iShares U.S. ETF Trust

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of April 30, 2022 saw the emergence of significant challenges that disrupted the economic recovery and strong financial markets which characterized 2021. The U.S. economy shrank in the first quarter of 2022, ending the run of robust growth which followed reopening and the development of the COVID-19 vaccines. Rapid changes in consumer spending led to supply constraints and elevated inflation, which reached a 40-year high. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the invasion has presented challenges for both investors and policymakers.

Equity prices were mixed but mostly down, as persistently high inflation drove investors’ expectations for higher interest rates, particularly weighing on relatively high valuation growth stocks and economically sensitive small-capitalization stocks. Overall, small-capitalization U.S. stocks declined, while large-capitalization U.S. stocks were nearly flat. Both emerging market stocks and international equities from developed markets fell significantly, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose during the reporting period as increasing inflation drove investors’ expectations for higher interest rates. The corporate bond market also faced inflationary headwinds, and increasing uncertainty led to higher corporate bond spreads (the difference in yield between U.S. Treasuries and similarly-dated corporate bonds).

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation is growing faster than expected, raised interest rates in March 2022, the first increase of this business cycle. Furthermore, the Fed wound down its bond-buying programs and raised the prospect of reversing the flow and reducing its balance sheet. Continued high inflation and the Fed’s new tone led many analysts to anticipate that the Fed will continue to raise interest rates multiple times throughout the year.

Looking ahead, however, the horrific war in Ukraine has significantly clouded the outlook for the global economy, leading to major volatility in energy and metal markets. Sanctions on Russia, Europe’s top energy supplier, and general wartime disruption are likely to drive already-high commodity prices even higher. We believe sharp increases in energy prices will exacerbate inflationary pressure while also constraining economic growth. Combating inflation without stifling a recovery, while buffering against ongoing supply and price shocks amid the ebb and flow of the pandemic, will be an especially challenging environment for setting effective monetary policy. Despite the likelihood of more rate increases on the horizon, we believe the Fed will err on the side of protecting employment, even at the expense of higher inflation.

In this environment, we favor an overweight to equities, as valuations have become more attractive and inflation-adjusted interest rates remain low. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and healthcare, are particularly attractive in the long term. We favor U.S. equities due to strong earnings momentum, while Japanese equities should benefit from supportive monetary and fiscal policy. We are underweight credit overall, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential opportunities for additional yield. We believe that international diversification and a focus on sustainability and quality can help provide portfolio resilience.

Overall, our view is that investors need to think globally, extend their scope across a broad array of asset classes, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.

Sincerely,

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.


Total Returns as of April 30, 2022

	6-Month		12-Month

U.S. large cap equities (S&P 500^® Index)		(9.65)%		0.21%

U.S. small cap equities (Russell 2000^® Index)		(18.38)		(16.87)

International equities (MSCI Europe, Australasia, Far East Index)		(11.80)		(8.15)

Emerging market equities (MSCI Emerging Markets Index)		(14.15)		(18.33)

3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		0.07		0.08

U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		(10.29)		(8.86)

U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		(9.47)		(8.51)

Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)		(7.90)		(7.88)

U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		(7.40)		(5.22)

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

The iShares Inflation Hedged Corporate Bond ETF (the “Fund”) seeks to track the investment results of an index designed to mitigate the inflation risk of a portfolio composed of U.S. dollar-denominated, investment grade corporate bonds, as represented by the BlackRock Inflation Hedged Corporate Bond Index (the “Index”). The Fund currently seeks to achieve its investment objective by investing a substantial portion of its assets in one underlying fund, the iShares iBoxx $ Investment Grade Corporate Bond ETF. The Fund attempts to mitigate the inflation risk of the underlying fund by holding inflation swaps.

Prior to 12/1/21, the Fund operated as a transparent active ETF. On 12/1/21, the Fund commenced operating as an index-based ETF and began to officially track the Index.

The inception date of the Fund was 5/8/18. The first day of secondary market trading was 5/10/18.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 7 for more information.


ALLOCATION BY CREDIT QUALITY (of the UNDERLYING FUND)

Credit Rating^(a)	Percent of Total Investment^(b)

Aaa		3.3	%
Aa		5.0
A		41.1
Baa		47.7
Ba		2.1
Not Rated		0.8

^(a)

Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

^(b)	Excludes money market funds.

The iShares Interest Rate Hedged Corporate Bond ETF (the “Fund”) seeks to track the investment results of an index designed to mitigate the interest rate risk of a portfolio composed of U.S. dollar-denominated, investment-grade corporate bonds, as represented by the BlackRock Interest Rate Hedged Corporate Bond Index, (the “Index”). The Fund currently seeks to achieve its investment objective by investing a substantial portion of its assets in one underlying fund, the iShares iBoxx $ Investment Grade Corporate Bond ETF. The Fund attempts to mitigate the interest rate risk of the underlying fund by holding short positions in U.S. Treasury futures or interest rate swaps.

Prior to 12/1/21, the Fund operated as a transparent active ETF. On 12/1/21, the Fund commenced operating as an index-based ETF and began to officially track the Index.

The inception date of the Fund was 5/27/14. The first day of secondary market trading was 5/28/14.

ALLOCATION BY CREDIT QUALITY (of the UNDERLYING

FUND)



Credit Rating^(a)	Percent of Total Investment^(b)

Aaa		3.3	%
Aa		5.0
A		41.1
Baa		47.7
Ba		2.1
Not Rated		0.8

^(a)

^(b)	Excludes money market funds.

The iShares Interest Rate Hedged High Yield Bond ETF (the “Fund”) seeks to track the investment results of an index designed to mitigate the interest rate risk of a portfolio composed of U.S. dollar-denominated, high yield corporate bonds, as represented by the BlackRock Interest Rate Hedged High Yield Bond Index (the “Index”). The Fund currently seeks to achieve its investment objective by investing a substantial portion of its assets in one underlying fund, the iShares iBoxx $ High Yield Corporate Bond ETF. The Fund attempts to mitigate the interest rate risk of the underlying fund by holding short positions in U.S. Treasury futures or interest rate swaps.

Prior to 12/1/21, the Fund operated as a transparent active ETF. On 12/1/21, the Fund commenced operating as an index-based ETF and began to officially track the Index.

The inception date of the Fund was 5/27/14. The first day of secondary market trading was 5/28/14.


ALLOCATION BY CREDIT QUALITY (of the UNDERLYING FUND)



Credit Rating^(a)	Percent of Total Investment^(b)

Baa		2.4	%
Ba		45.7
B		39.2
Caa		10.2
Ca		0.2
Not Rated		2.3

^(a)

^(b)	Excludes money market funds.

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

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

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

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

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

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

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


Security	Shares		Value


Investment Companies

Exchange-Traded Funds — 94.2%
iShares iBoxx $ Investment Grade Corporate Bond ETF^(a)(b)		963,435	$	108,482,781


Total Investment Companies — 94.2% (Cost: $126,664,867)				108,482,781


Short-Term Investments

Money Market Funds — 44.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.38%^(a)(c)(d)		49,652,183		49,652,183
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.34%^(a)(c)		1,390,000		1,390,000


				51,042,183


Total Short-Term Investments — 44.3% (Cost: $51,034,161)				51,042,183


Total Investments in Securities — 138.5% (Cost: $177,699,028)				159,524,964

Other Assets, Less Liabilities — (38.5)%				(44,337,203	)


Net Assets — 100.0%			$	115,187,761

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended April 30, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Balances Reported in the Statements of Assets and Liabilities for Centrally Cleared Swaps

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

For the period ended April 30, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

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

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


Security	Shares		Value


Investment Companies

Exchange-Traded Funds — 97.9%
iShares iBoxx $Investment Grade Corporate Bond ETF^(a)(b)		10,639,543	$	1,198,012,542


Total Investment Companies — 97.9% (Cost: $1,392,710,474)				1,198,012,542


Short-Term Investments

Money Market Funds — 47.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.38%^(a)(c)(d)		564,903,118		564,903,118
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.34%^(a)(c)		15,170,000		15,170,000


				580,073,118


Total Short-Term Investments — 47.4% (Cost: $579,929,041)				580,073,118


Total Investments in Securities — 145.3% (Cost: $1,972,639,515)				1,778,085,660

Other Assets, Less Liabilities — (45.3)%				(554,767,870	)


Net Assets — 100.0%			$	1,223,317,790

Balances Reported in the Statements of Assets and Liabilities for Centrally Cleared Swaps

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

For the period ended April 30, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.


Security	Shares		Value


Investment Companies

Exchange-Traded Funds — 95.7%
iShares iBoxx $ High Yield Corporate Bond ETF^(a)(b)		2,064,525	$	162,127,148


Total Investment Companies — 95.7% (Cost: $178,483,465)				162,127,148


Short-Term Investments

Money Market Funds — 48.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.38%^(a)(c)(d)		80,376,326		80,376,326
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.34%^(a)(c)		2,250,000		2,250,000


				82,626,326


Total Short-Term Investments — 48.8% (Cost: $82,624,478)				82,626,326


Total Investments in Securities — 144.5% (Cost: $261,107,943)				244,753,474

Other Assets, Less Liabilities — (44.5)%				(75,388,660	)


Net Assets — 100.0%			$	169,364,814

Balances Reported in the Statements of Assets and Liabilities for Centrally Cleared Swaps

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

For the period ended April 30, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

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

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

Currently each Fund seeks to achieve its investment objective by investing a substantial portion of its assets in an iShares fund (an “underlying fund”). The financial statements, including the accounting policies, and schedules of investments for the underlying funds are available on iShares.com and should be read in conjunction with the Funds’ financial statements.

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

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions from the underlying funds, if any, are recorded on the ex-dividend date. Interest income is recognized daily on an accrual basis.

Segregation and Collateralization: In cases where a Fund enters into certain investments (e.g., futures contracts and swaps) that would be treated as “senior securities” for 1940 Act purposes, a Fund may segregate or designate on its books and record cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments. Doing so allows the investment to be excluded from treatment as a “senior security.” Furthermore, if required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments or obligations.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.

Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

Swaps: Swap contracts are entered into to manage exposure to issuers, markets and securities. Such contracts are agreements between the Funds and a counterparty to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are privately negotiated in the OTC market and may be entered into as a bilateral contract (“OTC swaps”) or centrally cleared (“centrally cleared swaps”).

In a centrally cleared swap, immediately following execution of the swap agreement, the swap agreement is novated to a central counterparty (“CCP”) and the CCP becomes the Fund’s counterparty on the swap. Each Fund is required to interface with the CCP through a broker. Upon entering into a centrally cleared swap, each Fund is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Securities deposited as initial margin are designated on the Schedule of Investments and cash deposited is shown as cash pledged for centrally cleared swaps on the Statements of Assets and Liabilities. Amounts pledged, which are considered restricted cash, are included in cash pledged for centrally cleared swaps in the Statements of Assets and Liabilities. Pursuant to the contract, each Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and shown as variation margin receivable (or payable) on centrally cleared swaps in the Statements of Assets and Liabilities. Payments received from (paid to) the counterparty are amortized over the term of the contract and recorded as realized gains (losses) in the Statements of Operations, including those at termination.

Inflation swaps are entered into to gain or reduce exposure to inflation (inflation risk). In an inflation swap, one party makes fixed interest payments on a notional principal amount in exchange for another party’s variable payments based on an inflation index, such as the Consumer Price Index.

Interest rate swaps are entered into to gain or reduce exposure to interest rates or to manage duration, the yield curve or interest rate (interest rate risk).

Interest rate swaps are agreements in which one party pays a stream of interest payments, either fixed or floating, in exchange for another party’s stream of interest payments, either fixed or floating, on the same notional amount for a specified period of time. In more complex interest rate swaps, the notional principal amount may decline (or amortize) over time.

The iShares Inflation Hedged Corporate Bond ETF uses inflation swaps to mitigate the potential impact of inflation on the performance of the bonds held by the Fund or its underlying fund. The iShares Interest Rate Hedged Corporate Bond ETF and iShares Interest Rate Hedged High Yield Bond ETF use interest rate swaps to mitigate the potential impact of interest rates on the performance of the bonds held by each Fund or its underlying fund.

Swap transactions involve, to varying degrees, elements of interest rate, credit and market risks in excess of the amounts recognized in the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions.

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

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

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

For the iShares Inflation Hedged Corporate Bond ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through February 28, 2023 so that the Fund’s total annual operating expenses after fee waiver is equal to the acquired fund fees and expenses attributable to the Fund’s investment in the iShares iBoxx $ Investment Grade Corporate Bond ETF (“LQD”), after taking into account any fee waivers by LQD, plus 0.05%.

For the iShares Interest Rate Hedged Corporate Bond ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through February 28, 2027 so that the Fund’s total annual operating expenses after fee waiver is equal to the acquired fund fees and expenses attributable to the Fund’s investment in LQD, after taking into account any fee waivers by LQD, plus 0.10%.

For the iShares Interest Rate Hedged High Yield Bond ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through February 28, 2027 so that the Fund’s total annual operating expenses after fee waiver is equal to the acquired fund fees and expenses attributable to the Fund’s investment in the iShares iBoxx $ High Yield Corporate Bond ETF (“HYG”), after taking into account any fee waivers by HYG, plus 0.05%.

These amounts are included in investment advisory fees waived in the Statements of Operations. For the six months ended April 30, 2022, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:

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

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

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

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

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

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the six months ended April 30, 2022, the Funds paid BTC the following amounts for securities lending agent services:

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

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

For the six months ended April 30, 2022, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:

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

Management has analyzed tax laws and regulations and their application to the Funds as of April 30, 2022, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

As of October 31, 2021, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

As of April 30, 2022, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

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

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

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

Market Risk: An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. Although vaccines have been developed and approved for use by various governments, the duration of this pandemic and its effects cannot be determined with certainty.

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience

significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.

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

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

With exchange-traded futures and centrally cleared swaps, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures and centrally cleared swaps with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.

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

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

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

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

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust’s administrator, to offset transfer and other

transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

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

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

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares U.S. ETF Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares Inflation Hedged Corporate Bond ETF, iShares Interest Rate Hedged Corporate Bond ETF and iShares Interest Rate Hedged High Yield Bond ETF (the “Funds” or “ETFs”), each a series of the Trust, which is reasonably designed to assess and manage each Fund’s liquidity risk.

The Board of Trustees (the “Board”) of the Trust, on behalf of the Funds, met on December 9, 2021 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2020 through September 30, 2021 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing each Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish each Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including extended market holidays and the imposition of capital controls in certain non-U.S. countries.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing each Fund’s liquidity risk, as follows:

As part of BlackRock’s continuous review of the effectiveness of the Program, the Committee made the following material changes to the Program: (1) updates to certain model components in the Program’s methodology; and (2) certain iShares Funds entered into a $800 million credit agreement with a group of lenders that replaced a previous liquidity facility. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.

On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Funds will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.

The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

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

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

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

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

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


Security	Par (000)		Value

Corporate Bonds & Notes

Advertising — 0.8%
Clear Channel Outdoor Holdings Inc.
5.13%, 08/15/27 (Call 08/15/22)^(a)(b)	$	15,667	$	14,638,200
7.50%, 06/01/29 (Call 06/01/24)^(a)(b)		12,193		11,380,641
7.75%, 04/15/28 (Call 04/15/24)^(a)(b)		12,158		11,415,754
Lamar Media Corp.
3.63%, 01/15/31 (Call 01/15/26)^(b)		6,567		5,713,290
3.75%, 02/15/28 (Call 02/15/23)^(b)		6,575		6,065,438
4.00%, 02/15/30 (Call 02/15/25)^(b)		7,302		6,540,292
4.88%, 01/15/29 (Call 01/15/24)^(b)		4,569		4,323,949
Outfront Media Capital LLC/Outfront Media Capital Corp.
4.25%, 01/15/29 (Call 01/15/24)^(a)(b)		6,750		5,995,688
4.63%, 03/15/30 (Call 03/15/25)^(a)(b)		5,619		5,023,105
5.00%, 08/15/27 (Call 08/15/22)^(a)(b)		8,668		8,182,592
6.25%, 06/15/25 (Call 06/15/22)^(a)(b)		2,108		2,140,342
Stagwell Global LLC, 5.63%, 08/15/29 (Call 08/15/24)^(a)(b)		13,713		12,061,475
Terrier Media Buyer Inc., 8.88%, 12/15/27 (Call 12/15/22)^(a)(b)		11,798		11,547,292


				105,028,058

Aerospace & Defense — 2.4%
Bombardier Inc.
6.00%, 02/15/28 (Call 02/15/24)^(a)		9,274		8,004,621
7.13%, 06/15/26 (Call 06/15/23)^(a)		14,432		13,350,899
7.50%, 12/01/24 (Call 05/30/22)^(a)(b)		8,883		8,874,630
7.50%, 03/15/25 (Call 05/30/22)^(a)(b)		13,862		13,429,967
7.88%, 04/15/27 (Call 05/30/22)^(a)(b)		24,619		22,934,649
Howmet Aerospace Inc.
3.00%, 01/15/29 (Call 11/15/28)^(b)		7,629		6,661,109
5.13%, 10/01/24 (Call 07/01/24)^(b)		14,566		14,824,546
6.88%, 05/01/25 (Call 04/01/25)		5,800		6,127,236
Rolls-Royce PLC
3.63%, 10/14/25 (Call 07/14/25)^(a)		11,504		10,785,000
5.75%, 10/15/27 (Call 07/15/27)^(a)		11,106		10,731,173
Spirit AeroSystems Inc.
4.60%, 06/15/28 (Call 03/15/28)^(b)		7,471		6,449,415
5.50%, 01/15/25 (Call 10/15/22)^(a)		4,390		4,377,840
7.50%, 04/15/25 (Call 05/31/22)^(a)(b)		15,292		15,528,691
TransDigm Inc.
4.63%, 01/15/29 (Call 01/15/24)^(b)		14,221		12,372,270
4.88%, 05/01/29 (Call 05/01/24)^(b)		8,359		7,285,147
5.50%, 11/15/27 (Call 11/15/22)^(b)		32,829		30,145,886
6.25%, 03/15/26 (Call 05/31/22)^(a)		54,197		54,063,768
6.38%, 06/15/26 (Call 05/31/22)^(b)		10,809		10,646,865
7.50%, 03/15/27 (Call 05/31/22)		7,186		7,245,085
8.00%, 12/15/25 (Call 05/31/22)^(a)(b)		13,438		13,986,539
TransDigm UK Holdings PLC, 6.88%, 05/15/26 (Call 05/31/22)^(b)		5,053		5,013,523
Triumph Group Inc.
6.25%, 09/15/24 (Call 05/31/22)^(a)(b)		5,249		5,018,919
7.75%, 08/15/25 (Call 05/31/22)^(b)		5,654		5,473,072
8.88%, 06/01/24 (Call 02/01/23)^(a)(b)		6,232		6,441,208


				299,772,058

Agriculture — 0.1%
Vector Group Ltd.
5.75%, 02/01/29 (Call 02/01/24)^(a)		10,781		9,445,234
10.50%, 11/01/26 (Call 05/31/22)^(a)(b)		6,686		6,801,334


				16,246,568


Security	Par (000)		Value

Airlines — 1.8%
Air Canada, 3.88%, 08/15/26 (Call 02/15/26)^(a)	$	14,266	$	13,124,720
American Airlines Group Inc., 3.75%, 03/01/25^(a)(b)		5,498		4,923,184
American Airlines Inc., 11.75%, 07/15/25^(a)(b)		30,064		34,573,600
American Airlines Inc./AAdvantage Loyalty IP Ltd.
5.50%, 04/20/26^(a)		42,100		41,425,874
5.75%, 04/20/29^(a)		36,037		34,782,495
Delta Air Lines Inc.
2.90%, 10/28/24 (Call 09/28/24)^(b)		10,512		10,012,680
3.75%, 10/28/29 (Call 07/28/29)^(b)		6,365		5,617,113
3.80%, 04/19/23 (Call 03/19/23)		1,288		1,285,959
4.38%, 04/19/28 (Call 01/19/28)^(b)		6,229		5,837,819
7.38%, 01/15/26 (Call 12/15/25)^(b)		12,450		13,201,046
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd., 5.75%, 01/20/26 (Call 01/20/24)^(a)		14,212		13,874,465
United Airlines Inc.
4.38%, 04/15/26 (Call 10/15/25)^(a)(b)		24,627		23,585,278
4.63%, 04/15/29 (Call 10/15/28)^(a)		23,655		21,703,462


				223,947,695

Apparel — 0.2%
Hanesbrands Inc.
4.63%, 05/15/24 (Call 02/15/24)^(a)(b)		11,905		11,798,947
4.88%, 05/15/26 (Call 02/15/26)^(a)(b)		9,378		9,113,206
William Carter Co. (The), 5.63%, 03/15/27 (Call 05/31/22)^(a)		5,174		5,155,632


				26,067,785

Auto Manufacturers — 3.4%
Allison Transmission Inc.
3.75%, 01/30/31 (Call 01/30/26)^(a)(b)		12,423		10,745,895
4.75%, 10/01/27 (Call 10/01/22)^(a)(b)		5,020		4,802,467
5.88%, 06/01/29 (Call 06/01/24)^(a)(b)		5,459		5,359,237
Aston Martin Capital Holdings Ltd., 10.50%, 11/30/25 (Call 11/01/24)^(a)		14,041		14,146,308
Ford Motor Co.
3.25%, 02/12/32 (Call 11/12/31)		29,733		24,089,677
4.35%, 12/08/26 (Call 09/08/26)^(b)		18,896		18,140,160
9.00%, 04/22/25 (Call 03/22/25)^(b)		2,887		3,206,374
9.63%, 04/22/30 (Call 01/22/30)^(b)		5,199		6,342,468
Ford Motor Credit Co. LLC
2.30%, 02/10/25 (Call 01/10/25)		14,060		13,050,856
2.70%, 08/10/26 (Call 07/10/26)^(b)		17,677		15,743,972
2.90%, 02/16/28 (Call 12/16/27)^(b)		9,009		7,725,218
2.90%, 02/10/29 (Call 12/10/28)		9,408		7,863,442
3.09%, 01/09/23		298		298,250
3.10%, 05/04/23		10,388		10,258,150
3.35%, 11/01/22		713		712,819
3.37%, 11/17/23^(b)		11,377		11,194,285
3.38%, 11/13/25 (Call 10/13/25)^(b)		24,692		23,256,777
3.63%, 06/17/31 (Call 03/17/31)		11,407		9,482,069
3.66%, 09/08/24		8,456		8,215,004
3.81%, 01/09/24 (Call 11/09/23)		7,545		7,438,946
3.82%, 11/02/27 (Call 08/02/27)		8,937		8,156,502
4.00%, 11/13/30 (Call 08/13/30)^(b)		19,381		16,861,201
4.06%, 11/01/24 (Call 10/01/24)^(b)		17,619		17,255,828
4.13%, 08/04/25^(b)		15,618		15,064,167
4.13%, 08/17/27 (Call 06/17/27)^(b)		15,720		14,555,671
4.14%, 02/15/23 (Call 01/15/23)		1,122		1,119,756
4.27%, 01/09/27 (Call 11/09/26)^(b)		11,095		10,490,877
4.38%, 08/06/23		10,796		10,802,478


Security	Par (000)		Value

Auto Manufacturers (continued)
4.39%, 01/08/26	$	13,984	$	13,468,515
4.54%, 08/01/26 (Call 06/01/26)		8,994		8,600,513
4.69%, 06/09/25 (Call 04/09/25)		7,042		6,902,592
4.95%, 05/28/27 (Call 04/28/27)		19,030		18,415,675
5.11%, 05/03/29 (Call 02/03/29)^(b)		17,421		16,506,397
5.13%, 06/16/25 (Call 05/16/25)^(b)		21,053		20,852,996
5.58%, 03/18/24 (Call 02/18/24)^(b)		17,410		17,540,575
Jaguar Land Rover Automotive PLC
4.50%, 10/01/27 (Call 07/01/27)^(a)(b)		6,100		5,011,150
5.50%, 07/15/29 (Call 07/15/24)^(a)		5,886		4,885,380
5.88%, 01/15/28 (Call 01/15/24)^(a)		7,599		6,611,130
7.75%, 10/15/25 (Call 10/15/22)^(a)		5,960		5,950,345


				421,124,122

Auto Parts & Equipment — 1.3%
Adient Global Holdings Ltd., 4.88%, 08/15/26 (Call 05/30/22)^(a)(b)		633		564,108
American Axle & Manufacturing Inc.
5.00%, 10/01/29 (Call 10/01/24)^(b)		5,996		5,156,560
6.25%, 03/15/26 (Call 05/10/22)^(b)		1,685		1,606,648
6.50%, 04/01/27 (Call 05/31/22)^(b)		6,265		5,806,532
6.88%, 07/01/28 (Call 07/01/23)^(b)		5,446		5,108,121
Clarios Global LP, 6.75%, 05/15/25 (Call 05/30/22)^(a)(b)		3,611		3,685,687
Clarios Global LP/Clarios US Finance Co.
6.25%, 05/15/26 (Call 05/31/22)^(a)(b)		9,222		9,315,012
8.50%, 05/15/27 (Call 05/31/22)^(a)(b)		24,179		24,152,906
Dana Financing Luxembourg Sarl, 5.75%, 04/15/25 (Call 05/30/22)^(a)		4,443		4,390,697
Dana Inc.
4.25%, 09/01/30 (Call 05/01/26)^(b)		4,487		3,847,603
5.38%, 11/15/27 (Call 11/15/22)^(b)		4,394		4,152,330
5.63%, 06/15/28 (Call 06/15/23)^(b)		5,453		5,200,799
Goodyear Tire & Rubber Co. (The)
4.88%, 03/15/27 (Call 12/15/26)^(b)		8,906		8,291,860
5.00%, 05/31/26 (Call 05/31/22)^(b)		8,886		8,511,677
5.00%, 07/15/29^(b)		10,492		9,355,716
5.25%, 04/30/31 (Call 01/30/31)^(b)		6,497		5,656,613
5.25%, 07/15/31^(b)		8,016		6,913,800
5.63%, 04/30/33 (Call 01/30/33)		5,097		4,349,015
9.50%, 05/31/25 (Call 05/31/22)		8,437		8,847,123
Tenneco Inc.
5.00%, 07/15/26 (Call 05/31/22)^(b)		6,065		5,814,819
5.13%, 04/15/29 (Call 04/15/24)^(a)(b)		8,515		8,291,481
7.88%, 01/15/29 (Call 01/15/24)^(a)(b)		6,307		6,340,364
ZF North America Capital Inc., 4.75%, 04/29/25^(a)(b)		13,473		13,136,175


				158,495,646

Banks — 1.7%

Commerzbank AG, 8.13%, 09/19/23^(a)(b)		11,362		11,827,217
Deutsche Bank AG
4.30%, 05/24/28 (Call 05/24/23), (5 year USD Swap + 2.248%)^(b)(c)		16,835		16,509,310
4.50%, 04/01/25^(b)		18,173		17,832,620
Deutsche Bank AG/New York NY
3.73%, 01/14/32 (Call 10/14/30)^(b)(c)		15,443		12,740,124
3.74%, 01/07/33 (Call 10/07/31)^(c)		14,930		12,200,968
4.88%, 12/01/32 (Call 12/01/27)^(c)		11,463		10,485,635
5.88%, 07/08/31 (Call 04/08/30)^(b)(c)		6,084		5,871,524
Fifth Third Bancorp., Series H, 5.10%, (Call 06/30/23)^(b)(c)(d)		6,682		6,476,863


Security	Par (000)		Value

Banks (continued)
Freedom Mortgage Corp.
6.63%, 01/15/27 (Call 01/15/24)^(a)(b)	$	7,963	$	6,887,995
7.63%, 05/01/26 (Call 05/01/23)^(a)(b)		8,176		7,440,160
8.13%, 11/15/24 (Call 05/31/22)^(a)		3,935		3,812,523
8.25%, 04/15/25 (Call 05/31/22)^(a)		6,295		6,074,001
Intesa Sanpaolo SpA
4.20%, 06/01/32 (Call 06/01/31)^(a)(b)(c)		9,303		7,715,504
5.02%, 06/26/24^(a)(b)		25,328		24,713,147
5.71%, 01/15/26^(a)(b)		14,697		14,626,412
UniCredit SpA
5.46%, 06/30/35 (Call 06/30/30)^(a)(b)(c)		17,682		15,965,094
5.86%, 06/19/32 (Call 06/19/27)^(a)(b)(c)		11,877		11,287,498
7.30%, 04/02/34 (Call 04/02/29)^(a)(c)		14,934		15,095,435


				207,562,030

Building Materials — 0.9%
Builders FirstSource Inc.
4.25%, 02/01/32 (Call 08/01/26)^(a)(b)		15,730		13,429,488
5.00%, 03/01/30 (Call 03/01/25)^(a)(b)		6,310		5,840,725
6.75%, 06/01/27 (Call 06/01/22)^(a)		8,426		8,640,863
Griffon Corp., 5.75%, 03/01/28 (Call 03/01/23)^(b)		11,828		10,556,490
Jeld-Wen Inc.
4.63%, 12/15/25 (Call 05/31/22)^(a)		4,201		3,959,705
4.88%, 12/15/27 (Call 12/15/22)^(a)(b)		5,251		4,762,499
SRM Escrow Issuer LLC, 6.00%, 11/01/28 (Call 11/01/23)^(a)		13,459		12,920,640
Standard Industries Inc./NJ
3.38%, 01/15/31 (Call 07/15/25)^(a)(b)		12,825		10,229,942
4.38%, 07/15/30 (Call 07/15/25)^(a)(b)		19,915		16,589,195
4.75%, 01/15/28 (Call 01/15/23)^(a)(b)		12,527		11,420,240
5.00%, 02/15/27 (Call 05/31/22)^(a)(b)		8,938		8,424,065
Summit Materials LLC/Summit Materials Finance Corp., 5.25%, 01/15/29 (Call 07/15/23)^(a)(b)		8,923		8,371,906


				115,145,758

Chemicals — 1.5%
ASP Unifrax Holdings Inc.
5.25%, 09/30/28 (Call 09/30/24)^(a)(b)		8,740		7,675,818
7.50%, 09/30/29 (Call 09/30/24)^(a)(b)		5,803		4,768,325
Axalta Coating Systems LLC, 3.38%, 02/15/29 (Call 02/15/24)^(a)(b)		8,009		6,908,812
Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV, 4.75%, 06/15/27 (Call 06/15/23)^(a)(b)		5,943		5,645,850
Chemours Co. (The)
4.63%, 11/15/29 (Call 11/15/24)^(a)(b)		6,704		5,785,791
5.38%, 05/15/27 (Call 02/15/27)^(b)		6,934		6,696,728
5.75%, 11/15/28 (Call 11/15/23)^(a)(b)		10,030		9,409,411
Methanex Corp.
5.13%, 10/15/27 (Call 04/15/27)^(b)		9,030		8,671,208
5.25%, 12/15/29 (Call 09/15/29)^(b)		8,127		7,764,789
NOVA Chemicals Corp.
4.25%, 05/15/29 (Call 05/15/24)^(a)(b)		7,087		6,132,913
4.88%, 06/01/24 (Call 03/03/24)^(a)(b)		12,802		12,625,972
5.00%, 05/01/25 (Call 01/31/25)^(a)(b)		5,468		5,389,398
5.25%, 06/01/27 (Call 03/03/27)^(a)(b)		12,499		11,903,511
Olin Corp.
5.00%, 02/01/30 (Call 02/01/24)^(b)		4,602		4,345,700
5.13%, 09/15/27 (Call 05/31/22)^(b)		5,728		5,641,221
5.63%, 08/01/29 (Call 08/01/24)^(b)		8,489		8,361,665


Security	Par (000)		Value

Chemicals (continued)
Olympus Water U.S. Holding Corp.
4.25%, 10/01/28 (Call 10/01/24)^(a)(b)	$	7,814	$	6,881,399
6.25%, 10/01/29 (Call 10/01/24)^(a)(b)		5,343		4,433,799
SCIH Salt Holdings Inc.
4.88%, 05/01/28 (Call 05/01/24)^(a)(b)		11,722		10,293,674
6.63%, 05/01/29 (Call 05/01/24)^(a)(b)		9,229		7,326,072
Tronox Inc., 4.63%, 03/15/29 (Call 03/15/24)^(a)(b)		12,897		11,510,573
Valvoline Inc.
3.63%, 06/15/31 (Call 06/15/26)^(a)		6,464		5,227,760
4.25%, 02/15/30 (Call 02/15/25)^(a)(b)		7,044		6,132,022
WR Grace Holdings LLC
4.88%, 06/15/27 (Call 06/15/23)^(a)(b)		7,505		7,056,201
5.63%, 08/15/29 (Call 08/15/24)^(a)(b)		14,609		12,481,930


				189,070,542

Commercial Services — 4.0%
ADT Security Corp. (The)
4.13%, 06/15/23		5,684		5,638,529
4.13%, 08/01/29 (Call 08/01/28)^(a)(b)		12,997		11,063,696
Albion Financing 1 Sarl/Aggreko Holdings Inc., 6.13%, 10/15/26 (Call 10/15/23)^(a)		6,524		6,145,008
Albion Financing 2SARL, 8.75%, 04/15/27 (Call 10/15/23)^(a)(b)		5,703		5,421,272
Allied Universal Holdco LLC/Allied Universal Finance Corp.
6.00%, 06/01/29 (Call 06/01/24)^(a)(b)		10,879		8,942,538
6.63%, 07/15/26 (Call 07/15/22)^(a)(b)		23,313		22,557,659
9.75%, 07/15/27 (Call 07/15/22)^(a)(b)		12,987		12,558,429
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl, 4.63%, 06/01/28 (Call 06/01/24)^(a)(b)		26,285		23,182,176
APX Group Inc.
5.75%, 07/15/29 (Call 07/15/24)^(a)(b)		9,930		8,111,817
6.75%, 02/15/27 (Call 02/15/23)^(a)(b)		6,888		6,809,219
Avis Budget Car Rental LLC/Avis Budget Finance Inc.
4.75%, 04/01/28 (Call 04/01/24)^(a)(b)		5,492		5,086,965
5.38%, 03/01/29 (Call 03/01/24)^(a)(b)		7,375		6,952,302
5.75%, 07/15/27 (Call 07/15/22)^(a)(b)		4,260		4,211,702
Block Inc.
2.75%, 06/01/26 (Call 05/01/26)^(a)(b)		12,070		10,999,705
3.50%, 06/01/31 (Call 03/01/31)^(a)(b)		12,083		10,119,512
Brink’s Co. (The)
4.63%, 10/15/27 (Call 10/15/22)^(a)(b)		8,360		7,921,100
5.50%, 07/15/25 (Call 07/15/22)^(a)		3,505		3,504,051
Garda World Security Corp.
4.63%, 02/15/27 (Call 02/15/23)^(a)(b)		6,523		5,921,253
6.00%, 06/01/29 (Call 06/01/24)^(a)(b)		6,503		5,430,005
9.50%, 11/01/27 (Call 11/01/22)^(a)(b)		6,152		6,023,577
Gartner Inc.
3.63%, 06/15/29 (Call 06/15/24)^(a)(b)		6,897		6,203,413
3.75%, 10/01/30 (Call 10/01/25)^(a)(b)		9,564		8,510,525
4.50%, 07/01/28 (Call 07/01/23)^(a)(b)		9,749		9,344,613
Grand Canyon University
4.13%, 10/01/24		6,385		6,196,643
5.13%, 10/01/28 (Call 08/01/28)^(b)		5,210		5,009,415
Herc Holdings Inc., 5.50%, 07/15/27
(Call 07/15/22)^(a)(b)		13,564		13,288,651
Hertz Corp. (The)
4.63%, 12/01/26 (Call 12/01/23)^(a)		5,792		5,273,268
5.00%, 12/01/29 (Call 12/01/24)^(a)(b)		11,556		10,111,500


Security	Par (000)		Value

Commercial Services (continued)
MPH Acquisition Holdings LLC
5.50%, 09/01/28 (Call 09/01/24)^(a)(b)	$	13,410	$	12,409,279
5.75%, 11/01/28 (Call 11/01/23)^(a)(b)		14,795		12,885,113
Nielsen Co Luxembourg SARL (The), 5.00%, 02/01/25 (Call 05/30/22)^(a)(b)		5,704		5,711,130
Nielsen Finance LLC/Nielsen Finance Co.
4.50%, 07/15/29 (Call 07/15/24)^(a)(b)		8,134		7,687,037
4.75%, 07/15/31 (Call 07/15/26)^(a)(b)		7,629		7,205,591
5.63%, 10/01/28 (Call 10/01/23)^(a)(b)		11,387		11,034,345
5.88%, 10/01/30 (Call 10/01/25)^(a)(b)		8,998		8,626,832
Prime Security Services Borrower LLC/Prime Finance Inc.
3.38%, 08/31/27 (Call 08/31/26)^(a)		11,848		10,100,420
5.25%, 04/15/24^(a)(b)		9,784		9,771,770
5.75%, 04/15/26^(a)(b)		16,170		15,491,830
6.25%, 01/15/28 (Call 01/15/23)^(a)(b)		15,945		14,250,844
Ritchie Bros. Auctioneers Inc., 5.38%, 01/15/25 (Call 05/31/22)^(a)		5,582		5,596,792
RR Donnelley & Sons Co., 6.13%, 11/01/26 (Call 11/01/23)^(a)		725		707,700
Sabre GLBL Inc.
7.38%, 09/01/25 (Call 09/01/22)^(a)(b)		10,090		10,200,284
9.25%, 04/15/25 (Call 03/16/25)^(a)(b)		9,519		10,170,219
Service Corp. International/U.S.
3.38%, 08/15/30 (Call 08/15/25)		9,608		8,306,717
4.00%, 05/15/31 (Call 05/15/26)^(b)		9,300		8,338,225
4.63%, 12/15/27 (Call 12/15/22)^(b)		7,110		6,915,943
5.13%, 06/01/29 (Call 06/01/24)^(b)		9,151		8,981,066
Sotheby’s, 7.38%, 10/15/27 (Call 10/15/22)^(a)(b)		8,573		8,446,120
United Rentals North America Inc.
3.75%, 01/15/32 (Call 07/15/26)^(b)		9,339		8,124,930
3.88%, 02/15/31 (Call 08/15/25)^(b)		13,293		11,664,607
4.00%, 07/15/30 (Call 07/15/25)^(b)		9,232		8,262,640
4.88%, 01/15/28 (Call 01/15/23)^(b)		18,356		17,824,502
5.25%, 01/15/30 (Call 01/15/25)^(b)		9,485		9,204,402
5.50%, 05/15/27 (Call 05/31/22)^(b)		12,430		12,685,981
Verscend Escrow Corp., 9.75%, 08/15/26 (Call 05/31/22)^(a)		12,720		13,101,600


				504,244,462

Computers — 1.2%
Booz Allen Hamilton Inc.
3.88%, 09/01/28 (Call 09/01/23)^(a)(b)		7,970		7,332,400
4.00%, 07/01/29 (Call 07/01/24)^(a)(b)		6,895		6,343,400
Condor Merger Sub Inc., 7.38%, 02/15/30 (Call 02/15/25)^(a)(b)		24,582		21,998,582
Diebold Nixdorf Inc.
8.50%, 04/15/24 (Call 05/31/22)^(b)		6,010		3,914,013
9.38%, 07/15/25 (Call 07/15/22)^(a)(b)		7,449		6,592,365
Exela Intermediate LLC/Exela Finance Inc., 11.50%, 07/15/26 (Call 12/01/22)^(a)(b)		9,721		3,594,243
NCR Corp.
5.00%, 10/01/28 (Call 10/01/23)^(a)(b)		8,017		7,656,235
5.13%, 04/15/29 (Call 04/15/24)^(a)(b)		14,975		14,263,688
5.25%, 10/01/30 (Call 10/01/25)^(a)(b)		5,505		5,202,225
5.75%, 09/01/27 (Call 09/01/22)^(a)(b)		5,483		5,408,980
6.13%, 09/01/29 (Call 09/01/24)^(a)(b)		5,783		5,619,630
Presidio Holdings Inc.
4.88%, 02/01/27 (Call 02/01/23)^(a)(b)		5,565		5,274,924
8.25%, 02/01/28 (Call 02/01/23)^(a)(b)		7,155		6,931,406


Security	Par (000)		Value

Computers (continued)
Seagate HDD Cayman
3.13%, 07/15/29 (Call 01/15/24)^(b)	$	6,235	$	5,260,781
3.38%, 07/15/31 (Call 01/15/26)		7,313		5,929,810
4.09%, 06/01/29 (Call 03/01/29)^(b)		5,391		4,784,513
4.13%, 01/15/31 (Call 10/15/30)^(b)		6,873		5,974,163
4.75%, 06/01/23^(b)		2,178		2,187,831
4.75%, 01/01/25^(b)		4,052		4,037,255
4.88%, 03/01/24 (Call 01/01/24)^(b)		5,720		5,753,207
4.88%, 06/01/27 (Call 03/01/27)^(b)		5,975		5,817,036
Vericast Corp., 11.00%, 09/15/26 (Call 09/15/23)^(a)		14,842		13,983,721


				153,860,408

Cosmetics & Personal Care — 0.3%
Coty Inc.
5.00%, 04/15/26 (Call 04/15/23)^(a)(b)		10,732		10,208,815
6.50%, 04/15/26 (Call 05/31/22)^(a)(b)		6,442		6,264,845
Coty Inc/HFC Prestige Products Inc/HFC Prestige International U.S. LLC, 4.75%, 01/15/29 (Call 01/15/25)^(a)		6,184		5,482,229
Edgewell Personal Care Co.
4.13%, 04/01/29 (Call 04/01/24)^(a)(b)		6,597		5,864,099
5.50%, 06/01/28 (Call 06/01/23)^(a)(b)		8,309		8,011,953


				35,831,941

Distribution & Wholesale — 0.4%
American Builders & Contractors Supply Co. Inc.
3.88%, 11/15/29 (Call 11/15/24)^(a)(b)		4,713		4,165,114
4.00%, 01/15/28 (Call 01/15/23)^(a)(b)		8,118		7,529,282
Avient Corp., 5.75%, 05/15/25 (Call 05/31/22)^(a)(b)		1,449		1,462,454
H&E Equipment Services Inc., 3.88%, 12/15/28 (Call 12/15/23)^(a)(b)		15,271		13,295,314
Ritchie Bros Holdings Inc., 4.75%, 12/15/31 (Call 12/15/26)^(a)(b)		6,633		6,633,000
Wesco Aircraft Holdings Inc., 9.00%, 11/15/26 (Call 11/15/22)^(a)(b)		13,712		8,501,440
Wolverine Escrow LLC
8.50%, 11/15/24 (Call 05/31/22)^(a)(b)		9,609		5,332,995
13.13%, 11/15/27 (Call 11/15/22)^(a)		7,555		2,804,794


				49,724,393

Diversified Financial Services — 3.4%
AerCap Holdings NV, 5.88%, 10/10/79 (Call 10/10/24)^(b)(c)		9,378		8,815,320
Ally Financial Inc., 5.75%, 11/20/25 (Call 10/21/25)^(b)		11,095		11,401,777
Coinbase Global Inc.
3.38%, 10/01/28 (Call 10/01/24)^(a)(b)		11,959		9,359,911
3.63%, 10/01/31 (Call 10/01/26)^(a)		12,393		9,139,837
Curo Group Holdings Corp., 7.50%, 08/01/28 (Call 08/01/24)^(a)(b)		12,010		9,984,453
Enact Holdings Inc., 6.50%, 08/15/25 (Call 02/15/25)^(a)(b)		9,150		9,110,381
Jefferies Finance LLC/JFIN Co-Issuer Corp., 5.00%, 08/15/28 (Call 08/15/24)^(a)(b)		12,398		11,266,682
LD Holdings Group LLC
6.13%, 04/01/28 (Call 04/01/24)^(a)(b)		6,685		5,047,175
6.50%, 11/01/25 (Call 11/01/22)^(a)		6,452		5,335,610
LPL Holdings Inc.
4.00%, 03/15/29 (Call 03/15/24)^(a)(b)		10,883		9,903,530
4.38%, 05/15/31 (Call 05/15/26)^(a)(b)		5,283		4,814,134
4.63%, 11/15/27 (Call 11/15/22)^(a)(b)		4,436		4,201,169


Security	Par (000)		Value

Diversified Financial Services (continued)
Midcap Financial Issuer Trust
5.63%, 01/15/30 (Call 01/15/25)^(a)(b)	$	5,228	$	4,187,171
6.50%, 05/01/28 (Call 05/01/24)^(a)(b)		11,339		9,779,887
Nationstar Mortgage Holdings Inc.
5.13%, 12/15/30 (Call 12/15/25)^(a)(b)		7,624		6,613,820
5.50%, 08/15/28 (Call 08/15/23)^(a)(b)		10,161		9,291,690
5.75%, 11/15/31 (Call 11/15/26)^(a)(b)		7,235		6,421,063
6.00%, 01/15/27 (Call 01/15/23)^(a)		6,783		6,581,956
Navient Corp.
4.88%, 03/15/28 (Call 06/15/27)^(b)		7,018		6,167,243
5.00%, 03/15/27 (Call 09/15/26)^(b)		9,015		8,206,580
5.50%, 03/15/29 (Call 06/15/28)^(b)		8,764		7,723,275
5.88%, 10/25/24^(b)		4,529		4,512,016
6.13%, 03/25/24		9,280		9,314,800
6.75%, 06/25/25		4,999		5,010,278
6.75%, 06/15/26^(b)		6,387		6,267,244
7.25%, 09/25/23^(b)		586		602,082
NFP Corp.
4.88%, 08/15/28 (Call 08/15/23)^(a)(b)		7,386		6,717,567
6.88%, 08/15/28 (Call 08/15/23)^(a)(b)		24,552		21,794,810
OneMain Finance Corp.
3.50%, 01/15/27 (Call 01/15/24)^(b)		8,669		7,628,720
3.88%, 09/15/28 (Call 09/15/24)^(b)		7,713		6,538,696
4.00%, 09/15/30 (Call 09/15/25)^(b)		10,142		8,291,085
5.38%, 11/15/29 (Call 05/15/29)^(b)		9,262		8,248,911
5.63%, 03/15/23		1,219		1,231,190
6.13%, 03/15/24 (Call 09/15/23)^(b)		14,266		14,316,502
6.63%, 01/15/28 (Call 07/15/27)^(b)		9,837		9,684,920
6.88%, 03/15/25^(b)		13,726		13,833,749
7.13%, 03/15/26		20,156		20,484,543
8.88%, 06/01/25 (Call 06/01/22)		6,580		6,899,459
PennyMac Financial Services Inc.
4.25%, 02/15/29 (Call 02/15/24)^(a)		8,113		6,530,965
5.38%, 10/15/25 (Call 10/15/22)^(a)(b)		8,719		8,301,508
5.75%, 09/15/31 (Call 09/15/26)^(a)		5,526		4,558,255
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer Inc.
2.88%, 10/15/26 (Call 10/15/23)^(a)(b)		13,829		12,235,162
3.63%, 03/01/29 (Call 03/01/24)^(a)(b)		9,444		8,050,336
3.88%, 03/01/31 (Call 03/01/26)^(a)(b)		15,428		12,941,546
4.00%, 10/15/33 (Call 10/15/27)^(a)(b)		10,705		8,590,763
SLM Corp.
3.13%, 11/02/26 (Call 10/02/26)^(b)		6,025		5,501,578
4.20%, 10/29/25 (Call 09/29/25)^(b)		5,859		5,704,440
United Wholesale Mortgage LLC
5.50%, 11/15/25 (Call 11/15/22)^(a)(b)		9,676		8,889,825
5.50%, 04/15/29 (Call 04/15/24)^(a)(b)		8,123		6,776,220
5.75%, 06/15/27 (Call 06/15/24)^(a)(b)		5,906		5,088,019
VistaJet Malta Finance PLC/XO Management Holding Inc.
6.38%, 02/01/30 (Call 02/01/25)^(a)(b)		11,691		10,215,011
7.88%, 05/01/27^(a)		6,750		6,331,500


				424,444,364

Electric — 2.5%
Calpine Corp.
3.75%, 03/01/31 (Call 03/01/26)^(a)(b)		10,623		8,956,429
4.50%, 02/15/28 (Call 02/15/23)^(a)(b)		14,262		13,223,726
4.63%, 02/01/29 (Call 02/01/24)^(a)(b)		8,260		7,199,416
5.00%, 02/01/31 (Call 02/01/26)^(a)(b)		10,115		8,626,072
5.13%, 03/15/28 (Call 03/15/23)^(a)(b)		17,765		16,114,809
5.25%, 06/01/26 (Call 05/31/22)^(a)(b)		3,777		3,750,561


Security	Par (000)		Value

Electric (continued)
Clearway Energy Operating LLC
3.75%, 02/15/31 (Call 02/15/26)^(a)(b)	$	10,020	$	8,600,917
4.75%, 03/15/28 (Call 03/15/23)^(a)(b)		12,482		11,859,001
DPL Inc.
4.13%, 07/01/25 (Call 04/01/25)^(b)		5,203		5,044,829
4.35%, 04/15/29 (Call 01/15/29)^(b)		5,243		4,830,114
Electricite de France SA
5.25%, (Call 01/29/23)^(a)(c)(d)		440		432,353
5.63%, (Call 01/22/24)^(a)(b)(c)(d)		17,790		17,418,589
Emera Inc., Series 16-A, 6.75%, 06/15/76 (Call 06/15/26)^(b)(c)		14,532		14,783,040
FirstEnergy Corp.
2.65%, 03/01/30 (Call 12/01/29)		6,237		5,283,008
Series B, 2.25%, 09/01/30 (Call 06/01/30)		5,023		4,182,847
Series B, 4.15%, 07/15/27 (Call 04/15/27)^(b)		20,021		19,445,396
NextEra Energy Operating Partners LP
3.88%, 10/15/26 (Call 07/15/26)^(a)(b)		5,650		5,311,000
4.25%, 07/15/24 (Call 04/15/24)^(a)(b)		7,313		7,250,474
4.25%, 09/15/24 (Call 07/15/24)^(a)		878		866,699
4.50%, 09/15/27 (Call 06/15/27)^(a)(b)		7,665		7,260,518
NRG Energy Inc.
3.38%, 02/15/29 (Call 02/15/24)^(a)(b)		6,625		5,631,728
3.63%, 02/15/31 (Call 02/15/26)^(a)(b)		12,683		10,561,918
3.88%, 02/15/32 (Call 02/15/27)^(a)(b)		12,768		10,629,360
5.25%, 06/15/29 (Call 06/15/24)^(a)(b)		8,916		8,371,010
5.75%, 01/15/28 (Call 01/15/23)^(b)		9,994		9,747,734
PG&E Corp.
5.00%, 07/01/28 (Call 07/01/23)^(b)		11,897		10,941,373
5.25%, 07/01/30 (Call 07/01/25)^(b)		12,331		11,221,210
Talen Energy Supply LLC
6.50%, 06/01/25 (Call 05/31/22)^(b)		5,490		2,012,983
6.63%, 01/15/28 (Call 01/15/23)^(a)(b)		5,681		5,375,646
7.25%, 05/15/27 (Call 05/31/22)^(a)(b)		7,785		7,454,138
7.63%, 06/01/28 (Call 06/01/23)^(a)(b)		5,566		5,336,403
10.50%, 01/15/26 (Call 05/31/22)^(a)(b)		5,984		2,198,821
Vistra Operations Co. LLC
4.38%, 05/01/29 (Call 05/01/24)^(a)		15,951		14,435,655
5.00%, 07/31/27 (Call 07/31/22)^(a)(b)		15,956		15,250,695
5.50%, 09/01/26 (Call 05/10/22)^(a)(b)		11,976		11,938,575
5.63%, 02/15/27 (Call 05/10/22)^(a)(b)		14,681		14,440,232


