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, out-paced 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 Interest Rate Hedged Long-Term 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 with remaining maturities greater than ten years. 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 10+ Year 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 Long-Term Corporate Bond Index.

The inception date of the Fund was 7/22/15. The first day of secondary market trading was 7/23/15.

The ICE Q70A Custom Index is an unmanaged index that consists of the ICE BofA 10+ Year US Corporate Index plus interest rate swaps that intend to hedge the interest rate exposure of the ICE BofA 10+ Year US Corporate Index.

On 3/1/2021 the Fund began referencing the 4pm pricing variant of the ICE Q70A Custom Index. Index data on and after 3/1/2021 is for the 4pm pricing variant of the ICE Q70A Custom Index. Historical index data from 8/1/2018 through 2/28/2021 is for the 3pm pricing variant of the ICE Q70A Custom Index. Historical Index data prior to 8/1/2018 is for the Bloomberg Barclays Swaps-Hedged U.S. Long Credit Index.

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

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

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 insurance companies, were also solid contributors to the Fund’s performance. The life insurance industry benefited from the fastest growth in the total number of life insurance policies since 1983, which led to stronger earnings despite rising payouts from COVID-19 deaths and historically low interest rates. Bonds issued by banks also advanced, supported by rising earnings, increased loan issuance, and somewhat higher bond yields relative to other types of corporate bonds. In the consumer non-cyclicals sector, the healthcare industry was a solid contributor, as the industry benefited from strong earnings growth due to robust demand for COVID-19 vaccines and treatments as well as pent-up demand for elective procedures.

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 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		2.0	%
Aa		8.7
A		33.5
Baa		43.9
Ba		1.8
Not Rated		10.1

^(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.

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 the 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 — 91.5%
iShares 10+ Year Investment Grade Corporate Bond ETF^(a)		10,803,534	$	760,352,723


Total Investment Companies — 91.5% (Cost: $754,754,065)				760,352,723


Short-Term Investments

Money Market Funds — 0.8%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(a)(b)		6,120,000		6,120,000


Total Short-Term Investments — 0.8% (Cost: $6,120,000)				6,120,000


Total Investments in Securities — 92.3% (Cost: $760,874,065)				766,472,723

Other Assets, Less Liabilities — 7.7%				64,320,152


NetAssets — 100.0%			$	830,792,875

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 Statement of Assets and Liabilities for Centrally Cleared Swaps

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

For the period ended October 31, 2021, the effect of derivative financial instruments in the Statement 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.

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.

Currently the 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 schedule of investments for the underlying fund are available on iShares.com and should be read in conjunction with the Fund’s 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. The 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 the Fund enters into certain investments (e.g., swaps) that would be treated as “senior securities” for 1940 Act purposes, the 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 Fund 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 Fund. Because such gains or losses are not taxable to the Fund 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 Fund’s tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.

Distributions: Dividends and distributions paid by the 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 Fund. 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, the Fund enters into contracts that contain a variety of representations that provide general indemnification. The Fund’s maximum exposure under these arrangements is unknown because it involves future potential claims against the Fund, which cannot be predicted with any certainty.

Investment Valuation Policies: The Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The 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 the 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 the 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: The 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 the 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, the 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 Fund’s 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 the 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 Statement of Assets and Liabilities.

Securities lending transactions are entered into by the Fund 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 Fund, 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 Fund 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.

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, the 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. The 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 the Fund.

Swaps: Swap contracts are entered into to manage exposure to issuers, markets and securities. Such contracts are agreements between the Fund 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. The Fund is required to interface with the CCP through a broker. Upon entering into a centrally cleared swap, the 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 Statement of Assets and Liabilities. Amounts pledged, which are considered restricted cash, are included in cash pledged for centrally cleared swaps in the Statement of Assets and Liabilities. Pursuant to the contract, the 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 Statement 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 Statement of Operations, including those at termination.

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.

Swap transactions involve, to varying degrees, elements of interest rate, credit and market risks in excess of the amounts recognized in the Statement 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 the 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 Fund, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).

For its investment advisory services to the Fund, BFA is entitled to an annual investment advisory fee of 0.35%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund.

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.

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 10+ Year Investment Grade Corporate Bond ETF (“IGLB”), after taking into account any fee waivers by IGLB, plus 0.10%.

This amount is included in investment advisory fees waived in the Statement 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 the Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Fund.

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 Fund, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending. The 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 the 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. The 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, the 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, the 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 the Fund is shown as securities lending income – affiliated – net in its Statement of Operations. For the year ended October 31, 2021, the Fund paid BTC $2,108 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.

The 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 Statement 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:

The Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes. It is the 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 Fund 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 Fund’s financial statements.

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

For the year ended October 31, 2021, the Fund utilized $15,938,789 of its 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, the 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 Fund and its investments. The Fund’s prospectus provides details of the risks to which the Fund is subject.

The Fund 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.

Counterparty Credit Risk: The Fund 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 Fund manages 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 Fund to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Fund’s exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statement of Assets and Liabilities, less any collateral held by the Fund.

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 centrally cleared swaps, there is less counterparty credit risk to the Fund 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, the 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 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 Fund.

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 the 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 Fund 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 Fund is uncertain.

Capital shares are issued and redeemed by the 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 the 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 Statement of Assets and Liabilities.

Management has evaluated the impact of all subsequent events on the Fund 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 Interest Rate Hedged Long-Term Corporate Bond ETF

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of iShares Interest Rate Hedged Long-Term Corporate Bond ETF (one of the funds constituting iShares U.S. ETF Trust, referred to hereafter as the “Fund”) as of October 31, 2021, the related statement 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 five years in the period ended October 31, 2021 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2021, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2021 and the financial highlights for each of the five years in the period ended October 31, 2021 in conformity with accounting principles generally accepted in the United States of America.

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s 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 Fund 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 opinion.

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

The Fund hereby designates the following amount, or maximum amount 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 Fund hereby designates the following amounts, or maximum amounts allowable by law, as interest-related dividends and qualified short-term capital gains eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations for the fiscal year ended October 31, 2021:

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.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized

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

Based on this review, the Board concluded that the 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.

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 Fund 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 the 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 52^nd 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 Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, the 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 — 0.0%
Interpublic Group of Companies Inc. (The)
3.38%, 03/01/41 (Call 09/01/40)^(a)	$	256	$	271,653
5.40%, 10/01/48 (Call 04/01/48)		319		442,621

				714,274

Aerospace & Defense — 2.3%
BAE Systems Holdings Inc., 4.75%, 10/07/44^(a)(b)		521		648,830
BAE Systems PLC
3.00%, 09/15/50 (Call 03/15/50)^(a)(b)		1,025		1,017,261
5.80%, 10/11/41^(b)		455		625,995
Boeing Co. (The)
3.25%, 02/01/35 (Call 11/01/34)		692		693,431
3.30%, 03/01/35 (Call 09/01/34)^(a)		228		228,166
3.38%, 06/15/46 (Call 12/15/45)		285		280,527
3.50%, 03/01/39 (Call 09/01/38)		627		635,938
3.50%, 03/01/45 (Call 09/01/44)		556		552,237
3.55%, 03/01/38 (Call 09/01/37)		520		528,984
3.60%, 05/01/34 (Call 02/01/34)		695		725,792
3.65%, 03/01/47 (Call 09/01/46)		700		705,115
3.75%, 02/01/50 (Call 08/01/49)		1,240		1,304,695
3.83%, 03/01/59 (Call 09/01/58)		192		194,218
3.85%, 11/01/48 (Call 05/01/48)		312		329,508
3.90%, 05/01/49 (Call 11/01/48)^(a)		804		857,658
3.95%, 08/01/59 (Call 02/01/59)		795		841,359
5.71%, 05/01/40 (Call 11/01/39)^(a)		2,491		3,198,347
5.81%, 05/01/50 (Call 11/01/49)		3,610		4,949,691
5.88%, 02/15/40^(a)		725		923,467
5.93%, 05/01/60 (Call 11/01/59)		2,763		3,888,193
6.13%, 02/15/33		533		675,019
6.63%, 02/15/38		276		370,608
6.88%, 03/15/39		705		983,744
General Dynamics Corp.
2.85%, 06/01/41 (Call 12/01/40)		305		315,433
3.60%, 05/14/42 (Call 05/15/42)		220		251,657
4.25%, 04/01/40 (Call 10/01/39)		680		830,536
4.25%, 04/01/50 (Call 10/01/49)^(a)		856		1,113,788
L3Harris Technologies Inc.
4.85%, 04/27/35 (Call 10/27/34)		331		406,020
5.05%, 04/27/45 (Call 10/27/44)		335		445,846
6.15%, 12/15/40		521		749,212
Lockheed Martin Corp.
2.80%, 06/15/50 (Call 12/15/49)^(a)		900		914,190
3.60%, 03/01/35 (Call 09/01/34)		870		977,648
3.80%, 03/01/45 (Call 09/01/44)		950		1,118,703
4.07%, 12/15/42		1,120		1,341,959
4.09%, 09/15/52 (Call 03/15/52)		1,049		1,315,498
4.50%, 05/15/36 (Call 11/15/35)		791		968,165
4.70%, 05/15/46 (Call 11/15/45)		987		1,305,994
5.72%, 06/01/40		49		67,704
Series B, 6.15%, 09/01/36		230		324,703
Northrop Grumman Corp.
3.85%, 04/15/45 (Call 10/15/44)		719		835,355
4.03%, 10/15/47 (Call 04/15/47)		1,151		1,380,160
4.75%, 06/01/43		825		1,056,677
5.05%, 11/15/40		179		232,574
5.15%, 05/01/40 (Call 11/01/39)^(a)		478		624,078
5.25%, 05/01/50 (Call 11/01/49)^(a)		1,044		1,485,990
Raytheon Technologies Corp.
2.82%, 09/01/51 (Call 03/01/51)		480		472,571


Security	Par (000)		Value

Aerospace & Defense (continued)
3.13%, 07/01/50 (Call 01/01/50)	$	930	$	969,520
3.75%, 11/01/46 (Call 05/01/46)		955		1,080,003
4.05%, 05/04/47 (Call 11/04/46)^(a)		560		665,284
4.15%, 05/15/45 (Call 11/16/44)		808		962,301
4.20%, 12/15/44 (Call 06/15/44)		250		288,164
4.35%, 04/15/47 (Call 10/15/46)		665		822,351
4.45%, 11/16/38 (Call 05/16/38)		623		751,424
4.50%, 06/01/42		2,686		3,306,963
4.63%, 11/16/48 (Call 05/16/48)		1,401		1,816,026
4.70%, 12/15/41		390		483,633
4.80%, 12/15/43 (Call 06/15/43)		382		479,121
4.88%, 10/15/40		512		644,960
5.40%, 05/01/35		842		1,092,741
5.70%, 04/15/40		956		1,326,952
6.05%, 06/01/36		527		726,312
6.13%, 07/15/38		760		1,075,936

				60,184,935

Agriculture — 1.4%
Altria Group Inc.
2.45%, 02/04/32 (Call 11/04/31)^(a)		945		896,775
3.40%, 02/04/41 (Call 08/04/40)		1,224		1,142,861
3.70%, 02/04/51 (Call 08/04/50)		1,174		1,117,054
3.88%, 09/16/46 (Call 03/16/46)		1,281		1,269,547
4.00%, 02/04/61 (Call 08/04/60)		877		839,818
4.25%, 08/09/42		937		965,239
4.45%, 05/06/50 (Call 11/06/49)^(a)		560		593,373
4.50%, 05/02/43		688		735,093
5.38%, 01/31/44		1,514		1,775,336
5.80%, 02/14/39 (Call 08/14/38)		1,418		1,726,721
5.95%, 02/14/49 (Call 08/14/48)		2,045		2,609,866
6.20%, 02/14/59 (Call 08/14/58)		267		352,597
Archer-Daniels-Midland Co.
2.70%, 09/15/51 (Call 03/15/51)^(a)		90		91,181
3.75%, 09/15/47 (Call 03/15/47)		315		378,487
4.02%, 04/16/43		319		386,455
4.50%, 03/15/49 (Call 09/15/48)		547		730,141
4.54%, 03/26/42^(a)		791		1,016,008
5.38%, 09/15/35^(a)		420		560,363
5.77%, 03/01/41^(c)		60		85,608
5.94%, 10/01/32		160		212,649
BAT Capital Corp.
3.73%, 09/25/40 (Call 03/25/40)^(a)		483		469,612
3.98%, 09/25/50 (Call 03/25/50)		875		854,442
4.39%, 08/15/37 (Call 02/15/37)		2,170		2,319,833
4.54%, 08/15/47 (Call 02/15/47)		2,088		2,188,020
4.76%, 09/06/49 (Call 03/06/49)^(a)		945		1,025,437
5.28%, 02/02/49 (Call 10/02/49)		440		507,316
Cargill Inc.
3.13%, 05/25/51 (Call 11/25/50)^(a)(b)		955		1,055,936
3.88%, 05/23/49 (Call 11/23/48)^(b)		217		263,873
Philip Morris International Inc.
3.88%, 08/21/42		606		657,604
4.13%, 03/04/43		664		743,139
4.25%, 11/10/44^(a)		1,025		1,179,599
4.38%, 11/15/41		744		856,000
4.50%, 03/20/42		520		607,824
4.88%, 11/15/43		575		706,240
6.38%, 05/16/38		1,343		1,895,143
Reynolds American Inc.
5.70%, 08/15/35 (Call 02/15/35)		625		741,096


Security	Par (000)		Value

Agriculture (continued)
5.85%, 02/12/45 (Call 02/15/45)	$	1,884	$	2,305,775
6.15%, 09/15/43		646		808,783
7.25%, 06/15/37		446		600,140

				37,270,984

Apparel — 0.2%
NIKE Inc.
3.25%, 03/27/40 (Call 09/27/39)		725		797,395
3.38%, 11/01/46 (Call 05/01/46)		440		498,696
3.38%, 03/27/50 (Call 09/27/49)^(a)		1,320		1,511,821
3.63%, 05/01/43 (Call 11/01/42)		420		483,513
3.88%, 11/01/45 (Call 05/01/45)		828		1,005,332
VF Corp.
6.00%, 10/15/33		176		225,258
6.45%, 11/01/37		10		13,636

				4,535,651

Auto Manufacturers — 0.4%
Cummins Inc.
2.60%, 09/01/50 (Call 03/01/50)		689		658,625
4.88%, 10/01/43 (Call 04/01/43)^(a)		427		561,501
General Motors Co.
5.00%, 04/01/35		539		638,853
5.15%, 04/01/38 (Call 10/01/37)		913		1,102,783
5.20%, 04/01/45		1,011		1,262,989
5.40%, 04/01/48 (Call 10/01/47)		622		791,055
5.95%, 04/01/49 (Call 10/01/48)		796		1,082,284
6.25%, 10/02/43		1,343		1,832,411
6.60%, 04/01/36 (Call 10/01/35)		1,023		1,385,060
6.75%, 04/01/46 (Call 10/01/45)		757		1,098,530

				10,414,091

Auto Parts & Equipment — 0.1%
Aptiv PLC
4.40%, 10/01/46 (Call 04/01/46)		95		114,543
5.40%, 03/15/49 (Call 09/15/48)^(a)		396		554,679
BorgWarner Inc., 4.38%, 03/15/45 (Call 09/15/44)		245		295,628
Lear Corp., 5.25%, 05/15/49 (Call 11/15/48)^(a)		404		512,096

				1,476,946

Banks — 8.2%
Bank of America Corp.
2.68%, 06/19/41 (Call 06/19/40)^(d)		4,210		4,055,029
2.83%, 10/24/51 (Call 10/24/50), (SOFR + 1.880%)^(a)(d)		1,017		1,001,879
2.97%, 07/21/52 (Call 07/21/51), (SOFR + 1.560%)^(d)		935		942,453
3.31%, 04/22/42 (Call 04/22/41)^(d)		2,961		3,135,197
3.95%, 01/23/49 (Call 01/23/48),
(3 mo. LIBOR US + 1.190%)^(d)		1,259		1,485,428
4.08%, 04/23/40 (Call 04/23/39),
(3 mo. LIBOR US + 1.320%)^(d)		1,464		1,687,578
4.08%, 03/20/51 (Call 03/20/50),
(3 mo. LIBOR US + 3.150%)^(d)		4,126		4,981,277
4.24%, 04/24/38 (Call 04/24/37),
(3 mo. LIBOR US + 1.814%)^(d)		1,727		2,022,092
4.33%, 03/15/50 (Call 03/15/49),
(3 mo. LIBOR US + 1.520%)^(d)		2,329		2,897,852
4.44%, 01/20/48 (Call 01/20/47),
(3 mo. LIBOR US + 1.990%)^(a)(d)		1,744		2,200,870
4.88%, 04/01/44^(a)		466		606,114
5.00%, 01/21/44		1,736		2,280,219
5.88%, 02/07/42		1,320		1,880,831
6.11%, 01/29/37		1,884		2,553,255
7.75%, 05/14/38		1,360		2,129,825


Security	Par (000)		Value

Banks (continued)
Series L, 4.75%, 04/21/45	$	568	$	717,519
Series N, 3.48%, 03/11/51 (Call 03/13/51),
(SOFR + 1.650%)^(d)		990		1,094,551
Bank of America N.A., 6.00%, 10/15/36		1,286		1,766,535
Barclays PLC
3.81%, 03/10/42 (Call 03/10/41)^(a)(d)		827		877,436
4.95%, 01/10/47		1,340		1,765,361
5.25%, 08/17/45		1,285		1,743,637
BNP Paribas SA
2.82%, 01/26/41^(a)(b)		580		552,951
7.20%, (Call 06/25/37)^(a)(b)(d)(e)		1,010		1,047,875
BPCE SA, 3.58%, 10/19/42 (Call 10/19/41)^(b)(d)		300		308,589
Citigroup Inc.
2.90%, 11/03/42 (Call 11/03/41)^(d)		985		974,474
3.88%, 01/22/38 (Call 01/24/38),
(3 mo. LIBOR US + 1.168%)^(d)		803		917,322
4.28%, 04/24/48 (Call 04/24/47),
(3 mo. LIBOR US + 1.839%)^(d)		830		1,038,791
4.65%, 07/30/45		817		1,057,613
4.65%, 07/23/48 (Call 06/23/48)		2,035		2,673,125
4.75%, 05/18/46^(a)		1,615		2,042,893
5.30%, 05/06/44		757		1,000,473
5.32%, 03/26/41 (Call 03/26/40), (SOFR + 4.548%)^(d)		1,121		1,474,513
5.88%, 02/22/33		500		637,847
5.88%, 01/30/42		831		1,186,983
6.00%, 10/31/33		434		563,973
6.13%, 08/25/36^(a)		658		897,506
6.63%, 06/15/32		1,016		1,356,057
6.68%, 09/13/43^(a)		871		1,329,766
6.88%, 03/05/38^(a)		110		161,197
6.88%, 02/15/98		402		738,124
8.13%, 07/15/39		1,521		2,582,833
Citizens Financial Group Inc., 2.64%, 09/30/32
(Call 07/02/32)		331		330,737
Commonwealth Bank of Australia
3.31%, 03/11/41^(b)		690		711,975
3.74%, 09/12/39^(b)		1,207		1,308,669
3.90%, 07/12/47^(a)(b)		1,265		1,536,067
4.32%, 01/10/48^(a)(b)		1,250		1,495,214
Cooperatieve Rabobank U.A.
5.25%, 05/24/41^(a)		1,780		2,467,988
5.25%, 08/04/45		1,011		1,374,296
5.75%, 12/01/43^(a)		1,087		1,530,567
Cooperatieve Rabobank UA, 5.80%, 09/30/2110^(a)(b)		65		101,971
Credit Agricole SA, 2.81%, 01/11/41^(a)(b)		1,122		1,070,860
Credit Suisse Group AG, 4.88%, 05/15/45		1,037		1,315,583
Fifth Third Bancorp., 8.25%, 03/01/38		951		1,570,758
First Republic Bank/CA
4.38%, 08/01/46 (Call 02/01/46)		360		445,032
4.63%, 02/13/47 (Call 08/13/46)		260		333,057
Goldman Sachs Group Inc. (The)
2.91%, 07/21/42 (Call 07/21/41), (SOFR + 1.472%)^(d)		1,385		1,381,783
3.21%, 04/22/42 (Call 04/22/41)^(d)		1,577		1,634,490
4.02%, 10/31/38 (Call 10/31/37),
(3 mo. LIBOR US + 1.373%)^(d)		2,107		2,413,541
4.41%, 04/23/39 (Call 04/23/38),
(3 mo. LIBOR US + 1.430%)^(d)		1,333		1,598,057
4.75%, 10/21/45 (Call 04/21/45)		1,452		1,898,997
4.80%, 07/08/44 (Call 01/08/44)		1,531		1,959,326
5.15%, 05/22/45		1,669		2,207,125


Security	Par (000)		Value

Banks (continued)
6.13%, 02/15/33	$	1,010	$	1,338,260
6.25%, 02/01/41^(a⁾		2,193		3,216,306
6.45%, 05/01/36		646		891,305
6.75%, 10/01/37		4,831		6,876,859
HBOS PLC, 6.00%, 11/01/33^(b)		60		77,941
HSBC Bank USA N.A., 7.00%, 01/15/39		710		1,099,758
HSBC Bank USA N.A./New York NY, 5.63%, 08/15/35		460		583,113
HSBC Holdings PLC
5.25%, 03/14/44		1,172		1,516,007
6.10%, 01/14/42		642		923,296
6.50%, 05/02/36		1,487		2,025,933
6.50%, 09/15/37		2,265		3,132,752
6.80%, 06/01/38		1,438		2,059,457
7.63%, 05/17/32		618		856,753
HSBC USA Inc., 7.20%, 07/15/97		215		390,883
JPMorgan Chase & Co.
2.53%, 11/19/41 (Call 11/19/40)^(d)		1,273		1,208,913
3.11%, 04/22/41 (Call 04/22/40), (SOFR + 2.460%)^(d)		1,466		1,518,380
3.11%, 04/22/51 (Call 04/22/50), (SOFR + 2.440%)^(d)		1,986		2,054,937
3.16%, 04/22/42 (Call 04/22/41)^(d)		1,610		1,679,278
3.33%, 04/22/52 (Call 04/22/51), (SOFR + 1.580%)^(d)		2,715		2,930,568
3.88%, 07/24/38 (Call 07/24/37),
(3 mo. LIBOR US + 1.360%)^(d)		2,314		2,646,274
3.90%, 01/23/49 (Call 01/23/48),
(3 mo. LIBOR US + 1.220%)^(d)		1,572		1,843,130
3.96%, 11/15/48 (Call 11/15/47),
(3 mo. LIBOR US + 1.380%)^(d)		2,576		3,037,229
4.03%, 07/24/48 (Call 07/24/47),
(3 mo. LIBOR US + 1.460%)^(d)		1,417		1,681,627
4.26%, 02/22/48 (Call 02/22/47),
(3 mo. LIBOR US + 1.580%)^(d)		1,757		2,155,475
4.85%, 02/01/44^(a)		855		1,115,588
4.95%, 06/01/45		1,483		1,952,503
5.40%, 01/06/42		1,240		1,689,040
5.50%, 10/15/40		1,078		1,466,075
5.60%, 07/15/41		1,710		2,359,507
5.63%, 08/16/43		1,003		1,390,382
6.40%, 05/15/38		1,795		2,604,356
Lloyds Banking Group PLC
4.34%, 01/09/48		1,179		1,417,909
5.30%, 12/01/45		916		1,231,618
Mitsubishi UFJ Financial Group Inc.
3.75%, 07/18/39		1,160		1,305,466
4.15%, 03/07/39^(a)		413		485,280
4.29%, 07/26/38^(a)		326		391,237
Morgan Stanley
2.80%, 07/25/51 (Call 01/25/51)^(d)		1,531		1,513,193
3.22%, 04/22/42 (Call 04/22/41)^(d)		1,911		2,007,363
3.97%, 07/22/38 (Call 07/22/37),
(3 mo. LIBOR US + 1.455%)^(d)		2,047		2,345,541
4.30%, 01/27/45		2,465		3,045,160
4.38%, 01/22/47		1,950		2,460,860
4.46%, 04/22/39 (Call 04/22/38),
(3 mo. LIBOR US + 1.431%)^(d)		499		604,258
5.60%, 03/24/51 (Call 03/24/50), (SOFR + 4.480%)^(a)(d)		1,759		2,661,382
6.38%, 07/24/42		1,651		2,515,690
7.25%, 04/01/32		958		1,381,352
National Australia Bank Ltd., 2.65%, 01/14/41^(a)(b)		780		743,275
Regions Bank/Birmingham AL, 6.45%, 06/26/37		505		715,132
Regions Financial Corp., 7.38%, 12/10/37		275		415,445


Security	Par (000)		Value

Banks (continued)
Santander UK Group Holdings PLC, 5.63%, 09/15/45^(a)(b)	$	420	$	548,745
Societe Generale SA
3.63%, 03/01/41^(a)(b)		610		624,263
5.63%, 11/24/45^(a)(b)		420		551,563
Standard Chartered PLC
5.30%, 01/09/43^(a)(b)		815		1,002,076
5.70%, 03/26/44^(a)(b)		1,410		1,837,107
Sumitomo Mitsui Financial Group Inc.
2.30%, 01/12/41		190		175,152
2.93%, 09/17/41^(a)		445		436,721
UBS AG/London, 4.50%, 06/26/48^(a)(b)		765		1,021,654
Wachovia Corp.
5.50%, 08/01/35		960		1,238,206
7.50%, 04/15/35		305		452,299
Wells Fargo & Co.
3.07%, 04/29/40 (Call 04/30/40)^(d)		2,938		3,015,517
3.90%, 05/01/45		1,792		2,103,851
4.40%, 06/14/46		1,651		2,007,148
4.65%, 11/04/44		1,407		1,736,042
4.75%, 12/07/46		1,560		1,978,096
4.90%, 11/17/45		1,626		2,090,935
5.01%, 04/04/51 (Call 04/04/50)^(d)		4,516		6,237,351
5.38%, 02/07/35		295		391,233
5.38%, 11/02/43		1,632		2,175,958
5.61%, 01/15/44		1,988		2,721,537
5.95%, 12/01/86		65		88,834
Wells Fargo Bank N.A.
5.85%, 02/01/37		850		1,150,974
5.95%, 08/26/36		965		1,302,655
6.60%, 01/15/38		1,355		1,983,098
Westpac Banking Corp.
2.96%, 11/16/40^(a)		787		785,774
4.42%, 07/24/39		806		947,266

				215,220,037

Beverages — 3.1%
Anheuser-Busch Companies LLC/Anheuser-Busch InBev Worldwide Inc.
4.70%, 02/01/36 (Call 08/01/35)		4,316		5,221,562
4.90%, 02/01/46 (Call 08/01/45)		7,393		9,429,199
Anheuser-Busch InBev Finance Inc.
4.00%, 01/17/43		728		815,131
4.63%, 02/01/44		892		1,078,855
4.70%, 02/01/36 (Call 08/01/35)		688		831,936
4.90%, 02/01/46 (Call 08/01/45)		1,339		1,691,918
Anheuser-Busch InBev Worldwide Inc.
3.75%, 07/15/42		956		1,047,187
4.35%, 06/01/40 (Call 12/01/39)		1,021		1,200,685
4.38%, 04/15/38 (Call 10/15/37)		1,006		1,185,658
4.44%, 10/06/48 (Call 04/06/48)		1,551		1,874,940
4.50%, 06/01/50 (Call 12/01/49)		2,060		2,551,810
4.60%, 04/15/48 (Call 10/15/47)		1,905		2,353,553
4.60%, 06/01/60 (Call 12/01/59)		822		1,028,225
4.75%, 04/15/58 (Call 10/15/57)		1,270		1,620,001
4.95%, 01/15/42		1,338		1,685,196
5.45%, 01/23/39 (Call 07/23/38)		1,790		2,351,684
5.55%, 01/23/49 (Call 07/23/48)		3,251		4,560,083
5.80%, 01/23/59 (Call 07/23/58)		1,495		2,212,867
5.88%, 06/15/35^(a)		270		352,790
8.00%, 11/15/39^(a)		519		845,763
8.20%, 01/15/39		1,284		2,114,941


Security	Par (000)		Value

Beverages (continued)
Bacardi Ltd.
5.15%, 05/15/38 (Call 11/15/37)^(b)	$	257	$	317,694
5.30%, 05/15/48 (Call 11/15/47)^(a)(b)		686		914,292
Brown-Forman Corp.
4.00%, 04/15/38 (Call 10/15/37)		190		221,392
4.50%, 07/15/45 (Call 01/15/45)		645		836,918
Coca-Cola Co. (The)
2.50%, 06/01/40		1,238		1,220,202
2.50%, 03/15/51		1,495		1,447,492
2.60%, 06/01/50		1,265		1,249,603
2.75%, 06/01/60		996		993,989
2.88%, 05/05/41		852		883,179
3.00%, 03/05/51		669		711,905
4.20%, 03/25/50		599		771,913
Coca-Cola Femsa SAB de CV
1.85%, 09/01/32 (Call 06/01/32)		180		169,767
5.25%, 11/26/43		312		413,203
Constellation Brands Inc.
3.75%, 05/01/50 (Call 11/01/49)^(a)		345		382,646
4.10%, 02/15/48 (Call 08/15/47)		495		569,929
4.50%, 05/09/47 (Call 11/09/46)^(a)		461		560,078
5.25%, 11/15/48 (Call 05/15/48)		463		620,417
Diageo Capital PLC
2.13%, 04/29/32 (Call 01/29/32)		809		802,293
3.88%, 04/29/43 (Call 10/29/42)^(a)		427		503,444
5.88%, 09/30/36^(a)		677		948,520
Diageo Investment Corp.
4.25%, 05/11/42		370		455,895
7.45%, 04/15/35		125		192,658
Fomento Economico Mexicano SAB de CV
3.50%, 01/16/50 (Call 07/16/49)		2,195		2,342,548
4.38%, 05/10/43		437		517,871
Heineken NV
4.00%, 10/01/42^(a)(b)		553		657,793
4.35%, 03/29/47 (Call 09/29/46)^(b)		345		436,762
Keurig Dr Pepper Inc.
3.35%, 03/15/51 (Call 09/15/50)^(a)		495		523,106
3.80%, 05/01/50 (Call 11/01/49)^(a)		689		777,817
4.42%, 12/15/46 (Call 06/15/46)		328		395,969
4.50%, 11/15/45 (Call 05/15/45)		414		505,095
4.99%, 05/25/38 (Call 11/25/37)		363		455,116
5.09%, 05/25/48 (Call 11/25/47)		645		856,556
Molson Coors Beverage Co.
4.20%, 07/15/46 (Call 01/15/46)		1,579		1,767,477
5.00%, 05/01/42		958		1,163,945
PepsiCo Inc.
2.63%, 10/21/41 (Call 04/21/41)		1,850		1,868,955
2.75%, 10/21/51 (Call 04/21/51)		1,700		1,752,779
2.88%, 10/15/49 (Call 04/15/49)		1,867		1,968,123
3.38%, 07/29/49 (Call 01/29/49)		520		594,050
3.45%, 10/06/46 (Call 04/06/46)		939		1,069,539
3.63%, 03/19/50 (Call 09/19/49)		678		813,838
Pernod Ricard International Finance LLC, 2.75%, 10/01/50 (Call 04/01/50)^(a)(b)		515		500,121
Pernod Ricard SA, 5.50%, 01/15/42^(a)(b)		836		1,140,750

				81,349,623

Biotechnology — 1.5%
Amgen Inc.
2.77%, 09/01/53 (Call 03/01/53)		971		916,323
2.80%, 08/15/41 (Call 02/15/41)		960		932,261


Security	Par (000)		Value

Biotechnology (continued)
3.00%, 01/15/52 (Call 07/15/51)	$	1,070	$	1,048,460
3.15%, 02/21/40 (Call 08/21/39)		1,993		2,043,423
3.38%, 02/21/50 (Call 08/21/49)		2,000		2,107,024
4.40%, 05/01/45 (Call 11/01/44)		2,143		2,583,474
4.56%, 06/15/48 (Call 12/15/47)		1,214		1,518,523
4.66%, 06/15/51 (Call 12/15/50)		3,026		3,904,027
4.95%, 10/01/41		762		960,588
5.15%, 11/15/41 (Call 05/15/41)		779		1,005,702
5.65%, 06/15/42 (Call 12/15/41)		170		232,338
5.75%, 03/15/40^(a)		480		649,902
6.38%, 06/01/37		100		141,772
6.40%, 02/01/39^(a)		100		142,242
6.90%, 06/01/38		50		73,683
Baxalta Inc., 5.25%, 06/23/45 (Call 12/23/44)		554		748,325
Biogen Inc.
3.15%, 05/01/50 (Call 11/01/49)		1,584		1,555,776
3.25%, 02/15/51 (Call 08/15/50)^(b)		837		838,256
5.20%, 09/15/45 (Call 03/15/45)^(a)		410		548,599
Gilead Sciences Inc.
2.60%, 10/01/40 (Call 04/01/40)		1,154		1,107,483
2.80%, 10/01/50 (Call 04/01/50)^(a)		1,429		1,385,397
4.00%, 09/01/36 (Call 03/01/36)		640		731,551
4.15%, 03/01/47 (Call 09/01/46)		1,100		1,309,272
4.50%, 02/01/45 (Call 08/01/44)		1,583		1,950,133
4.60%, 09/01/35 (Call 03/01/35)		752		907,941
4.75%, 03/01/46 (Call 09/01/45)		1,971		2,517,524
4.80%, 04/01/44 (Call 10/01/43)		1,605		2,029,732
5.65%, 12/01/41 (Call 06/01/41)		988		1,359,820
Regeneron Pharmaceuticals Inc., 2.80%, 09/15/50 (Call 03/15/50)		759		715,483
Royalty Pharma PLC
3.30%, 09/02/40 (Call 03/02/40)		965		964,123
3.35%, 09/02/51 (Call 03/02/51)		592		567,455
3.55%, 09/02/50 (Call 03/02/50)		943		937,150

