iShares Trust

The Markets in Review

Dear Shareholder,

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

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

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

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

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

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

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

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.


Total Returns as of February 28, 2023

	6-Month	12-Month

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

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

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

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

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

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

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

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

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

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

Investment-grade corporate bonds posted negative total returns during the 12 months ended February 28, 2023 (the “reporting period”). The Markit iBoxx USD Liquid Investment Grade Index returned -12.11% for the reporting period and underperformed the -9.72% of the Bloomberg U.S. Aggregate Bond Index, a broad measure of the overall bond market.

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

The Fed responded to rising inflation by winding down its stimulative quantitative easing program and beginning to raise interest rates aggressively. The Fed boosted short-term rates eight times over the course of the 12-month period, moving the benchmark fed funds rate from a range of 0.0% - 0.25% to 4.5% - 4.75%. This represented the fastest increase in such a short span of time in decades. In addition, the Fed’s communications repeatedly stated the central bank’s intent to remain steadfast in its commitment to fighting inflation. This approach quashed periodic hopes for a pivot toward a less restrictive policy, and it prompted investors to ratchet up their expectations for the likely “terminal rate;” in other words, the level at which the Fed could stop raising rates.

These circumstances created significant headwinds for the fixed-income market. The yield on the two-year U.S. Treasury note rose from 1.43% to 4.82% (as its price fell) over the course of the year, while the 10-year yield climbed from 1.83% to 3.92%. Rising Treasury yields, in turn, translated to poor performance across virtually all segments of the bond market.

Investment-grade corporate bonds underperformed Treasuries, with lower-quality and longer-dated securities experiencing the weakest returns. Investors’ reduced appetite for risk contributed to an increase in yield spreads versus government issues over the first eight months of the period, as did concerns that the combination of rising inflation and slowing economic growth would crimp both profit margins and earnings. Corporates experienced improving relative performance from November onward, however, offsetting most of the category’s previous shortfall. Notably, the absolute yields on corporate bonds increased considerably during the period. According to the Federal Reserve Bank of St. Louis, the yield on the ICE BofA US Corporate Index climbed above 6% in October 2022—its highest level since mid-2009—and finished February 2023 at 5.58%, up from 3.12% a year earlier.

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

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

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


Security	Par (000)		Value

Corporate Bonds & Notes

Advertising — 0.2%
Interpublic Group of Companies Inc. (The), 5.40%, 10/01/48 (Call 04/01/48)	$	15	$	14,196
Omnicom Group Inc., 2.60%, 08/01/31 (Call 05/01/31)^(a)		34		27,914


				42,110

Aerospace & Defense — 3.1%
Boeing Co. (The)
4.88%, 05/01/25 (Call 04/01/25)		112		110,336
5.04%, 05/01/27 (Call 03/01/27)		60		59,065
5.15%, 05/01/30 (Call 02/01/30)		79		76,522
5.71%, 05/01/40 (Call 11/01/39)		37		35,398
5.81%, 05/01/50 (Call 11/01/49)		71		67,424
5.93%, 05/01/60 (Call 11/01/59)		37		34,561
L3Harris Technologies Inc., 4.40%, 06/15/28 (Call 03/15/28)		56		53,970
Northrop Grumman Corp.
3.25%, 01/15/28 (Call 10/15/27)		82		75,775
4.03%, 10/15/47 (Call 04/15/47)		34		27,973
5.25%, 05/01/50 (Call 11/01/49)^(a)		19		18,682
Raytheon Technologies Corp.
2.82%, 09/01/51 (Call 03/01/51)		37		24,183
4.13%, 11/16/28 (Call 08/16/28)		97		92,289
4.50%, 06/01/42		52		46,693
4.63%, 11/16/48 (Call 05/16/48)		49		44,348


				767,219

Agriculture — 1.9%
Altria Group Inc.
4.40%, 02/14/26 (Call 12/14/25)^(a)		41		40,124
4.80%, 02/14/29 (Call 11/14/28)		30		28,729
5.80%, 02/14/39 (Call 08/14/38)		37		34,055
5.95%, 02/14/49 (Call 08/14/48)		75		66,793
BAT Capital Corp.
2.73%, 03/25/31 (Call 12/25/30)		15		11,673
3.22%, 08/15/24 (Call 06/15/24)		56		53,986
3.56%, 08/15/27 (Call 05/15/27)		71		64,712
4.39%, 08/15/37 (Call 02/15/37)		34		26,315
4.54%, 08/15/47 (Call 02/15/47)		49		34,967
4.74%, 03/16/32 (Call 12/16/31)		34		30,446
5.65%, 03/16/52 (Call 09/16/51)		26		21,893
Bunge Ltd. Finance Corp., 2.75%, 05/14/31 (Call 02/14/31)^(a)		15		12,341
Reynolds American Inc., 4.45%, 06/12/25 (Call 03/12/25)		56		54,475


				480,509

Apparel — 0.1%
VF Corp., 2.40%, 04/23/25 (Call 03/23/25)		37		34,610


Auto Manufacturers — 1.8%
General Motors Co.
6.25%, 10/02/43		56		52,745
6.60%, 04/01/36 (Call 10/01/35)		37		36,940
General Motors Financial Co. Inc.
1.25%, 01/08/26 (Call 12/08/25)		150		132,600
1.70%, 08/18/23		112		110,089
2.35%, 01/08/31 (Call 10/08/30)		97		74,497
2.90%, 02/26/25 (Call 01/26/25)		37		35,058


				441,929

Auto Parts & Equipment — 0.2%
Aptiv PLC, 3.10%, 12/01/51 (Call 06/01/51)		19		11,389
Aptiv PLC/Aptiv Corp.
3.25%, 03/01/32 (Call 12/01/31)^(a)		11		9,172
4.15%, 05/01/52 (Call 11/01/51)		11		8,008


Security	Par (000)		Value

Auto Parts & Equipment (continued)
BorgWarner Inc., 2.65%, 07/01/27 (Call 05/01/27)	$	26	$	23,326
Lear Corp., 5.25%, 05/15/49 (Call 11/15/48)		7		5,882


				57,777

Banks — 8.1%
Barclays PLC
2.67%, 03/10/32 (Call 03/10/31), (1 year CMT + 1.200%)^(b)		200		155,765
3.65%, 03/16/25		225		215,955
Citigroup Inc.
3.50%, 05/15/23		94		93,680
4.45%, 09/29/27		75		71,577
4.60%, 03/09/26		34		33,087
4.75%, 05/18/46		37		31,668
6.63%, 06/15/32		15		15,813
6.68%, 09/13/43		19		20,801
Deutsche Bank AG/New York NY, 2.13%, 11/24/26 (Call 11/24/25), (1 day SOFR + 1.870%)^(b)		150		134,324
Fifth Third Bancorp.
4.30%, 01/16/24 (Call 12/16/23)		131		129,715
4.77%, 07/28/30 (Call 07/28/29), (1 day SOFR + 2.127%)^(b)		5		4,787
6.36%, 10/27/28 (Call 10/27/27), (1 day SOFR + 2.192%)^(b)		50		51,526
8.25%, 03/01/38		11		13,589
Goldman Sachs Group Inc. (The)
4.25%, 10/21/25		37		35,875
5.15%, 05/22/45		50		46,315
6.75%, 10/01/37		82		86,875
HSBC Holdings PLC, 4.25%, 08/18/25		225		217,457
KeyCorp, 4.79%, 06/01/33 (Call 06/01/32), (1 day SOFR + 2.060%)^(b)		60		56,519
Morgan Stanley, 5.00%, 11/24/25		82		81,102
Santander Holdings USA Inc., 3.45%, 06/02/25 (Call 05/02/25)		75		71,256
Santander UK Group Holdings PLC, 1.09%, 03/15/25 (Call 03/15/24), (1 day SOFR + 0.787%)^(b)		225		213,166
Wells Fargo & Co.
4.30%, 07/22/27		79		76,138
4.75%, 12/07/46		55		47,210
4.90%, 11/17/45		90		79,417
Westpac Banking Corp.
2.96%, 11/16/40		22		14,940
3.13%, 11/18/41		19		13,034


				2,011,591

Beverages — 2.9%
Anheuser-Busch Companies LLC/Anheuser-Busch InBev Worldwide Inc.
4.70%, 02/01/36 (Call 08/01/35)		90		84,539
4.90%, 02/01/46 (Call 08/01/45)		159		145,652
Anheuser-Busch InBev Worldwide Inc.
3.50%, 06/01/30 (Call 03/01/30)^(a)		52		47,401
3.65%, 02/01/26 (Call 11/01/25)		60		57,470
4.60%, 04/15/48 (Call 10/15/47)		38		33,499
5.45%, 01/23/39 (Call 07/23/38)		37		36,821
5.55%, 01/23/49 (Call 07/23/48)		67		67,357
Constellation Brands Inc.
3.70%, 12/06/26 (Call 09/06/26)		45		42,530
3.75%, 05/01/50 (Call 11/01/49)		22		16,347
4.75%, 05/09/32 (Call 02/09/32)		26		24,702
Keurig Dr Pepper Inc.
0.75%, 03/15/24 (Call 03/31/23)		75		71,356
2.25%, 03/15/31 (Call 12/15/30)		37		29,634
3.35%, 03/15/51 (Call 09/15/50)		34		23,276


