iShares Trust

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of August 31, 2022 saw the emergence of significant challenges that disrupted the economic recovery and strong financial markets of 2021. The U.S. economy shrank in the first half of 2022, ending the run of robust growth that followed the reopening of global economies and the development of COVID-19 vaccines. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.

Equity prices fell as interest rates rose, particularly weighing on relatively high-valuation growth stocks and economically sensitive small-capitalization stocks. While both large- and small-capitalization U.S. stocks fell, declines for small-capitalization U.S. stocks were steeper. Both emerging market stocks and international equities from developed markets fell significantly, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose notably during the reporting period as investors reacted to higher inflation and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and increasing uncertainty led to higher corporate bond spreads (the difference in yield between U.S. Treasuries and similarly-dated corporate bonds).

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation is growing faster than expected, raised interest rates four times while indicating that additional rate hikes were likely. Furthermore, the Fed wound down its bond-buying programs and began to reduce its balance sheet. As investors attempted to assess the Fed’s future trajectory, the Fed’s statements late in the reporting period led markets to believe that additional tightening is likely in the near term.

The horrific war in Ukraine has significantly clouded the outlook for the global economy, leading to major volatility in energy and metals markets. Sanctions on Russia, Europe’s top energy supplier, and general wartime disruption have magnified supply problems for key commodities. We believe elevated energy prices will continue to exacerbate inflationary pressure while also constraining economic growth. Combating inflation without stifling a recovery, while buffering against ongoing supply and price shocks, will be an especially challenging environment for setting effective monetary policy. Despite the likelihood of more rate increases on the horizon, we believe the Fed will ultimately err on the side of protecting employment, even at the expense of higher inflation. In the meantime, however, we are likely to see a period of slowing growth paired with relatively high inflation.

In this environment, while we favor an overweight to equities in the long-term, the market’s concerns over excessive rate hikes from central banks moderate our outlook. Furthermore, the energy shock and a deteriorating economic backdrop in China and Europe are likely to challenge corporate earnings, so we are underweight equities overall in the near term. We take the opposite view on credit, where higher spreads provide near-term opportunities, while the likelihood of higher inflation leads us to take an underweight stance on credit in the long term. We believe that investment-grade corporates, U.K. gilts, local-currency emerging market debt, and inflation-protected bonds (particularly in Europe) offer strong opportunities for a six- to twelve-month horizon.

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.

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.


Total Returns as of August 31, 2022

	6-Month		12-Month

U.S. large cap equities (S&P 500^® Index)		(8.84)%		(11.23)%

U.S. small cap equities (Russell 2000^® Index)		(9.31)		(17.88)

International equities (MSCI Europe, Australasia, Far East Index)		(13.97)		(19.80)

Emerging market equities (MSCI Emerging Markets Index)		(13.30)		(21.80)

3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		0.36		0.39

U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		(9.71)		(13.27)

U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		(7.76)		(11.52)

Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)		(5.72)		(8.63)

U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		(7.78)		(10.61)

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

The iShares Agency Bond ETF (the “Fund”) seeks to track the investment results of an index composed of agency securities that are publicly issued by U.S. government agencies, and corporate and non-U.S. debt guaranteed by the U.S. government, as represented by the Bloomberg U.S. Agency Bond Index (the “Index”) (formerly the Bloomberg Barclays U.S. Agency Bond 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.

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.

The iShares Government/Credit Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated government, government-related and investment-grade U.S. corporate bonds, as represented by the Bloomberg U.S. Government/Credit Bond Index (the “Index”) (formerly the Bloomberg Barclays U.S. Government/Credit Bond 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 iShares Intermediate Government/Credit Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated government, government-related and investment-grade U.S. corporate bonds with remaining maturities between one and ten years, as represented by the Bloomberg U.S. Intermediate Government/Credit Bond Index (the “Index”) (formerly the Bloomberg Barclays U.S. Intermediate Government/Credit Bond 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 iShares MBS ETF (the “Fund”) seeks to track the investment results of an index composed of investment-grade mortgage-backed pass-through securities issued and/or guaranteed by U.S. government agencies, as represented by the Bloomberg U.S. MBS Index (the “Index”) (formerly the Bloomberg Barclays U.S. MBS 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.

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. 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

Diversified Financial Services — 2.8%
Private Export Funding Corp.
Series KK, 3.55%, 01/15/24	$	6,080	$	6,058,781
Series PP, 1.40%, 07/15/28		13,100		11,427,523


				17,486,304


Total Corporate Bonds & Notes — 2.8% (Cost: $19,313,226)				17,486,304


Foreign Government Obligations^(a)

Israel — 14.1%
Israel Government AID Bond
5.13%, 11/01/24		1,110		1,143,678
5.50%, 09/18/23		24,953		25,429,602
5.50%, 12/04/23		58,136		59,386,505
5.50%, 04/26/24		550		565,230
5.50%, 09/18/33		368		427,818


				86,952,833


Total Foreign Government Obligations — 14.1% (Cost: $90,130,595)				86,952,833


U.S. Government & Agency Obligations

Mortgage-Backed Securities — 6.9%
Federal Home Loan Mortgage Corp., Series 1, 0.00%, 11/15/38^(b)		10,223		5,687,975
Federal National Mortgage Association
2.88%, 09/12/23		9		8,942
6.63%, 11/15/30		26,965		33,000,845
7.25%, 05/15/30		2,786		3,495,316


				42,193,078

U.S. Government Agency Obligations — 69.7%
Federal Farm Credit Banks Funding Corp.
0.13%, 03/09/23		65		63,882
0.32%, 08/10/23 (Call 09/08/22)		17,998		17,438,802
1.10%, 03/03/27 (Call 09/08/22)		6,000		5,335,800
1.13%, 01/06/25		10,350		9,796,482
1.15%, 08/12/30 (Call 09/08/22)		15,100		12,261,049
2.47%, 07/18/35		1,000		845,040
Federal Home Loan Banks
0.63%, 11/27/24 (Call 09/28/22)		3,855		3,600,609
0.90%, 02/26/27 (Call 11/26/22)		460		407,247
0.96%, 03/05/26 (Call 10/05/22)		45,000		40,919,400
1.00%, 07/27/26 (Call 09/27/22)		15,000		13,522,500
1.10%, 08/20/26 (Call 09/20/22)		10,000		9,068,400
1.88%, 03/14/24 (Call 09/14/22)		15,000		14,601,000
2.13%, 06/09/23		15		14,830
2.13%, 09/14/29		40		36,467
2.13%, 12/14/29		10,000		9,047,300
2.32%, 03/28/25 (Call 09/28/22)		15,000		14,457,450
2.38%, 03/14/25		9,900		9,623,790
2.75%, 06/28/24		11,255		11,108,460
3.13%, 06/13/25		21,305		21,017,809
4.44%, 05/26/32 (Call 05/26/23)		200		195,968
5.38%, 08/15/24		500		516,185


Security	Par/ Shares (000)		Value


U.S. Government Agency Obligations (continued)
Federal Home Loan Mortgage Corp.
0.00%, 12/11/25^(b)	$	76,064	$	67,547,875
0.00%, 12/14/29^(b)		7,600		5,913,560
0.00%, 12/17/29^(b)		2,092		1,610,694
6.75%, 03/15/31		10,500		13,002,570
Federal National Mortgage Association
0.30%, 08/03/23 (Call 11/03/22)		35,649		34,605,197
0.50%, 06/17/25		18		16,548
0.88%, 12/18/26 (Call 09/18/22)		23,962		21,192,232
Federal National Mortgage Association Principal STRIPS, 0.00%, 01/15/30^(b)		910		704,103
Resolution Funding Corp. Interest STRIPS, 0.00%, 01/15/30^(b)		100		76,171
Resolution Funding Corp. Principal STRIPS, 0.00%, 01/15/30^(b)		5,000		3,835,000
Tennessee Valley Authority
1.50%, 09/15/31		50		41,479
2.88%, 09/15/24		4,510		4,447,582
4.25%, 09/15/65		35		35,527
4.88%, 01/15/48		83		89,989
5.25%, 09/15/39		15,825		17,909,469
5.50%, 06/15/38		482		557,910
5.88%, 04/01/36		5,916		7,043,176
7.13%, 05/01/30		47		58,000
Series E, 6.75%, 11/01/25		52,205		57,041,271


				429,606,823

U.S. Government Obligations — 5.6%
U.S. Treasury Note/Bond
2.00%, 08/15/51		2,000		1,503,125
2.75%, 07/31/27		2,000		1,946,250
3.00%, 07/31/24		30,500		30,235,508
3.00%, 08/15/52		1,000		948,125


				34,633,008


Total U.S. Government & Agency Obligations — 82.2% (Cost: $538,054,978)				506,432,909


Total Long-Term Investments — 99.1% (Cost: $647,498,799)				610,872,046


Short-Term Securities

Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.07%^(c)(d)		280		280,000


Total Short-Term Securities — 0.1% (Cost: $280,000)				280,000


Total Investments in Securities — 99.2% (Cost: $647,778,799)				611,152,046

Other Assets Less Liabilities — 0.8%				5,203,221


Net Assets — 100.0%			$	616,355,267

^(a)	U.S. dollar denominated security issued by foreign domiciled entity.

^(b)	Zero-coupon bond.

^(c)	Affiliate of the Fund.