				38,433,762

Building Materials — 0.5%
Carrier Global Corp.
3.38%, 04/05/40 (Call 10/05/39)		1,351		1,413,606
3.58%, 04/05/50 (Call 10/05/49)		1,685		1,825,422
CRH America Finance Inc.
4.40%, 05/09/47 (Call 11/09/46)^(a)(b)		200		243,776
4.50%, 04/04/48 (Call 10/04/47)^(a)(b)		901		1,124,290
Holcim Capital Corp. Ltd.
6.50%, 09/12/43^(b)		200		294,007
6.88%, 09/29/39^(b)		130		186,626
Holcim Finance U.S. LLC, 4.75%, 09/22/46 (Call 03/22/46)^(a)(b)		125 158,288
Johnson Controls International PLC
4.50%, 02/15/47 (Call 08/15/46)		428		532,527
4.63%, 07/02/44 (Call 01/02/44)		365		445,212
4.95%, 07/02/64 (Call 01/02/64)^(c)		265		363,373
5.13%, 09/14/45 (Call 03/14/45)		381		500,811
6.00%, 01/15/36^(a)		580		796,606
Lafarge SA, 7.13%, 07/15/36		400		582,784
Martin Marietta Materials Inc.
3.20%, 07/15/51 (Call 01/15/51)		767		786,585
4.25%, 12/15/47 (Call 06/15/47)		529		629,892
Masco Corp.
3.13%, 02/15/51 (Call 08/15/50)		335		337,091
4.50%, 05/15/47 (Call 11/15/46)^(a)		337		410,262


Security	Par (000)		Value

Building Materials (continued)
Owens Corning 4.30%, 07/15/47 (Call 01/15/47)	$	417	$	491,069
4.40%, 01/30/48 (Call 07/30/47)		804		955,887
7.00%, 12/01/36		34		48,872
Votorantim Cimentos International SA, 7.25%, 04/05/41^(a)(b)		500		657,350
Vulcan Materials Co.
4.50%, 06/15/47 (Call 12/15/46)^(a)		275		341,005
4.70%, 03/01/48 (Call 09/01/47)		661		843,615

				13,968,956

Chemicals — 1.6%
Air Liquide Finance SA, 3.50%, 09/27/46 (Call 03/27/46)^(b)		180		207,740
Air Products and Chemicals Inc. 2.70%, 05/15/40 (Call 11/15/39)		642		652,917
2.80%, 05/15/50 (Call 11/15/49)^(a)		845		867,889
Albemarle Corp., 5.45%, 12/01/44 (Call 06/01/44)^(a)		413		531,982
CF Industries Inc., 4.95%, 06/01/43		1,500		1,838,745
Dow Chemical Co. (The) 3.60%, 11/15/50 (Call 05/15/50)^(a)		876		954,092
4.25%, 10/01/34 (Call 04/01/34)		267		307,881
4.38%, 11/15/42 (Call 05/15/42)		1,108		1,319,314
4.63%, 10/01/44 (Call 04/01/44)		222		274,240
4.80%, 05/15/49 (Call 11/15/48)		721		930,827
5.25%, 11/15/41 (Call 05/15/41)		636		824,608
5.55%, 11/30/48 (Call 05/30/48)		840		1,187,400
9.40%, 05/15/39		676		1,215,101
DuPont de Nemours Inc. 5.32%, 11/15/38 (Call 05/15/38)		1,500		1,935,376
5.42%, 11/15/48 (Call 05/15/48)^(a)		1,637		2,289,539
Eastman Chemical Co. 4.65%, 10/15/44 (Call 04/15/44)		606		728,660
4.80%, 09/01/42 (Call 03/01/42)		538		653,039
Ecolab Inc. 2.13%, 08/15/50 (Call 02/15/50)		423		382,630
2.75%, 08/18/55 (Call 02/18/55)^(b)		1,387		1,371,721
FMC Corp., 4.50%, 10/01/49 (Call 04/01/49)		345		417,708
International Flavors & Fragrances Inc. 3.27%, 11/15/40 (Call 05/15/40)^(b)		808		832,514
3.47%, 12/01/50^(a)(b)		—		—
4.38%, 06/01/47 (Call 12/01/46)		495		595,519
5.00%, 09/26/48 (Call 03/26/48)		675		887,757
Linde Inc./CT 2.00%, 08/10/50 (Call 02/10/50)^(a)		322		283,433
3.55%, 11/07/42 (Call 05/07/42)		545		619,547
Lubrizol Corp. (The), 6.50%, 10/01/34		355		515,820
LYB International Finance BV 4.88%, 03/15/44 (Call 09/15/43)		549		679,705
5.25%, 07/15/43		713		922,334
LYB International Finance III LLC 3.38%, 10/01/40 (Call 04/01/40)		750		776,403
3.63%, 04/01/50 (Call 10/01/50)^(a)		893		950,651
3.80%, 10/01/60 (Call 04/01/60)		678		724,954
4.20%, 10/15/49 (Call 04/15/49)^(a)		832		970,996
4.20%, 05/01/50 (Call 11/01/49)		850		995,081
LyondellBasell Industries NV, 4.63%, 02/26/55 (Call 08/26/54)		755		938,028
Mosaic Co. (The) 4.88%, 11/15/41 (Call 05/15/41)		230		274,245
5.45%, 11/15/33 (Call 05/15/33)		393		491,957
5.63%, 11/15/43 (Call 05/15/43)		45		60,127


Security	Par (000)		Value

Chemicals (continued)
Nutrien Ltd. 3.95%, 05/13/50 (Call 11/13/49)	$	596	$	698,732
4.13%, 03/15/35 (Call 09/15/34)		23		26,100
4.90%, 06/01/43 (Call 12/01/42)		15		19,133
5.00%, 04/01/49 (Call 10/01/48)		731		982,960
5.25%, 01/15/45 (Call 07/15/44)		314		422,985
5.63%, 12/01/40^(a)		470		639,221
5.88%, 12/01/36		456		609,490
6.13%, 01/15/41 (Call 07/15/40)		309		438,946
7.13%, 05/23/36		523		769,819
Orbia Advance Corp. SAB de CV 5.50%, 01/15/48 (Call 07/15/47)^(b)		25		29,356
5.88%, 09/17/44^(b)		1,111		1,358,364
RPM International Inc. 4.25%, 01/15/48 (Call 07/15/47)		465		530,861
5.25%, 06/01/45 (Call 12/01/44)		139		176,486
Sherwin-Williams Co. (The) 3.30%, 05/15/50 (Call 11/15/49)^(a)		529		561,576
3.80%, 08/15/49 (Call 02/15/49)		472		541,100
4.00%, 12/15/42 (Call 06/15/42)		245		282,063
4.50%, 06/01/47 (Call 12/01/46)		1,157		1,447,998
4.55%, 08/01/45 (Call 02/01/45)		330		409,859
Sociedad Quimica y Minera de Chile SA 3.50%, 09/10/51 (Call 03/10/51)^(a)(b)		275		268,507
4.25%, 01/22/50 (Call 07/22/49)^(a)(b)		400		432,004
Westlake Chemical Corp. 2.88%, 08/15/41 (Call 02/15/41)^(a)		366		353,730
3.13%, 08/15/51 (Call 02/15/51)^(a)		693		672,066
3.38%, 08/15/61 (Call 02/15/61)		440		426,363
4.38%, 11/15/47 (Call 05/15/47)		295		345,996
5.00%, 08/15/46 (Call 02/15/46)		445		559,804

				43,413,999

Commercial Services — 1.5%
American University (The), Series 2019, 3.67%, 04/01/49		290		332,290
Brown University in Providence in the State of Rhode Island and Providence Plant, Series A, 2.92%, 09/01/50 (Call 03/01/50)^(a)		70		76,648
California Institute of Technology 3.65%, 09/01/2119 (Call 03/01/2119)		480		557,121
4.32%, 08/01/45		138		180,647
4.70%, 11/01/2111		225		332,556
Cintas Corp. No. 2, 6.15%, 08/15/36		50		67,956
Cleveland Clinic Foundation (The), 4.86%, 01/01/2114^(a)		450		673,486
DP World Ltd./United Arab Emirates 5.63%, 09/25/48^(b)		1,347		1,639,870
6.85%, 07/02/37^(a)(b)		880		1,159,400
DP World PLC, 4.70%, 09/30/49 (Call 03/30/49)^(a)(b)		545		588,164
Duke University 3.20%, 10/01/38		100		107,320
3.30%, 10/01/46		80		88,474
Series 2020, 2.68%, 10/01/44		322		326,469
Series 2020, 2.76%, 10/01/50^(a)		190		198,828
Series 2020, 2.83%, 10/01/55		490		512,620
Emory University, Series 2020, 2.97%, 09/01/50 (Call 03/01/50)		40		42,523
Equifax Inc., 7.00%, 07/01/37^(a)		50		70,929
ERAC USA Finance LLC 4.20%, 11/01/46 (Call 05/01/46)^(b)		130		155,583
4.50%, 02/15/45 (Call 08/15/44)^(a)(b)		409		506,706
5.63%, 03/15/42^(b)		437		596,058


Security	Par (000)		Value

Commercial Services (continued)
7.00%, 10/15/37^(b)	$	1,310	$	1,951,758
Ford Foundation (The)
Series 2017, 3.86%, 06/01/47 (Call 12/01/46)^(a)		280		338,485
Series 2020, 2.42%, 06/01/50 (Call 12/01/49)^(a)		120		117,545
Series 2020, 2.82%, 06/01/70 (Call 12/01/69)		855		870,043
George Washington University (The) 4.87%, 09/15/45		125		167,300
Series 2014, 4.30%, 09/15/44		57		71,823
Series 2016, 3.55%, 09/15/46		160		177,902
Series 2018, 4.13%, 09/15/48 (Call 03/15/48)		1,052		1,306,289
Georgetown University (The) Series 20A, 2.94%, 04/01/50^(a)		18		18,141
Series A, 5.22%, 10/01/2118 (Call 04/01/2118)		150		225,688
Series B, 4.32%, 04/01/49 (Call 10/01/48)^(a)		395		495,537
Global Payments Inc., 4.15%, 08/15/49 (Call 02/15/49)^(a)		507		574,541
Johns Hopkins University Series 2013, 4.08%, 07/01/53^(a)		98		125,255
Series A, 2.81%, 01/01/60 (Call 07/01/59)		180		185,536
Leland Stanford Junior University (The) 2.41%, 06/01/50 (Call 12/01/49)^(a)		395		386,284
3.46%, 05/01/47		95		110,879
3.65%, 05/01/48 (Call 11/01/47)^(a)		592		723,263
Massachusetts Institute of Technology 3.89%, 07/01/2116		510		645,759
3.96%, 07/01/38		59		70,006
4.68%, 07/01/2114^(a)		589		887,443
5.60%, 07/01/2111		452		810,116
Series F, 2.99%, 07/01/50 (Call 01/01/50)		534		589,691
Series G, 2.29%, 07/01/51 (Call 01/01/51)		310		293,388
Metropolitan Museum of Art (The), Series 2015, 3.40%, 07/01/45		240		274,452
Moody’s Corp. 2.55%, 08/18/60 (Call 02/18/60)		341		307,490
2.75%, 08/19/41 (Call 02/19/41)		355		348,423
3.25%, 05/20/50 (Call 11/20/49)^(a)		499		531,052
4.88%, 12/17/48 (Call 06/17/48)^(a)		239		321,076
5.25%, 07/15/44		495		671,831
Northeastern University, Series 2020, 2.89%, 10/01/50^(a)		190		196,359
Northwestern University 3.69%, 12/01/38		260		293,953
3.87%, 12/01/48		70		84,979
4.64%, 12/01/44		430		561,406
Series 2017, 3.66%, 12/01/57 (Call 06/01/57)		275		341,403
Novant Health Inc.
2.64%, 11/01/36 (Call 08/01/36)		330		331,977
3.17%, 11/01/51 (Call 05/01/51)^(a)		645		692,242
3.32%, 11/01/61 (Call 05/01/61)		261		286,495
4.37%, 11/01/43		200		242,169
PayPal Holdings Inc., 3.25%, 06/01/50 (Call 12/01/49)		655		710,915
President and Fellows of Harvard College
2.52%, 10/15/50 (Call 04/15/50)		301		303,262
3.15%, 07/15/46 (Call 01/15/46)^(a)		546		610,306
3.30%, 07/15/56 (Call 01/15/56)		310		361,488
3.62%, 10/01/37		372		425,558
4.88%, 10/15/40		310		422,744
6.50%, 01/15/39^(b)		100		156,837
Quanta Services Inc.
2.35%, 01/15/32 (Call 10/15/31)		100		97,898
3.05%, 10/01/41 (Call 04/01/41)		635		625,042


Security	Par (000)		Value

Commercial Services (continued)
Rockefeller Foundation (The), Series 2020, 2.49%, 10/01/50 (Call 04/01/50)	$	372	$	373,239
S&P Global Inc.
2.30%, 08/15/60 (Call 02/15/60)		795		694,116
3.25%, 12/01/49 (Call 06/01/49)		508		556,226
4.50%, 05/15/48 (Call 11/15/47)		135		173,638
Trustees of Boston College, 3.13%, 07/01/52^(a)		402		436,957
Trustees of Boston University, Series CC, 4.06%, 10/01/48 (Call 04/01/48)		230		287,753
Trustees of Dartmouth College, 3.47%, 06/01/46		210		243,176
Trustees of Princeton University (The)
5.70%, 03/01/39		571		833,293
Series 2020, 2.52%, 07/01/50 (Call 01/01/50)		175		174,939
Trustees of the University of Pennsylvania (The)
3.61%, 02/15/2119 (Call 08/15/2118)		130		152,197
4.67%, 09/01/2112		320		475,699
Series 2020, 2.40%, 10/01/50 (Call 04/01/50)^(a)		235		230,522
Tufts University, Series 2012, 5.02%, 04/15/2112^(a)		160		251,223
University of Chicago (The)
3.00%, 10/01/52 (Call 04/01/52)		175		186,372
4.00%, 10/01/53 (Call 04/01/53)		330		419,255
Series 20B, 2.76%, 04/01/45 (Call 10/01/44)		320		327,016
Series C, 2.55%, 04/01/50 (Call 10/01/49)^(a)		275		274,298
University of Notre Dame du Lac
Series 2015, 3.44%, 02/15/45^(a)		199		231,578
Series 2017, 3.39%, 02/15/48 (Call 08/15/47)		249		290,132
University of Southern California
2.81%, 10/01/50 (Call 04/01/50)		255		262,904
3.03%, 10/01/39		595		630,560
5.25%, 10/01/2111		395		652,064
Series 2017, 3.84%, 10/01/47 (Call 04/01/47)		430		524,359
Series 21A, 2.95%, 10/01/51 (Call 04/01/51)		80		85,326
Verisk Analytics Inc.
3.63%, 05/15/50 (Call 11/15/49)		334		365,922
5.50%, 06/15/45 (Call 12/15/44)		194		263,284
Wesleyan University, 4.78%, 07/01/2116		211		303,648
William Marsh Rice University
3.57%, 05/15/45		276		317,374
3.77%, 05/15/55		155		194,802
Yale University, Series 2020, 2.40%, 04/15/50 (Call 10/15/49)		298		293,625

				39,061,174

Computers — 2.1%
Apple Inc.
2.38%, 02/08/41 (Call 08/08/40)^(a)		1,195		1,162,609
2.40%, 06/20/50 (Call 02/20/50)		1,135		1,073,045
2.55%, 08/20/60 (Call 02/20/60)		1,396		1,310,339
2.65%, 05/11/50 (Call 11/11/49)		2,005		1,980,343
2.65%, 02/08/51 (Call 08/08/50)^(a)		2,557		2,523,941
2.70%, 08/05/51 (Call 02/05/51)		3,075		3,063,832
2.80%, 02/08/60 (Call 08/08/60)		1,532		1,513,724
2.85%, 08/05/61 (Call 02/05/61)		815		811,600
2.95%, 09/11/49 (Call 03/11/49)		1,271		1,318,139
3.45%, 02/09/45		1,609		1,804,039
3.75%, 09/12/47 (Call 03/12/47)		865		1,023,501
3.75%, 11/13/47 (Call 05/13/47)		1,167		1,375,017
3.85%, 05/04/43		2,559		3,023,806
3.85%, 08/04/46 (Call 02/04/46)		1,756		2,092,692
4.25%, 02/09/47 (Call 08/09/46)		735		928,241
4.38%, 05/13/45		1,827		2,336,609


Security	Par (000)		Value

Computers (continued)
4.45%, 05/06/44	$	957	$	1,222,572
4.50%, 02/23/36 (Call 08/23/35)		1,023		1,278,541
4.65%, 02/23/46 (Call 08/23/45)		3,277		4,330,514
Dell International LLC/EMC Corp.
8.10%, 07/15/36 (Call 01/15/36)		1,318		1,996,796
8.35%, 07/15/46 (Call 01/15/46)		1,600		2,658,838
Hewlett Packard Enterprise Co.
6.20%, 10/15/35 (Call 04/15/35)^(a)		868		1,138,997
6.35%, 10/15/45 (Call 04/15/45)^(a)		1,171		1,606,403
HP Inc., 6.00%, 09/15/41^(a)		1,267		1,672,900
International Business Machines Corp.
2.85%, 05/15/40 (Call 11/15/39)		890		883,975
2.95%, 05/15/50 (Call 11/15/49)		995		988,284
4.00%, 06/20/42		829		955,418
4.15%, 05/15/39		1,972		2,311,571
4.25%, 05/15/49		2,464		3,016,699
4.70%, 02/19/46^(a)		540		691,089
5.60%, 11/30/39		530		728,764
5.88%, 11/29/32^(a)		1,061		1,407,700
7.13%, 12/01/96		117		220,696
Kyndryl Holdings Inc., 4.10%, 10/15/41 (Call 04/15/41)^(b)		250		248,728

				54,699,962

Cosmetics & Personal Care — 0.3%
Colgate-Palmolive Co.
3.70%, 08/01/47 (Call 02/01/47)		300		369,285
4.00%, 08/15/45		556		705,188
Estee Lauder Companies Inc. (The)
3.13%, 12/01/49 (Call 06/01/49)^(a)		658		719,814
3.70%, 08/15/42		175		195,632
4.15%, 03/15/47 (Call 09/15/46)		461		581,019
4.38%, 06/15/45 (Call 12/15/44)		370		470,537
6.00%, 05/15/37		130		183,552
Procter & Gamble Co. (The)
3.50%, 10/25/47		40		48,766
3.55%, 03/25/40		526		619,140
3.60%, 03/25/50		686		857,210
5.50%, 02/01/34		25		33,586
5.55%, 03/05/37^(a)		310		444,988
Unilever Capital Corp.
5.90%, 11/15/32		1,211		1,634,601
Series 30Y, 2.63%, 08/12/51 (Call 02/12/51)		602		602,348

				7,465,666

Distribution & Wholesale — 0.1%
WW Grainger Inc.
3.75%, 05/15/46 (Call 11/15/45)		485		569,971
4.20%, 05/15/47 (Call 11/15/46)		90		112,930
4.60%, 06/15/45 (Call 12/15/44)		993		1,302,480

				1,985,381

Diversified Financial Services — 1.8%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
3.40%, 10/29/33 (Call 07/29/33)		515		524,200
3.85%, 10/29/41 (Call 04/29/41)^(a)		1,490		1,542,592
Ally Financial Inc., 8.00%, 11/01/31		612		876,276
American Express Co., 4.05%, 12/03/42		276		331,642
Blackstone Holdings Finance Co. LLC
2.80%, 09/30/50 (Call 03/30/50)^(b)		428		418,463
2.85%, 08/05/51 (Call 02/05/51)^(b)		550		540,709
3.50%, 09/10/49 (Call 03/10/49)^(b)		395		434,202
4.00%, 10/02/47 (Call 04/02/47)^(b)		280		329,435


Security	Par (000)		Value

Diversified Financial Services (continued)
4.45%, 07/15/45^(a)(b)	$	295	$	368,930
5.00%, 06/15/44^(a)(b)		426		559,976
6.25%, 08/15/42^(b)		265		387,578
Brookfield Finance Inc.
3.50%, 03/30/51 (Call 09/30/50)		752		798,324
4.70%, 09/20/47 (Call 03/20/47)		755		929,312
Brookfield Finance LLC, 3.45%, 04/15/50 (Call 10/15/49)		731		768,149
CI Financial Corp., 4.10%, 06/15/51 (Call 12/15/50)^(a)		368		404,003
CME Group Inc.
4.15%, 06/15/48 (Call 12/15/47)^(a)		731		947,614
5.30%, 09/15/43 (Call 03/15/43)		829		1,163,904
Credit Suisse USA Inc., 7.13%, 07/15/32^(a)		1,214		1,715,427
FMR LLC
4.95%, 02/01/33^(b)		105		130,094
5.15%, 02/01/43^(a)(b)		300		396,351
6.45%, 11/15/39^(b)		400		584,137
6.50%, 12/14/40^(b)		402		599,093
Franklin Resources Inc., 2.95%, 08/12/51 (Call 02/12/51)^(a)		460		458,791
GE Capital Funding LLC, 4.55%, 05/15/32 (Call 02/15/32)		351		420,113
GE Capital International Funding Co. Unlimited Co., 4.42%, 11/15/35		8,877		10,799,707
Invesco Finance PLC, 5.38%, 11/30/43		486		640,188
Jefferies Financial Group Inc., 6.63%, 10/23/43 (Call 07/23/43)		443		606,878
Jefferies Group LLC
2.75%, 10/15/32 (Call 07/15/32)^(a)		180		178,419
6.25%, 01/15/36		485		645,334
6.50%, 01/20/43		319		446,617
KKR Group Finance Co. II LLC, 5.50%, 02/01/43 (Call 08/01/42)^(a)(b)		550		734,100
Legg Mason Inc., 5.63%, 01/15/44		680		943,214
LSEGA Financing PLC, 3.20%, 04/06/41 (Call 10/06/40)^(b)		1,101		1,139,239
Mastercard Inc.
2.95%, 03/15/51 (Call 09/15/50)		732		774,754
3.65%, 06/01/49 (Call 12/01/48)		773		906,002
3.80%, 11/21/46 (Call 05/21/46)^(a)		590		706,495
3.85%, 03/26/50 (Call 09/26/49)		1,344		1,633,948
3.95%, 02/26/48 (Call 08/26/47)		483		591,151
Nasdaq Inc.
2.50%, 12/21/40 (Call 06/21/40)		563		522,332
3.25%, 04/28/50 (Call 10/28/49)		618		632,719
Neuberger Berman Group LLC/Neuberger Berman Finance Corp., 4.88%, 04/15/45 (Call 10/15/44)^(a)(b)		70		82,909
Pine Street Trust II, 5.57%, 02/15/49 (Call 08/15/48)^(b)		340		455,040
Raymond James Financial Inc.
3.75%, 04/01/51 (Call 10/01/50)		715		815,454
4.95%, 07/15/46		406		533,447
Visa Inc.
2.00%, 08/15/50 (Call 02/15/50)		1,588		1,419,901
2.70%, 04/15/40 (Call 10/15/39)		1,004		1,029,256
3.65%, 09/15/47 (Call 03/15/47)		624		733,913
4.15%, 12/14/35 (Call 06/14/35)		1,227		1,475,095
4.30%, 12/14/45 (Call 06/14/45)		2,720		3,484,693
Western Union Co. (The)
6.20%, 11/17/36^(a)		557		703,256
6.20%, 06/21/40^(a)		415		528,130

				48,791,506


Security	Par (000)		Value

Electric — 11.7%
Abu Dhabi National Energy Co. PJSC
3.40%, 04/29/51 (Call 10/29/50)^(b)	$	630	$	650,078
4.00%, 10/03/49^(b)		465		528,054
6.50%, 10/27/36^(a)(b)		810		1,146,952
Acwa Power Management And Investments One Ltd., 5.95%, 12/15/39^(a)(b)		320		381,256
Adani Transmission Ltd., 4.25%, 11/21/35^(b)		14		14,205
AEP Texas Inc.
3.45%, 05/15/51 (Call 11/15/50)		310		327,583
3.80%, 10/01/47 (Call 04/01/47)^(a)		238		261,858
Series E, 6.65%, 02/15/33		454		612,563
Series G, 4.15%, 05/01/49 (Call 11/01/48)		319		374,210
Series H, 3.45%, 01/15/50 (Call 07/15/49)		473		497,362
AEP Transmission Co. LLC
3.15%, 09/15/49 (Call 03/15/49)		400		419,468
3.75%, 12/01/47 (Call 06/01/47)^(a)		439		501,157
3.80%, 06/15/49 (Call 12/15/48)		377		439,428
4.00%, 12/01/46 (Call 06/01/46)		290		345,937
4.25%, 09/15/48 (Call 03/15/48)		415		515,933
Series M, 3.65%, 04/01/50 (Call 10/01/49)		227		259,054
Series N, 2.75%, 08/15/51 (Call 02/15/51)		397		391,443
Alabama Power Co.
3.13%, 07/15/51 (Call 01/15/51)^(a)		395		417,886
3.45%, 10/01/49 (Call 04/01/49)		297		329,317
3.75%, 03/01/45 (Call 09/01/44)		560		637,723
3.85%, 12/01/42		400		454,268
4.10%, 01/15/42^(a)		90		102,598
4.15%, 08/15/44 (Call 02/15/44)		367		433,204
4.30%, 01/02/46 (Call 07/02/45)		450		550,588
5.50%, 03/15/41^(a)		438		585,697
6.00%, 03/01/39		367		517,061
6.13%, 05/15/38		40		56,695
Series 11-C, 5.20%, 06/01/41^(a)		420		544,312
Series A, 4.30%, 07/15/48 (Call 01/15/48)		455		569,522
Series B, 3.70%, 12/01/47 (Call 06/01/47)		400		457,150
Alfa Desarrollo SpA, 4.55%, 09/27/51 (Call 03/27/51)^(a)(b)		265		258,932
Ameren Illinois Co.
2.90%, 06/15/51 (Call 12/15/50)		630		652,918
3.25%, 03/15/50 (Call 09/15/49)		422		463,767
3.70%, 12/01/47 (Call 06/01/47)		452		525,220
4.30%, 07/01/44 (Call 01/01/44)		200		241,210
4.50%, 03/15/49 (Call 09/15/48)		558		731,431
4.80%, 12/15/43 (Call 06/15/43)		345		443,194
American Electric Power Co. Inc., 3.25%, 03/01/50 (Call 09/01/49)		312		317,881
American Transmission Systems Inc., 5.00%, 09/01/44 (Call 03/01/44)^(b)		131		169,940
Appalachian Power Co.
4.40%, 05/15/44 (Call 11/15/43)		86		102,062
4.45%, 06/01/45 (Call 12/01/44)^(a)		385		464,962
7.00%, 04/01/38		432		636,341
Series L, 5.80%, 10/01/35^(a)		295		380,088
Series P, 6.70%, 08/15/37		195		273,965
Series Y, 4.50%, 03/01/49 (Call 09/01/48)		470		583,826
Series Z, 3.70%, 05/01/50 (Call 11/01/49)		295		325,960
Arizona Public Service Co.
2.65%, 09/15/50 (Call 03/15/50)^(a)		325		303,081
3.35%, 05/15/50 (Call 11/15/49)		566		596,035
3.50%, 12/01/49 (Call 06/01/49)		297		320,830
3.75%, 05/15/46 (Call 11/15/45)		392		437,560


Security	Par (000)		Value

Electric (continued)
4.20%, 08/15/48 (Call 02/15/48)	$	282	$	336,427
4.25%, 03/01/49 (Call 09/01/48)		260		312,574
4.35%, 11/15/45 (Call 05/15/45)		315		378,023
4.50%, 04/01/42 (Call 10/01/41)		316		379,293
4.70%, 01/15/44 (Call 07/15/43)		110		134,528
5.05%, 09/01/41 (Call 03/01/41)		325		413,199
5.50%, 09/01/35^(a)		455		571,626
Avista Corp., 4.35%, 06/01/48 (Call 12/01/47)		371		466,339
Baltimore Gas & Electric Co.
2.90%, 06/15/50 (Call 12/15/49)^(a)		323		326,079
3.20%, 09/15/49 (Call 03/15/49)		407		430,065
3.50%, 08/15/46 (Call 02/15/46)		530		585,063
3.75%, 08/15/47 (Call 02/15/47)		375		431,787
4.25%, 09/15/48 (Call 03/15/48)		260		323,734
6.35%, 10/01/36		95		134,785
Basin Electric Power Cooperative, 4.75%, 04/26/47 (Call 10/26/46)^(a)(b)		270		340,360
Berkshire Hathaway Energy Co.
2.85%, 05/15/51 (Call 11/15/50)		881		863,601
3.80%, 07/15/48 (Call 01/15/48)		765		872,363
4.25%, 10/15/50 (Call 04/15/50)		638		790,165
4.45%, 01/15/49 (Call 07/15/48)		903		1,137,909
4.50%, 02/01/45 (Call 08/01/44)		626		774,810
5.15%, 11/15/43 (Call 05/15/43)		642		842,765
5.95%, 05/15/37		480		655,585
6.13%, 04/01/36		1,062		1,459,792
Black Hills Corp.
3.88%, 10/15/49 (Call 04/15/49)		204		227,106
4.20%, 09/15/46 (Call 03/15/46)		270		313,706
4.35%, 05/01/33 (Call 02/01/33)		326		373,010
Celeo Redes Operacion Chile SA, 5.20%, 06/22/47^(b)		193		223,737
CenterPoint Energy Houston Electric LLC
3.55%, 08/01/42 (Call 02/01/42)^(a)		515		576,411
3.95%, 03/01/48 (Call 09/01/47)		460		554,495
4.50%, 04/01/44 (Call 10/01/43)		615		785,676
Series AC, 4.25%, 02/01/49 (Call 08/01/48)		345		437,497
Series AD, 2.90%, 07/01/50 (Call 01/01/50)		360		371,628
Series AF, 3.35%, 04/01/51 (Call 10/01/50)		125		139,973
Series K2, 6.95%, 03/15/33		10		13,954
CenterPoint Energy Inc., 3.70%, 09/01/49 (Call 03/01/49)^(a)		400		443,997
CEZ AS, 5.63%, 04/03/42^(b)		405		503,089
Cleco Corporate Holdings LLC, 4.97%, 05/01/46 (Call 11/01/45)^(a)		175		216,404
Cleco Power LLC
6.00%, 12/01/40^(a)		243		330,408
6.50%, 12/01/35^(a)		100		141,762
Cleveland Electric Illuminating Co. (The), 5.95%, 12/15/36		647		859,085
CMS Energy Corp.
4.70%, 03/31/43 (Call 09/30/42)		270		330,049
4.88%, 03/01/44 (Call 09/01/43)		276		353,892
Cometa Energia SA de CV, 6.38%, 04/24/35 (Call 01/24/35)^(b)		360		408,542
Comision Federal de Electricidad
3.88%, 07/26/33 (Call 04/26/33)^(a)(b)		780		750,750
4.68%, 02/09/51 (Call 08/09/50)^(b)		860		798,734
5.75%, 02/14/42^(b)		680		731,007
6.13%, 06/16/45^(b)		425		498,312
Commonwealth Edison Co. 3.00%, 03/01/50 (Call 09/01/49)		408		420,105


