85%, 03/15/26 (Call 12/15/25)^(a)		162		171,924
5.38%, 04/23/25 (Call 03/23/25)		545		589,118
Las Vegas Sands Corp.
2.90%, 06/25/25 (Call 05/25/25)		529		510,136
3.20%, 08/08/24 (Call 07/08/24)		613		605,160
3.50%, 08/18/26 (Call 06/18/26)		30		29,166
Marriott International Inc./MD
3.60%, 04/15/24 (Call 03/15/24)		265		272,430
3.75%, 03/15/25 (Call 12/15/24)		339		349,543
3.75%, 10/01/25 (Call 07/01/25)		95		98,246
Series EE, 5.75%, 05/01/25 (Call 04/01/25)		426		464,595
Series R, 3.13%, 06/15/26 (Call 03/15/26)^(a)		120		122,149
Series Z, 4.15%, 12/01/23 (Call 11/01/23)		61		62,970
Sands China Ltd.
3.80%, 01/08/26 (Call 12/08/25)		1,000		953,810
5.13%, 08/08/25 (Call 06/08/25)		4,159		4,188,030


				8,417,277

Machinery — 1.4%
Caterpillar Financial Services Corp.
0.45%, 09/14/23		220		216,271
0.65%, 07/07/23		364		359,840
1.45%, 05/15/25		327		319,930
2.15%, 11/08/24		246		247,193
2.85%, 05/17/24		545		556,298
3.25%, 12/01/24		231		238,669
3.30%, 06/09/24		785		809,578
3.45%, 05/15/23		65		66,552
3.65%, 12/07/23^(a)		184		190,451
3.75%, 11/24/23		356		369,250
Caterpillar Inc., 3.40%, 05/15/24 (Call 02/15/24)		302		311,918
CNH Industrial Capital LLC
1.45%, 07/15/26 (Call 06/15/26)		645		612,550
1.88%, 01/15/26 (Call 12/15/25)		2,095		2,041,305
1.95%, 07/02/23		766		766,008
4.20%, 01/15/24		1,371		1,417,408
CNH Industrial NV, 4.50%, 08/15/23		1,897		1,959,544
Deere & Co., 2.75%, 04/15/25 (Call 03/15/25)		215		219,085
John Deere Capital Corp.
0.70%, 07/05/23		50		49,433


Security	Par (000)		Value

Machinery (continued)
1.20%, 04/06/23	$	183	$	182,583
2.05%, 01/09/25		37		37,084
2.60%, 03/07/24		174		176,882
2.65%, 06/24/24		320		325,277
3.35%, 06/12/24		214		220,546
3.40%, 09/11/25		100		104,107
3.45%, 06/07/23		142		145,479
3.45%, 01/10/24		238		245,388
3.45%, 03/13/25^(a)		149		155,178
3.65%, 10/12/23		402		414,852
Otis Worldwide Corp., 2.06%, 04/05/25 (Call 03/05/25)		581		576,195
Rockwell Automation Inc., 2.88%, 03/01/25 (Call 12/01/24)		60		61,401
Westinghouse Air Brake Technologies Corp.
3.20%, 06/15/25 (Call 05/15/25)		245		247,369
4.40%, 03/15/24 (Call 02/15/24)		287		297,329
Xylem Inc./NY, 3.25%, 11/01/26 (Call 08/01/26)		20		20,539


				13,961,492

Manufacturing — 3.1%
3M Co.
2.00%, 02/14/25 (Call 01/14/25)^(a)		3,161		3,151,991
2.25%, 03/15/23 (Call 02/15/23)		2,372		2,392,708
2.25%, 09/19/26 (Call 06/19/26)^(a)		315		314,820
2.65%, 04/15/25 (Call 03/15/25)		3,301		3,349,789
3.00%, 08/07/25^(a)		2,217		2,281,360
3.25%, 02/14/24 (Call 01/14/24)		3,841		3,954,117
Carlisle Companies Inc., 3.50%, 12/01/24 (Call 10/01/24)		198		204,219
Illinois Tool Works Inc., 3.50%, 03/01/24 (Call 12/01/23)		374		385,078
Parker-Hannifin Corp.
2.70%, 06/14/24 (Call 05/14/24)		351		355,549
3.30%, 11/21/24 (Call 08/21/24)		278		284,494
Textron Inc.
3.88%, 03/01/25 (Call 12/01/24)		176		183,515
4.30%, 03/01/24 (Call 12/01/23)		20		20,763
Trane Technologies Global Holding Co. Ltd., 4.25%, 06/15/23		7,386		7,610,904
Trane Technologies Luxembourg Finance SA
3.50%, 03/21/26 (Call 01/21/26)		2,110		2,202,629
3.55%, 11/01/24 (Call 08/01/24)^(a)		5,478		5,657,733