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

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended August 31, 2022 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

Corporate Bonds & Notes

Advertising — 0.1%
Interpublic Group of Companies Inc. (The), 4.65%, 10/01/28 (Call 07/01/28)	$	50	$	48,628
Omnicom Group Inc., 2.60%, 08/01/31 (Call 05/01/31)		35		29,228
WPP Finance 2010, 3.75%, 09/19/24		54		53,158


				131,014

Aerospace & Defense — 0.5%
Boeing Co. (The)
2.20%, 02/04/26 (Call 02/04/23)		5		4,577
2.25%, 06/15/26 (Call 03/15/26)		45		40,943
3.10%, 05/01/26 (Call 03/01/26)		35		33,080
3.20%, 03/01/29 (Call 12/01/28)		20		17,730
5.04%, 05/01/27 (Call 03/01/27)		50		49,849
5.71%, 05/01/40 (Call 11/01/39)		75		71,755
5.81%, 05/01/50 (Call 11/01/49)		75		71,939
5.93%, 05/01/60 (Call 11/01/59)		26		24,826
6.88%, 03/15/39		30		32,122
General Dynamics Corp.
3.25%, 04/01/25 (Call 03/01/25)		5		4,925
3.63%, 04/01/30 (Call 01/01/30)		35		33,781
4.25%, 04/01/40 (Call 10/01/39)		15		14,450
L3Harris Technologies Inc., 4.40%, 06/15/28 (Call 03/15/28)		60		58,978
Lockheed Martin Corp.
3.80%, 03/01/45 (Call 09/01/44)		60		52,943
4.09%, 09/15/52 (Call 03/15/52)		40		37,190
4.70%, 05/15/46 (Call 11/15/45)		15		15,144
Northrop Grumman Corp.
3.85%, 04/15/45 (Call 10/15/44)		25		21,273
4.03%, 10/15/47 (Call 04/15/47)		5		4,412
5.25%, 05/01/50 (Call 11/01/49)		35		36,807
Raytheon Technologies Corp.
2.82%, 09/01/51 (Call 03/01/51)		25		17,373
3.13%, 05/04/27 (Call 02/04/27)		100		95,481
3.75%, 11/01/46 (Call 05/01/46)		50		41,627
4.50%, 06/01/42		20		18,950
4.63%, 11/16/48 (Call 05/16/48)		50		47,740


				847,895

Agriculture — 0.5%
Altria Group Inc.
2.45%, 02/04/32 (Call 11/04/31)		35		26,448
3.40%, 05/06/30 (Call 02/06/30)		60		51,929
3.88%, 09/16/46 (Call 03/16/46)		50		34,370
4.45%, 05/06/50 (Call 11/06/49)		10		7,334
4.80%, 02/14/29 (Call 11/14/28)^(a)		50		48,409
5.80%, 02/14/39 (Call 08/14/38)		25		23,192
5.95%, 02/14/49 (Call 08/14/48)		10		8,975
Archer-Daniels-Midland Co.
2.90%, 03/01/32 (Call 12/01/31)		25		22,605
3.25%, 03/27/30 (Call 12/27/29)		10		9,407
4.50%, 03/15/49 (Call 09/15/48)		10		10,067
5.38%, 09/15/35		34		36,901
BAT Capital Corp.
2.26%, 03/25/28 (Call 01/25/28)		45		37,828
2.79%, 09/06/24 (Call 08/06/24)		72		69,733
3.22%, 08/15/24 (Call 06/15/24)		57		55,678
3.98%, 09/25/50 (Call 03/25/50)		35		23,679
4.54%, 08/15/47 (Call 02/15/47)		35		25,574
4.74%, 03/16/32 (Call 12/16/31)		15		13,500
4.91%, 04/02/30 (Call 01/02/30)		45		42,384


Security	Par (000)		Value

Agriculture (continued)
5.28%, 04/02/50 (Call 10/02/49)	$	35	$	28,017
BAT International Finance PLC, 1.67%, 03/25/26 (Call 02/25/26)^(a)		45		40,102
Bunge Ltd. Finance Corp.
1.63%, 08/17/25 (Call 07/17/25)		10		9,283
2.75%, 05/14/31 (Call 02/14/31)		35		29,337
Philip Morris International Inc.
2.10%, 05/01/30 (Call 02/01/30)		25		20,133
2.88%, 05/01/24 (Call 04/01/24)		25		24,608
3.88%, 08/21/42		25		18,966
4.25%, 11/10/44		31		24,513
4.88%, 11/15/43		25		21,661
Reynolds American Inc., 6.15%, 09/15/43		5		4,551


				769,184

Airlines — 0.1%
American Airlines Pass Through Trust
Series 2016-3, Class AA, 3.00%, 04/15/30		19		16,795
Series A, Class A, 2.88%, 01/11/36		25		20,912
JetBlue Pass Through Trust
Series 1A, Class A, 4.00%, 05/15/34		13		12,341
Series 2019-1, Class AA, 2.75%, 11/15/33		22		18,965
Southwest Airlines Co., 5.25%, 05/04/25 (Call 04/04/25)		5		5,130
United Airlines Pass Through Trust, Series 2020-1, Class B, 4.88%, 07/15/27		40		37,596


				111,739

Apparel — 0.1%
NIKE Inc.
2.38%, 11/01/26 (Call 08/01/26)		50		47,401
2.85%, 03/27/30 (Call 12/27/29)		10		9,178
3.38%, 03/27/50 (Call 09/27/49)		10		8,350
3.63%, 05/01/43 (Call 11/01/42)		25		22,033
PVH Corp., 4.63%, 07/10/25 (Call 06/10/25)		25		24,869
VF Corp.
2.40%, 04/23/25 (Call 03/23/25)		10		9,543
2.95%, 04/23/30 (Call 01/23/30)		10		8,694


				130,068

Auto Manufacturers — 0.4%
American Honda Finance Corp.
1.80%, 01/13/31		10		8,219
2.00%, 03/24/28		10		8,882
Cummins Inc., 1.50%, 09/01/30 (Call 06/01/30)		25		20,376
General Motors Co.
4.20%, 10/01/27 (Call 07/01/27)^(a)		45		43,232
5.40%, 10/15/29 (Call 08/15/29)		10		9,754
5.40%, 04/01/48 (Call 10/01/47)		25		21,999
5.60%, 10/15/32 (Call 07/15/32)		10		9,586
5.95%, 04/01/49 (Call 10/01/48)		25		23,218
6.60%, 04/01/36 (Call 10/01/35)		25		25,292
6.80%, 10/01/27 (Call 08/01/27)		45		47,754
General Motors Financial Co. Inc.
1.50%, 06/10/26 (Call 05/10/26)		40		35,141
2.35%, 01/08/31 (Call 10/08/30)		30		23,252
2.70%, 06/10/31 (Call 03/10/31)		30		23,750
2.75%, 06/20/25 (Call 05/20/25)		50		47,298
4.00%, 10/06/26 (Call 07/06/26)^(a)		60		57,725
4.35%, 04/09/25 (Call 02/09/25)		25		24,701
PACCAR Financial Corp., 1.10%, 05/11/26		10		9,050
Toyota Motor Credit Corp.
1.65%, 01/10/31		25		20,391
3.05%, 01/11/28		100		95,434


Security	Par (000)		Value

Auto Manufacturers (continued)
3.65%, 08/18/25	$	10	$	9,904
3.95%, 06/30/25		10		9,990
4.45%, 06/29/29		10		10,065


				585,013

Auto Parts & Equipment — 0.1%
Aptiv PLC
3.10%, 12/01/51 (Call 06/01/51)		25		15,612
4.40%, 10/01/46 (Call 04/01/46)		15		11,781
BorgWarner Inc.
2.65%, 07/01/27 (Call 05/01/27)		25		22,756
3.38%, 03/15/25 (Call 12/15/24)		50		49,051
Lear Corp.
3.55%, 01/15/52 (Call 07/15/51)		15		9,780
4.25%, 05/15/29 (Call 02/15/29)		15		13,755
Magna International Inc., 2.45%, 06/15/30 (Call 03/15/30)		10		8,541


				131,276

Banks — 8.1%
Bank of America Corp.
0.81%, 10/24/24 (Call 10/24/23), (SOFR + 0.740%)^(b)		110		105,575
2.30%, 07/21/32 (Call 07/21/31), (SOFR + 1.220%)^(b)		50		39,942
2.46%, 10/22/25 (Call 10/22/24), (3 mo. LIBOR US + 0.870%)^(b)		60		57,275
2.48%, 09/21/36 (Call 09/21/31)^(b)		50		38,676
2.50%, 02/13/31 (Call 02/13/30), (3 mo. LIBOR US + 0.990%)^(b)		90		75,554
2.57%, 10/20/32 (Call 10/20/31), (SOFR + 1.210%)^(b)		30		24,586
2.68%, 06/19/41 (Call 06/19/40), (SOFR + 1.930%)^(b)		85		60,990
2.69%, 04/22/32 (Call 04/22/31), (SOFR + 1.320%)^(b)		65		53,998
2.97%, 02/04/33 (Call 02/04/32), (SOFR + 1.330%)^(b)		60		50,630
3.09%, 10/01/25 (Call 10/01/24), (3 mo. LIBOR US + 1.090%)^(b)		95		92,049
3.19%, 07/23/30 (Call 07/23/29), (3 mo. LIBOR US + 1.180%)^(b)		75		66,752
3.25%, 10/21/27 (Call 10/21/26)^(a)		100		94,371
3.31%, 04/22/42 (Call 04/22/41), (SOFR + 1.580%)^(b)		50		39,135
3.38%, 04/02/26 (Call 04/02/25), (SOFR + 1.330%)^(b)		70		67,614
3.42%, 12/20/28 (Call 12/20/27), (3 mo. LIBOR US + 1.040%)^(b)		110		102,083
3.46%, 03/15/25 (Call 03/15/24), (3 mo. LIBOR US + 0.970%)^(b)		60		59,000
3.56%, 04/23/27 (Call 04/23/26), (3 mo. LIBOR US + 1.060%)^(b)		100		95,301
3.59%, 07/21/28 (Call 07/21/27), (3 mo. LIBOR US + 1.370%)^(b)		39		36,709
3.97%, 03/05/29 (Call 03/05/28), (3 mo. LIBOR US + 1.070%)^(b)		112		105,665
4.08%, 03/20/51 (Call 03/20/50), (3 mo. LIBOR US + 3.150%)^(b)		50		42,820
4.27%, 07/23/29 (Call 07/23/28), (3 mo. LIBOR US + 1.310%)^(b)		50		47,976
4.44%, 01/20/48 (Call 01/20/47), (3 mo. LIBOR US + 1.990%)^(b)		50		45,806
4.83%, 07/22/26 (Call 07/22/25)^(b)		20		20,030
4.95%, 07/22/28 (Call 07/22/27)^(b)		55		54,939
5.00%, 01/21/44		50		48,569
5.02%, 07/22/33 (Call 07/22/32)^(b)		10		9,920
5.88%, 02/07/42		65		70,870
Bank of Montreal, 3.09%, 01/10/37 (Call 01/10/32)^(b)		50		40,291
Bank of New York Mellon Corp. (The)
2.10%, 10/24/24		60		58,093


