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 BBB Rated Corporate Bond ETF (the “Fund”) seeks to track the investment results of an index composed of BBB (or its equivalent) fixed rate U.S. dollar-denominated bonds issued by U.S. and non-U.S. corporate issuers, as represented by the iBoxx USD Liquid Investment Grade BBB 0+ Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

The inception date of the Fund was 5/18/21. The first day of secondary market trading was 5/20/21.

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 Broad USD Investment Grade Corporate Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated investment-grade corporate bonds, as represented by the ICE BofA US Corporate Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

On March 01, 2021 the Fund began to track the 4pm pricing variant of the ICE BofA US Corporate Index. Index data on and after March 01, 2021 is for the 4pm pricing variant of the ICE BofA US Corporate Index. Historical index data from August 01, 2018 through February 28, 2021 is for the 3pm pricing variant of the ICE BofA US Corporate Index. Historical index data prior to August 01, 2018 is for the Bloomberg Barclays U.S. Credit Bond Index.

The iShares 1-5 Year Investment Grade Corporate Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated investment-grade corporate bonds with remaining maturities between one and five years, as represented by the ICE BofA 1-5 Year US Corporate Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

On March 01, 2021 the Fund began to track the 4pm pricing variant of the ICE BofA 1-5 Year US Corporate Index. Index data on and after March 01, 2021 is for the 4pm pricing variant of the ICE BofA 1-5 Year US Corporate Index. Historical index from August 01, 2020 through February 28, 2021 is for the 3pm pricing variant of the ICE BofA 1-5 Year US Corporate Index. Historical Index data prior to August 01, 2018 is for the Bloomberg Barclays U.S. 1-3 Year Credit Bond Index.

The iShares 5-10 Year Investment Grade Corporate Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated investment-grade corporate bonds with remaining maturities between five and ten years, as represented by the ICE BofA 5-10 Year US Corporate Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

On March 01, 2021 the Fund began to track the 4pm pricing variant of the ICE BofA 5-10 Year US Corporate Index. Index data on and after March 01, 2021 is for the 4pm pricing variant of the ICE BofA 5-10 Year US Corporate Index. Historical index data from August 01, 2018 through February 28, 2021 is for the 3pm pricing variant of the ICE BofAML 5-10 Year US Corporate Index. Historical Index data prior to August 01, 2018 is for the Bloomberg Barclays U.S. Intermediate Credit Bond Index.

The iShares 10+ Year Investment Grade Corporate Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated investment-grade corporate bonds with remaining maturities greater than ten years, as represented by the ICE BofA 10+ Year US Corporate Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

On March 01, 2021 the Fund began to track the 4pm pricing variant of the ICE BofA 10+ Year US Corporate Index. Index data on and after March 01, 2021 is for the 4pm pricing variant of the ICE BofA 10+ Year US Corporate Index. Historical index data from August 01, 2018 through February 28, 2021 is for the 3pm pricing variant of the ICE BofA 10+ Year US Corporate Index. Historical Index data prior to August 01, 2018 is for the Bloomberg Barclays U.S. Long Credit Index.

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

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

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

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

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

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

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


Security	Par (000)		Value

Corporate Bonds & Notes

Advertising — 0.1%
Interpublic Group of Companies Inc. (The), 5.40%, 10/01/48 (Call 04/01/48)^(a)	$	35	$	33,586
Omnicom Group Inc., 2.60%, 08/01/31 (Call 05/01/31)^(a)		50		41,767

				75,353

Aerospace & Defense — 3.1%
Boeing Co. (The)
2.20%, 02/04/26 (Call 02/04/23)		250		229,085
4.88%, 05/01/25 (Call 04/01/25)		200		200,535
5.04%, 05/01/27 (Call 03/01/27)		100		99,730
5.15%, 05/01/30 (Call 02/01/30)		100		98,300
5.71%, 05/01/40 (Call 11/01/39)		110		105,041
5.81%, 05/01/50 (Call 11/01/49)		125		119,401
5.93%, 05/01/60 (Call 11/01/59)		90		85,556
L3Harris Technologies Inc., 4.40%, 06/15/28 (Call 03/15/28)		100		98,323
Northrop Grumman Corp.
3.25%, 01/15/28 (Call 10/15/27)		150		142,504
4.03%, 10/15/47 (Call 04/15/47)		75		65,912
5.25%, 05/01/50 (Call 11/01/49)		25		26,231
Raytheon Technologies Corp.
2.82%, 09/01/51 (Call 03/01/51)		50		34,968
4.13%, 11/16/28 (Call 08/16/28)		200		195,894
4.50%, 06/01/42		100		94,008
4.63%, 11/16/48 (Call 05/16/48)		150		141,986

				1,737,474

Agriculture — 1.9%
Altria Group Inc.
4.40%, 02/14/26 (Call 12/14/25)^(a)		100		99,518
4.80%, 02/14/29 (Call 11/14/28)		50		48,412
5.80%, 02/14/39 (Call 08/14/38)		100		92,151
5.95%, 02/14/49 (Call 08/14/48)		150		134,442
BAT Capital Corp.
2.73%, 03/25/31 (Call 12/25/30)		50		40,022
3.22%, 08/15/24 (Call 06/15/24)		100		97,665
3.56%, 08/15/27 (Call 05/15/27)		150		137,891
4.39%, 08/15/37 (Call 02/15/37)		100		79,081
4.54%, 08/15/47 (Call 02/15/47)		175		127,858
4.74%, 03/16/32 (Call 12/16/31)		75		67,300
Bunge Ltd. Finance Corp., 2.75%, 05/14/31 (Call 02/14/31)		50		41,984
Reynolds American Inc., 4.45%, 06/12/25 (Call 03/12/25)		100		98,996

				1,065,320

Apparel — 0.2%
VF Corp., 2.40%, 04/23/25 (Call 03/23/25)		100		95,410


Auto Manufacturers — 1.8%
General Motors Co.
6.25%, 10/02/43^(a)		135		129,252
6.60%, 04/01/36 (Call 10/01/35)		50		50,641
General Motors Financial Co. Inc.
1.25%, 01/08/26 (Call 12/08/25)		350		308,574
1.70%, 08/18/23		400		389,678
2.35%, 01/08/31 (Call 10/08/30)		175		135,518

				1,013,663

Auto Parts & Equipment — 0.2%
Aptiv PLC, 3.10%, 12/01/51 (Call 06/01/51)		35		21,596
Aptiv PLC/Aptiv Corp.
3.25%, 03/01/32 (Call 12/01/31)^(a)		30		25,253
4.15%, 05/01/52 (Call 11/01/51)		25		18,547
BorgWarner Inc., 2.65%, 07/01/27 (Call 05/01/27)		50		45,468


Security	Par (000)		Value

Auto Parts & Equipment (continued)
Lear Corp., 5.25%, 05/15/49 (Call 11/15/48)	$	25	$	21,487

				132,351

Banks — 8.7%
Barclays PLC
2.67%, 03/10/32 (Call 03/10/31)^(b)		200		155,003
3.65%, 03/16/25		300		291,156
Citigroup Inc.
3.50%, 05/15/23		300		299,182
4.45%, 09/29/27		150		146,459
4.60%, 03/09/26		100		99,831
4.75%, 05/18/46		75		67,417
6.63%, 06/15/32		50		54,189
6.68%, 09/13/43		50		56,614
Cooperatieve Rabobank U.A., 4.38%, 08/04/25		250		245,597
Credit Suisse Group AG, 4.55%, 04/17/26		250		240,114
Deutsche Bank AG/New York NY, 2.13%, 11/24/26 (Call 11/24/25), (SOFR + 1.870%)^(b)		400		352,856
Fifth Third Bancorp.
4.30%, 01/16/24 (Call 12/16/23)		200		200,250
8.25%, 03/01/38		40		51,506
Goldman Sachs Group Inc. (The)
4.25%, 10/21/25		100		98,589
5.15%, 05/22/45		25		23,656
6.75%, 10/01/37		200		221,241
HSBC Holdings PLC
4.25%, 08/18/25		300		294,755
6.50%, 05/02/36		100		104,242
6.50%, 09/15/37		100		104,116
Lloyds Banking Group PLC, 4.65%, 03/24/26		200		195,175
Morgan Stanley, 5.00%, 11/24/25		200		203,077
NatWest Group PLC
4.27%, 03/22/25 (Call 03/22/24), (3 mo. LIBOR US + 1.762%)^(b)		200		197,457
4.45%, 05/08/30 (Call 05/08/29), (3 mo. LIBOR US + 1.871%)^(b)		200		186,038
Santander Holdings USA Inc., 3.45%, 06/02/25 (Call 05/02/25)		250		239,051
Santander UK Group Holdings PLC, 1.09%, 03/15/25 (Call 03/15/24), (SOFR + 0.787%)^(b)		300		280,811
Wells Fargo & Co.
4.30%, 07/22/27		100		98,243
4.75%, 12/07/46		25		22,816
4.90%, 11/17/45		275		254,198
Westpac Banking Corp.
2.96%, 11/16/40		60		42,664
3.13%, 11/18/41		25		17,993

				4,844,296

Beverages — 2.9%
Anheuser-Busch Companies LLC/Anheuser-Busch InBev Worldwide Inc.
3.65%, 02/01/26 (Call 11/01/25)		100		98,273
4.70%, 02/01/36 (Call 08/01/35)		200		192,767
4.90%, 02/01/46 (Call 08/01/45)		275		260,624
Anheuser-Busch InBev Worldwide Inc.
3.50%, 06/01/30 (Call 03/01/30)		125		117,604
4.60%, 04/15/48 (Call 10/15/47)		100		90,502
4.60%, 06/01/60 (Call 12/01/59)		150		133,146
5.45%, 01/23/39 (Call 07/23/38)		50		51,175
5.55%, 01/23/49 (Call 07/23/48)		150		155,024
Constellation Brands Inc.
2.25%, 08/01/31 (Call 05/01/31)^(a)		75		61,079


