iShares Trust

The Markets in Review

Dear Shareholder,

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

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

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

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

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

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

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

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.


Total Returns as of February 28, 2023

	6-Month		12-Month

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

The iShares Core 5-10 Year USD Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated bonds that are rated either investment-grade or high yield with remaining effective maturities between five and ten years, as represented by the Bloomberg U.S. Universal 5-10 Year Index (the “Index”) (formerly the Bloomberg Barclays U.S. Universal 5-10 Year Index). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

The inception date of the Fund was November 1, 2016. The first day of secondary market trading was November 3, 2016.

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 iSharesCore 10+Year USD Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated bonds that are rated either investment-grade or high-yield with remaining maturities greater than ten years, as represented by the Bloomberg U.S. Universal 10+ Year Index (the “Index”) (formerly the Bloomberg Barclays U.S. Universal 10+ Year 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.

Index performance beginning on October 23, 2012 through June 2, 2014 reflects the performance of the Bloomberg Barclays U.S. Long Government/Credit Bond Index. Index performance beginning on June 3, 2014 reflects the performance of the Bloomberg U.S. Universal 10+ Year 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

Collaterized Mortgage Obligations

Mortgage-Backed Securities — 0.9%
Benchmark Mortgage Trust
Series 2018-B4, Class A5, 4.12%, 07/15/51 (Call 07/15/28)^(a)	$	200	$	189,701
Series 2019-B9, Class A5, 4.02%, 03/15/52 (Call 02/15/29)		50		46,795
Citigroup Commercial Mortgage Trust, Series 2019-GC43, Class A4, 3.04%, 11/10/52 (Call 11/10/29)		340		297,328
Morgan Stanley Capital I Trust
Series 2019-H6, Class A4, 3.42%, 06/15/52 (Call 06/15/29)		110		98,864
Series 2021-L7, Class A5, 2.57%, 10/15/54 (Call 10/15/31).		500		407,034
UBS Commercial Mortgage Trust, Series 2018-C08, Class A4, 3.98%, 02/15/51 (Call 02/15/28)		125		117,472
Wells Fargo Commercial Mortgage Trust 4.01%, 03/15/51 (Call 03/15/28)^(a)		250		235,562
Series 2020-C56, Class A5, 2.45%, 06/15/53 (Call 04/15/30)		30		25,052


				1,417,808

Total Collaterized Mortgage Obligations — 0.9% (Cost: $1,575,358)				1,417,808


Corporate Bonds & Notes

Advertising — 0.1%
Advantage Sales & Marketing Inc., 6.50%, 11/15/28 (Call 11/15/23)^(b)		11		8,406
Clear Channel Outdoor Holdings Inc.
7.50%, 06/01/29 (Call 06/01/24)^(b)		13		10,518
7.75%, 04/15/28 (Call 04/15/24)^(b)(c)		17		14,158
Interpublic Group of Companies Inc. (The), 4.65%, 10/01/28 (Call 07/01/28)		15		14,402
Lamar Media Corp.
3.63%, 01/15/31 (Call 01/15/26)		5		4,118
4.00%, 02/15/30 (Call 02/15/25)		3		2,597
4.88%, 01/15/29 (Call 01/15/24)^(c)		3		2,787
National CineMedia LLC, 5.88%, 04/15/28 (Call 04/15/23)^(b)		3		943
Omnicom Group Inc., 2.60%, 08/01/31 (Call 05/01/31)		20		16,419
Outfront Media Capital LLC/Outfront Media Capital Corp.
4.25%, 01/15/29 (Call 01/15/24)^(b)		10		8,254
4.63%, 03/15/30 (Call 03/15/25)^(b)		10		8,200
Stagwell Global LLC, 5.63%, 08/15/29 (Call 08/15/24)^(b)		13		11,158

				101,960

Aerospace & Defense — 0.3%
Boeing Co. (The)
3.20%, 03/01/29 (Call 12/01/28)		60		52,801
3.63%, 02/01/31 (Call 11/01/30)		50		43,812
5.15%, 05/01/30 (Call 02/01/30)		50		48,446
Bombardier Inc.
6.00%, 02/15/28 (Call 02/15/24)^(b)		16		15,002
7.50%, 02/01/29 (Call 02/01/26)^(b)		10		9,838
General Dynamics Corp., 3.63%, 04/01/30 (Call 01/01/30)		30		27,955
Howmet Aerospace Inc.
3.00%, 01/15/29 (Call 11/15/28)		15		12,871
6.75%, 01/15/28		2		2,058
L3Harris Technologies Inc.
2.90%, 12/15/29 (Call 09/15/29)		10		8,605
4.40%, 06/15/28 (Call 03/15/28)		60		57,800


Security	Par (000)		Value

Aerospace & Defense (continued)
Lockheed Martin Corp.
1.85%, 06/15/30 (Call 03/15/30)	$	10	$	8,178
3.90%, 06/15/32 (Call 03/15/32)		5		4,638
Northrop Grumman Corp., 4.70%, 03/15/33 (Call 12/15/32)		50		48,211
Raytheon Technologies Corp.
2.38%, 03/15/32 (Call 12/15/31)		15		12,088
4.13%, 11/16/28 (Call 08/16/28)		75		71,417
Spirit AeroSystems Inc.
4.60%, 06/15/28 (Call 03/15/28)		7		5,776
9.38%, 11/30/29 (Call 11/30/25)^(b)		15		15,891
TransDigm Inc.
4.63%, 01/15/29 (Call 01/15/24)		20		17,189
4.88%, 05/01/29 (Call 05/01/24)		10		8,612
6.75%, 08/15/28 (Call 02/15/25)^(b)		20		19,896

				491,084

Agriculture — 0.2%
Altria Group Inc.
2.45%, 02/04/32 (Call 11/04/31)		25		18,865
3.40%, 05/06/30 (Call 02/06/30)		5		4,305
4.80%, 02/14/29 (Call 11/14/28)		25		23,984
Archer-Daniels-Midland Co., 3.25%, 03/27/30 (Call 12/27/29)		25		22,498
BAT Capital Corp.
2.26%, 03/25/28 (Call 01/25/28)		20		16,766
3.46%, 09/06/29 (Call 06/06/29)		20		17,138
4.74%, 03/16/32 (Call 12/16/31)		20		17,862
4.91%, 04/02/30 (Call 01/02/30)		20		18,474
7.75%, 10/19/32 (Call 07/19/32)		10		10,737
BAT International Finance PLC, 4.45%, 03/16/28 (Call 02/16/28)		25		23,372
Cargill Inc.
1.70%, 02/02/31 (Call 11/02/30)^(b)		35		27,314
3.25%, 05/23/29 (Call 02/23/29)^(b)		15		13,531
4.00%, 06/22/32 (Call 03/22/32)^(b)		25		23,095
5.13%, 10/11/32 (Call 07/11/32)^(b)(c)		5		5,012
Darling Ingredients Inc., 6.00%, 06/15/30 (Call 06/15/25)^(b)		10		9,667
Philip Morris International Inc.
2.10%, 05/01/30 (Call 02/01/30)		5		4,044
3.38%, 08/15/29 (Call 05/15/29)		25		22,469
5.13%, 02/15/30 (Call 12/15/29)		20		19,576
5.38%, 02/15/33 (Call 11/15/32)		20		19,665
5.63%, 11/17/29 (Call 09/17/29)		10		10,135
5.75%, 11/17/32 (Call 08/17/32)		50		50,562
Vector Group Ltd., 5.75%, 02/01/29 (Call 02/01/24)^(b)		12		10,400

				389,471

Airlines — 0.1%
Air Canada Pass Through Trust, Series 2017-1, Class AA, 3.30%, 07/15/31^(b)		4		3,352
American Airlines 2016-2 Pass Through Trust, Series 2016-2, Class AA, 3.20%, 12/15/29		11		9,642
American Airlines 2017-2 Pass Through Trust, Series 2017-2, Class AA, 3.35%, 04/15/31		23		20,171
American Airlines 2021-1 Pass Through Trust, Series B, Class B, 3.95%, 01/11/32		2		1,656
American Airlines Inc./AAdvantage Loyalty IP Ltd., 5.75%, 04/20/29^(b)		37		35,156
American Airlines Pass Through Trust, Series 2016-2, Class A, 3.65%, 12/15/29		3		3,027
Delta Air Lines Inc.
3.75%, 10/28/29 (Call 07/28/29)		5		4,297


Security	Par (000)		Value

Airlines (continued)
4.38%, 04/19/28 (Call 01/19/28)	$	10	$	9,127
Delta Air Lines Inc./SkyMiles IP Ltd., 4.75%, 10/20/28^(b)		25		23,658
United Airlines Inc., 4.63%, 04/15/29 (Call 10/15/25)^(b)		25		22,199
United Airlines Pass Through Trust, Series 2016-2, Class AA, 2.88%, 04/07/30		4		3,276


				135,561

Apparel — 0.0%
Crocs Inc.
4.13%, 08/15/31 (Call 08/15/26)^(b)		8		6,552
4.25%, 03/15/29 (Call 03/15/24)^(b)		3		2,575
Hanesbrands Inc., 9.00%, 02/15/31 (Call 02/15/26)		10		10,115
Kontoor Brands Inc., 4.13%, 11/15/29 (Call 11/15/24)^(b)		5		4,222
Levi Strauss & Co., 3.50%, 03/01/31 (Call 03/01/26)^(b)		5		4,094
Tapestry Inc., 3.05%, 03/15/32 (Call 12/15/31)		10		7,947
VF Corp., 2.95%, 04/23/30 (Call 01/23/30)		30		24,776
Wolverine World Wide Inc., 4.00%, 08/15/29 (Call 08/15/24)^(b)		10		8,061


				68,342

Auto Manufacturers — 0.4%
Allison Transmission Inc.
3.75%, 01/30/31 (Call 01/30/26)^(b)		12		9,956
5.88%, 06/01/29 (Call 06/01/24)^(b)		4		3,790
BMW U.S. Capital LLC
3.70%, 04/01/32 (Call 01/01/32)^(b)		10		9,034
3.75%, 04/12/28 (Call 01/12/28)^(b)		35		33,063
4.15%, 04/09/30 (Call 01/09/30)^(b)		25		23,710
Ford Holdings LLC, 9.30%, 03/01/30		2		2,242
Ford Motor Co.
3.25%, 02/12/32 (Call 11/12/31)		33		25,050
6.10%, 08/19/32 (Call 05/19/32)		25		23,365
6.38%, 02/01/29^(c)		1		983
6.63%, 10/01/28		3		3,015
7.45%, 07/16/31^(c)		40		41,419
9.63%, 04/22/30 (Call 01/22/30)		3		3,452
Ford Motor Credit Co. LLC
2.90%, 02/10/29 (Call 12/10/28)		10		8,121
3.63%, 06/17/31 (Call 03/17/31)		8		6,341
4.00%, 11/13/30 (Call 08/13/30)		10		8,339
5.11%, 05/03/29 (Call 02/03/29)		10		9,139
7.35%, 03/06/30 (Call 01/06/30)		20		20,254
General Motors Co.
5.00%, 10/01/28 (Call 07/01/28)		60		58,100
5.40%, 10/15/29 (Call 08/15/29)		15		14,428
5.60%, 10/15/32 (Call 07/15/32)^(c)		30		28,524
General Motors Financial Co. Inc.
2.35%, 01/08/31 (Call 10/08/30)		10		7,682
3.60%, 06/21/30 (Call 03/21/30)		10		8,570
5.65%, 01/17/29 (Call 10/17/28)		45		44,091
Honda Motor Co. Ltd., 2.97%, 03/10/32 (Call 12/10/31)		10		8,677
Hyundai Capital America
2.00%, 06/15/28 (Call 04/15/28)^(b)		10		8,338
2.10%, 09/15/28 (Call 07/17/28)^(b)		5		4,148
6.38%, 04/08/30 (Call 01/08/30)^(b)(c)		40		41,450
Jaguar Land Rover Automotive PLC, 5.50%, 07/15/29 (Call 07/15/24)^(b)		3		2,399
Mercedes-Benz Finance North America LLC, 8.50%, 01/18/31		20		24,744
Nissan Motor Acceptance Co. LLC, 2.45%, 09/15/28 (Call 07/15/28)^(b)		40		31,999


