The Markets in Review

Dear Shareholder,

Despite an uncertain economic landscape during the 12-month reporting period ended August 31, 2023, the resilience of the U.S. economy in the face of ever tighter financial conditions provided an encouraging backdrop for investors. While inflation was near multi-decade highs at the beginning of the period, it declined precipitously as commodity prices dropped. Labor shortages also moderated, although wages continued to grow and unemployment rates reached the lowest levels in decades. This robust labor market powered further growth in consumer spending, backstopping the economy.

Equity returns were solid, as the durability of consumer sentiment eased investors’ concerns about the economy’s trajectory. The U.S. economy resumed growth in the third quarter of 2022 and continued to expand thereafter. Most major classes of equities rose, as large-capitalization U.S. stocks and developed market equities advanced strongly. However, small-capitalization U.S. stocks and emerging market equities posted more modest gains.

The 10-year U.S. Treasury yield rose during the reporting period, driving its price down, as investors reacted to elevated inflation and attempted to anticipate future interest rate changes. The corporate bond market also faced inflationary headwinds, although high-yield corporate bond prices fared significantly better than investment-grade bonds as demand from yield-seeking investors remained strong.

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation has been more persistent than expected, raised interest rates seven times during the 12-month period. Furthermore, the Fed wound down its bond-buying programs and incrementally reduced its balance sheet by not replacing securities that reach maturity. However, the Fed declined to raise interest rates at its June 2023 meeting, the first time it paused its tightening in the current cycle, before again raising rates in July 2023.

Supply constraints appear to have become an embedded feature of the new macroeconomic environ-ment, making it difficult for developed economies to increase production without sparking higher inflation. Geopolitical fragmentation and an aging population risk further exacerbating these constraints, keeping the labor market tight and wage growth high. Although the Fed has decelerated the pace of interest rate hikes and recently opted for two pauses, we believe that the new economic regime means that the Fed will need to maintain high rates for an extended period to keep inflation under control. Furthermore, ongoing structural changes may mean that the Fed will be hesitant to cut interest rates in the event of faltering economic activity lest inflation accelerate again. We believe investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt.

While we favor an overweight position to developed market equities in the long term, we prefer an underweight stance in the near term. Expectations for corporate earnings remain elevated, which seems inconsistent with macroeconomic constraints. Nevertheless, we are overweight on emerging market stocks in the near term as growth trends for emerging markets appear brighter. We also believe that stocks with an AI tilt should benefit from an investment cycle that is set to support revenues and margins. In credit, there are selective opportunities in the near term despite tightening credit and financial conditions. For fixed income investing with a six- to twelve-month horizon, we see the most attractive investments in short-term U.S. Treasuries, U.S. inflation-linked bonds, U.S. mortgage-backed securities, and hard-currency emerging market bonds.

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 August 31, 2023

	6-Month		12-Month

U.S. large cap equities (S&P 500^® Index)		14.50%		15.94%

U.S. small cap equities (Russell 2000^® Index)		0.99		4.65

International equities (MSCI Europe, Australasia, Far East Index)		4.75		17.92

Emerging market equities (MSCI Emerging Markets Index)		3.62		1.25

3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		2.47		4.25

U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		0.11		(4.71)

U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		0.95		(1.19)

Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)		1.04		1.70

U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		4.55		7.19

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 High Yield Bond Factor ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated, high yield corporate bonds, as represented by the BlackRock High Yield Defensive Bond 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 July 11, 2017. The first day of secondary market trading was July 13, 2017.

The Bloomberg U.S. Corporate High Yield Index is an unmanaged index that measures the USD-denominated, high yield, fixed-rate corporate bond market.

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 Investment Grade Bond Factor 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 BlackRock Investment Grade Enhanced Bond 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 July 11, 2017. The first day of secondary market trading was July 13, 2017.

The Bloomberg U.S. Corporate Index is an unmanaged index that measures the USD-denominated, investment grade, fixed-rate, taxable corporate bond market.

The iShares USD Bond Factor 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, as represented by the BlackRock USD Bond Factor 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 October 12, 2021. The first day of secondary market trading was October 14, 2021.

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 — 0.6%
Advantage Sales & Marketing Inc., 6.50%, 11/15/28 (Call 11/15/23)^(a)	$	1,285	$	1,120,212


Aerospace & Defense — 1.9%
Rolls-Royce PLC
3.63%, 10/14/25 (Call 07/14/25)^(a)		275		257,813
5.75%, 10/15/27 (Call 07/15/27)^(a)		1,465		1,422,244
Spirit AeroSystems Inc.
7.50%, 04/15/25 (Call 10/02/23)^(a)		1,375		1,357,960
9.38%, 11/30/29 (Call 11/30/25)^(a)		430		448,109
TransDigm UK Holdings PLC, 6.88%, 05/15/26 (Call 09/17/23)		225		228,824

				3,714,950

Agriculture — 0.7%
Vector Group Ltd., 5.75%, 02/01/29 (Call 02/01/24)^(a)		1,475		1,284,051


Airlines — 2.1%
Air Canada, 3.88%, 08/15/26 (Call 02/15/26)^(a)		1,555		1,435,920
American Airlines Inc., 11.75%, 07/15/25^(a)		1,155		1,264,198
Delta Air Lines Inc.
4.38%, 04/19/28 (Call 01/19/28)^(b)		575		543,087
7.38%, 01/15/26 (Call 12/15/25)^(b)		950		977,405

				4,220,610

Auto Manufacturers — 3.2%
Allison Transmission Inc., 5.88%, 06/01/29 (Call 06/01/24)^(a)		386		372,809
Aston Martin Capital Holdings Ltd., 10.50%, 11/30/25 (Call 11/01/24)^(a)		682		692,672
Ford Motor Co.
5.29%, 12/08/46 (Call 06/08/46)^(b)		715		561,463
7.45%, 07/16/31^(b)		45		47,441
9.63%, 04/22/30 (Call 01/22/30)		270		312,270
Ford Motor Credit Co. LLC
4.13%, 08/04/25		1,510		1,438,163
5.13%, 06/16/25 (Call 05/16/25)		1,145		1,114,671
Jaguar Land Rover Automotive PLC
4.50%, 10/01/27 (Call 07/01/27)^(a)		800		698,007
5.50%, 07/15/29 (Call 07/15/24)^(a)		690		599,528
5.88%, 01/15/28 (Call 01/15/24)^(a)		325		299,335
7.75%, 10/15/25 (Call 10/02/23)^(a)		175		175,619

				6,311,978

Banks — 0.8%
Intesa Sanpaolo SpA
4.20%, 06/01/32 (Call 06/01/31), (1-year CMT + 2.600%)^(a)(c)		100		76,210
4.95%, 06/01/42 (Call 06/01/41), (1-year CMT + 2.750%)^(a)(b)(c)		700		466,492
5.71%, 01/15/26^(a)(b)		1,065		1,023,690

				1,566,392

Building Materials — 0.5%
Builders FirstSource Inc., 6.38%, 06/15/32 (Call 06/15/27)^(a)(b)		1,040		1,013,933


Chemicals — 2.7%
Avient Corp., 5.75%, 05/15/25 (Call 10/02/23)^(a)		65		64,135
CVR Partners LP/CVR Nitrogen Finance Corp., 6.13%, 06/15/28 (Call 06/15/24)^(a)		895		801,267
EverArc Escrow Sarl, 5.00%, 10/30/29 (Call 10/30/24)^(a)(b)		1,210		994,100


Security	Par (000)		Value

Chemicals (continued)
Methanex Corp., 5.25%, 12/15/29 (Call 09/15/29)	$	245	$	223,180
Rain Carbon Inc., 12.25%, 09/01/29 (Call 03/01/26)^(a)		155		159,879
Rain CII Carbon LLC/CII Carbon Corp., 7.25%, 04/01/25 (Call 10/02/23)^(a)		18		17,683
Sasol Financing USA LLC
5.50%, 03/18/31 (Call 03/18/30)		1,450		1,160,515
6.50%, 09/27/28 (Call 06/27/28)		555		499,564
8.75%, 05/03/29 (Call 03/03/29)^(a)		275		268,469
Tronox Inc., 4.63%, 03/15/29 (Call 03/15/24)^(a)		1,375		1,133,049

				5,321,841

Coal — 0.5%
SunCoke Energy Inc., 4.88%, 06/30/29 (Call 06/30/24)^(a)		810		689,277
Warrior Met Coal Inc., 7.88%, 12/01/28 (Call 12/01/24)^(a)		345		351,941

				1,041,218

Commercial Services — 7.7%
ADT Security Corp. (The)
4.13%, 08/01/29 (Call 08/01/28)^(a)(b)		762		665,089
4.88%, 07/15/32^(a)(b)		1,220		1,052,372
Adtalem Global Education Inc., 5.50%, 03/01/28 (Call 03/01/24)^(a)		428		398,895
APX Group Inc.
5.75%, 07/15/29 (Call 07/15/24)^(a)		900		775,344
6.75%, 02/15/27 (Call 10/02/23)^(a)		852		827,888
Cimpress PLC, 7.00%, 06/15/26 (Call 09/18/23)^(b)		1,175		1,101,562
Deluxe Corp., 8.00%, 06/01/29 (Call 06/01/24)^(a)		825		696,194
Graham Holdings Co., 5.75%, 06/01/26 (Call 09/11/23)^(a)		159		155,196
Hertz Corp. (The), 5.00%, 12/01/29 (Call 12/01/24)^(a)(b)		1,767		1,452,816
Korn Ferry, 4.63%, 12/15/27 (Call 10/02/23)^(a)		345		320,871
MPH Acquisition Holdings LLC
5.50%, 09/01/28 (Call 09/01/24)^(a)		1,750		1,486,160
5.75%, 11/01/28 (Call 11/01/23)^(a)		340		254,684
NESCO Holdings II Inc., 5.50%, 04/15/29 (Call 04/15/24)^(a)(b)		1,400		1,269,593
Prime Security Services Borrower LLC/Prime Finance Inc.
5.75%, 04/15/26^(a)		1,078		1,057,890
6.25%, 01/15/28 (Call 10/02/23)^(a)(b)		1,005		957,163
Rent-A-Center Inc./TX, 6.38%, 02/15/29 (Call 02/15/24)^(a)		725		658,663
United Rentals North America Inc., 4.88%, 01/15/28 (Call 09/11/23)^(b)		640		608,929
WW International Inc., 4.50%, 04/15/29 (Call 04/15/24)^(a)		1,005		695,963
ZipRecruiter Inc., 5.00%, 01/15/30 (Call 01/15/25)^(a)		945		792,770

				15,228,042

Computers — 0.6%
Conduent Business Services LLC/Conduent State & Local Solutions Inc., 6.00%, 11/01/29 (Call 11/01/24)^(a)(b)		930		767,464
Unisys Corp., 6.88%, 11/01/27 (Call 11/01/23)^(a)		406		320,297

				1,087,761

Cosmetics & Personal Care — 0.8%
Coty Inc., 5.00%, 04/15/26 (Call 10/02/23)^(a)		960		922,829
Coty Inc./HFC Prestige Products Inc./HFC Prestige International U.S. LLC, 4.75%, 01/15/29 (Call 01/15/25)^(a)		755		691,768

				1,614,597

Diversified Financial Services — 8.2%
Burford Capital Global Finance LLC
6.25%, 04/15/28 (Call 04/15/24)^(a)		361		332,301
6.88%, 04/15/30 (Call 04/15/25)^(a)		540		495,269
Coinbase Global Inc.
3.38%, 10/01/28 (Call 10/01/24)^(a)		2,328		1,712,507


Security	Par (000)		Value

Diversified Financial Services (continued)
3.63%, 10/01/31 (Call 10/01/26)^(a)	$	53	$	35,682
Credit Acceptance Corp., 6.63%, 03/15/26 (Call 09/11/23)^(b)		345		335,802
goeasy Ltd., 5.38%, 12/01/24 (Call 10/03/23)^(a)(b)		780		769,239
Nationstar Mortgage Holdings Inc.
5.13%, 12/15/30 (Call 12/15/25)^(a)(b)		960		813,189
5.50%, 08/15/28 (Call 10/02/23)^(a)		215		194,829
5.75%, 11/15/31 (Call 11/15/26)^(a)		985		850,106
OneMain Finance Corp.
5.38%, 11/15/29 (Call 05/15/29)^(b)		25		21,595
6.63%, 01/15/28 (Call 07/15/27)^(b)		115		107,525
6.88%, 03/15/25		995		990,002
7.13%, 03/15/26^(b)		1,465		1,441,184
PennyMac Financial Services Inc.
4.25%, 02/15/29 (Call 02/15/24)^(a)		400		331,106
5.38%, 10/15/25 (Call 10/02/23)^(a)		705		682,320
5.75%, 09/15/31 (Call 09/15/26)^(a)		820		689,209
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer Inc.
3.63%, 03/01/29 (Call 03/01/24)^(a)		170		144,693
3.88%, 03/01/31 (Call 03/01/26)^(a)(b)		1,800		1,465,137
4.00%, 10/15/33 (Call 10/15/27)^(a)		475		375,561
SLM Corp.
3.13%, 11/02/26 (Call 10/02/26)		810		720,900
4.20%, 10/29/25 (Call 09/29/25)^(b)		780		733,559
Synchrony Financial, 7.25%, 02/02/33 (Call 11/02/32)^(b)		1,185		1,089,564
United Wholesale Mortgage LLC
5.50%, 04/15/29 (Call 04/15/24)^(a)		1,190		1,032,325
5.75%, 06/15/27 (Call 06/15/24)^(a)(b)		780		718,635

				16,082,239

Electric — 3.2%
Drax Finco PLC, 6.63%, 11/01/25 (Call 09/11/23)^(a)		711		697,309
FirstEnergy Corp.
Series C, 3.40%, 03/01/50 (Call 09/01/49)^(b)		380		251,513
Series C, 5.10%, 07/15/47 (Call 01/15/47)		459		399,439
Mercury Chile Holdco LLC, 6.50%, 01/24/27 (Call 01/24/24)^(a)(b)		345		319,059
NRG Energy Inc.
3.88%, 02/15/32 (Call 02/15/27)^(a)		1,325		1,025,183
5.75%, 01/15/28 (Call 09/18/23)^(b)		627		593,189
PG&E Corp.
5.00%, 07/01/28 (Call 09/11/23)^(b)		1,515		1,393,660
5.25%, 07/01/30 (Call 07/01/25)^(b)		360		319,832
Vistra Operations Co. LLC
5.50%, 09/01/26 (Call 09/11/23)^(a)		830		800,590
5.63%, 02/15/27 (Call 09/11/23)^(a)		480		462,101

				6,261,875

Electrical Components & Equipment — 0.8%
Energizer Holdings Inc.
4.38%, 03/31/29 (Call 10/02/23)^(a)		900		770,841
4.75%, 06/15/28 (Call 10/02/23)^(a)		1,010		891,776

				1,662,617

Engineering & Construction — 1.2%
AECOM, 5.13%, 03/15/27 (Call 12/15/26)		1,200		1,151,323
Brundage-Bone Concrete Pumping Holdings Inc., 6.00%, 02/01/26 (Call 10/02/23)^(a)		375		360,000
Tutor Perini Corp., 6.88%, 05/01/25 (Call 09/18/23)^(a)(b)		860		777,754

				2,289,077


Security	Par (000)		Value

Entertainment — 1.7%
AMC Entertainment Holdings Inc., 7.50%, 02/15/29 (Call 02/15/25)^(a)(b)	$	633	$	432,061
Live Nation Entertainment Inc., 6.50%, 05/15/27 (Call 10/02/23)^(a)		1,195		1,195,926
Resorts World Las Vegas LLC/RWLV Capital Inc., 4.63%, 04/16/29 (Call 01/16/29)^(a)(b)		1,990		1,626,737

				3,254,724

Environmental Control — 0.7%
GFL Environmental Inc.
3.50%, 09/01/28 (Call 03/01/28)^(a)(b)		1,078		952,304
5.13%, 12/15/26 (Call 10/03/23)^(a)(b)		486		470,261

				1,422,565

Gas — 0.4%
AmeriGas Partners LP/AmeriGas Finance Corp.
5.75%, 05/20/27 (Call 02/20/27)^(b)		661		611,234
5.88%, 08/20/26 (Call 05/20/26)		130		123,331

				734,565

Health Care - Products — 0.2%
Garden Spinco Corp., 8.63%, 07/20/30 (Call 07/20/27)^(a)		445		475,091


Health Care - Services — 1.4%
DaVita Inc.
3.75%, 02/15/31 (Call 02/15/26)^(a)		610		485,769
4.63%, 06/01/30 (Call 06/01/25)^(a)		1,735		1,488,202
Fortrea Holdings Inc., 7.50%, 07/01/30 (Call 07/01/26)^(a)		840		822,150

				2,796,121

Holding Companies - Diversified — 0.2%
Compass Group Diversified Holdings LLC, 5.25%, 04/15/29 (Call 04/15/24)^(a)		405		371,935


Home Builders — 0.8%
Brookfield Residential Properties Inc./Brookfield Residential U.S. LLC
4.88%, 02/15/30 (Call 02/15/25)^(a)		925		763,950
6.25%, 09/15/27 (Call 10/03/23)^(a)(b)		940		862,695

				1,626,645

Housewares — 0.4%
Newell Brands Inc., 6.00%, 04/01/46 (Call 10/01/45)		1,072		869,947


Insurance — 0.2%
NMI Holdings Inc., 7.38%, 06/01/25 (Call 03/30/25)^(a)		336		338,275


Internet — 0.8%
Gen Digital Inc., 5.00%, 04/15/25 (Call 09/11/23)^(a)		855		838,148
GrubHub Holdings Inc., 5.50%, 07/01/27 (Call 09/11/23)^(a)		1,175		812,219

				1,650,367

Iron & Steel — 1.6%
Cleveland-Cliffs Inc., 5.88%, 06/01/27 (Call 10/02/23)^(b)		740		712,632
Mineral Resources Ltd.
8.13%, 05/01/27 (Call 10/02/23)^(a)		938		935,672
8.50%, 05/01/30 (Call 05/01/25)^(a)(b)		785		787,807
U.S. Steel Corp., 6.88%, 03/01/29 (Call 03/01/24)		665		662,440

				3,098,551

Leisure Time — 4.4%
Carnival Corp.
6.00%, 05/01/29 (Call 11/01/24)^(a)		726		655,488
7.63%, 03/01/26 (Call 03/01/24)^(a)		1,798		1,792,541
9.88%, 08/01/27 (Call 02/01/24)^(a)		545		576,075
10.50%, 06/01/30 (Call 06/01/25)^(a)(b)		195		207,700
NCL Corp. Ltd., 5.88%, 02/15/27 (Call 02/15/24)^(a)(b)		1,545		1,497,179


Security	Par (000)		Value

Leisure Time (continued)
NCL Finance Ltd., 6.13%, 03/15/28 (Call 12/15/27)^(a)	$	20	$	18,032
Royal Caribbean Cruises Ltd.
4.25%, 07/01/26 (Call 01/01/26)^(a)		805		750,541
5.50%, 08/31/26 (Call 02/28/26)^(a)		1,805		1,729,582
11.63%, 08/15/27 (Call 08/15/24)^(a)		585		637,431
Vista Outdoor Inc., 4.50%, 03/15/29 (Call 03/15/24)^(a)(b)		895		745,953

				8,610,522

Lodging — 1.5%
Genting New York LLC, 3.30%, 02/15/26 (Call 01/15/26)^(a)		835		744,255
Las Vegas Sands Corp., 3.20%, 08/08/24 (Call 07/08/24)		66		63,899
Travel + Leisure Co.
4.50%, 12/01/29 (Call 09/01/29)^(a)(b)		1,065		916,603
6.63%, 07/31/26 (Call 04/30/26)^(a)		885		878,327
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.
5.25%, 05/15/27 (Call 02/15/27)^(a)(b)		175		165,641
5.50%, 03/01/25 (Call 12/01/24)^(a)		187		184,734

				2,953,459

Machinery — 1.3%
GrafTech Finance Inc., 4.63%, 12/15/28 (Call 12/15/23)^(a)(b)		902		708,070
GrafTech Global Enterprises Inc., 9.88%, 12/15/28 (Call 12/15/25)^(a)(b)		635		619,125
Vertiv Group Corp., 4.13%, 11/15/28 (Call 11/15/24)^(a)		1,335		1,198,512

				2,525,707

Manufacturing — 0.5%
LSB Industries Inc., 6.25%, 10/15/28 (Call 10/15/24)^(a)		1,100		1,006,007


Media — 7.5%
CCO Holdings LLC/CCO Holdings Capital Corp.
4.25%, 01/15/34 (Call 01/15/28)^(a)		1,670		1,278,881
4.50%, 06/01/33 (Call 06/01/27)^(a)(b)		1,460		1,152,481
4.75%, 02/01/32 (Call 02/01/27)^(a)(b)		200		165,500
Directv Financing LLC/Directv Financing Co-Obligor Inc., 5.88%, 08/15/27 (Call 10/02/23)^(a)		1,605		1,422,380
GCI LLC, 4.75%, 10/15/28 (Call 10/15/23)^(a)		971		842,343
Sirius XM Radio Inc.
3.88%, 09/01/31 (Call 09/01/26)^(a)(b)		505		393,047
4.13%, 07/01/30 (Call 07/01/25)^(a)		1,080		880,448
5.50%, 07/01/29 (Call 07/01/24)^(a)		1,530		1,377,391
TEGNA Inc.
4.63%, 03/15/28 (Call 10/02/23)		1,675		1,496,048
5.00%, 09/15/29 (Call 09/15/24)		520		457,600
Telenet Finance Luxembourg Notes Sarl, 5.50%, 03/01/28 (Call 09/11/23)^(a)		1,600		1,460,800
Townsquare Media Inc., 6.88%, 02/01/26 (Call 10/02/23)^(a)(b)		790		760,375
UPC Broadband Finco BV, 4.88%, 07/15/31 (Call 07/15/26)^(a)		1,680		1,386,588
UPC Holding BV, 5.50%, 01/15/28 (Call 09/11/23)^(a)		255		226,950
Urban One Inc., 7.38%, 02/01/28 (Call 02/01/24)^(a)		1,360		1,182,594
VTR Finance NV, 6.38%, 07/15/28 (Call 07/15/24)^(a)		500		227,574