Security	Par (000)		Value

Electric (continued)
3.65%, 06/15/46 (Call 12/15/45)	$	625	$	712,412
3.70%, 03/01/45 (Call 09/01/44)		421		483,427
3.80%, 10/01/42 (Call 04/01/42)^(a)		466		536,454
4.00%, 03/01/48 (Call 09/01/47)^(a)		586		703,745
4.00%, 03/01/49 (Call 09/01/48)		343		413,125
4.35%, 11/15/45 (Call 05/15/45)^(a)		503		625,774
4.60%, 08/15/43 (Call 02/15/43)		155		196,947
4.70%, 01/15/44 (Call 07/15/43)		365		471,782
6.45%, 01/15/38		169		245,332
Series 123, 3.75%, 08/15/47 (Call 02/15/47)		597		694,229
Series 127, 3.20%, 11/15/49 (Call 05/15/49)		225		237,851
Series 130, 3.13%, 03/15/51 (Call 09/15/50)		384		404,426
Series 131, 2.75%, 09/01/51 (Call 03/01/51)		320		315,194
Connecticut Light & Power Co. (The)
4.00%, 04/01/48 (Call 10/01/47)		454		555,500
4.30%, 04/15/44 (Call 10/15/43)		449		550,098
6.35%, 06/01/36		200		278,285
Series A, 4.15%, 06/01/45 (Call 12/01/44)		145		181,133
Consolidated Edison Co. of New York Inc.
3.60%, 06/15/61 (Call 12/15/60)		560		605,668
3.70%, 11/15/59 (Call 05/15/59)		448		487,171
3.85%, 06/15/46 (Call 12/15/45)		510		571,323
3.95%, 03/01/43 (Call 09/01/42)		580		647,215
4.45%, 03/15/44 (Call 09/15/43)		731		874,285
4.50%, 12/01/45 (Call 06/01/45)		523		635,808
4.50%, 05/15/58 (Call 11/15/57)		576		717,951
4.63%, 12/01/54 (Call 06/01/54)		614		780,801
5.70%, 06/15/40		215		290,558
Series 05-A, 5.30%, 03/01/35		95		118,802
Series 06-A, 5.85%, 03/15/36		417		548,423
Series 06-B, 6.20%, 06/15/36		395		542,442
Series 06-E, 5.70%, 12/01/36		265		342,945
Series 07-A, 6.30%, 08/15/37^(a)		380		530,533
Series 08-B, 6.75%, 04/01/38^(a)		435		634,373
Series 09-C, 5.50%, 12/01/39		640		844,413
Series 12-A, 4.20%, 03/15/42		258		297,347
Series 2017, 3.88%, 06/15/47 (Call 12/15/46)		510		571,472
Series 20B, 3.95%, 04/01/50 (Call 10/01/49)^(a)		776		905,315
Series A, 4.13%, 05/15/49 (Call 11/15/48)		700		829,356
Series C, 3.00%, 12/01/60 (Call 06/01/60)		593		576,677
Series C, 4.00%, 11/15/57 (Call 05/15/57)		124		141,142
Series C, 4.30%, 12/01/56 (Call 06/01/56)		592		723,951
Series E, 4.65%, 12/01/48 (Call 06/01/48)		494		625,523
Consorcio Transmantaro SA, 4.70%, 01/16/34^(b)		765		843,420
Consumers Energy Co.
2.50%, 05/01/60 (Call 11/01/59)		473		433,701
2.65%, 08/15/52 (Call 02/15/52)^(a)		315		311,280
3.10%, 08/15/50 (Call 02/15/50)		516		555,663
3.25%, 08/15/46 (Call 02/15/46)(a)		470		504,441
3.50%, 08/01/51 (Call 02/01/51)		560		638,067
3.75%, 02/15/50 (Call 08/15/49)		308		363,086
3.95%, 05/15/43 (Call 11/15/42)		245		288,264
3.95%, 07/15/47 (Call 01/15/47)		330		392,121
4.05%, 05/15/48 (Call 11/15/47)		470		571,629
4.35%, 04/15/49 (Call 10/15/48)		640		816,772
4.35%, 08/31/64 (Call 02/28/64)^(a)		159		204,208
Dayton Power & Light Co. (The), 3.95%, 06/15/49
(Call 12/15/48)		354		407,972


Security	Par (000)		Value

Electric (continued)
Delmarva Power & Light Co.
4.00%, 06/01/42 (Call 12/01/41)^(a)	$	200	$	221,409
4.15%, 05/15/45 (Call 11/15/44)		250		301,659
Dominion Energy Inc.
4.70%, 12/01/44 (Call 06/01/44)		412		511,795
7.00%, 06/15/38		499		739,601
Series A, 4.60%, 03/15/49 (Call 09/15/48)		175		224,313
Series B, 3.30%, 04/15/41 (Call 10/15/40)		509		537,287
Series B, 5.95%, 06/15/35		489		649,815
Series C, 4.05%, 09/15/42 (Call 03/15/42)		335		384,601
Series C, 4.90%, 08/01/41 (Call 02/01/41)		799		1,003,332
Series E, 6.30%, 03/15/33		496		657,784
Series F, 5.25%, 08/01/33		645		798,100
Dominion Energy South Carolina Inc.
4.60%, 06/15/43 (Call 12/15/42)^(a)		423		531,428
5.10%, 06/01/65 (Call 12/01/64)		376		552,916
5.30%, 05/15/33^(a)		405		517,441
5.45%, 02/01/41 (Call 08/01/40)^(a)		425		578,704
6.05%, 01/15/38		228		321,019
DTE Electric Co.
2.95%, 03/01/50 (Call 09/01/49)		310		320,740
3.70%, 03/15/45 (Call 09/15/44)		504		574,684
3.70%, 06/01/46 (Call 12/01/45)		235		268,630
3.75%, 08/15/47 (Call 02/15/47)		290		337,594
3.95%, 06/15/42 (Call 12/15/41)		210		240,349
3.95%, 03/01/49 (Call 09/01/48)		388		467,480
4.30%, 07/01/44 (Call 01/01/44)		321		393,614
5.70%, 10/01/37		298		400,164
Series A, 4.00%, 04/01/43 (Call 10/01/42)		292		344,111
Series A, 4.05%, 05/15/48 (Call 11/15/47)		505		611,848
Series A, 6.63%, 06/01/36^(a)		235		336,457
Series B, 3.25%, 04/01/51 (Call 10/01/50)		392		430,987
Duke Energy Carolinas LLC
3.20%, 08/15/49 (Call 02/15/49)		691		732,861
3.45%, 04/15/51 (Call 10/15/50)		507		556,842
3.70%, 12/01/47 (Call 06/01/47)^(a)		447		508,728
3.75%, 06/01/45 (Call 12/01/44)		522		590,423
3.88%, 03/15/46 (Call 09/15/45)		418		483,060
3.95%, 03/15/48 (Call 09/15/47)		248		290,759
4.00%, 09/30/42 (Call 03/30/42)		608		699,404
4.25%, 12/15/41 (Call 06/15/41)		514		612,156
5.30%, 02/15/40		612		814,570
6.00%, 01/15/38		404		562,356
6.05%, 04/15/38		619		868,546
6.10%, 06/01/37		568		776,848
6.45%, 10/15/32		321		434,814
Duke Energy Corp.
3.25%, 10/15/26 (Call 01/15/27)^(d)		75		74,491
3.30%, 06/15/41 (Call 12/15/40)		637		651,613
3.50%, 06/15/51 (Call 12/15/50)		372		392,319
3.75%, 09/01/46 (Call 03/01/46)		803		873,828
3.95%, 08/15/47 (Call 02/15/47)		431		483,382
4.20%, 06/15/49 (Call 12/15/48)		619		717,409
4.80%, 12/15/45 (Call 06/15/45)		487		611,068
Duke Energy Florida LLC
3.40%, 10/01/46 (Call 04/01/46)		653		708,730
3.85%, 11/15/42 (Call 05/15/42)		445		507,336
4.20%, 07/15/48 (Call 01/15/48)		352		428,922
5.65%, 04/01/40		341		470,866
6.35%, 09/15/37		371		539,510


Security	Par (000)		Value

Electric (continued)
6.40%, 06/15/38	$	415	$	603,341
Duke Energy Indiana LLC
2.75%, 04/01/50 (Call 10/01/49)		465		452,459
3.75%, 05/15/46 (Call 11/15/45)		286		328,039
6.12%, 10/15/35		685		923,293
6.35%, 08/15/38		460		659,337
6.45%, 04/01/39		380		548,892
Series UUU, 4.20%, 03/15/42 (Call 09/15/41)		299		346,641
Series WWW, 4.90%, 07/15/43 (Call 01/15/43)		296		377,900
Series YYY, 3.25%, 10/01/49 (Call 04/01/49)		306		323,507
Duke Energy Ohio Inc.
3.70%, 06/15/46 (Call 12/15/45)		375		427,346
4.30%, 02/01/49 (Call 08/01/48)		392		487,594
Duke Energy Progress LLC
2.50%, 08/15/50 (Call 02/15/50)		475		441,315
2.90%, 08/15/51 (Call 02/15/51)		307		309,220
3.60%, 09/15/47 (Call 03/15/47)		470		524,704
3.70%, 10/15/46 (Call 04/15/46)		457		517,588
4.10%, 05/15/42 (Call 11/15/41)		557		651,617
4.10%, 03/15/43 (Call 09/15/42)		411		485,385
4.15%, 12/01/44 (Call 06/01/44)		480		570,577
4.20%, 08/15/45 (Call 02/15/45)		342		413,190
4.38%, 03/30/44 (Call 09/30/43)		325		396,165
6.30%, 04/01/38		205		292,884
E.ON International Finance BV, 6.65%, 04/30/38^(a)(b)		1,004		1,457,884
El Paso Electric Co.
5.00%, 12/01/44 (Call 06/01/44)		90		110,457
6.00%, 05/15/35^(a)		809		1,068,576
Electricite de France SA
4.75%, 10/13/35 (Call 04/13/35)^(b)		344		413,546
4.88%, 09/21/38 (Call 03/21/38)^(b)		750		926,227
4.88%, 01/22/44^(b)		869		1,100,316
4.95%, 10/13/45 (Call 04/13/45)^(b)		1,008		1,310,900
5.00%, 09/21/48 (Call 03/21/48)^(a)(b)		1,069		1,425,839
5.25%, 10/13/55 (Call 04/13/55)^(b)		291		394,890
5.60%, 01/27/40^(a)(b)		695		930,891
6.00%, 01/22/2114^(b)		539		777,160
6.95%, 01/26/39^(b)		1,470		2,210,963
Emera U.S. Finance LP, 4.75%, 06/15/46 (Call 12/15/45)		1,084		1,298,965
Emirates Semb Corp. Water & Power Co. PJSC, 4.45%, 08/01/35^(a)(b)		250		286,500
Empresa de Transmision Electrica SA, 5.13%, 05/02/49^(b)		450		510,520
Enel Finance International NV
2.88%, 07/12/41 (Call 01/12/41)^(b)		280		272,903
4.75%, 05/25/47^(b)		900		1,138,109
6.00%, 10/07/39^(b)		1,932		2,644,223
6.80%, 09/15/37^(b)		515		745,167
Entergy Arkansas LLC
2.65%, 06/15/51 (Call 12/15/50)		597		570,868
3.35%, 06/15/52 (Call 12/15/51)		403		435,907
4.20%, 04/01/49 (Call 10/01/48)^(a)		368		454,772
4.95%, 12/15/44 (Call 12/15/24)		190		206,372
Entergy Corp., 3.75%, 06/15/50 (Call 12/15/49)		435		476,049
Entergy Louisiana LLC
2.35%, 06/15/32 (Call 03/15/32)		571		569,105
2.90%, 03/15/51 (Call 09/15/50)		649		649,186
3.10%, 06/15/41 (Call 12/15/40)		279		289,325
4.00%, 03/15/33 (Call 12/15/32)		556		637,871
4.20%, 09/01/48 (Call 03/01/48)		854		1,052,348
4.20%, 04/01/50 (Call 10/01/49)		501		613,882


Security	Par (000)		Value

Electric (continued)
4.95%, 01/15/45 (Call 01/15/25)	$	230	$	249,212
Entergy Mississippi LLC
3.50%, 12/01/50 (Call 03/01/51)^(a)		195		217,354
3.85%, 06/01/49 (Call 12/01/48)		435		508,736
Entergy Texas Inc.
3.55%, 09/30/49 (Call 03/30/49)^(a)		350		378,886
4.50%, 03/30/39 (Call 09/30/38)		143		169,804
5.15%, 06/01/45 (Call 06/01/25)		25		27,194
Evergy Kansas Central Inc.
3.25%, 09/01/49 (Call 03/01/49)		330		351,600
3.45%, 04/15/50 (Call 10/15/49)		457		499,698
4.10%, 04/01/43 (Call 10/01/42)		428		503,569
4.13%, 03/01/42 (Call 09/01/41)		356		418,847
4.25%, 12/01/45 (Call 06/01/45)		247		301,239
4.63%, 09/01/43 (Call 03/01/43)		139		170,100
Evergy Kansas South Inc., 4.30%, 07/15/44
(Call 01/15/44)^(b)		70		84,429
Evergy Metro Inc.
4.20%, 06/15/47 (Call 12/15/46)		300		366,965
4.20%, 03/15/48 (Call 09/15/47)^(a)		315		388,795
5.30%, 10/01/41 (Call 04/01/41)^(a)		344		458,339
Series 2019, 4.13%, 04/01/49 (Call 10/01/48)		435		529,392
Eversource Energy, 3.45%, 01/15/50 (Call 07/15/49)		585		626,700
Exelon Corp.
4.45%, 04/15/46 (Call 10/15/45)		658		814,107
4.70%, 04/15/50 (Call 10/15/49)		703		905,307
4.95%, 06/15/35 (Call 12/15/34)		350		423,719
5.10%, 06/15/45 (Call 12/15/44)		696		925,750
5.63%, 06/15/35^(a)		477		613,257
7.60%, 04/01/32		210		297,513
Exelon Generation Co. LLC
5.60%, 06/15/42 (Call 12/15/41)		463		560,420
5.75%, 10/01/41 (Call 04/01/41)^(a)		583		713,494
6.25%, 10/01/39		873		1,116,852
Florida Power & Light Co.
3.15%, 10/01/49 (Call 04/01/49)		515		562,478
3.70%, 12/01/47 (Call 06/01/47)		648		764,409
3.80%, 12/15/42 (Call 06/15/42)		417		489,318
3.95%, 03/01/48 (Call 09/01/47)		830		1,018,170
3.99%, 03/01/49 (Call 09/01/48)		505		627,023
4.05%, 06/01/42 (Call 12/01/41)		563		673,642
4.05%, 10/01/44 (Call 04/01/44)		454		551,439
4.13%, 02/01/42 (Call 08/01/41)		580		702,832
4.13%, 06/01/48 (Call 12/01/47)		457		578,636
4.95%, 06/01/35		705		905,744
5.13%, 06/01/41 (Call 12/01/40)		100		131,711
5.25%, 02/01/41 (Call 08/01/40)		405		551,061
5.63%, 04/01/34		200		266,337
5.65%, 02/01/37		116		158,405
5.69%, 03/01/40		281		397,937
5.95%, 10/01/33^(a)		465		626,531
5.95%, 02/01/38		920		1,312,391
5.96%, 04/01/39		245		352,605
Georgia Power Co.
4.30%, 03/15/42		884		1,019,188
4.30%, 03/15/43		316		365,772
5.40%, 06/01/40		100		126,133
Series 10-C, 4.75%, 09/01/40		435		522,657
Series A, 3.25%, 03/15/51 (Call 09/15/50)		803		820,404
Series B, 3.70%, 01/30/50 (Call 07/30/49)^(a)		528		573,078


Security	Par (000)		Value

Electric (continued)
Great River Energy, 6.25%, 07/01/38^(a)(b)	$	126	$	152,182
Iberdrola International BV, 6.75%, 07/15/36^(a)		540		795,413
Idaho Power Co.
3.65%, 03/01/45 (Call 09/01/44)^(a)		209		234,540
Series K, 4.20%, 03/01/48 (Call 09/01/47)		280		344,512
Indiana Michigan Power Co.
3.25%, 05/01/51 (Call 11/01/50)		345		367,983
4.25%, 08/15/48 (Call 02/15/48)		270		333,099
6.05%, 03/15/37		339		466,832
Series K, 4.55%, 03/15/46 (Call 09/15/45)		320		402,076
Series L, 3.75%, 07/01/47 (Call 01/01/47)		325		373,473
Indianapolis Power & Light Co.
4.05%, 05/01/46 (Call 11/01/45)^(b)		269		318,953
4.70%, 09/01/45 (Call 03/01/45)^(b)		222		284,706
Infraestructura Energetica Nova SAB de CV
4.75%, 01/15/51 (Call 07/15/50)^(b)		775		791,383
4.88%, 01/14/48^(a)(b)		335		342,538
International Transmission Co., 4.63%, 08/15/43 (Call 02/15/43)		150		187,102
Interstate Power & Light Co.
3.50%, 09/30/49 (Call 03/30/49)		235		262,543
3.70%, 09/15/46 (Call 03/15/46)^(a)		255		289,347
4.70%, 10/15/43 (Call 04/15/43)		238		296,152
6.25%, 07/15/39		250		355,004
ITC Holdings Corp., 5.30%, 07/01/43 (Call 01/01/43)		238		316,076
Jersey Central Power & Light Co.
2.75%, 03/01/32 (Call 12/01/31)^(a)(b)		80		81,770
6.15%, 06/01/37		186		249,424
Kentucky Utilities Co.
3.30%, 06/01/50 (Call 12/01/49)		445		480,339
4.38%, 10/01/45 (Call 04/01/45)		455		561,457
5.13%, 11/01/40 (Call 05/01/40)		1,032		1,339,150
Series 1, 4.65%, 11/15/43 (Call 05/15/43)		200		247,695
LLPL Capital Pte Ltd., 6.88%, 02/04/39^(a)(b)		314		359,177
Louisville Gas & Electric Co.
4.25%, 04/01/49 (Call 10/01/48)		409		506,388
4.38%, 10/01/45 (Call 04/01/45)		240		289,325
4.65%, 11/15/43 (Call 05/15/43)		165		205,225
Louisville Gas and Electric Co., 5.13%, 05/01/40 (Call 05/15/40)		75		96,066
Massachusetts Electric Co.
4.00%, 08/15/46 (Call 02/15/46)^(b)		705		788,683
5.90%, 11/15/39^(a)(b)		245		332,303
Mexico Generadora de Energia S de rl, 5.50%, 12/06/32^(b)		75		83,767
MidAmerican Energy Co.
2.70%, 08/01/52 (Call 02/01/52)		1,080		1,063,855
3.15%, 04/15/50 (Call 10/15/49)		680		726,155
3.65%, 08/01/48 (Call 02/01/48)		805		921,966
3.95%, 08/01/47 (Call 02/01/47)		550		659,549
4.25%, 05/01/46 (Call 11/01/45)		366		452,226
4.25%, 07/15/49 (Call 01/15/49)		814		1,023,490
4.40%, 10/15/44 (Call 04/15/44)		115		142,369
4.80%, 09/15/43 (Call 03/15/43)		456		588,642
5.75%, 11/01/35^(a)		221		296,106
5.80%, 10/15/36		795		1,093,130
Minejesa Capital BV, 5.63%, 08/10/37^(b)		520		550,550
Mississippi Power Co.
Series 12-A, 4.25%, 03/15/42		510		602,771
Series B, 3.10%, 07/30/51 (Call 01/30/51)^(a)		340		349,062


Security	Par (000)		Value

Electric (continued)
Monongahela Power Co., 5.40%, 12/15/43 (Call 06/15/43)^(b)	$	222	$	290,577
Narragansett Electric Co. (The)
4.17%, 12/10/42^(b)		395		445,398
5.64%, 03/15/40^(b)		110		143,725
National Grid USA, 5.80%, 04/01/35^(a)		480		596,882
National Rural Utilities Cooperative Finance Corp.
4.02%, 11/01/32 (Call 05/01/32)		328		378,980
4.30%, 03/15/49 (Call 09/15/48)		443		556,847
4.40%, 11/01/48 (Call 05/01/48)		262		335,549
Series C, 8.00%, 03/01/32		335		493,489
Nevada Power Co.
5.38%, 09/15/40 (Call 03/15/40)		325		424,405
5.45%, 05/15/41 (Call 11/15/40)^(a)		130		171,793
Series EE, 3.13%, 08/01/50 (Call 02/01/50)		171		178,137
Series N, 6.65%, 04/01/36		415		599,388
Series R, 6.75%, 07/01/37		270		399,843
New England Power Co.
2.81%, 10/06/50 (Call 04/06/50)^(b)		379		360,479
3.80%, 12/05/47 (Call 06/05/47)^(b)		730		814,170
New York State Electric & Gas Corp., 3.30%, 09/15/49 (Call 03/15/49)^(a)(b)		155		164,307
Niagara Mohawk Power Corp.
3.03%, 06/27/50 (Call 12/27/49)^(b)		577		566,427
4.12%, 11/28/42^(b)		35		39,436
4.28%, 10/01/34 (Call 04/01/34)^(a)(b)		260		298,623
Northern States Power Co./MN
2.60%, 06/01/51 (Call 12/01/50)		504		491,270
2.90%, 03/01/50 (Call 09/01/49)		575		593,137
3.20%, 04/01/52 (Call 10/01/51)		466		506,244
3.40%, 08/15/42 (Call 02/15/42)		520		574,141
3.60%, 05/15/46 (Call 11/15/45)		290		329,670
3.60%, 09/15/47 (Call 03/15/47)		248		284,120
4.00%, 08/15/45 (Call 02/15/45)		305		364,218
4.13%, 05/15/44 (Call 11/15/43)		368		446,513
4.85%, 08/15/40 (Call 02/15/40)^(a)		95		120,462
5.25%, 07/15/35		322		416,859
5.35%, 11/01/39		240		328,985
6.20%, 07/01/37^(a)		260		377,804
6.25%, 06/01/36		361		515,361
NorthWestern Corp., 4.18%, 11/15/44 (Call 05/15/44)		53		61,925
NSTAR Electric Co.
3.10%, 06/01/51 (Call 12/01/50)		220		234,246
4.40%, 03/01/44 (Call 09/01/43)		365		451,951
5.50%, 03/15/40		307		421,320
Oglethorpe Power Corp.
3.75%, 08/01/50 (Call 02/01/50)^(a)		485		529,553
4.20%, 12/01/42^(a)		235		255,721
4.25%, 04/01/46 (Call 10/01/45)^(a)		235		257,590
4.55%, 06/01/44		260		298,424
5.05%, 10/01/48 (Call 04/01/48)		463		587,496
5.25%, 09/01/50		285		363,187
5.38%, 11/01/40^(a)		225		282,862
5.95%, 11/01/39		363		485,081
Ohio Edison Co.
6.88%, 07/15/36		455		650,575
8.25%, 10/15/38^(a)		325		531,875
Ohio Power Co.
4.00%, 06/01/49 (Call 12/01/48)^(a)		225		265,069
4.15%, 04/01/48 (Call 10/01/47)		370		448,156


Security	Par (000)		Value

Electric (continued)
Series D, 6.60%, 03/01/33	$	205	$	276,906
Series F, 5.85%, 10/01/35		60		80,273
Series G, 6.60%, 02/15/33		256		345,528
Series R, 2.90%, 10/01/51 (Call 04/01/51)		345		343,494
Oklahoma Gas & Electric Co.
3.85%, 08/15/47 (Call 02/15/47)^(a)		500		578,563
4.00%, 12/15/44 (Call 06/15/44)		30		33,784
4.15%, 04/01/47 (Call 10/01/46)^(a)		340		410,479
4.55%, 03/15/44 (Call 09/15/43)		15		18,223
5.85%, 06/01/40^(a)		365		500,993
Oklahoma Gas and Electric Co., 3.90%, 05/01/43
(Call 11/01/42)		50		55,761
Oncor Electric Delivery Co. LLC
3.10%, 09/15/49 (Call 03/15/49)		533		575,307
3.70%, 05/15/50 (Call 11/15/49)		125		148,492
3.75%, 04/01/45 (Call 10/01/44)		581		680,178
3.80%, 09/30/47 (Call 03/30/47)		260		307,903
3.80%, 06/01/49 (Call 12/01/48)		305		366,165
4.10%, 11/15/48 (Call 05/15/48)		413		512,359
4.55%, 12/01/41 (Call 06/01/41)		330		419,663
5.25%, 09/30/40		435		592,270
5.30%, 06/01/42 (Call 12/01/41)		320		438,657
7.00%, 05/01/32		214		301,087
7.25%, 01/15/33^(a)		521		760,032
7.50%, 09/01/38		380		610,774
Series WI, 5.35%, 10/01/52 (Call 04/01/52)		294		442,317
Pacific Gas & Electric Co., 4.50%, 12/15/41
(Call 06/15/41)^(a)		285		285,000
Pacific Gas and Electric Co.
3.30%, 08/01/40 (Call 02/01/40)		610		575,721
3.50%, 08/01/50 (Call 02/01/50)		1,630		1,549,275
3.75%, 08/15/42 (Call 02/15/42)		435		412,042
3.95%, 12/01/47 (Call 06/01/47)		555		548,164
4.00%, 12/01/46 (Call 06/01/46)		545		541,372
4.20%, 06/01/41 (Call 12/01/40)^(a)		488		491,931
4.25%, 03/15/46 (Call 09/15/45)		495		503,358
4.30%, 03/15/45 (Call 09/15/44)		485		490,868
4.45%, 04/15/42 (Call 10/15/41)		420		427,743
4.50%, 07/01/40 (Call 01/01/40)		1,663		1,730,837
4.60%, 06/15/43 (Call 12/15/42)		366		374,428
4.75%, 02/15/44 (Call 08/15/43)		479		495,213
4.95%, 07/01/50 (Call 01/01/50)		2,510		2,778,123
PacifiCorp.
2.90%, 06/15/52 (Call 12/15/51)		379		376,984
3.30%, 03/15/51 (Call 09/15/50)		400		423,386
4.10%, 02/01/42 (Call 08/01/41)		287		334,047
4.13%, 01/15/49 (Call 07/15/48)		550		657,933
4.15%, 02/15/50 (Call 08/15/49)		632		762,360
5.25%, 06/15/35^(a)		260		331,865
5.75%, 04/01/37		390		525,701
6.00%, 01/15/39		754		1,053,465
6.10%, 08/01/36		610		839,145
6.25%, 10/15/37		465		655,988
6.35%, 07/15/38		295		423,719
PECO Energy Co.
2.80%, 06/15/50 (Call 12/15/49)		342		340,285
2.85%, 09/15/51 (Call 03/15/51)		205		205,720
3.00%, 09/15/49 (Call 03/15/49)		406		417,759
3.05%, 03/15/51 (Call 09/15/50)		170		177,392
3.70%, 09/15/47 (Call 03/15/47)		69		79,361


Security	Par (000)		Value

Electric (continued)
3.90%, 03/01/48 (Call 09/01/47)	$	591	$	697,643
4.15%, 10/01/44 (Call 04/01/44)		345		422,903
4.80%, 10/15/43 (Call 04/15/43)		311		400,187
5.95%, 10/01/36		111		156,059
Pennsylvania Electric Co., 6.15%, 10/01/38		285		389,752
Perusahaan Listrik Negara PT, 4.00%, 06/30/50 (Call 12/30/49)^(b)		1,135		1,098,112
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara
4.38%, 02/05/50^(b)		235		237,070
4.88%, 07/17/49^(a)(b)		901		956,168
5.25%, 10/24/42^(b)		1,025		1,140,312
5.25%, 05/15/47^(b)		30		33,225
6.15%, 05/21/48^(b)		950		1,172,594
6.25%, 01/25/49^(a)(b)		465		582,412
Potomac Electric Power Co.
4.15%, 03/15/43 (Call 09/15/42)		561		667,993
6.50%, 11/15/37		515		749,983
7.90%, 12/15/38^(a)		245		399,729
PPL Electric Utilities Corp.
3.00%, 10/01/49 (Call 04/01/49)^(a)		407		430,124
3.95%, 06/01/47 (Call 12/01/46)		396		476,800
4.13%, 06/15/44 (Call 12/15/43)		350		422,514
4.15%, 10/01/45 (Call 04/01/45)		380		463,816
4.15%, 06/15/48 (Call 12/15/47)		297		371,528
4.75%, 07/15/43 (Call 01/15/43)^(a)		250		326,388
5.20%, 07/15/41 (Call 01/15/41)		90		117,864
6.25%, 05/15/39		45		65,133
Progress Energy Inc., 6.00%, 12/01/39		480		659,145
Public Service Co. of Colorado
3.55%, 06/15/46 (Call 12/15/45)		265		290,681
3.60%, 09/15/42 (Call 03/15/42)^(a)		282		316,701
3.80%, 06/15/47 (Call 12/15/46)		282		329,599
3.95%, 03/15/43 (Call 09/15/42)^(a)		200		229,135
4.05%, 09/15/49 (Call 03/15/49)		245		301,327
4.10%, 06/15/48 (Call 12/15/47)		475		582,727
4.30%, 03/15/44 (Call 09/15/43)		237		288,401
4.75%, 08/15/41 (Call 02/15/41)		129		161,197
6.50%, 08/01/38^(a)		275		412,032
Series 17, 6.25%, 09/01/37^(a)		335		492,344
Series 34, 3.20%, 03/01/50 (Call 09/01/49)		455		488,907
Series 36, 2.70%, 07/15/49 (Call 07/15/50)		475		469,942
Public Service Co. of New Hampshire, 3.60%, 07/01/49 (Call 01/01/49)		256		295,725
Public Service Co. of Oklahoma
Series G, 6.63%, 11/15/37		95		136,599
Series K, 3.15%, 08/15/51 (Call 02/15/51)^(a)		200		205,250
Public Service Electric & Gas Co.
2.05%, 08/01/50 (Call 02/01/50)		351		305,904
2.70%, 05/01/50 (Call 11/01/49)		405		402,142
3.15%, 01/01/50 (Call 07/01/49)		251		267,293
3.20%, 08/01/49 (Call 02/01/49)^(a)		275		296,781
3.60%, 12/01/47 (Call 06/01/47)		368		419,923
3.65%, 09/01/42 (Call 03/01/42)		390		440,446
3.80%, 01/01/43 (Call 07/01/42)		140		159,990
3.80%, 03/01/46 (Call 09/01/45)		409		481,691
3.85%, 05/01/49 (Call 11/01/48)		400		476,263
3.95%, 05/01/42 (Call 11/01/41)^(a)		293		343,395
4.05%, 05/01/48 (Call 11/01/47)		190		231,586
4.15%, 11/01/45 (Call 05/01/45)		271		321,124


Security	Par (000)		Value

Electric (continued)
5.38%, 11/01/39	$	135	$	180,797
5.50%, 03/01/40		495		671,380
5.80%, 05/01/37		349		483,441
Series I, 4.00%, 06/01/44 (Call 12/01/43)		55		63,969
Series K, 4.05%, 05/01/45 (Call 11/01/44)		275		324,047
Public Service Electric and Gas Co.
3.00%, 03/01/51 (Call 09/01/50)		402		419,188
5.70%, 12/01/36^(a)		190		258,267
Puget Sound Energy Inc.
2.89%, 09/15/51 (Call 03/15/51)^(a)		230		231,615
3.25%, 09/15/49 (Call 03/15/49)		390		412,652
4.22%, 06/15/48 (Call 12/15/47)		395		481,748
4.30%, 05/20/45 (Call 11/20/44)		354		431,016
4.43%, 11/15/41 (Call 05/15/41)^(a)		205		243,387
5.48%, 06/01/35		511		644,303
5.64%, 04/15/41 (Call 10/15/40)		430		584,668
5.76%, 10/01/39^(a)		420		576,795
5.76%, 07/15/40		50		68,108
5.80%, 03/15/40		401		556,881
6.27%, 03/15/37		215		296,365
Ruwais Power Co. PJSC, 6.00%, 08/31/36^(b)		450		599,625
San Diego Gas & Electric Co.
3.95%, 11/15/41		210		231,349
4.15%, 05/15/48 (Call 11/15/47)		318		386,579
4.30%, 04/01/42 (Call 10/01/41)		230		270,003
4.50%, 08/15/40		449		551,154
5.35%, 05/15/35		15		18,954
5.35%, 05/15/40^(a)		90		119,789
6.00%, 06/01/39		263		366,800
Series FFF, 6.13%, 09/15/37		25		34,478
Series RRR, 3.75%, 06/01/47 (Call 12/01/46)		428		491,232
Series TTT, 4.10%, 06/15/49 (Call 12/15/48)		335		406,766
Series UUU, 3.32%, 04/15/50 (Call 10/15/49)		349		373,060
Series WWW, 2.95%, 08/15/51 (Call 02/15/51)		450		456,822
Saudi Electricity Global Sukuk Co. 2, 5.06%, 04/08/43^(b)		425		514,250
Saudi Electricity Global Sukuk Co. 3, 5.50%, 04/08/44^(a)(b)		1,269		1,621,137
Sempra Energy
3.80%, 02/01/38 (Call 08/01/37)		880		974,677
4.00%, 02/01/48 (Call 08/01/47)		821		927,568
6.00%, 10/15/39^(a)		857		1,190,074
Sierra Pacific Power Co., Series P, 6.75%, 07/01/37		150		216,478
Solar Star Funding LLC, 3.95%, 06/30/35^(b)		16		17,348
Southern California Edison Co.
3.65%, 02/01/50 (Call 08/01/49)		935		1,008,246
3.90%, 12/01/41 (Call 06/01/41)^(a)		117		121,537
4.00%, 04/01/47 (Call 10/01/46)		1,091		1,212,920
4.05%, 03/15/42 (Call 09/15/41)		412		447,124
4.50%, 09/01/40 (Call 03/01/40)		549		632,824
4.65%, 10/01/43 (Call 04/01/43)		614		729,314
5.50%, 03/15/40		650		821,079
5.63%, 02/01/36		444		558,115
6.00%, 01/15/34		632		821,185
6.05%, 03/15/39		662		884,264
Series 04-G, 5.75%, 04/01/35		280		357,309
Series 05-B, 5.55%, 01/15/36^(a)		270		332,186
Series 05-E, 5.35%, 07/15/35		590		728,869
Series 06-E, 5.55%, 01/15/37		250		310,528
Series 08-A, 5.95%, 02/01/38		642		840,955
Series 13-A, 3.90%, 03/15/43 (Call 09/15/42)		284		300,820
Series 20A, 2.95%, 02/01/51 (Call 08/01/50)		591		563,102


