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 9期(決算日：2020年3月10日)第10期(決算日：2020年5月11日)第11期(決算日：2020年7月10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
決算期		(分配落)	税込分配金	期 x x 落率	投資信託証券組入比率	純資産総額
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

(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
決算期	年月日		騰落率	投資信託証券組入比率
第 9期	(期首)2020年1月10日	円 10,343	％－	％ 99.4
	1月末	10,438	0.9	98.6
	2月末	10,353	0.1	98.0
	(期末)2020年3月10日	10,277	△0.6	95.0
第10期	(期首)2020年3月10日	10,217	－	95.0
	3月末	9,987	△2.3	99.4
	4月末	10,279	0.6	97.6
	(期末)2020年5月11日	10,188	△0.3	97.7
第11期	(期首)2020年5月11日	10,158	－	97.7
	5月末	10,306	1.5	98.4
	6月末	10,267	1.1	98.9
	(期末)2020年7月10日	10,362	2.0	98.6

(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。米国高配当株式ETFや米ドル建てハイ・イールド社債ETFは下落したものの、米国国債ETFや米国投資適格債券ETFが上昇し、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、米ドルが対円で下落したため、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、期前半を中心に長期金利が大きく低下(債券価格は上昇)しました。中国で発生した新型コロナウイルスへの警戒感やFRB(米連邦準備制度理事会)による金融緩和政策が継続されるとの見通しから、1月後半頃から長期金利は低下基調となりました。さらに2月後半以降は新型コロナウイルスの世界的な感染拡大に伴うグローバルな景気後退懸念と株式市場の大幅な調整に加え、FRBによる大規模な金融緩和政策を受けて長期金利は1％を下回る水準まで低下しました。しかし、3月中旬には、感染拡大の収束やワクチンや治療薬の開発に対する見通しが立たず、投資家のリスク回避姿勢が極端に高まるなかで、価格変動のある資産からの逃避行動が非常に強まり、国債を含む安全資産にまで現金化する動きが見られたことから、長期金利は史上最低水準の0.3％台から1.3％まで急激に上昇するなど非常に不安定な推移となりました。3月下旬以降は、こうした市場の混乱を受けて、FRBが積極的な政策対応を相次いで打ち出したことなどから、金利市場の混乱は収束に向かい、長期金利は期末まで概ね0.6％～0.8％でのレンジ推移となりました。社債市場では、景気後退懸念や米国株式市場の下落などを背景にスプレッド(米国債利回りに対する上乗せ金利)が急拡大し3月中旬頃にかけて社債価格は大きく下落しましたが、その後は騰勢を強める株式市場とともに上昇に転じ、下落幅を縮小する展開となりました。

当作成期の米国株式市場は、米中貿易協議における第一段階の合意を受けた不透明感の後退などを背景に2月中旬頃までは堅調な展開となりましたが、xxなど中国以外での新型コロナウイルスの感染拡大を受けて世界的な景気後退懸念が高まると、3月中旬頃にかけて急速に下落する展開となりました。また、OPEC(石油輸出国機構)とロシアなどの主要産油国の間での協調減産協議が難航したことや、景気減速に伴う需要減から原油価格が急落したことも株式市場の下落に拍車をかけるかたちとなり、主要3指数は軒並み高値から30％を超える調整となりました。ただし、FRBや政府による政策対応が迅速かつ大規模であったことに加え、4月以降は新型コロナウイルスの感染ペースに減速の兆しが見られたことや、それに伴い全米各州で段階的な経済活動を再開する動きが広がったことが好感され、下げ幅を急速に縮小する展開となりました。6月以降、複数の州で感染の再拡大が見られ、足元の景気回復の持続性について懸念が広がり、株価の上昇ペースは一旦減速したものの、期末まで底堅い地合いは維持されました。セクター別では、今回の新型コロナウイルス感染拡大を受けて新しい生活様式への移行が予想されるなか、その恩恵を受けると考えられるテクノロジー関連セクターが買われた一方、エネルギー・セクターは大きく下落しました。

米ドル／円相場は、前作成期末比で小幅に米ドル安／円高となりました。新型コロナウイルスの感染拡大とそれに伴う景気後退懸念の高まった局面では、当初、安全通貨として円が買われる展開となり、3月上旬には一時1米ドル＝101円台まで円高が進行しましたが、その後は、投資家心理が一段と悪化し、流動性を確保する動きが強まるなか、決済通貨としての需要から米ドルが買い戻され、一時1米ドル＝111円台まで米ドルが反発するなど不安定な動きとなりました。4月以降は、安全通貨としての円の需要と決済通貨としての米ドルの需要が拮抗するかたちとなり、おおむね106円台～108円台でのレンジ推移となりました。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、米国の利下げによる日米金利差の縮小に合わせて低下傾向となり、前作成期末の2.0％台から当作成期末には0.5％台へ大幅に低下しました。

■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、市場環境の変化に鑑み、期中に基本配分の変更を実施いたしました。米国投資適格債券への配分目標を60％から52％へ削減した一方、米ドル建て高利回り債券への配分目標を30％から38％へ増加させました。 (変更前・変更後の基本配分は以下のとおり)

変更前：米国株式10％、米国投資適格債券60％、米ドル建て高利回り債券30％変更後：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％

期を通して、概ね基本配分に沿うかたちで投資信託証券への組入れを実施しました。

※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9期	第10期	第11期
項目		2020年1月11日～2020年3月10日	2020年3月11日～2020年5月11日	2020年5月12日～2020年7月10日
当期分配金 (円) (対基準価額比率) (％)		60 (0.584)	30 (0.294)	30 (0.290)
	当期の収益 (円)	2	30	30
	当期の収益以外 (円)	57	－	－
翌期繰越分配対象額 (円)		423	443	463

(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1月11日～2020年7月10日
	金額	比率
(a) 信託報酬	75円	0.727％	(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10,271円です。
(投信会社)	(17)	(0.164)	・委託した資金の運用の対価
(販売会社)	(56)	(0.547)	・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)	(0.016)	・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	5	0.053	(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)	(5)	(0.053)
(c) 有価証券取引税	0	0.001	(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)	(0.001)
(d) その他費用	70	0.684	(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)	(59)	(0.570)
(監査費用)	(－)	(－)
(印刷費用)	(12)	(0.114)
(その他)	(0)	(0.000)
合計	150	1.465

(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		0.22	18	0.93	78
	アメリカ	ｉシェアーズ・コア米国高配当株ETF		0.11	8	0.1	9
		Xtrackers 米ドル建てハイ・イールド社債ETF		1	54	0.8	40
		バンガード・米国長期国債ETF		0.08	8	0.53	48
		小	計	1	89	2	176

(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
		単位数又は口数	外貨建金額	邦貨換算金額	比率
		xx	x米ドル	千円	％
バンガード・米国トータル債券市場ETF		1	123	13,246	33.5
ｉシェアーズ・コア米国高配当株ETF		0.466	37	3,977	10.1
Xtrackers 米ドル建てハイ・イールド社債ETF		3	142	15,239	38.6
バンガード・米国長期国債ETF		0.594	60	6,487	16.4
合計	口数・金額銘柄数 <比率>	5 4	363 －	38,951 <98.6％>

(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

38,951

％

98.0

短

期

金

融

資

産

、

そ

の

他

793

2.0

投

資

信

託

財

産

総

額

39,744

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(39,140千円)の投資信託財産総額(39,744千円)に対する比率は、98.5％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＝107.13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3月10日)、 (2020年5月11日)、 (2020年7月10日)現在

項目	第9期末	第10期末	第11期末
(Ａ)資産	65,407,195円	69,494,314円	70,693,777円
コール・ローン等	848,472	551,560	656,204
投 x x 託受益証券(評価額)	34,893,396	37,914,663	38,951,850
未収入金	29,604,516	30,969,269	31,012,879
未収配当金	60,811	58,822	72,844
(Ｂ)負債	28,666,601	30,696,300	31,171,173
未払金	28,331,859	30,472,200	30,949,010
未払収益分配金	215,754	114,584	114,754
未払解約金	－	196	－
未払信託報酬	102,847	92,637	94,618
未払利息	1	1	1
その他未払費用	16,140	16,682	12,790
(Ｃ)純資産総額(Ａ－Ｂ)	36,740,594	38,798,014	39,522,604
元本	35,959,112	38,194,858	38,251,596
次期繰越損益金	781,482	603,156	1,271,008
(Ｄ)受益 x x 口数	35,959,112口	38,194,858口	38,251,596口
1 万口当たり基準価額(Ｃ／Ｄ)	10,217円	10,158円	10,332円

(注) 期首元本額は47,388,733円、第9～11期中追加設定元本額は3,219,761円、第9～11期中一部解約元本額は12,356,898円です。

■損益の状況

第 9期(自2020年1月11日至2020年3月10日)第10期(自2020年3月11日至2020年5月11日)第11期(自2020年5月12日至2020年7月10日)

項目	第9期	第10期	第11期
(Ａ)配当等収益	196,062円	360,750円	238,937円
受取配当金	217,024	362,476	239,067
支払利息	△20,962	△1,726	△130
(Ｂ)有価証券売買損益	△247,937	△266,672	745,661
売買益	3,960,861	3,229,698	1,496,205
売買損	△4,208,798	△3,496,370	△750,544
(Ｃ)信託報酬等	△185,599	△173,659	△205,538
(Ｄ)当期損益金(Ａ＋Ｂ＋Ｃ)	△237,474	△79,581	779,060
(Ｅ)前期繰越損益金	1,092,867	631,219	435,737
(Ｆ)追加信託差損益金	141,843	166,102	170,965
(配当等相当額)	(302,147)	(418,326)	(424,806)
(売買損益相当額)	(△160,304)	(△252,224)	(△253,841)
(Ｇ) 計 (Ｄ＋Ｅ＋Ｆ)	997,236	717,740	1,385,762
(Ｈ)収益分配金	△215,754	△114,584	△114,754
次期繰越損益金(Ｇ＋Ｈ)	781,482	603,156	1,271,008
追加信託差損益金	141,843	166,102	170,965
(配当等相当額)	(302,147)	(418,326)	(424,806)
(売買損益相当額)	(△160,304)	(△252,224)	(△253,841)
分配準備積立金	1,220,190	1,276,637	1,347,095
繰越損益金	△580,551	△839,583	△247,052

(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9期	第10期	第11期
(Ａ)配当等収益額（費用控除後）	10,463円	187,091円	189,053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）	－円	－円	－円
(Ｃ)収益調整金額	302,147円	418,326円	424,806円
(Ｄ)分配準備積立金額	1,425,481円	1,204,130円	1,272,796円
(Ｅ)分配対象収益額（Ａ＋Ｂ＋Ｃ＋Ｄ）	1,738,091円	1,809,547円	1,886,655円
(Ｆ)期末残存口数	35,959,112口	38,194,858口	38,251,596口
(Ｇ)収益分配対象額（１万口当たり） (Ｅ／Ｆ×10,000）	483.34円	473.75円	493.21円
(Ｈ)分配金額（１万口当たり）	60円	30円	30円
(Ｉ)収益分配金金額 (Ｆ×Ｈ／10,000）	215,754円	114,584円	114,754円

<分配金の計算過程>

分配金のお知らせ

	第9期	第10期	第11期
1万口当たり分配金	60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

ｉシェアーズ・コア米国高配当株ETF

2019年4月30日

米国投資適格債券

バンガード・米国長期国債ETF

2019年8月31日

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

Xtrackers 米ドル建てハイ・イールド社債ETF

2019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
x x 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, 2019

iShares Core High Dividend ETF

INVESTMENT INCOME

Dividends — Unaffiliated�� $ 223,959,267 Dividends — Affiliated �� 282,675 Interest — Unaffiliated �� 16,527 Securities lending income — Affiliated — net �� 85,580 Foreign taxes withheld�� (5,576)

Total investment income �� 224,338,473

EXPENSES

Investment advisory fees �� 5,044,844 Professional fees �� ― Total expenses �� 5,044,844 Net investment income �� 219,293,629

REALIZED AND UNREALIZED GAIN (LOSS)

Net realized gain (loss) from:

Investments — Unaffiliated��	(81,661,455)
Investments — Affiliated ��	(665)
In-kind redemptions — Unaffiliated ��	141,804,572
In-kind redemptions — Affiliated ��	―
Futures contracts ��	507,695
Foreign currency transactions ��	―
Net realized gain ��	60,650,147
Net change in unrealized appreciation (depreciation) on: Investments — Unaffiliated��	713,929,024
Investments — Affiliated ��	275
Futures contracts ��	901,754
Foreign currency translations ��	―
Net change in unrealized appreciation (depreciation) ��	714,831,053
Net realized and unrealized gain (loss) ��	775,481,200
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS �	$ 994,774,829

１．iシェアーズ・コア S&P 500 ETF

■組入上位10銘柄

as of April 30, 2019

TEN LARGESTHOLDINGS

Percent of Security Total Investments(a)

Exxon Mobil Corp. ��	9.0%
JPMorgan Chase & Co. ��	7.6
Verizon Communications Inc.��	6.6
Xxxxxxx & Xxxxxxx ��	6.3
Chevron Corp. ��	5.7
Pfizer Inc. ��	5.2
Procter & Gamble Co. (The) ��	4.9
Coca-Cola Co. (The) ��	4.1
Cisco Systems Inc. ��	4.1
PepsiCo Inc. ��	3.7
(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
x x 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, 2019 ($000)
Investment Income
Income
Interest1	61,856
Total Income	61,856
Expenses
The Vanguard Group
Investment Advisory Services	80
Management and Administrative — ETF Shares	302
Management and Administrative — Admiral Xxxxxx	387
Management and Administrative — Institutional Shares	249
Marketing and Distribution — ETF Shares	51
Marketing and Distribution — Admiral Xxxxxx	43
Marketing and Distribution — Institutional Shares	23
Custodian Fees	7
Auditing Fees	48
Shareholders’ Reports — ETF Shares	36
Shareholders’ Reports — Admiral Xxxxxx	13
Shareholders’ Reports — Institutional Shares	―
Trustees’ Fees and Expenses	1
Total Expenses	1,240
Expenses Paid Indirectly	(7)
Net Expenses	1,233
Net Investment Income	60,623
Realized Net Gain (Loss)
Investment Securities Sold1,2	34,967
Futures Contracts	―
Realized Net Gain (Loss)	34,967
Change in Unrealized Appreciation (Depreciation) of Investment Securities1	508,164
Net Increase (Decrease) in Net Assets Resulting from Operations	603,754

1 Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $107,000, ($1,000), and ($1,000), respectively. Purchases and sales are for temporary cash investment purposes.

