The Markets in Review

Dear Shareholder,

The 12-month reporting period as of February 28, 2022 saw a continuation of the resurgent growth that followed the initial coronavirus (or “COVID-19”) pandemic reopening, albeit at a slower pace. The global economy weathered the emergence of several variant strains and the resulting peaks and troughs in infections amid optimism that increasing vaccinations and economic adaptation could help contain the pandemic’s disruptions. However, rapid changes in consumer spending led to supply constraints and elevated inflation. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the invasion has presented challenges for both investors and policymakers.

Equity prices were mixed, as persistently high inflation drove investors’ expectations for higher interest rates, which particularly weighed on relatively high valuation growth stocks and economically sensitive small-capitalization stocks. Overall, small-capitalization U.S. stocks declined, while large-capitalization U.S. stocks posted a solid advance. International equities from developed markets gained slightly, although emerging market stocks declined, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose during the reporting period as the economy expanded rapidly and inflation reached its highest annualized reading in decades. In the corporate bond market, the improving economy assuaged credit concerns and led to modest returns for high-yield corporate bonds, outpacing the negative return of investment-grade corporate bonds.

The U.S. Federal Reserve (the “Fed”) maintained accommodative monetary policy during the reporting period by keeping near-zero interest rates. However, the Fed’s tone shifted during the period, as it reduced its bond-buying program and raised the prospect of higher rates in 2022. Continued high inflation and the Fed’s new stance led many analysts to anticipate that the Fed will raise interest rates multiple times throughout the year.

Looking ahead, however, the horrific war in Ukraine has significantly clouded the outlook for the global economy. Sanctions on Russia and general wartime disruption are likely to drive already-high commodity prices even further upwards, and we have already seen spikes in energy and metal markets. While this will exacerbate inflationary pressure, it could also constrain economic growth, making the Fed’s way forward less clear. Its challenge will be combating inflation without stifling a recovery that is now facing additional supply shocks.

In this environment, we favor an overweight to equities, as we believe low interest rates and continued economic growth will support further gains, albeit likely more modest than what we saw in 2021. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and health care, are particularly attractive in the long term. U.S. and other developed market equities have room for further growth, while we believe Chinese equities stand to gain from a more accommodative monetary and fiscal environment. We are underweight long-term credit, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential opportunities. We believe that international diversification and a focus on sustainability can help provide portfolio resilience, and the disruption created by the coronavirus appears to be accelerating the shift toward sustainable investments.

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

Sincerely,

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.


Total Returns as of February 28, 2022

	6-Month	12-Month

U.S. large cap equities (S&P 500^® Index)	(2.62)%	16.39%

U.S. small cap equities (Russell 2000^® Index)	(9.46)	(6.01)

International equities (MSCI Europe, Australasia, Far East Index)	(6.78)	2.83

Emerging market equities (MSCI Emerging Markets Index)	(9.81)	(10.69)

3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.02	0.04

U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(3.94)	(1.67)

U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	(4.07)	(2.64)

Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	(3.09)	(0.66)

U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	(3.07)	0.64

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

U.S. investment-grade bonds lost ground during the 12 months ended February 28, 2022 (the “reporting period”). The Bloomberg U.S. Aggregate Bond Index, a broad measure of U.S. bond performance, returned -2.64% in this interval.

The market downturn reflected a shift from an environment dominated by the adverse economic effects of COVID-19 to one characterized by improving growth and rising inflation. As vaccines were rolled out and lockdowns related to the virus gradually eased, economic growth rebounded in kind. U.S. GDP rose nearly 6% in real (after-inflation) terms in 2021, up from -3.4% in 2020. However, the supply of goods and labor was insufficient to keep up with the increase in demand. These circumstances translated to a surge in inflation, with sharply rising prices for commodities, consumer products, housing costs and labor. Inflation, as measured by the U.S. Core Personal Consumption Index, moved north of 4% in October 2021 and exceeded 5% in January 2022 – well above its range of recent years.

The U.S. Federal Reserve (“Fed”) at first did not adjust its monetary policy in response to accelerating inflation, calling the uptrend “transitory.” As inflation in fact persisted, the Fed shifted gears in November 2021 by announcing it would taper the stimulative bond-buying program known as quantitative easing. It also stated its intention to begin raising interest rates. Investors, appearing to sense that the Fed had fallen behind the curve in fighting inflation, soon began to price in the possibility of as many as six to seven rate increases in 2022.

Late in the period, Russia’s invasion of Ukraine led to a large increase in uncertainty and somewhat dampened expectations regarding the likely extent of Fed tightening. At the same time, commodity prices surged in anticipation that the sanctions levied on Russia would further constrict the available supply of raw materials. Expectations for future inflation therefore remained elevated as of the end of February, limiting the typical “flight to quality” into higher-rated bonds.

Yields on U.S. Treasuries rose, as prices fell, in the annual period. Short-dated issues, which are most sensitive to Fed policy, were hardest hit in the downturn. The yield on the two-year note surged from 0.13% at the beginning of the period to 1.43% by February 28, 2022. Longer-dated bonds, where prices are driven more by longer-term growth expectations than the Fed, held up better on a relative basis. The 10-year yield moved from 1.41% to 1.83% over the 12-month interval, while the 30-year bond stayed even around 2.15%.

Investment-grade corporate bonds experienced a loss and lagged the broader market. Corporate issues performed reasonably well through most of 2021, when the generally favorable investment backdrop encouraged investors to take on greater risk in search of more attractive yields. However, corporates gave up all of their previous gains in January and February 2022 after the start of the Russia-Ukraine conflict fueled a spike in the market’s aversion to risk.

Securitized assets also posted negative returns, underperforming Treasuries but finishing slightly ahead of corporate bonds. Although the housing market remained robust, mortgage-backed securities—which make up the bulk of the category—nonetheless lost ground in the environment of rising interest rates.

The iShares ESG Advanced 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 that applies extensive climate-based screens and other extensive screens for involvement in controversial activities, and reflects the performance of issuers with a favorable environmental, social and governance rating as identified by the index provider, as represented by the iBoxx MSCI ESG Advanced 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.

For the fiscal period ended 2/28/22, the Fund did not have six months of performance and therefore line graphs are not presented.

The inception date of the Fund was 11/8/21. The first day of secondary market trading was 11/10/21.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 8 for more information.

The iShares ESG Advanced Total USD Bond Market ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar denominated bonds that are rated either investment-grade or high-yield from issuers with a favorable environmental, social and governance rating as identified by the index provider, while applying extensive screens for involvement in controversial activities, as represented by the Bloomberg MSCI US Universal Choice ESG Screened Index (the “Index”) (formerly the Bloomberg Barclays MSCI US Universal Choice ESG Screened 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.

The inception date of the Fund was 6/23/20. The first day of secondary market trading was 6/25/20.

The bond market in the U.S. experienced a challenging year broadly, while bonds with positive environmental, social, and governance (“ESG”) characteristics performed similarly. Short-term issues experienced a meaningful downturn due to expectations for tighter Fed policy, weighing on returns for the Index.

At the asset class level, high-yield corporate issues outperformed on the strength of their lower sensitivity to rising interest rates. In the investment-grade space, U.S. Treasuries experienced the smallest losses and outpaced securitized assets and corporates, respectively. Although bonds with higher ESG ratings sold off in tandem with the broader fixed-income market, the ESG space continued to benefit from robust inflows and an increased focus from investors, corporations, regulators, and other key stakeholders.

The Index slightly underperformed the broader market, as represented by the Bloomberg U.S. Universal Index. Relative to the broader market, the ESG selection process leads to overweight and underweight positions in bonds with higher or lower ESG characteristics, respectively. Consequently, the Index achieved an ESG quality score that was higher than the broader market, with lower exposure to carbon intensive companies.

The Index was roughly equal weight in corporate bonds relative to the market, with an overweight in financials offsetting underweights in industrials and utilities. It had a modest overweight in U.S. Treasuries and underweights in government-related bonds and securitized assets.

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

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

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

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

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

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

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


Security	Par (000)		Value

Corporate Bonds & Notes

Apparel — 0.4%
NIKE Inc.
2.85%, 03/27/30 (Call 12/27/29)	$	20	$	20,313
3.38%, 03/27/50 (Call 09/27/49)		25		25,474
VF Corp., 2.95%, 04/23/30 (Call 01/23/30)		25		24,638


				70,425

Auto Manufacturers — 0.0%
American Honda Finance Corp., 1.30%, 09/09/26^(a)		10		9,579


Auto Parts & Equipment — 0.2%
Aptiv PLC/Aptiv Corp., 4.15%, 05/01/52 (Call 11/01/51)		15		14,992
BorgWarner Inc., 2.65%, 07/01/27 (Call 05/01/27)		15		14,941


				29,933

Banks — 28.8%
Banco Santander SA, 1.85%, 03/25/26		200		191,844
Bank of America Corp.
2.69%, 04/22/32 (Call 04/22/31), (SOFR + 1.880%)^(b)		100		95,850
2.83%, 10/24/51 (Call 10/24/50), (SOFR + 3.150%)^(b)		25		21,750
2.97%, 07/21/52 (Call 07/21/51), (SOFR + 1.560%)^(b)		90		80,124
3.31%, 04/22/42 (Call 04/22/41), (SOFR + 1.320%)^(b)		25		23,917
4.08%, 04/23/40 (Call 04/23/39), (3 mo. LIBOR US + 1.320%)^(b)		60		63,507
4.08%, 03/20/51 (Call 03/20/50), (3 mo. LIBOR US + 1.320%)^(b)		15		16,049
4.25%, 10/22/26		120		127,410
Bank of New York Mellon Corp. (The), 2.45%, 08/17/26 (Call 05/17/26)		150		151,733
Barclays PLC, 4.38%, 01/12/26		370		389,847
Citigroup Inc.
2.90%, 11/03/42 (Call 11/03/41), (SOFR + 1.379%)^(b)		40		35,906
4.41%, 03/31/31 (Call 03/31/30), (SOFR + 3.914%)^(b)		105		113,547
4.65%, 07/23/48 (Call 06/23/48)		55		64,101
4.75%, 05/18/46		65		72,268
Cooperatieve Rabobank U.A.
3.75%, 07/21/26		300		309,605
5.25%, 05/24/41		25		32,224
Credit Suisse Group AG, 3.75%, 03/26/25		300		307,348
Deutsche Bank AG/New York NY, 2.13%, 11/24/26 (Call 11/24/25), (SOFR + 1.870%)^(b)		200		192,379
Goldman Sachs Group Inc. (The)
2.62%, 04/22/32 (Call 04/22/31), (SOFR + 1.281%)^(b)		200		189,188
5.15%, 05/22/45		50		58,889
6.75%, 10/01/37		90		118,250
HSBC Holdings PLC
2.01%, 09/22/28 (Call 09/22/27), (SOFR + 1.732%)^(b)		400		375,397
2.80%, 05/24/32 (Call 05/24/31), (SOFR + 1.187%)^(b)		200		188,652
ING Groep NV, 1.73%, 04/01/27 (Call 04/01/26), (SOFR + 1.005%)^(b)		200		191,291
JPMorgan Chase & Co.
2.58%, 04/22/32 (Call 04/22/31), (SOFR + 1.250%)^(b)		150		143,783
3.33%, 04/22/52 (Call 04/22/51), (SOFR + 1.580%)^(b)		25		23,965
4.03%, 07/24/48 (Call 07/24/47), (3 mo. LIBOR US + 1.460%)^(b)		25		26,590
5.40%, 01/06/42		25		30,974
6.40%, 05/15/38		110		147,416
Lloyds Banking Group PLC, 1.63%, 05/11/27 (Call 05/11/26)^(b)		250		237,125
Mitsubishi UFJ Financial Group Inc., 2.05%, 07/17/30		200		184,633
Mizuho Financial Group Inc., 2.84%, 09/13/26		200		201,592


Security	Par (000)		Value

Banks (continued)
Morgan Stanley
2.24%, 07/21/32 (Call 07/21/31), (SOFR + 1.178%)^(b)	$	200	$	184,714
4.30%, 01/27/45		75		81,340
5.00%, 11/24/25		25		26,876
5.60%, 03/24/51 (Call 03/24/50), (SOFR + 4.480%)^(b)		55		73,445
PNC Financial Services Group Inc. (The), 2.55%, 01/22/30 (Call 10/24/29)		100		98,050
Royal Bank of Canada, 1.15%, 07/14/26		50		47,315
Sumitomo Mitsui Financial Group Inc., 3.35%, 10/18/27		270		277,978
U.S. Bancorp., 1.38%, 07/22/30 (Call 04/22/30)		75		66,948
Westpac Banking Corp., 2.15%, 06/03/31		100		95,079


				5,358,899

Beverages — 1.3%
Coca-Cola Co. (The)
3.00%, 03/05/51		70		66,773
3.45%, 03/25/30		50		52,861
Keurig Dr Pepper Inc., 3.80%, 05/01/50 (Call 11/01/49)		30		29,448
PepsiCo Inc.
1.40%, 02/25/31 (Call 11/25/30)		50		45,452
3.63%, 03/19/50 (Call 09/19/49)		50		53,413


				247,947

Biotechnology — 2.4%
Amgen Inc.
2.00%, 01/15/32 (Call 10/15/31)		40		36,503
4.40%, 02/22/62 (Call 08/22/61)		20		21,024
4.66%, 06/15/51 (Call 12/15/50)		100		112,463
Biogen Inc.
2.25%, 05/01/30 (Call 02/01/30)		70		64,028
3.15%, 05/01/50 (Call 11/01/49)		15		12,379
Gilead Sciences Inc.
1.65%, 10/01/30 (Call 07/01/30)		60		54,516
4.75%, 03/01/46 (Call 09/01/45)		100		113,254
Regeneron Pharmaceuticals Inc., 1.75%, 09/15/30 (Call 06/15/30)		40		35,764


				449,931

Building Materials — 0.4%
Carrier Global Corp., 3.58%, 04/05/50 (Call 10/05/49)		40		37,945
Martin Marietta Materials Inc., 2.40%, 07/15/31 (Call 04/15/31)		30		28,158


				66,103

Chemicals — 1.0%
Air Products and Chemicals Inc., 2.05%, 05/15/30 (Call 02/15/30)		15		14,331
Dow Chemical Co. (The)
2.10%, 11/15/30 (Call 08/15/30)		35		32,641
3.60%, 11/15/50 (Call 05/15/50)		50		47,756
DuPont de Nemours Inc., 5.42%, 11/15/48 (Call 05/15/48)		40		50,189
Nutrien Ltd., 5.00%, 04/01/49 (Call 10/01/48)		10		11,951
Sherwin-Williams Co. (The), 4.50%, 06/01/47 (Call 12/01/46)		25		27,397


				184,265

Commercial Services — 0.9%
Automatic Data Processing Inc., 1.25%, 09/01/30 (Call 06/01/30)		50		44,924
PayPal Holdings Inc., 2.65%, 10/01/26 (Call 08/01/26)		80		80,903
RELX Capital Inc., 3.00%, 05/22/30 (Call 02/22/30)		40		39,965


				165,792

Computers — 4.7%
Apple Inc.
1.13%, 05/11/25 (Call 04/11/25)		55		53,702
1.40%, 08/05/28 (Call 06/05/28)		270		254,831
2.70%, 08/05/51 (Call 02/05/51)		50		44,690


Security	Par (000)		Value

Computers (continued)
4.65%, 02/23/46 (Call 08/23/45)	$	180	$	217,399
Dell International LLC/EMC Corp.
3.38%, 12/15/41 (Call 06/15/41)^(c)		15		13,290
5.30%, 10/01/29 (Call 07/01/29)		60		67,031
8.35%, 07/15/46 (Call 01/15/46)		8		12,143
Hewlett Packard Enterprise Co., 6.20%, 10/15/35 (Call 04/15/35)		30		35,836
HP Inc., 2.65%, 06/17/31 (Call 03/17/31)		70		65,678
International Business Machines Corp., 4.15%, 05/15/39		100		106,856


				871,456

Cosmetics & Personal Care — 1.5%
Procter & Gamble Co. (The)
1.00%, 04/23/26		100		96,064
3.00%, 03/25/30		50		52,007
Unilever Capital Corp., 3.50%, 03/22/28 (Call 12/22/27)		130		136,958


				285,029

Diversified Financial Services — 5.4%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.00%, 10/29/28 (Call 08/29/28)		155		149,485
Air Lease Corp., 1.88%, 08/15/26 (Call 07/15/26)		105		99,763
Ally Financial Inc.
5.80%, 05/01/25 (Call 04/01/25)^(a)		50		54,104
8.00%, 11/01/31		25		32,887
American Express Co., 4.05%, 12/03/42		15		16,421
Discover Financial Services, 4.10%, 02/09/27 (Call 11/09/26)		75		78,529
Intercontinental Exchange Inc.
1.85%, 09/15/32 (Call 06/15/32)		75		66,880
3.00%, 09/15/60 (Call 03/15/60)		30		25,623
Mastercard Inc., 3.85%, 03/26/50 (Call 09/26/49)		25		27,143
Nomura Holdings Inc., 1.65%, 07/14/26		200		189,832
Raymond James Financial Inc., 3.75%, 04/01/51 (Call 10/01/50)		25		24,773
Synchrony Financial, 3.95%, 12/01/27 (Call 09/01/27)		70		72,059
Visa Inc.
1.10%, 02/15/31 (Call 11/15/30)		40		35,412
3.15%, 12/14/25 (Call 09/14/25)		75		77,602
4.30%, 12/14/45 (Call 06/14/45)		50		57,948


				1,008,461

Electric — 0.1%
Commonwealth Edison Co., 4.00%, 03/01/48 (Call 09/01/47)		10		10,681


Electronics — 0.1%
Amphenol Corp., 2.20%, 09/15/31 (Call 06/15/31)		20		18,446


Environmental Control — 0.2%
Republic Services Inc., 3.95%, 05/15/28 (Call 02/15/28)		25		26,603
Waste Management Inc., 1.50%, 03/15/31 (Call 12/15/30)		20		17,870


				44,473

Food — 1.2%
Conagra Brands Inc., 5.30%, 11/01/38 (Call 05/01/38)		30		34,547
General Mills Inc., 3.20%, 02/10/27 (Call 11/10/26)		60		61,685
Hormel Foods Corp., 1.80%, 06/11/30 (Call 03/11/30)		50		46,669
Mondelez International Inc., 2.75%, 04/13/30 (Call 01/13/30)		25		24,655
Sysco Corp., 6.60%, 04/01/50 (Call 10/01/49)		20		27,840
Tyson Foods Inc., 5.10%, 09/28/48 (Call 03/28/48)		30		35,991


				231,387

Hand & Machine Tools — 0.2%
Stanley Black & Decker Inc., 2.30%, 03/15/30 (Call 12/15/29)		30		28,868


Health Care - Products — 0.8%
Baxter International Inc., 3.13%, 12/01/51 (Call 06/01/51)^(c)		20		17,952
DH Europe Finance II Sarl, 2.60%, 11/15/29 (Call 08/15/29)		100		98,543


Security	Par (000)		Value

Health Care - Products (continued)
Thermo Fisher Scientific Inc., 2.80%, 10/15/41 (Call 04/15/41)	$	40	$	36,771


				153,266

Health Care - Services — 1.3%
Aetna Inc., 3.88%, 08/15/47 (Call 02/15/47)		20		20,034
Anthem Inc.
2.55%, 03/15/31 (Call 12/15/30)		70		67,459
3.60%, 03/15/51 (Call 09/15/50)		55		54,053
HCA Inc.
3.50%, 07/15/51 (Call 01/15/51)		70		62,269
4.13%, 06/15/29 (Call 03/15/29)		10		10,493
Humana Inc., 2.15%, 02/03/32 (Call 11/03/31)		40		36,744


				251,052

Insurance — 2.2%
American International Group Inc.
2.50%, 06/30/25 (Call 05/30/25)		65		65,415
4.50%, 07/16/44 (Call 01/16/44)		75		83,132
Chubb INA Holdings Inc., 3.05%, 12/15/61 (Call 06/15/61)		15		13,440
Equitable Holdings Inc., 5.00%, 04/20/48 (Call 10/20/47)		20		22,285
Hartford Financial Services Group Inc. (The), 3.60%, 08/19/49 (Call 02/19/49)		10		9,727
Marsh & McLennan Companies Inc., 4.90%, 03/15/49 (Call 09/15/48)		20		23,972
MetLife Inc.
4.05%, 03/01/45		35		37,984
5.70%, 06/15/35		40		50,357
Progressive Corp. (The), 4.13%, 04/15/47 (Call 10/15/46)		15		16,367
Prudential Financial Inc., 4.35%, 02/25/50 (Call 08/25/49)		50		55,579
Travelers Companies Inc. (The), 3.05%, 06/08/51 (Call 12/08/50)		25		23,225


				401,483

Internet — 2.2%
Alphabet Inc.
2.05%, 08/15/50 (Call 02/15/50)		40		32,348
2.25%, 08/15/60 (Call 02/15/60)		25		20,119
Amazon.com Inc.
0.80%, 06/03/25 (Call 05/03/25)		25		24,110
2.10%, 05/12/31 (Call 02/12/31)		130		124,869
3.25%, 05/12/61 (Call 11/12/60)		130		123,743
Booking Holdings Inc.
3.60%, 06/01/26 (Call 03/01/26)		20		20,915
4.63%, 04/13/30 (Call 01/13/30)		15		16,847
eBay Inc.
1.40%, 05/10/26 (Call 04/10/26)		30		28,742
3.65%, 05/10/51 (Call 11/10/50)		20		19,021


				410,714

Machinery — 0.7%
Caterpillar Financial Services Corp., 0.90%, 03/02/26		25		23,814
Caterpillar Inc., 3.25%, 09/19/49 (Call 03/19/49)		40		39,374
Deere & Co., 3.90%, 06/09/42 (Call 12/09/41)		30		32,554
Otis Worldwide Corp., 2.57%, 02/15/30 (Call 11/15/29)		30		28,968


				124,710

Manufacturing — 0.6%
3M Co.
2.88%, 10/15/27 (Call 07/15/27)		20		20,534
3.25%, 08/26/49 (Call 02/26/49)		30		28,573
Illinois Tool Works Inc., 3.90%, 09/01/42 (Call 03/01/42)		25		26,366
Parker-Hannifin Corp., 3.25%, 06/14/29 (Call 03/14/29)		45		45,854


				121,327


Security	Par (000)		Value

Media — 2.9%
Discovery Communications LLC
3.95%, 03/20/28 (Call 12/20/27)	$	70	$	72,297
5.20%, 09/20/47 (Call 03/20/47)		40		43,578
Fox Corp.
5.48%, 01/25/39 (Call 07/25/38)		10		11,643
5.58%, 01/25/49 (Call 07/25/48)		10		12,057
Paramount Global
4.38%, 03/15/43		60		59,655
4.75%, 05/15/25 (Call 04/15/25)		50		53,388
Walt Disney Co. (The)
1.75%, 01/13/26		70		68,659
2.65%, 01/13/31		100		99,022
3.60%, 01/13/51 (Call 07/13/50)		100		101,215
3.80%, 03/22/30		15		16,082


				537,596

Mining — 0.3%
Newmont Corp., 2.25%, 10/01/30 (Call 07/01/30)		30		28,063
Rio Tinto Alcan Inc., 6.13%, 12/15/33		25		32,652


				60,715

Office & Business Equipment — 0.1%
CDW LLC/CDW Finance Corp., 3.57%, 12/01/31 (Call 09/01/31)		15		14,590


Packaging & Containers — 0.1%
WRKCo Inc., 4.65%, 03/15/26 (Call 01/15/26)		20		21,615


Pharmaceuticals — 12.7%
AbbVie Inc.
2.95%, 11/21/26 (Call 09/21/26)		100		101,680
4.05%, 11/21/39 (Call 05/21/39)		120		125,908
4.25%, 11/21/49 (Call 05/21/49)		110		116,699
4.70%, 05/14/45 (Call 11/14/44)		25		27,736
AmerisourceBergen Corp., 3.45%, 12/15/27 (Call 09/15/27)		25		25,969
Astrazeneca Finance LLC, 1.20%, 05/28/26 (Call 04/28/26)		40		38,381
AstraZeneca PLC, 6.45%, 09/15/37		70		95,791
Becton Dickinson and Co.
2.82%, 05/20/30 (Call 02/20/30)		90		88,594
4.67%, 06/06/47 (Call 12/06/46)		15		16,800
Bristol-Myers Squibb Co.
3.40%, 07/26/29 (Call 04/26/29)		100		105,042
4.25%, 10/26/49 (Call 04/26/49)		90		100,698
Cigna Corp.
4.13%, 11/15/25 (Call 09/15/25)		30		31,630
4.90%, 12/15/48 (Call 06/15/48)		100		113,292
CVS Health Corp.
2.13%, 09/15/31 (Call 06/15/31)		95		87,711
3.88%, 07/20/25 (Call 04/20/25)		25		26,136
4.78%, 03/25/38 (Call 09/25/37)		15		16,781
5.05%, 03/25/48 (Call 09/25/47)		150		174,813
5.13%, 07/20/45 (Call 01/20/45)		15		17,372
Eli Lilly & Co., 2.25%, 05/15/50 (Call 11/15/49)^(a)		40		33,182
GlaxoSmithKline Capital Inc.
3.63%, 05/15/25		200		209,118
3.88%, 05/15/28		50		53,576
Johnson & Johnson
2.45%, 03/01/26 (Call 12/01/25)		25		25,450
3.70%, 03/01/46 (Call 09/01/45)		110		118,296
Merck & Co. Inc.
1.45%, 06/24/30 (Call 03/24/30)		50		45,614
2.90%, 12/10/61 (Call 06/10/61)		10		8,822
3.70%, 02/10/45 (Call 08/10/44)		80		83,303


Security	Par (000)		Value

Pharmaceuticals (continued)
Novartis Capital Corp.
2.20%, 08/14/30 (Call 05/14/30)	$	40	$	38,794
2.75%, 08/14/50 (Call 02/14/50)		40		36,621
Shire Acquisitions Investments Ireland DAC, 3.20%, 09/23/26 (Call 06/23/26)		280		287,399
Zoetis Inc., 4.50%, 11/13/25 (Call 08/13/25)		100		106,759


				2,357,967

Real Estate Investment Trusts — 2.2%
Alexandria Real Estate Equities Inc.
2.00%, 05/18/32 (Call 02/18/32)		40		36,093
3.55%, 03/15/52 (Call 09/15/51)		15		14,441
American Tower Corp., 3.10%, 06/15/50 (Call 12/15/49)		30		25,117
Boston Properties LP
2.45%, 10/01/33 (Call 07/01/33)		55		49,870
3.65%, 02/01/26 (Call 11/03/25)		40		41,429
Brixmor Operating Partnership LP, 4.13%, 05/15/29 (Call 02/15/29)		20		21,148
Crown Castle International Corp., 2.90%, 04/01/41 (Call 10/01/40)		40		34,404
Equinix Inc., 2.50%, 05/15/31 (Call 02/15/31)		40		36,967
Welltower Inc., 4.00%, 06/01/25 (Call 03/01/25)		140		146,517


				405,986

Retail — 5.3%
Dollar General Corp., 3.50%, 04/03/30 (Call 01/03/30)		25		25,575
Dollar Tree Inc., 4.20%, 05/15/28 (Call 02/15/28)		20		21,350
Home Depot Inc. (The), 2.75%, 09/15/51 (Call 03/15/51)		200		177,570
Lowe’s Companies Inc.
1.70%, 09/15/28 (Call 07/15/28)		120		112,326
2.80%, 09/15/41 (Call 03/15/41)		70		61,699
McDonald’s Corp.
3.63%, 09/01/49 (Call 03/01/49)		70		68,658
3.70%, 01/30/26 (Call 10/30/25)		200		210,571
4.88%, 12/09/45 (Call 06/09/45)		15		17,169
Starbucks Corp.
3.50%, 11/15/50 (Call 05/15/50)		25		23,454
3.55%, 08/15/29 (Call 05/15/29)		80		83,145
Target Corp., 2.25%, 04/15/25 (Call 03/15/25)		20		20,116
Walgreens Boots Alliance Inc., 3.45%, 06/01/26 (Call 03/01/26)		150		155,589


				977,222

Semiconductors — 2.6%
Analog Devices Inc., 2.95%, 10/01/51 (Call 04/01/51)		15		13,703
Applied Materials Inc., 4.35%, 04/01/47 (Call 10/01/46)		20		23,046
Intel Corp.
1.60%, 08/12/28 (Call 06/12/28)		100		94,671
2.80%, 08/12/41 (Call 02/12/41)		100		90,098
3.05%, 08/12/51 (Call 02/12/51)		80		72,791
3.73%, 12/08/47 (Call 06/08/47)		15		15,100
Lam Research Corp., 4.88%, 03/15/49 (Call 09/15/48)		20		24,203
Marvell Technology Inc., 2.95%, 04/15/31 (Call 01/15/31)		25		24,069
Micron Technology Inc., 4.66%, 02/15/30 (Call 11/15/29)		35		37,799
NVIDIA Corp., 3.50%, 04/01/40 (Call 10/01/39)		40		41,035
NXP BV/NXP Funding LLC/NXP USA Inc., 3.25%, 05/11/41 (Call 11/11/40)^(c)		35		32,089
Texas Instruments Inc., 3.88%, 03/15/39 (Call 09/15/38)		20		21,711


				490,315

Software — 7.5%
Activision Blizzard Inc., 2.50%, 09/15/50 (Call 03/15/50)		20		16,844
Autodesk Inc., 2.40%, 12/15/31 (Call 09/15/31)		25		23,126


Security	Par (000)		Value

Software (continued)
Broadridge Financial Solutions Inc., 2.90%, 12/01/29 (Call 09/01/29)	$	25	$	24,490
Citrix Systems Inc., 3.30%, 03/01/30 (Call 12/01/29)		35		35,218
Fidelity National Information Services Inc., 1.15%, 03/01/26 (Call 02/01/26)		100		94,386
Fiserv Inc.
3.20%, 07/01/26 (Call 05/01/26)		40		40,861
4.40%, 07/01/49 (Call 01/01/49)		35		37,244
Microsoft Corp.
2.53%, 06/01/50 (Call 12/01/49)		250		221,861
3.30%, 02/06/27 (Call 11/06/26)		100		105,715
Oracle Corp.
2.50%, 04/01/25 (Call 03/01/25)		140		139,729
2.88%, 03/25/31 (Call 12/25/30)		200		190,383
2.95%, 04/01/30 (Call 01/01/30)		50		48,370
3.80%, 11/15/37 (Call 05/15/37)		15		14,243
3.95%, 03/25/51 (Call 09/25/50)		45		41,158
4.00%, 07/15/46 (Call 01/15/46)		220		202,347
salesforce.com Inc.
1.95%, 07/15/31 (Call 04/15/31)		40		37,793
2.90%, 07/15/51 (Call 01/15/51)		30		27,274
VMware Inc., 1.40%, 08/15/26 (Call 07/15/26)		100		94,870


				1,395,912

Telecommunications — 6.4%
Bell Telephone Co. of Canada or Bell Canada (The), 4.46%, 04/01/48 (Call 10/01/47)		15		16,576
British Telecommunications PLC, 9.63%, 12/15/30		35		49,442
Cisco Systems Inc., 5.90%, 02/15/39		35		46,654
Corning Inc., 4.38%, 11/15/57 (Call 05/15/57)		30		31,576
Deutsche Telekom International Finance BV, 8.75%, 06/15/30		25		34,577
Motorola Solutions Inc., 2.30%, 11/15/30 (Call 08/15/30)		30		27,513
Orange SA, 5.50%, 02/06/44 (Call 08/06/43)		30		37,610
Rogers Communications Inc., 4.35%, 05/01/49 (Call 11/01/48)		30		29,880
Telefonica Emisiones SA, 7.05%, 06/20/36		100		129,865
Verizon Communications Inc.
1.45%, 03/20/26 (Call 02/20/26)		100		96,631
2.55%, 03/21/31 (Call 12/21/30)		200		191,679
2.99%, 10/30/56 (Call 04/30/56)		140		119,408
3.40%, 03/22/41 (Call 09/22/40)		150		144,392
Vodafone Group PLC
4.38%, 05/30/28		140		151,379
5.25%, 05/30/48		65		75,492


				1,182,674


Security	Par/ Shares (000)		Value

Toys, Games & Hobbies — 0.1%
Hasbro Inc., 3.90%, 11/19/29 (Call 08/19/29)	$	25	$	26,140


Transportation — 1.1%
FedEx Corp.
2.40%, 05/15/31 (Call 02/15/31)		50		47,508
3.25%, 04/01/26 (Call 01/01/26)		30		31,239
4.55%, 04/01/46 (Call 10/01/45)		60		65,186
United Parcel Service Inc., 3.75%, 11/15/47 (Call 05/15/47)		50		53,927


				197,860

Water — 0.1%
American Water Capital Corp., 3.75%, 09/01/47 (Call 03/01/47)		15		14,981


Total Corporate Bonds & Notes — 98.0% (Cost: $19,667,303)				18,227,800


Short-Term Investments

Money Market Funds — 1.7%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.09%^(d)(e)(f)		176		176,035
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%^(d)(e)		140		140,000


				316,035


Total Short-Term Investments — 1.7% (Cost: $316,046)				316,035


Total Investments in Securities — 99.7% (Cost: $19,983,349)				18,543,835

Other Assets, Less Liabilities — 0.3%				54,817


Net Assets — 100.0%			$	18,598,652

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

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

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

^(d)	Affiliate of the Fund.

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

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

Investments in issuers considered to be affiliate(s) of the Fund during the period ended February 28, 2022 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

Asset-Backed Securities

AmeriCredit Automobile Receivables Trust Series 2021-1, Class A3, 0.37%, 08/18/25 (Call 04/18/24)	$	190	$	188,497
BA Credit Card Trust Series 2021-A1, Class A1, 0.44%, 09/15/26		400		389,777
BMW Vehicle Lease Trust1.10%, 03/25/25 (Call 04/25/24)		420		415,641
Santander Drive Auto Receivables Trust Series 2021-3, Class C, 0.95%, 09/15/27 (Call 05/15/24)		170		168,001
Toyota Auto Receivables Owner Trust Series 2021-B, Class A4, 0.53%, 10/15/26 (Call 12/15/24)		75		72,232
Verizon Master Trust Series 2021-1, Class A, 0.50%, 05/20/27 (Call 05/20/24)		100		97,236


Total Asset-Backed Securities — 0.2% (Cost: $1,354,901)				1,331,384


Collaterized Mortgage Obligations

Mortgage-Backed Securities — 1.1%
Barclays Commercial Mortgage Trust, Series 2019-C3, Class A4, 3.58%, 05/15/52 (Call 04/15/29)		100		104,382
BBCMS Mortgage Trust, 2.32%, 09/15/54		200		190,905
BBCMS Trust, Series 2021-C10, Class A5, 2.49%, 07/15/54 (Call 06/15/31)		460		445,997
Benchmark Mortgage Trust
Series 2018-B4, Class ASB, 4.06%, 07/15/51^(a)		1,000		1,054,033
Series 2020-B16, Class A5, 2.73%, 02/15/53 (Call 01/15/30)		100		99,207
Series 2020-B21, Class A4, 1.70%, 12/17/53 (Call 03/15/30)		100		92,091
CGMS Commercial Mortgage Trust, Series 2017-B1 AAB3.24%, 08/15/50 (Call 06/15/27)		150		152,791
COMM Mortgage Trust, Series 2015-CR25, Class A4, 3.76%, 08/10/48 (Call 08/10/25)		1,000		1,034,356
CSAIL Commercial Mortgage Trust, Series 2015-C1, Class A4, 3.51%, 04/15/50 (Call 01/15/25)		155		158,529
GS Mortgage Securities Trust, Series 2017-GS7, Class AAB, 3.20%, 08/10/50 (Call 03/10/27)		730		744,727
JPMBB Commercial Mortgage Securities Trust
Series 2014-C21, Class A5, 3.77%, 08/15/47 (Call 06/15/24)		75		77,127
Series 2015-C29, Class A4, 3.61%, 05/15/48 (Call 04/15/25)		172		176,954
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C32, Class A4, 3.72%, 12/15/49 (Call 12/15/26)		100		104,127
UBS Commercial Mortgage Trust, Series 2018-C13 ASB4.24%, 10/15/51 (Call 06/15/28)		100		106,776
Wells Fargo Commercial Mortgage Trust
Series 2017-RC1, Class A4, 3.63%, 01/15/60 (Call 02/15/27)		150		156,043
Series 2018-C44, Class A5, 4.21%, 05/15/51 (Call 04/15/28)		900		969,122
Series 2021-C59, Class A5, 2.63%, 04/15/54 (Call 04/15/31)		600		586,886


Security	Par (000)		Value

Mortgage-Backed Securities (continued)
WFRBS Commercial Mortgage Trust
Series 2013-C13, Class A4, 3.00%, 05/15/45 (Call 04/15/23)	$	75	$	75,718
Series 2013-UBS1, Class A4, 4.08%, 03/15/46 (Call 11/15/23)^(a)		100		102,670


				6,432,441


Total Collaterized Mortgage Obligations — 1.1% (Cost: $6,801,191)				6,432,441


Corporate Bonds & Notes

Advertising — 0.1%
Clear Channel International BV, 6.63%, 08/01/25 (Call 03/21/22)^(b)		15		15,320
Clear Channel Outdoor Holdings Inc.
5.13%, 08/15/27 (Call 08/15/22)^(b)		80		79,898
7.50%, 06/01/29 (Call 06/01/24)^(b)		65		67,462
7.75%, 04/15/28 (Call 04/15/24)^(b)		60		62,623
Interpublic Group of Companies Inc. (The)
2.40%, 03/01/31 (Call 12/01/30)		30		28,449
3.38%, 03/01/41 (Call 09/01/40)		33		30,913
4.75%, 03/30/30 (Call 12/30/29)		48		53,234
5.40%, 10/01/48 (Call 04/01/48)		35		43,652
MEDNAX Inc., 5.38%, 02/15/30 (Call 02/15/25)^(b)		25		24,879
Outfront Media Capital LLC/Outfront Media Capital Corp.
4.25%, 01/15/29 (Call 01/15/24)^(b)		27		25,719
4.63%, 03/15/30 (Call 03/15/25)^(b)		35		33,219
5.00%, 08/15/27 (Call 08/15/22)^(b)		50		49,553
6.25%, 06/15/25 (Call 06/15/22)^(b)		20		20,797
WPP Finance 2010, 3.75%, 09/19/24		25		25,890


				561,608

Aerospace & Defense — 0.1%
Hexcel Corp.
4.20%, 02/15/27 (Call 11/15/26)		30		30,761
4.95%, 08/15/25 (Call 05/15/25)		15		15,880
Howmet Aerospace Inc.
3.00%, 01/15/29 (Call 11/15/28)		40		38,061
5.13%, 10/01/24 (Call 07/01/24)		75		78,914
5.90%, 02/01/27		35		38,005
5.95%, 02/01/37		40		44,276
6.75%, 01/15/28		20		22,253
6.88%, 05/01/25 (Call 04/01/25)		29		31,956
Maxar Space Robotics LLC, 9.75%, 12/31/23 (Call 03/21/22)^(b)		30		31,907
Teledyne Technologies Inc.
0.95%, 04/01/24 (Call 04/08/22)		40		39,073
1.60%, 04/01/26 (Call 03/01/26)		20		19,280
Triumph Group Inc.
6.25%, 09/15/24 (Call 04/08/22)^(b)		35		34,798
7.75%, 08/15/25 (Call 04/08/22)		25		25,133
8.88%, 06/01/24 (Call 02/01/23)^(b)		51		54,429


				504,726

Agriculture — 0.0%
Darling Ingredients Inc., 5.25%, 04/15/27 (Call 04/15/22)^(b)		30		30,562


Airlines — 0.0%
Gol Finance SA, 7.00%, 01/31/25 (Call 04/07/22)^(c)		50		45,200


Security	Par (000)		Value

Apparel — 0.1%
Crocs Inc.
4.13%, 08/15/31 (Call 08/15/26)^(b)	$	25	$	21,305
4.25%, 03/15/29 (Call 03/15/24)^(b)		25		22,003
Hanesbrands Inc.
4.63%, 05/15/24 (Call 02/15/24)^(b)		50		50,664
4.88%, 05/15/26 (Call 02/15/26)^(b)		53		53,935
Kontoor Brands Inc., 4.13%, 11/15/29 (Call 11/15/24)^(b)		30		28,393
Levi Strauss & Co., 3.50%, 03/01/31 (Call 03/01/26)^(b)(d)		35		32,662
PVH Corp., 4.63%, 07/10/25 (Call 06/10/25)		65		68,656
Ralph Lauren Corp., 3.75%, 09/15/25 (Call 07/15/25)		10		10,465
Tapestry Inc.
3.05%, 03/15/32 (Call 12/15/31)		20		19,053
4.13%, 07/15/27 (Call 04/15/27)		23		24,066
VF Corp., 2.95%, 04/23/30 (Call 01/23/30)		30		29,693
William Carter Co. (The)
5.50%, 05/15/25 (Call 05/15/22)^(b)		15		15,460
5.63%, 03/15/27 (Call 04/08/22)^(b)		30		30,565
Wolverine World Wide Inc., 4.00%, 08/15/29 (Call 08/15/24)^(b)		45		41,375