Security	Par (000)		Value

Beverages (continued)
3.70%, 12/06/26 (Call 09/06/26)	$	75	$	72,645
3.75%, 05/01/50 (Call 11/01/49)		60		47,403
Keurig Dr Pepper Inc.
0.75%, 03/15/24 (Call 10/03/22)		200		190,022
2.25%, 03/15/31 (Call 12/15/30)		50		41,166
3.35%, 03/15/51 (Call 09/15/50)		60		43,305
Molson Coors Beverage Co., 4.20%, 07/15/46 (Call 01/15/46)		60		49,600

				1,604,335

Biotechnology — 3.0%
Amgen Inc.
2.20%, 02/21/27 (Call 12/21/26)		100		91,885
2.30%, 02/25/31 (Call 11/25/30)		100		84,717
2.77%, 09/01/53 (Call 03/01/53)		50		33,143
2.80%, 08/15/41 (Call 02/15/41)		75		56,021
3.63%, 05/22/24 (Call 02/22/24)		200		199,026
4.40%, 05/01/45 (Call 11/01/44)		60		53,781
4.66%, 06/15/51 (Call 12/15/50)		200		187,452
Baxalta Inc., 5.25%, 06/23/45 (Call 12/23/44)		75		74,100
Biogen Inc.
3.15%, 05/01/50 (Call 11/01/49)		60		40,877
3.25%, 02/15/51 (Call 08/15/50)		25		17,428
4.05%, 09/15/25 (Call 06/15/25)		150		149,069
Gilead Sciences Inc.
0.75%, 09/29/23 (Call 09/12/22)		150		144,912
1.65%, 10/01/30 (Call 07/01/30)		200		162,570
4.75%, 03/01/46 (Call 09/01/45)		100		95,212
4.80%, 04/01/44 (Call 10/01/43)		110		104,530
Regeneron Pharmaceuticals Inc.
1.75%, 09/15/30 (Call 06/15/30)		25		19,903
2.80%, 09/15/50 (Call 03/15/50)		30		20,064
Royalty Pharma PLC
1.20%, 09/02/25 (Call 08/02/25)		100		90,876
3.30%, 09/02/40 (Call 03/02/40)		50		37,119
3.35%, 09/02/51 (Call 03/02/51)		35		23,307

				1,685,992

Building Materials — 0.6%
Carrier Global Corp.
2.24%, 02/15/25 (Call 01/15/25)		28		26,610
2.49%, 02/15/27 (Call 12/15/26)		100		92,060
3.58%, 04/05/50 (Call 10/05/49)		75		56,994
Johnson Controls International PLC/Tyco Fire & Security Finance SCA, 2.00%, 09/16/31 (Call 06/16/31)		50		40,169
Martin Marietta Materials Inc., 3.20%, 07/15/51 (Call 01/15/51)		50		35,030
Vulcan Materials Co.
3.50%, 06/01/30 (Call 03/01/30)		50		45,101
4.50%, 06/15/47 (Call 12/15/46)		25		22,131

				318,095

Chemicals — 2.0%
Celanese U.S. Holdings LLC
6.17%, 07/15/27 (Call 06/15/27)		25		25,016
6.33%, 07/15/29 (Call 05/15/29)		25		24,854
CF Industries Inc., 5.38%, 03/15/44		50		46,410
Dow Chemical Co. (The)
2.10%, 11/15/30 (Call 08/15/30)		75		61,292
3.60%, 11/15/50 (Call 05/15/50)^(a)		135		102,430
DuPont de Nemours Inc.
4.73%, 11/15/28 (Call 08/15/28)		150		151,263
5.42%, 11/15/48 (Call 05/15/48)^(a)		60		59,004


Security	Par (000)		Value

Chemicals (continued)
Eastman Chemical Co.
4.50%, 12/01/28 (Call 09/01/28)	$	50	$	48,885
4.65%, 10/15/44 (Call 04/15/44)		30		25,909
FMC Corp.
3.45%, 10/01/29 (Call 07/01/29)		25		22,320
4.50%, 10/01/49 (Call 04/01/49)		15		12,518
International Flavors & Fragrances Inc., 5.00%, 09/26/48 (Call 03/26/48)		35		32,201
LYB International Finance III LLC
3.80%, 10/01/60 (Call 04/01/60)		25		17,699
4.20%, 05/01/50 (Call 11/01/49)		135		108,886
Mosaic Co. (The), 4.05%, 11/15/27 (Call 08/15/27)		100		97,102
Nutrien Ltd.
2.95%, 05/13/30 (Call 02/13/30)		50		44,249
3.95%, 05/13/50 (Call 11/13/49)		25		21,262
Sherwin-Williams Co. (The)
3.45%, 06/01/27 (Call 03/01/27)		100		95,562
4.50%, 06/01/47 (Call 12/01/46)		60		53,570
Westlake Corp., 5.00%, 08/15/46 (Call 02/15/46)		40		37,078

				1,087,510

Commercial Services — 0.9%
Block Financial LLC, 2.50%, 07/15/28 (Call 05/15/28)		50		43,363
Equifax Inc., 2.35%, 09/15/31 (Call 06/15/31)		50		40,321
Global Payments Inc.
1.20%, 03/01/26 (Call 02/01/26)		200		176,358
4.15%, 08/15/49 (Call 02/15/49)^(a)		25		19,104
Moody’s Corp.
2.00%, 08/19/31 (Call 05/19/31)^(a)		50		40,328
2.55%, 08/18/60 (Call 02/18/60)		50		30,710
2.75%, 08/19/41 (Call 02/19/41)		50		36,528
Quanta Services Inc., 3.05%, 10/01/41 (Call 04/01/41)		35		24,495
RELX Capital Inc., 4.00%, 03/18/29 (Call 12/18/28)		50		48,185
Verisk Analytics Inc., 3.63%, 05/15/50 (Call 11/15/49)		25		19,288

				478,680

Computers — 1.6%
Dell International LLC/EMC Corp.
3.45%, 12/15/51 (Call 06/15/51)^(c)		75		49,069
6.02%, 06/15/26 (Call 03/15/26)^(a)		200		207,652
8.10%, 07/15/36 (Call 01/15/36)		50		58,100
8.35%, 07/15/46 (Call 01/15/46)		10		12,084
Hewlett Packard Enterprise Co.
1.45%, 04/01/24 (Call 03/01/24)		160		153,628
6.35%, 10/15/45 (Call 04/15/45)		40		39,904
HP Inc.
2.20%, 06/17/25 (Call 05/17/25)		100		94,460
2.65%, 06/17/31 (Call 03/17/31)		50		39,783
4.75%, 01/15/28 (Call 12/15/27)		50		49,175
6.00%, 09/15/41		25		24,157
Kyndryl Holdings Inc., 2.70%, 10/15/28 (Call 08/15/28)^(c)		50		38,528
Leidos Inc., 4.38%, 05/15/30 (Call 02/15/30)		50		46,203
Western Digital Corp., 4.75%, 02/15/26 (Call 11/15/25)		50		48,133

				860,876

Diversified Financial Services — 4.3%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
2.45%, 10/29/26 (Call 09/29/26)		300		263,938
3.15%, 02/15/24 (Call 01/15/24)		150		145,748
3.40%, 10/29/33 (Call 07/29/33)		150		117,483
4.63%, 10/15/27 (Call 08/15/27)		150		141,614
Air Lease Corp.
0.70%, 02/15/24 (Call 01/15/24)		100		94,426


Security	Par (000)		Value

Diversified Financial Services (continued)
2.10%, 09/01/28 (Call 07/01/28)	$	150	$	123,223
2.88%, 01/15/26 (Call 12/15/25)		100		92,230
Ally Financial Inc.
2.20%, 11/02/28 (Call 09/02/28)^(a)		100		82,838
8.00%, 11/01/31		50		55,844
Blackstone Private Credit Fund
3.25%, 03/15/27		75		64,407
4.70%, 03/24/25^(a)		50		48,375
Capital One Financial Corp., 2.60%, 05/11/23 (Call 04/11/23)		400		396,641
CI Financial Corp., 4.10%, 06/15/51 (Call 12/15/50)^(a)		25		16,415
Discover Financial Services, 4.10%, 02/09/27 (Call 11/09/26)		200		192,204
Jefferies Group LLC, 6.25%, 01/15/36		50		50,450
Nasdaq Inc.
1.65%, 01/15/31 (Call 10/15/30)		50		39,864
3.25%, 04/28/50 (Call 10/28/49)		25		18,427
Nomura Holdings Inc., 1.85%, 07/16/25		200		184,001
Synchrony Financial, 4.25%, 08/15/24 (Call 05/15/24)		250		247,061

				2,375,189

Electric — 4.4%
AEP Texas Inc., Series I, 2.10%, 07/01/30 (Call 04/01/30)		100		82,658
AES Corp. (The), 2.45%, 01/15/31 (Call 10/15/30)		50		41,222
Constellation Energy Generation LLC, 6.25%, 10/01/39		25		26,546
Dominion Energy Inc.
Series B, 3.30%, 04/15/41 (Call 10/15/40)		50		39,579
Series C, 3.38%, 04/01/30 (Call 01/01/30)		100		91,057
DTE Energy Co., Series C, 2.53%, 10/01/24^(d)		100		96,284
Duke Energy Corp.
2.45%, 06/01/30 (Call 03/01/30)		100		84,438
3.50%, 06/15/51 (Call 12/15/50)		50		37,530
3.75%, 04/15/24 (Call 01/15/24)		200		199,327
3.75%, 09/01/46 (Call 03/01/46)		75		59,105
Emera U.S. Finance LP, 4.75%, 06/15/46 (Call 12/15/45)		40		34,747
Entergy Corp., 2.40%, 06/15/31 (Call 03/05/31)		100		81,185
Eversource Energy, 2.90%, 03/01/27 (Call 02/01/27)		100		93,891
Exelon Corp.
4.05%, 04/15/30 (Call 01/15/30)^(a)		50		47,825
4.70%, 04/15/50 (Call 10/15/49)		75		70,000
Georgia Power Co.
5.13%, 05/15/52 (Call 11/15/51)		25		25,008
Series A, 3.25%, 03/15/51 (Call 09/15/50)		75		55,063
NextEra Energy Capital Holdings Inc.
2.25%, 06/01/30 (Call 03/01/30)		200		168,523
4.45%, 06/20/25		100		100,466
Pacific Gas and Electric Co.
3.25%, 06/01/31 (Call 03/01/31)		100		80,807
3.50%, 08/01/50 (Call 02/01/50)^(a)		50		33,221
4.00%, 12/01/46 (Call 06/01/46)		50		34,515
4.55%, 07/01/30 (Call 01/01/30)		125		111,181
4.95%, 07/01/50 (Call 01/01/50)		125		99,776
Public Service Enterprise Group Inc., 2.45%, 11/15/31 (Call 08/15/31)		50		41,648
Sempra Energy
3.40%, 02/01/28 (Call 11/01/27)		50		47,291
4.00%, 02/01/48 (Call 08/01/47)		60		50,183
Southern Co. (The)
2.95%, 07/01/23 (Call 05/01/23)		200		198,504
3.25%, 07/01/26 (Call 04/01/26)		120		114,682
4.40%, 07/01/46 (Call 01/01/46)		70		61,643
WEC Energy Group Inc., 2.20%, 12/15/28 (Call 10/15/28)		50		43,381