2 Includes $41,232,000 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 August 31, 2019

		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	6.125%	8/15/29	2,512	3,580
United States Treasury Note/Bond	6.250%	5/15/30	13,743	20,155
United States Treasury Note/Bond	5.375%	2/15/31	24,270	34,046
United States Treasury Note/Bond	4.500%	2/15/36	29,992	42,176
United States Treasury Note/Bond	4.750%	2/15/37	9,565	13,989
United States Treasury Note/Bond	5.000%	5/15/37	11,142	16,774
United States Treasury Note/Bond	4.375%	2/15/38	11,947	16,929
United States Treasury Note/Bond	4.500%	5/15/38	13,135	18,923
United States Treasury Note/Bond	3.500%	2/15/39	27,850	35,713
United States Treasury Note/Bond	4.250%	5/15/39	20,607	29,046
United States Treasury Note/Bond	4.500%	8/15/39	23,394	34,045
United States Treasury Note/Bond	4.375%	11/15/39	24,830	35,646
United States Treasury Note/Bond	4.625%	2/15/40	35,704	52,920
United States Treasury Note/Bond	4.375%	5/15/40	32,075	46,208
United States Treasury Note/Bond	3.875%	8/15/40	33,767	45,749
United States Treasury Note/Bond	4.250%	11/15/40	33,087	47,050
United States Treasury Note/Bond	4.750%	2/15/41	35,723	54,126
United States Treasury Note/Bond	4.375%	5/15/41	27,743	40,202
United States Treasury Note/Bond	3.750%	8/15/41	30,947	41,362
United States Treasury Note/Bond	3.125%	11/15/41	26,849	32,852
United States Treasury Note/Bond	3.125%	2/15/42	33,554	41,103
United States Treasury Note/Bond	3.000%	5/15/42	29,668	35,644
United States Treasury Note/Bond	2.750%	8/15/42	49,579	57,256
United States Treasury Note/Bond	2.750%	11/15/42	55,292	63,853
United States Treasury Note/Bond	3.125%	2/15/43	55,797	68,457
United States Treasury Note/Bond	2.875%	5/15/43	78,008	92,074
United States Treasury Note/Bond	3.625%	8/15/43	64,639	85,758
United States Treasury Note/Bond	3.750%	11/15/43	77,967	105,535
United States Treasury Note/Bond	3.625%	2/15/44	77,600	103,244
United States Treasury Note/Bond	3.375%	5/15/44	80,473	103,194
United States Treasury Note/Bond	3.125%	8/15/44	79,754	98,397

		Maturity	Face Amount	Market Value
	Coupon	Date	($000)	($000)
United States Treasury Note/Bond	3.000%	11/15/44	81,205	98,258
United States Treasury Note/Bond	2.500%	2/15/45	76,915	85,363
United States Treasury Note/Bond	3.000%	5/15/45	78,354	95,028
United States Treasury Note/Bond	2.875%	8/15/45	77,582	92,141
United States Treasury Note/Bond	3.000%	11/15/45	82,213	99,953
United States Treasury Note/Bond	2.500%	2/15/46	62,587	69,539
United States Treasury Note/Bond	2.500%	5/15/46	78,227	86,979
United States Treasury Note/Bond	2.250%	8/15/46	69,931	74,072
United States Treasury Note/Bond	2.875%	11/15/46	73,314	87,484
United States Treasury Note/Bond	3.000%	2/15/47	72,432	88,560
United States Treasury Note/Bond	3.000%	5/15/47	77,134	94,308
United States Treasury Note/Bond	2.750%	8/15/47	73,510	85,903
United States Treasury Note/Bond	2.750%	11/15/47	73,640	86,147
United States Treasury Note/Bond	3.000%	2/15/48	77,840	95,427
United States Treasury Note/Bond	3.125%	5/15/48	82,578	103,636
United States Treasury Note/Bond	3.000%	8/15/48	92,242	113,327
United States Treasury Note/Bond	3.375%	11/15/48	95,734	125,950
United States Treasury Note/Bond	3.000%	2/15/49	95,259	117,362
United States Treasury Note/Bond	2.875%	5/15/49	98,099	118,240
United States Treasury Note/Bond	2.250%	8/15/49	35,730	38,002
Total U.S. Government and Agency Obligations (Cost $2,931,960)				3,371,685
			Shares
Temporary Cash Investment (0.8%)
Money Market Fund (0.8%)
1 Vanguard Market Liquidity Fund
(Cost $25,690) 2.249%			256,875	25,690
Total Investments (100.3%) (Cost $2,957,650)				3,397,375
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

●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
x x 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 Xxxxxx	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 Xxxxxx	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 Xxxxxx	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

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	Xxxxxxx Xxx Gold Pool	2.000% – 10.000%	1/1/20 – 2/1/49	11,144,276	11,656,384	4.7%
2,3	Xxxxxxx Xxx 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 Xxxxxxx Xxx Non Gold Pool,
12M USD LIBOR + 0.985%	3.235%	10/1/37	53	54	0.0%
2,3,5 Xxxxxxx Xxx Non Gold Pool,
12M USD LIBOR + 1.245%	4.098%	8/1/37	51	51	0.0%
2,3,5 Xxxxxxx Xxx Non Gold Pool,
12M USD LIBOR + 1.550%	4.675%	4/1/37	1	1	0.0%
2,3,5 Xxxxxxx Xxx Non Gold Pool,
12M USD LIBOR + 1.564%	4.420%	3/1/37	79	81	0.0%
2,3,5 Xxxxxxx Xxx Non Gold Pool,
12M USD LIBOR + 1.570%	4.695%	3/1/37	31	32	0.0%
2,3,5 Xxxxxxx Xxx Non Gold Pool,
12M USD LIBOR + 1.588%	3.921%	9/1/37	290	296	0.0%
2,3,5 Xxxxxxx Xxx Non Gold Pool,
12M USD LIBOR + 1.625%	4.625%	1/1/38	80	85	0.0%
2,3,5 Xxxxxxx Xxx 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 Xxxxxxx Xxx Non Gold Pool,
12M USD LIBOR + 1.660%	3.711%	10/1/37	535	557	0.0%
2,3,5 Xxxxxxx Xxx Non Gold Pool,
12M USD LIBOR + 1.695%	4.767%	2/1/37	190	202	0.0%
2,3,5 Xxxxxxx Xxx Non Gold Pool,
12M USD LIBOR + 1.727%	4.738%	1/1/35	60	64	0.0%
2,3,5 Xxxxxxx Xxx Non Gold Pool,
12M USD LIBOR + 1.743%	3.865%	12/1/36	427	439	0.0%
2,3,5 Xxxxxxx Xxx Non Gold Pool,
12M USD LIBOR + 1.745%	4.713%	12/1/40	1,109	1,151	0.0%
2,3,5 Xxxxxxx Xxx 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 Xxxxxxx Xxx 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 Xxxxxxx Xxx Non Gold
Pool, 12M USD
LIBOR + 1.770%	3.925%	12/1/34	7	7	0.0%
2,3,5 Xxxxxxx Xxx Non Gold
Pool, 12M USD
LIBOR + 1.780%	3.977%	3/1/36	4	4	0.0%
2,3,5 Xxxxxxx Xxx Non Gold
Pool, 12M USD
LIBOR + 1.796%	3.871%	12/1/34	300	305	0.0%
2,3,5 Xxxxxxx Xxx 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 Xxxxxxx Xxx Non Gold
Pool, 12M USD LIBOR +
1.833%	4.190%	3/1/42	796	840	0.0%
2,3,5 Xxxxxxx Xxx Non Gold
Pool, 12M USD LIBOR +
1.834%	4.220%	12/1/35	369	389	0.0%
2,3,5 Xxxxxxx Xxx 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 Xxxxxxx Xxx Non Gold
Pool, 12M USD LIBOR +
1.842%	4.466%	6/1/41	43	45	0.0%
2,3,5 Xxxxxxx Xxx Non Gold
Pool, 12M USD LIBOR +
1.851%	4.716%	1/1/37	258	273	0.0%
2,3,5 Xxxxxxx Xxx Non Gold
Pool, 12M USD LIBOR +
1.864%	4.595%	2/1/42	296	311	0.0%
2,3,5 Xxxxxxx Xxx Non Gold
Pool, 12M USD LIBOR +
1.865%	4.348%	8/1/37	231	240	0.0%
2,3,5 Xxxxxxx Xxx Non Gold
Pool, 12M USD LIBOR +
1.870%	4.038%	12/1/39	157	166	0.0%
2,3,5 Xxxxxxx Xxx 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 Xxxxxxx Xxx Non Gold
Pool, 12M USD
LIBOR + 1.885%	4.510%	7/1/38	224	229	0.0%
2,3,5 Xxxxxxx Xxx Non Gold
Pool, 12M USD
LIBOR + 1.889%	4.956%	2/1/42	584	586	0.0%
2,3,5 Xxxxxxx Xxx Non Gold
Pool, 12M USD
LIBOR + 1.895%	4.323%	9/1/40	745	784	0.0%
2,3,5 Xxxxxxx Xxx 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 Xxxxxxx Xxx 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 Xxxxxxx Xxx Non Gold
Pool, 12M USD
LIBOR + 1.977%	4.783%	5/1/37	943	975	0.0%
2,3,5 Xxxxxxx Xxx Non Gold
Pool, 12M USD LIBOR +
1.995%	5.120%	3/1/37	414	439	0.0%
2,3,5 Xxxxxxx Xxx Non Gold
Pool, 12M USD LIBOR +
2.000%	4.750%	7/1/35	64	67	0.0%
2,3,5 Xxxxxxx Xxx Non Gold
Pool, 12M USD LIBOR +
2.085%	5.210%	3/1/38	76	80	0.0%
2,3,5 Xxxxxxx Xxx Non Gold
Pool, 1Y CMT + 2.125%	4.625%	6/1/35	2	2	0.0%
2,3,5 Xxxxxxx Xxx 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 Xxxxxxx Xxx Non Gold
Pool, 1Y CMT + 2.273%	4.773%	6/1/36	8	8	0.0%
2,3,5 Xxxxxxx Xxx 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 Xxxxxxx Xxx Non Gold Pool, 1Y CMT + 2.409% 4.159% – 4.964%	11/1/33 – 10/1/36	507	538	0.0%
2,3,5 Xxxxxxx Xxx
Non Gold Pool,
1Y CMT + 2.549% 5.173%	3/1/37	91	91	0.0%
2,3,5 Xxxxxxx Xxx
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 Xxxxxxx Xxx Non
Gold Pool, 6M USD
LIBOR + 1.570% 3.859%	3/1/37	126	131	0.0%
2,3,5 Xxxxxxx Xxx 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%

Temporary Cash Investment Money Market Fund

7 Vanguard Market Liquidity Fund

Coupon Shares

１．iシェアーズ・コア S&P 500 ETF

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 xxxxxxxx, 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
x x 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, 2019

Xtrackers USD High Yield Corporate Bond ETF

Investment Income

Unaffiliated interest income �� $ 149,258,585 Income distributions from affiliated funds �� 367,822 Affiliated securities lending income �� 1,779,174 Total investment income �� 151,405,581

Expenses

Investment advisory fees ��	4,854,316
Other expenses ��	3,713
Total expenses ��	4,858,029
Less fees waived: Waiver ��	(621,743)
Net expenses ��	4,236,286
Net investment income (loss) ��	147,169,295
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from: Investments ��	(19,974,619)
In-kind redemptions ��	13,390,157
Net realized gain (loss) ��	(6,584,462)
Net change in unrealized appreciation (depreciation) on: Investments ��	34,976,324
Net change in unrealized appreciation (depreciation) ��	34,976,324
Net realized and unrealized gain (loss) on investments ��	28,391,862
Net Increase (Decrease) in Net Assets Resulting from Operations ��	$ 175,561,157

１．iシェアーズ・コア S&P 500 ETF

■組入銘柄

August 31, 2019

CORPORATE BONDS — 99.1%

Principal

Amount Value

Iron/Steel (Continued)

Principal

Amount Value

Basic Materials — 4.3% Chemicals — 1.9%

Ashland LLC

4.75%, 8/15/22 ....................... $3,424,000 $ 3,611,327

Blue Cube Spinco LLC

9.75%, 10/15/23 ...................... 1,037,000 1,140,700

10.00%, 10/15/25 ..................... 2,888,000 3,256,220

CF Industries, Inc.

3.45%, 6/1/23 ........................ 2,307,000 2,367,836

Chemours Co.

6.625%, 5/15/23 ...................... 2,934,000 2,996,347

7.00%, 5/15/25 ....................... 2,416,000 2,391,840

5.375%, 5/15/27 ...................... 1,840,000 1,642,200

Consolidated Energy Finance SA

6.875%, 6/15/25, 144A ................ 2,352,000 2,410,800

6.50%, 5/15/26, 144A .................. 889,000 891,222

Element Solutions, Inc., 144A

5.875%, 12/1/25 ...................... 2,637,000 2,765,554

Hexion, Inc., 144A

7.875%, 7/15/27 ...................... 1,480,000 1,439,300

INEOS Group Holdings SA, 144A

5.625%, 8/1/24 (a) .................... 1,956,000 1,999,638

NOVA Chemicals Corp.

5.25%, 8/1/23, 144A ................... 1,906,000 1,949,838

4.875%, 6/1/24, 144A .................. 3,623,000 3,731,690

5.00%, 5/1/25, 144A ................... 1,872,000 1,923,480

5.25%, 6/1/27, 144A ................... 3,477,000 3,642,158 OCI NV, 144A

6.625%, 4/15/23 ...................... 2,306,000 2,444,360

Olin Corp.

5.125%, 9/15/27 ...................... 1,441,000 1,487,833

5.625%, 8/1/29 ....................... 2,749,000 2,862,396

5.00%, 2/1/30 ........................ 1,788,000 1,792,470

PolyOne Corp.

5.25%, 3/15/23 ....................... 1,803,000 1,944,986

PQ Corp., 144A

6.75%, 11/15/22 ...................... 2,383,000 2,481,775

SPCM SA, 144A

4.875%, 9/15/25 ...................... 1,568,000 1,607,200

Starfruit Finco BV / Starfruit US Holdco LLC, 144A

8.00%, 10/1/26 (a) .................... 2,001,000 1,960,980

WR Grace & Co.-Conn, 144A

5.125%, 10/1/21 ...................... 2,539,000 2,646,908

57,389,058

Iron/Steel — 0.6%

AK Steel Corp.

7.625%, 10/1/21 (a) ................... 1,429,000 1,427,214

Allegheny Technologies, Inc.

5.95%, 1/15/21 ....................... 1,575,000 1,618,312

7.875%, 8/15/23 ...................... 1,850,000 1,991,062

4.875%, 1/15/24, 144A ................

1,264,000

1,292,440

11,459,398

5.75%, 3/1/25 (a) .....................

1,501,000

1,508,505

Internet — 2.2%

5.875%, 6/1/27, 144A ..................

Steel Dynamics, Inc.

5.125%, 10/1/21 ......................

2,735,000

1,796,000

2,673,462

1,803,256

Match Group, Inc., 144A

5.00%, 12/15/27 ......................

1,667,000

1,758,685

Cleveland-Cliffs, Inc.

5.25%, 4/15/23 ....................... $1,306,000 $ 1,328,529

5.50%, 10/1/24 ....................... 1,866,000 1,927,578

United States Steel Corp.

6.875%, 8/15/25 (a) ................... 2,552,000 2,434,736

6.25%, 3/15/26 ....................... 2,192,000 1,946,781

19,951,875

Mining — 1.8%
Alcoa Nederland Holding BV
6.75%, 9/30/24, 144A ..................	2,647,000	2,785,967
7.00%, 9/30/26, 144A ..................	1,633,000	1,767,233
6.125%, 5/15/28, 144A ................	1,680,000	1,751,400
Aleris International, Inc., 144A

10.75%, 7/15/23 (a) ................... 1,136,000 1,198,480

Constellium SE

5.75%, 5/15/24, 144A .................. 883,000 911,698

6.625%, 3/1/25, 144A .................. 2,992,000 3,139,730

5.875%, 2/15/26, 144A ................ 1,503,000 1,570,635

FMG Resources August 2006 Pty Ltd.

4.75%, 5/15/22, 144A .................. 2,509,000 2,593,679

5.125%, 3/15/23, 144A ................ 1,562,000 1,628,385

5.125%, 5/15/24, 144A (a) .............. 2,510,000 2,626,088

Freeport-McMoRan, Inc.

3.55%, 3/1/22 ........................ 5,222,000 5,248,110

6.875%, 2/15/23 ...................... 2,654,000 2,798,908

3.875%, 3/15/23 ...................... 6,127,000 6,206,038

4.55%, 11/14/24 ...................... 2,937,000 2,973,154

5.00%, 9/1/27 ........................ 2,000,000 2,000,000

5.25%, 9/1/29 ........................ 2,000,000 1,988,020

Hudbay Minerals, Inc.