				448,295

Auto Manufacturers — 0.3%
Aston Martin Capital Holdings Ltd., 10.50%, 11/30/25 (Call 11/01/24)^(b)		75		78,315
BMW Finance NV
2.40%, 08/14/24 (Call 07/14/24)^(b)		255		256,731
2.85%, 08/14/29 (Call 05/14/29)^(b)		10		10,029
BMW U.S. Capital LLC
0.80%, 04/01/24^(b)		55		53,696
1.25%, 08/12/26 (Call 07/12/26)^(b)		25		23,895
2.25%, 09/15/23 (Call 07/15/23)^(b)		215		216,696
2.80%, 04/11/26 (Call 01/11/26)^(b)		30		30,620
3.15%, 04/18/24 (Call 03/18/24)^(b)		10		10,198
3.90%, 04/09/25 (Call 03/09/25)^(b)		85		88,922
4.15%, 04/09/30 (Call 01/09/30)^(b)		65		70,770
BMW US Capital LLC, 2.55%, 04/01/31 (Call 01/01/31)^(b)		50		48,691
Cummins Inc.
0.75%, 09/01/25 (Call 08/01/25)		22		20,949
1.50%, 09/01/30 (Call 06/01/30)		145		130,394
2.60%, 09/01/50 (Call 03/01/50)		95		78,402
3.65%, 10/01/23 (Call 07/01/23)		71		72,797
4.88%, 10/01/43 (Call 04/01/43)		55		66,359
Harley-Davidson Financial Services Inc., 3.35%, 06/08/25 (Call 05/08/25)^(b)		248		250,996
PACCAR Financial Corp.
0.35%, 08/11/23		25		24,620
0.35%, 02/02/24		10		9,733
0.80%, 06/08/23		15		14,879
1.10%, 05/11/26		20		19,199
1.80%, 02/06/25		15		14,871
2.15%, 08/15/24		15		15,077
2.65%, 04/06/23		45		45,664
3.40%, 08/09/23		25		25,626
Wabash National Corp., 4.50%, 10/15/28 (Call 10/15/24)^(b)		30		28,340


				1,706,469

Auto Parts & Equipment — 0.2%
American Axle & Manufacturing Inc.
5.00%, 10/01/29 (Call 10/01/24)^(d)		40		37,916
6.25%, 03/15/26 (Call 03/21/22)		25		25,336
6.50%, 04/01/27 (Call 04/08/22)		35		35,787


Security	Par (000)		Value

Auto Parts & Equipment (continued)
6.88%, 07/01/28 (Call 07/01/23)^(d)	$	25	$	25,750
Aptiv PLC
3.10%, 12/01/51 (Call 06/01/51)		65		54,893
4.35%, 03/15/29 (Call 12/15/28)		12		12,913
4.40%, 10/01/46 (Call 04/01/46)		2		2,062
5.40%, 03/15/49 (Call 09/15/48)		85		99,577
BorgWarner Inc.
2.65%, 07/01/27 (Call 05/01/27)		235		234,563
4.38%, 03/15/45 (Call 09/15/44)		10		10,388
5.00%, 10/01/25^(b)		85		92,025
Cooper-Standard Automotive Inc.
5.63%, 11/15/26 (Call 03/24/22)^(b)		20		13,751
13.00%, 06/01/24 (Call 06/01/22)^(b)		25		26,382
Dana Financing Luxembourg Sarl, 5.75%, 04/15/25 (Call 04/08/22)^(b)		25		25,321
Dana Inc.
4.25%, 09/01/30 (Call 05/01/26)		25		23,828
4.50%, 02/15/32 (Call 02/15/27)		20		18,712
5.38%, 11/15/27 (Call 11/15/22)		25		25,500
5.63%, 06/15/28 (Call 06/15/23)		25		25,644
Lear Corp.
4.25%, 05/15/29 (Call 02/15/29)		35		37,065
5.25%, 05/15/49 (Call 11/15/48)		25		28,018
Magna International Inc.
2.45%, 06/15/30 (Call 03/15/30)		45		43,344
3.63%, 06/15/24 (Call 03/15/24)		5		5,139
4.15%, 10/01/25 (Call 07/01/25)		102		107,868
Meritor Inc.
4.50%, 12/15/28 (Call 12/15/23)^(b)		20		20,445
6.25%, 06/01/25 (Call 06/01/22)^(b)		20		20,791


				1,053,018

Banks — 8.8%
ABN AMRO Bank NV
1.54%, 06/16/27 (Call 06/16/26)^(a)(b)		225		213,237
4.75%, 07/28/25^(b)		5		5,277
4.80%, 04/18/26^(b)		200		213,110
Agricultural Bank of China Ltd./Hong Kong, 0.70%, 06/17/24^(c)		200		194,552
Agricultural Bank Of China Ltd./Singapore, 1.25%, 03/02/26^(c)		200		193,052
AIB Group PLC
4.26%, 04/10/25 (Call 04/10/24)^(a)(b)		210		215,443
4.75%, 10/12/23^(b)		300		311,298
ANZ New Zealand Int’l Ltd./London
1.25%, 06/22/26^(b)		215		204,422
3.45%, 07/17/27^(b)		210		219,918
3.45%, 01/21/28^(b)		80		83,556
Australia & New Zealand Banking Group Ltd.
2.95%, 07/22/30 (Call 07/22/25)^(a)(b)		170		168,579
4.40%, 05/19/26^(b)		40		42,398
4.50%, 03/19/24^(b)		10		10,422
Australia & New Zealand Banking Group Ltd./New York NY, 3.70%, 11/16/25		65		68,587
Banco de Credito del Peru
3.13%, 07/01/30 (Call 07/01/25)^(a)(c)		100		94,935
3.25%, 09/30/31 (Call 09/30/26)^(a)(c)		25		23,553
Banco do Brasil SA/Cayman, 4.63%, 01/15/25^(c)		200		204,602
Banco Nacional de Panama, 2.50%, 08/11/30 (Call 05/11/30)^(c)		200		176,304
Bancolombia SA, 3.00%, 01/29/25 (Call 12/29/24)		210		202,343


Security	Par (000)		Value

Banks (continued)
Bank Mandiri Persero Tbk PT, 3.75%, 04/11/24^(c)	$	200	$	202,758
Bank of China, 3.50%, 04/20/27^(c)		200		210,268
Bank of China Ltd., 5.00%, 11/13/24^(c)		200		213,014
Bank of Communications Co. Ltd./Hong Kong
1.05%, 07/20/23, (3 mo. LIBOR US + 0.800%)^(a)(c)		200		200,786
1.32%, 05/17/23, (3 mo. LIBOR US + 0.85%)^(a)(c)		200		200,898
Bank of Montreal
0.40%, 09/15/23		5		4,896
0.45%, 12/08/23		40		39,022
0.63%, 07/09/24		60		57,930
0.95%, 01/22/27 (Call 01/22/26), (SOFR + 0.603%)^(a)		15		14,157
1.85%, 05/01/25		125		123,551
2.50%, 06/28/24		344		347,161
3.80%, 12/15/32 (Call 12/15/27)^(a)		165		169,061
4.34%, 10/05/28 (Call 10/05/23)^(a)		200		206,054
Series E, 3.30%, 02/05/24		140		143,459
Bank of New York Mellon Corp. (The)
0.35%, 12/07/23 (Call 11/07/23)		15		14,678
0.50%, 04/26/24 (Call 03/26/24)		55		53,505
1.05%, 10/15/26 (Call 09/15/26)		5		4,755
1.60%, 04/24/25 (Call 03/24/25)		62		61,039
1.65%, 07/14/28 (Call 05/14/28)		10		9,483
1.65%, 01/28/31 (Call 10/28/30)		75		69,238
1.80%, 07/28/31 (Call 04/28/31)		25		22,966
2.10%, 10/24/24		25		25,093
2.20%, 08/16/23 (Call 06/16/23)		30		30,236
2.45%, 08/17/26 (Call 05/17/26)		85		86,037
2.80%, 05/04/26 (Call 02/04/26)		120		122,689
3.00%, 10/30/28 (Call 07/30/28)		90		90,859
3.25%, 09/11/24 (Call 08/11/24)		40		41,205
3.25%, 05/16/27 (Call 02/16/27)		110		114,325
3.30%, 08/23/29 (Call 05/23/29)		100		103,415
3.40%, 05/15/24 (Call 04/15/24)		80		82,564
3.40%, 01/29/28 (Call 10/29/27)		205		214,660
3.44%, 02/07/28 (Call 02/07/27), (3 mo. LIBOR US + 1.069%)^(a)		100		104,530
3.45%, 08/11/23		115		118,007
3.50%, 04/28/23		120		122,689
3.85%, 04/28/28		142		151,936
3.95%, 11/18/25 (Call 10/18/25)		50		53,043
Series 12, 3.65%, 02/04/24 (Call 01/05/24)		70		72,256
Series G, 3.00%, 02/24/25 (Call 01/24/25)		110		112,894
Series J, 1.90%, 01/25/29 (Call 11/25/28)		20		19,184
Bank of Nova Scotia (The)
0.55%, 09/15/23		45		44,121
0.65%, 07/31/24		120		115,756
0.70%, 04/15/24		174		168,813
0.80%, 06/15/23		10		9,891
1.05%, 03/02/26		25		23,679
1.30%, 09/15/26		35		33,278
1.63%, 05/01/23		40		40,005
2.15%, 08/01/31		135		126,085
2.20%, 02/03/25		35		34,887
2.70%, 08/03/26		15		15,147
3.40%, 02/11/24		30		30,784
4.50%, 12/16/25		25		26,574
Banque Federative du Credit Mutuel SA
0.65%, 02/27/24^(b)		235		228,051
2.38%, 11/21/24^(b)		270		270,248
3.75%, 07/20/23^(b)		200		205,248


Security	Par (000)		Value

Banks (continued)
BDO Unibank Inc., 2.13%, 01/13/26^(c)	$	200	$	195,342
BNP Paribas SA
1.32%, 01/13/27 (Call 01/13/26)^(a)(b)		225		211,525
1.90%, 09/30/28 (Call 09/30/27), (SOFR + 1.609%)^(a)(b)		200		185,936
2.82%, 11/19/25 (Call 11/19/24)^(a)(b)		50		50,037
2.82%, 01/26/41^(b)		200		172,250
2.87%, 04/19/32 (Call 04/19/31), (SOFR + 1.387%)^(a)(b)		220		208,914
3.05%, 01/13/31 (Call 01/13/30)^(a)(b)		225		218,857
3.38%, 01/09/25^(b)		25		25,478
3.50%, 03/01/23^(b)		40		40,649
3.80%, 01/10/24^(b)		40		41,156
4.38%, 05/12/26^(b)		200		208,914
4.40%, 08/14/28^(b)		230		245,737
4.63%, 03/13/27^(b)		250		264,077
4.71%, 01/10/25 (Call 01/10/24)^(a)(b)		240		249,439
5.20%, 01/10/30 (Call 01/10/29), (3 mo. LIBOR US + 2.567%)^(a)(b)		135		149,824
BPCE SA
1.00%, 01/20/26^(b)		65		61,255
1.65%, 10/06/26 (Call 10/06/25)^(a)(b)		90		85,799
2.38%, 01/14/25^(b)		440		435,332
2.70%, 10/01/29^(b)		75		73,397
4.00%, 09/12/23^(b)		40		41,130
4.63%, 07/11/24^(b)		30		31,182
4.63%, 09/12/28^(b)		325		351,933
4.88%, 04/01/26^(b)		235		248,371
5.15%, 07/21/24^(b)		161		169,106
5.70%, 10/22/23^(b)		20		21,012
Cadence Bank, 4.13%, 11/20/29 (Call 11/20/24), (3 mo. LIBOR US + 2.470%)^(a)		25		25,366
Canadian Imperial Bank of Commerce
0.45%, 06/22/23		60		58,996
0.50%, 12/14/23		55		53,584
0.95%, 06/23/23		75		74,217
0.95%, 10/23/25		95		90,313
1.00%, 10/18/24		25		24,219
1.25%, 06/22/26		50		47,324
2.25%, 01/28/25		205		204,746
3.10%, 04/02/24		178		181,544
3.50%, 09/13/23		86		88,396
CBQ Finance Ltd., 2.00%, 05/12/26^(c)		200		192,894
China Construction Bank Corp., 4.25%, 02/27/29 (Call 02/27/24)^(a)(c)		200		207,382
China Minsheng Banking Corp. Ltd./Hong Kong, 1.69%, 03/09/23, (3 mo. LIBOR US + 1.050%)^(a)(c)		200		199,972
CIMB Bank Bhd, 1.01%, 10/09/24, (3 mo. LIBOR US + 0.780%)^(a)(c)		200		201,342
Citizens Financial Group Inc.
2.50%, 02/06/30 (Call 11/06/29)		55		52,709
2.64%, 09/30/32 (Call 07/02/32)		80		74,466
2.85%, 07/27/26 (Call 04/27/26)		155		156,565
3.25%, 04/30/30 (Call 01/30/30)		209		211,274
4.30%, 12/03/25 (Call 11/03/25)		15		15,805
Comerica Inc.
3.70%, 07/31/23 (Call 06/30/23)		180		184,145
4.00%, 02/01/29 (Call 11/03/28)		120		128,774
Commercial Bank PSQC (The), 4.50%, (Call 03/03/26)^(a)(c)(e)		200		199,422
Commerzbank AG, 8.13%, 09/19/23^(b)		105		112,999
Cooperatieve Rabobank U.A. 1.11%, 02/24/27 (Call 02/24/26)^(a)(b)		50		47,253


Security	Par (000)		Value

Banks (continued)
1.34%, 06/24/26 (Call 06/24/25)^(a)(b)	$	300	$	288,669
3.75%, 07/21/26		15		15,494
4.63%, 12/01/23		20		20,853
5.25%, 05/24/41		206		266,103
5.25%, 08/04/45		5		5,981
5.80%, 09/30/2110^(b)		5		7,160
Cooperatieve Rabobank U.A./New York, 3.38%, 05/21/25		290		300,762
Credit Agricole SA
4.00%, 01/10/33 (Call 01/10/28)^(a)(b)		10		10,081
4.38%, 03/17/25^(b)		25		25,926
Credit Agricole SA/London
3.75%, 04/24/23^(b)		15		15,333
4.13%, 01/10/27^(b)		20		21,143
DBS Group Holdings Ltd., 4.52%, 12/11/28 (Call 12/11/23)^(a)(b)		360		373,626
Development Bank of Kazakhstan JSC, 2.95%, 05/06/31^(c)		200		181,958
Discover Bank
2.45%, 09/12/24 (Call 08/12/24)		35		35,052
2.70%, 02/06/30 (Call 11/06/29)		15		14,457
3.45%, 07/27/26 (Call 04/27/26)		45		46,288
4.20%, 08/08/23		20		20,628
4.65%, 09/13/28 (Call 06/13/28)		30		32,565
DNB Bank ASA
1.13%, 09/16/26 (Call 09/16/25)^(a)(b)		235		223,830
1.54%, 05/25/27 (Call 05/25/26)^(a)(b)		210		200,615
Dresdner Funding Trust I, 8.15%, 06/30/31 (Call 06/30/29)^(b)		75		99,338
Emirates NBD Bank PJSC, 6.13%, (Call 04/09/26)^(a)(c)(e)		200		210,650
Federation des Caisses Desjardins du Quebec
0.70%, 05/21/24^(b)		205		198,434
2.05%, 02/10/25^(b)		240		236,813
First Abu Dhabi Bank PJSC, 4.50%, (Call 04/05/26)^(a)(c)(e)		200		201,914
First Horizon Bank, 5.75%, 05/01/30 (Call 02/01/30)		20		23,072
First Horizon Corp.
3.55%, 05/26/23 (Call 04/26/23)		170		172,718
4.00%, 05/26/25 (Call 04/26/25)		140		145,307
HSBC Bank USA N.A., 7.00%, 01/15/39		10		14,310
HSBC Bank USA N.A./New York NY, 5.63%, 08/15/35		10		11,815
HSBC Holdings PLC
0.98%, 05/24/25 (Call 05/24/24), (SOFR + 0.708%)^(a)		20		19,332
1.59%, 05/24/27 (Call 05/24/26), (SOFR + 1.290%)^(a)		55		51,851
1.65%, 04/18/26 (Call 04/18/25), (SOFR + 1.538%)^(a)		220		212,150
2.10%, 06/04/26 (Call 06/04/25), (SOFR + 1.929%)^(a)		205		199,975
2.63%, 11/07/25 (Call 11/07/24), (SOFR + 1.401%)^(a)		75		74,906
2.80%, 05/24/32 (Call 05/24/31), (SOFR + 1.187%)^(a)		305		287,899
2.85%, 06/04/31 (Call 06/04/30), (SOFR + 2.387%)^(a)		240		229,298
3.60%, 05/25/23		10		10,232
3.80%, 03/11/25 (Call 03/11/24), (3 mo. LIBOR US + 1.211%)^(a)		20		20,499
3.90%, 05/25/26		35		36,414
3.95%, 05/18/24 (Call 05/18/23), (3 mo. LIBOR US + 0.987%)^(a)		215		219,670
3.97%, 05/22/30 (Call 05/22/29), (3 mo. LIBOR US + 1.610%)^(a)		20		20,627
4.04%, 03/13/28 (Call 03/13/27), (3 mo. LIBOR US + 1.546%)^(a)		200		207,306
4.25%, 03/14/24		10		10,334
4.25%, 08/18/25		10		10,374
4.29%, 09/12/26 (Call 09/12/25), (3 mo. LIBOR US + 1.348%)^(a)		20		20,861
4.30%, 03/08/26		30		31,686


Security	Par (000)		Value

Banks (continued)
4.38%, 11/23/26	$	420	$	441,832
4.58%, 06/19/29 (Call 06/19/28), (3 mo. LIBOR US + 1.535%)^(a)		195		208,131
4.95%, 03/31/30		300		332,697
5.25%, 03/14/44		5		5,745
6.10%, 01/14/42		25		32,997
6.50%, 05/02/36		145		182,620
6.50%, 09/15/37		145		185,014
6.80%, 06/01/38		160		209,182
HSBC USA Inc., 3.50%, 06/23/24		10		10,295
Huntington Bancshares Inc./OH
2.49%, 08/15/36 (Call 08/15/31)^(a)(b)		55		50,261
2.55%, 02/04/30 (Call 11/04/29)		140		136,142
2.63%, 08/06/24 (Call 07/06/24)		346		348,626
4.00%, 05/15/25 (Call 04/15/25)		140		146,343
Industrial & Commercial Bank of China Ltd., 4.88%, 09/21/25^(c)		200		214,838
Industrial & Commercial Bank of China Ltd./Dubai DIFC, 1.01%, 10/17/24, (3 mo. LIBOR US + 0.770%)^(a)(c)		200		200,908
Industrial & Commercial Bank of China Ltd./Singapore, 1.20%, 09/09/25^(c)		200		193,442
Industrial Bank Co. Ltd./Hong Kong, 0.88%, 06/10/24^(c)		200		194,764
ING Groep NV
1.40%, 07/01/26 (Call 07/01/25)^(a)(b)		15		14,433
1.73%, 04/01/27 (Call 04/01/26), (SOFR + 1.005%)^(a)		210		200,752
2.73%, 04/01/32 (Call 04/01/31), (SOFR + 1.316%)^(a)		70		66,933
3.55%, 04/09/24		5		5,130
3.95%, 03/29/27		240		252,137
4.10%, 10/02/23		325		335,605
Itau Unibanco Holding SA/Cayman Island, 5.13%, 05/13/23^(c)		200		206,198
Kasikornbank PCL/Hong Kong, 3.34%, 10/02/31 (Call 10/02/26)^(a)(c)		200		194,826
KeyBank N.A./Cleveland OH
0.43%, 06/14/24 (Call 06/14/23), (SOFR + 0.320%)^(a)		25		24,553
3.90%, 04/13/29		10		10,536
KeyCorp.
2.25%, 04/06/27		156		153,719
2.55%, 10/01/29		190		184,777
4.10%, 04/30/28		75		80,494
4.15%, 10/29/25		160		169,701
KfW
0.00%, 04/18/36^(f)		60		44,426
0.13%, 05/16/23^(c)		10		9,867
0.25%, 04/25/23		205		202,765
0.25%, 10/19/23		295		289,572
0.25%, 03/08/24		155		151,139
0.38%, 07/18/25		370		353,346
0.50%, 09/20/24		167		162,312
0.63%, 01/22/26		204		194,871
0.75%, 09/30/30		90		81,972
1.00%, 10/01/26		50		48,282
1.38%, 08/05/24		225		223,927
1.75%, 09/14/29		95		93,957
2.00%, 05/02/25		154		155,280
2.50%, 11/20/24		320		327,331
2.63%, 02/28/24		315		321,999
2.88%, 04/03/28		149		157,414
Kookmin Bank, 4.50%, 02/01/29^(c)		200		218,720
Korea Development Bank (The) 1.63%, 01/19/31		200		188,102


Security	Par (000)		Value

Banks (continued)
3.00%, 01/13/26	$	200	$	207,544
Landesbank Baden-Wuerttemberg, 7.63%, 02/01/23		95		99,990
Landwirtschaftliche Rentenbank
0.88%, 03/30/26		75		72,101
0.88%, 09/03/30		120		110,069
1.75%, 07/27/26		25		24,956
1.75%, 01/14/27^(c)		75		74,697
1.88%, 04/17/23^(c)		90		90,634
2.00%, 01/13/25		221		223,009
2.38%, 01/23/24^(c)		145		147,442
2.38%, 06/10/25		80		81,530
3.13%, 11/14/23		155		159,377
Series 37, 2.50%, 11/15/27		115		118,681
Series 40, 0.50%, 05/27/25		115		110,459
Lloyds Banking Group PLC
2.44%, 02/05/26 (Call 02/05/25)^(a)		340		337,494
3.75%, 01/11/27		230		238,761
4.34%, 01/09/48		235		240,130
4.45%, 05/08/25		400		421,048
4.55%, 08/16/28		200		216,100
4.58%, 12/10/25		220		230,683
Macquarie Bank Ltd.
2.30%, 01/22/25^(b)		120		119,996
3.05%, 03/03/36 (Call 03/03/31)^(a)(b)		65		60,414
3.62%, 06/03/30^(b)		15		14,830
3.90%, 01/15/26^(b)		210		221,928
4.00%, 07/29/25^(b)		40		42,157
4.88%, 06/10/25^(b)		5		5,275
Mitsubishi UFJ Financial Group Inc.
0.85%, 09/15/24 (Call 09/15/23)^(a)		15		14,724
0.95%, 07/19/25 (Call 07/19/24)^(a)		5		4,828
1.41%, 07/17/25		45		43,411
1.54%, 07/20/27 (Call 07/20/26)^(a)		20		18,985
2.05%, 07/17/30		200		184,242
2.19%, 02/25/25		240		238,241
2.31%, 07/20/32 (Call 07/20/31)^(a)		30		27,866
2.49%, 10/13/32 (Call 10/13/31)^(a)		45		42,384
2.53%, 09/13/23		205		207,167
2.76%, 09/13/26		10		10,045
2.80%, 07/18/24		15		15,193
3.20%, 07/18/29		35		35,258
3.74%, 03/07/29		95		99,340
3.75%, 07/18/39		260		271,635
3.76%, 07/26/23		35		35,961
4.05%, 09/11/28		10		10,644
4.29%, 07/26/38		20		22,208
Morgan Stanley
0.73%, 04/05/24 (Call 04/05/23), (SOFR + 0.610%)^(a)		69		68,056
0.79%, 01/22/25 (Call 01/22/24), (SOFR + 0.590%)^(a)		40		38,865
0.79%, 05/30/25 (Call 05/30/24), (SOFR + 0.525%)^(a)		95		91,623
0.99%, 12/10/26 (Call 12/10/25), (SOFR + 0.720%)^(a)		305		285,758
1.16%, 10/21/25 (Call 10/21/24), (SOFR + 0.560%)^(a)		35		33,810
1.51%, 07/20/27 (Call 07/20/26), (SOFR + 0.858%)^(a)		139		131,769
1.59%, 05/04/27 (Call 05/04/26), (SOFR + 0.879%)^(a)		259		246,754
1.79%, 02/13/32 (Call 02/13/31), (SOFR + 1.034%)^(a)		270		241,269
1.93%, 04/28/32 (Call 04/28/31), (SOFR + 1.020%)^(a)		145		130,713
2.19%, 04/28/26 (Call 04/28/25), (SOFR + 1.990%)^(a)		55		54,262
2.24%, 07/21/32 (Call 07/21/31), (SOFR + 1.178%)^(a)		250		230,895
2.48%, 09/16/36 (Call 09/16/31), (SOFR + 1.360%)^(a)		10		9,081
2.51%, 10/20/32 (Call 10/20/31), (SOFR + 1.200%)^(a)		15		14,174


Security	Par (000)		Value

Banks (continued)
2.70%, 01/22/31 (Call 01/22/30), (SOFR + 1.143%)^(a)	$	110	$	106,625
2.72%, 07/22/25 (Call 07/22/24), (SOFR + 1.152%)^(a)		55		55,323
2.80%, 01/25/52 (Call 01/25/51), (SOFR + 1.430%)^(a)		130		113,537
3.13%, 07/27/26		40		40,756
3.22%, 04/22/42 (Call 04/22/41), (SOFR + 1.485%)^(a)		30		28,617
3.59%, 07/22/28 (Call 07/22/27), (3 mo. LIBOR US + 1.340%)^(a)		79		81,613
3.62%, 04/01/31 (Call 04/01/30), (SOFR + 3.120%)^(a)		85		87,820
3.63%, 01/20/27		280		291,967
3.70%, 10/23/24		40		41,377
3.74%, 04/24/24 (Call 04/24/23), (3 mo. LIBOR US + 0.847%)^(a)		120		122,324
3.77%, 01/24/29 (Call 01/24/28), (3 mo. LIBOR US + 1.140%)^(a)		185		192,043
3.88%, 01/27/26		95		99,223
3.95%, 04/23/27		195		204,680
3.97%, 07/22/38 (Call 07/22/37), (3 mo. LIBOR US + 1.455%)^(a)		210		220,916
4.00%, 07/23/25		120		125,766
4.10%, 05/22/23		50		51,312
4.30%, 01/27/45		280		304,721
4.35%, 09/08/26		45		47,789
4.38%, 01/22/47		95		105,526
4.43%, 01/23/30 (Call 01/23/29), (3 mo. LIBOR US + 1.628%)^(a)		30		32,397
4.46%, 04/22/39 (Call 04/22/38), (3 mo. LIBOR US + 1.431%)^(a)		190		208,348
5.00%, 11/24/25		195		209,773
5.60%, 03/24/51 (Call 03/24/50), (SOFR + 4.480%)^(a)		125		166,802
6.25%, 08/09/26		25		28,623
6.38%, 07/24/42		130		177,330
7.25%, 04/01/32		125		167,485
Series F, 3.88%, 04/29/24		80		82,696
Series I, 0.86%, 10/21/25 (Call 10/21/24), (SOFR + 0.745%)^(a)		55		52,786
MUFG Bank Ltd., 3.75%, 03/10/24^(b)		5		5,174
National Bank of Canada, 0.55%, 11/15/24 (Call 11/15/23)^(a)		255		248,758
Nordea Bank Abp
0.63%, 05/24/24^(b)		40		38,815
0.75%, 08/28/25^(b)		225		213,363
1.00%, 06/09/23^(b)		200		198,522
1.50%, 09/30/26^(b)		30		28,588
4.63%, 09/13/33 (Call 09/13/28)^(a)(b)		10		10,628
Northern Trust Corp.
1.95%, 05/01/30 (Call 02/01/30)		65		61,828
3.15%, 05/03/29 (Call 02/03/29)		196		203,958
3.38%, 05/08/32 (Call 05/08/27), (3 mo. LIBOR US + 1.131%)^(a)		160		163,085
3.65%, 08/03/28 (Call 05/03/28)		135		144,968
3.95%, 10/30/25		45		47,707
NRW Bank
0.63%, 05/19/25^(c)		120		115,718
0.88%, 03/09/26^(c)		25		23,993
1.88%, 07/31/24^(c)		189		190,151
Oesterreichische Kontrollbank AG
0.38%, 09/17/25		170		161,488
0.50%, 02/02/26		120		113,724
1.50%, 02/12/25		120		119,230
2.88%, 03/13/23		70		71,192
3.13%, 11/07/23		410		421,480


Security	Par (000)		Value

Banks (continued)
Oversea-Chinese Banking Corp. Ltd., 4.25%, 06/19/24^(b)	$	35	$	36,450
PNC Bank N.A.
2.70%, 10/22/29		20		19,738
3.80%, 07/25/23 (Call 06/25/23)		5		5,131
4.05%, 07/26/28		10		10,718
PNC Financial Services Group Inc. (The)
1.15%, 08/13/26 (Call 07/13/26)		10		9,553
2.20%, 11/01/24 (Call 10/02/24)		105		105,354
2.31%, 04/23/32 (Call 04/23/31), (SOFR + 0.979%)^(a)		125		119,099
2.55%, 01/22/30 (Call 10/24/29)		210		206,495
2.60%, 07/23/26 (Call 05/23/26)		170		172,382
3.15%, 05/19/27 (Call 04/19/27)		65		67,370
3.45%, 04/23/29 (Call 01/23/29)		181		189,985
3.50%, 01/23/24 (Call 12/23/23)		159		163,633
3.90%, 04/29/24 (Call 03/29/24)		50		51,917
QNB Finance Ltd., 2.63%, 05/12/25^(c)		200		200,048
Regions Financial Corp.
1.80%, 08/12/28 (Call 06/12/28)		160		149,854
2.25%, 05/18/25 (Call 04/18/25)		185		185,276
7.38%, 12/10/37		56		78,300
Shinhan Bank Co. Ltd.
3.88%, 03/24/26^(c)		200		209,590
4.50%, 03/26/28^(c)		200		217,904
Shinhan Financial Group Co. Ltd., 5.88%, (Call 08/13/23)^(a)(c)(e)		200		205,138
Siam Commercial Bank PCL/Cayman Islands, 2.75%, 05/16/23^(c)		200		201,924
Skandinaviska Enskilda Banken AB
0.55%, 09/01/23^(b)		200		196,576
0.85%, 09/02/25^(b)		200		190,572
Societe Generale SA
1.49%, 12/14/26 (Call 12/14/25)^(a)(b)		245		229,680
2.63%, 10/16/24^(b)		31		30,875
2.63%, 01/22/25^(b)		15		14,855
2.89%, 06/09/32 (Call 06/09/31)^(a)(b)		275		255,524
3.00%, 01/22/30^(b)		200		193,284
4.00%, 01/12/27^(b)		240		248,388
4.25%, 09/14/23^(b)		30		30,929
4.75%, 09/14/28^(b)		100		107,759
5.00%, 01/17/24^(b)		35		36,309
State Street Corp.
2.20%, 03/03/31		120		113,069
2.35%, 11/01/25 (Call 11/01/24)^(a)		80		80,483
2.40%, 01/24/30		65		63,724
2.65%, 05/19/26		90		91,865
2.90%, 03/30/26 (Call 03/30/25), (SOFR + 2.600%)^(a)		90		91,834
3.03%, 11/01/34 (Call 11/01/29), (SOFR + 1.490%)^(a)		75		74,543
3.10%, 05/15/23		96		97,695
3.15%, 03/30/31 (Call 03/30/30), (SOFR + 2.650%)^(a)		5		5,119
3.30%, 12/16/24		89		92,074
3.55%, 08/18/25		75		78,297
3.70%, 11/20/23		35		36,164
3.78%, 12/03/24 (Call 12/03/23), (3 mo. LIBOR US + 0.770%)^(a)		60		61,915
4.14%, 12/03/29 (Call 12/03/28), (3 mo. LIBOR US + 1.030%)^(a)		115		124,456
Sumitomo Mitsui Banking Corp.
3.65%, 07/23/25		35		36,421
3.95%, 01/10/24		5		5,188


Security	Par (000)		Value

Banks (continued)
Sumitomo Mitsui Financial Group Inc.
0.51%, 01/12/24	$	10	$	9,749
1.40%, 09/17/26		20		18,903
1.47%, 07/08/25		205		197,958
1.71%, 01/12/31		110		97,967
2.13%, 07/08/30		15		13,967
2.14%, 09/23/30		125		113,910
2.22%, 09/17/31		10		9,267
2.30%, 01/12/41		10		8,458
2.63%, 07/14/26		55		55,127
2.70%, 07/16/24		250		252,380
2.72%, 09/27/29		5		4,891
2.75%, 01/15/30		215		210,044
2.93%, 09/17/41		180		162,135
3.01%, 10/19/26		75		76,150
3.04%, 07/16/29		15		14,971
3.20%, 09/17/29		110		109,922
3.35%, 10/18/27		58		59,801
3.36%, 07/12/27		105		108,526
3.45%, 01/11/27		55		56,861
3.54%, 01/17/28		15		15,566
3.75%, 07/19/23		102		104,799
3.78%, 03/09/26		125		130,761
3.94%, 10/16/23		80		82,634
3.94%, 07/19/28		15		15,881
4.31%, 10/16/28		45		48,771
4.44%, 04/02/24^(b)		45		46,806
Suncorp-Metway Ltd., 3.30%, 04/15/24^(b)		50		51,322
SVB Financial Group
1.80%, 10/28/26 (Call 09/28/26)		15		14,490
1.80%, 02/02/31 (Call 11/02/30)		45		40,752
2.10%, 05/15/28 (Call 03/15/28)		55		52,654
3.13%, 06/05/30 (Call 03/05/30)		155		155,790
3.50%, 01/29/25		25		25,767
Svenska Handelsbanken AB
0.55%, 06/11/24^(b)		60		58,070
0.63%, 06/30/23^(b)		50		49,390
1.42%, 06/11/27 (Call 06/11/26)^(a)(b)		15		14,313
3.90%, 11/20/23		30		31,120
Synovus Financial Corp., 5.90%, 02/07/29 (Call 02/07/24)^(a)		5		5,223
Toronto-Dominion Bank (The)
0.30%, 06/02/23		67		65,922
0.45%, 09/11/23		100		98,050
0.55%, 03/04/24		195		189,452
0.70%, 09/10/24		10		9,655
0.75%, 06/12/23		110		108,848
0.75%, 09/11/25		35		33,080
0.75%, 01/06/26		205		193,331
1.15%, 06/12/25		35		33,721
1.20%, 06/03/26		200		190,352
1.25%, 09/10/26		25		23,713
2.00%, 09/10/31		5		4,638
2.65%, 06/12/24		55		55,703
3.25%, 03/11/24		145		148,798
3.50%, 07/19/23		45		46,125
3.63%, 09/15/31 (Call 09/15/26)^(a)		185		190,709
Truist Bank
1.50%, 03/10/25 (Call 02/10/25)		10		9,836
2.25%, 03/11/30 (Call 12/11/29)		60		56,893
2.64%, 09/17/29 (Call 09/17/24)^(a)		15		15,059


Security	Par (000)		Value

Banks (continued)
3.20%, 04/01/24 (Call 03/01/24)	$	40	$	41,071
3.30%, 05/15/26 (Call 04/15/26)		20		20,703
3.63%, 09/16/25 (Call 08/16/25)		25		26,047
3.69%, 08/02/24 (Call 08/02/23), (3 mo. LIBOR US + 0.735%)^(a)		40		41,034
3.80%, 10/30/26 (Call 09/30/26)		10		10,535
4.05%, 11/03/25 (Call 09/03/25)		5		5,314
Truist Financial Corp.
1.13%, 08/03/27 (Call 06/03/27)		35		32,472
1.20%, 08/05/25 (Call 07/03/25)		70		67,490
1.27%, 03/02/27 (Call 03/02/26), (SOFR + 0.609%)^(a)		150		143,296
1.89%, 06/07/29 (Call 06/07/28), (SOFR + 0.862%)^(a)		40		37,783
1.95%, 06/05/30 (Call 03/05/30)		85		79,542
2.20%, 03/16/23 (Call 02/13/23)		185		185,986
2.50%, 08/01/24 (Call 07/01/24)		118		119,351
2.85%, 10/26/24 (Call 09/26/24)		95		96,811
3.70%, 06/05/25 (Call 05/05/25)		200		208,996
3.75%, 12/06/23 (Call 11/06/23)		190		196,055
4.00%, 05/01/25 (Call 03/01/25)		30		31,485
Turkiye Is Bankasi AS, 7.00%, 06/29/28 (Call 06/29/23)^(a)(c)		200		197,722
Turkiye Vakiflar Bankasi TAO, 5.25%, 02/05/25^(c)		200		189,982
U.S. Bancorp.
2.40%, 07/30/24 (Call 06/28/24)		170		171,916
2.49%, 11/03/36 (Call 11/03/31)^(a)		20		18,652
3.00%, 07/30/29 (Call 04/30/29)		145		146,333
3.10%, 04/27/26 (Call 03/27/26)		25		25,710
3.38%, 02/05/24 (Call 01/05/24)		10		10,281
3.70%, 01/30/24 (Call 12/29/23)		15		15,531
3.95%, 11/17/25 (Call 10/17/25)		10		10,599
Series V, 2.38%, 07/22/26 (Call 06/22/26)		195		196,344
Series X, 3.15%, 04/27/27 (Call 03/27/27)		135		139,963
UBS Group AG
2.10%, 02/11/32 (Call 02/11/31)^(a)(b)		200		182,092
3.13%, 08/13/30 (Call 08/13/29), (3 mo. LIBOR US + 1.468%)^(a)(b)		200		198,720
United Overseas Bank Ltd.
1.25%, 04/14/26^(b)		30		28,994
3.75%, 04/15/29 (Call 04/15/24)^(a)(b)		240		246,458
3.88%, (Call 10/19/23)^(a)(c)(e)		200		201,378
Valley National Bancorp., 3.00%, 06/15/31 (Call 06/15/26), (SOFR + 2.360%)^(a)		55		54,057
Webster Financial Corp., 4.10%, 03/25/29 (Call 12/25/28)		20		21,504
Western Alliance Bancorp., 3.00%, 06/15/31 (Call 06/15/26), (SOFR + 2.250%)^(a)		25		24,789
Wintrust Financial Corp., 4.85%, 06/06/29		20		21,060
Woori Bank, 0.75%, 02/01/26^(c)		200		188,970
Zions Bancorp. N.A., 3.25%, 10/29/29 (Call 07/29/29)		15		14,928


				53,777,440

Beverages — 0.7%
Coca-Cola Co. (The)
1.00%, 03/15/28		85		78,650
1.38%, 03/15/31		103		92,469
1.45%, 06/01/27		125		120,162
1.50%, 03/05/28		10		9,562
1.65%, 06/01/30		114		105,646
1.75%, 09/06/24		167		167,063
2.00%, 03/05/31		10		9,466
2.13%, 09/06/29		92		89,729
2.25%, 01/05/32		220		212,205
2.50%, 06/01/40		100		90,669


Security	Par (000)		Value

Beverages (continued)
2.50%, 03/15/51	$	105	$	89,999
2.60%, 06/01/50		141		123,649
2.75%, 06/01/60		60		52,324
2.88%, 05/05/41		10		9,500
2.90%, 05/25/27		35		36,078
3.00%, 03/05/51		30		28,522
3.38%, 03/25/27		30		31,594
3.45%, 03/25/30		120		126,978
Coca-Cola Europacific Partners PLC
0.50%, 05/05/23^(b)		15		14,766
0.80%, 05/03/24^(b)		20		19,427
Coca-Cola Femsa SAB de CV
1.85%, 09/01/32 (Call 06/01/32)		15		13,093
5.25%, 11/26/43		150		179,670
Embotelladora Andina SA, 3.95%, 01/21/50 (Call 07/21/49)^(c)		150		139,920
Keurig Dr Pepper Inc.
0.75%, 03/15/24 (Call 04/08/22)		30		29,236
2.25%, 03/15/31 (Call 12/15/30)		5		4,691
2.55%, 09/15/26 (Call 06/15/26)		85		85,054
3.13%, 12/15/23 (Call 10/15/23)		59		60,198
3.20%, 05/01/30 (Call 02/01/30)		80		80,926
3.35%, 03/15/51 (Call 09/15/50)		45		40,991
3.40%, 11/15/25 (Call 08/15/25)		40		41,235
3.43%, 06/15/27 (Call 03/15/27)		25		25,913
3.80%, 05/01/50 (Call 11/01/49)		35		34,430
4.06%, 05/25/23 (Call 04/25/23)		47		48,214
4.42%, 05/25/25 (Call 03/25/25)		62		65,582
4.42%, 12/15/46 (Call 06/15/46)		66		70,572
4.50%, 11/15/45 (Call 05/15/45)		35		37,502
4.60%, 05/25/28 (Call 02/25/28)		49		53,577
4.99%, 05/25/38 (Call 11/25/37)		89		101,629
5.09%, 05/25/48 (Call 11/25/47)		27		31,596
PepsiCo Inc.
0.40%, 10/07/23		30		29,471
0.75%, 05/01/23		100		99,290
1.40%, 02/25/31 (Call 11/25/30)		20		18,175
1.63%, 05/01/30 (Call 02/01/30)		148		137,994
1.95%, 10/21/31 (Call 07/21/31)		210		198,752
2.25%, 03/19/25 (Call 02/19/25)		52		52,528
2.38%, 10/06/26 (Call 07/06/26)		134		135,892
2.63%, 03/19/27 (Call 01/19/27)		53		54,234
2.63%, 07/29/29 (Call 04/29/29)		54		54,607
2.75%, 03/01/23		91		92,329
2.75%, 04/30/25 (Call 01/30/25)		25		25,531
2.75%, 03/19/30 (Call 12/19/29)		137		138,963
2.75%, 10/21/51 (Call 04/21/51)		205		188,356
2.85%, 02/24/26 (Call 11/24/25)		95		97,931
2.88%, 10/15/49 (Call 04/15/49)		65		61,268
3.00%, 10/15/27 (Call 07/15/27)		112		116,465
3.38%, 07/29/49 (Call 01/29/49)		32		32,364
3.45%, 10/06/46 (Call 04/06/46)		31		31,962
3.50%, 07/17/25 (Call 04/17/25)		90		94,036
3.60%, 03/01/24 (Call 12/01/23)		30		31,009
3.60%, 08/13/42		5		5,259
3.63%, 03/19/50 (Call 09/19/49)		46		49,166
3.88%, 03/19/60 (Call 09/19/59)		25		27,921
4.00%, 05/02/47 (Call 11/02/46)		20		22,451