Security	Par (000)		Value

Banks (continued)
2.80%, 05/04/26 (Call 02/04/26)	$	50	$	48,224
3.25%, 09/11/24 (Call 08/11/24)		60		59,549
3.40%, 01/29/28 (Call 10/29/27)		55		52,571
Bank of Nova Scotia (The)
0.65%, 07/31/24		75		70,229
1.30%, 06/11/25^(a)		60		55,479
2.70%, 08/03/26		60		56,509
3.45%, 04/11/25		10		9,781
4.50%, 12/16/25		50		49,856
BankUnited Inc., 4.88%, 11/17/25 (Call 08/17/25)		40		39,881
Barclays PLC
2.67%, 03/10/32 (Call 03/10/31)^(b)		200		156,454
4.38%, 01/12/26		200		195,910
Canadian Imperial Bank of Commerce
1.25%, 06/22/26		10		8,940
2.25%, 01/28/25		50		47,675
3.95%, 08/04/25		10		9,883
Citigroup Inc.
2.56%, 05/01/32 (Call 05/01/31), (SOFR + 1.167%)^(b)		95		77,877
2.67%, 01/29/31 (Call 01/29/30), (SOFR + 1.146%)^(b)		50		42,415
3.11%, 04/08/26 (Call 04/08/25), (SOFR + 2.842%)^(b)		60		57,599
3.52%, 10/27/28 (Call 10/27/27), (3 mo. LIBOR US + 1.151%)^(b)		60		55,857
3.67%, 07/24/28 (Call 07/24/27), (3 mo. LIBOR US + 1.390%)^(b)		100		93,801
3.70%, 01/12/26		90		87,915
3.79%, 03/17/33 (Call 03/17/32), (SOFR + 1.939%)^(b)		60		53,978
4.28%, 04/24/48 (Call 04/24/47), (3 mo. LIBOR US + 1.839%)^(b)		50		44,887
4.41%, 03/31/31 (Call 03/31/30), (SOFR + 3.914%)^(b)		50		47,572
4.45%, 09/29/27		85		82,917
4.65%, 07/23/48 (Call 06/23/48)		34		32,016
4.75%, 05/18/46		50		45,026
4.91%, 05/24/33 (Call 05/24/32)^(b)		50		49,086
6.63%, 06/15/32		50		54,280
Citizens Financial Group Inc.
2.64%, 09/30/32 (Call 07/02/32)		55		43,550
5.64%, 05/21/37 (Call 05/21/32)^(b)		10		9,762
Comerica Bank, 4.00%, 07/27/25		50		49,338
Cooperatieve Rabobank U.A., 5.25%, 05/24/41		50		54,404
Credit Suisse Group AG, 4.55%, 04/17/26		250		239,625
Deutsche Bank AG/New York NY, 2.22%, 09/18/24 (Call 09/18/23), (SOFR + 2.159%)^(b)		190		183,107
Fifth Third Bancorp.
1.71%, 11/01/27 (Call 11/01/26), (SOFR + 0.685%)^(a)(b)		25		22,410
2.38%, 01/28/25 (Call 12/28/24)		60		57,359
2.55%, 05/05/27 (Call 04/05/27)		10		9,208
4.77%, 07/28/30 (Call 07/28/29)^(b)		10		9,953
8.25%, 03/01/38		10		12,906
First Citizens BancShares Inc./NC, 3.38%, 03/15/30 (Call 03/15/25), (SOFR + 2.465%)^(b)		40		37,860
First Horizon Corp., 4.00%, 05/26/25 (Call 04/26/25)		75		73,381
Goldman Sachs Capital I, 6.35%, 02/15/34		50		52,369
Goldman Sachs Group Inc. (The)
1.99%, 01/27/32 (Call 01/27/31), (SOFR + 1.090%)^(b)		50		39,480
2.62%, 04/22/32 (Call 04/22/31), (SOFR + 1.281%)^(b)		50		41,186
2.91%, 07/21/42 (Call 07/21/41), (SOFR + 1.472%)^(b)		35		25,519


Security	Par (000)		Value

Banks (continued)
3.10%, 02/24/33 (Call 02/24/32), (SOFR + 1.410%)^(b)		50		42,550
3.75%, 02/25/26 (Call 11/25/25)		60		58,767
3.80%, 03/15/30 (Call 12/15/29)		60		55,580
3.85%, 01/26/27 (Call 01/26/26)	$	60	$	58,150
4.02%, 10/31/38 (Call 10/31/37), (3 mo. LIBOR US + 1.373%)^(b)		65		56,715
4.22%, 05/01/29 (Call 05/01/28), (3 mo. LIBOR US + 1.301%)^(b)		50		47,793
4.25%, 10/21/25		120		118,630
4.48%, 08/23/28		30		29,312
4.75%, 10/21/45 (Call 04/21/45)		50		46,864
5.15%, 05/22/45		25		23,694
6.25%, 02/01/41		65		72,323
6.75%, 10/01/37		25		27,723
HSBC Holdings PLC
3.97%, 05/22/30 (Call 05/22/29), (3 mo. LIBOR US + 1.610%)^(b)		200		180,728
4.58%, 06/19/29 (Call 06/19/28), (3 mo. LIBOR US + 1.535%)^(b)		200		188,756
4.95%, 03/31/30		200		194,712
Huntington Bancshares Inc./OH
2.63%, 08/06/24 (Call 07/06/24)		35		33,997
4.00%, 05/15/25 (Call 04/15/25)		60		59,446
JPMorgan Chase & Co.
1.05%, 06/23/27 (Call 12/23/25)		35		30,106
1.58%, 04/22/27 (Call 04/22/26), (SOFR + 0.885%)^(b)		70		62,542
1.76%, 11/19/31 (Call 11/19/30), (SOFR + 1.105%)^(b)		60		47,177
2.01%, 03/13/26 (Call 03/13/25), (SOFR + 1.585%)^(b)		60		56,102
2.08%, 04/22/26 (Call 04/22/25), (SOFR + 1.850%)^(b)		60		56,143
2.18%, 06/01/28 (Call 06/01/27), (SOFR + 1.890%)^(b)		60		53,232
2.52%, 04/22/31 (Call 04/22/30), (SOFR + 2.040%)^(b)		50		42,299
2.58%, 04/22/32 (Call 04/22/31), (SOFR + 1.250%)^(b)		75		62,044
2.96%, 05/13/31 (Call 05/13/30), (SOFR + 2.515%)^(b)		76		65,514
2.96%, 01/25/33 (Call 01/25/32), (SOFR + 1.260%)^(b)		50		42,491
3.11%, 04/22/41 (Call 04/22/40), (SOFR + 2.460%)^(b)		65		50,155
3.11%, 04/22/51 (Call 04/22/50), (SOFR + 2.440%)^(b)		50		36,245
3.16%, 04/22/42 (Call 04/22/41), (SOFR + 2.460%)^(b)		25		19,379
3.22%, 03/01/25 (Call 03/01/24), (3 mo. LIBOR US + 1.155%)^(b)		65		63,751
3.33%, 04/22/52 (Call 04/22/51), (SOFR + 1.580%)^(b)		50		37,744
3.51%, 01/23/29 (Call 01/23/28), (3 mo. LIBOR US + 0.945%)^(b)		50		46,324
3.88%, 09/10/24		60		59,753
3.90%, 01/23/49 (Call 01/23/48), (3 mo. LIBOR US + 1.220%)^(b)		25		20,875
3.96%, 11/15/48 (Call 11/15/47), (3 mo. LIBOR US + 1.380%)^(b)		50		41,866
4.26%, 02/22/48 (Call 02/22/47), (3 mo. LIBOR US + 1.580%)^(b)		50		44,042
4.49%, 03/24/31 (Call 03/24/30), (SOFR + 3.790%)^(b)		75		72,802
4.59%, 04/26/33 (Call 04/26/32), (SOFR + 1.800%)^(b)		50		48,318
5.63%, 08/16/43		40		41,778
8.00%, 04/29/27		75		86,216
KeyCorp.
2.25%, 04/06/27		10		8,996
2.55%, 10/01/29		10		8,566
4.10%, 04/30/28		50		48,554
KfW
0.00%, 04/18/36^(a)(c)		30		18,611
0.25%, 03/08/24		190		180,783
0.50%, 09/20/24		185		173,941
0.63%, 01/22/26		30		27,210
2.00%, 05/02/25		119		114,222


Security	Par (000)		Value

Banks (continued)
2.50%, 11/20/24	$	45	$	43,996
2.88%, 04/03/28		80		77,575
Korea Development Bank (The)
0.40%, 03/09/24^(a)		200		189,856
3.00%, 01/13/26		200		194,500
Landwirtschaftliche Rentenbank
0.88%, 03/30/26		80		72,755
0.88%, 09/03/30		85		70,036
2.00%, 01/13/25		10		9,648
2.38%, 06/10/25		25		24,183
Series 37, 2.50%, 11/15/27		10		9,519
Series 40, 0.50%, 05/27/25		5		4,599
Lloyds Banking Group PLC, 3.57%, 11/07/28 (Call 11/07/27), (3 mo. LIBOR US + 1.205%)^(b)		200		184,878
Mitsubishi UFJ Financial Group Inc., 0.95%, 07/19/25 (Call 07/19/24)^(b)		300		279,837
Mizuho Financial Group Inc., 1.23%, 05/22/27 (Call 05/22/26)^(b)		200		174,428
Morgan Stanley
1.59%, 05/04/27 (Call 05/04/26), (SOFR + 0.879%)^(b)		75		66,889
1.93%, 04/28/32 (Call 04/28/31), (SOFR + 1.020%)^(b)		75		59,248
2.48%, 09/16/36 (Call 09/16/31), (SOFR + 1.360%)^(b)		50		38,670
2.51%, 10/20/32 (Call 10/20/31), (SOFR + 1.200%)^(b)		75		61,501
2.70%, 01/22/31 (Call 01/22/30), (SOFR + 1.143%)^(b)		100		86,581
2.80%, 01/25/52 (Call 01/25/51), (SOFR + 1.430%)^(b)		65		44,145
3.62%, 04/01/31 (Call 04/01/30), (SOFR + 3.120%)^(b)		75		68,800
3.70%, 10/23/24		100		99,377
3.88%, 01/27/26		105		103,588
4.00%, 07/23/25		155		154,168
4.38%, 01/22/47		19		17,296
4.68%, 07/17/26 (Call 07/17/25)^(b)		10		10,010
5.00%, 11/24/25		165		167,609
5.30%, 04/20/37 (Call 04/20/32)^(b)		60		57,622
5.60%, 03/24/51 (Call 03/24/50), (SOFR + 4.480%)^(b)		25		26,994
NatWest Group PLC
1.64%, 06/14/27 (Call 06/14/26)^(b)		200		174,812
4.27%, 03/22/25 (Call 03/22/24), (3 mo. LIBOR US + 1.762%)^(b)		200		197,612
Northern Trust Corp.
3.38%, 05/08/32 (Call 05/08/27), (3 mo. LIBOR US + 1.131%)^(b)		60		55,919
3.95%, 10/30/25		25		24,901
Oesterreichische Kontrollbank AG
0.38%, 09/17/25		5		4,534
0.50%, 02/02/26		5		4,500
1.50%, 02/12/25		45		42,784
2.88%, 05/23/25		5		4,903
PNC Financial Services Group Inc. (The)
2.31%, 04/23/32 (Call 04/23/31), (SOFR + 0.979%)^(a)(b)		40		33,614
3.45%, 04/23/29 (Call 01/23/29)		82		77,626
Regions Financial Corp., 7.38%, 12/10/37		10		11,771
Royal Bank of Canada
0.65%, 07/29/24		35		32,864
1.15%, 06/10/25		60		55,310
2.25%, 11/01/24		60		57,721
2.30%, 11/03/31		25		20,828
3.97%, 07/26/24		10		9,977
4.24%, 08/03/27		20		19,720
Santander Holdings USA Inc.
3.45%, 06/02/25 (Call 05/02/25)		60		57,379
4.50%, 07/17/25 (Call 04/17/25)		60		59,407