7.25%, 1/15/23, 144A .................. 1,016,000 1,052,678

7.625%, 1/15/25, 144A ................ 2,382,000 2,429,592

Xxxxxx X Xxxxxxx & Son, Inc., 144A

11.00%, 5/15/22 ...................... 1,978,000 2,077,518

Novelis Corp.

6.25%, 8/15/24, 144A .................. 3,727,000 3,913,350

5.875%, 9/30/26, 144A ................ 4,900,000 5,187,875

55,848,538

Communications — 24.4%

Advertising — 0.4%

Xxxxxx, Inc., 144A

7.75%, 10/1/22 ....................... 1,934,000 203,070

Lamar Media Corp.

5.00%, 5/1/23 ........................ 1,830,000 1,875,178

5.375%, 1/15/24 ...................... 1,812,000 1,870,890

5.75%, 2/1/26 ........................ 2,080,000 2,212,600

Outfront Media Capital LLC / Outfront Media Capital Corp.

5.625%, 2/15/24 ...................... 1,156,000 1,195,015

5.875%, 3/15/25 ...................... 1,763,000 1,829,112

5.00%, 8/15/27, 144A .................. 2,194,000 2,273,533

１．iシェアーズ・コア S&P 500 ETF

Internet (Continued)	Amount	Value	Media (Continued)	Amount	Value
Netflix, Inc.			5.875%, 5/1/27, 144A $	2,812,000	$ 3,001,810
5.375%, 2/1/21 (a) $	1,831,000	$ 1,899,662	5.00%, 2/1/28, 144A ..................	8,163,000	8,591,557
5.50%, 2/15/22 ......................	2,405,000	2,570,344	5.375%, 6/1/29, 144A ................	4,960,000	5,313,400
5.75%, 3/1/24 (a) ....................	703,000	774,179	Cengage Learning, Inc., 144A
5.875%, 2/15/25 .....................	2,705,000	2,992,406	9.50%, 6/15/24 (a) ...................	2,177,000	2,030,052
4.375%, 11/15/26 ....................	3,533,000	3,625,741	Clear Channel Worldwide Holdings, Inc.
4.875%, 4/15/28 .....................	5,984,000	6,275,720	Series B, 6.50%, 11/15/22 .............	6,733,000	6,878,904
5.875%, 11/15/28 ....................	6,228,000	6,983,145	Series A, 6.50%, 11/15/22 ............	2,308,000	2,358,014
6.375%, 5/15/29, 144A ...............	2,591,000	2,992,605	9.25%, 2/15/24, 144A ................	6,154,000	6,761,707
5.375%, 11/15/29, 144A ..............	2,600,000	2,834,000	5.125%, 8/15/27, 144A ...............	4,100,000	4,299,875
Symantec Corp.			CSC Holdings LLC
4.20%, 9/15/20 ......................	2,332,000	2,366,282	6.75%, 11/15/21 .....................	3,449,000	3,733,542
3.95%, 6/15/22 ......................	1,150,000	1,174,624	5.125%, 12/15/21, 144A ..............	2,325,000	2,333,719
5.00%, 4/15/25, 144A ................	3,957,000	3,985,906	5.125%, 12/15/21, 144A ..............	1,801,000	1,807,754
Uber Technologies, Inc.			5.375%, 7/15/23, 144A ...............	2,589,000	2,667,343
7.50%, 11/1/23, 144A ................	1,702,000	1,782,845	5.25%, 6/1/24 .......................	2,709,000	2,905,402
8.00%, 11/1/26, 144A ................	4,974,000	5,244,461	7.75%, 7/15/25, 144A (a) ..............	2,188,000	2,354,835
VeriSign, Inc.			6.625%, 10/15/25, 144A ..............	4,191,000	4,497,278
4.625%, 5/1/23 ......................	2,502,000	2,548,912	10.875%, 10/15/25, 144A .............	5,817,000	6,613,202
5.25%, 4/1/25 .......................	1,628,000	1,784,695	5.50%, 5/15/26, 144A ................	4,883,000	5,175,980
4.75%, 7/15/27 ......................	1,851,000	1,964,374	5.50%, 4/15/27, 144A ................	4,217,000	4,522,732
Zayo Group LLC / Zayo Capital, Inc.			5.375%, 2/1/28, 144A ................	3,320,000	3,553,263
6.00%, 4/1/23 .......................	4,793,000	4,967,369	7.50%, 4/1/28, 144A ..................	3,469,000	3,919,970
6.375%, 5/15/25 .....................	3,469,000	3,581,743	6.50%, 2/1/29, 144A ..................	6,036,000	6,775,410
5.75%, 1/15/27, 144A ................	5,379,000	5,500,028	5.75%, 1/15/30, 144A ................	3,250,000	3,404,375
		67,607,726	Diamond Sports Group LLC / Diamond Sports Finance Co.
Media — 11.9%			5.375%, 8/15/26, 144A ...............	10,000,000	10,525,000
Altice Financing SA 6.625%, 2/15/23, 144A ...............	6,672,000	6,897,180	6.625%, 8/15/27, 144A ...............	6,000,000	6,300,000
7.50%, 5/15/26, 144A ................	9,618,000	10,267,215	6.75%, 6/1/21 .......................	6,487,000	6,848,975
Altice Finco SA, 144A			5.875%, 7/15/22 .....................	6,545,000	6,798,619
8.125%, 1/15/24 .....................	1,630,000	1,691,125	5.00%, 3/15/23 ......................	4,905,000	4,831,425
Altice Luxembourg SA			5.875%, 11/15/24 ....................	6,840,000	6,532,542
7.75%, 5/15/22, 144A ................	1,493,000	1,534,841	7.75%, 7/1/26 .......................	6,619,000	6,519,715
7.625%, 2/15/25, 144A ...............	5,399,000	5,601,462	Entercom Media Corp., 144A
10.50%, 5/15/27, 144A ............... AMC Networks, Inc. 4.75%, 12/15/22 .....................	5,280,000 1,926,000	5,755,200 1,959,705	7.25%, 11/1/24 (a) ................... 5.125%, 10/15/24, 144A ..............	1,336,000 1,499,000	1,364,390 1,551,465
5.00%, 4/1/24 .......................	3,341,000	3,449,582	5.875%, 7/15/26, 144A (a) .............	2,584,000	2,706,740
4.75%, 8/1/25 ....................... Cablevision Systems Corp. 5.875%, 9/15/22 .....................	2,644,000 1,872,000	2,710,100 2,007,158	7.00%, 5/15/27, 144A ................ 6.375%, 5/1/26 (a) ...................	2,391,000 2,474,650	2,623,405 2,684,995
CCO Holdings LLC / CCO Holdings			8.375%, 5/1/27 ......................	4,840,736	5,246,148
Capital Corp. 5.25%, 3/15/21 ......................	1,231,000	1,235,616	5.25%, 8/15/27, 144A ................	2,500,000	2,634,825
5.25%, 9/30/22 ......................	4,000,000	4,047,500	6.875%, 2/1/26 ......................	4,237,000	4,491,220
5.125%, 2/15/23 .....................	3,679,000	3,747,981	Nexstar Broadcasting, Inc.
4.00%, 3/1/23, 144A ..................	1,399,000	1,416,487	5.875%, 11/15/22 ....................	1,158,000	1,181,160
5.125%, 5/1/23, 144A ................	3,376,000	3,462,088	5.625%, 8/1/24, 144A (a) ..............	3,039,000	3,168,158
5.75%, 9/1/23 .......................	1,494,000	1,527,017	Nexstar Escrow, Inc., 144A
5.75%, 1/15/24 ......................	3,464,000	3,550,600	5.625%, 7/15/27 .....................	3,825,000	3,997,125
5.875%, 4/1/24, 144A ................	5,833,000	6,088,194	Quebecor Media, Inc.
5.375%, 5/1/25, 144A ................	2,487,000	2,589,589	5.75%, 1/15/23 ......................	2,706,000	2,943,668
5.75%, 2/15/26, 144A ................	8,397,000	8,911,316	Sinclair Television Group, Inc.
5.50%, 5/1/26, 144A ..................	5,165,000	5,455,531	6.125%, 10/1/22 .....................	1,761,000	1,789,616
5.125%, 5/1/27, 144A ................	10,485,000	11,113,995

Principal Principal

DISH DBS Corp.

Gray Television, Inc.

iHeartCommunications, Inc.

Meredith Corp.

１．iシェアーズ・コア S&P 500 ETF

Principal Principal

Media (Continued)	Amount	Value	Telecommunications (Continued)	Amount	Value
5.625%, 8/1/24, 144A $	2,267,000	$ 2,340,678	Series W, 6.75%, 12/1/23 (a) ..........	$ 2,043,000	$ 2,219,209
5.125%, 2/15/27, 144A ...............	1,675,000	1,683,040	Series Y, 7.50%, 4/1/24 (a) ............	3,438,000	3,824,706
Sirius XM Radio, Inc.			5.625%, 4/1/25 (a) ...................	1,793,000	1,837,825
3.875%, 8/1/22, 144A ................	3,372,000	3,447,870	Cincinnati Bell, Inc., 144A
4.625%, 5/15/23, 144A ...............	1,833,000	1,874,243	7.00%, 7/15/24 (a) ...................	2,227,000	2,043,272
4.625%, 7/15/24, 144A ...............	5,328,000	5,574,420	CommScope Technologies LLC
5.375%, 4/15/25, 144A ...............	3,277,000	3,412,176	6.00%, 6/15/25, 144A ................	5,165,000	4,635,587
5.375%, 7/15/26, 144A ...............	3,323,000	3,522,380	5.00%, 3/15/27, 144A ................	2,487,000	2,092,189
5.00%, 8/1/27, 144A ..................	5,210,000	5,516,088	CommScope, Inc.
5.50%, 7/1/29, 144A ..................	3,990,000	4,357,918	5.00%, 6/15/21, 144A ................	1,500,000	1,505,640
TEGNA, Inc.			5.50%, 3/1/24, 144A ..................	4,355,000	4,436,656
6.375%, 10/15/23 ....................	1,595,000	1,643,648	5.50%, 6/15/24, 144A ................	1,754,000	1,668,492
Telenet Finance Luxembourg Notes			6.00%, 3/1/26, 144A ..................	4,942,000	5,058,137
Sarl, 144A			8.25%, 3/1/27, 144A ..................	3,189,000	3,137,179
5.50%, 3/1/28 .......................	2,800,000	2,861,600	Consolidated Communications, Inc.
Tribune Media Co.			6.50%, 10/1/22 (a) ...................	1,807,000	1,698,580
5.875%, 7/15/22 .....................	3,991,000	4,049,628	DKT Finance ApS, 144A
Unitymedia GmbH, 144A			9.375%, 6/17/23 .....................	1,073,000	1,155,675
6.125%, 1/15/25 .....................	3,297,000	3,451,135	Frontier Communications Corp.
Unitymedia Hessen GmbH & Co. KG /			8.75%, 4/15/22 ......................	1,685,000	884,625
Unitymedia NRW GmbH, 144A			10.50%, 9/15/22 .....................	7,316,000	3,831,755
5.00%, 1/15/25 ......................	1,923,000	1,992,940	7.125%, 1/15/23 .....................	2,667,000	1,373,505
Univision Communications, Inc.			7.625%, 4/15/24 .....................	2,429,000	1,227,374
5.125%, 5/15/23, 144A ...............	3,358,000	3,332,815	6.875%, 1/15/25 .....................	2,617,000	1,347,755
5.125%, 2/15/25, 144A ...............	5,121,000	4,966,807	11.00%, 9/15/25 .....................	12,003,000	6,151,538
UPC Holding BV, 144A			8.50%, 4/1/26, 144A ..................	5,175,000	5,045,625
5.50%, 1/15/28 ......................	1,790,000	1,870,550	8.00%, 4/1/27, 144A ..................	5,554,000	5,803,930
UPCB Finance IV Ltd., 144A			Gogo Intermediate Holdings LLC / Gogo
5.375%, 1/15/25 .....................	3,935,000	4,069,774	Finance Co., Inc., 144A
Videotron Ltd.			9.875%, 5/1/24 ......................	3,007,000	3,146,074
5.00%, 7/15/22 ......................	2,799,000	2,945,948	GTH Finance BV, 144A
5.375%, 6/15/24, 144A ...............	2,277,000	2,467,699	7.25%, 4/26/23 ......................	2,516,000	2,802,326
5.125%, 4/15/27, 144A ...............	2,107,000	2,222,885	GTT Communications, Inc., 144A
Virgin Media Finance PLC, 144A			7.875%, 12/31/24 ....................	1,893,000	1,211,520
6.00%, 10/15/24 .....................	1,706,000	1,767,843	Hughes Satellite Systems Corp.
Virgin Media Secured Finance PLC			7.625%, 6/15/21 .....................	2,625,000	2,841,563
5.25%, 1/15/26, 144A ................	3,473,000	3,572,849	5.25%, 8/1/26 .......................	2,496,000	2,655,120
5.50%, 8/15/26, 144A ................	2,012,000	2,110,085	6.625%, 8/1/26 (a) ...................	2,488,000	2,687,040
5.50%, 5/15/29, 144A ................	5,428,000	5,685,830	Inmarsat Finance PLC
Ziggo Bond Co. BV			4.875%, 5/15/22, 144A ...............	3,304,000	3,353,560
5.875%, 1/15/25, 144A ...............	1,350,000	1,402,313	6.50%, 10/1/24, 144A ................	1,424,000	1,500,540
6.00%, 1/15/27, 144A ................	2,031,000	2,127,473	Intelsat Connect Finance SA, 144A
Ziggo BV, 144A			9.50%, 2/15/23 ......................	4,226,000	3,782,270
5.50%, 1/15/27 ......................	6,646,000	7,044,428	Intelsat Jackson Holdings SA

9.50%, 9/30/22, 144A ................	1,602,000	1,860,323
5.50%, 8/1/23 .......................	6,353,000	5,812,995

364,573,860

Telecommunications — 9.9%			8.00%, 2/15/24, 144A ................	4,516,000	4,713,575
Altice France SA			8.50%, 10/15/24, 144A ...............	9,767,000	9,718,165
6.25%, 5/15/24, 144A ................	2,758,000	2,853,620	9.75%, 7/15/25, 144A ................	6,274,000	6,470,063
7.375%, 5/1/26, 144A ................	17,294,000	18,504,580	Intelsat Luxembourg SA
8.125%, 2/1/27, 144A ................ C&W Senior Financing DAC 7.50%, 10/15/26, 144A ...............	5,848,000 1,373,000	6,462,040 1,492,863	7.75%, 6/1/21 ....................... 8.125%, 6/1/23 (a) ...................	1,168,000 3,330,000	1,115,440 2,664,000
6.875%, 9/15/27, 144A ...............	4,221,000	4,510,729	5.375%, 8/15/22 .....................	2,911,000	2,923,736
CenturyLink, Inc.			5.625%, 2/1/23 ......................	2,013,000	2,052,676
Series S, 6.45%, 6/15/21 ..............	4,166,000	4,400,337	5.125%, 5/1/23 ......................	2,479,000	2,528,679
Series T, 5.80%, 3/15/22 ..............	4,662,000	4,912,582	5.375%, 1/15/24 .....................	3,198,000	3,261,960

Level 3 Financing, Inc.

１．iシェアーズ・コア S&P 500 ETF

Principal Principal

Telecommunications (Continued)	Amount	Value	Apparel — 0.2%	Amount	Value
5.375%, 5/1/25 ...................... $	3,108,000	$ 3,240,090	Hanesbrands, Inc.
5.25%, 3/15/26 ......................	1,976,000	2,064,920	4.625%, 5/15/24, 144A ................	$2,943,000	$ 3,093,829
Level 3 Parent LLC			4.875%, 5/15/26, 144A ................	2,790,000	2,955,112
5.75%, 12/1/22 ......................	2,478,000	2,502,780	Xxxx Xxxxxxx & Co.
Nokia OYJ			5.00%, 5/1/25 ........................	1,516,000	1,584,220

3.375%, 6/12/22 .....................	1,775,000	1,801,625
4.375%, 6/12/27 .....................	1,770,000	1,840,800
Qwest Corp.
6.75%, 12/1/21 ......................	3,187,000	3,439,235

7,633,161

Auto Manufacturers — 0.8%

Allison Transmission, Inc.