Security	Par (000)		Value

Auto Manufacturers (continued)
Nissan Motor Acceptance Corp., 2.75%, 03/09/28 (Call 01/09/28)^(b)	$	10	$	8,280
PM General Purchaser LLC, 9.50%, 10/01/28 (Call 10/01/23)^(b)		10		9,128
Toyota Motor Corp., 2.76%, 07/02/29		14		12,437
Toyota Motor Credit Corp.
3.38%, 04/01/30		85		77,751
4.45%, 06/29/29		10		9,780
4.70%, 01/12/33		10		9,806
Wabash National Corp., 4.50%, 10/15/28 (Call 10/15/24)^(b)		3		2,614


				644,219

Auto Parts & Equipment — 0.1%
Adient Global Holdings, 8.25%, 04/15/31		15		15,000
American Axle & Manufacturing Inc.
5.00%, 10/01/29 (Call 10/01/24)		12		9,725
6.88%, 07/01/28 (Call 07/01/23)		5		4,487
Dana Inc.
4.25%, 09/01/30 (Call 05/01/26)		5		4,036
4.50%, 02/15/32 (Call 02/15/27)		5		3,987
5.63%, 06/15/28 (Call 06/15/23)		7		6,339
Dealer Tire LLC/DT Issuer LLC, 8.00%, 02/01/28 (Call 08/01/23)^(b)		5		4,541
Dornoch Debt Merger Sub Inc., 6.63%, 10/15/29 (Call 10/15/24)^(b)		8		6,040
Goodyear Tire & Rubber Co. (The)
5.00%, 07/15/29 (Call 04/15/29)^(c)		9		7,831
5.25%, 04/30/31 (Call 01/30/31)^(c)		5		4,284
5.25%, 07/15/31 (Call 04/15/31)^(c)		14		11,905
Lear Corp., 2.60%, 01/15/32 (Call 10/15/31)		25		18,954
Real Hero Merger Sub 2 Inc., 6.25%, 02/01/29 (Call 02/01/24)^(b)(c)		5		3,710
Titan International Inc., 7.00%, 04/30/28 (Call 04/30/24)		5		4,738
Wheel Pros Inc., 6.50%, 05/15/29 (Call 05/15/24)^(b)		3		1,314


				106,891

Banks — 3.6%
Banco Santander SA, 2.75%, 12/03/30		20		15,574
Bangkok Bank PCL/Hong Kong, 3.73%, 09/25/34 (Call 09/25/29), (5 year CMT + 1.900%)^(a)(d)		200		170,000
Bank of America Corp.
1.90%, 07/23/31 (Call 07/23/30), (1 day SOFR + 1.530%)^(a)		30		23,341
1.92%, 10/24/31 (Call 10/24/30), (1 day SOFR + 1.370%)^(a)		95		73,691
2.30%, 07/21/32 (Call 07/21/31), (1 day SOFR + 1.220%)^(a)		40		31,286
2.48%, 09/21/36 (Call 09/21/31), (5 year CMT + 1.200%)^(a)		35		26,213
2.50%, 02/13/31 (Call 02/13/30), (3 mo. LIBOR US + 0.990%)^(a)		40		32,922
2.57%, 10/20/32 (Call 10/20/31), (1 day SOFR + 1.210%)^(a)		60		47,797
2.59%, 04/29/31 (Call 04/29/30), (1 day SOFR + 2.150%)^(a)		40		33,040
2.69%, 04/22/32 (Call 04/22/31), (1 day SOFR + 1.320%)^(a)		50		40,553
2.88%, 10/22/30 (Call 10/22/29), (3 mo. LIBOR US + 1.190%)^(a)		10		8,472
2.97%, 02/04/33 (Call 02/04/32), (1 day SOFR + 1.330%)^(a)		45		36,832


Security	Par (000)		Value

Banks (continued)
3.19%, 07/23/30 (Call 07/23/29), (3 mo. LIBOR US + 1.180%)^(a)	$	30	$	26,043
3.97%, 02/07/30 (Call 02/07/29), (3 mo. LIBOR US + 1.210%)^(a)		45		41,185
4.27%, 07/23/29 (Call 07/23/28), (3 mo. LIBOR US + 1.310%)^(a)		30		28,169
4.57%, 04/27/33 (Call 04/27/32), (1 day SOFR + 1.830%)^(a)		70		65,054
5.02%, 07/22/33 (Call 07/22/32), (1 day SOFR + 2.160%)^(a)		90		86,583
Series N, 2.65%, 03/11/32 (Call 03/11/31), (1 day SOFR + 1.220%)^(a)		50		40,686
Bank of Montreal, 3.09%, 01/10/37 (Call 01/10/32), (5 year CMT + 1.400%)^(a)		30		23,543
Bank of New York Mellon Corp. (The)
1.65%, 01/28/31 (Call 10/28/30)		30		23,608
2.50%, 01/26/32 (Call 10/26/31)		35		28,555
3.00%, 10/30/28 (Call 07/30/28)		10		8,930
3.30%, 08/23/29 (Call 05/23/29)		30		26,799
3.85%, 04/28/28		15		14,231
3.85%, 04/26/29 (Call 02/26/29)		10		9,359
4.71%, 02/01/34 (Call 02/01/33)		30		28,820
5.83%, 10/25/33 (Call 10/25/32), (1 day SOFR + 2.074%)^(a)		20		20,827
Series J, 1.90%, 01/25/29 (Call 11/25/28)		10		8,368
Bank of Nova Scotia (The)
2.45%, 02/02/32		75		60,409
4.85%, 02/01/30		10		9,702
BankUnited Inc., 5.13%, 06/11/30 (Call 03/11/30)		5		4,732
Barclays PLC, 4.97%, 05/16/29 (Call 05/16/28), (3 mo. LIBOR US + 1.902%)^(a)		220		209,273
BNP Paribas SA, 2.16%, 09/15/29 (Call 09/15/28), (1 day SOFR + 1.218%)^(a)		200		165,588
Canadian Imperial Bank of Commerce, 3.60%, 04/07/32 (Call 03/07/32)		21		18,530
Citigroup Inc.
2.52%, 11/03/32 (Call 11/03/31), (1 day SOFR + 1.177%)^(a)		45		35,498
2.56%, 05/01/32 (Call 05/01/31), (1 day SOFR + 1.167%)^(a)		35		28,082
2.57%, 06/03/31 (Call 06/03/30), (1 day SOFR + 2.107%)^(a)		100		81,994
2.67%, 01/29/31 (Call 01/29/30), (1 day SOFR + 1.146%)^(a)		75		62,472
2.98%, 11/05/30 (Call 11/05/29), (1 day SOFR + 1.422%)^(a)		30		25,568
3.06%, 01/25/33 (Call 01/25/32), (1 day SOFR + 1.351%)^(a)		60		49,225
3.79%, 03/17/33 (Call 03/17/32), (1 day SOFR + 1.939%)^(a)		40		34,790
3.98%, 03/20/30 (Call 03/20/29), (3 mo. LIBOR US + 1.338%)^(a)		55		50,197
4.08%, 04/23/29 (Call 04/23/28), (3 mo. LIBOR US + 1.192%)^(a)		10		9,308
4.13%, 07/25/28		25		23,380
4.41%, 03/31/31 (Call 03/31/30), (1 day SOFR + 3.914%)^(a)		60		55,886
Citizens Financial Group Inc.
2.50%, 02/06/30 (Call 12/06/29)		35		28,936
2.64%, 09/30/32 (Call 07/02/32)		20		15,237


Security	Par (000)		Value

Banks (continued)
3.25%, 04/30/30 (Call 01/30/30)	$	30	$	26,202
Comerica Inc., 4.00%, 02/01/29 (Call 10/31/28)		35		32,623
Commonwealth Bank of Australia, 3.90%, 03/16/28^(b)		50		47,455
Deutsche Bank AG/New York NY
3.73%, 01/14/32 (Call 01/14/31), (1 day SOFR + 2.757%)^(a)		10		7,900
3.74%, 01/07/33 (Call 10/07/31), (1 day SOFR + 2.257%)^(a)		10		7,630
5.88%, 07/08/31 (Call 04/08/30), (1 day SOFR + 5.438%)^(a)		5		4,603
Dresdner Funding Trust I, 8.15%, 06/30/31 (Call 06/30/29)^(b)		10		10,756
Fifth Third Bancorp.
3.95%, 03/14/28 (Call 02/14/28)		30		28,423
4.77%, 07/28/30 (Call 07/28/29), (1 day SOFR + 2.127%)^(a)		10		9,592
First-Citizens Bank & Trust Co., 6.13%, 03/09/28		34		34,817
Goldman Sachs Group Inc. (The)
1.99%, 01/27/32 (Call 01/27/31), (1 day SOFR + 1.090%)^(a)		40		30,734
2.38%, 07/21/32 (Call 07/21/31), (1 day SOFR + 1.248%)^(a)		35		27,504
2.60%, 02/07/30 (Call 11/07/29)		25		21,025
2.62%, 04/22/32 (Call 04/22/31), (1 day SOFR + 1.281%)^(a)		55		44,206
2.65%, 10/21/32 (Call 10/21/31), (1 day SOFR + 1.264%)^(a)		65		51,836
3.10%, 02/24/33 (Call 02/24/32), (1 day SOFR + 1.410%)^(a)		60		49,455
3.80%, 03/15/30 (Call 12/15/29)		25		22,688
3.81%, 04/23/29 (Call 04/23/28), (3 mo. LIBOR US + 1.158%)^(a)		40		36,678
4.22%, 05/01/29 (Call 05/01/28), (3 mo. LIBOR US + 1.301%)^(a)		75		70,247
HSBC Holdings PLC, 2.80%, 05/24/32 (Call 05/24/31), (1 day SOFR + 1.187%)^(a)		270		215,382
Huntington Bancshares Inc., 2.49%, 08/15/36 (Call 08/15/31), (5 year CMT + 1.170%)^(a)		15		11,107
Huntington Bancshares Inc./OH, 2.55%, 02/04/30 (Call 01/04/30)		40		33,472
Intesa Sanpaolo SpA, 4.20%, 06/01/32 (Call 06/01/31), (1 year CMT + 2.600%)^(a)(b)		10		7,586
JPMorgan Chase & Co.
1.76%, 11/19/31 (Call 11/19/30), (3 mo. SOFR + 1.105%)^(a)		40		30,809
2.07%, 06/01/29 (Call 06/01/28), (1 day SOFR + 1.015%)^(a)		25		21,078
2.52%, 04/22/31 (Call 04/22/30), (1 day SOFR + 2.040%)^(a)		60		49,661
2.55%, 11/08/32 (Call 11/08/31), (1 day SOFR + 1.180%)^(a)		70		55,851
2.58%, 04/22/32 (Call 04/22/31), (1 day SOFR + 1.250%)^(a)		75		60,739
2.74%, 10/15/30 (Call 10/15/29), (1 day SOFR + 1.510%)^(a)		25		21,062
2.96%, 05/13/31 (Call 05/13/30), (1 day SOFR + 2.515%)^(a)		80		67,223
2.96%, 01/25/33 (Call 01/25/32), (1 day SOFR + 1.260%)^(a)		45		37,074
4.01%, 04/23/29 (Call 04/23/28), (3 mo. LIBOR US + 1.120%)^(a)		30		27,888


