The Markets in Review

Dear Shareholder,

Significant economic headwinds emerged during the 12-month reporting period ended October 31, 2022, disrupting the economic recovery and strong financial markets of 2021. The U.S. economy shrank in the first half of 2022 before returning to moderate growth in the third quarter, marking a shift to a more challenging post-reopening economic environment. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.

Equity prices fell as interest rates rose, particularly weighing on relatively high-valuation growth stocks as inflation decreased the value of future cash flows and investors shifted focus to balance sheet resilience. Both large- and small-capitalization U.S. stocks fell, although declines for small-capitalization U.S. stocks were slightly steeper. Emerging market stocks and international equities from developed markets also declined significantly, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield rose notably during the reporting period, driving its price down, as investors reacted to higher inflation and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and increasing uncertainty led to higher corporate bond spreads (the difference in yield between U.S. Treasuries and similarly-dated corporate bonds).

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation has been more persistent than expected, raised interest rates five times while indicating that additional rate hikes were likely. Furthermore, the Fed wound down its bond-buying programs and is accelerating the reduction of its balance sheet. As investors attempted to assess the Fed’s future trajectory, the Fed’s statements late in the reporting period led markets to believe that additional tightening is likely in the near term.

The pandemic’s restructuring of the economy brought an ongoing mismatch between supply and demand, contributing to the current inflationary regime. While growth has slowed in 2022, we believe that taming inflation requires a more dramatic economic decline to bring demand back to a lower level that is more in line with the economy’s capacity. The Fed has been raising interest rates at the fastest pace in decades, and seems set to overtighten in its effort to get inflation back to target. With this in mind, we believe the possibility of a U.S. recession in the near-term is high, and the outlook for Europe and the U.K. is also troubling. Investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt to rapidly changing conditions.

In this environment, while we favor an overweight to equities in the long-term, the market’s concerns over excessive rate hikes from central banks moderate our outlook. Rising input costs and a deteriorating economic backdrop in China and Europe are likely to challenge corporate earnings, so we are underweight equities overall in the near term. However, we see better opportunities in credit, where higher spreads provide income opportunities and partially compensate for inflation risk. We believe that investment-grade corporates, local-currency emerging market debt, and inflation-protected bonds (particularly in Europe) offer strong opportunities for a six- to twelve-month horizon.

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

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.


Total Returns as of October 31, 2022

	6-Month		12-Month

U.S. large cap equities (S&P 500^® Index)		(5.50)%		(14.61)%

U.S. small cap equities (Russell 2000^® Index)		(0.20)		(18.54)

International equities (MSCI Europe, Australasia, Far East Index)		(12.70)		(23.00)

Emerging market equities (MSCI Emerging Markets Index)		(19.66)		(31.03)

3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		0.72		0.79

U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		(8.24)		(17.68)

U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		(6.86)		(15.68)

Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)		(4.43)		(11.98)

U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		(4.71)		(11.76)

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 experienced a considerable decline for the 12 months ended October 31, 2022 (the “reporting period”). The Bloomberg U.S. Aggregate Bond Index, a broad measure of U.S. fixed-income performance, returned -15.68%.

The U.S. Federal Reserve’s (Fed’s) shift toward tighter monetary policy was the primary factor driving the market downturn. Annualized consumer price inflation, which had been under 3.0% for over a decade, began to rise throughout 2021 and ultimately climbed above 6.0% in the year’s fourth calendar quarter. The inflation picture soon grew even more challenging following Russia’s invasion of Ukraine in early 2022, which—together with the resulting sanctions—further snarled global supply chains and contributed to a spike in energy prices. Inflation exceeded 8.0% in March 2022 and remained above that level through the end of the reporting period, with a peak of 9.1% in June.

The Fed moved aggressively in an effort to calm price pressures, ending its stimulative quantitative easing program and boosting interest rates from a range of 0.0%-0.25% to 3.0-3.25% in five separate increases from March to September 2022. This marked the largest move in such a short interval since 1980. In addition, the Fed appeared set to continue raising rates until inflation showed signs of returning closer to its longer-term target of 2%. Some evidence began to emerge later in the period that the Fed’s rate hikes had begun to reduce activity in certain segments of the economy, but there was still no sign that consumer price inflation had started to decline in a meaningful fashion. As a result, market prices at the end of October indicated that the central bank would not stop tightening until rates reached the 4.5-5.0% range.

These circumstances weighed heavily on bond market performance. The yield on the two-year U.S. Treasury note rose from 0.50% at the beginning of the period to 4.48% by the end of October 2022, while the 10-year yield climbed from 1.55% to 4.05%. The yield curve inverted significantly as result, meaning that short-term yields were higher those on longer-term debt. In late September, the yield curve moved to its largest inversion since 1982.

The surge in U.S. Treasury yields, together with investors’ increased aversion to risk, fueled weakness across all sectors of the bond market. Mortgage-backed securities, which were hurt by concerns about the housing market and the loss of demand stemming from Fed’s decision to end its quantitative easing policy, posted negative returns. Still, the category held up better than the broader index.

Investment-grade corporate bonds were among the worst-performing segments of the market. In addition to being adversely affected by rising Treasury yields, the asset class was pressured by a pronounced increase in yield spreads. The latter trend reflected concerns that weaker economic growth could lead to a slowdown in corporate earnings. Notably, the yield on corporate bonds—as gauged by the ICE BofA US Corporate Index—closed the period at the highest level since 2009.

High yield bonds also experienced sizable losses. As was the case with investment-grade corporates, a rise in both prevailing yields and yield spreads weighed heavily on performance. However, the category outperformed the investment-grade market due to its lower interest-rate sensitivity and higher weighting in the energy sector. Higher-rated issuers in the category—which are seen as having the least vulnerability to slowing growth—generally outperformed their lower-quality counterparts.

The iShares 20+YearTreasury Bond BuyWrite Strategy ETF (the “Fund”) seeks to track the investment results of an index that reflects a strategy of holding the iShares 20+ Year Treasury Bond ETF while writing (selling) one-month call options to generate income as represented by the Cboe TLT 2% OTM BuyWrite Index (the “Index”).The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index.

The iShares High Yield Corporate Bond BuyWrite Strategy ETF (the “Fund”) seeks to track the investment results of an index that reflects a strategy of holding the iShares iBoxx $ High Yield Corporate Bond ETF while writing (selling) one-month call options to generate income as represented by the Cboe HYG BuyWrite Index (the “Index”).The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index.

For the fiscal period ended October 31, 2022, the Fund did not have six months of performance and therefore line graphs are not presented.

The inception date of the Fund was August 18, 2022. The first day of secondary market trading was August 22, 2022.

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

The iShares Investment Grade Corporate Bond BuyWrite Strategy ETF (the “Fund”) seeks to track the investment results of an index that reflects a strategy of holding the iShares iBoxx $ Investment Grade Corporate Bond ETF while writing (selling) one-month call options to generate income as represented by the Cboe LQD BuyWrite Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index.

For the fiscal period ended October 31, 2022, the Fund did not have six months of performance and therefore line graphs are not presented.

The inception date of the Fund was August 18, 2022. The first day of secondary market trading was August 22, 2022.

CREDIT QUALITY ALLOCATION (of the UNDERLYING FUND)


Credit Rating^(a)	Percent of Total Investment	^(b)
Aaa	0.2	%
A	0.3
Baa	2.7
Ba	45.0
B	41.1
Caa	10.0
Ca	0.2
Not Rated	0.5

^(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 each Fund’s investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.

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

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

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

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

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

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


Security	Shares		Value

Investment Companies

Exchange-Traded Funds — 99.4%
iShares 20+ Year Treasury Bond ETF^(a)(b)		226,126	$	21,732,970


Total Investment Companies (Cost: $24,062,187)				21,732,970


Short-Term Securities

Money Market Funds — 1.4%
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%^(a)(c)		310,000		310,000


Total Short-Term Securities — 1.4% (Cost: $310,000)				310,000


Total Investments Before Options Written — 100.8% (Cost: $ 24,372,187)				22,042,970


Options Written — (1.3)% (Premiums Received: $ (345,320))				(286,813	)


Total Investments, Net of Options Written — 99.5% (Cost: $24,026,867)				21,756,157

Other Assets Less Liabilities — 0.5%				109,678


Net Assets — 100.0%			$	21,865,835

Investments in issuers considered to be affiliate(s) of the Fund during the period ended October 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Balances Reported in the Statements of Assets and Liabilities for Options Written

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

For the period ended October 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

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

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

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


Security	Shares		Value


Investment Companies

Exchange-Traded Funds — 100.7%
iShares iBoxx $ High Yield Corporate Bond ETF^(a)(b)		128,563		$ 9,440,381


Total Investment Companies (Cost: $9,600,249)				9,440,381


Short-Term Securities

Money Market Funds — 1.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%^(a)(c)		100,000		100,000


Total Short-Term Securities — 1.1% (Cost: $100,000)				100,000


Total Investments Before Options Written — 101.8% (Cost: $ 9,700,249)				9,540,381


Options Written — (2.4)% (Premiums Received: $ (145,421))				(227,371	)


Total Investments, Net of Options Written — 99.4% (Cost: $9,554,828)				9,313,010

Other Assets Less Liabilities — 0.6%				56,659


Net Assets — 100.0%				$ 9,369,669

Balances Reported in the Statements of Assets and Liabilities for Options Written

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

For the period ended October 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

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


Security	Shares		Value

Investment Companies

Exchange-Traded Funds — 100.3%
iShares iBoxx $ Investment Grade Corporate Bond ETF^(a)(b)		124,294	$	12,597,197


Total Investment Companies (Cost: $13,291,093)				12,597,197


Short-Term Securities

Money Market Funds — 2.4%
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%^(a)(c)		300,000		300,000


Total Short-Term Securities — 2.4% (Cost: $300,000)				300,000


Total Investments Before Options Written — 102.7%

(Cost: $13,591,093)				12,897,197


Options Written — (2.1)% (Premiums Received: $ (209,378))				(262,323	)


Total Investments, Net of Options Written — 100.6%

(Cost: $13,381,715)				12,634,874

Liabilities in Excess of Other Assets — (0.6)%				(76,283	)


Net Assets — 100.0%			$	12,558,591

Balances Reported in the Statements of Assets and Liabilities for Options Written

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

For the period ended October 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

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

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

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

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

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

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis. 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.

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

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

The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP. The portion of distributions that exceeds each Fund’s current and accumulated earning and profits will constitute a non-taxable return of capital. Distributions in excess of each Fund’s minimum distribution requirements, but not in excess of the Fund’s earnings and profits, will be taxable to the Fund’s shareholders and will not constitute non-taxable returns of capital. Return of capital distributions will reduce a shareholder’s cost basis and will result in higher capital gains or lower capital losses when each Fund’s shares on which distributions were received are sold. Once a shareholder’s cost basis is reduced to zero, further distributions will be treated as capital gains.

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

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

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

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

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

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

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

Options: The Funds will write European-style call options on its respective Underlying Fund to generate gains from options premiums.

A European-style call option gives the purchaser (holder) of the option the right (but not the obligation) to buy and obligates the seller (writer) to sell (when the option is exercised) the underlying instrument at the exercise or strike price on the expiration date. The Funds do not expect to physically settle outstanding option positions as they will generally purchase offsetting call options as necessary to close out the open call positions.

Premiums received on options written, as well as the daily fluctuation in market value, are included in options written at value in the Statements of Assets and Liabilities. When a written option expires without being exercised, a realized gain is recorded in the Statements of Operations to the extent of the premiums received. When a written option is closed or sold, a gain or loss is recorded in the Statements of Operations to the extent the cost of the closing transaction exceeds or does not exceed the premiums received. Written call options will typically be “covered,” meaning that they hold the underlying instrument subject to being called by the option counterparty. The Funds will seek to write call options up to (but not exceeding) the full amounts of shares of the underlying funds held in the Funds (i.e., the short positions in the call options are offset, or “covered,” by the long positions the Funds hold in shares of the underlying funds).

In purchasing and writing options, the Funds bear the risk of an unfavorable change in the value of the underlying instrument or the risk that they may not be able to enter into a closing transaction due to an illiquid market.

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

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

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

For the iShares 20+ Year Treasury Bond BuyWrite Strategy ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through February 29, 2028 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 20+ Year Treasury Bond ETF (“TLT”), after taking into account any fee waivers by TLT, plus 0.20%.

For the iShares High Yield Corporate Bond BuyWrite Strategy ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through February 29, 2028 so that the Fund’s total annual operating expenses after fee waiver is equal to the acquired fund fees and expenses attributable to the Fund’s investment in the iShares iBoxx $ High Yield Corporate Bond ETF (“HYG”), after taking into account any fee waivers by HYG, plus 0.20%.

For the iShares Investment Grade Corporate Bond BuyWrite Strategy ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through February 29, 2028 so that the Fund’s total annual operating expenses after fee waiver is equal to the acquired fund fees and expenses attributable to the Fund’s investment in the iShares iBoxx $ Investment Grade Corporate Bond ETF (“LQD”), after taking into account any fee waivers by LQD, plus 0.20%.

These amounts are included in investment advisory fees waived in the Statements of Operations. For the year ended October 31, 2022, the amounts waived in investment advisory fees pursuant to these arrangements were as follows:

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

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

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

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

For the period ended October 31, 2022, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

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

Management has analyzed tax laws and regulations and their application to the Funds as of October 31, 2022, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of October 31, 2022, permanent differences attributable to realized gains (losses) from in-kind redemptions were reclassified to the following accounts:

As of October 31, 2022, the tax components of accumulated net earnings (losses) were as follows:

As of October 31, 2022, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

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

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

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. Although vaccines have been developed and approved for use by various governments, the duration of this pandemic and its effects cannot be determined with certainty.

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

Covered Call Option Risk: By writing covered call options in return for the receipt of premiums, the Funds will give up the opportunity to benefit from potential increases in the value of the underlying funds above the exercise prices of the written options but will continue to bear the risk of declines in the value of the underlying funds. The premiums received from the options may not be sufficient to offset any losses sustained from the volatility of the underlying funds. In addition, the Funds’ ability to sell shares of the underlying funds will be limited while the options are in effect unless the Funds extinguish the option positions through the purchase of offsetting identical options prior to the expiration of the written options.

The covered call strategy may be subject to imperfect matching or price correlation between the written options and the underlying funds, which could reduce the Funds’ returns. Exchanges may suspend the trading of options. As a result, the Funds may be unable to write or purchase options at times that may be advantageous to the Funds. If the Funds are unable to extinguish the option positions before exercise, the Funds may be required to deliver the corresponding shares of the underlying funds, resulting in increased transaction costs, tracking error, underinvestment, and potentially the realization of capital gains. Further, the Funds use options which are struck once per month, and the timing of changes in the price of the underlying funds may affect the Funds’ performance.

The Funds will be affected by movements in interest rates and the resulting share price of the underlying funds. In a falling interest rate environment, the underlying funds are generally expected to appreciate in price and the Funds may underperform the underlying funds as price appreciation for the Funds is limited to the exercise prices of the options written by the Funds.

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

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.

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

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

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

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

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

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

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

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

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (three of the funds constituting iShares Trust, hereafter collectively referred to as the “Funds”) as of October 31, 2022, the related statements of operations and changes in net assets, including the related notes, and the financial highlights for the period August 18, 2022 (commencement of operations) through October 31, 2022 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2022, and the results of each of their operations, changes in each of their net assets, and each of the financial highlights for the period August 18, 2022 (commencement of operations) through October 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2022 by correspondence with the custodian, transfer agent and brokers. We believe that our audits provide a reasonable basis for our opinions.

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

The Funds hereby designate the following amounts, or maximum amounts allowable by law, of distributions from direct federal obligation interest for the fiscal year ended October 31, 2022:

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

The Funds hereby designate the following amounts, or maximum amounts allowable by law, as interest income eligible to be treated as a Section 163(j) interest dividend for the fiscal year ended October 31, 2022:

The Funds hereby designate the following amount(s), or maximum amount(s) allowable by law, as interest-related dividends eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations for the fiscal year ended October 31, 2022:

iShares 20+ Year Treasury Bond BuyWrite Strategy ETF, iShares Investment Grade Corporate Bond BuyWrite Strategy ETF (each the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Trustees who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required to consider and approve the proposed Investment Advisory Contract between the Trust and BFA (the “Advisory Contract”) on behalf of the Fund. The Independent Trustees requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the terms of the proposed Advisory Contract. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, approved the selection of BFA as investment adviser and approved the proposed Advisory Contract for the Fund, based on a review of qualitative and quantitative information provided by BFA. The Board also considered information previously provided by BFA, BlackRock Institutional Trust Company, N.A. (“BTC”), and BlackRock, Inc. (“BlackRock”), as applicable, at prior Board meetings. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the Advisory Contract for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses of the Fund; (ii) the nature, extent and quality of the services to be provided by BFA; (iii) the costs of services to be provided to the Fund and the availability of information related to profits to be realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, no one of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the Advisory Contract are discussed below.

Expenses of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board further noted that due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances.

The Board also noted that the overall fund expenses (net of any waivers and reimbursements) for the Fund were lower than the median of the overall fund expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

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

Nature, Extent and Quality of Services: The Board reviewed the scope of services to be provided by BFA under the Advisory Contract. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time and have made significant investments into the iShares business to support the iShares funds and their shareholders. The Board considered representations by BFA, BTC, and BlackRock that the scope and quality of services to be provided to the Fund would be similar to the scope and quality of services provided to other iShares funds. The Board also considered BFA’s compliance program and its compliance record with respect to other iShares funds. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and relevant, and has provided information and made appropriate officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons who will be responsible for the day-to-day management of the Fund, as well as the resources that will be available to them in managing the Fund. The Board also considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, which were provided throughout the year with respect to other iShares funds.

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

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

Economies of Scale: The Board reviewed information regarding potential economies of scale or other efficiencies that may result from increases in the Fund’s assets. The Board considered information that it had previously received regarding economies of scale, efficiencies and scale benefits shared with the iShares funds through relatively low fee rates established at inception, breakpoints and waivers or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Contract for the Fund did not provide for any breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

This consideration of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the Advisory Contract.

noted that BFA previously provided the Board with detailed information regarding how the Other Accounts (particularly institutional clients) generally differ from the iShares funds, including in terms of the different and generally more extensive services provided to the iShares funds, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement.

Other Benefits to BFA and/or its Affiliates: Except as noted below, the Board did not consider the “fallout” benefits or ancillary revenue to be received by BFA and/or its affiliates in connection with the services to be provided to the Fund by BFA since the proposed relationship had not yet commenced. However, the Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board considered the potential payment of advisory fees and/or administration fees to BFA(or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services and/or administration services. The Board also noted the potential revenue to be received by BFA and/or its affiliates pursuant to an agreement that would permit a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board also considered the potential for revenue to BTC, the Fund’s securities lending agent, and its affiliates in the event of any loaning of portfolio securities of the Fund. The Board further noted that any portfolio transactions on behalf of the Fund placed through a BFA affiliate or purchased from an underwriting syndicate in which a BFA affiliate participates (including associated commissions), will be reported to the Board pursuant to Rule 17e-1 or Rule 10f-3, as applicable, under the 1940 Act. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the Advisory Contract.

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

The Board also noted that the overall fund expenses (net of any waivers and reimbursements) for the Fund were higher than the median of the overall fund expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

Nature, Extent and Quality of Services: The Board reviewed the scope of services to be provided by BFA under the Advisory Contract. In

reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time and have made significant investments into the iShares business to support the iShares funds and their shareholders. The Board considered representations by BFA, BTC, and BlackRock that the scope and quality of services to be provided to the Fund would be similar to the scope and quality of services provided to other iShares funds. The Board also considered BFA’s compliance program and its compliance record with respect to other iShares funds. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and relevant, and has provided information and made appropriate officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons who will be responsible for the day-to-day management of the Fund, as well

as the resources that will be available to them in managing the Fund. The Board also considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, which were provided throughout the year with respect to other iShares funds.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”), and acknowledged BFA’s assertion that the iShares funds are fundamentally different investment vehicles from the Other Accounts. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board further noted that BFA previously provided the Board with detailed information regarding how the Other Accounts (particularly institutional clients) generally differ from the iShares funds, including in terms of the different and generally more extensive services provided to the iShares funds, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement.

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

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

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

The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of open-end equity, multi-asset, index and money market funds and ETFs (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (including ETFs) (the “BlackRock Fixed-Income Complex”) and one complex of ETFs (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 379 funds as of October 31, 2022. With the exception of Robert S. Kapito, Salim Ramji and Charles Park, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Ramji and Mr. Park is c/o BlackRock, Inc., Park Avenue Plaza, 55 East 52^nd Street, New York, NY 10055. The Board has designated John E. Kerrigan as its Independent Board Chair. Additional information about the Funds’ Trustees and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

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

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

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

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

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


Security	Par (000)		Value

U.S. Government Obligations

U.S. Government Obligations — 98.3%
U.S. Treasury Note/Bond
1.25%, 05/15/50	$	357,647	$	184,286,000
1.38%, 08/15/50		846,066		451,025,889
1.63%, 11/15/50		2,858,835		1,634,896,037
1.88%, 02/15/51		4,324,457		2,647,547,433
1.88%, 11/15/51		2,203,273		1,342,103,325
2.00%, 02/15/50		1,722,225		1,095,563,574
2.00%, 08/15/51		2,927,895		1,844,459,612
2.25%, 08/15/49		1,200,282		815,910,234
2.25%, 02/15/52		399,129		267,665,886
2.38%, 11/15/49		428		299,115
2.50%, 02/15/45		89,625		64,498,491
2.50%, 02/15/46		1,496,281		1,070,075,066
2.50%, 05/15/46		1,367,925		976,035,569
2.75%, 11/15/42		340,061		261,993,168
2.75%, 08/15/47		1,956		1,467,150
2.75%, 11/15/47		551,951		414,135,885
2.88%, 05/15/43		1,677,786		1,315,161,789
2.88%, 08/15/45		680,477		524,126,626
2.88%, 11/15/46		507,806		390,594,369
2.88%, 05/15/49		123		95,475
2.88%, 05/15/52		181,151		140,590,159
3.00%, 11/15/44		92,756		73,342,854
3.00%, 02/15/47		456,945		359,380,184
3.00%, 02/15/48		1,648,417		1,301,669,676
3.00%, 08/15/48		1,855,113		1,472,930,745


Security	Par/ Shares (000)		Value

U.S. Government Obligations (continued)
3.00%, 02/15/49	$	2,050,356	$	1,635,959,900
3.00%, 08/15/52		309,065		247,493,457
3.13%, 02/15/43		743,750		609,613,691
3.13%, 08/15/44		1,349,655		1,092,535,101
3.13%, 05/15/48		1,196,650		970,735,490
3.63%, 08/15/43		584,341		518,259,894
3.75%, 11/15/43		195,461		176,471,908

				23,900,923,752


Total Long-Term Investments — 98.3%

(Cost: $33,026,418,644)			23,900,923,752


Short-Term Securities

Money Market Funds — 0.6%
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%^(a)(b)		143,490		143,490,000


Total Short-Term Securities — 0.6%

(Cost: $143,490,000)			143,490,000


Total Investments — 98.9%

(Cost: $33,169,908,644)			24,044,413,752

Other Assets Less Liabilities — 1.1%				259,050,894


Net Assets — 100.0%			$	24,303,464,646

^(a)	Affiliate of the Fund.

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

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

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


Security	Par (000)		Value

Corporate Bonds & Notes

Advertising — 0.9%
Clear Channel Outdoor Holdings Inc.
5.13%, 08/15/27 (Call 12/01/22)^(a)(b)	$	19,155	$	17,239,500
7.50%, 06/01/29 (Call 06/01/24)^(a)(b)		16,910		13,292,105
7.75%, 04/15/28 (Call 04/15/24)^(a)(b)		17,083		13,940,582
Lamar Media Corp.
3.63%, 01/15/31 (Call 01/15/26)^(b)		8,057		6,566,455
3.75%, 02/15/28 (Call 02/15/23)^(b)		9,343		8,175,125
4.00%, 02/15/30 (Call 02/15/25)^(b)		8,667		7,373,450
4.88%, 01/15/29 (Call 01/15/24)^(b)		7,132		6,452,320
Outfront Media Capital LLC/Outfront Media Capital Corp.
4.25%, 01/15/29 (Call 01/15/24)^(a)(b)		7,557		6,215,633
4.63%, 03/15/30 (Call 03/15/25)^(a)(b)		7,107		5,871,910
5.00%, 08/15/27 (Call 11/14/22)^(a)(b)		9,456		8,534,040
6.25%, 06/15/25 (Call 12/01/22)^(a)(b)		5,391		5,343,320
Stagwell Global LLC, 5.63%, 08/15/29 (Call 08/15/24)^(a)(b)		18,111		15,793,698
Terrier Media Buyer Inc., 8.88%, 12/15/27 (Call 12/15/22)^(a)(b)		15,894		13,470,165

				128,268,303

Aerospace & Defense — 2.7%
Bombardier Inc.
6.00%, 02/15/28 (Call 02/15/24)^(a)(b)		12,988		11,575,555
7.13%, 06/15/26 (Call 06/15/23)^(a)		18,931		17,891,877
7.50%, 12/01/24 (Call 12/01/22)^(a)(b)		4,217		4,212,264
7.50%, 03/15/25 (Call 12/01/22)^(a)(b)		19,628		19,329,066
7.88%, 04/15/27 (Call 12/01/22)^(a)(b)		31,275		29,700,304
Howmet Aerospace Inc.
3.00%, 01/15/29 (Call 11/15/28)^(b)		12,109		10,079,289
5.13%, 10/01/24 (Call 07/01/24)^(b)		15,177		14,987,288
6.88%, 05/01/25 (Call 04/01/25)^(b)		9,226		9,430,909
Rolls-Royce PLC
3.63%, 10/14/25 (Call 07/14/25)^(a)		13,458		11,872,646
5.75%, 10/15/27 (Call 07/15/27)^(a)		18,398		16,677,051
Spirit AeroSystems Inc.
4.60%, 06/15/28 (Call 03/15/28)^(b)		11,986		8,584,373
5.50%, 01/15/25 (Call 12/01/22)^(a)(b)		5,921		5,700,443
7.50%, 04/15/25 (Call 12/01/22)^(a)		18,434		17,973,150
TransDigm Inc.
4.63%, 01/15/29 (Call 01/15/24)^(b)		18,927		16,154,573
4.88%, 05/01/29 (Call 05/01/24)^(b)		12,542		10,692,055
5.50%, 11/15/27 (Call 12/01/22)^(b)		43,314		39,253,313
6.25%, 03/15/26 (Call 12/01/22)^(a)		68,936		68,010,534
6.38%, 06/15/26 (Call 12/01/22)^(b)		14,616		14,092,747
7.50%, 03/15/27 (Call 12/01/22)^(b)		8,361		8,256,488
8.00%, 12/15/25 (Call 12/01/22)^(a)		15,368		15,636,940
TransDigm UK Holdings PLC, 6.88%, 05/15/26 (Call 12/01/22)		8,339		8,145,223
Triumph Group Inc.
6.25%, 09/15/24 (Call 12/01/22)^(a)		9,124		8,451,105
7.75%, 08/15/25 (Call 12/01/22)^(b)		8,918		6,756,723
8.88%, 06/01/24 (Call 02/01/23)^(a)		6,236		6,303,099

				379,767,015

Agriculture — 0.3%
Darling Ingredients Inc.
5.25%, 04/15/27 (Call 11/14/22)^(a)(b)		6,131		5,914,116
6.00%, 06/15/30 (Call 06/15/25)^(a)(b)		17,919		17,247,038


Security	Par (000)		Value

Agriculture (continued)
Vector Group Ltd.
5.75%, 02/01/29 (Call 02/01/24)^(a)	$	12,524	$	10,958,500
10.50%, 11/01/26 (Call 12/01/22)^(a)(b)		7,603		7,502,260

				41,621,914

Airlines — 2.0%
Air Canada, 3.88%, 08/15/26 (Call 02/15/26)^(a)		18,710		16,495,236
American Airlines Group Inc., 3.75%, 03/01/25^(a)(b)		9,634		8,448,440
American Airlines Inc., 11.75%, 07/15/25^(a)(b)		40,197		44,016,016
American Airlines Inc./AAdvantage Loyalty IP Ltd.
5.50%, 04/20/26^(a)		52,683		50,048,850
5.75%, 04/20/29^(a)		48,028		43,705,087
Delta Air Lines Inc.
2.90%, 10/28/24 (Call 09/28/24)^(b)		15,037		14,192,791
3.75%, 10/28/29 (Call 07/28/29)^(b)		9,272		7,650,129
4.38%, 04/19/28 (Call 01/19/28)^(b)		8,865		7,866,801
7.38%, 01/15/26 (Call 12/15/25)^(b)		13,539		13,830,089
Hawaiian Brand Intellectual Property
Ltd./HawaiianMiles Loyalty Ltd., 5.75%, 01/20/26 (Call 01/20/24)^(a)		18,996		17,548,928
United Airlines Inc.
4.38%, 04/15/26 (Call 10/15/25)^(a)		29,998		27,410,786
4.63%, 04/15/29 (Call 10/15/28)^(a)		32,762		28,093,415

				279,306,568

Apparel — 0.2%
Hanesbrands Inc.
4.63%, 05/15/24 (Call 02/15/24)^(a)(b)		12,546		12,172,846
4.88%, 05/15/26 (Call 02/15/26)^(a)(b)		15,381		14,112,067

				26,284,913

Auto Manufacturers — 3.1%
Allison Transmission Inc.
3.75%, 01/30/31 (Call 01/30/26)^(a)(b)		16,595		13,213,082
4.75%, 10/01/27 (Call 11/14/22)^(a)		6,923		6,360,513
5.88%, 06/01/29 (Call 06/01/24)^(a)(b)		8,297		7,736,952
Aston Martin Capital Holdings Ltd., 10.50%, 11/30/25 (Call 11/01/24)^(a)(b)		18,263		17,532,480
Ford Motor Co.
3.25%, 02/12/32 (Call 11/12/31)^(b)		33,537		25,141,532
4.35%, 12/08/26 (Call 09/08/26)^(b)		19,795		18,454,720
6.10%, 08/19/32 (Call 05/19/32)^(b)		25,781		23,654,067
9.63%, 04/22/30 (Call 01/22/30)^(b)		5,658		6,329,565
Ford Motor Credit Co. LLC
2.30%, 02/10/25 (Call 01/10/25)^(b)		15,030		13,594,635
2.70%, 08/10/26 (Call 07/10/26)^(b)		20,567		17,743,768
2.90%, 02/16/28 (Call 12/16/27)^(b)		10,641		8,649,710
2.90%, 02/10/29 (Call 12/10/28)		11,458		8,980,207
3.35%, 11/01/22		713		713,000
3.37%, 11/17/23		4,991		4,828,793
3.38%, 11/13/25 (Call 10/13/25)^(b)		29,492		26,786,994
3.63%, 06/17/31 (Call 03/17/31)^(b)		13,962		10,833,761
3.66%, 09/08/24		10,288		9,773,600
3.81%, 01/09/24 (Call 11/09/23)		5,605		5,431,714
3.82%, 11/02/27 (Call 08/02/27)		10,608		9,135,256
4.00%, 11/13/30 (Call 08/13/30)		21,099		17,094,410
4.06%, 11/01/24 (Call 10/01/24)^(b)		17,949		17,206,809
4.13%, 08/04/25		17,345		16,130,850
4.13%, 08/17/27 (Call 06/17/27)		16,689		14,825,673
4.27%, 01/09/27 (Call 11/09/26)		11,270		10,199,350
4.39%, 01/08/26		15,099		14,027,531
4.54%, 08/01/26 (Call 06/01/26)		9,604		8,839,522


Security	Par (000)		Value

Auto Manufacturers (continued)
4.69%, 06/09/25 (Call 04/09/25)	$	7,746	$	7,339,335
4.95%, 05/28/27 (Call 04/28/27)		21,304		19,517,856
5.11%, 05/03/29 (Call 02/03/29)^(b)		22,129		19,783,326
5.13%, 06/16/25 (Call 05/16/25)^(b)		22,646		21,848,861
5.58%, 03/18/24 (Call 02/18/24)		18,152		17,929,832
Jaguar Land Rover Automotive PLC
4.50%, 10/01/27 (Call 07/01/27)^(a)(b)		7,092		5,123,970
5.50%, 07/15/29 (Call 07/15/24)^(a)		7,204		5,068,914
5.88%, 01/15/28 (Call 01/15/24)^(a)		10,439		7,730,079
7.75%, 10/15/25 (Call 12/01/22)^(a)		11,607		10,727,538

				448,288,205

Auto Parts & Equipment — 1.5%
American Axle & Manufacturing Inc.
5.00%, 10/01/29 (Call 10/01/24)^(b)		8,877		7,226,655
6.25%, 03/15/26 (Call 11/14/22)^(b)		475		451,233
6.50%, 04/01/27 (Call 12/01/22)^(b)		8,533		7,867,448
6.88%, 07/01/28 (Call 07/01/23)^(b)		6,938		6,295,416
Clarios Global LP, 6.75%, 05/15/25 (Call 12/01/22)^(a)(b)		8,788		8,762,691
Clarios Global LP/Clarios US Finance Co.
6.25%, 05/15/26 (Call 12/01/22)^(a)(b)		14,510		14,081,835
8.50%, 05/15/27 (Call 12/01/22)^(a)(b)		33,014		32,415,621
Dana Financing Luxembourg Sarl, 5.75%, 04/15/25 (Call 12/01/22)^(a)		8,273		8,065,248
Dana Inc.
4.25%, 09/01/30 (Call 05/01/26)^(b)		6,497		5,190,063
5.38%, 11/15/27 (Call 11/15/22)^(b)		5,757		5,256,141
5.63%, 06/15/28 (Call 06/15/23)^(b)		6,081		5,503,305
Goodyear Tire & Rubber Co. (The)
4.88%, 03/15/27 (Call 12/15/26)^(b)		12,994		11,823,148
5.00%, 05/31/26 (Call 12/01/22)^(b)		15,183		14,573,403
5.00%, 07/15/29 (Call 04/15/29)^(b)		13,361		11,575,022
5.25%, 04/30/31 (Call 01/30/31)^(b)		10,433		8,786,919
5.25%, 07/15/31 (Call 04/15/31)^(b)		10,447		8,758,939
5.63%, 04/30/33 (Call 01/30/33)^(b)		5,070		4,239,968
9.50%, 05/31/25 (Call 11/16/22)		6,783		7,067,809
Tenneco Inc.
5.00%, 07/15/26 (Call 11/07/22)^(b)		7,043		7,016,589
5.13%, 04/15/29 (Call 04/15/24)^(a)(b)		10,777		10,713,685
7.88%, 01/15/29 (Call 01/15/24)^(a)(b)		6,227		6,219,995
ZF North America Capital Inc., 4.75%, 04/29/25^(a)		18,878		17,769,201

				209,660,334

Banks — 1.1%
Commerzbank AG, 8.13%, 09/19/23^(a)		996		993,417
Deutsche Bank AG, 4.50%, 04/01/25^(b)		8,664		8,058,040
Deutsche Bank AG/New York NY
3.73%, 01/14/32 (Call 10/14/30), (SOFR + 2.757%)^(b)(c)		12,830		9,020,968
3.74%, 01/07/33 (Call 10/07/31), (SOFR + 2.257%)^(b)(c)		6,365		4,309,719
4.88%, 12/01/32 (Call 12/01/27)^(b)(c)		5,298		4,219,319
5.88%, 07/08/31 (Call 04/08/30), (SOFR + 5.438%)^(b)(c)		5,595		4,600,715
Fifth Third Bancorp., Series H, 5.10%, (Call 06/30/23)^(b)(c)(d)		282		257,012
Freedom Mortgage Corp.
6.63%, 01/15/27 (Call 01/15/24)^(a)(b)		10,585		7,837,311
7.63%, 05/01/26 (Call 05/01/23)^(a)		9,323		7,350,533
8.13%, 11/15/24 (Call 12/01/22)^(a)		6,858		6,042,789
8.25%, 04/15/25 (Call 12/01/22)^(a)(b)		8,650		7,418,298


Security	Par (000)		Value

Banks (continued)
Intesa Sanpaolo SpA
4.20%, 06/01/32 (Call 06/01/31)^(a)(c)	$	11,730	$	7,997,539
5.02%, 06/26/24^(a)		29,452		28,143,215
5.71%, 01/15/26^(a)(b)		22,349		20,611,329
UniCredit SpA
5.46%, 06/30/35 (Call 06/30/30)^(a)(b)(c)		19,832		14,679,274
5.86%, 06/19/32 (Call 06/19/27)^(a)(b)(c)		14,982		12,425,418
7.30%, 04/02/34 (Call 04/02/29)^(a)(b)(c)		16,526		14,312,699

