The Markets in Review

Dear Shareholder,

Despite an uncertain economic landscape during the 12-month reporting period ended August 31, 2023, the resilience of the U.S. economy in the face of ever tighter financial conditions provided an encouraging backdrop for investors. While inflation was near multi-decade highs at the beginning of the period, it declined precipitously as commodity prices dropped. Labor shortages also moderated, although wages continued to grow and unemployment rates reached the lowest levels in decades. This robust labor market powered further growth in consumer spending, backstopping the economy.

Equity returns were solid, as the durability of consumer sentiment eased investors’ concerns about the economy’s trajectory. The U.S. economy resumed growth in the third quarter of 2022 and continued to expand thereafter. Most major classes of equities rose, as large-capitalization U.S. stocks and developed market equities advanced strongly. However, small-capitalization U.S. stocks and emerging market equities posted more modest gains.

The 10-year U.S. Treasury yield rose during the reporting period, driving its price down, as investors reacted to elevated inflation and attempted to anticipate future interest rate changes. The corporate bond market also faced inflationary headwinds, although high-yield corporate bond prices fared significantly better than investment-grade bonds as demand from yield-seeking investors remained strong.

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation has been more persistent than expected, raised interest rates seven times during the 12-month period. Furthermore, the Fed wound down its bond-buying programs and incrementally reduced its balance sheet by not replacing securities that reach maturity. However, the Fed declined to raise interest rates at its June 2023 meeting, the first time it paused its tightening in the current cycle, before again raising rates in July 2023.

Supply constraints appear to have become an embedded feature of the new macroeconomic environment, making it difficult for developed economies to increase production without sparking higher inflation. Geopolitical fragmentation and an aging population risk further exacerbating these constraints, keeping the labor market tight and wage growth high. Although the Fed has decelerated the pace of interest rate hikes and recently opted for two pauses, we believe that the new economic regime means that the Fed will need to maintain high rates for an extended period to keep inflation under control. Furthermore, ongoing structural changes may mean that the Fed will be hesitant to cut interest rates in the event of faltering economic activity lest inflation accelerate again. We believe investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt.

While we favor an overweight position to developed market equities in the long term, we prefer an underweight stance in the near term. Expectations for corporate earnings remain elevated, which seems inconsistent with macroeconomic constraints. Nevertheless, we are overweight on emerging market stocks in the near term as growth trends for emerging markets appear brighter. We also believe that stocks with an AI tilt should benefit from an investment cycle that is set to support revenues and margins. In credit, there are selective opportunities in the near term despite tightening credit and financial conditions. For fixed income investing with a six- to twelve-month horizon, we see the most attractive investments in short-term U.S. Treasuries, U.S. inflation-linked bonds, U.S. mortgage-backed securities, and hard-currency emerging market bonds.

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 August 31, 2023
	6-Month		12-Month

U.S. large cap equities (S&P 500^® Index)		14.50%		15.94%

U.S. small cap equities (Russell 2000^® Index)		0.99		4.65

International equities (MSCI Europe, Australasia, Far East Index)		4.75		17.92

Emerging market equities (MSCI Emerging Markets Index)		3.62		1.25

3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		2.47		4.25

U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		0.11		(4.71)

U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		0.95		(1.19)

Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)		1.04		1.70

U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		4.55		7.19

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

The iShares 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 — 0.9%
Clear Channel Outdoor Holdings Inc.
5.13%, 08/15/27 (Call 10/02/23)^(a)(b)	$	18,951	$	16,819,012
7.50%, 06/01/29 (Call 06/01/24)^(a)(b)		16,795		12,547,664
7.75%, 04/15/28 (Call 04/15/24)^(a)(b)		15,239		11,930,461
9.00%, 09/15/28^(a)		3,575		3,565,097
Lamar Media Corp.
3.63%, 01/15/31 (Call 01/15/26)^(b)		8,784		7,362,561
3.75%, 02/15/28 (Call 09/18/23)^(b)		9,541		8,689,466
4.00%, 02/15/30 (Call 02/15/25)^(b)		8,175		7,167,687
4.88%, 01/15/29 (Call 01/15/24)^(b)		6,299		5,882,085
Outfront Media Capital LLC/Outfront Media Capital Corp.
4.25%, 01/15/29 (Call 01/15/24)^(a)(b)		8,447		6,965,758
4.63%, 03/15/30 (Call 03/15/25)^(a)(b)		8,191		6,681,436
5.00%, 08/15/27 (Call 09/11/23)^(a)(b)		10,277		9,300,685
6.25%, 06/15/25 (Call 10/02/23)^(a)(b)		6,750		6,642,506
Stagwell Global LLC, 5.63%, 08/15/29 (Call 08/15/24)^(a)(b)		17,546		14,727,674
Terrier Media Buyer Inc., 8.88%, 12/15/27 (Call 09/11/23)^(a)(b)		15,104		11,847,578


				130,129,670

Aerospace & Defense — 2.8%
Bombardier Inc.
6.00%, 02/15/28 (Call 02/15/24)^(a)		12,028		11,228,098
7.13%, 06/15/26 (Call 10/03/23)^(a)		19,213		18,904,262
7.50%, 02/01/29 (Call 02/01/26)^(a)(b)		12,637		12,377,152
7.88%, 04/15/27 (Call 10/03/23)^(a)(b)		29,711		29,636,723
Howmet Aerospace Inc.
3.00%, 01/15/29 (Call 11/15/28)^(b)		10,992		9,452,351
5.13%, 10/01/24 (Call 07/01/24)		12,656		12,529,440
6.88%, 05/01/25 (Call 04/01/25)		7,787		7,834,734
Rolls-Royce PLC
3.63%, 10/14/25 (Call 07/14/25)^(a)		16,088		15,162,940
5.75%, 10/15/27 (Call 07/15/27)^(a)		16,889		16,407,209
Spirit AeroSystems Inc.
4.60%, 06/15/28 (Call 03/15/28)^(b)		11,189		9,077,636
7.50%, 04/15/25 (Call 10/02/23)^(a)(b)		18,748		18,513,650
9.38%, 11/30/29 (Call 11/30/25)^(a)(b)		15,103		15,750,013
TransDigm Inc.
4.63%, 01/15/29 (Call 01/15/24)^(b)		19,318		17,304,892
4.88%, 05/01/29 (Call 05/01/24)^(b)		12,215		10,985,459
5.50%, 11/15/27 (Call 10/02/23)		43,201		41,040,950
6.25%, 03/15/26 (Call 10/02/23)^(a)		67,175		66,640,146
6.38%, 06/15/26 (Call 09/17/23)		10,733		10,731,199
6.75%, 08/15/28 (Call 02/15/25)^(a)(b)		33,107		33,198,110
6.88%, 12/15/30^(a)		10,975		11,043,594
7.50%, 03/15/27 (Call 10/02/23)		8,857		8,884,801
TransDigm UK Holdings PLC, 6.88%, 05/15/26 (Call 09/17/23)		8,288		8,426,306
Triumph Group Inc.
7.75%, 08/15/25 (Call 10/02/23)^(b)		9,020		8,498,734
9.00%, 03/15/28 (Call 03/15/25)^(a)		19,600		19,712,126


				413,340,525

Agriculture — 0.3%
Darling Ingredients Inc.
5.25%, 04/15/27 (Call 09/11/23)^(a)(b)		7,663		7,461,367
6.00%, 06/15/30 (Call 06/15/25)^(a)(b)		16,243		15,830,822


Security	Par (000)		Value

Agriculture (continued)
Vector Group Ltd.
5.75%, 02/01/29 (Call 02/01/24)^(a)	$	13,936	$	12,106,900
10.50%, 11/01/26 (Call 10/02/23)^(a)(b)		8,306		8,340,913


				43,740,002

Airlines — 2.2%
Air Canada, 3.88%, 08/15/26 (Call 02/15/26)^(a)		19,528		17,990,170
American Airlines Group Inc., 3.75%, 03/01/25^(a)(b)		8,460		8,105,237
American Airlines Inc.
7.25%, 02/15/28 (Call 02/15/25)^(a)(b)		12,126		11,913,189
11.75%, 07/15/25^(a)		36,123		39,554,685
American Airlines Inc./AAdvantage Loyalty IP Ltd.
5.50%, 04/20/26^(a)		43,414		42,523,956
5.75%, 04/20/29^(a)		48,140		46,023,834
Delta Air Lines Inc.
2.90%, 10/28/24 (Call 09/28/24)		13,698		13,255,281
3.75%, 10/28/29 (Call 07/28/29)^(b)		9,455		8,399,255
4.38%, 04/19/28 (Call 01/19/28)^(b)		8,574		8,068,563
7.38%, 01/15/26 (Call 12/15/25)^(b)		14,780		15,212,863
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd., 5.75%, 01/20/26 (Call 01/20/24)^(a)(b)		19,765		18,290,455
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., 8.00%, 09/20/25 (Call 09/20/23)^(a)(b)		17,035		17,056,619
United Airlines Inc.
4.38%, 04/15/26 (Call 10/15/25)^(a)		32,415		30,470,100
4.63%, 04/15/29 (Call 10/15/28)^(a)		32,035		28,476,872
VistaJet Malta Finance PLC/Vista Management Holding Inc.
6.38%, 02/01/30 (Call 02/01/25)^(a)(b)		15,957		12,969,052
7.88%, 05/01/27 (Call 05/01/24)^(a)(b)		7,728		6,993,840
9.50%, 06/01/28^(a)(b)		7,665		7,070,962


				332,374,933

Apparel — 0.2%
Hanesbrands Inc.
4.88%, 05/15/26 (Call 02/15/26)^(a)(b)		14,582		13,599,028
9.00%, 02/15/31 (Call 02/15/26)^(a)(b)		10,093		10,119,191


				23,718,219

Auto Manufacturers — 3.4%
Allison Transmission Inc.
3.75%, 01/30/31 (Call 01/30/26)^(a)		16,575		13,844,766
4.75%, 10/01/27 (Call 09/11/23)^(a)		6,444		6,054,713
5.88%, 06/01/29 (Call 06/01/24)^(a)(b)		7,896		7,627,389
Aston Martin Capital Holdings Ltd., 10.50%, 11/30/25 (Call 11/01/24)^(a)		16,691		16,962,229
Ford Motor Co.
3.25%, 02/12/32 (Call 11/12/31)^(b)		31,703		24,747,996
4.35%, 12/08/26 (Call 09/08/26)^(b)		19,173		18,505,868
6.10%, 08/19/32 (Call 05/19/32)^(b)		22,716		21,686,965
9.63%, 04/22/30 (Call 01/22/30)^(b)		5,218		6,037,008
Ford Motor Credit Co. LLC
2.30%, 02/10/25 (Call 01/10/25)		16,194		15,212,867
2.70%, 08/10/26 (Call 07/10/26)		17,859		15,988,552
2.90%, 02/16/28 (Call 12/16/27)		9,322		7,937,590
2.90%, 02/10/29 (Call 12/10/28)^(b)		8,941		7,382,584
3.38%, 11/13/25 (Call 10/13/25)^(b)		26,576		24,748,900
3.63%, 06/17/31 (Call 03/17/31)^(b)		12,149		9,859,589
3.66%, 09/08/24		9,610		9,333,328
3.82%, 11/02/27 (Call 08/02/27)		9,374		8,388,558
4.00%, 11/13/30 (Call 08/13/30)^(b)		21,292		18,043,905


Security	Par (000)		Value

Auto Manufacturers (continued)
4.06%, 11/01/24 (Call 10/01/24)	$	18,443	$	17,832,537
4.13%, 08/04/25		16,748		15,990,823
4.13%, 08/17/27 (Call 06/17/27)		15,498		14,093,777
4.27%, 01/09/27 (Call 11/09/26)		11,101		10,283,411
4.39%, 01/08/26		14,290		13,539,075
4.54%, 08/01/26 (Call 06/01/26)		9,112		8,583,802
4.69%, 06/09/25 (Call 04/09/25)^(b)		7,276		7,017,065
4.95%, 05/28/27 (Call 04/28/27)^(b)		18,450		17,298,130
5.11%, 05/03/29 (Call 02/03/29)^(b)		18,978		17,533,300
5.13%, 06/16/25 (Call 05/16/25)^(b)		20,843		20,327,223
6.80%, 05/12/28 (Call 04/12/28)^(b)		19,726		19,718,208
6.95%, 03/06/26 (Call 02/06/26)^(b)		16,096		16,136,240
6.95%, 06/10/26 (Call 05/10/26)^(b)		11,099		11,132,731
7.20%, 06/10/30^(b)		11,434		11,615,334
7.35%, 11/04/27 (Call 10/04/27)^(b)		19,341		19,712,734
7.35%, 03/06/30 (Call 01/06/30)^(b)		14,859		15,119,033
Jaguar Land Rover Automotive PLC
4.50%, 10/01/27 (Call 07/01/27)^(a)		8,426		7,394,342
5.50%, 07/15/29 (Call 07/15/24)^(a)		7,951		6,904,069
5.88%, 01/15/28 (Call 01/15/24)^(a)		11,080		10,185,927
7.75%, 10/15/25 (Call 10/02/23)^(a)		10,715		10,753,023
Nissan Motor Acceptance Corp., 2.75%, 03/09/28 (Call 01/09/28)^(a)		378		318,487
Nissan Motor Co. Ltd., 4.81%, 09/17/30 (Call 06/17/30)^(a)		274		241,808


				504,093,886

Auto Parts & Equipment — 1.8%
Adient Global Holdings Ltd.
4.88%, 08/15/26 (Call 10/02/23)^(a)(b)		13,455		12,944,636
7.00%, 04/15/28 (Call 04/15/25)^(a)(b)		8,285		8,367,778
8.25%, 04/15/31 (Call 04/15/26)^(a)(b)		8,674		8,893,391
American Axle & Manufacturing Inc.
5.00%, 10/01/29 (Call 10/01/24)^(b)		10,154		8,362,022
6.50%, 04/01/27 (Call 10/02/23)^(b)		7,503		7,118,471
6.88%, 07/01/28 (Call 09/11/23)^(b)		6,782		6,216,042
Clarios Global LP, 6.75%, 05/15/25 (Call 10/03/23)^(a)(b)		6,666		6,674,332
Clarios Global LP/Clarios U.S. Finance Co.
6.25%, 05/15/26 (Call 10/02/23)^(a)(b)		15,213		15,096,563
6.75%, 05/15/28^(a)(b)		12,478		12,484,124
8.50%, 05/15/27 (Call 10/02/23)^(a)(b)		28,282		28,611,061
Dana Financing Luxembourg Sarl, 5.75%, 04/15/25 (Call 10/02/23)^(a)		201		196,955
Dana Inc.
4.25%, 09/01/30 (Call 05/01/26)^(b)		6,691		5,541,077
5.38%, 11/15/27 (Call 09/11/23)^(b)		6,425		6,114,137
5.63%, 06/15/28 (Call 09/11/23)^(b)		6,603		6,188,015
Goodyear Tire & Rubber Co. (The)
4.88%, 03/15/27 (Call 12/15/26)^(b)		11,061		10,435,003
5.00%, 05/31/26 (Call 10/02/23)^(b)		14,687		14,150,190
5.00%, 07/15/29 (Call 04/15/29)^(b)		14,035		12,472,624
5.25%, 04/30/31 (Call 01/30/31)^(b)		8,451		7,400,879
5.25%, 07/15/31 (Call 04/15/31)^(b)		9,330		8,035,462
5.63%, 04/30/33 (Call 01/30/33)^(b)		6,864		5,889,312
9.50%, 05/31/25 (Call 09/18/23)^(b)		12,346		12,617,921
Tenneco Inc., 8.00%, 11/17/28 (Call 11/17/24)^(a)		27,375		22,481,719
ZF North America Capital Inc.
4.75%, 04/29/25^(a)		18,018		17,504,595
6.88%, 04/14/28 (Call 03/14/28)^(a)		9,569		9,540,405


Security	Par (000)		Value

Auto Parts & Equipment (continued)
7.13%, 04/14/30 (Call 02/14/30)^(a)(b)	$	10,070	$	10,192,854


				263,529,568

Banks — 0.8%
Freedom Mortgage Corp.
6.63%, 01/15/27^(a)		8,942		7,832,338
7.63%, 05/01/26 (Call 10/02/23)^(a)		8,329		7,662,680
8.13%, 11/15/24 (Call 10/02/23)^(a)		6,232		6,204,241
8.25%, 04/15/25 (Call 10/02/23)^(a)(b)		9,012		8,894,159
Intesa Sanpaolo SpA
4.20%, 06/01/32 (Call 06/01/31), (1-year CMT + 2.600%)^(a)(b)(c)		12,034		9,169,042
5.02%, 06/26/24^(a)		658		640,521
5.71%, 01/15/26^(a)(b)		24,292		23,307,545
UniCredit SpA
5.46%, 06/30/35 (Call 06/30/30), (5-year CMT + 4.750%)^(a)(b)(c)		23,304		20,204,822
5.86%, 06/19/32 (Call 06/19/27), (5-year USD ICE Swap + 3.703%)^(a)(c)		16,358		15,055,259
7.30%, 04/02/34 (Call 04/02/29), (5-year USD ICE Swap + 4.914%)^(a)(b)(c)		19,381		18,578,161


				117,548,768

Building Materials — 1.2%
Builders FirstSource Inc.
4.25%, 02/01/32 (Call 08/01/26)^(a)(b)		20,471		17,380,288
5.00%, 03/01/30 (Call 03/01/25)^(a)(b)		9,006		8,280,116
6.38%, 06/15/32 (Call 06/15/27)^(a)(b)		11,058		10,789,844
Camelot Return Merger Sub Inc., 8.75%, 08/01/28 (Call 08/01/24)^(a)(b)		11,048		11,020,380
Emerald Debt Merger Sub LLC, 6.63%, 12/15/30 (Call 06/15/26)^(a)(b)		37,603		36,944,948
Jeld-Wen Inc.
4.63%, 12/15/25 (Call 10/02/23)^(a)(b)		782		756,585
4.88%, 12/15/27 (Call 10/02/23)^(a)(b)		742		662,028
SRM Escrow Issuer LLC, 6.00%, 11/01/28 (Call 11/01/23)^(a)(b)		17,306		16,572,456
Standard Industries Inc./NJ
3.38%, 01/15/31 (Call 07/15/25)^(a)(b)		17,744		14,115,579
4.38%, 07/15/30 (Call 07/15/25)^(a)(b)		25,551		21,893,247
4.75%, 01/15/28 (Call 10/02/23)^(a)(b)		15,563		14,326,812
5.00%, 02/15/27 (Call 10/02/23)^(a)		12,375		11,738,718
Summit Materials LLC/Summit Materials Finance Corp., 5.25%, 01/15/29 (Call 09/11/23)^(a)(b)		11,188		10,454,112


				174,935,113

Chemicals — 1.8%
ASP Unifrax Holdings Inc.
5.25%, 09/30/28 (Call 09/30/24)^(a)(b)		12,576		8,488,800
7.50%, 09/30/29 (Call 09/30/24)^(a)(b)		5,997		3,118,440
Avient Corp.
5.75%, 05/15/25 (Call 10/02/23)^(a)(b)		11,301		11,159,738
7.13%, 08/01/30 (Call 08/01/25)^(a)(b)		11,729		11,703,196
Axalta Coating Systems LLC, 3.38%, 02/15/29 (Call 02/15/24)^(a)(b)		11,605		9,835,238
Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV, 4.75%, 06/15/27 (Call 10/02/23)^(a)(b)		7,957		7,494,499
Chemours Co. (The)
4.63%, 11/15/29 (Call 11/15/24)^(a)(b)		9,292		7,723,975
5.38%, 05/15/27 (Call 02/15/27)^(b)		8,024		7,542,560
5.75%, 11/15/28 (Call 11/15/23)^(a)(b)		12,394		11,123,615


Security	Par (000)		Value

Chemicals (continued)
Methanex Corp.
5.13%, 10/15/27 (Call 04/15/27)	$	11,338	$	10,637,425
5.25%, 12/15/29 (Call 09/15/29)		11,417		10,352,755
NOVA Chemicals Corp.
4.25%, 05/15/29 (Call 05/15/24)^(a)(b)		9,039		7,329,782
4.88%, 06/01/24 (Call 03/03/24)^(a)		753		739,597
5.00%, 05/01/25 (Call 01/31/25)^(a)(b)		7,820		7,425,403
5.25%, 06/01/27 (Call 03/03/27)^(a)(b)		16,243		14,438,403
Olin Corp.
5.00%, 02/01/30 (Call 02/01/24)^(b)		8,172		7,468,009
5.13%, 09/15/27 (Call 10/02/23)^(b)		7,909		7,546,404
5.63%, 08/01/29 (Call 08/01/24)^(b)		10,025		9,616,181
Olympus Water U.S. Holding Corp.
4.25%, 10/01/28 (Call 10/01/24)^(a)		11,909		9,829,556
6.25%, 10/01/29 (Call 10/01/24)^(a)(b)		5,956		4,725,661
9.75%, 11/15/28 (Call 06/01/25)^(a)(b)		25,145		25,155,478
SCIH Salt Holdings Inc.
4.88%, 05/01/28 (Call 05/01/24)^(a)(b)		17,205		15,456,542
6.63%, 05/01/29 (Call 05/01/24)^(a)(b)		11,432		10,060,160
Tronox Inc., 4.63%, 03/15/29 (Call 03/15/24)^(a)(b)		17,008		13,946,560
Valvoline Inc.
3.63%, 06/15/31 (Call 06/15/26)^(a)(b)		8,367		6,679,784
4.25%, 02/15/30 (Call 02/15/25)^(a)(b)		6,037		5,933,156
WR Grace Holdings LLC
4.88%, 06/15/27 (Call 10/02/23)^(a)(b)		11,893		11,079,257
5.63%, 08/15/29 (Call 08/15/24)^(a)(b)		18,881		15,954,445


				272,564,619

Commercial Services — 4.3%
ADT Security Corp. (The), 4.13%, 08/01/29 (Call 08/01/28)^(a)(b)		16,317		14,256,979
Albion Financing 1 Sarl/Aggreko Holdings Inc., 6.13%, 10/15/26 (Call 10/15/23)^(a)		9,498		8,987,483
Albion Financing 2 Sarl, 8.75%, 04/15/27 (Call 10/15/23)^(a)(b)		7,246		6,739,988
Allied Universal Holdco LLC/Allied Universal Finance Corp.
6.00%, 06/01/29 (Call 06/01/24)^(a)(b)		16,113		12,324,431
6.63%, 07/15/26 (Call 10/02/23)^(a)		31,735		30,178,398
9.75%, 07/15/27 (Call 10/02/23)^(a)(b)		15,525		14,214,379
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl, 4.63%, 06/01/28 (Call 06/01/24)^(a)		31,689		26,879,052
APX Group Inc.
5.75%, 07/15/29 (Call 07/15/24)^(a)(b)		13,141		11,334,112
6.75%, 02/15/27 (Call 10/02/23)^(a)(b)		9,086		8,812,936
Avis Budget Car Rental LLC/Avis Budget Finance Inc.
4.75%, 04/01/28 (Call 04/01/24)^(a)(b)		8,042		7,301,332
5.38%, 03/01/29 (Call 03/01/24)^(a)(b)		10,142		9,333,175
5.75%, 07/15/27 (Call 09/11/23)^(a)(b)		6,038		5,788,744
Block Inc.
2.75%, 06/01/26 (Call 05/01/26)^(b)		15,365		13,942,751
3.50%, 06/01/31 (Call 03/01/31)^(b)		16,686		13,688,527
Brink’s Co. (The)
4.63%, 10/15/27 (Call 10/02/23)^(a)(b)		10,342		9,584,448
5.50%, 07/15/25 (Call 10/02/23)^(a)(b)		5,564		5,477,990
Garda World Security Corp.
4.63%, 02/15/27 (Call 10/02/23)^(a)(b)		8,678		8,019,290
6.00%, 06/01/29 (Call 06/01/24)^(a)		8,111		6,605,387
7.75%, 02/15/28 (Call 02/15/25)^(a)(b)		6,658		6,647,447


Security	Par (000)		Value

Commercial Services (continued)
9.50%, 11/01/27 (Call 10/03/23)^(a)	$	9,379	$	9,079,341
Gartner Inc.
3.63%, 06/15/29 (Call 06/15/24)^(a)		10,324		9,059,310
3.75%, 10/01/30 (Call 10/01/25)^(a)		12,889		11,135,258
4.50%, 07/01/28 (Call 10/02/23)^(a)		12,277		11,453,213
Grand Canyon University
4.13%, 10/01/24		7,519		7,154,329
5.13%, 10/01/28 (Call 08/01/28)^(b)		5,942		5,387,441
Herc Holdings Inc., 5.50%, 07/15/27 (Call 10/02/23)^(a)(b)		19,838		19,100,274
Hertz Corp. (The)
4.63%, 12/01/26 (Call 12/01/23)^(a)(b)		8,174		7,394,936
5.00%, 12/01/29 (Call 12/01/24)^(a)(b)		16,294		13,406,573
MPH Acquisition Holdings LLC
5.50%, 09/01/28 (Call 09/01/24)^(a)		15,967		13,565,180
5.75%, 11/01/28 (Call 11/01/23)^(a)(b)		16,305		12,220,777
Neptune Bidco U.S. Inc., 9.29%, 04/15/29 (Call 10/15/25)^(a)		41,898		39,174,630
Picasso Finance Sub Inc., 6.13%, 06/15/25 (Call 09/18/23)^(a)		7,611		7,555,820
Prime Security Services Borrower LLC/Prime Finance Inc.
3.38%, 08/31/27 (Call 08/31/26)^(a)(b)		14,935		13,278,310
5.75%, 04/15/26^(a)(b)		22,252		21,847,904
6.25%, 01/15/28 (Call 10/02/23)^(a)(b)		20,304		19,339,560
Sabre GLBL Inc.
7.38%, 09/01/25 (Call 10/02/23)^(a)(b)		12,678		12,549,635
11.25%, 12/15/27 (Call 06/15/25)^(a)(b)		8,573		8,179,328
Service Corp. International/U.S.
3.38%, 08/15/30 (Call 08/15/25)^(b)		13,309		11,032,229
4.00%, 05/15/31 (Call 05/15/26)^(b)		12,773		10,825,117
4.63%, 12/15/27 (Call 10/02/23)^(b)		9,256		8,742,303
5.13%, 06/01/29 (Call 06/01/24)^(b)		11,607		10,974,102
Sotheby’s, 7.38%, 10/15/27 (Call 09/11/23)^(a)(b)		13,052		11,877,320
United Rentals North America Inc.
3.75%, 01/15/32 (Call 07/15/26)		12,348		10,372,320
3.88%, 11/15/27 (Call 09/11/23)^(b)		12,247		11,343,784
3.88%, 02/15/31 (Call 08/15/25)^(b)		17,500		14,962,500
4.00%, 07/15/30 (Call 07/15/25)^(b)		11,907		10,403,741
4.88%, 01/15/28 (Call 09/11/23)^(b)		26,767		25,462,109
5.25%, 01/15/30 (Call 01/15/25)^(b)		11,871		11,287,118
5.50%, 05/15/27 (Call 10/02/23)^(b)		6,959		6,815,055
Verscend Escrow Corp., 9.75%, 08/15/26 (Call 10/02/23)^(a)		18,277		18,162,769
Williams Scotsman International Inc., 4.63%, 08/15/28 (Call 10/02/23)^(a)(b)		8,631		7,875,788


				631,134,923

Computers — 1.4%
Condor Merger Sub Inc., 7.38%, 02/15/30 (Call 02/15/25)^(a)(b)		31,720		27,734,572
NCR Corp.
5.00%, 10/01/28 (Call 10/02/23)^(a)		10,083		9,257,034
5.13%, 04/15/29 (Call 04/15/24)^(a)		19,023		17,337,880
5.25%, 10/01/30 (Call 10/01/25)^(a)		6,947		6,227,686
5.75%, 09/01/27 (Call 09/11/23)^(a)(b)		7,822		7,875,776
6.13%, 09/01/29 (Call 09/01/24)^(a)(b)		6,877		7,058,381
Presidio Holdings Inc.
4.88%, 02/01/27 (Call 10/02/23)^(a)(b)		8,740		8,172,424
8.25%, 02/01/28 (Call 10/02/23)^(a)(b)		8,372		8,107,759


Security	Par (000)		Value

Computers (continued)
Seagate HDD Cayman
4.09%, 06/01/29 (Call 03/01/29)^(b)	$	8,089	$	7,098,097
4.75%, 01/01/25^(b)		8,860		8,644,702
4.88%, 06/01/27 (Call 03/01/27)^(b)		8,202		7,856,450
8.25%, 12/15/29 (Call 07/15/26)^(a)(b)		8,470		8,877,793
8.50%, 07/15/31 (Call 07/15/26)^(a)(b)		7,880		8,233,182
9.63%, 12/01/32 (Call 12/01/27)^(a)		11,627		12,865,656
Vericast Corp., 11.00%, 09/15/26 (Call 10/02/23)^(a)		20,509		21,399,949
Western Digital Corp.
2.85%, 02/01/29 (Call 12/01/28)		903		729,547
3.10%, 02/01/32 (Call 11/01/31)		171		127,430
4.75%, 02/15/26 (Call 11/15/25)		35,704		33,986,395


				201,590,713

Cosmetics & Personal Care — 0.4%
Coty Inc.
5.00%, 04/15/26 (Call 10/02/23)^(a)(b)		14,685		14,129,613
6.50%, 04/15/26 (Call 10/02/23)^(a)(b)		5,868		5,853,858
Coty Inc./HFC Prestige Products Inc./HFC Prestige International U.S. LLC, 4.75%, 01/15/29 (Call 01/15/25)^(a)		7,416		6,804,588
Coty Inc./HFC Prestige Products Inc/HFC Prestige International U.S. LLC, 6.63%, 07/15/30 (Call 07/16/26)^(a)		11,864		11,870,763
Edgewell Personal Care Co.
4.13%, 04/01/29 (Call 04/01/24)^(a)(b)		7,381		6,391,503
5.50%, 06/01/28 (Call 10/02/23)^(a)(b)		11,573		10,932,681


				55,983,006

Distribution & Wholesale — 0.4%
American Builders & Contractors Supply Co. Inc.
3.88%, 11/15/29 (Call 11/15/24)^(a)(b)		6,199		5,338,889
4.00%, 01/15/28 (Call 10/02/23)^(a)		11,515		10,407,449
H&E Equipment Services Inc., 3.88%, 12/15/28 (Call 12/15/23)^(a)(b)		19,843		17,324,489
Ritchie Bros Holdings Inc.
6.75%, 03/15/28 (Call 03/15/25)^(a)(b)		9,099		9,173,046
7.75%, 03/15/31 (Call 03/15/26)^(a)(b)		13,176		13,600,706
Wesco Aircraft Holdings Inc.
8.50%, 11/15/24 (Call 10/02/23)^(a)		9,458		416,152
9.00%, 11/15/26 (Call 10/02/23)^(a)(b)		13,501		1,235,341


				57,496,072

Diversified Financial Services — 3.6%
AerCap Holdings NV, 5.88%, 10/10/79 (Call 10/10/24), (5-year CMT + 4.535%)^(b)(c)		11,631		11,281,343
AG Issuer LLC, 6.25%, 03/01/28 (Call 10/02/23)^(a)(b)		7,704		7,391,020
AG TTMT Escrow Issuer LLC, 8.63%, 09/30/27 (Call 09/30/24)^(a)		8,318		8,557,505
Ally Financial Inc.
5.75%, 11/20/25 (Call 10/21/25)^(b)		16,920		16,401,568
6.70%, 02/14/33 (Call 11/16/32)^(b)		7,969		7,214,915
Burford Capital Global Finance LLC
6.25%, 04/15/28 (Call 04/15/24)^(a)		6,147		5,691,903
9.25%, 07/01/31^(a)		7,020		7,098,975
Coinbase Global Inc.
3.38%, 10/01/28 (Call 10/01/24)^(a)(b)		15,416		11,281,208
3.63%, 10/01/31 (Call 10/01/26)^(a)(b)		14,929		10,067,371
Curo Group Holdings Corp., 7.50%, 08/01/28 (Call 08/01/24)^(a)(b)		10,437		4,209,451


Security	Par (000)		Value

Diversified Financial Services (continued)
GGAM Finance Ltd.
8.00%, 06/15/28 (Call 12/15/27)^(a)(b)	$	9,987	$	10,111,044
7.75%, 05/15/26 (Call 11/15/25)^(a)(b)		6,987		7,017,859
Jefferies Finance LLC/JFIN Co-Issuer Corp., 5.00%, 08/15/28 (Call 08/15/24)^(a)		15,427		13,188,157
LD Holdings Group LLC
6.13%, 04/01/28 (Call 04/01/24)^(a)(b)		7,994		5,240,567
6.50%, 11/01/25 (Call 10/02/23)^(a)(b)		8,291		6,997,900
Midcap Financial Issuer Trust
5.63%, 01/15/30 (Call 01/15/25)^(a)(b)		6,413		5,074,286
6.50%, 05/01/28 (Call 05/01/24)^(a)		15,149		13,643,189
Nationstar Mortgage Holdings Inc.
5.13%, 12/15/30 (Call 12/15/25)^(a)(b)		9,692		8,240,623
5.50%, 08/15/28 (Call 10/02/23)^(a)(b)		13,401		12,183,806
5.75%, 11/15/31 (Call 11/15/26)^(a)		9,107		7,851,145
6.00%, 01/15/27 (Call 10/02/23)^(a)(b)		9,026		8,646,321
Navient Corp.
4.88%, 03/15/28 (Call 06/15/27)		8,088		7,019,009
5.00%, 03/15/27 (Call 09/15/26)		10,885		9,914,276
5.50%, 03/15/29 (Call 06/15/28)		11,851		10,159,645
5.88%, 10/25/24		7,529		7,431,984
6.75%, 06/25/25^(b)		7,963		7,912,435
6.75%, 06/15/26^(b)		8,056		7,912,925
9.38%, 07/25/30 (Call 10/25/29)		8,471		8,508,865
NFP Corp.
4.88%, 08/15/28 (Call 10/02/23)^(a)(b)		8,175		7,318,894
6.88%, 08/15/28 (Call 10/02/23)^(a)		33,349		29,388,806
OneMain Finance Corp.
3.50%, 01/15/27 (Call 01/15/24)		12,366		10,768,313
3.88%, 09/15/28 (Call 09/15/24)^(b)		9,342		7,660,440
4.00%, 09/15/30 (Call 09/15/25)^(b)		13,504		10,513,809
5.38%, 11/15/29 (Call 05/15/29)^(b)		11,749		10,162,885
6.63%, 01/15/28 (Call 07/15/27)^(b)		12,083		11,408,079
6.88%, 03/15/25		20,355		20,253,225
7.13%, 03/15/26		25,631		25,257,923
9.00%, 01/15/29 (Call 07/15/25)^(b)		8,633		8,818,610
PennyMac Financial Services Inc.
4.25%, 02/15/29 (Call 02/15/24)^(a)(b)		10,292		8,526,922
5.38%, 10/15/25 (Call 10/02/23)^(a)(b)		10,396		10,029,749
5.75%, 09/15/31 (Call 09/15/26)^(a)(b)		7,697		6,469,867
PRA Group Inc., 8.38%, 02/01/28 (Call 02/01/25)^(a)(b)		6,927		6,338,205
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer Inc.
2.88%, 10/15/26 (Call 10/15/23)^(a)		18,365		16,349,809
3.63%, 03/01/29 (Call 03/01/24)^(a)(b)		12,060		10,251,259
3.88%, 03/01/31 (Call 03/01/26)^(a)(b)		20,201		16,479,370
4.00%, 10/15/33 (Call 10/15/27)^(a)(b)		13,466		10,677,135
SLM Corp.
3.13%, 11/02/26 (Call 10/02/26)		7,336		6,529,040
4.20%, 10/29/25 (Call 09/29/25)^(b)		7,601		7,148,436
Synchrony Financial, 7.25%, 02/02/33 (Call 11/02/32)^(b)		12,207		11,221,094
United Wholesale Mortgage LLC
5.50%, 11/15/25 (Call 10/02/23)^(a)(b)		12,564		12,069,517
5.50%, 04/15/29 (Call 04/15/24)^(a)		10,769		9,342,107
5.75%, 06/15/27 (Call 06/15/24)^(a)		7,967		7,355,931


				526,588,720


Security	Par (000)		Value

Electric — 2.7%
Calpine Corp.
3.75%, 03/01/31 (Call 03/01/26)^(a)	$	13,862	$	11,540,115
4.50%, 02/15/28 (Call 10/02/23)^(a)(b)		19,216		17,802,723
4.63%, 02/01/29 (Call 02/01/24)^(a)(b)		10,556		9,155,743
5.00%, 02/01/31 (Call 02/01/26)^(a)		13,283		11,217,493
5.13%, 03/15/28 (Call 10/02/23)^(a)(b)		22,051		20,079,272
5.25%, 06/01/26 (Call 10/02/23)^(a)		6,359		6,229,603
Clearway Energy Operating LLC
3.75%, 02/15/31 (Call 02/15/26)^(a)(b)		14,895		12,247,712
4.75%, 03/15/28 (Call 09/11/23)^(a)(b)		14,550		13,436,925
DPL Inc.
4.13%, 07/01/25 (Call 04/01/25)^(b)		6,701		6,413,695
4.35%, 04/15/29 (Call 01/15/29)^(b)		6,867		5,940,573
Edison International, 8.13%, 06/15/53 (Call 03/15/28), (5-year CMT + 3.864%)^(b)(c)		8,287		8,361,583
Electricite de France SA, 9.13%, (Call 03/15/33), (5-year CMT + 5.411%)^(a)(c)(d)		24,263		25,305,096
Emera Inc., Series 16-A, 6.75%, 06/15/76 (Call 06/15/26), (3-mo. LIBOR US + 5.440%)^(b)(c)		18,603		17,975,149
FirstEnergy Corp.
2.65%, 03/01/30 (Call 12/01/29)^(b)		9,639		8,058,447
Series B, 2.25%, 09/01/30 (Call 06/01/30)^(b)		7,516		5,964,035
Series B, 4.15%, 07/15/27 (Call 04/15/27)		23,140		21,838,375
NextEra Energy Operating Partners LP
3.88%, 10/15/26 (Call 07/15/26)^(a)(b)		7,933		7,344,471
4.25%, 07/15/24 (Call 04/15/24)^(a)		501		490,329
4.25%, 09/15/24 (Call 07/15/24)^(a)		218		213,807
4.50%, 09/15/27 (Call 06/15/27)^(a)		9,164		8,503,505
NRG Energy Inc.
3.38%, 02/15/29 (Call 02/15/24)^(a)		7,534		6,211,369
3.63%, 02/15/31 (Call 02/15/26)^(a)(b)		14,870		11,576,344
3.88%, 02/15/32 (Call 02/15/27)^(a)		17,060		13,200,175
5.25%, 06/15/29 (Call 06/15/24)^(a)(b)		12,008		10,808,786
5.75%, 01/15/28 (Call 09/18/23)^(b)		13,354		12,636,222
PG&E Corp.
5.00%, 07/01/28 (Call 09/11/23)^(b)		16,781		15,437,946
5.25%, 07/01/30 (Call 07/01/25)^(b)		16,396		14,530,955
Talen Energy Supply LLC, 8.63%, 06/01/30^(a)		18,944		19,725,440
Vistra Operations Co. LLC
4.38%, 05/01/29 (Call 05/01/24)^(a)(b)		20,546		18,132,872
5.00%, 07/31/27 (Call 09/11/23)^(a)		20,564		19,355,248
5.50%, 09/01/26 (Call 09/11/23)^(a)		15,486		14,937,021
5.63%, 02/15/27 (Call 09/11/23)^(a)		19,882		19,136,425


				393,807,454

Electrical Components & Equipment — 0.4%
Energizer Holdings Inc.
4.38%, 03/31/29 (Call 10/02/23)^(a)(b)		13,227		11,328,925
4.75%, 06/15/28 (Call 10/02/23)^(a)(b)		9,510		8,431,645
WESCO Distribution Inc.
7.13%, 06/15/25 (Call 10/02/23)^(a)(b)		22,145		22,268,875
7.25%, 06/15/28 (Call 10/02/23)^(a)(b)		21,464		21,787,033


				63,816,478

Electronics — 0.6%
Imola Merger Corp., 4.75%, 05/15/29 (Call 05/15/24)^(a)		31,215		27,697,850
Sensata Technologies BV
4.00%, 04/15/29 (Call 04/15/24)^(a)(b)		16,502		14,493,707
5.00%, 10/01/25^(a)		11,486		11,225,383
5.63%, 11/01/24^(a)(b)		5,166		5,119,076


Security	Par (000)		Value

Electronics (continued)
5.88%, 09/01/30 (Call 09/01/25)^(a)(b)	$	7,741	$	7,292,641
Sensata Technologies Inc.
3.75%, 02/15/31 (Call 02/15/26)^(a)(b)		12,264		10,253,930
4.38%, 02/15/30 (Call 11/15/29)^(a)		7,133		6,304,599


				82,387,186

Energy - Alternate Sources — 0.1%
TerraForm Power Operating LLC
4.75%, 01/15/30 (Call 01/15/25)^(a)(b)		10,959		9,413,781
5.00%, 01/31/28 (Call 07/31/27)^(a)(b)		11,741		10,672,569


				20,086,350

Engineering & Construction — 0.1%
Brand Industrial Services Inc., 10.38%, 08/01/30^(a)(b)		9,150		9,435,846


Entertainment — 3.3%
AMC Entertainment Holdings Inc., 7.50%, 02/15/29 (Call 02/15/25)^(a)(b)		14,780		10,068,875
Caesars Entertainment Inc.
4.63%, 10/15/29 (Call 10/15/24)^(a)(b)		19,039		16,684,510
6.25%, 07/01/25 (Call 09/11/23)^(a)		53,227		52,871,710
7.00%, 02/15/30 (Call 02/15/26)^(a)(b)		31,781		31,943,878
8.13%, 07/01/27 (Call 10/02/23)^(a)(b)		27,815		28,266,994
Caesars Resort Collection LLC/CRC Finco Inc., 5.75%, 07/01/25 (Call 09/11/23)^(a)		14,402		14,402,000
CDI Escrow Issuer Inc., 5.75%, 04/01/30 (Call 04/01/25)^(a)(b)		19,293		17,942,490
Cedar Fair LP, 5.25%, 07/15/29 (Call 07/15/24)^(b)		7,661		6,894,900
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op
5.38%, 04/15/27 (Call 10/02/23)^(b)		8,276		7,800,130
5.50%, 05/01/25 (Call 10/02/23)^(a)		13,652		13,549,610
Churchill Downs Inc.
4.75%, 01/15/28 (Call 10/02/23)^(a)(b)		11,538		10,632,267
5.50%, 04/01/27 (Call 10/02/23)^(a)(b)		9,192		8,863,058
6.75%, 05/01/31^(a)(b)		9,434		9,228,999
Cinemark USA Inc.
5.25%, 07/15/28 (Call 07/15/24)^(a)(b)		12,648		11,225,606
5.88%, 03/15/26 (Call 10/02/23)^(a)(b)		7,076		6,813,657
International Game Technology PLC
4.13%, 04/15/26 (Call 10/02/23)^(a)(b)		12,348		11,684,542
5.25%, 01/15/29 (Call 01/15/24)^(a)(b)		12,534		11,842,540
6.25%, 01/15/27 (Call 07/15/26)^(a)(b)		11,834		11,739,505
6.50%, 02/15/25 (Call 08/15/24)^(a)(b)		7,497		7,519,369
Light & Wonder International Inc.
7.00%, 05/15/28 (Call 10/02/23)^(a)(b)		11,555		11,540,787
7.25%, 11/15/29 (Call 11/15/24)^(a)(b)		9,131		9,161,991
Live Nation Entertainment Inc.
3.75%, 01/15/28 (Call 01/15/24)^(a)(b)		7,185		6,435,856
4.75%, 10/15/27 (Call 10/02/23)^(a)(b)		14,655		13,652,598
4.88%, 11/01/24 (Call 10/02/23)^(a)(b)		7,435		7,310,592
6.50%, 05/15/27 (Call 10/02/23)^(a)(b)		18,014		18,021,566
Mohegan Gaming & Entertainment
7.88%, 10/15/24 (Call 09/18/23)^(a)(b)		1,643		1,637,249
8.00%, 02/01/26 (Call 10/02/23)^(a)(b)		18,784		17,502,321
Odeon Finco PLC, 12.75%, 11/01/27 (Call 11/01/24)^(a)(b)		6,662		6,595,380
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.
5.63%, 09/01/29 (Call 09/01/24)^(a)(b)		11,326		9,029,653
5.88%, 09/01/31 (Call 09/01/26)^(a)(b)		11,229		8,632,294


Security	Par (000)		Value

Entertainment (continued)
Resorts World Las Vegas LLC / RWLV Capital Inc., 8.45%, 07/27/30 (Call 05/27/30)^(a)(b)	$	7,015	$	6,888,730
Resorts World Las Vegas LLC/RWLV Capital Inc., 4.63%, 04/16/29 (Call 01/16/29)^(a)(b)		14,998		12,231,619
Six Flags Entertainment Corp.
5.50%, 04/15/27 (Call 10/02/23)^(a)(b)		8,090		7,623,062
7.25%, 05/15/31 (Call 05/15/26)^(a)(b)		13,293		12,744,664
Six Flags Theme Parks Inc., 7.00%, 07/01/25 (Call 10/02/23)^(a)(b)		78		78,149
WMG Acquisition Corp.
3.00%, 02/15/31 (Call 02/15/26)^(a)(b)		12,002		9,767,348
3.75%, 12/01/29 (Call 12/01/24)^(a)(b)		8,641		7,533,152
3.88%, 07/15/30 (Call 07/15/25)^(a)(b)		8,450		7,328,262
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.
5.13%, 10/01/29 (Call 07/01/29)^(a)(b)		12,830		11,457,592
7.13%, 02/15/31 (Call 11/15/30)^(a)(b)		9,345		9,186,883


				484,334,388

Environmental Control — 0.8%
Clean Harbors Inc.
4.88%, 07/15/27 (Call 10/02/23)^(a)(b)		8,874		8,471,342
6.38%, 02/01/31 (Call 02/01/26)^(a)(b)		7,881		7,836,748
Covanta Holding Corp.
4.88%, 12/01/29 (Call 12/01/24)^(a)(b)		12,137		10,437,062
5.00%, 09/01/30 (Call 09/01/25)^(b)		6,521		5,545,458
GFL Environmental Inc.
3.50%, 09/01/28 (Call 03/01/28)^(a)(b)		11,555		10,207,629
3.75%, 08/01/25 (Call 10/03/23)^(a)		12,581		11,943,143
4.00%, 08/01/28 (Call 09/11/23)^(a)(b)		12,205		10,873,142
4.25%, 06/01/25 (Call 10/03/23)^(a)(b)		8,190		7,913,822
4.38%, 08/15/29 (Call 08/15/24)^(a)(b)		8,161		7,210,325
4.75%, 06/15/29 (Call 06/15/24)^(a)(b)		11,791		10,674,864
5.13%, 12/15/26 (Call 10/03/23)^(a)(b)		7,374		7,135,952
Madison IAQ LLC
4.13%, 06/30/28 (Call 06/30/24)^(a)(b)		11,233		9,936,057
5.88%, 06/30/29 (Call 06/30/24)^(a)(b)		16,574		13,927,326
Stericycle Inc.
3.88%, 01/15/29 (Call 11/15/23)^(a)(b)		949		831,561
5.38%, 07/15/24 (Call 09/18/23)^(a)		106		105,515


				123,049,946

Food — 2.3%
Albertsons Companies Inc./Safeway Inc./New Albertsons LP/Albertsons LLC
3.25%, 03/15/26 (Call 10/02/23)^(a)(b)		11,648		10,840,211
3.50%, 03/15/29 (Call 10/02/23)^(a)(b)		22,187		19,210,503
4.63%, 01/15/27 (Call 10/02/23)^(a)		21,810		20,639,021
4.88%, 02/15/30 (Call 02/15/25)^(a)(b)		15,886		14,569,051
5.88%, 02/15/28 (Call 10/02/23)^(a)(b)		12,308		11,959,991
6.50%, 02/15/28 (Call 02/15/25)^(a)		11,960		11,900,200
7.50%, 03/15/26 (Call 10/02/23)^(a)		8,606		8,746,073
B&G Foods Inc.
5.25%, 04/01/25 (Call 10/02/23)^(b)		14,107		13,807,226
5.25%, 09/15/27 (Call 10/02/23)^(b)		8,311		7,355,235
Lamb Weston Holdings Inc.
4.13%, 01/31/30 (Call 01/31/25)^(a)(b)		15,874		13,967,215
4.38%, 01/31/32 (Call 01/31/27)^(a)(b)		12,015		10,433,225
4.88%, 05/15/28 (Call 11/15/27)^(a)(b)		8,028		7,582,446