Security	Par (000)		Value

Banks (continued)
4.20%, 07/23/29 (Call 07/23/28), (3 mo. LIBOR US + 1.260%)^(a)	$	35	$	32,791
4.49%, 03/24/31 (Call 03/24/30), (3 mo. SOFR + 3.790%)^(a)		25		23,582
4.57%, 06/14/30 (Call 06/14/29), (1 day SOFR + 1.750%)^(a)		15		14,241
4.59%, 04/26/33 (Call 04/26/32), (1 day SOFR + 1.800%)^(a)		75		69,939
4.91%, 07/25/33 (Call 07/25/32), (1 day SOFR + 2.080%)^(a)		45		43,072
5.72%, 09/14/33 (Call 09/14/32), (1 day SOFR + 2.580%)^(a)		50		49,515
KeyCorp, 2.55%, 10/01/29		65		54,998
KKR Group Finance Co. XII LLC, 4.85%, 05/17/32 (Call 02/17/32)^(b)		15		14,124
Kreditanstalt fuer Wiederaufbau, 1.75%, 09/14/29		10		8,640
Macquarie Group Ltd.
2.69%, 06/23/32 (Call 06/23/31), (1 day SOFR + 1.440%)^(a)(b)		20		15,926
4.65%, 03/27/29 (Call 03/27/28), (3 mo. LIBOR US + 1.727%)^(a)(b)(c)		50		48,309
5.03%, 01/15/30 (Call 01/15/29), (3 mo. LIBOR US + 1.750%)^(a)(b)		80		77,881
Mitsubishi UFJ Financial Group Inc.
3.74%, 03/07/29		70		64,102
3.96%, 03/02/28		50		47,117
4.05%, 09/11/28		35		32,803
Mizuho Financial Group Inc.
2.56%, 09/13/31		20		15,556
5.67%, 09/13/33 (Call 09/13/32), (1 year CMT + 2.400%)^(a)		70		70,085
Morgan Stanley
1.79%, 02/13/32 (Call 02/13/31), (1 day SOFR + 1.034%)^(a)		45		34,223
1.93%, 04/28/32 (Call 04/28/31), (1 day SOFR + 1.020%)^(a)		60		45,896
2.24%, 07/21/32 (Call 07/21/31), (1 day SOFR + 1.178%)^(a)		50		38,906
2.48%, 09/16/36 (Call 09/16/31), (1 day SOFR + 1.360%)^(a)		50		37,278
2.51%, 10/20/32 (Call 10/20/31), (1 day SOFR + 1.200%)^(a)		55		43,449
2.70%, 01/22/31 (Call 01/22/30), (1 day SOFR + 1.143%)^(a)		35		29,235
2.94%, 01/21/33 (Call 01/21/32), (1 day SOFR + 1.290%)^(a)		70		57,346
3.62%, 04/01/31 (Call 04/01/30), (1 day SOFR + 3.120%)^(a)		30		26,548
4.43%, 01/23/30 (Call 01/23/29), (3 mo. LIBOR US + 1.628%)^(a)		10		9,420
4.89%, 07/20/33 (Call 07/20/32), (1 day SOFR + 2.076%)^(a)		25		23,742
5.12%, 02/01/29 (Call 02/01/28), (1 day SOFR + 1.730%)^(a)		15		14,736
6.34%, 10/18/33 (Call 10/18/32), (1 day SOFR + 2.560%)^(a)		20		21,091
7.25%, 04/01/32		50		56,630
National Australia Bank Ltd., 2.33%, 08/21/30^(b)		20		15,618
Northern Trust Corp.
1.95%, 05/01/30 (Call 02/01/30)		35		28,618


Security	Par (000)		Value

Banks (continued)
3.15%, 05/03/29 (Call 02/03/29)	$	10	$	9,089
6.13%, 11/02/32 (Call 08/02/32)		15		15,819
PNC Financial Services Group Inc. (The)
2.31%, 04/23/32 (Call 04/23/31), (1 day SOFR + 0.979%)^(a)		15		12,167
2.55%, 01/22/30 (Call 10/24/29)		80		68,098
3.45%, 04/23/29 (Call 01/23/29)		50		45,997
6.04%, 10/28/33 (Call 10/28/32), (1 day SOFR + 2.140%)^(a)		35		36,384
Regions Financial Corp., 1.80%, 08/12/28 (Call 06/12/28)		40		33,559
Royal Bank of Canada, 2.30%, 11/03/31		80		64,198
Societe Generale SA, 3.00%, 01/22/30^(b)		20		16,741
Standard Chartered PLC, 4.64%, 04/01/31 (Call 04/01/30), (1 year CMT + 3.850%)^(a)(b)		100		94,025
State Street Corp.
2.20%, 03/03/31		5		4,020
2.40%, 01/24/30		10		8,551
2.62%, 02/07/33 (Call 02/07/32), (1 day SOFR + 1.002%)^(a)		65		53,380
3.03%, 11/01/34 (Call 11/01/29), (1 day SOFR + 1.490%)^(a)		15		12,823
4.16%, 08/04/33 (Call 08/04/32), (1 day SOFR + 1.726%)^(a)		20		18,344
Sumitomo Mitsui Financial Group Inc.
2.14%, 09/23/30		25		19,601
3.04%, 07/16/29		40		34,655
3.94%, 07/19/28		25		23,366
4.31%, 10/16/28		15		14,214
SVB Financial Group
1.80%, 02/02/31 (Call 11/02/30)		35		25,955
2.10%, 05/15/28 (Call 03/15/28)^(c)		10		8,401
4.57%, 04/29/33 (Call 04/29/32), (1 day SOFR + 1.967%)^(a)(c)		10		9,023
Toronto-Dominion Bank (The)
2.00%, 09/10/31		35		27,484
2.45%, 01/12/32		10		8,103
3.20%, 03/10/32		20		17,204
4.46%, 06/08/32		30		28,259
Truist Financial Corp.
3.88%, 03/19/29 (Call 02/19/29)		15		13,928
4.92%, 07/28/33 (Call 07/28/32), (1 day SOFR + 2.240%)^(a)		20		18,851
5.12%, 01/26/34 (Call 01/26/33)		15		14,597
6.12%, 10/28/33 (Call 10/28/32), (1 day SOFR + 2.300%)^(a)		25		26,190
U.S. Bancorp.
1.38%, 07/22/30 (Call 04/22/30)		50		38,765
2.49%, 11/03/36 (Call 11/03/31), (5 year CMT + 0.950%)^(a)		20		15,381
3.00%, 07/30/29 (Call 04/30/29)		25		21,963
4.84%, 02/01/34 (Call 02/01/33)		50		47,852
4.97%, 07/22/33 (Call 07/22/32), (1 day SOFR + 2.110%)^(a)		25		23,839
5.85%, 10/21/33 (Call 10/21/32), (1 day SOFR + 2.090%)^(a)		10		10,302
UBS Group AG
2.10%, 02/11/32 (Call 02/11/31), (1 year CMT + 1.000%)^(a)(b)		20		15,422
3.13%, 08/13/30 (Call 08/13/29), (3 mo. LIBOR US + 1.468%)^(a)(b)		200		171,914


Security	Par (000)		Value

Banks (continued)
UniCredit SpA
5.46%, 06/30/35 (Call 06/30/30), (5 year CMT + 4.750%)^(a)(b)	$	20	$	16,932
7.30%, 04/02/34 (Call 04/02/29), (5 year USD ICE Swap + 4.914%)^(a)(b)		20		18,835
Webster Financial Corp., 4.10%, 03/25/29 (Call 12/25/28)		25		22,995
Wells Fargo & Co.
2.57%, 02/11/31 (Call 02/11/30), (1 day SOFR + 1.262%)^(a)		35		29,175
2.88%, 10/30/30 (Call 10/30/29), (3 mo. SOFR + 1.432%)^(a)		60		51,052
3.35%, 03/02/33 (Call 03/02/32), (1 day SOFR + 1.500%)^(a)		75		63,436
4.15%, 01/24/29 (Call 10/24/28)		45		42,147
4.48%, 04/04/31 (Call 04/04/30), (1 day SOFR + 4.032%)^(a)		15		14,096
4.90%, 07/25/33 (Call 07/25/32), (1 day SOFR + 2.100%)^(a)		50		47,713
Westpac Banking Corp.
2.15%, 06/03/31		55		45,746
2.67%, 11/15/35 (Call 11/15/30), (5 year CMT + 1.750%)^(a)		35		26,875
4.11%, 07/24/34 (Call 07/24/29), (5 year CMT + 2.000%)^(a)		51		45,039
5.41%, 08/10/33 (Call 08/10/32), (1 year CMT + 2.680%)^(a)		10		9,584
Wintrust Financial Corp., 4.85%, 06/06/29		10		9,116

				5,929,216

Beverages — 0.4%
Anheuser-Busch InBev Worldwide Inc.
3.50%, 06/01/30 (Call 03/01/30)		35		31,872
4.00%, 04/13/28 (Call 01/13/28)		37		35,334
4.75%, 01/23/29 (Call 10/23/28)		65		63,944
Central American Bottling Corp./CBC Bottling Holdco SL/Beliv
Holdco SL, 5.25%, 04/27/29 (Call 04/27/26)^(d)		60		55,146
Coca-Cola Co. (The)
1.00%, 03/15/28		25		20,936
2.13%, 09/06/29		75		64,142
2.25%, 01/05/32		45		37,149
3.45%, 03/25/30		15		13,794
Constellation Brands Inc.
2.88%, 05/01/30 (Call 02/01/30)		10		8,491
3.15%, 08/01/29 (Call 05/01/29)		30		26,323
4.65%, 11/15/28 (Call 08/15/28)		25		24,167
Keurig Dr Pepper Inc.
3.20%, 05/01/30 (Call 02/01/30)		15		13,061
3.95%, 04/15/29 (Call 02/15/29)		70		64,737
4.05%, 04/15/32 (Call 01/15/32)		10		9,042
PepsiCo Inc.
1.63%, 05/01/30 (Call 02/01/30)		15		12,177
1.95%, 10/21/31 (Call 07/21/31)		30		24,153
2.63%, 07/29/29 (Call 04/29/29)		75		66,192
2.75%, 03/19/30 (Call 12/19/29)		60		52,896
4.45%, 02/15/33 (Call 11/15/32)		10		9,839
Primo Water Holdings Inc., 4.38%, 04/30/29 (Call 04/30/24)^(b)		6		5,147
Triton Water Holdings Inc., 6.25%, 04/01/29 (Call 04/01/24)^(b)		11		8,738

				647,280

Biotechnology — 0.2%
Amgen Inc.
1.65%, 08/15/28 (Call 06/15/28)		65		54,436
2.00%, 01/15/32 (Call 10/15/31)		45		34,820


Security	Par (000)		Value

Biotechnology (continued)
2.45%, 02/21/30 (Call 11/21/29)	$	25	$	20,989
3.35%, 02/22/32 (Call 11/22/31)		10		8,661
5.25%, 03/02/30 (Call 01/02/30)		45		44,773
5.25%, 03/02/33 (Call 12/02/32)		50		49,629
Biogen Inc., 2.25%, 05/01/30 (Call 02/01/30)		30		24,299
CSL Finance PLC, 4.25%, 04/27/32 (Call 01/27/32)^(b)		20		18,729
Emergent BioSolutions Inc., 3.88%, 08/15/28 (Call 08/15/23)^(b)(c)		6		3,552
Gilead Sciences Inc., 1.65%, 10/01/30 (Call 07/01/30)		20		15,806
Grifols Escrow Issuer SA, 4.75%, 10/15/28 (Call 10/15/24)^(b)		10		8,543
Regeneron Pharmaceuticals Inc., 1.75%, 09/15/30 (Call 06/15/30)		50		38,924
Royalty Pharma PLC, 2.15%, 09/02/31 (Call 06/02/31)		30		22,834