Security	Par (000)		Value

Banks (continued)
Santander UK Group Holdings PLC, 4.80%, 11/15/24 (Call 11/15/23), (3 mo. LIBOR US + 1.570%)^(b)	$	200	$	198,972
State Street Corp.
2.35%, 11/01/25 (Call 11/01/24), (SOFR + 0.940%)^(b)		10		9,655
2.65%, 05/19/26		85		81,790
2.90%, 03/30/26 (Call 03/30/25), (SOFR + 2.600%)^(b)		50		48,077
3.30%, 12/16/24		10		9,914
3.55%, 08/18/25		10		9,912
Sumitomo Mitsui Financial Group Inc.
2.14%, 09/23/30		75		59,701
2.70%, 07/16/24		245		237,645
3.78%, 03/09/26		75		73,204
SVB Financial Group, 3.50%, 01/29/25^(a)		91		88,452
Toronto-Dominion Bank (The)
1.15%, 06/12/25		60		55,326
1.25%, 12/13/24		50		46,978
3.63%, 09/15/31 (Call 09/15/26)^(b)		25		23,750
Truist Financial Corp.
1.13%, 08/03/27 (Call 06/03/27)		10		8,585
1.27%, 03/02/27 (Call 03/02/26), (SOFR + 0.609%)^(b)		20		17,988
2.50%, 08/01/24 (Call 07/01/24)		131		127,561
2.85%, 10/26/24 (Call 09/26/24)		10		9,826
3.70%, 06/05/25 (Call 05/05/25)		50		49,459
3.88%, 03/19/29 (Call 02/16/29)		10		9,460
4.00%, 05/01/25 (Call 03/01/25)		25		24,933
4.26%, 07/28/26 (Call 07/28/25)^(b)		10		9,989
4.92%, 07/28/33 (Call 07/28/32)^(b)		10		9,607
U.S. Bancorp.
1.45%, 05/12/25 (Call 04/11/25)^(a)		60		56,252
2.40%, 07/30/24 (Call 06/28/24)		35		34,157
3.60%, 09/11/24 (Call 08/11/24)		135		134,399
Valley National Bancorp., 3.00%, 06/15/31 (Call 06/15/26), (SOFR + 2.360%)^(b)		40		35,757
Wells Fargo & Co.
2.19%, 04/30/26 (Call 04/30/25), (SOFR + 2.000%)^(b)		60		56,152
2.39%, 06/02/28 (Call 06/02/27), (SOFR + 2.100%)^(b)		60		53,671
2.88%, 10/30/30 (Call 10/30/29), (SOFR + 1.432%)^(b)		50		43,844
3.00%, 04/22/26		75		71,333
3.00%, 10/23/26		75		70,764
3.07%, 04/30/41 (Call 04/30/40), (SOFR + 2.530%)^(b)		85		65,252
3.53%, 03/24/28 (Call 03/24/27), (SOFR + 1.510%)^(b)		85		80,269
3.90%, 05/01/45		50		41,863
4.10%, 06/03/26		150		147,286
4.15%, 01/24/29 (Call 10/24/28)		50		48,426
4.48%, 04/04/31 (Call 04/04/30), (SOFR + 4.032%)^(b)		70		67,359
4.54%, 08/15/26		10		9,930
4.81%, 07/25/28 (Call 07/25/27)^(b)		25		24,868
4.90%, 07/25/33 (Call 07/25/32)^(b)		10		9,853
5.01%, 04/04/51 (Call 04/04/50), (SOFR + 4.502%)^(b)		80		78,989
5.38%, 11/02/43		90		89,723
Western Alliance Bancorp., 3.00%, 06/15/31 (Call 06/15/26), (SOFR + 2.250%)^(b)		45		39,788
Westpac Banking Corp.
2.35%, 02/19/25		20		19,235
3.35%, 03/08/27		35		33,773
4.11%, 07/24/34 (Call 07/24/29)^(b)		50		45,086
4.42%, 07/24/39		50		44,068
5.41%, 08/10/33		10		9,678


				13,383,373


Security	Par (000)		Value

Beverages — 0.7%
Anheuser-Busch Companies LLC/Anheuser-Busch InBev Worldwide Inc.
3.65%, 02/01/26 (Call 11/01/25)	$	140	$	137,693
4.90%, 02/01/46 (Call 08/01/45)		90		85,459
Anheuser-Busch InBev Worldwide Inc.
3.50%, 06/01/30 (Call 03/01/30)^(a)		50		47,066
4.44%, 10/06/48 (Call 04/06/48)		25		22,266
4.50%, 06/01/50 (Call 12/01/49)		25		22,680
4.60%, 04/15/48 (Call 10/15/47)		60		54,563
4.60%, 06/01/60 (Call 12/01/59)		35		31,211
4.75%, 04/15/58 (Call 10/15/57)		35		31,969
5.45%, 01/23/39 (Call 07/23/38)		25		25,652
5.55%, 01/23/49 (Call 07/23/48)		50		51,963
5.80%, 01/23/59 (Call 07/23/58)		25		26,691
Coca-Cola Co. (The)
1.00%, 03/15/28		50		43,168
1.38%, 03/15/31		50		40,738
1.65%, 06/01/30		75		63,314
3.00%, 03/05/51^(a)		35		27,427
Constellation Brands Inc.
3.60%, 02/15/28 (Call 11/15/27)		40		38,004
4.10%, 02/15/48 (Call 08/15/47)		25		20,974
Diageo Capital PLC, 3.88%, 04/29/43 (Call 10/29/42)		55		48,746
Keurig Dr Pepper Inc.
3.35%, 03/15/51 (Call 09/15/50)		15		10,935
3.80%, 05/01/50 (Call 11/01/49)		25		19,473
Molson Coors Beverage Co., 4.20%, 07/15/46 (Call 01/15/46)		40		32,807
PepsiCo Inc.
1.40%, 02/25/31 (Call 11/25/30)		140		114,405
2.75%, 03/19/30 (Call 12/19/29)		75		68,662
2.88%, 10/15/49 (Call 04/15/49)		25		19,508
3.38%, 07/29/49 (Call 01/29/49)		28		23,657
3.45%, 10/06/46 (Call 04/06/46)		5		4,356
3.90%, 07/18/32 (Call 04/18/32)		10		9,796


				1,123,183

Biotechnology — 0.3%
Amgen Inc.
2.00%, 01/15/32 (Call 10/15/31)		50		40,636
2.45%, 02/21/30 (Call 11/21/29)		50		43,775
2.77%, 09/01/53 (Call 03/01/53)^(a)		25		16,606
3.20%, 11/02/27 (Call 08/02/27)^(a)		90		86,067
3.38%, 02/21/50 (Call 08/21/49)		40		30,348
4.05%, 08/18/29		10		9,728
4.20%, 03/01/33		10		9,659
4.40%, 05/01/45 (Call 11/01/44)		25		22,505
4.40%, 02/22/62 (Call 08/22/61)		25		21,680
4.56%, 06/15/48 (Call 12/15/47)		25		23,097
4.66%, 06/15/51 (Call 12/15/50)		25		23,443
4.88%, 03/01/53		10		9,703
Biogen Inc.
2.25%, 05/01/30 (Call 02/01/30)		40		32,767
3.15%, 05/01/50 (Call 11/01/49)		30		20,419
4.05%, 09/15/25 (Call 06/15/25)		10		9,954
Gilead Sciences Inc.
4.15%, 03/01/47 (Call 09/01/46)		25		21,767
4.50%, 02/01/45 (Call 08/01/44)		25		22,736
4.75%, 03/01/46 (Call 09/01/45)		25		23,899
4.80%, 04/01/44 (Call 10/01/43)		40		37,911


Security	Par (000)		Value

Biotechnology (continued)
Regeneron Pharmaceuticals Inc.
1.75%, 09/15/30 (Call 06/15/30)	$	10	$	7,952
2.80%, 09/15/50 (Call 03/15/50)		10		6,725
Royalty Pharma PLC
2.20%, 09/02/30 (Call 06/02/30)		65		52,687
3.35%, 09/02/51 (Call 03/02/51)		5		3,346


				577,410

Building Materials — 0.2%
Carrier Global Corp.
2.70%, 02/15/31 (Call 11/15/30)		15		12,785
2.72%, 02/15/30 (Call 11/15/29)		25		21,622
3.38%, 04/05/40 (Call 10/05/39)		25		19,735
Fortune Brands Home & Security Inc., 3.25%, 09/15/29 (Call 06/15/29)		25		21,822
Johnson Controls International PLC, 4.50%, 02/15/47 (Call 08/15/46)		35		30,511
Martin Marietta Materials Inc.
2.40%, 07/15/31 (Call 04/15/31)		15		12,345
3.45%, 06/01/27 (Call 03/01/27)		50		47,511
3.50%, 12/15/27 (Call 09/15/27)		50		47,797
Masco Corp., 2.00%, 02/15/31 (Call 11/15/30)		50		39,899
Owens Corning, 4.30%, 07/15/47 (Call 01/15/47)		15		12,242
Vulcan Materials Co.
3.50%, 06/01/30 (Call 03/01/30)		30		27,108
4.50%, 06/15/47 (Call 12/15/46)		15		13,282


