iShares U.S. ETF Trust

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of October 31, 2021 was a remarkable period of adaptation and recovery, as the global economy dealt with the implications of the coronavirus (or “COVID-19”) pandemic. The United States began the reporting period as the initial reopening-led economic rebound was beginning to slow. Nonetheless, the economy continued to grow at a solid pace for the reporting period, eventually regaining the output lost from the pandemic. However, a rapid rebound in consumer spending pushed up against supply constraints and led to elevated inflation.

Equity prices rose with the broader economy, as the implementation of mass vaccination campaigns and passage of two additional fiscal stimulus packages further boosted stocks, and many equity indices neared or surpassed all-time highs late in the reporting period. In the United States, returns of small-capitalization stocks, which benefited the most from the resumption of in-person activities, outpaced large-capitalization stocks. International equities also gained, as both developed and emerging markets continued to recover from the effects of the pandemic.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) had fallen sharply prior to the beginning of the reporting period, which meant bonds were priced for extreme risk avoidance and economic disruption. Despite expectations of doom and gloom, the economy expanded rapidly, stoking inflation concerns in early 2021, which led to higher yields and a negative overall return for most U.S. Treasuries. In the corporate bond market, support from the U.S. Federal Reserve (the “Fed”) assuaged credit concerns and led to solid returns for high-yield corporate bonds, outpacing investment-grade corporate bonds.

The Fed remained committed to accommodative monetary policy by maintaining near-zero interest rates and by reiterating that inflation could exceed its 2% target for a sustained period without triggering a rate increase. In response to rising inflation late in the period, the Fed changed its market guidance, raising the possibility of higher rates in 2022 and reducing bond purchasing beginning in late 2021.

Looking ahead, we believe that the global expansion will continue to broaden as Europe and other developed market economies gain momentum, although the Delta variant of the coronavirus remains a threat, particularly in emerging markets. While we expect inflation to remain elevated in the medium-term as the expansion continues, we believe the recent uptick owes more to temporary supply disruptions than a lasting change in fundamentals. The change in Fed policy also means that moderate inflation is less likely to be followed by interest rate hikes that could threaten the economic expansion.

Overall, we favor a moderately positive stance toward risk, with an overweight in equities. 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. small-capitalization stocks and European equities are likely to benefit from the continuing vaccine-led restart, while Chinese equities stand to gain from a more accommodative monetary and fiscal environment as the Chinese economy slows. 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.

In this environment, 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 October 31, 2021

	6-Month	12-Month

U.S. large cap equities (S&P 500^® Index)	10.91%	42.91%

U.S. small cap equities (Russell 2000^® Index)	1.85	50.80

International equities (MSCI Europe, Australasia, Far East Index)	4.14	34.18

Emerging market equities (MSCI Emerging Markets Index)	(4.87)	16.96

3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.01	0.06

U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	1.59	(4.77)

U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	1.06	(0.48)

Tax-exempt municipal bonds (S&P Municipal Bond Index)	0.33	2.76

U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	2.36	10.53

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

The U.S. bond market declined slightly for the 12 months ended October 31, 2021 (“reporting period”). The Bloomberg U.S. Aggregate Bond Index, a broad measure of U.S. fixed-income performance, returned -0.48%.

The U.S. economy continued to recover from the effects of the coronavirus pandemic, growing at a brisk pace during the reporting period. Driven by strong consumer spending and significant fiscal and monetary stimulus, U.S. growth outpaced most other developed economies. An ongoing COVID-19 vaccination program helped accelerate the easing of pandemic-related restrictions, and consumers returned to activities that were previously curtailed, such as travel, restaurant dining, and in-person shopping. Spending on goods also remained elevated, leading imports to rise to an all-time high.

However, this robust consumer demand combined with continued pandemic-related disruptions to the global supply chain led to significantly higher inflation. Similarly, in the labor market, the reopening economy and pent-up demand meant that hiring accelerated, and the unemployment rate fell substantially. Nonetheless, total employment remained notably below pre-pandemic levels and job openings reached a record high despite rising wages. Elevated demand drove an increase in industrial production, although rising commodities prices and supply delays constrained growth, particularly late in the reporting period. The emergence of the highly contagious Delta variant, which was responsible for a significant rise in cases beginning late in summer 2021, also weighed on the economy.

The U.S. Federal Reserve Bank (“Fed”) continued to keep short-term interest rates at near-zero levels and maintained a significant bond-buying program for U.S. Treasuries and mortgage-backed securities, although it discontinued its corporate bond purchasing program. The Fed indicated that it would begin slowing its bond buying activities late in 2021 and signaled that an interest rate increase could be possible in 2022. However, the improving employment environment and a sharp rise in inflation led investors to anticipate a more accelerated tightening of monetary policy. Trading activity showed that investors view multiple interest rate increases as probable in 2022.

U.S. Treasuries declined, as inflation increased, and investors moved toward equities and lower-rated bonds. Rising domestic inflation expectations pressured U.S. Treasuries, which typically lose value in an inflationary environment. U.S. Treasury yields (which move inversely to prices) began the reporting period near historic lows, but generally rose as inflation increased and the economy continued to strengthen. Yields of U.S. Treasuries with intermediate- and long-term maturities, which are more sensitive to inflation, generally increased more than short-term U.S. Treasuries. However, long-term U.S. Treasury yields rose less than intermediate-term U.S. Treasury yields, with two-year, 10-year, and 30-year U.S. Treasury yields rising by 0.34%, 0.67%, and 0.28%, respectively.

Mortgage-backed securities (“MBS”) declined slightly, despite ongoing support from Fed bond purchasing. MBS performance was constrained by prepayments, as homeowners took advantage of low mortgage rates to refinance their mortgages at a lower interest rate.

On the upside, most corporate bonds advanced for the reporting period, particularly lower-rated corporate bonds. A narrowing yield spread (the difference between yields on corporate bonds and U.S. Treasuries) buoyed the performance of corporate bonds compared to U.S. Treasuries. Investors’ ongoing search for yield in a low interest rate environment drove the decline in the yield spread and supported corporate bond prices. High-yield bonds gained the most, as investors’ concerns about solvency abated alongside the growing economy, and the Fed’s support led to high investor confidence. Corporate bond issuance was elevated by historical standards as companies took advantage of low yields to refinance and lock in advantageous borrowing costs.

The iShares Inflation Hedged Corporate Bond ETF (the “Fund”) seeks to mitigate the inflation risk of a portfolio composed of U.S. dollar-denominated, investment grade corporate bonds. The Fund is an actively managed exchange-traded fund that does not seek to replicate the performance of a specified index. The Fund currently seeks to achieve its investment objective by investing a substantial portion of its assets in one underlying fund, the iShares iBoxx $ Investment Grade Corporate Bond ETF. The Fund attempts to mitigate the inflation risk of the underlying fund by holding inflation swaps.

Effective December 1, 2021, the Fund will change from operating as a transparent active ETF to tracking an underlying index, the BlackRock Inflation Hedged Corporate Bond Index.

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

The Markit iBoxx^® USD Liquid Investment Grade Inflation Hedged Index is an unmanaged index that is designed to reflect the inflation hedged performance of U.S. dollar-denominated investment-grade corporate debt.

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 11 for more information.

The Fund posted a positive return for the reporting period, largely driven by the strong performance of inflation-hedging securities in an environment of rising inflation. The Fund’s inflation hedge contributed the majority of the Fund’s return amid investors’ increasing inflation expectations. Inflation rose consistently during the reporting period due to the reopening of the global economy, persistent fiscal and monetary stimulus, and supply chain bottlenecks. Meanwhile, corporate yield spreads (the difference between yields of corporate bonds and U.S. Treasuries) declined, which supported corporate bond prices, while the relatively high yields of corporate bonds also helped the Fund’s performance.

On an unhedged basis, bonds issued by energy companies were the largest contributors to the Fund’s return. Oil prices more than doubled during the reporting period, as robust demand from the economic recovery met supply disruptions. Bonds issued by financial companies, especially banks, were also solid contributors to the Fund’s performance, as banks benefited from rising earnings, increased loan issuance, and somewhat higher bond yields relative to other types of corporate bonds. In the consumer non-cyclicals sector, bonds issued by food and beverage companies advanced, as an increase in consumption of alcohol and stockpiling of staples since the onset of the coronavirus pandemic continued throughout the reporting period. From a maturity perspective, the longest-term bonds contributed the most to the Fund’s return, as investors sought higher yields in the low interest rate environment.

In terms of the performance of the inflation hedge, the portfolio managers sought to mitigate the impact of inflation by using zero-coupon Consumer Price Index inflation swaps. These securities posted strong gains, as inflation expectations rose sharply during the reporting period to a seven-year high, reflecting higher realized inflation and concern that inflation could erode the value of fixed-income investments. The hedge, which is designed to offset the inflation risk of the entire Fund, was very effective during the reporting period, as it increased in value at a higher rate than inflation rose.

ALLOCATION BY CREDIT QUALITY (of the UNDERLYING FUND)


Credit Rating^(a)	Percent of Total Investment^(b)
Aaa		1.7	%
Aa		7.0
A		40.9
Baa		47.5
Ba		2.2
Not Rated		0.7

^(a)

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

^(b)

Excludes money market funds.

The iShares Interest Rate Hedged Corporate Bond ETF (the “Fund”) seeks to mitigate the interest rate risk of a portfolio composed of U.S. dollar-denominated, investment-grade corporate bonds. The Fund is an actively managed exchange-traded fund that does not seek to replicate the performance of a specified index. The Fund currently seeks to achieve its investment objective by investing a substantial portion of its assets in one underlying fund, the iShares iBoxx $ Investment Grade Corporate Bond ETF. The Fund attempts to mitigate the interest rate risk of the underlying fund by holding short positions in U.S. Treasury futures or interest rate swaps.

Effective December 1, 2021, the Fund will change from operating as a transparent active ETF to tracking an underlying index, the BlackRock Interest Rate Hedged Corporate Bond Index.

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

The Markit iBoxx^® USD Liquid Investment Grade Interest Rate Hedged Swaps Index is an unmanaged index that is designed to reflect the duration hedged performance of U.S. dollar-denominated investment-grade corporate debt.

The Markit iBoxx^® USD Liquid Investment Grade Interest Rate Hedged Swaps Index reflects the performance of the Markit iBoxx^® USD Liquid Investment Grade Interest Rate Hedged Index through June 16, 2016 and beginning June 17, 2016 reflects the performance of the Markit iBoxx^® USD Liquid Investment Grade Interest Rate Hedged Swaps Index.

The Fund posted a positive return for the reporting period despite rising long-term interest rates. The Fund’s interest rate hedge contributed the most to the Fund’s return, as the rising interest rate environment increased the value of the hedge. Similarly, corporate yield spreads (the difference between yields of corporate bonds and U.S. Treasuries) declined, which supported corporate bond prices, while the relatively high yields of corporate bonds also helped the Fund’s performance.

Interest rate hedging activity was beneficial to the Index’s performance. Typically, increasing interest rates reduce the price of existing bonds, meaning a rise in interest rates detracts from bond fund performance. Conversely, decreasing interest rates usually increase bond prices. An interest rate hedged fund attempts to avoid these fluctuations by offsetting interest rate risk, primarily using interest rate swaps and U.S. Treasury futures contracts.

The Fund’s interest rate hedge seeks near-zero interest rate sensitivity. Consequently, the Fund’s return was minimally affected by interest rate fluctuations during the reporting period. With interest rate sensitivity hedged, the Fund fluctuated based on direct exposure to the yield premium of investment-grade corporate bonds, independent of rising interest rates.

ALLOCATION BY CREDIT QUALITY (of the UNDERLYING FUND)


Credit Rating^(a)	Percent of Total Investment^(b)
Aaa		1.7	%
Aa		7.0
A		40.9
Baa		47.5
Ba		2.2
Not Rated		0.7

^(a)

^(b)

Excludes money market funds.

The iShares Interest Rate Hedged HighYield Bond ETF (the “Fund”) seeks to mitigate the interest rate risk of a portfolio composed of U.S. dollar-denominated, high yield corporate bonds. The Fund is an actively managed exchange-traded fund that does not seek to replicate the performance of a specified index. The Fund currently seeks to achieve its investment objective by investing a substantial portion of its assets in one underlying fund, the iShares iBoxx $ High Yield Corporate Bond ETF. The Fund attempts to mitigate the interest rate risk of the underlying fund by holding short positions in U.S. Treasury futures or interest rate swaps.

Effective December 1, 2021, the Fund will change from operating as a transparent active ETF to tracking an underlying index, the BlackRock Interest Rate Hedged High Yield Bond Index.

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

The Markit iBoxx^® USD Liquid High Yield Interest Rate Hedged Swaps Index is an unmanaged index that reflects the duration hedged performance of U.S. dollar-denominated high yield corporate debt.

The Fund posted a positive return for the reporting period. High-yield credit spreads, the difference in yield between high-yield bonds and U.S. Treasuries, declined to record lows during the reporting period due to healthy corporate balance sheets combined with strong investor demand. Previous downgrading of companies’ credit quality led to investor expectations of subsequent upgrades, contributing to the fall in yields. Rising interest rates also increased the value of the Fund’s hedge.

On an unhedged basis, bonds issued by energy companies were the largest contributors to the Fund’s return. Oil prices more than doubled during the reporting period, as robust demand from the economic recovery met supply disruptions. Consumer-oriented sectors were also strong contributors to the Fund’s performance, as rising wages and pent-up demand drove consumer spending on a wide variety of items, which led to strong performance in many industries, including automotive, gaming, healthcare, and food and beverage. Bonds issued by companies in the communications sector also posted gains, as remote work, learning, and entertainment led to a surge in demand for voice and data traffic. Most industries in the financial sector also benefited broadly from a rebound in global economic activity, especially real estate investment trusts, as business fundamentals improved.

Rising interest rates during the reporting period led to positive performance from hedging activity, which was the largest contributor to the Fund’s return. Typically, increasing interest rates reduce the price of existing bonds, meaning a rise in interest rates detracts from bond fund performance. Conversely, decreasing interest rates usually increase bond prices. An interest rate hedged fund attempts to avoid these fluctuations by offsetting interest rate risk, primarily using interest rate swaps and U.S. Treasury futures contracts.

The Fund’s interest rate hedge seeks near-zero interest rate sensitivity. Consequently, the Fund’s return was minimally affected by interest rate fluctuations during the reporting period. With interest rate sensitivity hedged, the Fund fluctuated based on direct exposure to the yield premium of high-yield corporate bonds, independent of rising interest rates.

ALLOCATION BY CREDIT QUALITY (of the UNDERLYING FUND)


Credit Rating^(a)	Percent of Total Investment^(b)
Baa		3.5	%
Ba		49.2
B		35.8
Caa		10.3
Ca		0.2
Not Rated		1.0

^(a)

^(b)

Excludes money market funds.

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

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined by 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.

As a shareholder of your Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested at the beginning of the period (or from the commencement of operations if less than 6 months) and held through the end of the period, is intended to help you understand your ongoing costs (in dollars and cents) of investing in your Fund and to compare these costs with the ongoing costs of investing in other funds.

Actual Expenses – The table provides information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. To estimate the expenses that you paid on your account over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”

Hypothetical Example for Comparison Purposes – The table also provides information about hypothetical account values and hypothetical expenses based on your Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.


Security	Shares		Value


Investment Companies

Exchange-Traded Funds — 95.0%
iShares iBoxx $ Investment Grade Corporate Bond ETF^(a)(b)		519,893	$	69,395,318



Total Investment Companies — 95.0% (Cost: $69,210,295)				69,395,318



Short-Term Investments

Money Market Funds — 45.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%^(a)(c)(d)		32,582,611		32,598,902

BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(a)(c)		600,000		600,000


				33,198,902


Total Short-Term Investments — 45.4% (Cost: $33,198,903)				33,198,902



Total Investments in Securities — 140.4% (Cost: $102,409,198)				102,594,220

Other Assets, Less Liabilities — (40.4)%				(29,521,412	)


Net Assets — 100.0%			$	73,072,808

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

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

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

For the period ended October 31, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:

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

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

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


Security	Shares		Value

Investment Companies

Exchange-Traded Funds — 99.0%
iShares iBoxx $ Investment Grade Corporate Bond ETF^(a)(b)(c)		5,311,881	$	709,029,875
		5,311,881	$	709,029,875


Total Investment Companies — 99.0% (Cost: $707,005,068)
Total Investment Companies — 99.0% (Cost: $707,005,068)				709,029,875


Short-Term Investments

Money Market Funds — 46.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%^(a)(d)(e)		322,459,229		322,620,459


BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(a)(d)		7,390,000		7,390,000
		7,390,000		7,390,000

				330,010,459


Total Short-Term Investments — 46.1% (Cost: $330,010,459)				330,010,459
Total Short-Term Investments — 46.1% (Cost: $330,010,459)				330,010,459


Total Investments in Securities — 145.1% (Cost: $1,037,015,527)				1,039,040,334
				1,039,040,334

Other Assets, Less Liabilities — (45.1)%				(322,950,776	)


Net Assets — 100.0%			$	716,089,558

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

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

For the period ended October 31, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:

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


Security	Shares		Value


Investment Companies

Exchange-Traded Funds — 96.5%
iShares iBoxx $ High Yield Corporate Bond ETF^(a)(b)		1,508,855	$	131,164,765


Total Investment Companies — 96.5% (Cost: $132,323,116)				131,164,765


Short-Term Investments

Money Market Funds — 43.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%^(a)(c)(d)		56,290,502		56,318,647
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(a)(c)		2,310,000		2,310,000

				58,628,647


Total Short-Term Investments — 43.1% (Cost: $58,628,647)				58,628,647


Total Investments in Securities — 139.6% (Cost: $190,951,763)				189,793,412

Other Assets, Less Liabilities — (39.6)%				(53,872,959	)


Net Assets — 100.0%			$	135,920,453

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

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

For the period ended October 31, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

For the iShares Interest Rate Hedged Corporate Bond ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through February 28, 2022 so that the Fund’s total annual operating expenses after fee waiver is equal to the acquired fund fees and expenses attributable to the Fund’s investment in LQD, after taking into account any fee waivers by LQD, plus 0.10%.

For the iShares Interest Rate Hedged High Yield Bond ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through February 28, 2022 so that the Fund’s total annual operating expenses after fee waiver is equal to the acquired fund fees and expenses attributable to the Fund’s investment in the iShares iBoxx $ High Yield Corporate Bond ETF (“HYG”), after taking into account any fee waivers by HYG, plus 0.05%.

These amounts are included in investment advisory fees waived in the Statements of Operations. For the year ended October 31, 2021, 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. 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 October 31, 2021, the Funds paid BTC the following amounts for securities lending agent services:

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

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

For the year ended October 31, 2021, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:

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

Management has analyzed tax laws and regulations and their application to the Funds as of October 31, 2021, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of October 31, 2021, permanent differences attributable to certain deemed distributions, distributions paid in excess of taxable income and realized gains (losses) from in-kind redemptions were reclassified to the following accounts:

As of October 31, 2021, the tax components of accumulated net earnings (losses) were as follows:

For the year ended October 31, 2021, the Funds listed below utilized the following amounts of their respective capital loss carryforwards:

As of October 31, 2021, 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.

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

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

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

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

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

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

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

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 will be phased out by the end of 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.

To the Board of Trustees of iShares U.S. ETF Trust and Shareholders of iShares Inflation Hedged

Corporate Bond ETF, iShares Interest Rate Hedged Corporate Bond ETF and iShares Interest Rate

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of iShares Inflation Hedged Corporate Bond ETF, iShares Interest Rate Hedged Corporate Bond ETF and iShares Interest Rate Hedged High Yield Bond ETF (three of the funds constituting iShares U.S. ETF Trust, hereafter collectively referred to as the “Funds”) as of October 31, 2021, the related statements of operations for the year ended October 31, 2021, the statements of changes in net assets for each of the two years in the period ended October 31, 2021, 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 October 31, 2021, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2021 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 October 31, 2021 by correspondence with the custodian, transfer agent and brokers. 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, as interest income eligible to be treated as a Section 163(j) interest dividend for the fiscal year ended October 31, 2021:

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 October 31, 2021:

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 October 31, 2021:

The law varies in each state as to whether and what percent of ordinary income dividends attribute 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.

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 7, 2021 and May 14, 2021, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 15-16, 2021, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

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

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs (including, where applicable, funds sponsored by an “at cost” service provider), 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 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 waivers and reimbursements) for the Fund were within range of the median of the overall fund expenses (net of waivers and reimbursements ) of the funds in its Peer Group, excluding iShares funds.

The Board noted that the Fund was, during the periods under review, an actively managed ETF that did not seek to track the performance of a specified index and that the management team for the Fund managed the Fund’s portfolio in accordance with its investment objective. The Board further noted that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its reference benchmark. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with expectations relative to the Fund’s peer group (where applicable) and reference benchmark.

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

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, which were provided at the May 7, 2021 meeting and throughout the year.

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

that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors and other information considered.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board would continue to assess the appropriateness of adding breakpoints in the future.

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

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

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

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

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to (i) an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds and (ii) other technology-related initiatives aimed to better support the iShares funds. The Board further noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

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

iShares Interest Rate Hedged Corporate Bond ETF, iShares Interest Rate Hedged High Yield Bond ETF (each the “Fund”)

Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 7, 2021 and May 14, 2021, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 15-16, 2021, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs (including, where applicable, funds sponsored by an “at cost” service provider), 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 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 waivers and reimbursements) for the Fund were higher than the median of overall fund expenses (net of waivers and reimbursements ) of the funds in its Peer Group, excluding iShares funds.

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

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for 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.

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

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

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. The President, Chief Compliance Officer, Treasurer and Secretary shall each hold office until their successors are chosen and qualify, and all other officers shall hold office until he or she resigns or is removed. 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 Trust, and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 375 funds as of October 31, 2021. 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 Cecilia H. Herbert 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 email 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 Company’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at iShares.com.


Security	Par (000)		Value

Corporate Bonds & Notes

Advertising — 0.7%
Clear Channel Outdoor Holdings Inc.
7.50%, 06/01/29 (Call 06/01/24)^(a)(b)	$	18,243	$	18,699,075
7.75%, 04/15/28 (Call 04/15/24)^(a)(b)		16,764		17,349,567
Lamar Media Corp.
3.63%, 01/15/31 (Call 01/15/26)		9,281		9,086,534
3.75%, 02/15/28 (Call 02/15/23)^(b)		11,188		11,322,815
4.00%, 02/15/30 (Call 02/15/25)		10,377		10,509,826
4.88%, 01/15/29 (Call 01/15/24)^(b)		5,407		5,661,102
Midas OpCo Holdings LLC, 5.63%, 08/15/29 (Call 08/15/24)^(a)		18,188		18,549,941
Outfront Media Capital LLC/Outfront Media Capital Corp.
4.25%, 01/15/29 (Call 01/15/24)^(a)(b)		7,754		7,598,920
4.63%, 03/15/30 (Call 03/15/25)^(a)(b)		9,175		9,172,248
5.00%, 08/15/27 (Call 08/15/22)^(a)(b)		13,620		13,892,400
6.25%, 06/15/25 (Call 06/15/22)^(a)(b)		5,151		5,410,696
Terrier Media Buyer Inc., 8.88%, 12/15/27 (Call 12/15/22)^(a)(b)		16,713		17,675,147


				144,928,271

Aerospace & Defense — 2.4%
Bombardier Inc.
6.00%, 02/15/28 (Call 02/15/24)^(a)(b)		12,458		12,554,361
7.13%, 06/15/26 (Call 06/15/23)^(a)(b)		20,516		21,516,155
7.50%, 12/01/24 (Call 11/29/21)^(a)		16,170		16,837,013
7.50%, 03/15/25 (Call 11/29/21)^(a)(b)		23,804		24,428,855
7.88%, 04/15/27 (Call 04/15/22)^(a)(b)		34,600		35,971,025
Howmet Aerospace Inc.
3.00%, 01/15/29 (Call 11/15/28)^(b)		9,560		9,416,600
5.13%, 10/01/24 (Call 07/01/24)^(b)		22,838		25,204,017
6.88%, 05/01/25 (Call 04/01/25)		17,531		20,335,609
Rolls-Royce PLC
3.63%, 10/14/25 (Call 07/14/25)^(a)(b)		15,252		15,557,040
5.75%, 10/15/27 (Call 07/15/27)^(a)		18,211		20,209,657
Spirit AeroSystems Inc.
4.60%, 06/15/28 (Call 03/15/28)^(b)		12,342		12,183,294
5.50%, 01/15/25 (Call 10/15/22)^(a)(b)		6,673		6,960,551
7.50%, 04/15/25 (Call 04/15/22)^(a)(b)		22,914		24,134,171
TransDigm Inc.
4.63%, 01/15/29 (Call 01/15/24)		20,882		20,751,488
4.88%, 05/01/29 (Call 05/01/24)		11,959		11,979,106
5.50%, 11/15/27 (Call 11/15/22)^(b)		45,032		46,157,800
6.25%, 03/15/26 (Call 03/15/22)^(a)(b)		69,839		72,981,755
6.38%, 06/15/26 (Call 11/29/21)		15,998		16,517,935
7.50%, 03/15/27 (Call 03/15/22)^(b)		8,365		8,780,403
8.00%, 12/15/25 (Call 04/08/22)^(a)		19,303		20,527,775
TransDigm UK Holdings PLC, 6.88%, 05/15/26 (Call 11/29/21)^(b)		6,403		6,751,771
Triumph Group Inc.
6.25%, 09/15/24 (Call 11/29/21)^(a)(b)		8,524		8,521,528
7.75%, 08/15/25 (Call 11/29/21)^(b)		7,931		8,059,998
8.88%, 06/01/24 (Call 02/01/23)^(a)(b)		10,832		11,942,280


				478,280,187

Agriculture — 0.1%
Vector Group Ltd.
5.75%, 02/01/29 (Call 02/01/24)^(a)		14,964		14,934,072
10.50%, 11/01/26 (Call 11/29/21)^(a)		9,069		9,579,131


				24,513,203


Security	Par (000)		Value

Airlines — 1.8%
Air Canada, 3.88%, 08/15/26 (Call 02/15/26)^(a)(b)	$	21,350	$	21,635,360
American Airlines Group Inc., 3.75%, 03/01/25^(a)(b)		8,002		7,300,625
American Airlines Inc., 11.75%, 07/15/25^(a)		42,828		53,053,185
American Airlines Inc./AAdvantage Loyalty IP Ltd.
5.50%, 04/20/26^(a)(b)		58,326		61,147,520
5.75%, 04/20/29^(a)		50,384		54,225,780
Delta Air Lines Inc.
2.90%, 10/28/24 (Call 09/28/24)^(b)		16,560		16,897,142
3.75%, 10/28/29 (Call 07/28/29)^(b)		11,371		11,541,565
3.80%, 04/19/23 (Call 03/19/23)^(b)		6,650		6,886,488
4.38%, 04/19/28 (Call 01/19/28)^(b)		6,661		7,093,965
7.38%, 01/15/26 (Call 12/15/25)^(b)		19,398		22,782,951
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd., 5.75%, 01/20/26 (Call 01/20/24)^(a)(b)		21,328		22,394,400
United Airlines Holdings Inc., 4.25%, 10/01/22^(b)		1,076		1,098,327
United Airlines Inc.
4.38%, 04/15/26 (Call 10/15/25)^(a)		35,128		36,334,573
4.63%, 04/15/29 (Call 10/15/28)^(a)		34,200		35,290,809


				357,682,690

Apparel — 0.3%
Hanesbrands Inc.
4.63%, 05/15/24 (Call 02/15/24)^(a)		12,915		13,497,368
4.88%, 05/15/26 (Call 02/15/26)^(a)		13,998		14,960,363
5.38%, 05/15/25 (Call 05/15/22)^(a)(b)		14,137		14,732,080
William Carter Co. (The)
5.50%, 05/15/25 (Call 05/15/22)^(a)		8,587		8,988,442
5.63%, 03/15/27 (Call 03/15/22)^(a)(b)		8,143		8,428,005


				60,606,258

Auto Manufacturers — 3.3%
Allison Transmission Inc.
3.75%, 01/30/31 (Call 01/30/26)^(a)(b)		17,282		16,612,323
4.75%, 10/01/27 (Call 10/01/22)^(a)(b)		6,522		6,783,998
5.88%, 06/01/29 (Call 06/01/24)^(a)(b)		8,049		8,680,480
Aston Martin Capital Holdings Ltd., 10.50%, 11/30/25 (Call 11/01/24)^(a)(b)		19,258		21,079,266
Ford Motor Co.
4.35%, 12/08/26 (Call 09/08/26)^(b)		21,663		23,157,205
8.50%, 04/21/23		46,332		50,787,980
9.00%, 04/22/25 (Call 03/22/25)^(b)		51,029		61,362,372
9.63%, 04/22/30 (Call 01/22/30)^(b)		14,116		20,355,296
Ford Motor Credit Co. LLC
2.70%, 08/10/26 (Call 07/10/26)		20,830		20,777,896
2.90%, 02/16/28 (Call 12/16/27)^(b)		10,495		10,413,108
3.09%, 01/09/23		18,918		19,232,985
3.10%, 05/04/23		13,294		13,529,381
3.35%, 11/01/22		12,338		12,523,070
3.37%, 11/17/23		13,014		13,355,618
3.38%, 11/13/25 (Call 10/13/25)		30,667		31,510,342
3.55%, 10/07/22^(b)		1,414		1,436,893
3.63%, 06/17/31 (Call 03/17/31)^(b)		13,723		13,877,384
3.66%, 09/08/24		10,810		11,203,063
3.81%, 01/09/24 (Call 11/09/23)		10,109		10,462,815
3.82%, 11/02/27 (Call 08/02/27)		10,717		11,129,583
4.00%, 11/13/30 (Call 08/13/30)^(b)		24,113		25,107,661
4.06%, 11/01/24 (Call 10/01/24)		20,922		21,914,749
4.13%, 08/04/25^(b)		17,920		18,928,575
4.13%, 08/17/27 (Call 06/17/27)		18,346		19,419,485
4.14%, 02/15/23 (Call 01/15/23)^(b)		11,012		11,329,503


Security	Par (000)		Value

Auto Manufacturers (continued)
4.27%, 01/09/27 (Call 11/09/26)	$	12,590	$	13,378,008
4.38%, 08/06/23^(b)		12,975		13,510,219
4.39%, 01/08/26^(b)		16,135		17,266,651
4.54%, 08/01/26 (Call 06/01/26)		11,126		11,980,254
4.69%, 06/09/25 (Call 04/09/25)		8,770		9,375,569
5.11%, 05/03/29 (Call 02/03/29)^(b)		20,687		23,025,781
5.13%, 06/16/25 (Call 05/16/25)^(b)		23,795		25,869,660
5.58%, 03/18/24 (Call 02/18/24)		19,826		21,362,515
Jaguar Land Rover Automotive PLC
4.50%, 10/01/27 (Call 07/01/27)^(a)(b)		8,481		8,158,104
5.50%, 07/15/29 (Call 07/15/24)^(a)(b)		9,442		9,141,036
5.63%, 02/01/23 (Call 11/29/21)^(a)(b)		5,708		5,730,975
5.88%, 01/15/28 (Call 01/15/24)^(a)		9,486		9,462,285
7.75%, 10/15/25 (Call 10/15/22)^(a)		13,225		14,201,273


				657,433,361

Auto Parts & Equipment — 1.3%
Adient Global Holdings Ltd., 4.88%, 08/15/26 (Call 11/29/21)^(a)(b)		12,021		12,245,851
Adient U.S. LLC, 9.00%, 04/15/25 (Call 04/15/22)^(a)		10,450		11,189,024
American Axle & Manufacturing Inc.
5.00%, 10/01/29 (Call 10/01/24)^(b)		12,922		12,322,970
6.25%, 03/15/26 (Call 11/09/21)^(b)		4,118		4,236,393
6.50%, 04/01/27 (Call 04/01/22)		7,527		7,856,306
6.88%, 07/01/28 (Call 07/01/23)^(b)		4,119		4,374,790
Clarios Global LP, 6.75%, 05/15/25 (Call 05/15/22)^(a)(b).		6,037		6,362,565
Clarios Global LP/Clarios US Finance Co.
6.25%, 05/15/26 (Call 05/15/22)^(a)(b)		15,568		16,288,020
8.50%, 05/15/27 (Call 05/15/22)^(a)(b)		31,839		33,876,696
Dana Financing Luxembourg Sarl, 5.75%, 04/15/25 (Call 11/29/21)^(a)		3,319		3,418,570
Dana Inc.
4.25%, 09/01/30 (Call 05/01/26)^(b)		7,465		7,544,885
5.38%, 11/15/27 (Call 11/15/22)^(b)		4,695		4,923,177
5.63%, 06/15/28 (Call 06/15/23)^(b)		4,540		4,806,725
Goodyear Tire & Rubber Co. (The)
4.88%, 03/15/27 (Call 12/15/26)^(b)		11,477		12,205,789
5.00%, 05/31/26 (Call 11/29/21)^(b)		13,340		13,654,644
5.00%, 07/15/29 (Call 04/15/29)^(a)(b)		15,191		16,026,505
5.25%, 04/30/31 (Call 01/30/31)^(b)		8,962		9,591,867
5.25%, 07/15/31 (Call 04/15/31)^(a)(b)		9,431		10,031,384
5.63%, 04/30/33 (Call 01/30/33)		7,667		8,236,548
9.50%, 05/31/25 (Call 05/31/22)		14,269		15,552,350
Tenneco Inc.
5.00%, 07/15/26 (Call 11/29/21)^(b)		9,014		8,757,101
5.13%, 04/15/29 (Call 04/15/24)^(a)		12,633		12,528,778
7.88%, 01/15/29 (Call 01/15/24)^(a)		7,714		8,409,224
ZF North America Capital Inc., 4.75%, 04/29/25^(a)(b)		17,020		18,247,142


				262,687,304

Banks — 1.6%
CIT Group Inc.
3.93%, 06/19/24 (Call 06/19/23)^(b)(c)		6,320		6,573,151
4.75%, 02/16/24 (Call 11/16/23)^(b)		8,046		8,564,833
5.00%, 08/01/23		9,364		9,955,847
5.25%, 03/07/25 (Call 12/07/24)^(b)		7,990		8,794,893
6.13%, 03/09/28^(b)		9,079		10,804,010
Commerzbank AG, 8.13%, 09/19/23^(a)(b)		18,983		21,253,312


Security	Par (000)		Value

Banks (continued)
Deutsche Bank AG
4.30%, 05/24/28 (Call 05/24/23), (5 year USD Swap + 2.248%)^(b)(c)	$	25,091	$	26,002,154
4.50%, 04/01/25^(b)		28		30,005
Deutsche Bank AG/New York NY
3.73%, 01/14/32 (Call 01/14/31)^(b)(c)		21,831		22,389,874
4.88%, 12/01/32 (Call 12/01/27)^(b)(c)		15,804		17,158,852
5.88%, 07/08/31 (Call 04/08/30)^(b)(c)		8,505		9,974,187
Fifth Third Bancorp., Series H, 5.10%, (Call 06/30/23)^(b)(c)(d)		11,064		11,316,525
Freedom Mortgage Corp.
6.63%, 01/15/27 (Call 01/15/24)^(a)		11,360		10,793,420
7.63%, 05/01/26 (Call 05/01/23)^(a)(b)		9,544		9,336,020
8.13%, 11/15/24 (Call 11/29/21)^(a)(b)		6,500		6,572,109
8.25%, 04/15/25 (Call 11/29/21)^(a)		11,719		11,873,934
Intesa Sanpaolo SpA
4.20%, 06/01/32 (Call 06/01/31)^(a)		13,317		13,426,452
5.02%, 06/26/24^(a)(b)		33,128		35,694,158
UniCredit SpA
5.46%, 06/30/35 (Call 06/30/30)^(a)(b)(c)		25,902		28,333,392
5.86%, 06/19/32 (Call 06/19/27)^(a)(b)(c)		16,023		17,657,320
7.30%, 04/02/34 (Call 04/02/29)^(a)(b)(c)		20,134		24,182,881


				310,687,329

Building Materials — 0.9%
Builders FirstSource Inc. 4.25%, 02/01/32 (Call 08/01/26)^(a)(b)		17,434		17,559,389
5.00%, 03/01/30 (Call 03/01/25)^(a)(b)		7,243		7,676,760
6.75%, 06/01/27 (Call 06/01/22)^(a)		12,622		13,320,580
Griffon Corp., 5.75%, 03/01/28 (Call 03/01/23)^(b)		18,525		19,358,625
Jeld-Wen Inc. 4.63%, 12/15/25 (Call 11/29/21)^(a)(b)		7,652		7,745,737
4.88%, 12/15/27 (Call 12/15/22)^(a)(b)		7,855		8,121,500
SRM Escrow Issuer LLC, 6.00%, 11/01/28 (Call 11/01/23)^(a)(b)		19,836		20,670,481
Standard Industries Inc./NJ
3.38%, 01/15/31 (Call 07/15/25)^(a)(b)		19,666		18,240,215
4.38%, 07/15/30 (Call 07/15/25)^(a)(b)		17,564		17,581,857
4.75%, 01/15/28 (Call 01/15/23)^(a)(b)		13,520		13,920,530
5.00%, 02/15/27 (Call 02/15/22)^(a)		16,884		17,327,205
Summit Materials LLC/Summit Materials Finance Corp., 5.25%, 01/15/29 (Call 07/15/23)^(a)(b)		13,959		14,675,950


				176,198,829

Chemicals — 1.6%
Axalta Coating Systems LLC, 3.38%, 02/15/29 (Call 02/15/24)^(a)(b)		12,538		11,941,910
Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV, 4.75%, 06/15/27 (Call 06/15/23)^(a)(b)		6,579		6,784,183
CF Industries Inc., 3.45%, 06/01/23		5,716		5,927,892
Chemours Co. (The)
4.63%, 11/15/29 (Call 11/15/24)^(a)(b)		12,218		11,759,825
5.38%, 05/15/27 (Call 02/15/27)^(b)		7,492		7,951,110
5.75%, 11/15/28 (Call 11/15/23)^(a)(b)		11,657		12,007,617
Methanex Corp.
5.13%, 10/15/27 (Call 04/15/27)^(b)		10,755		11,319,637
5.25%, 12/15/29 (Call 09/15/29)^(b)		11,440		12,140,700
NOVA Chemicals Corp.
4.25%, 05/15/29 (Call 05/15/24)^(a)(b)		10,216		10,088,981
4.88%, 06/01/24 (Call 03/03/24)^(a)		15,655		16,322,216


Security	Par (000)		Value

Chemicals (continued)
5.00%, 05/01/25 (Call 01/31/25)^(a)(b)	$	7,212	$	7,626,916
5.25%, 06/01/27 (Call 03/03/27)^(a)(b)		17,723		18,586,996
Olin Corp.
5.00%, 02/01/30 (Call 02/01/24)^(b)		9,327		9,894,675
5.13%, 09/15/27 (Call 03/15/22)		7,276		7,529,502
5.63%, 08/01/29 (Call 08/01/24)^(b)		14,710		16,060,460
9.50%, 06/01/25 (Call 03/01/25)^(a)(b)		8,680		10,698,410
Olympus Water U.S. Holding Corp.
4.25%, 10/01/28 (Call 10/01/24)^(a)		10,589		10,405,347
6.25%, 10/01/29 (Call 10/01/24)^(a)		7,903		7,875,814
SCIH Salt Holdings Inc.
4.88%, 05/01/28 (Call 05/01/24)^(a)(b)		19,710		19,266,525
6.63%, 05/01/29 (Call 05/01/24)^(a)(b)		11,126		10,463,244
Tronox Inc.
4.63%, 03/15/29 (Call 03/15/24)^(a)(b)		17,859		17,496,462
6.50%, 05/01/25 (Call 05/01/22)^(a)(b)		9,448		9,920,400
Unifrax Escrow Issuer Corp.
5.25%, 09/30/28 (Call 09/30/24)^(a)		12,865		12,849,862
7.50%, 09/30/29 (Call 09/30/24)^(a)(b)		6,709		6,674,337
Valvoline Inc.
3.63%, 06/15/31 (Call 06/15/26)^(a)		11,080		10,828,853
4.25%, 02/15/30 (Call 02/15/25)^(a)		8,806		8,938,090
WR Grace Holdings LLC
4.88%, 06/15/27 (Call 06/15/23)^(a)(b)		12,711		12,919,143
5.63%, 08/15/29 (Call 08/15/24)^(a)		19,020		19,186,425


				323,465,532

Commercial Services — 3.8%
ADT Security Corp. (The)
4.13%, 06/15/23		9,166		9,533,520
4.13%, 08/01/29 (Call 08/01/28)^(a)(b)		17,469		17,260,128
Albion Financing 1 Sarl/Aggreko Holdings Inc., 6.13%, 10/15/26 (Call 10/15/23)^(a)		9,390		9,478,078
Albion Financing 2SARL, 8.75%, 04/15/27 (Call 10/15/23)^(a)(b)		7,550		7,578,011
Allied Universal Holdco LLC/Allied Universal Finance Corp.
6.00%, 06/01/29 (Call 06/01/24)^(a)(b)		15,080		14,872,801
6.63%, 07/15/26 (Call 07/15/22)^(a)		35,588		37,434,127
9.75%, 07/15/27 (Call 07/15/22)^(a)		20,317		21,925,308
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl
4.63%, 06/01/28 (Call 06/01/24)^(a)(b)		20,829		20,686,738
4.63%, 06/01/28 (Call 06/01/24)^(a)		14,638		14,523,824
APX Group Inc.
5.75%, 07/15/29 (Call 07/15/24)^(a)(b)		13,761		13,622,244
6.75%, 02/15/27 (Call 02/15/23)^(a)(b)		9,498		10,032,442
Avis Budget Car Rental LLC/Avis Budget Finance Inc.
4.75%, 04/01/28 (Call 04/01/24)^(a)(b)		7,743		8,027,517
5.38%, 03/01/29 (Call 03/01/24)^(a)(b)		11,332		11,954,481
5.75%, 07/15/27 (Call 07/15/22)^(a)(b)		6,799		7,107,599
Brink’s Co. (The)
4.63%, 10/15/27 (Call 10/15/22)^(a)(b)		9,371		9,652,599
5.50%, 07/15/25 (Call 07/15/22)^(a)(b)		5,647		5,898,292
Garda World Security Corp.
4.63%, 02/15/27 (Call 02/15/23)^(a)(b)		9,795		9,721,537
6.00%, 06/01/29 (Call 06/01/24)^(a)(b)		8,349		8,183,759
9.50%, 11/01/27 (Call 11/01/22)^(a)(b)		10,386		11,204,709
Gartner Inc.
3.63%, 06/15/29 (Call 06/15/24)^(a)(b)		9,955		10,004,775
3.75%, 10/01/30 (Call 10/01/25)^(a)(b)		15,384		15,666,815


Security	Par (000)		Value

Commercial Services (continued)
4.50%, 07/01/28 (Call 07/01/23)^(a)(b)	$	13,105	$	13,649,513
Herc Holdings Inc., 5.50%, 07/15/27 (Call 07/15/22)^(a)(b)		22,681		23,672,586
Jaguar Holding Co. II/PPD Development LP 4.63%, 06/15/25 (Call 06/15/22)^(a)(b)		7,491		7,794,386
5.00%, 06/15/28 (Call 06/15/23)^(a)(b)		15,115		16,248,625
MPH Acquisition Holdings LLC
5.50%, 09/01/28 (Call 09/01/24)^(a)(b)		18,283		18,155,617
5.75%, 11/01/28 (Call 11/01/23)^(a)(b)		21,344		19,452,922
Nielsen Co Luxembourg SARL (The), 5.00%, 02/01/25 (Call 11/29/21)^(a)(b)		9,248		9,404,060
Nielsen Finance LLC/Nielsen Finance Co.
4.50%, 07/15/29 (Call 07/15/24)^(a)(b)		12,177		11,906,062
4.75%, 07/15/31 (Call 07/15/26)^(a)		11,464		11,187,144
5.63%, 10/01/28 (Call 10/01/23)^(a)(b)		16,350		17,009,888
5.88%, 10/01/30 (Call 10/01/25)^(a)		11,173		11,709,863
Prime Security Services Borrower LLC/Prime Finance Inc.
3.38%, 08/31/27 (Call 08/31/26)^(a)(b)		17,596		16,849,308
5.25%, 04/15/24^(a)(b)		12,036		12,798,033
5.75%, 04/15/26^(a)(b)		22,368		23,901,950
6.25%, 01/15/28 (Call 01/15/23)^(a)(b)		22,452		23,013,300
Sabre GLBL Inc.
7.38%, 09/01/25 (Call 09/01/22)^(a)(b)		14,560		15,506,991
9.25%, 04/15/25 (Call 03/16/25)^(a)		11,593		13,397,566
Service Corp. International/U.S.
3.38%, 08/15/30 (Call 08/15/25)^(b)		14,954		14,729,690
4.00%, 05/15/31 (Call 05/15/26)^(b)		15,557		15,907,032
4.63%, 12/15/27 (Call 12/15/22)^(b)		7,338		7,729,440
5.13%, 06/01/29 (Call 06/01/24)^(b)		11,338		12,231,812
Sotheby’s, 7.38%, 10/15/27 (Call 10/15/22)^(a)		2,500		2,628,125
Square Inc.
2.75%, 06/01/26 (Call 05/01/26)^(a)(b)		17,444		17,664,192
3.50%, 06/01/31 (Call 03/01/31)^(a)(b)		17,300		17,727,599
United Rentals North America Inc.
3.75%, 01/15/32 (Call 07/15/26)		11,971		11,936,383
3.88%, 02/15/31 (Call 08/15/25)^(b)		20,863		21,017,386
4.00%, 07/15/30 (Call 07/15/25)^(b)		11,521		11,759,715
4.88%, 01/15/28 (Call 01/15/23)^(b)		28,230		29,798,176
5.25%, 01/15/30 (Call 01/15/25)^(b)		12,242		13,251,965
5.50%, 05/15/27 (Call 05/15/22)^(b)		16,780		17,580,272
Verscend Escrow Corp., 9.75%, 08/15/26 (Call 11/29/21)^(a)		19,680		20,847,221


				754,836,126

Computers — 1.3%
Booz Allen Hamilton Inc.
3.88%, 09/01/28 (Call 09/01/23)^(a)(b)		10,551		10,662,840
4.00%, 07/01/29 (Call 07/01/24)^(a)(b)		10,692		10,819,564
Dell International LLC/EMC Corp., 7.13%, 06/15/24 (Call 11/02/21)^(a)		27,150		27,699,850
Diebold Nixdorf Inc.
8.50%, 04/15/24 (Call 11/29/21)^(b)		4,300		4,293,980
9.38%, 07/15/25 (Call 07/15/22)^(a)		12,607		13,529,675
Exela Intermediate LLC/Exela Finance Inc., 10.00%, 07/15/23 (Call 11/29/21)^(a)		15,621		13,082,587
NCR Corp.
5.00%, 10/01/28 (Call 10/01/23)^(a)(b)		9,046		9,210,605
5.13%, 04/15/29 (Call 04/15/24)^(a)(b)		22,489		23,024,913
5.25%, 10/01/30 (Call 10/01/25)^(a)(b)		7,088		7,314,144
5.75%, 09/01/27 (Call 09/01/22)^(a)(b)		8,604		9,039,669


Security	Par (000)		Value

Computers (continued)
6.13%, 09/01/29 (Call 09/01/24)^(a)(b)	$	8,788	$	9,441,704
Seagate HDD Cayman
3.13%, 07/15/29 (Call 01/15/24)^(a)(b)		6,018		5,778,484
3.38%, 07/15/31 (Call 01/15/26)^(a)		10,258		9,812,841
4.09%, 06/01/29 (Call 03/01/29)		7,737		7,999,826
4.13%, 01/15/31 (Call 10/15/30)		8,470		8,601,115
4.75%, 06/01/23^(b)		7,159		7,481,155
4.75%, 01/01/25^(b)		8,721		9,407,779
4.88%, 03/01/24 (Call 01/01/24)		5,858		6,239,063
4.88%, 06/01/27 (Call 03/01/27)^(b)		10,268		11,324,496
Vericast Corp., 11.00%, 09/15/26 (Call 09/15/23)^(a)		21,808		22,789,759
Western Digital Corp., 4.75%, 02/15/26 (Call 11/15/25)^(b)		38,456		42,253,530


				269,807,579

Cosmetics & Personal Care — 0.3%
Coty Inc.
5.00%, 04/15/26 (Call 04/15/23)^(a)(b)		16,793		17,241,877
6.50%, 04/15/26 (Call 11/29/21)^(a)(b)		9,426		9,696,997
Edgewell Personal Care Co.
4.13%, 04/01/29 (Call 04/01/24)^(a)(b)		7,214		7,106,941
5.50%, 06/01/28 (Call 06/01/23)^(a)(b)		15,566		16,284,460


				50,330,275

Distribution & Wholesale — 0.5%
American Builders & Contractors Supply Co. Inc.
3.88%, 11/15/29 (Call 11/15/24)^(a)(b)		7,600		7,474,072
4.00%, 01/15/28 (Call 01/15/23)^(a)(b)		11,563		11,748,157
Avient Corp.
5.25%, 03/15/23^(b)		7,292		7,683,945
5.75%, 05/15/25 (Call 05/15/22)^(a)		14,422		15,099,877
H&E Equipment Services Inc., 3.88%, 12/15/28 (Call 12/15/23)^(a)(b)		21,729		21,631,469
Wolverine Escrow LLC
8.50%, 11/15/24 (Call 11/29/21)^(a)(b)		9,803		9,092,283
9.00%, 11/15/26 (Call 11/15/22)^(a)(b)		14,747		13,567,240
13.13%, 11/15/27 (Call 11/15/22)^(a)(b)		8,680		5,747,090


				92,044,133

Diversified Financial Services — 3.1%
AerCap Holdings NV, 5.88%, 10/10/79 (Call 10/10/24)^(b)(c)		13,102		13,647,829
Ally Financial Inc., 5.75%, 11/20/25 (Call 10/21/25)		18,879		21,420,113
Coinbase Global Inc.
3.38%, 10/01/28 (Call 10/01/24)^(a)(b)		16,328		15,722,683
3.63%, 10/01/31 (Call 10/01/26)^(a)(b)		17,462		16,626,056
Enact Holdings Inc., 6.50%, 08/15/25
(Call 02/15/25)^(a)(b)		10,697		11,749,323
Jefferies Finance LLC/JFIN Co-Issuer Corp., 5.00%, 08/15/28 (Call 08/15/24)^(a)		16,995		17,246,696
LD Holdings Group LLC
6.13%, 04/01/28 (Call 04/01/24)^(a)(b)		10,041		9,207,848
6.50%, 11/01/25 (Call 11/01/22)^(a)(b)		7,629		7,495,016
LPL Holdings Inc.
4.00%, 03/15/29 (Call 03/15/24)^(a)(b)		16,859		17,221,469
4.38%, 05/15/31 (Call 05/15/26)^(a)(b)		7,439		7,612,422
4.63%, 11/15/27 (Call 11/15/22)^(a)		4,390		4,529,332
Midcap Financial Issuer Trust
5.63%, 01/15/30 (Call 01/15/25)^(a)		6,634		6,526,198
6.50%, 05/01/28 (Call 05/01/24)^(a)		17,376		18,016,015
Nationstar Mortgage Holdings Inc.
5.13%, 12/15/30 (Call 12/15/25)^(a)(b)		10,904		10,977,084


