iShares Trust

The Markets in Review

Dear Shareholder,

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

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

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

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

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

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

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

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.


Total Returns as of February 28, 2023

	6-Month		12-Month

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

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

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

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

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

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

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

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

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

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

Investment-grade and high yield corporate bonds lost ground during the 12-month period that ended February 28, 2023. The Markit iBoxx USD Liquid Investment Grade and High Yield Indexes, broad measures of U.S. dollar-denominated investment-grade and high-yield corporate bond performance, returned -12.11% and -5.36%, respectively. High yield bonds outpaced the domestic investment-grade market, as gauged by the -9.72% return of the Bloomberg U.S. Aggregate Bond Index.

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

The Fed responded to rising inflation by winding down its stimulative quantitative easing program and beginning to raise interest rates aggressively. The Fed boosted short-term rates eight times over the course of the 12-month period, moving the benchmark fed funds rate from a range of 0.0% - 0.25% to 4.5% - 475%. This represented the fastest increase in such a short span of time in decades. In addition, the Fed’s communications repeatedly stated the central bank’s intent to remain steadfast in its commitment to fighting inflation. This approach quashed periodic hopes for a pivot toward a less restrictive policy, and it prompted investors to ratchet up their expectations for the likely “terminal rate;” in other words, the level at which the Fed could stop raising rates.

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

Investment-grade corporate bonds underperformed Treasuries, with lower-quality and longer-dated securities experiencing the weakest returns. Investors’ reduced appetite for risk contributed to an increase in yield spreads versus government issues over the first eight months of the period, as did concerns that the combination of rising inflation and slowing economic growth would crimp both profit margins and earnings. Corporates experienced improving relative performance from November onward, however, offsetting most of the category’s previous underperformance.

High yield bonds, while posting losses for the year, nonetheless held up well relative to investment-grade corporates. The category was helped by both a higher contribution from income, as well as its lower degree of interest-rate sensitivity. In addition, high yield has a larger allocation to the energy sector – a positive at a time of sharply rising oil prices. The capital goods and transportation sectors also delivered positive relative performance, boosting returns for the asset class as a whole.

The iShares iBoxx $ High Yield Corporate Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated, high yield corporate bonds, as represented by the Markit iBoxx^® USD Liquid High Yield Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

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

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

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. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

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

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

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

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

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


Security	Par (000)		Value

Corporate Bonds & Notes

Advertising — 0.8%
Clear Channel Outdoor Holdings Inc.
5.13%, 08/15/27 (Call 08/15/23)^(a)(b)	$	16,829	$	15,019,882
7.50%, 06/01/29 (Call 06/01/24)^(a)(b)		13,979		11,342,211
7.75%, 04/15/28 (Call 04/15/24)^(a)(b)		14,037		11,700,766
Lamar Media Corp.
3.63%, 01/15/31 (Call 01/15/26)^(b)		7,428		6,117,924
3.75%, 02/15/28 (Call 02/15/24)^(b)		7,980		7,076,099
4.00%, 02/15/30 (Call 02/15/25)^(b)		7,238		6,251,144
4.88%, 01/15/29 (Call 01/15/24)^(b)		5,396		4,987,259
Outfront Media Capital LLC/Outfront Media Capital Corp.
4.25%, 01/15/29 (Call 01/15/24)^(a)(b)		6,716		5,532,200
4.63%, 03/15/30 (Call 03/15/25)^(a)(b)		6,837		5,596,096
5.00%, 08/15/27 (Call 08/15/23)^(a)(b)		8,817		7,957,343
6.25%, 06/15/25 (Call 06/15/23)^(a)(b)		4,881		4,854,573
Stagwell Global LLC, 5.63%, 08/15/29 (Call 08/15/24)^(a)(b)		14,545		12,472,337
Terrier Media Buyer Inc., 8.88%, 12/15/27 (Call 12/15/23)^(a)(b)		13,969		9,400,858


				108,308,692

Aerospace & Defense — 2.9%
Bombardier Inc.
6.00%, 02/15/28 (Call 02/15/24)^(a)		10,078		9,424,946
7.13%, 06/15/26 (Call 06/15/23)^(a)		16,784		16,496,658
7.50%, 03/15/25 (Call 03/15/23)^(a)(b)		14,928		14,928,658
7.50%, 02/01/29 (Call 02/01/26)^(a)		10,439		10,250,132
7.88%, 04/15/27 (Call 04/15/23)^(a)(b)		25,603		25,442,981
Howmet Aerospace Inc.
3.00%, 01/15/29 (Call 11/15/28)		9,565		8,187,207
5.13%, 10/01/24 (Call 07/01/24)		14,208		14,012,640
6.88%, 05/01/25 (Call 04/01/25)		8,041		8,170,633
Rolls-Royce PLC
3.63%, 10/14/25 (Call 07/14/25)^(a)		13,598		12,633,052
5.75%, 10/15/27 (Call 07/15/27)^(a)		13,600		13,109,557
Spirit AeroSystems Inc.
4.60%, 06/15/28 (Call 03/15/28)^(b)		9,270		7,648,445
7.50%, 04/15/25 (Call 04/15/23)^(a)(b)		16,593		16,572,259
9.38%, 11/30/29 (Call 11/30/25)^(a)		12,425		13,154,895
TransDigm Inc.
4.63%, 01/15/29 (Call 01/15/24)^(b)		16,307		13,990,265
4.88%, 05/01/29 (Call 05/01/24)^(b)		10,704		9,216,917
5.50%, 11/15/27 (Call 11/15/23)^(b)		36,917		33,951,948
6.25%, 03/15/26 (Call 03/15/23)^(a)		62,843		62,107,600
6.38%, 06/15/26 (Call 06/15/23)		13,270		12,904,146
6.75%, 08/15/28 (Call 02/15/25)^(a)		10,240		10,188,800
7.50%, 03/15/27 (Call 03/15/23)		7,745		7,654,964
8.00%, 12/15/25 (Call 04/08/23)^(a)		15,732		16,079,658
TransDigm UK Holdings PLC, 6.88%, 05/15/26 (Call 05/15/23)		6,927		6,762,484
Triumph Group Inc.
6.25%, 09/15/24 (Call 03/31/23)^(a)(b)		7,201		7,218,374
7.75%, 08/15/25 (Call 08/15/23)^(b)		6,713		6,427,698
8.88%, 06/01/24 (Call 12/01/23)^(a)(b)		8,293		8,648,355
9.00%, 03/15/28 (Call 03/15/25)		4,020		4,020,000


				369,203,272


Security	Par (000)		Value

Agriculture — 0.3%
Darling Ingredients Inc.
5.25%, 04/15/27 (Call 04/15/23)^(a)(b)	$	6,855	$	6,601,738
6.00%, 06/15/30 (Call 06/15/25)^(a)(b)		13,702		13,250,405
Vector Group Ltd.
5.75%, 02/01/29 (Call 02/01/24)^(a)		11,706		10,115,378
10.50%, 11/01/26 (Call 11/01/23)^(a)(b)		7,599		7,614,122


				37,581,643

Airlines — 2.2%
Air Canada, 3.88%, 08/15/26 (Call 02/15/26)^(a)		16,717		15,084,961
American Airlines Group Inc., 3.75%, 03/01/25^(a)(b)		6,811		6,207,798
American Airlines Inc.
7.25%, 02/15/28 (Call 02/15/25)		9,681		9,475,279
11.75%, 07/15/25^(a)		34,582		37,877,160
American Airlines Inc./AAdvantage Loyalty IP Ltd.
5.50%, 04/20/26^(a)		49,929		48,617,442
5.75%, 04/20/29^(a)(b)		41,411		39,397,066
Delta Air Lines Inc.
2.90%, 10/28/24 (Call 09/28/24)^(b)		11,855		11,261,153
3.75%, 10/28/29 (Call 07/28/29)^(b)		8,050		6,881,895
4.38%, 04/19/28 (Call 01/19/28)^(b)		6,726		6,126,761
7.38%, 01/15/26 (Call 12/15/25)^(b)		11,695		11,985,381
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd., 5.75%, 01/20/26 (Call 01/20/24)^(a)		16,541		15,383,386
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., 8.00%, 09/20/25 (Call 09/20/23)^(a)		16,481		16,543,131
United Airlines Inc.
4.38%, 04/15/26 (Call 10/15/25)^(a)(b)		27,315		25,624,884
4.63%, 04/15/29 (Call 10/15/25)^(a)		27,521		24,427,915


				274,894,212

Apparel — 0.3%
Hanesbrands Inc.
4.63%, 05/15/24 (Call 02/15/24)^(a)(b)		13,307		13,297,685
4.88%, 05/15/26 (Call 02/15/26)^(a)(b)		13,481		12,437,436
9.00%, 02/15/31 (Call 02/15/26)^(b)		7,914		8,006,829


				33,741,950

Auto Manufacturers — 3.5%
Allison Transmission Inc.
3.75%, 01/30/31 (Call 01/30/26)^(a)(b)		13,841		11,469,959
4.75%, 10/01/27 (Call 10/01/23)^(a)(b)		5,127		4,766,803
5.88%, 06/01/29 (Call 06/01/24)^(a)(b)		6,333		6,003,156
Aston Martin Capital Holdings Ltd., 10.50%, 11/30/25 (Call 11/01/24)^(a)		15,421		15,382,447
Ford Motor Co.
3.25%, 02/12/32 (Call 11/12/31)		30,076		22,820,165
4.35%, 12/08/26 (Call 09/08/26)^(b)		17,848		17,020,212
6.10%, 08/19/32 (Call 05/19/32)^(b)		21,165		19,679,922
9.63%, 04/22/30 (Call 01/22/30)^(b)		4,991		5,727,172
Ford Motor Credit Co. LLC
2.30%, 02/10/25 (Call 01/10/25)^(b)		15,149		13,925,285
2.70%, 08/10/26 (Call 07/10/26)		17,990		15,723,260
2.90%, 02/16/28 (Call 12/16/27)^(b)		9,171		7,654,483
2.90%, 02/10/29 (Call 12/10/28)		8,645		7,020,086
3.38%, 11/13/25 (Call 10/13/25)		27,019		24,827,219
3.63%, 06/17/31 (Call 03/17/31)		11,647		9,245,194
3.66%, 09/08/24		9,915		9,508,485
3.81%, 01/09/24 (Call 11/09/23)		635		621,875
3.82%, 11/02/27 (Call 08/02/27)		9,285		8,137,241
4.00%, 11/13/30 (Call 08/13/30)^(b)		19,179		16,006,698


Security	Par (000)		Value


Auto Manufacturers (continued)
4.06%, 11/01/24 (Call 10/01/24)	$	18,147	$	17,478,283
4.13%, 08/04/25		17,396		16,371,920
4.13%, 08/17/27 (Call 06/17/27)		15,107		13,482,200
4.27%, 01/09/27 (Call 11/09/26)		11,023		10,011,686
4.39%, 01/08/26		14,559		13,711,521
4.54%, 08/01/26 (Call 06/01/26)		9,074		8,420,605
4.69%, 06/09/25 (Call 04/09/25)		7,717		7,385,169
4.95%, 05/28/27 (Call 04/28/27)		18,473		17,196,237
5.11%, 05/03/29 (Call 02/03/29)^(b)		17,675		16,114,377
5.13%, 06/16/25 (Call 05/16/25)^(b)		21,352		20,604,680
5.58%, 03/18/24 (Call 02/18/24)		17,885		17,759,805
6.95%, 03/06/26 (Call 02/06/26)		15,375		15,422,329
7.35%, 11/04/27 (Call 10/04/27)		18,250		18,426,357
7.35%, 03/06/30 (Call 01/06/30)		13,572		13,741,065
Jaguar Land Rover Automotive PLC
4.50%, 10/01/27 (Call 07/01/27)^(a)(b)		6,733		5,611,535
5.50%, 07/15/29 (Call 07/15/24)^(a)		6,804		5,413,432
5.88%, 01/15/28 (Call 01/15/24)^(a)		8,977		7,675,335
7.75%, 10/15/25 (Call 10/15/23)^(a)		9,716		9,570,260


				449,936,458

Auto Parts & Equipment — 1.3%
Adient Global Holdings
7.00%, 04/15/28		3,230		3,230,000
8.25%, 04/15/31		4,265		4,265,000
American Axle & Manufacturing Inc.
5.00%, 10/01/29 (Call 10/01/24)^(b)		8,360		6,782,886
6.50%, 04/01/27 (Call 04/01/23)^(b)		6,765		6,251,198
6.88%, 07/01/28 (Call 07/01/23)^(b)		5,822		5,222,916
Clarios Global LP, 6.75%, 05/15/25 (Call 05/15/23)^(a)(b)		6,058		6,013,467
Clarios Global LP/Clarios US Finance Co.
6.25%, 05/15/26 (Call 05/15/23)^(a)(b)		12,430		12,212,475
8.50%, 05/15/27 (Call 05/15/23)^(a)(b)		26,717		26,550,019
Dana Financing Luxembourg Sarl, 5.75%, 04/15/25 (Call 04/15/23)^(a)(b)		5,376		5,255,681
Dana Inc.
4.25%, 09/01/30 (Call 05/01/26)^(b)		5,526		4,448,430
5.38%, 11/15/27 (Call 11/15/23)^(b)		5,466		5,041,292
5.63%, 06/15/28 (Call 06/15/23)^(b)		5,550		5,018,819
Goodyear Tire & Rubber Co. (The)
4.88%, 03/15/27 (Call 12/15/26)^(b)		9,635		8,913,206
5.00%, 05/31/26 (Call 05/31/23)^(b)		12,383		11,889,400
5.00%, 07/15/29 (Call 04/15/29)^(b)		11,415		9,939,668
5.25%, 04/30/31 (Call 01/30/31)^(b)		7,685		6,589,887
5.25%, 07/15/31 (Call 04/15/31)^(b)		8,150		6,937,687
5.63%, 04/30/33 (Call 01/30/33)^(b)		6,830		5,808,240
9.50%, 05/31/25 (Call 05/31/23)		11,248		11,603,491
ZF North America Capital Inc., 4.75%, 04/29/25^(a)		14,683		13,996,790


				165,970,552

Banks — 1.0%
Freedom Mortgage Corp.
6.63%, 01/15/27 (Call 01/15/24)^(a)(b)		9,164		7,482,239
7.63%, 05/01/26 (Call 05/01/23)^(a)		8,100		6,923,070
8.13%, 11/15/24 (Call 03/31/23)^(a)		5,824		5,561,920
8.25%, 04/15/25 (Call 04/15/23)^(a)(b)		7,201		6,816,827
Intesa Sanpaolo SpA
4.20%, 06/01/32 (Call 06/01/31), (1 year CMT + 2.600%)^(a)(b)(c)		10,024		7,374,137
5.02%, 06/26/24^(a)(b)		26,972		26,044,139
5.71%, 01/15/26^(a)(b)		20,845		20,133,906


Security	Par (000)		Value


Banks (continued)
UniCredit SpA
5.46%, 06/30/35 (Call 06/30/30), (5 year CMT + 4.750%)^(a)(c)	$	20,626	$	17,506,196
5.86%, 06/19/32 (Call 06/19/27), (5 year USD ICE Swap + 3.703%)^(a)(c)		13,285		12,056,402
7.30%, 04/02/34 (Call 04/02/29), (5 year USD ICE Swap + 4.914%)^(a)(b)(c)		17,101		16,121,289


				126,020,125

Building Materials — 1.1%
Builders FirstSource Inc.
4.25%, 02/01/32 (Call 08/01/26)^(a)(b)		17,730		14,882,119
5.00%, 03/01/30 (Call 03/01/25)^(a)		7,277		6,566,583
6.38%, 06/15/32 (Call 06/15/27)^(a)(b)		9,309		8,943,342
Camelot Return Merger Sub Inc., 8.75%, 08/01/28 (Call 07/22/24)^(a)(b)		9,572		9,108,555
Cornerstone Building Brands Inc., 6.13%, 01/15/29 (Call 09/15/23)^(a)		5,532		4,017,827
Griffon Corp., 5.75%, 03/01/28 (Call 03/01/23)^(b)		13,281		12,218,520
Jeld-Wen Inc.
4.63%, 12/15/25 (Call 03/31/23)^(a)		6,434		5,772,929
4.88%, 12/15/27 (Call 12/15/23)^(a)(b)		5,229		4,353,143
SRM Escrow Issuer LLC, 6.00%, 11/01/28 (Call 11/01/23)^(a)(b)		15,051		13,342,711
Standard Industries Inc./NJ
3.38%, 01/15/31 (Call 07/15/25)^(a)		14,536		11,161,260
4.38%, 07/15/30 (Call 07/15/25)^(a)		21,472		17,875,440
4.75%, 01/15/28 (Call 01/15/24)^(a)		13,510		12,142,818
5.00%, 02/15/27 (Call 02/15/24)^(a)		11,362		10,507,396
Summit Materials LLC/Summit Materials Finance Corp., 5.25%, 01/15/29 (Call 07/15/23)^(a)		8,889		8,177,880


				139,070,523

Chemicals — 1.8%
ASP Unifrax Holdings Inc
5.25%, 09/30/28 (Call 09/30/24)^(a)(b)		10,498		8,157,471
7.50%, 09/30/29 (Call 09/30/24)^(a)(b)		5,623		3,844,012
Avient Corp.
5.75%, 05/15/25 (Call 05/15/23)^(a)(b)		8,532		8,381,069
7.13%, 08/01/30 (Call 08/01/25)^(a)(b)		9,992		10,016,980
Axalta Coating Systems LLC, 3.38%, 02/15/29 (Call 02/15/24)^(a)(b)		9,304		7,731,947
Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV, 4.75%, 06/15/27 (Call 06/15/23)^(a)(b)		6,647		6,137,748
Chemours Co. (The)
4.63%, 11/15/29 (Call 11/15/24)^(a)		8,242		6,680,073
5.38%, 05/15/27 (Call 02/15/27)^(b)		6,631		6,057,216
5.75%, 11/15/28 (Call 11/15/23)^(a)(b)		10,589		9,319,088
Methanex Corp.
5.13%, 10/15/27 (Call 04/15/27)^(b)		9,383		8,796,562
5.25%, 12/15/29 (Call 09/15/29)		9,392		8,594,267
NOVA Chemicals Corp.
4.25%, 05/15/29 (Call 05/15/24)^(a)(b)		7,645		6,317,774
4.88%, 06/01/24 (Call 03/03/24)^(a)(b)		13,982		13,785,064
5.00%, 05/01/25 (Call 01/31/25)^(a)		6,792		6,490,888
5.25%, 06/01/27 (Call 03/03/27)^(a)(b)		14,077		12,644,665
Olin Corp.
5.00%, 02/01/30 (Call 02/01/24)^(b)		6,962		6,344,507
5.13%, 09/15/27 (Call 03/15/23)^(b)		7,218		6,860,853
5.63%, 08/01/29 (Call 08/01/24)^(b)		8,966		8,541,819


Security	Par (000)		Value


Chemicals (continued)
Olympus Water U.S. Holding Corp.
4.25%, 10/01/28 (Call 10/01/24)^(a)(b)	$	11,617	$	9,666,929
6.25%, 10/01/29 (Call 10/01/24)^(a)(b)		5,500		4,475,059
SCIH Salt Holdings Inc.
4.88%, 05/01/28 (Call 05/01/24)^(a)(b)		14,911		12,910,440
6.63%, 05/01/29 (Call 05/01/24)^(a)(b)		9,196		7,478,917
Tronox Inc., 4.63%, 03/15/29 (Call 03/15/24)^(a)(b)		14,468		11,791,420
Valvoline Inc.
3.63%, 06/15/31 (Call 06/15/26)^(a)(b)		7,369		5,955,994
4.25%, 02/15/30 (Call 02/15/25)^(a)(b)		4,987		4,873,047
WR Grace Holdings LLC
4.88%, 06/15/27 (Call 06/15/23)^(a)		9,898		9,112,000
5.63%, 08/15/29 (Call 08/15/24)^(a)(b)		15,595		12,541,402


				223,507,211

Commercial Services — 4.4%
ADT Security Corp. (The), 4.13%, 08/01/29 (Call 08/01/28)^(a)(b)		13,344		11,442,480
Albion Financing 1 SARL/Aggreko Holdings Inc., 6.13%, 10/15/26 (Call 10/15/23)^(a)		7,504		6,680,511
Albion Financing 2Sarl, 8.75%, 04/15/27 (Call 10/15/23)^(a)(b)		6,223		5,335,574
Allied Universal Holdco LLC/Allied Universal Finance Corp.
6.00%, 06/01/29 (Call 06/01/24)^(a)(b)		12,989		9,701,181
6.63%, 07/15/26 (Call 07/15/23)^(a)(b)		26,072		24,689,402
9.75%, 07/15/27 (Call 07/15/23)^(a)		15,023		13,792,166
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl, 4.63%, 06/01/28 (Call 06/01/24)^(a)(b)		26,836		22,282,235
APX Group Inc.
5.75%, 07/15/29 (Call 07/15/24)^(a)(b)		10,629		8,875,215
6.75%, 02/15/27 (Call 02/15/24)^(a)		8,466		8,145,543
Avis Budget Car Rental LLC/Avis Budget Finance Inc.
4.75%, 04/01/28 (Call 04/01/24)^(a)(b)		7,033		6,259,288
5.38%, 03/01/29 (Call 03/01/24)^(a)(b)		8,211		7,420,502
5.75%, 07/15/27 (Call 07/15/23)^(a)(b)		5,593		5,269,005
Block Inc.
2.75%, 06/01/26 (Call 05/01/26)^(b)		13,260		11,852,381
3.50%, 06/01/31 (Call 03/01/31)^(b)		13,267		10,718,409
Brink’s Co. (The)
4.63%, 10/15/27 (Call 10/15/23)^(a)(b)		7,926		7,187,891
5.50%, 07/15/25 (Call 06/18/23)^(a)(b)		5,653		5,530,561
Garda World Security Corp.
4.63%, 02/15/27 (Call 02/15/24)^(a)(b)		7,571		6,728,802
6.00%, 06/01/29 (Call 06/01/24)^(a)		6,608		5,402,150
7.75%, 02/15/28 (Call 02/15/25)^(a)		5,240		5,148,719
9.50%, 11/01/27 (Call 11/01/23)^(a)		8,098		7,804,205
Gartner Inc.
3.63%, 06/15/29 (Call 06/15/24)^(a)(b)		7,998		6,916,242
3.75%, 10/01/30 (Call 10/01/25)^(a)(b)		10,626		9,008,104
4.50%, 07/01/28 (Call 07/01/23)^(a)		10,760		9,896,471
Grand Canyon University
4.13%, 10/01/24		6,724		6,340,732
5.13%, 10/01/28 (Call 08/01/28)^(b)		5,238		4,883,126
Herc Holdings Inc., 5.50%, 07/15/27 (Call 07/15/23)^(a)		15,779		14,861,852
Hertz Corp. (The)
4.63%, 12/01/26 (Call 12/01/23)^(a)(b)		6,760		6,050,504
5.00%, 12/01/29 (Call 12/01/24)^(a)(b)		13,927		11,559,410
MPH Acquisition Holdings LLC
5.50%, 09/01/28 (Call 09/01/24)^(a)(b)		14,338		10,834,510


Security	Par (000)		Value


Commercial Services (continued)
5.75%, 11/01/28 (Call 11/01/23)^(a)(b)	$	17,865	$	11,612,250
Neptune Bidco U.S. Inc., 9.29%, 04/15/29 (Call 10/15/25)^(a)		36,110		34,169,088
Picasso Finance Sub Inc., 6.13%, 06/15/25 (Call 06/15/23)^(a)(b)		7,771		7,642,779
Prime Security Services Borrower LLC/Prime Finance Inc.
3.38%, 08/31/27 (Call 08/31/26)^(a)		13,334		11,596,580
5.25%, 04/15/24^(a)(b)		10,697		10,522,410
5.75%, 04/15/26^(a)(b)		18,520		17,893,755
6.25%, 01/15/28 (Call 01/15/24)^(a)(b)		18,002		16,691,454
Ritchie Bros. Auctioneers Inc., 5.38%, 01/15/25 (Call 03/31/23)^(a)		232		232,046
Sabre GLBL Inc.
7.38%, 09/01/25 (Call 03/31/23)^(a)		11,568		10,843,043
9.25%, 04/15/25 (Call 03/16/25)^(a)(b)		10,525		10,361,818
11.25%, 12/15/27 (Call 06/15/25)^(a)(b)		8,175		8,149,412
Service Corp. International/U.S.
3.38%, 08/15/30 (Call 08/15/25)		11,694		9,517,747
4.00%, 05/15/31 (Call 05/15/26)^(b)		10,799		9,087,917
4.63%, 12/15/27 (Call 12/15/23)^(b)		7,305		6,809,372
5.13%, 06/01/29 (Call 06/01/24)^(b)		10,004		9,366,245
Sotheby’s, 7.38%, 10/15/27 (Call 10/15/23)^(a)(b)		10,007		9,432,923
United Rentals North America Inc.
3.75%, 01/15/32 (Call 07/15/26)^(b)		10,018		8,411,695
3.88%, 11/15/27 (Call 03/31/23)^(b)		10,049		9,269,276
3.88%, 02/15/31 (Call 08/15/25)^(b)		14,762		12,675,813
4.00%, 07/15/30 (Call 07/15/25)^(b)		10,466		9,214,560
4.88%, 01/15/28 (Call 01/15/24)^(b)		22,535		21,432,394
5.25%, 01/15/30 (Call 01/15/25)^(b)		9,925		9,391,665
5.50%, 05/15/27 (Call 05/15/23)^(b)		6,517		6,370,639
Verscend Escrow Corp., 9.75%, 08/15/26 (Call 08/15/23)^(a)		16,152		16,252,835
Williams Scotsman International Inc., 4.63%, 08/15/28 (Call 08/15/23)^(a)		6,723		6,079,878


				553,644,765

Computers — 1.4%
Booz Allen Hamilton Inc.
3.88%, 09/01/28 (Call 09/01/23)^(a)		151		133,972
4.00%, 07/01/29 (Call 07/01/24)^(a)(b)		112		98,387
Condor Merger Sub Inc., 7.38%, 02/15/30 (Call 02/15/25)^(a)(b)		27,590		21,864,984
Diebold Nixdorf Inc.
8.50%, 10/15/26^(b)		1,936		949,027
9.38%, 07/15/25 (Call 03/16/23)^(a)(b)		9,439		6,673,373
NCR Corp.
5.00%, 10/01/28 (Call 08/20/23)^(a)(b)		9,250		7,973,500
5.13%, 04/15/29 (Call 04/15/24)^(a)		16,500		14,107,500
5.25%, 10/01/30 (Call 10/01/25)^(a)		5,832		4,844,449
5.75%, 09/01/27 (Call 09/01/23)^(a)(b)		6,533		6,343,572
6.13%, 09/01/29 (Call 09/01/24)^(a)(b)		6,890		6,700,525
Presidio Holdings Inc.
4.88%, 02/01/27 (Call 02/01/24)^(a)		7,684		7,009,233
8.25%, 02/01/28 (Call 02/01/24)^(a)(b)		7,411		7,073,826
Seagate HDD Cayman
4.09%, 06/01/29 (Call 03/01/29)^(b)		6,578		5,640,854
4.13%, 01/15/31 (Call 10/15/30)		389		324,815
4.75%, 01/01/25		7,258		6,976,639
4.88%, 03/01/24 (Call 01/01/24)^(b)		5,799		5,704,766
4.88%, 06/01/27 (Call 03/01/27)^(b)		6,873		6,441,039


Security	Par (000)		Value


Computers (continued)
9.63%, 12/01/32 (Call 12/01/27)	$	10,187	$	11,153,989
Vericast Corp., 11.00%, 09/15/26 (Call 09/15/23)^(a)(b)		16,750		17,964,785
Western Digital Corp.
2.85%, 02/01/29 (Call 12/01/28)		6,770		5,302,152
3.10%, 02/01/32 (Call 11/01/31)		6,858		4,954,559
4.75%, 02/15/26 (Call 11/15/25)		31,577		29,819,876


				178,055,822

Cosmetics & Personal Care — 0.3%
Coty Inc.
5.00%, 04/15/26 (Call 04/15/23)^(a)		12,191		11,597,738
6.50%, 04/15/26 (Call 04/15/23)^(a)(b)		6,278		6,163,426
Coty Inc./HFC Prestige Products Inc./HFC Prestige International U.S. LLC, 4.75%, 01/15/29 (Call 01/15/25)^(a)		6,588		5,953,525
Edgewell Personal Care Co.
4.13%, 04/01/29 (Call 04/01/24)^(a)(b)		6,665		5,680,380
5.50%, 06/01/28 (Call 06/01/23)^(a)(b)		10,600		9,907,820


				39,302,889

Distribution & Wholesale — 0.3%
American Builders & Contractors Supply Co. Inc.
3.88%, 11/15/29 (Call 11/15/24)^(a)		5,566		4,583,833
4.00%, 01/15/28 (Call 01/15/24)^(a)(b)		9,379		8,394,205
H&E Equipment Services Inc., 3.88%, 12/15/28 (Call 12/15/23)^(a)		16,988		14,636,411
Wesco Aircraft Holdings Inc.
8.50%, 11/15/24 (Call 11/15/23)^(a)		9,458		4,341,222
9.00%, 11/15/26 (Call 11/15/23)^(a)(b)		13,501		9,208,739


				41,164,410

Diversified Financial Services — 3.7%
AerCap Holdings NV, 5.88%, 10/10/79 (Call 10/10/24), (5 year CMT + 4.535%)^(b)(c)		9,883		9,449,411
AG Issuer LLC, 6.25%, 03/01/28 (Call 03/01/23)^(a)(b)		6,791		6,417,495
AG TTMT Escrow Issuer LLC, 8.63%, 09/30/27 (Call 09/30/24)^(a)		6,807		6,920,166
Ally Financial Inc.
5.75%, 11/20/25 (Call 10/20/25)^(b)		13,882		13,576,298
6.70%, 02/14/33 (Call 11/16/32)		6,735		6,385,397
Coinbase Global Inc.
3.38%, 10/01/28 (Call 10/01/24)^(a)(b)		13,278		8,697,090
3.63%, 10/01/31 (Call 10/01/26)^(a)		13,402		7,974,190
Curo Group Holdings Corp., 7.50%, 08/01/28 (Call 08/01/24)^(a)(b)		13,497		5,528,950
Jefferies Finance LLC/JFIN Co-Issuer Corp., 5.00%, 08/15/28 (Call 08/15/24)^(a)		13,525		11,456,783
LD Holdings Group LLC
6.13%, 04/01/28 (Call 04/01/24)^(a)(b)		6,748		3,998,190
6.50%, 11/01/25 (Call 11/01/23)^(a)		6,718		4,968,521
LPL Holdings Inc.
4.00%, 03/15/29 (Call 03/15/24)^(a)(b)		12,016		10,578,847
4.38%, 05/15/31 (Call 05/15/26)^(a)(b)		5,593		4,863,792
4.63%, 11/15/27 (Call 11/15/23)^(a)(b)		5,576		5,189,283
Midcap Financial Issuer Trust
5.63%, 01/15/30 (Call 01/15/25)^(a)		5,258		4,133,403
6.50%, 05/01/28 (Call 05/01/24)^(a)		13,465		11,544,992
Nationstar Mortgage Holdings Inc.
5.13%, 12/15/30 (Call 12/15/25)^(a)		8,874		6,880,278
5.50%, 08/15/28 (Call 08/15/23)^(a)(b)		11,420		9,719,128
5.75%, 11/15/31 (Call 11/15/26)^(a)		8,122		6,360,683
6.00%, 01/15/27 (Call 01/15/24)^(a)		8,153		7,515,481


Security	Par (000)		Value


Diversified Financial Services (continued)
Navient Corp.
4.88%, 03/15/28 (Call 06/15/27)	$	6,585	$	5,596,620
5.00%, 03/15/27 (Call 09/15/26)^(b)		9,445		8,369,687
5.50%, 03/15/29 (Call 06/15/28)^(b)		10,218		8,620,586
5.88%, 10/25/24^(b)		6,771		6,562,792
6.13%, 03/25/24^(b)		11,928		11,834,604
6.75%, 06/25/25		6,756		6,642,837
6.75%, 06/15/26^(b)		6,602		6,373,491
NFP Corp.
4.88%, 08/15/28 (Call 08/15/23)^(a)(b)		7,508		6,598,996
6.88%, 08/15/28 (Call 08/15/23)^(a)(b)		28,818		24,521,524
OneMain Finance Corp.
3.50%, 01/15/27 (Call 01/15/24)^(b)		9,967		8,396,201
3.88%, 09/15/28 (Call 09/15/24)		8,097		6,482,863
4.00%, 09/15/30 (Call 09/15/25)		12,116		9,249,809
5.38%, 11/15/29 (Call 05/15/29)^(b)		10,193		8,577,409
6.13%, 03/15/24 (Call 09/15/23)^(b)		17,833		17,594,097
6.63%, 01/15/28 (Call 07/15/27)^(b)		10,947		10,162,121
6.88%, 03/15/25^(b)		16,566		16,221,172
7.13%, 03/15/26^(b)		21,877		21,307,017
PennyMac Financial Services Inc.
4.25%, 02/15/29 (Call 02/15/24)^(a)(b)		8,854		6,945,078
5.38%, 10/15/25 (Call 10/15/23)^(a)(b)		8,679		7,911,993
5.75%, 09/15/31 (Call 09/15/26)^(a)		6,988		5,582,091
PRA Group Inc., 8.38%, 02/01/28 (Call 02/01/25)		5,994		6,046,447
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer Inc.
2.88%, 10/15/26 (Call 10/15/23)^(a)(b)		15,633		13,503,004
3.63%, 03/01/29 (Call 03/09/23)^(a)(b)		10,082		8,147,937
3.88%, 03/01/31 (Call 03/01/26)^(a)		16,838		13,112,592
4.00%, 10/15/33 (Call 10/15/27)^(a)(b)		11,333		8,418,530
SLM Corp.
3.13%, 11/02/26 (Call 10/02/26)^(b)		6,722		5,786,573
4.20%, 10/29/25 (Call 09/29/25)		6,740		6,193,955
Synchrony Financial, 7.25%, 02/02/33 (Call 11/02/32)		11,701		11,245,169
United Wholesale Mortgage LLC
5.50%, 11/15/25 (Call 11/15/23)^(a)		11,228		10,381,459
5.50%, 04/15/29 (Call 03/30/24)^(a)(b)		9,289		7,689,899
5.75%, 06/15/27 (Call 06/15/24)^(a)(b)		6,738		5,912,595
VistaJet Malta Finance PLC/XO Management Holding Inc.
6.38%, 02/01/30 (Call 02/01/25)^(a)(b)		14,393		12,642,297
7.88%, 05/01/27 (Call 04/26/24)^(a)(b)		6,336		6,066,720


				470,856,543

Electric — 2.3%
Calpine Corp.
3.75%, 03/01/31 (Call 03/01/26)^(a)(b)		11,840		9,611,949
4.50%, 02/15/28 (Call 02/15/24)^(a)		17,426		15,683,400
4.63%, 02/01/29 (Call 02/01/24)^(a)(b)		8,675		7,308,604
5.00%, 02/01/31 (Call 02/01/26)^(a)(b)		11,447		9,415,158
5.13%, 03/15/28 (Call 03/15/23)^(a)(b)		19,251		17,081,797
5.25%, 06/01/26 (Call 06/01/23)^(a)(b)		5,600		5,370,288
Clearway Energy Operating LLC
3.75%, 02/15/31 (Call 02/15/26)^(a)(b)		12,642		10,271,909
4.75%, 03/15/28 (Call 03/15/23)^(a)(b)		11,709		10,745,349
DPL Inc.
4.13%, 07/01/25 (Call 04/01/25)^(b)		6,545		6,147,915
4.35%, 04/15/29 (Call 01/15/29)^(b)		5,329		4,636,456
Electricite de France SA, 5.63%, (Call 01/22/24), (10 year USD Swap + 3.041%)^(a)(b)(c)(d)		732		710,876


Security	Par (000)		Value


Electric (continued)
Emera Inc., Series 16-A, 6.75%, 06/15/76 (Call 06/15/26), (3 mo. LIBOR US + 5.440%)^(c)	$	15,786	$	15,168,941
FirstEnergy Corp.
2.65%, 03/01/30 (Call 12/01/29)^(b)		8,041		6,684,992
Series B, 2.25%, 09/01/30 (Call 06/01/30)^(b)		6,122		4,890,967
Series B, 4.15%, 07/15/27 (Call 04/15/27)		20,621		19,235,269
NextEra Energy Operating Partners LP
3.88%, 10/15/26 (Call 07/15/26)^(a)		6,373		5,774,416
4.25%, 07/15/24 (Call 04/15/24)^(a)(b)		9,298		8,995,815
4.25%, 09/15/24 (Call 07/15/24)^(a)		268		248,255
4.50%, 09/15/27 (Call 06/15/27)^(a)(b)		6,995		6,409,633
NRG Energy Inc.
3.38%, 02/15/29 (Call 02/15/24)^(a)(b)		6,769		5,506,033
3.63%, 02/15/31 (Call 02/15/26)^(a)(b)		13,857		10,775,550
3.88%, 02/15/32 (Call 02/15/27)^(a)		15,280		11,846,584
5.25%, 06/15/29 (Call 06/15/24)^(a)(b)		9,868		8,782,520
5.75%, 01/15/28 (Call 01/15/24)^(b)		11,014		10,381,796
PG&E Corp.
5.00%, 07/01/28 (Call 07/01/23)^(b)		13,365		12,132,613
5.25%, 07/01/30 (Call 06/15/25)^(b)		13,396		12,044,344
Vistra Operations Co. LLC
4.38%, 05/01/29 (Call 05/01/24)^(a)		17,204		14,885,618
5.00%, 07/31/27 (Call 07/31/23)^(a)(b)		17,778		16,522,429
5.50%, 09/01/26 (Call 09/01/23)^(a)(b)		13,493		12,911,881
5.63%, 02/15/27 (Call 02/15/24)^(a)(b)		17,456		16,545,146


				296,726,503

Electrical Components & Equipment — 0.4%
Energizer Holdings Inc.
4.38%, 03/31/29 (Call 09/30/23)^(a)(b)		10,707		9,074,183
4.75%, 06/15/28 (Call 07/01/23)^(a)		8,155		7,122,832
WESCO Distribution Inc.
7.13%, 06/15/25 (Call 06/15/23)^(a)(b)		19,851		20,045,611
7.25%, 06/15/28 (Call 06/15/23)^(a)(b)		18,056		18,338,329


				54,580,955

Electronics — 0.5%
Imola Merger Corp., 4.75%, 05/15/29 (Call 05/15/24)^(a)		27,184		23,026,691
Sensata Technologies BV
4.00%, 04/15/29 (Call 03/18/24)^(a)(b)		13,369		11,791,057
5.00%, 10/01/25^(a)		9,261		9,067,676
5.63%, 11/01/24^(a)		5,115		5,072,625
5.88%, 09/01/30 (Call 09/01/25)^(a)(b)		6,324		6,034,130
Sensata Technologies Inc.
3.75%, 02/15/31 (Call 02/15/26)^(a)(b)		10,180		8,519,249
4.38%, 02/15/30 (Call 11/15/29)^(a)(b)		5,961		5,291,026


				68,802,454

Energy - Alternate Sources — 0.1%
TerraForm Power Operating LLC
4.75%, 01/15/30 (Call 01/15/25)^(a)(b)		9,505		8,221,920
5.00%, 01/31/28 (Call 07/31/27)^(a)(b)		9,343		8,582,065


				16,803,985

Engineering & Construction — 0.1%
Brand Industrial Services Inc., 8.50%, 07/15/25 (Call 07/15/23)^(a)(b)		13,392		11,349,720


Entertainment — 3.2%
AMC Entertainment Holdings Inc., 7.50%, 02/15/29 (Call 02/15/25)^(a)(b)		12,976		7,776,128
Caesars Entertainment Inc. 4.63%, 10/15/29 (Call 10/15/24)^(a)(b)		17,583		15,038,740


Security	Par (000)		Value


Entertainment (continued)
6.25%, 07/01/25 (Call 07/01/23)^(a)	$	53,584	$	53,182,120
7.00%, 02/15/30 (Call 02/15/26)^(a)		10,750		10,830,625
8.13%, 07/01/27 (Call 07/01/23)^(a)(b)		24,895		25,143,950
Caesars Resort Collection LLC/CRC Finco Inc., 5.75%, 07/01/25 (Call 07/01/23)^(a)(b)		13,395		13,364,861
CDI Escrow Issuer Inc., 5.75%, 04/01/30 (Call 04/01/25)^(a)(b)		15,922		14,787,557
Cedar Fair LP, 5.25%, 07/15/29 (Call 07/15/24)^(b)		6,636		6,066,333
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op
5.38%, 04/15/27 (Call 04/15/23)^(b)		6,490		6,189,886
5.50%, 05/01/25 (Call 05/01/23)^(a)		13,191		13,038,924
Churchill Downs Inc.
4.75%, 01/15/28 (Call 01/15/24)^(a)		10,080		9,177,851
5.50%, 04/01/27 (Call 04/01/23)^(a)(b)		8,110		7,697,896
Cinemark USA Inc.
5.25%, 07/15/28 (Call 07/15/24)^(a)(b)		10,335		8,642,644
5.88%, 03/15/26 (Call 03/15/23)^(a)(b)		5,090		4,657,350
International Game Technology PLC
4.13%, 04/15/26 (Call 04/15/23)^(a)(b)		10,006		9,309,482
5.25%, 01/15/29 (Call 01/15/24)^(a)		10,571		9,804,603
6.25%, 01/15/27 (Call 07/15/26)^(a)		10,120		9,917,600
6.50%, 02/15/25 (Call 08/15/24)^(a)(b)		9,235		9,258,088
Live Nation Entertainment Inc.
3.75%, 01/15/28 (Call 01/15/24)^(a)(b)		6,631		5,790,587
4.75%, 10/15/27 (Call 10/15/23)^(a)(b)		12,724		11,451,600
4.88%, 11/01/24 (Call 03/31/23)^(a)(b)		8,393		8,179,786
6.50%, 05/15/27 (Call 05/15/23)^(a)(b)		15,823		15,536,208
Mohegan Gaming & Entertainment
7.88%, 10/15/24 (Call 03/16/23)^(a)(b)		1,793		1,789,548
8.00%, 02/01/26 (Call 02/01/24)^(a)(b)		15,504		14,457,480
Odeon Finco PLC, 12.75%, 11/01/27 (Call 11/01/24)^(a)(b)		5,285		4,948,081
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.
5.63%, 09/01/29 (Call 09/01/24)^(a)(b)		10,384		7,642,920
5.88%, 09/01/31 (Call 09/01/26)^(a)(b)		10,355		7,411,522
Resorts World Las Vegas LLC/RWLV Capital Inc., 4.63%, 04/16/29 (Call 01/16/29)^(a)(b)		13,301		10,434,634
Scientific Games International Inc.
7.00%, 05/15/28 (Call 05/15/23)^(a)(b)		9,321		9,107,561
7.25%, 11/15/29 (Call 11/15/24)^(a)(b)		6,791		6,687,171
8.63%, 07/01/25 (Call 07/01/23)^(a)(b)		7,481		7,650,423
Six Flags Entertainment Corp.
4.88%, 07/31/24 (Call 03/31/23)^(a)(b)		12,541		12,321,532
5.50%, 04/15/27 (Call 04/15/23)^(a)(b)		6,665		6,298,425
Six Flags Theme Parks Inc., 7.00%, 07/01/25 (Call 07/01/23)^(a)		103		104,159
WMG Acquisition Corp.
3.00%, 02/15/31 (Call 02/15/26)^(a)		10,630		8,367,139
3.75%, 12/01/29 (Call 12/01/24)^(a)(b)		7,242		6,127,384
3.88%, 07/15/30 (Call 07/15/25)^(a)(b)		7,243		6,120,335
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.
5.13%, 10/01/29 (Call 07/01/29)^(a)(b)		10,585		9,462,725
7.13%, 02/15/31 (Call 11/15/30)^(a)(b)		8,460		8,430,126


				402,203,984


Security	Par (000)		Value


Environmental Control — 0.9%
Clean Harbors Inc.
4.88%, 07/15/27 (Call 07/15/23)^(a)	$	6,792	$	6,411,405
6.38%, 02/01/31 (Call 02/01/26)^(a)(b)		7,180		7,160,870
Covanta Holding Corp.
4.88%, 12/01/29 (Call 12/01/24)^(a)(b)		10,012		8,475,992
5.00%, 09/01/30 (Call 09/01/25)		5,503		4,567,490
GFL Environmental Inc.
3.50%, 09/01/28 (Call 03/01/28)^(a)(b)		9,933		8,654,954
3.75%, 08/01/25 (Call 08/01/23)^(a)(b)		10,126		9,526,541
4.00%, 08/01/28 (Call 08/01/23)^(a)(b)		10,133		8,828,070
4.25%, 06/01/25 (Call 06/01/23)^(a)		6,792		6,501,302
4.38%, 08/15/29 (Call 08/15/24)^(a)(b)		7,433		6,429,855
4.75%, 06/15/29 (Call 06/15/24)^(a)(b)		10,662		9,489,180
5.13%, 12/15/26 (Call 12/15/23)^(a)(b)		5,358		5,135,115
Madison IAQ LLC
4.13%, 06/30/28 (Call 06/30/24)^(a)(b)		9,810		8,369,192
5.88%, 06/30/29 (Call 06/30/24)^(a)		13,770		10,941,248
Stericycle Inc.
3.88%, 01/15/29 (Call 11/15/23)^(a)(b)		6,785		5,831,187
5.38%, 07/15/24 (Call 06/07/23)^(a)		7,840		7,720,048


				114,042,449

Food — 2.2%
Albertsons Companies Inc./Safeway Inc./New Albertsons LP/Albertsons LLC
3.25%, 03/15/26 (Call 09/15/23)^(a)		10,032		9,194,594
3.50%, 03/15/29 (Call 09/15/23)^(a)(b)		18,425		15,615,687
4.63%, 01/15/27 (Call 01/15/24)^(a)(b)		17,793		16,725,420
4.88%, 02/15/30 (Call 02/15/25)^(a)(b)		13,337		12,021,400
5.88%, 02/15/28 (Call 08/15/23)^(a)(b)		9,994		9,656,702
6.50%, 02/15/28 (Call 02/15/25)^(a)(b)		9,615		9,554,906
7.50%, 03/15/26 (Call 03/15/23)^(a)(b)		8,091		8,245,988
B&G Foods Inc.
5.25%, 04/01/25 (Call 04/01/23)^(b)		12,047		10,902,535
5.25%, 09/15/27 (Call 03/01/23)^(b)		7,397		5,940,235
Lamb Weston Holdings Inc.
4.13%, 01/31/30 (Call 01/31/25)^(a)		12,820		11,286,006
4.38%, 01/31/32 (Call 01/31/27)^(a)(b)		9,771		8,587,170
4.88%, 05/15/28 (Call 11/15/27)^(a)(b)		6,569		6,195,559
Performance Food Group Inc.
4.25%, 08/01/29 (Call 08/01/24)^(a)(b)		13,382		11,683,322
5.50%, 10/15/27 (Call 10/15/23)^(a)(b)		14,179		13,466,647
Pilgrim’s Pride Corp.
3.50%, 03/01/32 (Call 09/01/26)^(b)		13,827		10,739,062
4.25%, 04/15/31 (Call 04/15/26)^(b)		15,329		12,799,715
5.88%, 09/30/27 (Call 09/30/23)^(a)		11,063		10,841,740
Post Holdings Inc.
4.50%, 09/15/31 (Call 09/15/26)^(a)(b)		18,502		15,619,350
4.63%, 04/15/30 (Call 04/15/25)^(a)(b)		20,545		17,828,951
5.50%, 12/15/29 (Call 12/15/24)^(a)(b)		17,234		15,789,343
5.63%, 01/15/28 (Call 12/01/23)^(a)(b)		12,535		12,015,132
5.75%, 03/01/27 (Call 03/01/23)^(a)(b)		6,163		6,023,839
U.S. Foods Inc.
4.63%, 06/01/30 (Call 06/01/25)^(a)(b)		6,802		5,948,020
4.75%, 02/15/29 (Call 02/15/24)^(a)(b)		12,068		10,876,044
6.25%, 04/15/25 (Call 04/15/23)^(a)		13,341		13,318,170


				280,875,537

Food Service — 0.4%
Aramark Services Inc.
5.00%, 04/01/25 (Call 04/01/23)^(a)		8,176		7,954,804


Security	Par (000)		Value


Food Service (continued)
5.00%, 02/01/28 (Call 02/01/24)^(a)	$	15,434	$	14,218,572
6.38%, 05/01/25 (Call 05/01/23)^(a)(b)		20,304		20,202,480
TKC Holdings Inc.
6.88%, 05/15/28 (Call 05/15/24)^(a)(b)		5,820		4,737,480
10.50%, 05/15/29 (Call 05/15/24)^(a)(b)		9,045		5,540,063


				52,653,399

Forest Products & Paper — 0.1%
Mercer International Inc., 5.13%, 02/01/29 (Call 02/01/24)^(b)		11,758		9,656,258


Gas — 0.3%
AmeriGas Partners LP/AmeriGas Finance Corp.
5.50%, 05/20/25 (Call 02/20/25)		9,919		9,414,094
5.63%, 05/20/24 (Call 03/20/24)		9,341		9,130,827
5.75%, 05/20/27 (Call 02/20/27)		7,229		6,684,943
5.88%, 08/20/26 (Call 05/20/26)		9,231		8,690,894