				306,659

Chemicals — 0.4%
Air Products and Chemicals Inc., 2.70%, 05/15/40 (Call 11/15/39)		50		39,391
Celanese U.S. Holdings LLC
6.05%, 03/15/25		5		5,014
6.17%, 07/15/27 (Call 06/15/27)		35		35,053
CF Industries Inc., 4.95%, 06/01/43		25		22,245
Dow Chemical Co. (The)
2.10%, 11/15/30 (Call 08/15/30)^(a)		50		40,913
4.38%, 11/15/42 (Call 05/15/42)		25		21,886
5.55%, 11/30/48 (Call 05/30/48)		25		25,272
7.38%, 11/01/29		10		11,508
DuPont de Nemours Inc.
4.49%, 11/15/25 (Call 09/15/25)		5		5,040
5.32%, 11/15/38 (Call 05/15/38)		40		39,859
Eastman Chemical Co., 4.65%, 10/15/44 (Call 04/15/44)		20		17,462
Ecolab Inc.
2.13%, 02/01/32 (Call 11/01/31)^(a)		10		8,408
2.13%, 08/15/50 (Call 02/15/50)		50		31,981
EI du Pont de Nemours and Co., 2.30%, 07/15/30 (Call 04/15/30)		25		21,615
FMC Corp., 3.45%, 10/01/29 (Call 07/01/29)		55		49,264
Huntsman International LLC, 4.50%, 05/01/29 (Call 02/01/29)		40		36,835
Linde Inc./CT
2.65%, 02/05/25 (Call 11/05/24)		5		4,866
3.20%, 01/30/26 (Call 10/30/25)		50		49,020
LYB International Finance BV, 5.25%, 07/15/43		20		18,672
LYB International Finance III LLC, 3.63%, 04/01/51 (Call 10/01/50)		60		44,510
Nutrien Ltd.
3.95%, 05/13/50 (Call 11/13/49)		50		42,619
5.88%, 12/01/36		10		10,688
Sherwin-Williams Co. (The), 3.80%, 08/15/49 (Call 02/15/49)		50		39,825


Security	Par (000)		Value

Chemicals (continued)
Westlake Corp., 5.00%, 08/15/46 (Call 02/15/46)	$	25	$	23,364


				645,310

Commercial Services — 0.5%
Automatic Data Processing Inc., 3.38%, 09/15/25 (Call 06/15/25)		44		43,575
Emory University, Series 2020, 2.97%, 09/01/50 (Call 03/01/50)		15		11,593
Equifax Inc.
2.60%, 12/01/24 (Call 11/01/24)		50		48,318
2.60%, 12/15/25 (Call 11/15/25)		25		23,416
Ford Foundation (The), Series 2020, 2.82%, 06/01/70 (Call 12/01/69)		15		10,107
George Washington University (The), 4.87%, 09/15/45		15		15,032
Georgetown University (The)
Series 20A, 2.94%, 04/01/50		25		17,815
Series B, 4.32%, 04/01/49 (Call 10/01/48)		5		4,522
Global Payments Inc.
2.15%, 01/15/27 (Call 12/15/26)		35		31,043
2.65%, 02/15/25 (Call 01/15/25)		75		71,420
2.90%, 05/15/30 (Call 02/15/30)		25		20,979
5.30%, 08/15/29		10		9,895
GXO Logistics Inc., 2.65%, 07/15/31 (Call 04/15/31)		25		19,121
Johns Hopkins University, Series A, 2.81%, 01/01/60 (Call 07/01/59)		15		10,608
Leland Stanford Junior University (The)
1.29%, 06/01/27 (Call 04/01/27)		30		26,633
2.41%, 06/01/50 (Call 12/01/49)		15		10,613
Massachusetts Institute of Technology, 5.60%, 07/01/2111		15		17,541
Moody’s Corp.
2.00%, 08/19/31 (Call 05/19/31)		50		40,350
3.25%, 05/20/50 (Call 11/20/49)		20		14,905
Northwestern University, 4.64%, 12/01/44		10		10,209
PayPal Holdings Inc.
1.65%, 06/01/25 (Call 05/01/25)		110		103,623
5.05%, 06/01/52 (Call 12/01/51)^(a)		10		9,801
5.25%, 06/01/62 (Call 12/01/61)		10		9,900
President and Fellows of Harvard College, 3.15%, 07/15/46 (Call 01/15/46)		50		42,135
Quanta Services Inc., 3.05%, 10/01/41 (Call 04/01/41)		15		10,445
S&P Global Inc.
2.90%, 03/01/32 (Call 12/01/31)^(d)		50		44,382
3.70%, 03/01/52 (Call 09/01/51)^(d)		25		21,509
Thomas Jefferson University, 3.85%, 11/01/57 (Call 05/01/57)		5		4,102
Trustees of Boston College, 3.13%, 07/01/52		15		11,126
Trustees of Boston University, Series CC, 4.06%, 10/01/48 (Call 04/01/48)		5		4,638
Trustees of Princeton University (The)
5.70%, 03/01/39		15		17,164
Series 2020, 2.52%, 07/01/50 (Call 01/01/50)		5		3,726
United Rentals North America Inc., 3.88%, 11/15/27 (Call 11/15/22)		10		9,264
University of Chicago (The)
4.00%, 10/01/53 (Call 04/01/53)		20		18,519
Series C, 2.55%, 04/01/50 (Call 10/01/49)		5		3,639
University of Notre Dame du Lac
Series 2015, 3.44%, 02/15/45		5		4,359
Series 2017, 3.39%, 02/15/48 (Call 08/15/47)		30		25,978
University of Southern California, Series A, 3.23%, 10/01/2120 (Call 04/01/2120)		20		12,951
Verisk Analytics Inc., 4.13%, 03/15/29 (Call 12/15/28)		50		47,811
Washington University (The), 3.52%, 04/15/54 (Call 10/15/53)		5		4,297


Security	Par (000)		Value

Commercial Services (continued)
William Marsh Rice University
3.57%, 05/15/45	$	20	$	17,753
3.77%, 05/15/55		5		4,487
Yale University, Series 2020, 2.40%, 04/15/50 (Call 10/15/49)		15		10,737


				900,041

Computers — 0.8%
Amdocs Ltd., 2.54%, 06/15/30 (Call 03/15/30)		25		20,796
Apple Inc.
1.65%, 05/11/30 (Call 02/11/30)		65		55,184
1.65%, 02/08/31 (Call 11/08/30)		43		35,754
2.45%, 08/04/26 (Call 05/04/26)		140		133,153
2.65%, 05/11/50 (Call 11/11/49)		50		36,577
2.65%, 02/08/51 (Call 08/08/50)		25		18,279
2.80%, 02/08/61 (Call 08/08/60)		25		17,572
2.95%, 09/11/49 (Call 03/11/49)		30		23,366
3.20%, 05/11/27 (Call 02/11/27)		60		58,515
3.25%, 08/08/29		20		19,122
3.35%, 02/09/27 (Call 11/09/26)		60		59,023
3.35%, 08/08/32		20		18,909
3.75%, 11/13/47 (Call 05/13/47)		25		22,439
3.85%, 05/04/43		50		45,892
3.85%, 08/04/46 (Call 02/04/46)		54		49,138
4.38%, 05/13/45		40		39,253
4.65%, 02/23/46 (Call 08/23/45)		30		30,709
CGI Inc.
1.45%, 09/14/26 (Call 08/14/26)		15		13,216
2.30%, 09/14/31 (Call 06/14/31)		10		7,918
Dell International LLC/EMC Corp.
3.45%, 12/15/51 (Call 06/15/51)^(d)		40		26,099
5.85%, 07/15/25 (Call 06/15/25)		50		51,769
6.02%, 06/15/26 (Call 03/15/26)^(a)		25		25,975
6.10%, 07/15/27 (Call 05/15/27)		10		10,530
6.20%, 07/15/30 (Call 04/15/30)		35		36,394
8.10%, 07/15/36 (Call 01/15/36)		15		17,426
Fortinet Inc., 2.20%, 03/15/31 (Call 12/15/30)		20		15,837
Hewlett Packard Enterprise Co., 6.20%, 10/15/35 (Call 04/15/35)		10		10,642
HP Inc.
2.65%, 06/17/31 (Call 03/17/31)		20		15,893
3.00%, 06/17/27 (Call 04/17/27)^(a)		35		32,406
4.75%, 01/15/28 (Call 12/15/27)		10		9,848
5.50%, 01/15/33 (Call 10/15/32)		10		9,617
6.00%, 09/15/41^(a)		25		24,271
International Business Machines Corp.
2.85%, 05/15/40 (Call 11/15/39)		125		95,406
3.30%, 05/15/26		100		96,964
Kyndryl Holdings Inc., 2.70%, 10/15/28 (Call 08/15/28)^(d)		25		19,326
Leidos Inc., 3.63%, 05/15/25 (Call 04/15/25)		50		48,847
NetApp Inc., 3.30%, 09/29/24 (Call 07/29/24)		40		39,278
Teledyne FLIR LLC, 2.50%, 08/01/30 (Call 05/01/30)		25		20,539
Western Digital Corp.
2.85%, 02/01/29 (Call 12/01/28)		10		8,154
4.75%, 02/15/26 (Call 11/15/25)		40		38,534


				1,358,570

Cosmetics & Personal Care — 0.2%
Colgate-Palmolive Co.
3.25%, 03/15/24		15		14,925
3.70%, 08/01/47 (Call 02/01/47)^(a)		25		22,379
Estee Lauder Companies Inc. (The), 3.13%, 12/01/49 (Call 06/01/49)		50		39,408


Security	Par (000)		Value

Cosmetics & Personal Care (continued)
Procter & Gamble Co. (The)
0.55%, 10/29/25	$	10	$	9,087
1.00%, 04/23/26		10		9,159
2.45%, 11/03/26		10		9,571
2.80%, 03/25/27		25		24,051
3.60%, 03/25/50		25		22,985
5.55%, 03/05/37		30		34,194
Unilever Capital Corp., 5.90%, 11/15/32		56		63,440


				249,199

Distribution & Wholesale — 0.0%
WW Grainger Inc., 4.60%, 06/15/45 (Call 12/15/44)		45		43,507