Security	Par (000)		Value

Diversified Financial Services (continued)
5.50%, 08/15/28 (Call 08/15/23)^(a)(b)	$	12,712	$	13,038,275
6.00%, 01/15/27 (Call 01/15/23)^(a)		11,001		11,524,521
Navient Corp.
4.88%, 03/15/28 (Call 06/15/27)		7,948		7,976,699
5.00%, 03/15/27 (Call 09/15/26)^(b)		14,301		14,587,020
5.50%, 01/25/23		16,612		17,348,078
5.88%, 10/25/24^(b)		6,846		7,308,105
6.13%, 03/25/24		14,478		15,490,121
6.75%, 06/25/25^(b)		7,335		8,040,610
6.75%, 06/15/26^(b)		7,881		8,702,003
7.25%, 09/25/23^(b)		8,039		8,754,024
NFP Corp.
4.88%, 08/15/28 (Call 08/15/23)^(a)(b)		5,684		5,769,260
6.88%, 08/15/28 (Call 08/15/23)^(a)(b)		30,141		30,592,461
OneMain Finance Corp.
3.50%, 01/15/27 (Call 01/15/24)^(b)		11,954		11,708,184
3.88%, 09/15/28 (Call 09/15/24)^(b)		10,066		9,801,768
4.00%, 09/15/30 (Call 09/15/25)^(b)		16,108		15,644,895
5.38%, 11/15/29 (Call 05/15/29)^(b)		12,501		13,380,987
5.63%, 03/15/23^(b)		14,204		14,938,631
6.13%, 03/15/24 (Call 09/15/23)^(b)		20,248		21,538,810
6.63%, 01/15/28 (Call 07/15/27)^(b)		14,200		16,008,691
6.88%, 03/15/25^(b)		22,043		24,591,867
7.13%, 03/15/26		25,913		29,443,646
8.88%, 06/01/25 (Call 06/01/22)		9,988		10,793,615
PennyMac Financial Services Inc.
4.25%, 02/15/29 (Call 02/15/24)^(a)(b)		10,820		10,244,723
5.38%, 10/15/25 (Call 10/15/22)^(a)		11,171		11,505,013
5.75%, 09/15/31 (Call 09/15/26)^(a)		9,190		9,057,319
Quicken Loans LLC/Quicken Loans Co-Issuer Inc.
3.63%, 03/01/29 (Call 03/01/24)^(a)(b)		15,428		15,330,489
3.88%, 03/01/31 (Call 03/01/26)^(a)(b)		20,753		20,524,717
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer Inc.
2.88%, 10/15/26 (Call 10/15/23)^(a)		15,707		15,599,014
4.00%, 10/15/33 (Call 10/15/27)^(a)(b)		11,787		11,631,314
SLM Corp., 3.13%, 11/02/26 (Call 10/02/26)		8,550		8,485,875
United Wholesale Mortgage LLC
5.50%, 11/15/25 (Call 11/15/22)^(a)		12,710		12,664,775
5.50%, 04/15/29 (Call 04/15/24)^(a)(b)		12,192		11,935,968


				621,959,562

Electric — 2.7%
Calpine Corp.
3.75%, 03/01/31 (Call 03/01/26)^(a)(b)		17,481		16,736,089
4.50%, 02/15/28 (Call 02/15/23)^(a)(b)		23,040		23,322,339
4.63%, 02/01/29 (Call 02/01/24)^(a)		10,128		9,843,775
5.00%, 02/01/31 (Call 02/01/26)^(a)(b)		13,656		13,372,447
5.13%, 03/15/28 (Call 03/15/23)^(a)(b)		21,612		21,554,968
5.25%, 06/01/26 (Call 11/29/21)^(a)		13,718		14,110,255
Clearway Energy Operating LLC
3.75%, 02/15/31 (Call 02/15/26)^(a)(b)		17,223		17,156,261
4.75%, 03/15/28 (Call 03/15/23)^(a)(b)		13,667		14,459,686
DPL Inc.
4.13%, 07/01/25 (Call 04/01/25)		7,034		7,439,369
4.35%, 04/15/29 (Call 01/15/29)^(b)		8,221		8,899,233
Electricite de France SA
5.25%, (Call 01/29/23)^(a)(b)(c)(d)		30,704		31,801,954
5.63%, (Call 01/22/24)^(a)(b)(c)(d)		23,044		24,521,077
Emera Inc., Series 16-A, 6.75%, 06/15/76 (Call 06/15/26)^(b)(c)		8,741		10,260,885


Security	Par (000)		Value

Electric (continued)
FirstEnergy Corp.
2.65%, 03/01/30 (Call 12/01/29)^(b)	$	12,240	$	12,125,519
Series B, 2.25%, 09/01/30 (Call 06/01/30)		8,275		7,961,521
Series B, 4.40%, 07/15/27 (Call 04/15/27)		27,087		29,389,395
Series B, 4.75%, 03/15/23 (Call 12/15/22)		3,723		3,860,016
FirstEnergy Transmission LLC
2.87%, 09/15/28 (Call 07/15/28)^(a)		6,529		6,735,012
4.35%, 01/15/25 (Call 10/15/24)^(a)		8,671		9,384,533
NextEra Energy Operating Partners LP
3.88%, 10/15/26 (Call 07/15/26)^(a)(b)		10,106		10,744,325
4.25%, 07/15/24 (Call 04/15/24)^(a)		10,700		11,328,090
4.25%, 09/15/24 (Call 07/15/24)^(a)		983		1,042,239
4.50%, 09/15/27 (Call 06/15/27)^(a)(b)		8,872		9,468,908
NRG Energy Inc.
3.38%, 02/15/29 (Call 02/15/24)^(a)		8,070		7,893,267
3.63%, 02/15/31 (Call 02/15/26)^(a)(b)		17,435		16,991,497
3.88%, 02/15/32 (Call 02/15/27)^(a)(b)		20,939		20,520,220
5.25%, 06/15/29 (Call 06/15/24)^(a)(b)		10,949		11,639,699
5.75%, 01/15/28 (Call 01/15/23)		12,542		13,306,059
6.63%, 01/15/27 (Call 11/15/21)^(b)		5,957		6,180,388
PG&E Corp.
5.00%, 07/01/28 (Call 07/01/23)^(b)		14,774		15,364,960
5.25%, 07/01/30 (Call 07/01/25)^(b)		17,991		18,796,097
Talen Energy Supply LLC
6.50%, 06/01/25 (Call 11/29/21)^(b)		10,010		6,031,025
6.63%, 01/15/28 (Call 01/15/23)^(a)		7,384		6,962,810
7.25%, 05/15/27 (Call 05/15/22)^(a)		12,485		11,954,387
7.63%, 06/01/28 (Call 06/01/23)^(a)		6,502		6,210,833
10.50%, 01/15/26 (Call 01/15/22)^(a)		10,414		6,795,135
Vistra Operations Co. LLC
4.38%, 05/01/29 (Call 05/01/24)^(a)		21,566		21,313,740
5.00%, 07/31/27 (Call 07/31/22)^(a)(b)		21,766		22,295,608
5.50%, 09/01/26 (Call 11/09/21)^(a)(b)		16,673		17,168,188
5.63%, 02/15/27 (Call 02/15/22)^(a)(b)		20,906		21,616,804


				546,558,613

Electrical Components & Equipment — 0.4%
Energizer Holdings Inc.
4.38%, 03/31/29 (Call 09/30/23)^(a)(b)		14,531		13,877,105
4.75%, 06/15/28 (Call 06/15/23)^(a)(b)		9,604		9,544,509
WESCO Distribution Inc.
7.13%, 06/15/25 (Call 06/15/22)^(a)		27,946		29,700,514
7.25%, 06/15/28 (Call 06/15/23)^(a)		21,806		24,038,270


				77,160,398

Electronics — 0.5%
Imola Merger Corp., 4.75%, 05/15/29 (Call 05/15/24)^(a)(b)		33,889		34,819,253
Sensata Technologies BV
4.00%, 04/15/29 (Call 04/15/24)^(a)(b)		17,591		17,866,475
4.88%, 10/15/23^(a)		6,008		6,379,370
5.00%, 10/01/25^(a)(b)		12,145		13,282,298
5.63%, 11/01/24^(a)(b)		4,886		5,386,819
Sensata Technologies Inc.
3.75%, 02/15/31 (Call 02/15/26)^(a)(b)		14,264		14,086,797
4.38%, 02/15/30 (Call 11/15/29)^(a)(b)		6,216		6,570,312

				98,391,324

Energy - Alternate Sources — 0.2%
TerraForm Power Operating LLC
4.25%, 01/31/23 (Call 10/31/22)^(a)(b)		5,291		5,418,793
4.75%, 01/15/30 (Call 01/15/25)^(a)(b)		12,737		13,198,716


Security	Par (000)		Value

Energy - Alternate Sources (continued)
5.00%, 01/31/28 (Call 07/31/27)^(a)(b)	$	12,084	$	12,899,428


				31,516,937

Engineering & Construction — 0.1%
AECOM, 5.13%, 03/15/27 (Call 12/15/26)^(b)		624		687,596
Brand Industrial Services Inc., 8.50%, 07/15/25 (Call 11/29/21)^(a)(b)		16,378		16,414,032
Fluor Corp.
3.50%, 12/15/24 (Call 09/15/24)^(b)		2,469		2,567,760
4.25%, 09/15/28 (Call 06/15/28)^(b)		1,820		1,892,605


				21,561,993

Entertainment — 2.9%
AMC Entertainment Holdings Inc., 10.50%, 04/15/25 (Call 04/15/22)^(a)(b)		8,097		8,704,275
Caesars Entertainment Inc.
4.63%, 10/15/29 (Call 10/15/24)^(a)		22,440		22,575,015
6.25%, 07/01/25 (Call 07/01/22)^(a)		55,937		58,809,645
8.13%, 07/01/27 (Call 07/01/23)^(a)(b)		29,004		32,485,930
Caesars Resort Collection LLC/CRC Finco Inc., 5.75%, 07/01/25 (Call 07/01/22)^(a)		13,644		14,336,433
Cedar Fair LP, 5.25%, 07/15/29 (Call 07/15/24)^(b)		7,795		8,139,929
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp., 5.38%, 06/01/24 (Call 11/29/21)^(b)		5,516		5,569,350
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op
5.38%, 04/15/27 (Call 04/15/22)^(b)		8,285		8,545,770
5.50%, 05/01/25 (Call 05/01/22)^(a)		20,847		21,663,318
Churchill Downs Inc.
4.75%, 01/15/28 (Call 01/15/23)^(a)(b)		12,026		12,497,194
5.50%, 04/01/27 (Call 04/01/22)^(a)		10,004		10,366,645
Cinemark USA Inc.
5.25%, 07/15/28 (Call 07/15/24)^(a)(b)		12,407		12,096,825
5.88%, 03/15/26 (Call 03/15/23)^(a)(b)		7,182		7,219,804
International Game Technology PLC
4.13%, 04/15/26 (Call 04/15/23)^(a)		15,110		15,582,641
5.25%, 01/15/29 (Call 01/15/24)^(a)		13,115		13,803,538
6.25%, 01/15/27 (Call 07/15/26)^(a)		10,213		11,504,551
6.50%, 02/15/25 (Call 08/15/24)^(a)(b)		17,726		19,692,662
Lions Gate Capital Holdings LLC, 5.50%, 04/15/29 (Call 04/15/24)^(a)(b)		16,702		17,098,505
Live Nation Entertainment Inc.
3.75%, 01/15/28 (Call 01/15/24)^(a)(b)		9,486		9,379,283
4.75%, 10/15/27 (Call 10/15/22)^(a)(b)		15,637		15,949,740
4.88%, 11/01/24 (Call 11/29/21)^(a)		8,158		8,249,778
6.50%, 05/15/27 (Call 05/15/23)^(a)(b)		21,836		23,877,031
Mohegan Gaming & Entertainment
7.88%, 10/15/24 (Call 11/15/21)^(a)(b)		3,323		3,447,613
8.00%, 02/01/26 (Call 02/01/23)^(a)(b)		19,888		20,531,874
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.
5.63%, 09/01/29 (Call 09/01/24)^(a)(b)		12,544		12,780,768
5.88%, 09/01/31 (Call 09/01/26)^(a)(b)		13,425		13,693,500
Resorts World Las Vegas LLC/RWLV Capital Inc., 4.63%, 04/16/29 (Call 01/16/29)^(a)(b)		15,254		15,425,132
Scientific Games International Inc.
5.00%, 10/15/25 (Call 11/29/21)^(a)		17,754		18,287,582
7.00%, 05/15/28 (Call 05/15/23)^(a)		11,812		12,762,275
7.25%, 11/15/29 (Call 11/15/24)^(a)(b)		7,705		8,707,266
8.25%, 03/15/26 (Call 03/15/22)^(a)(b)		17,259		18,316,114


Security	Par (000)		Value

Entertainment (continued)
8.63%, 07/01/25 (Call 07/01/22)^(a)(b)	$	8,050	$	8,701,044
Six Flags Entertainment Corp.
4.88%, 07/31/24 (Call 11/29/21)^(a)(b)		16,140		16,322,777
5.50%, 04/15/27 (Call 04/15/22)^(a)(b)		7,320		7,585,350
Six Flags Theme Parks Inc., 7.00%, 07/01/25 (Call 07/01/22)^(a)(b)		13,047		13,862,437
WMG Acquisition Corp.
3.00%, 02/15/31 (Call 02/15/26)^(a)(b)		15,356		14,923,575
3.88%, 07/15/30 (Call 07/15/25)^(a)(b)		8,003		8,317,868
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.
5.13%, 10/01/29 (Call 07/01/29)^(a)(b)		12,908		12,963,182
7.75%, 04/15/25 (Call 04/15/22)^(a)		10,230		10,776,384


				575,552,603

Environmental Control — 0.8%
Covanta Holding Corp.
5.00%, 09/01/30 (Call 09/01/25)^(b)		8,761		8,719,823
5.88%, 07/01/25 (Call 11/29/21)		4,177		4,310,142
6.00%, 01/01/27 (Call 01/01/22)		7,187		7,435,626
GFL Environmental Inc.
3.50%, 09/01/28 (Call 03/01/28)^(a)(b)		14,575		14,516,543
3.75%, 08/01/25 (Call 08/01/22)^(a)(b)		15,140		15,578,303
4.00%, 08/01/28 (Call 08/01/23)^(a)(b)		11,596		11,326,872
4.25%, 06/01/25 (Call 06/01/22)^(a)(b)		9,718		10,020,188
4.38%, 08/15/29 (Call 08/15/24)^(a)(b)		9,236		9,155,668
4.75%, 06/15/29 (Call 06/15/24)^(a)(b)		12,550		12,651,969
5.13%, 12/15/26 (Call 12/15/22)^(a)(b)		7,208		7,546,750
Madison IAQ LLC
4.13%, 06/30/28 (Call 06/30/24)^(a)(b)		12,740		12,671,140
5.88%, 06/30/29 (Call 06/30/24)^(a)(b)		17,100		16,971,750
Stericycle Inc.
3.88%, 01/15/29 (Call 11/15/23)^(a)(b)		9,860		9,712,100
5.38%, 07/15/24 (Call 11/15/21)^(a)(b)		9,552		9,800,352


				150,417,226

Food — 3.3%
Albertsons Companies Inc./Safeway Inc./New Albertsons LP/Albertsons LLC
3.25%, 03/15/26 (Call 09/15/22)^(a)(b)		16,109		16,384,588
3.50%, 02/15/23 (Call 12/15/22)^(a)(b)		9,642		9,810,827
3.50%, 03/15/29 (Call 09/15/23)^(a)(b)		20,693		20,415,000
4.63%, 01/15/27 (Call 01/15/23)^(a)(b)		22,113		23,080,444
4.88%, 02/15/30 (Call 02/15/25)^(a)(b)		18,981		20,350,637
5.88%, 02/15/28 (Call 08/15/22)^(a)(b)		14,152		15,048,202
7.50%, 03/15/26 (Call 03/15/22)^(a)(b)		8,042		8,655,203
B&G Foods Inc.
5.25%, 04/01/25 (Call 11/29/21)		14,722		15,042,203
5.25%, 09/15/27 (Call 03/01/22)^(b)		10,994		11,280,575
JBS Finance Luxembourg Sarl, 3.63%, 01/15/32 (Call 01/15/27)^(a)(b)		2,762		2,727,475
JBS USA Food Co.
5.75%, 01/15/28 (Call 07/15/22)^(a)(b)		11,671		12,142,217
7.00%, 01/15/26 (Call 01/15/22)^(a)(b)		17,931		18,698,113
JBS USA LUX SA/JBS USA Finance Inc., 6.75%, 02/15/28 (Call 02/15/23)^(a)(b)		17,695		19,107,643
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance Inc.
3.75%, 12/01/31 (Call 12/01/26)^(a)(b)		9,207		9,411,461
5.50%, 01/15/30 (Call 01/15/25)^(a)(b)		22,577		24,691,255
6.50%, 04/15/29 (Call 04/15/24)^(a)(b)		22,784		25,277,294


Security	Par (000)		Value

Food (continued)
Kraft Heinz Foods Co.
3.00%, 06/01/26 (Call 03/01/26)	$	27,452	$	28,670,045
3.50%, 06/06/22^(b)		991		1,008,189
3.75%, 04/01/30 (Call 01/01/30)		13,596		14,759,518
3.88%, 05/15/27 (Call 02/15/27)^(b)		22,509		24,420,802
4.25%, 03/01/31 (Call 12/01/30)		23,660		26,620,103
4.63%, 01/30/29 (Call 10/30/28)^(b)		11,297		12,840,905
Lamb Weston Holdings Inc.
4.13%, 01/31/30 (Call 01/31/25)^(a)		13,350		13,362,682
4.38%, 01/31/32 (Call 01/31/27)^(a)		13,300		13,319,684
4.63%, 11/01/24 (Call 11/18/21)^(a)		12,502		12,796,838
4.88%, 11/01/26 (Call 11/18/21)^(a)		13,926		14,285,451
4.88%, 05/15/28 (Call 11/15/27)^(a)(b)		9,490		10,171,952
Performance Food Group Inc.
4.25%, 08/01/29 (Call 08/01/24)^(a)(b)		19,170		19,181,502
5.50%, 10/15/27 (Call 10/15/22)^(a)(b)		16,177		16,878,383
Pilgrim’s Pride Corp.
3.50%, 03/01/32 (Call 09/01/26)^(a)(b)		16,080		16,151,890
4.25%, 04/15/31 (Call 04/15/26)^(a)		16,104		16,988,445
5.88%, 09/30/27 (Call 09/30/22)^(a)		14,169		14,930,584
Post Holdings Inc.
4.50%, 09/15/31 (Call 09/15/26)^(a)		32,209		31,605,081
4.63%, 04/15/30 (Call 04/15/25)^(a)(b)		27,045		27,184,958
5.50%, 12/15/29 (Call 12/15/24)^(a)(b)		12,382		13,171,353
5.63%, 01/15/28 (Call 12/01/22)^(a)(b)		15,043		15,700,379
5.75%, 03/01/27 (Call 03/01/22)^(a)(b)		24,422		25,342,245
U.S. Foods Inc.
4.75%, 02/15/29 (Call 02/15/24)^(a)(b)		16,298		16,510,200
6.25%, 04/15/25 (Call 04/15/22)^(a)(b)		17,372		18,212,621


				656,236,947

Food Service — 0.4%
Aramark Services Inc.
5.00%, 04/01/25 (Call 11/29/21)^(a)(b)		7,269		7,441,639
5.00%, 02/01/28 (Call 02/01/23)^(a)(b)		20,788		21,366,507
6.38%, 05/01/25 (Call 05/01/22)^(a)(b)		27,531		28,978,387
TKC Holdings Inc.
6.88%, 05/15/28 (Call 05/15/24)^(a)		6,930		7,120,575
10.50%, 05/15/29 (Call 05/15/24)^(a)(b)		10,769		11,626,332


				76,533,440

Forest Products & Paper — 0.1%
Mercer International Inc., 5.13%, 02/01/29 (Call 02/01/24)^(b)		15,347		15,329,182
Pearl Merger Sub Inc., 6.75%, 10/01/28 (Call 10/01/24)^(a)		3,357		3,340,215


				18,669,397

Gas — 0.2%
AmeriGas Partners LP/AmeriGas Finance Corp.
5.50%, 05/20/25 (Call 02/20/25)^(b)		12,767		13,859,472
5.63%, 05/20/24 (Call 03/20/24)		9,528		10,303,103
5.75%, 05/20/27 (Call 02/20/27)^(b)		8,091		9,031,579
5.88%, 08/20/26 (Call 05/20/26)^(b)		10,539		11,770,745


				44,964,899

Health Care - Products — 0.8%
Avantor Funding Inc.
3.88%, 11/01/29 (Call 11/01/24)^(a)		10,450		10,465,372
4.63%, 07/15/28 (Call 07/15/23)^(a)		27,356		28,380,482
Hologic Inc.
3.25%, 02/15/29 (Call 09/28/23)^(a)(b)		19,751		19,606,768
4.63%, 02/01/28 (Call 02/01/23)^(a)(b)		4,862		5,067,751


Security	Par (000)		Value

Health Care - Products (continued)
Mozart Debt Merger Sub Inc.
3.88%, 04/01/29 (Call 10/01/24)^(a)	$	29,396	$	29,249,020
5.25%, 10/01/29 (Call 10/01/24)^(a)(b)		38,041		38,611,615
Teleflex Inc.
4.25%, 06/01/28 (Call 06/01/23)^(a)		10,453		10,740,458
4.63%, 11/15/27 (Call 11/15/22)^(b)		8,471		8,839,827

				150,961,293

Health Care - Services — 6.4%
Catalent Pharma Solutions Inc.
3.13%, 02/15/29 (Call 02/15/24)^(a)(b)		11,170		10,910,856
3.50%, 04/01/30 (Call 04/01/25)^(a)		12,505		12,411,213
5.00%, 07/15/27 (Call 07/15/22)^(a)		10,172		10,538,333
Centene Corp.
2.45%, 07/15/28 (Call 05/15/28)		27,037		26,970,632
2.50%, 03/01/31 (Call 12/01/30)^(b)		37,368		36,487,360
2.63%, 08/01/31 (Call 05/01/31)		21,683		21,355,357
3.00%, 10/15/30 (Call 07/15/30)^(b)		37,488		38,139,823
3.38%, 02/15/30 (Call 02/15/25)		34,299		35,251,442
4.25%, 12/15/27 (Call 12/15/22)^(b)		40,328		42,241,564
4.63%, 12/15/29 (Call 12/15/24)^(b)		57,508		62,108,640
Charles River Laboratories International Inc.
3.75%, 03/15/29 (Call 03/15/24)^(a)(b)		8,519		8,604,190
4.00%, 03/15/31 (Call 03/15/26)^(a)(b)		9,863		10,188,528
4.25%, 05/01/28 (Call 05/01/23)^(a)		7,506		7,750,570
CHS/Community Health Systems Inc.
4.75%, 02/15/31 (Call 02/15/26)^(a)(b)		20,567		20,567,000
5.63%, 03/15/27 (Call 12/15/23)^(a)		29,926		31,313,893
6.00%, 01/15/29 (Call 01/15/24)^(a)(b)		13,603		14,358,817
6.13%, 04/01/30 (Call 04/01/25)^(a)(b)		24,121		23,716,491
6.63%, 02/15/25 (Call 02/15/22)^(a)		23,108		24,123,146
6.88%, 04/01/28 (Call 04/01/23)^(a)(b)		12,579		11,963,887
6.88%, 04/15/29 (Call 04/15/24)^(a)(b)		29,592		30,442,770
8.00%, 03/15/26 (Call 03/15/22)^(a)(b)		34,324		36,254,725
8.00%, 12/15/27 (Call 12/15/22)^(a)		11,521		12,537,949
DaVita Inc.
3.75%, 02/15/31 (Call 02/15/26)^(a)(b)		26,407		25,004,128
4.63%, 06/01/30 (Call 06/01/25)^(a)(b)		46,072		46,187,180
Encompass Health Corp.
4.50%, 02/01/28 (Call 02/01/23)^(b)		13,881		14,140,714
4.63%, 04/01/31 (Call 04/01/26)^(b)		6,536		6,696,815
4.75%, 02/01/30 (Call 02/01/25)^(b)		14,737		15,118,034
HCA Inc.
3.50%, 09/01/30 (Call 03/01/30)		45,357		47,779,917
5.38%, 02/01/25		41,836		46,542,550
5.38%, 09/01/26 (Call 03/01/26)^(b)		15,985		18,189,135
5.63%, 09/01/28 (Call 03/01/28)		25,171		29,598,989
5.88%, 05/01/23		18,239		19,516,093
5.88%, 02/15/26 (Call 08/15/25)^(b)		24,695		28,136,989
5.88%, 02/01/29 (Call 08/01/28)^(b)		16,197		19,296,296
IQVIA Inc.
5.00%, 10/15/26 (Call 11/29/21)^(a)		16,634		17,095,060
5.00%, 05/15/27 (Call 05/15/22)^(a)(b)		19,069		19,766,353
Legacy LifePoint Health LLC
4.38%, 02/15/27 (Call 02/15/22)^(a)		10,342		10,276,234
6.75%, 04/15/25 (Call 04/15/22)^(a)(b)		11,366		11,950,577
Lifepoint Health Inc., 5.38%, 01/15/29 (Call 01/15/24)^(a)(b)		8,002		7,885,371
MEDNAX Inc., 6.25%, 01/15/27 (Call 01/15/22)^(a)(b)		17,716		18,598,611
ModivCare Escrow Issuer Inc., 5.00%, 10/01/29 (Call 10/01/24)^(a)(b)		8,565		8,713,462


Security	Par (000)		Value

Health Care - Services (continued)
ModivCare Inc., 5.88%, 11/15/25 (Call 11/15/22)^(a)(b)	$	8,100	$	8,494,875
Molina Healthcare Inc.
3.88%, 11/15/30 (Call 08/17/30)^(a)(b)		11,884		12,285,085
4.38%, 06/15/28 (Call 06/15/23)^(a)(b)		14,062		14,596,206
5.38%, 11/15/22 (Call 08/15/22)^(b)		7,700		7,931,000
Radiology Partners Inc., 9.25%, 02/01/28 (Call 02/01/23)^(a)(b)		11,678		12,363,499
RegionalCare Hospital Partners Holdings Inc./LifePoint Health Inc., 9.75%, 12/01/26 (Call 12/01/21)^(a)		21,523		22,706,765
RP Escrow Issuer LLC, 5.25%, 12/15/25 (Call 12/15/22)^(a)		13,490		13,490,000
Select Medical Corp., 6.25%, 08/15/26 (Call 08/15/22)^(a)(b)		21,250		22,240,069
Tenet Healthcare Corp.
4.25%, 06/01/29 (Call 06/01/24)^(a)		24,131		24,457,492
4.63%, 07/15/24 (Call 11/29/21)^(b)		11,316		11,499,389
4.63%, 09/01/24 (Call 11/15/21)^(a)		8,975		9,097,284
4.63%, 06/15/28 (Call 06/15/23)^(a)(b)		8,254		8,558,985
4.88%, 01/01/26 (Call 03/01/22)^(a)		35,761		36,699,726
5.13%, 11/01/27 (Call 11/01/22)^(a)(b)		26,645		27,834,510
6.13%, 10/01/28 (Call 10/01/23)^(a)(b)		43,780		45,976,648
6.25%, 02/01/27 (Call 02/01/22)^(a)(b)		24,761		25,720,489
6.75%, 06/15/23^(b)		30,085		32,326,333
7.50%, 04/01/25 (Call 04/01/22)^(a)(b)		12,482		13,246,523

				1,288,254,572

Holding Companies - Diversified — 0.6%
Compass Group Diversified Holdings LLC, 5.25%, 04/15/29 (Call 04/15/24)^(a)(b)		17,275		17,966,000
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
4.38%, 02/01/29 (Call 08/01/28)^(b)		13,284		13,335,841
4.75%, 09/15/24 (Call 06/15/24)^(b)		19,392		20,098,741
5.25%, 05/15/27 (Call 11/15/26)		23,744		24,696,989
6.25%, 05/15/26 (Call 05/15/22)^(b)		24,076		25,232,563
6.38%, 12/15/25 (Call 11/29/21)		12,374		12,630,684
6.75%, 02/01/24 (Call 11/29/21)^(b)		5,711		5,788,488
Stena AB, 7.00%, 02/01/24^(a)(b)		307		318,144

				120,067,450

Home Builders — 0.8%
Brookfield Residential Properties Inc./Brookfield Residential U.S. LLC
4.88%, 02/15/30 (Call 02/15/25)^(a)(b)		7,652		7,648,939
6.25%, 09/15/27 (Call 09/15/22)^(a)(b)		12,729		13,290,667
Century Communities Inc.
3.88%, 08/15/29 (Call 02/15/29)^(a)(b)		9,812		9,786,663
6.75%, 06/01/27 (Call 06/01/22)^(b)		3,798		4,037,464
Mattamy Group Corp.
4.63%, 03/01/30 (Call 03/01/25)^(a)(b)		10,987		11,137,592
5.25%, 12/15/27 (Call 12/15/22)^(a)(b)		8,920		9,294,354
Meritage Homes Corp.
3.88%, 04/15/29 (Call 10/15/28)^(a)(b)		9,159		9,499,165
6.00%, 06/01/25 (Call 03/01/25)^(b)		5,786		6,494,062
Picasso Finance Sub Inc., 6.13%, 06/15/25 (Call 06/15/22)^(a)(b)		10,077		10,589,982
Taylor Morrison Communities Inc.
5.13%, 08/01/30 (Call 02/01/30)^(a)		9,087		9,654,938
5.75%, 01/15/28 (Call 10/15/27)^(a)(b)		5,535		6,090,161
5.88%, 06/15/27 (Call 03/15/27)^(a)(b)		9,691		10,867,245
Toll Brothers Finance Corp.
3.80%, 11/01/29 (Call 08/01/29)^(b)		8,588		9,205,621


Security	Par (000)		Value

Home Builders (continued)
4.35%, 02/15/28 (Call 11/15/27)^(b)	$	4,663	$	5,090,497
4.38%, 04/15/23 (Call 01/15/23)^(b)		4,851		5,025,102
4.88%, 03/15/27 (Call 12/15/26)		6,667		7,409,146
TRI Pointe Group Inc./TRI Pointe Homes Inc., 5.88%, 06/15/24^(b)		8,736		9,661,725
Williams Scotsman International Inc., 4.63%, 08/15/28 (Call 08/15/23)^(a)		6,563		6,784,501

				151,567,824

Home Furnishings — 0.1%
Tempur Sealy International Inc.
3.88%, 10/15/31 (Call 10/15/26)^(a)		14,059		13,918,614
4.00%, 04/15/29 (Call 04/15/24)^(a)(b)		6,596		6,704,391

				20,623,005

Household Products & Wares — 0.2%
Central Garden & Pet Co.
4.13%, 10/15/30 (Call 10/15/25)		7,842		7,881,210
4.13%, 04/30/31 (Call 04/30/26)^(a)(b)		8,481		8,519,376
Kronos Acquisition Holdings Inc./KIK Custom Products Inc.
5.00%, 12/31/26 (Call 06/30/23)^(a)(b)		8,262		8,189,191
7.00%, 12/31/27 (Call 12/31/23)^(a)(b)		8,708		8,368,562
Spectrum Brands Inc.
3.88%, 03/15/31 (Call 03/15/26)^(a)(b)		9,807		9,647,869
5.75%, 07/15/25 (Call 11/29/21)		6,421		6,587,857

				49,194,065

Housewares — 0.4%
Newell Brands Inc.
4.35%, 04/01/23 (Call 02/01/23)		15,131		15,786,324
4.70%, 04/01/26 (Call 01/01/26)^(b)		35,549		38,951,491
4.88%, 06/01/25 (Call 05/01/25)^(b)		9,193		10,069,461
Scotts Miracle-Gro Co. (The)
4.00%, 04/01/31 (Call 04/01/26)^(a)(b)		9,277		9,201,392
4.38%, 02/01/32 (Call 08/01/26)^(a)(b)		7,390		7,413,683
4.50%, 10/15/29 (Call 10/15/24)^(b)		5,690		5,919,947

				87,342,298

Insurance — 1.0%
Acrisure LLC/Acrisure Finance Inc.
4.25%, 02/15/29 (Call 02/15/24)^(a)		11,136		10,761,172
6.00%, 08/01/29 (Call 08/01/24)^(a)(b)		7,720		7,585,088
7.00%, 11/15/25 (Call 11/29/21)^(a)(b)		17,278		17,470,964
10.13%, 08/01/26 (Call 08/01/22)^(a)(b)		5,381		5,969,396
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer
4.25%, 10/15/27 (Call 10/15/23)^(a)(b)		11,338		11,350,036
5.88%, 11/01/29 (Call 11/01/24)^(a)		4,610		4,633,431
6.75%, 10/15/27 (Call 10/15/22)^(a)(b)		22,440		23,211,712
AssuredPartners Inc.
5.63%, 01/15/29 (Call 12/15/23)^(a)(b)		8,075		8,025,557
7.00%, 08/15/25 (Call 11/29/21)^(a)(b)		10,974		11,114,833
Global Atlantic Fin Co., 4.70%, 10/15/51 (Call 07/15/26)^(a)(b)(c)		14,480		14,927,148
GTCR AP Finance Inc., 8.00%, 05/15/27 (Call 05/15/22)^(a)(b)		8,296		8,728,118
HUB International Ltd., 7.00%, 05/01/26 (Call 11/09/21)^(a)		28,288		29,237,238
Liberty Mutual Group Inc.
4.13%, 12/15/51 (Call 12/15/26)^(a)(b)(c)		820		841,717
4.30%, 02/01/61 (Call 02/01/26)^(a)(b)		16,286		15,163,678


Security	Par (000)		Value

Insurance (continued)
Radian Group Inc.
4.50%, 10/01/24 (Call 07/01/24)	$	6,579	$	6,980,489
4.88%, 03/15/27 (Call 09/15/26)^(b)		8,350		9,111,937
6.63%, 03/15/25 (Call 09/15/24)		7,130		7,957,548

				193,070,062

Internet — 1.9%
Arches Buyer Inc.
4.25%, 06/01/28 (Call 12/01/23)^(a)(b)		13,548		13,650,529
6.13%, 12/01/28 (Call 12/01/23)^(a)(b)		7,516		7,581,765
Go Daddy Operating Co. LLC/GD Finance Co. Inc.
3.50%, 03/01/29 (Call 03/01/24)^(a)(b)		14,580		14,106,150
5.25%, 12/01/27 (Call 06/01/22)^(a)(b)		11,455		11,886,853
Match Group Holdings II LLC
3.63%, 10/01/31 (Call 10/01/26)^(a)		5,637		5,473,809
4.13%, 08/01/30 (Call 05/01/25)^(a)(b)		9,667		9,984,803
4.63%, 06/01/28 (Call 06/01/23)^(a)		7,928		8,232,871
5.00%, 12/15/27 (Call 12/15/22)^(a)		6,854		7,162,687
Netflix Inc.
3.63%, 06/15/25 (Call 03/15/25)^(a)(b)		3,792		4,034,192
4.38%, 11/15/26^(b)		10,586		11,790,158
4.88%, 04/15/28		20,096		23,035,040
4.88%, 06/15/30 (Call 03/15/30)^(a)(b)		14,339		16,848,325
5.38%, 11/15/29^(a)(b)		13,973		16,872,397
5.75%, 03/01/24		3,190		3,512,988
5.88%, 02/15/25^(b)		8,127		9,213,986
5.88%, 11/15/28		27,541		33,531,167
6.38%, 05/15/29^(b)		11,092		13,989,785
NortonLifeLock Inc.
3.95%, 06/15/22 (Call 03/15/22)		740		747,211
5.00%, 04/15/25 (Call 11/09/21)^(a)		18,319		18,564,678
Photo Holdings Merger Sub Inc., 8.50%, 10/01/26 (Call 10/01/22)^(a)(b)		14,246		14,979,669
Rakuten Group Inc.
5.13%, (Call 04/22/26)^(a)(b)(c)(d)		8,497		8,530,867
6.25%, (Call 04/22/31)^(a)(b)(c)(d)		13,733		14,462,173
Uber Technologies Inc.
4.50%, 08/15/29 (Call 08/15/24)^(a)(b)		26,370		26,515,723
6.25%, 01/15/28 (Call 09/15/23)^(a)(b)		7,931		8,515,622
7.50%, 05/15/25 (Call 05/15/22)^(a)		19,871		21,171,378
7.50%, 09/15/27 (Call 09/15/22)^(a)(b)		21,632		23,668,869
8.00%, 11/01/26 (Call 11/29/21)^(a)		21,764		23,192,807

				371,256,502

Iron & Steel — 0.3%
Cleveland-Cliffs Inc.
4.63%, 03/01/29 (Call 03/01/24)^(a)(b)		8,131		8,415,585
4.88%, 03/01/31 (Call 03/01/26)^(a)(b)		7,969		8,308,663
5.88%, 06/01/27 (Call 06/01/22)^(b)		9,983		10,381,627
6.75%, 03/15/26 (Call 03/15/22)^(a)		12,633		13,433,707
9.88%, 10/17/25 (Call 10/17/22)^(a)(b)		8,338		9,539,322
United States Steel Corp.
6.25%, 03/15/26 (Call 10/31/21)^(b)		6,520		6,727,092
6.88%, 03/01/29 (Call 03/01/24)^(b)		11,074		11,849,180

				68,655,176

Leisure Time — 0.7%
Life Time Inc.
5.75%, 01/15/26 (Call 01/15/23)^(a)(b)		16,993		17,466,595
8.00%, 04/15/26 (Call 02/01/23)^(a)(b)		7,000		7,350,000
NCL Corp. Ltd.
3.63%, 12/15/24 (Call 12/15/21)^(a)(b)		9,273		8,786,168


Security	Par (000)		Value

Leisure Time (continued)
5.88%, 03/15/26 (Call 12/15/25)^(a)(b)	$	24,488	$	24,632,981
10.25%, 02/01/26 (Call 08/01/23)^(a)(b)		11,820		13,523,424
12.25%, 05/15/24 (Call 02/15/24)^(a)		11,130		13,145,587
NCL Finance Ltd., 6.13%, 03/15/28 (Call 12/15/27)^(a)(b)		9,379		9,502,334
Viking Cruises Ltd.
5.88%, 09/15/27 (Call 09/15/22)^(a)		14,743		14,295,181
7.00%, 02/15/29 (Call 02/15/24)^(a)		3,970		3,989,929
13.00%, 05/15/25 (Call 05/15/22)^(a)(b)		13,233		15,189,624
VOC Escrow Ltd., 5.00%, 02/15/28 (Call 02/15/23)^(a)		10,373		10,303,307

				138,185,130

Lodging — 2.8%
Boyd Gaming Corp.
4.75%, 12/01/27 (Call 12/01/22)^(b)		18,950		19,524,185
4.75%, 06/15/31 (Call 06/15/26)^(a)(b)		15,965		16,444,226
8.63%, 06/01/25 (Call 06/01/22)^(a)(b)		8,214		8,863,317
Hilton Domestic Operating Co. Inc.
3.63%, 02/15/32 (Call 08/15/26)^(a)(b)		26,581		25,908,735
3.75%, 05/01/29 (Call 05/01/24)^(a)(b)		12,598		12,638,243
4.00%, 05/01/31 (Call 05/01/26)^(a)(b)		18,925		19,062,206
4.88%, 01/15/30 (Call 01/15/25)^(b)		17,389		18,562,410
5.38%, 05/01/25 (Call 05/01/22)^(a)(b)		7,467		7,785,703
5.75%, 05/01/28 (Call 05/01/23)^(a)		5,890		6,331,750
Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc
4.88%, 07/01/31 (Call 07/01/26)^(a)(b)		8,091		8,060,659
5.00%, 06/01/29 (Call 06/01/24)^(a)		14,687		14,918,908
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.88%, 04/01/27 (Call 04/01/22)^(b)		10,841		11,220,435
Marriott Ownership Resorts Inc.
4.50%, 06/15/29 (Call 06/15/24)^(a)(b)		8,824		8,826,363
6.13%, 09/15/25 (Call 05/15/22)^(a)		2,881		3,023,552
Melco Resorts Finance Ltd.
4.88%, 06/06/25 (Call 11/29/21)^(a)(b)		15,889		15,752,243
5.25%, 04/26/26 (Call 04/26/22)^(a)(b)		7,675		7,598,362
5.38%, 12/04/29 (Call 12/04/24)^(a)(b)		18,557		18,318,060
5.63%, 07/17/27 (Call 07/17/22)^(a)		10,573		10,594,642
5.75%, 07/21/28 (Call 07/21/23)^(a)		14,355		14,301,169
MGM China Holdings Ltd.
4.75%, 02/01/27 (Call 02/01/24)^(a)		13,723		13,187,313
5.25%, 06/18/25 (Call 06/18/22)^(a)(b)		8,250		8,167,986
5.38%, 05/15/24 (Call 11/09/21)^(a)(b)		10,556		10,579,942
5.88%, 05/15/26 (Call 05/15/22)^(a)(b)		12,288		12,302,941
MGM Resorts International
4.63%, 09/01/26 (Call 06/01/26)^(b)		6,112		6,394,833
4.75%, 10/15/28 (Call 07/15/28)^(b)		11,808		12,270,002
5.50%, 04/15/27 (Call 01/15/27)^(b)		11,899		12,821,172
5.75%, 06/15/25 (Call 03/15/25)^(b)		15,528		16,847,396
6.00%, 03/15/23		19,910		21,034,318
6.75%, 05/01/25 (Call 05/01/22)		12,559		13,256,024
Studio City Finance Ltd.
5.00%, 01/15/29 (Call 01/15/24)^(a)(b)		17,672		15,993,160
6.00%, 07/15/25 (Call 07/15/22)^(a)(b)		8,037		7,797,899
6.50%, 01/15/28 (Call 07/15/23)^(a)(b)		8,414		8,109,186
Travel + Leisure Co.
3.90%, 03/01/23 (Call 12/01/22)		5,724		5,889,996
6.00%, 04/01/27 (Call 01/01/27)		7,427		8,105,349
6.63%, 07/31/26 (Call 04/30/26)^(a)(b)		12,237		13,648,171
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.
4.25%, 05/30/23 (Call 02/28/23)^(a)(b)		8,728		8,811,331
5.25%, 05/15/27 (Call 02/15/27)^(a)(b)		13,496		13,603,968


Security	Par (000)		Value

Lodging (continued)
5.50%, 03/01/25 (Call 12/01/24)^(a)	$	30,452	$	30,984,910
Wynn Macau Ltd.
4.88%, 10/01/24 (Call 11/09/21)^(a)(b)		9,661		9,159,736
5.13%, 12/15/29 (Call 12/15/24)^(a)(b)		16,328		14,713,233
5.50%, 01/15/26 (Call 06/15/22)^(a)(b)		16,347		15,400,631
5.50%, 10/01/27 (Call 10/01/22)^(a)(b)		12,709		11,877,911
5.63%, 08/26/28 (Call 08/26/23)^(a)(b)		22,484		20,986,116

				559,678,692

Machinery — 0.2%
Titan Acquisition Ltd./Titan Co-Borrower LLC, 7.75%, 04/15/26 (Call 11/29/21)^(a)(b)		10,861		11,058,815
TK Elevator U.S. Newco Inc., 5.25%, 07/15/27 (Call 07/15/23)^(a)(b)		26,970		27,450,066
Vertical Holdco GmbH, 7.63%, 07/15/28 (Call 07/15/23)^(a)(b)		6,372		6,750,390

				45,259,271

Manufacturing — 0.2%
FXI Holdings Inc.
7.88%, 11/01/24 (Call 11/29/21)^(a)(b)		9,638		9,818,713
12.25%, 11/15/26 (Call 11/15/22)^(a)		14,188		15,777,198
Hillenbrand Inc., 5.75%, 06/15/25 (Call 06/15/22)		5,899		6,217,424

				31,813,335

Media — 9.2%
Altice Financing SA
5.00%, 01/15/28 (Call 01/15/23)^(a)(b)		21,137		20,383,973
5.75%, 08/15/29 (Call 08/15/24)^(a)(b)		32,369		31,824,414
AMC Networks Inc.
4.25%, 02/15/29 (Call 02/15/24)^(b)		18,111		17,839,335
4.75%, 08/01/25 (Call 11/29/21)^(b)		11,350		11,633,750
5.00%, 04/01/24 (Call 11/29/21)^(b)		6,330		6,406,490
CCO Holdings LLC/CCO Holdings Capital Corp.
4.00%, 03/01/23 (Call 11/15/21)^(a)		8,128		8,141,767
4.25%, 02/01/31 (Call 07/01/25)^(a)(b)		50,376		50,095,335
4.25%, 01/15/34 (Call 01/15/28)^(a)(b)		34,170		33,102,188
4.50%, 08/15/30 (Call 02/15/25)^(a)		46,920		47,758,930
4.50%, 05/01/32 (Call 05/01/26)^(b)		47,195		47,577,105
4.50%, 06/01/33 (Call 06/01/27)^(a)		29,568		29,494,080
4.75%, 03/01/30 (Call 09/01/24)^(a)(b)		50,711		52,359,107
5.00%, 02/01/28 (Call 08/01/22)^(a)		41,539		43,200,560
5.13%, 05/01/27 (Call 05/01/22)^(a)		53,373		55,374,487
5.38%, 06/01/29 (Call 06/01/24)^(a)(b)		23,449		25,195,951
5.50%, 05/01/26 (Call 11/29/21)^(a)(b)		11,665		12,049,945
Clear Channel Worldwide Holdings Inc., 5.13%, 08/15/27 (Call 08/15/22)^(a)		23,607		24,234,946
CSC Holdings LLC
3.38%, 02/15/31 (Call 02/15/26)^(a)(b)		17,238		15,697,354
4.13%, 12/01/30 (Call 12/01/25)^(a)(b)		18,295		17,521,213
4.50%, 11/15/31 (Call 11/15/26)^(a)(b)		26,600		25,776,730
4.63%, 12/01/30 (Call 12/01/25)^(a)(b)		38,495		35,332,701
5.00%, 11/15/31 (Call 11/15/26)^(a)(b)		7,652		7,101,209
5.25%, 06/01/24		11,370		11,952,409
5.38%, 02/01/28 (Call 02/01/23)^(a)(b)		15,948		16,446,375
5.50%, 04/15/27 (Call 04/15/22)^(a)(b)		24,161		24,946,233
5.75%, 01/15/30 (Call 01/15/25)^(a)(b)		38,196		37,667,749
5.88%, 09/15/22		821		843,475
6.50%, 02/01/29 (Call 02/01/24)^(a)(b)		31,665		33,960,712
7.50%, 04/01/28 (Call 04/01/23)^(a)		16,463		17,580,769


Security	Par (000)		Value

Media (continued)
Diamond Sports Group LLC/Diamond Sports Finance Co.
5.38%, 08/15/26 (Call 08/15/22)^(a)(b)	$	50,465	$	28,512,725
6.63%, 08/15/27 (Call 08/15/22)^(a)(b)		29,589		8,803,784
DIRECTV Holdings LLC/DIRECTV Financing Co. Inc., 5.88%, 08/15/27 (Call 08/15/23)^(a)(b)		29,589		30,710,423
DISH DBS Corp.
5.00%, 03/15/23^(b)		21,975		22,746,872
5.88%, 07/15/22		764		784,533
5.88%, 11/15/24^(b)		33,944		36,126,599
7.38%, 07/01/28 (Call 07/01/23)^(b)		16,627		17,499,918
7.75%, 07/01/26^(b)		34,903		38,827,619
5.13%, 06/01/29^(b)		26,293		25,293,866
Entercom Media Corp.
6.50%, 05/01/27 (Call 05/01/22)^(a)		5,550		5,580,345
6.75%, 03/31/29 (Call 03/31/24)^(a)		3,250		3,225,625
Gray Escrow II Inc., 5.38%, 11/15/31 (Call 11/15/26)^(a)		7,410		7,503,088
Gray Television Inc.
4.75%, 10/15/30 (Call 10/15/25)^(a)(b)		13,842		13,658,180
5.88%, 07/15/26 (Call 11/29/21)^(a)(b)		8,721		9,000,798
7.00%, 05/15/27 (Call 05/15/22)^(a)(b)		14,069		15,076,888
iHeartCommunications Inc.
4.75%, 01/15/28 (Call 01/15/23)^(a)(b)		7,031		7,064,819
5.25%, 08/15/27 (Call 08/15/22)^(a)(b)		14,861		15,194,956
6.38%, 05/01/26 (Call 05/01/22)^(b)		13,586		14,230,965
8.38%, 05/01/27 (Call 05/01/22)^(b)		26,502		28,225,088
LCPR Senior Secured Financing DAC
5.13%, 07/15/29 (Call 07/15/24)^(a)		14,379		14,561,613
6.75%, 10/15/27 (Call 10/15/22)^(a)		22,496		23,733,406
Mav Acquisition Corp.
5.75%, 08/01/28 (Call 08/01/24)^(a)		14,921		14,667,343
8.00%, 08/01/29 (Call 08/01/24)^(a)		12,115		11,805,159
Meredith Corp., 6.88%, 02/01/26 (Call 12/01/21)^(b)		17,023		17,668,172
News Corp., 3.88%, 05/15/29 (Call 05/15/24)^(a)(b)		18,018		18,289,531
Nexstar Media Inc.
4.75%, 11/01/28 (Call 11/01/23)^(a)(b)		17,179		17,550,925
5.63%, 07/15/27 (Call 07/15/22)^(a)(b)		31,901		33,655,555
Quebecor Media Inc., 5.75%, 01/15/23		13,784		14,507,660
Radiate Holdco LLC/Radiate Finance Inc.
4.50%, 09/15/26 (Call 09/15/23)^(a)(b)		18,736		19,036,525
6.50%, 09/15/28 (Call 09/15/23)^(a)(b)		15,777		15,777,000
Scripps Escrow II Inc.
3.88%, 01/15/29 (Call 01/15/24)^(a)(b)		9,810		9,787,976
5.38%, 01/15/31 (Call 01/15/26)^(a)(b)		9,295		9,120,634
Scripps Escrow Inc., 5.88%, 07/15/27 (Call 07/15/22)^(a)(b)		7,449		7,607,291
Sinclair Television Group Inc.
4.13%, 12/01/30 (Call 12/01/25)^(a)(b)		11,349		10,821,555
5.13%, 02/15/27 (Call 11/15/21)^(a)(b)		6,403		6,181,911
5.50%, 03/01/30 (Call 12/01/24)^(a)(b)		7,777		7,442,670
Sirius XM Radio Inc.
3.13%, 09/01/26 (Call 09/01/23)^(a)(b)		16,272		16,312,680
3.88%, 09/01/31 (Call 09/01/26)^(a)(b)		26,078		25,067,478
4.00%, 07/15/28 (Call 07/15/24)^(a)(b)		35,245		35,498,764
4.13%, 07/01/30 (Call 07/01/25)^(a)(b)		24,910		24,798,901
5.00%, 08/01/27 (Call 08/01/22)^(a)(b)		24,361		25,457,245
5.50%, 07/01/29 (Call 07/01/24)^(a)(b)		20,245		21,813,988
TEGNA Inc.
4.63%, 03/15/28 (Call 03/15/23)^(b)		19,072		19,255,509
4.75%, 03/15/26 (Call 03/15/23)^(a)(b)		7,850		8,164,393