Security	Par (000)		Value

Electric (continued)
Xcel Energy Inc., 2.60%, 12/01/29 (Call 06/01/29)	$	100	$	87,611

				2,438,897

Electronics — 0.5%
Agilent Technologies Inc., 2.30%, 03/12/31 (Call 12/12/30)		50		41,234
Amphenol Corp., 2.20%, 09/15/31 (Call 06/15/31)		50		41,253
Arrow Electronics Inc., 2.95%, 02/15/32 (Call 11/15/31)		45		36,718
Flex Ltd., 4.88%, 06/15/29 (Call 03/15/29)		60		56,983
Jabil Inc., 3.95%, 01/12/28 (Call 10/12/27)		50		47,170
Keysight Technologies Inc., 3.00%, 10/30/29 (Call 07/30/29)		50		43,632

				266,990

Entertainment — 1.2%
Magallanes Inc.
3.43%, 03/15/24^(c)		250		244,228
4.28%, 03/15/32 (Call 12/15/31)^(c)		250		217,209
5.14%, 03/15/52 (Call 09/15/51)^(c)		275		220,015

				681,452

Environmental Control — 0.7%
Republic Services Inc., 3.38%, 11/15/27 (Call 08/15/27)		200		190,618
Waste Connections Inc.
2.20%, 01/15/32 (Call 10/15/31)		50		41,103
2.95%, 01/15/52 (Call 07/15/51)		35		25,185
3.20%, 06/01/32 (Call 03/01/32)		50		44,481
Waste Management Inc.
1.50%, 03/15/31 (Call 12/15/30)		50		40,008
4.15%, 07/15/49 (Call 01/15/49)		35		32,085

				373,480

Food — 3.3%
Campbell Soup Co.
4.15%, 03/15/28 (Call 12/15/27)		50		49,131
4.80%, 03/15/48 (Call 09/15/47)		25		23,232
Conagra Brands Inc.
1.38%, 11/01/27 (Call 09/01/27)		100		83,672
5.40%, 11/01/48 (Call 05/01/48)		35		33,150
General Mills Inc.
3.00%, 02/01/51 (Call 08/01/50)		25		18,236
4.00%, 04/17/25 (Call 02/17/25)		50		49,854
JM Smucker Co. (The)
2.13%, 03/15/32 (Call 12/15/31)		25		19,960
3.50%, 03/15/25		150		148,004
4.38%, 03/15/45		25		21,588
Kellogg Co.
3.40%, 11/15/27 (Call 08/15/27)		100		95,127
4.50%, 04/01/46		25		22,835
Kraft Heinz Foods Co.
4.38%, 06/01/46 (Call 12/01/45)		250		212,528
5.00%, 07/15/35 (Call 01/15/35)		50		48,699
Kroger Co. (The)
2.20%, 05/01/30 (Call 02/01/30)		50		42,118
3.95%, 01/15/50 (Call 07/15/49)		25		21,253
4.45%, 02/01/47 (Call 08/01/46)		50		45,503
McCormick & Co. Inc./MD
0.90%, 02/15/26 (Call 01/15/26)		150		133,532
1.85%, 02/15/31 (Call 11/15/30)^(a)		25		19,904
Mondelez International Inc.
1.50%, 05/04/25 (Call 04/04/25)		200		187,131
2.63%, 09/04/50 (Call 03/04/50)		40		26,735
Sysco Corp.
3.15%, 12/14/51 (Call 06/14/51)		35		25,225
3.30%, 07/15/26 (Call 04/15/26)		175		169,358


Security	Par (000)		Value

Food (continued)
5.95%, 04/01/30 (Call 01/01/30)	$	50	$	53,490
6.60%, 04/01/50 (Call 10/01/49)		30		34,807
Tyson Foods Inc.
3.95%, 08/15/24 (Call 05/15/24)		100		99,300
4.35%, 03/01/29 (Call 12/01/28)		75		74,090
5.10%, 09/28/48 (Call 03/28/48)		60		59,402

				1,817,864

Forest Products & Paper — 0.1%
International Paper Co., 4.40%, 08/15/47 (Call 02/15/47)		75		65,526


Gas — 0.3%
National Fuel Gas Co., 2.95%, 03/01/31 (Call 12/01/30)		25		20,446
NiSource Inc.
3.60%, 05/01/30 (Call 02/01/30)		75		68,991
4.38%, 05/15/47 (Call 11/15/46)		75		66,148

				155,585

Health Care - Products — 1.1%
Baxter International Inc., 1.92%, 02/01/27 (Call 01/01/27)		150		135,068
Boston Scientific Corp.
1.90%, 06/01/25 (Call 05/01/25)		35		32,955
2.65%, 06/01/30 (Call 03/01/30)		35		30,578
4.70%, 03/01/49 (Call 09/01/48)		40		38,218
Danaher Corp., 2.80%, 12/10/51 (Call 06/10/51)		25		17,765
DH Europe Finance II Sarl
2.60%, 11/15/29 (Call 08/15/29)		50		44,974
3.25%, 11/15/39 (Call 05/15/39)		75		61,958
Koninklijke Philips NV, 6.88%, 03/11/38		25		28,575
PerkinElmer Inc., 1.90%, 09/15/28 (Call 07/15/28)		50		42,219
Smith & Nephew PLC, 2.03%, 10/14/30 (Call 07/14/30)		50		39,597
Stryker Corp.
1.15%, 06/15/25 (Call 05/15/25)		50		45,968
4.63%, 03/15/46 (Call 09/15/45)		50		47,348
Zimmer Biomet Holdings Inc., 2.60%, 11/24/31 (Call 08/24/31)		50		41,456

				606,679

Health Care - Services — 2.7%
Aetna Inc.
3.88%, 08/15/47 (Call 02/15/47)^(a)		60		49,049
6.63%, 06/15/36		25		27,545
Anthem Inc., 0.45%, 03/15/23		100		98,179
Elevance Health Inc.
1.50%, 03/15/26 (Call 02/15/26)		100		91,350
2.55%, 03/15/31 (Call 12/15/30)		100		85,816
3.60%, 03/15/51 (Call 09/15/50)		175		141,416
HCA Inc.
3.50%, 09/01/30 (Call 03/01/30)		125		108,957
3.50%, 07/15/51 (Call 01/15/51)		75		51,182
4.13%, 06/15/29 (Call 03/15/29)		135		124,464
5.00%, 03/15/24		100		100,562
5.25%, 06/15/49 (Call 12/15/48)		75		66,522
5.38%, 02/01/25		100		100,879
Humana Inc.
3.70%, 03/23/29 (Call 02/23/29)		50		47,209
3.85%, 10/01/24 (Call 07/01/24)		75		74,630
3.95%, 08/15/49 (Call 02/15/49)		40		33,754
Laboratory Corp. of America Holdings
1.55%, 06/01/26 (Call 05/01/26)		50		45,057
4.70%, 02/01/45 (Call 08/01/44)		40		36,174
Quest Diagnostics Inc., 3.45%, 06/01/26 (Call 03/01/26)		200		194,772


Security	Par (000)		Value

Health Care - Services (continued)
Universal Health Services Inc., 2.65%, 01/15/32 (Call 10/15/31)^(a)(c)	$	50	$	38,044

				1,515,561

Holding Companies - Diversified — 0.5%
Ares Capital Corp., 2.15%, 07/15/26 (Call 06/15/26)		160		138,933
FS KKR Capital Corp., 3.13%, 10/12/28 (Call 08/12/28)		50		40,758
Owl Rock Capital Corp., 3.40%, 07/15/26 (Call 06/15/26)		125		111,895

				291,586

Home Builders — 0.3%
DR Horton Inc., 2.50%, 10/15/24 (Call 09/15/24)		100		95,324
Lennar Corp., 4.75%, 11/29/27 (Call 05/29/27)		100		97,562

				192,886

Home Furnishings — 0.0%
Whirlpool Corp., 4.60%, 05/15/50 (Call 11/15/49)^(a)		30		25,066


Household Products & Wares — 0.1%
Avery Dennison Corp., 2.25%, 02/15/32 (Call 11/15/31)		50		39,219
Clorox Co. (The), 1.80%, 05/15/30 (Call 02/15/30)		50		40,855