				4,448,441


Security	Par (000)		Value

Biotechnology — 0.4%
Amgen Inc.
1.65%, 08/15/28 (Call 06/15/28)	$	25	$	23,410
1.90%, 02/21/25 (Call 01/21/25)		95		94,433
2.20%, 02/21/27 (Call 12/21/26)		133		131,091
2.25%, 08/19/23 (Call 06/19/23)		60		60,515
2.30%, 02/25/31 (Call 11/25/30)		36		34,032
2.45%, 02/21/30 (Call 11/21/29)		70		67,585
2.60%, 08/19/26 (Call 05/19/26)		62		62,561
2.77%, 09/01/53 (Call 03/01/53)		90		73,121
2.80%, 08/15/41 (Call 02/15/41)		65		57,063
3.00%, 01/15/52 (Call 07/15/51)		5		4,285
3.13%, 05/01/25 (Call 02/01/25)		37		37,845
3.15%, 02/21/40 (Call 08/21/39)		197		183,338
3.20%, 11/02/27 (Call 08/02/27)		60		61,912
3.38%, 02/21/50 (Call 08/21/49)		127		116,483
3.63%, 05/22/24 (Call 02/22/24)		94		97,126
4.40%, 05/01/45 (Call 11/01/44)		117		125,037
4.56%, 06/15/48 (Call 12/15/47)		65		71,278
4.66%, 06/15/51 (Call 12/15/50)		257		288,303
4.95%, 10/01/41		86		98,780
5.15%, 11/15/41 (Call 05/15/41)		87		101,016
6.40%, 02/01/39		5		6,760
Biogen Inc.
2.25%, 05/01/30 (Call 02/01/30)		89		81,469
3.15%, 05/01/50 (Call 11/01/49)		100		82,691
3.25%, 02/15/51 (Call 08/15/50)^(b)		99		83,281
4.05%, 09/15/25 (Call 06/15/25)		65		67,951
5.20%, 09/15/45 (Call 03/15/45)		25		28,253
Grifols Escrow Issuer SA, 4.75%, 10/15/28 (Call 10/15/24)^(b)		20		18,858
Illumina Inc.
0.55%, 03/23/23		85		83,886
2.55%, 03/23/31 (Call 12/23/30)		25		23,611
Regeneron Pharmaceuticals Inc.
1.75%, 09/15/30 (Call 06/15/30)		104		92,858
2.80%, 09/15/50 (Call 03/15/50)		66		54,452


				2,413,284

Building Materials — 0.4%
Boise Cascade Co., 4.88%, 07/01/30 (Call 07/01/25)^(b)		20		20,069
Boral Finance Pty Ltd., 3.75%, 05/01/28 (Call 02/01/28)^(b)		35		36,065
Builders FirstSource Inc.
4.25%, 02/01/32 (Call 08/01/26)^(b)		75		71,760
5.00%, 03/01/30 (Call 03/01/25)^(b)		35		35,882
6.75%, 06/01/27 (Call 06/01/22)^(b)		44		45,712
Carrier Global Corp.
2.24%, 02/15/25 (Call 01/15/25)		83		82,898
2.49%, 02/15/27 (Call 12/15/26)		15		14,938
2.70%, 02/15/31 (Call 11/15/30)		60		58,016
2.72%, 02/15/30 (Call 11/15/29)		64		62,236
3.38%, 04/05/40 (Call 10/05/39)		94		88,410
3.58%, 04/05/50 (Call 10/05/49)		112		106,425
Cornerstone Building Brands Inc., 6.13%, 01/15/29 (Call 09/15/23)^(b)		35		33,504
CRH America Finance Inc.
3.95%, 04/04/28 (Call 01/04/28)^(b)		15		15,891
4.40%, 05/09/47 (Call 11/09/46)^(b)		10		10,948
4.50%, 04/04/48 (Call 10/04/47)^(b)		10		11,179
Fortune Brands Home & Security Inc.
3.25%, 09/15/29 (Call 06/15/29)		62		62,921
4.00%, 09/21/23 (Call 08/21/23)		45		46,271
4.00%, 06/15/25 (Call 03/15/25)		47		49,142


Security	Par (000)		Value

Building Materials (continued)
James Hardie International Finance DAC, 5.00%, 01/15/28 (Call 01/15/23)^(b)	$	25	$	25,172
Jeld-Wen Inc.
4.63%, 12/15/25 (Call 04/08/22)^(b)		25		24,540
4.88%, 12/15/27 (Call 12/15/22)^(b)		25		24,304
6.25%, 05/15/25 (Call 05/15/22)^(b)		15		15,457
Lennox International Inc.
1.35%, 08/01/25 (Call 07/01/25)		149		143,386
1.70%, 08/01/27 (Call 06/01/27)		27		25,739
3.00%, 11/15/23 (Call 09/15/23)		37		37,546
Louisiana-Pacific Corp., 3.63%, 03/15/29 (Call 03/15/24)^(b)		20		18,720
Martin Marietta Materials Inc.
2.40%, 07/15/31 (Call 04/15/31)		22		20,708
3.20%, 07/15/51 (Call 01/15/51)		57		50,997
3.45%, 06/01/27 (Call 03/01/27)		35		36,448
4.25%, 07/02/24 (Call 04/02/24)		5		5,222
4.25%, 12/15/47 (Call 06/15/47)		10		10,463
Series CB, 2.50%, 03/15/30 (Call 12/15/29)		32		30,681
Masco Corp.
2.00%, 10/01/30 (Call 07/01/30)		154		139,541
2.00%, 02/15/31 (Call 11/15/30)		15		13,547
3.50%, 11/15/27 (Call 08/15/27)		35		35,951
4.50%, 05/15/47 (Call 11/15/46)		65		70,068
Masonite International Corp.
3.50%, 02/15/30 (Call 08/15/29)^(b)		25		23,196
5.38%, 02/01/28 (Call 02/01/23)^(b)		35		35,769
Owens Corning
3.40%, 08/15/26 (Call 05/15/26)		134		137,907
3.88%, 06/01/30 (Call 03/01/30)		40		41,819
3.95%, 08/15/29 (Call 05/15/29)		5		5,241
4.20%, 12/01/24 (Call 09/01/24)		39		40,714
4.30%, 07/15/47 (Call 01/15/47)		45		47,064
4.40%, 01/30/48 (Call 07/30/47)		65		68,992
7.00%, 12/01/36		25		32,876
PGT Innovations Inc., 4.38%, 10/01/29 (Call 10/01/24)^(b)		35		32,913
St Marys Cement Inc. Canada, 5.75%, 01/28/27 (Call 10/28/26)^(b)		10		10,840
Summit Materials LLC/Summit Materials Finance Corp.
5.25%, 01/15/29 (Call 07/15/23)^(b)		40		40,226
6.50%, 03/15/27 (Call 03/21/22)^(b)		25		25,780
Vulcan Materials Co.
3.50%, 06/01/30 (Call 03/01/30)		10		10,359
3.90%, 04/01/27 (Call 01/01/27)		165		173,864
4.50%, 06/15/47 (Call 12/15/46)		27		29,735
4.70%, 03/01/48 (Call 09/01/47)		5		5,662


				2,343,714

Chemicals — 0.7%
Air Liquide Finance SA
2.25%, 09/27/23 (Call 07/27/23)^(b)		20		20,154
3.50%, 09/27/46 (Call 03/27/46)^(b)		15		15,409
Air Products and Chemicals Inc.
1.50%, 10/15/25 (Call 09/15/25)		105		102,698
1.85%, 05/15/27 (Call 03/15/27)		103		100,881
2.05%, 05/15/30 (Call 02/15/30)		64		61,166
2.70%, 05/15/40 (Call 11/15/39)		85		78,068
2.80%, 05/15/50 (Call 11/15/49)		50		44,830
3.35%, 07/31/24 (Call 04/30/24)		55		56,672
Axalta Coating Systems LLC, 3.38%, 02/15/29 (Call 02/15/24)^(b)		50		45,890


Security	Par (000)		Value

Chemicals (continued)
Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV, 4.75%, 06/15/27 (Call 06/15/23)^(b)	$	30	$	30,109
Celanese U.S. Holdings LLC
1.40%, 08/05/26 (Call 07/05/26)		25		23,514
3.50%, 05/08/24 (Call 04/08/24)		80		81,618
DuPont de Nemours Inc.
4.21%, 11/15/23 (Call 10/15/23)		189		195,834
4.49%, 11/15/25 (Call 09/15/25)		165		175,840
4.73%, 11/15/28 (Call 08/15/28)		147		162,808
5.32%, 11/15/38 (Call 05/15/38)		114		135,690
5.42%, 11/15/48 (Call 05/15/48)		95		119,474
Ecolab Inc., 2.70%, 12/15/51 (Call 06/15/51)		150		130,894
HB Fuller Co.
4.00%, 02/15/27 (Call 11/15/26)		20		19,906
4.25%, 10/15/28 (Call 10/15/23)		20		19,041
Ingevity Corp.
3.88%, 11/01/28 (Call 11/01/23)^(b)		30		28,246
4.50%, 02/01/26 (Call 04/08/22)^(b)		20		19,846
International Flavors & Fragrances Inc.
1.23%, 10/01/25 (Call 09/01/25)^(b)		70		66,630
1.83%, 10/15/27 (Call 08/15/27)^(b)		90		85,170
2.30%, 11/01/30 (Call 08/01/30)^(b)		124		115,256
3.20%, 05/01/23 (Call 02/01/23)		10		10,119
3.27%, 11/15/40 (Call 05/15/40)^(b)		77		71,055
3.47%, 12/01/50 (Call 06/01/50)^(b)		81		73,986
4.38%, 06/01/47 (Call 12/01/46)		60		62,999
4.45%, 09/26/28 (Call 06/26/28)		15		16,273
5.00%, 09/26/48 (Call 03/26/48)		45		51,337
Kraton Polymers LLC/Kraton Polymers Capital Corp., 4.25%, 12/15/25 (Call 12/15/22)^(b)		20		20,600
Linde Inc./CT
1.10%, 08/10/30 (Call 05/10/30)		29		25,813
2.00%, 08/10/50 (Call 02/10/50)		30		23,751
2.65%, 02/05/25 (Call 11/05/24)		35		35,614
3.20%, 01/30/26 (Call 10/30/25)		90		93,373
3.55%, 11/07/42 (Call 05/07/42)		25		25,873
Methanex Corp.
5.13%, 10/15/27 (Call 04/15/27)		45		45,792
5.25%, 12/15/29 (Call 09/15/29)		45		45,639
5.65%, 12/01/44 (Call 06/01/44)		20		18,782
Nutrien Ltd.
1.90%, 05/13/23		15		15,026
2.95%, 05/13/30 (Call 02/13/30)		119		119,154
3.00%, 04/01/25 (Call 01/01/25)		20		20,338
3.95%, 05/13/50 (Call 11/13/49)		65		68,078
4.00%, 12/15/26 (Call 09/15/26)		15		15,977
4.13%, 03/15/35 (Call 09/15/34)		50		53,894
4.20%, 04/01/29 (Call 01/01/29)		55		59,627
4.90%, 06/01/43 (Call 12/01/42)		5		5,813
5.00%, 04/01/49 (Call 10/01/48)		46		55,706
5.25%, 01/15/45 (Call 07/15/44)		29		35,150
5.63%, 12/01/40		5		6,231
5.88%, 12/01/36		30		37,862
OCI NV, 4.63%, 10/15/25 (Call 10/15/22)^(b)		20		20,013
Phosagro OAO Via Phosagro Bond Funding DAC, 3.95%, 04/24/23 (Call 01/24/23)^(c)		200		81,272
PPG Industries Inc.
1.20%, 03/15/26 (Call 02/15/26)		40		38,185
2.40%, 08/15/24 (Call 07/15/24)		15		15,119
2.55%, 06/15/30 (Call 03/15/30)		100		97,550


Security	Par (000)		Value

Chemicals (continued)
3.20%, 03/15/23 (Call 02/15/23)	$	25	$	25,430
3.75%, 03/15/28 (Call 12/15/27)		169		181,486
SABIC Capital II BV, 4.50%, 10/10/28^(c)		200		218,396
Sherwin-Williams Co. (The)
2.30%, 05/15/30 (Call 02/15/30)		25		23,732
2.90%, 03/15/52 (Call 09/15/51)		50		42,876
2.95%, 08/15/29 (Call 05/15/29)		10		10,028
3.30%, 05/15/50 (Call 11/15/49)		30		27,561
3.45%, 08/01/25 (Call 05/01/25)		10		10,291
3.45%, 06/01/27 (Call 03/01/27)		30		31,214
3.80%, 08/15/49 (Call 02/15/49)		20		19,925
4.50%, 06/01/47 (Call 12/01/46)		75		82,036
4.55%, 08/01/45 (Call 02/01/45)		16		17,524
Solvay Finance America LLC, 4.45%, 12/03/25 (Call 09/03/25)^(b)		40		42,371
Trinseo Materials Operating SCA/Trinseo Materials Finance Inc.
5.13%, 04/01/29 (Call 04/01/24)^(b)		30		28,442
5.38%, 09/01/25 (Call 04/08/22)^(b)		30		30,245
Tronox Inc.
4.63%, 03/15/29 (Call 03/15/24)^(b)		75		70,836
6.50%, 05/01/25 (Call 04/04/22)^(b)		30		31,106
Yara International ASA
3.15%, 06/04/30 (Call 03/04/30)^(b)		70		69,586
3.80%, 06/06/26 (Call 03/06/26)^(b)		15		15,582
4.75%, 06/01/28 (Call 03/01/28)^(b)		230		247,669


				4,527,981

Commercial Services — 0.9%
ADT Security Corp. (The)
4.13%, 06/15/23		40		40,787
4.13%, 08/01/29 (Call 08/01/28)^(b)		60		56,757
4.88%, 07/15/32^(b)		40		37,454
AMN Healthcare Inc.
4.00%, 04/15/29 (Call 04/15/24)^(b)		20		18,990
4.63%, 10/01/27 (Call 10/01/22)^(b)		30		29,925
APi Escrow Corp., 4.75%, 10/15/29 (Call 10/15/24)^(b)		15		14,159
APi Group DE Inc., 4.13%, 07/15/29 (Call 07/15/24)^(b)		20		18,413
APX Group Inc.
5.75%, 07/15/29 (Call 07/15/24)^(b)		50		44,913
6.75%, 02/15/27 (Call 02/15/23)^(b)		40		41,083
ASGN Inc., 4.63%, 05/15/28 (Call 05/15/23)^(b)		35		34,605
Ashtead Capital Inc.
2.45%, 08/12/31 (Call 05/12/31)^(b)		5		4,601
4.25%, 11/01/29 (Call 11/01/24)^(b)		5		5,163
Automatic Data Processing Inc.
1.25%, 09/01/30 (Call 06/01/30)		111		99,890
1.70%, 05/15/28 (Call 03/15/28)		7		6,748
3.38%, 09/15/25 (Call 06/15/25)		87		90,815
Avis Budget Car Rental LLC/Avis Budget Finance Inc.
4.75%, 04/01/28 (Call 04/01/24)^(b)		35		33,471
5.38%, 03/01/29 (Call 03/01/24)^(b)		40		39,326
5.75%, 07/15/27 (Call 07/15/22)^(b)		45		45,369
Block Financial LLC
2.50%, 07/15/28 (Call 05/15/28)		55		52,509
3.88%, 08/15/30 (Call 05/15/30)		5		5,068
5.25%, 10/01/25 (Call 07/01/25)		25		26,965
Block Inc.
2.75%, 06/01/26 (Call 05/01/26)^(b)		70		67,882
3.50%, 06/01/31 (Call 03/01/31)^(b)		55		51,664
Carriage Services Inc., 4.25%, 05/15/29 (Call 05/15/24)^(b)		30		28,306


Security	Par (000)		Value

Commercial Services (continued)
Cintas Corp. No. 2, 3.70%, 04/01/27 (Call 01/01/27)	$	35	$	36,956
Deluxe Corp., 8.00%, 06/01/29 (Call 06/01/24)^(b)		35		36,073
Element Fleet Management Corp.
1.60%, 04/06/24 (Call 03/06/24)^(b)		117		115,293
3.85%, 06/15/25 (Call 05/15/25)^(b)		12		12,404
ERAC USA Finance LLC
2.70%, 11/01/23 (Call 09/01/23)^(b)		44		44,491
3.30%, 12/01/26 (Call 09/01/26)^(b)		25		25,736
3.80%, 11/01/25 (Call 08/01/25)^(b)		37		38,671
3.85%, 11/15/24 (Call 08/15/24)^(b)		55		57,115
4.20%, 11/01/46 (Call 05/01/46)^(b)		47		50,044
4.50%, 02/15/45 (Call 08/15/44)^(b)		70		76,902
6.70%, 06/01/34^(b)		5		6,510
7.00%, 10/15/37^(b)		20		27,874
Gartner Inc.
3.63%, 06/15/29 (Call 06/15/24)^(b)		35		34,001
3.75%, 10/01/30 (Call 10/01/25)^(b)		50		48,625
4.50%, 07/01/28 (Call 07/01/23)^(b)		50		50,629
Graham Holdings Co., 5.75%, 06/01/26 (Call 03/21/22)^(b)		25		25,649
Grand Canyon University
4.13%, 10/01/24		25		25,335
5.13%, 10/01/28 (Call 08/01/28)		25		25,046
GXO Logistics Inc.
1.65%, 07/15/26 (Call 06/15/26)^(b)		100		95,428
2.65%, 07/15/31 (Call 04/15/31)^(b)		25		23,196
Herc Holdings Inc., 5.50%, 07/15/27 (Call 07/15/22)^(b)		70		71,982
Hertz Corp. (The)
4.63%, 12/01/26 (Call 12/01/23)^(b)		45		43,093
5.00%, 12/01/29 (Call 12/01/24)^(b)		60		55,940
IHS Markit Ltd.
3.63%, 05/01/24 (Call 04/01/24)		25		25,821
4.00%, 03/01/26 (Call 12/01/25)^(b)		25		26,463
4.13%, 08/01/23 (Call 07/01/23)		25		25,718
4.25%, 05/01/29 (Call 02/01/29)		40		43,621
4.75%, 02/15/25 (Call 11/15/24)^(b)		60		63,775
4.75%, 08/01/28 (Call 05/01/28)		50		56,011
5.00%, 11/01/22 (Call 08/01/22)^(b)		15		15,243
Korn Ferry, 4.63%, 12/15/27 (Call 12/15/22)^(b)		25		24,738
Moody’s Corp.
2.55%, 08/18/60 (Call 02/18/60)		72		54,527
3.10%, 11/29/61 (Call 05/29/61)		25		21,281
3.25%, 01/15/28 (Call 10/15/27)		12		12,447
3.25%, 05/20/50 (Call 11/20/49)		36		32,782
3.75%, 03/24/25 (Call 02/24/25)		40		41,725
4.25%, 02/01/29 (Call 11/01/28)		2		2,165
4.88%, 02/15/24 (Call 11/15/23)		29		30,411
4.88%, 12/17/48 (Call 06/17/48)		19		22,371
5.25%, 07/15/44		42		50,692
Nielsen Co Luxembourg SARL (The), 5.00%, 02/01/25 (Call 04/08/22)^(b)		35		35,235
Nielsen Finance LLC/Nielsen Finance Co.
4.50%, 07/15/29 (Call 07/15/24)^(b)		40		35,967
4.75%, 07/15/31 (Call 07/15/26)^(b)		40		35,750
5.63%, 10/01/28 (Call 10/01/23)^(b)		60		58,051
5.88%, 10/01/30 (Call 10/01/25)^(b)		45		43,597
PayPal Holdings Inc.
1.35%, 06/01/23		158		157,660
1.65%, 06/01/25 (Call 05/01/25)		59		57,823
2.30%, 06/01/30 (Call 03/01/30)		64		61,021
2.40%, 10/01/24 (Call 09/01/24)		76		76,660


Security	Par (000)		Value

Commercial Services (continued)
2.65%, 10/01/26 (Call 08/01/26)	$	90	$	90,946
2.85%, 10/01/29 (Call 07/01/29)		74		73,752
3.25%, 06/01/50 (Call 12/01/49)		72		67,460
Prime Security Services Borrower LLC/Prime Finance Inc.
3.38%, 08/31/27 (Call 08/31/26)^(b)		55		50,939
5.25%, 04/15/24^(b)		50		51,104
5.75%, 04/15/26^(b)		85		87,343
6.25%, 01/15/28 (Call 01/15/23)^(b)		85		82,041
Quanta Services Inc.
2.35%, 01/15/32 (Call 10/15/31)		25		22,653
2.90%, 10/01/30 (Call 07/01/30)		46		44,110
3.05%, 10/01/41 (Call 04/01/41)		25		21,777
RELX Capital Inc.
3.00%, 05/22/30 (Call 02/22/30)		30		30,023
3.50%, 03/16/23 (Call 02/16/23)		95		96,614
4.00%, 03/18/29 (Call 12/18/28)		157		167,318
Ritchie Bros. Auctioneers Inc., 5.38%, 01/15/25 (Call 04/08/22)^(b)		20		20,330
RR Donnelley & Sons Co.
6.13%, 11/01/26 (Call 11/01/23)^(b)		30		31,964
8.25%, 07/01/27 (Call 07/01/23)^(d)		20		23,012
8.50%, 04/15/29^(b)		20		30,542
S&P Global Inc.
1.25%, 08/15/30 (Call 05/15/30)		24		21,329
2.30%, 08/15/60 (Call 02/15/60)		90		67,706
2.50%, 12/01/29 (Call 09/01/29)		5		4,907
2.95%, 01/22/27 (Call 10/22/26)		12		12,330
3.25%, 12/01/49 (Call 06/01/49)		71		68,070
4.00%, 06/15/25 (Call 03/15/25)		57		60,038
Service Corp. International/U.S.
3.38%, 08/15/30 (Call 08/15/25)		55		50,828
4.00%, 05/15/31 (Call 05/15/26)		50		47,831
4.63%, 12/15/27 (Call 12/15/22)		25		25,352
5.13%, 06/01/29 (Call 06/01/24)		50		51,395
7.50%, 04/01/27		5		5,777
Sodexo Inc.
1.63%, 04/16/26 (Call 03/16/26)^(b)		45		43,451
2.72%, 04/16/31 (Call 01/16/31)^(b)		10		9,654
Sotheby’s, 7.38%, 10/15/27 (Call 10/15/22)^(b)		40		41,666
Sotheby’s/Bidfair Holdings Inc., 5.88%, 06/01/29 (Call 06/01/24)^(b)		15		14,857
Transurban Finance Co. Pty Ltd.
2.45%, 03/16/31 (Call 12/16/30)^(b)		42		39,561
3.38%, 03/22/27 (Call 12/22/26)^(b)		93		96,147
4.13%, 02/02/26 (Call 11/02/25)^(b)		7		7,432
TriNet Group Inc., 3.50%, 03/01/29 (Call 03/01/24)^(b)		35		32,915
Triton Container International Ltd.
0.80%, 08/01/23^(b)		70		68,727
1.15%, 06/07/24 (Call 05/07/24)^(b)		50		48,644
2.05%, 04/15/26 (Call 03/15/26)^(b)		162		157,362
3.15%, 06/15/31 (Call 03/15/31)^(b)		75		72,274
United Rentals North America Inc.
3.75%, 01/15/32 (Call 07/15/26)		45		42,767
3.88%, 11/15/27 (Call 11/15/22)		36		36,516
3.88%, 02/15/31 (Call 08/15/25)		65		62,833
4.00%, 07/15/30 (Call 07/15/25)		50		49,129
4.88%, 01/15/28 (Call 01/15/23)		100		102,075
5.25%, 01/15/30 (Call 01/15/25)		55		57,231
5.50%, 05/15/27 (Call 05/15/22)		60		61,973


Security	Par (000)		Value

Commercial Services (continued)
Verisk Analytics Inc.
3.63%, 05/15/50 (Call 11/15/49)	$	29	$	27,970
4.00%, 06/15/25 (Call 03/15/25)		60		62,416
4.13%, 03/15/29 (Call 12/15/28)		70		74,632
5.50%, 06/15/45 (Call 12/15/44)		17		21,146
WW International Inc., 4.50%, 04/15/29 (Call 04/15/24)^(b)		35		29,566
ZipRecruiter Inc., 5.00%, 01/15/30 (Call 01/15/25)^(b)		20		19,708


				5,721,554

Computers — 0.5%
Austin BidCo Inc., 7.13%, 12/15/28 (Call 12/15/23)^(b)		20		19,650
Booz Allen Hamilton Inc.
3.88%, 09/01/28 (Call 09/01/23)^(b)		35		34,144
4.00%, 07/01/29 (Call 07/01/24)^(b)		35		34,474
CGI Inc.
1.45%, 09/14/26 (Call 08/14/26)^(b)		20		19,026
2.30%, 09/14/31 (Call 06/14/31)^(b)		5		4,618
Crowdstrike Holdings Inc., 3.00%, 02/15/29 (Call 02/15/24)		50		46,867
Dell Inc.
6.50%, 04/15/38		45		51,857
7.10%, 04/15/28		20		23,345
Dell International LLC/EMC Corp.
3.45%, 12/15/51 (Call 06/15/51)^(b)		100		84,545
4.00%, 07/15/24 (Call 06/15/24)		22		22,828
4.90%, 10/01/26 (Call 08/01/26)		52		56,360
5.30%, 10/01/29 (Call 07/01/29)		105		117,535
5.45%, 06/15/23 (Call 04/15/23)		23		23,942
5.85%, 07/15/25 (Call 06/15/25)		77		84,629
6.02%, 06/15/26 (Call 03/15/26)		149		166,643
6.10%, 07/15/27 (Call 05/15/27)		42		48,387
6.20%, 07/15/30 (Call 04/15/30)		64		75,780
8.10%, 07/15/36 (Call 01/15/36)		46		63,674
8.35%, 07/15/46 (Call 01/15/46)		41		62,391
Diebold Nixdorf Inc.
8.50%, 04/15/24 (Call 04/08/22)^(d)		35		34,529
9.38%, 07/15/25 (Call 07/15/22)^(b)		20		20,723
DXC Technology Co.
1.80%, 09/15/26 (Call 08/15/26)		20		19,088
2.38%, 09/15/28 (Call 07/15/28)		10		9,497
Exela Intermediate LLC/Exela Finance Inc., 11.50%, 07/15/26 (Call 12/01/22)^(b)		40		23,627
Fortinet Inc.
1.00%, 03/15/26 (Call 02/15/26)		22		20,632
2.20%, 03/15/31 (Call 12/15/30)		12		11,039
Hewlett Packard Enterprise Co.
1.45%, 04/01/24 (Call 03/01/24)		58		57,099
1.75%, 04/01/26 (Call 03/01/26)		70		67,581
2.25%, 04/01/23 (Call 03/01/23)		63		63,382
4.45%, 10/02/23 (Call 09/02/23)		77		79,874
4.90%, 10/15/25 (Call 07/15/25)		54		57,993
6.20%, 10/15/35 (Call 04/15/35)		114		136,407
6.35%, 10/15/45 (Call 04/15/45)		161		192,162
HP Inc.
2.20%, 06/17/25 (Call 05/17/25)		90		89,430
2.65%, 06/17/31 (Call 03/17/31)		7		6,570
3.00%, 06/17/27 (Call 04/17/27)		70		70,603
3.40%, 06/17/30 (Call 03/17/30)		127		128,173
6.00%, 09/15/41		61		73,148
Lenovo Group Ltd., 3.42%, 11/02/30 (Call 08/02/30)^(c)		200		192,550
NCR Corp.
5.00%, 10/01/28 (Call 10/01/23)^(b)		30		29,488


Security	Par (000)		Value

Computers (continued)
5.13%, 04/15/29 (Call 04/15/24)^(b)	$	75	$	74,143
5.25%, 10/01/30 (Call 10/01/25)^(b)		32		30,932
5.75%, 09/01/27 (Call 09/01/22)^(b)		30		30,466
6.13%, 09/01/29 (Call 09/01/24)^(b)		30		31,141
NetApp Inc.
1.88%, 06/22/25 (Call 05/22/25)		55		53,914
2.70%, 06/22/30 (Call 03/22/30)		62		60,014
Seagate HDD Cayman
3.13%, 07/15/29 (Call 01/15/24)		35		31,920
3.38%, 07/15/31 (Call 01/15/26)		25		22,795
4.09%, 06/01/29 (Call 03/01/29)		30		28,882
4.13%, 01/15/31 (Call 10/15/30)		35		33,453
4.75%, 06/01/23		35		35,972
4.75%, 01/01/25		25		25,752
4.88%, 03/01/24 (Call 01/01/24)		30		30,929
4.88%, 06/01/27 (Call 03/01/27)		15		15,488
5.75%, 12/01/34 (Call 06/01/34)		35		36,486
Teledyne FLIR LLC, 2.50%, 08/01/30 (Call 05/01/30)		42		39,694
Western Digital Corp., 4.75%, 02/15/26 (Call 11/15/25)		175		181,804


				3,188,075

Cosmetics & Personal Care — 0.1%
Colgate-Palmolive Co.
2.10%, 05/01/23		15		15,102
3.70%, 08/01/47 (Call 02/01/47)		79		86,777
4.00%, 08/15/45		27		30,430
Edgewell Personal Care Co.
4.13%, 04/01/29 (Call 04/01/24)^(b)		30		28,229
5.50%, 06/01/28 (Call 06/01/23)^(b)		60		60,494
Estee Lauder Companies Inc. (The)
1.95%, 03/15/31 (Call 12/15/30)		15		14,107
2.00%, 12/01/24 (Call 11/01/24)		72		72,320
2.38%, 12/01/29 (Call 09/01/29)		59		57,952
2.60%, 04/15/30 (Call 01/15/30)		70		69,549
3.13%, 12/01/49 (Call 06/01/49)		35		34,147
3.15%, 03/15/27 (Call 12/15/26)		58		60,307
4.15%, 03/15/47 (Call 09/15/46)		65		73,472
4.38%, 06/15/45 (Call 12/15/44)		30		34,535
6.00%, 05/15/37		5		6,687


				644,108

Distribution & Wholesale — 0.1%
Avient Corp.
5.25%, 03/15/23		20		20,574
5.75%, 05/15/25 (Call 05/15/22)^(b)		50		51,242
Ferguson Finance PLC
3.25%, 06/02/30 (Call 03/02/30)^(b)		30		29,951
4.50%, 10/24/28 (Call 07/24/28)^(b)		35		37,744
H&E Equipment Services Inc., 3.88%, 12/15/28 (Call 12/15/23)^(b)		80		74,845
IAA Inc., 5.50%, 06/15/27 (Call 06/15/22)^(b)		35		35,622
KAR Auction Services Inc., 5.13%, 06/01/25 (Call 04/08/22)^(b)		60		60,797
Resideo Funding Inc., 4.00%, 09/01/29 (Call 09/01/24)^(b)		20		17,977
Ritchie Bros Holdings Inc., 4.75%, 12/15/31 (Call 12/15/26)^(b)		35		34,825
WW Grainger Inc.
1.85%, 02/15/25 (Call 01/15/25)		170		168,623
3.75%, 05/15/46 (Call 11/15/45)		40		41,567
4.20%, 05/15/47 (Call 11/15/46)		5		5,557
4.60%, 06/15/45 (Call 12/15/44)		12		13,843


				593,167


Security	Par (000)		Value

Diversified Financial Services — 2.2%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
1.15%, 10/29/23	$	25	$	24,437
1.75%, 01/30/26 (Call 12/30/25)		155		147,047
2.45%, 10/29/26 (Call 09/29/26)		5		4,818
2.88%, 08/14/24 (Call 07/14/24)		165		165,508
3.00%, 10/29/28 (Call 08/29/28)		200		192,606
3.30%, 01/30/32 (Call 10/30/31)		165		156,526
3.65%, 07/21/27 (Call 04/21/27)		20		20,332
3.85%, 10/29/41 (Call 04/29/41)		150		137,928
4.45%, 04/03/26 (Call 02/03/26)		10		10,426
4.50%, 09/15/23 (Call 08/15/23)		160		165,056
4.63%, 10/15/27 (Call 08/15/27)		155		164,729
Affiliated Managers Group Inc.
3.30%, 06/15/30 (Call 03/15/30)		110		111,327
3.50%, 08/01/25		20		20,702
4.25%, 02/15/24		80		83,356
AIG Global Funding
0.45%, 12/08/23^(b)		10		9,767
0.65%, 06/17/24^(b)		30		28,931
0.90%, 09/22/25^(b)		45		42,479
Air Lease Corp.
0.80%, 08/18/24 (Call 07/18/24)		20		19,202
1.88%, 08/15/26 (Call 07/15/26)		120		114,085
2.10%, 09/01/28 (Call 07/01/28)		25		23,022
2.88%, 01/15/26 (Call 12/15/25)		5		4,987
2.88%, 01/15/32 (Call 10/15/31)		25		23,416
3.00%, 02/01/30 (Call 11/01/29)		70		66,856
3.25%, 03/01/25 (Call 01/01/25)		35		35,320
3.25%, 10/01/29 (Call 07/01/29)		75		73,324
3.63%, 04/01/27 (Call 01/01/27)		5		5,099
3.75%, 06/01/26 (Call 04/01/26)		10		10,271
3.88%, 07/03/23 (Call 06/03/23)		5		5,103
4.25%, 09/15/24 (Call 06/15/24)		5		5,179
4.63%, 10/01/28 (Call 07/01/28)		10		10,576
Ally Financial Inc.
1.45%, 10/02/23 (Call 09/02/23)		125		123,510
2.20%, 11/02/28 (Call 09/02/28)		10		9,378
3.05%, 06/05/23 (Call 05/05/23)		105		106,233
3.88%, 05/21/24 (Call 04/21/24)		115		118,654
4.63%, 03/30/25		75		78,972
5.13%, 09/30/24		105		111,380
5.75%, 11/20/25 (Call 10/21/25)		75		79,692
5.80%, 05/01/25 (Call 04/01/25)		164		177,541
8.00%, 11/01/31		230		301,917
American Express Co.
0.75%, 11/03/23		10		9,847
1.65%, 11/04/26 (Call 10/04/26)		15		14,519
2.50%, 07/30/24 (Call 06/30/24)		55		55,655
3.00%, 10/30/24 (Call 09/29/24)		175		178,972
3.13%, 05/20/26 (Call 04/20/26)		80		82,176
3.30%, 05/03/27 (Call 04/03/27)^(b)		154		158,910
3.40%, 02/22/24 (Call 01/22/24)		115		118,233
3.63%, 12/05/24 (Call 11/04/24)		39		40,373
3.70%, 08/03/23 (Call 07/03/23)		126		129,383
4.05%, 12/03/42		230		252,570
4.20%, 11/06/25 (Call 10/06/25)		110		117,023
Ameriprise Financial Inc.
2.88%, 09/15/26 (Call 06/15/26)		95		97,282
3.00%, 04/02/25 (Call 03/02/25)		50		50,900
3.70%, 10/15/24		70		72,920


Security	Par (000)		Value

Diversified Financial Services (continued)
4.00%, 10/15/23	$	196	$	202,568
Aviation Capital Group LLC
1.95%, 01/30/26 (Call 12/30/25)^(b)		185		176,150
1.95%, 09/20/26 (Call 08/20/26)^(b)		20		18,815
3.50%, 11/01/27 (Call 07/01/27)^(b)		80		79,072
4.13%, 08/01/25 (Call 06/01/25)^(b)		90		92,425
4.38%, 01/30/24 (Call 12/30/23)^(b)		70		71,827
4.88%, 10/01/25 (Call 07/01/25)^(b)		86		90,135
5.50%, 12/15/24 (Call 11/15/24)^(b)		50		53,180
B3 S.A. Brasil Bolsa Balcao, 4.13%, 09/20/31^(c)		200		180,104
Bocom Leasing Management Hong Kong Co. Ltd., 1.13%, 06/18/24^(c)		200		194,594
Charles Schwab Corp. (The)
0.90%, 03/11/26 (Call 02/11/26)		10		9,480
1.15%, 05/13/26 (Call 04/13/26)		40		38,396
1.65%, 03/11/31 (Call 12/11/30)		165		149,822
2.00%, 03/20/28 (Call 01/20/28)		45		43,704
2.30%, 05/13/31 (Call 02/13/31)		15		14,361
2.75%, 10/01/29 (Call 07/01/29)		10		9,983
3.00%, 03/10/25 (Call 12/10/24)		5		5,121
3.20%, 03/02/27 (Call 12/02/26)		55		57,047
3.20%, 01/25/28 (Call 10/25/27)		189		196,726
3.25%, 05/22/29 (Call 02/22/29)		15		15,442
3.30%, 04/01/27 (Call 01/01/27)		20		20,846
3.45%, 02/13/26 (Call 11/13/25)		35		36,555
3.55%, 02/01/24 (Call 01/01/24)		40		41,255
3.85%, 05/21/25 (Call 03/21/25)		55		57,782
4.00%, 02/01/29 (Call 11/01/28)		10		10,790
4.20%, 03/24/25 (Call 02/24/25)		90		95,491
4.63%, 03/22/30 (Call 12/22/29)		75		85,066
CI Financial Corp.
3.20%, 12/17/30 (Call 09/17/30)		35		32,887
4.10%, 06/15/51 (Call 12/15/50)		55		52,326
CICC Hong Kong Finance 2016 MTN Ltd., 2.00%, 01/26/26^(c)		200		195,108
CME Group Inc.
3.00%, 03/15/25 (Call 12/15/24)		105		107,806
3.75%, 06/15/28 (Call 03/15/28)		45		48,184
4.15%, 06/15/48 (Call 12/15/47)		15		17,174
5.30%, 09/15/43 (Call 03/15/43)		15		19,160
Coinbase Global Inc., 3.63%, 10/01/31 (Call 10/01/26)^(b)		50		44,089
Discover Financial Services
4.10%, 02/09/27 (Call 11/09/26)		70		73,387
4.50%, 01/30/26 (Call 11/30/25)		20		21,286
Eaton Vance Corp.
3.50%, 04/06/27 (Call 01/06/27)		15		15,537
3.63%, 06/15/23		35		35,761
Franklin Resources Inc.
2.85%, 03/30/25		50		50,988
2.94%, 10/30/30 (Call 07/30/30)		95		85,018
3.35%, 08/12/51 (Call 02/12/51)		10		8,643
Haitong International Securities Group Ltd., 3.38%, 07/19/24^(c)		200		203,518
ICBCIL Finance Co. Ltd., 1.75%, 08/02/26^(c)		200		191,012
Intercontinental Exchange Inc.
0.70%, 06/15/23		85		84,034
1.85%, 09/15/32 (Call 06/15/32)		85		76,012
2.10%, 06/15/30 (Call 03/15/30)		80		75,514
2.65%, 09/15/40 (Call 03/15/40)		92		81,634
3.00%, 06/15/50 (Call 12/15/49)		65		57,947
3.00%, 09/15/60 (Call 03/15/60)		20		17,141


Security	Par (000)		Value

Diversified Financial Services (continued)
3.10%, 09/15/27 (Call 06/15/27)	$	84	$	86,255
3.45%, 09/21/23 (Call 08/21/23)		40		40,995
3.75%, 12/01/25 (Call 09/01/25)		100		104,949
3.75%, 09/21/28 (Call 06/21/28)		30		31,814
4.00%, 10/15/23		90		93,153
4.25%, 09/21/48 (Call 03/21/48)		130		143,806
Invesco Finance PLC
3.75%, 01/15/26		64		67,058
4.00%, 01/30/24		134		138,288
5.38%, 11/30/43		30		35,791
Janus Henderson US Holdings Inc., 4.88%, 08/01/25 (Call 05/01/25)		50		53,325
Legg Mason Inc.
4.75%, 03/15/26		80		87,047
5.63%, 01/15/44		64		79,798
LPL Holdings Inc.
4.00%, 03/15/29 (Call 03/15/24)^(b)		20		19,419
4.38%, 05/15/31 (Call 05/15/26)^(b)		50		48,809
LSEGA Financing PLC
0.65%, 04/06/24 (Call 03/06/24)^(b)		20		19,399
1.38%, 04/06/26 (Call 03/06/26)^(b)		15		14,241
2.00%, 04/06/28 (Call 02/06/28)^(b)		235		224,014
2.50%, 04/06/31 (Call 01/06/31)^(b)		25		23,889
3.20%, 04/06/41 (Call 10/06/40)^(b)		20		18,848
Mastercard Inc.
1.90%, 03/15/31 (Call 12/15/30)		37		35,204
2.00%, 03/03/25 (Call 02/03/25)		70		70,196
2.00%, 11/18/31 (Call 08/18/31)		10		9,458
2.95%, 11/21/26 (Call 08/21/26)		64		66,396
2.95%, 06/01/29 (Call 03/01/29)		69		70,907
2.95%, 03/15/51 (Call 09/15/50)		12		11,395
3.30%, 03/26/27 (Call 01/26/27)		62		65,160
3.35%, 03/26/30 (Call 12/26/29)		84		88,131
3.38%, 04/01/24		92		95,136
3.50%, 02/26/28 (Call 11/26/27)		55		58,546
3.65%, 06/01/49 (Call 12/01/48)		70		73,964
3.80%, 11/21/46 (Call 05/21/46)		34		36,384
3.85%, 03/26/50 (Call 09/26/49)		84		91,218
3.95%, 02/26/48 (Call 08/26/47)		37		40,476
Mitsubishi HC Capital Inc.
3.64%, 04/13/25 (Call 03/13/25)^(b)		10		10,295
3.97%, 04/13/30 (Call 01/13/30)^(b)		10		10,824
Morgan Stanley Domestic Holdings Inc.
3.80%, 08/24/27 (Call 05/24/27)		65		67,974
4.50%, 06/20/28 (Call 03/20/28)		155		167,391
Nasdaq Inc.
1.65%, 01/15/31 (Call 10/15/30)		95		83,820
2.50%, 12/21/40 (Call 06/21/40)		61		51,305
3.25%, 04/28/50 (Call 10/28/49)		40		36,260
3.85%, 06/30/26 (Call 03/30/26)		90		94,250
4.25%, 06/01/24 (Call 03/01/24)		75		78,160
Nationstar Mortgage Holdings Inc.
5.13%, 12/15/30 (Call 12/15/25)^(b)		42		39,585
5.50%, 08/15/28 (Call 08/15/23)^(b)		60		59,980
5.75%, 11/15/31 (Call 11/15/26)^(b)		40		39,147
6.00%, 01/15/27 (Call 01/15/23)^(b)		30		30,470
Nomura Holdings Inc.
1.65%, 07/14/26		90		85,498
1.85%, 07/16/25		195		189,741
2.65%, 01/16/25		35		35,110