Diversified Financial Services — 1.4%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.30%, 01/30/32 (Call 10/30/31)		150		120,646
Affiliated Managers Group Inc., 3.50%, 08/01/25		10		9,809
Air Lease Corp.
1.88%, 08/15/26 (Call 07/15/26)		20		17,477
2.88%, 01/15/26 (Call 12/15/25)		60		55,345
3.00%, 02/01/30 (Call 11/01/29)		25		20,986
3.63%, 12/01/27 (Call 09/01/27)		33		30,005
4.63%, 10/01/28 (Call 07/01/28)		10		9,421
Aircastle Ltd., 4.25%, 06/15/26 (Call 04/15/26)		10		9,212
Ally Financial Inc.
4.75%, 06/09/27 (Call 05/09/27)		100		97,539
5.13%, 09/30/24		15		15,214
5.80%, 05/01/25 (Call 04/01/25)		10		10,237
8.00%, 11/01/31		50		55,204
American Express Co.
1.65%, 11/04/26 (Call 10/04/26)^(a)		25		22,596
2.50%, 07/30/24 (Call 06/30/24)		35		34,051
3.00%, 10/30/24 (Call 09/29/24)		60		58,805
3.13%, 05/20/26 (Call 04/20/26)		10		9,652
3.30%, 05/03/27 (Call 04/03/27)		10		9,569
3.95%, 08/01/25 (Call 07/01/25)		25		24,739
4.05%, 05/03/29 (Call 03/03/29)		10		9,703
4.05%, 12/03/42		10		9,086
4.42%, 08/03/33 (Call 08/03/32)^(b)		30		28,962
Ameriprise Financial Inc.
2.88%, 09/15/26 (Call 06/15/26)		50		47,572
3.70%, 10/15/24		5		4,961
Andrew W Mellon Foundation (The), Series 2020, 0.95%, 08/01/27 (Call 06/01/27)^(a)		25		21,909
Blackstone Private Credit Fund
2.35%, 11/22/24		10		9,284
2.63%, 12/15/26		10		8,446
3.25%, 03/15/27		15		12,871
Brookfield Finance Inc.
2.72%, 04/15/31 (Call 01/15/31)		50		42,196
4.35%, 04/15/30 (Call 01/15/30)		25		23,606
Capital One Financial Corp.
3.20%, 02/05/25 (Call 01/05/25)		10		9,750
3.30%, 10/30/24 (Call 09/30/24)		10		9,809
3.75%, 07/28/26 (Call 06/28/26)		63		60,641
4.20%, 10/29/25 (Call 09/29/25)		60		59,251
4.93%, 05/10/28 (Call 05/10/27), (SOFR + 2.057%)^(b)		50		49,408
4.99%, 07/24/26 (Call 07/24/25)^(b)		20		19,987
5.25%, 07/26/30 (Call 07/26/29)^(b)		10		9,863
5.27%, 05/10/33 (Call 05/10/32)^(b)		50		48,818


Security	Par (000)		Value

Diversified Financial Services (continued)
Cboe Global Markets Inc.
3.00%, 03/16/32 (Call 12/16/31)	$	15	$	13,289
3.65%, 01/12/27 (Call 10/12/26)		25		24,429
Charles Schwab Corp. (The)
0.90%, 03/11/26 (Call 02/11/26)		90		80,985
1.15%, 05/13/26 (Call 04/13/26)		20		18,035
1.65%, 03/11/31 (Call 12/11/30)		10		8,073
2.00%, 03/20/28 (Call 01/20/28)		10		8,991
2.30%, 05/13/31 (Call 02/13/31)		10		8,515
2.45%, 03/03/27 (Call 02/03/27)		10		9,332
2.90%, 03/03/32 (Call 12/03/31)		20		17,648
3.63%, 04/01/25 (Call 01/01/25)		15		14,804
3.85%, 05/21/25 (Call 03/21/25)		15		15,024
4.00%, 02/01/29 (Call 11/01/28)		10		9,836
4.20%, 03/24/25 (Call 02/24/25)		5		5,023
CI Financial Corp., 4.10%, 06/15/51 (Call 12/15/50)		15		9,815
CME Group Inc.
2.65%, 03/15/32 (Call 12/15/31)		20		17,607
3.00%, 03/15/25 (Call 12/15/24)		20		19,614
Discover Financial Services
3.75%, 03/04/25 (Call 12/04/24)		37		36,071
3.95%, 11/06/24 (Call 08/06/24)		58		57,394
4.10%, 02/09/27 (Call 11/09/26)		45		43,332
Franklin Resources Inc.
1.60%, 10/30/30 (Call 07/30/30)		20		15,890
2.95%, 08/12/51 (Call 02/12/51)		15		10,392
Intercontinental Exchange Inc.
1.85%, 09/15/32 (Call 06/15/32)		50		39,451
2.10%, 06/15/30 (Call 03/15/30)		25		21,112
3.00%, 06/15/50 (Call 12/15/49)		60		43,755
4.95%, 06/15/52 (Call 12/15/51)		25		24,582
Invesco Finance PLC, 5.38%, 11/30/43		10		9,853
Jefferies Group LLC, 6.25%, 01/15/36		20		20,182
Jefferies Group LLC/Jefferies Group Capital Finance Inc.
2.63%, 10/15/31 (Call 07/15/31)		10		7,761
4.15%, 01/23/30		10		9,009
Lazard Group LLC
3.63%, 03/01/27 (Call 12/01/26)		20		18,899
4.38%, 03/11/29 (Call 12/11/28)		10		9,598
Legg Mason Inc., 5.63%, 01/15/44		10		10,323
Mastercard Inc.
3.85%, 03/26/50 (Call 09/26/49)		27		24,408
3.95%, 02/26/48 (Call 08/26/47)		40		36,727
Morgan Stanley Domestic Holdings Inc., 4.50%, 06/20/28 (Call 03/20/28)		25		24,752
Nasdaq Inc., 3.85%, 06/30/26 (Call 03/30/26)		40		39,391
ORIX Corp., 3.25%, 12/04/24		60		58,699
Radian Group Inc.
4.50%, 10/01/24 (Call 07/01/24)		5		4,807
4.88%, 03/15/27 (Call 09/15/26)		10		9,319
6.63%, 03/15/25 (Call 09/15/24)		5		5,009
Raymond James Financial Inc., 4.65%, 04/01/30 (Call 01/01/30)		45		44,191
Stifel Financial Corp., 4.00%, 05/15/30 (Call 02/15/30)		35		31,723
Synchrony Financial
3.70%, 08/04/26 (Call 05/04/26)		25		23,421
4.25%, 08/15/24 (Call 05/15/24)		35		34,591
4.50%, 07/23/25 (Call 04/23/25)		60		58,662
5.15%, 03/19/29 (Call 12/19/28)		20		19,035


Security	Par (000)		Value

Diversified Financial Services (continued)
Visa Inc.
1.10%, 02/15/31 (Call 11/15/30)	$	25	$	19,981
2.05%, 04/15/30 (Call 01/15/30)		10		8,768
4.15%, 12/14/35 (Call 06/14/35)		25		24,778
4.30%, 12/14/45 (Call 06/14/45)		50		48,253
Western Union Co. (The), 1.35%, 03/15/26 (Call 02/15/26)		35		30,992


				2,302,761

Electric — 2.6%
AEP Texas Inc.
3.45%, 05/15/51 (Call 11/15/50)		25		19,303
3.95%, 06/01/28 (Call 03/01/28)		75		72,257
Series H, 3.45%, 01/15/50 (Call 07/15/49)		50		37,977
Series I, 2.10%, 07/01/30 (Call 04/01/30)		50		41,309
AES Corp. (The), 1.38%, 01/15/26 (Call 12/15/25)		50		44,414
Alabama Power Co.
3.05%, 03/15/32 (Call 12/15/31)^(a)		50		45,568
6.00%, 03/01/39		5		5,487
Ameren Corp., 2.50%, 09/15/24 (Call 08/15/24)		100		96,415
Ameren Illinois Co.
2.90%, 06/15/51 (Call 12/15/50)		25		18,150
3.25%, 03/15/50 (Call 09/15/49)		20		15,480
American Electric Power Co. Inc.
3.25%, 03/01/50 (Call 09/01/49)		30		21,361
3.88%, 02/15/62 (Call 11/15/26)^(b)		10		8,511
Appalachian Power Co., 4.50%, 08/01/32 (Call 05/01/32)		10		9,639
Arizona Public Service Co., 3.35%, 05/15/50 (Call 11/15/49)		15		10,748
Avangrid Inc., 3.80%, 06/01/29 (Call 03/01/29)		25		23,367
Avista Corp., 4.35%, 06/01/48 (Call 12/01/47)		15		13,652
Baltimore Gas & Electric Co.
2.25%, 06/15/31 (Call 03/15/31)		60		50,887
3.75%, 08/15/47 (Call 02/15/47)		25		21,204
Berkshire Hathaway Energy Co.
2.85%, 05/15/51 (Call 11/15/50)		10		7,128
4.45%, 01/15/49 (Call 07/15/48)		25		23,238
4.60%, 05/01/53 (Call 11/01/52)^(d)		10		9,547
6.13%, 04/01/36		50		54,958
Black Hills Corp.
2.50%, 06/15/30 (Call 03/15/30)		10		8,280
3.05%, 10/15/29 (Call 07/15/29)		10		8,733
CenterPoint Energy Houston Electric LLC, Series Z, 2.40%, 09/01/26 (Call 06/01/26)		10		9,349
CenterPoint Energy Inc.
2.95%, 03/01/30 (Call 12/01/29)		41		36,505
3.70%, 09/01/49 (Call 03/01/49)		15		11,896
CMS Energy Corp.
3.75%, 12/01/50 (Call 09/01/30)^(b)		5		4,049
4.75%, 06/01/50 (Call 03/01/30)^(b)		10		9,208
Commonwealth Edison Co.
4.00%, 03/01/49 (Call 09/01/48)		25		22,209
4.70%, 01/15/44 (Call 07/15/43)		35		34,006
Series 123, 3.75%, 08/15/47 (Call 02/15/47)		25		21,431
Connecticut Light & Power Co. (The), Series A, 4.15%, 06/01/45 (Call 12/01/44)		15		13,512
Consolidated Edison Co. of New York Inc.
2.40%, 06/15/31 (Call 03/15/31)^(a)		25		21,364
4.45%, 03/15/44 (Call 09/15/43)		45		41,715
4.50%, 05/15/58 (Call 11/15/57)		15		13,491
Series 05-A, 5.30%, 03/01/35		25		25,541
Series 2017, 3.88%, 06/15/47 (Call 12/15/46)		25		20,932
Series 20B, 3.95%, 04/01/50 (Call 10/01/49)		25		21,619