				158,277,595

Building Materials — 1.1%
Builders FirstSource Inc.
4.25%, 02/01/32 (Call 08/01/26)^(a)(b)		20,578		16,279,770
5.00%, 03/01/30 (Call 03/01/25)^(a)		8,533		7,341,111
6.38%, 06/15/32 (Call 06/15/27)^(a)(b)		11,409		10,491,945
Camelot Return Merger Sub Inc., 8.75%, 08/01/28 (Call 08/01/24)^(a)		11,341		9,441,382
Cornerstone Building Brands Inc., 6.13%, 01/15/29 (Call 09/15/23)^(a)(b)		7,737		4,835,625
Griffon Corp., 5.75%, 03/01/28 (Call 03/01/23)^(b)		18,120		16,598,282
Jeld-Wen Inc.
4.63%, 12/15/25 (Call 12/01/22)^(a)(b)		7,772		6,467,554
4.88%, 12/15/27 (Call 12/15/22)^(a)(b)		6,113		4,559,564
SRM Escrow Issuer LLC, 6.00%, 11/01/28 (Call 11/01/23)^(a)		16,949		14,308,588
Standard Industries Inc./NJ
3.38%, 01/15/31 (Call 07/15/25)^(a)		16,806		12,569,123
4.38%, 07/15/30 (Call 07/15/25)^(a)(b)		26,478		21,407,993
4.75%, 01/15/28 (Call 01/15/23)^(a)(b)		14,458		12,675,329
5.00%, 02/15/27 (Call 12/01/22)^(a)(b)		12,038		10,952,998
Summit Materials LLC/Summit Materials Finance Corp., 5.25%, 01/15/29 (Call 07/15/23)^(a)		12,140		11,131,166

				159,060,430

Chemicals — 1.8%
ASP Unifrax Holdings Inc
5.25%, 09/30/28 (Call 09/30/24)^(a)(b)		13,176		10,536,042
7.50%, 09/30/29 (Call 09/30/24)^(a)(b)		6,199		4,183,292
Avient Corp.
5.75%, 05/15/25 (Call 12/01/22)^(a)(b)		10,465		10,199,887
7.13%, 08/01/30 (Call 08/01/25)^(a)		11,524		11,021,784
Axalta Coating Systems LLC, 3.38%, 02/15/29 (Call 02/15/24)^(a)(b)		11,082		9,152,693
Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV, 4.75%, 06/15/27 (Call 06/15/23)^(a)(b)		7,943		7,256,483
Chemours Co. (The)
4.63%, 11/15/29 (Call 11/15/24)^(a)(b)		10,811		8,432,580
5.38%, 05/15/27 (Call 02/15/27)^(b)		7,401		6,622,045
5.75%, 11/15/28 (Call 11/15/23)^(a)(b)		13,315		11,311,092
Methanex Corp.
5.13%, 10/15/27 (Call 04/15/27)^(b)		10,728		9,783,936
5.25%, 12/15/29 (Call 09/15/29)^(b)		11,973		10,285,713
NOVA Chemicals Corp.
4.25%, 05/15/29 (Call 05/15/24)^(a)(b)		8,294		6,739,704
4.88%, 06/01/24 (Call 03/03/24)^(a)(b)		13,723		13,298,874
5.00%, 05/01/25 (Call 01/31/25)^(a)(b)		7,234		6,872,300
5.25%, 06/01/27 (Call 03/03/27)^(a)(b)		18,956		16,965,620
Olin Corp.
5.00%, 02/01/30 (Call 02/01/24)^(b)		8,267		7,481,635
5.13%, 09/15/27 (Call 12/01/22)		6,170		5,784,375


Security	Par (000)		Value

Chemicals (continued)
5.63%, 08/01/29 (Call 08/01/24)^(b)	$	10,487	$	9,855,683
Olympus Water U.S. Holding Corp.
4.25%, 10/01/28 (Call 10/01/24)^(a)(b)		13,407		10,836,208
6.25%, 10/01/29 (Call 10/01/24)^(a)(b)		5,501		3,817,529
SCIH Salt Holdings Inc.
4.88%, 05/01/28 (Call 05/01/24)^(a)(b)		16,272		14,120,842
6.63%, 05/01/29 (Call 05/01/24)^(a)(b)		10,348		8,399,048
Tronox Inc., 4.63%, 03/15/29 (Call 03/15/24)^(a)(b)		16,541		12,746,577
Valvoline Inc.
3.63%, 06/15/31 (Call 06/15/26)^(a)		8,373		6,606,297
4.25%, 02/15/30 (Call 02/15/25)^(a)(b)		5,897		5,698,016
WR Grace Holdings LLC
4.88%, 06/15/27 (Call 06/15/23)^(a)(b)		12,300		10,762,500
5.63%, 08/15/29 (Call 08/15/24)^(a)(b)		16,890		13,055,632

				251,826,387

Commercial Services — 4.0%
ADT Security Corp. (The), 4.13%, 08/01/29 (Call 08/01/28)^(a)(b)		14,987		12,845,770
Albion Financing 1 SARL/Aggreko Holdings Inc.
6.13%, 10/15/26 (Call 10/15/23)^(a)		7,379		6,242,634
8.75%, 04/15/27 (Call 10/15/23)^(a)(b)		7,787		6,696,041
Allied Universal Holdco LLC/Allied Universal Finance Corp.
6.00%, 06/01/29 (Call 06/01/24)^(a)(b)		14,297		10,022,197
6.63%, 07/15/26 (Call 12/01/22)^(a)		29,757		28,455,131
9.75%, 07/15/27 (Call 12/01/22)^(a)(b)		16,727		14,542,621
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl, 4.63%, 06/01/28 (Call 06/01/24)^(a)(b)		32,203		26,801,326
APX Group Inc.
5.75%, 07/15/29 (Call 07/15/24)^(a)(b)		12,298		9,717,757
6.75%, 02/15/27 (Call 02/15/23)^(a)(b)		11,233		10,797,721
Avis Budget Car Rental LLC/Avis Budget Finance Inc.
4.75%, 04/01/28 (Call 04/01/24)^(a)(b)		9,938		8,639,369
5.38%, 03/01/29 (Call 03/01/24)^(a)(b)		9,418		8,231,332
5.75%, 07/15/27 (Call 12/01/22)^(a)(b)		3,866		3,525,792
Block Inc.
2.75%, 06/01/26 (Call 05/01/26)^(b)		15,563		13,929,055
3.50%, 06/01/31 (Call 03/01/31)^(b)		16,509		13,286,993
Brink’s Co. (The)
4.63%, 10/15/27 (Call 12/01/22)^(a)(b)		10,675		9,805,254
5.50%, 07/15/25 (Call 12/01/22)^(a)		6,842		6,651,177
Garda World Security Corp.
4.63%, 02/15/27 (Call 02/15/23)^(a)(b)		9,461		8,441,046
6.00%, 06/01/29 (Call 06/01/24)^(a)(b)		8,241		6,426,332
9.50%, 11/01/27 (Call 12/01/22)^(a)		9,072		8,192,016
Gartner Inc.
3.63%, 06/15/29 (Call 06/15/24)^(a)(b)		9,159		7,891,051
3.75%, 10/01/30 (Call 10/01/25)^(a)(b)		14,644		12,372,716
4.50%, 07/01/28 (Call 07/01/23)^(a)(b)		13,096		12,049,411
Grand Canyon University
4.13%, 10/01/24^(b)		7,048		6,607,500
5.13%, 10/01/28 (Call 08/01/28)^(b)		5,641		5,102,284
Herc Holdings Inc., 5.50%, 07/15/27 (Call 12/01/22)^(a)(b)		19,560		18,508,650
Hertz Corp. (The)
4.63%, 12/01/26 (Call 12/01/23)^(a)		8,592		7,310,360
5.00%, 12/01/29 (Call 12/01/24)^(a)(b)		14,954		11,910,487
MPH Acquisition Holdings LLC
5.50%, 09/01/28 (Call 09/01/24)^(a)(b)		16,505		14,196,830


Security	Par (000)		Value

Commercial Services (continued)
5.75%, 11/01/28 (Call 11/01/23)^(a)(b)	$	20,528	$	15,857,880
Picasso Finance Sub Inc., 6.13%, 06/15/25 (Call 11/16/22)^(a)(b)		6,276		6,263,636
Prime Security Services Borrower LLC/Prime Finance Inc.
3.38%, 08/31/27 (Call 08/31/26)^(a)(b)		15,156		13,162,759
5.25%, 04/15/24^(a)(b)		8,732		8,644,243
5.75%, 04/15/26^(a)		21,600		21,065,817
6.25%, 01/15/28 (Call 01/15/23)^(a)(b)		21,142		19,567,048
Ritchie Bros. Auctioneers Inc., 5.38%, 01/15/25 (Call 12/01/22)^(a)(b)		382		376,808
RR Donnelley & Sons Co., 6.13%, 11/01/26 (Call 11/01/23)^(a)		716		582,134
Sabre GLBL Inc.
7.38%, 09/01/25 (Call 12/01/22)^(a)(b)		12,037		11,062,003
9.25%, 04/15/25 (Call 03/16/25)^(a)		12,447		12,121,414
Service Corp. International/U.S.
3.38%, 08/15/30 (Call 08/15/25)		13,812		10,983,993
4.00%, 05/15/31 (Call 05/15/26)^(b)		11,800		9,826,121
4.63%, 12/15/27 (Call 12/15/22)^(b)		7,536		7,002,710
5.13%, 06/01/29 (Call 06/01/24)^(b)		10,847		10,029,860
Sotheby’s, 7.38%, 10/15/27 (Call 11/14/22)^(a)(b)		13,224		12,794,220
United Rentals North America Inc.
3.75%, 01/15/32 (Call 07/15/26)^(b)		11,656		9,391,205
3.88%, 02/15/31 (Call 08/15/25)^(b)		17,467		14,465,588
4.00%, 07/15/30 (Call 07/15/25)^(b)		11,534		9,832,850
4.88%, 01/15/28 (Call 01/15/23)^(b)		24,788		23,052,840
5.25%, 01/15/30 (Call 01/15/25)^(b)		12,854		11,922,085
5.50%, 05/15/27 (Call 12/01/22)^(b)		6,437		6,256,700
Verscend Escrow Corp., 9.75%, 08/15/26 (Call 12/01/22)^(a)		17,685		17,732,484
Williams Scotsman International Inc., 4.63%, 08/15/28 (Call 08/15/23)^(a)(b)		9,108		8,229,472

				569,422,723

Computers — 1.2%
Booz Allen Hamilton Inc.
3.88%, 09/01/28 (Call 09/01/23)^(a)(b)		10,764		9,483,945
4.00%, 07/01/29 (Call 07/01/24)^(a)		7,629		6,702,662
Condor Merger Sub Inc., 7.38%, 02/15/30 (Call 02/15/25)^(a)(b)		32,706		26,979,180
Diebold Nixdorf Inc.
8.50%, 04/15/24 (Call 12/01/22)^(b)		5,195		2,656,755
9.38%, 07/15/25 (Call 11/16/22)^(a)(b)		9,868		7,374,356
Exela Intermediate LLC/Exela Finance Inc., 11.50%, 07/15/26 (Call 12/01/22)^(a)(b)		9,846		2,699,951
NCR Corp.
5.00%, 10/01/28 (Call 10/01/23)^(a)(b)		9,816		8,319,060
5.13%, 04/15/29 (Call 04/15/24)^(a)(b)		19,355		16,232,773
5.25%, 10/01/30 (Call 10/01/25)^(a)		7,808		6,308,585
5.75%, 09/01/27 (Call 11/14/22)^(a)(b)		5,110		4,931,150
6.13%, 09/01/29 (Call 09/01/24)^(a)(b)		6,350		6,080,347
Presidio Holdings Inc.
4.88%, 02/01/27 (Call 02/01/23)^(a)(b)		7,484		6,910,726
8.25%, 02/01/28 (Call 02/01/23)^(a)(b)		9,811		8,731,790
Seagate HDD Cayman
3.13%, 07/15/29 (Call 01/15/24)		7,446		5,517,858
3.38%, 07/15/31 (Call 01/15/26)^(b)		8,284		5,912,705
4.09%, 06/01/29 (Call 03/01/29)		8,187		6,561,321
4.13%, 01/15/31 (Call 10/15/30)		9,039		6,797,328
4.75%, 01/01/25^(b)		6,160		5,923,148


Security	Par (000)		Value

Computers (continued)
4.88%, 03/01/24 (Call 01/01/24)	$	3,699	$	3,625,082
4.88%, 06/01/27 (Call 03/01/27)^(b)		7,044		6,498,090
Vericast Corp., 11.00%, 09/15/26 (Call 09/15/23)^(a)(b)		20,434		20,000,151

				174,246,963

Cosmetics & Personal Care — 0.3%
Coty Inc.
5.00%, 04/15/26 (Call 04/15/23)^(a)		15,174		14,292,763
6.50%, 04/15/26 (Call 12/01/22)^(a)(b)		7,581		7,219,386
Coty Inc./HFC Prestige Products Inc./HFC Prestige International U.S. LLC, 4.75%, 01/15/29 (Call 01/15/25)^(a)(b)		6,473		5,609,178
Edgewell Personal Care Co.
4.13%, 04/01/29 (Call 04/01/24)^(a)(b)		6,541		5,579,473
5.50%, 06/01/28 (Call 06/01/23)^(a)(b)		12,923		12,154,469

				44,855,269

Distribution & Wholesale — 0.3%
American Builders & Contractors Supply Co. Inc.
3.88%, 11/15/29 (Call 11/15/24)^(a)(b)		5,690		4,673,766
4.00%, 01/15/28 (Call 01/15/23)^(a)		10,471		9,240,553
H&E Equipment Services Inc., 3.88%, 12/15/28 (Call 12/15/23)^(a)		18,210		15,387,450
Wesco Aircraft Holdings Inc.
8.50%, 11/15/24 (Call 12/01/22)^(a)		9,609		5,049,930
9.00%, 11/15/26 (Call 12/01/22)^(a)(b)		13,712		8,660,499

				43,012,198

Diversified Financial Services — 3.5%
AerCap Holdings NV, 5.88%, 10/10/79 (Call 10/10/24)^(b)(c)		11,996		10,772,308
AG Issuer LLC, 6.25%, 03/01/28 (Call 03/01/23)^(a)(b)		8,455		7,919,645
AG TTMT Escrow Issuer LLC, 8.63%, 09/30/27 (Call 09/30/24)^(a)		6,998		7,024,243
Ally Financial Inc., 5.75%, 11/20/25
(Call 10/21/25)^(b)		15,594		15,094,992
Coinbase Global Inc.
3.38%, 10/01/28 (Call 10/01/24)^(a)(b)		15,134		9,969,645
3.63%, 10/01/31 (Call 10/01/26)^(a)(b)		16,219		9,628,491
Curo Group Holdings Corp., 7.50%, 08/01/28 (Call 08/01/24)^(a)(b)		14,449		8,524,910
Jefferies Finance LLC/JFIN Co-Issuer Corp., 5.00%, 08/15/28 (Call 08/15/24)^(a)		16,538		12,982,826
LD Holdings Group LLC
6.13%, 04/01/28 (Call 04/01/24)^(a)(b)		7,289		4,081,840
6.50%, 11/01/25 (Call 12/01/22)^(a)(b)		8,158		5,547,440
LPL Holdings Inc.
4.00%, 03/15/29 (Call 03/15/24)^(a)(b)		14,023		12,240,116
4.38%, 05/15/31 (Call 05/15/26)^(a)(b)		6,274		5,475,257
4.63%, 11/15/27 (Call 12/01/22)^(a)		5,903		5,462,985
Midcap Financial Issuer Trust
5.63%, 01/15/30 (Call 01/15/25)^(a)(b)		7,098		5,465,460
6.50%, 05/01/28 (Call 05/01/24)^(a)		14,705		12,504,817
Nationstar Mortgage Holdings Inc.
5.13%, 12/15/30 (Call 12/15/25)^(a)		9,712		7,307,256
5.50%, 08/15/28 (Call 08/15/23)^(a)		13,689		11,101,505
5.75%, 11/15/31 (Call 11/15/26)^(a)		10,085		7,733,063
6.00%, 01/15/27 (Call 01/15/23)^(a)(b)		10,580		9,422,482
Navient Corp.
4.88%, 03/15/28 (Call 06/15/27)		9,545		7,611,879
5.00%, 03/15/27 (Call 09/15/26)^(b)		10,727		9,081,283
5.50%, 03/15/29 (Call 06/15/28)^(b)		10,963		8,758,615
5.88%, 10/25/24		6,744		6,558,506


Security	Par (000)		Value

Diversified Financial Services (continued)
6.13%, 03/25/24^(b)	$	12,694	$	12,518,466
6.75%, 06/25/25		6,813		6,505,461
6.75%, 06/15/26		10,516		9,916,062
7.25%, 09/25/23		331		331,430
NFP Corp.
4.88%, 08/15/28 (Call 08/15/23)^(a)(b)		8,882		7,733,868
6.88%, 08/15/28 (Call 08/15/23)^(a)(b)		32,994		28,297,222
OneMain Finance Corp.
3.50%, 01/15/27 (Call 01/15/24)^(b)		11,116		9,123,568
3.88%, 09/15/28 (Call 09/15/24)		10,344		8,079,647
4.00%, 09/15/30 (Call 09/15/25)^(b)		13,140		9,920,700
5.38%, 11/15/29 (Call 05/15/29)^(b)		11,475		9,409,500
6.13%, 03/15/24 (Call 09/15/23)		19,101		18,647,414
6.63%, 01/15/28 (Call 07/15/27)^(b)		11,963		10,885,134
6.88%, 03/15/25		18,239		17,691,830
7.13%, 03/15/26^(b)		25,921		24,961,923
PennyMac Financial Services Inc.
4.25%, 02/15/29 (Call 02/15/24)^(a)(b)		10,935		8,255,925
5.38%, 10/15/25 (Call 12/01/22)^(a)		9,696		8,762,760
5.75%, 09/15/31 (Call 09/15/26)^(a)		7,718		5,883,808
Radian Group Inc.
4.50%, 10/01/24 (Call 07/01/24)^(b)		420		399,541
6.63%, 03/15/25 (Call 09/15/24)		391		385,213
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer Inc.
2.88%, 10/15/26 (Call 10/15/23)^(a)(b)		18,288		15,293,340
3.63%, 03/01/29 (Call 03/01/24)^(a)(b)		11,266		8,731,150
3.88%, 03/01/31 (Call 03/01/26)^(a)(b)		21,742		16,208,298
4.00%, 10/15/33 (Call 10/15/27)^(a)		12,683		8,838,022
SLM Corp.
3.13%, 11/02/26 (Call 10/02/26)^(b)		7,262		6,369,282
4.20%, 10/29/25 (Call 09/29/25)		7,156		6,638,979
United Wholesale Mortgage LLC
5.50%, 11/15/25 (Call 12/01/22)^(a)(b)		12,924		11,683,942
5.50%, 04/15/29 (Call 04/15/24)^(a)(b)		10,162		7,709,401
5.75%, 06/15/27 (Call 06/15/24)^(a)(b)		7,619		6,243,771
VistaJet Malta Finance PLC/XO Management Holding Inc.
6.38%, 02/01/30 (Call 02/01/25)^(a)(b)		15,822		13,211,370
7.88%, 05/01/27 (Call 05/01/24)^(a)(b)		6,327		5,732,227

				504,638,818

Electric — 2.5%
Calpine Corp.
3.75%, 03/01/31 (Call 03/01/26)^(a)(b)		14,007		11,498,486
4.50%, 02/15/28 (Call 02/15/23)^(a)		20,429		18,360,564
4.63%, 02/01/29 (Call 02/01/24)^(a)(b)		9,505		7,950,932
5.00%, 02/01/31 (Call 02/01/26)^(a)(b)		13,713		11,555,945
5.13%, 03/15/28 (Call 03/15/23)^(a)(b)		22,648		20,041,677
5.25%, 06/01/26 (Call 12/01/22)^(a)(b)		7,426		7,072,894
Clearway Energy Operating LLC
3.75%, 02/15/31 (Call 02/15/26)^(a)(b)		15,086		12,540,237
4.75%, 03/15/28 (Call 03/15/23)^(a)(b)		13,344		12,367,419
DPL Inc.
4.13%, 07/01/25 (Call 04/01/25)		6,303		5,940,578
4.35%, 04/15/29 (Call 01/15/29)^(b)		6,491		5,549,805
Electricite de France SA
5.25%, (Call 01/29/23)^(a)(c)(d)		265		247,272
5.63%, (Call 01/22/24)^(a)(b)(c)(d)		20,136		17,741,715
Emera Inc., Series 16-A, 6.75%, 06/15/76 (Call 06/15/26)^(b)(c)		17,600		16,362,134


Security	Par (000)		Value

Electric (continued)
FirstEnergy Corp.
2.65%, 03/01/30 (Call 12/01/29)^(b)	$	9,037	$	7,276,057
Series B, 2.25%, 09/01/30 (Call 06/01/30)^(b)		9,131		6,990,658
Series B, 4.15%, 07/15/27 (Call 04/15/27)		21,390		20,087,563
NextEra Energy Operating Partners LP
3.88%, 10/15/26 (Call 07/15/26)^(a)(b)		8,621		7,988,111
4.25%, 07/15/24 (Call 04/15/24)^(a)(b)		5,863		5,693,552
4.25%, 09/15/24 (Call 07/15/24)^(a)		593		557,238
4.50%, 09/15/27 (Call 06/15/27)^(a)(b)		8,512		7,919,086
NRG Energy Inc.
3.38%, 02/15/29 (Call 02/15/24)^(a)(b)		7,147		5,988,829
3.63%, 02/15/31 (Call 02/15/26)^(a)(b)		16,149		12,850,888
3.88%, 02/15/32 (Call 02/15/27)^(a)(b)		17,125		13,538,169
5.25%, 06/15/29 (Call 06/15/24)^(a)(b)		10,803		9,776,715
5.75%, 01/15/28 (Call 01/15/23)^(b)		13,344		12,701,820
PG&E Corp.
5.00%, 07/01/28 (Call 07/01/23)^(b)		13,893		12,523,150
5.25%, 07/01/30 (Call 07/01/25)^(b)		16,838		14,936,821
Vistra Operations Co. LLC
4.38%, 05/01/29 (Call 05/01/24)^(a)		19,098		16,380,546
5.00%, 07/31/27 (Call 11/14/22)^(a)(b)		19,774		18,244,811
5.50%, 09/01/26 (Call 11/14/22)^(a)(b)		14,841		14,223,450
5.63%, 02/15/27 (Call 11/14/22)^(a)(b)		20,506		19,547,960

				354,455,082

Electrical Components & Equipment — 0.5%
Energizer Holdings Inc.
4.38%, 03/31/29 (Call 09/30/23)^(a)(b)		11,888		9,614,420
4.75%, 06/15/28 (Call 06/15/23)^(a)		10,420		8,620,360
WESCO Distribution Inc.
7.13%, 06/15/25 (Call 12/01/22)^(a)(b)		27,420		27,685,974
7.25%, 06/15/28 (Call 06/15/23)^(a)(b)		18,462		18,759,238

				64,679,992

Electronics — 0.6%
Imola Merger Corp., 4.75%, 05/15/29 (Call 05/15/24)^(a)(b)		32,985		28,449,563
Sensata Technologies BV
4.00%, 04/15/29 (Call 04/15/24)^(a)(b)		17,049		14,372,094
5.00%, 10/01/25^(a)(b)		9,894		9,607,965
5.63%, 11/01/24^(a)(b)		6,435		6,412,441
5.88%, 09/01/30 (Call 09/01/25)^(a)(b)		7,749		7,315,490
Sensata Technologies Inc.
3.75%, 02/15/31 (Call 02/15/26)^(a)(b)		12,841		10,224,646
4.38%, 02/15/30 (Call 11/15/29)^(a)		7,401		6,346,843

				82,729,042

Energy - Alternate Sources — 0.1%
TerraForm Power Operating LLC
4.75%, 01/15/30 (Call 01/15/25)^(a)(b)		11,736		10,499,913
5.00%, 01/31/28 (Call 07/31/27)^(a)		10,463		9,741,942

				20,241,855

Engineering & Construction — 0.1%
Brand Industrial Services Inc., 8.50%, 07/15/25 (Call 12/01/22)^(a)(b)		14,856		10,696,320


Entertainment — 2.9%
AMC Entertainment Holdings Inc., 7.50%, 02/15/29 (Call 02/15/25)^(a)(b)		14,522		9,983,875
Caesars Entertainment Inc.
4.63%, 10/15/29 (Call 10/15/24)^(a)(b)		19,161		15,328,800
6.25%, 07/01/25 (Call 11/14/22)^(a)		52,943		51,685,604


Security	Par (000)		Value

Entertainment (continued)
8.13%, 07/01/27 (Call 07/01/23)^(a)(b)	$	27,942	$	27,157,296
Caesars Resort Collection LLC/CRC Finco Inc., 5.75%, 07/01/25 (Call 11/14/22)^(a)(b)		15,239		14,858,787
CDI Escrow Issuer Inc., 5.75%, 04/01/30 (Call 04/01/25)^(a)		19,966		17,938,828
Cedar Fair LP, 5.25%, 07/15/29 (Call 07/15/24)^(b)		8,141		7,164,080
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op
5.38%, 04/15/27 (Call 12/01/22)^(b)		6,089		5,750,299
5.50%, 05/01/25 (Call 12/01/22)^(a)(b)		11,651		11,578,181
Churchill Downs Inc.
4.75%, 01/15/28 (Call 01/15/23)^(a)		13,753		12,097,826
5.50%, 04/01/27 (Call 12/01/22)^(a)(b)		8,244		7,879,450
Cinemark USA Inc.
5.25%, 07/15/28 (Call 07/15/24)^(a)(b)		10,599		8,134,839
5.88%, 03/15/26 (Call 03/15/23)^(a)(b)		6,486		5,447,591
International Game Technology PLC
4.13%, 04/15/26 (Call 04/15/23)^(a)(b)		12,723		11,804,823
5.25%, 01/15/29 (Call 01/15/24)^(a)(b)		11,924		11,063,087
6.25%, 01/15/27 (Call 07/15/26)^(a)(b)		11,836		11,726,635
6.50%, 02/15/25 (Call 08/15/24)^(a)(b)		7,156		7,162,011
Lions Gate Capital Holdings LLC, 5.50%, 04/15/29 (Call 04/15/24)^(a)(b)		330		250,467
Live Nation Entertainment Inc.
3.75%, 01/15/28 (Call 01/15/24)^(a)(b)		7,253		6,335,224
4.75%, 10/15/27 (Call 12/01/22)^(a)(b)		14,333		12,756,370
4.88%, 11/01/24 (Call 12/01/22)^(a)(b)		6,043		5,869,264
6.50%, 05/15/27 (Call 05/15/23)^(a)(b)		17,867		17,777,665
Mohegan Gaming & Entertainment
7.88%, 10/15/24 (Call 11/16/22)^(a)(b)		2,213		2,227,523
8.00%, 02/01/26 (Call 02/01/23)^(a)(b)		19,833		16,722,789
Odeon Finco PLC, 12.75%, 11/01/27^(b)		6,925		6,189,219
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.
5.63%, 09/01/29 (Call 09/01/24)^(a)(b)		11,400		8,435,082
5.88%, 09/01/31 (Call 09/01/26)^(a)(b)		12,011		8,620,295
Resorts World Las Vegas LLC/RWLV Capital Inc., 4.63%, 04/16/29 (Call 01/16/29)^(a)(b)		15,686		11,589,866
Scientific Games International Inc.
7.00%, 05/15/28 (Call 05/15/23)^(a)		10,683		10,298,412
7.25%, 11/15/29 (Call 11/15/24)^(a)(b)		7,883		7,622,467
8.63%, 07/01/25 (Call 12/01/22)^(a)(b)		5,326		5,495,354
Six Flags Entertainment Corp.
4.88%, 07/31/24 (Call 12/01/22)^(a)(b)		11,869		11,489,647
5.50%, 04/15/27 (Call 12/01/22)^(a)(b)		8,604		7,743,600
Six Flags Theme Parks Inc., 7.00%, 07/01/25 (Call 12/01/22)^(a)(b)		278		279,738
WMG Acquisition Corp.
3.00%, 02/15/31 (Call 02/15/26)^(a)		12,388		9,724,031
3.75%, 12/01/29 (Call 12/01/24)^(a)(b)		8,908		7,462,677
3.88%, 07/15/30 (Call 07/15/25)^(a)(b)		7,928		6,728,890
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.
5.13%, 10/01/29 (Call 07/01/29)^(a)(b)		11,723		9,323,302
7.75%, 04/15/25 (Call 12/01/22)^(a)		8,995		8,723,441

				418,427,335

Environmental Control — 0.8%
Covanta Holding Corp.
4.88%, 12/01/29 (Call 12/01/24)^(a)(b)		12,188		10,420,801
5.00%, 09/01/30 (Call 09/01/25)^(b)		6,674		5,564,447


Security	Par (000)		Value

Environmental Control (continued)
GFL Environmental Inc.
3.50%, 09/01/28 (Call 03/01/28)^(a)(b)	$	11,787	$	9,995,730
3.75%, 08/01/25 (Call 12/01/22)^(a)		10,756		10,164,420
4.00%, 08/01/28 (Call 08/01/23)^(a)(b)		11,537		9,901,491
4.25%, 06/01/25 (Call 12/01/22)^(a)(b)		5,259		5,009,197
4.38%, 08/15/29 (Call 08/15/24)^(a)(b)		8,354		7,080,015
4.75%, 06/15/29 (Call 06/15/24)^(a)(b)		11,950		10,449,827
5.13%, 12/15/26 (Call 12/15/22)^(a)(b)		7,019		6,685,597
Madison IAQ LLC
4.13%, 06/30/28 (Call 06/30/24)^(a)(b)		10,949		9,151,577
5.88%, 06/30/29 (Call 06/30/24)^(a)(b)		16,287		11,217,108
Stericycle Inc.
3.88%, 01/15/29 (Call 11/15/23)^(a)(b)		9,818		8,518,274
5.38%, 07/15/24 (Call 11/16/22)^(a)(b)		5,104		5,029,820

				109,188,304

Food — 2.2%
Albertsons Companies Inc./Safeway Inc./New Albertsons LP/Albertsons LLC
3.25%, 03/15/26 (Call 12/01/22)^(a)		12,004		10,803,600
3.50%, 03/15/29 (Call 09/15/23)^(a)		21,241		17,576,927
4.63%, 01/15/27 (Call 01/15/23)^(a)		24,390		22,560,750
4.88%, 02/15/30 (Call 02/15/25)^(a)(b)		16,443		14,593,162
5.88%, 02/15/28 (Call 12/01/22)^(a)(b)		12,119		11,400,454
7.50%, 03/15/26 (Call 12/01/22)^(a)		5,900		6,043,147
B&G Foods Inc.
5.25%, 04/01/25 (Call 12/01/22)^(b)		14,773		13,437,949
5.25%, 09/15/27 (Call 12/01/22)^(b)		9,011		7,562,572
Lamb Weston Holdings Inc.
4.13%, 01/31/30 (Call 01/31/25)^(a)(b)		15,020		13,115,945
4.38%, 01/31/32 (Call 01/31/27)^(a)		11,026		9,503,089
4.88%, 05/15/28 (Call 11/15/27)^(a)(b)		7,050		6,576,549
Performance Food Group Inc.
4.25%, 08/01/29 (Call 08/01/24)^(a)(b)		15,202		12,931,885
5.50%, 10/15/27 (Call 12/01/22)^(a)(b)		17,043		16,105,635
Pilgrim’s Pride Corp.
3.50%, 03/01/32 (Call 09/01/26)^(a)(b)		13,571		10,446,006
4.25%, 04/15/31 (Call 04/15/26)^(a)(b)		16,562		13,814,497
5.88%, 09/30/27 (Call 12/01/22)^(a)		14,066		13,756,488
Post Holdings Inc.
4.50%, 09/15/31 (Call 09/15/26)^(a)(b)		20,935		17,299,262
4.63%, 04/15/30 (Call 04/15/25)^(a)		23,459		19,852,179
5.50%, 12/15/29 (Call 12/15/24)^(a)		19,188		17,244,256
5.63%, 01/15/28 (Call 12/01/22)^(a)(b)		13,401		12,496,432
5.75%, 03/01/27 (Call 11/16/22)^(a)(b)		8,633		8,352,427
U.S. Foods Inc.
4.63%, 06/01/30 (Call 06/01/25)^(a)(b)		10,327		8,971,581
4.75%, 02/15/29 (Call 02/15/24)^(a)(b)		12,567		11,154,570
6.25%, 04/15/25 (Call 12/01/22)^(a)(b)		12,165		12,123,077

				307,722,439

Food Service — 0.4%
Aramark Services Inc.
5.00%, 04/01/25 (Call 12/01/22)^(a)(b)		7,659		7,401,091
5.00%, 02/01/28 (Call 02/01/23)^(a)(b)		16,930		15,452,011
6.38%, 05/01/25 (Call 12/01/22)^(a)(b)		21,728		21,546,028
TKC Holdings Inc.
6.88%, 05/15/28 (Call 05/15/24)^(a)(b)		6,449		5,372,017
10.50%, 05/15/29 (Call 05/15/24)^(a)(b)		11,225		7,839,259

				57,610,406


Security	Par (000)		Value

Forest Products & Paper — 0.1%
Mercer International Inc., 5.13%, 02/01/29 (Call 02/01/24)^(b)	$	13,708	$	11,429,045


Gas — 0.2%
AmeriGas Partners LP/AmeriGas Finance Corp.
5.50%, 05/20/25 (Call 02/20/25)		9,955		9,555,406
5.63%, 05/20/24 (Call 03/20/24)^(b)		7,572		7,399,646
5.75%, 05/20/27 (Call 02/20/27)		8,075		7,438,229
5.88%, 08/20/26 (Call 05/20/26)		12,104		11,326,742

				35,720,023

Health Care - Products — 1.1%
Avantor Funding Inc.
3.88%, 11/01/29 (Call 11/01/24)^(a)(b)		13,528		11,447,349
4.63%, 07/15/28 (Call 07/15/23)^(a)(b)		26,066		23,421,388
Hologic Inc.
3.25%, 02/15/29 (Call 09/28/23)^(a)(b)		16,083		13,667,333
4.63%, 02/01/28 (Call 02/01/23)^(a)(b)		7,546		7,042,933
Mozart Debt Merger Sub Inc.
3.88%, 04/01/29 (Call 10/01/24)^(a)		71,086		58,077,262
5.25%, 10/01/29 (Call 10/01/24)^(a)(b)		40,421		31,289,662
Teleflex Inc.
4.25%, 06/01/28 (Call 06/01/23)^(a)(b)		8,425		7,622,940
4.63%, 11/15/27 (Call 11/16/22)^(b)		7,897		7,403,832

				159,972,699

Health Care - Services — 5.0%
Catalent Pharma Solutions Inc.
3.13%, 02/15/29 (Call 02/15/24)^(a)(b)		10,815		8,852,294
3.50%, 04/01/30 (Call 04/01/25)^(a)(b)		10,426		8,418,995
5.00%, 07/15/27 (Call 12/01/22)^(a)		7,317		6,868,834
Centene Corp.
2.45%, 07/15/28 (Call 05/15/28)		23,015		18,929,837
2.50%, 03/01/31 (Call 12/01/30)		19,936		15,276,159
2.63%, 08/01/31 (Call 05/01/31)		11,030		8,434,503
3.00%, 10/15/30 (Call 07/15/30)		21,799		17,521,818
3.38%, 02/15/30 (Call 02/15/25)		15,862		13,185,288
4.25%, 12/15/27 (Call 12/15/22)^(b)		29,217		26,952,682
4.63%, 12/15/29 (Call 12/15/24)		32,462		29,396,289
Charles River Laboratories International Inc.
3.75%, 03/15/29 (Call 03/15/24)^(a)		8,159		7,057,535
4.00%, 03/15/31 (Call 03/15/26)^(a)(b)		8,648		7,286,264
4.25%, 05/01/28 (Call 05/01/23)^(a)(b)		8,192		7,452,262
CHS/Community Health Systems Inc.
4.75%, 02/15/31 (Call 02/15/26)^(a)(b)		17,095		11,476,301
5.25%, 05/15/30 (Call 05/15/25)^(a)(b)		23,244		16,084,848
5.63%, 03/15/27 (Call 12/15/23)^(a)(b)		30,445		24,246,398
6.00%, 01/15/29 (Call 01/15/24)^(a)(b)		14,805		11,029,725
6.13%, 04/01/30 (Call 04/01/25)^(a)(b)		20,175		8,271,750
6.88%, 04/01/28 (Call 04/01/23)^(a)(b)		8,945		3,221,691
6.88%, 04/15/29 (Call 04/15/24)^(a)(b)		25,785		10,743,751
8.00%, 03/15/26 (Call 12/01/22)^(a)(b)		33,158		28,598,775
8.00%, 12/15/27 (Call 12/15/22)^(a)(b)		11,124		9,018,783
DaVita Inc.
3.75%, 02/15/31 (Call 02/15/26)^(a)(b)		23,094		16,760,240
4.63%, 06/01/30 (Call 06/01/25)^(a)(b)		43,820		34,016,151
Encompass Health Corp.
4.50%, 02/01/28 (Call 02/01/23)^(b)		12,963		11,575,959
4.63%, 04/01/31 (Call 04/01/26)		7,738		6,383,850
4.75%, 02/01/30 (Call 02/01/25)^(b)		11,632		9,916,280


