TEL：03－6432－7746

商	品	分	類	追加型投信／海外／資産複合
信	託	期	間	2018年7月26日から2028年7月7日まで
運	用	方	針	投資信託証券への投資を通じて、実質的に米国株式※1、米国投資適格債券、米ドル建て高利回り債券※2 に分散投資を行い、インカム収益の確保と投資信託財産の中長期的な成長を目指して運用を行います。 ※1：米国リートを含める場合があります。 ※2：米ドル建てのハイ・イールド社債および新興国債券を指します。 為替変動リスクの低減を目的に、組入外貨建資産に対して80％程度を基本として 対円での為替ヘッジを行います。
主要投資対象				投資信託証券を主要投資対象とします。
主な投資制限				株式への直接投資は行いません。 投資信託証券への投資割合には制限を設けません。 外貨建資産への投資割合には制限を設け ません。
分	配	方	針	分配対象額の範囲は、繰越分を含めた経費控除後のxx・配当等収益および売買益(評価損益を含みます｡)等の全額とします。 収益分配金額は、委託者が基準価額水準、市況動向等を勘案して決定します。ただし、必ず分配を行うものではありません。 留保益の運用については特に制限を設けず、運用の基本方針に基づいた運用を行 います。

■当ファンドの仕組みは次の通りです。

運用報告書(全体版)

楽天・インカム戦略ポートフォリオ

(奇数月決算型)

＜愛称：みのたけ＞

第12期(決算日：2020年 9月10日)第13期(決算日：2020年11月10日)第14期(決算日：2021年 1月12日)

受益者の皆様へ

平素は当ファンドにご投資いただき、厚く御礼申し上げます。

さて、当ファンドは、このたび上記決算を行いましたので、当期間の運用状況につきまして、ご報告申し上げます。

今後とも一層のご愛顧を賜りますよう、お願い申し上げます。

xxxxx://xxx.xxxxxxx-xxxxxxx.xx.xx/

楽天投信投資顧問株式会社

xxxxxxxxxxx0x00x

本資料(運用報告書(全体版))の記載内容のお問い合わせ先

TEL：03－6432－7746

受付時間：営業日の午前9時から午後5時まで

※お客様のお取引内容等につきましては販売会社にお問い合わせください。

■本資料の表記に関する注記

・金額等の数値は表記未満切捨または四捨五入により表示しております。このため、各項目の合計の値が合計欄と一致しないことがあります。

－ 0 －

・－印は、組入・売買が無いことを示します。

決 算 期		基 準 価 額			投資信託証券組 入 比 率	純資産総額
		(分配落)	税 込 分 配 金	期 x x 落 率
第 1 作成 期	(設 定 日) 2018年7月26日	円 10,000	円 －	％ －	％ －	百万円 2
	1期(2018年11月12日)	9,822	25	△1.5	100.0	43
	2期(2019年 1月10日)	9,812	25	0.2	95.9	43
第 2 作成 期	3期(2019年 3月11日)	9,978	26	2.0	99.2	43
	4期(2019年 5月10日)	10,065	27	1.1	97.2	46
	5期(2019年 7月10日)	10,269	28	2.3	99.8	47
第 ３作成 期	6期(2019年 9月10日)	10,439	29	1.9	98.9	47
	7期(2019年11月11日)	10,264	30	△1.4	98.9	47
	8期(2020年 1月10日)	10,343	30	1.1	99.4	49
第 ４作成 期	9期(2020年 3月10日)	10,217	60	△0.6	95.0	36
	10期(2020年 5月11日)	10,158	30	△0.3	97.7	38
	11期(2020年 7月10日)	10,332	30	2.0	98.6	39
第 ５作成 期	12期(2020年 9月10日)	10,399	30	0.9	99.1	39
	13期(2020年11月10日)	10,321	30	△0.5	99.5	39
	14期(2021年 1月12日)	10,315	30	0.2	99.8	50

(注1) 基準価額の騰落率は分配金込み。

(注2) 当ファンドの運用方針に対応する適切な指数が存在しないため、ベンチマークおよび参考指数を設定しておりません。 (注3) 設定日の基準価額には当初設定価額を、純資産総額には当初設定元本を用いています。

当作成期中の基準価額の推移

決算期	年 月 日	基 準 価 額		投資信託証券 組 入 比 率
			騰 落 率
第12期	(期 首)2020年 7月10日	円 10,332	％ －	％ 98.6
	7月末	10,533	1.9	97.6
	8月末	10,423	0.9	98.1
	(期 末)2020年 9月10日	10,429	0.9	99.1
第13期	(期 首)2020年 9月10日	10,399	－	99.1
	9月末	10,303	△0.9	98.9
	10月末	10,179	△2.1	97.9
	(期 末)2020年11月10日	10,351	△0.5	99.5
第14期	(期 首)2020年11月10日	10,321	－	99.5
	11月末	10,425	1.0	98.7
	12月末	10,420	1.0	98.4
	(期 末)2021年 1月12日	10,345	0.2	99.8

(注) 期末基準価額は分配金込み、騰落率は期首比。

■基準価額等の推移

(注1) 分配金再投資基準価額は、分配金(税込)を分配時に再投資したものとみなして計算したもので、ファンド運用の実質的なパフォーマンスを示すものです。

(注2) 分配金を再投資するかどうかについてはお客様がご利用のコースにより異なります。また、ファンドの購入金額により課税条件も異なります。従って、各個人のお客様の損益の状況を示すものではありません。

(注3) 分配金再投資基準価額は、期首の基準価額を起点として指数化しています。

■基準価額の主な変動要因

当ファンドは、投資している複数のETF(以下、｢投資先ファンド｣といいます｡)の価格変動の影響を受けます。また、保有する米ドル資産に対して部分的な為替ヘッジを実施しているため、米ドル／円相場の変動や為替ヘッジにかかるコストの影響を受けます。

当作成期の基準価額は上昇しました。米国国債ETFなどは下落したものの、米ドル建てハイ・イールド社債ETFや米国高配当株式ETFなどの上昇により、投資先ファンドからのリターンはプラス寄与となりました。一方、米ドルの対円での下落や米ドル建て資産の一部に対して実施している為替ヘッジにかかるコストにより、為替要因はマイナス寄与となりました。

■投資環境

当作成期の米国国債市場では、長期金利が上昇(債券価格は下落)しました。期初から2020年7月下旬にかけて は、米国の複数の州で新型コロナウイルスの新規感染者数が急拡大するなか、経済活動の回復にはしばらく時間 を要するとの見方や、FRB(米連邦準備制度理事会)による大規模な金融緩和が2022年末まで据え置かれることが 示唆されたことなどを背景に長期金利は低下基調で推移し、0.5％台まで低下しました。しかし、8月に入ると、 経済指標の改善および、生産者物価や消費者物価などインフレ指標の上振れなどを背景に長期金利は上昇に転じ、さらに月下旬に開催されたジャクソンホール会議での講演で、FRBのパウエル議長がインフレ率の一時的な上振 れを容認する姿勢を打ち出したことを受けて0.7％台まで上昇しました。また、9月から11月上旬にかけても、追 加経済対策や新型コロナウイルスのワクチン開発等への期待から長期金利には上昇圧力がかかり、11月には 0.9％台まで上昇しました。その後は、年末まで0.9％前後での狭い範囲での推移が続きましたが、2021年1月x xのジョージア州上院議員選挙において民主党候補がxxし、大統領に加え、議会上下両院の過半数を民主党が 握る、いわゆるブルーウェーブ体制が確立し、大型財政支出観測が高まると、長期金利への上昇圧力が強まり、 期末には1.1％台まで上昇しました。社債市場では、経済正常化への期待とともに投資家のリスク選好姿勢が保 たれたなかで、信用スプレッド(米国債利回りに対する上乗せ金利)は期を通して緩やかな縮小を続け、社債価格 は上昇しました。

当作成期の米国株式市場は、2020年8月下旬頃まではFRBをはじめ、主要国の中央銀行による大規模な金融緩和 のもと金融市場に投資資金が溢れるなか、新型コロナウイルス・ワクチン開発の進展などを背景に堅調に推移し ました。9月には3月下旬から急速に上昇していたハイテク関連株式を中心に利益確定の売りが優勢となったほか、 10月後半にも米大統領選挙後の混乱への警戒や欧米での急速な感染再拡大等を背景に調整色が強まったものの、

11月以降は期末まで再び堅調な推移となりました。11月初旬に実施された米大統領選挙においては、民主党のxxxxx副大統領がxxを確実にし、議会選挙では下院は民主党が、上院は共和党が過半数を握る、いわゆる

｢ねじれ議会｣が継続する可能性が高まった結果、大統領、下院、上院選挙のすべてで民主党がxxした場合に期 待されていた大規模な追加経済対策への期待が後退した一方、規制強化や増税など大幅な政策変更が回避される との期待が市場参加者のリスク選好姿勢を強めるかたちとなりました。その後もxxにおけるワクチン接種のx xや総額9,000億ドルの追加経済対策の合意などを背景に株価は上昇を続け、さらに2021年1月上旬のジョージア 州上院議員選挙での民主党候補のxxを受けて、民主党が掲げる大型景気対策実現への期待が高まったことから、株価は期末にかけて一段と上昇しました。

米ドル／円相場は、前作成期末対比で米ドル安／円高となりました。米ドルは2020年3月に新型コロナウイルスを巡る混乱を反映した乱高下を経て主要通貨に対して大きく上昇しましたが、それ以降は、この米ドル高を修正する動きが継続し、対円でも緩やかに米ドル安が進みました。FRBによる大規模な金融緩和が続く一方、日本銀行の緩和余地が限定的であることなども米ドルの重しとなり、米長期金利が上昇基調で推移したにもかかわらず、積極的に米ドルを買う動きは乏しく、米ドルは徐々に水準を切り下げていく展開でした。なお、期末直前の 2021年1月は、米ジョージア州上院議員選挙での民主党候補のxxを受けた大型景気対策への期待の高まりや米長期金利のまとまった上昇を背景に、米ドルを買い戻す動きが強まり、期を通して続いてきた米ドル安基調に一服感も見えました。米ドルの対円ヘッジコスト(3ヵ月フォワードレートを年率化)は、0.4％～0.7％の範囲内での推移となりました。

■当ファンドのポートフォリオ

当ファンドは主に投資信託証券への投資を通じて、実質的に米国株式(※1)、米国投資適格債券、米ドル建て高利回り債券(※2)に分散投資を行い、インカム収益の確保と投資信託財産の中長期的な成長を目指して運用を行います。また、為替変動リスクの低減を目的に、組入外貨建資産に対して80％程度を基本として対円での為替ヘッジを行います。

当作成期は、米国株式10％、米国投資適格債券52％、米ドル建て高利回り債券38％を基本配分とし、概ねその基本配分に沿うかたちで投資信託証券への組入比率を維持しました。

※1：米国株式に、米国リートを含める場合があります。

※2：米ドル建て高利回り債券は、米ドル建てのハイ・イールド債券および新興国債券を指します。

■当ファンドのベンチマークとの差異

当ファンドは運用の目標となるベンチマークおよび参考指数を設けておりません。

■分配金

分配金額は、繰越分を含めた経費控除後のxx・配当等収益および売買益(評価損益を含みます｡)等の全額を分配対象額とし、委託会社が基準価額水準、市況動向等を勘案して決定しました。なお、分配金に充当しなかった収益につきましては、投資信託財産内に留保し、運用の基本方針にもとづいて運用いたします。

●分配原資の内訳

(1万口当たり・税込)

項 目		第12期	第13期	第14期
		2020年7月11日～2020年9月10日	2020年9月11日～2020年11月10日	2020年11月11日～2021年1月12日
当期分配金 (円) (対基準価額比率) (％)		30 (0.288)	30 (0.290)	30 (0.290)
	当期の収益 (円)	30	11	14
	当期の収益以外 (円)	－	18	15
翌期繰越分配対象額 (円)		465	446	435

(注1) ｢対基準価額比率｣は｢当期分配金｣の期末基準価額(分配金込み)に対する比率であり、ファンドの収益率とは異なります。

(注2) ｢当期の収益｣は経費控除後の配当等収益および経費控除後の有価証券売買等損益、｢当期の収益以外｣は収益調整金および分配準備積立金です。

(注3) ｢当期の収益｣および｢当期の収益以外｣は、円未満を切捨てて表示しているため、合計した額が｢当期分配金｣と一致しない場合があります。

■今後の運用方針

当面、米国株式10％、米国投資適格債券52％、米ドル建て高利回り債券38％を基本配分(報告書作成日現在の投資対象資産および配分方針であり、投資対象資産およびそれらへの配分比率は将来変更される場合があります)とし、概ねその基本配分に沿った投資信託証券への組入比率を維持する方針です。また、為替変動リスクの低減を目的に、組入外貨建資産に対して80％程度を基本として対円での為替ヘッジを行います。

1万口当たりの費用明細

項 目	当作成期		項 目 の 概 要
	2020年7月11日～2021年1月12日
	金額	比率
(a) 信託報酬	77円	0.746％	(a) 信託報酬＝期中の平均基準価額×信託報酬率
			※期中の平均基準価額は10,380円です。
(投信会社)	(17)	(0.168)	・委託した資金の運用の対価
(販売会社)	(58)	(0.561)	・購入後の情報提供、交付運用報告書等各種書類の送付、
			口座内でのファンドの管理等の対価
(受託会社)	(2)	(0.017)	・運用財産の管理、委託会社からの指図の実行の対価
(b) 売買委託手数料	3	0.024	(b) 売買委託手数料＝ 期中の売買委託手数料 期中の平均受益権口数 売買委託手数料は、有価証券等の売買の際、売買仲介人に 支払う手数料
(投資信託証券)	(3)	(0.024)
(c) 有価証券取引税	0	0.000	(c) 有価証券取引税＝ 期中の有価証券取引税 期中の平均受益権口数 有価証券取引税は、有価証券の取引の都度発生する取引に 関する税金
(投資信託証券)	(0)	(0.000)
(d) その他費用	52	0.500	(d) その他費用＝ 期中のその他費用 期中の平均受益権口数 ・保管費用は、海外における保管銀行等に支払う有価証券等の保管および資金の送金・資産の移転等に要する費用 ・監査費用は、監査法人等に支払うファンドの監査に係る費用 ・印刷費用は、有価証券届出書、目論見書、運用報告書等の作成、印刷および提出等に係る費用 ・その他は、金銭信託への預入金額に対する手数料、その 他投資信託財産の運営にかかる費用等
(保管費用)	(42)	(0.400)
(監査費用)	(－)	(－)
(印刷費用)	(10)	(0.100)
(その他)	(0)	(0.000)
合 計	132	1.270

(注1) 期中の費用(消費税等のかかるものは消費税等を含む)は、追加・解約により受益権口数に変動があるため、簡便法により算出した結果です。

(注2) 各金額は各項目ごとに円未満は四捨五入してあります。

(注3) 各比率は1万口当たりのそれぞれの費用金額を期中の平均基準価額で除して100を乗じたものです。 (注4) 各項目の費用は、このファンドが組み入れている投資信託証券が支払った費用を含みません。

当該投資信託証券の直近の計算期末時点における｢1万口当たりの費用明細｣が取得できるものについては｢組入ファンドの概要｣に表示することとしております。

■投資信託証券

				当 x x 期
				買	付	売	付
				単位数又は口数	金 額	単位数又は口数	金 額
外 国				xx	x米ドル	xx	x米ドル
		バンガード・米国トータル債券市場ETF		0.565	49	－	－
	アメリカ	ｉシェアーズ・コア 米国高配当株ETF		0.1	8	0.02	1
		Xtrackers 米ドル建てハイ・イールド社債ETF		0.79	39	0.11	5
		バンガード・米国長期国債ETF		0.3	28	－	－
		小	計	1	126	0.13	7

(注1) 金額は受渡し代金。

(注2) 単位未満は切捨て。ただし、単位数又は口数、金額が単位未満となる場合は小数で記載。

利害関係人※との取引状況等

該当事項はありません。

※ 利害関係人とは、投資信託及び投資法人に関する法律第11条第1項に規定されている利害関係人です。

自社による当ファンドの設定・解約状況

該当事項はありません。

組入資産の明細

■ファンド・オブ・ファンズが組入れた外貨建ファンドの明細

ファンド名		当 x x 期 末
		単位数又は口数	評 価 額		比 率
			外 貨建金 額	邦貨換算金額
		xx	x米ドル	千円	％
バンガード・米国トータル債券市場ETF		1	170	17,810	35.0
ｉシェアーズ・コア 米国高配当株ETF		0.546	48	5,094	10.0
Xtrackers 米ドル建てハイ・イールド社債ETF		3	184	19,267	37.9
バンガード・米国長期国債ETF		0.894	82	8,568	16.9
合 計	口 数 ・ 金 額 銘 柄 数 <比 率>	7 4	486 －	50,741 <99.8％>

(注1) 邦貨換算金額は期末の時価をわが国の対顧客電信売買相場の仲値により、邦貨換算したものです。 (注2) < >内は純資産総額に対する評価額の比率です。

(注3) 単位数又は口数、評価額の単位未満は切捨て。ただし、単位数又は口数、評価額が単位未満となる場合は小数で記載。

項 目

当 x x 期 末

評 価 額

比 率

投

資

信

託

受

益

証

券

千円 50,741

％ 98.8

短

期

金

融

資

産

、

そ

の

他

632

1.2

投

資

信

託

財

産

総

額

51,373

100.0

(注1) 評価額の単位未満は切捨て。

(注2) 当作成期末における外貨建資産(50,797千円)の投資信託財産総額(51,373千円)に対する比率は、98.9％です。

(注3) 外貨建資産は、当作成期末の時価をわが国の対顧客電信売買相場の仲値により邦貨換算したものです。なお、当作成期末における邦貨換算レートは、1米ドル＝104.23円です。

資産、負債、元本及び基準価額の状況ならびに損益の状況

■資産、負債、元本及び基準価額の状況

(2020年9月10日)、 (2020年11月10日)、 (2021年1月12日)現在

項 目	第12期末	第13期末	第14期末
(Ａ)資 産	71,693,642円	71,664,768円	91,410,312円
コ ー ル ・ ロ ー ン 等	421,888	771,744	632,891
投 x x 託 受 益 証 券(評価額)	39,452,629	39,390,104	50,741,065
未 収 入 金	31,769,184	31,441,148	40,036,356
未 収 配 当 金	49,941	61,772	－
(Ｂ)負 債	31,869,593	32,058,476	40,588,721
未 払 金	31,641,640	31,833,689	40,323,150
未 払 収 益 分 配 金	114,886	115,124	147,803
未 払 信 託 報 酬	99,797	96,608	104,285
未 払 利 息	1	1	1
そ の 他 未 払 費 用	13,269	13,054	13,482
(Ｃ)純 資 産 総 額(Ａ－Ｂ)	39,824,049	39,606,292	50,821,591
元 本	38,295,406	38,374,731	49,267,772
次 期 繰 越 損 益 金	1,528,643	1,231,561	1,553,819
(Ｄ)受 益 x x 口 数	38,295,406口	38,374,731口	49,267,772口
1 万 口 当 た り 基 準 価 額(Ｃ／Ｄ)	10,399円	10,321円	10,315円

(注) 期首元本額は38,251,596円、第12～14期中追加設定元本額は11,574,408円、第12～14期中一部解約元本額は558,232円です。

■損益の状況

第12期(自2020年 7月11日 至2020年 9月10日)第13期(自2020年 9月11日 至2020年11月10日)第14期(自2020年11月11日 至2021年1月12日)

項 目	第12期	第13期	第14期
(Ａ)配 当 等 収 益	165,540円	217,727円	254,274円
受 取 配 当 金	165,658	217,869	254,352
支 払 利 息	△118	△142	△78
(Ｂ)有 価 証 券 売 買 損 益	347,572	△227,409	△60,497
売 買 益	963,269	675,558	924,009
売 買 損	△615,697	△902,967	△984,506
(Ｃ)信 託 報 酬 等	△145,460	△173,841	△181,274
(Ｄ)当 期 損 益 金(Ａ＋Ｂ＋Ｃ)	367,652	△183,523	12,503
(Ｅ)前 期 繰 越 損 益 金	1,094,618	1,345,133	1,038,184
(Ｆ)追 加 信 託 差 損 益 金	181,259	185,075	650,935
(配 当 等 相 当 額)	(433,575)	(439,630)	(956,641)
(売 買 損 益 相 当 額)	(△252,316)	(△254,555)	(△305,706)
(Ｇ) 計 (Ｄ＋Ｅ＋Ｆ)	1,643,529	1,346,685	1,701,622
(Ｈ)収 益 分 配 金	△114,886	△115,124	△147,803
次 期 繰 越 損 益 金(Ｇ＋Ｈ)	1,528,643	1,231,561	1,553,819
追 加 信 託 差 損 益 金	181,259	185,075	650,935
(配 当 等 相 当 額)	(433,575)	(439,630)	(956,641)
(売 買 損 益 相 当 額)	(△252,316)	(△254,555)	(△305,706)
分 配 準 備 積 立 金	1,347,384	1,273,895	1,188,988
繰 越 損 益 金	－	△227,409	△286,104

(注1) 損益の状況の中で(B)有価証券売買損益は期末の評価替えによるものを含みます。

(注2) 損益の状況の中で(C)信託報酬等には信託報酬に対する消費税等相当額を含めて表示しています。

(注3) 損益の状況の中で(F)追加信託差損益金とあるのは、信託の追加設定の際、追加設定をした価額から元本を差し引いた差額分をいいます。

項 目	第12期	第13期	第14期
(Ａ)配当等収益額（費用控除後）	118,615円	43,886円	73,000円
(Ｂ)有価証券売買等損益額 （費用控除後・繰越欠損金補填後）	3,203円	－円	－円
(Ｃ)収益調整金額	433,575円	439,630円	956,641円
(Ｄ)分配準備積立金額	1,340,452円	1,345,133円	1,263,791円
(Ｅ)分配対象収益額（Ａ＋Ｂ＋Ｃ＋Ｄ）	1,895,845円	1,828,649円	2,293,432円
(Ｆ)期末残存口数	38,295,406口	38,374,731口	49,267,772口
(Ｇ)収益分配対象額（１万口当たり） (Ｅ／Ｆ×10,000）	495.03円	476.52円	465.50円
(Ｈ)分配金額（１万口当たり）	30円	30円	30円
(Ｉ)収益分配金金額 (Ｆ×Ｈ／10,000）	114,886円	115,124円	147,803円

<分配金の計算過程>

分配金のお知らせ

	第12期	第13期	第14期
1万口当たり分配金	30円	30円	30円

収益分配金の支払いについて

・収益分配金は、取扱い販売会社において決算日から起算して5営業日までに支払いを開始いたします。

・分配金再投資コースを選択されている場合は、各決算日の基準価額に基づき、お客様の口座に繰り入れて再投資いたします。

収益分配金の課税上の取扱いについて

・分配金は、課税扱いとなる｢普通分配金｣と非課税扱いとなる｢元本払戻金(特別分配金)｣の区分があり、分配後の基準価額が個々の受益者の個別元本と同額または上回る場合は、全額普通分配金となります。分配後の基準価額が個々の受益者の個別元本を下回る場合は、その下回る部分の額が元本払戻金(特別分配金)となり、残りの額が普通分配金となります。