				315,987,279

Electrical Components & Equipment — 0.4%
Energizer Holdings Inc.
4.38%, 03/31/29 (Call 09/30/23)^(a)(b)		8,781		7,300,874
4.75%, 06/15/28 (Call 06/15/23)^(a)(b)		7,579		6,604,151
WESCO Distribution Inc.
7.13%, 06/15/25 (Call 06/15/22)^(a)(b)		18,301		19,010,164
7.25%, 06/15/28 (Call 06/15/23)^(a)(b)		13,648		14,129,152


				47,044,341

Electronics — 0.5%
Imola Merger Corp., 4.75%, 05/15/29 (Call 05/15/24)^(a)(b)		24,449		22,818,435
Sensata Technologies BV
4.00%, 04/15/29 (Call 04/15/24)^(a)(b)		11,158		9,947,915
4.88%, 10/15/23^(a)(b)		6,978		6,987,769
5.00%, 10/01/25^(a)(b)		8,597		8,531,813
5.63%, 11/01/24^(a)(b)		5,688		5,764,788


Security	Par (000)		Value

Electronics (continued)
Sensata Technologies Inc.
3.75%, 02/15/31 (Call 02/15/26)^(a)(b)	$	10,254	$	8,677,448
4.38%, 02/15/30 (Call 11/15/29)^(a)(b)		4,507		4,087,004


				66,815,172

Energy - Alternate Sources — 0.1%
TerraForm Power Operating LLC
4.75%, 01/15/30 (Call 01/15/25)^(a)(b)		8,288		7,483,045
5.00%, 01/31/28 (Call 07/31/27)^(a)		8,960		8,325,907


				15,808,952

Engineering & Construction — 0.1%
Brand Industrial Services Inc., 8.50%, 07/15/25 (Call 05/31/22)^(a)(b)		12,057		10,881,442


Entertainment — 3.0%
AMC Entertainment Holdings Inc., 7.50%, 02/15/29 (Call 02/15/25)^(a)		11,280		10,315,560
Caesars Entertainment Inc.
4.63%, 10/15/29 (Call 10/15/24)^(a)(b)		13,669		11,797,030
6.25%, 07/01/25 (Call 07/01/22)^(a)		41,939		42,422,137
8.13%, 07/01/27 (Call 07/01/23)^(a)(b)		21,601		22,539,970
Caesars Resort Collection LLC/CRC Finco Inc., 5.75%, 07/01/25 (Call 07/01/22)^(a)(b)		9,794		10,002,123
CDI Escrow Issuer Inc., 5.75%, 04/01/30 (Call 04/01/25)^(a)		15,730		15,152,761
Cedar Fair LP, 5.25%, 07/15/29 (Call 07/15/24)^(b)		6,056		5,722,578
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op
5.38%, 04/15/27 (Call 05/31/22)^(b)		5,932		5,768,870
5.50%, 05/01/25 (Call 05/31/22)^(a)(b)		11,268		11,297,579
Churchill Downs Inc.
4.75%, 01/15/28 (Call 01/15/23)^(a)		8,903		8,303,357
5.50%, 04/01/27 (Call 05/31/22)^(a)		6,107		5,992,193
Cinemark USA Inc.
5.25%, 07/15/28 (Call 07/15/24)^(a)(b)		8,376		7,425,324
5.88%, 03/15/26 (Call 03/15/23)^(a)(b)		5,659		5,261,738
International Game Technology PLC
4.13%, 04/15/26 (Call 04/15/23)^(a)		7,724		7,265,117
5.25%, 01/15/29 (Call 01/15/24)^(a)(b)		9,447		8,939,224
6.25%, 01/15/27 (Call 07/15/26)^(a)(b)		8,285		8,411,098
6.50%, 02/15/25 (Call 08/15/24)^(a)		12,109		12,268,436
Lions Gate Capital Holdings LLC, 5.50%, 04/15/29 (Call 04/15/24)^(a)(b)		12,023		10,648,771
Live Nation Entertainment Inc.
3.75%, 01/15/28 (Call 01/15/24)^(a)(b)		8,114		7,363,455
4.75%, 10/15/27 (Call 10/15/22)^(a)(b)		10,137		9,447,684
4.88%, 11/01/24 (Call 05/31/22)^(a)(b)		7,936		7,807,516
6.50%, 05/15/27 (Call 05/15/23)^(a)		13,260		13,657,800
Mohegan Gaming & Entertainment
7.88%, 10/15/24 (Call 05/16/22)^(a)(b)		2,058		2,103,533
8.00%, 02/01/26 (Call 02/01/23)^(a)(b)		14,428		12,664,898
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.
5.63%, 09/01/29 (Call 09/01/24)^(a)(b)		8,987		7,072,769
5.88%, 09/01/31 (Call 09/01/26)^(a)(b)		9,497		7,341,301
Resorts World Las Vegas LLC/RWLV Capital Inc., 4.63%, 04/16/29 (Call 01/16/29)^(a)		11,647		10,212,596
Scientific Games International Inc.
7.00%, 05/15/28 (Call 05/15/23)^(a)(b)		11,662		11,958,652
7.25%, 11/15/29 (Call 11/15/24)^(a)(b)		8,348		8,754,965
8.63%, 07/01/25 (Call 07/01/22)^(a)		9,385		9,848,337


Security	Par (000)		Value

Entertainment (continued)
Six Flags Entertainment Corp.
4.88%, 07/31/24 (Call 05/31/22)^(a)(b)	$	10,392	$	10,351,679
5.50%, 04/15/27 (Call 05/31/22)^(a)(b)		6,519		6,372,323
Six Flags Theme Parks Inc., 7.00%, 07/01/25 (Call 07/01/22)^(a)(b)		5,950		6,167,711
WMG Acquisition Corp.
3.00%, 02/15/31 (Call 02/15/26)^(a)(b)		9,401		7,826,333
3.75%, 12/01/29 (Call 12/01/24)^(a)(b)		6,007		5,383,774
3.88%, 07/15/30 (Call 07/15/25)^(a)(b)		7,093		6,357,101
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.
5.13%, 10/01/29 (Call 07/01/29)^(a)(b)		8,970		7,826,325
7.75%, 04/15/25 (Call 05/31/22)^(a)(b)		6,303		6,490,829


				374,543,447

Environmental Control — 0.7%
Covanta Holding Corp, 4.88%, 12/01/29 (Call 12/01/24)^(a)(b)		9,061		8,178,685
Covanta Holding Corp., 5.00%, 09/01/30 (Call 09/01/25)^(b)		4,831		4,370,713
GFL Environmental Inc.
3.50%, 09/01/28 (Call 03/01/28)^(a)(b)		8,468		7,567,570
3.75%, 08/01/25 (Call 08/01/22)^(a)		10,860		10,312,520
4.00%, 08/01/28 (Call 08/01/23)^(a)(b)		9,413		8,279,742
4.25%, 06/01/25 (Call 06/01/22)^(a)(b)		5,719		5,539,023
4.38%, 08/15/29 (Call 08/15/24)^(a)(b)		6,616		5,836,470
4.75%, 06/15/29 (Call 06/15/24)^(a)(b)		8,466		7,682,895
5.13%, 12/15/26 (Call 12/15/22)^(a)(b)		3,532		3,475,947
Madison IAQ LLC
4.13%, 06/30/28 (Call 06/30/24)^(a)(b)		8,349		7,326,247
5.88%, 06/30/29 (Call 06/30/24)^(a)(b)		12,633		10,295,895
Stericycle Inc.
3.88%, 01/15/29 (Call 11/15/23)^(a)(b)		5,824		5,125,411
5.38%, 07/15/24 (Call 05/16/22)^(a)		5,914		5,893,656


				89,884,774

Food — 2.0%
Albertsons Companies Inc./Safeway Inc./New Albertsons LP/Albertsons LLC
3.25%, 03/15/26 (Call 09/15/22)^(a)(b)		10,258		9,340,763
3.50%, 02/15/23 (Call 12/15/22)^(a)(b)		617		616,229
3.50%, 03/15/29 (Call 09/15/23)^(a)(b)		17,491		14,728,821
4.63%, 01/15/27 (Call 01/15/23)^(a)(b)		15,847		14,840,399
4.88%, 02/15/30 (Call 02/15/25)^(a)(b)		10,979		9,949,719
5.88%, 02/15/28 (Call 08/15/22)^(a)(b)		9,402		9,112,889
7.50%, 03/15/26 (Call 05/31/22)^(a)(b)		5,294		5,566,942
B&G Foods Inc.
5.25%, 04/01/25 (Call 05/31/22)^(b)		10,491		9,948,091
5.25%, 09/15/27 (Call 05/31/22)^(b)		6,764		6,175,747
Kraft Heinz Foods Co.
3.75%, 04/01/30 (Call 01/01/30)		233		221,513
3.88%, 05/15/27 (Call 02/15/27)^(b)		654		640,183
4.25%, 03/01/31 (Call 12/01/30)		93		90,252
Lamb Weston Holdings Inc.
4.13%, 01/31/30 (Call 01/31/25)^(a)(b)		11,537		10,295,388
4.38%, 01/31/32 (Call 01/31/27)^(a)(b)		8,112		7,250,879
4.88%, 05/15/28 (Call 11/15/27)^(a)(b)		5,593		5,403,770
Performance Food Group Inc.
4.25%, 08/01/29 (Call 08/01/24)^(a)(b)		12,074		10,707,532
5.50%, 10/15/27 (Call 10/15/22)^(a)(b)		12,628		12,225,735


Security	Par (000)		Value

Food (continued)
Pilgrim’s Pride Corp.
3.50%, 03/01/32 (Call 09/01/26)^(a)(b)	$	11,708	$	9,934,155
4.25%, 04/15/31 (Call 04/15/26)^(a)(b)		12,055		10,921,830
5.88%, 09/30/27 (Call 09/30/22)^(a)(b)		8,637		8,690,981
Post Holdings Inc.
4.50%, 09/15/31 (Call 09/15/26)^(a)(b)		21,450		17,806,003
4.63%, 04/15/30 (Call 04/15/25)^(a)(b)		19,564		16,727,220
5.50%, 12/15/29 (Call 12/15/24)^(a)		15,471		14,097,949
5.63%, 01/15/28 (Call 12/01/22)^(a)(b)		11,168		10,601,894
5.75%, 03/01/27 (Call 05/16/22)^(a)(b)		7,306		7,181,798
U.S. Foods Inc.
4.63%, 06/01/30 (Call 06/01/25)^(a)		5,907		5,291,807
4.75%, 02/15/29 (Call 02/15/24)^(a)(b)		10,442		9,632,223
6.25%, 04/15/25 (Call 05/31/22)^(a)(b)		13,414		13,799,653


				251,800,365

Food Service — 0.4%
Aramark Services Inc.
5.00%, 04/01/25 (Call 05/31/22)^(a)(b)		7,677		7,600,959
5.00%, 02/01/28 (Call 02/01/23)^(a)(b)		13,578		12,663,114
6.38%, 05/01/25 (Call 05/31/22)^(a)(b)		18,046		18,354,948
TKC Holdings Inc.
6.88%, 05/15/28 (Call 05/15/24)^(a)		4,860		4,639,478
10.50%, 05/15/29 (Call 05/15/24)^(a)(b)		7,917		7,634,462


				50,892,961

Forest Products & Paper — 0.1%
Mercer International Inc., 5.13%, 02/01/29 (Call 02/01/24)^(b)		10,649		9,863,636


Gas — 0.2%
AmeriGas Partners LP/AmeriGas Finance Corp.
5.50%, 05/20/25 (Call 02/20/25)^(b)		7,487		7,381,835
5.63%, 05/20/24 (Call 03/20/24)		7,098		7,091,612
5.75%, 05/20/27 (Call 02/20/27)^(b)		6,347		6,177,218
5.88%, 08/20/26 (Call 05/20/26)^(b)		8,799		8,667,015


				29,317,680

Health Care - Products — 1.0%
Avantor Funding Inc.
3.88%, 11/01/29 (Call 11/01/24)^(a)(b)		10,452		9,393,735
4.63%, 07/15/28 (Call 07/15/23)^(a)(b)		18,723		17,833,657
Hologic Inc.
3.25%, 02/15/29 (Call 09/28/23)^(a)(b)		12,520		11,107,819
4.63%, 02/01/28 (Call 02/01/23)^(a)(b)		2,517		2,466,660
Mozart Debt Merger Sub Inc.
3.88%, 04/01/29 (Call 10/01/24)^(a)(b)		56,500		49,310,375
5.25%, 10/01/29 (Call 10/01/24)^(a)(b)		29,697		25,702,964
Teleflex Inc.
4.25%, 06/01/28 (Call 06/01/23)^(a)(b)		6,535		6,127,107
4.63%, 11/15/27 (Call 11/15/22)^(b)		4,541		4,428,043


				126,370,360

Health Care - Services — 6.6%
Catalent Pharma Solutions Inc.
3.13%, 02/15/29 (Call 02/15/24)^(a)(b)		6,959		6,006,270
3.50%, 04/01/30 (Call 04/01/25)^(a)		7,881		6,836,768
5.00%, 07/15/27 (Call 07/15/22)^(a)(b)		5,308		5,147,765
Centene Corp.
2.45%, 07/15/28 (Call 05/15/28)^(b)		27,966		24,400,335
2.50%, 03/01/31 (Call 12/01/30)^(b)		25,770		21,350,875
2.63%, 08/01/31 (Call 05/01/31)^(b)		15,180		12,631,820
3.00%, 10/15/30 (Call 07/15/30)		26,900		23,268,691


Security	Par (000)		Value

Health Care - Services (continued)
3.38%, 02/15/30 (Call 02/15/25)^(b)	$	25,547	$	22,693,612
4.25%, 12/15/27 (Call 12/15/22)^(b)		29,463		28,370,415
4.63%, 12/15/29 (Call 12/15/24)^(b)		42,603		41,245,029
Charles River Laboratories International Inc.
3.75%, 03/15/29 (Call 03/15/24)^(a)(b)		5,048		4,559,396
4.00%, 03/15/31 (Call 03/15/26)^(a)(b)		7,074		6,291,117
4.25%, 05/01/28 (Call 05/01/23)^(a)(b)		6,409		6,104,573
CHS/Community Health Systems Inc.
4.75%, 02/15/31 (Call 02/15/26)^(a)(b)		11,624		9,784,017
5.25%, 05/15/30 (Call 05/15/25)^(a)(b)		19,883		17,447,333
5.63%, 03/15/27 (Call 12/15/23)^(a)(b)		24,424		23,312,158
6.00%, 01/15/29 (Call 01/15/24)^(a)(b)		9,465		8,944,425
6.13%, 04/01/30 (Call 04/01/25)^(a)(b)		17,960		14,691,280
6.88%, 04/01/28 (Call 04/01/23)^(a)(b)		9,068		7,073,040
6.88%, 04/15/29 (Call 04/15/24)^(a)(b)		22,510		19,752,525
8.00%, 03/15/26 (Call 05/31/22)^(a)(b)		22,825		23,623,875
8.00%, 12/15/27 (Call 12/15/22)^(a)(b)		6,241		6,475,038
DaVita Inc.
3.75%, 02/15/31 (Call 02/15/26)^(a)(b)		18,350		14,891,025
4.63%, 06/01/30 (Call 06/01/25)^(a)(b)		33,288		28,887,742
Encompass Health Corp.
4.50%, 02/01/28 (Call 02/01/23)^(b)		11,096		10,209,676
4.63%, 04/01/31 (Call 04/01/26)		5,325		4,690,473
4.75%, 02/01/30 (Call 02/01/25)^(b)		10,694		9,629,947
Envision Healthcare Corp., 8.75%, 10/15/26 (Call 05/31/22)^(a)(b)		9,785		4,088,075
HCA Inc.
3.50%, 09/01/30 (Call 03/01/30)		32,340		28,902,258
5.38%, 02/01/25		31,012		31,903,595
5.38%, 09/01/26 (Call 03/01/26)^(b)		11,978		12,265,622
5.63%, 09/01/28 (Call 03/01/28)^(b)		17,002		17,575,817
5.88%, 05/01/23^(b)		12,754		13,142,359
5.88%, 02/15/26 (Call 08/15/25)^(b)		17,904		18,485,880
5.88%, 02/01/29 (Call 08/01/28)^(b)		10,768		11,205,025
IQVIA Inc.
5.00%, 10/15/26 (Call 05/31/22)^(a)(b)		11,375		11,299,593
5.00%, 05/15/27 (Call 05/31/22)^(a)(b)		11,799		11,703,428
Legacy LifePoint Health LLC
4.38%, 02/15/27 (Call 05/31/22)^(a)(b)		7,148		6,595,519
6.75%, 04/15/25 (Call 05/31/22)^(a)(b)		4,845		4,921,672
Lifepoint Health Inc., 5.38%, 01/15/29 (Call 01/15/24)^(a)(b)		7,281		6,283,503
ModivCare Escrow Issuer Inc., 5.00%, 10/01/29 (Call 10/01/24)^(a)(b)		6,305		5,510,885
ModivCare Inc., 5.88%, 11/15/25 (Call 11/15/22)^(a)(b)		6,839		6,702,220
Molina Healthcare Inc.
3.88%, 11/15/30 (Call 08/17/30)^(a)(b)		6,934		6,257,935
3.88%, 05/15/32 (Call 02/15/32)^(a)(b)		10,011		8,806,977
4.38%, 06/15/28 (Call 06/15/23)^(a)(b)		8,920		8,340,111
Radiology Partners Inc., 9.25%, 02/01/28 (Call 02/01/23)^(a)(b)		8,774		8,345,171
RegionalCare Hospital Partners Holdings Inc./LifePoint Health Inc., 9.75%, 12/01/26 (Call 05/31/22)^(a)(b)		14,103		14,491,820
RP Escrow Issuer LLC, 5.25%, 12/15/25 (Call 12/15/22)^(a)(b)		10,063		9,414,655
Select Medical Corp., 6.25%, 08/15/26 (Call 08/15/22)^(a)(b)		14,362		14,254,285
Tenet Healthcare Corp.
4.25%, 06/01/29 (Call 06/01/24)^(a)		15,905		14,334,381
4.38%, 01/15/30 (Call 12/01/24)^(a)(b)		17,754		16,109,536


Security	Par (000)		Value

Health Care - Services (continued)
4.63%, 07/15/24 (Call 05/31/22)^(b)	$	9,018	$	8,993,561
4.63%, 09/01/24 (Call 05/16/22)^(a)		8,277		8,245,961
4.63%, 06/15/28 (Call 06/15/23)^(a)(b)		8,476		7,950,488
4.88%, 01/01/26 (Call 05/31/22)^(a)		24,000		23,385,600
5.13%, 11/01/27 (Call 11/01/22)^(a)(b)		18,211		17,710,197
6.13%, 10/01/28 (Call 10/01/23)^(a)(b)		31,280		29,962,330
6.25%, 02/01/27 (Call 05/31/22)^(a)(b)		16,593		16,444,182
6.75%, 06/15/23		19,734		20,309,838


				832,261,699

Holding Companies - Diversified — 0.6%
Compass Group Diversified Holdings LLC, 5.25%, 04/15/29 (Call 04/15/24)^(a)(b)		12,377		11,072,241
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
4.38%, 02/01/29 (Call 08/01/28)^(b)		9,470		8,156,985
4.75%, 09/15/24 (Call 06/15/24)		10,944		10,670,400
5.25%, 05/15/27 (Call 11/15/26)^(b)		18,953		17,722,003
6.25%, 05/15/26 (Call 05/31/22)^(b)		13,436		13,301,640
6.38%, 12/15/25 (Call 05/31/22)		8,027		7,993,903


				68,917,172

Home Builders — 0.6%
Ashton Woods USA LLC/Ashton Woods Finance Co., 4.63%, 04/01/30 (Call 04/01/25)^(a)(b)		4,922		4,017,829
Brookfield Residential Properties Inc./Brookfield Residential U.S. LLC
4.88%, 02/15/30 (Call 02/15/25)^(a)(b)		6,006		5,015,010
6.25%, 09/15/27 (Call 09/15/22)^(a)		7,948		7,450,654
Century Communities Inc.
3.88%, 08/15/29 (Call 02/15/29)^(a)		6,911		5,826,042
6.75%, 06/01/27 (Call 06/01/22)^(b)		4,099		4,138,381
Mattamy Group Corp.
4.63%, 03/01/30 (Call 03/01/25)^(a)(b)		7,900		6,693,769
5.25%, 12/15/27 (Call 12/15/22)^(a)(b)		5,563		5,191,670
Meritage Homes Corp.
3.88%, 04/15/29 (Call 10/15/28)^(a)(b)		5,225		4,663,313
6.00%, 06/01/25 (Call 03/01/25)		5,372		5,472,725
Picasso Finance Sub Inc., 6.13%, 06/15/25 (Call 06/15/22)^(a)(b)		5,731		5,833,537
Taylor Morrison Communities Inc.
5.13%, 08/01/30 (Call 02/01/30)^(a)(b)		6,069		5,519,755
5.75%, 01/15/28 (Call 10/15/27)^(a)(b)		5,521		5,404,292
5.88%, 06/15/27 (Call 03/15/27)^(a)(b)		5,945		5,892,981
TRI Pointe Group Inc./TRI Pointe Homes Inc., 5.88%, 06/15/24^(b)		4,096		4,156,042
Williams Scotsman International Inc., 4.63%, 08/15/28 (Call 08/15/23)^(a)(b)		5,845		5,533,228


				80,809,228

Home Furnishings — 0.1%
Tempur Sealy International Inc.
3.88%, 10/15/31 (Call 10/15/26)^(a)(b)		10,136		8,412,880
4.00%, 04/15/29 (Call 04/15/24)^(a)(b)		9,813		8,520,755


				16,933,635

Household Products & Wares — 0.2%
Central Garden & Pet Co.
4.13%, 10/15/30 (Call 10/15/25)		6,082		5,253,753
4.13%, 04/30/31 (Call 04/30/26)^(a)(b)		5,140		4,417,830
Kronos Acquisition Holdings Inc./KIK Custom Products Inc.
5.00%, 12/31/26 (Call 06/30/23)^(a)(b)		5,202		4,610,706
7.00%, 12/31/27 (Call 12/31/23)^(a)(b)		6,384		5,065,932


Security	Par (000)		Value

Household Products & Wares (continued)
Spectrum Brands Inc.
3.88%, 03/15/31 (Call 03/15/26)^(a)(b)	$	6,035	$	5,001,808
5.75%, 07/15/25 (Call 05/31/22)^(b)		4,264		4,299,652


				28,649,681

Housewares — 0.4%
Newell Brands Inc.
4.10%, 04/01/23 (Call 02/01/23)^(b)		8,600		8,587,100
4.45%, 04/01/26 (Call 01/01/26)		24,177		23,959,407
4.88%, 06/01/25 (Call 05/01/25)^(b)		3,712		3,756,565
Scotts Miracle-Gro Co. (The)
4.00%, 04/01/31 (Call 04/01/26)^(b)		6,421		5,281,272
4.38%, 02/01/32 (Call 08/01/26)		5,453		4,566,069
4.50%, 10/15/29 (Call 10/15/24)^(b)		3,884		3,413,648


				49,564,061

Insurance — 1.1%
Acrisure LLC/Acrisure Finance Inc.
4.25%, 02/15/29 (Call 02/15/24)^(a)(b)		7,649		6,673,752
6.00%, 08/01/29 (Call 08/01/24)^(a)(b)		7,051		6,160,811
7.00%, 11/15/25 (Call 05/31/22)^(a)(b)		9,002		8,756,245
10.13%, 08/01/26 (Call 08/01/22)^(a)(b)		4,686		4,879,688
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer
4.25%, 10/15/27 (Call 10/15/23)^(a)(b)		8,987		8,273,496
5.88%, 11/01/29 (Call 11/01/24)^(a)(b)		6,043		5,588,827
6.75%, 10/15/27 (Call 10/15/22)^(a)(b)		15,620		14,739,991
AssuredPartners Inc.
5.63%, 01/15/29 (Call 12/15/23)^(a)(b)		6,806		5,985,605
7.00%, 08/15/25 (Call 05/31/22)^(a)(b)		5,901		5,819,330
Enstar Finance LLC, 5.50%, 01/15/42 (Call 01/15/27)^(c)		6,200		5,754,386
Global Atlantic Fin Co., 4.70%, 10/15/51 (Call 07/15/26)^(a)(b)(c)		9,363		8,465,750
GTCR AP Finance Inc., 8.00%, 05/15/27 (Call 05/31/22)^(a)(b)		5,603		5,533,635
HUB International Ltd.
5.63%, 12/01/29 (Call 12/01/24)^(a)(b)		6,579		6,030,627
7.00%, 05/01/26 (Call 05/10/22)^(a)		21,044		20,830,824
Liberty Mutual Group Inc.
4.13%, 12/15/51 (Call 09/15/26)^(a)(b)(c)		4,816		4,353,905
4.30%, 02/01/61 (Call 02/01/26)^(a)(b)		10,010		7,532,425
Radian Group Inc.
4.50%, 10/01/24 (Call 07/01/24)^(b)		4,575		4,453,191
4.88%, 03/15/27 (Call 09/15/26)^(b)		5,827		5,575,954
6.63%, 03/15/25 (Call 09/15/24)^(b)		5,249		5,340,285


				140,748,727

Internet — 1.4%
Arches Buyer Inc.
4.25%, 06/01/28 (Call 12/01/23)^(a)(b)		10,329		9,184,994
6.13%, 12/01/28 (Call 12/01/23)^(a)(b)		6,624		5,725,344
Go Daddy Operating Co. LLC/GD Finance Co. Inc.
3.50%, 03/01/29 (Call 03/01/24)^(a)(b)		9,050		8,043,187
5.25%, 12/01/27 (Call 06/01/22)^(a)(b)		6,895		6,805,120
Match Group Holdings II LLC
3.63%, 10/01/31 (Call 10/01/26)^(a)(b)		6,040		5,028,300
4.13%, 08/01/30 (Call 05/01/25)^(a)(b)		5,612		4,994,213
4.63%, 06/01/28 (Call 06/01/23)^(a)(b)		6,900		6,443,220
5.00%, 12/15/27 (Call 12/15/22)^(a)(b)		5,150		4,998,504
NortonLifeLock Inc., 5.00%, 04/15/25 (Call 05/10/22)^(a)(b)		12,381		12,369,213


Security	Par (000)		Value

Internet (continued)
Photo Holdings Merger Sub Inc., 8.50%, 10/01/26 (Call 10/01/22)^(a)(b)	$	9,111	$	8,502,385
Rakuten Group Inc.
5.13%, (Call 04/22/26)^(a)(b)(c)(d)		6,957		6,397,024
6.25%, (Call 04/22/31)^(a)(b)(c)(d)		12,459		11,771,961
Twitter Inc.
3.88%, 12/15/27 (Call 09/15/27)^(a)(b)		9,302		9,121,774
5.00%, 03/01/30 (Call 12/01/29)^(a)		11,013		11,260,792
Uber Technologies Inc.
4.50%, 08/15/29 (Call 08/15/24)^(a)(b)		17,147		14,768,025
6.25%, 01/15/28 (Call 09/15/23)^(a)(b)		6,325		6,261,750
7.50%, 05/15/25 (Call 05/31/22)^(a)		10,874		11,227,514
7.50%, 09/15/27 (Call 09/15/22)^(a)(b)		14,472		14,891,254
8.00%, 11/01/26 (Call 05/31/22)^(a)(b)		17,740		18,582,650


				176,377,224

Iron & Steel — 0.4%
Cleveland-Cliffs Inc.
4.63%, 03/01/29 (Call 03/01/24)^(a)(b)		6,503		6,069,602
4.88%, 03/01/31 (Call 03/01/26)^(a)(b)		5,880		5,461,890
5.88%, 06/01/27 (Call 06/01/22)^(b)		6,279		6,264,401
6.75%, 03/15/26 (Call 05/31/22)^(a)(b)		9,589		10,044,478
Mineral Resources Ltd.
8.00%, 11/01/27^(a)		3,055		3,046,981
8.50%, 05/01/30^(a)		4,405		4,360,950
United States Steel Corp., 6.88%, 03/01/29 (Call 03/01/24)^(b)		9,627		9,793,836


				45,042,138

Leisure Time — 0.7%
Life Time Inc.
5.75%, 01/15/26 (Call 01/15/23)^(a)(b)		10,011		9,686,250
8.00%, 04/15/26 (Call 02/01/23)^(a)(b)		5,787		5,642,904
NCL Corp. Ltd.
3.63%, 12/15/24 (Call 05/10/22)^(a)(b)		6,197		5,763,210
5.88%, 03/15/26 (Call 12/15/25)^(a)(b)		18,490		17,081,986
5.88%, 02/15/27 (Call 02/15/24)^(a)		11,400		10,868,988
7.75%, 02/15/29 (Call 11/15/28)^(a)		7,665		7,453,683
NCL Finance Ltd., 6.13%, 03/15/28 (Call 12/15/27)^(a)(b)		6,303		5,643,286
Viking Cruises Ltd.
5.88%, 09/15/27 (Call 09/15/22)^(a)(b)		10,124		8,583,886
7.00%, 02/15/29 (Call 02/15/24)^(a)(b)		5,774		5,109,413
13.00%, 05/15/25 (Call 05/16/22)^(a)		8,300		9,083,520
VOC Escrow Ltd., 5.00%, 02/15/28 (Call 02/15/23)^(a)(b)		8,029		7,246,975


				92,164,101

Lodging — 2.7%
Boyd Gaming Corp.
4.75%, 12/01/27 (Call 12/01/22)^(b)		12,542		11,789,480
4.75%, 06/15/31 (Call 06/15/26)^(a)(b)		10,024		9,071,720
8.63%, 06/01/25 (Call 06/01/22)^(a)		516		538,575
Hilton Domestic Operating Co. Inc.
3.63%, 02/15/32 (Call 08/15/26)^(a)		18,213		15,435,517
3.75%, 05/01/29 (Call 05/01/24)^(a)(b)		9,704		8,806,380
4.00%, 05/01/31 (Call 05/01/26)^(a)(b)		12,729		11,296,987
4.88%, 01/15/30 (Call 01/15/25)^(b)		12,048		11,641,380
5.38%, 05/01/25 (Call 05/10/22)^(a)(b)		6,071		6,170,328
5.75%, 05/01/28 (Call 05/01/23)^(a)(b)		6,213		6,306,195
Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc
4.88%, 07/01/31 (Call 07/01/26)^(a)(b)		6,063		5,296,091
5.00%, 06/01/29 (Call 06/01/24)^(a)(b)		9,865		8,833,491


Security	Par (000)		Value

Lodging (continued)
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.88%, 04/01/27 (Call 05/16/22)	$	6,733	$	6,698,250
Marriott Ownership Resorts Inc., 4.50%, 06/15/29 (Call 06/15/24)^(a)(b)		5,794		5,129,100
Melco Resorts Finance Ltd.
4.88%, 06/06/25 (Call 05/30/22)^(a)(b)		10,682		9,543,192
5.25%, 04/26/26 (Call 05/30/22)^(a)(b)		5,052		4,419,111
5.38%, 12/04/29 (Call 12/04/24)^(a)(b)		15,005		12,056,183
5.63%, 07/17/27 (Call 07/17/22)^(a)(b)		6,793		5,785,154
5.75%, 07/21/28 (Call 07/21/23)^(a)(b)		10,117		8,436,111
MGM China Holdings Ltd.
4.75%, 02/01/27 (Call 02/01/24)^(a)(b)		7,601		6,384,840
5.25%, 06/18/25 (Call 06/18/22)^(a)(b)		6,055		5,447,800
5.38%, 05/15/24 (Call 05/10/22)^(a)(b)		8,403		7,853,749
5.88%, 05/15/26 (Call 05/15/22)^(a)(b)		8,252		7,303,745
MGM Resorts International
4.63%, 09/01/26 (Call 06/01/26)		5,609		5,287,548
4.75%, 10/15/28 (Call 07/15/28)^(b)		8,491		7,779,879
5.50%, 04/15/27 (Call 01/15/27)^(b)		8,042		7,778,315
5.75%, 06/15/25 (Call 03/15/25)^(b)		6,062		5,989,408
6.00%, 03/15/23		4,255		4,305,571
6.75%, 05/01/25 (Call 05/31/22)^(b)		8,229		8,436,823
Station Casinos LLC
4.50%, 02/15/28 (Call 02/15/23)^(a)(b)		8,167		7,355,956
4.63%, 12/01/31 (Call 06/01/31)^(a)(b)		5,529		4,631,090
Studio City Finance Ltd.
5.00%, 01/15/29 (Call 01/15/24)^(a)		13,019		8,892,791
6.00%, 07/15/25 (Call 07/15/22)^(a)(b)		5,478		4,656,171
6.50%, 01/15/28 (Call 07/15/23)^(a)(b)		5,428		4,218,031
Travel + Leisure Co.
4.50%, 12/01/29 (Call 09/01/29)^(a)(b)		8,344		7,447,020
6.00%, 04/01/27 (Call 01/01/27)		3,891		3,897,566
6.63%, 07/31/26 (Call 04/30/26)^(a)(b)		8,028		8,228,700
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.
4.25%, 05/30/23 (Call 02/28/23)^(a)		1,923		1,888,986
5.25%, 05/15/27 (Call 02/15/27)^(a)(b)		10,904		10,045,310
5.50%, 03/01/25 (Call 12/01/24)^(a)		21,906		21,168,644
Wynn Macau Ltd.
4.88%, 10/01/24 (Call 05/10/22)^(a)(b)		6,102		5,453,728
5.13%, 12/15/29 (Call 12/15/24)^(a)(b)		12,460		9,831,874
5.50%, 01/15/26 (Call 06/15/22)^(a)(b)		11,572		10,002,939
5.50%, 10/01/27 (Call 10/01/22)^(a)(b)		8,797		7,127,036
5.63%, 08/26/28 (Call 08/26/23)^(a)(b)		15,861		12,705,021


				341,371,786

Machinery — 0.2%
Titan Acquisition Ltd./Titan Co-Borrower LLC, 7.75%, 04/15/26 (Call 05/30/22)^(a)(b)		7,960		7,743,753
TK Elevator Holdco GmbH, 7.63%, 07/15/28 (Call 07/15/23)^(a)		4,655		4,443,198
TK Elevator U.S. Newco Inc., 5.25%, 07/15/27 (Call 07/15/23)^(a)(b)		18,638		17,415,347


				29,602,298

Manufacturing — 0.2%
FXI Holdings Inc.
7.88%, 11/01/24 (Call 05/31/22)^(a)(b)		5,580		5,487,540
12.25%, 11/15/26 (Call 11/15/22)^(a)(b)		8,135		8,626,354
Hillenbrand Inc., 5.75%, 06/15/25 (Call 06/15/22)^(b)		4,470		4,526,112


				18,640,006


Security	Par (000)		Value

Media — 9.6%
Altice Financing SA
5.00%, 01/15/28 (Call 01/15/23)^(a)(b)	$	13,958	$	11,651,161
5.75%, 08/15/29 (Call 08/15/24)^(a)		24,322		20,450,910
AMC Networks Inc.
4.25%, 02/15/29 (Call 02/15/24)		13,275		11,575,004
4.75%, 08/01/25 (Call 05/31/22)^(b)		7,923		7,650,647
5.00%, 04/01/24 (Call 05/31/22)^(b)		4,229		4,186,710
Audacy Capital Corp.
6.50%, 05/01/27 (Call 05/16/22)^(a)(b)		5,820		5,005,200
6.75%, 03/31/29 (Call 03/31/24)^(a)(b)		6,527		5,653,035
CCO Holdings LLC/CCO Holdings Capital Corp.
4.25%, 02/01/31 (Call 07/01/25)^(a)(b)		37,772		31,906,008
4.25%, 01/15/34 (Call 01/15/28)^(a)(b)		23,960		19,008,865
4.50%, 08/15/30 (Call 02/15/25)^(a)		32,524		28,377,190
4.50%, 05/01/32 (Call 05/01/26)^(b)		35,310		29,770,744
4.50%, 06/01/33 (Call 06/01/27)^(a)(b)		20,879		17,133,829
4.75%, 03/01/30 (Call 09/01/24)^(a)(b)		36,360		32,442,937
4.75%, 02/01/32 (Call 02/01/27)^(a)(b)		15,135		13,002,721
5.00%, 02/01/28 (Call 08/01/22)^(a)(b)		29,770		28,355,925
5.13%, 05/01/27 (Call 05/31/22)^(a)(b)		39,705		38,654,009
5.38%, 06/01/29 (Call 06/01/24)^(a)(b)		18,619		17,611,537
5.50%, 05/01/26 (Call 05/31/22)^(a)(b)		9,739		9,763,348
CSC Holdings LLC
3.38%, 02/15/31 (Call 02/15/26)^(a)(b)		11,872		9,260,160
4.13%, 12/01/30 (Call 12/01/25)^(a)(b)		13,088		10,813,960
4.50%, 11/15/31 (Call 11/15/26)^(a)(b)		18,889		15,559,814
4.63%, 12/01/30 (Call 12/01/25)^(a)(b)		27,411		20,969,415
5.00%, 11/15/31 (Call 11/15/26)^(a)(b)		5,377		4,137,638
5.25%, 06/01/24^(b)		7,434		7,276,028
5.38%, 02/01/28 (Call 02/01/23)^(a)(b)		12,225		11,247,000
5.50%, 04/15/27 (Call 05/31/22)^(a)(b)		16,143		15,584,936
5.75%, 01/15/30 (Call 01/15/25)^(a)(b)		26,882		22,063,401
6.50%, 02/01/29 (Call 02/01/24)^(a)(b)		21,373		20,307,342
7.50%, 04/01/28 (Call 04/01/23)^(a)(b)		11,877		10,956,533
Diamond Sports Group LLC/Diamond Sports Finance Co.
5.38%, 08/15/26 (Call 08/15/22)^(a)(b)		41,025		14,981,510
6.63%, 08/15/27 (Call 08/15/22)^(a)(b)		20,264		4,284,620
Directv Financing LLC/Directv Financing Co-Obligor Inc., 5.88%, 08/15/27 (Call 08/15/23)^(a)		45,508		42,891,290
DISH DBS Corp.
5.00%, 03/15/23^(b)		744		736,441
5.25%, 12/01/26 (Call 06/01/26)^(a)		33,170		30,372,110
5.75%, 12/01/28 (Call 12/01/27)^(a)		30,654		27,496,025
5.88%, 11/15/24^(b)		22,656		21,933,575
7.38%, 07/01/28 (Call 07/01/23)^(b)		12,623		11,116,373
7.75%, 07/01/26^(b)		24,197		22,790,670
5.13%, 06/01/29^(b)		17,839		13,816,306
Gray Escrow II Inc., 5.38%, 11/15/31 (Call 11/15/26)^(a)(b)		15,985		13,779,869
Gray Television Inc.
4.75%, 10/15/30 (Call 10/15/25)^(a)(b)		9,980		8,682,600
5.88%, 07/15/26 (Call 05/31/22)^(a)(b)		7,175		7,209,081
7.00%, 05/15/27 (Call 05/15/22)^(a)(b)		7,442		7,670,565
iHeartCommunications Inc.
4.75%, 01/15/28 (Call 01/15/23)^(a)(b)		6,622		5,985,736
5.25%, 08/15/27 (Call 08/15/22)^(a)(b)		9,192		8,625,926
6.38%, 05/01/26 (Call 05/16/22)^(b)		8,714		8,739,788
8.38%, 05/01/27 (Call 05/16/22)^(b)		16,782		16,614,606


Security	Par (000)		Value

Media (continued)
LCPR Senior Secured Financing DAC
5.13%, 07/15/29 (Call 07/15/24)^(a)	$	9,524	$	8,643,220
6.75%, 10/15/27 (Call 10/15/22)^(a)		14,098		14,035,828
McGraw-Hill Education Inc.
5.75%, 08/01/28 (Call 08/01/24)^(a)(b)		11,029		9,843,383
8.00%, 08/01/29 (Call 08/01/24)^(a)		8,982		8,038,890
News Corp.
3.88%, 05/15/29 (Call 05/15/24)^(a)(b)		11,665		10,498,500
5.13%, 02/15/32 (Call 02/15/27)^(a)		6,603		6,352,911
Nexstar Media Inc.
4.75%, 11/01/28 (Call 11/01/23)^(a)(b)		12,684		11,513,901
5.63%, 07/15/27 (Call 07/15/22)^(a)		21,791		21,197,631
Paramount Global
6.25%, 02/28/57 (Call 02/28/27)^(b)(c)		6,546		6,301,671
6.38%, 03/30/62 (Call 03/30/27)^(c)		12,495		12,120,150
Radiate Holdco LLC/Radiate Finance Inc.
4.50%, 09/15/26 (Call 09/15/23)^(a)(b)		11,457		10,540,440
6.50%, 09/15/28 (Call 09/15/23)^(a)(b)		12,032		10,536,422
Scripps Escrow II Inc.
3.88%, 01/15/29 (Call 01/15/24)^(a)(b)		6,141		5,454,927
5.38%, 01/15/31 (Call 01/15/26)^(a)(b)		6,374		5,656,925
Scripps Escrow Inc., 5.88%, 07/15/27 (Call 07/15/22)^(a)(b)		6,237		5,956,335
Sinclair Television Group Inc.
4.13%, 12/01/30 (Call 12/01/25)^(a)(b)		9,372		7,758,891
5.13%, 02/15/27 (Call 05/16/22)^(a)		4,783		4,179,146
5.50%, 03/01/30 (Call 12/01/24)^(a)		5,846		4,781,085
Sirius XM Radio Inc.
3.13%, 09/01/26 (Call 09/01/23)^(a)(b)		10,756		9,866,094
3.88%, 09/01/31 (Call 09/01/26)^(a)(b)		18,424		15,568,280
4.00%, 07/15/28 (Call 07/15/24)^(a)		24,663		22,283,020
4.13%, 07/01/30 (Call 07/01/25)^(a)(b)		18,205		15,964,269
5.00%, 08/01/27 (Call 08/01/22)^(a)(b)		16,179		15,560,153
5.50%, 07/01/29 (Call 07/01/24)^(a)(b)		15,582		14,997,675
TEGNA Inc.
4.63%, 03/15/28 (Call 03/15/23)^(b)		12,106		11,665,327
4.75%, 03/15/26 (Call 03/15/23)^(a)(b)		6,793		6,736,097
5.00%, 09/15/29 (Call 09/15/24)^(b)		13,006		12,564,879
Telenet Finance Luxembourg Notes Sarl, 5.50%, 03/01/28 (Call 12/01/22)^(a)		12,200		11,580,850
Univision Communications Inc.
4.50%, 05/01/29 (Call 05/01/24)^(a)(b)		13,240		11,882,900
5.13%, 02/15/25 (Call 05/10/22)^(a)(b)		15,875		15,647,591
6.63%, 06/01/27 (Call 06/01/23)^(a)(b)		18,171		18,204,811
UPC Broadband Finco BV, 4.88%, 07/15/31 (Call 07/15/26)^(a)		14,724		12,938,715
UPC Holding BV, 5.50%, 01/15/28 (Call 10/15/22)^(a)(b)		7,289		6,890,838
Videotron Ltd.
3.63%, 06/15/29 (Call 06/15/24)^(a)		5,887		5,142,942
5.13%, 04/15/27 (Call 05/30/22)^(a)(b)		7,541		7,390,180
5.38%, 06/15/24 (Call 03/15/24)^(a)(b)		8,261		8,370,229
Virgin Media Finance PLC, 5.00%, 07/15/30 (Call 07/15/25)^(a)(b)		11,355		9,920,800
Virgin Media Secured Finance PLC
4.50%, 08/15/30 (Call 08/15/25)^(a)(b)		11,360		9,815,040
5.50%, 05/15/29 (Call 05/15/24)^(a)(b)		16,508		15,402,978
Virgin Media Vendor Financing Notes IV DAC, 5.00%, 07/15/28 (Call 07/15/23)^(a)		5,925		5,382,626
VZ Secured Financing BV, 5.00%, 01/15/32 (Call 01/15/27)^(a)		18,356		15,839,576


Security	Par (000)		Value

Media (continued)
Ziggo Bond Co. BV
5.13%, 02/28/30 (Call 02/15/25)^(a)(b)	$	6,683	$	5,797,503
6.00%, 01/15/27 (Call 05/30/22)^(a)(b)		4,715		4,609,227
Ziggo BV, 4.88%, 01/15/30 (Call 10/15/24)^(a)(b)		11,457		10,153,766


				1,211,689,720

Mining — 1.2%
Alcoa Nederland Holding BV
4.13%, 03/31/29 (Call 03/31/24)^(a)(b)		6,168		5,772,323
5.50%, 12/15/27 (Call 06/15/23)^(a)(b)		10,729		10,675,355
6.13%, 05/15/28 (Call 05/15/23)^(a)(b)		5,066		5,125,652
Arconic Corp.
6.00%, 05/15/25 (Call 05/31/22)^(a)(b)		7,452		7,496,041
6.13%, 02/15/28 (Call 02/15/23)^(a)(b)		11,835		11,465,156
Constellium SE, 3.75%, 04/15/29 (Call 04/15/24)^(a)(b)		7,098		6,139,770
FMG Resources August 2006 Pty Ltd.
4.38%, 04/01/31 (Call 01/01/31)^(a)(b)		18,593		16,477,488
4.50%, 09/15/27 (Call 06/15/27)^(a)(b)		7,387		7,042,950
5.13%, 05/15/24 (Call 02/15/24)^(a)(b)		8,772		8,874,430
5.88%, 04/15/30 (Call 01/15/30)^(a)(b)		9,165		9,096,263
6.13%, 04/15/32 (Call 01/15/32)^(a)		10,475		10,390,991
Kaiser Aluminum Corp.
4.50%, 06/01/31 (Call 06/01/26)^(a)(b)		6,797		5,860,783
4.63%, 03/01/28 (Call 03/01/23)^(a)(b)		6,129		5,583,519
Novelis Corp.
3.25%, 11/15/26 (Call 11/15/23)^(a)		10,654		9,718,344
3.88%, 08/15/31 (Call 08/15/26)^(a)(b)		9,030		7,703,493
4.75%, 01/30/30 (Call 01/30/25)^(a)(b)		18,990		17,394,048


				144,816,606

Office & Business Equipment — 0.2%
Pitney Bowes Inc., 6.88%, 03/15/27 (Call 03/15/24)^(a)(b)		5,147		4,757,115
Xerox Holdings Corp.
5.00%, 08/15/25 (Call 07/15/25)^(a)(b)		9,796		9,404,160
5.50%, 08/15/28 (Call 07/15/28)^(a)(b)		8,869		7,982,100


				22,143,375

Oil & Gas — 6.3%
Antero Resources Corp.
5.38%, 03/01/30 (Call 03/01/25)^(a)(b)		6,092		5,947,315
7.63%, 02/01/29 (Call 02/01/24)^(a)(b)		7,778		8,226,431
Apache Corp.
4.25%, 01/15/30 (Call 10/15/29)^(b)		6,033		5,607,070
4.38%, 10/15/28 (Call 07/15/28)		1,300		1,217,017
Ascent Resources Utica Holdings LLC/ARU Finance Corp.
5.88%, 06/30/29 (Call 09/01/24)^(a)(b)		4,161		4,013,916
7.00%, 11/01/26 (Call 05/31/22)^(a)(b)		7,042		7,097,773
Callon Petroleum Co.
6.13%, 10/01/24 (Call 05/31/22)		5,267		5,201,163
8.00%, 08/01/28 (Call 08/01/24)^(a)(b)		8,450		8,699,275
Calumet Specialty Products Partners LP/Calumet Finance Corp., 11.00%, 04/15/25 (Call 05/31/22)^(a)		6,804		6,867,958
Chesapeake Energy Corp.
5.50%, 02/01/26 (Call 02/05/23)^(a)(b)		6,184		6,127,262
5.88%, 02/01/29 (Call 02/05/24)^(a)(b)		5,739		5,667,263
6.75%, 04/15/29 (Call 04/15/24)^(a)(b)		10,802		10,869,512
Citgo Holding Inc., 9.25%, 08/01/24 (Call 05/31/22)^(a)(b)		15,912		15,812,550
CITGO Petroleum Corp.
6.38%, 06/15/26 (Call 06/15/23)^(a)(b)		7,506		7,449,705
7.00%, 06/15/25 (Call 06/15/22)^(a)(b)		13,086		12,997,512


Security	Par (000)		Value

Oil & Gas (continued)
CNX Resources Corp.
6.00%, 01/15/29 (Call 01/15/24)^(a)(b)	$	6,699	$	6,615,262
7.25%, 03/14/27 (Call 05/31/22)^(a)		7,611		7,780,193
Colgate Energy Partners III LLC, 5.88%, 07/01/29 (Call 07/01/24)^(a)(b)		8,228		8,140,372
Comstock Resources Inc.
5.88%, 01/15/30 (Call 01/15/25)^(a)(b)		11,345		10,905,381
6.75%, 03/01/29 (Call 03/01/24)^(a)(b)		15,211		15,381,059
CrownRock LP/CrownRock Finance Inc.
5.00%, 05/01/29 (Call 05/01/24)^(a)(b)		4,946		4,843,843
5.63%, 10/15/25 (Call 05/31/22)^(a)(b)		12,699		12,699,000
CVR Energy Inc.
5.25%, 02/15/25 (Call 05/16/22)^(a)(b)		8,743		8,425,192
5.75%, 02/15/28 (Call 02/15/23)^(a)(b)		4,404		4,117,740
Endeavor Energy Resources LP/EER Finance Inc.
5.75%, 01/30/28 (Call 01/30/23)^(a)(b)		11,986		12,028,311
6.63%, 07/15/25 (Call 07/15/22)^(a)(b)		6,218		6,388,995
Energean Israel Finance Ltd.
4.50%, 03/30/24 (Call 12/30/23)^(a)(e)		8,831		8,583,732
4.88%, 03/30/26 (Call 12/30/25)^(a)(e)		6,393		5,940,695
5.38%, 03/30/28 (Call 09/30/27)^(a)(e)		6,735		6,170,944
5.88%, 03/30/31 (Call 09/30/30)^(a)(e)		7,511		6,749,760
EQT Corp.
3.13%, 05/15/26 (Call 05/15/23)^(a)		119		112,329
3.90%, 10/01/27 (Call 07/01/27)^(b)		3,718		3,560,691
6.63%, 02/01/25 (Call 01/01/25)		3,407		3,546,108
7.50%, 02/01/30 (Call 11/01/29)^(b)		824		912,654
Hilcorp Energy I LP/Hilcorp Finance Co.
5.75%, 02/01/29 (Call 02/01/24)^(a)(b)		6,026		5,889,474
6.00%, 04/15/30^(a)		6,555		6,468,966
6.00%, 02/01/31 (Call 02/01/26)^(a)(b)		7,357		7,110,393
6.25%, 11/01/28 (Call 11/01/23)^(a)(b)		6,458		6,402,461
6.25%, 04/15/32^(a)		6,530		6,374,913
Laredo Petroleum Inc.
7.75%, 07/31/29 (Call 07/31/24)^(a)(b)		4,849		4,744,595
9.50%, 01/15/25 (Call 05/31/22)^(b)		7,377		7,579,867
Leviathan Bond Ltd.
5.75%, 06/30/23 (Call 03/30/23)^(a)(e)		5,539		5,515,219
6.13%, 06/30/25 (Call 03/30/25)^(a)(e)		7,940		7,873,568
6.50%, 06/30/27 (Call 12/30/26)^(a)(e)		5,983		5,911,204
6.75%, 06/30/30 (Call 12/30/29)^(a)(e)		6,016		5,903,501
Matador Resources Co., 5.88%, 09/15/26 (Call 05/16/22)^(b)		11,735		11,478,708
MEG Energy Corp.
5.88%, 02/01/29 (Call 02/01/24)^(a)(b)		8,173		7,999,324
7.13%, 02/01/27 (Call 02/01/23)^(a)(b)		13,384		13,591,452
Moss Creek Resources Holdings Inc.
7.50%, 01/15/26 (Call 05/31/22)^(a)(b)		8,375		7,679,875
10.50%, 05/15/27 (Call 05/31/22)^(a)		5,721		5,591,801
Murphy Oil Corp.
5.75%, 08/15/25 (Call 05/31/22)^(b)		6,058		6,066,243
5.88%, 12/01/27 (Call 12/01/22)^(b)		7,213		7,120,661
6.38%, 07/15/28 (Call 07/15/24)		5,259		5,352,032
6.88%, 08/15/24 (Call 05/31/22)^(b)		790		790,427
Nabors Industries Inc.
5.75%, 02/01/25 (Call 11/01/24)^(b)		7,363		7,037,924
7.38%, 05/15/27 (Call 05/15/24)^(a)		9,332		9,522,186
Nabors Industries Ltd., 7.25%, 01/15/26 (Call 07/15/22)^(a)(b)		6,040		5,889,000