Security	Par (000)		Value

Health Care - Services (continued)
IQVIA Inc.
5.00%, 10/15/26 (Call 12/01/22)^(a)(b)	$	13,853	$	13,227,444
5.00%, 05/15/27 (Call 12/01/22)^(a)(b)		15,620		14,842,935
Legacy LifePoint Health LLC
4.38%, 02/15/27 (Call 12/01/22)^(a)(b)		8,902		7,001,227
6.75%, 04/15/25 (Call 12/01/22)^(a)(b)		8,102		7,170,270
Lifepoint Health Inc., 5.38%, 01/15/29 (Call 01/15/24)^(a)		7,922		4,956,399
ModivCare Escrow Issuer Inc., 5.00%, 10/01/29 (Call 10/01/24)^(a)(b)		7,229		6,184,337
ModivCare Inc., 5.88%, 11/15/25 (Call 12/01/22)^(a)		10,354		9,867,614
Molina Healthcare Inc.)
3.88%, 11/15/30 (Call 08/17/30)^(a)(b)		9,309		7,961,057
3.88%, 05/15/32 (Call 02/15/32)^(a)(b)		11,006		9,175,152
4.38%, 06/15/28 (Call 06/15/23)^(a)(b)		8,843		7,947,646
Radiology Partners Inc., 9.25%, 02/01/28 (Call 02/01/23)^(a)(b)		10,751		5,724,908
RegionalCare Hospital Partners Holdings Inc./LifePoint Health Inc., 9.75%, 12/01/26 (Call 12/01/22)^(a)(b)		22,459		17,904,932
RP Escrow Issuer LLC, 5.25%, 12/15/25 (Call 12/15/22)^(a)		11,843		8,964,796
Select Medical Corp., 6.25%, 08/15/26 (Call 12/01/22)^(a)(b)		18,236		17,366,143
Tenet Healthcare Corp.
4.25%, 06/01/29 (Call 06/01/24)^(a)(b)		22,253		18,698,083
4.38%, 01/15/30 (Call 12/01/24)^(a)(b)		22,623		18,918,484
4.63%, 07/15/24 (Call 12/01/22)^(b)		9,928		9,615,367
4.63%, 09/01/24 (Call 11/16/22)^(a)(b)		8,185		7,918,988
4.63%, 06/15/28 (Call 06/15/23)^(a)(b)		8,445		7,427,378
4.88%, 01/01/26 (Call 12/01/22)^(a)		33,587		31,739,715
5.13%, 11/01/27 (Call 12/01/22)^(a)		22,946		21,024,502
6.13%, 10/01/28 (Call 10/01/23)^(a)(b)		38,631		33,367,275
6.13%, 06/15/30 (Call 06/15/25)^(a)(b)		32,319		30,056,670
6.25%, 02/01/27 (Call 12/01/22)^(a)(b)		24,958		23,963,224

				718,001,808

Holding Companies - Diversified — 0.7%
Compass Group Diversified Holdings LLC, 5.25%, 04/15/29 (Call 04/15/24)^(a)(b)		15,469		13,303,959
Icahn Enterprises LP/Icahn Enterprises Finance Corp. 4.38%, 02/01/29 (Call 08/01/28)^(b)		11,563		9,655,105
4.75%, 09/15/24 (Call 06/15/24)		19,250		18,630,907
5.25%, 05/15/27 (Call 11/15/26)		23,153		21,388,741
6.25%, 05/15/26 (Call 12/01/22)		21,625		20,770,812
6.38%, 12/15/25 (Call 12/01/22)		12,043		11,690,742

				95,440,266

Home Builders — 0.6%
Ashton Woods USA LLC/Ashton Woods Finance Co., 4.63%, 04/01/30 (Call 04/01/25)^(a)		6,161		4,566,841
Brookfield Residential Properties Inc./Brookfield Residential U.S. LLC
4.88%, 02/15/30 (Call 02/15/25)^(a)		6,951		5,318,384
6.25%, 09/15/27 (Call 12/01/22)^(a)(b)		10,353		9,032,992
Century Communities Inc.
3.88%, 08/15/29 (Call 02/15/29)^(a)(b)		7,207		5,675,801
6.75%, 06/01/27 (Call 12/01/22)		9,058		8,636,350
Mattamy Group Corp.
4.63%, 03/01/30 (Call 03/01/25)^(a)(b)		9,830		7,738,317
5.25%, 12/15/27 (Call 12/15/22)^(a)(b)		6,803		5,816,633


Security	Par (000)		Value

Home Builders (continued)
Meritage Homes Corp.
3.88%, 04/15/29 (Call 10/15/28)^(a)(b)	$	7,138	$	5,753,674
6.00%, 06/01/25 (Call 03/01/25)		5,790		5,616,300
Taylor Morrison Communities Inc.
5.13%, 08/01/30 (Call 02/01/30)^(a)		8,548		7,158,950
5.75%, 01/15/28 (Call 10/15/27)^(a)(b)		6,302		5,784,543
5.88%, 06/15/27 (Call 03/15/27)^(a)(b)		7,708		7,228,177
TRI Pointe Group Inc./TRI Pointe Homes Inc., 5.88%, 06/15/24^(b)		6,443		6,363,268

				84,690,230

Home Furnishings — 0.1%
Tempur Sealy International Inc.
3.88%, 10/15/31 (Call 10/15/26)^(a)(b)		13,618		10,247,545
4.00%, 04/15/29 (Call 04/15/24)^(a)(b)		11,875		9,577,829

				19,825,374

Household Products & Wares — 0.3%
Central Garden & Pet Co.
4.13%, 10/15/30 (Call 10/15/25)^(b)		6,839		5,668,915
4.13%, 04/30/31 (Call 04/30/26)^(a)		7,130		5,970,805
Kronos Acquisition Holdings Inc./KIK Custom Products Inc.
5.00%, 12/31/26 (Call 06/30/23)^(a)		7,676		6,958,064
7.00%, 12/31/27 (Call 12/31/23)^(a)(b)		8,192		6,934,528
Spectrum Brands Inc.
3.88%, 03/15/31 (Call 03/15/26)^(a)(b)		8,997		6,635,288
5.75%, 07/15/25 (Call 12/01/22)^(b)		6,930		6,834,747

				39,002,347

Housewares — 0.5%
Newell Brands Inc.
4.45%, 04/01/26 (Call 01/01/26)		30,839		28,659,324
4.88%, 06/01/25 (Call 05/01/25)^(b)		7,442		7,167,464
6.38%, 09/15/27 (Call 06/15/27)^(b)		6,853		6,701,353
6.63%, 09/15/29 (Call 06/15/29)^(b)		8,803		8,604,933
Scotts Miracle-Gro Co. (The)
4.00%, 04/01/31 (Call 04/01/26)^(b)		8,625		6,572,250
4.38%, 02/01/32 (Call 08/01/26)^(b)		6,119		4,660,074
4.50%, 10/15/29 (Call 10/15/24)^(b)		6,482		5,250,420

				67,615,818

Insurance — 1.0%
Acrisure LLC/Acrisure Finance Inc.
4.25%, 02/15/29 (Call 02/15/24)^(a)(b)		10,390		8,494,344
6.00%, 08/01/29 (Call 08/01/24)^(a)(b)		7,817		6,428,411
7.00%, 11/15/25 (Call 12/01/22)^(a)(b)		13,801		13,059,416
10.13%, 08/01/26 (Call 12/01/22)^(a)(b)		4,986		4,929,908
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer
4.25%, 10/15/27 (Call 10/15/23)^(a)(b)		10,230		9,251,330
5.88%, 11/01/29 (Call 11/01/24)^(a)		7,269		6,163,073
6.75%, 10/15/27 (Call 12/01/22)^(a)(b)		18,812		17,165,950
AssuredPartners Inc.
5.63%, 01/15/29 (Call 12/15/23)^(a)(b)		7,631		6,276,497
7.00%, 08/15/25 (Call 12/01/22)^(a)(b)		6,070		5,810,507
Enstar Finance LLC, 5.50%, 01/15/42 (Call 01/15/27)^(b)(c)		6,560		5,130,161
Global Atlantic Fin Co., 4.70%, 10/15/51 (Call 07/15/26)^(a)(b)(c)		9,621		7,206,129
GTCR AP Finance Inc., 8.00%, 05/15/27 (Call 12/01/22)^(a)(b)		6,170		5,839,134


Security	Par (000)		Value

Insurance (continued)
Hub International Ltd.
5.63%, 12/01/29 (Call 12/01/24)^(a)(b)	$	8,819	$	7,559,537
7.00%, 05/01/26 (Call 11/14/22)^(a)(b)		26,077		25,751,037
Liberty Mutual Group Inc.
4.13%, 12/15/51 (Call 09/15/26)^(a)(b)(c)		6,188		4,641,000
4.30%, 02/01/61 (Call 02/01/26)^(a)(b)		11,303		6,621,439

				140,327,873

Internet — 1.7%
Arches Buyer Inc.
4.25%, 06/01/28 (Call 12/01/23)^(a)		14,222		11,660,618
6.13%, 12/01/28 (Call 12/01/23)^(a)(b)		6,941		5,331,555
Go Daddy Operating Co. LLC/GD Finance Co. Inc.
3.50%, 03/01/29 (Call 03/01/24)^(a)(b)		12,209		10,106,162
5.25%, 12/01/27 (Call 12/01/22)^(a)(b)		10,328		9,724,328
Match Group Holdings II LLC
3.63%, 10/01/31 (Call 10/01/26)^(a)(b)		7,339		5,560,320
4.13%, 08/01/30 (Call 05/01/25)^(a)(b)		7,593		6,157,164
4.63%, 06/01/28 (Call 06/01/23)^(a)(b)		8,025		7,131,256
5.00%, 12/15/27 (Call 12/15/22)^(a)(b)		6,739		6,049,937
NortonLifeLock Inc.
5.00%, 04/15/25 (Call 11/14/22)^(a)		16,265		15,828,688
6.75%, 09/30/27 (Call 09/30/24)^(a)(b)		12,625		12,604,039
7.13%, 09/30/30 (Call 09/30/25)^(a)(b)		11,185		11,039,595
Photo Holdings Merger Sub Inc., 8.50%, 10/01/26 (Call 12/01/22)^(a)(b)		12,911		8,470,055
Rakuten Group Inc.
5.13%, (Call 04/22/26)^(a)(b)(c)(d)		12,035		8,974,891
6.25%, (Call 04/22/31)^(a)(b)(c)(d)		15,427		10,539,378
Twitter Inc.
3.88%, 12/15/27 (Call 09/15/27)^(a)(b)		8,478		8,552,182
5.00%, 03/01/30 (Call 12/01/29)^(a)(b)		15,110		15,238,758
Uber Technologies Inc.
4.50%, 08/15/29 (Call 08/15/24)^(a)(b)		22,864		19,599,021
6.25%, 01/15/28 (Call 09/15/23)^(a)(b)		8,824		8,459,081
7.50%, 05/15/25 (Call 12/01/22)^(a)		16,134		16,129,966
7.50%, 09/15/27 (Call 12/01/22)^(a)(b)		19,336		19,354,907
8.00%, 11/01/26 (Call 12/01/22)^(a)		24,441		24,531,432

				241,043,333

Iron & Steel — 0.4%
Cleveland-Cliffs Inc.
5.88%, 06/01/27 (Call 12/01/22)^(b)		8,589		7,987,770
6.75%, 03/15/26 (Call 12/01/22)^(a)(b)		11,604		11,516,970
Mineral Resources Ltd.
8.00%, 11/01/27 (Call 11/01/24)^(a)		9,932		9,783,020
8.13%, 05/01/27 (Call 12/01/22)^(a)(b)		10,338		10,286,310
8.50%, 05/01/30 (Call 05/01/25)^(a)		10,554		10,385,136
U.S. Steel Corp., 6.88%, 03/01/29 (Call 03/01/24)^(b)		720		661,906

				50,621,112

Leisure Time — 0.8%
Life Time Inc.
5.75%, 01/15/26 (Call 01/15/23)^(a)(b)		15,144		14,083,920
8.00%, 04/15/26 (Call 02/01/23)^(a)(b)		8,263		7,248,341
NCL Corp. Ltd.
3.63%, 12/15/24 (Call 11/14/22)^(a)		8,671		7,475,486
5.88%, 03/15/26 (Call 12/15/25)^(a)		22,215		18,083,010
5.88%, 02/15/27 (Call 02/15/24)^(a)(b)		16,051		14,317,492
7.75%, 02/15/29 (Call 11/15/28)^(a)(b)		9,082		7,208,837
NCL Finance Ltd., 6.13%, 03/15/28 (Call 12/15/27)^(a)(b)		7,770		5,998,440


Security	Par (000)		Value

Leisure Time (continued)
Viking Cruises Ltd.
5.88%, 09/15/27 (Call 12/01/22)^(a)(b)	$	12,263	$	9,805,290
7.00%, 02/15/29 (Call 02/15/24)^(a)(b)		8,158		6,526,910
13.00%, 05/15/25 (Call 11/16/22)^(a)(b)		10,347		11,123,025
VOC Escrow Ltd., 5.00%, 02/15/28 (Call 02/15/23)^(a)		10,454		8,716,441

				110,587,192

Lodging — 3.0%
Boyd Gaming Corp.
4.75%, 12/01/27 (Call 12/01/22)^(b)		15,104		13,829,222
4.75%, 06/15/31 (Call 06/15/26)^(a)(b)		12,726		10,769,377
Hilton Domestic Operating Co. Inc.
3.63%, 02/15/32 (Call 08/15/26)^(a)		23,022		18,288,101
3.75%, 05/01/29 (Call 05/01/24)^(a)(b)		13,701		11,666,950
4.00%, 05/01/31 (Call 05/01/26)^(a)(b)		17,353		14,437,214
4.88%, 01/15/30 (Call 01/15/25)^(b)		14,596		13,081,665
5.38%, 05/01/25 (Call 11/14/22)^(a)		4,363		4,297,555
5.75%, 05/01/28 (Call 05/01/23)^(a)(b)		7,298		7,039,577
Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc
4.88%, 07/01/31 (Call 07/01/26)^(a)		8,261		6,753,367
5.00%, 06/01/29 (Call 06/01/24)^(a)(b)		13,997		12,054,916
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.88%, 04/01/27 (Call 11/16/22)^(b)		6,863		6,503,837
Las Vegas Sands Corp.
2.90%, 06/25/25 (Call 05/25/25)^(b)		7,122		6,444,698
3.20%, 08/08/24 (Call 07/08/24)		23,402		22,223,007
3.50%, 08/18/26 (Call 06/18/26)		15,241		13,254,640
3.90%, 08/08/29 (Call 05/08/29)		11,516		9,295,571
Marriott Ownership Resorts Inc., 4.50%, 06/15/29 (Call 06/15/24)^(a)		7,866		6,558,606
Melco Resorts Finance Ltd.
4.88%, 06/06/25 (Call 12/01/22)^(a)(b)		14,772		10,608,142
5.25%, 04/26/26 (Call 12/01/22)^(a)(b)		7,390		4,718,515
5.38%, 12/04/29 (Call 12/04/24)^(a)(b)		17,524		9,769,630
5.63%, 07/17/27 (Call 12/01/22)^(a)(b)		8,527		5,182,455
5.75%, 07/21/28 (Call 07/21/23)^(a)(b)		12,495		7,209,615
MGM China Holdings Ltd.
4.75%, 02/01/27 (Call 02/01/24)^(a)		11,078		8,308,500
5.25%, 06/18/25 (Call 11/11/22)^(a)(b)		8,270		6,618,812
5.38%, 05/15/24 (Call 11/11/22)^(a)		9,833		8,310,114
5.88%, 05/15/26 (Call 11/11/22)^(a)(b)		10,819		8,299,471
MGM Resorts International
4.63%, 09/01/26 (Call 06/01/26)^(b)		5,723		5,202,064
4.75%, 10/15/28 (Call 07/15/28)^(b)		10,576		9,180,788
5.50%, 04/15/27 (Call 01/15/27)^(b)		10,694		9,849,709
5.75%, 06/15/25 (Call 03/15/25)^(b)		9,214		8,931,130
6.75%, 05/01/25 (Call 12/01/22)^(b)		11,872		11,722,413
Station Casinos LLC
4.50%, 02/15/28 (Call 02/15/23)^(a)(b)		10,560		9,087,514
4.63%, 12/01/31 (Call 06/01/31)^(a)(b)		8,287		6,689,266
Studio City Finance Ltd.
5.00%, 01/15/29 (Call 01/15/24)^(a)(b)		17,234		7,315,833
6.00%, 07/15/25 (Call 12/01/22)^(a)(b)		6,732		3,250,719
6.50%, 01/15/28 (Call 07/15/23)^(a)(b)		6,502		2,936,466
Travel + Leisure Co.
4.50%, 12/01/29 (Call 09/01/29)^(a)(b)		11,799		9,615,005
6.00%, 04/01/27 (Call 01/01/27)		5,638		5,264,483
6.63%, 07/31/26 (Call 04/30/26)^(a)		10,213		9,970,441


Security	Par (000)		Value

Lodging (continued)
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.
5.25%, 05/15/27 (Call 02/15/27)^(a)(b)	$	14,672	$	12,782,980
5.50%, 03/01/25 (Call 12/01/24)^(a)(b)		27,755		26,146,598
Wynn Macau Ltd.
4.88%, 10/01/24 (Call 11/11/22)^(a)(b)		8,308		6,480,240
5.13%, 12/15/29 (Call 12/15/24)^(a)(b)		15,213		9,203,865
5.50%, 01/15/26 (Call 12/01/22)^(a)(b)		16,335		11,352,825
5.50%, 10/01/27 (Call 12/01/22)^(a)(b)		11,441		7,376,814
5.63%, 08/26/28 (Call 08/26/23)^(a)(b)		21,614		13,184,540

				431,067,250

Machinery — 0.2%
Titan Acquisition Ltd./Titan Co-Borrower LLC, 7.75%, 04/15/26 (Call 12/01/22)^(a)		11,209		9,175,127
TK Elevator Holdco GmbH, 7.63%, 07/15/28 (Call 07/15/23)^(a)(b)		7,126		5,817,928
TK Elevator U.S. Newco Inc., 5.25%, 07/15/27 (Call 07/15/23)^(a)(b)		23,426		20,977,006

				35,970,061

Manufacturing — 0.1%
FXI Holdings Inc.
7.88%, 11/01/24 (Call 12/01/22)^(a)(b)		7,025		6,101,212
12.25%, 11/15/26 (Call 12/01/22)^(a)(b)		12,486		10,851,458
Hillenbrand Inc., 5.75%, 06/15/25 (Call 12/01/22)^(b)		4,423		4,401,234

				21,353,904

Media — 10.5%
Altice Financing SA
5.00%, 01/15/28 (Call 01/15/23)^(a)(b)		18,379		14,620,002
5.75%, 08/15/29 (Call 08/15/24)^(a)(b)		33,657		26,504,888
AMC Networks Inc.
4.25%, 02/15/29 (Call 02/15/24)^(b)		17,478		13,494,108
4.75%, 08/01/25 (Call 12/01/22)^(b)		11,510		10,546,038
5.00%, 04/01/24 (Call 12/01/22)		5,537		5,404,112
Audacy Capital Corp.
6.50%, 05/01/27 (Call 11/16/22)^(a)		5,201		1,523,893
6.75%, 03/31/29 (Call 03/31/24)^(a)		6,623		1,880,932
CCO Holdings LLC/CCO Holdings Capital Corp.
4.25%, 02/01/31 (Call 07/01/25)^(a)		42,525		33,594,750
4.25%, 01/15/34 (Call 01/15/28)^(a)(b)		31,488		23,064,960
4.50%, 08/15/30 (Call 02/15/25)^(a)		42,230		34,364,663
4.50%, 05/01/32 (Call 05/01/26)		45,020		35,284,425
4.50%, 06/01/33 (Call 06/01/27)^(a)		26,287		19,951,833
4.75%, 03/01/30 (Call 09/01/24)^(a)(b)		44,742		37,214,158
4.75%, 02/01/32 (Call 02/01/27)^(a)(b)		19,348		15,503,278
5.00%, 02/01/28 (Call 11/16/22)^(a)(b)		39,974		36,104,017
5.13%, 05/01/27 (Call 12/01/22)^(a)(b)		50,404		46,655,202
5.38%, 06/01/29 (Call 06/01/24)^(a)		23,523		20,912,229
5.50%, 05/01/26 (Call 12/01/22)^(a)(b)		10,962		10,520,322
6.38%, 09/01/29 (Call 09/01/25)^(a)(b)		23,522		21,719,951
CSC Holdings LLC
3.38%, 02/15/31 (Call 02/15/26)^(a)(b)		15,976		11,590,588
4.13%, 12/01/30 (Call 12/01/25)^(a)(b)		17,466		13,638,763
4.50%, 11/15/31 (Call 11/15/26)^(a)		23,993		18,733,494
4.63%, 12/01/30 (Call 12/01/25)^(a)(b)		35,763		25,786,643
5.00%, 11/15/31 (Call 11/15/26)^(a)(b)		8,050		5,705,438
5.25%, 06/01/24^(b)		10,027		9,726,190
5.38%, 02/01/28 (Call 02/01/23)^(a)(b)		15,229		14,048,753
5.50%, 04/15/27 (Call 12/01/22)^(a)(b)		21,281		19,982,859
5.75%, 01/15/30 (Call 01/15/25)^(a)		35,718		27,614,182
6.50%, 02/01/29 (Call 02/01/24)^(a)(b)		28,172		26,499,288


Security	Par (000)		Value

Media (continued)
7.50%, 04/01/28 (Call 04/01/23)^(a)(b)	$	16,498	$	14,244,850
Diamond Sports Group LLC/Diamond Sports Finance Co.
5.38%, 08/15/26 (Call 11/16/22)^(a)(b)		32,305		6,461,000
6.63%, 08/15/27 (Call 11/16/22)^(a)		14,249		730,261
Directv Financing LLC/Directv Financing
Co-Obligor Inc., 5.88%, 08/15/27 (Call 08/15/23)^(a)		58,022		52,098,923
DISH DBS Corp.
5.25%, 12/01/26 (Call 06/01/26)^(a)		42,726		37,118,212
5.75%, 12/01/28 (Call 12/01/27)^(a)		39,953		32,012,341
5.88%, 11/15/24^(b)		30,681		28,341,574
7.38%, 07/01/28 (Call 07/01/23)		15,617		11,868,920
7.75%, 07/01/26^(b)		31,173		26,384,048
5.13%, 06/01/29^(b)		22,882		15,500,248
Gray Escrow II Inc., 5.38%, 11/15/31 (Call 11/15/26)^(a)(b)		20,162		16,172,444
Gray Television Inc.
4.75%, 10/15/30 (Call 10/15/25)^(a)(b)		13,763		10,859,282
5.88%, 07/15/26 (Call 12/01/22)^(a)(b)		10,252		9,657,865
7.00%, 05/15/27 (Call 11/14/22)^(a)(b)		13,032		12,412,980
iHeartCommunications Inc.
4.75%, 01/15/28 (Call 01/15/23)^(a)(b)		8,562		7,470,345
5.25%, 08/15/27 (Call 11/16/22)^(a)(b)		11,657		10,538,511
6.38%, 05/01/26 (Call 11/16/22)		12,840		12,289,147
8.38%, 05/01/27 (Call 11/16/22)^(b)		21,172		19,055,558
LCPR Senior Secured Financing DAC
5.13%, 07/15/29 (Call 07/15/24)^(a)		14,629		12,366,479
6.75%, 10/15/27 (Call 12/01/22)^(a)		16,948		15,804,010
McGraw-Hill Education Inc.
5.75%, 08/01/28 (Call 08/01/24)^(a)(b)		14,666		12,913,413
8.00%, 08/01/29 (Call 08/01/24)^(a)(b)		11,318		9,634,448
News Corp.
3.88%, 05/15/29 (Call 05/15/24)^(a)(b)		15,966		13,722,777
5.13%, 02/15/32 (Call 02/15/27)^(a)(b)		8,151		7,311,447
Nexstar Media Inc.
4.75%, 11/01/28 (Call 11/01/23)^(a)(b)		17,659		15,497,538
5.63%, 07/15/27 (Call 11/14/22)^(a)(b)		27,473		25,879,566
Paramount Global
6.25%, 02/28/57 (Call 02/28/27)^(b)(c)		10,571		8,926,707
6.38%, 03/30/62 (Call 03/30/27)^(c)		16,072		13,708,947
Radiate Holdco LLC/Radiate Finance Inc.
4.50%, 09/15/26 (Call 09/15/23)^(a)(b)		15,276		12,970,596
6.50%, 09/15/28 (Call 09/15/23)^(a)(b)		15,787		9,945,810
Scripps Escrow II Inc.
3.88%, 01/15/29 (Call 01/15/24)^(a)(b)		7,808		6,448,159
5.38%, 01/15/31 (Call 01/15/26)^(a)(b)		6,258		5,084,625
Scripps Escrow Inc., 5.88%, 07/15/27 (Call 12/01/22)^(a)(b)		8,333		7,549,281
Sinclair Television Group Inc.
4.13%, 12/01/30 (Call 12/01/25)^(a)(b)		12,872		9,911,440
5.50%, 03/01/30 (Call 12/01/24)^(a)(b)		7,709		5,804,877
Sirius XM Radio Inc.
3.13%, 09/01/26 (Call 09/01/23)^(a)(b)		14,922		13,334,299
3.88%, 09/01/31 (Call 09/01/26)^(a)(b)		24,113		19,230,118
4.00%, 07/15/28 (Call 07/15/24)^(a)(b)		33,266		28,673,835
4.13%, 07/01/30 (Call 07/01/25)^(a)(b)		22,977		18,735,044
5.00%, 08/01/27 (Call 12/01/22)^(a)(b)		22,441		20,769,704
5.50%, 07/01/29 (Call 07/01/24)^(a)(b)		19,264		17,767,187
TEGNA Inc.
4.63%, 03/15/28 (Call 03/15/23)^(b)		15,370		14,630,242


Security	Par (000)		Value

Media (continued)
4.75%, 03/15/26 (Call 03/15/23)^(a)	$	8,561	$	8,444,776
5.00%, 09/15/29 (Call 09/15/24)^(b)		17,611		16,802,977
Telenet Finance Luxembourg Notes Sarl,
5.50%, 03/01/28 (Call 12/01/22)^(a)		13,800		12,058,900
Univision Communications Inc.
4.50%, 05/01/29 (Call 05/01/24)^(a)(b)		16,801		14,057,397
5.13%, 02/15/25 (Call 11/14/22)^(a)		23,215		22,404,107
6.63%, 06/01/27 (Call 06/01/23)^(a)(b)		25,208		24,855,088
7.38%, 06/30/30 (Call 06/30/25)^(a)(b)		14,568		14,165,764
UPC Broadband Finco BV, 4.88%, 07/15/31 (Call 07/15/26)^(a)		21,396		17,713,748
UPC Holding BV, 5.50%, 01/15/28 (Call 11/11/22)^(a)(b)		6,759		5,917,572
Videotron Ltd.
3.63%, 06/15/29 (Call 06/15/24)^(a)(b)		9,618		8,115,476
5.13%, 04/15/27 (Call 12/01/22)^(a)(b)		9,340		8,794,731
5.38%, 06/15/24 (Call 03/15/24)^(a)(b)		4,136		4,099,423
Virgin Media Finance PLC, 5.00%, 07/15/30 (Call 07/15/25)^(a)(b)		15,712		12,742,432
Virgin Media Secured Finance PLC
4.50%, 08/15/30 (Call 08/15/25)^(a)(b)		16,935		14,065,534
5.50%, 05/15/29 (Call 05/15/24)^(a)(b)		22,520		20,493,200
Virgin Media Vendor Financing Notes IV DAC, 5.00%, 07/15/28 (Call 07/15/23)^(a)		7,566		6,395,792
VZ Secured Financing BV, 5.00%, 01/15/32 (Call 01/15/27)^(a)		25,344		20,186,509
Ziggo Bond Co. BV
5.13%, 02/28/30 (Call 02/15/25)^(a)(b)		7,782		6,136,963
6.00%, 01/15/27 (Call 12/01/22)^(a)(b)		9,501		8,493,894
Ziggo BV, 4.88%, 01/15/30 (Call 10/15/24)^(a)(b)		15,609		13,147,086

				1,491,118,386

Mining — 1.0%
Alcoa Nederland Holding BV
4.13%, 03/31/29 (Call 03/31/24)^(a)(b)		593		504,349
5.50%, 12/15/27 (Call 06/15/23)^(a)(b)		678		634,864
6.13%, 05/15/28 (Call 05/15/23)^(a)(b)		299		283,900
Arconic Corp.
6.00%, 05/15/25 (Call 12/01/22)^(a)(b)		10,159		10,030,123
6.13%, 02/15/28 (Call 02/15/23)^(a)(b)		15,291		14,333,478
Constellium SE, 3.75%, 04/15/29 (Call 04/15/24)^(a)(b)		6,986		5,462,214
FMG Resources August 2006 Pty Ltd.
4.38%, 04/01/31 (Call 01/01/31)^(a)(b)		23,736		18,865,373
4.50%, 09/15/27 (Call 06/15/27)^(a)(b)		8,923		7,967,347
5.13%, 05/15/24 (Call 02/15/24)^(a)(b)		6,265		6,136,506
FMG Resources August Pty. Ltd.
5.88%, 04/15/30 (Call 01/15/30)^(a)(b)		12,280		10,898,500
6.13%, 04/15/32 (Call 01/15/32)^(a)(b)		11,841		10,406,957
Kaiser Aluminum Corp.
4.50%, 06/01/31 (Call 06/01/26)^(a)(b)		10,453		8,407,871
4.63%, 03/01/28 (Call 03/01/23)^(a)(b)		6,331		5,526,013
Novelis Corp.
3.25%, 11/15/26 (Call 11/15/23)^(a)(b)		11,758		10,348,862
3.88%, 08/15/31 (Call 08/15/26)^(a)(b)		11,158		8,614,869
4.75%, 01/30/30 (Call 01/30/25)^(a)(b)		26,175		22,286,965

				140,708,191

Office & Business Equipment — 0.1%
Pitney Bowes Inc., 6.88%, 03/15/27 (Call 03/15/24)^(a)(b)		144		92,340


Security	Par (000)		Value

Office & Business Equipment (continued)
Xerox Holdings Corp.
5.00%, 08/15/25 (Call 07/15/25)^(a)	$	11,695	$	10,583,975
5.50%, 08/15/28 (Call 07/15/28)^(a)(b)		12,044		9,514,760

				20,191,075

Oil & Gas — 5.9%
Antero Resources Corp.
5.38%, 03/01/30 (Call 03/01/25)^(a)(b)		10,818		10,010,977
7.63%, 02/01/29 (Call 02/01/24)^(a)		5,153		5,258,207
Apache Corp., 4.25%, 01/15/30 (Call 10/15/29)^(b)		10,144		9,064,475
Ascent Resources Utica Holdings LLC/ARU Finance Corp.
5.88%, 06/30/29 (Call 09/01/24)^(a)(b)		6,093		5,394,608
7.00%, 11/01/26 (Call 12/01/22)^(a)		9,663		9,518,055
Callon Petroleum Co.
7.50%, 06/15/30 (Call 06/15/25)^(a)(b)		11,390		10,818,222
8.00%, 08/01/28 (Call 08/01/24)^(a)(b)		9,934		9,884,529
Calumet Specialty Products Partners LP/Calumet Finance Corp., 11.00%, 04/15/25 (Call 12/01/22)^(a)(b)		7,110		7,403,090
Chesapeake Energy Corp.
5.50%, 02/01/26 (Call 02/05/23)^(a)(b)		6,177		5,967,600
5.88%, 02/01/29 (Call 02/05/24)^(a)(b)		7,575		7,156,860
6.75%, 04/15/29 (Call 04/15/24)^(a)(b)		14,704		14,444,895
Citgo Holding Inc., 9.25%, 08/01/24 (Call 12/01/22)^(a)		16,915		16,952,213
CITGO Petroleum Corp.
6.38%, 06/15/26 (Call 06/15/23)^(a)(b)		11,971		11,763,136
7.00%, 06/15/25 (Call 12/01/22)^(a)		17,344		17,079,504
CNX Resources Corp.
6.00%, 01/15/29 (Call 01/15/24)^(a)(b)		7,324		6,820,475
7.25%, 03/14/27 (Call 12/01/22)^(a)		945		937,516
7.38%, 01/15/31 (Call 01/15/26)^(a)(b)		8,761		8,695,468
Colgate Energy Partners III LLC, 5.88%, 07/01/29 (Call 07/01/24)^(a)		10,185		9,500,262
Comstock Resources Inc.
5.88%, 01/15/30 (Call 01/15/25)^(a)(b)		16,481		14,935,906
6.75%, 03/01/29 (Call 03/01/24)^(a)(b)		19,546		18,715,295
CrownRock LP/CrownRock Finance Inc.
5.00%, 05/01/29 (Call 05/01/24)^(a)		5,280		4,824,819
5.63%, 10/15/25 (Call 12/01/22)^(a)(b)		17,551		16,941,254
CVR Energy Inc.
5.25%, 02/15/25 (Call 11/16/22)^(a)(b)		8,056		7,766,387
5.75%, 02/15/28 (Call 02/15/23)^(a)(b)		6,557		5,998,016
Endeavor Energy Resources LP/EER Finance Inc.,
5.75%, 01/30/28 (Call 01/30/23)^(a)(b)		14,980		14,496,895
Energean Israel Finance Ltd.
4.50%, 03/30/24 (Call 12/30/23)^(a)(e)		9,036		8,638,697
4.88%, 03/30/26 (Call 12/30/25)^(a)(e)		8,668		7,810,051
5.38%, 03/30/28 (Call 09/30/27)^(a)(e)		7,750		6,823,836
5.88%, 03/30/31 (Call 09/30/30)^(a)(e)		8,561		7,256,543
EQT Corp.
3.13%, 05/15/26 (Call 05/15/23)^(a)(b)		69		62,218
3.90%, 10/01/27 (Call 07/01/27)		558		501,898
6.13%, 02/01/25 (Call 01/01/25)		437		436,255
7.00%, 02/01/30 (Call 11/01/29)^(b)		444		454,972
Hilcorp Energy I LP/Hilcorp Finance Co.
5.75%, 02/01/29 (Call 02/01/24)^(a)		9,984		9,095,082
6.00%, 04/15/30 (Call 04/15/25)^(a)(b)		8,477		7,720,512
6.00%, 02/01/31 (Call 02/01/26)^(a)		10,453		9,461,463
6.25%, 11/01/28 (Call 11/01/23)^(a)(b)		8,224		7,743,750
6.25%, 04/15/32 (Call 05/15/27)^(a)		8,402		7,698,719