Security	Par (000)		Value

Electric (continued)
Series B, 4.88%, 03/01/49 (Call 09/01/48)	$	424	$	533,343
Series C, 3.60%, 02/01/45 (Call 08/01/44)		392		407,219
Series C, 4.13%, 03/01/48 (Call 09/01/47)		752		847,411
Series H, 3.65%, 06/01/51 (Call 12/01/50)		365		391,445
Southern Co. (The)
4.25%, 07/01/36 (Call 01/01/36)^(a)		621		709,502
4.40%, 07/01/46 (Call 01/01/46)		1,040		1,239,148
Southern Power Co.
5.15%, 09/15/41		645		790,446
5.25%, 07/15/43		325		408,037
Series F, 4.95%, 12/15/46 (Call 06/15/46)		400		489,071
Southwestern Electric Power Co.
6.20%, 03/15/40		629		875,950
Series J, 3.90%, 04/01/45 (Call 10/01/44)		416		464,110
Series L, 3.85%, 02/01/48 (Call 08/01/47)		388		433,482
Southwestern Public Service Co.
3.40%, 08/15/46 (Call 02/15/46)		162		176,237
3.70%, 08/15/47 (Call 02/15/47)		315		357,800
3.75%, 06/15/49 (Call 12/15/48)		371		427,976
4.50%, 08/15/41 (Call 02/15/41)		202		249,175
6.00%, 10/01/36^(a)		408		540,188
Series 6, 4.40%, 11/15/48 (Call 05/15/48)		210		265,401
Series 8, 3.15%, 05/01/50 (Call 11/01/49)		248		262,072
State Grid Overseas Investment 2014 Ltd., 4.85%, 05/07/44^(b)		940		1,235,834
State Grid Overseas Investment 2016 Ltd., 4.00%, 05/04/47^(a)(b)		260		314,829
Tampa Electric Co.
3.45%, 03/15/51 (Call 09/15/50)		370		409,166
3.63%, 06/15/50 (Call 12/15/49)		290		330,722
4.10%, 06/15/42 (Call 12/15/41)		310		360,026
4.20%, 05/15/45 (Call 11/15/44)		260		303,216
4.30%, 06/15/48 (Call 12/15/47)		260		322,343
4.35%, 05/15/44 (Call 11/15/43)		285		345,727
4.45%, 06/15/49 (Call 12/15/48)		300		383,795
6.15%, 05/15/37		135		187,654
6.55%, 05/15/36		235		336,435
Toledo Edison Co. (The), 6.15%, 05/15/37		280		386,653
Tri-State Generation & Transmission Association Inc.
4.25%, 06/01/46 (Call 12/01/45)^(a)		195		221,020
4.70%, 11/01/44 (Call 05/01/44)		185		224,390
6.00%, 06/15/40^(a)(b)		554		758,662
Tucson Electric Power Co.
3.25%, 05/01/51 (Call 11/01/50)^(a)		235		245,693
4.00%, 06/15/50 (Call 12/15/49)		213		251,863
4.85%, 12/01/48 (Call 06/01/48)		200		261,947
Union Electric Co.
2.63%, 03/15/51 (Call 09/15/50)^(a)		325		318,366
3.25%, 10/01/49 (Call 04/01/49)		165		179,299
3.65%, 04/15/45 (Call 10/15/44)^(a)		240		273,577
3.90%, 09/15/42 (Call 03/15/42)^(a)		605		696,648
4.00%, 04/01/48 (Call 10/01/47)		423		510,540
5.30%, 08/01/37		15		19,350
8.45%, 03/15/39		385		658,581
Virginia Electric & Power Co.
2.45%, 12/15/50 (Call 06/15/50)		698		653,039
3.30%, 12/01/49 (Call 06/01/49)^(a)		437		480,597
4.00%, 01/15/43 (Call 07/15/42)		571		664,567
4.45%, 02/15/44 (Call 08/15/43)		275		338,679
4.60%, 12/01/48 (Call 06/01/48)		490		639,090


Security	Par (000)		Value

Electric (continued)
6.35%, 11/30/37	$	110	$	157,405
8.88%, 11/15/38		702		1,239,847
Series A, 6.00%, 05/15/37		78		107,820
Series B, 3.80%, 09/15/47 (Call 03/15/47)		475		549,335
Series B, 4.20%, 05/15/45 (Call 11/15/44)		232		279,697
Series B, 6.00%, 01/15/36		468		639,546
Series C, 4.00%, 11/15/46 (Call 05/15/46)		439		519,017
Series D, 4.65%, 08/15/43 (Call 02/15/43)		551		688,978
Wisconsin Electric Power Co.
3.65%, 12/15/42 (Call 06/15/42)		100		109,103
4.30%, 12/15/45 (Call 06/15/45)		185		221,576
4.30%, 10/15/48 (Call 04/15/48)		306		384,291
5.63%, 05/15/33^(a)		315		407,158
5.70%, 12/01/36		210		281,021
Wisconsin Power & Light Co., 4.10%, 10/15/44 (Call 04/15/44)		83		97,009
Wisconsin Power and Light Co.
3.65%, 04/01/50 (Call 10/01/49)		300		345,497
6.38%, 08/15/37		300		427,851
7.60%, 10/01/38		25		39,390
Wisconsin Public Service Corp.
3.30%, 09/01/49 (Call 03/01/49)		285		307,092
3.67%, 12/01/42		300		337,990
4.75%, 11/01/44 (Call 05/01/44)		415		532,074
Xcel Energy Inc.
3.50%, 12/01/49 (Call 06/01/49)		381		414,299
4.80%, 09/15/41 (Call 03/15/41)		489		603,139
6.50%, 07/01/36		350		497,238

				310,188,012

Electrical Components & Equipment — 0.0%
Emerson Electric Co.
2.75%, 10/15/50 (Call 04/15/50)		713		703,391
5.25%, 11/15/39		120		159,408
6.00%, 08/15/32		100		134,677
6.13%, 04/15/39^(a)		160		228,379

				1,225,855

Electronics — 0.1%
Fortive Corp., 4.30%, 06/15/46 (Call 12/15/45)^(a)		464		558,834
Honeywell International Inc.
2.80%, 06/01/50 (Call 12/01/49)^(a)		624		654,088
3.81%, 11/21/47 (Call 05/21/47)		666		807,603
5.38%, 03/01/41^(a)		280		392,302
5.70%, 03/15/37		200		275,250
Tyco Electronics Group SA, 7.13%, 10/01/37		823		1,247,274

				3,935,351

Engineering & Construction — 0.2%
Aeropuerto Internacional de Tocumen SA
4.00%, 08/11/41 (Call 08/11/40)^(a)(b)		190		190,796
5.13%, 08/11/61 (Call 08/11/60)^(b)		1,160		1,207,861
Interchile SA, 4.50%, 06/30/56 (Call 12/30/55)^(b)		950		1,001,851
Mexico City Airport Trust
5.50%, 10/31/46 (Call 04/30/46)^(b)		610		616,869
5.50%, 07/31/47 (Call 01/31/47)^(b)		1,709		1,735,489

				4,752,866

Environmental Control — 0.2%
Republic Services Inc.
1.75%, 02/15/32 (Call 11/15/31)		1,064		1,007,851
3.05%, 03/01/50 (Call 09/01/49)^(a)		517		539,761
5.70%, 05/15/41 (Call 11/15/40)^(a)		210		286,267


Security	Par (000)		Value

Environmental Control (continued)
6.20%, 03/01/40	$	45	$	64,576
Waste Connections Inc.
2.95%, 01/15/52 (Call 07/15/51)		870		866,000
3.05%, 04/01/50 (Call 10/01/49)		299		304,139
Waste Management Inc.
2.50%, 11/15/50 (Call 05/15/50)		752		713,206
2.95%, 06/01/41 (Call 12/01/40)		745		772,107
3.90%, 03/01/35 (Call 09/01/34)^(a)		478		541,043
4.10%, 03/01/45 (Call 09/01/44)		160		194,265
4.15%, 07/15/49 (Call 01/15/49)		243		305,592

				5,594,807

Food — 1.5%
Bimbo Bakeries USA Inc., 4.00%, 05/17/51 (Call 11/17/50)^(a)^(b)		450		495,761
Campbell Soup Co.
3.13%, 04/24/50 (Call 10/24/49)^(a)		457		454,618
4.80%, 03/15/48 (Call 09/15/47)^(a)		617		781,463
Conagra Brands Inc.
5.30%, 11/01/38 (Call 05/01/38)		988		1,252,985
5.40%, 11/01/48 (Call 05/01/48)^(a)		819		1,110,636
General Mills Inc.
3.00%, 02/01/51 (Call 08/01/50)^(a)(b)		468		478,107
4.15%, 02/15/43 (Call 08/15/42)		60		70,603
4.55%, 04/17/38 (Call 10/17/37)		530		632,157
4.70%, 04/17/48 (Call 10/17/47)		417		548,903
5.40%, 06/15/40		500		663,515
Grupo Bimbo SAB de CV
4.00%, 03/06/49^(a)(b)		835		917,807
4.70%, 11/10/47 (Call 05/10/47)^(b)		430		520,440
4.88%, 06/27/44^(b)		200		240,270
Hershey Co. (The)
2.65%, 06/01/50 (Call 12/01/49)		334		332,453
3.13%, 11/15/49 (Call 05/15/49)		175		189,559
3.38%, 08/15/46 (Call 02/15/46)		416		469,479
Hormel Foods Corp., 3.05%, 06/03/51 (Call 12/03/50)^(a)		565		602,770
Ingredion Inc.
3.90%, 06/01/50 (Call 12/01/49)		451		519,856
6.63%, 04/15/37^(a)		169		237,379
J M Smucker Co. (The)
2.13%, 03/15/32 (Call 12/15/31)		500		487,004
2.75%, 09/15/41 (Call 03/15/41)		355		343,973
JM Smucker Co. (The)
3.55%, 03/15/50 (Call 09/15/49)^(a)		270		297,611
4.25%, 03/15/35		352		411,064
4.38%, 03/15/45		494		607,499
Kellogg Co., 4.50%, 04/01/46		630		790,549
Koninklijke Ahold Delhaize NV, 5.70%, 10/01/40^(a)		145		200,318
Kroger Co. (The)
3.88%, 10/15/46 (Call 04/15/46)		220		247,972
3.95%, 01/15/50 (Call 07/15/49)^(a)		830		960,669
4.45%, 02/01/47 (Call 08/01/46)		807		986,000
4.65%, 01/15/48 (Call 07/15/47)		490		615,536
5.00%, 04/15/42 (Call 10/15/41)		319		404,887
5.15%, 08/01/43 (Call 02/01/43)^(a)		510		666,197
5.40%, 07/15/40 (Call 01/15/40)		400		523,868
5.40%, 01/15/49 (Call 07/15/48)^(a)		315		440,505
6.90%, 04/15/38		400		588,397
Mars Inc.
1.63%, 07/16/32 (Call 04/16/32)^(a)(b)		290		273,848
2.38%, 07/16/40 (Call 01/16/40)^(b)		743		718,325


Security	Par (000)		Value

Food (continued)
2.45%, 07/16/50 (Call 01/16/50)^(a)(b)	$	462	$	439,730
3.60%, 04/01/34 (Call 01/01/34)^(b)		778		872,197
3.88%, 04/01/39 (Call 10/01/38)^(b)		455		530,449
3.95%, 04/01/44 (Call 10/01/43)^(b)		38		44,701
3.95%, 04/01/49 (Call 10/01/48)^(a)(b)		998		1,218,382
4.13%, 04/01/54 (Call 10/01/53)^(b)		315		401,405
4.20%, 04/01/59 (Call 10/01/58)^(b)		607		780,743
McCormick & Co. Inc./MD, 4.20%, 08/15/47 (Call 02/15/47)		370		446,869
Mondelez International Inc.
1.88%, 10/15/32 (Call 07/15/32)		900		859,768
2.63%, 09/04/50 (Call 03/04/50)		1,056		995,498
6.50%, 02/09/40^(a)		196		276,430
Nestle Holdings Inc.
2.50%, 09/14/41 (Call 03/14/41)^(a)(b)		200		197,826
2.63%, 09/14/51 (Call 03/14/51)^(a)(b)		320		321,442
3.90%, 09/24/38 (Call 03/24/38)^(b)		1,237		1,462,719
4.00%, 09/24/48 (Call 03/24/48)^(a)(b)		1,709		2,147,371
Sysco Corp.
3.30%, 02/15/50 (Call 08/15/49)^(a)		239		249,315
4.45%, 03/15/48 (Call 09/15/47)		490		593,220
4.50%, 04/01/46 (Call 10/01/45)		476		574,942
4.85%, 10/01/45 (Call 04/01/45)		450		573,252
5.38%, 09/21/35^(a)		425		544,098
6.60%, 04/01/40 (Call 10/01/39)		385		567,794
6.60%, 04/01/50 (Call 10/01/49)^(a)		1,103		1,771,591
Tesco PLC, 6.15%, 11/15/37^(b)		140		182,572
Tyson Foods Inc.
4.55%, 06/02/47 (Call 12/02/46)		602		754,652
4.88%, 08/15/34 (Call 02/15/34)		345		422,152
5.10%, 09/28/48 (Call 03/28/48)		1,283		1,741,865
5.15%, 08/15/44 (Call 02/15/44)		458		601,771

				39,655,737

Forest Products & Paper — 0.3%
Celulosa Arauco y Constitucion SA
5.15%, 01/29/50 (Call 07/29/49)^(a)(b)		80		89,048
5.50%, 11/02/47 (Call 05/02/47)^(a)		550		632,506
5.50%, 04/30/49 (Call 10/30/48)^(a)(b)		500		577,880
International Paper Co.
4.35%, 08/15/48 (Call 02/15/48)		324		405,616
4.40%, 08/15/47 (Call 02/15/47)		653		816,402
4.80%, 06/15/44 (Call 12/15/43)		747		950,298
5.00%, 09/15/35 (Call 03/15/35)		510		625,900
5.15%, 05/15/46 (Call 11/15/45)		583		777,346
6.00%, 11/15/41 (Call 05/15/41)		488		677,962
7.30%, 11/15/39		759		1,167,088
8.70%, 06/15/38		370		607,691
Stora Enso OYJ, 7.25%, 04/15/36^(a)(b)		345		462,065
Suzano Austria GmbH, 7.00%, 03/16/47 (Call 09/16/46)^(a)(b)		990		1,244,791

				9,034,593

Gas — 0.9%
APT Pipelines Ltd., 5.00%, 03/23/35 (Call 12/23/34)^(b)		46		55,436
Atmos Energy Corp.
2.85%, 02/15/52 (Call 08/15/51)		145		142,694
3.38%, 09/15/49 (Call 03/15/49)^(a)		587		630,502
4.13%, 10/15/44 (Call 04/15/44)		455		532,232
4.13%, 03/15/49 (Call 09/15/48)^(a)		542		651,611
4.15%, 01/15/43 (Call 07/15/42)		502		581,448


Security	Par (000)		Value

Gas (continued)
4.30%, 10/01/48 (Call 04/01/48)	$	631	$	771,462
5.50%, 06/15/41 (Call 12/15/40)		170		228,628
Boston Gas Co., 4.49%, 02/15/42^(b)		365		423,038
Brooklyn Union Gas Co. (The)
4.27%, 03/15/48 (Call 09/15/47)^(b)		429		494,514
4.49%, 03/04/49 (Call 09/04/48)^(b)		642		765,503
4.50%, 03/10/46 (Call 09/10/45)^(b)		497		589,284
CenterPoint Energy Resources Corp.
4.10%, 09/01/47 (Call 03/01/47)^(a)		390		459,982
5.85%, 01/15/41 (Call 07/15/40)		238		328,375
6.63%, 11/01/37		180		253,126
East Ohio Gas Co. (The), 3.00%, 06/15/50 (Call 12/15/49)^(b)		697		706,569
KeySpan Gas East Corp., 5.82%, 04/01/41^(b)		300		402,495
Korea Gas Corp., 6.25%, 01/20/42^(a)(b)		410		627,173
Mega Advance Investments Ltd., 6.38%, 05/12/41^(a)(b)		200		274,550
Nakilat Inc., 6.07%, 12/31/33^(a)(b)		633		773,325
NiSource Inc.
3.95%, 03/30/48 (Call 09/30/47)		620		713,757
4.38%, 05/15/47 (Call 11/15/46)		720		869,766
4.80%, 02/15/44 (Call 08/15/43)		745		928,364
5.25%, 02/15/43 (Call 08/15/42)		438		571,121
5.65%, 02/01/45 (Call 08/01/44)		386		538,869
5.80%, 02/01/42 (Call 08/01/41)		160		217,793
5.95%, 06/15/41 (Call 12/15/40)		366		506,860
ONE Gas Inc.
4.50%, 11/01/48 (Call 05/01/48)		405		500,620
4.66%, 02/01/44 (Call 08/01/43)		571		698,776
Piedmont Natural Gas Co. Inc.
3.35%, 06/01/50 (Call 12/01/49)		326		341,090
3.64%, 11/01/46 (Call 05/01/46)		270		292,488
4.10%, 09/18/34 (Call 03/18/34)^(a)		390		440,428
4.65%, 08/01/43 (Call 02/01/43)		265		321,956
Southern California Gas Co.
3.75%, 09/15/42 (Call 03/15/42)		325		361,050
4.45%, 03/15/44 (Call 09/15/43)		190		223,266
5.13%, 11/15/40		270		351,062
Series UU, 4.13%, 06/01/48 (Call 12/01/47)		200		243,937
Series VV, 4.30%, 01/15/49 (Call 07/15/48)		404		507,750
Series WW, 3.95%, 02/15/50 (Call 08/15/49)		361		431,346
Southern Co. Gas Capital Corp.
3.95%, 10/01/46 (Call 04/01/46)		436		494,441
4.40%, 06/01/43 (Call 12/01/42)		355		415,651
4.40%, 05/30/47 (Call 11/30/46)		266		317,357
5.88%, 03/15/41 (Call 09/15/40)		701		964,159
6.00%, 10/01/34		400		517,683
Series 21A, 3.15%, 09/30/51 (Call 03/30/51)		475		480,815
Southwest Gas Corp.
3.18%, 08/15/51 (Call 02/15/51)		505		494,898
3.80%, 09/29/46 (Call 03/29/46)		145		158,201
4.15%, 06/01/49 (Call 12/01/48)^(a)		388		445,735
Spire Inc., 4.70%, 08/15/44 (Call 02/15/44)		120		137,278
Spire Missouri Inc., 3.30%, 06/01/51 (Call 12/01/50)		460		497,391
Washington Gas Light Co.
3.65%, 09/15/49 (Call 03/15/49)		533		610,324
Series K, 3.80%, 09/15/46 (Call 03/15/46)		426		491,691

				24,777,870


Security	Par (000)		Value

Hand & Machine Tools — 0.1%
Snap-on Inc.
3.10%, 05/01/50 (Call 11/01/49)	$	517	$	553,760
4.10%, 03/01/48 (Call 09/01/47)		308		382,321
Stanley Black & Decker Inc.
2.75%, 11/15/50 (Call 05/15/50)^(a)		897		882,558
4.85%, 11/15/48 (Call 05/15/48)^(a)		476		644,685
5.20%, 09/01/40		350		463,087

				2,926,411

Health Care - Products — 1.1%
Abbott Laboratories
4.75%, 11/30/36 (Call 05/30/36)		1,348		1,723,133
4.75%, 04/15/43 (Call 10/15/42)		668		879,353
4.90%, 11/30/46 (Call 05/30/46)		2,586		3,597,872
5.30%, 05/27/40^(a)		983		1,358,309
6.00%, 04/01/39		575		841,617
6.15%, 11/30/37^(a)		44		64,573
Alcon Finance Corp., 3.80%, 09/23/49 (Call 03/23/49)^(b)		535		604,222
Baxter International Inc.
3.50%, 08/15/46 (Call 02/15/46)		551		607,972
4.50%, 06/15/43 (Call 12/15/42)^(a)		75		89,962
Boston Scientific Corp.
4.55%, 03/01/39 (Call 09/01/38)		958		1,159,720
4.70%, 03/01/49 (Call 09/01/48)		899		1,161,010
7.00%, 11/15/35		350		491,706
7.38%, 01/15/40		210		329,038
Covidien International Finance SA, 6.55%, 10/15/37		295		424,701
Danaher Corp.
2.60%, 10/01/50 (Call 04/01/50)^(a)		1,014		988,220
4.38%, 09/15/45 (Call 03/15/45)		295		371,747
DH Europe Finance II Sarl
3.25%, 11/15/39 (Call 05/15/39)		771		824,324
3.40%, 11/15/49 (Call 05/15/49)		833		932,843
Koninklijke Philips NV
5.00%, 03/15/42		315		407,245
6.88%, 03/11/38^(a)		866		1,284,392
Medtronic Inc.
4.38%, 03/15/35		1,654		2,028,208
4.63%, 03/15/45		1,525		2,031,379
PerkinElmer Inc., 3.63%, 03/15/51 (Call 09/15/50)		393		431,877
STERIS Irish FinCo UnLtd Co., 3.75%, 03/15/51 (Call 09/15/50)^(a)		636		697,616
Stryker Corp.
2.90%, 06/15/50 (Call 12/15/49)^(a)		700		717,744
4.10%, 04/01/43 (Call 10/01/42)		443		521,762
4.38%, 05/15/44 (Call 11/15/43)		367		450,456
4.63%, 03/15/46 (Call 09/15/45)		820		1,070,435
Thermo Fisher Scientific Inc.
2.80%, 10/15/41 (Call 04/15/41)		780		783,194
4.10%, 08/15/47 (Call 02/15/47)		632		782,793
5.30%, 02/01/44 (Call 08/01/43)^(a)		422		584,229
Zimmer Biomet Holdings Inc.
4.25%, 08/15/35 (Call 02/15/35)		265		291,512
4.45%, 08/15/45 (Call 02/15/45)		324		390,524
5.75%, 11/30/39^(a)		359		478,672

				29,402,360

Health Care - Services — 3.9%
Adventist Health System/West, 3.63%, 03/01/49 (Call 09/01/48)		295		330,189


Security	Par (000)		Value

Health Care - Services (continued)
Advocate Health & Hospitals Corp.
3.39%, 10/15/49 (Call 04/15/49)	$	586	$	661,855
4.27%, 08/15/48 (Call 02/15/48)		208		266,313
Series 2020, 3.01%, 06/15/50 (Call 12/15/49)^(a)		360		375,127
Aetna Inc.
3.88%, 08/15/47 (Call 02/15/47)		678		773,147
4.13%, 11/15/42 (Call 05/15/42)		479		546,176
4.50%, 05/15/42 (Call 11/15/41)		242		289,516
4.75%, 03/15/44 (Call 09/15/43)		441		550,087
6.63%, 06/15/36		936		1,337,896
6.75%, 12/15/37		436		638,724
AHS Hospital Corp., Series 2021, 2.78%, 07/01/51 (Call 01/01/51)		360		358,035
Allina Health System, Series 2019, 3.89%, 04/15/49^(a)		301		353,699
Anthem Inc.
3.13%, 05/15/50 (Call 11/15/49)		653		671,516
3.60%, 03/15/51 (Call 09/15/50)^(a)		994		1,108,318
3.70%, 09/15/49 (Call 03/15/49)		892		1,002,039
4.38%, 12/01/47 (Call 06/01/47)		1,187		1,461,727
4.55%, 03/01/48 (Call 09/01/47)		675		849,027
4.63%, 05/15/42		576		706,627
4.65%, 01/15/43^(a)		973		1,202,316
4.65%, 08/15/44 (Call 02/15/44)		937		1,168,731
4.85%, 08/15/54 (Call 02/15/54)^(a)		300		386,395
5.10%, 01/15/44		542		708,603
5.85%, 01/15/36		95		126,826
5.95%, 12/15/34^(a)		390		530,219
6.38%, 06/15/37^(a)		110		155,116
Ascension Health
3.95%, 11/15/46		694		864,639
4.85%, 11/15/53^(a)		533		772,323
Series B, 3.11%, 11/15/39 (Call 05/15/39)		404		433,838
Banner Health
2.91%, 01/01/51 (Call 07/01/50)		275		279,132
Series 2020, 3.18%, 01/01/50 (Call 07/01/49)		324		347,340
Baptist Health South Florida Inc., Series 2017, 4.34%, 11/15/41		165		199,798
Baptist Healthcare System Obligated Group, Series 20B, 3.54%, 08/15/50 (Call 02/15/50)		515		566,321
BayCare Health System Inc., Series 2020, 3.83%, 11/15/50 (Call 05/15/50)		428		520,709
Baylor Scott & White Holdings
3.97%, 11/15/46 (Call 05/15/46)		315		386,353
4.19%, 11/15/45 (Call 05/15/45)		391		487,767
Series 2021, 2.84%, 11/15/50 (Call 11/15/49)		783		799,026
Bon Secours Mercy Health Inc., Series 20-2, 3.21%, 06/01/50 (Call 12/01/49)		225		240,306
Catholic Health Services of Long Island Obligated Group, Series 2020, 3.37%, 07/01/50 (Call 01/01/50)^(a)		315		332,283
Children’s Health System of Texas, 2.51%, 08/15/50 (Call 02/15/50)^(a)		440		418,594
Children’s Hospital Corp. (The)
Series 2017, 4.12%, 01/01/47 (Call 07/01/46)		410		521,500
Series 2020, 2.59%, 02/01/50 (Call 08/01/49)		140		137,818
Children’s Hospital Medical Center/Cincinnati OH, 4.27%, 05/15/44		351		443,830
Children’s Hospital of Philadelphia (The), Series 2020, 2.70%, 07/01/50 (Call 01/01/50)		475		474,550
Children’s Hospital/DC, Series 2020, 2.93%, 07/15/50 (Call 01/15/50)^(a)		334		332,815


Security	Par (000)		Value

Health Care - Services (continued)
City of Hope
Series 2013, 5.62%, 11/15/43^(a)	$	260	$	370,198
Series 2018, 4.38%, 08/15/48 (Call 02/15/48)		314		398,329
CommonSpirit Health
3.82%, 10/01/49 (Call 04/01/49)^(a)		343		395,886
3.91%, 10/01/50 (Call 04/01/50)		367		412,871
4.19%, 10/01/49 (Call 04/01/49)		937		1,102,239
4.35%, 11/01/42		673		775,187
Community Health Network Inc., Series 20-A, 3.10%, 05/01/50 (Call 11/01/49)		473		484,728
Cottage Health Obligated Group, Series 2020, 3.30%, 11/01/49 (Call 05/01/49)		464		507,309
Dartmouth-Hitchcock Health, Series B, 4.18%, 08/01/48 (Call 02/01/48)		361		433,492
Dignity Health
4.50%, 11/01/42^(a)		421		502,750
5.27%, 11/01/64		240		335,303
Duke University Health System Inc., Series 2017, 3.92%, 06/01/47 (Call 12/01/46)		563		683,169
Franciscan Missionaries of Our Lady Health System Inc., Series B, 3.91%, 07/01/49 (Call 01/01/49)^(a)		345		404,907
Hackensack Meridian Health Inc.
4.21%, 07/01/48 (Call 01/01/48)		334		424,254
4.50%, 07/01/57 (Call 01/01/57)		175		233,688
Series 2020, 2.68%, 09/01/41 (Call 03/01/41)		355		352,623
Series 2020, 2.88%, 09/01/50 (Call 03/01/50)		429		432,759
Hartford HealthCare Corp., 3.45%, 07/01/54^(a)		264		280,086
HCA Inc.
3.50%, 07/15/51 (Call 01/15/51)		1,295		1,312,018
5.13%, 06/15/39 (Call 12/15/38)		988		1,223,982
5.25%, 06/15/49 (Call 12/15/48)		1,700		2,204,323
5.50%, 06/15/47 (Call 12/15/46)		1,290		1,702,158
Health Care Service Corp. A Mutual Legal Reserve Co., 3.20%, 06/01/50 (Call 12/01/49)^(a)(b)		630		664,075
Humana Inc.
3.95%, 08/15/49 (Call 02/15/49)		496		577,948
4.63%, 12/01/42 (Call 06/01/42)		461		568,777
4.80%, 09/14/46 (Call 09/15/46)		347		443,312
4.95%, 10/01/44 (Call 04/01/44)		210		272,351
8.15%, 06/15/38		419		669,894
Indiana University Health Inc. Obligated Group
3.97%, 11/01/48 (Call 05/01/48)^(a)		575		717,541
Series 2021, 2.85%, 11/01/51 (Call 05/01/51)		80		82,842
Integris Baptist Medical Center Inc., Series A, 3.88%, 08/15/50 (Call 02/15/50)		450		520,570
Iowa Health System, Series 2020, 3.67%, 02/15/50 (Call 08/15/49)		249		284,669
Johns Hopkins Health System Corp. (The), 3.84%, 05/15/46^(a)		586		702,289
Kaiser Foundation Hospitals
4.15%, 05/01/47 (Call 11/01/46)		1,799		2,231,384
4.88%, 04/01/42		333		443,671
Series 2019, 3.27%, 05/12/49 (Call 05/01/49)^(a)		782		852,813
Series 2021, 2.81%, 06/01/41 (Call 12/01/40)		155		157,101
Series 2021, 3.00%, 06/01/51 (Call 12/01/50)		1,165		1,210,920
Laboratory Corp. of America Holdings, 4.70%, 02/01/45 (Call 08/01/44)		802		990,123
Mass General Brigham Inc.
Series 2017, 3.77%, 07/01/48 (Call 01/01/48)^(a)		142		166,869
Series 2020, 3.19%, 07/01/49 (Call 01/01/49)		460		505,402


Security	Par (000)		Value

Health Care - Services (continued)
Series 2020, 3.34%, 07/01/60 (Call 01/01/60)	$	354	$	389,684
Mayo Clinic
3.77%, 11/15/43^(a)		15		17,678
Series 2013, 4.00%, 11/15/47^(a)		100		122,715
Series 2016, 4.13%, 11/15/52^(a)		470		610,538
Series 2021, 3.20%, 11/15/61 (Call 05/15/61)		376		419,331
McLaren Health Care Corp., Series A, 4.39%, 05/15/48 (Call 11/15/47)^(a)		431		549,593
MedStar Health Inc., Series 20A, 3.63%, 08/15/49		345		381,036
Memorial Health Services, 3.45%, 11/01/49 (Call 05/01/49)		345		390,067
Memorial Sloan-Kettering Cancer Center
4.13%, 07/01/52		200		251,728
5.00%, 07/01/42^(a)		396		540,099
Series 2015, 4.20%, 07/01/55		670		863,901
Methodist Hospital (The), Series 20A, 2.71%, 12/01/50 (Call 06/01/50)		410		405,049
MidMichigan Health, Series 2020, 3.41%, 06/01/50 (Call 12/01/49)^(a)		100		108,385
Montefiore Obligated Group
4.29%, 09/01/50^(a)		330		344,109
Series 18-C, 5.25%, 05/01/48		398		463,509
Mount Sinai Hospitals Group Inc.
Series 2017, 3.98%, 07/01/48^(a)		245		273,313
Series 2019, 3.74%, 07/01/49 (Call 01/01/49)^(a)		574		639,660
Series 2020, 3.39%, 07/01/50 (Call 07/01/49)		200		211,013
MultiCare Health System, 2.80%, 08/15/50 (Call 02/15/50)^(a)		76		76,112
New York and Presbyterian Hospital (The)
2.26%, 08/01/40 (Call 02/01/40)		60		56,590
2.61%, 08/01/60 (Call 02/01/60)		225		212,966
3.56%, 08/01/36		250		272,367
4.02%, 08/01/45^(a)		305		382,710
4.06%, 08/01/56^(a)		322		417,132
4.76%, 08/01/2116^(a)		160		231,760
Series 2019, 3.95%, 08/01/2119 (Call 02/01/2119)		435		533,812
Northwell Healthcare Inc.
3.81%, 11/01/49 (Call 11/01/48)		385		435,613
3.98%, 11/01/46 (Call 11/01/45)		480		550,423
4.26%, 11/01/47 (Call 11/01/46)		739		885,601
6.15%, 11/01/43^(a)		190		275,732
Northwestern Memorial Healthcare Obligated Group, Series 2021, 2.63%, 07/15/51 (Call 01/15/51)^(a)		65		63,906
NY Society for Relief of Ruptured & Crippled Maintaining Hosp Special Surgery, Series 2020, 2.67%, 10/01/50 (Call 04/01/50)		459		436,995
Ochsner Clinic Foundation, 5.90%, 05/15/45 (Call 11/15/44)		315		446,012
OhioHealth Corp., Series 2020, 3.04%, 11/15/50 (Call 05/15/50)^(a)		170		180,534
Orlando Health Obligated Group
3.33%, 10/01/50 (Call 04/01/50)^(a)		250		269,257
4.09%, 10/01/48 (Call 04/01/48)		320		390,573
PeaceHealth Obligated Group
Series 2018, 4.79%, 11/15/48 (Call 05/15/48)^(a)		514		702,692
Series 2020, 3.22%, 11/15/50 (Call 05/15/50)		100		106,312
Piedmont Healthcare Inc.
2.86%, 01/01/52 (Call 07/01/51)		1,055		1,042,824
Series 2042, 2.72%, 01/01/42 (Call 07/01/41)		125		122,627