Security	Par (000)		Value

Oil & Gas (continued)
Occidental Petroleum Corp.
3.00%, 02/15/27 (Call 11/15/26)^(b)	$	8,131	$	7,580,242
3.20%, 08/15/26 (Call 06/15/26)		8,922		8,405,538
3.40%, 04/15/26 (Call 01/15/26)		10,252		9,765,030
3.50%, 08/15/29 (Call 05/15/29)^(b)		11,306		10,556,977
5.50%, 12/01/25 (Call 09/01/25)		9,943		10,112,031
5.55%, 03/15/26 (Call 12/15/25)		13,649		13,990,225
5.88%, 09/01/25 (Call 06/01/25)^(b)		10,920		11,228,708
6.13%, 01/01/31 (Call 07/01/30)^(b)		14,839		15,618,047
6.38%, 09/01/28 (Call 03/01/28)		7,027		7,385,377
6.63%, 09/01/30 (Call 03/01/30)^(b)		17,720		19,204,050
6.95%, 07/01/24		7,720		8,096,672
7.50%, 05/01/31		10,140		11,583,936
7.88%, 09/15/31		6,062		7,080,937
8.00%, 07/15/25 (Call 04/15/25)		6,445		6,969,462
8.50%, 07/15/27 (Call 01/15/27)		7,731		8,734,956
8.88%, 07/15/30 (Call 01/15/30)		10,609		12,730,800
Parkland Corp.
4.50%, 10/01/29 (Call 10/01/24)^(a)(b)		10,306		9,030,632
4.63%, 05/01/30 (Call 05/01/25)^(a)(b)		10,305		8,982,000
5.88%, 07/15/27 (Call 07/15/22)^(a)		5,539		5,350,476
PBF Holding Co. LLC/PBF Finance Corp.
6.00%, 02/15/28 (Call 02/15/23)		9,688		8,525,440
7.25%, 06/15/25 (Call 05/31/22)		8,121		7,820,929
9.25%, 05/15/25 (Call 05/31/22)^(a)		16,361		16,961,285
Puma International Financing SA
5.00%, 01/24/26 (Call 05/10/22)^(a)		9,030		8,435,926
5.13%, 10/06/24 (Call 05/10/22)^(a)		7,421		7,096,238
Range Resources Corp.
4.75%, 02/15/30 (Call 02/15/25)^(a)(b)		4,885		4,654,281
4.88%, 05/15/25 (Call 02/15/25)^(b)		8,668		8,590,776
5.00%, 08/15/22 (Call 05/15/22)		3,123		3,127,947
5.00%, 03/15/23 (Call 12/15/22)		412		413,030
8.25%, 01/15/29 (Call 01/15/24)		6,705		7,150,212
SM Energy Co.
6.50%, 07/15/28 (Call 07/15/24)^(b)		5,243		5,168,462
6.63%, 01/15/27 (Call 05/31/22)^(b)		3,955		3,935,225
6.75%, 09/15/26 (Call 05/31/22)		4,398		4,375,834
10.00%, 01/15/25 (Call 06/17/22)^(a)		5,614		6,080,243
Southwestern Energy Co.
4.75%, 02/01/32 (Call 02/01/27)^(b)		12,997		12,282,425
5.38%, 02/01/29 (Call 02/01/24)^(b)		8,538		8,387,162
5.38%, 03/15/30 (Call 03/15/25)^(b)		14,780		14,613,725
5.95%, 01/23/25 (Call 10/23/24)^(b)		1,799		1,823,736
7.75%, 10/01/27 (Call 10/01/22)^(b)		4,075		4,249,206
Sunoco LP/Sunoco Finance Corp.
4.50%, 05/15/29 (Call 05/15/24)^(b)		10,884		9,776,009
4.50%, 04/30/30 (Call 04/30/25)^(a)(b)		9,437		8,481,504
5.88%, 03/15/28 (Call 03/15/23)^(b)		4,229		4,187,635
6.00%, 04/15/27 (Call 05/31/22)^(b)		6,121		6,151,605
Transocean Guardian Ltd., 5.88%, 01/15/24 (Call 05/30/22)^(a)		3,355		3,204,598
Transocean Inc.
7.25%, 11/01/25 (Call 05/10/22)^(a)		5,476		4,531,390
7.50%, 01/15/26 (Call 05/10/22)^(a)(b)		7,708		6,272,385
8.00%, 02/01/27 (Call 02/01/23)^(a)		7,071		5,545,785
11.50%, 01/30/27 (Call 07/30/23)^(a)(b)		7,788		7,749,060
Transocean Pontus Ltd., 6.13%, 08/01/25 (Call 05/30/22)^(a)		1,578		1,555,459


Security	Par (000)		Value

Oil & Gas (continued)
Transocean Poseidon Ltd., 6.88%, 02/01/27 (Call 05/30/22)^(a)(b)	$	4,937	$	4,757,913
Transocean Sentry Ltd., 5.38%, 05/15/23 (Call 05/30/22)^(a)		743		721,625


				791,630,923

Oil & Gas Services — 0.4%
Archrock Partners LP/Archrock Partners Finance Corp.
6.25%, 04/01/28 (Call 04/01/23)^(a)(b)		9,866		9,555,221
6.88%, 04/01/27 (Call 05/31/22)^(a)(b)		4,985		4,949,274
USA Compression Partners LP/USA Compression Finance Corp.
6.88%, 04/01/26 (Call 05/31/22)		9,195		9,003,438
6.88%, 09/01/27 (Call 09/01/22)^(b)		8,151		7,961,475
Weatherford International Ltd.
6.50%, 09/15/28 (Call 09/15/24)^(a)(b)		2,978		3,007,780
8.63%, 04/30/30 (Call 10/30/24)^(a)(b)		20,045		19,848,559
11.00%, 12/01/24 (Call 05/31/22)^(a)(b)		675		697,950


				55,023,697

Packaging & Containers — 2.4%
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC
3.25%, 09/01/28 (Call 05/15/24)^(a)		6,358		5,558,935
4.00%, 09/01/29 (Call 05/15/24)^(a)(b)		12,737		10,827,940
Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc.
4.13%, 08/15/26 (Call 08/15/22)^(a)(b)		15,614		14,458,025
5.25%, 04/30/25 (Call 05/30/22)^(a)(b)		5,886		5,823,608
5.25%, 08/15/27 (Call 08/15/22)^(a)(b)		21,456		18,431,777
Ball Corp.
2.88%, 08/15/30 (Call 05/15/30)^(b)		14,012		11,718,987
3.13%, 09/15/31 (Call 06/15/31)^(b)		10,556		8,853,845
4.00%, 11/15/23^(b)		10,779		10,752,053
4.88%, 03/15/26 (Call 12/15/25)^(b)		10,717		10,742,566
5.25%, 07/01/25^(b)		11,628		11,923,351
Berry Global Inc.
4.50%, 02/15/26 (Call 05/31/22)^(a)(b)		811		793,226
5.63%, 07/15/27 (Call 07/15/22)^(a)(b)		5,440		5,405,891
Clydesdale Acquisition Holdings Inc.
6.63%, 04/15/29 (Call 04/15/25)^(a)(b)		5,045		5,032,514
8.75%, 04/15/30 (Call 04/15/25)^(a)		15,940		14,566,291
Crown Americas LLC, 5.25%, 04/01/30 (Call 01/01/30)^(a)(b)		7,675		7,607,844
Crown Americas LLC / Crown Americas Capital Corp VI, 4.25%, 09/30/26 (Call 03/31/26)^(b)		2,852		2,765,995
Duke Energy Carolinas LLC, 4.75%, 02/01/26 (Call 05/31/22)^(b)		7,254		7,193,502
Graphic Packaging International LLC
3.50%, 03/15/28^(a)(b)		6,072		5,501,422
3.75%, 02/01/30 (Call 08/01/29)^(a)(b)		4,047		3,556,301
LABL Inc.
5.88%, 11/01/28 (Call 11/01/24)^(a)(b)		5,746		5,250,048
6.75%, 07/15/26 (Call 07/15/22)^(a)(b)		7,913		7,596,480
8.25%, 11/01/29 (Call 11/01/24)^(a)(b)		5,564		4,566,852
10.50%, 07/15/27 (Call 07/15/22)^(a)(b)		8,124		7,835,852
Mauser Packaging Solutions Holding Co.
5.50%, 04/15/24 (Call 05/31/22)^(a)(b)		17,817		17,393,846
7.25%, 04/15/25 (Call 05/31/22)^(a)(b)		16,872		15,986,220
OI European Group BV, 4.75%, 02/15/30 (Call 11/15/24)^(a)(b)		4,775		4,207,571


Security	Par (000)		Value

Packaging & Containers (continued)
Owens-Brockway Glass Container Inc.
5.88%, 08/15/23^(a)(b)	$	4,504	$	4,561,561
6.63%, 05/13/27 (Call 05/15/23)^(a)(b)		7,576		7,509,508
Pactiv Evergreen Group Issuer Inc./Pactiv Evergreen Group Issuer LLC/Reynolds Gro, 4.00%, 10/15/27 (Call 10/15/23)^(a)(b)		12,003		10,532,633
Pactiv Evergreen Group Issuer LLC/Pactiv Evergreen Group Issuer Inc., 4.38%, 10/15/28 (Call 10/15/24)^(a)		6,323		5,502,956
Sealed Air Corp.
4.00%, 12/01/27 (Call 09/01/27)^(a)(b)		5,393		5,083,857
5.00%, 04/15/29^(a)		3,711		3,683,168
5.13%, 12/01/24 (Call 09/01/24)^(a)(b)		6,938		7,065,919
5.50%, 09/15/25 (Call 06/15/25)^(a)(b)		3,921		4,019,025
Silgan Holdings Inc., 4.13%, 02/01/28 (Call 10/01/22)^(b)		6,591		6,180,710
Trivium Packaging Finance BV
5.50%, 08/15/26 (Call 08/15/22)^(a)		12,467		12,046,239
8.50%, 08/15/27 (Call 08/15/22)^(a)(b)		7,755		7,618,642


				298,155,160

Pharmaceuticals — 4.1%
AdaptHealth LLC
4.63%, 08/01/29 (Call 02/01/24)^(a)(b)		6,316		5,368,249
5.13%, 03/01/30 (Call 03/01/25)^(a)(b)		7,312		6,288,320
Bausch Health Americas Inc.
8.50%, 01/31/27 (Call 07/31/22)^(a)(b)		21,791		20,601,865
9.25%, 04/01/26 (Call 05/31/22)^(a)(b)		16,946		16,818,905
Bausch Health Companies Inc.
4.88%, 06/01/28 (Call 06/01/24)^(a)(b)		20,755		18,302,450
5.00%, 01/30/28 (Call 01/30/23)^(a)		14,566		10,736,162
5.00%, 02/15/29 (Call 02/15/24)^(a)(b)		12,034		8,421,995
5.25%, 01/30/30 (Call 01/30/25)^(a)		15,005		10,393,713
5.25%, 02/15/31 (Call 02/15/26)^(a)		12,668		8,804,260
5.50%, 11/01/25 (Call 05/30/22)^(a)		19,658		19,019,115
5.75%, 08/15/27 (Call 08/15/22)^(a)		4,438		4,149,530
6.13%, 04/15/25 (Call 05/16/22)^(a)		36,104		36,210,146
6.13%, 02/01/27 (Call 02/01/24)^(a)		11,936		11,473,480
6.25%, 02/15/29 (Call 02/15/24)^(a)		17,978		13,078,995
7.00%, 01/15/28 (Call 01/15/23)^(a)		7,583		6,238,989
7.25%, 05/30/29 (Call 05/30/24)^(a)(b)		8,295		6,264,467
9.00%, 12/15/25 (Call 05/30/22)^(a)(b)		22,809		22,866,022
Elanco Animal Health Inc., 6.40%, 08/28/28 (Call 05/28/28)^(b)		7,572		7,818,090
Endo Dac/Endo Finance LLC/Endo Finco Inc.
6.00%, 06/30/28 (Call 06/30/23)^(a)(b)		13,823		6,006,344
9.50%, 07/31/27 (Call 07/31/23)^(a)(b)		12,080		9,482,800
Endo Luxembourg Finance Co. I Sarl/Endo U.S. Inc., 6.13%, 04/01/29 (Call 04/01/24)^(a)(b)		15,368		13,370,160
Herbalife Nutrition Ltd./HLF Financing Inc., 7.88%, 09/01/25 (Call 09/01/22)^(a)(b)		7,328		7,208,920
HLF Financing Sarl LLC/Herbalife International Inc., 4.88%, 06/01/29 (Call 06/01/24)^(a)(b)		7,097		5,695,343
Jazz Securities DAC, 4.38%, 01/15/29 (Call 07/15/24)^(a)(b)		16,764		15,409,678
Organon & Co./Organon Foreign Debt Co-Issuer BV
4.13%, 04/30/28 (Call 04/30/24)^(a)(b)		24,652		22,864,730
5.13%, 04/30/31 (Call 04/30/26)^(a)(b)		23,859		21,465,544
Owens & Minor Inc.
4.50%, 03/31/29 (Call 03/31/24)^(a)(b)		3,522		3,149,549
6.63%, 04/01/30 (Call 04/01/25)^(a)		8,230		8,034,538


Security	Par (000)		Value

Pharmaceuticals (continued)
Par Pharmaceutical Inc., 7.50%, 04/01/27 (Call 05/31/22)^(a)(b)	$	24,636	$	22,461,873
Perrigo Finance Unlimited Co.
3.90%, 12/15/24 (Call 09/15/24)^(b)		6,860		6,719,237
3.90%, 06/15/30 (Call 03/15/30)^(b)		8,474		7,608,844
4.38%, 03/15/26 (Call 12/15/25)		8,131		7,842,327
Prestige Brands Inc.
3.75%, 04/01/31 (Call 04/01/26)^(a)(b)		6,984		5,932,698
5.13%, 01/15/28 (Call 01/15/23)^(a)(b)		5,442		5,198,865
Teva Pharmaceutical Finance Netherlands III BV
2.80%, 07/21/23^(b)		15,749		15,293,066
3.15%, 10/01/26^(b)		42,460		36,430,680
4.75%, 05/09/27 (Call 02/09/27)		11,782		10,780,530
5.13%, 05/09/29 (Call 02/09/29)^(b)		12,086		10,917,836
6.00%, 04/15/24 (Call 01/15/24)^(b)		14,052		14,040,879
6.75%, 03/01/28 (Call 12/01/27)^(b)		14,543		14,754,782
7.13%, 01/31/25 (Call 10/31/24)^(b)		12,843		13,040,929


				516,564,905

Pipelines — 4.7%
Antero Midstream Partners LP/Antero Midstream Finance Corp.
5.38%, 06/15/29 (Call 06/15/24)^(a)(b)		9,391		8,817,885
5.75%, 03/01/27 (Call 05/16/22)^(a)(b)		7,675		7,483,106
5.75%, 01/15/28 (Call 01/15/23)^(a)(b)		8,535		8,248,544
7.88%, 05/15/26 (Call 05/15/23)^(a)		5,257		5,499,119
Buckeye Partners LP
3.95%, 12/01/26 (Call 09/01/26)^(b)		8,514		8,014,335
4.13%, 03/01/25 (Call 02/01/25)^(a)(b)		6,722		6,431,274
4.13%, 12/01/27 (Call 09/01/27)^(b)		4,297		3,925,310
4.15%, 07/01/23 (Call 04/01/23)^(b)		2,466		2,445,127
4.50%, 03/01/28 (Call 12/01/27)^(a)(b)		6,174		5,627,087
Cheniere Energy Inc., 4.63%, 10/15/28 (Call 10/15/23)^(b)		24,232		23,431,132
Cheniere Energy Partners LP
3.25%, 01/31/32 (Call 01/31/27)^(a)		14,466		12,272,159
4.00%, 03/01/31 (Call 03/01/26)^(b)		16,845		15,277,825
4.50%, 10/01/29 (Call 10/01/24)^(b)		19,375		18,551,562
CQP Holdco LP/BIP-V Chinook Holdco LLC, 5.50%, 06/15/31 (Call 06/15/26)^(a)(b)		16,968		15,546,930
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.
5.63%, 05/01/27 (Call 05/16/22)^(a)(b)		7,290		7,076,768
5.75%, 04/01/25 (Call 05/31/22)^(b)		5,695		5,627,059
6.00%, 02/01/29 (Call 02/01/24)^(a)(b)		8,659		8,416,288
DCP Midstream Operating LP
3.25%, 02/15/32 (Call 08/15/31)^(b)		4,862		4,123,381
5.13%, 05/15/29 (Call 02/15/29)^(b)		8,117		7,985,099
5.38%, 07/15/25 (Call 04/15/25)^(b)		11,019		11,019,826
5.63%, 07/15/27 (Call 04/15/27)		6,631		6,710,307
5.85%, 05/21/43 (Call 05/21/23)^(a)(b)(c)		5,845		5,304,338
DT Midstream Inc.
4.13%, 06/15/29 (Call 06/15/24)^(a)(b)		13,439		12,263,087
4.38%, 06/15/31 (Call 06/15/26)^(a)(b)		12,178		10,929,755
EnLink Midstream Partners LP
4.15%, 06/01/25 (Call 03/01/25)^(b)		8,663		8,390,837
4.40%, 04/01/24 (Call 01/01/24)		5,563		5,500,416
4.85%, 07/15/26 (Call 04/15/26)^(b)		6,739		6,571,969
EQM Midstream Partners LP
4.00%, 08/01/24 (Call 05/01/24)^(b)		6,825		6,599,570
4.13%, 12/01/26 (Call 09/01/26)		5,494		5,078,811


Security	Par (000)		Value

Pipelines (continued)
4.50%, 01/15/29 (Call 07/15/28)^(a)(b)	$	10,165	$	9,099,581
4.75%, 07/15/23 (Call 06/15/23)^(b)		3,088		3,073,332
4.75%, 01/15/31 (Call 07/15/30)^(a)(b)		13,667		12,197,797
5.50%, 07/15/28 (Call 04/15/28)		10,899		10,408,545
6.00%, 07/01/25 (Call 04/01/25)^(a)		8,292		8,214,967
6.50%, 07/01/27 (Call 01/01/27)^(a)(b)		11,063		11,118,661
Genesis Energy LP/Genesis Energy Finance Corp.
6.50%, 10/01/25 (Call 05/31/22)^(b)		6,193		5,869,932
7.75%, 02/01/28 (Call 02/01/23)^(b)		8,639		8,315,038
8.00%, 01/15/27 (Call 01/15/24)		12,381		12,145,141
Hess Midstream Operations LP
4.25%, 02/15/30 (Call 02/15/25)^(a)(b)		8,821		8,056,408
5.13%, 06/15/28 (Call 06/15/23)^(a)(b)		6,852		6,646,704
5.50%, 10/15/30 (Call 10/15/25)^(a)(b)		5,250		5,171,250
5.63%, 02/15/26 (Call 05/31/22)^(a)(b)		11,557		11,557,619
ITT Holdings LLC, 6.50%, 08/01/29 (Call 08/01/24)^(a)		15,088		13,352,880
New Fortress Energy Inc.
6.50%, 09/30/26 (Call 03/31/23)^(a)(b)		17,646		17,094,562
6.75%, 09/15/25 (Call 09/15/22)^(a)		15,467		15,130,593
NGL Energy Operating LLC/NGL Energy Finance Corp., 7.50%, 02/01/26 (Call 02/01/23)^(a)		24,433		23,027,858
NGL Energy Partners LP/NGL Energy Finance Corp., 7.50%, 11/01/23 (Call 05/31/22)		5,842		5,430,556
NuStar Logistics LP
5.63%, 04/28/27 (Call 01/28/27)		6,741		6,458,889
5.75%, 10/01/25 (Call 07/01/25)^(b)		7,023		6,966,275
6.00%, 06/01/26 (Call 03/01/26)^(b)		6,248		6,212,005
6.38%, 10/01/30 (Call 04/01/30)^(b)		7,370		7,259,450
Oasis Midstream Partners LP/OMP Finance Corp., 8.00%, 04/01/29 (Call 04/01/24)^(a)(b)		5,810		6,016,546
Rockies Express Pipeline LLC
3.60%, 05/15/25 (Call 04/15/25)^(a)(b)		5,376		5,106,017
4.95%, 07/15/29 (Call 04/15/29)^(a)(b)		6,788		6,352,932
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.
5.50%, 01/15/28 (Call 01/15/23)^(a)(b)		9,317		8,699,749
6.00%, 03/01/27 (Call 03/01/23)^(a)(b)		5,520		5,302,650
6.00%, 12/31/30 (Call 12/31/25)^(a)(b)		8,658		7,949,126
6.00%, 09/01/31 (Call 09/01/26)^(a)(b)		6,283		5,686,508
7.50%, 10/01/25 (Call 10/01/22)^(a)(b)		5,137		5,217,182
Targa Resources Partners LP/Targa Resources Partners Finance Corp.
4.88%, 02/01/31 (Call 02/01/26)		533		512,346
5.00%, 01/15/28 (Call 01/15/23)		138		135,585
5.50%, 03/01/30 (Call 03/01/25)		726		719,648
6.50%, 07/15/27 (Call 07/15/22)		565		582,029
6.88%, 01/15/29 (Call 01/15/24)		372		391,824
Venture Global Calcasieu Pass LLC
3.88%, 11/01/33 (Call 05/01/33)^(a)(b)		15,519		13,515,652
3.88%, 08/15/29 (Call 02/15/29)^(a)(b)		14,637		13,329,184
4.13%, 08/15/31 (Call 02/15/31)^(a)		15,099		13,701,760
Western Midstream Operating LP
3.60%, 02/01/25 (Call 01/01/25)		7,766		7,421,850
3.95%, 06/01/25 (Call 03/01/25)^(b)		574		557,102
4.50%, 03/01/28 (Call 12/01/27)		4,042		3,860,312
4.55%, 02/01/30 (Call 11/01/29)^(b)		14,175		13,071,051
4.65%, 07/01/26 (Call 04/01/26)		7,783		7,621,016
4.75%, 08/15/28 (Call 05/15/28)^(b)		4,904		4,760,967


				596,487,985


Security	Par (000)		Value

Real Estate — 0.6%
Howard Hughes Corp. (The)
4.13%, 02/01/29 (Call 02/01/24)^(a)(b)	$	7,901	$	7,102,209
4.38%, 02/01/31 (Call 02/01/26)^(a)(b)		7,727		6,862,890
5.38%, 08/01/28 (Call 08/01/23)^(a)(b)		9,217		8,939,531
Kennedy-Wilson Inc.
4.75%, 03/01/29 (Call 03/01/24)^(b)		6,351		5,858,289
4.75%, 02/01/30 (Call 09/01/24)^(b)		6,988		6,300,701
5.00%, 03/01/31 (Call 03/01/26)^(b)		7,836		7,095,192
Realogy Group LLC/Realogy Co-Issuer Corp.
4.88%, 06/01/23 (Call 03/01/23)^(a)(b)		2,521		2,508,549
5.25%, 04/15/30 (Call 04/15/25)^(a)		11,924		9,646,278
5.75%, 01/15/29 (Call 01/15/24)^(a)(b)		11,235		9,432,007
WeWork Companies Inc., 7.88%, 05/01/25^(a)(b)		8,160		6,902,136
WeWork Companies LLC/WW Co-Obligor Inc., 5.00%, 07/10/25 (Call 04/10/25)^(a)(b)		6,640		5,334,133


				75,981,915

Real Estate Investment Trusts — 4.1%
Brookfield Property REIT Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL
4.50%, 04/01/27 (Call 10/01/23)^(a)(b)		8,781		7,951,822
5.75%, 05/15/26 (Call 05/15/22)^(a)(b)		11,339		10,998,830
Diversified Healthcare Trust
4.38%, 03/01/31 (Call 09/01/30)^(b)		5,798		4,482,821
4.75%, 02/15/28 (Call 08/15/27)^(b)		6,535		5,579,256
9.75%, 06/15/25 (Call 06/15/22)		10,647		11,152,732
HAT Holdings I LLC/HAT Holdings II LLC
3.38%, 06/15/26 (Call 03/15/26)^(a)(b)		11,162		10,236,149
6.00%, 04/15/25 (Call 05/31/22)^(a)(b)		5,729		5,818,332
Iron Mountain Inc.
4.50%, 02/15/31 (Call 02/15/26)^(a)		13,822		11,878,627
4.88%, 09/15/27 (Call 09/15/22)^(a)(b)		12,435		11,847,807
4.88%, 09/15/29 (Call 09/15/24)^(a)(b)		11,598		10,630,727
5.00%, 07/15/28 (Call 07/15/23)^(a)(b)		5,683		5,369,469
5.25%, 03/15/28 (Call 12/27/22)^(a)(b)		9,762		9,312,983
5.25%, 07/15/30 (Call 07/15/25)^(a)(b)		16,389		14,995,935
5.63%, 07/15/32 (Call 07/15/26)^(a)(b)		7,011		6,349,068
Iron Mountain Information Management Services Inc., 5.00%, 07/15/32 (Call 07/15/27)^(a)(b)		9,392		8,264,960
iStar Inc.
4.25%, 08/01/25 (Call 05/01/25)^(b)		5,630		5,376,650
4.75%, 10/01/24 (Call 07/01/24)^(b)		10,892		10,592,470
5.50%, 02/15/26 (Call 08/15/22)^(b)		4,535		4,408,277
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.
4.25%, 02/01/27 (Call 02/01/23)^(a)(b)		7,925		7,264,768
4.75%, 06/15/29 (Call 06/15/24)^(a)(b)		7,825		7,013,266
MPT Operating Partnership LP/MPT Finance Corp.
3.50%, 03/15/31 (Call 03/15/26)		15,790		13,441,237
4.63%, 08/01/29 (Call 08/01/24)^(b)		11,413		10,488,661
5.00%, 10/15/27 (Call 10/15/22)^(b)		16,198		15,549,432
5.25%, 08/01/26 (Call 05/31/22)^(b)		5,438		5,438,000
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer
4.88%, 05/15/29 (Call 05/15/24)^(a)(b)		10,662		9,769,361
5.88%, 10/01/28 (Call 10/01/23)^(a)(b)		8,143		7,895,290
7.50%, 06/01/25 (Call 06/01/22)^(a)(b)		6,841		7,077,630
RHP Hotel Properties LP/RHP Finance Corp.
4.50%, 02/15/29 (Call 02/15/24)^(a)(b)		6,776		6,114,324
4.75%, 10/15/27 (Call 10/15/22)		8,691		8,093,059


Security	Par (000)		Value

Real Estate Investment Trusts (continued)
RLJ Lodging Trust LP
3.75%, 07/01/26 (Call 07/01/23)^(a)(b)	$	5,166	$	4,821,170
4.00%, 09/15/29 (Call 09/15/24)^(a)(b)		6,536		5,829,736
SBA Communications Corp.
3.13%, 02/01/29 (Call 02/01/24)		17,003		14,584,323
3.88%, 02/15/27 (Call 02/15/23)^(b)		18,233		17,306,764
Service Properties Trust
3.95%, 01/15/28 (Call 07/15/27)^(b)		5,484		4,346,070
4.35%, 10/01/24 (Call 09/01/24)		8,924		8,258,270
4.38%, 02/15/30 (Call 08/15/29)^(b)		5,173		3,957,345
4.50%, 06/15/23 (Call 12/15/22)^(b)		4,081		3,993,598
4.75%, 10/01/26 (Call 08/01/26)		5,720		4,934,930
4.95%, 02/15/27 (Call 08/15/26)^(b)		5,651		4,864,098
4.95%, 10/01/29 (Call 07/01/29)		5,362		4,282,696
5.50%, 12/15/27 (Call 09/15/27)		4,762		4,333,420
7.50%, 09/15/25 (Call 06/15/25)		9,226		9,220,280
Starwood Property Trust Inc.
3.63%, 07/15/26 (Call 01/15/26)^(a)		5,432		4,964,396
3.75%, 12/31/24 (Call 09/30/24)^(a)(b)		3,015		2,898,818
4.38%, 01/15/27 (Call 07/15/26)^(a)		6,030		5,630,512
4.75%, 03/15/25 (Call 09/15/24)^(b)		5,832		5,741,101
Uniti Group LP/Uniti Fiber Holdings Inc./CSL Capital LLC
6.00%, 01/15/30 (Call 01/15/25)^(a)(b)		8,903		7,403,023
7.88%, 02/15/25 (Call 05/31/22)^(a)		25,549		26,044,651
Uniti Group LP/Uniti Group Finance Inc./CSL Capital LLC
4.75%, 04/15/28 (Call 04/15/24)^(a)(b)		5,715		5,079,921
6.50%, 02/15/29 (Call 02/15/24)^(a)(b)		14,228		12,271,650
VICI Properties LP/VICI Note Co. Inc.
3.50%, 02/15/25 (Call 05/31/22)^(a)(b)		5,707		5,478,720
3.75%, 02/15/27 (Call 02/15/23)^(a)(b)		6,506		5,999,833
3.88%, 02/15/29^(a)		12,120		11,508,582
4.13%, 08/15/30 (Call 02/15/25)^(a)		7,408		6,655,125
4.25%, 12/01/26 (Call 12/01/22)^(a)(b)		9,475		8,983,484
4.50%, 09/01/26^(a)		6,067		6,032,418
4.63%, 06/15/25^(a)		10,797		10,788,092
4.63%, 12/01/29 (Call 12/01/24)^(a)(b)		7,680		7,185,869
5.63%, 05/01/24^(a)		16,954		17,194,747
5.75%, 02/01/27^(a)		11,265		11,650,883
XHR LP
4.88%, 06/01/29 (Call 06/01/24)^(a)(b)		5,369		4,932,769
6.38%, 08/15/25 (Call 08/15/22)^(a)(b)		6,569		6,632,604


				517,201,841

Retail — 4.4%
1011778 BC ULC/New Red Finance Inc.
3.50%, 02/15/29 (Call 02/15/24)^(a)(b)		9,144		8,075,295
3.88%, 01/15/28 (Call 09/15/22)^(a)(b)		20,023		18,393,128
4.00%, 10/15/30 (Call 10/15/25)^(a)(b)		33,591		28,762,294
4.38%, 01/15/28 (Call 11/15/22)^(a)(b)		9,570		8,743,220
5.75%, 04/15/25 (Call 05/30/22)^(a)(b)		8,163		8,333,239
Asbury Automotive Group Inc.
4.50%, 03/01/28 (Call 03/01/23)^(b)		4,442		4,129,594
4.63%, 11/15/29 (Call 11/15/24)^(a)(b)		8,885		7,989,281
4.75%, 03/01/30 (Call 03/01/25)^(b)		5,465		4,880,928
5.00%, 02/15/32 (Call 11/15/26)^(a)(b)		7,676		6,817,631
Bath & Body Works Inc.
5.25%, 02/01/28^(b)		5,407		5,219,332
6.63%, 10/01/30 (Call 10/01/25)^(a)(b)		12,806		12,765,008
7.50%, 06/15/29 (Call 06/15/24)^(b)		6,369		6,575,993


Security	Par (000)		Value

Retail (continued)
Carvana Co.
4.88%, 09/01/29 (Call 09/01/24)^(a)(b)	$	8,080	$	5,908,500
5.50%, 04/15/27 (Call 04/15/24)^(a)(b)		7,855		6,342,491
5.63%, 10/01/25 (Call 10/01/22)^(a)(b)		5,760		4,996,800
5.88%, 10/01/28 (Call 10/01/23)^(a)(b)		7,361		5,830,376
10.25%, 05/01/30^(a)		12,600		12,190,500
eG Global Finance PLC
6.75%, 02/07/25 (Call 05/10/22)^(a)(b)		8,404		8,168,772
8.50%, 10/30/25 (Call 05/30/22)^(a)(b)		9,138		9,134,558
Ferrellgas LP/Ferrellgas Finance Corp.
5.38%, 04/01/26 (Call 04/01/23)^(a)(b)		8,900		8,092,820
5.88%, 04/01/29 (Call 04/01/24)^(a)		9,596		8,362,818
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co. Inc.
4.63%, 01/15/29 (Call 01/15/25)^(a)		11,671		10,584,313
6.75%, 01/15/30 (Call 01/15/25)^(a)		15,325		13,266,853
FirstCash Inc.
4.63%, 09/01/28 (Call 09/01/23)^(a)(b)		7,152		6,508,320
5.63%, 01/01/30 (Call 01/01/25)^(a)(b)		5,596		5,204,280
Gap Inc. (The)
3.63%, 10/01/29 (Call 10/01/24)^(a)(b)		9,414		7,672,410
3.88%, 10/01/31 (Call 10/01/26)^(a)(b)		8,725		6,940,247
IRB Holding Corp., 7.00%, 06/15/25 (Call 06/15/22)^(a)(b)		4,386		4,501,472
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, 4.75%, 06/01/27 (Call 06/01/22)^(a)(b)		7,021		7,003,448
LBM Acquisition LLC, 6.25%, 01/15/29 (Call 01/15/24)^(a)(b)		9,817		8,010,279
LCM Investments Holdings II LLC, 4.88%, 05/01/29 (Call 05/01/24)^(a)		12,336		10,794,000
Lithia Motors Inc.
3.88%, 06/01/29 (Call 06/01/24)^(a)(b)		9,867		8,913,091
4.38%, 01/15/31 (Call 10/15/25)^(a)(b)		6,850		6,285,636
4.63%, 12/15/27 (Call 12/15/22)^(a)(b)		4,826		4,636,110
Macy’s Retail Holdings LLC
5.88%, 04/01/29 (Call 04/01/24)^(a)		4,001		3,798,549
5.88%, 03/15/30 (Call 03/15/25)^(a)(b)		6,065		5,685,938
6.13%, 03/15/32 (Call 03/15/27)^(a)(b)		4,985		4,591,808
Michaels Companies Inc (The)
5.25%, 05/01/28 (Call 11/01/23)^(a)(b)		9,151		7,858,421
7.88%, 05/01/29 (Call 05/01/24)^(a)(b)		15,457		12,200,762
Murphy Oil USA Inc.
3.75%, 02/15/31 (Call 02/15/26)^(a)(b)		5,089		4,469,283
4.75%, 09/15/29 (Call 09/15/24)^(b)		6,900		6,545,685
NMG Holding Co. Inc./Neiman Marcus Group LLC, 7.13%, 04/01/26 (Call 04/01/23)^(a)(b)		13,056		13,023,360
Nordstrom Inc.
4.25%, 08/01/31 (Call 05/01/31)^(b)		5,361		4,583,655
4.38%, 04/01/30 (Call 01/01/30)^(b)		6,208		5,403,754
Penske Automotive Group Inc.
3.50%, 09/01/25 (Call 09/01/22)^(b)		7,865		7,611,213
3.75%, 06/15/29 (Call 06/15/24)^(b)		4,716		4,032,180
PetSmart Inc./PetSmart Finance Corp.
4.75%, 02/15/28 (Call 02/15/24)^(a)(b)		13,574		12,623,820
7.75%, 02/15/29 (Call 02/15/24)^(a)(b)		14,369		14,297,155
QVC Inc.
4.38%, 09/01/28 (Call 06/01/28)^(b)		5,873		4,993,381
4.45%, 02/15/25 (Call 11/15/24)		8,333		8,093,426
4.75%, 02/15/27 (Call 11/15/26)^(b)		6,677		5,975,848
4.85%, 04/01/24^(b)		5,859		5,825,604


Security	Par (000)		Value

Retail (continued)
Rite Aid Corp.
7.50%, 07/01/25 (Call 07/01/22)^(a)(b)	$	7,066	$	6,059,095
8.00%, 11/15/26 (Call 01/15/23)^(a)(b)		10,237		8,552,502
Sonic Automotive Inc.
4.63%, 11/15/29 (Call 11/15/24)^(a)(b)		7,880		6,737,400
4.88%, 11/15/31 (Call 11/15/26)^(a)(b)		6,389		5,446,623
SRS Distribution Inc.
4.63%, 07/01/28 (Call 07/01/24)^(a)(b)		7,521		6,865,846
6.00%, 12/01/29 (Call 12/01/24)^(a)(b)		10,507		9,162,104
6.13%, 07/01/29 (Call 07/01/24)^(a)(b)		5,113		4,499,440
Staples Inc.
7.50%, 04/15/26 (Call 05/31/22)^(a)(b)		24,237		23,059,082
10.75%, 04/15/27 (Call 05/31/22)^(a)(b)		12,312		10,899,198
Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.00%, 06/01/31 (Call 06/01/26)^(a)(b)		7,894		7,176,853
Yum! Brands Inc.
3.63%, 03/15/31 (Call 12/15/30)^(b)		10,354		8,890,550
4.63%, 01/31/32 (Call 10/01/26)^(b)		12,968		11,780,348
4.75%, 01/15/30 (Call 10/15/29)^(a)(b)		7,802		7,428,250
5.38%, 04/01/32 (Call 04/01/27)^(b)		13,775		13,137,906


				551,342,076

Software — 2.1%
Black Knight InfoServ LLC, 3.63%, 09/01/28 (Call 09/01/23)^(a)(b)		11,277		10,431,225
CDK Global Inc.
4.88%, 06/01/27 (Call 06/01/22)^(b)		5,537		5,573,914
5.00%, 10/15/24 (Call 07/15/24)^(b)		5,782		5,946,700
5.25%, 05/15/29 (Call 05/15/24)^(a)(b)		7,179		7,235,714
Change Healthcare Holdings LLC/Change Healthcare Finance Inc., 5.75%, 03/01/25 (Call 05/10/22)^(a)(b)		13,951		13,912,809
Clarivate Science Holdings Corp.
3.88%, 07/01/28 (Call 06/30/24)^(a)(b)		9,660		8,592,570
4.88%, 07/01/29 (Call 06/30/24)^(a)(b)		12,255		10,743,039
Fair Isaac Corp.
4.00%, 06/15/28 (Call 12/15/22)^(a)(b)		10,804		9,821,781
5.25%, 05/15/26 (Call 02/15/26)^(a)(b)		5,438		5,465,190
Minerva Merger Sub Inc., 6.50%, 02/15/30 (Call 02/15/25)^(a)(b)		28,491		26,159,695
MSCI Inc.
3.25%, 08/15/33 (Call 08/15/27)^(a)(b)		8,899		7,513,259
3.63%, 09/01/30 (Call 03/01/25)^(a)(b)		11,071		9,742,480
3.63%, 11/01/31 (Call 11/01/26)^(a)(b)		7,054		6,175,777
3.88%, 02/15/31 (Call 06/01/25)^(a)(b)		11,839		10,690,735
4.00%, 11/15/29 (Call 11/15/24)^(a)(b)		11,544		10,606,050
Open Text Corp.
3.88%, 02/15/28 (Call 02/15/23)^(a)(b)		10,555		9,590,278
3.88%, 12/01/29 (Call 12/01/24)^(a)(b)		10,404		9,233,550
Open Text Holdings Inc.
4.13%, 02/15/30 (Call 02/15/25)^(a)(b)		11,009		9,801,909
4.13%, 12/01/31 (Call 12/01/26)^(a)(b)		8,082		7,021,238
PTC Inc.
3.63%, 02/15/25 (Call 05/31/22)^(a)(b)		5,319		5,167,575
4.00%, 02/15/28 (Call 02/15/23)^(a)(b)		6,266		5,796,050
Rackspace Technology Global Inc.
3.50%, 02/15/28 (Call 02/15/24)^(a)(b)		7,120		6,141,000
5.38%, 12/01/28 (Call 12/01/23)^(a)(b)		6,641		5,415,603
ROBLOX Corp., 3.88%, 05/01/30 (Call 11/01/24)^(a)(b)		11,950		10,244,795
SS&C Technologies Inc., 5.50%, 09/30/27 (Call 05/31/22)^(a)(b)		23,775		23,329,219


Security	Par (000)		Value

Software (continued)
Twilio Inc.
3.63%, 03/15/29 (Call 03/15/24)^(b)	$	6,566	$	5,786,288
3.88%, 03/15/31 (Call 03/15/26)^(b)		6,063		5,184,168
Veritas U.S. Inc./Veritas Bermuda Ltd., 7.50%, 09/01/25 (Call 05/31/22)^(a)(b)		20,902		18,419,888


				269,742,499

Telecommunications — 7.4%
Altice France Holding SA
6.00%, 02/15/28 (Call 02/15/23)^(a)(b)		14,543		12,010,046
10.50%, 05/15/27 (Call 05/15/22)^(a)		17,855		17,987,000
Altice France SA, 5.50%, 10/15/29 (Call 10/15/24)^(a)(b)		23,579		20,120,746
Altice France SA/France
5.13%, 01/15/29 (Call 09/15/23)^(a)		5,728		4,846,783
5.13%, 07/15/29 (Call 04/15/24)^(a)(b)		29,897		25,190,402
5.50%, 01/15/28 (Call 09/15/22)^(a)(b)		14,273		12,587,359
8.13%, 02/01/27 (Call 05/10/22)^(a)(b)		20,032		20,100,860
Avaya Inc., 6.13%, 09/15/28 (Call 09/15/23)^(a)(b)		12,413		11,473,817
British Telecommunications PLC
4.25%, 11/23/81 (Call 11/23/26)^(a)(b)(c)		6,227		5,812,525
4.88%, 11/23/81 (Call 08/23/31)^(a)(b)(c)		6,201		5,727,244
C&W Senior Financing DAC, 6.88%, 09/15/27 (Call 09/15/22)^(a)		1,016		988,060
CommScope Inc.
4.75%, 09/01/29 (Call 09/01/24)^(a)(b)		16,077		13,474,938
6.00%, 03/01/26 (Call 05/31/22)^(a)(b)		17,369		16,370,698
7.13%, 07/01/28 (Call 07/01/23)^(a)(b)		8,272		6,595,896
8.25%, 03/01/27 (Call 05/31/22)^(a)		11,975		10,178,750
CommScope Technologies LLC
5.00%, 03/15/27 (Call 05/10/22)^(a)(b)		9,061		7,112,885
6.00%, 06/15/25 (Call 05/10/22)^(a)(b)		15,586		13,637,750
Connect Finco Sarl/Connect U.S. Finco LLC, 6.75%, 10/01/26 (Call 10/01/22)^(a)		24,333		23,729,237
Consolidated Communications Inc.
5.00%, 10/01/28 (Call 10/01/23)^(a)		4,707		3,834,793
6.50%, 10/01/28 (Call 10/01/23)^(a)(b)		8,444		7,236,508
Frontier Communications Holdings LLC
5.00%, 05/01/28 (Call 05/01/24)^(a)(b)		18,951		17,267,677
5.88%, 10/15/27 (Call 10/15/23)^(a)(b)		13,567		12,977,966
5.88%, 11/01/29 (Call 11/01/24)^(b)		9,416		8,180,150
6.00%, 01/15/30 (Call 10/15/24)^(a)(b)		11,604		10,109,985
6.75%, 05/01/29 (Call 05/01/24)^(a)(b)		12,269		11,052,017
Hughes Satellite Systems Corp.
5.25%, 08/01/26^(b)		9,023		8,842,540
6.63%, 08/01/26^(b)		8,855		8,847,667
Iliad Holding SAS
6.50%, 10/15/26 (Call 10/15/23)^(a)		13,859		13,279,873
7.00%, 10/15/28 (Call 10/15/24)^(a)		11,371		10,756,527
Intelsat Jackson Holdings SA, 6.50%, 03/15/30 (Call 03/15/25)^(a)(b)		36,560		34,466,574
Level 3 Financing Inc.
3.63%, 01/15/29 (Call 01/15/24)^(a)(b)		11,096		9,029,370
3.75%, 07/15/29 (Call 01/15/24)^(a)(b)		10,391		8,389,434
4.25%, 07/01/28 (Call 07/01/23)^(a)(b)		14,706		12,384,903
4.63%, 09/15/27 (Call 09/15/22)^(a)(b)		12,523		11,223,739
5.25%, 03/15/26 (Call 05/31/22)^(b)		8,438		8,184,860
5.38%, 05/01/25 (Call 05/31/22)^(b)		8,674		8,577,962
Lumen Technologies Inc.
4.00%, 02/15/27 (Call 02/15/23)^(a)		15,455		13,716,312
4.50%, 01/15/29 (Call 01/15/24)^(a)		12,190		9,650,544
5.13%, 12/15/26 (Call 12/15/22)^(a)(b)		15,900		14,360,244


Security	Par (000)		Value

Telecommunications (continued)
5.38%, 06/15/29 (Call 06/15/24)^(a)	$	11,553	$	9,427,595
5.63%, 04/01/25 (Call 01/01/25)^(b)		6,103		5,934,023
Series W, 6.75%, 12/01/23^(b)		7,972		8,104,784
Series Y, 7.50%, 04/01/24 (Call 01/01/24)		10,682		10,970,414
Nokia OYJ, 4.38%, 06/12/27^(b)		6,097		5,924,455
Sprint Corp.
7.13%, 06/15/24		30,075		31,613,336
7.63%, 02/15/25 (Call 11/15/24)^(b)		17,004		18,088,005
7.63%, 03/01/26 (Call 11/01/25)^(b)		18,015		19,558,525
7.88%, 09/15/23^(b)		51,319		53,884,950
Switch Ltd.
3.75%, 09/15/28 (Call 09/15/23)^(a)(b)		6,923		6,490,312
4.13%, 06/15/29 (Call 06/15/24)^(a)(b)		5,833		5,580,723
Telecom Italia SpA/Milano, 5.30%, 05/30/24^(a)(b)		17,481		17,151,134
Telesat Canada/Telesat LLC
4.88%, 06/01/27 (Call 12/01/22)^(a)(b)		5,347		3,635,960
5.63%, 12/06/26 (Call 12/06/23)^(a)		5,528		3,940,137
6.50%, 10/15/27 (Call 10/15/22)^(a)(b)		6,770		2,894,175
T-Mobile USA Inc.
2.25%, 02/15/26 (Call 02/15/23)^(b)		12,285		11,300,952
2.25%, 02/15/26 (Call 02/15/23)^(a)		10,202		9,384,803
2.63%, 04/15/26 (Call 04/15/23)^(b)		13,729		12,760,615
2.63%, 02/15/29 (Call 02/15/24)		11,372		9,844,968
2.88%, 02/15/31 (Call 02/15/26)^(b)		12,120		10,264,549
3.38%, 04/15/29 (Call 04/15/24)^(b)		14,747		13,357,833
3.38%, 04/15/29 (Call 04/15/24)^(a)		13,240		11,992,792
3.50%, 04/15/31 (Call 04/15/26)^(b)		16,518		14,742,315
3.50%, 04/15/31 (Call 04/15/26)^(a)		13,984		12,417,792
4.75%, 02/01/28 (Call 02/01/23)^(b)		18,417		18,198,298
5.38%, 04/15/27 (Call 05/10/22)^(b)		3,745		3,823,608
ViaSat Inc.
5.63%, 09/15/25 (Call 05/10/22)^(a)(b)		7,325		6,718,246
5.63%, 04/15/27 (Call 05/10/22)^(a)(b)		7,579		7,037,534
6.50%, 07/15/28 (Call 07/15/23)^(a)		5,722		4,914,969
Vmed O2 UK Financing I PLC
4.25%, 01/31/31 (Call 01/31/26)^(a)		16,072		13,578,992
4.75%, 07/15/31 (Call 07/15/26)^(a)		16,860		14,430,052
Vodafone Group PLC
3.25%, 06/04/81 (Call 06/04/26)^(b)(c)		6,643		5,988,185
4.13%, 06/04/81 (Call 03/04/31)^(c)		11,917		10,212,869
7.00%, 04/04/79 (Call 01/04/29)^(b)(c)		23,386		24,555,300
Windstream Escrow LLC/Windstream Escrow Finance Corp., 7.75%, 08/15/28 (Call 08/15/23)^(a)(b)		17,166		16,438,162
Zayo Group Holdings Inc.
4.00%, 03/01/27 (Call 05/31/22)^(a)(b)		19,148		16,658,760
6.13%, 03/01/28 (Call 03/01/23)^(a)(b)		13,132		10,965,220


				933,099,983

Toys, Games & Hobbies — 0.2%
Mattel Inc.
3.38%, 04/01/26 (Call 04/01/23)^(a)(b)		7,827		7,613,211
3.75%, 04/01/29 (Call 04/01/24)^(a)(b)		7,228		6,884,670
5.88%, 12/15/27 (Call 12/15/22)^(a)(b)		6,117		6,251,880


				20,749,761

Trucking & Leasing — 0.2%
AerCap Global Aviation Trust, 6.50%, 06/15/45 (Call 06/15/25)^(a)(b)(c)		5,736		5,604,072
Fortress Transportation and Infrastructure Investors LLC
5.50%, 05/01/28 (Call 05/01/24)^(a)(b)		12,391		10,656,260


Security	Par/ Shares (000)		Value


Trucking & Leasing (continued)
6.50%, 10/01/25 (Call 05/31/22)^(a)	$	9,735	$	9,272,587
9.75%, 08/01/27 (Call 08/01/23)^(a)		5,062		5,169,568


				30,702,487


Total Corporate Bonds & Notes — 97.5% (Cost: $13,713,437,359)				12,276,190,928


Short-Term Investments

Money Market Funds — 27.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.38%^(f)(g)(h)		3,300,704		3,300,704,009
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.34%^(f)(g)		149,790		149,790,000


				3,450,494,009


Total Short-Term Investments — 27.4% (Cost: $3,450,360,447)				3,450,494,009


Total Investments in Securities — 124.9% (Cost: $17,163,797,806)				15,726,684,937

Other Assets, Less Liabilities — (24.9)%				(3,133,334,892	)


Net Assets — 100.0%			$	12,593,350,045

^(a)

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

^(b)

All or a portion of this security is on loan.

^(c)

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

^(d)

Perpetual security with no stated maturity date.

^(e)

This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

^(f)

Affiliate of the Fund.

^(g)

Annualized 7-day yield as of period end.