				33,920,758

Health Care - Products — 1.1%
Avantor Funding Inc.
3.88%, 11/01/29 (Call 11/01/24)^(a)(b)		10,515		9,095,475
4.63%, 07/15/28 (Call 07/15/23)^(a)(b)		20,918		19,238,808
Hologic Inc.
3.25%, 02/15/29 (Call 09/28/23)^(a)		12,623		10,871,559
4.63%, 02/01/28 (Call 02/01/24)^(a)		5,442		5,082,532
Mozart Debt Merger Sub Inc.
3.88%, 04/01/29 (Call 10/01/24)^(a)		62,576		52,120,595
5.25%, 10/01/29 (Call 10/01/24)^(a)(b)		34,835		28,633,673
Teleflex Inc.
4.25%, 06/01/28 (Call 06/01/23)^(a)(b)		6,669		6,030,888
4.63%, 11/15/27 (Call 11/15/23)^(b)		6,716		6,313,040


				137,386,570

Health Care - Services — 4.4%
Catalent Pharma Solutions Inc.
3.13%, 02/15/29 (Call 02/15/24)^(a)(b)		7,910		6,832,263
3.50%, 04/01/30 (Call 04/01/25)^(a)(b)		8,682		7,524,741
5.00%, 07/15/27 (Call 07/15/23)^(a)(b)		6,829		6,582,268
Centene Corp., 3.38%, 02/15/30 (Call 02/15/25)		182		155,314
Charles River Laboratories International Inc.
3.75%, 03/15/29 (Call 03/15/24)^(a)(b)		6,515		5,652,693
4.00%, 03/15/31 (Call 03/15/26)^(a)(b)		6,749		5,789,705
4.25%, 05/01/28 (Call 05/01/23)^(a)		6,469		5,833,998
CHS/Community Health Systems Inc.
4.75%, 02/15/31 (Call 02/15/26)^(a)		14,203		10,939,418
5.25%, 05/15/30 (Call 05/15/25)^(a)		20,975		16,840,828
5.63%, 03/15/27 (Call 12/15/23)^(a)(b)		26,107		22,917,098
6.00%, 01/15/29 (Call 01/15/24)^(a)		12,175		10,541,267
6.13%, 04/01/30 (Call 04/01/25)^(a)(b)		18,126		12,416,310
6.88%, 04/01/28 (Call 04/01/23)^(a)(b)		10,069		6,837,153
6.88%, 04/15/29 (Call 04/15/24)^(a)(b)		22,450		15,771,125
8.00%, 03/15/26 (Call 03/15/23)^(a)(b)		27,798		27,103,050
8.00%, 12/15/27 (Call 12/15/23)^(a)(b)		8,994		8,675,369
DaVita Inc.
3.75%, 02/15/31 (Call 02/15/26)^(a)		20,509		15,534,478
4.63%, 06/01/30 (Call 06/01/25)^(a)(b)		37,575		30,970,066
Encompass Health Corp.
4.50%, 02/01/28 (Call 02/01/24)^(b)		10,701		9,831,544
4.63%, 04/01/31 (Call 03/30/26)		4,961		4,232,890
4.75%, 02/01/30 (Call 02/01/25)^(b)		10,548		9,416,832


Security	Par (000)		Value


Health Care - Services (continued)
IQVIA Inc.
5.00%, 10/15/26 (Call 10/15/23)^(a)	$	13,955	$	13,365,122
5.00%, 05/15/27 (Call 05/15/23)^(a)(b)		15,006		14,246,209
Legacy LifePoint Health LLC
4.38%, 02/15/27 (Call 03/31/23)^(a)(b)		8,177		6,868,680
6.75%, 04/15/25 (Call 04/15/23)^(a)(b)		7,875		7,522,515
Lifepoint Health Inc., 5.38%, 01/15/29 (Call 01/15/24)^(a)(b)		7,252		4,754,593
ModivCare Escrow Issuer Inc., 5.00%, 10/01/29 (Call 10/01/24)^(a)		6,955		5,937,831
ModivCare Inc., 5.88%, 11/15/25 (Call 11/15/23)^(a)(b)		6,619		6,250,851
Molina Healthcare Inc.
3.88%, 11/15/30 (Call 08/17/30)^(a)(b)		8,578		7,248,738
3.88%, 05/15/32 (Call 02/15/32)^(a)(b)		10,064		8,268,683
4.38%, 06/15/28 (Call 06/15/23)^(a)(b)		10,925		9,893,987
Radiology Partners Inc., 9.25%, 02/01/28 (Call 02/01/24)^(a)(b)		9,568		5,722,334
RegionalCare Hospital Partners Holdings Inc./LifePoint Health Inc., 9.75%, 12/01/26 (Call 12/01/23)^(a)(b)		18,783		15,996,542
RP Escrow Issuer LLC, 5.25%, 12/15/25 (Call 12/15/23)^(a)		10,677		8,354,753
Select Medical Corp., 6.25%, 08/15/26 (Call 08/15/23)^(a)(b)		16,245		15,553,775
Tenet Healthcare Corp.
4.25%, 06/01/29 (Call 06/01/24)^(b)		18,531		16,214,625
4.38%, 01/15/30 (Call 12/01/24)		19,036		16,656,500
4.63%, 07/15/24 (Call 03/31/23)^(b)		10,606		10,464,703
4.63%, 09/01/24 (Call 09/01/23)^(b)		8,866		8,739,340
4.63%, 06/15/28 (Call 06/15/23)		8,085		7,337,359
4.88%, 01/01/26 (Call 03/01/23)		30,251		28,895,755
5.13%, 11/01/27 (Call 11/01/23)		20,297		19,087,299
6.13%, 10/01/28 (Call 10/01/23)^(b)		33,813		31,268,572
6.13%, 06/15/30 (Call 06/15/25)^(a)(b)		27,440		26,158,072
6.25%, 02/01/27 (Call 03/31/23)^(b)		20,917		20,377,467


				555,582,715

Holding Companies - Diversified — 0.6%
Compass Group Diversified Holdings LLC, 5.25%, 04/15/29 (Call 04/15/24)^(a)(b)		13,463		11,767,898
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
4.38%, 02/01/29 (Call 08/01/28)		10,175		8,788,020
4.75%, 09/15/24 (Call 06/15/24)		15,285		14,902,875
5.25%, 05/15/27 (Call 11/15/26)		20,061		18,553,416
6.25%, 05/15/26 (Call 05/15/23)^(b)		16,655		16,130,159
6.38%, 12/15/25 (Call 03/31/23)		9,976		9,827,333


				79,969,701

Home Builders — 0.6%
Ashton Woods USA LLC/Ashton Woods Finance Co., 4.63%, 04/01/30 (Call 04/01/25)^(a)		5,475		4,417,919
Brookfield Residential Properties Inc./Brookfield Residential U.S. LLC
4.88%, 02/15/30 (Call 02/15/25)^(a)		7,063		5,319,583
6.25%, 09/15/27 (Call 09/15/23)^(a)(b)		8,284		7,247,044
Century Communities Inc.
3.88%, 08/15/29 (Call 02/15/29)^(a)(b)		7,045		5,759,288
6.75%, 06/01/27 (Call 06/01/23)^(b)		6,711		6,526,448
Mattamy Group Corp.
4.63%, 03/01/30 (Call 03/01/25)^(a)(b)		8,186		6,784,147
5.25%, 12/15/27 (Call 12/15/23)^(a)		6,858		6,100,930


Security	Par (000)		Value


Home Builders (continued)
Meritage Homes Corp.
3.88%, 04/15/29 (Call 10/15/28)^(a)(b)	$	6,435	$	5,566,275
6.00%, 06/01/25 (Call 03/01/25)^(b)		6,318		6,292,159
Taylor Morrison Communities Inc.
5.13%, 08/01/30 (Call 02/01/30)^(a)(b)		6,878		6,069,835
5.75%, 01/15/28 (Call 10/15/27)^(a)(b)		6,175		5,843,540
5.88%, 06/15/27 (Call 03/15/27)^(a)		6,723		6,439,827
TRI Pointe Group Inc./TRI Pointe Homes Inc., 5.88%, 06/15/24		6,694		6,629,269


				78,996,264

Home Furnishings — 0.1%
Tempur Sealy International Inc.
3.88%, 10/15/31 (Call 10/15/26)^(a)		11,008		8,869,696
4.00%, 04/15/29 (Call 04/15/24)^(a)(b)		10,764		9,196,869


				18,066,565

Household Products & Wares — 0.3%
Central Garden & Pet Co.
4.13%, 10/15/30 (Call 10/15/25)^(b)		7,358		6,115,686
4.13%, 04/30/31 (Call 04/30/26)^(a)(b)		5,347		4,364,745
Kronos Acquisition Holdings Inc./KIK Custom Products Inc.
5.00%, 12/31/26 (Call 06/30/23)^(a)(b)		6,611		5,995,901
7.00%, 12/31/27 (Call 12/31/23)^(a)(b)		8,011		6,901,769
Spectrum Brands Inc.
3.88%, 03/15/31 (Call 03/15/26)^(a)(b)		6,935		5,487,319
5.75%, 07/15/25 (Call 07/15/23)^(b)		6,091		5,990,752


				34,856,172

Housewares — 0.5%
Newell Brands Inc.
4.45%, 04/01/26 (Call 01/01/26)		27,330		25,861,012
4.88%, 06/01/25 (Call 05/01/25)		6,832		6,592,880
6.38%, 09/15/27 (Call 06/15/27)^(b)		7,202		7,162,605
6.63%, 09/15/29 (Call 06/15/29)^(b)		6,922		6,863,578
Scotts Miracle-Gro Co. (The)
4.00%, 04/01/31 (Call 04/01/26)		6,496		5,224,863
4.38%, 02/01/32 (Call 08/01/26)^(b)		5,501		4,455,260
4.50%, 10/15/29 (Call 10/15/24)^(b)		5,615		4,865,398


				61,025,596

Insurance — 1.2%
Acrisure LLC/Acrisure Finance Inc.
4.25%, 02/15/29 (Call 02/15/24)^(a)		9,544		7,777,796
6.00%, 08/01/29 (Call 08/01/24)^(a)(b)		6,693		5,453,523
7.00%, 11/15/25 (Call 03/31/23)^(a)(b)		13,379		12,542,812
10.13%, 08/01/26 (Call 08/01/23)^(a)(b)		5,506		5,500,838
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer
4.25%, 10/15/27 (Call 10/15/23)^(a)(b)		9,961		8,803,642
5.88%, 11/01/29 (Call 11/01/24)^(a)		6,444		5,391,947
6.75%, 10/15/27 (Call 10/15/23)^(a)(b)		18,350		16,755,844
6.75%, 04/15/28 (Call 04/15/25)		17,715		17,338,556
AssuredPartners Inc.
5.63%, 01/15/29 (Call 12/15/23)^(a)(b)		7,491		6,351,763
7.00%, 08/15/25 (Call 03/31/23)^(a)(b)		6,834		6,697,487
Enstar Finance LLC, 5.50%, 01/15/42 (Call 01/15/27), (5 year CMT + 4.006%)^(c)		6,693		5,365,207
Global Atlantic Fin Co., 4.70%, 10/15/51 (Call 07/15/26), (5 year CMT + 3.796%)^(a)(c)		10,413		8,791,384
GTCR AP Finance Inc., 8.00%, 05/15/27 (Call 05/15/23)^(a)(b)		6,218		5,973,943


Security	Par (000)		Value


Insurance (continued)
Hub International Ltd.
5.63%, 12/01/29 (Call 12/01/24)^(a)(b)	$	7,356	$	6,310,271
7.00%, 05/01/26 (Call 05/01/23)^(a)(b)		22,566		22,235,972
Liberty Mutual Group Inc.
4.13%, 12/15/51 (Call 12/15/26), (5 year CMT + 3.315%)^(a)(b)(c)		6,702		5,587,793
4.30%, 02/01/61 (Call 02/03/26)^(a)		11,360		6,891,734


				153,770,512

Internet — 1.6%
Arches Buyer Inc.
4.25%, 06/01/28 (Call 12/01/23)^(a)(b)		13,178		10,855,377
6.13%, 12/01/28 (Call 12/01/23)^(a)(b)		6,875		5,638,535
Gen Digital Inc., 5.00%, 04/15/25 (Call 03/13/23)^(a)		14,729		14,298,005
Go Daddy Operating Co. LLC/GD Finance Co. Inc.
3.50%, 03/01/29 (Call 03/01/24)^(a)		11,101		9,317,271
5.25%, 12/01/27 (Call 06/01/23)^(a)(b)		8,066		7,633,340
Match Group Holdings II LLC
3.63%, 10/01/31 (Call 10/01/26)^(a)(b)		6,786		5,338,207
4.13%, 08/01/30 (Call 05/01/25)^(a)(b)		6,849		5,677,944
4.63%, 06/01/28 (Call 06/01/23)^(a)(b)		6,719		5,985,063
5.00%, 12/15/27 (Call 12/15/23)^(a)(b)		6,258		5,827,763
NortonLifeLock Inc.
6.75%, 09/30/27 (Call 09/30/24)^(a)(b)		12,035		11,842,651
7.13%, 09/30/30 (Call 09/30/25)^(a)(b)		7,986		7,786,350
Photo Holdings Merger Sub Inc., 8.50%, 10/01/26 (Call 10/01/23)^(a)		10,561		5,392,145
Rakuten Group Inc.
5.13%, (Call 04/22/26), (5 year CMT + 4.578%)^(a)(b)(c)(d)		9,942		7,555,017
6.25%, (Call 04/22/31), (5 year CMT + 4.956%)^(a)(b)(c)(d)		14,034		8,848,704
10.25%, 11/30/24 (Call 11/28/23)^(a)(b)		13,956		13,951,813
Uber Technologies Inc.
4.50%, 08/15/29 (Call 08/15/24)^(a)(b)		20,382		18,051,522
6.25%, 01/15/28 (Call 12/17/23)^(a)(b)		7,060		6,936,450
7.50%, 05/15/25 (Call 05/15/23)^(a)(b)		14,303		14,449,606
7.50%, 09/15/27 (Call 09/15/23)^(a)(b)		16,474		16,721,110
8.00%, 11/01/26 (Call 11/01/23)^(a)(b)		20,105		20,507,100


				202,613,973

Iron & Steel — 0.4%
Cleveland-Cliffs Inc.
5.88%, 06/01/27 (Call 06/01/23)^(b)		7,355		7,145,750
6.75%, 03/15/26 (Call 03/15/23)^(a)		11,025		11,142,141
Mineral Resources Ltd.
8.00%, 11/01/27 (Call 11/01/24)^(a)		8,868		8,803,090
8.13%, 05/01/27 (Call 05/01/23)^(a)(b)		9,727		9,720,290
8.50%, 05/01/30 (Call 05/01/25)^(a)		8,387		8,407,967


				45,219,238

Leisure Time — 1.1%
Carnival Holdings Bermuda Ltd., 10.38%, 05/01/28 (Call 05/01/25)^(a)(b)		27,726		29,670,857
Life Time Inc.
5.75%, 01/15/26 (Call 01/15/24)^(a)		12,295		11,807,196
8.00%, 04/15/26 (Call 02/01/24)^(a)(b)		6,509		6,260,443
NCL Corp. Ltd.
3.63%, 12/15/24 (Call 12/15/23)^(a)(b)		7,651		7,198,157
5.88%, 03/15/26 (Call 12/15/25)^(a)(b)		20,090		17,377,850
5.88%, 02/15/27 (Call 02/15/24)^(a)(b)		13,296		12,337,442
7.75%, 02/15/29 (Call 11/15/28)^(a)(b)		8,349		7,263,630


Security	Par (000)		Value


Leisure Time (continued)
8.38%, 02/01/28 (Call 02/01/25)^(a)(b)	$	8,817	$	8,965,787
NCL Finance Ltd., 6.13%, 03/15/28 (Call 12/15/27)^(a)(b)		7,223		5,981,547
Viking Cruises Ltd.
5.88%, 09/15/27 (Call 09/15/23)^(a)(b)		11,510		9,841,050
7.00%, 02/15/29 (Call 02/15/24)^(a)(b)		6,810		5,831,403
13.00%, 05/15/25 (Call 05/15/23)^(a)		9,517		10,094,298
VOC Escrow Ltd., 5.00%, 02/15/28 (Call 02/15/24)^(a)		9,334		8,222,787


				140,852,447

Lodging — 3.4%
Boyd Gaming Corp.
4.75%, 12/01/27 (Call 12/01/23)^(b)		14,322		13,467,057
4.75%, 06/15/31 (Call 06/15/26)^(a)(b)		11,970		10,557,779
Hilton Domestic Operating Co. Inc.
3.63%, 02/15/32 (Call 08/15/26)^(a)(b)		20,348		16,698,383
3.75%, 05/01/29 (Call 05/01/24)^(a)(b)		11,145		9,686,038
4.00%, 05/01/31 (Call 05/01/26)^(a)(b)		14,753		12,520,635
4.88%, 01/15/30 (Call 01/15/25)^(b)		13,409		12,302,757
5.38%, 05/01/25 (Call 05/01/23)^(a)(b)		5,983		5,911,269
5.75%, 05/01/28 (Call 05/01/23)^(a)(b)		6,718		6,534,842
Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc
4.88%, 07/01/31 (Call 07/01/26)^(a)		7,144		5,983,100
5.00%, 06/01/29 (Call 06/01/24)^(a)(b)		11,462		10,084,089
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.88%, 04/01/27 (Call 04/01/23)^(b)		8,123		7,742,974
Las Vegas Sands Corp.
2.90%, 06/25/25 (Call 05/25/25)		6,714		6,207,860
3.20%, 08/08/24 (Call 07/08/24)		23,059		22,189,445
3.50%, 08/18/26 (Call 06/18/26)		13,673		12,479,819
3.90%, 08/08/29 (Call 05/08/29)^(b)		10,492		9,126,991
Marriott Ownership Resorts Inc., 4.50%, 06/15/29 (Call 06/15/24)^(a)		874		732,941
Melco Resorts Finance Ltd.
4.88%, 06/06/25 (Call 06/06/23)^(a)(b)		13,752		12,789,360
5.25%, 04/26/26 (Call 04/26/23)^(a)(b)		6,510		5,871,943
5.38%, 12/04/29 (Call 12/04/24)^(a)		15,253		12,507,460
5.63%, 07/17/27 (Call 07/17/23)^(a)		8,518		7,504,966
5.75%, 07/21/28 (Call 07/21/23)^(a)(b)		11,430		9,854,497
MGM China Holdings Ltd.
4.75%, 02/01/27 (Call 02/01/24)^(a)		9,977		8,779,760
5.25%, 06/18/25 (Call 03/13/23)^(a)(b)		6,722		6,315,319
5.38%, 05/15/24 (Call 05/15/23)^(a)		10,903		10,628,459
5.88%, 05/15/26 (Call 05/15/23)^(a)		9,934		9,251,562
MGM Resorts International
4.63%, 09/01/26 (Call 06/01/26)^(b)		5,524		5,137,002
4.75%, 10/15/28 (Call 07/15/28)^(b)		10,355		9,287,153
5.50%, 04/15/27 (Call 01/15/27)		9,085		8,621,211
5.75%, 06/15/25 (Call 03/15/25)^(b)		9,301		9,115,456
6.75%, 05/01/25 (Call 05/01/23)^(b)		10,677		10,678,602
Station Casinos LLC
4.50%, 02/15/28 (Call 02/15/24)^(a)(b)		9,265		8,187,944
4.63%, 12/01/31 (Call 06/01/31)^(a)(b)		6,827		5,532,294
Studio City Finance Ltd.
5.00%, 01/15/29 (Call 01/15/24)^(a)		14,874		11,452,980
6.00%, 07/15/25 (Call 07/15/23)^(a)		6,722		6,113,123
6.50%, 01/15/28 (Call 07/15/23)^(a)(b)		6,834		5,838,662
Travel + Leisure Co.
4.50%, 12/01/29 (Call 09/01/29)^(a)(b)		8,507		7,161,433
6.00%, 04/01/27 (Call 01/01/27)		5,404		5,216,756
6.63%, 07/31/26 (Call 04/30/26)^(a)(b)		8,975		8,820,450


Security	Par (000)		Value


Lodging (continued)
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.
5.25%, 05/15/27 (Call 02/15/27)^(a)(b)	$	12,394	$	11,554,817
5.50%, 03/01/25 (Call 12/01/24)^(a)(b)		24,263		23,623,129
Wynn Macau Ltd.
4.88%, 10/01/24 (Call 03/13/23)^(a)(b)		7,928		7,609,162
5.13%, 12/15/29 (Call 12/15/24)^(a)(b)		13,468		11,015,351
5.50%, 01/15/26 (Call 06/15/23)^(a)		13,751		12,582,165
5.50%, 10/01/27 (Call 10/01/23)^(a)(b)		9,988		8,737,575
5.63%, 08/26/28 (Call 08/26/23)^(a)		18,435		15,683,576


				437,698,146

Machinery — 0.5%
Chart Industries Inc.
7.50%, 01/01/30 (Call 01/01/26)^(a)		19,998		20,281,972
9.50%, 01/01/31 (Call 01/01/26)		7,000		7,315,000
Titan Acquisition Ltd./Titan Co-Borrower LLC, 7.75%, 04/15/26 (Call 04/15/23)^(a)		9,190		8,362,900
TK Elevator Holdco GmbH, 7.63%, 07/15/28 (Call 07/15/23)^(a)(b)		5,222		4,783,352
TK Elevator U.S. Newco Inc., 5.25%, 07/15/27 (Call 07/15/23)^(a)		21,120		19,134,367


				59,877,591

Manufacturing — 0.2%
FXI Holdings Inc.
7.88%, 11/01/24 (Call 03/31/23)^(a)(b)		7,049		6,295,197
12.25%, 11/15/26 (Call 11/15/23)^(a)(b)		10,318		9,050,112
Hillenbrand Inc., 5.75%, 06/15/25 (Call 06/15/23)		5,547		5,483,039


				20,828,348

Media — 10.4%
Altice Financing SA
5.00%, 01/15/28 (Call 01/15/24)^(a)(b)		16,294		13,490,454
5.75%, 08/15/29 (Call 08/15/24)^(a)		27,851		22,745,541
AMC Networks Inc.
4.25%, 02/15/29 (Call 02/15/24)^(b)		13,158		9,638,235
4.75%, 08/01/25 (Call 08/01/23)		11,001		10,376,494
5.00%, 04/01/24 (Call 04/01/23)^(b)		6,537		6,528,829
Audacy Capital Corp.
6.50%, 05/01/27 (Call 05/01/23)^(a)		4,701		687,815
6.75%, 03/31/29 (Call 03/31/24)^(a)		5,973		866,085
CCO Holdings LLC/CCO Holdings Capital Corp.
4.25%, 02/01/31 (Call 07/01/25)^(a)(b)		41,054		32,954,046
4.25%, 01/15/34 (Call 01/15/28)^(a)		27,801		20,773,333
4.50%, 08/15/30 (Call 02/15/25)^(a)(b)		37,295		30,710,568
4.50%, 05/01/32 (Call 05/01/26)		39,698		31,460,665
4.50%, 06/01/33 (Call 06/01/27)^(a)(b)		23,750		18,470,791
4.75%, 03/01/30 (Call 09/01/24)^(a)(b)		41,340		34,831,017
4.75%, 02/01/32 (Call 02/01/27)^(a)(b)		16,413		13,301,711
5.00%, 02/01/28 (Call 08/01/23)^(a)(b)		34,855		31,603,028
5.13%, 05/01/27 (Call 05/01/23)^(a)		44,431		41,098,675
5.38%, 06/01/29 (Call 06/01/24)^(a)(b)		20,556		18,346,230
5.50%, 05/01/26 (Call 05/01/23)^(a)(b)		11,242		10,835,725
6.38%, 09/01/29 (Call 09/01/25)^(a)(b)		19,820		18,499,592
7.38%, 03/01/31 (Call 03/01/26)^(a)		14,910		14,482,828
CSC Holdings LLC
3.38%, 02/15/31 (Call 02/15/26)^(a)(b)		13,985		9,590,913
4.13%, 12/01/30 (Call 12/01/25)^(a)(b)		15,144		10,903,604
4.50%, 11/15/31 (Call 11/15/26)^(a)		20,150		14,313,921
4.63%, 12/01/30 (Call 12/01/25)^(a)(b)		31,921		17,077,735
5.00%, 11/15/31 (Call 11/15/26)^(a)		6,677		3,546,302
5.25%, 06/01/24^(b)		10,574		10,266,860


Security	Par (000)		Value


Media (continued)
5.38%, 02/01/28 (Call 02/01/24)^(a)(b)	$	13,455	$	11,184,469
5.50%, 04/15/27 (Call 04/15/23)^(a)(b)		18,184		15,865,540
5.75%, 01/15/30 (Call 01/15/25)^(a)		30,846		17,350,875
6.50%, 02/01/29 (Call 02/01/24)^(a)(b)		24,134		20,455,978
7.50%, 04/01/28 (Call 04/01/23)^(a)(b)		14,155		9,483,850
Diamond Sports Group LLC/Diamond Sports Finance Co., 5.38%, 08/15/26 (Call 08/15/23)^(a)		24,827		2,766,969
Directv Financing LLC/Directv Financing Co-Obligor Inc., 5.88%, 08/15/27 (Call 08/15/23)^(a)		51,047		45,764,912
DISH DBS Corp.
5.25%, 12/01/26 (Call 06/01/26)^(a)		37,091		31,017,349
5.75%, 12/01/28 (Call 12/01/27)^(a)(b)		34,051		27,199,939
5.88%, 11/15/24^(b)		26,614		24,917,357
7.38%, 07/01/28 (Call 07/01/23)^(b)		13,624		9,298,380
7.75%, 07/01/26^(b)		27,165		21,086,831
5.13%, 06/01/29^(b)		20,616		12,137,670
DISH Network Corp., 11.75%, 11/15/27 (Call 05/15/25)^(a)		48,206		48,868,832
Gray Escrow II Inc., 5.38%, 11/15/31 (Call 11/15/26)^(a)(b)		17,347		12,813,405
Gray Television Inc.
4.75%, 10/15/30 (Call 10/15/25)^(a)(b)		10,781		7,893,848
5.88%, 07/15/26 (Call 07/15/23)^(a)(b)		9,459		8,569,270
7.00%, 05/15/27 (Call 05/15/23)^(a)(b)		10,460		9,472,838
iHeartCommunications Inc.
4.75%, 01/15/28 (Call 01/15/24)^(a)(b)		6,909		5,829,469
5.25%, 08/15/27 (Call 08/15/23)^(a)(b)		10,086		8,794,992
6.38%, 05/01/26 (Call 05/01/23)^(b)		10,688		10,059,748
8.38%, 05/01/27 (Call 05/01/23)^(b)		17,539		15,434,698
LCPR Senior Secured Financing DAC
5.13%, 07/15/29 (Call 07/15/24)^(a)		11,081		9,321,891
6.75%, 10/15/27 (Call 10/15/23)^(a)		16,048		14,880,468
McGraw-Hill Education Inc.
5.75%, 08/01/28 (Call 08/01/24)^(a)(b)		12,167		10,666,900
8.00%, 08/01/29 (Call 08/01/24)^(a)(b)		9,821		8,369,456
News Corp.
3.88%, 05/15/29 (Call 05/15/24)^(a)(b)		13,343		11,441,623
5.13%, 02/15/32 (Call 02/15/27)^(a)(b)		6,790		6,051,588
Nexstar Media Inc.
4.75%, 11/01/28 (Call 11/01/23)^(a)(b)		13,398		11,659,877
5.63%, 07/15/27 (Call 07/15/23)^(a)		24,800		23,024,863
Paramount Global
6.25%, 02/28/57 (Call 02/28/27), (3 mo. LIBOR US + 3.899%)^(b)(c)		8,763		7,254,274
6.38%, 03/30/62 (Call 03/30/27), (5 year CMT + 3.999%)^(b)(c)		13,806		11,928,384
Radiate Holdco LLC/Radiate Finance Inc.
4.50%, 09/15/26 (Call 09/15/23)^(a)(b)		12,359		9,266,037
6.50%, 09/15/28 (Call 09/15/23)^(a)		13,247		6,292,325
Scripps Escrow II Inc.
3.88%, 01/15/29 (Call 01/15/24)^(a)(b)		6,942		5,508,477
5.38%, 01/15/31 (Call 01/15/26)^(a)(b)		5,858		4,147,347
Scripps Escrow Inc., 5.88%, 07/15/27 (Call 07/15/23)^(a)(b)		6,007		4,795,313
Sinclair Television Group Inc.
4.13%, 12/01/30 (Call 12/01/25)^(a)(b)		10,538		8,166,950
5.50%, 03/01/30 (Call 12/01/24)^(a)(b)		6,963		5,135,213
Sirius XM Radio Inc.
3.13%, 09/01/26 (Call 09/01/23)^(a)(b)		13,650		12,048,577
3.88%, 09/01/31 (Call 09/01/26)^(a)(b)		19,967		15,512,362


Security	Par (000)		Value


Media (continued)
4.00%, 07/15/28 (Call 07/15/24)^(a)(b)	$	27,668	$	23,690,725
4.13%, 07/01/30 (Call 07/01/25)^(a)(b)		20,749		16,939,276
5.00%, 08/01/27 (Call 08/01/23)^(a)		20,586		18,887,655
5.50%, 07/01/29 (Call 07/01/24)^(a)(b)		17,390		15,672,737
TEGNA Inc.
4.63%, 03/15/28 (Call 03/15/23)^(b)		13,024		11,591,360
4.75%, 03/15/26 (Call 03/15/23)^(a)(b)		9,263		8,799,850
5.00%, 09/15/29 (Call 09/15/24)^(b)		14,896		13,223,738
Telenet Finance Luxembourg Notes Sarl, 5.50%, 03/01/28 (Call 03/13/23)^(a)		13,200		12,310,584
Univision Communications Inc.
4.50%, 05/01/29 (Call 05/01/24)^(a)		13,977		11,739,737
5.13%, 02/15/25 (Call 03/13/23)^(a)(b)		20,275		19,739,740
6.63%, 06/01/27 (Call 06/01/23)^(a)		20,547		19,529,204
7.38%, 06/30/30 (Call 06/30/25)^(a)(b)		12,726		12,066,634
UPC Broadband Finco BV, 4.88%, 07/15/31 (Call 07/15/26)^(a)		16,999		14,291,748
UPC Holding BV, 5.50%, 01/15/28 (Call 10/15/23)^(a)(b)		6,025		5,332,125
Videotron Ltd.
3.63%, 06/15/29 (Call 06/15/24)^(a)(b)		6,841		5,763,543
5.13%, 04/15/27 (Call 04/15/23)^(a)(b)		8,032		7,532,761
5.38%, 06/15/24 (Call 03/15/24)^(a)(b)		7,311		7,244,287
Virgin Media Finance PLC, 5.00%, 07/15/30 (Call 07/15/25)^(a)(b)		12,520		10,207,932
Virgin Media Secured Finance PLC
4.50%, 08/15/30 (Call 08/15/25)^(a)(b)		12,190		10,083,446
5.50%, 05/15/29 (Call 05/15/24)^(a)(b)		19,480		17,614,011
Virgin Media Vendor Financing Notes IV DAC, 5.00%, 07/15/28 (Call 07/15/23)^(a)		6,759		5,863,997
VZ Secured Financing BV, 5.00%, 01/15/32 (Call 01/15/27)^(a)		20,830		17,135,872
Ziggo Bond Co. BV
5.13%, 02/28/30 (Call 02/15/25)^(a)		6,823		5,492,515
6.00%, 01/15/27 (Call 01/15/24)^(a)(b)		8,444		7,843,689
Ziggo BV, 4.88%, 01/15/30 (Call 10/15/24)^(a)		13,364		11,338,463


				1,319,075,770

Mining — 1.0%
Arconic Corp.
6.00%, 05/15/25 (Call 05/15/23)^(a)(b)		9,414		9,414,000
6.13%, 02/15/28 (Call 02/15/24)^(a)(b)		12,011		11,800,808
Constellium SE, 3.75%, 04/15/29 (Call 04/15/24)^(a)(b)		6,983		5,787,161
FMG Resources August 2006 Pty Ltd.
4.38%, 04/01/31 (Call 01/01/31)^(a)(b)		20,832		17,630,538
4.50%, 09/15/27 (Call 06/15/27)^(a)(b)		8,587		7,906,566
5.13%, 05/15/24 (Call 02/15/24)^(a)(b)		6,230		6,141,234
FMG Resources August Pty. Ltd.
5.88%, 04/15/30 (Call 01/15/30)^(a)(b)		9,513		8,967,144
6.13%, 04/15/32 (Call 01/15/32)^(a)(b)		11,117		10,494,245
Kaiser Aluminum Corp.
4.50%, 06/01/31 (Call 06/01/26)^(a)(b)		7,459		5,894,624
4.63%, 03/01/28 (Call 03/01/23)^(a)		6,900		5,925,559
Novelis Corp.
3.25%, 11/15/26 (Call 11/15/23)^(a)		10,499		9,260,906
3.88%, 08/15/31 (Call 08/15/26)^(a)(b)		10,212		8,246,190
4.75%, 01/30/30 (Call 01/30/25)^(a)(b)		21,655		18,997,065


				126,466,040


Security	Par (000)		Value


Office & Business Equipment — 0.1%
Xerox Holdings Corp.
5.00%, 08/15/25 (Call 07/15/25)^(a)(b)	$	10,350	$	9,643,451
5.50%, 08/15/28 (Call 07/15/28)^(a)(b)		10,434		8,764,560


				18,408,011

Oil & Gas — 5.9%
Antero Resources Corp.
5.38%, 03/01/30 (Call 03/01/25)^(a)(b)		8,144		7,440,134
7.63%, 02/01/29 (Call 02/01/24)^(a)(b)		5,316		5,353,883
Apache Corp., 4.25%, 01/15/30 (Call 10/15/29)^(b)		8,191		7,261,699
Ascent Resources Utica Holdings LLC/ARU Finance Corp.
5.88%, 06/30/29 (Call 09/01/24)^(a)(b)		5,283		4,611,729
7.00%, 11/01/26 (Call 11/01/23)^(a)(b)		7,908		7,670,760
Callon Petroleum Co.
7.50%, 06/15/30 (Call 06/15/25)^(a)(b)		7,979		7,472,373
8.00%, 08/01/28 (Call 08/01/24)^(a)(b)		9,532		9,355,261
Calumet Specialty Products Partners LP/Calumet Finance Corp., 11.00%, 04/15/25 (Call 04/15/23)^(a)(b)		8,234		8,519,446
Chesapeake Energy Corp.
5.50%, 02/01/26 (Call 02/05/24)^(a)(b)		7,125		6,964,688
5.88%, 02/01/29 (Call 02/05/24)^(a)		6,509		6,085,915
6.75%, 04/15/29 (Call 04/15/24)^(a)(b)		12,758		12,359,440
Citgo Holding Inc., 9.25%, 08/01/24 (Call 08/01/23)^(a)		19,632		19,700,751
CITGO Petroleum Corp.
6.38%, 06/15/26 (Call 06/15/23)^(a)(b)		9,064		8,814,740
7.00%, 06/15/25 (Call 06/15/23)^(a)		15,159		14,917,214
CNX Resources Corp.
6.00%, 01/15/29 (Call 01/15/24)^(a)(b)		7,157		6,488,751
7.25%, 03/14/27 (Call 03/14/23)^(a)(b)		745		736,374
7.38%, 01/15/31 (Call 01/15/26)^(a)		7,156		6,812,584
Colgate Energy Partners III LLC, 5.88%, 07/01/29 (Call 07/01/24)^(a)		9,467		8,508,466
Comstock Resources Inc.
5.88%, 01/15/30 (Call 01/15/25)^(a)(b)		12,819		11,012,322
6.75%, 03/01/29 (Call 03/01/24)^(a)(b)		17,074		15,708,080
Crescent Energy Finance LLC, 9.25%, 02/15/28 (Call 02/15/25)		4,131		4,027,725
CrownRock LP/CrownRock Finance Inc.
5.00%, 05/01/29 (Call 05/01/24)^(a)(b)		5,496		4,994,032
5.63%, 10/15/25 (Call 10/15/23)^(a)(b)		16,452		15,977,635
CVR Energy Inc.
5.25%, 02/15/25 (Call 02/15/24)^(a)(b)		7,863		7,548,480
5.75%, 02/15/28 (Call 02/15/24)^(a)		5,350		4,724,853
Endeavor Energy Resources LP/EER Finance Inc., 5.75%, 01/30/28 (Call 01/30/24)^(a)(b)		13,714		13,191,634
Energean Israel Finance Ltd.
4.50%, 03/30/24 (Call 12/30/23)^(a)(e)		8,786		8,524,909
4.88%, 03/30/26 (Call 12/30/25)^(a)(e)		8,293		7,668,952
5.38%, 03/30/28 (Call 09/30/27)^(a)(e)		8,355		7,494,184
5.88%, 03/30/31 (Call 09/30/30)^(a)(e)		8,201		7,126,587
Hilcorp Energy I LP/Hilcorp Finance Co.
5.75%, 02/01/29 (Call 02/01/24)^(a)		8,177		7,401,532
6.00%, 04/15/30 (Call 04/15/25)^(a)(b)		6,800		6,153,660
6.00%, 02/01/31 (Call 02/01/26)^(a)(b)		8,027		7,201,824
6.25%, 11/01/28 (Call 11/01/23)^(a)(b)		8,117		7,546,402
6.25%, 04/15/32 (Call 04/15/27)^(a)(b)		6,612		5,969,710
Independence Energy Finance LLC, 7.25%, 05/01/26 (Call 05/01/23)^(a)(b)		9,872		9,189,976


Security	Par (000)		Value


Oil & Gas (continued)
Laredo Petroleum Inc., 9.50%, 01/15/25 (Call 01/15/24)^(b)	$	7,250	$	7,286,250
Leviathan Bond Ltd.
6.13%, 06/30/25 (Call 03/30/25)^(a)(e)		7,745		7,509,552
6.50%, 06/30/27 (Call 12/30/26)^(a)(e)		8,131		7,747,878
6.75%, 06/30/30 (Call 12/30/29)^(a)(e)		7,306		6,821,978
MEG Energy Corp.
5.88%, 02/01/29 (Call 02/01/24)^(a)(b)		8,123		7,552,684
7.13%, 02/01/27 (Call 02/01/24)^(a)(b)		9,469		9,617,827
Moss Creek Resources Holdings Inc.
7.50%, 01/15/26 (Call 01/15/24)^(a)(b)		9,054		8,162,935
10.50%, 05/15/27 (Call 05/15/23)^(a)(b)		6,634		6,339,782
Murphy Oil Corp.
5.88%, 12/01/27 (Call 12/01/23)^(b)		7,113		6,802,473
6.38%, 07/15/28 (Call 07/15/24)^(b)		6,484		6,278,591
Nabors Industries Inc.
5.75%, 02/01/25 (Call 11/01/24)^(b)		6,698		6,386,124
7.38%, 05/15/27 (Call 05/15/24)^(a)(b)		9,471		9,134,685
Nabors Industries Ltd., 7.25%, 01/15/26 (Call 07/15/23)^(a)		7,797		7,416,896
Occidental Petroleum Corp.
2.90%, 08/15/24 (Call 06/15/24)^(b)		8,512		8,127,309
5.50%, 12/01/25 (Call 09/01/25)^(b)		8,928		8,847,648
5.55%, 03/15/26 (Call 12/15/25)^(b)		14,297		14,185,173
5.88%, 09/01/25 (Call 06/01/25)^(b)		11,122		11,122,932
6.13%, 01/01/31 (Call 07/01/30)^(b)		16,749		16,857,753
6.38%, 09/01/28 (Call 03/01/28)^(b)		7,996		8,085,955
6.63%, 09/01/30 (Call 03/01/30)^(b)		20,777		21,348,367
7.50%, 05/01/31		11,797		12,625,085
7.88%, 09/15/31^(b)		7,218		7,842,012
8.50%, 07/15/27 (Call 01/15/27)		6,557		7,015,990
8.88%, 07/15/30 (Call 01/15/30)^(b)		13,387		15,188,622
Parkland Corp.
4.50%, 10/01/29 (Call 10/01/24)^(a)(b)		10,810		9,080,400
4.63%, 05/01/30 (Call 05/01/25)^(a)(b)		10,721		8,976,387
5.88%, 07/15/27 (Call 07/15/23)^(a)(b)		6,525		6,149,813
PBF Holding Co. LLC/PBF Finance Corp.
6.00%, 02/15/28 (Call 02/15/24)		10,810		10,066,813
7.25%, 06/15/25 (Call 06/15/23)		9,310		9,286,725
Puma International Financing SA
5.00%, 01/24/26 (Call 03/13/23)^(a)		10,130		9,218,401
5.13%, 10/06/24 (Call 03/13/23)^(a)		7,993		7,670,591
Range Resources Corp.
4.75%, 02/15/30 (Call 02/15/25)^(a)(b)		6,928		6,201,876
4.88%, 05/15/25 (Call 02/15/25)^(b)		10,089		9,819,479
8.25%, 01/15/29 (Call 01/15/24)^(b)		8,013		8,225,595
SM Energy Co.
6.50%, 07/15/28 (Call 07/15/24)^(b)		5,747		5,314,087
6.63%, 01/15/27 (Call 01/15/24)^(b)		5,416		5,128,759
6.75%, 09/15/26 (Call 09/15/23)^(b)		5,830		5,641,983
Southwestern Energy Co.
4.75%, 02/01/32 (Call 02/01/27)^(b)		15,915		13,673,372
5.38%, 02/01/29 (Call 02/01/24)^(b)		9,133		8,518,339
5.38%, 03/15/30 (Call 03/15/25)^(b)		16,284		14,899,860
Sunoco LP/Sunoco Finance Corp.
4.50%, 05/15/29 (Call 05/15/24)^(b)		10,705		9,418,687
4.50%, 04/30/30 (Call 04/30/25)		10,962		9,521,264
5.88%, 03/15/28 (Call 03/15/23)		5,233		5,026,297
6.00%, 04/15/27 (Call 04/15/23)^(b)		8,303		8,157,698


Security	Par (000)		Value


Oil & Gas (continued)
Transocean Inc.
7.50%, 01/15/26 (Call 01/15/24)^(a)	$	7,546	$	6,937,739
8.00%, 02/01/27 (Call 02/01/24)^(a)(b)		8,150		7,226,243
8.75%, 02/15/30 (Call 02/15/26)^(a)		15,605		15,878,087
11.50%, 01/30/27 (Call 07/30/23)^(a)		9,212		9,460,263
Transocean Poseidon Ltd., 6.88%, 02/01/27 (Call 02/01/24)^(a)(b)		5,966		5,816,884
Transocean Titan Financing Ltd., 8.38%, 02/01/28 (Call 02/01/25)		7,060		7,206,888


				751,363,736

Oil & Gas Services — 0.5%
Archrock Partners LP/Archrock Partners Finance Corp.
6.25%, 04/01/28 (Call 04/01/23)^(a)(b)		10,635		10,023,487
6.88%, 04/01/27 (Call 04/01/23)^(a)(b)		6,266		6,078,835
USA Compression Partners LP/USA Compression Finance Corp.
6.88%, 04/01/26 (Call 04/01/23)		9,366		8,984,710
6.88%, 09/01/27 (Call 09/01/23)		10,078		9,542,254
Weatherford International Ltd.
6.50%, 09/15/28 (Call 09/15/24)^(a)(b)		6,689		6,571,942
8.63%, 04/30/30 (Call 10/30/24)^(a)(b)		21,631		21,625,160
11.00%, 12/01/24 (Call 12/01/23)^(a)(b)		201		205,934


				63,032,322

Packaging & Containers — 2.8%
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC
3.25%, 09/01/28 (Call 05/15/24)^(a)(b)		7,938		6,674,866
4.00%, 09/01/29 (Call 05/15/24)^(a)(b)		14,342		11,462,843
6.00%, 06/15/27 (Call 06/15/24)^(a)		8,023		7,764,927
Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc.
4.13%, 08/15/26 (Call 08/15/23)^(a)(b)		16,124		14,697,497
5.25%, 04/30/25 (Call 04/30/23)^(a)		9,447		9,124,031
5.25%, 08/15/27 (Call 08/15/23)^(a)		24,776		20,419,140
Ball Corp.
2.88%, 08/15/30 (Call 05/15/30)^(b)		17,416		13,914,804
3.13%, 09/15/31 (Call 06/15/31)^(b)		11,390		9,105,906
4.88%, 03/15/26 (Call 12/15/25)		10,055		9,719,490
5.25%, 07/01/25^(b)		13,231		13,032,535
6.88%, 03/15/28 (Call 11/15/24)		10,022		10,133,651
Berry Global Inc., 5.63%, 07/15/27 (Call 07/15/23)^(a)(b)		6,568		6,321,491
Clydesdale Acquisition Holdings Inc.
6.63%, 04/15/29 (Call 04/15/25)^(a)(b)		7,069		6,756,828
8.75%, 04/15/30 (Call 04/15/25)^(a)(b)		15,107		13,626,061
Crown Americas LLC, 5.25%, 04/01/30 (Call 01/01/30)^(b)		6,827		6,374,711
Crown Americas LLC/Crown Americas Capital Corp. V, 4.25%, 09/30/26 (Call 03/31/26)^(b)		5,558		5,187,351
Crown Americas LLC/Crown Americas Capital Corp. VI, 4.75%, 02/01/26 (Call 02/01/24)^(b)		12,025		11,542,911
Graphic Packaging International LLC
3.50%, 03/15/28^(a)(b)		6,006		5,235,550
3.75%, 02/01/30 (Call 08/01/29)^(a)(b)		5,386		4,578,100
LABL Inc.
5.88%, 11/01/28 (Call 11/01/24)^(a)(b)		7,358		6,346,275
6.75%, 07/15/26 (Call 07/15/23)^(a)		9,456		8,998,679
8.25%, 11/01/29 (Call 11/01/24)^(a)		6,182		5,007,643
10.50%, 07/15/27 (Call 07/15/23)^(a)(b)		9,540		8,899,821


Security	Par (000)		Value

Packaging & Containers (continued)
Mauser Packaging Solutions Holding Co.
7.88%, 08/15/26 (Call 08/15/24)	$	32,318	$	32,519,987
9.25%, 04/15/27 (Call 10/15/24)^(b)		21,317		20,101,931
OI European Group BV, 4.75%, 02/15/30 (Call 11/15/24)^(a)		5,333		4,737,304
Owens-Brockway Glass Container Inc., 6.63%, 05/13/27 (Call 05/15/23)^(a)(b)		8,053		7,831,542
Pactiv Evergreen Group Issuer Inc./Pactiv Evergreen Group Issuer LLC/Reynolds Gro, 4.00%, 10/15/27 (Call 10/15/23)^(a)(b)		13,669		11,888,613
Pactiv Evergreen Group Issuer LLC/Pactiv Evergreen Group Issuer Inc., 4.38%, 10/15/28 (Call 10/15/24)^(a)		6,849		5,881,606
Sealed Air Corp.
4.00%, 12/01/27 (Call 09/01/27)^(a)(b)		5,712		5,134,704
5.00%, 04/15/29 (Call 04/15/25)^(a)(b)		5,703		5,229,081
5.13%, 12/01/24 (Call 09/01/24)^(a)(b)		6,539		6,427,779
5.50%, 09/15/25 (Call 06/15/25)^(a)(b)		5,495		5,385,100
6.13%, 02/01/28 (Call 02/01/24)^(a)		10,174		10,023,933
Silgan Holdings Inc., 4.13%, 02/01/28 (Call 10/01/23)^(b)		7,823		7,134,732
Trivium Packaging Finance BV
5.50%, 08/15/26 (Call 08/15/23)^(a)		14,065		13,291,425
8.50%, 08/15/27 (Call 08/15/23)^(a)(b)		9,385		8,925,560


				359,438,408

Pharmaceuticals — 3.0%
1375209 BC Ltd., 9.00%, 01/30/28 (Call 07/30/23)^(a)		702		701,565
AdaptHealth LLC
4.63%, 08/01/29 (Call 02/01/24)^(a)(b)		6,804		5,682,134
5.13%, 03/01/30 (Call 03/01/25)^(a)(b)		8,433		7,274,868
Bausch Health Americas Inc.
8.50%, 01/31/27 (Call 07/31/23)^(a)		8,714		4,591,036
9.25%, 04/01/26 (Call 04/01/23)^(a)		10,195		7,673,224
Bausch Health Companies Inc.
5.00%, 01/30/28 (Call 01/30/24)^(a)		5,976		2,597,319
5.00%, 02/15/29 (Call 02/15/24)^(a)		6,105		2,670,938
6.13%, 02/01/27 (Call 02/01/24)^(a)		14,213		9,806,970
6.25%, 02/15/29 (Call 02/15/24)^(a)(b)		11,639		5,112,558
9.00%, 12/15/25 (Call 12/15/23)^(a)		12,848		10,298,029
14.00%, 10/15/30 (Call 10/15/25)^(a)		3		1,918
Bausch Health Cos. Inc.
4.88%, 06/01/28 (Call 06/01/24)^(a)		21,895		13,670,581
5.25%, 01/30/30 (Call 01/30/25)^(a)(b)		11,576		5,006,620
5.25%, 02/15/31 (Call 02/15/26)^(a)(b)		7,574		3,279,712
5.50%, 11/01/25 (Call 03/31/23)^(a)(b)		23,513		20,449,256
5.75%, 08/15/27 (Call 08/15/23)^(a)		6,822		4,519,575
11.00%, 09/30/28^(a)		24,283		19,122,862
Herbalife Nutrition Ltd./HLF Financing Inc., 7.88%, 09/01/25 (Call 03/31/23)^(a)		8,413		8,110,300
HLF Financing Sarl LLC/Herbalife International Inc., 4.88%, 06/01/29 (Call 06/01/24)^(a)		7,875		6,066,329
Jazz Securities DAC, 4.38%, 01/15/29 (Call 07/15/24)^(a)		19,864		17,579,640
Mallinckrodt International Finance SA/Mallinckrodt CB LLC
10.00%, 04/15/25 (Call 04/15/23)^(a)		6,675		6,004,580
11.50%, 12/15/28 (Call 06/15/27)^(a)(b)		8,906		7,982,003
Organon & Co./Organon Foreign Debt Co.-Issuer BV
4.13%, 04/30/28 (Call 04/30/24)^(a)		28,581		25,208,442
5.13%, 04/30/31 (Call 04/30/26)^(a)(b)		27,712		23,581,557