				345,995

Building Materials — 0.2%
Boise Cascade Co., 4.88%, 07/01/30 (Call 07/01/25)^(b)		8		7,029
Builders FirstSource Inc.
4.25%, 02/01/32 (Call 08/01/26)^(b)		15		12,588
5.00%, 03/01/30 (Call 03/01/25)^(b)		10		9,019
6.38%, 06/15/32 (Call 06/15/27)^(b)		10		9,613
Camelot Return Merger Sub Inc., 8.75%, 08/01/28 (Call 07/22/24)^(b)		10		9,496
Carrier Global Corp., 2.72%, 02/15/30 (Call 11/15/29)		15		12,651
Cornerstone Building Brands Inc., 6.13%, 01/15/29 (Call 09/15/23)^(b)		5		3,629
CP Atlas Buyer Inc., 7.00%, 12/01/28 (Call 12/01/23)^(b)(c)		5		3,747
Fortune Brands Home & Security Inc., 3.25%, 09/15/29 (Call 06/15/29)		25		21,299
Griffon Corp., 5.75%, 03/01/28 (Call 03/01/23)		10		9,207
Johnson Controls International PLC/Tyco Fire & Security Finance SCA, 2.00%, 09/16/31 (Call 06/16/31)		55		43,381
Louisiana-Pacific Corp., 3.63%, 03/15/29 (Call 03/15/24)^(b)		3		2,505
Martin Marietta Materials Inc., 2.40%, 07/15/31 (Call 04/15/31)		10		7,970
Masco Corp.
2.00%, 10/01/30 (Call 07/01/30)		15		11,699
2.00%, 02/15/31 (Call 11/15/30)		25		19,350
Masonite International Corp.
3.50%, 02/15/30 (Call 08/15/29)^(b)		5		4,084
5.38%, 02/01/28 (Call 03/31/23)^(b)		5		4,695
MIWD Holdco II LLC/MIWD Finance Corp., 5.50%, 02/01/30 (Call 02/01/25)^(b)		5		4,071
Mohawk Industries Inc., 3.63%, 05/15/30 (Call 02/15/30)^(c)		10		8,727
New Enterprise Stone & Lime Co. Inc.
5.25%, 07/15/28 (Call 07/15/24)^(b)		4		3,664
9.75%, 07/15/28 (Call 07/15/23)^(b)		2		1,914
Oscar AcquisitionCo LLC/Oscar Finance Inc., 9.50%, 04/15/30 (Call 04/15/25)^(b)(c)		7		6,204
Owens Corning, 3.95%, 08/15/29 (Call 05/15/29)		25		22,951
PGT Innovations Inc., 4.38%, 10/01/29 (Call 08/01/24)^(b)		7		5,897
SRM Escrow Issuer LLC, 6.00%, 11/01/28 (Call 11/01/23)^(b)		18		15,981
Standard Industries Inc./NJ
3.38%, 01/15/31 (Call 07/15/25)^(b)		13		9,967
4.38%, 07/15/30 (Call 07/15/25)^(b)		27		22,476
4.75%, 01/15/28 (Call 01/15/24)^(b)		7		6,284
Summit Materials LLC/Summit Materials Finance Corp., 5.25%, 01/15/29 (Call 07/15/23)^(b)		5		4,601
Trane Technologies Global Holding Co. Ltd., 3.75%, 08/21/28 (Call 05/21/28)		5		4,707


Security	Par (000)		Value

Building Materials (continued)
Trane Technologies Luxembourg Finance SA, 3.80%, 03/21/29 (Call 12/21/28)	$	30	$	27,636
Victors Merger Corp., 6.38%, 05/15/29 (Call 05/15/24)^(b)		5		3,147


				340,189

Chemicals — 0.4%
Air Products and Chemicals Inc.
2.05%, 05/15/30 (Call 02/15/30)		30		25,069
4.80%, 03/03/33 (Call 12/03/32)		10		9,974
Ashland LLC, 3.38%, 09/01/31 (Call 06/01/31)^(b)		10		7,969
ASP Unifrax Holdings Inc
5.25%, 09/30/28 (Call 09/30/24)^(b)		11		8,536
7.50%, 09/30/29 (Call 09/30/24)^(b)		3		2,047
Avient Corp., 7.13%, 08/01/30 (Call 08/01/25)^(b)		10		10,019
Axalta Coating Systems LLC, 3.38%, 02/15/29 (Call 02/15/24)^(b)(c)		5		4,163
Cabot Corp., 4.00%, 07/01/29 (Call 04/01/29)		5		4,504
Celanese U.S. Holdings LLC, 6.38%, 07/15/32 (Call 04/15/32)^(c)		35		33,981
Chemours Co. (The)
4.63%, 11/15/29 (Call 11/15/24)^(b)		15		12,189
5.75%, 11/15/28 (Call 11/15/23)^(b)		6		5,274
CNAC HK Finbridge Co. Ltd., 3.00%, 09/22/30^(d)		200		165,842
Consolidated Energy Finance SA, 5.63%, 10/15/28 (Call 10/15/24)^(b)		4		3,421
CVR Partners LP/CVR Nitrogen Finance Corp., 6.13%, 06/15/28 (Call 06/15/24)^(b)		5		4,486
Diamond BC BV, 4.63%, 10/01/29 (Call 10/01/24)^(b)(c)		5		4,052
Dow Chemical Co. (The)
2.10%, 11/15/30 (Call 08/15/30)		20		16,161
4.80%, 11/30/28 (Call 08/30/28)		10		9,805
DuPont de Nemours Inc., 4.73%, 11/15/28 (Call 08/15/28)		40		39,321
Eastman Chemical Co., 5.75%, 03/08/33 (Call 12/08/32)		10		9,930
Ecolab Inc., 2.13%, 02/01/32 (Call 11/01/31)^(c)		25		19,946
Element Solutions Inc., 3.88%, 09/01/28 (Call 09/01/23)^(b)		11		9,530
EverArc Escrow Sarl, 5.00%, 10/30/29 (Call 10/30/24)^(b)		10		7,958
HB Fuller Co., 4.25%, 10/15/28 (Call 10/15/23)		2		1,754
Huntsman International LLC
2.95%, 06/15/31 (Call 03/15/31)		5		3,979
4.50%, 05/01/29 (Call 02/01/29)		20		18,231
Illuminate Buyer LLC/Illuminate Holdings IV Inc., 9.00%, 07/01/28 (Call 07/01/23)^(b)		5		4,475
Ingevity Corp., 3.88%, 11/01/28 (Call 11/01/23)^(b)		5		4,288
International Flavors & Fragrances Inc.
2.30%, 11/01/30 (Call 08/01/30)^(b)		25		19,296
4.45%, 09/26/28 (Call 06/26/28)		5		4,658
Iris Holdings Inc., 10.00%, 12/15/28 (Call 06/15/25)^(b)(c)		5		3,789
LSF11 A5 HoldCo LLC, 6.63%, 10/15/29 (Call 10/15/24)^(b)		8		6,769
Methanex Corp., 5.25%, 12/15/29 (Call 09/15/29)		10		9,167
Minerals Technologies Inc., 5.00%, 07/01/28 (Call 07/01/23)^(b)		3		2,691
Nufarm Australia Ltd./Nufarm Americas Inc., 5.00%, 01/27/30 (Call 01/27/25)^(b)		5		4,385
Nutrien Ltd., 4.20%, 04/01/29 (Call 01/01/29)		10		9,431
Olin Corp.
5.00%, 02/01/30 (Call 02/01/24)^(c)		5		4,557
5.63%, 08/01/29 (Call 08/01/24)		10		9,520
Olympus Water U.S. Holding Corp.
4.25%, 10/01/28 (Call 10/01/24)^(b)		5		4,184
6.25%, 10/01/29 (Call 10/01/24)^(b)(c)		7		5,700
PPG Industries Inc., 2.80%, 08/15/29 (Call 05/15/29)		20		17,220


Security	Par (000)		Value

Chemicals (continued)
RPM International Inc., 2.95%, 01/15/32 (Call 10/15/31)	$	20	$	15,791
SCIH Salt Holdings Inc.
4.88%, 05/01/28 (Call 05/01/24)^(b)		8		6,934
6.63%, 05/01/29 (Call 05/01/24)^(b)		10		8,144
Sherwin-Williams Co. (The)
2.20%, 03/15/32 (Call 12/15/31)		10		7,818
2.95%, 08/15/29 (Call 05/15/29)		10		8,668
SPCM SA, 3.38%, 03/15/30 (Call 03/15/25)^(b)		5		4,180
Trinseo Materials Operating SCA/Trinseo Materials Finance Inc., 5.13%, 04/01/29 (Call 04/01/24)^(b)(c)		5		3,341
Tronox Inc., 4.63%, 03/15/29 (Call 03/15/24)^(b)		13		10,589
Valvoline Inc.
3.63%, 06/15/31 (Call 06/15/26)^(b)		5		4,043
4.25%, 02/15/30 (Call 02/15/25)^(b)		5		4,885
Vibrantz Technologies Inc., 9.00%, 02/15/30 (Call 02/15/25)^(b)(c)		11		8,593
WR Grace Holdings LLC
5.63%, 08/15/29 (Call 08/15/24)^(b)		19		15,312
7.38%, 03/01/31 (Call 03/01/26)		5		4,964
Yara International ASA, 4.75%, 06/01/28 (Call 03/01/28)^(b)		21		19,818
YPF SA, 9.00%, 06/30/29 (Call 12/30/28)^(d)		25		21,692


				693,043

Coal — 0.0%
SunCoke Energy Inc., 4.88%, 06/30/29 (Call 06/30/24)^(b)		5		4,258
Warrior Met Coal Inc., 7.88%, 12/01/28 (Call 12/01/24)^(b)		3		3,000


				7,258

Commercial Services — 0.5%
ADT Security Corp. (The)
4.13%, 08/01/29 (Call 08/01/28)^(b)		7		6,021
4.88%, 07/15/32^(b)		15		12,867
Adtalem Global Education Inc., 5.50%, 03/01/28 (Call 03/01/24)^(b)		3		2,771
Allied Universal Holdco LLC/Allied Universal Finance Corp., 6.00%, 06/01/29 (Call 06/01/24)^(b)(c)		12		9,001
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl 4.63%, 06/01/28 (Call 06/01/24)^(b)		30		24,983
AMN Healthcare Inc., 4.00%, 04/15/29 (Call 04/15/24)^(b)(c)		5		4,260
APi Group DE Inc., 4.13%, 07/15/29 (Call 07/15/24)^(b)(c)		5		4,301
APX Group Inc., 5.75%, 07/15/29 (Call 07/15/24)^(b)		11		9,208
ASGN Inc., 4.63%, 05/15/28 (Call 05/15/23)^(b)		5		4,517
Avis Budget Car Rental LLC/Avis Budget Finance Inc.
4.75%, 04/01/28 (Call 04/01/24)^(b)(c)		5		4,451
5.38%, 03/01/29 (Call 03/01/24)^(b)(c)		7		6,340
Block Financial LLC, 3.88%, 08/15/30 (Call 05/15/30)		15		13,136
Block Inc., 3.50%, 06/01/31 (Call 03/01/31)		13		10,507
Carriage Services Inc., 4.25%, 05/15/29 (Call 05/15/24)^(b)		3		2,410
CoreLogic Inc., 4.50%, 05/01/28 (Call 05/01/24)^(b)(c)		10		7,703
Deluxe Corp., 8.00%, 06/01/29 (Call 06/01/24)^(b)		10		8,382
Equifax Inc., 2.35%, 09/15/31 (Call 06/15/31)		25		19,675
Garda World Security Corp.
6.00%, 06/01/29 (Call 06/01/24)^(b)		5		4,094
7.75%, 02/15/28 (Call 02/15/25)^(b)		5		4,906
Gartner Inc.
3.63%, 06/15/29 (Call 06/15/24)^(b)		5		4,328
3.75%, 10/01/30 (Call 10/01/25)^(b)		16		13,605
4.50%, 07/01/28 (Call 07/01/23)^(b)		6		5,523
GEO Group, Inc. (The), 10.50%, 06/30/28 (Call 06/30/23)		10		10,173