Sable International Finance Ltd., 144A			5.00%, 10/1/24, 144A ..................	3,465,000	3,571,462
5.75%, 9/7/27 .......................	1,191,000	1,246,084	4.75%, 10/1/27, 144A ..................	1,495,000	1,539,850
Sprint Communications, Inc.			5.875%, 6/1/29, 144A ..................	1,420,000	1,526,500
11.50%, 11/15/21 ....................	3,796,000	4,469,790	Fiat Chrysler Automobiles NV
6.00%, 11/15/22 .....................	7,481,000	7,981,254	5.25%, 4/15/23 .......................	4,829,000	5,175,770
Sprint Corp. 7.25%, 9/15/21 ......................	6,813,000	7,345,777	Jaguar Land Rover Automotive PLC 5.625%, 2/1/23, 144A (a) ...............	1,787,000	1,717,986
7.875%, 9/15/23 .....................	14,523,000	16,374,683	4.50%, 10/1/27, 144A ..................	1,795,000	1,423,256
7.125%, 6/15/24 .....................	7,841,000	8,687,514	Navistar International Corp., 144A
7.625%, 2/15/25 .....................	5,069,000	5,683,616	6.625%, 11/1/25 ......................	3,640,000	3,703,700
7.625%, 3/1/26 ...................... Telecom Italia SpA, 144A	4,934,000	5,556,918	Tesla, Inc., 144A 5.30%, 8/15/25 (a) ....................	6,023,000	5,398,114
5.303%, 5/30/24 .....................	4,691,000	5,036,961			24,056,638

Auto Parts & Equipment — 1.0%
Adient Global Holdings Ltd., 144A
4.875%, 8/15/26 ......................	3,065,000	2,383,037
American Axle & Manufacturing, Inc.
6.625%, 10/15/22 .....................	1,338,000	1,353,052
6.25%, 4/1/25 (a) .....................	2,510,000	2,368,762
6.25%, 3/15/26 (a) ....................	1,353,000	1,261,673
6.50%, 4/1/27 (a) .....................	1,662,000	1,531,118
Dana, Inc.
5.50%, 12/15/24 ......................	1,420,000	1,455,500
Goodyear Tire & Rubber Co.
5.125%, 11/15/23 (a) ..................	3,150,000	3,201,188
5.00%, 5/31/26 (a) ....................	3,155,000	3,135,281
4.875%, 3/15/27 (a) ...................	2,281,000	2,209,719
Panther BF Aggregator 2 LP / Panther
Finance Co., Inc.
6.25%, 5/15/26, 144A (a) ...............	3,335,000	3,468,400
8.50%, 5/15/27, 144A ..................	6,528,000	6,381,120
Tenneco, Inc.
5.00%, 7/15/26 (a) ....................	1,576,000	1,232,243

Telefonaktiebolaget LM Ericsson

4.125%, 5/15/22 .....................	3,427,000	3,557,809
T-Mobile USA, Inc.
4.00%, 4/15/22 ......................	1,228,000	1,267,149
6.00%, 3/1/23 .......................	4,005,000	4,085,100
6.50%, 1/15/24 ......................	1,806,000	1,886,764
6.00%, 4/15/24 ......................	4,372,000	4,568,740
6.375%, 3/1/25 ......................	5,739,000	5,957,082
5.125%, 4/15/25 .....................	2,090,000	2,185,241
6.50%, 1/15/26 ......................	6,576,000	7,085,640
4.50%, 2/1/26 .......................	3,405,000	3,545,456
5.375%, 4/15/27 (a) ..................	1,686,000	1,830,372
4.75%, 2/1/28 .......................	5,236,000	5,530,420
VEON Holdings BV
3.95%, 6/16/21, 144A ................	2,200,000	2,230,734
7.504%, 3/1/22, 144A ................	1,148,000	1,263,799
5.95%, 2/13/23, 144A ................	1,482,000	1,605,332
4.95%, 6/16/24, 144A ................	1,434,000	1,522,191
ViaSat, Inc.
5.625%, 9/15/25, 144A ...............	2,354,000	2,383,425

5.625%, 4/15/27, 144A ............... 1,971,000 2,099,115

West Corp., 144A

8.50%, 10/15/25 ..................... 3,785,000 2,952,300

304,046,346

29,981,093

Distribution/Wholesale — 0.4% American Builders & Contractors Supply Co., Inc., 144A

5.875%, 5/15/26 ......................

2,259,000

2,403,011

Anixter, Inc.

5.125%, 10/1/21 ......................

1,393,000

1,460,909

Core & Main LP, 144A

6.125%, 8/15/25 (a) ...................

2,093,000

2,134,860

HD Supply, Inc., 144A

5.375%, 10/15/26 .....................

2,513,000

2,689,412

Consumer, Cyclical — 13.6% Airlines — 0.2%

7.75%, 4/15/21 ......................	1,439,000	1,547,774
American Airlines Group, Inc., 144A
5.00%, 6/1/22 .......................	2,777,000	2,891,551
United Airlines Holdings, Inc.
4.25%, 10/1/22 ......................	1,244,000	1,282,875

Air Canada, 144A

5,722,200

KAR Auction Services, Inc., 144A

5.125%, 6/1/25 ....................... 2,978,000 3,082,230

１．iシェアーズ・コア S&P 500 ETF

	Amount		Value		Amount		Value
Distribution/Wholesale (Continued)				Home Builders — 1.5%
LKQ Corp.				Beazer Homes USA, Inc.
4.75%, 5/15/23 ....................... $1,749,000		$	1,781,794	8.75%, 3/15/22 ....................... $1,882,000		$	1,971,395
			13,552,216	5.875%, 10/15/27 ..................... 1,369,000 Brookfield Residential Properties, Inc.,			1,303,972
Entertainment — 2.3%				144A
AMC Entertainment Holdings, Inc.				6.50%, 12/15/20 ...................... 1,806,000			1,810,515
5.75%, 6/15/25 (a) ....................	1,771,000	1,689,091		Century Communities, Inc., 144A
5.875%, 11/15/26 .....................	2,038,000	1,874,960		6.75%, 6/1/27 ........................	1,562,000	1,659,625
6.125%, 5/15/27 (a) ...................	1,861,000	1,726,077		K Hovnanian Enterprises, Inc.
Caesars Resort Collection LLC / CRC				10.00%, 7/15/22, 144A (a) ..............	1,417,000	1,204,450
Finco, Inc., 144A				10.50%, 7/15/24, 144A ................	1,350,000		1,066,500
5.25%, 10/15/25 ......................	5,672,000	5,785,440		KB Home
Cedar Fair LP, 144A				7.00%, 12/15/21 ......................	1,393,000		1,516,113
5.25%, 7/15/29 .......................	1,514,000	1,648,367		Lennar Corp.
Churchill Downs, Inc.	4.75%, 4/1/21 ........................				1,914,000	1,975,880
5.50%, 4/1/27, 144A ...................	1,952,000	2,078,880		4.125%, 1/15/22 ......................	1,565,000	1,617,819
4.75%, 1/15/28, 144A ..................	1,677,000	1,735,695		4.75%, 11/15/22 ......................	1,898,000	2,009,507
Cinemark USA, Inc.				4.875%, 12/15/23 .....................	913,000	982,616
5.125%, 12/15/22 .....................	633,000	645,660		4.50%, 4/30/24 .......................	2,226,000	2,373,472
4.875%, 6/1/23 .......................	2,662,000	2,721,895		5.875%, 11/15/24 .....................	1,463,000	1,636,731
Cirsa Finance International Sarl, 144A				4.75%, 5/30/25 .......................	1,615,000	1,736,125
7.875%, 12/20/23 .....................	2,192,000	2,324,960		5.25%, 6/1/26 ........................	254,000	277,495
Eldorado Resorts, Inc. 6.00%, 4/1/25 ........................	3,248,000	3,459,120		4.75%, 11/29/27 ......................	2,693,000	2,942,103
6.00%, 9/15/26 .......................	1,860,000	2,043,675		6.875%, 12/15/23, 144A ...............	1,286,000	1,345,478
International Game Technology PLC				6.50%, 10/1/25, 144A ..................	1,848,000		1,968,120
6.25%, 2/15/22, 144A ..................	4,806,000	5,106,375		Meritage Homes Corp.
6.50%, 2/15/25, 144A ..................	3,772,000	4,158,630		6.00%, 6/1/25 ........................	1,340,000	1,485,725
6.25%, 1/15/27, 144A ..................	2,434,000	2,680,442		PulteGroup, Inc.
Lions Gate Capital Holdings LLC				5.50%, 3/1/26 ........................	2,004,000	2,206,905
6.375%, 2/1/24, 144A ..................	1,993,000	2,109,969		5.00%, 1/15/27 .......................	2,539,000	2,742,120
5.875%, 11/1/24, 144A ................	1,831,000	1,913,395		Xxxxxx Xxxxxxxx Communities, Inc.
Live Nation Entertainment, Inc., 144A				5.875%, 6/15/27, 144A ................	1,651,000	1,778,953
4.875%, 11/1/24 ......................	2,125,000	2,207,344		5.75%, 1/15/28, 144A ..................	1,500,000	1,597,500
Merlin Entertainments PLC, 144A				Toll Brothers Finance Corp.
5.75%, 6/15/26 .......................	1,258,000	1,314,610		5.875%, 2/15/22 ......................	1,365,000	1,457,138
Mohegan Gaming & Entertainment, 144A				4.375%, 4/15/23 (a) ...................	1,280,000	1,340,800
7.875%, 10/15/24 (a) ..................	1,681,000	1,631,915		4.875%, 3/15/27 ......................	1,390,000	1,515,100
Scientific Games International, Inc. 10.00%, 12/1/22 ......................	4,205,000	4,378,456		4.35%, 2/15/28 .......................	1,431,000	1,502,550
5.00%, 10/15/25, 144A ................	4,220,000	4,370,823		5.875%, 1/31/25 ......................	1,454,000	1,475,810

Principal Principal

Mattamy Group Corp.

Xxxxxxx Xxxx Homes, Inc.

8.25%, 3/15/26, 144A .................. Six Flags Entertainment Corp.	3,499,000	3,717,688			46,500,517
4.875%, 7/31/24, 144A ................	3,675,000	3,812,813	Home Furnishings — 0.1%
5.50%, 4/15/27, 144A ..................	1,263,000	1,354,568	Tempur Sealy International, Inc.
Stars Group Holdings BV / Stars Group			5.625%, 10/15/23 .....................	1,184,000	1,222,480
US Co.-Borrower LLC, 144A			5.50%, 6/15/26 .......................	2,291,000	2,402,686
7.00%, 7/15/26 .......................	3,300,000	3,510,375			3,625,166

Food Service — 0.4%

Aramark Services, Inc.

70,001,223

Housewares — 0.0%

Scotts Miracle-Gro Co.

6.00%, 10/15/23 ...................... 1,347,000 1,399,843

5.125%, 1/15/24 ...................... 3,331,000 3,442,788

5.00%, 4/1/25, 144A ................... 1,898,000 1,965,664

4.75%, 6/1/26 ........................ 1,561,000 1,603,927

5.00%, 2/1/28, 144A ................... 4,150,000 4,321,188

11,333,567

Leisure Time — 0.4%

24 Hour Fitness Worldwide, Inc., 144A

8.00%, 6/1/22 (a) ..................... 1,623,000 1,448,528

Carlson Travel, Inc., 144A

6.75%, 12/15/23 (a) ................... 1,326,000 1,349,205

１．iシェアーズ・コア S&P 500 ETF

Amount Leisure Time (Continued)	Value	Amount Retail (Continued)	Value
NCL Corp. Ltd., 000X		Xxxxxx Xxxxxxx Supply, Inc., 144A
4.75%, 12/15/21 ...................... $2,249,000	$ 2,288,357	4.875%, 11/1/25 ...................... $4,208,000	$ 4,165,920
Sabre GLBL, Inc.		eG Global Finance PLC, 144A
5.375%, 4/15/23, 144A 1,755,000	1,807,650	6.75%, 2/7/25 ........................ 2,428,000	2,352,125
5.25%, 11/15/23, 144A 1,688,000	1,742,860	Ferrellgas LP / Ferrellgas Finance Corp.
Viking Cruises Ltd., 144A		6.50%, 5/1/21 (a) 1,726,000	1,475,730
5.875%, 9/15/27 ...................... 2,780,000	2,891,200	6.75%, 1/15/22 ....................... 1,722,000	1,463,700
	11,527,800	6.75%, 6/15/23 (a) 1,424,000	1,203,280

Golden Nugget, Inc.
6.75%, 10/15/24, 144A ................	4,371,000	4,480,275
8.75%, 10/1/25, 144A ..................	2,278,000	2,394,747
Group 1 Automotive, Inc.
5.00%, 6/1/22 ........................	1,862,000	1,882,947
IRB Holding Corp., 144A
6.75%, 2/15/26 .......................	1,619,000	1,631,142
JC Penney Corp., Inc.
5.875%, 7/1/23, 144A ..................	1,798,000	1,519,310
8.625%, 3/15/25, 144A (a) ..............	1,286,000	646,215
KFC Holding Co./Pizza Hut Holdings LLC/
Taco Bell of America LLC
5.00%, 6/1/24, 144A ...................	3,363,000	3,484,909
5.25%, 6/1/26, 144A ...................	3,684,000	3,905,040
4.75%, 6/1/27, 144A ...................	2,317,000	2,432,850
L Brands, Inc.