Security	Par (000)		Value

Diversified Financial Services (continued)
PennyMac Financial Services Inc.
4.25%, 02/15/29 (Call 02/15/24)^(b)	$	30	$	26,760
5.38%, 10/15/25 (Call 10/15/22)^(b)		30		29,969
5.75%, 09/15/31 (Call 09/15/26)^(b)		40		37,710
PRA Group Inc.
5.00%, 10/01/29 (Call 10/01/24)^(b)		20		19,458
7.38%, 09/01/25 (Call 09/01/22)^(b)		30		31,497
Raymond James Financial Inc.
3.75%, 04/01/51 (Call 10/01/50)		36		35,812
4.65%, 04/01/30 (Call 01/01/30)		106		116,604
4.95%, 07/15/46		5		5,754
SLM Corp.
3.13%, 11/02/26 (Call 10/02/26)		25		23,974
4.20%, 10/29/25 (Call 09/29/25)		35		35,549
StoneX Group Inc., 8.63%, 06/15/25 (Call 06/15/22)^(b)		20		21,069
Synchrony Financial
2.88%, 10/28/31 (Call 07/28/31)		25		23,229
3.70%, 08/04/26 (Call 05/04/26)		10		10,189
3.95%, 12/01/27 (Call 09/01/27)		45		46,420
4.25%, 08/15/24 (Call 05/15/24)		15		15,521
4.38%, 03/19/24 (Call 02/19/24)		150		155,184
4.50%, 07/23/25 (Call 04/23/25)		40		41,950
5.15%, 03/19/29 (Call 12/19/28)		50		54,687
Visa Inc.
0.75%, 08/15/27 (Call 06/15/27)		110		101,905
1.10%, 02/15/31 (Call 11/15/30)		85		75,313
1.90%, 04/15/27 (Call 02/15/27)		52		51,225
2.00%, 08/15/50 (Call 02/15/50)		97		77,271
2.05%, 04/15/30 (Call 01/15/30)		102		98,432
2.70%, 04/15/40 (Call 10/15/39)		69		64,901
2.75%, 09/15/27 (Call 06/15/27)		5		5,131
3.15%, 12/14/25 (Call 09/14/25)		122		126,440
3.65%, 09/15/47 (Call 03/15/47)		27		28,616
4.15%, 12/14/35 (Call 06/14/35)		85		95,333
4.30%, 12/14/45 (Call 06/14/45)		207		239,704
Western Union Co. (The)
1.35%, 03/15/26 (Call 02/15/26)		10		9,543
2.75%, 03/15/31 (Call 12/15/30)		55		52,429
2.85%, 01/10/25 (Call 12/10/24)		92		93,169
4.25%, 06/09/23 (Call 05/09/23)		30		30,744
6.20%, 11/17/36		85		96,115


				13,210,244

Electric — 0.4%
Adani Green Energy Ltd., 4.38%, 09/08/24^(c)		200		197,610
American Transmission Systems Inc., 5.00%, 09/01/44 (Call 03/01/44)^(b)		35		40,276
CenterPoint Energy Houston Electric LLC
3.55%, 08/01/42 (Call 02/01/42)		5		5,024
3.95%, 03/01/48 (Call 09/01/47)		45		47,902
4.50%, 04/01/44 (Call 10/01/43)		75		84,835
Series AA, 3.00%, 02/01/27 (Call 11/01/26)		10		10,244
Series AC, 4.25%, 02/01/49 (Call 08/01/48)		70		78,176
Series AD, 2.90%, 07/01/50 (Call 01/01/50)		45		40,354
Series AE, 2.35%, 04/01/31 (Call 01/01/31)		10		9,646
Series K2, 6.95%, 03/15/33		10		13,294
Consorcio Transmantaro SA, 4.70%, 04/16/34^(c)		200		206,868
FirstEnergy Transmission LLC
2.87%, 09/15/28 (Call 07/15/28)^(b)		35		33,673
4.35%, 01/15/25 (Call 10/15/24)^(b)		30		30,894
4.55%, 04/01/49 (Call 10/01/48)^(b)		35		35,846


Security	Par (000)		Value

Electric (continued)
5.45%, 07/15/44 (Call 01/15/44)^(b)	$	25	$	28,457
ITC Holdings Corp.
2.95%, 05/14/30 (Call 02/14/30)^(b)		81		79,795
3.25%, 06/30/26 (Call 03/30/26)		65		66,734
3.35%, 11/15/27 (Call 08/15/27)		140		144,357
3.65%, 06/15/24 (Call 03/15/24)		43		44,113
5.30%, 07/01/43 (Call 01/01/43)		35		42,499
Jersey Central Power & Light Co., 2.75%, 03/01/32 (Call 12/01/31)^(b)		20		19,232
Mid-Atlantic Interstate Transmission LLC, 4.10%, 05/15/28 (Call 02/15/28)^(b)		55		58,357
Ohio Power Co.
4.00%, 06/01/49 (Call 12/01/48)		95		98,703
4.15%, 04/01/48 (Call 10/01/47)		50		52,268
Series P, 2.60%, 04/01/30 (Call 01/01/30)		20		19,484
Series Q, 1.63%, 01/15/31 (Call 10/15/30)		50		44,541
Series R, 2.90%, 10/01/51 (Call 04/01/51)		10		8,562
Oncor Electric Delivery Co. LLC
2.70%, 11/15/51 (Call 05/15/51)^(b)		5		4,318
2.75%, 05/15/30 (Call 02/15/30)		100		99,635
2.95%, 04/01/25 (Call 01/01/25)		15		15,300
3.10%, 09/15/49 (Call 03/15/49)		146		136,062
3.70%, 11/15/28 (Call 08/15/28)		6		6,379
3.70%, 05/15/50 (Call 11/15/49)		5		5,128
3.75%, 04/01/45 (Call 10/01/44)		50		51,159
3.80%, 09/30/47 (Call 03/30/47)		15		15,541
3.80%, 06/01/49 (Call 12/01/48)		100		104,617
4.10%, 11/15/48 (Call 05/15/48)		20		21,825
4.55%, 12/01/41 (Call 06/01/41)		5		5,641
5.25%, 09/30/40		25		30,445
Pennsylvania Electric Co., 3.60%, 06/01/29 (Call 03/01/29)^(b)		10		10,354
Potomac Electric Power Co.
3.60%, 03/15/24 (Call 12/15/23)		10		10,304
4.15%, 03/15/43 (Call 09/15/42)		97		105,281
PPL Electric Utilities Corp.
3.95%, 06/01/47 (Call 12/01/46)		25		26,072
4.13%, 06/15/44 (Call 12/15/43)		25		26,842
4.15%, 06/15/48 (Call 12/15/47)		60		65,281
6.25%, 05/15/39		25		33,271
ReNew Wind Energy AP2/ReNew Power Pvt Ltd. other 9 Subsidiaries, 4.50%, 07/14/28 (Call 10/14/23)^(c)		200		185,342
Trans-Allegheny Interstate Line Co., 3.85%, 06/01/25 (Call 03/01/25)^(b)		10		10,330


				2,510,871

Electrical Components & Equipment — 0.0%
Acuity Brands Lighting Inc., 2.15%, 12/15/30 (Call 09/15/30)		20		18,486
EnerSys, 4.38%, 12/15/27 (Call 09/15/27)^(b)		20		19,801
WESCO Distribution Inc.
7.13%, 06/15/25 (Call 06/15/22)^(b)		100		104,663
7.25%, 06/15/28 (Call 06/15/23)^(b)		90		96,647


				239,597

Electronics — 0.5%
AAC Technologies Holdings Inc., 3.00%, 11/27/24 (Call 11/27/22)^(c)		200		195,440
Agilent Technologies Inc.
2.10%, 06/04/30 (Call 03/04/30)		75		69,500
2.30%, 03/12/31 (Call 12/12/30)		30		28,055
2.75%, 09/15/29 (Call 06/15/29)		50		49,238
3.05%, 09/22/26 (Call 06/22/26)		74		75,639


Security	Par (000)		Value

Electronics (continued)
3.88%, 07/15/23 (Call 04/15/23)	$	117	$	119,746
Allegion PLC, 3.50%, 10/01/29 (Call 07/01/29)		32		32,496
Allegion U.S. Holding Co. Inc.
3.20%, 10/01/24 (Call 08/01/24)		110		111,461
3.55%, 10/01/27 (Call 07/01/27)		10		10,254
Amphenol Corp.
2.05%, 03/01/25 (Call 02/01/25)		22		21,832
2.20%, 09/15/31 (Call 06/15/31)		5		4,623
2.80%, 02/15/30 (Call 11/15/29)		55		54,110
3.20%, 04/01/24 (Call 02/01/24)		25		25,512
4.35%, 06/01/29 (Call 03/01/29)		90		97,723
Atkore Inc., 4.25%, 06/01/31 (Call 06/01/26)^(b)		30		29,109
Avnet Inc.
3.00%, 05/15/31 (Call 02/15/31)		20		19,046
4.63%, 04/15/26 (Call 01/15/26)		80		84,774
Flex Ltd.
3.75%, 02/01/26 (Call 01/01/26)		35		36,124
4.88%, 06/15/29 (Call 03/15/29)		69		74,656
4.88%, 05/12/30 (Call 02/12/30)		91		98,267
Fortive Corp.
3.15%, 06/15/26 (Call 03/15/26)		192		197,729
4.30%, 06/15/46 (Call 12/15/45)		47		50,789
Hubbell Inc.
2.30%, 03/15/31 (Call 12/15/30)		7		6,646
3.35%, 03/01/26 (Call 12/01/25)		20		20,607
3.50%, 02/15/28 (Call 11/15/27)		22		22,817
Jabil Inc.
1.70%, 04/15/26 (Call 03/15/26)		57		55,068
3.00%, 01/15/31 (Call 10/15/30)		35		33,505
3.60%, 01/15/30 (Call 10/15/29)		35		35,453
3.95%, 01/12/28 (Call 10/12/27)		17		17,770
Keysight Technologies Inc.
3.00%, 10/30/29 (Call 07/30/29)		47		47,039
4.55%, 10/30/24 (Call 07/30/24)		97		102,082
4.60%, 04/06/27 (Call 01/06/27)		30		32,753
Sensata Technologies BV
4.00%, 04/15/29 (Call 04/15/24)^(b)		60		57,952
4.88%, 10/15/23^(b)		35		35,883
5.00%, 10/01/25^(b)		40		41,378
5.63%, 11/01/24^(b)		30		31,624
Sensata Technologies Inc.
3.75%, 02/15/31 (Call 02/15/26)^(b)		50		46,787
4.38%, 02/15/30 (Call 11/15/29)^(b)		25		24,390
TD SYNNEX Corp.
1.25%, 08/09/24 (Call 08/09/22)^(b)		10		9,703
1.75%, 08/09/26 (Call 07/09/26)^(b)		95		90,221
2.65%, 08/09/31 (Call 05/09/31)^(b)		10		8,986
Trimble Inc.
4.15%, 06/15/23 (Call 05/15/23)		122		125,165
4.75%, 12/01/24 (Call 09/01/24)		35		36,923
4.90%, 06/15/28 (Call 03/15/28)		47		50,616
TTM Technologies Inc., 4.00%, 03/01/29 (Call 03/01/24)^(b)		30		27,862
Tyco Electronics Group SA, 3.13%, 08/15/27 (Call 05/15/27)		55		56,502
Vontier Corp
1.80%, 04/01/26 (Call 03/01/26)		79		73,792
2.40%, 04/01/28 (Call 02/01/28)		45		41,316
2.95%, 04/01/31 (Call 01/01/31)		143		129,871


				2,748,834


Security	Par (000)		Value

Energy - Alternate Sources — 0.0%
Contemporary Ruiding Development Ltd., 1.88%, 09/17/25 (Call 08/17/25)^(c)	$	200	$	194,170
Enviva Partners LP/Enviva Partners Finance Corp., 6.50%, 01/15/26 (Call 04/08/22)^(b)		30		30,943
Sunnova Energy Corp., 5.88%, 09/01/26 (Call 09/01/23)^(b)(d)		20		18,306


				243,419

Engineering & Construction — 0.1%
AECOM, 5.13%, 03/15/27 (Call 12/15/26)		65		66,657
Arcosa Inc., 4.38%, 04/15/29 (Call 04/15/24)^(b)		25		23,727
Cellnex Finance Co SA, 3.88%, 07/07/41 (Call 04/07/41)^(b)		50		41,752
Dycom Industries Inc., 4.50%, 04/15/29 (Call 04/15/24)^(b)		35		33,690
Great Lakes Dredge & Dock Corp., 5.25%, 06/01/29 (Call 06/01/24)^(b)		20		19,985
Sydney Airport Finance Co. Pty Ltd.
3.38%, 04/30/25 (Call 01/30/25)^(b)		22		22,588
3.90%, 03/22/23^(b)		87		88,824
TopBuild Corp.
3.63%, 03/15/29 (Call 03/15/24)^(b)		30		28,158
4.13%, 02/15/32 (Call 10/15/26)^(b)		30		28,524
VM Consolidated Inc., 5.50%, 04/15/29 (Call 04/15/24)^(b)		22		21,601


				375,506

Entertainment — 0.1%
Cedar Fair LP, 5.25%, 07/15/29 (Call 07/15/24)		35		34,973
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op
5.38%, 04/15/27 (Call 04/15/22)		25		25,183
5.50%, 05/01/25 (Call 05/01/22)^(b)		65		66,805
6.50%, 10/01/28 (Call 10/01/23)		20		20,558
Cinemark USA Inc.
5.25%, 07/15/28 (Call 07/15/24)^(b)		50		47,699
5.88%, 03/15/26 (Call 03/15/23)^(b)		25		24,701
8.75%, 05/01/25 (Call 05/01/22)^(b)		45		47,138
Lions Gate Capital Holdings LLC, 5.50%, 04/15/29 (Call 04/15/24)^(b)		65		61,809
Merlin Entertainments Ltd., 5.75%, 06/15/26 (Call 03/17/26)^(b)		25		25,956
Motion Bondco DAC, 6.63%, 11/15/27 (Call 11/15/22)^(b)		20		19,693
SeaWorld Parks & Entertainment Inc., 5.25%, 08/15/29 (Call 08/15/24)^(b)		45		43,786
Six Flags Entertainment Corp.
4.88%, 07/31/24 (Call 04/08/22)^(b)		65		64,926
5.50%, 04/15/27 (Call 04/15/22)^(b)(d)		25		25,222
Six Flags Theme Parks Inc., 7.00%, 07/01/25 (Call 07/01/22)^(b)		45		47,026
Vail Resorts Inc., 6.25%, 05/15/25 (Call 05/15/22)^(b)		35		36,322


				591,797

Environmental Control — 0.2%
Clean Harbors Inc.
4.88%, 07/15/27 (Call 07/15/22)^(b)		21		21,098
5.13%, 07/15/29 (Call 07/15/24)^(b)		25		25,553
Covanta Holding Corp., 5.00%, 09/01/30 (Call 09/01/25)		45		43,252
Covert Mergeco Inc., 4.88%, 12/01/29 (Call 12/01/24)^(b)		20		19,148
Republic Services Inc.
0.88%, 11/15/25 (Call 10/15/25)		2		1,888
1.45%, 02/15/31 (Call 11/15/30)		80		70,653
1.75%, 02/15/32 (Call 11/15/31)		82		73,123
2.30%, 03/01/30 (Call 12/01/29)		54		51,463
2.50%, 08/15/24 (Call 07/15/24)		93		93,912
2.90%, 07/01/26 (Call 04/01/26)		95		96,626


Security	Par (000)		Value

Environmental Control (continued)
3.05%, 03/01/50 (Call 09/01/49)	$	61	$	56,255
3.20%, 03/15/25 (Call 12/15/24)		62		63,458
3.38%, 11/15/27 (Call 08/15/27)		63		65,080
3.95%, 05/15/28 (Call 02/15/28)		18		19,140
4.75%, 05/15/23 (Call 02/15/23)		65		66,901
6.20%, 03/01/40		10		13,230
Waste Connections Inc.
2.20%, 01/15/32 (Call 10/15/31)		20		18,559
2.60%, 02/01/30 (Call 11/01/29)		60		58,256
2.95%, 01/15/52 (Call 07/15/51)		5		4,352
3.05%, 04/01/50 (Call 10/01/49)		92		81,532
4.25%, 12/01/28 (Call 09/01/28)		65		69,978
Waste Management Inc.
0.75%, 11/15/25 (Call 10/15/25)		32		30,241
1.15%, 03/15/28 (Call 01/15/28)		211		192,753
1.50%, 03/15/31 (Call 12/15/30)		7		6,266
2.40%, 05/15/23 (Call 03/15/23)		30		30,229
2.50%, 11/15/50 (Call 05/15/50)		7		5,851
3.13%, 03/01/25 (Call 12/01/24)		45		46,317
3.15%, 11/15/27 (Call 08/15/27)		24		24,696
4.15%, 07/15/49 (Call 01/15/49)		30		33,550


				1,383,360

Food — 0.7%
Ahold Finance USA LLC, 6.88%, 05/01/29		10		12,490
Campbell Soup Co.
2.38%, 04/24/30 (Call 01/24/30)		45		42,829
3.65%, 03/15/23 (Call 02/15/23)		15		15,279
3.95%, 03/15/25 (Call 01/15/25)		87		90,772
4.15%, 03/15/28 (Call 12/15/27)		45		48,052
4.80%, 03/15/48 (Call 09/15/47)		70		79,661
Conagra Brands Inc.
0.50%, 08/11/23 (Call 08/11/22)		65		63,757
1.38%, 11/01/27 (Call 09/01/27)		57		52,403
4.30%, 05/01/24 (Call 04/01/24)		92		95,502
4.60%, 11/01/25 (Call 09/01/25)		95		101,121
4.85%, 11/01/28 (Call 08/01/28)		76		83,486
5.30%, 11/01/38 (Call 05/01/38)		68		78,403
5.40%, 11/01/48 (Call 05/01/48)		70		84,781
8.25%, 09/15/30		45		61,139
Flowers Foods Inc.
2.40%, 03/15/31 (Call 12/15/30)		30		28,295
3.50%, 10/01/26 (Call 07/01/26)		10		10,426
General Mills Inc.
2.88%, 04/15/30 (Call 01/15/30)		60		59,948
3.00%, 02/01/51 (Call 08/01/50)		67		60,673
3.20%, 02/10/27 (Call 11/10/26)		45		46,319
3.65%, 02/15/24 (Call 11/15/23)		15		15,450
3.70%, 10/17/23 (Call 09/17/23)		97		99,806
4.00%, 04/17/25 (Call 02/17/25)		50		52,326
4.15%, 02/15/43 (Call 08/15/42)		5		5,358
4.20%, 04/17/28 (Call 01/17/28)		81		87,250
4.70%, 04/17/48 (Call 10/17/47)		25		29,488
5.40%, 06/15/40		22		26,981
Hormel Foods Corp.
1.70%, 06/03/28 (Call 04/03/28)		5		4,776
1.80%, 06/11/30 (Call 03/11/30)		87		81,255
Ingredion Inc.
2.90%, 06/01/30 (Call 03/01/30)		50		49,285
3.20%, 10/01/26 (Call 07/01/26)		82		84,212
3.90%, 06/01/50 (Call 12/01/49)		50		50,904


Security	Par (000)		Value

Food (continued)
JM Smucker Co. (The)
2.38%, 03/15/30 (Call 12/15/29)	$	50	$	47,613
2.75%, 09/15/41 (Call 03/15/41)		5		4,336
3.38%, 12/15/27 (Call 09/15/27)		35		36,293
3.50%, 03/15/25		40		41,389
3.55%, 03/15/50 (Call 09/15/49)		20		19,028
4.25%, 03/15/35		135		145,700
4.38%, 03/15/45		70		75,715
Koninklijke Ahold Delhaize NV, 5.70%, 10/01/40		10		12,900
Kraft Heinz Foods Co.
3.00%, 06/01/26 (Call 03/01/26)		110		110,255
3.75%, 04/01/30 (Call 01/01/30)		40		41,082
3.88%, 05/15/27 (Call 02/15/27)		65		67,496
4.25%, 03/01/31 (Call 12/01/30)		26		27,621
4.38%, 06/01/46 (Call 12/01/45)		180		184,480
4.63%, 01/30/29 (Call 10/30/28)		20		21,510
4.63%, 10/01/39 (Call 04/01/39)		30		32,087
4.88%, 10/01/49 (Call 04/01/49)		90		99,632
5.00%, 07/15/35 (Call 01/15/35)		45		50,598
5.00%, 06/04/42		90		99,100
5.20%, 07/15/45 (Call 01/15/45)		110		124,292
5.50%, 06/01/50 (Call 12/01/49)		50		59,974
6.38%, 07/15/28		20		23,519
6.50%, 02/09/40		40		51,492
6.75%, 03/15/32		20		25,099
6.88%, 01/26/39		50		65,925
7.13%, 08/01/39^(b)		55		74,720
Lamb Weston Holdings Inc.
4.13%, 01/31/30 (Call 01/31/25)^(b)		60		58,009
4.38%, 01/31/32 (Call 01/31/27)^(b)		50		48,600
4.88%, 05/15/28 (Call 11/15/27)^(b)		25		25,686
McCormick & Co. Inc./MD
0.90%, 02/15/26 (Call 01/15/26)		40		37,716
1.85%, 02/15/31 (Call 11/15/30)		5		4,548
2.50%, 04/15/30 (Call 01/15/30)		40		38,550
3.15%, 08/15/24 (Call 06/15/24)		204		208,945
3.40%, 08/15/27 (Call 05/15/27)		70		72,834
4.20%, 08/15/47 (Call 02/15/47)		22		24,306
Smithfield Foods Inc.
2.63%, 09/13/31 (Call 06/13/31)^(b)		40		36,583
3.00%, 10/15/30 (Call 07/15/30)^(b)		62		58,642
4.25%, 02/01/27 (Call 11/01/26)^(b)		79		82,297
5.20%, 04/01/29 (Call 01/01/29)^(b)		61		66,556
TreeHouse Foods Inc., 4.00%, 09/01/28 (Call 09/01/23)		37		33,892
U.S. Foods Inc.
4.63%, 06/01/30 (Call 06/01/25)^(b)		35		33,959
4.75%, 02/15/29 (Call 02/15/24)^(b)		55		54,398
6.25%, 04/15/25 (Call 04/15/22)^(b)		60		62,037
United Natural Foods Inc., 6.75%, 10/15/28 (Call 10/15/23)^(b)		35		36,211


				4,228,052

Forest Products & Paper — 0.1%
Clearwater Paper Corp.
4.75%, 08/15/28 (Call 08/15/23)^(b)		20		19,028
5.38%, 02/01/25^(b)		16		16,563
Glatfelter Corp., 4.75%, 11/15/29 (Call 11/01/24)^(b)		25		23,825
International Paper Co.
4.35%, 08/15/48 (Call 02/15/48)		64		69,649
4.40%, 08/15/47 (Call 02/15/47)		34		37,276
4.80%, 06/15/44 (Call 12/15/43)		83		93,913
6.00%, 11/15/41 (Call 05/15/41)		52		65,425


Security	Par (000)		Value

Forest Products & Paper (continued)
7.30%, 11/15/39	$	50	$	70,464
Mercer International Inc.
5.13%, 02/01/29 (Call 02/01/24)		60		58,705
5.50%, 01/15/26 (Call 04/08/22)^(d)		15		15,086
West Fraser Timber Co. Ltd., 4.35%, 10/15/24 (Call 07/15/24)^(b)		8		8,385


				478,319

Hand & Machine Tools — 0.0%
Kennametal Inc., 2.80%, 03/01/31 (Call 12/01/30)		30		28,529
Snap-on Inc.
3.10%, 05/01/50 (Call 11/01/49)		34		32,046
3.25%, 03/01/27 (Call 12/01/26)		7		7,318
4.10%, 03/01/48 (Call 09/01/47)		30		33,229
Stanley Black & Decker Inc.
2.30%, 03/15/30 (Call 12/15/29)		20		19,254
2.75%, 11/15/50 (Call 05/15/50)		20		17,135
3.40%, 03/01/26 (Call 01/01/26)		12		12,477
4.00%, 03/15/60 (Call 03/15/25)^(a)		78		75,728
4.25%, 11/15/28 (Call 08/15/28)		20		21,830
5.20%, 09/01/40		31		37,428


				284,974

Health Care - Products — 0.2%
Alcon Finance Corp.
2.60%, 05/27/30 (Call 02/27/30)^(b)		35		33,431
2.75%, 09/23/26 (Call 07/23/26)^(b)		220		221,272
3.00%, 09/23/29 (Call 06/23/29)^(b)		45		44,587
3.80%, 09/23/49 (Call 03/23/49)^(b)		45		44,006
Avantor Funding Inc.
3.88%, 11/01/29 (Call 11/01/24)^(b)		50		48,143
4.63%, 07/15/28 (Call 07/15/23)^(b)		100		101,465
Baxter International Inc.
0.87%, 12/01/23^(b)		10		9,819
1.73%, 04/01/31 (Call 01/01/31)		20		18,059
1.92%, 02/01/27 (Call 01/01/27)^(b)		15		14,552
2.54%, 02/01/32 (Call 11/01/31)^(b)		10		9,585
2.60%, 08/15/26 (Call 05/15/26)		10		10,059
3.13%, 12/01/51 (Call 06/01/51)^(b)		90		81,029
3.50%, 08/15/46 (Call 02/15/46)		50		48,305
Danaher Corp.
2.60%, 10/01/50 (Call 04/01/50)		10		8,518
3.35%, 09/15/25 (Call 06/15/25)		15		15,527
4.38%, 09/15/45 (Call 03/15/45)		45		50,404
DENTSPLY SIRONA Inc., 3.25%, 06/01/30 (Call 03/01/30)		55		55,339
DH Europe Finance II Sarl
2.20%, 11/15/24 (Call 10/15/24)		20		20,013
2.60%, 11/15/29 (Call 08/15/29)		5		4,910
3.40%, 11/15/49 (Call 05/15/49)		67		65,547
Hologic Inc.
3.25%, 02/15/29 (Call 09/28/23)^(b)		65		61,802
4.63%, 02/01/28 (Call 02/01/23)^(b)		30		30,988
Ortho-Clinical Diagnostics Inc./Ortho-Clinical Diagnostics SA
7.25%, 02/01/28 (Call 02/01/23)^(b)		19		20,011
7.38%, 06/01/25 (Call 06/01/22)^(b)		16		16,554
PerkinElmer Inc.
0.55%, 09/15/23 (Call 09/15/22)		5		4,903
0.85%, 09/15/24 (Call 09/15/22)		10		9,663
1.90%, 09/15/28 (Call 07/15/28)		5		4,694
2.25%, 09/15/31 (Call 06/15/31)		65		59,478
2.55%, 03/15/31 (Call 12/15/30)		17		16,190


Security	Par (000)		Value

Health Care - Products (continued)
3.30%, 09/15/29 (Call 06/15/29)	$	73	$	73,484
3.63%, 03/15/51 (Call 09/15/50)		13		12,499
STERIS Irish FinCo UnLtd Co., 2.70%, 03/15/31 (Call 12/15/30)		5		4,750
Teleflex Inc.
4.25%, 06/01/28 (Call 06/01/23)^(b)		25		24,742
4.63%, 11/15/27 (Call 11/15/22)		35		35,603
Thermo Fisher Scientific Inc.
0.80%, 10/18/23 (Call 10/18/22)		15		14,791
2.60%, 10/01/29 (Call 07/01/29)		44		43,484
4.10%, 08/15/47 (Call 02/15/47)		72		79,945
5.30%, 02/01/44 (Call 08/01/43)		25		31,597
Varex Imaging Corp., 7.88%, 10/15/27 (Call 10/15/23)^(b)		14		15,119


				1,464,867

Health Care - Services — 1.0%
Acadia Healthcare Co. Inc.
5.00%, 04/15/29 (Call 10/15/23)^(b)		30		29,621
5.50%, 07/01/28 (Call 07/01/23)^(b)		20		20,109
AHP Health Partners Inc., 5.75%, 07/15/29 (Call 07/15/24)^(b)		15		14,155
Anthem Inc.
2.25%, 05/15/30 (Call 02/15/30)		70		66,300
2.88%, 09/15/29 (Call 06/15/29)		10		9,986
3.50%, 08/15/24 (Call 05/15/24)		120		123,451
3.60%, 03/15/51 (Call 09/15/50)		225		221,456
4.38%, 12/01/47 (Call 06/01/47)		60		65,970
4.55%, 03/01/48 (Call 09/01/47)		205		231,178
4.65%, 01/15/43		50		56,175
Catalent Pharma Solutions Inc.
3.13%, 02/15/29 (Call 02/15/24)^(b)		35		32,634
3.50%, 04/01/30 (Call 04/01/25)^(b)		30		27,971
5.00%, 07/15/27 (Call 07/15/22)^(b)		40		40,857
Centene Corp.
2.45%, 07/15/28 (Call 05/15/28)		140		131,972
2.50%, 03/01/31 (Call 12/01/30)		130		119,777
2.63%, 08/01/31 (Call 05/01/31)		80		73,814
3.00%, 10/15/30 (Call 07/15/30)		133		126,701
3.38%, 02/15/30 (Call 02/15/25)		130		124,883
4.25%, 12/15/27 (Call 12/15/22)		160		163,814
4.63%, 12/15/29 (Call 12/15/24)		210		216,327
DaVita Inc.
3.75%, 02/15/31 (Call 02/15/26)^(b)		95		86,949
4.63%, 06/01/30 (Call 06/01/25)^(b)		165		158,189
Encompass Health Corp.
4.50%, 02/01/28 (Call 02/01/23)		45		43,839
4.63%, 04/01/31 (Call 04/01/26)		25		23,591
4.75%, 02/01/30 (Call 02/01/25)		50		47,760
5.75%, 09/15/25 (Call 04/08/22)		20		20,436
HCA Inc.
2.38%, 07/15/31 (Call 04/15/31)		55		50,691
3.50%, 09/01/30 (Call 03/01/30)		160		158,414
3.50%, 07/15/51 (Call 01/15/51)		90		79,967
4.13%, 06/15/29 (Call 03/15/29)		81		85,016
4.50%, 02/15/27 (Call 08/15/26)		118		124,962
4.75%, 05/01/23		173		178,192
5.00%, 03/15/24		108		113,510
5.13%, 06/15/39 (Call 12/15/38)		75		83,692
5.25%, 04/15/25		55		59,062
5.25%, 06/15/26 (Call 12/15/25)		90		97,515
5.25%, 06/15/49 (Call 12/15/48)		95		108,101
5.38%, 02/01/25		160		169,566


Security	Par (000)		Value

Health Care - Services (continued)
5.38%, 09/01/26 (Call 03/01/26)	$	65	$	70,016
5.50%, 06/15/47 (Call 12/15/46)		106		124,057
5.63%, 09/01/28 (Call 03/01/28)		95		105,241
5.88%, 05/01/23		70		72,813
5.88%, 02/15/26 (Call 08/15/25)		95		102,763
5.88%, 02/01/29 (Call 08/01/28)		60		67,031
7.50%, 11/06/33		15		19,822
7.50%, 11/15/95		15		18,619
7.69%, 06/15/25		10		11,240
Humana Inc.
1.35%, 02/03/27 (Call 01/03/27)		108		101,740
2.15%, 02/03/32 (Call 11/03/31)		115		105,682
3.13%, 08/15/29 (Call 05/15/29)		15		15,082
3.85%, 10/01/24 (Call 07/01/24)		40		41,485
3.95%, 03/15/27 (Call 12/15/26)		73		77,187
3.95%, 08/15/49 (Call 02/15/49)		10		10,254
4.50%, 04/01/25 (Call 03/01/25)		10		10,622
4.63%, 12/01/42 (Call 06/01/42)		17		19,002
4.80%, 03/15/47 (Call 09/15/46)		80		92,033
4.88%, 04/01/30 (Call 01/01/30)		97		109,047
4.95%, 10/01/44 (Call 04/01/44)		75		87,396
IQVIA Inc., 5.00%, 05/15/27 (Call 05/15/22)^(b)		125		127,897
Laboratory Corp. of America Holdings
1.55%, 06/01/26 (Call 05/01/26)		25		23,968
2.30%, 12/01/24 (Call 11/01/24)		141		140,958
2.70%, 06/01/31 (Call 03/01/31)		10		9,587
2.95%, 12/01/29 (Call 09/01/29)		97		96,203
3.25%, 09/01/24 (Call 07/01/24)		76		77,485
3.60%, 02/01/25 (Call 11/01/24)		51		52,449
3.60%, 09/01/27 (Call 06/01/27)		5		5,227
4.00%, 11/01/23 (Call 08/01/23)		25		25,731
4.70%, 02/01/45 (Call 08/01/44)		100		110,317
ModivCare Inc., 5.88%, 11/15/25 (Call 11/15/22)^(b)		30		30,081
Molina Healthcare Inc.
3.88%, 11/15/30 (Call 08/17/30)^(b)		35		34,430
3.88%, 05/15/32 (Call 02/15/32)^(b)		50		49,015
4.38%, 06/15/28 (Call 06/15/23)^(b)		50		49,860
Quest Diagnostics Inc.
2.80%, 06/30/31 (Call 03/30/31)		20		19,403
2.95%, 06/30/30 (Call 03/30/30)		71		70,086
3.45%, 06/01/26 (Call 03/01/26)		75		77,650
3.50%, 03/30/25 (Call 12/30/24)		37		38,136
4.20%, 06/30/29 (Call 03/30/29)		50		53,848
4.25%, 04/01/24 (Call 01/01/24)		10		10,400
4.70%, 03/30/45 (Call 09/30/44)		82		93,246
Select Medical Corp., 6.25%, 08/15/26 (Call 08/15/22)^(b)		75		75,379
Surgery Center Holdings Inc.
6.75%, 07/01/25 (Call 04/08/22)^(b)		20		19,994
10.00%, 04/15/27 (Call 04/15/22)^(b)		40		42,125


				6,181,210

Holding Companies - Diversified — 0.1%
MDGH GMTN RSC Ltd.
2.50%, 06/03/31 (Call 03/03/31)^(c)		200		191,924
3.75%, 04/19/29^(c)		200		213,224
Temasek Financial I Ltd., 2.38%, 08/02/41 (Call 02/02/41)^(b)		250		231,445


				636,593


Security	Par (000)		Value

Home Builders — 0.2%
Century Communities Inc.
3.88%, 08/15/29 (Call 02/15/29)^(b)	$	30	$	27,844
6.75%, 06/01/27 (Call 06/01/22)		35		36,371
DR Horton Inc.
1.40%, 10/15/27 (Call 08/15/27)		5		4,630
2.50%, 10/15/24 (Call 09/15/24)		55		55,249
5.75%, 08/15/23 (Call 05/15/23)		20		20,927
KB Home
4.00%, 06/15/31 (Call 12/15/30)		25		23,995
4.80%, 11/15/29 (Call 05/15/29)		20		20,005
6.88%, 06/15/27 (Call 12/15/26)		20		21,978
7.63%, 05/15/23 (Call 11/15/22)		20		20,757
LGI Homes Inc., 4.00%, 07/15/29 (Call 01/15/29)^(b)		20		18,681
MDC Holdings Inc.
2.50%, 01/15/31 (Call 07/15/30)		15		13,556
3.85%, 01/15/30 (Call 07/15/29)		15		14,959
6.00%, 01/15/43 (Call 10/15/42)		25		27,017
Meritage Homes Corp.
3.88%, 04/15/29 (Call 10/15/28)^(b)		25		24,506
5.13%, 06/06/27 (Call 12/06/26)		25		25,985
6.00%, 06/01/25 (Call 03/01/25)		10		10,654
NVR Inc., 3.00%, 05/15/30 (Call 11/15/29)		64		63,075
Picasso Finance Sub Inc., 6.13%, 06/15/25 (Call 06/15/22)^(b)		33		33,942
PulteGroup Inc.
5.00%, 01/15/27 (Call 10/15/26)		15		16,360
5.50%, 03/01/26 (Call 12/01/25)		44		48,432
6.00%, 02/15/35		41		49,271
6.38%, 05/15/33		35		43,171
7.88%, 06/15/32		25		33,789
Taylor Morrison Communities Inc.
5.13%, 08/01/30 (Call 02/01/30)^(b)		30		29,948
5.75%, 01/15/28 (Call 10/15/27)^(b)		25		25,955
5.88%, 06/15/27 (Call 03/15/27)^(b)		40		41,982
6.63%, 07/15/27 (Call 07/15/22)^(b)		25		25,719
Taylor Morrison Communities Inc./Taylor Morrison Holdings II Inc.
5.63%, 03/01/24 (Call 12/01/23)^(b)		20		20,643
5.88%, 04/15/23 (Call 01/15/23)^(b)		15		15,328
Thor Industries Inc., 4.00%, 10/15/29 (Call 10/15/24)^(b)		30		27,316
TRI Pointe Group Inc./TRI Pointe Homes Inc., 5.88%, 06/15/24		25		26,098
Tri Pointe Homes Inc.
5.25%, 06/01/27 (Call 12/01/26)		15		14,985
5.70%, 06/15/28 (Call 12/15/27)		25		25,211
Williams Scotsman International Inc., 4.63%, 08/15/28 (Call 08/15/23)^(b)		25		24,656
Winnebago Industries Inc., 6.25%, 07/15/28 (Call 07/15/23)^(b)		20		20,699


				953,694

Home Furnishings — 0.0%
Leggett & Platt Inc.
3.50%, 11/15/51 (Call 05/15/51)		10		9,298
4.40%, 03/15/29 (Call 12/15/28)		22		23,762
Whirlpool Corp.
2.40%, 05/15/31 (Call 02/15/31)^(d)		110		104,605
4.60%, 05/15/50 (Call 11/15/49)		15		16,360
4.75%, 02/26/29 (Call 11/26/28)		10		11,053


				165,078

Household Products & Wares — 0.2%
ACCO Brands Corp., 4.25%, 03/15/29 (Call 03/15/24)^(b)		30		28,022


Security	Par (000)		Value

Household Products & Wares (continued)
Avery Dennison Corp., 2.65%, 04/30/30 (Call 02/01/30)	$	12	$	11,557
Church & Dwight Co. Inc.
3.15%, 08/01/27 (Call 05/01/27)		25		25,709
3.95%, 08/01/47 (Call 02/01/47)		67		72,277
Clorox Co. (The)
1.80%, 05/15/30 (Call 02/15/30)		35		32,245
3.10%, 10/01/27 (Call 07/01/27)		182		187,640
3.50%, 12/15/24 (Call 09/15/24)		52		53,946
3.90%, 05/15/28 (Call 02/15/28)		5		5,342
Kimberly-Clark Corp.
1.05%, 09/15/27 (Call 07/15/27)		59		55,367
2.75%, 02/15/26		10		10,233
2.88%, 02/07/50 (Call 08/07/49)		65		60,844
3.05%, 08/15/25		40		41,256
3.10%, 03/26/30 (Call 12/26/29)		110		113,689
3.20%, 04/25/29 (Call 01/25/29)		35		36,300
3.20%, 07/30/46 (Call 01/30/46)		15		14,645
3.95%, 11/01/28 (Call 08/01/28)		35		38,012
5.30%, 03/01/41		52		64,921
6.63%, 08/01/37		97		137,257
Reckitt Benckiser Treasury Services PLC
2.75%, 06/26/24 (Call 04/26/24)^(b)		50		50,613
3.00%, 06/26/27 (Call 03/26/27)^(b)		50		51,013
SC Johnson & Son Inc., 4.75%, 10/15/46 (Call 04/16/46)^(b)		5		6,114
Spectrum Brands Inc.
3.88%, 03/15/31 (Call 03/15/26)^(b)		30		27,490
5.00%, 10/01/29 (Call 10/01/24)^(b)		30		29,973
5.50%, 07/15/30 (Call 07/15/25)^(b)		20		20,078
5.75%, 07/15/25 (Call 04/08/22)		20		20,421


				1,194,964

Housewares — 0.1%
Newell Brands Inc.
4.00%, 12/01/24 (Call 09/01/24)		15		15,312
4.35%, 04/01/23 (Call 02/01/23)		65		66,147
4.70%, 04/01/26 (Call 01/01/26)		125		129,459
4.88%, 06/01/25 (Call 05/01/25)		25		26,285
5.88%, 04/01/36 (Call 10/01/35)		30		32,967
6.00%, 04/01/46 (Call 10/01/45)		45		50,512