Security	Par (000)		Value

Food (continued)
Performance Food Group Inc.
4.25%, 08/01/29 (Call 08/01/24)^(a)(b)	$	16,895	$	14,867,600
5.50%, 10/15/27 (Call 10/02/23)^(a)		16,683		16,057,388
Pilgrim’s Pride Corp.
3.50%, 03/01/32 (Call 09/01/26)		13,442		10,832,370
4.25%, 04/15/31 (Call 04/15/26)		15,576		13,463,505
5.88%, 09/30/27 (Call 10/02/23)^(a)(b)		13,351		13,206,676
6.25%, 07/01/33^(b)		15,617		15,497,374
Post Holdings Inc.
4.50%, 09/15/31 (Call 09/15/26)^(a)(b)		19,276		16,589,407
4.63%, 04/15/30 (Call 04/15/25)^(a)(b)		23,531		20,843,289
5.50%, 12/15/29 (Call 12/15/24)^(a)		19,139		17,727,499
5.63%, 01/15/28 (Call 09/18/23)^(a)(b)		14,956		14,320,370
5.75%, 03/01/27 (Call 09/18/23)^(a)		6,976		6,813,459
U.S. Foods Inc.
4.63%, 06/01/30 (Call 06/01/25)^(a)(b)		8,265		7,355,850
4.75%, 02/15/29 (Call 02/15/24)^(a)(b)		14,064		12,794,865
6.25%, 04/15/25 (Call 09/11/23)^(a)		14,503		14,551,150


				345,931,199

Food Service — 0.4%
Aramark Services Inc.
5.00%, 04/01/25 (Call 10/02/23)^(a)(b)		8,260		8,160,192
5.00%, 02/01/28 (Call 10/02/23)^(a)(b)		16,747		15,615,238
6.38%, 05/01/25 (Call 10/02/23)^(a)		21,605		21,645,384
TKC Holdings Inc.
6.88%, 05/15/28 (Call 05/15/24)^(a)(b)		6,925		6,263,039
10.50%, 05/15/29 (Call 05/15/24)^(a)(b)		10,078		8,378,975


				60,062,828

Forest Products & Paper — 0.1%
Mercer International Inc., 5.13%, 02/01/29 (Call 02/01/24)^(b)		14,353		11,750,083


Gas — 0.3%
AmeriGas Partners LP/AmeriGas Finance Corp.
5.50%, 05/20/25 (Call 02/20/25)^(b)		12,104		11,877,050
5.75%, 05/20/27 (Call 02/20/27)^(b)		9,097		8,414,725
5.88%, 08/20/26 (Call 05/20/26)^(b)		11,057		10,517,971
9.38%, 06/01/28 (Call 06/01/25)^(a)(b)		7,994		8,194,090


				39,003,836

Health Care - Products — 1.1%
Avantor Funding Inc.
3.88%, 11/01/29 (Call 11/01/24)^(a)(b)		13,391		11,727,360
4.63%, 07/15/28 (Call 10/02/23)^(a)(b)		24,566		22,811,619
Hologic Inc.
3.25%, 02/15/29 (Call 10/02/23)^(a)(b)		15,962		13,894,793
4.63%, 02/01/28 (Call 10/02/23)^(a)(b)		6,673		6,288,190
Mozart Debt Merger Sub Inc.
3.88%, 04/01/29 (Call 10/01/24)^(a)(b)		70,267		61,220,124
5.25%, 10/01/29 (Call 10/01/24)^(a)(b)		39,047		34,654,213
Teleflex Inc.
4.25%, 06/01/28 (Call 10/02/23)^(a)		8,199		7,517,116
4.63%, 11/15/27 (Call 09/18/23)^(b)		8,313		7,845,913


				165,959,328

Health Care - Services — 4.4%
Catalent Pharma Solutions Inc.
3.13%, 02/15/29 (Call 02/15/24)^(a)(b)		8,649		7,281,161
3.50%, 04/01/30 (Call 04/01/25)^(a)(b)		10,255		8,656,509
5.00%, 07/15/27 (Call 10/02/23)^(a)		8,673		8,098,414


Security	Par (000)		Value

Health Care - Services (continued)
Charles River Laboratories International Inc.
3.75%, 03/15/29 (Call 03/15/24)^(a)(b)	$	8,224	$	7,243,124
4.00%, 03/15/31 (Call 03/15/26)^(a)(b)		7,286		6,326,525
4.25%, 05/01/28 (Call 09/18/23)^(a)(b)		8,272		7,579,220
CHS/Community Health Systems Inc.
4.75%, 02/15/31 (Call 02/15/26)^(a)(b)		16,634		12,467,637
5.25%, 05/15/30 (Call 05/15/25)^(a)(b)		23,108		18,193,159
5.63%, 03/15/27 (Call 12/15/23)^(a)(b)		30,055		26,448,400
6.00%, 01/15/29 (Call 01/15/24)^(a)(b)		13,612		11,431,145
6.13%, 04/01/30 (Call 04/01/25)^(a)(b)		19,855		11,394,908
6.88%, 04/01/28 (Call 09/18/23)^(a)(b)		12,248		7,424,475
6.88%, 04/15/29 (Call 04/15/24)^(a)(b)		21,668		13,198,250
8.00%, 03/15/26 (Call 10/02/23)^(a)(b)		33,306		32,514,982
8.00%, 12/15/27 (Call 09/18/23)^(a)(b)		11,303		10,863,652
DaVita Inc.
3.75%, 02/15/31 (Call 02/15/26)^(a)		23,413		18,642,601
4.63%, 06/01/30 (Call 06/01/25)^(a)(b)		43,191		37,028,940
Encompass Health Corp.
4.50%, 02/01/28 (Call 10/02/23)^(b)		13,068		12,136,905
4.63%, 04/01/31 (Call 04/01/26)		5,631		4,939,411
4.75%, 02/01/30 (Call 02/01/25)^(b)		12,782		11,662,361
IQVIA Inc.
5.00%, 10/15/26 (Call 10/02/23)^(a)(b)		16,399		15,871,808
5.00%, 05/15/27 (Call 10/02/23)^(a)		17,242		16,604,563
6.50%, 05/15/30 (Call 05/15/26)^(a)		9,626		9,709,960
Legacy LifePoint Health LLC, 4.38%, 02/15/27 (Call 10/02/23)^(a)(b)		9,153		7,880,458
Lifepoint Health Inc., 5.38%, 01/15/29 (Call 01/15/24)^(a)		7,663		5,242,450
LifePoint Health Inc., 9.88%, 08/15/30^(a)(b)		11,405		11,262,437
ModivCare Escrow Issuer Inc., 5.00%, 10/01/29 (Call 10/01/24)^(a)(b)		7,924		5,841,256
ModivCare Inc., 5.88%, 11/15/25 (Call 10/02/23)^(a)(b)		9,374		8,893,583
Molina Healthcare Inc.
3.88%, 11/15/30 (Call 08/17/30)^(a)(b)		10,548		9,005,179
3.88%, 05/15/32 (Call 02/15/32)^(a)(b)		11,186		9,280,912
4.38%, 06/15/28 (Call 10/02/23)^(a)		13,329		12,228,478
Radiology Partners Inc., 9.25%, 02/01/28 (Call 10/02/23)^(a)(b)		9,583		3,761,328
RegionalCare Hospital Partners Holdings Inc./LifePoint Health Inc., 9.75%, 12/01/26 (Call 10/02/23)^(a)(b)		22,282		20,753,678
RP Escrow Issuer LLC, 5.25%, 12/15/25 (Call 10/02/23)^(a)(b)		10,586		8,151,220
Select Medical Corp., 6.25%, 08/15/26 (Call 10/02/23)^(a)(b)		20,832		20,641,283
Tenet Healthcare Corp.
4.25%, 06/01/29 (Call 06/01/24)		21,155		18,907,281
4.38%, 01/15/30 (Call 12/01/24)^(b)		22,692		20,160,142
4.63%, 06/15/28 (Call 09/18/23)		9,642		8,917,128
4.88%, 01/01/26 (Call 09/18/23)		32,719		31,716,981
5.13%, 11/01/27 (Call 09/18/23)		23,799		22,638,799
6.13%, 10/01/28 (Call 10/02/23)^(b)		40,211		38,668,506
6.13%, 06/15/30 (Call 06/15/25)^(b)		32,118		31,139,901
6.25%, 02/01/27 (Call 09/18/23)		23,406		23,067,996
6.75%, 05/15/31 (Call 05/15/26)^(a)		21,697		21,617,444


				655,494,550


Security	Par (000)		Value

Holding Companies - Diversified — 0.6%
Compass Group Diversified Holdings LLC, 5.25%, 04/15/29 (Call 04/15/24)^(a)(b)	$	14,875	$	13,641,665
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
4.38%, 02/01/29 (Call 08/01/28)^(b)		12,177		9,605,096
4.75%, 09/15/24 (Call 06/15/24)		15,734		15,231,456
5.25%, 05/15/27 (Call 11/15/26)^(b)		22,777		19,986,817
6.25%, 05/15/26 (Call 10/02/23)^(b)		20,909		19,454,779
6.38%, 12/15/25 (Call 10/02/23)^(b)		11,640		11,067,661


				88,987,474

Home Builders — 0.6%
Ashton Woods USA LLC/Ashton Woods Finance Co., 4.63%, 04/01/30 (Call 04/01/25)^(a)(b)		6,235		5,345,078
Brookfield Residential Properties Inc./Brookfield Residential U.S. LLC
4.88%, 02/15/30 (Call 02/15/25)^(a)(b)		7,324		6,097,917
6.25%, 09/15/27 (Call 10/03/23)^(a)(b)		8,729		8,047,071
Century Communities Inc.
3.88%, 08/15/29 (Call 02/15/29)^(a)		7,888		6,773,426
6.75%, 06/01/27 (Call 10/02/23)^(b)		8,158		8,132,710
Mattamy Group Corp.
4.63%, 03/01/30 (Call 03/01/25)^(a)(b)		9,641		8,516,099
5.25%, 12/15/27 (Call 10/02/23)^(a)(b)		7,895		7,443,505
Meritage Homes Corp.
3.88%, 04/15/29 (Call 10/15/28)^(a)(b)		6,815		5,944,043
6.00%, 06/01/25 (Call 03/01/25)		6,313		6,305,898
Taylor Morrison Communities Inc.
5.13%, 08/01/30 (Call 02/01/30)^(a)(b)		7,448		6,861,204
5.75%, 01/15/28 (Call 10/15/27)^(a)(b)		6,847		6,627,040
5.88%, 06/15/27 (Call 03/15/27)^(a)(b)		7,513		7,381,748


				83,475,739

Home Furnishings — 0.1%
Tempur Sealy International Inc.
3.88%, 10/15/31 (Call 10/15/26)^(a)		12,402		9,978,575
4.00%, 04/15/29 (Call 04/15/24)^(a)(b)		13,197		11,340,446


				21,319,021

Household Products & Wares — 0.2%
Central Garden & Pet Co.
4.13%, 10/15/30 (Call 10/15/25)^(b)		7,784		6,695,018
4.13%, 04/30/31 (Call 04/30/26)^(a)(b)		6,263		5,322,861
Kronos Acquisition Holdings Inc./KIK Custom Products Inc.
5.00%, 12/31/26 (Call 10/02/23)^(a)(b)		7,317		6,813,499
7.00%, 12/31/27 (Call 12/31/23)^(a)(b)		8,529		7,547,455
Spectrum Brands Inc., 3.88%, 03/15/31 (Call 03/15/26)^(a)(b)		7,561		6,339,067


				32,717,900

Housewares — 0.5%
Newell Brands Inc.
4.70%, 04/01/26 (Call 01/01/26)		32,036		30,702,021
4.88%, 06/01/25 (Call 05/01/25)^(b)		7,917		7,676,284
6.38%, 09/15/27 (Call 06/15/27)^(b)		8,010		7,856,849
6.63%, 09/15/29 (Call 06/15/29)^(b)		8,561		8,476,931
Scotts Miracle-Gro Co. (The)
4.00%, 04/01/31 (Call 04/01/26)^(b)		7,467		5,856,965
4.38%, 02/01/32 (Call 08/01/26)^(b)		6,378		5,034,857
4.50%, 10/15/29 (Call 10/15/24)		7,026		5,881,916


				71,485,823


Security	Par (000)		Value

Insurance — 1.5%
Acrisure LLC/Acrisure Finance Inc.
4.25%, 02/15/29 (Call 02/15/24)^(a)(b)	$	11,137	$	9,616,344
6.00%, 08/01/29 (Call 08/01/24)^(a)		7,780		6,741,908
7.00%, 11/15/25 (Call 10/02/23)^(a)(b)		15,136		14,651,715
10.13%, 08/01/26 (Call 10/02/23)^(a)(b)		6,427		6,617,132
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer
4.25%, 10/15/27 (Call 10/15/23)^(a)		10,419		9,505,788
5.88%, 11/01/29 (Call 11/01/24)^(a)(b)		7,435		6,612,317
6.75%, 10/15/27 (Call 10/02/23)^(a)(b)		21,064		19,917,328
6.75%, 04/15/28 (Call 04/15/25)^(a)		18,892		18,634,935
AssuredPartners Inc.
5.63%, 01/15/29 (Call 12/15/23)^(a)		8,864		7,702,816
7.00%, 08/15/25 (Call 10/02/23)^(a)		7,961		7,881,390
Enstar Finance LLC, 5.50%, 01/15/42 (Call 01/15/27), (5-year CMT + 4.006%)^(c)		285		224,067
Global Atlantic Fin Co., 4.70%, 10/15/51 (Call 07/15/26), (5-year CMT + 3.796%)^(a)(b)(c)		11,649		8,430,964
GTCR AP Finance Inc., 8.00%, 05/15/27 (Call 10/02/23)^(a)(b)		7,769		7,689,141
Hub International Ltd.
5.63%, 12/01/29 (Call 12/01/24)^(a)(b)		8,440		7,458,592
7.00%, 05/01/26 (Call 09/11/23)^(a)(b)		26,546		26,491,076
HUB International Ltd., 7.25%, 06/15/30 (Call 06/15/26)^(a)		34,236		34,848,482
Jones Deslauriers Insurance Management Inc., 8.50%, 03/15/30 (Call 03/15/26)^(a)(b)		11,795		11,970,746
Liberty Mutual Group Inc.
4.13%, 12/15/51 (Call 09/15/26), (5-year CMT + 3.315%)^(a)(b)(c)		7,482		6,041,715
4.30%, 02/01/61 (Call 02/01/26)^(a)(b)		12,211		7,478,383


				218,514,839

Internet — 1.5%
Arches Buyer Inc.
4.25%, 06/01/28 (Call 12/01/23)^(a)(b)		14,442		12,568,728
6.13%, 12/01/28 (Call 12/01/23)^(a)(b)		8,449		7,229,739
Gen Digital Inc., 5.00%, 04/15/25 (Call 09/11/23)^(a)		15,516		15,234,748
Go Daddy Operating Co. LLC/GD Finance Co. Inc.
3.50%, 03/01/29 (Call 03/01/24)^(a)(b)		13,011		11,137,676
5.25%, 12/01/27 (Call 10/02/23)^(a)		10,026		9,599,895
Match Group Holdings II LLC
3.63%, 10/01/31 (Call 10/01/26)^(a)(b)		8,499		6,922,521
4.13%, 08/01/30 (Call 05/01/25)^(a)(b)		8,256		7,113,768
4.63%, 06/01/28 (Call 10/02/23)^(a)(b)		8,005		7,385,573
5.00%, 12/15/27 (Call 10/02/23)^(a)		6,709		6,291,844
NortonLifeLock Inc.
6.75%, 09/30/27 (Call 09/30/24)^(a)		14,818		14,861,061
7.13%, 09/30/30 (Call 09/30/25)^(a)(b)		9,467		9,509,642
Rakuten Group Inc.
5.13%, (Call 04/22/26), (5-year CMT + 4.578%)^(a)(b)(c)(d)		12,153		8,310,866
6.25%, (Call 04/22/31), (5-year CMT + 4.956%)^(a)(b)(c)(d)		15,476		7,891,279
10.25%, 11/30/24^(a)(b)		13,916		14,002,975
Uber Technologies Inc.
4.50%, 08/15/29 (Call 08/15/24)^(a)(b)		23,589		21,607,524
6.25%, 01/15/28 (Call 09/15/23)^(a)(b)		9,060		8,983,056
7.50%, 05/15/25 (Call 10/02/23)^(a)(b)		14,903		15,060,882
7.50%, 09/15/27 (Call 09/21/23)^(a)		18,654		19,027,080


Security	Par (000)		Value

Internet (continued)
8.00%, 11/01/26 (Call 10/02/23)^(a)	$	22,187	$	22,603,006


				225,341,863

Iron & Steel — 0.4%
ATI Inc., 7.25%, 08/15/30^(b)		2,895		2,920,331
Cleveland-Cliffs Inc.
5.88%, 06/01/27 (Call 10/02/23)^(b)		8,963		8,638,315
6.75%, 03/15/26 (Call 10/02/23)^(a)(b)		12,555		12,564,416
6.75%, 04/15/30^(a)		12,121		11,561,798
Mineral Resources Ltd.
8.00%, 11/01/27 (Call 11/01/24)^(a)		9,654		9,658,862
8.13%, 05/01/27 (Call 10/02/23)^(a)(b)		10,905		10,908,975
8.50%, 05/01/30 (Call 05/01/25)^(a)(b)		9,810		9,906,527


				66,159,224

Leisure Time — 1.1%
Carnival Holdings Bermuda Ltd., 10.38%, 05/01/28 (Call 05/01/25)^(a)(b)		32,167		35,066,373
Life Time Inc.
5.75%, 01/15/26 (Call 10/02/23)^(a)		14,266		13,909,350
8.00%, 04/15/26 (Call 10/02/23)^(a)(b)		8,204		8,188,002
NCL Corp. Ltd.
3.63%, 12/15/24 (Call 09/11/23)^(a)(b)		10,452		9,981,660
5.88%, 03/15/26 (Call 12/15/25)^(a)(b)		22,855		21,512,269
5.88%, 02/15/27 (Call 02/15/24)^(a)		15,091		14,614,879
7.75%, 02/15/29 (Call 11/15/28)^(a)(b)		10,145		9,637,750
8.38%, 02/01/28 (Call 02/01/25)^(a)(b)		8,650		8,926,908
NCL Finance Ltd., 6.13%, 03/15/28 (Call 12/15/27)^(a)(b)		8,052		7,251,833
Viking Cruises Ltd.
5.88%, 09/15/27 (Call 10/02/23)^(a)		12,559		11,700,503
7.00%, 02/15/29 (Call 02/15/24)^(a)(b)		8,037		7,615,057
9.13%, 07/15/31 (Call 07/15/26)^(a)(b)		11,067		11,429,859
VOC Escrow Ltd., 5.00%, 02/15/28 (Call 10/02/23)^(a)(b)		10,057		9,328,144


				169,162,587

Lodging — 3.2%
Boyd Gaming Corp.
4.75%, 12/01/27 (Call 09/11/23)^(b)		16,015		15,028,402
4.75%, 06/15/31 (Call 06/15/26)^(a)(b)		14,435		12,679,415
Hilton Domestic Operating Co. Inc.
3.63%, 02/15/32 (Call 08/15/26)^(a)(b)		23,603		19,766,096
3.75%, 05/01/29 (Call 05/01/24)^(a)(b)		12,770		11,251,775
4.00%, 05/01/31 (Call 05/01/26)^(a)(b)		16,917		14,675,498
4.88%, 01/15/30 (Call 01/15/25)^(b)		16,050		14,963,415
5.38%, 05/01/25 (Call 09/11/23)^(a)(b)		4,683		4,641,555
5.75%, 05/01/28 (Call 10/02/23)^(a)(b)		7,631		7,487,919
Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc
4.88%, 07/01/31 (Call 07/01/26)^(a)		8,162		6,882,117
5.00%, 06/01/29 (Call 06/01/24)^(a)(b)		13,869		12,291,401
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.88%, 04/01/27 (Call 09/18/23)		8,604		8,302,860
Las Vegas Sands Corp.
2.90%, 06/25/25 (Call 05/25/25)		7,994		7,541,899
3.20%, 08/08/24 (Call 07/08/24)		13,318		12,898,616
3.50%, 08/18/26 (Call 06/18/26)		15,519		14,335,676
3.90%, 08/08/29 (Call 05/08/29)^(b)		12,077		10,591,529
Melco Resorts Finance Ltd.
4.88%, 06/06/25 (Call 10/02/23)^(a)(b)		15,522		14,732,505
5.25%, 04/26/26 (Call 10/02/23)^(a)(b)		7,900		7,351,796


Security	Par (000)		Value

Lodging (continued)
5.38%, 12/04/29 (Call 12/04/24)^(a)(b)	$	18,080	$	15,153,049
5.63%, 07/17/27 (Call 10/02/23)^(a)(b)		8,753		7,898,291
5.75%, 07/21/28 (Call 10/02/23)^(a)(b)		13,688		12,067,454
MGM China Holdings Ltd.
4.75%, 02/01/27 (Call 02/01/24)^(a)(b)		11,867		10,733,702
5.25%, 06/18/25 (Call 09/11/23)^(a)		8,577		8,243,782
5.88%, 05/15/26 (Call 09/11/23)^(a)(b)		12,018		11,501,995
MGM Resorts International
4.63%, 09/01/26 (Call 06/01/26)		6,288		5,925,380
4.75%, 10/15/28 (Call 07/15/28)^(b)		11,961		10,855,804
5.50%, 04/15/27 (Call 01/15/27)		11,143		10,658,976
5.75%, 06/15/25 (Call 03/15/25)		10,908		10,747,012
6.75%, 05/01/25 (Call 10/02/23)^(b)		11,263		11,293,615
Station Casinos LLC
4.50%, 02/15/28 (Call 10/02/23)^(a)(b)		10,081		9,022,495
4.63%, 12/01/31 (Call 06/01/31)^(a)(b)		7,868		6,480,976
Studio City Finance Ltd.
5.00%, 01/15/29 (Call 01/15/24)^(a)(b)		17,363		13,221,925
6.00%, 07/15/25 (Call 10/02/23)^(a)(b)		7,976		7,589,164
6.50%, 01/15/28 (Call 10/02/23)^(a)(b)		7,909		6,677,668
Travel + Leisure Co.
4.50%, 12/01/29 (Call 09/01/29)^(a)(b)		10,253		8,791,948
6.00%, 04/01/27 (Call 01/01/27)		6,300		6,092,793
6.63%, 07/31/26 (Call 04/30/26)^(a)(b)		10,649		10,558,650
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.
5.25%, 05/15/27 (Call 02/15/27)^(a)(b)		15,123		14,310,139
5.50%, 03/01/25 (Call 12/01/24)^(a)(b)		10,620		10,500,525
Wynn Macau Ltd.
4.88%, 10/01/24 (Call 09/11/23)^(a)(b)		9,429		9,211,583
5.13%, 12/15/29 (Call 12/15/24)^(a)(b)		14,842		12,151,516
5.50%, 01/15/26 (Call 10/02/23)^(a)(b)		16,482		15,506,266
5.50%, 10/01/27 (Call 10/02/23)^(a)(b)		12,188		10,977,122
5.63%, 08/26/28 (Call 09/11/23)^(a)(b)		21,370		18,883,600


				470,477,904

Machinery — 0.5%
Chart Industries Inc.
7.50%, 01/01/30 (Call 01/01/26)^(a)(b)		23,520		24,115,291
9.50%, 01/01/31 (Call 01/01/26)^(a)(b)		7,476		8,040,438
Titan Acquisition Ltd./Titan Co-Borrower LLC, 7.75%, 04/15/26 (Call 10/02/23)^(a)		10,194		9,935,965
TK Elevator Holdco GmbH, 7.63%, 07/15/28 (Call 10/02/23)^(a)		5,715		5,335,191
TK Elevator U.S. Newco Inc., 5.25%, 07/15/27 (Call 10/02/23)^(a)		23,637		22,130,732


				69,557,617

Manufacturing — 0.2%
FXI Holdings Inc.
12.25%, 11/15/26^(a)(b)		7,614		6,852,600
12.25%, 11/15/26 (Call 10/02/23)^(a)(b)		13,026		11,602,910
Hillenbrand Inc., 5.75%, 06/15/25 (Call 09/11/23)		6,256		6,216,900


				24,672,410

Media — 10.1%
Altice Financing SA
5.00%, 01/15/28 (Call 10/02/23)^(a)(b)		18,708		15,175,112
5.75%, 08/15/29 (Call 08/15/24)^(a)		32,623		25,576,432
AMC Networks Inc.
4.25%, 02/15/29 (Call 02/15/24)^(b)		15,427		9,927,676
4.75%, 08/01/25 (Call 10/02/23)^(b)		13,043		12,211,509


Security	Par (000)		Value

Media (continued)
Audacy Capital Corp.
6.50%, 05/01/27 (Call 09/18/23)^(a)	$	4,001	$	40,010
6.75%, 03/31/29 (Call 03/31/24)^(a)		5,123		51,230
CCO Holdings LLC/CCO Holdings Capital Corp.
4.25%, 02/01/31 (Call 07/01/25)^(a)(b)		47,567		39,004,940
4.25%, 01/15/34 (Call 01/15/28)^(a)		29,749		22,800,526
4.50%, 08/15/30 (Call 02/15/25)^(a)(b)		43,060		36,278,050
4.50%, 05/01/32 (Call 05/01/26)		46,014		37,317,354
4.50%, 06/01/33 (Call 06/01/27)^(a)(b)		27,673		21,854,198
4.75%, 03/01/30 (Call 09/01/24)^(a)		47,725		41,068,794
4.75%, 02/01/32 (Call 02/01/27)^(a)(b)		18,961		15,721,964
5.00%, 02/01/28 (Call 09/18/23)^(a)(b)		38,153		35,185,349
5.13%, 05/01/27 (Call 10/02/23)^(a)		51,077		48,052,220
5.38%, 06/01/29 (Call 06/01/24)^(a)(b)		22,549		20,542,364
5.50%, 05/01/26 (Call 10/02/23)^(a)(b)		11,080		10,816,542
6.38%, 09/01/29 (Call 09/01/25)^(a)(b)		22,841		21,636,740
7.38%, 03/01/31 (Call 03/01/26)^(a)(b)		17,217		17,108,533
CSC Holdings LLC
3.38%, 02/15/31 (Call 02/15/26)^(a)		15,753		10,733,043
4.13%, 12/01/30 (Call 12/01/25)^(a)(b)		17,522		12,440,620
4.50%, 11/15/31 (Call 11/15/26)^(a)		23,956		17,008,760
4.63%, 12/01/30 (Call 12/01/25)^(a)(b)		37,244		19,448,444
5.00%, 11/15/31 (Call 11/15/26)^(a)(b)		8,427		4,535,833
5.38%, 02/01/28 (Call 10/02/23)^(a)		16,017		13,180,657
5.50%, 04/15/27 (Call 10/02/23)^(a)		20,228		17,396,080
5.75%, 01/15/30 (Call 01/15/25)^(a)		35,585		19,639,717
6.50%, 02/01/29 (Call 02/01/24)^(a)(b)		27,862		23,035,655
7.50%, 04/01/28 (Call 09/11/23)^(a)(b)		16,663		10,545,150
11.25%, 05/15/28 (Call 05/15/25)^(a)(b)		15,377		15,146,345
Directv Financing LLC/Directv Financing Co-Obligor Inc., 5.88%, 08/15/27 (Call 10/02/23)^(a)(b)		58,875		52,104,375
DISH DBS Corp.
5.25%, 12/01/26 (Call 06/01/26)^(a)(b)		44,395		37,448,514
5.75%, 12/01/28 (Call 12/01/27)^(a)		40,249		31,307,415
5.88%, 11/15/24		30,012		27,877,847
7.38%, 07/01/28 (Call 09/11/23)^(b)		16,278		10,173,750
7.75%, 07/01/26		32,405		24,213,016
5.13%, 06/01/29		24,122		13,025,880
DISH Network Corp., 11.75%, 11/15/27 (Call 05/15/25)^(a)		55,911		56,749,665
Gray Escrow II Inc., 5.38%, 11/15/31 (Call 11/15/26)^(a)(b)		19,379		13,530,224
Gray Television Inc.
4.75%, 10/15/30 (Call 10/15/25)^(a)(b)		13,102		9,162,032
5.88%, 07/15/26 (Call 10/02/23)^(a)(b)		11,394		10,428,928
7.00%, 05/15/27 (Call 09/11/23)^(a)(b)		12,743		11,475,655
iHeartCommunications Inc.
4.75%, 01/15/28 (Call 10/02/23)^(a)(b)		7,949		6,120,730
5.25%, 08/15/27 (Call 09/18/23)^(a)(b)		11,689		9,248,921
6.38%, 05/01/26 (Call 09/18/23)		12,602		10,995,664
8.38%, 05/01/27 (Call 09/18/23)^(b)		16,492		11,379,388
LCPR Senior Secured Financing DAC
5.13%, 07/15/29 (Call 07/15/24)^(a)		13,026		10,985,803
6.75%, 10/15/27 (Call 10/02/23)^(a)		18,955		17,841,394
McGraw-Hill Education Inc.
5.75%, 08/01/28 (Call 08/01/24)^(a)(b)		14,522		12,960,885
8.00%, 08/01/29 (Call 08/01/24)^(a)		10,840		9,635,242


Security	Par (000)		Value

Media (continued)
News Corp.
3.88%, 05/15/29 (Call 05/15/24)^(a)	$	15,818	$	13,900,226
5.13%, 02/15/32 (Call 02/15/27)^(a)(b)		8,078		7,369,156
Nexstar Media Inc.
4.75%, 11/01/28 (Call 11/01/23)^(a)(b)		15,837		13,908,845
5.63%, 07/15/27 (Call 09/11/23)^(a)		28,531		26,818,664
Paramount Global
6.25%, 02/28/57 (Call 02/28/27), (3-mo. LIBOR US + 3.899%)^(c)		9,918		7,808,970
6.38%, 03/30/62 (Call 03/30/27), (5-year CMT + 3.999%)^(b)(c)		15,130		12,482,250
Radiate Holdco LLC/Radiate Finance Inc.
4.50%, 09/15/26 (Call 10/02/23)^(a)(b)		14,790		11,506,620
6.50%, 09/15/28 (Call 10/02/23)^(a)		15,638		8,522,710
Scripps Escrow II Inc., 3.88%, 01/15/29 (Call 01/15/24)^(a)(b)		8,443		6,754,484
Scripps Escrow Inc., 5.88%, 07/15/27 (Call 10/02/23)^(a)(b)		6,852		5,515,860
Sinclair Television Group Inc.
4.13%, 12/01/30 (Call 12/01/25)^(a)(b)		12,370		7,855,980
5.50%, 03/01/30 (Call 12/01/24)^(a)(b)		7,708		4,123,780
Sirius XM Radio Inc.
3.13%, 09/01/26 (Call 10/02/23)^(a)(b)		15,238		13,743,152
3.88%, 09/01/31 (Call 09/01/26)^(a)(b)		25,049		19,467,770
4.00%, 07/15/28 (Call 07/15/24)^(a)(b)		32,576		28,157,880
4.13%, 07/01/30 (Call 07/01/25)^(a)(b)		23,875		19,427,684
5.00%, 08/01/27 (Call 10/02/23)^(a)(b)		23,090		21,288,980
5.50%, 07/01/29 (Call 07/01/24)^(a)		20,042		18,020,965
TEGNA Inc.
4.63%, 03/15/28 (Call 10/02/23)^(b)		15,239		13,649,911
4.75%, 03/15/26 (Call 10/02/23)^(a)(b)		8,443		8,105,280
5.00%, 09/15/29 (Call 09/15/24)^(b)		16,297		14,341,360
Telenet Finance Luxembourg Notes Sarl, 5.50%, 03/01/28 (Call 09/11/23)^(a)		15,000		13,700,625
Univision Communications Inc.
4.50%, 05/01/29 (Call 05/01/24)^(a)(b)		17,088		14,665,776
5.13%, 02/15/25 (Call 09/11/23)^(a)(b)		16,820		16,588,725
6.63%, 06/01/27 (Call 09/11/23)^(a)(b)		24,606		23,775,547
7.38%, 06/30/30 (Call 06/30/25)^(a)(b)		14,429		13,960,058
8.00%, 08/15/28 (Call 08/15/25)^(a)(b)		6,220		6,204,450
UPC Broadband Finco BV, 4.88%, 07/15/31 (Call 07/15/26)^(a)		19,945		16,454,625
UPC Holding BV, 5.50%, 01/15/28 (Call 09/11/23)^(a)(b)		7,247		6,455,628
Videotron Ltd.
3.63%, 06/15/29 (Call 06/15/24)^(a)(b)		8,180		7,037,949
5.13%, 04/15/27 (Call 10/03/23)^(a)(b)		10,124		9,690,865
5.38%, 06/15/24 (Call 03/15/24)^(a)		291		289,485

Virgin Media Finance PLC, 5.00%, 07/15/30 (Call 07/15/25)^(a)(b)		14,319		11,580,491
Virgin Media Secured Finance PLC
4.50%, 08/15/30 (Call 08/15/25)^(a)(b)		14,901		12,542,491
5.50%, 05/15/29 (Call 05/15/24)^(a)(b)		22,358		20,261,938
Virgin Media Vendor Financing Notes IV DAC, 5.00%, 07/15/28 (Call 10/02/23)^(a)		8,446		7,461,457
VZ Secured Financing BV, 5.00%, 01/15/32 (Call 01/15/27)^(a)		24,156		19,670,552
Ziggo Bond Co. BV
5.13%, 02/28/30 (Call 02/15/25)^(a)		8,469		6,563,475
6.00%, 01/15/27 (Call 10/02/23)^(a)(b)		10,122		9,413,460


Security	Par (000)		Value

Media (continued)
Ziggo BV, 4.88%, 01/15/30 (Call 10/15/24)^(a)	$	15,862	$	13,345,843


				1,492,579,142

Mining — 0.8%
Constellium SE, 3.75%, 04/15/29 (Call 04/15/24)^(a)(b)		7,147		6,136,414
FMG Resources August 2006 Pty Ltd.
4.38%, 04/01/31 (Call 01/01/31)^(a)(b)		22,537		18,846,566
4.50%, 09/15/27 (Call 06/15/27)^(a)		10,309		9,511,083
FMG Resources August Pty. Ltd.
5.88%, 04/15/30 (Call 01/15/30)^(a)(b)		11,003		10,205,283
6.13%, 04/15/32 (Call 01/15/32)^(a)(b)		12,607		11,709,733
Kaiser Aluminum Corp.
4.50%, 06/01/31 (Call 06/01/26)^(a)(b)		9,000		7,251,375
4.63%, 03/01/28 (Call 10/02/23)^(a)(b)		8,472		7,480,534
Novelis Corp.
3.25%, 11/15/26 (Call 11/15/23)^(a)		12,242		11,040,754
3.88%, 08/15/31 (Call 08/15/26)^(a)(b)		10,986		9,096,251
4.75%, 01/30/30 (Call 01/30/25)^(a)(b)		24,177		21,631,162


				112,909,155

Office & Business Equipment — 0.2%
Xerox Holdings Corp.
5.00%, 08/15/25 (Call 07/15/25)^(a)(b)		12,098		11,506,408
5.50%, 08/15/28 (Call 07/15/28)^(a)(b)		12,781		11,087,517


				22,593,925

Oil & Gas — 5.7%
Antero Resources Corp.
5.38%, 03/01/30 (Call 03/01/25)^(a)(b)		9,588		8,968,836
7.63%, 02/01/29 (Call 02/01/24)^(a)(b)		6,770		6,923,756
Ascent Resources Utica Holdings LLC/ARU Finance Corp.
5.88%, 06/30/29 (Call 09/01/24)^(a)(b)		6,623		6,045,474
7.00%, 11/01/26 (Call 10/02/23)^(a)(b)		10,554		10,496,164
8.25%, 12/31/28 (Call 02/01/24)^(a)(b)		8,571		8,581,714
Baytex Energy Corp.
8.50%, 04/30/30^(a)(b)		13,474		13,659,267
8.75%, 04/01/27 (Call 10/03/23)^(a)(b)		7,647		7,817,255
Callon Petroleum Co.
7.50%, 06/15/30 (Call 06/15/25)^(a)(b)		10,166		10,055,089
8.00%, 08/01/28 (Call 08/01/24)^(a)(b)		10,401		10,534,727
Calumet Specialty Products Partners LP/Calumet Finance Corp., 11.00%, 04/15/25 (Call 10/02/23)^(a)(b)		5,549		5,697,832
Chesapeake Energy Corp.
5.50%, 02/01/26 (Call 10/02/23)^(a)(b)		7,870		7,691,941
5.88%, 02/01/29 (Call 02/05/24)^(a)(b)		7,610		7,286,787
6.75%, 04/15/29 (Call 04/15/24)^(a)(b)		14,656		14,540,939
Citgo Holding Inc., 9.25%, 08/01/24 (Call 09/20/23)^(a)		15,440		15,443,088
CITGO Petroleum Corp.
6.38%, 06/15/26 (Call 10/02/23)^(a)		10,064		9,850,140
7.00%, 06/15/25 (Call 10/02/23)^(a)(b)		17,640		17,484,988
Civitas Resources Inc.
5.00%, 10/15/26 (Call 10/15/23)^(a)(b)		6,026		5,709,635
8.38%, 07/01/28 (Call 07/01/25)^(a)		22,199		22,914,918
8.75%, 07/01/31 (Call 07/01/26)^(a)(b)		22,034		22,805,190
CNX Resources Corp.
6.00%, 01/15/29 (Call 01/15/24)^(a)(b)		7,936		7,564,992
7.38%, 01/15/31 (Call 01/15/26)^(a)(b)		7,962		7,922,190


Security	Par (000)		Value

Oil & Gas (continued)
Colgate Energy Partners III LLC, 5.88%, 07/01/29 (Call 07/01/24)^(a)(b)	$	10,810	$	10,418,138
Comstock Resources Inc.
5.88%, 01/15/30 (Call 01/15/25)^(a)(b)		15,170		13,392,557
6.75%, 03/01/29 (Call 03/01/24)^(a)(b)		19,030		17,778,500
Crescent Energy Finance LLC, 9.25%, 02/15/28 (Call 02/15/25)^(a)		11,506		11,759,017
CrownRock LP/CrownRock Finance Inc.
5.00%, 05/01/29 (Call 05/01/24)^(a)(b)		6,033		5,594,668
5.63%, 10/15/25 (Call 10/02/23)^(a)(b)		18,473		18,149,722
CVR Energy Inc.
5.25%, 02/15/25 (Call 09/18/23)^(a)(b)		9,310		9,059,484
5.75%, 02/15/28 (Call 09/18/23)^(a)(b)		6,935		6,313,069
Earthstone Energy Holdings LLC
8.00%, 04/15/27 (Call 04/15/24)^(a)		8,965		9,144,300
9.88%, 07/15/31 (Call 07/15/26)^(a)(b)		7,956		8,721,765
Endeavor Energy Resources LP/EER Finance Inc., 5.75%, 01/30/28 (Call 10/02/23)^(a)(b)		15,983		15,617,788
Energian Israel Finance Ltd.
4.88%, 03/30/26 (Call 12/30/25)^(a)		9,884		9,287,989
5.38%, 03/30/28 (Call 09/30/27)^(a)		9,904		9,021,270
5.88%, 03/30/31 (Call 09/30/30)^(a)		9,660		8,544,891
8.50%, 09/30/33^(a)(e)		12,029		12,196,624
Hilcorp Energy I LP/Hilcorp Finance Co.
5.75%, 02/01/29 (Call 02/01/24)^(a)		8,805		8,186,449
6.00%, 04/15/30 (Call 04/15/25)^(a)		7,773		7,177,070
6.00%, 02/01/31 (Call 02/01/26)^(a)		8,912		8,165,992
6.25%, 11/01/28 (Call 11/01/23)^(a)(b)		9,270		8,926,141
6.25%, 04/15/32 (Call 05/15/27)^(a)(b)		7,637		6,987,855
Independence Energy Finance LLC, 7.25%, 05/01/26 (Call 10/02/23)^(a)		10,986		10,849,133
Laredo Petroleum Inc., 9.50%, 01/15/25 (Call 10/02/23)^(b)		7,579		7,610,031
Leviathan Bond Ltd.
6.13%, 06/30/25 (Call 03/30/25)^(a)		9,430		9,239,043
6.50%, 06/30/27 (Call 12/30/26)^(a)		9,961		9,644,539
6.75%, 06/30/30 (Call 12/30/29)^(a)		8,171		7,676,205
Matador Resources Co.
5.88%, 09/15/26 (Call 09/18/23)^(b)		11,376		11,098,994
6.88%, 04/15/28^(a)(b)		8,194		8,179,851
MEG Energy Corp.
5.88%, 02/01/29 (Call 02/01/24)^(a)(b)		10,298		9,843,961
7.13%, 02/01/27 (Call 10/03/23)^(a)(b)		7,724		7,818,613
Moss Creek Resources Holdings Inc.
7.50%, 01/15/26 (Call 10/02/23)^(a)(b)		11,098		10,631,884
10.50%, 05/15/27 (Call 10/02/23)^(a)(b)		8,202		8,140,485
Murphy Oil Corp.
5.88%, 12/01/27 (Call 09/18/23)^(b)		8,869		8,735,332
6.38%, 07/15/28 (Call 07/15/24)		7,082		7,073,006
Nabors Industries Inc.
5.75%, 02/01/25 (Call 11/01/24)^(b)		7,974		7,842,429
7.38%, 05/15/27 (Call 05/15/24)^(a)(b)		11,970		11,700,675
Nabors Industries Ltd., 7.25%, 01/15/26 (Call 10/02/23)^(a)		9,790		9,449,798
Northern Oil and Gas Inc.
8.13%, 03/01/28 (Call 03/01/24)^(a)		10,488		10,513,276
8.75%, 06/15/31^(a)(b)		7,606		7,776,514
Occidental Petroleum Corp., 8.88%, 07/15/30 (Call 01/15/30)		109		124,963


Security	Par (000)		Value

Oil & Gas (continued)
Parkland Corp.
4.50%, 10/01/29 (Call 10/01/24)^(a)(b)	$	11,941	$	10,561,764
4.63%, 05/01/30 (Call 05/01/25)^(a)(b)		12,820		11,295,488
5.88%, 07/15/27 (Call 10/03/23)^(a)(b)		7,665		7,414,738
PBF Holding Co. LLC/PBF Finance Corp.
6.00%, 02/15/28 (Call 10/02/23)		13,132		12,444,540
7.25%, 06/15/25 (Call 09/13/23)^(b)		10,425		10,444,171
7.88%, 09/15/30 (Call 09/15/26)^(a)		3,410		3,393,121
Puma International Financing SA
5.00%, 01/24/26 (Call 09/11/23)^(a)		8,160		7,545,450
5.13%, 10/06/24 (Call 09/11/23)^(a)		1,753		1,738,044
Range Resources Corp.
4.75%, 02/15/30 (Call 02/15/25)^(a)		7,780		7,029,230
4.88%, 05/15/25 (Call 02/15/25)^(b)		11,594		11,323,311
8.25%, 01/15/29 (Call 01/15/24)^(b)		9,163		9,494,975
SM Energy Co.
6.50%, 07/15/28 (Call 07/15/24)^(b)		6,071		5,961,965
6.63%, 01/15/27 (Call 10/02/23)^(b)		5,953		5,899,853
6.75%, 09/15/26 (Call 10/02/23)^(b)		6,116		6,069,029
Southwestern Energy Co.
4.75%, 02/01/32 (Call 02/01/27)^(b)		18,306		16,207,523
5.38%, 02/01/29 (Call 02/01/24)^(b)		9,997		9,485,260
5.38%, 03/15/30 (Call 03/15/25)^(b)		18,501		17,321,561
Sunoco LP/Sunoco Finance Corp.
4.50%, 05/15/29 (Call 05/15/24)^(b)		12,316		11,119,747
4.50%, 04/30/30 (Call 04/30/25)^(b)		12,185		10,836,242
5.88%, 03/15/28 (Call 10/02/23)		6,797		6,623,538
6.00%, 04/15/27 (Call 10/02/23)^(b)		9,631		9,531,226
Transocean Inc.
7.50%, 01/15/26 (Call 09/11/23)^(a)(b)		8,668		8,559,650
8.00%, 02/01/27 (Call 09/11/23)^(a)(b)		9,246		9,014,850
8.75%, 02/15/30 (Call 02/15/26)^(a)(b)		15,771		16,148,822
11.50%, 01/30/27 (Call 09/11/23)^(a)		11,086		11,670,010
Transocean Poseidon Ltd., 6.88%, 02/01/27 (Call 10/02/23)^(a)(b)		6,103		6,065,658
Transocean Titan Financing Ltd., 8.38%, 02/01/28 (Call 02/01/25)^(a)(b)		8,344		8,553,643


				848,140,352

Oil & Gas Services — 0.6%
Archrock Partners LP/Archrock Partners Finance Corp.
6.25%, 04/01/28 (Call 10/02/23)^(a)(b)		13,122		12,546,895
6.88%, 04/01/27 (Call 10/02/23)^(a)(b)		7,702		7,560,765
USA Compression Partners LP/USA Compression Finance Corp.
6.88%, 04/01/26 (Call 10/02/23)		11,948		11,786,344
6.88%, 09/01/27 (Call 10/02/23)		12,437		12,104,351
Valaris Ltd., 8.38%, 04/30/30^(a)(b)		16,440		16,744,962
Weatherford International Ltd.
6.50%, 09/15/28 (Call 09/15/24)^(a)(b)		379		380,253
8.63%, 04/30/30 (Call 10/30/24)^(a)(b)		25,791		26,382,645


				87,506,215

Packaging & Containers — 3.0%
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC
3.25%, 09/01/28 (Call 05/15/24)^(a)(b)		8,958		7,582,947
4.00%, 09/01/29 (Call 05/15/24)^(a)(b)		16,584		13,482,792
6.00%, 06/15/27 (Call 06/15/24)^(a)		9,805		9,559,343


Security	Par (000)		Value

Packaging & Containers (continued)
Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc.
4.13%, 08/15/26 (Call 09/12/23)^(a)	$	19,339	$	18,012,925
5.25%, 04/30/25 (Call 10/02/23)^(a)		12,506		12,224,615
5.25%, 08/15/27 (Call 10/02/23)^(a)(b)		27,932		23,946,662
Ball Corp.
2.88%, 08/15/30 (Call 05/15/30)^(b)		20,356		16,590,140
3.13%, 09/15/31 (Call 06/15/31)^(b)		14,355		11,657,456
4.88%, 03/15/26 (Call 12/15/25)^(b)		12,466		12,099,811
5.25%, 07/01/25		13,878		13,710,848
6.00%, 06/15/29 (Call 05/15/26)^(b)		15,708		15,492,015
6.88%, 03/15/28 (Call 11/15/24)^(b)		12,270		12,454,050
Berry Global Inc., 5.63%, 07/15/27 (Call 10/02/23)^(a)(b)		7,906		7,704,049
Clydesdale Acquisition Holdings Inc.
6.63%, 04/15/29 (Call 04/15/25)^(a)(b)		7,938		7,544,134
8.75%, 04/15/30 (Call 04/15/25)^(a)		16,617		15,025,922
Crown Americas LLC, 5.25%, 04/01/30 (Call 01/01/30)^(b)		7,589		7,128,120
Crown Americas LLC/Crown Americas Capital Corp. V, 4.25%, 09/30/26 (Call 03/31/26)		6,109		5,744,496
Crown Americas LLC/Crown Americas Capital Corp. VI, 4.75%, 02/01/26 (Call 10/02/23)^(b)		14,171		13,639,588
Graphic Packaging International LLC
3.50%, 03/15/28^(a)(b)		7,000		6,265,050
3.75%, 02/01/30 (Call 08/01/29)^(a)(b)		5,900		5,046,017
LABL Inc.
5.88%, 11/01/28 (Call 11/01/24)^(a)(b)		7,996		7,278,759
6.75%, 07/15/26 (Call 09/11/23)^(a)		11,189		10,937,248
8.25%, 11/01/29 (Call 11/01/24)^(a)		7,005		5,849,175
10.50%, 07/15/27 (Call 09/11/23)^(a)(b)		11,217		10,689,305
Mauser Packaging Solutions Holding Co.
7.88%, 08/15/26 (Call 08/15/24)^(a)(b)		42,150		41,433,450
9.25%, 04/15/27 (Call 10/15/24)^(a)(b)		21,354		19,314,236
OI European Group BV, 4.75%, 02/15/30 (Call 11/15/24)^(a)(b)		6,250		5,675,563
Owens-Brockway Glass Container Inc.
6.63%, 05/13/27 (Call 10/02/23)^(a)(b)		9,684		9,581,156
7.25%, 05/15/31^(a)(b)		10,912		10,991,580
Pactiv Evergreen Group Issuer Inc./Pactiv Evergreen Group Issuer LLC/Reynolds Gro, 4.00%, 10/15/27 (Call 10/15/23)^(a)(b)		15,149		13,555,022
Pactiv Evergreen Group Issuer LLC/Pactiv Evergreen Group Issuer Inc., 4.38%, 10/15/28 (Call 10/15/24)^(a)(b)		8,138		7,264,422
Sealed Air Corp.
4.00%, 12/01/27 (Call 09/01/27)^(a)(b)		6,422		5,886,817
5.00%, 04/15/29 (Call 04/15/25)^(a)(b)		6,683		6,190,129
5.13%, 12/01/24 (Call 09/01/24)^(a)		6,301		6,233,354
5.50%, 09/15/25 (Call 06/15/25)^(a)(b)		6,026		5,935,610
Sealed Air Corp./Sealed Air Corp. US, 6.13%, 02/01/28 (Call 02/01/25)^(a)(b)		11,685		11,476,189
Silgan Holdings Inc., 4.13%, 02/01/28 (Call 09/18/23)^(b)		8,938		8,194,358
Trivium Packaging Finance BV
5.50%, 08/15/26 (Call 10/02/23)^(a)(b)		16,769		15,815,962
8.50%, 08/15/27 (Call 09/11/23)^(a)(b)		11,042		10,514,987