Security	Par (000)		Value

Electric (continued)
Constellation Energy Generation LLC
3.25%, 06/01/25 (Call 05/01/25)	$	10	$	9,703
5.60%, 06/15/42 (Call 12/15/41)		17		16,834
Consumers Energy Co.
3.10%, 08/15/50 (Call 02/15/50)		25		19,209
3.50%, 08/01/51 (Call 02/01/51)		25		20,705
Dominion Energy Inc., Series A, 1.45%, 04/15/26 (Call 03/15/26)		50		45,476
Dominion Energy South Carolina Inc., 6.05%, 01/15/38		30		33,179
DTE Electric Co.
2.95%, 03/01/50 (Call 09/01/49)		25		19,000
3.75%, 08/15/47 (Call 02/15/47)		25		21,631
DTE Energy Co.
4.22%, 11/01/24		10		9,962
Series C, 3.40%, 06/15/29 (Call 03/15/29)^(a)		30		27,461
Series F, 1.05%, 06/01/25 (Call 05/01/25)		60		54,983
Duke Energy Carolinas LLC
2.45%, 02/01/30 (Call 11/01/29)		60		53,141
3.55%, 03/15/52 (Call 09/15/51)		25		20,570
Duke Energy Corp.
3.30%, 06/15/41 (Call 12/15/40)		50		38,542
3.75%, 09/01/46 (Call 03/01/46)		50		39,247
4.30%, 03/15/28		10		9,800
4.50%, 08/15/32		10		9,639
5.00%, 08/15/52		10		9,503
Duke Energy Florida LLC
3.20%, 01/15/27 (Call 10/15/26)		50		48,314
3.80%, 07/15/28 (Call 04/15/28)		69		67,544
6.35%, 09/15/37		65		73,256
Duke Energy Progress LLC
3.45%, 03/15/29 (Call 12/15/28)		60		57,160
4.15%, 12/01/44 (Call 06/01/44)		68		60,413
Edison International, 4.13%, 03/15/28 (Call 12/15/27)		25		23,516
Emera U.S. Finance LP, 4.75%, 06/15/46 (Call 12/15/45)		25		21,953
Enel Americas SA, 4.00%, 10/25/26 (Call 07/25/26)		25		24,546
Enel Chile SA, 4.88%, 06/12/28 (Call 03/12/28)		20		19,648
Entergy Arkansas LLC, 3.35%, 06/15/52 (Call 12/15/51)		5		3,874
Entergy Corp.
0.90%, 09/15/25 (Call 08/15/25)		50		44,913
1.90%, 06/15/28 (Call 04/15/28)^(a)		50		43,137
2.40%, 06/15/31 (Call 03/05/31)		30		24,372
2.95%, 09/01/26 (Call 06/01/26)		50		47,040
3.75%, 06/15/50 (Call 12/15/49)		15		11,811
Entergy Louisiana LLC
3.25%, 04/01/28 (Call 01/01/28)		25		23,363
4.95%, 01/15/45 (Call 01/15/25)		50		47,681
Evergy Kansas Central Inc., 3.25%, 09/01/49 (Call 03/01/49)		35		26,947
Evergy Metro Inc., Series 2020, 2.25%, 06/01/30 (Call 03/01/30)		14		11,956
Eversource Energy
2.55%, 03/15/31 (Call 12/15/30)		25		21,217
2.90%, 03/01/27 (Call 02/01/27)		10		9,383
3.38%, 03/01/32 (Call 12/01/31)		10		8,997
3.45%, 01/15/50 (Call 07/15/49)		15		11,757
Series M, 3.30%, 01/15/28 (Call 10/15/27)		35		32,987
Exelon Corp.
3.40%, 04/15/26 (Call 01/15/26)		50		48,436
4.05%, 04/15/30 (Call 01/15/30)		50		48,052
4.70%, 04/15/50 (Call 10/15/49)		25		23,341


Security	Par (000)		Value

Electric (continued)
Florida Power & Light Co.
4.13%, 02/01/42 (Call 08/01/41)	$	50	$	46,374
5.25%, 02/01/41 (Call 08/01/40)		50		52,326
Fortis Inc./Canada, 3.06%, 10/04/26 (Call 07/04/26)		10		9,362
Georgia Power Co., Series A, 3.25%, 03/15/51 (Call 09/15/50)		55		40,716
Iberdrola International BV
5.81%, 03/15/25		15		15,631
6.75%, 07/15/36		10		11,167
Interstate Power & Light Co., 3.10%, 11/30/51 (Call 05/30/51)		10		7,205
ITC Holdings Corp., 3.35%, 11/15/27 (Call 08/15/27)		50		47,367
Louisville Gas & Electric Co., Series 25, 3.30%, 10/01/25 (Call 07/01/25)		5		4,881
MidAmerican Energy Co., 6.75%, 12/30/31		35		40,749
National Rural Utilities Cooperative Finance Corp.
3.05%, 04/25/27 (Call 01/25/27)		25		23,929
3.70%, 03/15/29 (Call 12/15/28)		40		38,029
4.30%, 03/15/49 (Call 09/15/48)		15		13,632
Nevada Power Co., Series CC, 3.70%, 05/01/29 (Call 02/01/29)		50		47,952
NextEra Energy Capital Holdings Inc.
1.88%, 01/15/27 (Call 12/15/26)		10		8,974
1.90%, 06/15/28 (Call 04/15/28)		50		43,297
3.50%, 04/01/29 (Call 01/01/29)		50		46,786
4.20%, 06/20/24		10		10,009
4.26%, 09/01/24		10		10,010
4.45%, 06/20/25		10		10,050
4.63%, 07/15/27 (Call 06/15/27)		20		20,094
Northern States Power Co./MN
2.90%, 03/01/50 (Call 09/01/49)		35		26,367
3.60%, 09/15/47 (Call 03/15/47)		35		29,388
NSTAR Electric Co., 1.95%, 08/15/31 (Call 05/15/31)		30		25,016
Oglethorpe Power Corp.
4.50%, 04/01/47 (Call 10/01/46)^(d)		10		8,629
5.25%, 09/01/50		22		20,449
5.38%, 11/01/40		5		4,812
Oklahoma Gas & Electric Co., 4.15%, 04/01/47 (Call 10/01/46)		15		13,247
Oncor Electric Delivery Co. LLC
3.80%, 09/30/47 (Call 03/30/47)		25		21,840
4.55%, 12/01/41 (Call 06/01/41)		19		18,364
4.60%, 06/01/52 (Call 12/01/51)^(d)		15		14,773
5.75%, 03/15/29 (Call 12/15/28)		50		53,802
Pacific Gas and Electric Co.
2.50%, 02/01/31 (Call 11/01/30)		50		38,237
3.50%, 08/01/50 (Call 02/01/50)		50		33,211
4.50%, 07/01/40 (Call 01/01/40)		50		39,104
4.55%, 07/01/30 (Call 01/01/30)		60		53,405
4.95%, 07/01/50 (Call 01/01/50)		50		40,004
PacifiCorp
2.90%, 06/15/52 (Call 12/15/51)		10		7,209
6.00%, 01/15/39		50		54,361
Pinnacle West Capital Corp., 1.30%, 06/15/25 (Call 05/15/25)		70		63,792
PPL Electric Utilities Corp., 4.15%, 06/15/48 (Call 12/15/47)		50		45,307
Public Service Co. of Colorado
4.05%, 09/15/49 (Call 03/15/49)		25		22,236
Series 17, 6.25%, 09/01/37		25		28,799
Public Service Electric & Gas Co., 4.05%, 05/01/48 (Call 11/01/47)		50		44,997
Public Service Enterprise Group Inc., 0.80%, 08/15/25 (Call 07/15/25)		60		54,172
Puget Energy Inc., 4.10%, 06/15/30 (Call 03/15/30)		40		37,005
Puget Sound Energy Inc., 3.25%, 09/15/49 (Call 03/15/49)		31		23,344


Security	Par (000)		Value

Electric (continued)
San Diego Gas & Electric Co.
Series TTT, 4.10%, 06/15/49 (Call 12/15/48)	$	25	$	22,132
Series WWW, 2.95%, 08/15/51 (Call 02/15/51)		25		18,500
Sempra Energy
4.00%, 02/01/48 (Call 08/01/47)		35		29,219
4.13%, 04/01/52 (Call 01/01/27)^(b)		25		21,153
Southern California Edison Co.
3.65%, 02/01/50 (Call 08/01/49)		50		38,312
4.00%, 04/01/47 (Call 10/01/46)		25		20,155
4.65%, 10/01/43 (Call 04/01/43)		50		45,089
Southern Co. (The)
4.25%, 07/01/36 (Call 01/01/36)		10		9,168
4.40%, 07/01/46 (Call 01/01/46)		56		49,377
Southern Power Co., 5.15%, 09/15/41		25		23,960
Tucson Electric Power Co., 4.00%, 06/15/50 (Call 12/15/49)		20		16,548
Virginia Electric & Power Co.
2.45%, 12/15/50 (Call 06/15/50)		50		33,600
4.00%, 01/15/43 (Call 07/15/42)		50		44,287
8.88%, 11/15/38		15		20,955
Series A, 3.15%, 01/15/26 (Call 10/15/25)		50		48,531
Series C, 4.00%, 11/15/46 (Call 05/15/46)		50		43,944
Wisconsin Power and Light Co., 3.00%, 07/01/29 (Call 04/01/29)		50		45,566
Wisconsin Public Service Corp., 3.30%, 09/01/49 (Call 03/01/49)		30		23,529
Xcel Energy Inc., 3.40%, 06/01/30 (Call 12/01/29)		65		59,611


				4,302,685

Electrical Components & Equipment — 0.0%
Emerson Electric Co., 2.00%, 12/21/28 (Call 10/21/28)		20		17,780


Electronics — 0.3%
Agilent Technologies Inc., 2.30%, 03/12/31 (Call 12/12/30)		35		28,800
Avnet Inc., 5.50%, 06/01/32 (Call 03/01/32)		10		9,533
Flex Ltd.
3.75%, 02/01/26 (Call 01/01/26)		5		4,766
4.88%, 06/15/29 (Call 03/15/29)		25		23,615
4.88%, 05/12/30 (Call 02/12/30)		15		14,160
Fortive Corp., 3.15%, 06/15/26 (Call 03/15/26)		50		47,843
Honeywell International Inc.
1.10%, 03/01/27 (Call 02/01/27)		10		8,923
3.81%, 11/21/47 (Call 05/21/47)		50		45,093
Hubbell Inc.
2.30%, 03/15/31 (Call 12/15/30)		25		20,904
3.35%, 03/01/26 (Call 12/01/25)		15		14,535
Keysight Technologies Inc.
3.00%, 10/30/29 (Call 07/30/29)		30		26,300
4.60%, 04/06/27 (Call 01/06/27)		25		25,083
Legrand France SA, 8.50%, 02/15/25		5		5,506
TD SYNNEX Corp.
1.75%, 08/09/26 (Call 07/09/26)		40		35,002
2.38%, 08/09/28 (Call 06/09/28)		25		20,974
Trimble Inc., 4.75%, 12/01/24 (Call 09/01/24)		40		40,164
Vontier Corp.
1.80%, 04/01/26 (Call 03/01/26)		25		21,870
2.40%, 04/01/28 (Call 02/01/28)		10		8,129
2.95%, 04/01/31 (Call 01/01/31)		15		11,534