				320,682

Insurance — 2.0%
Aflac Inc.
1.13%, 03/15/26 (Call 02/15/26)		10		9,555
2.88%, 10/15/26 (Call 07/15/26)		55		56,628
3.25%, 03/17/25		90		93,106
3.60%, 04/01/30 (Call 01/01/30)		143		152,069
3.63%, 11/15/24		45		46,966
4.75%, 01/15/49 (Call 07/15/48)		50		59,834
AIA Group Ltd.
2.70%, (Call 04/07/26)^(a)(c)(e)		200		193,074
3.20%, 09/16/40 (Call 03/16/40)^(b)		110		103,244
3.60%, 04/09/29 (Call 01/09/29)^(b)		425		447,444
3.90%, 04/06/28 (Call 01/06/28)^(b)		65		69,502
Allstate Corp. (The)
0.75%, 12/15/25 (Call 11/15/25)		50		47,042
3.15%, 06/15/23		105		106,919
3.28%, 12/15/26 (Call 09/15/26)		25		26,060
3.85%, 08/10/49 (Call 02/10/49)		27		28,335
4.20%, 12/15/46 (Call 06/15/46)		125		137,261
4.50%, 06/15/43		10		11,287


Security	Par (000)		Value

Insurance (continued)
5.35%, 06/01/33	$	25	$	30,110
5.55%, 05/09/35		87		106,614
Series B, 5.75%, 08/15/53 (Call 08/15/23), (3 mo. LIBOR US + 2.938%)^(a)		79		79,465
American International Group Inc.
2.50%, 06/30/25 (Call 05/30/25)		240		241,087
3.75%, 07/10/25 (Call 04/10/25)		45		46,841
3.88%, 01/15/35 (Call 07/15/34)		35		36,625
3.90%, 04/01/26 (Call 01/01/26)		25		26,281
4.13%, 02/15/24		10		10,419
4.25%, 03/15/29 (Call 12/15/28)		10		10,792
4.38%, 06/30/50 (Call 12/30/49)		10		11,125
4.38%, 01/15/55 (Call 07/15/54)		115		125,176
4.50%, 07/16/44 (Call 01/16/44)		105		116,434
4.75%, 04/01/48 (Call 10/01/47)		150		173,881
Series A-9, 5.75%, 04/01/48 (Call 04/01/28), (3 mo. LIBOR US + 2.868%)^(a)		25		25,676
Arch Capital Finance LLC
4.01%, 12/15/26 (Call 09/15/26)		15		15,968
5.03%, 12/15/46 (Call 06/15/46)		24		27,944
Arch Capital Group Ltd.
3.64%, 06/30/50 (Call 12/30/49)		80		76,643
7.35%, 05/01/34		5		6,854
Arch Capital Group U.S. Inc., 5.14%, 11/01/43		55		65,225
Arthur J Gallagher & Co., 2.40%, 11/09/31 (Call 08/09/31)		10		9,386
Assurant Inc.
2.65%, 01/15/32 (Call 10/15/31)		68		62,750
3.70%, 02/22/30 (Call 11/22/29)		60		61,223
4.20%, 09/27/23 (Call 08/27/23)		35		36,162
4.90%, 03/27/28 (Call 12/27/27)		45		49,325
7.00%, 03/27/48 (Call 03/27/28)^(a)		20		21,815
Chubb Corp. (The), Series 1, 6.50%, 05/15/38		10		13,826
Chubb INA Holdings Inc.
2.85%, 12/15/51 (Call 06/15/51)		20		17,843
3.35%, 05/03/26 (Call 02/03/26)		200		207,906
4.35%, 11/03/45 (Call 05/03/45)		50		56,614
6.70%, 05/15/36		10		13,885
Dai-Ichi Life Insurance Co. Ltd. (The)
4.00%, (Call 07/24/26)^(a)(b)(e)		15		15,147
5.10%, (Call 10/28/24)^(a)(b)(e)		220		229,271
Empower Finance 2020 LP
1.36%, 09/17/27 (Call 07/17/27)^(b)		35		32,936
1.78%, 03/17/31 (Call 12/17/30)^(b)		40		36,528
3.08%, 09/17/51 (Call 03/17/51)^(b)		15		13,554
Genworth Holdings Inc.
4.80%, 02/15/24		40		41,064
6.50%, 06/15/34		15		14,877
Great-West Lifeco Finance 2018 LP, 4.05%, 05/17/28 (Call 02/17/28)^(b)		45		48,457
Great-West Lifeco U.S. Finance 2020 LP, 0.90%, 08/12/25 (Call 07/12/25)^(b)		67		63,931
Hanover Insurance Group Inc. (The)
2.50%, 09/01/30 (Call 06/01/30)		50		47,869
4.50%, 04/15/26 (Call 01/15/26)		45		48,160
Hartford Financial Services Group Inc. (The)
2.90%, 09/15/51 (Call 03/15/51)		5		4,229
3.60%, 08/19/49 (Call 02/19/49)		76		74,136
4.30%, 04/15/43		65		68,427
4.40%, 03/15/48 (Call 09/15/47)		30		33,362
5.95%, 10/15/36		25		31,556


Security	Par (000)		Value

Insurance (continued)
6.10%, 10/01/41	$	35	$	46,203
Lincoln National Corp.
3.05%, 01/15/30 (Call 10/15/29)		35		34,804
3.35%, 03/09/25		35		36,092
3.40%, 01/15/31 (Call 10/15/30)		160		162,738
3.63%, 12/12/26 (Call 09/15/26)		65		68,238
3.80%, 03/01/28 (Call 12/01/27)		51		53,682
4.00%, 09/01/23		112		115,547
4.35%, 03/01/48 (Call 09/01/47)		40		43,514
4.38%, 06/15/50 (Call 12/15/49)		44		48,240
6.30%, 10/09/37		5		6,540
7.00%, 06/15/40		30		41,839
Marsh & McLennan Companies Inc.
2.25%, 11/15/30 (Call 08/15/30)		41		38,490
3.30%, 03/14/23 (Call 01/14/23)		41		41,631
3.50%, 06/03/24 (Call 03/03/24)		80		82,438
3.50%, 03/10/25 (Call 12/10/24)		92		95,302
3.75%, 03/14/26 (Call 12/14/25)		51		53,833
3.88%, 03/15/24 (Call 02/15/24)		180		186,494
4.20%, 03/01/48 (Call 09/01/47)		55		59,200
4.35%, 01/30/47 (Call 07/30/46)		55		61,289
4.38%, 03/15/29 (Call 12/15/28)		67		73,088
4.75%, 03/15/39 (Call 09/15/38)		35		40,373
4.90%, 03/15/49 (Call 09/15/48)		82		98,285
5.88%, 08/01/33		30		37,312
Meiji Yasuda Life Insurance Co.
5.10%, 04/26/48 (Call 04/26/28)^(a)(b)		10		10,845
5.20%, 10/20/45 (Call 10/20/25)^(a)(b)		35		37,106
Metropolitan Life Global Funding I
0.40%, 01/07/24^(b)		35		34,073
0.95%, 07/02/25^(b)		10		9,614
1.55%, 01/07/31^(b)		50		44,968
MGIC Investment Corp.
5.25%, 08/15/28 (Call 08/15/23)		40		40,495
5.75%, 08/15/23		25		26,037
Mitsui Sumitomo Insurance Co. Ltd., 7.00%, 03/15/72 (Call 03/15/22)^(a)(b)		25		25,051
Nippon Life Insurance Co.
2.75%, 01/21/51 (Call 01/21/31)^(a)(b)		45		40,675
4.70%, 01/20/46 (Call 01/20/26)^(a)(b)		235		243,197
5.10%, 10/16/44 (Call 10/16/24)^(a)(b)		380		396,120
PartnerRe Finance B LLC, 4.50%, 10/01/50 (Call 04/01/30)^(a)		70		69,227
Pricoa Global Funding I
2.40%, 09/23/24^(b)		152		153,040
3.45%, 09/01/23^(b)		10		10,268
Primerica Inc., 2.80%, 11/19/31 (Call 08/19/31)		35		33,800
Principal Financial Group Inc.
2.13%, 06/15/30 (Call 03/15/30)		45		42,561
3.10%, 11/15/26 (Call 08/15/26)		120		122,749
3.13%, 05/15/23		30		30,498
3.40%, 05/15/25 (Call 02/15/25)		20		20,519
3.70%, 05/15/29 (Call 02/15/29)		55		58,661
4.30%, 11/15/46 (Call 05/15/46)		40		44,603
4.35%, 05/15/43		22		24,276
4.63%, 09/15/42		10		11,428
6.05%, 10/15/36		86		113,454
Principal Life Global Funding II
0.88%, 01/12/26^(b)		15		14,201
1.25%, 05/11/23^(b)		120		119,605
1.25%, 06/23/25^(b)		163		157,505


Security	Par (000)		Value

Insurance (continued)
1.50%, 08/27/30^(b)	$	125	$	112,331
2.25%, 11/21/24^(b)		90		90,055
2.50%, 09/16/29^(b)		106		104,826
3.00%, 04/18/26^(b)		50		51,314
Progressive Corp. (The)
3.70%, 01/26/45		25		25,629
3.95%, 03/26/50 (Call 09/26/49)		30		32,078
4.00%, 03/01/29 (Call 12/01/28)		27		29,152
4.13%, 04/15/47 (Call 10/15/46)		47		51,362
4.20%, 03/15/48 (Call 09/15/47)		60		66,088
4.35%, 04/25/44		15		16,820
6.25%, 12/01/32		25		32,459
Protective Life Corp.
3.40%, 01/15/30 (Call 10/15/29)^(b)		40		41,147
4.30%, 09/30/28 (Call 06/30/28)^(b)		40		43,411
Prudential Financial Inc.
1.50%, 03/10/26 (Call 02/10/26)		50		48,933
2.10%, 03/10/30 (Call 12/10/29)		69		65,969
3.00%, 03/10/40 (Call 09/10/39)		50		46,936
3.70%, 10/01/50 (Call 07/01/30)^(a)		75		68,885
3.70%, 03/13/51 (Call 09/13/50)		80		80,974
3.88%, 03/27/28 (Call 12/27/27)		257		274,638
3.91%, 12/07/47 (Call 06/07/47)		60		62,537
3.94%, 12/07/49 (Call 06/07/49)		47		49,376
4.35%, 02/25/50 (Call 08/25/49)		75		84,509
4.50%, 09/15/47 (Call 09/15/27), (3 mo. LIBOR US + 2.380%)^(a)		82		79,224
4.60%, 05/15/44		20		22,748
5.20%, 03/15/44 (Call 03/15/24), (3 mo. LIBOR US + 3.040%)^(a)		10		10,095
5.38%, 05/15/45 (Call 05/15/25), (3 mo. LIBOR US + 3.031%)^(a)		108		109,952
5.63%, 06/15/43 (Call 06/15/23), (3 mo. LIBOR US + 3.920%)^(a)		105		108,080
5.70%, 12/14/36		62		78,776
5.70%, 09/15/48 (Call 09/15/28), (3 mo. LIBOR US + 2.665%)^(a)		75		78,358
5.75%, 07/15/33		13		15,928
6.63%, 06/21/40		30		40,949
Radian Group Inc.
4.50%, 10/01/24 (Call 07/01/24)		30		30,487
4.88%, 03/15/27 (Call 09/15/26)		27		27,884
6.63%, 03/15/25 (Call 09/15/24)		35		37,480
Reinsurance Group of America Inc.
3.15%, 06/15/30 (Call 03/15/30)		92		91,583
3.90%, 05/15/29 (Call 02/15/29)		133		139,196
3.95%, 09/15/26 (Call 06/15/26)		121		127,734
Reliance Standard Life Global Funding II
2.50%, 10/30/24^(b)		10		10,038
2.75%, 01/21/27^(b)		25		25,005
3.85%, 09/19/23^(b)		65		66,724
Swiss Re Finance Luxembourg SA, 5.00%, 04/02/49 (Call 04/02/29)^(a)(b)		200		212,112
Swiss Re Treasury U.S. Corp., 4.25%, 12/06/42^(b)		65		74,053
Travelers Companies Inc. (The)
2.55%, 04/27/50 (Call 10/27/49)		67		57,318
3.75%, 05/15/46 (Call 11/15/45)		54		55,965
4.00%, 05/30/47 (Call 11/30/46)		35		37,666
4.05%, 03/07/48 (Call 09/07/47)		20		21,739
4.10%, 03/04/49 (Call 09/04/48)		42		46,269


Security	Par (000)		Value

Insurance (continued)
4.30%, 08/25/45 (Call 02/25/45)	$	60	$	67,643
4.60%, 08/01/43		25		28,991
5.35%, 11/01/40		80		100,604
6.25%, 06/15/37		125		167,655
6.75%, 06/20/36		65		89,876
Trinity Acquisition PLC, 4.40%, 03/15/26 (Call 12/15/25)		70		74,456
Voya Financial Inc.
3.65%, 06/15/26		29		30,430
4.70%, 01/23/48 (Call 01/23/28), (3 mo. LIBOR US + 2.084%)^(a)		55		52,347
4.80%, 06/15/46		110		127,367
5.65%, 05/15/53 (Call 05/15/23), (3 mo. LIBOR US + 3.580%)^(a)		49		49,463
5.70%, 07/15/43		30		37,730
Willis North America Inc.
2.95%, 09/15/29 (Call 06/15/29)		98		95,924
3.60%, 05/15/24 (Call 03/15/24)		85		87,192
3.88%, 09/15/49 (Call 03/15/49)		34		33,270
4.50%, 09/15/28 (Call 06/15/28)		87		92,965
5.05%, 09/15/48 (Call 03/15/48)		40		45,764


				11,901,942

Internet — 0.3%
Booking Holdings Inc.
2.75%, 03/15/23 (Call 02/15/23)		40		40,439
3.55%, 03/15/28 (Call 12/15/27)		75		78,862
3.60%, 06/01/26 (Call 03/01/26)		51		53,343
3.65%, 03/15/25 (Call 12/15/24)		120		124,717
4.63%, 04/13/30 (Call 01/13/30)		108		120,884
Cogent Communications Group Inc., 3.50%, 05/01/26 (Call 02/01/26)^(b)		30		28,901
eBay Inc.
1.40%, 05/10/26 (Call 04/10/26)		40		38,338
1.90%, 03/11/25 (Call 02/11/25)		123		121,557
2.60%, 05/10/31 (Call 02/10/31)		5		4,761
2.70%, 03/11/30 (Call 12/11/29)		112		108,424
3.45%, 08/01/24 (Call 05/01/24)		72		73,974
3.60%, 06/05/27 (Call 03/05/27)		62		64,978
3.65%, 05/10/51 (Call 11/10/50)		50		47,362
4.00%, 07/15/42 (Call 01/15/42)		86		86,665
Go Daddy Operating Co. LLC/GD Finance Co. Inc.
3.50%, 03/01/29 (Call 03/01/24)^(b)		45		42,684
5.25%, 12/01/27 (Call 06/01/22)^(b)		30		30,620
GrubHub Holdings Inc., 5.50%, 07/01/27 (Call 07/01/22)^(b)		30		26,865
Meituan, 2.13%, 10/28/25 (Call 09/28/25)^(c)		200		184,670
NortonLifeLock Inc., 5.00%, 04/15/25 (Call 03/21/22)^(b)		70		70,103
Prosus NV, 3.68%, 01/21/30 (Call 10/21/29)^(c)		200		179,358
Rakuten Group Inc.
5.13%, (Call 04/22/26)^(a)(b)(e)		105		98,596
6.25%, (Call 04/22/31)^(a)(b)(e)		25		23,955
VeriSign Inc.
2.70%, 06/15/31 (Call 03/15/31)		45		42,015
4.75%, 07/15/27 (Call 07/15/22)		15		15,499
5.25%, 04/01/25 (Call 01/01/25)		75		80,531


				1,788,101

Iron & Steel — 0.2%
Allegheny Technologies Inc.
4.88%, 10/01/29 (Call 10/01/24)		25		24,214
5.13%, 10/01/31 (Call 10/01/26)		30		29,280


Security	Par (000)		Value

Iron & Steel (continued)
Cleveland-Cliffs Inc.
4.63%, 03/01/29 (Call 03/01/24)^(b)	$	20	$	19,343
4.88%, 03/01/31 (Call 03/01/26)^(b)		30		29,265
5.88%, 06/01/27 (Call 06/01/22)		30		30,900
6.25%, 10/01/40^(d)		15		15,154
6.75%, 03/15/26 (Call 04/08/22)^(b)		55		57,947
9.88%, 10/17/25 (Call 10/17/22)^(b)		41		45,658
Commercial Metals Co.
3.88%, 02/15/31 (Call 02/15/26)		15		14,042
4.13%, 01/15/30 (Call 01/15/25)		20		19,322
4.38%, 03/15/32 (Call 03/15/27)		20		19,225
4.88%, 05/15/23 (Call 02/15/23)		15		15,296
Mineral Resources Ltd., 8.13%, 05/01/27 (Call 05/01/22)^(b)		40		42,287
Prosus NV, 3.83%, 02/08/51 (Call 08/08/50)^(c)		200		149,922
Reliance Steel & Aluminum Co.
1.30%, 08/15/25 (Call 07/15/25)		25		24,059
2.15%, 08/15/30 (Call 05/15/30)		60		55,629
Steel Dynamics Inc.
1.65%, 10/15/27 (Call 08/15/27)		110		103,565
2.40%, 06/15/25 (Call 05/15/25)		97		96,770
2.80%, 12/15/24 (Call 11/15/24)		45		45,679
3.25%, 01/15/31 (Call 10/15/30)		90		89,877
3.25%, 10/15/50 (Call 04/15/50)		15		13,322
3.45%, 04/15/30 (Call 01/15/30)		90		91,532
5.00%, 12/15/26 (Call 04/08/22)		30		30,826


				1,063,114

Leisure Time — 0.0%
Brunswick Corp.
0.85%, 08/18/24 (Call 08/18/22)		25		24,175
2.40%, 08/18/31 (Call 05/18/31)		15		13,724
Harley-Davidson Inc.
3.50%, 07/28/25 (Call 04/28/25)		42		42,728
4.63%, 07/28/45 (Call 01/28/45)		78		76,493


				157,120

Lodging — 0.1%
Hilton Domestic Operating Co. Inc.
3.63%, 02/15/32 (Call 08/15/26)^(b)		105		99,807
3.75%, 05/01/29 (Call 05/01/24)^(b)		50		48,403
4.00%, 05/01/31 (Call 05/01/26)^(b)		65		63,552
4.88%, 01/15/30 (Call 01/15/25)		70		71,875
5.38%, 05/01/25 (Call 05/01/22)^(b)		20		20,615
5.75%, 05/01/28 (Call 05/01/23)^(b)		20		20,901
Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc
4.88%, 07/01/31 (Call 07/01/26)^(b)		30		28,613
5.00%, 06/01/29 (Call 06/01/24)^(b)		50		49,330
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.88%, 04/01/27 (Call 04/01/22)		25		25,529
Marriott Ownership Resorts Inc.
4.50%, 06/15/29 (Call 06/15/24)^(b)		40		38,166
4.75%, 01/15/28 (Call 09/15/22)		25		24,352
6.13%, 09/15/25 (Call 05/15/22)^(b)		20		20,676
Travel + Leisure Co.
3.90%, 03/01/23 (Call 12/01/22)		20		20,098
4.50%, 12/01/29 (Call 09/01/29)^(b)		40		38,390
4.63%, 03/01/30 (Call 12/01/29)^(b)		25		23,801
5.65%, 04/01/24 (Call 02/01/24)		25		25,933
6.00%, 04/01/27 (Call 01/01/27)		25		26,082
6.60%, 10/01/25 (Call 07/01/25)		20		21,355


Security	Par (000)		Value

Lodging (continued)
6.63%, 07/31/26 (Call 04/30/26)^(b)	$	40	$	42,815


				710,293

Machinery — 0.8%
ABB Finance USA Inc., 4.38%, 08/05/42		10		11,438
Caterpillar Financial Services Corp.
0.45%, 09/14/23		30		29,492
0.45%, 05/17/24		30		29,135
0.65%, 07/07/23		70		69,200
0.90%, 03/02/26		75		71,485
1.10%, 09/14/27		170		159,797
1.15%, 09/14/26		5		4,774
1.45%, 05/15/25		90		88,054
2.15%, 11/08/24		110		110,533
2.40%, 08/09/26		15		15,129
2.63%, 03/01/23		10		10,113
2.85%, 05/17/24		75		76,555
3.25%, 12/01/24		67		69,224
3.30%, 06/09/24		41		42,284
3.65%, 12/07/23		19		19,666
3.75%, 11/24/23		70		72,605
Caterpillar Inc.
1.90%, 03/12/31 (Call 12/12/30)		20		19,102
2.60%, 09/19/29 (Call 06/19/29)		61		61,079
2.60%, 04/09/30 (Call 01/09/30)		44		43,974
3.25%, 09/19/49 (Call 03/19/49)		81		79,829
3.25%, 04/09/50 (Call 10/09/49)		62		60,917
3.40%, 05/15/24 (Call 02/15/24)		75		77,463
3.80%, 08/15/42		20		21,306
4.75%, 05/15/64 (Call 11/15/63)		25		31,682
5.20%, 05/27/41		30		37,727
6.05%, 08/15/36		191		252,548
CNH Industrial Capital LLC
1.45%, 07/15/26 (Call 06/15/26)		12		11,396
1.88%, 01/15/26 (Call 12/15/25)		65		63,334
1.95%, 07/02/23		156		156,002
CNH Industrial NV
3.85%, 11/15/27 (Call 08/15/27)		109		114,124
4.50%, 08/15/23		85		87,802
Deere & Co.
2.75%, 04/15/25 (Call 03/15/25)		77		78,463
2.88%, 09/07/49 (Call 03/07/49)		30		27,681
3.10%, 04/15/30 (Call 01/15/30)		71		73,462
3.75%, 04/15/50 (Call 10/15/49)		112		120,229
3.90%, 06/09/42 (Call 12/09/41)		88		95,680
5.38%, 10/16/29		25		29,736
7.13%, 03/03/31		5		6,678
Dover Corp.
2.95%, 11/04/29 (Call 08/04/29)		20		20,231
3.15%, 11/15/25 (Call 08/15/25)		17		17,525
5.38%, 03/01/41 (Call 12/01/40)		7		8,443
Flowserve Corp.
2.80%, 01/15/32 (Call 10/15/31)		40		36,973
3.50%, 10/01/30 (Call 07/01/30)		74		73,318
IDEX Corp.
2.63%, 06/15/31 (Call 03/15/31)		82		78,135
3.00%, 05/01/30 (Call 02/01/30)		29		28,716
John Deere Capital Corp.
0.40%, 10/10/23		27		26,525
0.45%, 01/17/24		12		11,732
0.45%, 06/07/24		45		43,650


Security	Par (000)		Value

Machinery (continued)
0.70%, 07/05/23	$	40	$	39,546
0.70%, 01/15/26		2		1,898
1.05%, 06/17/26		2		1,911
1.20%, 04/06/23		125		124,715
1.30%, 10/13/26		5		4,813
1.45%, 01/15/31		12		10,943
1.50%, 03/06/28		12		11,465
1.75%, 03/09/27		55		53,792
2.00%, 06/17/31		12		11,407
2.25%, 09/14/26		80		80,423
2.45%, 01/09/30		16		15,813
2.60%, 03/07/24		47		47,778
2.65%, 06/24/24		54		54,890
2.65%, 06/10/26		22		22,431
2.80%, 03/06/23		35		35,485
2.80%, 07/18/29		52		52,778
3.05%, 01/06/28		13		13,468
3.35%, 06/12/24		30		30,918
3.40%, 09/11/25		47		48,930
3.45%, 06/07/23		75		76,837
3.45%, 01/10/24		7		7,217
3.45%, 03/13/25		91		94,773
3.45%, 03/07/29		22		23,255
3.65%, 10/12/23		165		170,275
Manitowoc Co. Inc. (The), 9.00%, 04/01/26 (Call 04/01/22)^(b)		10		10,480
Mueller Water Products Inc., 4.00%, 06/15/29 (Call 06/15/24)^(b)		25		23,783
Otis Worldwide Corp.
2.06%, 04/05/25 (Call 03/05/25)		166		164,627
2.29%, 04/05/27 (Call 02/05/27)		60		59,161
2.57%, 02/15/30 (Call 11/15/29)		90		87,258
3.11%, 02/15/40 (Call 08/15/39)		65		60,171
3.36%, 02/15/50 (Call 08/15/49)		50		46,455
Rockwell Automation Inc.
2.80%, 08/15/61 (Call 02/15/61)		25		21,430
3.50%, 03/01/29 (Call 12/01/28)		110		116,351
4.20%, 03/01/49 (Call 09/01/48)		75		83,993
Stevens Holding Co. Inc., 6.13%, 10/01/26 (Call 10/01/23)^(b)		25		25,890
Terex Corp., 5.00%, 05/15/29 (Call 05/15/24)^(b)		40		39,620
Vertiv Group Corp., 4.13%, 11/15/28 (Call 11/15/24)^(b)		50		45,899
Weir Group PLC (The), 2.20%, 05/13/26 (Call 04/13/26)^(b)		45		43,523
Welbilt Inc., 9.50%, 02/15/24 (Call 04/08/22)		25		25,101
Xylem Inc./NY
1.95%, 01/30/28 (Call 11/30/27)		170		162,598
2.25%, 01/30/31 (Call 10/30/30)		72		67,723
3.25%, 11/01/26 (Call 08/01/26)		60		61,618
4.38%, 11/01/46 (Call 05/01/46)		47		51,311


				5,007,699

Manufacturing — 0.3%
Carlisle Companies Inc.
2.75%, 03/01/30 (Call 12/01/29)		97		94,127
3.50%, 12/01/24 (Call 10/01/24)		40		41,256
3.75%, 12/01/27 (Call 09/01/27)		24		25,054
Eaton Corp.
3.10%, 09/15/27 (Call 06/15/27)		115		118,602
3.92%, 09/15/47 (Call 03/15/47)		10		10,532
4.00%, 11/02/32		20		21,744
4.15%, 11/02/42		121		129,903
EnPro Industries Inc., 5.75%, 10/15/26 (Call 04/08/22)		25		25,942


Security	Par (000)		Value

Manufacturing (continued)
Gates Global LLC/Gates Corp., 6.25%, 01/15/26 (Call 04/08/22)^(b)	$	35	$	35,787
Hillenbrand Inc.
3.75%, 03/01/31 (Call 03/01/26)		20		19,106
5.00%, 09/15/26 (Call 07/15/26)		20		21,159
5.75%, 06/15/25 (Call 06/15/22)		25		25,931
Illinois Tool Works Inc.
2.65%, 11/15/26 (Call 08/15/26)		175		178,922
3.50%, 03/01/24 (Call 12/01/23)		15		15,444
3.90%, 09/01/42 (Call 03/01/42)		28		29,724
4.88%, 09/15/41 (Call 03/15/41)		17		20,482
Parker-Hannifin Corp.
2.70%, 06/14/24 (Call 05/14/24)		90		91,166
3.25%, 03/01/27 (Call 12/01/26)		5		5,177
3.25%, 06/14/29 (Call 03/14/29)		96		97,895
3.30%, 11/21/24 (Call 08/21/24)		45		46,051
4.00%, 06/14/49 (Call 12/14/48)		78		82,313
4.10%, 03/01/47 (Call 09/01/46)		45		47,749
4.20%, 11/21/34 (Call 05/21/34)		56		60,474
4.45%, 11/21/44 (Call 05/21/44)		17		18,649
Pentair Finance Sarl, 4.50%, 07/01/29 (Call 04/01/29)		15		16,209
Trane Technologies Global Holding Co. Ltd.
3.75%, 08/21/28 (Call 05/21/28)		32		33,373
4.25%, 06/15/23		39		40,188
4.30%, 02/21/48 (Call 08/21/47)		17		18,444
5.75%, 06/15/43		50		63,861
Trane Technologies Luxembourg Finance SA
3.55%, 11/01/24 (Call 08/01/24)		60		61,969
3.80%, 03/21/29 (Call 12/21/28)		83		87,152
4.50%, 03/21/49 (Call 09/21/48)		54		59,951
4.65%, 11/01/44 (Call 05/01/44)		35		39,593
Trinity Industries Inc., 4.55%, 10/01/24 (Call 07/01/24)		20		20,458


				1,704,387

Media — 0.5%
Belo Corp.
7.25%, 09/15/27		20		22,335
7.75%, 06/01/27		20		22,812
Cable One Inc., 4.00%, 11/15/30 (Call 11/15/25)^(b)		45		41,716
Discovery Communications LLC
2.95%, 03/20/23 (Call 02/20/23)		78		78,884
3.45%, 03/15/25 (Call 12/15/24)		30		30,665
3.63%, 05/15/30 (Call 02/15/30)		89		89,316
3.80%, 03/13/24 (Call 01/13/24)		22		22,601
3.95%, 06/15/25 (Call 03/15/25)		25		25,880
3.95%, 03/20/28 (Call 12/20/27)		142		146,582
4.00%, 09/15/55 (Call 03/15/55)		46		41,821
4.13%, 05/15/29 (Call 02/15/29)		80		83,642
4.65%, 05/15/50 (Call 11/15/49)		47		48,051
4.88%, 04/01/43		39		40,714
4.90%, 03/11/26 (Call 12/11/25)		55		58,778
5.00%, 09/20/37 (Call 03/20/37)		77		83,616
5.20%, 09/20/47 (Call 03/20/47)		102		110,745
5.30%, 05/15/49 (Call 11/15/48)		58		64,154
6.35%, 06/01/40		34		41,501
Gannett Holdings LLC, 6.00%, 11/01/26 (Call 11/01/23)^(b)		25		24,866
Gray Escrow II Inc., 5.38%, 11/15/31 (Call 11/15/26)^(b)		83		79,896
Gray Television Inc.
4.75%, 10/15/30 (Call 10/15/25)^(b)		50		46,893
5.88%, 07/15/26 (Call 04/08/22)^(b)		50		51,121
7.00%, 05/15/27 (Call 05/15/22)^(b)		35		36,797


Security	Par (000)		Value

Media (continued)
Houghton Mifflin Harcourt Publishers Inc., 9.00%, 02/15/25 (Call 04/07/22)^(b)	$	20	$	21,062
iHeartCommunications Inc.
4.75%, 01/15/28 (Call 01/15/23)^(b)		45		43,525
5.25%, 08/15/27 (Call 08/15/22)^(b)		55		54,807
6.38%, 05/01/26 (Call 05/01/22)		40		41,237
8.38%, 05/01/27 (Call 05/01/22)		75		78,115
Scripps Escrow II Inc.
3.88%, 01/15/29 (Call 01/15/24)^(b)		40		37,574
5.38%, 01/15/31 (Call 01/15/26)^(b)		30		28,522
Scripps Escrow Inc., 5.88%, 07/15/27 (Call 07/15/22)^(b)		35		34,995
Sirius XM Radio Inc.
3.13%, 09/01/26 (Call 09/01/23)^(b)		65		62,094
3.88%, 09/01/31 (Call 09/01/26)^(b)		85		78,411
4.00%, 07/15/28 (Call 07/15/24)^(b)		120		115,350
4.13%, 07/01/30 (Call 07/01/25)^(b)		95		89,807
5.00%, 08/01/27 (Call 08/01/22)^(b)		95		95,884
5.50%, 07/01/29 (Call 07/01/24)^(b)		80		81,804
Sky Group Finance Ltd., 6.50%, 10/15/35^(b)		10		13,402
TEGNA Inc.
4.63%, 03/15/28 (Call 03/15/23)		60		59,933
4.75%, 03/15/26 (Call 03/15/23)^(b)		30		30,191
5.00%, 09/15/29 (Call 09/15/24)		65		65,006
Thomson Reuters Corp.
3.35%, 05/15/26 (Call 02/15/26)		66		68,202
4.30%, 11/23/23 (Call 08/23/23)		37		38,259
5.50%, 08/15/35		72		86,982
5.65%, 11/23/43 (Call 05/23/43)		54		69,157
5.85%, 04/15/40		22		28,513
Univision Communications Inc.
4.50%, 05/01/29 (Call 05/01/24)^(b)		60		57,064
5.13%, 02/15/25 (Call 03/21/22)^(b)		95		95,684
6.63%, 06/01/27 (Call 06/01/23)^(b)		85		88,676
9.50%, 05/01/25 (Call 05/01/22)^(b)		20		21,073
Videotron Ltd.
3.63%, 06/15/29 (Call 06/15/24)^(b)		49		46,625
5.13%, 04/15/27 (Call 04/15/22)^(b)		40		40,741
5.38%, 06/15/24 (Call 03/15/24)^(b)		40		41,448
VZ Secured Financing BV, 5.00%, 01/15/32 (Call 01/15/27)^(b)		100		97,002
Ziggo Bond Co. BV, 5.13%, 02/28/30 (Call 02/15/25)^(b)		30		27,990
Ziggo BV, 4.88%, 01/15/30 (Call 10/15/24)^(b)		60		57,670


				3,190,191

Metal Fabricate & Hardware — 0.0%
Advanced Drainage Systems Inc., 5.00%, 09/30/27 (Call 09/30/22)^(b)		20		20,116
Timken Co. (The)
3.88%, 09/01/24 (Call 06/01/24)		23		23,692
4.50%, 12/15/28 (Call 09/15/28)		30		32,236
Valmont Industries Inc., 5.00%, 10/01/44 (Call 04/01/44)		37		41,759


				117,803

Mining — 0.2%
Coeur Mining Inc., 5.13%, 02/15/29 (Call 02/15/24)^(b)		20		17,637
Compass Minerals International Inc.
4.88%, 07/15/24 (Call 05/15/24)^(b)		5		5,025
6.75%, 12/01/27 (Call 12/01/22)^(b)		35		36,358
Constellium SE
3.75%, 04/15/29 (Call 04/15/24)^(b)		50		46,025
5.63%, 06/15/28 (Call 06/15/23)^(b)		10		10,071
5.88%, 02/15/26 (Call 04/08/22)^(b)		10		10,126


Security	Par (000)		Value

Mining (continued)
First Quantum Minerals Ltd., 6.88%, 03/01/26 (Call 03/18/22)^(c)	$	200	$	205,774
FMG Resources August 2006 Pty Ltd.
4.38%, 04/01/31 (Call 01/01/31)^(b)		95		92,190
4.50%, 09/15/27 (Call 06/15/27)^(b)		50		50,170
5.13%, 05/15/24 (Call 02/15/24)^(b)		40		41,080
Industrias Penoles SAB de CV, 4.15%, 09/12/29 (Call 06/12/29)^(c)		200		200,040
Joseph T Ryerson & Son Inc., 8.50%, 08/01/28 (Call 08/01/23)^(b)		18		19,474
Kinross Gold Corp.
4.50%, 07/15/27 (Call 04/15/27)		90		96,800
5.95%, 03/15/24 (Call 12/15/23)		40		42,360
New Gold Inc., 7.50%, 07/15/27 (Call 07/15/23)^(b)		30		31,272
Newcrest Finance Pty Ltd.
3.25%, 05/13/30 (Call 02/13/30)^(b)		35		34,949
4.20%, 05/13/50 (Call 11/13/49)^(b)		10		10,202
5.75%, 11/15/41^(b)		80		96,075
Newmont Corp.
2.25%, 10/01/30 (Call 07/01/30)		45		42,105
2.60%, 07/15/32 (Call 04/15/32)		80		76,006
4.88%, 03/15/42 (Call 09/15/41)		45		51,732
5.45%, 06/09/44 (Call 12/09/43)		67		81,790
5.88%, 04/01/35		67		81,849
6.25%, 10/01/39		38		49,261
Perenti Finance Pty Ltd., 6.50%, 10/07/25 (Call 10/07/22)^(b)		25		25,153
Taseko Mines Ltd., 7.00%, 02/15/26 (Call 02/15/23)^(b)		25		25,155
Yamana Gold Inc., 2.63%, 08/15/31 (Call 05/15/31)		10		9,284


				1,487,963

Multi-National — 0.1%
Asian Development Bank, 0.63%, 10/08/24		340		331,344
Council of Europe Development Bank, 0.88%, 09/22/26		20		19,211
Inter-American Development Bank, 0.50%, 09/23/24		25		24,307
International Bank for Reconstruction & Development, 0.85%, 02/10/27 (Call 05/10/22)		25		23,668


				398,530

Office & Business Equipment — 0.1%
CDW LLC/CDW Finance Corp.
2.67%, 12/01/26 (Call 11/01/26)		20		19,554
3.25%, 02/15/29 (Call 08/15/23)		85		79,208
3.28%, 12/01/28 (Call 10/01/28)		15		14,729
4.13%, 05/01/25 (Call 05/01/22)		10		10,136
4.25%, 04/01/28 (Call 10/01/22)		80		79,158
5.50%, 12/01/24 (Call 06/01/24)		55		57,591
Pitney Bowes Inc.
4.63%, 03/15/24 (Call 12/15/23)^(d)		20		20,401
6.88%, 03/15/27 (Call 03/15/24)^(b)		20		18,870
7.25%, 03/15/29 (Call 03/15/24)^(b)(d)		25		23,678
Xerox Corp.
3.80%, 05/15/24		20		20,040
4.38%, 03/15/23 (Call 02/15/23)		60		60,631
4.80%, 03/01/35		15		12,945
6.75%, 12/15/39		20		20,002
Xerox Holdings Corp.
5.00%, 08/15/25 (Call 07/15/25)^(b)		40		40,630
5.50%, 08/15/28 (Call 07/15/28)^(b)		45		44,837

				522,410

Office Furnishings — 0.0%
Steelcase Inc., 5.13%, 01/18/29 (Call 10/18/28)		82		89,395


Security	Par (000)		Value

Oil & Gas — 0.1%
Qatar Energy
2.25%, 07/12/31 (Call 04/12/31)^(c)	$	200	$	189,552
3.13%, 07/12/41 (Call 01/12/41)^(b)		200		191,716
Trinidad Petroleum Holdings Ltd., 9.75%, 06/15/26 (Call 06/28/22)^(c)		25		25,653


				406,921

Packaging & Containers — 0.2%
Amcor Flexibles North America Inc.
2.63%, 06/19/30 (Call 03/19/30)		25		24,157
2.69%, 05/25/31 (Call 02/25/31)		52		50,044
Ball Corp.
2.88%, 08/15/30 (Call 05/15/30)		80		73,186
3.13%, 09/15/31 (Call 06/15/31)		55		50,510
4.00%, 11/15/23		70		71,910
4.88%, 03/15/26 (Call 12/15/25)		50		52,213
5.25%, 07/01/25		60		63,635

Brambles USA Inc., 4.13%, 10/23/25 (Call 07/25/25)^(b)		10		10,556
Cascades Inc./Cascades USA Inc.
5.13%, 01/15/26 (Call 01/15/23)^(b)		15		15,067
5.38%, 01/15/28 (Call 01/15/23)^(b)		37		37,257
Flex Acquisition Co. Inc.
6.88%, 01/15/25 (Call 04/08/22)^(b)		35		35,080
7.88%, 07/15/26 (Call 04/08/22)^(b)		30		31,017
Graphic Packaging International LLC
0.82%, 04/15/24 (Call 03/15/24)^(b)		75		72,631
1.51%, 04/15/26 (Call 03/15/26)^(b)		35		33,200
3.50%, 03/15/28^(b)		30		28,633
3.50%, 03/01/29 (Call 09/01/28)^(b)		25		23,509
4.13%, 08/15/24 (Call 05/15/24)		5		5,157
4.75%, 07/15/27 (Call 04/15/27)^(b)		25		25,670
Graphic Packaging International LLC., 3.75%, 02/01/30 (Call 08/01/29)^(b)		25		23,827
Greif Inc., 6.50%, 03/01/27 (Call 03/01/22)^(b)		30		30,975
Matthews International Corp., 5.25%, 12/01/25 (Call 04/08/22)^(b)		15		15,204
Sealed Air Corp.
1.57%, 10/15/26 (Call 09/15/26)^(b)		25		23,562
4.00%, 12/01/27 (Call 09/01/27)^(b)		25		24,822
5.13%, 12/01/24 (Call 09/01/24)^(b)		25		25,931
5.25%, 04/01/23 (Call 01/01/23)^(b)		25		25,540
5.50%, 09/15/25 (Call 06/15/25)^(b)		25		26,187
6.88%, 07/15/33^(b)		25		28,815
Trivium Packaging Finance BV
5.50%, 08/15/26 (Call 08/15/22)^(b)		100		100,986
8.50%, 08/15/27 (Call 08/15/22)^(b)		25		25,649
WRKCo Inc.
3.00%, 09/15/24 (Call 07/15/24)		20		20,351
3.00%, 06/15/33 (Call 03/15/33)		20		19,328
3.38%, 09/15/27 (Call 06/15/27)		10		10,329
3.75%, 03/15/25 (Call 01/15/25)		15		15,584
3.90%, 06/01/28 (Call 03/01/28)		20		20,868
4.20%, 06/01/32 (Call 03/01/32)		5		5,360
4.65%, 03/15/26 (Call 01/15/26)		150		161,844
4.90%, 03/15/29 (Call 12/15/28)		30		33,302


				1,341,896

Pharmaceuticals — 0.3%
180 Medical Inc., 3.88%, 10/15/29 (Call 10/07/24)^(b)		30		28,778
AdaptHealth LLC
4.63%, 08/01/29 (Call 02/01/24)^(b)		35		31,589