Security	Par (000)		Value

Media (continued)
5.00%, 09/15/29 (Call 09/15/24)^(b)	$	18,565	$	18,830,247
Telenet Finance Luxembourg Notes Sarl, 5.50%, 03/01/28 (Call 12/01/22)^(a)		17,400		18,134,280
Univision Communications Inc.
4.50%, 05/01/29 (Call 05/01/24)^(a)(b)		18,039		18,250,056
5.13%, 02/15/25 (Call 11/09/21)^(a)(b)		24,558		24,990,221
6.63%, 06/01/27 (Call 06/01/23)^(a)(b)		27,412		29,635,799
UPC Broadband Finco BV, 4.88%, 07/15/31 (Call 07/15/26)^(a)(b)		21,715		22,077,641
UPC Holding BV, 5.50%, 01/15/28 (Call 10/15/22)^(a)(b)		8,591		8,901,890
ViacomCBS Inc., 6.25%, 02/28/57 (Call 02/28/27)^(c)		11,236		12,825,669
Videotron Ltd.
3.63%, 06/15/29 (Call 06/15/24)^(a)(b)		10,853		10,891,076
5.13%, 04/15/27 (Call 04/15/22)^(a)(b)		11,749		12,152,872
5.38%, 06/15/24 (Call 03/15/24)^(a)(b)		8,145		8,775,312
Virgin Media Finance PLC, 5.00%, 07/15/30 (Call 07/15/25)^(a)(b)		16,651		16,577,527
Virgin Media Secured Finance PLC
4.50%, 08/15/30 (Call 08/15/25)^(a)(b)		15,353		15,342,253
5.50%, 05/15/29 (Call 05/15/24)^(a)(b)		23,375		24,616,446
Virgin Media Vendor Financing Notes IV DAC, 5.00%, 07/15/28 (Call 07/15/23)^(a)		9,064		9,211,290
Ziggo Bond Co. BV
5.13%, 02/28/30 (Call 02/15/25)^(a)(b)		8,487		8,588,844
6.00%, 01/15/27 (Call 01/15/22)^(a)		11,434		11,785,453
Ziggo BV
4.88%, 01/15/30 (Call 10/15/24)^(a)(b)		17,710		17,986,719
5.50%, 01/15/27 (Call 01/15/22)^(a)		29,190		30,082,878

				1,837,806,740

Mining — 1.4%
Alcoa Nederland Holding BV
4.13%, 03/31/29 (Call 03/31/24)^(a)(b)		7,593		7,898,998
5.50%, 12/15/27 (Call 06/15/23)^(a)(b)		11,528		12,359,745
6.13%, 05/15/28 (Call 05/15/23)^(a)		7,720		8,285,876
Arconic Corp.
6.00%, 05/15/25 (Call 05/15/22)^(a)(b)		10,638		11,150,182
6.13%, 02/15/28 (Call 02/15/23)^(a)(b)		14,165		14,944,075
Constellium SE
3.75%, 04/15/29 (Call 04/15/24)^(a)(b)		7,743		7,480,590
5.88%, 02/15/26 (Call 11/29/21)^(a)(b)		6,384		6,493,245
FMG Resources August 2006 Pty Ltd.
4.38%, 04/01/31 (Call 01/01/31)^(a)(b)		24,999		25,437,482
4.50%, 09/15/27 (Call 06/15/27)^(a)(b)		9,318		9,769,632
5.13%, 05/15/24 (Call 02/15/24)^(a)(b)		10,618		11,317,594
Freeport-McMoRan Inc.
3.88%, 03/15/23 (Call 12/15/22)		13,298		13,696,940
4.13%, 03/01/28 (Call 03/01/23)^(b)		11,481		11,882,835
4.25%, 03/01/30 (Call 03/01/25)^(b)		12,219		12,875,771
4.38%, 08/01/28 (Call 08/01/23)		9,619		10,015,495
4.55%, 11/14/24 (Call 08/14/24)^(b)		11,292		12,209,701
4.63%, 08/01/30 (Call 08/01/25)^(b)		12,934		13,936,385
5.00%, 09/01/27 (Call 09/01/22)^(b)		9,198		9,605,012
5.25%, 09/01/29 (Call 09/01/24)^(b)		10,511		11,504,290
Kaiser Aluminum Corp.
4.50%, 06/01/31 (Call 06/01/26)^(a)(b)		8,676		8,497,231
4.63%, 03/01/28 (Call 03/01/23)^(a)(b)		8,007		8,093,976
Novelis Corp.
3.25%, 11/15/26 (Call 11/15/23)^(a)(b)		13,190		13,140,538
3.88%, 08/15/31 (Call 08/15/26)^(a)(b)		11,628		11,308,811


Security	Par (000)		Value

Mining (continued)
4.75%, 01/30/30 (Call 01/30/25)^(a)(b)	$	27,607	$	28,719,562

				280,623,966

Office & Business Equipment — 0.4%
CDW LLC/CDW Finance Corp.
3.25%, 02/15/29 (Call 08/15/23)^(b)		11,413		11,572,782
4.13%, 05/01/25 (Call 05/01/22)		8,060		8,316,308
4.25%, 04/01/28 (Call 10/01/22)^(b)		10,854		11,274,551
5.50%, 12/01/24 (Call 06/01/24)		7,254		7,945,526
Pitney Bowes Inc., 6.88%, 03/15/27 (Call 03/15/24)^(a)(b)		5,479		5,689,070
Xerox Corp., 4.38%, 03/15/23 (Call 02/15/23)		14,985		15,478,306
Xerox Holdings Corp.
5.00%, 08/15/25 (Call 07/15/25)^(a)		12,681		13,188,240
5.50%, 08/15/28 (Call 07/15/28)^(a)(b)		12,373		12,535,480

				86,000,263

Oil & Gas — 7.0%
Antero Resources Corp.
5.00%, 03/01/25 (Call 11/29/21)^(b)		7,209		7,313,530
5.38%, 03/01/30 (Call 03/01/25)^(a)(b)		9,588		10,155,130
7.63%, 02/01/29 (Call 02/01/24)^(a)(b)		9,674		10,713,955
8.38%, 07/15/26 (Call 01/15/24)^(a)		5,648		6,346,940
Apache Corp.
4.25%, 01/15/30 (Call 10/15/29)^(b)		7,686		8,175,464
4.38%, 10/15/28 (Call 07/15/28)^(b)		11,113		11,899,912
4.63%, 11/15/25 (Call 08/15/25)^(b)		5,684		6,127,295
4.88%, 11/15/27 (Call 05/15/27)^(b)		9,100		9,881,265
Ascent Resources Utica Holdings LLC/ARU Finance Corp.
5.88%, 06/30/29 (Call 09/01/24)^(a)		6,996		7,080,372
7.00%, 11/01/26 (Call 11/29/21)^(a)(b)		9,266		9,568,674
Callon Petroleum Co.
6.13%, 10/01/24 (Call 11/29/21)		7,153		7,034,777
8.00%, 08/01/28 (Call 08/01/24)^(a)(b)		10,565		10,644,237
Calumet Specialty Products Partners LP/Calumet Finance Corp., 11.00%, 04/15/25 (Call 11/29/21)^(a)		8,161		8,864,886
Chesapeake Energy Corp.
5.50%, 02/01/26 (Call 02/05/23)^(a)(b)		7,453		7,786,149
5.88%, 02/01/29 (Call 02/05/24)^(a)(b)		7,596		8,089,604
Citgo Holding Inc., 9.25%, 08/01/24 (Call 11/29/21)^(a)(b)		21,705		22,156,759
CITGO Petroleum Corp.
6.38%, 06/15/26 (Call 06/15/23)^(a)(b)		10,657		10,976,710
7.00%, 06/15/25 (Call 06/15/22)^(a)		17,362		17,882,339
CNX Resources Corp.
6.00%, 01/15/29 (Call 01/15/24)^(a)(b)		8,152		8,600,360
7.25%, 03/14/27 (Call 03/14/22)^(a)(b)		13,096		13,921,866
Comstock Resources Inc.
5.88%, 01/15/30 (Call 01/15/25)^(a)(b)		16,372		17,023,606
6.75%, 03/01/29 (Call 03/01/24)^(a)(b)		19,706		21,178,507
7.50%, 05/15/25 (Call 11/29/21)^(a)		2,768		2,870,624
Continental Resources Inc./OK
3.80%, 06/01/24 (Call 03/01/24)^(b)		15,602		16,382,100
4.38%, 01/15/28 (Call 10/15/27)^(b)		15,486		16,841,025
4.50%, 04/15/23 (Call 01/15/23)^(b)		8,184		8,512,833
5.75%, 01/15/31 (Call 07/15/30)^(a)(b)		25,626		30,591,037
CrownRock LP/CrownRock Finance Inc.
5.00%, 05/01/29 (Call 05/01/24)^(a)(b)		6,127		6,324,596
5.63%, 10/15/25 (Call 11/29/21)^(a)(b)		18,979		19,440,026


Security	Par (000)		Value

Oil & Gas (continued)
CVR Energy Inc.
5.25%, 02/15/25 (Call 02/15/22)^(a)(b)	$	9,569	$	9,470,760
5.75%, 02/15/28 (Call 02/15/23)^(a)(b)		5,956		5,876,807
Endeavor Energy Resources LP/EER Finance Inc.
5.75%, 01/30/28 (Call 01/30/23)^(a)(b)		15,437		16,208,850
6.63%, 07/15/25 (Call 07/15/22)^(a)(b)		7,120		7,508,305
Energean Israel Finance Ltd.
4.50%, 03/30/24 (Call 12/30/23)^(a)(e)		10,346		10,550,851
4.88%, 03/30/26 (Call 12/30/25)^(a)(e)		8,033		8,163,536
5.38%, 03/30/28 (Call 09/30/27)^(a)(e)		10,050		10,145,475
5.88%, 03/30/31 (Call 09/30/30)^(a)(e)		10,270		10,413,780
EQT Corp.
3.00%, 10/01/22 (Call 09/01/22)^(b)		1,523		1,540,499
3.13%, 05/15/26 (Call 05/15/23)^(a)(b)		9,657		9,734,860
3.63%, 05/15/31 (Call 05/15/30)^(a)(b)		9,234		9,435,225
3.90%, 10/01/27 (Call 07/01/27)^(b)		18,794		20,037,368
6.63%, 02/01/25 (Call 01/01/25)^(b)		18,697		21,014,761
7.50%, 02/01/30 (Call 11/01/29)^(b)		11,654		14,923,707
Hilcorp Energy I LP/Hilcorp Finance Co.
5.75%, 10/01/25 (Call 11/15/21)^(a)		5,730		5,844,887
5.75%, 02/01/29 (Call 02/01/24)^(a)(b)		9,546		9,717,645
6.00%, 02/01/31 (Call 02/01/26)^(a)(b)		10,055		10,297,368
6.25%, 11/01/28 (Call 11/01/23)^(a)(b)		8,388		8,608,604
Laredo Petroleum Inc.
7.75%, 07/31/29 (Call 07/31/24)^(a)(b)		6,662		6,580,557
9.50%, 01/15/25 (Call 01/15/22)^(b)		8,885		9,150,069
Leviathan Bond Ltd.
5.75%, 06/30/23 (Call 03/30/23)^(a)(e)		5,963		6,188,696
6.13%, 06/30/25 (Call 03/30/25)^(a)(e)		9,582		10,342,923
6.50%, 06/30/27 (Call 12/30/26)^(a)(e)		8,118		8,874,354
6.75%, 06/30/30 (Call 12/30/29)^(a)(e)		9,035		9,999,938
Matador Resources Co., 5.88%, 09/15/26 (Call 11/15/21)^(b)		15,160		15,651,351
MEG Energy Corp.
5.88%, 02/01/29 (Call 02/01/24)^(a)(b)		8,541		8,786,554
6.50%, 01/15/25 (Call 11/29/21)^(a)		2,907		2,976,041
7.13%, 02/01/27 (Call 02/01/23)^(a)(b)		20,595		21,655,642
Moss Creek Resources Holdings Inc.
7.50%, 01/15/26 (Call 11/29/21)^(a)(b)		11,633		10,586,030
10.50%, 05/15/27 (Call 05/15/22)^(a)(b)		7,930		7,857,922
Murphy Oil Corp.
5.75%, 08/15/25 (Call 11/29/21)^(b)		9,756		9,998,274
5.88%, 12/01/27 (Call 12/01/22)		8,296		8,635,763
6.38%, 07/15/28 (Call 07/15/24)		8,575		9,068,920
6.88%, 08/15/24 (Call 11/29/21)^(b)		3,928		4,006,885
Nabors Industries Inc.
5.75%, 02/01/25 (Call 11/01/24)		9,424		8,952,800
9.00%, 02/01/25 (Call 12/01/21)^(a)		226		233,916
Nabors Industries Ltd.
7.25%, 01/15/26 (Call 07/15/22)^(a)(b)		9,265		8,980,101
7.50%, 01/15/28 (Call 01/15/23)^(a)		2,523		2,411,002
Occidental Petroleum Corp.
2.70%, 02/15/23 (Call 11/15/22)		6,801		6,883,337
2.90%, 08/15/24 (Call 07/15/24)		42,871		43,672,688
3.00%, 02/15/27 (Call 11/15/26)^(b)		11,179		11,170,966
3.20%, 08/15/26 (Call 06/15/26)^(b)		13,091		13,278,529
3.40%, 04/15/26 (Call 01/15/26)		15,032		15,321,791
3.50%, 06/15/25 (Call 03/15/25)		7,611		7,869,556
3.50%, 08/15/29 (Call 05/15/29)^(b)		25,360		25,740,400
5.50%, 12/01/25 (Call 09/01/25)		11,232		12,349,472


Security	Par (000)		Value

Oil & Gas (continued)
5.55%, 03/15/26 (Call 12/15/25)	$	16,661	$	18,389,579
5.88%, 09/01/25 (Call 06/01/25)^(b)		13,547		15,037,170
6.13%, 01/01/31 (Call 07/01/30)^(b)		21,401		25,627,697
6.38%, 09/01/28 (Call 03/01/28)^(b)		9,772		11,405,878
6.63%, 09/01/30 (Call 03/01/30)^(b)		25,706		31,472,285
6.95%, 07/01/24		10,794		12,129,757
7.50%, 05/01/31^(b)		14,415		18,754,347
7.88%, 09/15/31		7,383		9,820,202
8.00%, 07/15/25 (Call 04/15/25)^(b)		7,318		8,660,994
8.50%, 07/15/27 (Call 01/15/27)		7,709		9,620,110
8.88%, 07/15/30 (Call 01/15/30)		15,950		21,622,219
Ovintiv Exploration Inc.
5.38%, 01/01/26 (Call 10/01/25)^(b)		10,335		11,491,714
5.63%, 07/01/24^(b)		13,729		15,111,236
Parkland Corp.
4.50%, 10/01/29 (Call 10/01/24)^(a)		13,048		13,129,550
5.88%, 07/15/27 (Call 07/15/22)^(a)(b)		7,412		7,824,447
PBF Holding Co. LLC/PBF Finance Corp.
6.00%, 02/15/28 (Call 02/15/23)		17,974		13,031,150
7.25%, 06/15/25 (Call 11/29/21)		12,596		9,799,688
9.25%, 05/15/25 (Call 05/15/22)^(a)(b)		20,157		19,501,897
PDC Energy Inc.
5.75%, 05/15/26 (Call 11/29/21)^(b)		11,026		11,342,997
6.13%, 09/15/24 (Call 11/29/21)		5,142		5,223,501
Puma International Financing SA
5.00%, 01/24/26 (Call 11/09/21)^(a)		10,170		10,236,896
5.13%, 10/06/24 (Call 11/09/21)^(a)		9,356		9,413,175
Range Resources Corp.
4.88%, 05/15/25 (Call 02/15/25)		12,906		13,463,140
5.00%, 08/15/22 (Call 05/15/22)		5,743		5,830,422
5.00%, 03/15/23 (Call 12/15/22)		6,340		6,501,832
8.25%, 01/15/29 (Call 01/15/24)^(a)(b)		8,304		9,341,111
9.25%, 02/01/26 (Call 02/01/22)^(b)		11,408		12,357,668
SM Energy Co.
6.50%, 07/15/28 (Call 07/15/24)^(b)		5,779		6,067,950
6.63%, 01/15/27 (Call 01/15/22)		6,484		6,698,797
6.75%, 09/15/26 (Call 11/29/21)^(b)		6,661		6,829,018
10.00%, 01/15/25 (Call 06/17/22)^(a)		8,571		9,551,186
Southwestern Energy Co.
5.38%, 02/01/29 (Call 02/01/24)^(a)		12,075		12,734,673
5.38%, 03/15/30 (Call 03/15/25)^(b)		20,615		21,748,413
6.45%, 01/23/25 (Call 10/23/24)		11,684		12,750,165
7.75%, 10/01/27 (Call 10/01/22)^(b)		8,003		8,587,125
Sunoco LP/Sunoco Finance Corp.
4.50%, 05/15/29 (Call 05/15/24)		13,392		13,572,658
4.50%, 04/30/30 (Call 04/30/25)^(a)		12,972		13,086,413
5.88%, 03/15/28 (Call 03/15/23)^(b)		6,605		6,983,533
6.00%, 04/15/27 (Call 04/15/22)^(b)		9,238		9,681,408
Transocean Guardian Ltd., 5.88%, 01/15/24 (Call 11/29/21)^(a)		11,641		11,425,287
Transocean Inc.
7.25%, 11/01/25 (Call 11/09/21)^(a)(b)		6,247		5,154,462
7.50%, 01/15/26 (Call 11/09/21)^(a)		10,116		8,143,380
8.00%, 02/01/27 (Call 02/01/23)^(a)(b)		5,518		4,212,717
11.50%, 01/30/27 (Call 07/30/23)^(a)(b)		11,484		11,824,558
Transocean Pontus Ltd., 6.13%, 08/01/25 (Call 11/29/21)^(a)		9,749		9,780,124
Transocean Poseidon Ltd., 6.88%, 02/01/27 (Call 02/01/22)^(a)(b)		12,016		11,953,717


Security	Par (000)		Value

Oil & Gas (continued)
Transocean Sentry Ltd., 5.38%, 05/15/23 (Call 11/29/21)^(a)	$	8,934	$	8,800,233


				1,394,828,822

Oil & Gas Services — 0.4%
Archrock Partners LP/Archrock Partners Finance Corp.
6.25%, 04/01/28 (Call 04/01/23)^(a)(b)		12,737		13,223,580
6.88%, 04/01/27 (Call 04/01/22)^(a)(b)		8,835		9,208,479
USA Compression Partners LP/USA Compression Finance Corp.
6.88%, 04/01/26 (Call 11/29/21)^(b)		12,226		12,642,662
6.88%, 09/01/27 (Call 09/01/22)^(b)		10,827		11,239,654
Weatherford International Ltd.
6.50%, 09/15/28 (Call 09/15/24)^(a)(b)		9,545		10,081,906
8.63%, 04/30/30 (Call 10/30/24)^(a)(b)		23,725		24,407,094
11.00%, 12/01/24 (Call 12/01/21)^(a)(b)		4,064		4,236,720


				85,040,095

Packaging & Containers — 2.2%
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC
3.25%, 09/01/28 (Call 05/15/24)^(a)(b)		8,847		8,658,264
4.00%, 09/01/29 (Call 05/15/24)^(a)		19,733		19,647,161
Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc.
4.13%, 08/15/26 (Call 08/15/22)^(a)(b)		19,718		20,122,109
5.25%, 04/30/25 (Call 04/30/22)^(a)		12,431		12,896,174
5.25%, 08/15/27 (Call 08/15/22)^(a)(b)		31,890		31,810,276
Ball Corp.
2.88%, 08/15/30 (Call 05/15/30)^(b)		23,216		22,345,400
3.13%, 09/15/31 (Call 06/15/31)^(b)		14,254		13,862,015
4.00%, 11/15/23		13,815		14,523,353
4.88%, 03/15/26 (Call 12/15/25)^(b)		12,901		14,143,703
5.25%, 07/01/25^(b)		16,353		18,230,529
Berry Global Inc.
4.50%, 02/15/26 (Call 11/29/21)^(a)(b)		991		1,006,599
4.88%, 07/15/26 (Call 07/15/22)^(a)		1,276		1,334,413
5.63%, 07/15/27 (Call 07/15/22)^(a)(b)		9,025		9,453,462
Crown Americas LLC/Crown Americas Capital Corp. V, 4.25%, 09/30/26 (Call 03/31/26)^(b)		8,586		9,165,555
Crown Americas LLC/Crown Americas Capital Corp. VI, 4.75%, 02/01/26 (Call 11/29/21)		14,695		15,152,106
Flex Acquisition Co. Inc.
6.88%, 01/15/25 (Call 11/29/21)^(a)(b)		12,770		12,833,850
7.88%, 07/15/26 (Call 11/29/21)^(a)(b)		8,660		9,051,570
Graphic Packaging International LLC, 3.50%, 03/15/28^(a)(b)		8,051		8,102,526
LABL Inc.
5.88%, 11/01/28 (Call 11/01/24)^(a)(b)		2,305		2,324,477
6.75%, 07/15/26 (Call 07/15/22)^(a)		13,275		13,746,594
8.25%, 11/01/29 (Call 11/01/24)^(a)		3,160		3,096,800
10.50%, 07/15/27 (Call 07/15/22)^(a)(b)		13,766		14,559,204
Mauser Packaging Solutions Holding Co.
5.50%, 04/15/24 (Call 11/29/21)^(a)		25,628		25,666,442
7.25%, 04/15/25 (Call 11/29/21)^(a)(b)		23,640		22,905,505
Owens-Brockway Glass Container Inc.
5.88%, 08/15/23^(a)(b)		9,966		10,464,300
6.63%, 05/13/27 (Call 05/15/23)^(a)(b)		13,003		13,873,898
Pactiv Evergreen Group Issuer LLC/Pactiv Evergreen Group Issuer Inc., 4.38%, 10/15/28 (Call 10/15/24)^(a)		8,224		8,100,640


Security	Par (000)		Value
Security	Par (000)		Value

Packaging & Containers (continued)
Reynolds Group Issuer Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu, 4.00%, 10/15/27 (Call 10/15/23)^(a)(b)	$	18,006	$	17,618,871
Sealed Air Corp.
4.00%, 12/01/27 (Call 09/01/27)^(a)		10,268		10,757,270
5.13%, 12/01/24 (Call 09/01/24)^(a)		6,842		7,370,852
5.25%, 04/01/23 (Call 01/01/23)^(a)(b)		6,681		6,984,986
5.50%, 09/15/25 (Call 06/15/25)^(a)		4,777		5,274,072
Silgan Holdings Inc., 4.13%, 02/01/28
(Call 10/01/22)^(b)		10,915		11,106,013
Trivium Packaging Finance BV
5.50%, 08/15/26 (Call 08/15/22)^(a)(b)		20,983		21,806,507
8.50%, 08/15/27 (Call 08/15/22)^(a)(b)		10,395		10,966,621


				448,962,117

Pharmaceuticals — 3.9%
AdaptHealth LLC
4.63%, 08/01/29 (Call 02/01/24)^(a)(b)		6,659		6,593,890
5.13%, 03/01/30 (Call 03/01/25)^(a)(b)		11,293		11,345,633
Bausch Health Americas Inc.
8.50%, 01/31/27 (Call 07/31/22)^(a)(b)		28,712		30,528,792
9.25%, 04/01/26 (Call 04/01/22)^(a)		26,244		27,914,711
Bausch Health Companies Inc.
4.88%, 06/01/28 (Call 06/01/24)^(a)(b)		28,583		29,434,773
5.00%, 01/30/28 (Call 01/30/23)^(a)(b)		20,234		18,690,146
5.00%, 02/15/29 (Call 02/15/24)^(a)(b)		16,481		15,121,317
5.25%, 01/30/30 (Call 01/30/25)^(a)(b)		22,040		19,918,650
5.25%, 02/15/31 (Call 02/15/26)^(a)		16,017		14,410,295
5.50%, 11/01/25 (Call 11/29/21)^(a)(b)		28,659		29,130,363
5.75%, 08/15/27 (Call 08/15/22)^(a)(b)		6,920		7,240,811
6.13%, 04/15/25 (Call 11/29/21)^(a)		48,406		49,332,733
6.25%, 02/15/29 (Call 02/15/24)^(a)(b)		25,742		24,935,807
7.00%, 01/15/28 (Call 01/15/23)^(a)(b)		12,465		12,597,441
7.25%, 05/30/29 (Call 05/30/24)^(a)(b)		12,175		12,320,491
9.00%, 12/15/25 (Call 12/15/21)^(a)(b)		24,361		25,612,851
Elanco Animal Health Inc.
5.27%, 08/28/23 (Call 07/28/23)^(b)		11,415		12,205,489
5.90%, 08/28/28 (Call 05/28/28)^(b)		14,249		16,598,803
Endo Dac/Endo Finance LLC/Endo Finco Inc.
6.00%, 06/30/28 (Call 06/30/23)^(a)(b)		20,847		14,540,783
9.50%, 07/31/27 (Call 07/31/23)^(a)(b)		15,417		15,301,372
Endo Luxembourg Finance Co. I Sarl/Endo U.S. Inc., 6.13%, 04/01/29 (Call 04/01/24)^(a)		22,151		21,818,735
Herbalife Nutrition Ltd./HLF Financing Inc., 7.88%, 09/01/25 (Call 09/01/22)^(a)		10,851		11,664,391
HLF Financing Sarl LLC/Herbalife International Inc., 4.88%, 06/01/29 (Call 06/01/24)^(a)(b)		10,127		10,192,117
Jazz Securities DAC, 4.38%, 01/15/29
(Call 07/15/24)^(a)(b)		26,148		26,868,464
Organon & Co./Organon Foreign Debt Co-Issuer BV
4.13%, 04/30/28 (Call 04/30/24)^(a)		34,490		34,826,277
5.13%, 04/30/31 (Call 04/30/26)^(a)(b)		34,916		36,013,410
Par Pharmaceutical Inc., 7.50%, 04/01/27
(Call 04/01/22)^(a)(b)		34,212		34,511,355
Perrigo Finance Unlimited Co.
3.15%, 06/15/30 (Call 03/15/30)^(b)		13,803		13,901,442
3.90%, 12/15/24 (Call 09/15/24)		10,015		10,567,537
4.38%, 03/15/26 (Call 12/15/25)		11,065		11,785,556
Prestige Brands Inc.
3.75%, 04/01/31 (Call 04/01/26)^(a)		11,305		10,937,588
5.13%, 01/15/28 (Call 01/15/23)^(a)(b)		5,360		5,605,657


Security	Par (000)		Value
Security	Par (000)		Value

Pharmaceuticals (continued)
Teva Pharmaceutical Finance Netherlands III BV
2.80%, 07/21/23	$	51,544	$	51,920,271
3.15%, 10/01/26^(b)		57,750		54,413,251
6.00%, 04/15/24 (Call 01/15/24)^(b)		19,509		20,536,131
6.75%, 03/01/28 (Call 12/01/27)^(b)		22,201		24,395,726
7.13%, 01/31/25 (Call 10/31/24)^(b)		14,657		15,733,410

				789,466,469

Pipelines — 4.8%
Antero Midstream Partners LP/Antero Midstream Finance Corp.
5.38%, 06/15/29 (Call 06/15/24)^(a)		12,357		12,882,173
5.75%, 03/01/27 (Call 03/01/22)^(a)		13,488		13,949,964
5.75%, 01/15/28 (Call 01/15/23)^(a)		11,426		11,954,453
7.88%, 05/15/26 (Call 05/15/23)^(a)(b)		7,565		8,255,306
Buckeye Partners LP
3.95%, 12/01/26 (Call 09/01/26)		10,807		11,038,486
4.13%, 03/01/25 (Call 02/01/25)^(a)(b)		11,576		11,852,377
4.13%, 12/01/27 (Call 09/01/27)		5,854		5,904,674
4.15%, 07/01/23 (Call 04/01/23)		6,420		6,626,403
4.50%, 03/01/28 (Call 12/01/27)^(a)(b)		7,311		7,279,319
6.38%, 01/22/78 (Call 01/22/23)^(c)		7,023		6,396,162
Cheniere Energy Inc., 4.63%, 10/15/28
(Call 10/15/23)^(b)		34,462		36,183,377
Cheniere Energy Partners LP
3.25%, 01/31/32 (Call 01/31/27)^(a)		13,393		13,252,641
4.00%, 03/01/31 (Call 03/01/26)^(a)(b)		26,448		27,541,133
4.50%, 10/01/29 (Call 10/01/24)^(b)		27,072		28,836,553
CQP Holdco LP/BIP-V Chinook Holdco LLC, 5.50%, 06/15/31 (Call 06/15/26)^(a)(b)		24,426		25,497,356
Crestwood Midstream Partners LP/Crestwood
Midstream Finance Corp.
5.63%, 05/01/27 (Call 05/01/22)^(a)(b)		9,776		10,026,754
5.75%, 04/01/25 (Call 11/29/21)^(b)		6,000		6,148,800
6.00%, 02/01/29 (Call 02/01/24)^(a)(b)		11,044		11,418,556
DCP Midstream Operating LP
3.88%, 03/15/23 (Call 12/15/22)^(b)		5,370		5,531,100
5.13%, 05/15/29 (Call 02/15/29)^(b)		10,406		11,784,795
5.38%, 07/15/25 (Call 04/15/25)		11,917		13,205,001
5.63%, 07/15/27 (Call 04/15/27)^(b)		9,084		10,359,175
5.85%, 05/21/43 (Call 05/21/23)^(a)(b)(c)		9,151		8,614,141
DT Midstream Inc.
4.13%, 06/15/29 (Call 06/15/24)^(a)		18,194		18,316,142
4.38%, 06/15/31 (Call 06/15/26)^(a)(b)		17,236		17,486,462
EnLink Midstream Partners LP
4.15%, 06/01/25 (Call 03/01/25)		13,128		13,616,861
4.40%, 04/01/24 (Call 01/01/24)		6,292		6,567,275
4.85%, 07/15/26 (Call 04/15/26)^(b)		7,286		7,572,279
EQM Midstream Partners LP
4.00%, 08/01/24 (Call 05/01/24)		6,105		6,318,675
4.13%, 12/01/26 (Call 09/01/26)		6,925		7,125,038
4.50%, 01/15/29 (Call 07/15/28)^(a)(b)		12,218		12,569,268
4.75%, 07/15/23 (Call 06/15/23)		11,352		11,949,229
4.75%, 01/15/31 (Call 07/15/30)^(a)(b)		19,773		20,462,419
5.50%, 07/15/28 (Call 04/15/28)^(b)		12,399		13,691,596
6.00%, 07/01/25 (Call 04/01/25)^(a)(b)		12,075		13,133,575
6.50%, 07/01/27 (Call 01/01/27)^(a)		15,259		16,975,638
Genesis Energy LP/Genesis Energy Finance Corp.
6.50%, 10/01/25 (Call 11/29/21)^(b)		7,843		7,730,845
7.75%, 02/01/28 (Call 02/01/23)^(b)		11,984		11,864,160
8.00%, 01/15/27 (Call 01/15/24)^(b)		16,762		16,840,781


Security	Par (000)		Value
Security	Par (000)		Value

Pipelines (continued)
Hess Midstream Operations LP
4.25%, 02/15/30 (Call 02/15/25)^(a)	$	13,195	$	13,165,311
5.13%, 06/15/28 (Call 06/15/23)^(a)(b)		7,854		8,157,950
5.63%, 02/15/26 (Call 11/29/21)^(a)		10,296		10,653,786
ITT Holdings LLC, 6.50%, 08/01/29 (Call 08/01/24)^(a)		20,520		20,571,300
New Fortress Energy Inc.
6.50%, 09/30/26 (Call 03/31/23)^(a)(b)		24,696		24,016,860
6.75%, 09/15/25 (Call 09/15/22)^(a)		20,363		19,860,441
NGL Energy Operating LLC/NGL Energy Finance Corp.,
7.50%, 02/01/26 (Call 02/01/23)^(a)(b)		33,771		34,258,316
NGL Energy Partners LP/NGL Energy Finance Corp.
7.50%, 11/01/23 (Call 11/29/21)		7,353		7,075,015
7.50%, 04/15/26 (Call 04/15/22)^(b)		3,585		3,067,864
NuStar Logistics LP
5.63%, 04/28/27 (Call 01/28/27)^(b)		9,072		9,534,649
5.75%, 10/01/25 (Call 07/01/25)^(b)		7,917		8,471,190
6.00%, 06/01/26 (Call 03/01/26)^(b)		6,676		7,101,595
6.38%, 10/01/30 (Call 04/01/30)^(b)		11,153		12,226,476
Rockies Express Pipeline LLC
3.60%, 05/15/25 (Call 04/15/25)^(a)		6,217		6,448,718
4.95%, 07/15/29 (Call 04/15/29)^(a)		7,931		8,469,019
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.
5.50%, 01/15/28 (Call 01/15/23)^(a)(b)		12,798		12,819,213
6.00%, 03/01/27 (Call 03/01/23)^(a)(b)		6,323		6,581,812
6.00%, 12/31/30 (Call 12/31/25)^(a)		12,793		12,806,263
6.00%, 09/01/31 (Call 09/01/26)^(a)(b)		9,507		9,392,322
7.50%, 10/01/25 (Call 10/01/22)^(a)		8,177		8,841,381
Targa Resources Partners LP/Targa Resources Partners Finance Corp.
4.00%, 01/15/32 (Call 07/15/26)^(a)(b)		17,002		17,544,687
4.88%, 02/01/31 (Call 02/01/26)^(b)		17,969		19,397,176
5.00%, 01/15/28 (Call 01/15/23)		10,881		11,464,679
5.38%, 02/01/27 (Call 02/01/22)		5,248		5,425,076
5.50%, 03/01/30 (Call 03/01/25)^(b)		15,357		16,877,960
5.88%, 04/15/26 (Call 11/29/21)^(b)		13,071		13,657,991
6.50%, 07/15/27 (Call 07/15/22)		11,014		11,823,403
6.88%, 01/15/29 (Call 01/15/24)^(b)		8,537		9,562,507
Venture Global Calcasieu Pass LLC
3.88%, 08/15/29 (Call 02/15/29)^(a)(b)		21,072		21,467,100
4.13%, 08/15/31 (Call 02/15/31)^(a)(b)		21,315		22,059,959
Western Midstream Operating LP
3.95%, 06/01/25 (Call 03/01/25)		7,909		8,303,738
4.35%, 02/01/25 (Call 01/01/25)		12,156		12,762,811
4.50%, 03/01/28 (Call 12/01/27)		5,441		5,899,336
4.65%, 07/01/26 (Call 04/01/26)^(b)		6,217		6,733,322
4.75%, 08/15/28 (Call 05/15/28)^(b)		5,395		5,935,579
5.30%, 02/01/30 (Call 11/01/29)^(b)		19,778		21,706,355


				960,900,102

Real Estate — 0.5%
Howard Hughes Corp. (The)
4.13%, 02/01/29 (Call 02/01/24)^(a)(b)		9,266		9,293,242
4.38%, 02/01/31 (Call 02/01/26)^(a)		12,215		12,217,687
5.38%, 08/01/28 (Call 08/01/23)^(a)(b)		13,445		14,127,334
Kennedy-Wilson Inc.
4.75%, 03/01/29 (Call 03/01/24)^(b)		8,121		8,283,420
4.75%, 02/01/30 (Call 09/01/24)^(b)		11,199		11,317,155
5.00%, 03/01/31 (Call 03/01/26)		9,490		9,703,525
Realogy Group LLC/Realogy Co-Issuer Corp.
4.88%, 06/01/23 (Call 03/01/23)^(a)		4,705		4,846,150


Security	Par (000)		Value
Security	Par (000)		Value

Real Estate (continued)
5.75%, 01/15/29 (Call 01/15/24)^(a)(b)	$	16,130	$	16,683,259
7.63%, 06/15/25 (Call 06/15/22)^(a)(b)		9,832		10,505,001
9.38%, 04/01/27 (Call 04/01/22)^(a)(b)		10,809		11,829,099


				108,805,872

Real Estate Investment Trusts — 4.0%
Brookfield Property REIT Inc./BPR Cumulus LLC/BPR
Nimbus LLC/GGSI Sellco LL
4.50%, 04/01/27 (Call 10/01/23)^(a)		14,526		14,162,850
5.75%, 05/15/26 (Call 05/15/22)^(a)(b)		6,825		7,060,462
Diversified Healthcare Trust
4.38%, 03/01/31 (Call 09/01/30)^(b)		8,685		8,424,540
4.75%, 02/15/28 (Call 08/15/27)^(b)		6,999		6,974,504
9.75%, 06/15/25 (Call 06/15/22)		18,586		20,248,332
EPR Properties
4.50%, 06/01/27 (Call 03/01/27)		691		742,806
4.75%, 12/15/26 (Call 09/15/26)		1,191		1,295,040
HAT Holdings I LLC/HAT Holdings II LLC
3.38%, 06/15/26 (Call 03/15/26)^(a)		17,660		17,604,798
6.00%, 04/15/25 (Call 04/15/22)^(a)(b)		6,231		6,497,064
Iron Mountain Inc.
4.50%, 02/15/31 (Call 02/15/26)^(a)(b)		18,997		19,154,179
4.88%, 09/15/27 (Call 09/15/22)^(a)(b)		18,804		19,403,660
4.88%, 09/15/29 (Call 09/15/24)^(a)(b)		16,791		17,378,853
5.00%, 07/15/28 (Call 07/15/23)^(a)		6,544		6,770,968
5.25%, 03/15/28 (Call 12/27/22)^(a)		13,058		13,634,184
5.25%, 07/15/30 (Call 07/15/25)^(a)		23,510		24,564,240
5.63%, 07/15/32 (Call 07/15/26)^(a)(b)		9,425		10,063,544
iStar Inc.
4.25%, 08/01/25 (Call 05/01/25)^(b)		6,559		6,733,965
4.75%, 10/01/24 (Call 07/01/24)^(b)		14,670		15,462,180
5.50%, 02/15/26 (Call 08/15/22)^(b)		6,929		7,220,107
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.
4.25%, 02/01/27 (Call 02/01/23)^(a)(b)		11,197		11,259,516
4.75%, 06/15/29 (Call 06/15/24)^(a)(b)		10,492		10,570,690
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer Inc.
3.88%, 02/15/29 (Call 11/15/28)^(a)(b)		12,120		12,820,172
4.50%, 09/01/26 (Call 06/01/26)^(b)		6,067		6,566,011
4.63%, 06/15/25 (Call 03/15/25)^(a)		10,797		11,609,699
5.63%, 05/01/24 (Call 02/01/24)^(b)		16,954		18,350,131
5.75%, 02/01/27 (Call 11/01/26)		11,265		12,847,732
MPT Operating Partnership LP/MPT Finance Corp.
3.50%, 03/15/31 (Call 03/15/26)		22,824		22,973,497
4.63%, 08/01/29 (Call 08/01/24)^(b)		15,822		16,751,542
5.00%, 10/15/27 (Call 10/15/22)^(b)		24,981		26,302,697
5.25%, 08/01/26 (Call 11/29/21)		6,646		6,852,912
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer
4.88%, 05/15/29 (Call 05/15/24)^(a)(b)		12,189		12,363,564
5.88%, 10/01/28 (Call 10/01/23)^(a)(b)		14,726		15,451,926
7.50%, 06/01/25 (Call 06/01/22)^(a)		8,461		8,977,121
RHP Hotel Properties LP/RHP Finance Corp.
4.50%, 02/15/29 (Call 02/15/24)^(a)(b)		9,488		9,437,081
4.75%, 10/15/27 (Call 10/15/22)^(b)		11,100		11,368,244
RLJ Lodging Trust LP
3.75%, 07/01/26 (Call 07/01/23)^(a)(b)		4,627		4,673,270
4.00%, 09/15/29 (Call 09/15/24)^(a)(b)		9,593		9,565,660
SBA Communications Corp.
3.13%, 02/01/29 (Call 02/01/24)^(a)		25,230		24,157,725


Security	Par (000)		Value

Real Estate Investment Trusts (continued)
3.88%, 02/15/27 (Call 02/15/23)^(b)	$	27,323	$	28,177,663
4.88%, 09/01/24 (Call 11/08/21)^(b)		16,893		17,088,114
Service Properties Trust
3.95%, 01/15/28 (Call 07/15/27)^(b)		6,703		6,247,805
4.35%, 10/01/24 (Call 09/01/24)^(b)		15,505		15,666,717
4.38%, 02/15/30 (Call 08/15/29)^(b)		6,902		6,487,880
4.50%, 06/15/23 (Call 12/15/22)^(b)		9,767		10,005,193
4.75%, 10/01/26 (Call 08/01/26)		5,688		5,632,542
4.95%, 02/15/27 (Call 08/15/26)^(b)		5,255		5,176,175
4.95%, 10/01/29 (Call 07/01/29)^(b)		6,378		6,149,987
5.50%, 12/15/27 (Call 09/15/27)^(b)		8,576		8,983,360
7.50%, 09/15/25 (Call 06/15/25)		15,262		16,867,562
Starwood Property Trust Inc.
3.63%, 07/15/26 (Call 01/15/26)^(a)		6,521		6,519,696
4.75%, 03/15/25 (Call 09/15/24)^(b)		7,427		7,805,034
Uniti Group LP/Uniti Fiber Holdings Inc./CSL Capital LLC
6.00%, 01/15/30 (Call 01/15/25)^(a)		12,715		12,546,526
7.13%, 12/15/24 (Call 12/15/21)^(a)		9,044		9,270,301
7.88%, 02/15/25 (Call 02/15/22)^(a)		37,361		39,292,564
Uniti Group LP/Uniti Group Finance Inc./CSL Capital LLC
4.75%, 04/15/28 (Call 04/15/24)^(a)(b)		9,015		9,060,075
6.50%, 02/15/29 (Call 02/15/24)^(a)(b)		19,423		19,678,607
VICI Properties LP/VICI Note Co. Inc.
3.50%, 02/15/25 (Call 02/15/22)^(a)(b)		11,407		11,628,923
3.75%, 02/15/27 (Call 02/15/23)^(a)(b)		13,677		14,068,846
4.13%, 08/15/30 (Call 02/15/25)^(a)(b)		18,546		19,465,572
4.25%, 12/01/26 (Call 12/01/22)^(a)(b)		19,865		20,601,594
4.63%, 12/01/29 (Call 12/01/24)^(a)(b)		16,784		17,895,940
XHR LP
4.88%, 06/01/29 (Call 06/01/24)^(a)		7,248		7,436,086
6.38%, 08/15/25 (Call 08/15/22)^(a)(b)		8,697		9,175,335


				807,223,563

Retail — 4.0%
1011778 BC ULC/New Red Finance Inc.
3.50%, 02/15/29 (Call 02/15/24)^(a)(b)		12,512		12,118,185
3.88%, 01/15/28 (Call 09/15/22)^(a)		26,467		26,402,950
4.00%, 10/15/30 (Call 10/15/25)^(a)(b)		50,203		48,508,649
4.38%, 01/15/28 (Call 11/15/22)^(a)(b)		12,633		12,699,323
5.75%, 04/15/25 (Call 04/15/22)^(a)		9,523		9,926,716
Bath & Body Works Inc.
5.25%, 02/01/28		6,839		7,355,345
6.63%, 10/01/30 (Call 10/01/25)^(a)(b)		16,594		18,564,537
7.50%, 06/15/29 (Call 06/15/24)		7,506		8,459,262
9.38%, 07/01/25^(a)		3,690		4,600,705
Carvana Co.
4.88%, 09/01/29 (Call 09/01/24)^(a)(b)		12,937		12,516,547
5.50%, 04/15/27 (Call 04/15/24)^(a)		9,523		9,582,519
5.63%, 10/01/25 (Call 10/01/22)^(a)(b)		9,813		10,009,260
5.88%, 10/01/28 (Call 10/01/23)^(a)		8,137		8,286,314
eG Global Finance PLC
6.75%, 02/07/25 (Call 11/09/21)^(a)		12,718		13,024,609
8.50%, 10/30/25 (Call 11/29/21)^(a)		9,619		9,986,446
Ferrellgas LP/Ferrellgas Finance Corp.
5.38%, 04/01/26 (Call 04/01/23)^(a)(b)		10,796		10,505,833
5.88%, 04/01/29 (Call 04/01/24)^(a)		13,203		12,839,917
Gap Inc. (The)
3.63%, 10/01/29 (Call 10/01/24)^(a)		12,845		12,610,602
3.88%, 10/01/31 (Call 10/01/26)^(a)		12,285		12,039,300


Security	Par (000)		Value

Retail (continued)
Golden Nugget Inc.
6.75%, 10/15/24 (Call 11/29/21)^(a)(b)	$	26,921	$	27,021,954
8.75%, 10/01/25 (Call 11/29/21)^(a)(b)		13,156		13,697,946
IRB Holding Corp.
6.75%, 02/15/26 (Call 11/29/21)^(a)(b)		6,062		6,207,838
7.00%, 06/15/25 (Call 06/15/22)^(a)(b)		13,456		14,245,024
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, 4.75%, 06/01/27 (Call 06/01/22)^(a)(b)		12,462		12,899,694
LBM Acquisition LLC, 6.25%, 01/15/29
(Call 01/15/24)^(a)(b)		12,861		12,489,317
LCM Investments Holdings II LLC, 4.88%, 05/01/29
(Call 05/01/24)^(a)(b)		7,764		7,972,230
Lithia Motors Inc.
3.88%, 06/01/29 (Call 06/01/24)^(a)(b)		13,490		13,979,012
4.38%, 01/15/31 (Call 10/15/25)^(a)(b)		8,599		9,170,834
4.63%, 12/15/27 (Call 12/15/22)^(a)(b)		7,565		7,997,332
Macy’s Retail Holdings LLC
2.88%, 02/15/23 (Call 11/15/22)^(b)		6,368		6,439,640
3.63%, 06/01/24 (Call 03/01/24)^(b)		2,338		2,413,284
5.88%, 04/01/29 (Call 04/01/24)^(a)(b)		7,189		7,665,921
Michaels Companies Inc (The)
5.25%, 05/01/28 (Call 11/01/23)^(a)(b)		14,314		14,475,748
7.88%, 05/01/29 (Call 05/01/24)^(a)(b)		21,145		21,433,623
Murphy Oil USA Inc.
3.75%, 02/15/31 (Call 02/15/26)^(a)(b)		9,085		8,939,362
4.75%, 09/15/29 (Call 09/15/24)		9,276		9,772,266
NMG Holding Co. Inc./Neiman Marcus Group LLC,
7.13%, 04/01/26 (Call 04/01/23)^(a)(b)		18,364		19,308,980
Nordstrom Inc.
4.25%, 08/01/31 (Call 05/01/31)^(b)		7,023		7,023,000
4.38%, 04/01/30 (Call 01/01/30)^(b)		8,782		8,935,685
Penske Automotive Group Inc.
3.50%, 09/01/25 (Call 09/01/22)^(b)		10,119		10,397,273
3.75%, 06/15/29 (Call 06/15/24)^(b)		8,588		8,540,852
PetSmart Inc./PetSmart Finance Corp.
4.75%, 02/15/28 (Call 02/15/24)^(a)(b)		20,332		20,891,130
7.75%, 02/15/29 (Call 02/15/24)^(a)(b)		20,312		21,926,195
QVC Inc.
4.38%, 03/15/23		9,630		10,028,843
4.38%, 09/01/28 (Call 06/01/28)		7,625		7,796,563
4.45%, 02/15/25 (Call 11/15/24)^(b)		11,661		12,453,365
4.75%, 02/15/27 (Call 11/15/26)^(b)		10,820		11,315,015
4.85%, 04/01/24^(b)		9,961		10,684,418
Rite Aid Corp.
7.50%, 07/01/25 (Call 07/01/22)^(a)(b)		10,519		10,571,595
8.00%, 11/15/26 (Call 01/15/23)^(a)(b)		12,971		13,090,686
Sonic Automotive Inc.
4.63%, 11/15/29 (Call 11/15/24)^(a)		10,801		10,828,002
4.88%, 11/15/31 (Call 11/15/26)^(a)		8,310		8,310,000
SRS Distribution Inc.
4.63%, 07/01/28 (Call 07/01/24)^(a)(b)		12,802		13,096,318
6.13%, 07/01/29 (Call 07/01/24)^(a)(b)		6,923		7,122,036
Staples Inc.
7.50%, 04/15/26 (Call 04/15/22)^(a)(b)		35,109		35,372,317
10.75%, 04/15/27 (Call 04/15/22)^(a)(b)		16,212		15,482,460
Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.00%, 06/01/31 (Call 06/01/26)^(a)(b)		10,424		10,684,600
Yum! Brands Inc.
3.63%, 03/15/31 (Call 12/15/30)^(b)		19,047		18,808,912
4.63%, 01/31/32 (Call 10/01/26)		19,420		20,238,370


Security	Par (000)		Value

Retail (continued)
4.75%, 01/15/30 (Call 10/15/29)^(a)(b)	$	12,179	$	13,059,542
7.75%, 04/01/25 (Call 04/01/22)^(a)		9,859		10,475,187


				793,299,388

Semiconductors — 0.1%
Microchip Technology Inc., 4.25%, 09/01/25 (Call 09/01/22)^(b)		19,622		20,389,544
Qorvo Inc., 4.38%, 10/15/29 (Call 10/15/24)		836		898,524