				412,734

Entertainment — 0.1%
Magallanes Inc.
3.64%, 03/15/25^(d)		30		28,976


Security	Par (000)		Value

Entertainment (continued)
3.76%, 03/15/27 (Call 02/15/27)^(d)	$	40	$	37,362
4.28%, 03/15/32 (Call 12/15/31)^(d)		65		56,463
5.05%, 03/15/42 (Call 09/15/41)^(d)		15		12,258
5.14%, 03/15/52 (Call 09/15/51)^(d)		50		40,254
5.39%, 03/15/62 (Call 09/15/61)^(d)		50		40,208

				215,521

Environmental Control — 0.1%
Nature Conservancy (The), Series A, 3.96%, 03/01/52 (Call 09/01/51)		5		4,465
Republic Services Inc.
1.45%, 02/15/31 (Call 11/15/30)^(a)		40		31,476
3.05%, 03/01/50 (Call 09/01/49)		15		11,205
Waste Connections Inc.
3.20%, 06/01/32 (Call 03/01/32)		50		44,503
4.25%, 12/01/28 (Call 09/01/28)		10		9,827
Waste Management Inc., 2.50%, 11/15/50 (Call 05/15/50)		20		13,446


				114,922

Food — 0.6%
Ahold Finance USA LLC, 6.88%, 05/01/29		25		27,344
Campbell Soup Co.
3.13%, 04/24/50 (Call 10/24/49)		25		17,704
4.15%, 03/15/28 (Call 12/15/27)		25		24,551
Conagra Brands Inc., 5.40%, 11/01/48 (Call 05/01/48)		25		23,718
Flowers Foods Inc., 2.40%, 03/15/31 (Call 12/15/30)		10		8,300
General Mills Inc., 3.00%, 02/01/51 (Call 08/01/50)		25		18,179
Hershey Co. (The), 3.13%, 11/15/49 (Call 05/15/49)		25		19,820
Hormel Foods Corp., 0.65%, 06/03/24 (Call 10/03/22)		250		237,472
JM Smucker Co. (The)
2.13%, 03/15/32 (Call 12/15/31)^(a)		25		20,031
3.50%, 03/15/25		27		26,640
4.25%, 03/15/35		25		23,026
Kellogg Co.
2.10%, 06/01/30 (Call 03/01/30)		10		8,297
3.25%, 04/01/26		10		9,703
4.30%, 05/15/28 (Call 02/15/28)		65		64,258
Kraft Heinz Foods Co.
4.38%, 06/01/46 (Call 12/01/45)		40		33,944
4.88%, 10/01/49 (Call 04/01/49)		25		22,670
5.00%, 06/04/42		25		23,315
5.20%, 07/15/45 (Call 01/15/45)		50		46,992
Kroger Co. (The)
2.65%, 10/15/26 (Call 07/15/26)		25		23,609
4.45%, 02/01/47 (Call 08/01/46)		25		22,671
5.15%, 08/01/43 (Call 02/01/43)		25		24,524
McCormick & Co. Inc./MD
0.90%, 02/15/26 (Call 01/15/26)		10		8,912
3.15%, 08/15/24 (Call 06/15/24)		10		9,841
Mondelez International Inc.
1.50%, 05/04/25 (Call 04/04/25)		10		9,358
2.63%, 09/04/50 (Call 03/04/50)		10		6,718
Sysco Corp.
2.40%, 02/15/30 (Call 11/15/29)		10		8,602
3.30%, 07/15/26 (Call 04/15/26)		60		58,049
5.95%, 04/01/30 (Call 01/01/30)		10		10,646
6.60%, 04/01/40 (Call 10/01/39)		35		39,976
Tyson Foods Inc.
4.00%, 03/01/26 (Call 01/01/26)		10		9,885
5.10%, 09/28/48 (Call 03/28/48)		25		24,681


				913,436


Security	Par (000)		Value

Forest Products & Paper — 0.1%
International Paper Co.
4.40%, 08/15/47 (Call 02/15/47)	$	25	$	21,921
5.00%, 09/15/35 (Call 03/15/35)^(a)		35		34,915
Suzano Austria GmbH, 2.50%, 09/15/28 (Call 07/15/28)		90		75,958


				132,794

Gas — 0.2%
Atmos Energy Corp., 4.13%, 03/15/49 (Call 09/15/48)		59		52,928
CenterPoint Energy Resources Corp.
1.75%, 10/01/30 (Call 07/01/30)		25		20,409
4.10%, 09/01/47 (Call 03/01/47)		15		13,324
4.40%, 07/01/32 (Call 04/01/32)		10		9,973
Eastern Energy Gas Holdings LLC, Series A, 2.50%, 11/15/24 (Call 10/15/24)		25		24,061
NiSource Inc.
0.95%, 08/15/25 (Call 07/15/25)		70		63,686
1.70%, 02/15/31 (Call 11/15/30)		25		19,648
3.95%, 03/30/48 (Call 09/30/47)		25		20,560
4.38%, 05/15/47 (Call 11/15/46)		5		4,411
ONE Gas Inc.
2.00%, 05/15/30 (Call 02/15/30)		10		8,267
4.66%, 02/01/44 (Call 08/01/43)		15		13,746
Southern California Gas Co., Series XX, 2.55%, 02/01/30 (Call 11/01/29)		25		22,282
Southern Co. Gas Capital Corp., 5.88%, 03/15/41 (Call 09/15/40)		25		25,970
Southwest Gas Corp., 2.20%, 06/15/30 (Call 03/15/30)		25		19,740
Spire Missouri Inc., 3.30%, 06/01/51 (Call 12/01/50)		15		11,104
Washington Gas Light Co., Series K, 3.80%, 09/15/46 (Call 03/15/46)		10		8,359


				338,468

Hand & Machine Tools — 0.1%
Snap-on Inc., 3.10%, 05/01/50 (Call 11/01/49)		15		11,827
Stanley Black & Decker Inc.
2.30%, 03/15/30 (Call 12/15/29)		30		25,655
4.25%, 11/15/28 (Call 08/15/28)		50		49,488


				86,970

Health Care - Products — 0.4%


	Page


The Markets in Review		2
Semi-Annual Report:
Fund Summary		4
About Fund Performance		8
Disclosure of Expenses		8
Schedules of Investments		9
Financial Statements
Statements of Assets and Liabilities		119
Statements of Operations		120
Statements of Changes in Net Assets		121
Financial Highlights		123
Notes to Financial Statements		127
Board Review and Approval of Investment Advisory Contract		135
Supplemental Information		141
General Information		142
Glossary of Terms Used in this Report		143


				Average Annual Total Returns									Cumulative Total Returns

	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		(4.56	)%		(7.26	)%		0.90	%		1.14	%		(7.26	)%		4.58	%		12.04	%
Fund Market		(4.58	)		(7.30	)		0.89			1.15			(7.30	)		4.51			12.14
Index		(4.74	)		(7.60	)		0.76			1.11			(7.60	)		3.87			11.65


Actual					Hypothetical 5% Return


	Beginning Account Value (03/01/22)	Ending Account Value (08/31/22)	Expenses Paid During the Period	^(a)		Beginning Account Value (03/01/22)	Ending Account Value (08/31/22)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 954.40	$ 0.99			$ 1,000.00	$ 1,024.20	$ 1.02		0.20	%


PORTFOLIO COMPOSITION

	Percent of
Investment Type		Total Investments	^(a)

U.S. Government & Agency Obligations		82.9	%
Foreign Government Obligations		14.2
Corporate Bonds & Notes		2.9


MATURITY ALLOCATION

	Percent of
Maturity		Total Investments	^(a)

0-1 Year		8.5	%
1-5 Years		70.2
5-10 Years		15.5
10-15 Years		1.4
15-20 Years		4.0
More than 20 Years		0.4


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


Fund Summary as of August 31, 2022		iShares^® Agency Bond ETF


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


Fund Summary as of August 31, 2022		iShares^® Government/Credit Bond ETF


Actual					Hypothetical 5% Return


	Beginning Account Value (03/01/22)	Ending Account Value (08/31/22)	Expenses Paid During the Period	^(a)		Beginning Account Value (03/01/22)	Ending Account Value (08/31/22)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 917.30	$ 0.97			$ 1,000.00	$ 1,024.20	$ 1.02		0.20	%


CREDIT QUALITY ALLOCATION

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

Aaa		62.3	%
Aa		2.9
A		14.1
Baa		19.0
Ba		0.7
Not Rated		1.0


Fund Summary as of August 31, 2022		iShares^® Intermediate Government/Credit Bond ETF


Actual					Hypothetical 5% Return


	Beginning Account Value (03/01/22)	Ending Account Value (08/31/22)	Expenses Paid During the Period	^(a)		Beginning Account Value (03/01/22)	Ending Account Value (08/31/22)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 948.00	$ 0.98			$ 1,000.00	$ 1,024.20	$ 1.02		0.20	%


CREDIT QUALITY ALLOCATION

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

Aaa		66.3%
Aa		2.1
A		14.4
Baa		15.5
Ba		0.3
Not Rated		1.4


Fund Summary as of August 31, 2022		iShares^® MBS ETF


				Average Annual Total Returns									Cumulative Total Returns

	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		(8.27	)%		(12.44	)%		0.46	%		1.25	%		(12.44	)%		2.33	%		13.20	%
Fund Market		(8.42	)		(12.47	)		0.43			1.22			(12.47	)		2.15			12.88
Index		(8.20	)		(12.28	)		0.67			1.45			(12.28	)		3.40			15.48


ISSUER ALLOCATION

Issuer		Percentage of Total Investments^(a)

Uniform Mortgage-Backed Securities		70.7%
Government National Mortgage Association		22.3
Federal Home Loan Mortgage Corp.		6.5
Federal National Mortgage Association		0.5


MATURITY ALLOCATION

Maturity		Percent of Total Investments^(a)

1-5 Years		0.2%
5-10 Years		3.5
10-15 Years		10.9
15-20 Years		2.7
20-25 Years		16.2
25-30 Years		58.1
30-35 Years		8.4




Affiliated Issuer	Value at 02/28/22		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 08/31/22		Shares Held at 08/31/22 (000)		Income			Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Treasury, SL Agency Shares	$	12,750,000	$	—	$	(12,470,000	)^(a)	$	—	$	—	$	280,000		280	$	16,310	^(b)	$	—




	Level 1		Level 2		Level 3		Total


Investments
Assets
Corporate Bonds & Notes	$	—	$	17,486,304	$	—	$	17,486,304
Foreign Government Obligations		—		86,952,833		—		86,952,833
U.S. Government & Agency Obligations		—		506,432,909		—		506,432,909
Money Market Funds		280,000		—		—		280,000


	$	280,000	$	610,872,046	$	—	$	611,152,046