Security	Par (000)		Value

Pharmaceuticals (continued)
5.13%, 03/01/30 (Call 03/01/25)^(b)	$	35	$	32,538
6.13%, 08/01/28 (Call 08/01/23)^(b)		20		19,940
Elanco Animal Health Inc.
5.77%, 08/28/23 (Call 07/28/23)		35		36,077
6.40%, 08/28/28 (Call 05/28/28)		40		43,344
Eli Lilly & Co.
2.25%, 05/15/50 (Call 11/15/49)		25		20,758
2.75%, 06/01/25 (Call 03/01/25)		110		112,274
3.38%, 03/15/29 (Call 12/15/28)		56		59,092
3.95%, 05/15/47 (Call 11/15/46)		25		28,059
3.95%, 03/15/49 (Call 09/15/48)		10		11,197
4.15%, 03/15/59 (Call 09/15/58)		50		57,633
EMD Finance LLC, 3.25%, 03/19/25 (Call 12/19/24)^(b)		155		159,106
Horizon Therapeutics USA Inc., 5.50%, 08/01/27 (Call 08/01/22)^(b)		25		25,535
Jazz Securities DAC, 4.38%, 01/15/29 (Call 07/15/24)^(b)		100		99,140
Mead Johnson Nutrition Co.
4.13%, 11/15/25 (Call 08/15/25)		30		31,591
4.60%, 06/01/44 (Call 12/01/43)		40		47,444
Novartis Capital Corp., 4.00%, 11/20/45 (Call 05/20/45)		200		221,862
Option Care Health Inc., 4.38%, 10/31/29 (Call 10/31/24)^(b)		30		28,800
Organon & Co./Organon Foreign Debt Co-Issuer BV
4.13%, 04/30/28 (Call 04/30/24)^(b)		125		122,729
5.13%, 04/30/31 (Call 04/30/26)^(b)		130		129,844
Owens & Minor Inc.
4.38%, 12/15/24 (Call 09/15/24)		20		20,794
4.50%, 03/31/29 (Call 03/31/24)^(b)		30		28,314
Perrigo Finance Unlimited Co.
3.90%, 12/15/24 (Call 09/15/24)		35		34,851
3.90%, 06/15/30 (Call 03/15/30)		60		54,726
4.38%, 03/15/26 (Call 12/15/25)		50		49,852
4.90%, 12/15/44 (Call 06/15/44)		10		9,166
Zoetis Inc.
2.00%, 05/15/30 (Call 02/15/30)		45		41,863
3.00%, 09/12/27 (Call 06/12/27)		15		15,290
3.00%, 05/15/50 (Call 11/15/49)		45		41,543
3.90%, 08/20/28 (Call 05/20/28)		30		31,748
3.95%, 09/12/47 (Call 03/12/47)		67		72,133
4.45%, 08/20/48 (Call 02/20/48)		55		62,571
4.50%, 11/13/25 (Call 08/13/25)		85		90,738
4.70%, 02/01/43 (Call 08/01/42)		124		142,939


				2,043,858

Private Equity — 0.0%
Carlyle Finance LLC, 5.65%, 09/15/48 (Call 03/15/48)^(b)		50		61,175
Carlyle Finance Subsidiary LLC, 3.50%, 09/19/29 (Call 06/19/29)^(b)		10		10,156
Carlyle Holdings II Finance LLC, 5.63%, 03/30/43^(b)		15		17,827


				89,158

Real Estate — 0.3%
CBRE Services Inc.
2.50%, 04/01/31 (Call 01/01/31)		20		18,933
4.88%, 03/01/26 (Call 12/01/25)		55		59,738
Corp Inmobiliaria Vesta SAB de CV, 3.63%, 05/13/31 (Call 02/13/31)^(c)		200		184,712
Cushman & Wakefield US Borrower LLC, 6.75%, 05/15/28 (Call 05/15/23)^(b)		60		62,815
Howard Hughes Corp. (The)
4.13%, 02/01/29 (Call 02/01/24)^(b)		40		37,961
4.38%, 02/01/31 (Call 02/01/26)^(b)		30		28,311


Security	Par (000)		Value

Real Estate (continued)
5.38%, 08/01/28 (Call 08/01/23)^(b)	$	50	$	50,503
Hysan MTN Ltd., 2.88%, 06/02/27 (Call 03/02/27)^(c)		200		202,222
Kennedy-Wilson Inc.
4.75%, 03/01/29 (Call 03/01/24)		35		34,241
4.75%, 02/01/30 (Call 09/01/24)		45		43,056
5.00%, 03/01/31 (Call 03/01/26)		35		34,012
MAF Sukuk Ltd., 3.93%, 02/28/30^(c)		200		206,528
Realogy Group LLC/Realogy Co-Issuer Corp.
4.88%, 06/01/23 (Call 03/01/23)^(b)		45		45,965
5.25%, 04/15/30 (Call 04/15/25)^(b)		65		61,920
5.75%, 01/15/29 (Call 01/15/24)^(b)		55		54,382
Sino-Ocean Land Treasure Finance I Ltd., 6.00%, 07/30/24^(c)		200		186,436
Sun Hung Kai Properties Capital Market Ltd., 2.75%, 05/13/30 (Call 02/13/30)^(c)		200		195,236
Vanke Real Estate Hong Kong Co. Ltd., 3.50%, 11/12/29^(c)		200		189,842
Wharf REIC Finance BVI Ltd., 2.38%, 05/07/25^(c)		200		198,328


				1,895,141

Real Estate Investment Trusts — 2.3%
Alexandria Real Estate Equities Inc.
1.88%, 02/01/33 (Call 11/01/32)		63		55,565
2.00%, 05/18/32 (Call 02/18/32)		25		22,642
2.75%, 12/15/29 (Call 09/15/29)		15		14,838
3.00%, 05/18/51 (Call 11/18/50)		32		28,111
3.38%, 08/15/31 (Call 05/15/31)		40		40,886
3.45%, 04/30/25 (Call 02/28/25)		130		134,580
3.80%, 04/15/26 (Call 02/15/26)		115		121,163
3.95%, 01/15/27 (Call 10/15/26)		23		24,468
4.00%, 02/01/50 (Call 08/01/49)		35		36,298
4.30%, 01/15/26 (Call 10/15/25)		75		79,974
4.50%, 07/30/29 (Call 04/30/29)		10		11,026
4.70%, 07/01/30 (Call 04/01/30)		10		11,180
4.85%, 04/15/49 (Call 10/15/48)		10		11,660
4.90%, 12/15/30 (Call 09/15/30)		81		92,900
American Campus Communities Operating Partnership LP
2.25%, 01/15/29 (Call 11/15/28)		50		47,028
2.85%, 02/01/30 (Call 11/01/29)		60		58,204
3.30%, 07/15/26 (Call 05/15/26)		40		41,157
3.63%, 11/15/27 (Call 08/15/27)		26		26,931
3.88%, 01/30/31 (Call 10/30/30)		20		20,855
4.13%, 07/01/24 (Call 04/01/24)		15		15,584
American Tower Corp.
1.30%, 09/15/25 (Call 08/15/25)		5		4,792
1.45%, 09/15/26 (Call 08/15/26)		15		14,208
1.50%, 01/31/28 (Call 11/30/27)		45		41,248
1.60%, 04/15/26 (Call 03/15/26)		10		9,590
1.88%, 10/15/30 (Call 07/15/30)		105		93,031
2.10%, 06/15/30 (Call 03/15/30)		109		98,838
2.30%, 09/15/31 (Call 06/15/31)		30		27,259
2.40%, 03/15/25 (Call 02/15/25)		85		84,737
2.70%, 04/15/31 (Call 01/15/31)		10		9,425
2.75%, 01/15/27 (Call 11/15/26)		74		73,903
2.90%, 01/15/30 (Call 10/15/29)		165		159,291
2.95%, 01/15/25 (Call 12/15/24)		30		30,329
2.95%, 01/15/51 (Call 07/15/50)		20		16,373
3.00%, 06/15/23		147		149,181
3.10%, 06/15/50 (Call 12/15/49)		85		71,299
3.13%, 01/15/27 (Call 10/15/26)		79		79,838
3.38%, 10/15/26 (Call 07/15/26)		69		70,822
3.55%, 07/15/27 (Call 04/15/27)		54		55,546
3.60%, 01/15/28 (Call 10/15/27)		29		29,767


Security	Par (000)		Value

Real Estate Investment Trusts (continued)
3.70%, 10/15/49 (Call 04/15/49)	$	72	$	67,132
3.80%, 08/15/29 (Call 05/15/29)		36		37,210
3.95%, 03/15/29 (Call 12/15/28)		116		120,468
4.00%, 06/01/25 (Call 03/01/25)		14		14,575
4.40%, 02/15/26 (Call 11/15/25)		70		74,259
5.00%, 02/15/24		125		131,679
AvalonBay Communities Inc.
1.90%, 12/01/28 (Call 10/01/28)		10		9,531
3.35%, 05/15/27 (Call 02/15/27)		5		5,207
3.90%, 10/15/46 (Call 04/15/46)		15		16,136
Boston Properties LP
2.45%, 10/01/33 (Call 07/01/33)		25		22,752
2.55%, 04/01/32 (Call 01/01/32)		10		9,336
2.75%, 10/01/26 (Call 07/01/26)		75		75,184
2.90%, 03/15/30 (Call 12/15/29)		50		48,751
3.13%, 09/01/23 (Call 06/01/23)		15		15,241
3.20%, 01/15/25 (Call 10/15/24)		79		80,744
3.25%, 01/30/31 (Call 10/30/30)		145		144,746
3.40%, 06/21/29 (Call 03/21/29)		25		25,551
3.65%, 02/01/26 (Call 11/03/25)		206		213,377
3.80%, 02/01/24 (Call 11/01/23)		57		58,610
4.50%, 12/01/28 (Call 09/01/28)		40		43,637
Brandywine Operating Partnership LP
3.95%, 11/15/27 (Call 08/15/27)		40		41,747
4.10%, 10/01/24 (Call 07/01/24)		25		25,853
4.55%, 10/01/29 (Call 07/01/29)		10		10,726
Brixmor Operating Partnership LP
2.25%, 04/01/28 (Call 02/01/28)		90		85,510
2.50%, 08/16/31 (Call 05/16/31)		10		9,223
3.65%, 06/15/24 (Call 04/15/24)		10		10,300
3.85%, 02/01/25 (Call 11/01/24)		20		20,780
3.90%, 03/15/27 (Call 12/15/26)		45		46,909
4.05%, 07/01/30 (Call 04/01/30)		180		188,329
4.13%, 06/15/26 (Call 03/15/26)		57		60,079
4.13%, 05/15/29 (Call 02/15/29)		15		15,833
Brookfield Property REIT Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL
4.50%, 04/01/27 (Call 10/01/23)^(b)		50		46,628
5.75%, 05/15/26 (Call 05/15/22)^(b)		65		64,329
Camden Property Trust
2.80%, 05/15/30 (Call 02/15/30)		16		15,855
3.15%, 07/01/29 (Call 04/01/29)		29		29,594
3.35%, 11/01/49 (Call 05/01/49)		40		39,390
4.10%, 10/15/28 (Call 07/15/28)		20		21,635
CC Holdings GS V LLC/Crown Castle GS III Corp., 3.85%, 04/15/23		50		51,219
Corporate Office Properties LP
2.25%, 03/15/26 (Call 02/15/26)		78		76,702
2.75%, 04/15/31 (Call 01/15/31)		20		18,744
2.90%, 12/01/33 (Call 09/01/33)		20		18,480
Crown Castle International Corp.
1.05%, 07/15/26 (Call 06/15/26)		25		23,350
1.35%, 07/15/25 (Call 06/15/25)		65		62,367
2.10%, 04/01/31 (Call 01/01/31)		61		54,946
2.25%, 01/15/31 (Call 10/15/30)		57		51,889
2.50%, 07/15/31 (Call 04/15/31)		66		61,280
2.90%, 04/01/41 (Call 10/01/40)		72		61,961
3.10%, 11/15/29 (Call 08/15/29)		35		34,449
3.15%, 07/15/23 (Call 06/15/23)		37		37,650
3.20%, 09/01/24 (Call 07/01/24)		42		42,850


Security	Par (000)		Value

Real Estate Investment Trusts (continued)
3.25%, 01/15/51 (Call 07/15/50)	$	38	$	32,843
3.30%, 07/01/30 (Call 04/01/30)		67		66,449
3.65%, 09/01/27 (Call 06/01/27)		89		92,135
3.70%, 06/15/26 (Call 03/15/26)		20		20,754
3.80%, 02/15/28 (Call 11/15/27)		72		74,834
4.00%, 03/01/27 (Call 12/01/26)		15		15,747
4.00%, 11/15/49 (Call 05/15/49)		10		9,798
4.15%, 07/01/50 (Call 01/01/50)		43		42,853
4.30%, 02/15/29 (Call 11/15/28)		37		39,368
4.45%, 02/15/26 (Call 11/15/25)		57		60,573
4.75%, 05/15/47 (Call 11/15/46)		127		139,478
5.20%, 02/15/49 (Call 08/15/48)		32		36,900
CyrusOne LP/CyrusOne Finance Corp.
2.15%, 11/01/30 (Call 08/01/30)		90		87,395
2.90%, 11/15/24 (Call 10/15/24)		89		90,666
3.45%, 11/15/29 (Call 08/15/29)		86		91,112
Digital Realty Trust LP, 4.45%, 07/15/28 (Call 04/15/28)		10		10,789
Duke Realty LP
1.75%, 07/01/30 (Call 04/01/30)		59		53,581
1.75%, 02/01/31 (Call 11/01/30)		5		4,510
2.88%, 11/15/29 (Call 08/15/29)		24		23,987
3.05%, 03/01/50 (Call 09/01/49)		37		32,596
3.25%, 06/30/26 (Call 03/30/26)		120		123,306
3.38%, 12/15/27 (Call 09/15/27)		10		10,350
4.00%, 09/15/28 (Call 06/15/28)		26		27,868
Equinix Inc.
1.00%, 09/15/25 (Call 08/15/25)		30		28,417
1.25%, 07/15/25 (Call 06/15/25)		69		65,803
1.55%, 03/15/28 (Call 01/15/28)		50		45,955
1.80%, 07/15/27 (Call 05/15/27)		110		103,954
2.00%, 05/15/28 (Call 03/15/28)		40		37,500
2.15%, 07/15/30 (Call 04/15/30)		89		81,193
2.63%, 11/18/24 (Call 10/18/24)		202		203,260
2.90%, 11/18/26 (Call 09/18/26)		74		74,548
2.95%, 09/15/51 (Call 03/15/51)		54		44,339
3.00%, 07/15/50 (Call 01/15/50)		90		75,110
3.20%, 11/18/29 (Call 08/18/29)		56		55,270
ERP Operating LP
1.85%, 08/01/31 (Call 05/01/31)		85		78,372
2.50%, 02/15/30 (Call 11/15/29)		22		21,543
2.85%, 11/01/26 (Call 08/01/26)		20		20,474
3.00%, 04/15/23 (Call 01/15/23)		21		21,270
3.00%, 07/01/29 (Call 04/01/29)		135		136,559
3.25%, 08/01/27 (Call 05/01/27)		122		126,340
3.38%, 06/01/25 (Call 03/01/25)		25		25,929
3.50%, 03/01/28 (Call 12/01/27)		142		149,517
4.50%, 06/01/45 (Call 12/01/44)		15		17,343
Federal Realty Investment Trust
1.25%, 02/15/26 (Call 01/15/26)		10		9,562
3.20%, 06/15/29 (Call 03/15/29)		95		96,424
3.25%, 07/15/27 (Call 04/15/27)		15		15,486
3.50%, 06/01/30 (Call 03/01/30)		131		134,431
3.95%, 01/15/24 (Call 10/15/23)		120		123,592
4.50%, 12/01/44 (Call 06/01/44)		10		10,938
HAT Holdings I LLC/HAT Holdings II LLC
3.38%, 06/15/26 (Call 03/15/26)^(b)		55		52,562
3.75%, 09/15/30^(b)		25		22,938
6.00%, 04/15/25 (Call 04/15/22)^(b)		25		25,765
Healthpeak Properties Inc.
1.35%, 02/01/27 (Call 01/01/27)		25		23,656


Security	Par (000)		Value

Real Estate Investment Trusts (continued)
2.88%, 01/15/31 (Call 10/15/30)	$	41	$	40,300
3.00%, 01/15/30 (Call 10/15/29)		75		74,815
3.25%, 07/15/26 (Call 05/15/26)		40		41,381
3.40%, 02/01/25 (Call 11/01/24)		2		2,054
4.00%, 06/01/25 (Call 03/01/25)		25		26,132
6.75%, 02/01/41 (Call 08/01/40)		54		75,191
Host Hotels & Resorts LP
3.88%, 04/01/24 (Call 02/01/24)		25		25,550
Series E, 4.00%, 06/15/25 (Call 03/15/25)		150		155,304
Series F, 4.50%, 02/01/26 (Call 11/01/25)		87		91,297
Series H, 3.38%, 12/15/29 (Call 09/15/29)		77		75,897
Series I, 3.50%, 09/15/30 (Call 06/15/30)		27		26,418
Series J, 2.90%, 12/15/31 (Call 09/15/31)		10		9,242
Hudson Pacific Properties LP, 4.65%, 04/01/29 (Call 01/01/29)		20		21,704
Iron Mountain Inc.
4.50%, 02/15/31 (Call 02/15/26)^(b)		70		65,467
4.88%, 09/15/27 (Call 09/15/22)^(b)		57		56,942
4.88%, 09/15/29 (Call 09/15/24)^(b)		60		57,900
5.00%, 07/15/28 (Call 07/15/23)^(b)		20		19,830
5.25%, 03/15/28 (Call 12/27/22)^(b)		50		50,065
5.25%, 07/15/30 (Call 07/15/25)^(b)		80		79,400
5.63%, 07/15/32 (Call 07/15/26)^(b)		40		39,553
Iron Mountain Information Management Services Inc., 5.00%, 07/15/32 (Call 07/15/27)^(b)		45		42,790
iStar Inc.
4.25%, 08/01/25 (Call 05/01/25)		35		34,972
4.75%, 10/01/24 (Call 07/01/24)		45		45,540
5.50%, 02/15/26 (Call 08/15/22)		25		25,588
Kilroy Realty LP
2.50%, 11/15/32 (Call 08/15/32)		40		36,739
2.65%, 11/15/33 (Call 08/15/33)		10		9,109
3.05%, 02/15/30 (Call 11/15/29)		10		9,830
3.45%, 12/15/24 (Call 09/15/24)		10		10,250
4.38%, 10/01/25 (Call 07/01/25)		35		36,897
Kimco Realty Corp.
1.90%, 03/01/28 (Call 01/01/28)		20		18,853
2.70%, 03/01/24 (Call 01/01/24)^(d)		5		5,042
2.70%, 10/01/30 (Call 07/01/30)		60		58,234
2.80%, 10/01/26 (Call 07/01/26)		14		14,070
3.13%, 06/01/23 (Call 03/01/23)		57		57,785
3.30%, 02/01/25 (Call 12/01/24)		5		5,128
3.70%, 10/01/49 (Call 04/01/49)		48		46,560
3.80%, 04/01/27 (Call 01/01/27)		20		21,009
4.13%, 12/01/46 (Call 06/01/46)		20		20,673
4.25%, 04/01/45 (Call 10/01/44)		25		26,233
4.45%, 09/01/47 (Call 03/01/47)		67		73,453
Physicians Realty LP
2.63%, 11/01/31 (Call 08/01/31)		15		14,116
3.95%, 01/15/28 (Call 10/15/27)		10		10,495
4.30%, 03/15/27 (Call 12/15/26)		20		21,467
Piedmont Operating Partnership LP, 2.75%, 04/01/32 (Call 01/01/32)		5		4,627
Prologis LP
1.25%, 10/15/30 (Call 07/15/30)		30		26,473
1.63%, 03/15/31 (Call 12/15/30)		80		72,673
2.13%, 04/15/27 (Call 02/15/27)		51		50,186
2.13%, 10/15/50 (Call 04/15/50)		62		47,702
2.25%, 04/15/30 (Call 01/15/30)		74		71,090
3.00%, 04/15/50 (Call 10/15/49)		12		11,037


Security	Par (000)		Value

Real Estate Investment Trusts (continued)
3.25%, 10/01/26 (Call 07/01/26)	$	40	$	41,566
3.88%, 09/15/28 (Call 06/15/28)		130		138,714
4.38%, 02/01/29 (Call 11/01/28)		5		5,506
4.38%, 09/15/48 (Call 03/15/48)		35		39,717
Realty Income Corp.
0.75%, 03/15/26 (Call 02/15/26)		10		9,340
2.20%, 06/15/28 (Call 04/15/28)		30		29,045
3.00%, 01/15/27 (Call 10/15/26)		25		25,422
3.25%, 01/15/31 (Call 10/15/30)		97		98,581
3.65%, 01/15/28 (Call 10/15/27)		40		41,765
3.88%, 04/15/25 (Call 02/15/25)		10		10,441
4.65%, 03/15/47 (Call 09/15/46)		65		75,488
Regency Centers LP
2.95%, 09/15/29 (Call 06/15/29)		115		113,518
3.60%, 02/01/27 (Call 11/01/26)		65		68,154
3.70%, 06/15/30 (Call 03/15/30)		30		31,297
4.40%, 02/01/47 (Call 08/01/46)		15		16,007
4.65%, 03/15/49 (Call 09/15/48)		20		22,454
SBA Communications Corp.
3.13%, 02/01/29 (Call 02/01/24)		90		83,567
3.88%, 02/15/27 (Call 02/15/23)		105		104,742
Scentre Group Trust 1/Scentre Group Trust 2
3.25%, 10/28/25 (Call 07/30/25)^(b)		10		10,245
3.50%, 02/12/25 (Call 11/14/24)^(b)		70		72,015
3.63%, 01/28/26 (Call 12/28/25)^(b)		75		77,675
3.75%, 03/23/27 (Call 12/23/26)^(b)		5		5,235
4.38%, 05/28/30 (Call 02/28/30)^(b)		45		49,164
Scentre Group Trust 2
4.75%, 09/24/80 (Call 06/24/26)^(a)(b)		220		219,705
5.13%, 09/24/80 (Call 06/24/30)^(a)(b)		25		24,857
Starwood Property Trust Inc.
3.63%, 07/15/26 (Call 01/15/26)^(b)		20		19,013
3.75%, 12/31/24 (Call 09/30/24)^(b)		25		24,508
4.38%, 01/15/27 (Call 07/15/26)^(b)		50		48,583
4.75%, 03/15/25 (Call 09/15/24)		30		30,328
5.50%, 11/01/23 (Call 08/01/23)^(b)		15		15,342
Uniti Group LP/Uniti Fiber Holdings Inc./CSL Capital LLC
6.00%, 01/15/30 (Call 01/15/25)^(b)		45		40,242
7.88%, 02/15/25 (Call 04/08/22)^(b)		140		145,908
Uniti Group LP/Uniti Group Finance Inc./CSL Capital LLC
4.75%, 04/15/28 (Call 04/15/24)^(b)		35		33,353
6.50%, 02/15/29 (Call 02/15/24)^(b)		70		65,187
Ventas Realty LP
2.50%, 09/01/31 (Call 06/01/31)		40		37,729
2.65%, 01/15/25 (Call 12/15/24)		63		63,340
3.00%, 01/15/30 (Call 10/15/29)		35		34,610
3.25%, 10/15/26 (Call 07/15/26)		75		76,741
3.50%, 04/15/24 (Call 03/15/24)		35		35,862
3.50%, 02/01/25 (Call 11/01/24)		17		17,442
3.75%, 05/01/24 (Call 02/01/24)		19		19,520
3.85%, 04/01/27 (Call 01/01/27)		42		44,267
4.00%, 03/01/28 (Call 12/01/27)		27		28,693
4.13%, 01/15/26 (Call 10/15/25)		85		89,628
4.38%, 02/01/45 (Call 08/01/44)		50		52,482
4.40%, 01/15/29 (Call 10/15/28)		17		18,432
4.75%, 11/15/30 (Call 08/15/30)		77		86,031
4.88%, 04/15/49 (Call 10/15/48)		27		31,034
5.70%, 09/30/43 (Call 03/30/43)		25		30,996
VICI Properties LP/VICI Note Co. Inc.
3.50%, 02/15/25 (Call 04/08/22)^(b)		50		50,049


Security	Par (000)		Value

Real Estate Investment Trusts (continued)
3.75%, 02/15/27 (Call 02/15/23)^(b)	$	25	$	24,817
4.13%, 08/15/30 (Call 02/15/25)^(b)		60		59,602
4.25%, 12/01/26 (Call 12/01/22)^(b)		80		80,891
4.63%, 12/01/29 (Call 12/01/24)^(b)		85		86,852
WEA Finance LLC
2.88%, 01/15/27 (Call 11/15/26)^(b)		90		89,098
3.50%, 06/15/29 (Call 03/15/29)^(b)		90		89,346
4.13%, 09/20/28 (Call 06/20/28)^(b)		40		41,507
4.63%, 09/20/48 (Call 03/20/48)^(b)		65		63,056
Welltower Inc.
2.05%, 01/15/29 (Call 11/15/28)		86		81,471
2.70%, 02/15/27 (Call 12/15/26)		50		50,385
2.75%, 01/15/31 (Call 10/15/30)		65		62,939
2.75%, 01/15/32 (Call 10/15/31)		25		23,950
2.80%, 06/01/31 (Call 03/01/31)		25		24,206
3.63%, 03/15/24 (Call 02/15/24)		285		292,857
4.00%, 06/01/25 (Call 03/01/25)		150		156,997
4.13%, 03/15/29 (Call 12/15/28)		25		26,762
4.25%, 04/01/26 (Call 01/01/26)		105		111,718
4.25%, 04/15/28 (Call 01/15/28)		20		21,470
4.50%, 01/15/24 (Call 10/15/23)		40		41,549
4.95%, 09/01/48 (Call 03/01/48)		15		17,696
6.50%, 03/15/41 (Call 09/15/40)		30		40,131
WP Carey Inc.
2.25%, 04/01/33 (Call 01/01/33)		90		80,194
2.40%, 02/01/31 (Call 11/01/30)		20		18,780
3.85%, 07/15/29 (Call 04/15/29)		10		10,474
4.25%, 10/01/26 (Call 07/01/26)		90		95,849
4.60%, 04/01/24 (Call 01/01/24)		40		41,746
XHR LP
4.88%, 06/01/29 (Call 06/01/24)^(b)		25		24,372
6.38%, 08/15/25 (Call 08/15/22)^(b)		35		36,173


				13,984,693

Retail — 1.3%
Advance Auto Parts Inc.
1.75%, 10/01/27 (Call 08/01/27)		112		105,139
3.90%, 04/15/30 (Call 01/15/30)		132		136,760
Asbury Automotive Group Inc.
4.50%, 03/01/28 (Call 03/01/23)		30		29,533
4.63%, 11/15/29 (Call 11/15/24)^(b)		50		48,771
4.75%, 03/01/30 (Call 03/01/25)		30		29,269
5.00%, 02/15/32 (Call 11/15/26)^(b)		35		34,146
AutoNation Inc.
2.40%, 08/01/31 (Call 05/01/31)		15		13,572
3.50%, 11/15/24 (Call 09/15/24)		22		22,610
3.80%, 11/15/27 (Call 08/15/27)		25		25,915
4.50%, 10/01/25 (Call 07/01/25)		15		15,829
4.75%, 06/01/30 (Call 03/01/30)		144		155,327
Beacon Roofing Supply Inc.
4.13%, 05/15/29 (Call 05/15/24)^(b)		25		23,293
4.50%, 11/15/26 (Call 11/15/22)^(b)		15		15,044
Best Buy Co. Inc.
1.95%, 10/01/30 (Call 07/01/30)		104		94,905
4.45%, 10/01/28 (Call 07/01/28)		45		48,498
Brinker International Inc.
3.88%, 05/15/23		20		20,173
5.00%, 10/01/24 (Call 07/01/24)^(b)		20		20,494
Dave & Buster’s Inc., 7.63%, 11/01/25 (Call 11/01/22)^(b)		26		27,332
Dollar General Corp.
3.25%, 04/15/23 (Call 01/15/23)		20		20,294


Security	Par (000)		Value

Retail (continued)
3.50%, 04/03/30 (Call 01/03/30)	$	30	$	30,717
3.88%, 04/15/27 (Call 01/15/27)		40		42,250
4.13%, 05/01/28 (Call 02/01/28)		10		10,658
4.13%, 04/03/50 (Call 10/03/49)		20		20,653
4.15%, 11/01/25 (Call 08/01/25)		10		10,597
Falabella SA, 3.75%, 10/30/27 (Call 07/30/27)^(c)(d)		200		202,056
Foot Locker Inc., 4.00%, 10/01/29 (Call 10/01/24)^(b)		30		27,294
Gap Inc. (The)
3.63%, 10/01/29 (Call 10/01/24)^(b)		50		45,339
3.88%, 10/01/31 (Call 10/01/26)^(b)		45		40,379
Genuine Parts Co., 1.88%, 11/01/30 (Call 08/01/30)		15		13,512
Group 1 Automotive Inc., 4.00%, 08/15/28 (Call 08/15/23)^(b)		45		43,390
GYP Holdings III Corp., 4.63%, 05/01/29 (Call 05/01/24)^(b)		15		14,021
Home Depot Inc. (The)
0.90%, 03/15/28 (Call 01/15/28)		135		124,133
1.38%, 03/15/31 (Call 12/15/30)		85		76,062
2.13%, 09/15/26 (Call 06/15/26)		60		60,053
2.38%, 03/15/51 (Call 09/15/50)		40		32,890
2.50%, 04/15/27 (Call 02/15/27)		256		258,409
2.70%, 04/01/23 (Call 01/01/23)		34		34,376
2.70%, 04/15/30 (Call 01/15/30)		104		103,907
2.75%, 09/15/51 (Call 03/15/51)		30		26,663
2.80%, 09/14/27 (Call 06/14/27)		107		109,510
2.95%, 06/15/29 (Call 03/15/29)		130		132,820
3.00%, 04/01/26 (Call 01/01/26)		43		44,553
3.13%, 12/15/49 (Call 06/15/49)		92		86,707
3.30%, 04/15/40 (Call 10/15/39)		200		200,066
3.35%, 09/15/25 (Call 06/15/25)		15		15,592
3.35%, 04/15/50 (Call 10/15/49)		112		109,747
3.50%, 09/15/56 (Call 03/15/56)		45		45,005
3.75%, 02/15/24 (Call 11/15/23)		44		45,558
3.90%, 12/06/28 (Call 09/06/28)		85		91,819
4.20%, 04/01/43 (Call 10/01/42)		10		11,085
4.25%, 04/01/46 (Call 10/01/45)		80		88,958
4.40%, 03/15/45 (Call 09/15/44)		57		64,370
4.50%, 12/06/48 (Call 06/06/48)		130		150,614
4.88%, 02/15/44 (Call 08/15/43)		81		97,141
5.40%, 09/15/40 (Call 03/15/40)		99		123,920
5.88%, 12/16/36		116		153,244
5.95%, 04/01/41 (Call 10/01/40)		82		108,712
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, 4.75%, 06/01/27 (Call 06/01/22)^(b)		35		35,842
Kohl’s Corp.
3.38%, 05/01/31 (Call 02/01/31)		56		55,148
5.55%, 07/17/45 (Call 01/17/45)		35		35,773
Lithia Motors Inc.
3.88%, 06/01/29 (Call 06/01/24)^(b)(d)		70		68,922
4.38%, 01/15/31 (Call 10/15/25)^(b)		15		15,145
4.63%, 12/15/27 (Call 12/15/22)^(b)		30		30,628
Lowe’s Companies Inc.
1.70%, 09/15/28 (Call 07/15/28)		100		93,686
1.70%, 10/15/30 (Call 07/15/30)		200		179,930
2.63%, 04/01/31 (Call 01/01/31)		100		96,617
3.00%, 10/15/50 (Call 04/15/50)		150		130,558
3.10%, 05/03/27 (Call 02/03/27)		100		102,987
3.65%, 04/05/29 (Call 01/05/29)		100		104,828
4.05%, 05/03/47 (Call 11/03/46)		100		102,776
Macy’s Retail Holdings LLC
3.63%, 06/01/24 (Call 04/01/22)^(d)		20		20,455
4.30%, 02/15/43 (Call 08/15/42)		15		12,307


Security	Par (000)		Value

Retail (continued)
4.38%, 09/01/23 (Call 04/01/22)	$	15	$	15,253
4.50%, 12/15/34 (Call 06/15/34)		20		17,907
5.13%, 01/15/42 (Call 07/15/41)		15		13,235
5.88%, 04/01/29 (Call 04/01/24)^(b)(d)		30		30,678
6.38%, 03/15/37		15		14,945
6.70%, 07/15/34^(b)		15		16,470
Nordstrom Inc.
4.00%, 03/15/27 (Call 12/15/26)^(d)		25		23,837
4.25%, 08/01/31 (Call 05/01/31)^(d)		25		22,408
4.38%, 04/01/30 (Call 01/01/30)^(d)		35		32,127
5.00%, 01/15/44 (Call 07/15/43)^(d)		60		52,711
6.95%, 03/15/28^(d)		20		21,100
Ross Stores Inc., 4.60%, 04/15/25 (Call 03/15/25)		10		10,653
Sally Holdings LLC/Sally Capital Inc.
5.63%, 12/01/25 (Call 04/08/22)		40		40,536
8.75%, 04/30/25 (Call 04/30/22)^(b)		20		21,000
Starbucks Corp.
2.00%, 03/12/27 (Call 01/12/27)		65		63,418
2.25%, 03/12/30 (Call 12/12/29)		89		84,066
2.45%, 06/15/26 (Call 03/15/26)		110		110,535
2.55%, 11/15/30 (Call 08/15/30)		88		84,568
3.10%, 03/01/23 (Call 02/01/23)		31		31,480
3.35%, 03/12/50 (Call 09/12/49)		91		82,791
3.50%, 03/01/28 (Call 12/01/27)		58		60,344
3.55%, 08/15/29 (Call 05/15/29)		115		119,701
3.75%, 12/01/47 (Call 06/01/47)		32		31,022
3.80%, 08/15/25 (Call 06/15/25)		106		111,058
3.85%, 10/01/23 (Call 07/01/23)		51		52,448
4.30%, 06/15/45 (Call 12/15/44)		15		15,700
4.45%, 08/15/49 (Call 02/15/49)		30		32,246
4.50%, 11/15/48 (Call 05/15/48)		106		115,115
Target Corp.
2.25%, 04/15/25 (Call 03/15/25)		20		20,135
2.35%, 02/15/30 (Call 11/15/29)		30		29,484
2.50%, 04/15/26		15		15,345
2.65%, 09/15/30 (Call 06/15/30)		5		5,017
3.38%, 04/15/29 (Call 01/15/29)		15		15,901
3.50%, 07/01/24		5		5,205
3.63%, 04/15/46		75		78,977
3.90%, 11/15/47 (Call 05/15/47)		65		71,501
4.00%, 07/01/42		5		5,539
6.50%, 10/15/37		135		189,653
TJX Companies Inc. (The)
1.15%, 05/15/28 (Call 03/15/28)		5		4,615
2.25%, 09/15/26 (Call 06/15/26)		100		100,171
2.50%, 05/15/23 (Call 02/15/23)		63		63,620
3.88%, 04/15/30 (Call 01/15/30)		63		67,561
4.50%, 04/15/50 (Call 10/15/49)		40		49,075
Tractor Supply Co., 1.75%, 11/01/30 (Call 08/01/30)		5		4,448
Walgreens Boots Alliance Inc.
0.95%, 11/17/23 (Call 05/17/22)		10		9,858
3.20%, 04/15/30 (Call 01/15/30)		35		35,372
3.45%, 06/01/26 (Call 03/01/26)		130		135,443
3.80%, 11/18/24 (Call 08/18/24)		60		62,186
4.10%, 04/15/50 (Call 10/15/49)		50		50,141
4.50%, 11/18/34 (Call 05/18/34)		12		12,915
4.65%, 06/01/46 (Call 12/01/45)		75		81,001
4.80%, 11/18/44 (Call 05/18/44)		25		27,319
Yum! Brands Inc.
3.63%, 03/15/31 (Call 12/15/30)		75		70,148


Security	Par (000)		Value

Retail (continued)
3.88%, 11/01/23 (Call 08/01/23)	$	5	$	5,119
4.63%, 01/31/32 (Call 10/01/26)		75		74,065
4.75%, 01/15/30 (Call 10/15/29)^(b)		40		40,644
5.35%, 11/01/43 (Call 05/01/43)		15		15,123
6.88%, 11/15/37		20		22,727
7.75%, 04/01/25 (Call 04/01/22)^(b)		50		52,117


				7,617,063

Savings & Loans — 0.0%
Nationwide Building Society
0.55%, 01/22/24^(b)		40		38,872
1.00%, 08/28/25^(b)		83		78,875
3.77%, 03/08/24 (Call 03/08/23)^(a)(b)		15		15,246
3.96%, 07/18/30 (Call 07/18/29), (3 mo. LIBOR US + 1.855%)^(a)(b)		20		20,943
4.36%, 08/01/24 (Call 08/01/23)^(a)(b)		110		113,218


				267,154

Semiconductors — 0.9%
ams-OSRAM AG, 7.00%, 07/31/25 (Call 07/31/22)^(b)		20		20,724
Analog Devices Inc.
1.70%, 10/01/28 (Call 08/01/28)		20		19,036
2.10%, 10/01/31 (Call 07/01/31)		5		4,768
2.80%, 10/01/41 (Call 04/01/41)		15		13,801
2.95%, 04/01/25 (Call 03/01/25)		82		83,993
3.50%, 12/05/26 (Call 09/05/26)		45		47,497
Applied Materials Inc.
1.75%, 06/01/30 (Call 03/01/30)		82		76,754
2.75%, 06/01/50 (Call 12/01/49)		94		85,170
3.30%, 04/01/27 (Call 01/01/27)		57		59,537
3.90%, 10/01/25 (Call 07/01/25)		159		167,996
4.35%, 04/01/47 (Call 10/01/46)		22		25,214
5.10%, 10/01/35 (Call 04/01/35)		54		65,728
5.85%, 06/15/41		104		138,525
Entegris Inc.
3.63%, 05/01/29 (Call 05/01/24)^(b)		20		18,755
4.38%, 04/15/28 (Call 04/15/23)^(b)		30		29,471
Lam Research Corp.
1.90%, 06/15/30 (Call 03/15/30)		82		76,759
2.88%, 06/15/50 (Call 12/15/49)		69		61,647
3.13%, 06/15/60 (Call 12/15/59)		94		84,827
3.75%, 03/15/26 (Call 01/15/26)		108		114,227
3.80%, 03/15/25 (Call 12/15/24)		22		23,019
4.00%, 03/15/29 (Call 12/15/28)		78		84,593
4.88%, 03/15/49 (Call 09/15/48)		77		93,281
Marvell Technology Inc.
1.65%, 04/15/26 (Call 03/15/26)		101		97,135
2.45%, 04/15/28 (Call 02/15/28)		12		11,576
2.95%, 04/15/31 (Call 01/15/31)		67		64,707
4.20%, 06/22/23 (Call 05/22/23)		57		58,599
4.88%, 06/22/28 (Call 03/22/28)		41		44,801
Microchip Technology Inc.
0.98%, 09/01/24^(b)		40		38,490
4.25%, 09/01/25 (Call 09/01/22)		25		25,603
Micron Technology Inc.
3.37%, 11/01/41 (Call 05/01/41)		10		9,074
3.48%, 11/01/51 (Call 05/01/51)		50		44,293
4.19%, 02/15/27 (Call 12/15/26)		62		65,596
4.66%, 02/15/30 (Call 11/15/29)		99		107,355
4.98%, 02/06/26 (Call 12/06/25)		75		81,007
5.33%, 02/06/29 (Call 11/06/28)		66		73,748


Security	Par (000)		Value

Semiconductors (continued)
NVIDIA Corp.
0.31%, 06/15/23 (Call 06/15/22)	$	5	$	4,926
0.58%, 06/14/24 (Call 06/14/23)		10		9,729
1.55%, 06/15/28 (Call 04/15/28)		7		6,604
2.00%, 06/15/31 (Call 03/15/31)		17		15,993
2.85%, 04/01/30 (Call 01/01/30)		81		82,011
3.20%, 09/16/26 (Call 06/16/26)		71		74,097
3.50%, 04/01/40 (Call 10/01/39)		74		76,027
3.50%, 04/01/50 (Call 10/01/49)		101		103,561
3.70%, 04/01/60 (Call 10/01/59)		42		43,860
NXP BV/NXP Funding LLC
4.88%, 03/01/24 (Call 02/01/24)^(b)		90		94,427
5.35%, 03/01/26 (Call 01/01/26)^(b)		40		43,997
5.55%, 12/01/28 (Call 09/01/28)^(b)		84		95,931
NXP BV/NXP Funding LLC/NXP USA Inc.
2.50%, 05/11/31 (Call 02/11/31)^(b)		97		90,289
2.65%, 02/15/32 (Call 11/15/31)^(b)		25		23,545
2.70%, 05/01/25 (Call 04/01/25)^(b)		72		72,427
3.13%, 02/15/42 (Call 08/15/41)^(b)		15		13,530
3.15%, 05/01/27 (Call 03/01/27)^(b)		62		62,825
3.25%, 05/11/41 (Call 11/11/40)^(b)		35		32,044
3.25%, 11/30/51 (Call 05/30/51)^(b)		30		26,335
3.40%, 05/01/30 (Call 02/01/30)^(b)		79		79,694
3.88%, 06/18/26 (Call 04/18/26)^(b)		15		15,711
4.30%, 06/18/29 (Call 03/18/29)^(b)		100		106,795
ON Semiconductor Corp., 3.88%, 09/01/28 (Call 09/01/23)^(b)		40		39,677
Qorvo Inc.
3.38%, 04/01/31 (Call 04/01/26)^(b)		90		84,374
4.38%, 10/15/29 (Call 10/15/24)		50		51,008
SK Hynix Inc., 1.50%, 01/19/26^(c)		200		191,026
Skyworks Solutions Inc.
1.80%, 06/01/26 (Call 05/01/26)		127		121,336
3.00%, 06/01/31 (Call 03/01/31)		32		29,855
Synaptics Inc., 4.00%, 06/15/29 (Call 06/15/24)^(b)		25		24,130
Texas Instruments Inc.
1.13%, 09/15/26 (Call 08/15/26)		10		9,622
1.38%, 03/12/25 (Call 02/12/25)		122		119,943
1.75%, 05/04/30 (Call 02/04/30)		93		87,659
2.25%, 05/01/23 (Call 02/01/23)		15		15,104
2.25%, 09/04/29 (Call 06/04/29)		65		64,105
2.63%, 05/15/24 (Call 03/15/24)		41		41,675
2.70%, 09/15/51 (Call 03/15/51)^(d)		65		58,668
2.90%, 11/03/27 (Call 08/03/27)		52		53,926
3.88%, 03/15/39 (Call 09/15/38)		77		83,925
4.15%, 05/15/48 (Call 11/15/47)		64		72,735
TSMC Arizona Corp., 2.50%, 10/25/31 (Call 07/25/31)		220		209,829
TSMC Global Ltd.
1.00%, 09/28/27 (Call 07/28/27)^(c)		200		183,548
1.75%, 04/23/28 (Call 02/23/28)^(c)		200		188,964
Xilinx Inc.
2.38%, 06/01/30 (Call 03/01/30)		51		49,149
2.95%, 06/01/24 (Call 04/01/24)		146		148,627