				21,288,068

Software — 1.8%
Black Knight InfoServ LLC, 3.63%, 09/01/28 (Call 09/01/23)^(a)(b)		16,888		16,803,560
Boxer Parent Co. Inc., 7.13%, 10/02/25 (Call 06/01/22)^(a)(b)		11,084		11,753,220
CDK Global Inc.
4.88%, 06/01/27 (Call 06/01/22)^(b)		12,099		12,594,523
5.00%, 10/15/24 (Call 07/15/24)^(b)		6,137		6,786,397
5.25%, 05/15/29 (Call 05/15/24)^(a)(b)		10,291		11,036,767
Change Healthcare Holdings LLC/Change Healthcare Finance Inc., 5.75%, 03/01/25 (Call 11/09/21)^(a)		21,512		21,687,770
Clarivate Science Holdings Corp.
3.88%, 07/01/28 (Call 06/30/24)^(a)(b)		16,323		16,139,347
4.88%, 07/01/29 (Call 06/30/24)^(a)		14,512		14,461,208
MSCI Inc.
3.25%, 08/15/33 (Call 08/15/27)^(a)(b)		13,210		13,276,010
3.63%, 09/01/30 (Call 03/01/25)^(a)		13,799		14,115,687
3.63%, 11/01/31 (Call 11/01/26)^(a)		10,526		10,841,780
3.88%, 02/15/31 (Call 06/01/25)^(a)(b)		16,315		16,851,463
4.00%, 11/15/29 (Call 11/15/24)^(a)(b)		16,408		17,156,732
Open Text Corp.
3.88%, 02/15/28 (Call 02/15/23)^(a)(b)		15,244		15,365,952
5.88%, 06/01/26 (Call 11/29/21)^(a)(b)		10,739		11,110,001
Open Text Holdings Inc., 4.13%, 02/15/30 (Call 02/15/25)^(a)(b)		16,999		17,226,929
PTC Inc.
3.63%, 02/15/25 (Call 02/15/22)^(a)		9,100		9,257,366
4.00%, 02/15/28 (Call 02/15/23)^(a)(b)		7,689		7,804,685
Rackspace Technology Global Inc.
3.50%, 02/15/28 (Call 02/15/24)^(a)(b)		9,323		8,876,661
5.38%, 12/01/28 (Call 12/01/23)^(a)(b)		8,439		8,143,729
ROBLOX Corp., 3.88%, 05/01/30 (Call 11/01/24)^(a)		15,415		15,357,194
SS&C Technologies Inc., 5.50%, 09/30/27 (Call 03/30/22)^(a)(b)		35,568		37,435,320
Twilio Inc.
3.63%, 03/15/29 (Call 03/15/24)^(b)		7,777		7,830,856
3.88%, 03/15/31 (Call 03/15/26)^(b)		8,931		8,992,088
Veritas U.S. Inc./Veritas Bermuda Ltd., 7.50%, 09/01/25 (Call 11/29/21)^(a)		29,027		30,079,229


				360,984,474

Telecommunications — 7.5%
Altice France Holding SA
6.00%, 02/15/28 (Call 02/15/23)^(a)(b)		19,827		18,835,650
10.50%, 05/15/27 (Call 05/15/22)^(a)		26,908		29,161,545
Altice France SA, 5.50%, 10/15/29 (Call 10/15/24)^(a)(b)		32,275		31,651,524
Altice France SA/France
5.13%, 01/15/29 (Call 09/15/23)^(a)		7,531		7,325,517
5.13%, 07/15/29 (Call 04/15/24)^(a)(b)		42,841		41,523,639
5.50%, 01/15/28 (Call 09/15/22)^(a)(b)		17,678		17,744,293
8.13%, 02/01/27 (Call 02/01/22)^(a)		28,042		30,145,150
Avaya Inc., 6.13%, 09/15/28 (Call 09/15/23)^(a)(b)		16,503		17,203,717


Security	Par (000)		Value

Telecommunications (continued)
Cincinnati Bell Inc., 7.00%, 07/15/24 (Call 11/29/21)^(a)	$	14,271	$	14,534,466
CommScope Inc.
4.75%, 09/01/29 (Call 09/01/24)^(a)(b)		23,055		22,622,500
6.00%, 03/01/26 (Call 03/01/22)^(a)		24,139		24,963,069
7.13%, 07/01/28 (Call 07/01/23)^(a)(b)		11,556		11,389,160
8.25%, 03/01/27 (Call 03/01/22)^(a)(b)		17,165		17,490,105
CommScope Technologies LLC
5.00%, 03/15/27 (Call 03/15/22)^(a)(b)		11,374		10,561,946
6.00%, 06/15/25 (Call 11/09/21)^(a)		21,631		21,411,013
Connect Finco Sarl/Connect U.S. Finco LLC, 6.75%, 10/01/26 (Call 10/01/22)^(a)(b)		36,377		37,741,138
Consolidated Communications Inc.
5.00%, 10/01/28 (Call 10/01/23)^(a)(b)		5,989		6,063,007
6.50%, 10/01/28 (Call 10/01/23)^(a)(b)		13,856		14,739,597
Frontier Communications Holdings LLC
5.00%, 05/01/28 (Call 05/01/24)^(a)		26,537		27,029,142
5.88%, 10/15/27 (Call 10/15/23)^(a)(b)		20,652		21,688,844
5.88%, 11/01/29 (Call 11/01/24)^(b)		14,564		14,527,590
6.00%, 01/15/30 (Call 10/15/24)^(a)(b)		16,155		16,221,316
6.75%, 05/01/29 (Call 05/01/24)^(a)(b)		18,200		18,845,885
Hughes Satellite Systems Corp.
5.25%, 08/01/26		14,929		16,683,714
6.63%, 08/01/26^(b)		13,240		14,997,610
Iliad Holding SAS
6.50%, 10/15/26 (Call 10/15/23)^(a)		19,605		20,201,384
7.00%, 10/15/28 (Call 10/15/24)^(a)(b)		14,730		15,161,147
Intelsat Jackson Holdings SA
8.00%, 02/15/24 (Call 11/29/21)^(a)(f)(g)		24,990		25,517,914
9.50%, 09/30/22^(a)(f)(g)		7,476		8,765,610
Intrado Corp., 8.50%, 10/15/25 (Call 11/29/21)^(a)(b)		783		773,682
Koninklijke KPN NV, 7.00%, 03/28/73 (Call 03/28/23)^(a)(b)(c)		12,259		12,979,484
Level 3 Financing Inc.
3.63%, 01/15/29 (Call 01/15/24)^(a)(b)		13,474		12,749,234
3.75%, 07/15/29 (Call 01/15/24)^(a)(b)		14,802		13,987,890
4.25%, 07/01/28 (Call 07/01/23)^(a)(b)		20,037		19,812,385
4.63%, 09/15/27 (Call 09/15/22)^(a)(b)		17,421		17,856,525
5.25%, 03/15/26 (Call 11/29/21)^(b)		12,329		12,707,500
5.38%, 05/01/25 (Call 11/29/21)		12,397		12,683,870
Lumen Technologies Inc.
4.00%, 02/15/27 (Call 02/15/23)^(a)		23,601		23,690,040
4.50%, 01/15/29 (Call 01/15/24)^(a)(b)		15,433		14,912,136
5.13%, 12/15/26 (Call 12/15/22)^(a)(b)		23,807		24,389,795
5.38%, 06/15/29 (Call 06/15/24)^(a)(b)		17,236		17,279,090
5.63%, 04/01/25 (Call 01/01/25)^(b)		8,480		9,116,662
Series W, 6.75%, 12/01/23		10,309		11,319,179
Series Y, 7.50%, 04/01/24 (Call 01/01/24)^(b)		15,840		17,421,228
Nokia OYJ, 4.38%, 06/12/27^(b)		8,650		9,316,944
Sprint Communications Inc., 6.00%, 11/15/22		34,924		36,634,578
Sprint Corp.
7.13%, 06/15/24		42,263		47,757,190
7.63%, 02/15/25 (Call 11/15/24)^(b)		25,449		29,616,274
7.63%, 03/01/26 (Call 11/01/25)		25,331		30,365,536
7.88%, 09/15/23		69,596		77,232,421
Switch Ltd.
3.75%, 09/15/28 (Call 09/15/23)^(a)(b)		9,649		9,612,816
4.13%, 06/15/29 (Call 06/15/24)^(a)		10,088		10,147,036
Telecom Italia SpA/Milano, 5.30%, 05/30/24^(a)		23,625		25,160,625
Telesat Canada/Telesat LLC
4.88%, 06/01/27 (Call 12/01/22)^(a)(b)		6,406		5,733,370


Security	Par (000)		Value

Telecommunications (continued)
5.63%, 12/06/26 (Call 12/06/23)^(a)(b)	$	9,279	$	8,672,153
6.50%, 10/15/27 (Call 10/15/22)^(a)(b)		9,114		7,382,340
T-Mobile USA Inc.
2.25%, 02/15/26 (Call 02/15/23)^(b)		14,713		14,804,956
2.25%, 02/15/26 (Call 02/15/23)^(a)		13,273		13,355,956
2.63%, 04/15/26 (Call 04/15/23)^(b)		19,501		19,830,893
2.63%, 02/15/29 (Call 02/15/24)^(b)		15,329		15,192,003
2.88%, 02/15/31 (Call 02/15/26)^(b)		16,256		16,189,350
3.38%, 04/15/29 (Call 04/15/24)^(b)		19,953		20,520,663
3.38%, 04/15/29 (Call 04/15/24)^(a)		18,686		19,217,617
3.50%, 04/15/31 (Call 04/15/26)		21,981		22,784,406
3.50%, 04/15/31 (Call 04/15/26)^(a)(b)		18,737		19,390,921
4.75%, 02/01/28 (Call 02/01/23)^(b)		27,538		29,087,013
5.38%, 04/15/27 (Call 04/15/22)^(b)		6,070		6,337,866
ViaSat Inc.
5.63%, 09/15/25 (Call 11/09/21)^(a)		12,501		12,680,702
5.63%, 04/15/27 (Call 04/15/22)^(a)(b)		12,587		13,086,022
6.50%, 07/15/28 (Call 07/15/23)^(a)		6,722		7,041,295
Vmed O2 UK Financing I PLC
4.25%, 01/31/31 (Call 01/31/26)^(a)		23,060		22,455,828
4.75%, 07/15/31 (Call 07/15/26)^(a)		23,601		23,720,971
Vodafone Group PLC
3.25%, 06/04/81 (Call 06/04/26)^(b)(c)		7,843		7,831,216
4.13%, 06/04/81 (Call 03/04/31)^(c)		15,787		15,709,170
7.00%, 04/04/79 (Call 01/04/29)^(c)		34,517		41,592,985
Windstream Escrow LLC/Windstream Escrow Finance Corp., 7.75%, 08/15/28 (Call 08/15/23)^(a)(b)		24,092		25,512,946
Zayo Group Holdings Inc.
4.00%, 03/01/27 (Call 11/29/21)^(a)(b)		26,440		25,653,410
6.13%, 03/01/28 (Call 03/01/23)^(a)(b)		18,823		18,370,307


				1,504,423,671

Toys, Games & Hobbies — 0.2%
Mattel Inc.
3.38%, 04/01/26 (Call 04/01/23)^(a)(b)		11,106		11,446,121
3.75%, 04/01/29 (Call 04/01/24)^(a)(b)		11,771		12,228,598
5.88%, 12/15/27 (Call 12/15/22)^(a)(b)		8,755		9,434,294


				33,109,013

Transportation — 0.1%
XPO Logistics Inc., 6.25%, 05/01/25 (Call 05/01/22)^(a)		20,261		21,343,950


Trucking & Leasing — 0.2%
AerCap Global Aviation Trust, 6.50%, 06/15/45 (Call 06/15/25)^(a)(b)(c)		7,884		8,494,419


Security	Par/ Shares (000)		Value

Trucking & Leasing (continued)
Fortress Transportation and Infrastructure Investors LLC
5.50%, 05/01/28 (Call 05/01/24)^(a)(b)	$	17,848	$	17,892,620
6.50%, 10/01/25 (Call 11/29/21)^(a)(b)		14,678		15,108,065
9.75%, 08/01/27 (Call 08/01/23)^(a)(b)		6,240		7,019,805

				48,514,909


Total Corporate Bonds & Notes — 98.7% (Cost: $19,987,785,833)				19,741,574,573


Short-Term Investments

Money Market Funds — 15.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%^(h)(i)(j)		2,950,329		2,951,803,759
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(h)(i)		108,480		108,480,000

				3,060,283,759


Total Short-Term Investments — 15.3% (Cost: $3,059,502,100)				3,060,283,759


Total Investments in Securities — 114.0% (Cost: $23,047,287,933)				22,801,858,332

Other Assets, Less Liabilities — (14.0)%				(2,807,783,921	)


Net Assets — 100.0%			$	19,994,074,411

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

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

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

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

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

^(f)	Issuer filed for bankruptcy and/or is in default.

^(g)	Non-income producing security.

^(h)	Affiliate of the Fund.

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

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

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

inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of financial instruments, refer to its most recent financial statements.


Security	Par (000)		Value

Corporate Bonds & Notes

Advertising — 0.1%
Omnicom Group Inc., 2.60%, 08/01/31
(Call 05/01/31)^(a)	$	9,175	$	9,251,643
Omnicom Group Inc./Omnicom Capital Inc.
3.60%, 04/15/26 (Call 01/15/26)		12,978		14,016,254
3.65%, 11/01/24 (Call 08/01/24)^(a)		2,307		2,462,915


				25,730,812

Aerospace & Defense — 2.5%
Boeing Co. (The)
2.20%, 02/04/26 (Call 02/04/23)^(a)		10,896		10,919,953
2.70%, 02/01/27 (Call 12/01/26)^(a)		10,277		10,532,120
2.75%, 02/01/26 (Call 01/01/26)^(a)		4,847		5,004,817
2.95%, 02/01/30 (Call 11/01/29)^(a)		8,537		8,634,828
3.20%, 03/01/29 (Call 12/01/28)^(a)		10,741		11,120,212
3.25%, 02/01/28 (Call 12/01/27)^(a)		6,011		6,287,342
3.25%, 02/01/35 (Call 11/01/34)^(a)		7,282		7,290,806
3.60%, 05/01/34 (Call 02/01/34)^(a)		8,680		9,030,463
3.63%, 02/01/31 (Call 11/01/30)^(a)		13,288		14,145,245
3.75%, 02/01/50 (Call 08/01/49)^(a)		12,036		12,657,357
3.90%, 05/01/49 (Call 11/01/48)		7,837		8,359,156
3.95%, 08/01/59 (Call 02/01/59)		9,496		10,012,323
4.88%, 05/01/25 (Call 04/01/25)		33,156		36,621,389
5.04%, 05/01/27 (Call 03/01/27)		18,405		20,913,916
5.15%, 05/01/30 (Call 02/01/30)^(a)		43,219		50,438,868
5.71%, 05/01/40 (Call 11/01/39)		31,553		40,385,827
5.81%, 05/01/50 (Call 11/01/49)		53,739		73,640,884
5.93%, 05/01/60 (Call 11/01/59)		34,781		48,784,836
General Dynamics Corp.
3.25%, 04/01/25 (Call 03/01/25)		9,467		10,080,437
3.50%, 05/15/25 (Call 03/15/25)		6,985		7,512,309
3.50%, 04/01/27 (Call 02/01/27)		8,552		9,353,684
3.63%, 04/01/30 (Call 01/01/30)^(a)		10,637		11,884,183
3.75%, 05/15/28 (Call 02/15/28)		9,670		10,821,730
4.25%, 04/01/40 (Call 10/01/39)		10,078		12,306,369
4.25%, 04/01/50 (Call 10/01/49)^(a)		6,216		8,081,319
L3Harris Technologies Inc., 4.40%, 06/15/28
(Call 03/15/28)		21,133		24,110,390
Lockheed Martin Corp.
2.80%, 06/15/50 (Call 12/15/49)^(a)		5,870		5,964,589
2.90%, 03/01/25 (Call 12/01/24)^(a)		7,370		7,761,872
3.55%, 01/15/26 (Call 10/15/25)^(a)		18,659		20,315,531
3.80%, 03/01/45 (Call 09/01/44)		11,545		13,595,131
4.07%, 12/15/42		16,393		19,569,781
4.09%, 09/15/52 (Call 03/15/52)^(a)		12,446		15,628,180
4.70%, 05/15/46 (Call 11/15/45)		13,140		17,369,673
Northrop Grumman Corp.
2.93%, 01/15/25 (Call 11/15/24)		7,715		8,086,151
3.20%, 02/01/27 (Call 11/01/26)^(a)		8,812		9,440,940
3.25%, 01/15/28 (Call 10/15/27)^(a)		18,058		19,448,090
4.03%, 10/15/47 (Call 04/15/47)^(a)		19,261		23,098,338
4.40%, 05/01/30 (Call 02/01/30)^(a)		7,828		9,132,383
4.75%, 06/01/43		12,181		15,534,020
5.25%, 05/01/50 (Call 11/01/49)^(a)		9,541		13,591,469
Raytheon Technologies Corp.
1.90%, 09/01/31 (Call 06/01/31)		11,654		11,251,735
2.25%, 07/01/30 (Call 04/01/30)^(a)		13,772		13,832,754
2.82%, 09/01/51 (Call 03/01/51)		11,957		11,760,792
3.13%, 05/04/27 (Call 02/04/27)^(a)		10,886		11,652,368
3.13%, 07/01/50 (Call 01/01/50)^(a)		10,558		11,029,032


Security	Par (000)		Value

Aerospace & Defense (continued)
3.50%, 03/15/27 (Call 12/15/26)	$	14,591	$	15,838,762
3.75%, 11/01/46 (Call 05/01/46)		11,403		12,912,174
3.95%, 08/16/25 (Call 06/16/25)		13,251		14,462,556
4.13%, 11/16/28 (Call 08/16/28)		26,939		30,536,825
4.15%, 05/15/45 (Call 11/16/44)		6,737		8,031,688
4.35%, 04/15/47 (Call 10/15/46)		11,118		13,732,698
4.45%, 11/16/38 (Call 05/16/38)		7,497		9,048,721
4.50%, 06/01/42		33,491		41,098,089
4.63%, 11/16/48 (Call 05/16/48)^(a)		14,544		18,830,918
5.70%, 04/15/40		10,033		13,854,577
6.13%, 07/15/38		9,884		13,984,706
Teledyne Technologies Inc., 2.75%, 04/01/31
(Call 01/01/31)		7,687		7,839,003


				937,164,309

Agriculture — 1.6%
Altria Group Inc.
2.35%, 05/06/25 (Call 04/06/25)		7,430		7,657,183
2.45%, 02/04/32 (Call 11/04/31)^(a)		19,099		18,047,541
3.40%, 05/06/30 (Call 02/06/30)		7,945		8,294,377
3.40%, 02/04/41 (Call 08/04/40)^(a)		16,255		15,168,685
3.70%, 02/04/51 (Call 08/04/50)		12,301		11,677,699
3.88%, 09/16/46 (Call 03/16/46)		14,204		13,979,219
4.00%, 02/04/61 (Call 08/04/60)		8,979		8,617,737
4.25%, 08/09/42		10,441		10,729,835
4.40%, 02/14/26 (Call 12/14/25)		8,862		9,834,326
4.80%, 02/14/29 (Call 11/14/28)		15,680		17,853,711
5.38%, 01/31/44^(a)		15,656		18,454,048
5.80%, 02/14/39 (Call 08/14/38)		18,241		22,208,355
5.95%, 02/14/49 (Call 08/14/48)		25,422		32,394,378
Archer-Daniels-Midland Co.
2.50%, 08/11/26 (Call 05/11/26)^(a)		11,821		12,441,787
2.70%, 09/15/51 (Call 03/15/51)^(a)		6,550		6,598,199
3.25%, 03/27/30 (Call 12/27/29)^(a)		10,848		11,850,455
BAT Capital Corp.
2.26%, 03/25/28 (Call 01/25/28)^(a)		17,084		16,749,075
2.73%, 03/25/31 (Call 12/25/30)^(a)		11,234		10,945,399
3.22%, 08/15/24 (Call 06/15/24)		1,490		1,564,930
3.22%, 09/06/26 (Call 07/06/26)^(a)		11,878		12,500,392
3.56%, 08/15/27 (Call 05/15/27)^(a)		34,909		36,988,396
3.73%, 09/25/40 (Call 03/25/40)^(a)		7,723		7,491,003
3.98%, 09/25/50 (Call 03/25/50)^(a)		10,969		10,704,716
4.39%, 08/15/37 (Call 02/15/37)^(a)		21,416		22,861,980
4.54%, 08/15/47 (Call 02/15/47)		25,763		27,008,942
4.70%, 04/02/27 (Call 02/02/27)		9,226		10,264,177
4.76%, 09/06/49 (Call 03/06/49)^(a)		10,970		11,881,158
4.91%, 04/02/30 (Call 01/02/30)^(a)		8,363		9,479,141
BAT International Finance PLC, 1.67%, 03/25/26
(Call 02/25/26)^(a)		17,656		17,455,193
Bunge Ltd. Finance Corp., 2.75%, 05/14/31
(Call 02/14/31)^(a)		11,899		11,994,462
Philip Morris International Inc.
0.88%, 05/01/26 (Call 04/01/26)		11,227		10,906,319
1.50%, 05/01/25 (Call 04/01/25)		6,298		6,347,373
1.75%, 11/01/30 (Call 08/01/30)^(a)		7,738		7,410,525
2.10%, 05/01/30 (Call 02/01/30)^(a)		4,155		4,101,473
2.75%, 02/25/26 (Call 11/25/25)		8,155		8,566,320
3.25%, 11/10/24		2,751		2,925,828
3.38%, 08/11/25 (Call 05/11/25)^(a)		8,247		8,833,263
3.38%, 08/15/29 (Call 05/15/29)^(a)		8,260		9,017,292
3.88%, 08/21/42		8,009		8,693,031


Security	Par (000)		Value

Agriculture (continued)
4.13%, 03/04/43	$	9,409	$	10,514,862
4.25%, 11/10/44^(a)		10,373		11,903,475
4.38%, 11/15/41		7,641		8,793,968
4.88%, 11/15/43^(a)		8,418		10,324,291
6.38%, 05/16/38		14,899		20,964,943
Reynolds American Inc.
4.45%, 06/12/25 (Call 03/12/25)		22,708		24,774,294
5.70%, 08/15/35 (Call 02/15/35)		6,434		7,622,772
5.85%, 02/12/45 (Call 02/15/45)		20,235		24,646,086


				620,042,614

Airlines — 0.1%
Southwest Airlines Co.
5.13%, 06/15/27 (Call 04/15/27)^(a)		20,132		23,237,770
5.25%, 05/04/25 (Call 04/04/25)^(a)		13,720		15,375,161


				38,612,931

Apparel — 0.3%
NIKE Inc.
2.38%, 11/01/26 (Call 08/01/26)^(a)		11,275		11,816,741
2.40%, 03/27/25 (Call 02/27/25)^(a)		4,271		4,447,182
2.75%, 03/27/27 (Call 01/27/27)		12,344		13,122,883
2.85%, 03/27/30 (Call 12/27/29)^(a)		14,863		15,931,804
3.25%, 03/27/40 (Call 09/27/39)		8,848		9,713,965
3.38%, 03/27/50 (Call 09/27/49)^(a)		11,607		13,291,235
3.88%, 11/01/45 (Call 05/01/45)		9,055		10,974,323
VF Corp.
2.40%, 04/23/25 (Call 03/23/25)^(a)		8,681		8,983,933
2.95%, 04/23/30 (Call 01/23/30)^(a)		11,275		11,774,962


				100,057,028

Auto Manufacturers — 1.3%
American Honda Finance Corp.
1.00%, 09/10/25^(a)		4,519		4,479,512
1.20%, 07/08/25		10,262		10,234,609
1.30%, 09/09/26^(a)		4,477		4,439,223
2.00%, 03/24/28^(a)		8,766		8,849,690
Cummins Inc., 1.50%, 09/01/30 (Call 06/01/30)^(a)		7,460		7,103,148
Daimler Finance North America LLC, 8.50%, 01/18/31^(a)		14,639		22,062,752
General Motors Co.
4.20%, 10/01/27 (Call 07/01/27)^(a)		8,005		8,794,648
5.00%, 10/01/28 (Call 07/01/28)^(a)		6,137		7,061,153
5.00%, 04/01/35^(a)		8,350		9,886,923
5.15%, 04/01/38 (Call 10/01/37)^(a)		10,853		13,075,576
5.20%, 04/01/45^(a)		11,943		14,944,773
5.40%, 04/01/48 (Call 10/01/47)		7,249		9,267,216
5.95%, 04/01/49 (Call 10/01/48)^(a)		10,141		13,873,345
6.13%, 10/01/25 (Call 09/01/25)^(a)		22,787		26,407,257
6.25%, 10/02/43		12,271		16,751,387
6.60%, 04/01/36 (Call 10/01/35)		9,474		12,815,743
6.75%, 04/01/46 (Call 10/01/45)		8,432		12,220,828
6.80%, 10/01/27 (Call 08/01/27)		9,740		12,000,376
General Motors Financial Co. Inc.
1.25%, 01/08/26 (Call 12/08/25)		16,569		16,237,923
1.50%, 06/10/26 (Call 05/10/26)^(a)		15,301		15,072,105
2.35%, 01/08/31 (Call 10/08/30)^(a)		9,478		9,196,846
2.40%, 04/10/28 (Call 02/10/28)^(a)		10,291		10,283,001
2.40%, 10/15/28 (Call 08/15/28)		19,365		19,263,667
2.70%, 08/20/27 (Call 06/20/27)^(a)		9,913		10,135,075
2.70%, 06/10/31 (Call 03/10/31)		11,132		11,001,268
2.75%, 06/20/25 (Call 05/20/25)		15,808		16,398,252


Security	Par (000)		Value

Auto Manufacturers (continued)
2.90%, 02/26/25 (Call 01/26/25)	$	12,285	$	12,782,402
3.50%, 11/07/24 (Call 09/07/24)		4,170		4,417,288
3.60%, 06/21/30 (Call 03/21/30)^(a)		9,181		9,774,121
4.00%, 01/15/25 (Call 10/15/24)		4,816		5,154,371
4.00%, 10/06/26 (Call 07/06/26)		8,087		8,811,985
4.30%, 07/13/25 (Call 04/13/25)		3,369		3,659,287
4.35%, 04/09/25 (Call 02/09/25)^(a)		10,949		11,906,388
4.35%, 01/17/27 (Call 10/17/26)^(a)		11,058		12,205,771
5.25%, 03/01/26 (Call 12/01/25)		12,865		14,554,245
Toyota Motor Corp., 1.34%, 03/25/26 (Call 02/25/26)		14,246		14,217,269
Toyota Motor Credit Corp.
0.80%, 10/16/25		13,561		13,293,939
1.13%, 06/18/26^(a)		5,301		5,227,076
1.80%, 02/13/25^(a)		13,643		13,929,010
1.90%, 04/06/28		8,531		8,575,712
2.15%, 02/13/30		6,682		6,744,850
3.00%, 04/01/25		10,310		10,902,932
3.20%, 01/11/27^(a)		9,133		9,838,224
3.38%, 04/01/30^(a)		9,361		10,337,070


				498,188,236

Auto Parts & Equipment — 0.1%
BorgWarner Inc., 2.65%, 07/01/27 (Call 05/01/27)^(a)		12,710		13,223,995
Magna International Inc., 2.45%, 06/15/30 (Call 03/15/30)^(a)		7,559		7,688,832


				20,912,827

Banks — 23.0%
Australia & New Zealand Banking Group Ltd./New York NY, 3.70%, 11/16/25^(a)		5,430		5,947,875
Banco Bilbao Vizcaya Argentaria SA, 1.13%, 09/18/25		7,759		7,611,671
Banco Santander SA
1.72%, 09/14/27 (Call 09/14/26)^(b)		18,126		17,834,811
1.85%, 03/25/26		15,978		15,988,418
2.75%, 05/28/25^(a)		13,705		14,242,244
2.75%, 12/03/30		12,836		12,620,086
2.96%, 03/25/31		10,423		10,610,319
3.31%, 06/27/29		14,395		15,395,406
3.49%, 05/28/30		9,615		10,218,965
3.80%, 02/23/28		8,828		9,634,949
4.25%, 04/11/27		11,541		12,758,593
4.38%, 04/12/28^(a)		10,353		11,647,369
Bank of America Corp.
1.20%, 10/24/26 (Call 10/24/25)^(b)		17,644		17,341,762
1.32%, 06/19/26 (Call 06/19/25), (SOFR + 1.150%)^(b)		24,450		24,258,547
1.73%, 07/22/27 (Call 07/22/26)^(b)		45,358		45,078,463
1.90%, 07/23/31 (Call 07/23/30)^(b)		19,880		18,991,853
1.92%, 10/24/31 (Call 10/24/30)^(a)(b)		19,492		18,598,097
2.02%, 02/13/26 (Call 02/13/25), (3 mo. LIBOR US + 0.640%)^(b)		12,272		12,500,464
2.09%, 06/14/29 (Call 06/14/28)^(b)		22,661		22,393,412
2.30%, 07/21/32 (Call 07/21/31), (SOFR + 1.220%)^(b)		31,442		30,786,557
2.48%, 09/21/36 (Call 09/21/31)^(b)		24,300		23,601,414
2.50%, 02/13/31 (Call 02/13/30), (3 mo. LIBOR US + 0.990%)^(b)		27,010		27,140,083
2.57%, 10/20/32 (Call 10/20/31)^(b)		26,671		26,672,096
2.59%, 04/29/31 (Call 04/29/30), (SOFR + 2.150%)^(b)		27,358		27,624,604
2.68%, 06/19/41 (Call 06/19/40)^(b)		40,162		38,744,069


Security	Par (000)		Value

Banks (continued)
2.69%, 04/22/32 (Call 04/22/31)^(b)	$	35,901	$	36,354,835
2.83%, 10/24/51 (Call 10/24/50), (SOFR + 1.880%)^(a)(b)		6,640		6,544,434
2.88%, 10/22/30 (Call 10/22/29), (3 mo. LIBOR US + 1.190%)^(b)		15,081		15,611,602
2.97%, 07/21/52 (Call 07/21/51), (SOFR + 1.560%)^(a)(b)		20,493		20,680,400
3.19%, 07/23/30 (Call 07/23/29), (3 mo. LIBOR US + 1.180%)^(b)		17,723		18,757,997
3.25%, 10/21/27 (Call 10/21/26)^(a)		19,861		21,138,984
3.31%, 04/22/42 (Call 04/22/41)^(b)		26,977		28,515,709
3.37%, 01/23/26 (Call 01/23/25), (3 mo. LIBOR US + 0.810%)^(b)		14,270		15,135,104
3.42%, 12/20/28 (Call 12/20/27), (3 mo. LIBOR US + 1.040%)^(a)(b)		47,797		51,120,698
3.50%, 04/19/26		20,609		22,245,486
3.56%, 04/23/27 (Call 04/23/26), (3 mo. LIBOR US + 1.060%)^(b)		22,445		24,128,786
3.59%, 07/21/28 (Call 07/21/27), (3 mo. LIBOR US + 1.370%)^(b)		15,429		16,698,885
3.71%, 04/24/28 (Call 04/24/27), (3 mo. LIBOR US + 1.512%)^(b)		15,758		17,057,071
3.82%, 01/20/28 (Call 01/20/27), (3 mo. LIBOR US + 1.575%)^(b)		16,381		17,839,423
3.88%, 08/01/25		14,202		15,491,618
3.95%, 01/23/49 (Call 01/23/48), (3 mo. LIBOR US + 1.190%)^(b)		9,406		11,091,378
3.97%, 03/05/29 (Call 03/05/28), (3 mo. LIBOR US + 1.070%)^(a)(b)		18,937		20,962,636
3.97%, 02/07/30 (Call 02/07/29), (3 mo. LIBOR US + 1.210%)^(b)		22,990		25,564,524
4.00%, 01/22/25^(a)		16,820		18,125,383
4.08%, 04/23/40 (Call 04/23/39), (3 mo. LIBOR US + 1.320%)^(b)		10,763		12,420,262
4.08%, 03/20/51 (Call 03/20/50), (3 mo. LIBOR US + 3.150%)^(b)		43,705		52,829,909
4.20%, 08/26/24		6,046		6,543,384
4.24%, 04/24/38 (Call 04/24/37), (3 mo. LIBOR US + 1.814%)^(b)		16,347		19,176,633
4.25%, 10/22/26^(a)		16,312		18,063,021
4.27%, 07/23/29 (Call 07/23/28), (3 mo. LIBOR US + 1.310%)^(b)		22,464		25,259,364
4.33%, 03/15/50 (Call 03/15/49), (3 mo. LIBOR US + 1.520%)^(b)		25,969		32,274,182
4.44%, 01/20/48 (Call 01/20/47), (3 mo. LIBOR US + 1.990%)^(a)(b)		15,408		19,474,912
4.45%, 03/03/26^(a)		14,472		16,040,645
5.00%, 01/21/44		15,202		19,949,434
5.88%, 02/07/42^(a)		11,596		16,551,916
6.11%, 01/29/37		17,978		24,323,038
7.75%, 05/14/38^(a)		13,333		20,886,662
Series L, 3.95%, 04/21/25^(a)		19,841		21,432,528
Series L, 4.18%, 11/25/27 (Call 11/25/26)^(a)		15,254		16,804,371
Series N, 1.66%, 03/11/27 (Call 03/11/26)^(b)		21,365		21,270,874
Series N, 2.65%, 03/11/32 (Call 03/11/31), (SOFR + 1.220%)^(b)		18,023		18,167,872
Series N, 3.48%, 03/11/51 (Call 03/13/51), (SOFR + 1.650%)^(b)		8,915		9,841,614
Bank of America N.A., 6.00%, 10/15/36^(a)		10,577		14,497,852


Security	Par (000)		Value

Banks (continued)
0.95%, 01/22/27 (Call 01/22/26)^(b)	$	5,685	$	5,530,093
1.25%, 09/15/26^(a)		17,316		16,997,993
1.85%, 05/01/25^(a)		12,709		12,972,286
Bank of New York Mellon Corp. (The)
1.60%, 04/24/25 (Call 03/24/25)^(a)		12,770		12,945,980
2.45%, 08/17/26 (Call 05/17/26)		9,004		9,405,546
2.80%, 05/04/26 (Call 02/04/26)		6,831		7,219,564
3.25%, 05/16/27 (Call 02/16/27)		8,692		9,380,042
3.30%, 08/23/29 (Call 05/23/29)		3,955		4,311,939
3.40%, 01/29/28 (Call 10/29/27)		9,150		10,000,439
3.85%, 04/28/28^(a)		9,622		10,871,555
Series G, 3.00%, 02/24/25 (Call 01/24/25)		7,377		7,809,318
Bank of Nova Scotia (The)
1.05%, 03/02/26^(a)		13,057		12,797,553
1.30%, 06/11/25^(a)		7,247		7,237,565
1.30%, 09/15/26 (Call 06/15/26)		7,018		6,897,447
1.35%, 06/24/26		7,597		7,524,613
2.20%, 02/03/25^(a)		5,909		6,093,468
2.70%, 08/03/26^(a)		14,918		15,661,339
4.50%, 12/16/25^(a)		13,903		15,450,215
Barclays PLC
2.65%, 06/24/31 (Call 06/24/30)^(b)		8,549		8,562,631
2.67%, 03/10/32 (Call 03/10/31)^(b)		8,150		8,109,829
2.85%, 05/07/26 (Call 05/07/25)^(b)		20,724		21,544,654
3.65%, 03/16/25		19,235		20,522,204
4.34%, 01/10/28 (Call 01/10/27)^(a)		14,120		15,574,313
4.38%, 09/11/24		3,469		3,744,844
4.38%, 01/12/26		24,177		26,643,076
4.84%, 05/09/28 (Call 05/07/27)^(a)		20,440		22,771,354
4.95%, 01/10/47^(a)		13,744		18,057,135
4.97%, 05/16/29 (Call 05/16/28)^(a)(b)		16,866		19,493,444
5.20%, 05/12/26^(a)		18,095		20,497,527
5.25%, 08/17/45^(a)		11,869		16,117,059
Canadian Imperial Bank of Commerce
1.25%, 06/22/26		25,367		24,850,650
2.25%, 01/28/25		4,944		5,100,136
Citigroup Inc.
1.12%, 01/28/27 (Call 01/28/26)^(b)		23,353		22,795,811
1.46%, 06/09/27 (Call 06/09/26)^(b)		25,315		24,917,322
2.52%, 11/03/32 (Call 11/03/31)^(b)		5,080		5,080,000
2.56%, 05/01/32 (Call 05/01/31)^(a)(b)		28,490		28,515,479
2.57%, 06/03/31 (Call 06/03/30)^(b)		32,805		33,021,165
2.67%, 01/29/31 (Call 01/29/30), (SOFR + 1.146%)^(a)(b)		21,253		21,585,546
2.90%, 11/03/42 (Call 11/03/41)^(b)		7,365		7,297,389
2.98%, 11/05/30 (Call 11/05/29)^(b)		19,450		20,269,228
3.11%, 04/08/26 (Call 04/08/25), (SOFR + 2.842%)^(a)(b)		32,590		34,331,192
3.20%, 10/21/26 (Call 07/21/26)^(a)		30,909		32,865,061
3.30%, 04/27/25		16,095		17,194,430
3.40%, 05/01/26^(a)		18,512		19,955,712
3.52%, 10/27/28 (Call 10/27/27), (3 mo. LIBOR US + 1.151%)^(b)		19,907		21,352,252
3.67%, 07/24/28 (Call 07/24/27),
(3 mo. LIBOR US + 1.390%)^(b)		22,467		24,292,862
3.70%, 01/12/26^(a)		20,554		22,291,333
3.88%, 03/26/25^(a)		11,669		12,536,262
3.88%, 01/22/38 (Call 01/24/38), (3 mo. LIBOR US + 1.168%)^(a)(b)		9,651		10,962,593


Security	Par (000)		Value

Banks (continued)
3.89%, 01/10/28 (Call 01/10/27), (3 mo. LIBOR US + 1.563%)^(b)	$	25,893	$	28,183,223
3.98%, 03/20/30 (Call 03/20/29), (3 mo. LIBOR US + 1.338%)^(b)		23,616		26,240,706
4.08%, 04/23/29 (Call 04/23/28), (3 mo. LIBOR US + 1.192%)^(a)(b)		18,738		20,792,185
4.13%, 07/25/28^(a)		19,884		22,087,813
4.28%, 04/24/48 (Call 04/24/47), (3 mo. LIBOR US + 1.839%)^(b)		10,736		13,339,110
4.30%, 11/20/26		8,169		9,052,248
4.40%, 06/10/25		26,290		28,730,530
4.41%, 03/31/31 (Call 03/31/30), (SOFR + 3.914%)^(a)(b)		37,876		43,364,316
4.45%, 09/29/27^(a)		37,418		41,920,721
4.60%, 03/09/26^(a)		15,985		17,831,996
4.65%, 07/30/45^(a)		12,464		16,118,105
4.65%, 07/23/48 (Call 06/23/48)^(a)		24,081		31,591,426
4.75%, 05/18/46^(a)		16,346		20,764,724
5.30%, 05/06/44^(a)		8,899		11,715,161
5.32%, 03/26/41 (Call 03/26/40), (SOFR + 4.548%)^(b)		10,576		13,897,807
5.50%, 09/13/25^(a)		15,810		18,047,371
5.88%, 01/30/42^(a)		11,593		16,529,503
6.63%, 06/15/32		10,317		13,793,523
6.68%, 09/13/43		9,866		15,014,822
8.13%, 07/15/39^(a)		18,115		30,802,494
Citizens Bank N.A./Providence RI, 2.25%, 04/28/25 (Call 03/28/25)		4,825		4,982,017
Citizens Financial Group Inc., 3.25%, 04/30/30 (Call 01/30/30)		12,016		12,818,663
Cooperatieve Rabobank U.A.
3.75%, 07/21/26		14,852		16,134,702
4.38%, 08/04/25		15,479		16,990,888
5.25%, 05/24/41^(a)		13,949		19,285,036
5.25%, 08/04/45		11,921		16,188,654
5.75%, 12/01/43^(a)		10,751		15,123,505
Cooperatieve Rabobank U.A./New York, 3.38%, 05/21/25		8,952		9,627,940
Credit Suisse AG/New York NY 1.25%, 08/07/26		23,386		22,856,656
2.95%, 04/09/25^(a)		15,972		16,809,653
Credit Suisse Group AG 3.75%, 03/26/25^(a)		22,137		23,685,778
4.55%, 04/17/26		21,616		24,006,269
4.88%, 05/15/45^(a)		16,264		20,604,471
Deutsche Bank AG/New York NY 1.69%, 03/19/26		7,468		7,428,708
2.13%, 11/24/26 (Call 11/24/25)^(b)		21,169		21,269,692
3.04%, 05/28/32 (Call 05/28/31)^(b)		17,111		17,221,528
3.55%, 09/18/31 (Call 09/18/30), (SOFR + 3.043%)^(a)(b)		13,339		14,124,013
3.96%, 11/26/25 (Call 11/26/24)^(b)		21,576		23,062,800
Discover Bank 3.45%, 07/27/26 (Call 04/27/26)		6,688		7,166,306
4.65%, 09/13/28 (Call 06/13/28)^(a)		9,815		11,317,821
Fifth Third Bancorp. 2.38%, 01/28/25 (Call 12/28/24)		6,918		7,137,451
2.55%, 05/05/27 (Call 04/05/27)		4,614		4,786,267
8.25%, 03/01/38		8,168		13,443,041


Security	Par (000)		Value

Banks (continued)
Fifth Third Bank NA 3.85%, 03/15/26 (Call 02/15/26)	$	10,316	$	11,249,108
3.95%, 07/28/25 (Call 06/28/25)		5,840		6,408,212
Goldman Sachs Group Inc. (The) 0.86%, 02/12/26 (Call 02/12/25), (SOFR + 0.609%)^(b)		8,408		8,364,466
1.09%, 12/09/26 (Call 12/09/25)^(b)		18,154		17,706,898
1.43%, 03/09/27 (Call 03/09/26), (SOFR + 0.798%)^(b)		27,748		27,305,253
1.54%, 09/10/27 (Call 09/10/26)^(b)		25,712		25,261,330
1.95%, 10/21/27 (Call 10/21/26)^(b)		21,701		21,730,518
1.99%, 01/27/32 (Call 01/27/31)^(b)		21,614		20,654,691
2.38%, 07/21/32 (Call 07/21/31), (SOFR + 1.248%)^(b)		44,192		43,419,391
2.60%, 02/07/30 (Call 11/07/29)		17,598		17,893,083
2.62%, 04/22/32 (Call 04/22/31), (SOFR + 1.281%)^(b)		35,081		35,186,225
2.65%, 10/21/32 (Call 10/21/31)^(b)		27,046		27,187,215
2.91%, 07/21/42 (Call 07/21/41), (SOFR + 1.472%)^(b)		15,812		15,713,368
3.21%, 04/22/42 (Call 04/22/41)^(b)		23,035		23,856,603
3.50%, 01/23/25 (Call 10/23/24)^(a)		16,190		17,217,268
3.50%, 04/01/25 (Call 03/01/25)^(a)		33,832		36,095,296
3.50%, 11/16/26 (Call 11/16/25)		27,458		29,410,909
3.69%, 06/05/28 (Call 06/05/27), (3 mo. LIBOR US + 1.510%)^(b)		24,530		26,577,818
3.75%, 05/22/25 (Call 02/22/25)		22,903		24,599,730
3.75%, 02/25/26 (Call 11/25/25)		16,592		17,990,336
3.80%, 03/15/30 (Call 12/15/29)^(a)		22,633		24,934,756
3.81%, 04/23/29 (Call 04/23/28), (3 mo. LIBOR US + 1.158%)^(b)		22,926		25,109,314
3.85%, 01/26/27 (Call 01/26/26)		30,133		32,633,153
4.02%, 10/31/38 (Call 10/31/37), (3 mo. LIBOR US + 1.373%)^(b)		26,754		30,707,176
4.22%, 05/01/29 (Call 05/01/28), (3 mo. LIBOR US + 1.301%)^(a)(b)		32,173		36,012,111
4.25%, 10/21/25^(a)		17,572		19,261,332
4.41%, 04/23/39 (Call 04/23/38), (3 mo. LIBOR US + 1.430%)^(b)		15,741		18,860,150
4.75%, 10/21/45 (Call 04/21/45)^(a)		12,612		16,477,780
4.80%, 07/08/44 (Call 01/08/44)		18,973		24,206,801
5.15%, 05/22/45		21,569		28,528,678
5.95%, 01/15/27		7,938		9,430,329
6.13%, 02/15/33		11,071		14,683,993
6.25%, 02/01/41		24,369		35,641,556
6.75%, 10/01/37		54,753		78,167,655
HSBC Holdings PLC 1.59%, 05/24/27 (Call 05/24/26)^(b)		19,724		19,376,572
1.65%, 04/18/26 (Call 04/18/25)^(b)		21,091		21,033,980
2.01%, 09/22/28 (Call 09/22/27)^(a)(b)		16,901		16,659,106
2.10%, 06/04/26 (Call 06/04/25)^(b)		21,166		21,426,513
2.21%, 08/17/29 (Call 08/17/28), (SOFR + 1.285%)^(a)(b)		20,807		20,409,672
2.36%, 08/18/31 (Call 08/18/30)^(a)(b)		10,614		10,377,711
2.63%, 11/07/25 (Call 11/07/24), (SOFR + 1.401%)^(b)		20,079		20,734,754
2.80%, 05/24/32 (Call 05/24/31)^(b)		31,454		31,662,892
2.85%, 06/04/31 (Call 06/04/30)^(a)(b)		14,357		14,572,833
3.90%, 05/25/26^(a)		22,981		24,945,411
3.97%, 05/22/30 (Call 05/22/29)^(a)(b)		29,442		32,209,904


Security	Par (000)		Value

Banks (continued)
4.04%, 03/13/28 (Call 03/13/27),
(3 mo. LIBOR US + 1.546%)^(b)	$	26,730	$	29,084,282
4.25%, 08/18/25		13,412		14,546,607
4.29%, 09/12/26 (Call 09/12/25)^(a)(b)		22,828		24,863,518
4.30%, 03/08/26^(a)		29,521		32,476,758
4.38%, 11/23/26		16,011		17,604,698
4.58%, 06/19/29 (Call 06/19/28)^(b)		31,503		35,598,771
4.95%, 03/31/30		23,184		27,283,386
5.25%, 03/14/44^(a)		16,390		21,245,331
6.10%, 01/14/42^(a)		5,001		7,158,150
6.50%, 05/02/36^(a)		21,099		28,751,384
6.50%, 09/15/37		25,613		35,432,425
6.80%, 06/01/38^(a)		13,642		19,538,820
Huntington Bancshares Inc./OH, 2.55%, 02/04/30 (Call 11/04/29)^(a)		4,963		5,090,679
ING Groep NV
1.73%, 04/01/27 (Call 04/01/26)^(b)		12,275		12,247,490
2.73%, 04/01/32 (Call 04/01/31)^(b)		8,654		8,834,987
3.95%, 03/29/27^(a)		16,555		18,216,639
4.05%, 04/09/29^(a)		7,902		8,932,343
4.55%, 10/02/28		11,238		12,999,833
JPMorgan Chase & Co.
1.04%, 02/04/27 (Call 02/04/26)^(b)		18,617		18,091,245
1.05%, 11/19/26 (Call 11/19/25), (SOFR + 0.800%)^(b)		25,447		24,823,643
1.47%, 09/22/27 (Call 09/22/26)^(b)		35,671		35,001,174
1.58%, 04/22/27 (Call 04/22/26), (SOFR + 0.885%)^(a)(b)		31,946		31,657,687
1.76%, 11/19/31 (Call 11/19/30)^(a)(b)		14,401		13,635,143
1.95%, 02/04/32 (Call 02/04/31)^(b)		27,228		26,044,132
2.01%, 03/13/26 (Call 03/13/25)^(a)(b)		21,959		22,367,196
2.07%, 06/01/29 (Call 06/01/28)^(b)		19,335		19,138,725
2.08%, 04/22/26 (Call 04/22/25)^(b)		32,369		33,018,173
2.18%, 06/01/28 (Call 06/01/27)^(b)		15,375		15,461,607
2.52%, 04/22/31 (Call 04/22/30), (SOFR + 2.040%)^(b)		24,724		25,010,269
2.53%, 11/19/41 (Call 11/19/40)^(b)		15,736		14,916,505
2.58%, 04/22/32 (Call 04/22/31)^(b)		32,107		32,376,397
2.74%, 10/15/30 (Call 10/15/29), (SOFR + 1.510%)^(a)(b)		35,326		36,192,727
2.95%, 10/01/26 (Call 07/01/26)^(a)		27,941		29,566,968
3.11%, 04/22/41 (Call 04/22/40), (SOFR + 2.460%)^(b)		14,759		15,245,060
3.11%, 04/22/51 (Call 04/22/50), (SOFR + 2.440%)^(a)(b)		20,677		21,404,872
3.13%, 01/23/25 (Call 10/23/24)		16,537		17,441,268
3.16%, 04/22/42 (Call 04/22/41)^(b)		20,079		20,877,154
3.20%, 06/15/26 (Call 03/15/26)		18,054		19,274,779
3.30%, 04/01/26 (Call 01/01/26)^(a)		22,254		23,781,982
3.33%, 04/22/52 (Call 04/22/51), (SOFR + 1.580%)^(b)		38,447		41,433,371
3.51%, 01/23/29 (Call 01/23/28), (3 mo. LIBOR US + 0.945%)^(a)(b)		20,129		21,746,146
3.54%, 05/01/28 (Call 05/01/27), (3 mo. LIBOR US + 1.380%)^(b)		23,008		24,843,024
3.63%, 12/01/27 (Call 12/01/26)		11,492		12,394,330
3.70%, 05/06/30 (Call 05/06/29)^(b)		23,466		25,620,803
3.78%, 02/01/28 (Call 02/01/27), (3 mo. LIBOR US + 1.337%)^(a)(b)		24,767		26,984,892