Security	Par (000)		Value

Beverages (continued)
Molson Coors Beverage Co., 4.20%, 07/15/46 (Call 01/15/46)	$	34	$	26,456


				707,040

Biotechnology — 3.0%
Amgen Inc.
2.20%, 02/21/27 (Call 12/21/26)		49		43,903
2.30%, 02/25/31 (Call 11/25/30)		56		45,370
2.77%, 09/01/53 (Call 03/01/53)		37		22,251
2.80%, 08/15/41 (Call 02/15/41)		45		30,972
3.63%, 05/22/24 (Call 02/22/24)		94		92,019
4.40%, 05/01/45 (Call 11/01/44)		64		53,531
4.66%, 06/15/51 (Call 12/15/50)		56		48,219
Baxalta Inc., 5.25%, 06/23/45 (Call 12/23/44)		52		49,354
Biogen Inc.
3.15%, 05/01/50 (Call 11/01/49)		11		7,230
3.25%, 02/15/51 (Call 08/15/50)		30		20,269
4.05%, 09/15/25 (Call 06/15/25)		37		35,825
Gilead Sciences Inc.
0.75%, 09/29/23 (Call 03/13/23)		75		73,129
1.65%, 10/01/30 (Call 07/01/30)		86		68,033
4.75%, 03/01/46 (Call 09/01/45)		56		50,540
4.80%, 04/01/44 (Call 10/01/43)		41		37,672
Regeneron Pharmaceuticals Inc.
1.75%, 09/15/30 (Call 06/15/30)		7		5,437
2.80%, 09/15/50 (Call 03/15/50)		11		6,853
Royalty Pharma PLC
1.20%, 09/02/25 (Call 08/02/25)		37		33,130
3.30%, 09/02/40 (Call 03/02/40)		30		20,824


				744,561

Building Materials — 0.7%
Carrier Global Corp.
2.24%, 02/15/25 (Call 01/15/25)		21		19,724
2.49%, 02/15/27 (Call 12/15/26)		56		50,440
3.58%, 04/05/50 (Call 10/05/49)		37		26,521
Johnson Controls International PLC/Tyco Fire & Security Finance SCA, 2.00%, 09/16/31 (Call 06/16/31)		26		20,483
Martin Marietta Materials Inc.
3.20%, 07/15/51 (Call 01/15/51)		26		17,603
3.50%, 12/15/27 (Call 09/15/27)		19		17,830
Vulcan Materials Co.
3.50%, 06/01/30 (Call 03/01/30)		19		16,843
4.50%, 06/15/47 (Call 12/15/46)		7		5,970


				175,414

Chemicals — 2.0%
Celanese U.S. Holdings LLC
6.17%, 07/15/27 (Call 06/15/27)		22		21,850
6.33%, 07/15/29 (Call 05/15/29)^(a)		22		21,627
CF Industries Inc., 5.38%, 03/15/44		11		9,702
Dow Chemical Co. (The)
2.10%, 11/15/30 (Call 08/15/30)		37		29,864
3.60%, 11/15/50 (Call 05/15/50)		85		61,051
DuPont de Nemours Inc.
4.73%, 11/15/28 (Call 08/15/28)		60		58,881
5.42%, 11/15/48 (Call 05/15/48)		37		35,432
Eastman Chemical Co.
4.50%, 12/01/28 (Call 09/01/28)^(a)		19		18,153
4.65%, 10/15/44 (Call 04/15/44)		15		12,488
FMC Corp., 3.45%, 10/01/29 (Call 07/01/29)		11		9,720
International Flavors & Fragrances Inc., 5.00%, 09/26/48 (Call 03/26/48)		15		12,463


Security	Par (000)		Value

Chemicals (continued)
LYB International Finance III LLC
3.80%, 10/01/60 (Call 04/01/60)	$	22	$	14,642
4.20%, 05/01/50 (Call 11/01/49)^(a)		37		27,757
Mosaic Co. (The), 4.05%, 11/15/27 (Call 08/15/27)		30		28,416
Nutrien Ltd.
2.95%, 05/13/30 (Call 02/13/30)		22		18,767
3.95%, 05/13/50 (Call 11/13/49)		11		8,378
Sherwin-Williams Co. (The)
3.45%, 06/01/27 (Call 03/01/27)^(a)		67		62,806
4.50%, 06/01/47 (Call 12/01/46)		34		28,294
Westlake Corp., 5.00%, 08/15/46 (Call 02/15/46)		19		15,988


				496,279

Commercial Services — 0.9%
Block Financial LLC, 2.50%, 07/15/28 (Call 05/15/28)		22		18,761
Equifax Inc., 2.35%, 09/15/31 (Call 06/15/31)		26		20,480
Global Payments Inc.
1.20%, 03/01/26 (Call 02/01/26)		161		140,803
4.15%, 08/15/49 (Call 02/15/49)		7		5,049
Moody’s Corp., 2.00%, 08/19/31 (Call 05/19/31)^(a)		11		8,661
RELX Capital Inc., 4.00%, 03/18/29 (Call 12/18/28)		37		34,273
Verisk Analytics Inc., 3.63%, 05/15/50 (Call 11/15/49)		7		4,884


				232,911

Computers — 1.8%
Dell International LLC/EMC Corp.
3.45%, 12/15/51 (Call 06/15/51)^(c)		22		13,401
6.02%, 06/15/26 (Call 03/15/26)		120		121,535
8.10%, 07/15/36 (Call 01/15/36)		26		29,162
8.35%, 07/15/46 (Call 01/15/46)		5		5,695
Hewlett Packard Enterprise Co.
1.45%, 04/01/24 (Call 03/01/24)		94		89,938
6.35%, 10/15/45 (Call 04/15/45)		19		18,628
HP Inc.
2.20%, 06/17/25 (Call 05/17/25)		30		28,074
2.65%, 06/17/31 (Call 03/17/31)		37		29,070
4.75%, 01/15/28 (Call 12/15/27)		49		47,164
6.00%, 09/15/41^(a)		19		18,568
Kyndryl Holdings Inc., 2.70%, 10/15/28 (Call 08/15/28)		19		15,544
Leidos Inc., 4.38%, 05/15/30 (Call 02/15/30)		26		23,829


				440,608

Diversified Financial Services — 3.4%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.40%, 10/29/33 (Call 07/29/33)		160		124,158
Air Lease Corp.
0.70%, 02/15/24 (Call 01/15/24)		56		53,364
2.10%, 09/01/28 (Call 07/01/28)		56		46,233
2.88%, 01/15/26 (Call 12/15/25)^(a)		37		34,110
Ally Financial Inc.
2.20%, 11/02/28 (Call 09/02/28)^(a)		56		45,640
8.00%, 11/01/31		19		20,451
Capital One Financial Corp., 2.60%, 05/11/23 (Call 04/11/23)^(a)		112		111,448
CI Financial Corp., 4.10%, 06/15/51 (Call 12/15/50)		12		7,197
Discover Financial Services, 4.10%, 02/09/27 (Call 11/09/26)^(a)		75		71,085
Jefferies Financial Group Inc., 6.25%, 01/15/36		34		35,290
Nasdaq Inc.
1.65%, 01/15/31 (Call 10/15/30)		37		28,307
3.25%, 04/28/50 (Call 10/28/49)		30		20,207
Nomura Holdings Inc., 1.85%, 07/16/25		200		182,472
Synchrony Financial, 2.88%, 10/28/31 (Call 07/28/31)		37		27,812


Security	Par (000)		Value

Diversified Financial Services (continued)
Western Union Co. (The), 1.35%, 03/15/26 (Call 02/15/26)	$	37	$	32,622