				447,728,302


Security	Par (000)		Value

Pharmaceuticals — 2.8%
AdaptHealth LLC
4.63%, 08/01/29 (Call 02/01/24)^(a)	$	7,766	$	6,330,843
5.13%, 03/01/30 (Call 03/01/25)^(a)(b)		9,048		7,480,283
Bausch Health Americas Inc.
8.50%, 01/31/27 (Call 10/03/23)^(a)(b)		9,116		5,070,775
9.25%, 04/01/26 (Call 10/02/23)^(a)(b)		10,777		9,849,878
Bausch Health Companies Inc.
4.88%, 06/01/28 (Call 06/01/24)^(a)(b)		24,951		14,783,467
5.00%, 01/30/28 (Call 09/18/23)^(a)(b)		6,493		2,933,213
5.00%, 02/15/29 (Call 02/15/24)^(a)(b)		6,816		2,883,168
5.25%, 01/30/30 (Call 01/30/25)^(a)(b)		12,018		5,141,451
5.25%, 02/15/31 (Call 02/15/26)^(a)(b)		6,973		2,976,164
5.50%, 11/01/25 (Call 10/03/23)^(a)		26,305		23,660,295
5.75%, 08/15/27 (Call 09/18/23)^(a)		7,755		4,890,497
6.13%, 02/01/27 (Call 02/01/24)^(a)(b)		15,296		10,057,120
6.25%, 02/15/29 (Call 02/15/24)^(a)(b)		12,728		5,568,500
9.00%, 12/15/25 (Call 10/03/23)^(a)(b)		14,815		13,592,762
11.00%, 09/30/28^(a)(b)		27,605		19,703,069
14.00%, 10/15/30 (Call 10/15/25)^(a)(b)		3		1,808
Herbalife Nutrition Ltd./HLF Financing Inc., 7.88%, 09/01/25 (Call 10/02/23)^(a)(b)		9,634		9,270,413
HLF Financing Sarl LLC/Herbalife International Inc., 4.88%, 06/01/29 (Call 06/01/24)^(a)(b)		9,596		7,128,101
Jazz Securities DAC, 4.38%, 01/15/29 (Call 07/15/24)^(a)(b)		25,226		22,607,793
Organon & Co./Organon Foreign Debt Co.-Issuer BV
4.13%, 04/30/28 (Call 04/30/24)^(a)		34,236		30,987,688
5.13%, 04/30/31 (Call 04/30/26)^(a)(b)		31,778		27,074,443
Owens & Minor Inc.
4.50%, 03/31/29 (Call 03/31/24)^(a)(b)		8,726		7,395,285
6.63%, 04/01/30 (Call 04/01/25)^(a)(b)		9,454		8,622,311
Perrigo Finance Unlimited Co.
3.90%, 12/15/24 (Call 09/15/24)		11,188		10,812,643
4.38%, 03/15/26 (Call 12/15/25)		12,466		11,853,919
4.65%, 06/15/30 (Call 03/15/30)		12,880		11,398,800
Prestige Brands Inc.
3.75%, 04/01/31 (Call 04/01/26)^(a)(b)		9,067		7,546,201
5.13%, 01/15/28 (Call 10/02/23)^(a)(b)		6,005		5,693,022
Teva Pharmaceutical Finance Netherlands III BV
3.15%, 10/01/26^(b)		52,815		47,734,498
4.75%, 05/09/27 (Call 02/09/27)^(b)		14,487		13,541,344
5.13%, 05/09/29 (Call 02/09/29)^(b)		15,945		14,749,125
6.00%, 04/15/24 (Call 01/15/24)		288		286,480
6.75%, 03/01/28 (Call 12/01/27)^(b)		20,013		20,008,557
7.13%, 01/31/25 (Call 10/31/24)^(b)		6,651		6,680,360
7.88%, 09/15/29 (Call 06/15/29)^(b)		9,948		10,368,402
8.13%, 09/15/31 (Call 06/15/31)^(b)		8,586		9,094,577


				417,777,255

Pipelines — 4.9%
Antero Midstream Partners LP/Antero Midstream Finance Corp.
5.38%, 06/15/29 (Call 06/15/24)^(a)		11,879		11,129,647
5.75%, 03/01/27 (Call 09/18/23)^(a)(b)		10,409		10,085,488
5.75%, 01/15/28 (Call 09/18/23)^(a)		10,614		10,171,927
7.88%, 05/15/26 (Call 09/18/23)^(a)(b)		8,925		9,082,973
Buckeye Partners LP
3.95%, 12/01/26 (Call 09/01/26)^(b)		8,758		8,069,446
4.13%, 03/01/25 (Call 02/01/25)^(a)		8,240		7,922,183
4.13%, 12/01/27 (Call 09/01/27)^(b)		5,788		5,239,240


Security	Par (000)		Value

Pipelines (continued)
4.50%, 03/01/28 (Call 12/01/27)^(a)	$	7,198	$	6,532,185
CQP Holdco LP/BIP-V Chinook Holdco LLC, 5.50%, 06/15/31 (Call 06/15/26)^(a)(b)		21,883		20,028,416
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.
5.63%, 05/01/27 (Call 09/18/23)^(a)		9,936		9,637,920
5.75%, 04/01/25 (Call 10/02/23)^(b)		7,381		7,313,107
6.00%, 02/01/29 (Call 02/01/24)^(a)(b)		11,818		11,520,157
7.38%, 02/01/31 (Call 02/01/26)^(a)(b)		9,367		9,642,468
8.00%, 04/01/29 (Call 04/01/24)^(a)(b)		6,535		6,762,543
DT Midstream Inc.
4.13%, 06/15/29 (Call 06/15/24)^(a)(b)		18,009		15,907,890
4.38%, 06/15/31 (Call 06/15/26)^(a)(b)		15,791		13,611,605
EnLink Midstream LLC
5.38%, 06/01/29 (Call 03/01/29)^(b)		7,907		7,545,694
5.63%, 01/15/28 (Call 07/15/27)^(a)(b)		8,907		8,627,667
6.50%, 09/01/30 (Call 03/01/30)^(a)(b)		15,946		15,958,119
EnLink Midstream Partners LP
4.15%, 06/01/25 (Call 03/01/25)		6,609		6,372,398
4.85%, 07/15/26 (Call 04/15/26)^(b)		7,948		7,649,288
EQM Midstream Partners LP
4.13%, 12/01/26 (Call 09/01/26)^(b)		6,790		6,321,490
4.50%, 01/15/29 (Call 07/15/28)^(a)(b)		12,732		11,549,356
4.75%, 01/15/31 (Call 07/15/30)^(a)(b)		18,005		15,909,562
5.50%, 07/15/28 (Call 04/15/28)^(b)		12,949		12,359,432
6.00%, 07/01/25 (Call 04/01/25)^(a)		6,513		6,445,699
6.50%, 07/01/27 (Call 01/01/27)^(a)(b)		14,004		13,915,215
7.50%, 06/01/27 (Call 06/01/24)^(a)		8,365		8,438,194
7.50%, 06/01/30 (Call 12/01/29)^(a)(b)		7,458		7,644,605
Genesis Energy LP/Genesis Energy Finance Corp.
6.50%, 10/01/25 (Call 10/02/23)^(b)		8,999		8,882,013
7.75%, 02/01/28 (Call 10/02/23)^(b)		10,507		10,236,576
8.00%, 01/15/27 (Call 01/15/24)		15,929		15,743,746
8.88%, 04/15/30 (Call 04/15/26)^(b)		8,297		8,261,240
Hess Midstream Operations LP
4.25%, 02/15/30 (Call 02/15/25)^(a)(b)		11,221		9,832,401
5.13%, 06/15/28 (Call 10/02/23)^(a)(b)		8,900		8,386,766
5.50%, 10/15/30 (Call 10/15/25)^(a)		6,134		5,731,794
5.63%, 02/15/26 (Call 10/02/23)^(a)(b)		12,060		11,769,354
ITT Holdings LLC, 6.50%, 08/01/29 (Call 08/01/24)^(a)		18,980		17,129,450
Kinetik Holdings LP, 5.88%, 06/15/30 (Call 06/15/25)^(a)(b)		16,114		15,606,570
New Fortress Energy Inc.
6.50%, 09/30/26 (Call 10/02/23)^(a)		24,277		22,547,264
6.75%, 09/15/25 (Call 09/21/23)^(a)(b)		19,762		19,095,033
NGL Energy Operating LLC/NGL Energy Finance Corp., 7.50%, 02/01/26 (Call 10/02/23)^(a)		31,072		30,955,480
NuStar Logistics LP
5.63%, 04/28/27 (Call 01/28/27)^(b)		9,187		8,902,203
5.75%, 10/01/25 (Call 07/01/25)^(b)		8,552		8,383,098
6.00%, 06/01/26 (Call 03/01/26)		7,407		7,286,838
6.38%, 10/01/30 (Call 04/01/30)^(b)		9,010		8,701,408
Rockies Express Pipeline LLC
3.60%, 05/15/25 (Call 04/15/25)^(a)		6,491		6,141,297
4.95%, 07/15/29 (Call 04/15/29)^(a)(b)		9,548		8,723,912
Summit Midstream Holdings LLC/Summit Midstream Finance Corp., 9.00%, 10/15/26 (Call 10/15/23)^(a)(b)(f)		12,463		12,057,953


Security	Par (000)		Value

Pipelines (continued)
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.
5.50%, 01/15/28 (Call 10/02/23)^(a)	$	11,736	$	10,892,220
6.00%, 03/01/27 (Call 10/02/23)^(a)(b)		7,192		6,882,960
6.00%, 12/31/30 (Call 12/31/25)^(a)(b)		11,506		10,335,034
6.00%, 09/01/31 (Call 09/01/26)^(a)		7,462		6,631,529
7.50%, 10/01/25 (Call 10/02/23)^(a)(b)		10,124		10,165,171
Venture Global Calcasieu Pass LLC
3.88%, 11/01/33 (Call 05/01/33)^(a)(b)		20,399		16,574,188
6.25%, 01/15/30 (Call 10/15/29)^(a)(b)		15,648		15,230,959
3.88%, 08/15/29 (Call 02/15/29)^(a)		20,290		17,549,535
4.13%, 08/15/31 (Call 02/15/31)^(a)		19,828		16,834,854
Venture Global LNG Inc.
8.13%, 06/01/28 (Call 06/01/25)^(a)(b)		35,279		35,599,273
8.38%, 06/01/31 (Call 06/01/26)^(a)(b)		36,336		36,694,818


				719,158,851

Real Estate — 0.6%
Anywhere Real Estate Group LLC/Anywhere Co.-Issuer Corp., 7.00%, 04/15/30 (Call 04/15/25)^(a)(b)		22,326		20,205,211
Cushman & Wakefield U.S. Borrower, LLC, 6.75%, 05/15/28 (Call 10/02/23)^(a)(b)		8,987		8,548,758
Cushman and Wakefield U.S. Borrower LLC, 8.88%, 09/01/31^(a)		3,318		3,349,314
Howard Hughes Corp. (The)
4.13%, 02/01/29 (Call 02/01/24)^(a)		10,317		8,528,290
4.38%, 02/01/31 (Call 02/01/26)^(a)(b)		10,278		8,183,857
5.38%, 08/01/28 (Call 10/02/23)^(a)		12,847		11,652,229
Kennedy-Wilson Inc.
4.75%, 03/01/29 (Call 03/01/24)^(b)		9,798		7,839,576
4.75%, 02/01/30 (Call 09/01/24)^(b)		9,123		7,024,071
5.00%, 03/01/31 (Call 03/01/26)^(b)		9,097		6,942,194
Realogy Group LLC/Realogy Co-Issuer Corp.
5.25%, 04/15/30 (Call 04/15/25)^(a)(b)		744		515,555
5.75%, 01/15/29 (Call 01/15/24)^(a)(b)		653		467,711


				83,256,766

Real Estate Investment Trusts — 3.6%
Brookfield Property REIT Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL
4.50%, 04/01/27 (Call 10/02/23)^(a)		12,552		10,480,920
5.75%, 05/15/26 (Call 09/11/23)^(a)(b)		15,320		14,056,100
Diversified Healthcare Trust
4.38%, 03/01/31 (Call 09/01/30)^(b)		7,767		5,867,968
4.75%, 02/15/28 (Call 08/15/27)^(b)		8,204		6,269,907
9.75%, 06/15/25 (Call 09/18/23)^(b)		7,499		7,390,800
HAT Holdings I LLC/HAT Holdings II LLC
3.38%, 06/15/26 (Call 03/15/26)^(a)(b)		16,324		14,722,207
6.00%, 04/15/25 (Call 10/02/23)^(a)(b)		6,054		5,963,190
Iron Mountain Inc.
4.50%, 02/15/31 (Call 02/15/26)^(a)(b)		16,766		14,389,587
4.88%, 09/15/27 (Call 09/11/23)^(a)(b)		15,209		14,264,141
4.88%, 09/15/29 (Call 09/15/24)^(a)(b)		16,129		14,556,003
5.00%, 07/15/28 (Call 09/11/23)^(a)(b)		7,542		6,998,750
5.25%, 03/15/28 (Call 09/11/23)^(a)(b)		13,179		12,355,312
5.25%, 07/15/30 (Call 07/15/25)^(a)(b)		20,694		18,693,395
5.63%, 07/15/32 (Call 07/15/26)^(a)(b)		9,096		8,161,504
7.00%, 02/15/29^(a)(b)		15,688		15,649,408
Iron Mountain Information Management Services Inc., 5.00%, 07/15/32 (Call 07/15/27)^(a)		11,665		10,060,372


Security	Par (000)		Value

Real Estate Investment Trusts (continued)
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.
4.25%, 02/01/27 (Call 10/02/23)^(a)(b)	$	10,403	$	9,391,887
4.75%, 06/15/29 (Call 06/15/24)^(a)(b)		10,383		8,721,720
MPT Operating Partnership LP/MPT Finance Corp.
3.50%, 03/15/31 (Call 03/15/26)^(b)		21,269		13,820,639
4.63%, 08/01/29 (Call 08/01/24)^(b)		15,134		10,947,046
5.00%, 10/15/27 (Call 10/02/23)^(b)		22,343		17,635,330
5.25%, 08/01/26 (Call 10/02/23)^(b)		8,019		6,830,919
Office Properties Income Trust
3.45%, 10/15/31 (Call 07/15/31)^(b)		6,614		3,278,670
4.50%, 02/01/25 (Call 11/01/24)^(b)		10,695		9,536,533
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer
4.88%, 05/15/29 (Call 05/15/24)^(a)(b)		11,988		10,442,404
5.88%, 10/01/28 (Call 10/02/23)^(a)(b)		11,189		10,355,755
7.50%, 06/01/25 (Call 10/02/23)^(a)(b)		10,821		10,884,405
RHP Hotel Properties LP/RHP Finance Corp.
4.50%, 02/15/29 (Call 02/15/24)^(a)		9,421		8,269,754
4.75%, 10/15/27 (Call 10/02/23)^(b)		11,338		10,518,829
7.25%, 07/15/28^(a)(b)		6,625		6,671,784
RLJ Lodging Trust LP
3.75%, 07/01/26 (Call 10/02/23)^(a)(b)		7,633		7,015,528
4.00%, 09/15/29 (Call 09/15/24)^(a)(b)		7,317		6,114,573
SBA Communications Corp.
3.13%, 02/01/29 (Call 02/01/24)^(b)		24,164		20,690,425
3.88%, 02/15/27 (Call 09/11/23)^(b)		23,244		21,514,182
Service Properties Trust
3.95%, 01/15/28 (Call 07/15/27)		6,619		5,245,756
4.35%, 10/01/24 (Call 09/01/24)		12,003		11,553,676
4.38%, 02/15/30 (Call 08/15/29)^(b)		6,077		4,618,520
4.75%, 10/01/26 (Call 08/01/26)		7,021		6,091,771
4.95%, 02/15/27 (Call 08/15/26)^(b)		6,033		5,221,562
4.95%, 10/01/29 (Call 07/01/29)		7,068		5,562,034
5.50%, 12/15/27 (Call 09/15/27)		7,357		6,497,408
7.50%, 09/15/25 (Call 06/15/25)		12,597		12,452,786
Starwood Property Trust Inc.
3.63%, 07/15/26 (Call 01/15/26)^(a)(b)		6,072		5,441,352
3.75%, 12/31/24 (Call 09/30/24)^(a)(b)		6,477		6,206,520
4.38%, 01/15/27 (Call 07/15/26)^(a)(b)		7,881		7,014,957
4.75%, 03/15/25 (Call 09/15/24)^(b)		7,463		7,245,387
Uniti Group LP/Uniti Fiber Holdings Inc./CSL Capital LLC, 6.00%, 01/15/30 (Call 01/15/25)^(a)(b).		11,386		7,517,948
Uniti Group LP/Uniti Group Finance Inc./CSL Capital LLC
4.75%, 04/15/28 (Call 04/15/24)^(a)(b)		8,320		7,005,232
6.50%, 02/15/29 (Call 02/15/24)^(a)(b)		17,843		12,177,847
10.50%, 02/15/28 (Call 09/15/25)^(a)		41,710		41,596,132
XHR LP
4.88%, 06/01/29 (Call 06/01/24)^(a)(b)		7,286		6,321,971
6.38%, 08/15/25 (Call 09/11/23)^(a)(b)		8,274		8,200,568


				538,491,374

Retail — 4.9%
1011778 BC ULC/New Red Finance Inc.
3.50%, 02/15/29 (Call 02/15/24)^(a)(b)		12,165		10,669,465
3.88%, 01/15/28 (Call 10/02/23)^(a)(b)		25,384		23,082,590
4.00%, 10/15/30 (Call 10/15/25)^(a)(b)		47,139		39,801,343
4.38%, 01/15/28 (Call 10/03/23)^(a)(b)		12,799		11,771,346
5.75%, 04/15/25 (Call 10/03/23)^(a)(b)		5,757		5,724,421


Security	Par (000)		Value

Retail (continued)
Asbury Automotive Group Inc.
4.50%, 03/01/28 (Call 09/11/23)^(b)	$	6,898	$	6,334,520
4.63%, 11/15/29 (Call 11/15/24)^(a)(b)		12,616		11,133,278
4.75%, 03/01/30 (Call 03/01/25)^(b)		6,900		6,078,037
5.00%, 02/15/32 (Call 11/15/26)^(a)(b)		9,824		8,408,263
Bath & Body Works Inc.
5.25%, 02/01/28^(b)		8,170		7,834,989
6.63%, 10/01/30 (Call 10/01/25)^(a)(b)		15,816		15,480,384
7.50%, 06/15/29 (Call 06/15/24)^(b)		8,061		8,122,264
Beacon Roofing Supply Inc., 6.50%, 08/01/30 (Call 08/01/26)^(a)(b)		9,721		9,607,945
Carvana Co.
4.88%, 09/01/29 (Call 09/01/24)^(a)		14,389		8,666,974
5.50%, 04/15/27 (Call 04/15/24)^(a)		10,215		7,546,331
5.63%, 10/01/25 (Call 09/11/23)^(a)		8,618		7,529,977
5.88%, 10/01/28 (Call 10/02/23)^(a)		9,360		5,637,060
10.25%, 05/01/30 (Call 05/01/27)^(a)		60,040		47,261,687
eG Global Finance PLC
6.75%, 02/07/25 (Call 09/11/23)^(a)		12,213		11,999,272
8.50%, 10/30/25 (Call 10/02/23)^(a)(b)		10,559		10,490,074
Ferrellgas LP/Ferrellgas Finance Corp.
5.38%, 04/01/26 (Call 10/02/23)^(a)		9,935		9,348,546
5.88%, 04/01/29 (Call 04/01/24)^(a)		13,889		12,239,681
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co. Inc.
4.63%, 01/15/29 (Call 01/15/25)^(a)		15,519		13,429,910
6.75%, 01/15/30 (Call 01/15/25)^(a)(b)		20,417		16,847,359
FirstCash Inc.
4.63%, 09/01/28 (Call 10/02/23)^(a)		7,337		6,523,327
5.63%, 01/01/30 (Call 01/01/25)^(a)(b)		8,482		7,715,180
Gap Inc. (The)
3.63%, 10/01/29 (Call 10/01/24)^(a)(b)		11,460		8,715,330
3.88%, 10/01/31 (Call 10/01/26)^(a)(b)		12,051		8,736,975
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, 4.75%, 06/01/27 (Call 10/02/23)^(a)(b)		10,551		10,193,019
Kohl’s Corp., 4.63%, 05/01/31 (Call 02/01/31)^(b)		8,194		6,032,832
LBM Acquisition LLC, 6.25%, 01/15/29 (Call 01/15/24)^(a)(b)		13,231		11,643,787
LCM Investments Holdings II LLC
4.88%, 05/01/29 (Call 05/01/24)^(a)(b)		16,052		13,945,657
8.25%, 08/01/31 (Call 08/01/26)^(a)		8,513		8,523,641
Lithia Motors Inc.
3.88%, 06/01/29 (Call 06/01/24)^(a)(b)		13,286		11,395,801
4.38%, 01/15/31 (Call 10/15/25)^(a)		9,112		7,753,932
4.63%, 12/15/27 (Call 10/02/23)^(a)(b)		6,621		6,152,013
Macy’s Retail Holdings LLC
5.88%, 04/01/29 (Call 04/01/24)^(a)(b)		7,578		6,849,148
5.88%, 03/15/30 (Call 03/15/25)^(a)(b)		6,340		5,547,500
6.13%, 03/15/32 (Call 03/15/27)^(a)(b)		7,014		6,014,505
Michaels Companies Inc. (The)
5.25%, 05/01/28 (Call 11/01/23)^(a)(b)		13,723		11,437,846
7.88%, 05/01/29 (Call 05/01/24)^(a)(b)		20,531		14,221,140
Murphy Oil USA Inc.
3.75%, 02/15/31 (Call 02/15/26)^(a)		7,859		6,585,842
4.75%, 09/15/29 (Call 09/15/24)		7,891		7,236,836
NMG Holding Co. Inc./Neiman Marcus Group LLC, 7.13%, 04/01/26 (Call 10/02/23)^(a)		17,552		16,729,982


Security	Par (000)		Value

Retail (continued)
Nordstrom Inc.
4.25%, 08/01/31 (Call 05/01/31)^(b)	$	6,967	$	5,244,967
4.38%, 04/01/30 (Call 01/01/30)^(b)		8,293		6,598,077
Penske Automotive Group Inc.
3.50%, 09/01/25 (Call 09/11/23)^(b)		7,597		7,244,246
3.75%, 06/15/29 (Call 06/15/24)^(b)		9,008		7,719,685
PetSmart Inc./PetSmart Finance Corp.
4.75%, 02/15/28 (Call 02/15/24)^(a)		19,121		17,137,196
7.75%, 02/15/29 (Call 02/15/24)^(a)(b)		19,120		18,254,820
QVC Inc.
4.38%, 09/01/28 (Call 06/01/28)^(b)		7,633		4,293,881
4.45%, 02/15/25 (Call 11/15/24)^(b)		10,375		9,316,024
4.75%, 02/15/27 (Call 11/15/26)^(b)		8,819		5,827,217
Rite Aid Corp.
7.50%, 07/01/25 (Call 10/02/23)^(a)(b)		358		227,330
8.00%, 11/15/26 (Call 10/02/23)^(a)(b)		9,936		6,309,360
Sonic Automotive Inc.
4.63%, 11/15/29 (Call 11/15/24)^(a)(b)		10,611		9,063,067
4.88%, 11/15/31 (Call 11/15/26)^(a)(b)		7,595		6,324,319
SRS Distribution Inc.
4.63%, 07/01/28 (Call 07/01/24)^(a)(b)		11,335		10,136,295
6.00%, 12/01/29 (Call 12/01/24)^(a)(b)		13,518		11,617,736
6.13%, 07/01/29 (Call 07/01/24)^(a)(b)		6,835		5,976,524
Staples Inc.
7.50%, 04/15/26 (Call 10/02/23)^(a)		31,954		26,362,050
10.75%, 04/15/27 (Call 10/02/23)^(a)(b)		15,923		8,752,343
Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.00%, 06/01/31 (Call 06/01/26)^(a)		9,885		8,495,540
Yum! Brands Inc.
3.63%, 03/15/31 (Call 12/15/30)^(b)		16,946		14,339,197
4.63%, 01/31/32 (Call 10/01/26)^(b)		18,618		16,660,503
4.75%, 01/15/30 (Call 10/15/29)^(a)		12,522		11,487,965
5.38%, 04/01/32 (Call 04/01/27)^(b)		15,497		14,545,019


				728,933,370

Semiconductors — 0.3%
Entegris Escrow Corp.
4.75%, 04/15/29 (Call 01/15/29)^(a)		25,133		23,349,311
5.95%, 06/15/30 (Call 06/15/25)^(a)(b)		13,860		13,266,822
Entegris Inc.
3.63%, 05/01/29 (Call 05/01/24)^(a)(b)		5,736		4,918,964
4.38%, 04/15/28 (Call 09/11/23)^(a)(b)		6,796		6,219,321


				47,754,418

Software — 2.4%
Black Knight InfoServ LLC, 3.63%, 09/01/28 (Call 09/11/23)^(a)		13,845		12,770,490
Central Parent LLC/CDK Global II LLC/CDK Financing Co. Inc., 8.00%, 06/15/29^(a)		4,040		4,066,260
Clarivate Science Holdings Corp.
3.88%, 07/01/28 (Call 06/30/24)^(a)(b)		14,566		12,806,379
4.88%, 07/01/29 (Call 06/30/24)^(a)(b)		14,566		12,646,565
Cloud Software Group Inc.
6.50%, 03/31/29 (Call 09/30/25)^(a)		64,162		57,424,990
9.00%, 09/30/29^(a)(b)		61,226		54,636,986
Fair Isaac Corp.
4.00%, 06/15/28 (Call 09/18/23)^(a)		14,301		13,067,539
5.25%, 05/15/26 (Call 02/15/26)^(a)		7,043		6,862,963
Minerva Merger Sub Inc., 6.50%, 02/15/30 (Call 02/15/25)^(a)(b)		37,321		32,415,528


Security	Par (000)		Value

Software (continued)
Open Text Corp.
3.88%, 02/15/28 (Call 10/03/23)^(a)(b)	$	14,026	$	12,483,140
3.88%, 12/01/29 (Call 12/01/24)^(a)(b)		13,236		11,216,958
Open Text Holdings Inc.
4.13%, 02/15/30 (Call 02/15/25)^(a)(b)		14,015		12,132,319
4.13%, 12/01/31 (Call 12/01/26)^(a)(b)		10,261		8,516,630
PTC Inc.
3.63%, 02/15/25 (Call 10/02/23)^(a)		6,429		6,205,046
4.00%, 02/15/28 (Call 10/02/23)^(a)(b)		8,448		7,761,600
Rackspace Technology Global Inc.
3.50%, 02/15/28 (Call 02/15/24)^(a)(b)		7,126		3,366,691
5.38%, 12/01/28 (Call 12/01/23)^(a)(b)		6,023		1,788,831
ROBLOX Corp., 3.88%, 05/01/30 (Call 11/01/24)^(a)(b)		16,553		13,738,990
SS&C Technologies Inc., 5.50%, 09/30/27 (Call 10/02/23)^(a)		31,103		29,937,882
Twilio Inc.
3.63%, 03/15/29 (Call 03/15/24)^(b)		8,708		7,475,295
3.88%, 03/15/31 (Call 03/15/26)^(b)		7,994		6,667,396
Veritas U.S. Inc./Veritas Bermuda Ltd., 7.50%, 09/01/25 (Call 10/02/23)^(a)		27,088		22,172,882


				350,161,360

Telecommunications — 5.0%
Altice France Holding SA
6.00%, 02/15/28 (Call 10/02/23)^(a)(b)		17,741		7,739,511
10.50%, 05/15/27 (Call 09/11/23)^(a)		25,115		13,562,100
Altice France SA, 5.50%, 10/15/29 (Call 10/15/24)^(a)		32,076		23,174,910
Altice France SA/France
5.13%, 01/15/29 (Call 10/02/23)^(a)		7,242		5,134,578
5.13%, 07/15/29 (Call 04/15/24)^(a)		40,028		28,315,407
5.50%, 01/15/28 (Call 10/02/23)^(a)		17,155		12,855,972
8.13%, 02/01/27 (Call 09/11/23)^(a)		27,277		23,042,246
British Telecommunications PLC
4.25%, 11/23/81 (Call 11/23/26), (5-year CMT + 2.985%)^(a)(c)		8,706		7,714,710
4.88%, 11/23/81 (Call 08/23/31), (5-year CMT + 3.493%)^(a)(b)(c)		7,547		6,187,964
C&W Senior Financing DAC, 6.88%, 09/15/27 (Call 09/11/23)^(a)(b)		19,893		18,475,624
CommScope Inc.
4.75%, 09/01/29 (Call 09/01/24)^(a)(b)		20,316		15,115,307
6.00%, 03/01/26 (Call 10/02/23)^(a)(b)		24,650		22,327,231
7.13%, 07/01/28 (Call 10/02/23)^(a)(b)		11,095		6,225,127
8.25%, 03/01/27 (Call 10/02/23)^(a)(b)		14,836		9,828,850
CommScope Technologies LLC
5.00%, 03/15/27 (Call 09/11/23)^(a)(b)		11,826		6,563,430
6.00%, 06/15/25 (Call 09/11/23)^(a)		20,589		18,838,935
Connect Finco Sarl/Connect U.S. Finco LLC, 6.75%, 10/01/26 (Call 09/12/23)^(a)(b)		34,107		32,422,854
Consolidated Communications Inc.
5.00%, 10/01/28 (Call 10/01/23)^(a)(b)		6,082		4,492,122
6.50%, 10/01/28 (Call 10/01/23)^(a)(b)		12,173		9,342,778
Frontier Communications Holdings LLC
5.00%, 05/01/28 (Call 05/01/24)^(a)		23,694		20,316,247
5.88%, 10/15/27 (Call 10/15/23)^(a)(b)		16,916		15,393,560
5.88%, 11/01/29 (Call 11/01/24)^(b)		11,736		8,659,493
6.00%, 01/15/30 (Call 10/15/24)^(a)(b)		15,421		11,400,283
6.75%, 05/01/29 (Call 05/01/24)^(a)(b)		15,463		11,990,474
8.63%, 03/15/31 (Call 03/15/26)^(a)(b)		11,899		11,459,728


Security	Par (000)		Value


Telecommunications (continued)
8.75%, 05/15/30 (Call 05/15/25)^(a)(b)	$	19,398	$	18,853,533
Hughes Satellite Systems Corp.
5.25%, 08/01/26^(b)		11,718		10,771,420
6.63%, 08/01/26^(b)		12,162		10,550,535
Iliad Holding SASU
6.50%, 10/15/26 (Call 10/15/23)^(a)		18,801		17,907,953
7.00%, 10/15/28 (Call 10/15/24)^(a)		15,221		14,155,530
Intelsat Jackson Holdings SA, 6.50%, 03/15/30 (Call 03/15/25)^(a)(b)		48,411		44,550,223
Level 3 Financing Inc.
3.40%, 03/01/27 (Call 01/01/27)^(a)(b)		10,769		9,936,233
3.63%, 01/15/29 (Call 01/15/24)^(a)(b)		13,560		8,068,200
3.75%, 07/15/29 (Call 01/15/24)^(a)(b)		14,434		8,573,796
3.88%, 11/15/29 (Call 08/15/29)^(a)(b)		11,648		10,340,512
4.25%, 07/01/28 (Call 10/02/23)^(a)(b)		19,542		12,752,718
4.63%, 09/15/27 (Call 10/02/23)^(a)		15,520		11,678,800
10.50%, 05/15/30 (Call 05/15/26)^(a)(b)		14,580		14,798,700
Lumen Technologies Inc.
4.00%, 02/15/27 (Call 10/02/23)^(a)(b)		20,424		12,905,415
4.50%, 01/15/29 (Call 01/15/24)^(a)(b)		5,890		1,887,745
5.13%, 12/15/26 (Call 10/02/23)^(a)(b)		7,230		3,776,258
Rogers Communications Inc., 5.25%, 03/15/82 (Call 03/15/27), (5-year CMT + 3.590%)^(a)(b)(c)		12,674		11,464,774
Telecom Italia SpA/Milano, 5.30%, 05/30/24^(a)		164		161,745
ViaSat Inc.
5.63%, 09/15/25 (Call 09/11/23)^(a)(b)		10,489		9,925,216
5.63%, 04/15/27 (Call 09/11/23)^(a)(b)		9,358		8,394,126
6.50%, 07/15/28 (Call 10/02/23)^(a)(b)		6,125		4,785,156
Vmed O2 UK Financing I PLC
4.25%, 01/31/31 (Call 01/31/26)^(a)		21,935		17,978,867
4.75%, 07/15/31 (Call 07/15/26)^(a)		22,390		18,686,965
Vodafone Group PLC
3.25%, 06/04/81 (Call 06/04/26), (5-year CMT + 2.447%)^(b)(c)		7,688		6,784,660
4.13%, 06/04/81 (Call 03/04/31), (5-year CMT + 2.767%)^(b)(c)		16,066		12,552,526
7.00%, 04/04/79 (Call 01/04/29), (5-year USD Swap + 4.873%)^(c)		32,521		32,703,931
Windstream Escrow LLC/Windstream Escrow Finance Corp., 7.75%, 08/15/28 (Call 10/02/23)^(a)(b)		23,185		18,784,487
Zayo Group Holdings Inc.
4.00%, 03/01/27 (Call 10/02/23)^(a)(b)		23,309		17,430,237
6.13%, 03/01/28 (Call 10/02/23)^(a)(b)		17,506		11,353,418


				733,093,120

Transportation — 0.0%
XPO Inc., 7.13%, 06/01/31^(a)(b)		7,747		7,778,763


Trucking & Leasing — 0.3%
AerCap Global Aviation Trust, 6.50%, 06/15/45 (Call 06/15/25), (3-mo. SOFR + 4.562%)^(a)(b)(c)		8,663		8,530,482
Fortress Transportation and Infrastructure Investors LLC
5.50%, 05/01/28 (Call 05/01/24)^(a)		15,438		14,349,042


Security	Par/ Shares (000)		Value


Trucking & Leasing (continued)
6.50%, 10/01/25 (Call 10/02/23)^(a)(b)	$	10,340	$	10,209,889
9.75%, 08/01/27 (Call 09/11/23)^(a)(b)		7,130		7,429,935


				40,519,348


Total Corporate Bonds & Notes — 97.7% (Cost: $15,909,905,468)				14,424,142,326


Fixed Rate Loan Interests

Diversified Financial Services — 0.0%
Curo Group Holdings Corp., Term Loan, (6.00% Cash + 12.00% PIK), 18.00%, 08/02/27		2,659		2,553,089


Total Fixed Rate Loan Interests — 0.0% (Cost: $2,599,590)				2,553,089


Total Long-Term Investments — 97.7% (Cost: $15,912,505,058)				14,426,695,415


Short-Term Securities

Money Market Funds — 20.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.52%^(g)(h)(i)		2,900,470		2,901,339,730
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.31%^(g)(h)		117,640		117,640,000


Total Short-Term Securities — 20.5% (Cost: $3,017,719,994)				3,018,979,730


Total Investments — 118.2% (Cost: $18,930,225,052)				17,445,675,145

Liabilities in Excess of Other Assets — (18.2)%				(2,684,723,770	)


Net Assets — 100.0%			$	14,760,951,375

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

^(g)	Affiliate of the Fund.

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

⁽ⁱ⁾	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 six months ended August 31, 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)	$	1,940	$	1,587,675


Aerospace & Defense — 2.3%
Boeing Co. (The)
2.70%, 02/01/27 (Call 12/01/26)^(a)		10,714		9,801,056
2.95%, 02/01/30 (Call 11/01/29)		8,550		7,405,522
3.20%, 03/01/29 (Call 12/01/28)		11,535		10,370,108
3.25%, 02/01/28 (Call 12/01/27)		10,589		9,703,110
3.25%, 02/01/35 (Call 11/01/34)		7,891		6,339,289
3.60%, 05/01/34 (Call 02/01/34)^(a)		9,438		7,988,435
3.63%, 02/01/31 (Call 11/01/30)		14,021		12,512,276
3.75%, 02/01/50 (Call 08/01/49)^(a)		16,638		12,091,264
3.90%, 05/01/49 (Call 11/01/48)^(a)		9,507		7,105,896
3.95%, 08/01/59 (Call 02/01/59)^(a)		7,236		5,170,356
5.04%, 05/01/27 (Call 03/01/27)^(a)		21,489		21,240,359
5.15%, 05/01/30 (Call 02/01/30)		45,154		44,361,534
5.71%, 05/01/40 (Call 11/01/39)^(a)		32,403		31,467,195
5.81%, 05/01/50 (Call 11/01/49)		56,344		54,782,280
5.93%, 05/01/60 (Call 11/01/59)		36,092		34,750,583
General Dynamics Corp.
3.50%, 04/01/27 (Call 02/01/27)		7,703		7,332,729
3.63%, 04/01/30 (Call 01/01/30)		11,851		11,033,586
3.75%, 05/15/28 (Call 02/15/28)		11,478		10,963,348
4.25%, 04/01/40 (Call 10/01/39)		4,391		3,911,740
4.25%, 04/01/50 (Call 10/01/49)		8,496		7,463,778
L3Harris Technologies Inc.
4.40%, 06/15/28 (Call 03/15/28)		11,460		11,020,296
4.40%, 06/15/28 (Call 03/15/28)^(a)		10,849		10,432,739
5.40%, 01/15/27		10,800		10,826,191
5.40%, 07/31/33 (Call 04/30/33)		12,804		12,821,984
Lockheed Martin Corp.
2.80%, 06/15/50 (Call 12/15/49)		7,244		4,883,356
3.80%, 03/01/45 (Call 09/01/44)^(a)		8,911		7,291,394
3.90%, 06/15/32 (Call 03/15/32)^(a)		8,918		8,285,870
4.07%, 12/15/42		15,336		13,295,403
4.09%, 09/15/52 (Call 03/15/52)		14,469		12,146,193
4.15%, 06/15/53 (Call 12/15/52)		8,607		7,252,267
4.70%, 05/15/46 (Call 11/15/45)		13,676		12,801,286
4.75%, 02/15/34 (Call 11/15/33)		10,426		10,282,705
5.10%, 11/15/27 (Call 10/15/27)^(a)		9,432		9,530,988
5.25%, 01/15/33 (Call 10/15/32)^(a)		8,735		8,955,091
5.70%, 11/15/54 (Call 05/15/54)^(a)		9,359		10,032,190
5.90%, 11/15/63 (Call 05/15/63)^(a)		7,405		8,121,032
Northrop Grumman Corp.
3.20%, 02/01/27 (Call 11/01/26)^(a)		6,512		6,150,398
3.25%, 01/15/28 (Call 10/15/27)^(a)		22,453		20,926,932
4.03%, 10/15/47 (Call 04/15/47)^(a)		21,492		17,671,374
4.40%, 05/01/30 (Call 02/01/30)		9,562		9,204,729
4.70%, 03/15/33 (Call 12/15/32)^(a)		8,097		7,848,969
4.75%, 06/01/43		10,771		9,778,279
4.95%, 03/15/53 (Call 09/15/52)^(a)		11,196		10,485,858
5.25%, 05/01/50 (Call 11/01/49)^(a)		9,621		9,432,055
RTX Corp.
1.90%, 09/01/31 (Call 06/01/31)		8,450		6,627,537
2.25%, 07/01/30 (Call 04/01/30)		11,526		9,589,189
2.38%, 03/15/32 (Call 12/15/31)		8,870		7,139,434
2.82%, 09/01/51 (Call 03/01/51)		11,843		7,394,825
3.03%, 03/15/52 (Call 09/15/51)^(a)		12,268		8,033,365


Security	Par (000)		Value

Aerospace & Defense (continued)
3.13%, 05/04/27 (Call 02/04/27)	$	11,176	$	10,409,262
3.13%, 07/01/50 (Call 01/01/50)^(a)		9,831		6,667,031
3.50%, 03/15/27 (Call 12/15/26)		12,414		11,732,019
3.75%, 11/01/46 (Call 05/01/46)		11,719		8,901,895
4.13%, 11/16/28 (Call 08/16/28)		30,259		28,889,880
4.15%, 05/15/45 (Call 11/16/44)		10,204		8,300,941
4.35%, 04/15/47 (Call 10/15/46)		10,852		9,123,302
4.45%, 11/16/38 (Call 05/16/38)		8,732		7,734,583
4.50%, 06/01/42^(a)		37,952		33,085,719
4.63%, 11/16/48 (Call 05/16/48)^(a)		17,950		15,763,799
5.15%, 02/27/33 (Call 11/27/32)^(a)		13,762		13,606,550
5.38%, 02/27/53 (Call 08/27/52)^(a)		13,022		12,663,855


				770,935,209

Agriculture — 1.6%
Altria Group Inc.
2.45%, 02/04/32 (Call 11/04/31)		18,018		14,059,946
3.40%, 05/06/30 (Call 02/06/30)		7,139		6,273,396
3.40%, 02/04/41 (Call 08/04/40)		16,319		11,111,824
3.70%, 02/04/51 (Call 08/04/50)		13,063		8,518,966
3.88%, 09/16/46 (Call 03/16/46)		15,980		11,004,287
4.00%, 02/04/61 (Call 08/04/60)^(a)		10,145		6,859,092
4.25%, 08/09/42		10,772		8,152,548
4.80%, 02/14/29 (Call 11/14/28)^(a)		15,981		15,478,537
5.38%, 01/31/44^(a)		18,841		17,492,331
5.80%, 02/14/39 (Call 08/14/38)		21,260		20,668,273
5.95%, 02/14/49 (Call 08/14/48)^(a)		25,550		23,764,063
Archer-Daniels-Midland Co.
2.70%, 09/15/51 (Call 03/15/51)		1,775		1,148,714
2.90%, 03/01/32 (Call 12/01/31)^(a)		7,161		6,180,071
3.25%, 03/27/30 (Call 12/27/29)^(a)		9,119		8,295,607
BAT Capital Corp.
2.26%, 03/25/28 (Call 01/25/28)^(a)		22,578		19,420,401
2.73%, 03/25/31 (Call 12/25/30)		11,044		8,744,872
3.22%, 09/06/26 (Call 07/06/26)^(a)		8,205		7,674,162
3.56%, 08/15/27 (Call 05/15/27)^(a)		11,065		10,264,792
3.73%, 09/25/40 (Call 03/25/40)^(a)		7,841		5,400,257
3.98%, 09/25/50 (Call 03/25/50)^(a)		9,651		6,371,009
4.39%, 08/15/37 (Call 02/15/37)		25,381		20,083,320
4.54%, 08/15/47 (Call 02/15/47)		25,370		18,460,349
4.70%, 04/02/27 (Call 02/02/27)		12,210		11,834,021
4.74%, 03/16/32 (Call 12/16/31)^(a)		8,511		7,704,035
4.76%, 09/06/49 (Call 03/06/49)		9,911		7,342,072
4.91%, 04/02/30 (Call 01/02/30)^(a)		6,413		6,043,125
6.34%, 08/02/30 (Call 06/02/30)		3,267		3,288,138
6.42%, 08/02/33 (Call 05/02/33)^(a)		13,794		13,771,072
7.08%, 08/02/43 (Call 02/02/43)^(a)		2,267		2,253,462
7.08%, 08/02/53 (Call 02/02/53)^(a)		8,734		8,559,014
BAT International Finance PLC
4.45%, 03/16/28 (Call 02/16/28)		15,025		14,250,687
5.93%, 02/02/29		3,193		3,180,992
Bunge Ltd. Finance Corp., 2.75%, 05/14/31 (Call 02/14/31)^(a)		9,909		8,280,025
Philip Morris International Inc.
1.75%, 11/01/30 (Call 08/01/30)		6,163		4,832,840
2.10%, 05/01/30 (Call 02/01/30)		9,074		7,438,608
3.38%, 08/15/29 (Call 05/15/29)^(a)		8,552		7,691,952
3.88%, 08/21/42^(a)		11,706		9,143,774
4.13%, 03/04/43^(a)		12,315		9,789,122
4.25%, 11/10/44		4,043		3,270,474
4.38%, 11/15/41		10,548		8,719,414


Security	Par (000)		Value

Agriculture (continued)
4.88%, 02/15/28 (Call 01/15/28)	$	17,712	$	17,482,516
4.88%, 11/15/43		2,562		2,247,738
5.13%, 11/17/27 (Call 10/17/27)		16,906		16,862,856
5.13%, 02/15/30 (Call 12/15/29)		21,958		21,719,734
5.38%, 02/15/33 (Call 11/15/32)		22,758		22,479,808
5.63%, 11/17/29 (Call 09/17/29)		12,658		12,845,002
5.75%, 11/17/32 (Call 08/17/32)		14,442		14,655,184
6.38%, 05/16/38^(a)		18,176		19,487,304
Reynolds American Inc.
5.70%, 08/15/35 (Call 02/15/35)		7,826		7,231,719
5.85%, 08/15/45 (Call 02/15/45)^(a)		22,196		19,168,088


				546,999,593

Airlines — 0.1%
Southwest Airlines Co., 5.13%, 06/15/27 (Call 04/15/27)^(a)		22,013		21,739,521


Apparel — 0.2%
NIKE Inc.
2.38%, 11/01/26 (Call 08/01/26)		6,195		5,747,040
2.75%, 03/27/27 (Call 01/27/27)^(a)		8,055		7,530,740
2.85%, 03/27/30 (Call 12/27/29)^(a)		18,677		16,664,574
3.25%, 03/27/40 (Call 09/27/39)^(a)		4,201		3,381,277
3.38%, 03/27/50 (Call 09/27/49)^(a)		11,253		8,689,051
3.88%, 11/01/45 (Call 05/01/45)^(a)		5,178		4,427,684
VF Corp., 2.95%, 04/23/30 (Call 01/23/30)^(a)		10,489		8,706,728


				55,147,094

Auto Manufacturers — 1.4%
American Honda Finance Corp.
1.30%, 09/09/26^(a)		1,728		1,542,929
2.00%, 03/24/28^(a)		1,521		1,330,976
5.13%, 07/07/28		11,710		11,716,006
Cummins Inc., 1.50%, 09/01/30 (Call 06/01/30)^(a)		4,615		3,703,064
General Motors Co.
4.20%, 10/01/27 (Call 07/01/27)^(a)		11,913		11,221,033
5.00%, 10/01/28 (Call 07/01/28)^(a)		10,359		10,041,695
5.00%, 04/01/35^(a)		1,279		1,138,015
5.15%, 04/01/38 (Call 10/01/37)		4,554		3,976,010
5.20%, 04/01/45^(a)		13,720		11,264,552
5.40%, 10/15/29 (Call 08/15/29)^(a)		17,320		16,730,995
5.40%, 04/01/48 (Call 10/01/47)^(a)		7,921		6,580,386
5.60%, 10/15/32 (Call 07/15/32)^(a)		18,827		18,086,847
5.95%, 04/01/49 (Call 10/01/48)^(a)		10,562		9,452,093
6.25%, 10/02/43		15,101		14,168,251
6.60%, 04/01/36 (Call 10/01/35)		7,158		7,186,145
6.75%, 04/01/46 (Call 10/01/45)^(a)		7,592		7,470,145
6.80%, 10/01/27 (Call 08/01/27)		14,113		14,551,141
General Motors Financial Co. Inc.
2.35%, 02/26/27 (Call 01/26/27)^(a)		13,850		12,317,680
2.35%, 01/08/31 (Call 10/08/30)		10,618		8,254,656
2.40%, 04/10/28 (Call 02/10/28)		13,868		11,975,472
2.40%, 10/15/28 (Call 08/15/28)		13,201		11,176,079
2.70%, 08/20/27 (Call 06/20/27)		13,434		11,947,768
2.70%, 06/10/31 (Call 03/10/31)		10,784		8,510,951
3.10%, 01/12/32 (Call 10/12/31)^(a)		13,241		10,598,028
3.60%, 06/21/30 (Call 03/21/30)		10,931		9,392,887
4.00%, 10/06/26 (Call 07/06/26)		8,155		7,709,465
4.30%, 04/06/29 (Call 02/06/29)		12,015		10,982,997
4.35%, 01/17/27 (Call 10/17/26)^(a)		9,044		8,607,823
5.00%, 04/09/27 (Call 03/09/27)		17,571		17,113,293
5.80%, 06/23/28 (Call 05/23/28)		9,577		9,503,216