^(h)

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

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

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


Security	Par (000)		Value

Corporate Bonds & Notes

Advertising — 0.1%
Omnicom Group Inc., 2.60%, 08/01/31 (Call 05/01/31)^(a)	$	8,014	$	6,929,190
Omnicom Group Inc./Omnicom Capital Inc., 3.60%, 04/15/26 (Call 01/15/26)		18,845		18,636,424


				25,565,614

Aerospace & Defense — 2.4%
Boeing Co. (The)
2.20%, 02/04/26 (Call 02/04/23)		36,125		32,977,826
2.70%, 02/01/27 (Call 12/01/26)^(a)		9,643		8,874,254
2.75%, 02/01/26 (Call 01/01/26)^(a)		8,468		8,001,967
2.95%, 02/01/30 (Call 11/01/29)^(a)		10,737		9,307,344
3.20%, 03/01/29 (Call 12/01/28)		10,461		9,338,411
3.25%, 02/01/28 (Call 12/01/27)^(a)		8,833		8,156,988
3.25%, 02/01/35 (Call 11/01/34)		9,584		7,686,404
3.60%, 05/01/34 (Call 02/01/34)^(a)		5,960		4,993,764
3.63%, 02/01/31 (Call 11/01/30)^(a)		11,416		10,305,084
3.75%, 02/01/50 (Call 08/01/49)		10,182		7,790,773
3.90%, 05/01/49 (Call 11/01/48)^(a)		8,308		6,555,361
3.95%, 08/01/59 (Call 02/01/59)		8,878		6,633,740
4.88%, 05/01/25 (Call 04/01/25)		28,032		28,380,497
5.04%, 05/01/27 (Call 03/01/27)^(a)		18,036		18,244,166
5.15%, 05/01/30 (Call 02/01/30)		49,426		49,163,617
5.71%, 05/01/40 (Call 11/01/39)		29,600		29,634,567
5.81%, 05/01/50 (Call 11/01/49)		55,665		55,755,216
5.93%, 05/01/60 (Call 11/01/59)		31,155		30,940,429
General Dynamics Corp.
3.50%, 05/15/25 (Call 03/15/25)		6,116		6,127,020
3.50%, 04/01/27 (Call 02/01/27)		8,478		8,395,457
3.63%, 04/01/30 (Call 01/01/30)^(a)		10,489		10,308,958
3.75%, 05/15/28 (Call 02/15/28)		9,805		9,774,827
4.25%, 04/01/40 (Call 10/01/39)		6,930		6,853,938
4.25%, 04/01/50 (Call 10/01/49)^(a)		7,439		7,502,362
L3Harris Technologies Inc.
4.40%, 06/15/28 (Call 03/15/28)^(a)		8,045		8,060,060
4.40%, 06/15/28 (Call 03/15/28)		10,223		10,242,136
Lockheed Martin Corp.
2.80%, 06/15/50 (Call 12/15/49)^(a)		7,838		6,048,646
3.55%, 01/15/26 (Call 10/15/25)^(a)		17,070		17,190,968
3.80%, 03/01/45 (Call 09/01/44)^(a)		10,657		9,830,866
3.90%, 06/15/32		7,640		7,588,009
4.07%, 12/15/42^(a)		11,987		11,545,720
4.09%, 09/15/52 (Call 03/15/52)		15,419		14,878,197
4.15%, 06/15/53		19,080		18,484,544
4.70%, 05/15/46 (Call 11/15/45)		11,975		12,598,747
Northrop Grumman Corp.
3.20%, 02/01/27 (Call 11/01/26)^(a)		7,725		7,533,755
3.25%, 01/15/28 (Call 10/15/27)^(a)		19,935		19,135,764
4.03%, 10/15/47 (Call 04/15/47)		22,760		20,992,317
4.40%, 05/01/30 (Call 02/01/30)^(a)		9,225		9,268,130
4.75%, 06/01/43		7,896		7,895,713
5.25%, 05/01/50 (Call 11/01/49)^(a)		10,084		11,039,715
Raytheon Technologies Corp.
1.90%, 09/01/31 (Call 06/01/31)		12,769		10,616,378
2.25%, 07/01/30 (Call 04/01/30)^(a)		11,128		9,661,521
2.38%, 03/15/32 (Call 12/15/31)^(a)		13,361		11,484,679
2.82%, 09/01/51 (Call 03/01/51)		9,395		6,954,483
3.03%, 03/15/52 (Call 09/15/51)^(a)		10,874		8,433,547
3.13%, 05/04/27 (Call 02/04/27)^(a)		9,562		9,292,455


Security	Par (000)		Value

Aerospace & Defense (continued)
3.13%, 07/01/50 (Call 01/01/50)^(a)	$	8,666	$	6,896,697
3.50%, 03/15/27 (Call 12/15/26)^(a)		11,565		11,423,613
3.75%, 11/01/46 (Call 05/01/46)		11,849		10,496,550
3.95%, 08/16/25 (Call 06/16/25)^(a)		10,023		10,130,634
4.13%, 11/16/28 (Call 08/16/28)		28,136		28,142,744
4.15%, 05/15/45 (Call 11/16/44)		9,749		9,101,248
4.35%, 04/15/47 (Call 10/15/46)		10,860		10,474,017
4.45%, 11/16/38 (Call 05/16/38)		8,796		8,762,214
4.50%, 06/01/42^(a)		29,204		28,996,660
4.63%, 11/16/48 (Call 05/16/48)		14,842		14,908,250
Teledyne Technologies Inc., 2.75%, 04/01/31 (Call 01/01/31)		12,302		10,655,599


				780,467,546

Agriculture — 1.6%
Altria Group Inc.
2.35%, 05/06/25 (Call 04/06/25)^(a)		5,432		5,203,745
2.45%, 02/04/32 (Call 11/04/31)^(a)		12,835		10,279,038
3.40%, 05/06/30 (Call 02/06/30)		11,669		10,486,615
3.40%, 02/04/41 (Call 08/04/40)^(a)		15,540		11,348,696
3.70%, 02/04/51 (Call 08/04/50)		10,413		7,456,693
3.88%, 09/16/46 (Call 03/16/46)		16,177		12,285,670
4.00%, 02/04/61 (Call 08/04/60)^(a)		11,951		8,632,218
4.25%, 08/09/42		9,349		7,546,322
4.40%, 02/14/26 (Call 12/14/25)^(a)		12,235		12,390,578
4.80%, 02/14/29 (Call 11/14/28)^(a)		14,941		14,805,276
5.38%, 01/31/44^(a)		16,727		15,587,095
5.80%, 02/14/39 (Call 08/14/38)^(a)		18,374		18,257,257
5.95%, 02/14/49 (Call 08/14/48)		23,107		22,613,324
Archer-Daniels-Midland Co.
2.50%, 08/11/26 (Call 05/11/26)^(a)		7,398		7,131,129
2.70%, 09/15/51 (Call 03/15/51)		9,636		7,452,824
2.90%, 03/01/32 (Call 12/01/31)		1,299		1,192,270
3.25%, 03/27/30 (Call 12/27/29)^(a)		9,804		9,332,594
BAT Capital Corp.
2.26%, 03/25/28 (Call 01/25/28)^(a)		14,168		12,144,642
2.73%, 03/25/31 (Call 12/25/30)^(a)		13,087		10,739,847
3.22%, 09/06/26 (Call 07/06/26)^(a)		9,513		8,991,193
3.56%, 08/15/27 (Call 05/15/27)^(a)		31,580		29,443,711
3.73%, 09/25/40 (Call 03/25/40)^(a)		8,450		6,307,941
3.98%, 09/25/50 (Call 03/25/50)^(a)		7,859		5,672,970
4.39%, 08/15/37 (Call 02/15/37)		21,888		18,644,487
4.54%, 08/15/47 (Call 02/15/47)		23,773		18,816,907
4.70%, 04/02/27 (Call 02/02/27)^(a)		10,482		10,375,665
4.74%, 03/16/32 (Call 12/16/31)		10,286		9,656,588
4.76%, 09/06/49 (Call 03/06/49)^(a)		9,524		7,722,955
4.91%, 04/02/30 (Call 01/02/30)^(a)		10,666		10,305,956
BAT International Finance PLC
1.67%, 03/25/26 (Call 02/25/26)^(a)		15,407		13,834,471
4.45%, 03/16/28 (Call 02/16/28)		11,440		11,010,393
Bunge Ltd. Finance Corp., 2.75%, 05/14/31 (Call 02/14/31)^(a)		10,453		9,054,855
Philip Morris International Inc.
0.88%, 05/01/26 (Call 04/01/26)		8,762		7,864,447
1.50%, 05/01/25 (Call 04/01/25)^(a)		4,681		4,417,017
1.75%, 11/01/30 (Call 08/01/30)^(a)		8,317		6,794,227
2.10%, 05/01/30 (Call 02/01/30)^(a)		6,370		5,438,963
2.75%, 02/25/26 (Call 11/25/25)^(a)		8,851		8,574,194
3.38%, 08/11/25 (Call 05/11/25)		7,920		7,857,480
3.38%, 08/15/29 (Call 05/15/29)^(a)		9,014		8,468,137
3.88%, 08/21/42^(a)		7,446		6,233,376


Security	Par (000)		Value

Agriculture (continued)
4.13%, 03/04/43	$	7,919	$	6,824,837
4.25%, 11/10/44^(a)		12,058		10,598,489
4.38%, 11/15/41		8,052		7,221,481
4.88%, 11/15/43^(a)		8,621		8,157,114
6.38%, 05/16/38^(a)		13,065		14,813,684
Reynolds American Inc.
4.45%, 06/12/25 (Call 03/12/25)		17,407		17,551,851
5.70%, 08/15/35 (Call 02/15/35)		9,210		8,998,514
5.85%, 08/15/45 (Call 02/15/45)		20,245		18,905,113


				513,442,849

Airlines — 0.1%
Southwest Airlines Co.
5.13%, 06/15/27 (Call 04/15/27)^(a)		19,402		20,150,213
5.25%, 05/04/25 (Call 04/04/25)		9,365		9,670,886


				29,821,099

Apparel — 0.2%
NIKE Inc.
2.38%, 11/01/26 (Call 08/01/26)^(a)		10,052		9,589,538
2.75%, 03/27/27 (Call 01/27/27)^(a)		11,900		11,489,521
2.85%, 03/27/30 (Call 12/27/29)^(a)		14,472		13,481,266
3.25%, 03/27/40 (Call 09/27/39)^(a)		9,960		8,871,338
3.38%, 03/27/50 (Call 09/27/49)		14,649		12,916,637
3.88%, 11/01/45 (Call 05/01/45)		7,060		6,718,787
VF Corp., 2.95%, 04/23/30 (Call 01/23/30)^(a)		7,465		6,752,804


				69,819,891

Auto Manufacturers — 1.4%
American Honda Finance Corp.
1.00%, 09/10/25		8,160		7,514,205
1.20%, 07/08/25		6,473		6,022,676
1.30%, 09/09/26^(a)		7,960		7,230,593
2.00%, 03/24/28		9,208		8,318,451
Cummins Inc., 1.50%, 09/01/30 (Call 06/01/30)^(a)		6,184		5,052,035
Daimler Finance North America LLC, 8.50%, 01/18/31		13,705		17,660,475
General Motors Co.
4.20%, 10/01/27 (Call 07/01/27)^(a)		10,559		10,227,617
5.00%, 10/01/28 (Call 07/01/28)^(a)		8,090		8,019,556
5.00%, 04/01/35^(a)		10,010		9,461,613
5.15%, 04/01/38 (Call 10/01/37)		6,967		6,531,793
5.20%, 04/01/45		12,513		11,379,173
5.40%, 04/01/48 (Call 10/01/47)^(a)		9,527		8,975,949
5.95%, 04/01/49 (Call 10/01/48)		7,069		7,098,507
6.13%, 10/01/25 (Call 09/01/25)		18,178		19,184,919
6.25%, 10/02/43^(a)		14,724		15,230,244
6.60%, 04/01/36 (Call 10/01/35)		9,390		10,119,428
6.75%, 04/01/46 (Call 10/01/45)		7,797		8,421,989
6.80%, 10/01/27 (Call 08/01/27)^(a)		11,212		12,077,921
General Motors Financial Co. Inc.
1.25%, 01/08/26 (Call 12/08/25)^(a)		19,664		17,577,897
1.50%, 06/10/26 (Call 05/10/26)		14,332		12,705,933
2.35%, 02/26/27 (Call 01/26/27)^(a)		10,547		9,491,613
2.35%, 01/08/31 (Call 10/08/30)^(a)		10,876		8,800,992
2.40%, 04/10/28 (Call 02/10/28)		10,791		9,402,018
2.40%, 10/15/28 (Call 08/15/28)		9,233		7,912,430
2.70%, 08/20/27 (Call 06/20/27)		6,931		6,248,978
2.70%, 06/10/31 (Call 03/10/31)		12,109		9,984,541
2.75%, 06/20/25 (Call 05/20/25)		7,655		7,331,944
3.10%, 01/12/32 (Call 10/12/31)		9,598		8,096,091
3.60%, 06/21/30 (Call 03/21/30)^(a)		11,627		10,481,232
4.00%, 10/06/26 (Call 07/06/26)^(a)		12,399		12,115,141


Security	Par (000)		Value

Auto Manufacturers (continued)
4.30%, 07/13/25 (Call 04/13/25)	$	4,642	$	4,647,030
4.30%, 04/06/29 (Call 02/06/29)		1,725		1,645,023
4.35%, 01/17/27 (Call 10/17/26)		10,842		10,692,663
5.25%, 03/01/26 (Call 12/01/25)		14,295		14,694,440
Honda Motor Co. Ltd.
2.53%, 03/10/27 (Call 02/10/27)		2,324		2,206,494
2.97%, 03/10/32 (Call 12/10/31)^(a)		11,550		10,513,436
Toyota Motor Corp., 1.34%, 03/25/26 (Call 02/25/26)^(a)		14,568		13,408,463
Toyota Motor Credit Corp.
0.80%, 10/16/25^(a)		13,846		12,665,100
1.13%, 06/18/26^(a)		9,764		8,860,703
1.90%, 01/13/27		16,432		15,253,372
1.90%, 04/06/28^(a)		5,990		5,407,150
2.15%, 02/13/30		5,703		5,050,138
3.05%, 03/22/27		21,217		20,615,237
3.20%, 01/11/27^(a)		10,598		10,419,746
3.38%, 04/01/30^(a)		7,848		7,534,459


				442,289,408

Auto Parts & Equipment — 0.2%
Aptiv PLC, 3.10%, 12/01/51 (Call 06/01/51)		12,024		8,233,641
Aptiv PLC/Aptiv Corp.
3.25%, 03/01/32 (Call 12/01/31)		13,403		11,830,581
4.15%, 05/01/52 (Call 11/01/51)^(a)		14,993		12,345,406
BorgWarner Inc., 2.65%, 07/01/27 (Call 05/01/27)		10,990		10,202,873
Magna International Inc., 2.45%, 06/15/30 (Call 03/15/30)^(a)		9,042		7,941,642


				50,554,143

Banks — 23.5%
Australia & New Zealand Banking Group Ltd./New York NY, 3.70%, 11/16/25^(a)		2,204		2,226,655
Banco Bilbao Vizcaya Argentaria SA, 1.13%, 09/18/25^(a)		4,205		3,824,942
Banco Santander SA
1.72%, 09/14/27 (Call 09/14/26)^(b)		22,292		19,632,658
1.85%, 03/25/26^(a)		18,246		16,585,375
2.75%, 05/28/25		7,883		7,532,694
2.75%, 12/03/30^(a)		13,650		11,287,377
2.96%, 03/25/31		7,511		6,476,032
3.31%, 06/27/29		8,026		7,411,966
3.49%, 05/28/30^(a)		11,152		10,158,495
3.80%, 02/23/28		12,848		12,199,876
4.18%, 03/24/28 (Call 03/24/27)^(b)		15,048		14,598,816
4.25%, 04/11/27		11,945		11,723,486
4.38%, 04/12/28		16,395		16,014,490
Bank of America Corp.
1.20%, 10/24/26 (Call 10/24/25), (SOFR + 1.010%)^(b)		18,326		16,526,894
1.32%, 06/19/26 (Call 06/19/25), (SOFR + 1.150%)^(b)		20,932		19,178,104
1.73%, 07/22/27 (Call 07/22/26), (SOFR + 0.960%)^(b)		43,599		39,154,400
1.90%, 07/23/31 (Call 07/23/30), (SOFR + 1.530%)^(b)		21,213		17,305,288
1.92%, 10/24/31 (Call 10/24/30), (SOFR + 1.370%)^(b)		17,983		14,632,271
2.09%, 06/14/29 (Call 06/14/28), (SOFR + 1.060%)^(b)		21,640		18,821,143
2.30%, 07/21/32 (Call 07/21/31), (SOFR + 1.220%)^(a)(b)		28,747		23,795,947


Security	Par (000)		Value

Banks (continued)
2.50%, 02/13/31 (Call 02/13/30), (3 mo. LIBOR US + 0.990%)^(b)	$	26,740	$	23,083,912
2.55%, 02/04/28 (Call 02/04/27), (SOFR + 1.050%)^(b)		25,235		23,270,150
2.57%, 10/20/32 (Call 10/20/31), (SOFR + 1.210%)^(b)		28,076		23,726,306
2.59%, 04/29/31 (Call 04/29/30), (SOFR + 2.150%)^(b)		23,145		20,056,369
2.68%, 06/19/41 (Call 06/19/40), (SOFR + 1.930%)^(a)(b)		39,987		30,012,419
2.69%, 04/22/32 (Call 04/22/31), (SOFR + 1.880%)^(a)(b)		34,772		29,866,700
2.83%, 10/24/51 (Call 10/24/50), (SOFR + 1.880%)^(b)		7,410		5,357,578
2.88%, 10/22/30 (Call 10/22/29), (3 mo. LIBOR US + 1.190%)^(b)		14,472		12,929,966
2.97%, 02/04/33 (Call 02/04/32), (SOFR + 1.330%)^(b)		34,906		30,343,388
2.97%, 07/21/52 (Call 07/21/51), (SOFR + 1.560%)^(b)		15,801		11,726,932
3.19%, 07/23/30 (Call 07/23/29), (3 mo. LIBOR US + 1.180%)^(b)		19,507		17,830,508
3.25%, 10/21/27 (Call 10/21/26)^(a)		16,866		16,029,941
3.31%, 04/22/42 (Call 04/22/41), (SOFR + 1.580%)^(a)(b)		28,053		22,944,885
3.42%, 12/20/28 (Call 12/20/27), (3 mo. LIBOR US + 1.040%)^(b)		43,102		40,775,953
3.50%, 04/19/26^(a)		17,873		17,554,321
3.56%, 04/23/27 (Call 04/23/26), (3 mo. LIBOR US + 1.060%)^(a)(b)		21,711		21,084,355
3.59%, 07/21/28 (Call 07/21/27), (3 mo. LIBOR US + 1.370%)^(a)(b)		11,968		11,467,320
3.71%, 04/24/28 (Call 04/24/27), (3 mo. LIBOR US + 1.512%)^(b)		14,537		14,016,958
3.82%, 01/20/28 (Call 01/20/27), (3 mo. LIBOR US + 1.575%)^(a)(b)		18,652		18,128,088
3.88%, 08/01/25^(a)		12,430		12,482,594
3.95%, 01/23/49 (Call 01/23/48), (3 mo. LIBOR US + 1.19%)^(b)		8,809		7,841,304
3.97%, 03/05/29 (Call 03/05/28), (3 mo. LIBOR US + 1.070%)^(a)(b)		16,478		15,947,178
3.97%, 02/07/30 (Call 02/07/29), (3 mo. LIBOR US + 1.210%)^(b)		21,759		20,987,028
4.08%, 04/23/40 (Call 04/23/39), (3 mo. LIBOR US + 1.320%)^(a)(b)		12,350		11,321,992
4.08%, 03/20/51 (Call 03/20/50), (3 mo. LIBOR US + 1.315%)^(b)		43,343		39,085,929
4.24%, 04/24/38 (Call 04/24/37), (3 mo. LIBOR US + 1.814%)^(b)		16,508		15,634,983
4.25%, 10/22/26^(a)		15,131		15,110,199
4.27%, 07/23/29 (Call 07/23/28), (3 mo. LIBOR US + 1.310%)^(b)		21,483		21,106,871
4.33%, 03/15/50 (Call 03/15/49), (3 mo. LIBOR US + 1.15%)^(b)		21,952		20,674,923
4.38%, 04/27/28 (Call 04/27/27)^(b)		25,695		25,647,259
4.44%, 01/20/48 (Call 01/20/47), (3 mo. LIBOR US + 1.990%)^(b)		15,972		15,308,851
4.45%, 03/03/26^(a)		14,871		14,911,851
4.57%, 04/27/33 (Call 04/27/32)^(b)		29,004		28,873,224
5.00%, 01/21/44^(a)		16,025		16,379,555


Security	Par (000)		Value

Banks (continued)
5.88%, 02/07/42^(a)	$	12,135	$	13,741,430
6.11%, 01/29/37		17,470		19,258,736
7.75%, 05/14/38^(a)		15,182		19,457,248
Series L, 3.95%, 04/21/25		6,500		6,473,072
Series L, 4.18%, 11/25/27 (Call 11/25/26)		14,155		13,940,876
Series N, 1.66%, 03/11/27 (Call 03/11/26), (SOFR + 0.910%)^(b)		19,888		18,026,817
Series N, 2.65%, 03/11/32 (Call 03/11/31), (SOFR + 1.220%)^(b)		16,938		14,536,610
Series N, 3.48%, 03/13/52 (Call 03/13/51), (SOFR + 1.650%)^(b)		8,054		6,605,410
Bank of America N.A., 6.00%, 10/15/36^(a)		10,602		11,937,339
Bank of Montreal
0.95%, 01/22/27 (Call 01/22/26), (SOFR + 0.603%)^(a)(b)		6,976		6,261,030
1.25%, 09/15/26		19,674		17,563,430
1.85%, 05/01/25^(a)		9,272		8,784,522
2.65%, 03/08/27		8,464		7,939,659
Bank of New York Mellon Corp. (The)
2.05%, 01/26/27 (Call 12/26/26)^(a)		12,963		12,110,656
2.45%, 08/17/26 (Call 05/17/26)^(a)		8,046		7,733,188
2.80%, 05/04/26 (Call 02/04/26)^(a)		6,133		5,990,093
3.25%, 05/16/27 (Call 02/16/27)		6,246		6,135,416
3.30%, 08/23/29 (Call 05/23/29)		9,959		9,439,686
3.40%, 01/29/28 (Call 10/29/27)^(a)		11,062		10,836,647
3.85%, 04/28/28^(a)		9,757		9,764,410
Bank of Nova Scotia (The)
1.05%, 03/02/26		13,635		12,241,619
1.30%, 06/11/25^(a)		6,593		6,111,780
1.30%, 09/15/26^(a)		11,478		10,263,896
1.35%, 06/24/26^(a)		11,903		10,725,045
1.95%, 02/02/27		13,037		11,878,923
2.45%, 02/02/32		9,892		8,390,319
2.70%, 08/03/26^(a)		14,226		13,544,822
4.50%, 12/16/25^(a)		12,563		12,675,860
Barclays PLC
2.28%, 11/24/27 (Call 11/24/26)^(b)		19,909		17,933,822
2.65%, 06/24/31 (Call 06/24/30), (SOFR + 1.900%)^(a)(b)		11,685		9,848,831
2.67%, 03/10/32 (Call 03/10/31)^(b)		8,619		7,190,133
2.85%, 05/07/26 (Call 05/07/25), (SOFR + 2.714%)^(a)(b)		21,309		20,376,966
2.89%, 11/24/32 (Call 11/24/31)^(a)(b)		15,799		13,214,201
3.33%, 11/24/42 (Call 11/24/41)^(b)		13,487		10,412,661
4.34%, 01/10/28 (Call 01/10/27)^(a)		14,567		14,209,610
4.38%, 01/12/26		25,198		25,134,662
4.84%, 05/09/28 (Call 05/07/27)^(a)		16,610		16,404,546
4.95%, 01/10/47^(a)		15,299		14,993,767
4.97%, 05/16/29 (Call 05/16/28), (3 mo. LIBOR US + 1.902%)^(a)(b)		12,623		12,692,392
5.20%, 05/12/26		18,896		19,163,603
5.25%, 08/17/45^(a)		11,573		11,627,069
Canadian Imperial Bank of Commerce
1.25%, 06/22/26		12,544		11,204,145
3.45%, 04/07/27		4,831		4,674,933
3.60%, 04/07/32 (Call 03/07/32)		2,433		2,253,469
Citigroup Inc.
1.12%, 01/28/27 (Call 01/28/26), (SOFR + 0.765%)^(b)		23,518		20,982,969


Security	Par (000)		Value

Banks (continued)
1.46%, 06/09/27 (Call 06/09/26), (SOFR + 0.770%)^(b)	$	25,739	$	22,912,981
2.52%, 11/03/32 (Call 11/03/31), (SOFR + 1.177%)^(a)(b)		14,916		12,476,242
2.56%, 05/01/32 (Call 05/01/31), (SOFR + 1.167%)^(b)		30,065		25,396,188
2.57%, 06/03/31 (Call 06/03/30), (SOFR + 2.107%)^(b)		29,912		25,656,174
2.67%, 01/29/31 (Call 01/29/30), (SOFR + 1.146%)^(b)		22,170		19,308,381
2.90%, 11/03/42 (Call 11/03/41), (SOFR + 1.379%)^(a)(b)		8,567		6,535,524
2.98%, 11/05/30 (Call 11/05/29), (SOFR + 1.422%)^(b)		21,982		19,625,738
3.06%, 01/25/33 (Call 01/25/32), (SOFR + 1.351%)^(b)		27,558		24,011,600
3.07%, 02/24/28 (Call 02/24/27), (SOFR + 1.280%)^(b)		12,089		11,372,290
3.20%, 10/21/26 (Call 07/21/26)		28,679		27,559,937
3.40%, 05/01/26^(a)		20,001		19,493,133
3.52%, 10/27/28 (Call 10/27/27), (3 mo. LIBOR US + 1.151%)^(b)		21,191		20,140,513
3.67%, 07/24/28 (Call 07/24/27), (3 mo. LIBOR US + 1.390%)^(a)(b)		23,132		22,260,567
3.70%, 01/12/26^(a)		19,326		19,101,221
3.79%, 03/17/33 (Call 03/17/32)^(b)		28,726		26,588,659
3.88%, 01/24/39 (Call 01/24/38), (3 mo. LIBOR US + 1.168%)^(b)		12,967		11,788,900
3.89%, 01/10/28 (Call 01/10/27), (3 mo. LIBOR US + 1.563%)^(b)		24,638		24,028,335
3.98%, 03/20/30 (Call 03/20/29), (3 mo. LIBOR US + 1.338%)^(b)		19,864		19,026,818
4.08%, 04/23/29 (Call 04/23/28), (3 mo. LIBOR US + 1.192%)^(a)(b)		18,199		17,677,093
4.13%, 07/25/28^(a)		16,618		16,126,086
4.28%, 04/24/48 (Call 04/24/47), (3 mo. LIBOR US + 1.839%)^(b)		9,938		9,360,697
4.30%, 11/20/26^(a)		8,907		8,883,341
4.40%, 06/10/25		17,428		17,544,471
4.41%, 03/31/31 (Call 03/31/30), (SOFR + 3.914%)^(a)(b)		33,772		33,003,417
4.45%, 09/29/27		34,655		34,437,679
4.60%, 03/09/26^(a)		12,195		12,279,237
4.65%, 07/30/45		10,891		10,580,183
4.65%, 07/23/48 (Call 06/23/48)^(a)		23,891		23,639,480
4.75%, 05/18/46^(a)		20,271		19,304,193
5.30%, 05/06/44		7,441		7,542,268
5.32%, 03/26/41 (Call 03/26/40), (SOFR + 4.548%)^(b)		12,516		13,225,572
5.50%, 09/13/25^(a)		11,308		11,781,345
5.88%, 01/30/42		9,924		11,121,071
6.63%, 06/15/32^(a)		12,169		13,704,353
6.68%, 09/13/43^(a)		7,921		9,393,405
8.13%, 07/15/39^(a)		19,621		27,123,835
Citizens Financial Group Inc., 3.25%, 04/30/30 (Call 01/30/30)		7,793		7,135,081
Cooperatieve Rabobank U.A.
3.75%, 07/21/26^(a)		20,598		20,010,562
4.38%, 08/04/25^(a)		8,822		8,842,043
5.25%, 08/04/45^(a)		10,976		11,403,202


Security	Par (000)		Value

Banks (continued)
5.75%, 12/01/43^(a)	$	13,394	$	14,801,033
Cooperatieve Rabobank U.A./New York
3.38%, 05/21/25		5,442		5,408,062
5.25%, 05/24/41^(a)		13,292		15,115,265
Credit Suisse AG/New York NY, 1.25%, 08/07/26		25,243		22,336,465
Credit Suisse Group AG
4.55%, 04/17/26		28,763		28,671,959
4.88%, 05/15/45^(a)		15,550		14,545,999
Deutsche Bank AG/New York NY
1.69%, 03/19/26^(a)		10,718		9,768,055
2.13%, 11/24/26 (Call 11/24/25), (SOFR + 1.870%)^(b)		17,496		15,849,990
2.31%, 11/16/27 (Call 11/16/26), (SOFR + 1.219%)^(b)		21,597		19,098,951
2.55%, 01/07/28 (Call 01/07/27), (SOFR + 1.318%)^(b)		21,661		19,318,579
3.04%, 05/28/32 (Call 05/28/31), (SOFR + 1.718%)^(b)		11,260		9,416,171
3.55%, 09/18/31 (Call 09/18/30), (SOFR + 3.043%)^(a)(b)		17,661		15,575,236
Discover Bank
3.45%, 07/27/26 (Call 04/27/26)		16,383		15,914,309
4.65%, 09/13/28 (Call 06/13/28)^(a)		13,688		13,697,417
Fifth Third Bancorp.
2.55%, 05/05/27 (Call 04/05/27)		8,491		7,948,916
8.25%, 03/01/38^(a)		10,388		14,300,222
Fifth Third Bank NA
3.85%, 03/15/26 (Call 02/15/26)		12,109		12,041,094
3.95%, 07/28/25 (Call 06/28/25)^(a)		5,405		5,466,814
Goldman Sachs Group Inc. (The)
1.09%, 12/09/26 (Call 12/09/25), (SOFR + 0.789%)^(b)		18,279		16,480,301
1.43%, 03/09/27 (Call 03/09/26), (SOFR + 0.798%)^(b)		26,017		23,250,662
1.54%, 09/10/27 (Call 09/10/26), (SOFR + 0.818%)^(b)		24,600		21,767,716
1.95%, 10/21/27 (Call 10/21/26), (SOFR + 0.913%)^(a)(b)		38,758		34,708,936
1.99%, 01/27/32 (Call 01/27/31), (SOFR + 1.090%)^(b)		22,094		17,879,346
2.38%, 07/21/32 (Call 07/21/31), (SOFR + 1.248%)^(b)		38,719		32,015,583
2.60%, 02/07/30 (Call 11/07/29)^(a)		18,210		15,797,812
2.62%, 04/22/32 (Call 04/22/31), (SOFR + 1.281%)^(b)		36,708		31,113,583
2.64%, 02/24/28 (Call 02/24/27), (SOFR + 1.114%)^(b)		27,965		25,734,148
2.65%, 10/21/32 (Call 10/21/31), (SOFR + 1.264%)^(b)		30,509		25,739,845
2.91%, 07/21/42 (Call 07/21/41), (SOFR + 1.430%)^(b)		15,839		12,172,748
3.10%, 02/24/33 (Call 02/24/32), (SOFR + 1.410%)^(b)		38,566		33,679,414
3.21%, 04/22/42 (Call 04/22/41), (SOFR + 1.513%)^(b)		23,306		18,820,054
3.44%, 02/24/43 (Call 02/24/42), (SOFR + 1.513%)^(b)		17,922		14,824,933
3.50%, 11/16/26 (Call 11/16/25)^(a)		24,931		24,358,664
3.62%, 03/15/28 (Call 03/15/27), (SOFR + 1.846%)^(b)		13,873		13,329,719


Security	Par (000)		Value

Banks (continued)
3.69%, 06/05/28 (Call 06/05/27), (3 mo. LIBOR US + 1.510%)^(b)	$	20,051	$	19,222,076
3.75%, 05/22/25 (Call 02/22/25)^(a)		15,729		15,645,680
3.75%, 02/25/26 (Call 11/25/25)^(a)		15,484		15,365,419
3.80%, 03/15/30 (Call 12/15/29)^(a)		25,040		23,673,294
3.81%, 04/23/29 (Call 04/23/28), (3 mo. LIBOR US + 1.158%)^(a)(b)		21,561		20,688,353
3.85%, 01/26/27 (Call 01/26/26)		26,840		26,236,639
4.02%, 10/31/38 (Call 10/31/37), (3 mo. LIBOR US + 1.373%)^(b)		23,242		21,321,025
4.22%, 05/01/29 (Call 05/01/28), (3 mo. LIBOR US + 1.301%)^(b)		31,318		30,645,624
4.25%, 10/21/25^(a)		16,230		16,242,012
4.41%, 04/23/39 (Call 04/23/38), (3 mo. LIBOR US + 1.430%)^(a)(b)		14,529		13,863,411
4.75%, 10/21/45 (Call 04/21/45)		15,141		15,021,073
4.80%, 07/08/44 (Call 01/08/44)		17,493		17,441,814
5.15%, 05/22/45^(a)		19,910		19,957,438
5.95%, 01/15/27^(a)		9,338		9,926,179
6.13%, 02/15/33^(a)		12,923		14,405,861
6.25%, 02/01/41^(a)		25,265		29,384,708
6.75%, 10/01/37		53,165		61,349,443
HSBC Holdings PLC
1.00%, 08/17/29 (Call 08/17/28), (SOFR + 1.285%)^(b)		16,442		14,111,749
1.59%, 05/24/27 (Call 05/24/26), (SOFR + 1.290%)^(b)		24,002		21,331,033
2.01%, 09/22/28 (Call 09/22/27), (SOFR + 1.732%)^(a)(b)		14,345		12,512,593
2.10%, 06/04/26 (Call 06/04/25), (SOFR + 1.929%)^(b)		16,849		15,752,737
2.25%, 11/22/27 (Call 11/22/26), (SOFR + 1.100%)^(b)		19,322		17,445,055
2.36%, 08/18/31 (Call 08/18/30), (SOFR + 1.947%)^(b)		12,754		10,547,901
2.80%, 05/24/32 (Call 05/24/31), (SOFR + 1.187%)^(b)		28,348		23,632,543
2.85%, 06/04/31 (Call 06/04/30), (SOFR + 2.387%)^(b)		11,366		9,829,936
2.87%, 11/22/32 (Call 11/22/31), (SOFR + 1.410%)^(a)(b)		19,280		16,076,695
3.90%, 05/25/26		20,553		20,255,580
3.97%, 05/22/30 (Call 05/22/29), (3 mo. LIBOR US + 1.610%)^(b)		26,456		24,946,146
4.04%, 03/13/28 (Call 03/13/27), (3 mo. LIBOR US + 1.546%)^(b)		21,531		20,821,095
4.25%, 08/18/25^(a)		10,618		10,588,085
4.29%, 09/12/26 (Call 09/12/25), (3 mo. LIBOR US + 1.348%)^(a)(b)		23,938		23,747,999
4.30%, 03/08/26		25,933		25,982,340
4.38%, 11/23/26		14,046		13,926,388
4.58%, 06/19/29 (Call 06/19/28), (3 mo. LIBOR US + 1.535%)^(b)		26,107		25,666,293
4.76%, 03/29/33 (Call 03/29/32)^(b)		14,905		14,092,610
4.95%, 03/31/30^(a)		21,801		21,946,310
5.25%, 03/14/44^(a)		10,612		10,331,659
6.10%, 01/14/42^(a)		6,832		7,720,937
6.50%, 05/02/36^(a)		23,756		26,209,726
6.50%, 09/15/37^(a)		27,521		30,704,192
6.80%, 06/01/38^(a)		14,078		15,815,238


Security	Par (000)		Value

Banks (continued)
Huntington Bancshares Inc./OH, 2.55%, 02/04/30 (Call 11/04/29)	$	7,234	$	6,438,695
ING Groep NV
1.73%, 04/01/27 (Call 04/01/26), (SOFR + 1.005%)^(a)(b)		20,574		18,548,284
2.73%, 04/01/32 (Call 04/01/31), (SOFR + 1.316%)^(b)		13,392		11,422,702
3.95%, 03/29/27^(a)		15,943		15,569,837
4.02%, 03/28/28 (Call 03/28/27)^(a)(b)		6,195		6,012,929
4.05%, 04/09/29^(a)		5,654		5,441,092
4.25%, 03/28/33 (Call 03/28/32)^(b)		12,817		12,219,600
4.55%, 10/02/28		11,992		11,914,002
JPMorgan Chase & Co.
1.04%, 02/04/27 (Call 02/04/26), (SOFR + 0.695%)^(a)(b)		17,158		15,284,820
1.05%, 11/19/26 (Call 11/19/25), (SOFR + 0.800%)^(b)		22,839		20,494,405
1.47%, 09/22/27 (Call 09/22/26), (SOFR + 0.765%)^(b)		22,415		19,898,038
1.58%, 04/22/27 (Call 04/22/26), (SOFR + 0.885%)^(b)		29,497		26,645,817
1.76%, 11/19/31 (Call 11/19/30), (SOFR + 1.105%)^(a)(b)		11,267		9,106,210
1.95%, 02/04/32 (Call 02/04/31), (SOFR + 1.065%)^(a)(b)		27,328		22,280,089
2.07%, 06/01/29 (Call 06/01/28), (SOFR + 1.015%)^(b)		15,288		13,368,667
2.18%, 06/01/28 (Call 06/01/27), (SOFR + 1.890%)^(b)		12,105		10,895,514
2.52%, 04/22/31 (Call 04/22/30), (SOFR + 2.040%)^(a)(b)		25,553		22,181,077
2.53%, 11/19/41 (Call 11/19/40), (SOFR + 2.460%)^(b)		14,069		10,332,441
2.55%, 11/08/32 (Call 11/08/31), (SOFR + 1.180%)^(a)(b)		31,469		26,747,136
2.58%, 04/22/32 (Call 04/22/31), (SOFR + 1.250%)^(b)		33,696		28,904,874
2.74%, 10/15/30 (Call 10/15/29), (SOFR + 1.510%)^(b)		31,527		28,026,406
2.95%, 10/01/26 (Call 07/01/26)		26,714		25,610,338
2.95%, 02/24/28 (Call 02/24/27), (SOFR + 1.170%)^(b)		17,571		16,536,263
2.96%, 01/25/33 (Call 01/25/32), (SOFR + 1.260%)^(b)		36,818		32,455,741
3.11%, 04/22/41 (Call 04/22/40), (SOFR + 1.38%)^(b)		13,148		10,582,938
3.11%, 04/22/51 (Call 04/22/50), (SOFR + 1.220%)^(a)(b)		20,457		15,703,532
3.16%, 04/22/42 (Call 04/22/41), (SOFR + 2.440%)^(b)		21,549		17,459,534
3.20%, 06/15/26 (Call 03/15/26)^(a)		16,476		16,059,454
3.30%, 04/01/26 (Call 01/01/26)^(a)		21,281		20,756,260
3.33%, 04/22/52 (Call 04/22/51), (SOFR + 1.510%)^(b)		31,064		24,810,248
3.51%, 01/23/29 (Call 01/23/28), (3 mo. LIBOR US + 0.945%)^(a)(b)		18,849		17,935,206
3.54%, 05/01/28 (Call 05/01/27), (3 mo. LIBOR US + 1.380%)^(a)(b)		19,723		18,945,784
3.63%, 12/01/27 (Call 12/01/26)^(a)		9,051		8,731,902
3.70%, 05/06/30 (Call 05/06/29), (3 mo. LIBOR US + 1.160%)^(b)		21,324		20,292,447


Security	Par (000)		Value

Banks (continued)
3.78%, 02/01/28 (Call 02/01/27), (3 mo. LIBOR US + 1.337%)^(b)	$	23,404	$	22,715,157
3.88%, 07/24/38 (Call 07/24/37), (3 mo. LIBOR US + 1.360%)^(b)		22,442		20,547,866
3.90%, 07/15/25 (Call 04/15/25)^(a)		18,353		18,435,609
3.90%, 01/23/49 (Call 01/23/48), (3 mo. LIBOR US + 1.460%)^(a)(b)		18,551		16,364,396
3.96%, 01/29/27 (Call 01/29/26), (3 mo. LIBOR US + 1.245%)^(a)(b)		17,250		17,080,824
3.96%, 11/15/48 (Call 11/15/47), (3 mo. LIBOR US + 1.360%)^(a)(b)		33,003		29,310,050
4.01%, 04/23/29 (Call 04/23/28), (3 mo. LIBOR US + 1.120%)^(a)(b)		19,381		18,914,569
4.03%, 07/24/48 (Call 07/24/47), (3 mo. LIBOR US + 1.580%)^(b)		14,166		12,740,007
4.13%, 12/15/26		17,352		17,173,387
4.20%, 07/23/29 (Call 07/23/28), (3 mo. LIBOR US + 1.260%)^(b)		18,926		18,598,442
4.25%, 10/01/27^(a)		16,042		15,945,955
4.26%, 02/22/48 (Call 02/22/47), (3 mo. LIBOR US + 1.580%)^(b)		18,560		17,394,595
4.32%, 04/26/28 (Call 04/26/27), (SOFR + 1.560%)^(b)		36,320		36,182,729
4.45%, 12/05/29 (Call 12/05/28), (3 mo. LIBOR US + 1.330%)^(b)		20,507		20,362,996
4.49%, 03/24/31 (Call 03/24/30), (SOFR + 3.790%)^(a)(b)		26,227		26,146,795
4.59%, 04/26/33 (Call 04/26/32)^(b)		17,026		17,101,970
4.85%, 02/01/44^(a)		8,381		8,498,150
4.95%, 06/01/45^(a)		15,453		15,478,698
5.40%, 01/06/42		10,612		11,423,028
5.50%, 10/15/40^(a)		13,828		15,005,196
5.60%, 07/15/41^(a)		14,687		16,068,308
5.63%, 08/16/43^(a)		10,658		11,589,442
6.40%, 05/15/38^(a)		23,127		27,387,074
KeyBank N.A./Cleveland OH, 3.30%, 06/01/25^(a)		2,525		2,506,108
KeyCorp.
2.25%, 04/06/27^(a)		14,261		13,144,093
2.55%, 10/01/29^(a)		7,380		6,593,945
4.10%, 04/30/28		9,834		9,738,554
Lloyds Banking Group PLC
1.63%, 05/11/27 (Call 05/11/26)^(b)		13,593		12,172,972
3.57%, 11/07/28 (Call 11/07/27), (3 mo. LIBOR US + 1.205%)^(a)(b)		14,773		14,039,837
3.75%, 01/11/27		13,332		12,971,949
3.75%, 03/18/28 (Call 03/18/27)^(a)(b)		13,777		13,281,962
4.34%, 01/09/48^(a)		15,161		13,089,089
4.38%, 03/22/28		15,257		15,053,675
4.45%, 05/08/25		9,998		10,130,258
4.55%, 08/16/28		11,036		11,005,738
4.58%, 12/10/25		20,452		20,453,704
4.65%, 03/24/26		18,280		18,239,184
5.30%, 12/01/45^(a)		6,856		6,751,977
Mitsubishi UFJ Financial Group Inc.
1.41%, 07/17/25		12,546		11,574,945
1.54%, 07/20/27 (Call 07/20/26)^(b)		16,276		14,565,422
1.64%, 10/13/27 (Call 10/13/26)^(b)		16,230		14,464,905
2.05%, 07/17/30^(a)		15,957		13,295,979
2.31%, 07/20/32 (Call 07/20/31)^(b)		19,856		16,555,699
2.34%, 01/19/28 (Call 01/19/27)^(b)		9,803		8,976,279


Security	Par (000)		Value

Banks (continued)
2.49%, 10/13/32 (Call 10/13/31)^(b)	$	10,860	$	9,126,797
2.56%, 02/25/30^(a)		14,906		13,023,068
2.76%, 09/13/26^(a)		10,165		9,616,097
2.85%, 01/19/33 (Call 01/19/32)^(b)		14,546		12,598,443
3.20%, 07/18/29		21,090		19,411,164
3.29%, 07/25/27^(a)		5,540		5,295,390
3.68%, 02/22/27^(a)		8,383		8,217,169
3.74%, 03/07/29		14,101		13,531,190
3.75%, 07/18/39^(a)		9,299		8,457,318
3.85%, 03/01/26^(a)		22,294		22,096,941
3.96%, 03/02/28^(a)		10,335		10,121,791
4.05%, 09/11/28^(a)		8,545		8,328,437
4.08%, 04/19/28 (Call 04/19/27)^(b)		7,075		6,979,878
Mizuho Financial Group Inc.
1.23%, 05/22/27 (Call 05/22/26)^(b)		16,085		14,219,000
1.55%, 07/09/27 (Call 07/09/26)^(b)		17,860		15,936,453
1.98%, 09/08/31 (Call 09/08/30), (SOFR + 1.532%)^(b)		9,054		7,403,452
2.20%, 07/10/31 (Call 07/10/30), (SOFR + 1.772%)^(b)		14,646		12,169,703
2.23%, 05/25/26 (Call 05/25/25), (3 mo. LIBOR US + 0.830%)^(b)		8,265		7,814,929
2.56%, 09/13/31^(a)		10,845		8,978,977
2.84%, 09/13/26^(a)		8,762		8,274,778
3.15%, 07/16/30 (Call 07/16/29), (3 mo. LIBOR US + 1.130%)^(b)		9,549		8,753,972
3.17%, 09/11/27^(a)		7,344		6,942,464
4.02%, 03/05/28		9,449		9,316,519
4.25%, 09/11/29 (Call 09/11/28), (3 mo. LIBOR US + 1.270%)^(b)		8,472		8,333,587
Morgan Stanley
0.99%, 12/10/26 (Call 12/10/25), (SOFR + 0.720%)^(b)		24,695		22,043,357
1.51%, 07/20/27 (Call 07/20/26), (SOFR + 0.858%)^(b)		29,727		26,505,357
1.59%, 05/04/27 (Call 05/04/26), (SOFR + 0.879%)^(b)		33,018		29,695,412
1.79%, 02/13/32 (Call 02/13/31), (SOFR + 1.034%)^(a)(b)		23,853		19,097,940
1.93%, 04/28/32 (Call 04/28/31), (SOFR + 1.020%)^(b)		24,955		20,117,431
2.24%, 07/21/32 (Call 07/21/31), (SOFR + 1.178%)^(a)(b)		34,367		28,387,981
2.48%, 01/21/28 (Call 01/21/27), (SOFR + 1.000%)^(b)		19,019		17,502,210
2.51%, 10/20/32 (Call 10/20/31), (SOFR + 1.200%)^(a)(b)		25,349		21,327,708
2.70%, 01/22/31 (Call 01/22/30), (SOFR + 1.143%)^(b)		32,422		28,539,404
2.80%, 01/25/52 (Call 01/25/51), (SOFR + 1.430%)^(b)		20,349		14,833,798
2.94%, 01/21/33 (Call 01/21/32), (SOFR + 1.290%)^(b)		28,905		25,175,449
3.13%, 07/27/26^(a)		29,547		28,292,659
3.22%, 04/22/42 (Call 04/22/41), (SOFR + 1.431%)^(a)(b)		20,857		16,961,081
3.59%, 07/22/28 (Call 07/22/27), (3 mo. LIBOR US + 1.340%)^(b)		26,133		25,072,884
3.62%, 04/01/31 (Call 04/01/30), (SOFR + 3.120%)^(b)		26,766		25,120,927


Security	Par (000)		Value

Banks (continued)
3.63%, 01/20/27^(a)	$	28,877	$	28,129,366
3.77%, 01/24/29 (Call 01/24/28), (3 mo. LIBOR US + 1.140%)^(a)(b)		24,057		23,203,306
3.88%, 01/27/26^(a)		27,389		27,154,893
3.95%, 04/23/27		18,807		18,443,113
3.97%, 07/22/38 (Call 07/22/37), (3 mo. LIBOR US + 1.455%)^(a)(b)		19,534		18,049,637
4.00%, 07/23/25		22,931		22,951,248
4.21%, 04/20/28 (Call 04/20/27), (SOFR + 1.610%)^(b)		11,592		11,498,822
4.30%, 01/27/45^(a)		22,550		21,182,782
4.35%, 09/08/26		19,668		19,704,319
4.38%, 01/22/47		22,958		22,038,984
4.43%, 01/23/30 (Call 01/23/29), (3 mo. LIBOR US + 1.628%)^(a)(b)		26,706		26,506,471
4.46%, 04/22/39 (Call 04/22/38), (3 mo. LIBOR US + 0.408%)^(a)(b)		8,827		8,598,796
5.00%, 11/24/25^(a)		18,870		19,353,876
5.30%, 04/20/37		10,277		10,261,059
5.60%, 03/24/51 (Call 03/24/50), (SOFR + 4.480%)^(a)(b)		17,909		20,329,156
6.38%, 07/24/42		16,521		19,868,488
7.25%, 04/01/32		9,913		11,899,560
National Australia Bank Ltd./New York
2.50%, 07/12/26^(a)		9,527		9,086,987
3.38%, 01/14/26^(a)		2,473		2,453,876
Natwest Group PLC
1.64%, 06/14/27 (Call 06/14/26)^(a)(b)		16,775		14,906,636
3.07%, 05/22/28 (Call 05/22/27)^(a)(b)		8,369		7,757,934
4.45%, 05/08/30 (Call 05/08/29), (3 mo. LIBOR US + 1.871%)^(b)		13,861		13,471,036
4.80%, 04/05/26		17,566		17,737,593
4.89%, 05/18/29 (Call 05/18/28), (3 mo. LIBOR US + 1.754%)^(a)(b)		17,148		17,012,605
5.08%, 01/27/30 (Call 01/27/29), (3 mo. LIBOR US + 1.905%)^(a)(b)		20,053		20,335,471
Northern Trust Corp.
1.95%, 05/01/30 (Call 02/01/30)^(a)		7,432		6,478,565
3.95%, 10/30/25^(a)		5,803		5,882,677
PNC Bank N.A.
2.70%, 10/22/29^(a)		14,080		12,679,537
3.10%, 10/25/27 (Call 09/25/27)^(a)		9,116		8,842,060
3.25%, 06/01/25 (Call 05/02/25)^(a)		4,997		4,965,589
4.05%, 07/26/28		10,296		10,195,792
PNC Financial Services Group Inc. (The)
2.31%, 04/23/32 (Call 04/23/31), (SOFR + 0.979%)^(a)(b)		7,152		6,143,640
2.55%, 01/22/30 (Call 10/24/29)^(a)		20,482		18,280,603
2.60%, 07/23/26 (Call 05/23/26)^(a)		10,312		9,892,366
3.15%, 05/19/27 (Call 04/19/27)^(a)		10,821		10,532,007
3.45%, 04/23/29 (Call 01/23/29)^(a)		24,237		23,353,617
Royal Bank of Canada
0.88%, 01/20/26^(a)		21,927		19,677,193
1.15%, 06/10/25		9,212		8,509,918
1.15%, 07/14/26		15,731		14,092,940
1.20%, 04/27/26		24,685		22,240,138
1.40%, 11/02/26		14,826		13,313,002
2.30%, 11/03/31^(a)		14,109		12,019,824
3.63%, 05/04/27^(a)		5,213		5,117,535
3.88%, 05/04/32		4,381		4,212,917