Principal Principal

Lodging — 2.7% Boyd Gaming Corp. 6.875%, 5/15/23 ......................	2,457,000	2,557,811
6.375%, 4/1/26 .......................	3,432,000	3,650,790
6.00%, 8/15/26 .......................	2,310,000	2,448,600
Diamond Resorts International, Inc. 7.75%, 9/1/23, 144A (a) ................	1,624,000	1,642,270
10.75%, 9/1/24, 144A (a) ...............	2,012,000	2,032,120
Hilton Domestic Operating Co., Inc. 4.25%, 9/1/24 ........................	3,170,000	3,241,325
5.125%, 5/1/26 .......................	5,955,000	6,300,390
4.875%, 1/15/30, 144A ................ Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp. 4.625%, 4/1/25 .......................	3,304,000 2,271,000	3,543,540 2,350,485
4.875%, 4/1/27 .......................	1,784,000	1,884,350
Jack Ohio Finance LLC / Jack Ohio Finance 1 Corp., 144A 6.75%, 11/15/21 ......................	2,347,000	2,405,675
Melco Resorts Finance Ltd. 4.875%, 6/6/25, 144A ..................	2,226,000	2,216,389
5.25%, 4/26/26, 144A ..................	2,345,000	2,367,102
5.625%, 7/17/27, 144A ................	2,000,000	2,042,363
MGM Resorts International 6.625%, 12/15/21 .....................	4,640,000	5,057,600
7.75%, 3/15/22 .......................	2,843,000	3,199,029
6.00%, 3/15/23 .......................	4,455,000	4,911,637
5.75%, 6/15/25 .......................	3,835,000	4,242,584
4.625%, 9/1/26 .......................	1,805,000	1,877,200
5.50%, 4/15/27 .......................	2,849,000	3,094,726
Station Casinos LLC, 144A 5.00%, 10/1/25 .......................	1,821,000	1,862,155
Studio City Co. Ltd., 144A 7.25%, 11/30/21 ......................	2,994,000	3,068,850
Wyndham Destinations, Inc.
4.25%, 3/1/22 ........................	2,363,000	2,427,982
3.90%, 3/1/23 ........................	1,253,000	1,277,277
5.75%, 4/1/27 ........................ Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp. 4.25%, 5/30/23, 144A (a) ...............	1,398,000 1,655,000	1,497,608 1,709,201
5.50%, 3/1/25, 144A ...................	5,916,000	6,256,170
5.25%, 5/15/27, 144A ..................	2,943,000	3,053,363

Retail — 3.4%

1011778 BC ULC / New Red Finance, Inc.

6.625%, 4/1/21 .......................	1,000,000	1,057,500
5.625%, 2/15/22 ......................	2,421,000	2,554,155
5.625%, 10/15/23 .....................	2,128,000	2,245,040
5.25%, 2/1/28 ........................	1,639,000	1,499,685
7.50%, 6/15/29 .......................	1,791,000	1,768,613
Michaels Stores, Inc., 144A
8.00%, 7/15/27 .......................	1,690,000	1,624,884
Neiman Marcus Group Ltd. LLC / Neiman
Marcus Group LLC / Mariposa Borrower
/ NMG
8.00%, 10/25/24, 144A ................	2,000,000	690,000
8.75%, 10/25/24, 144A ................	1,980,000	693,000
Penske Automotive Group, Inc.
5.75%, 10/1/22 .......................	1,862,000	1,891,047
5.50%, 5/15/26 .......................	1,611,000	1,693,564
PetSmart, Inc.
7.125%, 3/15/23, 144A ................	6,278,000	5,869,930
5.875%, 6/1/25, 144A (a) ...............	3,765,000	3,708,525
8.875%, 6/1/25, 144A (a) ...............	2,259,000	2,123,460
QVC, Inc.
5.125%, 7/2/22 .......................	1,140,000	1,204,471
4.375%, 3/15/23 ......................	3,250,000	3,396,844
4.85%, 4/1/24 ........................	1,955,000	2,078,113
4.45%, 2/15/25 .......................	1,859,000	1,934,748
Rite Aid Corp., 144A
6.125%, 4/1/23 .......................	5,834,000	4,732,833
Staples, Inc.
7.50%, 4/15/26, 144A ..................	6,721,000	6,805,013
10.75%, 4/15/27, 144A ................	3,411,000	3,453,638
Suburban Propane Partners LP/Suburban
Energy Finance Corp.
5.50%, 6/1/24 ........................	1,771,000	1,806,420

82,218,592

4.625%, 1/15/22, 144A ................ 3,992,000 4,016,950

4.25%, 5/15/24, 144A (a) ............... 4,969,000 5,141,722

5.00%, 10/15/25, 144A ................ 9,596,000 9,931,860

104,960,205

Toys/Games/Hobbies — 0.2%

Principal

１．iシェアーズ・コア S&P 500 ETF

Amount Value

Commercial Services (Continued)

Principal

Amount Value

Mattel, Inc., 144A

6.75%, 12/31/25 ...................... $4,906,000 $ 5,053,180

Consumer, Non-cyclical — 19.6% Agriculture — 0.4%

Darling Ingredients, Inc., 144A

5.25%, 4/15/27 ....................... 1,635,000 1,747,406

JBS Investments II GmbH

7.00%, 1/15/26, 144A .................. 3,300,000 3,576,375

5.75%, 1/15/28, 144A .................. 2,700,000 2,841,075

Vector Group Ltd., 144A

2,936,285

5.50%, 5/15/27 .......................

4,349,000

4,682,829

11,101,141

4.875%, 1/15/28 ......................

5,346,000

5,626,665

5.25%, 1/15/30 .......................

Verscend Escrow Corp., 144A

2,099,000

2,251,178

6.125%, 2/1/25 ....................... 2,981,000

5.125%, 6/1/29 ....................... $2,198,000 $ 2,362,850

ServiceMaster Co. LLC, 144A

5.125%, 11/15/24 .....................	2,447,000	2,574,562
Team Health Holdings, Inc., 144A
6.375%, 2/1/25 (a) ....................	2,913,000	1,966,275
United Rentals North America, Inc.
4.625%, 7/15/23 ......................	3,292,000	3,376,357
5.50%, 7/15/25 .......................	1,691,000	1,769,209
4.625%, 10/15/25 .....................	4,069,000	4,200,022
5.875%, 9/15/26 ......................	3,575,000	3,847,594
6.50%, 12/15/26 ......................	3,184,000	3,474,540

Commercial Services — 3.7%

Ahern Rentals, Inc., 144A

7.375%, 5/15/23 ...................... 1,914,000 1,660,395

Algeco Global Finance PLC, 144A

8.00%, 2/15/23 ....................... 1,680,000 1,689,660

APX Group, Inc.

8.75%, 12/1/20 (a) .................... 1,723,000 1,645,465

7.875%, 12/1/22 ...................... 3,057,000 2,923,256

7.625%, 9/1/23 (a) .................... 1,223,000 917,250

Avis Budget Car Rental LLC / Avis Budget Finance, Inc., 144A

5.75%, 7/15/27 ....................... 1,300,000 1,327,235

Brink’s Co., 144A

4.625%, 10/15/27 ..................... 2,081,000 2,122,620

Gartner, Inc., 144A

5.125%, 4/1/25 ....................... 2,397,000 2,519,822

Herc Holdings, Inc., 144A

5.50%, 7/15/27 ....................... 4,020,000 4,170,750

Hertz Corp.

7.625%, 6/1/22, 144A .................. 3,809,000 3,971,073

9.75%, 8/15/26 ....................... 3,690,000 3,964,278

WEX, Inc., 144A

4.75%, 2/1/23 ........................ 1,026,000 1,036,260

113,099,091

Cosmetics/Personal Care — 0.4%
Avon Products, Inc.
7.00%, 3/15/23 (a) ....................	1,593,000	1,652,738
Coty, Inc., 144A
6.50%, 4/15/26 (a) ....................	1,898,000	1,798,355
Edgewell Personal Care Co.
4.70%, 5/19/21 .......................	1,520,000	1,552,300
4.70%, 5/24/22 .......................	1,840,000	1,883,700
First Quality Finance Co., Inc.
4.625%, 5/15/21, 144A ................	1,912,000	1,919,170
5.00%, 7/1/25, 144A ...................	1,461,000	1,519,440
Revlon Consumer Products Corp.
5.75%, 2/15/21 (a) ....................	2,117,000	1,937,055

6.25%, 10/15/22 (a) ...................

1,947,000

1,978,639

5.50%, 10/15/24, 144A (a) ..............

2,706,000

2,665,410

7.125%, 8/1/26, 144A ..................

Jaguar Holding Co. II / Pharmaceutical

1,600,000

1,635,816

Food — 2.6%

Albertsons Cos. LLC / Safeway, Inc. / New

6.25%, 8/1/24 ........................ 1,304,000 756,320

13,019,078

Product Development LLC, 144A 6.375%, 8/1/23 .......................	3,314,000	3,429,990	Albertsons LP / Albertson’s LLC 6.625%, 6/15/24 ......................	4,365,000	4,594,162
Nielsen Co. Luxembourg SARL			5.75%, 3/15/25 .......................	4,648,000	4,787,440
5.50%, 10/1/21, 144A ..................	1,812,000	1,821,785	7.50%, 3/15/26, 144A ..................	1,374,000	1,535,445
5.00%, 2/1/25, 144A (a) ................	1,914,000	1,899,645	5.875%, 2/15/28, 144A ................	2,500,000	2,640,900
Nielsen Finance LLC / Nielsen			B&G Foods, Inc.
Finance Co.			4.625%, 6/1/21 .......................	2,564,000	2,581,948
4.50%, 10/1/20 .......................	2,638,000	2,643,408	5.25%, 4/1/25 ........................	2,985,000	3,038,133
5.00%, 4/15/22, 144A ..................	7,724,000	7,801,240	JBS Investments GmbH, 144A
Prime Security Services Borrower LLC / Prime Finance, Inc. 9.25%, 5/15/23, 144A ..................	3,747,000	3,947,371	6.25%, 2/5/23 ........................ Finance, Inc.	206,000	211,098
5.25%, 4/15/24, 144A ..................	2,620,000	2,712,774	5.875%, 7/15/24, 144A ................	3,006,000	3,101,816
5.75%, 4/15/26, 144A (a) ............... Refinitiv US Holdings, Inc.	2,451,000	2,561,295	5.75%, 6/15/25, 144A .................. 6.75%, 2/15/28, 144A ..................	3,748,000 3,006,000	3,912,012 3,362,963
6.25%, 5/15/26, 144A ..................	4,126,000	4,502,497	JBS USA LUX SA / JBS USA Food Co. /
8.25%, 11/15/26, 144A ................	5,425,000	6,116,687	JBS USA Finance, Inc.
Service Corp. International 5.375%, 5/15/24 ......................	3,080,000	3,181,640	6.50%, 4/15/29, 144A .................. 5.50%, 1/15/30, 144A ..................	4,673,000 4,085,000	5,187,030 4,338,270
4.625%, 12/15/27 .....................	2,027,000	2,120,749

JBS USA LUX SA / JBS USA

Food (Continued)

Principal

１．iシェアーズ・コア S&P 500 ETF

Amount Value

Healthcare-Services (Continued)

Principal

Amount Value

Lamb Weston Holdings, Inc.

4.625%, 11/1/24, 144A ................ $2,913,000 $ 3,059,844

4.875%, 11/1/26, 144A ................ 3,039,000 3,187,151

Pilgrim’s Pride Corp.

5.75%, 3/15/25, 144A .................. 3,991,000 4,160,618

5.875%, 9/30/27, 144A ................ 2,806,000 3,033,988

Post Holdings, Inc.

5.50%, 3/1/25, 144A ................... 3,679,000 3,862,950

5.00%, 8/15/26, 144A .................. 5,821,000 6,090,221

5.75%, 3/1/27, 144A ................... 4,289,000 4,578,508

5.625%, 1/15/28, 144A ................ 3,073,000 3,284,269

5.50%, 12/15/29, 144A ................ 2,432,000 2,580,255

Sigma Holdco BV, 144A

7.875%, 5/15/26 ...................... 1,736,000 1,718,640

TreeHouse Foods, Inc., 144A

6.00%, 2/15/24 ....................... 2,149,000 2,237,646

US Foods, Inc., 144A

5.875%, 6/15/24 ...................... 2,289,000 2,374,792

79,460,099

Healthcare-Products — 0.9%

Avantor, Inc.

6.875%, 2/1/22 (a) ................... $ 8,016,000 $ 5,588,835

6.25%, 3/31/23 ...................... 11,141,000 10,821,810

9.875%, 6/30/23, 144A (a) ............. 5,832,000 4,884,300

8.625%, 1/15/24, 144A ............... 3,151,000 3,158,877

8.125%, 6/30/24, 144A (a) ............. 4,425,000 3,385,125

8.00%, 3/15/26, 144A ................ 5,343,000 5,142,637

DaVita, Inc.

5.75%, 8/15/22 ...................... 3,824,000 3,864,534

5.125%, 7/15/24 ..................... 5,863,000 5,978,560

5.00%, 5/1/25 ....................... 4,970,000 4,994,850

Encompass Health Corp.

5.75%, 11/1/24 ...................... 3,711,000 3,771,304

Envision Healthcare Corp., 144A

8.75%, 10/15/26 (a) .................. 4,029,000 2,215,950

HCA Healthcare, Inc.

6.25%, 2/15/21 ...................... 3,186,000 3,354,539

HCA, Inc.

7.50%, 2/15/22 ...................... 6,495,000 7,289,403

5.875%, 5/1/23 ...................... 4,037,000 4,468,454

5.375%, 2/1/25 ...................... 8,813,000 9,804,463

5.875%, 2/15/26 ..................... 5,111,000 5,843,151

6.00%, 10/1/24, 144A ..................	5,461,000	5,870,575	5.625%, 9/1/28 ......................	4,831,000	5,508,850
9.00%, 10/1/25, 144A .................. Hill-Rom Holdings, Inc., 144A 5.75%, 9/1/23 ........................	6,547,000 1,571,000	7,381,742 1,625,985	5.875%, 2/1/29 ...................... 5.25%, 12/1/23, 144A ................	3,510,000 2,506,000	4,045,275 2,524,795
Hologic, Inc. 4.375%, 10/15/25, 144A ...............	3,145,000	3,231,488	6.25%, 1/15/27, 144A ................	3,509,000	3,447,593
4.625%, 2/1/28, 144A ..................	1,306,000	1,356,608	5.375%, 11/15/22 ....................	2,395,000	2,568,733
Ortho-Clinical Diagnostics, Inc. / Ortho-			MPH Acquisition Holdings LLC, 144A
Clinical Diagnostics SA, 144A			7.125%, 6/1/24 ......................	5,276,000	4,742,122

5.375%, 9/1/26 ...................... 3,257,000 3,639,698

MEDNAX, Inc.

Molina Healthcare, Inc.

6.625%, 5/15/22 ...................... 4,256,000 4,128,320

Sotera Health Holdings LLC, 144A

6.50%, 5/15/23 ....................... 1,479,000 1,508,580

Teleflex, Inc.

Quorum Health Corp.

11.625%, 4/15/23 (a) ................. 1,332,000 1,165,500

4.875%, 6/1/26 .......................	1,247,000	1,319,900	144A
4.625%, 11/15/27 .....................	1,741,000	1,847,427	9.75%, 12/1/26 ......................	4,687,000	5,020,949
		28,270,625	RegionalCare Hospital Partners

RegionalCare Hospital Partners Holdings Inc / LifePoint Health Inc,

Healthcare-Services — 7.4%
Acadia Healthcare Co., Inc.
5.625%, 2/15/23 ......................	2,422,000	2,485,553
AHP Health Partners, Inc., 144A
9.75%, 7/15/26 (a) ....................	1,555,000	1,678,039
Catalent Pharma Solutions, Inc.
4.875%, 1/15/26, 144A ................	1,960,000	1,999,200
5.00%, 7/15/27, 144A ..................	1,300,000	1,365,143
Centene Corp.
5.625%, 2/15/21 ......................	4,271,000	4,335,065
4.75%, 5/15/22 .......................	4,173,000	4,292,014
6.125%, 2/15/24 ......................	2,506,000	2,629,420
4.75%, 1/15/25 .......................	4,557,000	4,739,280
5.375%, 6/1/26, 144A ..................	6,002,000	6,431,443
Charles River Laboratories International,
Inc., 144A
5.50%, 4/1/26 ........................	2,302,000	2,468,665
CHS/Community Health Systems, Inc.
5.125%, 8/1/21 (a) ....................	2,905,000	2,915,894

Holdings, Inc., 144A
8.25%, 5/1/23 .......................	2,640,000	2,823,942
Select Medical Corp., 144A
6.25%, 8/15/26 ......................	1,800,000	1,877,400
Surgery Center Holdings, Inc., 144A
10.00%, 4/15/27 (a) ..................	1,414,000	1,357,440
Tenet Healthcare Corp.
6.00%, 10/1/20 ......................	5,594,000	5,814,963
4.50%, 4/1/21 .......................	3,188,000	3,301,174
4.375%, 10/1/21 .....................	3,120,000	3,255,720
8.125%, 4/1/22 ......................	9,484,000	10,253,627
6.75%, 6/15/23 ......................	6,082,000	6,272,063
4.625%, 7/15/24 .....................	6,291,000	6,495,458
4.625%, 9/1/24, 144A ................	2,000,000	2,062,500
5.125%, 5/1/25 ......................	4,789,000	4,812,945
7.00%, 8/1/25 (a) ....................	1,592,000	1,613,890
4.875%, 1/1/26, 144A ................	6,660,000	6,852,141
6.25%, 2/1/27, 144A ..................	4,871,000	5,059,751
5.125%, 11/1/27, 144A ...............	5,000,000	5,175,000

Healthcare-Services (Continued)

WellCare Health Plans, Inc.