Security	Par (000)		Value

Banks (continued)
3.88%, 07/24/38 (Call 07/24/37), (3 mo. LIBOR US + 1.360%)^(b)	$	23,859	$	27,232,851
3.90%, 07/15/25 (Call 04/15/25)		24,252		26,333,219
3.90%, 01/23/49 (Call 01/23/48), (3 mo. LIBOR US + 1.220%)^(b)		17,244		20,113,619
3.96%, 01/29/27 (Call 01/29/26)^(b)		18,474		20,127,122
3.96%, 11/15/48 (Call 11/15/47), (3 mo. LIBOR US + 1.380%)^(b)		32,946		38,844,711
4.01%, 04/23/29 (Call 04/23/28)^(b)		21,321		23,663,619
4.03%, 07/24/48 (Call 07/24/47), (3 mo. LIBOR US + 1.460%)^(b)		14,390		17,010,292
4.13%, 12/15/26		20,281		22,456,328
4.20%, 07/23/29 (Call 07/23/28), (3 mo. LIBOR US + 1.260%)^(b)		22,576		25,342,206
4.25%, 10/01/27^(a)		13,408		15,073,817
4.26%, 02/22/48 (Call 02/22/47), (3 mo. LIBOR US + 1.580%)^(a)(b)		18,146		22,204,151
4.45%, 12/05/29 (Call 12/05/28), (3 mo. LIBOR US + 1.330%)^(a)(b)		23,564		26,884,535
4.49%, 03/24/31 (Call 03/24/30), (SOFR + 3.790%)^(b)		27,943		32,383,517
4.85%, 02/01/44^(a)		9,313		12,126,276
4.95%, 06/01/45		16,087		21,226,956
5.40%, 01/06/42^(a)		11,782		16,062,766
5.50%, 10/15/40		10,002		13,618,985
5.60%, 07/15/41^(a)		17,926		24,758,982
5.63%, 08/16/43		11,363		15,708,395
6.40%, 05/15/38		22,226		32,218,472
KeyBank N.A./Cleveland OH, 3.30%, 06/01/25		9,917		10,646,655
KeyCorp.
2.25%, 04/06/27		10,365		10,610,175
2.55%, 10/01/29^(a)		7,993		8,256,324
4.10%, 04/30/28		9,329		10,587,426
Lloyds Banking Group PLC
1.63%, 05/11/27 (Call 05/11/26)^(b)		12,141		12,003,107
2.44%, 02/05/26 (Call 02/05/25)^(b)		11,170		11,496,574
3.57%, 11/07/28 (Call 11/07/27)^(b)		12,875		13,821,512
3.75%, 01/11/27^(a)		14,848		16,118,814
4.34%, 01/09/48		15,798		18,997,307
4.38%, 03/22/28		12,696		14,348,307
4.45%, 05/08/25		16,327		17,962,908
4.50%, 11/04/24		4,233		4,608,250
4.55%, 08/16/28^(a)		10,246		11,742,274
4.58%, 12/10/25		16,843		18,620,209
4.65%, 03/24/26		11,944		13,270,018
5.30%, 12/01/45^(a)		6,059		8,155,371
Mitsubishi UFJ Financial Group Inc.
1.41%, 07/17/25^(a)		21,554		21,489,554
1.54%, 07/20/27 (Call 07/20/26)^(b)		23,932		23,625,204
1.64%, 10/13/27 (Call 10/13/26)^(b)		10,146		10,082,821
2.05%, 07/17/30^(a)		13,235		12,887,164
2.19%, 02/25/25^(a)		22,173		22,777,270
2.31%, 07/20/32 (Call 07/20/31)^(b)		18,814		18,465,226
2.49%, 10/13/32 (Call 10/13/31)^(b)		5,907		5,904,113
2.56%, 02/25/30^(a)		10,805		10,946,788
2.76%, 09/13/26		10,300		10,758,148
3.20%, 07/18/29		19,974		21,179,703
3.29%, 07/25/27^(a)		4,334		4,658,763
3.68%, 02/22/27^(a)		9,144		9,982,081
3.74%, 03/07/29		16,261		17,949,139


Security	Par (000)		Value

Banks (continued)
3.75%, 07/18/39^(a)	$	12,897	$	14,415,218
3.78%, 03/02/25		5,248		5,655,913
3.85%, 03/01/26^(a)		24,585		26,841,517
3.96%, 03/02/28		11,775		13,124,490
4.05%, 09/11/28^(a)		8,892		9,999,234
Mizuho Financial Group Inc.
1.23%, 05/22/27 (Call 05/22/26)^(b)		13,413		13,060,007
1.55%, 07/09/27 (Call 07/09/26)^(b)		14,943		14,750,591
1.98%, 09/08/31 (Call 09/08/30)^(a)(b)		2,885		2,762,552
2.20%, 07/10/31 (Call 07/10/30)^(b)		12,411		12,111,745
2.23%, 05/25/26 (Call 05/25/25)^(a)(b)		3,773		3,844,537
2.56%, 09/13/31		15,179		14,829,220
2.84%, 09/13/26^(a)		9,874		10,354,320
3.15%, 07/16/30 (Call 07/16/29), (3 mo. LIBOR US + 1.130%)^(b)		8,066		8,501,525
3.17%, 09/11/27		11,150		11,859,402
4.02%, 03/05/28^(a)		10,425		11,669,866
4.25%, 09/11/29 (Call 09/11/28)^(a)(b)		10,763		12,119,649
Morgan Stanley
0.99%, 12/10/26 (Call 12/10/25)^(b)		23,402		22,747,268
1.51%, 07/20/27 (Call 07/20/26), (SOFR + 0.858%)^(b)		29,917		29,439,193
1.59%, 05/04/27 (Call 05/04/26), (SOFR + 0.879%)^(b)		33,096		32,780,886
1.79%, 02/13/32 (Call 02/13/31)^(a)(b)		23,609		22,243,802
1.93%, 04/28/32 (Call 04/28/31), (SOFR + 1.020%)^(b)		24,477		23,329,303
2.19%, 04/28/26 (Call 04/28/25), (SOFR + 1.990%)^(a)(b)		27,741		28,400,171
2.24%, 07/21/32 (Call 07/21/31), (SOFR + 1.178%)^(b)		33,385		32,589,672
2.48%, 09/16/36 (Call 09/16/31)^(b)		30,560		29,662,386
2.51%, 10/20/32 (Call 10/20/31)^(b)		16,576		16,539,533
2.70%, 01/22/31 (Call 01/22/30), (SOFR + 1.143%)^(a)(b)		33,384		34,123,726
2.80%, 07/25/51 (Call 01/25/51)^(a)(b)		18,776		18,618,558
3.13%, 07/27/26		27,995		29,738,229
3.22%, 04/22/42 (Call 04/22/41)^(a)(b)		18,225		19,201,308
3.59%, 07/22/28 (Call 07/22/27), (3 mo. LIBOR US + 1.340%)^(b)		28,094		30,388,724
3.62%, 04/01/31 (Call 04/01/30), (SOFR + 3.120%)^(a)(b)		28,564		31,207,281
3.63%, 01/20/27		29,453		31,993,371
3.77%, 01/24/29 (Call 01/24/28), (3 mo. LIBOR US + 1.140%)^(a)(b)		27,987		30,743,980
3.88%, 01/27/26		29,109		31,767,231
3.95%, 04/23/27		19,146		21,027,123
3.97%, 07/22/38 (Call 07/22/37), (3 mo. LIBOR US + 1.455%)^(b)		18,445		21,150,114
4.00%, 07/23/25^(a)		29,005		31,657,693
4.30%, 01/27/45		23,408		28,838,001
4.35%, 09/08/26		21,786		24,213,725
4.38%, 01/22/47		19,554		24,690,754
4.43%, 01/23/30 (Call 01/23/29), (3 mo. LIBOR US + 1.628%)^(b)		27,606		31,576,458
4.46%, 04/22/39 (Call 04/22/38), (3 mo. LIBOR US + 1.431%)^(a)(b)		9,822		11,891,861
5.00%, 11/24/25		19,335		21,778,062
5.60%, 03/24/51 (Call 03/24/50), (SOFR + 4.480%)^(a)(b)		18,016		27,078,929


Security	Par (000)		Value

Banks (continued)
6.38%, 07/24/42^(a)	$	18,419	$	28,085,453
7.25%, 04/01/32		9,706		13,888,723
National Australia Bank Ltd./New York
2.50%, 07/12/26^(a)		10,332		10,828,429
3.38%, 01/14/26^(a)		5,746		6,219,002
Natwest Group PLC
1.64%, 06/14/27 (Call 06/14/26)^(a)(b)		14,668		14,489,441
3.07%, 05/22/28 (Call 05/22/27)^(a)(b)		8,374		8,746,687
4.45%, 05/08/30 (Call 05/08/29), (3 mo. LIBOR US + 1.871%)^(b)		11,644		13,209,337
4.80%, 04/05/26		13,491		15,131,197
4.89%, 05/18/29 (Call 05/18/28)^(b)		14,788		17,046,064
5.08%, 01/27/30 (Call 01/27/29), (3 mo. LIBOR US + 1.905%)^(b)		15,501		18,156,610
Northern Trust Corp.
1.95%, 05/01/30 (Call 02/01/30)^(a)		6,671		6,652,757
3.95%, 10/30/25		6,437		7,113,934
PNC Bank N.A.
2.70%, 10/22/29		10,097		10,506,700
2.95%, 02/23/25 (Call 01/24/25)		4,626		4,884,930
3.10%, 10/25/27 (Call 09/25/27)		7,315		7,889,699
3.25%, 06/01/25 (Call 05/02/25)^(a)		8,677		9,298,827
4.05%, 07/26/28		11,351		12,834,740
PNC Financial Services Group Inc. (The)
2.31%, 04/23/32 (Call 04/23/31)^(a)(b)		10,499		10,591,780
2.55%, 01/22/30 (Call 10/24/29)^(a)		19,403		20,033,202
2.60%, 07/23/26 (Call 05/23/26)		9,212		9,680,837
3.15%, 05/19/27 (Call 04/19/27)^(a)		9,412		10,178,679
3.45%, 04/23/29 (Call 01/23/29)^(a)		19,086		20,987,008
Royal Bank of Canada
0.88%, 01/20/26		15,899		15,518,518
1.15%, 06/10/25		14,389		14,318,720
1.15%, 07/14/26		15,914		15,642,572
1.20%, 04/27/26		16,408		16,173,648
1.40%, 11/02/26		20,422		20,175,562
2.25%, 11/01/24		12,066		12,484,188
2.30%, 11/03/31		20,000		19,965,750
4.65%, 01/27/26		16,873		18,904,595
Santander Holdings USA Inc.
3.24%, 10/05/26 (Call 08/05/26)		10,256		10,801,955
3.45%, 06/02/25 (Call 05/02/25)		8,597		9,123,598
4.40%, 07/13/27 (Call 04/14/27)		7,499		8,342,191
4.50%, 07/17/25 (Call 04/17/25)^(a)		12,163		13,324,975
Santander UK Group Holdings PLC
1.53%, 08/21/26 (Call 08/21/25)^(b)		6,984		6,909,139
3.82%, 11/03/28 (Call 11/03/27)^(a)(b)		5,674		6,117,520
Santander UK Group Holdings PLC., 1.67%, 06/14/27 (Call 06/14/26)^(b)		12,039		11,854,476
State Street Corp.
2.20%, 03/03/31^(a)		10,472		10,390,497
2.40%, 01/24/30^(a)		6,003		6,174,805
2.65%, 05/19/26^(a)		6,717		7,105,325
3.30%, 12/16/24^(a)		2,911		3,124,329
3.55%, 08/18/25		13,333		14,487,454
Sumitomo Mitsui Financial Group Inc.
0.95%, 01/12/26		10,649		10,376,488
1.40%, 09/17/26		25,249		24,757,521
1.47%, 07/08/25		21,986		21,996,283
1.90%, 09/17/28^(a)		22,673		22,092,542
2.13%, 07/08/30		15,350		15,051,674


Security	Par (000)		Value

Banks (continued)
2.14%, 09/23/30	$	9,805	$	9,426,183
2.22%, 09/17/31		8,694		8,480,718
2.35%, 01/15/25^(a)		6,132		6,320,860
2.63%, 07/14/26		25,187		26,168,842
2.75%, 01/15/30^(a)		12,584		12,933,088
2.93%, 09/17/41^(a)		9,058		8,855,777
3.01%, 10/19/26		15,500		16,395,547
3.04%, 07/16/29		26,084		27,403,417
3.35%, 10/18/27		9,373		10,094,618
3.36%, 07/12/27^(a)		14,499		15,621,582
3.45%, 01/11/27		13,961		15,049,205
3.54%, 01/17/28^(a)		9,583		10,443,894
3.78%, 03/09/26		18,176		19,786,953
3.94%, 07/19/28		5,182		5,786,488
Toronto-Dominion Bank (The)
0.75%, 09/11/25^(a)		10,899		10,667,192
0.75%, 01/06/26^(a)		18,907		18,428,568
1.15%, 06/12/25^(a)		13,229		13,176,797
1.20%, 06/03/26^(a)		14,444		14,259,149
1.25%, 09/10/26		15,816		15,523,127
2.00%, 09/10/31^(a)		11,736		11,539,721
Truist Bank
1.50%, 03/10/25 (Call 02/10/25)		14,501		14,670,679
2.15%, 12/06/24 (Call 11/05/24)		4,685		4,843,854
2.25%, 03/11/30 (Call 12/11/29)		11,031		11,006,124
3.30%, 05/15/26 (Call 04/15/26)^(a)		11,192		12,059,204
3.63%, 09/16/25 (Call 08/16/25)		11,711		12,670,681
3.80%, 10/30/26 (Call 09/30/26)		9,342		10,261,773
Truist Financial Corp.
1.13%, 08/03/27 (Call 06/03/27)^(a)		7,133		6,888,331
1.20%, 08/05/25 (Call 07/03/25)^(a)		8,795		8,787,017
1.27%, 03/02/27 (Call 03/02/26)^(b)		15,097		14,875,119
1.89%, 06/07/29 (Call 06/07/28)^(b)		13,081		12,959,895
1.95%, 06/05/30 (Call 03/05/30)^(a)		7,011		6,957,241
3.70%, 06/05/25 (Call 05/05/25)^(a)		11,588		12,558,501
4.00%, 05/01/25 (Call 03/01/25)^(a)		9,966		10,864,719
U.S. Bancorp.
1.38%, 07/22/30 (Call 04/22/30)		15,917		15,032,362
1.45%, 05/12/25 (Call 04/11/25)		14,793		14,937,985
2.49%, 11/03/36 (Call 11/03/31)^(b)		10,000		9,947,321
3.00%, 07/30/29 (Call 04/30/29)^(a)		10,038		10,706,872
3.10%, 04/27/26 (Call 03/27/26)^(a)		8,217		8,763,983
3.90%, 04/26/28 (Call 03/24/28)^(a)		8,540		9,642,850
3.95%, 11/17/25 (Call 10/17/25)		8,046		8,866,743
Series V, 2.38%, 07/22/26 (Call 06/22/26)		14,567		15,222,380
Series X, 3.15%, 04/27/27 (Call 03/27/27)		13,430		14,433,198
U.S. Bank N.A./Cincinnati OH
2.05%, 01/21/25 (Call 12/20/24)^(a)		8,362		8,616,669
2.80%, 01/27/25 (Call 12/27/24)		4,946		5,206,011
Wachovia Corp., 5.50%, 08/01/35		8,529		10,930,124
Wells Fargo & Co.
2.16%, 02/11/26 (Call 02/11/25)^(b)		31,306		32,037,959
2.19%, 04/30/26 (Call 04/30/25)^(a)(b)		31,709		32,396,464
2.39%, 06/02/28 (Call 06/02/27)^(b)		30,989		31,483,959
2.41%, 10/30/25 (Call 10/30/24)^(b)		30,239		31,238,387
2.57%, 02/11/31 (Call 02/11/30)^(b)		27,862		28,185,358
2.88%, 10/30/30 (Call 10/30/29)^(b)		36,388		37,711,683
3.00%, 02/19/25		18,110		19,061,248
3.00%, 04/22/26^(a)		35,306		37,386,148
3.00%, 10/23/26^(a)		33,276		35,163,478


Security	Par (000)		Value

Banks (continued)
3.07%, 04/29/40 (Call 04/30/40)^(b)	$	40,386	$	41,276,394
3.20%, 06/17/27 (Call 06/17/26)^(b)		23,987		25,447,674
3.55%, 09/29/25		26,031		28,023,007
3.58%, 05/22/28 (Call 05/22/27)^(a)(b)		27,978		30,166,056
3.90%, 05/01/45^(a)		19,098		22,443,681
4.10%, 06/03/26		23,979		26,301,064
4.15%, 01/24/29 (Call 10/24/28)		25,702		28,933,402
4.30%, 07/22/27^(a)		21,964		24,544,208
4.40%, 06/14/46^(a)		19,229		23,251,907
4.48%, 04/04/31 (Call 04/04/30)^(b)		23,726		27,422,157
4.65%, 11/04/44		19,563		24,044,105
4.75%, 12/07/46		20,767		26,351,666
4.90%, 11/17/45		19,563		25,179,574
5.01%, 04/04/51 (Call 04/04/50)^(b)		52,244		72,088,810
5.38%, 11/02/43		20,705		27,566,442
5.61%, 01/15/44		22,613		30,906,917
Wells Fargo Bank N.A.
5.85%, 02/01/37		9,302		12,545,202
6.60%, 01/15/38		14,094		20,555,472
Westpac Banking Corp.
1.15%, 06/03/26		13,795		13,631,110
2.15%, 06/03/31		14,510		14,484,174
2.35%, 02/19/25		11,764		12,206,462
2.65%, 01/16/30^(a)		6,317		6,661,526
2.70%, 08/19/26^(a)		10,329		10,921,856
2.85%, 05/13/26^(a)		14,447		15,342,054
2.96%, 11/16/40^(a)		7,482		7,466,315
3.35%, 03/08/27^(a)		10,093		10,930,519
3.40%, 01/25/28^(a)		8,539		9,367,634
4.42%, 07/24/39^(a)		10,242		12,042,509


				8,758,277,323

Beverages — 3.2%
Anheuser-Busch Companies LLC/Anheuser-Busch InBev Worldwide Inc.
3.65%, 02/01/26 (Call 11/01/25)		34,791		37,808,256
4.70%, 02/01/36 (Call 08/01/35)		51,694		62,551,710
4.90%, 02/01/46 (Call 08/01/45)		92,171		117,574,037
Anheuser-Busch InBev Finance Inc.
3.65%, 02/01/26 (Call 11/01/25)		17,315		18,797,630
4.00%, 01/17/43^(a)		9,545		10,675,859
4.63%, 02/01/44^(a)		7,683		9,280,641
4.90%, 02/01/46 (Call 08/01/45)^(a)		14,774		18,585,893
Anheuser-Busch InBev Worldwide Inc.
3.50%, 06/01/30 (Call 03/01/30)^(a)		15,911		17,427,573
3.75%, 07/15/42^(a)		10,156		11,106,238
4.00%, 04/13/28 (Call 01/13/28)^(a)		24,448		27,477,391
4.35%, 06/01/40 (Call 12/01/39)^(a)		12,441		14,660,318
4.38%, 04/15/38 (Call 10/15/37)		16,837		19,813,529
4.44%, 10/06/48 (Call 04/06/48)		15,518		18,753,961
4.50%, 06/01/50 (Call 12/01/49)^(a)		21,604		26,747,057
4.60%, 04/15/48 (Call 10/15/47)^(a)		23,222		28,673,139
4.60%, 06/01/60 (Call 12/01/59)^(a)		10,726		13,405,723
4.75%, 01/23/29 (Call 10/23/28)^(a)		40,272		47,277,910
4.75%, 04/15/58 (Call 10/15/57)		13,349		16,984,886
4.90%, 01/23/31 (Call 10/23/30)		7,330		8,871,511
4.95%, 01/15/42		15,823		19,908,511
5.45%, 01/23/39 (Call 07/23/38)^(a)		18,481		24,236,931
5.55%, 01/23/49 (Call 07/23/48)^(a)		38,524		54,075,372
5.80%, 01/23/59 (Call 07/23/58)		18,719		27,618,803
8.20%, 01/15/39		12,923		21,243,918


Security	Par (000)		Value

Beverages (continued)
Coca-Cola Co. (The)
1.00%, 03/15/28^(a)	$	11,149	$	10,670,131
1.38%, 03/15/31		11,384		10,735,125
1.45%, 06/01/27		12,458		12,392,476
1.50%, 03/05/28		7,737		7,615,425
1.65%, 06/01/30^(a)		16,121		15,653,493
2.00%, 03/05/31^(a)		2,776		2,764,009
2.13%, 09/06/29		10,658		10,868,068
2.25%, 01/05/32		17,242		17,409,991
2.50%, 06/01/40		10,222		10,068,456
2.50%, 03/15/51		14,171		13,729,823
2.60%, 06/01/50		13,593		13,427,319
2.75%, 06/01/60		10,559		10,540,692
2.88%, 05/05/41		8,441		8,763,280
3.00%, 03/05/51^(a)		14,291		15,206,210
3.38%, 03/25/27^(a)		11,206		12,219,149
3.45%, 03/25/30^(a)		12,946		14,393,909
Constellation Brands Inc.
2.25%, 08/01/31 (Call 05/01/31)		13,883		13,576,826
3.15%, 08/01/29 (Call 05/01/29)^(a)		5,594		5,943,889
Diageo Capital PLC
1.38%, 09/29/25 (Call 08/29/25)		8,562		8,602,407
2.00%, 04/29/30 (Call 01/29/30)^(a)		8,520		8,463,955
2.13%, 04/29/32 (Call 01/29/32)		8,216		8,142,257
2.38%, 10/24/29 (Call 07/24/29)		9,357		9,586,107
Keurig Dr Pepper Inc.
3.20%, 05/01/30 (Call 02/01/30)^(a)		9,976		10,592,024
3.80%, 05/01/50 (Call 11/01/49)^(a)		7,113		8,017,683
4.42%, 05/25/25 (Call 03/25/25)		11,572		12,726,204
4.60%, 05/25/28 (Call 02/25/28)		18,333		21,111,839
5.09%, 05/25/48 (Call 11/25/47)^(a)		7,422		9,850,267
Molson Coors Beverage Co.
3.00%, 07/15/26 (Call 04/15/26)		21,012		22,240,696
4.20%, 07/15/46 (Call 01/15/46)		16,409		18,370,405
5.00%, 05/01/42		11,315		13,771,278
PepsiCo Inc.
1.40%, 02/25/31 (Call 11/25/30)		5,879		5,610,718
1.63%, 05/01/30 (Call 02/01/30)		14,916		14,541,534
1.95%, 10/21/31 (Call 07/21/31)^(a)		14,755		14,630,717
2.25%, 03/19/25 (Call 02/19/25)		10,037		10,435,696
2.38%, 10/06/26 (Call 07/06/26)^(a)		12,179		12,765,706
2.63%, 07/29/29 (Call 04/29/29)		4,079		4,303,122
2.63%, 10/21/41 (Call 04/21/41)^(a)		10,160		10,261,854
2.75%, 04/30/25 (Call 01/30/25)		11,857		12,483,987
2.75%, 03/19/30 (Call 12/19/29)		17,346		18,380,758
2.75%, 10/21/51 (Call 04/21/51)		10,000		10,304,266
2.85%, 02/24/26 (Call 11/24/25)^(a)		10,105		10,741,047
2.88%, 10/15/49 (Call 04/15/49)^(a)		10,289		10,837,225
3.00%, 10/15/27 (Call 07/15/27)^(a)		14,249		15,405,462
3.38%, 07/29/49 (Call 01/29/49)		4,970		5,680,750
3.45%, 10/06/46 (Call 04/06/46)		6,241		7,108,589
3.63%, 03/19/50 (Call 09/19/49)		6,815		8,160,175


				1,202,661,796

Biotechnology — 1.7%
Amgen Inc.
1.65%, 08/15/28 (Call 06/15/28)		12,896		12,507,400
2.00%, 01/15/32 (Call 10/15/31)^(a)		15,186		14,577,734
2.20%, 02/21/27 (Call 12/21/26)		16,734		17,078,791
2.30%, 02/25/31 (Call 11/25/30)^(a)		9,785		9,739,234
2.45%, 02/21/30 (Call 11/21/29)^(a)		13,844		14,074,998


Security	Par (000)		Value

Biotechnology (continued)
2.60%, 08/19/26 (Call 05/19/26)^(a)	$	12,684	$	13,244,416
2.77%, 09/01/53 (Call 03/01/53)^(a)		11,191		10,552,932
2.80%, 08/15/41 (Call 02/15/41)		12,234		11,847,734
3.00%, 01/15/52 (Call 07/15/51)^(a)		14,278		14,016,217
3.13%, 05/01/25 (Call 02/01/25)^(a)		10,105		10,682,936
3.15%, 02/21/40 (Call 08/21/39)		17,801		18,202,423
3.20%, 11/02/27 (Call 08/02/27)^(a)		7,906		8,464,822
3.38%, 02/21/50 (Call 08/21/49)		21,309		22,299,302
4.40%, 05/01/45 (Call 11/01/44)^(a)		24,575		29,704,899
4.56%, 06/15/48 (Call 12/15/47)^(a)		11,681		14,640,589
4.66%, 06/15/51 (Call 12/15/50)		31,654		40,850,611
Baxalta Inc., 4.00%, 06/23/25 (Call 03/23/25)		10,954		11,899,654
Biogen Inc.
2.25%, 05/01/30 (Call 02/01/30)		16,635		16,390,447
3.15%, 05/01/50 (Call 11/01/49)		16,505		16,214,883
4.05%, 09/15/25 (Call 06/15/25)^(a)		16,400		17,940,181
5.20%, 09/15/45 (Call 03/15/45)		8,938		11,954,316
Gilead Sciences Inc.
1.20%, 10/01/27 (Call 08/01/27)		9,484		9,138,918
1.65%, 10/01/30 (Call 07/01/30)^(a)		8,054		7,700,646
2.60%, 10/01/40 (Call 04/01/40)^(a)		12,860		12,285,980
2.80%, 10/01/50 (Call 04/01/50)^(a)		14,911		14,463,613
2.95%, 03/01/27 (Call 12/01/26)^(a)		13,783		14,585,777
3.50%, 02/01/25 (Call 11/01/24)		8,682		9,255,260
3.65%, 03/01/26 (Call 12/01/25)		28,662		31,055,575
4.00%, 09/01/36 (Call 03/01/36)		4,571		5,219,095
4.15%, 03/01/47 (Call 09/01/46)^(a)		17,998		21,382,268
4.50%, 02/01/45 (Call 08/01/44)		18,001		22,209,533
4.60%, 09/01/35 (Call 03/01/35)		10,663		12,841,938
4.75%, 03/01/46 (Call 09/01/45)		21,197		27,099,828
4.80%, 04/01/44 (Call 10/01/43)		15,824		19,972,668
5.65%, 12/01/41 (Call 06/01/41)^(a)		10,003		13,797,207
Regeneron Pharmaceuticals Inc.
1.75%, 09/15/30 (Call 06/15/30)		16,350		15,453,845
2.80%, 09/15/50 (Call 03/15/50)		6,160		5,799,893
Royalty Pharma PLC
1.20%, 09/02/25 (Call 08/02/25)^(a)		12,161		12,012,775
1.75%, 09/02/27 (Call 07/02/27)^(a)		10,984		10,762,288
2.20%, 09/02/30 (Call 06/02/30)		9,901		9,593,315
3.30%, 09/02/40 (Call 03/02/40)^(a)		10,855		10,818,626
3.55%, 09/02/50 (Call 03/02/50)		9,926		9,865,671


				632,199,238

Building Materials — 0.3%
Carrier Global Corp.
2.24%, 02/15/25 (Call 01/15/25)		18,334		18,818,520
2.49%, 02/15/27 (Call 12/15/26)		12,368		12,710,744
2.70%, 02/15/31 (Call 11/15/30)^(a)		7,436		7,566,145
2.72%, 02/15/30 (Call 11/15/29)		16,417		16,818,379
3.38%, 04/05/40 (Call 10/05/39)		14,580		15,244,431
3.58%, 04/05/50 (Call 10/05/49)		19,999		21,636,176
Martin Marietta Materials Inc.
2.40%, 07/15/31 (Call 04/15/31)		8,623		8,559,503
3.20%, 07/15/51 (Call 01/15/51)^(a)		10,744		11,003,933


				112,357,831

Chemicals — 1.0%
Air Products and Chemicals Inc.
2.05%, 05/15/30 (Call 02/15/30)		9,090		9,155,939
2.70%, 05/15/40 (Call 11/15/39)		6,116		6,207,482
2.80%, 05/15/50 (Call 11/15/49)^(a)		9,060		9,269,381


Security	Par (000)		Value

Chemicals (continued)
CF Industries Inc.
4.95%, 06/01/43	$	389	$	475,179
5.15%, 03/15/34		10,050		12,296,446
5.38%, 03/15/44		10,000		12,989,900
Dow Chemical Co. (The)
2.10%, 11/15/30 (Call 08/15/30)^(a)		3,457		3,401,443
3.60%, 11/15/50 (Call 05/15/50)^(a)		11,364		12,357,372
3.63%, 05/15/26 (Call 03/15/26)^(a)		8,567		9,291,394
4.38%, 11/15/42 (Call 05/15/42)^(a)		10,447		12,422,043
4.80%, 05/15/49 (Call 11/15/48)		7,337		9,453,853
5.25%, 11/15/41 (Call 05/15/41)		6,942		8,972,667
5.55%, 11/30/48 (Call 05/30/48)		8,927		12,571,885
7.38%, 11/01/29		6,705		9,090,054
DuPont de Nemours Inc.
4.49%, 11/15/25 (Call 09/15/25)		20,929		23,296,691
4.73%, 11/15/28 (Call 08/15/28)^(a)		18,784		21,966,988
5.32%, 11/15/38 (Call 05/15/38)		17,415		22,514,499
5.42%, 11/15/48 (Call 05/15/48)^(a)		20,148		28,130,414
Eastman Chemical Co., 4.65%, 10/15/44
(Call 04/15/44)		6,267		7,529,122
Ecolab Inc.
2.70%, 11/01/26 (Call 08/01/26)^(a)		3,059		3,229,631
4.80%, 03/24/30 (Call 12/24/29)^(a)		4,398		5,296,934
International Flavors & Fragrances Inc., 5.00%, 09/26/48 (Call 03/26/48)		3,658		4,800,376
LYB International Finance BV
4.88%, 03/15/44 (Call 09/15/43)		10,900		13,454,326
5.25%, 07/15/43		7,458		9,634,377
LYB International Finance II BV, 3.50%, 03/02/27
(Call 12/02/26)		10,806		11,669,016
LYB International Finance III LLC 3.38%, 10/01/40 (Call 04/01/40)^(a)		6,123		6,331,053
3.63%, 04/01/50 (Call 10/01/50)^(a)		9,040		9,639,026
4.20%, 10/15/49 (Call 04/15/49)		11,255		13,129,647
4.20%, 05/01/50 (Call 11/01/49)^(a)		10,411		12,127,546
LyondellBasell Industries NV, 4.63%, 02/26/55
(Call 08/26/54)^(a)		9,697		11,990,293
Nutrien Ltd. 4.20%, 04/01/29 (Call 01/01/29)		4,124		4,676,911
5.00%, 04/01/49 (Call 10/01/48)		6,645		8,921,572
Sherwin-Williams Co. (The) 2.95%, 08/15/29 (Call 05/15/29)		10,086		10,673,706
3.45%, 06/01/27 (Call 03/01/27)^(a)		16,510		17,890,272
4.50%, 06/01/47 (Call 12/01/46)		10,211		12,757,161
Westlake Chemical Corp., 3.60%, 08/15/26
(Call 05/15/26)^(a)		611		667,901


				388,282,500

Commercial Services — 0.5%
Automatic Data Processing Inc. 1.25%, 09/01/30 (Call 06/01/30)		9,588		9,048,282
1.70%, 05/15/28 (Call 03/15/28)		10,876		10,819,360
3.38%, 09/15/25 (Call 06/15/25)^(a)		8,094		8,725,482
Equifax Inc., 2.35%, 09/15/31 (Call 06/15/31)		6,388		6,262,855
Global Payments Inc. 1.20%, 03/01/26 (Call 02/01/26)		12,169		11,877,073
2.65%, 02/15/25 (Call 01/15/25)		4,352		4,511,953
2.90%, 05/15/30 (Call 02/15/30)^(a)		12,442		12,693,790
3.20%, 08/15/29 (Call 05/15/29)^(a)		8,420		8,804,641
4.15%, 08/15/49 (Call 02/15/49)^(a)		8,119		9,207,747
4.80%, 04/01/26 (Call 01/01/26)^(a)		7,497		8,389,004


Security	Par (000)		Value

Commercial Services (continued)
IHS Markit Ltd. 4.25%, 05/01/29 (Call 02/01/29)^(a)	$	7,841	$	8,945,130
4.75%, 08/01/28 (Call 05/01/28)		7,742		9,026,519
Massachusetts Institute of Technology, 5.60%, 07/01/2111		2,535		4,520,775
PayPal Holdings Inc. 1.65%, 06/01/25 (Call 05/01/25)		10,509		10,665,288
2.30%, 06/01/30 (Call 03/01/30)		7,083		7,200,729
2.65%, 10/01/26 (Call 08/01/26)^(a)		14,413		15,189,012
2.85%, 10/01/29 (Call 07/01/29)		17,790		18,779,330
3.25%, 06/01/50 (Call 12/01/49)		8,346		9,029,253
Quanta Services Inc., 2.90%, 10/01/30 (Call 07/01/30)		2,829		2,923,139
RELX Capital Inc. 3.00%, 05/22/30 (Call 02/22/30)		8,514		8,992,804
4.00%, 03/18/29 (Call 12/18/28)^(a)		8,229		9,198,650
Verisk Analytics Inc., 4.00%, 06/15/25 (Call 03/15/25)		9,643		10,494,223


				205,305,039

Computers — 3.3%
Apple Inc.
0.55%, 08/20/25 (Call 07/20/25)		16,392		16,048,091
0.70%, 02/08/26 (Call 01/08/26)^(a)		25,985		25,445,021
1.13%, 05/11/25 (Call 04/11/25)		19,834		19,810,766
1.25%, 08/20/30 (Call 05/20/30)^(a)		11,700		11,029,369
1.40%, 08/05/28 (Call 06/05/28)^(a)		23,458		22,858,878
1.65%, 05/11/30 (Call 02/11/30)		18,451		18,014,580
1.65%, 02/08/31 (Call 11/08/30)		25,713		24,918,854
1.70%, 08/05/31 (Call 05/05/31)^(a)		13,682		13,269,174
2.05%, 09/11/26 (Call 07/11/26)		19,832		20,413,300
2.20%, 09/11/29 (Call 06/11/29)^(a)		14,802		15,123,570
2.38%, 02/08/41 (Call 08/08/40)^(a)		14,388		13,955,753
2.40%, 06/20/50 (Call 02/20/50)		12,102		11,400,547
2.45%, 08/04/26 (Call 05/04/26)^(a)		23,026		24,116,990
2.50%, 02/09/25		13,701		14,314,709
2.55%, 08/20/60 (Call 02/20/60)		12,388		11,593,398
2.65%, 05/11/50 (Call 11/11/49)		24,236		23,924,068
2.65%, 02/08/51 (Call 08/08/50)^(a)		28,949		28,563,883
2.70%, 08/05/51 (Call 02/05/51)		18,614		18,505,378
2.75%, 01/13/25 (Call 11/13/24)		4,719		4,960,404
2.80%, 02/08/60 (Call 08/08/60)		20,144		19,866,520
2.85%, 08/05/61 (Call 02/05/61)		14,366		14,313,081
2.90%, 09/12/27 (Call 06/12/27)^(a)		21,531		23,013,009
2.95%, 09/11/49 (Call 03/11/49)		12,780		13,284,598
3.00%, 06/20/27 (Call 03/20/27)^(a)		12,010		12,945,786
3.00%, 11/13/27 (Call 08/13/27)		15,886		17,076,440
3.20%, 05/13/25^(a)		16,195		17,329,876
3.20%, 05/11/27 (Call 02/11/27)		21,326		23,096,384
3.25%, 02/23/26 (Call 11/23/25)		32,396		34,890,780
3.35%, 02/09/27 (Call 11/09/26)^(a)		21,063		22,941,723
3.45%, 02/09/45		19,915		22,337,704
3.75%, 09/12/47 (Call 03/12/47)		11,621		13,687,299
3.75%, 11/13/47 (Call 05/13/47)		12,446		14,622,753
3.85%, 05/04/43		28,585		33,709,527
3.85%, 08/04/46 (Call 02/04/46)		19,337		22,967,038
4.25%, 02/09/47 (Call 08/09/46)		9,810		12,428,131
4.38%, 05/13/45		19,235		24,592,015
4.45%, 05/06/44		9,282		11,833,328
4.50%, 02/23/36 (Call 08/23/35)^(a)		6,827		8,529,314
4.65%, 02/23/46 (Call 08/23/45)		38,723		51,243,521
Dell International LLC/EMC Corp. 4.90%, 10/01/26 (Call 08/01/26)^(a)		17,969		20,475,983


Security	Par (000)		Value

Computers (continued)
5.30%, 10/01/29 (Call 07/01/29)	$	18,048	$	21,711,650
5.85%, 07/15/25 (Call 06/15/25)		12,461		14,371,174
6.02%, 06/15/26 (Call 03/15/26)		42,522		50,117,203
6.20%, 07/15/30 (Call 04/15/30)^(a)		5,409		6,892,827
8.10%, 07/15/36 (Call 01/15/36)		13,513		20,493,243
8.35%, 07/15/46 (Call 01/15/46)		17,631		29,426,520
Hewlett Packard Enterprise Co. 1.75%, 04/01/26 (Call 03/01/26)^(a)		9,266		9,324,392
4.90%, 10/15/25 (Call 07/15/25)^(a)		27,027		30,286,967
6.20%, 10/15/35 (Call 04/15/35)^(a)		8,923		11,727,624
6.35%, 10/15/45 (Call 04/15/45)		13,300		18,282,733
HP Inc. 1.45%, 06/17/26 (Call 05/17/26)^(a)(c)		10,405		10,267,229
2.20%, 06/17/25 (Call 05/17/25)		9,989		10,245,840
2.65%, 06/17/31 (Call 03/17/31)^(c)		14,356		14,129,247
3.00%, 06/17/27 (Call 04/17/27)^(a)		9,610		10,167,242
3.40%, 06/17/30 (Call 03/17/30)^(a)		5,957		6,277,951
6.00%, 09/15/41		10,098		13,312,047
International Business Machines Corp. 1.70%, 05/15/27 (Call 03/15/27)^(a)		16,813		16,823,227
1.95%, 05/15/30 (Call 02/15/30)^(a)		14,561		14,247,816
2.95%, 05/15/50 (Call 11/15/49)		7,871		7,817,503
3.30%, 05/15/26		27,977		30,184,301
3.45%, 02/19/26^(a)		13,240		14,333,845
3.50%, 05/15/29^(a)		31,481		34,479,499
4.00%, 06/20/42^(a)		11,476		13,192,133
4.15%, 05/15/39^(a)		19,253		22,510,756
4.25%, 05/15/49^(a)		29,887		36,588,661
Leidos Inc. 2.30%, 02/15/31 (Call 11/15/30)		11,324		10,890,028
4.38%, 05/15/30 (Call 02/15/30)		8,012		9,004,790
NetApp Inc., 1.88%, 06/22/25 (Call 05/22/25)		9,389		9,535,592


				1,270,093,583

Cosmetics & Personal Care — 0.3%
Procter & Gamble Co. (The)
0.55%, 10/29/25		8,698		8,506,002
1.00%, 04/23/26^(a)		11,205		11,102,770
1.20%, 10/29/30		13,893		13,146,024
1.95%, 04/23/31^(a)		6,199		6,235,954
2.45%, 11/03/26		6,987		7,363,778
2.85%, 08/11/27		8,264		8,870,731
3.00%, 03/25/30^(a)		14,184		15,427,111
Unilever Capital Corp. 1.75%, 08/12/31 (Call 05/12/31)^(a)		9,521		9,286,250
2.13%, 09/06/29 (Call 06/06/29)^(a)		8,292		8,430,120
2.90%, 05/05/27 (Call 02/05/27)^(a)		11,103		11,826,508
3.50%, 03/22/28 (Call 12/22/27)^(a)		10,893		12,039,634
5.90%, 11/15/32^(a)		9,951		13,453,333


				125,688,215

Diversified Financial Services — 3.4%
AerCap Ireland Capital DAC/AerCap Global
Aviation Trust 1.75%, 01/30/26 (Call 12/30/25)		13,174		12,961,368
2.45%, 10/29/26 (Call 09/29/26)		25,870		26,091,020
3.00%, 10/29/28 (Call 08/29/28)^(a)		30,175		30,561,551
3.30%, 01/30/32 (Call 10/30/31)^(a)		33,840		34,374,817
3.40%, 10/29/33 (Call 07/29/33)^(a)		15,285		15,576,639
3.50%, 01/15/25 (Call 11/15/24)		5,134		5,390,053
3.65%, 07/21/27 (Call 04/21/27)^(a)		10,017		10,585,635


Security	Par (000)		Value

Diversified Financial Services (continued)
3.85%, 10/29/41 (Call 04/29/41)^(a)	$	12,975	$	13,428,092
6.50%, 07/15/25 (Call 06/15/25)^(a)		9,630		11,147,114
Air Lease Corp. 1.88%, 08/15/26 (Call 07/15/26)		15,058		14,893,258
2.30%, 02/01/25 (Call 01/01/25)^(a)		3,839		3,914,056
2.88%, 01/15/26 (Call 12/15/25)^(a)		15,528		16,031,321
3.13%, 12/01/30 (Call 09/01/30)^(a)		7,505		7,662,953
3.38%, 07/01/25 (Call 06/01/25)		12,403		13,063,271
3.75%, 06/01/26 (Call 04/01/26)		10,501		11,236,460
Ally Financial Inc. 2.20%, 11/02/28 (Call 09/02/28)		10,795		10,660,062
5.80%, 05/01/25 (Call 04/01/25)^(a)		3,516		4,005,971
8.00%, 11/01/31		20,514		29,381,743
American Express Co. 3.00%, 10/30/24 (Call 09/29/24)		10,307		10,898,824
3.13%, 05/20/26 (Call 04/20/26)		8,451		9,063,054
4.05%, 12/03/42		8,288		9,914,402
4.20%, 11/06/25 (Call 10/06/25)^(a)		7,279		8,089,731
American Express Credit Corp., 3.30%, 05/03/27 (Call 04/03/27)		20,613		22,455,913
Brookfield Finance Inc. 3.50%, 03/30/51 (Call 09/30/50)		7,055		7,488,445
4.35%, 04/15/30 (Call 01/15/30)		5,942		6,771,761
4.70%, 09/20/47 (Call 03/20/47)		9,869		12,157,201
4.85%, 03/29/29 (Call 12/29/28)^(a)		10,189		11,904,779
Capital One Financial Corp. 1.00%, 11/02/27		15,000		14,958,600
3.20%, 02/05/25 (Call 01/05/25)		5,675		6,014,505
3.30%, 10/30/24 (Call 09/30/24)^(a)		6,950		7,381,044
3.65%, 05/11/27 (Call 04/11/27)^(a)		10,472		11,379,938
3.75%, 07/28/26 (Call 06/28/26)		14,247		15,401,416
3.75%, 03/09/27 (Call 02/09/27)^(a)		12,972		14,144,177
3.80%, 01/31/28 (Call 12/31/27)^(a)		16,029		17,685,182
4.20%, 10/29/25 (Call 09/29/25)		12,373		13,533,449
4.25%, 04/30/25 (Call 03/31/25)		8,773		9,609,335
Charles Schwab Corp. (The) 0.90%, 03/11/26 (Call 02/11/26)		7,763		7,621,703
1.15%, 05/13/26 (Call 04/13/26)^(a)		12,632		12,526,784
1.65%, 03/11/31 (Call 12/11/30)^(a)		7,707		7,393,135
1.95%, 12/01/31 (Call 09/01/31)^(a)		15,171		14,900,163
2.00%, 03/20/28 (Call 01/20/28)		16,246		16,396,916
2.30%, 05/13/31 (Call 02/13/31)^(a)		2,905		2,932,891
3.85%, 05/21/25 (Call 03/21/25)		8,180		8,893,463
CME Group Inc. 3.00%, 03/15/25 (Call 12/15/24)^(a)		3,772		3,980,498
5.30%, 09/15/43 (Call 03/15/43)		10,070		14,116,208
Discover Financial Services, 4.10%, 02/09/27
(Call 11/09/26)		11,161		12,279,051
GE Capital Funding LLC 3.45%, 05/15/25 (Call 04/15/25)		14,649		15,671,226
4.05%, 05/15/27 (Call 03/15/27)		11,452		12,754,924
4.40%, 05/15/30 (Call 02/15/30)		26,950		31,498,489
4.55%, 05/15/32 (Call 02/15/32)		6,361		7,619,234
GE Capital International Funding Co. Unlimited Co. 3.37%, 11/15/25		19,681		21,236,891
4.42%, 11/15/35		110,961		135,097,237
Intercontinental Exchange Inc. 1.85%, 09/15/32 (Call 06/15/32)^(a)		15,225		14,316,326
2.10%, 06/15/30 (Call 03/15/30)		14,996		14,800,214
2.65%, 09/15/40 (Call 03/15/40)^(a)		6,674		6,413,149


Security	Par (000)		Value

Diversified Financial Services (continued)
3.00%, 06/15/50 (Call 12/15/49)^(a)	$	15,353	$	15,346,031
3.00%, 09/15/60 (Call 03/15/60)		16,590		16,123,544
3.75%, 12/01/25 (Call 09/01/25)^(a)		12,418		13,521,460
4.25%, 09/21/48 (Call 03/21/48)		11,213		13,515,583
Jefferies Group LLC/Jefferies Group Capital Finance Inc. 2.63%, 10/15/31 (Call 07/15/31)^(a)		146		143,328
4.15%, 01/23/30		10,797		12,033,890
4.85%, 01/15/27^(a)		7,591		8,683,064
Mastercard Inc. 2.00%, 03/03/25 (Call 02/03/25)		5,067		5,217,026
2.95%, 11/21/26 (Call 08/21/26)^(a)		4,465		4,780,343
2.95%, 06/01/29 (Call 03/01/29)		9,629		10,357,083
3.30%, 03/26/27 (Call 01/26/27)		12,854		13,965,059
3.35%, 03/26/30 (Call 12/26/29)^(a)		15,223		16,832,650
3.65%, 06/01/49 (Call 12/01/48)		9,277		10,868,159
3.85%, 03/26/50 (Call 09/26/49)^(a)		13,847		16,780,738
Nomura Holdings Inc. 1.65%, 07/14/26		14,089		13,871,060
1.85%, 07/16/25		13,246		13,314,054
2.17%, 07/14/28^(a)		16,016		15,690,869
2.61%, 07/14/31^(a)		10,284		10,136,332
2.65%, 01/16/25^(a)		8,490		8,784,478
2.68%, 07/16/30^(a)		6,148		6,155,664
3.10%, 01/16/30^(a)		13,966		14,423,240
Raymond James Financial Inc. 3.75%, 04/01/51 (Call 10/01/50)^(a)		9,408		10,750,329
4.95%, 07/15/46		8,841		11,660,367
Synchrony Financial 3.95%, 12/01/27 (Call 09/01/27)^(a)		8,974		9,769,275
4.50%, 07/23/25 (Call 04/23/25)		7,632		8,351,382
Visa Inc.
1.10%, 02/15/31 (Call 11/15/30)(a)		7,939		7,405,506
1.90%, 04/15/27 (Call 02/15/27)^(a)		13,732		13,987,255
2.00%, 08/15/50 (Call 02/15/50)^(a)		16,090		14,288,311
2.05%, 04/15/30 (Call 01/15/30)^(a)		14,554		14,766,710
2.70%, 04/15/40 (Call 10/15/39)		12,249		12,560,717
2.75%, 09/15/27 (Call 06/15/27)		7,721		8,220,953
3.15%, 12/14/25 (Call 09/14/25)		32,018		34,396,611
3.65%, 09/15/47 (Call 03/15/47)		7,969		9,371,197
4.15%, 12/14/35 (Call 06/14/35)^(a)		15,379		18,464,318
4.30%, 12/14/45 (Call 06/14/45)		33,376		42,782,308


				1,297,584,536

Electric — 2.9%
AES Corp. (The) 1.38%, 01/15/26 (Call 12/15/25)		9,276		9,073,519
2.45%, 01/15/31 (Call 10/15/30)		11,452		11,236,969
Ameren Corp., 3.50%, 01/15/31 (Call 10/15/30)^(a)		3,770		4,092,735
Avangrid Inc. 3.20%, 04/15/25 (Call 03/15/25)^(a)		6,489		6,857,623
3.80%, 06/01/29 (Call 03/01/29)^(a)		8,175		9,082,569
Berkshire Hathaway Energy Co. 2.85%, 05/15/51 (Call 11/15/50)		12,753		12,474,170
3.70%, 07/15/30 (Call 04/15/30)		11,243		12,571,910
3.80%, 07/15/48 (Call 01/15/48)		7,164		8,187,056
4.05%, 04/15/25 (Call 03/15/25)^(a)		10,511		11,466,678
4.25%, 10/15/50 (Call 04/15/50)^(a)		7,929		9,774,776
4.45%, 01/15/49 (Call 07/15/48)		10,098		12,697,781
4.50%, 02/01/45 (Call 08/01/44)		7,611		9,392,060
5.15%, 11/15/43 (Call 05/15/43)		7,697		10,074,632


Security	Par (000)		Value

Electric (continued)
6.13%, 04/01/36^(a)	$	17,400	$	23,917,497
Commonwealth Edison Co., 4.00%, 03/01/48 (Call 09/01/47)^(a)		8,598		10,296,422
Connecticut Light & Power Co. (The), 4.00%, 04/01/48 (Call 10/01/47)		8,581		10,523,825
Consolidated Edison Co. of New York Inc. 2.40%, 06/15/31 (Call 03/15/31)		4,577		4,615,716
3.60%, 06/15/61 (Call 12/15/60)^(a)		9,063		9,793,464
4.45%, 03/15/44 (Call 09/15/43)		7,246		8,619,163
4.63%, 12/01/54 (Call 06/01/54)		6,437		8,197,612
Series 20B, 3.95%, 04/01/50 (Call 10/01/49)^(a)		9,791		11,398,237
Dominion Energy Inc. 3.90%, 10/01/25 (Call 07/01/25)^(a)		10,227		11,124,563
Series C, 2.25%, 08/15/31 (Call 05/15/31)^(a)		9,942		9,800,752
Series C, 3.38%, 04/01/30 (Call 01/01/30)^(a)		14,688		15,787,676
DTE Energy Co., Series F, 1.05%, 06/01/25 (Call 05/01/25)^(a)		10,089		9,962,179
Duke Energy Carolinas LLC 3.20%, 08/15/49 (Call 02/15/49)		7,783		8,244,902
5.30%, 02/15/40^(a)		8,086		10,757,481
Duke Energy Corp. 2.45%, 06/01/30 (Call 03/01/30)^(a)		9,138		9,160,845
2.55%, 06/15/31 (Call 03/15/31)		9,554		9,604,554
2.65%, 09/01/26 (Call 06/01/26)^(a)		12,650		13,210,349
3.15%, 08/15/27 (Call 05/15/27)^(a)		8,606		9,188,663
3.30%, 06/15/41 (Call 12/15/40)^(a)		5,309		5,415,333
3.50%, 06/15/51 (Call 12/15/50)		7,862		8,303,257
3.75%, 09/01/46 (Call 03/01/46)		15,025		16,348,883
Duke Energy Florida LLC, 6.40%, 06/15/38^(a)		9,832		14,295,100
Emera U.S. Finance LP 3.55%, 06/15/26 (Call 03/15/26)		5,300		5,673,789
4.75%, 06/15/46 (Call 12/15/45)		11,978		14,393,808
Entergy Corp. 0.90%, 09/15/25 (Call 08/15/25)^(a)		12,193		11,875,015
2.95%, 09/01/26 (Call 06/01/26)^(a)		7,433		7,838,569
Entergy Louisiana LLC, 4.20%, 09/01/48 (Call 03/01/48)		9,326		11,460,033
Evergy Inc., 2.90%, 09/15/29 (Call 06/15/29)		6,973		7,274,909
Exelon Corp. 3.40%, 04/15/26 (Call 01/15/26)		8,781		9,412,701
3.95%, 06/15/25 (Call 03/15/25)		8,409		9,087,138
4.05%, 04/15/30 (Call 01/15/30)^(a)		12,702		14,292,309
4.45%, 04/15/46 (Call 10/15/45)		7,166		8,883,508
4.70%, 04/15/50 (Call 10/15/49)		4,864		6,269,906
Exelon Generation Co. LLC 3.25%, 06/01/25 (Call 05/01/25)^(a)		9,176		9,706,911
5.60%, 06/15/42 (Call 12/15/41)^(a)		7,854		9,428,207
6.25%, 10/01/39		9,771		12,480,409
Florida Power & Light Co. 2.85%, 04/01/25 (Call 03/01/25)^(a)		8,374		8,808,423
3.15%, 10/01/49 (Call 04/01/49)^(a)		8,341		9,117,906
3.95%, 03/01/48 (Call 09/01/47)		8,860		10,906,050
Georgia Power Co. 4.30%, 03/15/42		11,484		13,226,552
Series A, 3.25%, 03/15/51 (Call 09/15/50)^(a)		6,787		6,947,783
MidAmerican Energy Co. 3.65%, 04/15/29 (Call 01/15/29)		6,023		6,691,277
4.25%, 07/15/49 (Call 01/15/49)		8,423		10,539,633
NextEra Energy Capital Holdings Inc. 1.90%, 06/15/28 (Call 04/15/28)^(a)		17,216		17,018,748