Security	Par (000)		Value

Auto Manufacturers (continued)
5.85%, 04/06/30 (Call 02/06/30)	$	8,695	$	8,512,513
6.00%, 01/09/28 (Call 12/09/27)		13,786		13,824,200
6.40%, 01/09/33 (Call 10/09/32)^(a)		9,180		9,206,016
Honda Motor Co. Ltd.
2.53%, 03/10/27 (Call 02/10/27)^(a)		18,564		17,059,265
2.97%, 03/10/32 (Call 12/10/31)^(a)		12,363		10,805,002
Mercedes-Benz Finance North America LLC, 8.50%, 01/18/31^(a)		23,222		28,283,516
Toyota Motor Credit Corp.
1.90%, 01/13/27^(a)		6,773		6,128,979
1.90%, 04/06/28^(a)		11,863		10,455,347
2.15%, 02/13/30^(a)		14,738		12,524,879
3.05%, 03/22/27^(a)		19,719		18,495,744
3.20%, 01/11/27^(a)		8,777		8,287,778
3.38%, 04/01/30		8,700		7,930,933
4.45%, 06/29/29^(a)		6,351		6,222,509
4.55%, 09/20/27		12,781		12,583,719
4.63%, 01/12/28^(a)		13,343		13,211,958


				471,782,956

Auto Parts & Equipment — 0.1%
Aptiv PLC
3.10%, 12/01/51 (Call 06/01/51)		12,398		7,531,904
3.25%, 03/01/32 (Call 12/01/31)^(a)		6,555		5,548,874
4.15%, 05/01/52 (Call 11/01/51)		7,665		5,693,815
BorgWarner Inc., 2.65%, 07/01/27 (Call 05/01/27)^(a)		6,347		5,750,582


				24,525,175

Banks — 23.2%
Banco Bilbao Vizcaya Argentaria SA, 6.14%, 09/14/28 (Call 09/14/27), (1-year CMT + 2.700%)^(a)(b)		1,522		1,528,430
Banco Santander SA
1.72%, 09/14/27 (Call 09/14/26), (1-year CMT + 0.900%)^(b)		20,571		18,078,922
2.75%, 12/03/30		9,977		7,735,562
2.96%, 03/25/31^(a)		1,942		1,600,497
3.31%, 06/27/29^(a)		3,715		3,287,854
3.49%, 05/28/30		5,207		4,508,907
3.80%, 02/23/28		16,578		15,185,198
4.18%, 03/24/28 (Call 03/24/27), (1-year CMT + 2.000%)^(b)		25,374		23,770,038
4.25%, 04/11/27		15,654		14,804,639
4.38%, 04/12/28		16,657		15,656,451
5.29%, 08/18/27		22,849		22,358,818
5.59%, 08/08/28		17,620		17,476,756
6.92%, 08/08/33		11,242		11,229,453
Bank of America Corp.
1.90%, 07/23/31 (Call 07/23/30), (1-day SOFR + 1.530%)^(b)		24,577		19,384,364
1.92%, 10/24/31 (Call 10/24/30), (1-day SOFR + 1.370%)^(b)		21,640		16,955,156
2.09%, 06/14/29 (Call 06/14/28), (1-day SOFR + 1.060%)^(b)		26,301		22,425,340
2.30%, 07/21/32 (Call 07/21/31), (1-day SOFR + 1.220%)^(b)		32,809		25,880,733
2.50%, 02/13/31 (Call 02/13/30), (3-mo. SOFR + 1.252%)^(b)		31,225		25,966,292
2.55%, 02/04/28 (Call 02/04/27), (1-day SOFR + 1.050%)^(b)		20,424		18,459,836


Security	Par (000)		Value

Banks (continued)
2.57%, 10/20/32 (Call 10/20/31), (1-day SOFR + 1.210%)^(b)	$	29,514	$	23,639,120
2.59%, 04/29/31 (Call 04/29/30), (1-day SOFR + 2.150%)^(b)		27,119		22,536,700
2.68%, 06/19/41 (Call 06/19/40), (1-day SOFR + 1.930%)^(a)(b)		43,066		29,655,932
2.69%, 04/22/32 (Call 04/22/31), (1-day SOFR + 1.320%)^(b)		40,001		32,708,098
2.83%, 10/24/51 (Call 10/24/50), (1-day SOFR + 1.880%)^(b)		8,867		5,661,629
2.88%, 10/22/30 (Call 10/22/29), (3-mo. SOFR + 1.452%)^(b)		17,147		14,698,959
2.97%, 02/04/33 (Call 02/04/32), (1-day SOFR + 1.330%)^(b)		33,697		27,680,724
2.97%, 07/21/52 (Call 07/21/51), (1-day SOFR + 1.560%)^(b)		17,390		11,395,723
3.19%, 07/23/30 (Call 07/23/29), (3-mo. SOFR + 1.442%)^(b)		22,378		19,619,184
3.25%, 10/21/27 (Call 10/21/26)^(a)		22,625		21,073,868
3.31%, 04/22/42 (Call 04/22/41), (1-day SOFR + 1.580%)^(b)		32,447		24,263,727
3.42%, 12/20/28 (Call 12/20/27), (3-mo. SOFR + 1.302%)^(b)		52,999		48,583,346
3.59%, 07/21/28 (Call 07/21/27), (3-mo. SOFR + 1.632%)^(b)		18,965		17,644,353
3.71%, 04/24/28 (Call 04/24/27), (3-mo. SOFR + 1.774%)^(b)		18,024		16,867,396
3.82%, 01/20/28 (Call 01/20/27), (3-mo. SOFR + 1.837%)^(b)		22,669		21,375,264
3.95%, 01/23/49 (Call 01/23/48), (3-mo. SOFR + 1.452%)^(b)		10,740		8,411,107
3.97%, 03/05/29 (Call 03/05/28), (3-mo. SOFR + 1.332%)^(b)		23,130		21,591,214
3.97%, 02/07/30 (Call 02/07/29), (3-mo. SOFR + 1.472%)^(b)		26,830		24,716,676
4.08%, 04/23/40 (Call 04/23/39), (3-mo. SOFR + 1.582%)^(b)		12,280		10,301,023
4.08%, 03/20/51 (Call 03/20/50), (3-mo. SOFR + 3.412%)^(b)		47,605		38,269,369
4.24%, 04/24/38 (Call 04/24/37), (3-mo. SOFR + 2.076%)^(b)		10,593		9,184,938
4.25%, 10/22/26		5,300		5,089,014
4.27%, 07/23/29 (Call 07/23/28), (3-mo. SOFR + 1.572%)^(b)		26,539		25,024,730
4.33%, 03/15/50 (Call 03/15/49), (3-mo. SOFR + 1.782%)^(a)(b)		22,858		19,363,485
4.38%, 04/27/28 (Call 04/27/27), (1-day SOFR + 1.580%)^(b)		20,466		19,624,567
4.44%, 01/20/48 (Call 01/20/47), (3-mo. SOFR + 2.252%)^(b)		16,815		14,340,180
4.57%, 04/27/33 (Call 04/27/32), (1-day SOFR + 1.830%)^(b)		34,542		31,976,327
4.95%, 07/22/28 (Call 07/22/27), (1-day SOFR + 2.040%)^(b)		26,720		26,154,696
5.00%, 01/21/44^(a)		18,340		17,358,032
5.02%, 07/22/33 (Call 07/22/32), (1-day SOFR + 2.160%)^(b)		44,397		42,668,736
5.20%, 04/25/29 (Call 04/25/28), (1-day SOFR + 1.630%)^(b)		31,555		31,043,620
5.29%, 04/25/34, (1-day SOFR + 1.910%)^(a)(b)		42,843		41,777,533


Security	Par (000)		Value

Banks (continued)
5.88%, 02/07/42	$	16,311	$	16,826,757
6.11%, 01/29/37^(a)		18,145		18,686,714
6.20%, 11/10/28 (Call 11/10/27), (1-day SOFR + 1.990%)^(b)		19,009		19,438,744
7.75%, 05/14/38		16,525		19,327,010
Series L, 4.18%, 11/25/27 (Call 11/25/26)^(a)		19,615		18,591,111
Series N, 2.65%, 03/11/32 (Call 03/11/31), (1-day SOFR + 1.220%)^(b)		18,366		15,017,403
Series N, 3.48%, 03/13/52 (Call 03/13/51), (1-day SOFR + 1.650%)^(b)		8,316		5,986,255
Bank of America NA, 6.00%, 10/15/36^(a)		12,563		13,192,661
Bank of Montreal
1.25%, 09/15/26^(a)		2,076		1,840,055
2.65%, 03/08/27		7,530		6,871,684
5.20%, 02/01/28 (Call 01/01/28)		5,080		5,042,073
Series H, 4.70%, 09/14/27 (Call 08/14/27)^(a)		6,455		6,299,336
Bank of New York Mellon Corp. (The)
2.05%, 01/26/27 (Call 12/26/26)^(a)		1,955		1,764,448
3.25%, 05/16/27 (Call 02/16/27)		1,618		1,517,284
3.30%, 08/23/29 (Call 05/23/29)^(a)		980		873,793
3.40%, 01/29/28 (Call 10/29/27)^(a)		1,770		1,648,722
3.85%, 04/28/28^(a)		1,617		1,535,898
Bank of Nova Scotia (The)
1.30%, 09/15/26		1,242		1,100,274
1.95%, 02/02/27		1,565		1,402,643
2.45%, 02/02/32		2,028		1,641,921
4.85%, 02/01/30^(a)		14,099		13,677,149
5.25%, 06/12/28		15,520		15,381,734
Barclays PLC
2.28%, 11/24/27 (Call 11/24/26), (1-year CMT + 1.050%)^(b)		21,996		19,544,766
2.65%, 06/24/31 (Call 06/24/30), (1-year CMT + 1.900%)^(b)		1,963		1,565,567
2.67%, 03/10/32 (Call 03/10/31), (1-year CMT + 1.200%)^(b)		8,108		6,352,712
2.89%, 11/24/32 (Call 11/24/31), (1-year CMT + 1.300%)^(b)		10,095		7,880,929
3.33%, 11/24/42 (Call 11/24/41), (1-year CMT + 1.300%)^(b)		6,322		4,308,666
4.34%, 01/10/28 (Call 01/10/27)^(a)		17,760		16,739,546
4.84%, 05/09/28 (Call 05/07/27)		22,620		20,943,906
4.95%, 01/10/47^(a)		12,833		11,028,353
4.97%, 05/16/29 (Call 05/16/28), (3-mo. LIBOR US + 1.902%)^(a)(b)		19,248		18,289,234
5.25%, 08/17/45^(a)		13,961		12,508,073
5.50%, 08/09/28 (Call 08/09/27), (1-year CMT + 2.650%)^(b)		19,507		19,027,565
5.75%, 08/09/33 (Call 08/09/32), (1-year CMT + 3.000%)^(a)(b)		8,251		7,901,606
6.22%, 05/09/34 (Call 05/09/33), (1-day SOFR + 2.980%)^(b)		17,816		17,603,140
7.12%, 06/27/34 (Call 06/27/33), (1-day SOFR + 3.570%)^(b)		15,670		15,623,634
7.39%, 11/02/28 (Call 11/02/27), (1-year CMT + 3.300%)^(b)		18,045		18,786,254
7.44%, 11/02/33 (Call 11/02/32), (1-year CMT + 3.500%)^(a)(b)		18,365		19,692,969
Canadian Imperial Bank of Commerce
3.45%, 04/07/27		3,038		2,837,635
3.60%, 04/07/32 (Call 03/07/32)^(a)		2,182		1,943,763


Security	Par (000)		Value

Banks (continued)
5.00%, 04/28/28 (Call 03/28/28)^(a)	$	8,129	$	7,958,150
Citigroup Inc.
2.52%, 11/03/32 (Call 11/03/31), (1-day SOFR + 1.177%)^(b)		19,112		15,161,844
2.56%, 05/01/32 (Call 05/01/31), (1-day SOFR + 1.167%)^(b)		29,418		23,702,212
2.57%, 06/03/31 (Call 06/03/30), (1-day SOFR + 2.107%)^(b)		40,227		33,230,861
2.67%, 01/29/31 (Call 01/29/30), (1-day SOFR + 1.146%)^(b)		28,712		24,062,132
2.90%, 11/03/42 (Call 11/03/41), (1-day SOFR + 1.379%)^(a)(b)		10,695		7,307,925
2.98%, 11/05/30 (Call 11/05/29), (1-day SOFR + 1.422%)^(a)(b)		27,440		23,599,421
3.06%, 01/25/33 (Call 01/25/32), (1-day SOFR + 1.351%)^(b)		32,147		26,492,147
3.07%, 02/24/28 (Call 02/24/27), (1-day SOFR + 1.280%)^(b)		26,857		24,654,213
3.20%, 10/21/26 (Call 07/21/26)^(a)		8,845		8,247,501
3.52%, 10/27/28 (Call 10/27/27), (3-mo. SOFR + 1.412%)^(b)		22,619		20,835,110
3.67%, 07/24/28 (Call 07/24/27), (3-mo. SOFR + 1.652%)^(b)		26,618		24,730,217
3.79%, 03/17/33 (Call 03/17/32), (1-day SOFR + 1.939%)^(b)		30,574		26,573,707
3.88%, 01/24/39 (Call 01/24/38), (3-mo. SOFR + 1.430%)^(b)		1,904		1,556,791
3.89%, 01/10/28 (Call 01/10/27), (3-mo. SOFR + 1.825%)^(b)		29,684		28,039,002
3.98%, 03/20/30 (Call 03/20/29), (3-mo. SOFR + 1.600%)^(b)		31,925		29,408,649
4.08%, 04/23/29 (Call 04/23/28), (3-mo. SOFR + 1.454%)^(b)		21,775		20,405,444
4.13%, 07/25/28		22,344		20,810,373
4.28%, 04/24/48 (Call 04/24/47), (3-mo. SOFR + 2.101%)^(b)		8,650		7,189,916
4.30%, 11/20/26		6,468		6,207,017
4.41%, 03/31/31 (Call 03/31/30), (1-day SOFR + 3.914%)^(b)		44,238		41,039,062
4.45%, 09/29/27		39,049		37,257,182
4.65%, 07/30/45		9,868		8,456,002
4.65%, 07/23/48 (Call 06/23/48)		26,224		22,572,935
4.66%, 05/24/28 (Call 05/24/27), (1-day SOFR + 1.887%)^(b)		16,826		16,366,245
4.75%, 05/18/46		20,585		17,120,555
4.91%, 05/24/33 (Call 05/24/32), (1-day SOFR + 2.086%)^(a)(b)		26,026		24,716,429
5.30%, 05/06/44^(a)		10,448		9,372,780
5.32%, 03/26/41 (Call 03/26/40), (1-day SOFR + 4.548%)^(a)(b)		12,419		11,762,707
5.88%, 01/30/42		12,252		12,419,426
6.27%, 11/17/33 (Call 11/17/32), (1-day SOFR + 2.338%)^(a)(b)		27,956		29,122,707
6.63%, 06/15/32^(a)		12,017		12,486,336
6.68%, 09/13/43		10,035		10,551,623
8.13%, 07/15/39		22,917		28,499,808
Citizens Bank NA, 4.58%, 08/09/28 (Call 08/09/27), (1-day SOFR + 2.000%)^(b)		2,894		2,699,683
Citizens Financial Group Inc., 3.25%, 04/30/30 (Call 01/30/30)^(a)		1,441		1,206,427


Security	Par (000)		Value

Banks (continued)
Cooperatieve Rabobank UA
5.25%, 05/24/41	$	27,086	$	27,563,686
5.25%, 08/04/45^(a)		11,167		10,225,382
5.75%, 12/01/43		6,929		6,753,063
Credit Suisse AG/New York
5.00%, 07/09/27		7,220		7,040,583
7.50%, 02/15/28		21,081		22,548,870
Deutsche Bank AG/New York NY
2.31%, 11/16/27 (Call 11/16/26), (1-day SOFR + 1.219%)^(b)		22,999		20,162,865
2.55%, 01/07/28 (Call 01/07/27), (1-day SOFR + 1.318%)^(b)		19,343		17,092,815
3.04%, 05/28/32 (Call 05/28/31), (1-day SOFR + 1.718%)^(b)		2,065		1,642,558
3.55%, 09/18/31 (Call 09/18/30), (1-day SOFR + 3.043%)^(b)		8,056		6,753,903
6.72%, 01/18/29 (Call 01/18/28), (1-day SOFR + 3.180%)^(b)		21,518		21,791,619
Discover Bank, 4.65%, 09/13/28 (Call 06/13/28)		9,849		9,044,840
Fifth Third Bancorp.
2.55%, 05/05/27 (Call 04/05/27)		1,929		1,725,717
4.77%, 07/28/30 (Call 07/28/29), (1-day SOFR + 2.127%)^(b)		3,126		2,921,871
6.34%, 07/27/29 (Call 07/27/28), (1-day SOFR + 2.340%)^(a)(b)		6,199		6,273,672
6.36%, 10/27/28 (Call 10/27/27), (1-day SOFR + 2.192%)^(a)(b)		3,600		3,629,358
8.25%, 03/01/38		18,961		21,402,286
Goldman Sachs Capital I, 6.35%, 02/15/34^(a)		10,583		10,593,127
Goldman Sachs Group Inc.,
1.54%, 09/10/27 (Call 09/10/26), (1-day SOFR + 0.818%)^(b)		32,802		28,945,574
1.95%, 10/21/27 (Call 10/21/26), (1-day SOFR + 0.913%)^(b)		45,728		40,696,365
1.99%, 01/27/32 (Call 01/27/31), (1-day SOFR + 1.090%)^(b)		27,840		21,667,763
2.38%, 07/21/32 (Call 07/21/31), (1-day SOFR + 1.248%)^(b)		42,482		33,533,642
2.60%, 02/07/30 (Call 11/07/29)		19,516		16,468,233
2.62%, 04/22/32 (Call 04/22/31), (1-day SOFR + 1.281%)^(b)		39,394		31,899,433
2.64%, 02/24/28 (Call 02/24/27), (1-day SOFR + 1.114%)^(b)		33,634		30,396,277
2.65%, 10/21/32 (Call 10/21/31), (1-day SOFR + 1.264%)^(b)		31,729		25,443,038
2.91%, 07/21/42 (Call 07/21/41), (1-day SOFR + 1.472%)^(b)		11,588		7,978,471
3.10%, 02/24/33 (Call 02/24/32), (1-day SOFR + 1.410%)^(a)(b)		42,047		34,956,396
3.21%, 04/22/42 (Call 04/22/41), (1-day SOFR + 1.513%)^(a)(b)		21,831		15,663,018
3.44%, 02/24/43 (Call 02/24/42), (1-day SOFR + 1.632%)^(b)		18,996		14,008,870
3.62%, 03/15/28 (Call 03/15/27), (1-day SOFR + 1.846%)^(b)		35,860		33,525,708
3.69%, 06/05/28 (Call 06/05/27), (3-mo. SOFR + 1.772%)^(b)		28,413		26,594,057
3.80%, 03/15/30 (Call 12/15/29)^(a)		24,071		21,886,335
3.81%, 04/23/29 (Call 04/23/28), (3-mo. SOFR + 1.420%)^(b)		26,763		24,755,553


Security	Par (000)		Value

Banks (continued)
3.85%, 01/26/27 (Call 01/26/26)	$	18,876	$	17,886,433
4.02%, 10/31/38 (Call 10/31/37), (3-mo. SOFR + 1.645%)^(b)		20,213		16,799,663
4.22%, 05/01/29 (Call 05/01/28), (3-mo. SOFR + 1.563%)^(b)		37,348		35,145,021
4.41%, 04/23/39 (Call 04/23/38), (3-mo. SOFR + 1.692%)^(b)		8,343		7,199,252
4.48%, 08/23/28 (Call 08/23/27), (1-day SOFR + 1.725%)^(b)		28,906		27,815,154
4.75%, 10/21/45 (Call 04/21/45)		15,651		14,070,764
4.80%, 07/08/44 (Call 01/08/44)		16,415		14,608,316
5.15%, 05/22/45^(a)		22,045		20,264,699
5.95%, 01/15/27^(a)		7,097		7,159,486
6.13%, 02/15/33^(a)		13,689		14,476,870
6.25%, 02/01/41^(a)		30,357		31,915,808
6.75%, 10/01/37		70,782		75,103,928
HSBC Holdings PLC
2.01%, 09/22/28 (Call 09/22/27), (1-day SOFR + 1.732%)^(b)		24,243		20,823,612
2.21%, 08/17/29 (Call 08/17/28), (1-day SOFR + 1.285%)^(a)(b)		23,571		19,749,999
2.25%, 11/22/27 (Call 11/22/26), (1-day SOFR + 1.100%)^(b)		29,039		25,901,827
2.36%, 08/18/31 (Call 08/18/30), (1-day SOFR + 1.947%)^(b)		15,566		12,328,588
2.80%, 05/24/32 (Call 05/24/31), (1-day SOFR + 1.187%)^(b)		29,747		23,747,351
2.85%, 06/04/31 (Call 06/04/30), (1-day SOFR + 2.387%)^(b)		16,462		13,577,830
2.87%, 11/22/32 (Call 11/22/31), (1-day SOFR + 1.410%)^(b)		17,730		14,080,148
3.97%, 05/22/30 (Call 05/22/29), (3-mo. SOFR + 1.872%)^(b)		32,422		29,178,266
4.04%, 03/13/28 (Call 03/13/27), (3-mo. SOFR + 1.808%)^(b)		27,718		26,032,776
4.58%, 06/19/29 (Call 06/19/28), (3-mo. SOFR + 1.796%)^(b)		30,975		29,191,525
4.76%, 06/09/28 (Call 06/09/27), (1-day SOFR + 2.110%)^(a)(b)		26,060		24,982,351
4.95%, 03/31/30^(a)		28,819		27,711,601
5.21%, 08/11/28 (Call 08/11/27), (1-day SOFR + 2.610%)^(b)		23,927		23,345,117
5.25%, 03/14/44^(a)		8,931		7,831,107
5.40%, 08/11/33 (Call 08/11/32), (1-day SOFR + 2.870%)^(a)(b)		24,594		23,476,171
6.10%, 01/14/42^(a)		10,827		11,282,247
6.16%, 03/09/29 (Call 03/09/28), (1-day SOFR + 1.970%)^(b)		22,146		22,298,338
6.25%, 03/09/34 (Call 03/09/33), (1-day SOFR + 2.390%)^(a)(b)		22,020		22,247,357
6.33%, 03/09/44 (Call 03/09/43), (1-day SOFR + 2.650%)^(b)		29,903		30,141,572
6.50%, 05/02/36^(a)		15,829		16,122,709
6.50%, 09/15/37^(a)		16,861		17,298,067
6.50%, 09/15/37		3,767		3,672,965
6.55%, 06/20/34 (Call 06/20/33), (1-day SOFR + 2.980%)^(b)		8,800		8,621,608
6.80%, 06/01/38^(a)		7,641		7,866,578
7.39%, 11/03/28 (Call 11/03/27), (1-day SOFR + 3.350%)^(b)		24,649		25,901,036


Security	Par (000)		Value

Banks (continued)
Huntington Bancshares Inc.
2.55%, 02/04/30 (Call 11/04/29)	$	3,097	$	2,525,320
4.44%, 08/04/28 (Call 08/04/27), (1-day SOFR + 1.970%)^(a)(b)		4,464		4,201,876
6.21%, 08/21/29 (Call 08/21/28), (1-day SOFR + 2.020%)^(b)		3,118		3,136,281
Huntington National Bank (The)
4.55%, 05/17/28 (Call 05/17/27), (1-day SOFR + 1.650%)^(a)(b)		3,106		2,938,990
5.65%, 01/10/30 (Call 11/10/29)^(a)		5,899		5,738,760
ING Groep NV
2.73%, 04/01/32 (Call 04/01/31), (1-day SOFR + 1.316%)^(a)(b)		1,608		1,312,877
3.95%, 03/29/27		24,920		23,620,434
4.02%, 03/28/28 (Call 03/28/27), (1-day SOFR + 1.830%)^(b)		21,752		20,477,985
4.05%, 04/09/29		5,357		4,977,250
4.25%, 03/28/33 (Call 03/28/32), (1-day SOFR + 2.070%)^(a)(b)		2,615		2,351,534
4.55%, 10/02/28		6,484		6,214,956
JPMorgan Chase & Co.
1.47%, 09/22/27 (Call 09/22/26), (1-day SOFR + 0.765%)^(b)		31,362		27,705,429
1.76%, 11/19/31 (Call 11/19/30), (3-mo. SOFR + 1.105%)^(b)		15,860		12,387,298
1.95%, 02/04/32 (Call 02/04/31), (1-day SOFR + 1.065%)^(b)		32,404		25,508,199
2.07%, 06/01/29 (Call 06/01/28), (1-day SOFR + 1.015%)^(b)		20,733		17,783,766
2.18%, 06/01/28 (Call 06/01/27), (1-day SOFR + 1.890%)^(b)		17,483		15,529,838
2.52%, 04/22/31 (Call 04/22/30), (1-day SOFR + 2.040%)^(b)		26,188		21,959,379
2.53%, 11/19/41 (Call 11/19/40), (3-mo. SOFR + 1.510%)^(b)		17,966		12,085,804
2.55%, 11/08/32 (Call 11/08/31), (1-day SOFR + 1.180%)^(b)		28,536		23,000,390
2.58%, 04/22/32 (Call 04/22/31), (3-mo. SOFR + 1.250%)^(b)		34,786		28,480,102
2.74%, 10/15/30 (Call 10/15/29), (3-mo. SOFR + 1.510%)^(b)		38,024		32,617,151
2.95%, 10/01/26 (Call 07/01/26)^(a)		5,727		5,348,791
2.95%, 02/24/28 (Call 02/24/27), (1-day SOFR + 1.170%)^(b)		19,317		17,724,593
2.96%, 01/25/33 (Call 01/25/32), (1-day SOFR + 1.260%)^(b)		35,513		29,461,226
3.11%, 04/22/41 (Call 04/22/40), (3-mo. SOFR + 2.460%)^(a)(b)		14,426		10,639,090
3.11%, 04/22/51 (Call 04/22/50), (1-day SOFR + 2.440%)^(a)(b)		23,350		15,794,739
3.16%, 04/22/42 (Call 04/22/41), (1-day SOFR + 2.460%)^(b)		19,570		14,352,579
3.33%, 04/22/52 (Call 04/22/51), (1-day SOFR + 1.580%)^(b)		34,701		24,320,987
3.51%, 01/23/29 (Call 01/23/28), (3-mo. SOFR + 1.207%)^(b)		23,041		21,234,046
3.54%, 05/01/28 (Call 05/01/27), (3-mo. SOFR + 1.642%)^(b)		25,823		24,108,079
3.63%, 12/01/27 (Call 12/01/26)^(a)		13,279		12,480,438


Security	Par (000)		Value

Banks (continued)
3.70%, 05/06/30 (Call 05/06/29), (3-mo. SOFR + 1.422%)^(b)	$	27,820	$	25,388,894
3.78%, 02/01/28 (Call 02/01/27), (3-mo. SOFR + 1.599%)^(b)		29,259		27,625,189
3.88%, 07/24/38 (Call 07/24/37), (3-mo. SOFR + 1.622%)^(b)		15,694		13,206,041
3.90%, 01/23/49 (Call 01/23/48), (3-mo. SOFR + 1.482%)^(b)		17,885		14,022,725
3.96%, 11/15/48 (Call 11/15/47), (3-mo. SOFR + 1.642%)^(b)		35,674		28,253,034
4.01%, 04/23/29 (Call 04/23/28), (3-mo. SOFR + 1.382%)^(b)		24,290		22,783,541
4.03%, 07/24/48 (Call 07/24/47), (3-mo. SOFR + 1.722%)^(b)		14,961		12,046,099
4.13%, 12/15/26		12,533		12,048,645
4.20%, 07/23/29 (Call 07/23/28), (3-mo. SOFR + 1.522%)^(b)		26,261		24,803,662
4.25%, 10/01/27^(a)		17,494		16,909,412
4.26%, 02/22/48 (Call 02/22/47), (3-mo. SOFR + 1.842%)^(b)		19,743		16,529,896
4.32%, 04/26/28 (Call 04/26/27), (1-day SOFR + 1.560%)^(b)		30,977		29,784,667
4.45%, 12/05/29 (Call 12/05/28), (3-mo. SOFR + 1.592%)^(a)(b)		27,190		25,909,791
4.49%, 03/24/31 (Call 03/24/30), (3-mo. SOFR + 3.790%)^(a)(b)		30,287		28,632,176
4.57%, 06/14/30 (Call 06/14/29), (1-day SOFR + 1.750%)^(b)		19,655		18,741,267
4.59%, 04/26/33 (Call 04/26/32), (1-day SOFR + 1.800%)^(b)		20,000		18,675,284
4.85%, 07/25/28 (Call 07/25/27), (1-day SOFR + 1.990%)^(b)		35,888		35,140,701
4.85%, 02/01/44		11,121		10,207,710
4.91%, 07/25/33 (Call 07/25/32), (1-day SOFR + 2.080%)^(b)		44,140		42,423,108
4.95%, 06/01/45^(a)		17,405		15,840,310
5.30%, 07/24/29 (Call 07/24/28), (1-day SOFR + 1.450%)^(b)		27,935		27,760,627
5.35%, 06/01/34 (Call 06/01/33), (1-day SOFR + 1.845%)^(b)		44,277		43,711,445
5.40%, 01/06/42^(a)		14,688		14,585,614
5.50%, 10/15/40^(a)		14,698		14,784,898
5.60%, 07/15/41		19,179		19,426,426
5.63%, 08/16/43^(a)		13,415		13,355,394
6.40%, 05/15/38		25,300		27,652,197
KeyBank NA, 5.00%, 01/26/33 (Call 10/26/32)^(a)		6,290		5,468,429
KeyBank NA/Cleveland OH
4.90%, 08/08/32^(a)		4,569		3,768,900
5.85%, 11/15/27 (Call 10/16/27)^(a)		9,465		9,158,102
KeyCorp
2.25%, 04/06/27^(a)		7,853		6,750,638
2.55%, 10/01/29^(a)		4,354		3,444,972
4.10%, 04/30/28^(a)		7,487		6,710,543
4.79%, 06/01/33 (Call 06/01/32), (1-day SOFR + 2.060%)^(b)		3,867		3,328,756
Lloyds Banking Group PLC
3.57%, 11/07/28 (Call 11/07/27), (3-mo. LIBOR US + 1.205%)^(a)(b)		31,739		28,824,788
3.75%, 01/11/27		9,166		8,621,812


Security	Par (000)		Value

Banks (continued)
3.75%, 03/18/28 (Call 03/18/27), (1-year CMT + 1.800%)^(b)	$	20,750	$	19,306,945
4.34%, 01/09/48		14,116		10,508,840
4.38%, 03/22/28		17,911		16,957,250
4.55%, 08/16/28^(a)		11,640		11,043,689
4.98%, 08/11/33 (Call 08/11/32), (1-year CMT + 2.300%)^(a)(b)		4,310		3,989,200
5.30%, 12/01/45^(a)		3,846		3,400,308
5.87%, 03/06/29 (Call 03/06/28), (1-year CMT + 1.700%)^(b)		26,423		26,202,365
M&T Bank Corp., 5.05%, 01/27/34 (Call 01/27/33), (1-day SOFR + 1.850%)^(b)		5,579		5,078,032
Manufacturers & Traders Trust Co., 4.70%, 01/27/28 (Call 12/27/27)		10,663		9,963,462
Mitsubishi UFJ Financial Group Inc.
1.64%, 10/13/27 (Call 10/13/26), (1-year CMT + 0.670%)^(b)		20,404		18,107,401
2.05%, 07/17/30		14,111		11,350,733
2.31%, 07/20/32 (Call 07/20/31), (1-year CMT + 0.950%)^(b)		16,522		13,089,300
2.34%, 01/19/28 (Call 01/19/27), (1-year CMT + 0.830%)^(b)		22,695		20,359,483
2.49%, 10/13/32 (Call 10/13/31), (1-year CMT + 0.970%)^(b)		7,171		5,732,346
2.56%, 02/25/30^(a)		11,044		9,283,821
2.76%, 09/13/26^(a)		1,058		975,134
2.85%, 01/19/33 (Call 01/19/32), (1-year CMT + 1.100%)^(b)		9,247		7,565,293
3.20%, 07/18/29		16,629		14,692,704
3.29%, 07/25/27^(a)		14,346		13,339,477
3.68%, 02/22/27^(a)		12,737		12,107,647
3.74%, 03/07/29		14,808		13,716,510
3.75%, 07/18/39		12,912		10,631,217
3.96%, 03/02/28^(a)		15,557		14,781,420
4.05%, 09/11/28^(a)		9,174		8,714,829
4.08%, 04/19/28 (Call 04/19/27), (1-year CMT + 1.300%)^(b)		12,715		12,079,883
5.02%, 07/20/28 (Call 07/20/27), (1-year CMT + 1.950%)^(b)		19,884		19,452,267
5.13%, 07/20/33 (Call 07/20/32), (1-year CMT + 2.125%)^(b)		12,030		11,680,507
5.35%, 09/13/28 (Call 09/13/27), (1-year CMT + 1.900%)^(b)		19,957		19,776,930
5.41%, 04/19/34, (1-year CMT + 1.970%)^(a)(b)		8,714		8,583,750
5.42%, 02/22/29 (Call 02/22/28), (1-year CMT + 1.380%)^(b)		16,257		16,169,874
5.44%, 02/22/34 (Call 02/22/33), (1-year CMT + 1.630%)^(b)		12,210		12,072,694
5.47%, 09/13/33 (Call 09/13/32), (1-year CMT + 2.125%)^(a)(b)		5,758		5,721,532
Mizuho Financial Group Inc.
1.98%, 09/08/31 (Call 09/08/30), (3-mo. SOFR + 1.532%)^(a)(b)		3,454		2,696,077
2.20%, 07/10/31 (Call 07/10/30), (3-mo. SOFR + 1.772%)^(b)		8,827		7,021,317
2.56%, 09/13/31^(a)		7,733		6,019,234
2.84%, 09/13/26^(a)		2,346		2,162,020
3.15%, 07/16/30 (Call 07/16/29), (3-mo. SOFR + 1.392%)^(a)(b)		5,968		5,157,505
3.17%, 09/11/27^(a)		14,261		13,063,424


Security	Par (000)		Value

Banks (continued)
4.02%, 03/05/28^(a)	$	16,366	$	15,424,842
4.25%, 09/11/29 (Call 09/11/28), (3-mo. SOFR + 1.532%)^(a)(b)		8,904		8,318,321
5.41%, 09/13/28 (Call 09/13/27), (1-year CMT + 2.050%)^(b)		12,197		12,097,063
5.67%, 05/27/29 (Call 05/27/28), (1-year CMT + 1.500%)^(b)		15,929		15,897,499
5.67%, 09/13/33 (Call 09/13/32), (1-year CMT + 2.400%)^(b)		4,329		4,294,157
5.75%, 05/27/34 (Call 05/27/33), (1-year CMT + 1.800%)^(b)		6,771		6,755,813
5.75%, 07/06/34 (Call 07/06/33), (1-year CMT + 1.900%)^(b)		14,625		14,480,038
5.78%, 07/06/29 (Call 07/06/28), (1-year CMT + 1.650%)^(b)		17,395		17,417,981
Morgan Stanley
1.79%, 02/13/32 (Call 02/13/31), (1-day SOFR + 1.034%)^(b)		33,962		26,092,719
1.93%, 04/28/32 (Call 04/28/31), (1-day SOFR + 1.020%)^(b)		31,947		24,635,197
2.24%, 07/21/32 (Call 07/21/31), (1-day SOFR + 1.178%)^(a)(b)		39,709		31,127,504
2.48%, 01/21/28 (Call 01/21/27), (1-day SOFR + 1.000%)^(b)		21,696		19,571,352
2.51%, 10/20/32 (Call 10/20/31), (1-day SOFR + 1.200%)^(b)		31,164		24,808,959
2.70%, 01/22/31 (Call 01/22/30), (1-day SOFR + 1.143%)^(b)		37,604		31,672,499
2.80%, 01/25/52 (Call 01/25/51), (1-day SOFR + 1.430%)^(b)		17,139		10,845,228
2.94%, 01/21/33 (Call 01/21/32), (1-day SOFR + 1.290%)^(b)		31,061		25,413,352
3.22%, 04/22/42 (Call 04/22/41), (1-day SOFR + 1.485%)^(b)		16,299		12,003,390
3.59%, 07/22/28 (Call 07/22/27), (3-mo. LIBOR US + 1.340%)^(b)		30,614		28,328,050
3.62%, 04/01/31 (Call 04/01/30), (1-day SOFR + 3.120%)^(a)(b)		33,884		30,089,954
3.63%, 01/20/27^(a)		14,889		14,058,883
3.77%, 01/24/29 (Call 01/24/28), (3-mo. SOFR + 1.402%)^(b)		31,549		29,260,906
3.95%, 04/23/27		23,082		21,764,348
3.97%, 07/22/38 (Call 07/22/37), (3-mo. LIBOR US + 1.455%)^(b)		14,670		12,216,319
4.21%, 04/20/28 (Call 04/20/27), (1-day SOFR + 1.610%)^(b)		26,829		25,626,154
4.30%, 01/27/45		22,374		18,937,213
4.35%, 09/08/26		3,683		3,544,857
4.38%, 01/22/47		20,576		17,567,931
4.43%, 01/23/30 (Call 01/23/29), (3-mo. SOFR + 1.890%)^(b)		30,155		28,574,399
4.46%, 04/22/39 (Call 04/22/38), (3-mo. SOFR + 1.693%)^(b)		3,069		2,688,495
4.89%, 07/20/33 (Call 07/20/32), (1-day SOFR + 2.076%)^(b)		24,369		23,050,596
5.12%, 02/01/29 (Call 02/01/28), (1-day SOFR + 1.730%)^(b)		25,503		24,995,411
5.16%, 04/20/29 (Call 04/20/28), (1-day SOFR + 1.590%)^(b)		26,730		26,190,776
5.25%, 04/21/34, (1-day SOFR + 1.870%)^(b)		37,508		36,347,863


Security	Par (000)		Value

Banks (continued)
5.42%, 07/21/34 (Call 07/21/33), (1-day SOFR + 1.880%)^(a)(b)	$	14,985	$	14,716,350
5.45%, 07/20/29 (Call 07/20/28), (1-day SOFR + 1.630%)^(b)		10,098		10,035,074
5.60%, 03/24/51 (Call 03/24/50), (1-day SOFR + 4.480%)^(b)		18,821		18,921,099
6.30%, 10/18/28 (Call 10/18/27), (1-day SOFR + 2.240%)^(b)		21,730		22,261,983
6.34%, 10/18/33 (Call 10/18/32), (1-day SOFR + 2.560%)^(b)		33,252		34,754,831
6.38%, 07/24/42^(a)		27,077		29,520,705
7.25%, 04/01/32^(a)		15,878		18,069,229
National Australia Bank Ltd./New York
3.91%, 06/09/27		5,654		5,407,387
4.90%, 06/13/28^(a)		13,959		13,780,470
4.94%, 01/12/28		852		844,707
NatWest Group PLC
3.07%, 05/22/28 (Call 05/22/27), (1-year CMT + 2.550%)^(b)		12,580		11,346,869
4.45%, 05/08/30 (Call 05/08/29), (3-mo. LIBOR US + 1.871%)^(b)		11,470		10,547,810
4.89%, 05/18/29 (Call 05/18/28), (3-mo. LIBOR US + 1.754%)^(b)		27,102		25,824,260
5.08%, 01/27/30 (Call 01/27/29), (3-mo. LIBOR US + 1.905%)^(a)(b)		19,102		18,190,775
5.52%, 09/30/28 (Call 09/30/27), (1-year CMT + 2.270%)^(a)(b)		16,796		16,496,432
5.81%, 09/13/29 (Call 09/13/28), (1-year CMT + 1.950%)^(a)(b)		13,376		13,258,983
6.02%, 03/02/34 (Call 03/02/33), (1-year CMT + 2.100%)^(a)(b)		3,508		3,492,270
Northern Trust Corp.
1.95%, 05/01/30 (Call 02/01/30)^(a)		8,564		7,056,479
4.00%, 05/10/27 (Call 04/10/27)^(a)		10,659		10,235,003
6.13%, 11/02/32 (Call 08/02/32)^(a)		8,576		8,761,254
PNC Bank NA
2.70%, 10/22/29		10,062		8,411,288
3.10%, 10/25/27 (Call 09/25/27)		10,416		9,493,601
4.05%, 07/26/28		15,030		13,884,123
PNC Financial Services Group Inc. (The)
2.31%, 04/23/32 (Call 04/23/31), (1-day SOFR + 0.979%)^(a)(b)		4,140		3,333,122
2.55%, 01/22/30 (Call 10/24/29)^(a)		22,371		18,768,797
3.15%, 05/19/27 (Call 04/19/27)^(a)		8,995		8,331,861
3.45%, 04/23/29 (Call 01/23/29)		17,584		15,899,407
5.07%, 01/24/34 (Call 01/24/33), (1-day SOFR + 1.933%)^(a)(b)		12,055		11,420,790
5.35%, 12/02/28 (Call 12/02/27), (1-day SOFR + 1.630%)^(a)(b)		11,975		11,768,814
5.58%, 06/12/29 (Call 06/12/28), (1-day SOFR + 1.841%)^(b)		18,400		18,247,606
5.94%, 08/18/34 (Call 08/18/33), (1-day SOFR + 1.946%)^(a)(b)		10,884		11,003,064
6.04%, 10/28/33 (Call 10/28/32), (1-day SOFR + 2.140%)^(b)		11,739		11,907,252
Royal Bank of Canada
1.40%, 11/02/26		4,967		4,401,013
2.30%, 11/03/31		13,210		10,626,688
3.63%, 05/04/27		10,930		10,304,796
3.88%, 05/04/32		8,364		7,575,387


Security	Par (000)		Value

Banks (continued)
4.24%, 08/03/27	$	10,991	$	10,561,427
4.90%, 01/12/28^(a)		6,777		6,678,962
5.00%, 02/01/33		15,638		15,149,872
5.00%, 05/02/33^(a)		9,852		9,535,667
5.20%, 08/01/28		14,676		14,596,116
6.00%, 11/01/27		10,871		11,128,629
Santander Holdings USA Inc.
2.49%, 01/06/28 (Call 01/06/27), (1-day SOFR + 1.249%)^(b)		10,653		9,344,681
3.24%, 10/05/26 (Call 08/05/26)		2,762		2,529,031
4.40%, 07/13/27 (Call 04/14/27)^(a)		11,286		10,688,049
6.50%, 03/09/29 (Call 03/09/28), (1-day SOFR + 2.356%)^(b)		10,679		10,605,705
Santander UK Group Holdings PLC
2.47%, 01/11/28 (Call 01/11/27), (1-day SOFR + 1.220%)^(b)		5,291		4,655,683
3.82%, 11/03/28 (Call 11/03/27), (3-mo. LIBOR US + 1.400%)^(b)		3,623		3,275,088
6.53%, 01/10/29 (Call 01/10/28), (1-day SOFR + 2.600%)^(b)		6,023		6,067,436
State Street Corp.
2.20%, 03/03/31^(a)		2,492		1,984,209
2.40%, 01/24/30^(a)		1,513		1,286,419
Sumitomo Mitsui Financial Group Inc.
1.40%, 09/17/26^(a)		5,886		5,206,791
1.90%, 09/17/28		25,628		21,550,690
2.13%, 07/08/30		20,243		16,309,979
2.14%, 09/23/30		2,982		2,358,519
2.22%, 09/17/31^(a)		4,037		3,186,331
2.75%, 01/15/30^(a)		18,912		16,087,304
2.93%, 09/17/41^(a)		1,521		1,051,857
3.01%, 10/19/26		9,885		9,165,420
3.04%, 07/16/29		29,973		26,184,371
3.35%, 10/18/27^(a)		5,750		5,290,996
3.36%, 07/12/27^(a)		16,732		15,528,805
3.45%, 01/11/27^(a)		5,882		5,503,581
3.54%, 01/17/28		5,803		5,355,691
3.94%, 07/19/28^(a)		7,813		7,295,803
5.52%, 01/13/28^(a)		34,970		34,952,644
5.71%, 01/13/30		18,636		18,731,936
5.77%, 01/13/33		15,432		15,650,739
5.80%, 07/13/28^(a)		10,892		11,020,428
6.18%, 07/13/43		11,366		11,443,508
Toronto-Dominion Bank (The)
1.25%, 09/10/26		2,197		1,946,733
1.95%, 01/12/27^(a)		5,368		4,824,163
2.00%, 09/10/31		4,279		3,384,870
2.80%, 03/10/27		11,985		10,994,766
3.20%, 03/10/32		12,591		10,717,343
4.11%, 06/08/27		16,506		15,758,471
4.46%, 06/08/32		17,836		16,594,693
4.69%, 09/15/27		15,124		14,744,977
5.16%, 01/10/28		13,170		13,045,079
5.52%, 07/17/28		20,100		20,174,575
Truist Bank
2.25%, 03/11/30 (Call 12/11/29)		11,209		8,885,833
3.80%, 10/30/26 (Call 09/30/26)		6,407		5,917,015
Truist Financial Corp.
1.13%, 08/03/27 (Call 06/03/27)^(a)		9,690		8,195,878


Security	Par (000)		Value

Banks (continued)
1.89%, 06/07/29 (Call 06/07/28), (1-day SOFR + 0.862%)^(a)(b)	$	15,729	$	13,164,780
1.95%, 06/05/30 (Call 03/05/30)^(a)		7,674		6,106,398
4.12%, 06/06/28 (Call 06/06/27), (1-day SOFR + 1.368%)^(a)(b)		11,562		10,909,525
4.87%, 01/26/29 (Call 01/26/28), (1-day SOFR + 1.435%)^(b)		25,878		24,831,605
5.12%, 01/26/34 (Call 01/26/33), (1-day SOFR + 1.852%)^(a)(b)		9,227		8,652,475
5.87%, 06/08/34 (Call 06/08/33), (1-day SOFR + 2.361%)^(a)(b)		12,888		12,767,151
6.12%, 10/28/33 (Call 10/28/32), (1-day SOFR + 2.300%)^(a)(b)		2,535		2,552,322
U.S. Bancorp
1.38%, 07/22/30 (Call 04/22/30)		10,153		7,692,480
2.22%, 01/27/28 (Call 01/27/27), (1-day SOFR + 0.730%)^(b)		17,454		15,582,449
2.68%, 01/27/33 (Call 01/27/32), (1-day SOFR + 1.020%)^(b)		10,229		8,145,991
3.00%, 07/30/29 (Call 04/30/29)		1,962		1,680,348
3.90%, 04/26/28 (Call 03/24/28)		12,961		12,166,521
4.55%, 07/22/28 (Call 07/22/27), (1-day SOFR + 1.660%)^(a)(b)		21,399		20,440,862
4.65%, 02/01/29 (Call 02/01/28), (1-day SOFR + 1.230%)^(a)(b)		17,542		16,746,993
4.84%, 02/01/34 (Call 02/01/33), (1-day SOFR + 1.600%)^(a)(b)		19,684		18,259,522
5.78%, 06/12/29 (Call 06/12/28), (1-day SOFR + 2.020%)^(b)		14,987		14,897,448
5.84%, 06/12/34 (Call 06/10/33), (1-day SOFR + 2.260%)^(b)		15,331		15,314,030
5.85%, 10/21/33 (Call 10/21/32), (1-day SOFR + 2.090%)^(a)(b)		17,679		17,607,826
Series X, 3.15%, 04/27/27 (Call 03/27/27)		16,153		14,981,885
UBS Group AG, 4.88%, 05/15/45		20,288		17,976,722
Wachovia Corp., 5.50%, 08/01/35		10,477		10,088,606
Wells Fargo & Co.
2.39%, 06/02/28 (Call 06/02/27), (1-day SOFR + 2.100%)^(a)(b)		29,202		25,981,008
2.57%, 02/11/31 (Call 02/11/30), (3-mo. SOFR + 1.262%)^(b)		32,834		27,402,380
2.88%, 10/30/30 (Call 10/30/29), (3-mo. SOFR + 1.432%)^(a)(b)		34,311		29,375,658
3.00%, 10/23/26		6,880		6,374,427
3.07%, 04/30/41 (Call 04/30/40), (1-day SOFR + 2.530%)^(b)		38,030		27,194,877
3.35%, 03/02/33 (Call 03/02/32), (1-day SOFR + 1.500%)^(a)(b)		38,660		32,551,565
3.53%, 03/24/28 (Call 03/24/27), (1-day SOFR + 1.510%)^(b)		36,677		34,118,126
3.58%, 05/22/28 (Call 05/22/27), (3-mo. SOFR + 1.572%)^(b)		26,556		24,643,092
3.90%, 05/01/45		25,306		19,821,522
4.15%, 01/24/29 (Call 10/24/28)		23,861		22,439,340
4.30%, 07/22/27		22,127		21,192,579
4.40%, 06/14/46		22,357		17,716,279
4.48%, 04/04/31 (Call 04/04/30), (3-mo. SOFR + 4.032%)^(b)		28,011		26,170,890
4.61%, 04/25/53 (Call 04/25/52), (1-day SOFR + 2.130%)^(b)		35,195		29,713,509