Principal

１．iシェアーズ・コア S&P 500 ETF

Amount Value

Diversified — 0.1%

Holding Companies-Diversified — 0.1%

Principal

Amount Value

5.25%, 4/1/25 ....................... $ 4,268,000 $ 4,484,814

Stena AB, 144A

5.375%, 8/15/26, 144A ...............	2,324,000	2,483,775	7.00%, 2/1/24 (a) $1,650,000	$ 1,625,250

		226,566,626	Energy — 11.2%
Household Products/Wares — 0.2% Prestige Brands, Inc. 5.375%, 12/15/21, 144A ..............	1,103,000	1,118,166	Coal — 0.1% Peabody Energy Corp. 6.00%, 3/31/22, 144A 1,733,000	1,786,073
6.375%, 3/1/24, 144A (a) ..............	1,885,000	1,983,963	6.375%, 3/31/25, 144A 1,952,000	2,038,620
Spectrum Brands, Inc. 5.75%, 7/15/25 ......................	3,354,000	3,504,930		3,824,693

6,607,059

Energy-Alternate Sources — 0.2%

Pharmaceuticals — 4.0%

4.25%, 1/31/23, 144A ..................

1,800,000

1,853,370

Bausch Health Americas, Inc.

5.00%, 1/31/28, 144A ..................

2,160,000

2,259,943

9.25%, 4/1/26, 144A ..................

8.50%, 1/31/27, 144A ................

5,327,000

5,690,000

6,046,145

6,330,011

4,113,313

TerraForm Power Operating LLC


Bausch Health Cos., Inc.			Oil & Gas — 7.2%
6.50%, 3/15/22, 144A ................	3,823,000	3,962,731	Aker BP ASA
5.50%, 3/1/23, 144A ..................	1,499,000	1,519,611	6.00%, 7/1/22, 144A ...................	1,254,000	1,292,247
5.875%, 5/15/23, 144A ...............	4,112,000	4,178,820	4.75%, 6/15/24, 144A ..................	2,022,000	2,072,550
7.00%, 3/15/24, 144A ................	7,377,000	7,809,735	5.875%, 3/31/25, 144A ................	1,864,000	1,972,112
6.125%, 4/15/25, 144A ...............	11,162,000	11,524,765	Antero Resources Corp.
5.50%, 11/1/25, 144A ................	6,047,000	6,364,346	5.375%, 11/1/21 ......................	2,925,000	2,844,562
9.00%, 12/15/25, 144A ...............	5,162,000	5,807,250	5.125%, 12/1/22 ......................	3,297,000	3,049,725
5.75%, 8/15/27, 144A ................	1,911,000	2,054,325	5.625%, 6/1/23 (a) ....................	2,935,000	2,722,212
7.00%, 1/15/28, 144A ................	2,405,000	2,526,284	5.00%, 3/1/25 (a) .....................	2,090,000	1,818,300
7.25%, 5/30/29, 144A ................ Elanco Animal Health, Inc.	2,454,000	2,601,240	Ascent Resources Utica Holdings LLC /

3.912%, 8/27/21 .....................	1,911,000	1,948,309	10.00%, 4/1/22, 144A ..................	3,237,000	3,277,462
4.272%, 8/28/23 .....................	2,864,000	3,000,974	7.00%, 11/1/26, 144A ..................	1,962,000	1,640,134
4.90%, 8/28/28 ......................	2,165,000	2,361,185	Baytex Energy Corp.
Endo Dac / Endo Finance LLC / Endo			5.125%, 6/1/21, 144A ..................	1,202,000	1,195,990

ARU Finance Corp.

5.625%, 6/1/24, 144A ..................	1,414,000	1,322,090
Brazos Valley Longhorn LLC / Brazos
Valley Longhorn Finance Corp.
6.875%, 2/1/25 .......................	2,606,000	2,332,370
Bruin E&P Partners LLC, 144A
8.875%, 8/1/23 .......................	1,996,000	1,432,130
California Resources Corp., 144A
8.00%, 12/15/22 (a) ...................	6,745,000	3,912,100
Callon Petroleum Co.
6.125%, 10/1/24 ......................	2,027,000	1,976,325

Finco, Inc.

6.00%, 7/15/23, 144A ................	4,976,000	3,309,040
6.00%, 2/1/25, 144A ..................	3,795,000	2,390,850
Horizon Pharma USA, Inc., 144A
5.50%, 8/1/27 .......................	2,050,000	2,142,250
Mallinckrodt International Finance SA
4.75%, 4/15/23 (a) ...................	1,361,000	515,649
Mallinckrodt International Finance SA /
Mallinckrodt CB LLC
5.75%, 8/1/22, 144A (a) ...............	2,011,000	1,176,435

5.50%, 4/15/25, 144A (a) ..............	2,069,000	958,206	6.375%, 7/1/26 .......................	1,384,000	1,349,400
Par Pharmaceutical, Inc., 144A			Calumet Specialty Products Partners LP /

5.625%, 10/15/23, 144A (a) ............ 2,476,000 1,275,140

7.50%, 4/1/27 ....................... 4,910,000 4,590,850

Teva Pharmaceutical Finance Co. BV

Series 2, 3.65%, 11/10/21 ............. 700,000 668,500

2.95%, 12/18/22 ..................... 560,000 490,700

Netherlands III BV			4.875%, 4/15/22 (a) ...................	1,499,000	1,249,791
2.20%, 7/21/21 ......................	12,860,000	12,088,400	7.00%, 10/1/24 (a) ....................	2,666,000	2,042,822
2.80%, 7/21/23 ......................	9,090,000	7,681,050	8.00%, 1/15/25 (a) ....................	4,277,000	3,261,212
6.00%, 4/15/24 (a) ...................	4,800,000	4,350,000	8.00%, 3/15/26, 144A ..................	3,051,000	2,196,720
3.15%, 10/1/26 ......................	11,225,000	8,300,663	7.50%, 10/1/26 (a) ....................	1,426,000	983,940
6.75%, 3/1/28 (a) ....................	4,700,000	3,973,380	8.00%, 6/15/27 (a) ....................	4,392,000	3,195,224
		121,946,844	Citgo Holding, Inc., 144A 9.25%, 8/1/24 ........................	2,550,000	2,703,000

Teva Pharmaceutical Finance

Calumet Finance Corp.

6.50%, 4/15/21 (a) .................... 3,321,000 3,296,092

Carrizo Oil & Gas, Inc.

6.25%, 4/15/23 (a) .................... 2,452,000 2,357,598

Chesapeake Energy Corp.

１．iシェアーズ・コア S&P 500 ETF

Principal Principal

	Amount	Value		Amount	Value
Oil & Gas (Continued)			Oil & Gas (Continued)
CITGO Petroleum Corp., 144A			Oasis Petroleum, Inc.
6.25%, 8/15/22 .......................	$1,613,000	$ 1,627,114	6.875%, 3/15/22 ......................	$2,829,000	$ 2,645,115
CNX Resources Corp.			6.25%, 5/1/26, 144A (a) ................	1,515,000	1,229,044
5.875%, 4/15/22 ......................	2,929,000	2,848,452	Parkland Fuel Corp.
7.25%, 3/14/27, 144A ..................	1,591,000	1,340,417	6.00%, 4/1/26, 144A ...................	1,956,000	2,061,135
CrownRock LP / CrownRock Finance, Inc.,			5.875%, 7/15/27, 144A ................	1,400,000	1,473,500
144A			Parsley Energy LLC / Parsley Finance
5.625%, 10/15/25 .....................	3,804,000	3,780,225	Corp.
Denbury Resources, Inc.			6.25%, 6/1/24, 144A ...................	616,000	640,640
9.00%, 5/15/21, 144A ..................	1,881,000	1,721,115	5.375%, 1/15/25, 144A ................	2,470,000	2,531,750
9.25%, 3/31/22, 144A ..................	1,426,000	1,204,970	5.25%, 8/15/25, 144A ..................	2,613,000	2,665,260
7.75%, 2/15/24, 144A ..................	1,851,000	1,305,325	5.625%, 10/15/27, 144A ...............	1,704,000	1,763,640
Diamond Offshore Drilling, Inc.			PBF Holding Co LLC / PBF Finance Corp.
7.875%, 8/15/25 (a) ...................	1,589,000	1,470,302	7.25%, 6/15/25 .......................	2,457,000	2,554,445
Diamondback Energy, Inc.			PBF Holding Co. LLC / PBF Finance Corp.
4.75%, 11/1/24 .......................	4,121,000	4,260,084	7.00%, 11/15/23 ......................	1,409,000	1,454,793
5.375%, 5/31/25 ......................	2,808,000	2,955,420	PDC Energy, Inc.
Endeavor Energy Resources LP / EER			6.125%, 9/15/24 ......................	1,287,000	1,287,000
Finance, Inc.			5.75%, 5/15/26 .......................	1,952,000	1,912,765
5.50%, 1/30/26, 144A ..................	2,089,000	2,180,394	Puma International Financing SA
5.75%, 1/30/28, 144A ..................	1,550,000	1,631,375	5.125%, 10/6/24, 144A ................	1,650,000	1,547,123
EP Energy LLC / Everest Acquisition			5.00%, 1/24/26, 144A ..................	2,650,000	2,464,954
Finance, Inc.			QEP Resources, Inc.
9.375%, 5/1/24, 144A ..................	3,116,000	249,280	5.375%, 10/1/22 ......................	1,659,000	1,499,321
8.00%, 11/29/24, 144A (a) ..............	1,667,000	716,810	5.25%, 5/1/23 ........................	2,126,000	1,870,880
7.75%, 5/15/26, 144A ..................	3,396,000	2,852,640	5.625%, 3/1/26 .......................	1,563,000	1,273,845
Extraction Oil & Gas, Inc.			Range Resources Corp.
7.375%, 5/15/24, 144A ................	1,392,000	1,050,960	5.75%, 6/1/21 ........................	2,015,000	2,004,925
5.625%, 2/1/26, 144A ..................	2,403,000	1,597,995	5.00%, 8/15/22 .......................	2,057,000	1,928,438
Gulfport Energy Corp.			5.00%, 3/15/23 .......................	2,455,000	2,178,813
6.00%, 10/15/24 ......................	2,167,000	1,587,327	4.875%, 5/15/25 (a) ...................	2,492,000	2,055,900
6.375%, 5/15/25 ......................	1,986,000	1,439,850	Rowan Cos., Inc.
6.375%, 1/15/26 ......................	1,490,000	1,080,250	4.875%, 6/1/22 .......................	2,067,000	1,694,940
Hilcorp Energy I LP / Hilcorp Finance Co.			Sable Permian Resources Land LLC /
5.00%, 12/1/24, 144A ..................	1,646,000	1,526,665	AEPB Finance Corp., 144A
5.75%, 10/1/25, 144A ..................	1,639,000	1,536,563	13.00%, 11/30/20* ....................	1,963,000	1,913,925
6.25%, 11/1/28, 144A ..................	1,998,000	1,848,150	Seven Generations Energy Ltd.
Matador Resources Co.			6.75%, 5/1/23, 144A ...................	1,084,000	1,092,130
5.875%, 9/15/26 ......................	3,564,000	3,470,445	6.875%, 6/30/23, 144A ................	1,549,000	1,576,417
MEG Energy Corp.			5.375%, 9/30/25, 144A ................	2,645,000	2,542,506
6.375%, 1/30/23, 144A (a) ..............	2,785,000	2,642,269	SM Energy Co.
7.00%, 3/31/24, 144A ..................	3,249,000	3,106,856	6.125%, 11/15/22 .....................	1,167,000	1,091,145
6.50%, 1/15/25, 144A ..................	2,510,000	2,531,963	5.00%, 1/15/24 .......................	1,785,000	1,570,800
Moss Creek Resources Holdings, Inc.			5.625%, 6/1/25 (a) ....................	1,715,000	1,466,325
7.50%, 1/15/26, 144A ..................	2,149,000	1,509,673	6.75%, 9/15/26 (a) ....................	1,503,000	1,285,065
10.50%, 5/15/27, 144A ................	1,764,000	1,393,560	6.625%, 1/15/27 (a) ...................	1,866,000	1,595,430
Murphy Oil Corp.			Southwestern Energy Co.
4.00%, 6/1/22 ........................	1,803,000	1,812,015	6.20%, 1/23/25 .......................	3,114,000	2,740,320
4.20%, 12/1/22 .......................	1,997,000	2,026,955	7.50%, 4/1/26 ........................	2,200,000	1,936,440
6.875%, 8/15/24 ......................	1,630,000	1,716,064	7.75%, 10/1/27 (a) ....................	1,619,000	1,416,625
5.75%, 8/15/25 .......................	1,893,000	1,925,560	Sunoco LP / Sunoco Finance Corp.
Nabors Industries, Inc.			4.875%, 1/15/23 ......................	2,791,000	2,860,775
4.625%, 9/15/21 ......................	2,036,000	1,949,470	5.50%, 2/15/26 .......................	2,296,000	2,387,840
5.50%, 1/15/23 (a) ....................	1,986,000	1,779,953	6.00%, 4/15/27 .......................	2,261,000	2,385,355
5.75%, 2/1/25 ........................	2,795,000	2,249,975	Transocean, Inc.
Noble Holding International Ltd.			9.00%, 7/15/23, 144A ..................	3,377,000	3,503,570
7.95%, 4/1/25 (a) .....................	1,505,000	963,200	7.25%, 11/1/25, 144A ..................	2,228,000	2,035,835
7.875%, 2/1/26, 144A ..................	2,481,000	2,012,711	7.50%, 1/15/26, 144A ..................	2,694,000	2,471,745

１．iシェアーズ・コア S&P 500 ETF

Oil & Gas (Continued)	Amount	Value	Pipelines (Continued)	Amount	Value
Valaris PLC			EnLink Midstream Partners LP
7.75%, 2/1/26 (a) .....................	$3,264,000	$ 2,088,307	4.40%, 4/1/24 ........................	$1,810,000	$ 1,798,687
Whiting Petroleum Corp.			4.15%, 6/1/25 ........................	2,517,000	2,413,174
5.75%, 3/15/21 .......................	2,938,000	2,758,635	4.85%, 7/15/26 .......................	1,728,000	1,699,920
6.25%, 4/1/23 (a) .....................	1,472,000	1,162,880	Genesis Energy LP / Genesis Energy
6.625%, 1/15/26 (a) ...................	3,209,000	2,338,398	Finance Corp.
WPX Energy, Inc.			6.75%, 8/1/22 ........................	2,300,000	2,333,580
6.00%, 1/15/22 .......................	1,800,000	1,858,500	6.00%, 5/15/23 .......................	1,193,000	1,190,018
8.25%, 8/1/23 ........................	1,758,000	1,964,565	6.50%, 10/1/25 .......................	2,124,000	2,076,210
5.25%, 9/15/24 .......................	2,179,000	2,222,580	6.25%, 5/15/26 .......................	1,343,000	1,289,804
5.75%, 6/1/26 (a) .....................	1,675,000	1,744,094	NGL Energy Partners LP / NGL Energy
		221,146,893	Finance Corp. 7.50%, 11/1/23 .......................	2,367,000	2,407,665
Oil & Gas Services — 0.4%			7.50%, 4/15/26, 144A (a) ...............	1,447,000	1,468,705
KCA Deutag UK Finance PLC			NuStar Logistics LP
9.875%, 4/1/22, 144A (a) ...............	1,803,000	1,180,965	4.80%, 9/1/20 ........................	1,998,000	2,032,965
9.625%, 4/1/23, 144A ..................	1,415,000	919,750	6.00%, 6/1/26 ........................	1,723,000	1,852,225
McDermott Technology Americas, Inc. /			5.625%, 4/28/27 ......................	1,630,000	1,701,313
McDermott Technology US, Inc., 144A			Tallgrass Energy Partners LP / Tallgrass
10.625%, 5/1/24 (a) ...................	4,049,000	2,874,790	Energy Finance Corp.
SESI LLC			4.75%, 10/1/23, 144A ..................	173,000	172,135
7.125%, 12/15/21 .....................	2,464,000	1,749,440	5.50%, 9/15/24, 144A ..................	3,502,000	3,431,960
7.75%, 9/15/24 .......................	1,787,000	1,081,135	5.50%, 1/15/28, 144A ..................	2,687,000	2,542,574
USA Compression Partners LP / USA			Targa Resources Partners LP / Targa
Compression Finance Corp.			Resources Partners Finance Corp.
6.875%, 4/1/26 .......................	2,450,000	2,523,500	5.25%, 5/1/23 ........................	2,083,000	2,124,014
6.875%, 9/1/27, 144A ..................	2,379,000	2,458,887	4.25%, 11/15/23 ......................	2,037,000	2,042,093