				14,711,000

Mining — 4.2%
Azul Secured Finance LLP
10.88%, 05/28/30^(a)		645		549,430
11.93%, 08/28/28^(a)(b)		1,170		1,161,106
Eldorado Gold Corp., 6.25%, 09/01/29 (Call 09/01/24)^(a)		900		768,843
Endeavour Mining PLC, 5.00%, 10/14/26 (Call 10/14/23)^(a)(b)		855		750,262


Security	Par (000)		Value

Mining (continued)
First Quantum Minerals Ltd.
6.88%, 03/01/26 (Call 09/11/23)^(a)(b)	$	800	$	788,096
7.50%, 04/01/25 (Call 09/11/23)^(a)		1,339		1,336,822
Hecla Mining Co., 7.25%, 02/15/28 (Call 09/18/23)		625		613,703
IAMGOLD Corp., 5.75%, 10/15/28 (Call 10/15/23)^(a)		835		645,873
Stillwater Mining Co.
4.00%, 11/16/26 (Call 11/16/23)^(a)(b)		980		861,175
4.50%, 11/16/29 (Call 11/16/25)^(a)(b)		930		732,375

				8,207,685

Office Furnishings — 0.3%
Steelcase Inc., 5.13%, 01/18/29 (Call 10/18/28)^(b)		750		663,241


Oil & Gas — 10.1%
Antero Resources Corp., 7.63%, 02/01/29 (Call 02/01/24)^(a)		546		559,545
Baytex Energy Corp.
8.50%, 04/30/30^(a)		950		963,249
8.75%, 04/01/27 (Call 10/03/23)^(a)		680		695,913
California Resources Corp., 7.13%, 02/01/26 (Call 10/02/23)^(a)(b)		855		857,196
Civitas Resources Inc., 5.00%, 10/15/26 (Call 10/15/23)^(a)		396		375,820
CNX Resources Corp.
6.00%, 01/15/29 (Call 01/15/24)^(a)(b)		480		457,136
7.25%, 03/14/27 (Call 10/02/23)^(a)		469		468,520
7.38%, 01/15/31 (Call 01/15/26)^(a)(b)		725		723,652
Comstock Resources Inc., 6.75%, 03/01/29 (Call 03/01/24)^(a)(b)		695		650,295
Crescent Energy Finance LLC, 9.25%, 02/15/28 (Call 02/15/25)^(a)		640		654,701
Earthstone Energy Holdings LLC, 8.00%, 04/15/27 (Call 04/15/24)^(a)		820		836,966
Energean PLC, 6.50%, 04/30/27 (Call 10/30/23)^(a)		710		648,122
Gulfport Energy Corp., 8.00%, 05/17/26 (Call 05/17/24)^(b)		415		421,445
Harbour Energy PLC, 5.50%, 10/15/26 (Call 10/15/23)^(a)		745		695,644
Independence Energy Finance LLC, 7.25%, 05/01/26 (Call 10/02/23)^(a)		1,055		1,039,301
Ithaca Energy North Sea PLC, 9.00%, 07/15/26 (Call 10/02/23)^(a)		1,010		967,321
Kosmos Energy Ltd.
7.13%, 04/04/26 (Call 09/11/23)^(a)		1,045		958,787
7.50%, 03/01/28 (Call 03/01/24)^(a)		770		677,677
Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp., 6.00%, 08/01/26 (Call 09/11/23)^(a)		165		159,843
Matador Resources Co., 5.88%, 09/15/26 (Call 09/18/23)		1,473		1,436,673
Northern Oil and Gas Inc., 8.13%, 03/01/28 (Call 03/01/24)^(a)		1,100		1,102,651
Oasis Petroleum Inc., 6.38%, 06/01/26 (Call 10/02/23)^(a)		365		359,751
Patterson-UTI Energy Inc., 3.95%, 02/01/28 (Call 11/01/27)^(b)		500		458,735
PBF Holding Co. LLC/PBF Finance Corp.
6.00%, 02/15/28 (Call 10/02/23)^(b)		696		658,353
7.25%, 06/15/25 (Call 09/13/23)^(b)		975		975,067
Sunoco LP/Sunoco Finance Corp., 6.00%, 04/15/27 (Call 10/02/23)		435		430,451
Talos Production Inc., 12.00%, 01/15/26 (Call 09/18/23)^(b)		880		917,400
Tullow Oil PLC, 10.25%, 05/15/26 (Call 10/02/23)^(a)		950		782,838

				19,933,052

Oil & Gas Services — 2.6%
Archrock Partners LP/Archrock Partners Finance Corp.
6.25%, 04/01/28 (Call 10/02/23)^(a)		280		267,301


Security	Par (000)		Value

Oil & Gas Services (continued)
6.88%, 04/01/27 (Call 10/02/23)^(a)	$	670	$	658,711
Bristow Group Inc., 6.88%, 03/01/28 (Call 03/01/24)^(a)		376		351,703
CGG SA, 8.75%, 04/01/27 (Call 04/01/24)^(a)(b)		840		722,898
USA Compression Partners LP/USA Compression
Finance Corp. 6.88%, 04/01/26 (Call 10/02/23)		1,035		1,023,377
6.88%, 09/01/27 (Call 10/02/23)		595		580,022
Weatherford International Ltd., 8.63%, 04/30/30 (Call 10/30/24)^(a)		1,445		1,479,979

				5,083,991

Packaging & Containers — 0.7%
Berry Global Inc., 5.63%, 07/15/27 (Call 10/02/23)^(a)(b)		710		695,977
Graham Packaging Co. Inc., 7.13%, 08/15/28 (Call 10/02/23)^(a)		820		715,085

				1,411,062

Pharmaceuticals — 1.5%
Bausch Health Americas Inc., 8.50%, 01/31/27 (Call 10/03/23)^(a)		499		277,569
Bausch Health Companies Inc. 6.13%, 02/01/27 (Call 02/01/24)^(a)		622		408,965
6.25%, 02/15/29 (Call 02/15/24)^(a)		165		72,187
Elanco Animal Health Inc., 6.65%, 08/28/28 (Call 05/28/28)^(b)		1,080		1,065,150
Grifols Escrow Issuer SA, 4.75%, 10/15/28 (Call 10/15/24)^(a)		1,275		1,118,596

				2,942,467

Pipelines — 3.2%
Antero Midstream Partners LP/Antero Midstream
Finance Corp. 5.75%, 03/01/27 (Call 09/18/23)^(a)		790		765,679
7.88%, 05/15/26 (Call 09/18/23)^(a)		744		756,937
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.
5.75%, 04/01/25 (Call 10/02/23)		557		552,282
8.00%, 04/01/29 (Call 04/01/24)^(a)		635		656,156
EnLink Midstream Partners LP, 4.15%, 06/01/25 (Call 03/01/25)		595		575,853
EQM Midstream Partners LP, 6.50%, 07/15/48 (Call 01/15/48)		565		512,877
Holly Energy Partners LP/Holly Energy Finance Corp., 5.00%, 02/01/28 (Call 09/18/23)^(a)		750		703,549
New Fortress Energy Inc. 6.50%, 09/30/26 (Call 10/02/23)^(a)		1,570		1,459,351
6.75%, 09/15/25 (Call 09/21/23)^(a)		438		423,318

				6,406,002

Real Estate — 0.6%
Howard Hughes Corp. (The), 4.13%, 02/01/29 (Call 02/01/24)^(a)		260		214,500
Kennedy-Wilson Inc. 4.75%, 03/01/29 (Call 03/01/24)		1,055		847,713
4.75%, 02/01/30 (Call 09/01/24)^(b)		245		188,741

				1,250,954

Real Estate Investment Trusts — 5.3%
Apollo Commercial Real Estate Finance Inc., 4.63%, 06/15/29 (Call 06/15/24)^(a)(b)		915		717,561
Brookfield Property REIT Inc./BPR Cumulus LLC/BPR
Nimbus LLC/GGSI Sellco LL 4.50%, 04/01/27 (Call 10/02/23)^(a)(b)		367		306,445
5.75%, 05/15/26 (Call 09/11/23)^(a)		1,521		1,395,266


Security	Par (000)		Value

Real Estate Investment Trusts (continued)
Iron Mountain Inc. 4.50%, 02/15/31 (Call 02/15/26)^(a)(b)	$	270	$	231,943
5.25%, 03/15/28 (Call 09/11/23)^(a)		120		112,508
5.63%, 07/15/32 (Call 07/15/26)^(a)		315		282,675
Office Properties Income Trust, 4.50%, 02/01/25 (Call 11/01/24)^(b)		1,100		983,483
Park Intermediate Holdings LLC/PK Domestic
Property LLC/PK Finance Co-Issuer 4.88%, 05/15/29 (Call 05/15/24)^(a)		140		121,450
5.88%, 10/01/28 (Call 10/02/23)^(a)(b)		1,014		937,927
7.50%, 06/01/25 (Call 10/02/23)^(a)		545		545,620
RLJ Lodging Trust LP 3.75%, 07/01/26 (Call 10/02/23)^(a)		735		673,444
4.00%, 09/15/29 (Call 09/15/24)^(a)(b)		825		689,935
Service Properties Trust, 4.75%, 10/01/26 (Call 08/01/26)		765		664,955
Uniti Group LP/Uniti Group Finance Inc./CSL Capital LLC 6.50%, 02/15/29 (Call 02/15/24)^(a)		975		665,438
10.50%, 02/15/28 (Call 09/15/25)^(a)		1,415		1,411,653
XHR LP, 6.38%, 08/15/25 (Call 09/11/23)^(a)		697		688,631

				10,428,934

Retail — 5.7%
Arko Corp., 5.13%, 11/15/29 (Call 11/15/24)^(a)(b)		775		636,500
Bath & Body Works Inc. 6.75%, 07/01/36^(b)		690		636,950
6.88%, 11/01/35^(b)		1,405		1,313,730
Brinker International Inc., 8.25%, 07/15/30 (Call 06/27/26)^(a)		510		501,075
Carvana Co. 5.50%, 04/15/27 (Call 04/15/24)^(a)		1,075		784,750
5.63%, 10/01/25 (Call 09/11/23)^(a).		675		586,917
5.88%, 10/01/28 (Call 10/02/23)^(a)		950		584,250
10.25%, 05/01/30 (Call 05/01/27)^(a)		375		290,702
FirstCash Inc. 4.63%, 09/01/28 (Call 10/02/23)^(a)		769		683,957
5.63%, 01/01/30 (Call 01/01/25)^(a)(b)		860		780,735
Gap Inc. (The) 3.63%, 10/01/29 (Call 10/01/24)^(a)(b)		1,590		1,210,440
3.88%, 10/01/31 (Call 10/01/26)^(a)(b)		765		554,361
Kohl’s Corp., 4.63%, 05/01/31 (Call 02/01/31)^(b)		650		478,563
Macy’s Retail Holdings LLC, 6.13%, 03/15/32 (Call 03/15/27)^(a)(b)		410		351,575
Nordstrom Inc., 5.00%, 01/15/44 (Call 07/15/43)		382		242,570
QVC Inc. 4.38%, 09/01/28 (Call 06/01/28)		1,140		644,999
4.45%, 02/15/25 (Call 11/15/24)^(b)		215		193,292
4.75%, 02/15/27 (Call 11/15/26)^(b)		1,300		858,125

				11,333,491

Software — 1.1%
MicroStrategy Inc., 6.13%, 06/15/28 (Call 06/15/24)^(a)(b)		910		814,654
ROBLOX Corp., 3.88%, 05/01/30 (Call 11/01/24)^(a)(b)		1,759		1,451,181

				2,265,835

Telecommunications — 1.0%
Frontier Communications Holdings LLC 6.75%, 05/01/29 (Call 05/01/24)^(a)		1,290		1,001,124
8.63%, 03/15/31 (Call 03/15/26)^(a)		200		192,610
8.75%, 05/15/30 (Call 05/15/25)^(a)		853		829,060

				2,022,794


Security	Par/ Shares (000)		Value

Trucking & Leasing — 0.9%
Fortress Transportation and Infrastructure Investors LLC 5.50%, 05/01/28 (Call 05/01/24)^(a)	$	1,555	$	1,444,462
6.50%, 10/01/25 (Call 10/02/23)^(a)		285		281,418


				1,725,880


Total Long-Term Investments — 96.3% (Cost: $193,058,217)				189,942,262


Short-Term Securities

Money Market Funds — 23.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.52%^(d)(e)(f)		43,391		43,403,529
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.31%^(d)(e)		2,680		2,680,000


Total Short-Term Securities — 23.4% (Cost: $46,072,844)				46,083,529


Security	Par/ Shares (000)	Value

Money Market Funds (continued)

Total Investments — 119.7% (Cost: $239,131,061)		$	236,025,791

Liabilities in Excess of Other Assets — (19.7)%			(38,897,444	)


NetAssets — 100.0%		$	197,128,347

^(a)	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.

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

^(c)	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.

^(d)	Affiliate of the Fund.

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

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

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended August 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.


Security	Par (000)		Value

Corporate Bonds & Notes

Aerospace & Defense — 2.0%
Boeing Co. (The) 3.25%, 02/01/35 (Call 11/01/34)^(a)	$	625	$	501,770
5.15%, 05/01/30 (Call 02/01/30)		1,223		1,203,230
5.71%, 05/01/40 (Call 11/01/39)		164		159,438
5.93%, 05/01/60 (Call 11/01/59)		770		743,263
L3Harris Technologies Inc., 4.40%, 06/15/28 (Call 03/15/28)		1,200		1,153,773
Northrop Grumman Corp., 4.75%, 06/01/43		285		258,869
RTX Corp. 4.50%, 06/01/42		905		789,285
4.88%, 10/15/40		290		265,250

				5,074,878

Agriculture — 2.4%
Altria Group Inc. 3.40%, 05/06/30 (Call 02/06/30)		130		114,204
5.38%, 01/31/44^(a)		1,023		949,882
5.80%, 02/14/39 (Call 08/14/38)		1,027		1,000,655
BAT Capital Corp. 2.73%, 03/25/31 (Call 12/25/30)		685		542,360
4.74%, 03/16/32 (Call 12/16/31)		110		99,454
4.91%, 04/02/30 (Call 01/02/30)		314		295,708
7.75%, 10/19/32 (Call 07/19/32)		270		292,986
BAT International Finance PLC, 4.45%, 03/16/28 (Call 02/16/28)		226		214,255
Philip Morris International Inc. 5.38%, 02/15/33 (Call 11/15/32)		620		612,227
6.38%, 05/16/38		995		1,068,876
Reynolds American Inc. 5.70%, 08/15/35 (Call 02/15/35)		397		367,194
5.85%, 08/15/45 (Call 02/15/45)		748		649,764

				6,207,565

Auto Parts & Equipment — 0.4%
Aptiv PLC, 3.25%, 03/01/32 (Call 12/01/31)^(a)		1,150		975,172


Banks — 15.2%
Bank of America Corp.
2.88%, 10/22/30 (Call 10/22/29), (3-mo. SOFR + 1.452%)^(b)		1,473		1,263,702
3.19%, 07/23/30 (Call 07/23/29), (3-mo. SOFR + 1.442%)^(b)		1,380		1,211,529
3.71%, 04/24/28 (Call 04/24/27), (3-mo. SOFR + 1.774%)^(b)		1,000		936,075
3.82%, 01/20/28 (Call 01/20/27), (3-mo. SOFR + 1.837%)^(b)		300		282,826
3.97%, 03/05/29 (Call 03/05/28), (3-mo. SOFR + 1.332%)^(b)		603		563,512
3.97%, 02/07/30 (Call 02/07/29), (3-mo. SOFR + 1.472%)^(b)		1,410		1,298,175
4.30%, (Call 01/28/25), (3-mo. SOFR + 2.926%)^(a)(b)(c)		1,090		988,724
6.10%, (Call 03/17/25), (3-mo. SOFR + 4.160%)^(b)(c)		1,215		1,194,269
Bank of New York Mellon Corp. (The), Series F, 4.63%, (Call 09/20/26), (3-mo. SOFR + 3.393%)^(b)(c)		1,400		1,256,239
Citigroup Inc. 3.30%, 04/27/25		1,205		1,164,006
3.98%, 03/20/30 (Call 03/20/29),
(3-mo. SOFR + 1.600%)^(b)		359		330,618


Security	Par (000)		Value

Banks (continued)
Goldman Sachs Group Inc., 3.81%, 04/23/29 (Call 04/23/28), (3-mo. SOFR + 1.420%)^(b)	$	1,278	$	1,182,540
4.02%, 10/31/38 (Call 10/31/37), (3-mo. SOFR + 1.645%)^(b)		274		227,842
4.22%, 05/01/29 (Call 05/01/28), (3-mo. SOFR + 1.563%)^(b)		1,323		1,246,471
HSBC Holdings PLC
3.97%, 05/22/30 (Call 05/22/29), (3-mo. SOFR + 1.872%)^(b)		1,502		1,352,111
4.04%, 03/13/28 (Call 03/13/27), (3-mo. SOFR + 1.808%)^(b)		1,320		1,239,721
4.58%, 06/19/29 (Call 06/19/28), (3-mo. SOFR + 1.796%)^(b)		750		708,061
5.40%, 08/11/33 (Call 08/11/32), (1-day SOFR + 2.870%)^(b)		365		348,426
7.39%, 11/03/28 (Call 11/03/27), (1-day SOFR + 3.350%)^(b)		680		714,423
JPMorgan Chase & Co.
1.95%, 02/04/32 (Call 02/04/31), (1-day SOFR + 1.065%)^(b)		1,545		1,217,729
2.74%, 10/15/30 (Call 10/15/29), (3-mo. SOFR + 1.510%)^(b)		1,470		1,260,154
3.96%, 11/15/48 (Call 11/15/47), (3-mo. SOFR + 1.642%)^(b)		522		414,374
Series HH, 4.60%, (Call 02/01/25), (3-mo. SOFR + 3.125%)^(b)(c)		1,396		1,309,727
Manufacturers & Traders Trust Co. 4.70%, 01/27/28 (Call 12/27/27)		1,398		1,306,898
5.40%, 11/21/25 (Call 10/21/25)		294		287,152
Morgan Stanley
2.70%, 01/22/31 (Call 01/22/30), (1-day SOFR + 1.143%)^(b)		1,274		1,072,295
3.59%, 07/22/28 (Call 07/22/27), (3-mo. LIBOR US + 1.340%)^(b)		1,261		1,166,579
3.62%, 04/01/31 (Call 04/01/30), (1-day SOFR + 3.120%)^(b)		1,360		1,208,533
3.77%, 01/24/29 (Call 01/24/28), (3-mo. SOFR + 1.402%)^(b)		1,333		1,236,400
4.43%, 01/23/30 (Call 01/23/29), (3-mo. SOFR + 1.890%)^(b)		1,310		1,244,045
PNC Financial Services Group Inc. (The)
5.58%, 06/12/29 (Call 06/12/28), (1-day SOFR + 1.841%)^(b)		1,200		1,190,165
6.04%, 10/28/33 (Call 10/28/32), (1-day SOFR + 2.140%)^(b)		1,193		1,211,924
Regions Financial Corp., 2.25%, 05/18/25 (Call 04/18/25)		1,013		946,548
Wells Fargo & Co.
2.88%, 10/30/30 (Call 10/30/29), (3-mo. SOFR + 1.432%)^(b)		1,445		1,236,556
3.20%, 06/17/27 (Call 06/17/26), (3-mo. SOFR + 1.432%)^(b)		1,165		1,089,114
4.48%, 04/04/31 (Call 04/04/30), (3-mo. SOFR + 4.032%)^(b)		580		542,621
4.90%, 07/25/33 (Call 07/25/32), (1-day SOFR + 2.100%)^(b)		1,270		1,194,990
5.39%, 04/24/34, (1-day SOFR + 2.020%)^(b)		595		579,535
5.88%, (Call 06/15/25), (3-mo. LIBOR US + 3.990%)^(a)(b)(c)		1,210		1,199,413

				38,424,022


Security	Par (000)		Value

Beverages — 0.7%
Anheuser-Busch Companies LLC/Anheuser-Busch InBev Worldwide Inc., 4.70%, 02/01/36 (Call 08/01/35)	$	1,145	$	1,095,890
Anheuser-Busch InBev Worldwide Inc. 5.45%, 01/23/39 (Call 07/23/38)		100		101,512
8.20%, 01/15/39		412		526,570

				1,723,972

Biotechnology — 2.7%
Amgen Inc., 4.40%, 05/01/45 (Call 11/01/44)		504		424,077
Biogen Inc., 2.25%, 05/01/30 (Call 02/01/30)		1,540		1,267,771
Bio-Rad Laboratories Inc., 3.70%, 03/15/32
(Call 12/15/31)		580		508,050
Gilead Sciences Inc.
4.80%, 04/01/44 (Call 10/01/43)		1,105		1,016,468
5.65%, 12/01/41 (Call 06/01/41)		520		530,311
Illumina Inc.
2.55%, 03/23/31 (Call 12/23/30)		490		393,200
5.75%, 12/13/27 (Call 11/13/27)		195		194,501
Regeneron Pharmaceuticals Inc., 1.75%, 09/15/30
(Call 06/15/30)		1,505		1,197,748
Royalty Pharma PLC
1.20%, 09/02/25 (Call 08/02/25)		1,355		1,234,284
1.75%, 09/02/27 (Call 07/02/27)		105		90,589
2.15%, 09/02/31 (Call 06/02/31)		35		27,160
3.55%, 09/02/50 (Call 03/02/50)^(a)		125		81,723

				6,965,882

Building Materials — 0.5%
Eagle Materials Inc., 2.50%, 07/01/31 (Call 04/01/31)		1,155		932,530
Fortune Brands Innovations Inc., 5.88%, 06/01/33
(Call 03/01/33)		395		393,430

				1,325,960

Chemicals — 1.4%
Albemarle Corp., 5.05%, 06/01/32 (Call 03/01/32)^(a)		366		344,525
Dow Chemical Co. (The), 5.55%, 11/30/48 (Call 05/30/48)		552		526,450
DuPont de Nemours Inc., 5.32%, 11/15/38 (Call 05/15/38)		501		491,129
Eastman Chemical Co., 5.75%, 03/08/33 (Call 12/08/32)		315		310,680
FMC Corp., 5.65%, 05/18/33 (Call 02/18/33)		300		286,040
Huntsman International LLC, 4.50%, 05/01/29
(Call 02/01/29)		1,035		958,467
LYB International Finance BV, 4.88%, 03/15/44
(Call 09/15/43)^(a)		499		422,651
LYB International Finance III LLC, 5.63%, 05/15/33
(Call 02/15/33)		150		148,560
LyondellBasell Industries NV, 4.63%, 02/26/55
(Call 08/26/54)		55		43,172