				80,074

Insurance — 1.7%
Alleghany Corp., 3.25%, 08/15/51 (Call 02/15/51)		25		19,042
American International Group Inc.
3.90%, 04/01/26 (Call 01/01/26)		100		98,401
4.38%, 06/30/50 (Call 12/30/49)		75		67,234
Aon Corp., 2.80%, 05/15/30 (Call 02/15/30)		50		43,710
Aon Global Ltd., 4.75%, 05/15/45 (Call 11/15/44)		50		46,471
Arch Capital Group Ltd., 3.64%, 06/30/50 (Call 12/30/49)		25		19,515
Athene Holding Ltd.
3.50%, 01/15/31 (Call 10/15/30)		50		42,765
3.95%, 05/25/51 (Call 11/25/50)		25		18,667
Brighthouse Financial Inc., 4.70%, 06/22/47 (Call 12/22/46)		20		15,784
CNA Financial Corp., 3.45%, 08/15/27 (Call 05/15/27)		75		70,866
Corebridge Financial Inc., 4.40%, 04/05/52 (Call 10/05/51)^(c)		50		41,831
Equitable Holdings Inc.
4.35%, 04/20/28 (Call 01/20/28)^(a)		25		24,595
5.00%, 04/20/48 (Call 10/20/47)		35		32,733
Everest Reinsurance Holdings Inc., 3.13%, 10/15/52 (Call 04/15/52)		50		34,747
Fairfax Financial Holdings Ltd., 3.38%, 03/03/31 (Call 12/03/3)		60		51,171
Hartford Financial Services Group Inc. (The)
2.80%, 08/19/29 (Call 05/19/29)		80		70,977
3.60%, 08/19/49 (Call 02/19/49)		25		19,765
Jackson Financial Inc., 4.00%, 11/23/51 (Call 05/23/51)^(c)		25		17,283
Lincoln National Corp.
3.05%, 01/15/30 (Call 10/15/29)		50		44,245
7.00%, 06/15/40		25		28,087
Markel Corp.
3.45%, 05/07/52 (Call 11/07/51)		25		18,617
5.00%, 04/05/46		35		32,918
Old Republic International Corp., 3.85%, 06/11/51 (Call 12/11/50)		25		19,044
Willis North America Inc.
3.88%, 09/15/49 (Call 03/15/49)		25		19,371
4.50%, 09/15/28 (Call 06/15/28)^(a)		50		48,393

				946,232

Internet — 0.8%
eBay Inc.
3.60%, 06/05/27 (Call 03/05/27)		150		145,015
3.65%, 05/10/51 (Call 11/10/50)		25		18,882


Security	Par (000)		Value

Internet (continued)
Expedia Group Inc.
3.25%, 02/15/30 (Call 11/15/29)	$	60	$	51,819
5.00%, 02/15/26 (Call 11/15/25)		100		100,290
Netflix Inc., 5.88%, 11/15/28		100		101,371
VeriSign Inc., 2.70%, 06/15/31 (Call 03/15/31)		50		41,221

				458,598

Iron & Steel — 0.4%
ArcelorMittal SA, 4.25%, 07/16/29^(a)		50		47,275
Nucor Corp., 2.00%, 06/01/25 (Call 05/01/25)		200		188,739

				236,014

Lodging — 0.1%
Marriott International Inc./MD, Series EE, 5.75%, 05/01/25 (Call 04/01/25)		56		57,697


Machinery — 0.7%
CNH Industrial Capital LLC, 1.88%, 01/15/26 (Call 12/15/25)		100		91,096
Flowserve Corp., 2.80%, 01/15/32 (Call 10/15/31)		50		38,824
IDEX Corp., 2.63%, 06/15/31 (Call 03/15/31)		50		42,025
Otis Worldwide Corp.
2.57%, 02/15/30 (Call 11/15/29)		110		94,817
3.11%, 02/15/40 (Call 08/15/39)		25		19,164
Westinghouse Air Brake Technologies Corp., 4.95%, 09/15/28 (Call 06/15/28)		100		97,046

				382,972

Manufacturing — 1.1%
Carlisle Companies Inc., 3.75%, 12/01/27 (Call 09/01/27)		75		70,944
Eaton Corp., 4.15%, 11/02/42		40		36,058
GE Capital International Funding Co. Unlimited Co., 4.42%, 11/15/35^(a)		200		188,546
General Electric Co., 6.75%, 03/15/32		108		122,164
Parker-Hannifin Corp.
3.25%, 06/14/29 (Call 03/14/29)		75		68,704
3.30%, 11/21/24 (Call 08/21/24)		75		73,708
4.00%, 06/14/49 (Call 12/14/48)		35		29,726

				589,850

Media — 3.3%
Charter Communications Operating LLC/Charter Communications Operating Capital
2.80%, 04/01/31 (Call 01/01/31)		200		161,596
3.70%, 04/01/51 (Call 10/01/50)		200		133,369
3.85%, 04/01/61 (Call 10/01/60)		50		32,267
3.95%, 06/30/62 (Call 12/30/61)		75		49,384
4.91%, 07/23/25 (Call 04/23/25)^(a)		200		199,385
5.38%, 05/01/47 (Call 11/01/46)		35		29,844
6.48%, 10/23/45 (Call 04/23/45)		250		238,417
Discovery Communications LLC
3.95%, 03/20/28 (Call 12/20/27)		100		92,205
4.00%, 09/15/55 (Call 03/15/55)		85		56,189
5.20%, 09/20/47 (Call 03/20/47)		50		40,914
Fox Corp.
4.71%, 01/25/29 (Call 10/25/28)		50		49,478
5.58%, 01/25/49 (Call 07/25/48)		60		57,980
Paramount Global
4.38%, 03/15/43		85		64,255
4.75%, 05/15/25 (Call 04/15/25)		89		89,476
4.95%, 01/15/31 (Call 10/15/30)		75		71,384
4.95%, 05/19/50 (Call 11/19/49)		50		40,866
Thomson Reuters Corp., 5.85%, 04/15/40		25		25,805
Time Warner Cable LLC
6.55%, 05/01/37		50		49,299


Security	Par (000)		Value

Media (continued)
6.75%, 06/15/39	$	140	$	135,865
Time Warner Entertainment Co. LP, 8.38%, 03/15/23		200		204,544

				1,822,522

Mining — 0.5%
Barrick North America Finance LLC, 5.70%, 05/30/41		60		61,531
Freeport-McMoRan Inc.
4.13%, 03/01/28 (Call 03/01/23)^(a)		100		93,534
5.40%, 11/14/34 (Call 05/14/34)^(a)		25		23,710
5.45%, 03/15/43 (Call 09/15/42)^(a)		50		44,638
Newmont Corp., 4.88%, 03/15/42 (Call 09/15/41)		60		56,472

				279,885

Office & Business Equipment — 0.1%
CDW LLC/CDW Finance Corp., 3.28%, 12/01/28 (Call 10/01/28)		75		65,950


Oil & Gas — 2.7%
Canadian Natural Resources Ltd.
3.85%, 06/01/27 (Call 03/01/27)		50		47,813
6.25%, 03/15/38		35		36,500
Cenovus Energy Inc.
3.75%, 02/15/52 (Call 08/15/51)		25		19,270
5.38%, 07/15/25 (Call 04/15/25)		56		57,429
6.75%, 11/15/39		60		65,031
Continental Resources Inc./OK, 4.90%, 06/01/44 (Call 12/01/43)		25		19,506
Devon Energy Corp.
4.50%, 01/15/30 (Call 01/15/25)		50		47,421
5.00%, 06/15/45 (Call 12/15/44)^(a)		25		23,078
5.60%, 07/15/41 (Call 01/15/41)		35		34,621
Diamondback Energy Inc.
3.50%, 12/01/29 (Call 09/01/29)		100		91,423
4.40%, 03/24/51 (Call 09/24/50)^(a)		25		21,271
Hess Corp.
5.60%, 02/15/41		60		57,864
7.30%, 08/15/31		50		55,970
Marathon Oil Corp., 6.60%, 10/01/37		40		42,118
Marathon Petroleum Corp.
4.70%, 05/01/25 (Call 04/01/25)		100		100,627
6.50%, 03/01/41 (Call 09/01/40)		35		37,835
Phillips 66
3.85%, 04/09/25 (Call 03/09/25)		200		198,317
4.88%, 11/15/44 (Call 05/15/44)		100		95,282
Pioneer Natural Resources Co., 1.13%, 01/15/26 (Call 12/15/25)		150		134,044
Suncor Energy Inc.
3.75%, 03/04/51 (Call 09/04/50)^(a)		75		59,271
5.95%, 05/15/35		50		51,300
Valero Energy Corp.
2.80%, 12/01/31 (Call 09/01/31)		75		63,141
2.85%, 04/15/25 (Call 03/15/25)		49		47,477
3.65%, 12/01/51 (Call 06/01/51)		25		19,067
6.63%, 06/15/37		60		65,233

				1,490,909

Oil & Gas Services — 0.4%
Halliburton Co.
2.92%, 03/01/30 (Call 12/01/29)^(a)		35		30,968
4.85%, 11/15/35 (Call 05/15/35)		50		47,661
5.00%, 11/15/45 (Call 05/15/45)^(a)		65		59,127
7.45%, 09/15/39		25		29,068


Security	Par (000)		Value

Oil & Gas Services (continued)
NOV Inc.
3.60%, 12/01/29 (Call 09/01/29)	$	25	$	22,233
3.95%, 12/01/42 (Call 06/01/42)		25		18,098

				207,155

Packaging & Containers — 0.1%
WRKCo Inc., 3.00%, 06/15/33 (Call 03/15/33)		75		62,576