Principal Principal

12,788,467

6.75%, 3/15/24 ....................... 1,522,000 1,584,783

Blue Racer Midstream LLC / Blue Racer Finance Corp., 144A			Financial — 9.3%
6.125%, 11/15/22 ..................... Cheniere Corpus Christi Holdings LLC 7.00%, 6/30/24 .......................	3,071,000 4,105,000	3,101,710 4,746,406	Banks — 1.0% CIT Group, Inc. 4.125%, 3/9/21 .......................	2,125,000	2,175,469
5.875%, 3/31/25 ......................	4,777,000	5,338,297	5.00%, 8/15/22 .......................	3,561,000	3,805,249
5.125%, 6/30/27 ......................	4,937,000	5,467,727	5.00%, 8/1/23 ........................	2,616,000	2,844,900
Cheniere Energy Partners LP			4.75%, 2/16/24 .......................	1,885,000	2,028,731
5.25%, 10/1/25 .......................	5,363,000	5,564,112	5.25%, 3/7/25 ........................	1,639,000	1,839,777
5.625%, 10/1/26 ...................... Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp.	3,355,000	3,556,300	6.125%, 3/9/28 ....................... Freedom Mortgage Corp. 8.125%, 11/15/24, 144A ...............	1,300,000 1,621,000	1,558,375 1,418,375
6.25%, 4/1/23 ........................	2,432,000	2,486,720	8.25%, 4/15/25, 144A ..................	2,302,000	2,014,250
5.75%, 4/1/25 ........................	1,592,000	1,635,780	Intesa Sanpaolo SpA
5.625%, 5/1/27, 144A ..................	1,983,000	1,987,323	5.017%, 6/26/24, 144A ................	5,880,000	6,031,405
DCP Midstream Operating LP			5.71%, 1/15/26, 144A ..................	5,756,000	6,077,190
4.75%, 9/30/21, 144A ..................	1,841,000	1,891,627			29,793,721
3.875%, 3/15/23 ......................	1,652,000	1,676,780

5.75%, 1/15/28, 144A .................. 2,192,000 2,000,200

			5.125%, 2/1/25 .......................	1,562,000	1,608,860
Pipelines — 3.3%			5.875%, 4/15/26 ......................	3,620,000	3,805,525
Antero Midstream Partners LP / Antero			5.375%, 2/1/27 .......................	2,043,000	2,118,182
Midstream Finance Corp.			6.50%, 7/15/27, 144A ..................	2,645,000	2,876,438
5.375%, 9/15/24 ......................	2,215,000	2,098,712	5.00%, 1/15/28 .......................	2,374,000	2,391,805
5.75%, 3/1/27, 144A ...................	2,276,000	2,093,920	6.875%, 1/15/29, 144A ................	2,223,000	2,461,973

5.375%, 6/1/29 .......................	1,642,000	1,610,802	6.625%, 7/15/26, 144A ................	3,280,000	3,493,200
			9.75%, 7/15/27, 144A ..................	3,410,000	3,580,500

99,641,811

5.375%, 7/15/25 ......................

3,096,000

3,281,760

Diversified Financial Services — 3.6%

5.125%, 5/15/29 ......................

EnLink Midstream LLC

1,636,000

1,679,027

Allied Universal Holdco LLC / Allied

Universal Finance Corp.

１．iシェアーズ・コア S&P 500 ETF

Principal Principal

Diversified Financial Services (Continued)	Amount	Value	Insurance (Continued)	Amount	Value
Ally Financial, Inc.			Alliant Holdings Intermediate LLC /
7.50%, 9/15/20 .......................	$1,284,000	$ 1,353,015	Alliant Holdings Co-Issuer, 144A
4.25%, 4/15/21 .......................	2,786,000	2,873,062	8.25%, 8/1/23 ........................	$2,650,000	$ 2,712,937
4.125%, 2/13/22 ......................	1,994,000	2,076,252	Ardonagh Midco 3 PLC, 144A
4.625%, 5/19/22 ......................	1,338,000	1,414,935	8.625%, 7/15/23 (a) ...................	1,803,000	1,753,418
3.875%, 5/21/24 ......................	1,485,000	1,568,531	AssuredPartners, Inc., 144A
5.125%, 9/30/24 ......................	2,571,000	2,889,161	7.00%, 8/15/25 .......................	1,939,000	1,943,847
4.625%, 3/30/25 ......................	2,054,000	2,256,832	Genworth Holdings, Inc.
5.75%, 11/20/25 ......................	3,476,000	3,993,055	7.625%, 9/24/21 (a) ...................	2,328,000	2,438,580
Ladder Capital Finance Holdings LLLP /			HUB International Ltd., 144A
Ladder Capital Finance Corp.			7.00%, 5/1/26 ........................	4,526,000	4,605,205

5.25%, 3/15/22, 144A ..................	1,538,000	1,603,365
5.25%, 10/1/25, 144A ..................	1,357,000	1,387,533
LPL Holdings, Inc., 144A
5.75%, 9/15/25 .......................	3,060,000	3,228,300
Metropolitan Light Co. Ltd., 144A
5.50%, 11/21/22 ......................	2,564,000	2,643,896
Nationstar Mortgage Holdings, Inc.
8.125%, 7/15/23, 144A ................	2,887,000	2,996,937
9.125%, 7/15/26, 144A ................	2,621,000	2,774,984

20,189,014

Real Estate — 0.4%

Xxxxxx Xxxxxx Corp., 144A

5.375%, 3/15/25 ...................... 3,352,000 3,469,320

Xxxxxxx-Xxxxxx, Inc.

5.875%, 4/1/24 ....................... 3,967,000 4,081,051

Nationstar Mortgage LLC / Nationstar			5.25%, 12/1/21, 144A (a) ...............	1,656,000	1,618,243
Capital Corp.			4.875%, 6/1/23, 144A (a) ...............	1,961,000	1,710,973
6.50%, 7/1/21 ........................	1,951,000	1,958,316	9.375%, 4/1/27, 144A (a) ...............	1,801,000	1,566,870

		111,610,118	iStar, Inc.
Insurance — 0.7%			4.625%, 9/15/20 ......................	1,475,000	1,497,125
Acrisure LLC / Acrisure Finance, Inc.			5.25%, 9/15/22 .......................	1,317,000	1,353,217
8.125%, 2/15/24, 144A ................	2,277,000	2,457,737	MGM Growth Properties Operating
7.00%, 11/15/25, 144A ................	3,062,000	2,835,290	Partnership LP / MGP Finance Co-Issuer,
10.125%, 8/1/26, 144A ................	1,400,000	1,442,000	Inc.
			5.625%, 5/1/24 .......................	3,850,000	4,220,563

Realogy Group LLC / Realogy Co.-Issuer Corp.

Navient Corp.
5.00%, 10/26/20 ......................	2,388,000	2,450,685
5.875%, 3/25/21 ......................	2,420,000	2,544,025
6.625%, 7/26/21 ......................	2,585,000	2,772,413
Series MTN, 7.25%, 1/25/22 ............	2,620,000	2,882,000
6.50%, 6/15/22 .......................	2,787,000	3,023,895
5.50%, 1/25/23 .......................	3,024,000	3,187,447
7.25%, 9/25/23 .......................	1,683,000	1,874,441
Series MTN, 6.125%, 3/25/24 ..........	2,677,000	2,854,351
5.875%, 10/25/24 .....................	1,844,000	1,949,090
6.75%, 6/25/25 .......................	1,807,000	1,947,043
6.75%, 6/15/26 (a) ....................	1,705,000	1,828,613
NFP Corp., 144A
6.875%, 7/15/25 ......................	2,575,000	2,578,219
Quicken Loans, Inc.
5.75%, 5/1/25, 144A ...................	4,660,000	4,881,350
5.25%, 1/15/28, 144A ..................	3,325,000	3,462,156
Springleaf Finance Corp.
8.25%, 12/15/20 ......................	2,975,000	3,190,241
7.75%, 10/1/21 .......................	2,470,000	2,707,738
6.125%, 5/15/22 ......................	3,621,000	3,919,733
5.625%, 3/15/23 ......................	3,014,000	3,247,585
6.125%, 3/15/24 ......................	4,047,000	4,421,348
6.875%, 3/15/25 ......................	4,149,000	4,714,301
7.125%, 3/15/26 ......................	5,217,000	5,959,770
6.625%, 1/15/28 ......................	2,838,000	3,121,800

		12,446,457
Real Estate Investment Trusts — 3.0%
Brookfield Property REIT, Inc. / BPR
Cumulus LLC / BPR Nimbus LLC / GGSI
Sellco LL, 144A
5.75%, 5/15/26 .......................	3,540,000	3,739,125
CBL & Associates LP
5.25%, 12/1/23 (a) ....................	1,447,000	926,080
5.95%, 12/15/26 ......................	2,067,000	1,364,220
CyrusOne LP / CyrusOne Finance Corp.
5.00%, 3/15/24 .......................	2,169,000	2,244,915
5.375%, 3/15/27 ......................	1,845,000	1,967,231
Equinix, Inc.
5.375%, 1/1/22 .......................	2,350,000	2,414,625
5.375%, 4/1/23 .......................	3,224,000	3,300,570
5.75%, 1/1/25 ........................	2,218,000	2,320,582
5.875%, 1/15/26 ......................	3,607,000	3,845,964
5.375%, 5/15/27 ......................	4,305,000	4,661,583
ESH Hospitality, Inc., 144A
5.25%, 5/1/25 ........................	4,306,000	4,462,092
Iron Mountain, Inc.
4.375%, 6/1/21, 144A ..................	1,337,000	1,350,370
6.00%, 8/15/23 .......................	2,197,000	2,251,925
5.75%, 8/15/24 .......................	3,344,000	3,394,160
4.875%, 9/15/27, 144A ................	3,311,000	3,416,555
5.25%, 3/15/28, 144A ..................	2,613,000	2,724,053

Real Estate Investment Trusts (Continued)

Principal

Amount Value

Aerospace/Defense (Continued)

Principal

１．iシェアーズ・コア S&P 500 ETF

Amount Value

4.50%, 9/1/26 ....................... $ 1,627,000 $ 1,712,418

5.75%, 2/1/27, 144A .................. 2,192,000 2,422,598

MPT Operating Partnership LP / MPT Finance Corp.

5.25%, 8/1/26 .......................	2,035,000	2,157,711
5.00%, 10/15/27 .....................	3,951,000	4,227,570	Building Materials — 0.9%
4.625%, 8/1/29 ......................	3,162,000	3,294,409	Builders FirstSource, Inc.
SBA Communications Corp.			5.625%, 9/1/24, 144A ..................	2,129,000	2,224,805
4.875%, 7/15/22 .....................	1,840,000	1,873,304	6.75%, 6/1/27, 144A ...................	1,492,000	1,637,470
4.00%, 10/1/22 ......................	3,046,000	3,114,535	Cornerstone Building Brands, Inc., 144A
4.875%, 9/1/24 ......................	4,151,000	4,311,851	8.00%, 4/15/26 (a) ....................	2,159,000	2,053,749
Senior Housing Properties Trust			Griffon Corp.
4.75%, 2/15/28 ......................	1,637,000	1,643,075	5.25%, 3/1/22 ........................	3,196,000	3,235,023
Starwood Property Trust, Inc.			JELD-WEN, Inc.
3.625%, 2/1/21 ......................	1,670,000	1,686,700	4.625%, 12/15/25, 144A ...............	1,608,000	1,579,860
5.00%, 12/15/21 .....................	2,212,000	2,300,480	4.875%, 12/15/27, 144A ...............	1,038,000	1,006,860
4.75%, 3/15/25 ......................	1,711,000	1,758,053	Standard Industries, Inc.
Uniti Group LP / Uniti Fiber Holdings,			5.50%, 2/15/23, 144A ..................	1,064,000	1,093,260
Inc. / CSL Capital LLC, 144A			5.375%, 11/15/24, 144A ...............	4,109,000	4,242,542
7.125%, 12/15/24 (a) .................	2,109,000	1,782,105	6.00%, 10/15/25, 144A ................	3,637,000	3,841,581
Uniti Group LP / Uniti Group Finance,			5.00%, 2/15/27, 144A ..................	1,637,000	1,682,018
Inc. / CSL Capital LLC			4.75%, 1/15/28, 144A ..................	3,212,000	3,240,105
6.00%, 4/15/23, 144A ................	2,170,000	2,072,350	Summit Materials LLC / Summit
8.25%, 10/15/23 (a) ..................	3,485,000	3,101,650	Materials Finance Corp.
Washington Prime Group LP			6.125%, 7/15/23 ......................	2,183,000	2,229,389
6.45%, 8/15/24 (a) ................... 2,565,000 2,477,790 28,066,662 92,896,510 Electrical Components & Equipment — 0.2%

6.375%, 3/1/24 ...................... 1,435,000 1,504,956

6.375%, 6/15/26 ...................... $3,108,000 $ 3,273,470

7.50%, 3/15/27, 144A (a) ............... 1,840,000 1,982,600

Triumph Group, Inc.

7.75%, 8/15/25 (a) .................... 1,553,000 1,560,765

71,877,051

Venture Capital — 0.6%

Xxxxx Enterprises LP / Xxxxx Enterprises Finance Corp.

5.875%, 2/1/22 ...................... 3,382,000 3,449,640

6.25%, 2/1/22 ....................... 4,552,000 4,699,940

6.75%, 2/1/24 ....................... 2,853,000 2,995,650

6.375%, 12/15/25 .................... 2,602,000 2,761,372

6.25%, 5/15/26, 144A ................ 4,107,000 4,296,949

			3.50%, 7/15/22 .......................	3,997,000	4,021,981
Industrial — 9.0%			4.125%, 6/15/23 ......................	1,661,000	1,691,625
Aerospace/Defense — 2.3%			Itron, Inc., 144A
Arconic, Inc. 5.40%, 4/15/21 ......................	4,203,000	4,332,663	5.00%, 1/15/26 ....................... Sensata Technologies BV	1,206,000	1,236,150
5.87%, 2/23/22 ......................	1,990,000	2,126,026	4.875%, 10/15/23, 144A ...............	1,285,000	1,352,912
5.125%, 10/1/24 .....................	4,249,000	4,530,966	5.625%, 11/1/24, 144A ................	1,599,000	1,742,910
Bombardier, Inc.			5.00%, 10/1/25, 144A ..................	2,246,000	2,391,990

18,203,551

Energizer Holdings, Inc.

5.50%, 6/15/25, 144A .................. 1,919,000 1,948,841

6.375%, 7/15/26, 144A (a) .............. 1,813,000 1,914,981

7.75%, 1/15/27, 144A .................. 1,917,000 2,101,511

5,965,333

Electronics — 0.5%

ADT Security Corp.