Security	Par (000)		Value

Commercial Services (continued)
Global Payments Inc.
2.90%, 05/15/30 (Call 02/15/30)	$	20	$	16,460
3.20%, 08/15/29 (Call 05/15/29)		20		17,007
4.45%, 06/01/28 (Call 03/01/28)		60		56,039
5.40%, 08/15/32 (Call 05/15/32)		5		4,783
Grand Canyon University, 5.13%, 10/01/28 (Call 08/01/28)		3		2,735
GXO Logistics Inc., 2.65%, 07/15/31 (Call 04/15/31)		35		26,561
HealthEquity Inc., 4.50%, 10/01/29 (Call 10/01/24)^(b)		5		4,369
Hertz Corp. (The), 5.00%, 12/01/29 (Call 12/01/24)^(b)		18		14,942
Metis Merger Sub LLC, 6.50%, 05/15/29 (Call 05/15/24)^(b)		10		8,102
Moody’s Corp.
4.25%, 02/01/29 (Call 11/01/28)		5		4,755
4.25%, 08/08/32 (Call 05/08/32)		15		13,882
MPH Acquisition Holdings LLC
5.50%, 09/01/28 (Call 09/01/24)^(b)		15		11,334
5.75%, 11/01/28 (Call 11/01/23)^(b)(c)		17		11,053
Neptune Bidco U.S. Inc., 9.29%, 04/15/29 (Call 10/15/25)^(b)		50		47,303
NESCO Holdings II Inc., 5.50%, 04/15/29 (Call 04/15/24)^(b)		12		10,695
PayPal Holdings Inc.
2.30%, 06/01/30 (Call 03/01/30)		20		16,479
2.85%, 10/01/29 (Call 07/01/29)		20		17,360
4.40%, 06/01/32 (Call 03/01/32)		10		9,412
Paysafe Finance PLC/Paysafe Holdings U.S. Corp., 4.00%, 06/15/29 (Call 06/15/24)^(b)(c)		3		2,392
PECF USS Intermediate Holding III Corp., 8.00%, 11/15/29 (Call 11/15/24)^(b)		9		6,376
PROG Holdings Inc., 6.00%, 11/15/29 (Call 11/15/24)^(b)		5		4,250
Quanta Services Inc., 2.90%, 10/01/30 (Call 07/01/30)		25		20,701
RELX Capital Inc., 3.00%, 05/22/30 (Call 02/22/30)		35		30,143
Rent-A-Center Inc./TX, 6.38%, 02/15/29 (Call 02/15/24)^(b)(c)		5		4,267
S&P Global Inc.
2.50%, 12/01/29 (Call 09/01/29)		25		21,484
2.90%, 03/01/32		10		8,559
4.75%, 08/01/28		20		19,837
Service Corp. International/U.S.
3.38%, 08/15/30 (Call 08/15/25)		10		8,123
4.00%, 05/15/31 (Call 05/15/26)		10		8,445
5.13%, 06/01/29 (Call 06/01/24)^(c)		15		14,039
Signal Parent Inc., 6.13%, 04/01/29 (Call 04/01/24)^(b)		3		1,325
Sotheby’s/Bidfair Holdings Inc., 5.88%, 06/01/29 (Call 06/01/24)^(b)		5		4,202
TriNet Group Inc., 3.50%, 03/01/29 (Call 03/01/24)^(b)		5		4,190
Triton Container International Ltd., 3.15%, 06/15/31 (Call 03/15/31)^(b)		10		7,835
United Rentals North America Inc.
3.75%, 01/15/32 (Call 07/15/26)		6		5,039
3.88%, 02/15/31 (Call 08/15/25)		18		15,494
4.00%, 07/15/30 (Call 07/15/25)		5		4,408
5.25%, 01/15/30 (Call 01/15/25)		5		4,738
6.00%, 12/15/29 (Call 12/15/25)^(b)		50		50,011
Verisk Analytics Inc., 4.13%, 03/15/29 (Call 12/15/28)		10		9,210
Williams Scotsman International Inc., 4.63%, 08/15/28 (Call 08/15/23)^(b)		5		4,518
WW International Inc., 4.50%, 04/15/29 (Call 04/15/24)^(b)(c)		5		2,570
ZipRecruiter Inc., 5.00%, 01/15/30 (Call 01/15/25)^(b)(c)		5		4,199


				752,788
Computers — 0.4%
Ahead DB Holdings LLC, 6.63%, 05/01/28 (Call 05/01/24)^(b)		3		2,532
Apple Inc.
1.40%, 08/05/28 (Call 06/05/28)		25		21,128


Security	Par (000)		Value

Computers (continued)
1.65%, 05/11/30 (Call 02/11/30)	$	25	$	20,420
1.70%, 08/05/31 (Call 05/05/31)		40		31,794
2.20%, 09/11/29 (Call 06/11/29)		20		17,191
3.25%, 08/08/29 (Call 06/08/29)		5		4,597
3.35%, 08/08/32 (Call 05/08/32)^(c)		80		72,134
Booz Allen Hamilton Inc.
3.88%, 09/01/28 (Call 09/01/23)^(b)		15		13,309
4.00%, 07/01/29 (Call 07/01/24)^(b)		20		17,540
Condor Merger Sub Inc., 7.38%, 02/15/30 (Call 02/15/25)^(b)(c)		25		19,781
Conduent Business Services LLC/Conduent State & Local Solutions Inc., 6.00%, 11/01/29 (Call 11/01/24)^(b)		9		7,340
Crowdstrike Holdings Inc., 3.00%, 02/15/29 (Call 02/15/24)		6		5,055
Dell Inc., 7.10%, 04/15/28		15		15,975
Dell International LLC/EMC Corp., 6.20%, 07/15/30 (Call 04/15/30)		25		25,366
HP Inc.
2.65%, 06/17/31 (Call 03/17/31)		5		3,924
3.40%, 06/17/30 (Call 03/17/30)		50		42,668
4.20%, 04/15/32 (Call 01/15/32)		20		17,201
5.50%, 01/15/33 (Call 10/15/32)		15		14,160
International Business Machines Corp., 1.95%, 05/15/30 (Call 02/15/30)		100		80,551
KBR Inc., 4.75%, 09/30/28 (Call 09/21/23)^(b)		2		1,801
Kyndryl Holdings Inc., 3.15%, 10/15/31 (Call 07/15/31)		20		14,922
Leidos Inc., 2.30%, 02/15/31 (Call 11/15/30)		10		7,812
Lenovo Group Ltd., 3.42%, 11/02/30 (Call 08/02/30)^(d)		200		163,654
NCR Corp.
5.00%, 10/01/28 (Call 08/20/23)^(b)		7		6,065
5.13%, 04/15/29 (Call 04/15/24)^(b)		20		17,079
5.25%, 10/01/30 (Call 10/01/25)^(b)		3		2,510
6.13%, 09/01/29 (Call 09/01/24)^(b)		10		9,722
NetApp Inc., 2.70%, 06/22/30 (Call 03/22/30)		25		20,855
Science Applications International Corp., 4.88%, 04/01/28 (Call 04/01/23)^(b)		8		7,319
Seagate HDD Cayman
4.09%, 06/01/29 (Call 03/01/29)		5		4,302
4.13%, 01/15/31 (Call 10/15/30)		5		4,149
9.63%, 12/01/32 (Call 12/01/27)		13		14,044
Virtusa Corp., 7.13%, 12/15/28 (Call 12/15/23)^(b)		8		6,670
Western Digital Corp.
2.85%, 02/01/29 (Call 12/01/28)		10		7,863
3.10%, 02/01/32 (Call 11/01/31)		10		7,201


				728,634

Cosmetics & Personal Care — 0.1%
Colgate-Palmolive Co., 4.60%, 03/01/33 (Call 12/01/32)		4		3,996
Coty Inc./HFC Prestige Products Inc./HFC Prestige International U.S. LLC, 4.75%, 01/15/29 (Call 01/15/25)^(b)		5		4,517
Edgewell Personal Care Co.
4.13%, 04/01/29 (Call 04/01/24)^(b)		10		8,501
5.50%, 06/01/28 (Call 06/01/23)^(b)		5		4,672
Estee Lauder Companies Inc. (The), 2.38%, 12/01/29 (Call 09/01/29)		5		4,280
Procter & Gamble Co. (The)
2.30%, 02/01/32		50		42,182
3.00%, 03/25/30		35		31,670
Unilever Capital Corp., 1.75%, 08/12/31 (Call 05/12/31)		100		79,170


				178,988


Security	Par (000)		Value

Distribution & Wholesale — 0.0%
American Builders & Contractors Supply Co. Inc., 3.88%, 11/15/29 (Call 11/15/24)^(b)	$	5	$	4,127
H&E Equipment Services Inc., 3.88%, 12/15/28 (Call 12/15/23)^(b)		13		11,195
Resideo Funding Inc., 4.00%, 09/01/29 (Call 09/01/24)^(b)		7		5,748


				21,070

Diversified Financial Services — 1.1%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.00%, 10/29/28 (Call 08/29/28)		150		127,821
AG Issuer LLC, 6.25%, 03/01/28 (Call 03/01/23)^(b)		5		4,682
Air Lease Corp., 2.10%, 09/01/28 (Call 07/01/28)		70		57,852
Ally Financial Inc.
6.70%, 02/14/33 (Call 11/16/32)		5		4,737
8.00%, 11/01/31		55		59,526
American Express Co.
4.05%, 05/03/29 (Call 03/03/29)		10		9,478
4.42%, 08/03/33 (Call 08/03/32), (1 day SOFR + 1.760%)^(a)		15		14,032
4.99%, 05/26/33 (Call 05/26/32), (1 day SOFR + 2.255%)^(a)		25		23,934
Ares Finance Co. II LLC, 3.25%, 06/15/30 (Call 03/15/30)^(b)		10		8,353
Aretec Escrow Issuer Inc., 7.50%, 04/01/29 (Call 04/01/24)^(b)		3		2,622
Armor Holdco Inc., 8.50%, 11/15/29 (Call 11/15/24)^(b)		3		2,554
Blackstone Holdings Finance Co. LLC
1.63%, 08/05/28 (Call 06/05/28)^(b)		10		8,222
2.00%, 01/30/32 (Call 10/30/31)^(b)		10		7,466
2.50%, 01/10/30 (Call 10/10/29)^(b)		70		57,186
2.55%, 03/30/32 (Call 12/30/31)^(b)		5		3,947
Blue Owl Finance LLC, 4.38%, 02/15/32 (Call 11/15/31)^(b)		20		16,492
Brookfield Finance Inc.
4.35%, 04/15/30 (Call 01/15/30)		25		23,032
4.85%, 03/29/29 (Call 12/29/28)		25		24,055
Burford Capital Global Finance LLC
6.25%, 04/15/28 (Call 04/15/24)^(b)		5		4,389
6.88%, 04/15/30 (Call 04/15/25)^(b)		5		4,307
Capital One Financial Corp.
2.36%, 07/29/32 (Call 07/29/31), (1 day SOFR + 1.337%)^(a)		55		40,334
2.62%, 11/02/32 (Call 11/02/31), (1 day SOFR + 1.265%)^(a)		5		3,883
3.27%, 03/01/30 (Call 03/01/29), (1 day SOFR + 1.790%)^(a)		35		30,254
5.47%, 02/01/29 (Call 02/01/28), (1 day SOFR + 2.080%)^(a)		15		14,717
5.82%, 02/01/34 (Call 02/01/33), (1 day SOFR + 2.600%)^(a)		25		24,276
Charles Schwab Corp. (The)
1.95%, 12/01/31 (Call 09/01/31)		40		31,347
2.90%, 03/03/32 (Call 12/03/31)		50		42,307
3.25%, 05/22/29 (Call 02/22/29)		10		9,068
4.00%, 02/01/29 (Call 11/01/28)		5		4,725
CI Financial Corp., 3.20%, 12/17/30 (Call 09/17/30)		30		22,705
CME Group Inc., 3.75%, 06/15/28 (Call 03/15/28)		10		9,544
Cobra AcquisitionCo LLC, 6.38%, 11/01/29 (Call 11/01/24)^(b)		8		5,098
Coinbase Global Inc.
3.38%, 10/01/28 (Call 10/01/24)^(b)		17		11,137
3.63%, 10/01/31 (Call 10/01/26)^(b)		8		4,801
Credit Suisse USA Inc., 7.13%, 07/15/32		200		204,918
Curo Group Holdings Corp., 7.50%, 08/01/28 (Call 08/01/24)^(b)		13		5,471