Security	Par (000)		Value

Pharmaceuticals (continued)
Owens & Minor Inc.
4.50%, 03/31/29 (Call 03/31/24)^(a)(b)	$	6,840	$	5,249,627
6.63%, 04/01/30 (Call 04/01/25)^(a)		8,185		6,729,434
Perrigo Finance Unlimited Co.
3.90%, 12/15/24 (Call 09/15/24)		9,378		8,991,158
4.38%, 03/15/26 (Call 12/15/25)		9,338		8,746,699
4.40%, 06/15/30 (Call 03/15/30)^(b)		10,359		8,831,824
Prestige Brands Inc.
3.75%, 04/01/31 (Call 04/01/26)^(a)(b)		8,229		6,686,063
5.13%, 01/15/28 (Call 01/15/24)^(a)(b)		4,956		4,664,689
Teva Pharmaceutical Finance Netherlands III BV
3.15%, 10/01/26^(b)		47,709		41,685,739
4.75%, 05/09/27 (Call 02/09/27)^(b)		13,779		12,400,962
5.13%, 05/09/29 (Call 02/09/29)^(b)		13,558		11,976,013
6.00%, 04/15/24 (Call 01/15/24)^(b)		17,219		17,163,038
6.75%, 03/01/28 (Call 12/01/27)^(b)		16,960		16,366,994
7.13%, 01/31/25 (Call 10/31/24)^(b)		13,777		13,949,213


				380,433,469

Pipelines — 4.6%
Antero Midstream Partners LP/Antero Midstream Finance Corp.
5.38%, 06/15/29 (Call 06/15/24)^(a)(b)		10,370		9,342,074
5.75%, 03/01/27 (Call 03/01/23)^(a)		8,730		8,241,207
5.75%, 01/15/28 (Call 01/15/24)^(a)(b)		8,824		8,283,530
7.88%, 05/15/26 (Call 05/15/23)^(a)(b)		7,534		7,617,130
Buckeye Partners LP
3.95%, 12/01/26 (Call 09/01/26)		8,156		7,206,478
4.13%, 03/01/25 (Call 02/01/25)^(a)		6,729		6,308,353
4.13%, 12/01/27 (Call 09/01/27)		5,490		4,759,672
4.50%, 03/01/28 (Call 12/01/27)^(a)		7,023		6,166,896
Cheniere Energy Inc., 4.63%, 10/15/28 (Call 10/15/23)		264		244,731
CQP Holdco LP/BIP-V Chinook Holdco LLC, 5.50%, 06/15/31 (Call 06/15/26)^(a)		19,518		17,127,045
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.
5.63%, 05/01/27 (Call 05/01/23)^(a)(b)		8,058		7,440,535
5.75%, 04/01/25 (Call 04/01/23)		6,541		6,358,144
6.00%, 02/01/29 (Call 02/01/24)^(a)(b)		9,412		8,583,744
7.38%, 02/01/31 (Call 02/01/26)		8,079		7,872,844
8.00%, 04/01/29 (Call 04/01/24)^(a)(b)		6,585		6,552,075
DT Midstream Inc.
4.13%, 06/15/29 (Call 06/15/24)^(a)		14,859		12,760,166
4.38%, 06/15/31 (Call 06/15/26)^(a)(b)		13,487		11,332,371
EnLink Midstream LLC
5.38%, 06/01/29 (Call 03/01/29)^(b)		7,017		6,544,253
5.63%, 01/15/28 (Call 07/15/27)^(a)(b)		6,822		6,522,152
6.50%, 09/01/30 (Call 03/01/30)^(a)(b)		9,879		9,730,946
EnLink Midstream Partners LP
4.15%, 06/01/25 (Call 03/01/25)^(b)		5,585		5,340,656
4.85%, 07/15/26 (Call 04/15/26)^(b)		6,668		6,320,264
EQM Midstream Partners LP
4.00%, 08/01/24 (Call 05/01/24)^(b)		507		485,277
4.13%, 12/01/26 (Call 09/01/26)		7,165		6,382,224
4.50%, 01/15/29 (Call 07/15/28)^(a)(b)		10,935		9,128,412
4.75%, 01/15/31 (Call 07/15/30)^(a)(b)		15,144		12,304,500
5.50%, 07/15/28 (Call 04/15/28)^(b)		11,576		10,318,557
6.00%, 07/01/25 (Call 04/01/25)^(a)		5,350		5,168,100
6.50%, 07/01/27 (Call 01/01/27)^(a)		12,170		11,526,085
7.50%, 06/01/27 (Call 06/01/24)^(a)(b)		6,798		6,656,632
7.50%, 06/01/30 (Call 12/01/29)^(a)(b)		6,599		6,298,468


Security	Par (000)		Value

Pipelines (continued)
Genesis Energy LP/Genesis Energy Finance Corp.
6.50%, 10/01/25 (Call 10/01/23)	$	7,463	$	7,205,676
7.75%, 02/01/28 (Call 02/01/24)^(b)		9,504		9,108,961
8.00%, 01/15/27 (Call 01/15/24)		13,461		13,174,954
8.88%, 04/15/30 (Call 04/15/26)		7,299		7,335,760
Hess Midstream Operations LP
4.25%, 02/15/30 (Call 02/15/25)^(a)		10,105		8,526,094
5.13%, 06/15/28 (Call 06/15/23)^(a)(b)		7,411		6,813,296
5.50%, 10/15/30 (Call 10/15/25)^(a)		5,300		4,788,109
5.63%, 02/15/26 (Call 02/15/24)^(a)		10,556		10,268,281
ITT Holdings LLC, 6.50%, 08/01/29 (Call 08/01/24)^(a)		16,708		13,714,762
Kinetik Holdings LP, 5.88%, 06/15/30 (Call 06/15/25)^(a)(b)		13,280		12,281,078
New Fortress Energy Inc.
6.50%, 09/30/26 (Call 03/31/23)^(a)		20,786		19,019,190
6.75%, 09/15/25 (Call 09/15/23)^(a)		16,824		15,793,530
NGL Energy Operating LLC/NGL Energy Finance Corp., 7.50%, 02/01/26 (Call 02/01/24)^(a)		28,250		26,978,750
NuStar Logistics LP
5.63%, 04/28/27 (Call 01/28/27)^(b)		7,495		6,978,286
5.75%, 10/01/25 (Call 07/01/25)		8,368		8,084,342
6.00%, 06/01/26 (Call 03/01/26)		6,689		6,376,662
6.38%, 10/01/30 (Call 04/01/30)^(b)		8,155		7,617,475
Rockies Express Pipeline LLC
3.60%, 05/15/25 (Call 04/15/25)^(a)		5,684		5,261,892
4.95%, 07/15/29 (Call 04/15/29)^(a)(b)		7,519		6,540,778
Summit Midstream Holdings LLC/Summit Midstream Finance Corp., 8.50%, 10/15/26 (Call 10/15/23)^(a)		10,460		9,945,716
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.
5.50%, 01/15/28 (Call 01/15/24)^(a)		10,654		9,593,785
6.00%, 03/01/27 (Call 03/01/23)^(a)(b)		6,074		5,641,268
6.00%, 12/31/30 (Call 12/31/25)^(a)		10,135		8,716,100
6.00%, 09/01/31 (Call 09/01/26)^(a)(b)		6,813		5,839,309
7.50%, 10/01/25 (Call 10/01/23)^(a)(b)		8,282		8,240,590
Venture Global Calcasieu Pass LLC
3.88%, 11/01/33 (Call 05/01/33)^(a)(b)		17,449		14,218,754
6.25%, 01/15/30 (Call 10/15/29)		13,282		13,114,182
3.88%, 08/15/29 (Call 02/15/29)^(a)		17,071		14,762,289
4.13%, 08/15/31 (Call 02/15/31)^(a)		16,728		14,365,170
Western Midstream Operating LP
3.35%, 02/01/25 (Call 01/01/25)		9,818		9,310,532
4.30%, 02/01/30 (Call 11/01/29)^(b)		16,451		14,591,009
4.50%, 03/01/28 (Call 12/01/27)		4,779		4,410,728
4.65%, 07/01/26 (Call 04/01/26)		6,678		6,359,960
4.75%, 08/15/28 (Call 05/15/28)		5,205		4,821,332


				578,722,121

Real Estate — 0.5%
Howard Hughes Corp. (The)
4.13%, 02/01/29 (Call 02/01/24)^(a)		8,848		7,383,656
4.38%, 02/01/31 (Call 02/01/26)^(a)		9,270		7,553,196
5.38%, 08/01/28 (Call 08/01/23)^(a)		10,175		9,221,094
Kennedy-Wilson Inc.
4.75%, 03/01/29 (Call 03/01/24)^(b)		8,710		7,013,582
4.75%, 02/01/30 (Call 09/01/24)		8,075		6,195,039
5.00%, 03/01/31 (Call 03/01/26)		8,479		6,501,998
Realogy Group LLC/Realogy Co-Issuer Corp.
5.25%, 04/15/30 (Call 04/15/25)^(a)(b)		13,745		9,415,325
5.75%, 01/15/29 (Call 01/15/24)^(a)		12,575		9,054,000
WeWork Companies Inc., 7.88%, 05/01/25^(a)(b)		8,998		4,786,374


Security	Par (000)		Value

Real Estate (continued)
WeWork Companies LLC/WW Co-Obligor Inc., 5.00%, 07/10/25 (Call 04/10/25)^(a)	$	6,524	$	2,905,626


				70,029,890

Real Estate Investment Trusts — 3.9%
Brookfield Property REIT Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL
4.50%, 04/01/27 (Call 10/01/23)^(a)(b)		10,613		9,092,900
5.75%, 05/15/26 (Call 05/15/23)^(a)(b)		12,557		11,584,617
Diversified Healthcare Trust
4.38%, 03/01/31 (Call 09/01/30)^(b)		7,024		4,908,075
4.75%, 02/15/28 (Call 08/15/27)^(b)		6,528		4,291,507
9.75%, 06/15/25 (Call 06/15/23)		6,708		6,506,760
HAT Holdings I LLC/HAT Holdings II LLC
3.38%, 06/15/26 (Call 03/15/26)^(a)(b)		13,613		11,809,277
6.00%, 04/15/25 (Call 04/15/23)^(a)(b)		5,359		5,159,016
Iron Mountain Inc.
4.50%, 02/15/31 (Call 02/15/26)^(a)		15,284		12,592,153
4.88%, 09/15/27 (Call 09/15/23)^(a)(b)		13,653		12,608,345
4.88%, 09/15/29 (Call 09/15/24)^(a)(b)		13,403		11,664,139
5.00%, 07/15/28 (Call 07/15/23)^(a)		6,681		6,047,441
5.25%, 03/15/28 (Call 12/27/23)^(a)(b)		11,462		10,516,385
5.25%, 07/15/30 (Call 07/15/25)^(a)(b)		18,004		15,750,439
5.63%, 07/15/32 (Call 07/15/26)^(a)		7,978		6,881,025
Iron Mountain Information Management Services Inc., 5.00%, 07/15/32 (Call 07/15/27)^(a)(b)		10,129		8,348,410
iStar Inc.
4.25%, 08/01/25 (Call 05/01/25)^(b)		7,149		7,122,191
4.75%, 10/01/24 (Call 07/01/24)^(b)		8,487		8,471,129
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.
4.25%, 02/01/27 (Call 02/01/24)^(a)		8,868		7,560,325
4.75%, 06/15/29 (Call 06/15/24)^(a)(b)		8,826		7,204,628
MPT Operating Partnership LP/MPT Finance Corp.
3.50%, 03/15/31 (Call 03/15/26)^(b)		17,647		12,088,195
4.63%, 08/01/29 (Call 08/01/24)^(b)		12,017		8,982,707
5.00%, 10/15/27 (Call 09/07/23)^(b)		19,208		15,729,787
5.25%, 08/01/26 (Call 08/01/23)^(b)		6,741		5,965,785
Office Properties Income Trust
3.45%, 10/15/31 (Call 07/15/31)		6,395		4,255,909
4.50%, 02/01/25 (Call 11/01/24)		8,640		7,954,060
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer
4.88%, 05/15/29 (Call 05/15/24)^(a)		10,820		9,055,006
5.88%, 10/01/28 (Call 10/01/23)^(a)		9,590		8,533,822
7.50%, 06/01/25 (Call 06/01/23)^(a)(b)		8,716		8,752,317
RHP Hotel Properties LP/RHP Finance Corp.
4.50%, 02/15/29 (Call 02/15/24)^(a)(b)		8,259		7,185,991
4.75%, 10/15/27 (Call 10/15/23)^(b)		9,113		8,383,960
RLJ Lodging Trust LP
3.75%, 07/01/26 (Call 07/01/23)^(a)(b)		6,720		6,053,359
4.00%, 09/15/29 (Call 09/15/24)^(a)(b)		7,140		5,850,088
SBA Communications Corp.
3.13%, 02/01/29 (Call 02/01/24)^(b)		20,132		16,608,900
3.88%, 02/15/27 (Call 02/15/24)^(b)		20,357		18,406,596
Service Properties Trust
3.95%, 01/15/28 (Call 07/15/27)^(b)		5,370		4,278,112
4.35%, 10/01/24 (Call 09/01/24)^(b)		11,175		10,696,710
4.38%, 02/15/30 (Call 08/15/29)^(b)		5,561		4,239,439
4.75%, 10/01/26 (Call 08/01/26)		6,197		5,364,433
4.95%, 02/15/27 (Call 08/15/26)		5,609		4,842,871


Security	Par (000)		Value

Real Estate Investment Trusts (continued)
4.95%, 10/01/29 (Call 07/01/29)	$	5,568	$	4,383,887
5.50%, 12/15/27 (Call 09/15/27)^(b)		6,329		5,713,900
7.50%, 09/15/25 (Call 06/15/25)		10,891		10,799,189
Starwood Property Trust Inc.
3.63%, 07/15/26 (Call 01/15/26)^(a)		5,434		4,757,920
3.75%, 12/31/24 (Call 09/30/24)^(a)(b)		5,602		5,250,292
4.38%, 01/15/27 (Call 07/15/26)^(a)		7,029		6,106,444
4.75%, 03/15/25 (Call 09/15/24)		6,952		6,601,225
Uniti Group LP/Uniti Fiber Holdings Inc./CSL Capital LLC
6.00%, 01/15/30 (Call 01/15/25)^(a)(b)		11,306		7,036,006
7.88%, 02/15/25 (Call 02/15/24)^(a)		37,793		38,531,120
Uniti Group LP/Uniti Group Finance Inc./CSL Capital LLC
4.75%, 04/15/28 (Call 04/15/24)^(a)(b)		8,624		6,841,275
6.50%, 02/15/29 (Call 02/15/24)^(a)(b)		16,177		10,660,967
10.50%, 02/15/28 (Call 09/15/25)^(a)		33,970		33,976,794
XHR LP
4.88%, 06/01/29 (Call 06/01/24)^(a)(b)		6,905		5,883,106
6.38%, 08/15/25 (Call 08/15/23)^(a)		6,784		6,590,036


				494,478,970

Retail — 4.7%
1011778 BC ULC/New Red Finance Inc.
3.50%, 02/15/29 (Call 02/15/24)^(a)(b)		10,120		8,620,695
3.88%, 01/15/28 (Call 09/15/23)^(a)(b)		20,489		18,278,032
4.00%, 10/15/30 (Call 10/15/25)^(a)(b)		40,114		33,132,158
4.38%, 01/15/28 (Call 11/15/23)^(a)		9,885		8,867,230
5.75%, 04/15/25 (Call 04/15/23)^(a)		3,882		3,853,749
Asbury Automotive Group Inc.
4.50%, 03/01/28 (Call 03/01/23)^(b)		5,512		4,950,497
4.63%, 11/15/29 (Call 11/15/24)^(a)(b)		11,074		9,637,813
4.75%, 03/01/30 (Call 03/01/25)^(b)		6,074		5,238,035
5.00%, 02/15/32 (Call 11/15/26)^(a)(b)		8,154		6,976,510
Bath & Body Works Inc.
5.25%, 02/01/28		6,419		5,994,066
6.63%, 10/01/30 (Call 10/01/25)^(a)(b)		13,911		13,198,061
7.50%, 06/15/29 (Call 06/15/24)^(b)		6,554		6,584,148
Carvana Co.
4.88%, 09/01/29 (Call 09/01/24)^(a)		14,389		6,995,077
5.50%, 04/15/27 (Call 04/15/24)^(a)(b)		10,215		5,209,650
5.63%, 10/01/25 (Call 10/01/23)^(a)(b)		8,618		5,256,980
5.88%, 10/01/28 (Call 10/01/23)^(a)		9,360		4,578,600
10.25%, 05/01/30 (Call 05/01/27)^(a)(b)		60,040		36,924,600
eG Global Finance PLC
6.75%, 02/07/25 (Call 05/15/23)^(a)(b)		10,038		9,059,295
8.50%, 10/30/25 (Call 10/30/23)^(a)		8,636		7,798,308
Ferrellgas LP/Ferrellgas Finance Corp.
5.38%, 04/01/26 (Call 04/01/23)^(a)		8,721		7,857,296
5.88%, 04/01/29 (Call 04/01/24)^(a)		11,389		9,296,271
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co. Inc.
4.63%, 01/15/29 (Call 01/15/25)^(a)(b)		13,334		11,537,777
6.75%, 01/15/30 (Call 01/15/25)^(a)(b)		17,324		14,357,265
FirstCash Inc.
4.63%, 09/01/28 (Call 09/01/23)^(a)		6,808		5,923,300
5.63%, 01/01/30 (Call 01/01/25)^(a)		7,430		6,554,647
Gap Inc. (The)
3.63%, 10/01/29 (Call 10/01/24)^(a)		10,278		7,565,893
3.88%, 10/01/31 (Call 10/01/26)^(a)(b)		10,130		7,222,622


Security	Par (000)		Value

Retail (continued)
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, 4.75%, 06/01/27 (Call 06/01/23)^(a)(b)	$	10,640	$	10,146,658
Kohl’s Corp., 3.63%, 05/01/31 (Call 02/01/31)		6,662		4,725,968
LBM Acquisition LLC, 6.25%, 01/15/29 (Call 01/15/24)^(a)		10,893		7,946,444
LCM Investments Holdings II LLC, 4.88%, 05/01/29 (Call 05/01/24)^(a)(b)		13,960		11,418,093
Lithia Motors Inc.
3.88%, 06/01/29 (Call 06/01/24)^(a)(b)		11,206		9,335,863
4.38%, 01/15/31 (Call 10/15/25)^(a)(b)		7,289		6,068,093
4.63%, 12/15/27 (Call 12/15/23)^(a)(b)		5,375		4,883,456
Macy’s Retail Holdings LLC
5.88%, 04/01/29 (Call 04/01/24)^(a)(b)		6,850		6,230,417
5.88%, 03/15/30 (Call 03/15/25)^(a)(b)		5,800		5,112,990
6.13%, 03/15/32 (Call 03/15/27)^(a)(b)		5,897		5,063,518
Michaels Companies Inc. (The)
5.25%, 05/01/28 (Call 11/01/23)^(a)		11,303		9,403,116
7.88%, 05/01/29 (Call 04/01/24)^(a)(b)		17,787		13,474,576
Murphy Oil USA Inc.
3.75%, 02/15/31 (Call 02/15/26)^(a)		6,543		5,319,263
4.75%, 09/15/29 (Call 09/15/24)		6,783		6,036,870
NMG Holding Co. Inc./Neiman Marcus Group LLC, 7.13%, 04/01/26 (Call 04/01/23)^(a)(b)		14,585		14,060,669
Nordstrom Inc.
4.25%, 08/01/31 (Call 05/01/31)		5,936		4,348,120
4.38%, 04/01/30 (Call 01/01/30)^(b)		6,918		5,456,573
Penske Automotive Group Inc.
3.50%, 09/01/25 (Call 09/01/23)^(b)		8,141		7,637,886
3.75%, 06/15/29 (Call 06/15/24)^(b)		6,597		5,543,855
PetSmart Inc./PetSmart Finance Corp.
4.75%, 02/15/28 (Call 02/15/24)^(a)(b)		16,259		14,844,000
7.75%, 02/15/29 (Call 02/15/24)^(a)(b)		15,445		15,058,875
QVC Inc.
4.38%, 09/01/28 (Call 06/01/28)		6,931		3,872,696
4.45%, 02/15/25 (Call 11/15/24)		9,002		7,285,769
4.75%, 02/15/27 (Call 11/15/26)^(b)		7,810		4,998,400
4.85%, 04/01/24^(b)		8,812		8,272,265
Rite Aid Corp.
7.50%, 07/01/25 (Call 07/01/23)^(a)(b)		1,748		1,230,829
8.00%, 11/15/26 (Call 01/15/24)^(a)(b)		11,476		6,082,280
Sonic Automotive Inc.
4.63%, 11/15/29 (Call 11/15/24)^(a)(b)		9,358		7,720,350
4.88%, 11/15/31 (Call 11/15/26)^(a)(b)		6,611		5,267,447
SRS Distribution Inc.
4.63%, 07/01/28 (Call 07/01/24)^(a)		8,866		7,766,025
6.00%, 12/01/29 (Call 12/01/24)^(a)(b)		11,752		9,797,152
6.13%, 07/01/29 (Call 07/01/24)^(a)(b)		6,213		5,226,686
Staples Inc.
7.50%, 04/15/26 (Call 04/15/23)^(a)		27,552		24,421,266
10.75%, 04/15/27 (Call 04/15/23)^(a)(b)		13,284		10,185,640
Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.00%, 06/01/31 (Call 06/01/26)^(a)(b)		8,932		7,441,473
Yum! Brands Inc.
3.63%, 03/15/31 (Call 12/15/30)^(b)		14,067		11,750,165
4.63%, 01/31/32 (Call 10/01/26)^(b)		14,982		13,218,169
4.75%, 01/15/30 (Call 10/15/29)^(a)		11,033		10,066,693
5.38%, 04/01/32 (Call 04/01/27)^(b)		13,626		12,631,575


				600,818,758


Security	Par (000)		Value

Semiconductors — 0.2%
Entegris Escrow Corp.
4.75%, 04/15/29 (Call 01/15/29)^(a)	$	1,510	$	1,371,110
5.95%, 06/15/30 (Call 06/15/25)^(a)(b)		12,407		11,566,882
Entegris Inc.
3.63%, 05/01/29 (Call 05/01/24)^(a)(b)		5,078		4,210,678
4.38%, 04/15/28 (Call 04/15/23)^(a)(b)		5,143		4,575,984


				21,724,654

Software — 2.3%
Black Knight InfoServ LLC, 3.63%, 09/01/28 (Call 09/01/23)^(a)(b)		13,483		11,556,617
Clarivate Science Holdings Corp.
3.88%, 07/01/28 (Call 06/30/24)^(a)(b)		12,351		10,620,007
4.88%, 07/01/29 (Call 06/30/24)^(a)(b)		12,432		10,733,540
Fair Isaac Corp.
4.00%, 06/15/28 (Call 12/15/23)^(a)(b)		12,131		10,991,444
5.25%, 05/15/26 (Call 02/15/26)^(a)(b)		5,548		5,396,978
Minerva Merger Sub Inc., 6.50%, 02/15/30 (Call 02/15/25)^(a)(b)		32,008		25,316,558
MSCI Inc.
3.25%, 08/15/33 (Call 08/15/27)^(a)(b)		8,607		6,786,878
3.63%, 09/01/30 (Call 03/01/25)^(a)		11,619		9,883,702
3.63%, 11/01/31 (Call 11/01/26)^(a)(b)		7,852		6,566,235
3.88%, 02/15/31 (Call 06/01/25)^(a)		13,553		11,664,796
4.00%, 11/15/29 (Call 11/15/24)^(a)(b)		12,907		11,406,561
Open Text Corp.
3.88%, 02/15/28 (Call 02/15/24)^(a)		12,054		10,399,589
3.88%, 12/01/29 (Call 12/01/24)^(a)		11,411		9,215,838
Open Text Holdings Inc.
4.13%, 02/15/30 (Call 02/15/25)^(a)(b)		12,215		10,038,388
4.13%, 12/01/31 (Call 12/01/26)^(a)(b)		8,716		6,939,026
Picard Midco Inc., 6.50%, 03/31/29 (Call 09/30/25)^(a)(b)		55,209		47,859,302
PTC Inc.
3.63%, 02/15/25 (Call 02/15/24)^(a)(b)		7,656		7,276,508
4.00%, 02/15/28 (Call 02/15/24)^(a)(b)		6,235		5,661,692
Rackspace Technology Global Inc.
3.50%, 02/15/28 (Call 02/15/24)^(a)(b)		7,556		4,599,715
5.38%, 12/01/28 (Call 12/01/23)^(a)		7,388		2,925,396
ROBLOX Corp., 3.88%, 05/01/30 (Call 11/01/24)^(a)(b)		14,030		11,520,440
SS&C Technologies Inc., 5.50%, 09/30/27 (Call 03/30/23)^(a)		26,853		25,267,330
Twilio Inc.
3.63%, 03/15/29 (Call 03/15/24)^(b)		6,876		5,785,788
3.88%, 03/15/31 (Call 03/15/26)^(b)		6,949		5,672,121
Veritas U.S. Inc./Veritas Bermuda Ltd., 7.50%, 09/01/25 (Call 09/01/23)^(a)		24,061		18,526,970


				292,611,419

Telecommunications — 5.9%
Altice France Holding SA
6.00%, 02/15/28 (Call 02/15/24)^(a)(b)		14,595		10,058,079
10.50%, 05/15/27 (Call 05/15/23)^(a)		21,631		17,837,247
Altice France SA, 5.50%, 10/15/29 (Call 10/15/24)^(a)(b)		27,243		21,465,215
Altice France SA/France
5.13%, 01/15/29 (Call 09/15/23)^(a)		6,522		5,052,678
5.13%, 07/15/29 (Call 04/15/24)^(a)		34,421		26,461,144
5.50%, 01/15/28 (Call 09/15/23)^(a)(b)		14,870		12,247,973
8.13%, 02/01/27 (Call 08/01/23)^(a)(b)		23,934		22,331,420
British Telecommunications PLC
4.25%, 11/23/81 (Call 11/23/26), (5 year CMT + 2.985%)^(a)(c)		7,729		6,862,382


Security	Par (000)		Value

Telecommunications (continued)
4.88%, 11/23/81 (Call 08/23/31), (5 year CMT + 3.493%)^(a)(c)	$	7,752	$	6,318,924
C&W Senior Financing DAC, 6.88%, 09/15/27 (Call 09/15/23)^(a)(b)		16,782		15,167,432
CommScope Inc.
4.75%, 09/01/29 (Call 09/01/24)^(a)(b)		16,842		13,726,230
6.00%, 03/01/26 (Call 03/01/23)^(a)(b)		21,211		20,387,748
7.13%, 07/01/28 (Call 07/01/23)^(a)(b)		9,466		7,393,011
8.25%, 03/01/27 (Call 03/01/23)^(a)(b)		14,108		12,016,912
CommScope Technologies LLC
5.00%, 03/15/27 (Call 03/15/23)^(a)(b)		10,794		8,239,862
6.00%, 06/15/25 (Call 06/15/23)^(a)(b)		17,616		16,917,892
Connect Finco Sarl/Connect U.S. Finco LLC, 6.75%, 10/01/26 (Call 10/01/23)^(a)		28,759		26,709,921
Consolidated Communications Inc.
5.00%, 10/01/28 (Call 10/01/23)^(a)(b)		5,770		3,837,050
6.50%, 10/01/28 (Call 10/01/23)^(a)(b)		10,312		7,424,640
Frontier Communications Holdings LLC
5.00%, 05/01/28 (Call 05/01/24)^(a)(b)		21,685		19,028,587
5.88%, 10/15/27 (Call 10/15/23)^(a)(b)		15,559		14,450,421
5.88%, 11/01/29 (Call 11/01/24)		10,429		8,356,236
6.00%, 01/15/30 (Call 10/15/24)^(a)(b)		13,506		10,720,387
6.75%, 05/01/29 (Call 05/01/24)^(a)(b)		13,414		11,200,690
8.75%, 05/15/30 (Call 05/15/25)^(a)(b)		16,968		17,099,502
Hughes Satellite Systems Corp.
5.25%, 08/01/26^(b)		10,337		9,897,678
6.63%, 08/01/26^(b)		10,228		9,757,205
Iliad Holding SASU
6.50%, 10/15/26 (Call 10/15/23)^(a)		16,907		15,819,317
7.00%, 10/15/28 (Call 10/15/24)^(a)		12,299		11,344,569
Intelsat Jackson Holdings SA, 6.50%, 03/15/30 (Call 03/15/25)^(a)(b)		41,299		35,974,456
Level 3 Financing Inc.
3.40%, 03/01/27 (Call 01/01/27)^(a)		10,201		8,477,881
3.63%, 01/15/29 (Call 01/15/24)^(a)(b)		11,240		7,145,830
3.75%, 07/15/29 (Call 01/15/24)^(a)(b)		12,086		7,614,180
3.88%, 11/15/29 (Call 08/15/29)^(a)(b)		10,334		7,840,923
4.25%, 07/01/28 (Call 07/01/23)^(a)(b)		16,756		11,409,640
4.63%, 09/15/27 (Call 09/15/23)^(a)(b)		13,680		10,117,044
Lumen Technologies Inc.
4.00%, 02/15/27 (Call 02/15/24)^(a)		16,911		12,958,054
4.50%, 01/15/29 (Call 01/15/24)^(a)		13,577		7,175,445
5.13%, 12/15/26 (Call 12/15/23)^(a)(b)		10,492		7,688,760
5.38%, 06/15/29 (Call 06/15/24)^(a)(b)		7,027		3,812,148
Nokia OYJ, 4.38%, 06/12/27^(b)		2,695		2,521,846
Sprint LLC
7.13%, 06/15/24		32,950		33,353,637
7.63%, 02/15/25 (Call 11/15/24)^(b)		19,765		20,246,772
7.63%, 03/01/26 (Call 11/01/25)^(b)		20,352		21,140,233
Telecom Italia SpA/Milano, 5.30%, 05/30/24^(a)		20,253		19,656,723
Telesat Canada/Telesat LLC
4.88%, 06/01/27 (Call 12/01/23)^(a)(b)		5,145		2,569,880
5.63%, 12/06/26 (Call 12/06/23)^(a)(b)		6,824		3,549,813
6.50%, 10/15/27 (Call 10/15/23)^(a)(b)		199		62,337
ViaSat Inc.
5.63%, 09/15/25 (Call 03/13/23)^(a)(b)		9,257		8,518,754
5.63%, 04/15/27 (Call 04/15/23)^(a)(b)		8,203		7,484,417
6.50%, 07/15/28 (Call 06/17/23)^(a)(b)		5,495		4,049,815


Security	Par (000)		Value


Telecommunications (continued)
Vmed O2 UK Financing I PLC
4.25%, 01/31/31 (Call 01/31/26)^(a)	$	18,407	$	14,800,082
4.75%, 07/15/31 (Call 07/15/26)^(a)		18,874		15,526,487
Vodafone Group PLC
3.25%, 06/04/81 (Call 06/04/26), (5 year CMT + 2.447%)^(b)(c)		6,632		5,729,186
4.13%, 06/04/81 (Call 04/04/31), (5 year CMT + 2.767%)^(c)		13,975		11,045,840
7.00%, 04/04/79 (Call 01/04/29), (5 year USD Swap + 4.873%)^(c)		26,868		26,472,825
Windstream Escrow LLC/Windstream Escrow Finance Corp., 7.75%, 08/15/28 (Call 08/15/23)^(a)(b)		18,652		15,308,629
Zayo Group Holdings Inc.
4.00%, 03/01/27 (Call 03/31/23)^(a)(b)		20,086		15,416,005
6.13%, 03/01/28 (Call 03/01/23)^(a)(b)		14,702		9,280,638


				745,078,632

Toys, Games & Hobbies — 0.2%
Mattel Inc.
3.38%, 04/01/26 (Call 04/01/23)^(a)(b)		8,327		7,658,164
3.75%, 04/01/29 (Call 04/01/24)^(a)(b)		7,835		6,768,952
5.88%, 12/15/27 (Call 12/15/23)^(a)(b)		8,521		8,329,277


				22,756,393

Trucking & Leasing — 0.3%
AerCap Global Aviation Trust, 6.50%, 06/15/45 (Call 06/15/25), (3 mo. LIBOR US + 4.300%)^(a)(c)		6,825		6,650,963
Fortress Transportation and Infrastructure Investors LLC
5.50%, 05/01/28 (Call 05/01/24)^(a)(b)		13,681		12,237,096
6.50%, 10/01/25 (Call 10/01/23)^(a)		8,824		8,630,502
9.75%, 08/01/27 (Call 08/01/23)^(a)(b)		5,656		5,814,211


				33,332,772


Total Long-Term Investments — 98.1% (Cost: $14,227,725,287)				12,457,390,272


Security	Shares (000)		Value


Short-Term Securities

Money Market Funds — 22.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.81%^(f)(g)(h)		2,767,009	$	2,768,669,414
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.41%^(f)(g)		93,650		93,650,000


Total Short-Term Securities — 22.5% (Cost: $2,860,147,192)				2,862,319,414


Total Investments — 120.6% (Cost: $17,087,872,479)				15,319,709,686

Liabilities in Excess of Other Assets — (20.6)%				(2,616,497,951	)


Net Assets — 100.0%			$	12,703,211,735

^(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.

Investments in issuers considered to be affiliate(s) of the Fund during the year ended February 28, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

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

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


Security	Par (000)		Value

Corporate Bonds & Notes

Advertising — 0.0%
Omnicom Group Inc., 2.60%, 08/01/31 (Call 05/01/31)^(a)	$	4,699	$	3,857,917
Omnicom Group Inc./Omnicom Capital Inc., 3.60%, 04/15/26 (Call 01/15/26)^(a)		8,708		8,302,296


				12,160,213

Aerospace & Defense — 2.2%
Boeing Co. (The)
2.70%, 02/01/27 (Call 12/01/26)^(a)		10,472		9,486,961
2.95%, 02/01/30 (Call 11/01/29)		12,082		10,303,591
3.20%, 03/01/29 (Call 12/01/28)		13,042		11,461,333
3.25%, 02/01/28 (Call 12/01/27)^(a)		11,391		10,309,721
3.25%, 02/01/35 (Call 11/01/34)		7,023		5,440,026
3.60%, 05/01/34 (Call 02/01/34)		9,996		8,109,916
3.63%, 02/01/31 (Call 11/01/30)^(a)		20,051		17,557,173
3.75%, 02/01/50 (Call 08/01/49)^(a)		17,088		12,079,480
3.90%, 05/01/49 (Call 11/01/48)		9,763		6,984,516
3.95%, 08/01/59 (Call 02/01/59)		7,230		4,986,520
5.04%, 05/01/27 (Call 03/01/27)^(a)		20,686		20,363,497
5.15%, 05/01/30 (Call 02/01/30)		45,803		44,366,325
5.71%, 05/01/40 (Call 11/01/39)		32,677		31,262,311
5.81%, 05/01/50 (Call 11/01/49)		56,154		53,325,405
5.93%, 05/01/60 (Call 11/01/59)^(a)		36,558		34,148,674
General Dynamics Corp.
3.50%, 04/01/27 (Call 02/01/27)		6,389		6,059,105
3.63%, 04/01/30 (Call 01/01/30)^(a)		10,612		9,880,377
3.75%, 05/15/28 (Call 02/15/28)^(a)		10,140		9,634,598
4.25%, 04/01/40 (Call 10/01/39)		6,509		5,903,772
4.25%, 04/01/50 (Call 10/01/49)		6,669		5,953,921
L3Harris Technologies Inc., 4.40%, 06/15/28 (Call 03/15/28)^(a)		21,997		21,199,628
Lockheed Martin Corp.
2.80%, 06/15/50 (Call 12/15/49)^(a)		6,806		4,690,190
3.80%, 03/01/45 (Call 09/01/44)		8,799		7,238,144
3.90%, 06/15/32 (Call 03/15/32)^(a)		8,378		7,768,798
4.07%, 12/15/42		17,325		15,100,388
4.09%, 09/15/52 (Call 03/15/52)^(a)		15,242		13,015,968
4.15%, 06/15/53 (Call 12/15/52)		11,766		10,093,541
4.70%, 05/15/46 (Call 11/15/45)		12,667		11,869,206
5.10%, 11/15/27 (Call 10/15/27)^(a)		4,978		5,041,766
5.25%, 01/15/33 (Call 10/15/32)^(a)		10,283		10,535,923
5.70%, 11/15/54 (Call 05/15/54)		11,794		12,726,422
5.90%, 11/15/63 (Call 05/15/63)^(a)		7,523		8,302,000
Northrop Grumman Corp.
3.20%, 02/01/27 (Call 11/01/26)^(a)		3,930		3,677,871
3.25%, 01/15/28 (Call 10/15/27)^(a)		23,514		21,728,822
4.03%, 10/15/47 (Call 04/15/47)		24,276		19,972,623
4.40%, 05/01/30 (Call 02/01/30)^(a)		8,244		7,871,692
4.70%, 03/15/33 (Call 12/15/32)		10,680		10,283,681
4.75%, 06/01/43^(a)		6,506		5,949,757
4.95%, 03/15/53 (Call 09/15/52)		8,062		7,570,178
5.25%, 05/01/50 (Call 11/01/49)^(a)		11,685		11,489,370
Raytheon Technologies Corp.
1.90%, 09/01/31 (Call 06/01/31)		11,487		8,974,077
2.25%, 07/01/30 (Call 04/01/30)		11,775		9,749,619
2.38%, 03/15/32 (Call 12/15/31)^(a)		10,241		8,255,607
2.82%, 09/01/51 (Call 03/01/51)^(a)		11,395		7,447,877
3.03%, 03/15/52 (Call 09/15/51)		14,580		10,060,413
3.13%, 05/04/27 (Call 02/04/27)		9,635		8,933,288


Security	Par (000)		Value

Aerospace & Defense (continued)
3.13%, 07/01/50 (Call 01/01/50)^(a)	$	14,040	$	9,847,127
3.50%, 03/15/27 (Call 12/15/26)^(a)		10,463		9,905,684
3.75%, 11/01/46 (Call 05/01/46)^(a)		11,832		9,312,662
4.13%, 11/16/28 (Call 08/16/28)		29,581		28,144,502
4.15%, 05/15/45 (Call 11/16/44)		8,618		7,178,356
4.35%, 04/15/47 (Call 10/15/46)		10,433		9,062,804
4.45%, 11/16/38 (Call 05/16/38)		6,597		5,963,788
4.50%, 06/01/42^(a)		37,420		33,600,821
4.63%, 11/16/48 (Call 05/16/48)^(a)		17,673		15,995,337
5.15%, 02/27/33 (Call 11/27/32)		9,240		9,182,732
5.38%, 02/27/53 (Call 08/27/52)		6,885		6,900,119


				732,258,003

Agriculture — 1.5%
Altria Group Inc.
2.45%, 02/04/32 (Call 11/04/31)		14,506		10,941,748
3.40%, 05/06/30 (Call 02/06/30)		4,606		3,952,815
3.40%, 02/04/41 (Call 08/04/40)		13,408		8,947,404
3.70%, 02/04/51 (Call 08/04/50)		11,671		7,351,985
3.88%, 09/16/46 (Call 03/16/46)^(a)		15,009		10,023,226
4.00%, 02/04/61 (Call 08/04/60)^(a)		10,369		6,792,679
4.25%, 08/09/42		12,832		9,609,309
4.80%, 02/14/29 (Call 11/14/28)^(a)		17,159		16,432,155
5.38%, 01/31/44^(a)		16,918		14,763,214
5.80%, 02/14/39 (Call 08/14/38)		19,745		18,173,618
5.95%, 02/14/49 (Call 08/14/48)		25,033		22,293,681
Archer-Daniels-Midland Co.
2.50%, 08/11/26 (Call 05/11/26)^(a)		3,223		2,967,336
2.70%, 09/15/51 (Call 03/15/51)^(a)		4,204		2,789,784
2.90%, 03/01/32 (Call 12/01/31)^(a)		10,484		9,023,891
3.25%, 03/27/30 (Call 12/27/29)		7,001		6,300,238
BAT Capital Corp.
2.26%, 03/25/28 (Call 01/25/28)		21,352		17,893,217
2.73%, 03/25/31 (Call 12/25/30)^(a)		14,703		11,442,230
3.22%, 09/06/26 (Call 07/06/26)		10,195		9,403,993
3.56%, 08/15/27 (Call 05/15/27)		43,410		39,565,320
3.73%, 09/25/40 (Call 03/25/40)^(a)		8,553		5,820,094
3.98%, 09/25/50 (Call 03/25/50)		7,262		4,793,944
4.39%, 08/15/37 (Call 02/15/37)		27,190		21,044,223
4.54%, 08/15/47 (Call 02/15/47)		27,857		19,878,850
4.70%, 04/02/27 (Call 02/02/27)^(a)		9,836		9,502,496
4.74%, 03/16/32 (Call 12/16/31)		6,189		5,542,008
4.76%, 09/06/49 (Call 03/06/49)^(a)		13,346		9,860,975
4.91%, 04/02/30 (Call 01/02/30)^(a)		9,806		9,046,366
BAT International Finance PLC
1.67%, 03/25/26 (Call 02/25/26)^(a)		4,930		4,377,965
4.45%, 03/16/28 (Call 02/16/28)^(a)		12,553		11,727,321
Bunge Ltd. Finance Corp., 2.75%, 05/14/31 (Call 02/14/31)^(a)		11,194		9,209,376
Philip Morris International Inc.
0.88%, 05/01/26 (Call 04/01/26)		4,553		3,981,777
1.75%, 11/01/30 (Call 08/01/30)		12,603		9,762,457
2.10%, 05/01/30 (Call 02/01/30)^(a)		10,055		8,126,868
3.38%, 08/15/29 (Call 05/15/29)		12,871		11,565,056
3.88%, 08/21/42		12,347		9,409,967
4.13%, 03/04/43		9,839		7,757,225
4.25%, 11/10/44^(a)		10,867		8,666,767
4.38%, 11/15/41^(a)		10,380		8,556,890
4.88%, 11/15/43		4,103		3,572,850
5.13%, 11/17/27 (Call 10/17/27)		9,533		9,486,306
5.13%, 02/15/30 (Call 12/15/29)		10,250		10,029,146


Security	Par (000)		Value

Agriculture (continued)
5.38%, 02/15/33 (Call 11/15/32)	$	10,831	$	10,645,060
5.63%, 11/17/29 (Call 09/17/29)		10,218		10,342,581
5.75%, 11/17/32 (Call 08/17/32)		12,470		12,597,516
6.38%, 05/16/38^(a)		20,077		21,131,508
Reynolds American Inc.
5.70%, 08/15/35 (Call 02/15/35)		3,979		3,613,809
5.85%, 08/15/45 (Call 02/12/45)^(a)		20,176		17,344,613


				506,061,857

Airlines — 0.1%
Southwest Airlines Co., 5.13%, 06/15/27 (Call 04/15/27)^(a)		22,290		22,172,220


Apparel — 0.2%
NIKE Inc.
2.38%, 11/01/26 (Call 08/01/26)^(a)		9,750		8,981,437
2.75%, 03/27/27 (Call 01/27/27)^(a)		10,509		9,742,752
2.85%, 03/27/30 (Call 12/27/29)^(a)		13,080		11,620,180
3.25%, 03/27/40 (Call 09/27/39)^(a)		9,165		7,344,337
3.38%, 03/27/50 (Call 09/27/49)^(a)		15,643		12,154,134
3.88%, 11/01/45 (Call 05/01/45)^(a)		10,625		9,071,972
VF Corp., 2.95%, 04/23/30 (Call 01/23/30)^(a)		9,933		8,207,842


				67,122,654

Auto Manufacturers — 1.3%
American Honda Finance Corp.
1.30%, 09/09/26^(a)		2,671		2,345,672
2.00%, 03/24/28^(a)		6,400		5,533,333
Cummins Inc., 1.50%, 09/01/30 (Call 06/01/30)^(a)		7,751		6,124,716
General Motors Co.
4.20%, 10/01/27 (Call 07/01/27)^(a)		9,087		8,572,420
5.00%, 10/01/28 (Call 07/01/28)^(a)		10,848		10,483,732
5.00%, 04/01/35^(a)		6,200		5,503,135
5.15%, 04/01/38 (Call 10/01/37)		11,543		9,996,037
5.20%, 04/01/45		11,177		9,204,760
5.40%, 10/15/29 (Call 08/15/29)^(a)		10,370		9,967,591
5.40%, 04/01/48 (Call 10/01/47)		7,416		6,165,002
5.60%, 10/15/32 (Call 07/15/32)^(a)		14,907		14,155,866
5.95%, 04/01/49 (Call 10/01/48)^(a)		10,644		9,535,490
6.25%, 10/02/43^(a)		13,759		12,959,346
6.60%, 04/01/36 (Call 10/01/35)^(a)		12,071		12,051,525
6.75%, 04/01/46 (Call 10/01/45)^(a)		7,038		6,928,976
6.80%, 10/01/27 (Call 08/01/27)		11,808		12,302,363
General Motors Financial Co. Inc.
1.50%, 06/10/26 (Call 05/10/26)		14,439		12,611,934
2.35%, 02/26/27 (Call 01/26/27)^(a)		10,327		9,122,510
2.35%, 01/08/31 (Call 10/08/30)^(a)		13,608		10,451,046
2.40%, 04/10/28 (Call 02/10/28)^(a)		14,643		12,467,938
2.40%, 10/15/28 (Call 08/15/28)		13,152		10,985,479
2.70%, 08/20/27 (Call 06/20/27)		10,909		9,603,171
2.70%, 06/10/31 (Call 03/10/31)^(a)		10,696		8,365,308
3.10%, 01/12/32 (Call 10/12/31)^(a)		13,892		11,057,738
3.60%, 06/21/30 (Call 03/21/30)^(a)		12,009		10,337,107
4.00%, 10/06/26 (Call 07/06/26)^(a)		9,153		8,679,082
4.30%, 04/06/29 (Call 02/06/29)		9,902		9,022,072
4.35%, 01/17/27 (Call 10/17/26)^(a)		14,573		13,922,480
5.00%, 04/09/27 (Call 03/09/27)^(a)		15,362		14,976,050
5.25%, 03/01/26 (Call 12/01/25)^(a)		2,147		2,123,277
6.00%, 01/09/28 (Call 12/09/27)		7,267		7,313,738
Honda Motor Co. Ltd.
2.53%, 03/10/27 (Call 02/10/27)^(a)		10,892		9,989,132
2.97%, 03/10/32 (Call 12/10/31)^(a)		12,141		10,521,065


Security	Par (000)		Value

Auto Manufacturers (continued)
Mercedes-Benz Finance North America LLC, 8.50%, 01/18/31	$	18,587	$	22,975,813
Toyota Motor Corp., 1.34%, 03/25/26 (Call 02/25/26)^(a)		3,626		3,252,007
Toyota Motor Credit Corp.
1.13%, 06/18/26		9,277		8,187,443
1.90%, 01/13/27		9,523		8,511,142
1.90%, 04/06/28^(a)		5,792		5,030,050
2.15%, 02/13/30^(a)		9,757		8,294,916
3.05%, 03/22/27^(a)		15,158		14,098,659
3.20%, 01/11/27^(a)		9,022		8,508,231
3.38%, 04/01/30		8,288		7,573,327
4.45%, 06/29/29^(a)		7,039		6,869,209
4.55%, 09/20/27^(a)		10,869		10,692,562
4.63%, 01/12/28^(a)		7,758		7,657,737


				425,030,187

Auto Parts & Equipment — 0.1%
Aptiv PLC, 3.10%, 12/01/51 (Call 06/01/51)^(a)		11,946		7,160,722
Aptiv PLC/Aptiv Corp.
3.25%, 03/01/32 (Call 12/01/31)^(a)		10,194		8,500,129
4.15%, 05/01/52 (Call 11/01/51)^(a)		8,303		6,044,554
BorgWarner Inc., 2.65%, 07/01/27 (Call 05/01/27)^(a)		6,480		5,813,609
Magna International Inc., 2.45%, 06/15/30 (Call 03/15/30)^(a)		6,692		5,557,076


				33,076,090

Banks — 24.0%
Banco Bilbao Vizcaya Argentaria SA, 6.13%, 09/14/28 (Call 09/14/27), (1 year CMT + 2.700%)^(b)		5,000		5,062,607
Banco Santander SA
1.72%, 09/14/27 (Call 09/14/26), (1 year CMT + 0.900%)^(a)(b)		16,664		14,362,993
1.85%, 03/25/26^(a)		3,992		3,539,914
2.75%, 12/03/30		12,583		9,838,143
2.96%, 03/25/31		4,011		3,264,770
3.31%, 06/27/29^(a)		11,473		10,146,438
3.49%, 05/28/30^(a)		8,402		7,255,455
3.80%, 02/23/28^(a)		11,143		10,215,167
4.18%, 03/24/28 (Call 03/24/27), (1 year CMT + 2.000%)^(b)		16,541		15,446,700
4.25%, 04/11/27		12,112		11,482,136
4.38%, 04/12/28^(a)		11,004		10,363,586
5.29%, 08/18/27		19,537		19,158,033
Bank of America Corp.
1.73%, 07/22/27 (Call 07/22/26), (1 day SOFR + 0.960%)^(b)		45,578		40,113,900
1.90%, 07/23/31 (Call 07/23/30), (1 day SOFR + 1.530%)^(b)		20,966		16,367,892
1.92%, 10/24/31 (Call 10/24/30), (1 day SOFR + 1.370%)^(b)		22,353		17,328,486
2.09%, 06/14/29 (Call 06/14/28), (1 day SOFR + 1.060%)^(b)		25,620		21,567,218
2.30%, 07/21/32 (Call 07/21/31), (1 day SOFR + 1.220%)^(b)		33,182		25,971,641
2.50%, 02/13/31 (Call 02/13/30), (3 mo. LIBOR US + 0.990%)^(b)		31,076		25,630,755
2.55%, 02/04/28 (Call 02/04/27), (1 day SOFR + 1.050%)^(b)		21,730		19,439,260
2.57%, 10/20/32 (Call 10/20/31), (1 day SOFR + 1.210%)^(b)		25,907		20,598,490