				32,349,669

Media — 0.6%
Charter Communications Operating LLC/Charter Communications Operating Capital, 4.91%, 07/23/25 (Call 04/23/25)		271		287,501
Comcast Corp., 3.38%, 08/15/25 (Call 05/15/25)		311		321,845
Discovery Communications LLC
2.95%, 03/20/23 (Call 02/20/23)		335		338,796
3.45%, 03/15/25 (Call 12/15/24)		133		135,947
3.80%, 03/13/24 (Call 01/13/24)		179		183,890
3.90%, 11/15/24 (Call 08/15/24)		261		270,200
3.95%, 06/15/25 (Call 03/15/25)		224		231,883
4.90%, 03/11/26 (Call 12/11/25)		30		32,061
Fox Corp.
3.05%, 04/07/25 (Call 03/07/25)		588		599,766
4.03%, 01/25/24 (Call 12/25/23)		350		362,719
Paramount Global
3.50%, 01/15/25 (Call 10/15/24)		240		247,493
3.70%, 08/15/24 (Call 03/03/22)		157		163,291
3.88%, 04/01/24 (Call 03/18/22)		65		67,436
4.75%, 05/15/25 (Call 04/15/25)		523		558,622


Security	Par (000)		Value

Media (continued)
Thomson Reuters Corp., 4.30%, 11/23/23 (Call 08/23/23)	$	252	$	260,578
TWDC Enterprises 18 Corp., 3.15%, 09/17/25		473		486,745
Walt Disney Co. (The)
1.75%, 08/30/24 (Call 07/30/24)		290		288,770
3.35%, 03/24/25		821		850,014
3.70%, 09/15/24 (Call 06/15/24)		276		286,452


				5,974,009

Metal Fabricate & Hardware — 0.0%
Timken Co. (The), 3.88%, 09/01/24 (Call 06/01/24)		30		30,903


Mining — 0.2%
Kinross Gold Corp., 5.95%, 03/15/24 (Call 12/15/23)		1,870		1,980,311


Office & Business Equipment — 0.0%
CDW LLC/CDW Finance Corp., 2.67%, 12/01/26 (Call 11/01/26)		500		488,840


Oil & Gas — 1.9%
BP Capital Markets America Inc.
2.75%, 05/10/23		55		55,662
3.19%, 04/06/25 (Call 03/06/25)		302		309,402
3.79%, 02/06/24 (Call 01/06/24)		331		341,615
3.80%, 09/21/25 (Call 07/21/25)		279		292,526
BP Capital Markets PLC
2.75%, 05/10/23		115		116,421
3.51%, 03/17/25		307		318,230
3.54%, 11/04/24		168		173,880
3.81%, 02/10/24		443		458,230
3.99%, 09/26/23		314		324,152
Chevron Corp., 1.55%, 05/11/25 (Call 04/11/25)		1,389		1,368,776
ConocoPhillips Co.
2.40%, 03/07/25 (Call 03/07/23)		230		230,287
3.35%, 11/15/24 (Call 08/15/24)		231		238,156
4.95%, 03/15/26 (Call 12/15/25)^(a)		145		158,875
Devon Energy Corp., 5.85%, 12/15/25 (Call 09/15/25)		605		674,787
Diamondback Energy Inc., 4.75%, 05/31/25 (Call 03/18/22)		677		723,381
Exxon Mobil Corp.
2.71%, 03/06/25 (Call 12/06/24)^(a)		312		317,778
2.99%, 03/19/25 (Call 02/19/25)		776		797,115
Hess Corp., 3.50%, 07/15/24 (Call 04/15/24)		1,951		1,997,941
HollyFrontier Corp.
2.63%, 10/01/23^(a)		63		63,364
5.88%, 04/01/26 (Call 01/01/26)		1,754		1,904,914
Marathon Petroleum Corp.
3.63%, 09/15/24 (Call 06/15/24)		515		529,276
4.70%, 05/01/25 (Call 04/01/25)		614		652,535
5.13%, 12/15/26 (Call 09/15/26)		10		11,004
Ovintiv Exploration Inc., 5.38%, 01/01/26 (Call 10/01/25)		1,105		1,194,472
Phillips 66
1.30%, 02/15/26 (Call 01/15/26)		479		457,062
3.70%, 04/06/23		178		181,911
3.85%, 04/09/25 (Call 03/09/25)^(a)		339		352,787
TotalEnergies Capital Canada Ltd., 2.75%, 07/15/23		884		896,482
TotalEnergies Capital International SA
2.43%, 01/10/25 (Call 10/10/24)		1,176		1,185,761
3.70%, 01/15/24		1,404		1,452,747
3.75%, 04/10/24		1,571		1,615,334
Valero Energy Corp., 2.85%, 04/15/25 (Call 03/15/25)		95		96,067