Security	Par (000)		Value

Diversified Financial Services (continued)
Discover Financial Services, 6.70%, 11/29/32 (Call 08/29/32)	$	30	$	30,998
GPS Hospitality Holding Co. LLC/GPS Finco Inc., 7.00%, 08/15/28 (Call 08/15/24)^(b)		3		1,905
Hightower Holding LLC, 6.75%, 04/15/29 (Call 04/13/24)^(b)		3		2,554
Intercontinental Exchange Inc.
2.10%, 06/15/30 (Call 03/15/30)		15		12,180
4.35%, 06/15/29 (Call 04/15/29)		20		19,367
Jane Street Group/JSG Finance Inc., 4.50%, 11/15/29 (Call 11/15/24)^(b)		10		8,771
Jefferies Finance LLC/JFIN Co-Issuer Corp., 5.00%, 08/15/28 (Call 08/15/24)^(b)		10		8,470
Jefferies Financial Group Inc., 4.15%, 01/23/30		15		13,580
Jefferies Group LLC, 2.75%, 10/15/32 (Call 07/15/32)		10		7,718
Jefferies Group LLC/Jefferies Group Capital Finance Inc.,
2.63%, 10/15/31 (Call 07/15/31)		40		31,280
Lazard Group LLC, 4.38%, 03/11/29 (Call 12/11/28)		55		51,606
LD Holdings Group LLC, 6.13%, 04/01/28 (Call 04/01/24)^(b)		5		2,961
LPL Holdings Inc.
4.00%, 03/15/29 (Call 03/15/24)^(b)		10		8,814
4.38%, 05/15/31 (Call 05/15/26)^(b)		3		2,602
Mastercard Inc.
2.95%, 06/01/29 (Call 03/01/29)		10		8,997
3.35%, 03/26/30 (Call 12/26/29)		40		36,694
Midcap Financial Issuer Trust
5.63%, 01/15/30 (Call 01/15/25)^(b)		3		2,361
6.50%, 05/01/28 (Call 05/01/24)^(b)		13		11,200
Morgan Stanley, 5.95%, 01/19/38 (Call 01/19/33)		25		24,367
Nationstar Mortgage Holdings Inc.
5.13%, 12/15/30 (Call 12/15/25)^(b)		5		3,867
5.50%, 08/15/28 (Call 08/15/23)^(b)		6		5,103
5.75%, 11/15/31 (Call 11/15/26)^(b)		14		10,971
Navient Corp.
4.88%, 03/15/28 (Call 06/15/27)		5		4,253
5.50%, 03/15/29 (Call 06/15/28)		10		8,479
NFP Corp.
4.88%, 08/15/28 (Call 08/15/23)^(b)		5		4,390
6.88%, 08/15/28 (Call 08/15/23)^(b)		25		21,287
7.50%, 10/01/30 (Call 10/01/25)^(b)		10		9,539
Nomura Holdings Inc., 5.61%, 07/06/29		100		98,556
Nuveen LLC, 4.00%, 11/01/28 (Call 08/01/28)^(b)		20		18,848
OneMain Finance Corp.
3.88%, 09/15/28 (Call 09/15/24)		10		7,997
4.00%, 09/15/30 (Call 09/15/25)		21		16,035
5.38%, 11/15/29 (Call 05/15/29)		10		8,424
ORIX Corp., 5.20%, 09/13/32		25		24,823
PennyMac Financial Services Inc.
4.25%, 02/15/29 (Call 02/15/24)^(b)		5		3,925
5.75%, 09/15/31 (Call 09/15/26)^(b)		10		7,967
Power Finance Corp. Ltd., 3.90%, 09/16/29^(d)		200		173,942
PRA Group Inc., 5.00%, 10/01/29 (Call 10/01/24)^(b)		8		6,813
Raymond James Financial Inc., 4.65%, 04/01/30 (Call 01/01/30)		25		24,011
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer Inc.
3.63%, 03/01/29 (Call 03/09/23)^(b)		10		8,062
3.88%, 03/01/31 (Call 03/01/26)^(b)		20		15,521
Stifel Financial Corp., 4.00%, 05/15/30 (Call 02/15/30)		30		26,513
Synchrony Financial
2.88%, 10/28/31 (Call 07/28/31)		10		7,526
5.15%, 03/19/29 (Call 12/19/28)		40		37,584
7.25%, 02/02/33 (Call 11/02/32)		10		9,603


Security	Par (000)		Value

Diversified Financial Services (continued)
United Wholesale Mortgage LLC, 5.50%, 04/15/29 (Call 03/30/24)^(b)	$	7	$	5,796
Visa Inc., 2.05%, 04/15/30 (Call 01/15/30)		35		29,613
VistaJet Malta Finance PLC/XO Management Holding Inc., 6.38%, 02/01/30 (Call 02/01/25)^(b)(c)		13		11,429
Western Union Co. (The), 2.75%, 03/15/31 (Call 12/15/30)		15		11,657


				1,838,231

Electric — 1.3%
AES Corp. (The), 2.45%, 01/15/31 (Call 10/15/30)		10		7,946
Alliant Energy Finance LLC
3.60%, 03/01/32 (Call 12/01/31)^(b)		25		21,487
4.25%, 06/15/28 (Call 03/15/28)^(b)		10		9,316
Ameren Corp., 3.50%, 01/15/31 (Call 10/15/30)		25		21,963
Ameren Illinois Co., 3.80%, 05/15/28 (Call 02/15/28)		5		4,745
American Electric Power Co. Inc.
5.63%, 03/01/33 (Call 12/01/32)		8		7,991
5.95%, 11/01/32 (Call 08/01/32)		20		20,560
Appalachian Power Co., 4.50%, 08/01/32 (Call 05/01/32)		25		23,327
Arizona Public Service Co., 2.20%, 12/15/31 (Call 09/15/31)		25		19,216
Berkshire Hathaway Energy Co., 3.70%, 07/15/30 (Call 04/15/30)		50		45,973
Black Hills Corp., 3.05%, 10/15/29 (Call 07/15/29)		20		17,019
Calpine Corp.
3.75%, 03/01/31 (Call 03/01/26)^(b)		12		9,737
4.63%, 02/01/29 (Call 02/01/24)^(b)		5		4,215
5.00%, 02/01/31 (Call 02/01/26)^(b)		16		13,160
5.13%, 03/15/28 (Call 03/15/23)^(b)		25		22,173
CenterPoint Energy Inc., 2.65%, 06/01/31 (Call 03/01/31)		25		20,532
Clearway Energy Operating LLC
3.75%, 02/15/31 (Call 02/15/26)^(b)		10		8,133
3.75%, 01/15/32 (Call 01/15/27)^(b)		5		3,980
4.75%, 03/15/28 (Call 03/15/23)^(b)		11		10,105
Cleveland Electric Illuminating Co. (The), 4.55%, 11/15/30 (Call 08/15/30)^(b)		10		9,454
Commonwealth Edison Co., 3.70%, 08/15/28 (Call 05/15/28)		5		4,699
Connecticut Light & Power Co. (The), Series A, 2.05%, 07/01/31 (Call 04/01/31)		15		12,111
Consolidated Edison Co. of New York Inc.
5.20%, 03/01/33 (Call 12/01/32)		10		10,017
Series 20A, 3.35%, 04/01/30 (Call 01/01/30)		25		22,339
Consumers Energy Co.
3.60%, 08/15/32 (Call 02/15/32)		15		13,448
3.80%, 11/15/28 (Call 08/15/28)		10		9,430
4.63%, 05/15/33 (Call 11/15/32)		30		29,156
Dominion Energy Inc.
4.25%, 06/01/28 (Call 03/01/28)		25		23,819
Series C, 3.38%, 04/01/30 (Call 01/01/30)		40		35,056
DPL Inc., 4.35%, 04/15/29 (Call 01/15/29)		13		11,341
DTE Electric Co.
2.25%, 03/01/30 (Call 12/01/29)		5		4,202
5.20%, 04/01/33 (Call 01/01/33)		10		10,013
DTE Energy Co., Series C, 3.40%, 06/15/29 (Call 03/15/29)		12		10,656
Duke Energy Carolinas LLC
2.45%, 08/15/29 (Call 05/15/29)		15		12,766
Series A, 6.00%, 12/01/28		10		10,497
Duke Energy Corp.
2.45%, 06/01/30 (Call 03/01/30)		15		12,321
2.55%, 06/15/31 (Call 03/15/31)		25		20,152
4.50%, 08/15/32 (Call 05/15/32)		10		9,262
Duke Energy Florida LLC, 2.50%, 12/01/29 (Call 09/01/29)		35		29,801


Security	Par (000)		Value

Electric (continued)
Duke Energy Progress LLC
3.40%, 04/01/32 (Call 01/01/32)	$	25	$	21,966
3.45%, 03/15/29 (Call 12/15/28)		11		10,043
3.70%, 09/01/28 (Call 06/01/28)		70		65,707
Duquesne Light Holdings Inc., 2.78%, 01/07/32 (Call 10/07/31)^(b)		10		7,868
Edison International
4.13%, 03/15/28 (Call 12/15/27)		20		18,637
6.95%, 11/15/29 (Call 09/15/29)		10		10,486
Enel Chile SA, 4.88%, 06/12/28 (Call 03/12/28)		55		52,846
EnfraGen Energia Sur SA/EnfraGen Spain SA/Prime Energia SpA, 5.38%, 12/30/30 (Call 12/30/25)^(b)		5		3,243
Entergy Arkansas LLC, 5.15%, 01/15/33 (Call 10/15/32)		10		9,948
Entergy Corp., 1.90%, 06/15/28 (Call 04/15/28)		25		21,140
Entergy Mississippi LLC, 2.85%, 06/01/28 (Call 03/01/28)		20		17,958
Entergy Texas Inc., 1.75%, 03/15/31 (Call 12/15/30)		75		58,553
Evergy Inc., 2.90%, 09/15/29 (Call 06/15/29)		15		12,846
Eversource Energy, Series O, 4.25%, 04/01/29 (Call 01/01/29)		10		9,399
Exelon Corp.
3.35%, 03/15/32 (Call 12/15/31)		20		17,075
4.05%, 04/15/30 (Call 01/15/30)		40		36,692
FirstEnergy Corp.
Series B, 2.25%, 09/01/30 (Call 06/01/30)		15		11,985
Series C, 7.38%, 11/15/31		10		11,239
FirstEnergy Transmission LLC, 2.87%, 09/15/28 (Call 07/15/28)^(b)		5		4,378
Florida Power & Light Co., 5.10%, 04/01/33 (Call 01/03/33)		10		9,984
Georgia Power Co.
4.70%, 05/15/32 (Call 02/15/32)		18		17,115
Series B, 2.65%, 09/15/29 (Call 06/15/29)		15		12,724
Indiana Michigan Power Co., 3.85%, 05/15/28 (Call 02/15/28)		5		4,737
Interstate Power & Light Co., 4.10%, 09/26/28 (Call 06/26/28)		25		23,928
IPALCO Enterprises Inc., 4.25%, 05/01/30 (Call 02/01/30)		10		9,009
ITC Holdings Corp., 2.95%, 05/14/30 (Call 04/14/30)^(b)		10		8,538
Jersey Central Power & Light Co., 2.75%, 03/01/32 (Call 12/01/31)^(b)		10		8,172
Leeward Renewable Energy Operations LLC, 4.25%, 07/01/29 (Call 07/01/24)^(b)		8		6,804
Liberty Utilities Finance GP 1, 2.05%, 09/15/30 (Call 06/15/30)^(b)		25		19,259
Metropolitan Edison Co., 4.30%, 01/15/29 (Call 10/15/28)^(b)		10		9,337
MidAmerican Energy Co., 3.65%, 04/15/29 (Call 01/15/29)		25		23,162
Mid-Atlantic Interstate Transmission LLC, 4.10%, 05/15/28 (Call 02/15/28)^(b)		6		5,667
National Rural Utilities Cooperative Finance Corp.
2.40%, 03/15/30 (Call 12/15/29)		10		8,402
2.75%, 04/15/32 (Call 01/15/32)		10		8,257
3.90%, 11/01/28 (Call 08/01/28)		15		14,120
Series C, 8.00%, 03/01/32		10		11,834
New York State Electric & Gas Corp., 2.15%, 10/01/31 (Call 07/01/31)^(b)		20		15,621
NextEra Energy Capital Holdings Inc.
2.25%, 06/01/30 (Call 03/01/30)		25		20,249
2.44%, 01/15/32 (Call 10/15/31)		5		3,958
2.75%, 11/01/29 (Call 08/01/29)		65		55,321
5.00%, 07/15/32 (Call 04/15/32)		55		52,963
Niagara Mohawk Power Corp., 4.28%, 12/15/28 (Call 09/15/28)^(b)		20		18,393