Pharmaceuticals — 6.3%
AbbVie Inc.
2.60%, 11/21/24 (Call 10/21/24)		300		289,852
2.95%, 11/21/26 (Call 09/21/26)		300		283,027
4.05%, 11/21/39 (Call 05/21/39)		100		87,969
4.25%, 11/21/49 (Call 05/21/49)		175		153,707
4.50%, 05/14/35 (Call 11/14/34)		150		142,738
4.70%, 05/14/45 (Call 11/14/44)		150		139,096
AmerisourceBergen Corp.
2.70%, 03/15/31 (Call 12/15/30)		50		42,671
4.30%, 12/15/47 (Call 06/15/47)		25		22,449
Becton Dickinson and Co.
1.96%, 02/11/31 (Call 11/11/30)		75		61,119
3.36%, 06/06/24 (Call 04/06/24)		91		89,850
3.79%, 05/20/50 (Call 11/20/49)		23		19,060
4.67%, 06/06/47 (Call 12/06/46)^(a)		25		23,792
Cardinal Health Inc., 4.37%, 06/15/47 (Call 12/15/46)		25		21,201
Cigna Corp.
3.40%, 03/15/51 (Call 09/15/50)		100		75,425
4.13%, 11/15/25 (Call 09/15/25)		200		198,506
4.38%, 10/15/28 (Call 07/15/28)		200		196,958
4.80%, 07/15/46 (Call 01/16/46)		135		126,372
CVS Health Corp.
2.13%, 09/15/31 (Call 06/15/31)^(a)		150		121,925
3.88%, 07/20/25 (Call 04/20/25)		200		198,493
4.30%, 03/25/28 (Call 12/25/27)		117		115,782
4.78%, 03/25/38 (Call 09/25/37)		200		189,816
5.05%, 03/25/48 (Call 09/25/47)		250		239,723
Mylan Inc., 5.20%, 04/15/48 (Call 10/15/47)		40		30,919
Takeda Pharmaceutical Co. Ltd.
4.40%, 11/26/23 (Call 10/26/23)		200		200,338
5.00%, 11/26/28 (Call 08/26/28)		200		202,780
Viatris Inc.
2.70%, 06/22/30 (Call 03/22/30)		100		78,776
4.00%, 06/22/50 (Call 12/22/49)		75		48,333
Zoetis Inc.
2.00%, 05/15/30 (Call 02/15/30)		50		42,090
4.70%, 02/01/43 (Call 08/01/42)		50		47,940

				3,490,707

Pipelines — 7.4%
Boardwalk Pipelines LP, 3.40%, 02/15/31 (Call 11/15/30)		50		42,427
Cheniere Corpus Christi Holdings LLC
2.74%, 12/31/39 (Call 07/04/39)		50		39,183
5.88%, 03/31/25 (Call 10/02/24)		100		102,056
Enbridge Inc.
2.50%, 08/01/33 (Call 05/01/33)		100		80,722
4.00%, 11/15/49 (Call 05/15/49)^(a)		75		62,102
Energy Transfer LP
3.75%, 05/15/30 (Call 02/15/30)		170		152,927
4.15%, 09/15/29 (Call 06/15/29)		25		22,953
5.00%, 05/15/44 (Call 11/15/43)		25		21,176
5.00%, 05/15/50 (Call 11/15/49)		150		128,517
5.15%, 03/15/45 (Call 09/15/44)		135		116,358


Security	Par (000)		Value

Pipelines (continued)
5.50%, 06/01/27 (Call 03/01/27)	$	100	$	101,172
5.88%, 01/15/24 (Call 10/15/23)		150		152,042
Enterprise Products Operating LLC
2.80%, 01/31/30 (Call 10/31/29)		100		88,113
3.20%, 02/15/52 (Call 08/15/51)		60		43,484
3.75%, 02/15/25 (Call 11/15/24)		150		149,102
3.95%, 01/31/60 (Call 07/31/59)		50		38,840
4.20%, 01/31/50 (Call 07/31/49)		50		42,338
4.25%, 02/15/48 (Call 08/15/47)		75		64,127
4.45%, 02/15/43 (Call 08/15/42)		75		66,330
4.85%, 03/15/44 (Call 09/15/43)		50		46,232
Kinder Morgan Energy Partners LP, 6.95%, 01/15/38		75		81,177
Kinder Morgan Inc.
3.60%, 02/15/51 (Call 08/15/50)		75		55,814
4.30%, 06/01/25 (Call 03/01/25)		150		149,450
5.55%, 06/01/45 (Call 12/01/44)^(a)		100		96,723
7.75%, 01/15/32		75		87,001
Magellan Midstream Partners LP
3.95%, 03/01/50 (Call 09/01/49)		50		39,093
4.25%, 09/15/46 (Call 03/15/46)		25		20,628
MPLX LP
2.65%, 08/15/30 (Call 05/15/30)		50		41,718
4.50%, 04/15/38 (Call 10/15/37)		75		66,136
4.88%, 12/01/24 (Call 09/01/24)		200		201,407
5.50%, 02/15/49 (Call 08/15/48)		100		94,425
ONEOK Inc.
5.20%, 07/15/48 (Call 01/15/48)		100		89,795
5.85%, 01/15/26 (Call 12/15/25)		50		51,307
6.35%, 01/15/31 (Call 10/15/30)		50		52,111
Plains All American Pipeline LP/PAA Finance Corp.
3.55%, 12/15/29 (Call 09/15/29)		75		65,736
4.90%, 02/15/45 (Call 08/15/44)		25		20,287
5.15%, 06/01/42 (Call 12/01/41)		25		20,933
Sabine Pass Liquefaction LLC
4.50%, 05/15/30 (Call 11/15/29)		110		105,154
5.63%, 03/01/25 (Call 12/01/24)		100		101,753
Spectra Energy Partners LP, 4.75%, 03/15/24 (Call 12/15/23)		200		201,047
Targa Resources Corp., 4.20%, 02/01/33 (Call 11/01/32)		75		67,561
TransCanada PipeLines Ltd.
1.00%, 10/12/24 (Call 09/12/24)^(a)		100		93,154
2.50%, 10/12/31 (Call 07/12/31)		100		82,191
4.25%, 05/15/28 (Call 02/15/28)		100		97,344
5.10%, 03/15/49 (Call 09/15/48)		45		44,559
6.20%, 10/15/37		50		53,836
7.63%, 01/15/39^(a)		75		91,610
Williams Companies Inc. (The)
2.60%, 03/15/31 (Call 12/15/30)		100		83,497
4.55%, 06/24/24 (Call 03/24/24)		200		200,454
5.10%, 09/15/45 (Call 03/15/45)		135		124,756

				4,140,858

Real Estate Investment Trusts — 4.2%
Alexandria Real Estate Equities Inc.
2.00%, 05/18/32 (Call 02/18/32)		100		78,899
4.00%, 02/01/50 (Call 08/01/49)		40		32,844
American Tower Corp.
3.10%, 06/15/50 (Call 12/15/49)		60		41,805
3.80%, 08/15/29 (Call 05/15/29)		200		184,774
5.00%, 02/15/24		200		201,938
Boston Properties LP, 2.90%, 03/15/30 (Call 12/15/29)		200		170,813


Security	Par (000)		Value

Real Estate Investment Trusts (continued)
Brixmor Operating Partnership LP, 2.50%, 08/16/31 (Call 05/16/31)	$	75	$	58,097
Crown Castle Inc.
2.90%, 04/01/41 (Call 10/01/40)		85		60,911
3.20%, 09/01/24 (Call 07/01/24)		200		196,848
3.80%, 02/15/28 (Call 11/15/27)		200		188,925
Digital Realty Trust LP, 3.70%, 08/15/27 (Call 05/15/27)^(a)		150		143,120
Equinix Inc.
2.15%, 07/15/30 (Call 04/15/30)		150		122,444
2.95%, 09/15/51 (Call 03/15/51)		25		16,888
Essex Portfolio LP, 2.65%, 03/15/32 (Call 12/15/31)		25		20,531
Federal Realty OP LP, 4.50%, 12/01/44 (Call 06/01/44)		25		21,832
GLP Capital LP/GLP Financing II Inc.
5.30%, 01/15/29 (Call 10/15/28)		50		48,282
5.38%, 04/15/26 (Call 01/15/26)		60		59,041
Healthcare Realty Holdings LP, 3.75%, 07/01/27 (Call 04/01/27)^(a)		150		143,518
Healthpeak Properties Inc.
2.13%, 12/01/28 (Call 10/01/28)		85		73,060
3.00%, 01/15/30 (Call 10/15/29)		50		44,243
Kimco Realty Corp., 2.70%, 10/01/30 (Call 07/01/30)		50		42,534
Omega Healthcare Investors Inc., 3.25%, 04/15/33 (Call 01/15/33)		50		37,981
Ventas Realty LP, 4.75%, 11/15/30 (Call 08/15/30)		100		97,092
VICI Properties LP, 4.38%, 05/15/25		100		97,656
Welltower Inc.
2.80%, 06/01/31 (Call 03/01/31)		100		84,280
4.95%, 09/01/48 (Call 03/01/48)		25		23,538
Weyerhaeuser Co., 7.38%, 03/15/32		50		57,429

				2,349,323

Retail — 2.8%
AutoZone Inc., 3.13%, 07/15/23 (Call 04/15/23)		100		99,357
Best Buy Co. Inc., 1.95%, 10/01/30 (Call 07/01/30)		40		31,949
Dick’s Sporting Goods Inc., 4.10%, 01/15/52 (Call 07/15/51)		25		16,564
Dollar General Corp., 3.50%, 04/03/30 (Call 01/03/30)		100		92,215
Dollar Tree Inc., 4.00%, 05/15/25 (Call 03/15/25)		100		99,031
Lowe’s Companies Inc.
1.70%, 10/15/30 (Call 07/15/30)		100		80,168
2.50%, 04/15/26 (Call 01/15/26)		200		190,146
3.70%, 04/15/46 (Call 10/15/45)		160		127,272
4.25%, 04/01/52 (Call 10/01/51)		50		42,689
McDonald’s Corp.
3.60%, 07/01/30 (Call 04/01/30)		100		94,800
3.63%, 09/01/49 (Call 03/01/49)		150		121,091
3.70%, 01/30/26 (Call 10/30/25)		100		99,069
4.88%, 12/09/45 (Call 06/09/45)^(a)		50		48,695
O’Reilly Automotive Inc., 3.90%, 06/01/29 (Call 03/01/29)		100		94,776
Starbucks Corp.
2.55%, 11/15/30 (Call 08/15/30)		50		42,889
3.00%, 02/14/32 (Call 11/14/31)^(a)		70		61,141
3.50%, 11/15/50 (Call 05/15/50)		100		76,871
3.80%, 08/15/25 (Call 06/15/25)		100		99,331
Walgreens Boots Alliance Inc., 4.80%, 11/18/44 (Call 05/18/44)		60		52,649