				19,490,930


Security	Par (000)		Value

Oil & Gas Services — 0.5%
Baker Hughes Holdings LLC/Baker Hughes Co-Obligor Inc., 2.06%, 12/15/26 (Call 11/15/26)	$	2,675	$	2,612,485
Halliburton Co.
3.50%, 08/01/23 (Call 05/01/23)^(a)		417		425,457
3.80%, 11/15/25 (Call 08/15/25)		206		215,791
Schlumberger Finance Canada Ltd., 1.40%, 09/17/25 (Call 08/17/25)		580		563,099
Schlumberger Investment SA, 3.65%, 12/01/23 (Call 09/01/23)		1,353		1,389,856


				5,206,688

Packaging & Containers — 0.2%
Amcor Finance USA Inc., 3.63%, 04/28/26 (Call 01/28/26)		795		832,174
Packaging Corp. of America, 3.65%, 09/15/24 (Call 06/15/24)		599		619,216
WRKCo Inc.
3.00%, 09/15/24 (Call 07/15/24)		160		162,810
3.75%, 03/15/25 (Call 01/15/25)		255		264,930


				1,879,130

Pharmaceuticals — 2.7%
AbbVie Inc., 3.60%, 05/14/25 (Call 02/14/25)		498		514,648
AmerisourceBergen Corp.
3.25%, 03/01/25 (Call 12/01/24)		151		154,991
3.40%, 05/15/24 (Call 02/15/24)		226		231,829
Astrazeneca Finance LLC
0.70%, 05/28/24 (Call 05/28/22)		160		155,786
1.20%, 05/28/26 (Call 04/28/26)		2,945		2,823,578
AstraZeneca PLC
0.30%, 05/26/23		155		152,895
0.70%, 04/08/26 (Call 03/08/26)		2,842		2,671,253
3.38%, 11/16/25		4,483		4,669,313
3.50%, 08/17/23 (Call 07/17/23)		2,522		2,588,278
Becton Dickinson and Co.
3.36%, 06/06/24 (Call 04/06/24)		211		216,283
3.73%, 12/15/24 (Call 09/15/24)		110		113,800
Bristol-Myers Squibb Co.
2.90%, 07/26/24 (Call 06/26/24)		211		216,037
3.25%, 11/01/23^(a)		149		153,022
3.63%, 05/15/24 (Call 02/15/24)^(a)		15		15,511
3.88%, 08/15/25 (Call 04/04/22)		188		198,297
Cardinal Health Inc.
3.08%, 06/15/24 (Call 04/15/24)		1,190		1,211,836
3.20%, 03/15/23		267		271,032
3.50%, 11/15/24 (Call 08/15/24)		696		716,469
3.75%, 09/15/25 (Call 06/15/25)		670		697,483
Cigna Corp.
1.25%, 03/15/26 (Call 02/15/26)^(a)		332		317,591
3.00%, 07/15/23 (Call 05/16/23)		74		75,122
3.25%, 04/15/25 (Call 01/15/25)		195		199,259
3.50%, 06/15/24 (Call 03/17/24)		353		362,538
3.75%, 07/15/23 (Call 06/15/23)		269		276,107
4.13%, 11/15/25 (Call 09/15/25)		351		369,750
CVS Health Corp.
2.63%, 08/15/24 (Call 07/15/24)^(a)		360		364,252
3.38%, 08/12/24 (Call 05/12/24)		222		228,025
3.88%, 07/20/25 (Call 04/20/25)		657		686,775
4.00%, 12/05/23 (Call 09/05/23)		91		93,969
4.10%, 03/25/25 (Call 01/25/25)		686		719,868
Eli Lilly & Co., 2.75%, 06/01/25 (Call 03/01/25)		257		262,312