				3,531,674

Commercial Services — 1.5%
Equifax Inc., 2.35%, 09/15/31 (Call 06/15/31)		960		752,374
Global Payments Inc. 2.15%, 01/15/27 (Call 12/15/26)		950		846,664
3.20%, 08/15/29 (Call 05/15/29)		530		461,381
5.30%, 08/15/29 (Call 06/15/29)		325		317,215
Quanta Services Inc. 2.35%, 01/15/32 (Call 10/15/31)		155		122,613
2.90%, 10/01/30 (Call 07/01/30)		1,425		1,201,692

				3,701,939

Computers — 2.2%
Apple Inc., 2.40%, 08/20/50 (Call 02/20/50)^(a)		868		558,275


Security	Par (000)		Value

Computers (continued)
Dell International LLC/EMC Corp. 8.10%, 07/15/36 (Call 01/15/36)	$	1,055	$	1,212,073
8.35%, 07/15/46 (Call 01/15/46)		590		723,611
HP Inc. 3.40%, 06/17/30 (Call 03/17/30)		180		157,175
5.50%, 01/15/33 (Call 10/15/32)		920		893,134
6.00%, 09/15/41^(a)		535		526,849
Leidos Inc. 2.30%, 02/15/31 (Call 11/15/30)		502		397,578
4.38%, 05/15/30 (Call 02/15/30)		977		900,611
5.75%, 03/15/33 (Call 12/15/32)		50		49,687
Teledyne FLIR LLC, 2.50%, 08/01/30 (Call 05/01/30)		190		156,781

				5,575,774

Distribution & Wholesale — 0.5%
LKQ Corp. 5.75%, 06/15/28 (Call 05/15/28)^(d)		925		917,129
6.25%, 06/15/33 (Call 03/15/33)^(d)		365		362,381

				1,279,510

Diversified Financial Services — 1.8%
American Express Co., 3.55%, (Call 09/15/26),
(5-year CMT + 2.854%)^(b)(c)		1,507		1,254,578
Charles Schwab Corp. (The) 1.15%, 05/13/26 (Call 04/13/26)		545		485,163
2.45%, 03/03/27 (Call 02/03/27)		64		57,596
5.38%, (Call 06/01/25), (5-year CMT + 4.971%)^(a)(b)(c)		1,343		1,295,995
5.85%, 05/19/34 (Call 05/19/33),
(1-day SOFR + 2.500%)^(b)		450		450,350
Raymond James Financial Inc., 4.95%, 07/15/46		585		509,606
Visa Inc., 2.00%, 08/15/50 (Call 02/15/50)^(a)		815		481,939

				4,535,227

Electric — 11.7%
Ameren Illinois Co. 3.85%, 09/01/32 (Call 06/01/32)		340		307,243
4.95%, 06/01/33 (Call 03/01/33)		335		328,107
Avangrid Inc. 3.20%, 04/15/25 (Call 03/15/25)		615		588,545
3.80%, 06/01/29 (Call 03/01/29)		950		862,218
CenterPoint Energy Houston Electric LLC 4.95%, 04/01/33 (Call 01/01/33)		300		294,958
Series ai., 4.45%, 10/01/32 (Call 07/01/32)		105		99,548
Commonwealth Edison Co. 3.00%, 03/01/50 (Call 09/01/49)		275		182,080
4.00%, 03/01/48 (Call 09/01/47)		150		120,795
Connecticut Light & Power Co. (The), 4.00%, 04/01/48
(Call 10/01/47)		960		781,547
Consumers Energy Co., 3.10%, 08/15/50 (Call 02/15/50)		168		115,544
Dominion Energy Inc. 4.35%, (Call 01/15/27), (5-year CMT + 3.195%)^(a)(b)(c)		1,435		1,212,211
Series B, 4.65%, (Call 12/15/24),
(5-year CMT + 2.993%)^(a)(b)(c)		1,135		1,032,850
DTE Electric Co. 2.95%, 03/01/50 (Call 09/01/49)		165		109,480
5.20%, 04/01/33 (Call 01/01/33)		360		361,343
Series A, 3.00%, 03/01/32 (Call 12/01/31)		245		209,198
Duke Energy Carolinas LLC 2.85%, 03/15/32 (Call 12/15/31)		330		278,467
3.20%, 08/15/49 (Call 02/15/49)		875		601,357
Duke Energy Corp., 3.75%, 09/01/46 (Call 03/01/46)		165		120,748


Security	Par (000)		Value

Electric (continued)
Duke Energy Florida LLC, 2.40%, 12/15/31
(Call 09/15/31)	$	575	$	469,265
Duke Energy Indiana LLC
2.75%, 04/01/50 (Call 10/01/49)		370		225,629
5.40%, 04/01/53 (Call 10/01/52)		285		277,011
Series YYY, 3.25%, 10/01/49 (Call 04/01/49)		265		180,501
Duke Energy Progress LLC
2.00%, 08/15/31 (Call 05/15/31)		480		382,132
3.40%, 04/01/32 (Call 01/01/32)		335		294,527
3.45%, 03/15/29 (Call 12/15/28)		330		303,143
Edison International
5.25%, 11/15/28 (Call 10/15/28)		380		370,987
6.95%, 11/15/29 (Call 09/15/29)		320		337,339
Emera U.S. Finance LP, 4.75%, 06/15/46 (Call 12/15/45)		1,500		1,174,037
Enel Finance International NV, 4.63%, 06/15/27 (Call 05/15/27)^(d)		1,005		969,680
Entergy Louisiana LLC
2.35%, 06/15/32 (Call 03/15/32)		345		274,484
4.00%, 03/15/33 (Call 12/15/32)		683		612,798
4.20%, 09/01/48 (Call 03/01/48)		308		246,906
Evergy Inc., 2.90%, 09/15/29 (Call 06/15/29)		920		800,429
Evergy Kansas Central Inc., 3.45%, 04/15/50
(Call 10/15/49)		225		158,660
Exelon Corp., 4.05%, 04/15/30 (Call 01/15/30)		1,210		1,118,033
Florida Power & Light Co. 2.45%, 02/03/32 (Call 11/03/31)		1,325		1,098,579
3.15%, 10/01/49 (Call 04/01/49)		145		101,221
3.95%, 03/01/48 (Call 09/01/47)		895		726,719
Fortis Inc./Canada, 3.06%, 10/04/26 (Call 07/04/26)		1,245		1,154,770
Georgia Power Co., 4.30%, 03/15/42		90		75,322
Kentucky Utilities Co., 3.30%, 06/01/50 (Call 12/01/49)		238		163,886
National Grid PLC, 5.81%, 06/12/33 (Call 03/12/33)		990		991,943
Oncor Electric Delivery Co. LLC 3.10%, 09/15/49 (Call 03/15/49)		305		207,128
4.55%, 09/15/32 (Call 06/15/32)		440		419,116
Pacific Gas and Electric Co.
5.90%, 06/15/32 (Call 03/15/32)		327		313,003
6.10%, 01/15/29 (Call 12/15/28)		1,070		1,057,434
6.15%, 01/15/33 (Call 10/15/32)		540		525,875
6.40%, 06/15/33 (Call 03/15/33)		305		300,839
Public Service Co. of Colorado, 1.88%, 06/15/31
(Call 12/15/30)		1,198		945,347
Public Service Electric & Gas Co., 3.10%, 03/15/32
(Call 12/15/31)^(a)		262		227,339
San Diego Gas & Electric Co.
Series WWW, 2.95%, 08/15/51 (Call 02/15/51)		740		482,996
Series XXX, 3.00%, 03/15/32 (Call 12/15/31)		75		63,864
Sempra Energy, 4.88%, (Call 10/15/25),
(5-year CMT + 4.550%)^(a)(b)(c)		1,144		1,081,984
Southern California Edison Co., 5.95%, 11/01/32
(Call 08/01/32)		875		906,936
Southern California Gas Co., 5.20%, 06/01/33
(Call 03/01/33)		450		441,895
Southern Co. (The) 4.40%, 07/01/46 (Call 01/01/46)		755		621,759
Series B, 4.00%, 01/15/51 (Call 10/15/25),
(5-year CMT + 3.733%)^(b)		1,345		1,247,240


Security	Par (000)		Value

Electric (continued)
Union Electric Co. 2.15%, 03/15/32 (Call 12/15/31)	$	385	$	304,584
2.63%, 03/15/51 (Call 09/15/50)		405		247,219

				29,508,798
Electronics — 0.8%
Jabil Inc., 4.25%, 05/15/27 (Call 04/15/27)		300		286,616
TD SYNNEX Corp. 1.75%, 08/09/26 (Call 07/09/26)		520		458,370
2.38%, 08/09/28 (Call 06/09/28)		430		356,888
Trimble Inc., 6.10%, 03/15/33 (Call 12/15/32)		985		994,585

				2,096,459

Engineering & Construction — 0.3%
Jacobs Engineering Group Inc. 5.90%, 03/01/33 (Call 12/01/32)		335		331,444
6.35%, 08/18/28 (Call 07/18/28)		330		335,557

				667,001

Food — 1.1%
Conagra Brands Inc. 4.85%, 11/01/28 (Call 08/01/28)		284		276,467
5.30%, 11/01/38 (Call 05/01/38)		1,015		937,530
Sysco Corp. 5.95%, 04/01/30 (Call 01/01/30)		825		854,424
6.60%, 04/01/50 (Call 10/01/49)		607		669,259
				2,737,680

Gas — 0.8%
National Fuel Gas Co. 2.95%, 03/01/31 (Call 12/01/30)		345		277,515
5.50%, 01/15/26 (Call 12/15/25)		145		143,615
NiSource Inc. 3.60%, 05/01/30 (Call 02/01/30)		615		551,176
4.38%, 05/15/47 (Call 11/15/46)		1,180		967,878

				1,940,184

Health Care - Products — 2.3%
DENTSPLY SIRONA Inc., 3.25%, 06/01/30 (Call 03/01/30).		1,105		949,270
HCA Inc. 3.13%, 03/15/27 (Call 02/15/27)		70		64,332
3.63%, 03/15/32 (Call 12/15/31)		1,035		890,174
Revvity Inc. 2.25%, 09/15/31 (Call 06/15/31)		375		295,249
3.30%, 09/15/29 (Call 06/15/29)		1,196		1,063,396
Smith & Nephew PLC, 2.03%, 10/14/30 (Call 07/14/30)^(a)		1,570		1,242,227
STERIS Irish FinCo UnLtd Co. 2.70%, 03/15/31 (Call 12/15/30)^(a)		510		422,135
3.75%, 03/15/51 (Call 09/15/50)		495		361,043
Zimmer Biomet Holdings Inc., 2.60%, 11/24/31
(Call 08/24/31)		780		635,402

				5,923,228

Health Care - Services — 2.0%
Centene Corp. 2.45%, 07/15/28 (Call 05/15/28)		1,423		1,218,327
3.38%, 02/15/30 (Call 02/15/25)		705		603,337
Elevance Health Inc., 4.65%, 01/15/43		300		266,567
HCA Inc. 3.38%, 03/15/29 (Call 01/15/29)		315		280,843
4.13%, 06/15/29 (Call 03/15/29)		1,300		1,200,819
5.13%, 06/15/39 (Call 12/15/38)		40		36,284
Humana Inc. 3.13%, 08/15/29 (Call 05/15/29)		140		124,449


Security	Par (000)		Value

Health Care - Services (continued)
4.95%, 10/01/44 (Call 04/01/44)	$	342	$	303,118
IQVIA Inc., 5.70%, 05/15/28 (Call 04/15/28)^(d)		800		797,030
Laboratory Corp. of America Holdings, 4.70%, 02/01/45
(Call 08/01/44)		173		148,223

				4,978,997

Holding Companies - Diversified — 2.4%
Ares Capital Corp. 3.20%, 11/15/31 (Call 08/15/31)		391		303,810
3.88%, 01/15/26 (Call 12/15/25)		1,363		1,274,892
Blackstone Secured Lending Fund 2.85%, 09/30/28 (Call 07/30/28)		470		388,207
3.63%, 01/15/26 (Call 12/15/25)		1,065		986,557
Blue Owl Capital Corp. 2.88%, 06/11/28 (Call 04/11/28)		165		136,328
3.40%, 07/15/26 (Call 06/15/26)		1,395		1,256,481
FS KKR Capital Corp. 3.13%, 10/12/28 (Call 08/12/28)^(a)		1,140		931,121
3.40%, 01/15/26 (Call 12/15/25)		480		440,142
Golub Capital BDC Inc., 2.50%, 08/24/26 (Call 07/24/26)		420		369,070

				6,086,608

Home Builders — 0.7%
Lennar Corp., 4.75%, 11/29/27 (Call 05/29/27)		765		741,762
NVR Inc., 3.00%, 05/15/30 (Call 11/15/29)		1,295		1,108,225

				1,849,987

Household Products & Wares — 0.1%
Avery Dennison Corp., 4.88%, 12/06/28 (Call 09/06/28)		150		146,632


Insurance — 3.7%
American International Group Inc. 5.13%, 03/27/33 (Call 12/27/32)^(a)		915		885,038
Series A-9, 5.75%, 04/01/48 (Call 04/01/28),
(3-mo. LIBOR US + 2.868%)^(b)		710		670,418
Brown & Brown Inc. 2.38%, 03/15/31 (Call 12/15/30)		475		379,717
4.20%, 03/17/32 (Call 12/17/31)		380		340,084
CNA Financial Corp. 3.90%, 05/01/29 (Call 02/01/29)		155		144,257
5.50%, 06/15/33 (Call 03/15/33)		300		293,775
Everest Reinsurance Holdings Inc., 3.50%, 10/15/50
(Call 04/15/50)		925		633,837
Fairfax Financial Holdings Ltd. 3.38%, 03/03/31 (Call 12/03/30)		380		318,510
5.63%, 08/16/32 (Call 05/16/32)		1,015		979,621
Fidelity National Financial Inc. 2.45%, 03/15/31 (Call 12/15/30)		430		341,947
3.40%, 06/15/30 (Call 03/15/30)^(a)		235		204,230
First American Financial Corp., 2.40%, 08/15/31 (Call 05/15/31)		475		364,211
Markel Group Inc. 3.45%, 05/07/52 (Call 11/07/51)		400		271,310
5.00%, 05/20/49 (Call 11/20/48)		190		166,294
Old Republic International Corp., 3.85%, 06/11/51
(Call 12/11/50)		440		306,738
Prudential Financial Inc. 3.70%, 10/01/50 (Call 07/01/30),
(5-year CMT + 3.035%)^(b)		776		660,373
5.70%, 09/15/48 (Call 09/15/28),
(3-mo. LIBOR US + 2.665%)^(b)		1,200		1,136,208


Security	Par (000)		Value

Insurance (continued)
Willis North America Inc. 4.50%, 09/15/28 (Call 06/15/28)	$	178	$	169,657
4.65%, 06/15/27 (Call 05/15/27)		915		886,090
5.35%, 05/15/33 (Call 02/15/33)		360		347,510

				9,499,825

Internet — 0.9%
Alphabet Inc., 2.05%, 08/15/50 (Call 02/15/50)		2,080		1,245,068
VeriSign Inc., 2.70%, 06/15/31 (Call 03/15/31)		1,135		929,235

				2,174,303

Iron & Steel — 0.6%
ArcelorMittal SA 6.55%, 11/29/27 (Call 10/29/27)		188		192,806
6.80%, 11/29/32 (Call 08/29/32)		1,200		1,232,829

				1,425,635

Lodging — 0.4%
Marriott International Inc./MD, Series FF, 4.63%, 06/15/30 (Call 03/15/30)		1,205		1,141,870


Machinery — 0.6%
nVent Finance Sarl, 5.65%, 05/15/33 (Call 02/15/33)		300		290,351
Westinghouse Air Brake Technologies Corp., 4.95%, 09/15/28 (Call 06/15/28)		1,259		1,214,361

				1,504,712

Manufacturing — 1.0%
Carlisle Companies Inc., 2.75%, 03/01/30 (Call 12/01/29)		1,140		964,634
General Electric Co. 5.88%, 01/14/38		285		299,430
6.75%, 03/15/32^(a)		1,059		1,180,977
Textron Inc., 3.00%, 06/01/30 (Call 03/01/30)		225		194,641

				2,639,682

Media — 0.7%
Comcast Corp., 1.95%, 01/15/31 (Call 10/15/30)		330		266,826
FactSet Research Systems Inc., 3.45%, 03/01/32
(Call 12/01/31)		65		55,081
Fox Corp. 4.71%, 01/25/29 (Call 10/25/28)		80		77,174
5.48%, 01/25/39 (Call 07/25/38)		1,158		1,050,940
Walt Disney Co. (The), 6.65%, 11/15/37		198		223,126

				1,673,147

Mining — 1.0%
Freeport-McMoRan Inc. 4.63%, 08/01/30 (Call 08/01/25)		220		203,465
5.45%, 03/15/43 (Call 09/15/42)		425		381,456
Newmont Corp., 4.88%, 03/15/42 (Call 09/15/41)		783		702,673
Southern Copper Corp. 5.25%, 11/08/42		65		60,118
5.88%, 04/23/45^(a)		678		667,273
6.75%, 04/16/40		535		580,539

				2,595,524

Office & Business Equipment — 0.6%
CDW LLC/CDW Finance Corp. 2.67%, 12/01/26 (Call 11/01/26)		108		97,898
3.28%, 12/01/28 (Call 10/01/28)		370		324,461
3.57%, 12/01/31 (Call 09/01/31)		1,230		1,040,053

				1,462,412

Oil & Gas — 3.0%
BP Capital Markets PLC 4.38%, (Call 06/22/25), (5-year CMT + 4.036%)^(a)(b)(c)		1,280		1,224,640


Security	Par (000)		Value

Oil & Gas (continued)
4.88%, (Call 03/22/30), (5-year CMT + 4.398%)^(b)(c)	$	1,317	$	1,192,694
Canadian Natural Resources Ltd., 3.85%, 06/01/27
(Call 03/01/27)		1,315		1,244,026
Diamondback Energy Inc., 6.25%, 03/15/33
(Call 12/15/32)		66		68,202
EQT Corp., 5.70%, 04/01/28 (Call 03/01/28)		300		298,669
Occidental Petroleum Corp. 7.50%, 05/01/31		560		606,761
8.88%, 07/15/30 (Call 01/15/30)		1,088		1,247,338
Pioneer Natural Resources Co., 2.15%, 01/15/31
(Call 10/15/30)^(a)		585		474,082
Valero Energy Corp., 6.63%, 06/15/37		1,065		1,133,525

				7,489,937

Packaging & Containers — 0.5%
Amcor Finance USA Inc. 3.63%, 04/28/26 (Call 01/28/26)		184		174,416
5.63%, 05/26/33 (Call 02/26/33)		230		228,229
Amcor Flexibles North America Inc., 2.69%, 05/25/31
(Call 02/25/31)		1,172		953,565

				1,356,210

Pharmaceuticals — 2.9%
AbbVie Inc. 4.50%, 05/14/35 (Call 11/14/34)		597		561,654
4.70%, 05/14/45 (Call 11/14/44)		455		409,192
4.85%, 06/15/44 (Call 12/15/43)		100		91,420
AstraZeneca PLC, 6.45%, 09/15/37		923		1,038,220
Cencora Inc., 2.70%, 03/15/31 (Call 12/15/30)		1,414		1,189,417
Cigna Group (The) 4.80%, 08/15/38 (Call 02/15/38)		20		18,436
4.80%, 07/15/46 (Call 01/16/46)		1,109		984,647
4.90%, 12/15/48 (Call 06/15/48)		91		81,147
CVS Health Corp. 3.25%, 08/15/29 (Call 05/15/29)		545		487,129
4.78%, 03/25/38 (Call 09/25/37)		1,114		997,651
5.13%, 07/20/45 (Call 01/20/45)		152		135,404
Johnson & Johnson 2.25%, 09/01/50 (Call 03/01/50)^(a)		1,905		1,200,508
2.45%, 09/01/60 (Call 03/01/60)		100		61,390
Zoetis Inc., 4.70%, 02/01/43 (Call 08/01/42)		200		181,323

				7,437,538

Pipelines — 8.4%
Boardwalk Pipelines LP 3.40%, 02/15/31 (Call 11/15/30)		185		157,726
3.60%, 09/01/32 (Call 06/01/32)		335		281,671
Cheniere Corpus Christi Holdings LLC 3.70%, 11/15/29 (Call 05/18/29)^(a)		265		240,909
5.13%, 06/30/27 (Call 01/01/27)		1,235		1,221,871
Cheniere Energy Inc., 4.63%, 10/15/28 (Call 10/15/23)		1,330		1,251,939
Cheniere Energy Partners LP 4.00%, 03/01/31 (Call 03/01/26)		270		238,371
4.50%, 10/01/29 (Call 10/01/24)		1,345		1,241,027
Enbridge Inc. 5.50%, 07/15/77 (Call 07/15/27), (3-mo. SOFR + 3.680%)^(b)		1,245		1,117,833
6.25%, 03/01/78 (Call 03/01/28), (3-mo. SOFR + 3.903%)^(b)		885		824,347
Energy Transfer LP 4.95%, 05/15/28 (Call 02/15/28)		746		724,711
5.25%, 04/15/29 (Call 01/15/29)		1,235		1,206,631


Security	Par (000)		Value

Pipelines (continued)
5.75%, 02/15/33 (Call 11/15/32)	$	515	$	512,030
Enterprise Products Operating LLC, Series E, 5.25%, 08/16/77 (Call 08/16/27), (3-mo. SOFR + 3.295%)^(b)		1,445		1,271,369
Kinder Morgan Inc. 4.30%, 03/01/28 (Call 12/01/27)		1,124		1,071,441
5.30%, 12/01/34 (Call 06/01/34)		326		310,063
MPLX LP 2.65%, 08/15/30 (Call 05/15/30)		100		82,993
4.50%, 04/15/38 (Call 10/15/37)		1,090		923,463
ONEOK Inc. 3.10%, 03/15/30 (Call 12/15/29)		430		369,172
3.40%, 09/01/29 (Call 06/01/29)		345		304,747
4.55%, 07/15/28 (Call 04/15/28)		635		605,490
6.10%, 11/15/32 (Call 08/15/32)		440		446,947
Plains All American Pipeline LP/PAA Finance Corp., 3.55%, 12/15/29 (Call 09/15/29)		320		281,325
Sabine Pass Liquefaction LLC 4.20%, 03/15/28 (Call 09/15/27)		1,300		1,231,119
4.50%, 05/15/30 (Call 11/15/29)		360		338,779
Targa Resources Corp. 4.88%, 02/01/31 (Call 02/01/26)		1,455		1,336,387
5.50%, 03/01/30 (Call 03/01/25)		185		177,344
Transcanada Trust 5.30%, 03/15/77 (Call 03/15/27),
(3 mo. LIBOR US + 3.208%)^(b)		1,492		1,298,040
Series 16-A, 5.88%, 08/15/76 (Call 08/15/26),
(3 mo. LIBOR US + 4.640%)^(b)		843		777,375
Western Midstream Operating LP 4.05%, 02/01/30 (Call 11/01/29)		1,360		1,213,128
6.15%, 04/01/33 (Call 01/01/33)		290		288,552