				840,396

Electric — 4.8%
AEP Texas Inc., Series I, 2.10%, 07/01/30 (Call 04/01/30)		30		24,156
AES Corp. (The), 2.45%, 01/15/31 (Call 10/15/30)		26		20,648
Avangrid Inc., 3.20%, 04/15/25 (Call 03/15/25)		37		35,170
Constellation Energy Generation LLC, 6.25%, 10/01/39		19		19,562
Dominion Energy Inc.
Series B, 3.30%, 04/15/41 (Call 10/15/40)		19		14,079
Series C, 3.38%, 04/01/30 (Call 01/01/30)		60		52,472
DTE Energy Co., Series C, 2.53%, 10/01/24^(d)		52		49,673
Duke Energy Corp.
2.45%, 06/01/30 (Call 03/01/30)		71		58,307
3.50%, 06/15/51 (Call 12/15/50)		30		20,925
3.75%, 04/15/24 (Call 01/15/24)		64		62,814
3.75%, 09/01/46 (Call 03/01/46)		37		27,245
Emera U.S. Finance LP, 4.75%, 06/15/46 (Call 12/15/45)		19		14,913
Entergy Corp., 2.40%, 06/15/31 (Call 03/05/31)		19		15,014
Eversource Energy, 2.90%, 03/01/27 (Call 02/01/27)		64		58,564
Exelon Corp.
4.05%, 04/15/30 (Call 01/15/30)		26		23,841
4.70%, 04/15/50 (Call 10/15/49)		34		29,407
Georgia Power Co.
5.13%, 05/15/52 (Call 11/15/51)		19		17,679
Series A, 3.25%, 03/15/51 (Call 09/15/50)		34		22,947
NextEra Energy Capital Holdings Inc.
2.25%, 06/01/30 (Call 03/01/30)		94		76,020
4.45%, 06/20/25		52		50,823
Pacific Gas and Electric Co.
3.25%, 06/01/31 (Call 03/01/31)		49		39,951
3.50%, 08/01/50 (Call 02/01/50)^(a)		41		25,785
4.00%, 12/01/46 (Call 06/01/46)		19		12,945
4.55%, 07/01/30 (Call 01/01/30)		67		60,509
4.95%, 07/01/50 (Call 01/01/50)		49		38,579
Public Service Enterprise Group Inc., 2.45%, 11/15/31 (Call 08/15/31)		22		17,570
Sempra Energy
3.40%, 02/01/28 (Call 10/01/27)		26		23,791
4.00%, 02/01/48 (Call 08/01/47)		26		20,090
Southern Co. (The)
2.95%, 07/01/23 (Call 05/01/23)		64		63,496
3.25%, 07/01/26 (Call 04/01/26)		94		87,545
4.40%, 07/01/46 (Call 01/01/46)		41		33,596
WEC Energy Group Inc., 2.20%, 12/15/28 (Call 10/15/28)		22		18,676
Xcel Energy Inc., 2.60%, 12/01/29 (Call 06/01/29)		52		43,936


				1,180,728

Electronics — 0.5%
Agilent Technologies Inc., 2.30%, 03/12/31 (Call 12/12/30)		19		15,396
Amphenol Corp., 2.20%, 09/15/31 (Call 06/15/31)		19		15,122
Arrow Electronics Inc., 2.95%, 02/15/32 (Call 11/15/31)		19		15,260
Flex Ltd., 4.88%, 06/15/29 (Call 03/15/29)		15		14,151
Jabil Inc., 3.95%, 01/12/28 (Call 10/12/27)		30		27,782
Keysight Technologies Inc., 3.00%, 10/30/29 (Call 07/30/29)		11		9,478
TD SYNNEX Corp., 2.65%, 08/09/31 (Call 05/09/31)		22		17,106
Vontier Corp., 2.95%, 04/01/31 (Call 01/01/31)		25		19,058


				133,353


Security	Par (000)		Value

Entertainment — 0.7%
Magallanes Inc.
4.28%, 03/15/32 (Call 12/15/31)^(c)	$	90	$	77,559
5.14%, 03/15/52 (Call 09/15/51)^(c)		116		90,904


				168,463

Environmental Control — 0.5%
Republic Services Inc., 3.38%, 11/15/27 (Call 08/15/27)		56		51,861
Waste Connections Inc.
2.20%, 01/15/32 (Call 10/15/31)		15		11,857
2.95%, 01/15/52 (Call 07/15/51)		19		12,463
3.20%, 06/01/32 (Call 03/01/32)		19		16,232
Waste Management Inc.
1.50%, 03/15/31 (Call 12/15/30)		37		28,490
4.15%, 07/15/49 (Call 01/15/49)		15		13,021


				133,924

Food — 2.6%
Campbell Soup Co.
4.15%, 03/15/28 (Call 12/15/27)		26		24,821
4.80%, 03/15/48 (Call 09/15/47)		7		6,186
Conagra Brands Inc.
1.38%, 11/01/27 (Call 09/01/27)		64		53,264
5.40%, 11/01/48 (Call 05/01/48)		15		13,637
General Mills Inc.
3.00%, 02/01/51 (Call 08/01/50)		7		4,886
4.00%, 04/17/25 (Call 02/17/25)		37		36,026
JM Smucker Co. (The)
2.13%, 03/15/32 (Call 12/15/31)		19		14,910
4.38%, 03/15/45		7		5,913
Kellogg Co.
3.40%, 11/15/27 (Call 08/15/27)		37		34,494
4.50%, 04/01/46^(a)		7		6,028
Kraft Heinz Foods Co.
4.38%, 06/01/46 (Call 12/01/45)		101		82,778
5.00%, 07/15/35 (Call 01/15/35)		37		35,321
Kroger Co. (The)
2.20%, 05/01/30 (Call 02/01/30)		37		29,914
3.95%, 01/15/50 (Call 07/15/49)^(a)		19		14,706
4.45%, 02/01/47 (Call 08/01/46)		15		12,507
McCormick & Co. Inc./MD
0.90%, 02/15/26 (Call 01/15/26)		41		36,058
1.85%, 02/15/31 (Call 11/15/30)		11		8,526
Mondelez International Inc.
1.50%, 05/04/25 (Call 04/04/25)		26		23,969
1.88%, 10/15/32 (Call 07/15/32)		19		14,365
2.63%, 09/04/50 (Call 03/04/50)		19		11,951
Sysco Corp.
3.15%, 12/14/51 (Call 06/14/51)		15		9,837
3.30%, 07/15/26 (Call 04/15/26)		26		24,433
5.95%, 04/01/30 (Call 01/01/30)		15		15,545
6.60%, 04/01/50 (Call 10/01/49)		22		24,069
Tyson Foods Inc.
3.95%, 08/15/24 (Call 05/15/24)		30		29,400
4.35%, 03/01/29 (Call 12/01/28)		37		35,112
5.10%, 09/28/48 (Call 03/28/48)		26		23,466


				632,122

Forest Products & Paper — 0.1%
International Paper Co., 4.40%, 08/15/47 (Call 02/15/47)		30		25,250


Gas — 0.3%
National Fuel Gas Co., 2.95%, 03/01/31 (Call 12/01/30)		19		15,115


Security	Par (000)		Value

Gas (continued)
NiSource Inc.
3.60%, 05/01/30 (Call 02/01/30)	$	30	$	26,691
4.38%, 05/15/47 (Call 11/15/46)		37		30,800


				72,606

Hand & Machine Tools — 0.1%
Regal Rexnord Corp., 6.40%, 04/15/33 (Call 01/15/33)^(c)		35		34,368


Health Care - Products — 1.1%
Baxter International Inc.
1.92%, 02/01/27 (Call 01/01/27)		86		74,930
2.54%, 02/01/32 (Call 11/01/31)^(a)		25		19,333
3.13%, 12/01/51 (Call 06/01/51)^(a)		7		4,241
Boston Scientific Corp.
1.90%, 06/01/25 (Call 05/01/25)^(a)		26		24,149
2.65%, 06/01/30 (Call 03/01/30)^(a)		7		5,979
4.70%, 03/01/49 (Call 09/01/48)		11		9,943
Koninklijke Philips NV, 6.88%, 03/11/38		19		20,941
PerkinElmer Inc., 1.90%, 09/15/28 (Call 07/15/28)		34		28,284
Smith & Nephew PLC, 2.03%, 10/14/30 (Call 07/14/30)		11		8,643
Stryker Corp.
1.15%, 06/15/25 (Call 05/15/25)		15		13,669
3.50%, 03/15/26 (Call 12/15/25)		37		35,330
4.63%, 03/15/46 (Call 09/15/45)		19		16,782
Zimmer Biomet Holdings Inc., 2.60%, 11/24/31 (Call 08/24/31)^(a)		15		12,155