・元本払戻金(特別分配金)が発生した場合は、分配金発生時に個々の受益者の個別元本から当該元本払戻金(特別分配金)を控除した額が、その後の個々の受益者の個別元本となります。

受益者別の普通分配金に対する課税について個人の受益者

20.315％(所得税15％、復興特別所得税0.315％、および地方税5％)の税率となります。法人の受益者

個人の受益者とは異なります。

※外国税額控除の適用となった場合には、分配時の税金が上記と異なる場合があります。

※税法が改正された場合等は、上記の内容が変更される場合があります。

※税金の取扱いの詳細については、税務専門家等にご確認されることをお勧めします。

お知らせ

該当事項はありません。

■組入ファンドの概要

以下は、『楽天・インカム戦略ポートフォリオ(奇数月決算型)』が組み入れている投資信託証券(ファンド)の状況として、当作成期末において入手できる直近の情報を掲げております。

ファンド名		決算日
米国株式
1	ｉシェアーズ・コア 米国高配当株ETF	2020年4月30日
米国投資適格債券
2	バンガード・米国長期国債ETF	2020年8月31日
3	バンガード・米国トータル債券市場ETF	2019年12月31日
米ドル建て高利回り債券
4	Xtrackers 米ドル建てハイ・イールド社債ETF	2020年8月31日

１．iシェアーズ・コア S&P 500 ETF

●当ファンドの仕組みは次の通りです｡

運 用 会 社	ブラックロック・ファンド・アドバイザーズ
主 要 投 資 対 象	高配当株式
運 用 の 基 本 方 針	モーニングスター配当フォーカス指数に連動する投資成果を目指す
管 理 報 酬 等 (年)	0.08％

１．iシェアーズ・コア S&P 500 ETF

■損益計算書

Year Ended April 30, 2020

iShares Core High Dividend ETF

INVESTMENT INCOME

Dividends — Unaffiliated ����������������������� $ 258,270,836 Dividends — Affiliated ������������������������ 1,397,805 Non-cash dividends — Unaffiliated ������������������ ― Interest — Unaffiliated ������������������������ 17,973 Securities lending income — Affiliated — net �������������� ―

Other income — Unaffiliated ��������������������� ― Foreign taxes withheld������������������������ (21,705)

Total investment income ������������������������ 259,664,909

EXPENSES

Investment advisory fees ���������������������� 5,750,966 Total expenses ���������������������������� 5,750,966 Net investment income ������������������������ 253,913,943

REALIZED AND UNREALIZED GAIN (LOSS)

Net realized gain (loss) from:

Investments ― Unaffiliated ���������������������	(549,765,140)
Investments ― Affiliated ����������������������	1,387,178
In-kind redemptions ― Unaffiliated �����������������	637,010,965
In-kind redemptions ― Affiliated ������������������	(1,161,609)
Futures contracts �������������������������	(2,089,387)
Foreign currency transactions �������������������	―
Net realized gain (loss) �����������������������	85,382,007
Net change in unrealized appreciation (depreciation) on: Investments ― Unaffiliated ���������������������	(1,182,433,903)
Investments ― Affiliated ����������������������	8,040,566
Futures contracts �������������������������	808,348
Foreign currency translations ��������������������	―
Net change in unrealized appreciation (depreciation) ����������	(1,173,584,989)
Net realized and unrealized loss ��������������������	(1,088,202,982)
NET DECREASE IN NETASSETS RESULTING FROM OPERATIONS �������	$ (834,289,039)

１．iシェアーズ・コア S&P 500 ETF

■組入上位10銘柄

as of April 30, 2020

        TEN LARGESTHOLDINGS    

Percent of Security               Total Investments(a)

Exxon Mobil Corp. ���������	10.5%
AT&T Inc. �������������	8.4
Johnson & Johnson ���������	7.3
Chevron Corp. �����������	7.0
Verizon Communications Inc.�����	6.9
Pfizer Inc. �������������	6.5
Cisco Systems Inc. ���������	4.4
Merck & Co. Inc. ����������	4.0
PepsiCo Inc. ������������	3.5
Coca-Cola Co. (The) ��������	3.5
(a) Excludes money market funds.

１．iシェアーズ・コア S&P 500 ETF

●当ファンドの仕組みは次の通りです｡

運 用 会 社	ザ・バンガード・グループ・インク
主 要 投 資 対 象	国債
運 用 の 基 本 方 針	ブルームバーグ・バークレイズ米国国債浮動調整(10年超)指数に連動する投資成果を 目指す
管 理 報 酬 等 (年)	0.05％

１．iシェアーズ・コア S&P 500 ETF

■損益計算書

	Year Ended
	August 31, 2020 ($000)
Investment Income
Income
Interest1	89,760
Total Income	89,760
Expenses
The Vanguard Group
Investment Advisory Services	126
Management and Administrative — ETF Shares	596
Management and Administrative — Admiral Shares	796
Management and Administrative — Institutional Shares	468
Marketing and Distribution — ETF Shares	113
Marketing and Distribution — Admiral Shares	99
Marketing and Distribution — Institutional Shares	38
Custodian Fees	12
Auditing Fees	47
Shareholders’ Reports — ETF Shares	119
Shareholders’ Reports — Admiral Shares	19
Shareholders’ Reports — Institutional Shares	―
Trustees’ Fees and Expenses	3
Total Expenses	2,436
Expenses Paid Indirectly	(11)
Net Expenses	2,425
Net Investment Income	87,335
Realized Net Gain (Loss)
Investment Securities Sold1,2	305,065
Futures Contracts	(123)
Realized Net Gain (Loss)	304,942
Change in Unrealized Appreciation (Depreciation) of Investment Securities1	134,898
Net Increase (Decrease) in Net Assets Resulting from Operations	527,175

1 Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $73,000, $1,000, and ($1,000), respectively. Purchases and sales are for temporary cash investment purposes.

2 Includes $258,041,000 of net gain (loss) resulting from in-kind redemptions.

１．iシェアーズ・コア S&P 500 ETF

■組入銘柄

As of August 31, 2020

		Maturity	Face Amount	Market Value
	Coupon	Date	($000)	($000)
U.S. Government and Agency Obligations (99.5%)
U.S. Government Securities (99.5%) United States Treasury Note/Bond	6.250%	5/15/30	11,047	16,854
United States Treasury Note/Bond	0.625%	8/15/30	6,930	6,872
United States Treasury Note/Bond	5.375%	2/15/31	5,595	8,235
United States Treasury Note/Bond	4.500%	2/15/36	36,152	54,538
United States Treasury Note/Bond	4.750%	2/15/37	14,825	23,266
United States Treasury Note/Bond	5.000%	5/15/37	8,771	14,163
United States Treasury Note/Bond	4.375%	2/15/38	9,377	14,364
United States Treasury Note/Bond	4.500%	5/15/38	14,390	22,377
United States Treasury Note/Bond	3.500%	2/15/39	38,300	53,465
United States Treasury Note/Bond	4.250%	5/15/39	25,667	39,147
United States Treasury Note/Bond	4.500%	8/15/39	24,709	38,839
United States Treasury Note/Bond	4.375%	11/15/39	45,139	70,099
United States Treasury Note/Bond	4.625%	2/15/40	47,139	75,482
United States Treasury Note/Bond	1.125%	5/15/40	147,045	144,288
United States Treasury Note/Bond	4.375%	5/15/40	31,130	48,597
United States Treasury Note/Bond	1.125%	8/15/40	56,910	55,612
United States Treasury Note/Bond	3.875%	8/15/40	47,627	70,123
United States Treasury Note/Bond	4.250%	11/15/40	29,416	45,420
United States Treasury Note/Bond	4.750%	2/15/41	36,018	59,075
United States Treasury Note/Bond	4.375%	5/15/41	31,693	49,838
United States Treasury Note/Bond	3.750%	8/15/41	38,192	55,712
United States Treasury Note/Bond	3.125%	11/15/41	34,214	45,911
United States Treasury Note/Bond	3.125%	2/15/42	36,802	49,481
United States Treasury Note/Bond	3.000%	5/15/42	33,768	44,558
United States Treasury Note/Bond	2.750%	8/15/42	49,983	63,557
United States Treasury Note/Bond	2.750%	11/15/42	63,392	80,518
United States Treasury Note/Bond	3.125%	2/15/43	62,687	84,295
United States Treasury Note/Bond	2.875%	5/15/43	92,587	119,944
United States Treasury Note/Bond	3.625%	8/15/43	76,294	110,459
United States Treasury Note/Bond	3.750%	11/15/43	84,621	124,789
United States Treasury Note/Bond	3.625%	2/15/44	91,140	132,196
United States Treasury Note/Bond	3.375%	5/15/44	76,308	106,915
United States Treasury Note/Bond	3.125%	8/15/44	97,006	131,034

		Maturity	Face Amount	Market Value
	Coupon	Date	($000)	($000)
United States Treasury Note/Bond	3.000%	11/15/44	93,608	124,132
United States Treasury Note/Bond	2.500%	2/15/45	104,040	127,042
United States Treasury Note/Bond	3.000%	5/15/45	86,914	115,500
United States Treasury Note/Bond	2.875%	8/15/45	45,212	58,952
United States Treasury Note/Bond	3.000%	11/15/45	64,173	85,560
United States Treasury Note/Bond	2.500%	2/15/46	93,367	114,345
United States Treasury Note/Bond	2.500%	5/15/46	92,737	113,675
United States Treasury Note/Bond	2.250%	8/15/46	104,286	122,210
United States Treasury Note/Bond	2.875%	11/15/46	85,539	112,269
United States Treasury Note/Bond	3.000%	2/15/47	88,151	118,384
United States Treasury Note/Bond	3.000%	5/15/47	103,669	139,353
United States Treasury Note/Bond	2.750%	8/15/47	90,470	116,650
United States Treasury Note/Bond	2.750%	11/15/47	105,355	136,023
United States Treasury Note/Bond	3.000%	2/15/48	94,967	128,235
United States Treasury Note/Bond	3.125%	5/15/48	105,217	145,397
United States Treasury Note/Bond	3.000%	8/15/48	100,782	136,528
United States Treasury Note/Bond	3.375%	11/15/48	102,282	147,957
United States Treasury Note/Bond	3.000%	2/15/49	116,854	158,866
United States Treasury Note/Bond	2.875%	5/15/49	75,415	100,432
United States Treasury Note/Bond	2.250%	8/15/49	133,370	157,731
United States Treasury Note/Bond	2.375%	11/15/49	156,026	189,498
United States Treasury Note/Bond	2.000%	2/15/50	218,932	246,264
United States Treasury Note/Bond	1.250%	5/15/50	155,169	146,222
United States Treasury Note/Bond	1.375%	8/15/50	48,970	47,669
Total U.S. Government and Agency Obligations (Cost $4,574,294)				5,148,917
			Shares
Temporary Cash Investment (0.7%)
Money Market Fund (0.7%)
1 Vanguard Market Liquidity Fund
(Cost $34,963) 0.147%			349,625	34,963
Total Investments (100.2%) (Cost $4,609,257)				5,183,880
Cost is in $000. 1 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is			the 7-day yield.

１．iシェアーズ・コア S&P 500 ETF

１．iシェアーズ・コア S&P 500 ETF

●当ファンドの仕組みは次の通りです｡

運 用 会 社	ザ・バンガード・グループ・インク
主 要 投 資 対 象	債券総合
運 用 の 基 本 方 針	ブルームバーグ・バークレイズ米国総合浮動調整指数に連動する投資成果を目指す
管 理 報 酬 等 (年)	0.035％

■損益計算書
	Year Ended December 31, 2019
	($000)
Investment Income
Income
Interest1	6,433,898
Total Income	6,433,898
Expenses
The Vanguard Group
Investment Advisory Services	7,774
Management and Administrative — Investor Shares	3,892
Management and Administrative — ETF Shares	10,446
Management and Administrative — Admiral Shares	39,517
Management and Administrative — Institutional Shares	12,189
Management and Administrative — Institutional Plus Shares	5,430
Management and Administrative — Institutional Select Shares	1,105
Marketing and Distribution — Investor Shares	334
Marketing and Distribution — ETF Shares	1,749
Marketing and Distribution — Admiral Shares	5,756
Marketing and Distribution — Institutional Shares	1,554
Marketing and Distribution — Institutional Plus Shares	345
Marketing and Distribution — Institutional Select Shares	1
Custodian Fees	617
Auditing Fees	58
Shareholders’ Reports — Investor Shares	24
Shareholders’ Reports — ETF Shares	902
Shareholders’ Reports — Admiral Shares	685
Shareholders’ Reports — Institutional Shares	299
Shareholders’ Reports — Institutional Plus Shares	66
Shareholders’ Reports — Institutional Select Shares	—
Trustees’ Fees and Expenses	114
Total Expenses	92,857
Expenses Paid Indirectly	(433)
Net Expenses	92,424
Net Investment Income	6,341,474
Realized Net Gain (Loss)
Investment Securities Sold1,2	312,226
Futures Contracts	90
Realized Net Gain (Loss)	312,316
Change in Unrealized Appreciation (Depreciation) of Investment Securities1	11,925,643
Net Increase (Decrease) in Net Assets Resulting from Operations	18,579,433

１．iシェアーズ・コア S&P 500 ETF

1 Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $81,551,000, ($256,000), and $140,000, respectively. Purchases and sales are for temporary cash investment purposes.

2 Includes $46,487,000 of net gain (loss) resulting from in-kind redemptions, such gain (loss) is not taxable to the fund.

１．iシェアーズ・コア S&P 500 ETF

■組入銘柄

As of December 31, 2019

Coupon

Maturity

Date

Face Amount ($000)

Market Value ($000)

Percentage

of Net Assets

U.S.        Government        and       Agency        Obligations                            

U.S. Government Securities

United States Treasury Note/Bond	2.000%	5/31/24	1,092,454	1,106,787	0.4%
United States Treasury Note/Bond	1.625%	5/15/26	1,024,825	1,013,459	0.4%
United States Treasury Note/Bond	2.875%	8/15/28	940,238	1,013,257	0.4%
United States Treasury Note/Bond	2.125%	5/15/25	975,222	994,424	0.4%
United States Treasury Note/Bond	1.750%	5/31/22	982,325	985,852	0.4%
United States Treasury Note/Bond	2.125%	3/31/24	962,029	979,461	0.4%
United States Treasury Note/Bond	1.500%	11/30/24	980,256	971,836	0.4%
United States Treasury Note/Bond	1.750%	2/28/22	964,382	967,545	0.4%
United States Treasury Note/Bond	3.125%	11/15/28	866,900	953,053	0.4%
United States Treasury Note/Bond	2.375%	3/15/22	878,400	893,227	0.4%
United States Treasury Note/Bond	1.375%	10/15/22	862,560	856,902	0.3%
United States Treasury Note/Bond	2.250%	11/15/27	813,084	835,696	0.3%
United States Treasury Note/Bond	2.125%	12/31/22	807,125	818,982	0.3%
United States Treasury Note/Bond	2.375%	5/15/29	787,767	818,789	0.3%
United States Treasury Note/Bond	2.875%	5/15/28	755,131	812,710	0.3%
United States Treasury Note/Bond	1.625%	11/15/22	808,480	808,731	0.3%
United States Treasury Note/Bond	1.625%	8/15/29	829,659	808,137	0.3%
United States Treasury Note/Bond	2.500%	1/31/24	778,645	803,951	0.3%
United States Treasury Note/Bond	2.250%	4/15/22	783,400	794,665	0.3%
United States Treasury Note/Bond	2.500%	5/15/46	776,992	793,379	0.3%
United States Treasury Note/Bond	2.875%	11/15/21	771,193	789,270	0.3%
United States Treasury Note/Bond	2.875%	5/15/49	710,393	783,322	0.3%
United States Treasury Note/Bond	2.250%	2/15/27	748,740	769,098	0.3%
United States Treasury Note/Bond	1.625%	2/15/26	776,005	768,245	0.3%
United States Treasury Note/Bond	1.750%	5/15/23	763,728	766,233	0.3%
United States Treasury Note/Bond	2.250%	11/15/25	742,427	762,034	0.3%
United States Treasury Note/Bond	2.750%	8/15/21	741,294	754,615	0.3%
United States Treasury Note/Bond	1.500%	8/15/22	755,098	753,090	0.3%
United States Treasury Note/Bond	3.000%	2/15/48	667,611	750,435	0.3%
United States Treasury Note/Bond	1.250%	3/31/21	751,288	747,764	0.3%

１．iシェアーズ・コア S&P 500 ETF

1

C

			Maturity	Face Amount	Market Value	Percentage of Net
		Coupon	Date	($000)	($000)	Assets
	United States Treasury Note/Bond	2.625%	2/15/29	697,211	738,828	0.3%
	United States Treasury Note/Bond	1.375%	5/31/21	725,253	722,874	0.3%
	United States Treasury Note/Bond	2.875%	11/15/46	656,620	720,332	0.3%
	United States Treasury Note/Bond	2.750%	2/15/28	667,601	711,409	0.3%
	United States Treasury Note/Bond	2.500%	5/15/24	672,918	695,838	0.3%
	United States Treasury Note/Bond	2.750%	11/15/42	648,150	691,900	0.3%
	United States Treasury Note/Bond	1.625%	12/15/22	689,585	689,909	0.3%
	United States Treasury Note/Bond	2.000%	8/15/25	680,570	689,288	0.3%
	United States Treasury Note/Bond	3.625%	2/15/44	554,922	682,382	0.3%
	United States Treasury Note/Bond	2.250%	4/30/24	666,576	682,201	0.3%
	United States Treasury Note/Bond	2.000%	11/30/22	665,725	672,795	0.3%
	United States Treasury Note/Bond	1.750%	6/15/22	668,810	671,211	0.3%
	United States Treasury Note/Bond	3.000%	2/15/49	577,056	650,988	0.3%
	United States Treasury Note/Bond	2.750%	8/31/23	625,966	650,122	0.3%
	United States Treasury Note/Bond	3.125%	5/15/48	558,044	642,448	0.3%
	United States Treasury Note/Bond	1.750%	11/15/29	648,146	638,320	0.3%
	United States Treasury Note/Bond	2.500%	2/15/22	626,278	638,021	0.3%
	United States Treasury Note/Bond	2.125%	5/15/22	630,008	637,587	0.2%
	United States Treasury
Note/Bond		1.125% – 8.750%	2/15/20 – 11/15/49	63,738,384   66,496,972    26.7%
					104,398,374	42.0%
Agency Bonds and Notes
2 Federal Home Loan Mortgage Corp.		1.125% – 6.750%	2/16/21 – 7/15/32	477,313	542,822	0.2%
2 Federal National Mortgage Assn.		1.250% – 7.250%	2/26/21 – 7/15/37	1,037,308	1,098,096	0.4%
Agency Bonds and Notes — Other †  1,192,118   2,833,036						0.5% 1.1%
	onventional Mortgage-Backed Securities
2,3,4	Fannie Mae Pool	2.000% – 9.500%	1/1/20 – 2/1/50	21,334,483	22,258,800	9.0%
2,3	Freddie Mac Gold Pool	2.000% – 10.000%	1/1/20 – 2/1/49	11,144,276	11,656,384	4.7%
2,3	Freddie Mac Pool	4.000% – 4.500%	1/1/49 – 5/1/49	125,908	133,421	0.0%
3,4	Ginnie Mae I Pool	3.000% – 10.500%	3/15/20 – 12/1/49	1,047,049	1,117,841	0.4%
3,4	Ginnie Mae II Pool	3.000%	1/1/50	874,375	898,009	0.4%
3,4	Ginnie Mae II Pool	2.500% – 8.500%	12/20/20 – 1/1/50	14,339,539	14,967,582	6.0%
2,3	UMBS Pool	2.500% – 4.000%	11/1/33 – 11/1/34	47,481	48,227	0.0%
2,3	UMBS Pool	2.000% – 5.000%	4/1/29 – 1/1/50	3,269,153	3,382,134	1.4%
2,3,4	UMBS TBA	3.000%	1/1/50	634,725	643,649	0.3%
2,3,4	UMBS TBA	2.000% – 4.500%	7/1/34 – 1/1/50	337,950    342,845    0.1%
55,448,892						22.3%
Nonconventional Mortgage-Backed Securities
2,3,5	Fannie Mae Pool, 12M USD LIBOR + 1.290%	4.034%	12/1/41	1,046	1,078	0.0%
2,3,5	Fannie Mae Pool, 12M USD LIBOR + 1.310%	3.592%	9/1/37	1,331	1,368	0.0%
2,3,5	Fannie Mae Pool, 12M USD LIBOR + 1.353%	4.441%	1/1/35	71	74	0.0%
2,3,5	Fannie Mae Pool, 12M USD LIBOR + 1.392%	3.811%	10/1/37	575	592	0.0%
2,3,5	Fannie Mae Pool, 12M USD LIBOR + 1.460%	4.572%	2/1/37	2	2	0.0%