Security	Par (000)		Value

Health Care - Services (continued)
Providence St Joseph Health Obligated Group
Series 21A, 2.70%, 10/01/51 (Call 04/01/51)	$	85	$	83,340
Series A, 3.93%, 10/01/48 (Call 04/01/48)		315		374,327
Series I, 3.74%, 10/01/47		120		138,228
Quest Diagnostics Inc., 4.70%, 03/30/45 (Call 09/30/44)^(a)		345		432,787
Rady Children’s Hospital-San Diego/CA, Series 21A, 3.15%, 08/15/51 (Call 08/15/50)		340		367,987
Roche Holdings Inc.
4.00%, 11/28/44 (Call 05/28/44)^(a)(b)		856		1,044,963
7.00%, 03/01/39^(b)		225		361,605
RWJ Barnabas Health Inc.
3.48%, 07/01/49 (Call 01/01/49)		249		282,057
3.95%, 07/01/46 (Call 07/01/45)^(a)		390		469,508
Seattle Children’s Hospital, Series 2021, 2.72%, 10/01/50 (Call 10/01/49)		55		54,600
Sharp HealthCare, Series 20B, 2.68%, 08/01/50 (Call 08/01/49)		25		24,781
Southern Baptist Hospital of Florida Inc., 4.86%, 07/15/45 (Call 01/15/45)		360		476,595
Spectrum Health System Obligated Group, Series 19A, 3.49%, 07/15/49 (Call 01/15/49)^(a)		327		371,736
Stanford Health Care
3.03%, 08/15/51 (Call 02/15/51)		465		493,744
Series 2018, 3.80%, 11/15/48 (Call 05/15/48)		188		226,125
Summa Health, 3.51%, 11/15/51 (Call 05/15/51)		360		389,380
Sutter Health
Series 2018, 4.09%, 08/15/48 (Call 02/15/48)		318		385,975
Series 20A, 3.16%, 08/15/40 (Call 02/15/40)		350		363,792
Series 20A, 3.36%, 08/15/50 (Call 02/15/50)		496		532,015
Texas Health Resources
2.33%, 11/15/50 (Call 05/15/50)		170		155,839
4.33%, 11/15/55^(a)		105		138,274
Toledo Hospital (The)
4.98%, 11/15/45 (Call 05/15/45)		345		364,314
5.75%, 11/15/38 (Call 11/15/28)		205		244,410
6.02%, 11/15/48		281		344,933
Trinity Health Corp.
4.13%, 12/01/45		95		119,126
Series 2019, 3.43%, 12/01/48^(a)		425		472,432
Series 2021, 2.63%, 12/01/40 (Call 06/01/40)		400		398,023
UnitedHealth Group Inc.
2.75%, 05/15/40 (Call 11/15/39)		1,155		1,161,485
2.90%, 05/15/50 (Call 11/15/49)		1,185		1,211,572
3.05%, 05/15/41 (Call 11/15/40)		1,122		1,168,988
3.13%, 05/15/60 (Call 11/15/59)^(a)		835		874,539
3.25%, 05/15/51 (Call 11/15/50)		1,157		1,257,296
3.50%, 08/15/39 (Call 02/15/39)		1,158		1,287,192
3.70%, 08/15/49 (Call 02/15/49)		985		1,140,490
3.75%, 10/15/47 (Call 04/15/47)		895		1,038,567
3.88%, 08/15/59 (Call 02/15/59)		1,208		1,454,559
3.95%, 10/15/42 (Call 04/15/42)^(a)		782		915,295
4.20%, 01/15/47 (Call 07/15/46)		845		1,043,052
4.25%, 03/15/43 (Call 09/15/42)		805		981,670
4.25%, 04/15/47 (Call 10/15/46)		761		953,630
4.25%, 06/15/48 (Call 12/15/47)		1,153		1,445,194
4.38%, 03/15/42 (Call 09/15/41)		615		755,122
4.45%, 12/15/48 (Call 06/15/48)		800		1,033,922
4.63%, 07/15/35		363		448,871
4.63%, 11/15/41 (Call 05/15/41)		669		844,852
4.75%, 07/15/45		1,100		1,466,507


Security	Par (000)		Value

Health Care - Services (continued)
5.70%, 10/15/40 (Call 04/15/40)	$	384	$	537,775
5.80%, 03/15/36		858		1,180,911
5.95%, 02/15/41 (Call 08/15/40)^(a)		562		814,957
6.50%, 06/15/37		616		914,272
6.63%, 11/15/37		756		1,139,057
6.88%, 02/15/38		115		177,080
West Virginia United Health System Obligated Group, Series 2020, 3.13%, 06/01/50 (Call 12/01/49)		290		292,858
Willis-Knighton Medical Center
Series 2018, 4.81%, 09/01/48 (Call 03/01/48)		255		331,917
Series 2021, 3.07%, 03/01/51 (Call 09/01/50)		340		346,831
Yale-New Haven Health Services Corp., Series 2020, 2.50%, 07/01/50 (Call 07/01/49)		380		362,571

				102,917,862

Holding Companies - Diversified — 0.1%
Alfa SAB de CV, 6.88%, 03/25/44 (Call 09/25/43)^(a)(b)		50		65,501
CK Hutchison International 19 II Ltd., 3.38%, 09/06/49 (Call 03/06/49)^(b)		1,000		1,086,610
Hutchison Whampoa International 03/33 Ltd., 7.45%, 11/24/33^(b)		325		479,348
JAB Holdings BV, 3.75%, 05/28/51 (Call 11/28/50)^(a)(b)		330		361,912
PTT Treasury Center Co. Ltd., 3.70%, 07/16/70 (Call 01/16/70)^(b)		645		643,814

				2,637,185

Home Builders — 0.1%
MDC Holdings Inc.
3.97%, 08/06/61 (Call 02/06/61)^(a)		280		267,463
6.00%, 01/15/43 (Call 10/15/42)		411		520,445
PulteGroup Inc.
6.00%, 02/15/35		100		129,304
6.38%, 05/15/33		573		753,678
7.88%, 06/15/32		702		1,012,004

				2,682,894

Home Furnishings — 0.1%
Whirlpool Corp.
4.50%, 06/01/46 (Call 12/01/45)		445		540,058
4.60%, 05/15/50 (Call 11/15/49)^(a)		397		495,912
5.15%, 03/01/43^(a)		245		308,372

				1,344,342

Household Products & Wares — 0.2%
Church & Dwight Co. Inc., 3.95%, 08/01/47 (Call 02/01/47)^(a)		379		450,615
Kimberly-Clark Corp.
2.88%, 02/07/50 (Call 08/07/49)		311		323,658
3.20%, 07/30/46 (Call 01/30/46)^(a)		251		276,843
3.70%, 06/01/43^(a)		195		221,233
3.90%, 05/04/47 (Call 11/04/46)		180		221,743
5.30%, 03/01/41		85		116,544
6.63%, 08/01/37^(a)		1,295		1,984,171
SC Johnson & Son Inc.
4.00%, 05/15/43 (Call 02/15/43)^(b)		130		152,849
4.35%, 09/30/44 (Call 03/30/44)^(b)		75		90,523
4.75%, 04/15/46 (Call 04/16/46)^(a)(b)		915		1,211,326
4.80%, 09/01/40^(b)		200		253,553

				5,303,058

Insurance — 5.2%
Aflac Inc.
4.00%, 10/15/46 (Call 04/15/46)		251		295,474
4.75%, 01/15/49 (Call 07/15/48)		253		336,538


Security	Par (000)		Value

Insurance (continued)
6.45%, 08/15/40	$	191	$	274,425
AIA Group Ltd.
3.20%, 09/16/40 (Call 03/16/40)^(b)		1,810		1,839,847
4.50%, 03/16/46 (Call 09/16/45)^(a)(b)		200		253,170
AIG SunAmerica Global Financing X, 6.90%, 03/15/32^(a)(b)		850		1,190,241
Alleghany Corp.
3.25%, 08/15/51 (Call 02/15/51)^(a)		125		126,705
4.90%, 09/15/44 (Call 03/15/44)		420		527,135
Allstate Corp. (The)
3.85%, 08/10/49 (Call 02/10/49)		770		921,934
4.20%, 12/15/46 (Call 06/15/46)		248		308,260
4.50%, 06/15/43		562		704,774
5.35%, 06/01/33		433		547,767
5.55%, 05/09/35		732		971,305
5.95%, 04/01/36		310		430,293
6.50%, 05/15/67 (Call 05/15/37), (3 mo. LIBOR US + 2.120%)^(d)		195		259,838
American Financial Group Inc./OH, 4.50%, 06/15/47 (Call 12/15/46)		490		609,786
American International Group Inc.
3.88%, 01/15/35 (Call 07/15/34)		457		510,243
4.38%, 06/30/50 (Call 12/30/49)		815		1,015,687
4.38%, 01/15/55 (Call 07/15/54)		881		1,102,513
4.50%, 07/16/44 (Call 01/16/44)		1,169		1,427,491
4.70%, 07/10/35 (Call 01/10/35)		187		224,825
4.75%, 04/01/48 (Call 10/01/47)		999		1,287,197
4.80%, 07/10/45 (Call 01/10/45)		950		1,224,644
6.25%, 05/01/36		1,191		1,640,066
8.18%, 05/15/68 (Call 05/15/38), (3 mo. LIBOR US + 4.195%)^(d)		661		974,975
AmFam Holdings Inc., 3.83%, 03/11/51 (Call 09/11/50)^(a)(b)		397		441,475
Aon Corp., 6.25%, 09/30/40		40		57,816
Aon Corp./Aon Global Holdings PLC, 2.90%, 08/23/51 (Call 02/23/51)		545		534,890
Aon PLC
4.25%, 12/12/42		285		330,085
4.45%, 05/24/43 (Call 02/24/43)		250		296,772
4.60%, 06/14/44 (Call 03/14/44)		489		607,330
4.75%, 05/15/45 (Call 11/15/44)		557		716,746
Arch Capital Finance LLC, 5.03%, 12/15/46 (Call 06/15/46)^(a)		526		696,226
Arch Capital Group Ltd.
3.64%, 06/30/50 (Call 12/30/49)		638		704,144
7.35%, 05/01/34^(a)		425		621,931
Arch Capital Group U.S. Inc., 5.14%, 11/01/43		455		595,661
Arthur J Gallagher & Co., 3.50%, 05/20/51 (Call 11/20/50)		658		716,627
Assurant Inc., 6.75%, 02/15/34		283		372,445
Assured Guaranty U.S. Holdings Inc., 3.60%, 09/15/51 (Call 03/15/51)		300		314,646
Athene Holding Ltd., 3.95%, 05/25/51 (Call 11/25/50)		571		640,735
AXIS Specialty Finance PLC, 5.15%, 04/01/45^(a)		303		371,159
Berkshire Hathaway Finance Corp.
2.50%, 01/15/51 (Call 07/15/50)		646		603,725
2.85%, 10/15/50 (Call 04/15/50)		1,551		1,555,839
4.20%, 08/15/48 (Call 02/15/48)		1,950		2,409,978
4.25%, 01/15/49 (Call 07/15/48)		1,764		2,195,325
4.30%, 05/15/43^(a)		574		698,261
4.40%, 05/15/42		780		964,320


Security	Par (000)		Value

Insurance (continued)
5.75%, 01/15/40^(a)	$	769	$	1,094,784
Berkshire Hathaway Inc., 4.50%, 02/11/43		601		755,070
Brighthouse Financial Inc., 4.70%, 06/22/47 (Call 12/22/46)		1,040		1,193,388
Chubb Corp. (The), 6.00%, 05/11/37		210		300,570
Chubb INA Holdings Inc.
4.15%, 03/13/43		250		303,709
4.35%, 11/03/45 (Call 05/03/45)		860		1,098,784
Cincinnati Financial Corp., 6.13%, 11/01/34^(a)		265		357,399
Empower Finance 2020 LP, 3.08%, 09/17/51 (Call 03/17/51)^(a)(b)		312		325,352
Equitable Holdings Inc., 5.00%, 04/20/48 (Call 10/20/47)		1,294		1,656,733
Everest Reinsurance Holdings Inc.
3.13%, 10/15/52 (Call 04/15/52)		800		785,238
3.50%, 10/15/50 (Call 04/15/50)		495		525,952
4.87%, 06/01/44		335		423,109
Farmers Exchange Capital II, 6.15%, 11/01/53 (Call 11/01/33)^(a)(b)(d)		55		69,866
Farmers Exchange Capital III, 5.45%, 10/15/54 (Call 10/15/34)^(a)(b)(d)		470		574,038
Farmers Insurance Exchange, 4.75%, 11/01/57 (Call 11/01/37)^(b)(d)		325		372,892
Fidelity National Financial Inc., 3.20%, 09/17/51 (Call 03/17/51)		185		180,142
Great-West Lifeco Finance 2018 LP, 4.58%, 05/17/48 (Call 11/17/47)^(a)(b)		471		610,006
Great-West Lifeco Finance Delaware LP, 4.15%, 06/03/47 (Call 12/03/46)^(b)		687		828,621
Guardian Life Insurance Co. of America (The)
3.70%, 01/22/70 (Call 07/22/69)^(a)(b)		399		436,072
4.85%, 01/24/77^(a)(b)		255		340,457
4.88%, 06/19/64^(a)(b)		595		795,364
Hartford Financial Services Group Inc. (The)
2.90%, 09/15/51 (Call 03/15/51)		35		34,731
3.60%, 08/19/49 (Call 02/19/49)		793		880,668
4.30%, 04/15/43		404		476,940
4.40%, 03/15/48 (Call 09/15/47)		507		632,443
5.95%, 10/15/36		340		459,236
6.10%, 10/01/41		415		587,057
6.63%, 03/30/40		245		354,453
Liberty Mutual Group Inc.
3.95%, 10/15/50 (Call 04/15/50)^(b)		1,361		1,541,392
3.95%, 05/15/60 (Call 11/15/59)^(b)		799		905,136
6.50%, 05/01/42^(b)		100		142,196
Liberty Mutual Insurance Co., 7.70%, 10/15/97^(a)(b)		235		374,196
Lincoln National Corp.
4.35%, 03/01/48 (Call 09/01/47)		369		446,652
4.38%, 06/15/50 (Call 12/15/49)^(a)		156		190,370
6.30%, 10/09/37		136		190,473
7.00%, 06/15/40		753		1,150,942
Loews Corp.
4.13%, 05/15/43 (Call 11/15/42)		355		416,259
6.00%, 02/01/35		504		672,831
Manulife Financial Corp., 5.38%, 03/04/46		610		868,899
Markel Corp.
3.45%, 05/07/52 (Call 11/07/51)^(a)		741		784,900
4.15%, 09/17/50 (Call 03/17/50)		200		234,082
4.30%, 11/01/47 (Call 05/01/47)		310		370,082
5.00%, 03/30/43		275		332,134
5.00%, 04/05/46		540		700,687


Security	Par (000)		Value

Insurance (continued)
5.00%, 05/20/49 (Call 11/20/48)	$	468	$	610,392
Marsh & McLennan Companies Inc.
4.20%, 03/01/48 (Call 09/01/47)		685		852,005
4.35%, 01/30/47 (Call 07/30/46)		569		716,745
4.75%, 03/15/39 (Call 09/15/38)		555		703,178
4.90%, 03/15/49 (Call 09/15/48)		784		1,071,877
5.88%, 08/01/33^(a)		476		632,190
Massachusetts Mutual Life Insurance Co.
3.38%, 04/15/50^(b)		509		545,728
3.73%, 10/15/70^(b)		541		601,482
4.50%, 04/15/65^(b)		175		211,981
4.90%, 04/01/77^(a)(b)		474		632,263
5.08%, 02/15/69 (Call 02/15/49)^(b)(d)		745		939,257
5.38%, 12/01/41^(a)(b)		210		276,841
MetLife Capital Trust IV, 7.88%, 12/15/67 (Call 12/15/32)^(b)		260		360,750
MetLife Inc.
4.05%, 03/01/45		818		986,651
4.13%, 08/13/42		682		811,704
4.60%, 05/13/46 (Call 11/13/45)^(a)		622		809,001
4.72%, 12/15/44		460		590,099
4.88%, 11/13/43		857		1,120,398
5.70%, 06/15/35		1,479		1,997,353
5.88%, 02/06/41		920		1,314,248
6.38%, 06/15/34		927		1,304,960
6.40%, 12/15/66 (Call 12/15/31)		1,143		1,455,532
6.50%, 12/15/32^(a)		760		1,059,326
9.25%, 04/08/68 (Call 04/08/33)^(a)(b)		100		150,821
10.75%, 08/01/69 (Call 08/01/34)		556		943,479
Mutual of Omaha Insurance Co., 6.80%, 06/15/36^(b)		65		87,027
Nationwide Financial Services Inc.
3.90%, 11/30/49 (Call 05/30/49)^(a)(b)		844		987,014
5.30%, 11/18/44^(b)		384		486,988
Nationwide Mutual Insurance Co.
4.35%, 04/30/50 (Call 10/30/49)^(b)		1,339		1,559,148
4.95%, 04/22/44^(a)(b)		410		491,960
7.88%, 04/01/33^(b)		45		63,293
9.38%, 08/15/39^(a)(b)		651		1,132,046
New York Life Insurance Co.
3.75%, 05/15/50 (Call 11/15/49)^(a)(b)		759		870,624
4.45%, 05/15/69 (Call 11/15/68)^(b)		1,013		1,303,261
5.88%, 05/15/33^(a)(b)		930		1,220,299
6.75%, 11/15/39^(b)		955		1,449,128
Northwestern Mutual Life Insurance Co. (The)
3.45%, 03/30/51 (Call 09/30/50)^(b)		660		723,101
3.63%, 09/30/59 (Call 03/30/59)^(b)		1,350		1,504,964
3.85%, 09/30/47 (Call 03/30/47)^(b)		1,050		1,213,302
6.06%, 03/30/40^(b)		762		1,075,895
Ohio National Life Insurance Co. (The), 6.88%, 06/15/42^(a)(b)		245		326,648
Old Republic International Corp., 3.85%, 06/11/51 (Call 12/11/50)		520		569,491
OneAmerica Financial Partners Inc., 4.25%, 10/15/50 (Call 04/15/50)^(a)(b)		85		92,425
Pacific Life Insurance Co.
4.30%, 10/24/67 (Call 10/24/47)^(b)(d)		890		1,028,368
9.25%, 06/15/39^(b)		185		320,532
Pacific LifeCorp.
3.35%, 09/15/50 (Call 03/15/50)^(a)(b)		610		656,789
5.13%, 01/30/43^(b)		20		25,294


Security	Par (000)		Value

Insurance (continued)
6.60%, 09/15/33^(a)(b)	$	375	$	522,076
Penn Mutual Life Insurance Co. (The), 3.80%, 04/29/61^(a)(b)		545		585,197
Principal Financial Group Inc.
4.30%, 11/15/46 (Call 05/15/46)		283		348,451
4.35%, 05/15/43^(a)		283		342,291
4.63%, 09/15/42		215		267,906
6.05%, 10/15/36		306		424,517
Progressive Corp. (The)
3.70%, 01/26/45		400		459,258
3.95%, 03/26/50 (Call 09/26/49)		465		568,435
4.13%, 04/15/47 (Call 10/15/46)		688		845,336
4.20%, 03/15/48 (Call 09/15/47)		491		614,323
4.35%, 04/25/44		281		350,246
6.25%, 12/01/32		692		943,726
Prudential Financial Inc.
3.00%, 03/10/40 (Call 09/10/39)		310		318,748
3.70%, 03/13/51 (Call 09/13/50)		929		1,076,995
3.91%, 12/07/47 (Call 06/07/47)		771		908,572
3.94%, 12/07/49 (Call 06/07/49)		962		1,147,855
4.35%, 02/25/50 (Call 08/25/49)^(a)		914		1,164,979
4.42%, 03/27/48 (Call 09/27/47)		550		698,977
4.60%, 05/15/44		716		903,446
5.70%, 12/14/36		876		1,182,009
6.63%, 12/01/37		435		631,670
6.63%, 06/21/40		264		396,835
Series B, 5.75%, 07/15/33		252		330,147
Securian Financial Group Inc., 4.80%, 04/15/48^(a)(b)		180		220,922
Selective Insurance Group Inc., 5.38%, 03/01/49 (Call 09/01/48)		315		419,521
Sompo International Holdings Ltd., 7.00%, 07/15/34^(a)		420		569,352
Swiss Re Treasury U.S. Corp., 4.25%, 12/06/42^(b)		405		494,276
Teachers Insurance & Annuity Association of America
3.30%, 05/15/50 (Call 11/15/49)^(b)		1,480		1,568,115
4.27%, 05/15/47 (Call 11/15/46)^(b)		1,718		2,105,404
4.90%, 09/15/44^(b)		1,177		1,539,446
6.85%, 12/16/39^(b)		426		637,808
Transatlantic Holdings Inc., 8.00%, 11/30/39^(a)		379		592,946
Travelers Companies Inc. (The)
2.55%, 04/27/50 (Call 10/27/49)		545		533,044
3.05%, 06/08/51 (Call 12/08/50)		215		228,841
3.75%, 05/15/46 (Call 11/15/45)		535		626,403
4.00%, 05/30/47 (Call 11/30/46)		554		675,090
4.05%, 03/07/48 (Call 09/07/47)^(a)		469		580,294
4.10%, 03/04/49 (Call 09/04/48)		376		470,172
4.30%, 08/25/45 (Call 02/25/45)		550		694,026
4.60%, 08/01/43		469		606,077
5.35%, 11/01/40		750		1,026,971
6.25%, 06/15/37		837		1,215,096
6.75%, 06/20/36		242		359,119
Travelers Property Casualty Corp., 6.38%, 03/15/33		590		822,652
Trinity Acquisition PLC, 6.13%, 08/15/43^(a)		235		322,830
Unum Group
4.13%, 06/15/51 (Call 12/15/50)		125		129,097
4.50%, 12/15/49 (Call 06/15/49)		295		319,793
5.75%, 08/15/42^(a)		435		554,181
Validus Holdings Ltd., 8.88%, 01/26/40		100		165,051
Voya Financial Inc.
4.80%, 06/15/46		474		605,992
5.70%, 07/15/43		185		254,757


Security	Par (000)		Value

Insurance (continued)
W R Berkley Corp.
3.15%, 09/30/61 (Call 03/30/61)	$	565	$	550,410
3.55%, 03/30/52 (Call 09/30/51)^(a)		383		418,183
Western & Southern Financial Group Inc., 5.75%, 07/15/33^(a)(b)		240		309,859
Western & Southern Life Insurance Co. (The)
3.75%, 04/28/61 (Call 10/28/60)^(a)(b)		620		691,674
5.15%, 01/15/49 (Call 07/15/48)^(a)(b)		120		162,137
Willis North America Inc.
3.88%, 09/15/49 (Call 03/15/49)		491		545,031
5.05%, 09/15/48 (Call 03/15/48)		365		478,176
WR Berkley Corp.
4.00%, 05/12/50 (Call 11/12/49)		472		548,917
4.75%, 08/01/44^(a)		405		510,392
XLIT Ltd.
5.25%, 12/15/43^(a)		165		227,055
5.50%, 03/31/45		356		495,401

				137,417,938

Internet — 1.6%
Alibaba Group Holding Ltd.
2.70%, 02/09/41 (Call 08/09/40)		703		643,188
3.15%, 02/09/51 (Call 08/09/50)		480		457,398
3.25%, 02/09/61 (Call 08/09/60)		760		718,780
4.00%, 12/06/37 (Call 06/06/37)		810		878,978
4.20%, 12/06/47 (Call 06/06/47)		1,980		2,226,218
4.40%, 12/06/57 (Call 06/06/57)		1,055		1,217,131
4.50%, 11/28/34 (Call 05/28/34)		690		779,239
Alphabet Inc.
1.90%, 08/15/40 (Call 02/15/40)		987		894,026
2.05%, 08/15/50 (Call 02/15/50)^(a)		1,899		1,705,435
2.25%, 08/15/60 (Call 02/15/60)		1,719		1,543,098
Amazon.com Inc.
2.50%, 06/03/50 (Call 12/03/49)		2,216		2,122,056
2.70%, 06/03/60 (Call 12/03/59)		1,722		1,658,534
2.88%, 05/12/41 (Call 11/12/40)		1,890		1,956,867
3.10%, 05/12/51 (Call 11/12/50)		2,101		2,253,658
3.25%, 05/12/61 (Call 11/12/60)		1,517		1,657,983
3.88%, 08/22/37 (Call 02/22/37)		2,228		2,620,706
4.05%, 08/22/47 (Call 02/22/47)		2,589		3,179,534
4.25%, 08/22/57 (Call 02/22/57)^(a)		1,830		2,399,695
4.80%, 12/05/34 (Call 06/05/34)		1,026		1,303,809
4.95%, 12/05/44 (Call 06/05/44)		1,391		1,872,487
eBay Inc.
3.65%, 05/10/51 (Call 11/10/50)		776		846,496
4.00%, 07/15/42 (Call 01/15/42)		609		688,738
JD.com Inc., 4.13%, 01/14/50 (Call 07/14/49)		378		399,183
Prosus NV
3.83%, 02/08/51 (Call 08/08/50)^(b)		55		49,900
4.03%, 08/03/50 (Call 02/03/50)^(b)		1,625		1,527,412
Tencent Holdings Ltd.
3.24%, 06/03/50 (Call 12/03/49)^(b)		1,440		1,396,906
3.29%, 06/03/60 (Call 12/03/59)^(b)		860		819,597
3.68%, 04/22/41 (Call 10/22/40)^(b)		992		1,036,035
3.84%, 04/22/51 (Call 10/22/50)^(b)		1,285		1,356,780
3.93%, 01/19/38 (Call 07/19/37)^(b)		645		691,505
3.94%, 04/22/61 (Call 10/22/60)^(b)		585		624,968
4.53%, 04/11/49 (Call 10/11/48)^(a)(b)		310		363,906

				41,890,246


Security	Par (000)		Value

Iron & Steel — 0.3%
ArcelorMittal SA
6.75%, 03/01/41	$	485	$	668,534
7.00%, 10/15/39		520		724,599
Nucor Corp.
2.98%, 12/15/55 (Call 06/15/55)^(b)		683		682,218
4.40%, 05/01/48 (Call 11/01/47)		245		310,600
5.20%, 08/01/43 (Call 02/01/43)		87		115,553
Reliance Steel & Aluminum Co., 6.85%, 11/15/36^(a)		165		232,261
Steel Dynamics Inc., 3.25%, 10/15/50 (Call 04/15/50)		385		389,835
Vale Overseas Ltd.
6.88%, 11/21/36		1,440		1,882,843
6.88%, 11/10/39^(a)		1,355		1,785,565
8.25%, 01/17/34		170		239,062
Vale SA, 5.63%, 09/11/42		426		508,069

				7,539,139

Leisure Time — 0.0%
Harley-Davidson Inc., 4.63%, 07/28/45 (Call 01/28/45)		248		277,620


Lodging — 0.1%
Marriott International Inc./MD
4.50%, 10/01/34 (Call 04/01/34)		230		261,372
Series GG, 3.50%, 10/15/32 (Call 07/15/32)		1,015		1,073,494
Series II, 2.75%, 10/15/33 (Call 07/15/33)		410		400,130

				1,734,996

Machinery — 0.6%
ABB Finance USA Inc., 4.38%, 05/08/42		115		146,433
Caterpillar Inc.
3.25%, 09/19/49 (Call 03/19/49)		1,042		1,158,244
3.25%, 04/09/50 (Call 10/09/49)		1,276		1,429,068
3.80%, 08/15/42		1,183		1,399,014
4.30%, 05/15/44 (Call 11/15/43)		575		720,577
4.75%, 05/15/64 (Call 11/15/63)		350		509,403
5.20%, 05/27/41		772		1,059,762
5.30%, 09/15/35		177		234,913
6.05%, 08/15/36^(a)		514		735,992
Crane Co., 4.20%, 03/15/48 (Call 09/15/47)		210		231,717
Deere & Co.
2.88%, 09/07/49 (Call 03/07/49)^(a)		758		800,953
3.75%, 04/15/50 (Call 10/15/49)^(a)		1,005		1,227,450
3.90%, 06/09/42 (Call 12/09/41)		525		632,442
Dover Corp.
5.38%, 10/15/35		830		1,051,626
5.38%, 03/01/41 (Call 12/01/40)		345		448,561
6.60%, 03/15/38		25		34,684
Flowserve Corp., 2.80%, 01/15/32 (Call 10/15/31)		100		97,812
Otis Worldwide Corp.
3.11%, 02/15/40 (Call 08/15/39)^(a)		522		537,221
3.36%, 02/15/50 (Call 08/15/49)		650		695,688
Rockwell Automation Inc.
2.80%, 08/15/61 (Call 02/15/61)		210		208,432
4.20%, 03/01/49 (Call 09/01/48)^(a)		706		904,597
6.25%, 12/01/37		25		35,322
Xylem Inc./NY, 4.38%, 11/01/46 (Call 05/01/46)		468		572,364

				14,872,275

Manufacturing — 1.1%
3M Co.
3.13%, 09/19/46 (Call 03/19/46)		464		494,141
3.25%, 08/26/49 (Call 02/26/49)^(a)		1,146		1,250,137
3.63%, 10/15/47 (Call 04/15/47)		591		683,167


Security	Par (000)		Value

Manufacturing (continued)
3.70%, 04/15/50 (Call 10/15/49)^(a)	$	650	$	767,938
3.88%, 06/15/44		150		174,981
4.00%, 09/14/48 (Call 03/14/48)		1,024		1,255,325
5.70%, 03/15/37		65		90,274
Eaton Corp.
3.92%, 02/15/47 (Call 03/15/47)		90		105,944
4.00%, 11/02/32		780		899,801
4.15%, 11/02/42		1,203		1,430,871
General Electric Co.
4.13%, 10/09/42		478		563,864
4.25%, 05/01/40 (Call 11/01/39)		613		733,293
4.35%, 05/01/50 (Call 11/01/49)^(a)		1,133		1,442,966
4.50%, 03/11/44		635		790,524
5.88%, 01/14/38		1,535		2,119,024
6.15%, 08/07/37		459		647,106
6.75%, 03/15/32		2,209		3,036,161
6.88%, 01/10/39		1,020		1,552,352
Illinois Tool Works Inc.
3.90%, 09/01/42 (Call 03/01/42)		914		1,070,471
4.88%, 09/15/41 (Call 03/15/41)		545		717,008
Parker-Hannifin Corp.
4.00%, 06/14/49 (Call 12/14/48)		597		700,714
4.10%, 03/01/47 (Call 09/01/46)		225		263,291
4.20%, 11/21/34 (Call 05/21/34)		430		490,007
4.45%, 11/21/44 (Call 05/21/44)		370		449,225
6.25%, 05/15/38		615		850,008
Siemens Financieringsmaatschappij NV
2.88%, 03/11/41^(b)		640		658,488
3.30%, 09/15/46^(b)		1,155		1,269,951
4.20%, 03/16/47^(a)(b)		1,340		1,688,299
4.40%, 05/27/45^(b)		1,433		1,847,118
Trane Technologies Global Holding Co. Ltd.
4.30%, 02/21/48 (Call 08/21/47)		250		307,572
5.75%, 06/15/43		413		592,624
Trane Technologies Luxembourg Finance SA
4.50%, 03/21/49 (Call 09/21/48)		312		392,072
4.65%, 11/01/44 (Call 05/01/44)		256		319,694

				29,654,411

Media — 5.1%
Charter Communications Operating LLC/Charter Communications Operating Capital
2.30%, 02/01/32 (Call 11/01/31)		636		602,216
3.50%, 06/01/41 (Call 12/01/40)		785		770,650
3.50%, 03/01/42 (Call 09/01/41)		500		488,241
3.70%, 04/01/51 (Call 10/01/50)		1,866		1,832,418
3.85%, 04/01/61 (Call 10/01/60)		1,545		1,493,996
3.90%, 06/01/52 (Call 12/01/51)		1,863		1,884,813
3.95%, 06/30/62 (Call 12/30/61)		300		293,729
4.40%, 12/01/61 (Call 06/01/61)		1,127		1,196,736
4.80%, 03/01/50 (Call 09/01/49)		2,523		2,867,654
5.13%, 07/01/49 (Call 01/01/49)		1,252		1,481,751
5.38%, 04/01/38 (Call 10/01/37)		944		1,133,725
5.38%, 05/01/47 (Call 11/01/46)		2,140		2,594,332
5.75%, 04/01/48 (Call 10/01/47)		2,206		2,819,657
6.38%, 10/23/35 (Call 04/23/35)		1,675		2,175,491
6.48%, 10/23/45 (Call 04/23/45)		2,910		4,014,271
6.83%, 10/23/55 (Call 04/23/55)^(a)		502		744,886
Comcast Corp.
2.45%, 08/15/52 (Call 02/15/52)^(a)		1,056		959,579
2.65%, 08/15/62 (Call 02/15/62)		820		740,091