Security	Par (000)		Value

Banks (continued)
4.65%, 01/27/26^(a)	$	15,239	$	15,547,280
Santander Holdings USA Inc.
2.49%, 01/06/28 (Call 01/06/27), (SOFR + 1.249%)^(b)		12,774		11,589,978
3.24%, 10/05/26 (Call 08/05/26)^(a)		11,202		10,663,483
3.45%, 06/02/25 (Call 05/02/25)^(a)		6,077		5,964,619
4.40%, 07/13/27 (Call 04/14/27)		16,456		16,196,043
4.50%, 07/17/25 (Call 04/17/25)		7,929		7,991,461
Santander UK Group Holdings PLC
1.53%, 08/21/26 (Call 08/21/25)^(a)(b)		11,466		10,424,224
1.67%, 06/14/27 (Call 06/14/26), (SOFR + 0.989%)^(b)		13,252		11,773,008
2.47%, 01/11/28 (Call 01/11/27), (SOFR + 1.220%)^(b)		12,647		11,422,265
3.82%, 11/03/28 (Call 11/03/27), (3 mo. LIBOR US + 1.400%)^(b)		5,849		5,561,654
State Street Corp.
2.20%, 03/03/31^(a)		9,311		7,902,123
2.40%, 01/24/30^(a)		6,243		5,610,174
2.65%, 05/19/26^(a)		8,892		8,619,660
3.55%, 08/18/25^(a)		9,670		9,684,454
Sumitomo Mitsui Financial Group Inc.
0.95%, 01/12/26^(a)		13,168		11,792,992
1.40%, 09/17/26		16,861		15,020,367
1.47%, 07/08/25		17,284		16,013,507
1.90%, 09/17/28		20,223		17,308,194
2.13%, 07/08/30		15,096		12,694,676
2.14%, 09/23/30		9,818		8,042,070
2.22%, 09/17/31		9,912		8,209,580
2.63%, 07/14/26		23,658		22,332,485
2.75%, 01/15/30^(a)		12,967		11,476,537
2.93%, 09/17/41^(a)		9,342		7,280,354
3.01%, 10/19/26^(a)		15,386		14,684,303
3.04%, 07/16/29		23,842		21,686,683
3.35%, 10/18/27^(a)		6,922		6,633,048
3.36%, 07/12/27^(a)		14,126		13,623,521
3.45%, 01/11/27		11,203		10,838,886
3.54%, 01/17/28		6,911		6,628,523
3.78%, 03/09/26^(a)		14,949		14,755,523
3.94%, 07/19/28^(a)		9,806		9,566,418
Toronto-Dominion Bank (The)
0.75%, 09/11/25^(a)		10,835		9,855,646
0.75%, 01/06/26^(a)		14,808		13,295,543
1.15%, 06/12/25		7,826		7,265,075
1.20%, 06/03/26		13,468		12,123,364
1.25%, 09/10/26		19,042		17,066,493
1.95%, 01/12/27^(a)		16,534		15,168,495
2.00%, 09/10/31		3,039		2,526,973
2.80%, 03/10/27^(a)		17,716		16,833,807
3.20%, 03/10/32		17,643		16,082,505
Truist Bank
2.25%, 03/11/30 (Call 12/11/29)^(a)		16,046		13,907,853
3.30%, 05/15/26 (Call 04/15/26)^(a)		17,618		17,283,443
3.63%, 09/16/25 (Call 08/16/25)		10,528		10,504,759
3.80%, 10/30/26 (Call 09/30/26)		12,338		12,238,896
Truist Financial Corp.
1.13%, 08/03/27 (Call 06/03/27)^(a)		11,105		9,649,608
1.20%, 08/05/25 (Call 07/03/25)		11,282		10,453,447
1.27%, 03/02/27 (Call 03/02/26), (SOFR + 0.609%)^(b)		16,795		15,262,957


Security	Par (000)		Value

Banks (continued)
1.89%, 06/07/29 (Call 06/07/28), (SOFR + 0.862%)^(a)(b)	$	7,500	$	6,584,186
1.95%, 06/05/30 (Call 03/05/30)^(a)		7,356		6,313,367
3.70%, 06/05/25 (Call 05/05/25)^(a)		8,607		8,628,074
4.00%, 05/01/25 (Call 03/01/25)		5,445		5,502,472
U.S. Bancorp.
1.38%, 07/22/30 (Call 04/22/30)		14,367		11,720,808
1.45%, 05/12/25 (Call 04/11/25)		7,747		7,303,619
2.22%, 01/27/28 (Call 01/27/27), (SOFR + 0.730%)^(b)		18,759		17,408,204
2.68%, 01/27/33 (Call 01/27/32), (SOFR + 1.020%)^(b)		20,018		17,722,870
3.00%, 07/30/29 (Call 04/30/29)		7,472		6,959,400
3.10%, 04/27/26 (Call 03/27/26)^(a)		12,751		12,481,942
3.90%, 04/26/28 (Call 03/24/28)		6,805		6,821,312
3.95%, 11/17/25 (Call 10/17/25)		7,776		7,898,753
Series V, 2.38%, 07/22/26 (Call 06/22/26)^(a)		14,084		13,403,081
Series X, 3.15%, 04/27/27 (Call 03/27/27)^(a)		13,286		12,941,802
Wachovia Corp., 5.50%, 08/01/35^(a)		11,490		11,997,833
Wells Fargo & Co.
2.19%, 04/30/26 (Call 04/30/25), (SOFR + 2.000%)^(a)(b)		24,504		23,127,890
2.39%, 06/02/28 (Call 06/02/27), (SOFR + 2.100%)^(b)		27,860		25,302,873
2.57%, 02/11/31 (Call 02/11/30), (SOFR + 1.262%)^(b)		23,638		20,684,938
2.88%, 10/30/30 (Call 10/30/29), (SOFR + 1.432%)^(b)		30,137		27,046,514
3.00%, 04/22/26^(a)		30,017		28,883,747
3.00%, 10/23/26		30,663		29,283,003
3.07%, 04/30/41 (Call 04/30/40), (SOFR + 2.530%)^(b)		31,276		25,204,700
3.20%, 06/17/27 (Call 06/17/26), (3 mo. LIBOR US + 1.170%)^(b)		25,341		24,269,281
3.35%, 03/02/33 (Call 03/02/32), (SOFR + 1.500%)^(b)		36,244		32,965,085
3.53%, 03/24/28 (Call 03/24/27), (SOFR + 1.510%)^(b)		36,885		35,459,590
3.55%, 09/29/25^(a)		20,240		20,078,920
3.58%, 05/22/28 (Call 05/22/27), (3 mo. LIBOR US + 1.310%)^(a)(b)		26,269		25,190,463
3.90%, 05/01/45^(a)		18,537		16,745,710
4.10%, 06/03/26		21,548		21,420,875
4.15%, 01/24/29 (Call 10/24/28)^(a)		17,982		17,700,531
4.30%, 07/22/27^(a)		21,705		21,672,514
4.40%, 06/14/46^(a)		18,491		17,197,815
4.48%, 04/04/31 (Call 04/04/30), (SOFR + 4.032%)^(b)		19,397		19,371,460
4.61%, 04/25/53		30,417		29,994,882
4.65%, 11/04/44		17,571		16,621,836
4.75%, 12/07/46^(a)		19,220		18,755,051
4.90%, 11/17/45		19,069		18,661,145
5.01%, 04/04/51 (Call 04/04/50), (SOFR + 4.502%)^(b)		56,267		58,956,011
5.38%, 11/02/43^(a)		19,125		19,967,106
5.61%, 01/15/44		22,166		23,707,982
Wells Fargo Bank N.A.
5.85%, 02/01/37		9,312		10,337,572
6.60%, 01/15/38^(a)		16,582		20,117,447


Security	Par (000)		Value

Banks (continued)
Westpac Banking Corp.
1.15%, 06/03/26	$	11,717	$	10,621,186
1.95%, 11/20/28		13,055		11,517,823
2.15%, 06/03/31		8,115		6,929,449
2.65%, 01/16/30^(a)		7,054		6,416,422
2.70%, 08/19/26		8,049		7,733,137
2.85%, 05/13/26^(a)		19,255		18,685,119
2.96%, 11/16/40^(a)		11,402		8,750,248
3.13%, 11/18/41^(a)		10,934		8,486,895
3.35%, 03/08/27^(a)		12,862		12,590,326
3.40%, 01/25/28^(a)		7,913		7,672,773
4.42%, 07/24/39		9,335		8,760,919


				7,638,332,488

Beverages — 2.9%
Anheuser-Busch Companies LLC/Anheuser-Busch InBev Worldwide Inc.
3.65%, 02/01/26 (Call 11/01/25)^(a)		30,748		30,506,890
4.70%, 02/01/36 (Call 08/01/35)^(a)		47,477		47,037,363
4.90%, 02/01/46 (Call 08/01/45)		88,893		87,590,006
Anheuser-Busch InBev Finance Inc.
4.00%, 01/17/43		7,572		6,629,727
4.63%, 02/01/44^(a)		7,885		7,470,219
4.90%, 02/01/46 (Call 08/01/45)^(a)		15,031		14,831,364
Anheuser-Busch InBev Worldwide Inc.
3.50%, 06/01/30 (Call 03/01/30)^(a)		15,232		14,475,597
3.75%, 07/15/42		8,734		7,384,748
4.00%, 04/13/28 (Call 01/13/28)^(a)		20,340		20,210,416
4.35%, 06/01/40 (Call 12/01/39)^(a)		9,173		8,623,214
4.38%, 04/15/38 (Call 10/15/37)^(a)		12,353		11,658,837
4.44%, 10/06/48 (Call 04/06/48)^(a)		16,602		15,244,813
4.50%, 06/01/50 (Call 12/01/49)		21,999		20,656,542
4.60%, 04/15/48 (Call 10/15/47)^(a)		23,037		21,720,120
4.60%, 06/01/60 (Call 12/01/59)		10,224		9,395,042
4.75%, 01/23/29 (Call 10/23/28)		36,800		37,958,751
4.75%, 04/15/58 (Call 10/15/57)^(a)		15,679		14,798,422
4.90%, 01/23/31 (Call 10/23/30)		8,147		8,454,479
4.95%, 01/15/42		15,843		15,779,763
5.45%, 01/23/39 (Call 07/23/38)^(a)		19,506		20,721,875
5.55%, 01/23/49 (Call 07/23/48)		39,696		42,530,140
5.80%, 01/23/59 (Call 07/23/58)		19,816		21,609,556
8.20%, 01/15/39^(a)		10,839		14,638,608
Coca-Cola Co. (The)
1.00%, 03/15/28^(a)		11,063		9,574,467
1.38%, 03/15/31^(a)		11,475		9,397,579
1.45%, 06/01/27^(a)		14,326		13,041,514
1.50%, 03/05/28		9,402		8,408,410
1.65%, 06/01/30^(a)		14,056		11,979,707
2.00%, 03/05/31^(a)		6,814		5,889,021
2.13%, 09/06/29^(a)		10,427		9,342,040
2.25%, 01/05/32^(a)		15,099		13,233,257
2.50%, 06/01/40^(a)		9,851		7,898,517
2.50%, 03/15/51^(a)		14,462		10,714,213
2.60%, 06/01/50^(a)		12,308		9,330,909
2.75%, 06/01/60^(a)		8,300		6,148,880
2.88%, 05/05/41		7,243		6,055,173
3.00%, 03/05/51^(a)		18,036		14,822,120
3.38%, 03/25/27^(a)		10,534		10,512,601
3.45%, 03/25/30^(a)		14,457		14,103,577


Security	Par (000)		Value

Beverages (continued)
Constellation Brands Inc.
2.25%, 08/01/31 (Call 05/01/31)^(a)	$	8,953	$	7,427,822
3.15%, 08/01/29 (Call 05/01/29)^(a)		10,687		9,822,612
Diageo Capital PLC
1.38%, 09/29/25 (Call 08/29/25)		5,878		5,503,494
2.00%, 04/29/30 (Call 01/29/30)^(a)		9,475		8,246,465
2.13%, 04/29/32 (Call 01/29/32)^(a)		8,817		7,513,230
2.38%, 10/24/29 (Call 07/24/29)		9,761		8,804,569
Keurig Dr Pepper Inc.
3.20%, 05/01/30 (Call 02/01/30)^(a)		11,092		10,156,741
3.80%, 05/01/50 (Call 11/01/49)		8,129		6,882,413
3.95%, 04/15/29 (Call 02/15/29)		8,391		8,189,256
4.05%, 04/15/32 (Call 01/15/32)^(a)		9,874		9,466,645
4.50%, 04/15/52 (Call 10/15/51)		7,455		6,957,709
Molson Coors Beverage Co.
3.00%, 07/15/26 (Call 04/15/26)^(a)		23,727		22,590,733
4.20%, 07/15/46 (Call 01/15/46)^(a)		17,923		15,468,067
5.00%, 05/01/42		11,375		10,793,025
PepsiCo Inc.
1.40%, 02/25/31 (Call 11/25/30)^(a)		6,551		5,414,677
1.63%, 05/01/30 (Call 02/01/30)		10,980		9,377,666
1.95%, 10/21/31 (Call 07/21/31)^(a)		11,448		9,832,685
2.38%, 10/06/26 (Call 07/06/26)		10,868		10,376,931
2.63%, 07/29/29 (Call 04/29/29)^(a)		8,477		7,925,581
2.63%, 10/21/41 (Call 04/21/41)		12,549		10,175,225
2.75%, 04/30/25 (Call 01/30/25)^(a)		7,283		7,213,541
2.75%, 03/19/30 (Call 12/19/29)		14,204		13,122,174
2.75%, 10/21/51 (Call 04/21/51)^(a)		10,539		8,282,461
2.85%, 02/24/26 (Call 11/24/25)^(a)		7,752		7,606,211
2.88%, 10/15/49 (Call 04/15/49)		10,483		8,529,957
3.00%, 10/15/27 (Call 07/15/27)^(a)		14,244		13,927,205
3.45%, 10/06/46 (Call 04/06/46)^(a)		8,560		7,662,577
3.63%, 03/19/50 (Call 09/19/49)		9,356		8,688,254
4.45%, 04/14/46 (Call 10/14/45)^(a)		1,127		1,183,257


				927,519,660

Biotechnology — 1.6%
Amgen Inc.
1.65%, 08/15/28 (Call 06/15/28)		13,578		11,841,974
2.00%, 01/15/32 (Call 10/15/31)^(a)		12,211		10,082,795
2.20%, 02/21/27 (Call 12/21/26)		17,631		16,338,662
2.30%, 02/25/31 (Call 11/25/30)^(a)		11,519		9,908,610
2.45%, 02/21/30 (Call 11/21/29)^(a)		13,516		11,932,141
2.60%, 08/19/26 (Call 05/19/26)^(a)		10,223		9,750,778
2.77%, 09/01/53 (Call 03/01/53)^(a)		9,439		6,527,232
2.80%, 08/15/41 (Call 02/15/41)		12,043		9,235,468
3.00%, 02/22/29 (Call 12/22/28)		4,388		4,114,581
3.00%, 01/15/52 (Call 07/15/51)^(a)		13,019		9,449,171
3.13%, 05/01/25 (Call 02/01/25)^(a)		5,773		5,705,436
3.15%, 02/21/40 (Call 08/21/39)		22,493		18,173,258
3.20%, 11/02/27 (Call 08/02/27)^(a)		8,898		8,582,076
3.35%, 02/22/32 (Call 11/22/31)		10,934		10,089,438
3.38%, 02/21/50 (Call 08/21/49)		20,768		16,228,325
4.20%, 02/22/52 (Call 08/22/51)		12,887		11,609,146
4.40%, 05/01/45 (Call 11/01/44)^(a)		21,198		19,753,040
4.40%, 02/22/62 (Call 08/22/61)		12,130		10,846,136
4.56%, 06/15/48 (Call 12/15/47)^(a)		12,586		12,076,426
4.66%, 06/15/51 (Call 12/15/50)^(a)		31,915		30,864,355
Baxalta Inc., 4.00%, 06/23/25 (Call 03/23/25)^(a)		1,063		1,066,811
Biogen Inc.
2.25%, 05/01/30 (Call 02/01/30)^(a)		16,618		13,858,456


Security	Par (000)		Value

Biotechnology (continued)
3.15%, 05/01/50 (Call 11/01/49)	$	17,654	$	12,316,329
4.05%, 09/15/25 (Call 06/15/25)^(a)		12,707		12,663,789
5.20%, 09/15/45 (Call 03/15/45)		10,941		10,908,808
Gilead Sciences Inc.
1.20%, 10/01/27 (Call 08/01/27)		9,074		7,878,628
1.65%, 10/01/30 (Call 07/01/30)^(a)		13,101		10,879,573
2.60%, 10/01/40 (Call 04/01/40)		8,998		6,750,604
2.80%, 10/01/50 (Call 04/01/50)^(a)		15,757		11,281,960
2.95%, 03/01/27 (Call 12/01/26)^(a)		13,574		13,024,651
3.65%, 03/01/26 (Call 12/01/25)^(a)		23,620		23,399,063
4.00%, 09/01/36 (Call 03/01/36)^(a)		6,970		6,577,997
4.15%, 03/01/47 (Call 09/01/46)^(a)		20,369		18,602,639
4.50%, 02/01/45 (Call 08/01/44)^(a)		15,509		14,683,549
4.60%, 09/01/35 (Call 03/01/35)^(a)		7,974		8,063,886
4.75%, 03/01/46 (Call 09/01/45)		21,181		20,993,800
4.80%, 04/01/44 (Call 10/01/43)		16,561		16,254,643
5.65%, 12/01/41 (Call 06/01/41)^(a)		10,310		11,338,954
Regeneron Pharmaceuticals Inc.
1.75%, 09/15/30 (Call 06/15/30)		16,242		13,205,914
2.80%, 09/15/50 (Call 03/15/50)		7,570		5,373,055
Royalty Pharma PLC
1.20%, 09/02/25 (Call 08/02/25)		5,410		4,924,178
1.75%, 09/02/27 (Call 07/02/27)		11,814		10,384,169
2.20%, 09/02/30 (Call 06/02/30)^(a)		7,556		6,311,044
3.30%, 09/02/40 (Call 03/02/40)^(a)		7,174		5,606,200
3.55%, 09/02/50 (Call 03/02/50)		13,420		9,869,616


				519,327,364

Building Materials — 0.2%
Carrier Global Corp.
2.49%, 02/15/27 (Call 12/15/26)^(a)		2,313		2,151,527
2.70%, 02/15/31 (Call 11/15/30)^(a)		7,641		6,657,446
2.72%, 02/15/30 (Call 11/15/29)^(a)		24,533		21,662,921
3.38%, 04/05/40 (Call 10/05/39)^(a)		14,566		11,997,269
3.58%, 04/05/50 (Call 10/05/49)^(a)		19,891		16,019,720
Martin Marietta Materials Inc.
2.40%, 07/15/31 (Call 04/15/31)		7,765		6,559,919
3.20%, 07/15/51 (Call 01/15/51)^(a)		9,783		7,266,526


				72,315,328

Chemicals — 1.0%
Air Products and Chemicals Inc.
2.05%, 05/15/30 (Call 02/15/30)		10,322		9,015,429
2.70%, 05/15/40 (Call 11/15/39)		9,135		7,413,016
2.80%, 05/15/50 (Call 11/15/49)		8,339		6,466,034
CF Industries Inc.
4.95%, 06/01/43		7,525		7,210,486
5.15%, 03/15/34^(a)		7,796		8,031,139
5.38%, 03/15/44		8,168		8,301,116
Dow Chemical Co. (The)
2.10%, 11/15/30 (Call 08/15/30)^(a)		4,627		3,925,907
3.60%, 11/15/50 (Call 05/15/50)		11,336		9,297,924
3.63%, 05/15/26 (Call 03/15/26)		7,109		7,051,416
4.38%, 11/15/42 (Call 05/15/42)^(a)		8,818		8,292,784
4.80%, 05/15/49 (Call 11/15/48)		7,041		6,960,211
5.25%, 11/15/41 (Call 05/15/41)^(a)		8,474		8,770,918
5.55%, 11/30/48 (Call 05/30/48)^(a)		8,221		8,981,275
7.38%, 11/01/29^(a)		9,608		11,427,529
DuPont de Nemours Inc.
4.49%, 11/15/25 (Call 09/15/25)		19,126		19,499,967
4.73%, 11/15/28 (Call 08/15/28)^(a)		19,312		19,939,497


Security	Par (000)		Value

Chemicals (continued)
5.32%, 11/15/38 (Call 05/15/38)^(a)	$	15,947	$	16,733,430
5.42%, 11/15/48 (Call 05/15/48)		21,979		23,446,536
Eastman Chemical Co., 4.65%, 10/15/44 (Call 04/15/44)		8,551		8,038,592
Ecolab Inc.
2.70%, 11/01/26 (Call 08/01/26)^(a)		7,876		7,612,654
2.70%, 12/15/51 (Call 06/15/51)^(a)		8,492		6,452,462
International Flavors & Fragrances Inc., 5.00%, 09/26/48 (Call 03/26/48)^(a)		4,934		4,821,593
LYB International Finance BV
4.88%, 03/15/44 (Call 09/15/43)^(a)		9,510		9,150,496
5.25%, 07/15/43^(a)		7,752		7,862,301
LYB International Finance III LLC
3.38%, 10/01/40 (Call 04/01/40)^(a)		9,682		7,791,379
3.63%, 04/01/51 (Call 10/01/50)		9,486		7,559,711
4.20%, 10/15/49 (Call 04/15/49)^(a)		10,162		8,889,390
4.20%, 05/01/50 (Call 11/01/49)^(a)		9,767		8,526,917
LyondellBasell Industries NV, 4.63%, 02/26/55 (Call 08/26/54)		8,298		7,559,114
Nutrien Ltd.
4.20%, 04/01/29 (Call 01/01/29)^(a)		9,367		9,374,992
5.00%, 04/01/49 (Call 10/01/48)^(a)		7,364		7,808,951
Sherwin-Williams Co. (The)
2.95%, 08/15/29 (Call 05/15/29)^(a)		8,626		7,946,876
3.45%, 06/01/27 (Call 03/01/27)^(a)		12,721		12,332,845
4.50%, 06/01/47 (Call 12/01/46)^(a)		14,980		14,349,120
Westlake Corp., 3.60%, 08/15/26 (Call 05/15/26)^(a)		6,984		6,896,717


				333,738,724

Commercial Services — 0.7%
Automatic Data Processing Inc.
1.25%, 09/01/30 (Call 06/01/30)		13,274		10,897,963
1.70%, 05/15/28 (Call 03/15/28)		10,226		9,198,810
3.38%, 09/15/25 (Call 06/15/25)^(a)		6,722		6,755,814
Equifax Inc., 2.35%, 09/15/31 (Call 06/15/31)^(a)		9,780		8,197,435
Global Payments Inc.
1.20%, 03/01/26 (Call 02/01/26)		15,793		14,166,517
2.15%, 01/15/27 (Call 12/15/26)		10,782		9,776,514
2.90%, 05/15/30 (Call 02/15/30)		11,314		9,932,369
2.90%, 11/15/31 (Call 08/15/31)^(a)		9,656		8,261,932
3.20%, 08/15/29 (Call 05/15/29)^(a)		11,613		10,533,299
4.15%, 08/15/49 (Call 02/15/49)^(a)		7,626		6,612,330
4.80%, 04/01/26 (Call 01/01/26)^(a)		7,673		7,844,389
Massachusetts Institute of Technology, 5.60%,		6,593		8,175,663
PayPal Holdings Inc.
1.65%, 06/01/25 (Call 05/01/25)^(a)		4,372		4,135,617
2.30%, 06/01/30 (Call 03/01/30)^(a)		12,210		10,683,816
2.65%, 10/01/26 (Call 08/01/26)^(a)		16,578		15,873,264
2.85%, 10/01/29 (Call 07/01/29)^(a)		14,924		13,693,424
3.25%, 06/01/50 (Call 12/01/49)^(a)		9,632		7,632,026
Quanta Services Inc., 2.90%, 10/01/30 (Call 07/01/30)^(a)		14,125		12,263,843
S&P Global Inc.
2.45%, 03/01/27 (Call 02/01/27)^(c)		7,238		6,820,646
2.70%, 03/01/29 (Call 01/01/29)^(c)		14,300		13,127,529
2.90%, 03/01/32 (Call 12/01/31)^(c)		14,951		13,506,131
3.70%, 03/01/52 (Call 09/01/51)^(c)		11,744		10,288,937
4.25%, 05/01/29 (Call 02/01/29)^(c)		13,072		13,136,610


Security	Par (000)		Value

Commercial Services (continued)
Verisk Analytics Inc., 4.00%, 06/15/25 (Call 03/15/25)^(a)	$	2,573	$	2,587,063


				234,101,941

Computers — 3.2%
Apple Inc.
0.55%, 08/20/25 (Call 07/20/25)		11,516		10,593,404
0.70%, 02/08/26 (Call 01/08/26)		22,174		20,249,379
1.13%, 05/11/25 (Call 04/11/25)^(a)		14,729		13,892,030
1.25%, 08/20/30 (Call 05/20/30)		11,917		9,846,543
1.40%, 08/05/28 (Call 06/05/28)		16,022		14,064,097
1.65%, 05/11/30 (Call 02/11/30)		18,424		15,804,349
1.65%, 02/08/31 (Call 11/08/30)		26,830		22,709,105
1.70%, 08/05/31 (Call 05/05/31)^(a)		8,326		7,029,982
2.05%, 09/11/26 (Call 07/11/26)		17,860		16,924,683
2.20%, 09/11/29 (Call 06/11/29)		14,555		13,219,100
2.38%, 02/08/41 (Call 08/08/40)^(a)		13,866		10,877,749
2.40%, 08/20/50 (Call 02/20/50)^(a)		10,782		7,812,068
2.45%, 08/04/26 (Call 05/04/26)^(a)		19,329		18,657,520
2.55%, 08/20/60 (Call 02/20/60)^(a)		16,176		11,325,338
2.65%, 05/11/50 (Call 11/11/49)		26,007		19,742,983
2.65%, 02/08/51 (Call 08/08/50)^(a)		28,189		21,317,018
2.70%, 08/05/51 (Call 02/05/51)^(a)		18,749		14,318,094
2.80%, 02/08/61 (Call 08/08/60)		15,501		11,396,304
2.85%, 08/05/61 (Call 02/05/61)		12,972		9,663,713
2.90%, 09/12/27 (Call 06/12/27)^(a)		20,623		19,927,479
2.95%, 09/11/49 (Call 03/11/49)^(a)		15,059		12,170,238
3.00%, 06/20/27 (Call 03/20/27)^(a)		8,698		8,462,665
3.00%, 11/13/27 (Call 08/13/27)		13,026		12,689,683
3.20%, 05/13/25		12,087		12,130,727
3.20%, 05/11/27 (Call 02/11/27)		19,607		19,341,300
3.25%, 02/23/26 (Call 11/23/25)^(a)		28,832		28,739,582
3.35%, 02/09/27 (Call 11/09/26)		19,676		19,588,503
3.45%, 02/09/45		18,562		16,490,837
3.75%, 09/12/47 (Call 03/12/47)		11,378		10,545,051
3.75%, 11/13/47 (Call 05/13/47)		11,691		10,968,398
3.85%, 05/04/43		24,312		23,011,169
3.85%, 08/04/46 (Call 02/04/46)		19,321		18,368,977
4.25%, 02/09/47 (Call 08/09/46)^(a)		10,255		10,223,724
4.38%, 05/13/45		16,960		17,163,160
4.45%, 05/06/44^(a)		9,893		10,133,796
4.50%, 02/23/36 (Call 08/23/35)		8,870		9,375,138
4.65%, 02/23/46 (Call 08/23/45)^(a)		37,878		39,989,740
Dell International LLC/EMC Corp.
3.38%, 12/15/41 (Call 06/15/41)^(c)		11,273		8,499,310
3.45%, 12/15/51 (Call 06/15/51)^(a)(c)		11,962		8,470,564
4.90%, 10/01/26 (Call 08/01/26)		17,463		17,819,987
5.30%, 10/01/29 (Call 07/01/29)		17,234		17,660,197
5.85%, 07/15/25 (Call 06/15/25)		4,597		4,827,614
6.02%, 06/15/26 (Call 03/15/26)		43,706		46,223,020
6.20%, 07/15/30 (Call 04/15/30)		12,234		13,219,893
8.10%, 07/15/36 (Call 01/15/36)		7,877		9,666,333
8.35%, 07/15/46 (Call 01/15/46)^(a)		7,734		10,357,627
Hewlett Packard Enterprise Co.
1.75%, 04/01/26 (Call 03/01/26)^(a)		9,127		8,412,001
4.90%, 10/15/25 (Call 07/15/25)^(a)		23,121		23,853,194
6.20%, 10/15/35 (Call 04/15/35)^(a)		9,471		10,305,308
6.35%, 10/15/45 (Call 04/15/45)^(a)		17,882		18,957,711
HP Inc.
1.45%, 06/17/26 (Call 05/17/26)^(a)		10,125		9,114,846
2.20%, 06/17/25 (Call 05/17/25)		6,087		5,779,062


Security	Par (000)		Value

Computers (continued)
2.65%, 06/17/31 (Call 03/17/31)	$	11,506	$	9,514,041
3.00%, 06/17/27 (Call 04/17/27)^(a)		10,466		9,823,251
3.40%, 06/17/30 (Call 03/17/30)^(a)		6,818		6,117,845
4.00%, 04/15/29 (Call 02/15/29)		13,752		13,070,058
4.20%, 04/15/32 (Call 01/15/32)		12,368		11,353,243
6.00%, 09/15/41		12,059		12,581,338
International Business Machines Corp.
1.70%, 05/15/27 (Call 03/15/27)^(a)		12,995		11,789,554
1.95%, 05/15/30 (Call 02/15/30)^(a)		14,193		12,151,504
2.95%, 05/15/50 (Call 11/15/49)		8,705		6,627,359
3.30%, 05/15/26^(a)		25,194		24,866,188
3.45%, 02/19/26^(a)		12,611		12,521,555
3.50%, 05/15/29^(a)		29,293		28,314,930
4.00%, 06/20/42		9,750		8,939,782
4.15%, 05/15/39		17,295		16,430,253
4.25%, 05/15/49^(a)		29,124		27,437,155
Leidos Inc.
2.30%, 02/15/31 (Call 11/15/30)^(a)		11,960		9,859,919
4.38%, 05/15/30 (Call 02/15/30)^(a)		10,453		10,107,341
NetApp Inc., 1.88%, 06/22/25 (Call 05/22/25)		5,803		5,471,841
Western Digital Corp., 4.75%, 02/15/26 (Call 11/15/25)		18,643		18,526,481


				1,037,433,931

Cosmetics & Personal Care — 0.5%
GlaxoSmithKline LLC
3.63%, 03/24/32 (Call 12/24/31)^(c)		20,398		19,146,842
4.00%, 03/24/52 (Call 09/24/51)^(c)		11,051		9,962,874
GSK Consumer Healthcare Capital US LLC.
3.38%, 03/24/27 (Call 02/24/27)^(c)		10,159		9,834,667
3.38%, 03/24/29 (Call 01/24/29)^(c)		11,278		10,659,487
Procter & Gamble Co. (The)
0.55%, 10/29/25^(a)		8,022		7,350,632
1.00%, 04/23/26^(a)		8,180		7,471,214
1.20%, 10/29/30		13,421		11,035,443
1.90%, 02/01/27^(a)		5,460		5,140,015
1.95%, 04/23/31^(a)		6,855		5,993,579
2.30%, 02/01/32		7,033		6,286,147
2.45%, 11/03/26		11,184		10,784,580
2.85%, 08/11/27^(a)		10,769		10,445,232
3.00%, 03/25/30^(a)		14,959		14,236,132
Unilever Capital Corp.
1.75%, 08/12/31 (Call 05/12/31)		7,387		6,173,673
2.13%, 09/06/29 (Call 06/06/29)^(a)		7,602		6,776,791
2.90%, 05/05/27 (Call 02/05/27)^(a)		10,377		10,034,568
3.50%, 03/22/28 (Call 12/22/27)^(a)		13,284		13,097,319
5.90%, 11/15/32^(a)		10,087		11,719,779


				176,148,974

Diversified Financial Services — 3.2%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
1.75%, 01/30/26 (Call 12/30/25)^(a)		13,492		11,997,297
2.45%, 10/29/26 (Call 09/29/26)		31,089		27,662,010
3.00%, 10/29/28 (Call 08/29/28)		34,178		29,666,210
3.30%, 01/30/32 (Call 10/30/31)		35,297		29,359,625
3.40%, 10/29/33 (Call 07/29/33)^(a)		16,499		13,477,776
3.65%, 07/21/27 (Call 04/21/27)^(a)		9,874		9,226,684
3.85%, 10/29/41 (Call 04/29/41)^(a)		15,388		11,883,212
6.50%, 07/15/25 (Call 06/15/25)^(a)		8,845		9,185,342
Air Lease Corp.
1.88%, 08/15/26 (Call 07/15/26)^(a)		19,153		17,069,816


Security	Par (000)		Value

Diversified Financial Services (continued)
2.20%, 01/15/27 (Call 12/15/26)	$	7,961	$	7,109,440
2.88%, 01/15/26 (Call 12/15/25)^(a)		16,914		15,853,976
2.88%, 01/15/32 (Call 10/15/31)^(a)		5,229		4,316,338
3.13%, 12/01/30 (Call 09/01/30)^(a)		5,446		4,696,712
3.38%, 07/01/25 (Call 06/01/25)^(a)		5,244		5,067,231
3.75%, 06/01/26 (Call 04/01/26)^(a)		10,379		10,009,838
Ally Financial Inc.
2.20%, 11/02/28 (Call 09/02/28)^(a)		14,977		13,025,048
5.80%, 05/01/25 (Call 04/01/25)^(a)		879		918,854
8.00%, 11/01/31		19,485		23,301,089
American Express Co.
1.65%, 11/04/26 (Call 10/04/26)		16,116		14,735,663
2.55%, 03/04/27 (Call 02/01/27)^(a)		11,938		11,244,516
3.13%, 05/20/26 (Call 04/20/26)		16,786		16,465,048
4.05%, 05/03/29		6,295		6,247,478
4.05%, 12/03/42^(a)		9,515		9,000,566
4.20%, 11/06/25 (Call 10/06/25)^(a)		9,123		9,324,602
Brookfield Finance Inc.
3.50%, 03/30/51 (Call 09/30/50)		8,519		6,749,485
3.90%, 01/25/28 (Call 10/25/27)		12,353		12,015,147
4.35%, 04/15/30 (Call 01/15/30)		9,717		9,602,799
4.70%, 09/20/47 (Call 03/20/47)^(a)		8,787		8,322,094
4.85%, 03/29/29 (Call 12/29/28)^(a)		10,490		10,727,099
Capital One Financial Corp.
3.65%, 05/11/27 (Call 04/11/27)^(a)		9,712		9,431,522
3.75%, 07/28/26 (Call 06/28/26)^(a)		17,404		17,023,133
3.75%, 03/09/27 (Call 02/09/27)^(a)		11,654		11,354,844
3.80%, 01/31/28 (Call 12/31/27)^(a)		16,406		15,792,519
4.20%, 10/29/25 (Call 09/29/25)		14,649		14,617,105
4.25%, 04/30/25 (Call 03/31/25)^(a)		5,487		5,501,541
Charles Schwab Corp. (The)
0.90%, 03/11/26 (Call 02/11/26)^(a)		17,794		16,102,164
1.15%, 05/13/26 (Call 04/13/26)		11,796		10,693,522
1.65%, 03/11/31 (Call 12/11/30)		4,152		3,374,232
1.95%, 12/01/31 (Call 09/01/31)^(a)		10,414		8,574,359
2.00%, 03/20/28 (Call 01/20/28)^(a)		14,895		13,433,549
2.30%, 05/13/31 (Call 02/13/31)^(a)		9,453		8,119,856
2.45%, 03/03/27 (Call 02/03/27)		4,200		3,957,518
2.90%, 03/03/32 (Call 12/03/31)		18,336		16,412,189
3.85%, 05/21/25 (Call 03/21/25)		6,682		6,761,543
CME Group Inc.
2.65%, 03/15/32 (Call 12/15/31)		12,702		11,316,209
5.30%, 09/15/43 (Call 03/15/43)^(a)		8,105		9,047,475
Corebridge Financial Inc., 3.65%, 04/05/27		8,561		8,288,004
Discover Financial Services, 4.10%, 02/09/27 (Call 11/09/26)^(a)		11,801		11,676,753
Intercontinental Exchange Inc.
1.85%, 09/15/32 (Call 06/15/32)^(a)		15,721		12,707,929
2.10%, 06/15/30 (Call 03/15/30)^(a)		12,077		10,443,471
2.65%, 09/15/40 (Call 03/15/40)^(a)		14,376		11,056,777
3.00%, 06/15/50 (Call 12/15/49)^(a)		12,074		9,270,398
3.00%, 09/15/60 (Call 03/15/60)		12,672		9,165,038
3.75%, 12/01/25 (Call 09/01/25)^(a)		16,775		16,825,709
4.25%, 09/21/48 (Call 03/21/48)^(a)		11,763		11,336,072
Jefferies Group LLC/Jefferies Group Capital Finance Inc.
2.63%, 10/15/31 (Call 07/15/31)		13,375		11,006,947
4.15%, 01/23/30^(a)		10,855		10,316,412
4.85%, 01/15/27^(a)		7,372		7,563,095


Security	Par (000)		Value

Diversified Financial Services (continued)
Mastercard Inc.
2.00%, 11/18/31 (Call 08/18/31)	$	12,330	$	10,605,215
2.95%, 11/21/26 (Call 08/21/26)^(a)		9,555		9,368,849
2.95%, 06/01/29 (Call 03/01/29)^(a)		9,659		9,189,629
3.30%, 03/26/27 (Call 01/26/27)^(a)		11,922		11,822,991
3.35%, 03/26/30 (Call 12/26/29)^(a)		10,130		9,798,592
3.65%, 06/01/49 (Call 12/01/48)		8,910		8,096,550
3.85%, 03/26/50 (Call 09/26/49)^(a)		19,143		18,164,940
Nomura Holdings Inc.
1.65%, 07/14/26		15,989		14,355,051
1.85%, 07/16/25		9,580		8,914,236
2.17%, 07/14/28		12,776		11,110,739
2.33%, 01/22/27^(a)		12,213		11,113,632
2.61%, 07/14/31^(a)		9,261		7,792,252
2.68%, 07/16/30^(a)		8,829		7,598,942
3.00%, 01/22/32^(a)		7,599		6,559,506
3.10%, 01/16/30^(a)		14,366		12,883,650
Raymond James Financial Inc.
3.75%, 04/01/51 (Call 10/01/50)^(a)		7,016		6,191,095
4.95%, 07/15/46^(a)		8,506		8,786,365
Synchrony Financial
2.88%, 10/28/31 (Call 07/28/31)^(a)		13,653		11,129,300
3.95%, 12/01/27 (Call 09/01/27)^(a)		11,071		10,572,868
4.50%, 07/23/25 (Call 04/23/25)		4,413		4,431,995
Visa Inc.
1.10%, 02/15/31 (Call 11/15/30)^(a)		7,447		5,942,837
1.90%, 04/15/27 (Call 02/15/27)^(a)		15,863		14,753,267
2.00%, 08/15/50 (Call 02/15/50)^(a)		16,800		11,274,515
2.05%, 04/15/30 (Call 01/15/30)^(a)		16,237		14,384,191
2.70%, 04/15/40 (Call 10/15/39)		11,684		9,550,221
2.75%, 09/15/27 (Call 06/15/27)^(a)		9,448		9,155,121
3.15%, 12/14/25 (Call 09/14/25)^(a)		38,989		38,732,807
3.65%, 09/15/47 (Call 03/15/47)		8,935		8,136,574
4.15%, 12/14/35 (Call 06/14/35)		13,371		13,456,326
4.30%, 12/14/45 (Call 06/14/45)^(a)		33,923		34,061,134


				1,027,364,270

Electric — 2.8%
AES Corp. (The)
1.38%, 01/15/26 (Call 12/15/25)^(a)		10,130		9,087,707
2.45%, 01/15/31 (Call 10/15/30)^(a)		7,727		6,402,830
Ameren Corp., 3.50%, 01/15/31 (Call 10/15/30)^(a)		4,797		4,490,061
Avangrid Inc., 3.80%, 06/01/29 (Call 03/01/29)^(a)		6,624		6,435,078
Berkshire Hathaway Energy Co.
2.85%, 05/15/51 (Call 11/15/50)		15,165		11,025,496
3.70%, 07/15/30 (Call 04/15/30)		9,651		9,331,476
3.80%, 07/15/48 (Call 01/15/48)^(a)		8,956		7,808,399
4.25%, 10/15/50 (Call 04/15/50)^(a)		8,709		8,126,971
4.45%, 01/15/49 (Call 07/15/48)^(a)		9,375		9,049,131
4.50%, 02/01/45 (Call 08/01/44)		8,637		8,140,374
4.60%, 05/01/53^(c)		6,574		6,462,251
5.15%, 11/15/43 (Call 05/15/43)		6,945		7,118,260
6.13%, 04/01/36		15,516		17,600,253
Commonwealth Edison Co., 4.00%, 03/01/48 (Call 09/01/47)^(a)		5,117		4,735,454
Connecticut Light & Power Co. (The), 4.00%, 04/01/48 (Call 10/01/47)^(a)		7,158		6,726,304
Consolidated Edison Co. of New York Inc.
2.40%, 06/15/31 (Call 03/15/31)^(a)		7,715		6,693,321
3.60%, 06/15/61 (Call 12/15/60)^(a)		6,463		5,228,038
4.45%, 03/15/44 (Call 09/15/43)		8,416		7,999,699


Security	Par (000)		Value

Electric (continued)
4.63%, 12/01/54 (Call 06/01/54)	$	8,578	$	8,254,104
Series 20B, 3.95%, 04/01/50 (Call 10/01/49)^(a)		7,797		7,052,144
Constellation Energy Generation LLC
3.25%, 06/01/25 (Call 05/01/25)^(a)		980		960,628
5.60%, 06/15/42 (Call 12/15/41)^(a)		4,869		4,773,352
Dominion Energy Inc.
3.90%, 10/01/25 (Call 07/01/25)^(a)		8,249		8,282,342
Series C, 2.25%, 08/15/31 (Call 05/15/31)^(a)		7,737		6,493,568
Series C, 3.38%, 04/01/30 (Call 01/01/30)		8,484		7,873,620
DTE Energy Co., Series F, 1.05%, 06/01/25 (Call 05/01/25)^(a)		2,995		2,758,261
Duke Energy Carolinas LLC
3.20%, 08/15/49 (Call 02/15/49)^(a)		8,676		7,098,538
5.30%, 02/15/40		8,235		8,901,311
Duke Energy Corp.
2.45%, 06/01/30 (Call 03/01/30)^(a)		6,965		6,059,951
2.55%, 06/15/31 (Call 03/15/31)^(a)		8,762		7,487,026
2.65%, 09/01/26 (Call 06/01/26)^(a)		13,837		13,081,766
3.15%, 08/15/27 (Call 05/15/27)^(a)		5,598		5,359,095
3.30%, 06/15/41 (Call 12/15/40)^(a)		7,875		6,373,974
3.50%, 06/15/51 (Call 12/15/50)^(a)		7,752		6,068,753
3.75%, 09/01/46 (Call 03/01/46)		15,059		12,495,909
Duke Energy Florida LLC, 6.40%, 06/15/38^(a)		8,158		9,865,415
Emera U.S. Finance LP
3.55%, 06/15/26 (Call 03/15/26)^(a)		12,572		12,263,649
4.75%, 06/15/46 (Call 12/15/45)^(a)		14,140		13,155,438
Entergy Corp.
0.90%, 09/15/25 (Call 08/15/25)		4,498		4,066,075
2.95%, 09/01/26 (Call 06/01/26)		11,869		11,464,013
Entergy Louisiana LLC, 4.20%, 09/01/48 (Call 03/01/48)		9,874		9,427,291
Evergy Inc., 2.90%, 09/15/29 (Call 06/15/29)^(a)		6,789		6,165,857
Exelon Corp.
3.40%, 04/15/26 (Call 01/15/26)^(a)		12,423		12,135,852
3.95%, 06/15/25 (Call 03/15/25)^(a)		4,377		4,402,832
4.05%, 04/15/30 (Call 01/15/30)^(a)		10,980		10,733,757
4.45%, 04/15/46 (Call 10/15/45)^(a)		8,138		7,684,744
4.70%, 04/15/50 (Call 10/15/49)^(a)		9,036		8,836,220
Exelon Generation Co. LLC, 6.25%, 10/01/39		11,779		12,351,657
Florida Power & Light Co.
2.45%, 02/03/32 (Call 11/03/31)		5,730		5,026,712
2.88%, 12/04/51 (Call 06/04/51)		9,846		7,728,585
3.15%, 10/01/49 (Call 04/01/49)^(a)		7,515		6,230,043
3.95%, 03/01/48 (Call 09/01/47)^(a)		10,491		9,984,827
Georgia Power Co.
4.30%, 03/15/42^(a)		10,038		9,107,134
Series A, 3.25%, 03/15/51 (Call 09/15/50)^(a)		8,474		6,504,823
MidAmerican Energy Co.
3.65%, 04/15/29 (Call 01/15/29)^(a)		5,739		5,651,809
4.25%, 07/15/49 (Call 01/15/49)^(a)		8,386		8,167,559
NextEra Energy Capital Holdings Inc.
1.88%, 01/15/27 (Call 12/15/26)^(a)		22,646		20,705,260
1.90%, 06/15/28 (Call 04/15/28)		13,626		12,035,377
2.25%, 06/01/30 (Call 03/01/30)^(a)		15,906		13,593,002
2.44%, 01/15/32 (Call 10/15/31)^(a)		13,006		11,024,325
2.75%, 11/01/29 (Call 08/01/29)^(a)		8,635		7,722,989
3.55%, 05/01/27 (Call 02/01/27)^(a)		15,590		15,251,077
Pacific Gas and Electric Co.
2.10%, 08/01/27 (Call 06/01/27)^(a)		6,941		5,996,618
2.50%, 02/01/31 (Call 11/01/30)^(a)		21,118		16,728,132


Security	Par (000)		Value

Electric (continued)
3.00%, 06/15/28 (Call 04/15/28)^(a)	$	7,583	$	6,786,104
3.15%, 01/01/26		18,363		17,277,953
3.25%, 06/01/31 (Call 03/01/31)		9,562		7,993,029
3.30%, 12/01/27 (Call 09/01/27)^(a)		9,107		8,279,160
3.30%, 08/01/40 (Call 02/01/40)^(a)		8,498		6,188,274
3.45%, 07/01/25		6,015		5,775,747
3.50%, 08/01/50 (Call 02/01/50)^(a)		18,322		12,765,260
3.75%, 07/01/28^(a)		7,652		7,028,775
3.95%, 12/01/47 (Call 06/01/47)		8,398		6,166,280
4.50%, 07/01/40 (Call 01/01/40)		18,968		15,593,438
4.55%, 07/01/30 (Call 01/01/30)		30,153		27,897,443
4.95%, 07/01/50 (Call 01/01/50)		30,378		25,381,822
PacifiCorp., 2.90%, 06/15/52 (Call 12/15/51)^(a)		8,403		6,447,895
Public Service Co. of Colorado, 1.88%, 06/15/31 (Call 12/15/30)^(a)		4,495		3,783,439
Public Service Enterprise Group Inc., 2.45%, 11/15/31 (Call 08/15/31)^(a)		6,835		5,767,571
San Diego Gas & Electric Co.
Series VVV, 1.70%, 10/01/30 (Call 07/01/30)^(a)		4,293		3,556,861
Series WWW, 2.95%, 08/15/51 (Call 02/15/51)^(a)		9,798		7,629,147
Sempra Energy
3.25%, 06/15/27 (Call 03/15/27)		9,237		8,849,647
3.40%, 02/01/28 (Call 11/01/27)^(a)		10,293		9,878,779
3.80%, 02/01/38 (Call 08/01/37)^(a)		9,535		8,637,607
4.00%, 02/01/48 (Call 08/01/47)		4,106		3,617,991
6.00%, 10/15/39		10,094		11,415,236
Southern California Edison Co.
3.65%, 02/01/50 (Call 08/01/49)^(a)		13,184		10,556,707
4.00%, 04/01/47 (Call 10/01/46)^(a)		14,370		12,305,232
4.65%, 10/01/43 (Call 04/01/43)^(a)		6,023		5,737,036
Series 20A, 2.95%, 02/01/51 (Call 08/01/50)^(a)		8,356		6,017,362
Series C, 4.13%, 03/01/48 (Call 09/01/47)^(a)		11,932		10,310,619
Series E, 3.70%, 08/01/25 (Call 06/01/25)^(a)		4,767		4,761,775
Southern Co. (The)
3.25%, 07/01/26 (Call 04/01/26)		20,369		19,765,809
4.40%, 07/01/46 (Call 01/01/46)^(a)		18,584		16,966,508
Series A, 3.70%, 04/30/30 (Call 01/30/30)^(a)		7,647		7,227,569
Series B, 4.00%, 01/15/51 (Call 10/15/25)^(a)(b)		10,846		10,265,110
Virginia Electric & Power Co.
2.45%, 12/15/50 (Call 06/15/50)^(a)		8,295		5,799,874
2.95%, 11/15/51 (Call 05/15/51)^(a)		8,631		6,699,048
Series A, 3.15%, 01/15/26 (Call 10/15/25)^(a)		9,934		9,734,019
Series A, 3.50%, 03/15/27 (Call 12/15/26)^(a)		7,254		7,144,248


				895,854,891

Electrical Components & Equipment — 0.1%
Emerson Electric Co.
0.88%, 10/15/26 (Call 09/15/26)		10,040		8,952,082
2.00%, 12/21/28 (Call 10/21/28)		9,265		8,292,317
2.20%, 12/21/31 (Call 09/21/31)^(a)		6,422		5,570,742
2.80%, 12/21/51 (Call 06/21/51)^(a)		10,464		8,016,771


				30,831,912

Electronics — 0.3%
Agilent Technologies Inc., 2.30%, 03/12/31 (Call 12/12/30)^(a)		11,799		9,912,876
Amphenol Corp.
2.20%, 09/15/31 (Call 06/15/31)^(a)		8,313		6,905,007
2.80%, 02/15/30 (Call 11/15/29)^(a)		7,421		6,651,510
Honeywell International Inc.
1.10%, 03/01/27 (Call 02/01/27)		9,820		8,785,153


Security	Par (000)		Value

Electronics (continued)
1.35%, 06/01/25 (Call 05/01/25)	$	9,767	$	9,248,039
1.75%, 09/01/31 (Call 06/01/31)^(a)		13,051		10,984,172
1.95%, 06/01/30 (Call 03/01/30)		7,084		6,191,706
2.50%, 11/01/26 (Call 08/01/26)^(a)		10,945		10,519,273
2.70%, 08/15/29 (Call 05/15/29)^(a)		7,220		6,741,495
2.80%, 06/01/50 (Call 12/01/49)^(a)		7,930		6,422,111


				82,361,342

Entertainment — 0.7%
Magallanes Inc.
3.76%, 03/15/27 (Call 02/15/27)^(c)		50,793		48,986,984
4.05%, 03/15/29 (Call 01/15/29)^(c)		17,637		16,803,733
4.28%, 03/15/32 (Call 12/15/31)^(c)		44,684		41,460,693
5.05%, 03/15/42 (Call 09/15/41)^(c)		48,086		43,853,735
5.14%, 03/15/52 (Call 09/15/51)^(c)		63,700		56,994,052
5.39%, 03/15/62 (Call 09/15/61)^(c)		24,854		22,124,879


				230,224,076

Environmental Control — 0.1%
Republic Services Inc.
1.75%, 02/15/32 (Call 11/15/31)^(a)		10,741		8,638,651
3.95%, 05/15/28 (Call 02/15/28)^(a)		8,366		8,344,519
Waste Connections Inc., 2.95%, 01/15/52 (Call 07/15/51)^(a)		9,153		6,830,562
Waste Management Inc.
1.50%, 03/15/31 (Call 12/15/30)^(a)		8,174		6,636,002
3.15%, 11/15/27 (Call 08/15/27)^(a)		9,292		9,006,774