				21,346,800

Real Estate — 0.1%
CBRE Services Inc., 5.95%, 08/15/34 (Call 05/15/34)		140		138,478


Real Estate Investment Trusts — 7.0%
American Homes 4 Rent LP, 3.63%, 04/15/32 (Call 01/15/32)		435		372,676
American Tower Corp. 2.90%, 01/15/30 (Call 10/15/29)		600		511,124
3.38%, 10/15/26 (Call 07/15/26)		77		72,130
3.55%, 07/15/27 (Call 04/15/27)		180		166,904
3.80%, 08/15/29 (Call 05/15/29)		1,333		1,212,300
3.95%, 03/15/29 (Call 12/15/28)		65		59,804
Brixmor Operating Partnership LP 4.05%, 07/01/30 (Call 04/01/30)		450		406,535
4.13%, 05/15/29 (Call 02/15/29)		1,050		955,114
Crown Castle International Corp. 3.65%, 09/01/27 (Call 06/01/27)		65		60,553
3.80%, 02/15/28 (Call 11/15/27)		245		227,868
CubeSmart LP, 2.25%, 12/15/28 (Call 10/15/28)		405		342,967
Digital Realty Trust LP 3.60%, 07/01/29 (Call 04/01/29)		100		90,177
3.70%, 08/15/27 (Call 05/15/27)		1,165		1,085,428
5.55%, 01/15/28 (Call 12/15/27)		80		79,781
Equinix Inc. 2.15%, 07/15/30 (Call 04/15/30)		1,040		839,144
3.20%, 11/18/29 (Call 08/18/29)		516		452,040
Extra Space Storage LP 3.50%, 07/01/26 (Call 04/01/26)		380		356,234
5.70%, 04/01/28 (Call 03/01/28)		300		301,319


Security	Par (000)		Value

Real Estate Investment Trusts (continued)
GLP Capital LP/GLP Financing II Inc. 3.25%, 01/15/32 (Call 10/15/31)	$	70	$	56,440
5.25%, 06/01/25 (Call 03/01/25)		495		485,881
5.30%, 01/15/29 (Call 10/15/28)		946		891,986
Healthpeak Properties Inc., 3.50%, 07/15/29
(Call 04/15/29)		220		197,570
Host Hotels & Resorts LP, Series I, 3.50%, 09/15/30
(Call 06/15/30)		1,090		929,886
Invitation Homes Operating Partnership LP 2.00%, 08/15/31 (Call 05/15/31)		480		367,291
2.30%, 11/15/28 (Call 09/15/28)		425		361,123
4.15%, 04/15/32 (Call 01/15/32)^(a)		405		360,449
Physicians Realty LP, 2.63%, 11/01/31 (Call 08/01/31)		340		264,118
Sun Communities Operating LP 2.70%, 07/15/31 (Call 04/15/31)		1,070		849,563
4.20%, 04/15/32 (Call 01/15/32)		520		457,275
Ventas Realty LP, 4.40%, 01/15/29 (Call 10/15/28)		685		643,137
VICI Properties LP 4.75%, 02/15/28 (Call 01/15/28)		1,307		1,242,875
4.95%, 02/15/30 (Call 12/15/29)		196		184,358
Welltower Inc., 3.85%, 06/15/32 (Call 03/15/32)		185		162,573
Welltower OP LLC 2.80%, 06/01/31 (Call 03/01/31)		145		119,605
3.10%, 01/15/30 (Call 10/15/29)		1,035		899,352
4.25%, 04/15/28 (Call 01/15/28)		501		474,342
Weyerhaeuser Co., 4.00%, 11/15/29 (Call 08/15/29)		990		913,590
WP Carey Inc., 2.40%, 02/01/31 (Call 11/01/30)^(a)		360		287,736

				17,741,248

Retail — 1.7%
Dollar General Corp., 5.45%, 07/05/33 (Call 04/05/33)		1,270		1,232,266
Dollar Tree Inc., 4.20%, 05/15/28 (Call 02/15/28)		1,172		1,112,164
McDonald’s Corp. 4.70%, 12/09/35 (Call 06/09/35)		279		266,577
4.88%, 12/09/45 (Call 06/09/45)		165		152,394
O’Reilly Automotive Inc., 3.90%, 06/01/29
(Call 03/01/29)^(a)		180		168,886
Walgreens Boots Alliance Inc. 3.45%, 06/01/26 (Call 03/01/26)		1,018		961,636
4.10%, 04/15/50 (Call 10/15/49)		68		46,436
4.80%, 11/18/44 (Call 05/18/44)^(a)		517		404,525

				4,344,884

Semiconductors — 3.0%
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.88%, 01/15/27 (Call 10/15/26)		321		305,001
Broadcom Inc. 4.00%, 04/15/29 (Call 02/15/29)^(d)		450		415,018
4.15%, 11/15/30 (Call 08/15/30)		1,000		914,337
4.75%, 04/15/29 (Call 01/15/29)		692		667,361
5.00%, 04/15/30 (Call 01/15/30)^(a)		372		366,553
Micron Technology Inc.
4.66%, 02/15/30 (Call 11/15/29)^(a)		1,022		957,976
5.33%, 02/06/29 (Call 11/06/28)		230		225,492
6.75%, 11/01/29 (Call 09/01/29)		343		356,945
NXP BV/NXP Funding LLC, 5.55%, 12/01/28
(Call 09/01/28)^(a)		300		300,554
NXP BV/NXP Funding LLC/NXP USA Inc. 3.40%, 05/01/30 (Call 02/01/30)		87		76,432
4.30%, 06/18/29 (Call 03/18/29)		1,324		1,239,885


Security	Par (000)		Value

Semiconductors (continued)
Qorvo Inc. 1.75%, 12/15/24 (Call 09/11/23)^(d)	$	235	$	220,392
4.38%, 10/15/29 (Call 10/15/24)		1,185		1,073,627
Skyworks Solutions Inc. 1.80%, 06/01/26 (Call 05/01/26)		312		278,883
3.00%, 06/01/31 (Call 03/01/31)		355		288,847

				7,687,303
Shipbuilding — 0.3%
Huntington Ingalls Industries Inc. 2.04%, 08/16/28 (Call 06/16/28)		410		347,722
4.20%, 05/01/30 (Call 02/01/30)^(a)		320		295,550

				643,272

Software — 2.7%
Broadridge Financial Solutions Inc. 2.60%, 05/01/31 (Call 02/01/31)		520		424,361
2.90%, 12/01/29 (Call 09/01/29)^(a)		930		801,698
Oracle Corp. 2.95%, 04/01/30 (Call 01/01/30)		759		657,909
3.90%, 05/15/35 (Call 11/15/34)		215		183,583
4.30%, 07/08/34 (Call 01/08/34)		1,230		1,102,891
5.38%, 07/15/40		1,315		1,225,715
6.25%, 11/09/32 (Call 08/09/32)		830		868,733
VMware Inc. 3.90%, 08/21/27 (Call 05/21/27)		1,256		1,183,564
4.70%, 05/15/30 (Call 02/15/30)		370		348,725

				6,797,179

Telecommunications — 5.2%
AT&T Inc. 4.35%, 03/01/29 (Call 12/01/28)		251		237,475
5.54%, 02/20/26 (Call 02/20/24)		46		45,922
Deutsche Telekom International Finance BV, 8.75%, 06/15/30		1,025		1,206,844
Juniper Networks Inc., 3.75%, 08/15/29 (Call 05/15/29)^(a)		165		150,048
Motorola Solutions Inc. 2.30%, 11/15/30 (Call 08/15/30)		375		298,834
2.75%, 05/24/31 (Call 02/24/31)		254		206,036
4.60%, 05/23/29 (Call 02/23/29)^(a)		935		900,950
Orange SA, 9.00%, 03/01/31		968		1,174,490
Rogers Communications Inc., 3.80%, 03/15/32
(Call 12/15/31)		1,433		1,225,608
Sprint Capital Corp. 6.88%, 11/15/28		315		332,767
8.75%, 03/15/32		1,030		1,227,616
TELUS Corp., 3.40%, 05/13/32 (Call 02/13/32)		1,318		1,109,789
T-Mobile USA Inc.
2.40%, 03/15/29 (Call 01/15/29)		150		128,942
2.55%, 02/15/31 (Call 11/15/30)		725		597,415
2.70%, 03/15/32 (Call 12/15/31)		95		77,357
3.60%, 11/15/60 (Call 05/15/60)		155		103,802
3.75%, 04/15/27 (Call 02/15/27)		930		881,449
3.88%, 04/15/30 (Call 01/15/30)		1,295		1,181,979
4.38%, 04/15/40 (Call 10/15/39)		290		249,223
4.50%, 04/15/50 (Call 10/15/49)		11		9,086
Verizon Communications Inc.
4.27%, 01/15/36		358		317,835
4.40%, 11/01/34 (Call 05/01/34)		366		331,607
4.50%, 08/10/33		77		71,142
5.25%, 03/16/37		1,034		1,007,266

				13,073,482


Security	Par/ Shares (000)		Value


Transportation — 0.3%
United Parcel Service Inc., 6.20%, 01/15/38	$	800	$	894,242

Total Long-Term Investments — 98.1% (Cost: $260,133,046)				248,324,832


Short-Term Securities

Money Market Funds — 6.6%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.52%^(e)(f)(g)		15,462		15,466,591
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.31%^(e)(f)		1,090		1,090,000


Total Short-Term Securities — 6.6% (Cost: $16,552,461)				16,556,591


Total Investments — 104.7% (Cost: $276,685,507)				264,881,423

Liabilities in Excess of Other Assets — (4.7)%				(11,830,846	)


Net Assets — 100.0%			$	253,050,577

^(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)	Perpetual security with no stated maturity date.

^(d)	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.

^(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.


Security	Par (000)		Value

Collaterized Mortgage Obligations

Mortgage-Backed Securities — 1.5%
Bank, Series 2017, Class A5, 3.44%, 09/15/60 (Call 09/15/27)	$	40	$	36,803
COMM Mortgage Trust, 2.87%, 08/15/57 (Call 11/15/29)		50		45,418
GS Mortgage Securities Trust, 2.91%, 02/13/53
(Call 01/13/30)		75		64,504
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C23, Class A4, 3.72%, 07/15/50		25		23,913
Wells Fargo Commercial Mortgage Trust, 3.79%, 12/15/49 (Call 12/15/26)		10		9,381

				180,019

Total Collaterized Mortgage Obligations — 1.5% (Cost: $213,110)				180,019


Corporate Bonds & Notes

Advertising — 0.1%
Advantage Sales & Marketing Inc., 6.50%, 11/15/28 (Call 11/15/23)^(a)(b)		5		4,359
Omnicom Group Inc., 3.65%, 11/01/24 (Call 08/01/24)		6		5,858

				10,217

Aerospace & Defense — 1.1%
Boeing Co. (The)
2.20%, 02/04/26 (Call 09/11/23)		45		41,513
3.25%, 02/01/35 (Call 11/01/34)		8		6,423
4.88%, 05/01/25 (Call 04/01/25)		10		9,862
5.15%, 05/01/30 (Call 02/01/30)		15		14,758
5.71%, 05/01/40 (Call 11/01/39)		2		1,944
5.93%, 05/01/60 (Call 11/01/59)		9		8,687
General Dynamics Corp., 3.25%, 04/01/25 (Call 03/01/25)		10		9,689
L3Harris Technologies Inc. 4.40%, 06/15/28 (Call 03/15/28)		15		14,422
Northrop Grumman Corp., 4.75%, 06/01/43		3		2,725
Rolls-Royce PLC, 5.75%, 10/15/27 (Call 07/15/27)^(a)		5		4,854
RTX Corp.
3.95%, 08/16/25 (Call 06/16/25)		10		9,722
4.88%, 10/15/40		11		10,061
Spirit AeroSystems Inc.
7.50%, 04/15/25 (Call 10/02/23)^(a)		5		4,938
9.38%, 11/30/29 (Call 11/30/25)^(a)		2		2,084

				141,682

Agriculture — 1.0%
Altria Group Inc.
3.40%, 05/06/30 (Call 02/06/30)		10		8,785
5.38%, 01/31/44^(b)		10		9,285
5.80%, 02/14/39 (Call 08/14/38)		13		12,666
BAT Capital Corp.
2.73%, 03/25/31 (Call 12/25/30)		15		11,876
3.22%, 08/15/24 (Call 06/15/24)		3		2,926
3.56%, 08/15/27 (Call 05/15/27)		3		2,783
4.91%, 04/02/30 (Call 01/02/30)		4		3,767
BAT International Finance PLC, 4.45%, 03/16/28 (Call 02/16/28)		10		9,480
Philip Morris International Inc.
3.25%, 11/10/24		10		9,738
3.38%, 08/15/29 (Call 05/15/29)		5		4,498
5.00%, 11/17/25		10		9,941
5.38%, 02/15/33 (Call 11/15/32)		8		7,900
6.38%, 05/16/38^(b)		10		10,742


Security	Par (000)		Value

Agriculture (continued)
Reynolds American Inc.
4.45%, 06/12/25 (Call 03/12/25)	$	5	$	4,892
5.70%, 08/15/35 (Call 02/15/35)		5		4,625
5.85%, 08/15/45 (Call 02/15/45)		10		8,687
Vector Group Ltd., 5.75%, 02/01/29 (Call 02/01/24)^(a)		5		4,353

				126,944

Airlines — 0.1%
Air Canada, 3.88%, 08/15/26 (Call 02/15/26)^(a)		3		2,770
American Airlines Inc., 11.75%, 07/15/25^(a)		3		3,284
Delta Air Lines Inc., 7.38%, 01/15/26 (Call 12/15/25)		3		3,086

				9,140

Auto Manufacturers — 1.1%
American Honda Finance Corp., 5.25%, 07/07/26		18		18,029
Ford Motor Co.
5.29%, 12/08/46 (Call 06/08/46)		2		1,571
7.45%, 07/16/31		5		5,271
Ford Motor Credit Co. LLC, 4.13%, 08/04/25		5		4,762
General Motors Financial Co. Inc.
2.90%, 02/26/25 (Call 01/26/25)		20		19,097
5.40%, 04/06/26		15		14,813
6.05%, 10/10/25		5		5,005
Jaguar Land Rover Automotive PLC
4.50%, 10/01/27 (Call 07/01/27)^(a)		2		1,745
5.50%, 07/15/29 (Call 07/15/24)^(a)		2		1,738
PACCAR Financial Corp., 4.95%, 10/03/25		15		14,955
Toyota Motor Credit Corp.
1.45%, 01/13/25		20		18,988
3.95%, 06/30/25		10		9,769
4.80%, 01/10/25		15		14,894

				130,637

Auto Parts & Equipment — 0.1%
Aptiv PLC, 3.25%, 03/01/32 (Call 12/01/31)		15		12,720


Banks — 11.6%
Bank of America Corp.
2.88%, 10/22/30 (Call 10/22/29), (3-mo. SOFR + 1.452%)^(c)		10		8,579
3.19%, 07/23/30 (Call 07/23/29), (3-mo. SOFR + 1.442%)^(c)		20		17,558
3.37%, 01/23/26 (Call 01/23/25), (3-mo. SOFR + 1.072%)^(c)		20		19,288
3.97%, 03/05/29 (Call 03/05/28), (3-mo. SOFR + 1.332%)^(c)		10		9,345
3.97%, 02/07/30 (Call 02/07/29), (3-mo. SOFR + 1.472%)^(c)		18		16,572
4.20%, 08/26/24		25		24,555
4.30%, (Call 01/28/25), (3-mo. SOFR + 2.926%)^(c)(d)		11		9,978
5.13%, (Call 06/20/24), (3-mo. SOFR + 3.554%)^(c)(d)		50		48,719
6.10%, (Call 03/17/25), (3-mo. SOFR + 4.160%)^(c)(d)		16		15,727
Series L, 3.95%, 04/21/25		10		9,679
Bank of Montreal
1.50%, 01/10/25		15		14,190
3.70%, 06/07/25		15		14,489
Bank of New York Mellon Corp. (The)
0.75%, 01/28/26 (Call 12/28/25)		14		12,641
3.35%, 04/25/25 (Call 03/25/25)		20		19,280
Series F, 4.63%, (Call 09/20/26), (3-mo. SOFR + 3.393%)^(c)(d)		16		14,357
Bank of Nova Scotia (The), 3.45%, 04/11/25		40		38,638


Security	Par (000)		Value

Banks (continued)
Canadian Imperial Bank of Commerce
1.00%, 10/18/24	$	10	$	9,484
3.95%, 08/04/25		5		4,845
Citigroup Inc.
2.01%, 01/25/26 (Call 01/25/25), (1-day SOFR + 0.694%)^(c)		15		14,190
3.98%, 03/20/30 (Call 03/20/29), (3-mo. SOFR + 1.600%)^(c)		15		13,814
4.40%, 06/10/25		55		53,631
Goldman Sachs Group Inc.,
0.86%, 02/12/26 (Call 02/12/25), (1-day SOFR + 0.609%)^(c)		30		27,828
2.62%, 04/22/32 (Call 04/22/31), (1-day SOFR + 1.281%)^(c)		25		20,229
3.27%, 09/29/25 (Call 09/29/24), (3-mo. SOFR + 1.463%)^(c)		10		9,698
3.81%, 04/23/29 (Call 04/23/28), (3-mo. SOFR + 1.420%)^(c)		22		20,357
4.22%, 05/01/29 (Call 05/01/28), (3-mo. SOFR + 1.563%)^(c)		17		16,017
5.70%, 11/01/24		30		29,943
HSBC Holdings PLC, 2.10%, 06/04/26 (Call 06/04/25), (1-day SOFR + 1.929%)^(c)		200		186,418
Intesa Sanpaolo SpA
4.95%, 06/01/42 (Call 06/01/41), (1-year CMT + 2.750%)^(a)(c)		2		1,333
5.71%, 01/15/26^(a)		2		1,922
JPMorgan Chase & Co.
1.95%, 02/04/32 (Call 02/04/31), (1-day SOFR + 1.065%)^(c)		42		33,103
2.01%, 03/13/26 (Call 03/13/25), (3-mo. SOFR + 1.585%)^(c)		40		37,735
2.30%, 10/15/25 (Call 10/15/24), (1-day SOFR + 1.160%)^(c)		25		23,983
2.74%, 10/15/30 (Call 10/15/29), (3-mo. SOFR + 1.510%)^(c)		8		6,858
5.00%, (Call 08/01/24), (3-mo. SOFR + 3.380%)^(c)(d)		10		9,794
Series HH, 4.60%, (Call 02/01/25), (3-mo. SOFR + 3.125%)^(c)(d)		25		23,455
M&T Bank Corp., 4.55%, 08/16/28 (Call 08/16/27), (1-day SOFR + 1.780%)^(c)		20		18,707
Mitsubishi UFJ Financial Group Inc., 3.78%, 03/02/25		45		43,699
Morgan Stanley
2.70%, 01/22/31 (Call 01/22/30), (1-day SOFR + 1.143%)^(c)		15		12,625
2.72%, 07/22/25 (Call 07/22/24), (1-day SOFR + 1.152%)^(c)		32		31,054
3.62%, 04/01/31 (Call 04/01/30), (1-day SOFR + 3.120%)^(c)		15		13,329
3.77%, 01/24/29 (Call 01/24/28), (3-mo. SOFR + 1.402%)^(c)		60		55,652
4.00%, 07/23/25		10		9,700
4.43%, 01/23/30 (Call 01/23/29), (3-mo. SOFR + 1.890%)^(c)		10		9,497
5.00%, 11/24/25		40		39,394
PNC Financial Services Group Inc. (The) 2.20%, 11/01/24 (Call 10/02/24)		10		9,598
5.58%, 06/12/29 (Call 06/12/28), (1-day SOFR + 1.841%)^(c)		41		40,664


Security	Par (000)		Value

Banks (continued)
6.04%, 10/28/33 (Call 10/28/32), (1-day SOFR + 2.140%)^(c)	$	15	$	15,238
Royal Bank of Canada
2.25%, 11/01/24		20		19,230
3.38%, 04/14/25		20		19,348
4.88%, 01/12/26		10		9,879
Toronto-Dominion Bank (The)
0.70%, 09/10/24		5		4,756
1.45%, 01/10/25		30		28,434
3.77%, 06/06/25		5		4,854
4.11%, 06/08/27		14		13,370
Truist Financial Corp., 4.00%, 05/01/25 (Call 03/01/25)		25		24,213
U.S. Bancorp, 1.45%, 05/12/25 (Call 04/11/25)		20		18,703
Wells Fargo & Co.
2.16%, 02/11/26 (Call 02/11/25), (3-mo. SOFR + 1.012%)^(c)		13		12,291
2.41%, 10/30/25 (Call 10/30/24), (3-mo. SOFR + 1.087%)^(c)		10		9,589
2.88%, 10/30/30 (Call 10/30/29), (3-mo. SOFR + 1.432%)^(c)		15		12,836
3.00%, 04/22/26		20		18,747
3.20%, 06/17/27 (Call 06/17/26), (3-mo. SOFR + 1.432%)^(c)		20		18,697
3.55%, 09/29/25		25		23,985
3.91%, 04/25/26 (Call 04/25/25), (1-day SOFR + 1.320%)^(c)		18		17,402
4.90%, 07/25/33 (Call 07/25/32), (1-day SOFR + 2.100%)^(c)		16		15,055
5.39%, 04/24/34, (1-day SOFR + 2.020%)^(c)		7		6,818
5.88%, (Call 06/15/25), (3-mo. LIBOR US + 3.990%)^(c)(d)		13		12,886
Westpac Banking Corp., 1.02%, 11/18/24		10		9,478