				1,570,703

Semiconductors — 2.3%
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.88%, 01/15/27 (Call 10/15/26)		250		240,108
Broadcom Inc.
2.45%, 02/15/31 (Call 11/15/30)^(c)		250		199,244
3.14%, 11/15/35 (Call 08/15/35)^(c)		250		189,094


Security	Par (000)		Value

Semiconductors (continued)
3.42%, 04/15/33 (Call 01/15/33)^(c)	$	150	$	123,558
3.50%, 02/15/41 (Call 08/15/40)^(c)		110		82,769
4.00%, 04/15/29 (Call 02/15/29)^(c)		25		23,144
Marvell Technology Inc., 2.95%, 04/15/31 (Call 01/15/31)		50		41,061
Microchip Technology Inc., 4.25%, 09/01/25 (Call 10/03/22)		100		99,073
Micron Technology Inc.
3.48%, 11/01/51 (Call 05/01/51)		20		13,311
4.66%, 02/15/30 (Call 11/15/29)		60		56,274
NXP BV/NXP Funding LLC/NXP USA Inc.
3.25%, 05/11/41 (Call 11/11/40)		25		18,150
3.25%, 11/30/51 (Call 05/30/51)		35		23,448
3.88%, 06/18/26 (Call 04/18/26)		100		96,707
4.30%, 06/18/29 (Call 03/18/29)		75		70,727

				1,276,668
Software — 4.5%
Activision Blizzard Inc., 2.50%, 09/15/50 (Call 03/15/50)		50		33,257
Autodesk Inc., 2.40%, 12/15/31 (Call 09/15/31)		50		41,343
Broadridge Financial Solutions Inc., 2.60%, 05/01/31 (Call 02/01/31)		50		41,899
Citrix Systems Inc., 4.50%, 12/01/27 (Call 09/01/27)		50		50,061
Electronic Arts Inc., 2.95%, 02/15/51 (Call 08/15/50)		40		28,944
Fidelity National Information Services Inc.
1.15%, 03/01/26 (Call 02/01/26)		150		133,645
3.10%, 03/01/41 (Call 09/01/40)		25		18,089
Fiserv Inc.
2.75%, 07/01/24 (Call 06/01/24)		200		195,006
3.50%, 07/01/29 (Call 04/01/29)		120		109,683
4.40%, 07/01/49 (Call 01/01/49)		35		30,281
Oracle Corp.
1.65%, 03/25/26 (Call 02/25/26)		100		89,774
2.50%, 04/01/25 (Call 03/01/25)^(a)		300		284,708
2.88%, 03/25/31 (Call 12/25/30)		300		248,515
3.40%, 07/08/24 (Call 04/08/24)		200		197,000
3.65%, 03/25/41 (Call 09/25/40)		350		256,700
3.95%, 03/25/51 (Call 09/25/50)		325		232,683
4.10%, 03/25/61 (Call 09/25/60)		100		69,565
Roper Technologies Inc.
1.00%, 09/15/25 (Call 08/15/25)		100		90,568
1.75%, 02/15/31 (Call 11/15/30)		50		39,189
ServiceNow Inc., 1.40%, 09/01/30 (Call 06/01/30)		50		39,280
VMware Inc., 3.90%, 08/21/27 (Call 05/21/27)		200		190,905
Workday Inc., 3.50%, 04/01/27 (Call 03/01/27)		75		71,529

				2,492,624

Telecommunications — 9.9%
AT&T Inc.
0.90%, 03/25/24 (Call 09/12/22)		200		191,010
2.30%, 06/01/27 (Call 04/01/27)		200		181,823
2.75%, 06/01/31 (Call 03/01/31)		150		128,549
3.50%, 06/01/41 (Call 12/01/40)		150		118,068
3.50%, 09/15/53 (Call 03/15/53)		325		239,347
3.65%, 06/01/51 (Call 12/01/50)		150		114,937
3.65%, 09/15/59 (Call 03/15/59)		300		216,988
4.50%, 05/15/35 (Call 11/15/34)		200		187,373
4.50%, 03/09/48 (Call 09/09/47)		100		87,466
Bell Telephone Co. of Canada or Bell Canada (The), Series US-4, 3.65%, 03/17/51 (Call 09/17/50)		80		62,830
British Telecommunications PLC, 9.63%, 12/15/30		75		92,268
Corning Inc.
4.38%, 11/15/57 (Call 05/15/57)		35		29,063
5.45%, 11/15/79 (Call 05/19/79)		25		22,992


Security	Par (000)		Value

Telecommunications (continued)
Deutsche Telekom International Finance BV, 8.75%, 06/15/30	$	50	$	61,494
Motorola Solutions Inc.
4.60%, 02/23/28 (Call 11/23/27)		100		98,424
5.60%, 06/01/32 (Call 03/01/32)		100		100,317
Orange SA
5.38%, 01/13/42		25		25,799
9.00%, 03/01/31		100		127,672
Rogers Communications Inc.
3.63%, 12/15/25 (Call 09/15/25)		100		96,986
3.70%, 11/15/49 (Call 05/15/49)		50		38,141
5.00%, 03/15/44 (Call 09/15/43)		100		91,075
Telefonica Emisiones SA
4.67%, 03/06/38		150		130,171
7.05%, 06/20/36		50		54,726
Telefonica Europe BV, 8.25%, 09/15/30		50		58,128
TELUS Corp., 4.60%, 11/16/48 (Call 05/16/48)		50		46,485
T-Mobile USA Inc.
2.55%, 02/15/31 (Call 11/15/30)		150		124,740
3.00%, 02/15/41 (Call 08/15/40)		125		91,099
3.30%, 02/15/51 (Call 08/15/50)		125		89,243
3.50%, 04/15/25 (Call 03/15/25)		200		195,364
3.60%, 11/15/60 (Call 05/15/60)		75		53,768
3.75%, 04/15/27 (Call 02/15/27)		200		191,730
3.88%, 04/15/30 (Call 01/15/30)		200		184,643
4.50%, 04/15/50 (Call 10/15/49)		25		21,741
Verizon Communications Inc.
1.45%, 03/20/26 (Call 02/20/26)		200		182,424
1.68%, 10/30/30 (Call 07/30/30)		275		218,623
2.55%, 03/21/31 (Call 12/21/30)		275		232,332
2.99%, 10/30/56 (Call 04/30/56)		100		67,179
3.40%, 03/22/41 (Call 09/22/40)		225		181,045
3.55%, 03/22/51 (Call 09/22/50)		250		195,652
3.70%, 03/22/61 (Call 09/22/60)		150		115,280
4.33%, 09/21/28		350		345,300
4.86%, 08/21/46		50		48,572
Vodafone Group PLC
4.38%, 05/30/28		150		148,149
5.25%, 05/30/48		150		140,185
6.15%, 02/27/37		75		78,526

				5,507,727

Toys, Games & Hobbies — 0.1%
Hasbro Inc., 3.55%, 11/19/26 (Call 09/19/26)		50		47,552


Transportation — 1.6%
Canadian Pacific Railway Co.
2.05%, 03/05/30 (Call 12/05/29)		60		50,893
3.10%, 12/02/51 (Call 06/02/51)		25		18,376
6.13%, 09/15/2115 (Call 03/15/2115)		40		42,084
CSX Corp.
2.50%, 05/15/51 (Call 11/15/50)		215		142,275


Security	Par/ Shares (000)		Value

Transportation (continued)
3.35%, 11/01/25 (Call 08/01/25)	$	50	$	48,910
4.25%, 03/15/29 (Call 12/15/28)		75		74,275
FedEx Corp.
3.10%, 08/05/29 (Call 05/05/29)		200		182,553
3.25%, 05/15/41 (Call 11/15/40)		50		38,987
4.75%, 11/15/45 (Call 05/15/45)		150		138,333
Kansas City Southern, 3.50%, 05/01/50 (Call 11/01/49)		25		19,664
Norfolk Southern Corp.
3.05%, 05/15/50 (Call 11/15/49)		135		99,570
3.16%, 05/15/55 (Call 11/15/54)		50		36,202

				892,122

Trucking & Leasing — 0.0%
GATX Corp., 3.10%, 06/01/51 (Call 12/01/50)		25		16,291


Water — 0.0%
Essential Utilities Inc., 3.35%, 04/15/50 (Call 10/15/49)		35		25,931


Total Long-Term Investments — 97.5% (Cost: $63,737,821)				54,297,056


Short-Term Securities

Money Market Funds — 6.6%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.42%^(e)(f)(g)		2,712		2,712,954
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.07%^(e)(f)		940		940,000


Total Short-Term Securities — 6.6% (Cost: $3,651,568)				3,652,954


Total Investments in Securities — 104.1% (Cost: $67,389,389)				57,950,010

Liabilities in Excess of Other Assets — (4.1)%				(2,287,663	)


Net Assets — 100.0%			$	55,662,347

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

^(b)	Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.

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

^(d)	Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect.

^(e)	Affiliate of the Fund.