				5,220,549

Software — 1.2%
Adobe Inc.
1.90%, 02/01/25 (Call 01/01/25)		75		75,026
2.15%, 02/01/27 (Call 12/01/26)		95		94,575
2.30%, 02/01/30 (Call 11/01/29)		71		69,188
3.25%, 02/01/25 (Call 11/01/24)		92		94,996


Security	Par (000)		Value

Software (continued)
Autodesk Inc.
2.40%, 12/15/31 (Call 09/15/31)	$	25	$	23,161
2.85%, 01/15/30 (Call 10/15/29)		80		78,162
3.50%, 06/15/27 (Call 03/15/27)		87		90,609
4.38%, 06/15/25 (Call 03/15/25)		22		23,219
Black Knight InfoServ LLC, 3.63%, 09/01/28 (Call 09/01/23)^(b)		65		61,610
Broadridge Financial Solutions Inc.
2.60%, 05/01/31 (Call 02/01/31)		25		23,510
2.90%, 12/01/29 (Call 09/01/29)		70		68,956
3.40%, 06/27/26 (Call 03/27/26)		35		36,345
Camelot Finance SA, 4.50%, 11/01/26 (Call 11/01/22)^(b)		45		45,029
CDK Global Inc.
4.88%, 06/01/27 (Call 06/01/22)		40		40,994
5.00%, 10/15/24 (Call 07/15/24)		35		36,674
5.25%, 05/15/29 (Call 05/15/24)^(b)		35		36,061
Citrix Systems Inc.
1.25%, 03/01/26 (Call 02/01/26)		30		29,344
3.30%, 03/01/30 (Call 12/01/29)		53		53,218
4.50%, 12/01/27 (Call 09/01/27)		51		52,750
Clarivate Science Holdings Corp.
3.88%, 07/01/28 (Call 06/30/24)^(b)		55		51,954
4.88%, 07/01/29 (Call 06/30/24)^(b)		60		56,479
Consensus Cloud Solutions Inc.
6.00%, 10/15/26 (Call 10/15/23)^(b)		20		19,961
6.50%, 10/15/28 (Call 10/15/26)^(b)		35		35,259
Elastic NV, 4.13%, 07/15/29 (Call 07/15/24)^(b)		40		36,811
Electronic Arts Inc.
1.85%, 02/15/31 (Call 11/15/30)		30		27,416
2.95%, 02/15/51 (Call 08/15/50)		20		17,221
4.80%, 03/01/26 (Call 12/01/25)		37		40,212
Fair Isaac Corp.
4.00%, 06/15/28 (Call 12/15/22)^(b)		20		19,761
5.25%, 05/15/26 (Call 02/15/26)^(b)		30		31,997
Fidelity National Information Services Inc.
0.38%, 03/01/23		10		9,871
1.65%, 03/01/28 (Call 01/01/28)		25		23,164
2.25%, 03/01/31 (Call 12/01/30)		60		54,870
3.10%, 03/01/41 (Call 09/01/40)		41		36,865
Fiserv Inc.
2.25%, 06/01/27 (Call 04/01/27)		110		107,574
2.65%, 06/01/30 (Call 03/01/30)		49		46,754
2.75%, 07/01/24 (Call 06/01/24)		60		60,630
3.20%, 07/01/26 (Call 05/01/26)		174		177,694
3.50%, 07/01/29 (Call 04/01/29)		100		101,493
3.80%, 10/01/23 (Call 09/01/23)		172		177,041
3.85%, 06/01/25 (Call 03/01/25)		47		48,947
4.20%, 10/01/28 (Call 07/01/28)		15		15,997
4.40%, 07/01/49 (Call 01/01/49)		117		124,660
Intuit Inc.
0.65%, 07/15/23		72		71,050
0.95%, 07/15/25 (Call 06/15/25)		37		35,467
1.35%, 07/15/27 (Call 05/15/27)		57		53,920
1.65%, 07/15/30 (Call 04/15/30)		17		15,619
Microsoft Corp.
2.40%, 08/08/26 (Call 05/08/26)		210		213,427
2.53%, 06/01/50 (Call 12/01/49)		185		164,302
2.68%, 06/01/60 (Call 12/01/59)		260		229,216
2.70%, 02/12/25 (Call 11/12/24)		25		25,649
2.88%, 02/06/24 (Call 12/06/23)		30		30,724


Security	Par (000)		Value

Software (continued)
2.92%, 03/17/52 (Call 09/17/51)	$	460	$	439,553
3.04%, 03/17/62 (Call 09/17/61)		80		76,540
3.13%, 11/03/25 (Call 08/03/25)		335		347,911
3.30%, 02/06/27 (Call 11/06/26)		300		317,208
3.45%, 08/08/36 (Call 02/08/36)		200		214,700
3.50%, 02/12/35 (Call 08/12/34)		10		10,802
3.50%, 11/15/42		35		36,920
3.70%, 08/08/46 (Call 02/08/46)		270		292,086
3.95%, 08/08/56 (Call 02/08/56)		200		225,002
4.50%, 02/06/57 (Call 08/06/56)		5		6,262
4.75%, 11/03/55 (Call 05/03/55)		0		318
Nuance Communications Inc., 5.63%, 12/15/26 (Call 04/02/22)		30		30,865
Open Text Corp.
3.88%, 02/15/28 (Call 02/15/23)^(b)		55		53,288
3.88%, 12/01/29 (Call 12/01/24)^(b)		55		51,963
Open Text Holdings Inc.
4.13%, 02/15/30 (Call 02/15/25)^(b)		55		52,666
4.13%, 12/01/31 (Call 12/01/26)^(b)		42		39,751
PTC Inc.
3.63%, 02/15/25 (Call 04/08/22)^(b)		35		34,829
4.00%, 02/15/28 (Call 02/15/23)^(b)		35		34,219
Rackspace Technology Global Inc.
3.50%, 02/15/28 (Call 02/15/24)^(b)		35		31,771
5.38%, 12/01/28 (Call 12/01/23)^(b)		35		31,404
Roper Technologies Inc.
1.00%, 09/15/25 (Call 08/15/25)		85		80,859
1.40%, 09/15/27 (Call 07/15/27)		50		46,712
1.75%, 02/15/31 (Call 11/15/30)		116		102,904
2.00%, 06/30/30 (Call 03/30/30)		45		41,117
2.35%, 09/15/24 (Call 08/15/24)		55		55,215
2.95%, 09/15/29 (Call 06/15/29)		55		54,473
3.65%, 09/15/23 (Call 08/15/23)		88		90,223
3.80%, 12/15/26 (Call 09/15/26)		84		88,392
3.85%, 12/15/25 (Call 09/15/25)		62		64,915
4.20%, 09/15/28 (Call 06/15/28)		15		16,022
salesforce.com Inc.
0.63%, 07/15/24 (Call 07/15/22)		30		29,208
1.50%, 07/15/28 (Call 05/15/28)		145		136,937
1.95%, 07/15/31 (Call 04/15/31)		5		4,715
2.70%, 07/15/41 (Call 01/15/41)		5		4,564
2.90%, 07/15/51 (Call 01/15/51)		175		159,572
3.05%, 07/15/61 (Call 01/15/61)		70		63,172
3.25%, 04/11/23 (Call 03/11/23)		115		117,300
3.70%, 04/11/28 (Call 01/11/28)		75		80,035
ServiceNow Inc., 1.40%, 09/01/30 (Call 06/01/30)		95		83,775
Twilio Inc.
3.63%, 03/15/29 (Call 03/15/24)		35		33,524
3.88%, 03/15/31 (Call 03/15/26)		35		32,936
VMware Inc.
1.00%, 08/15/24 (Call 08/15/22)		15		14,557
1.40%, 08/15/26 (Call 07/15/26)		15		14,240
2.20%, 08/15/31 (Call 05/15/31)		25		22,879
3.90%, 08/21/27 (Call 05/21/27)		47		49,156
4.50%, 05/15/25 (Call 04/15/25)		103		109,064
4.65%, 05/15/27 (Call 03/15/27)		97		105,018
4.70%, 05/15/30 (Call 02/15/30)		82		90,020
ZoomInfo Technologies LLC/ZoomInfo Finance Corp., 3.88%, 02/01/29 (Call 02/01/24)^(b)		45		42,690


				7,357,684


Security	Par (000)		Value

Storage & Warehousing — 0.0%
GLP China Holdings Ltd., 2.95%, 03/29/26^(c)	$	200	$	192,770


Telecommunications — 2.1%
Avaya Inc., 6.13%, 09/15/28 (Call 09/15/23)^(b)		62		59,916
Bell Telephone Co of Canada or Bell Canada, Series US-3, 0.75%, 03/17/24		125		121,843
Bell Telephone Co. of Canada or Bell Canada (The)
4.30%, 07/29/49 (Call 01/29/49)		47		50,455
4.46%, 04/01/48 (Call 10/01/47)		49		53,966
Series US-4, 3.65%, 03/17/51 (Call 09/17/50)		55		53,597
Bharti Airtel Ltd., 4.38%, 06/10/25^(c)		200		207,928
Cisco Systems Inc.
2.20%, 09/20/23 (Call 07/20/23)		194		195,973
2.50%, 09/20/26 (Call 06/20/26)		207		211,554
2.95%, 02/28/26		72		74,630
3.50%, 06/15/25		32		33,483
3.63%, 03/04/24		81		84,053
5.50%, 01/15/40		85		109,437
5.90%, 02/15/39		104		138,149
CommScope Inc.
4.75%, 09/01/29 (Call 09/01/24)^(b)		80		75,174
6.00%, 03/01/26 (Call 04/08/22)^(b)		75		76,802
7.13%, 07/01/28 (Call 07/01/23)^(b)		45		42,468
8.25%, 03/01/27 (Call 04/08/22)^(b)		60		59,687
CommScope Technologies LLC
5.00%, 03/15/27 (Call 03/21/22)^(b)		45		40,095
6.00%, 06/15/25 (Call 03/21/22)^(b)		89		87,146
Consolidated Communications Inc.
5.00%, 10/01/28 (Call 10/01/23)^(b)(d)		25		23,779
6.50%, 10/01/28 (Call 10/01/23)^(b)		45		44,904
Corning Inc.
3.90%, 11/15/49 (Call 05/15/49)		42		42,423
4.38%, 11/15/57 (Call 05/15/57)		17		17,896
4.70%, 03/15/37		14		15,702
4.75%, 03/15/42		25		28,731
5.35%, 11/15/48 (Call 05/15/48)		31		38,704
5.45%, 11/15/79 (Call 05/19/79)		79		91,458
5.75%, 08/15/40		6		7,550
5.85%, 11/15/68 (Call 05/15/68)		32		41,247
Embarq Corp., 8.00%, 06/01/36		100		99,412
Empresa Nacional de Telecomunicaciones SA, 4.75%, 08/01/26 (Call 05/03/26)^(c)		200		208,572
HKT Capital No. 5 Ltd., 3.25%, 09/30/29^(c)		200		203,058
Juniper Networks Inc.
1.20%, 12/10/25 (Call 11/10/25)		27		25,802
2.00%, 12/10/30 (Call 09/10/30)		12		10,752
3.75%, 08/15/29 (Call 05/15/29)		20		20,632
5.95%, 03/15/41		40		48,153
Level 3 Financing Inc.
3.75%, 07/15/29 (Call 01/15/24)^(b)		20		17,843
4.25%, 07/01/28 (Call 07/01/23)^(b)		100		92,413
Lumen Technologies Inc.
4.00%, 02/15/27 (Call 02/15/23)^(b)		100		95,120
4.50%, 01/15/29 (Call 01/15/24)^(b)		125		104,705
5.13%, 12/15/26 (Call 12/15/22)^(b)		100		93,051
5.38%, 06/15/29 (Call 06/15/24)^(b)		90		78,314
Series U, 7.65%, 03/15/42		50		43,987
Maxar Technologies Inc., 7.54%, 12/31/27 (Call 06/25/24)^(b)		10		10,429
Motorola Solutions Inc.
2.30%, 11/15/30 (Call 08/15/30)		82		75,370


Security	Par (000)		Value

Telecommunications (continued)
4.00%, 09/01/24	$	112	$	115,809
4.60%, 02/23/28 (Call 11/23/27)		89		96,035
4.60%, 05/23/29 (Call 02/23/29)		22		23,740
5.50%, 09/01/44		104		120,799
Nokia OYJ
4.38%, 06/12/27		30		31,055
6.63%, 05/15/39		35		42,020
NTT Finance Corp.
1.16%, 04/03/26 (Call 03/03/26)^(b)		5		4,756
1.59%, 04/03/28 (Call 02/03/28)^(b)		5		4,708
2.07%, 04/03/31 (Call 01/03/31)^(b)		15		14,150
Ooredoo International Finance Ltd., 2.63%, 04/08/31^(c)		200		191,718
Plantronics Inc., 4.75%, 03/01/29 (Call 03/01/24)^(b)		35		31,137
Rogers Communications Inc.
2.90%, 11/15/26 (Call 08/15/26)		59		60,094
3.00%, 03/15/23 (Call 12/15/22)		15		15,148
3.63%, 12/15/25 (Call 09/15/25)		107		110,938
3.70%, 11/15/49 (Call 05/15/49)		115		103,862
4.10%, 10/01/23 (Call 07/01/23)		135		138,533
4.30%, 02/15/48 (Call 08/15/47)		74		73,418
4.35%, 05/01/49 (Call 11/01/48)		56		55,879
4.50%, 03/15/43 (Call 09/15/42)		15		15,635
5.00%, 03/15/44 (Call 09/15/43)		98		105,826
7.50%, 08/15/38		37		52,433
SES Global Americas Holdings GP, 5.30%, 03/25/44^(b)		68		68,813
SingTel Group Treasury Pte Ltd., 2.38%, 08/28/29 (Call 05/28/29)^(c)		200		198,998
Telecom Italia Capital SA
6.00%, 09/30/34		60		57,328
6.38%, 11/15/33		60		58,610
7.20%, 07/18/36		60		60,862
7.72%, 06/04/38		60		62,140
Telecom Italia SpA/Milano, 5.30%, 05/30/24^(b)		115		117,966
Telefonica Emisiones SA
4.67%, 03/06/38		20		20,745
5.21%, 03/08/47		185		201,012
7.05%, 06/20/36		319		413,851
Telefonica Europe BV, 8.25%, 09/15/30		71		95,296
TELUS Corp.
2.80%, 02/16/27 (Call 11/16/26)		42		42,489
3.70%, 09/15/27 (Call 06/15/27)		75		78,968
4.30%, 06/15/49 (Call 12/15/48)		44		48,241
4.60%, 11/16/48 (Call 05/16/48)		60		67,228
United States Cellular Corp., 6.70%, 12/15/33		35		38,126
VEON Holdings BV
3.38%, 11/25/27 (Call 08/25/27)^(b)		200		87,330
4.00%, 04/09/25 (Call 01/09/25)^(b)		200		82,738
Verizon Communications Inc.
0.75%, 03/22/24		108		105,712
0.85%, 11/20/25 (Call 10/20/25)		66		62,726
1.50%, 09/18/30 (Call 06/18/30)		37		32,980
1.68%, 10/30/30 (Call 07/30/30)		85		76,386
1.75%, 01/20/31 (Call 10/20/30)		113		101,619
2.10%, 03/22/28 (Call 01/22/28)		144		139,127
2.36%, 03/15/32 (Call 12/15/31)^(b)		156		145,741
2.55%, 03/21/31 (Call 12/21/30)		182		174,627
2.63%, 08/15/26		140		140,756
2.65%, 11/20/40 (Call 05/20/40)		168		145,918
2.85%, 09/03/41 (Call 03/03/41)		140		125,292
2.88%, 11/20/50 (Call 05/20/50)		233		199,329


Security	Par (000)		Value

Telecommunications (continued)
2.99%, 10/30/56 (Call 04/30/56)	$	280	$	238,725
3.00%, 03/22/27 (Call 01/22/27)		32		32,580
3.00%, 11/20/60 (Call 05/20/60)		202		167,799
3.15%, 03/22/30 (Call 12/22/29)		124		125,398
3.38%, 02/15/25		30		31,040
3.40%, 03/22/41 (Call 09/22/40)		262		252,272
3.50%, 11/01/24 (Call 08/01/24)		15		15,515
3.55%, 03/22/51 (Call 09/22/50)		249		240,955
3.70%, 03/22/61 (Call 09/22/60)		230		219,443
3.85%, 11/01/42 (Call 05/01/42)		117		118,307
3.88%, 02/08/29 (Call 11/08/28)		79		84,004
4.00%, 03/22/50 (Call 09/22/49)		64		65,935
4.02%, 12/03/29 (Call 09/03/29)		368		394,489
4.13%, 03/16/27		109		116,799
4.13%, 08/15/46		105		110,400
4.27%, 01/15/36		100		109,610
4.33%, 09/21/28		146		159,160
4.40%, 11/01/34 (Call 05/01/34)		92		101,130
4.50%, 08/10/33		176		195,682
4.52%, 09/15/48		20		22,697
4.75%, 11/01/41		122		137,822
4.81%, 03/15/39		64		74,582
4.86%, 08/21/46		199		238,925
5.01%, 04/15/49		5		6,060
5.25%, 03/16/37		104		125,195
5.50%, 03/16/47		107		136,725
5.85%, 09/15/35		72		90,627
6.40%, 09/15/33		7		9,055
6.55%, 09/15/43		17		24,203
7.75%, 12/01/30		15		20,317
Viavi Solutions Inc., 3.75%, 10/01/29 (Call 10/01/24)^(b)		25		23,722
Vodafone Group PLC
3.25%, 06/04/81 (Call 06/04/26)^(a)		30		27,628
3.75%, 01/16/24		61		63,145
4.13%, 05/30/25		82		86,229
4.13%, 06/04/81 (Call 03/04/31)^(a)		65		59,380
4.25%, 09/17/50		84		86,049
4.38%, 05/30/28		37		40,025
4.38%, 02/19/43		24		24,805
4.88%, 06/19/49		226		251,423
5.00%, 05/30/38		139		157,641
5.13%, 06/19/59		58		66,419
5.13%, 06/04/81 (Call 12/04/50)^(a)		60		53,647
5.25%, 05/30/48		169		196,351
6.15%, 02/27/37		20		24,855
6.25%, 11/30/32		67		83,017
7.00%, 04/04/79 (Call 01/04/29)^(a)		120		132,556


				13,057,353

Toys, Games & Hobbies — 0.1%
Hasbro Inc.
3.00%, 11/19/24 (Call 10/19/24)		15		15,207
3.50%, 09/15/27 (Call 06/15/27)		15		15,430
3.55%, 11/19/26 (Call 09/19/26)		45		46,489
3.90%, 11/19/29 (Call 08/19/29)		90		94,096
5.10%, 05/15/44 (Call 11/15/43)		88		99,770
6.35%, 03/15/40		101		128,732


				399,724


Security	Par (000)		Value

Transportation — 0.2%
AP Moller - Maersk A/S
3.88%, 09/28/25 (Call 06/28/25)^(b)	$	12	$	12,550
4.50%, 06/20/29 (Call 03/20/29)^(b)		10		10,979
CH Robinson Worldwide Inc., 4.20%, 04/15/28 (Call 01/15/28)		57		61,780
MTR Corp. Ltd., 1.63%, 08/19/30^(c)		400		375,548
Ryder System Inc.
2.50%, 09/01/24 (Call 08/01/24)		70		70,290
2.90%, 12/01/26 (Call 10/01/26)		109		109,995
3.35%, 09/01/25 (Call 08/01/25)		121		123,934
3.40%, 03/01/23 (Call 02/01/23)		20		20,320
3.65%, 03/18/24 (Call 02/18/24)		75		77,255
3.75%, 06/09/23 (Call 05/09/23)		62		63,371
3.88%, 12/01/23 (Call 11/01/23)		55		56,707
4.63%, 06/01/25 (Call 05/01/25)		32		34,042


				1,016,771

Trucking & Leasing — 0.2%
AerCap Global Aviation Trust, 6.50%, 06/15/45 (Call 06/15/25)^(a)(b)		25		26,220
CMB International Leasing Management Ltd.
2.75%, 08/12/30^(c)		200		188,742
3.00%, 07/03/24^(c)		200		201,850
GATX Corp.
1.90%, 06/01/31 (Call 03/01/31)		20		18,017
3.10%, 06/01/51 (Call 12/01/50)		35		30,318
3.25%, 09/15/26 (Call 06/15/26)		30		30,706
3.50%, 03/15/28 (Call 12/15/27)		15		15,523
4.00%, 06/30/30 (Call 03/30/30)		25		26,435
4.35%, 02/15/24 (Call 01/15/24)		85		88,531
4.55%, 11/07/28 (Call 08/07/28)		46		50,660
5.20%, 03/15/44 (Call 09/15/43)		25		28,869
Penske Truck Leasing Co. LP/PTL Finance Corp.
1.70%, 06/15/26 (Call 05/15/26)^(b)		162		155,501
2.70%, 03/14/23 (Call 02/14/23)^(b)		12		12,102
2.70%, 11/01/24 (Call 10/01/24)^(b)		22		22,138
3.35%, 11/01/29 (Call 08/01/29)^(b)		12		12,209
3.40%, 11/15/26 (Call 08/15/26)^(b)		5		5,131
3.45%, 07/01/24 (Call 06/01/24)^(b)		5		5,114
3.95%, 03/10/25 (Call 01/10/25)^(b)		37		38,438
4.00%, 07/15/25 (Call 06/15/25)^(b)		22		22,912
4.45%, 01/29/26 (Call 11/29/25)^(b)		17		18,080


				997,496

Water — 0.1%
American Water Capital Corp.
2.80%, 05/01/30 (Call 02/01/30)		5		4,938
2.95%, 09/01/27 (Call 06/01/27)		5		5,095
3.40%, 03/01/25 (Call 12/01/24)		30		30,899
3.45%, 06/01/29 (Call 03/01/29)		67		69,169
3.45%, 05/01/50 (Call 11/01/49)		44		42,037
3.75%, 09/01/28 (Call 06/01/28)		40		42,136
3.75%, 09/01/47 (Call 03/01/47)		61		60,765
4.00%, 12/01/46 (Call 06/01/46)		70		72,417
4.15%, 06/01/49 (Call 12/01/48)		57		59,571
4.20%, 09/01/48 (Call 03/01/48)		60		63,415
4.30%, 12/01/42 (Call 06/01/42)		62		66,885
4.30%, 09/01/45 (Call 03/01/45)		15		16,025


Security	Par (000)		Value

Water (continued)
6.59%, 10/15/37	$	80	$	108,046


				641,398


Total Corporate Bonds & Notes — 33.4% (Cost: $215,501,977)				203,888,280


Foreign Government Obligations^(g)

Argentina — 0.2%
Argentina Bonar Bonds
0.50%, 07/09/30^(h)		395		114,486
1.00%, 07/09/29		130		40,005
1.13%, 07/09/35^(h)		365		104,337
2.00%, 01/09/38^(h)		80		26,923
2.50%, 07/09/41^(h)		150		49,355
Argentine Republic Government International Bond
0.50%, 07/09/30 (Call 05/02/22)^(h)		470		150,127
1.00%, 07/09/29 (Call 04/08/22)		80		26,352
1.13%, 07/09/35 (Call 05/02/22)^(h)		550		163,394
1.13%, 07/09/46 (Call 04/08/22)^(h)		160		47,998
2.00%, 01/09/38 (Call 04/08/22)^(h)		320		118,480
2.50%, 07/09/41 (Call 04/08/22)^(h)		180		61,263


				902,720

Bermuda — 0.0%
Bermuda Government International Bond, 2.38%, 08/20/30 (Call 05/20/30)^(c)		105		98,951


Brazil — 0.2%
Brazilian Government International Bond
3.75%, 09/12/31		200		181,574
3.88%, 06/12/30		200		186,254
5.63%, 01/07/41		200		194,692
7.13%, 01/20/37		200		230,080
10.13%, 05/15/27		200		261,194


				1,053,794

Canada — 0.7%
Canada Government International Bond
0.75%, 05/19/26		80		76,467
1.63%, 01/22/25		515		514,300
Export Development Canada
2.63%, 02/21/24		255		260,370
2.75%, 03/15/23		25		25,402
Province of Alberta Canada
1.00%, 05/20/25		120		116,766
1.30%, 07/22/30		225		208,951
1.88%, 11/13/24		25		25,083
3.30%, 03/15/28		120		127,792
3.35%, 11/01/23		15		15,454
Province of British Columbia Canada
0.90%, 07/20/26		40		38,413
1.30%, 01/29/31		10		9,346
2.25%, 06/02/26		30		30,397
6.50%, 01/15/26		75		86,994
7.25%, 09/01/36		5		7,801
Series 10, 1.75%, 09/27/24		15		15,031
Province of Manitoba Canada
2.13%, 06/22/26		35		35,139
3.05%, 05/14/24		52		53,519
Province of New Brunswick Canada, 3.63%, 02/24/28		85		92,368


Security	Par (000)		Value

Canada (continued)
Province of Ontario Canada
0.63%, 01/21/26	$	45	$	42,754
1.05%, 04/14/26		10		9,624
1.05%, 05/21/27^(d)		190		180,933
1.13%, 10/07/30		35		32,101
1.60%, 02/25/31		35		33,257
1.80%, 10/14/31		200		191,942
2.00%, 10/02/29		5		4,949
2.30%, 06/15/26		60		60,674
2.50%, 04/27/26		290		295,664
3.05%, 01/29/24		25		25,699
3.20%, 05/16/24		252		260,465
3.40%, 10/17/23		71		73,190
Province of Quebec Canada
0.60%, 07/23/25		55		52,741
1.35%, 05/28/30		60		56,383
2.50%, 04/20/26		155		158,255
2.75%, 04/12/27		423		438,981
Series NJ, 7.50%, 07/15/23		20		21,626
Series NN, 7.13%, 02/09/24		15		16,540
Series QO, 2.88%, 10/16/24		185		190,552
Series QW, 2.50%, 04/09/24		10		10,181
Series QX, 1.50%, 02/11/25		203		201,477
PSP Capital Inc., 0.50%, 09/15/24^(b)		60		58,235


				4,155,816

Chile — 0.1%
Chile Government International Bond
3.10%, 05/07/41 (Call 11/07/40)		200		177,024
3.24%, 02/06/28 (Call 11/06/27)		200		203,164
3.50%, 01/25/50 (Call 07/25/49)		200		182,192
3.86%, 06/21/47		200		195,262


				757,642

Colombia — 0.1%
Colombia Government International Bond
3.88%, 04/25/27 (Call 01/25/27)		200		192,468
4.13%, 02/22/42 (Call 08/22/41)		200		155,868
6.13%, 01/18/41		200		193,680
7.38%, 09/18/37		200		221,886
8.13%, 05/21/24		25		27,593


				791,495

Costa Rica — 0.0%
Costa Rica Government International Bond, 6.13%, 02/19/31^(c)		200		199,228


Finland — 0.0%
Finland Government International Bond, 6.95%, 02/15/26		80		94,410


France — 0.0%
Caisse d’Amortissement de la Dette Sociale, 0.38%, 09/23/25^(b)		270		256,152


Germany — 0.0%
FMS Wertmanagement, 2.75%, 01/30/24		65		66,531
State of North Rhine-Westphalia Germany, 1.00%, 04/21/26^(c)		100		96,381


				162,912

Hong Kong — 0.0%
Hong Kong Government International Bond, 1.38%, 02/02/31^(b)		200		187,530


Security	Par (000)		Value

Hungary — 0.1%
Hungary Government International Bond
2.13%, 09/22/31^(c)	$	200	$	180,688
5.38%, 03/25/24		50		52,977
7.63%, 03/29/41		80		117,192


				350,857

Israel — 0.1%
Israel Government International Bond, 4.50%, 01/30/43		200		235,948
State of Israel
2.50%, 01/15/30		200		200,140
3.38%, 01/15/50		200		195,998
3.80%, 05/13/60^(c)		200		210,124


				842,210

Italy — 0.2%
Republic of Italy Government International Bond
2.38%, 10/17/24		270		271,199
2.88%, 10/17/29		225		221,879
3.88%, 05/06/51		75		73,061
4.00%, 10/17/49		5		5,068
5.38%, 06/15/33		257		303,301
6.88%, 09/27/23		10		10,779


				885,287

Japan — 0.2%
Development Bank of Japan Inc., 3.13%, 09/06/23^(b)		200		204,934
Japan Bank for International Cooperation
0.63%, 05/22/23		20		19,830
0.63%, 07/15/25		255		244,382
1.88%, 04/15/31		345		339,114
2.75%, 01/21/26		200		205,700
2.88%, 07/21/27		200		208,344
3.25%, 07/20/28		5		5,370


				1,227,674

Kazakhstan — 0.0%
Kazakhstan Government International Bond, 5.13%, 07/21/25^(c)		200		214,920


Malaysia — 0.0%
Malaysia Wakala Sukuk Bhd, 2.07%, 04/28/31^(c)		250		242,075


Mongolia — 0.0%
Mongolia Government International Bond, 5.13%, 04/07/26^(c)		200		199,432


Norway — 0.1%
Kommunalbanken AS
0.88%, 03/12/25^(b)		200		194,878
1.13%, 06/14/30^(b)		200		186,760


				381,638

Panama — 0.2%
Panama Government International Bond
2.25%, 09/29/32 (Call 06/29/32)		200		176,484
4.50%, 05/15/47		200		196,636
4.50%, 04/16/50 (Call 10/16/49)		200		194,844
6.70%, 01/26/36		160		197,203
9.38%, 04/01/29		100		136,428


				901,595

Paraguay — 0.0%
Paraguay Government International Bond, 5.60%, 03/13/48^(c)		200		200,448


Peru — 0.2%
Peruvian Government International Bond
1.86%, 12/01/32 (Call 09/01/32)		200		171,686


Security	Par (000)		Value

Peru (continued)
2.39%, 01/23/26 (Call 12/23/25)	$	150	$	146,832
2.78%, 12/01/60 (Call 06/01/60)		100		76,471
3.30%, 03/11/41 (Call 09/11/40)		80		71,860
3.55%, 03/10/51 (Call 09/10/50)		75		68,330
5.63%, 11/18/50		50		62,744
6.55%, 03/14/37		100		126,935
8.75%, 11/21/33		100		146,097


				870,955

Poland — 0.0%
Republic of Poland Government International Bond, 4.00%, 01/22/24		126		130,127


Qatar — 0.2%
Qatar Government International Bond
3.75%, 04/16/30^(c)		200		216,690
4.00%, 03/14/29^(c)		200		218,476
4.63%, 06/02/46^(c)		200		235,900
4.82%, 03/14/49^(c)		200		244,512
5.10%, 04/23/48^(c)		200		252,468
5.75%, 01/20/42^(b)		200		264,758


				1,432,804

Romania — 0.1%
Romanian Government International Bond
3.00%, 02/14/31^(c)		100		92,038
4.00%, 02/14/51^(c)		50		42,347
5.13%, 06/15/48^(c)		100		101,874
6.13%, 01/22/44^(c)		50		57,370


				293,629

Russia — 0.1%
Russian Foreign Bond-Eurobond
4.38%, 03/21/29		200		69,172
5.10%, 03/28/35		400		132,244
5.63%, 04/04/42		200		71,474
12.75%, 06/24/28		225		146,738


			419,628

South Africa — 0.1%
Republic of South Africa Government International Bond
4.88%, 04/14/26		200		205,280
5.65%, 09/27/47		200		172,466
5.88%, 09/16/25		200		213,374


				591,120

South Korea — 0.1%
Korea International Bond, 2.75%, 01/19/27		200		206,212
Korea National Oil Corp., 2.50%, 10/24/26^(c)		200		200,934


				407,146

Supranational — 2.2%
African Development Bank
0.75%, 04/03/23		202		200,994
0.88%, 03/23/26		145		139,420
0.88%, 07/22/26		145		139,444
3.00%, 09/20/23		235		240,750
Asian Development Bank
0.25%, 07/14/23		179		176,460
0.25%, 10/06/23		160		157,168
0.38%, 06/11/24		47		45,742
0.38%, 09/03/25		80		76,181
0.50%, 02/04/26		255		242,194
0.63%, 04/29/25		275		265,727
0.75%, 10/08/30		160		145,558


Security	Par (000)		Value

Supranational (continued)
1.00%, 04/14/26	$	119	$	114,997
1.25%, 06/09/28		25		24,010
1.50%, 10/18/24		246		245,323
1.50%, 03/04/31		20		19,300
1.75%, 08/14/26		10		9,985
1.75%, 09/19/29		105		103,696
1.88%, 01/24/30		40		39,840
2.00%, 01/22/25		110		111,055
2.00%, 04/24/26		94		94,544
2.13%, 03/19/25		69		69,885
2.38%, 08/10/27		15		15,388
2.50%, 11/02/27		35		36,125
2.63%, 01/30/24		155		158,377
2.75%, 03/17/23		164		166,711
2.75%, 01/19/28		20		20,934
3.13%, 09/26/28		10		10,772
5.82%, 06/16/28		100		122,583
6.22%, 08/15/27		180		216,988
6.38%, 10/01/28		35		44,135
Council of Europe Development Bank
0.25%, 10/20/23		5		4,906
1.38%, 02/27/25		25		24,771
European Bank for Reconstruction & Development
0.25%, 07/10/23		9		8,873
0.50%, 05/19/25		89		85,497
0.50%, 11/25/25		20		19,047
0.50%, 01/28/26		125		118,706
1.50%, 02/13/25		40		39,770
1.63%, 09/27/24		10		10,006
European Investment Bank
0.25%, 09/15/23		105		103,231
0.38%, 12/15/25		120		113,734
0.38%, 03/26/26		70		66,085
0.63%, 07/25/25		85		81,847
0.63%, 10/21/27		10		9,334
0.75%, 10/26/26		20		19,076
0.75%, 09/23/30		164		149,332
0.88%, 05/17/30		39		35,905
1.25%, 02/14/31		25		23,640
1.38%, 05/15/23		100		100,169
1.63%, 03/14/25		137		136,719
1.63%, 10/09/29		10		9,801
1.63%, 05/13/31		5		4,886
1.88%, 02/10/25		436		438,376
2.13%, 04/13/26		105		106,312
2.25%, 06/24/24		75		76,173
2.38%, 05/24/27		230		236,233
2.50%, 03/15/23		118		119,664
2.50%, 10/15/24		164		167,762
2.63%, 03/15/24		45		46,016
2.88%, 08/15/23		80		81,784
3.13%, 12/14/23		461		474,715
3.25%, 01/29/24		348		359,599
4.88%, 02/15/36		127		169,098
European Stability Mechanism, 0.38%, 09/10/25^(b)		200		190,222
Inter-American Development Bank
0.25%, 11/15/23		75		73,543
0.50%, 05/24/23		130		128,843
0.63%, 07/15/25		70		67,397
0.63%, 09/16/27		50		46,706


Security	Par (000)		Value

Supranational (continued)
0.88%, 04/03/25	$	55	$	53,626
0.88%, 04/20/26		35		33,658
1.13%, 07/20/28		55		52,437
1.13%, 01/13/31		80		74,826
1.75%, 03/14/25		95		95,163
2.00%, 06/02/26^(d)		50		50,297
2.00%, 07/23/26		215		216,903
2.13%, 01/15/25		156		158,069
2.25%, 06/18/29		106		108,344
2.38%, 07/07/27		5		5,132
2.63%, 01/16/24		102		104,185
3.00%, 10/04/23		181		185,547
3.00%, 02/21/24		202		207,884
3.13%, 09/18/28		356		382,728
3.20%, 08/07/42		5		5,545
3.88%, 10/28/41		170		207,023
4.38%, 01/24/44		79		103,878
International Bank for Reconstruction & Development
0.13%, 04/20/23		127		125,438
0.25%, 11/24/23		104		101,923
0.38%, 07/28/25		105		100,205
0.50%, 10/28/25		45		42,955
0.63%, 04/22/25		232		224,281
0.75%, 03/11/25		220		213,987
0.75%, 11/24/27		164		153,973
0.75%, 08/26/30		66		60,041
0.88%, 07/15/26		40		38,479
0.88%, 05/14/30		89		81,899
1.13%, 09/13/28		130		123,760
1.25%, 02/10/31		151		142,780
1.38%, 04/20/28		200		193,846
1.50%, 08/28/24		220		219,619
1.63%, 01/15/25		185		184,893
1.63%, 11/03/31		40		38,693
1.75%, 04/19/23		70		70,415
1.75%, 10/23/29		150		148,137
1.88%, 06/19/23		49		49,373
1.88%, 10/27/26		38		38,160
2.50%, 03/19/24		377		384,646
2.50%, 11/25/24		142		145,336
2.50%, 07/29/25		132		135,226
2.50%, 11/22/27		50		51,663
3.00%, 09/27/23		106		108,673
3.13%, 11/20/25		40		41,908
4.75%, 02/15/35		170		218,404
Series GDIF, 0.65%, 02/10/26 (Call 05/10/22)		5		4,726
International Finance Corp.
0.38%, 07/16/25		90		85,962
0.75%, 08/27/30		45		41,000
1.38%, 10/16/24		110		109,382
2.13%, 04/07/26		95		96,040
2.88%, 07/31/23		93		95,012
Nordic Investment Bank, 0.38%, 09/11/25		200		190,232


				13,508,376

Sweden — 0.1%
Svensk Exportkredit AB
0.25%, 09/29/23		40		39,263
0.50%, 08/26/25		200		191,002


Security	Par (000)		Value

Sweden (continued)
1.75%, 12/12/23	$	200	$	200,802


				431,067

United Arab Emirates — 0.3%
Abu Dhabi Government International Bond
1.63%, 06/02/28^(c)		200		191,486
1.70%, 03/02/31^(c)		200		187,370
1.88%, 09/15/31^(c)		200		189,470
2.50%, 09/30/29^(c)		200		201,136
3.13%, 10/11/27^(c)		200		209,822
3.88%, 04/16/50^(c)		200		215,716
4.13%, 10/11/47^(c)		200		224,350
Dubai DOF Sukuk Ltd., 2.76%, 09/09/30^(c)		200		198,952
Finance Department Government of Sharjah, 3.63%, 03/10/33^(c)		200		188,186
UAE International Government Bond, 2.88%, 10/19/41^(c)		200		188,542


				1,995,030

United Kingdom — 0.0%
Bank of England Euro Note, 0.50%, 04/28/23^(b)		145		143,805


Uruguay — 0.1%
Uruguay Government International Bond
4.13%, 11/20/45		100		109,126
4.50%, 08/14/24		25		25,941
4.98%, 04/20/55		58		68,717
5.10%, 06/18/50		74		88,406
7.63%, 03/21/36		100		142,610
7.88%, 01/15/33		125		173,795


				608,595


Total Foreign Government Obligations — 5.7% (Cost: $37,643,079)				34,939,068


U.S. Government & Agency Obligations

Mortgage-Backed Securities — 25.7%
Federal Home Loan Mortgage Corp.
1.50%, 02/01/37		172		167,977
1.50%, 03/01/37		265		258,288
1.50%, 05/01/51		993		921,773
2.00%, 08/01/36		241		239,524
2.00%, 09/01/36		895		889,488
2.00%, 10/01/36		294		292,050
2.00%, 11/01/36		101		99,974
2.00%, 12/01/36		99		98,106
2.00%, 01/01/37		349		347,246
2.00%, 08/01/50		945		910,359
2.00%, 08/01/51		48		46,474
2.00%, 10/01/51		517		496,356
2.00%, 11/01/51		691		664,204
2.00%, 12/01/51		202		194,402
2.00%, 01/01/52		1,492		1,432,424
2.00%, 03/01/52		49		47,014
2.50%, 07/01/36		440		445,098
2.50%, 11/01/50		221		219,082
2.50%, 04/01/51		99		98,068
2.50%, 09/01/51		910		899,239
2.50%, 10/01/51		1,876		1,852,279
2.50%, 11/01/51		695		686,637
2.50%, 01/01/52		347		342,681
3.00%, 05/01/29		725		745,497