	Maturity	Face Amount	Market Value	Percentage of Net
Coupon	Date	($000)	($000)	Assets
2,3,5 Fannie Mae Pool, 12M USD LIBOR + 1.509% 4.082%	7/1/36	288	300	0.0%
2,3,5 Fannie Mae Pool, 12M
USD LIBOR + 1.553% 2.443%	9/1/43	600	600	0.0%
2,3,5 Fannie Mae Pool, 12M
USD LIBOR + 1.555% 3.564%	10/1/34	5	5	0.0%
2,3,5 Fannie Mae Pool, 12M
USD LIBOR + 1.560% 2.272%	7/1/43	6,104	6,119	0.0%
2,3,5 Fannie Mae Pool, 12M
USD LIBOR + 1.607% 3.607%	11/1/33	125	133	0.0%
2,3,5 Fannie Mae Pool, 12M
USD LIBOR + 1.609% 3.642%	12/1/33	233	246	0.0%
2,3,5 Fannie Mae Pool, 12M
USD LIBOR + 1.615% 4.643%	4/1/37	50	53	0.0%
2,3,5 Fannie Mae Pool, 12M
USD LIBOR + 1.623% 4.748%	2/1/36	500	509	0.0%
2,3,5 Fannie Mae Pool, 12M
USD LIBOR + 1.625% 4.135%	8/1/35	648	688	0.0%
2,3,5 Fannie Mae Pool, 12M
USD LIBOR + 1.627% 4.752%	3/1/38	109	112	0.0%
2,3,5 Fannie Mae Pool, 12M
USD LIBOR + 1.633% 4.633%	1/1/35	1	1	0.0%
2,3,5 Fannie Mae Pool, 12M
USD LIBOR + 1.635% 3.510%	11/1/36	68	71	0.0%
2,3,5 Fannie Mae Pool, 12M
USD LIBOR + 1.643% 4.476%	1/1/37	217	231	0.0%
2,3,5 Fannie Mae Pool, 12M
USD LIBOR + 1.658% 4.283%	7/1/35	390	410	0.0%
2,3,5 Fannie Mae Pool, 12M
USD LIBOR + 1.660% 3.910% – 4.722%	4/1/36 – 9/1/40	537	564	0.0%
2,3,5 Fannie Mae Pool, 12M
USD LIBOR + 1.665% 4.415%	6/1/36	39	41	0.0%
2,3,5 Fannie Mae Pool, 12M
USD LIBOR + 1.679% 3.992%	1/1/42	985	1,017	0.0%
2,3,5 Fannie Mae Pool, 12M
USD LIBOR + 1.682% 4.167%	10/1/37	688	710	0.0%
2,3,5 Fannie Mae Pool, 12M
USD LIBOR + 1.687% 4.498%	6/1/42	1,474	1,536	0.0%
2,3,5 Fannie Mae Pool, 12M
USD LIBOR + 1.690% 3.706% – 4.622%	10/1/39 – 9/1/42	2,519	2,629	0.0%
2,3,5 Fannie Mae Pool, 12M
USD LIBOR + 1.695% 4.320%	7/1/39	188	196	0.0%
2,3,5 Fannie Mae Pool, 12M
USD LIBOR + 1.698% 4.161%	8/1/40	419	440	0.0%
2,3,5 Fannie Mae Pool, 12M
USD LIBOR + 1.700% 4.364%	12/1/40	437	460	0.0%
2,3,5 Fannie Mae Pool, 12M
USD LIBOR + 1.701% 3.965%	10/1/42	1,099	1,164	0.0%
2,3,5 Fannie Mae Pool, 12M
USD LIBOR + 1.705% 3.809%	11/1/39	275	291	0.0%
2,3,5 Fannie Mae Pool, 12M
USD LIBOR + 1.711% 4.056%	4/1/36	60	62	0.0%
2,3,5 Fannie Mae Pool, 12M
USD LIBOR + 1.726% 3.956%	9/1/34	285	293	0.0%

１．iシェアーズ・コア S&P 500 ETF

	Maturity	Face Amount	Market Value	Percentage of Net
Coupon	Date	($000)	($000)	Assets
2,3,5 Fannie Mae Pool, 12M USD LIBOR + 1.734% 3.997%	11/1/39	627	655	0.0%
2,3,5 Fannie Mae Pool, 12M
USD LIBOR + 1.746% 4.506%	7/1/41	1,640	1,732	0.0%
2,3,5 Fannie Mae Pool, 12M
USD LIBOR + 1.748% 4.778%	5/1/35	229	240	0.0%
2,3,5 Fannie Mae Pool, 12M
USD LIBOR + 1.750% 4.213% – 4.875%	2/1/36 – 10/1/40	575	609	0.0%
2,3,5 Fannie Mae Pool, 12M
USD LIBOR + 1.767% 4.648%	6/1/41	262	277	0.0%
2,3,5 Fannie Mae Pool, 12M
USD LIBOR + 1.771% 4.709%	5/1/42	155	161	0.0%
2,3,5 Fannie Mae Pool, 12M
USD LIBOR + 1.774% 4.683%	4/1/37	66	71	0.0%
2,3,5 Fannie Mae Pool, 12M
USD LIBOR + 1.780% 4.905%	2/1/41	271	285	0.0%
2,3,5 Fannie Mae Pool, 12M
USD LIBOR + 1.793% 3.391%	8/1/42	2,312	2,309	0.0%
2,3,5 Fannie Mae Pool, 12M
USD LIBOR + 1.795% 4.839%	3/1/42	971	1,023	0.0%
2,3,5 Fannie Mae Pool, 12M
USD LIBOR + 1.798% 4.358%	3/1/42	431	463	0.0%
2,3,5 Fannie Mae Pool, 12M
USD LIBOR + 1.804% 3.943%	12/1/39	538	560	0.0%
2,3,5 Fannie Mae Pool, 12M
USD LIBOR + 1.805% 3.773%	11/1/41	1,070	1,140	0.0%
2,3,5 Fannie Mae Pool, 12M
USD LIBOR + 1.810% 3.685% – 4.810%	9/1/33 – 12/1/40	2,048	2,156	0.0%
2,3,5 Fannie Mae Pool, 12M
USD LIBOR + 1.813% 3.978% – 4.435%	11/1/41 – 1/1/42	1,473	1,552	0.0%
2,3,5 Fannie Mae Pool, 12M
USD LIBOR + 1.815% 3.690% – 4.940%	11/1/40 – 12/1/41	2,708	2,857	0.0%
2,3,5 Fannie Mae Pool, 12M
USD LIBOR + 1.819% 4.759%	3/1/41	994	1,046	0.0%
2,3,5 Fannie Mae Pool, 12M
USD LIBOR + 1.820% 4.168%	12/1/40	314	329	0.0%
2,3,5 Fannie Mae Pool, 12M
USD LIBOR + 1.822% 4.310%	9/1/40	1,171	1,234	0.0%
2,3,5 Fannie Mae Pool, 12M
USD LIBOR + 1.823% 4.902%	2/1/41	503	507	0.0%
2,3,5 Fannie Mae Pool, 12M
USD LIBOR + 1.825% 4.825%	3/1/41	719	766	0.0%
2,3,5 Fannie Mae Pool, 12M
USD LIBOR + 1.826% 4.576%	7/1/38	289	296	0.0%
2,3,5 Fannie Mae Pool, 12M
USD LIBOR + 1.830% 3.451% – 4.580%	4/1/41 – 6/1/41	1,822	1,871	0.0%
2,3,5 Fannie Mae Pool, 12M
USD LIBOR + 1.835% 4.723%	1/1/40	655	681	0.0%
2,3,5 Fannie Mae Pool, 12M
USD LIBOR + 1.840% 4.403%	8/1/39	483	510	0.0%
2,3,5 Fannie Mae Pool, 12M
USD LIBOR + 1.861% 4.745%	5/1/40	240	248	0.0%
2,3,5 Fannie Mae Pool, 12M
USD LIBOR + 1.880% 4.406%	11/1/34	380	405	0.0%

１．iシェアーズ・コア S&P 500 ETF

	Maturity	Face Amount	Market Value	Percentage of Net
Coupon	Date	($000)	($000)	Assets
2,3,5 Fannie Mae Pool, 12M USD LIBOR + 1.884% 3.899%	10/1/37	54	57	0.0%
2,3,5 Fannie Mae Pool, 12M
USD LIBOR + 1.909% 4.784%	4/1/37	326	343	0.0%
2,3,5 Fannie Mae Pool, 12M
USD LIBOR + 1.912% 4.787%	5/1/36	80	80	0.0%
2,3,5 Fannie Mae Pool, 12M
USD LIBOR + 1.965% 5.009%	4/1/37	22	23	0.0%
2,3,5 Fannie Mae Pool, 12M
USD LIBOR + 1.989% 4.632%	1/1/37	33	35	0.0%
2,3,5 Fannie Mae Pool, 12M
USD LIBOR + 2.130% 4.667%	10/1/36	222	238	0.0%
2,3,5 Fannie Mae Pool,
1Y CMT + 2.155% 4.780%	12/1/37	637	658	0.0%
2,3,5 Fannie Mae Pool,
1Y CMT + 2.185% 4.721%	5/1/36	45	48	0.0%
2,3,5 Fannie Mae Pool,
1Y CMT + 2.189% 3.939%	12/1/35	3	4	0.0%
2,3,5 Fannie Mae Pool,
1Y CMT + 2.190% 4.450%	12/1/36	10	10	0.0%
2,3,5 Fannie Mae Pool,
1Y CMT + 2.238% 4.613%	7/1/38	223	236	0.0%
2,3,5 Fannie Mae Pool,
1Y CMT + 2.268% 4.268% – 4.893%	5/1/33 – 12/1/35	214	226	0.0%
2,3,5 Fannie Mae Pool,
1Y CMT + 2.275% 4.025%	11/1/32	8	9	0.0%
2,3,5 Fannie Mae Pool,
1Y CMT + 2.313% 4.845%	1/1/35	228	243	0.0%
2,3,5 Fannie Mae Pool,
6M USD LIBOR + 1.026% 3.206%	4/1/37	808	835	0.0%
2,3,5 Fannie Mae Pool, 6M
USD LIBOR + 1.413% 3.691%	7/1/34	135	143	0.0%
2,3,5 Fannie Mae Pool, 6M
USD LIBOR + 1.476% 2.242%	3/1/43	4,288	4,290	0.0%
2,3,5 Fannie Mae Pool, 6M
USD LIBOR + 1.530% 3.662%	12/1/43	1,057	1,126	0.0%
2,3,5 Fannie Mae Pool, 6M
USD LIBOR + 1.582% 2.743%	6/1/43	2,822	2,838	0.0%
2,3,5 Fannie Mae Pool, 6M
USD LIBOR + 1.638% 4.339%	8/1/39	1,192	1,222	0.0%
2,3,5 Fannie Mae Pool, 6M
USD LIBOR + 1.657% 4.260%	10/1/42	937	943	0.0%
2,3,5 Fannie Mae Pool, 6M
USDLIBOR + 1.700% 4.531%	7/1/37	292	311	0.0%
2,3,5 Fannie Mae Pool, 6M
USD LIBOR + 1.710% 3.371%	9/1/43	2,542	2,602	0.0%
2,3,5 Fannie Mae Pool, 6M
USD LIBOR + 1.723% 4.720%	5/1/42	2,052	2,143	0.0%
2,3,5 Fannie Mae Pool, 6M
USD LIBOR + 1.789% 4.572%	7/1/42	740	797	0.0%
2,3,5 Fannie Mae Pool, 6M
USD LIBOR + 1.840% 4.157%	8/1/37	561	589	0.0%
2,3,5 Fannie Mae Pool, 6M
USD LIBOR + 1.851% 4.434%	2/1/42	1,337	1,431	0.0%

１．iシェアーズ・コア S&P 500 ETF

		Maturity	Face Amount	Market Value	Percentage of Net
	Coupon	Date	($000)	($000)	Assets
2,3,5 Freddie Mac Non Gold Pool,
12M USD LIBOR + 0.985%	3.235%	10/1/37	53	54	0.0%
2,3,5 Freddie Mac Non Gold Pool,
12M USD LIBOR + 1.245%	4.098%	8/1/37	51	51	0.0%
2,3,5 Freddie Mac Non Gold Pool,
12M USD LIBOR + 1.550%	4.675%	4/1/37	1	1	0.0%
2,3,5 Freddie Mac Non Gold Pool,
12M USD LIBOR + 1.564%	4.420%	3/1/37	79	81	0.0%
2,3,5 Freddie Mac Non Gold Pool,
12M USD LIBOR + 1.570%	4.695%	3/1/37	31	32	0.0%
2,3,5 Freddie Mac Non Gold Pool,
12M USD LIBOR + 1.588%	3.921%	9/1/37	290	296	0.0%
2,3,5 Freddie Mac Non Gold Pool,
12M USD LIBOR + 1.625%	4.625%	1/1/38	80	85	0.0%
2,3,5 Freddie Mac Non Gold Pool,
12M USD LIBOR +
1.640%	3.807% – 4.515%	12/1/36 – 11/1/43	1,013	1,048	0.0%
2,3,5 Freddie Mac Non Gold Pool,
12M USD LIBOR + 1.660%	3.711%	10/1/37	535	557	0.0%
2,3,5 Freddie Mac Non Gold Pool,
12M USD LIBOR + 1.695%	4.767%	2/1/37	190	202	0.0%
2,3,5 Freddie Mac Non Gold Pool,
12M USD LIBOR + 1.727%	4.738%	1/1/35	60	64	0.0%
2,3,5 Freddie Mac Non Gold Pool,
12M USD LIBOR + 1.743%	3.865%	12/1/36	427	439	0.0%
2,3,5 Freddie Mac Non Gold Pool,
12M USD LIBOR + 1.745%	4.713%	12/1/40	1,109	1,151	0.0%
2,3,5 Freddie Mac Non Gold
Pool, 12M USD
LIBOR + 1.750%	4.625% – 4.799%	4/1/33 – 5/1/38	78	81	0.0%
2,3,5 Freddie Mac Non Gold
Pool, 12M USD
LIBOR + 1.765%	3.730% – 4.765%	4/1/35 – 12/1/36	152	163	0.0%
2,3,5 Freddie Mac Non Gold
Pool, 12M USD
LIBOR + 1.770%	3.925%	12/1/34	7	7	0.0%
2,3,5 Freddie Mac Non Gold
Pool, 12M USD
LIBOR + 1.780%	3.977%	3/1/36	4	4	0.0%
2,3,5 Freddie Mac Non Gold
Pool, 12M USD
LIBOR + 1.796%	3.871%	12/1/34	300	305	0.0%
2,3,5 Freddie Mac Non Gold
Pool, 12M USD
LIBOR + 1.798%	4.529% – 4.761%	5/1/33 – 6/1/37	625	666	0.0%
2,3,5 Freddie Mac Non Gold
Pool, 12M USD LIBOR +
1.833%	4.190%	3/1/42	796	840	0.0%
2,3,5 Freddie Mac Non Gold
Pool, 12M USD LIBOR +
1.834%	4.220%	12/1/35	369	389	0.0%
2,3,5 Freddie Mac Non Gold
Pool, 12M USD LIBOR +
1.840%	4.590%	6/1/37	71	75	0.0%

１．iシェアーズ・コア S&P 500 ETF

		Maturity	Face Amount	Market Value	Percentage of Net
	Coupon	Date	($000)	($000)	Assets
2,3,5 Freddie Mac Non Gold
Pool, 12M USD LIBOR +
1.842%	4.466%	6/1/41	43	45	0.0%
2,3,5 Freddie Mac Non Gold
Pool, 12M USD LIBOR +
1.851%	4.716%	1/1/37	258	273	0.0%
2,3,5 Freddie Mac Non Gold
Pool, 12M USD LIBOR +
1.864%	4.595%	2/1/42	296	311	0.0%
2,3,5 Freddie Mac Non Gold
Pool, 12M USD LIBOR +
1.865%	4.348%	8/1/37	231	240	0.0%
2,3,5 Freddie Mac Non Gold
Pool, 12M USD LIBOR +
1.870%	4.038%	12/1/39	157	166	0.0%
2,3,5 Freddie Mac Non Gold
Pool, 12M USD
LIBOR + 1.880%	4.005% – 5.005%	5/1/40 – 6/1/41	2,869	2,993	0.0%
2,3,5 Freddie Mac Non Gold
Pool, 12M USD
LIBOR + 1.885%	4.510%	7/1/38	224	229	0.0%
2,3,5 Freddie Mac Non Gold
Pool, 12M USD
LIBOR + 1.889%	4.956%	2/1/42	584	586	0.0%
2,3,5 Freddie Mac Non Gold
Pool, 12M USD
LIBOR + 1.895%	4.323%	9/1/40	745	784	0.0%
2,3,5 Freddie Mac Non Gold
Pool, 12M USD
LIBOR + 1.900%	3.846% – 4.705%	6/1/40 – 11/1/40	1,078	1,114	0.0%
2,3,5 Freddie Mac Non Gold
Pool, 12M USD
LIBOR + 1.910%	4.825% – 5.035%	1/1/41 – 2/1/41	1,092	1,159	0.0%
2,3,5 Freddie Mac Non Gold
Pool, 12M USD
LIBOR + 1.977%	4.783%	5/1/37	943	975	0.0%
2,3,5 Freddie Mac Non Gold
Pool, 12M USD LIBOR +
1.995%	5.120%	3/1/37	414	439	0.0%
2,3,5 Freddie Mac Non Gold
Pool, 12M USD LIBOR +
2.000%	4.750%	7/1/35	64	67	0.0%
2,3,5 Freddie Mac Non Gold
Pool, 12M USD LIBOR +
2.085%	5.210%	3/1/38	76	80	0.0%
2,3,5 Freddie Mac Non Gold
Pool, 1Y CMT + 2.125%	4.625%	6/1/35	2	2	0.0%
2,3,5 Freddie Mac Non Gold
Pool, 1Y CMT +
2.250%	4.006% – 4.991%	6/1/34 – 11/1/36	1,578	1,650	0.0%
2,3,5 Freddie Mac Non Gold
Pool, 1Y CMT + 2.273%	4.773%	6/1/36	8	8	0.0%
2,3,5 Freddie Mac Non Gold
Pool, 1Y CMT + 2.315%	4.315%	12/1/34	25	26	0.0%

１．iシェアーズ・コア S&P 500 ETF

	Maturity	Face Amount	Market Value	Percentage of Net
Coupon	Date	($000)	($000)	Assets
2,3,5 Freddie Mac Non Gold Pool, 1Y CMT + 2.409% 4.159% – 4.964%	11/1/33 – 10/1/36	507	538	0.0%
2,3,5 Freddie Mac
Non Gold Pool,
1Y CMT + 2.549% 5.173%	3/1/37	91	91	0.0%
2,3,5 Freddie Mac
Non Gold Pool,
6M USD LIBOR +
1.355% 3.438% – 3.548%	5/1/37 – 6/1/37	344	352	0.0%
2,3,5 Freddie Mac Non
Gold Pool, 6M USD
LIBOR + 1.570% 3.859%	3/1/37	126	131	0.0%
2,3,5 Freddie Mac Non
Gold Pool, 6M USD
LIBOR + 1.665% 3.982%	1/1/37	660	694	0.0%
3,5 Ginnie Mae II Pool,
1Y CMT + 1.500% 3.250% – 4.125%	6/20/29 – 1/20/44	22,890	23,589	0.1%

１．iシェアーズ・コア S&P 500 ETF

3,5 Ginnie Mae II Pool,

1Y CMT + 2.000% 4.375% – 4.625% 11/20/40 – 5/20/41 571      587     0.0%

	111,178	0.1%
Total U.S. Government and Agency Obligations (Cost $158,880,382)	162,791,480	65.5%
6Asset-Backed/Commercial Mortgage-Backed Securities (Cost $6,341,423) †	6,498,454	2.6%
Corporate Bonds
Finance 6 Banking †	14,824,628	6.0%
6 Brokerage †	597,322	0.2%
Finance Companies †	536,108	0.2%
Insurance †	2,960,585	1.2%
Other Finance †	19,088	0.0%

Real Estate Investment Trusts †  1,815,605     0.7%

20,753,336 8.3%

Industrial

6	Basic Industry †	2,023,115	0.8%
6	Capital Goods †	3,458,687	1.4%
6	Communication †	5,919,667	2.4%
6	Consumer Cyclical †	4,725,014	1.9%
6	Consumer Noncyclical †	10,928,897	4.4%
6	Energy †	6,072,233	2.4%
6	Other Industrial †	278,960	0.1%
6	Technology †	5,572,239	2.2%
6 Transportation †  1,680,177     0.7%
		40,658,989	16.3%
Utilities
Electric †		4,412,830	1.8%
Natural Gas †		375,666	0.2%
Other Utility †		93,436	0.0%
		4,881,932	2.0%
Total Corporate Bonds (Cost $62,029,801)		66,294,257	26.6%
6Sovereign Bonds (Cost $9,621,564) †		10,031,009	4.0%
Taxable Municipal Bonds (Cost $1,408,682) †		1,644,739	0.7%

１．iシェアーズ・コア S&P 500 ETF

Temporary Cash Investment Money Market Fund

7 Vanguard Market Liquidity Fund

Coupon Shares

Market Value ($000)

Percentage

of Net Assets

(Cost $4,826,526) 1.816% 48,263,387 4,826,822 2.0%

Total Investments (Cost $243,108,378) 252,086,761 101.4%

† Represents the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets. 1 Securities with a value of $374,000 have been segregated as collateral for certain open To Be Announced (TBA) transactions.

2 The issuer was placed under federal conservatorship in September 2008; since that time, its daily operations have been managed by the Federal Housing Finance Agency and it receives capital from the U.S. Treasury, as needed to maintain a positive net worth, in exchange for senior preferred stock.

3 The average or expected maturity is shorter than the final maturity shown because of the possibility of interim principal payments and prepayments or the possibility of the issue being called.

4 Includes securities purchased on a when-issued or delayed-delivery basis for which the fund has not taken delivery as of December 31, 2019.

5 Adjustable-rate security; rate shown is effective rate at period end. Certain adjustable-rate securities are not based on a published reference rate and spread but are determined by the issuer or agent based on current market conditions.

6 Certain of the fund’s securities are exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2019, the aggregate value of these securities was $2,147,924,000, representing 0.9% of net assets.

7 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.

CMT — Constant Maturing Treasury Rate. LIBOR — London Interbank Offered Rate. TBA — To Be Announced.

UMBS — Uniform Mortgage-Backed Securities.

１．iシェアーズ・コア S&P 500 ETF

●当ファンドの仕組みは次の通りです｡

運 用 会 社	DBX アドバイザーズ・エルエルシー
主 要 投 資 対 象	米ドル建てハイ・イールド社債
運 用 の 基 本 方 針	Solactive USD High Yield Corporates Total Market指数に連動する投資成果を目指 す
管 理 報 酬 等 (年)	0.15％

１．iシェアーズ・コア S&P 500 ETF

■損益計算書

For the Year Ended August 31, 2020

Xtrackers USD High Yield Corporate Bond ETF

Investment Income

Unaffiliated interest income ��������������������� $ 229,894,298

Income distributions from affiliated funds ����������������	237,075
Affiliated securities lending income ������������������	1,513,388
Unaffiliated securities lending income, net of borrower rebates ������	28,963
Total investment income ����������������������	231,673,724

Expenses

Investment advisory fees ����������������������	8,546,918
Other expenses ��������������������������	6,143
Total expenses ��������������������������	8,553,061
Less fees waived: Waiver �����������������������������	(2,157,629)
Net expenses ��������������������������	6,395,432
Net investment income (loss) ����������������������	225,278,292
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from: Investments ����������������������������	(128,213,154)
In-kind redemptions �������������������������	43,331,357
Foreign currency transactions ��������������������	—
Payments by Affiliates ������������������������	5,943
Net realized gain (loss) ������������������������	(84,875,854)

Net change in unrealized appreciation (depreciation) on:

Investments ���������������������������� 18,508,043

Net change in unrealized appreciation (depreciation) ����������� 18,508,043

Net realized and unrealized gain (loss) on investments

and foreign currency transactions ������������������� (66,367,811)

Net Increase (Decrease) in Net Assets Resulting from Operations ���� $ 158,910,481

１．iシェアーズ・コア S&P 500 ETF

■組入銘柄

August 31, 2020

CORPORATE BONDS — 98.4%

Basic Materials — 4.5% Chemicals — 2.0%

Principal

Amount Value

Forest Products & Paper — 0.0%

Mercer International, Inc. 7.375%, 1/15/25

Principal

Amount Value

Ashland LLC

4.75%, 8/15/22 ..................... $ 2,235,000 $ 2,348,147

Avient Corp.