				1,437,960

Beverages — 0.4%
Anheuser-Busch Companies LLC/Anheuser-Busch InBev Worldwide Inc., 4.70%, 02/01/36 (Call 08/01/35)		24		22,971
Anheuser-Busch InBev Worldwide Inc., 8.20%, 01/15/39		5		6,390
Keurig Dr Pepper Inc., 4.42%, 05/25/25 (Call 03/25/25)		6		5,884
PepsiCo Inc., 2.25%, 03/19/25 (Call 02/19/25)		20		19,137

				54,382

Biotechnology — 1.1%
Amgen Inc.
3.13%, 05/01/25 (Call 02/01/25)		5		4,810
4.40%, 05/01/45 (Call 11/01/44)		7		5,890
5.25%, 03/02/25		9		8,962
Biogen Inc.
2.25%, 05/01/30 (Call 02/01/30)		15		12,348
4.05%, 09/15/25 (Call 06/15/25)		18		17,457
Bio-Rad Laboratories Inc., 3.70%, 03/15/32 (Call 12/15/31)		10		8,760
Gilead Sciences Inc.
3.65%, 03/01/26 (Call 12/01/25)		8		7,697
4.80%, 04/01/44 (Call 10/01/43)		17		15,638
5.65%, 12/01/41 (Call 06/01/41)		7		7,139
Illumina Inc.
2.55%, 03/23/31 (Call 12/23/30)		5		4,012
5.75%, 12/13/27 (Call 11/13/27)		6		5,985
Regeneron Pharmaceuticals Inc., 1.75%, 09/15/30 (Call 06/15/30)		15		11,938


Security	Par (000)		Value

Biotechnology (continued)
Royalty Pharma PLC
1.20%, 09/02/25 (Call 08/02/25)	$	20	$	18,218
3.55%, 09/02/50 (Call 03/02/50)		3		1,961

				130,815

Building Materials — 0.2%
Builders FirstSource Inc., 6.38%, 06/15/32 (Call 06/15/27)^(a)		2		1,950
Carrier Global Corp., 2.24%, 02/15/25 (Call 01/15/25)		7		6,659
Eagle Materials Inc., 2.50%, 07/01/31 (Call 04/01/31)		12		9,688
Fortune Brands Innovations Inc., 5.88%, 06/01/33 (Call 03/01/33)		5		4,980

				23,277

Chemicals — 0.7%
Albemarle Corp., 5.05%, 06/01/32 (Call 03/01/32)^(b)		5		4,707
CVR Partners LP/CVR Nitrogen Finance Corp., 6.13%, 06/15/28 (Call 06/15/24)^(a)		2		1,790
Dow Chemical Co. (The), 5.55%, 11/30/48 (Call 05/30/48)		7		6,676
DuPont de Nemours Inc.
4.49%, 11/15/25 (Call 09/15/25)		5		4,895
5.32%, 11/15/38 (Call 05/15/38)		5		4,901
Eastman Chemical Co., 5.75%, 03/08/33 (Call 12/08/32)		9		8,877
EverArc Escrow Sarl, 5.00%, 10/30/29 (Call 10/30/24)^(a)		3		2,465
FMC Corp., 5.65%, 05/18/33 (Call 02/18/33)		4		3,814
Huntsman International LLC, 4.50%, 05/01/29 (Call 02/01/29)		15		13,891
LYB International Finance BV, 4.88%, 03/15/44 (Call 09/15/43)		5		4,235
LYB International Finance III LLC, 5.63%, 05/15/33 (Call 02/15/33)		3		2,971
LyondellBasell Industries NV, 4.63%, 02/26/55 (Call 08/26/54)		5		3,925
Sasol Financing USA LLC, 5.50%, 03/18/31 (Call 03/18/30)		5		4,002
Sherwin-Williams Co. (The), 4.05%, 08/08/24		20		19,677
Tronox Inc., 4.63%, 03/15/29 (Call 03/15/24)^(a)		4		3,296

				90,122

Coal — 0.0%
SunCoke Energy Inc., 4.88%, 06/30/29 (Call 06/30/24)^(a)		2		1,702


Commercial Services — 1.0%
ADT Security Corp. (The)
4.13%, 08/01/29 (Call 08/01/28)^(a)		3		2,618
4.88%, 07/15/32^(a)		2		1,725
APX Group Inc.
5.75%, 07/15/29 (Call 07/15/24)^(a)		2		1,723
6.75%, 02/15/27 (Call 10/02/23)^(a)		5		4,859
Block Financial LLC, 5.25%, 10/01/25 (Call 07/01/25)		10		9,847
Cimpress PLC, 7.00%, 06/15/26 (Call 09/18/23)		3		2,813
Deluxe Corp., 8.00%, 06/01/29 (Call 06/01/24)^(a)		2		1,688
Equifax Inc.
2.35%, 09/15/31 (Call 06/15/31)		10		7,837
2.60%, 12/01/24 (Call 11/01/24)		7		6,728
Global Payments Inc.
2.15%, 01/15/27 (Call 12/15/26)		24		21,389
3.20%, 08/15/29 (Call 05/15/29)		7		6,094
Hertz Corp. (The), 5.00%, 12/01/29 (Call 12/01/24)^(a)		5		4,111
MPH Acquisition Holdings LLC, 5.50%, 09/01/28 (Call 09/01/24)^(a)		5		4,246
NESCO Holdings II Inc., 5.50%, 04/15/29 (Call 04/15/24)^(a)		5		4,534
Prime Security Services Borrower LLC/Prime Finance Inc., 6.25%, 01/15/28 (Call 10/02/23)^(a)(b)		7		6,667


Security	Par (000)		Value

Commercial Services (continued)
Quanta Services Inc., 2.90%, 10/01/30 (Call 07/01/30)	$	20	$	16,866
United Rentals North America Inc., 4.88%, 01/15/28 (Call 09/11/23)		2		1,903
Verisk Analytics Inc., 4.00%, 06/15/25 (Call 03/15/25)		10		9,724
WW International Inc., 4.50%, 04/15/29 (Call 04/15/24)^(a)		2		1,385
ZipRecruiter Inc., 5.00%, 01/15/30 (Call 01/15/25)^(a)		2		1,678

				118,435

Computers — 1.4%
Apple Inc.
0.55%, 08/20/25 (Call 07/20/25)		20		18,372
2.40%, 08/20/50 (Call 02/20/50)		10		6,432
2.75%, 01/13/25 (Call 11/13/24)		40		38,759
Conduent Business Services LLC/Conduent State & Local Solutions Inc., 6.00%, 11/01/29 (Call 11/01/24)^(a)		2		1,650
Dell International LLC/EMC Corp.
6.02%, 06/15/26 (Call 03/15/26)		12		12,126
8.10%, 07/15/36 (Call 01/15/36)		13		14,935
8.35%, 07/15/46 (Call 01/15/46)		7		8,585
Hewlett Packard Enterprise Co.
4.90%, 10/15/25 (Call 07/15/25)		5		4,934
5.90%, 10/01/24		12		12,011
HP Inc.
3.40%, 06/17/30 (Call 03/17/30)		25		21,830
6.00%, 09/15/41		5		4,924
Leidos Inc.
2.30%, 02/15/31 (Call 11/15/30)		5		3,960
4.38%, 05/15/30 (Call 02/15/30)		11		10,140
5.75%, 03/15/33 (Call 12/15/32)		4		3,975
Teledyne FLIR LLC, 2.50%, 08/01/30 (Call 05/01/30)		5		4,126
Western Digital Corp., 4.75%, 02/15/26 (Call 11/15/25)		6		5,721

				172,480

Cosmetics & Personal Care — 0.1%
Colgate-Palmolive Co., 3.10%, 08/15/25		15		14,458
Coty Inc., 5.00%, 04/15/26 (Call 10/02/23)^(a)		2		1,923
Coty Inc./HFC Prestige Products Inc./HFC Prestige International U.S. LLC, 4.75%, 01/15/29 (Call 01/15/25)^(a)		2		1,832

				18,213

Distribution & Wholesale — 0.1%
LKQ Corp., 6.25%, 06/15/33 (Call 03/15/33)^(a)		13		12,907


Diversified Financial Services — 2.4%
Air Lease Corp., 3.38%, 07/01/25 (Call 06/01/25)		10		9,527
American Express Co.
2.25%, 03/04/25 (Call 02/01/25)		5		4,754
3.55%, (Call 09/15/26), (5-year CMT + 2.854%)^(c)(d)		20		16,650
3.95%, 08/01/25 (Call 07/01/25)		21		20,376
4.99%, 05/01/26, (1-day SOFR + 0.999%)^(c)		16		15,772
Ameriprise Financial Inc., 3.00%, 04/02/25 (Call 03/02/25)		10		9,616
Burford Capital Global Finance LLC, 6.88%, 04/15/30 (Call 04/15/25)^(a)		2		1,834
Capital One Financial Corp., 4.25%, 04/30/25 (Call 03/31/25)		20		19,388
Charles Schwab Corp. (The)
1.15%, 05/13/26 (Call 04/13/26)		16		14,243
3.63%, 04/01/25 (Call 01/01/25)		5		4,844
3.85%, 05/21/25 (Call 03/21/25)		6		5,818
5.38%, (Call 06/01/25), (5-year CMT + 4.971%)^(c)(d)		15		14,475
Coinbase Global Inc., 3.38%, 10/01/28 (Call 10/01/24)^(a)		7		5,149
Discover Financial Services, 4.10%, 02/09/27 (Call 11/09/26)		50		46,385


Security	Par (000)		Value

Diversified Financial Services (continued)
goeasy Ltd., 5.38%, 12/01/24 (Call 10/03/23)^(a)	$	2	$	1,973
Nasdaq Inc., 3.85%, 06/30/26 (Call 03/30/26)		25		24,058
Nationstar Mortgage Holdings Inc.
5.13%, 12/15/30 (Call 12/15/25)^(a)		3		2,541
5.75%, 11/15/31 (Call 11/15/26)^(a)		5		4,315
OneMain Finance Corp.
6.88%, 03/15/25		2		1,990
7.13%, 03/15/26		7		6,886
PennyMac Financial Services Inc., 5.75%, 09/15/31 (Call 09/15/26)^(a)		2		1,681
Radian Group Inc., 4.50%, 10/01/24 (Call 07/01/24)		20		19,375
Raymond James Financial Inc., 4.95%, 07/15/46		8		6,969
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer Inc., 3.88%, 03/01/31 (Call 03/01/26)^(a)		8		6,512
SLM Corp., 3.13%, 11/02/26 (Call 10/02/26)		2		1,780
Synchrony Financial
4.25%, 08/15/24 (Call 05/15/24)		10		9,740
7.25%, 02/02/33 (Call 11/02/32)		2		1,839
United Wholesale Mortgage LLC, 5.50%, 04/15/29 (Call 04/15/24)^(a)		5		4,338
Visa Inc.
2.00%, 08/15/50 (Call 02/15/50)		8		4,731
3.15%, 12/14/25 (Call 09/14/25)		10		9,590

				297,149

Electric — 4.4%
Avangrid Inc.
3.20%, 04/15/25 (Call 03/15/25)		5		4,785
3.80%, 06/01/29 (Call 03/01/29)		15		13,614
Berkshire Hathaway Energy Co., 4.05%, 04/15/25 (Call 03/15/25)		10		9,784
Commonwealth Edison Co., 3.00%, 03/01/50 (Call 09/01/49)		6		3,973
Connecticut Light & Power Co. (The), 4.00%, 04/01/48 (Call 10/01/47)		15		12,212
Dominion Energy Inc.
4.35%, (Call 01/15/27), (5-year CMT + 3.195%)^(c)(d)		10		8,447
Series A, 3.30%, 03/15/25 (Call 02/15/25)		15		14,483
Series B, 4.65%, (Call 12/15/24), (5-year CMT + 2.993%)^(c)(d)		10		9,100
Series C, 3.38%, 04/01/30 (Call 01/01/30)		19		16,754
DTE Electric Co., 5.20%, 04/01/33 (Call 01/01/33)		16		16,060
DTE Energy Co., 4.22%, 11/01/24^(e)		5		4,904
Duke Energy Carolinas LLC
2.85%, 03/15/32 (Call 12/15/31)		10		8,438
3.20%, 08/15/49 (Call 02/15/49)		10		6,873
Duke Energy Corp., 3.15%, 08/15/27 (Call 05/15/27)		20		18,492
Duke Energy Indiana LLC
2.75%, 04/01/50 (Call 10/01/49)		10		6,098
5.40%, 04/01/53 (Call 10/01/52)		8		7,776
Edison International
4.70%, 08/15/25		15		14,667
6.95%, 11/15/29 (Call 09/15/29)		4		4,217
Emera U.S. Finance LP, 4.75%, 06/15/46 (Call 12/15/45)		20		15,654
Entergy Corp., 1.90%, 06/15/28 (Call 04/15/28)		10		8,566
Entergy Louisiana LLC, 4.00%, 03/15/33 (Call 12/15/32)		20		17,944
Evergy Inc., 2.90%, 09/15/29 (Call 06/15/29)		15		13,050
Exelon Corp., 4.05%, 04/15/30 (Call 01/15/30)		15		13,860
FirstEnergy Corp.
Series C, 3.40%, 03/01/50 (Call 09/01/49)		3		1,986
Series C, 5.10%, 07/15/47 (Call 01/15/47)		2		1,740


Security	Par (000)		Value

Electric (continued)
Florida Power & Light Co.
2.45%, 02/03/32 (Call 11/03/31)	$	26	$	21,557
3.95%, 03/01/48 (Call 09/01/47)		10		8,120
Fortis Inc./Canada, 3.06%, 10/04/26 (Call 07/04/26)		20		18,551
Kentucky Utilities Co., 3.30%, 06/01/50 (Call 12/01/49)		5		3,443
National Grid PLC, 5.81%, 06/12/33 (Call 03/12/33)		13		13,026
National Rural Utilities Cooperative Finance Corp., 5.45%, 10/30/25		15		15,043
NextEra Energy Capital Holdings Inc., 4.45%, 06/20/25		25		24,484
NRG Energy Inc. 3.88%, 02/15/32 (Call 02/15/27)^(a)		7		5,416
5.75%, 01/15/28 (Call 09/18/23)		3		2,838
Oncor Electric Delivery Co. LLC, 3.10%, 09/15/49 (Call 03/15/49)		10		6,791
Pacific Gas and Electric Co.
3.15%, 01/01/26		20		18,635
4.95%, 06/08/25		10		9,781
5.90%, 06/15/32 (Call 03/15/32)		4		3,829
6.15%, 01/15/33 (Call 10/15/32)		10		9,738
6.75%, 01/15/53 (Call 07/15/52)		2		1,944
PG&E Corp., 5.00%, 07/01/28 (Call 09/11/23)^(b)		5		4,600
Public Service Co. of Colorado, 1.88%, 06/15/31 (Call 12/15/30)		10		7,891
Public Service Electric & Gas Co., 3.10%, 03/15/32 (Call 12/15/31)		5		4,339
San Diego Gas & Electric Co., Series WWW, 2.95%, 08/15/51 (Call 02/15/51)		10		6,527
Sempra Energy
3.25%, 06/15/27 (Call 03/15/27)		10		9,242
3.40%, 02/01/28 (Call 11/01/27)		15		13,880
4.88%, (Call 10/15/25), (5-year CMT + 4.550%)^(c)(d)		15		14,187
Southern California Edison Co., 5.95%, 11/01/32 (Call 08/01/32)		12		12,438
Southern Co. (The)
3.25%, 07/01/26 (Call 04/01/26)		5		4,730
4.40%, 07/01/46 (Call 01/01/46)		15		12,353
Series B, 4.00%, 01/15/51 (Call 10/15/25), (5-year CMT + 3.733%)^(c)		20		18,546
Union Electric Co., 2.63%, 03/15/51 (Call 09/15/50)		10		6,104
Vistra Operations Co. LLC, 5.50%, 09/01/26 (Call 09/11/23)^(a)		2		1,929
Wisconsin Public Service Corp., 5.35%, 11/10/25 (Call 10/10/25)		10		9,998

				543,437

Electrical Components & Equipment — 0.1%
Energizer Holdings Inc.
4.38%, 03/31/29 (Call 10/02/23)^(a)		3		2,569
4.75%, 06/15/28 (Call 10/02/23)^(a)		5		4,415

				6,984

Electronics — 0.4%
Flex Ltd., 3.75%, 02/01/26 (Call 01/01/26)		6		5,730
Honeywell International Inc., 1.35%, 06/01/25 (Call 05/01/25)		20		18,746
TD SYNNEX Corp.
1.25%, 08/09/24 (Call 09/11/23)		8		7,626
1.75%, 08/09/26 (Call 07/09/26)		5		4,407
2.38%, 08/09/28 (Call 06/09/28)		5		4,150
Trimble Inc., 6.10%, 03/15/33 (Call 12/15/32)		14		14,136

				54,795


Security	Par (000)		Value

Engineering & Construction — 0.1%
AECOM, 5.13%, 03/15/27 (Call 12/15/26)	$	3	$	2,878
Jacobs Engineering Group Inc., 5.90%, 03/01/33 (Call 12/01/32)		4		3,958
Tutor Perini Corp., 6.88%, 05/01/25 (Call 09/18/23)^(a)		2		1,809


				8,645

Entertainment — 0.1%
AMC Entertainment Holdings Inc., 7.50%, 02/15/29 (Call 02/15/25)^(a)		2		1,365
Live Nation Entertainment Inc., 6.50%, 05/15/27 (Call 10/02/23)^(a)		3		3,003
Resorts World Las Vegas LLC / RWLV Capital Inc., 8.45%, 07/27/30 (Call 05/27/30)^(a)		5		4,937


				9,305

Environmental Control — 0.0%
GFL Environmental Inc., 3.50%, 09/01/28 (Call 03/01/28)^(a)		2		1,767


Food — 0.8%
Campbell Soup Co., 3.95%, 03/15/25 (Call 01/15/25)		10		9,734
Conagra Brands Inc.
4.60%, 11/01/25 (Call 09/01/25)		5		4,895
4.85%, 11/01/28 (Call 08/01/28)		5		4,867
5.30%, 11/01/38 (Call 05/01/38)		10		9,237
General Mills Inc., 4.00%, 04/17/25 (Call 02/17/25)		10		9,747
Kraft Heinz Foods Co., 3.00%, 06/01/26 (Call 03/01/26)		15		14,140
Sysco Corp.
5.95%, 04/01/30 (Call 01/01/30)		20		20,713
6.60%, 04/01/50 (Call 10/01/49)		5		5,513
Tyson Foods Inc., 3.95%, 08/15/24 (Call 05/15/24)		5		4,911
Walmart Inc., 3.90%, 09/09/25		15		14,671


				98,428

Gas — 0.2%
AmeriGas Partners LP/AmeriGas Finance Corp., 5.75%, 05/20/27 (Call 02/20/27)		3		2,774
National Fuel Gas Co., 2.95%, 03/01/31 (Call 12/01/30)		5		4,022
NiSource Inc.
0.95%, 08/15/25 (Call 07/15/25)		5		4,583
3.60%, 05/01/30 (Call 02/01/30)		10		8,962
4.38%, 05/15/47 (Call 11/15/46)		12		9,843


				30,184

Hand & Machine Tools — 0.1%
Stanley Black & Decker Inc., 2.30%, 02/24/25 (Call 09/11/23)		10		9,520


Health Care - Products — 1.0%
Abbott Laboratories, 2.95%, 03/15/25 (Call 12/15/24)		5		4,843
Baxter International Inc., 1.32%, 11/29/24		10		9,474
DENTSPLY SIRONA Inc., 3.25%, 06/01/30 (Call 03/01/30)		15		12,886
HCA Inc.
3.13%, 03/15/27 (Call 02/15/27)		5		4,595
3.63%, 03/15/32 (Call 12/15/31)		30		25,802
Revvity Inc.
2.25%, 09/15/31 (Call 06/15/31)		5		3,937
3.30%, 09/15/29 (Call 06/15/29)		15		13,337
Smith & Nephew PLC, 2.03%, 10/14/30 (Call 07/14/30)		19		15,033
Thermo Fisher Scientific Inc.,
1.22%, 10/18/24 (Call 09/11/23)		10		9,533


Security	Par (000)		Value

Health Care - Products (continued)
Zimmer Biomet Holdings Inc.
2.60%, 11/24/31 (Call 08/24/31)	$	15	$	12,219
3.55%, 04/01/25 (Call 01/01/25)		15		14,508


				126,167

Health Care - Services — 1.0%
Centene Corp., 4.63%, 12/15/29 (Call 12/15/24)		30		27,585
DaVita Inc.
3.75%, 02/15/31 (Call 02/15/26)^(a)		2		1,593
4.63%, 06/01/30 (Call 06/01/25)^(a)		5		4,289
Elevance Health Inc.
2.38%, 01/15/25 (Call 12/15/24)		5		4,781
4.65%, 01/15/43		4		3,554
5.35%, 10/15/25 (Call 09/15/25)		10		9,986
HCA Inc.
3.38%, 03/15/29 (Call 01/15/29)		10		8,916
4.13%, 06/15/29 (Call 03/15/29)		17		15,703
5.38%, 02/01/25		5		4,967
Humana Inc., 4.95%, 10/01/44 (Call 04/01/44)		5		4,431
Laboratory Corp. of America Holdings
1.55%, 06/01/26 (Call 05/01/26)		22		19,795
3.60%, 02/01/25 (Call 11/01/24)		15		14,550
UnitedHealth Group Inc., 3.75%, 07/15/25		10		9,744


				129,894

Holding Companies — Diversified — 1.1%
Ares Capital Corp.
3.88%, 01/15/26 (Call 12/15/25)		30		28,061
4.20%, 06/10/24 (Call 05/10/24)		25		24,562
Blackstone Secured Lending Fund, 3.63%, 01/15/26 (Call 12/15/25)		30		27,790
Blue Owl Capital Corp., 3.40%, 07/15/26 (Call 06/15/26)		21		18,915
FS KKR Capital Corp., 3.13%, 10/12/28 (Call 08/12/28)		20		16,336
Goldman Sachs BDC Inc., 2.88%, 01/15/26 (Call 12/15/25)		10		9,289
Golub Capital BDC Inc., 2.50%, 08/24/26 (Call 07/24/26)		10		8,787


				133,740

Home Builders — 0.3%
Brookfield Residential Properties Inc./Brookfield Residential
U.S. LLC
4.88%, 02/15/30 (Call 02/15/25)^(a)		2		1,652
6.25%, 09/15/27 (Call 10/03/23)^(a)		2		1,835
Lennar Corp., 4.75%, 11/29/27 (Call 05/29/27)		15		14,544
NVR Inc., 3.00%, 05/15/30 (Call 11/15/29)		15		12,837