Security	Par (000)		Value

Electric (continued)
2.25%, 06/01/30 (Call 03/01/30)^(a)	$	18,212	$	18,198,844
2.75%, 05/01/25 (Call 04/01/25)^(a)		14,854		15,504,121
2.75%, 11/01/29 (Call 08/01/29)		6,033		6,255,562
3.55%, 05/01/27 (Call 02/01/27)		17,754		19,250,525
Pacific Gas and Electric Co. 2.10%, 08/01/27 (Call 06/01/27)^(a)		10,212		9,913,675
2.50%, 02/01/31 (Call 11/01/30)		20,884		19,947,587
3.00%, 06/15/28 (Call 04/15/28)^(a)		8,062		8,124,806
3.15%, 01/01/26^(a)		20,024		20,619,909
3.30%, 12/01/27 (Call 09/01/27)		13,058		13,360,870
3.30%, 08/01/40 (Call 02/01/40)		8,552		8,040,114
3.45%, 07/01/25^(a)		7,248		7,565,733
3.50%, 08/01/50 (Call 02/01/50)		20,592		19,570,128
3.75%, 07/01/28^(a)		5,797		6,086,331
3.95%, 12/01/47 (Call 06/01/47)		8,471		8,398,997
4.50%, 07/01/40 (Call 01/01/40)		20,775		21,652,409
4.55%, 07/01/30 (Call 01/01/30)		28,702		31,280,825
4.95%, 07/01/50 (Call 01/01/50)		28,909		32,021,950
PacifiCorp., 2.90%, 06/15/52 (Call 12/15/51)^(a)		10,517		10,468,014
Public Service Co. of Colorado, 1.88%, 06/15/31 (Call 12/15/30)^(a)		6,258		6,122,113
San Diego Gas & Electric Co.
Series VVV, 1.70%, 10/01/30 (Call 07/01/30)^(a)		8,544		8,164,593
Series WWW, 2.95%, 08/15/51 (Call 02/15/51)		8,464		8,604,746
Sempra Energy 3.25%, 06/15/27 (Call 03/15/27)^(a)		8,190		8,748,013
3.40%, 02/01/28 (Call 11/01/27)		12,413		13,359,979
3.80%, 02/01/38 (Call 08/01/37)		9,831		10,874,167
4.00%, 02/01/48 (Call 08/01/47)		6,838		7,769,578
6.00%, 10/15/39		6,962		9,668,090
Southern California Edison Co. 3.65%, 02/01/50 (Call 08/01/49)^(a)		11,863		12,764,729
4.00%, 04/01/47 (Call 10/01/46)		16,287		18,124,348
4.65%, 10/01/43 (Call 04/01/43)		8,251		9,740,104
Series 20A, 2.95%, 02/01/51 (Call 08/01/50)^(a)		8,347		7,979,984
Series C, 4.13%, 03/01/48 (Call 09/01/47)^(a)		13,341		15,008,756
Series E, 3.70%, 08/01/25 (Call 06/01/25)^(a)		10,434		11,261,382
Southern Co. (The) 3.25%, 07/01/26 (Call 04/01/26)		17,792		18,969,206
4.40%, 07/01/46 (Call 01/01/46)		20,279		24,268,127
Series A, 3.70%, 04/30/30 (Call 01/30/30)^(a)		9,909		10,767,291
Series B, 4.00%, 01/15/51 (Call 10/15/25)^(b)		11,452		12,065,512
Virginia Electric & Power Co. 2.45%, 12/15/50 (Call 06/15/50)		10,037		9,352,607
Series A, 3.15%, 01/15/26 (Call 10/15/25)		5,229		5,574,972
Series A, 3.50%, 03/15/27 (Call 12/15/26)^(a)		6,999		7,625,946


				1,099,957,178

Electrical Components & Equipment — 0.0%
Emerson Electric Co., 0.88%, 10/15/26
(Call 09/15/26)^(a)		5,943		5,775,055


Electronics — 0.3%
Agilent Technologies Inc., 2.30%, 03/12/31
(Call 12/12/30)		7,859		7,807,861
Amphenol Corp. 2.20%, 09/15/31 (Call 06/15/31)^(a)		9,965		9,795,665
2.80%, 02/15/30 (Call 11/15/29)		5,506		5,710,614
Honeywell International Inc. 1.10%, 03/01/27 (Call 02/01/27)^(a)		27,990		27,487,750
1.35%, 06/01/25 (Call 05/01/25)^(a)		12,249		12,352,137


Security	Par (000)		Value

Electronics (continued)
1.75%, 09/01/31 (Call 06/01/31)^(a)	$	19,630	$	19,084,119
1.95%, 06/01/30 (Call 03/01/30)^(a)		5,277		5,268,341
2.50%, 11/01/26 (Call 08/01/26)^(a)		7,652		8,053,355
2.70%, 08/15/29 (Call 05/15/29)		7,452		7,876,955
2.80%, 06/01/50 (Call 12/01/49)^(a)		7,483		7,830,394


				111,267,191

Environmental Control — 0.1%
Republic Services Inc. 1.75%, 02/15/32 (Call 11/15/31)		4,529		4,277,858
3.95%, 05/15/28 (Call 02/15/28)		8,980		10,042,069
Waste Connections Inc., 2.95%, 01/15/52
(Call 07/15/51)		10,450		10,395,877
Waste Management Inc. 1.50%, 03/15/31 (Call 12/15/30)^(a)		12,487		11,724,719
3.15%, 11/15/27 (Call 08/15/27)		9,369		10,049,010


				46,489,533

Food — 1.0%
Campbell Soup Co. 3.95%, 03/15/25 (Call 01/15/25)^(a)		8,683		9,385,900
4.15%, 03/15/28 (Call 12/15/27)^(a)		10,433		11,684,743
Conagra Brands Inc. 1.38%, 11/01/27 (Call 09/01/27)		14,676		14,130,424
4.60%, 11/01/25 (Call 09/01/25)		9,389		10,459,995
4.85%, 11/01/28 (Call 08/01/28)^(a)		13,653		15,936,051
5.30%, 11/01/38 (Call 05/01/38)		11,210		14,233,907
5.40%, 11/01/48 (Call 05/01/48)^(a)		7,977		10,876,027
General Mills Inc. 2.88%, 04/15/30 (Call 01/15/30)^(a)		7,597		7,956,539
3.20%, 02/10/27 (Call 11/10/26)		6,782		7,271,323
4.00%, 04/17/25 (Call 02/17/25)		8,711		9,464,753
4.20%, 04/17/28 (Call 01/17/28)^(a)		15,447		17,501,182
Hormel Foods Corp. 1.70%, 06/03/28 (Call 04/03/28)^(a)		10,106		10,027,171
1.80%, 06/11/30 (Call 03/11/30)^(a)		4,034		3,953,300
J M Smucker Co. (The), 2.13%, 03/15/32
(Call 12/15/31)		5,710		5,536,220
JM Smucker Co. (The), 3.50%, 03/15/25		10,780		11,545,491
Kellogg Co., 3.25%, 04/01/26		8,641		9,255,367
Kroger Co. (The) 2.65%, 10/15/26 (Call 07/15/26)^(a)		9,859		10,327,017
3.95%, 01/15/50 (Call 07/15/49)^(a)		8,111		9,387,095
4.45%, 02/01/47 (Call 08/01/46)^(a)		9,867		12,030,437
McCormick & Co. Inc./MD, 3.40%, 08/15/27
(Call 05/15/27)^(a)		7,435		8,063,654
Mondelez International Inc. 1.50%, 05/04/25 (Call 04/04/25)		11,252		11,342,623
2.63%, 09/04/50 (Call 03/04/50)		9,522		8,955,147
2.75%, 04/13/30 (Call 01/13/30)^(a)		9,659		10,062,087
Sysco Corp. 3.25%, 07/15/27 (Call 04/15/27)		4,165		4,464,299
3.30%, 07/15/26 (Call 04/15/26)^(a)		8,363		8,960,116
3.75%, 10/01/25 (Call 07/01/25)^(a)		6,300		6,830,446
5.65%, 04/01/25 (Call 03/01/25)^(a)		9,623		10,948,519
5.95%, 04/01/30 (Call 01/01/30)^(a)		11,334		14,365,481
6.60%, 04/01/50 (Call 10/01/49)^(a)		12,723		20,416,561
Tyson Foods Inc. 3.55%, 06/02/27 (Call 03/02/27)^(a)		13,393		14,561,372
4.00%, 03/01/26 (Call 01/01/26)		13,072		14,369,226
4.35%, 03/01/29 (Call 12/01/28)^(a)		8,869		10,192,694


Security	Par (000)		Value

Food (continued)
4.55%, 06/02/47 (Call 12/02/46)^(a)	$	5,319	$	6,682,878
5.10%, 09/28/48 (Call 03/28/48)^(a)		15,582		21,078,547


				372,256,592

Gas — 0.2%
Atmos Energy Corp., 4.13%, 10/15/44 (Call 04/15/44)		3,912		4,572,336
NiSource Inc. 0.95%, 08/15/25 (Call 07/15/25)^(a)		15,977		15,665,365
1.70%, 02/15/31 (Call 11/15/30)		9,022		8,493,262
2.95%, 09/01/29 (Call 06/01/29)		8,250		8,606,152
3.49%, 05/15/27 (Call 02/15/27)^(a)		10,951		11,832,387
3.60%, 05/01/30 (Call 02/01/30)^(a)		10,219		11,134,702
3.95%, 03/30/48 (Call 09/30/47)^(a)		6,986		8,040,384
4.38%, 05/15/47 (Call 11/15/46)		8,812		10,662,485
4.80%, 02/15/44 (Call 08/15/43)		7,367		9,159,898


				88,166,971

Hand & Machine Tools — 0.0%
Stanley Black & Decker Inc. 2.30%, 03/15/30 (Call 12/15/29)^(a)		7,357		7,513,591
2.75%, 11/15/50 (Call 05/15/50)		9,013		8,850,123


				16,363,714

Health Care - Products — 1.1%
Abbott Laboratories 2.95%, 03/15/25 (Call 12/15/24)^(a)		6,715		7,104,837
3.75%, 11/30/26 (Call 08/30/26)^(a)		20,540		22,739,760
4.75%, 11/30/36 (Call 05/30/36)		13,646		17,426,381
4.90%, 11/30/46 (Call 05/30/46)		31,195		43,370,156
Boston Scientific Corp. 2.65%, 06/01/30 (Call 03/01/30)		10,759		11,013,780
3.75%, 03/01/26 (Call 01/01/26)		10,343		11,247,136
4.00%, 03/01/29 (Call 12/01/28)^(a)		7,717		8,658,948
4.55%, 03/01/39 (Call 09/01/38)		6,722		8,168,730
4.70%, 03/01/49 (Call 09/01/48)^(a)		11,060		14,290,767
Danaher Corp., 2.60%, 10/01/50 (Call 04/01/50)^(a)		10,111		9,837,629
DH Europe Finance II Sarl 2.60%, 11/15/29 (Call 08/15/29)^(a)		9,986		10,386,130
3.25%, 11/15/39 (Call 05/15/39)^(a)		6,390		6,833,484
3.40%, 11/15/49 (Call 05/15/49)		7,461		8,324,578
Medtronic Inc. 3.50%, 03/15/25		17,094		18,436,276
4.38%, 03/15/35^(a)		19,873		24,391,564
4.63%, 03/15/45		16,535		21,989,204
PerkinElmer Inc. 2.55%, 03/15/31 (Call 12/15/30)		4,500		4,548,435
3.30%, 09/15/29 (Call 06/15/29)		2,193		2,347,927
Stryker Corp. 1.95%, 06/15/30 (Call 03/15/30)^(a)		10,042		9,879,236
3.38%, 11/01/25 (Call 08/01/25)		8,732		9,391,431
3.50%, 03/15/26 (Call 12/15/25)		9,947		10,749,766
4.63%, 03/15/46 (Call 09/15/45)^(a)		7,886		10,299,647
Thermo Fisher Scientific Inc. 2.00%, 10/15/31 (Call 07/15/31)^(a)		11,612		11,366,035
2.60%, 10/01/29 (Call 07/01/29)		8,473		8,815,306
2.80%, 10/15/41 (Call 04/15/41)		15,088		15,183,797
2.95%, 09/19/26 (Call 06/19/26)^(a)		13,934		14,822,762
3.20%, 08/15/27 (Call 05/15/27)		8,939		9,620,541
4.10%, 08/15/47 (Call 02/15/47)^(a)		4,233		5,267,298
4.13%, 03/25/25 (Call 02/25/25)		8,919		9,724,098
4.50%, 03/25/30 (Call 12/25/29)		9,759		11,485,963


Security	Par (000)		Value

Health Care - Products (continued)
Zimmer Biomet Holdings Inc. 3.55%, 04/01/25 (Call 01/01/25)	$	18,295	$	19,496,767
3.55%, 03/20/30 (Call 12/20/29)^(a)		7,442		8,086,503


				405,304,872

Health Care - Services — 2.3%
Aetna Inc. 3.50%, 11/15/24 (Call 08/15/24)^(a)		1,936		2,064,893
3.88%, 08/15/47 (Call 02/15/47)^(a)		7,922		9,036,903
6.63%, 06/15/36^(a)		10,314		14,712,323
Anthem Inc. 1.50%, 03/15/26 (Call 02/15/26)^(a)		11,004		10,961,382
2.25%, 05/15/30 (Call 02/15/30)		12,121		12,097,533
2.38%, 01/15/25 (Call 12/15/24)		2,130		2,203,443
2.55%, 03/15/31 (Call 12/15/30)		9,073		9,262,794
2.88%, 09/15/29 (Call 06/15/29)		9,705		10,183,525
3.13%, 05/15/50 (Call 11/15/49)^(a)		9,385		9,727,447
3.35%, 12/01/24 (Call 10/01/24)		2,456		2,617,809
3.60%, 03/15/51 (Call 09/15/50)^(a)		11,496		12,819,805
3.65%, 12/01/27 (Call 09/01/27)^(a)		12,006		13,157,515
3.70%, 09/15/49 (Call 03/15/49)		8,148		9,141,266
4.10%, 03/01/28 (Call 12/01/27)^(a)		13,077		14,660,321
4.38%, 12/01/47 (Call 06/01/47)		11,859		14,538,369
4.55%, 03/01/48 (Call 09/01/47)		9,180		11,579,866
4.63%, 05/15/42		9,517		11,665,845
4.65%, 01/15/43		10,434		12,840,722
4.65%, 08/15/44 (Call 02/15/44)		9,205		11,409,424
Ascension Health 3.95%, 11/15/46		4,993		6,208,210
Series B, 2.53%, 11/15/29 (Call 08/15/29)		3,058		3,188,111
CommonSpirit Health 3.35%, 10/01/29 (Call 04/01/29)		9,336		9,955,937
4.19%, 10/01/49 (Call 04/01/49)^(a)		5,511		6,490,305
HCA Inc. 2.38%, 07/15/31 (Call 04/15/31)^(a)		10,543		10,289,296
3.50%, 07/15/51 (Call 01/15/51)		15,374		15,616,619
4.13%, 06/15/29 (Call 03/15/29)		17,043		18,889,137
4.50%, 02/15/27 (Call 08/15/26)		10,991		12,189,907
5.13%, 06/15/39 (Call 12/15/38)		10,569		13,063,044
5.25%, 04/15/25		12,308		13,795,256
5.25%, 06/15/26 (Call 12/15/25)		15,101		17,122,757
5.25%, 06/15/49 (Call 12/15/48)		20,156		26,057,505
5.50%, 06/15/47 (Call 12/15/46)		15,186		20,024,522
Humana Inc. 1.35%, 02/03/27 (Call 01/03/27)^(a)		15,659		15,252,178
2.15%, 02/03/32 (Call 11/03/31)^(a)		13,340		12,906,287
4.95%, 10/01/44 (Call 04/01/44)^(a)		5,880		7,607,739
Kaiser Foundation Hospitals 4.15%, 05/01/47 (Call 11/01/46)^(a)		14,277		17,730,237
Series 2019, 3.27%, 05/12/49 (Call 05/01/49)^(a)		10,164		11,078,800
Series 2021, 2.81%, 06/01/41 (Call 12/01/40)^(a)		13,192		13,371,877
Series 2021, 3.00%, 06/01/51 (Call 12/01/50)		14,505		15,077,604
Laboratory Corp. of America Holdings 3.60%, 02/01/25 (Call 11/01/24)^(a)		8,065		8,600,401
4.70%, 02/01/45 (Call 08/01/44)^(a)		6,804		8,415,574
Quest Diagnostics Inc., 2.95%, 06/30/30
(Call 03/30/30)		9,871		10,342,180
UnitedHealth Group Inc. 1.15%, 05/15/26 (Call 04/15/26)^(a)		10,476		10,381,243
2.00%, 05/15/30^(a)		13,045		13,000,702
2.30%, 05/15/31 (Call 02/15/31)		12,315		12,469,770


Security	Par (000)		Value

Health Care - Services (continued)
2.75%, 05/15/40 (Call 11/15/39)	$	11,063	$	11,121,372
2.88%, 08/15/29^(a)		10,648		11,345,821
2.90%, 05/15/50 (Call 11/15/49)		12,351		12,621,528
2.95%, 10/15/27^(a)		9,171		9,838,356
3.05%, 05/15/41 (Call 11/15/40)^(a)		15,394		16,085,383
3.10%, 03/15/26^(a)		9,747		10,464,089
3.13%, 05/15/60 (Call 11/15/59)^(a)		8,957		9,394,309
3.25%, 05/15/51 (Call 11/15/50)^(a)		18,963		20,622,858
3.45%, 01/15/27^(a)		9,155		10,007,294
3.50%, 08/15/39 (Call 02/15/39)		13,794		15,295,602
3.70%, 08/15/49 (Call 02/15/49)		12,084		13,982,390
3.75%, 07/15/25		18,582		20,269,905
3.75%, 10/15/47 (Call 04/15/47)		10,151		11,777,937
3.85%, 06/15/28		11,555		13,014,222
3.88%, 12/15/28		8,672		9,810,781
3.88%, 08/15/59 (Call 02/15/59)		13,458		16,179,911
4.20%, 01/15/47 (Call 07/15/46)		8,035		9,910,826
4.25%, 03/15/43 (Call 09/15/42)^(a)		6,944		8,426,607
4.25%, 06/15/48 (Call 12/15/47)		14,152		17,725,980
4.45%, 12/15/48 (Call 06/15/48)		11,827		15,249,736
4.63%, 07/15/35^(a)		8,248		10,215,046
4.75%, 07/15/45		19,205		25,523,040
5.80%, 03/15/36^(a)		9,443		13,011,798
6.88%, 02/15/38		10,379		15,972,094
Universal Health Services Inc. 2.65%, 10/15/30 (Call 07/15/30)^(a)(c)		2,103		2,091,824
2.65%, 01/15/32 (Call 10/15/31)^(a)(c)		4,500		4,420,918


				858,186,010

Holding Companies - Diversified — 0.2%
Ares Capital Corp. 2.15%, 07/15/26 (Call 06/15/26)^(a)		10,690		10,587,232
2.88%, 06/15/28 (Call 04/15/28)^(a)		15,307		15,368,865
3.25%, 07/15/25 (Call 06/15/25)		13,920		14,467,586
3.88%, 01/15/26 (Call 12/15/25)		17,114		18,152,921
Blackstone Secured Lending Fund, 3.63%, 01/15/26
(Call 12/15/25)		2,486		2,600,211
FS KKR Capital Corp. 3.13%, 10/12/28 (Call 08/12/28)		2,231		2,198,606
3.40%, 01/15/26 (Call 12/15/25)		1,273		1,309,815
Owl Rock Capital Corp. 2.88%, 06/11/28 (Call 04/11/28)		9,078		8,956,681
3.40%, 07/15/26 (Call 06/15/26)		16,408		16,886,400


				90,528,317

Home Builders — 0.0%
Lennar Corp., 4.75%, 11/29/27 (Call 05/29/27)^(a)		8,156		9,300,991


Household Products & Wares — 0.0%
Kimberly-Clark Corp., 3.10%, 03/26/30 (Call 12/26/29)^(a)		7,401		8,045,814


Insurance — 2.0%
Aflac Inc. 3.60%, 04/01/30 (Call 01/01/30)^(a)		8,492		9,404,813
3.63%, 11/15/24		2,344		2,522,618
American International Group Inc. 2.50%, 06/30/25 (Call 05/30/25)^(a)		13,966		14,488,349
3.40%, 06/30/30 (Call 03/30/30)		14,643		15,845,820
3.75%, 07/10/25 (Call 04/10/25)		11,030		11,895,771
3.88%, 01/15/35 (Call 07/15/34)^(a)		10,866		12,133,094
3.90%, 04/01/26 (Call 01/01/26)^(a)		16,933		18,566,593


Security	Par (000)		Value

Insurance (continued)
4.20%, 04/01/28 (Call 01/01/28)	$	5,965	$	6,733,470
4.38%, 06/30/50 (Call 12/30/49)		11,859		14,793,635
4.38%, 01/15/55 (Call 07/15/54)		8,902		11,134,297
4.50%, 07/16/44 (Call 01/16/44)^(a)		19,770		24,122,310
4.75%, 04/01/48 (Call 10/01/47)		9,118		11,737,910
4.80%, 07/10/45 (Call 01/10/45)^(a)		8,240		10,561,390
6.25%, 05/01/36		8,585		11,841,261
Aon Corp. 2.80%, 05/15/30 (Call 02/15/30)^(a)		14,098		14,578,272
3.75%, 05/02/29 (Call 02/02/29)^(a)		3,962		4,392,608
Aon PLC, 3.88%, 12/15/25 (Call 09/15/25)^(a)		4,457		4,867,185
Arch Capital Group Ltd., 3.64%, 06/30/50
(Call 12/30/49)		11,114		12,244,903
Athene Holding Ltd., 4.13%, 01/12/28 (Call 10/12/27)^(a).		11,163		12,325,718
Berkshire Hathaway Finance Corp. 1.45%, 10/15/30 (Call 07/15/30)^(a)		7,998		7,634,675
2.50%, 01/15/51 (Call 07/15/50)		9,710		9,112,714
2.85%, 10/15/50 (Call 04/15/50)		18,585		18,641,759
4.20%, 08/15/48 (Call 02/15/48)		21,585		26,689,593
4.25%, 01/15/49 (Call 07/15/48)		19,620		24,348,371
5.75%, 01/15/40^(a)		5,947		8,412,389
Berkshire Hathaway Inc. 3.13%, 03/15/26 (Call 12/15/25)^(a)		26,647		28,680,574
4.50%, 02/11/43		12,808		16,057,541
Brighthouse Financial Inc. 3.70%, 06/22/27 (Call 03/22/27)^(a)		11,168		12,107,158
4.70%, 06/22/47 (Call 12/22/46)^(a)		9,576		10,941,743
Chubb Corp. (The), 6.00%, 05/11/37		8,321		11,900,231
Chubb INA Holdings Inc. 3.15%, 03/15/25^(a)		4,881		5,201,521
3.35%, 05/03/26 (Call 02/03/26)		7,274		7,860,249
4.35%, 11/03/45 (Call 05/03/45)^(a)		8,660		11,060,714
Equitable Holdings Inc. 4.35%, 04/20/28 (Call 01/20/28)^(a)		13,503		15,277,969
5.00%, 04/20/48 (Call 10/20/47)		14,458		18,498,333
Everest Reinsurance Holdings Inc. 3.13%, 10/15/52 (Call 04/15/52)		13,254		13,009,432
3.50%, 10/15/50 (Call 04/15/50)^(a)		3,082		3,281,026
Hartford Financial Services Group Inc. (The), 3.60%, 08/19/49 (Call 02/19/49)^(a)		6,828		7,561,606
Manulife Financial Corp. 4.15%, 03/04/26^(a)		8,266		9,163,405
5.38%, 03/04/46^(a)		5,669		8,033,915
Marsh & McLennan Companies Inc. 2.25%, 11/15/30 (Call 08/15/30)^(a)		3,317		3,314,711
4.38%, 03/15/29 (Call 12/15/28)^(a)		16,611		19,191,642
4.90%, 03/15/49 (Call 09/15/48)		12,099		16,517,475
MetLife Inc. 4.05%, 03/01/45^(a)		8,139		9,821,334
4.13%, 08/13/42		9,908		11,790,154
4.55%, 03/23/30 (Call 12/23/29)^(a)		10,968		12,921,336
4.60%, 05/13/46 (Call 11/13/45)		6,924		9,036,634
4.88%, 11/13/43		9,520		12,432,885
5.70%, 06/15/35^(a)		10,393		14,019,630
5.88%, 02/06/41		9,143		13,033,587
6.38%, 06/15/34		7,992		11,229,415
Progressive Corp. (The), 4.13%, 04/15/47
(Call 10/15/46)		9,929		12,252,923
Prudential Financial Inc. 3.70%, 03/13/51 (Call 09/13/50)^(a)		10,873		12,612,297


Security	Par (000)		Value

Insurance (continued)
3.91%, 12/07/47 (Call 06/07/47)^(a)	$	10,293	$	12,129,055
3.94%, 12/07/49 (Call 06/07/49)^(a)		12,236		14,578,368
4.35%, 02/25/50 (Call 08/25/49)^(a)		10,529		13,454,981
4.60%, 05/15/44^(a)		8,587		10,832,109
5.70%, 12/14/36^(a)		8,717		11,751,976
Travelers Companies Inc. (The) 3.05%, 06/08/51 (Call 12/08/50)		8,310		8,842,509
5.35%, 11/01/40		7,998		10,984,906
6.25%, 06/15/37		9,054		13,130,068


				751,542,930

Internet — 1.8%
Alphabet Inc. 0.45%, 08/15/25 (Call 07/15/25)		6,509		6,357,431
0.80%, 08/15/27 (Call 06/15/27)^(a)		13,733		13,205,092
1.10%, 08/15/30 (Call 05/15/30)^(a)		23,517		22,039,987
1.90%, 08/15/40 (Call 02/15/40)		8,239		7,450,248
2.00%, 08/15/26 (Call 05/15/26)^(a)		21,868		22,558,755
2.05%, 08/15/50 (Call 02/15/50)^(a)		25,616		22,936,052
2.25%, 08/15/60 (Call 02/15/60)		18,882		16,918,693
Amazon.com Inc. 0.80%, 06/03/25 (Call 05/03/25)		8,925		8,839,009
1.00%, 05/12/26 (Call 04/12/26)^(a)		22,380		22,153,817
1.20%, 06/03/27 (Call 04/03/27)		14,072		13,824,362
1.50%, 06/03/30 (Call 03/03/30)		18,888		18,278,339
1.65%, 05/12/28 (Call 03/12/28)^(a)		20,910		20,835,945
2.10%, 05/12/31 (Call 02/12/31)		22,933		23,059,664
2.50%, 06/03/50 (Call 12/03/49)		22,784		21,713,674
2.70%, 06/03/60 (Call 12/03/59)		19,733		19,031,237
2.88%, 05/12/41 (Call 11/12/40)		22,705		23,472,783
3.10%, 05/12/51 (Call 11/12/50)^(a)		31,427		33,531,650
3.15%, 08/22/27 (Call 05/22/27)		32,530		35,227,693
3.25%, 05/12/61 (Call 11/12/60)		19,593		21,347,095
3.80%, 12/05/24 (Call 09/05/24)		2,653		2,869,873
3.88%, 08/22/37 (Call 02/22/37)^(a)		26,556		31,238,686
4.05%, 08/22/47 (Call 02/22/47)		33,194		40,753,950
4.25%, 08/22/57 (Call 02/22/57)		22,660		29,470,690
4.80%, 12/05/34 (Call 06/05/34)^(a)		12,406		15,753,974
4.95%, 12/05/44 (Call 06/05/44)		13,374		17,995,729
5.20%, 12/03/25 (Call 09/03/25)		8,536		9,784,209
Booking Holdings Inc. 3.60%, 06/01/26 (Call 03/01/26)		11,257		12,244,461
4.63%, 04/13/30 (Call 01/13/30)^(a)		14,161		16,690,637
eBay Inc. 1.40%, 05/10/26 (Call 04/10/26)		6,859		6,788,238
1.90%, 03/11/25 (Call 02/11/25)		9,148		9,321,090
2.60%, 05/10/31 (Call 02/10/31)^(a)		6,142		6,202,227
2.70%, 03/11/30 (Call 12/11/29)^(a)		11,764		12,090,831
3.60%, 06/05/27 (Call 03/05/27)^(a)		9,588		10,457,148
3.65%, 05/10/51 (Call 11/10/50)^(a)		9,304		10,201,789
4.00%, 07/15/42 (Call 01/15/42)^(a)		6,152		6,936,403
Expedia Group Inc. 2.95%, 03/15/31 (Call 12/15/30)		8,986		9,068,554
3.25%, 02/15/30 (Call 11/15/29)		14,537		14,958,073
3.80%, 02/15/28 (Call 11/15/27)^(a)		13,132		14,167,662
4.63%, 08/01/27 (Call 05/01/27)^(a)		5,781		6,469,928
5.00%, 02/15/26 (Call 11/15/25)^(a)		5,344		5,993,094
Netflix Inc.
4.38%, 11/15/26		6,000		6,682,500
4.88%, 04/15/28		8,777		10,060,636
5.88%, 11/15/28		8,000		9,740,000


Security	Par (000)		Value

Internet (continued)
6.38%, 05/15/29	$	4,000	$	5,045,000


				693,766,908

Lodging — 0.2%
Las Vegas Sands Corp. 3.20%, 08/08/24 (Call 07/08/24)		2,622		2,677,477
3.50%, 08/18/26 (Call 06/18/26)		8,721		8,910,842
3.90%, 08/08/29 (Call 05/08/29)^(a)		2,789		2,832,473
Marriott International Inc./MD
Series FF, 4.63%, 06/15/30 (Call 03/15/30)		13,159		14,969,205
Series GG, 3.50%, 10/15/32 (Call 07/15/32)		8,378		8,857,076
Series HH, 2.85%, 04/15/31 (Call 01/15/31)		6,077		6,114,341
Series R, 3.13%, 06/15/26 (Call 03/15/26)^(a)		7,583		8,017,722
Sands China Ltd. 3.80%, 01/08/26 (Call 12/08/25)		1,000		1,008,974
5.13%, 08/08/25 (Call 06/08/25)		13,030		13,871,988
5.40%, 08/08/28 (Call 05/08/28)^(a)		16,314		17,681,470


				84,941,568

Machinery — 0.5%
Caterpillar Financial Services Corp. 0.80%, 11/13/25^(a)		12,678		12,492,189
0.90%, 03/02/26^(a)		9,099		8,941,128
1.10%, 09/14/27^(a)		9,643		9,397,492
2.15%, 11/08/24^(a)		7,441		7,715,204
Caterpillar Inc. 2.60%, 04/09/30 (Call 01/09/30)^(a)		8,464		8,875,868
3.25%, 09/19/49 (Call 03/19/49)		11,549		12,837,389
3.25%, 04/09/50 (Call 10/09/49)^(a)		9,666		10,781,064
3.80%, 08/15/42		16,944		20,077,552
5.20%, 05/27/41		7,477		10,215,943
Deere & Co. 3.75%, 04/15/50 (Call 10/15/49)^(a)		8,361		10,194,109
3.90%, 06/09/42 (Call 12/09/41)^(a)		13,322		16,017,687
John Deere Capital Corp. 0.70%, 01/15/26^(a)		7,435		7,253,594
3.45%, 03/13/25^(a)		8,792		9,465,521
Otis Worldwide Corp. 2.06%, 04/05/25 (Call 03/05/25)^(a)		10,493		10,738,528
2.57%, 02/15/30 (Call 11/15/29)^(a)		17,650		18,007,232
3.11%, 02/15/40 (Call 08/15/39)^(a)		5,533		5,652,920
Westinghouse Air Brake Technologies Corp. 3.45%, 11/15/26 (Call 08/15/26)^(a)		3,472		3,685,728
4.95%, 09/15/28 (Call 06/15/28)		11,682		13,439,032


				195,788,180

Manufacturing — 0.6%
3M Co. 2.00%, 02/14/25 (Call 01/14/25)^(a)		7,523		7,736,212
2.38%, 08/26/29 (Call 05/26/29)^(a)		4,070		4,185,790
2.88%, 10/15/27 (Call 07/15/27)^(a)		7,622		8,144,380
3.25%, 08/26/49 (Call 02/26/49)^(a)		8,337		9,085,520
3.38%, 03/01/29 (Call 12/01/28)		8,483		9,306,314
4.00%, 09/14/48 (Call 03/14/48)		10,719		13,117,567
Eaton Corp., 4.15%, 11/02/42^(a)		9,659		11,440,899
General Electric Co. 3.45%, 05/01/27 (Call 03/01/27)^(a)		10,311		11,229,357
3.63%, 05/01/30 (Call 02/01/30)^(a)		9,962		11,157,995
4.35%, 05/01/50 (Call 11/01/49)^(a)		10,667		13,575,033
5.88%, 01/14/38		16,596		22,918,535
6.75%, 03/15/32		31,443		43,244,567
6.88%, 01/10/39		14,218		21,613,368


Security	Par (000)		Value

Manufacturing (continued)
Illinois Tool Works Inc. 2.65%, 11/15/26 (Call 08/15/26)^(a)	$	11,025	$	11,647,908
3.90%, 09/01/42 (Call 03/01/42)^(a)		11,141		13,015,267
Parker-Hannifin Corp. 3.25%, 06/14/29 (Call 03/14/29)^(a)		9,653		10,348,223
4.00%, 06/14/49 (Call 12/14/48)^(a)		5,912		6,935,020
Trane Technologies Luxembourg Finance SA, 3.80%, 03/21/29 (Call 12/21/28)^(a)		7,996		8,848,940


				237,550,895

Media — 4.9%
Charter Communications Operating LLC/Charter Communications Operating Capital 2.25%, 01/15/29 (Call 11/15/28)		11,826		11,612,189
2.30%, 02/01/32 (Call 11/01/31)		3,669		3,473,002
2.80%, 04/01/31 (Call 01/01/31)		13,871		13,794,288
3.50%, 06/01/41 (Call 12/01/40)^(a)		15,060		14,797,164
3.50%, 03/01/42 (Call 09/01/41)		16,125		15,720,582
3.70%, 04/01/51 (Call 10/01/50)^(a)		19,479		19,080,356
3.75%, 02/15/28 (Call 11/15/27)		9,056		9,867,161
3.85%, 04/01/61 (Call 10/01/60)		18,672		18,067,640
3.90%, 06/01/52 (Call 12/01/51)		23,392		23,679,195
3.95%, 06/30/62 (Call 12/30/61)		10,102		9,905,324
4.20%, 03/15/28 (Call 12/15/27)^(a)		12,401		13,769,501
4.40%, 12/01/61 (Call 06/01/61)		11,907		12,629,535
4.80%, 03/01/50 (Call 09/01/49)^(a)		26,966		30,683,916
4.91%, 07/23/25 (Call 04/23/25)		42,894		47,688,087
5.05%, 03/30/29 (Call 12/30/28)^(a)		12,042		14,038,741
5.13%, 07/01/49 (Call 01/01/49)^(a)		13,265		15,677,524
5.38%, 04/01/38 (Call 10/01/37)		9,332		11,218,755
5.38%, 05/01/47 (Call 11/01/46)		24,439		29,607,289
5.75%, 04/01/48 (Call 10/01/47)^(a)		21,144		27,065,318
6.38%, 10/23/35 (Call 04/23/35)		20,291		26,331,127
6.48%, 10/23/45 (Call 04/23/45)^(a)		33,533		46,091,249
Comcast Corp. 1.50%, 02/15/31 (Call 11/15/30)		15,669		14,696,754
1.95%, 01/15/31 (Call 10/15/30)^(a)		12,983		12,666,485
2.35%, 01/15/27 (Call 10/15/26)		13,880		14,379,386
2.45%, 08/15/52 (Call 02/15/52)^(a)		10,653		9,619,754
2.65%, 02/01/30 (Call 11/01/29)		15,198		15,735,005
2.65%, 08/15/62 (Call 02/15/62)^(a)		14,077		12,687,366
2.80%, 01/15/51 (Call 07/15/50)		19,841		19,092,663
2.89%, 11/01/51 (Call 05/01/51)^(c)		47,223		46,094,403
2.94%, 11/01/56 (Call 05/01/56)^(c)		57,968		55,920,651
2.99%, 11/01/63 (Call 05/01/63)^(c)		41,193		39,476,393
3.10%, 04/01/25 (Call 03/01/25)		5,817		6,168,019
3.15%, 03/01/26 (Call 12/01/25)^(a)		21,740		23,289,273
3.15%, 02/15/28 (Call 11/15/27)		14,678		15,809,995
3.20%, 07/15/36 (Call 01/15/36)		9,503		10,102,368
3.25%, 11/01/39 (Call 05/01/39)		13,043		13,709,193
3.30%, 02/01/27 (Call 11/01/26)		13,047		14,075,567
3.30%, 04/01/27 (Call 02/01/27)		7,393		7,982,687
3.38%, 02/15/25 (Call 11/15/24)		8,757		9,344,792
3.38%, 08/15/25 (Call 05/15/25)^(a)		14,860		15,950,051
3.40%, 04/01/30 (Call 01/01/30)^(a)		13,820		15,045,338
3.40%, 07/15/46 (Call 01/15/46)		14,244		15,308,503
3.45%, 02/01/50 (Call 08/01/49)^(a)		17,434		18,776,802
3.55%, 05/01/28 (Call 02/01/28)^(a)		7,287		8,037,291
3.75%, 04/01/40 (Call 10/01/39)		15,703		17,567,199
3.90%, 03/01/38 (Call 09/01/37)		11,875		13,450,413
3.95%, 10/15/25 (Call 08/15/25)		26,483		29,087,878


Security	Par (000)		Value

Media (continued)
3.97%, 11/01/47 (Call 05/01/47)	$	18,340	$	21,151,414
4.00%, 08/15/47 (Call 02/15/47)		9,602		11,131,367
4.00%, 03/01/48 (Call 09/01/47)		10,329		11,962,882
4.00%, 11/01/49 (Call 05/01/49)		19,184		22,364,308
4.05%, 11/01/52 (Call 05/01/52)		11,522		13,565,774
4.15%, 10/15/28 (Call 07/15/28)		37,498		42,797,761
4.20%, 08/15/34 (Call 02/15/34)^(a)		9,577		11,184,117
4.25%, 10/15/30 (Call 07/15/30)		8,879		10,239,748
4.25%, 01/15/33		16,549		19,328,525
4.40%, 02/25/35 (Call 02/15/35)		6,958		8,232,834
4.60%, 10/15/38 (Call 04/15/38)		10,590		12,946,173
4.60%, 08/15/45 (Call 02/15/45)		9,351		11,797,136
4.70%, 10/15/48 (Call 04/15/48)		19,441		25,203,439
4.95%, 10/15/58 (Call 04/15/58)^(a)		9,733		13,500,914
5.65%, 06/15/35^(a)		6,092		8,010,847
7.05%, 03/15/33		7,881		11,324,870
Discovery Communications LLC 3.63%, 05/15/30 (Call 02/15/30)		9,578		10,304,444
3.95%, 03/20/28 (Call 12/20/27)^(a)		13,531		14,888,052
4.00%, 09/15/55 (Call 03/15/55)		14,729		15,649,588
4.13%, 05/15/29 (Call 02/15/29)^(a)		8,854		9,839,616
4.65%, 05/15/50 (Call 11/15/49)^(a)		12,338		14,526,832
5.20%, 09/20/47 (Call 03/20/47)^(a)		12,159		15,126,292
5.30%, 05/15/49 (Call 11/15/48)^(a)		8,064		10,271,866
Fox Corp. 4.71%, 01/25/29 (Call 10/25/28)^(a)		19,873		22,963,257
5.48%, 01/25/39 (Call 07/25/38)		9,718		12,553,246
5.58%, 01/25/49 (Call 07/25/48)^(a)		16,541		22,713,064
Time Warner Cable LLC 4.50%, 09/15/42 (Call 03/15/42)		10,851		11,829,129
5.50%, 09/01/41 (Call 03/01/41)		10,552		12,888,129
5.88%, 11/15/40 (Call 05/15/40)		13,576		17,095,757
6.55%, 05/01/37		17,047		22,872,737
6.75%, 06/15/39		12,737		17,385,599
7.30%, 07/01/38^(a)		16,793		24,150,114
Time Warner Entertainment Co. LP, 8.38%, 07/15/33		12,218		17,950,163
TWDC Enterprises 18 Corp. 1.85%, 07/30/26^(a)		9,911		10,066,413
2.95%, 06/15/27^(a)		9,610		10,340,249
3.00%, 02/13/26		7,859		8,369,898
3.15%, 09/17/25^(a)		8,122		8,671,222
4.13%, 06/01/44		11,226		13,395,546
ViacomCBS Inc. 4.00%, 01/15/26 (Call 10/15/25)^(a)		5,857		6,392,579
4.20%, 05/19/32 (Call 02/19/32)		8,089		9,191,320
4.38%, 03/15/43^(a)		11,744		13,402,192
4.75%, 05/15/25 (Call 04/15/25)		14,760		16,369,613
4.95%, 01/15/31 (Call 10/15/30)^(a)		14,727		17,476,644
4.95%, 05/19/50 (Call 11/19/49)^(a)		8,867		11,234,178
5.85%, 09/01/43 (Call 03/01/43)^(a)		12,252		16,620,663
6.88%, 04/30/36^(a)		13,009		18,541,647
7.88%, 07/30/30^(a)		12,208		17,140,365
Walt Disney Co. (The) 1.75%, 01/13/26		14,619		14,832,108
2.00%, 09/01/29 (Call 06/01/29)^(a)		17,080		17,102,892
2.20%, 01/13/28		8,273		8,451,820
2.65%, 01/13/31^(a)		22,928		23,804,774
2.75%, 09/01/49 (Call 03/01/49)^(a)		15,579		15,291,764
3.35%, 03/24/25^(a)		15,644		16,751,107
3.50%, 05/13/40 (Call 11/13/39)		19,447		21,465,091


Security	Par (000)		Value

Media (continued)
3.60%, 01/13/51 (Call 07/13/50)^(a)	$	27,738	$	31,611,442
3.80%, 03/22/30		12,612		14,198,479
3.80%, 05/13/60 (Call 11/13/59)		12,471		14,710,051
4.63%, 03/23/40 (Call 09/23/39)		8,641		10,798,059
4.70%, 03/23/50 (Call 09/23/49)^(a)		22,032		29,585,457
6.20%, 12/15/34^(a)		9,621		13,474,163
6.40%, 12/15/35^(a)		8,904		12,788,424
6.65%, 11/15/37^(a)		12,885		19,244,244


				1,857,944,570

Metal Fabricate & Hardware — 0.0%
Precision Castparts Corp., 3.25%, 06/15/25 (Call 03/15/25)^(a)		9,088		9,730,421


Mining — 0.5%
Barrick Gold Corp., 5.25%, 04/01/42^(a)		4,117		5,374,524
Barrick North America Finance LLC 5.70%, 05/30/41^(a)		8,435		11,480,697
5.75%, 05/01/43		8,888		12,355,115
Barrick PD Australia Finance Pty Ltd., 5.95%, 10/15/39^(a)		8,745		11,973,365
BHP Billiton Finance USA Ltd. 4.13%, 02/24/42^(a)		7,736		9,176,828
5.00%, 09/30/43		26,050		34,677,234
Newmont Corp. 2.25%, 10/01/30 (Call 07/01/30)		12,980		12,786,588
4.88%, 03/15/42 (Call 09/15/41)^(a)		6,797		8,561,096
6.25%, 10/01/39		9,811		13,947,742
Rio Tinto Alcan Inc., 6.13%, 12/15/33^(a)		7,342		10,144,040
Rio Tinto Finance USA Ltd. 2.75%, 11/02/51		15,665		15,494,095
3.75%, 06/15/25 (Call 03/15/25)		14,277		15,548,926
5.20%, 11/02/40		11,667		15,685,283
7.13%, 07/15/28^(a)		7,267		9,600,372
Rio Tinto Finance USA PLC, 4.13%, 08/21/42 (Call 02/21/42)^(a)		6,966		8,398,281


				195,204,186

Oil & Gas — 4.7%
BP Capital Markets America Inc. 1.75%, 08/10/30 (Call 05/10/30)^(a)		9,951		9,627,002
2.77%, 11/10/50 (Call 05/10/50)		15,613		14,789,444
2.94%, 06/04/51 (Call 12/04/50)^(a)		22,496		21,927,618
3.00%, 02/24/50 (Call 08/24/49)^(a)		17,919		17,710,822
3.00%, 03/17/52 (Call 09/17/51)		15,897		15,712,274
3.02%, 01/16/27 (Call 10/16/26)		9,488		10,079,494
3.06%, 06/17/41 (Call 12/17/40)		15,681		15,843,218
3.12%, 05/04/26 (Call 02/04/26)		10,410		11,136,536
3.19%, 04/06/25 (Call 03/06/25)^(a)		6,220		6,607,926
3.38%, 02/08/61 (Call 08/08/60)		19,211		19,815,870
3.41%, 02/11/26 (Call 12/11/25)		11,024		11,890,715
3.63%, 04/06/30 (Call 01/06/30)^(a)		12,968		14,370,453
3.80%, 09/21/25 (Call 07/21/25)		11,762		12,831,365
3.94%, 09/21/28 (Call 06/21/28)		8,618		9,656,608
4.23%, 11/06/28 (Call 08/06/28)^(a)		18,063		20,621,230
BP Capital Markets PLC 3.28%, 09/19/27 (Call 06/19/27)^(a)		14,117		15,277,745
3.51%, 03/17/25		8,981		9,638,625
3.54%, 11/04/24^(a)		2,356		2,523,633
3.72%, 11/28/28 (Call 08/28/28)		6,959		7,711,380
Canadian Natural Resources Ltd. 3.85%, 06/01/27 (Call 03/01/27)^(a)		13,588		14,742,613


Security	Par (000)		Value

Oil & Gas (continued)
4.95%, 06/01/47 (Call 12/01/46)^(a)	$	7,527	$	9,572,574
6.25%, 03/15/38^(a)		14,239		19,085,348
Cenovus Energy Inc. 3.75%, 02/15/52 (Call 08/15/51)^(a)		8,227		8,307,867
4.25%, 04/15/27 (Call 01/15/27)^(a)		13,433		14,750,732
4.40%, 04/15/29 (Call 01/15/29)^(a)		8,953		10,030,553
5.40%, 06/15/47 (Call 12/15/46)^(a)		6,188		7,750,432
6.75%, 11/15/39		13,931		19,025,845
Chevron Corp. 1.55%, 05/11/25 (Call 04/11/25)^(a)		25,742		26,113,264
2.00%, 05/11/27 (Call 03/11/27)^(a)		7,737		7,881,185
2.24%, 05/11/30 (Call 02/11/30)^(a)		15,393		15,726,228
2.95%, 05/16/26 (Call 02/16/26)		20,792		22,164,312
3.08%, 05/11/50 (Call 11/11/49)^(a)		10,247		10,982,847
3.33%, 11/17/25 (Call 08/17/25)		8,228		8,861,305
Chevron USA Inc. 0.69%, 08/12/25 (Call 07/12/25)^(a)		8,961		8,804,243
1.02%, 08/12/27 (Call 06/12/27)^(a)		10,360		10,014,275
2.34%, 08/12/50 (Call 02/12/50)		9,925		9,358,080
5.05%, 11/15/44 (Call 05/15/44)		1,000		1,360,657
ConocoPhillips 3.75%, 10/01/27 (Call 07/01/27)^(a)(c)		8,953		9,822,351
4.30%, 08/15/28 (Call 05/15/28)^(c)		12,990		14,871,699
4.88%, 10/01/47 (Call 04/01/47)^(c)		5,674		7,543,871
6.50%, 02/01/39		25,871		38,162,548
ConocoPhillips Co. 4.30%, 11/15/44 (Call 05/15/44)		7,288		8,830,623
4.95%, 03/15/26 (Call 12/15/25)^(a)		9,918		11,278,947
6.95%, 04/15/29		18,884		25,026,234
Devon Energy Corp. 4.75%, 05/15/42 (Call 11/15/41)		8,010		9,281,145
5.00%, 06/15/45 (Call 12/15/44)^(a)		5,173		6,300,487
5.60%, 07/15/41 (Call 01/15/41)^(a)		12,197		15,379,939
Diamondback Energy Inc. 2.88%, 12/01/24 (Call 11/01/24)		2,686		2,798,151
3.13%, 03/24/31 (Call 12/24/30)^(a)		7,251		7,484,158
3.25%, 12/01/26 (Call 10/01/26)^(a)		9,993		10,568,297
3.50%, 12/01/29 (Call 09/01/29)		15,098		16,076,954
EOG Resources Inc. 4.15%, 01/15/26 (Call 10/15/25)		7,752		8,559,982
4.38%, 04/15/30 (Call 01/15/30)^(a)		7,423		8,644,245
4.95%, 04/15/50 (Call 10/15/49)^(a)		5,602		7,627,140
Equinor ASA 1.75%, 01/22/26 (Call 12/22/25)		4,680		4,745,076
2.38%, 05/22/30 (Call 02/22/30)^(a)		7,044		7,214,926
2.88%, 04/06/25 (Call 03/06/25)		8,555		9,013,199
3.13%, 04/06/30 (Call 01/06/30)^(a)		6,141		6,621,806
3.25%, 11/18/49 (Call 05/18/49)		8,717		9,410,490
3.63%, 09/10/28 (Call 06/10/28)^(a)		8,119		9,024,547
3.70%, 04/06/50 (Call 10/06/49)^(a)		10,596		12,449,641
3.95%, 05/15/43^(a)		7,625		8,953,067
4.80%, 11/08/43^(a)		4,822		6,353,262
5.10%, 08/17/40		6,607		8,827,331
Exxon Mobil Corp. 2.28%, 08/16/26 (Call 06/16/26)^(a)		6,877		7,150,696
2.44%, 08/16/29 (Call 05/16/29)^(a)		13,798		14,252,291
2.61%, 10/15/30 (Call 07/15/30)^(a)		17,864		18,604,341
2.71%, 03/06/25 (Call 12/06/24)		16,951		17,780,958
2.99%, 03/19/25 (Call 02/19/25)		24,758		26,179,245
3.00%, 08/16/39 (Call 02/16/39)^(a)		8,707		8,997,033