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

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

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended 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)
2.40%, 03/01/31 (Call 12/01/30)	$	525	$	421,459
3.38%, 03/01/41 (Call 09/01/40)		589		424,767
4.20%, 04/15/24^(a)		261		259,237
4.65%, 10/01/28 (Call 07/01/28)		588		570,770
4.75%, 03/30/30 (Call 12/30/29)		750		722,657
5.40%, 10/01/48 (Call 04/01/48)		563		540,930
Omnicom Group Inc.
2.45%, 04/30/30 (Call 01/30/30)^(a)		533		448,786
2.60%, 08/01/31 (Call 05/01/31)^(a)		840		700,498
4.20%, 06/01/30 (Call 03/01/30)^(a)		607		577,157
Omnicom Group Inc./Omnicom Capital Inc.
3.60%, 04/15/26 (Call 01/15/26)		1,620		1,582,659
3.65%, 11/01/24 (Call 08/01/24)		1,006		996,027
WPP Finance 2010, 3.75%, 09/19/24		1,058		1,042,044

				8,286,991

Aerospace & Defense — 1.5%
Airbus SE
3.15%, 04/10/27 (Call 01/10/27)^(b)		650		619,150
3.95%, 04/10/47 (Call 10/10/46)^(a)(b)		655		563,250
BAE Systems Finance Inc., 7.50%, 07/01/27^(a)(b)		450		493,667
BAE Systems Holdings Inc.
3.80%, 10/07/24^(a)(b)		960		947,252
3.85%, 12/15/25 (Call 09/15/25)^(b)		822		796,163
4.75%, 10/07/44^(b)		282		257,401
BAE Systems PLC
1.90%, 02/15/31 (Call 11/15/30)^(b)		1,075		862,305
3.00%, 09/15/50 (Call 03/15/50)^(b)		660		467,649
3.40%, 04/15/30 (Call 01/15/30)^(b)		995		905,832
5.80%, 10/11/41^(b)		895		928,571
Boeing Co. (The)
1.43%, 02/04/24 (Call 09/12/22)		1,965		1,883,763
1.95%, 02/01/24^(a)		370		357,998
2.20%, 02/04/26 (Call 02/04/23)		3,415		3,124,989
2.25%, 06/15/26 (Call 03/15/26)		611		556,058
2.50%, 03/01/25 (Call 12/01/24)		397		376,216
2.60%, 10/30/25 (Call 07/30/25)		705		663,327
2.70%, 02/01/27 (Call 12/01/26)		445		403,269
2.75%, 02/01/26 (Call 01/01/26)		670		626,845
2.80%, 03/01/24 (Call 02/01/24)^(a)		427		417,278
2.80%, 03/01/27 (Call 12/01/26)^(a)		697		634,205
2.85%, 10/30/24 (Call 07/30/24)		551		534,678
2.95%, 02/01/30 (Call 11/01/29)		1,080		928,034
3.10%, 05/01/26 (Call 03/01/26)		790		745,900
3.20%, 03/01/29 (Call 12/01/28)		940		830,506
3.25%, 02/01/28 (Call 12/01/27)		368		334,217
3.25%, 03/01/28 (Call 12/01/27)^(a)		488		444,361
3.25%, 02/01/35 (Call 11/01/34)		221		170,025
3.30%, 03/01/35 (Call 09/01/34)		563		437,193
3.38%, 06/15/46 (Call 12/15/45)		310		212,135
3.45%, 11/01/28 (Call 08/01/28)		752		685,254
3.50%, 03/01/39 (Call 09/01/38)		452		332,429
3.50%, 03/01/45 (Call 09/01/44)		475		318,316
3.55%, 03/01/38 (Call 09/01/37)		515		386,625
3.60%, 05/01/34 (Call 02/01/34)^(a)		613		498,744
3.63%, 02/01/31 (Call 11/01/30)		705		623,922
3.63%, 03/01/48 (Call 09/01/47)		358		247,592
3.65%, 03/01/47 (Call 09/01/46)		280		197,822


Security	Par (000)		Value

Aerospace & Defense (continued)
3.75%, 02/01/50 (Call 08/01/49)	$	1,023	$	734,162
3.83%, 03/01/59 (Call 09/01/58)		474		327,751
3.85%, 11/01/48 (Call 05/01/48)		276		196,081
3.90%, 05/01/49 (Call 11/01/48)		577		420,432
3.95%, 08/01/59 (Call 02/01/59)		918		637,741
4.88%, 05/01/25 (Call 04/01/25)		2,443		2,449,825
5.04%, 05/01/27 (Call 03/01/27)		1,590		1,585,218
5.15%, 05/01/30 (Call 02/01/30)		3,275		3,223,289
5.71%, 05/01/40 (Call 11/01/39)		2,270		2,165,125
5.81%, 05/01/50 (Call 11/01/49)		4,844		4,646,018
5.88%, 02/15/40^(a)		635		621,599
5.93%, 05/01/60 (Call 11/01/59)		3,102		2,962,346
6.13%, 02/15/33^(a)		709		738,207
6.63%, 02/15/38^(a)		592		614,099
6.88%, 03/15/39		588		626,029
7.95%, 08/15/24^(a)		170		178,361
General Dynamics Corp.
1.15%, 06/01/26 (Call 05/01/26)		579		521,868
2.13%, 08/15/26 (Call 05/15/26)^(a)		615		579,312
2.25%, 06/01/31 (Call 03/01/31)^(a)		410		355,459
2.38%, 11/15/24 (Call 09/15/24)^(a)		1,119		1,085,213
2.63%, 11/15/27 (Call 08/15/27)		740		687,897
2.85%, 06/01/41 (Call 12/01/40)		460		360,506
3.25%, 04/01/25 (Call 03/01/25)		362		356,547
3.50%, 05/15/25 (Call 03/15/25)		774		769,766
3.50%, 04/01/27 (Call 02/01/27)		658		643,314
3.60%, 11/15/42 (Call 05/15/42)^(a)		114		99,301
3.63%, 04/01/30 (Call 01/01/30)^(a)		725		698,369
3.75%, 05/15/28 (Call 02/15/28)		306		301,370
4.25%, 04/01/40 (Call 10/01/39)		837		805,407
4.25%, 04/01/50 (Call 10/01/49)^(a)		750		716,581
L3Harris Technologies Inc.
1.80%, 01/15/31 (Call 10/15/30)^(a)		583		464,244
2.90%, 12/15/29 (Call 09/15/29)		629		554,561
3.83%, 04/27/25 (Call 01/27/25)		851		838,184
3.85%, 12/15/26 (Call 09/15/26)^(a)		729		709,580
3.95%, 05/28/24 (Call 02/28/24)		372		372,259
4.40%, 06/15/28 (Call 03/15/28)		1,354		1,330,953
4.85%, 04/27/35 (Call 10/27/34)		477		464,050
5.05%, 04/27/45 (Call 10/27/44)^(a)		464		447,878
6.15%, 12/15/40		230		249,911
Lockheed Martin Corp.
1.85%, 06/15/30 (Call 03/15/30)^(a)		730		628,587
2.80%, 06/15/50 (Call 12/15/49)		729		540,921
3.55%, 01/15/26 (Call 10/15/25)		800		793,244
3.60%, 03/01/35 (Call 09/01/34)^(a)		634		584,529
3.80%, 03/01/45 (Call 09/01/44)		859		755,843
3.90%, 06/15/32 (Call 03/15/32)^(a)		775		759,595
4.07%, 12/15/42		625		580,674
4.09%, 09/15/52 (Call 03/15/52)		976		907,920
4.15%, 06/15/53 (Call 12/15/52)		1,170		1,092,110
4.30%, 06/15/62 (Call 12/15/61)		1,160		1,083,128
4.50%, 05/15/36 (Call 11/15/35)		582		577,764
4.70%, 05/15/46 (Call 11/15/45)^(a)		907		908,203
5.72%, 06/01/40^(a)		95		103,360
Series B, 6.15%, 09/01/36		415		474,152
Northrop Grumman Corp.
2.93%, 01/15/25 (Call 11/15/24)		690		672,284
3.20%, 02/01/27 (Call 11/01/26)		858		828,440
3.25%, 01/15/28 (Call 10/15/27)		2,032		1,928,192


Security	Par (000)		Value

Aerospace & Defense (continued)
3.85%, 04/15/45 (Call 10/15/44)	$	708	$	604,724
4.03%, 10/15/47 (Call 04/15/47)^(a)		1,867		1,640,729
4.40%, 05/01/30 (Call 02/01/30)^(a)		756		753,523
4.75%, 06/01/43		706		679,140
5.05%, 11/15/40^(a)		509		511,208
5.15%, 05/01/40 (Call 11/01/39)		367		370,666
5.25%, 05/01/50 (Call 11/01/49)		680		714,423
Northrop Grumman Systems Corp., 7.75%, 02/15/31^(a)		175		209,464
Raytheon Technologies Corp.
1.90%, 09/01/31 (Call 06/01/31)		410		330,867
2.25%, 07/01/30 (Call 04/01/30)		1,343		1,147,136
2.38%, 03/15/32 (Call 12/15/31)		1,770		1,486,336
2.65%, 11/01/26 (Call 08/01/26)^(a)		410		387,250
2.82%, 09/01/51 (Call 03/01/51)		1,150		804,011
3.03%, 03/15/52 (Call 09/15/51)		1,250		909,913
3.13%, 05/04/27 (Call 02/04/27)		1,025		978,618
3.13%, 07/01/50 (Call 01/01/50)		935		696,096
3.20%, 03/15/24 (Call 01/15/24)		443		438,584
3.50%, 03/15/27 (Call 12/15/26)		1,265		1,225,090
3.70%, 12/15/23 (Call 09/15/23)		308		307,580
3.75%, 11/01/46 (Call 05/01/46)		1,222		1,016,518
3.95%, 08/16/25 (Call 06/16/25)		1,735		1,734,940
4.05%, 05/04/47 (Call 11/04/46)^(a)		587		513,553
4.13%, 11/16/28 (Call 08/16/28)		1,894		1,854,719
4.15%, 05/15/45 (Call 11/16/44)		992		871,532
4.20%, 12/15/44 (Call 06/15/44)		320		275,715
4.35%, 04/15/47 (Call 10/15/46)		901		820,818
4.45%, 11/16/38 (Call 05/16/38)		854		801,071
4.50%, 06/01/42		2,729		2,584,962
4.63%, 11/16/48 (Call 05/16/48)^(a)		1,140		1,081,144
4.70%, 12/15/41		540		513,042
4.80%, 12/15/43 (Call 06/15/43)		546		526,686
4.88%, 10/15/40		196		189,152
5.40%, 05/01/35^(a)		530		553,795
5.70%, 04/15/40		5		5,349
6.05%, 06/01/36		240		265,860
6.13%, 07/15/38		695		767,234
7.20%, 08/15/27		150		169,434
7.50%, 09/15/29		60		69,918
Teledyne Technologies Inc.
0.95%, 04/01/24 (Call 10/03/22)		360		340,332
1.60%, 04/01/26 (Call 03/01/26)		862		775,142
2.25%, 04/01/28 (Call 02/01/28)		680		589,555
2.75%, 04/01/31 (Call 01/01/31)		640		533,111