				30,868

Housewares — 0.0%
Newell Brands Inc., 6.00%, 04/01/46 (Call 10/01/45)		3		2,435


Insurance — 1.3%
American International Group Inc.
2.50%, 06/30/25 (Call 05/30/25)		13		12,305
5.13%, 03/27/33 (Call 12/27/32)		12		11,607
Series A-9, 5.75%, 04/01/48 (Call 04/01/28), (3-mo. LIBOR US + 2.868%)^(c)		10		9,443
Berkshire Hathaway Inc., 3.13%, 03/15/26 (Call 12/15/25)		7		6,712
Brown & Brown Inc.
2.38%, 03/15/31 (Call 12/15/30)		5		3,997
4.20%, 03/17/32 (Call 12/17/31)		5		4,475
Everest Reinsurance Holdings Inc., 3.50%, 10/15/50 (Call 04/15/50)		10		6,852


Security	Par (000)		Value

Insurance (continued)
Fairfax Financial Holdings Ltd.
3.38%, 03/03/31 (Call 12/03/30)	$	6	$	5,029
5.63%, 08/16/32 (Call 05/16/32)		13		12,547
Fidelity National Financial Inc.
2.45%, 03/15/31 (Call 12/15/30)		5		3,976
3.40%, 06/15/30 (Call 03/15/30)		5		4,345
First American Financial Corp., 2.40%, 08/15/31 (Call 05/15/31)		5		3,834
Markel Group Inc.
3.45%, 05/07/52 (Call 11/07/51)		5		3,391
5.00%, 05/20/49 (Call 11/20/48)		2		1,750
Old Republic International Corp., 3.85%, 06/11/51 (Call 12/11/50)		5		3,486
Prudential Financial Inc.
1.50%, 03/10/26 (Call 02/10/26)		8		7,326
3.70%, 10/01/50 (Call 07/01/30), (5-year CMT + 3.035%)^(c)		10		8,510
5.38%, 05/15/45 (Call 05/15/25), (3-mo. LIBOR US + 3.031%)^(c)		15		14,666
5.70%, 09/15/48 (Call 09/15/28), (3-mo. LIBOR US + 2.665%)^(c)		15		14,203
Willis North America Inc.
4.65%, 06/15/27 (Call 05/15/27)		20		19,368
5.35%, 05/15/33 (Call 02/15/33)		5		4,827


				162,649

Internet — 0.4%
Alphabet Inc., 2.05%, 08/15/50 (Call 02/15/50)		3		1,796
Amazon.com Inc., 3.00%, 04/13/25		25		24,195
Gen Digital Inc., 5.00%, 04/15/25 (Call 09/11/23)^(a)		2		1,961
GrubHub Holdings Inc., 5.50%, 07/01/27 (Call 09/11/23)^(a)		2		1,382
Netflix Inc., 5.88%, 02/15/25		10		10,048
VeriSign Inc., 2.70%, 06/15/31 (Call 03/15/31)		15		12,281


				51,663

Iron & Steel — 0.2%
ArcelorMittal SA, 6.55%, 11/29/27 (Call 10/29/27)		20		20,511
Cleveland-Cliffs Inc., 5.88%, 06/01/27 (Call 10/02/23)		3		2,889
Mineral Resources Ltd., 8.50%, 05/01/30 (Call 05/01/25)^(a)		2		2,007
U.S. Steel Corp., 6.88%, 03/01/29 (Call 03/01/24)^(b)		2		1,993


				27,400

Leisure Time — 0.1%
Carnival Corp.
7.63%, 03/01/26 (Call 03/01/24)^(a)		3		2,991
10.50%, 06/01/30 (Call 06/01/25)^(a)		2		2,130
NCL Corp. Ltd., 5.88%, 02/15/27 (Call 02/15/24)^(a)		3		2,907
Royal Caribbean Cruises Ltd.
4.25%, 07/01/26 (Call 01/01/26)^(a)		2		1,865
5.50%, 08/31/26 (Call 02/28/26)^(a)		7		6,707
Vista Outdoor Inc., 4.50%, 03/15/29 (Call 03/15/24)^(a)		2		1,667


				18,267

Lodging — 0.3%
Hyatt Hotels Corp., 1.80%, 10/01/24 (Call 09/18/23)		8		7,658
Marriott International Inc./MD
Series EE, 5.75%, 05/01/25 (Call 04/01/25)		5		5,008
Series FF, 4.63%, 06/15/30 (Call 03/15/30)		15		14,214
Travel + Leisure Co.
4.50%, 12/01/29 (Call 09/01/29)^(a)		2		1,721
6.63%, 07/31/26 (Call 04/30/26)^(a)		3		2,977


				31,578


Security	Par (000)		Value

Machinery — 0.9%
Caterpillar Financial Services Corp.
0.60%, 09/13/24	$	20	$	19,035
4.90%, 01/17/25		10		9,961
GrafTech Finance Inc., 4.63%, 12/15/28 (Call 12/15/23)^(a)		2		1,570
GrafTech Global Enterprises Inc., 9.88%, 12/15/28 (Call 12/15/25)^(a)		2		1,950
John Deere Capital Corp.
1.25%, 01/10/25		20		18,952
2.13%, 03/07/25		10		9,544
4.05%, 09/08/25		15		14,699
nVent Finance Sarl, 5.65%, 05/15/33 (Call 02/15/33)		7		6,775
Otis Worldwide Corp., 2.06%, 04/05/25 (Call 03/05/25)		10		9,476
Vertiv Group Corp., 4.13%, 11/15/28 (Call 11/15/24)^(a)		2		1,796
Westinghouse Air Brake Technologies Corp. 3.20%, 06/15/25 (Call 05/15/25)		10		9,539
4.95%, 09/15/28 (Call 06/15/28)		13		12,539


				115,836

Manufacturing — 0.2%
Carlisle Companies Inc., 2.75%, 03/01/30 (Call 12/01/29)		7		5,923
General Electric Co.
5.88%, 01/14/38		4		4,202
6.75%, 03/15/32		14		15,613
LSB Industries Inc., 6.25%, 10/15/28 (Call 10/15/24)^(a)		5		4,573


				30,311

Media — 1.0%
CCO Holdings LLC/CCO Holdings Capital Corp. 4.25%, 01/15/34 (Call 01/15/28)^(a)		5		3,829
4.50%, 06/01/33 (Call 06/01/27)^(a)		5		3,947
Charter Communications Operating LLC/Charter Communications Operating Capital, 4.91%, 07/23/25 (Call 04/23/25)		12		11,785
Comcast Corp. 2.99%, 11/01/63 (Call 05/01/63)		5		3,023
3.95%, 10/15/25 (Call 08/15/25)		10		9,740
5.25%, 11/07/25		20		20,026
Directv Financing LLC/Directv Financing Co-Obligor Inc., 5.88%, 08/15/27 (Call 10/02/23)^(a)		4		3,545
Fox Corp. 4.71%, 01/25/29 (Call 10/25/28)		10		9,647
5.48%, 01/25/39 (Call 07/25/38)		15		13,613
GCI LLC, 4.75%, 10/15/28 (Call 10/15/23)^(a)		2		1,735
Sirius XM Radio Inc. 3.88%, 09/01/31 (Call 09/01/26)^(a)		5		3,891
4.13%, 07/01/30 (Call 07/01/25)^(a)		3		2,446
5.50%, 07/01/29 (Call 07/01/24)^(a)		2		1,800
TEGNA Inc., 4.63%, 03/15/28 (Call 10/02/23)		5		4,466
Townsquare Media Inc., 6.88%, 02/01/26 (Call 10/02/23)^(a)		2		1,925
UPC Broadband Finco BV, 4.88%, 07/15/31 (Call 07/15/26)^(a)		5		4,127
Urban One Inc., 7.38%, 02/01/28 (Call 02/01/24)^(a)		2		1,739
VTR Finance NV, 6.38%, 07/15/28 (Call 07/15/24)^(a)		2		910
Walt Disney Co. (The)
3.35%, 03/24/25		20		19,407
6.65%, 11/15/37		5		5,634


				127,235

Mining — 0.5%
Azul Secured Finance LLP, 11.93%, 08/28/28^(a)		5		4,962
Eldorado Gold Corp., 6.25%, 09/01/29 (Call 09/01/24)^(a)		2		1,708
Endeavour Mining PLC, 5.00%, 10/14/26 (Call 10/14/23)^(a)		2		1,755


Security	Par (000)		Value

Mining (continued)
First Quantum Minerals Ltd. 6.88%, 03/01/26 (Call 09/11/23)^(a)	$	2	$	1,970
7.50%, 04/01/25 (Call 09/11/23)^(a)		4		3,993
Freeport-McMoRan Inc. 4.63%, 08/01/30 (Call 08/01/25)		15		13,873
5.45%, 03/15/43 (Call 09/15/42)		3		2,693
IAMGOLD Corp., 5.75%, 10/15/28 (Call 10/15/23)^(a)		2		1,547
Newmont Corp., 4.88%, 03/15/42 (Call 09/15/41)		10		8,974
Southern Copper Corp., 5.88%, 04/23/45		15		14,763
Stillwater Mining Co., 4.50%, 11/16/29 (Call 11/16/25)^(a)		4		3,150

				59,388

Office & Business Equipment — 0.1%
CDW LLC/CDW Finance Corp. 3.28%, 12/01/28 (Call 10/01/28)		5		4,385
3.57%, 12/01/31 (Call 09/01/31)		15		12,683

				17,068

Office Furnishings — 0.0%
Steelcase Inc., 5.13%, 01/18/29 (Call 10/18/28)		2		1,769


Oil & Gas — 2.0%
Baytex Energy Corp., 8.50%, 04/30/30^(a)		7		7,098
BP Capital Markets PLC 4.38%, (Call 06/22/25), (5-year CMT + 4.036%)^(c)(d)		25		23,919
4.88%, (Call 03/22/30), (5-year CMT + 4.398%)^(c)(d)		13		11,773
California Resources Corp., 7.13%, 02/01/26
(Call 10/02/23)^(a)		2		2,005
Canadian Natural Resources Ltd., 3.85%, 06/01/27
(Call 03/01/27)^(b)		20		18,921
Chevron Corp., 1.55%, 05/11/25 (Call 04/11/25)		5		4,703
Chevron USA Inc., 0.69%, 08/12/25 (Call 07/12/25)		10		9,202
CNX Resources Corp. 7.25%, 03/14/27 (Call 10/02/23)^(a)		5		4,995
7.38%, 01/15/31 (Call 01/15/26)^(a)		2		1,996
Comstock Resources Inc., 6.75%, 03/01/29
(Call 03/01/24)^(a)		5		4,678
Coterra Energy Inc., 3.90%, 05/15/27 (Call 02/15/27)		10		9,508
Crescent Energy Finance LLC, 9.25%, 02/15/28
(Call 02/15/25)^(a)		2		2,046
Earthstone Energy Holdings LLC, 8.00%, 04/15/27
(Call 04/15/24)^(a)		2		2,041
Energean PLC, 6.50%, 04/30/27 (Call 10/30/23)^(a)		2		1,826
EOG Resources Inc., 4.15%, 01/15/26 (Call 10/15/25)		2		1,958
EQT Corp., 6.13%, 02/01/25 (Call 01/01/25)		2		1,996
Exxon Mobil Corp. 2.99%, 03/19/25 (Call 02/19/25)		10		9,682
3.04%, 03/01/26 (Call 12/01/25)		19		18,153
Gulfport Energy Operating Corp., 8.00%, 05/17/26
(Call 05/17/24)^(a)		1		1,016
Harbour Energy PLC, 5.50%, 10/15/26 (Call 10/15/23)^(a)		2		1,867
Ithaca Energy North Sea PLC, 9.00%, 07/15/26
(Call 10/02/23)^(a)		3		2,873
Kosmos Energy Ltd., 7.50%, 03/01/28 (Call 03/01/24)^(a)		5		4,400
Marathon Petroleum Corp., 4.70%, 05/01/25 (Call 04/01/25)		15		14,738
Matador Resources Co., 5.88%, 09/15/26 (Call 09/18/23)		3		2,926
Northern Oil and Gas Inc., 8.13%, 03/01/28
(Call 03/01/24)^(a)		2		2,005
Occidental Petroleum Corp. 5.55%, 03/15/26 (Call 12/15/25)		2		1,983
5.88%, 09/01/25 (Call 06/01/25)		8		7,982
7.50%, 05/01/31		6		6,501


Security	Par (000)		Value

Oil & Gas (continued)
8.88%, 07/15/30 (Call 01/15/30)	$	14	$	16,050
PBF Holding Co. LLC/PBF Finance Corp. 6.00%, 02/15/28 (Call 10/02/23)		2		1,892
7.25%, 06/15/25 (Call 09/13/23)		2		2,000
Pioneer Natural Resources Co., 2.15%, 01/15/31
(Call 10/15/30)		10		8,104
Shell International Finance BV 2.00%, 11/07/24 (Call 10/07/24)		5		4,808
3.25%, 05/11/25		5		4,840
Talos Production Inc., 12.00%, 01/15/26 (Call 09/18/23)		3		3,127
TotalEnergies Capital International SA, 2.43%, 01/10/25
(Call 10/10/24)		5		4,808
Valero Energy Corp., 6.63%, 06/15/37		21		22,351

				250,771

Oil & Gas Services — 0.1%
Archrock Partners LP/Archrock Partners Finance Corp., 6.88%, 04/01/27 (Call 10/02/23)^(a)		3		2,949
CGG SA, 8.75%, 04/01/27 (Call 04/01/24)^(a)		2		1,721
USA Compression Partners LP/USA Compression
Finance Corp. 6.88%, 04/01/26 (Call 10/02/23)		2		1,977
6.88%, 09/01/27 (Call 10/02/23)		2		1,950
Weatherford International Ltd., 8.63%, 04/30/30
(Call 10/30/24)^(a)		3		3,073

				11,670

Packaging & Containers — 0.4%
Amcor Finance USA Inc., 5.63%, 05/26/33 (Call 02/26/33)		15		14,884
Amcor Flexibles North America Inc., 2.69%, 05/25/31
(Call 02/25/31)		15		12,204
Berry Global Inc., 5.63%, 07/15/27 (Call 10/02/23)^(a)		2		1,961
Graham Packaging Co. Inc., 7.13%, 08/15/28
(Call 10/02/23)^(a)		2		1,744
WRKCo Inc., 3.75%, 03/15/25 (Call 01/15/25)		15		14,549

				45,342

Pharmaceuticals — 2.1%
AbbVie Inc. 2.60%, 11/21/24 (Call 10/21/24)		10		9,648
3.60%, 05/14/25 (Call 02/14/25)		10		9,698
3.80%, 03/15/25 (Call 12/15/24)		10		9,737
4.50%, 05/14/35 (Call 11/14/34)		7		6,586
4.70%, 05/14/45 (Call 11/14/44)		10		8,993
Astrazeneca Finance LLC, 1.20%, 05/28/26 (Call 04/28/26)		7		6,319
AstraZeneca PLC 3.38%, 11/16/25		5		4,806
6.45%, 09/15/37		10		11,248
Cencora Inc., 2.70%, 03/15/31 (Call 12/15/30)		18		15,141
Cigna Group (The) 4.13%, 11/15/25 (Call 09/15/25)		6		5,846
4.38%, 10/15/28 (Call 07/15/28)		13		12,520
4.80%, 07/15/46 (Call 01/16/46)		15		13,318
CVS Health Corp. 3.88%, 07/20/25 (Call 04/20/25)		10		9,701
4.30%, 03/25/28 (Call 12/25/27)		20		19,209
4.78%, 03/25/38 (Call 09/25/37)		15		13,433
Elanco Animal Health Inc., 6.65%, 08/28/28
(Call 05/28/28)^(b)		2		1,973
GlaxoSmithKline Capital Inc., 3.63%, 05/15/25		5		4,875
Grifols Escrow Issuer SA, 4.75%, 10/15/28 (Call 10/15/24)^(a)		4		3,509


Security	Par (000)		Value

Pharmaceuticals (continued)
Johnson & Johnson 2.25%, 09/01/50 (Call 03/01/50)	$	24	$	15,125
2.45%, 03/01/26 (Call 12/01/25)		5		4,718
Merck & Co. Inc., 2.75%, 02/10/25 (Call 11/10/24)		5		4,834
Novartis Capital Corp., 3.00%, 11/20/25 (Call 08/20/25)		15		14,348
Pfizer Inc., 0.80%, 05/28/25 (Call 04/28/25)		10		9,276
Pfizer Investment Enterprises Pte Ltd., 4.45%, 05/19/26
(Call 04/19/26)		13		12,790
Shire Acquisitions Investments Ireland DAC, 3.20%, 09/23/26
(Call 06/23/26)		15		14,090
Zoetis Inc., 5.40%, 11/14/25 (Call 10/14/25)		15		15,003

				256,744

Pipelines — 3.2%
Antero Midstream Partners LP/Antero Midstream Finance
Corp., 5.75%, 03/01/27 (Call 09/18/23)^(a)		3		2,908
Boardwalk Pipelines LP 3.40%, 02/15/31 (Call 11/15/30)		7		5,968
3.60%, 09/01/32 (Call 06/01/32)		5		4,204
Cheniere Corpus Christi Holdings LLC 3.70%, 11/15/29 (Call 05/18/29)		3		2,727
5.13%, 06/30/27 (Call 01/01/27)		16		15,830
Cheniere Energy Inc., 4.63%, 10/15/28 (Call 10/15/23)		15		14,120
Cheniere Energy Partners LP, 4.50%, 10/01/29
(Call 10/01/24)		20		18,454
Columbia Pipeline Group Inc., 4.50%, 06/01/25
(Call 03/01/25)		10		9,757
Crestwood Midstream Partners LP/Crestwood Midstream
Finance Corp., 8.00%, 04/01/29 (Call 04/01/24)^(a)		2		2,067
Enbridge Inc. 4.25%, 12/01/26 (Call 09/01/26)		7		6,757
5.50%, 07/15/77 (Call 07/15/27),
(3-mo. SOFR + 3.680%)^(c)		15		13,468
6.25%, 03/01/78 (Call 03/01/28),
(3-mo. SOFR + 3.903%)^(c)		10		9,315
Energy Transfer LP 4.95%, 05/15/28 (Call 02/15/28)		10		9,715
5.25%, 04/15/29 (Call 01/15/29)		16		15,632
5.75%, 02/15/33 (Call 11/15/32)		6		5,965
EnLink Midstream Partners LP, 4.15%, 06/01/25
(Call 03/01/25)		2		1,936
Enterprise Products Operating LLC 3.70%, 02/15/26 (Call 11/15/25)		6		5,786
Series E, 5.25%, 08/16/77 (Call 08/16/27),
(3-mo. SOFR + 3.295%)^(c)		19		16,717
EQM Midstream Partners LP, 6.50%, 07/15/48
(Call 01/15/48)		2		1,815
Holly Energy Partners LP/Holly Energy Finance Corp., 5.00%, 02/01/28 (Call 09/18/23)^(a)		2		1,876
Kinder Morgan Inc. 4.30%, 06/01/25 (Call 03/01/25)		5		4,889
4.30%, 03/01/28 (Call 12/01/27)		15		14,299
5.30%, 12/01/34 (Call 06/01/34)		4		3,804
MPLX LP 4.50%, 04/15/38 (Call 10/15/37)		14		11,861
4.88%, 12/01/24 (Call 09/01/24)		10		9,870
4.88%, 06/01/25 (Call 03/01/25)		13		12,789
New Fortress Energy Inc., 6.50%, 09/30/26 (Call 10/02/23)^(a)		7		6,507
ONEOK Inc. 3.10%, 03/15/30 (Call 12/15/29)		5		4,293
3.40%, 09/01/29 (Call 06/01/29)		3		2,650


Security	Par (000)		Value

Pipelines (continued)
4.55%, 07/15/28 (Call 04/15/28)	$	13	$	12,396
6.10%, 11/15/32 (Call 08/15/32)		7		7,110
Plains All American Pipeline LP/PAA Finance Corp., 4.65%, 10/15/25 (Call 07/15/25)		10		9,752
Sabine Pass Liquefaction LLC 4.20%, 03/15/28 (Call 09/15/27)		17		16,099
4.50%, 05/15/30 (Call 11/15/29)		10		9,410
5.63%, 03/01/25 (Call 12/01/24)		10		9,967
Targa Resources Corp., 4.88%, 02/01/31 (Call 02/01/26)		20		18,370
TransCanada PipeLines Ltd., 4.10%, 04/15/30
(Call 01/15/30)		20		18,321
Transcanada Trust, 5.30%, 03/15/77 (Call 03/15/27),
(3 mo. LIBOR US + 3.208%)^(c)		12		10,440
Western Midstream Operating LP 3.10%, 02/01/25 (Call 01/01/25)		13		12,449
4.05%, 02/01/30 (Call 11/01/29)		16		14,272
6.15%, 04/01/33 (Call 01/01/33)		4		3,980
Williams Companies Inc. (The), 4.00%, 09/15/25
(Call 06/15/25)		15		14,527

				393,072

Real Estate — 0.0%
Kennedy-Wilson Inc., 4.75%, 03/01/29 (Call 03/01/24)		2		1,607


Real Estate Investment Trusts — 2.9%
American Homes 4 Rent LP, 3.63%, 04/15/32
(Call 01/15/32)		5		4,284
American Tower Corp. 1.50%, 01/31/28 (Call 11/30/27)		5		4,199
2.40%, 03/15/25 (Call 02/15/25)		20		18,981
3.80%, 08/15/29 (Call 05/15/29)		15		13,642
Apollo Commercial Real Estate Finance Inc., 4.63%, 06/15/29 (Call 06/15/24)^(a)		2		1,568
AvalonBay Communities Inc., 3.50%, 11/15/25
(Call 08/15/25)		15		14,356
Boston Properties LP, 3.20%, 01/15/25 (Call 10/15/24)		15		14,384
Brixmor Operating Partnership LP 3.85%, 02/01/25 (Call 11/01/24)		10		9,646
4.13%, 05/15/29 (Call 02/15/29)		14		12,735
Brookfield Property REIT Inc./BPR Cumulus LLC/BPR
Nimbus LLC/GGSI Sellco LL, 5.75%, 05/15/26
(Call 09/11/23)^(a)		5		4,587
Crown Castle International Corp. 3.80%, 02/15/28 (Call 11/15/27)		15		13,951
4.45%, 02/15/26 (Call 11/15/25)		5		4,870
CubeSmart LP, 2.25%, 12/15/28 (Call 10/15/28)		5		4,234
Digital Realty Trust LP 3.60%, 07/01/29 (Call 04/01/29)		10		9,018
3.70%, 08/15/27 (Call 05/15/27)		5		4,658
5.55%, 01/15/28 (Call 12/15/27)		24		23,934
Equinix Inc. 2.15%, 07/15/30 (Call 04/15/30)		10		8,069
3.20%, 11/18/29 (Call 08/18/29)		10		8,760
GLP Capital LP/GLP Financing II Inc. 5.25%, 06/01/25 (Call 03/01/25)		10		9,816
5.30%, 01/15/29 (Call 10/15/28)		15		14,144
Host Hotels & Resorts LP, Series I, 3.50%, 09/15/30
(Call 06/15/30)		15		12,797
Invitation Homes Operating Partnership LP 2.30%, 11/15/28 (Call 09/15/28)		10		8,497
4.15%, 04/15/32 (Call 01/15/32)		5		4,450