Security	Par (000)		Value

Banks (continued)
4.65%, 11/04/44	$	22,083	$	18,162,839
4.75%, 12/07/46		22,654		18,783,868
4.81%, 07/25/28 (Call 07/25/27), (1-day SOFR + 1.980%)^(b)		26,322		25,522,559
4.90%, 07/25/33 (Call 07/25/32), (1-day SOFR + 2.100%)^(b)		40,943		38,549,910
4.90%, 11/17/45^(a)		21,440		18,285,235
5.01%, 04/04/51 (Call 04/04/50), (3-mo. SOFR + 4.502%)^(b)		57,316		51,512,463
5.38%, 11/02/43		21,383		19,585,793
5.39%, 04/24/34, (1-day SOFR + 2.020%)^(b)		36,793		35,799,383
5.56%, 07/25/34 (Call 07/25/33), (1-day SOFR + 1.990%)^(b)		45,745		45,093,756
5.57%, 07/25/29 (Call 07/25/28), (1-day SOFR + 1.740%)^(b)		42,899		42,728,481
5.61%, 01/15/44		27,273		25,679,640
Wells Fargo Bank NA
5.85%, 02/01/37^(a)		11,080		10,935,355
6.60%, 01/15/38^(a)		15,816		16,697,453
Westpac Banking Corp.
1.95%, 11/20/28		17,562		15,095,433
2.15%, 06/03/31		8,072		6,607,411
2.65%, 01/16/30^(a)		7,897		6,903,671
2.96%, 11/16/40^(a)		10,365		6,713,029
3.13%, 11/18/41		7,603		4,973,499
3.35%, 03/08/27		14,196		13,388,872
3.40%, 01/25/28^(a)		12,063		11,331,413
4.04%, 08/26/27^(a)		10,780		10,464,414
4.42%, 07/24/39		8,237		6,638,508
5.46%, 11/18/27		19,774		20,052,315


				7,713,907,332

Beverages — 2.7%
Anheuser-Busch Companies LLC/Anheuser-Busch InBev Worldwide Inc.
4.70%, 02/01/36 (Call 08/01/35)		55,761		53,333,071
4.90%, 02/01/46 (Call 08/01/45)		100,947		93,794,259
Anheuser-Busch InBev Finance Inc.
4.63%, 02/01/44		10,719		9,723,684
4.90%, 02/01/46 (Call 08/01/45)		15,719		14,437,375
Anheuser-Busch InBev Worldwide Inc.
3.50%, 06/01/30 (Call 03/01/30)^(a)		16,604		15,257,387
4.00%, 04/13/28 (Call 01/13/28)		22,947		22,108,764
4.35%, 06/01/40 (Call 12/01/39)		12,342		11,039,937
4.38%, 04/15/38 (Call 10/15/37)		15,502		14,176,182
4.44%, 10/06/48 (Call 04/06/48)		17,364		15,198,589
4.50%, 06/01/50 (Call 12/01/49)^(a)		17,657		15,752,461
4.60%, 04/15/48 (Call 10/15/47)		22,493		20,211,967
4.75%, 01/23/29 (Call 10/23/28)		42,851		42,421,072
4.75%, 04/15/58 (Call 10/15/57)		9,422		8,418,022
4.90%, 01/23/31 (Call 10/23/30)^(a)		7,303		7,326,378
4.95%, 01/15/42		17,114		16,285,770
5.45%, 01/23/39 (Call 07/23/38)		20,347		20,648,020
5.55%, 01/23/49 (Call 07/23/48)		40,865		41,733,357
5.80%, 01/23/59 (Call 07/23/58)		20,670		21,655,942
8.20%, 01/15/39		11,590		14,780,049
Coca-Cola Co. (The)
1.00%, 03/15/28^(a)		15,186		13,003,927
1.38%, 03/15/31		13,587		10,728,673
1.45%, 06/01/27^(a)		14,660		13,088,744
1.50%, 03/05/28		8,096		7,097,160


Security	Par (000)		Value

Beverages (continued)
1.65%, 06/01/30	$	18,599	$	15,333,092
2.00%, 03/05/31		7,254		6,025,721
2.13%, 09/06/29^(a)		10,662		9,297,468
2.25%, 01/05/32^(a)		20,009		16,787,167
2.50%, 06/01/40		9,844		7,099,727
2.50%, 03/15/51^(a)		12,728		8,211,850
2.60%, 06/01/50		15,793		10,467,348
2.75%, 06/01/60^(a)		9,153		5,938,130
2.88%, 05/05/41		7,823		5,901,105
3.00%, 03/05/51^(a)		15,768		11,370,232
3.38%, 03/25/27^(a)		9,108		8,726,251
3.45%, 03/25/30^(a)		11,185		10,396,529
Constellation Brands Inc.
2.25%, 08/01/31 (Call 05/01/31)^(a)		10,235		8,231,509
3.15%, 08/01/29 (Call 05/01/29)		7,830		6,992,905
4.90%, 05/01/33		6,447		6,211,329
Diageo Capital PLC
2.00%, 04/29/30 (Call 01/29/30)		10,882		9,077,698
2.13%, 04/29/32 (Call 01/29/32)		8,805		7,073,914
2.38%, 10/24/29 (Call 07/24/29)		9,791		8,454,377
5.30%, 10/24/27 (Call 09/24/27)		6,207		6,277,474
5.50%, 01/24/33 (Call 10/24/32)		8,706		9,048,905
Keurig Dr Pepper Inc.
3.20%, 05/01/30 (Call 02/01/30)		5,364		4,721,318
3.80%, 05/01/50 (Call 11/01/49)		5,345		4,043,126
3.95%, 04/15/29 (Call 02/15/29)^(a)		11,579		10,904,795
4.05%, 04/15/32 (Call 01/15/32)^(a)		9,328		8,548,027
4.50%, 04/15/52 (Call 10/15/51)^(a)		11,187		9,524,369
4.60%, 05/25/28 (Call 02/25/28)^(a)		11,338		11,068,566
Molson Coors Beverage Co.
4.20%, 07/15/46 (Call 01/15/46)^(a)		14,543		11,496,463
5.00%, 05/01/42^(a)		15,914		14,387,354
PepsiCo Inc.
1.40%, 02/25/31 (Call 11/25/30)^(a)		11,001		8,761,955
1.63%, 05/01/30 (Call 02/01/30)		11,872		9,790,012
1.95%, 10/21/31 (Call 07/21/31)		14,431		11,791,863
2.38%, 10/06/26 (Call 07/06/26)^(a)		1,234		1,156,213
2.63%, 07/29/29 (Call 04/29/29)^(a)		9,692		8,682,434
2.63%, 10/21/41 (Call 04/21/41)		6,059		4,394,735
2.75%, 03/19/30 (Call 12/19/29)		15,659		13,948,442
2.75%, 10/21/51 (Call 04/21/51)		9,487		6,408,925
2.88%, 10/15/49 (Call 04/15/49)		7,067		4,987,137
3.00%, 10/15/27 (Call 07/15/27)^(a)		18,500		17,391,182
3.45%, 10/06/46 (Call 04/06/46)^(a)		10,331		8,191,122
3.60%, 02/18/28 (Call 01/18/28)		8,966		8,592,464
3.63%, 03/19/50 (Call 09/19/49)		7,684		6,170,911
3.90%, 07/18/32 (Call 04/18/32)^(a)		16,388		15,535,121
4.45%, 02/15/33 (Call 11/15/32)^(a)		4,747		4,723,466
4.45%, 04/14/46 (Call 10/14/45)^(a)		9,214		8,560,157


				892,923,678

Biotechnology — 2.0%
Amgen Inc.
1.65%, 08/15/28 (Call 06/15/28)^(a)		13,270		11,320,890
2.00%, 01/15/32 (Call 10/15/31)^(a)		12,531		9,835,126
2.20%, 02/21/27 (Call 12/21/26)		13,941		12,687,856
2.30%, 02/25/31 (Call 11/25/30)		13,405		11,070,814
2.45%, 02/21/30 (Call 11/21/29)		11,291		9,601,285
2.77%, 09/01/53 (Call 03/01/53)^(a)		8,004		4,781,170
2.80%, 08/15/41 (Call 02/15/41)		13,923		9,596,630
3.00%, 02/22/29 (Call 12/22/28)		9,232		8,354,137


Security	Par (000)		Value

Biotechnology (continued)
3.00%, 01/15/52 (Call 07/15/51)^(a)	$	15,782	$	10,181,784
3.15%, 02/21/40 (Call 08/21/39)^(a)		22,475		16,741,621
3.20%, 11/02/27 (Call 08/02/27)		10,194		9,481,454
3.35%, 02/22/32 (Call 11/22/31)		12,622		11,007,222
3.38%, 02/21/50 (Call 08/21/49)^(a)		24,082		16,887,816
4.05%, 08/18/29 (Call 06/18/29)		11,695		11,050,452
4.20%, 03/01/33 (Call 12/01/32)		7,179		6,609,710
4.20%, 02/22/52 (Call 08/22/51)		11,268		8,963,003
4.40%, 05/01/45 (Call 11/01/44)		24,120		20,184,383
4.40%, 02/22/62 (Call 08/22/61)		11,732		9,283,753
4.56%, 06/15/48 (Call 12/15/47)		16,268		13,871,820
4.66%, 06/15/51 (Call 12/15/50)^(a)		35,453		30,524,923
4.88%, 03/01/53 (Call 09/01/52)		10,725		9,484,824
5.15%, 03/02/28 (Call 02/02/28)		35,993		35,971,530
5.25%, 03/02/30 (Call 01/02/30)		26,834		26,804,153
5.25%, 03/02/33 (Call 12/02/32)		41,323		41,126,179
5.60%, 03/02/43 (Call 09/02/42)		28,653		28,024,537
5.65%, 03/02/53 (Call 09/02/52)		42,804		42,411,171
5.75%, 03/02/63 (Call 09/02/62)		28,291		27,881,935
Biogen Inc.
2.25%, 05/01/30 (Call 02/01/30)		13,197		10,853,690
3.15%, 05/01/50 (Call 11/01/49)		14,066		9,143,675
5.20%, 09/15/45 (Call 03/15/45)		10,032		9,438,742
Gilead Sciences Inc.
1.20%, 10/01/27 (Call 08/01/27)		7,901		6,796,848
1.65%, 10/01/30 (Call 07/01/30)^(a)		9,546		7,665,096
2.60%, 10/01/40 (Call 04/01/40)^(a)		13,808		9,627,393
2.80%, 10/01/50 (Call 04/01/50)^(a)		18,296		11,774,303
2.95%, 03/01/27 (Call 12/01/26)		12,085		11,276,621
4.00%, 09/01/36 (Call 03/01/36)^(a)		1,232		1,090,210
4.15%, 03/01/47 (Call 09/01/46)^(a)		19,949		16,668,700
4.50%, 02/01/45 (Call 08/01/44)		19,830		17,421,480
4.60%, 09/01/35 (Call 03/01/35)		2,411		2,286,236
4.75%, 03/01/46 (Call 09/01/45)		23,535		21,389,119
4.80%, 04/01/44 (Call 10/01/43)^(a)		19,893		18,247,310
5.65%, 12/01/41 (Call 06/01/41)		12,636		12,871,004
Regeneron Pharmaceuticals Inc.
1.75%, 09/15/30 (Call 06/15/30)		13,391		10,666,017
2.80%, 09/15/50 (Call 03/15/50)		5,060		3,138,379
Royalty Pharma PLC
1.75%, 09/02/27 (Call 07/02/27)		9,215		7,948,364
2.20%, 09/02/30 (Call 06/02/30)^(a)		9,734		7,758,034
3.30%, 09/02/40 (Call 03/02/40)^(a)		7,723		5,302,399
3.55%, 09/02/50 (Call 03/02/50)^(a)		10,987		7,179,686


				662,283,484

Building Materials — 0.3%
Carrier Global Corp.
2.49%, 02/15/27 (Call 12/15/26)		10,788		9,814,801
2.70%, 02/15/31 (Call 11/15/30)^(a)		7,996		6,710,834
2.72%, 02/15/30 (Call 11/15/29)		21,744		18,620,959
3.38%, 04/05/40 (Call 10/05/39)		13,878		10,430,781
3.58%, 04/05/50 (Call 10/05/49)		21,508		15,396,097
Martin Marietta Materials Inc.
2.40%, 07/15/31 (Call 04/15/31)		9,167		7,414,566
3.20%, 07/15/51 (Call 01/15/51)		2,866		1,910,725
Trane Technologies Luxembourg Finance SA, 3.80%, 03/21/29 (Call 12/21/28)^(a)		10,029		9,354,375


Security	Par (000)		Value

Building Materials (continued)
Vulcan Materials Co., 3.50%, 06/01/30 (Call 03/01/30)	$	6,968	$	6,241,491


				85,894,629

Chemicals — 1.1%
Air Products and Chemicals Inc.
2.05%, 05/15/30 (Call 02/15/30)^(a)		11,594		9,792,759
2.70%, 05/15/40 (Call 11/15/39)^(a)		5,160		3,750,231
2.80%, 05/15/50 (Call 11/15/49)^(a)		7,744		5,283,445
Celanese U.S. Holdings LLC
6.17%, 07/15/27 (Call 06/15/27)		22,225		22,240,202
6.33%, 07/15/29 (Call 05/15/29)		6,988		6,949,904
6.35%, 11/15/28 (Call 10/15/28)^(a)		10,414		10,435,112
6.38%, 07/15/32 (Call 04/15/32)		11,545		11,429,125
6.55%, 11/15/30 (Call 09/15/30)		11,880		11,888,533
6.70%, 11/15/33 (Call 08/15/33)		6,851		6,880,224
CF Industries Inc.
4.95%, 06/01/43		8,860		7,480,989
5.15%, 03/15/34		11,598		10,930,781
5.38%, 03/15/44		3,811		3,370,403
Dow Chemical Co. (The)
2.10%, 11/15/30 (Call 08/15/30)		9,100		7,423,490
3.60%, 11/15/50 (Call 05/15/50)^(a)		10,652		7,598,359
4.38%, 11/15/42 (Call 05/15/42)		17,974		14,846,382
5.25%, 11/15/41 (Call 05/15/41)		10,502		9,814,424
5.55%, 11/30/48 (Call 05/30/48)		5,986		5,685,953
6.90%, 05/15/53 (Call 11/15/52)^(a)		6,985		7,763,599
7.38%, 11/01/29		14,627		16,064,906
DuPont de Nemours Inc.
4.73%, 11/15/28 (Call 08/15/28)^(a)		26,870		26,523,667
5.32%, 11/15/38 (Call 05/15/38)^(a)		12,109		11,881,934
5.42%, 11/15/48 (Call 05/15/48)^(a)		24,162		23,333,640
Eastman Chemical Co., 4.65%, 10/15/44 (Call 04/15/44)^(a)		6,729		5,482,904
Ecolab Inc.
2.70%, 11/01/26 (Call 08/01/26)^(a)		3,809		3,568,530
2.70%, 12/15/51 (Call 06/15/51)^(a)		4,396		2,774,185
International Flavors & Fragrances Inc., 5.00%, 09/26/48 (Call 03/26/48)^(a)		3,781		3,002,419
LYB International Finance BV
4.88%, 03/15/44 (Call 09/15/43)		9,308		7,876,854
5.25%, 07/15/43		7,637		6,791,926
LYB International Finance III LLC
3.38%, 10/01/40 (Call 04/01/40)		6,218		4,463,112
3.63%, 04/01/51 (Call 10/01/50)^(a)		10,320		6,950,915
4.20%, 10/15/49 (Call 04/15/49)		9,063		6,740,029
4.20%, 05/01/50 (Call 11/01/49)		8,546		6,329,555
LyondellBasell Industries NV, 4.63%, 02/26/55 (Call 08/26/54)		14,403		11,323,931
Nutrien Ltd.
4.20%, 04/01/29 (Call 01/01/29)		10,348		9,738,694
4.90%, 03/27/28 (Call 02/27/28)^(a)		9,281		9,051,722
5.00%, 04/01/49 (Call 10/01/48)^(a)		4,554		3,949,960
5.80%, 03/27/53 (Call 09/27/52)^(a)		10,919		10,665,995
Sherwin-Williams Co. (The)
2.95%, 08/15/29 (Call 05/15/29)		11,044		9,727,270
3.45%, 06/01/27 (Call 03/01/27)^(a)		19,268		18,169,061
4.50%, 06/01/47 (Call 12/01/46)^(a)		12,256		10,439,671


				378,414,795


Security	Par (000)		Value

Commercial Services — 0.7%
Automatic Data Processing Inc.
1.25%, 09/01/30 (Call 06/01/30)^(a)	$	10,652	$	8,477,740
1.70%, 05/15/28 (Call 03/15/28)		5,296		4,637,717
Equifax Inc.
2.35%, 09/15/31 (Call 06/15/31)		12,324		9,678,131
5.10%, 12/15/27 (Call 11/15/27)		6,062		5,992,774
Global Payments Inc.
2.15%, 01/15/27 (Call 12/15/26)		1,813		1,617,968
2.90%, 05/15/30 (Call 02/15/30)^(a)		13,603		11,504,250
2.90%, 11/15/31 (Call 08/15/31)^(a)		7,621		6,244,096
3.20%, 08/15/29 (Call 05/15/29)^(a)		18,530		16,161,392
4.15%, 08/15/49 (Call 02/15/49)^(a)		4,336		3,165,809
5.40%, 08/15/32 (Call 05/15/32)^(a)		10,968		10,748,381
5.95%, 08/15/52 (Call 02/15/52)^(a)		6,692		6,381,247
Massachusetts Institute of Technology, 5.60%, 07/01/2111^(a)		8,299		8,895,461
PayPal Holdings Inc.
2.30%, 06/01/30 (Call 03/01/30)^(a)		11,637		9,793,734
2.65%, 10/01/26 (Call 08/01/26)		2,400		2,235,771
2.85%, 10/01/29 (Call 07/01/29)^(a)		20,329		17,967,408
3.25%, 06/01/50 (Call 12/01/49)^(a)		5,438		3,866,278
4.40%, 06/01/32 (Call 03/01/32)^(a)		10,473		10,007,500
5.05%, 06/01/52 (Call 12/01/51)^(a)		8,296		8,041,387
Quanta Services Inc., 2.90%, 10/01/30 (Call 07/01/30)		18,027		15,192,379
RELX Capital Inc.
3.00%, 05/22/30 (Call 02/22/30)^(a)		7,653		6,727,643
4.00%, 03/18/29 (Call 12/18/28)^(a)		14,088		13,387,684
S&P Global Inc.
2.45%, 03/01/27 (Call 02/01/27)		8,670		7,993,423
2.70%, 03/01/29 (Call 01/01/29)^(a)		15,604		13,953,527
2.90%, 03/01/32 (Call 12/01/31)^(a)		16,191		13,864,439
3.70%, 03/01/52 (Call 09/01/51)		2,538		1,975,218
4.25%, 05/01/29 (Call 02/01/29)^(a)		12,567		12,102,598


				230,613,955

Computers — 2.7%
Apple Inc.
1.25%, 08/20/30 (Call 05/20/30)		13,121		10,555,329
1.40%, 08/05/28 (Call 06/05/28)		27,209		23,381,877
1.65%, 05/11/30 (Call 02/11/30)		17,132		14,302,991
1.65%, 02/08/31 (Call 11/08/30)		28,077		23,017,746
1.70%, 08/05/31 (Call 05/05/31)^(a)		8,974		7,312,126
2.05%, 09/11/26 (Call 07/11/26)		1,862		1,720,506
2.20%, 09/11/29 (Call 06/11/29)^(a)		17,044		14,908,037
2.38%, 02/08/41 (Call 08/08/40)^(a)		19,295		13,760,422
2.40%, 08/20/50 (Call 02/20/50)^(a)		14,214		9,137,540
2.55%, 08/20/60 (Call 02/20/60)^(a)		18,451		11,577,386
2.65%, 05/11/50 (Call 11/11/49)		28,073		18,634,571
2.65%, 02/08/51 (Call 08/08/50)^(a)		32,217		21,363,431
2.70%, 08/05/51 (Call 02/05/51)^(a)		20,245		13,474,940
2.80%, 02/08/61 (Call 08/08/60)		18,114		11,617,575
2.85%, 08/05/61 (Call 02/05/61)		13,710		8,906,629
2.90%, 09/12/27 (Call 06/12/27)^(a)		22,587		21,144,355
2.95%, 09/11/49 (Call 03/11/49)		17,850		12,723,664
3.00%, 06/20/27 (Call 03/20/27)^(a)		14,665		13,822,909
3.00%, 11/13/27 (Call 08/13/27)^(a)		16,849		15,825,678
3.20%, 05/11/27 (Call 02/11/27)^(a)		15,004		14,260,345
3.25%, 08/08/29 (Call 06/08/29)		10,577		9,847,493
3.35%, 02/09/27 (Call 11/09/26)^(a)		5,996		5,731,808
3.35%, 08/08/32 (Call 05/08/32)^(a)		13,859		12,716,231


Security	Par (000)		Value

Computers (continued)
3.45%, 02/09/45	$	23,477	$	18,956,154
3.75%, 09/12/47 (Call 03/12/47)		11,718		9,755,639
3.75%, 11/13/47 (Call 05/13/47)		15,756		13,102,395
3.85%, 05/04/43		32,712		28,311,565
3.85%, 08/04/46 (Call 02/04/46)^(a)		21,730		18,387,357
3.95%, 08/08/52 (Call 02/08/52)^(a)		19,747		16,678,772
4.00%, 05/10/28 (Call 04/10/28)^(a)		12,336		12,041,303
4.10%, 08/08/62 (Call 02/08/62)		13,620		11,397,611
4.25%, 02/09/47 (Call 08/09/46)^(a)		12,724		11,604,611
4.30%, 05/10/33 (Call 02/10/33)^(a)		9,887		9,700,935
4.38%, 05/13/45		22,132		20,320,967
4.45%, 05/06/44^(a)		12,689		12,060,303
4.50%, 02/23/36 (Call 08/23/35)^(a)		6,309		6,308,392
4.65%, 02/23/46 (Call 08/23/45)		40,867		38,965,953
4.85%, 05/10/53 (Call 11/10/52)^(a)		14,209		14,010,257
Dell International LLC/EMC Corp.
3.38%, 12/15/41 (Call 06/15/41)^(c)		10,008		7,030,312
3.45%, 12/15/51 (Call 06/15/51)^(a)(c)		11,755		7,654,033
4.90%, 10/01/26 (Call 08/01/26)		7,213		7,085,609
5.25%, 02/01/28 (Call 01/01/28)^(a)		12,399		12,368,994
5.30%, 10/01/29 (Call 07/01/29)		24,205		23,901,503
5.75%, 02/01/33 (Call 11/01/32)^(a)		10,735		10,726,627
6.20%, 07/15/30 (Call 04/15/30)		11,980		12,325,143
8.10%, 07/15/36 (Call 01/15/36)		5,880		6,755,879
8.35%, 07/15/46 (Call 01/15/46)		8,683		10,643,727
Hewlett Packard Enterprise Co.
6.20%, 10/15/35 (Call 04/15/35)		2,578		2,672,096
6.35%, 10/15/45 (Call 04/15/45)^(a)		15,401		15,778,181
HP Inc.
2.65%, 06/17/31 (Call 03/17/31)		10,827		8,766,809
3.00%, 06/17/27 (Call 04/17/27)^(a)		7,397		6,802,740
4.00%, 04/15/29 (Call 02/15/29)^(a)		12,501		11,654,734
4.75%, 01/15/28 (Call 12/15/27)		6,437		6,270,586
5.50%, 01/15/33 (Call 10/15/32)^(a)		9,263		8,988,372
6.00%, 09/15/41^(a)		16,611		16,341,176
International Business Machines Corp.
1.70%, 05/15/27 (Call 03/15/27)^(a)		16,273		14,404,321
1.95%, 05/15/30 (Call 02/15/30)^(a)		15,610		12,876,252
2.95%, 05/15/50 (Call 11/15/49)^(a)		7,289		4,707,943
3.50%, 05/15/29		32,563		30,028,869
4.00%, 06/20/42^(a)		13,475		11,084,093
4.15%, 07/27/27 (Call 06/27/27)		10,214		9,870,818
4.15%, 05/15/39		18,924		16,204,839
4.25%, 05/15/49		29,098		23,996,972
4.40%, 07/27/32 (Call 04/27/32)^(a)		7,090		6,766,069
4.50%, 02/06/28 (Call 01/06/28)^(a)		10,697		10,465,588
4.75%, 02/06/33 (Call 11/06/32)^(a)		7,908		7,706,316
4.90%, 07/27/52 (Call 01/27/52)^(a)		7,570		6,864,349
Leidos Inc.
2.30%, 02/15/31 (Call 11/15/30)		10,786		8,566,978
4.38%, 05/15/30 (Call 02/15/30)		6,256		5,777,333
5.75%, 03/15/33 (Call 12/15/32)^(a)		1,002		995,786


				897,428,850

Cosmetics & Personal Care — 0.7%
GSK Consumer Healthcare Capital U.S. LLC
3.38%, 03/24/27 (Call 02/24/27)^(a)		20,299		19,070,176
3.38%, 03/24/29 (Call 01/24/29)^(a)		10,086		9,215,853
3.63%, 03/24/32 (Call 12/24/31)		21,880		19,415,583
4.00%, 03/24/52 (Call 09/24/51)^(a)		2,789		2,234,085


Security	Par (000)		Value

Cosmetics & Personal Care (continued)
Kenvue Inc.
4.90%, 03/22/33 (Call 12/22/32)^(a)(c)	$	13,142	$	13,075,082
5.00%, 03/22/30 (Call 01/22/30)^(c)		11,017		11,032,467
5.05%, 03/22/28 (Call 02/22/28)^(c)		12,120		12,158,070
5.05%, 03/22/53 (Call 09/22/52)^(a)(c)		16,432		16,084,075
5.10%, 03/22/43 (Call 09/22/42)^(c)		3,560		3,490,063
5.20%, 03/22/63 (Call 09/22/62)^(c)		10,204		9,996,162
Procter & Gamble Co. (The)
1.20%, 10/29/30		13,144		10,508,314
1.90%, 02/01/27^(a)		10,539		9,637,218
1.95%, 04/23/31		11,344		9,516,800
2.30%, 02/01/32^(a)		8,525		7,301,339
2.45%, 11/03/26		3,195		2,990,490
2.85%, 08/11/27^(a)		9,208		8,614,123
3.00%, 03/25/30		13,626		12,449,459
4.05%, 01/26/33^(a)		9,043		8,780,004
Unilever Capital Corp.
1.75%, 08/12/31 (Call 05/12/31)		2,209		1,767,535
2.13%, 09/06/29 (Call 06/06/29)^(a)		8,710		7,585,205
2.90%, 05/05/27 (Call 02/05/27)		9,367		8,747,720
3.50%, 03/22/28 (Call 12/22/27)^(a)		13,361		12,700,531
5.90%, 11/15/32^(a)		15,316		16,580,849


				232,951,203

Diversified Financial Services — 2.7%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
2.45%, 10/29/26 (Call 09/29/26)^(a)		19,263		17,333,150
3.00%, 10/29/28 (Call 08/29/28)		37,320		32,340,881
3.30%, 01/30/32 (Call 10/30/31)^(a)		33,684		27,376,243
3.40%, 10/29/33 (Call 07/29/33)^(a)		22,097		17,540,400
3.65%, 07/21/27 (Call 04/21/27)		12,553		11,550,908
3.85%, 10/29/41 (Call 04/29/41)^(a)		18,729		13,894,996
5.75%, 06/06/28 (Call 05/06/28)^(a)		12,216		12,100,810
Air Lease Corp.
2.20%, 01/15/27 (Call 12/15/26)		5,975		5,340,784
2.88%, 01/15/32 (Call 10/15/31)^(a)		3,543		2,838,723
3.13%, 12/01/30 (Call 09/01/30)		2,923		2,435,227
Ally Financial Inc.
2.20%, 11/02/28 (Call 09/02/28)^(a)		2,596		2,096,997
4.75%, 06/09/27 (Call 05/09/27)^(a)		2,161		2,026,170
6.99%, 06/13/29 (Call 06/13/28), (1-day SOFR + 3.260%)^(b)		1,000		997,490
7.10%, 11/15/27 (Call 10/15/27)^(a)		1,489		1,511,973
8.00%, 11/01/31^(a)		30,817		31,866,935
American Express Co.
1.65%, 11/04/26 (Call 10/04/26)^(a)		2,902		2,588,735
2.55%, 03/04/27 (Call 02/01/27)		9,922		9,024,627
3.30%, 05/03/27 (Call 04/03/27)		9,979		9,299,964
4.05%, 05/03/29 (Call 03/03/29)^(a)		3,011		2,862,167
4.05%, 12/03/42^(a)		15,975		13,604,868
5.28%, 07/27/29 (Call 07/27/28), (1-day SOFR + 1.280%)^(b)		11,700		11,583,407
5.85%, 11/05/27 (Call 10/05/27)		8,125		8,301,088
Ameriprise Financial Inc., 5.15%, 05/15/33 (Call 02/15/33)		7,880		7,709,715
Brookfield Finance Inc.
3.50%, 03/30/51 (Call 09/30/50)^(a)		6,905		4,502,996
3.90%, 01/25/28 (Call 10/25/27)		11,871		11,096,392
4.35%, 04/15/30 (Call 01/15/30)		10,068		9,264,499
4.70%, 09/20/47 (Call 03/20/47)^(a)		8,890		7,305,799


Security	Par (000)		Value

Diversified Financial Services (continued)
4.85%, 03/29/29 (Call 12/29/28)	$	13,320	$	12,748,232
Capital One Financial Corp.
3.65%, 05/11/27 (Call 04/11/27)		8,202		7,631,192
3.75%, 03/09/27 (Call 02/09/27)^(a)		11,087		10,317,971
3.80%, 01/31/28 (Call 12/31/27)		12,200		11,179,857
6.31%, 06/08/29 (Call 06/08/28), (1-day SOFR + 2.640%)^(b)		1,485		1,484,658
6.38%, 06/08/34 (Call 06/08/33), (1-day SOFR + 2.860%)^(b)		1,680		1,658,389
Charles Schwab Corp. (The)
1.65%, 03/11/31 (Call 12/11/30)^(a)		7,215		5,498,439
1.95%, 12/01/31 (Call 09/01/31)^(a)		7,712		5,914,132
2.00%, 03/20/28 (Call 01/20/28)^(a)		13,948		12,008,673
2.30%, 05/13/31 (Call 02/13/31)^(a)		7,605		6,099,186
2.45%, 03/03/27 (Call 02/03/27)^(a)		14,205		12,786,466
2.90%, 03/03/32 (Call 12/03/31)^(a)		7,178		5,902,767
6.14%, 08/24/34 (Call 08/24/33), (1-day SOFR + 2.010%)^(b)		1,465		1,487,978
CME Group Inc.
2.65%, 03/15/32 (Call 12/15/31)		5,536		4,641,362
5.30%, 09/15/43 (Call 03/15/43)		7,649		7,769,504
Discover Financial Services
4.10%, 02/09/27 (Call 11/09/26)		7,235		6,716,321
6.70%, 11/29/32 (Call 08/29/32)		2,020		2,009,324
Intercontinental Exchange Inc.
1.85%, 09/15/32 (Call 06/15/32)^(a)		11,925		9,082,745
2.10%, 06/15/30 (Call 03/15/30)^(a)		14,891		12,294,787
2.65%, 09/15/40 (Call 03/15/40)^(a)		11,275		7,853,123
3.00%, 06/15/50 (Call 12/15/49)		13,605		9,113,387
3.00%, 09/15/60 (Call 03/15/60)^(a)		13,419		8,308,534
4.00%, 09/15/27 (Call 08/15/27)^(a)		16,614		15,919,309
4.25%, 09/21/48 (Call 03/21/48)		11,414		9,585,225
4.35%, 06/15/29 (Call 04/15/29)^(a)		14,955		14,349,339
4.60%, 03/15/33 (Call 12/15/32)^(a)		14,410		13,762,171
4.95%, 06/15/52 (Call 12/15/51)		18,084		16,826,386
5.20%, 06/15/62 (Call 12/15/61)^(a)		10,246		9,687,366
Jefferies Financial Group Inc.
2.63%, 10/15/31 (Call 07/15/31)^(a)		8,635		6,725,166
4.15%, 01/23/30		14,811		13,339,832
4.85%, 01/15/27^(a)		6,108		5,942,419
5.88%, 07/21/28 (Call 06/21/28)		12,677		12,542,134
Mastercard Inc.
2.00%, 11/18/31 (Call 08/18/31)		10,371		8,422,832
2.95%, 11/21/26 (Call 08/21/26)		5,017		4,729,417
2.95%, 06/01/29 (Call 03/01/29)^(a)		13,825		12,535,555
3.30%, 03/26/27 (Call 01/26/27)		9,411		8,949,522
3.35%, 03/26/30 (Call 12/26/29)		20,579		18,911,780
3.65%, 06/01/49 (Call 12/01/48)		2,926		2,346,795
3.85%, 03/26/50 (Call 09/26/49)		12,316		10,214,743
4.85%, 03/09/33 (Call 12/09/32)		8,102		8,140,876
4.88%, 03/09/28 (Call 02/09/28)^(a)		7,022		7,047,295
Nasdaq Inc.
5.35%, 06/28/28 (Call 05/28/28)		15,026		15,027,726
5.55%, 02/15/34 (Call 11/15/33)		14,123		14,109,969
5.95%, 08/15/53 (Call 02/15/53)		8,449		8,399,883
6.10%, 06/28/63 (Call 12/28/62)		8,682		8,568,673
Nomura Holdings Inc.
2.17%, 07/14/28^(a)		13,348		11,232,831
2.33%, 01/22/27^(a)		6,262		5,566,163
2.61%, 07/14/31		12,481		9,805,532


Security	Par (000)		Value

Diversified Financial Services (continued)
2.68%, 07/16/30^(a)	$	12,933	$	10,510,938
3.00%, 01/22/32		8,196		6,548,653
3.10%, 01/16/30^(a)		18,087		15,353,929
6.07%, 07/12/28		7,962		7,981,720
6.18%, 01/18/33^(a)		5,100		5,174,576
Raymond James Financial Inc.
3.75%, 04/01/51 (Call 10/01/50)		8,492		6,137,517
4.95%, 07/15/46		7,827		6,823,957
Synchrony Financial
2.88%, 10/28/31 (Call 07/28/31)^(a)		2,475		1,837,870
3.95%, 12/01/27 (Call 09/01/27)^(a)		2,353		2,100,893
Visa Inc.
1.10%, 02/15/31 (Call 11/15/30)^(a)		10,932		8,504,490
1.90%, 04/15/27 (Call 02/15/27)^(a)		11,557		10,473,468
2.00%, 08/15/50 (Call 02/15/50)^(a)		20,318		11,985,157
2.05%, 04/15/30 (Call 01/15/30)		18,641		15,815,707
2.70%, 04/15/40 (Call 10/15/39)		10,723		7,976,498
2.75%, 09/15/27 (Call 06/15/27)		4,418		4,101,046
3.65%, 09/15/47 (Call 03/15/47)^(a)		11,019		8,983,136
4.15%, 12/14/35 (Call 06/14/35)		12,376		11,668,853
4.30%, 12/14/45 (Call 06/14/45)		37,623		33,970,958


				889,541,276

Electric — 3.3%
AES Corp. (The)
2.45%, 01/15/31 (Call 10/15/30)^(a)		19,409		15,402,225
5.45%, 06/01/28 (Call 05/01/28)^(a)		11,397		11,193,675
Ameren Corp., 3.50%, 01/15/31 (Call 10/15/30)		3,060		2,701,670
American Electric Power Co. Inc., 5.63%, 03/01/33 (Call 12/01/32)		5,328		5,333,861
Avangrid Inc., 3.80%, 06/01/29 (Call 03/01/29)		13,076		11,903,169
Berkshire Hathaway Energy Co.
2.85%, 05/15/51 (Call 11/15/50)		15,042		9,283,435
3.70%, 07/15/30 (Call 04/15/30)		3,800		3,456,790
3.80%, 07/15/48 (Call 01/15/48)		8,331		6,143,077
4.25%, 10/15/50 (Call 04/15/50)		8,126		6,351,469
4.45%, 01/15/49 (Call 07/15/48)		9,912		8,116,076
4.50%, 02/01/45 (Call 08/01/44)		8,084		6,769,395
4.60%, 05/01/53 (Call 11/01/52)^(a)		10,068		8,283,346
5.15%, 11/15/43 (Call 05/15/43)		8,157		7,502,200
6.13%, 04/01/36		19,305		20,198,986
Commonwealth Edison Co., 4.00%, 03/01/48 (Call 09/01/47)^(a)		7,976		6,404,078
Connecticut Light & Power Co. (The), 4.00%, 04/01/48 (Call 10/01/47)^(a)		3,508		2,864,831
Consolidated Edison Co. of New York Inc.
2.40%, 06/15/31 (Call 03/15/31)^(a)		3,463		2,872,070
3.60%, 06/15/61 (Call 12/15/60)^(a)		14,805		10,230,005
4.45%, 03/15/44 (Call 09/15/43)		1,263		1,075,178
4.63%, 12/01/54 (Call 06/01/54)		2,034		1,715,632
Series 20B, 3.95%, 04/01/50 (Call 10/01/49)^(a)		14,766		11,637,098
Constellation Energy Generation LLC
5.60%, 03/01/28 (Call 02/01/28)		6,270		6,316,564
5.60%, 06/15/42 (Call 12/15/41)^(a)		8,804		8,298,739
6.25%, 10/01/39^(a)		9,868		9,996,962
Dominion Energy Inc.
5.38%, 11/15/32 (Call 08/15/32)^(a)		6,340		6,241,621
Series C, 2.25%, 08/15/31 (Call 05/15/31)		17,286		13,768,723
Series C, 3.38%, 04/01/30 (Call 01/01/30)^(a)		13,413		11,836,105
DTE Energy Co., 4.88%, 06/01/28 (Call 05/01/28)		6,011		5,877,888


Security	Par (000)		Value

Electric (continued)
Duke Energy Carolinas LLC
3.20%, 08/15/49 (Call 02/15/49)^(a)	$	7,609	$	5,229,086
4.95%, 01/15/33 (Call 10/15/32)		9,058		8,922,281
5.30%, 02/15/40		8,094		7,866,594
5.35%, 01/15/53 (Call 07/15/52)		9,277		8,999,269
Duke Energy Corp.
2.45%, 06/01/30 (Call 03/01/30)		5,256		4,368,662
2.55%, 06/15/31 (Call 03/15/31)		7,917		6,465,969
2.65%, 09/01/26 (Call 06/01/26)^(a)		2,104		1,946,520
3.15%, 08/15/27 (Call 05/15/27)^(a)		11,654		10,743,380
3.30%, 06/15/41 (Call 12/15/40)^(a)		7,681		5,511,598
3.50%, 06/15/51 (Call 12/15/50)		8,134		5,601,521
3.75%, 09/01/46 (Call 03/01/46)^(a)		15,365		11,222,773
4.30%, 03/15/28 (Call 02/15/28)		12,001		11,537,809
4.50%, 08/15/32 (Call 05/15/32)^(a)		12,944		12,048,117
5.00%, 08/15/52 (Call 02/15/52)^(a)		11,825		10,347,203
Duke Energy Florida LLC, 6.40%, 06/15/38		11,981		12,871,684
Emera U.S. Finance LP, 4.75%, 06/15/46 (Call 12/15/45)		10,423		8,140,272
Entergy Corp., 2.95%, 09/01/26 (Call 06/01/26)		816		758,229
Entergy Louisiana LLC, 4.20%, 09/01/48 (Call 03/01/48)		4,540		3,643,751
Evergy Inc., 2.90%, 09/15/29 (Call 06/15/29)		6,121		5,336,712
Eversource Energy
5.13%, 05/15/33 (Call 02/15/33)		5,024		4,859,153
5.45%, 03/01/28 (Call 02/01/28)		10,426		10,458,113
Exelon Corp.
4.05%, 04/15/30 (Call 01/15/30)^(a)		9,281		8,580,193
4.45%, 04/15/46 (Call 10/15/45)		7,022		5,781,841
4.70%, 04/15/50 (Call 10/15/49)		8,256		7,016,339
5.15%, 03/15/28 (Call 02/15/28)^(a)		8,663		8,605,959
5.30%, 03/15/33 (Call 12/15/32)		4,050		4,004,933
Florida Power & Light Co.
2.45%, 02/03/32 (Call 11/03/31)^(a)		13,863		11,501,233
2.88%, 12/04/51 (Call 06/04/51)^(a)		12,352		8,065,199
3.15%, 10/01/49 (Call 04/01/49)		8,919		6,223,218
3.95%, 03/01/48 (Call 09/01/47)		10,576		8,589,553
4.40%, 05/15/28 (Call 03/15/28)^(a)		10,521		10,293,422
4.80%, 05/15/33 (Call 02/15/33)		5,466		5,331,506
5.05%, 04/01/28 (Call 03/01/28)^(a)		10,321		10,364,967
5.10%, 04/01/33 (Call 01/01/33)^(a)		7,612		7,610,839
5.30%, 04/01/53 (Call 10/01/52)^(a)		8,048		7,981,471
Georgia Power Co.
4.30%, 03/15/42^(a)		13,443		11,250,706
4.65%, 05/16/28 (Call 03/16/28)		7,788		7,598,439
4.95%, 05/17/33 (Call 11/17/32)		7,454		7,210,742
5.13%, 05/15/52 (Call 11/15/51)^(a)		8,213		7,630,911
Series A, 3.25%, 03/15/51 (Call 09/15/50)		6,318		4,305,620
MidAmerican Energy Co.
3.65%, 04/15/29 (Call 01/15/29)		11,394		10,609,721
4.25%, 07/15/49 (Call 01/15/49)^(a)		10,733		8,809,084
National Grid PLC, 5.81%, 06/12/33 (Call 03/12/33)		3,781		3,787,686
NextEra Energy Capital Holdings Inc.
1.88%, 01/15/27 (Call 12/15/26)		8,932		7,987,712
1.90%, 06/15/28 (Call 04/15/28)		25,733		22,099,886
2.25%, 06/01/30 (Call 03/01/30)		18,534		15,237,202
2.44%, 01/15/32 (Call 10/15/31)		9,986		8,007,689
2.75%, 11/01/29 (Call 08/01/29)		5,722		4,953,142
3.55%, 05/01/27 (Call 02/01/27)^(a)		19,633		18,519,053
4.63%, 07/15/27 (Call 06/15/27)		15,784		15,379,191


Security	Par (000)		Value

Electric (continued)
4.90%, 02/28/28 (Call 01/28/28)	$	14,121	$	13,861,384
5.00%, 07/15/32 (Call 04/15/32)^(a)		8,960		8,650,838
5.05%, 02/28/33 (Call 11/28/32)^(a)		9,260		8,959,344
5.25%, 02/28/53 (Call 08/28/52)		11,954		11,077,391
Northern States Power Co./MN, 5.10%, 05/15/53 (Call 11/15/52)^(a)		7,758		7,325,070
Pacific Gas and Electric Co.
2.10%, 08/01/27 (Call 06/01/27)^(a)		10,656		9,207,383
2.50%, 02/01/31 (Call 11/01/30)^(a)		19,131		14,915,002
3.00%, 06/15/28 (Call 04/15/28)		8,683		7,558,874
3.25%, 06/01/31 (Call 03/01/31)		8,257		6,705,261
3.30%, 12/01/27 (Call 09/01/27)		11,483		10,283,542
3.30%, 08/01/40 (Call 02/01/40)^(a)		11,688		7,826,280
3.50%, 08/01/50 (Call 02/01/50)^(a)		19,093		12,013,560
3.75%, 07/01/28		7,626		6,858,451
3.95%, 12/01/47 (Call 06/01/47)^(a)		8,645		5,761,060
4.50%, 07/01/40 (Call 01/01/40)		19,330		14,864,374
4.55%, 07/01/30 (Call 01/01/30)		28,637		25,746,367
4.95%, 07/01/50 (Call 01/01/50)		30,500		23,566,029
6.10%, 01/15/29 (Call 12/15/28)		6,090		6,019,403
6.15%, 01/15/33 (Call 10/15/32)		7,098		6,908,322
6.40%, 06/15/33 (Call 03/15/33)		8,657		8,538,770
6.70%, 04/01/53 (Call 10/01/52)		8,976		8,737,588
6.75%, 01/15/53 (Call 07/15/52)		12,540		12,175,575
PacifiCorp
2.90%, 06/15/52 (Call 12/15/51)		11,342		6,673,371
5.35%, 12/01/53 (Call 06/01/53)		10,124		8,713,668
5.50%, 05/15/54 (Call 11/15/53)		12,438		11,000,292
PPL Electric Utilities Corp., 5.25%, 05/15/53 (Call 11/15/52)		6,804		6,587,150
Public Service Co. of Colorado
1.88%, 06/15/31 (Call 12/15/30)		3,387		2,665,112
5.25%, 04/01/53 (Call 10/01/52)		8,518		7,837,839
Public Service Enterprise Group Inc., 2.45%, 11/15/31 (Call 08/15/31)		2,053		1,651,710
San Diego Gas & Electric Co.
5.35%, 04/01/53 (Call 10/01/52)		4,338		4,200,445
Series VVV, 1.70%, 10/01/30 (Call 07/01/30)		2,381		1,897,010
Series WWW, 2.95%, 08/15/51 (Call 02/15/51)^(a)		12,236		7,945,710
Sempra Energy
3.25%, 06/15/27 (Call 03/15/27)		5,113		4,730,149
3.40%, 02/01/28 (Call 11/01/27)		9,256		8,565,352
3.80%, 02/01/38 (Call 08/01/37)		12,033		9,793,043
4.00%, 02/01/48 (Call 08/01/47)		2,546		1,948,424
6.00%, 10/15/39		11,608		11,570,333
Southern California Edison Co.
3.65%, 02/01/50 (Call 08/01/49)^(a)		11,782		8,504,719
4.00%, 04/01/47 (Call 10/01/46)		18,349		14,203,855
4.65%, 10/01/43 (Call 04/01/43)		8,315		7,136,061
5.85%, 11/01/27 (Call 10/01/27)^(a)		6,269		6,418,666
5.95%, 11/01/32 (Call 08/01/32)		3,785		3,924,923
Series 20A, 2.95%, 02/01/51 (Call 08/01/50)^(a)		5,123		3,239,892
Series C, 4.13%, 03/01/48 (Call 09/01/47)		13,327		10,487,772
Southern Co. (The)
4.40%, 07/01/46 (Call 01/01/46)		22,025		18,130,108
4.85%, 06/15/28 (Call 04/15/28)		6,282		6,154,350
5.20%, 06/15/33 (Call 12/15/32)^(a)		6,614		6,434,894
Series A, 3.70%, 04/30/30 (Call 01/30/30)		6,795		6,148,562
Series B, 4.00%, 01/15/51 (Call 10/15/25), (5-year CMT + 3.733%)^(b)		15,401		14,352,654


Security	Par (000)		Value

Electric (continued)
Virginia Electric & Power Co.
2.45%, 12/15/50 (Call 06/15/50)	$	9,550	$	5,502,534
2.95%, 11/15/51 (Call 05/15/51)^(a)		5,665		3,619,826
5.00%, 04/01/33 (Call 01/01/33)^(a)		4,414		4,291,548
5.45%, 04/01/53 (Call 10/01/52)^(a)		10,737		10,397,681
Series A, 3.50%, 03/15/27 (Call 12/15/26)		5,969		5,647,986
Xcel Energy Inc., 5.45%, 08/15/33 (Call 02/15/33)		759		746,943


				1,110,673,471

Electrical Components & Equipment — 0.1%
Emerson Electric Co.
0.88%, 10/15/26 (Call 09/15/26)^(a)		5,087		4,502,322
2.00%, 12/21/28 (Call 10/21/28)^(a)		12,779		11,112,582
2.20%, 12/21/31 (Call 09/21/31)^(a)		10,763		8,847,662
2.80%, 12/21/51 (Call 06/21/51)		7,571		4,896,128


				29,358,694

Electronics — 0.3%
Amphenol Corp.
2.20%, 09/15/31 (Call 06/15/31)^(a)		8,023		6,486,525
2.80%, 02/15/30 (Call 11/15/29)		11,393		9,934,933
Honeywell International Inc.
1.10%, 03/01/27 (Call 02/01/27)^(a)		9,668		8,559,783
1.75%, 09/01/31 (Call 06/01/31)^(a)		16,443		13,074,775
1.95%, 06/01/30 (Call 03/01/30)		11,033		9,190,905
2.50%, 11/01/26 (Call 08/01/26)^(a)		6,838		6,385,658
2.70%, 08/15/29 (Call 05/15/29)^(a)		8,497		7,573,395
2.80%, 06/01/50 (Call 12/01/49)^(a)		4,516		3,204,856
4.25%, 01/15/29 (Call 12/15/28)		8,565		8,317,912
4.50%, 01/15/34 (Call 10/15/33)		11,963		11,538,286
5.00%, 02/15/33 (Call 11/15/32)^(a)		10,449		10,526,783