				103,619,640

Agriculture — 1.1%
Altria Group Inc.
2.35%, 05/06/25 (Call 04/06/25)		701		666,766
2.45%, 02/04/32 (Call 11/04/31)		1,400		1,058,128
2.63%, 09/16/26 (Call 06/16/26)^(a)		560		523,379
3.40%, 05/06/30 (Call 02/06/30)		793		687,593
3.40%, 02/04/41 (Call 08/04/40)		1,331		899,770
3.70%, 02/04/51 (Call 08/04/50)		1,121		730,125
3.80%, 02/14/24 (Call 01/14/24)^(a)		120		119,699
3.88%, 09/16/46 (Call 03/16/46)		1,514		1,049,954
4.00%, 01/31/24		365		364,551
4.00%, 02/04/61 (Call 08/04/60)		840		561,554
4.25%, 08/09/42		776		581,492
4.40%, 02/14/26 (Call 12/14/25)^(a)		1,232		1,225,435
4.45%, 05/06/50 (Call 11/06/49)		946		682,160


Security	Par (000)		Value

Agriculture (continued)
4.50%, 05/02/43	$	617	$	469,317
4.80%, 02/14/29 (Call 11/14/28)^(a)		1,869		1,809,838
5.38%, 01/31/44^(a)		1,475		1,302,176
5.80%, 02/14/39 (Call 08/14/38)		1,599		1,478,874
5.95%, 02/14/49 (Call 08/14/48)		2,196		1,970,942
6.20%, 02/14/59 (Call 08/14/58)		338		322,663
Archer-Daniels-Midland Co.
2.50%, 08/11/26 (Call 05/11/26)		1,080		1,027,073
2.70%, 09/15/51 (Call 03/15/51)		350		262,371
2.90%, 03/01/32 (Call 12/01/31)		395		356,584
3.25%, 03/27/30 (Call 12/27/29)		872		820,481
3.75%, 09/15/47 (Call 03/15/47)^(a)		750		669,791
4.02%, 04/16/43		588		531,522
4.50%, 03/15/49 (Call 09/15/48)^(a)		645		650,196
4.54%, 03/26/42		420		409,786
5.38%, 09/15/35		290		314,448
5.94%, 10/01/32		331		374,888
BAT Capital Corp.
2.26%, 03/25/28 (Call 01/25/28)		1,227		1,035,517
2.73%, 03/25/31 (Call 12/25/30)		674		539,377
2.79%, 09/06/24 (Call 08/06/24)		1,082		1,048,386
3.22%, 08/15/24 (Call 06/15/24)		2,463		2,405,849
3.22%, 09/06/26 (Call 07/06/26)^(a)		800		747,342
3.46%, 09/06/29 (Call 06/06/29)		697		601,740
3.56%, 08/15/27 (Call 05/15/27)		2,982		2,739,424
3.73%, 09/25/40 (Call 03/25/40)		760		530,860
3.98%, 09/25/50 (Call 03/25/50)		711		483,522
4.39%, 08/15/37 (Call 02/15/37)		2,113		1,671,295
4.54%, 08/15/47 (Call 02/15/47)		1,994		1,455,510
4.70%, 04/02/27 (Call 02/02/27)		1,084		1,054,775
4.74%, 03/16/32 (Call 12/16/31)^(a)		832		747,443
4.76%, 09/06/49 (Call 03/06/49)		756		567,804
4.91%, 04/02/30 (Call 01/02/30)		1,291		1,215,805
5.28%, 04/02/50 (Call 10/02/49)^(a)		683		550,193
5.65%, 03/16/52 (Call 09/16/51)^(a)		732		620,893
BAT International Finance PLC
1.67%, 03/25/26 (Call 02/25/26)^(a)		1,013		901,967
3.95%, 06/15/25^(b)		1,318		1,288,123
4.45%, 03/16/28 (Call 02/16/28)		825		781,514
Bunge Ltd. Finance Corp.
1.63%, 08/17/25 (Call 07/17/25)		1,147		1,064,854
2.75%, 05/14/31 (Call 02/14/31)		993		833,416
3.25%, 08/15/26 (Call 05/15/26)^(a)		437		418,897
3.75%, 09/25/27 (Call 06/25/27)^(a)		549		531,707
Cargill Inc.
0.40%, 02/02/24 (Call 01/02/24)^(a)(b)		610		581,457
0.75%, 02/02/26 (Call 01/02/26)^(a)(b)		667		598,581
1.70%, 02/02/31 (Call 11/02/30)^(b)		680		550,987
2.13%, 04/23/30 (Call 01/23/30)^(b)		830		709,118
2.13%, 11/10/31 (Call 08/10/31)^(a)(b)		1,074		890,471
3.13%, 05/25/51 (Call 11/25/50)^(b)		1,205		925,220
3.25%, 05/23/29 (Call 02/23/29)^(b)		671		628,352
3.50%, 04/22/25 (Call 04/22/23)^(a)(b)		474		466,778
3.63%, 04/22/27 (Call 03/22/27)^(b)		250		244,491
3.88%, 05/23/49 (Call 11/23/48)^(b)		395		345,013
4.00%, 06/22/32 (Call 03/22/32)^(b)		440		425,982
4.38%, 04/22/52 (Call 10/22/51)^(a)(b)		165		157,568
4.76%, 11/23/45^(b)		617		594,169
Imperial Brands Finance PLC
3.13%, 07/26/24 (Call 06/26/24)^(b)		1,025		986,244


	Page
The Markets in Review		2
Semi-Annual Report:
Fund Summary		4
About Fund Performance		9
Disclosure of Expenses		9
Schedules of Investments		10
Financial Statements
Statements of Assets and Liabilities		221
Statements of Operations		223
Statements of Changes in Net Assets		225
Financial Highlights		228
Notes to Financial Statements		233
Board Review and Approval of Investment Advisory Contract		242
Supplemental Information		246
General Information		247
Glossary of Terms Used in this Report		248


			Average Annual Total Returns				Cumulative Total Returns
	6 Months		1 Year		Since Inception		1 Year		Since Inception
Fund NAV		(9.48)%		(15.04)%		(9.35)%		(15.04)%		(11.89)%
Fund Market		(9.81)		(15.29)		(9.51)		(15.29)		(12.09)
Index		(9.41)		(14.99)		(9.38)		(14.99)		(11.88)


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	$	905.20	$	0.72	$	1,000.00	$	1,024.40	$	0.77		0.15	%


Moody’s Credit Rating^*	Percent of Total Investments^(a)
A		3.1%
Baa		92.5
Ba		3.1
Not Rated		1.3


Maturity	Percent of Total Investments^(a)
0-1 Year		3.1%
1-5 Years		35.3
5-10 Years		27.8
10-15 Years		4.0
15-20 Years		6.3
More than 20 Years		23.5


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^® BBB Rated Corporate 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^® Broad USD Investment Grade Corporate Bond ETF


Moody’s Credit Rating^*	Percent of Total Investments^(a)
Aaa		2.3%
Aa		6.3
A		39.7
Baa		48.1
Ba		1.4
Not Rated		2.2


Fund Summary as of August 31, 2022		iShares^® 1-5 Year Investment Grade Corporate Bond ETF


Moody’s Credit Rating^*	Percent of Total Investments	^(a)
Aaa	2.3	%
Aa	5.7
A	45.1
Baa	43.6
Ba	1.1
Not Rated	2.2


Fund Summary as of August 31, 2022		iShares^® 5-10 Year Investment Grade Corporate Bond ETF


Fund Summary as of August 31, 2022		iShares^® 10+ Year Investment Grade 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		9


				Average Annual Total Returns								Cumulative Total Returns

	6 Months			1 Year			5 Years			10 Years		1 Year			5 Years			10 Years
Fund NAV		(9.11	)%		(14.59	)%		0.94	%		2.06%		(14.59	)%		4.81	%		22.62%
Fund Market		(9.59	)		(14.82	)		0.86			1.98		(14.82	)		4.35			21.72
Index		(9.18	)		(14.69	)		1.08			2.24		(14.69	)		5.53			24.75


				Average Annual Total Returns								Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years		1 Year			5 Years			10 Years
Fund NAV		(3.48	)%		(6.29	)%		1.41	%		1.36%		(6.29	)%		7.26	%		14.44%
Fund Market		(3.68	)		(6.39	)		1.37			1.33		(6.39	)		7.06			14.10
Index		(3.77	)		(6.66	)		1.52			1.57		(6.66	)		7.86			16.85


Maturity	Percent of Total Investments	^(a)
1-2 Years	20.6	%
2-3 Years	29.9
3-4 Years	24.7
4-5 Years	19.8
5-6 Years	4.4
6-7 Years	0.1
7-8 Years	0.2
8-9 Years	0.1
9-10 Years	0.2


				Average Annual Total Returns								Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years		1 Year			5 Years			10 Years
Fund NAV		(8.92	)%		(13.88	)%		1.35	%		1.95%		(13.88	)%		6.95	%		21.36%
Fund Market		(9.27	)		(14.08	)		1.30			1.90		(14.08	)		6.66			20.67
Index		(9.02	)		(14.03	)		1.44			2.12		(14.03	)		7.39			23.30


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: Institutional, SL Agency Shares	$	3,635,476	$	—	$	(922,155	)^(a)	$	(2,014	)	$	1,647	$	2,712,954		2,712	$	3,003	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		2,810,000		—		(1,870,000	)^(a)		—			—		940,000		940		6,306			—

								$	(2,014	)	$	1,647	$	3,652,954			$	9,309		$	—


	Level 1		Level 2		Level 3		Total
Investments
Assets
Corporate Bonds & Notes	$	—	$	54,297,056	$	—	$	54,297,056
Money Market Funds		3,652,954		—		—		3,652,954

	$	3,652,954	$	54,297,056	$	—	$	57,950,010