Security	Par (000)		Value

Oil & Gas (continued)
Laredo Petroleum Inc.
7.75%, 07/31/29 (Call 07/31/24)^(a)(b)	$	5,930	$	5,661,173
9.50%, 01/15/25 (Call 12/01/22)^(b)		8,613		8,629,149
Leviathan Bond Ltd.
6.13%, 06/30/25 (Call 03/30/25)^(a)(e)		8,800		8,371,000
6.50%, 06/30/27 (Call 12/30/26)^(a)(e)		8,006		7,448,182
6.75%, 06/30/30 (Call 12/30/29)^(a)(e)		6,801		6,089,262
Matador Resources Co., 5.88%, 09/15/26 (Call 11/16/22)^(b)		4,847		4,762,177
MEG Energy Corp.
5.88%, 02/01/29 (Call 02/01/24)^(a)(b)		10,062		9,609,210
7.13%, 02/01/27 (Call 02/01/23)^(a)(b)		11,849		12,056,950
Moss Creek Resources Holdings Inc.
7.50%, 01/15/26 (Call 12/01/22)^(a)(b)		11,342		10,434,640
10.50%, 05/15/27 (Call 12/01/22)^(a)		7,605		7,321,613
Murphy Oil Corp.
5.75%, 08/15/25 (Call 12/01/22)^(b)		5,311		5,266,919
5.88%, 12/01/27 (Call 12/01/22)^(b)		8,090		7,868,334
6.38%, 07/15/28 (Call 07/15/24)^(b)		6,338		6,194,825
Nabors Industries Inc.
5.75%, 02/01/25 (Call 11/01/24)^(b)		6,922		6,644,255
7.38%, 05/15/27 (Call 05/15/24)^(a)		11,893		11,729,471
Nabors Industries Ltd.,
7.25%, 01/15/26 (Call 12/01/22)^(a)(b)		9,550		9,193,785
Occidental Petroleum Corp.
2.90%, 08/15/24 (Call 07/15/24)^(b)		6,801		6,546,144
5.50%, 12/01/25 (Call 09/01/25)^(b)		8,777		8,797,857
5.55%, 03/15/26 (Call 12/15/25)^(b)		15,505		15,718,194
5.88%, 09/01/25 (Call 06/01/25)		11,096		11,179,220
6.13%, 01/01/31 (Call 07/01/30)^(b)		19,908		19,910,190
6.38%, 09/01/28 (Call 03/01/28)^(b)		9,411		9,526,567
6.63%, 09/01/30 (Call 03/01/30)^(b)		24,990		26,005,094
6.95%, 07/01/24^(b)		6,318		6,451,626
7.50%, 05/01/31^(b)		13,179		14,167,425
7.88%, 09/15/31		8,523		9,287,257
8.00%, 07/15/25 (Call 04/15/25)		5,953		6,284,046
8.50%, 07/15/27 (Call 01/15/27)^(b)		7,943		8,636,027
8.88%, 07/15/30 (Call 01/15/30)		15,548		17,788,467
Parkland Corp.
4.50%, 10/01/29 (Call 10/01/24)^(a)(b)		13,613		11,377,065
4.63%, 05/01/30 (Call 05/01/25)^(a)(b)		11,937		9,937,814
5.88%, 07/15/27 (Call 12/01/22)^(a)(b)		6,221		5,884,106
PBF Holding Co. LLC/PBF Finance Corp.
6.00%, 02/15/28 (Call 02/15/23)		14,242		12,864,977
7.25%, 06/15/25 (Call 12/01/22)		10,055		9,954,450
Puma International Financing SA
5.00%, 01/24/26 (Call 11/11/22)^(a)		9,555		8,539,781
5.13%, 10/06/24 (Call 11/11/22)^(a)		8,343		7,836,422
Range Resources Corp.
4.75%, 02/15/30 (Call 02/15/25)^(a)		9,471		8,361,330
4.88%, 05/15/25 (Call 02/15/25)^(b)		9,448		9,138,767
8.25%, 01/15/29 (Call 01/15/24)		7,223		7,455,039
SM Energy Co.
6.50%, 07/15/28 (Call 07/15/24)^(b)		6,486		6,228,181
6.63%, 01/15/27 (Call 12/01/22)^(b)		5,881		5,752,794
6.75%, 09/15/26 (Call 12/01/22)^(b)		5,911		5,820,118
Southwestern Energy Co.
4.75%, 02/01/32 (Call 02/01/27)^(b)		18,166		15,669,810
5.38%, 02/01/29 (Call 02/01/24)^(b)		10,268		9,537,945
5.38%, 03/15/30 (Call 03/15/25)^(b)		19,173		17,765,153


Security	Par (000)		Value

Oil & Gas (continued)
5.70%, 01/23/25 (Call 10/23/24)^(b)	$	664	$	655,093
7.75%, 10/01/27 (Call 12/01/22)^(b)		3,195		3,278,869
Sunoco LP/Sunoco Finance Corp.
4.50%, 05/15/29 (Call 05/15/24)		12,516		10,765,324
4.50%, 04/30/30 (Call 04/30/25)^(b)		13,344		11,342,400
5.88%, 03/15/28 (Call 03/15/23)		6,116		5,841,544
6.00%, 04/15/27 (Call 12/01/22)^(b)		9,472		9,280,666
Transocean Guardian Ltd., 5.88%, 01/15/24 (Call 12/01/22)^(a)		1,628		1,583,037
Transocean Inc.
7.25%, 11/01/25 (Call 11/11/22)^(a)(b)		5,162		4,502,296
7.50%, 01/15/26 (Call 11/11/22)^(a)		9,791		8,352,213
8.00%, 02/01/27 (Call 02/01/23)^(a)(b)		8,264		6,746,626
11.50%, 01/30/27 (Call 07/30/23)^(a)		10,134		10,195,865
Transocean Pontus Ltd., 6.13%, 08/01/25 (Call 12/01/22)^(a)		275		264,649
Transocean Poseidon Ltd., 6.88%, 02/01/27 (Call 12/01/22)^(a)		5,411		5,180,733

				841,744,786

Oil & Gas Services — 0.5%
Archrock Partners LP/Archrock Partners Finance Corp.
6.25%, 04/01/28 (Call 04/01/23)^(a)(b)		12,879		11,976,182
6.88%, 04/01/27 (Call 12/01/22)^(a)		6,832		6,529,870
USA Compression Partners LP/USA Compression Finance Corp.
6.88%, 04/01/26 (Call 12/01/22)		11,316		10,861,889
6.88%, 09/01/27 (Call 12/01/22)^(b)		11,025		10,528,875
Weatherford International Ltd.
6.50%, 09/15/28 (Call 09/15/24)^(a)(b)		7,474		7,191,358
8.63%, 04/30/30 (Call 10/30/24)^(a)(b)		24,892		23,435,818
11.00%, 12/01/24 (Call 12/01/22)^(a)(b)		526		541,835

				71,065,827

Packaging & Containers — 2.6%
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC
3.25%, 09/01/28 (Call 05/15/24)^(a)		9,528		7,794,952
4.00%, 09/01/29 (Call 05/15/24)^(a)(b)		17,700		13,474,125
6.00%, 06/15/27 (Call 06/15/24)^(a)(b)		8,522		8,182,398
Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc.
4.13%, 08/15/26 (Call 11/11/22)^(a)(b)		18,887		16,242,820
5.25%, 04/30/25 (Call 12/01/22)^(a)		9,842		9,297,175
5.25%, 08/15/27 (Call 12/01/22)^(a)		12,172		8,550,830
5.25%, 08/15/27 (Call 12/01/22)^(a)(b)		16,363		11,495,007
Ball Corp.
2.88%, 08/15/30 (Call 05/15/30)^(b)		20,383		15,847,782
3.13%, 09/15/31 (Call 06/15/31)^(b)		14,468		11,081,765
4.00%, 11/15/23		4,714		4,621,794
4.88%, 03/15/26 (Call 12/15/25)^(b)		13,192		12,658,120
5.25%, 07/01/25^(b)		14,371		14,184,321
Berry Global Inc.
4.50%, 02/15/26 (Call 12/01/22)^(a)(b)		516		484,653
5.63%, 07/15/27 (Call 12/01/22)^(a)(b)		7,053		6,682,718
Clydesdale Acquisition Holdings Inc.
6.63%, 04/15/29 (Call 04/15/25)^(a)(b)		8,032		7,589,276
8.75%, 04/15/30 (Call 04/15/25)^(a)(b)		17,798		15,640,526
Crown Americas LLC, 5.25%, 04/01/30 (Call 01/01/30)^(a)(b)		7,562		6,916,944


Security	Par (000)		Value

Packaging & Containers (continued)
Crown Americas LLC/Crown Americas Capital Corp. V, 4.25%, 09/30/26 (Call 03/31/26)^(b)	$	5,567	$	5,163,393
Crown Americas LLC/Crown Americas Capital Corp. VI, 4.75%, 02/01/26 (Call 12/01/22)^(b)		13,958		13,343,947
Graphic Packaging International LLC
3.50%, 03/15/28^(a)		6,436		5,599,809
3.75%, 02/01/30 (Call 08/01/29)^(a)(b)		5,524		4,750,640
LABL Inc.
5.88%, 11/01/28 (Call 11/01/24)^(a)(b)		7,513		6,557,346
6.75%, 07/15/26 (Call 11/14/22)^(a)		10,971		10,443,271
8.25%, 11/01/29 (Call 11/01/24)^(a)		7,248		5,821,231
10.50%, 07/15/27 (Call 11/14/22)^(a)(b)		11,716		10,683,527
Mauser Packaging Solutions Holding Co.
5.50%, 04/15/24 (Call 12/01/22)^(a)(b)		24,953		24,439,385
7.25%, 04/15/25 (Call 12/01/22)^(a)(b)		21,466		19,353,263
OI European Group BV, 4.75%, 02/15/30 (Call 11/15/24)^(a)(b)		6,212		5,246,228
Owens-Brockway Glass Container Inc., 6.63%, 05/13/27 (Call 05/15/23)^(a)(b)		10,240		9,833,298
Pactiv Evergreen Group Issuer Inc./Pactiv Evergreen Group Issuer LLC/Reynolds Gro, 4.00%, 10/15/27 (Call 10/15/23)^(a)(b)		15,680		13,876,800
Pactiv Evergreen Group Issuer LLC/Pactiv Evergreen Group Issuer Inc., 4.38%, 10/15/28 (Call 10/15/24)^(a)(b)		7,308		6,394,500
Sealed Air Corp.
4.00%, 12/01/27 (Call 09/01/27)^(a)(b)		7,725		6,836,625
5.00%, 04/15/29 (Call 04/15/25)^(a)(b)		5,927		5,400,979
5.13%, 12/01/24 (Call 09/01/24)^(a)(b)		3,539		3,510,836
5.50%, 09/15/25 (Call 06/15/25)^(a)(b)		4,612		4,527,699
Silgan Holdings Inc., 4.13%, 02/01/28 (Call 11/16/22)^(b).		7,367		6,740,805
Trivium Packaging Finance BV
5.50%, 08/15/26 (Call 12/01/22)^(a)(b)		16,885		15,539,097
8.50%, 08/15/27 (Call 11/11/22)^(a)(b)		10,944		10,381,260

				365,189,145

Pharmaceuticals — 2.9%
AdaptHealth LLC
4.63%, 08/01/29 (Call 02/01/24)^(a)(b)		8,438		7,186,476
5.13%, 03/01/30 (Call 03/01/25)^(a)		10,227		8,871,923
Bausch Health Cos. Inc.
4.88%, 06/01/28 (Call 06/01/24)^(a)(b)		26,785		16,405,812
5.25%, 01/30/30 (Call 01/30/25)^(a)		5,069		1,964,238
5.25%, 02/15/31 (Call 02/15/26)^(a)		2,730		1,073,027
5.50%, 11/01/25 (Call 12/01/22)^(a)		28,960		23,218,005
5.75%, 08/15/27 (Call 11/16/22)^(a)(b)		7,885		5,019,197
6.13%, 02/01/27 (Call 02/01/24)^(a)(b)		15,792		10,346,820
11.00%, 09/30/28		47,114		36,631,135
14.00%, 10/15/30		8,478		4,853,507
Herbalife Nutrition Ltd./HLF Financing Inc., 7.88%, 09/01/25 (Call 12/01/22)^(a)(b)		8,807		8,307,252
HLF Financing Sarl LLC/Herbalife International Inc., 4.88%, 06/01/29 (Call 06/01/24)^(a)(b)		9,607		7,205,689
Jazz Securities DAC, 4.38%, 01/15/29 (Call 07/15/24)^(a)(b)		25,001		22,123,652
Mallinckrodt International Finance SA/Mallinckrodt CB LLC
10.00%, 04/15/25 (Call 11/16/22)^(a)		8,220		7,418,550
11.50%, 12/15/28 (Call 06/15/27)^(a)(b)		10,238		9,265,390


Security	Par (000)		Value

Pharmaceuticals (continued)
Organon & Co./Organon Foreign Debt Co.-Issuer BV
4.13%, 04/30/28 (Call 04/30/24)^(a)(b)	$	37,481	$	33,014,014
5.13%, 04/30/31 (Call 04/30/26)^(a)(b)		31,534		26,667,005
Owens & Minor Inc.
4.50%, 03/31/29 (Call 03/31/24)^(a)(b)		7,200		5,580,000
6.63%, 04/01/30 (Call 04/01/25)^(a)(b)		9,530		7,957,550
Perrigo Finance Unlimited Co.
3.90%, 12/15/24 (Call 09/15/24)		9,158		8,724,002
4.38%, 03/15/26 (Call 12/15/25)^(b)		16,022		15,018,863
4.40%, 06/15/30 (Call 03/15/30)		10,849		9,067,160
Prestige Brands Inc.
3.75%, 04/01/31 (Call 04/01/26)^(a)(b)		8,822		7,087,154
5.13%, 01/15/28 (Call 01/15/23)^(a)(b)		5,807		5,396,271
Teva Pharmaceutical Finance Netherlands III BV
2.80%, 07/21/23^(b)		406		394,751
3.15%, 10/01/26^(b)		53,076		44,849,220
4.75%, 05/09/27 (Call 02/09/27)^(b)		18,963		16,687,440
5.13%, 05/09/29 (Call 02/09/29)^(b)		16,065		13,798,320
6.00%, 04/15/24 (Call 01/15/24)^(b)		16,756		16,588,440
6.75%, 03/01/28 (Call 12/01/27)^(b)		20,386		19,239,667
7.13%, 01/31/25 (Call 10/31/24)		16,909		16,761,046

				416,721,576

Pipelines — 5.0%
Antero Midstream Partners LP/Antero Midstream Finance Corp.
5.38%, 06/15/29 (Call 06/15/24)^(a)(b)		12,209		11,138,271
5.75%, 03/01/27 (Call 11/16/22)^(a)		10,492		9,991,532
5.75%, 01/15/28 (Call 01/15/23)^(a)		10,512		9,928,704
7.88%, 05/15/26 (Call 05/15/23)^(a)(b)		6,705		6,834,071
Buckeye Partners LP
3.95%, 12/01/26 (Call 09/01/26)^(b)		9,357		8,207,960
4.13%, 03/01/25 (Call 02/01/25)^(a)(b)		6,005		5,659,773
4.13%, 12/01/27 (Call 09/01/27)		6,134		5,307,216
4.15%, 07/01/23 (Call 04/01/23)		488		482,271
4.50%, 03/01/28 (Call 12/01/27)^(a)(b)		8,888		7,751,669
Cheniere Energy Inc., 4.63%, 10/15/28 (Call 10/15/23)^(b)		31,799		29,334,577
Cheniere Energy Partners LP
3.25%, 01/31/32 (Call 01/31/27)		18,878		14,689,100
4.00%, 03/01/31 (Call 03/01/26)		23,441		19,807,645
4.50%, 10/01/29 (Call 10/01/24)^(b)		22,879		20,217,028
CQP Holdco LP/BIP-V Chinook Holdco LLC, 5.50%, 06/15/31 (Call 06/15/26)^(a)(b)		23,120		20,519,000
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.
5.63%, 05/01/27 (Call 11/16/22)^(a)(b)		10,112		9,537,582
5.75%, 04/01/25 (Call 12/01/22)		7,423		7,237,425
6.00%, 02/01/29 (Call 02/01/24)^(a)		11,525		10,817,173
8.00%, 04/01/29 (Call 04/01/24)^(a)(b)		6,361		6,401,892
DT Midstream Inc.
4.13%, 06/15/29 (Call 06/15/24)^(a)(b)		17,641		15,153,619
4.38%, 06/15/31 (Call 06/15/26)^(a)		16,155		13,732,558
EnLink Midstream LLC
5.38%, 06/01/29 (Call 03/01/29)^(b)		7,830		7,232,258
5.63%, 01/15/28 (Call 07/15/27)^(a)(b)		7,355		7,049,400
6.50%, 09/01/30 (Call 03/01/30)^(a)(b)		10,580		10,375,541
EnLink Midstream Partners LP
4.15%, 06/01/25 (Call 03/01/25)		6,273		5,919,516
4.85%, 07/15/26 (Call 04/15/26)^(b)		8,122		7,648,894


Security	Par (000)		Value

Pipelines (continued)
EQM Midstream Partners LP
4.00%, 08/01/24 (Call 05/01/24)^(b)	$	757	$	716,955
4.13%, 12/01/26 (Call 09/01/26)^(b)		6,905		6,129,339
4.50%, 01/15/29 (Call 07/15/28)^(a)(b)		11,563		9,819,052
4.75%, 01/15/31 (Call 07/15/30)^(a)(b)		17,623		14,670,936
5.50%, 07/15/28 (Call 04/15/28)		13,681		12,251,062
6.00%, 07/01/25 (Call 04/01/25)^(a)(b)		4,974		4,823,785
6.50%, 07/01/27 (Call 01/01/27)^(a)(b)		12,848		12,507,528
7.50%, 06/01/27 (Call 06/01/24)^(a)(b)		8,178		8,075,775
7.50%, 06/01/30 (Call 12/01/29)^(a)(b)		9,504		9,245,016
Genesis Energy LP/Genesis Energy Finance Corp.
6.50%, 10/01/25 (Call 12/01/22)^(b)		6,506		6,214,857
7.75%, 02/01/28 (Call 02/01/23)^(b)		11,768		11,223,730
8.00%, 01/15/27 (Call 01/15/24)		15,889		15,432,191
Hess Midstream Operations LP
4.25%, 02/15/30 (Call 02/15/25)^(a)(b)		12,809		10,942,857
5.13%, 06/15/28 (Call 06/15/23)^(a)(b)		8,563		7,859,550
5.50%, 10/15/30 (Call 10/15/25)^(a)		6,475		5,843,299
5.63%, 02/15/26 (Call 12/01/22)^(a)		13,123		12,870,645
ITT Holdings LLC, 6.50%, 08/01/29 (Call 08/01/24)^(a)		19,020		15,139,920
Kinetik Holdings LP, 5.88%, 06/15/30 (Call 06/15/25)^(a)(b)		16,035		15,147,787
New Fortress Energy Inc.
6.50%, 09/30/26 (Call 03/31/23)^(a)		25,029		24,278,130
6.75%, 09/15/25 (Call 11/21/22)^(a)		17,788		17,392,217
NGL Energy Operating LLC/NGL Energy Finance Corp., 7.50%, 02/01/26 (Call 02/01/23)^(a)(b)		32,985		29,851,425
NGL Energy Partners LP/NGL Energy Finance Corp., 7.50%, 11/01/23 (Call 12/01/22)^(b)		6,134		5,980,650
NuStar Logistics LP
5.63%, 04/28/27 (Call 01/28/27)		8,049		7,442,642
5.75%, 10/01/25 (Call 07/01/25)^(b)		8,448		8,192,110
6.00%, 06/01/26 (Call 03/01/26)		9,771		9,468,936
6.38%, 10/01/30 (Call 04/01/30)^(b)		9,469		8,780,588
Rockies Express Pipeline LLC
3.60%, 05/15/25 (Call 04/15/25)^(a)		3,944		3,681,302
4.95%, 07/15/29 (Call 04/15/29)^(a)(b)		7,924		6,957,272
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.
5.50%, 01/15/28 (Call 01/15/23)^(a)		11,403		10,219,699
6.00%, 03/01/27 (Call 03/01/23)^(a)(b)		6,977		6,613,403
6.00%, 12/31/30 (Call 12/31/25)^(a)(b)		13,289		12,043,156
6.00%, 09/01/31 (Call 09/01/26)^(a)(b)		7,371		6,576,743
7.50%, 10/01/25 (Call 12/01/22)^(a)(b)		8,880		8,988,158
Targa Resources Partners LP/Targa Resources Partners Finance Corp.
4.88%, 02/01/31 (Call 02/01/26)		323		285,387
5.50%, 03/01/30 (Call 03/01/25)		371		341,906
6.88%, 01/15/29 (Call 01/15/24)		237		237,209
Venture Global Calcasieu Pass LLC
3.88%, 11/01/33 (Call 05/01/33)^(a)(b)		18,037		14,434,897
3.88%, 08/15/29 (Call 02/15/29)^(a)(b)		19,261		16,581,313
4.13%, 08/15/31 (Call 02/15/31)^(a)(b)		19,882		16,894,729
Western Midstream Operating LP
3.35%, 02/01/25 (Call 01/01/25)		8,986		8,540,923
3.95%, 06/01/25 (Call 03/01/25)		644		610,692
4.30%, 02/01/30 (Call 11/01/29)		20,582		18,108,044
4.50%, 03/01/28 (Call 12/01/27)		6,875		6,317,231
4.65%, 07/01/26 (Call 04/01/26)		7,288		6,895,282


Security	Par (000)		Value

Pipelines (continued)
4.75%, 08/15/28 (Call 05/15/28)	$	6,018	$	5,532,385

				711,135,388

Real Estate — 0.5%
Howard Hughes Corp. (The)
4.13%, 02/01/29 (Call 02/01/24)^(a)(b)		10,445		8,275,337
4.38%, 02/01/31 (Call 02/01/26)^(a)(b)		10,436		7,835,050
5.38%, 08/01/28 (Call 08/01/23)^(a)(b)		11,191		9,515,987
Kennedy-Wilson Inc.
4.75%, 03/01/29 (Call 03/01/24)^(b)		9,464		7,573,566
4.75%, 02/01/30 (Call 09/01/24)		9,900		7,771,500
5.00%, 03/01/31 (Call 03/01/26)^(b)		9,853		7,706,229
Realogy Group LLC/Realogy Co-Issuer Corp.
5.25%, 04/15/30 (Call 04/15/25)^(a)(b)		15,627		10,845,919
5.75%, 01/15/29 (Call 01/15/24)^(a)(b)		13,151		9,352,827
WeWork Companies Inc., 7.88%, 05/01/25^(a)		8,058		4,340,240
WeWork Companies LLC/WW Co-Obligor Inc., 5.00%, 07/10/25 (Call 04/10/25)^(a)(b)		6,349		3,174,500

				76,391,155

Real Estate Investment Trusts — 3.5%
Brookfield Property REIT Inc./BPR Cumulus LLC/BPR
Nimbus LLC/GGSI Sellco LL
4.50%, 04/01/27 (Call 10/01/23)^(a)(b)		12,319		10,440,353
5.75%, 05/15/26 (Call 11/14/22)^(a)(b)		16,652		15,429,452
Diversified Healthcare Trust
4.38%, 03/01/31 (Call 09/01/30)		8,486		5,633,855
4.75%, 02/15/28 (Call 08/15/27)^(b)		7,123		4,887,446
9.75%, 06/15/25 (Call 12/01/22)^(b)		8,282		7,825,496
HAT Holdings I LLC/HAT Holdings II LLC
3.38%, 06/15/26 (Call 03/15/26)^(a)(b)		16,664		13,497,840
6.00%, 04/15/25 (Call 12/01/22)^(a)(b)		4,613		4,397,711
Iron Mountain Inc.
4.50%, 02/15/31 (Call 02/15/26)^(a)(b)		17,791		14,468,993
4.88%, 09/15/27 (Call 11/14/22)^(a)(b)		14,335		13,198,712
4.88%, 09/15/29 (Call 09/15/24)^(a)		17,952		15,416,280
5.00%, 07/15/28 (Call 07/15/23)^(a)(b)		7,578		6,783,243
5.25%, 03/15/28 (Call 12/27/22)^(a)(b)		12,270		11,295,982
5.25%, 07/15/30 (Call 07/15/25)^(a)		19,842		17,193,627
5.63%, 07/15/32 (Call 07/15/26)^(a)		9,160		7,893,630
Iron Mountain Information Management Services Inc.,
5.00%, 07/15/32 (Call 07/15/27)^(a)(b)		10,678		8,779,452
iStar Inc.
4.25%, 08/01/25 (Call 05/01/25)^(b)		4,838		4,686,813
4.75%, 10/01/24 (Call 07/01/24)^(b)		9,982		9,879,884
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.
4.25%, 02/01/27 (Call 02/01/23)^(a)		11,324		9,529,146
4.75%, 06/15/29 (Call 06/15/24)^(a)(b)		9,904		7,903,703
MPT Operating Partnership LP/MPT Finance Corp.
3.50%, 03/15/31 (Call 03/15/26)		19,212		13,232,586
4.63%, 08/01/29 (Call 08/01/24)^(b)		14,224		11,272,900
5.00%, 10/15/27 (Call 12/01/22)^(b)		22,669		19,378,368
5.25%, 08/01/26 (Call 12/01/22)^(b)		7,371		6,651,222
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer
4.88%, 05/15/29 (Call 05/15/24)^(a)(b)		11,777		10,068,157
5.88%, 10/01/28 (Call 10/01/23)^(a)(b)		12,431		11,281,132
7.50%, 06/01/25 (Call 12/01/22)^(a)		10,839		10,866,097


Security	Par (000)		Value

Real Estate Investment Trusts (continued)
RHP Hotel Properties LP/RHP Finance Corp.
4.50%, 02/15/29 (Call 02/15/24)^(a)(b)	$	9,272	$	8,121,941
4.75%, 10/15/27 (Call 12/01/22)^(b)		10,549		9,737,149
RLJ Lodging Trust LP
3.75%, 07/01/26 (Call 07/01/23)^(a)		8,905		8,142,198
4.00%, 09/15/29 (Call 09/15/24)^(a)(b)		7,204		6,005,058
SBA Communications Corp.
3.13%, 02/01/29 (Call 02/01/24)^(b)		25,807		20,903,670
3.88%, 02/15/27 (Call 02/15/23)^(b)		22,055		19,959,775
Service Properties Trust
3.95%, 01/15/28 (Call 07/15/27)^(b)		7,063		5,183,959
4.35%, 10/01/24 (Call 09/01/24)		14,941		13,736,382
4.38%, 02/15/30 (Call 08/15/29)^(b)		5,808		4,138,200
4.75%, 10/01/26 (Call 08/01/26)		7,119		5,801,985
4.95%, 02/15/27 (Call 08/15/26)^(b)		6,366		5,148,503
4.95%, 10/01/29 (Call 07/01/29)		7,600		5,551,709
5.50%, 12/15/27 (Call 09/15/27)^(b)		6,234		5,360,617
7.50%, 09/15/25 (Call 06/15/25)^(b)		12,293		12,001,041
Starwood Property Trust Inc.
3.63%, 07/15/26 (Call 01/15/26)^(a)		7,456		6,488,584
3.75%, 12/31/24 (Call 09/30/24)^(a)(b)		5,040		4,712,400
4.38%, 01/15/27 (Call 07/15/26)^(a)(b)		8,450		7,406,425
4.75%, 03/15/25 (Call 09/15/24)		6,681		6,253,008
Uniti Group LP/Uniti Fiber Holdings Inc./CSL Capital LLC
6.00%, 01/15/30 (Call 01/15/25)^(a)(b)		11,089		7,662,499
7.88%, 02/15/25 (Call 12/01/22)^(a)		36,349		36,039,670
Uniti Group LP/Uniti Group Finance Inc./CSL Capital LLC
4.75%, 04/15/28 (Call 04/15/24)^(a)(b)		7,686		6,320,480
6.50%, 02/15/29 (Call 02/15/24)^(a)(b)		17,694		12,605,206
VICI Properties LP/VICI Note Co. Inc.
3.50%, 02/15/25 (Call 12/01/22)^(a)(b)		557		514,947
3.75%, 02/15/27 (Call 02/15/23)^(a)(b)		591		511,716
4.50%, 09/01/26 (Call 06/01/26)^(a)		602		549,165
4.63%, 06/15/25 (Call 03/15/25)^(a)		387		364,367
5.63%, 05/01/24 (Call 02/01/24)^(a)		584		577,056
5.75%, 02/01/27 (Call 11/01/26)^(a)		330		311,220
XHR LP
4.88%, 06/01/29 (Call 06/01/24)^(a)(b)		7,503		6,501,213
6.38%, 08/15/25 (Call 11/14/22)^(a)(b)		5,161		5,075,229

				503,577,452

Retail — 4.8%
1011778 BC ULC/New Red Finance Inc.
3.50%, 02/15/29 (Call 02/15/24)^(a)		11,731		9,824,712
3.88%, 01/15/28 (Call 12/01/22)^(a)(b)		24,614		21,649,736
4.00%, 10/15/30 (Call 10/15/25)^(a)(b)		46,266		37,764,622
4.38%, 01/15/28 (Call 12/01/22)^(a)		12,896		11,344,289
5.75%, 04/15/25 (Call 12/01/22)^(a)(b)		4,307		4,308,260
1375209 BC Ltd., 9.00%, 01/30/28		26,537		25,873,575
Asbury Automotive Group Inc.
4.50%, 03/01/28 (Call 03/01/23)^(b)		5,181		4,473,431
4.63%, 11/15/29 (Call 11/15/24)^(a)(b)		12,326		10,154,056
4.75%, 03/01/30 (Call 03/01/25)^(b)		7,049		5,798,155
5.00%, 02/15/32 (Call 11/15/26)^(a)(b)		9,026		7,277,213
Bath & Body Works Inc.
5.25%, 02/01/28^(b)		7,527		6,647,909
6.63%, 10/01/30 (Call 10/01/25)^(a)(b)		15,812		14,056,868
7.50%, 06/15/29 (Call 06/15/24)^(b)		9,165		8,658,817


Security	Par (000)		Value

Retail (continued)
Carvana Co.
4.88%, 09/01/29 (Call 09/01/24)^(a)(b)	$	11,975	$	5,298,938
5.50%, 04/15/27 (Call 04/15/24)^(a)(b)		8,490		4,084,013
5.63%, 10/01/25 (Call 11/14/22)^(a)(b)		9,183		6,014,865
5.88%, 10/01/28 (Call 10/01/23)^(a)(b)		8,600		3,956,000
10.25%, 05/01/30 (Call 05/01/27)^(a)(b)		51,204		30,722,400
eG Global Finance PLC
6.75%, 02/07/25 (Call 11/11/22)^(a)(b)		10,713		9,707,148
8.50%, 10/30/25 (Call 12/01/22)^(a)		10,453		9,719,025
Ferrellgas LP/Ferrellgas Finance Corp.
5.38%, 04/01/26 (Call 04/01/23)^(a)(b)		10,774		9,777,405
5.88%, 04/01/29 (Call 04/01/24)^(a)(b)		14,049		11,800,282
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co. Inc.
4.63%, 01/15/29 (Call 01/15/25)^(a)(b)		15,340		13,327,611
6.75%, 01/15/30 (Call 01/15/25)^(a)(b)		20,113		15,788,705
FirstCash Inc.
4.63%, 09/01/28 (Call 09/01/23)^(a)		7,773		6,730,307
5.63%, 01/01/30 (Call 01/01/25)^(a)		8,321		7,394,357
Gap Inc. (The)
3.63%, 10/01/29 (Call 10/01/24)^(a)(b)		11,358		7,991,375
3.88%, 10/01/31 (Call 10/01/26)^(a)(b)		12,250		8,434,330
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, 4.75%, 06/01/27 (Call 12/01/22)^(a)(b)		8,061		7,674,314
LBM Acquisition LLC, 6.25%, 01/15/29 (Call 01/15/24)^(a)(b)		12,269		8,581,920
LCM Investments Holdings II LLC, 4.88%, 05/01/29 (Call 05/01/24)^(a)(b)		15,003		12,658,781
Lithia Motors Inc.
3.88%, 06/01/29 (Call 06/01/24)^(a)(b)		12,264		10,005,891
4.38%, 01/15/31 (Call 10/15/25)^(a)(b)		9,709		7,900,699
4.63%, 12/15/27 (Call 12/15/22)^(a)(b)		7,040		6,354,515
Macy’s Retail Holdings LLC
5.88%, 04/01/29 (Call 04/01/24)^(a)(b)		7,613		6,592,925
5.88%, 03/15/30 (Call 03/15/25)^(a)(b)		6,640		5,604,949
6.13%, 03/15/32 (Call 03/15/27)^(a)(b)		6,459		5,353,849
Michaels Companies Inc. (The)
5.25%, 05/01/28 (Call 11/01/23)^(a)(b)		11,929		8,409,945
7.88%, 05/01/29 (Call 05/01/24)^(a)(b)		19,724		10,996,130
Murphy Oil USA Inc.
3.75%, 02/15/31 (Call 02/15/26)^(a)		8,363		6,985,196
4.75%, 09/15/29 (Call 09/15/24)^(b)		7,364		6,676,847
NMG Holding Co. Inc./Neiman Marcus Group LLC, 7.13%, 04/01/26 (Call 04/01/23)^(a)		19,958		18,964,690
Nordstrom Inc.
4.25%, 08/01/31 (Call 05/01/31)^(b)		6,472		4,685,404
4.38%, 04/01/30 (Call 01/01/30)^(b)		9,149		7,052,572
Penske Automotive Group Inc.
3.50%, 09/01/25 (Call 12/01/22)^(b)		5,196		4,846,430
3.75%, 06/15/29 (Call 06/15/24)^(b)		7,488		6,025,968
PetSmart Inc./PetSmart Finance Corp.
4.75%, 02/15/28 (Call 02/15/24)^(a)		18,825		17,103,689
7.75%, 02/15/29 (Call 02/15/24)^(a)(b)		18,037		16,920,465
QVC Inc.
4.38%, 09/01/28 (Call 06/01/28)		8,035		5,825,375
4.45%, 02/15/25 (Call 11/15/24)^(b)		9,991		8,738,328
4.75%, 02/15/27 (Call 11/15/26)^(b)		8,860		7,019,246
4.85%, 04/01/24^(b)		9,147		8,741,102


Security	Par (000)		Value

Retail (continued)
Rite Aid Corp.
7.50%, 07/01/25 (Call 12/01/22)^(a)	$	7,453	$	5,239,707
8.00%, 11/15/26 (Call 01/15/23)^(a)(b)		14,073		9,146,127
Sonic Automotive Inc.
4.63%, 11/15/29 (Call 11/15/24)^(a)(b)		9,348		7,349,865
4.88%, 11/15/31 (Call 11/15/26)^(a)(b)		9,346		7,110,044
SRS Distribution Inc.
4.63%, 07/01/28 (Call 07/01/24)^(a)(b)		10,448		9,194,240
6.00%, 12/01/29 (Call 12/01/24)^(a)(b)		14,350		11,669,779
6.13%, 07/01/29 (Call 07/01/24)^(a)(b)		6,600		5,393,368
Staples Inc.
7.50%, 04/15/26 (Call 12/01/22)^(a)		29,984		26,086,080
10.75%, 04/15/27 (Call 12/01/22)^(a)(b)		16,984		12,340,659
Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.00%, 06/01/31 (Call 06/01/26)^(a)(b).		10,547		8,868,058
Yum! Brands Inc.
3.63%, 03/15/31 (Call 12/15/30)^(b)		15,468		12,386,001
4.63%, 01/31/32 (Call 10/01/26)^(b)		19,804		16,853,204
4.75%, 01/15/30 (Call 10/15/29)^(a)		12,462		11,137,912
5.38%, 04/01/32 (Call 04/01/27)^(b)		15,642		13,969,088

				685,041,766

Semiconductors — 0.2%
Entegris Escrow Corp., 5.95%, 06/15/30 (Call 06/15/25)^(a)(b)		15,610		14,238,193
Entegris Inc.
3.63%, 05/01/29 (Call 05/01/24)^(a)(b)		6,701		5,467,765
4.38%, 04/15/28 (Call 04/15/23)^(a)		6,474		5,689,027