				94,793,811

Entertainment — 0.6%
Warnermedia Holdings Inc.
3.76%, 03/15/27 (Call 02/15/27)^(a)		32,702		30,666,677
4.05%, 03/15/29 (Call 01/15/29)^(a)		17,593		16,148,891
4.28%, 03/15/32 (Call 12/15/31)^(a)		47,459		41,822,508
5.05%, 03/15/42 (Call 09/15/41)		43,027		35,318,614
5.14%, 03/15/52 (Call 09/15/51)		73,000		58,209,550
5.39%, 03/15/62 (Call 09/15/61)		25,981		20,603,169


				202,769,409

Environmental Control — 0.3%
Republic Services Inc.
1.75%, 02/15/32 (Call 11/15/31)^(a)		8,383		6,472,209
3.95%, 05/15/28 (Call 02/15/28)		8,809		8,390,560
5.00%, 04/01/34 (Call 01/01/34)		9,064		8,914,923
Waste Connections Inc.
2.95%, 01/15/52 (Call 07/15/51)^(a)		3,650		2,390,885
4.20%, 01/15/33 (Call 10/15/32)^(a)		9,544		8,825,408
Waste Management Inc.
1.50%, 03/15/31 (Call 12/15/30)^(a)		8,837		6,883,513
3.15%, 11/15/27 (Call 08/15/27)^(a)		8,448		7,881,094
4.15%, 04/15/32 (Call 01/15/32)^(a)		10,710		10,050,786
4.63%, 02/15/30 (Call 12/15/29)		7,214		7,056,654
4.88%, 02/15/29 (Call 01/15/29)		11,045		10,971,404
4.88%, 02/15/34 (Call 11/15/33)		10,681		10,404,258


				88,241,694

Food — 1.1%
Campbell Soup Co., 4.15%, 03/15/28
(Call 12/15/27)^(a)		10,318		9,830,526


Security	Par (000)		Value

Food (continued)
Conagra Brands Inc.
1.38%, 11/01/27 (Call 09/01/27)^(a)	$	10,558	$	8,975,439
4.85%, 11/01/28 (Call 08/01/28)^(a)		12,296		11,960,752
5.30%, 11/01/38 (Call 05/01/38)		7,618		7,025,713
5.40%, 11/01/48 (Call 05/01/48)^(a)		11,346		10,296,383
General Mills Inc.
2.88%, 04/15/30 (Call 01/15/30)		7,885		6,895,763
3.20%, 02/10/27 (Call 11/10/26)^(a)		5,398		5,073,749
4.20%, 04/17/28 (Call 01/17/28)		17,976		17,243,485
4.95%, 03/29/33 (Call 12/29/32)^(a)		11,461		11,169,015
Hormel Foods Corp.
1.70%, 06/03/28 (Call 04/03/28)		7,700		6,664,598
1.80%, 06/11/30 (Call 03/11/30)^(a)		9,752		8,065,720
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance Inc.
2.50%, 01/15/27 (Call 12/15/26)		5,392		4,857,194
3.63%, 01/15/32 (Call 01/15/27)^(a)		8,920		7,323,498
4.38%, 02/02/52 (Call 08/02/51)		5,454		3,860,778
5.13%, 02/01/28 (Call 01/01/28)		114		110,777
5.75%, 04/01/33 (Call 01/01/33)		10,114		9,687,042
6.50%, 12/01/52 (Call 06/01/52)		10,000		9,496,444
Kraft Heinz Foods Co.
3.88%, 05/15/27 (Call 02/15/27)		13,855		13,233,049
4.38%, 06/01/46 (Call 12/01/45)		30,486		25,179,366
4.88%, 10/01/49 (Call 04/01/49)^(a)		15,752		13,969,521
5.00%, 06/04/42		18,717		17,089,096
5.20%, 07/15/45 (Call 01/15/45)		20,814		19,208,090
5.50%, 06/01/50 (Call 12/01/49)^(a)		9,156		8,858,121
6.88%, 01/26/39		11,019		12,118,013
Kroger Co. (The)
2.65%, 10/15/26 (Call 07/15/26)^(a)		1,227		1,136,353
3.95%, 01/15/50 (Call 07/15/49)^(a)		4,013		3,102,095
4.45%, 02/01/47 (Call 08/01/46)^(a)		6,298		5,243,188
McCormick & Co. Inc./MD, 3.40%, 08/15/27 (Call 05/15/27)		6,348		5,953,095
Mondelez International Inc.
2.63%, 03/17/27 (Call 02/17/27)		6,493		5,968,577
2.63%, 09/04/50 (Call 03/04/50)		5,568		3,482,177
2.75%, 04/13/30 (Call 01/13/30)^(a)		7,757		6,705,519
3.00%, 03/17/32 (Call 12/17/31)^(a)		7,660		6,549,975
Sysco Corp.
3.15%, 12/14/51 (Call 06/14/51)^(a)		5,512		3,649,517
3.25%, 07/15/27 (Call 04/15/27)^(a)		6,611		6,165,210
5.95%, 04/01/30 (Call 01/01/30)^(a)		9,921		10,273,509
6.60%, 04/01/50 (Call 10/01/49)^(a)		10,557		11,598,212
Tyson Foods Inc.
3.55%, 06/02/27 (Call 03/02/27)^(a)		13,630		12,798,119
4.35%, 03/01/29 (Call 12/01/28)		9,582		9,064,240
4.55%, 06/02/47 (Call 12/02/46)		5,623		4,505,240
5.10%, 09/28/48 (Call 03/28/48)		16,892		14,646,384


				359,033,542

Gas — 0.2%
Atmos Energy Corp., 4.13%, 10/15/44 (Call 04/15/44)		4,199		3,432,210
CenterPoint Energy Resources Corp., 5.25%, 03/01/28 (Call 02/01/28)^(a)		4,592		4,585,907
NiSource Inc.
1.70%, 02/15/31 (Call 11/15/30)^(a)		14,016		10,836,041
2.95%, 09/01/29 (Call 06/01/29)^(a)		13,049		11,485,145
3.49%, 05/15/27 (Call 02/15/27)		11,425		10,718,952


Security	Par (000)		Value

Gas (continued)
3.60%, 05/01/30 (Call 02/01/30)	$	14,967	$	13,412,571
3.95%, 03/30/48 (Call 09/30/47)		5,735		4,389,215
4.38%, 05/15/47 (Call 11/15/46)		8,303		6,785,278
4.80%, 02/15/44 (Call 08/15/43)^(a)		8,537		7,445,736
5.25%, 03/30/28 (Call 02/29/28)		6,938		6,908,284


				79,999,339

Hand & Machine Tools — 0.1%
Regal Rexnord Corp.
6.05%, 04/15/28 (Call 03/15/28)^(c)		14,003		13,849,107
6.30%, 02/15/30 (Call 12/15/29)^(c)		12,557		12,482,396
6.40%, 04/15/33 (Call 01/15/33)^(a)(c)		11,905		11,802,040
Stanley Black & Decker Inc.
2.30%, 03/15/30 (Call 12/15/29)^(a)		11,548		9,562,838
2.75%, 11/15/50 (Call 05/15/50)		4,941		2,874,851


				50,571,232

Health Care - Products — 1.0%
Abbott Laboratories
3.75%, 11/30/26 (Call 08/30/26)^(a)		4,948		4,798,872
4.75%, 11/30/36 (Call 05/30/36)		10,833		10,754,916
4.90%, 11/30/46 (Call 05/30/46)		27,713		26,988,433
Baxter International Inc.
1.92%, 02/01/27 (Call 01/01/27)		9,144		8,127,593
2.27%, 12/01/28 (Call 10/01/28)		13,672		11,718,181
2.54%, 02/01/32 (Call 11/01/31)^(a)		16,500		13,242,296
3.13%, 12/01/51 (Call 06/01/51)^(a)		5,966		3,789,569
Boston Scientific Corp., 2.65%, 06/01/30 (Call 03/01/30)^(a)		11,709		10,051,196
Danaher Corp.
2.60%, 10/01/50 (Call 04/01/50)^(a)		7,145		4,550,309
2.80%, 12/10/51 (Call 06/10/51)^(a)		10,548		6,939,517
DH Europe Finance II Sarl
2.60%, 11/15/29 (Call 08/15/29)^(a)		7,384		6,488,954
3.25%, 11/15/39 (Call 05/15/39)		6,074		4,814,011
3.40%, 11/15/49 (Call 05/15/49)^(a)		5,534		4,138,482
GE HealthCare Technologies Inc.
5.65%, 11/15/27 (Call 10/15/27)		18,163		18,381,855
5.86%, 03/15/30 (Call 01/15/30)		16,773		16,987,820
5.91%, 11/22/32 (Call 08/22/32)^(a)		20,087		20,602,603
6.38%, 11/22/52 (Call 05/22/52)		7,523		8,076,269
HCA Inc.
3.13%, 03/15/27 (Call 02/15/27)		10,542		9,759,663
3.63%, 03/15/32 (Call 12/15/31)		20,304		17,475,978
Medtronic Global Holdings SCA
4.25%, 03/30/28 (Call 02/29/28)		10,667		10,377,628
4.50%, 03/30/33 (Call 12/30/32)^(a)		13,046		12,617,366
Medtronic Inc.
4.38%, 03/15/35		12,359		11,696,753
4.63%, 03/15/45^(a)		14,565		13,642,861
Revvity Inc., 3.30%, 09/15/29 (Call 06/15/29)		9,064		8,061,670
Stryker Corp.
1.95%, 06/15/30 (Call 03/15/30)		9,541		7,885,691
4.63%, 03/15/46 (Call 09/15/45)^(a)		5,138		4,555,606
Thermo Fisher Scientific Inc.
2.00%, 10/15/31 (Call 07/15/31)^(a)		10,765		8,684,505
2.60%, 10/01/29 (Call 07/01/29)		6,287		5,517,157
2.80%, 10/15/41 (Call 04/15/41)		4,199		3,021,742
4.10%, 08/15/47 (Call 02/15/47)		5,304		4,553,308
4.98%, 08/10/30 (Call 06/10/30)		12,130		12,102,609
5.09%, 08/10/33 (Call 05/10/33)		13,751		13,805,591


Security	Par (000)		Value

Health Care - Products (continued)
Zimmer Biomet Holdings Inc., 2.60%, 11/24/31 (Call 08/24/31)^(a)	$	8,201	$	6,673,885


				330,882,889

Health Care - Services — 3.1%
Aetna Inc.
3.88%, 08/15/47 (Call 02/15/47)		5,918		4,426,112
6.63%, 06/15/36		12,318		13,209,749
Ascension Health
3.95%, 11/15/46^(a)		3,518		2,870,614
Series B, 2.53%, 11/15/29 (Call 08/15/29)		8,105		7,010,151
Centene Corp.
2.45%, 07/15/28 (Call 05/15/28)		23,111		19,804,283
2.50%, 03/01/31 (Call 12/01/30)^(a)		20,643		16,474,425
2.63%, 08/01/31 (Call 05/01/31)^(a)		10,926		8,710,163
3.00%, 10/15/30 (Call 07/15/30)		19,319		16,095,994
3.38%, 02/15/30 (Call 02/15/25)		19,505		16,702,943
4.25%, 12/15/27 (Call 09/18/23)^(a)		24,790		23,229,928
4.63%, 12/15/29 (Call 12/15/24)^(a)		35,359		32,512,600
CommonSpirit Health
3.35%, 10/01/29 (Call 04/01/29)^(a)		6,324		5,642,629
4.19%, 10/01/49 (Call 04/01/49)		1,560		1,235,840
Elevance Health Inc.
2.25%, 05/15/30 (Call 02/15/30)^(a)		11,140		9,309,995
2.55%, 03/15/31 (Call 12/15/30)		8,810		7,364,127
2.88%, 09/15/29 (Call 06/15/29)^(a)		8,313		7,342,962
3.13%, 05/15/50 (Call 11/15/49)		10,546		7,122,554
3.60%, 03/15/51 (Call 09/15/50)		12,909		9,491,167
3.65%, 12/01/27 (Call 09/01/27)		16,053		15,129,381
3.70%, 09/15/49 (Call 03/15/49)		8,079		6,035,265
4.10%, 03/01/28 (Call 12/01/27)^(a)		11,993		11,471,662
4.38%, 12/01/47 (Call 06/01/47)		14,111		11,885,320
4.55%, 03/01/48 (Call 09/01/47)		9,381		8,080,858
4.63%, 05/15/42		10,714		9,507,560
4.65%, 01/15/43		13,479		11,963,999
4.65%, 08/15/44 (Call 02/15/44)		8,506		7,425,661
4.75%, 02/15/33 (Call 11/15/32)^(a)		8,723		8,446,987
5.13%, 02/15/53 (Call 08/15/52)		12,187		11,482,304
6.10%, 10/15/52 (Call 04/15/52)^(a)		7,008		7,446,388
HCA Inc.
2.38%, 07/15/31 (Call 04/15/31)		8,621		6,808,273
3.50%, 09/01/30 (Call 03/01/30)		26,714		23,350,347
3.50%, 07/15/51 (Call 01/15/51)^(a)		17,077		11,366,569
4.13%, 06/15/29 (Call 03/15/29)		20,725		19,141,090
4.50%, 02/15/27 (Call 08/15/26)		13,551		13,099,380
4.63%, 03/15/52 (Call 09/15/51)		21,174		17,006,745
5.13%, 06/15/39 (Call 12/15/38)		10,433		9,417,483
5.20%, 06/01/28 (Call 05/01/28)		11,253		11,095,375
5.25%, 06/15/49 (Call 12/15/48)		21,789		19,009,009
5.38%, 09/01/26 (Call 03/01/26)		2,203		2,185,728
5.50%, 06/01/33 (Call 03/01/33)^(a)		12,330		12,112,393
5.50%, 06/15/47 (Call 12/15/46)		15,922		14,383,024
5.63%, 09/01/28 (Call 03/01/28)^(a)		13,712		13,683,068
5.88%, 02/01/29 (Call 08/01/28)		9,816		9,870,386
5.90%, 06/01/53 (Call 12/01/52)		11,652		11,163,208
Humana Inc.
1.35%, 02/03/27 (Call 01/03/27)		9,512		8,363,721
2.15%, 02/03/32 (Call 11/03/31)		7,918		6,210,299
3.70%, 03/23/29 (Call 02/23/29)		8,900		8,235,589
4.95%, 10/01/44 (Call 04/01/44)		2,029		1,810,069
5.50%, 03/15/53 (Call 09/15/52)		9,890		9,521,301


Security	Par (000)		Value

Health Care - Services (continued)
5.88%, 03/01/33 (Call 12/01/32)	$	4,961	$	5,133,554
Kaiser Foundation Hospitals
4.15%, 05/01/47 (Call 11/01/46)		10,939		9,323,309
Series 2019, 3.27%, 11/01/49 (Call 05/01/49)^(a)		4,396		3,152,766
Series 2021, 2.81%, 06/01/41 (Call 12/01/40)		15,239		10,819,338
Series 2021, 3.00%, 06/01/51 (Call 12/01/50)^(a)		7,871		5,324,870
Laboratory Corp. of America Holdings, 4.70%, 02/01/45 (Call 08/01/44)		4,848		4,144,052
Providence St Joseph Health Obligated Group, Series 21A, 2.70%, 10/01/51 (Call 04/01/51)		195		113,959
Quest Diagnostics Inc., 2.95%, 06/30/30 (Call 03/30/30)		8,284		7,190,248
UnitedHealth Group Inc.
2.00%, 05/15/30		11,657		9,726,991
2.30%, 05/15/31 (Call 02/15/31)		14,498		12,111,503
2.75%, 05/15/40 (Call 11/15/39)^(a)		13,365		9,633,039
2.88%, 08/15/29^(a)		10,699		9,603,412
2.90%, 05/15/50 (Call 11/15/49)		15,316		10,162,181
2.95%, 10/15/27^(a)		8,348		7,743,677
3.05%, 05/15/41 (Call 11/15/40)		16,382		12,223,415
3.13%, 05/15/60 (Call 11/15/59)^(a)		8,953		5,893,267
3.25%, 05/15/51 (Call 11/15/50)		24,278		17,225,918
3.45%, 01/15/27		8,535		8,155,512
3.50%, 08/15/39 (Call 02/15/39)^(a)		15,606		12,708,581
3.70%, 08/15/49 (Call 02/15/49)		14,669		11,363,975
3.75%, 10/15/47 (Call 04/15/47)^(a)		11,991		9,445,469
3.85%, 06/15/28^(a)		11,451		10,954,787
3.88%, 12/15/28^(a)		8,445		8,079,514
3.88%, 08/15/59 (Call 02/15/59)		13,857		10,709,474
4.00%, 05/15/29 (Call 03/15/29)^(a)		7,975		7,618,729
4.20%, 05/15/32 (Call 02/15/32)		15,042		14,203,254
4.20%, 01/15/47 (Call 07/15/46)		9,971		8,446,746
4.25%, 01/15/29 (Call 12/15/28)^(a)		12,199		11,828,548
4.25%, 03/15/43 (Call 09/15/42)		9,218		8,072,242
4.25%, 06/15/48 (Call 12/15/47)		15,277		12,904,131
4.45%, 12/15/48 (Call 06/15/48)		12,112		10,590,173
4.50%, 04/15/33 (Call 01/15/33)		12,650		12,178,017
4.63%, 07/15/35^(a)		2,062		1,995,016
4.75%, 07/15/45^(a)		20,874		19,396,378
4.75%, 05/15/52 (Call 11/15/51)		22,117		20,168,282
4.95%, 05/15/62 (Call 11/15/61)		9,207		8,456,210
5.05%, 04/15/53 (Call 10/15/52)		22,025		21,004,731
5.20%, 04/15/63 (Call 10/15/62)^(a)		17,832		17,094,847
5.25%, 02/15/28 (Call 01/15/28)^(a)		11,324		11,545,392
5.30%, 02/15/30 (Call 12/15/29)		11,676		11,914,760
5.35%, 02/15/33 (Call 11/15/32)^(a)		18,193		18,663,691
5.80%, 03/15/36^(a)		9,023		9,540,225
5.88%, 02/15/53 (Call 08/15/52)		21,000		22,395,675
6.05%, 02/15/63 (Call 08/15/62)		14,794		16,060,034
6.88%, 02/15/38		10,021		11,634,668
Universal Health Services Inc., 2.65%, 10/15/30 (Call 07/15/30)^(a)		8,125		6,510,882


				1,038,430,120

Holding Companies - Diversified — 0.1%
Ares Capital Corp., 2.88%, 06/15/28 (Call 04/15/28)		12,949		10,919,507
Blackstone Private Credit Fund
2.63%, 12/15/26 (Call 11/15/26)^(a)		7,578		6,520,675
3.25%, 03/15/27 (Call 02/15/27)		11,028		9,605,976
Blue Owl Capital Corp., 2.88%, 06/11/28 (Call 04/11/28)		7,597		6,283,877


Security	Par (000)		Value

Holding Companies - Diversified (continued)
FS KKR Capital Corp., 3.13%, 10/12/28 (Call 08/12/28)^(a)	$	9,350	$	7,647,458


				40,977,493

Household Products & Wares — 0.0%
Kimberly-Clark Corp., 3.10%, 03/26/30 (Call 12/26/29)		7,027		6,355,782


Insurance — 1.7%
Allstate Corp. (The), 5.25%, 03/30/33 (Call 12/30/32)^(a)		5,842		5,726,181
American International Group Inc.
4.38%, 06/30/50 (Call 12/30/49)		9,378		7,740,455
4.75%, 04/01/48 (Call 10/01/47)		10,971		9,629,875
4.80%, 07/10/45 (Call 01/10/45)		6,706		5,898,598
5.13%, 03/27/33 (Call 12/27/32)^(a)		4,808		4,649,657
Aon Corp.
2.80%, 05/15/30 (Call 02/15/30)		13,387		11,503,301
3.75%, 05/02/29 (Call 02/02/29)		13,137		12,234,124
Aon Global Ltd.
3.90%, 02/28/52 (Call 08/28/51)		7,005		5,364,023
5.35%, 02/28/33 (Call 11/28/32)^(a)		4,963		4,952,222
Arch Capital Group Ltd., 3.64%, 06/30/50 (Call 12/30/49)		3,713		2,678,999
Athene Holding Ltd., 4.13%, 01/12/28 (Call 10/12/27)^(a)		12,834		11,980,690
Berkshire Hathaway Finance Corp.
1.45%, 10/15/30 (Call 07/15/30)		5,250		4,224,595
2.30%, 03/15/27 (Call 02/15/27)		4,873		4,514,701
2.50%, 01/15/51 (Call 07/15/50)^(a)		9,891		6,141,071
2.85%, 10/15/50 (Call 04/15/50)^(a)		20,168		13,521,200
2.88%, 03/15/32 (Call 12/15/31)^(a)		7,915		6,909,072
3.85%, 03/15/52 (Call 09/15/51)		28,245		22,457,927
4.20%, 08/15/48 (Call 02/15/48)		23,157		20,146,678
4.25%, 01/15/49 (Call 07/15/48)^(a)		21,018		18,465,074
5.75%, 01/15/40^(a)		10,923		11,786,909
Berkshire Hathaway Inc., 4.50%, 02/11/43^(a)		17,828		16,702,461
Brighthouse Financial Inc.
3.70%, 06/22/27 (Call 03/22/27)^(a)		4,162		3,855,107
4.70%, 06/22/47 (Call 12/22/46)^(a)		2,922		2,178,626
Chubb Corp. (The), 6.00%, 05/11/37^(a)		11,432		12,161,895
Chubb INA Holdings Inc.
1.38%, 09/15/30 (Call 06/15/30)^(a)		6,086		4,783,620
3.05%, 12/15/61 (Call 06/15/61)^(a)		8,252		5,331,648
4.35%, 11/03/45 (Call 05/03/45)		7,624		6,663,684
Corebridge Financial Inc.
3.65%, 04/05/27 (Call 03/05/27)^(a)		13,768		12,949,568
3.85%, 04/05/29 (Call 02/05/29)		10,082		9,225,698
3.90%, 04/05/32 (Call 01/05/32)		10,311		9,022,604
4.40%, 04/05/52 (Call 10/05/51)		8,791		6,787,232
Equitable Holdings Inc.
4.35%, 04/20/28 (Call 01/20/28)		16,979		16,068,375
5.00%, 04/20/48 (Call 10/20/47)^(a)		15,832		13,290,299
Everest Reinsurance Holdings Inc.
3.13%, 10/15/52 (Call 04/15/52)^(a)		9,300		5,914,076
3.50%, 10/15/50 (Call 04/15/50)		5,240		3,593,144
Fairfax Financial Holdings Ltd., 5.63%, 08/16/32 (Call 05/16/32)		4,848		4,682,335
Hartford Financial Services Group Inc. (The), 3.60%, 08/19/49 (Call 02/19/49)^(a)		2,320		1,690,271


Security	Par (000)		Value

Insurance (continued)
Manulife Financial Corp.
3.70%, 03/16/32 (Call 12/16/31)^(a)	$	9,985	$	8,938,206
5.38%, 03/04/46^(a)		3,447		3,312,561
Marsh & McLennan Companies Inc.
2.25%, 11/15/30 (Call 08/15/30)^(a)		4,053		3,345,235
4.38%, 03/15/29 (Call 12/15/28)		17,121		16,559,707
4.90%, 03/15/49 (Call 09/15/48)		11,331		10,392,554
MetLife Inc.
4.05%, 03/01/45		8,549		6,960,391
4.13%, 08/13/42^(a)		10,963		9,057,492
4.55%, 03/23/30 (Call 12/23/29)^(a)		10,107		9,826,766
4.60%, 05/13/46 (Call 11/13/45)^(a)		6,228		5,465,092
4.88%, 11/13/43		8,162		7,433,851
5.00%, 07/15/52 (Call 01/15/52)^(a)		9,268		8,453,034
5.25%, 01/15/54 (Call 07/15/53)^(a)		11,179		10,623,226
5.38%, 07/15/33 (Call 04/15/33)^(a)		8,475		8,436,539
5.70%, 06/15/35^(a)		15,718		16,092,731
5.88%, 02/06/41^(a)		9,795		10,053,680
6.38%, 06/15/34		13,218		14,193,662
Progressive Corp. (The), 4.13%, 04/15/47 (Call 10/15/46)		3,833		3,191,776
Prudential Financial Inc.
3.70%, 03/13/51 (Call 09/13/50)^(a)		15,200		11,357,460
3.91%, 12/07/47 (Call 06/07/47)		8,720		6,759,112
3.94%, 12/07/49 (Call 06/07/49)		10,398		7,986,798
4.35%, 02/25/50 (Call 08/25/49)		9,804		8,145,697
4.60%, 05/15/44		8,697		7,668,449
5.70%, 12/14/36		12,737		13,006,399
Travelers Companies Inc. (The)
3.05%, 06/08/51 (Call 12/08/50)^(a)		2,202		1,522,165
5.35%, 11/01/40^(a)		7,041		7,000,221
6.25%, 06/15/37^(a)		12,987		14,140,885
Travelers Cos. Inc. (The), 5.45%, 05/25/53 (Call 11/25/52)		8,203		8,317,794
Willis North America Inc.
4.65%, 06/15/27 (Call 05/15/27)		8,824		8,546,551
5.35%, 05/15/33 (Call 02/15/33)		5,168		4,983,690


				577,197,719

Internet — 2.4%
Alphabet Inc.
0.80%, 08/15/27 (Call 06/15/27)^(a)		8,416		7,301,183
1.10%, 08/15/30 (Call 05/15/30)^(a)		25,880		20,750,597
1.90%, 08/15/40 (Call 02/15/40)^(a)		6,681		4,472,767
2.05%, 08/15/50 (Call 02/15/50)^(a)		18,226		10,900,812
2.25%, 08/15/60 (Call 02/15/60)^(a)		19,607		11,446,510
Amazon.com Inc.
1.20%, 06/03/27 (Call 04/03/27)		15,075		13,282,049
1.50%, 06/03/30 (Call 03/03/30)		20,426		16,621,988
1.65%, 05/12/28 (Call 03/12/28)		25,790		22,539,021
2.10%, 05/12/31 (Call 02/12/31)		31,085		25,782,651
2.50%, 06/03/50 (Call 12/03/49)^(a)		28,166		17,932,436
2.70%, 06/03/60 (Call 12/03/59)		22,542		13,837,073
2.88%, 05/12/41 (Call 11/12/40)		23,136		17,316,799
3.10%, 05/12/51 (Call 11/12/50)^(a)		35,285		25,177,291
3.15%, 08/22/27 (Call 05/22/27)		37,370		35,158,126
3.25%, 05/12/61 (Call 11/12/60)		19,442		13,474,179
3.30%, 04/13/27 (Call 03/13/27)		17,242		16,408,160
3.45%, 04/13/29 (Call 02/13/29)		15,262		14,363,988
3.60%, 04/13/32 (Call 01/13/32)^(a)		24,174		22,228,554
3.88%, 08/22/37 (Call 02/22/37)^(a)		19,875		17,834,756


Security	Par (000)		Value

Internet (continued)
3.95%, 04/13/52 (Call 10/13/51)^(a)	$	27,706	$	23,089,781
4.05%, 08/22/47 (Call 02/22/47)		37,158		32,008,837
4.10%, 04/13/62 (Call 10/13/61)^(a)		14,389		11,878,853
4.25%, 08/22/57 (Call 02/22/57)^(a)		24,568		21,253,025
4.55%, 12/01/27 (Call 11/01/27)		17,665		17,599,802
4.65%, 12/01/29 (Call 10/01/29)		16,895		16,818,155
4.70%, 12/01/32 (Call 09/01/32)^(a)		22,041		21,891,648
4.80%, 12/05/34 (Call 06/05/34)^(a)		6,230		6,259,504
4.95%, 12/05/44 (Call 06/05/44)		18,163		17,840,035
Booking Holdings Inc., 4.63%, 04/13/30 (Call 01/13/30)^(a)		18,638		18,220,022
eBay Inc.
2.60%, 05/10/31 (Call 02/10/31)^(a)		4,554		3,766,186
2.70%, 03/11/30 (Call 12/11/29)^(a)		13,905		11,882,224
3.60%, 06/05/27 (Call 03/05/27)^(a)		3,334		3,143,982
3.65%, 05/10/51 (Call 11/10/50)		1,043		741,137
4.00%, 07/15/42 (Call 01/15/42)^(a)		15,335		12,004,707
Expedia Group Inc.
3.25%, 02/15/30 (Call 11/15/29)^(a)		13,894		12,107,564
3.80%, 02/15/28 (Call 11/15/27)^(a)		9,186		8,561,325
4.63%, 08/01/27 (Call 05/01/27)		4,741		4,599,217
Meta Platforms Inc.
3.50%, 08/15/27 (Call 07/15/27)		26,348		25,114,924
3.85%, 08/15/32 (Call 05/15/32)		34,012		31,229,852
4.45%, 08/15/52 (Call 02/15/52)		30,386		25,713,399
4.60%, 05/15/28 (Call 04/15/28)		16,416		16,277,981
4.65%, 08/15/62 (Call 02/15/62)		11,709		9,940,268
4.80%, 05/15/30 (Call 03/15/30)^(a)		10,948		10,864,821
4.95%, 05/15/33 (Call 02/15/33)		17,611		17,515,899
5.60%, 05/15/53 (Call 11/15/52)		28,045		28,129,668
5.75%, 05/15/63 (Call 11/15/62)		19,419		19,584,446
Netflix Inc.
4.38%, 11/15/26		4,385		4,264,495
4.88%, 04/15/28		11,286		11,122,917
5.88%, 11/15/28		12,359		12,706,288
6.38%, 05/15/29^(a)		1,408		1,482,242


				784,442,144

Iron & Steel — 0.1%
ArcelorMittal SA
6.55%, 11/29/27 (Call 10/29/27)		14,167		14,526,342
6.80%, 11/29/32 (Call 08/29/32)		11,405		11,723,884


				26,250,226

Lodging — 0.2%
Marriott International Inc./MD
4.90%, 04/15/29 (Call 03/15/29)^(a)		11,052		10,759,359
5.00%, 10/15/27 (Call 09/15/27)		5,876		5,819,611
Series FF, 4.63%, 06/15/30 (Call 03/15/30)		10,294		9,735,799
Series GG, 3.50%, 10/15/32 (Call 07/15/32)		10,142		8,619,929
Series HH, 2.85%, 04/15/31 (Call 01/15/31)		7,533		6,265,511
Sands China Ltd., 5.65%, 08/08/28 (Call 05/08/28)^(a)		18,868		17,817,618


				59,017,827

Machinery — 0.5%
Caterpillar Financial Services Corp., 1.10%, 09/14/27^(a)		8,894		7,688,557
Caterpillar Inc.
2.60%, 04/09/30 (Call 01/09/30)^(a)		10,393		9,139,905
3.25%, 09/19/49 (Call 03/19/49)^(a)		3,345		2,520,143
3.25%, 04/09/50 (Call 10/09/49)^(a)		5,844		4,422,336


Security	Par (000)		Value

Machinery (continued)
3.80%, 08/15/42^(a)	$	22,796	$	19,301,068
5.20%, 05/27/41		10,594		10,715,366
Deere & Co.
3.75%, 04/15/50 (Call 10/15/49)^(a)		2,122		1,810,722
3.90%, 06/09/42 (Call 12/09/41)^(a)		19,534		17,049,574
John Deere Capital Corp.
4.15%, 09/15/27^(a)		13,228		12,923,801
4.70%, 06/10/30		9,441		9,323,990
4.75%, 01/20/28		12,627		12,574,637
4.95%, 07/14/28		6,344		6,358,029
Otis Worldwide Corp.
2.57%, 02/15/30 (Call 11/15/29)		19,976		17,086,218
3.11%, 02/15/40 (Call 08/15/39)		1,430		1,075,246
5.25%, 08/16/28 (Call 07/16/28)		4,998		5,031,452
Westinghouse Air Brake Technologies Corp.
3.45%, 11/15/26 (Call 08/15/26)		5,075		4,773,746
4.95%, 09/15/28 (Call 06/15/28)		15,426		14,911,329


				156,706,119

Manufacturing — 0.5%
3M Co.
2.38%, 08/26/29 (Call 05/26/29)^(a)		10,598		9,129,237
2.88%, 10/15/27 (Call 07/15/27)^(a)		9,421		8,675,454
3.25%, 08/26/49 (Call 02/26/49)^(a)		9,071		6,270,889
3.38%, 03/01/29 (Call 12/01/28)^(a)		10,322		9,455,189
4.00%, 09/14/48 (Call 03/14/48)^(a)		9,607		7,811,925
Eaton Corp.
4.15%, 03/15/33 (Call 12/15/32)^(a)		12,754		12,017,703
4.15%, 11/02/42		7,913		6,856,129
GE Capital International Funding Co. Unlimited Co.,
4.42%, 11/15/35^(a)		7,668		7,090,028
General Electric Co.
5.88%, 01/14/38^(a)		12,308		12,958,293
6.75%, 03/15/32^(a)		13,604		15,149,262
Illinois Tool Works Inc.
2.65%, 11/15/26 (Call 08/15/26)		8,103		7,592,041
3.90%, 09/01/42 (Call 03/01/42)^(a)		9,656		8,303,096
Parker-Hannifin Corp.
3.25%, 06/14/29 (Call 03/14/29)		11,437		10,343,902
4.00%, 06/14/49 (Call 12/14/48)^(a)		6,181		5,013,494
4.25%, 09/15/27 (Call 08/15/27)^(a)		12,883		12,504,564
4.50%, 09/15/29 (Call 07/15/29)^(a)		11,970		11,569,593
Teledyne Technologies Inc., 2.75%, 04/01/31 (Call 01/01/31)^(a)		11,225		9,368,274


				160,109,073

Media — 4.0%
Charter Communications Operating LLC/Charter Communications Operating Capital
2.25%, 01/15/29 (Call 11/15/28)		5,784		4,805,809
2.30%, 02/01/32 (Call 11/01/31)		14,153		10,682,812
2.80%, 04/01/31 (Call 01/01/31)		10,762		8,661,429
3.50%, 06/01/41 (Call 12/01/40)^(a)		18,445		12,203,015
3.50%, 03/01/42 (Call 09/01/41)		17,397		11,368,670
3.70%, 04/01/51 (Call 10/01/50)^(a)		23,379		14,511,130
3.75%, 02/15/28 (Call 11/15/27)		10,567		9,668,946
3.85%, 04/01/61 (Call 10/01/60)^(a)		15,466		9,224,993
3.90%, 06/01/52 (Call 12/01/51)^(a)		27,398		17,518,289
3.95%, 06/30/62 (Call 12/30/61)		13,133		7,903,551
4.20%, 03/15/28 (Call 12/15/27)^(a)		11,883		11,056,909
4.40%, 04/01/33 (Call 01/01/33)^(a)		4,887		4,302,839


Security	Par (000)		Value

Media (continued)
4.40%, 12/01/61 (Call 06/01/61)	$	10,695	$	7,030,730
4.80%, 03/01/50 (Call 09/01/49)		30,328		22,376,587
5.05%, 03/30/29 (Call 12/30/28)		17,157		16,337,184
5.13%, 07/01/49 (Call 01/01/49)		14,806		11,389,333
5.25%, 04/01/53 (Call 10/01/52)^(a)		17,819		14,064,676
5.38%, 04/01/38 (Call 10/01/37)		3,656		3,093,367
5.38%, 05/01/47 (Call 11/01/46)		26,890		21,402,579
5.50%, 04/01/63 (Call 10/01/62)		8,589		6,741,982
5.75%, 04/01/48 (Call 10/01/47)		26,383		22,225,657
6.38%, 10/23/35 (Call 04/23/35)		18,715		18,152,481
6.48%, 10/23/45 (Call 04/23/45)		36,461		33,477,079
Comcast Corp.
1.50%, 02/15/31 (Call 11/15/30)		13,109		10,250,018
1.95%, 01/15/31 (Call 10/15/30)^(a)		12,925		10,458,630
2.35%, 01/15/27 (Call 10/15/26)^(a)		7,147		6,557,966
2.45%, 08/15/52 (Call 02/15/52)^(a)		17,118		9,992,513
2.65%, 02/01/30 (Call 11/01/29)		11,813		10,274,024
2.65%, 08/15/62 (Call 02/15/62)^(a)		1,623		926,631
2.80%, 01/15/51 (Call 07/15/50)		20,451		12,964,637
2.89%, 11/01/51 (Call 05/01/51)^(a)		54,068		34,561,861
2.94%, 11/01/56 (Call 05/01/56)		58,570		36,385,699
2.99%, 11/01/63 (Call 05/01/63)^(a)		36,605		22,107,041
3.15%, 02/15/28 (Call 11/15/27)		13,758		12,765,891
3.20%, 07/15/36 (Call 01/15/36)^(a)		6,445		5,219,057
3.25%, 11/01/39 (Call 05/01/39)		16,866		12,963,843
3.30%, 02/01/27 (Call 11/01/26)		10,203		9,663,650
3.30%, 04/01/27 (Call 02/01/27)		6,395		6,033,890
3.40%, 04/01/30 (Call 01/01/30)		12,924		11,787,944
3.40%, 07/15/46 (Call 01/15/46)^(a)		17,746		12,959,980
3.45%, 02/01/50 (Call 08/01/49)^(a)		20,235		14,753,780
3.55%, 05/01/28 (Call 02/01/28)^(a)		7,047		6,660,558
3.75%, 04/01/40 (Call 10/01/39)		18,568		15,264,677
3.90%, 03/01/38 (Call 09/01/37)		9,015		7,685,883
3.97%, 11/01/47 (Call 05/01/47)		23,040		18,434,716
4.00%, 08/15/47 (Call 02/15/47)		12,113		9,699,388
4.00%, 03/01/48 (Call 09/01/47)^(a)		13,524		10,874,916
4.00%, 11/01/49 (Call 05/01/49)^(a)		22,201		17,652,655
4.05%, 11/01/52 (Call 05/01/52)		13,135		10,486,872
4.15%, 10/15/28 (Call 07/15/28)		34,383		33,141,567
4.20%, 08/15/34 (Call 02/15/34)		6,051		5,528,968
4.25%, 10/15/30 (Call 07/15/30)		11,577		11,009,098
4.25%, 01/15/33		22,385		20,989,306
4.40%, 08/15/35 (Call 02/15/35)		4,669		4,325,388
4.55%, 01/15/29 (Call 12/15/28)		5,924		5,799,116
4.60%, 10/15/38 (Call 04/15/38)		11,858		10,871,023
4.60%, 08/15/45 (Call 02/15/45)		9,662		8,480,999
4.65%, 02/15/33 (Call 11/15/32)^(a)		14,370		14,009,829
4.70%, 10/15/48 (Call 04/15/48)^(a)		21,929		19,760,829
4.80%, 05/15/33 (Call 02/15/33)		6,402		6,258,422
4.95%, 10/15/58 (Call 04/15/58)^(a)		4,297		3,950,385
5.35%, 11/15/27 (Call 10/15/27)		6,454		6,541,436
5.35%, 05/15/53 (Call 11/15/52)		18,366		17,960,897
5.50%, 11/15/32 (Call 08/15/32)		8,164		8,377,321
5.50%, 05/15/64 (Call 11/15/63)		15,122		14,753,804
5.65%, 06/15/35		9,208		9,538,848
7.05%, 03/15/33		12,651		14,416,544
Discovery Communications LLC
3.63%, 05/15/30 (Call 02/15/30)		2,337		2,051,990
3.95%, 03/20/28 (Call 12/20/27)^(a)		9,481		8,817,833
4.00%, 09/15/55 (Call 03/15/55)		17,731		11,558,016


Security	Par (000)		Value

Media (continued)
4.13%, 05/15/29 (Call 02/15/29)	$	461	$	423,787
4.65%, 05/15/50 (Call 11/15/49)		7,351		5,488,651
5.20%, 09/20/47 (Call 03/20/47)^(a)		14,088		11,396,779
5.30%, 05/15/49 (Call 11/15/48)		4,667		3,796,979
Fox Corp.
4.71%, 01/25/29 (Call 10/25/28)^(a)		23,014		22,206,779
5.48%, 01/25/39 (Call 07/25/38)		8,849		8,008,849
5.58%, 01/25/49 (Call 07/25/48)		14,856		13,228,914
Paramount Global
4.20%, 05/19/32 (Call 02/19/32)^(a)		10,521		8,780,778
4.38%, 03/15/43		18,283		12,582,423
4.95%, 01/15/31 (Call 10/15/30)^(a)		13,489		12,044,118
4.95%, 05/19/50 (Call 11/19/49)^(a)		5,680		4,148,538
5.85%, 09/01/43 (Call 03/01/43)^(a)		13,071		10,834,905
6.88%, 04/30/36		15,287		14,711,665
7.88%, 07/30/30^(a)		14,235		15,016,277
Time Warner Cable Enterprises LLC, 8.38%, 07/15/33		11,488		12,785,233
Time Warner Cable LLC
4.50%, 09/15/42 (Call 03/15/42)		13,794		10,082,464
5.50%, 09/01/41 (Call 03/01/41)		14,321		11,696,778
5.88%, 11/15/40 (Call 05/15/40)		13,716		11,917,078
6.55%, 05/01/37		16,542		15,713,444
6.75%, 06/15/39		16,018		15,499,041
7.30%, 07/01/38^(a)		15,644		15,813,964
TWDC Enterprises 18 Corp.
2.95%, 06/15/27^(a)		10,368		9,716,311
4.13%, 06/01/44^(a)		10,770		9,058,623
Walt Disney Co. (The)
2.00%, 09/01/29 (Call 06/01/29)^(a)		26,208		22,227,964
2.20%, 01/13/28^(a)		14,850		13,379,354
2.65%, 01/13/31^(a)		27,310		23,417,538
2.75%, 09/01/49 (Call 03/01/49)^(a)		21,943		14,065,329
3.50%, 05/13/40 (Call 11/13/39)		17,208		13,739,430
3.60%, 01/13/51 (Call 07/13/50)		29,186		21,923,216
3.80%, 03/22/30^(a)		20,787		19,457,308
3.80%, 05/13/60 (Call 11/13/59)^(a)		5,974		4,530,875
4.63%, 03/23/40 (Call 09/23/39)^(a)		7,002		6,479,965
4.70%, 03/23/50 (Call 09/23/49)^(a)		18,178		16,605,367
6.20%, 12/15/34^(a)		10,599		11,495,430
6.40%, 12/15/35		11,763		12,847,745
6.65%, 11/15/37^(a)		14,039		15,810,368


				1,324,660,653

Mining — 0.7%
Barrick North America Finance LLC
5.70%, 05/30/41		11,781		11,661,148
5.75%, 05/01/43^(a)		7,908		7,896,672

Barrick PD Australia Finance Pty Ltd., 5.95%, 10/15/39		11,590		11,771,093
BHP Billiton Finance USA Ltd.
4.13%, 02/24/42^(a)		12,503		10,909,268
4.75%, 02/28/28 (Call 01/28/28)		12,487		12,373,590
4.90%, 02/28/33 (Call 11/28/32)^(a)		7,924		7,810,802
5.00%, 09/30/43		19,219		18,545,918
Freeport-McMoRan Inc.
4.63%, 08/01/30 (Call 08/01/25)^(a)		11,454		10,590,678
5.40%, 11/14/34 (Call 05/14/34)^(a)		9,990		9,488,690
5.45%, 03/15/43 (Call 09/15/42)^(a)		18,087		16,242,994
Newmont Corp.
2.25%, 10/01/30 (Call 07/01/30)^(a)		10,658		8,667,010


Security	Par (000)		Value

Mining (continued)
2.60%, 07/15/32 (Call 04/15/32)	$	10,105	$	8,123,767
4.88%, 03/15/42 (Call 09/15/41)^(a)		13,012		11,671,440
6.25%, 10/01/39		11,461		11,916,781
Rio Tinto Alcan Inc., 6.13%, 12/15/33		10,105		10,733,798
Rio Tinto Finance USA Ltd.
2.75%, 11/02/51 (Call 05/02/51)		7,306		4,543,998
5.20%, 11/02/40		11,958		11,664,125
7.13%, 07/15/28		14,468		15,772,992
Rio Tinto Finance USA PLC
4.13%, 08/21/42 (Call 02/21/42)^(a)		7,966		6,776,831
5.13%, 03/09/53 (Call 09/09/52)		14,014		13,487,717


				220,649,312

Office & Business Equipment — 0.0%
CDW LLC/CDW Finance Corp.
2.67%, 12/01/26 (Call 11/01/26)		2,399		2,178,852
3.57%, 12/01/31 (Call 09/01/31)		11,212		9,472,695


				11,651,547

Oil & Gas — 4.1%
BP Capital Markets America Inc.
1.75%, 08/10/30 (Call 05/10/30)^(a)		11,079		8,970,726
2.72%, 01/12/32 (Call 10/12/31)^(a)		20,041		16,775,634
2.77%, 11/10/50 (Call 05/10/50)		17,463		10,987,093
2.94%, 06/04/51 (Call 12/04/50)^(a)		25,229		16,464,925
3.00%, 02/24/50 (Call 08/24/49)		21,505		14,331,895
3.00%, 03/17/52 (Call 09/17/51)^(a)		14,966		9,791,616
3.02%, 01/16/27 (Call 10/16/26)^(a)		8,470		7,953,813
3.06%, 06/17/41 (Call 12/17/40)		15,753		11,563,605
3.38%, 02/08/61 (Call 08/08/60)^(a)		21,476		14,406,359
3.63%, 04/06/30 (Call 01/06/30)^(a)		14,007		12,937,285
3.94%, 09/21/28 (Call 06/21/28)^(a)		12,948		12,353,697
4.23%, 11/06/28 (Call 08/06/28)^(a)		22,485		21,686,852
4.81%, 02/13/33 (Call 11/13/32)^(a)		23,733		22,972,372
4.89%, 09/11/33 (Call 06/11/33)^(a)		10,968		10,660,629
BP Capital Markets PLC
3.28%, 09/19/27 (Call 06/19/27)^(a)		18,363		17,290,450
3.72%, 11/28/28 (Call 08/28/28)		8,880		8,344,840
Canadian Natural Resources Ltd.
3.85%, 06/01/27 (Call 03/01/27)^(a)		16,619		15,729,024
4.95%, 06/01/47 (Call 12/01/46)		2,086		1,808,574
6.25%, 03/15/38^(a)		22,140		22,321,389
Cenovus Energy Inc.
3.75%, 02/15/52 (Call 08/15/51)^(a)		2,092		1,476,623
5.40%, 06/15/47 (Call 12/15/46)		4,283		3,840,138
6.75%, 11/15/39^(a)		21,491		22,284,802
Chevron Corp.
2.00%, 05/11/27 (Call 03/11/27)		12,143		11,010,010
2.24%, 05/11/30 (Call 02/11/30)		15,416		13,201,035
3.08%, 05/11/50 (Call 11/11/49)		4,180		2,966,156
Chevron USA Inc.
1.02%, 08/12/27 (Call 06/12/27)^(a)		9,073		7,877,892
2.34%, 08/12/50 (Call 02/12/50)^(a)		1,930		1,172,730
ConocoPhillips Co.
3.76%, 03/15/42 (Call 09/15/41)		7,363		5,963,644
3.80%, 03/15/52 (Call 09/15/51)^(a)		11,538		8,879,367
4.03%, 03/15/62 (Call 09/15/61)		20,370		15,649,420
4.30%, 11/15/44 (Call 05/15/44)		6,607		5,682,259
5.05%, 09/15/33 (Call 06/15/33)		10,696		10,624,867
5.30%, 05/15/53 (Call 11/15/52)		13,745		13,388,455
5.55%, 03/15/54 (Call 09/15/53)		7,641		7,654,858