				274,379

Health Care - Services — 2.9%
Aetna Inc.
3.88%, 08/15/47 (Call 02/15/47)		22		16,517
6.63%, 06/15/36		19		20,357
Centene Corp.
2.63%, 08/01/31 (Call 05/01/31)		56		43,646
4.63%, 12/15/29 (Call 12/15/24)		75		68,698
Elevance Health Inc.
1.50%, 03/15/26 (Call 02/15/26)		75		67,052
2.55%, 03/15/31 (Call 12/15/30)		56		46,429
3.60%, 03/15/51 (Call 09/15/50)		94		69,613
HCA Inc.
3.13%, 03/15/27 (Call 02/15/27)^(c)		26		23,658
3.50%, 09/01/30 (Call 03/01/30)		60		51,508
3.50%, 07/15/51 (Call 01/15/51)		56		36,325
4.13%, 06/15/29 (Call 03/15/29)		64		58,265
5.25%, 06/15/49 (Call 12/15/48)		34		29,309
5.38%, 02/01/25		56		55,461
Humana Inc.
3.70%, 03/23/29 (Call 02/23/29)		41		37,239
3.85%, 10/01/24 (Call 07/01/24)		37		36,112
3.95%, 08/15/49 (Call 02/15/49)		19		14,796
Laboratory Corp. of America Holdings
1.55%, 06/01/26 (Call 05/01/26)		11		9,744
4.70%, 02/01/45 (Call 08/01/44)		11		9,372
Quest Diagnostics Inc., 4.20%, 06/30/29 (Call 03/30/29)		26		24,545
Universal Health Services Inc., 2.65%, 01/15/32 (Call 10/15/31)		15		11,730


				730,376

Holding Companies - Diversified — 0.9%
Ares Capital Corp., 2.15%, 07/15/26 (Call 06/15/26)		75		64,669
Blackstone Private Credit Fund
3.25%, 03/15/27 (Call 02/15/27)		45		38,765
4.70%, 03/24/25		37		35,726


Security	Par (000)		Value

Holding Companies - Diversified (continued)
Blackstone Secured Lending Fund, 2.85%, 09/30/28 (Call 07/30/28)	$	25	$	20,190
FS KKR Capital Corp., 3.13%, 10/12/28 (Call 08/12/28)		34		27,883
Owl Rock Capital Corp., 3.40%, 07/15/26 (Call 06/15/26)		37		32,928


				220,161

Home Builders — 0.2%
DR Horton Inc., 2.50%, 10/15/24 (Call 09/15/24)		37		35,325
Lennar Corp., 4.75%, 11/29/27 (Call 05/29/27)		22		21,099


				56,424

Home Furnishings — 0.0%
Whirlpool Corp., 4.60%, 05/15/50 (Call 11/15/49)		11		8,843


Household Products & Wares — 0.2%
Avery Dennison Corp., 2.25%, 02/15/32 (Call 11/15/31)		15		11,520
Clorox Co. (The), 1.80%, 05/15/30 (Call 02/15/30)		30		23,951


				35,471

Insurance — 2.0%
American International Group Inc.
3.90%, 04/01/26 (Call 01/01/26)		50		47,965
4.38%, 06/30/50 (Call 12/30/49)		30		25,105
Aon Corp., 2.80%, 05/15/30 (Call 02/15/30)		37		31,582
Aon Global Ltd., 4.75%, 05/15/45 (Call 11/15/44)		26		23,015
Arch Capital Group Ltd., 3.64%, 06/30/50 (Call 12/30/49)		19		13,562
Athene Holding Ltd.
3.50%, 01/15/31 (Call 10/15/30)		15		12,578
3.95%, 05/25/51 (Call 11/25/50)		19		13,251
Brighthouse Financial Inc., 4.70%, 06/22/47 (Call 12/22/46)		15		11,584
Brown & Brown Inc., 2.38%, 03/15/31 (Call 12/15/30)		19		14,608
CNA Financial Corp., 3.45%, 08/15/27 (Call 05/10/27)		45		41,648
Corebridge Financial Inc.
3.85%, 04/05/29 (Call 02/05/29)^(c)		37		33,393
4.40%, 04/05/52 (Call 10/05/51)^(c)		19		15,109
Equitable Holdings Inc.
4.35%, 04/20/28 (Call 01/20/28)		26		24,676
5.00%, 04/20/48 (Call 10/20/47)		12		10,565
Everest Reinsurance Holdings Inc., 3.13%, 10/15/52 (Call 04/15/52)		16		10,339
Fairfax Financial Holdings Ltd., 3.38%, 03/03/31 (Call 12/03/30)		41		33,574
Hartford Financial Services Group Inc. (The)
2.80%, 08/19/29 (Call 05/19/29)		26		22,391
3.60%, 08/19/49 (Call 02/19/49)		19		14,157
Jackson Financial Inc., 4.00%, 11/23/51 (Call 05/23/51)		7		4,650
Lincoln National Corp.
3.05%, 01/15/30 (Call 10/15/29)		22		18,490
7.00%, 06/15/40		7		7,499
Markel Corp.
3.45%, 05/07/52 (Call 11/07/51)		9		6,187
5.00%, 04/05/46		15		13,158
Old Republic International Corp., 3.85%, 06/11/51 (Call 12/11/50)		7		5,001
Willis North America Inc.
3.88%, 09/15/49 (Call 03/15/49)		7		5,055
4.50%, 09/15/28 (Call 06/15/28)		34		32,292


				491,434

Internet — 1.0%
eBay Inc.
3.60%, 06/05/27 (Call 03/05/27)^(a)		94		88,624
3.65%, 05/10/51 (Call 11/10/50)		7		5,012
Expedia Group Inc.
3.25%, 02/15/30 (Call 11/15/29)		37		31,175


Security	Par (000)		Value

Internet (continued)
5.00%, 02/15/26 (Call 11/15/25)	$	56	$	55,191
Netflix Inc., 5.88%, 11/15/28		60		60,750
VeriSign Inc., 2.70%, 06/15/31 (Call 03/15/31)		7		5,645


				246,397

Iron & Steel — 0.1%
ArcelorMittal SA, 4.25%, 07/16/29^(a)		26		24,123


Lodging — 0.1%
Marriott International Inc./MD, Series EE, 5.75%, 05/01/25 (Call 04/01/25)		23		23,179


Machinery — 0.5%
CNH Industrial Capital LLC, 1.88%, 01/15/26 (Call 12/15/25)		52		47,357
Flowserve Corp., 2.80%, 01/15/32 (Call 10/15/31)		7		5,402
IDEX Corp., 2.63%, 06/15/31 (Call 03/15/31)		19		15,685
Otis Worldwide Corp.
2.57%, 02/15/30 (Call 11/15/29)		34		28,639
3.11%, 02/15/40 (Call 08/15/39)		11		8,187
Westinghouse Air Brake Technologies Corp., 4.95%, 09/15/28 (Call 06/15/28)		22		21,238


				126,508

Manufacturing — 0.8%
Carlisle Companies Inc., 3.75%, 12/01/27 (Call 09/01/27)		34		31,826
Eaton Corp.
3.10%, 09/15/27 (Call 06/15/27)		19		17,509
4.15%, 11/02/42		30		25,519
Parker-Hannifin Corp.
3.25%, 06/14/29 (Call 03/14/29)		60		53,392
3.30%, 11/21/24 (Call 08/21/24)		37		35,791
4.00%, 06/14/49 (Call 12/14/48)		22		17,608
Teledyne Technologies Inc., 2.75%, 04/01/31 (Call 01/01/31)		25		20,449


				202,094

Media — 3.8%
Charter Communications Operating LLC/Charter Communications Operating Capital
2.80%, 04/01/31 (Call 01/01/31)		116		90,838
3.70%, 04/01/51 (Call 10/01/50)^(a)		64		39,093
3.85%, 04/01/61 (Call 10/01/60)		49		28,747
3.95%, 06/30/62 (Call 12/30/61)		45		26,910
4.91%, 07/23/25 (Call 04/23/25)		112		109,550
5.38%, 05/01/47 (Call 11/01/46)		45		35,822
6.48%, 10/23/45 (Call 04/23/45)		75		67,772
Discovery Communications LLC
3.95%, 03/20/28 (Call 12/20/27)		49		44,674
4.00%, 09/15/55 (Call 03/15/55)		45		28,898
5.20%, 09/20/47 (Call 03/20/47)		37		29,375
Fox Corp.
4.71%, 01/25/29 (Call 10/25/28)		37		35,335
5.58%, 01/25/49 (Call 07/25/48)		22		19,946
Paramount Global
4.38%, 03/15/43		22		15,250
4.75%, 05/15/25 (Call 04/15/25)		67		65,710
4.95%, 01/15/31 (Call 11/15/30)^(a)		34		30,550
4.95%, 05/19/50 (Call 11/19/49)		26		19,188
Thomson Reuters Corp., 5.85%, 04/15/40		5		4,858
Time Warner Cable Enterprises LLC, 8.38%, 03/15/23		150		150,152
Time Warner Cable LLC
6.55%, 05/01/37		41		39,182
6.75%, 06/15/39		64		61,674