				25,394,985

Software — 2.5%
Black Knight InfoServ LLC, 3.63%, 09/01/28 (Call 09/01/23)^(a)(b)		17,716		15,397,101
Central Parent Inc./CDK Global Inc., 7.25%, 06/15/29 (Call 06/15/25)^(a)(b)		9,076		8,674,932
Clarivate Science Holdings Corp.
3.88%, 07/01/28 (Call 06/30/24)^(a)(b)		15,512		13,424,732
4.88%, 07/01/29 (Call 06/30/24)^(a)(b)		14,454		12,051,022
Fair Isaac Corp.
4.00%, 06/15/28 (Call 12/15/22)^(a)(b)		15,742		14,243,991
5.25%, 05/15/26 (Call 02/15/26)^(a)(b)		5,052		4,920,648
Minerva Merger Sub Inc., 6.50%, 02/15/30 (Call 02/15/25)^(a)(b)		37,592		29,321,760
MSCI Inc.
3.25%, 08/15/33 (Call 08/15/27)^(a)(b)		8,992		7,011,818
3.63%, 09/01/30 (Call 03/01/25)^(a)(b)		15,502		12,943,550
3.63%, 11/01/31 (Call 11/01/26)^(a)(b)		9,422		7,775,977
3.88%, 02/15/31 (Call 06/01/25)^(a)(b)		15,802		13,352,532
4.00%, 11/15/29 (Call 11/15/24)^(a)(b)		15,837		13,720,564
Open Text Corp.
3.88%, 02/15/28 (Call 02/15/23)^(a)		14,093		12,084,747
3.88%, 12/01/29 (Call 12/01/24)^(a)(b)		13,231		10,485,568
Open Text Holdings Inc.
4.13%, 02/15/30 (Call 02/15/25)^(a)(b)		14,775		11,764,594
4.13%, 12/01/31 (Call 12/01/26)^(a)		11,581		8,764,153
Picard Midco Inc., 6.50%, 03/31/29 (Call 09/30/25)^(a)(b).		63,514		55,098,395
PTC Inc.
3.63%, 02/15/25 (Call 12/01/22)^(a)(b)		4,947		4,692,259
4.00%, 02/15/28 (Call 02/15/23)^(a)(b)		8,632		7,871,125
Rackspace Technology Global Inc.
3.50%, 02/15/28 (Call 02/15/24)^(a)(b)		7,870		5,152,391


Security	Par (000)		Value

Software (continued)
5.38%, 12/01/28 (Call 12/01/23)^(a)(b)	$	9,548	$	3,962,420
ROBLOX Corp., 3.88%, 05/01/30 (Call 11/01/24)^(a)(b)		15,150		12,441,937
SS&C Technologies Inc., 5.50%, 09/30/27 (Call 12/01/22)^(a)(b)		30,288		28,143,149
Twilio Inc.
3.63%, 03/15/29 (Call 03/15/24)^(b)		8,187		6,697,171
3.88%, 03/15/31 (Call 03/15/26)^(b)		8,737		7,132,188
Veritas U.S. Inc./Veritas Bermuda Ltd., 7.50%, 09/01/25 (Call 12/01/22)^(a)		28,598		23,950,825

				351,079,549

Telecommunications — 6.4%
Altice France Holding SA
6.00%, 02/15/28 (Call 02/15/23)^(a)(b)		19,556		12,655,349
10.50%, 05/15/27 (Call 11/14/22)^(a)		25,787		20,078,790
Altice France SA, 5.50%, 10/15/29 (Call 10/15/24)^(a)		31,275		23,769,000
Altice France SA/France
5.13%, 01/15/29 (Call 09/15/23)^(a)		7,232		5,416,768
5.13%, 07/15/29 (Call 04/15/24)^(a)		40,143		30,048,015
5.50%, 01/15/28 (Call 12/01/22)^(a)		17,175		13,716,462
8.13%, 02/01/27 (Call 11/14/22)^(a)		28,910		26,510,470
Avaya Inc., 6.13%, 09/15/28 (Call 09/15/23)^(a)(b)		13,230		5,695,515
British Telecommunications PLC
4.25%, 11/23/81 (Call 11/23/26)^(a)(c)		7,549		6,347,796
4.88%, 11/23/81 (Call 08/23/31)^(a)(b)(c)		8,075		6,450,360
C&W Senior Financing DAC, 6.88%, 09/15/27 (Call 11/11/22)^(a)(b)		16,737		14,555,332
CommScope Inc.
4.75%, 09/01/29 (Call 09/01/24)^(a)(b)		20,293		17,143,679
6.00%, 03/01/26 (Call 12/01/22)^(a)		22,260		21,547,680
7.13%, 07/01/28 (Call 07/01/23)^(a)(b)		12,400		10,490,400
8.25%, 03/01/27 (Call 12/01/22)^(a)(b)		15,617		13,862,152
CommScope Technologies LLC
5.00%, 03/15/27 (Call 11/14/22)^(a)(b)		13,989		11,348,576
6.00%, 06/15/25 (Call 11/14/22)^(a)(b)		17,565		16,450,501
Connect Finco Sarl/Connect U.S. Finco LLC, 6.75%, 10/01/26 (Call 12/01/22)^(a)		33,761		31,735,340
Consolidated Communications Inc.
5.00%, 10/01/28 (Call 10/01/23)^(a)(b)		6,239		4,812,141
6.50%, 10/01/28 (Call 10/01/23)^(a)(b)		12,122		9,978,467
Frontier Communications Holdings LLC
5.00%, 05/01/28 (Call 05/01/24)^(a)		24,060		21,036,459
5.88%, 10/15/27 (Call 10/15/23)^(a)(b)		17,533		16,178,576
5.88%, 11/01/29 (Call 11/01/24)^(b)		11,783		9,220,197
6.00%, 01/15/30 (Call 10/15/24)^(a)(b)		14,958		11,671,428
6.75%, 05/01/29 (Call 05/01/24)^(a)(b)		17,203		14,170,971
8.75%, 05/15/30 (Call 05/15/25)^(a)		19,509		19,759,365
Hughes Satellite Systems Corp.
5.25%, 08/01/26^(b)		12,942		12,346,150
6.63%, 08/01/26^(b)		13,367		12,598,397
Iliad Holding SASU
6.50%, 10/15/26 (Call 10/15/23)^(a)		18,618		17,254,418
7.00%, 10/15/28 (Call 10/15/24)^(a)		13,453		12,174,965
Intelsat Jackson Holdings SA, 6.50%, 03/15/30 (Call 03/15/25)^(a)(b)		45,943		42,193,592
Level 3 Financing Inc.
3.40%, 03/01/27 (Call 01/01/27)^(a)		12,935		11,141,996
3.63%, 01/15/29 (Call 01/15/24)^(a)		12,754		9,734,490
3.75%, 07/15/29 (Call 01/15/24)^(a)(b)		14,685		11,162,068
3.88%, 11/15/29 (Call 08/15/29)^(a)		12,202		10,044,804
4.25%, 07/01/28 (Call 07/01/23)^(a)(b)		18,683		15,362,097


Security	Par (000)		Value

Telecommunications (continued)
4.63%, 09/15/27 (Call 12/01/22)^(a)(b)	$	13,890	$	12,065,905
Lumen Technologies Inc.
4.00%, 02/15/27 (Call 02/15/23)^(a)		18,344		15,589,124
4.50%, 01/15/29 (Call 01/15/24)^(a)		15,523		10,948,023
5.13%, 12/15/26 (Call 12/15/22)^(a)(b)		12,377		10,597,806
5.38%, 06/15/29 (Call 06/15/24)^(a)(b)		7,192		5,235,776
Nokia OYJ, 4.38%, 06/12/27^(b)		7,110		6,512,760
Sprint Corp.
7.13%, 06/15/24		35,274		35,609,103
7.63%, 02/15/25 (Call 11/15/24)		20,728		21,390,964
7.63%, 03/01/26 (Call 11/01/25)		23,956		24,997,846
7.88%, 09/15/23^(b)		21,493		21,849,283
Switch Ltd.
3.75%, 09/15/28 (Call 09/15/23)^(a)		6,879		6,947,790
4.13%, 06/15/29 (Call 06/15/24)^(a)		5,860		5,874,455
Telecom Italia SpA/Milano, 5.30%, 05/30/24^(a)		22,698		21,392,865
Telesat Canada/Telesat LLC
4.88%, 06/01/27 (Call 12/01/22)^(a)(b)		6,569		2,964,261
5.63%, 12/06/26 (Call 12/06/23)^(a)(b)		5,832		2,721,017
6.50%, 10/15/27 (Call 11/16/22)^(a)		249		87,590
T-Mobile USA Inc., 2.25%, 02/15/26 (Call 02/15/23)		834		748,934
ViaSat Inc.
5.63%, 09/15/25 (Call 11/14/22)^(a)		8,571		7,905,033
5.63%, 04/15/27 (Call 11/14/22)^(a)		10,992		10,161,005
6.50%, 07/15/28 (Call 07/15/23)^(a)(b)		6,902		5,767,484
Vmed O2 UK Financing I PLC
4.25%, 01/31/31 (Call 01/31/26)^(a)		20,571		16,421,984
4.75%, 07/15/31 (Call 07/15/26)^(a)		21,482		17,360,678
Vodafone Group PLC
3.25%, 06/04/81 (Call 06/04/26)^(c)		7,239		5,803,224
4.13%, 06/04/81 (Call 03/04/31)^(c)		13,706		9,776,362
7.00%, 04/04/79 (Call 01/04/29)^(c)		32,413		30,967,471
Windstream Escrow LLC/Windstream Escrow Finance Corp., 7.75%, 08/15/28 (Call 08/15/23)^(a)(b)		23,669		20,471,022
Zayo Group Holdings Inc.
4.00%, 03/01/27 (Call 12/01/22)^(a)(b)		22,426		17,324,085
6.13%, 03/01/28 (Call 03/01/23)^(a)(b)		18,300		12,151,200

				908,305,816

Toys, Games & Hobbies — 0.2%
Mattel Inc.
3.38%, 04/01/26 (Call 04/01/23)^(a)(b)		8,877		8,117,871
3.75%, 04/01/29 (Call 04/01/24)^(a)(b)		9,108		7,871,930
5.88%, 12/15/27 (Call 12/15/22)^(a)(b)		9,004		8,758,101

				24,747,902


Security	Par/ Shares (000)		Value

Trucking & Leasing — 0.3%
AerCap Global Aviation Trust, 6.50%, 06/15/45 (Call 06/15/25)^(a)(b)(c)	$	7,227	$	6,603,166
Fortress Transportation and Infrastructure Investors LLC
5.50%, 05/01/28 (Call 05/01/24)^(a)(b)		15,637		13,096,769
6.50%, 10/01/25 (Call 12/01/22)^(a)		9,493		9,125,146
9.75%, 08/01/27 (Call 08/01/23)^(a)		7,257		7,382,691

				36,207,772


Total Long-Term Investments — 96.8% (Cost: $15,757,706,751)				13,775,577,516


Short-Term Securities

Money Market Funds — 20.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 3.29%^(f)(g)(h)		2,583,015		2,582,498,282
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%^(f)(g)		273,430		273,430,000


Total Short-Term Securities — 20.1% (Cost: $2,856,062,855)				2,855,928,282


Total Investments — 116.9% (Cost: $18,613,769,606)				16,631,505,798

Liabilities in Excess of Other Assets — (16.9)%				(2,402,611,864	)


Net Assets — 100.0%			$	14,228,893,934

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

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

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

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

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

^(f)	Affiliate of the Fund.

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

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

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


Security	Par (000)		Value

Corporate Bonds & Notes

Advertising — 0.1%
Omnicom Group Inc., 2.60%, 08/01/31 (Call 05/01/31)^(a)	$	13,193	$	10,315,736
Omnicom Group Inc./Omnicom Capital Inc., 3.60%, 04/15/26 (Call 01/15/26)		12,335		11,575,153

				21,890,889

Aerospace & Defense — 2.2%
Boeing Co. (The)
2.20%, 02/04/26 (Call 02/04/23)		49,550		44,107,730
2.70%, 02/01/27 (Call 12/01/26)^(a)		12,921		11,222,423
2.75%, 02/01/26 (Call 01/01/26)		9,643		8,696,016
2.95%, 02/01/30 (Call 11/01/29)^(a)		11,625		9,316,186
3.20%, 03/01/29 (Call 12/01/28)		14,764		12,281,472
3.25%, 02/01/28 (Call 12/01/27)^(a)		10,341		8,969,665
3.25%, 02/01/35 (Call 11/01/34)		11,162		7,888,934
3.60%, 05/01/34 (Call 02/01/34)		9,449		7,041,469
3.63%, 02/01/31 (Call 11/01/30)^(a)		16,247		13,476,133
3.75%, 02/01/50 (Call 08/01/49)^(a)		14,804		9,503,567
3.90%, 05/01/49 (Call 11/01/48)^(a)		8,981		5,794,385
3.95%, 08/01/59 (Call 02/01/59)		12,589		7,815,607
5.04%, 05/01/27 (Call 03/01/27)^(a)		20,110		19,414,025
5.15%, 05/01/30 (Call 02/01/30)^(a)		49,532		45,732,182
5.71%, 05/01/40 (Call 11/01/39)^(a)		33,253		28,908,991
5.81%, 05/01/50 (Call 11/01/49)^(a)		61,154		52,552,378
5.93%, 05/01/60 (Call 11/01/59)		37,916		32,023,319
General Dynamics Corp.
3.50%, 04/01/27 (Call 02/01/27)^(a)		8,554		8,037,314
3.63%, 04/01/30 (Call 01/01/30)^(a)		11,919		10,831,775
3.75%, 05/15/28 (Call 02/15/28)		13,264		12,372,695
4.25%, 04/01/40 (Call 10/01/39)^(a)		6,860		5,900,423
4.25%, 04/01/50 (Call 10/01/49)		9,659		8,060,417
L3Harris Technologies Inc., 4.40%, 06/15/28 (Call 03/15/28)^(a)		21,013		19,662,453
Lockheed Martin Corp.
2.80%, 06/15/50 (Call 12/15/49)^(a)		8,431		5,387,444
3.55%, 01/15/26 (Call 10/15/25)^(a)		7,702		7,394,588
3.80%, 03/01/45 (Call 09/01/44)^(a)		13,691		10,642,124
3.90%, 06/15/32 (Call 03/15/32)^(a)		10,500		9,582,173
4.07%, 12/15/42^(a)		14,953		12,285,940
4.09%, 09/15/52 (Call 03/15/52)^(a)		16,194		12,935,662
4.15%, 06/15/53 (Call 12/15/52)		12,981		10,403,977
4.70%, 05/15/46 (Call 11/15/45)		15,153		13,357,660
5.10%, 11/15/27^(a)		5,530		5,540,756
5.25%, 01/15/33		8,602		8,613,880
5.70%, 11/15/54		4,698		4,744,081
5.90%, 11/15/63		3,786		3,846,244
Northrop Grumman Corp.
3.20%, 02/01/27 (Call 11/01/26)^(a)		4,767		4,380,785
3.25%, 01/15/28 (Call 10/15/27)		27,165		24,577,072
4.03%, 10/15/47 (Call 04/15/47)		24,212		19,022,216
4.40%, 05/01/30 (Call 02/01/30)^(a)		10,721		10,076,641
4.75%, 06/01/43^(a)		14,150		12,255,076
5.25%, 05/01/50 (Call 11/01/49)^(a)		10,279		9,509,933
Raytheon Technologies Corp.
1.90%, 09/01/31 (Call 06/01/31)		15,529		11,771,153
2.25%, 07/01/30 (Call 04/01/30)		15,668		12,629,635
2.38%, 03/15/32 (Call 12/15/31)^(a)		13,817		10,784,468
2.82%, 09/01/51 (Call 03/01/51)		11,884		7,230,680
3.03%, 03/15/52 (Call 09/15/51)^(a)		16,521		10,540,768


Security	Par (000)		Value

Aerospace & Defense (continued)
3.13%, 05/04/27 (Call 02/04/27)	$	11,878	$	10,830,587
3.13%, 07/01/50 (Call 01/01/50)		11,544		7,601,274
3.50%, 03/15/27 (Call 12/15/26)^(a)		9,353		8,726,452
3.75%, 11/01/46 (Call 05/01/46)		12,499		9,146,087
4.13%, 11/16/28 (Call 08/16/28)		34,061		31,707,606
4.15%, 05/15/45 (Call 11/16/44)		10,754		8,419,618
4.35%, 04/15/47 (Call 10/15/46)		9,617		7,754,335
4.45%, 11/16/38 (Call 05/16/38)^(a)		9,905		8,449,024
4.50%, 06/01/42^(a)		36,241		30,709,964
4.63%, 11/16/48 (Call 05/16/48)^(a)		17,186		14,467,113
Teledyne Technologies Inc., 2.75%, 04/01/31 (Call 01/01/31)		12,850		10,033,700

				774,968,275

Agriculture — 1.4%
Altria Group Inc.
2.45%, 02/04/32 (Call 11/04/31)^(a)		17,326		12,301,781
3.40%, 05/06/30 (Call 02/06/30)		11,311		9,175,997
3.40%, 02/04/41 (Call 08/04/40)		17,292		10,600,404
3.70%, 02/04/51 (Call 08/04/50)^(a)		13,301		7,777,873
3.88%, 09/16/46 (Call 03/16/46)^(a)		18,288		11,263,354
4.00%, 02/04/61 (Call 08/04/60)^(a)		10,089		6,046,196
4.25%, 08/09/42		9,829		6,652,014
4.40%, 02/14/26 (Call 12/14/25)^(a)		10,533		10,124,215
4.80%, 02/14/29 (Call 11/14/28)^(a)		19,846		18,271,275
5.38%, 01/31/44^(a)		20,056		16,015,258
5.80%, 02/14/39 (Call 08/14/38)		21,577		18,397,648
5.95%, 02/14/49 (Call 08/14/48)		28,257		23,017,002
Archer-Daniels-Midland Co.
2.50%, 08/11/26 (Call 05/11/26)^(a)		9,848		9,002,766
2.70%, 09/15/51 (Call 03/15/51)		9,496		5,936,881
2.90%, 03/01/32 (Call 12/01/31)^(a)		10,498		8,745,422
3.25%, 03/27/30 (Call 12/27/29)		11,216		9,869,945
BAT Capital Corp.
2.26%, 03/25/28 (Call 01/25/28)		21,739		17,207,745
2.73%, 03/25/31 (Call 12/25/30)		16,916		12,343,052
3.22%, 09/06/26 (Call 07/06/26)^(a)		12,177		10,841,313
3.56%, 08/15/27 (Call 05/15/27)		40,476		35,440,223
3.73%, 09/25/40 (Call 03/25/40)		7,773		4,899,149
3.98%, 09/25/50 (Call 03/25/50)^(a)		11,029		6,613,373
4.39%, 08/15/37 (Call 02/15/37)^(a)		29,412		21,280,226
4.54%, 08/15/47 (Call 02/15/47)^(a)		28,253		18,272,503
4.70%, 04/02/27 (Call 02/02/27)^(a)		10,407		9,642,937
4.74%, 03/16/32 (Call 12/16/31)^(a)		11,332		9,486,640
4.76%, 09/06/49 (Call 03/06/49)		11,501		7,664,621
4.91%, 04/02/30 (Call 01/02/30)		9,565		8,337,540
BAT International Finance PLC
1.67%, 03/25/26 (Call 02/25/26)^(a)		14,125		12,133,371
4.45%, 03/16/28 (Call 02/16/28)		13,270		11,733,143
Bunge Ltd. Finance Corp., 2.75%, 05/14/31 (Call 02/14/31)^(a)		11,565		9,068,916
Philip Morris International Inc.
0.88%, 05/01/26 (Call 04/01/26)		8,424		7,203,853
1.75%, 11/01/30 (Call 08/01/30)^(a)		11,162		8,158,381
2.10%, 05/01/30 (Call 02/01/30)^(a)		9,601		7,318,885
2.75%, 02/25/26 (Call 11/25/25)^(a)		9,042		8,285,737
3.38%, 08/15/29 (Call 05/15/29)^(a)		9,457		8,077,073
3.88%, 08/21/42		9,816		6,517,377
4.13%, 03/04/43		7,715		5,270,063
4.25%, 11/10/44		10,450		7,233,679
4.38%, 11/15/41^(a)		9,378		6,770,879


Security	Par (000)		Value

Agriculture (continued)
4.88%, 11/15/43^(a)	$	9,033	$	6,906,673
6.38%, 05/16/38		19,013		17,690,747
Reynolds American Inc. 5.70%, 08/15/35 (Call 02/15/35)		8,393		7,079,299
5.85%, 08/15/45 (Call 02/15/45)		25,947		20,258,766

				494,934,195

Airlines — 0.1%
Southwest Airlines Co., 5.13%, 06/15/27
(Call 04/15/27)^(a)		21,164		20,640,333


Apparel — 0.2%
NIKE Inc.
2.38%, 11/01/26 (Call 08/01/26)^(a)		12,395		11,290,598
2.75%, 03/27/27 (Call 01/27/27)		12,417		11,375,107
2.85%, 03/27/30 (Call 12/27/29)^(a)		18,857		16,339,830
3.25%, 03/27/40 (Call 09/27/39)		9,912		7,525,853
3.38%, 03/27/50 (Call 09/27/49)^(a)		16,729		12,150,841
3.88%, 11/01/45 (Call 05/01/45)^(a)		9,957		7,924,392
VF Corp., 2.95%, 04/23/30 (Call 01/23/30)^(a)		12,826		10,345,617

				76,952,238

Auto Manufacturers — 1.3%
American Honda Finance Corp. 1.30%, 09/09/26^(a)		7,195		6,242,669
2.00%, 03/24/28^(a)		10,709		9,005,427
Cummins Inc., 1.50%, 09/01/30 (Call 06/01/30)^(a)		8,302		6,317,494
General Motors Co. 4.20%, 10/01/27 (Call 07/01/27)^(a)		9,318		8,508,814
5.00%, 10/01/28 (Call 07/01/28)^(a)		10,817		10,019,130
5.00%, 04/01/35^(a)		5,329		4,424,775
5.15%, 04/01/38 (Call 10/01/37)		12,778		10,429,598
5.20%, 04/01/45^(a)		15,565		11,952,468
5.40%, 10/15/29 (Call 08/15/29)^(a)		8,728		8,085,099
5.40%, 04/01/48 (Call 10/01/47)^(a)		8,788		6,909,255
5.60%, 10/15/32 (Call 07/15/32)^(a)		13,459		12,198,172
5.95%, 04/01/49 (Call 10/01/48)^(a)		9,990		8,449,598
6.25%, 10/02/43^(a)		17,275		15,151,797
6.60%, 04/01/36 (Call 10/01/35)^(a)		12,873		12,122,850
6.75%, 04/01/46 (Call 10/01/45)		7,736		7,135,722
6.80%, 10/01/27 (Call 08/01/27)^(a)		13,533		13,693,250
General Motors Financial Co. Inc. 1.25%, 01/08/26 (Call 12/08/25)^(a)		17,042		14,560,910
1.50%, 06/10/26 (Call 05/10/26)		14,425		12,141,372
2.35%, 02/26/27 (Call 01/26/27)^(a)		12,012		10,167,955
2.35%, 01/08/31 (Call 10/08/30)^(a)		12,784		9,341,104
2.40%, 04/10/28 (Call 02/10/28)^(a)		12,113		9,812,798
2.40%, 10/15/28 (Call 08/15/28)		9,553		7,535,968
2.70%, 08/20/27 (Call 06/20/27)^(a)		14,111		11,880,548
2.70%, 06/10/31 (Call 03/10/31)		14,485		10,771,670
3.10%, 01/12/32 (Call 10/12/31)^(a)		13,796		10,489,240
3.60%, 06/21/30 (Call 03/21/30)^(a)		12,362		10,127,744
4.00%, 10/06/26 (Call 07/06/26)^(a)		10,564		9,700,359
4.30%, 04/06/29 (Call 02/06/29)^(a)		10,669		9,374,031
4.35%, 01/17/27 (Call 10/17/26)		15,512		14,284,416
5.00%, 04/09/27 (Call 03/09/27)^(a)		15,662		14,794,618
5.25%, 03/01/26 (Call 12/01/25)^(a)		12,935		12,531,916
Honda Motor Co. Ltd. 2.53%, 03/10/27 (Call 02/10/27)^(a)		9,447		8,453,700
2.97%, 03/10/32 (Call 12/10/31)^(a)		12,913		10,683,955
Mercedes-Benz Finance North America LLC, 8.50%, 01/18/31^(a)		19,449		22,681,721


Security	Par (000)		Value

Auto Manufacturers (continued)
Toyota Motor Corp., 1.34%, 03/25/26 (Call 02/25/26)^(a).	$	9,284	$	8,199,332
Toyota Motor Credit Corp. 1.13%, 06/18/26		13,577		11,793,918
1.90%, 01/13/27^(a)		10,143		8,894,647
1.90%, 04/06/28^(a)		3,654		3,092,635
2.15%, 02/13/30^(a)		10,141		8,289,589
3.05%, 03/22/27		17,048		15,622,821
3.20%, 01/11/27^(a)		7,638		7,062,351
3.38%, 04/01/30^(a)		8,897		7,898,611
4.45%, 06/29/29^(a)		10,422		10,006,212
4.55%, 09/20/27		11,048		10,744,706

				451,584,965

Auto Parts & Equipment — 0.1%
Aptiv PLC, 3.10%, 12/01/51 (Call 06/01/51)		18,638		10,382,480
Aptiv PLC/Aptiv Corp. 3.25%, 03/01/32 (Call 12/01/31)^(a)		11,213		8,934,770
4.15%, 05/01/52 (Call 11/01/51)^(a)		11,048		7,408,367
BorgWarner Inc., 2.65%, 07/01/27 (Call 05/01/27)		11,112		9,673,306
Magna International Inc., 2.45%, 06/15/30
(Call 03/15/30)^(a)		7,736		6,211,399

				42,610,322

Banks — 23.7%
Australia & New Zealand Banking Group Ltd./New York
NY, 3.70%, 11/16/25^(a)		2,721		2,610,393
Banco Santander SA 1.72%, 09/14/27 (Call 09/14/26)^(a)(b)		19,946		16,267,646
1.85%, 03/25/26		10,037		8,570,822
2.75%, 12/03/30^(a)		19,661		13,589,318
2.96%, 03/25/31^(a)		13,555		10,032,581
3.31%, 06/27/29^(a)		10,627		8,865,017
3.49%, 05/28/30		13,052		10,295,381
3.80%, 02/23/28^(a)		12,825		10,913,670
4.18%, 03/24/28 (Call 03/24/27)^(b)		27,171		23,906,605
4.25%, 04/11/27^(a)		11,854		10,647,794
4.38%, 04/12/28^(a)		9,783		8,605,955
5.29%, 08/18/27		7,462		6,867,200
Bank of America Corp. 1.73%, 07/22/27 (Call 07/22/26),
(SOFR + 0.960%)^(b)		51,007		43,603,900
1.90%, 07/23/31 (Call 07/23/30),
(SOFR + 1.530%)^(b)		24,633		18,248,018
1.92%, 10/24/31 (Call 10/24/30),
(SOFR + 1.370%)^(b)		23,099		16,946,838
2.09%, 06/14/29 (Call 06/14/28),
(SOFR + 1.060%)^(b)		29,602		23,971,629
2.30%, 07/21/32 (Call 07/21/31),
(SOFR + 1.220%)^(b)		36,671		27,151,051
2.50%, 02/13/31 (Call 02/13/30),
(3 mo. LIBOR US + 0.990%)^(b)		32,280		25,365,446
2.55%, 02/04/28 (Call 02/04/27),
(SOFR + 1.050%)^(b)		20,274		17,535,431
2.57%, 10/20/32 (Call 10/20/31),
(SOFR + 1.210%)^(b)		28,145		21,215,124
2.59%, 04/29/31 (Call 04/29/30),
(SOFR + 2.150%)^(b)		31,226		24,575,015
2.68%, 06/19/41 (Call 06/19/40),
(SOFR + 1.930%)^(a)(b)		48,686		30,839,100
2.69%, 04/22/32 (Call 04/22/31),
(SOFR + 1.320%)^(b)		39,809		30,727,874


Security	Par (000)		Value

Banks (continued)
2.83%, 10/24/51 (Call 10/24/50),
(SOFR + 1.880%)^(a)(b)	$	10,832	$	6,300,897
2.88%, 10/22/30 (Call 10/22/29),
(3 mo. LIBOR US + 1.190%)^(b)		18,793		15,301,078
2.97%, 02/04/33 (Call 02/04/32),
(SOFR + 1.330%)^(b)		33,607		26,064,682
2.97%, 07/21/52 (Call 07/21/51),
(SOFR + 1.560%)^(a)(b)		21,423		12,727,115
3.19%, 07/23/30 (Call 07/23/29),
(3 mo. LIBOR US + 1.180%)^(b)		23,257		19,440,998
3.25%, 10/21/27 (Call 10/21/26)^(a)		22,295		19,872,853
3.31%, 04/22/42 (Call 04/22/41),
(SOFR + 1.580%)^(b)		30,834		21,335,938
3.42%, 12/20/28 (Call 12/20/27),
(3 mo. LIBOR US + 1.040%)^(a)(b)		57,105		50,392,758
3.50%, 04/19/26		18,690		17,467,508
3.56%, 04/23/27 (Call 04/23/26),
(3 mo. LIBOR US + 1.060%)^(a)(b)		26,051		23,985,711
3.59%, 07/21/28 (Call 07/21/27),
(3 mo. LIBOR US + 1.370%)^(b)		19,069		17,084,201
3.71%, 04/24/28 (Call 04/24/27),
(3 mo. LIBOR US + 1.512%)^(b)		19,608		17,722,138
3.82%, 01/20/28 (Call 01/20/27),
(3 mo. LIBOR US + 1.575%)^(b)		22,727		20,752,078
3.95%, 01/23/49 (Call 01/23/48),
(3 mo. LIBOR US + 1.19%)^(b)		12,544		9,097,959
3.97%, 03/05/29 (Call 03/05/28),
(3 mo. LIBOR US + 1.070%)^(a)(b)		22,500		20,262,366
3.97%, 02/07/30 (Call 02/07/29),
(3 mo. LIBOR US + 1.210%)^(b)		27,223		24,081,760
4.08%, 04/23/40 (Call 04/23/39),
(3 mo. LIBOR US + 1.32%)^(a)(b)		18,873		14,714,448
4.08%, 03/20/51 (Call 03/20/50),
(3 mo. LIBOR US + 3.15%)^(a)(b)		50,952		37,844,226
4.24%, 04/24/38 (Call 04/24/37),
(3 mo. LIBOR US + 1.814%)^(b)		20,524		16,563,510
4.25%, 10/22/26		19,432		18,396,749
4.27%, 07/23/29 (Call 07/23/28),
(3 mo. LIBOR US + 1.310%)^(a)(b)		26,225		23,799,229
4.33%, 03/15/50 (Call 03/15/49),
(3 mo. LIBOR US + 1.520%)^(a)(b)		24,903		19,367,897
4.38%, 04/27/28 (Call 04/27/27),
(SOFR + 1.580%)^(b)		15,973		14,870,298
4.44%, 01/20/48 (Call 01/20/47),
(3 mo. LIBOR US + 1.990%)^(a)(b)		21,008		16,565,884
4.45%, 03/03/26		11,666		11,190,767
4.57%, 04/27/33 (Call 04/27/32),
(SOFR + 1.830%)^(a)(b)		35,309		31,228,124
4.95%, 07/22/28 (Call 07/22/27)^(b)		27,764		26,482,786
5.00%, 01/21/44		19,852		16,950,291
5.02%, 07/22/33 (Call 07/22/32)^(b)		48,376		44,282,384
5.88%, 02/07/42^(a)		13,651		13,069,914
6.11%, 01/29/37		19,700		18,882,641
7.75%, 05/14/38		14,563		16,100,439
Series L, 4.18%, 11/25/27 (Call 11/25/26)		18,621		17,071,785
Series N, 1.66%, 03/11/27 (Call 03/11/26),
(SOFR + 0.910%)^(b)		27,109		23,447,759
Series N, 2.65%, 03/11/32 (Call 03/11/31),
(SOFR + 1.220%)^(b)		17,711		13,667,205


Security	Par (000)		Value

Banks (continued)
Series N, 3.48%, 03/13/52 (Call 03/13/51),
(SOFR + 1.650%)^(b)	$	8,812	$	5,833,232
Bank of America NA, 6.00%, 10/15/36^(a)		13,052		12,693,418
Bank of Montreal 0.95%, 01/22/27 (Call 01/22/26),
(SOFR + 0.603%)^(a)(b)		15,225		13,107,659
1.25%, 09/15/26		19,524		16,586,675
2.65%, 03/08/27^(a)		13,540		11,997,839
Series H, 4.70%, 09/14/27 (Call 08/14/27)		9,870		9,447,068
Bank of New York Mellon Corp. (The) 2.05%, 01/26/27 (Call 12/26/26)^(a)		6,894		6,064,837
2.45%, 08/17/26 (Call 05/17/26)^(a)		9,355		8,456,270
2.80%, 05/04/26 (Call 02/04/26)^(a)		10,107		9,358,342
3.25%, 05/16/27 (Call 02/16/27)^(a)		8,855		8,188,073
3.30%, 08/23/29 (Call 05/23/29)^(a)		7,293		6,309,148
3.40%, 01/29/28 (Call 10/29/27)		9,949		9,051,718
3.85%, 04/28/28^(a)		7,656		7,106,443
5.80%, 10/25/28^(a)		2,705		2,720,581
5.83%, 10/25/33		8,945		8,943,924
Bank of Nova Scotia (The) 1.05%, 03/02/26^(a)		12,015		10,411,857
1.30%, 09/15/26^(a)		14,199		12,094,242
1.35%, 06/24/26^(a)		10,759		9,320,531
1.95%, 02/02/27^(a)		13,185		11,370,581
2.45%, 02/02/32		5,222		3,919,738
2.70%, 08/03/26^(a)		18,480		16,655,854
4.50%, 12/16/25^(a)		8,832		8,489,393
Barclays PLC 2.28%, 11/24/27 (Call 11/24/26)^(a)(b)		22,750		18,809,545
2.65%, 06/24/31 (Call 06/24/30),
(SOFR + 1.900%)^(b)		13,861		10,144,372
2.67%, 03/10/32 (Call 03/10/31)^(b)		11,797		8,405,107
2.89%, 11/24/32 (Call 11/24/31)^(a)(b)		13,307		9,442,658
3.33%, 11/24/42 (Call 11/24/41)^(b)		9,519		5,811,501
4.34%, 01/10/28 (Call 01/10/27)^(a)		12,732		11,176,900
4.38%, 01/12/26^(a)		18,062		16,763,340
4.84%, 05/09/28 (Call 05/07/27)		23,471		19,917,944
4.95%, 01/10/47		16,776		12,515,591
4.97%, 05/16/29 (Call 05/16/28),
(3 mo. LIBOR US + 1.902%)^(a)(b)		20,229		17,986,350
5.20%, 05/12/26		24,857		22,863,767
5.25%, 08/17/45^(a)		18,248		14,601,544
5.50%, 08/09/28 (Call 08/09/27)^(a)(b)		21,115		19,508,959
5.75%, 08/09/33 (Call 08/09/32)^(a)(b)		12,933		11,480,272
7.39%, 11/02/28		4,000		3,980,919
7.44%, 11/02/33		2,500		2,488,652
Canadian Imperial Bank of Commerce 1.25%, 06/22/26		5,243		4,487,227
3.45%, 04/07/27^(a)		13,317		12,153,109
3.60%, 04/07/32 (Call 03/07/32)^(a)		11,323		9,326,849
Citigroup Inc.
1.12%, 01/28/27 (Call 01/28/26),
(SOFR + 0.765%)^(b)		27,613		23,536,913
1.46%, 06/09/27 (Call 06/09/26),
(SOFR + 0.770%)^(b)		27,624		23,421,080
2.52%, 11/03/32 (Call 11/03/31),
(SOFR + 1.177%)^(b)		19,452		14,546,676
2.56%, 05/01/32 (Call 05/01/31),
(SOFR + 1.167%)^(b)		33,402		25,441,528