Security	Par (000)		Value

Banks (continued)
2.59%, 04/29/31 (Call 04/29/30), (1 day SOFR + 2.150%)^(b)	$	24,001	$	19,842,606
2.68%, 06/19/41 (Call 06/19/40), (1 day SOFR + 1.930%)^(a)(b)		45,048		30,788,060
2.69%, 04/22/32 (Call 04/22/31), (1 day SOFR + 1.320%)^(b)		37,350		30,285,924
2.83%, 10/24/51 (Call 10/24/50), (1 day SOFR + 1.880%)^(b)		10,356		6,592,447
2.88%, 10/22/30 (Call 10/22/29), (3 mo. LIBOR US + 1.190%)^(b)		17,585		14,896,642
2.97%, 02/04/33 (Call 02/04/32), (1 day SOFR + 1.330%)^(b)		31,899		26,088,900
2.97%, 07/21/52 (Call 07/21/51), (1 day SOFR + 1.560%)^(a)(b)		18,159		11,870,840
3.19%, 07/23/30 (Call 07/23/29), (3 mo. LIBOR US + 1.180%)^(b)		19,610		17,061,565
3.25%, 10/21/27 (Call 10/21/26)^(a)		24,133		22,213,389
3.31%, 04/22/42 (Call 04/22/41), (1 day SOFR + 1.580%)^(a)(b)		31,904		23,757,674
3.42%, 12/20/28 (Call 12/20/27), (3 mo. LIBOR US + 1.040%)^(b)		51,445		47,061,305
3.50%, 04/19/26^(a)		21,595		20,583,024
3.56%, 04/23/27 (Call 04/23/26), (3 mo. LIBOR US + 1.060%)^(b)		28,739		27,019,635
3.59%, 07/21/28 (Call 07/21/27), (3 mo. LIBOR US + 1.370%)^(b)		18,250		16,849,061
3.71%, 04/24/28 (Call 04/24/27), (3 mo. LIBOR US + 1.512%)^(b)		16,308		15,164,385
3.82%, 01/20/28 (Call 01/20/27), (3 mo. LIBOR US + 1.575%)^(b)		23,063		21,664,826
3.95%, 01/23/49 (Call 01/23/48), (3 mo. LIBOR US + 1.19%)^(a)(b)		11,797		9,343,948
3.97%, 03/05/29 (Call 03/05/28), (3 mo. LIBOR US + 1.070%)^(b)		20,025		18,606,183
3.97%, 02/07/30 (Call 02/07/29), (3 mo. LIBOR US + 1.210%)^(a)(b)		25,321		23,174,298
4.08%, 04/23/40 (Call 04/23/39), (3 mo. LIBOR US + 1.32%)^(b)		10,132		8,518,786
4.08%, 03/20/51 (Call 03/20/50), (3 mo. LIBOR US + 3.15%)^(b)		43,606		34,879,502
4.24%, 04/24/38 (Call 04/24/37), (3 mo. LIBOR US + 1.814%)^(b)		11,479		9,908,384
4.25%, 10/22/26		19,910		19,141,066
4.27%, 07/23/29 (Call 07/23/28), (3 mo. LIBOR US + 1.310%)^(a)(b)		27,517		25,857,103
4.33%, 03/15/50 (Call 03/15/49), (3 mo. LIBOR US + 1.520%)^(b)		23,123		19,411,363
4.38%, 04/27/28 (Call 04/27/27), (1 day SOFR + 1.580%)^(b)		20,920		19,992,907
4.44%, 01/20/48 (Call 01/20/47), (3 mo. LIBOR US + 1.990%)^(a)(b)		17,198		14,841,748
4.45%, 03/03/26		2,156		2,095,823
4.57%, 04/27/33 (Call 04/27/32), (1 day SOFR + 1.830%)^(b)		34,917		32,416,220
4.95%, 07/22/28 (Call 07/22/27), (1 day SOFR + 2.040%)^(b)		26,206		25,642,532
5.00%, 01/21/44^(a)		17,732		16,739,845
5.02%, 07/22/33 (Call 07/22/32), (1 day SOFR + 2.160%)^(b)		43,764		42,105,502
5.88%, 02/07/42^(a)		12,171		12,670,688


Security	Par (000)		Value

Banks (continued)
6.11%, 01/29/37^(a)	$	15,482	$	15,905,876
6.20%, 11/10/28 (Call 11/10/27), (1 day SOFR + 1.999%)^(b)		17,787		18,287,197
7.75%, 05/14/38		16,368		19,278,013
Series L, 4.18%, 11/25/27 (Call 11/25/26)^(a)		18,580		17,702,888
Series N, 1.66%, 03/11/27 (Call 03/11/26), (1 day SOFR + 0.910%)^(b)		22,821		20,324,195
Series N, 2.65%, 03/11/32 (Call 03/11/31), (1 day SOFR + 1.220%)^(b)		18,938		15,377,400
Series N, 3.48%, 03/13/52 (Call 03/11/51), (1 day SOFR + 1.650%)^(a)(b)		9,814		7,157,130
Bank of America NA, 6.00%, 10/15/36^(a)		11,200		11,507,423
Bank of Montreal
1.25%, 09/15/26		12,710		11,099,391
2.65%, 03/08/27^(a)		10,796		9,843,119
5.20%, 02/01/28 (Call 01/01/28)		14,936		14,861,159
Series H, 4.70%, 09/14/27 (Call 08/14/27)		6,987		6,825,301
Bank of New York Mellon Corp. (The)
2.05%, 01/26/27 (Call 12/26/26)		9,034		8,102,230
2.45%, 08/17/26 (Call 05/17/26)		6,469		5,929,395
2.80%, 05/04/26 (Call 02/04/26)^(a)		2,733		2,550,762
3.25%, 05/16/27 (Call 02/16/27)^(a)		7,608		7,134,942
3.30%, 08/23/29 (Call 05/23/29)		3,995		3,564,333
3.40%, 01/29/28 (Call 10/29/27)^(a)		6,836		6,332,267
3.85%, 04/28/28		5,165		4,893,145
Bank of Nova Scotia (The)
1.05%, 03/02/26		579		509,777
1.30%, 09/15/26		11,519		10,016,960
1.35%, 06/24/26		6,991		6,159,769
1.95%, 02/02/27^(a)		7,011		6,240,277
2.45%, 02/02/32^(a)		2,941		2,357,541
2.70%, 08/03/26		14,286		13,104,929
4.85%, 02/01/30		6,899		6,689,477
Barclays PLC
2.28%, 11/24/27 (Call 11/24/26), (1 year CMT + 1.050%)^(b)		23,277		20,468,756
2.65%, 06/24/31 (Call 06/24/30), (1 year CMT + 1.900%)^(b)		12,766		10,169,694
2.67%, 03/10/32 (Call 03/10/31), (1 year CMT + 1.200%)^(b)		12,305		9,583,408
2.89%, 11/24/32 (Call 11/24/31), (1 year CMT + 1.300%)^(b)		12,132		9,434,514
3.33%, 11/24/42 (Call 11/24/41), (1 year CMT + 1.300%)^(b)		10,547		7,547,713
4.34%, 01/10/28 (Call 01/10/27)^(a)		16,899		15,787,713
4.84%, 05/09/28 (Call 05/07/27)		21,374		19,994,263
4.95%, 01/10/47^(a)		17,232		15,372,693
4.97%, 05/16/29 (Call 05/16/28), (3 mo. LIBOR US + 1.902%)^(b)		18,367		17,454,068
5.20%, 05/12/26		19,577		19,061,645
5.25%, 08/17/45^(a)		15,827		14,671,091
5.50%, 08/09/28 (Call 08/09/27), (1 year CMT + 2.650%)^(b)		17,882		17,522,500
5.75%, 08/09/33 (Call 08/09/32), (1 year CMT + 3.000%)^(a)(b)		8,705		8,369,954
7.39%, 11/02/28 (Call 11/02/27), (1 year CMT + 3.300%)^(b)		14,974		15,745,941
7.44%, 11/02/33 (Call 11/02/32), (1 year CMT + 3.500%)^(b)		20,420		22,031,873


Security	Par (000)		Value

Banks (continued)
Canadian Imperial Bank of Commerce
1.25%, 06/22/26 (Call 05/22/26)	$	2,358	$	2,071,768
3.45%, 04/07/27^(a)		10,905		10,221,565
3.60%, 04/07/32 (Call 03/07/32)^(a)		7,502		6,604,491
Citigroup Inc.
1.46%, 06/09/27 (Call 06/09/26), (1 day SOFR + 0.770%)^(b)		28,867		25,263,019
2.52%, 11/03/32 (Call 11/03/31), (1 day SOFR + 1.177%)^(b)		21,351		16,856,913
2.56%, 05/01/32 (Call 05/01/31), (1 day SOFR + 1.167%)^(b)		31,029		24,895,206
2.57%, 06/03/31 (Call 06/03/30), (1 day SOFR + 2.107%)^(b)		38,369		31,411,388
2.67%, 01/29/31 (Call 01/29/30), (1 day SOFR + 1.146%)^(b)		25,152		20,932,621
2.90%, 11/03/42 (Call 11/03/41), (1 day SOFR + 1.379%)^(a)(b)		11,278		7,831,718
2.98%, 11/05/30 (Call 11/05/29), (1 day SOFR + 1.422%)^(a)(b)		24,949		21,189,727
3.06%, 01/25/33 (Call 01/25/32), (1 day SOFR + 1.351%)^(b)		29,173		23,937,144
3.07%, 02/24/28 (Call 02/24/27), (1 day SOFR + 1.280%)^(b)		27,455		24,923,213
3.20%, 10/21/26 (Call 07/21/26)^(a)		34,636		32,218,674
3.40%, 05/01/26^(a)		14,724		13,899,000
3.52%, 10/27/28 (Call 10/27/27), (3 mo. LIBOR US + 1.151%)^(b)		19,900		18,228,155
3.67%, 07/24/28 (Call 07/24/27), (3 mo. LIBOR US + 1.390%)^(b)		29,325		27,175,439
3.79%, 03/17/33 (Call 03/17/32), (1 day SOFR + 1.939%)^(b)		32,585		28,355,366
3.88%, 01/24/39 (Call 01/22/38), (3 mo. LIBOR US + 1.168%)^(b)		4,003		3,283,873
3.89%, 01/10/28 (Call 01/10/27), (3 mo. LIBOR US + 1.563%)^(b)		26,987		25,371,650
3.98%, 03/20/30 (Call 03/20/29), (3 mo. LIBOR US + 1.338%)^(b)		26,990		24,614,948
4.08%, 04/23/29 (Call 04/23/28), (3 mo. LIBOR US + 1.192%)^(b)		23,233		21,645,306
4.13%, 07/25/28^(a)		23,371		21,852,850
4.28%, 04/24/48 (Call 04/24/47), (3 mo. LIBOR US + 1.839%)^(a)(b)		11,911		10,051,133
4.30%, 11/20/26^(a)		12,349		11,833,924
4.41%, 03/31/31 (Call 03/31/30), (1 day SOFR + 3.914%)^(a)(b)		43,364		40,322,982
4.45%, 09/29/27^(a)		42,936		40,976,216
4.60%, 03/09/26^(a)		3,102		3,018,718
4.65%, 07/30/45		13,223		11,661,438
4.65%, 07/23/48 (Call 06/23/48)^(a)		27,974		24,920,865
4.66%, 05/24/28 (Call 05/24/27), (1 day SOFR + 1.887%)^(b)		16,451		15,994,317
4.75%, 05/18/46		18,459		15,798,931
4.91%, 05/24/33 (Call 05/24/32), (1 day SOFR + 2.086%)^(a)(b)		26,198		24,866,044
5.30%, 05/06/44^(a)		10,308		9,618,075
5.32%, 03/26/41 (Call 03/26/40), (1 day SOFR + 4.548%)^(b)		14,867		14,363,093
5.88%, 01/30/42^(a)		12,021		12,451,791
6.27%, 11/17/33 (Call 11/17/32), (1 day SOFR + 2.338%)^(b)		29,751		31,179,786


Security	Par (000)		Value

Banks (continued)
6.63%, 06/15/32^(a)	$	12,894	$	13,592,926
6.68%, 09/13/43^(a)		12,868		14,087,588
8.13%, 07/15/39^(a)		21,516		27,137,597
Citizens Bank NA, 4.58%, 08/09/28 (Call 08/09/27), (1 day SOFR + 2.000%)^(a)(b)		9,722		9,423,900
Citizens Financial Group Inc., 3.25%, 04/30/30 (Call 01/30/30)^(a)		6,657		5,810,939
Cooperatieve Rabobank UA
3.75%, 07/21/26		8,221		7,707,978
5.25%, 05/24/41		20,740		21,520,137
5.25%, 08/04/45^(a)		7,773		7,349,449
5.75%, 12/01/43		12,554		12,619,509
Credit Suisse AG/New York NY
1.25%, 08/07/26^(a)		19,340		15,743,176
5.00%, 07/09/27^(a)		17,772		16,276,900
7.50%, 02/15/28		9,311		9,387,837
Credit Suisse Group AG
4.55%, 04/17/26		19,645		17,531,025
4.88%, 05/15/45		17,377		12,671,526
Deutsche Bank AG/New York NY
1.69%, 03/19/26^(a)		3,448		3,097,757
2.31%, 11/16/27 (Call 11/16/26), (1 day SOFR + 1.219%)^(b)		18,013		15,641,378
2.55%, 01/07/28 (Call 01/07/27), (1 day SOFR + 1.318%)^(b)		13,808		12,013,710
3.04%, 05/28/32 (Call 05/28/31), (1 day SOFR + 1.718%)^(b)		7,067		5,569,146
3.55%, 09/18/31 (Call 09/18/30), (1 day SOFR + 3.043%)^(a)(b)		12,381		10,327,911
6.72%, 01/18/29 (Call 01/18/28), (1 day SOFR + 3.180%)^(b)		10,935		11,052,418
Discover Bank
3.45%, 07/27/26 (Call 04/27/26)		6,074		5,645,521
4.65%, 09/13/28 (Call 06/13/28)^(a)		4,391		4,174,918
Fifth Third Bancorp.
2.55%, 05/05/27 (Call 04/05/27)		5,004		4,526,283
4.77%, 07/28/30 (Call 07/28/29), (1 day SOFR + 2.127%)^(b)		8,737		8,365,241
6.36%, 10/27/28 (Call 10/27/27), (1 day SOFR + 2.192%)^(b)		7,938		8,180,228
8.25%, 03/01/38^(a)		13,388		16,538,807
Goldman Sachs Capital I, 6.35%, 02/15/34^(a)		1,904		1,985,549
Goldman Sachs Group Inc. (The)
1.43%, 03/09/27 (Call 03/09/26), (1 day SOFR + 0.798%)^(b)		30,882		27,212,718
1.54%, 09/10/27 (Call 09/10/26), (1 day SOFR + 0.818%)^(b)		32,344		28,042,481
1.95%, 10/21/27 (Call 10/21/26), (1 day SOFR + 0.913%)^(b)		43,249		37,856,399
1.99%, 01/27/32 (Call 01/27/31), (1 day SOFR + 1.090%)^(b)		29,312		22,504,786
2.38%, 07/21/32 (Call 07/21/31), (1 day SOFR + 1.248%)^(b)		42,883		33,617,022
2.60%, 02/07/30 (Call 11/07/29)^(a)		21,664		18,225,000
2.62%, 04/22/32 (Call 04/22/31), (1 day SOFR + 1.281%)^(b)		39,462		31,725,653
2.64%, 02/24/28 (Call 02/24/27), (1 day SOFR + 1.114%)^(b)		33,268		29,754,477
2.65%, 10/21/32 (Call 10/21/31), (1 day SOFR + 1.264%)^(b)		30,101		23,980,160


Security	Par (000)		Value


Banks (continued)
2.91%, 07/21/42 (Call 07/21/41), (1 day SOFR + 1.472%)^(b)	$	18,722	$	12,944,977
3.10%, 02/24/33 (Call 02/24/32), (1 day SOFR + 1.410%)^(a)(b)		42,826		35,288,084
3.21%, 04/22/42 (Call 04/22/41), (1 day SOFR + 1.513%)^(b)		25,723		18,708,881
3.44%, 02/24/43 (Call 02/24/42), (1 day SOFR + 1.632%)^(b)		22,728		16,946,704
3.50%, 11/16/26 (Call 11/16/25)^(a)		31,755		29,812,035
3.62%, 03/15/28 (Call 03/15/27), (1 day SOFR + 1.846%)^(b)		33,589		31,166,121
3.69%, 06/05/28 (Call 06/05/27), (3 mo. LIBOR US + 1.510%)^(a)(b)		30,123		27,969,034
3.80%, 03/15/30 (Call 12/15/29)^(a)		26,350		23,903,468
3.81%, 04/23/29 (Call 04/23/28), (3 mo. LIBOR US + 1.158%)^(b)		28,480		26,174,894
3.85%, 01/26/27 (Call 01/26/26)		32,936		31,189,450
4.02%, 10/31/38 (Call 10/31/37), (3 mo. LIBOR US + 1.373%)^(a)(b)		20,292		16,706,860
4.22%, 05/01/29 (Call 05/01/28), (3 mo. LIBOR US + 1.301%)^(b)		39,147		36,619,748
4.41%, 04/23/39 (Call 04/23/38), (3 mo. LIBOR US + 1.430%)^(b)		18,316		15,870,162
4.48%, 08/23/28 (Call 08/23/27), (1 day SOFR + 1.725%)^(b)		26,423		25,326,874
4.75%, 10/21/45 (Call 04/21/45)^(a)		19,175		17,119,338
4.80%, 07/08/44 (Call 01/08/44)^(a)		19,958		17,891,128
5.15%, 05/22/45		19,501		18,063,901
5.95%, 01/15/27^(a)		12,968		13,192,997
6.13%, 02/15/33^(a)		12,142		12,801,590
6.25%, 02/01/41^(a)		27,686		29,555,140
6.75%, 10/01/37		63,059		66,808,135
HSBC Holdings PLC
1.59%, 05/24/27 (Call 05/24/26), (1 day SOFR + 1.290%)^(b)		23,318		20,404,362
2.01%, 09/22/28 (Call 09/22/27), (1 day SOFR + 1.732%)^(b)		25,874		21,915,348
2.21%, 08/17/29 (Call 08/17/28), (1 day SOFR + 1.285%)^(b)		24,182		20,041,754
2.25%, 11/22/27 (Call 11/22/26), (1 day SOFR + 1.100%)^(b)		30,698		26,987,720
2.36%, 08/18/31 (Call 08/18/30), (1 day SOFR + 1.947%)^(a)(b)		16,282		12,814,826
2.80%, 05/24/32 (Call 05/24/31), (1 day SOFR + 1.187%)^(b)		34,349		27,371,722
2.85%, 06/04/31 (Call 06/04/30), (1 day SOFR + 2.387%)^(b)		17,677		14,522,651
2.87%, 11/22/32 (Call 11/22/31), (1 day SOFR + 1.410%)^(b)		21,959		17,354,446
3.90%, 05/25/26^(a)		23,960		22,830,576
3.97%, 05/22/30 (Call 05/22/29), (3 mo. LIBOR US + 1.610%)^(a)(b)		36,742		32,966,524
4.04%, 03/13/28 (Call 03/13/27), (3 mo. LIBOR US + 1.546%)^(b)		29,810		27,824,323
4.30%, 03/08/26		14,633		14,149,925
4.38%, 11/23/26^(a)		19,732		18,910,032
4.58%, 06/19/29 (Call 06/19/28), (3 mo. LIBOR US + 1.535%)^(b)		35,509		33,386,755
4.76%, 06/09/28 (Call 06/09/27), (1 day SOFR + 2.110%)^(b)		27,468		26,318,115


Security	Par (000)		Value


Banks (continued)
4.95%, 03/31/30	$	29,600	$	28,455,344
5.21%, 08/11/28 (Call 08/11/27), (1 day SOFR + 2.610%)^(b)		26,452		25,849,156
5.25%, 03/14/44^(a)		14,160		12,839,300
5.40%, 08/11/33 (Call 08/11/32), (1 day SOFR + 2.870%)^(b)		29,373		28,101,090
6.10%, 01/14/42^(a)		11,593		12,363,867
6.50%, 05/02/36		9,116		9,419,504
6.50%, 09/15/37^(a)		7,618		7,933,971
6.50%, 09/15/37		9,694		9,680,967
6.80%, 06/01/38^(a)		5,573		5,721,443
7.39%, 11/03/28 (Call 11/03/27), (1 day SOFR + 3.350%)^(b)		25,978		27,435,127
Huntington Bancshares Inc., 4.44%, 08/04/28 (Call 08/04/27), (1 day SOFR + 1.970%)^(a)(b)		3,791		3,623,102
Huntington Bancshares Inc./OH, 2.55%, 02/04/30 (Call 01/04/30)		6,502		5,420,898
Huntington National Bank (The)
4.55%, 05/17/28 (Call 05/17/27), (1 day SOFR + 1.650%)^(b)		6,390		6,182,146
5.65%, 01/10/30 (Call 11/10/29)		6,566		6,666,916
ING Groep NV
1.73%, 04/01/27 (Call 04/01/26), (1 day SOFR + 1.005%)^(a)(b)		10,513		9,319,123
2.73%, 04/01/32 (Call 04/01/31), (1 day SOFR + 1.316%)^(b)		4,248		3,429,198
3.95%, 03/29/27^(a)		13,275		12,569,795
4.02%, 03/28/28 (Call 03/28/27), (1 day SOFR + 1.830%)^(b)		12,044		11,302,915
4.05%, 04/09/29^(a)		9,747		9,034,075
4.25%, 03/28/33 (Call 03/28/32), (1 day SOFR + 2.070%)^(b)		6,462		5,805,201
4.55%, 10/02/28		8,719		8,330,243
JPMorgan Chase & Co.
1.47%, 09/22/27 (Call 09/22/26), (1 day SOFR + 0.765%)^(b)		29,155		25,274,726
1.58%, 04/22/27 (Call 04/22/26), (1 day SOFR + 0.885%)^(b)		37,452		33,111,429
1.76%, 11/19/31 (Call 11/19/30), (3 mo. SOFR + 1.105%)^(b)		15,526		11,937,941
1.95%, 02/04/32 (Call 02/04/31), (1 day SOFR + 1.065%)^(b)		30,119		23,359,239
2.07%, 06/01/29 (Call 06/01/28), (1 day SOFR + 1.015%)^(b)		23,691		19,961,473
2.18%, 06/01/28 (Call 06/01/27), (1 day SOFR + 1.890%)^(b)		15,656		13,694,383
2.52%, 04/22/31 (Call 04/22/30), (1 day SOFR + 2.040%)^(b)		28,673		23,736,496
2.53%, 11/19/41 (Call 11/19/40), (1 day SOFR + 1.510%)^(b)		16,320		10,921,824
2.55%, 11/08/32 (Call 11/08/31), (1 day SOFR + 1.180%)^(b)		31,056		24,820,020
2.58%, 04/22/32 (Call 04/22/31), (1 day SOFR + 1.250%)^(b)		35,799		29,048,322
2.74%, 10/15/30 (Call 10/15/29), (1 day SOFR + 1.510%)^(a)(b)		38,512		32,468,400
2.95%, 10/01/26 (Call 07/01/26)^(a)		30,890		28,805,892
2.95%, 02/24/28 (Call 02/24/27), (1 day SOFR + 1.170%)^(b)		18,850		17,095,086


Security	Par (000)		Value


Banks (continued)
2.96%, 01/25/33 (Call 01/25/32), (1 day SOFR + 1.260%)^(a)(b)	$	35,826	$	29,544,577
3.11%, 04/22/41 (Call 04/22/40), (1 day SOFR + 2.460%)^(a)(b)		16,816		12,387,160
3.11%, 04/22/51 (Call 04/22/50), (1 day SOFR + 2.440%)^(b)		23,902		16,298,399
3.16%, 04/22/42 (Call 04/22/41), (1 day SOFR + 2.460%)^(b)		20,582		15,105,115
3.20%, 06/15/26 (Call 03/15/26)^(a)		14,721		13,857,806
3.30%, 04/01/26 (Call 01/01/26)^(a)		15,254		14,424,462
3.33%, 04/22/52 (Call 04/22/51), (1 day SOFR + 1.580%)^(b)		36,913		26,071,072
3.51%, 01/23/29 (Call 01/23/28), (3 mo. LIBOR US + 0.945%)^(b)		21,861		19,975,876
3.54%, 05/01/28 (Call 05/01/27), (3 mo. LIBOR US + 1.380%)^(a)(b)		27,384		25,305,913
3.63%, 12/01/27 (Call 12/01/26)^(a)		12,591		11,748,128
3.70%, 05/06/30 (Call 05/06/29), (3 mo. LIBOR US + 1.160%)^(b)		22,628		20,425,497
3.78%, 02/01/28 (Call 02/01/27), (3 mo. LIBOR US + 1.337%)^(b)		29,996		28,183,870
3.88%, 07/24/38 (Call 07/24/37), (3 mo. LIBOR US + 1.360%)^(b)		17,569		14,657,764
3.90%, 01/23/49 (Call 01/23/48), (3 mo. LIBOR US + 1.220%)^(b)		19,329		15,316,416
3.96%, 11/15/48 (Call 11/15/47), (3 mo. LIBOR US + 1.380%)^(b)		32,574		26,170,678
4.01%, 04/23/29 (Call 04/23/28), (3 mo. LIBOR US + 1.120%)^(b)		25,039		23,284,552
4.03%, 07/24/48 (Call 07/24/47), (3 mo. LIBOR US + 1.460%)^(b)		11,049		8,993,170
4.13%, 12/15/26^(a)		21,200		20,522,334
4.20%, 07/23/29 (Call 07/23/28), (3 mo. LIBOR US + 1.260%)^(b)		27,693		25,958,803
4.25%, 10/01/27^(a)		17,498		16,806,232
4.26%, 02/22/48 (Call 02/22/47), (3 mo. LIBOR US + 1.580%)^(b)		20,833		17,627,062
4.32%, 04/26/28 (Call 04/26/27), (1 day SOFR + 1.560%)^(b)		25,903		24,788,909
4.45%, 12/05/29 (Call 12/05/28), (3 mo. LIBOR US + 1.330%)^(b)		25,987		24,589,851
4.49%, 03/24/31 (Call 03/24/30), (3 mo. SOFR + 3.790%)^(a)(b)		31,051		29,269,927
4.57%, 06/14/30 (Call 06/14/29), (1 day SOFR + 1.750%)^(a)(b)		20,754		19,699,595
4.59%, 04/26/33 (Call 04/26/32), (1 day SOFR + 1.800%)^(b)		21,815		20,325,598
4.85%, 07/25/28 (Call 07/25/27), (1 day SOFR + 1.990%)^(b)		37,165		36,354,469
4.85%, 02/01/44^(a)		10,923		10,220,665
4.91%, 07/25/33 (Call 07/25/32), (1 day SOFR + 2.080%)^(a)(b)		44,777		42,829,330
4.95%, 06/01/45		19,122		17,495,209
5.40%, 01/06/42^(a)		13,683		13,487,530
5.50%, 10/15/40^(a)		13,891		13,973,094
5.60%, 07/15/41^(a)		17,977		18,215,066
5.63%, 08/16/43^(a)		14,014		13,850,206
6.40%, 05/15/38^(a)		25,021		27,276,085
KeyBank NA/Cleveland OH
4.90%, 08/08/32^(a)		4,995		4,696,777


Security	Par (000)		Value


Banks (continued)
5.00%, 01/26/33 (Call 10/26/32)	$	6,812	$	6,527,612
5.85%, 11/15/27 (Call 10/16/27)		5,956		6,088,203
KeyCorp
2.25%, 04/06/27^(a)		8,935		7,941,864
2.55%, 10/01/29^(a)		7,345		6,207,675
4.10%, 04/30/28^(a)		6,078		5,767,840
4.79%, 06/01/33 (Call 06/01/32), (1 day SOFR + 2.060%)^(a)(b)		7,472		7,038,500
Lloyds Banking Group PLC
1.63%, 05/11/27 (Call 05/11/26), (1 year CMT + 0.850%)^(a)(b)		13,009		11,386,780
3.57%, 11/07/28 (Call 11/07/27), (3 mo. LIBOR US + 1.205%)^(a)(b)		23,177		21,029,361
3.75%, 01/11/27		17,230		16,100,232
3.75%, 03/18/28 (Call 03/18/27), (1 year CMT + 1.800%)^(a)(b)		16,873		15,618,349
4.34%, 01/09/48^(a)		12,536		9,658,549
4.38%, 03/22/28		16,565		15,666,094
4.55%, 08/16/28^(a)		15,085		14,288,729
4.65%, 03/24/26		2,884		2,776,878
4.98%, 08/11/33 (Call 08/11/32), (1 year CMT + 2.300%)^(a)(b)		8,174		7,621,903
5.30%, 12/01/45^(a)		4,294		3,841,579
5.87%, 03/06/29 (Call 03/06/28)		8,000		8,007,441
M&T Bank Corp., 5.05%, 01/27/34 (Call 01/27/33)		7,904		7,543,261
Manufacturers & Traders Trust Co., 4.70%, 01/27/28 (Call 12/28/27)		11,477		11,136,972
Mitsubishi UFJ Financial Group Inc.
1.54%, 07/20/27 (Call 07/20/26), (1 year CMT + 0.750%)^(b)		25,177		22,011,362
1.64%, 10/13/27 (Call 10/13/26), (1 year CMT + 0.670%)^(b)		16,082		13,966,747
2.05%, 07/17/30^(a)		16,552		13,166,211
2.31%, 07/20/32 (Call 07/20/31), (1 year CMT + 0.950%)^(b)		19,989		15,600,649
2.34%, 01/19/28 (Call 01/19/27), (1 year CMT + 0.830%)^(b)		13,019		11,553,644
2.49%, 10/13/32 (Call 10/13/31), (1 year CMT + 0.970%)^(b)		7,388		5,814,886
2.56%, 02/25/30^(a)		15,111		12,590,778
2.76%, 09/13/26^(a)		11,384		10,436,725
2.85%, 01/19/33 (Call 01/19/32), (1 year CMT + 1.100%)^(a)(b)		12,405		10,011,724
3.20%, 07/18/29		18,269		16,043,529
3.29%, 07/25/27^(a)		14,142		13,071,748
3.68%, 02/22/27^(a)		9,410		8,964,514
3.74%, 03/07/29		16,582		15,178,785
3.75%, 07/18/39		14,109		11,829,463
3.85%, 03/01/26		5,466		5,216,151
3.96%, 03/02/28^(a)		12,060		11,352,939
4.05%, 09/11/28^(a)		7,922		7,401,456
4.08%, 04/19/28 (Call 04/19/27), (1 year CMT + 1.300%)^(b)		10,982		10,391,609
5.02%, 07/20/28 (Call 07/20/27), (1 year CMT + 1.950%)^(b)		14,458		14,151,778
5.13%, 07/20/33 (Call 07/20/32), (1 year CMT + 2.125%)^(b)		16,336		15,795,298
5.35%, 09/13/28 (Call 09/13/27), (1 year CMT + 1.900%)^(b)		11,480		11,383,239
5.42%, 02/22/29 (Call 02/22/28)		8,307		8,240,962


Security	Par (000)		Value


Banks (continued)
5.44%, 02/22/34 (Call 02/22/33)	$	7,469	$	7,336,719
5.47%, 09/13/33 (Call 09/13/32), (1 year CMT + 2.125%)^(a)(b)		6,970		6,906,929
5.48%, 02/22/31 (Call 02/22/30), (1 year CMT + 1.530%)^(b)		7,405		7,330,655
Mizuho Financial Group Inc.
1.23%, 05/22/27 (Call 05/22/26), (1 year CMT + 0.670%)^(b)		14,659		12,704,804
1.55%, 07/09/27 (Call 07/09/26), (1 year CMT + 0.750%)^(b)		7,576		6,600,742
1.98%, 09/08/31 (Call 09/08/30), (1 day SOFR + 1.532%)^(b)		11,988		9,301,417
2.20%, 07/10/31 (Call 07/10/30), (1 day SOFR + 1.772%)^(b)		8,743		6,938,951
2.56%, 09/13/31		10,165		7,893,672
2.84%, 09/13/26^(a)		6,796		6,227,199
3.15%, 07/16/30 (Call 07/16/29), (3 mo. LIBOR US + 1.130%)^(a)(b)		5,789		4,980,404
3.17%, 09/11/27^(a)		8,641		7,942,565
4.02%, 03/05/28^(a)		10,292		9,653,078
4.25%, 09/11/29 (Call 09/11/28), (3 mo. LIBOR US + 1.270%)^(a)(b)		8,517		7,998,853
5.41%, 09/13/28 (Call 09/13/27), (1 year CMT + 2.050%)^(b)		3,865		3,849,002
5.67%, 05/27/29 (Call 05/27/28), (1 year CMT + 1.500%)^(b)		8,000		7,982,565
5.67%, 09/13/33 (Call 09/13/32), (1 year CMT + 2.400%)^(b)		8,575		8,565,006
5.74%, 05/27/31 (Call 05/27/30), (1 year CMT + 1.650%)^(b)		8,000		7,985,274
5.75%, 05/27/34 (Call 05/27/33)		8,426		8,374,267
Morgan Stanley
1.51%, 07/20/27 (Call 07/20/26), (1 day SOFR + 0.858%)^(b)		30,805		26,890,319
1.59%, 05/04/27 (Call 04/04/27), (1 day SOFR + 0.879%)^(b)		38,364		33,838,786
1.79%, 02/13/32 (Call 02/13/31), (1 day SOFR + 1.034%)^(b)		31,553		23,992,062
1.93%, 04/28/32 (Call 04/28/31), (1 day SOFR + 1.020%)^(b)		28,326		21,665,617
2.24%, 07/21/32 (Call 07/21/31), (1 day SOFR + 1.178%)^(b)		36,546		28,403,683
2.48%, 01/21/28 (Call 01/21/27), (1 day SOFR + 1.000%)^(b)		25,628		22,865,294
2.51%, 10/20/32 (Call 10/20/31), (1 day SOFR + 1.200%)^(b)		26,346		20,835,252
2.70%, 01/22/31 (Call 01/22/30), (1 day SOFR + 1.143%)^(b)		36,215		30,254,283
2.80%, 01/25/52 (Call 07/25/51), (1 day SOFR + 1.430%)^(b)		23,572		15,082,544
2.94%, 01/21/33 (Call 01/21/32), (1 day SOFR + 1.290%)^(a)(b)		27,052		22,129,699
3.13%, 07/27/26^(a)		31,310		29,112,880
3.22%, 04/22/42 (Call 04/22/41), (1 day SOFR + 1.485%)^(a)(b)		17,450		12,985,887
3.59%, 07/22/28 (Call 07/22/27), (3 mo. LIBOR US + 1.340%)^(b)		31,043		28,687,305
3.62%, 04/01/31 (Call 04/01/30), (1 day SOFR + 3.120%)^(b)		35,092		31,082,185
3.63%, 01/20/27^(a)		35,883		33,912,919


Security	Par (000)		Value


Banks (continued)
3.77%, 01/24/29 (Call 01/24/28), (3 mo. LIBOR US + 1.140%)^(b)	$	30,885	$	28,507,606
3.95%, 04/23/27		16,181		15,290,919
3.97%, 07/22/38 (Call 07/22/37), (3 mo. LIBOR US + 1.455%)^(a)(b)		22,226		18,599,052
4.21%, 04/20/28 (Call 04/20/27), (1 day SOFR + 1.610%)^(b)		26,458		25,130,986
4.30%, 01/27/45		27,800		23,876,939
4.35%, 09/08/26		24,110		23,170,089
4.38%, 01/22/47^(a)		21,003		18,240,566
4.43%, 01/23/30 (Call 01/23/29), (3 mo. LIBOR US + 1.628%)^(b)		30,159		28,394,047
4.46%, 04/22/39 (Call 04/22/38), (3 mo. LIBOR US + 0.408%)^(b)		11,996		10,625,305
4.89%, 07/20/33 (Call 07/20/32), (1 day SOFR + 2.076%)^(b)		20,179		19,154,770
5.12%, 02/01/29 (Call 02/01/28), (1 day SOFR + 1.730%)^(b)		28,496		27,967,089
5.60%, 03/24/51 (Call 03/24/50), (1 day SOFR + 4.480%)^(a)(b)		21,360		21,928,377
6.30%, 10/18/28 (Call 10/18/27), (1 day SOFR + 2.240%)^(b)		26,660		27,420,071
6.34%, 10/18/33 (Call 10/18/32), (1 day SOFR + 2.560%)^(b)		31,919		33,614,898
6.38%, 07/24/42^(a)		23,623		25,855,234
7.25%, 04/01/32		11,325		12,785,105
National Australia Bank Ltd./New York
2.50%, 07/12/26		9,010		8,265,446
3.91%, 06/09/27		9,801		9,338,827
NatWest Group PLC
1.64%, 06/14/27 (Call 06/14/26), (1 year CMT + 0.900%)^(b)		7,434		6,527,087
3.07%, 05/22/28 (Call 05/22/27), (1 year CMT + 2.550%)^(a)(b)		6,353		5,730,041
4.45%, 05/08/30 (Call 05/08/29), (3 mo. LIBOR US + 1.871%)^(a)(b)		13,798		12,728,550
4.80%, 04/05/26		9,191		8,952,900
4.89%, 05/18/29 (Call 05/18/28), (3 mo. LIBOR US + 1.754%)^(b)		22,777		21,776,495
5.08%, 01/27/30 (Call 01/27/29), (3 mo. LIBOR US + 1.905%)^(b)		16,184		15,509,469
5.52%, 09/30/28 (Call 09/30/27), (1 year CMT + 2.270%)^(a)(b)		8,458		8,384,430
6.02%, 03/02/34 (Call 03/02/33)		5,000		5,002,950
Northern Trust Corp.
1.95%, 05/01/30 (Call 02/01/30)^(a)		7,568		6,191,727
4.00%, 05/10/27 (Call 04/10/27)^(a)		6,513		6,310,893
6.13%, 11/02/32 (Call 08/02/32)^(a)		9,038		9,523,855
PNC Bank NA
2.70%, 10/22/29^(a)		9,326		7,923,587
3.10%, 10/25/27 (Call 09/25/27)^(a)		6,633		6,170,422
4.05%, 07/26/28		15,121		14,251,484
PNC Financial Services Group Inc. (The)
2.31%, 04/23/32 (Call 04/23/31), (1 day SOFR + 0.979%)^(a)(b)		6,561		5,329,990
2.55%, 01/22/30 (Call 10/24/29)^(a)		21,449		18,240,982
2.60%, 07/23/26 (Call 05/24/26)		9,172		8,465,562
3.15%, 05/19/27 (Call 04/19/27)^(a)		8,239		7,688,215
3.45%, 04/23/29 (Call 01/23/29)^(a)		18,468		16,951,794


Security	Par (000)		Value


Banks (continued)
5.07%, 01/24/34 (Call 01/24/33), (1 day SOFR + 1.933%)^(b)	$	13,808	$	13,380,118
5.35%, 12/02/28 (Call 12/02/27), (1 day SOFR + 1.620%)^(a)(b)		8,330		8,352,323
6.04%, 10/28/33 (Call 10/28/32), (1 day SOFR + 2.140%)^(a)(b)		13,987		14,519,915
Royal Bank of Canada
1.15%, 07/14/26		7,163		6,284,970
1.20%, 04/27/26		13,479		11,938,465
1.40%, 11/02/26		10,187		8,874,145
2.30%, 11/03/31		14,014		11,208,965
3.63%, 05/04/27		14,057		13,239,756
3.88%, 05/04/32^(a)		5,717		5,144,349
4.24%, 08/03/27		11,764		11,294,269
4.90%, 01/12/28		9,917		9,772,582
5.00%, 02/01/33		13,970		13,636,000
6.00%, 11/01/27		14,511		14,943,029
Santander Holdings USA Inc.
2.49%, 01/06/28 (Call 01/06/27), (1 day SOFR + 1.249%)^(a)(b)		6,447		5,616,197
3.24%, 10/05/26 (Call 08/05/26)		7,797		7,189,751
4.40%, 07/13/27 (Call 04/14/27)		7,925		7,559,324
Santander UK Group Holdings PLC
2.47%, 01/11/28 (Call 01/11/27), (1 day SOFR + 1.220%)^(b)		5,157		4,521,910
3.82%, 11/03/28 (Call 11/03/27), (3 mo. LIBOR US + 1.400%)^(b)		5,061		4,598,368
6.53%, 01/10/29 (Call 01/10/28)		10,296		10,413,304
State Street Corp.
2.20%, 03/03/31		2,988		2,401,503
2.40%, 01/24/30		3,314		2,829,226
2.65%, 05/19/26^(a)		3,246		3,033,161
Sumitomo Mitsui Financial Group Inc.
1.40%, 09/17/26^(a)		23,450		20,356,082
1.90%, 09/17/28		25,979		21,521,079
2.13%, 07/08/30^(a)		12,918		10,294,053
2.14%, 09/23/30		3,157		2,478,082
2.22%, 09/17/31^(a)		6,902		5,370,311
2.63%, 07/14/26		16,616		15,165,332
2.75%, 01/15/30		18,276		15,440,488
2.93%, 09/17/41^(a)		4,589		3,175,372
3.01%, 10/19/26^(a)		17,852		16,402,053
3.04%, 07/16/29^(a)		30,415		26,350,209
3.35%, 10/18/27^(a)		9,787		9,007,206
3.36%, 07/12/27^(a)		19,233		17,691,762
3.45%, 01/11/27		8,932		8,321,340
3.54%, 01/17/28		9,714		8,952,997
3.78%, 03/09/26^(a)		6,572		6,266,229
3.94%, 07/19/28^(a)		10,944		10,227,244
5.52%, 01/13/28		19,578		19,550,859
5.71%, 01/13/30^(a)		13,690		13,777,763
5.77%, 01/13/33		13,302		13,421,194
Toronto-Dominion Bank(The)
1.20%, 06/03/26		11,154		9,776,261
1.25%, 09/10/26		10,954		9,531,602
1.95%, 01/12/27		7,492		6,646,592
2.00%, 09/10/31		15,460		12,113,314
2.80%, 03/10/27		7,563		6,907,835
3.20%, 03/10/32		16,033		13,767,447
4.11%, 06/08/27		15,671		15,035,706


Security	Par (000)		Value


Banks (continued)
4.46%, 06/08/32	$	22,196	$	20,900,857
4.69%, 09/15/27		12,560		12,289,790
5.16%, 01/10/28		6,057		6,021,566
Truist Bank
2.25%, 03/11/30 (Call 12/11/29)^(a)		10,612		8,754,502
3.30%, 05/15/26 (Call 04/15/26)^(a)		6,269		5,873,513
3.80%, 10/30/26 (Call 09/30/26)		7,690		7,254,744
Truist Financial Corp.
1.13%, 08/03/27 (Call 06/03/27)^(a)		2,031		1,725,108
1.27%, 03/02/27 (Call 03/02/26), (1 day SOFR + 0.609%)^(b)		10,626		9,454,864
1.89%, 06/07/29 (Call 06/07/28), (1 day SOFR + 0.862%)^(a)(b)		7,565		6,395,674
1.95%, 06/05/30 (Call 03/05/30)		4,614		3,720,511
4.12%, 06/06/28 (Call 06/06/27), (1 day SOFR + 1.368%)^(a)(b)		8,022		7,675,953
4.87%, 01/26/29 (Call 01/26/28)^(a)		18,197		17,843,760
5.12%, 01/26/34 (Call 01/26/33)		7,743		7,525,397
6.12%, 10/28/33 (Call 10/28/32), (1 day SOFR + 2.300%)^(a)(b)		11,192		11,711,600
U.S. Bancorp, 4.65%, 02/01/29 (Call 02/01/28), (1 day SOFR + 1.230%)^(b)		11,581		11,258,645
U.S. Bancorp.
1.38%, 07/22/30 (Call 04/22/30)		10,864		8,410,711
2.22%, 01/27/28 (Call 01/27/27), (1 day SOFR + 0.730%)^(b)		14,484		12,990,604
2.68%, 01/27/33 (Call 01/27/32), (1 day SOFR + 1.020%)^(a)(b)		7,315		6,047,817
3.00%, 07/30/29 (Call 04/30/29)^(a)		9,759		8,570,610
3.10%, 04/27/26 (Call 03/27/26)		5,384		5,061,649
3.90%, 04/26/28 (Call 03/26/28)^(a)		6,707		6,400,496
4.55%, 07/22/28 (Call 07/22/27), (1 day SOFR + 1.660%)^(a)(b)		13,731		13,379,135
4.84%, 02/01/34 (Call 02/01/33)		12,356		11,816,292
5.85%, 10/21/33 (Call 10/21/32), (1 day SOFR + 2.090%)^(a)(b)		14,890		15,340,135
Series V, 2.38%, 07/22/26 (Call 06/22/26)		13,805		12,668,365
Series X, 3.15%, 04/27/27 (Call 03/27/27)^(a)		12,728		11,864,418
Wachovia Corp., 5.50%, 08/01/35^(a)		11,072		10,916,328
Wells Fargo & Co.
2.39%, 06/02/28 (Call 06/02/27), (1 day SOFR + 2.100%)^(b)		34,102		30,146,485
2.57%, 02/11/31 (Call 02/11/30), (1 day SOFR + 1.262%)^(b)		32,428		26,994,504
2.88%, 10/30/30 (Call 10/30/29), (3 mo. SOFR + 1.432%)^(b)		35,705		30,486,725
3.00%, 04/22/26^(a)		30,690		28,642,059
3.00%, 10/23/26^(a)		36,445		33,645,678
3.07%, 04/30/41 (Call 04/30/40), (1 day SOFR + 2.530%)^(a)(b)		37,571		27,231,322
3.20%, 06/17/27 (Call 06/17/26), (3 mo. LIBOR US + 1.170%)^(b)		28,407		26,368,639
3.35%, 03/02/33 (Call 03/02/32), (1 day SOFR + 1.500%)^(a)(b)		41,793		35,315,478
3.53%, 03/24/28 (Call 03/24/27), (1 day SOFR + 1.510%)^(b)		43,461		40,227,554
3.58%, 05/22/28 (Call 05/22/27), (3 mo. LIBOR US + 1.310%)^(b)		28,993		26,868,906
3.90%, 05/01/45^(a)		22,658		17,834,064
4.10%, 06/03/26		22,988		22,094,762


Security	Par (000)		Value


Banks (continued)
4.15%, 01/24/29 (Call 10/24/28)^(a)	$	28,957	$	27,093,171
4.30%, 07/22/27^(a)		28,949		27,900,302
4.40%, 06/14/46^(a)		22,000		17,965,372
4.48%, 04/04/31 (Call 04/04/30), (1 day SOFR + 4.032%)^(b)		25,989		24,432,139
4.61%, 04/25/53 (Call 04/25/52), (1 day SOFR + 2.130%)^(b)		34,171		29,477,623
4.65%, 11/04/44^(a)		21,691		18,515,802
4.75%, 12/07/46		21,498		18,452,916
4.81%, 07/25/28 (Call 07/25/27), (1 day SOFR + 1.980%)^(b)		34,581		33,684,204
4.90%, 07/25/33 (Call 07/25/32), (1 day SOFR + 2.100%)^(b)		43,445		41,398,197
4.90%, 11/17/45^(a)		21,258		18,758,212
5.01%, 04/04/51 (Call 04/04/50), (1 day SOFR + 4.502%)^(b)		56,980		52,379,948
5.38%, 11/02/43^(a)		21,905		20,691,119
5.61%, 01/15/44^(a)		25,463		24,744,582
Wells Fargo Bank NA
5.85%, 02/01/37^(a)		10,955		11,147,177
6.60%, 01/15/38		14,233		15,491,720
Westpac Banking Corp.
1.15%, 06/03/26		10,536		9,256,038
1.95%, 11/20/28		8,813		7,521,177
2.15%, 06/03/31^(a)		6,156		5,116,351
2.65%, 01/16/30^(a)		5,952		5,187,806
2.70%, 08/19/26		11,841		10,935,921
2.85%, 05/13/26^(a)		13,871		12,900,076
2.96%, 11/16/40^(a)		10,687		7,257,642
3.13%, 11/18/41		9,771		6,703,093
3.35%, 03/08/27		12,730		11,970,052
3.40%, 01/25/28		12,356		11,472,736
4.04%, 08/26/27		12,157		11,721,162
4.42%, 07/24/39		7,498		6,343,997
5.46%, 11/18/27		13,975		14,207,464