				943,524


Security	Par (000)		Value

Mining — 0.5%
Barrick North America Finance LLC, 5.70%, 05/30/41	$	26	$	25,929
Freeport-McMoRan Inc.
4.13%, 03/01/28 (Call 03/01/23)		26		24,052
5.40%, 11/14/34 (Call 05/14/34)^(a)		22		20,789
5.45%, 03/15/43 (Call 09/15/42)^(a)		22		19,945
Newmont Corp., 4.88%, 03/15/42 (Call 09/15/41)		44		39,864


				130,579

Office & Business Equipment — 0.2%
CDW LLC/CDW Finance Corp., 3.28%, 12/01/28 (Call 10/01/28)		41		35,399


Oil & Gas — 3.2%
Canadian Natural Resources Ltd.
3.85%, 06/01/27 (Call 03/01/27)		37		34,804
6.25%, 03/15/38		15		15,106
Cenovus Energy Inc.
3.75%, 02/15/52 (Call 08/15/51)		19		13,352
6.75%, 11/15/39		28		29,227
Continental Resources Inc./OK, 4.90%, 06/01/44 (Call 12/01/43)		12		8,950
Devon Energy Corp.
4.50%, 01/15/30 (Call 01/15/25)		19		17,630
5.00%, 06/15/45 (Call 12/15/44)		19		16,082
5.60%, 07/15/41 (Call 01/15/41)		15		13,833
Diamondback Energy Inc.
3.50%, 12/01/29 (Call 09/01/29)		37		32,821
4.40%, 03/24/51 (Call 09/24/50)^(a)		15		11,578
EQT Corp., 5.70%, 04/01/28 (Call 03/01/28)		35		34,426
Hess Corp.
5.60%, 02/15/41		26		24,275
7.30%, 08/15/31		27		29,262
Marathon Oil Corp., 6.60%, 10/01/37		19		18,870
Marathon Petroleum Corp.
4.70%, 05/01/25 (Call 04/01/25)		75		73,936
6.50%, 03/01/41 (Call 09/01/40)		15		15,474
Phillips 66
3.85%, 04/09/25 (Call 03/09/25)		150		145,643
4.88%, 11/15/44 (Call 05/15/44)		52		47,102
Pioneer Natural Resources Co., 1.13%, 01/15/26 (Call 12/15/25)^(a)		112		99,759
Suncor Energy Inc., 3.75%, 03/04/51 (Call 09/04/50)		49		35,878
Valero Energy Corp.
2.80%, 12/01/31 (Call 09/01/31)		37		30,007
3.65%, 12/01/51 (Call 06/01/51)		19		13,471
6.63%, 06/15/37		30		31,768


				793,254

Oil & Gas Services — 0.4%
Halliburton Co.
2.92%, 03/01/30 (Call 12/01/29)^(a)		19		16,413
4.85%, 11/15/35 (Call 05/15/35)		15		13,975
5.00%, 11/15/45 (Call 05/15/45)^(a)		30		26,446
7.45%, 09/15/39		19		21,313
NOV Inc.
3.60%, 12/01/29 (Call 09/01/29)		7		6,225
3.95%, 12/01/42 (Call 06/01/42)		7		5,079


				89,451

Packaging & Containers — 0.3%
Amcor Flexibles North America Inc., 2.69%, 05/25/31 (Call 02/25/31)		25		20,171
Sonoco Products Co., 2.85%, 02/01/32 (Call 11/01/31)		25		20,426


Security	Par (000)		Value

Packaging & Containers (continued)
WRKCo Inc.
3.00%, 06/15/33 (Call 03/15/33)^(a)	$	26	$	20,929
4.90%, 03/15/29 (Call 12/15/28)^(a)		19		18,223


				79,749

Pharmaceuticals — 6.1%
AbbVie Inc.
2.60%, 11/21/24 (Call 10/21/24)		94		89,652
2.95%, 11/21/26 (Call 09/21/26)^(a)		176		162,292
4.05%, 11/21/39 (Call 05/21/39)		60		50,576
4.25%, 11/21/49 (Call 05/21/49)		71		58,775
4.50%, 05/14/35 (Call 11/14/34)		56		51,892
4.70%, 05/14/45 (Call 11/14/44)		71		62,811
AmerisourceBergen Corp.
2.70%, 03/15/31 (Call 12/15/30)		26		21,588
4.30%, 12/15/47 (Call 06/15/47)		7		5,888
Becton Dickinson and Co.
1.96%, 02/11/31 (Call 11/11/30)		34		26,805
3.36%, 06/06/24 (Call 04/06/24)		37		36,065
3.79%, 05/20/50 (Call 11/20/49)		17		13,028
4.67%, 06/06/47 (Call 12/06/46)		15		13,120
Cardinal Health Inc., 4.37%, 06/15/47 (Call 12/15/46)		7		5,587
Cigna Group (The)
3.40%, 03/15/51 (Call 09/15/50)		37		25,937
4.13%, 11/15/25 (Call 09/15/25)		112		108,917
4.38%, 10/15/28 (Call 07/15/28)		56		53,733
4.80%, 07/15/46 (Call 01/16/46)		71		62,465
CVS Health Corp.
2.13%, 09/15/31 (Call 06/15/31)		49		38,409
3.88%, 07/20/25 (Call 04/20/25)		90		87,174
4.30%, 03/25/28 (Call 12/25/27)		86		82,168
4.78%, 03/25/38 (Call 09/25/37)		94		85,350
5.05%, 03/25/48 (Call 09/25/47)		105		94,111
Mylan Inc., 5.20%, 04/15/48 (Call 10/15/47)		26		19,818
Takeda Pharmaceutical Co. Ltd., 5.00%, 11/26/28 (Call 08/26/28)		150		148,009
Viatris Inc.
2.70%, 06/22/30 (Call 03/22/30)		49		38,828
4.00%, 06/22/50 (Call 12/22/49)^(a)		30		19,276
Zoetis Inc.
2.00%, 05/15/30 (Call 02/15/30)		37		30,243
4.70%, 02/01/43 (Call 08/01/42)		26		23,448


				1,515,965

Pipelines — 6.5%
Boardwalk Pipelines LP, 3.40%, 02/15/31 (Call 11/15/30)		15		12,716
Cheniere Corpus Christi Holdings LLC
2.74%, 12/31/39 (Call 07/04/39)		19		15,038
5.88%, 03/31/25 (Call 10/02/24)		75		75,264
Cheniere Energy Partners LP, 3.25%, 01/31/32 (Call 01/31/27)		35		28,125
Enbridge Inc.
2.50%, 08/01/33 (Call 05/01/33)		34		26,238
4.00%, 11/15/49 (Call 05/15/49)		45		33,896
Energy Transfer LP
3.75%, 05/15/30 (Call 02/15/30)		52		46,103
4.15%, 09/15/29 (Call 06/15/29)		22		20,062
5.00%, 05/15/44 (Call 11/15/43)		37		30,400
5.00%, 05/15/50 (Call 11/15/49)		75		61,389
5.15%, 03/15/45 (Call 09/15/44)		37		31,091
5.50%, 06/01/27 (Call 03/01/27)		19		18,883
5.88%, 01/15/24 (Call 10/15/23)		37		37,128


Security	Par (000)		Value

Pipelines (continued)
Enterprise Products Operating LLC
2.80%, 01/31/30 (Call 10/31/29)	$	56	$	47,975
3.20%, 02/15/52 (Call 08/15/51)		41		27,362
3.75%, 02/15/25 (Call 11/15/24)		37		35,906
3.95%, 01/31/60 (Call 07/31/59)		19		13,949
4.20%, 01/31/50 (Call 07/31/49)		26		20,786
4.25%, 02/15/48 (Call 08/15/47)		26		21,037
4.45%, 02/15/43 (Call 08/15/42)		26		22,152
4.85%, 03/15/44 (Call 09/15/43)		19		16,864
Kinder Morgan Energy Partners LP, 6.95%, 01/15/38		26		27,643
Kinder Morgan Inc.
3.60%, 02/15/51 (Call 08/15/50)		49		33,012
4.30%, 06/01/25 (Call 03/01/25)		112		109,430
5.55%, 06/01/45 (Call 12/01/44)		30		27,077
7.75%, 01/15/32		34		37,914
Magellan Midstream Partners LP
3.95%, 03/01/50 (Call 09/01/49)		15		10,993
4.25%, 09/15/46 (Call 03/15/46)		15		11,519
MPLX LP
2.65%, 08/15/30 (Call 05/15/30)		37		30,350
4.50%, 04/15/38 (Call 10/15/37)		37		31,489
5.50%, 02/15/49 (Call 08/15/48)		37		33,156
ONEOK Inc.
5.20%, 07/15/48 (Call 01/15/48)		34		28,817
5.85%, 01/15/26 (Call 12/15/25)		37		37,288
6.35%, 01/15/31 (Call 10/15/30)		27		27,588
Plains All American Pipeline LP/PAA Finance Corp.
3.55%, 12/15/29 (Call 09/15/29)		41		35,543
4.90%, 02/15/45 (Call 08/15/44)		11		8,660
5.15%, 06/01/42 (Call 12/01/41)		11		8,971
Sabine Pass Liquefaction LLC
4.50%, 05/15/30 (Call 11/15/29)		52		48,694
5.63%, 03/01/25 (Call 12/01/24)		52		51,945
Targa Resources Corp.
4.20%, 02/01/33 (Call 12/01/32)		45		39,101
6.25%, 07/01/52 (Call 01/01/52)		11		10,451
TransCanada PipeLines Ltd.
1.00%, 10/12/24 (Call 09/12/24)^(a)		37		34,340
2.50%, 10/12/31 (Call 07/12/31)		34		26,920
4.25%, 05/15/28 (Call 02/15/28)		15		14,183
5.10%, 03/15/49 (Call 09/15/48)		26		23,485
6.20%, 10/15/37		26		26,770
7.63%, 01/15/39		26		29,984
Williams Companies Inc. (The)
2.60%, 03/15/31 (Call 12/15/30)		41		33,242
4.55%, 06/24/24 (Call 03/24/24)		67		66,080
5.10%, 09/15/45 (Call 03/15/45)		71		62,393