5.25%, 3/15/23 ..................... 3,136,000 3,409,381

5.75%, 5/15/25, 144A ................ 3,415,000 3,632,706

Axalta Coating Systems LLC, 144A

4.875%, 8/15/24 .................... 2,838,000 2,914,583

Blue Cube Spinco LLC

9.75%, 10/15/23 .................... 3,896,000 4,033,198

10.00%, 10/15/25 ................... 2,975,000 3,158,572

CF Industries, Inc.

(Cost $3,253,725) ................... $ 3,140,000 $ 3,234,200

Iron/Steel — 0.7%

Allegheny Technologies, Inc.

7.875%, 8/15/23 .................... 2,580,000 2,717,527

ArcelorMittal SA

3.60%, 7/16/24 .....................	3,965,000	4,166,660
6.125%, 6/1/25 .....................	2,630,000	3,039,709
4.55%, 3/11/26 .....................	3,973,000	4,356,705

4.25%, 7/16/29 ..................... 3,101,000 3,324,257

Cleveland-Cliffs, Inc.

4.875%, 1/15/24, 144A .............. 2,358,000 2,325,330

3.45%, 6/1/23 ......................	4,279,000	4,462,248	6.75%, 3/15/26, 144A ................	4,848,000	4,957,080
Chemours Co.			5.875%, 6/1/27 .....................	3,164,000	2,906,925
6.625%, 5/15/23 ....................	4,650,000	4,681,783	United States Steel Corp.
7.00%, 5/15/25 (a) ..................	4,395,000	4,487,295	12.00%, 6/1/25, 144A ................	5,952,000	6,318,107
5.375%, 5/15/27 ....................	2,788,000	2,810,457	6.875%, 8/15/25 (a) .................	3,968,000	2,916,500
Consolidated Energy Finance SA			6.25%, 3/15/26 (a) ..................	3,647,000	2,442,451
6.875%, 6/15/25, 144A ..............	3,485,000	3,234,481	(Cost $44,672,886)		45,105,543

9.875%, 10/17/25, 144A ............. 5,102,000 5,634,292

6.50%, 5/15/26, 144A (a) ............. 1,787,000 1,583,389

Element Solutions, Inc.

5.875%, 12/1/25, 144A ..............	4,650,000	4,841,813
3.875%, 9/1/28, 144A ................	4,500,000	4,604,400
Hexion, Inc., 144A
7.875%, 7/15/27 (a) .................	2,283,000	2,294,483
INEOS Group Holdings SA, 144A

Mining — 1.8%

Alcoa Nederland Holding BV

6.75%, 9/30/24, 144A ................	4,900,000	5,077,649
7.00%, 9/30/26, 144A ................	2,856,000	3,062,532
5.50%, 12/15/27, 144A ..............	4,680,000	5,045,134
6.125%, 5/15/28, 144A ..............	2,143,000	2,319,187

5.625%, 8/1/24 .....................	3,140,000	3,187,979	6.00%, 5/15/25, 144A ................	4,216,000	4,476,865
Methanex Corp.			6.125%, 2/15/28, 144A ..............	3,505,000	3,707,677
5.25%, 12/15/29 ....................	3,815,000	3,849,240	Constellium SE
Nouryon Holding BV, 144A			5.75%, 5/15/24, 144A ................	1,960,000	2,006,344
8.00%, 10/1/26 (a) ..................	3,684,000	3,957,887	6.625%, 3/1/25, 144A ................	3,989,000	4,118,244
NOVA Chemicals Corp.			5.875%, 2/15/26, 144A ..............	2,598,000	2,667,483
5.25%, 8/1/23, 144A .................	2,665,000	2,673,301	FMG Resources August 2006 Pty Ltd.
4.875%, 6/1/24, 144A ................	5,712,000	5,683,469	4.75%, 5/15/22, 144A ................	4,873,000	5,048,306
5.00%, 5/1/25, 144A .................	2,629,000	2,635,849	5.125%, 3/15/23, 144A ..............	2,782,000	2,933,925
5.25%, 6/1/27, 144A .................	6,174,000	5,981,062	5.125%, 5/15/24, 144A (a) ............	3,930,000	4,254,638
OCI NV			4.50%, 9/15/27, 144A ................	3,303,000	3,572,822
6.625%, 4/15/23, 144A .............. 5.25%, 11/1/24, 144A ................	3,980,000 3,560,000	4,149,150 3,671,250	Freeport-McMoRan, Inc. 3.55%, 3/1/22 ......................	963,000	988,929
Olin Corp.			3.875%, 3/15/23 ....................	1,042,000	1,080,950

Arconic Corp.

9.50%, 6/1/25, 144A .................	2,853,000	3,306,356
5.125%, 9/15/27 ....................	2,903,000	2,882,403
5.625%, 8/1/29 .....................	4,271,000	4,276,360

4.55%, 11/14/24 .................... 3,845,000 4,156,003

5.00%, 9/1/27 ...................... 5,251,000 5,561,570

4.125%, 3/1/28 ..................... 4,533,000 4,747,569

5.00%, 2/1/30 ......................	3,074,000	2,973,526	5.25%, 9/1/29 (a) ...................	3,598,000	3,945,891
SPCM SA, 144A			4.25%, 3/1/30 ......................	3,580,000	3,764,585
4.875%, 9/15/25 ....................	2,801,000	2,918,320	4.625%, 8/1/30 (a) ..................	5,063,000	5,420,017
Tronox, Inc.			Hudbay Minerals, Inc.
6.50%, 5/1/25, 144A .................	2,579,000	2,770,813	7.25%, 1/15/23, 144A ................	2,122,000	2,156,260
6.50%, 4/15/26, 144A (a) .............	3,257,000	3,359,715	7.625%, 1/15/25, 144A ..............	2,979,000	3,096,492
Valvoline, Inc.			Joseph T Ryerson & Son, Inc., 144A
4.375%, 8/15/25 ....................	2,121,000	2,208,693	8.50%, 8/1/28 ......................	3,006,000	3,291,570
4.25%, 2/15/30, 144A ................	3,794,000	4,032,074	Novelis Corp.
WR Grace & Co.-Conn, 144A			5.875%, 9/30/26, 144A ..............	8,406,000	8,793,096
4.875%, 6/15/27 ....................	4,018,000	4,218,759	4.75%, 1/30/30, 144A ................	9,129,000	9,270,363
(Cost $119,793,029)		121,233,142	(Cost $107,633,844)		109,165,393

4.375%, 8/1/28 ..................... 4,364,000 4,601,292

１．iシェアーズ・コア S&P 500 ETF

Principal

Communications — 19.2% Advertising — 0.5%				Media (Continued) 5.00%, 4/1/24 ...................... $	5,417,000	$	5,528,726
Lamar Media Corp.				4.75%, 8/1/25 ......................	4,794,000		4,969,005
5.00%, 5/1/23 ...................... $	1,675,000	$	1,699,061	CCO Holdings LLC / CCO Holdings
5.75%, 2/1/26 ......................	3,895,000		4,068,620	Capital Corp.
3.75%, 2/15/28, 144A ................	3,366,000	3,372,311		4.00%, 3/1/23, 144A .................	2,873,000	2,921,453
4.875%, 1/15/29, 144A (a) ............	1,593,000	1,666,676		5.375%, 5/1/25, 144A ................	3,642,000	3,753,536
4.00%, 2/15/30, 144A ................	3,649,000	3,735,664		5.75%, 2/15/26, 144A ................	14,827,000	15,558,119
Outfront Media Capital LLC / Outfront				5.50%, 5/1/26, 144A .................	8,811,000	9,219,874
Media Capital Corp.				5.125%, 5/1/27, 144A ................	17,837,000	19,020,574
5.625%, 2/15/24 ....................	2,648,000	2,694,618		5.875%, 5/1/27, 144A ................	4,500,000	4,735,125
6.25%, 6/15/25, 144A ................	3,046,000	3,183,070		5.00%, 2/1/28, 144A .................	13,673,000	14,472,871
5.00%, 8/15/27, 144A ................	3,568,000	3,510,520		5.375%, 6/1/29, 144A ................	8,396,000	9,224,181
4.625%, 3/15/30, 144A ..............	2,437,000	2,360,844		4.75%, 3/1/30, 144A .................	17,100,000	18,392,760
Terrier Media Buyer, Inc., 144A				4.50%, 8/15/30, 144A ................	14,611,000	15,524,261
8.875%, 12/15/27 ...................	5,740,000	5,953,384		4.25%, 2/1/31, 144A .................	17,492,000	18,320,329

Amount Value

Principal

Amount Value

(Cost $32,244,561)		32,244,768	4.50%, 5/1/32, 144A ................. Cengage Learning, Inc., 144A	7,923,000	8,407,412
Internet — 2.0%			9.50%, 6/15/24 .....................	3,546,000	2,388,745
Match Group Holdings II LLC			Clear Channel Worldwide Holdings,
5.00%, 12/15/27, 144A ..............	2,788,000	2,982,630	Inc.
4.625%, 6/1/28, 144A ................	2,677,000	2,825,319	9.25%, 2/15/24 .....................	10,642,000	10,456,882
4.125%, 8/1/30, 144A ................	2,588,000	2,715,381	5.125%, 8/15/27, 144A ..............	6,824,000	6,902,817
Netflix, Inc.			CSC Holdings LLC
5.50%, 2/15/22 .....................	3,723,000	3,927,765	6.75%, 11/15/21 ....................	5,447,000	5,734,683
5.75%, 3/1/24 ......................	2,425,000	2,741,923	5.875%, 9/15/22 ....................	4,069,000	4,322,194
5.875%, 2/15/25 ....................	4,189,000	4,849,207	5.25%, 6/1/24 ......................	4,209,000	4,566,344
3.625%, 6/15/25, 144A ..............	2,465,000	2,606,491	5.50%, 5/15/26, 144A ................	8,083,000	8,488,847
4.375%, 11/15/26 ...................	5,745,000	6,405,215	5.50%, 4/15/27, 144A ................	6,861,000	7,323,843
4.875%, 4/15/28 ....................	9,052,000	10,492,445	5.375%, 2/1/28, 144A ................	5,732,000	6,129,686
5.875%, 11/15/28 ...................	11,332,000	13,901,928	7.50%, 4/1/28, 144A .................	6,077,000	6,829,849
6.375%, 5/15/29 ....................	3,960,000	5,004,450	6.50%, 2/1/29, 144A .................	9,479,000	10,681,648
5.375%, 11/15/29, 144A .............	4,975,000	5,988,656	5.75%, 1/15/30, 144A ................	12,599,000	13,748,722
4.875%, 6/15/30, 144A ..............	5,717,000	6,614,569	4.125%, 12/1/30, 144A ..............	6,498,000	6,751,422
NortonLifeLock, Inc.			4.625%, 12/1/30, 144A ..............	12,658,000	12,989,450
3.95%, 6/15/22 .....................	2,241,000	2,319,458	3.375%, 2/15/31, 144A ..............	5,616,000	5,553,775
5.00%, 4/15/25, 144A ................	6,115,000	6,275,519	Diamond Sports Group LLC / Diamond
Photo Holdings Merger Sub, Inc., 144A			Sports Finance Co.
8.50%, 10/1/26 .....................	4,448,000	4,095,630	5.375%, 8/15/26, 144A ..............	16,628,000	13,009,997
Twitter, Inc., 144A			6.625%, 8/15/27, 144A ..............	9,765,000	5,505,019
3.875%, 12/15/27 ...................	3,919,000	4,145,126	DISH DBS Corp.
Uber Technologies, Inc.			5.875%, 7/15/22 ....................	11,672,000	12,267,272
7.50%, 11/1/23, 144A ................	3,096,000	3,217,905	5.00%, 3/15/23 .....................	8,230,000	8,528,338
7.50%, 5/15/25, 144A ................	5,588,000	5,872,988	5.875%, 11/15/24 ...................	10,034,000	10,620,362
8.00%, 11/1/26, 144A ................	8,449,000	8,960,925	7.75%, 7/1/26 ......................	11,195,000	12,832,437
7.50%, 9/15/27, 144A ................	6,776,000	7,112,089	7.375%, 7/1/28, 144A ................	6,293,000	6,684,267
VeriSign, Inc.			Entercom Media Corp.
4.625%, 5/1/23 .....................	4,235,000	4,292,808	7.25%, 11/1/24, 144A (a) .............	2,422,000	1,946,428
5.25%, 4/1/25 ......................	2,602,000	2,921,018	6.50%, 5/1/27, 144A .................	2,252,000	1,927,847
4.75%, 7/15/27 .....................	3,244,000	3,462,046	Gray Television, Inc.

5.125%, 10/15/24, 144A .............	3,017,000	3,092,108
5.875%, 7/15/26, 144A ..............	4,300,000	4,469,850

(Cost $120,131,161) 123,731,491

Media — 9.3% Altice Financing SA			7.00%, 5/15/27, 144A ................	3,885,000	4,225,132
7.50%, 5/15/26, 144A ................	14,826,000	15,840,654	6.375%, 5/1/26 .....................	4,588,215	4,804,962
5.00%, 1/15/28, 144A ................ AMC Networks, Inc. 4.75%, 12/15/22 ....................	7,067,000 1,834,000	7,268,586 1,842,666	8.375%, 5/1/27 ..................... 5.25%, 8/15/27, 144A ................ 4.75%, 1/15/28, 144A ................	8,118,141 4,203,000 2,647,000	8,234,352 4,189,088 2,531,564

iHeartCommunications, Inc.

１．iシェアーズ・コア S&P 500 ETF

Principal Principal

Media (Continued)	Amount	Value	Telecommunications (Continued)	Amount	Value
LCPR Senior Secured Financing DAC,			5.50%, 1/15/28, 144A $	5,958,000	$ 6,267,071
144A			C&W Senior Financing DAC
6.75%, 10/15/27 .................... $	6,488,000	$ 6,966,490	7.50%, 10/15/26, 144A ..............	2,607,000	2,790,546
Meredith Corp.			6.875%, 9/15/27, 144A ..............	6,830,000	7,169,280
6.875%, 2/1/26 .....................	7,128,000	6,207,152	CenturyLink, Inc.
Nexstar Broadcasting, Inc.			Series T, 5.80%, 3/15/22 .............	8,014,000	8,389,256
5.625%, 8/1/24, 144A ................	5,113,000	5,258,951	Series W, 6.75%, 12/1/23 ............	3,830,000	4,251,338
5.625%, 7/15/27, 144A ..............	10,157,000	10,731,531	Series Y, 7.50%, 4/1/24 ..............	5,769,000	6,547,815
Quebecor Media, Inc.			5.625%, 4/1/25 .....................	2,498,000	2,700,963
5.75%, 1/15/23 .....................	5,515,000	5,929,204	5.125%, 12/15/26, 144A .............	7,434,000	7,720,060
Sinclair Television Group, Inc.			4.00%, 2/15/27, 144A ................	7,004,000	7,122,087
5.625%, 8/1/24, 144A ................	3,294,000	3,302,251	Cincinnati Bell, Inc., 144A
5.125%, 2/15/27, 144A ..............	2,644,000	2,577,900	7.00%, 7/15/24 .....................	3,668,000	3,803,221
5.50%, 3/1/30, 144A .................	2,800,000	2,740,892	CommScope Technologies LLC
Sirius XM Radio, Inc.			6.00%, 6/15/25, 144A ................	7,379,000	7,574,986
3.875%, 8/1/22, 144A ................	4,869,000	4,917,690	5.00%, 3/15/27, 144A ................	3,816,000	3,797,321
4.625%, 7/15/24, 144A ..............	7,893,000	8,198,854	CommScope, Inc.
5.375%, 7/15/26, 144A ..............	6,355,000	6,668,333	5.50%, 3/1/24, 144A .................	6,668,000	6,893,812
5.00%, 8/1/27, 144A .................	8,772,000	9,317,136	6.00%, 3/1/26, 144A .................	8,212,000	8,736,049
5.50%, 7/1/29, 144A .................	6,770,000	7,450,182	8.25%, 3/1/27, 144A (a) ..............	5,786,000	6,263,027
4.125%, 7/1/30, 144A ................	8,551,000	9,011,471	7.125%, 7/1/28, 144A ................	4,828,000	5,159,112
TEGNA, Inc.			Connect Finco SARL / Connect US
4.625%, 3/15/28, 144A ..............	5,522,000	5,591,025	Finco LLC, 144A
5.00%, 9/15/29, 144A ................	6,366,000	6,409,289	6.75%, 10/1/26 .....................	11,656,000	12,045,893
Telenet Finance Luxembourg Notes			Consolidated Communications, Inc.
SARL, 144A			6.50%, 10/1/22 (a) ..................	2,406,000	2,359,384
5.50%, 3/1/28 ......................	4,800,000	5,126,400	DKT Finance ApS, 144A
Univision Communications, Inc.			9.375%, 6/17/23 ....................	2,276,000	2,301,605
5.125%, 2/15/25, 144A ..............	8,139,000	8,210,216	Gogo Intermediate Holdings LLC /
6.625%, 6/1/27, 144A ................	8,194,000	8,235,626	Gogo Finance Co., Inc., 144A
UPC Holding BV, 144A			9.875%, 5/1/24 .....................	5,051,000	5,265,668
5.50%, 1/15/28 .....................	3,037,000	3,177,173	GTT Communications, Inc., 144A
Videotron Ltd.			7.875%, 12/31/24 ...................	3,289,000	1,249,458
5.00%, 7/15/22 .....................	4,160,000	4,381,832	Hughes Satellite Systems Corp.
5.375%, 6/15/24, 144A ..............	2,742,000	2,993,496	5.25%, 8/1/26 ......................	3,916,000	4,292,171
5.125%, 4/15/27, 144A ..............	4,229,000	4,484,453	6.625%, 8/1/26 .....................	4,187,000	4,756,683
Virgin Media Finance PLC, 144A			Intrado Corp., 144A
5.00%, 7/15/30 .....................	4,913,000	5,066,900	8.50%, 10/15/25 ....................	6,507,000	5,781,063
Virgin Media Secured Finance PLC			Level 3 Financing, Inc.
5.50%, 8/15/26, 144A ................	4,985,000	5,265,406	5.375%, 1/15/24 ....................	6,330,000	6,424,285
5.50%, 5/15/29, 144A ................	8,029,000	8,694,122	5.375%, 5/1/25 .....................	2,650,000	2,735,595
4.50%, 8/15/30, 144A ................	3,979,000	4,181,929	5.25%, 3/15/26 .....................	5,573,000	5,817,376
Ziggo Bond Co. BV			4.625%, 9/15/27, 144A ..............	5,922,000	6,213,925
6.00%, 1/15/27, 144A ................	3,547,000	3,743,522	4.25%, 7/1/28, 144A .................	7,208,000	7,426,042
5.125%, 2/28/30, 144A ..............	2,856,000	3,030,930	3.625%, 1/15/29, 144A ..............	3,800,000	3,821,755
Ziggo BV			Metropolitan Light Co. Ltd., 144A
5.50%, 1/15/27, 144A ................	10,121,000	10,655,945	5.50%, 11/21/22 ....................	3,051,000	3,122,749
4.875%, 1/15/30, 144A ..............	3,830,000	4,071,252	Nokia OYJ

(Cost $575,815,862) 575,335,615

3.375%, 6/12/22 .................... 3,079,000 3,180,961

Telecommunications — 7.4%			Qwest Corp.
Altice France Holding SA		6.75%, 12/1/21 .....................		5,361,000	5,683,390
10.50%, 5/15/27, 144A ..............	9,304,000	10,682,155	Sable International Finance Ltd., 144A
6.00%, 2/15/28, 144A ................ Altice France SA 7.375%, 5/1/26, 144A ................	6,846,000 28,693,000	6,858,699 30,492,051	5.75%, 9/7/27 ...................... 11.50%, 11/15/21 ...................	3,207,000 5,682,000	3,390,312 6,328,328
8.125%, 2/1/27, 144A ................	10,030,000	11,194,934	6.00%, 11/15/22 ....................	13,633,000	14,808,846

4.375%, 6/12/27 .................... 2,697,000 2,956,923

Sprint Communications, Inc.

Telecommunications (Continued)	Principal Amount	Value	Apparel — 0.5%	Principal Amount	Value
Sprint Corp.			Hanesbrands, Inc.
7.25%, 9/15/21 ..................... $	12,807,000	$ 13,528,675	4.625%, 5/15/24, 144A $	5,576,000	$ 5,869,325
7.875%, 9/15/23 ....................	24,095,000	28,055,616	5.375%, 5/15/25, 144A ..............	3,957,000	4,225,087
7.125%, 6/15/24 ....................	13,573,000	15,791,778	4.875%, 5/15/26, 144A ..............	4,929,000	5,375,592
7.625%, 2/15/25 ....................	8,014,000	9,611,791	Levi Strauss & Co.
7.625%, 3/1/26 ..................... Telecom Italia SpA, 144A	8,521,000	10,492,163	5.00%, 5/1/25 ...................... Michael Kors USA, Inc., 144A	5,392,000	5,532,974

１．iシェアーズ・コア S&P 500 ETF

4.125%, 5/15/22 .................... 5,930,000 6,231,333

T-Mobile USA, Inc.

3.25%, 6/15/26 (a) .................. 3,582,000 3,367,080

5.303%, 5/30/24 ....................	8,401,000	9,287,180	4.25%, 11/1/24 .....................	2,330,000	2,248,450
Telefonaktiebolaget LM Ericsson			Under Armour, Inc.

William Carter Co.

4.00%, 4/15/22 .....................	1,983,000	2,063,321	5.50%, 5/15/25, 144A ................	2,889,000	3,101,717
6.00%, 3/1/23 ......................	4,887,000	4,899,218	5.625%, 3/15/27, 144A ..............	3,114,000	3,278,746
6.00%, 4/15/24 .....................	6,637,000	6,775,581	(Cost $32,311,180)		32,998,971
6.375%, 3/1/25 .....................	6,428,000	6,564,595	Auto Manufacturers — 4.2%
5.125%, 4/15/25 ....................	3,721,000	3,826,081	Allison Transmission, Inc.
6.50%, 1/15/26 .....................	10,542,000	11,049,334	5.00%, 10/1/24, 144A ................	5,603,000	5,662,616
4.50%, 2/1/26 ......................	6,962,000	7,192,512	4.75%, 10/1/27, 144A ................	2,388,000	2,503,961
5.375%, 4/15/27 ....................	3,605,000	3,894,860	5.875%, 6/1/29, 144A ................	2,941,000	3,224,409
4.75%, 2/1/28 ......................	8,105,000	8,743,269	Fiat Chrysler Automobiles NV

American Airlines Group, Inc.
5.00%, 6/1/22, 144A .................	4,684,000	3,035,419
3.75%, 3/1/25, 144A .................	3,599,000	1,724,713
American Airlines, Inc., 144A
11.75%, 7/15/25 ....................	12,982,000	12,488,749
Delta Air Lines, Inc.