Security	Par (000)		Value

Real Estate Investment Trusts (continued)
Iron Mountain Inc., 5.63%, 07/15/32 (Call 07/15/26)^(a)	$	5	$	4,487
Office Properties Income Trust, 4.50%, 02/01/25
(Call 11/01/24)		2		1,788
Park Intermediate Holdings LLC/PK Domestic
Property LLC/PK Finance Co-Issuer, 5.88%, 10/01/28
(Call 10/02/23)^(a)		3		2,775
Physicians Realty LP, 2.63%, 11/01/31 (Call 08/01/31)		5		3,884
RLJ Lodging Trust LP 3.75%, 07/01/26 (Call 10/02/23)^(a)		5		4,581
4.00%, 09/15/29 (Call 09/15/24)^(a)		2		1,673
Service Properties Trust, 4.75%, 10/01/26 (Call 08/01/26)		2		1,738
Simon Property Group LP 2.00%, 09/13/24 (Call 06/13/24)		10		9,618
3.38%, 06/15/27 (Call 03/15/27)		10		9,327
Sun Communities Operating LP 2.70%, 07/15/31 (Call 04/15/31)		15		11,910
4.20%, 04/15/32 (Call 01/15/32)		5		4,397
Uniti Group LP/Uniti Group Finance Inc./CSL Capital LLC 6.50%, 02/15/29 (Call 02/15/24)^(a)		2		1,365
10.50%, 02/15/28 (Call 09/15/25)^(a)		5		4,988
Ventas Realty LP, 4.40%, 01/15/29 (Call 10/15/28)		13		12,205
VICI Properties LP 4.75%, 02/15/28 (Call 01/15/28)		20		19,019
4.95%, 02/15/30 (Call 12/15/29)		10		9,406
Welltower Inc., 3.85%, 06/15/32 (Call 03/15/32)		10		8,788
Welltower OP LLC, 3.10%, 01/15/30 (Call 10/15/29)		14		12,165
Weyerhaeuser Co., 4.00%, 11/15/29 (Call 08/15/29)		10		9,228
WP Carey Inc., 2.40%, 02/01/31 (Call 11/01/30)		5		3,996
XHR LP, 6.38%, 08/15/25 (Call 09/11/23)^(a)		2		1,976


				364,894

Retail — 1.3%
Arko Corp., 5.13%, 11/15/29 (Call 11/15/24)^(a)		2		1,643
Bath & Body Works Inc. 6.75%, 07/01/36		2		1,846
6.88%, 11/01/35		5		4,675
Carvana Co., 10.25%, 05/01/30 (Call 05/01/27)^(a)		3		2,326
Dollar General Corp., 5.45%, 07/05/33 (Call 04/05/33)		16		15,525
Dollar Tree Inc. 4.00%, 05/15/25 (Call 03/15/25)		5		4,851
4.20%, 05/15/28 (Call 02/15/28)		15		14,234
FirstCash Inc., 5.63%, 01/01/30 (Call 01/01/25)^(a)		5		4,539
Gap Inc. (The) 3.63%, 10/01/29 (Call 10/01/24)^(a)		2		1,523
3.88%, 10/01/31 (Call 10/01/26)^(a)		5		3,623
Home Depot Inc. (The), 2.70%, 04/15/25 (Call 03/15/25)		10		9,605
Kohl’s Corp., 4.63%, 05/01/31 (Call 02/01/31)		2		1,472
Lowe’s Companies Inc., 4.00%, 04/15/25 (Call 03/15/25)		10		9,773
McDonald’s Corp. 3.30%, 07/01/25 (Call 06/01/25)		15		14,487
4.70%, 12/09/35 (Call 06/09/35)		5		4,777
Nordstrom Inc., 5.00%, 01/15/44 (Call 07/15/43)		2		1,270
QVC Inc. 4.38%, 09/01/28 (Call 06/01/28)^(b)		5		2,829
4.75%, 02/15/27 (Call 11/15/26)		2		1,320
Ross Stores Inc., 4.60%, 04/15/25 (Call 03/15/25)		25		24,563
Target Corp., 2.25%, 04/15/25 (Call 03/15/25)		10		9,546
Walgreens Boots Alliance Inc. 3.45%, 06/01/26 (Call 03/01/26)		13		12,280
3.80%, 11/18/24 (Call 08/18/24)		5		4,882
4.80%, 11/18/44 (Call 05/18/44)		5		3,912


Security	Par (000)		Value

Retail (continued)
Walmart Inc., 3.55%, 06/26/25 (Call 04/26/25)	$	10	$	9,735


				165,236

Semiconductors — 1.6%
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.88%, 01/15/27 (Call 10/15/26)		10		9,502
Broadcom Inc. 3.15%, 11/15/25 (Call 10/15/25)		10		9,517
4.00%, 04/15/29 (Call 02/15/29)^(a)		18		16,601
4.15%, 11/15/30 (Call 08/15/30)		10		9,143
4.75%, 04/15/29 (Call 01/15/29)		10		9,644
5.00%, 04/15/30 (Call 01/15/30)		5		4,927
Intel Corp., 3.40%, 03/25/25 (Call 02/25/25)		20		19,421
Marvell Technology Inc. 2.45%, 04/15/28 (Call 02/15/28)		10		8,770
2.95%, 04/15/31 (Call 01/15/31)		10		8,344
Microchip Technology Inc., 4.25%, 09/01/25 (Call 10/02/23)		15		14,598
Micron Technology Inc. 4.66%, 02/15/30 (Call 11/15/29)		15		14,060
6.75%, 11/01/29 (Call 09/01/29)		5		5,203
NXP BV/NXP Funding LLC/NXP USA Inc. 3.40%, 05/01/30 (Call 02/01/30)		15		13,178
4.30%, 06/18/29 (Call 03/18/29)		16		14,984
Qorvo Inc. 1.75%, 12/15/24 (Call 09/11/23)^(a)		10		9,379
4.38%, 10/15/29 (Call 10/15/24)		13		11,778
QUALCOMM Inc., 3.45%, 05/20/25 (Call 02/20/25)		5		4,857
Skyworks Solutions Inc. 1.80%, 06/01/26 (Call 05/01/26)		5		4,469
3.00%, 06/01/31 (Call 03/01/31)		5		4,068


				192,443

Shipbuilding — 0.1%
Huntington Ingalls Industries Inc. 2.04%, 08/16/28 (Call 06/16/28)		10		8,481
3.84%, 05/01/25 (Call 04/01/25)		10		9,675


				18,156

Software — 1.5%
Broadridge Financial Solutions Inc., 2.90%, 12/01/29
(Call 09/01/29)		10		8,620
Fiserv Inc., 3.85%, 06/01/25 (Call 03/01/25)		10		9,706
Microsoft Corp., 2.70%, 02/12/25 (Call 11/12/24)		30		29,014
MicroStrategy Inc., 6.13%, 06/15/28 (Call 06/15/24)^(a)		3		2,686
Oracle Corp. 2.50%, 04/01/25 (Call 03/01/25)		10		9,521
2.88%, 03/25/31 (Call 12/25/30)		15		12,673
2.95%, 11/15/24 (Call 09/15/24)		30		29,052
2.95%, 04/01/30 (Call 01/01/30)		9		7,801
4.30%, 07/08/34 (Call 01/08/34)		15		13,450
5.38%, 07/15/40		15		13,982
6.25%, 11/09/32 (Call 08/09/32)		21		21,980
ROBLOX Corp., 3.88%, 05/01/30 (Call 11/01/24)^(a)		3		2,475
Roper Technologies Inc., 1.00%, 09/15/25 (Call 08/15/25)		10		9,159
VMware Inc. 3.90%, 08/21/27 (Call 05/21/27)		15		14,135
4.50%, 05/15/25 (Call 04/15/25)		5		4,896


				189,150

Telecommunications — 2.0%
AT&T Inc. 5.25%, 03/01/37 (Call 09/01/36)		10		9,479
5.54%, 02/20/26 (Call 02/20/24)		25		24,958


Security	Par (000)		Value

Telecommunications (continued)
Deutsche Telekom International Finance BV, 8.75%, 06/15/30	$	10	$	11,774
Frontier Communications Holdings LLC 6.75%, 05/01/29 (Call 05/01/24)^(a)		3		2,328
8.75%, 05/15/30 (Call 05/15/25)^(a)		5		4,860
Hughes Satellite Systems Corp., 5.25%, 08/01/26		2		1,839
Motorola Solutions Inc. 2.30%, 11/15/30 (Call 08/15/30)		5		3,985
2.75%, 05/24/31 (Call 02/24/31)		15		12,168
4.60%, 05/23/29 (Call 02/23/29)		10		9,636
Orange SA, 9.00%, 03/01/31		10		12,133
Rogers Communications Inc., 3.80%, 03/15/32
(Call 12/15/31)		18		15,395
Sprint Capital Corp. 6.88%, 11/15/28		10		10,564
8.75%, 03/15/32		12		14,302
TELUS Corp., 3.40%, 05/13/32 (Call 02/13/32)		17		14,314
T-Mobile USA Inc. 2.25%, 02/15/26 (Call 09/11/23)		5		4,623
2.40%, 03/15/29 (Call 01/15/29)		2		1,719
2.55%, 02/15/31 (Call 11/15/30)		15		12,360
3.50%, 04/15/25 (Call 03/15/25)		6		5,800
3.60%, 11/15/60 (Call 05/15/60)		2		1,339
3.75%, 04/15/27 (Call 02/15/27)		10		9,478
3.88%, 04/15/30 (Call 01/15/30)		17		15,516
4.38%, 04/15/40 (Call 10/15/39)		5		4,297
Verizon Communications Inc. 0.85%, 11/20/25 (Call 10/20/25)		10		9,069
1.45%, 03/20/26 (Call 02/20/26)		5		4,536
3.38%, 02/15/25		6		5,821
4.27%, 01/15/36		3		2,663
4.40%, 11/01/34 (Call 05/01/34)		5		4,530
5.25%, 03/16/37		15		14,612
Vodafone Group PLC, 4.13%, 05/30/25		5		4,886


				248,984

Transportation — 0.4%
Burlington Northern Santa Fe LLC, 3.00%, 04/01/25
(Call 01/01/25)		7		6,760
Canadian Pacific Railway Co., 1.35%, 12/02/24
(Call 10/03/23)		10		9,479
Ryder System Inc., 3.35%, 09/01/25 (Call 08/01/25)		5		4,784
Union Pacific Corp., 3.75%, 07/15/25 (Call 05/15/25)		10		9,715
United Parcel Service Inc. 3.90%, 04/01/25 (Call 03/01/25)		10		9,793
6.20%, 01/15/38		10		11,178


				51,709

Trucking & Leasing — 0.0%
Fortress Transportation and Infrastructure Investors LLC, 5.50%, 05/01/28 (Call 05/01/24)^(a)		3		2,787

Total Corporate Bonds & Notes — 54.7%
(Cost: $6,946,884)				6,810,680


U.S. Government & Agency Obligations

Mortgage-Backed Securities — 29.4%
Federal Home Loan Mortgage Corp., 4.00%, 02/01/53		48		44,981
Federal National Mortgage Association 1.50%, 09/01/52^(f)		25		18,851
2.50%, 09/01/38^(f)		100		89,926


Security	Par (000)		Value

Mortgage-Backed Securities (continued)
3.00%, 09/01/38^(f)	$	50	$	46,199
3.50%, 09/01/38^(f)		25		23,572
3.50%, 07/01/50		17		15,509
4.00%, 09/01/38^(f)		25		24,002
Freddie Mac Multifamily Structured Pass
Through Certificates
Series K081, Class A2, 3.90%, 08/25/28^(c)		30		28,812
Series K108, Class A2, 1.52%, 03/25/30		16		13,117
Series K123, Class A2, 1.62%, 12/25/30 (Call 01/25/31)		47		37,609
Government National Mortgage Association 2.00%, 09/21/53^(f)		50		41,238
2.50%, 09/21/53^(f)		125		106,338
3.00%, 08/20/51		46		40,684
3.00%, 02/20/52		70		61,977
3.50%, 03/20/49		27		24,521
3.50%, 09/21/53^(f)		71		64,469
4.00%, 09/21/53^(f)		50		46,586
4.50%, 03/20/49		24		23,386
4.50%, 08/20/52		28		26,426
5.00%, 09/21/53^(f)		75		72,980
5.50%, 12/20/52		18		18,251
5.50%, 07/20/53		9		9,202
5.50%, 09/21/53^(f)		75		74,238
Uniform Mortgage-Backed Securities 1.50%, 03/01/36		3		2,472
1.50%, 02/01/37		61		52,654
1.50%, 03/01/37		46		39,769
1.50%, 07/01/51		20		15,104
1.50%, 11/01/51		24		18,073
2.00%, 11/01/35		64		56,477
2.00%, 09/19/37^(f)		108		94,280
2.00%, 08/01/50		294		235,430
2.00%, 10/01/50		25		20,181
2.00%, 12/01/51		24		18,841
2.00%, 02/01/52		26		20,663
2.00%, 03/01/52		471		375,956
2.00%, 09/14/53^(f)		125		99,526
2.50%, 09/01/51		170		141,027
2.50%, 11/01/51		43		35,571
2.50%, 01/01/52		179		148,472
2.50%, 09/14/53^(f)		250		207,090
3.00%, 12/01/49		97		84,346
3.00%, 09/01/53^(f)		225		193,843
3.50%, 05/01/50		21		18,715
3.50%, 06/01/50		11		9,579
3.50%, 09/14/53^(f)		200		178,758
4.00%, 05/01/52		26		23,981
4.00%, 09/14/53^(f)		97		89,528
4.50%, 09/14/53^(f)		125		118,516
5.00%, 09/14/53^(f)		125		121,204
5.50%, 01/01/53		24		24,113
5.50%, 09/14/53^(f)		135		133,291
6.00%, 09/14/53^(f)		125		125,327


				3,655,661

U.S. Government Obligations — 13.6%
U.S. Treasury Note/Bond 0.63%, 08/15/30		58		45,700
1.13%, 08/15/40		67		41,134
1.38%, 11/15/31		100		81,043
1.38%, 11/15/40		106		67,670


Security	Par/ Shares (000)		Value


U.S. Government Obligations (continued)
1.38%, 08/15/50	$	187	$	100,751
1.63%, 11/15/50		177		102,615
1.75%, 08/15/41		145		97,427
1.88%, 02/15/32		159		133,641
1.88%, 02/15/41		136		94,521
1.88%, 02/15/51		79		48,736
1.88%, 11/15/51		101		61,814
2.25%, 08/15/46		39		26,864
2.50%, 02/15/45		130		95,464
2.50%, 02/15/46		38		27,627
2.50%, 05/15/46		38		27,593
2.75%, 08/15/32		149		133,745
2.88%, 08/15/45		88		68,857
3.00%, 11/15/45		45		35,951
3.50%, 02/15/33		70		66,664
3.63%, 05/15/53		70		63,131
4.00%, 11/15/42		109		103,418
4.13%, 11/15/32		140		139,934
4.13%, 08/15/53		35		34,530


				1,698,830


Total U.S. Government & Agency Obligations — 43.0% (Cost: $5,773,407)				5,354,491


Total Long-Term Investments — 99.2% (Cost: $12,933,401)				12,345,190


Short-Term Securities

Money Market Funds — 16.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.52%^(g)(h)		1,893		1,893,436
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.31%^(g)(h)(i)		159		158,735


Total Short-Term Securities — 16.5% (Cost: $2,051,593)				2,052,171


Total Investments Before TBA Sales Commitments — 115.7% (Cost: $14,984,994)				14,397,361


Security	Par (000)			Value


TBA Sales Commitments

Mortgage-Backed Securities — (0.7)%
Government National Mortgage Association, 5.50%, 09/21/53^(f)	$	(25	)	$	(24,746	)
Uniform Mortgage-Backed Securities, 2.00%, 09/14/53^(f)	$	(75	)		(59,716	)


Total TBA Sales Commitments — (0.7)% (Proceeds: $(83,535))					(84,462	)


Total Investments, Net of TBA Sales Commitments — 115.0% (Cost: $14,901,459)					14,312,899

Liabilities in Excess of Other Assets — (15.0)%					(1,872,280	)


Net Assets — 100.0%				$	12,440,619

^(a)	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.

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

^(c)	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.

^(d)	Perpetual security with no stated maturity date.

^(e)	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.

^(f)	Represents or includes a TBA transaction.

^(g)	Affiliate of the Fund.

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

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

iShares Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.

These financial statements relate only to the following funds (each, a “Fund” and collectively, the “Funds”):

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis.

Foreign Currency Translation: The Fund’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

The Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. The Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

Collateralization: If required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.

In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.

Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds.

Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of the Trust (the “Board”) of each Fund has approved the designation of BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA’s policies. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with BFA’s policies and procedures as reflecting fair value. BFA

has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee, in accordance with BFA’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement.

Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.

Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

Asset-Backed and Mortgage-Backed Securities: Asset-backed securities are generally issued as pass-through certificates or as debt instruments. Asset-backed securities issued as pass-through certificates represent undivided fractional ownership interests in an underlying pool of assets. Asset-backed securities issued as debt instruments, which are also known as collateralized obligations, are typically issued as the debt of a special purpose entity organized solely for the purpose of owning such assets and issuing such debt. Asset-backed securities are often backed by a pool of assets representing the obligations of a number of different parties. The yield characteristics of certain asset-backed securities may differ from traditional debt securities. One such major difference is that all or a principal part of the obligations may be prepaid at any time because the underlying assets (i.e., loans) may be prepaid at any time. As a result, a decrease in interest rates in the market may result in increases in the level of prepayments as borrowers, particularly mortgagors, refinance and repay their loans. An increased prepayment rate with respect to an asset-backed security will have the effect of shortening the maturity of the security. In addition, a fund may subsequently have to reinvest the proceeds at lower interest rates. If a fund has purchased such an asset-backed security at a premium, a faster than anticipated prepayment rate could result in a loss of principal to the extent of the premium paid.

For mortgage pass-through securities (the “Mortgage Assets”) there are a number of important differences among the agencies and instrumentalities of the U.S. Government that issue mortgage-related securities and among the securities that they issue. For example, mortgage-related securities guaranteed by Ginnie Mae are

guaranteed as to the timely payment of principal and interest by Ginnie Mae and such guarantee is backed by the full faith and credit of the United States. However, mortgage-related securities issued by Freddie Mac and Fannie Mae, including Freddie Mac and Fannie Mae guaranteed mortgage pass-through certificates, which are solely the obligations of Freddie Mac and Fannie Mae, are not backed by or entitled to the full faith and credit of the United States, but are supported by the right of the issuer to borrow from the U.S. Treasury.

Non-agency mortgage-backed securities are securities issued by non-governmental issuers and have no direct or indirect government guarantees of payment and are subject to various risks. Non-agency mortgage loans are obligations of the borrowers thereunder only and are not typically insured or guaranteed by any other person or entity. The ability of a borrower to repay a loan is dependent upon the income or assets of the borrower. A number of factors, including a general economic downturn, acts of God, terrorism, social unrest and civil disturbances, may impair a borrower’s ability to repay its loans.

TBA Commitments: TBA commitments are forward agreements for the purchase or sale of securities, including mortgage-backed securities for a fixed price, with payment and delivery on an agreed upon future settlement date. The specific securities to be delivered are not identified at the trade date. However, delivered securities must meet specified terms, including issuer, rate and mortgage terms. When entering into TBA commitments, a fund may take possession of or deliver the underlying mortgage-backed securities but can extend the settlement or roll the transaction. TBA commitments involve a risk of loss if the value of the security to be purchased or sold declines or increases, respectively, prior to settlement date, if there are expenses or delays in connection with the TBA transactions, or if the counterparty fails to complete the transaction.

To mitigate counterparty risk, a fund enters into a two-way collateral agreement for TBA transactions with certain counterparties. Under such agreement, the “in-the-money” party of a TBA transaction may at any time require the other party to pledge collateral assets (in the form of cash or securities) to offset any loss the in-the-money party would incur upon cancellation of the TBA transaction. A party is in-the-money if they are the buyer and the market value of the TBA transaction increases or if they are the seller and the market value of the TBA transaction decreases. Cash collateral received from the counterparty may be reinvested in money market funds, including those managed by the Funds’ investment adviser, or its affiliates. Such collateral, if any, is noted in the Schedule of Investments and the obligation to return the collateral is presented as a liability in the Statements of Assets and Liabilities. Securities pledged as collateral by a fund, if any, are noted in the Schedule of Investments.

Mortgage Dollar Roll Transactions: Certain Funds may sell TBA mortgage-backed securities and simultaneously contract to repurchase substantially similar (i.e., same type, coupon and maturity) securities on a specific future date at an agreed upon price. During the period between the sale and repurchase, a fund is not entitled to receive interest and principal payments on the securities sold. Mortgage dollar roll transactions are treated as purchases and sales and a fund realizes gains and losses on these transactions. Mortgage dollar rolls involve the risk that the market value of the securities that a fund is required to purchase may decline below the agreed upon repurchase price of those securities.

Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BFA, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).

For its investment advisory services to each of the following Funds, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:

Expense Waivers: A fund may incur its pro rata share of fees and expenses attributable to its investments in other investment companies (“acquired fund fees and expenses”). The total of the investment advisory fee and acquired fund fees and expenses, if any, is a fund’s total annual operating expenses. Total expenses as shown in the Statements of Operations does not include acquired fund fees and expenses.

For the iShares USD Bond Factor ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through June 30, 2026 in an amount equal to the acquired fund fees and expenses, if any, attributable to investments by the Fund in other funds advised by BFA or its affiliates.