Security	Par (000)		Value

Electric (continued)
NRG Energy Inc.
3.38%, 02/15/29 (Call 02/15/24)^(b)	$	4	$	3,260
3.63%, 02/15/31 (Call 02/15/26)^(b)		22		17,076
3.88%, 02/15/32 (Call 02/15/27)^(b)		13		10,077
4.45%, 06/15/29 (Call 03/15/29)^(b)		10		8,900
5.25%, 06/15/29 (Call 06/15/24)^(b)		10		8,896
NSTAR Electric Co., 3.25%, 05/15/29 (Call 02/15/29)		10		9,042
Ohio Power Co., Series Q, 1.63%, 01/15/31 (Call 10/15/30)		5		3,856
Oklahoma Gas & Electric Co., 3.80%, 08/15/28 (Call 02/15/28)		5		4,676
Oncor Electric Delivery Co. LLC
2.75%, 05/15/30 (Call 02/15/30)		35		30,362
3.70%, 11/15/28 (Call 08/15/28)		15		14,087
4.55%, 09/15/32 (Call 06/15/32)		20		19,352
Pacific Gas and Electric Co.
2.50%, 02/01/31 (Call 11/01/30)		15		11,682
4.55%, 07/01/30 (Call 01/01/30)		125		112,869
5.90%, 06/15/32 (Call 03/15/32)		5		4,830
6.15%, 01/15/33 (Call 10/15/32)		5		4,942
Pattern Energy Operations LP/Pattern Energy Operations Inc., 4.50%, 08/15/28 (Call 08/15/23)^(b)		5		4,462
PG&E Corp.
5.00%, 07/01/28 (Call 07/01/23)		7		6,387
5.25%, 07/01/30 (Call 06/15/25)		18		16,150
Pike Corp., 5.50%, 09/01/28 (Call 09/01/23)^(b)		10		8,669
Progress Energy Inc., 7.75%, 03/01/31		20		22,560
Public Service Co. of Colorado
1.88%, 06/15/31 (Call 12/15/30)		25		19,778
3.70%, 06/15/28 (Call 12/15/27)		25		23,619
Public Service Co. of New Hampshire, Series V, 2.20%, 06/15/31 (Call 03/15/31)		10		8,182
Public Service Electric & Gas Co.
1.90%, 08/15/31 (Call 05/15/31)		20		15,912
3.20%, 05/15/29 (Call 02/15/29)		6		5,403
3.70%, 05/01/28 (Call 02/01/28)		15		14,151
Public Service Enterprise Group Inc., 2.45%, 11/15/31 (Call 08/15/31)		30		23,997
Sempra Energy, 3.70%, 04/01/29 (Call 02/01/29)		5		4,544
Southern California Edison Co.
2.25%, 06/01/30 (Call 03/01/30)		5		4,114
5.95%, 11/01/32 (Call 08/01/32)		20		20,832
Series A, 4.20%, 03/01/29 (Call 12/01/28)		10		9,433
Southern Co. (The)
5.70%, 10/15/32 (Call 04/15/32)		10		10,157
Series A, 3.70%, 04/30/30 (Call 01/30/30)		45		40,572
Southwestern Electric Power Co., Series M, 4.10%, 09/15/28 (Call 06/15/28)		50		47,246
TransAlta Corp., 7.75%, 11/15/29 (Call 11/15/25)		10		10,257
Union Electric Co., 2.15%, 03/15/32 (Call 12/15/31)		10		7,903
Virginia Electric & Power Co.
2.30%, 11/15/31 (Call 08/15/31)		55		44,301
2.40%, 03/30/32 (Call 12/30/31)		25		20,189
Vistra Operations Co. LLC
4.30%, 07/15/29 (Call 04/15/29)^(b)		10		9,002
4.38%, 05/01/29 (Call 05/01/24)^(b)		19		16,430
Wisconsin Electric Power Co., 1.70%, 06/15/28 (Call 04/15/28)		15		12,748


				2,052,586


Security	Par (000)		Value

Electrical Components & Equipment — 0.0%
Emerson Electric Co.
2.00%, 12/21/28 (Call 10/21/28)	$	20	$	17,085
2.20%, 12/21/31 (Call 09/21/31)		25		20,027
Energizer Holdings Inc.
4.38%, 03/31/29 (Call 09/30/23)^(b)		12		10,169
4.75%, 06/15/28 (Call 07/01/23)^(b)		15		13,090
WESCO Distribution Inc., 7.25%, 06/15/28 (Call 06/15/23)^(b)		20		20,321


				80,692

Electronics — 0.2%
Agilent Technologies Inc., 2.30%, 03/12/31 (Call 12/12/30)		25		20,336
Allegion U.S. Holding Co. Inc., 5.41%, 07/01/32 (Call 04/01/32)		10		9,763
Amphenol Corp.
2.20%, 09/15/31 (Call 06/15/31)		10		7,956
4.35%, 06/01/29 (Call 03/01/29)		5		4,853
Atkore Inc., 4.25%, 06/01/31 (Call 06/01/26)^(b)		3		2,611
Flex Ltd., 4.88%, 06/15/29 (Call 03/15/29)		25		23,560
Honeywell International Inc.
1.75%, 09/01/31 (Call 06/01/31)		45		35,627
5.00%, 02/15/33 (Call 11/15/32)		10		10,121
II-VI Inc., 5.00%, 12/15/29 (Call 12/15/24)^(b)		12		10,507
Imola Merger Corp., 4.75%, 05/15/29 (Call 05/15/24)^(b)		30		25,480
Jabil Inc., 3.60%, 01/15/30 (Call 10/15/29)		5		4,395
Keysight Technologies Inc., 3.00%, 10/30/29 (Call 07/30/29)		25		21,578
Sensata Technologies BV, 4.00%, 04/15/29 (Call 03/18/24)^(b)		17		15,001
Sensata Technologies Inc.
3.75%, 02/15/31 (Call 02/15/26)^(b)		16		13,417
4.38%, 02/15/30 (Call 11/15/29)^(b)		10		8,876
TD SYNNEX Corp., 2.65%, 08/09/31 (Call 05/09/31)		5		3,880
Trimble Inc., 4.90%, 06/15/28 (Call 03/15/28)		25		23,977
TTM Technologies Inc., 4.00%, 03/01/29 (Call 03/01/24)^(b)		10		8,299
Vontier Corp.
2.40%, 04/01/28 (Call 02/01/28)		10		8,198
2.95%, 04/01/31 (Call 01/01/31)		32		24,434


				282,869

Energy - Alternate Sources — 0.0%
TerraForm Power Operating LLC, 4.75%, 01/15/30 (Call 01/15/25)^(b)		12		10,389


Engineering & Construction — 0.0%
Arcosa Inc., 4.38%, 04/15/29 (Call 04/15/24)^(b)		8		6,994
Dycom Industries Inc., 4.50%, 04/15/29 (Call 04/15/24)^(b)		10		8,771
Fluor Corp., 4.25%, 09/15/28 (Call 06/15/28)^(c)		15		13,562
Global Infrastructure Solutions Inc.
5.63%, 06/01/29 (Call 06/01/24)^(b)		3		2,512
7.50%, 04/15/32 (Call 04/15/27)^(b)		7		6,083
Great Lakes Dredge & Dock Corp., 5.25%, 06/01/29 (Call 06/01/24)^(b)		3		2,351
MasTec Inc., 4.50%, 08/15/28 (Call 08/15/23)^(b)		15		13,682
Railworks Holdings LP/Railworks Rally Inc., 8.25%, 11/15/28 (Call 11/15/24)^(b)		5		4,676
TopBuild Corp.
3.63%, 03/15/29 (Call 03/15/24)^(b)		3		2,506
4.13%, 02/15/32 (Call 10/15/26)^(b)		5		4,117
VM Consolidated Inc., 5.50%, 04/15/29 (Call 04/15/24)^(b)		3		2,655
Weekley Homes LLC/Weekley Finance Corp., 4.88%, 09/15/28 (Call 09/15/23)^(b)		5		4,254


				72,163


Security	Par (000)		Value

Entertainment — 0.2%
AMC Entertainment Holdings Inc., 7.50%, 02/15/29 (Call 02/15/25)^(b)	$	12	$	7,176
Boyne USA Inc., 4.75%, 05/15/29 (Call 05/15/24)^(b)		5		4,452
Caesars Entertainment Inc.
4.63%, 10/15/29 (Call 10/15/24)^(b)		15		12,834
7.00%, 02/15/30 (Call 02/15/26)^(b)		25		25,177
CDI Escrow Issuer Inc., 5.75%, 04/01/30 (Call 04/01/25)^(b)		12		11,143
Cedar Fair LP, 5.25%, 07/15/29 (Call 07/15/24)		5		4,576
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op, 6.50%, 10/01/28 (Call 10/01/23)		3		2,906
Cinemark USA Inc., 5.25%, 07/15/28 (Call 07/15/24)^(b)		10		8,369
Everi Holdings Inc., 5.00%, 07/15/29 (Call 07/15/24)^(b)		3		2,642
International Game Technology PLC, 5.25%, 01/15/29 (Call 01/15/24)^(b)		5		4,640
Jacobs Entertainment Inc., 6.75%, 02/15/29 (Call 02/15/25)^(b)		14		12,736
Lions Gate Capital Holdings LLC, 5.50%, 04/15/29 (Call 03/23/24)^(b)		13		9,283
Magallanes Inc.
4.05%, 03/15/29 (Call 01/15/29)^(b)		65		58,090
4.28%, 03/15/32 (Call 12/15/31)^(b)		35		30,224
Midwest Gaming Borrower LLC, 4.88%, 05/01/29 (Call 05/01/24)^(b)		6		5,147
Penn National Gaming Inc., 4.13%, 07/01/29 (Call 07/01/24)^(b)(c)		3		2,439
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.
5.63%, 09/01/29 (Call 09/01/24)^(b)		10		7,350
5.88%, 09/01/31 (Call 09/01/26)^(b)		11		7,881
Scientific Games Holdings LP/Scientific Games U.S. FinCo Inc., 6.63%, 03/01/30 (Call 03/01/25)^(b)		16		14,087
Scientific Games International Inc.
7.00%, 05/15/28 (Call 05/15/23)^(b)		10		9,777
7.25%, 11/15/29 (Call 11/15/24)^(b)		10		9,862
SeaWorld Parks & Entertainment Inc., 5.25%, 08/15/29 (Call 08/15/24)^(b)(c)		16		14,280
WMG Acquisition Corp.
3.00%, 02/15/31 (Call 02/15/26)^(b)		11		8,697
3.75%, 12/01/29 (Call 12/01/24)^(b)		4		3,387
3.88%, 07/15/30 (Call 07/15/25)^(b)		7		5,935
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.
5.13%, 10/01/29 (Call 07/01/29)^(b)		15		13,408
7.13%, 02/15/31 (Call 11/15/30)^(b)(c)		10		9,963


				306,461

Environmental Control — 0.1%
Clean Harbors Inc., 6.38%, 02/01/31 (Call 02/01/26)^(b)		10		9,967
Covanta Holding Corp.
4.88%, 12/01/29 (Call 12/01/24)^(b)		11		9,295
5.00%, 09/01/30 (Call 09/01/25)		3		2,494
GFL Environmental Inc.
3.50%, 09/01/28 (Call 03/01/28)^(b)		5		4,367
4.00%, 08/01/28 (Call 08/01/23)^(b)		15		13,143
4.38%, 08/15/29 (Call 08/15/24)^(b)		15		12,984
4.75%, 06/15/29 (Call 06/15/24)^(b)		5		4,448
Madison IAQ LLC
4.13%, 06/30/28 (Call 06/30/24)^(b)		5		4,274
5.88%, 06/30/29 (Call 06/30/24)^(b)		13		10,367
Republic Services Inc.
1.75%, 02/15/32 (Call 11/15/31)		25		19,175
3.95%, 05/15/28 (Call 02/15/28)		20		18,941


Security	Par (000)		Value

Environmental Control (continued)
Stericycle Inc., 3.88%, 01/15/29 (Call 11/15/23)^(b)	$	4	$	3,439
Waste Connections Inc.
2.20%, 01/15/32 (Call 10/15/31)		10		7,906
3.50%, 05/01/29 (Call 02/01/29)		9		8,135
4.25%, 12/01/28 (Call 09/01/28)		15		14,341
Waste Management Inc.
2.00%, 06/01/29 (Call 04/01/29)		25		20,858
4.15%, 04/15/32 (Call 01/15/32)		25		23,411