Security	Par (000)		Value

Banks (continued)
2.57%, 06/03/31 (Call 06/03/30),
(SOFR + 2.107%)^(a)(b)	$	39,770	$	31,100,808
2.67%, 01/29/31 (Call 01/29/30),
(SOFR + 1.146%)^(a)(b)		29,119		23,124,394
2.90%, 11/03/42 (Call 11/03/41),
(SOFR + 1.379%)^(a)(b)		16,987		10,779,120
2.98%, 11/05/30 (Call 11/05/29),
(SOFR + 1.422%)^(b)		27,151		22,177,637
3.06%, 01/25/33 (Call 01/25/32),
(SOFR + 1.351%)^(b)		32,487		25,320,436
3.07%, 02/24/28 (Call 02/24/27),
(SOFR + 1.280%)^(b)		27,836		24,538,486
3.20%, 10/21/26 (Call 07/21/26)		32,670		29,749,178
3.40%, 05/01/26^(a)		19,303		17,909,047
3.52%, 10/27/28 (Call 10/27/27),
(3 mo. LIBOR US + 1.151%)^(b)		25,708		22,783,340
3.67%, 07/24/28 (Call 07/24/27),
(3 mo. LIBOR US + 1.390%)^(b)		29,910		26,834,633
3.70%, 01/12/26		19,865		18,668,259
3.79%, 03/17/33 (Call 03/17/32),
(SOFR + 1.939%)^(b)		33,100		27,406,307
3.88%, 01/24/39 (Call 01/24/38),
(3 mo. LIBOR US + 1.168%)^(b)		13,783		10,674,378
3.89%, 01/10/28 (Call 01/10/27),
(3 mo. LIBOR US + 1.563%)^(b)		31,549		28,899,269
3.98%, 03/20/30 (Call 03/20/29),
(3 mo. LIBOR US + 1.338%)^(a)(b)		31,601		27,822,538
4.08%, 04/23/29 (Call 04/23/28),
(3 mo. LIBOR US + 1.192%)^(b)		21,695		19,564,159
4.13%, 07/25/28^(a)		22,217		20,009,917
4.28%, 04/24/48 (Call 04/24/47),
(3 mo. LIBOR US + 1.839%)^(b)		12,625		9,638,858
4.30%, 11/20/26^(a)		13,783		13,002,998
4.41%, 03/31/31 (Call 03/31/30),
(SOFR + 3.914%)^(b)		42,562		37,983,444
4.45%, 09/29/27^(a)		39,547		36,742,904
4.60%, 03/09/26^(a)		14,531		13,937,253
4.65%, 07/30/45^(a)		10,589		8,441,570
4.65%, 07/23/48 (Call 06/23/48)^(a)		28,497		22,923,406
4.66%, 05/24/28 (Call 05/24/27),
(SOFR + 1.887%)^(a)(b)		17,934		16,907,790
4.75%, 05/18/46		21,515		16,672,810
4.91%, 05/24/33 (Call 05/24/32)^(a)(b)		33,309		30,250,135
5.30%, 05/06/44^(a)		11,351		9,647,377
5.32%, 03/26/41 (Call 03/26/40),
(SOFR + 4.548%)^(a)(b)		14,608		12,999,988
5.88%, 01/30/42^(a)		9,986		9,347,270
6.63%, 06/15/32^(a)		15,637		15,815,956
6.68%, 09/13/43^(a)		11,240		11,203,996
8.13%, 07/15/39^(a)		24,129		28,016,452
Citizens Bank NA, 4.58%, 08/09/28 (Call 08/09/27)^(b)		12,327		11,646,926
Citizens Financial Group Inc., 3.25%, 04/30/30
(Call 01/30/30)^(a)		7,755		6,333,220
Cooperatieve Rabobank UA 3.75%, 07/21/26^(a)		20,027		18,181,912
5.25%, 05/24/41		18,247		16,960,594
5.25%, 08/04/45^(a)		13,220		10,802,900
5.75%, 12/01/43^(a)		12,499		11,033,065


Security	Par (000)		Value

Banks (continued)
Credit Suisse AG/New York NY 1.25%, 08/07/26	$	20,862	$	16,649,693
5.00%, 07/09/27		14,257		12,835,886
Credit Suisse Group AG 4.55%, 04/17/26^(a)		25,937		22,842,488
4.88%, 05/15/45		15,178		10,002,580
Deutsche Bank AG/New York NY 1.69%, 03/19/26^(a)		12,639		10,893,133
2.13%, 11/24/26 (Call 11/24/25), (SOFR + 1.870%)^(b)		23,163		19,470,829
2.31%, 11/16/27 (Call 11/16/26),
(SOFR + 1.219%)^(b)		23,391		18,655,071
2.55%, 01/07/28 (Call 01/07/27), (SOFR + 1.318%)^(b)		16,088		12,855,599
3.04%, 05/28/32 (Call 05/28/31),
(SOFR + 1.718%)^(a)(b)		6,673		4,675,561
3.55%, 09/18/31 (Call 09/18/30),
(SOFR + 3.043%)^(a)(b)		17,536		13,036,655
Discover Bank 3.45%, 07/27/26 (Call 04/27/26)		9,924		8,894,275
4.65%, 09/13/28 (Call 06/13/28)		13,647		12,190,836
Fifth Third Bancorp. 2.55%, 05/05/27 (Call 04/05/27)		12,432		10,870,136
4.77%, 07/28/30 (Call 07/28/29)^(b)		19,384		17,604,310
6.36%, 10/27/28		4,000		4,014,086
8.25%, 03/01/38		12,397		14,022,088
Fifth Third Bank NA, 3.85%, 03/15/26 (Call 02/15/26)^(a).		5,870		5,470,051
Goldman Sachs Group Inc. (The) 1.09%, 12/09/26 (Call 12/09/25),
(SOFR + 0.789%)^(b)		23,539		20,282,033
1.43%, 03/09/27 (Call 03/09/26),
(SOFR + 0.798%)^(b)		31,877		27,283,065
1.54%, 09/10/27 (Call 09/10/26),
(SOFR + 0.818%)^(a)(b)		32,146		26,952,798
1.95%, 10/21/27 (Call 10/21/26),
(SOFR + 0.913%)^(b)		49,245		41,826,423
1.99%, 01/27/32 (Call 01/27/31),
(SOFR + 1.090%)^(b)		30,959		22,580,228
2.38%, 07/21/32 (Call 07/21/31),
(SOFR + 1.248%)^(b)		46,499		34,576,698
2.60%, 02/07/30 (Call 11/07/29)		22,034		17,499,707
2.62%, 04/22/32 (Call 04/22/31),
(SOFR + 1.281%)^(b)		42,130		32,152,335
2.64%, 02/24/28 (Call 02/24/27),
(SOFR + 1.114%)^(b)		35,253		30,486,886
2.65%, 10/21/32 (Call 10/21/31),
(SOFR + 1.264%)^(b)		31,843		24,060,440
2.91%, 07/21/42 (Call 07/21/41),
(SOFR + 1.472%)^(b)		20,132		12,677,805
3.10%, 02/24/33 (Call 02/24/32),
(SOFR + 1.410%)^(a)(b)		44,333		34,605,994
3.21%, 04/22/42 (Call 04/22/41),
(SOFR + 1.513%)^(a)(b)		27,468		18,250,495
3.44%, 02/24/43 (Call 02/24/42),
(SOFR + 1.632%)^(b)		22,116		15,080,945
3.50%, 11/16/26 (Call 11/16/25)^(a)		28,830		26,319,685
3.62%, 03/15/28 (Call 03/15/27),
(SOFR + 1.846%)^(b)		37,208		33,556,812
3.69%, 06/05/28 (Call 06/05/27),
(3 mo. LIBOR US + 1.510%)^(b)		28,597		25,713,244


Security	Par (000)		Value

Banks (continued)
3.75%, 02/25/26 (Call 11/25/25)	$	14,564	$	13,678,818
3.80%, 03/15/30 (Call 12/15/29)^(a)		29,136		25,084,645
3.81%, 04/23/29 (Call 04/23/28),
(3 mo. LIBOR US + 1.158%)^(b)		29,261		25,988,248
3.85%, 01/26/27 (Call 01/26/26)		33,237		30,932,769
4.02%, 10/31/38 (Call 10/31/37),
(3 mo. LIBOR US + 1.373%)^(b)		26,704		20,755,508
4.22%, 05/01/29 (Call 05/01/28),
(3 mo. LIBOR US + 1.301%)^(b)		40,418		36,640,073
4.41%, 04/23/39 (Call 04/23/38),
(3 mo. LIBOR US + 1.430%)^(a)(b)		17,415		14,119,560
4.48%, 08/23/28 (Call 08/23/27)^(b)		28,942		26,930,580
4.75%, 10/21/45 (Call 04/21/45)^(a)		20,774		16,777,907
4.80%, 07/08/44 (Call 01/08/44)		19,881		16,216,568
5.15%, 05/22/45		22,283		18,061,708
5.95%, 01/15/27^(a)		13,855		13,978,980
6.13%, 02/15/33^(a)		14,649		14,570,547
6.25%, 02/01/41		29,914		29,161,893
6.75%, 10/01/37		60,486		60,191,469
HSBC Holdings PLC 1.59%, 05/24/27 (Call 05/24/26),
(SOFR + 1.290%)^(b)		20,868		17,147,713
2.01%, 09/22/28 (Call 09/22/27),
(SOFR + 1.732%)^(a)(b)		21,888		17,208,256
2.21%, 08/17/29 (Call 08/17/28),
(SOFR + 1.285%)^(b)		21,952		16,649,448
2.25%, 11/22/27 (Call 11/22/26),
(SOFR + 1.100%)^(b)		26,814		22,068,651
2.36%, 08/18/31 (Call 08/18/30),
(SOFR + 1.947%)^(b)		14,302		10,144,430
2.80%, 05/24/32 (Call 05/24/31),
(SOFR + 1.187%)^(b)		33,925		24,260,521
2.85%, 06/04/31 (Call 06/04/30),
(SOFR + 2.387%)^(b)		15,512		11,517,725
2.87%, 11/22/32 (Call 11/22/31),
(SOFR + 1.410%)^(b)		19,695		13,971,131
3.90%, 05/25/26		26,630		24,259,523
3.97%, 05/22/30 (Call 05/22/29),
(3 mo. LIBOR US + 1.610%)^(b)		35,567		29,247,918
4.04%, 03/13/28 (Call 03/13/27),
(3 mo. LIBOR US + 1.546%)^(b)		24,278		21,252,410
4.30%, 03/08/26^(a)		26,598		25,037,357
4.38%, 11/23/26^(a)		16,538		14,998,598
4.58%, 06/19/29 (Call 06/19/28),
(3 mo. LIBOR US + 1.535%)^(b)		31,144		27,061,112
4.76%, 06/09/28 (Call 06/09/27)^(a)(b)		28,059		25,314,184
4.95%, 03/31/30^(a)		27,581		24,685,668
5.21%, 08/11/28 (Call 08/11/27)^(b)		15,585		14,264,308
5.25%, 03/14/44^(a)		14,882		11,430,032
5.40%, 08/11/33 (Call 08/11/32)^(a)(b)		16,200		14,023,261
6.10%, 01/14/42^(a)		10,037		9,191,004
6.50%, 05/02/36		6,074		5,497,433
6.50%, 09/15/37^(a)		1,844		1,647,673
6.50%, 09/15/37		29,588		26,291,139
6.80%, 06/01/38		3,355		3,056,958
8.11%, 11/03/33		25,400		25,318,969
Huntington Bancshares Inc., 4.44%, 08/04/28
(Call 08/04/27)^(b)		11,349		10,560,650
Huntington Bancshares Inc./OH, 2.55%, 02/04/30
(Call 11/04/29)		7,428		5,887,015


Security	Par (000)		Value

Banks (continued)
Huntington National Bank (The), 4.55%, 05/17/28
(Call 05/17/27)^(a)(b)	$	6,508	$	6,207,498
ING Groep NV
1.73%, 04/01/27 (Call 04/01/26), (SOFR + 1.005%)^(a)(b)		11,811		10,060,170
2.73%, 04/01/32 (Call 04/01/31),
(SOFR + 1.316%)^(b)		9,279		6,935,108
3.95%, 03/29/27^(a)		18,828		17,084,785
4.02%, 03/28/28 (Call 03/28/27),
(SOFR + 1.830%)^(b)		19,739		17,739,303
4.05%, 04/09/29^(a)		8,852		7,735,266
4.25%, 03/28/33 (Call 03/28/32),
(SOFR + 2.070%)^(b)		11,932		9,908,853
4.55%, 10/02/28^(a)		14,152		12,751,643
JPMorgan Chase & Co.
1.04%, 02/04/27 (Call 02/04/26), (SOFR + 0.695%)^(b)		20,452		17,411,090
1.05%, 11/19/26 (Call 11/19/25),
(SOFR + 0.800%)^(b)		26,297		22,643,069
1.47%, 09/22/27 (Call 09/22/26),
(SOFR + 0.765%)^(b)		26,892		22,572,169
1.58%, 04/22/27 (Call 04/22/26),
(SOFR + 0.885%)^(b)		33,765		29,017,310
1.76%, 11/19/31 (Call 11/19/30),
(SOFR + 1.105%)^(a)(b)		14,399		10,467,326
1.95%, 02/04/32 (Call 02/04/31),
(SOFR + 1.065%)^(b)		27,172		19,934,629
2.07%, 06/01/29 (Call 06/01/28),
(SOFR + 1.015%)^(b)		20,623		16,671,157
2.18%, 06/01/28 (Call 06/01/27),
(SOFR + 1.890%)^(b)		17,829		15,084,035
2.52%, 04/22/31 (Call 04/22/30),
(SOFR + 2.040%)^(a)(b)		35,482		27,920,591
2.53%, 11/19/41 (Call 11/19/40),
(SOFR + 1.510%)^(b)		16,373		10,088,823
2.55%, 11/08/32 (Call 11/08/31),
(SOFR + 1.180%)^(b)		28,908		21,814,014
2.58%, 04/22/32 (Call 04/22/31),
(SOFR + 1.250%)^(b)		39,859		30,646,919
2.74%, 10/15/30 (Call 10/15/29),
(SOFR + 1.510%)^(b)		37,602		30,425,248
2.95%, 10/01/26 (Call 07/01/26)^(a)		31,422		28,692,352
2.95%, 02/24/28 (Call 02/24/27),
(SOFR + 1.170%)^(b)		16,503		14,518,623
2.96%, 01/25/33 (Call 01/25/32),
(SOFR + 1.260%)^(a)(b)		33,985		26,504,086
3.11%, 04/22/41 (Call 04/22/40),
(SOFR + 2.460%)^(b)		16,411		11,221,865
3.11%, 04/22/51 (Call 04/22/50),
(SOFR + 2.440%)^(a)(b)		23,956		14,949,291
3.16%, 04/22/42 (Call 04/22/41),
(SOFR + 2.460%)^(b)		22,819		15,553,446
3.20%, 06/15/26 (Call 03/15/26)^(a)		17,859		16,518,768
3.30%, 04/01/26 (Call 01/01/26)		19,289		17,993,161
3.33%, 04/22/52 (Call 04/22/51),
(SOFR + 1.580%)^(a)(b)		34,135		22,087,939
3.51%, 01/23/29 (Call 01/23/28),
(3 mo. LIBOR US + 0.945%)^(b)		22,398		19,782,279
3.54%, 05/01/28 (Call 05/01/27),
(3 mo. LIBOR US + 1.380%)^(a)(b)		26,420		23,766,145


Security	Par (000)		Value

Banks (continued)
3.63%, 12/01/27 (Call 12/01/26)^(a)	$	11,661	$	10,530,634
3.70%, 05/06/30 (Call 05/06/29),
(3 mo. LIBOR US + 1.160%)^(a)(b)		23,656		20,584,264
3.78%, 02/01/28 (Call 02/01/27),
(3 mo. LIBOR US + 1.337%)^(a)(b)		28,057		25,619,254
3.88%, 07/24/38 (Call 07/24/37),
(3 mo. LIBOR US + 1.360%)^(a)(b)		21,833		16,866,506
3.90%, 01/23/49 (Call 01/23/48),
(3 mo. LIBOR US + 1.220%)^(b)		20,131		14,643,591
3.96%, 01/29/27 (Call 01/29/26),
(3 mo. LIBOR US + 1.245%)^(b)		21,872		20,495,311
3.96%, 11/15/48 (Call 11/15/47),
(3 mo. LIBOR US + 1.380%)^(b)		35,119		25,903,954
4.01%, 04/23/29 (Call 04/23/28),
(3 mo. LIBOR US + 1.120%)^(b)		22,215		20,027,995
4.03%, 07/24/48 (Call 07/24/47),
(3 mo. LIBOR US + 1.460%)^(b)		17,477		13,051,186
4.13%, 12/15/26^(a)		19,695		18,670,519
4.20%, 07/23/29 (Call 07/23/28),
(3 mo. LIBOR US + 1.260%)^(a)(b)		24,310		22,028,876
4.25%, 10/01/27^(a)		15,190		14,262,294
4.26%, 02/22/48 (Call 02/22/47),
(3 mo. LIBOR US + 1.580%)^(b)		22,236		17,282,284
4.32%, 04/26/28 (Call 04/26/27),
(SOFR + 1.560%)^(b)		29,583		27,536,972
4.45%, 12/05/29 (Call 12/05/28),
(3 mo. LIBOR US + 1.330%)^(a)(b)		24,081		21,970,288
4.49%, 03/24/31 (Call 03/24/30),
(SOFR + 3.790%)^(b)		28,418		25,639,180
4.57%, 06/14/30 (Call 06/14/29)^(a)(b)		23,210		21,246,037
4.59%, 04/26/33 (Call 04/26/32),
(SOFR + 1.800%)^(b)		22,828		20,340,022
4.85%, 07/25/28 (Call 07/25/27)^(a)(b)		34,971		33,233,172
4.85%, 02/01/44^(a)		9,705		8,287,833
4.91%, 07/25/33 (Call 07/25/32)^(a)(b)		50,003		45,654,734
4.95%, 06/01/45^(a)		18,435		15,202,544
5.40%, 01/06/42^(a)		11,363		10,364,684
5.50%, 10/15/40^(a)		13,749		12,706,251
5.60%, 07/15/41^(a)		18,128		16,983,206
5.63%, 08/16/43		12,526		11,253,380
6.40%, 05/15/38^(a)		25,329		26,080,965
KeyBank NA/Cleveland OH, 4.90%, 08/08/32^(a)		10,613		9,398,160
KeyCorp 2.25%, 04/06/27^(a)		9,475		8,133,545
2.55%, 10/01/29		9,186		7,390,337
4.10%, 04/30/28^(a)		6,737		6,198,054
4.79%, 06/01/33 (Call 06/01/32)^(a)(b)		9,459		8,516,759
Lloyds Banking Group PLC 1.63%, 05/11/27 (Call 05/11/26)^(a)(b)		12,328		10,322,534
3.57%, 11/07/28 (Call 11/07/27),
(3 mo. LIBOR US + 1.205%)^(a)(b)		22,389		19,148,824
3.75%, 01/11/27		17,887		15,989,164
3.75%, 03/18/28 (Call 03/18/27)^(a)(b)		18,046		15,907,908
4.34%, 01/09/48^(a)		16,086		10,741,846
4.38%, 03/22/28		17,257		15,369,554
4.55%, 08/16/28		14,747		13,154,893
4.58%, 12/10/25		11,003		10,102,294
4.65%, 03/24/26		15,427		14,177,378
4.98%, 08/11/33 (Call 08/11/32)^(a)(b)		10,148		8,671,374
5.30%, 12/01/45^(a)		10,166		7,767,724


Security	Par (000)		Value

Banks (continued)
Mitsubishi UFJ Financial Group Inc. 1.54%, 07/20/27 (Call 07/20/26)^(b)	$	25,857	$	21,825,777
1.64%, 10/13/27 (Call 10/13/26)^(a)(b)		16,702		14,055,424
2.05%, 07/17/30^(a)		16,271		12,169,416
2.31%, 07/20/32 (Call 07/20/31)^(b)		20,415		14,833,278
2.34%, 01/19/28 (Call 01/19/27)^(b)		17,266		14,763,193
2.49%, 10/13/32 (Call 10/13/31)^(b)		6,105		4,483,431
2.56%, 02/25/30		13,784		10,850,234
2.76%, 09/13/26^(a)		12,034		10,715,845
2.85%, 01/19/33 (Call 01/19/32)^(b)		12,266		9,203,482
3.20%, 07/18/29^(a)		18,759		15,721,168
3.29%, 07/25/27^(a)		11,800		10,572,124
3.68%, 02/22/27^(a)		9,237		8,451,065
3.74%, 03/07/29		14,961		13,084,485
3.75%, 07/18/39^(a)		15,999		11,881,534
3.85%, 03/01/26		17,701		16,641,009
3.96%, 03/02/28^(a)		14,955		13,642,558
4.05%, 09/11/28^(a)		8,427		7,605,769
4.08%, 04/19/28 (Call 04/19/27)^(b)		9,567		8,790,337
5.02%, 07/20/28 (Call 07/20/27)^(b)		16,420		15,599,870
5.13%, 07/20/33 (Call 07/20/32)^(b)		17,910		16,217,854
5.35%, 09/13/28 (Call 09/13/27)^(b)		15,932		15,353,041
5.47%, 09/13/33 (Call 09/13/32)^(b)		10,482		9,768,753
Mizuho Financial Group Inc. 1.23%, 05/22/27 (Call 05/22/26)^(b)		15,303		12,854,722
1.55%, 07/09/27 (Call 07/09/26)^(a)(b)		11,573		9,806,209
1.98%, 09/08/31 (Call 09/08/30),
(SOFR + 1.532%)^(b)		7,815		5,623,944
2.20%, 07/10/31 (Call 07/10/30),
(SOFR + 1.772%)^(b)		17,485		12,827,508
2.56%, 09/13/31		12,800		9,162,255
2.84%, 09/13/26^(a)		10,375		9,228,149
3.15%, 07/16/30 (Call 07/16/29),
(3 mo. LIBOR US + 1.130%)^(a)(b)		10,190		8,336,812
3.17%, 09/11/27^(a)		4,773		4,174,552
4.02%, 03/05/28^(a)		11,039		9,931,624
4.25%, 09/11/29 (Call 09/11/28),
(3 mo. LIBOR US + 1.270%)^(b)		11,983		10,643,665
5.41%, 09/13/28 (Call 09/13/27)^(a)(b)		10,377		10,017,113
5.67%, 09/13/33 (Call 09/13/32)^(b)		9,269		8,635,912
Morgan Stanley 0.99%, 12/10/26 (Call 12/10/25),
(SOFR + 0.720%)^(b)		27,033		23,150,691
1.51%, 07/20/27 (Call 07/20/26),
(SOFR + 0.858%)^(b)		34,831		29,538,534
1.59%, 05/04/27 (Call 05/04/26),
(SOFR + 0.879%)^(b)		35,227		30,155,126
1.79%, 02/13/32 (Call 02/13/31),
(SOFR + 1.034%)^(b)		31,282		22,597,882
1.93%, 04/28/32 (Call 04/28/31),
(SOFR + 1.020%)^(b)		34,283		24,821,235
2.24%, 07/21/32 (Call 07/21/31),
(SOFR + 1.178%)^(a)(b)		36,905		27,273,946
2.48%, 01/21/28 (Call 01/21/27),
(SOFR + 1.000%)^(b)		29,373		25,398,096
2.51%, 10/20/32 (Call 10/20/31),
(SOFR + 1.200%)^(b)		28,435		21,390,579
2.70%, 01/22/31 (Call 01/22/30),
(SOFR + 1.143%)^(b)		42,655		34,124,691


Security	Par (000)		Value

Banks (continued)
2.80%, 01/25/52 (Call 01/25/51),
(SOFR + 1.430%)^(a)(b)	$	19,573	$	11,502,381
2.94%, 01/21/33 (Call 01/21/32),
(SOFR + 1.290%)^(a)(b)		29,581		23,003,955
3.13%, 07/27/26^(a)		36,176		33,010,350
3.22%, 04/22/42 (Call 04/22/41),
(SOFR + 1.485%)^(a)(b)		24,202		16,477,924
3.59%, 07/22/28 (Call 07/22/27),
(3 mo. LIBOR US + 1.340%)^(b)		36,477		32,692,165
3.62%, 04/01/31 (Call 04/01/30),
(SOFR + 3.120%)^(b)		32,889		27,947,510
3.63%, 01/20/27^(a)		33,534		30,899,901
3.77%, 01/24/29 (Call 01/24/28),
(3 mo. LIBOR US + 1.140%)^(a)(b)		35,649		31,855,323
3.88%, 01/27/26		27,304		25,953,470
3.95%, 04/23/27^(a)		24,222		22,379,803
3.97%, 07/22/38 (Call 07/22/37),
(3 mo. LIBOR US + 1.455%)^(a)(b)		25,540		19,994,804
4.21%, 04/20/28 (Call 04/20/27),
(SOFR + 1.610%)^(a)(b)		23,551		21,796,783
4.30%, 01/27/45^(a)		29,291		22,575,698
4.35%, 09/08/26^(a)		25,421		24,191,551
4.38%, 01/22/47^(a)		24,846		19,322,933
4.43%, 01/23/30 (Call 01/23/29),
(3 mo. LIBOR US + 1.628%)^(b)		32,410		29,580,030
4.46%, 04/22/39 (Call 04/22/38),
(3 mo. LIBOR US + 0.408%)^(b)		13,265		10,873,888
4.89%, 07/20/33 (Call 07/20/32)^(a)(b)		25,135		22,842,954
5.00%, 11/24/25^(a)		13,252		13,041,077
5.60%, 03/24/51 (Call 03/24/50),
(SOFR + 4.480%)^(b)		22,578		20,938,361
6.30%, 10/18/28		20,259		20,434,804
6.34%, 10/18/33		31,046		31,464,606
6.38%, 07/24/42^(a)		24,134		24,563,378
7.25%, 04/01/32^(a)		13,648		14,732,637
National Australia Bank Ltd., 3.91%, 06/09/27		12,991		12,264,962
National Australia Bank Ltd./New York 2.50%, 07/12/26^(a)		11,002		9,998,676
3.38%, 01/14/26^(a)		4,014		3,794,705
NatWest Group PLC 1.64%, 06/14/27 (Call 06/14/26)^(a)(b)		20,023		16,629,156
3.07%, 05/22/28 (Call 05/22/27)^(a)(b)		11,650		9,864,811
4.45%, 05/08/30 (Call 05/08/29),
(3 mo. LIBOR US + 1.871%)^(b)		11,949		10,178,192
4.80%, 04/05/26^(a)		14,367		13,543,341
4.89%, 05/18/29 (Call 05/18/28),
(3 mo. LIBOR US + 1.754%)^(a)(b)		21,945		19,547,812
5.08%, 01/27/30 (Call 01/27/29),
(3 mo. LIBOR US + 1.905%)^(a)(b)		18,542		16,494,207
5.52%, 09/30/28 (Call 09/30/27)^(b)		12,044		11,223,382
Northern Trust Corp. 1.95%, 05/01/30 (Call 02/01/30)^(a)		8,436		6,590,491
3.95%, 10/30/25^(a)		1,073		1,041,354
4.00%, 05/10/27 (Call 04/10/27)^(a)		11,904		11,377,850
6.13%, 11/02/32		7,670		7,658,582
PNC Bank NA
2.70%, 10/22/29		10,977		8,905,084
3.10%, 10/25/27 (Call 09/25/27)^(a)		17,052		15,404,639
4.05%, 07/26/28^(a)		13,615		12,369,353


Security	Par (000)		Value

Banks (continued)
PNC Financial Services Group Inc. (The) 2.31%, 04/23/32 (Call 04/23/31),
(SOFR + 0.979%)^(a)(b)	$	11,293	$	8,630,547
2.55%, 01/22/30 (Call 10/24/29)^(a)		23,794		19,314,582
2.60%, 07/23/26 (Call 05/23/26)^(a)		9,259		8,359,722
3.15%, 05/19/27 (Call 04/19/27)^(a)		12,337		11,100,866
3.45%, 04/23/29 (Call 01/23/29)		16,687		14,671,321
6.04%, 10/28/33		1,183		1,185,340
Royal Bank of Canada 0.88%, 01/20/26		13,336		11,503,175
1.15%, 07/14/26		11,646		9,936,686
1.20%, 04/27/26		20,834		17,999,801
1.40%, 11/02/26		13,348		11,354,850
2.30%, 11/03/31		11,188		8,488,461
3.63%, 05/04/27^(a)		16,474		15,188,904
3.88%, 05/04/32		11,041		9,511,987
4.24%, 08/03/27^(a)		16,255		15,267,154
4.65%, 01/27/26		10,113		9,759,021
6.00%, 11/01/27		6,391		6,428,953
Santander Holdings USA Inc. 2.49%, 01/06/28 (Call 01/06/27),
(SOFR + 1.249%)^(a)(b)		11,859		9,814,896
3.24%, 10/05/26 (Call 08/05/26)^(a)		12,657		11,183,140
4.40%, 07/13/27 (Call 04/14/27)		14,648		13,233,301
Santander UK Group Holdings PLC 1.67%, 06/14/27 (Call 06/14/26),
(SOFR + 0.989%)^(a)(b)		17,717		14,481,344
2.47%, 01/11/28 (Call 01/11/27),
(SOFR + 1.220%)^(b)		14,554		12,022,768
3.82%, 11/03/28 (Call 11/03/27),
(3 mo. LIBOR US + 1.400%)^(a)(b)		13,631		11,565,466
State Street Corp. 2.20%, 03/03/31		10,684		8,181,873
2.40%, 01/24/30^(a)		8,717		7,116,447
2.65%, 05/19/26^(a)		6,721		6,223,448
Sumitomo Mitsui Financial Group Inc. 0.95%, 01/12/26^(a)		8,224		7,077,414
1.40%, 09/17/26^(a)		20,460		17,319,351
1.90%, 09/17/28^(a)		29,291		23,229,412
2.13%, 07/08/30^(a)		15,635		11,723,272
2.14%, 09/23/30		12,357		9,051,830
2.22%, 09/17/31^(a)		10,175		7,431,201
2.63%, 07/14/26^(a)		17,509		15,682,943
2.75%, 01/15/30^(a)		15,882		12,677,195
2.93%, 09/17/41		12,484		7,755,184
3.01%, 10/19/26^(a)		16,322		14,719,005
3.04%, 07/16/29^(a)		30,451		25,116,688
3.35%, 10/18/27^(a)		11,991		10,656,800
3.36%, 07/12/27^(a)		18,579		16,699,279
3.45%, 01/11/27^(a)		13,137		11,961,964
3.54%, 01/17/28^(a)		10,384		9,271,834
3.78%, 03/09/26^(a)		16,132		15,188,588
3.94%, 07/19/28		11,324		10,187,154
Toronto-Dominion Bank (The)
0.75%, 01/06/26^(a)		10,501		9,059,025
1.20%, 06/03/26		14,548		12,523,153
1.25%, 09/10/26		23,839		20,332,355
1.95%, 01/12/27^(a)		11,430		9,909,343
2.00%, 09/10/31		11,263		8,320,715
2.80%, 03/10/27		16,076		14,318,692


Security	Par (000)		Value

Banks (continued)
3.20%, 03/10/32	$	15,176	$	12,296,063
4.11%, 06/08/27		20,079		18,787,406
4.46%, 06/08/32		21,826		19,552,916
4.69%, 09/15/27		14,805		14,158,359
Truist Bank 2.25%, 03/11/30 (Call 12/11/29)^(a)		14,154		11,013,693
3.30%, 05/15/26 (Call 04/15/26)^(a)		9,595		8,832,343
3.80%, 10/30/26 (Call 09/30/26)^(a)		11,750		10,935,062
Truist Financial Corp. 1.13%, 08/03/27 (Call 06/03/27)^(a)		6,523		5,287,184
1.27%, 03/02/27 (Call 03/02/26),
(SOFR + 0.609%)^(a)(b)		8,273		7,141,137
1.89%, 06/07/29 (Call 06/07/28),
(SOFR + 0.862%)^(a)(b)		13,089		10,500,841
1.95%, 06/05/30 (Call 03/05/30)^(a)		5,193		3,993,766
4.12%, 06/06/28 (Call 06/06/27)^(a)(b)		10,190		9,412,480
6.12%, 10/28/33^(a)		12,000		12,017,329
U.S. Bancorp.
1.38%, 07/22/30 (Call 04/22/30)		10,581		7,801,530
2.22%, 01/27/28 (Call 01/27/27),
(SOFR + 0.730%)^(a)(b)		20,333		17,737,147
2.68%, 01/27/33 (Call 01/27/32),
(SOFR + 1.020%)^(a)(b)		12,737		9,984,823
3.00%, 07/30/29 (Call 04/30/29)		18,707		15,786,985
3.10%, 04/27/26 (Call 03/27/26)^(a)		13,174		12,216,626
3.90%, 04/26/28 (Call 03/24/28)^(a)		10,674		9,951,507
3.95%, 11/17/25 (Call 10/17/25)^(a)		4,290		4,138,290
4.55%, 07/22/28 (Call 07/22/27)^(b)		22,622		21,505,534
5.85%, 10/21/33		8,180		8,148,317
Series V, 2.38%, 07/22/26 (Call 06/22/26)^(a)		16,132		14,619,752
Series X, 3.15%, 04/27/27 (Call 03/27/27)^(a)		7,411		6,819,407
Wachovia Corp., 5.50%, 08/01/35^(a)		16,083		14,656,380
Wells Fargo & Co.
2.39%, 06/02/28 (Call 06/02/27),
(SOFR + 2.100%)^(b)		37,218		31,795,955
2.57%, 02/11/31 (Call 02/11/30),
(SOFR + 1.262%)^(a)(b)		31,899		25,431,449
2.88%, 10/30/30 (Call 10/30/29),
(SOFR + 1.432%)^(a)(b)		38,727		31,733,593
3.00%, 04/22/26^(a)		36,375		33,277,636
3.00%, 10/23/26^(a)		38,685		35,023,155
3.07%, 04/30/41 (Call 04/30/40),
(SOFR + 2.530%)^(a)(b)		39,570		26,799,985
3.20%, 06/17/27 (Call 06/17/26),
(3 mo. LIBOR US + 1.170%)^(b)		27,531		24,938,728
3.35%, 03/02/33 (Call 03/02/32),
(SOFR + 1.500%)^(a)(b)		42,661		34,361,913
3.53%, 03/24/28 (Call 03/24/27),
(SOFR + 1.510%)^(b)		37,062		33,413,105
3.58%, 05/22/28 (Call 05/22/27),
(3 mo. LIBOR US + 1.310%)^(a)(b)		36,460		32,858,441
3.90%, 05/01/45		23,182		16,770,893
4.10%, 06/03/26^(a)		26,959		25,493,476
4.15%, 01/24/29 (Call 10/24/28)		28,211		25,641,116
4.30%, 07/22/27		26,633		24,907,096
4.40%, 06/14/46^(a)		23,314		17,085,355
4.48%, 04/04/31 (Call 04/04/30),
(SOFR + 4.032%)^(b)		25,143		22,734,632
4.61%, 04/25/53 (Call 04/25/52)^(b)		33,660		26,873,760
4.65%, 11/04/44		25,037		19,486,475


Security	Par (000)		Value

Banks (continued)
4.75%, 12/07/46^(a)	$	24,707	$	19,027,328
4.81%, 07/25/28 (Call 07/25/27)^(a)(b)		37,783		35,780,339
4.90%, 07/25/33 (Call 07/25/32)^(b)		47,525		43,348,912
4.90%, 11/17/45		24,208		19,248,250
5.01%, 04/04/51 (Call 04/04/50),
(SOFR + 4.502%)^(b)		60,713		51,472,688
5.38%, 11/02/43		22,266		18,885,460
5.61%, 01/15/44		28,671		24,973,284
Wells Fargo Bank NA 5.85%, 02/01/37^(a)		12,073		11,502,022
6.60%, 01/15/38^(a)		17,456		17,845,274
Westpac Banking Corp. 1.15%, 06/03/26		13,151		11,417,789
1.95%, 11/20/28		10,448		8,656,280
2.15%, 06/03/31^(a)		10,685		8,413,154
2.65%, 01/16/30^(a)		10,968		9,194,731
2.70%, 08/19/26^(a)		12,754		11,652,121
2.85%, 05/13/26^(a)		19,288		17,844,185
2.96%, 11/16/40		7,951		4,785,669
3.13%, 11/18/41		13,670		8,379,925
3.35%, 03/08/27^(a)		11,372		10,529,416
3.40%, 01/25/28^(a)		10,266		9,416,221
4.04%, 08/26/27^(a)		11,155		10,592,950
4.42%, 07/24/39		16,158		12,258,590

				8,255,432,068

Beverages — 3.0%
Anheuser-Busch Companies LLC/Anheuser-Busch InBev Worldwide Inc.
3.65%, 02/01/26 (Call 11/01/25)^(a)		38,115		36,532,999
4.70%, 02/01/36 (Call 08/01/35)		62,008		56,077,282
4.90%, 02/01/46 (Call 08/01/45)		106,141		91,996,321
Anheuser-Busch InBev Finance Inc. 4.00%, 01/17/43		10,237		7,852,379
4.63%, 02/01/44		10,911		9,118,051
4.90%, 02/01/46 (Call 08/01/45)^(a)		13,181		11,295,082
Anheuser-Busch InBev Worldwide Inc. 3.50%, 06/01/30 (Call 03/01/30)^(a)		21,152		18,898,189
3.75%, 07/15/42		10,675		8,048,035
4.00%, 04/13/28 (Call 01/13/28)^(a)		29,163		27,556,679
4.35%, 06/01/40 (Call 12/01/39)^(a)		11,875		9,918,793
4.38%, 04/15/38 (Call 10/15/37)^(a)		21,003		17,924,487
4.44%, 10/06/48 (Call 04/06/48)^(a)		18,918		15,279,719
4.50%, 06/01/50 (Call 12/01/49)^(a)		26,924		22,023,719
4.60%, 04/15/48 (Call 10/15/47)^(a)		28,919		23,840,263
4.60%, 06/01/60 (Call 12/01/59)^(a)		10,037		7,931,507
4.75%, 01/23/29 (Call 10/23/28)		45,030		43,780,751
4.75%, 04/15/58 (Call 10/15/57)^(a)		18,016		14,609,137
4.90%, 01/23/31 (Call 10/23/30)^(a)		9,644		9,408,922
4.95%, 01/15/42^(a)		18,452		16,327,833
5.45%, 01/23/39 (Call 07/23/38)^(a)		22,783		21,535,392
5.55%, 01/23/49 (Call 07/23/48)^(a)		45,714		43,045,057
5.80%, 01/23/59 (Call 07/23/58)^(a)		22,553		21,438,235
8.20%, 01/15/39		13,259		15,803,548
Coca-Cola Co. (The)
1.00%, 03/15/28^(a)		15,148		12,448,117
1.38%, 03/15/31^(a)		18,404		13,992,033
1.45%, 06/01/27		15,850		13,758,594
1.50%, 03/05/28^(a)		7,902		6,683,595
1.65%, 06/01/30^(a)		17,585		13,951,137
2.00%, 03/05/31		8,429		6,769,474