Security	Par (000)		Value

Oil & Gas (continued)
6.50%, 02/01/39	$	16,221	$	18,037,557
6.95%, 04/15/29		16,892		18,574,906
Continental Resources Inc./OK, 4.38%, 01/15/28 (Call 10/15/27)		13,189		12,408,777
Devon Energy Corp.
4.75%, 05/15/42 (Call 11/15/41)		15,240		12,704,777
5.00%, 06/15/45 (Call 12/15/44)^(a)		2,135		1,819,041
5.60%, 07/15/41 (Call 01/15/41)^(a)		18,984		17,606,546
Diamondback Energy Inc.
3.13%, 03/24/31 (Call 12/24/30)^(a)		12,236		10,517,609
3.25%, 12/01/26 (Call 10/01/26)		5,235		4,925,136
3.50%, 12/01/29 (Call 09/01/29)^(a)		12,246		11,069,601
4.25%, 03/15/52 (Call 09/15/51)^(a)		6,361		4,766,637
6.25%, 03/15/33 (Call 12/15/32)		13,530		13,977,245
EOG Resources Inc.
4.38%, 04/15/30 (Call 01/15/30)^(a)		5,807		5,637,264
4.95%, 04/15/50 (Call 10/15/49)^(a)		1,927		1,823,389
EQT Corp.
3.90%, 10/01/27 (Call 07/01/27)^(a)		15,787		14,757,111
7.00%, 02/01/30 (Call 11/01/29)^(a)		7,401		7,755,145
Equinor ASA
2.38%, 05/22/30 (Call 02/22/30)		2,435		2,092,282
3.13%, 04/06/30 (Call 01/06/30)^(a)		9,149		8,284,335
3.25%, 11/18/49 (Call 05/18/49)		4,895		3,480,489
3.63%, 09/10/28 (Call 06/10/28)^(a)		2,631		2,498,914
3.70%, 04/06/50 (Call 10/06/49)		7,508		5,789,676
3.95%, 05/15/43		6,658		5,564,202
4.80%, 11/08/43		2,740		2,527,172
5.10%, 08/17/40^(a)		6,683		6,516,520
Exxon Mobil Corp.
2.44%, 08/16/29 (Call 05/16/29)		13,480		11,892,079
2.61%, 10/15/30 (Call 07/15/30)		18,381		15,926,252
3.00%, 08/16/39 (Call 02/16/39)^(a)		9,611		7,394,687
3.10%, 08/16/49 (Call 02/16/49)		17,279		12,137,400
3.29%, 03/19/27 (Call 01/19/27)		11,616		11,085,623
3.45%, 04/15/51 (Call 10/15/50)^(a)		30,113		22,352,398
3.48%, 03/19/30 (Call 12/19/29)		18,202		16,850,622
3.57%, 03/06/45 (Call 09/06/44)^(a)		13,218		10,305,445
4.11%, 03/01/46 (Call 09/01/45)		27,572		23,407,382
4.23%, 03/19/40 (Call 09/19/39)		21,597		19,281,873
4.33%, 03/19/50 (Call 09/19/49)		28,825		24,942,532
Hess Corp.
4.30%, 04/01/27 (Call 01/01/27)^(a)		13,963		13,434,354
5.60%, 02/15/41^(a)		17,762		16,677,603
6.00%, 01/15/40		10,122		9,920,285
Marathon Oil Corp.
4.40%, 07/15/27 (Call 04/15/27)		13,619		12,986,979
6.60%, 10/01/37^(a)		14,278		14,383,420
Marathon Petroleum Corp.
4.75%, 09/15/44 (Call 03/15/44)^(a)		2,022		1,679,925
6.50%, 03/01/41 (Call 09/01/40)		19,088		19,478,558
Occidental Petroleum Corp.
6.13%, 01/01/31 (Call 07/01/30)^(a)		13,224		13,361,953
6.45%, 09/15/36^(a)		16,152		16,528,752
6.60%, 03/15/46 (Call 09/15/45)^(a)		10,055		10,325,873
6.63%, 09/01/30 (Call 03/01/30)^(a)		18,309		18,920,828
7.50%, 05/01/31^(a)		7,134		7,745,391
8.88%, 07/15/30 (Call 01/15/30)		6,088		6,979,588
Ovintiv Inc., 6.50%, 08/15/34^(a)		6,202		6,287,285


Security	Par (000)		Value

Oil & Gas (continued)
Phillips 66
2.15%, 12/15/30 (Call 09/15/30)^(a)	$	6,267	$	5,072,875
3.30%, 03/15/52 (Call 09/15/51)^(a)		4,234		2,821,771
3.90%, 03/15/28 (Call 12/15/27)^(a)		8,043		7,614,205
4.65%, 11/15/34 (Call 05/15/34)		6,983		6,545,970
4.88%, 11/15/44 (Call 05/15/44)		10,240		9,231,824
5.88%, 05/01/42^(a)		18,756		19,122,342
Phillips 66 Co., 4.95%, 12/01/27 (Call 11/01/27)^(a)		11,536		11,391,883
Pioneer Natural Resources Co.
1.90%, 08/15/30 (Call 05/15/30)^(a)		9,651		7,784,925
2.15%, 01/15/31 (Call 10/15/30)^(a)		7,812		6,334,242
Shell International Finance BV
2.38%, 11/07/29 (Call 08/07/29)^(a)		16,891		14,676,847
2.50%, 09/12/26		2,814		2,620,140
2.75%, 04/06/30 (Call 01/06/30)		16,547		14,588,406
3.00%, 11/26/51 (Call 05/26/51)		12,688		8,474,535
3.13%, 11/07/49 (Call 05/07/49)		14,803		10,284,090
3.25%, 04/06/50 (Call 10/06/49)^(a)		22,616		16,008,770
3.75%, 09/12/46		13,666		10,688,460
3.88%, 11/13/28 (Call 08/13/28)^(a)		13,958		13,387,183
4.00%, 05/10/46		23,794		19,472,079
4.13%, 05/11/35^(a)		12,304		11,210,483
4.38%, 05/11/45		30,282		26,181,947
4.55%, 08/12/43		14,520		12,991,950
5.50%, 03/25/40		11,391		11,608,886
6.38%, 12/15/38^(a)		30,134		33,170,522
Suncor Energy Inc.
3.75%, 03/04/51 (Call 09/04/50)^(a)		2,109		1,491,222
4.00%, 11/15/47 (Call 05/15/47)		3,869		2,880,260
6.50%, 06/15/38		17,389		17,777,507
6.80%, 05/15/38^(a)		13,633		14,221,704
6.85%, 06/01/39		10,001		10,439,269
TotalEnergies Capital International SA
2.83%, 01/10/30 (Call 10/10/29)^(a)		13,754		12,206,012
2.99%, 06/29/41 (Call 12/29/40)		6,779		4,960,013
3.13%, 05/29/50 (Call 11/29/49)^(a)		22,693		15,691,107
3.39%, 06/29/60 (Call 12/29/59)^(a)		7,701		5,326,782
3.45%, 02/19/29 (Call 11/19/28)^(a)		15,135		14,105,236
3.46%, 07/12/49 (Call 01/12/49)		8,546		6,345,380
TotalEnergies Capital SA, 3.88%, 10/11/28		13,729		13,094,923
Valero Energy Corp.
3.65%, 12/01/51 (Call 06/01/51)		5,286		3,605,639
6.63%, 06/15/37^(a)		19,462		20,662,062
7.50%, 04/15/32^(a)		9,238		10,353,654


				1,360,889,557

Oil & Gas Services — 0.3%
Baker Hughes Holdings LLC, 5.13%, 09/15/40^(a)		15,642		14,741,196
Baker Hughes Holdings LLC/Baker Hughes Co-Obligor Inc.
3.34%, 12/15/27 (Call 09/15/27)		16,762		15,556,765
4.08%, 12/15/47 (Call 06/15/47)		4,760		3,779,554
Halliburton Co.
2.92%, 03/01/30 (Call 12/01/29)^(a)		9,146		7,977,985
4.75%, 08/01/43 (Call 02/01/43)^(a)		10,467		9,042,522
4.85%, 11/15/35 (Call 05/15/35)		12,659		11,879,978
5.00%, 11/15/45 (Call 05/15/45)^(a)		18,200		16,376,282
6.70%, 09/15/38^(a)		12,509		13,735,714
7.45%, 09/15/39^(a)		13,413		15,639,555


Security	Par (000)		Value

Oil & Gas Services (continued)
Schlumberger Investment SA, 2.65%, 06/26/30 (Call 03/26/30)^(a)	$	10,174	$	8,799,663


				117,529,214

Packaging & Containers — 0.0%
Amcor Flexibles North America Inc., 2.69%, 05/25/31 (Call 02/25/31)^(a)		8,233		6,702,822
WRKCo Inc., 4.90%, 03/15/29 (Call 12/15/28)^(a)		11,302		10,881,380


				17,584,202

Pharmaceuticals — 7.5%
AbbVie Inc.
2.95%, 11/21/26 (Call 09/21/26)^(a)		18,516		17,327,249
3.20%, 11/21/29 (Call 08/21/29)		55,408		49,957,958
4.05%, 11/21/39 (Call 05/21/39)		43,073		36,872,538
4.25%, 11/14/28 (Call 08/14/28)		21,729		21,012,145
4.25%, 11/21/49 (Call 05/21/49)^(a)		60,086		50,508,490
4.30%, 05/14/36 (Call 11/14/35)^(a)		7,043		6,430,308
4.40%, 11/06/42		29,610		25,794,879
4.45%, 05/14/46 (Call 11/14/45)		22,910		19,788,831
4.50%, 05/14/35 (Call 11/14/34)		20,405		19,206,312
4.55%, 03/15/35 (Call 09/15/34)^(a)		14,078		13,324,323
4.70%, 05/14/45 (Call 11/14/44)		30,696		27,522,773
4.75%, 03/15/45 (Call 09/15/44)		10,239		9,175,584
4.85%, 06/15/44 (Call 12/15/43)		12,418		11,347,655
4.88%, 11/14/48 (Call 05/14/48)^(a)		19,849		18,293,630
Astrazeneca Finance LLC
1.75%, 05/28/28 (Call 03/28/28)		14,218		12,333,317
2.25%, 05/28/31 (Call 02/28/31)^(a)		7,547		6,286,694
4.88%, 03/03/28 (Call 02/03/28)		11,931		11,888,917
AstraZeneca PLC
1.38%, 08/06/30 (Call 05/06/30)		12,772		10,154,191
3.00%, 05/28/51 (Call 11/28/50)		2,658		1,872,752
3.13%, 06/12/27 (Call 03/12/27)		7,543		7,060,573
4.00%, 01/17/29 (Call 10/17/28)		10,828		10,345,798
4.00%, 09/18/42^(a)		13,475		11,568,603
4.38%, 11/16/45		7,971		7,086,614
4.38%, 08/17/48 (Call 02/17/48)		2,177		1,943,847
6.45%, 09/15/37		34,821		39,176,623
Becton Dickinson and Co.
1.96%, 02/11/31 (Call 11/11/30)		10,462		8,414,165
2.82%, 05/20/30 (Call 02/20/30)		8,363		7,234,620
3.70%, 06/06/27 (Call 03/06/27)		20,621		19,554,195
4.67%, 06/06/47 (Call 12/06/46)		14,729		13,040,095
4.69%, 02/13/28 (Call 01/13/28)		11,289		11,083,396
4.69%, 12/15/44 (Call 06/15/44)^(a)		4,540		4,018,005
Bristol-Myers Squibb Co.
1.13%, 11/13/27 (Call 09/13/27)^(a)		11,038		9,577,955
1.45%, 11/13/30 (Call 08/13/30)		11,253		8,919,001
2.35%, 11/13/40 (Call 05/13/40)^(a)		11,573		7,797,316
2.55%, 11/13/50 (Call 05/13/50)		17,699		10,825,597
2.95%, 03/15/32 (Call 12/15/31)^(a)		17,369		15,059,524
3.40%, 07/26/29 (Call 04/26/29)^(a)		24,223		22,397,797
3.55%, 03/15/42 (Call 09/15/41)^(a)		14,104		11,202,070
3.70%, 03/15/52 (Call 09/15/51)^(a)		21,561		16,571,720
3.90%, 02/20/28 (Call 11/20/27)^(a)		13,943		13,377,261
3.90%, 03/15/62 (Call 09/15/61)		9,773		7,398,316
4.13%, 06/15/39 (Call 12/15/38)		21,520		19,009,516
4.25%, 10/26/49 (Call 04/26/49)		38,134		32,181,759
4.35%, 11/15/47 (Call 05/15/47)		13,197		11,373,259
4.55%, 02/20/48 (Call 08/20/47)		14,599		12,928,106


Security	Par (000)		Value

Pharmaceuticals (continued)
Cardinal Health Inc., 3.41%, 06/15/27 (Call 03/15/27)	$	11,062	$	10,359,431
Cencora Inc.
2.70%, 03/15/31 (Call 12/15/30)		10,292		8,661,226
3.45%, 12/15/27 (Call 09/15/27)^(a)		6,293		5,908,629
Cigna Group (The)
2.38%, 03/15/31 (Call 12/15/30)		14,978		12,326,916
2.40%, 03/15/30 (Call 12/15/29)		17,332		14,597,780
3.20%, 03/15/40 (Call 09/15/39)^(a)		10,093		7,504,926
3.40%, 03/01/27 (Call 12/01/26)		13,466		12,658,435
3.40%, 03/15/50 (Call 09/15/49)		13,941		9,738,964
3.40%, 03/15/51 (Call 09/15/50)^(a)		16,907		11,821,253
3.88%, 10/15/47 (Call 04/15/47)		10,658		8,114,145
4.38%, 10/15/28 (Call 07/15/28)		38,036		36,610,704
4.80%, 08/15/38 (Call 02/15/38)		19,460		17,899,843
4.80%, 07/15/46 (Call 01/16/46)		14,324		12,637,514
4.90%, 12/15/48 (Call 06/15/48)^(a)		30,570		27,274,844
5.40%, 03/15/33 (Call 12/15/32)		8,123		8,149,110
CVS Health Corp.
1.30%, 08/21/27 (Call 06/21/27)		22,539		19,399,829
1.75%, 08/21/30 (Call 05/21/30)		12,241		9,699,803
1.88%, 02/28/31 (Call 11/28/30)^(a)		14,360		11,254,630
2.13%, 09/15/31 (Call 06/15/31)^(a)		11,432		9,004,139
2.70%, 08/21/40 (Call 02/21/40)		13,171		8,821,916
3.25%, 08/15/29 (Call 05/15/29)		18,720		16,737,528
3.63%, 04/01/27 (Call 02/01/27)		8,527		8,075,289
3.75%, 04/01/30 (Call 01/01/30)		14,164		12,866,527
4.13%, 04/01/40 (Call 10/01/39)^(a)		10,819		8,782,810
4.25%, 04/01/50 (Call 10/01/49)		9,880		7,789,510
4.30%, 03/25/28 (Call 12/25/27)		49,906		47,916,907
4.78%, 03/25/38 (Call 09/25/37)		49,248		44,126,050
5.00%, 01/30/29 (Call 12/30/28)		12,549		12,354,902
5.05%, 03/25/48 (Call 09/25/47)		80,302		70,368,329
5.13%, 02/21/30 (Call 12/21/29)		14,068		13,800,445
5.13%, 07/20/45 (Call 01/20/45)		35,390		31,492,510
5.25%, 01/30/31 (Call 11/30/30)^(a)		8,358		8,300,787
5.25%, 02/21/33 (Call 11/21/32)^(a)		20,155		19,715,595
5.30%, 06/01/33 (Call 03/01/33)^(a)		13,625		13,332,507
5.30%, 12/05/43 (Call 06/05/43)		8,773		8,038,144
5.63%, 02/21/53 (Call 08/21/52)		14,014		13,256,326
5.88%, 06/01/53 (Call 12/01/52)		13,728		13,364,828
6.00%, 06/01/63 (Call 12/01/62)		8,924		8,728,918
Eli Lilly & Co.
2.25%, 05/15/50 (Call 11/15/49)^(a)		12,576		7,752,137
2.50%, 09/15/60 (Call 03/15/60)		4,891		2,912,247
3.38%, 03/15/29 (Call 12/15/28)		9,900		9,255,905
3.95%, 03/15/49 (Call 09/15/48)		4,910		4,228,971
4.70%, 02/27/33 (Call 11/27/32)		11,284		11,264,623
4.88%, 02/27/53 (Call 08/27/52)^(a)		12,529		12,320,241
4.95%, 02/27/63 (Call 08/27/62)		12,168		11,873,286
GlaxoSmithKline Capital Inc.
3.88%, 05/15/28		17,271		16,649,360
6.38%, 05/15/38^(a)		33,145		37,577,020
GlaxoSmithKline Capital PLC, 3.38%, 06/01/29 (Call 03/01/29)^(a)		9,454		8,793,242
Johnson & Johnson
0.95%, 09/01/27 (Call 07/01/27)^(a)		16,171		14,110,483
1.30%, 09/01/30 (Call 06/01/30)^(a)		16,069		13,043,392
2.10%, 09/01/40 (Call 03/01/40)^(a)		9,417		6,438,350
2.25%, 09/01/50 (Call 03/01/50)^(a)		9,115		5,738,768


Security	Par (000)		Value

Pharmaceuticals (continued)
2.45%, 09/01/60 (Call 03/01/60)^(a)	$	10,563	$	6,476,294
2.90%, 01/15/28 (Call 10/15/27)^(a)		16,489		15,457,468
2.95%, 03/03/27 (Call 12/03/26)^(a)		10,459		9,908,899
3.40%, 01/15/38 (Call 07/15/37)		7,203		6,107,021
3.50%, 01/15/48 (Call 07/15/47)^(a)		6,164		5,006,300
3.55%, 03/01/36 (Call 09/01/35)		6,549		5,768,386
3.63%, 03/03/37 (Call 09/03/36)		14,308		12,660,032
3.70%, 03/01/46 (Call 09/01/45)		17,764		14,740,564
3.75%, 03/03/47 (Call 09/03/46)		9,163		7,740,789
4.38%, 12/05/33 (Call 06/05/33)		6,014		5,938,337
5.95%, 08/15/37		10,443		11,539,710
Merck & Co. Inc.
1.45%, 06/24/30 (Call 03/24/30)		13,695		11,058,514
1.70%, 06/10/27 (Call 05/10/27)		13,440		12,040,106
1.90%, 12/10/28 (Call 10/10/28)^(a)		8,872		7,708,507
2.15%, 12/10/31 (Call 09/10/31)^(a)		25,191		20,579,014
2.35%, 06/24/40 (Call 12/24/39)		11,648		8,120,930
2.45%, 06/24/50 (Call 12/24/49)		14,039		8,718,905
2.75%, 12/10/51 (Call 06/10/51)^(a)		21,308		13,979,375
2.90%, 12/10/61 (Call 06/10/61)^(a)		14,156		8,857,258
3.40%, 03/07/29 (Call 12/07/28)		16,904		15,747,548
3.70%, 02/10/45 (Call 08/10/44)		19,042		15,516,332
3.90%, 03/07/39 (Call 09/07/38)^(a)		11,709		10,241,154
4.00%, 03/07/49 (Call 09/07/48)		16,309		13,760,883
4.15%, 05/18/43^(a)		16,051		14,109,108
4.30%, 05/17/30 (Call 03/17/30)		7,794		7,530,271
4.50%, 05/17/33 (Call 02/17/33)^(a)		10,735		10,458,968
4.90%, 05/17/44 (Call 11/17/43)		9,470		9,166,564
5.00%, 05/17/53 (Call 11/17/52)		17,370		16,952,924
5.15%, 05/17/63 (Call 11/17/62)		11,514		11,231,967
Mylan Inc.
4.55%, 04/15/28 (Call 01/15/28)		7,732		7,283,584
5.20%, 04/15/48 (Call 10/15/47)^(a)		9,348		7,244,764
Novartis Capital Corp.
2.00%, 02/14/27 (Call 12/14/26)		9,968		9,107,127
2.20%, 08/14/30 (Call 05/14/30)		15,652		13,330,331
2.75%, 08/14/50 (Call 02/14/50)^(a)		7,420		5,075,702
3.10%, 05/17/27 (Call 02/17/27)		12,609		11,927,180
4.00%, 11/20/45 (Call 05/20/45)		7,398		6,363,981
4.40%, 05/06/44		16,072		14,827,653
Pfizer Inc.
1.70%, 05/28/30 (Call 02/28/30)		14,909		12,266,878
1.75%, 08/18/31 (Call 05/18/31)		12,380		9,944,816
2.55%, 05/28/40 (Call 11/28/39)		17,003		12,200,844
2.63%, 04/01/30 (Call 01/01/30)		11,510		10,099,749
2.70%, 05/28/50 (Call 11/28/49)^(a)		19,140		12,960,586
3.00%, 12/15/26^(a)		7,692		7,288,707
3.45%, 03/15/29 (Call 12/15/28)		19,399		18,227,489
3.60%, 09/15/28 (Call 06/15/28)^(a)		13,373		12,742,315
3.90%, 03/15/39 (Call 09/15/38)		11,968		10,355,643
4.00%, 12/15/36		1,977		1,788,079
4.00%, 03/15/49 (Call 09/15/48)^(a)		19,227		16,469,666
4.13%, 12/15/46		15,191		13,140,323
4.20%, 09/15/48 (Call 03/15/48)^(a)		13,305		11,741,890
4.30%, 06/15/43		15,007		13,473,104
4.40%, 05/15/44^(a)		16,547		15,037,445
7.20%, 03/15/39		34,205		41,217,644
Pfizer Investment Enterprises Pte Ltd.
4.45%, 05/19/28 (Call 04/19/28)		39,035		38,284,993
4.65%, 05/19/30 (Call 03/19/30)		764		752,401


Security	Par (000)		Value

Pharmaceuticals (continued)
4.75%, 05/19/33 (Call 02/19/33)	$	53,732	$	52,848,318
5.11%, 05/19/43 (Call 11/19/42)		10,369		10,097,704
5.30%, 05/19/53 (Call 11/19/52)		100,616		100,302,631
5.34%, 05/19/63 (Call 11/19/62)		9,943		9,780,465
Shire Acquisitions Investments Ireland DAC, 3.20%, 09/23/26 (Call 06/23/26)		3,155		2,963,131
Takeda Pharmaceutical Co. Ltd.
2.05%, 03/31/30 (Call 12/31/29)		24,426		20,097,559
3.03%, 07/09/40 (Call 01/09/40)^(a)		11,675		8,477,485
3.18%, 07/09/50 (Call 01/09/50)^(a)		17,454		11,714,215
3.38%, 07/09/60 (Call 01/09/60)^(a)		9,935		6,456,012
5.00%, 11/26/28 (Call 08/26/28)^(a)		18,819		18,655,139
Utah Acquisition Sub Inc., 5.25%, 06/15/46 (Call 12/15/45)		9,321		7,349,713
Viatris Inc.
2.30%, 06/22/27 (Call 04/22/27)		10,082		8,837,989
2.70%, 06/22/30 (Call 03/22/30)^(a)		14,972		12,139,492
3.85%, 06/22/40 (Call 12/22/39)^(a)		14,343		9,986,163
4.00%, 06/22/50 (Call 12/22/49)^(a)		20,181		13,369,477
Wyeth LLC
5.95%, 04/01/37		28,176		30,226,520
6.50%, 02/01/34		12,246		13,677,894
Zoetis Inc.
2.00%, 05/15/30 (Call 02/15/30)		7,913		6,519,089
3.00%, 09/12/27 (Call 06/12/27)^(a)		6,543		6,089,151
4.70%, 02/01/43 (Call 08/01/42)		7,998		7,219,367
5.60%, 11/16/32 (Call 08/16/32)^(a)		8,161		8,413,140


				2,507,189,927

Pipelines — 3.7%
Cheniere Corpus Christi Holdings LLC
3.70%, 11/15/29 (Call 05/18/29)^(a)		13,668		12,445,190
5.13%, 06/30/27 (Call 01/01/27)		18,584		18,388,829
Cheniere Energy Inc., 4.63%, 10/15/28 (Call 10/15/23)		17,270		16,257,978
Cheniere Energy Partners LP
3.25%, 01/31/32 (Call 01/31/27)^(a)		11,145		9,174,118
4.00%, 03/01/31 (Call 03/01/26)		13,537		11,958,893
4.50%, 10/01/29 (Call 10/01/24)		12,564		11,604,110
5.95%, 06/30/33 (Call 12/30/32)^(a)(c)		13,551		13,538,480
Enbridge Inc.
2.50%, 08/01/33 (Call 05/01/33)^(a)		9,842		7,642,707
3.13%, 11/15/29 (Call 08/15/29)^(a)		9,805		8,666,635
3.40%, 08/01/51 (Call 02/01/51)^(a)		9,579		6,414,457
4.25%, 12/01/26 (Call 09/01/26)		5,796		5,588,307
5.50%, 12/01/46 (Call 06/01/46)^(a)		2,365		2,193,524
5.70%, 03/08/33 (Call 12/08/32)^(a)		22,195		22,200,666
Energy Transfer LP
3.75%, 05/15/30 (Call 02/15/30)		14,028		12,541,164
4.00%, 10/01/27 (Call 07/01/27)		9,128		8,575,491
4.95%, 05/15/28 (Call 02/15/28)		8,457		8,218,985
4.95%, 06/15/28 (Call 03/15/28)		10,235		9,915,444
5.00%, 05/15/50 (Call 11/15/49)^(a)		21,915		18,009,863
5.15%, 03/15/45 (Call 09/15/44)		11,229		9,419,440
5.25%, 04/15/29 (Call 01/15/29)		13,302		12,990,768
5.30%, 04/15/47 (Call 10/15/46)		9,335		7,925,433
5.35%, 05/15/45 (Call 11/15/44)		9,087		7,766,292
5.40%, 10/01/47 (Call 04/01/47)		15,538		13,354,445
5.50%, 06/01/27 (Call 03/01/27)		11,726		11,661,479
5.55%, 02/15/28 (Call 01/15/28)^(a)		11,541		11,501,156
5.75%, 02/15/33 (Call 11/15/32)^(a)		15,700		15,614,583


Security	Par (000)		Value

Pipelines (continued)
6.00%, 06/15/48 (Call 12/15/47)	$	10,723	$	9,896,967
6.13%, 12/15/45 (Call 06/15/45)		10,705		10,037,015
6.25%, 04/15/49 (Call 10/15/48)^(a)		17,676		16,875,928
6.50%, 02/01/42 (Call 08/01/41)^(a)		10,311		10,253,734
Enterprise Products Operating LLC
2.80%, 01/31/30 (Call 10/31/29)		10,677		9,262,815
3.13%, 07/31/29 (Call 04/30/29)		12,304		11,034,267
3.20%, 02/15/52 (Call 08/15/51)^(a)		10,468		7,043,778
3.30%, 02/15/53 (Call 08/15/52)^(a)		12,967		8,843,564
3.70%, 01/31/51 (Call 07/31/50)		10,926		7,998,229
3.95%, 01/31/60 (Call 07/31/59)		11,390		8,407,232
4.15%, 10/16/28 (Call 07/16/28)		10,577		10,107,132
4.20%, 01/31/50 (Call 07/31/49)		13,812		11,019,205
4.25%, 02/15/48 (Call 08/15/47)		14,091		11,475,913
4.45%, 02/15/43 (Call 08/15/42)		12,997		11,013,027
4.80%, 02/01/49 (Call 08/01/48)		13,637		11,938,707
4.85%, 08/15/42 (Call 02/15/42)		9,019		8,087,453
4.85%, 03/15/44 (Call 09/15/43)		15,519		13,838,095
4.90%, 05/15/46 (Call 11/15/45)^(a)		10,244		9,094,675
5.10%, 02/15/45 (Call 08/15/44)		12,251		11,256,793
5.35%, 01/31/33 (Call 10/31/32)^(a)		8,703		8,731,051
5.95%, 02/01/41^(a)		9,363		9,525,476
Kinder Morgan Energy Partners LP
5.50%, 03/01/44 (Call 09/01/43)		7,682		6,850,774
6.95%, 01/15/38^(a)		17,038		18,227,879
Kinder Morgan Inc.
2.00%, 02/15/31 (Call 11/15/30)^(a)		3,640		2,861,079
3.60%, 02/15/51 (Call 08/15/50)		11,201		7,523,242
4.30%, 03/01/28 (Call 12/01/27)		15,896		15,144,569
4.80%, 02/01/33 (Call 11/01/32)^(a)		6,790		6,324,391
5.05%, 02/15/46 (Call 08/15/45)		8,605		7,238,617
5.20%, 06/01/33 (Call 03/01/33)^(a)		13,430		12,867,400
5.20%, 03/01/48 (Call 09/01/47)		6,976		6,009,303
5.30%, 12/01/34 (Call 06/01/34)		2,071		1,970,388
5.45%, 08/01/52 (Call 02/01/52)^(a)		8,445		7,533,192
5.55%, 06/01/45 (Call 12/01/44)^(a)		19,710		17,882,043
7.75%, 01/15/32		14,395		16,057,687
Magellan Midstream Partners LP, 3.95%, 03/01/50 (Call 09/01/49)		6,386		4,501,753
MPLX LP
2.65%, 08/15/30 (Call 05/15/30)		14,980		12,427,197
4.00%, 03/15/28 (Call 12/15/27)^(a)		14,153		13,291,555
4.13%, 03/01/27 (Call 12/01/26)		13,845		13,272,113
4.50%, 04/15/38 (Call 10/15/37)		14,818		12,518,015
4.70%, 04/15/48 (Call 10/15/47)		15,829		12,692,447
4.80%, 02/15/29 (Call 11/15/28)		7,187		6,933,607
4.95%, 09/01/32 (Call 06/01/32)		11,615		10,968,125
4.95%, 03/14/52 (Call 09/14/51)		15,432		12,710,723
5.00%, 03/01/33 (Call 12/01/32)		10,804		10,200,641
5.20%, 03/01/47 (Call 09/01/46)		10,117		8,698,000
5.50%, 02/15/49 (Call 08/15/48)		15,856		14,113,730
ONEOK Inc.
3.10%, 03/15/30 (Call 12/15/29)		5,200		4,462,863
3.40%, 09/01/29 (Call 06/01/29)		4,412		3,899,729
4.55%, 07/15/28 (Call 04/15/28)		5,830		5,559,022
5.20%, 07/15/48 (Call 01/15/48)		6,871		5,874,670
5.55%, 11/01/26 (Call 10/01/26)		10,475		10,474,988
5.65%, 11/01/28 (Call 10/01/28)		10,475		10,486,845
6.05%, 09/01/33 (Call 06/01/33)		10,525		10,590,845
6.10%, 11/15/32 (Call 08/15/32)		5,958		6,058,687


Security	Par (000)		Value

Pipelines (continued)
6.63%, 09/01/53 (Call 03/01/53)^(a)	$	15,115	$	15,251,667
Plains All American Pipeline LP/PAA Finance Corp.
3.55%, 12/15/29 (Call 09/15/29)^(a)		10,404		9,157,759
3.80%, 09/15/30 (Call 06/15/30)		7,038		6,231,725
4.50%, 12/15/26 (Call 09/15/26)		6,255		6,049,988
Sabine Pass Liquefaction LLC
4.20%, 03/15/28 (Call 09/15/27)		15,690		14,845,674
4.50%, 05/15/30 (Call 11/15/29)^(a)		19,941		18,760,240
5.00%, 03/15/27 (Call 09/15/26)		16,796		16,511,647
Targa Resources Corp.
4.00%, 01/15/32 (Call 07/15/26)		11,291		9,772,567
4.20%, 02/01/33 (Call 11/01/32)^(a)		9,243		8,157,552
4.88%, 02/01/31 (Call 02/01/26)		10,335		9,512,185
4.95%, 04/15/52 (Call 10/15/51)		6,250		5,070,187
5.20%, 07/01/27 (Call 06/01/27)^(a)		7,922		7,848,405
5.50%, 03/01/30 (Call 03/01/25)		8,693		8,349,762
6.13%, 03/15/33 (Call 12/15/32)^(a)		10,239		10,416,730
6.50%, 07/15/27 (Call 10/02/23)		12,593		12,665,410
6.50%, 02/15/53 (Call 08/15/52)		6,234		6,225,759
TransCanada PipeLines Ltd.
2.50%, 10/12/31 (Call 07/12/31)^(a)		10,845		8,636,620
4.10%, 04/15/30 (Call 01/15/30)		12,698		11,634,885
4.25%, 05/15/28 (Call 02/15/28)^(a)		18,679		17,796,356
4.63%, 03/01/34 (Call 12/01/33)		8,262		7,472,701
4.88%, 05/15/48 (Call 11/15/47)		3,891		3,303,579
5.10%, 03/15/49 (Call 09/15/48)^(a)		5,777		5,065,504
6.10%, 06/01/40^(a)		12,745		12,614,085
6.20%, 10/15/37		18,621		18,823,576
7.63%, 01/15/39^(a)		17,342		19,682,379
Western Midstream Operating LP
4.05%, 02/01/30 (Call 11/01/29)^(a)		13,577		12,128,507
5.25%, 02/01/50 (Call 08/01/49)		11,126		9,034,312
6.15%, 04/01/33 (Call 01/01/33)^(a)		6,781		6,761,391
Williams Companies Inc. (The)
2.60%, 03/15/31 (Call 12/15/30)		17,478		14,354,926
3.50%, 11/15/30 (Call 08/15/30)^(a)		12,496		11,073,617
3.75%, 06/15/27 (Call 03/15/27)^(a)		18,877		17,775,765
4.65%, 08/15/32 (Call 05/15/32)^(a)		9,599		9,020,843
4.85%, 03/01/48 (Call 09/01/47)^(a)		4,727		4,030,531
5.10%, 09/15/45 (Call 03/15/45)		6,342		5,569,538
5.30%, 08/15/28 (Call 07/15/28)		570		567,305
5.30%, 08/15/52 (Call 02/15/52)^(a)		8,842		7,958,034
5.65%, 03/15/33 (Call 12/15/32)^(a)		8,023		8,071,014
6.30%, 04/15/40^(a)		15,018		15,361,029


				1,217,099,366

Real Estate — 0.0%
CBRE Services Inc., 5.95%, 08/15/34 (Call 05/15/34)		7,908		7,826,066


Real Estate Investment Trusts — 1.9%
Alexandria Real Estate Equities Inc.
1.88%, 02/01/33 (Call 11/01/32)		8,504		6,279,177
2.00%, 05/18/32 (Call 02/18/32)^(a)		15,806		11,992,829
2.95%, 03/15/34 (Call 12/15/33)^(a)		13,668		10,811,708
3.00%, 05/18/51 (Call 11/18/50)^(a)		4,192		2,520,918
3.38%, 08/15/31 (Call 05/15/31)		2,912		2,510,347
3.55%, 03/15/52 (Call 09/15/51)		11,485		7,818,181
American Tower Corp.
1.88%, 10/15/30 (Call 07/15/30)		5,368		4,183,744
2.10%, 06/15/30 (Call 03/15/30)		5,894		4,708,678


Security	Par (000)		Value

Real Estate Investment Trusts (continued)
2.75%, 01/15/27 (Call 11/15/26)^(a)	$	9,066	$	8,282,914
2.90%, 01/15/30 (Call 10/15/29)		6,312		5,383,528
2.95%, 01/15/51 (Call 07/15/50)^(a)		8,694		5,262,727
3.10%, 06/15/50 (Call 12/15/49)^(a)		6,531		4,080,903
3.38%, 10/15/26 (Call 07/15/26)^(a)		5,705		5,341,726
3.55%, 07/15/27 (Call 04/15/27)		11,351		10,530,429
3.80%, 08/15/29 (Call 05/15/29)^(a)		18,447		16,774,872
5.55%, 07/15/33 (Call 04/15/33)		9,192		9,091,886
5.65%, 03/15/33 (Call 12/15/32)^(a)		8,228		8,195,591
Boston Properties LP
2.45%, 10/01/33 (Call 07/01/33)^(a)		14,237		10,064,150
2.55%, 04/01/32 (Call 01/01/32)^(a)		11,628		8,714,269
2.75%, 10/01/26 (Call 07/01/26)		5,331		4,808,620
3.25%, 01/30/31 (Call 10/30/30)		11,834		9,649,050
3.40%, 06/21/29 (Call 03/21/29)		14,813		12,671,698
4.50%, 12/01/28 (Call 09/01/28)		14,469		13,370,739
6.50%, 01/15/34 (Call 10/15/33)^(a)		6,491		6,476,606
6.75%, 12/01/27 (Call 11/01/27)		6,834		6,986,024
Brixmor Operating Partnership LP
4.05%, 07/01/30 (Call 04/01/30)^(a)		7,609		6,884,562
4.13%, 05/15/29 (Call 02/15/29)		8,048		7,322,576
Crown Castle Inc.
2.90%, 04/01/41 (Call 10/01/40)^(a)		1,935		1,303,820
3.25%, 01/15/51 (Call 07/15/50)^(a)		8,839		5,733,441
5.00%, 01/11/28 (Call 12/11/27)^(a)		15,473		15,186,759
5.10%, 05/01/33		7,494		7,203,596
Crown Castle International Corp.
2.10%, 04/01/31 (Call 01/01/31)^(a)		9,263		7,287,311
2.25%, 01/15/31 (Call 10/15/30)^(a)		10,990		8,825,512
2.50%, 07/15/31 (Call 04/15/31)^(a)		7,534		6,070,602
2.90%, 03/15/27 (Call 02/15/27)		14,720		13,515,651
3.30%, 07/01/30 (Call 04/01/30)^(a)		6,630		5,770,659
3.65%, 09/01/27 (Call 06/01/27)		17,535		16,349,476
3.80%, 02/15/28 (Call 11/15/27)		15,537		14,444,095
Digital Realty Trust LP
3.60%, 07/01/29 (Call 04/01/29)^(a)		8,331		7,515,168
3.70%, 08/15/27 (Call 05/15/27)		10,304		9,594,687
5.55%, 01/15/28 (Call 12/15/27)^(a)		9,822		9,793,855
Equinix Inc.
2.15%, 07/15/30 (Call 04/15/30)		6,399		5,166,256
2.50%, 05/15/31 (Call 02/15/31)		15,370		12,453,017
3.20%, 11/18/29 (Call 08/18/29)^(a)		15,832		13,884,833
3.90%, 04/15/32 (Call 01/15/32)		16,043		14,285,998
ERP Operating LP, 4.50%, 07/01/44 (Call 01/01/44)^(a)		6,156		5,214,533
GLP Capital LP/GLP Financing II Inc.
3.25%, 01/15/32 (Call 10/15/31)		4,322		3,483,414
5.30%, 01/15/29 (Call 10/15/28)		9,589		9,073,570
Healthcare Realty Holdings LP, 2.00%, 03/15/31 (Call 12/15/30)^(a)		9,970		7,680,127
Healthpeak Properties Inc., 3.00%, 01/15/30 (Call 10/15/29)^(a)		7,225		6,255,294
Healthpeak Properties Interim Inc., 5.25%, 12/15/32 (Call 09/15/32)^(a)		8,151		7,873,767
Prologis LP
1.25%, 10/15/30 (Call 07/15/30)^(a)		14,716		11,299,916
2.25%, 04/15/30 (Call 01/15/30)		10,517		8,835,649
4.75%, 06/15/33 (Call 03/15/33)^(a)		2,493		2,390,063
4.88%, 06/15/28 (Call 05/15/28)		7,580		7,499,881
5.13%, 01/15/34 (Call 10/15/33)^(a)		7,166		7,057,907


Security	Par (000)		Value

Real Estate Investment Trusts (continued)
5.25%, 06/15/53 (Call 12/15/52)	$	9,613	$	9,164,970
Realty Income Corp.
3.25%, 01/15/31 (Call 10/15/30)		10,625		9,193,474
5.63%, 10/13/32 (Call 07/13/32)^(a)		7,969		7,970,948
Simon Property Group LP
1.75%, 02/01/28 (Call 11/01/27)^(a)		8,332		7,149,484
2.45%, 09/13/29 (Call 06/13/29)^(a)		12,913		10,936,829
2.65%, 07/15/30 (Call 04/15/30)^(a)		7,359		6,195,777
3.25%, 11/30/26 (Call 08/30/26)^(a)		6,340		5,950,564
3.25%, 09/13/49 (Call 03/13/49)^(a)		12,009		7,846,505
3.38%, 06/15/27 (Call 03/15/27)		6,022		5,610,738
3.38%, 12/01/27 (Call 09/01/27)^(a)		8,141		7,533,147
3.80%, 07/15/50 (Call 01/15/50)^(a)		7,228		5,210,204
Ventas Realty LP, 4.40%, 01/15/29 (Call 10/15/28)^(a)		7,494		7,038,850
VICI Properties LP
4.75%, 02/15/28 (Call 01/15/28)		7,610		7,248,411
4.95%, 02/15/30 (Call 12/15/29)^(a)		12,041		11,328,742
5.13%, 05/15/32 (Call 02/15/32)^(a)		13,857		12,867,339
5.63%, 05/15/52 (Call 11/15/51)		5,198		4,577,249
Welltower OP LLC
2.80%, 06/01/31 (Call 03/01/31)		8,655		7,132,530
3.10%, 01/15/30 (Call 10/15/29)		7,439		6,459,499
4.25%, 04/15/28 (Call 01/15/28)^(a)		8,992		8,509,797
Weyerhaeuser Co.
4.00%, 11/15/29 (Call 08/15/29)		9,435		8,663,511
4.00%, 04/15/30 (Call 01/15/30)^(a)		8,859		8,101,403


				626,457,280

Retail — 3.2%
AutoZone Inc.
4.00%, 04/15/30 (Call 01/15/30)^(a)		11,139		10,312,249
4.75%, 08/01/32 (Call 05/01/32)^(a)		4,952		4,739,665
Costco Wholesale Corp.
1.38%, 06/20/27 (Call 04/20/27)		10,267		9,079,987
1.60%, 04/20/30 (Call 01/20/30)		21,396		17,646,028
1.75%, 04/20/32 (Call 01/20/32)^(a)		6,010		4,769,844
3.00%, 05/18/27 (Call 02/18/27)^(a)		8,376		7,916,054
Dollar General Corp.
3.50%, 04/03/30 (Call 01/03/30)^(a)		13,065		11,607,470
5.45%, 07/05/33 (Call 04/05/33)^(a)		10,707		10,405,590
Dollar Tree Inc.
2.65%, 12/01/31 (Call 09/01/31)		4,707		3,797,487
4.20%, 05/15/28 (Call 02/15/28)		8,787		8,351,077
Home Depot Inc. (The)
1.38%, 03/15/31 (Call 12/15/30)		10,959		8,575,804
1.50%, 09/15/28 (Call 07/15/28)		12,490		10,683,327
1.88%, 09/15/31 (Call 06/15/31)^(a)		9,266		7,453,196
2.13%, 09/15/26 (Call 06/15/26)^(a)		2,761		2,542,794
2.38%, 03/15/51 (Call 09/15/50)		12,839		7,624,820
2.50%, 04/15/27 (Call 02/15/27)^(a)		6,982		6,455,274
2.70%, 04/15/30 (Call 01/15/30)^(a)		15,261		13,407,759
2.75%, 09/15/51 (Call 03/15/51)^(a)		12,716		8,184,110
2.80%, 09/14/27 (Call 06/14/27)^(a)		10,566		9,823,581
2.88%, 04/15/27 (Call 03/15/27)^(a)		7,976		7,497,350
2.95%, 06/15/29 (Call 03/15/29)^(a)		18,478		16,782,520
3.13%, 12/15/49 (Call 06/15/49)^(a)		15,533		10,855,088
3.25%, 04/15/32 (Call 01/15/32)^(a)		11,159		9,897,621
3.30%, 04/15/40 (Call 10/15/39)		14,724		11,588,175
3.35%, 04/15/50 (Call 10/15/49)		16,732		12,210,652
3.50%, 09/15/56 (Call 03/15/56)^(a)		2,132		1,558,577


Security	Par (000)		Value

Retail (continued)
3.63%, 04/15/52 (Call 10/15/51)^(a)	$	16,043	$	12,148,940
3.90%, 12/06/28 (Call 09/06/28)^(a)		11,762		11,309,168
3.90%, 06/15/47 (Call 12/15/46)		13,922		11,316,984
4.20%, 04/01/43 (Call 10/01/42)^(a)		12,846		11,191,911
4.25%, 04/01/46 (Call 10/01/45)		17,222		14,741,169
4.40%, 03/15/45 (Call 09/15/44)^(a)		12,255		10,725,523
4.50%, 09/15/32 (Call 06/15/32)^(a)		11,578		11,301,129
4.50%, 12/06/48 (Call 06/06/48)		16,660		14,848,237
4.88%, 02/15/44 (Call 08/15/43)		11,937		11,248,454
4.95%, 09/15/52 (Call 03/15/52)^(a)		11,062		10,535,855
5.88%, 12/16/36^(a)		31,728		34,019,368
5.95%, 04/01/41 (Call 10/01/40)		11,676		12,457,154
Lowe’s Companies Inc.
1.30%, 04/15/28 (Call 02/15/28)^(a)		12,780		10,812,280
1.70%, 09/15/28 (Call 07/15/28)^(a)		12,626		10,750,353
1.70%, 10/15/30 (Call 07/15/30)^(a)		16,062		12,758,813
2.63%, 04/01/31 (Call 01/01/31)^(a)		13,270		11,122,690
2.80%, 09/15/41 (Call 03/15/41)		13,857		9,508,593
3.00%, 10/15/50 (Call 04/15/50)^(a)		20,193		12,808,719
3.10%, 05/03/27 (Call 02/03/27)^(a)		17,043		15,872,930
3.35%, 04/01/27 (Call 03/01/27)^(a)		9,213		8,674,323
3.65%, 04/05/29 (Call 01/05/29)^(a)		14,551		13,504,585
3.70%, 04/15/46 (Call 10/15/45)		15,139		11,294,029
3.75%, 04/01/32 (Call 01/01/32)^(a)		13,411		12,039,166
4.05%, 05/03/47 (Call 11/03/46)		16,923		13,226,540
4.25%, 04/01/52 (Call 10/01/51)		17,811		14,061,667
4.45%, 04/01/62 (Call 10/01/61)		10,842		8,453,898
4.50%, 04/15/30 (Call 01/15/30)^(a)		13,867		13,341,915
5.00%, 04/15/33 (Call 01/15/33)^(a)		13,181		12,879,423
5.15%, 07/01/33 (Call 04/01/33)^(a)		8,904		8,798,786
5.63%, 04/15/53 (Call 10/15/52)^(a)		16,623		16,120,563
5.80%, 09/15/62 (Call 03/15/62)		6,126		5,928,577
McDonald’s Corp.
2.13%, 03/01/30 (Call 12/01/29)		10,955		9,237,449
2.63%, 09/01/29 (Call 06/01/29)^(a)		11,422		10,114,748
3.50%, 03/01/27 (Call 12/01/26)^(a)		6,302		5,996,847
3.50%, 07/01/27 (Call 05/01/27)^(a)		9,096		8,634,469
3.60%, 07/01/30 (Call 04/01/30)		10,029		9,227,087
3.63%, 09/01/49 (Call 03/01/49)		21,277		15,984,785
3.80%, 04/01/28 (Call 01/01/28)^(a)		9,008		8,605,324
4.20%, 04/01/50 (Call 10/01/49)		7,577		6,281,582
4.45%, 03/01/47 (Call 09/01/46)		10,930		9,458,343
4.45%, 09/01/48 (Call 03/01/48)		8,012		6,942,687
4.60%, 09/09/32 (Call 06/09/32)^(a)		3,266		3,186,566
4.70%, 12/09/35 (Call 06/09/35)		1,630		1,555,102
4.88%, 12/09/45 (Call 06/09/45)		18,539		17,106,386
5.15%, 09/09/52 (Call 03/09/52)^(a)		7,790		7,460,695
5.45%, 08/14/53 (Call 02/14/53)		7,850		7,838,497
6.30%, 10/15/37		11,800		12,786,777
6.30%, 03/01/38		10,444		11,323,330
O’Reilly Automotive Inc.
3.60%, 09/01/27 (Call 06/01/27)^(a)		2,146		2,033,385
4.70%, 06/15/32 (Call 03/15/32)^(a)		8,459		8,067,739
Starbucks Corp.
2.25%, 03/12/30 (Call 12/12/29)^(a)		9,095		7,660,890
2.55%, 11/15/30 (Call 08/15/30)^(a)		11,401		9,669,239
3.00%, 02/14/32 (Call 11/14/31)^(a)		6,935		5,951,402
3.50%, 11/15/50 (Call 05/15/50)		13,722		9,938,368
3.55%, 08/15/29 (Call 05/15/29)^(a)		11,121		10,308,035
4.00%, 11/15/28 (Call 08/15/28)^(a)		10,239		9,807,212


Security	Par (000)		Value

Retail (continued)
4.45%, 08/15/49 (Call 02/15/49)^(a)	$	10,150	$	8,619,510
4.50%, 11/15/48 (Call 05/15/48)		9,012		7,691,308
Target Corp.
1.95%, 01/15/27 (Call 12/15/26)^(a)		3,918		3,576,076
2.35%, 02/15/30 (Call 11/15/29)^(a)		9,604		8,266,551
2.95%, 01/15/52 (Call 07/15/51)		6,691		4,452,552
3.38%, 04/15/29 (Call 01/15/29)^(a)		12,529		11,730,017
4.00%, 07/01/42^(a)		14,707		12,777,562
4.50%, 09/15/32 (Call 06/15/32)^(a)		8,434		8,138,088
4.80%, 01/15/53 (Call 07/15/52)^(a)		10,100		9,265,587
TJX Companies Inc. (The), 2.25%, 09/15/26 (Call 06/15/26)		2,417		2,229,775
Walgreens Boots Alliance Inc.
4.10%, 04/15/50 (Call 10/15/49)		2,341		1,599,442
4.80%, 11/18/44 (Call 05/18/44)^(a)		5,533		4,323,497
Walmart Inc.
2.50%, 09/22/41 (Call 03/22/41)		11,713		8,346,288
2.65%, 09/22/51 (Call 03/22/51)^(a)		17,766		11,970,354
3.70%, 06/26/28 (Call 03/26/28)^(a)		15,436		14,879,674
3.90%, 04/15/28 (Call 03/15/28)^(a)		9,427		9,133,900
4.05%, 06/29/48 (Call 12/29/47)		17,153		15,082,918
4.10%, 04/15/33		11,350		10,794,354
4.15%, 09/09/32 (Call 06/09/32)^(a)		5,191		5,030,280
4.50%, 09/09/52 (Call 03/09/52)		10,347		9,623,463
4.50%, 04/15/53		18,120		16,822,059
5.25%, 09/01/35		17,955		18,761,759
6.20%, 04/15/38^(a)		9,509		10,706,963
6.50%, 08/15/37		7,233		8,329,775