VEON Holdings BV	5.25%, 4/15/23 .....................			8,191,000	8,697,818
7.504%, 3/1/22, 144A ................	2,243,000	2,427,677	Ford Motor Co.
5.95%, 2/13/23, 144A ................	2,592,000	2,833,380	8.50%, 4/21/23 .....................	18,744,000	20,749,608
7.25%, 4/26/23, 144A ................	3,403,000	3,789,441	9.00%, 4/22/25 .....................	19,873,000	23,282,213
4.95%, 6/16/24, 144A ................	2,602,000	2,822,012	4.346%, 12/8/26 ....................	8,123,000	8,155,005
4.00%, 4/9/25, 144A .................	6,455,000	6,723,302	9.625%, 4/22/30 ....................	5,787,000	7,594,743
ViaSat, Inc.			Ford Motor Credit Co. LLC
5.625%, 9/15/25, 144A ..............	3,934,000	3,953,690	5.596%, 1/7/22 .....................	7,523,000	7,748,464
5.625%, 4/15/27, 144A ..............	3,584,000	3,807,337	3.219%, 1/9/22 .....................	4,850,000	4,843,404
6.50%, 7/15/28, 144A ................	2,136,000	2,214,060	3.339%, 3/28/22 ....................	4,601,000	4,628,836
Windstream Escrow LLC / Windstream			2.979%, 8/3/22 .....................	4,683,000	4,668,366
Escrow Finance Corp., 144A			4.25%, 9/20/22 .....................	5,636,000	5,734,010
7.75%, 8/15/28 .....................	7,800,000	7,829,250	Series MTN, 3.55%, 10/7/22 ..........	3,594,000	3,608,376
Zayo Group Holdings, Inc.			3.35%, 11/1/22 .....................	7,178,000	7,177,210
4.00%, 3/1/27, 144A .................	8,568,000	8,482,791	3.087%, 1/9/23 .....................	8,433,000	8,399,184
6.125%, 3/1/28, 144A ................	5,739,000	5,936,536	4.14%, 2/15/23 .....................	6,659,000	6,823,477
(Cost $457,153,098)		463,202,978	3.096%, 5/4/23 ..................... 4.375%, 8/6/23 .....................	6,005,000 5,593,000	5,983,982 5,773,095
Consumer, Cyclical — 20.1%			3.37%, 11/17/23 ....................	1,500,000	1,510,627
Airlines — 0.7%			3.81%, 1/9/24 ......................	6,460,000	6,496,338

5.584%, 3/18/24 .................... 8,012,000 8,552,810

3.664%, 9/8/24 .....................	4,734,000	4,720,674
4.063%, 11/1/24 ....................	7,821,000	7,947,661
4.687%, 6/9/25 .....................	5,102,000	5,254,499
5.125%, 6/16/25 ....................	8,412,000	8,851,443
4.134%, 8/4/25 .....................	7,778,000	7,817,668

3.625%, 3/15/22 ....................	4,929,000	4,901,974	4.542%, 8/1/26 .....................	4,883,000	4,989,816
3.80%, 4/19/23 .....................	3,471,000	3,336,901	4.271%, 1/9/27 .....................	4,615,000	4,661,150
2.90%, 10/28/24 ....................	5,043,000	4,633,661	4.125%, 8/17/27 ....................	5,800,000	5,795,273
7.375%, 1/15/26 ....................	7,005,000	7,299,279	3.815%, 11/2/27 ....................	4,933,000	4,834,340
4.375%, 4/19/28 ....................	2,660,000	2,492,312	5.113%, 5/3/29 .....................	8,627,000	9,129,523
3.75%, 10/28/29 .................... United Airlines Holdings, Inc. 4.25%, 10/1/22 (a) ..................	3,362,000 2,114,000	3,003,787 1,958,758	Jaguar Land Rover Automotive PLC 5.625%, 2/1/23, 144A (a) ............. 4.50%, 10/1/27, 144A (a) .............	2,842,000 2,911,000	2,751,383 2,453,696

Series GMTN, 4.389%, 1/8/26 ........ 7,231,000 7,366,437

Navistar International Corp.
9.50%, 5/1/25, 144A .................	3,359,000	3,837,658
6.625%, 11/1/25, 144A ..............	6,277,000	6,423,285

(Cost $43,724,821) 44,875,553

Auto Manufacturers (Continued)

Tesla, Inc., 144A

Principal

１．iシェアーズ・コア S&P 500 ETF

Amount Value

Entertainment — 2.8%

AMC Entertainment Holdings, Inc.,

Principal

Amount Value

5.30%, 8/15/25 ..................... $ 9,357,000 $ 9,732,496

(Cost $245,192,522) 258,385,554

Auto Parts & Equipment — 1.3%

Adient Global Holdings Ltd., 144A

4.875%, 8/15/26 .................... 5,099,000 4,789,873

Adient US LLC, 144A

9.00%, 4/15/25 ..................... 3,374,000 3,751,466

American Axle & Manufacturing, Inc.

6.25%, 4/1/25 (a) ...................	3,991,000	4,124,519
6.25%, 3/15/26 .....................	2,195,000	2,245,019
6.50%, 4/1/27 ......................	2,728,000	2,808,135
6.875%, 7/1/28 .....................	2,306,000	2,406,034
Clarios Global LP, 144A
6.75%, 5/15/25 .....................	3,168,000	3,399,391
Clarios Global LP / Clarios US Finance
Co.
6.25%, 5/15/26, 144A ................	6,171,000	6,556,687
8.50%, 5/15/27, 144A ................	10,352,000	11,008,705
Dana, Inc.

5.125%, 11/15/23 ...................	5,696,000	5,720,977	7.875%, 12/20/23 ...................	2,773,000	2,523,430
9.50%, 5/31/25 .....................	4,863,000	5,468,905	International Game Technology PLC

5.50%, 12/15/24 .................... 2,343,000 2,398,400

144A

10.50%, 4/15/25 .................... $ 2,470,000 $ 2,179,775

Caesars Entertainment, Inc.

6.25%, 7/1/25, 144A ................. 18,838,000 19,991,733

8.125%, 7/1/27, 144A ................ 10,749,000 11,407,967

Caesars Resort Collection LLC / CRC Finco, Inc.

5.75%, 7/1/25, 144A ................. 5,820,000 6,103,725

5.25%, 10/15/25, 144A ..............	8,918,000	8,549,553
Cedar Fair LP
5.25%, 7/15/29 .....................	2,698,000	2,619,245
Cedar Fair LP / Canada’s Wonderland
Co. / Magnum Management Corp. /
Millennium Op
5.50%, 5/1/25, 144A .................	5,780,000	5,975,075
5.375%, 4/15/27 ....................	2,976,000	2,969,468
Churchill Downs, Inc.
5.50%, 4/1/27, 144A .................	3,794,000	3,992,483
4.75%, 1/15/28, 144A ................	2,759,000	2,820,567
Cinemark USA, Inc.

5.375%, 11/15/27 ...................	1,582,000	1,665,055	5.125%, 12/15/22 ...................	2,188,000	2,056,720
5.625%, 6/15/28 .................... Goodyear Tire & Rubber Co.	2,709,000	2,855,652	4.875%, 6/1/23 ..................... Cirsa Finance International SARL, 144A	4,181,000	3,856,554

5.00%, 5/31/26 .....................	4,625,000	4,648,125	6.25%, 2/15/22, 144A ................	5,627,000	5,794,094
4.875%, 3/15/27 (a) .................	3,923,000	3,928,002	6.50%, 2/15/25, 144A ................	6,118,000	6,672,383
Meritor, Inc.			6.25%, 1/15/27, 144A ................	4,332,000	4,756,601
6.25%, 2/15/24 .....................	2,719,000	2,766,868	5.25%, 1/15/29, 144A ................	4,053,000	4,160,830
Tenneco, Inc.			Lions Gate Capital Holdings LLC
5.00%, 7/15/26 .....................	2,411,000	1,773,664	6.375%, 2/1/24, 144A ................	3,116,000	3,195,816
ZF North America Capital, Inc.			5.875%, 11/1/24, 144A ..............	3,519,000	3,558,219
4.50%, 4/29/22, 144A ................	3,185,000	3,306,428	Live Nation Entertainment, Inc.
4.75%, 4/29/25, 144A ................	6,177,000	6,544,532	4.875%, 11/1/24, 144A ..............	2,887,000	2,843,262

(Cost $80,859,662) 82,166,437

6.50%, 5/15/27, 144A ................ 6,366,000 6,947,089

6.125%, 8/15/25 ....................	4,223,000	4,350,070	7.00%, 5/15/28, 144A ................	3,736,000	3,668,416
HD Supply, Inc., 144A			7.25%, 11/15/29, 144A ..............	2,589,000	2,561,013

Distribution/Wholesale — 0.6% American Builders & Contractors	4.75%, 10/15/27, 144A .............. Merlin Entertainments Ltd., 144A 5.75%, 6/15/26 .....................			5,777,000 2,186,000	5,464,667 2,106,342
Supply Co., Inc.	Scientific Games International, Inc.
5.875%, 5/15/26, 144A ..............	3,443,000	3,614,513	8.625%, 7/1/25, 144A ................	3,248,000	3,391,984
4.00%, 1/15/28, 144A ................	3,836,000	3,954,187	5.00%, 10/15/25, 144A ..............	6,640,000	6,572,106
Core & Main LP, 144A			8.25%, 3/15/26, 144A ................	6,696,000	6,874,817

5.375%, 10/15/26 ................... 3,840,000 4,048,858

KAR Auction Services, Inc., 144A

5.125%, 6/1/25 ..................... 5,199,000 5,244,491

Performance Food Group, Inc., 144A

5.50%, 10/15/27 ....................	5,954,000	6,217,941
Wolverine Escrow LLC
8.50%, 11/15/24, 144A ..............	3,737,000	2,896,175
9.00%, 11/15/26, 144A ..............	4,521,000	3,492,472

(Cost $37,444,007)	36,166,492	WMG Acquisition Corp. 3.875%, 7/15/30, 144A ..............	2,761,000	2,889,676
		3.00%, 2/15/31, 144A ................	3,230,000	3,221,893

13.125%, 11/15/27, 144A ............ 3,366,000 2,347,785

Six Flags Entertainment Corp.

4.875%, 7/31/24, 144A .............. 5,653,000 5,490,929

5.50%, 4/15/27, 144A (a) ............. 2,524,000 2,464,055

Six Flags Theme Parks, Inc., 144A
7.00%, 7/1/25 (a) ...................	4,382,000	4,750,943
Stars Group Holdings BV / Stars Group
US Co.-Borrower LLC, 144A
7.00%, 7/15/26 .....................	5,174,000	5,507,076

１．iシェアーズ・コア S&P 500 ETF

Entertainment (Continued)	Amount	Value	Housewares (Continued)	Amount	Value
Wynn Resorts Finance LLC / Wynn			4.875%, 6/1/25 (a) $	3,290,000	$ 3,568,893
Resorts Capital Corp.			4.70%, 4/1/26 ......................	10,829,000	11,683,733
7.75%, 4/15/25, 144A (a) $	4,197,000	$ 4,411,949	Scotts Miracle-Gro Co.
5.125%, 10/1/29, 144A ..............	4,189,000	4,089,511	4.50%, 10/15/29 ....................	1,653,000	1,773,826
(Cost $175,920,930)		176,439,966	(Cost $25,399,035)		26,042,793
Food Service — 0.4%			Leisure Time — 1.4%
Aramark Services, Inc.			Carnival Corp.
5.00%, 4/1/25, 144A .................	3,287,000	3,329,780	11.50%, 4/1/23, 144A ................	22,526,000	25,177,423
6.375%, 5/1/25, 144A ................	8,828,000	9,258,365	10.50%, 2/1/26, 144A ................	4,304,000	4,529,960
4.75%, 6/1/26 ......................	2,713,000	2,705,119	9.875%, 8/1/27, 144A ................	5,000,000	5,052,850
5.00%, 2/1/28, 144A (a) ..............	6,423,000	6,401,451	NCL Corp. Ltd.

Principal Principal

(Cost $21,818,462) 21,694,715

12.25%, 5/15/24, 144A (a) ............ 3,953,000 4,410,066

4.50%, 4/30/24 ..................... 3,346,000 3,596,967

5.875%, 11/15/24 ................... 2,976,000 3,336,527

4.75%, 11/29/27 ....................	5,571,000	6,357,904	8.625%, 6/1/25, 144A ................	3,160,000	3,487,850
Mattamy Group Corp.			6.375%, 4/1/26 .....................	4,169,000	4,352,019
5.25%, 12/15/27, 144A ..............	2,215,000	2,321,597	6.00%, 8/15/26 .....................	4,117,000	4,307,164
4.625%, 3/1/30, 144A ................	3,266,000	3,345,102	4.75%, 12/1/27 .....................	5,643,000	5,627,143
Meritage Homes Corp. 6.00%, 6/1/25 ......................	2,286,000	2,597,708	Diamond Resorts International, Inc. 7.75%, 9/1/23, 144A .................	2,210,000	2,172,684
PulteGroup, Inc.			10.75%, 9/1/24, 144A (a) .............	3,694,000	3,282,655
5.50%, 3/1/26 ......................	4,038,000	4,615,050	Hilton Domestic Operating Co., Inc.
5.00%, 1/15/27 .....................	3,098,000	3,539,465	4.25%, 9/1/24 ......................	5,471,000	5,518,297
Taylor Morrison Communities, Inc.			5.375%, 5/1/25, 144A ................	3,357,000	3,522,500
5.875%, 6/15/27, 144A ..............	2,579,000	2,894,360	5.125%, 5/1/26 .....................	8,582,000	8,870,012
5.75%, 1/15/28, 144A ................	2,483,000	2,794,194	5.75%, 5/1/28, 144A .................	3,118,000	3,297,285
5.125%, 8/1/30, 144A ................	3,059,000	3,329,569	4.875%, 1/15/30 ....................	5,229,000	5,397,269
Toll Brothers Finance Corp.			Hilton Worldwide Finance LLC / Hilton

4.75%, 5/30/25 ..................... 2,428,000 2,664,985

			3.625%, 12/15/24, 144A .............	2,754,000	1,891,654
Home Builders — 1.2%			10.25%, 2/1/26, 144A ................	4,175,000	4,211,531
Brookfield Residential Properties, Inc. /			Royal Caribbean Cruises Ltd.
Brookfield Residential US Corp.			5.25%, 11/15/22 ....................	3,731,000	3,346,241
6.25%, 9/15/27, 144A ................	3,447,000	3,498,067	10.875%, 6/1/23, 144A ..............	6,000,000	6,614,526
4.875%, 2/15/30, 144A ..............	2,586,000	2,425,177	9.125%, 6/15/23, 144A ..............	6,040,000	6,364,650
KB Home			11.50%, 6/1/25, 144A ................	13,500,000	15,659,586
7.00%, 12/15/21 ....................	2,466,000	2,595,157	3.70%, 3/15/28 .....................	2,111,000	1,599,082
Lennar Corp.			Viking Cruises Ltd.
4.125%, 1/15/22 ....................	3,632,000	3,721,438	13.00%, 5/15/25, 144A ..............	3,922,000	4,363,225
4.75%, 11/15/22 ....................	3,132,000	3,295,569	5.875%, 9/15/27, 144A ..............	4,744,000	3,377,135
4.875%, 12/15/23 ...................	1,595,000	1,714,625	(Cost $86,152,187)		86,597,929

Lodging — 2.5%

Boyd Gaming Corp.

5.875%, 2/15/22 ....................	2,138,000	2,235,546
4.375%, 4/15/23 ....................	3,506,000	3,685,314
4.875%, 3/15/27 ....................	1,882,000	2,123,950
4.35%, 2/15/28 .....................	2,414,000	2,621,749

4.625%, 4/1/25 .....................	5,440,000	5,514,229
4.875%, 4/1/27 .....................	3,033,000	3,115,846
Marriott Ownership Resorts, Inc., 144A
6.125%, 9/15/25 ....................	3,008,000	3,209,160

Worldwide Finance Corp.

3.80%, 11/1/29 ..................... 2,376,000 2,512,691

(Cost $70,114,340) 71,822,711

Home Furnishings — 0.1%

Tempur Sealy International, Inc.

5.625%, 10/15/23 ................... 2,522,000 2,575,328

5.50%, 6/15/26 ..................... 3,553,000 3,725,551

(Cost $6,248,443) 6,300,879

Housewares — 0.4%

Newell Brands, Inc.

4.35%, 4/1/23 ...................... 8,511,000 9,016,341

Melco Resorts Finance Ltd.

4.875%, 6/6/25, 144A (a) ............. 5,429,000 5,625,768

5.25%, 4/26/26, 144A ................ 2,340,000 2,418,308

5.625%, 7/17/27, 144A .............. 4,207,000 4,374,257

5.75%, 7/21/28, 144A ................ 4,671,000 4,885,037

5.375%, 12/4/29, 144A .............. 4,922,000 5,069,660

MGM Resorts International

7.75%, 3/15/22 ..................... 4,712,000 5,009,445

6.00%, 3/15/23 ..................... 6,929,000 7,323,087

6.75%, 5/1/25 ...................... 4,627,000 4,958,178

5.75%, 6/15/25 ..................... 3,918,000 4,194,278

１．iシェアーズ・コア S&P 500 ETF

Lodging (Continued)	Amount	Value	Retail (Continued)	Amount	Value
4.625%, 9/1/26 ..................... $	2,457,000	$ 2,507,135	5.625%, 10/15/23 ................... $	2,383,000	$ 2,490,747
5.50%, 4/15/27 .....................	4,839,000	5,124,041	6.875%, 7/1/25, 144A ................	4,526,000	4,903,876
Station Casinos LLC			9.375%, 7/1/25, 144A (a) .............	2,921,000	3,406,032
5.00%, 10/1/25, 144A ................	2,792,000	2,764,094	5.25%, 2/1/28 ......................	2,874,000	2,765,406
4.50%, 2/15/28, 144A ................	4,011,000	3,822,884	7.50%, 6/15/29 (a) ..................	2,859,000	3,049,667
Wyndham Destinations, Inc.			Macy’s Retail Holdings LLC
4.25%, 3/1/22 ......................	3,281,000	3,307,625	3.875%, 1/15/22 ....................	2,571,000	2,365,063
3.90%, 3/1/23 ......................	2,157,000	2,140,488	2.875%, 2/15/23 ....................	3,821,000	3,173,914
6.625%, 7/31/26, 144A ..............	3,953,000	4,195,121	3.625%, 6/1/24 (a) ..................	2,707,000	2,050,417
5.75%, 4/1/27 ......................	2,336,000	2,402,716	Macy’s, Inc., 144A
Wyndham Hotels & Resorts, Inc.			8.375%, 6/15/25 ....................	7,135,000	7,465,779
5.375%, 4/15/26, 144A ..............	2,500,000	2,598,438	Michaels Stores, Inc., 144A
4.375%, 8/15/28, 144A ..............	2,800,000	2,826,810	8.00%, 7/15/27 (a) ..................	2,746,000	2,778,101
Wynn Las Vegas LLC / Wynn Las Vegas			Penske Automotive Group, Inc.
Capital Corp.			5.75%, 10/1/22 (a) ..................	2,751,000	2,761,495
4.25%, 5/30/23, 144A ................	2,553,000	2,513,135	3.50%, 9/1/25 ......................	3,290,000	3,319,923
5.50%, 3/1/25, 144A .................	9,622,000	9,543,821	5.50%, 5/15/26 .....................	2,527,000	2,636,836
5.25%, 5/15/27, 144A ................	4,780,000	4,664,683	PetSmart, Inc.
(Cost $153,177,678)		153,943,122	7.125%, 3/15/23, 144A ..............	10,194,000	10,282,637

Principal Principal

Retail — 3.8%

4.25%, 5/15/24, 144A ................	8,042,000	8,200,829	4.375%, 3/15/23 ....................	4,506,000	4,714,402
5.75%, 4/15/25, 144A ................	2,816,000	3,010,501	4.85%, 4/1/24 ......................	2,762,000	2,936,006
5.00%, 10/15/25, 144A ..............	15,511,000	15,954,692	4.45%, 2/15/25 .....................	4,395,000	4,603,763
3.875%, 1/15/28, 144A ..............	3,749,000	3,849,061	4.75%, 2/15/27 .....................	3,183,000	3,400,860
4.375%, 1/15/28, 144A .............. Beacon Roofing Supply, Inc., 144A	4,680,000	4,816,609	4.375%, 9/1/28 ..................... Rite Aid Corp.	2,300,000	2,398,843
4.875%, 11/1/25 ....................	7,409,000	7,358,508	7.50%, 7/1/25, 144A .................	3,202,000	3,207,684
eG Global Finance PLC			8.00%, 11/15/26, 144A ..............	4,830,000	4,914,525
6.75%, 2/7/25, 144A .................	4,070,000	4,215,421	Sally Holdings LLC / Sally Capital, Inc.
8.50%, 10/30/25, 144A ..............	3,762,000	4,032,789	5.625%, 12/1/25 ....................	3,709,000	3,771,218
Ferrellgas LP / Ferrellgas Finance Corp.			Staples, Inc.
6.75%, 1/15/22 (a) ..................	3,048,000	2,708,194	7.50%, 4/15/26, 144A ................	11,055,000	9,802,137
6.75%, 6/15/23 (a) ..................	2,489,000	2,162,057	10.75%, 4/15/27, 144A ..............	5,690,000	3,965,219
10.00%, 4/15/25, 144A ..............	3,839,000	4,191,708	Suburban Propane Partners LP/
Gap, Inc.			Suburban Energy Finance Corp.
8.375%, 5/15/23, 144A (a) ............	2,785,000	3,112,237	5.50%, 6/1/24 ......................	2,700,000	2,735,411
8.625%, 5/15/25, 144A (a) ............	4,605,000	5,151,383	Yum! Brands, Inc.
8.875%, 5/15/27, 144A ..............	5,393,000	6,087,349	7.75%, 4/1/25, 144A (a) ..............	3,396,000	3,795,030
Golden Nugget, Inc.			4.75%, 1/15/30, 144A ................	4,483,000	4,954,231

1011778 BC ULC / New Red Finance, Inc.

5.875%, 6/1/25, 144A ................ 6,765,000 6,976,406

8.875%, 6/1/25, 144A (a) ............. 3,886,000 4,038,525 QVC, Inc.