Security	Par (000)		Value

Beverages (continued)
2.13%, 09/06/29	$	11,860	$	9,957,524
2.25%, 01/05/32^(a)		18,490		14,920,892
2.50%, 06/01/40		12,095		8,359,073
2.50%, 03/15/51^(a)		17,178		10,505,785
2.60%, 06/01/50^(a)		17,500		11,077,015
2.75%, 06/01/60^(a)		10,746		6,523,093
2.88%, 05/05/41		7,338		5,302,268
3.00%, 03/05/51^(a)		18,533		12,670,944
3.38%, 03/25/27^(a)		11,174		10,615,967
3.45%, 03/25/30		14,170		12,818,563
Constellation Brands Inc. 2.25%, 08/01/31 (Call 05/01/31)^(a)		15,804		12,106,472
3.15%, 08/01/29 (Call 05/01/29)		10,421		8,924,557
Diageo Capital PLC 2.00%, 04/29/30 (Call 01/29/30)^(a)		15,298		12,180,636
2.13%, 04/29/32 (Call 01/29/32)^(a)		4,905		3,754,227
2.38%, 10/24/29 (Call 07/24/29)		12,863		10,640,716
5.30%, 10/24/27		3,525		3,537,950
Keurig Dr Pepper Inc. 3.20%, 05/01/30 (Call 02/01/30)^(a)		14,057		11,889,964
3.80%, 05/01/50 (Call 11/01/49)		9,164		6,392,922
3.95%, 04/15/29 (Call 02/15/29)^(a)		16,835		15,255,427
4.05%, 04/15/32 (Call 01/15/32)^(a)		6,158		5,385,351
4.50%, 04/15/52 (Call 10/15/51)^(a)		16,063		12,573,548
4.60%, 05/25/28 (Call 02/25/28)		8,234		7,854,337
Molson Coors Beverage Co. 3.00%, 07/15/26 (Call 04/15/26)		22,221		20,249,880
4.20%, 07/15/46 (Call 01/15/46)^(a)		20,978		15,441,967
5.00%, 05/01/42^(a)		12,754		10,663,608
PepsiCo Inc. 1.40%, 02/25/31 (Call 11/25/30)^(a)		9,778		7,501,837
1.63%, 05/01/30 (Call 02/01/30)		14,380		11,419,808
1.95%, 10/21/31 (Call 07/21/31)		11,265		8,888,745
2.38%, 10/06/26 (Call 07/06/26)		6,101		5,585,135
2.63%, 07/29/29 (Call 04/29/29)^(a)		9,819		8,505,002
2.63%, 10/21/41 (Call 04/21/41)		12,387		8,537,236
2.75%, 03/19/30 (Call 12/19/29)		19,449		16,794,964
2.75%, 10/21/51 (Call 04/21/51)^(a)		10,281		6,669,218
2.85%, 02/24/26 (Call 11/24/25)		9,248		8,702,648
2.88%, 10/15/49 (Call 04/15/49)		10,713		7,268,985
3.00%, 10/15/27 (Call 07/15/27)^(a)		14,603		13,475,378
3.45%, 10/06/46 (Call 04/06/46)		11,674		8,773,219
3.60%, 02/18/28 (Call 01/18/28)^(a)		20,051		18,848,808
3.63%, 03/19/50 (Call 09/19/49)		10,532		8,236,208
3.90%, 07/18/32 (Call 04/18/32)^(a)		17,264		15,966,950
4.45%, 04/14/46 (Call 10/14/45)^(a)		6,698		5,848,767

				1,038,470,924

Biotechnology — 1.6%
Amgen Inc. 1.65%, 08/15/28 (Call 06/15/28)		13,697		11,268,751
2.00%, 01/15/32 (Call 10/15/31)^(a)		15,173		11,536,584
2.20%, 02/21/27 (Call 12/21/26)		18,646		16,548,651
2.30%, 02/25/31 (Call 11/25/30)^(a)		11,730		9,373,016
2.45%, 02/21/30 (Call 11/21/29)^(a)		14,485		11,925,211
2.60%, 08/19/26 (Call 05/19/26)^(a)		16,534		15,123,809
2.77%, 09/01/53 (Call 03/01/53)^(a)		7,480		4,300,466
2.80%, 08/15/41 (Call 02/15/41)		15,006		10,055,030
3.00%, 02/22/29 (Call 12/22/28)		9,996		8,755,332
3.00%, 01/15/52 (Call 07/15/51)^(a)		12,967		7,974,258
3.15%, 02/21/40 (Call 08/21/39)		21,042		14,987,198


Security	Par (000)		Value

Biotechnology (continued)
3.20%, 11/02/27 (Call 08/02/27)^(a)	$	11,390	$	10,447,767
3.35%, 02/22/32 (Call 11/22/31)		10,844		9,228,314
3.38%, 02/21/50 (Call 08/21/49)^(a)		25,795		17,146,091
4.05%, 08/18/29 (Call 06/18/29)		16,450		15,177,824
4.20%, 03/01/33 (Call 12/01/32)		11,590		10,416,457
4.20%, 02/22/52 (Call 08/22/51)		12,186		9,312,734
4.40%, 05/01/45 (Call 11/01/44)		26,312		21,192,466
4.40%, 02/22/62 (Call 08/22/61)^(a)		16,004		12,155,985
4.56%, 06/15/48 (Call 12/15/47)		16,376		13,346,250
4.66%, 06/15/51 (Call 12/15/50)^(a)		38,885		32,139,413
4.88%, 03/01/53 (Call 09/01/52)^(a)		15,443		13,126,125
Biogen Inc. 2.25%, 05/01/30 (Call 02/01/30)^(a)		20,875		16,361,257
3.15%, 05/01/50 (Call 11/01/49)		25,530		15,720,539
5.20%, 09/15/45 (Call 03/15/45)^(a)		7,038		6,082,340
Gilead Sciences Inc. 1.20%, 10/01/27 (Call 08/01/27)		10,807		8,885,915
1.65%, 10/01/30 (Call 07/01/30)^(a)		14,441		11,131,803
2.60%, 10/01/40 (Call 04/01/40)^(a)		17,526		11,578,233
2.80%, 10/01/50 (Call 04/01/50)^(a)		18,931		11,551,265
2.95%, 03/01/27 (Call 12/01/26)^(a)		14,699		13,370,369
3.65%, 03/01/26 (Call 12/01/25)^(a)		28,316		26,818,820
4.00%, 09/01/36 (Call 03/01/36)^(a)		7,046		5,896,171
4.15%, 03/01/47 (Call 09/01/46)		17,761		13,866,855
4.50%, 02/01/45 (Call 08/01/44)^(a)		19,989		16,526,505
4.60%, 09/01/35 (Call 03/01/35)		10,237		9,236,121
4.75%, 03/01/46 (Call 09/01/45)^(a)		26,934		23,071,864
4.80%, 04/01/44 (Call 10/01/43)		20,048		17,244,780
5.65%, 12/01/41 (Call 06/01/41)		10,557		10,118,530
Regeneron Pharmaceuticals Inc. 1.75%, 09/15/30 (Call 06/15/30)		17,739		13,370,931
2.80%, 09/15/50 (Call 03/15/50)^(a)		8,225		4,819,509
Royalty Pharma PLC 1.75%, 09/02/27 (Call 07/02/27)^(a)		11,006		9,071,871
2.20%, 09/02/30 (Call 06/02/30)		12,740		9,652,353
3.30%, 09/02/40 (Call 03/02/40)		13,033		8,657,445
3.55%, 09/02/50 (Call 03/02/50)^(a)		11,583		7,099,923

				555,671,131

Building Materials — 0.2%
Carrier Global Corp. 2.49%, 02/15/27 (Call 12/15/26)^(a)		7,096		6,249,904
2.70%, 02/15/31 (Call 11/15/30)^(a)		10,181		8,146,951
2.72%, 02/15/30 (Call 11/15/29)^(a)		25,798		21,173,920
3.38%, 04/05/40 (Call 10/05/39)^(a)		19,290		13,773,500
3.58%, 04/05/50 (Call 10/05/49)^(a)		20,602		13,833,664
Martin Marietta Materials Inc. 2.40%, 07/15/31 (Call 04/15/31)^(a)		13,242		10,148,445
3.20%, 07/15/51 (Call 01/15/51)		8,862		5,533,423

				78,859,807

Chemicals — 1.1%
Air Products and Chemicals Inc. 2.05%, 05/15/30 (Call 02/15/30)^(a)		12,485		10,084,715
2.70%, 05/15/40 (Call 11/15/39)		7,315		5,070,806
2.80%, 05/15/50 (Call 11/15/49)^(a)		12,835		8,205,518
Celanese U.S. Holdings LLC 6.17%, 07/15/27 (Call 06/15/27)		24,786		23,384,582
6.33%, 07/15/29 (Call 05/15/29)		7,253		6,738,618
6.38%, 07/15/32 (Call 04/15/32)^(a)		12,769		11,596,340


Security	Par (000)		Value

Chemicals (continued)
CF Industries Inc. 4.95%, 06/01/43	$	11,211	$	9,042,789
5.15%, 03/15/34^(a)		10,445		9,422,831
5.38%, 03/15/44		8,082		6,862,775
Dow Chemical Co. (The) 2.10%, 11/15/30 (Call 08/15/30)^(a)		7,479		5,710,590
3.60%, 11/15/50 (Call 05/15/50)^(a)		11,506		7,511,386
4.38%, 11/15/42 (Call 05/15/42)^(a)		11,712		8,952,551
5.25%, 11/15/41 (Call 05/15/41)^(a)		10,929		9,433,713
5.55%, 11/30/48 (Call 05/30/48)		10,582		9,181,992
6.90%, 05/15/53		2,224		2,250,722
7.38%, 11/01/29^(a)		13,843		14,978,512
DuPont de Nemours Inc. 4.49%, 11/15/25 (Call 09/15/25)^(a)		16,074		15,729,762
4.73%, 11/15/28 (Call 08/15/28)^(a)		28,690		27,430,457
5.32%, 11/15/38 (Call 05/15/38)^(a)		20,748		18,859,849
5.42%, 11/15/48 (Call 05/15/48)^(a)		21,870		19,168,670
Eastman Chemical Co., 4.65%, 10/15/44
(Call 04/15/44)		11,721		8,877,918
Ecolab Inc. 2.70%, 11/01/26 (Call 08/01/26)^(a)		4,721		4,319,239
2.70%, 12/15/51 (Call 06/15/51)^(a)		12,224		7,363,618
International Flavors & Fragrances Inc.,
5.00%,09/26/48 (Call 03/26/48)^(a)		5,575		4,455,836
LYB International Finance BV 4.88%, 03/15/44 (Call 09/15/43)^(a)		13,198		10,333,494
5.25%, 07/15/43^(a)		7,987		6,562,747
LYB International Finance III LLC 3.38%, 10/01/40 (Call 04/01/40)^(a)		10,080		6,710,241
3.63%, 04/01/51 (Call 10/01/50)^(a)		11,115		6,928,595
4.20%, 10/15/49 (Call 04/15/49)^(a)		10,854		7,489,408
4.20%, 05/01/50 (Call 11/01/49)		12,147		8,366,125
LyondellBasell Industries NV, 4.63%, 02/26/55 (Call 08/26/54)		11,507		8,202,978
Nutrien Ltd. 4.20%, 04/01/29 (Call 01/01/29)		9,354		8,564,272
5.00%, 04/01/49 (Call 10/01/48)^(a)		8,208		6,972,140
Sherwin-Williams Co. (The) 2.95%, 08/15/29 (Call 05/15/29)^(a)		10,668		9,042,140
3.45%, 06/01/27 (Call 03/01/27)^(a)		15,931		14,637,653
4.50%, 06/01/47 (Call 12/01/46)^(a)		15,273		12,041,340
Westlake Corp., 3.60%, 08/15/26 (Call 05/15/26)^(a)		6,765		6,233,408

				366,718,330

Commercial Services — 0.8%
Automatic Data Processing Inc. 1.25%, 09/01/30 (Call 06/01/30)^(a)		14,850		11,352,323
1.70%, 05/15/28 (Call 03/15/28)		9,599		8,160,921
Equifax Inc. 2.35%, 09/15/31 (Call 06/15/31)^(a)		13,206		9,763,299
5.10%, 12/15/27 (Call 11/15/27)		10,170		9,800,922
Global Payments Inc. 1.20%, 03/01/26 (Call 02/01/26)		12,840		10,953,509
2.15%, 01/15/27 (Call 12/15/26)^(a)		11,359		9,691,602
2.90%, 05/15/30 (Call 02/15/30)^(a)		11,948		9,524,868
2.90%, 11/15/31 (Call 08/15/31)		11,379		8,699,022
3.20%, 08/15/29 (Call 05/15/29)^(a)		16,855		14,003,225
4.15%, 08/15/49 (Call 02/15/49)^(a)		7,621		5,146,043
4.80%, 04/01/26 (Call 01/01/26)^(a)		8,886		8,516,274
5.40%, 08/15/32 (Call 05/15/32)		4,830		4,457,406
5.95%, 08/15/52 (Call 02/15/52)		8,768		7,574,642


Security	Par (000)		Value

Commercial Services (continued)
Massachusetts Institute of Technology, 5.60%, 07/01/2111	$	7,626	$	7,240,936
PayPal Holdings Inc. 2.30%, 06/01/30 (Call 03/01/30)^(a)		13,700		11,050,282
2.65%, 10/01/26 (Call 08/01/26)		11,680		10,659,077
2.85%, 10/01/29 (Call 07/01/29)		17,496		14,884,050
3.25%, 06/01/50 (Call 12/01/49)^(a)		10,908		7,103,155
4.40%, 06/01/32 (Call 03/01/32)^(a)		12,584		11,539,298
5.05%, 06/01/52 (Call 12/01/51)^(a)		12,362		10,705,700
Quanta Services Inc., 2.90%, 10/01/30 (Call 07/01/30)		15,434		12,164,690
RELX Capital Inc. 3.00%, 05/22/30 (Call 02/22/30)^(a)		9,841		8,189,370
4.00%, 03/18/29 (Call 12/18/28)		10,764		9,783,466
S&P Global Inc. 2.45%, 03/01/27 (Call 02/01/27)^(a)(c)		15,166		13,585,286
2.70%, 03/01/29 (Call 01/01/29)^(a)(c)		19,146		16,410,115
2.90%, 03/01/32 (Call 12/01/31)^(a)(c)		19,385		15,924,820
3.70%, 03/01/52 (Call 09/01/51)^(a)(c)		14,384		10,477,615
4.25%, 05/01/29 (Call 02/01/29)^(a)(c)		10,630		9,912,575

				287,274,491

Computers — 3.2%
Apple Inc. 0.70%, 02/08/26 (Call 01/08/26)		22,494		19,700,511
1.25%, 08/20/30 (Call 05/20/30)		14,795		11,360,693
1.40%, 08/05/28 (Call 06/05/28)		19,627		16,256,854
1.65%, 05/11/30 (Call 02/11/30)		19,292		15,417,802
1.65%, 02/08/31 (Call 11/08/30)		34,316		26,874,912
1.70%, 08/05/31 (Call 05/05/31)^(a)		13,525		10,499,409
2.05%, 09/11/26 (Call 07/11/26)		22,990		20,785,452
2.20%, 09/11/29 (Call 06/11/29)^(a)		19,107		16,142,774
2.38%, 02/08/41 (Call 08/08/40)^(a)		16,044		10,761,410
2.40%, 08/20/50 (Call 02/20/50)		16,080		9,517,538
2.45%, 08/04/26 (Call 05/04/26)		24,274		22,338,967
2.55%, 08/20/60 (Call 02/20/60)^(a)		19,475		11,128,257
2.65%, 05/11/50 (Call 11/11/49)		27,944		17,506,388
2.65%, 02/08/51 (Call 08/08/50)^(a)		33,686		20,852,756
2.70%, 08/05/51 (Call 02/05/51)^(a)		19,927		12,501,554
2.80%, 02/08/61 (Call 08/08/60)		22,540		13,348,278
2.85%, 08/05/61 (Call 02/05/61)		15,718		9,405,282
2.90%, 09/12/27 (Call 06/12/27)^(a)		16,539		15,179,211
2.95%, 09/11/49 (Call 03/11/49)^(a)		17,268		11,629,925
3.00%, 06/20/27 (Call 03/20/27)^(a)		10,240		9,542,270
3.00%, 11/13/27 (Call 08/13/27)^(a)		12,566		11,616,992
3.20%, 05/11/27 (Call 02/11/27)^(a)		21,295		19,948,458
3.25%, 02/23/26 (Call 11/23/25)^(a)		30,768		29,309,501
3.25%, 08/08/29 (Call 06/08/29)		19,269		17,529,601
3.35%, 02/09/27 (Call 11/09/26)^(a)		24,502		23,235,060
3.35%, 08/08/32 (Call 05/08/32)^(a)		19,719		17,362,136
3.45%, 02/09/45^(a)		22,636		17,146,086
3.75%, 09/12/47 (Call 03/12/47)		10,510		8,245,077
3.75%, 11/13/47 (Call 05/13/47)		13,689		10,742,096
3.85%, 05/04/43^(a)		34,501		28,077,804
3.85%, 08/04/46 (Call 02/04/46)		22,012		17,578,876
3.95%, 08/08/52 (Call 02/08/52)		21,214		16,819,762
4.10%, 08/08/62 (Call 02/08/62)		19,115		14,871,153
4.25%, 02/09/47 (Call 08/09/46)^(a)		10,647		9,135,740
4.38%, 05/13/45^(a)		23,305		20,295,327
4.45%, 05/06/44		9,173		8,193,013
4.50%, 02/23/36 (Call 08/23/35)^(a)		12,471		11,914,399
4.65%, 02/23/46 (Call 08/23/45)^(a)		46,358		41,695,804


Security	Par (000)		Value

Computers (continued)
Dell International LLC/EMC Corp. 3.38%, 12/15/41 (Call 06/15/41)^(a)(c)	$	13,023	$	8,069,152
3.45%, 12/15/51 (Call 06/15/51)^(a)(c)		12,736		7,212,064
4.90%, 10/01/26 (Call 08/01/26)		20,247		19,433,449
5.30%, 10/01/29 (Call 07/01/29)		19,882		18,601,939
6.02%, 06/15/26 (Call 03/15/26)^(a)		46,385		46,299,754
6.20%, 07/15/30 (Call 04/15/30)^(a)		7,136		6,984,314
8.10%, 07/15/36 (Call 01/15/36)		14,723		15,613,855
8.35%, 07/15/46 (Call 01/15/46)^(a)		10,952		11,619,576
Hewlett Packard Enterprise Co. 1.75%, 04/01/26 (Call 03/01/26)^(a)		6,403		5,666,396
6.20%, 10/15/35 (Call 04/15/35)^(a)		10,016		9,678,017
6.35%, 10/15/45 (Call 04/15/45)^(a)		18,050		16,307,731
HP Inc. 1.45%, 06/17/26 (Call 05/17/26)^(a)		10,651		9,111,834
2.65%, 06/17/31 (Call 03/17/31)		12,412		9,100,591
3.00%, 06/17/27 (Call 04/17/27)^(a)		11,430		10,065,188
3.40%, 06/17/30 (Call 03/17/30)^(a)		6,258		5,095,905
4.00%, 04/15/29 (Call 02/15/29)^(a)		12,903		11,294,889
4.20%, 04/15/32 (Call 01/15/32)		14,130		11,540,540
4.75%, 01/15/28 (Call 12/15/27)^(a)		9,882		9,230,168
5.50%, 01/15/33 (Call 10/15/32)^(a)		11,490		10,222,617
6.00%, 09/15/41^(a)		14,980		13,319,776
International Business Machines Corp. 1.70%, 05/15/27 (Call 03/15/27)^(a)		14,806		12,719,515
1.95%, 05/15/30 (Call 02/15/30)		7,949		6,263,930
2.95%, 05/15/50 (Call 11/15/49)^(a)		10,337		6,272,656
3.30%, 05/15/26^(a)		30,656		28,747,952
3.45%, 02/19/26^(a)		14,597		13,848,621
3.50%, 05/15/29		34,729		31,021,759
4.00%, 06/20/42^(a)		11,426		8,806,409
4.15%, 07/27/27 (Call 06/27/27)^(a)		14,629		13,975,408
4.15%, 05/15/39		21,823		17,757,340
4.25%, 05/15/49^(a)		32,220		24,947,891
4.40%, 07/27/32 (Call 04/27/32)^(a)		17,506		16,001,146
4.90%, 07/27/52 (Call 01/27/52)^(a)		11,493		9,683,641
Leidos Inc. 2.30%, 02/15/31 (Call 11/15/30)		13,183		9,748,263
4.38%, 05/15/30 (Call 02/15/30)		6,136		5,350,776
Western Digital Corp., 4.75%, 02/15/26
(Call 11/15/25)^(a)		17,794		16,447,026

				1,100,527,216

Cosmetics & Personal Care — 0.5%
GSK Consumer Healthcare Capital U.S. LLC
3.38%, 03/24/27		21,571		19,508,954
3.38%, 03/24/29		10,457		9,119,650
3.63%, 03/24/32		21,242		17,895,944
4.00%, 03/24/52		10,175		7,295,158
Procter & Gamble Co. (The) 1.00%, 04/23/26^(a)		10,237		9,054,987
1.20%, 10/29/30		21,262		16,211,050
1.90%, 02/01/27^(a)		8,661		7,765,922
1.95%, 04/23/31^(a)		9,528		7,666,121
2.30%, 02/01/32^(a)		7,430		6,118,413
2.45%, 11/03/26^(a)		12,609		11,619,712
2.85%, 08/11/27^(a)		9,541		8,781,803
3.00%, 03/25/30^(a)		20,266		18,079,124
Unilever Capital Corp. 1.75%, 08/12/31 (Call 05/12/31)^(a)		12,504		9,518,628
2.13%, 09/06/29 (Call 06/06/29)^(a)		10,176		8,397,356


Security	Par (000)		Value

Cosmetics & Personal Care (continued)
2.90%, 05/05/27 (Call 02/05/27)^(a)	$	11,214	$	10,246,337
3.50%, 03/22/28 (Call 12/22/27)^(a)		13,145		12,124,105
5.90%, 11/15/32^(a)		11,356		11,820,289

				191,223,553

Diversified Financial Services — 3.1%
AerCap Ireland Capital DAC/AerCap Global
Aviation Trust
1.75%, 01/30/26 (Call 12/30/25)		4,354		3,712,325
2.45%, 10/29/26 (Call 09/29/26)^(a)		42,018		35,544,640
3.00%, 10/29/28 (Call 08/29/28)		45,434		36,689,550
3.30%, 01/30/32 (Call 10/30/31)^(a)		40,342		30,209,849
3.40%, 10/29/33 (Call 07/29/33)		21,945		15,832,995
3.65%, 07/21/27 (Call 04/21/27)		14,089		12,251,390
3.85%, 10/29/41 (Call 04/29/41)^(a)		18,340		12,158,087
Air Lease Corp. 1.88%, 08/15/26 (Call 07/15/26)^(a)		17,364		14,565,008
2.20%, 01/15/27 (Call 12/15/26)^(a)		12,446		10,411,318
2.88%, 01/15/26 (Call 12/15/25)^(a)		8,348		7,422,457
2.88%, 01/15/32 (Call 10/15/31)		8,353		6,218,419
3.13%, 12/01/30 (Call 09/01/30)^(a)		11,592		8,993,497
3.75%, 06/01/26 (Call 04/01/26)		12,087		10,958,379
Ally Financial Inc. 2.20%, 11/02/28 (Call 09/02/28)^(a)		9,463		7,275,533
4.75%, 06/09/27 (Call 05/09/27)^(a)		9,886		9,022,754
8.00%, 11/01/31^(a)		22,318		22,858,319
American Express Co. 1.65%, 11/04/26 (Call 10/04/26)^(a)		14,498		12,470,289
2.55%, 03/04/27 (Call 02/01/27)		29,517		25,933,438
3.13%, 05/20/26 (Call 04/20/26)^(a)		16,396		15,174,352
3.30%, 05/03/27 (Call 04/03/27)^(a)		10,100		9,143,622
4.05%, 05/03/29 (Call 03/03/29)^(a)		8,402		7,578,407
4.05%, 12/03/42^(a)		10,438		8,023,992
4.20%, 11/06/25 (Call 10/06/25)^(a)		4,382		4,244,305
5.85%, 11/05/27		4,960		4,956,429
Brookfield Finance Inc. 3.50%, 03/30/51 (Call 09/30/50)		8,992		5,374,196
3.90%, 01/25/28 (Call 10/25/27)^(a)		12,560		11,244,717
4.35%, 04/15/30 (Call 01/15/30)^(a)		11,087		9,748,826
4.70%, 09/20/47 (Call 03/20/47)		10,212		7,621,494
4.85%, 03/29/29 (Call 12/29/28)		13,393		12,364,094
Capital One Financial Corp. 3.65%, 05/11/27 (Call 04/11/27)^(a)		14,550		13,195,724
3.75%, 07/28/26 (Call 06/28/26)^(a)		20,349		18,601,235
3.75%, 03/09/27 (Call 02/09/27)^(a)		17,271		15,737,283
3.80%, 01/31/28 (Call 12/31/27)		14,028		12,537,849
Charles Schwab Corp. (The) 0.90%, 03/11/26 (Call 02/11/26)^(a)		12,322		10,663,796
1.15%, 05/13/26 (Call 04/13/26)		7,998		6,933,650
1.65%, 03/11/31 (Call 12/11/30)^(a)		9,808		7,267,854
1.95%, 12/01/31 (Call 09/01/31)		11,787		8,811,305
2.00%, 03/20/28 (Call 01/20/28)^(a)		16,457		14,029,653
2.30%, 05/13/31 (Call 02/13/31)^(a)		12,619		9,861,171
2.45%, 03/03/27 (Call 02/03/27)		19,780		17,646,759
2.90%, 03/03/32 (Call 12/03/31)		12,695		10,297,895
CME Group Inc. 2.65%, 03/15/32 (Call 12/15/31)		11,367		9,138,444
5.30%, 09/15/43 (Call 03/15/43)^(a)		11,344		10,777,502
Discover Financial Services, 4.10%, 02/09/27
(Call 11/09/26)		13,394		12,182,260


Security	Par (000)		Value

Diversified Financial Services (continued)
Intercontinental Exchange Inc. 1.85%, 09/15/32 (Call 06/15/32)^(a)	$	21,737	$	15,723,798
2.10%, 06/15/30 (Call 03/15/30)		14,310		11,328,625
2.65%, 09/15/40 (Call 03/15/40)^(a)		16,684		10,923,520
3.00%, 06/15/50 (Call 12/15/49)^(a)		14,902		9,313,476
3.00%, 09/15/60 (Call 03/15/60)^(a)		16,224		9,429,392
3.75%, 12/01/25 (Call 09/01/25)^(a)		8,709		8,359,446
4.00%, 09/15/27 (Call 08/15/27)^(a)		22,076		20,913,425
4.25%, 09/21/48 (Call 03/21/48)		14,037		10,916,071
4.35%, 06/15/29 (Call 04/15/29)^(a)		13,945		13,192,737
4.60%, 03/15/33 (Call 12/15/32)^(a)		18,964		17,390,460
4.95%, 06/15/52 (Call 12/15/51)^(a)		19,229		16,687,828
5.20%, 06/15/62 (Call 12/15/61)^(a)		10,580		9,426,316
Jefferies Group LLC/Jefferies Group Capital Finance Inc.
2.63%, 10/15/31 (Call 07/15/31)		8,176		5,796,518
4.15%, 01/23/30^(a)		16,199		13,698,113
4.85%, 01/15/27^(a)		12,537		11,762,751
Mastercard Inc. 2.00%, 11/18/31 (Call 08/18/31)		10,250		8,054,501
2.95%, 11/21/26 (Call 08/21/26)^(a)		6,444		5,986,589
2.95%, 06/01/29 (Call 03/01/29)^(a)		13,223		11,707,451
3.30%, 03/26/27 (Call 01/26/27)		12,303		11,525,821
3.35%, 03/26/30 (Call 12/26/29)^(a)		19,045		17,104,619
3.65%, 06/01/49 (Call 12/01/48)		10,271		7,791,756
3.85%, 03/26/50 (Call 09/26/49)^(a)		17,343		13,590,375
Nomura Holdings Inc. 1.65%, 07/14/26^(a)		14,074		11,955,942
2.17%, 07/14/28^(a)		14,832		11,727,484
2.33%, 01/22/27^(a)		17,166		14,628,010
2.61%, 07/14/31		14,032		10,193,082
2.68%, 07/16/30^(a)		13,299		10,008,044
3.00%, 01/22/32		9,097		6,753,827
3.10%, 01/16/30^(a)		18,175		14,327,047
Raymond James Financial Inc. 3.75%, 04/01/51 (Call 10/01/50)		9,697		6,611,525
4.95%, 07/15/46		9,672		8,217,116
Synchrony Financial 2.88%, 10/28/31 (Call 07/28/31)^(a)		5,671		3,992,111
3.95%, 12/01/27 (Call 09/01/27)^(a)		8,611		7,405,733
Visa Inc. 1.10%, 02/15/31 (Call 11/15/30)		10,909		8,145,407
1.90%, 04/15/27 (Call 02/15/27)^(a)		18,864		16,633,547
2.00%, 08/15/50 (Call 02/15/50)^(a)		17,755		9,836,140
2.05%, 04/15/30 (Call 01/15/30)^(a)		15,686		12,929,847
2.70%, 04/15/40 (Call 10/15/39)^(a)		11,659		8,268,429
2.75%, 09/15/27 (Call 06/15/27)^(a)		9,001		8,171,321
3.15%, 12/14/25 (Call 09/14/25)		37,358		35,601,778
3.65%, 09/15/47 (Call 03/15/47)		9,227		7,014,462
4.15%, 12/14/35 (Call 06/14/35)^(a)		16,575		14,947,791
4.30%, 12/14/45 (Call 06/14/45)^(a)		40,244		34,255,970

				1,077,933,262

Electric — 2.8%
AES Corp. (The) 1.38%, 01/15/26 (Call 12/15/25)		2,062		1,782,365
2.45%, 01/15/31 (Call 10/15/30)		15,346		11,604,906
Ameren Corp., 3.50%, 01/15/31 (Call 10/15/30)		6,434		5,459,944
Avangrid Inc., 3.80%, 06/01/29 (Call 03/01/29)^(a)		10,690		9,359,789
Berkshire Hathaway Energy Co. 2.85%, 05/15/51 (Call 11/15/50)^(a)		19,324		11,594,680


Security	Par (000)		Value

Electric (continued)
3.70%, 07/15/30 (Call 04/15/30)	$	11,298	$	10,113,840
3.80%, 07/15/48 (Call 01/15/48)		7,750		5,655,404
4.25%, 10/15/50 (Call 04/15/50)^(a)		9,546		7,408,363
4.45%, 01/15/49 (Call 07/15/48)		11,976		9,630,532
4.50%, 02/01/45 (Call 08/01/44)		8,161		6,638,679
4.60%, 05/01/53 (Call 11/01/52)^(a)(c)		13,504		11,118,148
5.15%, 11/15/43 (Call 05/15/43)		7,497		6,621,745
6.13%, 04/01/36		16,920		17,148,049
Commonwealth Edison Co., 4.00%, 03/01/48 (Call 09/01/47)^(a)		8,395		6,450,928
Connecticut Light & Power Co. (The), 4.00%, 04/01/48 (Call 10/01/47)		7,391		5,762,497
Consolidated Edison Co. of New York Inc.
2.40%, 06/15/31 (Call 03/15/31)^(a)		12,008		9,457,972
3.60%, 06/15/61 (Call 12/15/60)^(a)		11,623		7,696,254
4.45%, 03/15/44 (Call 09/15/43)^(a)		9,681		7,763,729
4.63%, 12/01/54 (Call 06/01/54)^(a)		7,468		5,931,060
Series 20B, 3.95%, 04/01/50 (Call 10/01/49)^(a)		9,072		6,716,891
Constellation Energy Generation LLC 5.60%, 06/15/42 (Call 12/15/41)		7,393		6,482,626
6.25%, 10/01/39^(a)		12,441		11,960,888
Dominion Energy Inc.
Series C, 2.25%, 08/15/31 (Call 05/15/31)^(a)		16,171		12,463,561
Series C, 3.38%, 04/01/30 (Call 01/01/30)^(a)		16,449		14,111,114
Duke Energy Carolinas LLC 3.20%, 08/15/49 (Call 02/15/49)		6,046		3,972,274
5.30%, 02/15/40		8,658		8,068,283
Duke Energy Corp. 2.45%, 06/01/30 (Call 03/01/30)^(a)		9,085		7,241,524
2.55%, 06/15/31 (Call 03/15/31)^(a)		12,357		9,675,745
2.65%, 09/01/26 (Call 06/01/26)^(a)		11,385		10,293,259
3.15%, 08/15/27 (Call 05/15/27)		5,897		5,315,047
3.30%, 06/15/41 (Call 12/15/40)^(a)		8,226		5,587,802
3.50%, 06/15/51 (Call 12/15/50)^(a)		7,981		5,194,400
3.75%, 09/01/46 (Call 03/01/46)		16,989		11,683,162
4.30%, 03/15/28 (Call 02/15/28)^(a)		9,937		9,321,601
4.50%, 08/15/32 (Call 05/15/32)		15,699		14,155,281
5.00%, 08/15/52 (Call 02/15/52)^(a)		14,656		12,102,895
Duke Energy Florida LLC, 6.40%, 06/15/38		10,524		10,921,577
Emera U.S. Finance LP 3.55%, 06/15/26 (Call 03/15/26)^(a)		8,671		8,003,875
4.75%, 06/15/46 (Call 12/15/45)^(a)		12,764		9,500,001
Entergy Corp., 2.95%, 09/01/26 (Call 06/01/26)^(a)		13,261		12,056,987
Entergy Louisiana LLC, 4.20%, 09/01/48 (Call 03/01/48)^(a)		9,881		7,625,453
Evergy Inc., 2.90%, 09/15/29 (Call 06/15/29)		7,225		5,958,359
Exelon Corp. 3.40%, 04/15/26 (Call 01/15/26)^(a)		9,584		8,959,536
4.05%, 04/15/30 (Call 01/15/30)		15,006		13,455,678
4.45%, 04/15/46 (Call 10/15/45)		8,421		6,600,234
4.70%, 04/15/50 (Call 10/15/49)^(a)		9,328		7,513,478
Florida Power & Light Co. 2.45%, 02/03/32 (Call 11/03/31)^(a)		18,339		14,752,986
2.88%, 12/04/51 (Call 06/04/51)^(a)		13,107		8,343,900
3.15%, 10/01/49 (Call 04/01/49)		11,062		7,441,503
3.95%, 03/01/48 (Call 09/01/47)		10,852		8,442,624
Georgia Power Co. 4.30%, 03/15/42^(a)		14,611		11,771,506
5.13%, 05/15/52 (Call 11/15/51)^(a)		9,356		8,383,530
Series A, 3.25%, 03/15/51 (Call 09/15/50)^(a)		10,811		6,952,664