Security	Par (000)		Value

Mortgage-Backed Securities (continued)
3.00%, 11/01/51	$	81	$	81,761
3.00%, 01/01/52		1,442		1,460,744
3.50%, 11/01/47		101		104,547
3.50%, 02/01/48		403		417,699
4.00%, 01/01/48		49		51,031
4.00%, 05/01/48		1,568		1,642,500
4.00%, 05/01/50		335		349,345
4.50%, 10/01/50		214		228,253
Federal National Mortgage Association
1.50%, 10/01/36		75		73,117
1.50%, 02/01/37		1,263		1,229,700
1.50%, 03/01/37		531		516,164
1.50%, 11/01/50		494		459,090
1.50%, 03/01/51		696		646,399
1.50%, 11/01/51		361		334,696
1.67%, 10/25/31^(a)		490		462,626
2.00%, 06/01/36		741		736,122
2.00%, 08/01/36		262		260,309
2.00%, 11/01/36		154		152,688
2.00%, 12/01/36		445		442,703
2.00%, 01/01/37		155		153,674
2.00%, 07/01/50		297		286,410
2.00%, 11/01/50		1,925		1,854,986
2.00%, 04/01/51		989		950,557
2.00%, 06/01/51		602		578,456
2.00%, 07/01/51		695		667,858
2.00%, 08/01/51		182		174,654
2.00%, 10/01/51		4,577		4,397,692
2.00%, 11/01/51		1,688		1,621,590
2.00%, 12/01/51		975		935,672
2.00%, 12/01/51⁽ⁱ⁾		2,483		2,383,541
2.00%, 02/01/52		1,943		1,864,243
2.50%, 10/01/35		61		62,397
2.50%, 05/01/36		623		631,322
2.50%, 06/01/36		109		110,223
2.50%, 07/01/36		256		260,463
2.50%, 10/01/50		118		117,438
2.50%, 11/01/50		925		916,170
2.50%, 01/01/51		260		257,028
2.50%, 03/01/51		445		440,568
2.50%, 07/01/51		448		442,943
2.50%, 08/01/51		1,840		1,821,168
2.50%, 09/01/51		974		961,796
2.50%, 10/01/51		217		214,345
2.50%, 11/01/51		73		72,221
2.50%, 12/01/51		1,812		1,791,243
2.50%, 01/01/52		3,026		2,988,865
2.50%, 03/01/52		1,500		1,482,558
3.00%, 03/01/30		148		151,744
3.00%, 12/01/49		1,469		1,491,448
3.00%, 07/01/51		2,566		2,593,995
3.00%, 08/01/51		493		499,843
3.50%, 09/01/43		1,585		1,659,365
3.50%, 09/01/47		767		794,804
3.50%, 10/01/47		389		402,751
3.50%, 03/01/49		305		316,511
3.50%, 06/01/49		244		252,371
4.00%, 03/01/49		241		252,717
4.00%, 07/01/49		979		1,025,188
4.00%, 04/01/50		703		734,122


Security	Par (000)		Value

Mortgage-Backed Securities (continued)
4.50%, 04/01/49	$	106	$	114,064
Series 2017-M3, Class A2, 2.47%, 12/25/26^(a)		169		172,963
Series 2018-M12, Class A2, 3.64%, 08/25/30^(a)		50		54,923
Series 2021-M13, Class A2, 1.60%, 04/25/31^(a)		340		319,937
Series 2021-M17, Class A2, 1.71%, 07/25/31^(a)		250		236,754
Freddie Mac Multifamily Structured Pass Through Certificates
Series K037, Class A2, 3.49%, 01/25/24 (Call 01/25/24)		1,000		1,025,826
Series K043, Class A2, 3.06%, 12/25/24 (Call 12/25/24)		75		77,187
Series K048, Class A2, 3.28%, 06/25/25 (Call 06/25/25)^(a)		100		103,879
Series K058, Class A2, 2.65%, 08/25/26 (Call 08/25/26)		75		76,835
Series K064, Class A2, 3.22%, 03/25/27 (Call 03/25/27)		100		105,088
Series K070, Class A2, 3.30%, 11/25/27 (Call 11/25/27)^(a)		200		211,960
Series K115, Class A2, 1.38%, 06/25/30 (Call 06/25/30)		50		46,798
Series K131, Class A2, 1.85%, 07/25/31 (Call 07/25/31)		1,000		961,203
Series K735, Class A2, 2.86%, 05/25/26 (Call 05/25/26)		700		721,631
Series K739, Class A2, 1.34%, 09/25/27 (Call 09/25/27)		180		173,398
Freddie Mac Pool, 2.00%, 12/01/51		1,480		1,421,987
Government National Mortgage Association
1.50%, 10/20/51		197		185,045
2.00%, 08/20/50		196		191,791
2.00%, 02/20/51		1,978		1,935,159
2.00%, 10/20/51		1,312		1,283,916
2.00%, 12/20/51		447		437,733
2.00%, 03/21/52^(j)		3,764		3,679,898
2.50%, 01/20/51		230		230,654
2.50%, 02/20/51		238		237,873
2.50%, 05/20/51		2,375		2,375,950
2.50%, 07/20/51		625		624,863
2.50%, 08/20/51		145		144,581
2.50%, 11/20/51		1,976		1,976,351
2.50%, 12/20/51		298		297,808
2.50%, 03/21/52^(j)		1,821		1,819,506
3.00%, 03/20/45		42		42,968
3.00%, 12/20/45		5		4,985
3.00%, 01/20/46		5		5,092
3.00%, 03/20/46		335		343,918
3.00%, 05/20/46		3		3,155
3.00%, 08/20/46		13		13,503
3.00%, 09/20/46		121		124,271
3.00%, 04/20/49		62		63,563
3.00%, 10/15/49		43		43,638
3.00%, 12/20/49		1,364		1,389,697
3.00%, 01/20/50		190		193,989
3.00%, 02/20/50		487		496,041
3.00%, 07/20/50		157		159,600
3.00%, 12/20/50		218		222,111
3.00%, 08/20/51		541		550,433
3.00%, 10/20/51		722		734,426
3.00%, 11/20/51		163		166,329
3.00%, 02/20/52		1,037		1,056,611
3.00%, 03/21/52^(j)		472		479,836
3.50%, 10/20/42		928		984,588
3.50%, 05/20/47		560		582,472
3.50%, 09/20/47		1,094		1,138,096
3.50%, 02/20/48		199		206,660
3.50%, 05/20/49^(j)		686		707,759
3.50%, 09/20/49		132		136,945
3.50%, 12/20/49		88		91,505
3.50%, 01/20/50		473		489,068
4.00%, 02/20/49		1,135		1,187,928


Security	Par (000)		Value

Mortgage-Backed Securities (continued)
4.00%, 01/20/50	$	65	$	67,328
4.00%, 03/21/52^(j)		2,300		2,389,664
4.50%, 09/20/48		129		135,583
4.50%, 01/20/49		260		272,851
4.50%, 03/21/52^(j)		400		418,852
5.00%, 03/21/52^(j)		150		158,689
Uniform Mortgage-Backed Securities
1.50%, 03/17/37^(j)		2,975		2,894,814
1.50%, 03/14/52^(j)		3,800		3,524,352
1.50%, 04/13/52^(j)		425		393,567
2.00%, 12/01/35		57		56,989
2.00%, 02/01/36		970		966,944
2.00%, 03/01/36		155		153,284
2.00%, 04/01/36		68		67,277
2.00%, 01/01/37		248		246,703
2.00%, 03/17/37^(j)		3,443		3,417,446
2.00%, 09/01/50		109		105,589
2.00%, 10/01/50		88		84,557
2.00%, 12/01/50		67		64,117
2.00%, 01/01/51		815		785,466
2.00%, 02/01/51		450		433,092
2.00%, 03/01/51		443		426,185
2.00%, 04/01/51		860		828,147
2.00%, 05/01/51		1,221		1,173,621
2.00%, 06/01/51		333		319,247
2.00%, 11/01/51		212		203,552
2.00%, 12/01/51		402		385,910
2.00%, 02/01/52		129		123,525
2.00%, 03/14/52^(j)		4,747		4,553,576
2.00%, 04/13/52^(j)		1,575		1,507,668
2.50%, 07/01/32		538		546,775
2.50%, 11/01/34		53		54,029
2.50%, 10/01/35		75		76,142
2.50%, 03/01/36		111		113,234
2.50%, 03/16/36^(j)		2,075		2,099,309
2.50%, 11/01/50		412		407,717
2.50%, 01/01/51		83		81,854
2.50%, 03/01/51		169		166,766
2.50%, 04/01/51		57		56,259
2.50%, 11/25/51^(j)		7,454		7,354,128
2.50%, 04/13/52^(j)		2,050		2,017,856
3.00%, 03/01/35		52		53,013
3.00%, 07/01/35		39		40,004
3.00%, 03/17/37^(j)		2,595		2,660,382
3.00%, 11/01/46		113		116,040
3.00%, 12/01/46		102		103,957
3.00%, 04/01/48		724		744,634
3.00%, 11/01/48		150		152,740
3.00%, 04/25/49^(j)		4,748		4,795,480
3.00%, 04/01/50		22		22,607
3.00%, 07/01/50		41		41,144
3.00%, 08/01/50		207		210,959
3.00%, 10/01/50		298		301,690
3.00%, 01/01/51		95		95,857
3.00%, 04/01/51		90		91,381
3.00%, 04/13/52^(j)		975		982,617
3.50%, 02/01/34		160		167,618
3.50%, 03/16/36^(j)		525		541,641
3.50%, 07/01/47		77		79,405
3.50%, 09/01/47		12		12,956


Security	Par (000)		Value

Mortgage-Backed Securities (continued)
3.50%, 02/01/48	$	84	$	87,170
3.50%, 02/01/49		75		78,405
3.50%, 06/01/49		67		69,693
3.50%, 12/01/49		359		371,612
3.50%, 05/01/50		558		575,204
3.50%, 03/14/52^(j)		4,166		4,290,329
3.50%, 04/13/52^(j)		825		847,720
4.00%, 09/01/47		51		53,357
4.00%, 09/01/48		270		283,009
4.00%, 08/01/49		342		361,737
4.00%, 03/14/52^(j)		3,425		3,575,914
4.00%, 04/13/52^(j)		650		677,828
4.50%, 03/11/51^(j)		1,250		1,319,604
5.00%, 09/01/49		40		43,157
5.00%, 03/14/52^(j)		225		242,675


				156,747,625

U.S. Government Obligations — 34.3%
U.S. Treasury Note/Bond
0.13%, 02/28/23		420		416,063
0.13%, 05/15/23		1,800		1,777,219
0.13%, 05/31/23		380		374,820
0.13%, 06/30/23		6,810		6,708,382
0.13%, 09/15/23		6,260		6,145,070
0.13%, 10/15/23		830		813,368
0.13%, 12/15/23		3,250		3,175,986
0.13%, 01/15/24		1,500		1,463,379
0.13%, 02/15/24		1,000		974,219
0.25%, 04/15/23		5,630		5,572,600
0.25%, 11/15/23		700		686,492
0.25%, 03/15/24		1,710		1,667,250
0.25%, 05/15/24		2,600		2,527,687
0.25%, 06/15/24		7,875		7,645,518
0.25%, 05/31/25		1,250		1,193,555
0.25%, 08/31/25		300		285,141
0.25%, 09/30/25		2,780		2,639,045
0.38%, 04/15/24		1,850		1,805,918
0.38%, 07/15/24^(d)		1,800		1,750,641
0.38%, 08/15/24		2,400		2,330,625
0.38%, 09/15/24		10,540		10,220,506
0.38%, 11/30/25		800		760,937
0.38%, 12/31/25		560		532,175
0.38%, 01/31/26		3,770		3,576,198
0.38%, 09/30/27		2,300		2,128,758
0.50%, 02/28/26		800		761,875
0.50%, 05/31/27		1,000		936,719
0.50%, 08/31/27		1,380		1,288,036
0.50%, 10/31/27		230		214,098
0.63%, 10/15/24		4,040		3,939,000
0.63%, 11/30/27		700		655,539
0.63%, 12/31/27		1,745		1,632,393
0.63%, 05/15/30		115		104,596
0.63%, 08/15/30		2,050		1,858,773
0.75%, 11/15/24		5,150		5,032,113
0.75%, 03/31/26		300		288,305
0.75%, 04/30/26		400		384,094
0.75%, 08/31/26		600		574,219
0.75%, 01/31/28		2,700		2,541,586
0.88%, 06/30/26		6,300		6,071,133
0.88%, 09/30/26		6,900		6,634,781
0.88%, 11/15/30		1,190		1,099,820


Security	Par (000)		Value

U.S. Government Obligations (continued)
1.00%, 12/15/24	$	1,770	$	1,740,408
1.00%, 07/31/28		2,100		1,995,820
1.13%, 01/15/25		4,840		4,771,937
1.13%, 10/31/26		3,100		3,013,055
1.13%, 02/28/27		700		679,164
1.13%, 02/29/28		2,130		2,049,959
1.13%, 08/31/28		2,400		2,297,625
1.13%, 02/15/31		1,015		957,113
1.13%, 05/15/40		2,450		2,037,711
1.13%, 08/15/40		1,390		1,151,745
1.25%, 11/30/26		1,900		1,857,695
1.25%, 12/31/26		2,700		2,638,406
1.25%, 03/31/28		2,550		2,469,715
1.25%, 04/30/28		300		290,391
1.25%, 05/31/28		600		580,172
1.25%, 06/30/28		4,660		4,502,725
1.25%, 09/30/28		4,700		4,532,562
1.25%, 08/15/31		4,050		3,847,500
1.25%, 05/15/50		2,055		1,640,147
1.38%, 09/30/23		900		900,316
1.38%, 10/31/28		1,970		1,914,286
1.38%, 12/31/28		1,400		1,359,969
1.38%, 11/15/31		2,550		2,445,609
1.38%, 11/15/40		1,180		1,020,516
1.38%, 08/15/50		740		609,344
1.50%, 02/15/25		1,000		996,094
1.50%, 08/15/26		1,400		1,385,234
1.50%, 01/31/27^(d)		1,300		1,285,172
1.50%, 11/30/28		2,300		2,252,562
1.63%, 05/15/26		1,650		1,641,621
1.63%, 05/15/31		4,400		4,325,750
1.63%, 11/15/50		1,000		876,094
1.75%, 05/15/23		450		452,900
1.75%, 01/31/29		200		199,063
1.75%, 08/15/41		2,820		2,587,791
1.88%, 02/28/29		700		702,734
1.88%, 02/15/32		850		853,586
1.88%, 02/15/41		750		705,352
1.88%, 02/15/51		2,470		2,299,030
1.88%, 11/15/51		1,370		1,278,809
2.00%, 04/30/24		500		505,117
2.00%, 06/30/24		2,300		2,323,898
2.00%, 11/15/41		1,200		1,149,562
2.00%, 02/15/50		900		861,469
2.00%, 08/15/51		3,150		3,024,000
2.25%, 03/31/26		600		611,859
2.25%, 05/15/41		3,150		3,142,125
2.25%, 08/15/46		2,300		2,274,484
2.25%, 02/15/52		300		305,719
2.38%, 05/15/51		3,500		3,651,484
2.50%, 02/15/45		1,375		1,418,828
2.50%, 02/15/46		1,860		1,925,100
2.50%, 05/15/46		2,700		2,795,344
2.63%, 06/30/23		200		203,578
2.63%, 12/31/23^(d)		500		510,859
2.75%, 08/15/42		190		204,458
2.75%, 08/15/47		400		438,000
2.88%, 09/30/23		100		102,375
2.88%, 10/31/23		1,550		1,587,479
2.88%, 08/15/45		960		1,058,400


Security	Par/ Shares (000)			Value


U.S. Government Obligations (continued)
2.88%, 11/15/46	$	600		$	665,438
3.00%, 09/30/25		1,480			1,546,137
3.00%, 10/31/25		250			261,309
3.00%, 05/15/42		250			279,922
3.00%, 11/15/44		500			560,859
3.00%, 05/15/45		990			1,112,358
3.00%, 11/15/45		200			225,438
3.00%, 02/15/47		200			227,094
3.00%, 05/15/47		600			683,063
4.50%, 02/15/36		100			132,250
4.75%, 02/15/37		200			273,031
5.00%, 05/15/37		400			560,000


					208,955,351


Total U.S. Government & Agency Obligations — 60.0% (Cost: $376,308,470)					365,702,976


Short-Term Investments

Money Market Funds — 10.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%^(k)(l)(m)		61,607			61,606,954


Total Short-Term Investments — 10.1% (Cost: $61,606,954)					61,606,954


Total Investments Before TBA Sales Commitments — 110.5% (Cost: $699,216,572)					673,901,103


TBA Sales Commitments^(j)

Mortgage-Backed Securities — (1.6)%
Uniform Mortgage-Backed Securities
1.50%, 03/17/37		(300	)		(291,914	)
1.50%, 03/14/52		(2,475	)		(2,295,466	)
2.00%, 03/14/52		(1,199	)		(1,150,103	)


Security	Par (000)			Value


Mortgage-Backed Securities (continued)
2.50%, 11/25/51		(2,798	)	$	(2,760,511	)
3.00%, 03/17/37		(200	)		(205,039	)
3.00%, 04/25/49		(975	)		(984,750	)
3.50%, 03/14/52		(925	)		(952,606	)
4.00%, 03/14/52		(875	)		(913,555	)


					(9,553,944	)


Total TBA Sales Commitments — (1.6)% (Proceeds: $(9,500,341))					(9,553,944	)


Total Investments, Net of TBA Sales Commitments — 108.9% (Cost: $689,716,231)					664,347,159

Other Assets, Less Liabilities — (8.9)%					(54,552,371	)


Net Assets — 100.0%				$	609,794,788

^(a)	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.

^(b)	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.

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

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

^(e)	Perpetual security with no stated maturity date.

^(f)	Zero-coupon bond.

^(g)	U.S. dollar denominated security issued by foreign domiciled entity.

^(h)	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.

⁽ⁱ⁾	All or a portion of the security has been pledged as collateral in connection with outstanding TBA commitments.

^(j)	Represents or includes a TBA transaction.

^(k)	Affiliate of the Fund.

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

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

Investments in issuers considered to be affiliate(s) of the Fund during the year ended February 28, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

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 (the “trade dates”). 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.

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

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

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

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

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

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

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

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

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

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

Asset-Backed and Mortgage-Backed Securities: Asset-backed securities are generally issued as pass-through certificates or as debt instruments. Asset-backed securities issued as pass-through certificates represent undivided fractional ownership interests in an underlying pool of assets. Asset-backed securities issued as debt instruments, which are also known as collateralized obligations, are typically issued as the debt of a special purpose entity organized solely for the purpose of owning such assets and issuing such debt. Asset-backed securities are often backed by a pool of assets representing the obligations of a number of different parties. The yield characteristics of certain asset-backed securities may differ from traditional debt securities. One such major difference is that all or a principal part of the obligations may be prepaid at any time because the underlying assets (i.e., loans) may be prepaid at any time. As a result, a decrease in interest rates in the market may result in increases in the level of prepayments as borrowers, particularly mortgagors, refinance and repay their loans. An increased prepayment rate with respect to an asset-backed security will have the effect of shortening the maturity of the security. In addition, a fund may subsequently have to reinvest the proceeds at lower interest rates. If a fund has purchased such an asset-backed security at a premium, a faster than anticipated prepayment rate could result in a loss of principal to the extent of the premium paid.

For mortgage pass-through securities (the “Mortgage Assets”) there are a number of important differences among the agencies and instrumentalities of the U.S. Government that issue mortgage-related securities and among the securities that they issue. For example, mortgage-related securities guaranteed by Ginnie Mae are guaranteed as to the timely payment of principal and interest by Ginnie Mae and such guarantee is backed by the full faith and credit of the United States. However, mortgage-related securities issued by Freddie Mac and Fannie Mae, including Freddie Mac and Fannie Mae guaranteed mortgage pass-through certificates, which are solely the obligations of Freddie Mac and Fannie Mae, are not backed by or entitled to the full faith and credit of the United States, but are supported by the right of the issuer to borrow from the U.S. Treasury.

Non-agency mortgage-backed securities are securities issued by non-governmental issuers and have no direct or indirect government guarantees of payment and are subject to various risks. Non-agency mortgage loans are obligations of the borrowers thereunder only and are not typically insured or guaranteed by any other person or entity. The ability of a borrower to repay a loan is dependent upon the income or assets of the borrower. A number of factors, including a general economic downturn, acts of God, terrorism, social unrest and civil disturbances, may impair a borrower’s ability to repay its loans.

Zero-Coupon Bonds: Zero-coupon bonds are normally issued at a significant discount from face value and do not provide for periodic interest payments. These bonds may experience greater volatility in market value than other debt obligations of similar maturity which provide for regular interest payments.

TBA Commitments: TBA commitments are forward agreements for the purchase or sale of securities, including mortgage-backed securities for a fixed price, with payment and delivery on an agreed upon future settlement date. The specific securities to be delivered are not identified at the trade date. However, delivered securities must meet specified terms, including issuer, rate and mortgage terms. When entering into TBA commitments, a fund may take possession of or deliver the underlying mortgage-backed securities but can extend the settlement or roll the transaction. TBA commitments involve a risk of loss if the value of the security to be purchased or sold declines or increases, respectively, prior to settlement date, if there are expenses or delays in connection with the TBA transactions, or if the counterparty fails to complete the transaction.

To mitigate counterparty risk, a fund enters into a two-way collateral agreement for TBA transactions with certain counterparties. Under such agreement, the “in-the-money” party of a TBA transaction may at any time require the other party to pledge collateral assets (in the form of cash or securities) to offset any loss the in-the-money party would incur upon cancellation of the TBA transaction. A party is in-the-money if they are the buyer and the market value of the TBA transaction increases or if they are the seller and the market value of the TBA transaction decreases. Cash collateral received from the counterparty may be reinvested in money market funds, including those managed by the Funds’ investment adviser, or its affiliates. Such collateral, if any, is noted in the Schedule of Investments and the obligation to return the collateral is presented as a liability in the Statements of Assets and Liabilities. Securities pledged as collateral by a fund, if any, are noted in the Schedule of Investments.

Mortgage Dollar Roll Transactions: Certain Funds may sell TBA mortgage-backed securities and simultaneously contract to repurchase substantially similar (i.e., same type, coupon and maturity) securities on a specific future date at an agreed upon price. During the period between the sale and repurchase, a fund is not entitled to receive interest and principal payments on the securities sold. Mortgage dollar roll transactions are treated as purchases and sales and a fund realizes gains and losses on these transactions. Mortgage dollar rolls involve the risk that the market value of the securities that a fund is required to purchase may decline below the agreed upon repurchase price of those securities.

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

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

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

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

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

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

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

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

For the iShares ESG Advanced Total USD Bond Market ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through June 30, 2025 in an amount equal to the acquired fund fees and expenses, if any, attributable to investments by the Fund in other registered investment companies advised by BFA or its affiliates.

This amount is included in investment advisory fees waived in the Statements of Operations. For the year ended February 28, 2022, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:

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

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational

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

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

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

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

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the year ended February 28, 2022, the Funds paid BTC the following amounts for securities lending agent services:

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

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

For the period ended February 28, 2022, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

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

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

For the year ended February 28, 2022, purchases and sales of investments, including mortgage dollar rolls and excluding short-term investments and in-kind transactions, were as follows:

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

Management has analyzed tax laws and regulations and their application to the Funds as of February 28, 2022 and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of February 28, 2022, permanent differences attributable to realized gains (losses) from in-kind redemptions were reclassified to the following accounts:

As of February 28, 2022, the tax components of accumulated net earnings (losses) were as follows:

As of February 28, 2022, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

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

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

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

Market Risk: 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.

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

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

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

The Funds invest a significant portion of their assets in fixed-income securities and/or uses 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 increase as interest rates fall and decrease as interest rates rise. The Funds may be subject to a greater risk of rising interest rates due to the current period of historically low rates.

The Funds invest a significant portion of their assets in securities backed by commercial or residential mortgage loans or in issuers that hold mortgage and other asset-backed securities. When a Fund concentrates its investments in this manner, it assumes a greater risk of prepayment or payment extension by securities issuers. Changes in economic conditions, including delinquencies and/or defaults on assets underlying these securities, can affect the value, income and/or liquidity of such positions. Investment percentages in these securities are presented in the Schedule of Investments.

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

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

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

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

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

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

Shareholders of iShares ESG Advanced Investment Grade Corporate Bond ETF and iShares ESG

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of iShares ESG Advanced Investment Grade Corporate Bond ETF and iShares ESG Advanced Total USD Bond Market ETF (two of the funds constituting iShares Trust, hereafter collectively referred to as the “Funds”) as of February 28, 2022, the related statements of operations and changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of February 28, 2022, the results of each of their operations and changes in each of their net assets for each of the periods indicated in the table below and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of February 28, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

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

The Funds hereby designate the following amounts, or maximum amounts allowable by law, of distributions from direct federal obligation interest for the fiscal year ended February 28, 2022:

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

The Funds hereby designate the following amounts, or maximum amounts allowable by law, as interest income eligible to be treated as a Section 163(j) interest dividend for the fiscal year ended February 28, 2022:

The Funds hereby designate the following amounts, or maximum amounts allowable by law, as interest-related dividends eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations for the fiscal year ended February 28, 2022:

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 Trustees who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required to consider and approve the proposed Investment Advisory Contract between the Trust and BFA (the “Advisory Contract”) on behalf of the Fund. The Independent Trustees requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the terms of the proposed Advisory Contract. At a meeting held on September 29 – October 1, 2021, the Board, including the Independent Board Members, approved the selection of BFA as investment adviser and approved the proposed Advisory Contract for the Fund, based on a review of qualitative and quantitative information provided by BFA. The Board also considered information previously provided by BFA, BlackRock Institutional Trust Company, N.A. (“BTC”), and BlackRock, Inc. (“BlackRock”), as applicable, at prior Board meetings. 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 Advisory Contract for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses of the Fund; (ii) the nature, extent and quality of the services to be provided by BFA; (iii) the costs of services to be provided to the Fund and the availability of information related to profits to be 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, no one of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the Advisory Contract are discussed below.

Expenses 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 of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable 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 further 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 overall fund expenses (net of any waivers and reimbursements) for the Fund were lower than the median of the overall fund expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

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 of the Fund supported the Board’s approval of the Advisory Contract.

Nature, Extent and Quality of Services: The Board reviewed the scope of services to be provided by BFA under the Advisory Contract. 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 and have made significant investments into the iShares business to support the iShares funds and their shareholders. The Board considered representations by BFA, BTC, and BlackRock that the scope and quality of services to be provided to the Fund would be similar to the scope and quality of services provided to other iShares funds. The Board also considered BFA’s compliance program and its compliance record with respect to other iShares funds. 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 relevant, and has provided information and made appropriate 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 who will be responsible for the day-to-day management of the Fund, as well as the resources that will be available to them in managing the Fund. The Board also considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, which were provided throughout the year with respect to other iShares funds.

Based on review of this information, the Board concluded that the nature, extent and quality of services to be provided to the Fund under the Advisory Contract supported the Board’s approval of the Advisory Contract.

Costs of Services to be Provided to the Fund and Profits to be Realized by BFA and Affiliates: The Board did not consider the profitability of the Fund to BFA based on the fees payable under the Advisory Contract or revenue to be received by BFA or its affiliates in connection with services to be provided to the Fund since the proposed relationship had not yet commenced. The Board noted that it expects to receive profitability information from BFA periodically following the Fund’s launch and will thus be in a position to evaluate whether any new or additional breakpoints or other adjustments in Fund fees would be appropriate.

Economies of Scale: The Board considered information that it had previously received regarding economies of scale, efficiencies and scale benefits shared with the iShares funds through relatively low fee rates established at inception, breakpoints and 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 Contract for the Fund did not provide for any breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

This consideration 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 Advisory Contract.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board 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”), and acknowledged BFA’s assertion that the iShares funds are fundamentally different investment vehicles from the Other Accounts. 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 further noted that BFA previously provided the Board with detailed information regarding how the Other Accounts (particularly institutional clients) generally differ from the iShares

funds, including in terms of the different and generally more extensive services provided to the iShares funds, 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 considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement.

Other Benefits to BFA and/or its Affiliates: Except as noted below, the Board did not consider the “fallout” benefits or ancillary revenue to be received by BFA and/or its affiliates in connection with the services to be provided to the Fund by BFA since the proposed relationship had not yet commenced. However, 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 considered the potential payment of advisory fees and/or administration 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 and/or administration services. The Board also noted the potential revenue to be received by BFA and/or its affiliates pursuant to an agreement that would permit 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 also considered the potential for revenue to BTC, the Fund’s securities lending agent, and its affiliates in the event of any loaning of portfolio securities of the Fund. The Board further noted that any portfolio transactions on behalf of the Fund placed through a BFA affiliate or purchased from an underwriting syndicate in which a BFA affiliate participates (including associated commissions), will be reported to the Board pursuant to Rule 17e-1 or Rule 10f-3, as applicable, under the 1940 Act. 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 Advisory Contract.

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 investment advisory fee rate under the Advisory Contract does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services to be rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the Advisory Contract.

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares ESG Advanced Total USD Bond Market ETF (the “Funds” or “ETFs”), each a series of the Trust, which is reasonably designed to assess and manage the Fund’s liquidity risk.

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

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

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

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

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

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

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

The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of open-end equity, multi-asset, index and money market funds and ETFs (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (including ETFs) (the “BlackRock Fixed-Income Complex”) and one complex of ETFs (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 374 funds as of February 28, 2022. With the exception of Robert S. Kapito, Salim Ramji and Charles Park, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Ramji and Mr. Park is c/o BlackRock, Inc., Park Avenue Plaza, 55 East 52nd Street, New York, NY 10055. The Board has designated John E. Kerrigan as its Independent Board Chair. Additional information about the Funds’ Trustees and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

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

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

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

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

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

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

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

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by Bloomberg Index Services 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.


	Cumulative Total Returns

	Since Inception


Fund NAV		(6.56)%
Fund Market		(6.36)
Index		(6.57)


Actual						Hypothetical 5% Return


	Beginning Account Value (11/08/21)	^(a)	Ending Account Value (02/28/22)	Expenses Paid During the Period	^(b)		Beginning Account Value (09/01/21)	Ending Account Value (02/28/22)	Expenses Paid During the Period	^(b)	Annualized Expense Ratio

	$ 1,000.00		$ 934.40	$ 0.53			$ 1,000.00	$ 1,023.90	$ 0.90		0.18	%



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

Aaa	5.7	%
Aa	3.1
A	37.5
Baa	52.1
Ba	0.1
Not Rated	1.5



Maturity	Percent of Total Investments	^(a)

1-5 Years	27.8	%
5-10 Years	31.0
10-15 Years	6.6
15-20 Years	7.2
More than 20 Years	27.4


	Average Annual Total Returns		Cumulative Total Returns


	1 Year	Since Inception	1 Year			Since Inception


Fund NAV	(2.85)%	(1.80)%		(2.85	)%	(3.01)%
Fund Market	(2.61)	(1.69)		(2.61	)	(2.83)
Index	(2.69)	(1.61)		(2.69	)	(2.70)


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
Market Overview		4
Fund Summary		5
About Fund Performance		8
Shareholder Expenses		8
Schedules of Investments		9
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
Report of Independent Registered Public Accounting Firm		67
Important Tax Information (Unaudited)		68
Board Review and Approval of Investment Advisory Contract		69
Statement Regarding Liquidity Risk Management Program		71
Supplemental Information		72
Trustee and Officer Information		73
General Information		76
Glossary of Terms Used in this Report		77


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


Fund Summary as of February 28, 2022		iShares^® ESG Advanced Investment Grade Corporate Bond ETF


Fund Summary as of February 28, 2022		iShares^® ESG Advanced Total USD Bond Market ETF


Fund Summary as of February 28, 2022 (continued)		iShares^® ESG Advanced Total USD Bond Market ETF



Investment Type	Percent of Total Investments	^(a)

U.S. Government & Agency Obligations	60.7	%
Corporate Bonds & Notes	33.8
Foreign Government Obligations	5.8
Collaterized Mortgage Obligations	1.1
Asset-Backed Securities	0.2
TBA Sales Commitments	(1.6	)




Affiliated Issuer		Value at 11/08/21	^(a)		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 02/28/22	Shares Held at 02/28/22 (000)		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares	$	—		$	176,058	^(b)	$	—	$	(12	)	$	(11	)	$	176,035	176	$	38	^(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		—			140,000	^(b)		—		—			—			140,000	140		7			—

									$	(12	)	$	(11	)	$	316,035		$	45		$	—




	Level 1		Level 2		Level 3		Total


Investments

Assets
Corporate Bonds & Notes	$	—	$	18,227,800	$	—	$	18,227,800
Money Market Funds		316,035		—		—		316,035


	$	316,035	$	18,227,800	$	—	$	18,543,835




Affiliated Issuer	Value at 02/28/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 02/28/22		Shares Held at 02/28/22 (000)		Income			Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Institutional, SL Agency Shares^(a)	$	24,169,878	$	—		$	(24,152,041	)^(b)	$	(20,236	)	$	2,399	$	—		— $49,323				$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		4,026,387		57,580,567	^(b)		—			—			—		61,606,954		61,607		13,249	^(c)		—


									$	(20,236	)	$	2,399	$	61,606,954			$	62,572		$	—


	iShares ESG Advanced Investment Grade Corporate Bond ETF			iShares ESG Advanced Total USD Bond Market ETF


ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)	$	18,227,800		$	612,294,149
Affiliated^(c)		316,035			61,606,954
Cash		4,360			4,525
Receivables:
Investments sold		369,727			2,796,034
Securities lending income — Affiliated		30			969
TBA sales commitments		—			9,500,341
Capital shares sold		—			9,686
Dividends		4			1,759
Interest		165,639			3,005,136


Total assets		19,083,595			689,219,553


LIABILITIES
Collateral on securities loaned, at value		176,057			4,676,954
TBA sales commitments, at value^(d)		—			9,553,944
Payables:
Investments purchased		306,318			65,140,068
Investment advisory fees		2,568			53,799


Total liabilities		484,943			79,424,765


NET ASSETS	$	18,598,652		$	609,794,788


NET ASSETS CONSIST OF:
Paid-in capital	$	20,019,201		$	637,154,723
Accumulated loss		(1,420,549	)		(27,359,935	)


NET ASSETS	$	18,598,652		$	609,794,788


Shares outstanding		200,000			12,800,000


Net asset value	$	92.99		$	47.64


Shares authorized		Unlimited			Unlimited


Par value		None			None


^(a)Securities loaned, at value	$	198,921		$	4,591,857
^(b) Investments, at cost — Unaffiliated	$	19,667,303		$	637,609,618
^(c) Investments, at cost — Affiliated	$	316,046		$	61,606,954
^(d)Proceeds from TBA sales commitments	$	—		$	9,500,341


		iShares ESG Advanced Investment Grade Corporate Bond ETF	^(a)		iShares ESG Advanced Total USD Bond Market ETF


INVESTMENT INCOME
Dividends — Affiliated	$	7		$	51,308
Interest — Unaffiliated		138,794			5,586,333
Securities lending income — Affiliated — net		38			11,264
Other income — Unaffiliated		—			3,174


Total investment income		138,839			5,652,079


EXPENSES
Investment advisory fees		10,689			507,936

Total expenses		10,689			507,936

Less:
Investment advisory fees waived		—			(44,901	)


Total expenses after fees waived		10,689			463,035


Net investment income		128,150			5,189,044


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(17,125	)		(2,499,451	)
Investments — Affiliated		(12	)		(20,236	)
In-kind redemptions — Unaffiliated		—			(495,955	)


Net realized loss		(17,137	)		(3,015,642	)

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(1,439,503	)		(22,623,848	)
Investments — Affiliated		(11	)		2,399


Net change in unrealized appreciation (depreciation)		(1,439,514	)		(22,621,449	)


Net realized and unrealized loss		(1,456,651	)		(25,637,091	)


NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(1,328,501	)	$	(20,448,047	)


	iShares ESG Advanced Investment Grade Corporate Bond ETF							iShares ESG Advanced Total USD Bond Market ETF


	Period From										Period From
			11/08/21	^(a)		Year Ended							06/23/20	^(a)
	to 02/28/22				02/28/22					to 02/28/21


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income		$	128,150				$	5,189,044				$	692,069
Net realized loss			(17,137	)				(3,015,642	)				(52,014	)
Net change in unrealized appreciation (depreciation)			(1,439,514	)				(22,621,449	)				(2,747,623	)


Net decrease in net assets resulting from operations			(1,328,501	)				(20,448,047	)				(2,107,568	)


DISTRIBUTIONS TO SHAREHOLDERS^(b)
Decrease in net assets resulting from distributions to shareholders			(92,048	)				(4,734,208	)				(566,067	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions			20,019,201					446,455,562					191,195,116


NET ASSETS
Total increase in net assets			18,598,652					421,273,307					188,521,481
Beginning of period			—					188,521,481					—


End of period		$	18,598,652				$	609,794,788				$	188,521,481


	iShares ESG Advanced Investment Grade Corporate Bond ETF

	Period From
			11/08/21	^(a)
	to 02/28/22


Net asset value, beginning of period		$	100.00

Net investment income^(b)			0.64
Net realized and unrealized loss^(c)			(7.19	)


Net decrease from investment operations			(6.55	)


Distributions^(d)
From net investment income			(0.46	)


Total distributions			(0.46	)


Net asset value, end of period		$	92.99


Total Return^(e)
Based on net asset value			(6.56	)%^(f)


Ratios to Average Net Assets^(g)
Total expenses			0.18	%^(h)


Net investment income			2.16	%^(h)


Supplemental Data
Net assets, end of period (000)		$	18,599


Portfolio turnover rate⁽ⁱ⁾			7	%^(f)



iShares ETF		Diversification Classification

ESG Advanced Investment Grade Corporate Bond^(a)		Non-diversified
ESG Advanced Total USD Bond Market		Non-diversified



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


ESG Advanced Investment Grade Corporate Bond
J.P. Morgan Securities LLC	$	41,477	$	36,204		$	—	$	(5,273	)^(b)
Scotia Capital (USA), Inc.		157,444		139,831			—		(17,613	)^(b)

	$	198,921	$	176,035		$	—	$	(22,886	)



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


ESG Advanced Total USD Bond Market
Barclays Bank PLC	$	46,807	$	46,807		$	—	$	—
BNP Paribas SA		286,528		286,528			—		—
BofA Securities, Inc.		3,516,636		3,516,636			—		—
Citigroup Global Markets, Inc.		66,156		66,156			—		—
Credit Suisse Securities (USA) LLC		22,184		22,184			—		—
Goldman Sachs & Co. LLC		50,870		50,870			—		—
Jefferies LLC		29,504		24,000			—		(5,504	)^(b)
Pershing LLC		28,433		28,433			—		—
RBC Capital Markets LLC		209,496		209,496			—		—
Scotia Capital (USA), Inc.		200,035		200,035			—		—
TD Securities (USA) LLC		49,795		49,795			—		—
Toronto Dominion Bank		23,598		23,598			—		—
Wells Fargo Securities LLC		61,815		61,815			—		—


	$	4,591,857	$	4,586,353		$	—	$	(5,504	)



iShares ETF	Investment Advisory Fee

ESG Advanced Investment Grade Corporate Bond		0.18	%
ESG Advanced Total USD Bond Market		0.12



iShares ETF	Amounts waived

ESG Advanced Total USD Bond Market	$	44,901



iShares ETF	Fees Paid to BTC

ESG Advanced Investment Grade Corporate Bond	$	16
ESG Advanced Total USD Bond Market		4,452



iShares ETF	Purchases		Sales		Net Realized Gain (Loss)

ESG Advanced Total USD Bond Market	$	8,210	$	—	$	—



iShares ETF	U.S. Government Securities				Other Securities
iShares ETF	Purchases		Sales		Purchases		Sales

ESG Advanced Investment Grade Corporate Bond	$	—	$	—	$	16,086,314	$	1,271,262
ESG Advanced Total USD Bond Market		1,092,311,138		984,990,742		36,792,137		36,455,491



iShares ETF	In-kind Purchases		In-kind Sales

ESG Advanced Investment Grade Corporate Bond	$	4,910,636	$	—
ESG Advanced Total USD Bond Market		359,520,051		22,055,175



iShares ETF	Paid-in Capital			Accumulated Loss

ESG Advanced Total USD Bond Market	$	(495,955	)	$	495,955



iShares ETF			Period Ended 02/28/22

ESG Advanced Investment Grade Corporate Bond
Ordinary income			$	92,048



iShares ETF	Year Ended 02/28/22		Period Ended 02/28/21

ESG Advanced Total USD Bond Market
Ordinary income	$	4,734,208	$	566,067



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

ESG Advanced Investment Grade Corporate Bond	$	36,102	$	(17,125	)	$	(1,439,526	)	$	(1,420,549	)
ESG Advanced Total USD Bond Market		764,689		(2,571,066	)		(25,553,558	)		(27,359,935	)



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

ESG Advanced Investment Grade Corporate Bond	$	19,983,361	$	88	$	(1,439,614	)	$	(1,439,526	)
ESG Advanced Total USD Bond Market		699,541,986		282,409		(25,976,895	)		(25,694,486	)




iShares ETF	Period Ended 02/28/22
iShares ETF	Shares		Amount


ESG Advanced Investment Grade Corporate Bond
Shares sold		200,000	$	20,019,201




iShares ETF	Year Ended 02/28/22						Period Ended 02/28/21
iShares ETF	Shares			Amount			Shares		Amount


ESG Advanced Total USD Bond Market
Shares sold		9,600,000		$	475,382,350			3,800,000	$	191,195,116
Shares redeemed		(600,000	)		(28,926,788	)		—		—


Net increase		9,000,000		$	446,455,562			3,800,000	$	191,195,116


R E P O R T O F I N D E P E N D E N T R E G I S T E R E D P U B L I C A C C O U N T I N G F I R M		67