Security	Par (000)		Value

Media (continued)
2.80%, 01/15/51 (Call 07/15/50)	$	1,376	$	1,321,006
2.89%, 11/01/51 (Call 05/01/51)^(b)		5,103		4,963,896
2.94%, 11/01/56 (Call 05/01/56)^(b)		5,146		4,961,817
2.99%, 11/01/63 (Call 05/01/63)^(b)		3,309		3,165,370
3.20%, 07/15/36 (Call 01/15/36)		885		941,411
3.25%, 11/01/39 (Call 05/01/39)		1,353		1,421,842
3.40%, 07/15/46 (Call 01/15/46)		1,272		1,371,027
3.45%, 02/01/50 (Call 08/01/49)		1,640		1,767,506
3.75%, 04/01/40 (Call 10/01/39)		1,574		1,763,465
3.90%, 03/01/38 (Call 09/01/37)		1,095		1,242,172
3.97%, 11/01/47 (Call 05/01/47)		1,789		2,059,929
4.00%, 08/15/47 (Call 02/15/47)		742		861,401
4.00%, 03/01/48 (Call 09/01/47)		1,067		1,239,196
4.00%, 11/01/49 (Call 05/01/49)		1,663		1,938,613
4.05%, 11/01/52 (Call 05/01/52)		848		998,533
4.20%, 08/15/34 (Call 02/15/34)		926		1,082,780
4.25%, 01/15/33		1,389		1,626,070
4.40%, 02/25/35 (Call 02/15/35)^(a)		740		877,502
4.60%, 10/15/38 (Call 04/15/38)		1,018		1,246,028
4.60%, 08/15/45 (Call 02/15/45)		865		1,090,451
4.65%, 07/15/42		431		535,585
4.70%, 10/15/48 (Call 04/15/48)		1,700		2,201,750
4.75%, 03/01/44		375		474,527
4.95%, 10/15/58 (Call 04/15/58)		687		955,654
5.65%, 06/15/35^(a)		801		1,061,566
6.50%, 11/15/35		952		1,363,057
6.95%, 08/15/37		75		114,123
7.05%, 03/15/33		882		1,268,343
Cox Communications Inc.
2.95%, 10/01/50 (Call 04/01/50)^(b)		775		738,550
3.60%, 06/15/51 (Call 12/15/50)^(b)		742		794,754
4.50%, 06/30/43 (Call 12/30/42)^(b)		201		234,575
4.60%, 08/15/47 (Call 02/15/47)^(b)		125		153,614
4.70%, 12/15/42^(a)(b)		371		448,334
4.80%, 02/01/35 (Call 08/01/34)^(b)		435		516,310
Discovery Communications LLC
4.00%, 09/15/55 (Call 03/15/55)^(a)		1,438		1,526,851
4.65%, 05/15/50 (Call 11/15/49)^(a)		935		1,102,289
4.88%, 04/01/43		370		439,114
4.95%, 05/15/42^(a)		286		337,491
5.00%, 09/20/37 (Call 03/20/37)		375		447,473
5.20%, 09/20/47 (Call 03/20/47)		1,040		1,301,641
5.30%, 05/15/49 (Call 11/15/48)		708		902,698
6.35%, 06/01/40^(a)		544		752,278
Fox Corp.
5.48%, 01/25/39 (Call 07/25/38)		799		1,033,255
5.58%, 01/25/49 (Call 07/25/48)^(a)		1,330		1,824,662
Grupo Televisa SAB
5.00%, 05/13/45 (Call 11/13/44)^(a)		785		954,229
5.25%, 05/24/49 (Call 11/24/48)^(a)		610		792,922
6.13%, 06/30/45 (Call 07/31/45)		790		1,100,186
6.63%, 01/15/40		681		947,672
NBCUniversal Media LLC
4.45%, 01/15/43		789		955,708
5.95%, 04/01/41		591		849,152
6.40%, 04/30/40		90		133,497
Sky Group Finance Ltd., 6.50%, 10/15/35^(b)		155		220,813
Thomson Reuters Corp.
5.50%, 08/15/35^(a)		500		647,987
5.65%, 11/23/43 (Call 05/23/43)		190		262,524


Security	Par (000)		Value

Media (continued)
5.85%, 04/15/40^(a)	$	660	$	918,177
Time Warner Cable LLC
4.50%, 09/15/42 (Call 03/15/42)		671		733,476
5.50%, 09/01/41 (Call 03/01/41)		1,147		1,403,101
5.88%, 11/15/40 (Call 05/15/40)		1,025		1,291,724
6.55%, 05/01/37^(a)		1,404		1,886,847
6.75%, 06/15/39		1,294		1,771,982
7.30%, 07/01/38		1,425		2,050,916
Time Warner Entertainment Co. LP, 8.38%, 07/15/33		935		1,374,413
TWDC Enterprises 18 Corp.
3.00%, 07/30/46^(a)		425		443,403
3.70%, 12/01/42^(a)		577		650,833
4.13%, 06/01/44		1,087		1,296,656
4.38%, 08/16/41^(a)		650		792,860
Series B, 7.00%, 03/01/32		357		506,514
Series E, 4.13%, 12/01/41		555		657,717
ViacomCBS Inc.
4.20%, 05/19/32 (Call 02/19/32)		595		677,216
4.38%, 03/15/43^(a)		1,203		1,375,472
4.60%, 01/15/45 (Call 07/15/44)		495		595,166
4.85%, 07/01/42 (Call 01/01/42)		357		428,652
4.90%, 08/15/44 (Call 02/15/44)		380		463,849
4.95%, 05/19/50 (Call 11/19/49)		773		977,493
5.25%, 04/01/44 (Call 10/01/43)		295		372,941
5.50%, 05/15/33^(a)		482		607,504
5.85%, 09/01/43 (Call 03/01/43)^(a)		926		1,260,165
5.90%, 10/15/40 (Call 04/15/40)		350		465,276
6.88%, 04/30/36		1,273		1,815,535
Walt Disney Co. (The)
2.75%, 09/01/49 (Call 03/01/49)		1,852		1,818,917
3.50%, 05/13/40 (Call 11/13/39)		1,480		1,634,904
3.60%, 01/13/51 (Call 07/13/50)^(a)		1,615		1,844,673
3.80%, 05/13/60 (Call 11/13/59)		894		1,058,572
4.63%, 03/23/40 (Call 09/23/39)		725		906,482
4.70%, 03/23/50 (Call 09/23/49)		1,630		2,183,473
4.75%, 09/15/44 (Call 03/15/44)		599		768,956
4.75%, 11/15/46 (Call 05/15/46)		559		733,433
4.95%, 10/15/45 (Call 04/15/45)		540		719,471
5.40%, 10/01/43		590		814,795
6.15%, 03/01/37		285		403,788
6.15%, 02/15/41		129		189,255
6.20%, 12/15/34		806		1,128,251
6.40%, 12/15/35		777		1,121,280
6.55%, 03/15/33		251		349,220
6.65%, 11/15/37		1,279		1,907,698

				133,828,491

Metal Fabricate & Hardware — 0.1%
Precision Castparts Corp.
3.90%, 01/15/43 (Call 07/15/42)		346		398,144
4.20%, 06/15/35 (Call 12/15/34)^(a)		721		849,454
4.38%, 06/15/45 (Call 12/15/44)		366		450,847
Valmont Industries Inc.
5.00%, 10/01/44 (Call 04/01/44)		375		466,329
5.25%, 10/01/54 (Call 04/01/54)		148		190,389

				2,355,163

Mining — 1.6%
Anglo American Capital PLC, 3.95%, 09/10/50 (Call 03/10/50)^(b)		505		545,277


Security	Par (000)		Value

Mining (continued)
Barrick Gold Corp.
5.25%, 04/01/42^(a)	$	603	$	788,296
6.45%, 10/15/35		325		449,550
Barrick International Barbados Corp., 6.35%, 10/15/36^(b)		600		824,513
Barrick North America Finance LLC
5.70%, 05/30/41		1,095		1,495,842
5.75%, 05/01/43		363		501,299
7.50%, 09/15/38		55		83,533
Barrick PD Australia Finance Pty Ltd., 5.95%, 10/15/39		958		1,319,219
BHP Billiton Finance USA Ltd.
4.13%, 02/24/42		986		1,170,593
5.00%, 09/30/43		2,105		2,807,584
Corp. Nacional del Cobre de Chile
3.15%, 01/15/51 (Call 07/15/50)^(b)		395		362,993
3.70%, 01/30/50 (Call 07/30/49)^(b)		2,390		2,421,261
4.25%, 07/17/42^(b)		1,010		1,106,334
4.38%, 02/05/49 (Call 08/05/48)^(b)		1,174		1,322,171
4.50%, 08/01/47 (Call 02/01/47)^(b)		1,145		1,308,930
4.88%, 11/04/44^(b)		845		1,000,472
5.63%, 09/21/35^(b)		100		124,733
5.63%, 10/18/43^(b)		775		999,804
6.15%, 10/24/36^(a)(b)		205		266,828
Fresnillo PLC, 4.25%, 10/02/50 (Call 04/02/50)^(a)(b)		400		409,000
Glencore Canada Corp., 6.20%, 06/15/35		340		423,249
Glencore Finance Canada Ltd.
5.55%, 10/25/42^(b)		280		357,322
6.00%, 11/15/41^(a)(b)		348		459,148
6.90%, 11/15/37^(b)		535		748,502
Glencore Funding LLC
3.38%, 09/23/51 (Call 03/23/51)^(b)		545		528,015
3.88%, 04/27/51 (Call 10/27/50)^(a)(b)		345		366,330
Indonesia Asahan Aluminium Persero PT
5.80%, 05/15/50 (Call 11/15/49)^(a)(b)		380		444,600
6.76%, 11/15/48^(a)(b)		594		765,814
Industrias Penoles SAB de CV
4.75%, 08/06/50 (Call 02/06/50)^(a)(b)		288		312,480
5.65%, 09/12/49 (Call 03/12/49)^(b)		545		661,499
Kinross Gold Corp., 6.88%, 09/01/41 (Call 03/01/41)		242		333,555
Minera Mexico SA de CV, 4.50%, 01/26/50 (Call 07/26/49)^(a)(b)		875		955,937
Newcrest Finance Pty Ltd.
4.20%, 05/13/50 (Call 11/13/49)^(b)		468		549,982
5.75%, 11/15/41^(a)(b)		500		661,689
Newmont Corp.
4.88%, 03/15/42 (Call 09/15/41)		859		1,081,222
5.45%, 06/09/44 (Call 12/09/43)		365		495,613
5.88%, 04/01/35		547		720,746
6.25%, 10/01/39		624		883,789
Rio Tinto Alcan Inc.
5.75%, 06/01/35^(a)		481		650,645
6.13%, 12/15/33^(a)		781		1,084,762
Rio Tinto Finance USA Ltd.
2.75%, 11/02/51		940		929,745
5.20%, 11/02/40		1,058		1,426,593
Rio Tinto Finance USA PLC
4.13%, 08/21/42 (Call 02/21/42)^(a)		634		765,919
4.75%, 03/22/42 (Call 09/22/41)		373		479,717
Southern Copper Corp.
5.25%, 11/08/42		665		824,939
5.88%, 04/23/45^(a)		1,153		1,565,255


Security	Par (000)		Value

Mining (continued)
6.75%, 04/16/40	$	1,174	$	1,630,392
7.50%, 07/27/35		942		1,344,705
Teck Resources Ltd.
5.20%, 03/01/42 (Call 09/01/41)		345		411,393
5.40%, 02/01/43 (Call 08/01/42)^(a)		265		329,034
6.00%, 08/15/40 (Call 02/15/40)		415		537,472
6.13%, 10/01/35		125		161,506
6.25%, 07/15/41 (Call 01/15/41)^(a)		542		724,738
Vale Canada Ltd., 7.20%, 09/15/32		50		62,505


				42,987,044

Oil & Gas — 5.9%
BG Energy Capital PLC, 5.13%, 10/15/41^(b)		650		851,327
BP Capital Markets America Inc.
2.77%, 11/10/50 (Call 05/10/50)		1,392		1,321,511
2.94%, 06/04/51 (Call 12/04/50)		1,827		1,783,137
3.00%, 02/24/50 (Call 08/24/49)		1,773		1,753,167
3.00%, 03/17/52 (Call 09/17/51)		1,239		1,221,046
3.06%, 06/17/41 (Call 12/17/40)		1,250		1,262,111
3.38%, 02/08/61 (Call 08/08/60)		1,344		1,378,042
Burlington Resources LLC, 5.95%, 10/15/36		677		925,507
Canadian Natural Resources Ltd.
4.95%, 06/01/47 (Call 12/01/46)^(a)		282		358,729
5.85%, 02/01/35		401		504,396
6.25%, 03/15/38		851		1,137,981
6.45%, 06/30/33		372		484,358
6.50%, 02/15/37		677		907,160
6.75%, 02/01/39		635		891,949
Cenovus Energy Inc.
3.75%, 02/15/52 (Call 08/15/51)^(a)		675		683,033
5.25%, 06/15/37 (Call 12/15/36)		472		565,564
5.40%, 06/15/47 (Call 12/15/46)^(a)		710		887,904
6.75%, 11/15/39		1,247		1,709,264
6.80%, 09/15/37		373		503,362
Chevron Corp., 3.08%, 05/11/50 (Call 11/11/49)^(a)		970		1,039,724
Chevron USA Inc.
2.34%, 08/12/50 (Call 02/12/50)		853		800,520
4.20%, 10/15/49 (Call 04/15/49)		485		611,094
5.25%, 11/15/43 (Call 05/15/43)		95		131,975
CNOOC Finance 2012 Ltd., 5.00%, 05/02/42^(b)		250		293,605
CNOOC Finance 2013 Ltd.
3.30%, 09/30/49 (Call 03/30/49)		650		603,218
4.25%, 05/09/43^(a)		220		237,325
CNOOC Finance 2014 ULC, 4.88%, 04/30/44^(a)		405		475,476
CNOOC Finance 2015 Australia Pty Ltd., 4.20%, 05/05/45		400		430,872
CNOOC Petroleum North America ULC
5.88%, 03/10/35		1,192		1,466,349
6.40%, 05/15/37		845		1,122,473
7.50%, 07/30/39		660		988,470
CNPC HK Overseas Capital Ltd., 5.95%, 04/28/41^(b)		355		500,163
ConocoPhillips
4.85%, 08/15/48 (Call 02/15/48)^(b)		615		820,682
4.88%, 10/01/47 (Call 04/01/47)^(b)		870		1,159,177
5.90%, 10/15/32		595		781,564
5.90%, 05/15/38		442		611,631
6.50%, 02/01/39^(a)		2,482		3,663,970
ConocoPhillips Co.
4.30%, 11/15/44 (Call 05/15/44)		523		635,179
5.95%, 03/15/46 (Call 09/15/45)		345		521,826
Devon Energy Corp.
4.75%, 05/15/42 (Call 11/15/41)		668		776,973


Security	Par (000)		Value

Oil & Gas (continued)
5.00%, 06/15/45 (Call 12/15/44)^(a)	$	552	$	671,527
5.60%, 07/15/41 (Call 01/15/41)^(a)		1,226		1,548,076
7.95%, 04/15/32		230		326,706
Diamondback Energy Inc., 4.40%, 03/24/51 (Call 09/24/50)		509		586,598
Empresa Nacional del Petroleo, 4.50%, 09/14/47 (Call 03/14/47)^(b)		591		584,384
Eni SpA, 5.70%, 10/01/40^(b)		320		412,143
EOG Resources Inc.
3.90%, 04/01/35 (Call 10/01/34)		373		422,537
4.95%, 04/15/50 (Call 10/15/49)^(a)		672		911,440
5.10%, 01/15/36 (Call 07/15/35)		207		252,790
Equinor ASA
3.25%, 11/18/49 (Call 05/18/49)		1,012		1,096,078
3.63%, 04/06/40 (Call 10/06/39)		610		687,406
3.70%, 04/06/50 (Call 10/06/49)^(a)		1,042		1,221,823
3.95%, 05/15/43^(a)		795		932,778
4.25%, 11/23/41		630		769,333
4.80%, 11/08/43^(a)		651		855,440
5.10%, 08/17/40		773		1,029,339
Exxon Mobil Corp.
3.00%, 08/16/39 (Call 02/16/39)		893		923,309
3.10%, 08/16/49 (Call 02/16/49)		1,341		1,399,968
3.45%, 04/15/51 (Call 10/15/50)^(a)		1,725		1,912,487
3.57%, 03/06/45 (Call 09/06/44)		1,047		1,169,312
4.11%, 03/01/46 (Call 09/01/45)		2,280		2,739,490
4.23%, 03/19/40 (Call 09/19/39)		1,886		2,255,057
4.33%, 03/19/50 (Call 09/19/49)		2,350		2,964,013
Gazprom PJSC Via Gaz Capital SA, 7.29%, 08/16/37^(b)		1,200		1,617,691
Hess Corp.
5.60%, 02/15/41		1,241		1,563,866
5.80%, 04/01/47 (Call 10/01/46)		413		551,516
6.00%, 01/15/40		525		683,485
7.13%, 03/15/33		665		895,203
KazMunayGas National Co. JSC
3.50%, 04/14/33 (Call 10/14/32)^(b)		80		82,741
6.38%, 10/24/48^(b)		1,365		1,754,107
Marathon Oil Corp.
5.20%, 06/01/45 (Call 12/01/44)		205		251,632
6.60%, 10/01/37		897		1,208,260
6.80%, 03/15/32		508		660,961
Marathon Petroleum Corp.
4.50%, 04/01/48 (Call 10/01/47)^(a)		405		472,837
4.75%, 09/15/44 (Call 03/15/44)		818		954,670
5.00%, 09/15/54 (Call 03/15/54)		428		530,199
5.85%, 12/15/45 (Call 06/15/45)		264		343,911
6.50%, 03/01/41 (Call 09/01/40)		953		1,324,431
Motiva Enterprises LLC, 6.85%, 01/15/40^(b)		1,035		1,302,237
Pertamina Persero PT
4.15%, 02/25/60 (Call 08/25/59)^(a)^(b)		445		441,152
4.18%, 01/21/50 (Call 07/21/49)^(b)		870		888,020
4.70%, 07/30/49^(a)(b)		795		859,837
5.63%, 05/20/43^(b)		1,065		1,270,552
6.00%, 05/03/42^(b)		684		839,938
6.45%, 05/30/44^(b)		1,825		2,387,932
6.50%, 05/27/41^(b)		375		484,614
6.50%, 11/07/48^(a)(b)		745		986,573
Petroleos del Peru SA
4.75%, 06/19/32^(b)		824		870,556
5.63%, 06/19/47^(b)		1,670		1,695,050


Security	Par (000)		Value

Oil & Gas (continued)
Petronas Capital Ltd.
3.40%, 04/28/61 (Call 10/28/60)^(b)	$	110	$	111,262
4.50%, 03/18/45(b)		1,370		1,652,900
4.55%, 04/21/50 (Call 10/21/49)^(b)		3,455		4,271,277
4.80%, 04/21/60 (Call 10/21/59)^(b)		1,170		1,529,827
Phillips 66
4.65%, 11/15/34 (Call 05/15/34)		799		940,347
4.88%, 11/15/44 (Call 05/15/44)^(a)		1,180		1,486,766
5.88%, 05/01/42		1,478		2,030,543
PTTEP Treasury Center Co. Ltd., 3.90%, 12/06/59^(a)(b)		535		552,373
Qatar Petroleum
3.13%, 07/12/41 (Call 01/12/41)^(b)		2,365		2,386,739
3.30%, 07/12/51 (Call 01/12/51)^(b)		3,245		3,306,785
Saudi Arabian Oil Co.
3.25%, 11/24/50 (Call 05/24/50)^(b)		2,109		2,022,531
3.50%, 11/24/70 (Call 05/24/70)^(b)		1,655		1,570,264
4.25%, 04/16/39^(b)		2,690		3,009,518
4.38%, 04/16/49^(b)		2,573		2,953,547
Shell International Finance BV
3.13%, 11/07/49 (Call 05/07/49)		1,241		1,319,688
3.25%, 04/06/50 (Call 10/06/49)^(a)		1,603		1,750,305
3.63%, 08/21/42		703		787,734
3.75%, 09/12/46		939		1,092,683
4.00%, 05/10/46		1,888		2,264,248
4.13%, 05/11/35		1,038		1,226,016
4.38%, 05/11/45		2,446		3,067,690
4.55%, 08/12/43		1,050		1,324,776
5.50%, 03/25/40		769		1,063,437
6.38%, 12/15/38		2,516		3,725,793
Sinopec Capital 2013 Ltd., 4.25%, 04/24/43^(b)		400		464,088
Sinopec Group Overseas Development 2012 Ltd., 4.88%, 05/17/42^(b)		700		864,716
Sinopec Group Overseas Development 2013 Ltd., 5.38%, 10/17/43^(b)		250		332,420
Sinopec Group Overseas Development 2015 Ltd., 4.10%, 04/28/45^(b)		155		175,045
Sinopec Group Overseas Development 2017 Ltd.
4.00%, 09/13/47^(b)		720		812,526
4.25%, 04/12/47^(a)(b)		440		517,413
Sinopec Group Overseas Development 2018 Ltd.
3.35%, 05/13/50 (Call 11/13/49)^(b)		850		861,850
3.68%, 08/08/49 (Call 02/08/49)^(b)		980		1,052,481
4.60%, 09/12/48^(b)		455		561,530
Suncor Energy Inc.
3.75%, 03/04/51 (Call 09/04/50)^(a)		614		670,461
4.00%, 11/15/47 (Call 05/15/47)^(a)		655		739,402
5.35%, 07/15/33		375		458,783
5.95%, 12/01/34		205		265,876
5.95%, 05/15/35		601		779,225
6.50%, 06/15/38^(a)		957		1,329,533
6.80%, 05/15/38		913		1,298,263
6.85%, 06/01/39		750		1,089,435
7.15%, 02/01/32		215		294,969
Thaioil Treasury Center Co. Ltd.
3.50%, 10/17/49^(b)		420		372,065
3.75%, 06/18/50^(b)		620		573,575
5.38%, 11/20/48^(b)		600		685,557
TotalEnergies Capital International SA
2.99%, 06/29/41 (Call 12/29/40)		680		697,098
3.13%, 05/29/50 (Call 11/29/49)		1,979		2,076,889


Security	Par (000)		Value

Oil & Gas (continued)
3.39%, 06/29/60 (Call 12/29/59)	$	657	$	711,782
3.46%, 07/12/49 (Call 01/12/49)^(a)		696		770,739
Valero Energy Corp.
4.90%, 03/15/45^(a)		431		536,706
6.63%, 06/15/37		1,159		1,583,627
7.50%, 04/15/32^(a)		570		792,399
10.50%, 03/15/39		473		843,980
XTO Energy Inc., 6.75%, 08/01/37		25		36,307

				155,091,608

Oil & Gas Services — 0.4%
Baker Hughes a GE Co. LLC/Baker Hughes Co-Obligor Inc., 4.08%, 12/15/47 (Call 06/15/47)		1,003		1,145,029
Baker Hughes Holdings LLC, 5.13%, 09/15/40		1,124		1,430,733
Halliburton Co.
4.50%, 11/15/41 (Call 05/15/41)		462		521,150
4.75%, 08/01/43 (Call 02/01/43)		798		938,276
4.85%, 11/15/35 (Call 05/15/35)		754		894,278
5.00%, 11/15/45 (Call 05/15/45)		1,644		2,036,718
6.70%, 09/15/38		880		1,222,895
7.45%, 09/15/39		800		1,191,373
NOV Inc., 3.95%, 12/01/42 (Call 06/01/42)^(a)		809		805,309

				10,185,761

Packaging & Containers — 0.1%
Packaging Corp. of America
3.05%, 10/01/51 (Call 04/01/51)		325		329,125
4.05%, 12/15/49 (Call 06/15/49)		207		245,976
Sonoco Products Co., 5.75%, 11/01/40 (Call 05/01/40)		385		525,502
WRKCo Inc.
3.00%, 06/15/33 (Call 03/15/33)^(a)		517		536,703
4.20%, 06/01/32 (Call 03/01/32)		584		667,460

				2,304,766

Pharmaceuticals — 6.4%
AbbVie Inc.
4.05%, 11/21/39 (Call 05/21/39)		3,348		3,846,611
4.25%, 11/21/49 (Call 05/21/49)		4,626		5,563,308
4.30%, 05/14/36 (Call 11/14/35)		957		1,110,069
4.40%, 11/06/42		2,208		2,651,354
4.45%, 05/14/46 (Call 11/14/45)		1,639		2,003,363
4.50%, 05/14/35 (Call 11/14/34)		2,063		2,439,895
4.55%, 03/15/35 (Call 09/15/34)		1,317		1,569,058
4.63%, 10/01/42 (Call 04/01/42)		400		485,139
4.70%, 05/14/45 (Call 11/14/44)		2,246		2,816,901
4.75%, 03/15/45 (Call 09/15/44)		839		1,052,668
4.85%, 06/15/44 (Call 12/15/43)		920		1,164,231
4.88%, 11/14/48 (Call 05/14/48)		1,570		2,065,556
AmerisourceBergen Corp.
4.25%, 03/01/45 (Call 09/01/44)		416		486,426
4.30%, 12/15/47 (Call 06/15/47)		444		525,151
AstraZeneca PLC
2.13%, 08/06/50 (Call 02/06/50)		435		388,068
3.00%, 05/28/51 (Call 11/28/50)^(a)		770		814,519
4.00%, 09/18/42		988		1,189,701
4.38%, 11/16/45		717		926,549
4.38%, 08/17/48 (Call 02/17/48)		574		749,680
6.45%, 09/15/37		2,403		3,578,039
Bayer U.S. Finance II LLC
3.95%, 04/15/45 (Call 10/15/44)^(b)		420		454,267
4.20%, 07/15/34 (Call 01/15/34)^(a)(b)		693		774,892
4.40%, 07/15/44 (Call 01/15/44)^(a)(b)		964		1,101,246


Security	Par (000)		Value

Pharmaceuticals (continued)
4.63%, 06/25/38 (Call 12/25/37)^(b)	$	879	$	1,039,452
4.65%, 11/15/43 (Call 05/15/43)^(b)		125		142,894
4.70%, 07/15/64 (Call 01/15/64)^(a)(b)		776		920,639
4.88%, 06/25/48 (Call 12/25/47)^(b)		1,425		1,792,275
5.50%, 07/30/35^(b)		75		90,776
Becton Dickinson and Co.
3.79%, 05/20/50 (Call 11/20/49)		813		925,698
4.67%, 06/06/47 (Call 12/06/46)		1,386		1,761,851
4.69%, 12/15/44 (Call 06/15/44)		718		900,342
Bristol-Myers Squibb Co.
2.35%, 11/13/40 (Call 05/13/40)^(a)		992		947,708
2.55%, 11/13/50 (Call 05/13/50)		1,190		1,138,506
3.25%, 08/01/42		969		1,059,962
4.13%, 06/15/39 (Call 12/15/38)		1,828		2,183,720
4.25%, 10/26/49 (Call 04/26/49)		2,661		3,345,259
4.35%, 11/15/47 (Call 05/15/47)^(a)		1,315		1,666,092
4.50%, 03/01/44 (Call 09/01/43)^(a)		729		921,585
4.55%, 02/20/48 (Call 08/20/47)		1,455		1,904,707
4.63%, 05/15/44 (Call 11/15/43)		84		108,083
5.00%, 08/15/45 (Call 02/15/45)		1,665		2,267,242
Cardinal Health Inc.
4.37%, 06/15/47 (Call 12/15/46)		381		435,698
4.50%, 11/15/44 (Call 05/15/44)		398		456,340
4.60%, 03/15/43		403		472,893
4.90%, 09/15/45 (Call 03/15/45)^(a)		310		376,518
Cigna Corp.
3.20%, 03/15/40 (Call 09/15/39)		812		836,891
3.40%, 03/15/50 (Call 09/15/49)^(a)		1,081		1,140,274
3.40%, 03/15/51 (Call 09/15/50)		1,250		1,322,278
3.88%, 10/15/47 (Call 04/15/47)		869		973,089
4.80%, 08/15/38 (Call 02/15/38)		1,871		2,299,404
4.80%, 07/15/46 (Call 01/16/46)		1,188		1,499,281
4.90%, 12/15/48 (Call 06/15/48)		2,442		3,161,133
5.38%, 02/15/42 (Call 08/15/41)		345		439,298
6.13%, 11/15/41		344		489,818
CVS Health Corp.
2.70%, 08/21/40 (Call 02/21/40)		1,370		1,313,534
4.13%, 04/01/40 (Call 10/01/39)		1,208		1,385,766
4.25%, 04/01/50 (Call 10/01/49)^(a)		893		1,081,389
4.78%, 03/25/38 (Call 09/25/37)		4,266		5,219,462
4.88%, 07/20/35 (Call 01/20/35)		599		720,800
5.05%, 03/25/48 (Call 09/25/47)		6,372		8,377,423
5.13%, 07/20/45 (Call 01/20/45)		2,722		3,581,450
5.30%, 12/05/43 (Call 06/05/43)		778		1,026,113
6.13%, 09/15/39^(a)		88		121,080
Eli Lilly & Co.
2.25%, 05/15/50 (Call 11/15/49)^(a)		1,835		1,701,214
2.50%, 09/15/60 (Call 03/15/60)		1,016		956,517
3.70%, 03/01/45 (Call 09/01/44)		151		176,014
3.95%, 03/15/49 (Call 09/15/48)		45		55,584
4.15%, 03/15/59 (Call 09/15/58)		25		32,647
GlaxoSmithKline Capital Inc.
4.20%, 03/18/43^(a)		365		448,514
5.38%, 04/15/34^(a)		951		1,248,180
6.38%, 05/15/38		2,223		3,290,024
Johnson & Johnson
2.10%, 09/01/40 (Call 03/01/40)		944		898,208
2.25%, 09/01/50 (Call 03/01/50)^(a)		1,104		1,058,681
2.45%, 09/01/60 (Call 03/01/60)		867		837,567
3.40%, 01/15/38 (Call 07/15/37)		917		1,035,915


Security	Par (000)		Value

Pharmaceuticals (continued)
3.50%, 01/15/48 (Call 07/15/47)	$	792	$	933,337
3.55%, 03/01/36 (Call 09/01/35)		817		937,277
3.63%, 03/03/37 (Call 09/03/36)		1,217		1,411,454
3.70%, 03/01/46 (Call 09/01/45)		1,161		1,393,464
3.75%, 03/03/47 (Call 09/03/46)^(a)		935		1,133,688
4.38%, 12/05/33 (Call 06/05/33)		869		1,066,840
4.50%, 09/01/40		377		486,426
4.50%, 12/05/43 (Call 06/05/43)		634		825,837
4.85%, 05/15/41		296		395,653
4.95%, 05/15/33^(a)		491		632,115
5.85%, 07/15/38		652		952,541
5.95%, 08/15/37^(a)		930		1,348,080
Mead Johnson Nutrition Co.
4.60%, 06/01/44 (Call 12/01/43)		453		587,641
5.90%, 11/01/39		225		317,992
Merck & Co. Inc.
2.35%, 06/24/40 (Call 12/24/39)		1,034		989,125
2.45%, 06/24/50 (Call 12/24/49)^(a)		1,123		1,070,356
3.60%, 09/15/42 (Call 03/15/42)		629		714,572
3.70%, 02/10/45 (Call 08/10/44)^(a)		1,781		2,069,360
3.90%, 03/07/39 (Call 09/07/38)		1,087		1,272,117
4.00%, 03/07/49 (Call 09/07/48)		1,351		1,670,336
4.15%, 05/18/43		1,155		1,412,442
6.50%, 12/01/33^(a)		230		336,755
6.55%, 09/15/37		430		642,623
Merck Sharp & Dohme Corp., 5.75%, 11/15/36^(a)		25		34,501
Mylan Inc.
5.20%, 04/15/48 (Call 10/15/47)		683		848,468
5.40%, 11/29/43 (Call 05/29/43)		455		567,997
Novartis Capital Corp.
2.75%, 08/14/50 (Call 02/14/50)		1,196		1,224,367
3.70%, 09/21/42		392		453,134
4.00%, 11/20/45 (Call 05/20/45)		1,117		1,369,957
4.40%, 05/06/44		1,625		2,076,851
Pfizer Inc.
2.55%, 05/28/40 (Call 11/28/39)		975		970,404
2.70%, 05/28/50 (Call 11/28/49)^(a)		821		832,813
3.90%, 03/15/39 (Call 09/15/38)		880		1,036,594
4.00%, 12/15/36		961		1,143,463
4.00%, 03/15/49 (Call 09/15/48)		884		1,091,801
4.10%, 09/15/38 (Call 03/15/38)		747		896,139
4.13%, 12/15/46		1,066		1,327,156
4.20%, 09/15/48 (Call 03/15/48)		948		1,203,172
4.30%, 06/15/43		734		908,820
4.40%, 05/15/44		960		1,213,543
5.60%, 09/15/40		459		649,961
7.20%, 03/15/39		2,171		3,507,173
Takeda Pharmaceutical Co. Ltd.
3.03%, 07/09/40 (Call 01/09/40)		1,486		1,510,663
3.18%, 07/09/50 (Call 01/09/50)		1,410		1,441,646
3.38%, 07/09/60 (Call 01/09/60)^(a)		1,042		1,105,916
Utah Acquisition Sub Inc., 5.25%, 06/15/46
(Call 12/15/45)		824		1,027,704
Viatris Inc.
3.85%, 06/22/40 (Call 12/22/39)^(b)		1,235		1,322,658
4.00%, 06/22/50 (Call 12/22/49)^(b)		1,650		1,771,209
Wyeth LLC
5.95%, 04/01/37		1,058		1,499,487
6.00%, 02/15/36		598		834,673
6.50%, 02/01/34		895		1,279,222