				8,002,578,149

Beverages — 2.7%
Anheuser-Busch Companies LLC/Anheuser-Busch InBev Worldwide Inc.
4.70%, 02/01/36 (Call 08/01/35)		56,753		53,309,166
4.90%, 02/01/46 (Call 08/01/45)		98,601		90,323,347
Anheuser-Busch InBev Finance Inc.
4.63%, 02/01/44^(a)		11,871		10,575,891
4.90%, 02/01/46 (Call 08/01/45)^(a)		16,607		15,182,309
Anheuser-Busch InBev Worldwide Inc.
3.50%, 06/01/30 (Call 03/01/30)^(a)		19,327		17,617,571
4.00%, 04/13/28 (Call 01/13/28)^(a)		27,868		26,600,363
4.35%, 06/01/40 (Call 12/01/39)		10,776		9,454,409
4.38%, 04/15/38 (Call 10/15/37)		16,408		14,657,847
4.44%, 10/06/48 (Call 04/06/48)		18,239		15,658,499
4.50%, 06/01/50 (Call 12/01/49)^(a)		16,560		14,558,398
4.60%, 04/15/48 (Call 10/15/47)^(a)		22,830		20,126,115
4.75%, 01/23/29 (Call 10/23/28)		47,281		46,436,074
4.75%, 04/15/58 (Call 10/15/57)^(a)		9,994		8,904,341
4.90%, 01/23/31 (Call 10/23/30)^(a)		9,057		9,048,440
4.95%, 01/15/42^(a)		16,074		14,949,754
5.45%, 01/23/39 (Call 07/23/38)^(a)		21,540		21,435,897
5.55%, 01/23/49 (Call 07/23/48)		41,490		41,710,864
5.80%, 01/23/59 (Call 07/23/58)		21,794		22,467,814
8.20%, 01/15/39		13,301		16,584,503


Security	Par (000)		Value


Beverages (continued)
Coca-Cola Co. (The)
1.00%, 03/15/28^(a)	$	16,487	$	13,804,150
1.38%, 03/15/31		20,198		15,706,159
1.45%, 06/01/27^(a)		15,666		13,756,290
1.50%, 03/05/28^(a)		7,066		6,091,099
1.65%, 06/01/30^(a)		18,290		14,824,235
2.00%, 03/05/31^(a)		9,649		7,905,022
2.13%, 09/06/29^(a)		11,188		9,567,834
2.25%, 01/05/32^(a)		23,656		19,488,108
2.50%, 06/01/40		10,512		7,596,353
2.50%, 03/15/51^(a)		12,599		8,199,194
2.60%, 06/01/50^(a)		12,854		8,586,544
2.75%, 06/01/60^(a)		9,577		6,303,287
2.88%, 05/05/41		8,374		6,364,947
3.00%, 03/05/51^(a)		18,127		13,140,844
3.38%, 03/25/27^(a)		10,073		9,613,522
3.45%, 03/25/30		11,491		10,562,744
Constellation Brands Inc.
2.25%, 08/01/31 (Call 05/01/31)^(a)		9,608		7,562,450
3.15%, 08/01/29 (Call 05/01/29)		5,131		4,503,592
Diageo Capital PLC
2.00%, 04/29/30 (Call 01/29/30)		5,742		4,722,318
2.13%, 04/29/32 (Call 01/29/32)		6,557		5,209,392
2.38%, 10/24/29 (Call 07/24/29)		10,334		8,746,229
5.30%, 10/24/27 (Call 09/24/27)^(a)		4,749		4,819,978
5.50%, 01/24/33 (Call 10/24/32)		7,845		8,130,650
Keurig Dr Pepper Inc.
3.20%, 05/01/30 (Call 02/01/30)^(a)		2,889		2,512,828
3.80%, 05/01/50 (Call 11/01/49)^(a)		5,613		4,194,921
3.95%, 04/15/29 (Call 02/15/29)^(a)		8,730		8,072,470
4.05%, 04/15/32 (Call 01/15/32)^(a)		8,267		7,476,393
4.50%, 04/15/52 (Call 10/15/51)^(a)		11,490		9,603,579
4.60%, 05/25/28 (Call 02/25/28)		8,606		8,349,941
Molson Coors Beverage Co.
3.00%, 07/15/26 (Call 04/15/26)^(a)		10,568		9,750,707
4.20%, 07/15/46 (Call 01/15/46)		16,579		12,900,241
5.00%, 05/01/42^(a)		13,198		11,780,402
PepsiCo Inc.
1.40%, 02/25/31 (Call 11/25/30)^(a)		10,282		8,060,943
1.63%, 05/01/30 (Call 02/01/30)		13,467		10,902,736
1.95%, 10/21/31 (Call 07/21/31)		15,581		12,536,420
2.38%, 10/06/26 (Call 07/06/26)		7,829		7,222,664
2.63%, 07/29/29 (Call 04/29/29)^(a)		11,112		9,798,517
2.63%, 10/21/41 (Call 04/21/41)		8,163		5,975,992
2.75%, 03/19/30 (Call 12/19/29)		18,590		16,364,230
2.75%, 10/21/51 (Call 04/21/51)		9,798		6,781,566
2.88%, 10/15/49 (Call 04/15/49)		6,296		4,510,888
3.00%, 10/15/27 (Call 07/15/27)^(a)		18,502		17,220,899
3.45%, 10/06/46 (Call 04/06/46)^(a)		10,729		8,576,380
3.60%, 02/18/28 (Call 01/18/28)^(a)		14,742		14,042,244
3.63%, 03/19/50 (Call 09/19/49)		9,614		7,878,796
3.90%, 07/18/32 (Call 04/18/32)^(a)		12,557		11,784,500
4.45%, 04/14/46 (Call 10/14/45)^(a)		9,767		9,260,919


				910,365,719

Biotechnology — 2.3%
Amgen Inc.
1.65%, 08/15/28 (Call 06/15/28)^(a)		14,300		11,962,594
2.00%, 01/15/32 (Call 10/15/31)^(a)		15,241		11,790,662
2.20%, 02/21/27 (Call 12/21/26)		20,126		18,032,387
2.30%, 02/25/31 (Call 11/25/30)^(a)		14,700		11,909,608


Security	Par (000)		Value


Biotechnology (continued)
2.45%, 02/21/30 (Call 11/21/29)^(a)	$	15,169	$	12,728,937
2.60%, 08/19/26 (Call 05/19/26)^(a)		12,095		11,122,945
2.77%, 09/01/53 (Call 03/01/53)		10,577		6,360,822
2.80%, 08/15/41 (Call 02/15/41)		12,018		8,271,515
3.00%, 02/22/29 (Call 12/22/28)		9,892		8,789,413
3.00%, 01/15/52 (Call 07/15/51)		14,360		9,151,782
3.15%, 02/21/40 (Call 08/21/39)		23,270		17,076,550
3.20%, 11/02/27 (Call 08/02/27)^(a)		10,344		9,559,406
3.35%, 02/22/32 (Call 11/22/31)		11,914		10,316,061
3.38%, 02/21/50 (Call 08/21/49)		23,914		16,665,695
4.05%, 08/18/29 (Call 06/18/29)		13,886		12,926,747
4.20%, 03/01/33 (Call 12/01/32)^(a)		6,628		6,082,929
4.20%, 02/22/52 (Call 08/22/51)^(a)		11,328		9,061,316
4.40%, 05/01/45 (Call 11/01/44)		24,623		20,595,344
4.40%, 02/22/62 (Call 08/22/61)		12,538		9,983,621
4.56%, 06/15/48 (Call 12/15/47)		15,500		13,291,266
4.66%, 06/15/51 (Call 12/15/50)^(a)		36,623		31,534,351
4.88%, 03/01/53 (Call 09/01/52)		11,624		10,318,151
5.15%, 03/02/28 (Call 02/02/28)		44,965		44,736,402
5.25%, 03/02/30 (Call 01/02/30)		50,640		50,380,733
5.25%, 03/02/33 (Call 12/02/32)		49,255		48,892,449
5.60%, 03/02/43 (Call 09/02/42)		48,180		47,543,677
5.65%, 03/02/53 (Call 09/02/52)		39,650		39,195,984
5.75%, 03/02/63 (Call 09/02/62)		24,985		24,557,804
Biogen Inc.
2.25%, 05/01/30 (Call 02/01/30)^(a)		17,434		14,123,317
3.15%, 05/01/50 (Call 11/01/49)		20,541		13,501,289
5.20%, 09/15/45 (Call 03/15/45)^(a)		7,726		7,374,345
Gilead Sciences Inc.
1.20%, 10/01/27 (Call 08/01/27)		9,855		8,326,013
1.65%, 10/01/30 (Call 07/01/30)^(a)		13,568		10,733,448
2.60%, 10/01/40 (Call 04/01/40)		11,720		8,157,313
2.80%, 10/01/50 (Call 04/01/50)^(a)		18,616		12,044,835
2.95%, 03/01/27 (Call 12/01/26)^(a)		15,296		14,165,944
3.65%, 03/01/26 (Call 12/01/25)		13,249		12,650,378
4.00%, 09/01/36 (Call 03/01/36)^(a)		6,683		5,873,052
4.15%, 03/01/47 (Call 09/01/46)		18,857		15,682,914
4.50%, 02/01/45 (Call 08/01/44)		20,195		17,746,009
4.60%, 09/01/35 (Call 03/01/35)		10,888		10,325,042
4.75%, 03/01/46 (Call 09/01/45)		23,993		21,653,723
4.80%, 04/01/44 (Call 10/01/43)^(a)		18,971		17,430,976
5.65%, 12/01/41 (Call 06/01/41)^(a)		10,572		10,754,016
Regeneron Pharmaceuticals Inc.
1.75%, 09/15/30 (Call 06/15/30)^(a)		13,853		10,759,251
2.80%, 09/15/50 (Call 03/15/50)		5,422		3,377,950
Royalty Pharma PLC
1.75%, 09/02/27 (Call 07/02/27)		10,228		8,670,599
2.20%, 09/02/30 (Call 06/02/30)^(a)		13,434		10,536,369
3.30%, 09/02/40 (Call 03/02/40)		6,708		4,656,209
3.55%, 09/02/50 (Call 03/02/50)^(a)		9,005		5,847,319


				777,229,462

Building Materials — 0.2%
Carrier Global Corp.
2.49%, 02/15/27 (Call 12/15/26)^(a)		8,039		7,240,798
2.70%, 02/15/31 (Call 11/15/30)^(a)		9,446		7,767,090
2.72%, 02/15/30 (Call 11/15/29)^(a)		21,777		18,363,638
3.38%, 04/05/40 (Call 10/05/39)^(a)		12,636		9,443,393
3.58%, 04/05/50 (Call 10/05/49)^(a)		22,265		15,959,149
Martin Marietta Materials Inc.
2.40%, 07/15/31 (Call 04/15/31)^(a)		11,984		9,554,194


Security	Par (000)		Value


Building Materials (continued)
3.20%, 07/15/51 (Call 01/15/51)^(a)	$	3,727	$	2,523,305
Trane Technologies Luxembourg Finance SA, 3.80%, 03/21/29 (Call 12/21/28)		7,588		6,994,669


				77,846,236

Chemicals — 1.0%
Air Products and Chemicals Inc.
2.05%, 05/15/30 (Call 02/15/30)^(a)		12,352		10,313,514
2.70%, 05/15/40 (Call 11/15/39)		6,232		4,608,480
2.80%, 05/15/50 (Call 11/15/49)		10,041		6,913,030
Celanese U.S. Holdings LLC
6.17%, 07/15/27 (Call 06/15/27)		22,525		22,371,402
6.33%, 07/15/29 (Call 05/15/29)^(a)		8,606		8,460,158
6.38%, 07/15/32 (Call 04/15/32)^(a)		10,714		10,374,474
CF Industries Inc.
4.95%, 06/01/43^(a)		8,117		6,807,428
5.15%, 03/15/34^(a)		10,018		9,312,050
5.38%, 03/15/44^(a)		7,110		6,271,183
Dow Chemical Co. (The)
2.10%, 11/15/30 (Call 08/15/30)^(a)		10,751		8,677,443
3.60%, 11/15/50 (Call 05/15/50)		10,783		7,744,836
4.38%, 11/15/42 (Call 05/15/42)		14,879		12,517,201
5.25%, 11/15/41 (Call 05/15/41)^(a)		10,511		9,855,468
5.55%, 11/30/48 (Call 05/30/48)^(a)		8,337		7,912,449
6.90%, 05/15/53 (Call 11/15/52)^(a)		8,243		9,191,341
7.38%, 11/01/29^(a)		12,252		13,580,165
DuPont de Nemours Inc.
4.73%, 11/15/28 (Call 08/15/28)^(a)		25,966		25,481,937
5.32%, 11/15/38 (Call 05/15/38)		15,299		14,841,234
5.42%, 11/15/48 (Call 05/15/48)^(a)		23,776		22,768,188
Eastman Chemical Co., 4.65%, 10/15/44 (Call 04/15/44)^(a)		7,028		5,850,954
Ecolab Inc.
2.70%, 11/01/26 (Call 08/01/26)^(a)		4,527		4,171,886
2.70%, 12/15/51 (Call 06/15/51)^(a)		6,341		4,008,760
International Flavors & Fragrances Inc., 5.00%, 09/26/48 (Call 03/26/48)^(a)		6,275		5,213,699
LYB International Finance BV
4.88%, 03/15/44 (Call 09/15/43)		10,220		8,542,256
5.25%, 07/15/43		7,842		6,933,602
LYB International Finance III LLC
3.38%, 10/01/40 (Call 04/01/40)^(a)		8,556		6,132,339
3.63%, 04/01/51 (Call 04/01/50)^(a)		10,901		7,448,791
4.20%, 10/15/49 (Call 04/15/49)		10,613		7,934,186
4.20%, 05/01/50 (Call 11/01/49)^(a)		11,263		8,449,393
LyondellBasell Industries NV, 4.63%, 02/26/55 (Call 08/26/54)^(a)		11,939		9,477,276
Nutrien Ltd.
4.20%, 04/01/29 (Call 01/01/29)^(a)		10,851		10,244,338
5.00%, 04/01/49 (Call 10/01/48)^(a)		6,985		6,227,524
Sherwin-Williams Co. (The)
2.95%, 08/15/29 (Call 05/15/29)^(a)		7,795		6,753,120
3.45%, 06/01/27 (Call 03/01/27)^(a)		13,768		12,906,107
4.50%, 06/01/47 (Call 12/01/46)		11,952		9,946,121
Westlake Corp., 3.60%, 08/15/26 (Call 05/15/26)^(a)		6,088		5,725,449


				343,967,782

Commercial Services — 0.8%
Automatic Data Processing Inc.
1.25%, 09/01/30 (Call 06/01/30)^(a)		10,626		8,349,527
1.70%, 05/15/28 (Call 03/15/28)		10,827		9,347,593


Security	Par (000)		Value


Commercial Services (continued)
Equifax Inc.
2.35%, 09/15/31 (Call 06/15/31)	$	15,345	$	12,087,382
5.10%, 12/15/27 (Call 11/15/27)^(a)		6,691		6,628,612
Global Payments Inc.
1.20%, 03/01/26 (Call 02/01/26)		1,196		1,045,962
2.15%, 01/15/27 (Call 12/15/26)		7,569		6,639,505
2.90%, 05/15/30 (Call 02/15/30)^(a)		13,224		10,900,252
2.90%, 11/15/31 (Call 08/15/31)		8,054		6,397,638
3.20%, 08/15/29 (Call 05/15/29)^(a)		15,952		13,565,659
4.15%, 08/15/49 (Call 02/15/49)		3,518		2,537,481
4.80%, 04/01/26 (Call 01/01/26)		4,495		4,378,361
5.40%, 08/15/32 (Call 05/15/32)^(a)		8,262		7,890,398
5.95%, 08/15/52 (Call 02/15/52)^(a)		7,116		6,557,630
Massachusetts Institute of Technology, 5.60%, 07/01/2111^(a)		7,933		8,579,771
PayPal Holdings Inc.
2.30%, 06/01/30 (Call 03/01/30)^(a)		10,523		8,663,804
2.65%, 10/01/26 (Call 08/01/26)^(a)		8,261		7,623,296
2.85%, 10/01/29 (Call 07/01/29)^(a)		16,447		14,259,725
3.25%, 06/01/50 (Call 12/01/49)^(a)		5,686		3,889,142
4.40%, 06/01/32 (Call 03/01/32)^(a)		10,839		10,186,327
5.05%, 06/01/52 (Call 12/01/51)^(a)		7,161		6,508,692
Quanta Services Inc., 2.90%, 10/01/30 (Call 07/01/30)		15,259		12,631,608
RELX Capital Inc.
3.00%, 05/22/30 (Call 02/22/30)		8,429		7,259,577
4.00%, 03/18/29 (Call 12/18/28)		9,927		9,195,318
S&P Global Inc.
2.45%, 03/01/27 (Call 02/01/27)		12,463		11,343,347
2.70%, 03/01/29		19,284		16,935,287
2.90%, 03/01/32		24,147		20,667,655
3.70%, 03/01/52		11,032		8,704,571
4.25%, 05/01/29		11,407		10,825,688


				253,599,808

Computers — 3.0%
Apple Inc.
1.25%, 08/20/30 (Call 05/20/30)		12,604		9,906,239
1.40%, 08/05/28 (Call 06/05/28)		24,406		20,602,396
1.65%, 05/11/30 (Call 02/11/30)		17,975		14,662,743
1.65%, 02/08/31 (Call 11/08/30)		29,796		23,880,198
1.70%, 08/05/31 (Call 05/05/31)^(a)		10,753		8,548,851
2.05%, 09/11/26 (Call 07/11/26)		21,146		19,240,280
2.20%, 09/11/29 (Call 06/11/29)^(a)		18,487		15,898,086
2.38%, 02/08/41 (Call 08/08/40)^(a)		16,274		11,468,005
2.40%, 08/20/50 (Call 02/20/50)		15,045		9,501,757
2.45%, 08/04/26 (Call 05/04/26)^(a)		24,668		22,840,550
2.55%, 08/20/60 (Call 02/20/60)^(a)		19,620		12,096,597
2.65%, 05/11/50 (Call 11/11/49)^(a)		26,272		17,590,302
2.65%, 02/08/51 (Call 08/08/50)^(a)		30,891		20,529,782
2.70%, 08/05/51 (Call 02/05/51)^(a)		17,060		11,337,585
2.80%, 02/08/61 (Call 02/08/60)		18,032		11,465,539
2.85%, 08/05/61 (Call 02/05/61)		15,840		10,198,931
2.90%, 09/12/27 (Call 06/12/27)^(a)		22,611		21,020,524
2.95%, 09/11/49 (Call 03/11/49)^(a)		17,165		12,283,595
3.00%, 06/20/27 (Call 03/20/27)^(a)		12,326		11,583,180
3.00%, 11/13/27 (Call 08/13/27)^(a)		15,556		14,486,973
3.20%, 05/11/27 (Call 02/11/27)^(a)		19,902		18,797,763
3.25%, 08/08/29 (Call 06/08/29)		11,201		10,297,503
3.35%, 02/09/27 (Call 11/09/26)^(a)		24,008		22,873,440
3.35%, 08/08/32 (Call 05/08/32)^(a)		16,722		15,054,318
3.45%, 02/09/45^(a)		22,180		17,897,277


Security	Par (000)		Value


Computers (continued)
3.75%, 09/12/47 (Call 03/12/47)	$	10,038	$	8,343,542
3.75%, 11/13/47 (Call 05/13/47)^(a)		13,564		11,272,794
3.85%, 05/04/43		30,538		26,255,537
3.85%, 08/04/46 (Call 02/04/46)		22,139		18,647,582
3.95%, 08/08/52 (Call 02/08/52)^(a)		18,443		15,647,263
4.10%, 08/08/62 (Call 02/08/62)		11,942		10,055,655
4.25%, 02/09/47 (Call 08/09/46)^(a)		12,094		11,013,353
4.38%, 05/13/45		20,679		18,974,041
4.45%, 05/06/44^(a)		10,661		10,123,779
4.50%, 02/23/36 (Call 08/23/35)^(a)		11,046		10,827,769
4.65%, 02/23/46 (Call 08/23/45)		42,633		40,532,626
Dell International LLC/EMC Corp.
3.38%, 12/15/41 (Call 06/15/41)^(a)(c)		8,442		5,583,940
3.45%, 12/15/51 (Call 06/15/51)^(c)		11,104		6,763,669
4.90%, 10/01/26 (Call 08/01/26)^(a)		18,905		18,484,617
5.25%, 02/01/28 (Call 01/01/28)		3,184		3,132,413
5.30%, 10/01/29 (Call 07/01/29)^(a)		21,672		20,926,600
5.75%, 02/01/33 (Call 11/01/32)^(a)		8,521		8,281,645
6.02%, 06/15/26 (Call 03/15/26)^(a)		48,536		49,156,741
6.20%, 07/15/30 (Call 04/15/30)^(a)		8,468		8,596,949
8.10%, 07/15/36 (Call 01/15/36)		8,101		9,086,161
8.35%, 07/15/46 (Call 01/15/46)		8,690		9,897,666
Hewlett Packard Enterprise Co.
1.75%, 04/01/26 (Call 03/01/26)^(a)		983		882,038
6.20%, 10/15/35 (Call 04/15/35)^(a)		5,117		5,249,566
6.35%, 10/15/45 (Call 04/15/45)^(a)		12,730		12,480,871
HP Inc.
1.45%, 06/17/26 (Call 05/17/26)^(a)		6,676		5,859,309
2.65%, 06/17/31 (Call 03/17/31)		12,848		10,094,469
3.00%, 06/17/27 (Call 04/17/27)^(a)		12,444		11,304,829
3.40%, 06/17/30 (Call 03/17/30)^(a)		5,659		4,831,461
4.00%, 04/15/29 (Call 02/15/29)^(a)		10,327		9,384,349
4.20%, 04/15/32 (Call 01/15/32)		11,417		9,800,796
4.75%, 01/15/28 (Call 12/15/27)		8,570		8,248,950
5.50%, 01/15/33 (Call 10/15/32)^(a)		12,439		11,718,735
6.00%, 09/15/41^(a)		15,141		14,797,230
International Business Machines Corp.
1.70%, 05/15/27 (Call 03/15/27)^(a)		15,197		13,323,404
1.95%, 05/15/30 (Call 02/15/30)		15,203		12,246,971
2.95%, 05/15/50 (Call 11/15/49)^(a)		8,667		5,629,823
3.30%, 05/15/26^(a)		28,498		26,923,759
3.50%, 05/15/29		33,774		30,806,171
4.00%, 06/20/42^(a)		13,840		11,280,556
4.15%, 07/27/27 (Call 06/27/27)^(a)		9,904		9,573,630
4.15%, 05/15/39		22,140		18,743,895
4.25%, 05/15/49^(a)		31,371		25,794,347
4.40%, 07/27/32 (Call 04/27/32)^(a)		9,390		8,790,073
4.50%, 02/06/28 (Call 01/06/28)^(a)		7,533		7,330,371
4.75%, 02/06/33 (Call 11/06/32)^(a)		6,695		6,393,813
4.90%, 07/27/52 (Call 01/27/52)^(a)		6,007		5,399,972
Leidos Inc.
2.30%, 02/15/31 (Call 11/15/30)		11,123		8,686,479
4.38%, 05/15/30 (Call 02/15/30)^(a)		6,136		5,623,600


				1,006,866,223

Cosmetics & Personal Care — 0.5%
GSK Consumer Healthcare Capital U.S. LLC
3.38%, 03/24/27 (Call 02/24/27)		19,819		18,438,912
3.38%, 03/24/29 (Call 01/24/29)^(a)		11,250		10,008,742
3.63%, 03/24/32 (Call 12/24/31)		25,348		22,144,373
4.00%, 03/24/52 (Call 09/24/51)		5,062		3,942,150


Security	Par (000)		Value


Cosmetics & Personal Care (continued)
Procter & Gamble Co. (The)
1.00%, 04/23/26^(a)	$	6,989	$	6,224,635
1.20%, 10/29/30		23,070		18,183,873
1.90%, 02/01/27^(a)		7,376		6,705,793
1.95%, 04/23/31^(a)		10,112		8,432,396
2.30%, 02/01/32^(a)		8,479		7,150,780
2.45%, 11/03/26		7,496		6,900,182
2.85%, 08/11/27^(a)		9,099		8,471,954
3.00%, 03/25/30		16,302		14,758,729
4.05%, 01/26/33^(a)		1,825		1,764,984
Unilever Capital Corp.
1.75%, 08/12/31 (Call 05/12/31)^(a)		8,305		6,565,651
2.13%, 09/06/29 (Call 06/06/29)^(a)		8,745		7,356,987
2.90%, 05/05/27 (Call 02/05/27)		6,689		6,207,593
3.50%, 03/22/28 (Call 12/22/27)^(a)		11,699		10,972,941
5.90%, 11/15/32^(a)		11,979		12,914,270


				177,144,945

Diversified Financial Services — 2.8%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
2.45%, 10/29/26 (Call 09/29/26)^(a)		40,695		35,883,191
3.00%, 10/29/28 (Call 08/29/28)		41,184		35,083,797
3.30%, 01/30/32 (Call 10/30/31)		38,611		30,847,494
3.40%, 10/29/33 (Call 07/29/33)		18,098		14,043,791
3.65%, 07/21/27 (Call 04/21/27)		12,503		11,360,708
3.85%, 10/29/41 (Call 04/29/41)^(a)		19,972		14,649,218
Air Lease Corp.
1.88%, 08/15/26 (Call 07/15/26)		13,892		12,118,939
2.20%, 01/15/27 (Call 12/15/26)^(a)		10,111		8,885,663
2.88%, 01/15/32 (Call 10/15/31)^(a)		2,965		2,323,191
3.13%, 12/01/30 (Call 09/01/30)		8,304		6,819,308
3.75%, 06/01/26 (Call 04/01/26)^(a)		10,833		10,172,109
Ally Financial Inc.
2.20%, 11/02/28 (Call 09/02/28)^(a)		4,993		4,069,290
4.75%, 06/09/27 (Call 05/09/27)^(a)		7,429		7,074,226
7.10%, 11/15/27 (Call 10/15/27)^(a)		5,516		5,725,748
8.00%, 11/01/31^(a)		24,730		26,618,289
American Express Co.
1.65%, 11/04/26 (Call 10/04/26)		12,426		10,988,657
2.55%, 03/04/27 (Call 02/01/27)^(a)		15,054		13,630,918
3.13%, 05/20/26 (Call 04/20/26)^(a)		5,103		4,786,611
3.30%, 05/03/27 (Call 04/02/27)		17,689		16,490,331
4.05%, 05/03/29 (Call 03/03/29)^(a)		5,848		5,548,576
4.05%, 12/03/42^(a)		15,177		13,357,088
5.85%, 11/05/27 (Call 10/05/27)^(a)		11,281		11,616,173
Brookfield Finance Inc.
3.50%, 03/30/51 (Call 09/30/50)^(a)		8,943		6,022,470
3.90%, 01/25/28 (Call 10/25/27)		10,583		9,855,849
4.35%, 04/15/30 (Call 01/15/30)		5,668		5,219,504
4.70%, 09/20/47 (Call 03/20/47)		8,834		7,494,813
4.85%, 03/29/29 (Call 12/29/28)^(a)		12,361		11,905,319
Capital One Financial Corp.
3.65%, 05/11/27 (Call 04/11/27)^(a)		7,710		7,184,298
3.75%, 07/28/26 (Call 06/28/26)^(a)		12,610		11,838,220
3.75%, 03/09/27 (Call 02/09/27)^(a)		13,689		12,808,503
3.80%, 01/31/28 (Call 12/31/27)^(a)		12,610		11,687,885
Charles Schwab Corp. (The)
0.90%, 03/11/26 (Call 02/11/26)^(a)		3,574		3,151,170
1.15%, 05/13/26 (Call 04/13/26)		7,333		6,476,836
1.65%, 03/11/31 (Call 12/11/30)		11,281		8,791,282


Security	Par (000)		Value


Diversified Financial Services (continued)
1.95%, 12/01/31 (Call 09/01/31)	$	11,962	$	9,361,816
2.00%, 03/20/28 (Call 01/20/28)^(a)		17,743		15,462,361
2.30%, 05/13/31 (Call 02/13/31)^(a)		9,411		7,700,251
2.45%, 03/03/27 (Call 02/03/27)^(a)		21,166		19,200,972
2.90%, 03/03/32 (Call 12/03/31)^(a)		13,207		11,154,600
CME Group Inc.
2.65%, 03/15/32 (Call 12/15/31)		5,569		4,663,650
5.30%, 09/15/43 (Call 03/15/43)		8,446		8,610,298
Discover Financial Services
4.10%, 02/09/27 (Call 11/09/26)^(a)		7,927		7,513,196
6.70%, 11/29/32 (Call 08/29/32)^(a)		4,165		4,302,499
Intercontinental Exchange Inc.
1.85%, 09/15/32 (Call 06/15/32)^(a)		17,291		12,963,862
2.10%, 06/15/30 (Call 03/15/30)^(a)		14,719		11,924,159
2.65%, 09/15/40 (Call 03/15/40)^(a)		11,777		8,251,289
3.00%, 06/15/50 (Call 12/15/49)^(a)		13,710		9,257,717
3.00%, 09/15/60 (Call 03/15/60)^(a)		15,928		10,055,348
4.00%, 09/15/27 (Call 08/15/27)^(a)		15,879		15,415,671
4.25%, 09/21/48 (Call 03/21/48)		14,562		12,518,995
4.35%, 06/15/29 (Call 04/15/29)^(a)		14,716		14,271,365
4.60%, 03/15/33 (Call 12/15/32)^(a)		17,033		16,216,852
4.95%, 06/15/52 (Call 12/15/51)^(a)		16,854		15,898,559
5.20%, 06/15/62 (Call 01/15/62)		9,390		9,166,119
Jefferies Financial Group Inc.
4.15%, 01/23/30^(a)		12,088		10,924,881
4.85%, 01/15/27^(a)		8,064		7,916,258
Jefferies Group LLC/Jefferies Group Capital Finance Inc., 2.63%, 10/15/31 (Call 07/15/31)^(a)		7,432		5,805,554
Mastercard Inc.
2.00%, 11/18/31 (Call 08/18/31)		10,049		8,112,312
2.95%, 11/21/26 (Call 08/21/26)^(a)		5,015		4,688,919
2.95%, 06/01/29 (Call 03/01/29)		10,908		9,816,898
3.30%, 03/26/27 (Call 01/26/27)^(a)		7,737		7,313,956
3.35%, 03/26/30 (Call 12/26/29)^(a)		16,461		15,070,925
3.65%, 06/01/49 (Call 12/01/48)		7,263		5,926,272
3.85%, 03/26/50 (Call 09/26/49)^(a)		11,759		9,876,385
Nomura Holdings Inc.
1.65%, 07/14/26^(a)		13,287		11,573,613
2.17%, 07/14/28		11,903		9,913,863
2.33%, 01/22/27^(a)		11,989		10,602,747
2.61%, 07/14/31		13,417		10,516,234
2.68%, 07/16/30		11,844		9,600,632
3.00%, 01/22/32		8,668		6,928,495
3.10%, 01/16/30^(a)		17,206		14,574,033
6.18%, 01/18/33^(a)		5,100		5,159,277
Raymond James Financial Inc.
3.75%, 04/01/51 (Call 10/01/50)		7,664		5,736,805
4.95%, 07/15/46^(a)		8,537		7,777,245
Synchrony Financial
2.88%, 10/28/31 (Call 07/28/31)^(a)		8,643		6,496,850
3.95%, 12/01/27 (Call 09/01/27)^(a)		8,812		8,028,752
Visa Inc.
1.10%, 02/15/31 (Call 11/15/30)^(a)		10,541		8,075,466
1.90%, 04/15/27 (Call 02/15/27)^(a)		16,298		14,626,841
2.00%, 08/15/50 (Call 02/15/50)^(a)		17,696		10,412,449
2.05%, 04/15/30 (Call 01/15/30)		16,020		13,529,829
2.70%, 04/15/40 (Call 10/15/39)		8,739		6,544,033
2.75%, 09/15/27 (Call 06/15/27)^(a)		9,208		8,511,395
3.65%, 09/15/47 (Call 03/15/47)^(a)		9,095		7,521,097
4.15%, 12/14/35 (Call 06/14/35)^(a)		14,479		13,609,126


Security	Par (000)		Value


Diversified Financial Services (continued)
4.30%, 12/14/45 (Call 06/14/45)	$	36,705	$	33,121,920


				936,752,106

Electric — 3.1%
AES Corp. (The), 2.45%, 01/15/31 (Call 10/15/30)^(a)		18,312		14,542,814
Ameren Corp., 3.50%, 01/15/31 (Call 10/15/30)^(a)		6,044		5,304,463
Avangrid Inc., 3.80%, 06/01/29 (Call 03/01/29)^(a)		11,488		10,433,065
Berkshire Hathaway Energy Co.
2.85%, 05/15/51 (Call 11/15/50)^(a)		15,469		10,041,047
3.70%, 07/15/30 (Call 04/15/30)		9,519		8,740,207
3.80%, 07/15/48 (Call 01/15/48)		8,867		6,828,974
4.25%, 10/15/50 (Call 04/15/50)^(a)		9,333		7,681,318
4.45%, 01/15/49 (Call 07/15/48)		10,885		9,360,007
4.50%, 02/01/45 (Call 08/01/44)		7,739		6,694,386
4.60%, 05/01/53 (Call 11/01/52)^(a)		11,968		10,444,575
5.15%, 11/15/43 (Call 05/15/43)^(a)		7,897		7,459,255
6.13%, 04/01/36^(a)		21,760		23,100,192
Commonwealth Edison Co., 4.00%, 03/01/48 (Call 09/01/47)		6,106		4,996,718
Connecticut Light & Power Co. (The), 4.00%, 04/01/48 (Call 10/01/47)		2,903		2,419,633
Consolidated Edison Co. of New York Inc.
2.40%, 06/15/31 (Call 03/15/31)^(a)		9,696		7,932,533
3.60%, 06/15/61 (Call 12/15/60)^(a)		11,125		7,966,492
4.45%, 03/15/44 (Call 09/15/43)		4,889		4,151,898
4.63%, 12/01/54 (Call 06/01/54)		2,020		1,724,326
Series 20B, 3.95%, 04/01/50 (Call 10/01/49)^(a)		10,474		8,257,242
Constellation Energy Generation LLC
5.60%, 03/01/28 (Call 02/01/28)		5,285		5,317,779
5.60%, 06/15/42 (Call 12/15/41)^(a)		10,781		10,358,950
6.25%, 10/01/39^(a)		10,533		10,844,522
Dominion Energy Inc.
5.38%, 11/15/32 (Call 08/15/32)		6,977		6,828,301
Series C, 2.25%, 08/15/31 (Call 05/15/31)^(a)		16,485		13,022,225
Series C, 3.38%, 04/01/30 (Call 01/01/30)^(a)		12,369		10,817,090
Duke Energy Carolinas LLC
3.20%, 08/15/49 (Call 02/15/49)		9,711		6,845,391
4.95%, 01/15/33 (Call 10/15/32)		6,102		5,993,558
5.30%, 02/15/40^(a)		9,125		8,910,804
5.35%, 01/15/53 (Call 07/15/52)		7,775		7,650,217
Duke Energy Corp.
2.45%, 06/01/30 (Call 03/01/30)		10,717		8,801,050
2.55%, 06/15/31 (Call 03/15/31)		12,842		10,352,920
2.65%, 09/01/26 (Call 06/01/26)		14,626		13,360,127
3.15%, 08/15/27 (Call 05/15/27)		6,161		5,666,386
3.30%, 06/15/41 (Call 12/15/40)		6,043		4,364,611
3.50%, 06/15/51 (Call 12/15/50)^(a)		7,525		5,248,651
3.75%, 09/01/46 (Call 03/01/46)		16,179		11,913,251
4.30%, 03/15/28 (Call 02/15/28)^(a)		8,004		7,639,890
4.50%, 08/15/32 (Call 05/15/32)^(a)		13,383		12,376,898
5.00%, 08/15/52 (Call 02/15/52)^(a)		12,029		10,637,786
Duke Energy Florida LLC, 6.40%, 06/15/38		10,512		11,529,820
Emera U.S. Finance LP
3.55%, 06/15/26 (Call 03/15/26)^(a)		5,383		5,048,630
4.75%, 06/15/46 (Call 12/15/45)		10,172		7,983,729
Entergy Corp., 2.95%, 09/01/26 (Call 06/01/26)		4,998		4,596,284
Entergy Louisiana LLC, 4.20%, 09/01/48 (Call 03/01/48)		3,443		2,860,324
Evergy Inc., 2.90%, 09/15/29 (Call 06/15/29)		7,302		6,257,101
Exelon Corp.
3.40%, 04/15/26 (Call 01/15/26)		2,784		2,626,673


Security	Par (000)		Value


Electric (continued)
4.05%, 04/15/30 (Call 01/15/30)	$	12,881	$	11,811,279
4.45%, 04/15/46 (Call 10/15/45)		5,728		4,775,719
4.70%, 04/15/50 (Call 10/15/49)		6,884		5,954,015
5.15%, 03/15/28 (Call 02/15/28)		4,085		4,047,060
5.30%, 03/15/33 (Call 12/15/32)^(a)		8,665		8,554,459
Florida Power & Light Co.
2.45%, 02/03/32 (Call 11/03/31)^(a)		18,467		15,168,147
2.88%, 12/04/51 (Call 06/04/51)^(a)		10,613		7,059,468
3.15%, 10/01/49 (Call 04/01/49)		7,416		5,246,400
3.95%, 03/01/48 (Call 09/01/47)^(a)		8,061		6,563,325
5.05%, 04/01/28 (Call 03/01/28)		4,060		4,054,722
5.10%, 04/01/33 (Call 01/03/33)		7,640		7,627,623
5.30%, 04/01/53 (Call 10/01/52)		5,060		5,034,801
Georgia Power Co.
4.30%, 03/15/42^(a)		15,993		13,426,138
5.13%, 05/15/52 (Call 11/15/51)^(a)		6,663		6,199,786
Series A, 3.25%, 03/15/51 (Call 09/15/50)^(a)		5,776		3,898,239
MidAmerican Energy Co.
3.65%, 04/15/29 (Call 01/15/29)		10,080		9,329,220
4.25%, 07/15/49 (Call 01/15/49)		10,583		9,137,580
NextEra Energy Capital Holdings Inc.
1.88%, 01/15/27 (Call 12/15/26)		8,346		7,361,436
1.90%, 06/15/28 (Call 04/15/28)		21,359		18,056,595
2.25%, 06/01/30 (Call 03/01/30)		22,414		18,126,641
2.44%, 01/15/32 (Call 10/15/31)^(a)		12,212		9,645,586
2.75%, 11/01/29 (Call 08/01/29)		4,918		4,189,434
3.55%, 05/01/27 (Call 02/01/27)^(a)		14,404		13,472,970
4.63%, 07/15/27 (Call 06/15/27)		12,319		11,971,091
4.90%, 02/28/28 (Call 01/28/28)		12,670		12,399,892
5.00%, 07/15/32 (Call 04/15/32)^(a)		11,077		10,653,262
5.05%, 02/28/33 (Call 11/28/32)		12,407		11,990,728
5.25%, 02/28/53 (Call 08/28/52)		13,407		12,629,976
Pacific Gas and Electric Co.
2.10%, 08/01/27 (Call 06/01/27)		9,009		7,669,242
2.50%, 02/01/31 (Call 11/01/30)^(a)		20,572		16,011,556
3.00%, 06/15/28 (Call 04/15/28)^(a)		7,908		6,902,189
3.15%, 01/01/26		12,427		11,538,000
3.25%, 06/01/31 (Call 03/01/31)^(a)		8,623		7,030,484
3.30%, 12/01/27 (Call 09/01/27)^(a)		11,786		10,523,221
3.30%, 08/01/40 (Call 02/01/40)^(a)		13,079		8,854,592
3.50%, 08/01/50 (Call 02/01/50)^(a)		21,403		13,460,276
3.75%, 07/01/28^(a)		8,667		7,777,749
3.95%, 12/01/47 (Call 06/01/47)		11,880		8,137,659
4.50%, 07/01/40 (Call 01/01/40)		22,865		17,871,100
4.55%, 07/01/30 (Call 01/01/30)^(a)		36,288		32,772,366
4.95%, 07/01/50 (Call 01/01/50)^(a)		34,009		26,776,095
6.15%, 01/15/33 (Call 10/15/32)		3,436		3,390,765
6.75%, 01/15/53 (Call 07/15/52)		4,298		4,256,120
PacifiCorp
2.90%, 06/15/52 (Call 12/15/51)		10,916		7,179,871
5.35%, 12/01/53 (Call 06/01/53)		12,371		12,169,009
Public Service Co. of Colorado, 1.88%, 06/15/31 (Call 12/15/30)		9,428		7,463,805
Public Service Enterprise Group Inc., 2.45%, 11/15/31 (Call 08/15/31)^(a)		5,003		3,995,672
San Diego Gas & Electric Co.
Series VVV, 1.70%, 10/01/30 (Call 07/01/30)^(a)		8,909		7,016,944
Series WWW, 2.95%, 08/15/51 (Call 02/15/51)		8,627		5,699,292
Sempra Energy
3.25%, 06/15/27 (Call 03/15/27)^(a)		8,501		7,840,124


Security	Par (000)		Value


Electric (continued)
3.40%, 02/01/28 (Call 10/01/27)	$	10,169	$	9,304,952
3.80%, 02/01/38 (Call 08/01/37)^(a)		11,798		9,651,513
4.00%, 02/01/48 (Call 08/01/47)		7,561		5,842,482
6.00%, 10/15/39		8,623		8,768,053
Southern California Edison Co.
3.65%, 02/01/50 (Call 08/01/49)^(a)		12,495		9,143,268
4.00%, 04/01/47 (Call 10/01/46)^(a)		20,555		16,051,451
4.65%, 10/01/43 (Call 04/01/43)		8,758		7,573,709
5.30%, 03/01/28 (Call 02/01/28)		1,105		1,102,459
5.85%, 11/01/27 (Call 10/01/27)		6,646		6,805,287
5.95%, 11/01/32 (Call 08/01/32)^(a)		5,994		6,236,086
Series 20A, 2.95%, 02/01/51 (Call 08/01/50)^(a)		6,423		4,117,590
Series C, 4.13%, 03/01/48 (Call 09/01/47)		14,604		11,563,570
Southern Co. (The)
3.25%, 07/01/26 (Call 04/01/26)^(a)		15,649		14,574,346
4.40%, 07/01/46 (Call 01/01/46)^(a)		21,714		17,793,049
Series A, 3.70%, 04/30/30 (Call 01/30/30)		8,527		7,681,424
Series B, 4.00%, 01/15/51 (Call 01/15/26), (5 year CMT + 3.733%)^(a)(b)		13,346		12,494,892
Virginia Electric & Power Co.
2.45%, 12/15/50 (Call 06/15/50)		5,366		3,178,883
2.95%, 11/15/51 (Call 05/15/51)		7,126		4,681,079
Series A, 3.50%, 03/15/27 (Call 12/15/26)		5,670		5,337,913


				1,030,555,842

Electrical Components & Equipment — 0.1%
Emerson Electric Co.
0.88%, 10/15/26 (Call 09/15/26)		5,169		4,463,164
2.00%, 12/21/28 (Call 10/21/28)^(a)		10,627		9,061,742
2.20%, 12/21/31 (Call 09/21/31)^(a)		10,815		8,664,912
2.80%, 12/21/51 (Call 06/21/51)		5,152		3,301,287


				25,491,105

Electronics — 0.2%
Amphenol Corp.
2.20%, 09/15/31 (Call 06/15/31)		6,958		5,537,753
2.80%, 02/15/30 (Call 11/15/29)		10,410		8,962,536
Honeywell International Inc.
1.10%, 03/01/27 (Call 02/01/27)		8,025		6,953,888
1.75%, 09/01/31 (Call 06/01/31)^(a)		19,768		15,627,596
1.95%, 06/01/30 (Call 03/01/30)		8,169		6,745,366
2.50%, 11/01/26 (Call 08/01/26)^(a)		12,688		11,719,847
2.70%, 08/15/29 (Call 05/15/29)^(a)		9,586		8,405,465
2.80%, 06/01/50 (Call 12/01/49)^(a)		2,362		1,695,539
5.00%, 02/15/33 (Call 11/15/32)^(a)		14,069		14,230,206


				79,878,196

Entertainment — 0.6%
Magallanes Inc.
3.76%, 03/15/27 (Call 02/15/27)^(a)(c)		39,257		35,995,226
4.05%, 03/15/29 (Call 01/15/29)^(a)(c)		12,588		11,238,924
4.28%, 03/15/32 (Call 12/15/31)^(a)(c)		52,544		45,280,606
5.05%, 03/15/42 (Call 09/15/41)^(c)		48,027		38,852,215
5.14%, 03/15/52 (Call 09/15/51)^(a)(c)		74,870		58,672,130
5.39%, 03/15/62 (Call 09/15/61)^(c)		28,886		22,410,831


				212,449,932

Environmental Control — 0.2%
Republic Services Inc.
1.75%, 02/15/32 (Call 11/15/31)^(a)		9,161		7,027,574
3.95%, 05/15/28 (Call 02/15/28)		9,035		8,553,199


Security	Par (000)		Value


Environmental Control (continued)
Waste Connections Inc.
2.95%, 01/15/52 (Call 07/15/51)	$	3,973	$	2,605,980
4.20%, 01/15/33 (Call 10/15/32)^(a)		8,685		8,017,570
Waste Management Inc.
1.50%, 03/15/31 (Call 12/15/30)^(a)		12,369		9,524,291
3.15%, 11/15/27 (Call 08/15/27)^(a)		6,766		6,250,517
4.15%, 04/15/32 (Call 01/15/32)^(a)		11,171		10,451,795
4.63%, 02/15/30 (Call 12/15/29)		10,250		9,949,839


				62,380,765

Food — 1.0%
Campbell Soup Co., 4.15%, 03/15/28 (Call 12/15/27)^(a)		10,401		9,929,150
Conagra Brands Inc.
1.38%, 11/01/27 (Call 09/01/27)		14,661		12,201,498
4.85%, 11/01/28 (Call 08/01/28)		13,739		13,305,157
5.30%, 11/01/38 (Call 05/01/38)		9,262		8,615,887
5.40%, 11/01/48 (Call 05/01/48)^(a)		7,122		6,474,944
General Mills Inc.
2.88%, 04/15/30 (Call 01/15/30)		7,361		6,360,480
3.20%, 02/10/27 (Call 11/10/26)^(a)		4,120		3,887,443
4.20%, 04/17/28 (Call 01/17/28)^(a)		11,442		10,976,694
Hormel Foods Corp.
1.70%, 06/03/28 (Call 04/03/28)		2,729		2,338,017
1.80%, 06/11/30 (Call 03/11/30)^(a)		11,580		9,407,189
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance Inc.
2.50%, 01/15/27 (Call 12/15/26)^(a)(c)		2,671		2,321,339
3.63%, 01/15/32 (Call 01/15/27)^(a)(c)		7,969		6,383,860
Kellogg Co., 3.25%, 04/01/26		1,248		1,177,792
Kraft Heinz Foods Co.
3.00%, 06/01/26 (Call 03/01/26)^(a)		17,852		16,606,466
3.88%, 05/15/27 (Call 02/15/27)^(a)		6,314		6,000,194
4.38%, 06/01/46 (Call 12/01/45)		29,044		23,804,027
4.88%, 10/01/49 (Call 04/01/49)^(a)		16,328		14,366,117
5.00%, 06/04/42		20,272		18,356,203
5.20%, 07/15/45 (Call 01/15/45)		21,100		19,469,603
5.50%, 06/01/50 (Call 12/01/49)^(a)		9,713		9,326,727
6.88%, 01/26/39		10,708		11,636,381
Kroger Co. (The)
2.65%, 10/15/26 (Call 07/15/26)^(a)		6,977		6,428,411
3.95%, 01/15/50 (Call 07/15/49)^(a)		5,330		4,125,538
4.45%, 02/01/47 (Call 08/01/46)^(a)		8,178		6,818,781
McCormick & Co. Inc./MD, 3.40%, 08/15/27 (Call 05/15/27)^(a)		5,232		4,854,827
Mondelez International Inc.
2.63%, 03/17/27 (Call 01/17/27)^(a)		6,947		6,339,569
2.63%, 09/04/50 (Call 03/04/50)^(a)		5,371		3,378,215
2.75%, 04/13/30 (Call 01/13/30)^(a)		6,619		5,687,312
3.00%, 03/17/32 (Call 12/17/31)		8,934		7,546,107
Sysco Corp.
3.15%, 12/14/51 (Call 06/14/51)		6,333		4,153,321
3.25%, 07/15/27 (Call 04/15/27)^(a)		6,383		5,896,599
3.30%, 07/15/26 (Call 04/15/26)^(a)		7,500		7,048,096
5.95%, 04/01/30 (Call 01/01/30)^(a)		10,241		10,613,229
6.60%, 04/01/50 (Call 10/01/49)		11,979		13,105,299
Tyson Foods Inc.
3.55%, 06/02/27 (Call 03/02/27)^(a)		15,461		14,461,347
4.00%, 03/01/26 (Call 01/01/26)^(a)		2,293		2,211,915
4.35%, 03/01/29 (Call 12/01/28)		10,958		10,398,952
4.55%, 06/02/47 (Call 12/02/46)		3,940		3,273,554


Security	Par (000)		Value


Food (continued)
5.10%, 09/28/48 (Call 03/28/48)^(a)	$	14,965	$	13,506,697


				342,792,937

Gas — 0.2%
Atmos Energy Corp., 4.13%, 10/15/44 (Call 04/15/44)		7,337		6,114,952
NiSource Inc.
1.70%, 02/15/31 (Call 11/15/30)^(a)		12,465		9,499,683
2.95%, 09/01/29 (Call 06/01/29)		10,819		9,329,967
3.49%, 05/15/27 (Call 02/15/27)^(a)		12,495		11,663,896
3.60%, 05/01/30 (Call 02/01/30)^(a)		10,922		9,717,452
3.95%, 03/30/48 (Call 09/30/47)		8,077		6,288,151
4.38%, 05/15/47 (Call 11/15/46)^(a)		10,504		8,743,751
4.80%, 02/15/44 (Call 08/15/43)		6,951		6,177,031