				1,609,402

Real Estate Investment Trusts — 4.3%
Alexandria Real Estate Equities Inc.
2.00%, 05/18/32 (Call 02/18/32)		60		45,868
4.00%, 02/01/50 (Call 08/01/49)		34		26,162
American Tower Corp.
3.10%, 06/15/50 (Call 12/15/49)		34		21,105
3.38%, 10/15/26 (Call 07/15/26)		37		34,387
3.80%, 08/15/29 (Call 05/15/29)		109		98,217
Boston Properties LP, 2.90%, 03/15/30 (Call 12/15/29)		79		64,805
Brixmor Operating Partnership LP, 2.50%, 08/16/31 (Call 05/16/31)		30		23,195
Crown Castle Inc., 2.90%, 04/01/41 (Call 10/01/40)		30		20,367


Security	Par (000)		Value

Real Estate Investment Trusts (continued)
Crown Castle International Corp.
3.20%, 09/01/24 (Call 07/01/24)	$	150	$	144,801
3.80%, 02/15/28 (Call 11/15/27)		71		66,016
Digital Realty Trust LP, 3.70%, 08/15/27 (Call 05/15/27)		64		59,334
Equinix Inc.
2.15%, 07/15/30 (Call 04/15/30)		67		53,519
2.95%, 09/15/51 (Call 03/15/51)		7		4,364
Essex Portfolio LP, 2.65%, 03/15/32 (Call 12/15/31)^(a)		30		23,761
Federal Realty Investment Trust, 4.50%, 12/01/44 (Call 06/01/44)		15		12,044
GLP Capital LP/GLP Financing II Inc.
5.30%, 01/15/29 (Call 10/15/28)		30		28,307
5.38%, 04/15/26 (Call 01/15/26)		26		25,376
Healthcare Realty Holdings LP, 3.75%, 07/01/27 (Call 04/01/27)		56		52,031
Healthpeak Properties Interim Inc.
2.13%, 12/01/28 (Call 10/01/28)		30		25,263
3.00%, 01/15/30 (Call 10/15/29)		19		16,345
Kimco Realty Corp., 2.70%, 10/01/30 (Call 07/01/30)		34		28,108
Omega Healthcare Investors Inc., 3.25%, 04/15/33 (Call 01/15/33)		30		21,412
Ventas Realty LP, 4.75%, 11/15/30 (Call 08/15/30)^(a)		41		38,662
VICI Properties LP
4.38%, 05/15/25		56		53,921
5.63%, 05/15/52 (Call 11/15/51)		7		6,224
Welltower OP LLC
2.80%, 06/01/31 (Call 03/01/31)		56		45,389
4.95%, 09/01/48 (Call 03/01/48)		11		9,338
Weyerhaeuser Co., 7.38%, 03/15/32		15		16,663


				1,064,984

Retail — 3.5%
AutoNation Inc., 3.85%, 03/01/32 (Call 12/01/31)		22		18,441
AutoZone Inc.
3.13%, 07/15/23 (Call 04/15/23)		56		55,499
4.75%, 08/01/32 (Call 05/01/32)		26		24,781
Best Buy Co. Inc., 1.95%, 10/01/30 (Call 07/01/30)^(a)		19		14,892
Dick’s Sporting Goods Inc., 4.10%, 01/15/52 (Call 07/15/51)		11		7,251
Dollar General Corp., 3.50%, 04/03/30 (Call 01/03/30)		34		30,311
Dollar Tree Inc., 4.00%, 05/15/25 (Call 03/15/25)		56		54,381
Lowe’s Companies Inc.
1.70%, 10/15/30 (Call 07/15/30)		56		43,636
2.50%, 04/15/26 (Call 01/15/26)		75		69,387
3.70%, 04/15/46 (Call 10/15/45)		82		60,384
4.25%, 04/01/52 (Call 10/01/51)		56		43,888
5.00%, 04/15/33 (Call 01/15/33)^(a)		26		25,022
McDonald’s Corp.
3.60%, 07/01/30 (Call 04/01/30)		71		64,661
3.63%, 09/01/49 (Call 03/01/49)		75		56,317
3.70%, 01/30/26 (Call 10/30/25)		75		72,281
4.88%, 12/09/45 (Call 06/09/45)		26		23,714
O’Reilly Automotive Inc., 3.90%, 06/01/29 (Call 03/01/29)^(a)		52		47,964
Starbucks Corp.
2.55%, 11/15/30 (Call 08/15/30)		37		30,861
3.00%, 02/14/32 (Call 11/14/31)		30		25,457
3.50%, 11/15/50 (Call 05/15/50)		41		29,661
3.80%, 08/15/25 (Call 06/15/25)		56		54,300
Walgreens Boots Alliance Inc., 4.80%, 11/18/44 (Call 05/18/44)		15		12,367


				865,456

Semiconductors — 2.5%
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.88%, 01/15/27 (Call 10/15/26)		154		145,227


Security	Par (000)		Value

Semiconductors (continued)
Broadcom Inc.
2.45%, 02/15/31 (Call 11/15/30)^(c)	$	105	$	83,148
3.14%, 11/15/35 (Call 08/15/35)^(c)		67		49,421
3.42%, 04/15/33 (Call 01/15/33)^(c)		60		48,292
3.50%, 02/15/41 (Call 08/15/40)^(c)		52		37,166
4.00%, 04/15/29 (Call 02/15/29)^(c)		22		19,930
Marvell Technology Inc., 2.95%, 04/15/31 (Call 01/15/31)		11		8,829
Microchip Technology Inc., 4.25%, 09/01/25 (Call 09/01/23)		56		54,147
Micron Technology Inc.
3.48%, 11/01/51 (Call 05/01/51)		15		9,338
4.66%, 02/15/30 (Call 11/15/29)		34		31,212
6.75%, 11/01/29 (Call 09/01/29)		25		25,761
NXP BV/NXP Funding LLC/NXP USA Inc.
3.25%, 05/11/41 (Call 11/11/40)		19		13,193
3.25%, 11/30/51 (Call 05/30/51)		15		9,465
3.88%, 06/18/26 (Call 04/18/26)		22		20,879
4.30%, 06/18/29 (Call 03/18/29)		26		24,004
5.00%, 01/15/33 (Call 10/15/32)		22		20,633
Qorvo Inc., 1.75%, 12/15/24 (Call 03/13/23)^(c)		25		23,123


				623,768

Software — 4.9%
Activision Blizzard Inc., 2.50%, 09/15/50 (Call 03/15/50)		15		9,311
Autodesk Inc., 2.40%, 12/15/31 (Call 09/15/31)^(a)		26		20,646
Broadridge Financial Solutions Inc., 2.60%, 05/01/31 (Call 02/01/31)		19		15,382
Electronic Arts Inc., 2.95%, 02/15/51 (Call 08/15/50)		15		9,531
Fidelity National Information Services Inc.
1.15%, 03/01/26 (Call 02/01/26)		112		98,179
3.10%, 03/01/41 (Call 09/01/40)		7		4,821
Fiserv Inc.
2.75%, 07/01/24 (Call 06/01/24)		94		90,503
3.20%, 07/01/26 (Call 05/01/26)		19		17,732
3.50%, 07/01/29 (Call 04/01/29)		45		40,169
4.40%, 07/01/49 (Call 01/01/49)		26		20,944
Oracle Corp.
1.65%, 03/25/26 (Call 02/25/26)^(a)		41		36,629
2.50%, 04/01/25 (Call 03/01/25)		75		70,739
2.88%, 03/25/31 (Call 12/25/30)		214		177,291
3.40%, 07/08/24 (Call 04/08/24)		131		127,515
3.60%, 04/01/40 (Call 10/01/39)		35		25,797
3.65%, 03/25/41 (Call 09/25/40)		135		99,243
3.95%, 03/25/51 (Call 09/25/50)		150		107,495
4.10%, 03/25/61 (Call 09/25/60)		56		38,962
Roper Technologies Inc.
1.00%, 09/15/25 (Call 08/15/25)		56		50,434
1.75%, 02/15/31 (Call 11/15/30)		15		11,559
ServiceNow Inc., 1.40%, 09/01/30 (Call 06/01/30)		19		14,459
VMware Inc., 3.90%, 08/21/27 (Call 05/21/27)		75		69,997
Workday Inc., 3.50%, 04/01/27 (Call 03/01/27)		56		52,312