				39,456,508

Food — 1.3%
Campbell Soup Co., 4.15%, 03/15/28 (Call 12/15/27)		7,275		7,232,132
Conagra Brands Inc.
1.38%, 11/01/27 (Call 09/01/27)		12,673		10,766,726
4.60%, 11/01/25 (Call 09/01/25)		9,638		9,753,068
4.85%, 11/01/28 (Call 08/01/28)^(a)		13,606		13,683,722
5.30%, 11/01/38 (Call 05/01/38)^(a)		9,889		9,828,387
5.40%, 11/01/48 (Call 05/01/48)		11,258		11,265,035
General Mills Inc.
2.88%, 04/15/30 (Call 01/15/30)		9,940		9,043,577
3.20%, 02/10/27 (Call 11/10/26)^(a)		7,784		7,591,769
4.20%, 04/17/28 (Call 01/17/28)		15,840		15,969,350
Hormel Foods Corp.
1.70%, 06/03/28 (Call 04/03/28)^(a)		7,627		6,768,533
1.80%, 06/11/30 (Call 03/11/30)		7,759		6,578,055
Kellogg Co., 3.25%, 04/01/26^(a)		11,587		11,378,762
Kraft Heinz Foods Co.
3.00%, 06/01/26 (Call 03/01/26)		17,214		16,442,866
3.88%, 05/15/27 (Call 02/15/27)^(a)		13,263		12,982,803
4.38%, 06/01/46 (Call 12/01/45)^(a)		26,038		22,872,300
4.88%, 10/01/49 (Call 04/01/49)		14,050		13,118,204
5.00%, 06/04/42^(a)		13,862		13,341,555
5.20%, 07/15/45 (Call 01/15/45)^(a)		16,364		15,935,271
5.50%, 06/01/50 (Call 12/01/49)		7,623		7,714,476
6.88%, 01/26/39		7,338		8,407,041
Kroger Co. (The)
2.65%, 10/15/26 (Call 07/15/26)^(a)		10,656		10,109,278
3.95%, 01/15/50 (Call 07/15/49)		7,989		7,069,942
4.45%, 02/01/47 (Call 08/01/46)		9,903		9,342,466
McCormick & Co. Inc./MD, 3.40%, 08/15/27 (Call 05/15/27)^(a)		10,428		10,142,327
Mondelez International Inc.
1.50%, 05/04/25 (Call 04/04/25)		5,333		5,042,573


Security	Par (000)		Value

Food (continued)
2.63%, 03/17/27 (Call 02/17/27)	$	4,614	$	4,353,137
2.63%, 09/04/50 (Call 03/04/50)		10,127		7,133,953
2.75%, 04/13/30 (Call 01/13/30)		8,582		7,688,633
3.00%, 03/17/32 (Call 12/17/31)		3,271		2,924,400
Sysco Corp.
3.15%, 12/14/51 (Call 06/14/51)^(a)		8,556		6,285,003
3.25%, 07/15/27 (Call 04/15/27)^(a)		6,017		5,784,510
3.30%, 07/15/26 (Call 04/15/26)^(a)		11,177		10,893,679
3.75%, 10/01/25 (Call 07/01/25)^(a)		7,817		7,832,640
5.95%, 04/01/30 (Call 01/01/30)^(a)		11,824		12,933,022
6.60%, 04/01/50 (Call 10/01/49)^(a)		11,457		13,645,883
Tyson Foods Inc.
3.55%, 06/02/27 (Call 03/02/27)		11,508		11,285,312
4.00%, 03/01/26 (Call 01/01/26)		9,987		10,030,222
4.35%, 03/01/29 (Call 12/01/28)^(a)		9,832		9,931,649
4.55%, 06/02/47 (Call 12/02/46)^(a)		9,678		9,288,810
5.10%, 09/28/48 (Call 03/28/48)^(a)		15,075		15,642,972


				408,034,043

Gas — 0.2%
Atmos Energy Corp., 4.13%, 10/15/44 (Call 04/15/44)		7,602		7,044,494
NiSource Inc.
0.95%, 08/15/25 (Call 07/15/25)		8,753		7,932,786
1.70%, 02/15/31 (Call 11/15/30)		9,458		7,463,087
2.95%, 09/01/29 (Call 06/01/29)		7,431		6,703,487
3.49%, 05/15/27 (Call 02/15/27)^(a)		9,775		9,491,448
3.60%, 05/01/30 (Call 02/01/30)^(a)		8,334		7,775,150
3.95%, 03/30/48 (Call 09/30/47)^(a)		8,099		6,844,748
4.38%, 05/15/47 (Call 11/15/46)^(a)		9,057		8,153,562
4.80%, 02/15/44 (Call 08/15/43)^(a)		9,198		8,579,404


				69,988,166

Hand & Machine Tools — 0.0%
Stanley Black & Decker Inc.
2.30%, 03/15/30 (Call 12/15/29)^(a)		10,279		9,054,425
2.75%, 11/15/50 (Call 05/15/50)^(a)		7,412		5,367,176


				14,421,601

Health Care - Products — 0.9%
Abbott Laboratories
3.75%, 11/30/26 (Call 08/30/26)^(a)		14,171		14,314,474
4.75%, 11/30/36 (Call 05/30/36)^(a)		16,457		17,683,703
4.90%, 11/30/46 (Call 05/30/46)		30,936		33,730,150
Baxter International Inc.
1.92%, 02/01/27 (Call 01/01/27)^(a)(c)		21,568		19,617,852
2.27%, 12/01/28 (Call 10/01/28)^(c)		15,766		14,010,901
2.54%, 02/01/32 (Call 11/01/31)^(a)(c)		13,428		11,466,361
2.60%, 08/15/26 (Call 05/15/26)^(a)		2,373		2,246,770
3.13%, 12/01/51 (Call 06/01/51)^(a)(c)		9,443		7,039,672
Boston Scientific Corp., 2.65%, 06/01/30 (Call 03/01/30)		12,212		10,863,269
Danaher Corp.
2.60%, 10/01/50 (Call 04/01/50)		10,724		7,613,083
2.80%, 12/10/51 (Call 06/10/51)^(a)		10,376		7,671,197
DH Europe Finance II Sarl
2.60%, 11/15/29 (Call 08/15/29)		7,284		6,582,234
3.25%, 11/15/39 (Call 05/15/39)^(a)		9,398		8,131,727
3.40%, 11/15/49 (Call 05/15/49)		8,891		7,382,116
Medtronic Inc.
4.38%, 03/15/35^(a)		19,383		20,017,880
4.63%, 03/15/45^(a)		17,053		17,993,950
PerkinElmer Inc., 3.30%, 09/15/29 (Call 06/15/29)^(a)		12,582		11,531,733


Security	Par (000)		Value

Health Care - Products (continued)
Stryker Corp.
1.95%, 06/15/30 (Call 03/15/30)^(a)	$	11,753	$	9,969,481
3.38%, 11/01/25 (Call 08/01/25)^(a)		6,656		6,604,110
3.50%, 03/15/26 (Call 12/15/25)^(a)		7,754		7,662,818
4.63%, 03/15/46 (Call 09/15/45)^(a)		9,882		9,828,523
Thermo Fisher Scientific Inc.
2.00%, 10/15/31 (Call 07/15/31)^(a)		12,884		10,827,564
2.60%, 10/01/29 (Call 07/01/29)		10,109		9,206,358
2.80%, 10/15/41 (Call 04/15/41)		13,310		10,638,879
4.10%, 08/15/47 (Call 02/15/47)^(a)		9,363		9,035,329
Zimmer Biomet Holdings Inc., 2.60%, 11/24/31 (Call 08/24/31)^(a)		8,494		7,280,659


				298,950,793

Health Care - Services — 2.2%
Aetna Inc.
3.88%, 08/15/47 (Call 02/15/47)^(a)		9,705		8,359,363
6.63%, 06/15/36^(a)		10,858		12,758,523
Anthem Inc.
1.50%, 03/15/26 (Call 02/15/26)^(a)		9,128		8,400,698
2.25%, 05/15/30 (Call 02/15/30)^(a)		15,171		13,163,247
2.55%, 03/15/31 (Call 12/15/30)		9,512		8,362,373
2.88%, 09/15/29 (Call 06/15/29)		7,070		6,484,652
3.13%, 05/15/50 (Call 11/15/49)^(a)		9,094		7,099,181
3.60%, 03/15/51 (Call 09/15/50)^(a)		12,820		10,833,110
3.65%, 12/01/27 (Call 09/01/27)		14,883		14,573,426
3.70%, 09/15/49 (Call 03/15/49)		8,718		7,491,366
4.10%, 03/01/28 (Call 12/01/27)		11,585		11,573,328
4.38%, 12/01/47 (Call 06/01/47)		11,979		11,514,949
4.55%, 03/01/48 (Call 09/01/47)^(a)		7,961		7,779,135
4.63%, 05/15/42^(a)		7,637		7,543,614
4.65%, 01/15/43^(a)		11,071		10,864,063
4.65%, 08/15/44 (Call 02/15/44)		7,710		7,579,605
Ascension Health
3.95%, 11/15/46^(a)		6,547		6,292,901
Series B, 2.53%, 11/15/29 (Call 08/15/29)^(a)		8,379		7,752,250
CommonSpirit Health
3.35%, 10/01/29 (Call 04/01/29)		8,749		8,183,355
4.19%, 10/01/49 (Call 04/01/49)		4,497		4,029,640
HCA Inc.
2.38%, 07/15/31 (Call 04/15/31)^(a)		9,657		7,948,563
3.13%, 03/15/27 (Call 02/15/27)^(a)(c)		7,972		7,497,641
3.50%, 07/15/51 (Call 01/15/51)		13,718		10,211,792
3.63%, 03/15/32 (Call 12/15/31)^(a)(c)		22,011		19,743,469
4.13%, 06/15/29 (Call 03/15/29)		14,567		13,964,120
4.50%, 02/15/27 (Call 08/15/26)^(a)		11,958		11,986,783
4.63%, 03/15/52 (Call 09/15/51)^(a)(c)		15,332		13,421,107
5.13%, 06/15/39 (Call 12/15/38)		12,671		12,216,196
5.25%, 04/15/25		8,778		9,052,332
5.25%, 06/15/26 (Call 12/15/25)		14,222		14,646,487
5.25%, 06/15/49 (Call 12/15/48)		20,937		19,967,102
5.50%, 06/15/47 (Call 12/15/46)		14,125		13,926,725
Humana Inc.
1.35%, 02/03/27 (Call 01/03/27)		14,019		12,355,319
2.15%, 02/03/32 (Call 11/03/31)^(a)		7,578		6,244,094
3.70%, 03/23/29 (Call 02/23/29)		9,166		8,812,039
4.95%, 10/01/44 (Call 04/01/44)		7,834		8,061,577
Kaiser Foundation Hospitals
4.15%, 05/01/47 (Call 11/01/46)		12,017		11,727,639
Series 2019, 3.27%, 11/01/49 (Call 05/01/49)^(a)		8,805		7,342,998
Series 2021, 2.81%, 06/01/41 (Call 12/01/40)^(a)		10,289		8,213,550


Security	Par (000)		Value

Health Care - Services (continued)
Series 2021, 3.00%, 06/01/51 (Call 12/01/50)^(a)	$	11,370	$	8,844,761
Laboratory Corp. of America Holdings, 4.70%, 02/01/45 (Call 08/01/44)		10,492		10,117,984
Quest Diagnostics Inc., 2.95%, 06/30/30 (Call 03/30/30)		11,397		10,200,779
UnitedHealth Group Inc.
1.15%, 05/15/26 (Call 04/15/26)^(a)		11,174		10,171,881
2.00%, 05/15/30^(a)		11,939		10,366,432
2.30%, 05/15/31 (Call 02/15/31)^(a)		11,971		10,468,367
2.75%, 05/15/40 (Call 11/15/39)		10,358		8,257,691
2.88%, 08/15/29		10,318		9,651,719
2.90%, 05/15/50 (Call 11/15/49)		12,036		9,330,166
2.95%, 10/15/27^(a)		10,063		9,698,641
3.05%, 05/15/41 (Call 11/15/40)^(a)		12,285		10,268,146
3.10%, 03/15/26^(a)		13,214		13,027,003
3.13%, 05/15/60 (Call 11/15/59)^(a)		8,785		6,736,048
3.25%, 05/15/51 (Call 11/15/50)^(a)		21,821		18,076,521
3.45%, 01/15/27^(a)		8,260		8,231,133
3.50%, 08/15/39 (Call 02/15/39)^(a)		11,898		10,715,797
3.70%, 08/15/49 (Call 02/15/49)^(a)		11,564		10,359,217
3.75%, 07/15/25		14,317		14,468,898
3.75%, 10/15/47 (Call 04/15/47)		8,152		7,303,550
3.85%, 06/15/28		10,661		10,676,289
3.88%, 12/15/28^(a)		8,711		8,728,599
3.88%, 08/15/59 (Call 02/15/59)^(a)		11,269		10,091,462
4.20%, 01/15/47 (Call 07/15/46)		8,085		7,825,785
4.25%, 03/15/43 (Call 09/15/42)^(a)		8,353		8,144,252
4.25%, 06/15/48 (Call 12/15/47)^(a)		15,141		14,661,560
4.45%, 12/15/48 (Call 06/15/48)^(a)		8,604		8,579,556
4.63%, 07/15/35		8,399		8,670,937
4.75%, 07/15/45		17,404		18,172,552
5.80%, 03/15/36^(a)		10,884		12,487,579
6.88%, 02/15/38		11,723		15,059,249
Universal Health Services Inc., 2.65%, 10/15/30 (Call 07/15/30)^(a)(c)		10,800		9,087,245


				726,458,111

Holding Companies - Diversified — 0.3%
Ares Capital Corp.
2.15%, 07/15/26 (Call 06/15/26)^(a)		12,978		11,478,033
2.88%, 06/15/28 (Call 04/15/28)		15,649		13,537,845
3.25%, 07/15/25 (Call 06/15/25)		11,181		10,646,377
3.88%, 01/15/26 (Call 12/15/25)		14,270		13,707,151
Blackstone Private Credit Fund
2.63%, 12/15/26 (Call 11/15/26)^(c)		11,057		9,685,760
3.25%, 03/15/27 (Call 02/15/27)^(c)		13,436		12,052,675
Blackstone Secured Lending Fund, 3.63%, 01/15/26 (Call 12/15/25)^(a)		8,395		8,034,594
FS KKR Capital Corp.
3.13%, 10/12/28 (Call 08/12/28)^(a)		9,594		8,337,296
3.40%, 01/15/26 (Call 12/15/25)^(a)		10,310		9,688,650
Owl Rock Capital Corp.
2.88%, 06/11/28 (Call 04/11/28)		8,836		7,514,695
3.40%, 07/15/26 (Call 06/15/26)^(a)		9,459		8,723,544


				113,406,620

Home Builders — 0.0%
Lennar Corp., 4.75%, 11/29/27 (Call 05/29/27)^(a)		9,235		9,255,139


Household Products & Wares — 0.0%
Kimberly-Clark Corp., 3.10%, 03/26/30 (Call 12/26/29)^(a)		8,537		8,082,827


Security	Par (000)		Value

Insurance — 1.8%
Aflac Inc., 3.60%, 04/01/30 (Call 01/01/30)^(a)	$	8,467	$	8,250,009
American International Group Inc.
2.50%, 06/30/25 (Call 05/30/25)^(a)		12,638		12,155,760
3.90%, 04/01/26 (Call 01/01/26)		14,174		14,105,585
4.38%, 06/30/50 (Call 12/30/49)^(a)		7,954		7,657,911
4.75%, 04/01/48 (Call 10/01/47)^(a)		10,082		10,363,539
4.80%, 07/10/45 (Call 01/10/45)^(a)		8,298		8,291,523
Aon Corp.
2.80%, 05/15/30 (Call 02/15/30)		10,570		9,389,940
3.75%, 05/02/29 (Call 02/02/29)^(a)		5,960		5,786,726
Aon Corp./Aon Global Holdings PLC, 3.90%, 02/28/52 (Call 08/28/51)		9,443		8,152,205
Aon Global Ltd., 3.88%, 12/15/25 (Call 09/15/25)^(a)		7,327		7,363,850
Arch Capital Group Ltd., 3.64%, 06/30/50 (Call 12/30/49)		10,281		8,654,615
Athene Holding Ltd., 4.13%, 01/12/28 (Call 10/12/27)^(a)		12,141		11,675,535
Berkshire Hathaway Finance Corp.
1.45%, 10/15/30 (Call 07/15/30)^(a)		8,176		6,745,794
2.30%, 03/15/27 (Call 02/15/27)^(a)		12,236		11,682,845
2.50%, 01/15/51 (Call 07/15/50)		8,959		6,325,787
2.85%, 10/15/50 (Call 04/15/50)^(a)		19,646		14,915,011
2.88%, 03/15/32 (Call 12/15/31)^(a)		6,441		5,831,781
3.85%, 03/15/52 (Call 09/15/51)		21,633		19,283,983
4.20%, 08/15/48 (Call 02/15/48)^(a)		25,342		24,177,745
4.25%, 01/15/49 (Call 07/15/48)^(a)		16,559		16,076,868
5.75%, 01/15/40^(a)		9,609		11,075,672
Berkshire Hathaway Inc.
3.13%, 03/15/26 (Call 12/15/25)^(a)		21,522		21,364,915
4.50%, 02/11/43		10,932		10,920,246
Brighthouse Financial Inc.
3.70%, 06/22/27 (Call 03/22/27)		1,425		1,384,864
4.70%, 06/22/47 (Call 12/22/46)		10,795		9,351,898
Cheniere Corpus Christi Holdings LLC, 2.74%, 12/31/39^(a)		7,733		6,424,576
Chubb Corp. (The), 6.00%, 05/11/37^(a)		8,169		9,496,992
Chubb INA Holdings Inc.
1.38%, 09/15/30 (Call 06/15/30)^(a)		2,450		2,006,500
3.05%, 12/15/61 (Call 06/15/61)^(a)		10,258		7,708,455
3.35%, 05/03/26 (Call 02/03/26)		9,749		9,659,098
4.35%, 11/03/45 (Call 05/03/45)		10,865		10,690,418
Corebridge Financial Inc.
3.85%, 04/05/29 (Call 02/05/29)^(c)		8,039		7,671,790
3.90%, 04/05/32		10,922		10,250,050
4.40%, 04/05/52^(c)		10,991		9,836,320
Equitable Holdings Inc.
4.35%, 04/20/28 (Call 01/20/28)^(a)		11,442		11,377,040
5.00%, 04/20/48 (Call 10/20/47)^(a)		14,930		14,556,526
Everest Reinsurance Holdings Inc.
3.13%, 10/15/52 (Call 04/15/52)^(a)		10,445		7,752,725
3.50%, 10/15/50 (Call 04/15/50)^(a)		9,519		7,676,766
Hartford Financial Services Group Inc. (The), 3.60%, 08/19/49 (Call 02/19/49)		8,365		7,037,430
Manulife Financial Corp.
3.70%, 03/16/32 (Call 12/16/31)		928		886,417
4.15%, 03/04/26		5,536		5,604,674
5.38%, 03/04/46^(a)		6,978		7,928,987
Marsh & McLennan Companies Inc.
2.25%, 11/15/30 (Call 08/15/30)		10,118		8,761,986
4.38%, 03/15/29 (Call 12/15/28)		11,632		11,765,518
4.90%, 03/15/49 (Call 09/15/48)^(a)		12,553		13,064,468


Security	Par (000)		Value

Insurance (continued)
MetLife Inc.
4.05%, 03/01/45^(a)	$	9,823	$	9,115,377
4.13%, 08/13/42^(a)		8,692		8,100,433
4.55%, 03/23/30 (Call 12/23/29)^(a)		6,214		6,418,059
4.60%, 05/13/46 (Call 11/13/45)^(a)		7,394		7,533,374
4.88%, 11/13/43		6,780		6,964,456
5.70%, 06/15/35		11,233		12,657,553
5.88%, 02/06/41		8,456		9,706,513
6.38%, 06/15/34^(a)		9,389		11,117,809

Progressive Corp. (The), 4.13%, 04/15/47 (Call 10/15/46)^(a)		8,342		7,941,085
Prudential Financial Inc.
3.70%, 03/13/51 (Call 09/13/50)^(a)		12,449		10,780,036
3.91%, 12/07/47 (Call 06/07/47)^(a)		5,992		5,385,430
3.94%, 12/07/49 (Call 06/07/49)^(a)		11,430		10,309,589
4.35%, 02/25/50 (Call 08/25/49)^(a)		9,105		8,869,690
4.60%, 05/15/44^(a)		9,376		9,280,538
5.70%, 12/14/36		9,113		10,205,975
Travelers Companies Inc. (The)
3.05%, 06/08/51 (Call 12/08/50)		8,337		6,689,064
5.35%, 11/01/40^(a)		7,000		7,765,500
6.25%, 06/15/37^(a)		8,954		10,759,548


				600,741,372

Internet — 2.1%
Alphabet Inc.
0.45%, 08/15/25 (Call 07/15/25)^(a)		6,705		6,175,777
0.80%, 08/15/27 (Call 06/15/27)^(a)		14,613		12,819,064
1.10%, 08/15/30 (Call 05/15/30)^(a)		17,890		14,739,856
1.90%, 08/15/40 (Call 02/15/40)^(a)		11,893		8,714,527
2.00%, 08/15/26 (Call 05/15/26)^(a)		18,846		17,899,697
2.05%, 08/15/50 (Call 02/15/50)		24,682		16,967,599
2.25%, 08/15/60 (Call 02/15/60)		18,743		12,473,058
Amazon.com Inc.
0.80%, 06/03/25 (Call 05/03/25)		8,495		7,912,415
1.00%, 05/12/26 (Call 04/12/26)		22,592		20,600,271
1.20%, 06/03/27 (Call 04/03/27)		13,254		11,814,307
1.50%, 06/03/30 (Call 03/03/30)		19,012		16,013,720
1.65%, 05/12/28 (Call 03/12/28)		17,661		15,727,615
2.10%, 05/12/31 (Call 02/12/31)		27,949		24,315,837
2.50%, 06/03/50 (Call 12/03/49)^(a)		26,257		19,403,269
2.70%, 06/03/60 (Call 12/03/59)		17,534		12,480,282
2.88%, 05/12/41 (Call 11/12/40)^(a)		20,699		17,126,551
3.10%, 05/12/51 (Call 11/12/50)^(a)		28,898		23,840,469
3.15%, 08/22/27 (Call 05/22/27)^(a)		29,785		29,154,830
3.25%, 05/12/61 (Call 11/12/60)^(a)		16,920		13,774,624
3.30%, 04/13/27		15,982		15,852,261
3.45%, 04/13/29 (Call 02/13/29)		12,240		12,058,294
3.60%, 04/13/32 (Call 01/13/32)		22,700		22,258,565
3.88%, 08/22/37 (Call 02/22/37)^(a)		25,544		24,880,188
3.95%, 04/13/52 (Call 10/13/51)		22,749		21,838,000
4.05%, 08/22/47 (Call 02/22/47)^(a)		31,607		30,772,133
4.10%, 04/13/62 (Call 10/13/61)		8,729		8,334,839
4.25%, 08/22/57 (Call 02/22/57)		22,542		22,117,627
4.80%, 12/05/34 (Call 06/05/34)^(a)		11,760		12,719,535
4.95%, 12/05/44 (Call 06/05/44)^(a)		14,105		15,348,501
5.20%, 12/03/25 (Call 09/03/25)^(a)		8,058		8,530,260
Booking Holdings Inc.
3.60%, 06/01/26 (Call 03/01/26)^(a)		10,734		10,665,813
4.63%, 04/13/30 (Call 01/13/30)^(a)		11,857		12,139,108


Security	Par (000)		Value

Internet (continued)
eBay Inc.
1.40%, 05/10/26 (Call 04/10/26)^(a)	$	11,732	$	10,655,540
2.60%, 05/10/31 (Call 02/10/31)		8,176		7,085,168
2.70%, 03/11/30 (Call 12/11/29)		7,469		6,601,101
3.60%, 06/05/27 (Call 03/05/27)^(a)		10,629		10,445,315
3.65%, 05/10/51 (Call 11/10/50)		9,820		7,964,316
4.00%, 07/15/42 (Call 01/15/42)^(a)		8,312		7,395,963
Expedia Group Inc.
2.95%, 03/15/31 (Call 12/15/30)		14,576		12,526,278
3.25%, 02/15/30 (Call 11/15/29)		15,675		13,965,674
3.80%, 02/15/28 (Call 11/15/27)		8,681		8,266,128
4.63%, 08/01/27 (Call 05/01/27)		13,460		13,537,146
5.00%, 02/15/26 (Call 11/15/25)^(a)		12,367		12,696,281
Netflix Inc.
4.38%, 11/15/26^(a)		8,690		8,593,193
4.88%, 04/15/28		13,381		13,038,446
5.88%, 11/15/28		20,206		20,772,778
6.38%, 05/15/29^(a)		10,808		11,456,480


				684,468,699

Lodging — 0.2%
Las Vegas Sands Corp.
3.50%, 08/18/26 (Call 06/18/26)^(a)		6,093		5,545,015
3.90%, 08/08/29 (Call 05/08/29)^(a)		2,694		2,315,621
Marriott International Inc./MD
Series FF, 4.63%, 06/15/30 (Call 03/15/30)^(a)		10,611		10,484,713
Series GG, 3.50%, 10/15/32 (Call 07/15/32)		8,764		7,811,408
Series HH, 2.85%, 04/15/31 (Call 01/15/31)		12,686		10,922,301
Series R, 3.13%, 06/15/26 (Call 03/15/26)		9,928		9,578,530
Sands China Ltd.
3.80%, 01/08/26 (Call 12/08/25)		1,500		1,385,233
5.13%, 08/08/25 (Call 06/08/25)		11,560		11,204,233
5.40%, 08/08/28 (Call 05/08/28)^(a)		13,100		12,310,375


				71,557,429

Machinery — 0.4%
Caterpillar Financial Services Corp.
0.80%, 11/13/25		6,826		6,238,260
0.90%, 03/02/26^(a)		6,361		5,796,999
1.10%, 09/14/27^(a)		8,158		7,189,127
Caterpillar Inc.
2.60%, 04/09/30 (Call 01/09/30)^(a)		10,914		10,032,742
3.25%, 09/19/49 (Call 03/19/49)		7,761		6,681,800
3.25%, 04/09/50 (Call 10/09/49)		10,423		8,925,218
3.80%, 08/15/42^(a)		14,329		13,685,394
5.20%, 05/27/41^(a)		8,536		9,502,698
Deere & Co.
3.75%, 04/15/50 (Call 10/15/49)^(a)		8,362		7,886,832
3.90%, 06/09/42 (Call 12/09/41)^(a)		11,209		10,797,023
John Deere Capital Corp., 0.70%, 01/15/26		9,174		8,337,865
Otis Worldwide Corp.
2.57%, 02/15/30 (Call 11/15/29)		17,584		15,425,510
3.11%, 02/15/40 (Call 08/15/39)^(a)		8,217		6,612,127
Westinghouse Air Brake Technologies Corp.
3.45%, 11/15/26 (Call 08/15/26)		5,560		5,334,617
4.95%, 09/15/28 (Call 06/15/28)		12,710		12,781,437


				135,227,649

Manufacturing — 0.6%
3M Co.
2.38%, 08/26/29 (Call 05/26/29)^(a)		6,909		6,254,857
2.88%, 10/15/27 (Call 07/15/27)^(a)		6,698		6,467,499


Security	Par (000)		Value

Manufacturing (continued)
3.25%, 08/26/49 (Call 02/26/49)^(a)	$	9,517	$	8,045,896
3.38%, 03/01/29 (Call 12/01/28)^(a)		10,186		9,889,993
4.00%, 09/14/48 (Call 03/14/48)		10,459		10,056,503
Eaton Corp., 4.15%, 11/02/42		10,492		9,971,480
GE Capital Funding LLC, 4.55%, 05/15/32 (Call 02/15/32)^(a)		10,402		10,405,846
GE Capital International Funding Co. Unlimited Co., 4.42%, 11/15/35		64,564		63,078,286
General Electric Co.
5.88%, 01/14/38^(a)		7,790		8,582,317
6.75%, 03/15/32^(a)		24,860		28,863,636
Illinois Tool Works Inc.
2.65%, 11/15/26 (Call 08/15/26)^(a)		8,973		8,679,665
3.90%, 09/01/42 (Call 03/01/42)^(a)		10,827		10,150,510
Parker-Hannifin Corp.
3.25%, 06/14/29 (Call 03/14/29)		9,006		8,403,557
4.00%, 06/14/49 (Call 12/14/48)		7,104		6,346,423
Trane Technologies Luxembourg Finance SA, 3.80%, 03/21/29 (Call 12/21/28)^(a)		10,207		9,827,822


				205,024,290

Media — 4.5%
Charter Communications Operating LLC/Charter Communications Operating Capital
2.25%, 01/15/29 (Call 11/15/28)		11,330		9,653,451
2.30%, 02/01/32 (Call 11/01/31)		7,613		5,956,755
2.80%, 04/01/31 (Call 01/01/31)^(a)		13,840		11,504,943
3.50%, 06/01/41 (Call 12/01/40)^(a)		13,075		9,558,224
3.50%, 03/01/42 (Call 09/01/41)		11,518		8,318,020
3.70%, 04/01/51 (Call 10/01/50)		17,999		12,683,368
3.75%, 02/15/28 (Call 11/15/27)		8,281		7,838,647
3.85%, 04/01/61 (Call 10/01/60)		15,859		10,840,911
3.90%, 06/01/52 (Call 12/01/51)		20,727		15,011,136
3.95%, 06/30/62 (Call 12/30/61)		11,458		7,914,554
4.20%, 03/15/28 (Call 12/15/27)^(a)		10,805		10,437,559
4.40%, 04/01/33 (Call 01/01/33)		11,156		10,171,965
4.40%, 12/01/61 (Call 06/01/61)		11,668		8,748,945
4.80%, 03/01/50 (Call 09/01/49)		24,478		20,121,768
4.91%, 07/23/25 (Call 04/23/25)		36,072		36,713,685
5.05%, 03/30/29 (Call 12/30/28)^(a)		11,146		11,121,708
5.13%, 07/01/49 (Call 01/01/49)		10,509		9,027,984
5.25%, 04/01/53 (Call 10/01/52)		23,128		20,250,632
5.38%, 04/01/38 (Call 10/01/37)^(a)		7,466		6,971,407
5.38%, 05/01/47 (Call 11/01/46)		22,100		19,850,750
5.50%, 04/01/63 (Call 10/01/62)		15,049		13,132,859
5.75%, 04/01/48 (Call 10/01/47)		30,158		28,295,327
6.38%, 10/23/35 (Call 04/23/35)^(a)		16,110		16,991,423
6.48%, 10/23/45 (Call 04/23/45)^(a)		31,095		31,290,146
Comcast Corp.
1.50%, 02/15/31 (Call 11/15/30)^(a)		14,970		12,161,170
1.95%, 01/15/31 (Call 10/15/30)		14,496		12,148,679
2.35%, 01/15/27 (Call 10/15/26)		12,706		11,920,139
2.45%, 08/15/52 (Call 02/15/52)^(a)		13,852		9,452,128
2.65%, 02/01/30 (Call 11/01/29)		17,433		15,781,303
2.65%, 08/15/62 (Call 02/15/62)		10,808		7,158,919
2.80%, 01/15/51 (Call 07/15/50)^(a)		15,597		11,445,241
2.89%, 11/01/51 (Call 05/01/51)^(a)(c)		44,962		33,268,733
2.94%, 11/01/56 (Call 05/01/56)^(c)		56,435		40,657,902
2.99%, 11/01/63 (Call 05/01/63)^(c)		37,425		26,372,634
3.15%, 03/01/26 (Call 12/01/25)^(a)		19,043		18,684,630
3.15%, 02/15/28 (Call 11/15/27)^(a)		13,718		13,155,392


Security	Par (000)		Value

Media (continued)
3.20%, 07/15/36 (Call 01/15/36)^(a)	$	10,278	$	8,956,210
3.25%, 11/01/39 (Call 05/01/39)		14,025		11,934,937
3.30%, 02/01/27 (Call 11/01/26)		11,390		11,164,619
3.30%, 04/01/27 (Call 02/01/27)		6,347		6,224,527
3.38%, 08/15/25 (Call 05/15/25)		10,957		10,914,910
3.40%, 04/01/30 (Call 01/01/30)^(a)		16,378		15,570,216
3.40%, 07/15/46 (Call 01/15/46)^(a)		13,023		10,857,911
3.45%, 02/01/50 (Call 08/01/49)^(a)		16,051		13,251,974
3.55%, 05/01/28 (Call 02/01/28)		8,070		7,903,795
3.75%, 04/01/40 (Call 10/01/39)^(a)		15,677		14,115,699
3.90%, 03/01/38 (Call 09/01/37)		10,395		9,694,662
3.95%, 10/15/25 (Call 08/15/25)^(a)		24,314		24,610,830
3.97%, 11/01/47 (Call 05/01/47)^(a)		19,054		17,112,386
4.00%, 08/15/47 (Call 02/15/47)^(a)		9,113		8,234,935
4.00%, 03/01/48 (Call 09/01/47)		9,962		9,074,070
4.00%, 11/01/49 (Call 05/01/49)		19,325		17,410,366
4.05%, 11/01/52 (Call 05/01/52)^(a)		10,025		9,123,202
4.15%, 10/15/28 (Call 07/15/28)		33,821		34,018,745
4.20%, 08/15/34 (Call 02/15/34)^(a)		8,087		7,926,621
4.25%, 10/15/30 (Call 07/15/30)^(a)		17,338		17,418,195
4.25%, 01/15/33^(a)		15,798		15,767,613
4.40%, 08/15/35 (Call 02/15/35)		7,987		7,907,407
4.60%, 10/15/38 (Call 04/15/38)^(a)		9,336		9,348,206
4.60%, 08/15/45 (Call 02/15/45)		7,424		7,307,576
4.70%, 10/15/48 (Call 04/15/48)		19,279		19,441,044
4.95%, 10/15/58 (Call 04/15/58)^(a)		11,130		11,714,060
5.65%, 06/15/35^(a)		8,541		9,500,943
7.05%, 03/15/33		8,813		10,768,252
Discovery Communications LLC
3.63%, 05/15/30 (Call 02/15/30)^(a)		8,673		7,941,582
3.95%, 03/20/28 (Call 12/20/27)^(a)		17,235		16,573,648
4.00%, 09/15/55 (Call 03/15/55)^(a)		15,320		11,447,193
4.13%, 05/15/29 (Call 02/15/29)^(a)		6,232		5,957,399
4.65%, 05/15/50 (Call 11/15/49)^(a)		8,834		7,543,987
5.20%, 09/20/47 (Call 03/20/47)^(a)		10,732		9,887,161
5.30%, 05/15/49 (Call 11/15/48)^(a)		8,431		7,840,935
Fox Corp.
4.71%, 01/25/29 (Call 10/25/28)		20,157		20,290,335
5.48%, 01/25/39 (Call 07/25/38)^(a)		15,206		15,644,904
5.58%, 01/25/49 (Call 07/25/48)^(a)		14,043		14,586,495
Paramount Global
4.00%, 01/15/26 (Call 10/15/25)^(a)		8,996		8,982,250
4.38%, 03/15/43		14,499		11,995,671
4.95%, 01/15/31 (Call 10/15/30)^(a)		11,218		11,129,738
4.95%, 05/19/50 (Call 11/19/49)^(a)		11,171		10,117,410
5.85%, 09/01/43 (Call 03/01/43)		12,168		12,323,217
6.88%, 04/30/36^(a)		12,078		13,494,306
7.88%, 07/30/30^(a)		9,553		11,238,188
Time Warner Cable LLC
4.50%, 09/15/42 (Call 03/15/42)^(a)		8,895		7,307,202
5.50%, 09/01/41 (Call 03/01/41)^(a)		13,557		12,824,106
5.88%, 11/15/40 (Call 05/15/40)^(a)		11,990		11,737,127
6.55%, 05/01/37^(a)		16,791		17,581,586
6.75%, 06/15/39^(a)		13,757		14,689,734
7.30%, 07/01/38		14,017		15,700,349
Time Warner Entertainment Co. LP, 8.38%, 07/15/33		13,160		15,963,945
TWDC Enterprises 18 Corp.
1.85%, 07/30/26		10,979		10,226,835
2.95%, 06/15/27^(a)		5,425		5,225,897
3.00%, 02/13/26^(a)		8,088		7,914,201


Security	Par (000)		Value

Media (continued)
3.15%, 09/17/25	$	4,907	$	4,853,502
4.13%, 06/01/44^(a)		10,246		9,638,408
ViacomCBS Inc., 4.20%, 05/19/32 (Call 02/19/32)		5,992		5,526,153
Walt Disney Co. (The)
1.75%, 01/13/26^(a)		16,926		15,870,036
2.00%, 09/01/29 (Call 06/01/29)		18,333		16,035,477
2.20%, 01/13/28^(a)		11,219		10,309,249
2.65%, 01/13/31^(a)		23,879		21,318,128
2.75%, 09/01/49 (Call 03/01/49)^(a)		20,070		15,008,123
3.50%, 05/13/40 (Call 11/13/39)		19,530		17,197,827
3.60%, 01/13/51 (Call 07/13/50)^(a)		26,441		22,816,563
3.80%, 03/22/30		11,175		10,988,138
3.80%, 05/13/60 (Call 11/13/59)^(a)		12,596		10,912,304
4.63%, 03/23/40 (Call 09/23/39)^(a)		12,094		12,244,973
4.70%, 03/23/50 (Call 09/23/49)^(a)		16,812		17,218,681
6.20%, 12/15/34		9,289		10,922,875
6.40%, 12/15/35		6,394		7,629,817
6.65%, 11/15/37		13,034		15,968,008


				1,452,510,611

Mining — 0.6%
Barrick Gold Corp., 5.25%, 04/01/42		9,018		9,438,563
Barrick North America Finance LLC
5.70%, 05/30/41^(a)		7,550		8,272,333
5.75%, 05/01/43^(a)		7,364		8,080,102
Barrick PD Australia Finance Pty Ltd., 5.95%, 10/15/39		7,882		8,846,203
BHP Billiton Finance USA Ltd.
4.13%, 02/24/42^(a)		9,118		8,821,549
5.00%, 09/30/43^(a)		24,371		26,278,521
Freeport-McMoRan Inc.
4.63%, 08/01/30 (Call 08/01/25)^(a)		5,978		5,783,714
5.40%, 11/14/34 (Call 05/14/34)		7,589		7,799,413
5.45%, 03/15/43 (Call 09/15/42)^(a)		18,317		18,292,822
Newmont Corp.
2.25%, 10/01/30 (Call 07/01/30)^(a)		5,473		4,677,247
2.60%, 07/15/32 (Call 04/15/32)		10,972		9,340,627
4.88%, 03/15/42 (Call 09/15/41)^(a)		7,964		8,037,160
6.25%, 10/01/39^(a)		8,210		9,465,857
Rio Tinto Alcan Inc., 6.13%, 12/15/33^(a)		7,025		8,263,078
Rio Tinto Finance USA Ltd.
2.75%, 11/02/51 (Call 05/02/51)^(a)		11,765		8,971,711
5.20%, 11/02/40^(a)		10,339		11,258,645
7.13%, 07/15/28^(a)		9,002		10,544,476
Rio Tinto Finance USA PLC, 4.13%, 08/21/42 (Call 02/21/42)^(a)		7,123		6,887,960


				179,059,981

Office & Business Equipment — 0.0%
CDW LLC/CDW Finance Corp.
2.67%, 12/01/26 (Call 11/01/26)^(a)		5,920		5,417,463
3.57%, 12/01/31 (Call 09/01/31)^(a)		4,798		4,160,240


				9,577,703

Oil & Gas — 4.4%
BP Capital Markets America Inc.
1.75%, 08/10/30 (Call 05/10/30)^(a)		10,249		8,546,528
2.72%, 01/12/32 (Call 10/12/31)^(a)		16,245		14,327,648
2.77%, 11/10/50 (Call 05/10/50)		15,799		11,406,747
2.94%, 06/04/51 (Call 12/04/50)^(a)		19,723		14,682,263
3.00%, 02/24/50 (Call 08/24/49)		21,528		16,357,803
3.00%, 03/17/52 (Call 09/17/51)^(a)		14,122		10,628,322
3.02%, 01/16/27 (Call 10/16/26)^(a)		7,075		6,812,343


Security	Par (000)		Value

Oil & Gas (continued)
3.06%, 06/17/41 (Call 12/17/40)^(a)	$	13,608	$	11,085,241
3.12%, 05/04/26 (Call 02/04/26)		12,141		11,852,453
3.38%, 02/08/61 (Call 08/08/60)		16,949		13,184,127
3.41%, 02/11/26 (Call 12/11/25)^(a)		9,305		9,204,737
3.63%, 04/06/30 (Call 01/06/30)^(a)		11,981		11,560,575
3.80%, 09/21/25 (Call 07/21/25)^(a)		9,063		9,129,220
3.94%, 09/21/28 (Call 06/21/28)^(a)		11,497		11,397,134
4.23%, 11/06/28 (Call 08/06/28)^(a)		16,788		16,833,356
BP Capital Markets PLC
3.28%, 09/19/27 (Call 06/19/27)^(a)		12,846		12,435,460
3.72%, 11/28/28 (Call 08/28/28)^(a)		7,612		7,434,417
Canadian Natural Resources Ltd.
3.85%, 06/01/27 (Call 03/01/27)		10,686		10,460,312
4.95%, 06/01/47 (Call 12/01/46)^(a)		3,916		3,893,609
6.25%, 03/15/38^(a)		13,873		15,205,740
Cenovus Energy Inc.
3.75%, 02/15/52 (Call 08/15/51)		9,208		7,390,617
4.25%, 04/15/27 (Call 01/15/27)^(a)		9,157		9,156,542
4.40%, 04/15/29 (Call 01/15/29)^(a)		11,049		10,954,200
5.40%, 06/15/47 (Call 12/15/46)^(a)		8,076		8,193,623
6.75%, 11/15/39^(a)		13,263		15,101,384
Chevron Corp.
1.55%, 05/11/25 (Call 04/11/25)		16,925		16,051,496
2.00%, 05/11/27 (Call 03/11/27)^(a)		9,773		9,049,581
2.24%, 05/11/30 (Call 02/11/30)^(a)		14,290		12,742,200
2.95%, 05/16/26 (Call 02/16/26)		20,981		20,531,513
3.08%, 05/11/50 (Call 11/11/49)^(a)		9,138		7,590,148
3.33%, 11/17/25 (Call 08/17/25)^(a)		5,149		5,129,259
Chevron USA Inc.
0.69%, 08/12/25 (Call 07/12/25)		7,208		6,624,615
1.02%, 08/12/27 (Call 06/12/27)		13,511		11,816,041
2.34%, 08/12/50 (Call 02/12/50)^(a)		11,430		8,210,586
ConocoPhillips, 6.50%, 02/01/39		1,812		2,241,841
ConocoPhillips Co.
3.76%, 03/15/42 (Call 09/15/41)^(c)		11,058		10,204,201
3.80%, 03/15/52 (Call 09/15/51)		9,346		8,421,918
4.03%, 03/15/62 (Call 09/15/61)^(a)(c)		25,387		22,736,389
4.30%, 11/15/44 (Call 05/15/44)		5,997		5,843,885
4.95%, 03/15/26 (Call 05/11/22)^(a)		13,114		13,762,148
6.95%, 04/15/29		700		825,933
Continental Resources Inc./OK, 4.38%, 01/15/28 (Call 10/15/27)^(a)		9,729		9,500,271
Devon Energy Corp.
4.75%, 05/15/42 (Call 11/15/41)		8,880		8,440,827
5.00%, 06/15/45 (Call 12/15/44)^(a)		6,080		5,933,895
5.60%, 07/15/41 (Call 01/15/41)^(a)		13,501		14,088,987
Diamondback Energy Inc.
3.13%, 03/24/31 (Call 12/24/30)^(a)		8,667		7,742,491
3.25%, 12/01/26 (Call 10/01/26)^(a)		7,455		7,254,684
3.50%, 12/01/29 (Call 09/01/29)^(a)		9,956		9,327,156
4.25%, 03/15/52 (Call 09/15/51)		9,322		8,177,818
EOG Resources Inc.
4.15%, 01/15/26 (Call 10/15/25)		8,150		8,277,926
4.38%, 04/15/30 (Call 01/15/30)^(a)		8,221		8,441,008
4.95%, 04/15/50 (Call 10/15/49)^(a)		7,350		8,001,983
EQT Corp.
3.90%, 10/01/27 (Call 07/01/27)^(a)		10,670		10,218,552
7.50%, 02/01/30 (Call 11/01/29)^(a)		7,400		8,196,166
Equinor ASA
1.75%, 01/22/26 (Call 12/22/25)^(a)		9,012		8,454,418


Security	Par (000)		Value

Oil & Gas (continued)
2.38%, 05/22/30 (Call 02/22/30)	$	8,173	$	7,346,171
3.13%, 04/06/30 (Call 01/06/30)^(a)		8,966		8,504,731
3.25%, 11/18/49 (Call 05/18/49)		8,452		7,048,350
3.63%, 09/10/28 (Call 06/10/28)^(a)		6,599		6,491,521
3.70%, 04/06/50 (Call 10/06/49)^(a)		10,682		9,641,769
3.95%, 05/15/43		8,006		7,468,841
4.80%, 11/08/43^(a)		4,722		4,975,627
5.10%, 08/17/40		7,528		8,178,223
Exxon Mobil Corp.
2.28%, 08/16/26 (Call 06/16/26)^(a)		11,106		10,589,792
2.44%, 08/16/29 (Call 05/16/29)^(a)		14,265		13,059,629
2.61%, 10/15/30 (Call 07/15/30)^(a)		18,797		17,141,385
3.00%, 08/16/39 (Call 02/16/39)^(a)		9,114		7,687,982
3.04%, 03/01/26 (Call 12/01/25)^(a)		24,513		24,137,328
3.10%, 08/16/49 (Call 02/16/49)		14,162		11,464,826
3.29%, 03/19/27 (Call 01/19/27)^(a)		8,238		8,134,359
3.45%, 04/15/51 (Call 10/15/50)^(a)		25,973		22,366,420
3.48%, 03/19/30 (Call 12/19/29)		20,642		20,097,020
3.57%, 03/06/45 (Call 09/06/44)^(a)		8,493		7,486,389
4.11%, 03/01/46 (Call 09/01/45)^(a)		23,368		22,367,990
4.23%, 03/19/40 (Call 09/19/39)^(a)		20,733		20,328,860
4.33%, 03/19/50 (Call 09/19/49)^(a)		28,141		27,798,254
Hess Corp.
4.30%, 04/01/27 (Call 01/01/27)		8,653		8,585,661
5.60%, 02/15/41^(a)		13,595		13,846,831
6.00%, 01/15/40		6,087		6,455,125
Marathon Oil Corp.
4.40%, 07/15/27 (Call 04/15/27)		12,375		12,349,167
6.60%, 10/01/37^(a)		8,151		9,125,860
Marathon Petroleum Corp.
4.70%, 05/01/25 (Call 04/01/25)^(a)		7,382		7,492,526
4.75%, 09/15/44 (Call 03/15/44)		7,873		7,248,103
6.50%, 03/01/41 (Call 09/01/40)^(a)		13,164		14,828,913
Ovintiv Inc., 6.50%, 08/15/34^(a)		8,362		9,238,616
Phillips 66
2.15%, 12/15/30 (Call 09/15/30)^(a)		7,199		6,045,237
3.30%, 03/15/52 (Call 09/15/51)^(a)		12,855		9,926,888
3.90%, 03/15/28 (Call 12/15/27)		7,564		7,444,390
4.65%, 11/15/34 (Call 05/15/34)^(a)		7,250		7,246,679
4.88%, 11/15/44 (Call 05/15/44)^(a)		14,177		14,322,938
5.88%, 05/01/42^(a)		14,645		16,388,407
Pioneer Natural Resources Co.
1.13%, 01/15/26 (Call 12/15/25)^(a)		4,837		4,378,451
1.90%, 08/15/30 (Call 05/15/30)^(a)		7,104		5,888,160
2.15%, 01/15/31 (Call 10/15/30)^(a)		6,436		5,415,227
Shell International Finance BV
2.38%, 11/07/29 (Call 08/07/29)^(a)		16,504		14,794,818
2.50%, 09/12/26^(a)		9,711		9,272,182
2.75%, 04/06/30 (Call 01/06/30)^(a)		16,589		15,202,463
2.88%, 05/10/26^(a)		17,629		17,162,949
3.00%, 11/26/51 (Call 05/26/51)^(a)		12,075		9,447,167
3.13%, 11/07/49 (Call 05/07/49)^(a)		12,984		10,470,968
3.25%, 05/11/25^(a)		18,974		18,904,523
3.25%, 04/06/50 (Call 10/06/49)^(a)		16,432		13,626,113
3.75%, 09/12/46^(a)		11,994		10,824,525
3.88%, 11/13/28 (Call 08/13/28)^(a)		13,263		13,260,345
4.00%, 05/10/46^(a)		23,340		21,743,005
4.13%, 05/11/35^(a)		14,833		14,751,329
4.38%, 05/11/45^(a)		24,721		24,066,838
4.55%, 08/12/43		13,161		13,193,552


Security	Par (000)		Value

Oil & Gas (continued)
5.50%, 03/25/40	$	10,258	$	11,537,022
6.38%, 12/15/38^(a)		25,739		31,512,561
Suncor Energy Inc.
3.75%, 03/04/51 (Call 09/04/50)^(a)		7,541		6,345,600
4.00%, 11/15/47 (Call 05/15/47)^(a)		7,019		6,202,989
6.50%, 06/15/38^(a)		10,744		12,347,727
6.80%, 05/15/38		9,084		10,645,818
6.85%, 06/01/39^(a)		7,753		9,143,125
TotalEnergies Capital International SA
2.83%, 01/10/30 (Call 10/10/29)		12,088		11,173,046
2.99%, 06/29/41 (Call 12/29/40)		7,596		6,250,466
3.13%, 05/29/50 (Call 11/29/49)^(a)		24,877		19,765,448
3.39%, 06/29/60 (Call 12/29/59)^(a)		7,519		5,977,674
3.45%, 02/19/29 (Call 11/19/28)^(a)		12,738		12,354,175
3.46%, 07/12/49 (Call 01/12/49)		8,812		7,464,776
TotalEnergies Capital SA, 3.88%, 10/11/28^(a)		8,277		8,231,620
Valero Energy Corp.
3.65%, 12/01/51 (Call 06/01/51)^(a)		9,454		7,392,024
4.00%, 04/01/29 (Call 01/01/29)^(a)		14,210		13,807,729
4.35%, 06/01/28 (Call 03/01/28)		12,009		11,947,381
6.63%, 06/15/37^(a)		14,273		16,276,027
7.50%, 04/15/32		7,578		9,047,952


				1,423,758,920

Oil & Gas Services — 0.4%
Baker Hughes Holdings LLC, 5.13%, 09/15/40		10,302		10,579,662
Baker Hughes Holdings LLC/Baker Hughes Co-Obligor Inc.
3.34%, 12/15/27 (Call 09/15/27)		11,477		10,979,897
4.08%, 12/15/47 (Call 06/15/47)^(a)		14,668		12,995,176
Halliburton Co.
2.92%, 03/01/30 (Call 12/01/29)		12,830		11,689,200
4.75%, 08/01/43 (Call 02/01/43)		10,706		10,037,777
4.85%, 11/15/35 (Call 05/15/35)^(a)		10,383		10,355,972
5.00%, 11/15/45 (Call 05/15/45)^(a)		19,543		18,794,482
6.70%, 09/15/38		7,329		8,412,035
7.45%, 09/15/39		9,249		11,287,634
Schlumberger Investment SA, 2.65%, 06/26/30 (Call 03/26/30)^(a)		10,947		9,792,621


				114,924,456

Packaging & Containers — 0.1%
Berry Global Inc., 1.57%, 01/15/26 (Call 12/15/25)		14,869		13,521,530
WRKCo Inc.
4.65%, 03/15/26 (Call 01/15/26)		6,679		6,830,066
4.90%, 03/15/29 (Call 12/15/28)^(a)		9,700		9,949,755