8.75%, 10/1/25, 144A ................ Group 1 Automotive, Inc.	3,895,000	2,901,385	Toys/Games/Hobbies — 0.2%
5.00%, 6/1/22 ......................	2,701,000	2,701,000	Mattel, Inc.
4.00%, 8/15/28, 144A ................	2,930,000	2,928,813	6.75%, 12/31/25, 144A ..............	7,548,000	8,017,863
IRB Holding Corp.			5.875%, 12/15/27, 144A .............	3,887,000	4,237,219
7.00%, 6/15/25, 144A ................	4,130,000	4,416,106	(Cost $11,969,526)		12,255,082
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC 5.00%, 6/1/24, 144A .................	5,211,000	5,390,180	Consumer, Non-cyclical — 19.2% Agriculture — 0.4% Darling Ingredients, Inc., 144A
5.25%, 6/1/26, 144A .................	6,205,000	6,457,264	5.25%, 4/15/27 .....................	2,623,000	2,791,278
4.75%, 6/1/27, 144A .................	3,961,000	4,170,557	JBS Investments II GmbH
L Brands, Inc.			7.00%, 1/15/26, 144A ................	5,606,000	6,071,831
5.625%, 2/15/22 ....................	4,368,000	4,497,839	5.75%, 1/15/28, 144A ................	5,215,000	5,523,259

6.75%, 10/15/24, 144A .............. 7,540,000 6,427,850

(Cost $236,352,392) 237,429,838

6.75%, 2/15/26, 144A ................ 2,968,000 3,023,353

１．iシェアーズ・コア S&P 500 ETF

Principal

Agriculture (Continued) Vector Group Ltd. 6.125%, 2/1/25, 144A $	4,528,000	$	4,606,787	Commercial Services (Continued) Refinitiv US Holdings, Inc. 6.25%, 5/15/26, 144A $	6,550,000	$	7,045,344
10.50%, 11/1/26, 144A ..............	3,045,000		3,170,104	8.25%, 11/15/26, 144A ..............	8,969,000		9,899,534
(Cost $21,800,459)			22,163,259	Sabre GLBL, Inc. 5.25%, 11/15/23, 144A ..............	2,815,000		2,802,375

Amount Value

Principal

Amount Value

Commercial Services — 4.0%			9.25%, 4/15/25, 144A ................	4,487,000	5,000,201
Adani Abbot Point Terminal Pty Ltd.,			7.375%, 9/1/25, 144A ................	4,500,000	4,740,660
144A			Service Corp. International
4.45%, 12/15/22 (a) .................	3,186,000	3,004,565	4.625%, 12/15/27 ...................	3,069,000	3,331,108
ADT Security Corp.			5.125%, 6/1/29 .....................	4,177,000	4,638,475
3.50%, 7/15/22 .....................	5,386,000	5,523,962	3.375%, 8/15/30 ....................	4,794,000	4,893,979
4.125%, 6/15/23 ....................	4,164,000	4,359,250	ServiceMaster Co. LLC, 144A
Algeco Global Finance PLC, 144A			5.125%, 11/15/24 ...................	4,207,000	4,302,099
8.00%, 2/15/23 .....................	3,009,000	3,078,553	Sotheby’s, 144A
Allied Universal Holdco LLC / Allied			7.375%, 10/15/27 (a) ................	3,341,000	3,413,466
Universal Finance Corp.			Team Health Holdings, Inc., 144A
6.625%, 7/15/26, 144A ..............	11,479,000	12,325,576	6.375%, 2/1/25 (a) ..................	4,081,000	2,795,485
9.75%, 7/15/27, 144A ................	5,754,000	6,382,567	United Rentals North America, Inc.
APX Group, Inc.			4.625%, 10/15/25 ...................	3,723,000	3,813,748
7.875%, 12/1/22 ....................	4,359,000	4,413,487	5.875%, 9/15/26 ....................	6,012,000	6,403,592
7.625%, 9/1/23 .....................	2,226,000	2,284,199	5.50%, 5/15/27 .....................	5,498,000	5,899,217
6.75%, 2/15/27, 144A ................	3,253,000	3,421,245	3.875%, 11/15/27 ...................	4,325,000	4,514,219
ASGN, Inc., 144A			4.875%, 1/15/28 ....................	10,183,000	10,755,794
4.625%, 5/15/28 ....................	2,958,000	3,066,529	5.25%, 1/15/30 .....................	3,655,000	4,066,078
Avis Budget Car Rental LLC / Avis			4.00%, 7/15/30 .....................	4,539,000	4,748,929
Budget Finance, Inc.			3.875%, 2/15/31 ....................	6,013,000	6,236,233
10.50%, 5/15/25, 144A (a) ............	3,096,000	3,602,490	Verscend Escrow Corp., 144A
5.75%, 7/15/27, 144A ................	2,302,000	2,201,932	9.75%, 8/15/26 .....................	6,350,000	6,907,054
Brink’s Co.			WEX, Inc., 144A
5.50%, 7/15/25, 144A ................	2,041,000	2,157,082	4.75%, 2/1/23 ......................	1,904,000	1,924,411
4.625%, 10/15/27, 144A .............	3,424,000	3,564,213	(Cost $247,240,794)		250,715,700
Garda World Security Corp. 4.625%, 2/15/27, 144A ..............	3,413,000	3,515,390	Cosmetics/Personal Care — 0.2%
9.50%, 11/1/27, 144A ................	3,058,000	3,323,098	Avon Products, Inc.

Gartner, Inc.

5.125%, 4/1/25, 144A ................ 4,480,000 4,669,526

4.50%, 7/1/28, 144A ................. 4,603,000 4,815,889

5.50%, 7/15/27 .....................	6,900,000	7,245,000	4.70%, 5/24/22 .....................	2,771,000	2,904,326
Jaguar Holding Co. II / PPD			5.50%, 6/1/28, 144A .................	4,288,000	4,583,422

Herc Holdings, Inc., 144A

7.00%, 3/15/23 (a) .................. 2,794,000 2,929,551

Coty, Inc., 144A

6.50%, 4/15/26 ..................... 3,111,000 2,584,168

Edgewell Personal Care Co.

Development LP

7.125%, 6/1/24 ..................... 8,989,000 9,137,768

Nielsen Co. Luxembourg SARL

Revlon Consumer Products Corp.

4.625%, 6/15/25, 144A ..............	3,188,000	3,320,716	6.25%, 8/1/24 ....
5.00%, 6/15/28, 144A ................ MPH Acquisition Holdings LLC, 144A	3,642,000	3,865,072	(Cost $14,175,505) Food — 3.5%

..................

5.50%, 10/1/21, 144A ................	2,338,000	2,347,504	3.50%, 2/15/23, 144A ................	5,017,000	5,134,900
5.00%, 2/1/25, 144A (a) ..............	2,850,000	2,914,125	5.75%, 3/15/25 .....................	7,311,000	7,538,701
Nielsen Finance LLC / Nielsen Finance			3.25%, 3/15/26, 144A ................	3,800,000	3,885,918
Co., 144A			7.50%, 3/15/26, 144A ................	2,865,000	3,209,258
5.00%, 4/15/22 .....................	11,677,000	11,699,770	4.625%, 1/15/27, 144A ..............	7,789,000	8,206,140
Prime Security Services Borrower LLC / Prime Finance, Inc.			5.875%, 2/15/28, 144A .............. 3.50%, 3/15/29, 144A ................	4,201,000 4,000,000	4,544,180 4,040,440
5.25%, 4/15/24, 144A ................	4,246,000	4,511,821	4.875%, 2/15/30, 144A ..............	5,604,000	6,029,904
5.75%, 4/15/26, 144A ................	7,548,000	8,355,609	B&G Foods, Inc.
3.375%, 8/31/27, 144A ..............	5,191,000	5,185,342	5.25%, 4/1/25 ......................	5,238,000	5,425,049
6.25%, 1/15/28, 144A ................	7,886,000	8,291,419	5.25%, 9/15/27 .....................	2,936,000	3,142,430

Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC

2,360,000 354,000

13,355,467

１．iシェアーズ・コア S&P 500 ETF

Food (Continued)	Amount	Value	Healthcare-Services — 6.9%	Amount	Value
JBS USA LUX SA / JBS USA Finance,			Acadia Healthcare Co., Inc.
Inc.			5.625%, 2/15/23 .................... $	3,495,000	$ 3,530,317
5.875%, 7/15/24, 144A $	1,968,000	$ 2,010,440	5.50%, 7/1/28, 144A .................	2,204,000	2,292,160
5.75%, 6/15/25, 144A ................	6,082,000	6,294,870	AHP Health Partners, Inc., 144A
6.75%, 2/15/28, 144A ................	5,321,000	5,905,299	9.75%, 7/15/26 .....................	2,601,000	2,850,852
JBS USA LUX SA / JBS USA Food Co. /			Catalent Pharma Solutions, Inc.

Principal Principal

JBS USA Finance, Inc.

6.50%, 4/15/29, 144A ................ 7,986,000 9,084,235

5.50%, 1/15/30, 144A ................ 6,989,000 7,774,705

Kraft Heinz Foods Co.

3.50%, 6/6/22 ......................	3,135,000	3,297,782
4.00%, 6/15/23 (a) ..................	2,852,000	3,055,871
3.95%, 7/15/25 .....................	9,043,000	9,829,976
3.00%, 6/1/26 ......................	11,225,000	11,712,832

3.875%, 5/15/27, 144A ..............	7,593,000	8,136,984
4.625%, 1/30/29 ....................	6,187,000	7,016,891
3.75%, 4/1/30, 144A .................	5,420,000	5,802,308
4.25%, 3/1/31, 144A .................	7,662,000	8,491,493
Lamb Weston Holdings, Inc. 4.625%, 11/1/24, 144A ..............	4,090,000	4,278,733
4.875%, 11/1/26, 144A ..............	4,566,000	4,787,885
4.875%, 5/15/28, 144A ..............	3,024,000	3,333,325
Pilgrim’s Pride Corp. 5.75%, 3/15/25, 144A ................	5,515,000	5,673,556
5.875%, 9/30/27, 144A ..............	4,353,000	4,630,504
Post Holdings, Inc. 5.00%, 8/15/26, 144A ................	9,919,000	10,311,148
5.75%, 3/1/27, 144A .................	7,060,000	7,476,999
5.625%, 1/15/28, 144A ..............	5,341,000	5,719,810
5.50%, 12/15/29, 144A ..............	4,044,000	4,433,336
4.625%, 4/15/30, 144A ..............	9,094,000	9,503,230
Sigma Holdco BV, 144A 7.875%, 5/15/26 (a) .................	2,492,000	2,535,149
TreeHouse Foods, Inc., 144A
6.00%, 2/15/24 .....................	3,623,000	3,741,671
US Foods, Inc. 5.875%, 6/15/24, 144A ..............	4,026,000	4,096,455

			4.50%, 2/1/28 ......................	4,423,000	4,542,686
(Cost $212,486,262)	215,961,529		4.75%, 2/1/30 ......................	4,670,000	4,874,873
Healthcare-Products — 0.7%			Envision Healthcare Corp., 144A
Avantor Funding, Inc., 144A			8.75%, 10/15/26 ....................	5,809,000	2,576,640
4.625%, 7/15/28 ....................	8,681,000	9,192,745	HCA, Inc.
Avantor, Inc., 144A			5.875%, 5/1/23 .....................	7,057,000	7,737,683
6.00%, 10/1/24 .....................	8,533,000	8,927,651	5.375%, 2/1/25 .....................	14,757,000	16,634,754
Hill-Rom Holdings, Inc., 144A			5.875%, 2/15/26 ....................	8,613,000	9,872,651
4.375%, 9/15/27 ....................	2,509,000	2,630,686	5.375%, 9/1/26 .....................	5,633,000	6,393,173
Hologic, Inc.			5.625%, 9/1/28 .....................	9,631,000	11,471,388
4.375%, 10/15/25, 144A .............	5,107,000	5,223,567	5.875%, 2/1/29 .....................	4,659,000	5,667,114
4.625%, 2/1/28, 144A ................	1,676,000	1,785,409	3.50%, 9/1/30 ......................	14,879,000	15,681,372
Ortho-Clinical Diagnostics, Inc. / Ortho-			IQVIA, Inc.

6.25%, 4/15/25, 144A ................ 5,543,000 5,869,122

4.875%, 1/15/26, 144A .............. 3,023,000 3,094,222

5.00%, 7/15/27, 144A ................ 2,250,000 2,377,552

Centene Corp.

4.75%, 5/15/22 .....................	5,056,000	5,100,240
4.75%, 1/15/25 .....................	6,898,000	7,104,940
4.75%, 1/15/25 .....................	5,106,000	5,259,180
5.25%, 4/1/25, 144A .................	5,144,000	5,343,330
5.375%, 6/1/26, 144A ................	10,396,000	10,980,775
5.375%, 8/15/26, 144A ..............	5,144,000	5,467,120
4.25%, 12/15/27 ....................	13,943,000	14,602,713
4.625%, 12/15/29 ...................	19,740,000	21,684,884
3.375%, 2/15/30 ....................	11,268,000	11,750,439
Charles River Laboratories
International, Inc.
5.50%, 4/1/26, 144A .................	2,676,000	2,817,574
4.25%, 5/1/28, 144A .................	2,861,000	3,005,309
CHS/Community Health Systems, Inc.
6.25%, 3/31/23 .....................	15,480,000	15,538,050
9.875%, 6/30/23, 144A (a) ............	9,938,000	8,384,144
8.625%, 1/15/24, 144A ..............	5,974,000	6,254,031
8.125%, 6/30/24, 144A ..............	7,535,000	5,260,297
6.625%, 2/15/25, 144A ..............	7,574,000	7,762,593
8.00%, 3/15/26, 144A ................	11,935,000	12,394,497
8.00%, 12/15/27, 144A ..............	3,902,000	3,992,234
6.875%, 4/1/28, 144A ................	9,469,000	4,266,968
DaVita, Inc.

4.625%, 6/1/30, 144A ................	9,605,000	10,103,259
3.75%, 2/15/31, 144A ................	8,520,000	8,462,064
Encompass Health Corp.
5.75%, 11/1/24 .....................	3,489,000	3,515,499

Clinical Diagnostics SA

7.375%, 6/1/25, 144A ................ 1,518,000 1,573,976

7.25%, 2/1/28, 144A ................. 4,359,000 4,519,738

4.875%, 6/1/26 .....................	2,417,000	2,534,370
4.625%, 11/15/27 ...................	2,888,000	3,075,186

Teleflex, Inc.

		5.25%, 12/1/23, 144A ................	4,702,000	4,790,186
(Cost $42,201,827)	42,359,566	6.25%, 1/15/27, 144A ................	5,762,000	6,115,038

4.25%, 6/1/28, 144A ................. 2,742,000 2,896,238

5.00%, 10/15/26, 144A .............. 6,254,000 6,551,065

5.00%, 5/15/27, 144A ................ 6,016,000 6,344,293

LifePoint Health, Inc.

6.75%, 4/15/25, 144A ................ 3,417,000 3,690,360

4.375%, 2/15/27, 144A .............. 3,765,000 3,765,000 MEDNAX, Inc.

１．iシェアーズ・コア S&P 500 ETF

Principal

144A
9.75%, 12/1/26 .....................	7,698,000	8,338,127
Select Medical Corp., 144A
6.25%, 8/15/26 .....................	6,863,000	7,383,284
Surgery Center Holdings, Inc., 144A
10.00%, 4/15/27 (a) .................	3,170,000	3,440,401

Amount Value

Principal

Amount Value

Healthcare-Services (Continued)			Pharmaceuticals (Continued)
Molina Healthcare, Inc.			Horizon Therapeutics USA, Inc., 144A
5.375%, 11/15/22 ................... $	3,385,000	$ 3,552,981	5.50%, 8/1/27 ...................... $	3,722,000	$ 4,059,213
4.375%, 6/15/28, 144A ..............	4,851,000	5,074,146	Mallinckrodt International Finance SA /
Radiology Partners, Inc., 144A			Mallinckrodt CB LLC
9.25%, 2/1/28 ......................	3,873,000	4,134,428	5.75%, 8/1/22, 144A .................	1,923,000	418,253
RegionalCare Hospital Partners			5.625%, 10/15/23, 144A .............	2,636,000	540,380
Holdings, Inc. / LifePoint Health, Inc.,			10.00%, 4/15/25, 144A ..............	702,000	547,560

Tenet Healthcare Corp. 8.125%, 4/1/22 .....................	13,791,000	14,904,623
6.75%, 6/15/23 .....................	10,626,000	11,353,881
4.625%, 7/15/24 ....................	10,118,000	10,360,832
4.625%, 9/1/24, 144A ................	3,046,000	3,146,335
7.50%, 4/1/25, 144A .................	4,563,000	5,014,349
5.125%, 5/1/25 .....................	7,494,000	7,653,248
7.00%, 8/1/25 (a) ...................	3,084,000	3,184,554
4.875%, 1/1/26, 144A ................	12,255,000	12,760,396
6.25%, 2/1/27, 144A .................	8,336,000	8,764,429
5.125%, 11/1/27, 144A ..............	8,414,000	8,899,488
4.625%, 6/15/28, 144A ..............	3,061,000	3,182,889
(Cost $428,784,413)		431,051,910
Household Products/Wares — 0.2% Prestige Brands, Inc. 6.375%, 3/1/24, 144A ................	3,131,000	3,240,256
5.125%, 1/15/28, 144A ..............	2,523,000	2,652,632
Spectrum Brands, Inc. 5.75%, 7/15/25 .....................	5,660,000	5,858,100

Par Pharmaceutical, Inc., 144A 7.50%, 4/1/27 ......................	11,465,000	12,253,907
Teva Pharmaceutical Finance Co. BV Series 2, 3.65%, 11/10/21 ............	3,480,000	3,498,496
2.95%, 12/18/22 .................... Teva Pharmaceutical Finance Netherlands III BV	4,760,000	4,627,791
2.80%, 7/21/23 .....................	17,130,000	16,476,319
6.00%, 4/15/24 (a) ..................	7,186,000	7,562,007
7.125%, 1/31/25, 144A ..............	4,897,000	5,309,278
3.15%, 10/1/26 .....................	19,529,000	17,930,063

6.75%, 3/1/28 (a) ...................	7,290,000	7,959,404
(Cost $203,653,781)		206,365,397
Diversified — 0.0%
Holding Companies-Diversified — 0.0% 7.00%, 2/1/24 (a) (Cost $2,297,062) ...................	2,346,000	2,341,988
Energy — 11.8%
Coal — 0.0% Peabody Energy Corp. 6.00%, 3/31/22, 144A ................	2,611,000	1,222,274
6.375%, 3/31/25, 144A (a) ............	2,782,000	940,664
(Cost $4,479,730)		2,162,938
Energy-Alternate Sources — 0.2%

Stena AB, 144A

(Cost $11,665,084)		11,750,988	TerraForm Power Operating LLC
Pharmaceuticals — 3.3%			4.25%, 1/31/23, 144A ................	3,245,000	3,367,012
Bausch Health Americas, Inc.			5.00%, 1/31/28, 144A ................	3,354,000	3,734,511
9.25%, 4/1/26, 144A .................	8,463,000	9,383,774	4.75%, 1/15/30, 144A ................	4,532,000	4,859,256
8.50%, 1/31/27, 144A ................	9,163,000	10,092,266	(Cost $11,683,796)		11,960,779

Oil & Gas — 7.5%
Aker BP ASA
6.00%, 7/1/22, 144A .................	1,020,000	1,040,962
5.875%, 3/31/25, 144A ..............	4,370,000	4,579,639
Antero Resources Corp.
5.375%, 11/1/21 (a) .................	1,129,000	1,097,952
5.125%, 12/1/22 ....................	4,202,000	3,623,069
5.625%, 6/1/23 (a) ..................	3,656,000	2,921,327
5.00%, 3/1/25 (a) ...................	3,662,000	2,518,028
Apache Corp.
4.625%, 11/15/25 ...................	2,400,000	2,463,000
4.875%, 11/15/27 ...................	3,800,000	3,894,544

Bausch Health Cos., Inc.

7.00%, 3/15/24, 144A ................	9,719,000	10,098,041
6.125%, 4/15/25, 144A ..............	18,290,000	18,834,128
5.50%, 11/1/25, 144A ................	9,783,000	10,107,796
9.00%, 12/15/25, 144A ..............	8,581,000	9,406,492
5.75%, 8/15/27, 144A ................	3,655,000	3,933,694
7.00%, 1/15/28, 144A ................	3,979,000	4,244,360
5.00%, 1/30/28, 144A ................	6,657,000	6,582,109
6.25%, 2/15/29, 144A ................	8,991,000	9,408,542
7.25%, 5/30/29, 144A ................	3,977,000	4,371,459
5.25%, 1/30/30, 144A ................ Elanco Animal Health, Inc.	7,185,000	7,149,865

5.272%, 8/28/23 ....................	5,442,000	5,969,194	4.375%, 10/15/28 ...................	5,261,000	5,234,485
5.90%, 8/28/28 .....................	3,635,000	4,314,345	4.25%, 1/15/30 .....................	4,086,000	3,983,462
Endo Dac / Endo Finance LLC / Endo			Ascent Resources Utica Holdings LLC /
Finco, Inc.			ARU Finance Corp.
9.50%, 7/31/27, 144A ................	5,646,000	6,122,381	10.00%, 4/1/22, 144A ................	5,233,000	4,909,156
6.00%, 6/30/28, 144A ................	6,655,000	5,164,280	7.00%, 11/1/26, 144A ................	3,552,000	2,472,405

１．iシェアーズ・コア S&P 500 ETF

Principal

Amount Value

Principal

Amount Value

Oil & Gas (Continued)			Oil & Gas (Continued)
Baytex Energy Corp.			Leviathan Bond Ltd.
5.625%, 6/1/24, 144A $	2,061,000	$ 1,228,655	5.75%, 6/30/23, 144A $	2,800,000	$ 2,908,332
8.75%, 4/1/27, 144A .................	2,896,000	1,426,280	6.125%, 6/30/25, 144A ..............	3,700,000	3,859,858
Callon Petroleum Co.			6.50%, 6/30/27, 144A ................	2,800,000	2,926,126
6.25%, 4/15/23 .....................	3,905,000	1,393,636	6.75%, 6/30/30, 144A ................	3,300,000	3,448,665
6.125%, 10/1/24 ....................	3,519,000	1,160,170	Matador Resources Co.
6.375%, 7/1/26 .....................	1,861,000	560,273	5.875%, 9/15/26 ....................	5,859,000	5,111,216
Calumet Specialty Products Partners			MEG Energy Corp.
LP / Calumet Finance Corp., 144A			7.00%, 3/31/24, 144A ................	3,108,000	3,092,786

11.00%, 4/15/25 (a) .................	3,237,000	3,083,210	6.50%, 1/15/25, 144A ................	2,659,000	2,714,254
Cenovus Energy, Inc.			7.125%, 2/1/27, 144A ................	6,849,000	6,570,040

3.00%, 8/15/22 ..................... 3,147,000 3,199,066

3.80%, 9/15/23 ..................... 2,653,000 2,641,434

5.375%, 7/15/25 ....................	5,400,000	5,502,065
Citgo Holding, Inc., 144A
9.25%, 8/1/24 ......................	7,712,000	7,634,880
CITGO Petroleum Corp.
6.25%, 8/15/22, 144A ................	4,128,000	4,130,539
7.00%, 6/15/25, 144A ................	6,058,000	6,099,649

7.25%, 3/14/27 .....................	2,697,000	2,808,305	7.25%, 1/15/26, 144A ................	3,612,000	1,661,520
Comstock Resources, Inc. 7.50%, 5/15/25, 144A ................ 9.75%, 8/15/26 .....................	3,827,000 4,660,000	3,836,567 4,974,597	7.50%, 1/15/28, 144A ................ Nabors Industries, Inc. 5.75%, 2/1/25 ......................	2,277,000 3,966,000	1,008,996 1,154,681
9.75%, 8/15/26 .....................	4,220,000	4,524,262	Oasis Petroleum, Inc.
Continental Resources, Inc.			6.875%, 3/15/22 ....................	4,676,000	923,510
5.00%, 9/15/22 .....................	5,974,000	5,950,104	Occidental Petroleum Corp.
4.50%, 4/15/23 .....................	8,420,000	8,514,346	3.125%, 2/15/22 ....................	3,034,000	2,999,716
3.80%, 6/1/24 ......................	5,619,000	5,549,156	2.60%, 4/15/22 .....................	3,182,000	3,118,360
4.375%, 1/15/28 (a) .................	5,472,000	5,221,875	2.70%, 8/15/22 .....................	11,838,000	11,668,421
CrownRock LP / CrownRock Finance,			2.70%, 2/15/23 .....................	6,040,000	5,826,305
Inc., 144A			6.95%, 7/1/24 ......................	4,225,000	4,383,437
5.625%, 10/15/25 ...................	6,728,000	6,658,702	2.90%, 8/15/24 .....................	16,500,000	15,210,855
CVR Energy, Inc.			3.50%, 6/15/25 .....................	4,389,000	4,002,417
5.25%, 2/15/25, 144A ................	2,695,000	2,557,488	8.00%, 7/15/25 (a) ..................	4,086,000	4,453,740
5.75%, 2/15/28, 144A ................	2,904,000	2,642,640	5.875%, 9/1/25 .....................	3,500,000	3,526,250
Endeavor Energy Resources LP / EER			5.55%, 3/15/26 .....................	5,774,000	5,695,589
Finance, Inc.			3.40%, 4/15/26 .....................	7,045,000	6,258,637
6.625%, 7/15/25, 144A ..............	3,721,000	3,881,263	3.20%, 8/15/26 .....................	6,253,000	5,495,637
5.50%, 1/30/26, 144A ................	3,140,000	3,146,578	3.00%, 2/15/27 .....................	4,020,000	3,448,678
5.75%, 1/30/28, 144A ................	4,770,000	4,888,368	8.50%, 7/15/27 .....................	2,962,000	3,271,174
EQT Corp.			6.375%, 9/1/28 .....................	3,200,000	3,244,400

CNX Resources Corp., 144A

Moss Creek Resources Holdings, Inc.