				1,209,650

Telecommunications — 9.0%
AT&T Inc.
2.30%, 06/01/27 (Call 04/01/27)		105		93,540
2.75%, 06/01/31 (Call 03/01/31)		75		62,007
3.50%, 06/01/41 (Call 12/01/40)		75		56,258
3.50%, 09/15/53 (Call 03/15/53)		135		92,366
3.65%, 06/01/51 (Call 12/01/50)		67		47,755
3.65%, 09/15/59 (Call 03/15/59)		124		83,518
3.80%, 12/01/57 (Call 06/01/57)		19		13,304
4.50%, 05/15/35 (Call 11/15/34)		64		57,491


Security	Par (000)		Value

Telecommunications (continued)
4.50%, 03/09/48 (Call 09/09/47)	$	75	$	61,396
Bell Telephone Co. of Canada or Bell Canada (The), Series US-4, 3.65%, 03/17/51 (Call 09/17/50)		37		27,136
British Telecommunications PLC, 9.63%, 12/15/30		41		49,591
Corning Inc.
4.38%, 11/15/57 (Call 05/15/57)		15		11,963
5.45%, 11/15/79 (Call 05/15/79)		7		6,124
Deutsche Telekom International Finance BV, 8.75%, 06/15/30		49		58,025
Motorola Solutions Inc.
2.75%, 05/24/31 (Call 02/24/31)		25		19,885
4.60%, 02/23/28 (Call 11/23/27)		26		25,133
5.60%, 06/01/32 (Call 03/01/32)		11		10,710
Orange SA
5.38%, 01/13/42		22		21,769
9.00%, 03/01/31		34		41,522
Rogers Communications Inc.
3.63%, 12/15/25 (Call 09/15/25)		30		28,467
3.70%, 11/15/49 (Call 05/15/49)		19		13,304
5.00%, 03/15/44 (Call 09/15/43)^(a)		56		48,363
Telefonica Emisiones SA
4.67%, 03/06/38^(a)		100		82,782
7.05%, 06/20/36		11		11,537
TELUS Corp., 4.60%, 11/16/48 (Call 05/16/48)		11		9,664
T-Mobile USA Inc.
2.55%, 02/15/31 (Call 11/15/30)		60		48,940
3.00%, 02/15/41 (Call 08/15/40)		56		38,878
3.30%, 02/15/51 (Call 08/15/50)		52		34,699
3.50%, 04/15/25 (Call 03/15/25)		112		107,287
3.60%, 11/15/60 (Call 05/15/60)		45		29,958
3.75%, 04/15/27 (Call 02/15/27)		116		108,998
3.88%, 04/15/30 (Call 01/15/30)		109		98,767
4.50%, 04/15/50 (Call 10/15/49)		19		15,725
Verizon Communications Inc.
1.45%, 03/20/26 (Call 02/20/26)		116		103,753
1.68%, 10/30/30 (Call 07/30/30)		37		28,608
2.55%, 03/21/31 (Call 12/21/30)		150		122,690
2.99%, 10/30/56 (Call 04/30/56)		75		45,731
3.40%, 03/22/41 (Call 09/22/40)^(a)		82		61,575
3.55%, 03/22/51 (Call 09/22/50)		94		67,632
3.70%, 03/22/61 (Call 09/22/60)		56		39,226
4.33%, 09/21/28		187		179,075
4.86%, 08/21/46		37		33,423
Vodafone Group PLC, 6.15%, 02/27/37		41		42,330


				2,240,905

Toys, Games & Hobbies — 0.1%
Hasbro Inc., 3.55%, 11/19/26 (Call 09/19/26)		37		34,362


Transportation — 1.7%
Canadian Pacific Railway Co.
2.05%, 03/05/30 (Call 12/05/29)		64		52,515
3.10%, 12/02/51 (Call 06/02/51)		30		20,342


Security	Par/ Shares (000)		Value


Transportation (continued)
6.13%, 09/15/2115 (Call 03/15/2115)	$	11	$	11,180
CSX Corp.
2.50%, 05/15/51 (Call 11/15/50)^(a)		112		68,827
3.35%, 11/01/25 (Call 08/01/25)		37		35,269
4.25%, 03/15/29 (Call 12/15/28)		56		53,141
FedEx Corp.
3.10%, 08/05/29 (Call 05/05/29)		56		49,368
3.25%, 05/15/41 (Call 11/15/40)		37		26,612
4.75%, 11/15/45 (Call 05/15/45)		51		43,547
Kansas City Southern, 3.50%, 05/01/50 (Call 11/01/49)		15		10,890
Norfolk Southern Corp.
3.05%, 05/15/50 (Call 11/15/49)		49		32,460
3.16%, 05/15/55 (Call 11/15/54)		37		24,267


				428,418

Trucking & Leasing — 0.1%
GATX Corp., 3.10%, 06/01/51 (Call 12/01/50)		19		11,836


Water — 0.0%
Essential Utilities Inc., 3.35%, 04/15/50 (Call 10/15/49)		15		10,422


Total Long-Term Investments — 96.6% (Cost: $28,661,727)				23,980,281


Short-Term Securities

Money Market Funds — 8.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.81%^(e)(f)(g)		1,368		1,369,056
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.41%^(e)(f)		690		690,000


Total Short-Term Securities — 8.3% (Cost: $2,057,819)				2,059,056


Total Investments — 104.9% (Cost: $30,719,546)				26,039,337

Liabilities in Excess of Other Assets — (4.9)%				(1,205,856	)


Net Assets — 100.0%			$	24,833,481

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

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

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

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

^(e)	Affiliate of the Fund.

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

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

Investments in issuers considered to be affiliate(s) of the Fund during the year ended February 28, 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

Advertising — 0.1%
Interpublic Group of Companies Inc. (The)
2.40%, 03/01/31 (Call 12/01/30)	$	430	$	345,039
3.38%, 03/01/41 (Call 09/01/40)		984		716,607
4.20%, 04/15/24		261		255,929
4.65%, 10/01/28 (Call 07/01/28)		703		674,912
4.75%, 03/30/30 (Call 12/30/29)		630		600,808
5.40%, 10/01/48 (Call 04/01/48)		798		756,671
Omnicom Group Inc.
2.45%, 04/30/30 (Call 01/30/30)^(a)		583		485,336
2.60%, 08/01/31 (Call 05/01/31)^(a)		925		759,808
4.20%, 06/01/30 (Call 03/01/30)^(a)		837		781,848
Omnicom Group Inc./Omnicom Capital Inc.
3.60%, 04/15/26 (Call 01/15/26)		1,945		1,852,682
3.65%, 11/01/24 (Call 08/01/24)		768		745,226
WPP Finance 2010, 3.75%, 09/19/24		823		798,240