				30,301,351

Pharmaceuticals — 7.6%
AbbVie Inc.
2.95%, 11/21/26 (Call 09/21/26)^(a)		36,201		34,656,893
3.20%, 05/14/26 (Call 02/14/26)^(a)		19,682		19,157,918
3.20%, 11/21/29 (Call 08/21/29)		49,112		45,812,901
3.60%, 05/14/25 (Call 02/14/25)^(a)		28,865		28,722,834
4.05%, 11/21/39 (Call 05/21/39)^(a)		38,855		35,665,094
4.25%, 11/14/28 (Call 08/14/28)^(a)		17,275		17,217,210
4.25%, 11/21/49 (Call 05/21/49)		51,038		46,879,551
4.30%, 05/14/36 (Call 11/14/35)		10,659		10,299,858
4.40%, 11/06/42^(a)		25,430		24,164,545
4.45%, 05/14/46 (Call 11/14/45)		19,090		18,029,969
4.50%, 05/14/35 (Call 11/14/34)		25,215		24,940,333
4.55%, 03/15/35 (Call 09/15/34)		17,219		17,142,219


Security	Par (000)		Value

Pharmaceuticals (continued)
4.70%, 05/14/45 (Call 11/14/44)	$	23,437	$	22,715,304
4.75%, 03/15/45 (Call 09/15/44)		8,371		8,168,685
4.85%, 06/15/44 (Call 12/15/43)		9,858		9,819,509
4.88%, 11/14/48 (Call 05/14/48)		16,551		16,575,399
AmerisourceBergen Corp.
2.70%, 03/15/31 (Call 12/15/30)^(a)		10,319		9,013,339
3.45%, 12/15/27 (Call 09/15/27)^(a)		12,112		11,733,122
Astrazeneca Finance LLC
1.20%, 05/28/26 (Call 04/28/26)		14,134		12,849,593
1.75%, 05/28/28 (Call 03/28/28)		11,183		9,973,193
2.25%, 05/28/31 (Call 02/28/31)		7,647		6,698,176
AstraZeneca PLC
0.70%, 04/08/26 (Call 03/08/26)^(a)		16,538		14,796,537
1.38%, 08/06/30 (Call 05/06/30)^(a)		14,600		11,998,947
3.00%, 05/28/51 (Call 11/28/50)^(a)		9,226		7,593,530
3.13%, 06/12/27 (Call 03/12/27)^(a)		5,806		5,668,917
3.38%, 11/16/25^(a)		18,843		18,773,439
4.00%, 01/17/29 (Call 10/17/28)		9,812		9,869,682
4.00%, 09/18/42^(a)		8,512		8,162,010
4.38%, 11/16/45		7,164		7,202,226
4.38%, 08/17/48 (Call 02/17/48)^(a)		8,674		8,805,294
6.45%, 09/15/37^(a)		27,927		34,600,263
Becton Dickinson and Co.
1.96%, 02/11/31 (Call 11/11/30)		6,410		5,286,967
2.82%, 05/20/30 (Call 02/20/30)^(a)		11,929		10,670,978
3.70%, 06/06/27 (Call 03/06/27)^(a)		16,868		16,587,381
3.79%, 05/20/50 (Call 11/20/49)^(a)		9,215		7,894,467
4.67%, 06/06/47 (Call 12/06/46)^(a)		14,204		13,834,622
4.69%, 12/15/44 (Call 06/15/44)^(a)		11,206		10,849,063
Bristol-Myers Squibb Co.
0.75%, 11/13/25 (Call 10/13/25)^(a)		8,724		7,951,612
1.13%, 11/13/27 (Call 09/13/27)^(a)		8,785		7,677,817
1.45%, 11/13/30 (Call 08/13/30)		15,308		12,577,778
2.35%, 11/13/40 (Call 05/13/40)^(a)		9,268		7,017,747
2.55%, 11/13/50 (Call 05/13/50)		18,114		13,082,567
2.95%, 03/15/32 (Call 12/15/31)^(a)		8,264		7,586,840
3.20%, 06/15/26 (Call 04/15/26)		14,616		14,511,227
3.40%, 07/26/29 (Call 04/26/29)		13,799		13,365,360
3.55%, 03/15/42 (Call 09/15/41)		8,237		7,366,220
3.70%, 03/15/52 (Call 09/15/51)		12,633		11,167,744
3.90%, 02/20/28 (Call 11/20/27)		16,352		16,437,178
3.90%, 03/15/62 (Call 09/15/61)		7,410		6,518,222
4.13%, 06/15/39 (Call 12/15/38)^(a)		19,536		19,022,842
4.25%, 10/26/49 (Call 04/26/49)		37,127		35,748,385
4.35%, 11/15/47 (Call 05/15/47)		14,406		14,089,804
4.55%, 02/20/48 (Call 08/20/47)^(a)		13,613		13,734,310
Cardinal Health Inc., 3.41%, 06/15/27 (Call 03/15/27)^(a)		12,015		11,701,354
Cigna Corp.
1.25%, 03/15/26 (Call 02/15/26)^(a)		10,435		9,496,478
2.38%, 03/15/31 (Call 12/15/30)		14,928		12,793,429
2.40%, 03/15/30 (Call 12/15/29)^(a)		13,827		12,139,823
3.20%, 03/15/40 (Call 09/15/39)^(a)		8,724		7,156,122
3.40%, 03/01/27 (Call 12/01/26)^(a)		13,284		12,907,970
3.40%, 03/15/50 (Call 09/15/49)^(a)		13,727		10,779,241
3.40%, 03/15/51 (Call 09/15/50)^(a)		13,335		10,481,995
3.88%, 10/15/47 (Call 04/15/47)		11,458		9,854,454
4.13%, 11/15/25 (Call 09/15/25)^(a)		19,831		20,041,203
4.38%, 10/15/28 (Call 07/15/28)		32,429		32,602,411
4.50%, 02/25/26 (Call 11/27/25)^(a)		14,376		14,696,261
4.80%, 08/15/38 (Call 02/15/38)^(a)		22,423		22,444,376


Security	Par (000)		Value

Pharmaceuticals (continued)
4.80%, 07/15/46 (Call 01/16/46)	$	15,859	$	15,613,641
4.90%, 12/15/48 (Call 06/15/48)^(a)		26,221		26,108,402
CVS Health Corp.
1.30%, 08/21/27 (Call 06/21/27)^(a)		20,838		18,237,101
1.75%, 08/21/30 (Call 05/21/30)		14,839		12,167,651
1.88%, 02/28/31 (Call 11/28/30)^(a)		14,073		11,564,400
2.13%, 09/15/31 (Call 06/15/31)^(a)		9,994		8,305,551
2.70%, 08/21/40 (Call 02/21/40)		12,322		9,298,583
2.88%, 06/01/26 (Call 03/01/26)^(a)		16,297		15,714,674
3.00%, 08/15/26 (Call 06/15/26)^(a)		9,126		8,841,390
3.25%, 08/15/29 (Call 05/15/29)		19,336		18,019,292
3.63%, 04/01/27 (Call 02/01/27)^(a)		10,518		10,356,269
3.75%, 04/01/30 (Call 01/01/30)		15,334		14,661,678
3.88%, 07/20/25 (Call 04/20/25)^(a)		22,663		22,761,015
4.13%, 04/01/40 (Call 10/01/39)^(a)		11,597		10,555,376
4.25%, 04/01/50 (Call 10/01/49)		11,229		10,179,202
4.30%, 03/25/28 (Call 12/25/27)		43,900		44,012,819
4.78%, 03/25/38 (Call 09/25/37)		43,377		42,968,341
5.05%, 03/25/48 (Call 09/25/47)		72,955		73,192,892
5.13%, 07/20/45 (Call 01/20/45)		31,421		31,531,941
5.30%, 12/05/43 (Call 06/05/43)		9,820		10,118,875
Eli Lilly & Co.
2.25%, 05/15/50 (Call 11/15/49)^(a)		10,923		7,808,591
2.50%, 09/15/60 (Call 03/15/60)		9,649		6,717,393
3.38%, 03/15/29 (Call 12/15/28)^(a)		8,481		8,310,613
3.95%, 03/15/49 (Call 09/15/48)		8,446		8,331,587
GlaxoSmithKline Capital Inc.
3.63%, 05/15/25		6,420		6,471,680
3.88%, 05/15/28		17,841		17,943,541
6.38%, 05/15/38		27,500		33,681,893
GlaxoSmithKline Capital PLC, 3.38%, 06/01/29 (Call 03/01/29)^(a)		6,490		6,323,014
Johnson & Johnson
0.55%, 09/01/25 (Call 08/01/25)^(a)		8,647		7,961,377
0.95%, 09/01/27 (Call 07/01/27)^(a)		13,138		11,623,396
1.30%, 09/01/30 (Call 06/01/30)^(a)		14,657		12,323,128
2.10%, 09/01/40 (Call 03/01/40)		14,674		11,102,906
2.25%, 09/01/50 (Call 03/01/50)		9,390		6,699,428
2.45%, 03/01/26 (Call 12/01/25)		19,596		19,059,028
2.45%, 09/01/60 (Call 03/01/60)		13,124		9,192,691
2.90%, 01/15/28 (Call 10/15/27)^(a)		10,843		10,521,533
2.95%, 03/03/27 (Call 12/03/26)^(a)		9,410		9,300,183
3.40%, 01/15/38 (Call 07/15/37)^(a)		11,236		10,397,840
3.50%, 01/15/48 (Call 07/15/47)^(a)		7,148		6,541,505
3.55%, 03/01/36 (Call 09/01/35)^(a)		8,879		8,522,153
3.63%, 03/03/37 (Call 09/03/36)^(a)		14,409		13,900,372
3.70%, 03/01/46 (Call 09/01/45)		14,470		13,803,984
3.75%, 03/03/47 (Call 09/03/46)		12,098		11,524,926
4.38%, 12/05/33 (Call 06/05/33)		7,996		8,405,710
5.95%, 08/15/37^(a)		10,326		12,526,223
Mead Johnson Nutrition Co., 4.13%, 11/15/25 (Call 08/15/25)		4,967		5,050,427
Merck & Co. Inc.
0.75%, 02/24/26 (Call 01/24/26)^(a)		8,922		8,103,048
1.45%, 06/24/30 (Call 03/24/30)		13,820		11,530,481
1.70%, 06/10/27 (Call 05/10/27)		15,031		13,719,287
1.90%, 12/10/28 (Call 10/10/28)^(a)		8,131		7,337,140
2.15%, 12/10/31 (Call 09/10/31)^(a)		16,416		14,261,994
2.35%, 06/24/40 (Call 12/24/39)^(a)		11,021		8,541,085
2.45%, 06/24/50 (Call 12/24/49)^(a)		14,988		10,914,375


Security	Par (000)		Value

Pharmaceuticals (continued)
2.75%, 12/10/51 (Call 06/10/51)	$	20,887	$	15,951,070
2.90%, 12/10/61 (Call 06/10/61)		15,214		11,152,165
3.40%, 03/07/29 (Call 12/07/28)		16,392		16,064,993
3.70%, 02/10/45 (Call 08/10/44)^(a)		17,869		16,335,450
3.90%, 03/07/39 (Call 09/07/38)^(a)		11,727		11,402,282
4.00%, 03/07/49 (Call 09/07/48)		13,914		13,379,321
4.15%, 05/18/43^(a)		11,124		10,955,692
Mylan Inc.
4.55%, 04/15/28 (Call 01/15/28)		8,126		7,882,056
5.20%, 04/15/48 (Call 10/15/47)^(a)		7,125		6,316,232
Novartis Capital Corp.
2.00%, 02/14/27 (Call 12/14/26)^(a)		10,724		10,066,448
2.20%, 08/14/30 (Call 05/14/30)^(a)		13,125		11,668,069
2.75%, 08/14/50 (Call 02/14/50)^(a)		11,947		9,437,297
3.00%, 11/20/25 (Call 08/20/25)^(a)		14,946		14,821,776
3.10%, 05/17/27 (Call 02/17/27)		7,502		7,326,742
4.00%, 11/20/45 (Call 05/20/45)^(a)		9,950		9,582,718
4.40%, 05/06/44		18,532		18,930,825
Pfizer Inc.
0.80%, 05/28/25 (Call 04/28/25)		4,897		4,557,553
1.70%, 05/28/30 (Call 02/28/30)		12,149		10,426,159
1.75%, 08/18/31 (Call 05/18/31)^(a)		9,985		8,462,862
2.55%, 05/28/40 (Call 11/28/39)^(a)		10,657		8,565,307
2.63%, 04/01/30 (Call 01/01/30)^(a)		13,397		12,295,248
2.70%, 05/28/50 (Call 11/28/49)^(a)		11,108		8,700,493
2.75%, 06/03/26^(a)		12,976		12,657,369
3.00%, 12/15/26		16,866		16,510,084
3.45%, 03/15/29 (Call 12/15/28)		15,585		15,210,006
3.60%, 09/15/28 (Call 06/15/28)^(a)		8,988		8,998,760
3.90%, 03/15/39 (Call 09/15/38)^(a)		9,595		9,265,184
4.00%, 12/15/36		9,102		8,927,403
4.00%, 03/15/49 (Call 09/15/48)^(a)		12,034		11,658,836
4.13%, 12/15/46		11,575		11,475,811
4.20%, 09/15/48 (Call 03/15/48)^(a)		10,001		9,983,838
4.30%, 06/15/43		8,812		8,773,037
4.40%, 05/15/44^(a)		9,611		9,695,562
7.20%, 03/15/39^(a)		22,589		30,368,500
Sanofi, 3.63%, 06/19/28 (Call 03/19/28)^(a)		8,466		8,551,849
Shire Acquisitions Investments Ireland DAC, 3.20%, 09/23/26 (Call 06/23/26)^(a)		31,885		30,765,903
Takeda Pharmaceutical Co. Ltd.
2.05%, 03/31/30 (Call 12/31/29)		26,734		22,590,842
3.03%, 07/09/40 (Call 01/09/40)^(a)		14,855		11,841,888
3.18%, 07/09/50 (Call 01/09/50)^(a)		19,617		15,059,737
3.38%, 07/09/60 (Call 01/09/60)		8,933		6,754,761
5.00%, 11/26/28 (Call 08/26/28)^(a)		18,157		18,941,083
Utah Acquisition Sub Inc.
3.95%, 06/15/26 (Call 03/15/26)^(a)		20,964		20,328,323
5.25%, 06/15/46 (Call 12/15/45)		10,205		9,131,371
Viatris Inc.
1.65%, 06/22/25 (Call 05/22/25)		5,214		4,783,631
2.30%, 06/22/27 (Call 04/22/27)^(a)		10,246		9,064,752
2.70%, 06/22/30 (Call 03/22/30)		15,436		12,818,010
3.85%, 06/22/40 (Call 12/22/39)		16,801		13,128,970
4.00%, 06/22/50 (Call 12/22/49)		20,659		15,277,659
Wyeth LLC
5.95%, 04/01/37		20,048		23,391,690
6.50%, 02/01/34^(a)		8,377		10,234,638
Zoetis Inc.
2.00%, 05/15/30 (Call 02/15/30)^(a)		11,009		9,484,448


Security	Par (000)		Value

Pharmaceuticals (continued)
3.00%, 09/12/27 (Call 06/12/27)^(a)	$	8,737	$	8,381,094
4.50%, 11/13/25 (Call 08/13/25)^(a)		7,211		7,420,259
4.70%, 02/01/43 (Call 08/01/42)^(a)		12,907		12,948,750


				2,459,147,169

Pipelines — 3.0%
Cheniere Corpus Christi Holdings LLC
3.70%, 11/15/29 (Call 05/18/29)		18,239		17,175,971
5.13%, 06/30/27 (Call 01/01/27)^(a)		10,739		11,046,997
5.88%, 03/31/25 (Call 10/02/24)		8,936		9,290,670
Enbridge Inc.
2.50%, 08/01/33 (Call 05/01/33)^(a)		10,657		8,815,515
3.13%, 11/15/29 (Call 08/15/29)^(a)		8,929		8,236,855
3.40%, 08/01/51 (Call 02/01/51)^(a)		8,052		6,304,460
4.25%, 12/01/26 (Call 09/01/26)^(a)		9,199		9,265,864
5.50%, 12/01/46 (Call 06/01/46)^(a)		5,912		6,419,739
Energy Transfer LP
2.90%, 05/15/25 (Call 04/15/25)		3,077		2,970,020
3.75%, 05/15/30 (Call 02/15/30)^(a)		10,604		9,774,143
4.00%, 10/01/27 (Call 07/01/27)^(a)		5,900		5,701,513
4.75%, 01/15/26 (Call 10/15/25)		14,185		14,358,078
4.95%, 05/15/28 (Call 02/15/28)^(a)		7,407		7,395,663
4.95%, 06/15/28 (Call 03/15/28)^(a)		7,367		7,422,390
5.00%, 05/15/50 (Call 11/15/49)^(a)		19,009		16,971,351
5.15%, 03/15/45 (Call 09/15/44)		9,266		8,404,193
5.25%, 04/15/29 (Call 01/15/29)		12,678		12,903,471
5.30%, 04/15/47 (Call 10/15/46)^(a)		8,835		8,021,281
5.35%, 05/15/45 (Call 11/15/44)^(a)		6,641		6,077,813
5.40%, 10/01/47 (Call 04/01/47)^(a)		14,469		13,321,362
5.50%, 06/01/27 (Call 03/01/27)		8,936		9,251,387
6.00%, 06/15/48 (Call 12/15/47)^(a)		9,854		9,692,046
6.13%, 12/15/45 (Call 06/15/45)		7,110		7,009,789
6.25%, 04/15/49 (Call 10/15/48)		17,671		17,806,157
6.50%, 02/01/42 (Call 08/01/41)^(a)		9,742		10,188,759
Enterprise Products Operating LLC
2.80%, 01/31/30 (Call 10/31/29)		12,289		11,141,522
3.13%, 07/31/29 (Call 04/30/29)^(a)		10,616		9,857,410
3.20%, 02/15/52 (Call 08/15/51)		9,500		6,987,136
3.30%, 02/15/53 (Call 08/15/52)^(a)		14,506		10,960,148
3.70%, 02/15/26 (Call 11/15/25)^(a)		6,508		6,453,883
3.70%, 01/31/51 (Call 07/31/50)		9,074		7,357,098
3.95%, 01/31/60 (Call 07/31/59)^(a)		10,878		8,854,516
4.15%, 10/16/28 (Call 07/16/28)		8,287		8,246,797
4.20%, 01/31/50 (Call 07/31/49)		12,359		10,844,246
4.25%, 02/15/48 (Call 08/15/47)^(a)		10,478		9,261,503
4.45%, 02/15/43 (Call 08/15/42)^(a)		9,543		8,671,708
4.80%, 02/01/49 (Call 08/01/48)		12,157		11,617,111
4.85%, 08/15/42 (Call 02/15/42)		8,436		8,070,400
4.85%, 03/15/44 (Call 09/15/43)		12,167		11,634,514
4.90%, 05/15/46 (Call 11/15/45)^(a)		9,929		9,605,104
5.10%, 02/15/45 (Call 08/15/44)		10,066		9,868,926
5.95%, 02/01/41		7,029		7,618,353
Kinder Morgan Energy Partners LP
5.50%, 03/01/44 (Call 09/01/43)		9,019		8,913,820
6.95%, 01/15/38		11,125		12,710,472
Kinder Morgan Inc.
2.00%, 02/15/31 (Call 11/15/30)^(a)		7,286		6,017,598
3.60%, 02/15/51 (Call 08/15/50)^(a)		11,470		8,800,175
4.30%, 06/01/25 (Call 03/01/25)^(a)		9,072		9,145,760
4.30%, 03/01/28 (Call 12/01/27)^(a)		11,928		11,875,112
5.05%, 02/15/46 (Call 08/15/45)		7,577		7,182,005


Security	Par (000)		Value

Pipelines (continued)
5.20%, 03/01/48 (Call 09/01/47)	$	7,378	$	7,140,647
5.30%, 12/01/34 (Call 06/01/34)		8,308		8,497,326
5.55%, 06/01/45 (Call 12/01/44)^(a)		15,450		15,544,437
7.75%, 01/15/32^(a)		9,808		11,951,299
Magellan Midstream Partners LP, 3.95%, 03/01/50 (Call 09/01/49)^(a)		7,803		6,539,541
MPLX LP
1.75%, 03/01/26 (Call 02/01/26)		10,309		9,416,275
2.65%, 08/15/30 (Call 05/15/30)^(a)		11,306		9,718,243
4.00%, 03/15/28 (Call 12/15/27)		10,439		10,116,162
4.13%, 03/01/27 (Call 12/01/26)		12,759		12,633,010
4.50%, 04/15/38 (Call 10/15/37)^(a)		17,647		16,266,562
4.70%, 04/15/48 (Call 10/15/47)^(a)		14,497		12,808,088
4.80%, 02/15/29 (Call 11/15/28)^(a)		7,700		7,797,333
4.88%, 06/01/25 (Call 03/01/25)		8,965		9,147,070
4.95%, 03/14/52 (Call 09/14/51)		15,115		13,856,344
5.20%, 03/01/47 (Call 09/01/46)^(a)		9,964		9,461,233
5.50%, 02/15/49 (Call 08/15/48)		12,455		12,214,905
ONEOK Inc.
3.10%, 03/15/30 (Call 12/15/29)^(a)		8,320		7,375,297
3.40%, 09/01/29 (Call 06/01/29)^(a)		9,958		9,082,230
4.55%, 07/15/28 (Call 04/15/28)		7,465		7,420,915
5.20%, 07/15/48 (Call 01/15/48)^(a)		6,769		6,448,956
Plains All American Pipeline LP/PAA Finance Corp.
3.55%, 12/15/29 (Call 09/15/29)^(a)		11,444		10,499,519
3.80%, 09/15/30 (Call 06/15/30)^(a)		7,003		6,460,607
4.50%, 12/15/26 (Call 09/15/26)^(a)		8,220		8,214,082
4.65%, 10/15/25 (Call 07/15/25)^(a)		8,965		9,077,152
Sabine Pass Liquefaction LLC
4.20%, 03/15/28 (Call 09/15/27)^(a)		11,139		10,926,866
4.50%, 05/15/30 (Call 11/15/29)^(a)		19,833		19,665,861
5.00%, 03/15/27 (Call 09/15/26)^(a)		11,836		12,114,391
5.88%, 06/30/26 (Call 12/31/25)		15,328		16,103,568
Targa Resources Corp.
4.20%, 02/01/33 (Call 11/01/32)		6,845		6,475,280
4.95%, 04/15/52 (Call 10/15/51)		3,535		3,242,019
Targa Resources Partners LP/Targa Resources Partners Finance Corp.
4.00%, 01/15/32 (Call 07/15/26)		13,357		12,121,477
4.88%, 02/01/31 (Call 02/01/26)		8,056		7,743,830
5.50%, 03/01/30 (Call 03/01/25)		11,450		11,349,812
6.50%, 07/15/27 (Call 07/15/22)^(a)		8,580		8,838,601
TransCanada PipeLines Ltd.
2.50%, 10/12/31 (Call 07/12/31)		9,708		8,303,359
4.10%, 04/15/30 (Call 01/15/30)^(a)		9,781		9,590,494
4.25%, 05/15/28 (Call 02/15/28)^(a)		14,582		14,549,406
4.63%, 03/01/34 (Call 12/01/33)		10,103		9,992,192
4.88%, 01/15/26 (Call 10/15/25)^(a)		7,135		7,331,765
4.88%, 05/15/48 (Call 11/15/47)^(a)		8,121		8,174,203
5.10%, 03/15/49 (Call 09/15/48)^(a)		8,216		8,583,061
6.10%, 06/01/40		9,051		10,189,890
6.20%, 10/15/37^(a)		10,502		11,816,752
7.63%, 01/15/39^(a)		12,977		16,538,430
Transcontinental Gas Pipe Line Co. LLC, 7.85%, 02/01/26 (Call 11/01/25)		7,955		8,918,660
Williams Companies Inc. (The)
2.60%, 03/15/31 (Call 12/15/30)		14,347		12,403,497
3.50%, 11/15/30 (Call 08/15/30)		8,255		7,670,876
3.75%, 06/15/27 (Call 03/15/27)^(a)		11,426		11,150,077
4.00%, 09/15/25 (Call 06/15/25)		4,647		4,627,428


Security	Par (000)		Value

Pipelines (continued)
4.85%, 03/01/48 (Call 09/01/47)^(a)	$	6,715	$	6,401,362
5.10%, 09/15/45 (Call 03/15/45)^(a)		10,686		10,394,162
6.30%, 04/15/40		11,250		12,538,239


				990,963,595

Real Estate Investment Trusts — 1.8%
Alexandria Real Estate Equities Inc.
1.88%, 02/01/33 (Call 11/01/32)		7,365		5,793,690
2.00%, 05/18/32 (Call 02/18/32)^(a)		6,241		5,124,999
2.95%, 03/15/34 (Call 12/15/33)		8,248		7,166,959
3.00%, 05/18/51 (Call 11/18/50)		7,945		5,861,878
3.38%, 08/15/31 (Call 05/15/31)		5,059		4,683,364
3.55%, 03/15/52 (Call 09/15/51)		11,387		9,290,776
American Tower Corp.
1.88%, 10/15/30 (Call 07/15/30)^(a)		10,372		8,282,159
2.10%, 06/15/30 (Call 03/15/30)^(a)		11,065		9,064,712
2.75%, 01/15/27 (Call 11/15/26)		13,411		12,467,892
2.90%, 01/15/30 (Call 10/15/29)^(a)		9,145		8,031,000
2.95%, 01/15/51 (Call 07/15/50)		10,703		7,331,126
3.10%, 06/15/50 (Call 12/15/49)^(a)		11,787		8,294,158
3.38%, 10/15/26 (Call 07/15/26)^(a)		12,300		11,809,660
3.55%, 07/15/27 (Call 04/15/27)^(a)		6,541		6,252,249
3.80%, 08/15/29 (Call 05/15/29)		17,563		16,373,089
4.00%, 06/01/25 (Call 03/01/25)^(a)		6,622		6,620,769
Boston Properties LP
2.45%, 10/01/33 (Call 07/01/33)^(a)		11,890		9,628,063
2.55%, 04/01/32 (Call 01/01/32)^(a)		5,476		4,589,573
2.75%, 10/01/26 (Call 07/01/26)		10,801		10,221,977
3.25%, 01/30/31 (Call 10/30/30)		9,528		8,643,392
3.40%, 06/21/29 (Call 03/21/29)^(a)		6,114		5,715,402
3.65%, 02/01/26 (Call 11/03/25)^(a)		11,081		10,945,303
4.50%, 12/01/28 (Call 09/01/28)^(a)		7,950		8,014,771
Brixmor Operating Partnership LP
4.05%, 07/01/30 (Call 04/01/30)^(a)		7,076		6,700,557
4.13%, 05/15/29 (Call 02/15/29)		11,208		10,863,456
Crown Castle International Corp.
1.05%, 07/15/26 (Call 06/15/26)		8,805		7,773,043
2.10%, 04/01/31 (Call 01/01/31)^(a)		9,426		7,626,358
2.25%, 01/15/31 (Call 10/15/30)^(a)		14,100		11,607,176
2.50%, 07/15/31 (Call 04/15/31)^(a)		10,222		8,517,169
2.90%, 03/15/27 (Call 02/15/27)		5,280		4,942,835
2.90%, 04/01/41 (Call 10/01/40)^(a)		13,558		10,141,596
3.25%, 01/15/51 (Call 07/15/50)^(a)		7,701		5,733,505
3.30%, 07/01/30 (Call 04/01/30)		10,831		9,770,897
3.65%, 09/01/27 (Call 06/01/27)		10,693		10,249,988
3.70%, 06/15/26 (Call 03/15/26)		11,137		10,949,231
3.80%, 02/15/28 (Call 11/15/27)		10,472		10,076,763
4.45%, 02/15/26 (Call 11/15/25)		9,772		9,859,495
Digital Realty Trust LP
3.60%, 07/01/29 (Call 04/01/29)^(a)		7,676		7,238,049
3.70%, 08/15/27 (Call 05/15/27)^(a)		12,249		11,865,966
Equinix Inc.
2.15%, 07/15/30 (Call 04/15/30)^(a)		10,821		8,995,162
2.50%, 05/15/31 (Call 02/15/31)^(a)		11,268		9,461,571
3.20%, 11/18/29 (Call 08/18/29)^(a)		11,085		10,082,705
3.90%, 04/15/32 (Call 01/15/32)		579		543,275
ERP Operating LP, 4.50%, 07/01/44 (Call 01/01/44)^(a)		7,423		7,329,325
GLP Capital LP/GLP Financing II Inc.
3.25%, 01/15/32 (Call 10/15/31)^(a)		7,987		6,731,609
5.25%, 06/01/25 (Call 03/01/25)		3,926		3,985,062
5.30%, 01/15/29 (Call 10/15/28)^(a)		10,875		10,900,590


Security	Par (000)		Value

Real Estate Investment Trusts (continued)
5.38%, 04/15/26 (Call 01/15/26)	$	7,178	$	7,302,523
Healthcare Trust of America Holdings LP, 2.00%, 03/15/31 (Call 12/15/30)^(a)		7,992		6,507,606
Healthpeak Properties Inc., 3.00%, 01/15/30 (Call 10/15/29)		6,701		6,108,308
Prologis LP
1.25%, 10/15/30 (Call 07/15/30)^(a)		7,285		5,900,376
2.25%, 04/15/30 (Call 01/15/30)^(a)		6,383		5,620,515
Realty Income Corp., 3.25%, 01/15/31 (Call 10/15/30)		7,045		6,563,261
Simon Property Group LP
1.75%, 02/01/28 (Call 11/01/27)^(a)		7,878		6,916,624
2.45%, 09/13/29 (Call 06/13/29)^(a)		11,306		9,920,769
2.65%, 07/15/30 (Call 04/15/30)		5,749		5,063,378
3.25%, 11/30/26 (Call 08/30/26)^(a)		9,867		9,571,570
3.25%, 09/13/49 (Call 03/13/49)^(a)		12,258		9,632,803
3.30%, 01/15/26 (Call 10/15/25)		13,277		13,064,960
3.38%, 06/15/27 (Call 03/15/27)^(a)		7,604		7,395,993
3.38%, 12/01/27 (Call 09/01/27)^(a)		6,551		6,305,205
3.50%, 09/01/25 (Call 06/01/25)		9,430		9,367,468
3.80%, 07/15/50 (Call 01/15/50)		8,026		7,067,352
Ventas Realty LP, 4.40%, 01/15/29 (Call 10/15/28)		7,544		7,479,581
VICI Properties LP
4.75%, 02/15/28 (Call 01/15/28)		9,330		9,290,534
4.95%, 02/15/30 (Call 12/15/29)		8,100		8,043,462
5.13%, 05/15/32 (Call 02/15/32)		9,810		9,732,109
VICI Properties LP/VICI Note Co. Inc., 5.63%, 05/15/52		4,737		4,718,384
Welltower Inc.
2.80%, 06/01/31 (Call 03/01/31)^(a)		4,584		4,032,925
3.10%, 01/15/30 (Call 10/15/29)		9,147		8,403,172
4.00%, 06/01/25 (Call 03/01/25)^(a)		9,463		9,487,104
4.25%, 04/15/28 (Call 01/15/28)		9,301		9,330,087
Weyerhaeuser Co.
4.00%, 11/15/29 (Call 08/15/29)		7,957		7,691,465
4.00%, 04/15/30 (Call 01/15/30)^(a)		8,774		8,433,874


				601,103,752

Retail — 3.0%
AutoZone Inc., 4.00%, 04/15/30 (Call 01/15/30)^(a)		9,651		9,370,167
Costco Wholesale Corp.
1.38%, 06/20/27 (Call 04/20/27)		21,388		19,312,744
1.60%, 04/20/30 (Call 01/20/30)^(a)		15,589		13,243,652
1.75%, 04/20/32 (Call 01/20/32)^(a)		8,953		7,433,277
3.00%, 05/18/27 (Call 02/18/27)^(a)		5,444		5,348,223
Dollar General Corp., 3.50%, 04/03/30 (Call 01/03/30)		8,374		7,863,060
Dollar Tree Inc.
2.65%, 12/01/31 (Call 09/01/31)^(a)		9,462		8,084,809
4.00%, 05/15/25 (Call 03/15/25)^(a)		5,175		5,201,493
4.20%, 05/15/28 (Call 02/15/28)^(a)		14,354		14,275,340
Home Depot Inc. (The)
1.38%, 03/15/31 (Call 12/15/30)^(a)		10,154		8,228,194
1.50%, 09/15/28 (Call 07/15/28)^(a)		8,530		7,476,490
1.88%, 09/15/31 (Call 06/15/31)		6,118		5,129,182
2.13%, 09/15/26 (Call 06/15/26)^(a)		11,508		10,925,197
2.38%, 03/15/51 (Call 09/15/50)		11,453		7,984,677
2.50%, 04/15/27 (Call 02/15/27)^(a)		13,296		12,656,240
2.70%, 04/15/30 (Call 01/15/30)		14,562		13,325,661
2.75%, 09/15/51 (Call 03/15/51)^(a)		10,347		7,771,997
2.80%, 09/14/27 (Call 06/14/27)^(a)		9,019		8,673,303
2.88%, 04/15/27 (Call 03/15/27)		9,768		9,461,987
2.95%, 06/15/29 (Call 03/15/29)^(a)		14,694		13,778,900


Security	Par (000)		Value

Retail (continued)
3.00%, 04/01/26 (Call 01/01/26)^(a)	$	11,221	$	11,049,590
3.13%, 12/15/49 (Call 06/15/49)		11,870		9,536,261
3.25%, 04/15/32 (Call 01/15/32)^(a)		18,576		17,391,834
3.30%, 04/15/40 (Call 10/15/39)^(a)		13,311		11,619,511
3.35%, 09/15/25 (Call 06/15/25)^(a)		7,500		7,504,698
3.35%, 04/15/50 (Call 10/15/49)^(a)		14,911		12,544,451
3.50%, 09/15/56 (Call 03/15/56)		6,659		5,591,960
3.63%, 04/15/52 (Call 10/15/51)		15,122		13,278,087
3.90%, 12/06/28 (Call 09/06/28)^(a)		9,723		9,711,883
3.90%, 06/15/47 (Call 12/15/46)^(a)		10,803		9,992,073
4.20%, 04/01/43 (Call 10/01/42)^(a)		9,840		9,497,715
4.25%, 04/01/46 (Call 10/01/45)^(a)		15,234		14,812,230
4.40%, 03/15/45 (Call 09/15/44)^(a)		9,570		9,453,468
4.50%, 12/06/48 (Call 06/06/48)^(a)		13,722		13,800,026
4.88%, 02/15/44 (Call 08/15/43)^(a)		9,086		9,547,133
5.88%, 12/16/36^(a)		30,899		36,236,002
5.95%, 04/01/41 (Call 10/01/40)		7,014		8,227,559
Lowe’s Companies Inc.
1.30%, 04/15/28 (Call 02/15/28)^(a)		10,532		8,980,891
1.70%, 09/15/28 (Call 07/15/28)^(a)		9,439		8,237,383
1.70%, 10/15/30 (Call 07/15/30)		10,638		8,705,122
2.50%, 04/15/26 (Call 01/15/26)^(a)		13,224		12,611,591
2.63%, 04/01/31 (Call 01/01/31)		12,740		11,136,540
2.80%, 09/15/41 (Call 03/15/41)^(a)		10,371		7,928,130
3.00%, 10/15/50 (Call 04/15/50)^(a)		17,746		13,024,208
3.10%, 05/03/27 (Call 02/03/27)^(a)		14,588		14,128,250
3.35%, 04/01/27 (Call 03/01/27)		7,957		7,762,821
3.38%, 09/15/25 (Call 06/15/25)		13,021		12,915,535
3.65%, 04/05/29 (Call 01/05/29)		16,086		15,527,127
3.70%, 04/15/46 (Call 10/15/45)^(a)		13,272		11,104,274
3.75%, 04/01/32 (Call 01/01/32)		21,185		19,981,853
4.00%, 04/15/25 (Call 03/15/25)		2,109		2,138,260
4.05%, 05/03/47 (Call 11/03/46)^(a)		13,686		12,016,660
4.25%, 04/01/52 (Call 10/01/51)		14,955		13,440,962
4.45%, 04/01/62 (Call 10/01/61)		11,365		10,179,452
4.50%, 04/15/30 (Call 01/15/30)^(a)		13,294		13,375,064
McDonald’s Corp.
2.13%, 03/01/30 (Call 12/01/29)		8,700		7,504,040
2.63%, 09/01/29 (Call 06/01/29)^(a)		9,599		8,693,830
3.30%, 07/01/25 (Call 06/01/25)^(a)		6,731		6,707,892
3.50%, 03/01/27 (Call 12/01/26)^(a)		8,135		8,054,001
3.50%, 07/01/27 (Call 05/01/27)^(a)		9,497		9,357,158
3.60%, 07/01/30 (Call 04/01/30)		8,567		8,215,738
3.63%, 09/01/49 (Call 03/01/49)		16,007		13,420,069
3.70%, 01/30/26 (Call 10/30/25)^(a)		15,014		15,054,137
3.80%, 04/01/28 (Call 01/01/28)		10,932		10,844,206
4.20%, 04/01/50 (Call 10/01/49)^(a)		8,434		7,776,626
4.45%, 03/01/47 (Call 09/01/46)^(a)		9,475		9,084,101
4.45%, 09/01/48 (Call 03/01/48)^(a)		7,103		6,788,466
4.70%, 12/09/35 (Call 06/09/35)		7,189		7,301,146
4.88%, 12/09/45 (Call 06/09/45)		15,701		15,865,507
6.30%, 10/15/37^(a)		8,598		10,089,180
6.30%, 03/01/38		10,156		11,920,099
O’Reilly Automotive Inc., 3.60%, 09/01/27 (Call 06/01/27)^(a)		10,480		10,288,877
Starbucks Corp.
2.25%, 03/12/30 (Call 12/12/29)^(a)		6,862		5,881,569
2.55%, 11/15/30 (Call 08/15/30)^(a)		10,078		8,697,497
3.00%, 02/14/32 (Call 11/14/31)		9,437		8,324,901
3.50%, 11/15/50 (Call 05/15/50)^(a)		13,488		10,775,562


Security	Par (000)		Value

Retail (continued)
3.55%, 08/15/29 (Call 05/15/29)	$	10,412	$	9,934,037
3.80%, 08/15/25 (Call 06/15/25)^(a)		6,947		7,000,064
4.00%, 11/15/28 (Call 08/15/28)^(a)		8,556		8,501,355
4.45%, 08/15/49 (Call 02/15/49)^(a)		9,993		9,279,863
4.50%, 11/15/48 (Call 05/15/48)^(a)		10,119		9,530,597
Target Corp.
1.95%, 01/15/27 (Call 12/15/26)^(a)		8,510		7,977,122
2.35%, 02/15/30 (Call 11/15/29)		6,030		5,449,359
2.50%, 04/15/26^(a)		9,525		9,239,204
2.95%, 01/15/52 (Call 07/15/51)		17,929		14,218,787
3.38%, 04/15/29 (Call 01/15/29)^(a)		12,534		12,290,463
4.00%, 07/01/42^(a)		5,105		4,953,012
TJX Companies Inc. (The), 2.25%, 09/15/26 (Call 06/15/26)^(a)		10,376		9,835,357
Walgreens Boots Alliance Inc.
3.45%, 06/01/26 (Call 03/01/26)^(a)		5,954		5,824,885
4.10%, 04/15/50 (Call 10/15/49)		7,091		6,051,730
4.80%, 11/18/44 (Call 05/18/44)^(a)		1,200		1,127,427
Walmart Inc.
3.05%, 07/08/26 (Call 05/08/26)		8,857		8,798,010
3.55%, 06/26/25 (Call 04/26/25)^(a)		3,333		3,372,510
3.70%, 06/26/28 (Call 03/26/28)^(a)		15,677		15,699,612
4.05%, 06/29/48 (Call 12/29/47)^(a)		15,129		15,222,829
5.25%, 09/01/35^(a)		8,326		9,416,475
6.20%, 04/15/38^(a)		817		1,015,039
6.50%, 08/15/37^(a)		1,370		1,757,405


				985,672,941

Semiconductors — 3.2%
Analog Devices Inc.
1.70%, 10/01/28 (Call 08/01/28)		10,572		9,278,638
2.10%, 10/01/31 (Call 07/01/31)^(a)		6,786		5,836,480
2.80%, 10/01/41 (Call 04/01/41)^(a)		7,514		6,091,450
2.95%, 10/01/51 (Call 04/01/51)^(a)		9,404		7,376,619
3.50%, 12/05/26 (Call 09/05/26)^(a)		10,965		10,938,225
Applied Materials Inc.
1.75%, 06/01/30 (Call 03/01/30)^(a)		12,289		10,523,883
2.75%, 06/01/50 (Call 12/01/49)^(a)		7,686		5,962,962
3.30%, 04/01/27 (Call 01/01/27)^(a)		14,535		14,336,026
4.35%, 04/01/47 (Call 10/01/46)		9,228		9,286,013
Broadcom Corp./Broadcom Cayman Finance Ltd.
3.50%, 01/15/28 (Call 10/15/27)		8,856		8,356,492
3.88%, 01/15/27 (Call 10/15/26)		29,032		28,319,198
Broadcom Inc.
1.95%, 02/15/28 (Call 12/15/27)^(a)(c)		10,530		9,110,751
2.45%, 02/15/31 (Call 11/15/30)^(a)(c)		26,175		21,601,442
2.60%, 02/15/33 (Call 11/15/32)^(c)		16,621		13,285,277
3.14%, 11/15/35 (Call 08/15/35)^(a)(c)		29,088		23,344,836
3.15%, 11/15/25 (Call 10/15/25)^(a)		13,026		12,687,299
3.19%, 11/15/36 (Call 08/15/36)^(a)(c)		23,055		18,122,397
3.42%, 04/15/33 (Call 01/15/33)^(c)		20,251		17,365,008
3.46%, 09/15/26 (Call 07/15/26)^(a)		12,535		12,210,945
3.47%, 04/15/34 (Call 01/15/34)^(c)		27,355		23,189,474
3.50%, 02/15/41 (Call 08/15/40)^(a)(c)		25,592		19,908,160
3.75%, 02/15/51 (Call 08/15/50)^(a)(c)		17,397		13,381,885
4.00%, 04/15/29 (Call 02/15/29)^(c)		9,141		8,720,092
4.11%, 09/15/28 (Call 06/15/28)		25		24,347
4.15%, 11/15/30 (Call 08/15/30)		10,220		9,673,469
4.15%, 04/15/32 (Call 01/15/32)^(c)		7,695		7,148,159
4.30%, 11/15/32 (Call 08/15/32)^(a)		16,372		15,352,809
4.93%, 05/15/37 (Call 02/15/37)^(a)(c)		63,866		59,561,955


Security	Par (000)		Value

Semiconductors (continued)
5.00%, 04/15/30 (Call 01/15/30)^(a)	$	30	$	30,303
Intel Corp.
1.60%, 08/12/28 (Call 06/12/28)		8,943		7,872,848
2.00%, 08/12/31 (Call 05/12/31)^(a)		9,471		8,048,073
2.45%, 11/15/29 (Call 08/15/29)		19,226		17,408,603
2.60%, 05/19/26 (Call 02/19/26)		8,682		8,407,583
2.80%, 08/12/41 (Call 02/12/41)		8,288		6,546,081
3.05%, 08/12/51 (Call 02/12/51)^(a)		11,036		8,608,406
3.10%, 02/15/60 (Call 08/15/59)		10,650		7,893,029
3.15%, 05/11/27 (Call 02/11/27)^(a)		10,966		10,765,055
3.20%, 08/12/61 (Call 02/12/61)^(a)		7,552		5,679,837
3.25%, 11/15/49 (Call 05/15/49)		18,788		15,150,423
3.70%, 07/29/25 (Call 04/29/25)^(a)		16,664		16,811,370
3.73%, 12/08/47 (Call 06/08/47)^(a)		20,677		18,277,751
3.75%, 03/25/27 (Call 01/25/27)^(a)		8,051		8,091,038
3.90%, 03/25/30 (Call 12/25/29)^(a)		13,481		13,386,032
4.00%, 12/15/32^(a)		8,047		7,967,387
4.10%, 05/19/46 (Call 11/19/45)^(a)		10,028		9,439,700
4.10%, 05/11/47 (Call 11/11/46)^(a)		10,132		9,480,649
4.60%, 03/25/40 (Call 09/25/39)^(a)		8,213		8,263,439
4.75%, 03/25/50 (Call 09/25/49)^(a)		21,221		21,960,348
4.80%, 10/01/41^(a)		6,881		7,108,784
4.90%, 07/29/45 (Call 01/29/45)		7,825		8,162,375
4.95%, 03/25/60 (Call 09/25/59)^(a)		8,428		8,877,073
KLA Corp.
3.30%, 03/01/50 (Call 08/28/49)^(a)		7,464		6,229,292
4.10%, 03/15/29 (Call 12/15/28)		8,789		8,823,276
Lam Research Corp.
1.90%, 06/15/30 (Call 03/15/30)		14,038		12,007,281
2.88%, 06/15/50 (Call 12/15/49)^(a)		6,786		5,230,611
3.75%, 03/15/26 (Call 01/15/26)		13,236		13,277,188
4.00%, 03/15/29 (Call 12/15/28)^(a)		7,917		7,886,770
4.88%, 03/15/49 (Call 09/15/48)		8,850		9,487,023
Marvell Technology Inc.
2.45%, 04/15/28 (Call 02/15/28)		9,914		8,854,454
2.95%, 04/15/31 (Call 01/15/31)^(a)		12,631		10,979,114
Microchip Technology Inc., 4.25%, 09/01/25 (Call 09/01/22)^(a)		5,992		5,953,172
Micron Technology Inc.
2.70%, 04/15/32 (Call 01/15/32)		12,906		10,745,395
4.19%, 02/15/27 (Call 12/15/26)^(a)		11,147		11,093,740
4.66%, 02/15/30 (Call 11/15/29)		10,168		10,063,064
NVIDIA Corp.
1.55%, 06/15/28 (Call 04/15/28)		13,366		11,762,303
2.00%, 06/15/31 (Call 03/15/31)^(a)		12,979		11,148,817
2.85%, 04/01/30 (Call 01/01/30)		14,489		13,486,186
3.20%, 09/16/26 (Call 06/16/26)^(a)		7,443		7,400,675
3.50%, 04/01/40 (Call 10/01/39)^(a)		12,156		10,999,050
3.50%, 04/01/50 (Call 10/01/49)^(a)		18,323		16,234,334
NXP BV/NXP Funding LLC/NXP USA Inc.
2.50%, 05/11/31 (Call 02/11/31)^(a)(c)		8,583		7,225,918
2.65%, 02/15/32 (Call 11/15/31)^(a)(c)		7,711		6,431,407
3.25%, 05/11/41 (Call 11/11/40)^(a)(c)		10,067		7,875,616
3.40%, 05/01/30 (Call 02/01/30)^(c)		8,346		7,586,708
3.88%, 06/18/26 (Call 04/18/26)^(c)		9,126		8,970,286
4.30%, 06/18/29 (Call 03/18/29)^(a)(c)		11,413		11,106,982
Qorvo Inc., 4.38%, 10/15/29 (Call 10/15/24)		9,081		8,384,033
QUALCOMM Inc.
1.30%, 05/20/28 (Call 02/20/28)		10,960		9,509,837
1.65%, 05/20/32 (Call 02/20/32)^(a)		6,980		5,659,434


Security	Par (000)		Value

Semiconductors (continued)
2.15%, 05/20/30 (Call 02/20/30)^(a)	$	13,011	$	11,416,528
3.25%, 05/20/27 (Call 02/20/27)		17,685		17,314,763
3.25%, 05/20/50 (Call 11/20/49)^(a)		8,786		7,461,955
3.45%, 05/20/25 (Call 02/20/25)^(a)		8,593		8,614,465
4.30%, 05/20/47 (Call 11/20/46)^(a)		15,470		15,291,287
4.65%, 05/20/35 (Call 11/20/34)		11,199		11,615,381
4.80%, 05/20/45 (Call 11/20/44)		14,553		15,237,476
Texas Instruments Inc.
1.75%, 05/04/30 (Call 02/04/30)		10,687		9,231,852
2.25%, 09/04/29 (Call 06/04/29)		11,657		10,555,509
3.88%, 03/15/39 (Call 09/15/38)		9,148		8,868,793
4.15%, 05/15/48 (Call 11/15/47)^(a)		13,477		13,460,433


				1,028,710,886

Software — 3.6%
Activision Blizzard Inc.
2.50%, 09/15/50 (Call 03/15/50)		16,312		11,768,516
3.40%, 09/15/26 (Call 06/15/26)^(a)		11,178		11,082,091
Adobe Inc.
2.15%, 02/01/27 (Call 12/01/26)		8,297		7,826,484
2.30%, 02/01/30 (Call 11/01/29)^(a)		13,301		11,915,722
Autodesk Inc., 2.40%, 12/15/31 (Call 09/15/31)^(a)		13,415		11,240,017
Broadridge Financial Solutions Inc.
2.60%, 05/01/31 (Call 02/01/31)		11,721		10,052,640
2.90%, 12/01/29 (Call 09/01/29)^(a)		8,855		7,967,044
Citrix Systems Inc.
1.25%, 03/01/26 (Call 02/01/26)		9,241		9,063,879
3.30%, 03/01/30 (Call 12/01/29)^(a)		8,481		8,352,833
4.50%, 12/01/27 (Call 09/01/27)		9,700		9,828,029
Fidelity National Information Services Inc.
1.15%, 03/01/26 (Call 02/01/26)^(a)		12,589		11,344,313
1.65%, 03/01/28 (Call 01/01/28)^(a)		8,474		7,348,303
2.25%, 03/01/31 (Call 12/01/30)^(a)		11,816		9,907,026
3.10%, 03/01/41 (Call 09/01/40)		13,195		10,329,162
Fiserv Inc.
2.25%, 06/01/27 (Call 04/01/27)^(a)		11,665		10,687,576
2.65%, 06/01/30 (Call 03/01/30)^(a)		10,652		9,258,795
3.20%, 07/01/26 (Call 05/01/26)^(a)		18,519		17,918,447
3.50%, 07/01/29 (Call 04/01/29)		28,702		26,798,727
3.85%, 06/01/25 (Call 03/01/25)^(a)		5,955		5,965,134
4.20%, 10/01/28 (Call 07/01/28)^(a)		8,391		8,251,610
4.40%, 07/01/49 (Call 01/01/49)		22,727		20,536,740
Microsoft Corp.
2.40%, 08/08/26 (Call 05/08/26)^(a)		34,876		33,684,015
2.53%, 06/01/50 (Call 12/01/49)^(a)		57,951		43,938,703
2.68%, 06/01/60 (Call 12/01/59)		33,609		24,631,367
2.92%, 03/17/52 (Call 09/17/51)		58,392		47,448,644
3.04%, 03/17/62 (Call 09/17/61)		14,266		11,317,457
3.13%, 11/03/25 (Call 08/03/25)^(a)		24,384		24,426,948
3.30%, 02/06/27 (Call 11/06/26)^(a)		34,841		34,876,454
3.45%, 08/08/36 (Call 02/08/36)^(a)		13,626		13,026,863
3.50%, 02/12/35 (Call 08/12/34)^(a)		14,829		14,309,178
3.70%, 08/08/46 (Call 02/08/46)^(a)		22,866		21,686,382
4.10%, 02/06/37 (Call 08/06/36)^(a)		9,308		9,526,595
4.25%, 02/06/47 (Call 08/06/46)^(a)		14,984		15,598,825
4.45%, 11/03/45 (Call 05/03/45)^(a)		5,490		5,727,451
4.50%, 02/06/57 (Call 08/06/56)^(a)		5,005		5,417,428
Oracle Corp.
1.65%, 03/25/26 (Call 02/25/26)		26,311		23,776,898
2.30%, 03/25/28 (Call 01/25/28)		21,193		18,472,654
2.65%, 07/15/26 (Call 04/15/26)^(a)		30,075		28,081,966