6.25%, 10/15/21 ...................... 3,193,000 3,408,528

5.75%, 3/15/22, 144A ................	3,818,000	3,870,497
6.00%, 10/15/22, 144A ...............	4,246,000	4,235,385	Engineering & Construction — 0.4%
6.125%, 1/15/23, 144A ...............	3,958,000	3,948,105	AECOM
7.50%, 12/1/24, 144A ................	3,322,000	3,318,180	5.875%, 10/15/24 .....................	2,877,000	3,117,949
7.50%, 3/15/25, 144A ................	4,871,000	4,761,402	5.125%, 3/15/27 ......................	3,061,000	3,212,581
7.875%, 4/15/27, 144A ...............	6,578,000	6,388,883	Brand Industrial Services, Inc., 144A
TransDigm, Inc. 6.00%, 7/15/22 ......................	3,661,000	3,729,644	8.50%, 7/15/25 ....................... MasTec, Inc.	3,362,000	2,979,572
6.50%, 7/15/24 ......................	4,899,000	5,076,589	4.875%, 3/15/23 ......................	1,529,000	1,559,580
6.50%, 5/15/25 ......................	2,549,000	2,666,891			10,869,682
6.25%, 3/15/26, 144A ................	12,795,000	13,834,338

8.75%, 12/1/21, 144A ................ 2,058,000 2,240,647

15,846,096

１．iシェアーズ・コア S&P 500 ETF

	Amount	Value		Amount	Value
Environmental Control — 0.5%			Packaging & Containers (Continued)
Advanced Disposal Services, Inc., 144A			7.875%, 7/15/26, 144A ................	$1,767,000	$ 1,603,553
5.625%, 11/15/24 .....................	$1,470,000	$ 1,547,175	Graphic Packaging International LLC
Clean Harbors, Inc., 144A			4.75%, 4/15/21 .......................	1,401,000	1,441,279
4.875%, 7/15/27 ......................	1,700,000	1,802,000	LABL Escrow Issuer LLC
Covanta Holding Corp.			6.75%, 7/15/26, 144A ..................	2,500,000	2,575,000
5.875%, 3/1/24 .......................	1,077,000	1,109,310	10.50%, 7/15/27, 144A ................	2,090,000	2,116,125
5.875%, 7/1/25 .......................	1,663,000	1,739,914	Mauser Packaging Solutions Holding Co.
6.00%, 1/1/27 ........................	1,257,000	1,313,565	5.50%, 4/15/24, 144A ..................	4,774,000	4,923,188
GFL Environmental, Inc.			7.25%, 4/15/25, 144A ..................	4,643,000	4,451,476
5.375%, 3/1/23, 144A ..................	1,409,000	1,423,090	Owens-Brockway Glass Container, Inc.
7.00%, 6/1/26, 144A ...................	1,300,000	1,352,000	5.00%, 1/15/22, 144A ..................	1,609,000	1,653,248
8.50%, 5/1/27, 144A ...................	1,867,000	2,049,032	5.875%, 8/15/23, 144A ................	2,349,000	2,510,494
Stericycle, Inc., 144A			Reynolds Group Issuer, Inc. / Reynolds
5.375%, 7/15/24 ......................	1,817,000	1,866,968	Group Issuer LLC / Reynolds Group
		14,203,054	Issuer Lu

Hand/Machine Tools — 0.1%			5.125%, 7/15/23, 144A ................	5,237,000	5,396,990
Colfax Corp.			7.00%, 7/15/24, 144A ..................	2,558,000	2,649,129

Principal Principal

5.75%, 10/15/20 ...................... 8,934,204 8,967,707

6.00%, 2/15/24, 144A ..................	2,028,000	2,169,960	Sealed Air Corp.
6.375%, 2/15/26, 144A ................	1,301,000	1,416,464	6.50%, 12/1/20, 144A ..................	1,506,000	1,558,710
		3,586,424	4.875%, 12/1/22, 144A ................	1,413,000	1,487,183

Machinery-Construction & Mining — 0.1%

Vertiv Group Corp., 144A

9.25%, 10/15/24 ...................... 2,642,000 2,509,900

Machinery-Diversified — 0.1%

Cloud Crane LLC, 144A

10.125%, 8/1/24 ...................... 2,236,000 2,409,290

Welbilt, Inc.

9.50%, 2/15/24 ....................... 621,000 669,127

5.25%, 4/1/23, 144A ...................	1,939,000	2,074,730
5.125%, 12/1/24, 144A ................	1,417,000	1,525,046
5.50%, 9/15/25, 144A ..................	1,070,000	1,163,625

Trivium Packaging Finance BV

5.50%, 8/15/26, 144A .................. 3,400,000 3,604,000

8.50%, 8/15/27, 144A .................. 2,300,000 2,478,250

103,479,989

Transportation — 0.4%

		3,078,417	Hornbeck Offshore Services, Inc. 5.00%, 3/1/21 (a) .....................	1,581,000	782,595
Packaging & Containers — 3.4%			Kenan Advantage Group, Inc., 144A
Ardagh Packaging Finance PLC / Ardagh			7.875%, 7/31/23 (a) ...................	1,378,000	1,229,865
Holdings USA, Inc.			XPO Logistics, Inc.
4.25%, 9/15/22, 144A ..................	3,356,000	3,410,535	6.50%, 6/15/22, 144A ..................	3,632,000	3,720,730
4.625%, 5/15/23, 144A ................	2,846,000	2,919,882	6.125%, 9/1/23, 144A ..................	2,705,000	2,803,732
6.00%, 2/15/25, 144A ..................	5,820,000	6,092,812	6.75%, 8/15/24, 144A ..................	3,278,000	3,540,240

5.25%, 8/15/27, 144A ..................	2,600,000	2,632,500			12,077,162
Ball Corp.			Trucking & Leasing — 0.1%
4.375%, 12/15/20 .....................	2,768,000	2,837,200	Fortress Transportation & Infrastructure
5.00%, 3/15/22 .......................	2,549,000	2,708,312	Investors LLC
4.00%, 11/15/23 ......................	3,496,000	3,701,390	6.75%, 3/15/22, 144A ..................	2,276,000	2,372,730
5.25%, 7/1/25 ........................	2,993,000	3,367,125	6.50%, 10/1/25, 144A ..................	1,567,000	1,617,928
4.875%, 3/15/26 ......................	2,762,000	3,038,200			3,990,658

4.125%, 8/15/26, 144A ................ 1,600,000 1,621,968

5.50%, 5/15/22 .......................	2,041,000	2,082,943	Technology — 4.7%
6.00%, 10/15/22 ......................	1,072,000	1,094,780	Computers — 1.5%
5.125%, 7/15/23 ......................	2,866,000	2,948,397	Banff Merger Sub, Inc., 144A
4.50%, 2/15/26, 144A ..................	1,823,000	1,818,442	9.75%, 9/1/26 ........................	4,792,000	4,384,680
4.875%, 7/15/26, 144A ................	5,536,000	5,826,640	Dell International LLC / EMC Corp.
5.625%, 7/15/27, 144A ................	39,000	41,047	5.875%, 6/15/21, 144A ................	5,341,000	5,431,143
Crown Americas LLC / Crown Americas			7.125%, 6/15/24, 144A ................	4,743,000	5,000,187
Capital Corp. IV			Dell, Inc.
4.50%, 1/15/23 .......................	3,157,000	3,322,743	4.625%, 4/1/21 (a) ....................	1,385,000	1,418,759
Flex Acquisition Co., Inc.			Diebold Xxxxxxx, Inc.
6.875%, 1/15/25, 144A ................	2,028,000	1,835,340	8.50%, 4/15/24 .......................	1,362,000	1,278,578

Berry Global, Inc.

１．iシェアーズ・コア S&P 500 ETF

Computers (Continued)	Amount	Value	Software (Continued)	Amount	Value
EMC Corp.			IQVIA, Inc.
3.375%, 6/1/23 .......................	$3,298,000	$ 3,271,604	5.00%, 10/15/26, 144A ................	$3,327,000	$ 3,522,461
Exela Intermediate LLC / Exela Finance,			5.00%, 5/15/27, 144A ..................	3,821,000	4,045,484
Inc., 144A			MSCI, Inc.
10.00%, 7/15/23 (a) ...................	3,492,000	2,199,960	5.25%, 11/15/24, 144A ................	2,522,000	2,630,950
Harland Clarke Holdings Corp.			5.75%, 8/15/25, 144A ..................	2,650,000	2,795,750
9.25%, 3/1/21, 144A (a) ................	2,376,000	2,233,440	4.75%, 8/1/26, 144A ...................	1,806,000	1,894,043
8.375%, 8/15/22, 144A ................	2,638,000	2,103,805	5.375%, 5/15/27, 144A ................	1,556,000	1,677,368
Leidos Holdings, Inc.			Nuance Communications, Inc.
4.45%, 12/1/20 .......................	1,382,000	1,412,501	5.625%, 12/15/26 .....................	1,590,000	1,679,438
NCR Corp.			Open Text Corp.
4.625%, 2/15/21 ......................	894,000	896,324	5.625%, 1/15/23, 144A ................	2,701,000	2,782,030
5.00%, 7/15/22 .......................	2,370,000	2,398,013	5.875%, 6/1/26, 144A ..................	2,668,000	2,857,962
6.375%, 12/15/23 .....................	2,581,000	2,667,928	Rackspace Hosting, Inc., 144A
5.75%, 9/1/27, 144A ...................	1,600,000	1,695,696	8.625%, 11/15/24 (a) ..................	3,962,000	3,654,945
6.125%, 9/1/29, 144A ..................	1,600,000	1,704,192	Solera LLC / Solera Finance, Inc., 144A
Western Digital Corp.			10.50%, 3/1/24 .......................	7,513,000	8,001,345
4.75%, 2/15/26 (a) ....................	7,776,000	7,977,787	SS&C Technologies, Inc., 144A
		46,074,597	5.50%, 9/30/27 .......................	6,563,000	6,903,456
Office/Business Equipment — 0.7%	TIBCO Software, Inc., 144A 11.375%, 12/1/21 .....................			3,070,000	3,225,419

Principal Principal

CDW LLC / CDW Finance Corp.

5.00%, 9/1/23 ........................

1,698,000

1,738,327

7.50%, 2/1/23, 144A ...................

1,387,000

1,380,065

5.50%, 12/1/24 .......................

5.00%, 9/1/25 ........................

1,834,000

2,220,000

2,005,937

2,326,837

10.50%, 2/1/24, 144A (a) ...............

2,712,000

2,562,840

Veritas US, Inc. / Veritas Bermuda Ltd.

Pitney Bowes, Inc.

4.625%, 5/15/22 ......................	2,197,000	2,169,538
4.95%, 4/1/23 ........................	1,673,000	1,597,715
4.625%, 3/15/24 ......................	1,200,000	1,101,000
Xerox Corp. 4.50%, 5/15/21 .......................	3,666,000	3,775,980

3.875%, 10/1/21 ...................... 2,325,000 2,330,813

Utilities — 2.9%

Electric — 2.6%

AES Corp.

75,034,594

4.125%, 3/15/23 ...................... 3,354,000 3,429,465

20,475,612

Semiconductors — 0.1%

Qorvo, Inc.

5.50%, 7/15/26 ....................... 3,018,000 3,229,320

Sensata Technologies UK Financing Co. PLC, 144A

6.25%, 2/15/26 ....................... 245,000 261,467

4.00%, 3/15/21 ....................... 1,987,000 2,034,410

4.50%, 3/15/23 ....................... 1,287,000 1,326,125

4.875%, 5/15/23 ...................... 1,803,000 1,832,299

5.50%, 4/15/25 ....................... 2,100,000 2,197,188

6.00%, 5/15/26 ....................... 1,819,000 1,957,226

5.125%, 9/1/27 ....................... 1,508,000 1,620,391

Calpine Corp.

6.00%, 1/15/22, 144A .................. 2,400,000 2,425,872

5.375%, 1/15/23 ...................... 4,022,000 4,087,036

5.875%, 1/15/24, 144A ................ 1,396,000 1,429,308

5.50%, 2/1/24 ........................ 2,099,000 2,122,593

		3,490,787	5.75%, 1/15/25 (a) .................... 5.25%, 6/1/26, 144A ...................	3,661,000 4,355,000	3,729,644 4,425,769
Software — 2.4%			Clearway Energy Operating LLC
CDK Global, Inc.			5.375%, 8/15/24 ......................	2,402,000	2,471,057
5.00%, 10/15/24 ......................	1,342,000	1,415,810	5.75%, 10/15/25, 144A ................	2,110,000	2,207,630
5.875%, 6/15/26 ......................	1,804,000	1,922,793	Drax Finco PLC, 144A
4.875%, 6/1/27 .......................	2,766,000	2,871,772	6.625%, 11/1/25 ......................	1,738,000	1,803,175
5.25%, 5/15/29, 144A ..................	1,205,000	1,245,669	InterGen NV, 144A
Change Healthcare Holdings LLC /			7.00%, 6/30/23 .......................	1,354,000	1,252,450
Change Healthcare Finance, Inc., 144A			NextEra Energy Operating Partners LP
5.75%, 3/1/25 ........................	3,659,000	3,696,358	4.25%, 7/15/24, 144A ..................	2,490,000	2,564,700
Dun & Bradstreet Corp.			4.25%, 9/15/24, 144A ..................	1,483,000	1,543,432
6.875%, 8/15/26, 144A ................	2,399,000	2,604,414	4.50%, 9/15/27, 144A ..................	1,843,000	1,900,594
10.25%, 2/15/27, 144A ................	2,602,000	2,852,442	NRG Energy, Inc.
Infor US, Inc.			7.25%, 5/15/26 .......................	3,624,000	3,986,400
6.50%, 5/15/22 .......................	5,833,000	5,949,660	6.625%, 1/15/27 ......................	4,520,000	4,898,550
Informatica LLC, 144A			5.75%, 1/15/28 .......................	2,843,000	3,073,994
7.125%, 7/15/23 ......................	2,806,000	2,862,120	5.25%, 6/15/29, 144A ..................	2,060,000	2,200,739

Electric (Continued)

Talen Energy Supply LLC

Principal

１．iシェアーズ・コア S&P 500 ETF

Amount Value

Number

of Shares Value

SECURITIES LENDING COLLATERAL — 5.3%

DWS Government & Agency Securities

6.50%, 6/1/25 ........................ $1,998,000 $ 1,528,470

10.50%, 1/15/26, 144A ................ 2,370,000 2,160,255

7.25%, 5/15/27, 144A ................. 2,040,000 2,034,900

6.625%, 1/15/28, 144A ................ 1,300,000 1,264,250

TransAlta Corp.

4.50%, 11/15/22 ...................... 1,200,000 1,236,951

Vistra Energy Corp.

5.875%, 6/1/23 ....................... 1,376,000 1,408,680

5.50%, 9/1/26, 144A ..................	3,590,000	3,778,475	TOTAL INVESTMENTS — 105.6%
5.625%, 2/15/27, 144A ................	3,585,000	3,809,062	(Cost $3,210,284,952) .................
5.00%, 7/31/27, 144A .................	4,550,000	4,709,250	Other assets and liabilities,

Vistra Operations Co. LLC

Portfolio “DWS Government Cash Institutional Shares”, 2.04% (b)(c)

(Cost $161,595,001) ................. 161,595,001 $ 161,595,001

CASH EQUIVALENTS — 1.2%

DWS Government Money Market Series “Institutional Shares”, 2.09% (b)

(Cost $36,745,383) .................. 36,745,383 36,745,383

$3,234,021,116


	79,020,875	NET ASSETS — 100.0% ..............	$3,061,851,413
2,322,000	2,475,832
2,390,000	2,539,375
2,261,000	2,466,638
1,655,000	1,759,431
	9,241,276
	3,035,680,732

net — (5.6%) ....................... (172,169,703)

Gas — 0.3%

AmeriGas Partners LP / AmeriGas Finance Corp.

5.625%, 5/20/24 ......................

5.50%, 5/20/25 .......................

5.875%, 8/20/26 ......................

5.75%, 5/20/27 .......................

TOTAL CORPORATE BONDS

(Cost $3,011,944,568) .................

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