Security	Par (000)		Value

Pharmaceuticals (continued)
Zoetis Inc.
3.00%, 05/15/50 (Call 11/15/49)	$	470	$	492,713
3.95%, 09/12/47 (Call 03/12/47)		506		604,417
4.45%, 08/20/48 (Call 02/20/48)		500		640,372
4.70%, 02/01/43 (Call 08/01/42)		900		1,145,209

				167,974,713

Pipelines — 4.3%
Abu Dhabi Crude Oil Pipeline LLC, 4.60%, 11/02/47^(b)		1,839		2,134,785
Cameron LNG LLC
3.30%, 01/15/35 (Call 09/15/34)^(b)		584		618,153
3.40%, 01/15/38 (Call 07/15/37)^(b)		410		427,583
3.70%, 01/15/39 (Call 07/15/38)^(b)		723		796,726
Cheniere Corpus Christi Holdings LLC, 2.74%, 12/31/39 (Call 07/04/39)^(a)(b)		460		449,511
Colonial Pipeline Co.
4.25%, 04/15/48 (Call 10/15/47)^(b)		730		862,015
7.63%, 04/15/32^(b)		85		120,157
Columbia Pipeline Group Inc., 5.80%, 06/01/45 (Call 12/01/44)		445		607,257
Eastern Gas Transmission & Storage Inc.
3.90%, 11/15/49 (Call 05/15/49)^(b)		266		298,622
4.60%, 12/15/44 (Call 06/15/44)^(b)		434		526,340
4.80%, 11/01/43 (Call 05/01/43)^(b)		383		475,100
El Paso Natural Gas Co. LLC, 8.38%, 06/15/32^(a)		135		194,326
Enable Midstream Partners LP, 5.00%, 05/15/44 (Call 11/15/43)		545		590,993
Enbridge Energy Partners LP
5.50%, 09/15/40 (Call 03/15/40)		633		813,651
7.38%, 10/15/45 (Call 04/15/45)		481		773,191
Series B, 7.50%, 04/15/38		250		374,210
Enbridge Inc.
2.50%, 08/01/33 (Call 05/01/33)^(a)		185		183,209
3.40%, 08/01/51 (Call 02/01/51)		905		930,976
4.00%, 11/15/49 (Call 05/15/49)		490		559,605
4.50%, 06/10/44 (Call 12/10/43)		379		442,533
5.50%, 05/29/46 (Call 06/01/46)		580		790,545
Energy Transfer LP
4.90%, 03/15/35 (Call 09/15/34)^(a)		328		372,416
4.95%, 01/15/43 (Call 07/15/42)		273		301,617
5.00%, 05/15/50 (Call 11/15/49)		1,555		1,820,728
5.15%, 02/01/43 (Call 08/01/42)		530		598,525
5.15%, 03/15/45 (Call 09/15/44)		592		689,909
5.30%, 04/01/44 (Call 10/01/43)		711		833,316
5.30%, 04/15/47 (Call 10/15/46)		785		930,814
5.35%, 05/15/45 (Call 11/15/44)		607		717,764
5.40%, 10/01/47 (Call 04/01/47)		1,237		1,484,891
5.95%, 10/01/43 (Call 04/01/43)		405		500,458
6.00%, 06/15/48 (Call 12/15/47)		847		1,081,488
6.05%, 06/01/41 (Call 12/01/40)		455		569,870
6.10%, 02/15/42		290		358,431
6.13%, 12/15/45 (Call 06/15/45)		846		1,085,295
6.25%, 04/15/49 (Call 10/15/48)		1,400		1,859,204
6.50%, 02/01/42 (Call 08/01/41)		789		1,031,274
6.63%, 10/15/36		481		625,343
6.85%, 02/15/40		100		128,410
7.50%, 07/01/38		611		850,799
Series 20Y, 5.80%, 06/15/38 (Call 12/15/37)		458		559,931
Enterprise Products Operating LLC
3.20%, 02/15/52 (Call 08/15/51)		873		861,275
3.30%, 02/15/53 (Call 08/15/52)		450		450,951


Security	Par (000)		Value

Pipelines (continued)
3.70%, 01/31/51 (Call 07/31/50)	$	807	$	855,968
3.95%, 01/31/60 (Call 07/31/59)		954		1,045,854
4.20%, 01/31/50 (Call 07/31/49)		1,032		1,181,248
4.25%, 02/15/48 (Call 08/15/47)		1,112		1,272,985
4.45%, 02/15/43 (Call 08/15/42)		951		1,090,419
4.80%, 02/01/49 (Call 08/01/48)		1,094		1,350,031
4.85%, 08/15/42 (Call 02/15/42)		788		953,789
4.85%, 03/15/44 (Call 09/15/43)		1,040		1,257,768
4.90%, 05/15/46 (Call 11/15/45)		936		1,150,319
4.95%, 10/15/54 (Call 04/15/54)		291		374,127
5.10%, 02/15/45 (Call 08/15/44)		829		1,040,971
5.70%, 02/15/42		529		700,085
5.95%, 02/01/41		790		1,073,170
6.13%, 10/15/39		670		919,873
6.45%, 09/01/40		160		226,259
7.55%, 04/15/38		315		479,532
Series D, 6.88%, 03/01/33		642		885,209
Series H, 6.65%, 10/15/34		301		415,063
Series J, 5.75%, 03/01/35		75		94,089
Flex Intermediate Holdco LLC, 4.32%, 12/30/39
(Call 06/30/39)^(a)(b)		370		387,213
FLNG Liquefaction 2 LLC, 4.13%, 03/31/38^(b)		23		24,502
Galaxy Pipeline Assets Bidco Ltd.
2.16%, 03/31/34^(a)(b)		50		48,701
2.63%, 03/31/36^(b)		446		434,501
2.94%, 09/30/40^(b)		2,500		2,455,622
3.25%, 09/30/40^(a)(b)		1,000		993,992
Gulfstream Natural Gas System LLC, 5.95%, 10/15/45 (Call 04/15/45)^(b)		205		279,253
Kinder Morgan Energy Partners LP
4.70%, 11/01/42 (Call 05/01/42)		395		452,229
5.00%, 08/15/42 (Call 02/15/42)		380		451,058
5.00%, 03/01/43 (Call 09/01/42)		620		738,372
5.40%, 09/01/44 (Call 03/01/44)		230		285,549
5.50%, 03/01/44 (Call 09/01/43)		737		921,877
5.63%, 09/01/41		299		376,104
5.80%, 03/15/35		450		570,801
6.38%, 03/01/41		559		762,564
6.50%, 02/01/37		300		406,201
6.50%, 09/01/39		563		771,421
6.55%, 09/15/40		469		649,019
6.95%, 01/15/38		995		1,403,341
7.30%, 08/15/33		193		268,491
7.50%, 11/15/40		410		612,726
7.75%, 03/15/32		340		480,870
Kinder Morgan Inc.
3.25%, 08/01/50 (Call 02/01/50)^(a)		490		473,731
3.60%, 02/15/51 (Call 08/15/50)		1,060		1,077,023
5.05%, 02/15/46 (Call 08/15/45)		746		908,832
5.20%, 03/01/48 (Call 09/01/47)		683		854,703
5.30%, 12/01/34 (Call 06/01/34)		660		803,328
5.55%, 06/01/45 (Call 12/01/44)		1,196		1,538,020
7.75%, 01/15/32		152		215,543
Magellan Midstream Partners LP
3.95%, 03/01/50 (Call 09/01/49)		918		989,892
4.20%, 12/01/42 (Call 06/01/42)^(a)		150		161,643
4.20%, 03/15/45 (Call 09/15/44)		160		171,414
4.20%, 10/03/47 (Call 04/03/47)		483		538,100
4.25%, 09/15/46 (Call 03/15/46)		440		500,547
4.85%, 02/01/49 (Call 08/01/48)		363		442,389


Security	Par (000)		Value

Pipelines (continued)
5.15%, 10/15/43 (Call 04/15/43)	$	479	$	584,450
6.40%, 05/01/37		125		164,642
MPLX LP
4.50%, 04/15/38 (Call 10/15/37)		1,532		1,726,026
4.70%, 04/15/48 (Call 10/15/47)		1,325		1,558,149
4.90%, 04/15/58 (Call 10/15/57)		372		443,481
5.20%, 03/01/47 (Call 09/01/46)		929		1,146,464
5.20%, 12/01/47 (Call 06/01/47)		381		466,135
5.50%, 02/15/49 (Call 08/15/48)		1,254		1,617,839
NGPL PipeCo LLC, 7.77%, 12/15/37^(b)		563		809,225
Northern Natural Gas Co.
3.40%, 10/16/51 (Call 04/16/51)^(a)(b)		539		564,214
4.10%, 09/15/42 (Call 03/15/42)^(b)		145		163,120
4.30%, 01/15/49 (Call 07/15/48)^(b)		417		495,453
ONEOK Inc.
4.45%, 09/01/49 (Call 03/01/49)		552		623,243
4.50%, 03/15/50 (Call 09/15/49)		348		393,015
4.95%, 07/13/47 (Call 01/06/47)		568		677,556
5.20%, 07/15/48 (Call 01/15/48)^(a)		564		693,122
6.00%, 06/15/35		429		538,839
7.15%, 01/15/51 (Call 07/15/50)		267		398,770
ONEOK Partners LP
6.13%, 02/01/41 (Call 08/01/40)		818		1,058,783
6.20%, 09/15/43 (Call 03/15/43)		299		391,665
6.65%, 10/01/36		710		951,404
6.85%, 10/15/37		523		712,585
Phillips 66 Partners LP
4.68%, 02/15/45 (Call 08/15/44)		320		383,257
4.90%, 10/01/46 (Call 04/01/46)		640		807,975
Plains All American Pipeline LP/PAA Finance Corp.
4.30%, 01/31/43 (Call 07/31/42)		293		302,120
4.70%, 06/15/44 (Call 12/15/43)		492		533,237
4.90%, 02/15/45 (Call 08/15/44)		401		445,534
5.15%, 06/01/42 (Call 12/01/41)		293		331,179
6.65%, 01/15/37		709		929,645
Sabal Trail Transmission LLC
4.68%, 05/01/38 (Call 11/01/37)^(a)(b)		380		454,177
4.83%, 05/01/48 (Call 11/01/47)^(b)		480		605,656
Southern Natural Gas Co. LLC
4.80%, 03/15/47 (Call 09/15/46)^(a)(b)		425		521,735
8.00%, 03/01/32		266		371,638
Spectra Energy Partners LP
4.50%, 03/15/45 (Call 09/15/44)		601		708,700
5.95%, 09/25/43 (Call 03/25/43)		325		447,712
Tennessee Gas Pipeline Co. LLC, 7.63%, 04/01/37		100		144,003
Texas Eastern Transmission LP
4.15%, 01/15/48 (Call 07/15/47)^(b)		445		504,665
7.00%, 07/15/32		544		745,396
TransCanada PipeLines Ltd.
4.63%, 03/01/34 (Call 12/01/33)		778		912,962
4.75%, 05/15/38 (Call 11/15/37)		409		489,957
4.88%, 05/15/48 (Call 11/15/47)^(a)		817		1,039,719
5.00%, 10/16/43 (Call 04/16/43)		554		686,686
5.10%, 03/15/49 (Call 09/15/48)		756		1,001,977
5.60%, 03/31/34		310		390,631
5.85%, 03/15/36		390		506,012
6.10%, 06/01/40		703		963,727
6.20%, 10/15/37		911		1,241,319
7.25%, 08/15/38		645		959,531
7.63%, 01/15/39		1,080		1,671,664


Security	Par (000)		Value

Pipelines (continued)
Transcontinental Gas Pipe Line Co. LLC
3.95%, 05/15/50 (Call 11/15/49)	$	205	$	232,682
4.45%, 08/01/42 (Call 02/01/42)^(a)		395		464,550
4.60%, 03/15/48 (Call 09/15/47)		630		769,238
5.40%, 08/15/41 (Call 02/15/41)		276		356,983
Williams Companies Inc. (The)
4.85%, 03/01/48 (Call 09/01/47)^(a)		851		1,050,682
4.90%, 01/15/45 (Call 07/15/44)		481		586,893
5.10%, 09/15/45 (Call 03/15/45)		968		1,211,612
5.40%, 03/04/44 (Call 09/04/43)		505		636,806
5.75%, 06/24/44 (Call 12/24/43)		697		916,271
5.80%, 11/15/43 (Call 05/15/43)^(a)		432		569,481
6.30%, 04/15/40		950		1,297,294
8.75%, 03/15/32		368		559,017

				112,429,031

Private Equity — 0.1%
Apollo Management Holdings LP, 5.00%, 03/15/48 (Call 09/15/47)^(a)(b)		65		86,188
Carlyle Finance LLC, 5.65%, 09/15/48 (Call 03/15/48)^(a)(b)		435		607,139
Carlyle Holdings II Finance LLC, 5.63%, 03/30/43^(b)		424		559,838
KKR Group Finance Co. III LLC, 5.13%, 06/01/44 (Call 12/01/43)^(b)		782		1,010,721
KKR Group Finance Co. VII LLC, 3.63%, 02/25/50 (Call 08/25/49)^(b)		538		590,733
KKR Group Finance Co. VIII LLC, 3.50%, 08/25/50 (Call 02/25/50)^(a)(b)		541		579,109

				3,433,728

Real Estate — 0.0%
Brookfield Asset Management Inc., 7.38%, 03/01/33^(a)		264		372,324


Real Estate Investment Trusts — 1.6%
Agree LP, 2.60%, 06/15/33 (Call 03/15/33)		305		300,871
Alexandria Real Estate Equities Inc.
1.88%, 02/01/33 (Call 11/01/32)		764		716,613
2.00%, 05/18/32 (Call 02/18/32)^(a)		720		693,508
3.00%, 05/18/51 (Call 11/18/50)		629		628,107
4.00%, 02/01/50 (Call 08/01/49)		632		744,501
4.85%, 04/15/49 (Call 10/15/48)		467		613,475
American Homes 4 Rent LP, 3.38%, 07/15/51
(Call 01/15/51)		400		411,521
American Tower Corp.
2.95%, 01/15/51 (Call 07/15/50)		1,000		968,257
3.10%, 06/15/50 (Call 12/15/49)		962		954,530
3.70%, 10/15/49 (Call 04/15/49)		594		648,757
AvalonBay Communities Inc.
2.05%, 01/15/32 (Call 10/15/31)^(a)		100		97,969
3.90%, 10/15/46 (Call 04/15/46)		586		701,405
4.15%, 07/01/47 (Call 01/01/47)		230		285,690
4.35%, 10/15/47 (Call 10/18/47)		208		266,291
Boston Properties LP
2.45%, 10/01/33 (Call 07/01/33)^(a)		265		256,572
2.55%, 04/01/32 (Call 01/01/32)		929		925,093
Camden Property Trust, 3.35%, 11/01/49 (Call 05/01/49)		360		400,653
Crown Castle International Corp.
2.90%, 04/01/41 (Call 10/01/40)		1,164		1,124,070
3.25%, 01/15/51 (Call 07/15/50)		695		699,290
4.00%, 11/15/49 (Call 05/15/49)		333		373,959
4.15%, 07/01/50 (Call 01/01/50)		416		481,011
4.75%, 05/15/47 (Call 11/15/46)^(a)		313		387,887
5.20%, 02/15/49 (Call 08/15/48)		434		566,050


Security	Par (000)		Value

Real Estate Investment Trusts (continued)
Duke Realty LP, 3.05%, 03/01/50 (Call 09/01/49)	$	265	$	266,766
Equinix Inc.
2.95%, 09/15/51 (Call 03/15/51)		340		325,357
3.00%, 07/15/50 (Call 01/15/50)		516		503,885
3.40%, 02/15/52 (Call 08/15/51)		410		427,093
ERP Operating LP
4.00%, 08/01/47 (Call 02/01/47)^(a)		170		206,392
4.50%, 07/01/44 (Call 01/01/44)		494		619,461
4.50%, 06/01/45 (Call 12/01/44)		527		668,966
Essex Portfolio LP
2.65%, 03/15/32 (Call 12/15/31)		690		694,126
2.65%, 09/01/50 (Call 03/01/50)		356		324,125
4.50%, 03/15/48 (Call 09/15/47)		255		317,500
Extra Space Storage LP, 2.35%, 03/15/32 (Call 12/15/31)		500		486,652
Federal Realty Investment Trust
3.63%, 08/01/46 (Call 02/01/46)^(a)		669		713,144
4.50%, 12/01/44 (Call 06/01/44)		202		242,431
Goodman U.S. Finance Four LLC, 4.50%, 10/15/37 (Call 04/15/37)^(b)		314		365,876
Healthpeak Properties Inc., 6.75%, 02/01/41 (Call 08/01/40)		345		520,111
Kilroy Realty LP
2.50%, 11/15/32 (Call 08/15/32)		812		795,622
2.65%, 11/15/33 (Call 08/15/33)		180		176,009
Kimco Realty Corp.
3.70%, 10/01/49 (Call 04/01/49)		374		409,764
4.13%, 12/01/46 (Call 06/01/46)		296		343,546
4.25%, 04/01/45 (Call 10/01/44)		435		510,795
4.45%, 09/01/47 (Call 03/01/47)		243		296,007
Lexington Realty Trust, 2.38%, 10/01/31 (Call 07/01/31)		300		288,672
Mid-America Apartments LP, 2.88%, 09/15/51 (Call 03/15/51)		170		167,628
National Retail Properties Inc.
3.00%, 04/15/52 (Call 10/15/51)		75		73,424
3.10%, 04/15/50 (Call 10/15/49)		382		379,712
3.50%, 01/15/50 (Call 10/15/50)		457		487,098
4.80%, 04/25/48 (Call 04/15/48)		295		374,913
Omega Healthcare Investors Inc., 3.25%, 04/15/33 (Call 01/15/33)		646		636,957
Piedmont Operating Partnership LP, 2.75%, 04/01/32 (Call 01/01/32)		80		78,333
Prologis LP
2.13%, 10/15/50 (Call 04/15/50)^(a)		634		553,213
3.00%, 04/15/50 (Call 10/15/49)^(a)		477		496,505
4.38%, 09/15/48 (Call 03/15/48)		330		424,251
Realty Income Corp.
1.80%, 03/15/33 (Call 12/15/32)		520		490,399
4.65%, 03/15/47 (Call 09/15/46)		575		753,178
5.88%, 03/15/35^(a)		25		32,825
Regency Centers LP
4.40%, 02/01/47 (Call 08/01/46)^(a)		462		551,253
4.65%, 03/15/49 (Call 09/15/48)		189		236,162
Simon Property Group LP
3.25%, 09/13/49 (Call 03/13/49)^(a)		1,057		1,097,436
3.80%, 07/15/50 (Call 01/15/50)		777		881,022
4.25%, 10/01/44 (Call 04/01/44)		415		486,598
4.25%, 11/30/46 (Call 05/30/46)		345		409,652
4.75%, 03/15/42 (Call 09/15/41)^(a)		55		67,721
6.75%, 02/01/40 (Call 11/01/39)		813		1,205,253
Spirit Realty LP, 2.70%, 02/15/32 (Call 11/15/31)^(a)		397		391,844


Security	Par (000)		Value

Real Estate Investment Trusts (continued)
Trust Fibra Uno
6.39%, 07/28/49 (Call 07/15/49)^(a)^(b)	$	820	$	956,333
6.95%, 01/30/44 (Call 07/30/43)^(a)(b)		490		595,355
UDR Inc.
1.90%, 03/15/33 (Call 12/15/32)		195		181,131
2.10%, 08/01/32 (Call 05/01/32)		310		296,644
2.10%, 06/15/33 (Call 03/15/33)^(a)		171		161,931
3.10%, 11/01/34 (Call 08/01/34)		670		694,770
Ventas Realty LP
4.38%, 02/01/45 (Call 08/01/44)		30		35,178
4.88%, 04/15/49 (Call 10/15/48)		323		408,425
5.70%, 09/30/43 (Call 03/30/43)		532		713,435
VEREIT Operating Partnership LP, 2.85%, 12/15/32 (Call 09/15/32)		525		544,232
WEA Finance LLC, 4.63%, 09/20/48 (Call 03/20/48)^(a)(b)		550		603,408
WEA Finance LLC/Westfield UK & Europe Finance PLC, 4.75%, 09/17/44 (Call 03/17/44)^(a)(b)		477		523,195
Welltower Inc.
4.95%, 09/01/48 (Call 03/01/48)^(a)		255		334,597
5.13%, 03/15/43 (Call 09/15/42)		230		286,343
6.50%, 03/15/41 (Call 09/15/40)		490		715,212
Weyerhaeuser Co.
6.88%, 12/15/33		137		190,736
7.38%, 03/15/32^(a)		1,407		1,996,348
WP Carey Inc., 2.25%, 04/01/33 (Call 01/01/33)		634		602,688

				42,863,718

Retail — 2.2%
7-Eleven Inc.
2.50%, 09/10/40 (Call 08/10/40)^(a)(b)		631		586,742
2.80%, 08/10/50 (Call 08/02/50)^(b)		1,169		1,097,257
Alimentation Couche-Tard Inc.
3.44%, 05/13/41 (Call 11/13/40)^(b)		531		548,070
3.63%, 05/13/51 (Call 11/13/50)^(a)(b)		185		197,047
3.80%, 01/25/50 (Call 07/25/49)^(a)(b)		751		815,055
4.50%, 07/26/47 (Call 01/26/47)^(b)		430		515,138
CK Hutchison International 20 Ltd., 3.38%, 05/08/50 (Call 11/08/49)^(a)(b)		325		354,263
Costco Wholesale Corp., 1.75%, 04/20/32 (Call 01/20/32)		786		766,062
Darden Restaurants Inc., 4.55%, 02/15/48 (Call 08/15/47)		194		228,557
Dollar General Corp., 4.13%, 04/03/50 (Call 10/03/49)		413		489,772
Falabella SA, 3.38%, 01/15/32 (Call 10/15/31)^(b)		500		497,500
Home Depot Inc. (The)
2.38%, 03/15/51 (Call 09/15/50)		1,250		1,164,635
2.75%, 09/15/51 (Call 03/15/51)^(a)		575		577,322
3.13%, 12/15/49 (Call 06/15/49)		1,327		1,419,230
3.30%, 04/15/40 (Call 10/15/39)		1,126		1,223,467
3.35%, 04/15/50 (Call 10/15/49)		1,235		1,373,531
3.50%, 09/15/56 (Call 03/15/56)		813		925,908
3.90%, 06/15/47 (Call 12/15/46)^(a)		827		993,901
4.20%, 04/01/43 (Call 10/01/42)		794		965,815
4.25%, 04/01/46 (Call 10/01/45)		1,407		1,771,100
4.40%, 03/15/45 (Call 09/15/44)		527		670,269
4.50%, 12/06/48 (Call 06/06/48)		1,406		1,846,369
4.88%, 02/15/44 (Call 08/15/43)		1,000		1,320,163
5.40%, 09/15/40 (Call 03/15/40)		837		1,148,921
5.88%, 12/16/36		1,485		2,091,877
5.95%, 04/01/41 (Call 10/01/40)		1,162		1,681,269
Kohl’s Corp., 5.55%, 07/17/45 (Call 01/17/45)		335		389,672
Lowe’s Companies Inc. 2.80%, 09/15/41 (Call 03/15/41)^(a)		685		673,939


Security	Par (000)		Value

Retail (continued)
3.00%, 10/15/50 (Call 04/15/50)	$	1,919	$	1,921,704
3.50%, 04/01/51 (Call 10/01/50)		713		780,484
3.70%, 04/15/46 (Call 10/15/45)^(a)		989		1,100,848
4.05%, 05/03/47 (Call 11/03/46)		1,002		1,169,943
4.38%, 09/15/45 (Call 03/15/45)		643		782,905
4.55%, 04/05/49 (Call 10/05/48)		557		704,686
4.65%, 04/15/42 (Call 10/15/41)		669		827,210
5.00%, 04/15/40 (Call 10/15/39)		515		654,914
5.00%, 09/15/43 (Call 03/15/43)		30		36,990
5.13%, 04/15/50 (Call 10/15/49)		175		241,141
5.50%, 10/15/35^(a)		15		19,240
5.80%, 10/15/36		100		129,281
McDonald’s Corp.
3.63%, 05/01/43^(a)		376		414,110
3.63%, 09/01/49 (Call 03/01/49)^(a)		1,513		1,690,682
3.70%, 02/15/42^(a)		581		648,732
4.20%, 04/01/50 (Call 10/01/49)		704		862,546
4.45%, 03/01/47 (Call 09/01/46)		685		854,640
4.45%, 09/01/48 (Call 03/01/48)		682		855,583
4.60%, 05/26/45 (Call 11/26/44)		600		752,961
4.70%, 12/09/35 (Call 06/09/35)		679		835,483
4.88%, 07/15/40		459		581,838
4.88%, 12/09/45 (Call 06/09/45)		1,386		1,806,500
5.70%, 02/01/39		294		398,163
6.30%, 10/15/37		528		757,183
6.30%, 03/01/38		1,012		1,445,210
Starbucks Corp.
3.35%, 03/12/50 (Call 09/12/49)		511		539,270
3.50%, 11/15/50 (Call 05/15/50)		872		945,899
3.75%, 12/01/47 (Call 06/01/47)		515		577,371
4.30%, 12/10/44 (Call 12/15/44)		347		416,949
4.45%, 08/15/49 (Call 02/15/49)		918		1,143,064
4.50%, 11/15/48 (Call 05/15/48)		820		1,033,806
Target Corp.
3.63%, 04/15/46		500		595,758
3.90%, 11/15/47 (Call 05/15/47)		377		471,089
4.00%, 07/01/42		848		1,042,526
6.35%, 11/01/32^(a)		85		117,496
6.50%, 10/15/37^(a)		395		601,005
7.00%, 01/15/38		475		756,072
Tiffany & Co., 4.90%, 10/01/44 (Call 04/01/44)^(a)		224		302,287
TJX Companies Inc. (The), 4.50%, 04/15/50 (Call 10/15/49)		264		355,019
Walmart Inc.
4.30%, 04/22/44 (Call 10/22/43)		70		89,321
5.25%, 09/01/35		2,220		3,036,960
6.50%, 08/15/37		185		282,477

				58,912,197

Semiconductors — 2.1%
Analog Devices Inc.
2.80%, 10/01/41 (Call 04/01/41)		340		346,063
2.95%, 10/01/51 (Call 04/01/51)		1,660		1,726,465
Applied Materials Inc.
2.75%, 06/01/50 (Call 12/01/49)^(a)		696		705,799
4.35%, 04/01/47 (Call 10/01/46)^(a)		818		1,047,920
5.10%, 10/01/35 (Call 04/01/35)^(a)		463		597,207
5.85%, 06/15/41^(a)		863		1,259,563
Broadcom Inc.
2.60%, 02/15/33 (Call 11/15/32)^(b)		1,867		1,798,937
3.14%, 11/15/35 (Call 08/15/35)^(b)		2,000		1,977,820


Security	Par (000)		Value

Semiconductors (continued)
3.19%, 11/15/36 (Call 08/15/36)^(b)	$	2,000	$	1,972,000
3.42%, 04/15/33 (Call 01/15/33)^(b)		1,135		1,171,904
3.47%, 04/15/34 (Call 01/15/34)^(b)		1,552		1,601,167
3.50%, 02/15/41 (Call 08/15/40)^(b)		3,221		3,195,231
3.75%, 02/15/51 (Call 08/15/50)^(a)(b)		2,011		2,078,318
4.30%, 11/15/32 (Call 08/15/32)		1,945		2,165,700
Intel Corp.
2.80%, 08/12/41 (Call 02/12/41)		550		548,617
3.05%, 08/12/51 (Call 02/12/51)^(a)		885		901,711
3.10%, 02/15/60 (Call 08/15/59)		498		503,172
3.20%, 08/12/61 (Call 02/12/61)		95		97,496
3.25%, 11/15/49 (Call 05/15/49)		1,967		2,075,619
3.73%, 12/08/47 (Call 06/08/47)		1,865		2,109,790
4.00%, 12/15/32		759		883,220
4.10%, 05/19/46 (Call 11/19/45)		1,310		1,559,529
4.10%, 05/11/47 (Call 11/11/46)		904		1,079,311
4.25%, 12/15/42^(a)		420		510,957
4.60%, 03/25/40 (Call 09/25/39)		822		1,023,252
4.75%, 03/25/50 (Call 09/25/49)^(a)		1,778		2,362,890
4.80%, 10/01/41		773		992,764
4.90%, 07/29/45 (Call 01/29/45)		721		958,624
4.95%, 03/25/60 (Call 09/25/59)		818		1,155,628
KLA Corp.
3.30%, 03/01/50 (Call 08/28/49)		704		755,061
5.00%, 03/15/49 (Call 09/15/48)		437		594,414
5.65%, 11/01/34 (Call 07/01/34)^(a)		24		31,218
Lam Research Corp.
2.88%, 06/15/50 (Call 12/15/49)		677		691,081
3.13%, 06/15/60 (Call 12/15/59)		464		483,209
4.88%, 03/15/49 (Call 09/15/48)		579		787,101
Micron Technology Inc.
2.70%, 04/15/32 (Call 01/15/32)		500		499,145
3.37%, 11/01/41 (Call 05/01/41)		600		599,826
3.48%, 11/01/51 (Call 05/01/51)		300		299,943
NVIDIA Corp.
3.50%, 04/01/40 (Call 10/01/39)		915		1,023,495
3.50%, 04/01/50 (Call 10/01/49)		1,613		1,846,642
3.70%, 04/01/60 (Call 10/01/59)		293		347,555
NXP BV/NXP Funding LLC/NXP USA Inc., 3.25%, 05/11/41 (Call 11/11/40)^(a)^(b)		625		638,769
QUALCOMM Inc.
1.65%, 05/20/32 (Call 02/20/32)		975		922,060
3.25%, 05/20/50 (Call 11/20/49)^(a)		867		947,246
4.30%, 05/20/47 (Call 11/20/46)		1,269		1,601,261
4.65%, 05/20/35 (Call 11/20/34)		961		1,187,943
4.80%, 05/20/45 (Call 11/20/44)^(a)		1,400		1,855,689
Texas Instruments Inc.
2.70%, 09/15/51 (Call 03/15/51)		655		664,386
3.88%, 03/15/39 (Call 09/15/38)		667		790,827
4.15%, 05/15/48 (Call 11/15/47)		1,285		1,630,900

				56,604,445

Software — 2.8%
Activision Blizzard Inc.
2.50%, 09/15/50 (Call 03/15/50)		1,179		1,057,838
4.50%, 06/15/47 (Call 12/15/46)^(a)		330		408,674
Electronic Arts Inc., 2.95%, 02/15/51 (Call 08/15/50)		386		376,555
Fidelity National Information Services Inc.
3.10%, 03/01/41 (Call 09/01/40)		766		775,614
4.50%, 08/15/46 (Call 02/15/46)		260		322,600
Series 30Y, 4.75%, 05/15/48 (Call 11/15/47)		180		230,785