Security	Par (000)		Value

Software (continued)
2.80%, 04/01/27 (Call 02/01/27)^(a)	$	19,419	$	17,929,683
2.88%, 03/25/31 (Call 12/25/30)		33,963		28,829,099
2.95%, 05/15/25 (Call 02/15/25)^(a)		17,170		16,613,776
2.95%, 04/01/30 (Call 01/01/30)^(a)		27,878		24,067,470
3.25%, 11/15/27 (Call 08/15/27)^(a)		27,634		25,731,142
3.60%, 04/01/40 (Call 10/01/39)		26,734		20,636,999
3.60%, 04/01/50 (Call 10/01/49)		46,078		33,134,326
3.65%, 03/25/41 (Call 09/25/40)		20,275		15,724,128
3.80%, 11/15/37 (Call 05/15/37)^(a)		14,744		12,086,036
3.85%, 07/15/36 (Call 01/15/36)^(a)		11,483		9,618,481
3.85%, 04/01/60 (Call 10/01/59)		29,893		21,128,193
3.90%, 05/15/35 (Call 11/15/34)		14,810		12,813,169
3.95%, 03/25/51 (Call 09/25/50)		29,667		22,527,693
4.00%, 07/15/46 (Call 01/15/46)^(a)		31,641		24,669,273
4.00%, 11/15/47 (Call 05/15/47)		20,814		16,149,797
4.10%, 03/25/61 (Call 09/25/60)		14,045		10,399,946
4.13%, 05/15/45 (Call 11/15/44)^(a)		18,414		14,532,487
4.30%, 07/08/34 (Call 01/08/34)^(a)		15,085		13,633,637
4.38%, 05/15/55 (Call 11/15/54)		12,244		9,638,730
4.50%, 07/08/44 (Call 01/08/44)		8,540		7,206,424
5.38%, 07/15/40^(a)		24,372		23,127,712
6.13%, 07/08/39		11,288		11,779,603
6.50%, 04/15/38^(a)		12,122		13,084,949
Roper Technologies Inc.
1.75%, 02/15/31 (Call 11/15/30)^(a)		5,222		4,218,945
4.20%, 09/15/28 (Call 06/15/28)		6,916		6,935,650
salesforce.com Inc.
1.50%, 07/15/28 (Call 05/15/28)^(a)		9,321		8,226,981
1.95%, 07/15/31 (Call 04/15/31)^(a)		14,075		12,079,684
2.70%, 07/15/41 (Call 01/15/41)^(a)		16,476		13,102,348
2.90%, 07/15/51 (Call 01/15/51)^(a)		20,168		15,702,601
3.05%, 07/15/61 (Call 01/15/61)^(a)		8,436		6,427,530
3.70%, 04/11/28 (Call 01/11/28)^(a)		15,505		15,475,162
VMware Inc.
1.40%, 08/15/26 (Call 07/15/26)^(a)		21,419		19,187,316
1.80%, 08/15/28 (Call 06/15/28)		10,086		8,574,133
2.20%, 08/15/31 (Call 05/15/31)^(a)		13,796		11,223,790
3.90%, 08/21/27 (Call 05/21/27)		9,766		9,539,339
4.50%, 05/15/25 (Call 04/15/25)^(a)		1,222		1,238,330
4.70%, 05/15/30 (Call 02/15/30)		14,872		14,792,387
Workday Inc.
3.50%, 04/01/27 (Call 03/01/27)		5,442		5,305,303
3.70%, 04/01/29 (Call 02/01/29)		5,632		5,388,994
3.80%, 04/01/32 (Call 01/01/32)		7,138		6,756,306


				1,182,628,468

Telecommunications — 7.1%
AT&T Inc.
1.65%, 02/01/28 (Call 12/01/27)		19,842		17,307,373
1.70%, 03/25/26 (Call 03/25/23)^(a)		23,867		22,036,014
2.25%, 02/01/32 (Call 11/01/31)^(a)		24,594		20,468,989
2.30%, 06/01/27 (Call 04/01/27)		26,959		24,796,028
2.55%, 12/01/33 (Call 09/01/33)^(a)		35,326		29,211,267
2.75%, 06/01/31 (Call 03/01/31)^(a)		30,078		26,548,127
3.10%, 02/01/43 (Call 08/01/42)		22,314		17,287,524
3.30%, 02/01/52 (Call 08/01/51)^(a)		21,233		16,112,063
3.40%, 05/15/25 (Call 05/11/22)^(a)		16,695		16,790,073
3.50%, 06/01/41 (Call 12/01/40)		23,983		19,960,518
3.50%, 09/15/53 (Call 03/15/53)		67,845		53,255,177
3.50%, 02/01/61 (Call 08/01/60)		13,670		10,138,390
3.55%, 09/15/55 (Call 03/15/55)		72,143		56,036,289


Security	Par (000)		Value

Telecommunications (continued)
3.65%, 06/01/51 (Call 12/01/50)^(a)	$	29,105	$	23,634,791
3.65%, 09/15/59 (Call 03/15/59)		66,737		51,533,517
3.80%, 02/15/27 (Call 11/15/26)^(a)		10,845		10,834,450
3.80%, 12/01/57 (Call 06/01/57)^(a)		53,451		42,801,011
3.85%, 06/01/60 (Call 12/01/59)^(a)		14,841		11,808,069
4.10%, 02/15/28 (Call 11/15/27)^(a)		17,871		18,050,366
4.13%, 02/17/26 (Call 05/11/22)^(a)		12,444		12,756,998
4.25%, 03/01/27 (Call 12/01/26)^(a)		13,181		13,461,459
4.30%, 02/15/30 (Call 11/15/29)		28,991		29,141,197
4.30%, 12/15/42 (Call 06/15/42)^(a)		13,013		11,937,152
4.35%, 03/01/29 (Call 12/01/28)		30,273		30,575,682
4.35%, 06/15/45 (Call 12/15/44)		11,343		10,261,299
4.50%, 05/15/35 (Call 11/15/34)^(a)		24,271		23,831,192
4.50%, 03/09/48 (Call 09/09/47)^(a)		16,197		15,188,035
4.55%, 03/09/49 (Call 09/09/48)^(a)		11,235		10,683,440
4.75%, 05/15/46 (Call 11/15/45)		17,602		17,369,284
4.85%, 03/01/39 (Call 09/01/38)^(a)		9,811		9,773,268
5.15%, 02/15/50 (Call 08/14/49)		10,631		11,067,540
5.25%, 03/01/37 (Call 09/01/36)^(a)		15,495		16,446,675
5.35%, 09/01/40^(a)		9,582		10,098,313
5.65%, 02/15/47 (Call 08/15/46)^(a)		8,678		9,640,795
Bell Telephone Co. of Canada or Bell Canada (The)
3.65%, 08/15/52 (Call 02/15/52)^(a)		14,407		12,069,025
4.46%, 04/01/48 (Call 10/01/47)^(a)		9,383		8,985,621
British Telecommunications PLC, 9.63%, 12/15/30		26,767		34,258,419
Cisco Systems Inc.
2.50%, 09/20/26 (Call 06/20/26)		12,290		11,871,678
2.95%, 02/28/26^(a)		12,088		11,941,248
5.50%, 01/15/40^(a)		19,684		22,594,901
5.90%, 02/15/39		18,836		22,447,892
Corning Inc.
4.38%, 11/15/57 (Call 05/15/57)		7,031		6,337,959
5.45%, 11/15/79 (Call 05/19/79)^(a)		11,034		10,805,019
Deutsche Telekom International Finance BV, 8.75%, 06/15/30		37,860		48,024,865
Motorola Solutions Inc.
2.30%, 11/15/30 (Call 08/15/30)		11,959		9,780,458
2.75%, 05/24/31 (Call 02/24/31)		9,823		8,206,185
4.60%, 05/23/29 (Call 02/23/29)		10,994		10,821,970
Orange SA
5.38%, 01/13/42^(a)		11,577		12,399,535
5.50%, 02/06/44 (Call 08/06/43)^(a)		7,342		8,055,659
9.00%, 03/01/31		26,915		35,504,171
Rogers Communications Inc.
3.20%, 03/15/27 (Call 02/15/27)^(c)		13,725		13,076,517
3.70%, 11/15/49 (Call 05/15/49)^(a)		9,584		7,622,882
3.80%, 03/15/32 (Call 12/15/31)^(c)		20,262		18,664,732
4.30%, 02/15/48 (Call 08/15/47)^(a)		7,154		6,255,873
4.35%, 05/01/49 (Call 11/01/48)^(a)		11,766		10,390,115
4.50%, 03/15/42 (Call 09/15/41)^(c)		12,402		11,295,527
4.55%, 03/15/52 (Call 09/15/51)^(c)		18,844		16,744,511
5.00%, 03/15/44 (Call 09/15/43)^(a)		9,895		9,532,631
Telefonica Emisiones SA
4.10%, 03/08/27		16,021		15,848,098
4.67%, 03/06/38		7,732		7,177,258
4.90%, 03/06/48		13,849		12,605,613
5.21%, 03/08/47		25,467		23,920,626
5.52%, 03/01/49 (Call 09/01/48)		12,086		11,943,931
7.05%, 06/20/36^(a)		19,586		22,604,745
Telefonica Europe BV, 8.25%, 09/15/30^(a)		11,393		14,074,511


Security	Par (000)		Value

Telecommunications (continued)
TELUS Corp.
3.40%, 05/13/32 (Call 02/13/32)	$	17,869	$	16,382,355
4.60%, 11/16/48 (Call 05/16/48)^(a)		7,001		6,937,177
T-Mobile USA Inc.
1.50%, 02/15/26 (Call 01/15/26)		16,347		14,914,362
2.05%, 02/15/28 (Call 12/15/27)		24,934		22,001,360
2.25%, 11/15/31 (Call 08/15/31)		9,195		7,536,004
2.55%, 02/15/31 (Call 11/15/30)		27,622		23,510,109
2.70%, 03/15/32 (Call 12/15/31)^(c)		7,813		6,633,308
3.00%, 02/15/41 (Call 08/15/40)^(a)		25,852		19,755,206
3.30%, 02/15/51 (Call 08/15/50)^(a)		30,683		22,962,633
3.40%, 10/15/52 (Call 04/15/52)^(a)(c)		26,236		19,867,712
3.50%, 04/15/25 (Call 03/15/25)		14,043		13,866,342
3.60%, 11/15/60 (Call 05/15/60)		5,524		4,131,050
3.75%, 04/15/27 (Call 02/15/27)		38,888		37,852,646
3.88%, 04/15/30 (Call 01/15/30)^(a)		67,018		63,453,279
4.38%, 04/15/40 (Call 10/15/39)^(a)		20,304		18,701,586
4.50%, 04/15/50 (Call 10/15/49)		29,794		27,183,289
Verizon Communications Inc.
0.85%, 11/20/25 (Call 10/20/25)		14,313		13,066,771
1.45%, 03/20/26 (Call 02/20/26)^(a)		18,852		17,281,498
1.50%, 09/18/30 (Call 06/18/30)^(a)		10,680		8,681,895
1.68%, 10/30/30 (Call 07/30/30)^(a)		12,103		9,875,138
1.75%, 01/20/31 (Call 10/20/30)		21,854		17,787,209
2.10%, 03/22/28 (Call 01/22/28)		27,873		24,980,020
2.36%, 03/15/32		39,490		33,184,146
2.55%, 03/21/31 (Call 12/21/30)^(a)		39,171		34,060,128
2.63%, 08/15/26^(a)		18,431		17,508,825
2.65%, 11/20/40 (Call 05/20/40)^(a)		30,803		23,304,690
2.85%, 09/03/41 (Call 03/03/41)^(a)		14,557		11,369,499
2.88%, 11/20/50 (Call 05/20/50)^(a)		27,485		20,086,604
2.99%, 10/30/56 (Call 04/30/56)		37,794		26,793,093
3.00%, 03/22/27 (Call 01/22/27)^(a)		10,867		10,398,577
3.00%, 11/20/60 (Call 05/20/60)^(a)		18,467		12,914,564
3.15%, 03/22/30 (Call 12/22/29)		12,252		11,254,465
3.40%, 03/22/41 (Call 09/22/40)^(a)		35,509		29,682,836
3.55%, 03/22/51 (Call 09/22/50)^(a)		46,836		38,595,899
3.70%, 03/22/61 (Call 09/22/60)^(a)		33,399		26,953,574
3.88%, 02/08/29 (Call 11/08/28)^(a)		9,682		9,545,925
3.88%, 03/01/52 (Call 09/01/51)		8,465		7,394,763
4.00%, 03/22/50 (Call 09/22/49)^(a)		12,556		11,194,819
4.02%, 12/03/29 (Call 09/03/29)		36,176		35,418,355
4.13%, 03/16/27^(a)		30,464		30,625,825
4.13%, 08/15/46		13,015		11,841,270
4.27%, 01/15/36^(a)		18,556		17,951,316
4.33%, 09/21/28^(a)		37,737		37,987,532
4.40%, 11/01/34 (Call 05/01/34)^(a)		17,472		17,208,568
4.50%, 08/10/33^(a)		23,450		23,477,383
4.52%, 09/15/48		5,218		5,075,614
4.81%, 03/15/39		10,558		10,803,664
4.86%, 08/21/46		21,762		21,944,864
5.01%, 08/21/54		8,564		9,070,012
5.25%, 03/16/37^(a)		10,012		10,645,284
6.55%, 09/15/43^(a)		4,553		5,685,131
Vodafone Group PLC
4.13%, 05/30/25^(a)		9,101		9,211,755
4.25%, 09/17/50		12,890		11,143,784
4.38%, 05/30/28^(a)		25,342		25,686,849
4.38%, 02/19/43^(a)		16,026		14,526,280
4.88%, 06/19/49		19,441		18,569,489


Security	Par (000)		Value


Telecommunications (continued)
5.00%, 05/30/38	$	11,313	$	11,217,122
5.25%, 05/30/48^(a)		28,830		28,614,130
6.15%, 02/27/37^(a)		15,171		16,847,000


				2,311,859,123

Toys, Games & Hobbies — 0.0%
Hasbro Inc., 3.90%, 11/19/29 (Call 08/19/29)		11,373		10,817,374


Transportation — 1.8%
Burlington Northern Santa Fe LLC
3.30%, 09/15/51 (Call 03/15/51)^(a)		10,455		8,698,876
3.55%, 02/15/50 (Call 08/15/49)		6,678		5,826,349
3.90%, 08/01/46 (Call 02/01/46)^(a)		7,713		7,136,784
4.05%, 06/15/48 (Call 12/15/47)^(a)		8,345		7,895,308
4.13%, 06/15/47 (Call 12/15/46)^(a)		7,462		7,148,969
4.15%, 04/01/45 (Call 10/01/44)^(a)		8,463		7,984,276
4.15%, 12/15/48 (Call 06/15/48)^(a)		7,217		6,918,063
4.45%, 03/15/43 (Call 09/15/42)		7,190		7,097,304
4.55%, 09/01/44 (Call 03/01/44)		7,489		7,466,068
4.90%, 04/01/44 (Call 10/01/43)^(a)		9,263		9,603,062
5.75%, 05/01/40 (Call 11/01/39)		6,988		7,942,879
Canadian Pacific Railway Co.
1.75%, 12/02/26 (Call 11/02/26)		9,392		8,618,768
2.45%, 12/02/31 (Call 09/02/31)^(a)		9,576		8,315,443
3.00%, 12/02/41 (Call 06/02/41)^(a)		10,796		8,793,059
3.10%, 12/02/51 (Call 06/02/51)^(a)		16,806		12,936,148
6.13%, 09/15/2115 (Call 03/15/2115)		7,970		8,832,545
CSX Corp.
3.25%, 06/01/27 (Call 03/01/27)^(a)		8,337		8,051,206
3.80%, 03/01/28 (Call 12/01/27)^(a)		7,937		7,876,039
3.80%, 11/01/46 (Call 05/01/46)^(a)		9,271		8,161,150
4.10%, 03/15/44 (Call 09/15/43)		6,808		6,226,078
4.25%, 03/15/29 (Call 12/15/28)^(a)		11,188		11,257,900
4.30%, 03/01/48 (Call 09/01/47)^(a)		7,338		6,979,876
FedEx Corp.
2.40%, 05/15/31 (Call 02/15/31)^(a)		9,572		8,219,055
3.10%, 08/05/29 (Call 05/05/29)^(a)		8,263		7,649,966
3.25%, 04/01/26 (Call 01/01/26)^(a)		5,496		5,418,371
3.25%, 05/15/41 (Call 11/15/40)		7,482		6,002,024
4.05%, 02/15/48 (Call 08/15/47)^(a)		10,688		9,222,875
4.25%, 05/15/30 (Call 02/15/30)^(a)		6,458		6,396,457
4.40%, 01/15/47 (Call 07/15/46)^(a)		9,163		8,317,233
4.55%, 04/01/46 (Call 10/01/45)^(a)		12,288		11,384,819
4.75%, 11/15/45 (Call 05/15/45)		10,201		9,626,482
4.95%, 10/17/48 (Call 04/17/48)^(a)		8,434		8,301,316
5.10%, 01/15/44^(a)		7,292		7,253,986
5.25%, 05/15/50 (Call 11/15/49)^(a)		12,205		12,534,141
Norfolk Southern Corp.
3.05%, 05/15/50 (Call 11/15/49)		10,326		8,022,323
3.16%, 05/15/55 (Call 11/15/54)		7,692		5,860,417
Union Pacific Corp.
2.38%, 05/20/31 (Call 02/20/31)^(a)		8,318		7,294,890
2.40%, 02/05/30 (Call 11/05/29)		9,083		8,135,331
2.80%, 02/14/32 (Call 12/15/31)		6,829		6,134,976
2.95%, 03/10/52 (Call 09/10/51)^(a)		9,098		6,966,542
2.97%, 09/16/62 (Call 03/16/62)^(a)		7,802		5,670,526
3.20%, 05/20/41 (Call 11/20/40)^(a)		10,140		8,591,291
3.25%, 02/05/50 (Call 08/05/49)		15,465		12,620,323
3.50%, 02/14/53 (Call 08/14/52)		13,541		11,530,422


Security	Par/ Shares (000)		Value


Transportation (continued)
3.70%, 03/01/29 (Call 12/01/28)^(a)	$	8,324	$	8,200,588
3.75%, 02/05/70 (Call 08/05/69)^(a)		7,611		6,356,540
3.80%, 10/01/51 (Call 04/01/51)^(a)		8,935		8,013,723
3.80%, 04/06/71 (Call 10/06/70)^(a)		11,402		9,585,249
3.84%, 03/20/60 (Call 09/20/59)^(a)		16,546		14,602,101
3.95%, 09/10/28 (Call 06/10/28)^(a)		11,224		11,214,502
United Parcel Service Inc.
3.05%, 11/15/27 (Call 08/15/27)^(a)		8,667		8,420,605
3.40%, 03/15/29 (Call 12/15/28)^(a)		8,887		8,686,262
3.75%, 11/15/47 (Call 05/15/47)^(a)		10,497		9,621,320
3.90%, 04/01/25 (Call 03/01/25)		3,000		3,034,757
4.25%, 03/15/49 (Call 09/15/48)^(a)		7,493		7,434,582
4.45%, 04/01/30 (Call 01/01/30)^(a)		6,140		6,387,117
5.30%, 04/01/50 (Call 10/01/49)^(a)		13,514		15,349,339
6.20%, 01/15/38		13,878		16,701,428
Walmart Inc.
1.05%, 09/17/26 (Call 08/17/26)^(a)		16,726		15,223,632
1.50%, 09/22/28 (Call 07/22/28)^(a)		17,999		15,922,268
1.80%, 09/22/31 (Call 06/22/31)^(a)		19,260		16,445,636
2.50%, 09/22/41 (Call 03/22/41)^(a)		19,044		15,324,941
2.65%, 09/22/51 (Call 03/22/51)^(a)		20,715		16,221,430


				573,665,936

Water — 0.1%
American Water Capital Corp.
3.75%, 09/01/47 (Call 03/01/47)		9,619		8,457,451
6.59%, 10/15/37		7,545		9,189,505


				17,646,956


Total Corporate Bonds & Notes — 98.0% (Cost: $37,465,103,002)				31,874,937,920


Short-Term Investments

Money Market Funds — 7.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.38%^(d)(e)(f)		2,217,147		2,217,147,404
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.34%^(d)(e)		166,614		166,614,000


				2,383,761,404


Total Short-Term Investments — 7.3% (Cost: $2,383,472,570)				2,383,761,404


Total Investments in Securities — 105.3% (Cost: $39,848,575,572)				34,258,699,324

Other Assets, Less Liabilities — (5.3)%				(1,711,184,559	)


Net Assets — 100.0%			$	32,547,514,765

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

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

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

^(d)	Affiliate of the Fund.

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

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

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

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

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

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


				Average Annual Total Returns						Cumulative Total Returns

	6 Months			1 Year			Since Inception			1 Year			Since Inception

Fund NAV		(8.65	)%		(2.26	)%		5.35	%		(2.26	)%		23.04	%
Fund Market		(8.99	)		(2.01	)		5.40			(2.01	)		23.30
Index^(a)		(7.77	)		0.48			6.61			0.48			29.00
BlackRock Inflation Hedged Corporate Bond Index ^(b)		(7.81	)		N/A			N/A			N/A			N/A


Actual					Hypothetical 5% Return


	Beginning Account Value (11/01/21)	Ending Account Value (04/30/22)	Expenses Paid During the Period	^(a)		Beginning Account Value (11/01/21)	Ending Account Value (04/30/22	)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 913.50	$ 0.24			$ 1,000.00	$ 1,024.50		$ 0.25		0.05	%


ALLOCATION BY INVESTMENT TYPE

Investment Type	Percent of Net Assets

Investment Companies		94.2	%
Short-term Investments		44.3
Swaps, net cumulative appreciation		6.6
Other assets less liabilities		(45.1	)


				Average Annual Total Returns									Cumulative Total Returns

	6 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception

Fund NAV		(4.25	)%		(3.33	)%		2.20	%		1.63	%		(3.33	)%		11.48	%		13.68	%
Fund Market		(4.26	)		(3.20	)		2.23			1.65			(3.20	)		11.67			13.84
Index^(a)		(4.34	)		(3.10	)		2.13			1.98			(3.10	)		11.12			16.79
BlackRock Interest Rate Hedged Corporate Bond Index ^(b)		(4.50	)		N/A			N/A			N/A			N/A			N/A			N/A


Actual					Hypothetical 5% Return


	Beginning Account Value (11/01/21)	Ending Account Value (04/30/22)	Expenses Paid During the Period	^(a)		Beginning Account Value (11/01/21)	Ending Account Value (04/30/22)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 957.50	$ 0.49			$ 1,000.00	$ 1,024.30	$ 0.50		0.10	%


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


		Page

The Markets in Review		2
Fund Summary		4
About Fund Performance		7
Shareholder Expenses		7
Schedules of Investments		8
Financial Statements
Statements of Assets and Liabilities		20
Statements of Operations		21
Statements of Changes in Net Assets		22
Financial Highlights		24
Notes to Financial Statements		27
Statement Regarding Liquidity Risk Management Program		35
Supplemental Information		36
General Information		37
Glossary of Terms Used in this Report		38
Additional Financial Information		39


Fund Summary as of April 30, 2022		iShares^® Inflation Hedged Corporate Bond ETF


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


Fund Summary as of April 30, 2022		iShares^® Interest Rate Hedged Corporate Bond ETF


Fund Summary as of April 30, 2022		iShares^® Interest Rate Hedged High Yield Bond ETF


A B O U T F U N D P E R F O R M A N C E / S H A R E H O L D E R E X P E N S E S		7




Affiliated Issuer	Value at 10/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 04/30/22		Shares Held at 04/30/22		Income			Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Institutional, SL Agency Shares	$	32,598,902	$	17,073,792	^(a)	$	—		$	(28,534	)	$	8,023		$	49,652,183		49,652,183	$	136,091	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		600,000		790,000	^(a)		—			—			—			1,390,000		1,390,000		977			—
iShares iBoxx $ Investment Grade Corporate Bond ETF		69,395,318		85,125,216			(27,854,152	)		183,508			(18,367,109	)		108,482,781		963,435		1,108,510			—


									$	154,974		$	(18,359,086	)	$	159,524,964			$	1,245,578		$	—




Description	Number of Contracts			Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)


Short Contracts 10-Year U.S. Treasury Note		(18	)		06/21/22	$	2,143	$	145,382
U.S. 10 Year Treasury Note		(6	)		06/21/22		773		66,308
U.S. Long Bond		(8	)		06/21/22		1,124		117,352




Paid by the Fund		Received by the Fund		Termination		Notional Amount						Upfront Premium Paid			Unrealized Appreciation

Reference	Frequency	Rate	Frequency	Date		(000)			Value			(Received)			(Depreciation)

1.74%	At Termination	U.S. CPI Urban Consumers NSA	At Termination		08/20/22	$	(10	)	$	988		$	—		$	988
1.75%	At Termination	U.S. CPI Urban Consumers NSA	At Termination		08/20/23		(10	)		1,219			—			1,219
3.26%	At Termination	U.S. CPI Urban Consumers NSA	At Termination		12/29/23		(2,000	)		81,421			13			81,408
3.35%	At Termination	U.S. CPI Urban Consumers NSA	At Termination		01/05/24		(9,000	)		337,063			58			337,005
3.34%	At Termination	U.S. CPI Urban Consumers NSA	At Termination		10/28/24		(1,000	)		47,364			(1,594	)		48,958
1.80%	At Termination	U.S. CPI Urban Consumers NSA	At Termination		08/20/25		(10	)		1,509			—			1,509
2.57%	At Termination	U.S. CPI Urban Consumers NSA	At Termination		04/19/26		(1,250	)		128,967			17			128,950
2.70%	At Termination	U.S. CPI Urban Consumers NSA	At Termination		09/01/26		(2,500	)		185,468			14			185,454
2.68%	At Termination	U.S. CPI Urban Consumers NSA	At Termination		09/07/26		(2,000	)		149,025			27			148,998
2.74%	At Termination	U.S. CPI Urban Consumers NSA	At Termination		09/15/26		(2,000	)		140,802			27			140,775
2.92%	At Termination	U.S. CPI Urban Consumers NSA	At Termination		10/21/26		(3,500	)		208,397			46			208,351
3.13%	At Termination	U.S. CPI Urban Consumers NSA	At Termination		10/27/26		(10,000	)		493,208			133			493,075
3.15%	At Termination	U.S. CPI Urban Consumers NSA	At Termination		10/29/26		(2,000	)		96,250			27			96,223
3.32%	At Termination	U.S. CPI Urban Consumers NSA	At Termination		11/19/26		(2,000	)		78,371			27			78,344
3.17%	At Termination	U.S. CPI Urban Consumers NSA	At Termination		11/24/26		(3,000	)		138,808			40			138,768
3.36%	At Termination	U.S. CPI Urban Consumers NSA	At Termination		04/05/27		(500	)		6,793			7			6,786
3.65%	At Termination	U.S. CPI Urban Consumers NSA	At Termination		05/04/27		(2,000	)		(11,132	)		26			(11,158	)
2.66%	At Termination	U.S. CPI Urban Consumers NSA	At Termination		10/01/28		(1,000	)		74,253			18			74,235
2.96%	At Termination	U.S. CPI Urban Consumers NSA	At Termination		10/26/28		(3,000	)		158,379			55			158,324
3.01%	At Termination	U.S. CPI Urban Consumers NSA	At Termination		10/27/28		(2,000	)		99,617			37			99,580
2.97%	At Termination	U.S. CPI Urban Consumers NSA	At Termination		11/01/28		(2,000	)		104,696			37			104,659
2.19%	At Termination	U.S. CPI Urban Consumers NSA	At Termination		12/03/28		(663	)		87,414			(27,459	)		114,873
1.89%	At Termination	U.S. CPI Urban Consumers NSA	At Termination		08/20/30		(1,410	)		265,259			28,433			236,826
1.90%	At Termination	U.S. CPI Urban Consumers NSA	At Termination		08/20/30		(5,900	)		1,105,903			33,637			1,072,266



	Premiums Paid		Premiums Received			Unrealized Appreciation		Unrealized Depreciation

Centrally Cleared Swaps^(a)		$83,361		$(71,624	)		$7,669,259		$(16,774	)



	Interest Rate Contracts		Inflation Linked Contracts		Total


Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	500,721	$	—	$	500,721
Swaps — centrally cleared
Unrealized appreciation on centrally cleared swaps^(a)	$	—	$	7,669,259	$	7,669,259


	$	500,721	$	7,669,259	$	8,169,980

Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	262	$	—	$	262
Swaps — centrally cleared
Unrealized depreciation on centrally cleared swaps^(a)	$	—	$	16,774	$	16,774


	$	262	$	16,774	$	17,036



Futures contracts:
Average notional value of contracts — long	$	774,120
Average notional value of contracts — short	$	(3,300,568	)
Inflation swaps:
Average notional value — pays fixed rate	$	88,334,667




	Level 1			Level 2			Level 3		Total


Investments
Assets
Investment Companies	$	108,482,781		$	—		$	—	$	108,482,781
Money Market Funds		51,042,183			—			—		51,042,183


	$	159,524,964		$	—		$	—	$	159,524,964

Derivative financial instruments^(a)
Assets
Futures Contracts	$	500,721		$	—		$	—	$	500,721
Swaps		—			7,669,259			—		7,669,259
Liabilities
Futures Contracts		(262	)		—			—		(262	)
Swaps		—			(16,774	)		—		(16,774	)


	$	500,459		$	7,652,485		$	—	$	8,152,944



Paid by the Fund		Received by the Fund		Effective	Termination		Notional Amount						Upfront Premium Paid			Unrealized Appreciation
Rate	Frequency	Rate	Frequency	Date	Date		(000)			Value			(Received)			(Depreciation)

0.89%	Annual	1-Day SOFR, 0.33%	Annual	N/A		07/21/22	$	(300,000	)	$	95,401		$	378		$	95,023
0.23%	Semi-annual	3-Month LIBOR, 1.33%	Quarterly	N/A		10/19/22		(57,770	)		428,590			453			428,137
2.38%	Semi-annual	3-Month LIBOR, 1.33%	Quarterly	N/A		01/12/23		(14,338	)		(19,252	)		(159,142	)		139,890
0.89%	Annual	1-Day SOFR, 0.33%	Annual	N/A		01/14/24		(12,110	)		362,264			49			362,215
0.88%	Annual	1-Day SOFR, 0.33%	Annual	N/A		12/15/24		(36,690	)		1,782,289			257			1,782,032
2.46%	Semi-annual	3-Month LIBOR, 1.33%	Quarterly	N/A		01/12/25		(22,748	)		363,048			(1,183,519	)		1,546,567
1.13%	Annual	1-Day SOFR, 0.33%	Annual	N/A		01/13/25		(28,389	)		1,232,690			205			1,232,485
0.35%	Semi-annual	3-Month LIBOR, 1.33%	Quarterly	N/A		09/22/25		(36,500	)		3,210,947			17,929			3,193,018
0.40%	Semi-annual	3-Month LIBOR, 1.33%	Quarterly	N/A		10/19/25		(70,900	)		6,240,713			514,493			5,726,220
0.93%	Semi-annual	3-Month LIBOR, 1.33%	Quarterly	N/A		05/17/26		(1,000	)		81,314			8			81,306
0.93%	Semi-annual	3-Month LIBOR, 1.33%	Quarterly	N/A		05/17/26		(17,100	)		1,391,112			(5,643	)		1,396,755
0.86%	Semi-annual	3-Month LIBOR, 1.33%	Quarterly	N/A		08/23/26		(4,420	)		391,507			35			391,472
0.87%	Annual	1-Day SOFR, 0.33%	Annual	N/A		10/01/26		(7,500	)		594,190			61			594,129
1.01%	Annual	1-Day SOFR, 0.33%	Annual	N/A		10/29/26		(950	)		70,852			8			70,844
0.98%	Annual	1-Day SOFR, 0.33%	Annual	N/A		11/10/26		(3,512	)		267,010			30			266,980
1.32%	Semi-annual	3-Month LIBOR, 1.33%	Quarterly	N/A		11/23/26		(1,000	)		73,482			9			73,473
1.00%	Annual	1-Day SOFR, 0.33%	Annual	N/A		12/07/26		(8,100	)		617,336			73			617,263
1.06%	Annual	1-Day SOFR, 0.33%	Annual	N/A		12/15/26		(29,360	)		2,169,348			267			2,169,081
1.09%	Annual	1-Day SOFR, 0.33%	Annual	N/A		12/17/26		(70,200	)		5,112,559			639			5,111,920
1.50%	Annual	1-Day SOFR, 0.33%	Annual	N/A		01/20/27		(17,522	)		979,480			163			979,317
1.74%	Annual	1-Day SOFR, 0.33%	Annual	N/A		03/14/27		(15,000	)		692,006			163			691,843
2.57%	Annual	1-Day SOFR, 0.33%	Annual	N/A		04/13/27		(10,430	)		84,506			101			84,405
2.72%	Annual	1-Day SOFR, 0.33%	Annual	N/A		04/26/27		(5,900	)		9,090			58			9,032
0.49%	Semi-annual	3-Month LIBOR, 1.33%	Quarterly	N/A		09/22/27		(65,232	)		8,262,365			775,846			7,486,519
1.08%	Semi-annual	3-Month LIBOR, 1.33%	Quarterly	N/A		08/19/28		(2,350	)		262,308			4,051			258,257
3.25%	Semi-annual	3-Month LIBOR, 1.33%	Quarterly	N/A		10/18/28		(34,860	)		(469,469	)		(4,947,190	)		4,477,721
1.19%	Annual	1-Day SOFR, 0.33%	Annual	N/A		10/20/28		(38,300	)		3,490,452			459			3,489,993
1.23%	Annual	1-Day SOFR, 0.33%	Annual	N/A		10/22/28		(1,460	)		129,642			17			129,625
1.15%	Annual	1-Day SOFR, 0.33%	Annual	N/A		12/15/28		(27,500	)		2,616,855			356			2,616,499
1.19%	Annual	1-Day SOFR, 0.33%	Annual	N/A		12/30/28		(5,590	)		520,785			73			520,712
1.21%	Annual	1-Day SOFR, 0.33%	Annual	N/A		01/04/29		(1,600	)		147,375			21			147,354
1.33%	Annual	1-Day SOFR, 0.33%	Annual	N/A		01/06/29		(12,000	)		1,025,686			157			1,025,529
1.43%	Annual	1-Day SOFR, 0.33%	Annual	N/A		01/10/29		(11,385	)		899,135			149			898,986
1.46%	Annual	1-Day SOFR, 0.33%	Annual	N/A		01/13/29		(23,194	)		1,802,155			304			1,801,851
1.56%	Annual	1-Day SOFR, 0.33%	Annual	N/A		01/21/29		(5,000	)		356,520			66			356,454
1.59%	Annual	1-Day SOFR, 0.33%	Annual	N/A		01/28/29		(7,230	)		502,937			95			502,842
1.97%	Annual	1-Day SOFR, 0.33%	Annual	N/A		03/18/29		(11,660	)		546,625			157			546,468
2.17%	Annual	1-Day SOFR, 0.33%	Annual	N/A		04/01/29		(7,500	)		259,378			101			259,277
2.58%	Annual	1-Day SOFR, 0.33%	Annual	N/A		04/27/29		(5,000	)		42,265			68			42,197
0.77%	Semi-annual	3-Month LIBOR, 1.33%	Quarterly	N/A		04/01/30		(18,514	)		2,923,800			(130,548	)		3,054,348
0.78%	Semi-annual	3-Month LIBOR, 1.33%	Quarterly	N/A		10/19/30		(27,400	)		4,584,373			429			4,583,944
1.22%	Semi-annual	3-Month LIBOR, 1.33%	Quarterly	N/A		02/12/31		(25,180	)		3,499,907			845,748			2,654,159
1.63%	Semi-annual	3-Month LIBOR, 1.33%	Quarterly	N/A		05/25/31		(18,080	)		1,987,426			(141,786	)		2,129,212
1.03%	Annual	1-Day SOFR, 0.33%	Annual	N/A		08/23/31		(1,000	)		138,098			15			138,083
1.28%	Semi-annual	3-Month LIBOR, 1.33%	Quarterly	N/A		08/23/31		(5,000	)		705,977			75			705,902
1.37%	Semi-annual	3-Month LIBOR, 1.33%	Quarterly	N/A		09/22/31		(10,460	)		1,406,894			158			1,406,736
1.43%	Annual	1-Day SOFR, 0.33%	Annual	N/A		10/28/31		(7,000	)		747,783			108			747,675
1.44%	Annual	1-Day SOFR, 0.33%	Annual	N/A		11/17/31		(10,700	)		1,132,927			167			1,132,760
1.24%	Annual	1-Day SOFR, 0.33%	Annual	N/A		12/15/31		(18,300	)		2,263,575			304			2,263,271
1.28%	Annual	1-Day SOFR, 0.33%	Annual	N/A		12/17/31		(29,900	)		3,611,445			497			3,610,948
1.68%	Annual	1-Day SOFR, 0.33%	Annual	N/A		01/20/32		(17,720	)		1,554,811			297			1,554,514
1.63%	Annual	1-Day SOFR, 0.33%	Annual	N/A		02/07/32		(6,113	)		563,653			103			563,550
2.13%	Annual	1-Day SOFR, 0.33%	Annual	N/A		03/25/32		(14,000	)		691,546			239			691,307
2.58%	Annual	1-Day SOFR, 0.33%	Annual	N/A		04/27/32		(9,000	)		96,269			155			96,114
0.91%	Semi-annual	3-Month LIBOR, 1.33%	Quarterly	N/A		09/25/35		(26,000	)		6,083,754			127,036			5,956,718
1.59%	Semi-annual	3-Month LIBOR, 1.33%	Quarterly	N/A		09/14/36		(3,200	)		534,596			61			534,535




	Interest Rate Contracts


Net Realized Gain (Loss) from:
Swaps	$	(2,900,719	)


Net Change in Unrealized Appreciation (Depreciation) on:
Swaps	$	137,225,131




Interest rate swaps:
Average notional value — pays fixed rate	$	1,261,314,183




	Interest Rate Contracts


Net Realized Gain (Loss) from:
Swaps	$	(234,269	)


Net Change in Unrealized Appreciation (Depreciation) on:
Swaps	$	9,644,699



Interest rate swaps:
Average notional value — pays fixed rate	$	160,113,367


	iShares Inflation Hedged Corporate Bond ETF			iShares Interest Rate Hedged Corporate Bond ETF			iShares Interest Rate Hedged High Yield Bond ETF


ASSETS
Investments in securities, at value (including securities on loan)^(a):
Affiliated^(b)	$	159,524,964		$	1,778,085,660		$	244,753,474
Cash		9,318			4,867,082			518,012
Cash pledged:
Futures contracts		164,000			—			—
Centrally cleared swaps		5,164,000			749,000			4,159,000
Receivables:
Securities lending income — Affiliated		33,138			368,146			164,038
Variation margin on futures contracts		33,560			—			—
Variation margin on centrally cleared swaps		—			4,277,664			359,645
Capital shares sold		480,230			—			—
Dividends		423			215,933			770


Total assets		165,409,633			1,788,563,485			249,954,939


LIABILITIES
Collateral on securities loaned, at value		49,672,696			565,143,673			80,416,107
Payables:
Variation margin on centrally cleared swaps		544,588			—			—
Capital shares redeemed		—			—			167,120
Investment advisory fees		4,588			102,022			6,898


Total liabilities		50,221,872			565,245,695			80,590,125


NET ASSETS	$	115,187,761		$	1,223,317,790		$	169,364,814


NET ASSETS CONSIST OF:
Paid-in capital	$	124,077,138		$	1,281,814,806		$	186,571,337
Accumulated loss		(8,889,377	)		(58,497,016	)		(17,206,523	)


NET ASSETS	$	115,187,761		$	1,223,317,790		$	169,364,814


Shares outstanding		4,200,000			13,400,000			2,000,000


Net asset value	$	27.43		$	91.29		$	84.68


Shares authorized		Unlimited			Unlimited			Unlimited


Par value		None			None			None


^(a) Securities loaned, at value	$	48,141,342		$	547,613,098		$	77,689,965
^(b) Investments, at cost — Affiliated	$	177,699,028		$	1,972,639,515		$	261,107,943


	iShares Inflation Hedged Corporate Bond ETF			iShares Interest Rate Hedged Corporate Bond ETF			iShares Interest Rate Hedged High Yield Bond ETF


INVESTMENT INCOME
Dividends — Affiliated	$	1,112,892		$	12,257,580		$	3,015,411
Interest — Unaffiliated		25			—			—
Securities lending income — Affiliated — net		132,686			1,336,821			652,816


Total investment income		1,245,603			13,594,401			3,668,227


EXPENSES
Investment advisory fees		105,638			1,615,893			488,862
Professional fees		—			217			217


Total expenses		105,638			1,616,110			489,079

Less:
Investment advisory fees waived		(79,228	)		(1,077,479	)		(451,474	)


Total expenses after fees waived		26,410			538,631			37,605


Net investment income		1,219,193			13,055,770			3,630,622


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Affiliated		(98,988	)		(3,403,809	)		(335,300	)
In-kind redemptions — Affiliated		253,962			399,718			(467,779	)
Futures contracts		71,200			—			—
Swaps		849,418			(2,900,719	)		(234,269	)


Net realized gain (loss)		1,075,592			(5,904,810	)		(1,037,348	)

Net change in unrealized appreciation (depreciation) on:
Investments — Affiliated		(18,359,086	)		(196,578,662	)		(15,196,118	)
Futures contracts		528,314			—			—
Swaps		4,900,268			137,225,131			9,644,699


Net change in unrealized appreciation (depreciation)		(12,930,504	)		(59,353,531	)		(5,551,419	)


Net realized and unrealized loss		(11,854,912	)		(65,258,341	)		(6,588,767	)


NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(10,635,719	)	$	(52,202,571	)	$	(2,958,145	)


	iShares Inflation Hedged Corporate Bond ETF								iShares Interest Rate Hedged Corporate Bond ETF

	Six Months Ended 04/30/22 (unaudited)				Year Ended 10/31/21				Six Months Ended 04/30/22 (unaudited)				Year Ended 10/31/21


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income		$	1,219,193			$	738,055			$	13,055,770			$	12,745,848
Net realized gain (loss)			1,075,592				625,972				(5,904,810	)			7,063,097
Net change in unrealized appreciation (depreciation)			(12,930,504	)			2,128,788				(59,353,531	)			11,417,491


Net increase (decrease) in net assets resulting from operations			(10,635,719	)			3,492,815				(52,202,571	)			31,226,436


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders			(1,380,396	)			(735,803	)			(8,336,597	)			(9,086,966	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions			54,131,068				52,336,980				567,767,400				243,946,436


NET ASSETS
Total increase in net assets			42,114,953				55,093,992				507,228,232				266,085,906
Beginning of period			73,072,808				17,978,816				716,089,558				450,003,652


End of period		$	115,187,761			$	73,072,808			$	1,223,317,790			$	716,089,558


		iShares Interest Rate Hedged High Yield Bond ETF

	Six Months Ended 04/30/22 (unaudited)					Year Ended 10/31/21


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income			$	3,630,622			$	4,050,298
Net realized loss				(1,037,348	)			(572,696	)
Net change in unrealized appreciation (depreciation)				(5,551,419	)			3,482,303


Net increase (decrease) in net assets resulting from operations				(2,958,145	)			6,959,905


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders				(3,000,123	)			(3,454,455	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions				39,402,629				70,089,848


NET ASSETS
Total increase in net assets				33,444,361				73,595,298
Beginning of period				135,920,453				62,325,155


End of period			$	169,364,814			$	135,920,453


	iShares Inflation Hedged Corporate Bond ETF


		Six Months Ended																Period From
		04/30/22				Year Ended				Year Ended				Year Ended						05/08/18	^(a)
		(unaudited)				10/31/21				10/31/20				10/31/19				to 10/31/18


Net asset value, beginning of period			$	30.45			$	27.66			$	26.33		2	$	24.31			$	25.00


Net investment income^(b)				0.34				0.63				0.71				0.91				0.37
Net realized and unrealized gain (loss)^(c)				(2.94	)			2.82				1.36				2.01				(0.70	)


Net increase (decrease) from investment operations				(2.60	)			3.45				2.07				2.92				(0.33	)


Distributions^(d)
From net investment income				(0.35	)			(0.66	)			(0.74	)			(0.90	)			(0.36	)
From net realized gain				(0.07	)			—				—				—				—


Total distributions				(0.42	)			(0.66	)			(0.74	)			(0.90	)			(0.36	)


Net asset value, end of period			$	27.43			$	30.45			$	27.66			$	26.33			$	24.31


Total Return^(e)
Based on net asset value				(8.65	)%^(f)			12.60	%			8.00	%^(g)			12.26	%^(h)			(1.34	)%^(f)


Ratios to Average Net Assets⁽ⁱ⁾
Total expenses				0.20	%^(j)			0.20	%			0.20	%			0.20	%			0.20	%^(j)


Total expenses after fees waived				0.05	%^(j)			0.05	%			0.05	%			0.05	%			0.05	%^(j)


Net investment income				2.31	%^(j)			2.14	%			2.64	%			3.60	%			3.04	%^(j)


Supplemental Data
Net assets, end of period (000)			$	115,188			$	73,073			$	17,979			$	7,898			$	9,725


Portfolio turnover rate^(k)				2	%^(f)			0	%			13	%			0	%			0	%^(f)(l)


	iShares Interest Rate Hedged Corporate Bond ETF


	Six Months Ended 04/30/22 (unaudited)				Year Ended 10/31/21				Year Ended 10/31/20				Year Ended 10/31/19				Year Ended 10/31/18				Year Ended 10/31/17


Net asset value, beginning of period		$	96.12			$	91.84			$	93.50			$	95.79			$	96.62			$	92.49


Net investment income^(a)			1.13				2.23				2.38				3.35				3.16				2.76
Net realized and unrealized gain (loss)^(b)			(5.19	)			3.68				(1.69	)			(0.97	)			(1.16	)			3.73


Net increase (decrease) from investment operations			(4.06)				5.91				0.69				2.38				2.00				6.49


Distributions^(c)
From net investment income			(0.77	)			(1.63	)			(2.35	)			(3.12	)			(2.83	)			(2.36	)
From net realized gain			—				—				—				(1.55	)			—				—


Total distributions			(0.77)				(1.63	)			(2.35	)			(4.67	)			(2.83	)			(2.36	)


Net asset value, end of period		$	91.29			$	96.12			$	91.84			$	93.50			$	95.79			$	96.62


Total Return^(d)
Based on net asset value			(4.25	)%^(e)			6.46	%			0.79	%			2.63	%			2.08	%			7.11	%


Ratios to Average Net Assets^(f)
Total expenses			0.30	%^(g)			0.30	%			0.30	%			0.30	%			0.30	%			0.30	%


Total expenses after fees waived			0.10	%^(g)			0.10	%			0.10	%			0.10	%			0.10	%			0.10	%


Net investment income			2.42	%^(g)			2.33	%			2.64	%			3.59	%			3.27	%			2.91	%


Supplemental Data
Net assets, end of period (000)		$	1,223,318			$	716,090			$	450,004			$	126,232			$	215,530			$	77,295


Portfolio turnover rate^(h)			4	%^(e)			5	%			7	%			4	%			2	%			0	%⁽ⁱ⁾


	iShares Interest Rate Hedged High Yield Bond ETF
	Six Months Ended 04/30/22 (unaudited)				Year Ended 10/31/21				Year Ended 10/31/20				Year Ended 10/31/19				Year Ended 10/31/18				Year Ended 10/31/17


Net asset value, beginning of period		$	87.69			$	83.10			$	87.86			$	90.47			$	91.78			$	87.42


Net investment income^(a)			2.07				3.81				4.31				5.51				4.98				4.57
Net realized and unrealized gain (loss)^(b)			(3.31	)			4.15				(5.53	)			(2.92	)			(1.46	)			4.21


Net increase (decrease) from investment operations			(1.24	)			7.96				(1.22	)			2.59				3.52				8.78


Distributions^(c)
From net investment income			(1.77	)			(3.37	)			(3.51	)			(5.18	)			(4.83	)			(4.42	)
Return of capital			—				—				(0.03	)			(0.02	)			—				—


Total distributions			(1.77	)			(3.37	)			(3.54	)			(5.20	)			(4.83	)			(4.42	)


Net asset value, end of period		$	84.68			$	87.69			$	83.10			$	87.86			$	90.47			$	91.78


Total Return^(d)
Based on net asset value			(1.46	)%^(e)			9.70	%			(1.32	)%			3.00	%			3.93	%			10.26	%


Ratios to Average Net Assets^(f)
Total expenses			0.65	%^(g)			0.65	%			0.65	%			0.65	%			0.65	%			0.65	%


Total expenses after fees waived			0.05	%^(g)			0.05	%			0.05	%			0.05	%			0.05	%			0.05	%


Net investment income			4.83	%^(g)			4.37	%			5.12	%			6.22	%			5.46	%			5.04	%


Supplemental Data
Net assets, end of period (000)		$	169,365			$	135,920			$	62,325			$	114,212			$	416,178			$	137,670


Portfolio turnover rate^(h)			2	%^(e)			1	%			1	%			1	%			0	%⁽ⁱ⁾			0	%



iShares ETF	Diversification Classification

Inflation Hedged Corporate Bond		Diversified
Interest Rate Hedged Corporate Bond		Diversified
Interest Rate Hedged High Yield Bond		Diversified




iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	^(a)		Non-Cash Collateral Received		Net Amount


Inflation Hedged Corporate Bond
Barclays Bank PLC	$	2,802,501	$	2,802,501		$	—	$	—
Citigroup Global Markets, Inc.		42,133,006		42,133,006			—		—
J.P. Morgan Securities LLC		2,953,048		2,953,048			—		—
Jefferies LLC		252,787		252,787			—		—


	$	48,141,342	$	48,141,342		$	—	$	—

Interest Rate Hedged Corporate Bond
Barclays Bank PLC	$	71,499,311	$	71,499,311		$	—	$	—
BNP Paribas SA		85,193,160		85,193,160			—		—
BofA Securities, Inc.		64,745,000		64,745,000			—		—
Citigroup Global Markets, Inc.		260,024,253		260,024,253			—		—
J.P. Morgan Securities LLC		87,152		87,152			—		—
Jefferies LLC		11,007,213		11,007,213			—		—
SG Americas Securities LLC		18,049,780		18,049,780			—		—
Toronto-Dominion Bank		37,007,229		37,007,229			—		—


	$	547,613,098	$	547,613,098		$	—	$	—

Interest Rate Hedged High Yield Bond
Barclays Bank PLC	$	2,198,840	$	2,198,840		$	—	$	—
Citigroup Global Markets, Inc.		10,419,125		10,419,125			—		—
ING Financial Markets LLC		8,081,444		8,081,444			—		—
J.P. Morgan Securities LLC		15,236,862		15,236,862			—		—
Morgan Stanley		32,616,100		32,616,100			—		—
SG Americas Securities LLC		1,834,304		1,834,304			—		—
Toronto-Dominion Bank		7,303,290		7,303,290			—		—


	$	77,689,965	$	77,689,965		$	—	$	—



iShares ETF	Investment Advisory Fee

Inflation Hedged Corporate Bond		0.20	%
Interest Rate Hedged Corporate Bond		0.30
Interest Rate Hedged High Yield Bond		0.65



iShares ETF	Amounts waived

Inflation Hedged Corporate Bond	$	79,228
Interest Rate Hedged Corporate Bond		1,077,479
Interest Rate Hedged High Yield Bond		451,474