Security	Par (000)		Value

Oil & Gas (continued)
3.04%, 03/01/26 (Call 12/01/25)	$	27,509	$	29,348,422
3.10%, 08/16/49 (Call 02/16/49)^(a)		16,932		17,584,950
3.29%, 03/19/27 (Call 01/19/27)		11,402		12,372,286
3.45%, 04/15/51 (Call 10/15/50)^(a)		25,372		28,130,276
3.48%, 03/19/30 (Call 12/19/29)^(a)		19,210		21,223,854
3.57%, 03/06/45 (Call 09/06/44)		8,313		9,288,030
4.11%, 03/01/46 (Call 09/01/45)		25,956		31,215,703
4.23%, 03/19/40 (Call 09/19/39)^(a)		19,722		23,543,035
4.33%, 03/19/50 (Call 09/19/49)^(a)		28,544		35,965,577
Hess Corp. 4.30%, 04/01/27 (Call 01/01/27)^(a)		4,985		5,470,526
5.60%, 02/15/41^(a)		12,370		15,560,254
6.00%, 01/15/40^(a)		6,116		7,956,186
Marathon Oil Corp. 4.40%, 07/15/27 (Call 04/15/27)^(a)		12,195		13,543,173
6.60%, 10/01/37		6,510		8,765,027
Marathon Petroleum Corp. 4.70%, 05/01/25 (Call 04/01/25)		14,458		15,977,553
4.75%, 09/15/44 (Call 03/15/44)^(a)		10,283		12,092,675
6.50%, 03/01/41 (Call 09/01/40)		11,846		16,435,565
Phillips 66 2.15%, 12/15/30 (Call 09/15/30)^(a)		8,286		8,005,580
3.90%, 03/15/28 (Call 12/15/27)		8,280		9,135,348
4.65%, 11/15/34 (Call 05/15/34)		8,580		10,146,974
4.88%, 11/15/44 (Call 05/15/44)^(a)		18,222		22,933,910
5.88%, 05/01/42		15,058		20,771,936
Pioneer Natural Resources Co. 1.13%, 01/15/26 (Call 12/15/25)^(a)		5,450		5,325,121
1.90%, 08/15/30 (Call 05/15/30)^(a)		8,090		7,699,629
2.15%, 01/15/31 (Call 10/15/30)^(a)		9,817		9,468,021
Shell International Finance BV 2.00%, 11/07/24 (Call 10/07/24)		2,250		2,317,380
2.38%, 04/06/25 (Call 03/06/25)		15,357		15,948,782
2.38%, 11/07/29 (Call 08/07/29)^(a)		14,709		15,144,673
2.50%, 09/12/26^(a)		10,998		11,561,531
2.75%, 04/06/30 (Call 01/06/30)^(a)		15,258		16,097,706
2.88%, 05/10/26^(a)		17,751		18,909,700
3.13%, 11/07/49 (Call 05/07/49)^(a)		14,513		15,472,679
3.25%, 05/11/25^(a)		26,826		28,694,973
3.25%, 04/06/50 (Call 10/06/49)^(a)		19,792		21,657,630
3.75%, 09/12/46		13,701		15,941,300
3.88%, 11/13/28 (Call 08/13/28)^(a)		14,437		16,280,707
4.00%, 05/10/46		20,547		24,600,580
4.13%, 05/11/35^(a)		15,323		18,067,588
4.38%, 05/11/45^(a)		28,458		35,733,165
4.55%, 08/12/43		13,235		16,709,439
5.50%, 03/25/40		9,376		12,975,221
6.38%, 12/15/38^(a)		27,101		40,004,220
Suncor Energy Inc. 3.75%, 03/04/51 (Call 09/04/50)^(a)		7,271		7,933,228
4.00%, 11/15/47 (Call 05/15/47)^(a)		7,902		8,895,131
6.50%, 06/15/38^(a)		13,311		18,468,420
6.80%, 05/15/38		7,738		11,010,550
6.85%, 06/01/39		7,354		10,668,123
TotalEnergies Capital International SA 2.43%, 01/10/25 (Call 10/10/24)		6,784		7,039,023
2.83%, 01/10/30 (Call 10/10/29)^(a)		9,406		9,996,478
2.99%, 06/29/41 (Call 12/29/40)^(a)		7,379		7,549,355
3.13%, 05/29/50 (Call 11/29/49)^(a)		24,626		25,708,569
3.39%, 06/29/60 (Call 12/29/59)		9,882		10,696,893


Security	Par (000)		Value

Oil & Gas (continued)
3.46%, 02/19/29 (Call 11/19/28)^(a)	$	12,156	$	13,400,223
3.46%, 07/12/49 (Call 01/12/49)		8,143		8,972,369
TotalEnergies Capital SA, 3.88%, 10/11/28		11,260		12,748,717
Valero Energy Corp. 2.85%, 04/15/25 (Call 03/15/25)^(a)		11,421		11,909,704
3.40%, 09/15/26 (Call 06/15/26)		10,105		10,801,899
4.00%, 04/01/29 (Call 01/01/29)^(a)		8,439		9,260,037
4.35%, 06/01/28 (Call 03/01/28)		6,580		7,368,854
6.63%, 06/15/37^(a)		16,928		23,098,061
7.50%, 04/15/32		7,421		10,225,760


				1,805,967,277

Oil & Gas Services — 0.4%
Baker Hughes a GE Co. LLC/Baker Hughes Co-Obligor Inc. 3.34%, 12/15/27 (Call 09/15/27)^(a)		14,296		15,418,200
4.08%, 12/15/47 (Call 06/15/47)		14,574		16,641,836
Baker Hughes Holdings LLC, 5.13%, 09/15/40		9,878		12,534,867
Halliburton Co. 2.92%, 03/01/30 (Call 12/01/29)^(a)		10,562		10,917,587
3.80%, 11/15/25 (Call 08/15/25)^(a)		9,870		10,756,401
4.75%, 08/01/43 (Call 02/01/43)		9,594		11,214,181
4.85%, 11/15/35 (Call 05/15/35)^(a)		10,775		12,824,087
5.00%, 11/15/45 (Call 05/15/45)^(a)		19,011		23,556,127
6.70%, 09/15/38		7,002		9,748,267
7.45%, 09/15/39^(a)		8,393		12,506,015
Schlumberger Investment SA, 2.65%, 06/26/30
(Call 03/26/30)^(a)		13,850		14,220,115


				150,337,683

Packaging & Containers — 0.1%
Berry Global Inc., 1.57%, 01/15/26 (Call 12/15/25)		13,122		12,978,412
WRKCo Inc. 4.65%, 03/15/26 (Call 01/15/26)		7,408		8,325,707
4.90%, 03/15/29 (Call 12/15/28)^(a)		8,588		10,077,447


				31,381,566

Pharmaceuticals — 8.0%
AbbVie Inc. 2.60%, 11/21/24 (Call 10/21/24)^(a)		30,460		31,797,078
2.95%, 11/21/26 (Call 09/21/26)		37,839		39,980,839
3.20%, 05/14/26 (Call 02/14/26)^(a)		19,450		20,727,542
3.20%, 11/21/29 (Call 08/21/29)		52,764		56,406,689
3.60%, 05/14/25 (Call 02/14/25)		37,099		39,810,937
3.80%, 03/15/25 (Call 12/15/24)		26,200		28,219,339
4.05%, 11/21/39 (Call 05/21/39)		39,034		44,754,772
4.25%, 11/14/28 (Call 08/14/28)^(a)		14,633		16,609,517
4.25%, 11/21/49 (Call 05/21/49)^(a)		56,908		68,530,998
4.30%, 05/14/36 (Call 11/14/35)		9,061		10,591,263
4.40%, 11/06/42		25,338		30,424,976
4.45%, 05/14/46 (Call 11/14/45)		19,209		23,462,074
4.50%, 05/14/35 (Call 11/14/34)		24,845		29,529,738
4.55%, 03/15/35 (Call 09/15/34)		14,628		17,458,992
4.70%, 05/14/45 (Call 11/14/44)^(a)		25,441		31,832,756
4.75%, 03/15/45 (Call 09/15/44)		9,172		11,522,397
4.85%, 06/15/44 (Call 12/15/43)		10,688		13,458,668
4.88%, 11/14/48 (Call 05/14/48)		17,130		22,371,571
AmerisourceBergen Corp. 2.70%, 03/15/31 (Call 12/15/30)^(a)		10,034		10,186,948
3.45%, 12/15/27 (Call 09/15/27)		8,227		8,872,281
Astrazeneca Finance LLC 1.20%, 05/28/26 (Call 04/28/26)		14,298		14,167,722


Security	Par (000)		Value

Pharmaceuticals (continued)
1.75%, 05/28/28 (Call 03/28/28)	$	10,826	$	10,768,372
2.25%, 05/28/31 (Call 02/28/31)^(a)		7,289		7,386,890
AstraZeneca PLC
0.70%, 04/08/26 (Call 03/08/26)^(a)		12,619		12,246,401
1.38%, 08/06/30 (Call 05/06/30)^(a)		12,931		12,249,004
3.00%, 05/28/51 (Call 11/28/50)^(a)		7,302		7,717,639
3.13%, 06/12/27 (Call 03/12/27)^(a)		8,232		8,858,221
3.38%, 11/16/25		17,991		19,458,389
4.00%, 01/17/29 (Call 10/17/28)		8,111		9,227,696
4.00%, 09/18/42^(a)		10,446		12,579,866
4.38%, 11/16/45		8,223		10,605,360
4.38%, 08/17/48 (Call 02/17/48)		6,176		8,033,690
6.45%, 09/15/37^(a)		27,160		40,381,708
Becton Dickinson and Co.
1.96%, 02/11/31 (Call 11/11/30)^(a)		12,133		11,768,215
2.82%, 05/20/30 (Call 02/20/30)^(a)		7,435		7,736,561
3.70%, 06/06/27 (Call 03/06/27)^(a)		17,397		18,991,552
3.73%, 12/15/24 (Call 09/15/24)		2,038		2,184,581
3.79%, 05/20/50 (Call 11/20/49)^(a)		6,255		7,114,424
4.67%, 06/06/47 (Call 12/06/46)^(a)		13,407		17,003,393
4.69%, 12/15/44 (Call 06/15/44)		10,709		13,403,496
Bristol-Myers Squibb Co.
0.75%, 11/13/25 (Call 10/13/25)^(a)		10,704		10,496,116
1.13%, 11/13/27 (Call 09/13/27)^(a)		10,455		10,165,914
1.45%, 11/13/30 (Call 08/13/30)^(a)		10,196		9,728,919
2.35%, 11/13/40 (Call 05/13/40)^(a)		9,678		9,167,069
2.55%, 11/13/50 (Call 05/13/50)^(a)		15,024		14,356,945
3.20%, 06/15/26 (Call 04/15/26)^(a)		23,172		24,999,573
3.25%, 02/27/27^(a)		8,258		8,983,261
3.40%, 07/26/29 (Call 04/26/29)		35,917		39,497,623
3.45%, 11/15/27 (Call 08/15/27)		11,102		12,181,255
3.88%, 08/15/25 (Call 05/15/25)		16,490		18,010,545
3.90%, 02/20/28 (Call 11/20/27)		13,598		15,270,389
4.13%, 06/15/39 (Call 12/15/38)		19,138		22,833,071
4.25%, 10/26/49 (Call 04/26/49)		32,583		40,953,423
4.35%, 11/15/47 (Call 05/15/47)		14,483		18,346,427
4.55%, 02/20/48 (Call 08/20/47)		14,446		18,839,627
5.00%, 08/15/45 (Call 02/15/45)		19,589		26,608,797
Cardinal Health Inc., 3.41%, 06/15/27 (Call 03/15/27)^(a)		12,957		13,973,219
Cigna Corp.
1.25%, 03/15/26 (Call 02/15/26)^(a)		9,783		9,665,801
2.38%, 03/15/31 (Call 12/15/30)^(a)		14,710		14,739,395
2.40%, 03/15/30 (Call 12/15/29)^(a)		15,700		15,871,989
3.20%, 03/15/40 (Call 09/15/39)		8,608		8,882,904
3.25%, 04/15/25 (Call 01/15/25)		8,836		9,371,637
3.40%, 03/01/27 (Call 12/01/26)^(a)		12,743		13,725,912
3.40%, 03/15/50 (Call 09/15/49)		12,461		13,108,816
3.40%, 03/15/51 (Call 09/15/50)^(a)		14,248		15,005,153
3.88%, 10/15/47 (Call 04/15/47)		11,809		13,230,492
4.13%, 11/15/25 (Call 09/15/25)		19,594		21,549,123
4.38%, 10/15/28 (Call 07/15/28)		35,923		41,200,082
4.50%, 02/25/26 (Call 11/27/25)		11,512		12,817,622
4.80%, 08/15/38 (Call 02/15/38)		22,388		27,535,290
4.80%, 07/15/46 (Call 01/16/46)		15,069		19,058,010
4.90%, 12/15/48 (Call 06/15/48)		26,606		34,474,251
CVS Health Corp.
1.30%, 08/21/27 (Call 06/21/27)^(a)		21,342		20,627,711
1.75%, 08/21/30 (Call 05/21/30)^(a)		13,522		12,872,487
1.88%, 02/28/31 (Call 11/28/30)^(a)		11,939		11,425,870
2.13%, 09/15/31 (Call 06/15/31)^(a)		23,835		23,257,318


Security	Par (000)		Value

Pharmaceuticals (continued)
2.70%, 08/21/40 (Call 02/21/40)	$	15,281	$	14,643,545
2.88%, 06/01/26 (Call 03/01/26)^(a)		17,643		18,570,129
3.00%, 08/15/26 (Call 06/15/26)^(a)		7,893		8,383,880
3.25%, 08/15/29 (Call 05/15/29)^(a)		16,087		17,184,135
3.63%, 04/01/27 (Call 02/01/27)		7,047		7,682,465
3.75%, 04/01/30 (Call 01/01/30)		15,510		17,093,708
3.88%, 07/20/25 (Call 04/20/25)		24,300		26,384,107
4.10%, 03/25/25 (Call 01/25/25)^(a)		8,671		9,432,676
4.13%, 04/01/40 (Call 10/01/39)^(a)		11,322		12,966,489
4.25%, 04/01/50 (Call 10/01/49)^(a)		7,174		8,668,772
4.30%, 03/25/28 (Call 12/25/27)		30,348		34,383,656
4.78%, 03/25/38 (Call 09/25/37)^(a)		47,667		58,334,346
5.05%, 03/25/48 (Call 09/25/47)		76,663		100,741,530
5.13%, 07/20/45 (Call 01/20/45)^(a)		33,945		44,666,097
5.30%, 12/05/43 (Call 06/05/43)^(a)		8,367		11,006,866
Eli Lilly & Co.
2.25%, 05/15/50 (Call 11/15/49)^(a)		13,729		12,673,348
2.50%, 09/15/60 (Call 03/15/60)^(a)		10,397		9,774,935
3.38%, 03/15/29 (Call 12/15/28)^(a)		9,865		10,854,861
3.95%, 03/15/49 (Call 09/15/48)		2,813		3,485,915
GlaxoSmithKline Capital Inc.
3.63%, 05/15/25		9,683		10,483,322
3.88%, 05/15/28		17,577		19,834,110
6.38%, 05/15/38		25,467		37,670,300
GlaxoSmithKline Capital PLC, 3.38%, 06/01/29 (Call 03/01/29)^(a)		12,073		13,219,958
Johnson & Johnson
0.55%, 09/01/25 (Call 08/01/25)^(a)		11,305		11,048,598
0.95%, 09/01/27 (Call 07/01/27)^(a)		14,493		14,005,057
1.30%, 09/01/30 (Call 06/01/30)^(a)		13,639		13,056,244
2.10%, 09/01/40 (Call 03/01/40)		10,461		9,901,467
2.25%, 09/01/50 (Call 03/01/50)^(a)		11,052		10,547,642
2.45%, 03/01/26 (Call 12/01/25)^(a)		19,592		20,552,905
2.45%, 09/01/60 (Call 03/01/60)		14,009		13,539,239
2.63%, 01/15/25 (Call 11/15/24)		2,768		2,903,595
2.90%, 01/15/28 (Call 10/15/27)		15,407		16,566,059
2.95%, 03/03/27 (Call 12/03/26)^(a)		10,748		11,531,924
3.40%, 01/15/38 (Call 07/15/37)		11,457		12,969,837
3.50%, 01/15/48 (Call 07/15/47)^(a)		5,851		6,865,723
3.55%, 03/01/36 (Call 09/01/35)		11,848		13,584,321
3.63%, 03/03/37 (Call 09/03/36)^(a)		12,088		14,007,645
3.70%, 03/01/46 (Call 09/01/45)		18,759		22,420,449
3.75%, 03/03/47 (Call 09/03/46)^(a)		9,923		12,057,217
4.38%, 12/05/33 (Call 06/05/33)^(a)		9,210		11,294,383
5.95%, 08/15/37^(a)		9,970		14,453,610
Mead Johnson Nutrition Co., 4.13%, 11/15/25 (Call 08/15/25)		9,324		10,269,414
Merck & Co. Inc.
0.75%, 02/24/26 (Call 01/24/26)^(a)		13,313		13,037,603
1.45%, 06/24/30 (Call 03/24/30)^(a)		14,344		13,782,576
2.35%, 06/24/40 (Call 12/24/39)		14,022		13,357,131
2.45%, 06/24/50 (Call 12/24/49)^(a)		9,878		9,422,116
2.75%, 02/10/25 (Call 11/10/24)^(a)		18,986		19,910,876
3.40%, 03/07/29 (Call 12/07/28)		15,719		17,275,373
3.70%, 02/10/45 (Call 08/10/44)^(a)		18,957		22,019,407
3.90%, 03/07/39 (Call 09/07/38)		11,400		13,325,826
4.00%, 03/07/49 (Call 09/07/48)^(a)		11,834		14,614,564
4.15%, 05/18/43		15,123		18,450,669


Security	Par (000)		Value

Pharmaceuticals (continued)
Mylan Inc. 4.55%, 04/15/28 (Call 01/15/28)^(a)	$	8,476	$	9,593,900
5.20%, 04/15/48 (Call 10/15/47)^(a)		8,533		10,593,496
Novartis Capital Corp. 1.75%, 02/14/25 (Call 01/14/25)		10,737		10,958,106
2.00%, 02/14/27 (Call 12/14/26)^(a)		12,334		12,627,649
2.20%, 08/14/30 (Call 05/14/30)^(a)		15,388		15,707,556
2.75%, 08/14/50 (Call 02/14/50)^(a)		13,019		13,321,189
3.00%, 11/20/25 (Call 08/20/25)^(a)		14,951		15,947,048
3.10%, 05/17/27 (Call 02/17/27)		11,411		12,312,196
4.00%, 11/20/45 (Call 05/20/45)		10,850		13,302,946
4.40%, 05/06/44		16,199		20,733,111
Pfizer Inc. 0.80%, 05/28/25 (Call 04/28/25)		4,870		4,819,636
1.70%, 05/28/30 (Call 02/28/30)^(a)		8,276		8,109,090
1.75%, 08/18/31 (Call 05/18/31)^(a)		16,635		16,198,331
2.55%, 05/28/40 (Call 11/28/39)		11,470		11,395,276
2.63%, 04/01/30 (Call 01/01/30)^(a)		11,709		12,291,268
2.70%, 05/28/50 (Call 11/28/49)^(a)		9,735		9,849,781
2.75%, 06/03/26^(a)		10,076		10,730,330
3.00%, 12/15/26^(a)		16,676		18,013,722
3.45%, 03/15/29 (Call 12/15/28)^(a)		10,375		11,484,882
3.60%, 09/15/28 (Call 06/15/28)^(a)		8,423		9,426,890
3.90%, 03/15/39 (Call 09/15/38)		8,332		9,831,015
4.00%, 12/15/36^(a)		10,481		12,405,343
4.00%, 03/15/49 (Call 09/15/48)^(a)		10,586		13,105,315
4.13%, 12/15/46		11,006		13,685,458
4.20%, 09/15/48 (Call 03/15/48)		9,837		12,483,213
4.30%, 06/15/43		8,388		10,366,040
4.40%, 05/15/44		11,097		14,000,435
7.20%, 03/15/39		23,747		38,298,269
Sanofi, 3.63%, 06/19/28 (Call 03/19/28)^(a)		9,821		11,080,877
Shire Acquisitions Investments Ireland DAC, 3.20%, 09/23/26 (Call 06/23/26)^(a)		28,203		30,002,160
Takeda Pharmaceutical Co. Ltd. 2.05%, 03/31/30 (Call 12/31/29)		26,141		25,500,582
3.03%, 07/09/40 (Call 01/09/40)		13,305		13,423,675
3.18%, 07/09/50 (Call 01/09/50)^(a)		19,786		20,244,586
3.38%, 07/09/60 (Call 01/09/60)^(a)		8,698		9,226,615
5.00%, 11/26/28 (Call 08/26/28)^(a)		16,891		19,983,313
Utah Acquisition Sub Inc. 3.95%, 06/15/26 (Call 03/15/26)		24,080		26,169,039
5.25%, 06/15/46 (Call 12/15/45)^(a)		10,726		13,367,901
Viatris Inc. 1.65%, 06/22/25 (Call 05/22/25)^(a)(c)		4,091		4,097,862
2.30%, 06/22/27 (Call 04/22/27)^(a)(c)		3,975		4,013,146
2.70%, 06/22/30 (Call 03/22/30)^(a)(c)		14,886		14,871,208
3.85%, 06/22/40 (Call 12/22/39)^(c)		9,752		10,428,561
4.00%, 06/22/50 (Call 12/22/49)^(a)(c)		21,513		23,166,577
Wyeth LLC 5.95%, 04/01/37^(a)		23,253		32,889,097
6.50%, 02/01/34		7,648		10,913,873
Zoetis Inc. 2.00%, 05/15/30 (Call 02/15/30)		8,809		8,649,200
3.00%, 09/12/27 (Call 06/12/27)^(a)		8,499		9,040,562
4.50%, 11/13/25 (Call 08/13/25)		9,541		10,637,627
4.70%, 02/01/43 (Call 08/01/42)		8,629		10,983,637


				3,046,456,800


Security	Par (000)		Value

Pipelines — 3.2%
Cheniere Corpus Christi Holdings LLC 2.74%, 12/31/39 (Call 07/04/39)^(a)(c)	$	11,221	$	11,032,280
3.70%, 11/15/29 (Call 05/18/29)^(a)		17,040		18,341,878
5.13%, 06/30/27 (Call 01/01/27)		16,548		18,903,682
5.88%, 03/31/25 (Call 10/02/24)		12,970		14,518,829
Enable Midstream Partners LP, 4.95%, 05/15/28
(Call 02/15/28)		8,459		9,457,607
Enbridge Inc. 2.50%, 08/01/33 (Call 05/01/33)^(a)		13,355		13,225,782
3.13%, 11/15/29 (Call 08/15/29)^(a)		11,142		11,778,310
3.40%, 08/01/51 (Call 02/01/51)^(a)		804		827,369
4.25%, 12/01/26 (Call 09/01/26)		8,111		9,016,141
5.50%, 05/29/46 (Call 06/01/46)^(a)		6,371		8,702,017
Energy Transfer LP 2.90%, 05/15/25 (Call 04/15/25)		10,878		11,354,095
3.75%, 05/15/30 (Call 02/15/30)^(a)		13,747		14,643,997
4.00%, 10/01/27 (Call 07/01/27)		5,362		5,815,330
4.05%, 03/15/25 (Call 12/15/24)^(a)		8,042		8,614,925
4.75%, 01/15/26 (Call 10/15/25)		10,014		11,075,457
4.95%, 06/15/28 (Call 03/15/28)^(a)		6,897		7,883,192
5.00%, 05/15/50 (Call 11/15/49)		20,628		24,172,014
5.15%, 03/15/45 (Call 09/15/44)		10,275		11,952,964
5.25%, 04/15/29 (Call 01/15/29)		14,816		17,179,925
5.30%, 04/15/47 (Call 10/15/46)		9,611		11,353,068
5.35%, 05/15/45 (Call 11/15/44)		7,767		9,136,386
5.40%, 10/01/47 (Call 04/01/47)		13,592		16,322,936
5.50%, 06/01/27 (Call 03/01/27)^(a)		9,371		10,834,040
6.00%, 06/15/48 (Call 12/15/47)		11,321		14,454,876
6.13%, 12/15/45 (Call 06/15/45)		9,905		12,683,608
6.25%, 04/15/49 (Call 10/15/48)^(a)		16,256		21,618,277
6.50%, 02/01/42 (Call 08/01/41)^(a)		9,344		12,041,389
Enterprise Products Operating LLC 2.80%, 01/31/30 (Call 10/31/29)^(a)		13,827		14,363,439
3.13%, 07/31/29 (Call 04/30/29)^(a)		9,871		10,515,387
3.20%, 02/15/52 (Call 08/15/51)^(a)		10,857		10,709,602
3.30%, 02/15/53 (Call 08/15/52)^(a)		10,261		10,285,867
3.70%, 02/15/26 (Call 11/15/25)^(a)		8,301		9,017,506
3.70%, 01/31/51 (Call 07/31/50)		10,383		11,028,795
3.75%, 02/15/25 (Call 11/15/24)^(a)		11,689		12,575,372
3.95%, 01/31/60 (Call 07/31/59)^(a)		10,985		12,030,334
4.15%, 10/16/28 (Call 07/16/28)		7,540		8,508,294
4.20%, 01/31/50 (Call 07/31/49)^(a)		9,713		11,090,379
4.25%, 02/15/48 (Call 08/15/47)		12,695		14,488,755
4.45%, 02/15/43 (Call 08/15/42)		10,321		11,889,036
4.80%, 02/01/49 (Call 08/01/48)^(a)		11,944		14,721,406
4.85%, 08/15/42 (Call 02/15/42)		7,819		9,484,934
4.85%, 03/15/44 (Call 09/15/43)		13,937		16,879,720
4.90%, 05/15/46 (Call 11/15/45)		8,826		10,876,771
5.10%, 02/15/45 (Call 08/15/44)		11,714		14,563,127
5.95%, 02/01/41		7,262		9,890,604
Kinder Morgan Energy Partners LP 5.50%, 03/01/44 (Call 09/01/43)^(a)		7,328		9,157,594
6.95%, 01/15/38		9,594		13,533,828
Kinder Morgan Inc. 2.00%, 02/15/31 (Call 11/15/30)^(a)		7,089		6,742,123
3.60%, 02/15/51 (Call 08/15/50)		9,000		9,159,136
4.30%, 06/01/25 (Call 03/01/25)^(a)		14,972		16,360,710
4.30%, 03/01/28 (Call 12/01/27)^(a)		12,537		14,089,378
5.05%, 02/15/46 (Call 08/15/45)		8,390		10,198,371
5.20%, 03/01/48 (Call 09/01/47)		9,680		12,157,009


Security	Par (000)		Value

Pipelines (continued)
5.30%, 12/01/34 (Call 06/01/34)	$	4,549	$	5,547,345
5.55%, 06/01/45 (Call 12/01/44)^(a)		16,390		21,076,819
7.75%, 01/15/32		10,602		15,064,246
Magellan Midstream Partners LP, 3.95%, 03/01/50 (Call 09/01/49)		10,158		10,956,043
MPLX LP
1.75%, 03/01/26 (Call 02/01/26)		15,102		15,040,044
2.65%, 08/15/30 (Call 05/15/30)^(a)		14,234		14,166,727
4.00%, 03/15/28 (Call 12/15/27)		11,028		12,145,366
4.13%, 03/01/27 (Call 12/01/26)		12,076		13,310,956
4.50%, 04/15/38 (Call 10/15/37)^(a)		14,878		16,740,641
4.70%, 04/15/48 (Call 10/15/47)^(a)		12,645		14,833,445
4.80%, 02/15/29 (Call 11/15/28)^(a)		7,991		9,186,284
4.88%, 12/01/24 (Call 09/01/24)		3,009		3,305,070
4.88%, 06/01/25 (Call 03/01/25)		13,988		15,487,730
5.20%, 03/01/47 (Call 09/01/46)		9,557		11,759,934
5.50%, 02/15/49 (Call 08/15/48)		16,071		20,715,596
ONEOK Inc.
3.10%, 03/15/30 (Call 12/15/29)		7,434		7,672,486
3.40%, 09/01/29 (Call 06/01/29)		6,325		6,651,655
4.55%, 07/15/28 (Call 04/15/28)		7,161		8,067,502
5.20%, 07/15/48 (Call 01/15/48)^(a)		6,994		8,601,783
Plains All American Pipeline LP/PAA Finance Corp.
3.55%, 12/15/29 (Call 09/15/29)		12,387		12,929,146
3.60%, 11/01/24 (Call 08/01/24)		1,966		2,078,336
3.80%, 09/15/30 (Call 06/15/30)^(a)		7,178		7,599,110
4.50%, 12/15/26 (Call 09/15/26)^(a)		8,566		9,446,670
4.65%, 10/15/25 (Call 07/15/25)^(a)		9,968		10,949,183
Sabine Pass Liquefaction LLC
4.20%, 03/15/28 (Call 09/15/27)^(a)		10,872		12,059,987
4.50%, 05/15/30 (Call 11/15/29)		18,450		20,994,410
5.00%, 03/15/27 (Call 09/15/26)		13,767		15,639,253
5.63%, 03/01/25 (Call 12/01/24)		18,325		20,565,964
5.88%, 06/30/26 (Call 12/31/25)		15,855		18,430,737
TransCanada PipeLines Ltd.
2.50%, 10/12/31 (Call 07/12/31)		15,141		15,034,901
4.10%, 04/15/30 (Call 01/15/30)^(a)		14,383		16,101,497
4.25%, 05/15/28 (Call 02/15/28)^(a)		13,753		15,518,662
4.63%, 03/01/34 (Call 12/01/33)^(a)		12,590		14,754,979
4.88%, 01/15/26 (Call 10/15/25)^(a)		8,381		9,461,961
4.88%, 05/15/48 (Call 11/15/47)		8,555		10,891,660
5.10%, 03/15/49 (Call 09/15/48)^(a)		9,916		13,192,266
6.10%, 06/01/40		6,164		8,449,061
6.20%, 10/15/37		11,050		15,067,683
7.63%, 01/15/39		10,855		16,810,843
Transcontinental Gas Pipe Line Co. LLC, 7.85%, 02/01/26 (Call 11/01/25)		10,067		12,398,992
Williams Companies Inc. (The)
2.60%, 03/15/31 (Call 12/15/30)^(a)		6,568		6,567,732
3.50%, 11/15/30 (Call 08/15/30)^(a)		9,595		10,300,278
3.75%, 06/15/27 (Call 03/15/27)^(a)		15,523		16,896,792
3.90%, 01/15/25 (Call 10/15/24)		4,295		4,610,451
4.00%, 09/15/25 (Call 06/15/25)^(a)		7,858		8,537,048
4.85%, 03/01/48 (Call 09/01/47)^(a)		7,437		9,129,063
5.10%, 09/15/45 (Call 03/15/45)^(a)		10,107		12,637,558
6.30%, 04/15/40		11,849		16,141,880


				1,234,783,626

Real Estate Investment Trusts — 1.8%
Alexandria Real Estate Equities Inc. 1.88%, 02/01/33 (Call 11/01/32)^(a)		10,624		9,952,999


Security	Par (000)		Value

Real Estate Investment Trusts (continued)
2.00%, 05/18/32 (Call 02/18/32)^(a)	$	8,937	$	8,599,795
3.00%, 05/18/51 (Call 11/18/50)^(a)		9,072		9,057,354
3.38%, 08/15/31 (Call 05/15/31)^(a)		6,991		7,556,001
American Tower Corp.
1.88%, 10/15/30 (Call 07/15/30)		6,008		5,717,175
2.10%, 06/15/30 (Call 03/15/30)		5,438		5,280,442
2.40%, 03/15/25 (Call 02/15/25)		8,201		8,461,785
2.75%, 01/15/27 (Call 11/15/26)^(a)		10,237		10,645,836
2.90%, 01/15/30 (Call 10/15/29)		8,387		8,668,697
2.95%, 01/15/51 (Call 07/15/50)		10,937		10,580,798
3.10%, 06/15/50 (Call 12/15/49)		10,146		10,066,138
3.38%, 10/15/26 (Call 07/15/26)		9,786		10,470,228
3.55%, 07/15/27 (Call 04/15/27)^(a)		4,257		4,591,513
3.80%, 08/15/29 (Call 05/15/29)		15,587		17,130,835
4.00%, 06/01/25 (Call 03/01/25)		7,002		7,578,839
Boston Properties LP
2.45%, 10/01/33 (Call 07/01/33)^(a)		20,400		19,758,057
2.55%, 04/01/32 (Call 01/01/32)^(a)		7,033		6,998,476
2.75%, 10/01/26 (Call 07/01/26)		10,095		10,545,801
3.20%, 01/15/25 (Call 10/15/24)		5,625		5,925,366
3.25%, 01/30/31 (Call 10/30/30)		10,024		10,510,380
3.40%, 06/21/29 (Call 03/21/29)		7,812		8,381,521
3.65%, 02/01/26 (Call 11/03/25)		8,920		9,623,849
4.50%, 12/01/28 (Call 09/01/28)^(a)		7,191		8,213,755
Brixmor Operating Partnership LP
4.05%, 07/01/30 (Call 04/01/30)		7,733		8,538,663
4.13%, 05/15/29 (Call 02/15/29)		7,239		8,085,555
Crown Castle International Corp.
1.05%, 07/15/26 (Call 06/15/26)^(a)		15,432		14,937,232
2.10%, 04/01/31 (Call 01/01/31)		9,414		9,018,395
2.25%, 01/15/31 (Call 10/15/30)^(a)		9,779		9,502,731
2.50%, 07/15/31 (Call 04/15/31)^(a)		8,377		8,304,543
2.90%, 04/01/41 (Call 10/01/40)		11,943		11,513,169
3.25%, 01/15/51 (Call 07/15/50)		10,222		10,268,973
3.30%, 07/01/30 (Call 04/01/30)		5,866		6,202,546
3.65%, 09/01/27 (Call 06/01/27)^(a)		8,226		8,931,796
3.70%, 06/15/26 (Call 03/15/26)^(a)		9,337		10,083,796
3.80%, 02/15/28 (Call 11/15/27)		8,795		9,644,943
4.45%, 02/15/26 (Call 11/15/25)^(a)		9,357		10,356,607
Digital Realty Trust LP
3.60%, 07/01/29 (Call 04/01/29)^(a)		9,897		10,775,228
3.70%, 08/15/27 (Call 05/15/27)^(a)		9,966		10,911,983
Equinix Inc.
2.15%, 07/15/30 (Call 04/15/30)^(a)		12,907		12,570,738
2.50%, 05/15/31 (Call 02/15/31)		16,024		16,043,687
2.63%, 11/18/24 (Call 10/18/24)		5,101		5,296,897
3.20%, 11/18/29 (Call 08/18/29)		11,014		11,612,266
ERP Operating LP, 4.50%, 07/01/44 (Call 01/01/44)		6,550		8,188,903
GLP Capital LP/GLP Financing II Inc.
5.25%, 06/01/25 (Call 03/01/25)		6,290		6,984,665
5.30%, 01/15/29 (Call 10/15/28)		5,984		6,859,469
5.38%, 04/15/26 (Call 01/15/26)^(a)		11,976		13,447,612
Healthcare Trust of America Holdings LP, 2.00%, 03/15/31 (Call 12/15/30)		8,026		7,575,709
Healthpeak Properties Inc., 3.00%, 01/15/30 (Call 10/15/29)		7,941		8,351,412
Prologis LP
1.25%, 10/15/30 (Call 07/15/30)^(a)		8,831		8,221,713
2.25%, 04/15/30 (Call 01/15/30)^(a)		11,209		11,308,340


Security	Par (000)		Value
Security	Par (000)		Value

Real Estate Investment Trusts (continued)
Realty Income Corp., 3.25%, 01/15/31 (Call 10/15/30)^(a)	$	9,696	$	10,461,128
Realty Income Corp., 3.25%, 01/15/31 (Call 10/15/30)^(a)	$	9,696	$	10,461,128
Simon Property Group LP		7,409		7,280,752
1.75%, 02/01/28 (Call 11/01/27)(a)
2.45%, 09/13/29 (Call 06/13/29)^(a)		12,010		12,206,641
2.65%, 07/15/30 (Call 04/15/30)^(a)		5,683		5,808,374
3.25%, 11/30/26 (Call 08/30/26)^(a)		7,480		8,028,205
3.25%, 09/13/49 (Call 03/13/49)^(a)		11,087		11,479,949
3.30%, 01/15/26 (Call 10/15/25)^(a)		8,766		9,410,250
3.38%, 06/15/27 (Call 03/15/27)		7,197		7,776,725
3.38%, 12/01/27 (Call 09/01/27)^(a)		8,391		9,036,446
3.50%, 09/01/25 (Call 06/01/25)^(a)		11,877		12,796,920
3.80%, 07/15/50 (Call 01/15/50)^(a)		6,910		7,813,418
Ventas Realty LP, 4.40%, 01/15/29 (Call 10/15/28)^(a)		7,256		8,238,106
Welltower Inc.
2.80%, 06/01/31 (Call 03/01/31)		7,312		7,496,301
3.10%, 01/15/30 (Call 10/15/29)		8,035		8,437,878
4.00%, 06/01/25 (Call 03/01/25)		14,301		15,490,796
4.25%, 04/15/28 (Call 01/15/28)^(a)		8,517		9,640,263
Weyerhaeuser Co.
4.00%, 11/15/29 (Call 08/15/29)^(a)		6,882		7,719,363
4.00%, 04/15/30 (Call 01/15/30)		10,296		11,546,459
7.38%, 03/15/32		11,237		15,906,569


				664,427,754

Retail — 2.7%
AutoZone Inc., 4.00%, 04/15/30 (Call 01/15/30)^(a)		7,881		8,861,777
Costco Wholesale Corp.
1.38%, 06/20/27 (Call 04/20/27)		16,756		16,617,234
1.60%, 04/20/30 (Call 01/20/30)^(a)		16,541		16,082,816
1.75%, 04/20/32 (Call 01/20/32)		8,081		7,867,922
3.00%, 05/18/27 (Call 02/18/27)^(a)		9,506		10,298,881
Dollar General Corp., 3.50%, 04/03/30 (Call 01/03/30)^(a)		12,392		13,491,428
Dollar Tree Inc.
Dollar Tree Inc.
4.00%, 05/15/25 (Call 03/15/25)		11,054		11,980,920
4.20%, 05/15/28 (Call 02/15/28)^(a)		11,866		13,368,435
Home Depot Inc. (The)
1.38%, 03/15/31 (Call 12/15/30)^(a)		10,218		9,601,566
1.50%, 09/15/28 (Call 07/15/28)^(a)		6,142		6,028,718
1.88%, 09/15/31 (Call 06/15/31)^(a)		6,373		6,217,251
2.13%, 09/15/26 (Call 06/15/26)^(a)		10,864		11,235,616
2.38%, 03/15/51 (Call 09/15/50)^(a)		11,397		10,625,683
2.50%, 04/15/27 (Call 02/15/27)^(a)		7,527		7,901,987
2.70%, 04/15/30 (Call 01/15/30)		15,330		16,157,198
2.75%, 09/15/51 (Call 03/15/51)^(a)		7,166		7,194,645
2.80%, 09/14/27 (Call 06/14/27)^(a)		10,596		11,284,253
2.95%, 06/15/29 (Call 03/15/29)^(a)		18,183		19,500,684
3.00%, 04/01/26 (Call 01/01/26)		13,482		14,404,387
3.13%, 12/15/49 (Call 06/15/49)^(a)		12,947		13,845,971
3.30%, 04/15/40 (Call 10/15/39)		15,370		16,679,060
3.35%, 09/15/25 (Call 06/15/25)		8,335		8,976,530
3.35%, 04/15/50 (Call 10/15/49)^(a)		16,962		18,860,010
3.50%, 09/15/56 (Call 03/15/56)		9,963		11,366,549
3.90%, 12/06/28 (Call 09/06/28)^(a)		10,971		12,487,558
3.90%, 06/15/47 (Call 12/15/46)^(a)		12,826		15,376,188
4.20%, 04/01/43 (Call 10/01/42)		9,564		11,576,707
4.25%, 04/01/46 (Call 10/01/45)^(a)		18,222		22,906,865
4.40%, 03/15/45 (Call 09/15/44)		9,612		12,220,752
4.50%, 12/06/48 (Call 06/06/48)		13,491		17,703,702
4.88%, 02/15/44 (Call 08/15/43)		10,638		14,009,644


Security	Par (000)		Value
Security	Par (000)		Value

Retail (continued)
5.88%, 12/16/36	$	25,630	$	36,082,022
5.95%, 04/01/41 (Call 10/01/40)		10,201		14,635,899
Lowe’s Companies Inc.
1.30%, 04/15/28 (Call 02/15/28)		10,802		10,388,820
1.70%, 09/15/28 (Call 07/15/28)		10,640		10,448,694
1.70%, 10/15/30 (Call 07/15/30)		14,625		13,935,497
2.50%, 04/15/26 (Call 01/15/26)^(a)		13,015		13,594,764
2.63%, 04/01/31 (Call 01/01/31)^(a)		12,190		12,443,123
2.80%, 09/15/41 (Call 03/15/41)^(a)		10,734		10,545,730
3.00%, 10/15/50 (Call 04/15/50)^(a)		19,166		19,184,666
3.10%, 05/03/27 (Call 02/03/27)		15,408		16,496,541
3.38%, 09/15/25 (Call 06/15/25)		9,576		10,287,638
3.65%, 04/05/29 (Call 01/05/29)^(a)		8,614		9,507,249
3.70%, 04/15/46 (Call 10/15/45)^(a)		12,447		13,836,469
4.00%, 04/15/25 (Call 03/15/25)		2,754		2,998,643
4.05%, 05/03/47 (Call 11/03/46)		15,712		18,317,166
4.50%, 04/15/30 (Call 01/15/30)^(a)		11,464		13,368,138
McDonald’s Corp.
2.13%, 03/01/30 (Call 12/01/29)^(a)		9,667		9,678,420
2.63%, 09/01/29 (Call 06/01/29)^(a)		11,095		11,495,861
3.30%, 07/01/25 (Call 06/01/25)		5,398		5,758,615
3.50%, 03/01/27 (Call 12/01/26)^(a)		9,389		10,225,293
3.50%, 07/01/27 (Call 05/01/27)^(a)		8,826		9,614,096
3.60%, 07/01/30 (Call 04/01/30)^(a)		10,224		11,340,731
3.63%, 09/01/49 (Call 03/01/49)^(a)		19,385		21,639,852
3.70%, 01/30/26 (Call 10/30/25)		17,734		19,283,508
3.80%, 04/01/28 (Call 01/01/28)^(a)		10,243		11,412,943
4.20%, 04/01/50 (Call 10/01/49)^(a)		6,467		7,906,933
4.45%, 03/01/47 (Call 09/01/46)		10,312		12,824,564
4.45%, 09/01/48 (Call 03/01/48)		5,699		7,146,755
4.70%, 12/09/35 (Call 06/09/35)^(a)		7,297		8,963,144
4.88%, 12/09/45 (Call 06/09/45)		17,521		22,839,168
6.30%, 10/15/37^(a)		8,192		11,724,637
6.30%, 03/01/38^(a)		7,474		10,676,500
O’Reilly Automotive Inc., 3.60%, 09/01/27 (Call 06/01/27)^(a)		10,692		11,728,337
Starbucks Corp.
Starbucks Corp.
2.25%, 03/12/30 (Call 12/12/29)^(a)		8,567		8,589,979
2.55%, 11/15/30 (Call 08/15/30)^(a)		10,511		10,723,167
3.50%, 11/15/50 (Call 05/15/50)		11,153		12,099,724
3.55%, 08/15/29 (Call 05/15/29)^(a)		11,169		12,274,957
3.80%, 08/15/25 (Call 06/15/25)^(a)		12,461		13,541,878
4.00%, 11/15/28 (Call 08/15/28)^(a)		6,410		7,252,006
4.45%, 08/15/49 (Call 02/15/49)		9,605		11,955,084
4.50%, 11/15/48 (Call 05/15/48)^(a)		12,384		15,481,001
Target Corp.
2.25%, 04/15/25 (Call 03/15/25)^(a)		16,392		17,003,302
2.35%, 02/15/30 (Call 11/15/29)^(a)		8,170		8,424,975
2.50%, 04/15/26^(a)		10,771		11,366,357
3.38%, 04/15/29 (Call 01/15/29)^(a)		10,880		12,003,454
4.00%, 07/01/42^(a)		7,032		8,636,965
TJX Companies Inc. (The), 2.25%, 09/15/26 (Call 06/15/26)^(a)		9,958		10,354,367
Walgreens Boots Alliance Inc.
Walgreens Boots Alliance Inc.
3.45%, 06/01/26 (Call 03/01/26)^(a)		5,454		5,844,770
4.10%, 04/15/50 (Call 10/15/49)^(a)		7,846		8,832,970
Walmart Inc.
3.05%, 07/08/26 (Call 05/08/26)		331		356,783
3.55%, 06/26/25 (Call 04/26/25)^(a)		977		1,065,581
3.70%, 06/26/28 (Call 03/26/28)		1,914		2,157,577


Security	Par (000)		Value
Security	Par (000)		Value

Retail (continued)
4.05%, 06/29/48 (Call 12/29/47)	$	1,745	$	2,236,546
5.25%, 09/01/35		770		1,050,400
6.20%, 04/15/38		265		395,613
6.50%, 08/15/37		66		100,777


				1,006,809,586

Semiconductors — 3.3%
Analog Devices Inc.
1.70%, 10/01/28 (Call 08/01/28)		10,239		10,166,495
2.10%, 10/01/31 (Call 07/01/31)		5,789		5,792,068
2.80%, 10/01/41 (Call 04/01/41)		9,203		9,346,569
2.95%, 10/01/51 (Call 04/01/51)		9,580		9,945,909
3.50%, 12/05/26 (Call 09/05/26)		10,446		11,403,570
Applied Materials Inc.
1.75%, 06/01/30 (Call 03/01/30)^(a)		7,783		7,614,100
2.75%, 06/01/50 (Call 12/01/49)^(a)		8,907		8,972,118
3.30%, 04/01/27 (Call 01/01/27)^(a)		14,138		15,349,082
4.35%, 04/01/47 (Call 10/01/46)^(a)		9,122		11,678,802
Broadcom Corp./Broadcom Cayman Finance Ltd.
3.50%, 01/15/28 (Call 10/15/27)^(a)		14,502		15,660,085
3.88%, 01/15/27 (Call 10/15/26)		36,717		39,800,240
Broadcom Inc.
1.95%, 02/15/28 (Call 12/15/27)^(a)(c)		10,233		10,021,900
2.45%, 02/15/31 (Call 11/15/30)^(c)		25,517		24,666,082
2.60%, 02/15/33 (Call 11/15/32)^(c)		16,407		15,808,044
3.14%, 11/15/35 (Call 08/15/35)^(c)		16,621		16,315,976
3.15%, 11/15/25 (Call 10/15/25)^(a)		17,489		18,472,585
3.19%, 11/15/36 (Call 08/15/36)^(c)		13,194		12,967,480
3.42%, 04/15/33 (Call 01/15/33)^(c)		20,854		21,530,646
3.46%, 09/15/26 (Call 07/15/26)^(a)		19,042		20,309,533
3.47%, 04/15/34 (Call 01/15/34)^(c)		29,347		30,280,232
3.50%, 02/15/41 (Call 08/15/40)^(c)		27,873		27,697,539
3.75%, 02/15/51 (Call 08/15/50)^(a)(c)		15,603		16,134,689
4.11%, 09/15/28 (Call 06/15/28)^(a)		20,767		22,892,338
4.15%, 11/15/30 (Call 08/15/30)		25,519		28,038,795
4.25%, 04/15/26 (Call 02/15/26)		13,115		14,426,909
4.30%, 11/15/32 (Call 08/15/32)^(a)		21,064		23,439,202
4.70%, 04/15/25 (Call 03/15/25)		12,918		14,264,243
4.75%, 04/15/29 (Call 01/15/29)		28,003		31,901,835
5.00%, 04/15/30 (Call 01/15/30)		17,644		20,463,554
Intel Corp.
1.60%, 08/12/28 (Call 06/12/28)^(a)		9,931		9,784,659
2.00%, 08/12/31 (Call 05/12/31)^(a)		9,829		9,657,460
2.45%, 11/15/29 (Call 08/15/29)		18,594		19,180,178
2.60%, 05/19/26 (Call 02/19/26)^(a)		11,061		11,659,145
2.80%, 08/12/41 (Call 02/12/41)^(a)		9,098		9,069,975
3.05%, 08/12/51 (Call 02/12/51)^(a)		12,150		12,364,447
3.10%, 02/15/60 (Call 08/15/59)		9,657		9,741,686
3.15%, 05/11/27 (Call 02/11/27)^(a)		11,433		12,354,256
3.20%, 08/12/61 (Call 02/12/61)^(a)		7,583		7,771,868
3.25%, 11/15/49 (Call 05/15/49)		20,563		21,705,797
3.40%, 03/25/25 (Call 02/25/25)^(a)		11,748		12,586,906
3.70%, 07/29/25 (Call 04/29/25)		20,078		21,795,388
3.73%, 12/08/47 (Call 06/08/47)		19,487		22,037,342
3.75%, 03/25/27 (Call 01/25/27)^(a)		10,154		11,236,260
3.90%, 03/25/30 (Call 12/25/29)^(a)		13,757		15,626,690
4.00%, 12/15/32^(a)		7,423		8,632,599
4.10%, 05/19/46 (Call 11/19/45)		13,476		16,041,271
4.10%, 05/11/47 (Call 11/11/46)^(a)		10,206		12,176,987
4.60%, 03/25/40 (Call 09/25/39)		9,360		11,659,896
4.75%, 03/25/50 (Call 09/25/49)^(a)		20,675		27,474,106