Security	Par (000)		Value

Software (continued)
Fiserv Inc., 4.40%, 07/01/49 (Call 01/01/49)	$	1,633	$	1,971,926
Microsoft Corp.
2.53%, 06/01/50 (Call 12/01/49)		6,117		6,016,564
2.68%, 06/01/60 (Call 12/01/59)		2,671		2,656,030
2.92%, 03/17/52 (Call 09/17/51)		5,928		6,276,024
3.04%, 03/17/62 (Call 09/17/61)		2,199		2,365,100
3.45%, 08/08/36 (Call 02/08/36)		1,350		1,551,577
3.50%, 02/12/35 (Call 08/12/34)		1,637		1,880,325
3.50%, 11/15/42		350		400,647
3.70%, 08/08/46 (Call 02/08/46)		1,359		1,633,677
3.75%, 02/12/45 (Call 08/12/44)		600		719,103
3.95%, 08/08/56 (Call 02/08/56)		356		446,569
4.10%, 02/06/37 (Call 08/06/36)		820		1,004,328
4.20%, 11/03/35 (Call 05/03/35)		190		233,988
4.25%, 02/06/47 (Call 08/06/46)		824		1,072,704
4.45%, 11/03/45 (Call 05/03/45)		15		20,123
4.50%, 10/01/40		700		907,724
4.50%, 02/06/57 (Call 08/06/56)		475		669,191
4.75%, 11/03/55 (Call 05/03/55)		100		144,170
5.30%, 02/08/41		660		937,576
Oracle Corp.
3.60%, 04/01/40 (Call 10/01/39)		2,641		2,752,326
3.60%, 04/01/50 (Call 10/01/49)		3,782		3,861,136
3.65%, 03/25/41 (Call 09/25/40)		1,939		2,031,303
3.80%, 11/15/37 (Call 05/15/37)		1,571		1,685,578
3.85%, 07/15/36 (Call 01/15/36)		1,023		1,105,319
3.85%, 04/01/60 (Call 10/01/59)		2,656		2,774,233
3.90%, 05/15/35 (Call 11/15/34)		1,151		1,250,286
3.95%, 03/25/51 (Call 09/25/50)		2,660		2,885,938
4.00%, 07/15/46 (Call 01/15/46)		2,546		2,750,290
4.00%, 11/15/47 (Call 05/15/47)^(a)		2,036		2,202,068
4.10%, 03/25/61 (Call 09/25/60)		1,044		1,145,586
4.13%, 05/15/45 (Call 11/15/44)		1,807		1,983,914
4.30%, 07/08/34 (Call 01/08/34)		1,514		1,712,682
4.38%, 05/15/55 (Call 11/15/54)		1,029		1,177,749
4.50%, 07/08/44 (Call 01/08/44)		903		1,041,431
5.38%, 07/15/40		2,060		2,608,250
6.13%, 07/08/39		1,152		1,569,531
6.50%, 04/15/38^(a)		1,111		1,552,578
salesforce.com Inc.
2.70%, 07/15/41 (Call 01/15/41)		1,107		1,112,554
2.90%, 07/15/51 (Call 01/15/51)		1,635		1,682,400
3.05%, 07/15/61 (Call 01/15/61)		860		897,676

				73,862,240

Telecommunications — 7.0%
America Movil SAB de CV
4.38%, 07/16/42		803		961,703
4.38%, 04/22/49 (Call 10/22/48)^(a)		970		1,209,153
6.13%, 11/15/37		176		241,498
6.13%, 03/30/40		2,151		3,041,985
6.38%, 03/01/35		366		506,946
AT&T Inc.
2.25%, 02/01/32 (Call 11/01/31)^(a)		1,552		1,493,520
2.55%, 12/01/33 (Call 09/01/33)		3,090		3,000,910
3.10%, 02/01/43 (Call 08/01/42)		2,322		2,242,359
3.30%, 02/01/52 (Call 08/01/51)		2,220		2,178,652
3.50%, 06/01/41 (Call 12/01/40)		2,324		2,397,415
3.50%, 09/15/53 (Call 03/15/53)		6,293		6,392,927
3.50%, 02/01/61 (Call 08/01/60)^(a)		1,325		1,291,806
3.55%, 09/15/55 (Call 03/15/55)		6,084		6,159,886


Security	Par (000)		Value

Telecommunications (continued)
3.65%, 06/01/51 (Call 12/01/50)	$	2,630	$	2,735,478
3.65%, 09/15/59 (Call 03/15/59)		5,355		5,432,132
3.80%, 12/01/57 (Call 06/01/57)		5,001		5,247,563
3.85%, 06/01/60 (Call 12/01/59)^(a)		1,218		1,286,027
4.30%, 12/15/42 (Call 06/15/42)		1,347		1,524,695
4.35%, 06/15/45 (Call 12/15/44)		1,140		1,305,807
4.50%, 05/15/35 (Call 11/15/34)		1,972		2,278,573
4.50%, 03/09/48 (Call 09/09/47)		1,525		1,802,257
4.55%, 03/09/49 (Call 09/09/48)		774		919,666
4.65%, 06/01/44 (Call 12/01/43)^(a)		525		622,114
4.75%, 05/15/46 (Call 11/15/45)		1,689		2,055,344
4.80%, 06/15/44 (Call 12/15/43)		305		364,362
4.85%, 03/01/39 (Call 09/01/38)		916		1,100,746
4.85%, 07/15/45 (Call 01/15/45)^(a)		527		644,797
4.90%, 08/15/37 (Call 02/14/37)		755		912,868
4.90%, 06/15/42		500		609,406
5.15%, 03/15/42		338		421,153
5.15%, 11/15/46 (Call 05/15/46)		700		900,746
5.15%, 02/15/50 (Call 08/14/49)		940		1,210,447
5.25%, 03/01/37 (Call 09/01/36)		1,510		1,875,509
5.35%, 09/01/40		1,027		1,306,461
5.45%, 03/01/47 (Call 09/01/46)		551		731,615
5.55%, 08/15/41^(a)		45		59,206
5.65%, 02/15/47 (Call 08/15/46)		500		676,211
5.70%, 03/01/57 (Call 09/01/56)^(a)		355		496,706
6.00%, 08/15/40 (Call 05/15/40)^(a)		565		768,255
6.15%, 09/15/34^(a)		310		408,074
6.20%, 03/15/40		100		135,127
6.25%, 03/29/41^(a)		123		170,896
6.30%, 01/15/38		253		351,451
6.38%, 03/01/41		610		872,915
6.45%, 06/15/34		200		264,832
Bell Canada
4.30%, 07/29/49 (Call 01/29/49)		372		457,841
4.46%, 04/01/48 (Call 10/01/47)		921		1,148,288
Series US-4, 3.65%, 03/17/51 (Call 09/17/50)		381		423,796
Series US-6, 3.20%, 02/15/52 (Call 08/15/51)^(a)		581		602,750
British Telecommunications PLC, 4.25%, 11/08/49 (Call 05/08/49)^(b)		201		223,573
Cisco Systems Inc.
5.50%, 01/15/40		1,879		2,639,082
5.90%, 02/15/39		2,091		3,029,149
Corning Inc.
3.90%, 11/15/49 (Call 05/15/49)^(a)		211		241,281
4.38%, 11/15/57 (Call 05/15/57)		668		816,949
4.70%, 03/15/37		161		191,974
4.75%, 03/15/42^(a)		311		390,280
5.35%, 11/15/48 (Call 05/15/48)^(a)		437		606,535
5.45%, 05/15/79 (Call 05/19/79)		897		1,204,805
5.75%, 08/15/40		415		566,207
5.85%, 11/15/68 (Call 05/15/68)		265		395,736
7.25%, 08/15/36 (Call 08/15/26)		150		182,762
Deutsche Telekom AG, 3.63%, 01/21/50 (Call 07/21/49)^(b)		917		989,714
Deutsche Telekom International Finance BV 4.75%, 06/21/38 (Call 12/21/37)^(b)		437		530,547
4.88%, 03/06/42^(b)		845		1,052,960
9.25%, 06/01/32		627		1,000,945
Empresa Nacional de Telecomunicaciones SA, 3.05%, 09/14/32 (Call 06/14/32)^(b)		30		29,286
Juniper Networks Inc., 5.95%, 03/15/41		741		987,552


Security	Par (000)		Value

Telecommunications (continued)
Motorola Solutions Inc., 5.50%, 09/01/44	$	201	$	261,185
Ooredoo International Finance Ltd., 4.50%, 01/31/43^(b)		575		695,849
Orange SA
5.38%, 01/13/42		791		1,058,997
5.50%, 02/06/44 (Call 08/06/43)		584		802,075
Rogers Communications Inc.
3.70%, 11/15/49 (Call 05/15/49)		991		1,028,617
4.30%, 02/15/48 (Call 08/15/47)		526		595,292
4.35%, 05/01/49 (Call 11/01/48)		1,027		1,176,082
4.50%, 03/15/43 (Call 09/15/42)		490		558,671
5.00%, 03/15/44 (Call 09/15/43)		951		1,156,191
5.45%, 10/01/43 (Call 04/01/43)^(a)		526		680,009
7.50%, 08/15/38^(a)		410		616,220
SES Global Americas Holdings GP, 5.30%, 03/25/44^(a)(b)		407		461,337
SES SA, 5.30%, 04/04/43^(a)(b)		205		234,823
Telefonica Emisiones SA
4.67%, 03/06/38		554		643,258
4.90%, 03/06/48		985		1,199,211
5.21%, 03/08/47		2,095		2,642,865
5.52%, 03/01/49 (Call 09/01/48)		1,040		1,372,148
7.05%, 06/20/36		2,078		2,971,971
TELUS Corp.
4.30%, 06/15/49 (Call 12/15/48)		285		350,973
4.60%, 11/16/48 (Call 05/16/48)		559		713,993
T-Mobile USA Inc.
2.25%, 11/15/31 (Call 08/15/31)^(a)		126		121,583
3.00%, 02/15/41 (Call 08/15/40)		2,043		1,965,837
3.30%, 02/15/51 (Call 08/15/50)		2,663		2,612,016
3.40%, 10/15/52 (Call 04/15/52)^(b)		1,105		1,099,944
3.60%, 11/15/60 (Call 05/15/60)		780		783,315
3.60%, 11/15/60 (Call 05/15/60)^(b)		660		662,805
4.38%, 04/15/40 (Call 10/15/39)		1,250		1,428,023
4.50%, 04/15/50 (Call 10/15/49)		2,614		3,089,658
Verizon Communications Inc.
2.36%, 03/15/32 (Call 12/15/31)^(b)		200		197,016
2.65%, 11/20/40 (Call 05/20/40)		3,031		2,863,831
2.85%, 09/03/41 (Call 03/03/41)^(a)		335		327,564
2.88%, 11/20/50 (Call 05/20/50)		2,637		2,512,625
2.99%, 10/30/56 (Call 04/30/56)		3,894		3,697,187
3.00%, 11/20/60 (Call 05/20/60)		1,794		1,694,081
3.40%, 03/22/41 (Call 09/22/40)		3,140		3,293,861
3.55%, 03/22/51 (Call 09/22/50)^(a)		3,701		3,991,856
3.70%, 03/22/61 (Call 09/22/60)		3,123		3,394,236
3.85%, 11/01/42 (Call 05/01/42)		1,112		1,233,374
4.00%, 03/22/50 (Call 09/22/49)		1,052		1,206,309
4.13%, 08/15/46		1,225		1,433,278
4.27%, 01/15/36		2,552		2,982,953
4.40%, 11/01/34 (Call 05/01/34)		2,121		2,472,450
4.50%, 08/10/33		2,700		3,187,524
4.52%, 09/15/48		3,250		4,117,901
4.67%, 03/15/55		1,380		1,824,771
4.75%, 11/01/41		765		945,387
4.81%, 03/15/39^(a)		1,355		1,675,257
4.86%, 08/21/46		2,973		3,903,153
5.01%, 04/15/49		1,038		1,401,224
5.01%, 08/21/54		500		695,744
5.25%, 03/16/37		1,492		1,938,470
5.50%, 03/16/47		320		449,217
5.85%, 09/15/35		490		650,908
6.40%, 09/15/33		60		81,410


Security	Par (000)		Value

Telecommunications (continued)
6.55%, 09/15/43	$	112	$	174,275
Vodafone Group PLC
4.25%, 09/17/50^(a)		1,400		1,641,059
4.38%, 02/19/43		870		1,016,409
4.88%, 06/19/49		1,631		2,034,565
5.00%, 05/30/38		1,077		1,337,663
5.13%, 06/19/59		168		223,304
5.25%, 05/30/48		2,538		3,344,532
6.15%, 02/27/37		1,806		2,476,000
6.25%, 11/30/32		595		787,391

				184,511,944

Toys, Games & Hobbies — 0.0%
Hasbro Inc.
5.10%, 05/15/44 (Call 11/15/43)		155		189,404
6.35%, 03/15/40		542		745,675

				935,079

Transportation — 3.7%
Burlington Northern Santa Fe LLC
3.05%, 02/15/51 (Call 08/15/50)		552		585,354
3.30%, 09/15/51 (Call 03/15/51)		926		1,026,104
3.55%, 02/15/50 (Call 08/15/49)		605		693,286
3.90%, 08/01/46 (Call 02/01/46)		780		928,308
4.05%, 06/15/48 (Call 12/15/47)		753		926,048
4.13%, 06/15/47 (Call 12/15/46)		580		713,080
4.15%, 04/01/45 (Call 10/01/44)^(a)		818		1,005,711
4.15%, 12/15/48 (Call 06/15/48)		572		714,761
4.38%, 09/01/42 (Call 03/01/42)		565		700,034
4.40%, 03/15/42 (Call 09/15/41)		595		736,065
4.45%, 03/15/43 (Call 09/15/42)		651		816,094
4.55%, 09/01/44 (Call 03/01/44)		686		871,555
4.70%, 09/01/45 (Call 03/01/45)		245		321,310
4.90%, 04/01/44 (Call 10/01/43)		725		955,226
4.95%, 09/15/41 (Call 03/15/41)^(a)		583		760,277
5.05%, 03/01/41 (Call 09/01/40)		628		823,878
5.15%, 09/01/43 (Call 03/01/43)		636		867,735
5.40%, 06/01/41 (Call 12/01/40)		480		656,983
5.75%, 05/01/40 (Call 11/01/39)		899		1,261,493
6.15%, 05/01/37^(a)		415		594,203
6.20%, 08/15/36^(a)		245		344,919
Canadian National Railway Co.
2.45%, 05/01/50 (Call 11/01/49)^(a)		600		569,131
3.20%, 08/02/46 (Call 02/02/46)^(a)		603		645,662
3.50%, 05/14/42 (Call 05/15/42)		45		48,088
3.65%, 02/03/48 (Call 08/03/47)		417		480,024
4.45%, 01/20/49 (Call 07/20/48)		536		695,282
4.50%, 11/07/43 (Call 05/07/43)		100		121,883
6.20%, 06/01/36		515		719,479
6.25%, 08/01/34		265		369,311
6.38%, 11/15/37^(a)		611		877,211
6.71%, 07/15/36^(a)		495		713,895
Canadian Pacific Railway Co.
4.80%, 09/15/35 (Call 03/15/35)		256		313,354
4.80%, 08/01/45 (Call 02/01/45)^(a)		354		454,932
5.75%, 03/15/33^(a)		355		457,694
5.75%, 01/15/42		195		263,651
5.95%, 05/15/37		666		907,017
6.13%, 09/15/2115 (Call 03/15/2115)		739		1,148,375
CSX Corp.
2.50%, 05/15/51 (Call 11/15/50)^(a)		553		516,143


Security	Par (000)		Value

Transportation (continued)
3.35%, 09/15/49 (Call 03/15/49)	$	475	$	513,758
3.80%, 11/01/46 (Call 05/01/46)		613		705,908
3.80%, 04/15/50 (Call 10/15/49)		437		508,391
3.95%, 05/01/50 (Call 11/01/49)		617		736,975
4.10%, 03/15/44 (Call 09/15/43)		637		744,775
4.25%, 11/01/66 (Call 05/01/66)		488		609,047
4.30%, 03/01/48 (Call 09/01/47)		677		836,267
4.40%, 03/01/43 (Call 09/01/42)		295		355,614
4.50%, 03/15/49 (Call 09/15/48)		479		610,529
4.50%, 08/01/54 (Call 02/01/54)		356		457,722
4.65%, 03/01/68 (Call 09/01/67)		280		371,298
4.75%, 05/30/42 (Call 11/30/41)		561		707,915
4.75%, 11/15/48 (Call 05/15/48)		484		637,720
5.50%, 04/15/41 (Call 10/15/40)		257		347,808
6.00%, 10/01/36		669		911,573
6.15%, 05/01/37		921		1,292,758
6.22%, 04/30/40^(a)		714		1,036,632
Empresa de los Ferrocarriles del Estado
3.07%, 08/18/50 (Call 02/18/50)^(b)		300		262,866
3.83%, 09/14/61 (Call 03/14/61)^(a)(b)		550		529,381
Empresa de Transporte de Pasajeros Metro SA
3.69%, 09/13/61 (Call 03/13/61)^(a)(b)		660		638,293
4.70%, 05/07/50 (Call 11/07/49)^(b)		853		995,886
5.00%, 01/25/47 (Call 07/25/46)^(b)		490		570,850
FedEx Corp.
3.25%, 05/15/41 (Call 11/15/40)		862		879,330
3.88%, 08/01/42		627		691,600
3.90%, 02/01/35		398		444,108
4.05%, 02/15/48 (Call 08/15/47)		944		1,077,003
4.10%, 04/15/43		297		335,289
4.10%, 02/01/45		706		804,036
4.40%, 01/15/47 (Call 07/15/46)		800		955,511
4.50%, 02/01/65		210		248,677
4.55%, 04/01/46 (Call 10/01/45)		1,053		1,276,101
4.75%, 11/15/45 (Call 05/15/45)		1,152		1,431,531
4.90%, 01/15/34		292		356,326
4.95%, 10/17/48 (Call 04/17/48)		909		1,173,848
5.10%, 01/15/44		635		813,043
5.25%, 05/15/50 (Call 11/15/49)^(a)		542		733,364
Kansas City Southern
3.50%, 05/01/50 (Call 11/01/49)		745		802,780
4.20%, 11/15/69 (Call 05/15/69)^(a)		181		215,827
4.30%, 05/15/43 (Call 11/15/42)		441		518,628
4.70%, 05/01/48 (Call 11/01/47)		613		777,981
4.95%, 08/15/45 (Call 02/15/45)		132		170,133
Norfolk Southern Corp.
2.90%, 08/25/51 (Call 02/25/51)		646		645,599
3.05%, 05/15/50 (Call 11/15/49)		748		766,787
3.16%, 05/15/55 (Call 11/15/54)		800		829,209
3.40%, 11/01/49 (Call 05/01/49)		567		618,155
3.94%, 11/01/47 (Call 05/01/47)^(a)		706		828,518
3.95%, 10/01/42 (Call 04/01/42)		635		732,405
4.05%, 08/15/52 (Call 02/15/52)		684		827,118
4.10%, 05/15/49 (Call 11/15/48)		390		471,409
4.10%, 05/15/2121 (Call 11/15/2120)		510		592,775
4.15%, 02/28/48 (Call 08/28/47)		725		874,762
4.45%, 06/15/45 (Call 12/15/44)^(a)		325		405,536
4.65%, 01/15/46 (Call 07/15/45)		666		850,939
4.80%, 08/15/43 (Call 02/15/43)		25		30,216
4.84%, 10/01/41		640		822,293


Security	Par (000)		Value

Transportation (continued)
Pelabuhan Indonesia II PT, 5.38%, 05/05/45^(a)(b)	$	370	$	432,623
Polar Tankers Inc., 5.95%, 05/10/37^(b)		315		391,266
TTX Co.
3.90%, 02/01/45 (Call 08/01/44)^(b)		100		116,399
4.20%, 07/01/46 (Call 01/01/46)^(b)		335		410,716
4.60%, 02/01/49 (Call 08/01/48)^(a)(b)		265		345,299
Union Pacific Corp.
2.89%, 04/06/36 (Call 01/06/36)		670		698,292
2.95%, 03/10/52 (Call 09/10/51)^(a)		190		194,817
2.97%, 09/16/62 (Call 03/16/62)		1,080		1,085,812
3.20%, 05/20/41 (Call 11/20/40)		740		791,527
3.25%, 02/05/50 (Call 08/05/49)		1,560		1,691,837
3.35%, 08/15/46 (Call 02/15/46)		79		86,881
3.38%, 02/01/35 (Call 08/01/34)		461		503,034
3.55%, 08/15/39 (Call 02/15/39)		679		758,818
3.55%, 05/20/61 (Call 11/20/60)		566		635,274
3.60%, 09/15/37 (Call 03/15/37)		732		825,643
3.75%, 02/05/70 (Call 08/05/69)		715		831,350
3.80%, 10/01/51 (Call 04/01/51)		693		822,564
3.80%, 04/06/71 (Call 10/06/70)		471		551,664
3.84%, 03/20/60 (Call 09/20/59)		1,083		1,281,583
3.88%, 02/01/55 (Call 08/01/54)		370		435,987
3.95%, 08/15/59 (Call 02/15/59)		563		677,645
4.00%, 04/15/47 (Call 10/15/46)		520		620,744
4.05%, 11/15/45 (Call 05/15/45)^(a)		376		450,398
4.05%, 03/01/46 (Call 09/01/45)		615		736,726
4.10%, 09/15/67 (Call 03/15/67)^(a)		558		686,573
4.30%, 03/01/49 (Call 09/01/48)		693		874,024
4.50%, 09/10/48 (Call 03/10/48)^(a)		485		626,186
United Parcel Service Inc.
3.40%, 11/15/46 (Call 05/15/46)		110		124,744
3.40%, 09/01/49 (Call 03/01/49)		802		914,662
3.63%, 10/01/42		395		453,101
3.75%, 11/15/47 (Call 05/15/47)		1,135		1,362,471
4.25%, 03/15/49 (Call 09/15/48)^(a)		578		746,658
4.88%, 11/15/40 (Call 05/15/40)		575		752,126
5.20%, 04/01/40 (Call 10/01/39)		534		719,233
5.30%, 04/01/50 (Call 10/01/49)		1,142		1,700,613
6.20%, 01/15/38^(a)		1,001		1,465,951
Walmart Inc.
2.50%, 09/22/41 (Call 03/22/41)		3,845		3,867,350
2.65%, 09/22/51 (Call 03/22/51)		3,630		3,713,709

				96,370,659

Trucking & Leasing — 0.1%
GATX Corp.
3.10%, 06/01/51 (Call 12/01/50)		715		697,186
4.50%, 03/30/45 (Call 09/30/44)^(a)		150		173,795
5.20%, 03/15/44 (Call 09/15/43)		459		582,787

				1,453,768

Water — 0.2%
American Water Capital Corp.
3.25%, 06/01/51 (Call 12/01/50)^(a)		445		469,962
3.45%, 05/01/50 (Call 11/01/49)		365		397,473
3.75%, 09/01/47 (Call 03/01/47)		799		909,106
4.00%, 12/01/46 (Call 06/01/46)		250		295,521
4.15%, 06/01/49 (Call 12/01/48)		435		525,634
4.20%, 09/01/48 (Call 03/01/48)^(a)		561		686,179
4.30%, 12/01/42 (Call 06/01/42)		291		350,053
4.30%, 09/01/45 (Call 03/01/45)		256		315,035


Security	Par/ Shares (000)		Value

Water (continued)
6.59%, 10/15/37	$	682	$	989,524
Essential Utilities Inc.
3.35%, 04/15/50 (Call 10/15/49)		629		671,938
4.28%, 05/01/49 (Call 11/01/48)		305		370,352
Veolia Environnement SA, 6.75%, 06/01/38		53		79,409

				6,060,186


Total Corporate Bonds & Notes — 98.2%
(Cost: $2,557,308,186)				2,591,289,640


Short-Term Investments

Money Market Funds — 9.0%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%^(f)(g)(h)		203,994		204,096,374
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(f)(g)		33,987		33,987,000

				238,083,374


Total Short-Term Investments — 9.0%
(Cost: $238,025,627)				238,083,374


Total Investments in Securities — 107.2%
(Cost: $2,795,333,813)				2,829,373,014

Other Assets, Less Liabilities — (7.2)%			(189,281,529)


Net Assets — 100.0%			$ 2,640,091,485

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

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

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

^(d)	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.

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

^(f)	Affiliate of the Fund.

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

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

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

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

This report is intended for the Fund’s 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			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		10.01	%		4.54	%		3.47	%		10.01	%		24.87	%		23.90	%
Fund Market		9.23			4.47			3.43			9.23			24.41			23.56
ICE Q70A Custom Index		11.03			4.38			3.46			11.03			23.88			23.78


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	$ 1,010.40	$ 0.51			$ 1,000.00	$ 1,024.70	$ 0.51		0.10	%


Investment Type	Percent of Net Assets
Investment Companies		91.6	%
Short-term Investments		0.7
Swaps, net cumulative appreciation		2.5
Other assets less liabilities		5.2




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^(a)	$	1,756,597	$	—		$	(1,754,417	)^(b)	$	(2,355	)	$	175	$	—		—	$	5,531	^(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		4,950,000		1,170,000	^(b)		—			—			—		6,120,000		6,120,000		5,028			—
iShares 10+ Year Investment Grade Corporate Bond ETF		504,973,068		335,869,332			(91,439,035	)		(1,375,990	)		12,325,348		760,352,723		10,803,534		19,731,704			—

									$	(1,378,345	)	$	12,325,523	$	766,472,723			$	19,742,263		$	—




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

0.23%	Semi-annual	3-Month LIBOR, 0.13%	Quarterly	N/A		10/15/22	$	(12,900	)	$	8,997	$	80	$	8,917
0.23%	Semi-annual	3-Month LIBOR, 0.13%	Quarterly	N/A		10/19/22		(60,000	)		42,271		891		41,379
0.32%	Semi-annual	3-Month LIBOR, 0.13%	Quarterly	N/A		09/14/23		(3,000	)		17,176		12		17,164
0.32%	Semi-annual	3-Month LIBOR, 0.13%	Quarterly	N/A		09/14/23		(1,000	)		5,707		4		5,703
0.57%	Semi-annual	3-Month LIBOR, 0.13%	Quarterly	N/A		07/01/24		(9,600	)		78,116		38		78,078
0.40%	Semi-annual	3-Month LIBOR, 0.13%	Quarterly	N/A		10/19/25		(26,000	)		738,639		322		738,317


·		iShares Interest Rate Hedged Long-Term Corporate Bond ETF \| IGBH \| NYSE Arca


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		7
Shareholder Expenses		7
Schedule of Investments		8
Financial Statements
Statement of Assets and Liabilities		11
Statement of Operations		12
Statements of Changes in Net Assets		13
Financial Highlights		14
Notes to Financial Statements		15
Report of Independent Registered Public Accounting Firm		21
Important Tax Information (Unaudited)		22
Board Review and Approval of Investment Advisory Contract		23
Supplemental Information		25
Trustee and Officer Information		26
General Information		28
Glossary of Terms Used in this Report		29
Additional Financial Information		30


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^® Interest Rate Hedged Long-Term Corporate Bond ETF


Fund Summary as of October 31, 2021 (continued)		iShares^® Interest Rate Hedged Long-Term Corporate Bond ETF


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



	Premiums Paid		Premiums Received		Unrealized Appreciation		Unrealized Depreciation
Centrally Cleared Swaps^(a)		$758,155	$	(26,878,023)	$	21,164,809		$(477,383)




	Interest Rate Contracts

Assets — Derivative Financial Instruments
Swaps — centrally cleared
Unrealized appreciation on centrally cleared swaps^(a)	$	21,164,809

Liabilities — Derivative Financial Instruments
Swaps — centrally cleared
Unrealized depreciation on centrally cleared swaps^(a)	$	477,383




	Interest Rate Contracts

Net Realized Gain (Loss) from:
Swaps	$	18,183,792


Net Change in Unrealized Appreciation (Depreciation) on:
Swaps	$	11,522,004


Interest rate swaps:
Average notional value — pays fixed rate	$	740,059,840




	Level 1		Level 2			Level 3		Total

Investments
Assets
Investment Companies	$	760,352,723	$	—		$	—	$	760,352,723
Money Market Funds		6,120,000		—			—		6,120,000

	$	766,472,723	$	—		$	—	$	766,472,723

Derivative financial instruments^(a)
Assets
Swaps	$	—	$	21,164,809		$	—	$	21,164,809
Liabilities
Swaps		—		(477,383	)		—		(477,383	)

	$	—	$	20,687,426		$	—	$	20,687,426


	iShares Interest Rate Hedged Long-Term Corporate Bond ETF


ASSETS
Investments in securities, at value:
Affiliated^(a)	$	766,472,723
Cash		963,746
Cash pledged:
Centrally cleared swaps		65,128,000
Receivables:
Securities lending income — Affiliated		3
Capital shares sold		218,391
Dividends		63

Total assets		832,782,926


LIABILITIES
Payables:
Variation margin on centrally cleared swaps		1,920,050
Investment advisory fees		70,001

Total liabilities		1,990,051


NET ASSETS	$	830,792,875


NET ASSETS CONSIST OF:
Paid-in capital	$	798,184,284
Accumulated earnings		32,608,591

NET ASSETS	$	830,792,875


Shares outstanding		32,800,000

Net asset value	$	25.33

Shares authorized		Unlimited

Par value		None


^(a) Investments, at cost — Affiliated	$	760,874,065


	iShares Interest Rate Hedged Long-Term Corporate Bond ETF


INVESTMENT INCOME
Dividends — Affiliated	$	19,736,732
Securities lending income — Affiliated — net		5,531

Total investment income		19,742,263


EXPENSES
Investment advisory fees		2,472,394
Miscellaneous		173

Total expenses		2,472,567

Less:
Investment advisory fees waived		(1,765,996	)

Total expenses after fees waived		706,571

Net investment income		19,035,692


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		716
Investments — Affiliated		(1,378,345	)
Swaps		18,183,792

Net realized gain		16,806,163

Net change in unrealized appreciation (depreciation) on:
Investments — Affiliated		12,325,523
Swaps		11,522,004

Net change in unrealized appreciation (depreciation)		23,847,527

Net realized and unrealized gain		40,653,690

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	59,689,382


	iShares Interest Rate Hedged Long-Term Corporate Bond ETF

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


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	19,035,692		$	1,566,087
Net realized gain (loss)		16,806,163			(11,036,888	)
Net change in unrealized appreciation (depreciation)		23,847,527			3,029,900

Net increase (decrease) in net assets resulting from operations		59,689,382			(6,440,901	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(13,486,868	)		(1,410,311	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		226,875,347			506,008,011


NET ASSETS
Total increase in net assets		273,077,861			498,156,799
Beginning of year		557,715,014			59,558,215

End of year	$	830,792,875		$	557,715,014


iShares ETF		Diversification Classification
Interest Rate Hedged Long-Term Corporate Bond		Diversified


iShares ETF	Amounts waived
Interest Rate Hedged Long-Term Corporate Bond	$	1,765,996



iShares ETF	Purchases		Sales
Interest Rate Hedged Long-Term Corporate Bond	$	131,789,553	$	91,439,035



iShares ETF	In-kind Purchases		In-kind Sales
Interest Rate Hedged Long-Term Corporate Bond	$	204,079,780	$	—



iShares ETF	Year Ended 10/31/21		Year Ended 10/31/20

Interest Rate Hedged Long-Term Corporate Bond
Ordinary income	$	13,486,868	$	1,410,311



iShares ETF		Undistributed Ordinary Income		Net Unrealized Gains (Losses)	^(a)		Total
Interest Rate Hedged Long-Term Corporate Bond	$	6,638,048	$	25,970,543		$	32,608,591



iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Interest Rate Hedged Long-Term Corporate Bond	$	761,189,606	$	26,763,467	$	(792,924	)	$	25,970,543




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

iShares ETF	Shares		Amount		Shares			Amount

Interest Rate Hedged Long-Term Corporate Bond
Shares sold		9,050,000	$	226,875,347		22,500,000		$	531,323,133
Shares redeemed		—		—		(1,200,000	)		(25,315,122	)

Net increase		9,050,000	$	226,875,347		21,300,000		$	506,008,011


R E P O R T O F I N D E P E N D E N T R E G I S T E R E D P U B L I C A C C O U N T I N G F I R M		21



iShares ETF	Interest Dividends
Interest Rate Hedged Long-Term Corporate Bond	$	6,611,272



iShares ETF	Interest-Related Dividends		Qualified Short-Term Capital Gain
Interest Rate Hedged Long-Term Corporate Bond	$	5,292,258	$	836,777


B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T		23


	Total Cumulative Distributions for the Fiscal Year								% Breakdown of the Total Cumulative Distributions for the Fiscal Year
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
Interest Rate Hedged Long-Term Corporate Bond	$	0.488584	$	—	$	—	$	0.488584		100	%		—	%		—	%		100	%


Interested Trustees

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee

Robert S. Kapito^(a) (64)	Trustee (since 2011).	President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).	Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares Trust (since 2009).

Salim Ramji^(b) (51)	Trustee (since 2019).	Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2019); Head of BlackRock’s U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014).	Director of iShares, Inc. (since 2019); Trustee of iShares Trust (since 2019).


Independent Trustees

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee

Cecilia H. Herbert (72)	Trustee (since 2011); Independent Board Chair (since 2016).	Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York’s public media company (since 2011) and Member of the Audit Committee (since 2018) and Investment Committee (since 2011); Chair (1994-2005) and Member (since 1992) of the Investment Committee, Archdiocese of San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018); Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School; Director of the Senior Center of Jackson Hole (since 2020).	Director of iShares, Inc. (since 2005); Trustee of iShares Trust (since 2005); Independent Board Chair of iShares, Inc. and iShares Trust (since 2016); Trustee of Thrivent Church Loan and Income Fund (since 2019).

Jane D. Carlin (65)	Trustee (since 2015); Risk Committee Chair (since 2016).	Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Director of iShares, Inc. (since 2015); Trustee of iShares Trust (since 2015); Member of the Audit Committee (since 2016), Chair of the Audit Committee (since 2020) and Director of The Hanover Insurance Group, Inc. (since (2016).

Richard L. Fagnani (66)	Trustee (since 2017); Audit Committee Chair (since 2019).	Partner, KPMG LLP (2002-2016).	Director of iShares, Inc. (since 2017); Trustee of iShares Trust (since 2017).