Security	Par (000)		Value

Pharmaceuticals (continued)
GlaxoSmithKline Capital Inc.
2.80%, 03/18/23	$	359	$	363,972
3.38%, 05/15/23		459		469,130
3.63%, 05/15/25		223		233,294
GlaxoSmithKline Capital PLC, 3.00%, 06/01/24 (Call 05/01/24)		780		797,534
Johnson & Johnson, 0.55%, 09/01/25 (Call 08/01/25)		202		192,338
McKesson Corp., 3.80%, 03/15/24 (Call 12/15/23)		349		360,046
Mead Johnson Nutrition Co., 4.13%, 11/15/25 (Call 08/15/25)		660		695,000
Merck & Co. Inc.
2.75%, 02/10/25 (Call 11/10/24)		425		434,775
2.80%, 05/18/23		394		400,785
2.90%, 03/07/24 (Call 02/07/24)^(a)		197		201,498
Novartis Capital Corp.
1.75%, 02/14/25 (Call 01/14/25)		263		261,475
3.40%, 05/06/24		465		480,610
Shire Acquisitions Investments Ireland DAC, 2.88%, 09/23/23 (Call 07/23/23)		642		650,609
Takeda Pharmaceutical Co. Ltd., 4.40%, 11/26/23 (Call 10/26/23)		365		378,903
Zoetis Inc., 4.50%, 11/13/25 (Call 08/13/25)		120		128,101


				27,775,979

Pipelines — 2.2%
Boardwalk Pipelines LP
3.38%, 02/01/23 (Call 11/01/22)		116		116,916
4.95%, 12/15/24 (Call 09/15/24)		207		218,673
5.95%, 06/01/26 (Call 03/01/26)		35		38,963
Cheniere Corpus Christi Holdings LLC
5.88%, 03/31/25 (Call 10/02/24)		999		1,079,100
7.00%, 06/30/24 (Call 01/01/24)		735		795,784
Columbia Pipeline Group Inc., 4.50%, 06/01/25 (Call 03/01/25)^(a)		526		558,307
Enbridge Inc.
1.60%, 10/04/26 (Call 09/04/26)		15		14,325
2.15%, 02/16/24		80		80,159
2.50%, 01/15/25 (Call 12/15/24)		619		620,158
2.50%, 02/14/25		160		160,576
3.50%, 06/10/24 (Call 03/10/24)		315		322,790


	Page


The Markets in Review		2
Market Overview		4
Fund Summary		5
About Fund Performance		11
Shareholder Expenses		11
Schedules of Investments		12
Financial Statements
Statements of Assets and Liabilities		106
Statements of Operations		107
Statements of Changes in Net Assets		108
Financial Highlights		110
Notes to Financial Statements		113
Report of Independent Registered Public Accounting Firm		122
Important Tax Information (Unaudited)		123
Statement Regarding Liquidity Risk Management Program		124
Supplemental Information		125
Trustee and Officer Information		126
General Information		129
Glossary of Terms Used in this Report		130


	Average Annual Total Returns						Cumulative Total Returns

	1 Year			Since Inception			1 Year			Since Inception

Fund NAV		(2.33	)%		2.22	%		(2.33	)%		10.75	%
Fund Market		(2.23	)		2.24			(2.23	)		10.84
Index		(2.13	)		2.50			(2.13	)		12.11


Actual							Hypothetical 5% Return

	Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio

$	1,000.00	$	971.10	$	0.59		$	1,000.00	$	1,024.20	$	0.60		0.12	%



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

Aaa	1.6	%
Aa	3.8
A	47.1
Baa	45.8
Ba	0.7
Not Rated	1.0



Maturity	Percent of Total Investments	^(a)

0-1 Year	0.1	%
1-2 Years	19.7
2-3 Years	25.0
3-4 Years	31.9
4-5 Years	17.4
5-6 Years	4.8
6-7 Years	0.2
7-8 Years	0.3
9-10 Years	0.4
21-22 Years	0.2


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 2 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, 2022		iShares^® ESG Aware 1-5 Year USD Corporate Bond ETF


Fund Summary as of February 28, 2022 (continued)		iShares^® ESG Aware 1-5 Year USD Corporate Bond ETF


Fund Summary as of February 28, 2022		iShares^® ESG Aware U.S. Aggregate Bond ETF



Investment Type	Percent of Total Investments	^(a)

U.S. Government & Agency Obligations	71.0	%
Corporate Bonds & Notes	27.0
Foreign Government Obligations	3.1
Collaterized Mortgage Obligations	1.2
Asset-Backed Securities	0.3
Municipal Debt Obligations	0.0	^(b)
TBA Sales Commitments	(2.6	)


Fund Summary as of February 28, 2022		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 / S H A R E H O L D E R E X P E N S E S		11


Actual							Hypothetical 5% Return

	Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio

$	1,000.00	$	958.40	$	0.44		$	1,000.00	$	1,024.30	$	0.45		0.09	%


Actual							Hypothetical 5% Return

	Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio

$	1,000.00	$	937.60	$	0.86		$	1,000.00	$	1,023.90	$	0.90		0.18	%