				8,773,106

Aerospace & Defense — 1.5%
Airbus SE
3.15%, 04/10/27 (Call 01/10/27)^(b)		725		675,425
3.95%, 04/10/47 (Call 10/10/46)^(a)(b)		705		589,079
BAE Systems Finance Inc., 7.50%, 07/01/27^(a)(b)		450		481,661
BAE Systems Holdings Inc.
3.80%, 10/07/24^(b)		855		832,004
3.85%, 12/15/25 (Call 09/15/25)^(a)(b)		1,217		1,168,027
4.75%, 10/07/44^(a)(b)		282		252,901
BAE Systems PLC
1.90%, 02/15/31 (Call 11/15/30)^(b)		1,470		1,157,655
3.00%, 09/15/50 (Call 03/15/50)^(b)		360		238,558
3.40%, 04/15/30 (Call 01/15/30)^(b)		1,325		1,179,948
5.80%, 10/11/41^(b)		1,130		1,137,804
Boeing Co. (The)
2.20%, 02/04/26 (Call 03/31/23)		5,520		5,014,092
2.25%, 06/15/26 (Call 03/15/26)		611		550,896
2.50%, 03/01/25 (Call 12/01/24)		397		372,550
2.60%, 10/30/25 (Call 07/30/25)^(a)		705		653,572
2.70%, 02/01/27 (Call 12/01/26)		545		493,665
2.75%, 02/01/26 (Call 01/01/26)		695		644,128
2.80%, 03/01/24 (Call 02/01/24)^(a)		427		415,304
2.80%, 03/01/27 (Call 12/01/26)		727		658,526
2.85%, 10/30/24 (Call 07/30/24)		616		589,129
2.95%, 02/01/30 (Call 11/01/29)		995		847,076
3.10%, 05/01/26 (Call 03/01/26)		1,275		1,187,024
3.20%, 03/01/29 (Call 12/01/28)		1,485		1,306,163
3.25%, 02/01/28 (Call 12/01/27)		368		333,178
3.25%, 03/01/28 (Call 12/01/27)^(a)		558		506,462
3.25%, 02/01/35 (Call 11/01/34)		406		312,525
3.30%, 03/01/35 (Call 09/01/34)		453		341,986
3.38%, 06/15/46 (Call 12/15/45)		310		206,589
3.45%, 11/01/28 (Call 08/01/28)^(a)		752		677,290
3.50%, 03/01/39 (Call 09/01/38)		427		316,046
3.50%, 03/01/45 (Call 09/01/44)		568		388,736
3.55%, 03/01/38 (Call 09/01/37)		195		146,702
3.60%, 05/01/34 (Call 02/01/34)		718		580,684
3.63%, 02/01/31 (Call 11/01/30)		1,140		999,236
3.63%, 03/01/48 (Call 09/01/47)		458		311,250
3.65%, 03/01/47 (Call 09/01/46)^(a)		380		262,481
3.75%, 02/01/50 (Call 08/01/49)		1,598		1,124,199
3.83%, 03/01/59 (Call 09/01/58)		824		553,004


Security	Par (000)		Value

Aerospace & Defense (continued)
3.85%, 11/01/48 (Call 05/01/48)	$	611	$	435,627
3.90%, 05/01/49 (Call 11/01/48)		1,082		779,768
3.95%, 08/01/59 (Call 02/01/59)		1,018		707,061
4.88%, 05/01/25 (Call 04/01/25)		3,083		3,039,841
5.04%, 05/01/27 (Call 03/01/27)		2,130		2,097,956
5.15%, 05/01/30 (Call 02/01/30)		4,410		4,267,408
5.71%, 05/01/40 (Call 11/01/39)		3,140		2,989,339
5.81%, 05/01/50 (Call 11/01/49)		5,799		5,516,161
5.88%, 02/15/40^(a)		385		375,422
5.93%, 05/01/60 (Call 11/01/59)		3,682		3,438,321
6.13%, 02/15/33^(a)		709		727,538
6.63%, 02/15/38^(a)		492		513,624
6.88%, 03/15/39		588		628,612
7.95%, 08/15/24		170		176,212
General Dynamics Corp.
1.15%, 06/01/26 (Call 05/01/26)		679		601,108
2.13%, 08/15/26 (Call 05/15/26)^(a)		775		706,333
2.25%, 06/01/31 (Call 03/01/31)		760		632,848
2.38%, 11/15/24 (Call 09/15/24)		764		727,640
2.63%, 11/15/27 (Call 08/15/27)		595		539,640
2.85%, 06/01/41 (Call 12/01/40)		700		525,133
3.25%, 04/01/25 (Call 03/01/25)		916		882,133
3.50%, 05/15/25 (Call 03/15/25)		981		948,887
3.50%, 04/01/27 (Call 02/01/27)		643		609,563
3.60%, 11/15/42 (Call 05/14/42)^(a)		114		94,539
3.63%, 04/01/30 (Call 01/01/30)		775		722,109
3.75%, 05/15/28 (Call 02/15/28)		701		666,446
4.25%, 04/01/40 (Call 10/01/39)		907		823,160
4.25%, 04/01/50 (Call 10/01/49)		905		807,776
Hexcel Corp.
4.20%, 02/15/27 (Call 11/15/26)		90		84,890
4.95%, 08/15/25 (Call 05/15/25)		145		141,430
L3Harris Technologies Inc.
1.80%, 01/15/31 (Call 10/15/30)		778		606,469
2.90%, 12/15/29 (Call 09/15/29)		489		419,689
3.83%, 04/27/25 (Call 01/27/25)^(a)		1,046		1,010,667
3.85%, 12/15/26 (Call 09/15/26)		989		944,791
3.95%, 05/28/24 (Call 02/28/24)		372		364,796
4.40%, 06/15/28 (Call 03/15/28)		2,129		2,055,212
4.85%, 04/27/35 (Call 10/27/34)		537		509,709


	Page

The Markets in Review		2
Annual Report:
Market Overview		4
Fund Summary		5
About Fund Performance		15
Disclosure of Expenses		15
Schedules of Investments		16
Financial Statements
Statements of Assets and Liabilities		239
Statements of Operations		241
Statements of Changes in Net Assets		243
Financial Highlights		246
Notes to Financial Statements		251
Report of Independent Registered Public Accounting Firm		261
Important Tax Information		262
Statement Regarding Liquidity Risk Management Program		263
Supplemental Information		264
Trustee and Officer Information		266
General Information		269
Glossary of Terms Used in this Report		270


	Average Annual Total Returns						Cumulative Total Returns

	1 Year			Since Inception			1 Year			Since Inception

Fund NAV		(10.14	)%		(7.22	)%		(10.14	)%		(12.53	)%
Fund Market		(10.18	)		(7.18	)		(10.18	)		(12.45	)
Index		(9.90	)		(7.12	)		(9.90	)		(12.36	)



S&P Credit Rating^*	Percent of Total Investments	^(a)

A	0.8	%
A-	3.0
BBB+	31.2
BBB	41.6
BBB-	22.6
BB+	0.4
Not Rated	0.4



Maturity	Percent of Total Investments	^(a)

0-1 Year	3.7	%
1-5 Years	34.7
5-10 Years	28.3
10-15 Years	4.6
15-20 Years	5.7
More than 20 Years	23.0


	Average Annual Total Returns									Cumulative Total Returns

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

Fund NAV		(9.99	)%		1.10	%		1.83	%		(9.99	)%		5.61	%		19.87	%
Fund Market		(10.27	)		1.11			1.82			(10.27	)		5.66			19.75
Index		(10.02	)		1.20			1.99			(10.02	)		6.14			21.81


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


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


Fund Summary as of February 28, 2023		iShares^® BBB Rated Corporate Bond ETF


Fund Summary as of February 28, 2023 (continued)		iShares^® BBB Rated Corporate Bond ETF


Fund Summary as of February 28, 2023		iShares^® Broad USD Investment Grade Corporate Bond ETF



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

Aaa	2.2	%
Aa	6.5
A	40.7
Baa	47.0
Ba	1.5
Not Rated	2.1


Fund Summary as of February 28, 2023		iShares^® 1-5 Year Investment Grade Corporate Bond ETF



	Percent of
Maturity	Total Investments	^(a)

1-2 Years	22.1	%
2-3 Years	30.6
3-4 Years	23.7
4-5 Years	18.5
5-6 Years	4.4
6-7 Years	0.2
7-8 Years	0.1
8-9 Years	0.2
9-10 Years	0.1
21-22 Years	0.1


Fund Summary as of February 28, 2023		iShares^® 5-10 Year Investment Grade Corporate Bond ETF


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

Aaa	0.8	%
Aa	4.5
A	38.6
Baa	51.5
Ba	2.4
Not Rated	2.2


MATURITY ALLOCATION
Maturity	Percent of Total Investments	^(a)

1-5 Years	0.3	%
5-10 Years	91.3
10-15 Years	7.3
15-20 Years	0.1
More than 20 Years	1.0


Fund Summary as of February 28, 2023 (continued)		iShares^® 10+ Year Investment Grade Corporate Bond ETF


A B O U T F U N D P E R F O R M A N C E / D I S C L O S U R E O F E X P E N S E S		15




Affiliated Issuer	Value at 02/28/22		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 02/28/23		Shares Held at 02/28/23 (000)		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares	$	3,635,476	$	—	$	(2,265,868	)^(a)	$	(2,050	)	$	1,498	$	1,369,056		1,368	$	6,828	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		2,810,000		—		(2,120,000	)^(a)		—			—		690,000		690		18,638			1


								$	(2,050	)	$	1,498	$	2,059,056			$	25,466		$	1




	Level 1		Level 2		Level 3		Total


Assets
Investments
Long-Term Investments
Corporate Bonds & Notes	$	—	$	23,980,281	$	—	$	23,980,281
Short-Term Securities
Money Market Funds		2,059,056		—		—		2,059,056


	$	2,059,056	$	23,980,281	$	—	$	26,039,337