				187,545

Food — 0.4%
Albertsons Companies Inc./Safeway Inc./New Albertsons LP/Albertsons LLC
3.50%, 03/15/29 (Call 09/15/23)^(b)		25		21,211
4.88%, 02/15/30 (Call 02/15/25)^(b)		10		9,005
5.88%, 02/15/28 (Call 08/15/23)^(b)		15		14,508
C&S Group Enterprises LLC, 5.00%, 12/15/28 (Call 12/15/23)^(b)		3		2,310
Campbell Soup Co., 4.15%, 03/15/28 (Call 12/15/27)		25		23,853
Chobani LLC/Chobani Finance Corp. Inc., 4.63%, 11/15/28 (Call 11/15/23)^(b)		5		4,362
Conagra Brands Inc., 4.85%, 11/01/28 (Call 08/01/28)		45		43,616
General Mills Inc., 2.88%, 04/15/30 (Call 01/15/30)		30		25,974
Hershey Co. (The), 2.45%, 11/15/29 (Call 08/15/29)		5		4,338
Ingles Markets Inc., 4.00%, 06/15/31 (Call 06/15/26)^(b)		8		6,705
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance Inc.
3.00%, 02/02/29 (Call 12/02/28)^(b)		15		12,526
3.75%, 12/01/31 (Call 12/01/26)^(b)		10		8,019
5.50%, 01/15/30 (Call 01/15/25)^(b)		50		47,058
JM Smucker Co. (The), 2.13%, 03/15/32 (Call 12/15/31)		15		11,797
Kellogg Co., 4.30%, 05/15/28 (Call 02/15/28)		10		9,715
Kraft Heinz Foods Co.
4.25%, 03/01/31 (Call 12/01/30)		15		14,027
4.63%, 01/30/29 (Call 10/30/28)		2		1,952
Kroger Co. (The)
2.20%, 05/01/30 (Call 02/01/30)		15		12,142
4.50%, 01/15/29 (Call 10/15/28)		5		4,815
7.50%, 04/01/31		10		11,285
Lamb Weston Holdings Inc.
4.13%, 01/31/30 (Call 01/31/25)^(b)		17		14,978
4.38%, 01/31/32 (Call 01/31/27)^(b)		7		6,153
4.88%, 05/15/28 (Call 11/15/27)^(b)		4		3,776
Mars Inc.
1.63%, 07/16/32 (Call 04/16/32)^(b)		10		7,543
3.20%, 04/01/30 (Call 01/01/30)^(b)		5		4,477
McCormick & Co. Inc./MD, 2.50%, 04/15/30 (Call 01/15/30)		15		12,468
Mondelez International Inc., 3.00%, 03/17/32 (Call 12/17/31)		25		21,139
Nestle Holdings Inc., 3.63%, 09/24/28 (Call 06/24/28)^(b)		150		142,294
Performance Food Group Inc., 4.25%, 08/01/29 (Call 08/01/24)^(b)		16		13,965
Pilgrim’s Pride Corp.
3.50%, 03/01/32 (Call 09/01/26)		10		7,792
4.25%, 04/15/31 (Call 04/15/26)		10		8,350
Post Holdings Inc.
4.50%, 09/15/31 (Call 09/15/26)^(b)		15		12,670
4.63%, 04/15/30 (Call 04/15/25)^(b)		27		23,417
5.50%, 12/15/29 (Call 12/15/24)^(b)		19		17,429
Safeway Inc., 7.25%, 02/01/31		3		2,978
SEG Holding LLC/SEG Finance Corp., 5.63%, 10/15/28 (Call 10/09/23)^(b)		3		2,839


Security	Par (000)		Value

Food (continued)
Simmons Foods Inc./Simmons Prepared Foods Inc./Simmons Pet Food Inc./Simmons Feed, 4.63%, 03/01/29 (Call 03/01/24)^(b)	$	11	$	8,972
Smithfield Foods Inc.
2.63%, 09/13/31 (Call 06/13/31)^(b)		10		7,333
3.00%, 10/15/30 (Call 07/15/30)^(b)		5		3,886
5.20%, 04/01/29 (Call 01/01/29)^(b)		25		22,921
Sysco Corp.
2.40%, 02/15/30 (Call 11/15/29)		30		24,970
5.95%, 04/01/30 (Call 01/01/30)		10		10,360
TreeHouse Foods Inc., 4.00%, 09/01/28 (Call 09/01/23)		5		4,290
Tyson Foods Inc., 4.35%, 03/01/29 (Call 12/01/28)		35		33,212
U.S. Foods Inc.
4.63%, 06/01/30 (Call 06/01/25)^(b)		5		4,383
4.75%, 02/15/29 (Call 02/15/24)^(b)		11		9,924
United Natural Foods Inc., 6.75%, 10/15/28 (Call 10/15/23)^(b)(c)		5		4,749


				726,486

Food Service — 0.0%
TKC Holdings Inc.
6.88%, 05/15/28 (Call 05/15/24)^(b)		3		2,453
10.50%, 05/15/29 (Call 05/15/24)^(b)		10		6,127


				8,580

Forest Products & Paper — 0.1%
Domtar Corp., 6.75%, 10/01/28 (Call 10/01/24)^(b)		5		4,502
Georgia-Pacific LLC, 2.30%, 04/30/30 (Call 01/30/30)^(b)		15		12,529
Glatfelter Corp., 4.75%, 11/15/29 (Call 11/01/24)^(b)		10		6,586
Mercer International Inc., 5.13%, 02/01/29 (Call 02/01/24)		12		9,846
Suzano Austria GmbH
3.13%, 01/15/32 (Call 10/15/31)		40		31,615
3.75%, 01/15/31 (Call 10/15/30)		30		25,399
Sylvamo Corp., 7.00%, 09/01/29 (Call 09/01/24)^(b)		5		4,973


				95,450

Gas — 0.1%
Atmos Energy Corp., 1.50%, 01/15/31 (Call 10/15/30)		45		34,906
Boston Gas Co.
3.00%, 08/01/29 (Call 05/01/29)^(b)		25		21,565
3.76%, 03/16/32 (Call 12/16/31)^(b)		10		8,754
CenterPoint Energy Resources Corp., 4.00%, 04/01/28 (Call 01/01/28)		10		9,515
NiSource Inc.
1.70%, 02/15/31 (Call 11/15/30)		30		22,866
3.60%, 05/01/30 (Call 02/01/30)		10		8,932
Southwest Gas Corp.
2.20%, 06/15/30 (Call 03/15/30)		5		3,984
4.05%, 03/15/32 (Call 12/15/31)		35		31,252


				141,774

Hand & Machine Tools — 0.0%
Regal Rexnord Corp.
6.05%, 04/15/28 (Call 03/15/28)		25		24,435
6.30%, 02/15/30 (Call 12/15/29)^(b)		5		4,900
Stanley Black & Decker Inc.
2.30%, 03/15/30 (Call 12/15/29)		15		12,186
3.00%, 05/15/32 (Call 02/15/32)^(c)		25		20,380


				61,901

Health Care - Products — 0.2%
Avantor Funding Inc.
3.88%, 11/01/29 (Call 11/01/24)^(b)		8		6,920
4.63%, 07/15/28 (Call 07/15/23)^(b)		21		19,313


Security	Par (000)		Value

Health Care - Products (continued)
Baxter International Inc.
2.27%, 12/01/28 (Call 10/01/28)	$	33	$	27,631
3.95%, 04/01/30 (Call 01/01/30)		15		13,475
Boston Scientific Corp., 2.65%, 06/01/30 (Call 03/01/30)		15		12,819
DH Europe Finance II Sarl, 2.60%, 11/15/29 (Call 08/15/29)		5		4,315
Edwards Lifesciences Corp., 4.30%, 06/15/28 (Call 03/15/28)		25		23,974
Embecta Corp.
5.00%, 02/15/30 (Call 02/15/27)^(b)(c)		5		4,240
6.75%, 02/15/30 (Call 02/15/27)^(b)		2		1,805
Garden Spinco Corp., 8.63%, 07/20/30 (Call 07/20/27)^(b)		5		5,284
Hologic Inc.
3.25%, 02/15/29 (Call 09/28/23)^(b)		12		10,326
4.63%, 02/01/28 (Call 02/01/24)^(b)		3		2,803
Mozart Debt Merger Sub Inc.
3.88%, 04/01/29 (Call 10/01/24)^(b)		57		47,531
5.25%, 10/01/29 (Call 10/01/24)^(b)		33		27,097
PerkinElmer Inc., 3.30%, 09/15/29 (Call 06/15/29)		30		25,918
Smith & Nephew PLC, 2.03%, 10/14/30 (Call 07/14/30)		15		11,796
Stryker Corp.
1.95%, 06/15/30 (Call 03/15/30)		5		4,065
3.65%, 03/07/28 (Call 12/07/27)		20		18,838
Teleflex Inc., 4.25%, 06/01/28 (Call 06/01/23)^(b)		7		6,342
Thermo Fisher Scientific Inc.
2.00%, 10/15/31 (Call 07/15/31)		80		63,907
2.60%, 10/01/29 (Call 07/01/29)		5		4,329


				342,728

Health Care - Services — 0.8%
Acadia Healthcare Co. Inc.
5.00%, 04/15/29 (Call 10/15/23)^(b)		4		3,643
5.50%, 07/01/28 (Call 07/01/23)^(b)		5		4,693
AHP Health Partners Inc., 5.75%, 07/15/29 (Call 07/15/24)^(b)		3		2,512
Akumin Escrow Inc., 7.50%, 08/01/28 (Call 08/01/24)^(b)		3		2,100
Banner Health, 2.34%, 01/01/30 (Call 10/01/29)		30		25,347
Bon Secours Mercy Health Inc., 3.46%, 06/01/30 (Call 12/01/29)		15		13,350
Cano Health LLC, 6.25%, 10/01/28 (Call 10/01/24)^(b)(c)		4		2,475
Catalent Pharma Solutions Inc.
3.13%, 02/15/29 (Call 02/15/24)^(b)(c)		6		5,180
3.50%, 04/01/30 (Call 04/01/25)^(b)(c)		5		4,339
Centene Corp.
2.45%, 07/15/28 (Call 05/15/28)		36		30,250
2.50%, 03/01/31 (Call 12/01/30)		41		31,997
2.63%, 08/01/31 (Call 05/01/31)		28		21,890
3.00%, 10/15/30 (Call 07/15/30)		26		21,249


	Page

The Markets in Review		2

Annual Report:

Market Overview		4

Fund Summary		5

About Fund Performance		9

Disclosure of Expenses		9

Schedules of Investments		10

Financial Statements

Statements of Assets and Liabilities		76

Statements of Operations		77

Statements of Changes in Net Assets		78

Financial Highlights		79

Notes to Financial Statements		81

Report of Independent Registered Public Accounting Firm		89

Important Tax Information		90

Statement Regarding Liquidity Risk Management Program		91

Supplemental Information		92

Trustee and Officer Information		93

General Information		96

Glossary of Terms Used in this Report		97


	Average Annual Total Returns									Cumulative Total Returns

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

Fund NAV		(9.51	)%		0.45	%		0.31	%		(9.51	)%		2.28	%		1.96	%
Fund Market		(9.43	)		0.47			0.32			(9.43	)		2.35			2.02
Index		(9.63	)		0.55			0.38			(9.63	)		2.77			2.43


Actual					Hypothetical 5% Return


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

	$ 1,000.00	$ 980.10	$ 0.25		$ 1,000.00	$ 1,024.50	$ 0.25		0.05	%




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


Aaa		45.9%

Aa		10.1

A		19.2

Baa		10.4

Ba		3.8

B		2.5

Caa		0.6

Ca		0.1

Not Rated		7.4




Investment Type	Percent of Total Investments^(a)


U.S. Government & Agency Obligations		74.4%

Corporate Bonds & Notes		23.4

Foreign Government Obligations		3.1

Collaterized Mortgage Obligations		0.9

Municipal Debt Obligations		—^(b)

TBA Sales Commitments		(1.8)


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 RT


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


Fund Summary as of February 28, 2023		iShares^® Core 5-10 Year USD Bond ETF


Fund Summary as of February 28, 2023 (continued)		iShares^® Core 5-10 Year USD Bond ETF


Fund Summary as of February 28, 2023		iShares^® Core 10+ Year USD Bond ETF




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


Aaa		41.9%

Aa		6.6

A		19.8

Baa		25.6

Ba		2.6

B		1.3

Caa		0.3

Ca		0.4

Not Rated		1.5




Investment Type	Percent of Total Investments^(a)


Corporate Bonds & Notes		49.6%

U.S. Government & Agency Obligations		39.9

Foreign Government Obligations		7.9

Municipal Debt Obligations		2.6


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



		2023 Annual Report


	Average Annual Total Returns									Cumulative Total Returns

	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		(19.44	)%		0.20	%		2.00	%		(19.44	)%		1.00	%		21.87	%
Fund Market		(19.60	)		0.19			2.02			(19.60	)		0.97			22.09
Index		(19.46	)		0.23			2.06			(19.46	)		1.15			22.64