				1,058,896,537

Semiconductors — 3.5%
Analog Devices Inc.
1.70%, 10/01/28 (Call 08/01/28)		11,005		9,439,947
2.10%, 10/01/31 (Call 07/01/31)		10,539		8,609,093
2.80%, 10/01/41 (Call 04/01/41)		1,710		1,217,865
2.95%, 10/01/51 (Call 04/01/51)		6,050		4,064,515
3.50%, 12/05/26 (Call 09/05/26)^(a)		2,210		2,116,321
Applied Materials Inc.
1.75%, 06/01/30 (Call 03/01/30)		11,520		9,489,201
2.75%, 06/01/50 (Call 12/01/49)^(a)		1,767		1,197,763
3.30%, 04/01/27 (Call 01/01/27)		7,014		6,659,214
4.35%, 04/01/47 (Call 10/01/46)		2,473		2,222,461
Broadcom Corp./Broadcom Cayman Finance Ltd.
3.50%, 01/15/28 (Call 10/15/27)		11,850		10,936,611
3.88%, 01/15/27 (Call 10/15/26)		13,642		12,957,573
Broadcom Inc.
1.95%, 02/15/28 (Call 12/15/27)^(a)(c)		9,659		8,382,934
2.45%, 02/15/31 (Call 11/15/30)^(c)		31,028		25,025,633
2.60%, 02/15/33 (Call 11/15/32)^(c)		20,894		16,147,633
3.14%, 11/15/35 (Call 08/15/35)^(c)		34,042		25,978,727
3.19%, 11/15/36 (Call 08/15/36)^(c)		29,660		22,321,861
3.42%, 04/15/33 (Call 01/15/33)^(c)		25,162		20,790,455
3.46%, 09/15/26 (Call 07/15/26)		1,118		1,058,980
3.47%, 04/15/34 (Call 01/15/34)^(c)		35,444		28,934,064
3.50%, 02/15/41 (Call 08/15/40)^(c)		27,594		20,210,351
3.75%, 02/15/51 (Call 08/15/50)^(a)(c)		15,802		11,291,287
4.00%, 04/15/29 (Call 02/15/29)^(a)(c)		9,773		9,018,758
4.11%, 09/15/28 (Call 06/15/28)^(a)		12,188		11,473,795
4.15%, 11/15/30 (Call 08/15/30)		22,181		20,269,406
4.15%, 04/15/32 (Call 01/15/32)^(c)		12,542		11,237,413
4.30%, 11/15/32 (Call 08/15/32)^(a)		23,441		21,177,797


Security	Par (000)		Value

Semiconductors (continued)
4.75%, 04/15/29 (Call 01/15/29)	$	16,707	$	16,116,884
4.93%, 05/15/37 (Call 02/15/37)^(c)		26,911		24,226,717
Intel Corp.
1.60%, 08/12/28 (Call 06/12/28)		12,614		10,838,413
2.00%, 08/12/31 (Call 05/12/31)		11,363		9,182,373
2.45%, 11/15/29 (Call 08/15/29)		19,638		17,051,389
2.80%, 08/12/41 (Call 02/12/41)^(a)		8,555		5,931,139
3.05%, 08/12/51 (Call 02/12/51)		13,967		9,022,146
3.10%, 02/15/60 (Call 08/15/59)		11,180		6,930,279
3.15%, 05/11/27 (Call 02/11/27)^(a)		12,716		11,909,540
3.20%, 08/12/61 (Call 02/12/61)^(a)		9,021		5,640,895
3.25%, 11/15/49 (Call 05/15/49)		22,057		14,991,801
3.73%, 12/08/47 (Call 06/08/47)		20,770		15,704,155
3.75%, 03/25/27 (Call 01/25/27)		12,712		12,198,166
3.75%, 08/05/27 (Call 07/05/27)		12,362		11,823,011
3.90%, 03/25/30 (Call 12/25/29)		16,180		15,134,054
4.00%, 08/05/29 (Call 06/05/29)		8,846		8,425,977
4.00%, 12/15/32^(a)		8,611		7,968,538
4.10%, 05/19/46 (Call 11/19/45)^(a)		13,995		11,394,450
4.10%, 05/11/47 (Call 11/11/46)^(a)		11,209		9,136,759
4.15%, 08/05/32 (Call 05/05/32)^(a)		13,235		12,434,529
4.60%, 03/25/40 (Call 09/25/39)^(a)		9,345		8,479,135
4.75%, 03/25/50 (Call 09/25/49)		24,120		21,153,006
4.80%, 10/01/41^(a)		10,279		9,382,485
4.88%, 02/10/28 (Call 01/10/28)		17,783		17,675,038
4.90%, 07/29/45 (Call 01/29/45)^(a)		8,442		8,157,957
4.90%, 08/05/52 (Call 02/05/52)		18,792		16,930,374
4.95%, 03/25/60 (Call 09/25/59)^(a)		8,404		7,541,321
5.05%, 08/05/62 (Call 02/05/62)		8,469		7,516,780
5.13%, 02/10/30 (Call 12/10/29)		13,400		13,438,017
5.20%, 02/10/33 (Call 11/10/32)^(a)		19,773		19,766,311
5.63%, 02/10/43 (Call 08/10/42)		10,815		10,754,198
5.70%, 02/10/53 (Call 08/10/52)^(a)		20,466		20,246,140
5.90%, 02/10/63 (Call 08/10/62)^(a)		13,214		13,234,302
KLA Corp.
3.30%, 03/01/50 (Call 08/28/49)		6,436		4,619,281
4.10%, 03/15/29 (Call 12/15/28)^(a)		11,506		11,039,963
4.65%, 07/15/32 (Call 04/15/32)^(a)		11,171		10,965,002
4.95%, 07/15/52 (Call 01/15/52)		13,432		12,679,498
5.25%, 07/15/62 (Call 01/15/62)^(a)		7,514		7,281,393
Lam Research Corp.
1.90%, 06/15/30 (Call 03/15/30)		6,583		5,443,206
2.88%, 06/15/50 (Call 12/15/49)^(a)		3,074		2,046,597
4.00%, 03/15/29 (Call 12/15/28)		15,167		14,553,084
4.88%, 03/15/49 (Call 09/15/48)^(a)		2,058		1,923,946
Marvell Technology Inc.
2.45%, 04/15/28 (Call 02/15/28)^(a)		2,071		1,818,440
2.95%, 04/15/31 (Call 01/15/31)		8,911		7,440,764
Micron Technology Inc.
2.70%, 04/15/32 (Call 01/15/32)		18,794		14,819,464
4.19%, 02/15/27 (Call 12/15/26)		2,745		2,617,711
4.66%, 02/15/30 (Call 11/15/29)^(a)		10,325		9,675,553
5.88%, 02/09/33 (Call 11/09/32)		2,384		2,356,798
5.88%, 09/15/33		3,513		3,444,801
6.75%, 11/01/29 (Call 09/01/29)		16,439		17,115,728
NVIDIA Corp.
1.55%, 06/15/28 (Call 04/15/28)		17,733		15,388,607
2.00%, 06/15/31 (Call 03/15/31)^(a)		13,760		11,394,173
2.85%, 04/01/30 (Call 01/01/30)^(a)		18,186		16,324,739
3.20%, 09/16/26 (Call 06/16/26)^(a)		2,599		2,480,309


Security	Par (000)		Value

Semiconductors (continued)
3.50%, 04/01/40 (Call 10/01/39)	$	6,526	$	5,416,073
3.50%, 04/01/50 (Call 10/01/49)		13,453		10,588,338
NXP BV/NXP Funding LLC/NXP USA Inc.
2.50%, 05/11/31 (Call 02/11/31)^(a)		14,311		11,580,113
2.65%, 02/15/32 (Call 11/15/31)		12,756		10,223,775
3.25%, 05/11/41 (Call 11/11/40)^(a)		5,372		3,819,764
3.40%, 05/01/30 (Call 02/01/30)		13,971		12,274,110
4.30%, 06/18/29 (Call 03/18/29)		12,128		11,351,274
5.00%, 01/15/33 (Call 10/15/32)^(a)		9,974		9,483,264
Qorvo Inc., 4.38%, 10/15/29 (Call 10/15/24)		10,766		9,750,336
QUALCOMM Inc.
1.30%, 05/20/28 (Call 02/20/28)		7,175		6,112,304
1.65%, 05/20/32 (Call 02/20/32)^(a)		15,556		12,081,465
2.15%, 05/20/30 (Call 02/20/30)^(a)		14,487		12,306,817
3.25%, 05/20/27 (Call 02/20/27)^(a)		16,927		15,992,239
3.25%, 05/20/50 (Call 11/20/49)^(a)		10,558		7,699,345
4.30%, 05/20/47 (Call 11/20/46)^(a)		17,950		15,549,622
4.50%, 05/20/52 (Call 11/20/51)		11,241		9,799,956
4.65%, 05/20/35 (Call 11/20/34)^(a)		3,614		3,536,016
4.80%, 05/20/45 (Call 11/20/44)		17,458		16,446,391
6.00%, 05/20/53 (Call 11/20/52)^(a)		12,264		13,183,837
Texas Instruments Inc.
1.75%, 05/04/30 (Call 02/04/30)		7,777		6,485,345
2.25%, 09/04/29 (Call 06/04/29)		12,073		10,504,536
3.88%, 03/15/39 (Call 09/15/38)		4,678		4,031,976
4.15%, 05/15/48 (Call 11/15/47)		6,848		5,946,807
4.90%, 03/14/33 (Call 12/14/32)		12,282		12,340,634
5.05%, 05/18/63 (Call 11/18/62)		13,302		12,728,294


				1,157,227,625

Software — 3.3%
Activision Blizzard Inc.
2.50%, 09/15/50 (Call 03/15/50)		6,411		4,072,773
3.40%, 09/15/26 (Call 06/15/26)^(a)		785		750,156
Adobe Inc.
2.15%, 02/01/27 (Call 12/01/26)		1,709		1,570,419
2.30%, 02/01/30 (Call 11/01/29)		16,038		13,919,661
Autodesk Inc., 2.40%, 12/15/31 (Call 09/15/31)^(a)		10,760		8,736,990
Broadridge Financial Solutions Inc.
2.60%, 05/01/31 (Call 02/01/31)^(a)		11,198		9,141,624
2.90%, 12/01/29 (Call 09/01/29)^(a)		9,611		8,290,199
Fidelity National Information Services Inc.
1.65%, 03/01/28 (Call 01/01/28)^(a)		3,069		2,630,599
2.25%, 03/01/31 (Call 12/01/30)^(a)		15,422		12,449,750
3.10%, 03/01/41 (Call 09/01/40)		4,359		3,029,572
5.10%, 07/15/32 (Call 04/15/32)^(a)		6,312		6,180,301
Fiserv Inc.
2.25%, 06/01/27 (Call 04/01/27)^(a)		11,824		10,600,772
2.65%, 06/01/30 (Call 03/01/30)		10,970		9,231,743
3.50%, 07/01/29 (Call 04/01/29)		29,486		26,897,014
4.20%, 10/01/28 (Call 07/01/28)		11,774		11,233,915
4.40%, 07/01/49 (Call 01/01/49)^(a)		17,425		14,202,912
5.45%, 03/02/28 (Call 02/02/28)		11,198		11,273,562
5.60%, 03/02/33 (Call 12/02/32)		9,267		9,317,155
5.63%, 08/21/33 (Call 05/21/33)		7,141		7,194,615
Microsoft Corp.
2.53%, 06/01/50 (Call 12/01/49)		66,952		44,156,036
2.68%, 06/01/60 (Call 12/01/59)^(a)		36,350		23,331,109
2.92%, 03/17/52 (Call 09/17/51)		65,976		46,725,510
3.04%, 03/17/62 (Call 09/17/61)		20,595		14,219,964
3.30%, 02/06/27 (Call 11/06/26)		6,974		6,700,736


Security	Par (000)		Value

Software (continued)
3.45%, 08/08/36 (Call 02/08/36)	$	17,914	$	15,935,986
3.50%, 02/12/35 (Call 08/12/34)^(a)		15,265		13,894,070
3.70%, 08/08/46 (Call 02/08/46)		21,735		18,424,823
4.10%, 02/06/37 (Call 08/06/36)		9,522		9,049,733
4.25%, 02/06/47 (Call 08/06/46)		13,842		12,836,923
4.45%, 11/03/45 (Call 05/03/45)^(a)		13,627		12,925,667
4.50%, 02/06/57 (Call 08/06/56)		9,516		8,937,199
Oracle Corp.
2.30%, 03/25/28 (Call 01/25/28)		21,574		18,984,766
2.80%, 04/01/27 (Call 02/01/27)		24,325		22,346,473
2.88%, 03/25/31 (Call 12/25/30)		31,402		26,544,933
2.95%, 04/01/30 (Call 01/01/30)		31,906		27,637,290
3.25%, 11/15/27 (Call 08/15/27)		29,413		27,258,468
3.60%, 04/01/40 (Call 10/01/39)^(a)		30,289		22,896,621
3.60%, 04/01/50 (Call 10/01/49)^(a)		46,131		31,781,879
3.65%, 03/25/41 (Call 09/25/40)^(a)		23,253		17,533,532
3.80%, 11/15/37 (Call 05/15/37)		17,000		13,681,867
3.85%, 07/15/36 (Call 01/15/36)		12,771		10,565,247
3.85%, 04/01/60 (Call 10/01/59)		34,263		23,205,703
3.90%, 05/15/35 (Call 11/15/34)		12,948		11,022,720
3.95%, 03/25/51 (Call 09/25/50)		33,904		24,715,307
4.00%, 07/15/46 (Call 01/15/46)		30,729		23,023,356
4.00%, 11/15/47 (Call 05/15/47)		23,908		17,812,856
4.10%, 03/25/61 (Call 09/25/60)^(a)		14,937		10,601,274
4.13%, 05/15/45 (Call 11/15/44)		20,478		15,795,843
4.30%, 07/08/34 (Call 01/08/34)		17,558		15,748,529
4.38%, 05/15/55 (Call 11/15/54)^(a)		12,655		9,693,668
4.50%, 05/06/28 (Call 04/06/28)^(a)		9,935		9,637,813
4.50%, 07/08/44 (Call 01/08/44)		11,251		9,197,975
4.65%, 05/06/30 (Call 03/06/30)		9,178		8,819,973
4.90%, 02/06/33 (Call 11/06/32)		17,301		16,527,834
5.38%, 07/15/40		22,745		21,139,226
5.55%, 02/06/53 (Call 08/06/52)		24,319		22,599,455
6.13%, 07/08/39		13,429		13,498,970
6.15%, 11/09/29 (Call 09/09/29)		12,904		13,424,981
6.25%, 11/09/32 (Call 08/09/32)^(a)		22,590		23,666,176
6.50%, 04/15/38		13,607		14,342,148
6.90%, 11/09/52 (Call 05/09/52)		25,229		27,395,957
Roper Technologies Inc.
1.75%, 02/15/31 (Call 11/15/30)^(a)		11,109		8,708,769
4.20%, 09/15/28 (Call 06/15/28)		11,637		11,101,022
salesforce.com Inc.
1.50%, 07/15/28 (Call 05/15/28)^(a)		12,222		10,509,589
1.95%, 07/15/31 (Call 04/15/31)		16,330		13,302,495
2.70%, 07/15/41 (Call 01/15/41)^(a)		7,255		5,171,885
2.90%, 07/15/51 (Call 01/15/51)^(a)		16,298		10,872,047
3.05%, 07/15/61 (Call 01/15/61)^(a)		12,846		8,292,133
3.70%, 04/11/28 (Call 01/11/28)		16,577		15,884,615
VMware Inc.
1.80%, 08/15/28 (Call 06/15/28)		10,404		8,708,200
2.20%, 08/15/31 (Call 05/15/31)		14,152		11,012,980
3.90%, 08/21/27 (Call 05/21/27)		12,471		11,757,207
4.70%, 05/15/30 (Call 02/15/30)		9,458		8,906,535
Workday Inc.
3.50%, 04/01/27 (Call 03/01/27)		4,118		3,888,617
3.70%, 04/01/29 (Call 02/01/29)		9,958		9,195,869
3.80%, 04/01/32 (Call 01/01/32)^(a)		13,284		11,776,277


				1,098,050,568


Security	Par (000)		Value

Telecommunications — 6.7%
AT&T Inc.
1.65%, 02/01/28 (Call 12/01/27)	$	22,613	$	19,320,493
2.25%, 02/01/32 (Call 11/01/31)		21,852		17,043,566
2.30%, 06/01/27 (Call 04/01/27)		23,089		20,670,238
2.55%, 12/01/33 (Call 09/01/33)		39,027		29,717,866
2.75%, 06/01/31 (Call 03/01/31)		26,579		21,945,502
3.30%, 02/01/52 (Call 08/01/51)^(a)		10,339		6,701,987
3.50%, 06/01/41 (Call 12/01/40)^(a)		25,027		18,353,561
3.50%, 09/15/53 (Call 03/15/53)		80,106		52,714,258
3.55%, 09/15/55 (Call 03/15/55)^(a)		76,255		49,764,463
3.65%, 06/01/51 (Call 12/01/50)		31,904		21,853,130
3.65%, 09/15/59 (Call 03/15/59)		68,500		44,283,127
3.80%, 02/15/27 (Call 11/15/26)		8,631		8,201,163
3.80%, 12/01/57 (Call 06/01/57)		59,399		39,999,702
3.85%, 06/01/60 (Call 12/01/59)^(a)		13,992		9,542,086
4.10%, 02/15/28 (Call 11/15/27)		14,990		14,224,828
4.25%, 03/01/27 (Call 12/01/26)		13,637		13,143,691
4.30%, 02/15/30 (Call 11/15/29)^(a)		29,914		27,865,863
4.30%, 12/15/42 (Call 06/15/42)^(a)		14,186		11,453,732
4.35%, 03/01/29 (Call 12/01/28)^(a)		27,711		26,224,452
4.35%, 06/15/45 (Call 12/15/44)		12,780		10,044,529
4.50%, 05/15/35 (Call 11/15/34)		26,321		23,372,440
4.50%, 03/09/48 (Call 09/09/47)		17,331		13,809,658
4.55%, 03/09/49 (Call 09/09/48)		9,171		7,354,395
4.75%, 05/15/46 (Call 11/15/45)		18,549		15,479,450
4.85%, 03/01/39 (Call 09/01/38)^(a)		9,670		8,586,186
5.25%, 03/01/37 (Call 09/01/36)		9,307		8,804,428
5.40%, 02/15/34 (Call 11/15/33)		27,210		26,417,547
5.65%, 02/15/47 (Call 08/15/46)^(a)		8,664		8,307,308
Bell Telephone Co. of Canada or Bell Canada (The)
3.65%, 08/15/52 (Call 02/15/52)		8,445		6,023,704
4.46%, 04/01/48 (Call 10/01/47)		6,269		5,148,393
5.10%, 05/11/33 (Call 02/11/33)^(a)		12,082		11,641,304
British Telecommunications PLC, 9.13%, 12/15/30^(a)		39,028		47,537,372
Cisco Systems Inc.
2.50%, 09/20/26 (Call 06/20/26)^(a)		2,349		2,198,692
5.50%, 01/15/40		25,439		26,353,870
5.90%, 02/15/39^(a)		23,893		25,840,831
Corning Inc.
4.38%, 11/15/57 (Call 05/15/57)^(a)		6,897		5,580,004
5.45%, 11/15/79 (Call 05/19/79)		11,901		10,601,852
Deutsche Telekom International Finance BV, 8.75%, 06/15/30		53,288		62,837,593
Motorola Solutions Inc.
2.30%, 11/15/30 (Call 08/15/30)^(a)		7,765		6,192,167
2.75%, 05/24/31 (Call 02/24/31)		9,776		7,917,163
4.60%, 05/23/29 (Call 02/23/29)^(a)		11,423		11,006,604
Orange SA
5.38%, 01/13/42		17,234		16,547,816
5.50%, 02/06/44 (Call 08/06/43)		1,178		1,149,074
9.00%, 03/01/31^(a)		39,892		48,348,701
Rogers Communications Inc.
3.20%, 03/15/27 (Call 02/15/27)^(a)		14,693		13,575,762
3.70%, 11/15/49 (Call 05/15/49)^(a)		8,960		6,053,925
3.80%, 03/15/32 (Call 12/15/31)		21,722		18,582,339
4.30%, 02/15/48 (Call 08/15/47)^(a)		7,697		5,750,336
4.35%, 05/01/49 (Call 11/01/48)^(a)		11,195		8,443,968
4.50%, 03/15/42 (Call 09/15/41)^(a)		6,799		5,472,019
4.55%, 03/15/52 (Call 09/15/51)^(a)		21,119		16,316,121


Security	Par (000)		Value

Telecommunications (continued)
5.00%, 03/15/44 (Call 09/15/43)	$	9,428	$	8,023,978
Sprint Capital Corp.
6.88%, 11/15/28		20,521		21,669,762
8.75%, 03/15/32		31,557		37,628,703
Telefonica Emisiones SA
4.10%, 03/08/27^(a)		8,922		8,496,675
4.67%, 03/06/38		5,776		4,770,383
4.90%, 03/06/48		13,716		10,916,036
5.21%, 03/08/47^(a)		22,955		19,151,063
5.52%, 03/01/49 (Call 09/01/48)^(a)		11,809		10,281,848
7.05%, 06/20/36^(a)		28,626		30,541,057
Telefonica Europe BV, 8.25%, 09/15/30		21,421		24,413,182
TELUS Corp.
3.40%, 05/13/32 (Call 02/13/32)		5,486		4,615,756
4.60%, 11/16/48 (Call 05/16/48)^(a)		1,516		1,246,778
T-Mobile USA Inc.
2.05%, 02/15/28 (Call 12/15/27)		19,903		17,382,180
2.25%, 11/15/31 (Call 08/15/31)		10,595		8,393,024
2.55%, 02/15/31 (Call 11/15/30)		23,826		19,635,831
2.63%, 02/15/29 (Call 02/15/24)		8,045		6,966,367
2.70%, 03/15/32 (Call 12/15/31)		10,447		8,507,054
2.88%, 02/15/31 (Call 02/15/26)		8,925		7,512,960
3.00%, 02/15/41 (Call 08/15/40)		29,613		20,866,946
3.30%, 02/15/51 (Call 08/15/50)^(a)		33,260		22,275,280
3.38%, 04/15/29 (Call 04/15/24)		19,777		17,726,896
3.40%, 10/15/52 (Call 04/15/52)		32,881		22,221,499
3.50%, 04/15/31 (Call 04/15/26)		23,096		20,153,108
3.60%, 11/15/60 (Call 05/15/60)		11,156		7,463,097
3.75%, 04/15/27 (Call 02/15/27)		39,087		37,040,155
3.88%, 04/15/30 (Call 01/15/30)		65,301		59,542,869
4.38%, 04/15/40 (Call 10/15/39)^(a)		22,918		19,677,344
4.50%, 04/15/50 (Call 10/15/49)^(a)		33,490		27,625,734
4.75%, 02/01/28 (Call 09/11/23)^(a)		18,055		17,555,147
4.80%, 07/15/28 (Call 06/15/28)^(a)		8,129		7,942,944
4.95%, 03/15/28 (Call 02/15/28)		10,455		10,306,276
5.05%, 07/15/33 (Call 04/15/33)		24,993		24,113,391
5.20%, 01/15/33 (Call 10/15/32)		12,539		12,284,671
5.65%, 01/15/53 (Call 07/15/52)		20,266		19,726,219
5.75%, 01/15/54 (Call 07/15/53)^(a)		12,899		12,751,090
5.80%, 09/15/62 (Call 03/15/62)		2,648		2,575,219
Verizon Communications Inc.
1.50%, 09/18/30 (Call 06/18/30)^(a)		14,429		11,267,010
1.68%, 10/30/30 (Call 07/30/30)		9,299		7,276,996
1.75%, 01/20/31 (Call 10/20/30)		21,238		16,534,771
2.10%, 03/22/28 (Call 01/22/28)^(a)		26,072		22,760,249
2.36%, 03/15/32 (Call 12/15/31)		43,345		34,294,083
2.55%, 03/21/31 (Call 12/21/30)^(a)		35,570		29,266,157
2.65%, 11/20/40 (Call 05/20/40)		32,446		21,631,975
2.85%, 09/03/41 (Call 03/03/41)		14,854		10,108,876
2.88%, 11/20/50 (Call 05/20/50)		33,676		20,634,521
2.99%, 10/30/56 (Call 04/30/56)		38,786		23,143,052
3.00%, 03/22/27 (Call 01/22/27)^(a)		3,740		3,477,247
3.00%, 11/20/60 (Call 05/20/60)		17,028		9,990,942
3.15%, 03/22/30 (Call 12/22/29)		16,140		14,157,940
3.40%, 03/22/41 (Call 09/22/40)		40,159		29,824,326
3.55%, 03/22/51 (Call 09/22/50)		50,703		35,503,711
3.70%, 03/22/61 (Call 09/22/60)^(a)		33,829		22,998,257
3.88%, 02/08/29 (Call 11/08/28)		17,963		16,767,848
3.88%, 03/01/52 (Call 09/01/51)^(a)		17,961		13,377,270
4.00%, 03/22/50 (Call 09/22/49)^(a)		15,339		11,700,979


Security	Par (000)		Value

Telecommunications (continued)
4.02%, 12/03/29 (Call 09/03/29)	$	40,387	$	37,584,417
4.13%, 03/16/27		29,201		28,127,370
4.13%, 08/15/46^(a)		11,487		9,125,474
4.33%, 09/21/28^(a)		48,398		46,298,621
4.40%, 11/01/34 (Call 05/01/34)^(a)		14,594		13,220,119
4.50%, 08/10/33		19,481		18,003,756
4.52%, 09/15/48^(a)		15,118		12,667,567
4.81%, 03/15/39		14,047		12,737,484
4.86%, 08/21/46^(a)		26,989		23,740,234
5.01%, 08/21/54^(a)		1,533		1,356,455
5.05%, 05/09/33 (Call 02/09/33)^(a)		15,522		15,070,929
5.25%, 03/16/37		6,245		6,086,689
6.55%, 09/15/43^(a)		9,289		10,340,448
Vodafone Group PLC
4.25%, 09/17/50		10,949		8,432,837
4.38%, 05/30/28^(a)		2,168		2,129,245
4.38%, 02/19/43		21,365		17,369,341
4.88%, 06/19/49^(a)		17,805		15,087,929
5.25%, 05/30/48^(a)		7,311		6,615,269
6.15%, 02/27/37		24,775		25,315,739


				2,220,345,914

Toys, Games & Hobbies — 0.0%
Hasbro Inc., 3.90%, 11/19/29 (Call 08/19/29)		9,313		8,449,937


Transportation — 1.9%
Burlington Northern Santa Fe LLC
3.30%, 09/15/51 (Call 03/15/51)		10,070		7,241,248
3.55%, 02/15/50 (Call 08/15/49)		6,704		5,124,329
3.90%, 08/01/46 (Call 02/01/46)		6,957		5,565,367
4.05%, 06/15/48 (Call 12/15/47)		7,938		6,524,736
4.13%, 06/15/47 (Call 12/15/46)		7,359		6,129,075
4.15%, 04/01/45 (Call 10/01/44)		10,303		8,682,309
4.15%, 12/15/48 (Call 06/15/48)		6,811		5,678,959
4.45%, 03/15/43 (Call 09/15/42)		10,735		9,489,595
4.45%, 01/15/53 (Call 07/15/52)		9,931		8,840,549
4.55%, 09/01/44 (Call 03/01/44)		8,118		7,265,009
4.90%, 04/01/44 (Call 10/01/43)^(a)		9,160		8,610,870
5.20%, 04/15/54 (Call 10/15/53)		18,025		17,724,291
5.75%, 05/01/40 (Call 11/01/39)		8,109		8,392,319
Canadian National Railway Co., 3.85%, 08/05/32 (Call 05/05/32)^(a)		7,884		7,279,192
Canadian Pacific Railway Co.
1.75%, 12/02/26 (Call 11/02/26)		5,395		4,848,465
2.45%, 12/02/31 (Call 09/02/31)^(a)		14,279		12,665,404
3.00%, 12/02/41 (Call 06/02/41)^(a)		8,536		7,079,574
3.10%, 12/02/51 (Call 06/02/51)^(a)		17,881		12,123,456
6.13%, 09/15/2115 (Call 03/15/2115)^(a)		7,466		7,732,504
CSX Corp.
3.25%, 06/01/27 (Call 03/01/27)^(a)		11,215		10,557,989
3.80%, 03/01/28 (Call 12/01/27)		7,912		7,532,548
3.80%, 11/01/46 (Call 05/01/46)^(a)		6,706		5,240,806
4.10%, 11/15/32 (Call 08/15/32)^(a)		9,884		9,280,609
4.10%, 03/15/44 (Call 09/15/43)^(a)		9,020		7,498,632
4.25%, 03/15/29 (Call 12/15/28)^(a)		12,864		12,440,162
4.30%, 03/01/48 (Call 09/01/47)		6,904		5,833,542
4.50%, 11/15/52 (Call 05/15/52)^(a)		11,303		9,779,458
FedEx Corp.
2.40%, 05/15/31 (Call 02/15/31)^(a)		6,950		5,740,038
3.10%, 08/05/29 (Call 05/05/29)^(a)		14,759		13,232,809
3.25%, 05/15/41 (Call 11/15/40)^(a)		7,831		5,695,039


Security	Par/ Shares (000)		Value

Transportation (continued)
4.05%, 02/15/48 (Call 08/15/47)	$	10,257	$	7,996,823
4.25%, 05/15/30 (Call 02/15/30)^(a)		4,287		4,070,209
4.40%, 01/15/47 (Call 07/15/46)		8,600		7,074,855
4.55%, 04/01/46 (Call 10/01/45)		12,052		10,097,034
4.75%, 11/15/45 (Call 05/15/45)		11,985		10,328,479
4.95%, 10/17/48 (Call 04/17/48)		7,798		6,964,165
5.10%, 01/15/44		6,936		6,317,707
5.25%, 05/15/50 (Call 11/15/49)^(a)		11,965		11,115,807
Norfolk Southern Corp.
3.05%, 05/15/50 (Call 11/15/49)^(a)		5,635		3,755,761
3.16%, 05/15/55 (Call 11/15/54)		2,351		1,543,678
4.55%, 06/01/53 (Call 12/01/52)^(a)		8,107		7,001,504
5.35%, 08/01/54^(a)		13,372		12,969,820
Union Pacific Corp.
2.38%, 05/20/31 (Call 02/20/31)		10,379		8,694,873
2.40%, 02/05/30 (Call 11/05/29)^(a)		8,873		7,640,943
2.80%, 02/14/32 (Call 12/15/31)^(a)		12,704		10,848,967
2.95%, 03/10/52 (Call 09/10/51)		8,025		5,363,989
2.97%, 09/16/62 (Call 03/16/62)		11,644		7,167,790
3.20%, 05/20/41 (Call 11/20/40)		10,716		8,153,316
3.25%, 02/05/50 (Call 08/05/49)		17,752		12,853,428
3.50%, 02/14/53 (Call 08/14/52)^(a)		14,556		10,829,804
3.70%, 03/01/29 (Call 12/01/28)^(a)		6,516		6,178,686
3.75%, 02/05/70 (Call 08/05/69)^(a)		4,569		3,325,128
3.80%, 10/01/51 (Call 04/01/51)		11,502		9,102,943
3.80%, 04/06/71 (Call 10/06/70)		10,316		7,547,975
3.84%, 03/20/60 (Call 09/20/59)		19,642		15,003,082
3.95%, 09/10/28 (Call 06/10/28)^(a)		11,861		11,424,697
4.50%, 01/20/33 (Call 10/20/32)^(a)		9,367		9,096,389
United Parcel Service Inc.
3.05%, 11/15/27 (Call 08/15/27)^(a)		13,746		12,881,892
3.40%, 03/15/29 (Call 12/15/28)^(a)		9,156		8,572,754
3.75%, 11/15/47 (Call 05/15/47)^(a)		10,928		8,824,965
4.25%, 03/15/49 (Call 09/15/48)		6,557		5,650,634
4.45%, 04/01/30 (Call 01/01/30)^(a)		8,651		8,522,219
4.88%, 03/03/33 (Call 12/03/32)		9,305		9,295,650
5.05%, 03/03/53 (Call 09/03/52)		11,708		11,427,295
5.30%, 04/01/50 (Call 10/01/49)^(a)		11,346		11,443,401
6.20%, 01/15/38		20,462		22,840,401
Walmart Inc.
1.05%, 09/17/26 (Call 08/17/26)^(a)		2,155		1,931,816
1.50%, 09/22/28 (Call 07/22/28)^(a)		18,325		15,838,761
1.80%, 09/22/31 (Call 06/22/31)^(a)		28,597		23,395,626
3.95%, 09/09/27 (Call 08/09/27)^(a)		13,511		13,198,991


				626,121,140

Water — 0.1%
American Water Capital Corp.
3.75%, 09/01/47 (Call 03/01/47)		8,868		6,914,899
4.45%, 06/01/32 (Call 03/01/32)^(a)		11,145		10,592,997
6.59%, 10/15/37^(a)		9,080		10,063,094


				27,570,990


Total Long-Term Investments — 98.3% (Cost: $38,171,148,402)				32,680,686,844


Short-Term Securities

Money Market Funds — 7.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.52%^(d)(e)(f)		2,213,214		2,213,877,473


Security	Shares (000)		Value

Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.31%^(d)(e)		171,060	$	171,060,000


Total Short-Term Securities — 7.2% (Cost: $2,383,802,903)				2,384,937,473


Total Investments — 105.5% (Cost: $40,554,951,305)				35,065,624,317

Liabilities in Excess of Other Assets — (5.5)%				(1,829,136,526	)


Net Assets — 100.0%			$	33,236,487,791

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

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

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

^(d)	Affiliate of the Fund.

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

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.

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 six months ended August 31, 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.

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 six months ended August 31, 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 August 31, 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.

As of February 28, 2023, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

As of August 31, 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.

Geographic/Asset Class 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 period of historically low interest rates that ended in March 2022. The Federal Reserve has recently been raising 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 recently transitioned from, or continue to be 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, has ceased publishing all LIBOR settings, but some USD LIBOR settings will continue to be published under a synthetic methodology until September 30, 2024 for certain legacy contracts. The Secured Overnight Financing Rate (“SOFR”) has been used increasingly on a voluntary basis in new instruments and transactions. Under U.S. regulations that implement a statutory fallback mechanism to replace LIBOR, benchmark rates based on SOFR have replaced LIBOR in certain financial contracts. 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.

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider the approval of the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 2, 2023 and May 15, 2023, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 7-8, 2023, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were higher than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2022, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about ongoing enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the May 2, 2023 meeting and throughout the year, and matters related to BFA’s portfolio compliance program and other compliance programs and services.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA

and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability (as discussed above), including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts withsubstantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board further considered other direct benefits that might accrue to BFA, including the potential for reduction in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

Effective January 24, 2023, the SEC adopted rule and form amendments to require open-end mutual funds and ETFs to transmit concise and visually engaging streamlined annual and semiannual reports to shareholders that highlight key information. Other information, including financial statements, will no longer appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of these amendments on the shareholder reports for the Funds.

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

	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		3.94	%		6.45	%		2.32	%		3.36	%		6.45	%		12.17	%		39.16	%
Fund Market		4.07			7.01			2.29			3.31			7.01			11.97			38.44
Index		4.22			7.05			2.81			3.86			7.05			14.89			45.98


Actual				Hypothetical 5% Return


Beginning Account Value (03/01/23)	Ending Account Value (08/31/23)	Expenses Paid During the Period	^(a)	Beginning Account Value (03/01/23)	Ending Account Value (08/31/23)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

$ 1,000.00	$ 1,039.40	$ 2.51		$ 1,000.00	$ 1,022.70	$ 2.49		0.49	%


CREDIT QUALITY ALLOCATION

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

Aaa	0.1	%
Baa	2.0
Ba	41.9
B	44.0
Caa	10.2
Ca	0.9
Not Rated	0.9


MATURITY ALLOCATION

Maturity	Percent of Total Investments	^(a)

0-1 Year	0.2	%
1-5 Years	53.1
5-10 Years	44.7
10-15 Years	0.7
More than 20 Years	1.3


				Average Annual Total Returns									Cumulative Total Returns

	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		2.29	%		0.65	%		1.41	%		2.63	%		0.65	%		7.23	%		29.61	%
Fund Market		2.25			0.95			1.42			2.63			0.95			7.30			29.69
Index		2.37			0.78			1.52			2.79			0.78			7.84			31.63


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
Semi-Annual Report:
Fund Summary		4
About Fund Performance		6
Disclosure of Expenses		6
Schedules of Investments		7
Financial Statements
Statements of Assets and Liabilities		54
Statements of Operations		55
Statements of Changes in Net Assets		56
Financial Highlights		57
Notes to Financial Statements		59
Board Review and Approval of Investment Advisory Contract		66
Supplemental Information		70
General Information		71
Glossary of Terms Used in this Report		72


Fund Summary as of August 31, 2023		iShares^® iBoxx $ High Yield Corporate Bond ETF


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


Fund Summary as of August 31, 2023		iShares^® iBoxx $ Investment Grade Corporate Bond ETF




Affiliated Issuer	Value at 02/28/23		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 08/31/23		Shares Held at 08/31/23 (000)		Income			Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Institutional, SL Agency Shares	$	2,768,669,414	$	133,417,131	^(a)	$	—	$	165,671	$	(912,486	)	$	2,901,339,730		2,900,470	$	10,614,758	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		93,650,000		23,990,000	^(a)		—		—		—			117,640,000		117,640		1,700,448			—


								$	165,671	$	(912,486	)	$	3,018,979,730			$	12,315,206		$	—




	Level 1		Level 2		Level 3		Total


Assets
Investments
Long-Term Investments
Corporate Bonds & Notes	$	—	$	14,424,142,326	$	—	$	14,424,142,326
Fixed Rate Loan Interests		—		2,553,089		—		2,553,089
Short-Term Securities
Money Market Funds		3,018,979,730		—		—		3,018,979,730


	$	3,018,979,730	$	14,426,695,415	$	—	$	17,445,675,145


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

ASSETS
Investments, at value — unaffiliated^(a)(b)	$	14,426,695,415		$	32,680,686,844
Investments, at value — affiliated^(c)		3,018,979,730			2,384,937,473
Cash		507,398			—
Foreign currency, at value^(d)		28,767			—
Receivables:
Investments sold		272,372			195,937,242
Securities lending income — affiliated		1,622,505			805,537
Capital shares sold		58,265,580			5,391,622
Dividends — affiliated		396,862			915,850
Interest — unaffiliated		242,353,176			409,982,898


Total assets		17,749,121,805			35,678,657,466


LIABILITIES
Bank overdraft		—			267,321
Collateral on securities loaned, at value		2,900,066,927			2,212,772,953
Payables:
Investments purchased		81,363,568			222,160,751
Capital shares redeemed		919,361			2,928,455
Investment advisory fees		5,820,574			4,040,195


Total liabilities		2,988,170,430			2,442,169,675


Commitments and contingent liabilities

NET ASSETS	$	14,760,951,375		$	33,236,487,791


NET ASSETS CONSIST OF
Paid-in capital	$	18,182,796,372		$	40,282,301,745
Accumulated loss		(3,421,844,997	)		(7,045,813,954	)


NET ASSETS	$	14,760,951,375		$	33,236,487,791


NET ASSETVALUE
Shares outstanding		196,400,000			313,300,000


Net asset value	$	75.16		$	106.09


Shares authorized		Unlimited			Unlimited


Par value		None			None


^(a) Investments, at cost — unaffiliated	$	15,912,505,058		$	38,171,148,402

^(b) Securities loaned, at value	$	2,794,189,029		$	2,140,147,033

^(c) Investments, at cost — affiliated	$	3,017,719,994		$	2,383,802,903

^(d) Foreign currency, at cost	$	27,828		$	—


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

INVESTMENT INCOME
Dividends — affiliated	$	1,700,448		$	6,237,158
Interest — unaffiliated		434,569,785			718,729,379
Securities lending income — affiliated — net		10,614,758			4,692,231
Other income — unaffiliated		258,961			48,636


Total investment income		447,143,952			729,707,404


EXPENSES
Investment advisory		35,422,187			24,790,344



Total expenses		35,422,187			24,790,344


Net investment income		411,721,765			704,917,060


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(77,749,057	)		(344,412,934	)
Investments — affiliated		165,671			104,648
Foreign currency transactions		20			—
In-kind redemptions — unaffiliated^(a)		(109,467,937	)		(335,980,106	)


		(187,051,303	)		(680,288,392	)

Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		284,525,372			713,725,593
Investments — affiliated		(912,486	)		(826,945	)
Foreign currency translations		463			—


		283,613,349			712,898,648


Net realized and unrealized gain		96,562,046			32,610,256


NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	508,283,811		$	737,527,316


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


	Six Months Ended 08/31/23 (unaudited)			Year Ended 02/28/23			Six Months Ended 08/31/23 (unaudited)			Year Ended 02/28/23


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	411,721,765		$	762,314,046		$	704,917,060		$	1,174,187,682
Net realized loss		(187,051,303	)		(524,650,069	)		(680,288,392	)		(1,803,697,569	)
Net change in unrealized appreciation (depreciation)		283,613,349			(898,098,573	)		712,898,648			(3,480,607,272	)


Net increase (decrease) in net assets resulting from operations		508,283,811			(660,434,596	)		737,527,316			(4,110,117,159	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(429,412,672	)		(787,964,633	)		(705,742,363	)		(1,139,836,897	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		1,978,868,501			(2,518,162,682	)		(147,177,640	)		2,779,402,728


NET ASSETS
Total increase (decrease) in net assets		2,057,739,640			(3,966,561,911	)		(115,392,687	)		(2,470,551,328	)
Beginning of period		12,703,211,735			16,669,773,646			33,351,880,478			35,822,431,806


End of period	$	14,760,951,375		$	12,703,211,735		$	33,236,487,791		$	33,351,880,478


	iShares iBoxx $ High Yield Corporate Bond ETF

	Six Months Ended 08/31/23 (unaudited)				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 period		$	74.51		$	83.47		$	86.84		$	85.71		$	85.71		$	86.13

Net investment income^(a)			2.14			3.88			3.06			3.84			4.19			4.46

Net realized and unrealized gain (loss)^(b)			0.74			(8.87	)		(2.95	)		1.50			0.18			(0.36	)


Net increase (decrease) from investment operations			2.88			(4.99	)		0.11			5.34			4.37			4.10


Distributions from net investment income^(c)			(2.23	)		(3.97	)		(3.48	)		(4.21	)		(4.37	)		(4.52	)


Net asset value, end of period		$	75.16		$	74.51		$	83.47		$	86.84		$	85.71		$	85.71


Total Return^(d)
Based on net asset value			3.94	%^(e)		(5.99	)%		0.11	%		6.56	%		5.14	%		4.95	%


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


Net investment income			5.71	%^(g)		5.10	%		3.52	%		4.59	%		4.83	%		5.25	%


Supplemental Data
Net assets, end of period (000)		$	14,760,951		$	12,703,212		$	16,669,774		$	22,473,704		$	13,456,300		$	15,341,864


Portfolio turnover rate^(h)			4	%		31	%		19	%		20	%		20	%		14	%


	iShares iBoxx $ Investment Grade Corporate Bond ETF


	Six Months Ended 08/31/23 (unaudited)				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 period		$	105.81		$	124.51		$	132.40		$	132.27		$	115.89		$	117.11

Net investment income^(a)			2.15			3.73			2.92			3.55			4.17			4.15

Net realized and unrealized gain (loss)^(b)			0.28			(18.85	)		(7.79	)		0.18			16.40			(1.20	)


Net increase (decrease) from investment operations			2.43			(15.12	)		(4.87	)		3.73			20.57			2.95


Distributions from net investment income^(c)			(2.15	)		(3.58	)		(3.02	)		(3.60	)		(4.19	)		(4.17	)


Net asset value, end of period		$	106.09		$	105.81		$	124.51		$	132.40		$	132.27		$	115.89


Total Return^(d)
Based on net asset value			2.29	%^(e)		(12.23	)%		(3.76	)%		2.83	%		18.03	%		2.64	%


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


Net investment income			3.99	%^(g)		3.40	%		2.21	%		2.66	%		3.35	%		3.62	%


Supplemental Data
Net assets, end of period (000)		$	33,236,488		$	33,351,880		$	35,822,432		$	46,207,378		$	33,106,758		$	32,519,973


Portfolio turnover rate^(h)			7	%		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	$	199,042,741	$	(199,042,741	)	$	—		$	—
Barclays Capital, Inc.		79,111,147		(79,111,147	)		—			—
BMO Capital Markets Corp.		31,498,640		(31,498,640	)		—			—
BNP Paribas SA		507,449,423		(507,449,423	)		—			—
BofA Securities, Inc.		86,880,049		(86,880,049	)		—			—
Citadel Clearing LLC		90,905,037		(90,905,037	)		—			—
Citigroup Global Markets, Inc.		51,651,179		(51,651,179	)		—			—
Credit Suisse Securities (USA) LLC		3,769,161		(3,769,161	)		—			—
Deutsche Bank Securities, Inc.		109,943,743		(109,943,743	)		—			—
Goldman Sachs & Co. LLC		453,000,884		(453,000,884	)		—			—
J.P. Morgan Securities LLC		397,855,240		(397,855,240	)		—			—
Jefferies LLC		32,900,240		(32,900,240	)		—			—
Mitsubishi UFJ Securities Holdings Co., Ltd.		24,101,898		(24,101,898	)		—			—
Morgan Stanley		176,615,101		(176,615,101	)		—			—
Nomura Securities International, Inc.		29,696,297		(29,696,297	)		—			—
Pershing LLC		8,049,058		(8,049,058	)		—			—
RBC Capital Markets LLC		155,221,111		(155,221,111	)		—			—
Scotia Capital (USA), Inc.		64,500,955		(64,500,955	)		—			—
State Street Bank & Trust Co.		198,230,881		(198,230,881	)		—			—
TD Securities (USA) LLC		310,376		(310,376	)		—			—
Toronto-Dominion Bank		51,268,033		(51,268,033	)		—			—
UBS AG		1,155,256		(1,155,256	)		—			—
Wells Fargo Bank N.A.		8,522,475		(8,522,475	)		—			—
Wells Fargo Securities LLC		32,510,104		(32,510,104	)		—			—


	$	2,794,189,029	$	(2,794,189,029	)	$	—		$	—



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	$	2,923,513
iBoxx $ Investment Grade Corporate Bond		1,535,662



iShares ETF		Purchases		Sales


iBoxx $ High Yield Corporate Bond	$	923,120,173	$	576,172,140
iBoxx $ Investment Grade Corporate Bond		2,690,943,636		2,421,523,820



iShares ETF		In-kind Purchases		In-kind Sales


iBoxx $ High Yield Corporate Bond	$	27,486,265,391	$	25,945,502,763
iBoxx $ Investment Grade Corporate Bond		25,333,617,418		25,377,411,117



iShares ETF		Non-Expiring Capital Loss Carryforwards^(a)

iBoxx $ High Yield Corporate Bond	$	(1,735,059,098)
iBoxx $ Investment Grade Corporate Bond		(973,210,854)



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

iBoxx $ High Yield Corporate Bond	$	19,010,933,093	$	86,425,696	$	(1,651,683,644	)	$	(1,565,257,948)
iBoxx $ Investment Grade Corporate Bond		40,575,455,629		18,133,206		(5,527,964,518	)		(5,509,831,312)




	Six Months Ended 08/31/23						Year Ended 02/28/23


iShares ETF		Shares			Amount			Shares			Amount


iBoxx $ High Yield Corporate Bond
Shares sold		381,700,000		$	28,411,140,718			592,200,000		$	44,736,203,918
Shares redeemed		(355,800,000	)		(26,432,272,217	)		(621,400,000	)		(47,254,366,600	)


		25,900,000		$	1,978,868,501			(29,200,000	)	$	(2,518,162,682	)

iBoxx $ Investment Grade Corporate Bond
Shares sold		241,100,000		$	25,834,626,739			401,600,000		$	44,125,796,480
Shares redeemed		(243,000,000	)		(25,981,804,379	)		(374,100,000	)		(41,346,393,752	)


		(1,900,000	)	$	(147,177,640	)		27,500,000		$	2,779,402,728


B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T		67


Portfolio Abbreviation

CMT		Constant Maturity Treasury

LIBOR		London Interbank Offered Rate

PIK		Payment-in-kind

REIT		Real Estate Investment Trust

SOFR		Secured Overnight Financing Rate