				67,534,883

Hand & Machine Tools — 0.2%
Regal Rexnord Corp.
6.05%, 04/15/28 (Call 03/15/28)		8,890		8,690,864
6.30%, 02/15/30 (Call 12/15/29)^(c)		13,288		13,045,317
6.40%, 04/15/33 (Call 01/15/33)^(a)(c)		17,198		16,887,327
Stanley Black & Decker Inc.
2.30%, 03/15/30 (Call 12/15/29)^(a)		9,872		8,010,977
2.75%, 11/15/50 (Call 05/15/50)^(a)		3,508		2,099,009


				48,733,494

Health Care - Products — 0.9%
Abbott Laboratories
3.75%, 11/30/26 (Call 08/30/26)^(a)		13,799		13,336,342
4.75%, 11/30/36 (Call 05/30/36)^(a)		19,286		19,161,794
4.90%, 11/30/46 (Call 05/30/46)		30,074		29,552,908
Baxter International Inc.
1.92%, 02/01/27 (Call 01/01/27)^(a)		15,976		13,919,638
2.27%, 12/01/28 (Call 10/01/28)^(a)		12,918		10,805,198
2.54%, 02/01/32 (Call 11/01/31)^(a)		14,927		11,543,579
2.60%, 08/15/26 (Call 05/15/26)		5,382		4,888,821
3.13%, 12/01/51 (Call 06/01/51)^(a)		2,391		1,448,601
Boston Scientific Corp., 2.65%, 06/01/30 (Call 03/01/30)^(a)		12,751		10,890,953
Danaher Corp.
2.60%, 10/01/50 (Call 04/01/50)^(a)		9,454		6,017,668
2.80%, 12/10/51 (Call 06/10/51)^(a)		10,016		6,597,869
DH Europe Finance II Sarl
2.60%, 11/15/29 (Call 08/15/29)^(a)		8,773		7,572,862
3.25%, 11/15/39 (Call 05/15/39)^(a)		9,940		7,908,360
3.40%, 11/15/49 (Call 05/15/49)		8,257		6,220,125
GE Healthcare Holding LLC
5.65%, 11/15/27 (Call 10/15/27)^(c)		14,762		14,955,131
5.86%, 03/15/30 (Call 01/15/30)^(c)		13,214		13,507,741
5.91%, 11/22/32 (Call 08/22/32)^(a)(c)		15,205		15,711,036
6.38%, 11/22/52 (Call 05/22/52)^(c)		9,353		10,058,364
Medtronic Inc.
4.38%, 03/15/35^(a)		26,173		24,806,628
4.63%, 03/15/45^(a)		15,351		14,313,180
PerkinElmer Inc., 3.30%, 09/15/29 (Call 06/15/29)		12,385		10,699,683
Stryker Corp.
1.95%, 06/15/30 (Call 03/15/30)^(a)		9,672		7,865,905
3.50%, 03/15/26 (Call 12/15/25)		2,664		2,543,739
4.63%, 03/15/46 (Call 09/15/45)		4,404		3,889,848
Thermo Fisher Scientific Inc.
2.00%, 10/15/31 (Call 07/15/31)^(a)		19,781		15,782,067
2.60%, 10/01/29 (Call 07/01/29)^(a)		9,730		8,415,394
2.80%, 10/15/41 (Call 04/15/41)		9,189		6,628,278


Security	Par (000)		Value

Health Care - Products (continued)
4.10%, 08/15/47 (Call 02/15/47)^(a)	$	5,082	$	4,439,139
Zimmer Biomet Holdings Inc., 2.60%, 11/24/31 (Call 08/24/31)^(a)		8,310		6,733,889


				310,214,740

Health Care - Services — 3.1%
Aetna Inc.
3.88%, 08/15/47 (Call 02/15/47)		8,714		6,542,151
6.63%, 06/15/36^(a)		10,015		10,730,420
Ascension Health
3.95%, 11/15/46^(a)		6,796		5,774,894
Series B, 2.53%, 11/15/29 (Call 08/15/29)^(a)		9,765		8,412,562
Centene Corp.
2.45%, 07/15/28 (Call 05/15/28)^(a)		23,061		19,377,928
2.50%, 03/01/31 (Call 12/01/30)		26,850		20,959,561
2.63%, 08/01/31 (Call 05/01/31)		14,853		11,576,447
3.00%, 10/15/30 (Call 07/15/30)^(a)		23,494		19,213,628
3.38%, 02/15/30 (Call 02/15/25)^(a)		21,743		18,554,896
4.25%, 12/15/27 (Call 12/15/23)^(a)		26,599		24,589,446
4.63%, 12/15/29 (Call 12/15/24)^(a)		36,457		33,393,784
CommonSpirit Health
3.35%, 10/01/29 (Call 04/01/29)		6,324		5,502,676
4.19%, 10/01/49 (Call 04/01/49)		2,680		2,130,931
Elevance Health Inc.
1.50%, 03/15/26 (Call 02/15/26)^(a)		954		852,897
2.25%, 05/15/30 (Call 02/15/30)		9,811		8,084,489
2.55%, 03/15/31 (Call 12/15/30)		9,000		7,461,751
2.88%, 09/15/29 (Call 06/15/29)		7,623		6,637,175
3.13%, 05/15/50 (Call 11/15/49)		10,453		7,167,740
3.60%, 03/15/51 (Call 09/15/50)		14,478		10,721,865
3.65%, 12/01/27 (Call 09/01/27)^(a)		16,730		15,686,557
3.70%, 09/15/49 (Call 03/15/49)		9,047		6,805,333
4.10%, 03/01/28 (Call 12/01/27)		11,967		11,417,469
4.38%, 12/01/47 (Call 06/01/47)^(a)		13,059		11,064,678
4.55%, 03/01/48 (Call 09/01/47)		9,149		7,926,200
4.63%, 05/15/42		11,117		10,020,984
4.65%, 01/15/43^(a)		12,595		11,271,006
4.65%, 08/15/44 (Call 02/15/44)^(a)		8,757		7,712,069
4.75%, 02/15/33 (Call 11/15/32)		10,510		10,087,056
5.13%, 02/15/53 (Call 08/15/52)		12,970		12,242,520
6.10%, 10/15/52 (Call 04/15/52)^(a)		7,932		8,471,255
HCA Inc.
2.38%, 07/15/31 (Call 04/15/31)		10,614		8,261,700
3.13%, 03/15/27 (Call 02/15/27)^(c)		8,246		7,503,096
3.50%, 09/01/30 (Call 03/01/30)^(a)		30,709		26,362,946
3.50%, 07/15/51 (Call 01/15/51)		13,843		8,979,348
3.63%, 03/15/32 (Call 12/15/31)^(a)(c)		21,876		18,492,789
4.13%, 06/15/29 (Call 03/15/29)^(a)		21,279		19,372,295
4.50%, 02/15/27 (Call 08/15/26)		15,817		15,165,204
4.63%, 03/15/52 (Call 09/15/51)^(a)(c)		18,849		14,763,453
5.13%, 06/15/39 (Call 12/15/38)^(a)		9,244		8,210,661
5.25%, 06/15/26 (Call 12/15/25)		11,409		11,232,830
5.25%, 06/15/49 (Call 12/15/48)		20,372		17,561,200
5.38%, 09/01/26 (Call 03/01/26)		9,786		9,643,795
5.50%, 06/15/47 (Call 12/15/46)		17,301		15,501,696
5.63%, 09/01/28 (Call 03/01/28)^(a)		16,847		16,653,226
5.88%, 02/01/29 (Call 08/01/28)^(a)		11,607		11,614,045
Humana Inc.
1.35%, 02/03/27 (Call 01/03/27)		5,149		4,434,066
2.15%, 02/03/32 (Call 11/03/31)		8,116		6,260,225
3.70%, 03/23/29 (Call 02/23/29)		6,850		6,221,673


Security	Par (000)		Value


Health Care - Services (continued)
4.95%, 10/01/44 (Call 04/01/44)	$	4,770	$	4,283,405
5.88%, 03/01/33 (Call 12/01/32)		7,284		7,479,789
Kaiser Foundation Hospitals
4.15%, 05/01/47 (Call 11/01/46)^(a)		12,070		10,573,846
Series 2019, 3.27%, 11/01/49 (Call 05/12/49)		6,574		4,868,238
Series 2021, 2.81%, 06/01/41 (Call 12/01/40)		13,579		9,989,480
Series 2021, 3.00%, 06/01/51 (Call 12/01/50)		11,406		7,885,756
Laboratory Corp. of America Holdings, 4.70%, 02/01/45 (Call 08/01/44)		6,983		5,949,325
Quest Diagnostics Inc., 2.95%, 06/30/30 (Call 03/30/30)^(a)		9,140		7,882,861
UnitedHealth Group Inc.
1.15%, 05/15/26 (Call 04/15/26)^(a)		8,123		7,209,595
2.00%, 05/15/30		14,066		11,524,593
2.30%, 05/15/31 (Call 02/15/31)^(a)		17,443		14,365,859
2.75%, 05/15/40 (Call 11/15/39)		13,903		10,026,125
2.88%, 08/15/29^(a)		10,181		8,960,117
2.90%, 05/15/50 (Call 11/15/49)^(a)		16,421		11,054,637
2.95%, 10/15/27^(a)		11,549		10,606,286
3.05%, 05/15/41 (Call 11/15/40)		17,373		13,046,932
3.10%, 03/15/26^(a)		3,393		3,215,028
3.13%, 05/15/60 (Call 11/15/59)^(a)		10,744		7,242,925
3.25%, 05/15/51 (Call 11/15/50)^(a)		19,775		14,100,479
3.45%, 01/15/27		9,274		8,789,435
3.50%, 08/15/39 (Call 02/15/39)^(a)		14,445		11,756,066
3.70%, 08/15/49 (Call 02/15/49)		13,446		10,500,078
3.75%, 10/15/47 (Call 04/15/47)		11,697		9,301,613
3.85%, 06/15/28^(a)		12,021		11,398,989
3.88%, 12/15/28^(a)		8,326		7,863,945
3.88%, 08/15/59 (Call 02/15/59)		13,268		10,328,025
4.00%, 05/15/29 (Call 03/15/29)^(a)		7,255		6,867,501
4.20%, 05/15/32 (Call 02/15/32)^(a)		15,507		14,583,650
4.20%, 01/15/47 (Call 07/15/46)^(a)		9,405		8,103,863
4.25%, 03/15/43 (Call 09/15/42)^(a)		9,039		7,899,987
4.25%, 06/15/48 (Call 12/15/47)^(a)		13,837		11,937,039
4.45%, 12/15/48 (Call 06/15/48)		13,019		11,546,663
4.63%, 07/15/35		2,064		1,976,826
4.75%, 07/15/45^(a)		22,754		21,351,871
4.75%, 05/15/52 (Call 11/15/51)^(a)		20,961		19,181,218
4.95%, 05/15/62 (Call 11/15/61)^(a)		9,769		9,168,168
5.25%, 02/15/28 (Call 01/15/28)^(a)		9,290		9,409,556
5.30%, 02/15/30 (Call 12/15/29)^(a)		13,019		13,197,648
5.35%, 02/15/33 (Call 11/15/32)		20,988		21,436,073
5.80%, 03/15/36^(a)		10,502		10,983,736
5.88%, 02/15/53 (Call 08/15/52)		19,720		21,140,940
6.05%, 02/15/63 (Call 08/15/62)^(a)		15,455		16,872,727
6.88%, 02/15/38		13,374		15,461,814
Universal Health Services Inc., 2.65%, 10/15/30 (Call 07/15/30)^(a)		7,813		6,372,954


				1,034,320,277

Holding Companies - Diversified — 0.2%
Ares Capital Corp.
2.15%, 07/15/26 (Call 06/15/26)^(a)		10,465		9,023,534
2.88%, 06/15/28 (Call 04/15/28)		15,503		12,726,839
Blackstone Private Credit Fund
2.63%, 12/15/26 (Call 11/15/26)^(a)		9,327		7,935,117
3.25%, 03/15/27 (Call 02/15/27)		12,280		10,578,465
FS KKR Capital Corp., 3.13%, 10/12/28 (Call 08/12/28)^(a)		9,281		7,611,162


Security	Par (000)		Value


Holding Companies - Diversified (continued)
Owl Rock Capital Corp.
2.88%, 06/11/28 (Call 04/11/28)	$	10,065	$	8,065,414
3.40%, 07/15/26 (Call 06/15/26)		13,284		11,822,108


				67,762,639

Home Builders — 0.0%
Lennar Corp., 4.75%, 11/29/27 (Call 05/29/27)		8,974		8,606,368


Household Products & Wares — 0.0%
Kimberly-Clark Corp., 3.10%, 03/26/30 (Call 12/26/29)^(a)		8,664		7,766,398


Insurance — 1.7%
American International Group Inc.
3.90%, 04/01/26 (Call 01/01/26)		3,653		3,504,320
4.38%, 06/30/50 (Call 12/30/49)^(a)		11,310		9,464,472
4.75%, 04/01/48 (Call 10/01/47)		11,313		10,043,414
4.80%, 07/10/45 (Call 01/10/45)		8,050		7,172,790
Aon Corp.
2.80%, 05/15/30 (Call 02/15/30)^(a)		8,471		7,230,602
3.75%, 05/02/29 (Call 02/02/29)		3,488		3,194,193
Aon Corp./Aon Global Holdings PLC
3.90%, 02/28/52 (Call 08/28/51)		10,936		8,402,047
5.35%, 02/28/33 (Call 11/28/32)		4,890		4,882,980
Arch Capital Group Ltd., 3.64%, 06/30/50 (Call 12/30/49)		3,353		2,393,355
Athene Holding Ltd., 4.13%, 01/12/28 (Call 10/12/27)^(a)		8,735		8,159,512
Berkshire Hathaway Finance Corp.
1.45%, 10/15/30 (Call 07/15/30)^(a)		6,961		5,523,705
2.30%, 03/15/27 (Call 02/15/27)^(a)		5,135		4,763,392
2.50%, 01/15/51 (Call 07/15/50)^(a)		11,674		7,290,029
2.85%, 10/15/50 (Call 04/15/50)		18,828		12,714,725
2.88%, 03/15/32 (Call 12/15/31)^(a)		8,690		7,471,264
3.85%, 03/15/52 (Call 09/15/51)^(a)		28,584		22,990,949
4.20%, 08/15/48 (Call 02/15/48)^(a)		23,329		20,473,829
4.25%, 01/15/49 (Call 07/15/48)^(a)		22,451		19,881,086
5.75%, 01/15/40^(a)		10,066		10,798,460
Berkshire Hathaway Inc.
3.13%, 03/15/26 (Call 12/15/25)^(a)		15,106		14,430,210
4.50%, 02/11/43^(a)		11,838		10,952,657
Brighthouse Financial Inc.
3.70%, 06/22/27 (Call 03/22/27)^(a)		4,162		3,878,389
4.70%, 06/22/47 (Call 12/22/46)^(a)		5,927		4,577,262
Chubb Corp. (The), 6.00%, 05/11/37^(a)		10,072		10,806,511
Chubb INA Holdings Inc.
1.38%, 09/15/30 (Call 06/15/30)^(a)		7,805		6,067,097
3.05%, 12/15/61 (Call 06/15/61)		7,962		5,191,252
3.35%, 05/03/26 (Call 02/03/26)^(a)		10,201		9,714,442
4.35%, 11/03/45 (Call 05/03/45)^(a)		9,684		8,649,050
Corebridge Financial Inc.
3.65%, 04/05/27 (Call 03/05/27)^(a)(c)		10,250		9,558,686
3.85%, 04/05/29 (Call 02/05/29)^(c)		8,169		7,372,571
3.90%, 04/05/32 (Call 01/05/32)^(c)		14,345		12,545,559
4.40%, 04/05/52 (Call 10/05/51)^(c)		10,542		8,382,848
Equitable Holdings Inc.
4.35%, 04/20/28 (Call 01/20/28)^(a)		14,132		13,412,102
5.00%, 04/20/48 (Call 10/20/47)^(a)		14,236		12,533,317
Everest Reinsurance Holdings Inc.
3.13%, 10/15/52 (Call 04/15/52)		6,702		4,330,609
3.50%, 10/15/50 (Call 04/15/50)^(a)		8,680		6,107,094


Security	Par (000)		Value


Insurance (continued)
Fairfax Financial Holdings Ltd., 5.63%, 08/16/32 (Call 05/16/32)^(a)(c)	$	4,569	$	4,330,622
Hartford Financial Services Group Inc. (The), 3.60%, 08/19/49 (Call 02/19/49)		3,820		2,846,266
Manulife Financial Corp.
3.70%, 03/16/32 (Call 12/16/31)^(a)		7,823		7,020,913
4.15%, 03/04/26^(a)		1,714		1,669,131
5.38%, 03/04/46^(a)		5,384		5,360,224
Marsh & McLennan Companies Inc.
2.25%, 11/15/30 (Call 08/15/30)^(a)		8,044		6,516,746
4.38%, 03/15/29 (Call 12/15/28)		12,660		12,052,131
4.90%, 03/15/49 (Call 09/15/48)^(a)		8,888		8,191,199
MetLife Inc.
4.05%, 03/01/45		9,300		7,773,560
4.13%, 08/13/42^(a)		10,328		8,820,643
4.55%, 03/23/30 (Call 12/23/29)^(a)		7,337		7,210,410
4.60%, 05/13/46 (Call 11/13/45)^(a)		4,508		4,027,305
4.88%, 11/13/43		9,639		9,006,602
5.00%, 07/15/52 (Call 01/15/52)^(a)		10,040		9,580,941
5.25%, 01/15/54 (Call 07/15/53)		16,246		15,774,583
5.70%, 06/15/35^(a)		11,788		12,357,573
5.88%, 02/06/41^(a)		7,846		8,137,775
6.38%, 06/15/34^(a)		10,861		12,110,114
Progressive Corp. (The), 4.13%, 04/15/47 (Call 10/15/46)		3,751		3,199,405
Prudential Financial Inc.
3.70%, 03/13/51 (Call 09/13/50)^(a)		14,740		11,193,076
3.91%, 12/07/47 (Call 06/07/47)		9,206		7,267,424
3.94%, 12/07/49 (Call 06/07/49)		11,099		8,773,690
4.35%, 02/25/50 (Call 08/25/49)		10,642		8,974,149
4.60%, 05/15/44^(a)		5,349		4,839,636
5.70%, 12/14/36^(a)		11,684		12,166,096
Travelers Companies Inc. (The)
3.05%, 06/08/51 (Call 12/08/50)		6,431		4,466,342
5.35%, 11/01/40^(a)		7,541		7,633,453
6.25%, 06/15/37^(a)		12,406		13,736,259
Willis North America Inc., 4.65%, 06/15/27 (Call 05/15/27)^(a)		5,297		5,117,651


				555,018,699

Internet — 2.2%
Alphabet Inc.
0.80%, 08/15/27 (Call 06/15/27)^(a)		8,189		6,987,461
1.10%, 08/15/30 (Call 05/15/30)^(a)		26,767		21,061,298
1.90%, 08/15/40 (Call 02/15/40)^(a)		7,791		5,175,137
2.00%, 08/15/26 (Call 05/15/26)^(a)		17,558		16,069,134
2.05%, 08/15/50 (Call 02/15/50)^(a)		20,816		12,537,408
2.25%, 08/15/60 (Call 02/15/60)^(a)		21,782		12,562,344
Amazon.com Inc.
1.00%, 05/12/26 (Call 04/12/26)		29,489		26,098,538
1.20%, 06/03/27 (Call 04/03/27)		12,465		10,757,857
1.50%, 06/03/30 (Call 03/03/30)		24,795		19,903,661
1.65%, 05/12/28 (Call 03/12/28)		24,798		21,276,076
2.10%, 05/12/31 (Call 02/12/31)		36,389		29,896,613
2.50%, 06/03/50 (Call 12/03/49)^(a)		27,095		17,334,311
2.70%, 06/03/60 (Call 12/03/59)		21,019		12,787,195
2.88%, 05/12/41 (Call 11/12/40)^(a)		24,077		17,921,893
3.10%, 05/12/51 (Call 11/12/50)^(a)		33,419		23,848,704
3.15%, 08/22/27 (Call 05/22/27)^(a)		38,539		35,996,887
3.25%, 05/12/61 (Call 11/12/60)		18,176		12,534,317
3.30%, 04/13/27 (Call 03/13/27)		22,121		20,886,816


Security	Par (000)		Value


Internet (continued)
3.45%, 04/13/29 (Call 02/13/29)	$	16,508	$	15,320,753
3.60%, 04/13/32 (Call 01/13/32)^(a)		30,123		27,534,940
3.88%, 08/22/37 (Call 02/22/37)^(a)		27,816		24,584,273
3.95%, 04/13/52 (Call 10/13/51)^(a)		27,153		22,735,329
4.05%, 08/22/47 (Call 02/22/47)^(a)		38,387		33,086,769
4.10%, 04/13/62 (Call 10/13/61)^(a)		12,685		10,456,547
4.25%, 08/22/57 (Call 02/22/57)^(a)		23,477		20,220,855
4.55%, 12/01/27 (Call 11/01/27)		2,255		2,228,268
4.65%, 12/01/29 (Call 10/01/29)		13,115		12,933,028
4.70%, 12/01/32 (Call 09/01/32)^(a)		18,336		18,125,428
4.80%, 12/05/34 (Call 06/05/34)^(a)		13,949		13,849,143
4.95%, 12/05/44 (Call 06/05/44)^(a)		16,264		15,938,600
Booking Holdings Inc.
3.60%, 06/01/26 (Call 03/01/26)		4,094		3,897,579
4.63%, 04/13/30 (Call 01/13/30)^(a)		13,344		12,940,204
eBay Inc.
1.40%, 05/10/26 (Call 04/10/26)		2,334		2,067,137
2.60%, 05/10/31 (Call 02/10/31)^(a)		5,881		4,827,516
2.70%, 03/11/30 (Call 12/11/29)^(a)		9,463		8,032,285
3.60%, 06/05/27 (Call 03/05/27)^(a)		9,256		8,726,621
3.65%, 05/10/51 (Call 11/10/50)		2,638		1,889,016
4.00%, 07/15/42 (Call 01/15/42)^(a)		11,001		8,681,475
Expedia Group Inc.
3.25%, 02/15/30 (Call 11/15/29)^(a)		14,563		12,270,195
3.80%, 02/15/28 (Call 11/15/27)^(a)		8,619		7,919,825
4.63%, 08/01/27 (Call 05/01/27)		5,495		5,240,784
Meta Platforms Inc.
3.50%, 08/15/27 (Call 07/15/27)^(a)		24,056		22,592,977
3.85%, 08/15/32 (Call 05/15/32)		30,566		27,695,883
4.45%, 08/15/52 (Call 02/15/52)		27,099		22,306,802
4.65%, 08/15/62 (Call 02/15/62)		9,924		8,227,527
Netflix Inc.
4.38%, 11/15/26^(a)		5,706		5,504,122
4.88%, 04/15/28		13,506		13,076,779
5.88%, 11/15/28^(a)		14,030		14,205,375
6.38%, 05/15/29^(a)		3,629		3,768,971


				734,520,656

Iron & Steel — 0.1%
ArcelorMittal SA
6.55%, 11/29/27 (Call 10/29/27)^(a)		12,406		12,716,398
6.80%, 11/29/32 (Call 08/29/32)		10,871		10,992,864


				23,709,262

Lodging — 0.2%
Marriott International Inc./MD
5.00%, 10/15/27 (Call 09/15/27)^(a)		7,170		7,085,082
Series FF, 4.63%, 06/15/30 (Call 03/15/30)		10,107		9,524,589
Series GG, 3.50%, 10/15/32 (Call 07/15/32)		9,983		8,448,656
Series HH, 2.85%, 04/15/31 (Call 01/15/31)		12,858		10,596,346
Series R, 3.13%, 06/15/26 (Call 03/15/26)		5,085		4,745,775
Sands China Ltd., 5.90%, 08/08/28 (Call 05/08/28)^(a)		17,439		16,549,088


				56,949,536

Machinery — 0.4%
Caterpillar Financial Services Corp.
0.90%, 03/02/26		1,312		1,164,526
1.10%, 09/14/27^(a)		9,480		8,107,168
Caterpillar Inc.
2.60%, 04/09/30 (Call 01/09/30)^(a)		9,568		8,328,349
3.25%, 09/19/49 (Call 03/19/49)^(a)		9,732		7,384,005
3.25%, 04/09/50 (Call 10/09/49)^(a)		8,402		6,400,412


Security	Par (000)		Value


Machinery (continued)
3.80%, 08/15/42^(a)	$	23,186	$	19,737,537
5.20%, 05/27/41		9,407		9,592,203
Deere & Co.
3.75%, 04/15/50 (Call 10/15/49)^(a)		4,598		3,898,487
3.90%, 06/09/42 (Call 12/09/41)^(a)		16,087		14,189,543
John Deere Capital Corp.
4.15%, 09/15/27^(a)		13,386		13,016,083
4.75%, 01/20/28^(a)		4,434		4,415,400
Otis Worldwide Corp.
2.57%, 02/15/30 (Call 11/15/29)		15,773		13,285,935
3.11%, 02/15/40 (Call 08/15/39)		2,647		1,970,108
Westinghouse Air Brake Technologies Corp.
3.45%, 11/15/26 (Call 08/15/26)		4,374		4,042,044
4.95%, 09/15/28 (Call 06/15/28)^(a)		13,515		13,046,615


				128,578,415

Manufacturing — 0.5%
3M Co.
2.38%, 08/26/29 (Call 05/26/29)^(a)		11,577		9,708,273
2.88%, 10/15/27 (Call 07/15/27)^(a)		7,392		6,723,582
3.25%, 08/26/49 (Call 02/26/49)^(a)		10,266		7,070,004
3.38%, 03/01/29 (Call 12/01/28)^(a)		9,750		8,802,910
4.00%, 09/14/48 (Call 03/14/48)^(a)		10,336		8,220,921
Eaton Corp.
4.15%, 03/15/33 (Call 12/15/32)^(a)		13,722		12,625,125
4.15%, 11/02/42		6,155		5,235,658
GE Capital International Funding Co. Unlimited Co., 4.42%, 11/15/35^(a)		10,057		9,271,676
General Electric Co.
5.88%, 01/14/38^(a)		12,978		13,384,773
6.75%, 03/15/32^(a)		6,735		7,465,012
Illinois Tool Works Inc.
2.65%, 11/15/26 (Call 08/15/26)^(a)		8,440		7,827,855
3.90%, 09/01/42 (Call 03/01/42)^(a)		11,300		9,705,848
Parker-Hannifin Corp.
3.25%, 06/14/29 (Call 03/14/29)^(a)		11,739		10,446,061
4.00%, 06/14/49 (Call 12/14/48)		4,899		3,921,017
4.25%, 09/15/27 (Call 08/15/27)		10,058		9,618,823
4.50%, 09/15/29 (Call 07/15/29)		9,531		9,103,986
Teledyne Technologies Inc., 2.75%, 04/01/31 (Call 01/01/31)^(a)		11,923		9,752,765


				148,884,289

Media — 4.1%
Charter Communications Operating LLC/Charter Communications Operating Capital
2.25%, 01/15/29 (Call 11/15/28)		12,845		10,309,496
2.30%, 02/01/32 (Call 11/01/31)		11,991		8,821,767
2.80%, 04/01/31 (Call 01/01/31)		16,791		13,148,790
3.50%, 06/01/41 (Call 12/01/40)^(a)		17,016		11,111,933
3.50%, 03/01/42 (Call 09/01/41)		13,928		8,982,936
3.70%, 04/01/51 (Call 10/01/50)^(a)		22,164		13,538,361
3.75%, 02/15/28 (Call 11/15/27)^(a)		11,115		10,016,606
3.85%, 04/01/61 (Call 10/01/60)^(a)		19,555		11,472,273
3.90%, 06/01/52 (Call 12/01/51)^(a)		25,320		15,939,378
3.95%, 06/30/62 (Call 12/30/61)		14,486		8,662,742
4.20%, 03/15/28 (Call 12/15/27)^(a)		15,526		14,280,062
4.40%, 04/01/33 (Call 01/01/33)^(a)		8,052		6,883,734
4.40%, 12/01/61 (Call 06/01/61)		14,253		9,234,403
4.80%, 03/01/50 (Call 09/01/49)		29,618		21,615,181
5.05%, 03/30/29 (Call 12/30/28)		11,283		10,531,584


Security	Par (000)		Value


Media (continued)
5.13%, 07/01/49 (Call 01/01/49)	$	13,783	$	10,561,902
5.25%, 04/01/53 (Call 10/01/52)		15,372		11,977,397
5.38%, 04/01/38 (Call 10/01/37)		8,211		6,850,046
5.38%, 05/01/47 (Call 11/01/46)		25,656		20,423,269
5.50%, 04/01/63 (Call 10/01/62)		10,696		8,287,178
5.75%, 04/01/48 (Call 10/01/47)		25,859		21,466,492
6.38%, 10/23/35 (Call 04/23/35)^(a)		19,852		19,038,614
6.48%, 10/23/45 (Call 04/23/45)		37,183		33,599,633
Comcast Corp.
1.50%, 02/15/31 (Call 11/15/30)^(a)		19,359		14,927,800
1.95%, 01/15/31 (Call 10/15/30)^(a)		17,995		14,416,108
2.35%, 01/15/27 (Call 10/15/26)^(a)		15,771		14,290,983
2.45%, 08/15/52 (Call 02/15/52)^(a)		17,222		10,185,921
2.65%, 02/01/30 (Call 11/01/29)		17,901		15,414,429
2.65%, 08/15/62 (Call 02/15/62)^(a)		9,937		5,667,930
2.80%, 01/15/51 (Call 07/15/50)^(a)		18,599		11,844,909
2.89%, 11/01/51 (Call 05/01/51)^(a)		52,482		33,778,916
2.94%, 11/01/56 (Call 05/01/56)^(a)		64,174		40,068,064
2.99%, 11/01/63 (Call 05/01/63)		39,858		24,214,540
3.15%, 03/01/26 (Call 12/01/25)^(a)		8,538		8,063,814
3.15%, 02/15/28 (Call 11/15/27)		20,281		18,626,876
3.20%, 07/15/36 (Call 01/15/36)^(a)		11,029		8,870,624
3.25%, 11/01/39 (Call 05/01/39)		15,927		12,373,024
3.30%, 02/01/27 (Call 11/01/26)		12,762		11,979,655
3.30%, 04/01/27 (Call 02/01/27)		8,464		7,927,097
3.40%, 04/01/30 (Call 01/01/30)^(a)		18,096		16,349,758
3.40%, 07/15/46 (Call 01/15/46)^(a)		16,610		12,209,290
3.45%, 02/01/50 (Call 08/01/49)^(a)		20,116		14,671,170
3.55%, 05/01/28 (Call 02/01/28)		10,271		9,574,988
3.75%, 04/01/40 (Call 10/01/39)^(a)		17,733		14,587,279
3.90%, 03/01/38 (Call 09/01/37)^(a)		13,913		11,930,961
3.97%, 11/01/47 (Call 05/01/47)		17,118		13,746,223
4.00%, 08/15/47 (Call 02/15/47)		10,674		8,602,368
4.00%, 03/01/48 (Call 09/01/47)^(a)		10,915		8,819,784
4.00%, 11/01/49 (Call 05/01/49)		22,088		17,736,039
4.05%, 11/01/52 (Call 05/01/52)^(a)		11,933		9,554,437
4.15%, 10/15/28 (Call 07/15/28)		44,338		42,344,196
4.20%, 08/15/34 (Call 02/15/34)^(a)		8,487		7,775,463
4.25%, 10/15/30 (Call 07/15/30)^(a)		17,490		16,602,456
4.25%, 01/15/33^(a)		19,212		17,909,711
4.40%, 08/15/35 (Call 02/25/35)^(a)		4,458		4,108,610
4.60%, 10/15/38 (Call 04/15/38)		11,292		10,358,360
4.60%, 08/15/45 (Call 02/15/45)^(a)		10,056		8,872,958
4.65%, 02/15/33 (Call 11/15/32)^(a)		11,885		11,471,726
4.70%, 10/15/48 (Call 04/15/48)		19,742		17,770,104
4.95%, 10/15/58 (Call 04/15/58)^(a)		8,220		7,550,545
5.35%, 11/15/27 (Call 10/15/27)^(a)		8,050		8,169,670
5.50%, 11/15/32 (Call 08/15/32)^(a)		8,026		8,241,994
5.65%, 06/15/35^(a)		8,669		8,940,085
7.05%, 03/15/33		8,807		10,010,893
Discovery Communications LLC
3.63%, 05/15/30 (Call 02/15/30)		7,236		6,194,860
3.95%, 03/20/28 (Call 12/20/27)		14,101		12,855,923
4.00%, 09/15/55 (Call 03/15/55)		15,586		10,009,067
4.13%, 05/15/29 (Call 02/15/29)		3,381		3,024,909
4.65%, 05/15/50 (Call 11/15/49)^(a)		8,521		6,226,620
5.20%, 09/20/47 (Call 03/20/47)^(a)		10,133		8,044,759
5.30%, 05/15/49 (Call 11/15/48)		5,422		4,335,584
Fox Corp.
4.71%, 01/25/29 (Call 10/25/28)^(a)		24,109		23,024,131


Security	Par (000)		Value


Media (continued)
5.48%, 01/25/39 (Call 07/25/38)	$	11,785	$	10,823,385
5.58%, 01/25/49 (Call 07/25/48)^(a)		13,558		12,292,316
Paramount Global
4.20%, 05/19/32 (Call 02/19/32)^(a)		8,385		6,897,909
4.38%, 03/15/43		16,053		11,127,859
4.95%, 01/15/31 (Call 11/15/30)^(a)		13,181		11,843,523
4.95%, 05/19/50 (Call 11/19/49)^(a)		9,964		7,353,382
5.85%, 09/01/43 (Call 03/01/43)		12,670		10,637,124
6.88%, 04/30/36^(a)		11,802		11,523,254
7.88%, 07/30/30^(a)		11,497		12,311,092
Time Warner Cable Enterprises LLC, 8.38%, 07/15/33		12,170		13,583,124
Time Warner Cable LLC
4.50%, 09/15/42 (Call 03/15/42)^(a)		14,709		10,933,753
5.50%, 09/01/41 (Call 03/01/41)^(a)		14,170		11,914,069
5.88%, 11/15/40 (Call 05/15/40)^(a)		12,252		10,791,696
6.55%, 05/01/37		15,491		14,804,177
6.75%, 06/15/39^(a)		17,205		16,579,716
7.30%, 07/01/38		16,794		16,826,921
TWDC Enterprises 18 Corp.
1.85%, 07/30/26^(a)		5,920		5,327,666
2.95%, 06/15/27^(a)		9,624		8,919,710
4.13%, 06/01/44^(a)		12,916		11,117,911
Walt Disney Co. (The)
2.00%, 09/01/29 (Call 06/01/29)^(a)		21,308		17,787,520
2.20%, 01/13/28^(a)		10,659		9,466,805
2.65%, 01/13/31^(a)		27,774		23,650,122
2.75%, 09/01/49 (Call 03/01/49)^(a)		25,095		16,642,889
3.50%, 05/13/40 (Call 11/13/39)^(a)		18,625		15,062,447
3.60%, 01/13/51 (Call 07/13/50)^(a)		29,929		23,126,309
3.80%, 03/22/30^(a)		10,890		10,114,923
3.80%, 05/13/60 (Call 11/13/59)		7,230		5,613,320
4.63%, 03/23/40 (Call 09/23/39)^(a)		8,546		7,954,095
4.70%, 03/23/50 (Call 09/23/49)^(a)		20,285		18,883,162
6.20%, 12/15/34^(a)		10,482		11,408,533
6.40%, 12/15/35		9,580		10,533,242
6.65%, 11/15/37		12,603		14,274,375


				1,351,155,717

Mining — 0.6%
Barrick North America Finance LLC
5.70%, 05/30/41^(a)		13,191		13,154,618
5.75%, 05/01/43^(a)		4,846		4,869,953
Barrick PD Australia Finance Pty Ltd., 5.95%, 10/15/39^(a)		12,837		13,215,329
BHP Billiton Finance USA Ltd.
4.13%, 02/24/42		14,355		12,512,688
4.75%, 02/28/28 (Call 01/28/28)		6,340		6,261,478
4.90%, 02/28/33 (Call 11/28/32)^(a)		3,610		3,592,756
5.00%, 09/30/43^(a)		22,935		22,221,731
Freeport-McMoRan Inc.
4.63%, 08/01/30 (Call 08/01/25)^(a)		9,693		8,970,866
5.40%, 11/14/34 (Call 05/14/34)^(a)		9,443		8,923,314
5.45%, 03/15/43 (Call 09/15/42)^(a)		17,322		15,703,935
Newmont Corp.
2.25%, 10/01/30 (Call 07/01/30)^(a)		15,438		12,431,539
2.60%, 07/15/32 (Call 04/15/32)^(a)		9,558		7,599,300
4.88%, 03/15/42 (Call 09/15/41)^(a)		13,204		11,962,788
6.25%, 10/01/39^(a)		9,185		9,635,776
Rio Tinto Alcan Inc., 6.13%, 12/15/33^(a)		7,823		8,405,737
Rio Tinto Finance USA Ltd.
2.75%, 11/02/51 (Call 05/02/51)		13,678		8,973,259


Security	Par (000)		Value


Mining (continued)
5.20%, 11/02/40^(a)	$	14,320	$	14,256,495
7.13%, 07/15/28^(a)		8,586		9,417,524
Rio Tinto Finance USA PLC, 4.13%, 08/21/42 (Call 02/21/42)^(a)		11,230		9,731,187


				201,840,273

Office & Business Equipment — 0.0%
CDW LLC/CDW Finance Corp.
2.67%, 12/01/26 (Call 11/01/26)		7,696		6,841,453
3.57%, 12/01/31 (Call 09/01/31)^(a)		8,162		6,744,845


				13,586,298

Oil & Gas — 3.8%
BP Capital Markets America Inc.
1.75%, 08/10/30 (Call 05/10/30)		9,047		7,243,101
2.72%, 01/12/32 (Call 10/12/31)^(a)		22,206		18,617,308
2.77%, 11/10/50 (Call 05/10/50)		16,778		10,797,247
2.94%, 06/04/51 (Call 12/04/50)^(a)		26,132		17,309,008
3.00%, 02/24/50 (Call 08/24/49)		22,302		15,110,143
3.00%, 03/17/52 (Call 09/17/51)^(a)		15,150		10,128,858
3.02%, 01/16/27 (Call 10/16/26)		8,493		7,895,030
3.06%, 06/17/41 (Call 12/17/40)^(a)		19,016		14,054,077
3.12%, 05/04/26 (Call 02/04/26)		7,380		6,973,130
3.38%, 02/08/61 (Call 08/08/60)		20,043		13,740,868
3.63%, 04/06/30 (Call 01/06/30)^(a)		14,106		12,937,572
3.94%, 09/21/28 (Call 06/21/28)^(a)		11,740		11,165,073
4.23%, 11/06/28 (Call 08/06/28)^(a)		22,395		21,599,832
4.81%, 02/13/33 (Call 11/13/32)^(a)		5,569		5,467,916
BP Capital Markets PLC
3.28%, 09/19/27 (Call 06/19/27)		14,940		13,917,379
3.72%, 11/28/28 (Call 08/28/28)^(a)		9,672		9,107,099
Canadian Natural Resources Ltd.
3.85%, 06/01/27 (Call 03/01/27)^(a)		11,730		11,033,815
4.95%, 06/01/47 (Call 12/01/46)		1,596		1,383,677
6.25%, 03/15/38^(a)		16,074		16,188,090
Cenovus Energy Inc.
3.75%, 02/15/52 (Call 08/15/51)^(a)		9,497		6,674,006
5.40%, 06/15/47 (Call 12/15/46)		8,186		7,361,011
6.75%, 11/15/39^(a)		17,650		18,423,405
Chevron Corp.
2.00%, 05/11/27 (Call 03/11/27)^(a)		7,585		6,789,140
2.24%, 05/11/30 (Call 02/11/30)^(a)		14,819		12,653,119
2.95%, 05/16/26 (Call 02/16/26)		23,393		22,009,861
3.08%, 05/11/50 (Call 11/11/49)		5,492		3,963,744
Chevron USA Inc.
1.02%, 08/12/27 (Call 06/12/27)^(a)		7,979		6,816,607
2.34%, 08/12/50 (Call 02/12/50)^(a)		5,751		3,566,446
ConocoPhillips Co.
3.76%, 03/15/42 (Call 09/15/41)		7,906		6,458,844
3.80%, 03/15/52 (Call 09/15/51)^(a)		10,193		8,055,656
4.03%, 03/15/62 (Call 09/15/61)^(a)		17,352		13,674,400
4.30%, 11/15/44 (Call 05/15/44)^(a)		7,841		6,805,841
6.50%, 02/01/39^(a)		14,466		16,310,759
6.95%, 04/15/29		15,424		16,919,849
Continental Resources Inc./OK, 4.38%, 01/15/28 (Call 10/15/27)^(a)		7,457		6,896,120
Devon Energy Corp.
4.75%, 05/15/42 (Call 11/15/41)^(a)		9,742		8,099,633
5.00%, 06/15/45 (Call 12/15/44)^(a)		3,918		3,316,296
5.60%, 07/15/41 (Call 01/15/41)^(a)		16,318		15,048,174


Security	Par (000)		Value


Oil & Gas (continued)
Diamondback Energy Inc.
3.13%, 03/24/31 (Call 12/24/30)^(a)	$	13,070	$	10,954,636
3.25%, 12/01/26 (Call 10/01/26)		5,675		5,260,424
3.50%, 12/01/29 (Call 09/01/29)		10,085		8,945,957
4.25%, 03/15/52 (Call 09/15/51)		2,067		1,542,912
6.25%, 03/15/33 (Call 12/15/32)		12,221		12,444,698
EOG Resources Inc.
4.38%, 04/15/30 (Call 01/15/30)^(a)		6,239		5,994,128
4.95%, 04/15/50 (Call 10/15/49)^(a)		3,713		3,553,406
EQT Corp.
3.90%, 10/01/27 (Call 07/01/27)^(a)		16,034		14,683,435
7.00%, 02/01/30 (Call 11/01/29)^(a)		6,386		6,597,775
Equinor ASA
2.38%, 05/22/30 (Call 02/22/30)^(a)		6,220		5,303,631
3.13%, 04/06/30 (Call 01/06/30)^(a)		13,688		12,319,388
3.25%, 11/18/49 (Call 05/18/49)^(a)		5,030		3,710,748
3.63%, 09/10/28 (Call 06/10/28)^(a)		8,036		7,573,661
3.70%, 04/06/50 (Call 10/06/49)		10,198		8,159,994
3.95%, 05/15/43		5,273		4,458,291
4.80%, 11/08/43		5,585		5,283,612
5.10%, 08/17/40^(a)		6,828		6,760,147
Exxon Mobil Corp.
2.28%, 08/16/26 (Call 06/16/26)^(a)		13,917		12,766,537
2.44%, 08/16/29 (Call 05/16/29)^(a)		12,812		11,276,878
2.61%, 10/15/30 (Call 07/15/30)^(a)		20,379		17,686,645
3.00%, 08/16/39 (Call 02/16/39)		9,015		6,918,529
3.04%, 03/01/26 (Call 12/01/25)^(a)		9,464		8,958,641
3.10%, 08/16/49 (Call 02/16/49)		15,334		10,990,668
3.29%, 03/19/27 (Call 01/19/27)^(a)		9,415		8,973,594
3.45%, 04/15/51 (Call 10/15/50)^(a)		31,658		24,004,517
3.48%, 03/19/30 (Call 12/19/29)^(a)		21,394		19,857,440
3.57%, 03/06/45 (Call 09/06/44)		11,372		8,992,842
4.11%, 03/01/46 (Call 09/01/45)^(a)		28,902		24,718,011
4.23%, 03/19/40 (Call 09/19/39)		23,983		21,517,255
4.33%, 03/19/50 (Call 09/19/49)		28,815		25,470,512
Hess Corp.
4.30%, 04/01/27 (Call 01/01/27)^(a)		8,065		7,719,645
5.60%, 02/15/41^(a)		18,063		16,864,612
6.00%, 01/15/40^(a)		8,160		7,992,461
Marathon Oil Corp.
4.40%, 07/15/27 (Call 04/15/27)^(a)		8,691		8,263,750
6.60%, 10/01/37		11,178		11,101,688
Marathon Petroleum Corp.
4.75%, 09/15/44 (Call 03/15/44)		2,372		1,973,073
6.50%, 03/01/41 (Call 09/01/40)		14,527		14,985,680
Phillips 66
2.15%, 12/15/30 (Call 09/15/30)^(a)		6,984		5,582,158
3.30%, 03/15/52 (Call 09/15/51)^(a)		8,102		5,555,257
3.90%, 03/15/28 (Call 12/15/27)		9,173		8,662,873
4.65%, 11/15/34 (Call 05/15/34)^(a)		10,044		9,363,470
4.88%, 11/15/44 (Call 05/15/44)^(a)		13,406		12,143,379
5.88%, 05/01/42^(a)		16,490		17,003,926
Pioneer Natural Resources Co.
1.90%, 08/15/30 (Call 05/15/30)		10,687		8,342,800
2.15%, 01/15/31 (Call 10/15/30)^(a)		5,924		4,669,808
Shell International Finance BV
2.38%, 11/07/29 (Call 08/07/29)^(a)		19,696		16,906,745
2.50%, 09/12/26		8,440		7,752,505
2.75%, 04/06/30 (Call 01/06/30)^(a)		15,723		13,802,074
2.88%, 05/10/26		15,976		14,954,249


Security	Par (000)		Value


Oil & Gas (continued)
3.00%, 11/26/51 (Call 05/26/51)	$	12,480	$	8,613,178
3.13%, 11/07/49 (Call 05/07/49)		14,584		10,405,209
3.25%, 04/06/50 (Call 10/06/49)^(a)		23,121		16,955,110
3.75%, 09/12/46		13,494		10,718,357
3.88%, 11/13/28 (Call 08/23/28)^(a)		18,012		17,194,587
4.00%, 05/10/46		23,044		19,081,013
4.13%, 05/11/35^(a)		15,900		14,621,010
4.38%, 05/11/45^(a)		31,816		28,131,685
4.55%, 08/12/43		13,308		12,136,465
5.50%, 03/25/40^(a)		11,994		12,290,072
6.38%, 12/15/38^(a)		29,510		32,677,568
Suncor Energy Inc.
3.75%, 03/04/51 (Call 09/04/50)		3,014		2,206,857
4.00%, 11/15/47 (Call 05/15/47)		4,291		3,330,815
6.50%, 06/15/38		16,113		16,539,524
6.80%, 05/15/38^(a)		13,267		14,079,902
6.85%, 06/01/39^(a)		9,637		10,243,390
TotalEnergies Capital International SA
2.83%, 01/10/30 (Call 10/10/29)^(a)		14,538		12,831,006
2.99%, 06/29/41 (Call 12/29/40)		9,290		6,905,536
3.13%, 05/29/50 (Call 11/29/49)^(a)		26,848		19,053,107
3.39%, 06/29/60 (Call 12/29/59)		5,690		4,026,914
3.45%, 02/19/29 (Call 11/19/28)^(a)		15,481		14,313,850
3.46%, 07/12/49 (Call 01/12/49)^(a)		12,065		9,192,337
TotalEnergies Capital SA, 3.88%, 10/11/28^(a)		13,398		12,851,952
Valero Energy Corp.
3.65%, 12/01/51 (Call 06/01/51)		3,066		2,173,746
6.63%, 06/15/37		16,939		17,937,593
7.50%, 04/15/32^(a)		8,514		9,615,141


				1,271,957,123

Oil & Gas Services — 0.3%
Baker Hughes Holdings LLC, 5.13%, 09/15/40^(a)		15,745		14,659,162
Baker Hughes Holdings LLC/Baker Hughes Co-Obligor Inc.
3.34%, 12/15/27 (Call 09/15/27)^(a)		12,194		11,259,599
4.08%, 12/15/47 (Call 06/15/47)^(a)		5,858		4,606,860
Halliburton Co.
2.92%, 03/01/30 (Call 12/01/29)^(a)		8,701		7,516,331
4.75%, 08/01/43 (Call 02/01/43)		6,340		5,445,231
4.85%, 11/15/35 (Call 05/15/35)^(a)		12,368		11,522,730
5.00%, 11/15/45 (Call 05/15/45)^(a)		18,434		16,250,214
6.70%, 09/15/38^(a)		10,856		11,545,104
7.45%, 09/15/39		14,725		16,517,987
Schlumberger Investment SA, 2.65%, 06/26/30 (Call 03/26/30)^(a)		11,093		9,528,804


				108,852,022

Packaging & Containers — 0.1%
Amcor Flexibles North America Inc., 2.69%, 05/25/31 (Call 02/25/31)		5,340		4,308,570
WRKCo Inc.
4.65%, 03/15/26 (Call 01/15/26)		1,480		1,446,035
4.90%, 03/15/29 (Call 12/15/28)^(a)		8,443		8,097,778


				13,852,383

Pharmaceuticals — 7.2%
AbbVie Inc.
2.95%, 11/21/26 (Call 09/21/26)		44,875		41,379,915
3.20%, 05/14/26 (Call 02/14/26)		19,631		18,448,036
3.20%, 11/21/29 (Call 08/21/29)^(a)		57,927		51,202,730
4.05%, 11/21/39 (Call 05/21/39)		42,675		35,972,507