7.50%, 1/15/26, 144A ................	3,900,000	2,685,384
10.50%, 5/15/27, 144A (a) ............	2,790,000	1,985,755
Murphy Oil Corp.
6.875%, 8/15/24 ....................	3,764,000	3,831,394
5.75%, 8/15/25 .....................	2,314,000	2,224,575
5.875%, 12/1/27 ....................	3,132,000	3,011,606
Nabors Industries Ltd.

3.00%, 10/1/22 (a) ..................	4,240,000	4,197,600	3.50%, 8/15/29 .....................	8,051,000	6,936,742
7.875%, 2/1/25 (a) ..................	6,158,000	7,074,895	8.875%, 7/15/30 ....................	5,620,000	6,364,650
3.90%, 10/1/27 .....................	7,596,000	7,365,689	6.625%, 9/1/30 .....................	8,400,000	8,713,152
8.75%, 2/1/30(a) ....................	3,511,000	4,208,811	7.50%, 5/1/31 ......................	4,894,000	5,199,875

7.875%, 9/15/31 ....................	2,436,000	2,617,177
Parkland Corp.
6.00%, 4/1/26, 144A .................	3,076,000	3,252,485
5.875%, 7/15/27, 144A ..............	2,656,000	2,841,429
Parsley Energy LLC / Parsley Finance
Corp.
5.375%, 1/15/25, 144A ..............	3,543,000	3,620,096

Gulfport Energy Corp.

6.00%, 10/15/24 ....................	3,194,000	1,910,411
6.375%, 5/15/25 .................... Hilcorp Energy I LP / Hilcorp Finance Co. 5.00%, 12/1/24, 144A ................	2,777,000 2,801,000	1,648,552 2,664,157
5.75%, 10/1/25, 144A ................	3,344,000	3,155,549

Laredo Petroleum, Inc.			5.25%, 8/15/25, 144A ................	2,673,000	2,754,887
9.50%, 1/15/25 .....................	3,645,000	2,611,861	5.625%, 10/15/27, 144A .............	3,857,000	3,999,227
10.125%, 1/15/28 ...................	1,980,000	1,415,502	4.125%, 2/15/28, 144A ..............	2,190,000	2,124,081

6.25%, 11/1/28, 144A ................ 2,943,000 2,776,603

１．iシェアーズ・コア S&P 500 ETF

	Amount		Value		Amount		Value
Oil & Gas (Continued)				Oil & Gas Services (Continued)
PBF Holding Co. LLC / PBF Finance				Weatherford International Ltd., 144A
Corp.				11.00%, 12/1/24 (a) ................. $ 11,736,000		$	8,009,820
9.25%, 5/15/25, 144A $ 7.25%, 6/15/25 .....................	5,863,000 4,826,000	$	6,428,340 4,594,811	(Cost $28,240,939)			24,439,787
6.00%, 2/15/28, 144A ................	4,967,000	4,197,736		Pipelines — 3.7%
PDC Energy, Inc.				Antero Midstream Partners LP / Antero
6.125%, 9/15/24 ....................	1,614,000	1,654,181		Midstream Finance Corp.
5.75%, 5/15/26 .....................	3,872,000	3,973,156		5.375%, 9/15/24 (a) .................	3,579,000	3,310,575
Puma International Financing SA				5.75%, 3/1/27, 144A .................	3,394,000	3,039,853
5.125%, 10/6/24, 144A ..............	3,091,000	2,782,147		5.75%, 1/15/28, 144A ................	3,962,000	3,545,594
5.00%, 1/24/26, 144A ................	4,239,000	3,731,136		Blue Racer Midstream LLC / Blue Racer
QEP Resources, Inc.				Finance Corp., 144A

Principal Principal

5.375%, 10/1/22 ....................	2,048,000	1,799,199	6.125%, 11/15/22 ...................	3,658,000	3,647,849
5.25%, 5/1/23 ......................	3,233,000	2,659,142	Buckeye Partners LP
5.625%, 3/1/26 .....................	3,253,000	2,100,316	4.15%, 7/1/23 ......................	2,508,000	2,515,837
Range Resources Corp.			4.125%, 3/1/25, 144A ................	2,989,000	3,011,358
5.00%, 8/15/22 (a) ..................	1,597,000	1,609,976	3.95%, 12/1/26 .....................	3,636,000	3,611,002
5.00%, 3/15/23 (a) ..................	4,423,000	4,414,618	4.125%, 12/1/27 ....................	1,719,000	1,724,372
4.875%, 5/15/25 (a) ................. 9.25%, 2/1/26, 144A ................. Seven Generations Energy Ltd., 144A	4,088,000 4,667,000	3,824,426 4,922,378	4.50%, 3/1/28, 144A ................. Cheniere Energy Partners LP 5.25%, 10/1/25 .....................	3,082,000 8,387,000	3,153,934 8,500,224
5.375%, 9/30/25 ....................	4,061,000	3,916,286	5.625%, 10/1/26 ....................	6,138,000	6,444,225
SM Energy Co.			4.50%, 10/1/29 .....................	8,391,000	8,760,120
10.00%, 1/15/25, 144A ..............	2,918,000	2,888,470	Crestwood Midstream Partners LP /
6.75%, 9/15/26 .....................	2,468,000	1,218,106	Crestwood Midstream Finance Corp.
6.625%, 1/15/27 ....................	1,957,000	964,615	6.25%, 4/1/23 ......................	4,451,000	4,394,895
Southwestern Energy Co.			5.75%, 4/1/25 ......................	2,190,000	2,101,940
6.45%, 1/23/25 (a) .................. 7.50%, 4/1/26 (a) ................... 7.75%, 10/1/27 (a) ..................	4,207,000 3,482,000 2,727,000	4,209,566 3,562,278 2,795,175	5.625%, 5/1/27, 144A ................ DCP Midstream Operating LP 4.75%, 9/30/21, 144A ................	3,569,000 2,727,000	3,285,818 2,789,216
8.375%, 9/15/28 ....................	201,000	208,537	3.875%, 3/15/23 ....................	2,080,000	2,112,469
Sunoco LP / Sunoco Finance Corp.			5.375%, 7/15/25 ....................	4,718,000	5,080,342
4.875%, 1/15/23 ....................	5,277,000	5,375,390	5.625%, 7/15/27 ....................	3,041,000	3,287,321
5.50%, 2/15/26 .....................	5,447,000	5,631,871	5.125%, 5/15/29 ....................	3,489,000	3,678,069
6.00%, 4/15/27 .....................	2,495,000	2,661,591	EnLink Midstream LLC
Transocean, Inc.	5.375%, 6/1/29 .....................			2,384,000	2,108,588
7.25%, 11/1/25, 144A ................ 7.50%, 1/15/26, 144A ................	3,159,000 4,909,000	1,026,675 1,570,880	EnLink Midstream Partners LP 4.40%, 4/1/24 ......................	3,170,000	2,942,125
8.00%, 2/1/27, 144A .................	4,704,000	1,464,120	4.15%, 6/1/25 ......................	4,429,000	3,953,348
WPX Energy, Inc.			4.85%, 7/15/26 .....................	2,745,000	2,419,031
5.25%, 9/15/24 .....................	2,954,000	3,020,805	EQM Midstream Partners LP
5.75%, 6/1/26 ......................	2,830,000	2,894,595	4.75%, 7/15/23 .....................	5,244,000	5,389,521
5.25%, 10/15/27 (a) .................	3,652,000	3,638,816	4.00%, 8/1/24 ......................	3,256,000	3,277,376
5.875%, 6/15/28 (a) .................	2,216,000	2,252,054	6.00%, 7/1/25, 144A .................	4,562,000	4,847,125
4.50%, 1/15/30 .....................	5,080,000	4,860,773	4.125%, 12/1/26 ....................	2,754,000	2,682,575
(Cost $471,881,765)		463,980,047	6.50%, 7/1/27, 144A ................. 5.50%, 7/15/28 .....................	4,809,000 4,726,000	5,272,660 4,904,974
Oil & Gas Services — 0.4%			Genesis Energy LP / Genesis Energy
Archrock Partners LP / Archrock			Finance Corp.
Partners Finance Corp.			6.50%, 10/1/25 .....................	3,147,000	2,731,014
6.875%, 4/1/27, 144A ................	2,862,000	2,956,174	6.25%, 5/15/26 .....................	1,762,000	1,495,832
6.25%, 4/1/28, 144A .................	2,911,000	2,932,250	7.75%, 2/1/28 ......................	4,553,000	4,056,450
SESI LLC			Hess Midstream Operations LP
7.125%, 12/15/21, 144A .............	3,907,000	1,533,498	5.625%, 2/15/26, 144A ..............	4,608,000	4,804,854
7.75%, 9/15/24 .....................	2,775,000	964,312	5.125%, 6/15/28, 144A ..............	2,943,000	3,028,524
USA Compression Partners LP / USA			NGL Energy Partners LP / NGL Energy
Compression Finance Corp.			Finance Corp.
6.875%, 4/1/26 .....................	3,948,000	4,075,284	7.50%, 11/1/23 .....................	3,106,000	2,277,055
6.875%, 9/1/27 .....................	3,828,000	3,968,449	7.50%, 4/15/26 .....................	2,470,000	1,648,330

１．iシェアーズ・コア S&P 500 ETF

	Amount	Value		Amount	Value
Pipelines (Continued)			Diversified Financial Services (Continued)
NuStar Logistics LP			LPL Holdings, Inc.
6.00%, 6/1/26 ...................... $	2,796,000	$ 2,931,005	5.75%, 9/15/25, 144A $	5,117,000	$ 5,337,619
5.625%, 4/28/27 ....................	3,124,000	3,146,852	4.625%, 11/15/27, 144A .............	1,945,000	2,028,878
Rockies Express Pipeline LLC			Nationstar Mortgage Holdings, Inc.
3.60%, 5/15/25, 144A ................	1,793,000	1,765,280	9.125%, 7/15/26, 144A ..............	4,551,000	4,957,791
4.95%, 7/15/29, 144A ................	3,318,000	3,342,885	6.00%, 1/15/27, 144A ................	3,121,000	3,314,596
Tallgrass Energy Partners LP /			5.50%, 8/15/28, 144A ................	4,900,000	5,167,417

8.125%, 11/15/24, 144A .............	2,441,000	2,504,820	MGIC Investment Corp.
8.25%, 4/15/25, 144A ................	3,787,000	3,902,560	5.25%, 8/15/28 .....................	3,600,000	3,789,000
Intesa Sanpaolo SpA 5.017%, 6/26/24, 144A .............. 5.71%, 1/15/26, 144A ................	11,188,000 8,147,000	12,071,837 9,063,344	Radian Group, Inc. 4.50%, 10/1/24 ..................... 6.625%, 3/15/25 ....................	2,831,000 2,585,000	2,852,232 2,783,722
(Cost $55,799,146)		57,554,515	4.875%, 3/15/27 ....................	2,371,000	2,384,040
Diversified Financial Services — 2.3%			(Cost $40,919,457)		41,673,404

Navient Corp.
Series MTN, 7.25%, 1/25/22 ..........	4,307,000	4,531,933
6.50%, 6/15/22 .....................	5,451,000	5,696,295
5.50%, 1/25/23 .....................	5,811,000	5,996,574

Principal Principal

Tallgrass Energy Finance Corp. 4.75%, 10/1/23, 144A ................	2,313,000	2,273,945
5.50%, 9/15/24, 144A ................	4,092,000	4,022,907
6.00%, 3/1/27, 144A .................	2,393,000	2,243,437
5.50%, 1/15/28, 144A ................	4,665,000	4,282,027
Targa Resources Partners LP / Targa Resources Partners Finance Corp. 5.25%, 5/1/23 ......................	3,400,000	3,426,537
4.25%, 11/15/23 ....................	2,747,000	2,771,407
5.125%, 2/1/25 .....................	2,686,000	2,751,498
5.875%, 4/15/26 ....................	5,328,000	5,617,710
5.375%, 2/1/27 (a) ..................	2,575,000	2,664,649
6.50%, 7/15/27 .....................	3,952,000	4,278,040
5.00%, 1/15/28 .....................	4,100,000	4,190,589
6.875%, 1/15/29 ....................	4,501,000	4,987,671
5.50%, 3/1/30, 144A .................	4,881,000	5,152,506
4.875%, 2/1/31, 144A ................	5,500,000	5,576,340
Western Midstream Operating LP 4.00%, 7/1/22 ......................	3,707,000	3,781,140
4.10%, 2/1/25 ......................	6,050,000	6,042,195
3.95%, 6/1/25 ......................	3,005,000	3,011,581
4.65%, 7/1/26 ......................	2,937,000	3,010,425
4.50%, 3/1/28 ......................	2,123,000	2,138,922
4.75%, 8/15/28 .....................	2,196,000	2,217,960
5.05%, 2/1/30 ......................	6,279,000	6,436,509
(Cost $225,223,596)		227,898,412
Financial — 8.6%
Banks — 0.9% CIT Group, Inc. 5.00%, 8/15/22 .....................	6,655,000	6,972,377
5.00%, 8/1/23 ......................	4,585,000	4,863,195
4.75%, 2/16/24 .....................	2,848,000	3,001,977
3.929%, 6/19/24 ....................	2,640,000	2,728,572
5.25%, 3/7/25 ......................	3,128,000	3,417,027
6.125%, 3/9/28 .....................	1,814,000	2,144,711
Commerzbank AG, 144A 8.125%, 9/19/23 ....................	5,952,000	6,884,095
Freedom Mortgage Corp.

7.25%, 9/25/23 .....................	2,545,000	2,696,109
Series MTN, 6.125%, 3/25/24 ........	4,127,000	4,325,571
5.875%, 10/25/24 ...................	3,150,000	3,248,437
6.75%, 6/25/25 .....................	2,547,000	2,659,514
6.75%, 6/15/26 .....................	3,042,000	3,169,384
5.00%, 3/15/27 .....................	4,169,000	4,018,416
NFP Corp., 144A
6.875%, 8/15/28 ....................	7,000,000	7,327,950
OneMain Finance Corp.
7.75%, 10/1/21 .....................	3,626,000	3,806,484
6.125%, 5/15/22 ....................	5,199,000	5,475,197
5.625%, 3/15/23 ....................	4,705,000	5,002,003
6.125%, 3/15/24 ....................	7,419,000	8,053,473
6.875%, 3/15/25 ....................	7,132,000	8,001,213
8.875%, 6/1/25 .....................	3,281,000	3,705,397
7.125%, 3/15/26 ....................	9,146,000	10,506,468
6.625%, 1/15/28 ....................	4,483,000	5,124,966
5.375%, 11/15/29 ...................	3,936,000	4,201,680
Quicken Loans LLC
5.75%, 5/1/25, 144A .................	7,308,000	7,531,807
5.25%, 1/15/28, 144A ................	5,550,000	5,933,838
(Cost $140,441,979)		143,306,193
Insurance — 0.7%
Acrisure LLC / Acrisure Finance, Inc.
8.125%, 2/15/24, 144A ..............	4,963,000	5,247,107
7.00%, 11/15/25, 144A ..............	5,560,000	5,653,825
10.125%, 8/1/26, 144A ..............	2,036,000	2,295,264
AssuredPartners, Inc., 144A
7.00%, 8/15/25 .....................	3,209,000	3,307,244
Genworth Holdings, Inc.
7.625%, 9/24/21 ....................	3,891,000	3,989,501
HUB International Ltd., 144A
7.00%, 5/1/26 ......................	9,024,000	9,371,469

Ally Financial, Inc.
5.75%, 11/20/25 ....................	5,841,000	6,555,181
Credit Acceptance Corp.
5.125%, 12/31/24, 144A .............	2,340,000	2,415,816
6.625%, 3/15/26 ....................	2,342,000	2,516,186

Real Estate — 0.4%
Howard Hughes Corp.
5.375%, 3/15/25, 144A ..............	5,603,000	5,689,370
5.375%, 8/1/28, 144A ................	4,200,000	4,276,125

１．iシェアーズ・コア S&P 500 ETF

Principal Principal

Real Estate (Continued)	Amount	Value	Real Estate Investment Trusts (Continued)	Amount	Value
Kennedy-Wilson, Inc.			RHP Hotel Properties LP / RHP Finance
5.875%, 4/1/24 ..................... $	6,731,000	$ 6,821,397	Corp.
Realogy Group LLC / Realogy Co.-			5.00%, 4/15/23 ..................... $	2,200,000	$ 2,173,336
Issuer Corp.			4.75%, 10/15/27 ....................	3,944,000	3,595,705
4.875%, 6/1/23, 144A ................	2,212,000	2,177,438	SBA Communications Corp.
7.625%, 6/15/25, 144A ..............	3,183,000	3,352,924	4.00%, 10/1/22 .....................	4,407,000	4,446,597
9.375%, 4/1/27, 144A ................	3,279,000	3,418,030	4.875%, 9/1/24 .....................	5,838,000	6,004,091

(Cost $25,525,952) 25,735,284

3.875%, 2/15/27, 144A .............. 8,917,000 9,270,381

Real Estate Investment Trusts — 3.7%			5.00%, 8/15/22 .....................	2,731,000	2,737,828
CBL & Associates LP			4.50%, 6/15/23 .....................	2,579,000	2,540,508
5.25%, 12/1/23 .....................	2,500,000	1,018,750	4.35%, 10/1/24 .....................	3,276,000	3,086,614
5.95%, 12/15/26 ....................	3,500,000	1,427,317	7.50%, 9/15/25 .....................	5,816,000	6,332,651
Diversified Healthcare Trust			4.75%, 10/1/26 .....................	2,158,000	1,985,360
9.75%, 6/15/25 .....................	6,291,000	7,023,021	4.95%, 2/15/27 .....................	2,223,000	2,039,603
4.75%, 2/15/28 .....................	2,503,000	2,337,710	3.95%, 1/15/28 .....................	2,293,000	1,978,400
ESH Hospitality, Inc.			4.95%, 10/1/29 .....................	2,185,000	1,958,306
5.25%, 5/1/25, 144A .................	7,773,000	7,901,060	4.375%, 2/15/30 ....................	2,550,000	2,212,125
4.625%, 10/1/27, 144A ..............	3,864,000	3,868,753	Starwood Property Trust, Inc.
HAT Holdings I LLC / HAT Holdings II			5.00%, 12/15/21 ....................	3,895,000	3,964,000
LLC			4.75%, 3/15/25 .....................	2,931,000	2,831,771

Service Properties Trust

5.25%, 7/15/24, 144A ................	2,000,000	2,098,360	Uniti Group LP / Uniti Fiber Holdings,
6.00%, 4/15/25, 144A ................	2,500,000	2,684,375	Inc. / CSL Capital LLC
Iron Mountain, Inc. 7.125%, 12/15/24, 144A (a) ........... 4,557,000 4,394,702
4.875%, 9/15/27, 144A ..............	5,920,000	6,159,198	7.875%, 2/15/25, 144A ..............	12,266,000	12,983,009
5.25%, 3/15/28, 144A ................	4,748,000	5,006,837	Uniti Group LP / Uniti Group Finance,
5.00%, 7/15/28, 144A ................	3,178,000	3,301,179	Inc. / CSL Capital LLC
4.875%, 9/15/29, 144A ..............	5,938,000	6,166,613	6.00%, 4/15/23, 144A ................	2,452,000	2,483,018
5.25%, 7/15/30, 144A ................	7,531,000	8,006,696	8.25%, 10/15/23 (a) .................	5,185,000	5,120,187
4.50%, 2/15/31, 144A ................	5,300,000	5,449,699	VICI Properties LP / VICI Note Co., Inc.
5.625%, 7/15/32, 144A ..............	3,061,000	3,294,753	3.50%, 2/15/25, 144A ................	5,539,000	5,561,184
iStar, Inc.			4.25%, 12/1/26, 144A ................	6,191,000	6,340,048
4.75%, 10/1/24 .....................	3,737,000	3,734,291	3.75%, 2/15/27, 144A ................	4,095,000	4,091,806
4.25%, 8/1/25 ......................	3,078,000	3,001,050	4.625%, 12/1/29, 144A ..............	5,459,000	5,686,586
5.50%, 2/15/26 .....................	700,000	694,022	4.125%, 8/15/30, 144A ..............	5,702,000	5,709,128
Ladder Capital Finance Holdings LLLP /			Washington Prime Group LP

Ladder Capital Finance Corp.