Security	Par (000)		Value
Security	Par (000)		Value

Semiconductors (continued)
4.80%, 10/01/41^(a)	$	7,841	$	10,051,615
4.90%, 07/29/45 (Call 01/29/45)^(a)		7,029		9,316,604
4.95%, 03/25/60 (Call 09/25/59)		9,287		13,121,832
KLA Corp.
3.30%, 03/01/50 (Call 08/28/49)^(a)		5,085		5,438,044
4.10%, 03/15/29 (Call 12/15/28)^(a)		6,250		7,104,379
4.65%, 11/01/24 (Call 08/01/24)		3,499		3,826,949
Lam Research Corp.
1.90%, 06/15/30 (Call 03/15/30)		7,927		7,846,357
2.88%, 06/15/50 (Call 12/15/49)		11,005		11,213,430
3.75%, 03/15/26 (Call 01/15/26)		8,806		9,658,379
4.00%, 03/15/29 (Call 12/15/28)		8,389		9,539,946
4.88%, 03/15/49 (Call 09/15/48)		6,340		8,666,123
Marvell Technology Inc.
2.45%, 04/15/28 (Call 02/15/28)		6,998		7,065,407
2.95%, 04/15/31 (Call 01/15/31)		8,473		8,664,392
Micron Technology Inc.
2.70%, 04/15/32 (Call 01/15/32)		15,000		14,977,918
4.19%, 02/15/27 (Call 12/15/26)		11,177		12,321,308
4.66%, 02/15/30 (Call 11/15/29)		9,419		10,763,542
NVIDIA Corp.
1.55%, 06/15/28 (Call 04/15/28)		13,317		13,092,503
2.00%, 06/15/31 (Call 03/15/31)^(a)		12,819		12,693,007
2.85%, 04/01/30 (Call 01/01/30)		14,075		14,960,584
3.20%, 09/16/26 (Call 06/16/26)		7,314		7,934,332
3.50%, 04/01/40 (Call 10/01/39)		6,157		6,873,046
3.50%, 04/01/50 (Call 10/01/49)		20,352		23,238,834
NXP BV/NXP Funding LLC/NXP USA Inc.
2.50%, 05/11/31 (Call 02/11/31)^(c)		12,106		12,015,381
3.25%, 05/11/41 (Call 11/11/40)^(a)(c)		9,433		9,630,499
3.40%, 05/01/30 (Call 02/01/30)^(c)		11,847		12,734,345
3.88%, 06/18/26 (Call 04/18/26)^(c)		7,410		8,069,794
4.30%, 06/18/29 (Call 03/18/29)^(c)		8,626		9,713,901
QUALCOMM Inc.
1.30%, 05/20/28 (Call 02/20/28)		7,701		7,460,163
1.65%, 05/20/32 (Call 02/20/32)		15,472		14,626,266
2.15%, 05/20/30 (Call 02/20/30)^(a)		10,928		11,034,536
3.25%, 05/20/27 (Call 02/20/27)^(a)		22,330		24,173,446
3.25%, 05/20/50 (Call 11/20/49)^(a)		7,663		8,364,551
3.45%, 05/20/25 (Call 02/20/25)		11,483		12,322,780
4.30%, 05/20/47 (Call 11/20/46)		14,960		18,855,535
4.65%, 05/20/35 (Call 11/20/34)		9,179		11,339,217
4.80%, 05/20/45 (Call 11/20/44)		15,148		20,100,992
Texas Instruments Inc.
1.38%, 03/12/25 (Call 02/12/25)		4,969		5,008,761
1.75%, 05/04/30 (Call 02/04/30)		7,503		7,372,265
2.25%, 09/04/29 (Call 06/04/29)		9,053		9,296,501
3.88%, 03/15/39 (Call 09/15/38)		7,052		8,355,578
4.15%, 05/15/48 (Call 11/15/47)		15,378		19,562,368


				1,256,322,946

Software — 4.0%
Activision Blizzard Inc.
2.50%, 09/15/50 (Call 03/15/50)		12,476		11,190,333
3.40%, 09/15/26 (Call 06/15/26)		10,449		11,258,862
Adobe Inc.
2.15%, 02/01/27 (Call 12/01/26)		9,959		10,311,819
2.30%, 02/01/30 (Call 11/01/29)		15,002		15,382,539
3.25%, 02/01/25 (Call 11/01/24)^(a)		7,236		7,699,283
Autodesk Inc., 2.40%, 12/15/31 (Call 09/15/31)		8,503		8,364,495


Security	Par (000)		Value
Security	Par (000)		Value

Software (continued)
Broadridge Financial Solutions Inc.
2.60%, 05/01/31 (Call 02/01/31)	$	12,670	$	12,745,978
2.90%, 12/01/29 (Call 09/01/29)^(a)		7,083		7,349,591
Citrix Systems Inc.
1.25%, 03/01/26 (Call 02/01/26)		7,164		6,971,696
3.30%, 03/01/30 (Call 12/01/29)^(a)		9,855		9,999,601
4.50%, 12/01/27 (Call 09/01/27)^(a)		7,278		7,945,470
Fidelity National Information Services Inc.
1.15%, 03/01/26 (Call 02/01/26		11,884		11,648,964
1.65%, 03/01/28 (Call 01/01/28)^(a)		9,698		9,430,515
2.25%, 03/01/31 (Call 12/01/30)^(a)		12,411		12,203,860
3.10%, 03/01/41 (Call 09/01/40)^(a)		7,866		7,974,874
Fiserv Inc.
2.25%, 06/01/27 (Call 04/01/27)^(a)		10,526		10,692,314
2.65%, 06/01/30 (Call 03/01/30)^(a)		7,065		7,183,631
3.20%, 07/01/26 (Call 05/01/26)^(a)		21,622		22,973,211
3.50%, 07/01/29 (Call 04/01/29)^(a)		30,915		33,396,006
3.85%, 06/01/25 (Call 03/01/25)^(a)		7,184		7,752,581
4.20%, 10/01/28 (Call 07/01/28)^(a)		11,720		13,258,555
4.40%, 07/01/49 (Call 01/01/49)^(a)		17,150		20,690,738
Microsoft Corp.
2.40%, 08/08/26 (Call 05/08/26)^(a)		41,519		43,559,468
2.53%, 06/01/50 (Call 12/01/49)		67,945		67,009,805
2.68%, 06/01/60 (Call 12/01/59)		38,644		38,532,964
2.70%, 02/12/25 (Call 11/12/24)		7,627		8,027,488
2.92%, 03/17/52 (Call 09/17/51)		64,375		68,066,082
3.04%, 03/17/62 (Call 09/17/61)		22,939		24,707,081
3.13%, 11/03/25 (Call 08/03/25)^(a)		26,523		28,448,018
3.30%, 02/06/27 (Call 11/06/26)		42,474		46,299,540
3.45%, 08/08/36 (Call 02/08/36)^(a)		18,188		20,828,903
3.50%, 02/12/35 (Call 08/12/34)		17,417		19,939,356
3.70%, 08/08/46 (Call 02/08/46)		19,636		23,566,134
4.10%, 02/06/37 (Call 08/06/36)		7,183		8,777,360
4.25%, 02/06/47 (Call 08/06/46)		8,089		10,514,576
4.45%, 11/03/45 (Call 05/03/45)		2,621		3,472,902
4.50%, 02/06/57 (Call 08/06/56)		2,424		3,398,569
Oracle Corp.
1.65%, 03/25/26 (Call 02/25/26)^(a)		25,746		25,798,669
2.30%, 03/25/28 (Call 01/25/28)		20,319		20,541,928
2.50%, 04/01/25 (Call 03/01/25)^(a)		33,767		35,019,215
2.65%, 07/15/26 (Call 04/15/26)		28,520		29,634,915
2.80%, 04/01/27 (Call 02/01/27)^(a)		22,116		23,103,097
2.88%, 03/25/31 (Call 12/25/30)		33,643		34,466,641
2.95%, 11/15/24 (Call 09/15/24)		9,543		10,017,092
2.95%, 05/15/25 (Call 02/15/25)^(a)		23,671		24,871,475
2.95%, 04/01/30 (Call 01/01/30)^(a)		31,801		32,978,648
3.25%, 11/15/27 (Call 08/15/27)		27,673		29,555,201
3.60%, 04/01/40 (Call 10/01/39)		30,494		31,696,043
3.60%, 04/01/50 (Call 10/01/49)		42,893		43,851,599
3.65%, 03/25/41 (Call 09/25/40)		22,413		23,501,877
3.80%, 11/15/37 (Call 05/15/37)		21,009		22,520,358
3.85%, 07/15/36 (Call 01/15/36)		10,378		11,190,085
3.85%, 04/01/60 (Call 10/01/59)		31,208		32,588,985
3.90%, 05/15/35 (Call 11/15/34)		12,024		13,093,651
3.95%, 03/25/51 (Call 09/25/50)^(a)		33,141		35,884,269
4.00%, 07/15/46 (Call 01/15/46)		27,953		30,196,941
4.00%, 11/15/47 (Call 05/15/47)		21,828		23,611,132
4.10%, 03/25/61 (Call 09/25/60)^(a)		18,078		19,780,680
4.13%, 05/15/45 (Call 11/15/44)^(a)		20,900		22,998,556
4.30%, 07/08/34 (Call 01/08/34)		20,894		23,599,832


Security	Par (000)		Value
Security	Par (000)		Value

Software (continued)
4.38%, 05/15/55 (Call 11/15/54)^(a)	$	9,974	$	11,400,028
4.50%, 07/08/44 (Call 01/08/44)		9,859		11,330,776
5.38%, 07/15/40		22,558		28,492,387
6.13%, 07/08/39		11,263		15,277,872
6.50%, 04/15/38		10,926		15,283,750
Roper Technologies Inc.
1.75%, 02/15/31 (Call 11/15/30)^(a)		11,216		10,595,342
4.20%, 09/15/28 (Call 06/15/28)^(a)		9,187		10,376,390
salesforce.com Inc.
1.50%, 07/15/28 (Call 05/15/28)^(a)		11,235		11,076,362
1.95%, 07/15/31 (Call 04/15/31)^(a)		15,316		15,242,771
2.70%, 07/15/41 (Call 01/15/41)^(a)		12,545		12,604,153
2.90%, 07/15/51 (Call 01/15/51)^(a)		18,788		19,342,588
3.05%, 07/15/61 (Call 01/15/61)		13,614		14,222,392
3.70%, 04/11/28 (Call 01/11/28)^(a)		13,411		15,009,963
VMware Inc.
1.40%, 08/15/26 (Call 07/15/26)^(a)		8,061		7,936,480
1.80%, 08/15/28 (Call 06/15/28)^(a)		9,223		8,984,729
2.20%, 08/15/31 (Call 05/15/31)^(a)		6,030		5,870,749
3.90%, 08/21/27 (Call 05/21/27)^(a)		14,105		15,456,922
4.50%, 05/15/25 (Call 04/15/25)^(a)		9,074		10,006,900
4.70%, 05/15/30 (Call 02/15/30)		7,815		9,132,491


				1,529,717,096

Telecommunications — 7.3%
AT&T Inc.
1.65%, 02/01/28 (Call 12/01/27)^(a)		22,401		21,851,649
1.70%, 03/25/26 (Call 03/25/23)^(a)		12,868		12,926,448
2.25%, 02/01/32 (Call 11/01/31)		24,535		23,604,878
2.30%, 06/01/27 (Call 04/01/27)		25,199		25,749,220
2.55%, 12/01/33 (Call 09/01/33)^(a)		38,272		37,192,282
2.75%, 06/01/31 (Call 03/01/31)^(a)		28,588		29,078,822
3.10%, 02/01/43 (Call 08/01/42)		24,926		23,999,999
3.30%, 02/01/52 (Call 08/01/51)		20,454		20,074,423
3.40%, 05/15/25 (Call 02/15/25)^(a)		21,590		23,059,210
3.50%, 06/01/41 (Call 12/01/40)^(a)		21,431		22,073,525
3.50%, 09/15/53 (Call 03/15/53)		74,353		75,303,960
3.50%, 02/01/61 (Call 08/01/60)^(a)		16,280		15,933,342
3.55%, 09/15/55 (Call 03/15/55)^(a)		75,308		76,478,836
3.65%, 06/01/51 (Call 12/01/50)		24,866		25,860,456
3.65%, 09/15/59 (Call 03/15/59)		64,591		65,534,145
3.80%, 02/15/27 (Call 11/15/26)^(a)		7,546		8,252,372
3.80%, 12/01/57 (Call 06/01/57)^(a)		57,113		60,007,487
3.85%, 06/01/60 (Call 12/01/59)		15,522		16,360,430
4.10%, 02/15/28 (Call 11/15/27)^(a)		15,363		17,218,058
4.13%, 02/17/26 (Call 11/17/25)^(a)		7,875		8,689,821
4.25%, 03/01/27 (Call 12/01/26)^(a)		12,059		13,474,651
4.30%, 02/15/30 (Call 11/15/29)		30,277		34,362,248
4.30%, 12/15/42 (Call 06/15/42)		13,145		14,880,601
4.35%, 03/01/29 (Call 12/01/28)^(a)		29,396		33,383,409
4.35%, 06/15/45 (Call 12/15/44)		12,594		14,407,369
4.50%, 05/15/35 (Call 11/15/34)^(a)		23,468		27,118,602
4.50%, 03/09/48 (Call 09/09/47)		17,232		20,383,826
4.55%, 03/09/49 (Call 09/09/48)		8,659		10,193,118
4.75%, 05/15/46 (Call 11/15/45)^(a)		19,521		23,886,388
4.85%, 03/01/39 (Call 09/01/38)		11,435		13,741,072
5.15%, 02/15/50 (Call 08/14/49)^(a)		8,374		10,774,369
5.25%, 03/01/37 (Call 09/01/36)		18,602		23,073,099
5.35%, 09/01/40		10,990		13,998,444
5.65%, 02/15/47 (Call 08/15/46)^(a)		9,976		13,522,092
Bell Canada, 4.46%, 04/01/48 (Call 10/01/47)^(a)		10,329		12,829,752


Security	Par (000)		Value

Telecommunications (continued)
British Telecommunications PLC, 9.63%, 12/15/30^(a)	$	26,267	$	39,435,414
Cisco Systems Inc.
2.50%, 09/20/26 (Call 06/20/26)^(a)		13,651		14,446,444
2.95%, 02/28/26		8,292		8,873,591
5.50%, 01/15/40		17,811		24,987,413
5.90%, 02/15/39^(a)		22,111		32,026,548
Corning Inc.
4.38%, 11/15/57 (Call 05/15/57)^(a)		9,148		11,156,071
5.45%, 05/15/79 (Call 05/19/79)^(a)		9,364		12,580,853
Deutsche Telekom International Finance BV, 8.75%, 06/15/30		36,724		53,771,560
Motorola Solutions Inc.
2.30%, 11/15/30 (Call 08/15/30)		10,271		10,024,855
2.75%, 05/24/31 (Call 02/24/31)		7,831		7,904,724
4.60%, 05/23/29 (Call 02/23/29)		8,103		9,327,904
Orange SA
5.38%, 01/13/42		8,522		11,330,930
5.50%, 02/06/44 (Call 08/06/43)		9,368		12,808,138
9.00%, 03/01/31		27,191		41,717,952
Rogers Communications Inc.
3.70%, 11/15/49 (Call 05/15/49)		10,055		10,438,381
4.30%, 02/15/48 (Call 08/15/47)^(a)		10,423		11,778,046
4.35%, 05/01/49 (Call 11/01/48)		9,387		10,698,440
5.00%, 03/15/44 (Call 09/15/43)		12,791		15,543,687
Telefonica Emisiones SA
4.10%, 03/08/27		13,095		14,513,238
4.67%, 03/06/38		9,217		10,739,274
4.90%, 03/06/48^(a)		13,946		16,987,158
5.21%, 03/08/47^(a)		23,872		30,072,375
5.52%, 03/01/49 (Call 09/01/48)^(a)		9,890		13,060,972
7.05%, 06/20/36^(a)		20,169		28,861,234
Telefonica Europe BV, 8.25%, 09/15/30^(a)		14,522		20,686,428
TELUS Corp., 4.60%, 11/16/48 (Call 05/16/48)^(a)		5,937		7,591,435
T-Mobile USA Inc.
1.50%, 02/15/26 (Call 01/15/26)		9,241		9,175,199
2.05%, 02/15/28 (Call 12/15/27)^(a)		17,106		16,963,502
2.25%, 11/15/31 (Call 08/15/31)^(a)		9,588		9,253,358
2.55%, 02/15/31 (Call 11/15/30)		22,938		22,764,465
3.00%, 02/15/41 (Call 08/15/40)		25,467		24,470,321
3.30%, 02/15/51 (Call 08/15/50)^(a)		28,244		27,698,377
3.40%, 10/15/52 (Call 04/15/52)^(a)(c)		15,774		15,689,361
3.50%, 04/15/25 (Call 03/15/25)		33,560		35,798,818
3.60%, 11/15/60 (Call 05/15/60)		8,057		8,092,427
3.75%, 04/15/27 (Call 02/15/27)		39,287		42,612,342
3.88%, 04/15/30 (Call 01/15/30)		67,304		73,537,670
4.38%, 04/15/40 (Call 10/15/39)		21,803		24,873,569
4.50%, 04/15/50 (Call 10/15/49)		28,591		33,756,241
Verizon Communications Inc.
0.85%, 11/20/25 (Call 10/20/25)		12,227		11,971,890
1.45%, 03/20/26 (Call 02/20/26)		20,426		20,374,096
1.50%, 09/18/30 (Call 06/18/30)^(a)		8,254		7,736,415
1.68%, 10/30/30 (Call 07/30/30)		10,086		9,510,132
1.75%, 01/20/31 (Call 10/20/30)^(a)		21,441		20,254,515
2.10%, 03/22/28 (Call 01/22/28)^(a)		26,908		26,988,708
2.36%, 03/15/32 (Call 12/15/31)^(c)		30,569		30,110,578
2.55%, 03/21/31 (Call 12/21/30)		40,140		40,481,258
2.63%, 08/15/26^(a)		20,387		21,336,757
2.65%, 11/20/40 (Call 05/20/40)^(a)		30,806		29,140,042
2.85%, 09/03/41 (Call 03/03/41)^(a)		9,269		9,051,694
2.88%, 11/20/50 (Call 05/20/50)		31,157		29,687,496


Security	Par (000)		Value

Telecommunications (continued)
2.99%, 10/30/56 (Call 04/30/56)	$	45,483	$	43,198,121
3.00%, 03/22/27 (Call 01/22/27)		7,841		8,292,529
3.00%, 11/20/60 (Call 05/20/60)^(a)		22,525		21,386,285
3.15%, 03/22/30 (Call 12/22/29)^(a)		13,265		14,062,372
3.38%, 02/15/25		10,557		11,278,985
3.40%, 03/22/41 (Call 09/22/40)^(a)		37,067		38,836,556
3.50%, 11/01/24 (Call 08/01/24)		6,633		7,077,779
3.55%, 03/22/51 (Call 09/22/50)^(a)		43,478		46,742,841
3.70%, 03/22/61 (Call 09/22/60)^(a)		33,302		36,315,288
3.85%, 11/01/42 (Call 05/01/42)		12,646		14,017,005
3.88%, 02/08/29 (Call 11/08/28)		9,416		10,504,362
4.00%, 03/22/50 (Call 09/22/49)		12,135		13,967,919
4.02%, 12/03/29 (Call 09/03/29)		37,795		42,449,220
4.13%, 03/16/27^(a)		30,323		33,896,359
4.13%, 08/15/46		14,493		16,998,173
4.27%, 01/15/36^(a)		25,408		29,669,232
4.33%, 09/21/28		40,283		46,002,968
4.40%, 11/01/34 (Call 05/01/34)^(a)		22,981		26,820,626
4.50%, 08/10/33^(a)		28,600		33,795,442
4.52%, 09/15/48		22,607		28,623,629
4.67%, 03/15/55		20,061		26,442,845
4.86%, 08/21/46		20,131		26,402,416
5.01%, 04/15/49		10,932		14,927,721
5.01%, 08/21/54^(a)		5,764		8,054,815
5.25%, 03/16/37^(a)		12,302		16,019,330
6.55%, 09/15/43^(a)		4,553		7,037,213
Vodafone Group PLC
4.13%, 05/30/25^(a)		13,484		14,774,165
4.25%, 09/17/50^(a)		14,193		16,516,457
4.38%, 05/30/28^(a)		25,670		29,271,101
4.38%, 02/19/43^(a)		14,299		16,604,336
4.88%, 06/19/49		18,628		23,298,150
5.00%, 05/30/38^(a)		13,427		16,700,656
5.25%, 05/30/48^(a)		26,867		35,314,098
6.15%, 02/27/37^(a)		18,799		25,616,063


				2,772,885,756

Toys, Games & Hobbies — 0.0%
Hasbro Inc., 3.90%, 11/19/29 (Call 08/19/29)		9,091		9,979,368


Transportation — 1.8%
Burlington Northern Santa Fe LLC
3.30%, 09/15/51 (Call 03/15/51)		9,647		10,711,495
3.55%, 02/15/50 (Call 08/15/49)		9,228		10,608,568
3.90%, 08/01/46 (Call 02/01/46)		7,873		9,380,060
4.05%, 06/15/48 (Call 12/15/47)		6,247		7,670,005
4.13%, 06/15/47 (Call 12/15/46)		7,958		9,827,026
4.15%, 04/01/45 (Call 10/01/44)^(a)		10,676		13,075,377
4.15%, 12/15/48 (Call 06/15/48)		6,984		8,710,298
4.45%, 03/15/43 (Call 09/15/42)		6,986		8,731,257
4.55%, 09/01/44 (Call 03/01/44)		8,428		10,726,372
4.90%, 04/01/44 (Call 10/01/43)		10,267		13,516,551
5.75%, 05/01/40 (Call 11/01/39)		7,715		10,814,382
Canadian Pacific Railway Co., 6.13%, 09/15/2115 (Call 03/15/2115)		8,062		12,460,253
CSX Corp.
3.25%, 06/01/27 (Call 03/01/27)^(a)		9,802		10,530,529
3.80%, 03/01/28 (Call 12/01/27)		8,855		9,832,599
3.80%, 11/01/46 (Call 05/01/46)^(a)		8,393		9,665,782
4.10%, 03/15/44 (Call 09/15/43)		6,714		7,795,658
4.25%, 03/15/29 (Call 12/15/28)		9,152		10,481,853


Security	Par (000)		Value

Transportation (continued)
4.30%, 03/01/48 (Call 09/01/47)	$	8,172	$	10,067,665
FedEx Corp. 2.40%, 05/15/31 (Call 02/15/31)^(a)		10,356		10,384,520
3.10%, 08/05/29 (Call 05/05/29)^(a)		4,637		4,941,473
3.25%, 04/01/26 (Call 01/01/26)^(a)		7,525		8,091,741
3.25%, 05/15/41 (Call 11/15/40)		8,520		8,671,394
4.05%, 02/15/48 (Call 08/15/47)		10,760		12,270,023
4.25%, 05/15/30 (Call 02/15/30)		7,787		8,895,880
4.40%, 01/15/47 (Call 07/15/46)		8,044		9,587,271
4.55%, 04/01/46 (Call 10/01/45)		11,580		14,018,391
4.75%, 11/15/45 (Call 05/15/45)^(a)		12,554		15,606,690
4.95%, 10/17/48 (Call 04/17/48)		9,005		11,640,682
5.10%, 01/15/44^(a)		7,614		9,733,811
5.25%, 05/15/50 (Call 11/15/49)^(a)		12,160		16,477,548
Norfolk Southern Corp. 3.05%, 05/15/50 (Call 11/15/49)^(a)		6,462		6,645,360
3.16%, 05/15/55 (Call 11/15/54)		7,956		8,194,483
Union Pacific Corp. 2.38%, 05/20/31 (Call 02/20/31)^(a)		10,956		11,188,806
2.40%, 02/05/30 (Call 11/05/29)^(a)		8,418		8,637,544
2.95%, 03/10/52 (Call 09/10/51)^(a)		8,528		8,738,370
2.97%, 09/16/62 (Call 03/16/62)		7,820		7,852,765
3.20%, 05/20/41 (Call 11/20/40)		13,236		14,129,622
3.25%, 02/05/50 (Call 08/05/49)^(a)		16,850		18,293,106
3.70%, 03/01/29 (Call 12/01/28)^(a)		8,117		9,027,386
3.75%, 02/05/70 (Call 08/05/69)^(a)		7,442		8,620,668
3.80%, 10/01/51 (Call 04/01/51)^(a)		10,558		12,541,573
3.80%, 04/06/71 (Call 10/06/70)		2,571		3,015,852
3.84%, 03/20/60 (Call 09/20/59)		16,832		19,943,360
3.95%, 09/10/28 (Call 06/10/28)		12,553		14,165,703
United Parcel Service Inc. 3.05%, 11/15/27 (Call 08/15/27)^(a)		9,716		10,540,594
3.40%, 03/15/29 (Call 12/15/28)^(a)		7,656		8,450,456
3.75%, 11/15/47 (Call 05/15/47)		11,374		13,688,284
3.90%, 04/01/25 (Call 03/01/25)		12,386		13,451,932
4.25%, 03/15/49 (Call 09/15/48)^(a)		7,035		9,077,891
4.45%, 04/01/30 (Call 01/01/30)^(a)		8,657		10,252,178
5.30%, 04/01/50 (Call 10/01/49)		12,051		17,890,494
6.20%, 01/15/38		13,553		19,785,697
Walmart Inc. 1.05%, 09/17/26 (Call 08/17/26)^(a)		15,643		15,429,575


Security	Par/ Shares (000)		Value

Transportation (continued)
1.50%, 09/22/28 (Call 07/22/28)^(a)	$	19,455	$	19,234,491
1.80%, 09/22/31 (Call 06/22/31)		17,163		16,893,069
2.50%, 09/22/41 (Call 03/22/41)		27,313		27,442,218
2.65%, 09/22/51 (Call 03/22/51)		30,302		31,058,683


				679,115,314

Water — 0.1%
American Water Capital Corp.
3.75%, 09/01/47 (Call 03/01/47)		8,132		9,237,863
6.59%, 10/15/37		6,904		10,097,318


				19,335,181


Total Corporate Bonds & Notes — 98.7% (Cost: $38,039,983,364)				37,578,790,667


Short-Term Investments

Money Market Funds — 8.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%^(d)(e)(f)		2,805,836		2,807,239,074
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(d)(e)		365,184		365,184,000


				3,172,423,074


Total Short-Term Investments — 8.3% (Cost: $3,171,450,862)				3,172,423,074


Total Investments in Securities — 107.0% (Cost: $41,211,434,226)				40,751,213,741

Other Assets, Less Liabilities — (7.0)%				(2,671,488,956	)


Net Assets — 100.0%			$	38,079,724,785

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

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

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

^(d)	Affiliate of the Fund.

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

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

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

is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of financial instruments, refer to its most recent financial statements.

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

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


	Average Annual Total Returns						Cumulative Total Returns
	1 Year			Since Inception			1 Year			Since Inception
Fund NAV		12.60	%		8.92	%		12.60	%		34.69	%
Fund Market		12.53			9.10			12.53			35.48
Markit iBoxx^® USD Liquid Investment Grade Inflation Hedged Index		15.91			10.13			15.91			39.87


Actual							Hypothetical 5% Return
	Beginning Account Value (05/01/21)		Ending Account Value (10/31/21)		Expenses Paid During the Period	^(a)(b)		Beginning Account Value (05/01/21)		Ending Account Value (10/31/21)		Expenses Paid During the Period	^(a)(b)	Annualized Expense Ratio	^(a)
$	1,000.00	$	1,070.00	$	0.26		$	1,000.00	$	1,025.00	$	0.26		0.05	%


Investment Type	Percent of Net Assets
Investment Companies		95.0	%
Short-term Investments		45.4
Swaps, net cumulative appreciation		3.8
Other assets less liabilities		(44.2	)


	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		6.46	%		3.79	%		2.34	%		6.46	%		20.42	%		18.73	%
Fund Market		6.37			3.79			2.36			6.37			20.44			18.90
Markit iBoxx^® USD Liquid Investment Grade Interest Rate Hedged Swaps Index		6.74			3.88			2.72			6.74			20.95			22.08


Actual							Hypothetical 5% Return
	Beginning Account Value (05/01/21)		Ending Account Value (10/31/21)		Expenses Paid During the Period	^(a)(b)		Beginning Account Value (05/01/21)		Ending Account Value (10/31/21)		Expenses Paid During the Period	^(a)(b)	Annualized Expense Ratio	^(a)
$	1,000.00	$	1,009.60	$	0.51		$	1,000.00	$	1,024.70	$	0.51		0.10	%


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


	Page
The Markets in Review		2
Market Overview		4
Fund Summary		5
About Fund Performance		11
Shareholder Expenses		11
Schedules of Investments		12
Financial Statements
Statements of Assets and Liabilities		23
Statements of Operations		24
Statements of Changes in Net Assets		25
Financial Highlights		27
Notes to Financial Statements		30
Report of Independent Registered Public Accounting Firm		38
Important Tax Information (Unaudited)		39
Board Review and Approval of Investment Advisory Contract		40
Supplemental Information		44
Trustee and Officer Information		45
General Information		47
Glossary of Terms Used in this Report		48
Additional Financial Information		49


4		2 0 2 1 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 October 31, 2021		iShares^® Inflation Hedged Corporate Bond ETF


Fund Summary as of October 31, 2021 (continued)		iShares^® Inflation Hedged Corporate Bond ETF


Fund Summary as of October 31, 2021		iShares^® Interest Rate Hedged Corporate Bond ETF


Fund Summary as of October 31, 2021		iShares^® Interest Rate Hedged High Yield Bond ETF


A B O U T F U N D P E R F O R M A N C E / S H A R E H O L D E R E X P E N S E S		11



Affiliated Issuer	Value at 10/31/20		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 10/31/21		Shares Held at 10/31/21		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares	$	8,309,664	$	24,291,532	^(a)	$	—		$	(3,123	)	$	829		$	32,598,902		32,582,611	$	54,024	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		330,000		270,000	^(a)		—			—			—			600,000		600,000		177			—
iShares iBoxx $ Investment Grade Corporate Bond ETF		16,463,367		55,923,856			(2,645,469	)		323,059			(669,495	)		69,395,318		519,893		701,126			—

									$	319,936		$	(668,666	)	$	102,594,220			$	755,327		$	—



Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts 5-Year U.S. Treasury Note		6		12/31/21	$	730	$	(11,023	)



		2021 Annual Report



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

Ultra Long U.S. Treasury Bond		4			12/31/21	$	877	$	(3,912	)

									(14,935	)

Short Contracts
10-Year U.S. Ultra Long Treasury Bond		(1	)		12/21/21		145		3,119
U.S. Long Bond		(4	)		12/21/21		643		(6,099	)
Ultra Long U.S. Treasury Bond		(2	)		12/21/21		393		(9,940	)

									(12,920	)

								$	(27,855	)



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

		U.S. CPI Urban
1.74%	At Termination	Consumers NSA	At Termination		08/20/22	$	(10	)	$	633		$	—		$	633
		U.S. CPI Urban
1.75%	At Termination	Consumers NSA	At Termination		08/20/23		(10	)		793			—			793
		U.S. CPI Urban
2.97%	At Termination	Consumers NSA	At Termination		10/13/24		(4,000	)		40,332			42			40,290
		U.S. CPI Urban
1.80%	At Termination	Consumers NSA	At Termination		08/20/25		(10	)		1,027			—			1,027
		U.S. CPI Urban
2.57%	At Termination	Consumers NSA	At Termination		04/19/26		(1,250	)		66,055			17			66,038
		U.S. CPI Urban
2.70%	At Termination	Consumers NSA	At Termination		09/01/26		(2,500	)		58,266			14			58,252
		U.S. CPI Urban
2.68%	At Termination	Consumers NSA	At Termination		09/07/26		(2,000	)		47,372			27			47,345
		U.S. CPI Urban
2.74%	At Termination	Consumers NSA	At Termination		09/15/26		(2,000	)		38,624			27			38,597
		U.S. CPI Urban
2.92%	At Termination	Consumers NSA	At Termination		10/21/26		(3,500	)		26,729			46			26,683
		U.S. CPI Urban
3.13%	At Termination	Consumers NSA	At Termination		10/27/26		(10,000	)		(33,898	)		133			(34,031	)
		U.S. CPI Urban
3.15%	At Termination	Consumers NSA	At Termination		10/29/26		(2,000	)		(9,374	)		27			(9,401	)
		U.S. CPI Urban
2.37%	At Termination	Consumers NSA	At Termination		05/15/28		(1,775	)		98,251			41			98,210
		U.S. CPI Urban
2.66%	At Termination	Consumers NSA	At Termination		10/01/28		(2,000	)		38,481			37			38,444
		U.S. CPI Urban
2.96%	At Termination	Consumers NSA	At Termination		10/26/28		(3,000	)		(13,152	)		55			(13,207	)
		U.S. CPI Urban
3.01%	At Termination	Consumers NSA	At Termination		10/27/28		(2,000	)		(15,331	)		37			(15,368	)
		U.S. CPI Urban
2.97%	At Termination	Consumers NSA	At Termination		11/01/28		(2,000	)		(9,757	)		37			(9,794	)
		U.S. CPI Urban
2.19%	At Termination	Consumers NSA	At Termination		12/03/28		(2,663	)		206,034			(74,540	)		280,574
		U.S. CPI Urban
1.89%	At Termination	Consumers NSA	At Termination		08/20/30		(1,410	)		192,006			28,433			163,573
		U.S. CPI Urban
1.90%	At Termination	Consumers NSA	At Termination		08/20/30		(5,900	)		798,904			33,637			765,267
		U.S. CPI Urban
2.24%	At Termination	Consumers NSA	At Termination		01/12/31		(2,000	)		177,872			47			177,825



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

		U.S. CPI Urban
2.40%	At Termination	Consumers NSA	At Termination		02/09/31		$(3,000	)	$ 211,806	$	70		$	211,736
		U.S. CPI Urban
2.47%	At Termination	Consumers NSA	At Termination		04/07/31		(2,000	)	123,005		47			122,958
		U.S. CPI Urban
2.67%	At Termination	Consumers NSA	At Termination		05/19/31		(1,000	)	35,286		23			35,263
		U.S. CPI Urban
2.57%	At Termination	Consumers NSA	At Termination		06/02/31		(3,000	)	137,045		2,870			134,175
		U.S. CPI Urban
2.60%	At Termination	Consumers NSA	At Termination		09/30/31		(2,000	)	33,540		47			33,493
		U.S. CPI Urban
2.40%	At Termination	Consumers NSA	At Termination		06/29/41		(500	)	24,449		19			24,430
		U.S. CPI Urban
2.45%	At Termination	Consumers NSA	At Termination		06/29/41		(1,000	)	38,584		38			38,546
		U.S. CPI Urban
2.38%	At Termination	Consumers NSA	At Termination		07/16/41		(300	)	14,829		4			14,825
		U.S. CPI Urban
2.40%	At Termination	Consumers NSA	At Termination		05/15/48		(362	)	12,134		(30,782	)		42,916
		U.S. CPI Urban
1.83%	At Termination	Consumers NSA	At Termination		10/18/49		(418	)	104,119		(11,789	)		115,908
		U.S. CPI Urban
1.94%	At Termination	Consumers NSA	At Termination		08/20/50		(10	)	2,374		—			2,374
		U.S. CPI Urban
1.95%	At Termination	Consumers NSA	At Termination		08/20/50		(600	)	140,419		16,730			123,689
		U.S. CPI Urban
2.23%	At Termination	Consumers NSA	At Termination		01/06/51		(300	)	36,987		15			36,972
		U.S. CPI Urban
2.41%	At Termination	Consumers NSA	At Termination		07/30/51		(1,000	)	34,719		49			34,670
		U.S. CPI Urban
2.42%	At Termination	Consumers NSA	At Termination		08/02/51		(2,000	)	58,610		98			58,512

									$2,717,773	$	(34,444	)	$	2,752,217



	Interest Rate Contracts		Inflation Linked Contracts		Total

Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	3,119	$	—	$	3,119
Swaps — centrally cleared
Unrealized appreciation on centrally cleared swaps^(a)	$	—	$	2,834,018	$	2,834,018

	$	3,119	$	2,834,018	$	2,837,137



	Interest Rate Contracts		Inflation Linked Contracts		Total

Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	30,974	$	—	$	30,974
Swaps — centrally cleared
Unrealized depreciation on centrally cleared swaps^(a)	$	—	$	81,801	$	81,801

	$	30,974	$	81,801	$	112,775



	Interest Rate Contracts			Inflation Linked Contracts		Total



Net Realized Gain (Loss) from:
Futures contracts	$	(98,154	)	$	—	$	(98,154	)
Swaps		—			404,190		404,190

	$	(98,154	)	$	404,190	$	306,036

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(6,454	)	$	—	$	(6,454	)
Swaps		—			2,803,908		2,803,908

	$	(6,454	)	$	2,803,908	$	2,797,454


Futures contracts:
Average notional value of contracts — long	$	1,373,633
Average notional value of contracts — short	$	(531,356	)
Inflation swaps:
Average notional value — pays fixed rate	$	34,981,200



	Level 1			Level 2			Level 3		Total

Investments
Assets
Investment Companies	$	69,395,318		$	—		$	—	$	69,395,318
Money Market Funds		33,198,902			—			—		33,198,902

	$	102,594,220		$	—		$	—	$	102,594,220

Derivative financial instruments^(a)
Assets
Futures Contracts	$	3,119		$	—		$	—	$	3,119
Swaps		—			2,834,018			—		2,834,018
Liabilities
Futures Contracts		(30,974	)		—			—		(30,974	)
Swaps		—			(81,801	)		—		(81,801	)

	$	(27,855	)	$	2,752,217		$	—	$	2,724,362



Affiliated Issuer	Value at 10/31/20		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 10/31/21		Shares Held at 10/31/21		Income			Capital Gain Distributions from Underlying Funds






BlackRock Cash Funds: Institutional, SL Agency Shares	$	173,299,904	$	149,366,273	^(a)	$	—		$	(63,036	)	$	17,318		$	322,620,459		322,459,229	$	943,860	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		11,240,000		—			(3,850,000	)^(a)		—			—			7,390,000		7,390,000		2,838			—
iShares iBoxx $ Investment Grade Corporate Bond ETF		445,044,213		381,035,380			(119,480,304	)		6,670,564			(4,239,978	)		709,029,875		5,311,881		12,346,167			—

									$	6,607,528		$	(4,222,660	)	$	1,039,040,334			$	13,292,865		$	—



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

1.17%	Semi-annual	3-Month LIBOR, 0.13%	Quarterly	N/A		12/08/21	$	(41,731	)	$	(47,568	)	$	(31,558	)	$	(16,010	)
0.23%	Semi-annual	3-Month LIBOR, 0.13%	Quarterly	N/A		10/19/22		(57,770	)		40,699			934			39,765
2.38%	Semi-annual	3-Month LIBOR, 0.13%	Quarterly	N/A		01/12/23		(14,338	)		(345,291	)		(272,001	)		(73,290	)



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

2.46%	Semi-annual	3-Month LIBOR, 0.13%	Quarterly	N/A		01/12/25	$	(29,448	)	$	(1,369,026)		$	(1,800,764	)	$	431,738
0.35%	Semi-annual	3-Month LIBOR, 0.13%	Quarterly	N/A		09/22/25		(36,500	)		1,076,644			20,557			1,056,087
0.40%	Semi-annual	3-Month LIBOR, 0.13%	Quarterly	N/A		10/19/25		(70,900	)		2,014,212			588,048			1,426,164
0.93%	Semi-annual	3-Month LIBOR, 0.13%	Quarterly	N/A		05/17/26		(1,000	)		11,802			8			11,794
0.93%	Semi-annual	3-Month LIBOR, 0.13%	Quarterly	N/A		05/17/26		(17,100	)		202,581			(6,327	)		208,908
0.86%	Semi-annual	3-Month LIBOR, 0.13%	Quarterly	N/A		08/23/26		(8,000	)		134,536			70			134,466
0.92%	Semi-annual	3-Month LIBOR, 0.13%	Quarterly	N/A		09/14/26		(5,600	)		81,565			50			81,515
0.87%	Annual	1-Year SOFR, 0.05%	Annual	N/A		10/01/26		(7,500	)		44,061			67			43,994
1.01%	Annual	1-Year SOFR, 0.05%	Annual	N/A		10/29/26		(950	)		(434	)		9			(443	)
0.49%	Semi-annual	3-Month LIBOR, 0.13%	Quarterly	N/A		09/22/27		(65,232	)		3,138,572			847,169			2,291,403
1.08%	Semi-annual	3-Month LIBOR, 0.13%	Quarterly	N/A		08/19/28		(11,800	)		256,892			12,674			244,218
3.25%	Semi-annual	3-Month LIBOR, 0.13%	Quarterly	N/A		10/18/28		(34,860	)		(4,268,447	)		(5,301,441	)		1,032,994
1.19%	Annual	1-Year SOFR, 0.05%	Annual	N/A		10/20/28		(38,300	)		(65,625	)		493			(66,118	)
1.23%	Annual	1-Year SOFR, 0.05%	Annual	N/A		10/22/28		(1,460	)		(6,533	)		19			(6,552	)
0.77%	Semi-annual	3-Month LIBOR, 0.13%	Quarterly	N/A		04/01/30		(18,514	)		1,106,395			(138,285	)		1,244,680
0.78%	Semi-annual	3-Month LIBOR, 0.13%	Quarterly	N/A		10/19/30		(27,400	)		1,796,084			453			1,795,631
1.22%	Semi-annual	3-Month LIBOR, 0.13%	Quarterly	N/A		02/12/31		(25,180	)		767,996			890,446			(122,450	)
1.63%	Semi-annual	3-Month LIBOR, 0.13%	Quarterly	N/A		05/25/31		(18,080	)		(80,180	)		(148,883	)		68,703
1.03%	Annual	1-Year SOFR, 0.05%	Annual	N/A		08/23/31		(1,000	)		26,101			16			26,085
1.28%	Semi-annual	3-Month LIBOR, 0.13%	Quarterly	N/A		08/23/31		(5,000	)		145,132			79			145,053
1.37%	Semi-annual	3-Month LIBOR, 0.13%	Quarterly	N/A		09/22/31		(10,460	)		217,992			166			217,826
1.43%	Annual	1-Year SOFR, 0.05%	Annual	N/A		10/28/31		(7,000	)		(76,858	)		114			(76,972	)
0.91%	Semi-annual	3-Month LIBOR, 0.13%	Quarterly	N/A		09/25/35		(26,000	)		2,618,287			131,500			2,486,787
1.59%	Semi-annual	3-Month LIBOR, 0.13%	Quarterly	N/A		09/14/36		(3,200	)		55,385			63			55,322
1.44%	Annual	1-Year SOFR, 0.05%	Annual	N/A		10/05/36		(3,600	)		(6,281	)		72			(6,353	)
1.46%	Annual	1-Year SOFR, 0.05%	Annual	N/A		10/29/36		(8,360	)		(45,810	)		168			(45,978	)
2.34%	Semi-annual	3-Month LIBOR, 0.13%	Quarterly	N/A		12/08/36		(20,706	)		(1,745,784	)		(2,278,568	)		532,784
1.11%	Semi-annual	3-Month LIBOR, 0.13%	Quarterly	N/A		10/19/40		(21,700	)		2,390,898			1,240,757			1,150,141
2.03%	Semi-annual	3-Month LIBOR, 0.13%	Quarterly	N/A		05/17/41		(14,180	)		(622,334	)		(535,273	)		(87,061	)
1.57%	Semi-annual	3-Month LIBOR, 0.13%	Quarterly	N/A		08/23/41		(17,970	)		621,620			38,322			583,298
0.86%	Semi-annual	3-Month LIBOR, 0.13%	Quarterly	N/A		03/30/45		(23,747	)		4,312,532			1,172,624			3,139,908
1.16%	Semi-annual	3-Month LIBOR, 0.13%	Quarterly	N/A		10/19/45		(23,700	)		2,948,953			3,898,543			(949,590	)
1.61%	Semi-annual	3-Month LIBOR, 0.13%	Quarterly	N/A		08/23/46		(4,820	)		165,230			12,983			152,247
1.58%	Annual	1-Year SOFR, 0.05%	Annual	N/A		10/01/46		(3,000	)		(71,508	)		82			(71,590	)
1.67%	Annual	1-Year SOFR, 0.05%	Annual	N/A		10/12/46		(4,700	)		(197,402	)		131			(197,533	)
1.66%	Annual	1-Year SOFR, 0.05%	Annual	N/A		10/22/46		(2,190	)		(88,608	)		61			(88,669	)
1.06%	Semi-annual	3-Month LIBOR, 0.13%	Quarterly	N/A		09/18/50		(22,605	)		3,726,804			463,932			3,262,872
1.18%	Semi-annual	3-Month LIBOR, 0.13%	Quarterly	N/A		10/19/50		(18,750	)		2,543,988			2,460,004			83,984
2.08%	Semi-annual	3-Month LIBOR, 0.13%	Quarterly	N/A		05/17/51		(5,900	)		(463,711	)		(25,818	)		(437,893	)
1.63%	Semi-annual	3-Month LIBOR, 0.13%	Quarterly	N/A		09/16/51		(2,500	)		75,089			77			75,012
1.52%	Annual	1-Year SOFR, 0.05%	Annual	N/A		09/29/51		(4,900	)		(80,769	)		151			(80,920	)
1.55%	Annual	1-Year SOFR, 0.05%	Annual	N/A		10/20/51		(8,600	)		(204,851	)		(2,655	)		(202,196	)

										$	20,733,030		$	1,239,269		$	19,493,761


	Premiums Paid		Premiums Received		Unrealized Appreciation		Unrealized Depreciation
Centrally Cleared Swaps^(a)	$	11,780,842	$	(10,541,573)	$	22,023,379	$	(2,529,618)


Interest rate swaps:
Average notional value — pays fixed rate	$	629,011,800




	Interest Rate Contracts


Assets — Derivative Financial Instruments
Swaps — centrally cleared
Unrealized appreciation on centrally cleared swaps^(a)	$	1,442,575


Liabilities — Derivative Financial Instruments
Swaps — centrally cleared
Unrealized depreciation on centrally cleared swaps^(a)	$	351,911



Interest rate swaps:
Average notional value — pays fixed rate	$	78,718,800


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

ASSETS
Investments in securities, at value (including securities on loan)^(a):
Affiliated^(b)	$	102,594,220	$	1,039,040,334	$	189,793,412
Cash		2,603		678,207		71,110
Cash pledged:
Futures contracts		26,000		—		—
Centrally cleared swaps		3,544,000		—		2,338,000
Receivables:
Securities lending income — Affiliated		4,675		48,836		74,421
Dividends		6		93,423		9

Total assets		106,171,504		1,039,860,800		192,276,952


LIABILITIES
Collateral on securities loaned, at value		32,598,903		322,683,495		56,325,341
Payables:
Variation margin on futures contracts		3,206		—		—
Variation margin on centrally cleared swaps		493,984		1,030,913		25,615
Investment advisory fees		2,603		56,834		5,543

Total liabilities		33,098,696		323,771,242		56,356,499


NET ASSETS	$	73,072,808	$	716,089,558	$	135,920,453


NET ASSETS CONSIST OF:
Paid-in capital	$	69,946,070	$	714,047,406	$	147,168,708
Accumulated earnings (loss)		3,126,738		2,042,152		(11,248,255	)

NET ASSETS	$	73,072,808	$	716,089,558	$	135,920,453


Shares outstanding		2,400,000		7,450,000		1,550,000

Net asset value	$	30.45	$	96.12	$	87.69

Shares authorized		Unlimited		Unlimited		Unlimited

Par value		None		None		None


^(a) Securities loaned, at value	$	31,936,157	$	315,896,438	$	55,022,169
^(b) Investments, at cost — Affiliated	$	102,409,198	$	1,037,015,527	$	190,951,763


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


INVESTMENT INCOME
Dividends — Affiliated	$	701,303		$	12,349,005		$	3,592,233
Interest — Unaffiliated		11			—			—
Securities lending income — Affiliated — net		54,024			943,860			504,630


Total investment income		755,338			13,292,865			4,096,863


EXPENSES
Investment advisory fees		69,132			1,640,532			603,091
Miscellaneous		—			173			173


Total expenses		69,132			1,640,705			603,264

Less:
Investment advisory fees waived		(51,849	)		(1,093,688	)		(556,699	)

Total expenses after fees waived		17,283			547,017			46,565

Net investment income		738,055			12,745,848			4,050,298


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		—			22,541			—
Investments — Affiliated		(3,123	)		(473,132	)		(114,645	)
In-kind redemptions — Affiliated		323,059			7,080,660			121,363
Futures contracts		(98,154	)		—			—
Swaps		404,190			433,028			(579,414	)

Net realized gain (loss)		625,972			7,063,097			(572,696	)

Net change in unrealized appreciation (depreciation) on:
Investments — Affiliated		(668,666	)		(4,222,660	)		1,943,979
Futures contracts		(6,454	)		—			—
Swaps		2,803,908			15,640,151			1,538,324

Net change in unrealized appreciation (depreciation)		2,128,788			11,417,491			3,482,303

Net realized and unrealized gain		2,754,760			18,480,588			2,909,607

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	3,492,815		$	31,226,436		$	6,959,905


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

	Year Ended 10/31/21			Year Ended 10/31/20			Year Ended 10/31/21			Year Ended 10/31/20

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	738,055		$	256,326		$	12,745,848		$	5,278,486
Net realized gain (loss)		625,972			(68,354	)		7,063,097			(416,576	)
Net change in unrealized appreciation (depreciation)		2,128,788			407,386			11,417,491			11,692,070

Net increase in net assets resulting from operations		3,492,815			595,358			31,226,436			16,553,980


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(735,803	)		(257,076	)		(9,086,966	)		(4,725,247	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		52,336,980			9,742,193			243,946,436			311,943,315


NET ASSETS
Total increase in net assets		55,093,992			10,080,475			266,085,906			323,772,048
Beginning of year		17,978,816			7,898,341			450,003,652			126,231,604

End of year	$	73,072,808		$	17,978,816		$	716,089,558		$	450,003,652


	iShares Interest Rate Hedged High Yield Bond ETF

	Year Ended 10/31/21			Year Ended 10/31/20


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	4,050,298		$	4,490,364
Net realized loss		(572,696	)		(10,296,906	)
Net change in unrealized appreciation (depreciation)		3,482,303			1,769,252

Net increase (decrease) in net assets resulting from operations		6,959,905			(4,037,290	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
From net investment income		(3,454,455	)		(3,757,382	)
Return of capital		—			(29,722	)

Decrease in net assets resulting from distributions to shareholders		(3,454,455	)		(3,787,104	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		70,089,848			(44,062,036	)


NET ASSETS
Total increase (decrease) in net assets		73,595,298			(51,886,430	)
Beginning of year		62,325,155			114,211,585

End of year	$	135,920,453		$	62,325,155


	iShares Inflation Hedged Corporate Bond ETF

														Period From
		Year Ended				Year Ended				Year Ended						05/08/18	^(a)
		10/31/21				10/31/20				10/31/19				to 10/31/18


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

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

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


Distributions^(d)
From net investment income				(0.66	)			(0.74	)			(0.90	)			(0.36	)

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


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


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


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

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

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


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

Portfolio turnover rate^(k)(l)				0	%			13	%			0	%			0	%^(h)(m)