Security	Par (000)		Value

Pharmaceuticals (continued)
4.25%, 11/14/28 (Call 08/14/28)^(a)	$	20,359	$	19,443,877
4.25%, 11/21/49 (Call 05/21/49)		59,994		49,663,621
4.30%, 05/14/36 (Call 11/14/35)		11,570		10,379,964
4.40%, 11/06/42		27,416		23,773,494
4.45%, 05/14/46 (Call 11/14/45)		21,928		18,744,469
4.50%, 05/14/35 (Call 11/14/34)^(a)		26,981		25,001,709
4.55%, 03/15/35 (Call 09/15/34)^(a)		19,459		18,066,720
4.70%, 05/14/45 (Call 11/14/44)		28,442		25,161,557
4.75%, 03/15/45 (Call 09/15/44)		10,708		9,583,255
4.85%, 06/15/44 (Call 12/15/43)		11,826		10,736,607
4.88%, 11/14/48 (Call 05/14/48)^(a)		20,464		18,666,780
AmerisourceBergen Corp.
2.70%, 03/15/31 (Call 12/15/30)		11,352		9,425,705
3.45%, 12/15/27 (Call 09/15/27)^(a)		6,268		5,825,723
Astrazeneca Finance LLC
1.20%, 05/28/26 (Call 04/28/26)		8,815		7,818,832
1.75%, 05/28/28 (Call 03/28/28)		16,102		13,785,152
2.25%, 05/28/31 (Call 02/28/31)		9,384		7,810,252
4.88%, 03/03/28 (Call 02/03/28)		10,000		9,979,800
AstraZeneca PLC
0.70%, 04/08/26 (Call 03/08/26)		9,861		8,643,288
1.38%, 08/06/30 (Call 05/06/30)		17,252		13,570,509
3.00%, 05/28/51 (Call 11/28/50)^(a)		7,418		5,278,742
3.13%, 06/12/27 (Call 03/12/27)^(a)		8,952		8,379,875
4.00%, 01/17/29 (Call 10/17/28)^(a)		11,093		10,613,911
4.00%, 09/18/42		11,885		10,369,760
4.38%, 11/16/45		9,883		8,888,162
4.38%, 08/17/48 (Call 02/17/48)		6,268		5,664,323
6.45%, 09/15/37		29,010		32,735,978
Becton Dickinson and Co.
1.96%, 02/11/31 (Call 11/11/30)^(a)		16,963		13,373,268
2.82%, 05/20/30 (Call 02/20/30)^(a)		10,890		9,313,263
3.70%, 06/06/27 (Call 03/06/27)^(a)		19,461		18,373,360
4.67%, 06/06/47 (Call 12/06/46)^(a)		13,430		11,747,021
4.69%, 02/13/28 (Call 01/13/28)		9,948		9,721,083
4.69%, 12/15/44 (Call 06/15/44)		7,547		6,683,697
Bristol-Myers Squibb Co.
1.13%, 11/13/27 (Call 09/13/27)^(a)		10,765		9,144,117
1.45%, 11/13/30 (Call 08/13/30)^(a)		14,840		11,692,843
2.35%, 11/13/40 (Call 05/13/40)^(a)		9,122		6,229,614
2.55%, 11/13/50 (Call 05/13/50)		13,256		8,366,094
2.95%, 03/15/32 (Call 12/15/31)^(a)		19,286		16,647,207
3.20%, 06/15/26 (Call 04/15/26)		17,887		16,937,957
3.40%, 07/26/29 (Call 04/26/29)^(a)		26,903		24,668,324
3.55%, 03/15/42 (Call 09/15/41)		15,249		12,363,924
3.70%, 03/15/52 (Call 09/15/51)^(a)		20,773		16,328,729
3.90%, 02/20/28 (Call 11/20/27)		16,865		16,154,992
3.90%, 03/15/62 (Call 09/15/61)		10,785		8,378,595
4.13%, 06/15/39 (Call 12/15/38)		21,725		19,356,325
4.25%, 10/26/49 (Call 04/26/49)		36,862		31,731,304
4.35%, 11/15/47 (Call 05/15/47)		14,415		12,663,145
4.55%, 02/20/48 (Call 08/20/47)		14,155		12,815,706
Cardinal Health Inc., 3.41%, 06/15/27 (Call 03/15/27)^(a)		10,656		9,931,703
Cigna Group (The)
1.25%, 03/15/26 (Call 02/15/26)^(a)		5,351		4,741,143
2.38%, 03/15/31 (Call 12/15/30)		13,872		11,290,655
2.40%, 03/15/30 (Call 12/15/29)		14,537		12,118,931
3.20%, 03/15/40 (Call 09/15/39)		9,344		6,973,278
3.40%, 03/01/27 (Call 12/01/26)^(a)		13,524		12,662,692
3.40%, 03/15/50 (Call 09/15/49)		14,787		10,344,407


Security	Par (000)		Value

Pharmaceuticals (continued)
3.40%, 03/15/51 (Call 09/15/50)	$	16,790	$	11,769,642
3.88%, 10/15/47 (Call 04/15/47)^(a)		11,963		9,133,637
4.38%, 10/15/28 (Call 07/15/28)^(a)		46,232		44,360,196
4.80%, 08/15/38 (Call 02/15/38)		21,161		19,459,446
4.80%, 07/15/46 (Call 01/16/46)		16,512		14,527,010
4.90%, 12/15/48 (Call 06/15/48)		30,025		26,924,715
5.40%, 03/15/33 (Call 12/15/32)		7,640		7,632,818
CVS Health Corp.
1.30%, 08/21/27 (Call 06/21/27)		25,615		21,579,078
1.75%, 08/21/30 (Call 05/21/30)		13,005		10,156,661
1.88%, 02/28/31 (Call 11/28/30)^(a)		15,521		12,057,164
2.13%, 09/15/31 (Call 06/15/31)^(a)		12,729		9,977,737
2.70%, 08/21/40 (Call 02/21/40)^(a)		11,413		7,711,838
2.88%, 06/01/26 (Call 03/01/26)^(a)		16,145		15,010,823
3.00%, 08/15/26 (Call 06/15/26)^(a)		8,559		7,943,515
3.25%, 08/15/29 (Call 05/15/29)		21,848		19,294,854
3.63%, 04/01/27 (Call 02/01/27)^(a)		9,542		8,987,179
3.75%, 04/01/30 (Call 01/01/30)^(a)		16,856		15,217,890
4.13%, 04/01/40 (Call 10/01/39)		10,972		9,002,545
4.25%, 04/01/50 (Call 10/01/49)^(a)		9,638		7,667,808
4.30%, 03/25/28 (Call 12/25/27)		56,413		53,899,220
4.78%, 03/25/38 (Call 09/25/37)		53,138		48,248,262
5.05%, 03/25/48 (Call 09/25/47)		84,311		75,567,250
5.13%, 02/21/30 (Call 12/21/29)		15,300		15,019,283
5.13%, 07/20/45 (Call 01/20/45)^(a)		37,366		33,661,292
5.25%, 02/21/33 (Call 11/21/32)		15,750		15,489,566
5.30%, 12/05/43 (Call 06/05/43)		8,119		7,520,291
5.63%, 02/21/53 (Call 08/21/52)		12,575		12,123,732
Eli Lilly & Co.
2.25%, 05/15/50 (Call 11/15/49)^(a)		9,993		6,230,037
2.50%, 09/15/60 (Call 03/15/60)		7,285		4,414,466
3.38%, 03/15/29 (Call 12/15/28)^(a)		10,209		9,458,123
3.95%, 03/15/49 (Call 09/15/48)^(a)		6,059		5,298,675
4.70%, 02/27/33 (Call 11/27/32)		4,925		4,891,268
4.88%, 02/27/53 (Call 08/27/52)		6,335		6,303,219
4.95%, 02/27/63 (Call 08/27/62)		2,110		2,087,496
GlaxoSmithKline Capital Inc.
3.88%, 05/15/28^(a)		15,686		14,940,766
6.38%, 05/15/38^(a)		32,204		36,221,149
GlaxoSmithKline Capital PLC, 3.38%, 06/01/29 (Call 03/01/29)^(a)		10,547		9,637,177
Johnson & Johnson
0.95%, 09/01/27 (Call 07/01/27)^(a)		22,942		19,611,021
1.30%, 09/01/30 (Call 06/01/30)^(a)		21,087		16,932,857
2.10%, 09/01/40 (Call 03/01/40)^(a)		5,417		3,706,838
2.25%, 09/01/50 (Call 03/01/50)^(a)		11,473		7,254,029
2.45%, 03/01/26 (Call 12/01/25)^(a)		5,305		4,966,968
2.45%, 09/01/60 (Call 03/01/60)		13,830		8,467,881
2.90%, 01/15/28 (Call 10/15/27)^(a)		17,420		16,180,093
2.95%, 03/03/27 (Call 12/03/26)		11,834		11,145,672
3.40%, 01/15/38 (Call 07/15/37)		12,206		10,360,864
3.50%, 01/15/48 (Call 07/15/47)		7,127		5,821,516
3.55%, 03/01/36 (Call 09/01/35)		9,357		8,250,394
3.63%, 03/03/37 (Call 09/03/36)		17,832		15,709,336
3.70%, 03/01/46 (Call 09/01/45)^(a)		19,948		16,764,596
3.75%, 03/03/47 (Call 09/03/46)^(a)		10,751		9,123,126
4.38%, 12/05/33 (Call 06/05/33)^(a)		7,273		7,179,837
5.95%, 08/15/37^(a)		12,859		14,104,737
Merck & Co. Inc.
1.45%, 06/24/30 (Call 03/24/30)		12,540		10,014,330


Security	Par (000)		Value


Pharmaceuticals (continued)
1.70%, 06/10/27 (Call 05/10/27)^(a)	$	19,313	$	17,047,068
1.90%, 12/10/28 (Call 10/10/28)		16,084		13,804,001
2.15%, 12/10/31 (Call 09/10/31)^(a)		23,543		19,170,938
2.35%, 06/24/40 (Call 12/24/39)		12,162		8,460,723
2.45%, 06/24/50 (Call 12/24/49)^(a)		13,908		8,793,404
2.75%, 12/10/51 (Call 06/10/51)^(a)		23,356		15,539,849
2.90%, 12/10/61 (Call 06/10/61)^(a)		15,869		10,113,725
3.40%, 03/07/29 (Call 12/07/28)^(a)		21,846		20,258,134
3.70%, 02/10/45 (Call 08/10/44)^(a)		21,917		17,993,712
3.90%, 03/07/39 (Call 09/07/38)		11,288		9,857,052
4.00%, 03/07/49 (Call 09/07/48)		15,780		13,394,695
4.15%, 05/18/43^(a)		12,279		10,933,783
Mylan Inc.
4.55%, 04/15/28 (Call 01/15/28)		3,824		3,564,171
5.20%, 04/15/48 (Call 10/15/47)		5,649		4,305,844
Novartis Capital Corp.
2.00%, 02/14/27 (Call 12/14/26)		11,487		10,398,152
2.20%, 08/14/30 (Call 05/14/30)^(a)		17,155		14,504,163
2.75%, 08/14/50 (Call 02/14/50)^(a)		12,204		8,442,527
3.10%, 05/17/27 (Call 02/17/27)		9,653		9,073,546
4.00%, 11/20/45 (Call 05/20/45)^(a)		12,023		10,461,857
4.40%, 05/06/44^(a)		17,458		16,130,000
Pfizer Inc.
1.70%, 05/28/30 (Call 02/28/30)^(a)		12,648		10,323,365
1.75%, 08/18/31 (Call 05/18/31)^(a)		12,891		10,268,851
2.55%, 05/28/40 (Call 11/28/39)		13,016		9,361,302
2.63%, 04/01/30 (Call 01/01/30)^(a)		14,142		12,343,807
2.70%, 05/28/50 (Call 11/28/49)^(a)		14,981		10,180,984
2.75%, 06/03/26		11,506		10,817,108
3.00%, 12/15/26^(a)		18,039		16,958,689
3.45%, 03/15/29 (Call 12/15/28)^(a)		19,737		18,404,634
3.60%, 09/15/28 (Call 06/15/28)^(a)		11,688		11,052,324
3.90%, 03/15/39 (Call 09/15/38)		9,187		8,014,741
4.00%, 12/15/36^(a)		5,948		5,413,817
4.00%, 03/15/49 (Call 09/15/48)^(a)		8,473		7,298,870
4.13%, 12/15/46		12,761		11,140,284
4.20%, 09/15/48 (Call 03/15/48)		11,001		9,764,422
4.30%, 06/15/43^(a)		8,887		8,075,743
4.40%, 05/15/44^(a)		11,026		10,114,072
7.20%, 03/15/39		28,220		34,227,172
Shire Acquisitions Investments Ireland DAC, 3.20%, 09/23/26 (Call 06/23/26)		31,796		29,583,361
Takeda Pharmaceutical Co. Ltd.
2.05%, 03/31/30 (Call 12/31/29)		28,151		22,946,187
3.03%, 07/09/40 (Call 01/09/40)^(a)		13,875		10,151,645
3.18%, 07/09/50 (Call 01/09/50)^(a)		21,502		14,673,378
3.38%, 07/09/60 (Call 01/09/60)^(a)		8,635		5,745,030
5.00%, 11/26/28 (Call 08/26/28)^(a)		18,769		18,519,875
Utah Acquisition Sub Inc.
3.95%, 06/15/26 (Call 03/15/26)		20,437		19,113,947
5.25%, 06/15/46 (Call 12/15/45)		11,332		8,813,926
Viatris Inc.
2.30%, 06/22/27 (Call 04/22/27)		6,671		5,760,110
2.70%, 06/22/30 (Call 03/22/30)^(a)		15,763		12,490,779
3.85%, 06/22/40 (Call 12/22/39)		13,683		9,378,926
4.00%, 06/22/50 (Call 12/22/49)^(a)		19,323		12,415,980
Wyeth LLC
5.95%, 04/01/37		24,868		26,611,331
6.50%, 02/01/34^(a)		8,874		9,897,390


Security	Par (000)		Value


Pharmaceuticals (continued)
Zoetis Inc.
2.00%, 05/15/30 (Call 02/15/30)^(a)	$	12,971	$	10,602,062
3.00%, 09/12/27 (Call 06/15/27)^(a)		4,789		4,418,201
4.70%, 02/01/43 (Call 08/01/42)^(a)		8,385		7,562,053
5.60%, 11/16/32 (Call 08/16/32)		4,747		4,912,847


				2,400,393,110

Pipelines — 3.3%
Cheniere Corpus Christi Holdings LLC
3.70%, 11/15/29 (Call 05/18/29)^(a)		16,244		14,631,767
5.13%, 06/30/27 (Call 01/01/27)^(a)		12,652		12,485,536
Cheniere Energy Inc., 4.63%, 10/15/28 (Call 10/15/23)		11,529		10,687,498
Cheniere Energy Partners LP
3.25%, 01/31/32 (Call 01/31/27)^(a)		11,597		9,319,132
4.00%, 03/01/31 (Call 03/01/26)^(a)		15,359		13,269,448
4.50%, 10/01/29 (Call 10/01/24)^(a)		8,019		7,268,602
Enbridge Inc.
2.50%, 08/01/33 (Call 05/01/33)^(a)		11,801		9,106,875
3.13%, 11/15/29 (Call 08/15/29)^(a)		16,031		13,971,025
3.40%, 08/01/51 (Call 02/01/51)		8,047		5,508,969
4.25%, 12/01/26 (Call 09/01/26)^(a)		4,913		4,705,796
5.50%, 12/01/46 (Call 05/29/46)		3,068		2,897,437
Energy Transfer LP
3.75%, 05/15/30 (Call 02/15/30)^(a)		14,799		13,120,777
4.00%, 10/01/27 (Call 07/01/27)		6,281		5,857,951
4.95%, 05/15/28 (Call 02/15/28)		8,414		8,109,156
4.95%, 06/15/28 (Call 03/15/28)		10,142		9,797,168
5.00%, 05/15/50 (Call 11/15/49)		21,328		17,457,542
5.15%, 03/15/45 (Call 09/15/44)		12,377		10,400,267
5.25%, 04/15/29 (Call 01/15/29)		15,922		15,514,718
5.30%, 04/15/47 (Call 10/15/46)		11,462		9,712,701
5.35%, 05/15/45 (Call 11/15/44)^(a)		7,611		6,504,022
5.40%, 10/01/47 (Call 04/01/47)^(a)		17,097		14,686,443
5.50%, 06/01/27 (Call 03/01/27)		6,857		6,814,673
5.55%, 02/15/28 (Call 01/15/28)		11,652		11,614,125
5.75%, 02/15/33 (Call 11/15/32)		14,979		14,749,206
6.00%, 06/15/48 (Call 12/15/47)		11,511		10,564,937
6.13%, 12/15/45 (Call 06/15/45)		11,636		10,880,758
6.25%, 04/15/49 (Call 10/15/48)^(a)		19,010		18,021,967
6.50%, 02/01/42 (Call 08/01/41)^(a)		13,586		13,489,266
Enterprise Products Operating LLC
2.80%, 01/31/30 (Call 10/31/29)		14,853		12,724,524
3.13%, 07/31/29 (Call 04/30/29)		16,120		14,219,558
3.20%, 02/15/52 (Call 08/15/51)^(a)		11,528		7,693,521
3.30%, 02/15/53 (Call 08/15/52)^(a)		10,671		7,217,937
3.70%, 01/31/51 (Call 07/31/50)		10,867		7,965,495
3.95%, 01/31/60 (Call 07/31/59)		9,688		7,112,361
4.15%, 10/16/28 (Call 07/16/28)		14,957		14,146,696
4.20%, 01/31/50 (Call 07/31/49)^(a)		14,239		11,383,780
4.25%, 02/15/48 (Call 08/15/47)		11,609		9,393,104
4.45%, 02/15/43 (Call 08/15/42)		13,278		11,312,642
4.80%, 02/01/49 (Call 08/01/48)		13,415		11,725,633
4.85%, 08/15/42 (Call 02/15/42)		8,309		7,448,319
4.85%, 03/15/44 (Call 09/15/43)		14,622		12,978,243
4.90%, 05/15/46 (Call 11/15/45)		10,829		9,503,843
5.10%, 02/15/45 (Call 08/15/44)^(a)		12,749		11,643,340
5.35%, 01/31/33 (Call 10/31/32)		12,529		12,495,377
5.95%, 02/01/41^(a)		10,503		10,600,459
Kinder Morgan Energy Partners LP
5.50%, 03/01/44 (Call 09/01/43)^(a)		9,968		8,979,490
6.95%, 01/15/38^(a)		14,587		15,508,798


Security	Par (000)		Value


Pipelines (continued)
Kinder Morgan Inc.
2.00%, 02/15/31 (Call 11/15/30)^(a)	$	7,302	$	5,639,173
3.60%, 02/15/51 (Call 08/15/50)		11,671		7,862,976
4.30%, 03/01/28 (Call 12/01/27)^(a)		12,467		11,903,611
4.80%, 02/01/33 (Call 11/01/32)^(a)		6,942		6,431,805
5.05%, 02/15/46 (Call 08/15/45)^(a)		9,424		7,961,397
5.20%, 06/01/33 (Call 03/01/33)		3,563		3,391,458
5.20%, 03/01/48 (Call 09/01/47)		8,321		7,179,404
5.30%, 12/01/34 (Call 06/01/34)^(a)		5,114		4,774,958
5.45%, 08/01/52 (Call 02/01/52)^(a)		6,351		5,644,799
5.55%, 06/01/45 (Call 12/01/44)^(a)		19,637		17,723,453
7.75%, 01/15/32		11,617		12,954,425
Magellan Midstream Partners LP, 3.95%, 03/01/50 (Call 09/01/49)		4,106		3,009,045
MPLX LP
1.75%, 03/01/26 (Call 02/01/26)^(a)		2,338		2,090,343
2.65%, 08/15/30 (Call 05/15/30)^(a)		17,017		13,958,569
4.00%, 03/15/28 (Call 12/15/27)		13,047		12,203,172
4.13%, 03/01/27 (Call 12/01/26)		15,985		15,248,971
4.50%, 04/15/38 (Call 10/15/37)		19,640		16,714,508
4.70%, 04/15/48 (Call 10/15/47)		16,979		13,589,535
4.80%, 02/15/29 (Call 11/15/28)		7,809		7,503,976
4.95%, 09/01/32 (Call 06/01/32)		9,714		9,119,041
4.95%, 03/14/52 (Call 09/14/51)		14,839		12,306,964
5.00%, 03/01/33 (Call 12/01/32)		4,705		4,410,089
5.20%, 03/01/47 (Call 09/01/46)^(a)		12,463		10,736,574
5.50%, 02/15/49 (Call 08/15/48)		15,464		13,857,222
ONEOK Inc.
3.10%, 03/15/30 (Call 12/15/29)^(a)		8,500		7,200,148
3.40%, 09/01/29 (Call 06/01/29)		7,266		6,306,555
4.55%, 07/15/28 (Call 04/15/28)^(a)		8,913		8,468,117
5.20%, 07/15/48 (Call 01/15/48)		4,867		4,125,136
6.10%, 11/15/32 (Call 08/15/32)		2,565		2,577,620
Plains All American Pipeline LP/PAA Finance Corp.
3.55%, 12/15/29 (Call 09/15/29)		10,870		9,423,131
3.80%, 09/15/30 (Call 06/15/30)		9,291		8,112,342
4.50%, 12/15/26 (Call 09/15/26)^(a)		3,782		3,619,500
Sabine Pass Liquefaction LLC
4.20%, 03/15/28 (Call 09/15/27)		13,725		12,887,039
4.50%, 05/15/30 (Call 11/15/29)^(a)		19,157		17,939,109
5.00%, 03/15/27 (Call 09/15/26)		12,565		12,265,378
5.88%, 06/30/26 (Call 12/31/25)		13,982		14,062,884
Targa Resources Corp.
4.00%, 01/15/32 (Call 07/15/26)^(a)		13,223		11,213,309
4.20%, 02/01/33 (Call 12/01/32)^(a)		9,292		8,073,977
4.88%, 02/01/31 (Call 02/01/26)		13,950		12,665,275
4.95%, 04/15/52 (Call 10/15/51)		7,777		6,218,232
5.20%, 07/01/27 (Call 06/01/27)		5,766		5,669,774
5.50%, 03/01/30 (Call 03/01/25)		2,439		2,311,689
6.13%, 03/15/33 (Call 12/15/32)^(a)		3,045		3,052,795
6.50%, 07/15/27 (Call 07/15/23)^(a)		10,178		10,289,754
6.50%, 02/15/53 (Call 08/15/52)		4,925		4,829,826
TransCanada PipeLines Ltd.
2.50%, 10/12/31 (Call 07/12/31)^(a)		13,061		10,341,109
4.10%, 04/15/30 (Call 01/15/30)		14,301		13,042,948
4.25%, 05/15/28 (Call 02/15/28)^(a)		15,673		14,819,282
4.63%, 03/01/34 (Call 12/01/33)^(a)		11,068		10,062,678
4.88%, 05/15/48 (Call 11/15/47)^(a)		6,768		5,928,464
5.10%, 03/15/49 (Call 09/15/48)		5,020		4,534,355
6.10%, 06/01/40^(a)		11,658		11,779,887


Security	Par (000)		Value


Pipelines (continued)
6.20%, 10/15/37^(a)	$	13,772	$	14,179,698
7.63%, 01/15/39		17,754		20,474,431
Williams Companies Inc. (The)
2.60%, 03/15/31 (Call 12/15/30)^(a)		19,055		15,449,224
3.50%, 11/15/30 (Call 08/15/30)^(a)		11,500		10,058,102
3.75%, 06/15/27 (Call 03/15/27)^(a)		12,493		11,748,815
4.65%, 08/15/32 (Call 05/15/32)		12,587		11,715,275
4.85%, 03/01/48 (Call 09/01/47)^(a)		6,210		5,320,169
5.10%, 09/15/45 (Call 03/15/45)		9,729		8,549,562
5.30%, 08/15/52 (Call 02/15/52)^(a)		9,418		8,482,708
5.65%, 03/15/33 (Call 12/15/32)		10,000		9,943,681
6.30%, 04/15/40^(a)		15,978		16,360,526


				1,105,518,854

Real Estate Investment Trusts — 1.8%
Alexandria Real Estate Equities Inc.
1.88%, 02/01/33 (Call 11/01/32)		8,946		6,633,773
2.00%, 05/18/32 (Call 02/18/32)^(a)		14,139		10,808,755
2.95%, 03/15/34 (Call 12/15/33)^(a)		13,040		10,485,910
3.00%, 05/18/51 (Call 11/18/50)^(a)		6,706		4,305,440
3.38%, 08/15/31 (Call 05/15/31)^(a)		9,103		7,974,929
3.55%, 03/15/52 (Call 09/15/51)^(a)		13,387		9,573,993
American Tower Corp.
1.88%, 10/15/30 (Call 07/15/30)		8,162		6,280,554
2.10%, 06/15/30 (Call 03/15/30)		5,788		4,578,018
2.75%, 01/15/27 (Call 11/15/26)^(a)		6,015		5,425,573
2.90%, 01/15/30 (Call 10/15/29)^(a)		7,269		6,150,580
2.95%, 01/15/51 (Call 07/15/50)		12,590		7,586,545
3.10%, 06/15/50 (Call 12/15/49)		7,392		4,588,460
3.38%, 10/15/26 (Call 07/15/26)^(a)		10,304		9,576,373
3.55%, 07/15/27 (Call 04/15/27)^(a)		6,814		6,288,176
3.80%, 08/15/29 (Call 05/15/29)^(a)		15,038		13,550,274
5.65%, 03/15/33 (Call 12/15/32)		7,640		7,605,162
Boston Properties LP
2.45%, 10/01/33 (Call 07/01/33)^(a)		10,982		8,006,660
2.55%, 04/01/32 (Call 01/01/32)		13,178		10,055,833
2.75%, 10/01/26 (Call 07/01/26)		14,535		13,108,114
3.25%, 01/30/31 (Call 10/30/30)^(a)		11,770		9,798,040
3.40%, 06/21/29 (Call 03/21/29)^(a)		12,914		11,089,214
4.50%, 12/01/28 (Call 09/01/28)^(a)		13,575		12,582,399
6.75%, 12/01/27 (Call 11/01/27)^(a)		3,214		3,334,334
Brixmor Operating Partnership LP
4.05%, 07/01/30 (Call 04/01/30)^(a)		13,577		12,012,532
4.13%, 05/15/29 (Call 02/15/29)		4,525		4,074,426
Crown Castle Inc.
2.90%, 04/01/41 (Call 10/01/40)^(a)		7,687		5,218,664
3.25%, 01/15/51 (Call 07/15/50)^(a)		6,650		4,337,739
5.00%, 01/11/28 (Call 12/11/27)		5,643		5,556,542
Crown Castle International Corp.
1.05%, 07/15/26 (Call 06/15/26)^(a)		10,995		9,513,218
2.10%, 04/01/31 (Call 01/01/31)^(a)		14,568		11,398,408
2.25%, 01/15/31 (Call 10/15/30)^(a)		12,333		9,866,125
2.50%, 07/15/31 (Call 04/15/31)^(a)		10,016		8,062,930
2.90%, 03/15/27 (Call 02/15/27)^(a)		7,377		6,717,009
3.30%, 07/01/30 (Call 04/01/30)^(a)		10,389		9,062,637
3.65%, 09/01/27 (Call 06/01/27)		12,490		11,615,764
3.70%, 06/15/26 (Call 03/15/26)		5,460		5,164,697
3.80%, 02/15/28 (Call 11/15/27)^(a)		5,607		5,213,381
Digital Realty Trust LP
3.60%, 07/01/29 (Call 04/01/29)^(a)		8,364		7,391,646
3.70%, 08/15/27 (Call 05/15/27)^(a)		9,770		9,057,631


Security	Par (000)		Value


Real Estate Investment Trusts (continued)
5.55%, 01/15/28 (Call 12/15/27)^(a)	$	6,830	$	6,807,632
Equinix Inc.
2.15%, 07/15/30 (Call 04/15/30)^(a)		10,743		8,581,425
2.50%, 05/15/31 (Call 02/15/31)		14,914		11,926,618
3.20%, 11/18/29 (Call 08/18/29)^(a)		12,621		10,993,285
3.90%, 04/15/32 (Call 01/15/32)		13,467		11,869,977
ERP Operating LP, 4.50%, 07/01/44 (Call 01/01/44)^(a)		9,794		8,620,056
GLP Capital LP/GLP Financing II Inc.
3.25%, 01/15/32 (Call 10/15/31)		6,866		5,459,216
5.30%, 01/15/29 (Call 10/15/28)		6,547		6,177,517
5.38%, 04/15/26 (Call 01/15/26)^(a)		2,716		2,650,806
Healthcare Realty Holdings LP, 2.00%, 03/15/31 (Call 12/15/30)^(a)		8,778		6,687,723
Healthpeak Properties Interim Inc., 3.00%, 01/15/30 (Call 10/15/29)		6,888		5,925,312
Prologis LP
1.25%, 10/15/30 (Call 07/15/30)		13,037		9,987,822
2.25%, 04/15/30 (Call 01/15/30)		6,641		5,532,270
Realty Income Corp.
3.25%, 01/15/31 (Call 10/15/30)		13,707		11,944,432
5.63%, 10/13/32 (Call 07/13/32)^(a)		8,146		8,298,208
Simon Property Group LP
1.75%, 02/01/28 (Call 11/01/27)^(a)		8,747		7,471,407
2.45%, 09/13/29 (Call 06/13/29)^(a)		11,129		9,323,562
2.65%, 07/15/30 (Call 04/15/30)^(a)		12,709		10,673,835
3.25%, 11/30/26 (Call 08/30/26)^(a)		5,554		5,178,373
3.25%, 09/13/49 (Call 03/13/49)^(a)		12,024		8,252,389
3.38%, 06/15/27 (Call 03/15/27)		9,866		9,184,494
3.38%, 12/01/27 (Call 09/01/27)^(a)		12,264		11,337,969
3.80%, 07/15/50 (Call 01/15/50)^(a)		8,870		6,643,438
Ventas Realty LP, 4.40%, 01/15/29 (Call 10/15/28)		6,747		6,276,044
VICI Properties LP
4.75%, 02/15/28 (Call 01/15/28)^(a)		10,564		9,972,921
4.95%, 02/15/30 (Call 12/15/29)^(a)		9,620		9,086,728
5.13%, 05/15/32 (Call 02/15/32)		14,656		13,601,420
5.63%, 05/15/52 (Call 11/15/51)^(a)		4,389		3,902,642
Welltower OP LLC
2.80%, 06/01/31 (Call 03/01/31)		10,677		8,653,992
3.10%, 01/15/30 (Call 10/15/29)^(a)		5,145		4,389,537
4.25%, 04/15/28 (Call 01/15/28)		9,802		9,238,003
Weyerhaeuser Co.
4.00%, 11/15/29 (Call 08/15/29)		8,745		7,966,207
4.00%, 04/15/30 (Call 01/15/30)^(a)		9,909		9,011,722


				585,277,440

Retail — 3.3%
AutoZone Inc.
4.00%, 04/15/30 (Call 01/15/30)		6,431		5,920,971
4.75%, 08/01/32 (Call 05/01/32)^(a)		7,430		7,081,488
Costco Wholesale Corp.
1.38%, 06/20/27 (Call 04/20/27)		15,023		13,122,702
1.60%, 04/20/30 (Call 01/20/30)^(a)		18,867		15,403,889
1.75%, 04/20/32 (Call 01/20/32)		11,053		8,706,808
3.00%, 05/18/27 (Call 02/18/27)^(a)		9,753		9,160,558
Dollar General Corp., 3.50%, 04/03/30 (Call 01/03/30)^(a)		8,337		7,432,528
Dollar Tree Inc.
2.65%, 12/01/31 (Call 09/01/31)		6,172		4,973,576
4.20%, 05/15/28 (Call 02/15/28)^(a)		13,283		12,640,396
Home Depot Inc. (The)
1.38%, 03/15/31 (Call 12/15/30)		13,210		10,142,740


Security	Par (000)		Value


Retail (continued)
1.50%, 09/15/28 (Call 07/15/28)^(a)	$	10,880	$	9,184,910
1.88%, 09/15/31 (Call 06/15/31)		13,467		10,651,763
2.13%, 09/15/26 (Call 06/15/26)^(a)		9,918		9,020,152
2.38%, 03/15/51 (Call 09/15/50)		17,120		10,202,337
2.50%, 04/15/27 (Call 02/15/27)^(a)		8,878		8,116,595
2.70%, 04/15/30 (Call 01/15/30)^(a)		16,187		14,020,186
2.75%, 09/15/51 (Call 03/15/51)		12,341		8,009,136
2.80%, 09/14/27 (Call 06/14/27)^(a)		11,793		10,849,161
2.88%, 04/15/27 (Call 03/15/27)^(a)		9,179		8,525,441
2.95%, 06/15/29 (Call 03/15/29)^(a)		18,135		16,194,392
3.00%, 04/01/26 (Call 01/01/26)^(a)		8,690		8,200,557
3.13%, 12/15/49 (Call 06/15/49)		14,888		10,508,999
3.25%, 04/15/32 (Call 01/15/32)^(a)		15,812		13,861,436
3.30%, 04/15/40 (Call 10/15/39)		15,124		12,013,043
3.35%, 04/15/50 (Call 10/15/49)		15,750		11,602,493
3.50%, 09/15/56 (Call 03/15/56)^(a)		4,967		3,680,816
3.63%, 04/15/52 (Call 10/15/51)^(a)		16,543		12,590,960
3.90%, 12/06/28 (Call 09/06/28)^(a)		8,490		8,114,067
3.90%, 06/15/47 (Call 12/15/46)^(a)		13,769		11,303,867
4.20%, 04/01/43 (Call 10/01/42)^(a)		11,861		10,337,778
4.25%, 04/01/46 (Call 10/01/45)^(a)		17,344		14,958,961
4.40%, 03/15/45 (Call 09/15/44)^(a)		12,985		11,520,027
4.50%, 09/15/32 (Call 06/15/32)^(a)		13,514		13,013,996
4.50%, 12/06/48 (Call 06/06/48)^(a)		15,923		14,248,875
4.88%, 02/15/44 (Call 08/15/43)^(a)		11,043		10,503,002
4.95%, 09/15/52 (Call 03/15/52)^(a)		11,441		10,931,587
5.88%, 12/16/36		31,150		33,303,094
5.95%, 04/01/41 (Call 10/01/40)		10,688		11,456,755
Lowe’s Companies Inc.
1.30%, 04/15/28 (Call 02/15/28)^(a)		11,724		9,692,774
1.70%, 09/15/28 (Call 07/15/28)^(a)		13,416		11,211,626
1.70%, 10/15/30 (Call 07/15/30)^(a)		18,188		14,172,208
2.50%, 04/15/26 (Call 01/15/26)^(a)		9,723		8,995,374
2.63%, 04/01/31 (Call 01/01/31)^(a)		19,006		15,641,353
2.80%, 09/15/41 (Call 03/15/41)		9,760		6,588,171
3.00%, 10/15/50 (Call 04/15/50)^(a)		19,910		12,549,062
3.10%, 05/03/27 (Call 02/03/27)^(a)		13,938		12,953,346
3.35%, 04/01/27 (Call 03/01/27)^(a)		4,735		4,428,494
3.65%, 04/05/29 (Call 01/05/29)^(a)		17,388		15,879,631
3.70%, 04/15/46 (Call 10/15/45)^(a)		16,181		11,915,557
3.75%, 04/01/32 (Call 01/01/32)^(a)		20,102		17,772,777
4.05%, 05/03/47 (Call 11/03/46)		14,943		11,590,043
4.25%, 04/01/52 (Call 10/01/51)		15,585		12,214,234
4.45%, 04/01/62 (Call 10/01/61)		11,532		8,975,759
4.50%, 04/15/30 (Call 01/15/30)^(a)		10,249		9,751,627
5.00%, 04/15/33 (Call 01/15/33)^(a)		8,253		7,942,488
5.63%, 04/15/53 (Call 10/15/52)^(a)		15,307		14,571,336
5.80%, 09/15/62 (Call 03/15/62)^(a)		9,803		9,436,451
McDonald’s Corp.
2.13%, 03/01/30 (Call 12/01/29)		7,044		5,832,359
2.63%, 09/01/29 (Call 06/01/29)^(a)		12,020		10,436,827
3.50%, 03/01/27 (Call 12/01/26)^(a)		6,963		6,576,614
3.50%, 07/01/27 (Call 05/01/27)^(a)		9,536		9,001,799
3.60%, 07/01/30 (Call 04/01/30)^(a)		9,937		9,049,806
3.63%, 09/01/49 (Call 03/01/49)^(a)		17,828		13,386,906
3.80%, 04/01/28 (Call 01/01/28)		10,239		9,712,798
4.20%, 04/01/50 (Call 10/01/49)		8,710		7,212,982
4.45%, 03/01/47 (Call 09/01/46)		9,812		8,488,517
4.45%, 09/01/48 (Call 03/01/48)^(a)		8,541		7,405,390
4.60%, 09/09/32 (Call 06/09/32)^(a)		6,704		6,454,094


Security	Par (000)		Value

Retail (continued)
4.70%, 12/09/35 (Call 06/09/35)	$	3,913	$	3,680,096
4.88%, 12/09/45 (Call 06/09/45)^(a)		18,552		16,921,073
5.15%, 09/09/52 (Call 03/09/52)^(a)		8,209		7,836,656
6.30%, 10/15/37^(a)		11,670		12,583,804
6.30%, 03/01/38		9,604		10,332,028
O’Reilly Automotive Inc.
3.60%, 09/01/27 (Call 06/01/27)		2,978		2,796,744
4.70%, 06/15/32 (Call 03/15/32)^(a)		9,223		8,792,113
Starbucks Corp.
2.25%, 03/12/30 (Call 12/12/29)^(a)		9,096		7,536,353
2.55%, 11/15/30 (Call 08/15/30)^(a)		16,627		13,868,345
3.00%, 02/14/32 (Call 11/14/31)^(a)		12,483		10,592,607
3.50%, 11/15/50 (Call 05/15/50)		10,336		7,477,441
3.55%, 08/15/29 (Call 05/15/29)^(a)		9,961		9,096,955
4.00%, 11/15/28 (Call 08/15/28)^(a)		6,989		6,633,897
4.45%, 08/15/49 (Call 02/15/49)^(a)		8,204		6,966,403
4.50%, 11/15/48 (Call 05/15/48)		9,896		8,476,862
Target Corp.
1.95%, 01/15/27 (Call 12/15/26)^(a)		7,859		7,078,858
2.35%, 02/15/30 (Call 11/15/29)		7,867		6,665,030
2.50%, 04/15/26^(a)		5,761		5,387,755
2.95%, 01/15/52 (Call 07/15/51)^(a)		1,980		1,343,416
3.38%, 04/15/29 (Call 01/15/29)^(a)		11,116		10,254,342
4.00%, 07/01/42^(a)		13,298		11,615,469
4.50%, 09/15/32 (Call 06/15/32)^(a)		9,603		9,196,185
4.80%, 01/15/53 (Call 07/15/52)		15,589		14,508,494
TJX Companies Inc. (The), 2.25%, 09/15/26 (Call 06/15/26)		3,711		3,391,277
Walgreens Boots Alliance Inc.
3.45%, 06/01/26 (Call 03/01/26)^(a)		5,654		5,303,860
4.10%, 04/15/50 (Call 10/15/49)		5,187		3,745,133
4.80%, 11/18/44 (Call 05/18/44)^(a)		2,100		1,731,340
Walmart Inc.
1.05%, 09/17/26 (Call 08/17/26)^(a)		11,650		10,236,759
1.50%, 09/22/28 (Call 07/22/28)^(a)		14,516		12,340,025
1.80%, 09/22/31 (Call 06/22/31)^(a)		27,087		21,794,731
2.50%, 09/22/41 (Call 03/22/41)^(a)		11,897		8,499,024
2.65%, 09/22/51 (Call 03/22/51)^(a)		18,115		12,249,803
3.05%, 07/08/26 (Call 05/08/26)^(a)		6,157		5,839,646
3.70%, 06/26/28 (Call 03/26/28)^(a)		16,182		15,466,023
3.95%, 09/09/27 (Call 08/09/27)		7,450		7,255,735
4.05%, 06/29/48 (Call 12/29/47)		19,912		17,421,427
4.15%, 09/09/32 (Call 06/09/32)^(a)		6,350		6,114,561
4.50%, 09/09/52 (Call 03/09/52)		10,465		9,827,729
5.25%, 09/01/35^(a)		17,734		18,557,606
6.20%, 04/15/38		7,802		8,790,396
6.50%, 08/15/37^(a)		3,710		4,297,395


				1,103,853,841

Semiconductors — 3.3%
Analog Devices Inc.
1.70%, 10/01/28 (Call 08/01/28)		8,334		7,027,411
2.10%, 10/01/31 (Call 07/01/31)^(a)		10,759		8,693,061
2.80%, 10/01/41 (Call 04/01/41)		4,377		3,170,831
2.95%, 10/01/51 (Call 04/01/51)		7,291		4,988,133
3.50%, 12/05/26 (Call 09/05/26)		5,800		5,504,130
Applied Materials Inc.
1.75%, 06/01/30 (Call 03/01/30)^(a)		7,882		6,413,233
2.75%, 06/01/50 (Call 12/01/49)^(a)		4,626		3,140,638
3.30%, 04/01/27 (Call 01/01/27)^(a)		7,126		6,733,767
4.35%, 04/01/47 (Call 10/01/46)		5,538		4,962,142


Security	Par (000)		Value

Semiconductors (continued)
Broadcom Corp./Broadcom Cayman Finance Ltd.
3.50%, 01/15/28 (Call 10/15/27)^(a)	$	9,821	$	8,962,846
3.88%, 01/15/27 (Call 10/15/26)		30,930		29,167,905
Broadcom Inc.
1.95%, 02/15/28 (Call 12/15/27)^(a)(c)		9,839		8,328,835
2.45%, 02/15/31 (Call 11/15/30)^(a)(c)		31,081		24,612,755
2.60%, 02/15/33 (Call 11/15/32)^(c)		18,466		13,958,468
3.14%, 11/15/35 (Call 08/15/35)^(c)		36,400		26,849,459
3.19%, 11/15/36 (Call 08/15/36)^(a)(c)		28,870		20,895,633
3.42%, 04/15/33 (Call 01/15/33)^(c)		24,549		19,758,786
3.46%, 09/15/26 (Call 07/15/26)		4,216		3,939,652
3.47%, 04/15/34 (Call 01/15/34)^(c)		35,161		27,829,562
3.50%, 02/15/41 (Call 08/15/40)^(c)		27,422		19,599,406
3.75%, 02/15/51 (Call 08/15/50)^(a)(c)		15,262		10,624,472
4.00%, 04/15/29 (Call 02/15/29)^(c)		9,847		8,920,299
4.11%, 09/15/28 (Call 06/15/28)		14,343		13,471,848
4.15%, 11/15/30 (Call 08/15/30)		20,548		18,505,027
4.15%, 04/15/32 (Call 01/15/32)^(c)		14,195		12,490,179
4.30%, 11/15/32 (Call 08/15/32)^(a)		20,123		17,836,166
4.75%, 04/15/29 (Call 01/15/29)^(a)		9,606		9,168,313
4.93%, 05/15/37 (Call 02/15/37)^(c)		25,319		21,983,247
Intel Corp.
1.60%, 08/12/28 (Call 06/12/28)		10,552		8,854,637
2.00%, 08/12/31 (Call 05/12/31)^(a)		15,672		12,297,807
2.45%, 11/15/29 (Call 08/15/29)		23,580		19,848,503
2.60%, 05/19/26 (Call 02/19/26)^(a)		6,843		6,343,779
2.80%, 08/12/41 (Call 02/12/41)		10,387		7,069,275
3.05%, 08/12/51 (Call 02/12/51)		15,199		9,723,601
3.10%, 02/15/60 (Call 08/15/59)^(a)		11,514		7,017,718
3.15%, 05/11/27 (Call 02/11/27)^(a)		10,592		9,845,957
3.20%, 08/12/61 (Call 02/12/61)^(a)		7,294		4,528,619
3.25%, 11/15/49 (Call 05/15/49)		23,568		15,748,039
3.73%, 12/08/47 (Call 06/08/47)^(a)		22,248		16,441,268
3.75%, 03/25/27 (Call 01/25/27)		10,041		9,587,824
3.75%, 08/05/27 (Call 07/05/27)		13,068		12,443,723
3.90%, 03/25/30 (Call 12/25/29)		15,632		14,422,868
4.00%, 08/05/29 (Call 06/05/29)^(a)		8,034		7,499,483
4.00%, 12/15/32^(a)		6,599		5,977,956
4.10%, 05/19/46 (Call 11/19/45)^(a)		14,207		11,345,163
4.10%, 05/11/47 (Call 11/11/46)		10,175		8,062,552
4.15%, 08/05/32 (Call 05/05/32)^(a)		14,836		13,659,032
4.60%, 03/25/40 (Call 09/25/39)^(a)		8,900		7,936,847
4.75%, 03/25/50 (Call 09/25/49)^(a)		22,586		19,511,862
4.80%, 10/01/41^(a)		8,524		7,702,800
4.88%, 02/10/28 (Call 01/10/28)		12,983		12,793,337
4.90%, 07/29/45 (Call 01/29/45)^(a)		7,934		7,268,698
4.90%, 08/05/52 (Call 02/05/52)^(a)		18,321		16,152,805
4.95%, 03/25/60 (Call 09/25/59)^(a)		7,571		6,630,795
5.05%, 08/05/62 (Call 02/05/62)^(a)		10,718		9,339,851
5.13%, 02/10/30 (Call 12/10/29)		11,898		11,762,726
5.20%, 02/10/33 (Call 11/10/32)		18,853		18,491,433
5.63%, 02/10/43 (Call 08/10/42)		6,799		6,613,366
5.70%, 02/10/53 (Call 08/10/52)		15,400		14,995,402
5.90%, 02/10/63 (Call 08/10/62)		11,558		11,330,792
KLA Corp.
3.30%, 03/01/50 (Call 08/28/49)		3,601		2,606,527
4.10%, 03/15/29 (Call 12/15/28)^(a)		10,410		9,924,786
4.65%, 07/15/32 (Call 04/15/32)^(a)		10,678		10,407,892
4.95%, 07/15/52 (Call 01/15/52)^(a)		10,351		9,736,462
5.25%, 07/15/62 (Call 01/15/62)		7,657		7,320,420


Security	Par (000)		Value

Semiconductors (continued)
Lam Research Corp.
1.90%, 06/15/30 (Call 03/15/30)	$	9,582	$	7,799,222
2.88%, 06/15/50 (Call 12/15/49)^(a)		2,466		1,639,064
3.75%, 03/15/26 (Call 01/15/26)		775		745,724
4.00%, 03/15/29 (Call 12/15/28)^(a)		11,120		10,545,973
4.88%, 03/15/49 (Call 09/15/48)^(a)		4,646		4,370,524
Marvell Technology Inc.
2.45%, 04/15/28 (Call 02/15/28)		8,382		7,165,280
2.95%, 04/15/31 (Call 01/15/31)^(a)		7,408		5,946,038
Micron Technology Inc.
2.70%, 04/15/32 (Call 01/15/32)		15,931		12,061,209
4.19%, 02/15/27 (Call 12/15/26)^(a)		6,915		6,546,113
4.66%, 02/15/30 (Call 11/15/29)		7,247		6,652,688
5.88%, 02/09/33 (Call 11/09/32)		5,278		5,104,887
6.75%, 11/01/29 (Call 09/01/29)		7,656		7,889,074
NVIDIA Corp.
1.55%, 06/15/28 (Call 04/15/28)		13,673		11,620,618
2.00%, 06/15/31 (Call 03/15/31)^(a)		15,322		12,372,748
2.85%, 04/01/30 (Call 01/01/30)^(a)		13,982		12,302,169
3.20%, 09/16/26 (Call 06/16/26)^(a)		4,418		4,190,426
3.50%, 04/01/40 (Call 10/01/39)^(a)		7,097		5,817,947
3.50%, 04/01/50 (Call 10/01/49)^(a)		16,183		12,492,985
NXP BV/NXP Funding LLC/NXP USA Inc.
2.50%, 05/11/31 (Call 02/11/31)^(a)		10,638		8,398,071
2.65%, 02/15/32 (Call 11/15/31)^(a)		10,607		8,335,089
3.25%, 05/11/41 (Call 11/11/40)		6,195		4,301,508
3.40%, 05/01/30 (Call 02/01/30)^(a)		10,008		8,645,991
3.88%, 06/18/26 (Call 04/18/26)^(a)		1,956		1,856,350
4.30%, 06/18/29 (Call 03/18/29)^(a)		11,609		10,717,700
5.00%, 01/15/33 (Call 10/15/32)^(a)		10,916		10,237,768
Qorvo Inc., 4.38%, 10/15/29 (Call 10/15/24)		8,548		7,623,206
QUALCOMM Inc.
1.30%, 05/20/28 (Call 02/20/28)		10,066		8,463,065
1.65%, 05/20/32 (Call 02/20/32)		13,434		10,266,912
2.15%, 05/20/30 (Call 02/20/30)^(a)		12,527		10,498,688
3.25%, 05/20/27 (Call 02/20/27)^(a)		16,728		15,733,402
3.25%, 05/20/50 (Call 11/20/49)^(a)		6,924		5,085,762
4.30%, 05/20/47 (Call 11/20/46)^(a)		16,848		14,671,275
4.50%, 05/20/52 (Call 11/20/51)^(a)		9,319		8,261,397
4.65%, 05/20/35 (Call 11/20/34)^(a)		5,047		4,874,648
4.80%, 05/20/45 (Call 11/20/44)^(a)		16,473		15,598,824
6.00%, 05/20/53 (Call 11/20/52)		10,230		10,998,658
Texas Instruments Inc.
1.75%, 05/04/30 (Call 02/04/30)		9,534		7,795,391
2.25%, 09/04/29 (Call 06/04/29)		8,260		7,077,126
3.88%, 03/15/39 (Call 09/15/38)		4,582		4,046,451
4.15%, 05/15/48 (Call 11/15/47)		14,542		12,875,674
Xilinx Inc., 2.38%, 06/01/30 (Call 03/01/30)		8,775		7,404,491