6.45%, 8/15/24 (a) .................. 4,062,000 2,132,977

5.25%, 3/15/22, 144A ................ 5.25%, 10/1/25, 144A ................	3,214,000 2,121,000	3,191,872 2,018,927	(Cost $229,233,237)		231,260,909
4.25%, 2/1/27, 144A .................	4,326,000	3,979,920	Venture Capital — 0.6%
MGM Growth Properties Operating			Icahn Enterprises LP / Icahn
Partnership LP / MGP Finance			Enterprises Finance Corp.
Co-Issuer, Inc., 144A			6.25%, 2/1/22 ......................	6,575,000	6,663,598
4.625%, 6/15/25 ....................	5,070,000	5,328,570	6.75%, 2/1/24 ......................	2,887,000	2,984,133
MGM Growth Properties Operating			4.75%, 9/15/24 .....................	6,256,000	6,469,111
Partnership LP / MGP			6.375%, 12/15/25 ...................	4,047,000	4,209,305
Finance Co-Issuer, Inc.			6.25%, 5/15/26 .....................	7,151,000	7,650,426
5.625%, 5/1/24 .....................	6,138,000	6,645,029	5.25%, 5/15/27 .....................	5,272,000	5,617,975

4.50%, 9/1/26 ......................	2,347,000	2,471,168
5.75%, 2/1/27 ......................	2,891,000	3,202,693

(Cost $32,879,387) 33,594,548

MPT Operating Partnership LP / MPT			Industrial — 8.5%
Finance Corp.			Aerospace/Defense — 2.4%
6.375%, 3/1/24 .....................	2,328,000	2,407,303	Bombardier, Inc.
5.25%, 8/1/26 ......................	3,559,000	3,747,289	8.75%, 12/1/21, 144A ................	6,108,000	5,843,310
5.00%, 10/15/27 ....................	7,851,000	8,316,368	5.75%, 3/15/22, 144A (a) .............	2,608,000	2,330,248
4.625%, 8/1/29 .....................	4,787,000	5,118,165	6.00%, 10/15/22, 144A ..............	6,465,000	5,527,575

Aerospace/Defense (Continued)

Principal

１．iシェアーズ・コア S&P 500 ETF

Amount Value

Principal

Amount Value

Electrical Components & Equipment (Continued)

6.125%, 1/15/23, 144A .............. $ 7,059,000 $ 5,724,849

7.50%, 12/1/24, 144A ................ 6,706,000 5,046,299

6.875%, 5/1/25 .....................	7,277,000	8,279,805	4.875%, 10/15/23, 144A .............	3,325,000	3,518,232
Rolls-Royce PLC, 144A			5.625%, 11/1/24, 144A ..............	2,296,000	2,522,489
3.625%, 10/14/25 ................... Signature Aviation US Holdings, Inc. 5.375%, 5/1/26, 144A ................	5,407,000 2,217,000	5,232,142 2,289,950	5.00%, 10/1/25, 144A ................ Sensata Technologies, Inc. 4.375%, 2/15/30, 144A ..............	3,966,000 2,700,000	4,322,524 2,855,331
4.00%, 3/1/28, 144A .................	3,627,000	3,552,211	3.75%, 2/15/31, 144A ................	3,730,000	3,754,282

7.50%, 3/15/25, 144A ................ 7,345,000 5,407,756

WESCO Distribution, Inc.

7.125%, 6/15/25, 144A .............. $ 8,217,000 $ 9,049,588

7.25%, 6/15/28, 144A ................ 7,523,000 8,402,363

7.875%, 4/15/27, 144A .............. Howmet Aerospace, Inc.	11,124,000	8,078,582	(Cost $28,394,670)	29,015,942
5.87%, 2/23/22 (a) ..................	2,833,000	3,005,954	Electronics — 0.3%
5.125%, 10/1/24 ....................	6,345,000	6,809,387	Sensata Technologies BV

Spirit AeroSystems, Inc.
7.50%, 4/15/25, 144A ................	6,699,000	6,774,364
4.60%, 6/15/28 .....................	3,968,000	3,124,800
TransDigm, Inc.
6.50%, 7/15/24 .....................	6,369,000	6,416,385
6.50%, 5/15/25 .....................	4,548,000	4,593,480
8.00%, 12/15/25, 144A ..............	6,100,000	6,639,850
6.25%, 3/15/26, 144A ................	24,542,000	25,939,790
6.375%, 6/15/26 ....................	5,158,000	5,234,442
7.50%, 3/15/27 .....................	3,311,000	3,465,591
5.50%, 11/15/27 ....................	14,638,000	14,317,428
Triumph Group, Inc.

(Cost $16,806,296)		16,972,858
Engineering & Construction — 0.4%
AECOM
5.875%, 10/15/24 ...................	4,518,000	5,043,692
5.125%, 3/15/27 ....................	5,477,000	6,025,303
Brand Industrial Services, Inc., 144A
8.50%, 7/15/25 .....................	5,445,000	5,298,611
Fluor Corp.
3.50%, 12/15/24 ....................	3,387,000	2,637,626
4.25%, 9/15/28 .....................	3,108,000	2,491,621
MasTec, Inc., 144A
4.50%, 8/15/28 .....................	3,300,000	3,370,125

8.875%, 6/1/24, 144A ................	3,500,000	3,703,437
6.25%, 9/15/24, 144A ................	2,897,000	2,366,791	(Cost $24,981,913)	24,866,978

7.75%, 8/15/25 ..................... 2,998,000 1,791,305

(Cost $157,688,736) 151,495,731

Building Materials — 0.8%

Builders FirstSource, Inc.

6.75%, 6/1/27, 144A .................	4,360,000	4,765,197
5.00%, 3/1/30, 144A .................	3,103,000	3,319,419
Cornerstone Building Brands, Inc.,
144A
8.00%, 4/15/26 .....................	3,477,000	3,678,996
Griffon Corp.
5.75%, 3/1/28 ......................	5,382,000	5,724,564
JELD-WEN, Inc.
4.625%, 12/15/25, 144A .............	2,047,000	2,064,697
4.875%, 12/15/27, 144A .............	2,386,000	2,489,934
Standard Industries, Inc.

Environmental Control — 0.5%

Advanced Disposal Services, Inc., 144A

5.625%, 11/15/24 ................... 2,702,000 2,803,041

Clean Harbors, Inc., 144A

4.875%, 7/15/27 ....................	3,351,000	3,521,264
Covanta Holding Corp.
5.875%, 7/1/25 .....................	2,027,000	2,115,469
6.00%, 1/1/27 ......................	1,881,000	1,972,341
5.00%, 9/1/30 ......................	2,400,000	2,463,720
GFL Environmental, Inc.
4.25%, 6/1/25, 144A .................	2,413,000	2,462,768
3.75%, 8/1/25, 144A .................	4,470,000	4,509,135
7.00%, 6/1/26, 144A .................	2,231,000	2,348,128
5.125%, 12/15/26, 144A .............	2,903,000	3,069,015
Stericycle, Inc., 144A

5.00%, 2/15/27, 144A ................	4,726,000	4,948,571	5.375%, 7/15/24 .................... 3,366,000 3,525,885
4.75%, 1/15/28, 144A ................	5,612,000	5,920,660	(Cost $28,662,816)	28,790,766

Hand/Machine Tools — 0.1% 6.00%, 2/15/24, 144A ................	3,503,000	3,643,488
6.375%, 2/15/26, 144A ..............	2,119,000	2,291,836
(Cost $5,897,506)		5,935,324
Machinery-Diversified — 0.3% Maxim Crane Works Holdings Capital LLC, 144A 10.125%, 8/1/24 ....................	3,085,000	3,097,973
Vertical Holdco GmbH, 144A 7.625%, 7/15/28 ....................	2,591,000	2,738,363

4.375%, 7/15/30, 144A ..............	6,761,000	7,174,232
3.375%, 1/15/31, 144A ..............	5,500,000	5,484,490
Summit Materials LLC / Summit
Materials Finance Corp., 144A
5.25%, 1/15/29 .....................	4,000,000	4,205,320
(Cost $48,886,705)		49,776,080
Electrical Components & Equipment — 0.5%
Energizer Holdings, Inc.
6.375%, 7/15/26, 144A ..............	4,139,000	4,397,729
7.75%, 1/15/27, 144A ................	3,392,000	3,722,601
4.75%, 6/15/28, 144A ................	3,296,000	3,443,661

Colfax Corp.

１．iシェアーズ・コア S&P 500 ETF

Miscellaneous Manufacturing — 0.0%			4.00%, 12/1/27, 144A ................ Silgan Holdings, Inc.	2,559,000	2,731,733
Hillenbrand, Inc. 5.75%, 6/15/25 (Cost $2,328,107) ...................	2,201,000	2,363,093	4.125%, 2/1/28 ..................... Trivium Packaging Finance BV 5.50%, 8/15/26, 144A ................	3,373,000 5,807,000	3,503,704 6,138,696
Packaging & Containers — 2.6%			8.50%, 8/15/27, 144A ................	4,686,000	5,162,918
Ardagh Packaging Finance PLC /			(Cost $159,633,227)		161,851,256

Principal Principal

	Amount		Value		Amount	Value
Machinery-Diversified (Continued)				Packaging & Containers (Continued)
Vertical US Newco, Inc., 144A 5.25%, 7/15/27 ..................... $	9,228,000	$	9,631,725	Sealed Air Corp. 4.875%, 12/1/22, 144A $	2,466,000	$ 2,610,298
Welbilt, Inc.				5.25%, 4/1/23, 144A .................	2,175,000	2,335,613
9.50%, 2/15/24 .....................	2,747,000		2,796,789	5.125%, 12/1/24, 144A ..............	2,265,000	2,498,578

(Cost $18,454,565) 18,264,850

5.50%, 9/15/25, 144A ................ 2,147,000 2,412,466

Ardagh Holdings USA, Inc.
6.00%, 2/15/25, 144A ................	4,925,000	5,141,700
5.25%, 4/30/25, 144A ................	4,160,000	4,418,960
4.125%, 8/15/26, 144A ..............	6,628,000	6,922,615
5.25%, 8/15/27, 144A ................	5,353,000	5,574,507
5.25%, 8/15/27, 144A ................	4,775,000	4,972,589
Ball Corp.
5.00%, 3/15/22 .....................	3,750,000	3,988,781
4.00%, 11/15/23 ....................	5,663,000	6,031,095
5.25%, 7/1/25 ......................	5,344,000	6,067,364

2.875%, 8/15/30 ....................	7,600,000	7,601,900	(Cost $28,543,590)		28,733,852
Berry Global, Inc.			Trucking & Leasing — 0.1%
5.125%, 7/15/23 ....................	4,239,000	4,297,286	Fortress Transportation and
4.50%, 2/15/26, 144A ................	2,203,000	2,251,246	Infrastructure Investors LLC
4.875%, 7/15/26, 144A ..............	7,005,000	7,450,133	6.75%, 3/15/22, 144A ................	4,095,000	4,074,750
5.625%, 7/15/27, 144A ..............	3,051,000	3,227,241	6.50%, 10/1/25, 144A ................	1,871,000	1,821,690
Cascades, Inc./Cascades USA, Inc.,			9.75%, 8/1/27, 144A .................	2,868,000	3,068,817

Transportation — 0.5%
Cargo Aircraft Management, Inc., 144A
4.75%, 2/1/28 ......................	2,898,000	2,984,940
Kenan Advantage Group, Inc., 144A
7.875%, 7/31/23 (a) .................	2,178,000	2,082,070
XPO Logistics, Inc.
6.50%, 6/15/22, 144A ................	6,723,000	6,758,632
6.125%, 9/1/23, 144A ................	2,953,000	3,013,758
6.75%, 8/15/24, 144A ................	6,353,000	6,771,345
6.25%, 5/1/25, 144A .................	6,661,000	7,123,107

4.875%, 3/15/26 .................... 3,910,000 4,385,730

144A 5.375%, 1/15/28 .................... Crown Americas LLC / Crown Americas	3,300,000	3,524,977	(Cost $8,943,726) Technology — 4.1%		8,965,257
Capital Corp. IV			Computers — 1.2%
4.50%, 1/15/23 .....................	5,486,000	5,777,389	Banff Merger Sub, Inc., 144A
Flex Acquisition Co., Inc.			9.75%, 9/1/26 ......................	8,027,000	8,562,401
6.875%, 1/15/25, 144A ..............	3,891,000	3,978,217	Dell International LLC / EMC Corp.,
7.875%, 7/15/26, 144A (a) ............ Graphic Packaging International LLC, 144A 3.50%, 3/15/28 .....................	2,230,000 2,524,000	2,346,172 2,574,228	144A 7.125%, 6/15/24 .................... Diebold Nixdorf, Inc. 8.50%, 4/15/24 (a) ..................	8,145,000 2,258,000	8,458,583 2,166,303
LABL Escrow Issuer LLC 6.75%, 7/15/26, 144A ................	3,371,000	3,623,302	9.375%, 7/15/25, 144A .............. EMC Corp.	3,785,000	4,087,800
10.50%, 7/15/27, 144A ..............	4,033,000	4,435,413	3.375%, 6/1/23 .....................	6,283,000	6,506,769
Mauser Packaging Solutions Holding Co. 5.50%, 4/15/24, 144A ................	8,294,000	8,430,519	Exela Intermediate LLC / Exela Finance, Inc., 144A 10.00%, 7/15/23 ....................	5,575,000	1,644,625
7.25%, 4/15/25, 144A ................ Owens-Brockway Glass Container, Inc.	7,589,000	7,387,588	NCR Corp. 8.125%, 4/15/25, 144A ..............	2,301,000	2,579,904
5.875%, 8/15/23, 144A ..............	3,935,000	4,196,107	5.75%, 9/1/27, 144A .................	3,175,000	3,340,989
6.625%, 5/13/27, 144A ..............	3,861,000	4,254,339	5.00%, 10/1/28, 144A ................	3,656,000	3,694,607
Reynolds Group Issuer, Inc. / Reynolds			6.125%, 9/1/29, 144A ................	2,555,000	2,744,555
Group Issuer LLC / Reynolds Group Issuer Lu 5.125%, 7/15/23, 144A ..............	8,052,000	8,180,429	5.25%, 10/1/30, 144A ................ Presidio Holdings, Inc. 4.875%, 2/1/27, 144A ................	2,500,000 1,923,000	2,538,775 1,974,383
7.00%, 7/15/24, 144A ................	3,328,000	3,417,423	8.25%, 2/1/28, 144A .................	2,042,000	2,140,271

１．iシェアーズ・コア S&P 500 ETF

4.25%, 4/1/28 ......................	3,460,000	3,621,530	7.50%, 2/1/23, 144A .................	3,080,000	3,095,077
3.25%, 2/15/29 .....................	3,700,000	3,788,356	10.50%, 2/1/24, 144A (a) .............	4,880,000	4,891,688
Xerox Corp.			7.50%, 9/1/25, 144A .................	5,000,000	5,204,675
4.125%, 3/15/23 ....................	5,486,000	5,647,782	(Cost $116,966,687)		118,485,054
Xerox Holdings Corp. 5.00%, 8/15/25, 144A ................	4,030,000	4,077,856	Utilities — 2.4%
5.50%, 8/15/28, 144A ................	4,200,000	4,305,000	Electric — 2.2%

5.00%, 7/1/28 ......................	5,689,000	5,682,315
5.25%, 7/1/30 ......................	5,658,000	5,639,612
Talen Energy Supply LLC
6.50%, 6/1/25 ......................	2,948,000	2,063,290
10.50%, 1/15/26, 144A ..............	3,610,000	2,907,512
7.25%, 5/15/27, 144A ................	3,461,000	3,553,374
6.625%, 1/15/28, 144A ..............	2,450,000	2,463,108
7.625%, 6/1/28, 144A ................	3,030,000	3,136,853
TransAlta Corp.
4.50%, 11/15/22 ....................	1,476,000	1,515,668

5.125%, 3/15/28, 144A ..............	7,846,000	8,249,402
4.625%, 2/1/29, 144A ................	3,500,000	3,587,220
5.00%, 2/1/31, 144A .................	4,800,000	5,026,056
Clearway Energy Operating LLC

3.875%, 9/1/28 .....................	4,000,000	4,188,920
Qorvo, Inc.
5.50%, 7/15/26 .....................	5,381,000	5,717,689
4.375%, 10/15/29 ...................	4,698,000	5,046,686

AES Corp.
5.50%, 4/15/25 .....................	2,769,000	2,860,931
6.00%, 5/15/26 .....................	2,860,000	3,009,621
5.125%, 9/1/27 .....................	3,127,000	3,382,804
Calpine Corp.
5.25%, 6/1/26, 144A .................	6,620,000	6,910,585
4.50%, 2/15/28, 144A ................	7,004,000	7,272,393

(Cost $32,511,401)		32,610,291
Semiconductors — 0.4%
ams AG, 144A
7.00%, 7/31/25 .....................	2,753,000	2,876,885
Microchip Technology, Inc., 144A
4.25%, 9/1/25 ......................	6,634,000	6,912,646
ON Semiconductor Corp., 144A

4.75%, 8/1/26, 144A .................	3,326,000	3,468,702
5.375%, 5/15/27, 144A ..............	2,124,000	2,299,485
4.00%, 11/15/29, 144A ..............	4,852,000	5,199,840
3.625%, 9/1/30, 144A ................	2,307,000	2,423,688
3.875%, 2/15/31, 144A ..............	6,215,000	6,572,362

Principal Principal

Computers (Continued)	Amount		Value	Software (Continued)	Amount	Value
Tempo Acquisition LLC / Tempo Acquisition Finance Corp., 144A				Nuance Communications, Inc. 5.625%, 12/15/26 ................... $	2,849,000	$ 3,028,216
6.75%, 6/1/25 ...................... $ Vericast Corp., 144A	7,260,000	$	7,409,665	Open Text Corp. 5.875%, 6/1/26, 144A ................	4,711,000	4,963,345
8.375%, 8/15/22 ....................	4,638,000		3,810,047	3.875%, 2/15/28, 144A ..............	5,177,000	5,333,759
Western Digital Corp. 4.75%, 2/15/26 .....................	12,951,000	14,030,984		PTC, Inc. 3.625%, 2/15/25, 144A ..............	2,815,000	2,899,450
(Cost $76,652,025)		75,690,661		4.00%, 2/15/28, 144A ................	2,871,000	2,979,524
Office/Business Equipment — 0.6% CDW LLC / CDW Finance Corp. 5.50%, 12/1/24 ..................... 4.125%, 5/1/25 ..................... 5.00%, 9/1/25 ......................	2,980,000 3,974,000 3,579,000	3,300,663 4,151,400 3,717,704		Solera LLC / Solera Finance, Inc., 144A 10.50%, 3/1/24 ..................... SS&C Technologies, Inc., 144A 5.50%, 9/30/27 ..................... Veritas US, Inc. / Veritas Bermuda Ltd.	11,359,000 11,643,000	11,926,950 12,485,371

(Cost $24,390,314)		24,742,826
Software — 1.9% Black Knight InfoServ LLC, 144A 3.625%, 9/1/28 .....................	5,600,000	5,685,792
Boxer Parent Co., Inc., 144A 7.125%, 10/2/25 ....................	3,931,000	4,275,906
Camelot Finance SA, 144A 4.50%, 11/1/26 .....................	3,836,000	3,978,162
CDK Global, Inc. 5.00%, 10/15/24 ....................	2,148,000	2,434,500
5.875%, 6/15/26 ....................	2,729,000	2,872,777
4.875%, 6/1/27 .....................	3,238,000	3,425,173
5.25%, 5/15/29, 144A ................ Change Healthcare Holdings LLC / Change Healthcare Finance, Inc., 144A	3,350,000	3,657,731
5.75%, 3/1/25 ......................	7,867,000	7,994,839
Dun & Bradstreet Corp. 6.875%, 8/15/26, 144A ..............	3,923,000	4,263,811
10.25%, 2/15/27, 144A .............. MSCI, Inc.	2,735,000	3,124,231

5.75%, 10/15/25 ....................	2,910,000	3,092,181
4.75%, 3/15/28, 144A ................	4,691,000	4,918,232
DPL, Inc., 144A
4.125%, 7/1/25 .....................	2,035,000	2,149,469
NextEra Energy Operating Partners LP
4.25%, 7/15/24, 144A ................	3,989,000	4,264,700
4.25%, 9/15/24, 144A ................	3,086,000	3,290,447
3.875%, 10/15/26, 144A .............	2,828,000	2,990,158
4.50%, 9/15/27, 144A ................	2,888,000	3,162,360
NRG Energy, Inc.
7.25%, 5/15/26 .....................	5,951,000	6,376,110
6.625%, 1/15/27 ....................	6,153,000	6,593,924
5.75%, 1/15/28 .....................	4,938,000	5,381,506
5.25%, 6/15/29, 144A ................	4,159,000	4,542,938
PG&E Corp.

Electric (Continued)	Principal Amount	Value	Number of Shares SECURITIES LENDING COLLATERAL — 2.2%	Value
Vistra Operations Co. LLC			DWS Government & Agency Securities
5.50%, 9/1/26, 144A $	6,052,000 $	6,362,165	Portfolio “DWS Government Cash
5.625%, 2/15/27, 144A ..............	7,297,000	7,727,231	Institutional Shares”, 0.04% (b)(c)
5.00%, 7/31/27, 144A ...............	7,028,000	7,460,081	(Cost $134,912,900) ................. 134,912,900 $	134,912,900
(Cost $134,773,358)		135,572,246	CASH EQUIVALENTS — 1.7%
Gas — 0.2% AmeriGas Partners LP / AmeriGas			DWS Government Money Market Series “Institutional Shares”, 0.06% (b)

１．iシェアーズ・コア S&P 500 ETF

Finance Corp. 5.625%, 5/20/24 ....................	4,214,000	4,613,824	(Cost $103,636,616) 103,636,616	103,636,616
5.50%, 5/20/25 .....................	3,954,000	4,351,832	TOTAL INVESTMENTS — 102.3%
5.875%, 8/20/26 ....................	4,144,000	4,705,553	(Cost $6,306,680,027) .................	$6,348,924,234
5.75%, 5/20/27 .....................	2,271,000	2,564,652	Other assets and liabilities,
(Cost $15,617,347)		16,235,861	net — (2.3%) ........................	(140,373,743)
TOTAL CORPORATE BONDS			NET ASSETS — 100.0% ..............	$6,208,550,491
(Cost $6,068,130,511) ...............		6,110,374,718