This amount is included in investment advisory fees waived in the Statements of Operations. For the six months ended August 31, 2023, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:

Distributor: BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.

Index Provider: BlackRock Index Services, LLC, an affiliate of BFA, created, sponsors and publishes the underlying index used by each Fund. Each Fund uses its underlying index at no charge pursuant to a license agreement between BlackRock Index Services, LLC (or one or more of its affiliates) and the Trust, on behalf of the Funds.

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the six months ended August 31, 2023, the Funds paid BTC the following amounts for securities lending agent services:

Officers and Trustees: Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.

Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the Statements of Operations.

A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.

For the six months ended August 31, 2023, purchases and sales of investments, including mortgage dollar rolls and excluding short-term securities and in-kind transactions, were as follows:

Each Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes. It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Management has analyzed tax laws and regulations and their application to the Funds as of August 31, 2023, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

As of February 28, 2023, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

As of August 31, 2023, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which the Fund is subject.

BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.

Market Risk: Each Fund may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during periods of declining interest rates, which would force each Fund to reinvest in lower yielding securities. Each Fund may also be exposed to reinvestment risk, which is the risk that income from each Fund’s portfolio will decline if each Fund invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below each Fund portfolio’s current earnings rate.

Infectious Illness Risk: An outbreak of an infectious illness, such as the COVID-19 pandemic, may adversely impact the economies of many nations and the global economy, and may impact individual issuers and capital markets in ways that cannot be foreseen. An infectious illness outbreak may result in, among other things, closed international borders, prolonged quarantines, supply chain disruptions, market volatility or disruptions and other significant economic, social and political impacts.

Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that BFA believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

Geographic/Asset Class Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.

Certain Funds invest a significant portion of their assets in high yield securities. High yield securities that are rated below investment-grade (commonly referred to as “junk bonds”) or are unrated may be deemed speculative, involve greater levels of risk than higher-rated securities of similar maturity and are more likely to default. High yield securities may be issued by less creditworthy issuers, and issuers of high yield securities may be unable to meet their interest or principal payment obligations. High yield securities are subject to extreme price fluctuations, may be less liquid than higher rated fixed-income securities, even under normal economic conditions, and frequently have redemption features.

The Funds invest a significant portion of their assets in fixed-income securities and/or use derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease as interest rates rise and increase as interest rates fall. The Funds may be subject to a greater risk of rising interest rates due to the period of historically low interest rates that ended in March 2022. The Federal Reserve has recently been raising the federal funds rate as part of its efforts to address inflation. There is a risk that interest rates will continue to rise, which will likely drive down the prices of bonds and other fixed-income securities, and could negatively impact the Funds’ performance.

The Funds invest a significant portion of their assets in securities backed by commercial or residential mortgage loans or in issuers that hold mortgage and other asset-backed securities. When a fund concentrates its investments in this manner, it assumes a greater risk of prepayment or payment extension by securities issuers. Changes in economic conditions, including delinquencies and/or defaults on assets underlying these securities, can affect the value, income and/or liquidity of such positions. Investment percentages in these securities are presented in the Schedule of Investments.

Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

LIBOR Transition Risk: The Funds may be exposed to financial instruments that recently transitioned from, or continue to be tied to the London Interbank Offered Rate (“LIBOR”) to determine payment obligations, financing terms, hedging strategies or investment value. The United Kingdom’s Financial Conduct Authority, which regulates LIBOR, has ceased publishing all LIBOR settings, but some USD LIBOR settings will continue to be published under a synthetic methodology until September 30, 2024 for certain legacy contracts. The Secured Overnight Financing Rate (“SOFR”) has been used increasingly on a voluntary basis in new instruments and transactions. Under U.S. regulations that implement a statutory fallback mechanism to replace LIBOR, benchmark rates based on SOFR have replaced LIBOR in certain financial contracts. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider the approval of the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 2, 2023 and May 15, 2023, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 7-8, 2023, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2022, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about ongoing enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the May 2, 2023 meeting and throughout the year, and matters related to BFA’s portfolio compliance program and other compliance programs and services.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA

and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability (as discussed above), including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board further considered other direct benefits that might accrue to BFA, including the potential for reduction in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

iShares Investment Grade Bond Factor ETF, iShares USD Bond Factor ETF (each the “Fund”)

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were within range of the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts withsubstantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

Effective January 24, 2023, the SEC adopted rule and form amendments to require open-end mutual funds and ETFs to transmit concise and visually engaging streamlined annual and semiannual reports to shareholders that highlight key information. Other information, including financial statements, will no longer appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of these amendments on the shareholder reports for the Funds.

Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at iShares.com/fundreports.

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.

A description of the Trust’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at iShares.com.

This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by BlackRock Index Services LLC, nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is affiliated with the company listed above.


				Average Annual Total Returns								Cumulative Total Returns


	6-Month Total Returns			1 Year			5 Years			Since Inception		1 Year			5 Years			Since Inception

Fund NAV		5.24	%		7.37	%		3.99	%		4.09%		7.37	%		21.60	%		27.94	%
Fund Market		5.45			8.07			3.90			4.12		8.07			21.07			28.11
Index		5.46			7.72			4.36			4.40		7.72			23.81			30.28


CREDIT QUALITY ALLOCATION

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

Baa		1.1	%
Ba		40.4
B		46.5
Caa		5.7
Ca		1.4
Not Rated		4.9


MATURITY ALLOCATION

	Percent of
Maturity		Total Investments	^(a)

1-5 Years		54.5	%
5-10 Years		41.9
10-15 Years		1.9
15-20 Years		0.2
More than 20 Years		1.5


				Average Annual Total Returns								Cumulative Total Returns



	6-Month Total Returns			1 Year			5 Years			Since Inception		1 Year			5 Years			Since Inception

Fund NAV		2.46	%		2.20	%		2.25	%		1.84%		2.20	%		11.79	%		11.88	%
Fund Market		2.45			2.50			2.18			1.86		2.50			11.40			11.97
Index		2.55			2.44			2.42			2.01		2.44			12.71			12.97


CREDIT QUALITY ALLOCATION

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

Aaa		0.7	%
Aa		3.0
A		20.1
Baa		69.6
Ba		6.0
Not Rated		0.6


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



	Page


The Markets in Review		2
Semi-Annual Report:
Fund Summary		4
About Fund Performance		7
Disclosure of Expenses		7
Schedules of Investments		8
Financial Statements
Statements of Assets and Liabilities		32
Statements of Operations		33
Statements of Changes in Net Assets		34
Financial Highlights		36
Notes to Financial Statements		39
Board Review and Approval of Investment Advisory Contract		47
Supplemental Information		51
General Information		52
Glossary of Terms Used in this Report		53


Fund Summary as of August 31, 2023		iShares^® High Yield Bond Factor ETF


4		2 0 2 3 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, 2023		iShares^® Investment Grade Bond Factor ETF


Fund Summary as of August 31, 2023		iShares^® USD Bond Factor ETF


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		7




Affiliated Issuer	Value at 02/28/23		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 08/31/23		Shares Held at 08/31/23 (000)		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares	$	24,449,304	$	18,962,419	^(a)	$	—	$	(4,647	)	$	(3,547)	$	43,403,529		43,391	$	132,996	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,280,000		1,400,000	^(a)		—		—			—		2,680,000		2,680		32,230			—


								$	(4,647)		$	(3,547)	$	46,083,529			$	165,226		$	—




	Level 1		Level 2		Level 3		Total


Assets
Investments
Long-Term Investments
Corporate Bonds & Notes	$	—	$	189,942,262	$	—	$	189,942,262
Short-Term Securities
Money Market Funds		46,083,529		—		—		46,083,529


	$	46,083,529	$	189,942,262	$	—	$	236,025,791


	iShares High Yield Bond Factor ETF			iShares Investment Grade Bond Factor ETF			iShares USD Bond Factor ETF


ASSETS
Investments, at value — unaffiliated^(a)(b)	$	189,942,262		$	248,324,832		$	12,345,190
Investments, at value — affiliated^(c)		46,083,529			16,556,591			2,052,171
Cash		3,714			8,958			49
Foreign currency, at value^(d)		270			—			—
Receivables:
Investments sold		9,859,933			13,941,681			187,244
Securities lending income — affiliated		32,989			3,143			70
TBA sales commitments		—			—			83,535
Dividends — affiliated		10,442			4,625			9,292
Interest — unaffiliated		3,448,130			3,213,127			94,636


Total assets		249,381,269			282,052,957			14,772,187


LIABILITIES
Collateral on securities loaned, at value		43,410,138			15,469,752			58,735
TBA sales commitments, at value^(e)		—			—			84,462
Payables:
Investments purchased		8,784,013			13,494,369			2,186,637
Investment advisory fees		58,771			38,259			1,734


Total liabilities		52,252,922			29,002,380			2,331,568

Commitments and contingent liabilities

NET ASSETS	$	197,128,347		$	253,050,577		$	12,440,619


NET ASSETS CONSIST OF
Paid-in capital	$	214,675,261		$	280,536,103		$	15,600,945
Accumulated loss		(17,546,914	)		(27,485,526	)		(3,160,326	)


NET ASSETS	$	197,128,347		$	253,050,577		$	12,440,619


NET ASSETVALUE
Shares outstanding		4,400,000			5,800,000			150,000


Net asset value	$	44.80		$	43.63		$	82.94


Shares authorized		Unlimited			Unlimited			Unlimited


Par value		None			None			None


^(a) Investments, at cost — unaffiliated	$	193,058,217		$	260,133,046		$	12,933,401
^(b) Securities loaned, at value	$	39,541,641		$	12,883,176		$	53,016
^(c) Investments, at cost — affiliated	$	46,072,844		$	16,552,461		$	2,051,593
^(d) Foreign currency, at cost	$	242		$	—		$	—
^(e) Proceeds from TBA sales commitments	$	—		$	—		$	83,535


	iShares High Yield Bond Factor ETF			iShares Investment Grade Bond Factor ETF			iShares USD Bond Factor ETF



INVESTMENT INCOME
Dividends — affiliated	$	32,230		$	34,841		$	45,682
Interest — unaffiliated		6,421,943			6,217,402			234,818
Securities lending income — affiliated — net		132,996			25,536			369
Other income — unaffiliated		400			—			—


Total investment income		6,587,569			6,277,779			280,869


EXPENSES
Investment advisory		289,662			224,576			11,412


Total expenses		289,662			224,576			11,412

Less:
Investment advisory fees waived		—			—			(790	)


Total expenses after fees waived		289,662			224,576			10,622


Net investment income		6,297,907			6,053,203			270,247


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(3,689,459	)		(3,993,816	)		(423,667	)
Investments — affiliated		(4,647	)		(5,105	)		188
In-kind redemptions — unaffiliated^(a)		408,438			137,486			—


		(3,285,668	)		(3,861,435	)		(423,479	)

Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		5,409,536			3,745,746			296,078
Investments — affiliated		(3,547	)		(917	)		(632	)
Foreign currency translations		6			—			—


		5,405,995			3,744,829			295,446


Net realized and unrealized gain (loss)		2,120,327			(116,606	)		(128,033	)


NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	8,418,234		$	5,936,597		$	142,214


	iShares High Yield Bond Factor ETF						iShares Investment Grade Bond Factor ETF


	Six Months Ended 08/31/23 (unaudited)			Year Ended 02/28/23			Six Months Ended 08/31/23 (unaudited)			Year Ended 02/28/23


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	6,297,907		$	7,368,573		$	6,053,203		$	6,466,133
Net realized loss		(3,285,668	)		(11,636,097	)		(3,861,435	)		(12,729,043	)
Net change in unrealized appreciation (depreciation)		5,405,995			(3,713,812	)		3,744,829			(10,147,353	)


Net increase (decrease) in net assets resulting from operations		8,418,234			(7,981,336	)		5,936,597			(16,410,263	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(5,796,298	)		(7,711,884	)		(5,872,323	)		(6,064,177	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		59,891,172			(24,604,285	)		17,526,500			95,924,836


NET ASSETS
Total increase (decrease) in net assets		62,513,108			(40,297,505	)		17,590,774			73,450,396
Beginning of period		134,615,239			174,912,744			235,459,803			162,009,407


End of period	$	197,128,347		$	134,615,239		$	253,050,577		$	235,459,803


	iShares USD Bond Factor ETF


	Six Months Ended
		08/31/23			Year Ended 02/28/23
	(unaudited)				Year Ended 02/28/23


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	270,247		$	499,798
Net realized loss		(423,479	)		(2,155,687	)
Net change in unrealized appreciation (depreciation)		295,446			(289,682	)


Net increase (decrease) in net assets resulting from operations		142,214			(1,945,571	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(267,234	)		(482,791	)


CAPITAL SHARE TRANSACTIONS
Net decrease in net assets derived from capital share transactions		—			(4,233,961	)


NET ASSETS
Total decrease in net assets		(125,020	)		(6,662,323	)
Beginning of period		12,565,639			19,227,962


End of period	$	12,440,619		$	12,565,639


			iShares High Yield Bond Factor ETF

	Six Months Ended
		08/31/23				Year Ended					Year Ended					Year Ended					Year Ended					Year Ended
	(unaudited)						02/28/23			02/28/22					02/28/21					02/29/20					02/28/19


Net asset value, beginning of period			$	44.14			$	49.27				$	51.32				$	49.43				$	49.03				$	49.99

Net investment income^(a)				1.69				2.66					2.23					2.90					2.88					2.92
Net realized and unrealized gain (loss)^(b)				0.57				(5.00	)				(1.90	)				1.97					0.39					(0.98	)


Net increase (decrease) from investment operations				2.26				(2.34	)				0.33					4.87					3.27					1.94


Distributions from net investment income^(c)				(1.60	)			(2.79	)				(2.38	)				(2.98	)				(2.87	)				(2.90	)


Net asset value, end of period			$	44.80			$	44.14				$	49.27				$	51.32				$	49.43				$	49.03


Total Return^(d)
Based on net asset value				5.24	%^(e)			(4.73	)%				0.63	%				10.38	%				6.78	%				4.08	%


Ratios to Average Net Assets^(f)
Total expenses				0.35	%^(g)			0.35	%				0.35	%				0.35	%				0.35	%				0.35	%


Net investment income				7.61	%^(g)			5.89	%				4.37	%				5.97	%				5.77	%				5.99	%


Supplemental Data
Net assets, end of period (000)			$	197,128			$	134,615				$	174,913				$	79,541				$	39,545				$	17,162


Portfolio turnover rate^(h)				30	%			60	%				67	%				67	%				46	%				59	%


	iShares Investment Grade Bond Factor ETF


	Six Months Ended
		08/31/23					Year Ended					Year Ended					Year Ended					Year Ended						Year Ended
			(unaudited)			02/28/23					02/28/22					02/28/21					02/29/20					02/28/19


Net asset value, beginning of period			$	43.60				$	49.85				$	53.69				$	53.44				$	48.32			$	48.85

Net investment income^(a)				1.07					1.70					1.36					1.56					1.88				1.88
Net realized and unrealized gain (loss)^(b)				0.01					(6.35	)				(3.19	)				0.76					6.14				(0.69	)


Net increase (decrease) from investment operations				1.08					(4.65	)				(1.83	)				2.32					8.02				1.19


Distributions^(c)
From net investment income				(1.05	)				(1.59	)				(1.39	)				(1.59	)				(1.85	)			(1.72	)
From net realized gain				—					(0.01	)				(0.62	)				(0.48	)				(1.05	)			—


Total distributions				(1.05	)				(1.60	)				(2.01	)				(2.07	)				(2.90	)			(1.72	)


Net asset value, end of period			$	43.63				$	43.60				$	49.85				$	53.69				$	53.44			$	48.32


Total Return^(d)
Based on net asset value				2.46	%^(e)				(9.35	)%				(3.57	)%				4.41	%				16.96	%			2.54	%


Ratios to Average Net Assets^(f)
Total expenses				0.18	%^(g)				0.18	%				0.18	%				0.18	%				0.18	%			0.18	%


Net investment income				4.85	%^(g)				3.80	%				2.57	%				2.90	%				3.67	%			3.95	%


Supplemental Data
Net assets, end of period (000)			$	253,051				$	235,460				$	162,009				$	158,379				$	93,520			$	96,648


Portfolio turnover rate^(h)				39	%				87	%				59	%				46	%				75	%			63	%


	iShares USD Bond Factor ETF

	Six Months Ended 08/31/23 (unaudited)				Year Ended 02/28/23				Period From 10/12/21^(a) to 02/28/22


Net asset value, beginning of period		$	83.77			$	96.14			$	100.00


Net investment income^(b)			1.80				2.62				0.54
Net realized and unrealized loss^(c)			(0.85	)			(12.51	)			(3.96	)


Net increase (decrease) from investment operations			0.95				(9.89	)			(3.42	)


Distributions from net investment income^(d)			(1.78	)			(2.48	)			(0.44	)


Net asset value, end of period		$	82.94			$	83.77			$	96.14


Total Return^(e)
Based on net asset value			1.12	%^(f)			(10.34	)%			(3.43	)%^(f)


Ratios to Average Net Assets^(g)
Total expenses			0.18	%^(h)			0.18	%			0.18	%^(h)


Total expenses after fees waived			0.17	%^(h)			0.16	%			0.16	%^(h)


Net investment income			4.26	%^(h)			3.02	%			1.43	%^(h)


Supplemental Data
Net assets, end of period (000)		$	12,441			$	12,566			$	19,228


Portfolio turnover rate^(i)(j)			168	%			519	%			243	%



iShares ETF	Diversification Classification

High Yield Bond Factor		Diversified
Investment Grade Bond Factor		Diversified
USD Bond Factor		Non-diversified




iShares ETF and Counterparty		Securities Loaned at Value		Cash Collateral Received	^(a)		Non-Cash Collateral Received, at Fair Value	^(a)		Net Amount

High Yield Bond Factor
Barclays Bank PLC	$	2,926,966	$	(2,926,966	)	$	—		$	—
BNP Paribas SA		3,395,760		(3,395,760	)		—			—
BofA Securities, Inc.		1,833,524		(1,833,524	)		—			—
Citigroup Global Markets, Inc.		573,560		(573,560	)		—			—
Goldman Sachs & Co. LLC		9,543,556		(9,543,556	)		—			—
J.P. Morgan Securities LLC		8,274,582		(8,274,582	)		—			—
Jefferies LLC		1,000,322		(1,000,322	)		—			—
Morgan Stanley		3,186,206		(3,186,206	)		—			—
Pershing LLC		18,115		(18,115	)		—			—
RBC Capital Markets LLC		1,223,857		(1,223,857	)		—			—
Scotia Capital (USA), Inc.		1,265,040		(1,265,040	)		—			—
State Street Bank & Trust Co.		6,300,153		(6,300,153	)		—			—

	$	39,541,641	$	(39,541,641	)	$	—		$	—

Investment Grade Bond Factor
Barclays Bank PLC	$	4,161,209	$	(4,161,209	)	$	—		$	—
BMO Capital Markets Corp.		366,626		(366,626	)		—			—
BNP Paribas SA		487,347		(487,347	)		—			—
BofA Securities, Inc.		1,034,826		(1,034,826	)		—			—
J.P. Morgan Securities LLC		959,887		(959,887	)		—			—
Jefferies LLC		324,314		(324,314	)		—			—
Morgan Stanley		2,088,130		(2,088,130	)		—			—
Pershing LLC		1,143,265		(1,143,265	)		—			—
RBC Capital Markets LLC		797,612		(797,612	)		—			—
State Street Bank & Trust Co.		1,491,812		(1,491,812	)		—			—
Wells Fargo Securities LLC		28,148		(28,148	)		—			—


	$	12,883,176	$	(12,883,176	)	$	—		$	—

USD Bond Factor
BNP Paribas SA	$	2,263	$	(2,263	)	$	—		$	—
Goldman Sachs & Co. LLC		42,380		(42,380	)		—			—
J.P. Morgan Securities LLC		996		(996	)		—			—
Morgan Stanley		2,615		(2,615	)		—			—
Wells Fargo Securities LLC		4,762		(4,762	)		—			—


	$	53,016	$	(53,016	)	$	—		$	—



iShares ETF	Investment Advisory Fees

High Yield Bond Factor		0.35	%
Investment Grade Bond Factor		0.18
USD Bond Factor		0.18



iShares ETF	Amounts
High Yield Bond Factor	$	35,698
Investment Grade Bond Factor		8,727
USD Bond Factor		89



	U.S. Government Securities				Other Securities
iShares ETF	Purchases		Sales		Purchases		Sales

High Yield Bond Factor	$	—	$	—	$	48,192,473	$	49,124,091
Investment Grade Bond Factor.		—		—		94,388,605		95,037,462
USD Bond Factor		18,485,874		18,968,514		2,409,588		1,987,555



iShares ETF	In-kind Purchases		In-kind Sales

High Yield Bond Factor	$	75,742,736	$	17,098,718
Investment Grade Bond Factor		26,267,010		8,704,509



iShares ETF	Non-Expiring Capital Loss Carryforwards^(a)

High Yield Bond Factor	$	(11,986,708)
Investment Grade Bond Factor		(12,519,533)
USD Bond Factor		(1,966,331)



iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)

High Yield Bond Factor		$ 239,442,967	$	2,955,798	$	(6,372,974	)	$	(3,417,176)
Investment Grade Bond Factor		277,030,210		531,214		(12,680,001	)		(12,148,787)
USD Bond Factor		15,224,443		23,924		(851,933	)		(828,009)




	Six Months Ended 08/31/23						Year Ended 02/28/23


iShares ETF	Shares			Amount			Shares			Amount


High Yield Bond Factor
Shares sold		1,750,000		$	77,576,640			700,000		$	31,145,415
Shares redeemed		(400,000	)		(17,685,468	)		(1,200,000	)		(55,749,700	)


		1,350,000		$	59,891,172			(500,000	)	$	(24,604,285	)


Investment Grade Bond Factor
Shares sold		600,000		$	26,350,075			2,150,000		$	95,924,836
Shares redeemed		(200,000	)		(8,823,575	)		—			—


		400,000		$	17,526,500			2,150,000		$	95,924,836

USD Bond Factor
Shares redeemed		—		$	—			(50,000	)	$	(4,233,961	)


B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T		47


Portfolio Abbreviation

CMT		Constant Maturity Treasury

LIBOR		London Interbank Offered Rate

REIT		Real Estate Investment Trust

SOFR		Secured Overnight Financing Rate

TBA		To-Be-Announced


G L O S S A R Y O F T E R M S U S E D I N T H I S R E P O R T		53