				1,097,810,945

Software — 3.6%
Activision Blizzard Inc.
2.50%, 09/15/50 (Call 03/15/50)		14,770		9,167,925
3.40%, 09/15/26 (Call 06/15/26)		2,000		1,890,733
Adobe Inc.
2.15%, 02/01/27 (Call 12/01/26)		2,570		2,336,258
2.30%, 02/01/30 (Call 11/01/29)^(a)		13,823		11,806,806
Autodesk Inc., 2.40%, 12/15/31 (Call 09/15/31)^(a)		12,225		9,707,517
Broadridge Financial Solutions Inc.
2.60%, 05/01/31 (Call 02/01/31)^(a)		10,693		8,656,998
2.90%, 12/01/29 (Call 09/01/29)		9,749		8,234,459


Security	Par (000)		Value

Software (continued)
Fidelity National Information Services Inc.
1.15%, 03/01/26 (Call 02/01/26)^(a)	$	753	$	660,080
1.65%, 03/01/28 (Call 01/01/28)^(a)		8,974		7,524,702
2.25%, 03/01/31 (Call 12/01/30)^(a)		15,425		12,124,013
3.10%, 03/01/41 (Call 09/01/40)^(a)		2,601		1,791,281
5.10%, 07/15/32 (Call 04/15/32)^(a)		8,476		8,109,404
Fiserv Inc.
2.25%, 06/01/27 (Call 04/01/27)		8,413		7,464,126
2.65%, 06/01/30 (Call 03/01/30)^(a)		9,829		8,230,327
3.20%, 07/01/26 (Call 05/01/26)		19,512		18,209,732
3.50%, 07/01/29 (Call 04/01/29)		32,286		28,819,588
4.20%, 10/01/28 (Call 07/01/28)^(a)		10,532		9,896,312
4.40%, 07/01/49 (Call 01/01/49)		16,837		13,562,990
5.45%, 03/02/28 (Call 02/02/28)		10,000		9,991,628
5.60%, 03/02/33 (Call 12/01/32)		6,205		6,318,683
Microsoft Corp.
2.40%, 08/08/26 (Call 05/08/26)^(a)		39,066		36,203,845
2.53%, 06/01/50 (Call 12/01/49)^(a)		67,714		45,027,068
2.68%, 06/01/60 (Call 12/01/59)^(a)		41,878		26,997,754
2.92%, 03/17/52 (Call 09/17/51)		66,877		47,862,625
3.04%, 03/17/62 (Call 09/17/61)		20,971		14,593,287
3.30%, 02/06/27 (Call 11/06/26)^(a)		39,431		37,639,717
3.45%, 08/08/36 (Call 02/08/36)		19,157		16,766,291
3.50%, 02/12/35 (Call 08/12/34)^(a)		16,725		15,033,196
3.70%, 08/08/46 (Call 02/08/46)		19,490		16,556,654
4.10%, 02/06/37 (Call 08/06/36)		10,246		9,590,716
4.25%, 02/06/47 (Call 08/06/46)^(a)		11,929		11,048,226
4.45%, 11/03/45 (Call 05/03/45)		11,174		10,586,721
4.50%, 02/06/57 (Call 08/06/56)^(a)		7,299		6,924,047
Oracle Corp.
1.65%, 03/25/26 (Call 02/25/26)		18,376		16,416,826
2.30%, 03/25/28 (Call 01/25/28)		22,626		19,614,975
2.65%, 07/15/26 (Call 04/15/26)		27,709		25,328,110
2.80%, 04/01/27 (Call 02/01/27)		23,216		21,059,275
2.88%, 03/25/31 (Call 12/25/30)		36,653		30,365,691
2.95%, 04/01/30 (Call 01/01/30)		36,220		30,913,705
3.25%, 11/15/27 (Call 08/15/27)^(a)		26,563		24,302,794
3.60%, 04/01/40 (Call 10/01/39)		33,178		24,454,432
3.60%, 04/01/50 (Call 10/01/49)		48,766		32,867,114
3.65%, 03/25/41 (Call 09/25/40)		25,422		18,688,571
3.80%, 11/15/37 (Call 05/15/37)^(a)		18,023		14,251,213
3.85%, 07/15/36 (Call 01/15/36)^(a)		12,623		10,273,124
3.85%, 04/01/60 (Call 10/01/59)^(a)		37,160		24,658,280
3.90%, 05/15/35 (Call 11/15/34)^(a)		11,331		9,401,544
3.95%, 03/25/51 (Call 09/25/50)		34,798		24,937,339
4.00%, 07/15/46 (Call 01/15/46)		33,860		24,601,464
4.00%, 11/15/47 (Call 05/15/47)		25,602		18,698,825
4.10%, 03/25/61 (Call 09/25/60)		15,832		11,014,971
4.13%, 05/15/45 (Call 11/15/44)		22,354		16,789,560
4.30%, 07/08/34 (Call 01/08/34)		18,565		16,274,946
4.38%, 05/15/55 (Call 11/15/54)		16,207		12,244,674
4.50%, 05/06/28 (Call 04/06/28)		3,653		3,511,753
4.50%, 07/08/44 (Call 01/08/44)		12,573		10,083,330
4.65%, 05/06/30 (Call 03/06/30)		3,597		3,409,621
4.90%, 02/06/33 (Call 11/06/32)		6,811		6,430,038
5.38%, 07/15/40		25,476		23,318,415
5.55%, 02/06/53 (Call 08/06/52)		8,509		7,790,777
6.13%, 07/08/39^(a)		14,929		14,810,519
6.15%, 11/09/29 (Call 09/09/29)^(a)		10,404		10,758,960
6.25%, 11/09/32 (Call 08/09/32)^(a)		20,885		21,686,984


Security	Par (000)		Value

Software (continued)
6.50%, 04/15/38	$	14,726	$	15,330,448
6.90%, 11/09/52 (Call 05/09/52)		27,794		29,859,628
Roper Technologies Inc.
1.75%, 02/15/31 (Call 11/15/30)^(a)		11,130		8,576,769
4.20%, 09/15/28 (Call 06/15/28)^(a)		8,358		7,986,523
salesforce.com Inc.
1.50%, 07/15/28 (Call 05/15/28)^(a)		10,804		9,160,266
1.95%, 07/15/31 (Call 04/15/31)^(a)		16,992		13,608,271
2.70%, 07/15/41 (Call 01/15/41)^(a)		8,506		6,007,641
2.90%, 07/15/51 (Call 01/15/51)^(a)		19,975		13,397,988
3.05%, 07/15/61 (Call 01/15/61)^(a)		9,103		5,804,877
3.70%, 04/11/28 (Call 01/11/28)^(a)		15,345		14,609,172
VMware Inc.
1.40%, 08/15/26 (Call 07/15/26)		12,995		11,226,561
1.80%, 08/15/28 (Call 06/15/28)		8,115		6,637,341
2.20%, 08/15/31 (Call 05/15/31)		15,392		11,654,257
3.90%, 08/21/27 (Call 05/21/27)		12,170		11,358,223
4.70%, 05/15/30 (Call 02/15/30)		8,587		8,044,180
Workday Inc.
3.50%, 04/01/27 (Call 03/01/27)^(a)		7,786		7,273,178
3.70%, 04/01/29 (Call 02/01/29)		7,727		7,052,692
3.80%, 04/01/32 (Call 01/01/32)^(a)		13,518		11,881,831


				1,207,761,385

Telecommunications — 6.6%
AT&T Inc.
1.65%, 02/01/28 (Call 12/01/27)^(a)		24,382		20,701,459
1.70%, 03/25/26 (Call 03/25/23)^(a)		24,222		21,757,530
2.25%, 02/01/32 (Call 11/01/31)^(a)		26,788		20,885,449
2.30%, 06/01/27 (Call 04/01/27)^(a)		25,852		23,030,402
2.55%, 12/01/33 (Call 09/01/33)		40,118		30,715,813
2.75%, 06/01/31 (Call 03/01/31)^(a)		31,520		26,059,459
3.30%, 02/01/52 (Call 08/01/51)^(a)		9,638		6,556,930
3.50%, 06/01/41 (Call 12/01/40)		25,252		18,941,548
3.50%, 09/15/53 (Call 03/15/53)^(a)		78,925		53,999,972
3.55%, 09/15/55 (Call 03/15/55)		79,485		53,660,729
3.65%, 06/01/51 (Call 12/01/50)		30,541		21,768,409
3.65%, 09/15/59 (Call 03/15/59)		67,869		45,712,160
3.80%, 02/15/27 (Call 11/15/26)		7,484		7,114,451
3.80%, 12/01/57 (Call 06/01/57)		62,174		43,533,514
3.85%, 06/01/60 (Call 12/01/59)		16,142		11,288,877
4.10%, 02/15/28 (Call 11/15/27)^(a)		17,472		16,645,992
4.25%, 03/01/27 (Call 12/01/26)^(a)		14,741		14,278,473
4.30%, 02/15/30 (Call 11/15/29)		32,661		30,641,472
4.30%, 12/15/42 (Call 06/15/42)^(a)		15,205		12,525,634
4.35%, 03/01/29 (Call 12/01/28)^(a)		30,701		29,062,859
4.35%, 06/15/45 (Call 12/15/44)^(a)		13,047		10,612,003
4.50%, 05/15/35 (Call 11/15/34)		26,560		23,858,893
4.50%, 03/09/48 (Call 09/09/47)		19,048		15,593,053
4.55%, 03/09/49 (Call 09/09/48)		10,947		9,008,911
4.75%, 05/15/46 (Call 11/15/45)^(a)		19,607		16,776,347
4.85%, 03/01/39 (Call 09/01/38)		9,808		8,807,634
5.25%, 03/01/37 (Call 09/01/36)		10,491		10,044,002
5.65%, 02/15/47 (Call 08/15/46)^(a)		7,895		7,679,572
Bell Telephone Co. of Canada or Bell Canada (The)
3.65%, 08/15/52 (Call 02/15/52)		5,939		4,346,006
4.46%, 04/01/48 (Call 10/01/47)^(a)		8,744		7,447,015
British Telecommunications PLC, 9.63%, 12/15/30		29,348		35,497,492
Cisco Systems Inc.
2.50%, 09/20/26 (Call 06/20/26)^(a)		11,182		10,347,297
2.95%, 02/28/26		2,476		2,345,240


Security	Par (000)		Value

Telecommunications (continued)
5.50%, 01/15/40^(a)	$	22,235	$	23,312,911
5.90%, 02/15/39^(a)		23,737		26,006,153
Corning Inc.
4.38%, 11/15/57 (Call 05/15/57)		7,825		6,240,540
5.45%, 11/15/79 (Call 05/15/79)		10,922		9,555,498
Deutsche Telekom International Finance BV, 8.75%, 06/15/30		41,705		49,386,035
Motorola Solutions Inc.
2.30%, 11/15/30 (Call 08/15/30)		8,893		6,925,963
2.75%, 05/24/31 (Call 02/24/31)		8,391		6,674,222
4.60%, 05/23/29 (Call 02/23/29)		8,309		7,819,549
Orange SA
5.38%, 01/13/42^(a)		13,867		13,721,470
5.50%, 02/06/44 (Call 08/06/43)^(a)		4,891		4,934,624
9.00%, 03/01/31		32,495		39,683,593
Rogers Communications Inc.
3.20%, 03/15/27 (Call 02/15/27)^(a)(c)		9,858		9,057,477
3.70%, 11/15/49 (Call 05/15/49)^(a)		10,318		7,224,631
3.80%, 03/15/32 (Call 12/15/31)^(a)(c)		15,973		13,924,169
4.30%, 02/15/48 (Call 08/15/47)		7,912		6,062,117
4.35%, 05/01/49 (Call 11/01/48)^(a)		11,614		8,981,817
4.50%, 03/15/42 (Call 09/15/41)^(c)		7,398		6,077,412
4.55%, 03/15/52 (Call 09/15/51)^(a)(c)		21,096		16,749,671
5.00%, 03/15/44 (Call 09/15/43)^(a)		10,820		9,344,503
Telefonica Emisiones SA
4.10%, 03/08/27^(a)		6,338		6,001,606
4.67%, 03/06/38^(a)		7,204		5,963,615
4.90%, 03/06/48		11,077		8,809,021
5.21%, 03/08/47^(a)		26,622		22,111,581
5.52%, 03/01/49 (Call 09/01/48)^(a)		12,908		11,199,927
7.05%, 06/20/36		21,964		23,035,534
Telefonica Europe BV, 8.25%, 09/15/30^(a)		15,282		17,291,363
TELUS Corp.
3.40%, 05/13/32 (Call 02/13/32)		13,217		11,229,047
4.60%, 11/16/48 (Call 05/16/48)^(a)		5,312		4,667,056
T-Mobile USA Inc.
2.05%, 02/15/28 (Call 12/15/27)		17,392		14,905,772
2.25%, 11/15/31 (Call 08/15/31)		12,471		9,771,687
2.55%, 02/15/31 (Call 11/15/30)		28,262		23,052,516
2.63%, 04/15/26 (Call 04/15/23)^(a)		10,992		10,074,630
2.63%, 02/15/29 (Call 02/15/24)		12,033		10,241,481
2.70%, 03/15/32 (Call 01/15/29)^(a)		10,646		8,609,077
2.88%, 02/15/31 (Call 02/15/26)		12,361		10,270,840
3.00%, 02/15/41 (Call 08/15/40)		28,363		19,691,041
3.30%, 02/15/51 (Call 08/15/50)		32,544		21,716,533
3.38%, 04/15/29 (Call 04/15/24)		26,659		23,555,740
3.40%, 10/15/52 (Call 04/15/52)		30,074		20,328,340
3.50%, 04/15/31 (Call 04/15/26)^(a)		28,365		24,565,035
3.60%, 11/15/60 (Call 05/15/60)		15,720		10,465,378
3.75%, 04/15/27 (Call 02/15/27)		42,575		40,005,139
3.88%, 04/15/30 (Call 01/15/30)		71,242		64,553,744
4.38%, 04/15/40 (Call 10/15/39)		22,688		19,276,480
4.50%, 04/15/50 (Call 10/15/49)^(a)		30,762		25,459,425
4.75%, 02/01/28 (Call 02/01/24)^(a)		18,607		18,043,351
4.95%, 03/15/28 (Call 02/15/28)		6,297		6,182,090
5.05%, 07/15/33 (Call 04/15/33)		13,400		12,905,942
5.20%, 01/15/33 (Call 10/15/32)^(a)		15,453		15,065,167
5.65%, 01/15/53 (Call 07/15/52)		13,277		12,993,005
5.80%, 09/15/62 (Call 03/15/62)		6,503		6,345,325


Security	Par (000)		Value

Telecommunications (continued)
Verizon Communications Inc.
1.45%, 03/20/26 (Call 02/20/26)^(a)	$	8,213	$	7,345,908
1.50%, 09/18/30 (Call 06/18/30)^(a)		12,138		9,398,909
1.68%, 10/30/30 (Call 07/30/30)		14,423		11,151,780
1.75%, 01/20/31 (Call 10/20/30)^(a)		24,028		18,528,935
2.10%, 03/22/28 (Call 01/22/28)^(a)		34,003		29,332,566
2.36%, 03/15/32 (Call 12/15/31)		48,525		38,117,756
2.55%, 03/21/31 (Call 12/21/30)^(a)		43,213		35,345,447
2.63%, 08/15/26		18,874		17,325,134
2.65%, 11/20/40 (Call 05/20/40)^(a)		32,321		21,891,123
2.85%, 09/03/41 (Call 03/03/41)		12,611		8,730,312
2.88%, 11/20/50 (Call 05/20/50)^(a)		29,176		18,291,464
2.99%, 10/30/56 (Call 04/30/56)^(a)		36,681		22,366,060
3.00%, 03/22/27 (Call 01/22/27)^(a)		9,006		8,298,140
3.00%, 11/20/60 (Call 05/20/60)^(a)		20,585		12,317,356
3.15%, 03/22/30 (Call 12/22/29)^(a)		16,276		14,236,303
3.40%, 03/22/41 (Call 09/22/40)^(a)		38,968		29,261,543
3.55%, 03/22/51 (Call 09/22/50)^(a)		46,961		33,788,153
3.70%, 03/22/61 (Call 09/22/60)^(a)		36,842		25,806,336
3.88%, 02/08/29 (Call 11/08/28)^(a)		11,556		10,749,040
3.88%, 03/01/52 (Call 09/01/51)^(a)		10,627		8,110,200
4.00%, 03/22/50 (Call 09/22/49)		13,226		10,341,360
4.02%, 12/03/29 (Call 09/03/29)		42,506		39,229,476
4.13%, 03/16/27^(a)		32,427		31,185,516
4.13%, 08/15/46^(a)		11,086		8,923,834
4.27%, 01/15/36		17,849		15,759,248
4.33%, 09/21/28^(a)		40,893		39,159,942
4.40%, 11/01/34 (Call 05/01/34)		20,401		18,516,443
4.50%, 08/10/33^(a)		18,831		17,446,116
4.52%, 09/15/48		14,338		12,265,577
4.81%, 03/15/39		12,353		11,310,147
4.86%, 08/21/46^(a)		24,917		22,508,341
5.01%, 08/21/54^(a)		8,029		7,327,229
5.25%, 03/16/37^(a)		12,093		11,693,188
6.55%, 09/15/43		7,924		8,616,865
Vodafone Group PLC
4.25%, 09/17/50^(a)		16,545		12,936,018
4.38%, 05/30/28^(a)		3,196		3,116,184
4.38%, 02/19/43		19,138		15,618,621
4.88%, 06/19/49^(a)		19,812		17,072,718
5.25%, 05/30/48		332		304,912
6.15%, 02/27/37^(a)		20,482		21,146,276


				2,186,183,916

Toys, Games & Hobbies — 0.0%
Hasbro Inc., 3.90%, 11/19/29 (Call 08/19/29)		9,470		8,350,605


Transportation — 1.7%
Burlington Northern Santa Fe LLC
3.30%, 09/15/51 (Call 03/15/51)		9,225		6,658,899
3.55%, 02/15/50 (Call 08/15/49)		9,369		7,174,498
3.90%, 08/01/46 (Call 02/01/46)		8,701		7,048,433
4.05%, 06/15/48 (Call 12/15/47)		8,329		6,943,354
4.13%, 06/15/47 (Call 12/15/46)		8,771		7,422,461
4.15%, 04/01/45 (Call 10/01/44)^(a)		11,416		9,723,656
4.15%, 12/15/48 (Call 06/15/48)		8,435		7,114,031
4.45%, 03/15/43 (Call 09/15/42)		9,160		8,165,743
4.45%, 01/15/53 (Call 07/15/52)^(a)		10,885		9,652,260
4.55%, 09/01/44 (Call 03/01/44)^(a)		8,417		7,631,775
4.90%, 04/01/44 (Call 10/01/43)		10,931		10,281,133
5.75%, 05/01/40 (Call 11/01/39)^(a)		8,894		9,243,798


Security	Par (000)		Value

Transportation (continued)
Canadian National Railway Co., 3.85%, 08/05/32 (Call 05/05/32)^(a)	$	12,679	$	11,622,089
Canadian Pacific Railway Co.
1.75%, 12/02/26 (Call 11/02/26)^(a)		10,095		8,931,752
2.45%, 12/02/31 (Call 09/02/31)		18,511		15,402,252
3.00%, 12/02/41 (Call 06/02/41)^(a)		10,402		7,828,870
3.10%, 12/02/51 (Call 06/02/51)		20,750		14,069,670
6.13%, 09/15/2115 (Call 03/15/2115)		7,671		7,796,455
CSX Corp.
3.25%, 06/01/27 (Call 03/01/27)^(a)		9,881		9,206,716
3.80%, 03/01/28 (Call 12/01/27)^(a)		10,665		10,120,189
3.80%, 11/01/46 (Call 05/01/46)^(a)		4,766		3,720,208
4.10%, 11/15/32 (Call 08/15/32)^(a)		11,833		10,904,674
4.10%, 03/15/44 (Call 09/15/43)^(a)		9,251		7,744,147
4.25%, 03/15/29 (Call 12/15/28)		9,982		9,472,390
4.30%, 03/01/48 (Call 09/01/47)^(a)		7,379		6,257,455
4.50%, 11/15/52 (Call 05/15/52)^(a)		6,440		5,553,291
FedEx Corp.
2.40%, 05/15/31 (Call 02/15/31)^(a)		9,638		7,816,753
3.10%, 08/05/29 (Call 05/05/29)^(a)		9,467		8,345,854
3.25%, 04/01/26 (Call 01/01/26)^(a)		787		745,702
3.25%, 05/15/41 (Call 11/15/40)^(a)		6,543		4,706,006
4.05%, 02/15/48 (Call 08/15/47)		10,885		8,347,704
4.25%, 05/15/30 (Call 02/15/30)^(a)		8,504		7,975,556
4.40%, 01/15/47 (Call 07/15/46)		5,883		4,805,410
4.55%, 04/01/46 (Call 10/01/45)^(a)		12,284		10,137,736
4.75%, 11/15/45 (Call 05/15/45)		12,052		10,290,821
4.95%, 10/17/48 (Call 04/17/48)^(a)		9,350		8,266,164
5.10%, 01/15/44		8,718		7,867,098
5.25%, 05/15/50 (Call 11/15/49)^(a)		11,888		11,006,344
Norfolk Southern Corp.
3.05%, 05/15/50 (Call 11/15/49)^(a)		3,302		2,187,388
3.16%, 05/15/55 (Call 11/15/54)		7,529		4,938,008
4.55%, 06/01/53 (Call 12/01/52)^(a)		7,223		6,209,381
Union Pacific Corp.
2.38%, 05/20/31 (Call 02/20/31)		12,006		9,931,953
2.40%, 02/05/30 (Call 11/05/29)^(a)		8,880		7,552,440
2.80%, 02/14/32 (Call 11/14/31)^(a)		14,335		12,104,619
2.95%, 03/10/52 (Call 09/10/51)^(a)		6,920		4,637,203
2.97%, 09/16/62 (Call 03/16/62)		11,488		7,160,791
3.20%, 05/20/41 (Call 11/20/40)^(a)		10,562		8,101,268
3.25%, 02/05/50 (Call 08/05/49)^(a)		17,593		12,638,985
3.50%, 02/14/53 (Call 08/14/52)		13,442		10,024,369
3.70%, 03/01/29 (Call 12/01/28)		9,842		9,216,667
3.75%, 02/05/70 (Call 08/05/69)		8,723		6,304,470
3.80%, 10/01/51 (Call 04/01/51)^(a)		10,979		8,680,030
3.80%, 04/06/71 (Call 10/06/70)^(a)		10,551		7,695,055
3.84%, 03/20/60 (Call 09/20/59)^(a)		20,016		15,184,186
3.95%, 09/10/28 (Call 06/10/28)^(a)		13,074		12,502,308
4.50%, 01/20/33 (Call 10/20/32)^(a)		8,765		8,430,944
United Parcel Service Inc.
3.05%, 11/15/27 (Call 08/15/27)^(a)		12,190		11,317,482
3.40%, 03/15/29 (Call 12/15/28)^(a)		8,521		7,879,044
3.75%, 11/15/47 (Call 05/15/47)^(a)		9,113		7,440,659
4.25%, 03/15/49 (Call 09/15/48)		6,370		5,628,186
4.45%, 04/01/30 (Call 01/01/30)^(a)		9,611		9,393,927
4.88%, 03/03/33 (Call 12/03/32)		6,340		6,289,863
5.05%, 03/03/53 (Call 09/03/52)^(a)		6,340		6,236,948
5.30%, 04/01/50 (Call 10/01/49)^(a)		11,791		12,115,425


Security	Par/ Shares (000)		Value


Transportation (continued)
6.20%, 01/15/38	$	18,078	$	20,001,658


				555,804,604

Water — 0.1%
American Water Capital Corp.
3.75%, 09/01/47 (Call 03/01/47)		9,250		7,177,742
4.45%, 06/01/32 (Call 03/01/32)^(a)		9,594		9,119,879
6.59%, 10/15/37		8,745		9,473,129


				25,770,750


Total Long-Term Investments — 97.4% (Cost: $38,672,536,504)				32,468,349,353


Short-Term Securities

Money Market Funds — 9.6%
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.81%^(d)(e)(f)		2,483,535		2,485,025,395
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.41%^(d)(e)		722,044		722,044,000


Total Short-Term Securities — 9.6% (Cost: $3,205,107,880)				3,207,069,395


Total Investments — 107.0% (Cost: $41,877,644,384)				35,675,418,748

Liabilities in Excess of Other Assets — (7.0)%				(2,323,538,270	)


Net Assets — 100.0%			$	33,351,880,478

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

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

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

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

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

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

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. The Board of Trustees of the Trust (the “Board”) of each Fund has approved the designation of BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA’s policies. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with BFA’s policies and procedures as reflecting fair value. BFA has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

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

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

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

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

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

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

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

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

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

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

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

For its investment advisory services to the iShares iBoxx $ High Yield Corporate Bond ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

For its investment advisory services to the iShares iBoxx $ Investment Grade Corporate Bond ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, 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 year ended February 28, 2023, the Funds paid BTC the following amounts for securities lending agent services:

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

Other Transactions: Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

For the year ended February 28, 2023, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

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

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

For the year ended February 28, 2023, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

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

Management has analyzed tax laws and regulations and their application to the Funds as of February 28, 2023, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of February 28, 2023, permanent differences attributable to realized gains (losses) from in-kind redemptions were reclassified to the following accounts:

As of February 28, 2023, the tax components of accumulated net earnings (losses) were as follows:

As of February 28, 2023, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events

such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which the Fund is subject.

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

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

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

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

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

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.

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

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

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

LIBOR Transition Risk: The Funds may be exposed to financial instruments that are tied to the London Interbank Offered Rate (“LIBOR”) to determine payment obligations, financing terms, hedging strategies or investment value. The United Kingdom’s Financial Conduct Authority, which regulates LIBOR, announced that a majority of USD LIBOR settings will no longer be published after June 30, 2023. All other LIBOR settings and certain other interbank offered rates ceased to be published after December 31, 2021. The Secured Overnight Financing Rate (“SOFR”) has been used increasingly on a voluntary basis in new instruments and transactions. The Federal Reserve Board adopted regulations that provide a fallback mechanism by identifying benchmark rates based on SOFR that will replace LIBOR in certain financial contracts after June 30, 2023. 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.

iShares Trust and Shareholders of each of the two funds listed in the table below

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (two of the funds constituting iShares Trust, hereafter collectively referred to as the “Funds”) as of February 28, 2023, the related statements of operations for the year ended February 28, 2023, the statements of changes in net assets for each of the two years in the period ended February 28, 2023, including the related notes, and the financial highlights for each of the five years in the period ended February 28, 2023 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of February 28, 2023, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended February 28, 2023 and each of the financial highlights for each of the five years in the period ended February 28, 2023 in conformity with accounting principles generally accepted in the United States of America.

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of February 28, 2023 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

We have served as the auditor of one or more BlackRock investment companies since 2000.

The Funds hereby designate the following amounts, or maximum amounts allowable by law, of distributions from direct federal obligation interest for the fiscal year ended February 28, 2023:

The law varies in each state as to whether and what percent of ordinary income dividends attributable to federal obligations is exempt from state income tax. Shareholders are advised to check with their tax advisers to determine if any portion of the dividends received is exempt from state income tax.

The Funds hereby designate the following amounts, or maximum amounts allowable by law, as interest income eligible to be treated as a Section 163(j) interest dividend for the fiscal year ended February 28, 2023:

The Funds hereby designate the following amounts, or maximum amounts allowable by law, as interest-related dividends eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations for the fiscal year ended February 28, 2023:

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares iBoxx $ High Yield Corporate Bond ETF and iShares iBoxx $ Investment Grade Corporate 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, 2022 (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, 2021 through September 30, 2022 (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, the imposition of capital controls in certain non-U.S. countries, Russian sanctions and the closure of the Russian securities market.

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:

There were no material changes to the Program during the Program Reporting Period other than the enhancement of certain model components in the Program’s classification methodology. 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.

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.

Information on the Fund’s net asset value, market price, premiums and discounts, and bid-ask spreads can be found at iShares.com.

The Alternative Investment Fund Managers Directive, and its United Kingdom (“UK”) equivalent, ( “AIFMD”) impose detailed and prescriptive obligations on fund managers established in the European Union (the “EU”) and the UK. These do not currently apply to managers established outside of the EU or UK, such as BFA (the “Company”). Rather, the Company is only required to comply with certain disclosure, reporting and transparency obligations of AIFMD because it has registered the iShares iBoxx $ High Yield Corporate Bond ETF and iShares iBoxx $ Investment Grade Corporate Bond ETF (the “Funds”) to be marketed to investors in the EU and/or UK.

The Company is required under AIFMD to make quantitative disclosures of remuneration. These disclosures are made in line with BlackRock’s interpretation of currently available regulatory guidance on quantitative remuneration disclosures. As market or regulatory practice develops BlackRock may consider it appropriate to make changes to the way in which quantitative remuneration disclosures are calculated. Where such changes are made, this may result in disclosures in relation to a fund not being comparable to the disclosures made in the prior year, or in relation to other BlackRock fund disclosures in that same year.

Disclosures are provided in relation to (a) the staff of the Company; (b) staff who are senior management; and (c) staff who have the ability to materially affect the risk profile of the Funds.

All individuals included in the aggregated figures disclosed are rewarded in line with BlackRock’s remuneration policy for their responsibilities across the relevant BlackRock business area. As all individuals have a number of areas of responsibilities, only the portion of remuneration for those individuals’ services attributable to the Funds is included in the aggregate figures disclosed.

BlackRock has a clear and well-defined pay-for-performance philosophy, and compensation programs which support that philosophy.

BlackRock operates a total compensation model for remuneration which includes a base salary, which is contractual, and a discretionary bonus scheme. Although all employees are eligible to receive a discretionary bonus, there is no contractual obligation to make a discretionary bonus award to any employees. For senior management and staff who have the ability to materially affect the risk profile of the Funds, a significant percentage of variable remuneration is deferred over time. All employees are subject to a clawback policy.

Remuneration decisions for employees are made once annually in January following the end of the performance year, based on BlackRock’s full-year financial results and other non-financial goals and objectives. Alongside financial performance, individual total compensation is also based on strategic and operating results and other considerations such as management and leadership capabilities. No set formulas are established and no fixed benchmarks are used in determining annual incentive awards.

Annual incentive awards are paid from a bonus pool which is reviewed throughout the year by BlackRock’s independent compensation committee, taking into account both actual and projected financial information together with information provided by the Enterprise Risk and Regulatory Compliance departments in relation to any activities, incidents or events that warrant consideration in making compensation decisions. Individuals are not involved in setting their own remuneration.

Each of the control functions (Enterprise Risk, Legal & Compliance, and Internal Audit) each have their own organizational structures which are independent of the business units and therefore staff members in control functions are remunerated independently of the businesses they oversee. Functional bonus pools for those control functions are determined with reference to the performance of each individual function and the remuneration of the senior members of control functions is directly overseen by BlackRock’s independent remuneration committee.

Members of staff and senior management of the Company typically provide both AIFMD and non-AIFMD related services in respect of multiple funds, clients and functions of the Company and across the broader BlackRock group. Conversely, members of staff and senior management of the broader BlackRock group may provide both AIFMD and non-AIFMD related services in respect of multiple funds, clients and functions of the broader BlackRock group and of the Company. Therefore, the figures disclosed are a sum of individuals’ portion of remuneration attributable to the Company according to an objective apportionment methodology which acknowledges the multiple-service nature of the Company and the broader BlackRock group. Accordingly, the figures are not representative of any individual’s actual remuneration or their remuneration structure.

The amount of the total remuneration awarded to the Company’s staff in respect of the Company’s financial year ending December 31, 2022 was USD 4,121 million. This figure is comprised of fixed remuneration of USD 685 million and variable remuneration of USD 3,436 million. There was a total of 8 beneficiaries of the remuneration described above.

The amount of the aggregate remuneration awarded by the Company in respect of the Company’s financial year ending December 31, 2022, to its senior management was USD 2,958 million, and to other members of its staff whose actions potentially have a material impact on the risk profile of the Company or its funds was USD 970 million. These figures relate to the entire Company and not to the Funds.

The iShares iBoxx $ High Yield Corporate Bond ETF and iShares iBoxx $ Investment Grade Corporate Bond ETF (the “Funds”) are registered under the Alternative Investment Fund Managers Directive to be marketed to European Union (“EU”) investors, as noted above. As a result, certain disclosures are required under the EU Sustainable Finance Disclosure Regulation (“SFDR”).

Each Fund has not been categorized under the SFDR as an “Article 8” or “Article 9” product. In addition, each Fund’s investment strategy does not take into account the criteria for environmentally sustainable economic activities under the EU sustainable investment taxonomy regulation or principal adverse impacts (“PAIs”) on sustainability factors under the SFDR. PAIs are identified under the SFDR as the material impacts of investment decisions on sustainability factors relating to environmental, social and employee matters, respect for human rights, and anti-corruption and anti-bribery matters.

The Board of Trustees has responsibility for the overall management and operations of the Funds, including general supervision of the duties performed by BFA and other service providers. Each Trustee serves until he or she resigns, is removed, dies, retires or becomes incapacitated. Each officer shall hold office until his or her successor is elected and qualifies or until his or her death, resignation or removal. Trustees who are not “interested persons” (as defined in the 1940 Act) of the Trust are referred to as independent trustees (“Independent Trustees”).

The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of open-end equity, multi-asset, index and money market funds and ETFs (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (including ETFs) (the “BlackRock Fixed-Income Complex”) and one complex of ETFs (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 377 funds as of February 28, 2023. With the exception of Robert S. Kapito, Salim Ramji and Charles Park, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Ramji and Mr. Park is c/o BlackRock, Inc., 50 Hudson Yards, New York, NY 10001. The Board has designated John E. Kerrigan as its Independent Board Chair. Additional information about the Funds’ Trustees and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

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

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

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

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

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

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

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

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by Markit Indices Limited, 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

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

Fund NAV		(5.99	)%		2.05	%	2.97%		(5.99	)%		10.68	%	33.94%
Fund Market		(6.20	)		2.04		2.92		(6.20	)		10.63		33.39
Index		(5.36	)		2.53		3.45		(5.36	)		13.31		40.36


Actual					Hypothetical 5% Return


	Beginning Account Value (09/01/22)	Ending Account Value (02/28/23)	Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/22)	Ending Account Value (02/28/23)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 1,024.10	$ 2.46			$ 1,000.00	$ 1,022.40	$ 2.46		0.49	%



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

Baa		3.0%
Ba		43.1
B		41.9
Caa		10.4
Ca		0.5
Not Rated		1.1



Maturity		Percent of Total Investments^(a)

1-5 Years		50.2%
5-10 Years		47.7
10-15 Years		0.9
More than 20 Years		1.2


	Average Annual Total Returns							Cumulative Total Returns

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


Fund NAV		(12.23)	%		1.02	%	1.98%		(12.23)	%		5.22	%	21.61%
Fund Market		(12.35)			1.05		1.96		(12.35)			5.35		21.42
Index		(12.11)			1.13		2.14		(12.11)			5.78		23.55


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

Annual Report:

Market Overview		4

Fund Summary		5

About Fund Performance		9

Disclosure of Expenses		9

Schedules of Investments		10

Financial Statements

Statements of Assets and Liabilities		57

Statements of Operations		58

Statements of Changes in Net Assets		59

Financial Highlights		60

Notes to Financial Statements		62

Report of Independent Registered Public Accounting Firm		70

Important Tax Information		71

Statement Regarding Liquidity Risk Management Program		72

Supplemental Information		73

Trustee and Officer Information		75

General Information		78

Glossary of Terms Used in this Report		79


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


Fund Summary as of February 28, 2023		iShares^® iBoxx $ High Yield Corporate Bond ETF


Fund Summary as of February 28, 2023 (continued)		iShares^® iBoxx $ High Yield Corporate Bond ETF


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



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

Aaa		3.2%
Aa		4.8
A		44.5
Baa		44.8
Ba		2.3
Not Rated		0.4


A B O U T F U N D P E R F O R M A N C E / D I S C L O S U R E O F E X P E N S E S		9




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

BlackRock Cash Funds: Institutional, SL Agency Shares	$	2,859,974,472	$	—	$	(93,073,665	)^(a)	$	(198,054	)	$	1,966,661	$	2,768,669,414		2,767,009	$	16,911,333	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		131,460,000		—		(37,810,000	)^(a)		—			—		93,650,000		93,650		3,298,676			198


								$	(198,054	)	$	1,966,661	$	2,862,319,414			$	20,210,009		$	198




	Level 1		Level 2		Level 3		Total


Assets
Investments
Long-Term Investments
Corporate Bonds & Notes	$	—	$	12,457,390,272	$	—	$	12,457,390,272
Short-Term Securities
Money Market Funds		2,862,319,414		—		—		2,862,319,414


	$	2,862,319,414	$	12,457,390,272	$	—	$	15,319,709,686


	iShares iBoxx $ High Yield Corporate Bond ETF			iShares iBoxx $ Investment Grade Corporate Bond ETF


ASSETS
Investments, at value — unaffiliated^(a)(b)	$	12,457,390,272		$	32,468,349,353
Investments, at value — affiliated^(c)		2,862,319,414			3,207,069,395
Cash		4,784,551			—
Foreign currency, at value^(d)		21,032			—
Receivables:
Investments sold		2,847,049			166,167,464
Securities lending income — affiliated		1,856,946			756,592
Capital shares sold		8,452,239			12,096,469
Dividends — affiliated		250,569			2,285,408
Interest — unaffiliated		206,512,074			380,199,251


Total assets		15,544,434,146			36,236,923,932


LIABILITIES
Bank overdraft		—			350,340
Collateral on securities loaned, at value		2,766,649,796			2,483,198,579
Payables:
Investments purchased		65,609,725			396,875,518
Capital shares redeemed		3,037,148			707,760
Investment advisory fees		5,925,742			3,911,257


Total liabilities		2,841,222,411			2,885,043,454


NET ASSETS	$	12,703,211,735		$	33,351,880,478


NET ASSETS CONSIST OF
Paid-in capital	$	16,203,927,871		$	40,429,479,385
Accumulated loss		(3,500,716,136	)		(7,077,598,907	)


NET ASSETS	$	12,703,211,735		$	33,351,880,478


NET ASSETVALUE
Shares outstanding		170,500,000			315,200,000


Net asset value	$	74.51		$	105.81


Shares authorized		Unlimited			Unlimited


Par value		None			None


^(a) Investments, at cost — unaffiliated	$	14,227,725,287		$	38,672,536,504
^(b) Securities loaned, at value	$	2,661,141,108		$	2,393,519,759
^(c) Investments, at cost — affiliated	$	2,860,147,192		$	3,205,107,880
^(d)Foreign currency, at cost	$	20,556		$	—


	iShares iBoxx $ High Yield Corporate Bond ETF			iShares iBoxx $ Investment Grade Corporate Bond ETF


INVESTMENT INCOME
Dividends — affiliated	$	3,298,676		$	10,580,783
Interest — unaffiliated		814,827,670			1,199,061,102
Securities lending income — affiliated — net		16,911,333			6,807,546
Other income — unaffiliated		550,513			6,319,189


Total investment income		835,588,192			1,222,768,620


EXPENSES
Investment advisory		73,274,146			48,580,938


Total expenses		73,274,146			48,580,938


Net investment income		762,314,046			1,174,187,682


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(161,357,136	)		(891,385,391	)
Investments — affiliated		(198,054	)		(332,157	)
Capital gain distributions from underlying funds — affiliated		198			694
Foreign currency transactions		(77	)		—
In-kind redemptions — unaffiliated^(a)		(363,095,000	)		(911,980,715	)


		(524,650,069	)		(1,803,697,569	)

Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		(900,065,710	)		(3,482,136,818	)
Investments — affiliated		1,966,661			1,529,546
Foreign currency translations		476			—


		(898,098,573	)		(3,480,607,272	)


Net realized and unrealized loss		(1,422,748,642	)		(5,284,304,841	)


NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(660,434,596	)	$	(4,110,117,159	)


	iShares iBoxx $ High Yield Corporate Bond ETF							iShares iBoxx $ Investment Grade Corporate Bond ETF


	Year Ended 02/28/23			Year Ended 02/28/22				Year Ended 02/28/23				Year Ended 02/28/22

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	762,314,046			$	708,867,844			$	1,174,187,682			$	878,555,782
Net realized gain (loss)		(524,650,069	)			225,744,405				(1,803,697,569	)			667,781,490
Net change in unrealized appreciation (depreciation)		(898,098,573	)			(877,637,459	)			(3,480,607,272	)			(2,920,354,039	)


Net increase (decrease) in net assets resulting from operations		(660,434,596	)			56,974,790				(4,110,117,159	)			(1,374,016,767	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(787,964,633	)			(814,300,808	)			(1,139,836,897	)			(915,064,580	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(2,518,162,682	)			(5,046,604,584	)			2,779,402,728				(8,095,864,525	)


NET ASSETS
Total decrease in net assets		(3,966,561,911	)			(5,803,930,602	)			(2,470,551,328	)			(10,384,945,872	)
Beginning of year		16,669,773,646				22,473,704,248				35,822,431,806				46,207,377,678


End of year	$	12,703,211,735			$	16,669,773,646			$	33,351,880,478			$	35,822,431,806


	iShares iBoxx $ High Yield Corporate Bond ETF


	Year Ended 02/28/23			Year Ended 02/28/22			Year Ended 02/28/21			Year Ended 02/29/20			Year Ended 02/28/19


Net asset value, beginning of year	$	83.47		$	86.84		$	85.71		$	85.71		$	86.13


Net investment income^(a)		3.88			3.06			3.84			4.19			4.46
Net realized and unrealized gain (loss)^(b)		(8.87	)		(2.95	)		1.50			0.18			(0.36	)


Net increase (decrease) from investment operations		(4.99	)		0.11			5.34			4.37			4.10


Distributions from net investment income^(c)		(3.97	)		(3.48	)		(4.21	)		(4.37	)		(4.52	)


Net asset value, end of year	$	74.51		$	83.47		$	86.84		$	85.71		$	85.71


Total Return^(d)
Based on net asset value		(5.99	)%		0.11	%		6.56	%		5.14	%		4.95	%


Ratios to Average Net Assets^(e)
Total expenses		0.49	%		0.48	%		0.48	%		0.49	%		0.49	%


Net investment income		5.10	%		3.52	%		4.59	%		4.83	%		5.25	%


Supplemental Data
Net assets, end of year (000)	$	12,703,212		$	16,669,774		$	22,473,704		$	13,456,300		$	15,341,864


Portfolio turnover rate^(f)		31	%		19	%		20	%		20	%		14	%


	iShares iBoxx $ Investment Grade Corporate Bond ETF


	Year Ended 02/28/23			Year Ended 02/28/22			Year Ended 02/28/21			Year Ended 02/29/20			Year Ended 02/28/19


Net asset value, beginning of year	$	124.51		$	132.40		$	132.27		$	115.89		$	117.11


Net investment income^(a)		3.73			2.92			3.55			4.17			4.15
Net realized and unrealized gain (loss)^(b)		(18.85	)		(7.79	)		0.18			16.40			(1.20	)


Net increase (decrease) from investment operations		(15.12	)		(4.87	)		3.73			20.57			2.95


Distributions from net investment income^(c)		(3.58	)		(3.02	)		(3.60	)		(4.19	)		(4.17	)


Net asset value, end of year	$	105.81		$	124.51		$	132.40		$	132.27		$	115.89


Total Return^(d)
Based on net asset value		(12.23	)%		(3.76	)%		2.83	%		18.03	%		2.64	%


Ratios to Average Net Assets^(e)
Total expenses		0.14	%		0.14	%		0.14	%		0.14	%		0.15	%


Net investment income		3.40	%		2.21	%		2.66	%		3.35	%		3.62	%


Supplemental Data
Net assets, end of year (000)	$	33,351,880		$	35,822,432		$	46,207,378		$	33,106,758		$	32,519,973


Portfolio turnover rate^(f)		27	%		14	%		14	%		13	%		10	%



iShares ETF	Diversification Classification

iBoxx $ High Yield Corporate Bond		Diversified
iBoxx $ Investment Grade Corporate Bond		Diversified




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


iBoxx $ High Yield Corporate Bond
Barclays Bank PLC	$	218,089,195	$	(218,089,195	)	$	—		$	—
Barclays Capital, Inc.		138,992,302		(138,992,302	)		—			—
BMO Capital Markets Corp.		28,656,639		(28,656,639	)		—			—
BNP Paribas SA		282,609,029		(282,609,029	)		—			—
BofA Securities, Inc.		74,491,812		(74,491,812	)		—			—
Citadel Clearing LLC		23,501,717		(23,501,717	)		—			—
Citigroup Global Markets, Inc.		31,985,641		(31,985,641	)		—			—
Credit Suisse Securities (USA) LLC		16,266,402		(16,266,402	)		—			—
Deutsche Bank Securities, Inc.		58,035,025		(58,035,025	)		—			—
Goldman Sachs & Co. LLC		542,798,433		(542,798,433	)		—			—
HSBC Securities (USA), Inc.		6,963,981		(6,963,981	)		—			—
J.P. Morgan Securities LLC		618,540,018		(618,540,018	)		—			—
Jefferies LLC		19,493,693		(19,493,693	)		—			—
Mitsubishi UFJ Securities Holdings Co., Ltd.		11,885,937		(11,885,937	)		—			—
Morgan Stanley		93,734,169		(93,734,169	)		—			—
Nomura Securities International, Inc.		28,333,588		(28,333,588	)		—			—
Pershing LLC		11,592,208		(11,592,208	)		—			—
RBC Capital Markets LLC		178,754,844		(178,754,844	)		—			—
Scotia Capital (USA), Inc.		63,030,444		(63,030,444	)		—			—
State Street Bank & Trust Co.		157,360,499		(157,360,499	)		—			—
Toronto-Dominion Bank		5,298,862		(5,298,862	)		—			—
Wells Fargo Bank N.A.		14,836,146		(14,836,146	)		—			—
Wells Fargo Securities LLC		35,890,524		(35,890,524	)		—			—


	$	2,661,141,108	$	(2,661,141,108	)	$	—		$	—



Aggregate Average Daily Net Assets	Investment Advisory Fees

First $19 billion		0.5000	%
Over $19 billion, up to and including $33 billion		0.4750
Over $33 billion, up to and including $47 billion		0.4513
Over $47 billion		0.4287



Aggregate Average Daily Net Assets	Investment Advisory Fees

First $121 billion		0.1500	%
Over $121 billion, up to and including $181 billion		0.1425
Over $181 billion, up to and including $231 billion		0.1354
Over $231 billion, up to and including $281 billion		0.1287
Over $281 billion		0.1222



iShares ETF	Amounts
iBoxx $ High Yield Corporate Bond	$	4,880,468
iBoxx $ Investment Grade Corporate Bond		2,406,391



iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
iBoxx $ High Yield Corporate Bond	$	9,303,141	$	220,224,177	$	(17,351,003	)
iBoxx $ Investment Grade Corporate Bond		353,572,234		160,340,693		(13,138,218	)




iShares ETF	In-kind Purchases		In-kind Sales


iBoxx $ High Yield Corporate Bond	$	36,917,401,912	$	43,315,482,502
iBoxx $ Investment Grade Corporate Bond		39,686,952,575		36,851,309,121




iShares ETF	Paid-in Capital		Accumulated Earnings (Loss)


iBoxx $ High Yield Corporate Bond	$	(364,128,481)	$	364,128,481
iBoxx $ Investment Grade Corporate Bond		(914,963,312)		914,963,312




iShares ETF	Year Ended 02/28/23		Year Ended 02/28/22


iBoxx $ High Yield Corporate Bond Ordinary income	$	787,964,633	$	814,300,808

iBoxx $ Investment Grade Corporate Bond Ordinary income	$	1,139,836,897	$	915,064,580



iShares ETF		Undistributed Ordinary Income		Non-expiring Capital Loss Carryforwards	^(a)		Net Unrealized Gains (Losses	)^(b)		Total


iBoxx $ High Yield Corporate Bond	$	78,632,198	$	(1,735,059,098	)	$	(1,844,289,236	)	$	(3,500,716,136)
iBoxx $ Investment Grade Corporate Bond		117,941,679		(973,210,854	)		(6,222,329,732	)		(7,077,598,907)




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


iBoxx $ High Yield Corporate Bond	$	17,163,999,398	$	80,723,876	$	(1,925,013,588	)	$	(1,844,289,712)
iBoxx $ Investment Grade Corporate Bond		41,897,748,480		40,377,903		(6,262,707,635	)		(6,222,329,732)



iShares ETF	Federal Obligation Interest

iBoxx $ High Yield Corporate Bond	$	478,126
iBoxx $ Investment Grade Corporate Bond		1,534,711



iShares ETF	Interest Dividends

iBoxx $ High Yield Corporate Bond	$	791,884,896
iBoxx $ Investment Grade Corporate Bond		1,172,808,820



iShares ETF	Interest-Related Dividends

iBoxx $ High Yield Corporate Bond	$	515,102,820
iBoxx $ Investment Grade Corporate Bond		945,805,776



		Total Cumulative Distributions for the Fiscal Year								% Breakdown of the Total Cumulative Distributions for the Fiscal Year


iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share

iBoxx $ High Yield Corporate Bond	$	3.967094	$	—	$	—	$	3.967094		100	%		—	%		—	%		100	%
iBoxx $ Investment Grade Corporate Bond		3.578750		—		—		3.578750		100			—			—			100