Security	Par (000)		Value

Electric (continued)
MidAmerican Energy Co. 3.65%, 04/15/29 (Call 01/15/29)^(a)	$	8,270	$	7,537,078
4.25%, 07/15/49 (Call 01/15/49)		9,738		7,771,049
NextEra Energy Capital Holdings Inc. 1.88%, 01/15/27 (Call 12/15/26)		11,850		10,328,027
1.90%, 06/15/28 (Call 04/15/28)		18,004		14,871,509
2.25%, 06/01/30 (Call 03/01/30)^(a)		26,454		20,991,381
2.44%, 01/15/32 (Call 10/15/31)^(a)		13,267		10,237,794
2.75%, 11/01/29 (Call 08/01/29)		9,901		8,278,099
3.55%, 05/01/27 (Call 02/01/27)^(a)		17,320		15,940,166
4.63%, 07/15/27 (Call 06/15/27)^(a)		14,111		13,564,900
5.00%, 07/15/32 (Call 04/15/32)^(a)		14,298		13,608,633
Pacific Gas and Electric Co. 2.10%, 08/01/27 (Call 06/01/27)^(a)		9,760		8,023,647
2.50%, 02/01/31 (Call 11/01/30)^(a)		19,770		14,747,433
3.00%, 06/15/28 (Call 04/15/28)^(a)		7,816		6,443,720
3.15%, 01/01/26^(a)		16,097		14,507,940
3.25%, 06/01/31 (Call 03/01/31)^(a)		6,249		4,865,457
3.30%, 12/01/27 (Call 09/01/27)^(a)		13,777		11,672,273
3.30%, 08/01/40 (Call 02/01/40)^(a)		12,086		7,867,105
3.50%, 08/01/50 (Call 02/01/50)^(a)		19,112		11,667,876
3.75%, 07/01/28^(a)		8,995		7,662,952
3.95%, 12/01/47 (Call 06/01/47)^(a)		9,783		6,418,687
4.50%, 07/01/40 (Call 01/01/40)		21,821		16,172,166
4.55%, 07/01/30 (Call 01/01/30)^(a)		34,524		30,270,642
4.95%, 07/01/50 (Call 01/01/50)		35,365		26,385,307
PacifiCorp, 2.90%, 06/15/52 (Call 12/15/51)		11,599		7,068,355
Public Service Co. of Colorado, 1.88%, 06/15/31
(Call 12/15/30)		6,184		4,759,512
Public Service Enterprise Group Inc., 2.45%, 11/15/31
(Call 08/15/31)^(a)		10,629		8,128,172
San Diego Gas & Electric Co.
Series VVV, 1.70%, 10/01/30 (Call 07/01/30)^(a)		9,206		7,026,233
Series WWW, 2.95%, 08/15/51 (Call 02/15/51)^(a)		10,041		6,319,211
Sempra Energy 3.25%, 06/15/27 (Call 03/15/27)^(a)		11,747		10,620,157
3.40%, 02/01/28 (Call 11/01/27)		12,168		10,854,410
3.80%, 02/01/38 (Call 08/01/37)		11,505		8,730,412
4.00%, 02/01/48 (Call 08/01/47)		9,140		6,500,610
6.00%, 10/15/39^(a)		7,602		7,220,032
Southern California Edison Co.
3.65%, 02/01/50 (Call 08/01/49)^(a)		14,574		9,783,159
4.00%, 04/01/47 (Call 10/01/46)^(a)		20,212		14,489,126
4.65%, 10/01/43 (Call 04/01/43)^(a)		9,369		7,561,721
Series 20A, 2.95%, 02/01/51 (Call 08/01/50)^(a)		4,372		2,570,058
Series C, 4.13%, 03/01/48 (Call 09/01/47)		14,692		10,683,859
Southern Co. (The) 3.25%, 07/01/26 (Call 04/01/26)^(a)		18,174		16,811,739
4.40%, 07/01/46 (Call 01/01/46)		18,240		14,155,172
Series A, 3.70%, 04/30/30 (Call 01/30/30)		13,051		11,392,254
Series B, 4.00%, 01/15/51 (Call 10/15/25)^(a)(b)		14,886		12,984,314
Virginia Electric & Power Co. 2.45%, 12/15/50 (Call 06/15/50)^(a)		10,545		5,892,313
2.95%, 11/15/51 (Call 05/15/51)		10,002		6,194,908
Series A, 3.15%, 01/15/26 (Call 10/15/25)		4,472		4,180,443
Series A, 3.50%, 03/15/27 (Call 12/15/26)^(a)		11,002		10,218,244

				962,207,383

Electrical Components & Equipment — 0.1%
Emerson Electric Co. 0.88%, 10/15/26 (Call 09/15/26)^(a)		8,671		7,403,245


Security	Par (000)		Value

Electrical Components & Equipment (continued)
2.00%, 12/21/28 (Call 10/21/28)^(a)	$	15,173	$	12,643,236
2.20%, 12/21/31 (Call 09/21/31)^(a)		9,543		7,497,910
2.80%, 12/21/51 (Call 06/21/51)		13,535		8,315,336

				35,859,727

Electronics — 0.3%
Amphenol Corp. 2.20%, 09/15/31 (Call 06/15/31)		5,902		4,506,848
2.80%, 02/15/30 (Call 11/15/29)		12,234		10,162,513
Honeywell International Inc. 1.10%, 03/01/27 (Call 02/01/27)^(a)		11,086		9,489,630
1.75%, 09/01/31 (Call 06/01/31)^(a)		14,526		11,231,666
1.95%, 06/01/30 (Call 03/01/30)^(a)		14,220		11,524,396
2.50%, 11/01/26 (Call 08/01/26)^(a)		17,618		16,114,672
2.70%, 08/15/29 (Call 05/15/29)		10,521		9,157,607
2.80%, 06/01/50 (Call 12/01/49)^(a)		6,132		4,123,098
5.00%, 02/15/33		16,000		15,842,880

				92,153,310

Entertainment — 0.6%
Magallanes Inc. 3.76%, 03/15/27 (Call 02/15/27)^(a)(c)		45,555		40,499,447
4.05%, 03/15/29 (Call 01/15/29)^(a)(c)		16,709		14,139,632
4.28%, 03/15/32 (Call 12/15/31)^(a)(c)		52,874		42,651,949
5.05%, 03/15/42 (Call 09/15/41)^(c)		47,492		34,649,379
5.14%, 03/15/52 (Call 09/15/51)^(c)		74,064		51,684,400
5.39%, 03/15/62 (Call 09/15/61)^(c)		29,441		20,547,928

				204,172,735

Environmental Control — 0.2%
Republic Services Inc. 1.75%, 02/15/32 (Call 11/15/31)^(a)		7,645		5,668,148
3.95%, 05/15/28 (Call 02/15/28)		8,370		7,778,039
Waste Connections Inc. 2.95%, 01/15/52 (Call 07/15/51)		10,837		6,727,933
4.20%, 01/15/33 (Call 10/15/32)		9,520		8,595,570
Waste Management Inc. 1.50%, 03/15/31 (Call 12/15/30)^(a)		17,322		13,132,861
3.15%, 11/15/27 (Call 08/15/27)^(a)		6,354		5,793,475
4.15%, 04/15/32 (Call 01/15/32)^(a)		11,757		10,813,262

				58,509,288

Food — 1.3%
Campbell Soup Co., 4.15%, 03/15/28 (Call 12/15/27)		10,447		9,798,647
Conagra Brands Inc. 1.38%, 11/01/27 (Call 09/01/27)		11,023		8,900,109
4.60%, 11/01/25 (Call 09/01/25)^(a)		5,789		5,623,334
4.85%, 11/01/28 (Call 08/01/28)^(a)		19,108		18,042,622
5.30%, 11/01/38 (Call 05/01/38)		8,686		7,587,138
5.40%, 11/01/48 (Call 05/01/48)^(a)		14,257		12,243,608
Diageo Capital PLC, 5.50%, 01/24/33		4,936		4,976,179
General Mills Inc. 2.88%, 04/15/30 (Call 01/15/30)^(a)		10,359		8,729,244
3.20%, 02/10/27 (Call 11/10/26)^(a)		7,197		6,659,273
4.20%, 04/17/28 (Call 01/17/28)^(a)		17,851		16,895,861
Hormel Foods Corp. 1.70%, 06/03/28 (Call 04/03/28)^(a)		9,166		7,715,858
1.80%, 06/11/30 (Call 03/11/30)^(a)		12,231		9,709,138
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance Inc. 2.50%, 01/15/27 (Call 12/15/26)^(c)		7,384		6,304,090
3.63%, 01/15/32 (Call 01/15/27)^(a)(c)		6,049		4,736,570
Kellogg Co., 3.25%, 04/01/26^(a)		4,288		4,015,570


Security	Par (000)		Value

Food (continued)
Kraft Heinz Foods Co. 3.00%, 06/01/26 (Call 03/01/26)^(a)	$	18,846	$	17,342,560
3.88%, 05/15/27 (Call 02/15/27)^(a)		13,302		12,414,624
4.38%, 06/01/46 (Call 12/01/45)^(a)		37,034		28,936,916
4.88%, 10/01/49 (Call 04/01/49)^(a)		17,597		14,620,467
5.00%, 06/04/42^(a)		18,233		15,688,063
5.20%, 07/15/45 (Call 01/15/45)^(a)		23,511		20,543,912
5.50%, 06/01/50 (Call 12/01/49)^(a)		8,922		8,149,411
6.88%, 01/26/39		10,128		10,449,249
Kroger Co. (The) 2.65%, 10/15/26 (Call 07/15/26)		9,616		8,610,257
3.95%, 01/15/50 (Call 07/15/49)^(a)		6,893		4,983,591
4.45%, 02/01/47 (Call 08/01/46)^(a)		11,597		9,135,492
McCormick & Co. Inc./MD, 3.40%, 08/15/27
(Call 05/15/27)		9,129		8,302,501
Mondelez International Inc. 2.63%, 03/17/27 (Call 02/17/27)		5,735		5,108,015
2.63%, 09/04/50 (Call 03/04/50)		12,356		7,215,421
2.75%, 04/13/30 (Call 01/13/30)^(a)		11,722		9,745,258
3.00%, 03/17/32 (Call 12/17/31)		10,343		8,458,073
Sysco Corp. 3.15%, 12/14/51 (Call 06/14/51)^(a)		12,106		7,523,234
3.25%, 07/15/27 (Call 04/15/27)^(a)		8,531		7,716,627
3.30%, 07/15/26 (Call 04/15/26)^(a)		12,565		11,621,845
5.95%, 04/01/30 (Call 01/01/30)^(a)		14,181		14,410,636
6.60%, 04/01/50 (Call 10/01/49)^(a)		12,629		12,959,423
Tyson Foods Inc. 3.55%, 06/02/27 (Call 03/02/27)^(a)		14,997		13,808,377
4.00%, 03/01/26 (Call 01/01/26)^(a)		10,204		9,754,279
4.35%, 03/01/29 (Call 12/01/28)^(a)		15,631		14,648,531
4.55%, 06/02/47 (Call 12/02/46)^(a)		10,864		8,845,231
5.10%, 09/28/48 (Call 03/28/48)^(a)		17,075		15,007,834

				437,937,068

Gas — 0.2%
Atmos Energy Corp., 4.13%, 10/15/44
(Call 04/15/44)^(a)		6,062		4,689,564
NiSource Inc. 1.70%, 02/15/31 (Call 11/15/30)^(a)		11,404		8,358,389
2.95%, 09/01/29 (Call 06/01/29)^(a)		10,668		8,937,351
3.49%, 05/15/27 (Call 02/15/27)^(a)		13,227		12,094,499
3.60%, 05/01/30 (Call 02/01/30)		11,450		9,872,250
3.95%, 03/30/48 (Call 09/30/47)^(a)		7,856		5,641,859
4.38%, 05/15/47 (Call 11/15/46)^(a)		12,621		9,709,243
4.80%, 02/15/44 (Call 08/15/43)		6,783		5,534,701

				64,837,856

Hand & Machine Tools — 0.0%
Stanley Black & Decker Inc.
2.30%, 03/15/30 (Call 12/15/29)		12,702		10,174,501
2.75%, 11/15/50 (Call 05/15/50)		9,542		5,431,673

				15,606,174

Health Care - Products — 0.9%
Abbott Laboratories 3.75%, 11/30/26 (Call 08/30/26)^(a)		19,022		18,242,790
4.75%, 11/30/36 (Call 05/30/36)^(a)		15,008		14,333,308
4.90%, 11/30/46 (Call 05/30/46)		38,398		35,770,770
Baxter International Inc. 1.92%, 02/01/27 (Call 01/01/27)		18,543		15,937,987
2.27%, 12/01/28 (Call 10/01/28)^(a)		15,442		12,695,579
2.54%, 02/01/32 (Call 11/01/31)^(a)		20,645		15,751,260


Security	Par (000)		Value

Health Care - Products (continued)
2.60%, 08/15/26 (Call 05/15/26)^(a)	$	6,348	$	5,704,637
3.13%, 12/01/51 (Call 06/01/51)		11,101		6,747,264
Boston Scientific Corp., 2.65%, 06/01/30
(Call 03/01/30)^(a)		12,999		10,719,533
Danaher Corp. 2.60%, 10/01/50 (Call 04/01/50)		11,946		7,177,123
2.80%, 12/10/51 (Call 06/10/51)^(a)		15,029		9,362,424
DH Europe Finance II Sarl 2.60%, 11/15/29 (Call 08/15/29)^(a)		10,336		8,781,367
3.25%, 11/15/39 (Call 05/15/39)^(a)		9,601		7,097,901
3.40%, 11/15/49 (Call 05/15/49)^(a)		9,781		6,890,446
Medtronic Inc. 4.38%, 03/15/35		20,418		18,673,374
4.63%, 03/15/45^(a)		21,451		18,799,832
PerkinElmer Inc., 3.30%, 09/15/29 (Call 06/15/29)		11,898		9,993,603
Stryker Corp. 1.95%, 06/15/30 (Call 03/15/30)^(a)		15,312		12,012,690
3.38%, 11/01/25 (Call 08/01/25)^(a)		4,256		4,052,855
3.50%, 03/15/26 (Call 12/15/25)^(a)		7,607		7,204,701
4.63%, 03/15/46 (Call 09/15/45)		12,810		10,776,313
Thermo Fisher Scientific Inc. 2.00%, 10/15/31 (Call 07/15/31)^(a)		17,385		13,604,161
2.60%, 10/01/29 (Call 07/01/29)^(a)		11,346		9,719,882
2.80%, 10/15/41 (Call 04/15/41)^(a)		13,463		9,284,817
4.10%, 08/15/47 (Call 02/15/47)^(a)		11,054		9,004,712
Zimmer Biomet Holdings Inc., 2.60%, 11/24/31
(Call 08/24/31)^(a)		11,476		8,874,021

				307,213,350

Health Care - Services — 2.9%
Aetna Inc. 3.88%, 08/15/47 (Call 02/15/47)^(a)		11,103		7,984,762
6.63%, 06/15/36		12,506		12,574,901
Ascension Health 3.95%, 11/15/46		10,360		8,103,197
Series B, 2.53%, 11/15/29 (Call 08/15/29)^(a)		11,880		9,884,800
Centene Corp. 2.45%, 07/15/28 (Call 05/15/28)		13,411		11,030,548
2.50%, 03/01/31 (Call 12/01/30)		14,065		10,777,447
2.63%, 08/01/31 (Call 05/01/31)		12,683		9,698,532
3.00%, 10/15/30 (Call 07/15/30)		12,916		10,381,752
3.38%, 02/15/30 (Call 02/15/25)		5,217		4,336,631
4.25%, 12/15/27 (Call 12/15/22)		14,115		13,021,088
4.63%, 12/15/29 (Call 12/15/24)		7,773		7,038,918
CommonSpirit Health 3.35%, 10/01/29 (Call 04/01/29)		6,887		5,774,432
4.19%, 10/01/49 (Call 04/01/49)		4,420		3,129,499
Elevance Health Inc. 1.50%, 03/15/26 (Call 02/15/26)^(a)		7,090		6,255,440
2.25%, 05/15/30 (Call 02/15/30)		17,350		13,944,369
2.55%, 03/15/31 (Call 12/15/30)		7,932		6,389,497
2.88%, 09/15/29 (Call 06/15/29)		10,608		9,004,352
3.13%, 05/15/50 (Call 11/15/49)^(a)		12,989		8,317,679
3.60%, 03/15/51 (Call 09/15/50)		12,376		8,691,979
3.65%, 12/01/27 (Call 09/01/27)		17,502		16,167,373
3.70%, 09/15/49 (Call 03/15/49)		8,875		6,333,723
4.10%, 03/01/28 (Call 12/01/27)		16,727		15,693,648
4.38%, 12/01/47 (Call 06/01/47)		15,187		12,196,403
4.55%, 03/01/48 (Call 09/01/47)		11,704		9,624,796
4.63%, 05/15/42		11,493		9,733,779
4.65%, 01/15/43^(a)		10,677		8,979,553


Security	Par (000)		Value

Health Care - Services (continued)
4.65%, 08/15/44 (Call 02/15/44)^(a)	$	9,191	$	7,676,345
6.10%, 10/15/52		1,995		2,026,630
HCA Inc. 2.38%, 07/15/31 (Call 04/15/31)^(a)		9,385		6,989,876
3.13%, 03/15/27 (Call 02/15/27)^(a)(c)		11,860		10,494,040
3.50%, 09/01/30 (Call 03/01/30)		30,314		25,113,524
3.50%, 07/15/51 (Call 01/15/51)^(a)		15,694		9,722,850
3.63%, 03/15/32 (Call 12/15/31)^(a)(c)		21,843		17,740,515
4.13%, 06/15/29 (Call 03/15/29)^(a)		23,131		20,400,466
4.50%, 02/15/27 (Call 08/15/26)		14,137		13,239,580
4.63%, 03/15/52 (Call 09/15/51)^(a)(c)		22,972		16,872,718
5.13%, 06/15/39 (Call 12/15/38)		11,844		9,848,147
5.25%, 06/15/26 (Call 12/15/25)^(a)		14,535		14,094,043
5.25%, 06/15/49 (Call 12/15/48)^(a)		22,604		18,322,158
5.38%, 09/01/26 (Call 03/01/26)^(a)		10,237		9,955,552
5.50%, 06/15/47 (Call 12/15/46)		16,778		14,026,264
5.63%, 09/01/28 (Call 03/01/28)^(a)		15,320		14,738,347
5.88%, 02/15/26 (Call 08/15/25)^(a)		13,772		13,631,714
5.88%, 02/01/29 (Call 08/01/28)^(a)		16,804		16,419,383
Humana Inc. 1.35%, 02/03/27 (Call 01/03/27)		7,615		6,383,111
2.15%, 02/03/32 (Call 11/03/31)^(a)		15,264		11,475,474
3.70%, 03/23/29 (Call 02/23/29)		9,674		8,576,759
4.95%, 10/01/44 (Call 04/01/44)^(a)		8,425		7,205,292
Kaiser Foundation Hospitals 4.15%, 05/01/47 (Call 11/01/46)^(a)		11,468		9,034,303
Series 2019, 3.27%, 11/01/49 (Call 05/01/49)		9,680		6,401,799
Series 2021, 2.81%, 06/01/41 (Call 12/01/40)^(a)		14,817		9,904,988
Series 2021, 3.00%, 06/01/51 (Call 12/01/50)^(a)		11,714		7,220,630
Laboratory Corp. of America Holdings, 4.70%, 02/01/45
(Call 08/01/44)^(a)		12,671		10,244,064
Quest Diagnostics Inc., 2.95%, 06/30/30
(Call 03/30/30)^(a)		13,520		11,292,687
UnitedHealth Group Inc. 1.15%, 05/15/26 (Call 04/15/26)^(a)		12,089		10,615,448
2.00%, 05/15/30		18,478		14,811,983
2.30%, 05/15/31 (Call 02/15/31)^(a)		16,777		13,437,253
2.75%, 05/15/40 (Call 11/15/39)		16,219		11,132,918
2.88%, 08/15/29		13,408		11,606,576
2.90%, 05/15/50 (Call 11/15/49)		15,517		9,929,754
2.95%, 10/15/27^(a)		12,633		11,395,147
3.05%, 05/15/41 (Call 11/15/40)		17,449		12,332,252
3.10%, 03/15/26^(a)		8,494		7,993,587
3.13%, 05/15/60 (Call 11/15/59)^(a)		9,641		5,973,148
3.25%, 05/15/51 (Call 11/15/50)		24,750		16,755,329
3.45%, 01/15/27		9,290		8,708,995
3.50%, 08/15/39 (Call 02/15/39)		16,468		12,636,377
3.70%, 08/15/49 (Call 02/15/49)^(a)		14,888		11,055,564
3.75%, 10/15/47 (Call 04/15/47)		11,462		8,599,973
3.85%, 06/15/28^(a)		12,305		11,451,520
3.88%, 12/15/28^(a)		5,600		5,209,444
3.88%, 08/15/59 (Call 02/15/59)		12,961		9,430,862
4.00%, 05/15/29 (Call 03/15/29)		9,230		8,578,812
4.20%, 05/15/32 (Call 02/15/32)^(a)		17,717		16,316,429
4.20%, 01/15/47 (Call 07/15/46)		10,386		8,400,935
4.25%, 03/15/43 (Call 09/15/42)		9,026		7,461,440
4.25%, 06/15/48 (Call 12/15/47)^(a)		14,785		12,028,872
4.45%, 12/15/48 (Call 06/15/48)^(a)		13,067		10,882,723
4.63%, 07/15/35		9,654		8,902,177
4.75%, 07/15/45^(a)		21,176		18,516,144


Security	Par (000)		Value

Health Care - Services (continued)
4.75%, 05/15/52 (Call 11/15/51)	$	23,282	$	20,332,159
4.95%, 05/15/62 (Call 11/15/61)^(a)		9,078		7,996,157
5.25%, 02/15/28		4,990		4,999,416
5.30%, 02/15/30		11,800		12,617,656
5.35%, 02/15/33		16,935		16,951,976
5.80%, 03/15/36^(a)		10,614		10,704,465
5.88%, 02/15/53		23,180		23,635,220
6.05%, 02/15/63^(a)		17,341		17,812,642
6.88%, 02/15/38		13,353		14,619,733
Universal Health Services Inc., 2.65%, 10/15/30
(Call 07/15/30)^(a)(c)		9,428		7,043,170

				994,996,613

Holding Companies - Diversified — 0.3%
Ares Capital Corp. 2.15%, 07/15/26 (Call 06/15/26)^(a)		14,653		12,105,683
2.88%, 06/15/28 (Call 04/15/28)		16,031		12,532,226
3.88%, 01/15/26 (Call 12/15/25)		9,910		8,883,365
Blackstone Private Credit Fund 2.63%, 12/15/26 (Call 11/15/26)		10,931		9,044,151
3.25%, 03/15/27 (Call 02/15/27)^(a)		12,776		10,744,690
Blackstone Secured Lending Fund, 3.63%, 01/15/26
(Call 12/15/25)^(a)		7,780		7,029,446
FS KKR Capital Corp. 3.13%, 10/12/28 (Call 08/12/28)^(a)		10,758		8,274,592
3.40%, 01/15/26 (Call 12/15/25)		4,964		4,372,241
Owl Rock Capital Corp. 2.88%, 06/11/28 (Call 04/11/28)^(a)		9,597		7,232,325
3.40%, 07/15/26 (Call 06/15/26)^(a)		15,320		13,068,109

				93,286,828

Home Builders — 0.0%
Lennar Corp., 4.75%, 11/29/27 (Call 05/29/27)^(a)		11,287		10,431,382


Household Products & Wares — 0.0%
Kimberly-Clark Corp., 3.10%, 03/26/30
(Call 12/26/29)^(a)		10,212		8,934,547


Insurance — 1.8%
American International Group Inc. 3.90%, 04/01/26 (Call 01/01/26)^(a)		7,911		7,535,357
4.38%, 06/30/50 (Call 12/30/49)^(a)		13,432		10,458,597
4.75%, 04/01/48 (Call 10/01/47)		9,622		7,970,874
4.80%, 07/10/45 (Call 01/10/45)^(a)		9,807		8,085,974
Aon Corp. 2.80%, 05/15/30 (Call 02/15/30)^(a)		17,437		14,246,805
3.75%, 05/02/29 (Call 02/02/29)^(a)		5,836		5,192,008
Aon Corp./Aon Global Holdings PLC, 3.90%, 02/28/52
(Call 08/28/51)^(a)		11,774		8,295,621
Aon Global Ltd., 3.88%, 12/15/25 (Call 09/15/25)		7,289		6,935,527
Arch Capital Group Ltd., 3.64%, 06/30/50
(Call 12/30/49)		12,650		8,102,720
Athene Holding Ltd., 4.13%, 01/12/28 (Call 10/12/27)^(a).		14,078		12,530,189
Berkshire Hathaway Finance Corp. 1.45%, 10/15/30 (Call 07/15/30)^(a)		10,128		7,759,951
2.30%, 03/15/27 (Call 02/15/27)^(a)		8,755		7,886,847
2.50%, 01/15/51 (Call 07/15/50)		11,594		6,635,484
2.85%, 10/15/50 (Call 04/15/50)^(a)		24,317		14,958,780
2.88%, 03/15/32 (Call 12/15/31)^(a)		7,555		6,263,862
3.85%, 03/15/52 (Call 09/15/51)		30,331		22,269,885
4.20%, 08/15/48 (Call 02/15/48)		24,846		20,061,880
4.25%, 01/15/49 (Call 07/15/48)^(a)		21,312		17,267,773


Security	Par (000)		Value

Insurance (continued)
5.75%, 01/15/40^(a)	$	10,209	$	10,268,401
Berkshire Hathaway Inc.
3.13%, 03/15/26 (Call 12/15/25)^(a)		25,628		24,291,300
4.50%, 02/11/43^(a)		10,878		9,322,458
Brighthouse Financial Inc.
3.70%, 06/22/27 (Call 03/22/27)^(a)		3,937		3,556,209
4.70%, 06/22/47 (Call 12/22/46)		11,493		7,945,984
Chubb Corp. (The), 6.00%, 05/11/37		10,472		10,732,654
Chubb INA Holdings Inc.
1.38%, 09/15/30 (Call 06/15/30)^(a)		5,800		4,305,088
3.05%, 12/15/61 (Call 06/15/61)^(a)		11,763		6,970,683
3.35%, 05/03/26 (Call 02/03/26)		17,487		16,463,537
4.35%, 11/03/45 (Call 05/03/45)^(a)		16,475		13,432,870
Corebridge Financial Inc.
3.65%, 04/05/27 (Call 03/05/27)^(c)		15,304		13,868,301
3.85%, 04/05/29 (Call 02/05/29)^(a)(c)		12,866		11,235,871
3.90%, 04/05/32 (Call 01/05/32)^(a)(c)		16,720		13,957,642
4.40%, 04/05/52 (Call 10/05/51)^(a)(c)		16,003		11,668,808
Equitable Holdings Inc.
4.35%, 04/20/28 (Call 01/20/28)		16,739		15,532,548
5.00%, 04/20/48 (Call 10/20/47)		16,109		12,844,223
Everest Reinsurance Holdings Inc.
3.13%, 10/15/52 (Call 04/15/52)^(a)		11,651		6,767,197
3.50%, 10/15/50 (Call 04/15/50)		11,828		7,462,018
Fairfax Financial Holdings Ltd., 5.63%, 08/16/32 (Call 05/16/32)^(c)		8,304		7,538,967
Hartford Financial Services Group Inc. (The), 3.60%, 08/19/49 (Call 02/19/49)^(a)		9,045		6,116,287
Manulife Financial Corp.
3.70%, 03/16/32 (Call 12/16/31)^(a)		3,701		3,157,571
4.15%, 03/04/26^(a)		8,788		8,453,518
5.38%, 03/04/46		6,908		6,260,544
Marsh & McLennan Companies Inc.
2.25%, 11/15/30 (Call 08/15/30)^(a)		5,848		4,583,414
4.38%, 03/15/29 (Call 12/15/28)^(a)		15,211		14,335,093
4.90%, 03/15/49 (Call 09/15/48)^(a)		15,862		13,507,391
MetLife Inc. 4.05%, 03/01/45^(a)		11,941		9,121,179
4.13%, 08/13/42^(a)		10,161		7,956,429
4.55%, 03/23/30 (Call 12/23/29)^(a)		7,602		7,223,607
4.60%, 05/13/46 (Call 11/13/45)^(a)		8,473		7,050,836
4.88%, 11/13/43		8,521		7,347,844
5.00%, 07/15/52 (Call 01/15/52)^(a)		12,560		10,964,939
5.70%, 06/15/35^(a)		11,887		11,740,921
5.88%, 02/06/41		8,350		7,990,173
6.38%, 06/15/34^(a)		11,781		12,288,974
Progressive Corp. (The), 4.13%, 04/15/47 (Call 10/15/46)^(a)		8,906		6,950,070
Prudential Financial Inc.
3.70%, 03/13/51 (Call 09/13/50)^(a)		17,528		12,438,498
3.91%, 12/07/47 (Call 06/07/47)^(a)		9,623		7,085,464
3.94%, 12/07/49 (Call 06/07/49)		12,039		8,837,996
4.35%, 02/25/50 (Call 08/25/49)^(a)		12,187		9,669,124
4.60%, 05/15/44^(a)		3,505		2,881,402
5.70%, 12/14/36^(a)		12,263		11,962,400
Travelers Companies Inc. (The) 3.05%, 06/08/51 (Call 12/08/50)^(a)		11,063		7,013,579
5.35%, 11/01/40^(a)		6,219		5,829,628
6.25%, 06/15/37		13,060		13,576,920


Security	Par (000)		Value

Insurance (continued)
Willis North America Inc., 4.65%, 06/15/27 (Call 05/15/27)^(a)	$	10,185	$	9,588,100

				634,554,794

Internet — 2.3%
Alphabet Inc.
0.80%, 08/15/27 (Call 06/15/27)^(a)		13,816		11,614,936
1.10%, 08/15/30 (Call 05/15/30)^(a)		25,500		19,570,391
1.90%, 08/15/40 (Call 02/15/40)		13,910		8,786,812
2.00%, 08/15/26 (Call 05/15/26)^(a)		20,564		18,710,848
2.05%, 08/15/50 (Call 02/15/50)^(a)		27,066		15,477,708
2.25%, 08/15/60 (Call 02/15/60)^(a)		25,726		14,081,834
Amazon.com Inc.
1.00%, 05/12/26 (Call 04/12/26)		31,599		27,653,634
1.20%, 06/03/27 (Call 04/03/27)		14,936		12,696,541
1.50%, 06/03/30 (Call 03/03/30)		25,030		19,548,325
1.65%, 05/12/28 (Call 03/12/28)		26,771		22,590,098
2.10%, 05/12/31 (Call 02/12/31)		34,342		27,471,316
2.50%, 06/03/50 (Call 12/03/49)^(a)		25,675		15,283,765
2.70%, 06/03/60 (Call 12/03/59)^(a)		24,152		13,694,660
2.88%, 05/12/41 (Call 11/12/40)		22,948		16,277,221
3.10%, 05/12/51 (Call 11/12/50)^(a)		39,764		26,891,936
3.15%, 08/22/27 (Call 05/22/27)		38,569		35,708,573
3.25%, 05/12/61 (Call 11/12/60)		21,212		13,720,887
3.30%, 04/13/27 (Call 03/13/27)^(a)		23,618		22,166,360
3.45%, 04/13/29 (Call 02/13/29)^(a)		16,794		15,414,275
3.60%, 04/13/32 (Call 01/13/32)^(a)		28,903		25,854,875
3.88%, 08/22/37 (Call 02/22/37)		34,489		29,296,105
3.95%, 04/13/52 (Call 10/13/51)^(a)		27,947		21,906,678
4.05%, 08/22/47 (Call 02/22/47)^(a)		39,031		31,587,777
4.10%, 04/13/62 (Call 10/13/61)		16,221		12,417,435
4.25%, 08/22/57 (Call 02/22/57)^(a)		24,309		19,550,336
4.80%, 12/05/34 (Call 06/05/34)^(a)		13,457		13,072,519
4.95%, 12/05/44 (Call 06/05/44)^(a)		17,669		16,484,636
5.20%, 12/03/25 (Call 09/03/25)^(a)		3,590		3,639,294
Booking Holdings Inc.
3.60%, 06/01/26 (Call 03/01/26)		14,142		13,347,139
4.63%, 04/13/30 (Call 01/13/30)^(a)		17,018		16,011,812
eBay Inc.
1.40%, 05/10/26 (Call 04/10/26)		11,074		9,635,770
2.60%, 05/10/31 (Call 02/10/31)^(a)		6,769		5,307,261
2.70%, 03/11/30 (Call 12/11/29)^(a)		13,888		11,294,447
3.60%, 06/05/27 (Call 03/05/27)^(a)		11,260		10,360,830
3.65%, 05/10/51 (Call 11/10/50)^(a)		10,073		6,636,739
4.00%, 07/15/42 (Call 01/15/42)^(a)		11,758		8,623,251
Expedia Group Inc.
2.95%, 03/15/31 (Call 12/15/30)^(a)		7,785		5,901,595
3.25%, 02/15/30 (Call 11/15/29)^(a)		14,665		11,813,552
3.80%, 02/15/28 (Call 11/15/27)^(a)		11,022		9,797,985
4.63%, 08/01/27 (Call 05/01/27)		7,994		7,478,031
5.00%, 02/15/26 (Call 11/15/25)^(a)		6,130		5,923,823
Meta Platforms Inc.
3.50%, 08/15/27 (Call 07/15/27)^(c)		35,263		32,351,038
3.85%, 08/15/32 (Call 05/15/32)^(c)		34,289		29,166,467
4.45%, 08/15/52 (Call 02/15/52)^(c)		32,243		23,978,371
4.65%, 08/15/62 (Call 02/15/62)^(c)		17,449		12,864,394
Netflix Inc.
4.38%, 11/15/26^(a)		11,985		11,441,970
4.88%, 04/15/28		18,644		17,721,681
5.88%, 11/15/28^(a)		22,627		22,457,298


Security	Par (000)		Value

Internet (continued)
6.38%, 05/15/29^(a)	$	5,113	$	5,201,966

				808,485,195

Lodging — 0.2%
Marriott International Inc./MD
5.00%, 10/15/27 (Call 09/15/27)		11,273		10,857,112
Series FF, 4.63%, 06/15/30 (Call 03/15/30)^(a)		15,912		14,297,612
Series GG, 3.50%, 10/15/32 (Call 07/15/32)		7,899		6,311,255
Series HH, 2.85%, 04/15/31 (Call 01/15/31)		11,025		8,560,662
Series R, 3.13%, 06/15/26 (Call 03/15/26)		6,093		5,566,845
Sands China Ltd.
4.30%, 01/08/26 (Call 12/08/25)		2,400		1,954,248
5.90%, 08/08/28 (Call 05/08/28)^(a)		18,615		14,781,985

				62,329,719

Machinery — 0.4%
Caterpillar Financial Services Corp.
0.80%, 11/13/25^(a)		2,318		2,052,323
0.90%, 03/02/26^(a)		10,447		9,154,818
1.10%, 09/14/27^(a)		10,269		8,547,287
Caterpillar Inc.
2.60%, 04/09/30 (Call 01/09/30)^(a)		12,550		10,595,129
3.25%, 09/19/49 (Call 03/19/49)		12,669		8,961,743
3.25%, 04/09/50 (Call 10/09/49)^(a)		11,607		8,219,214
3.80%, 08/15/42^(a)		21,162		17,041,993
5.20%, 05/27/41		9,719		9,388,621
Deere & Co.
3.75%, 04/15/50 (Call 10/15/49)^(a)		10,148		7,899,397
3.90%, 06/09/42 (Call 12/09/41)^(a)		15,803		13,103,868
John Deere Capital Corp.
0.70%, 01/15/26^(a)		7,382		6,454,747
4.15%, 09/15/27		7,822		7,514,336
Otis Worldwide Corp.
2.57%, 02/15/30 (Call 11/15/29)^(a)		15,409		12,540,028
3.11%, 02/15/40 (Call 08/15/39)^(a)		10,653		7,359,429
Westinghouse Air Brake Technologies Corp.
3.45%, 11/15/26 (Call 08/15/26)^(a)		3,831		3,429,097
4.95%, 09/15/28 (Call 06/15/28)^(a)		12,623		11,762,465

				144,024,495

Manufacturing — 0.7%
3M Co.
2.38%, 08/26/29 (Call 05/26/29)^(a)		9,196		7,584,917
2.88%, 10/15/27 (Call 07/15/27)^(a)		9,820		8,839,974
3.25%, 08/26/49 (Call 02/26/49)^(a)		11,346		7,487,871
3.38%, 03/01/29 (Call 12/01/28)^(a)		6,720		6,009,314
4.00%, 09/14/48 (Call 03/14/48)^(a)		12,920		9,763,743
Eaton Corp.
4.15%, 03/15/33 (Call 12/15/32)		15,449		13,694,517
4.15%, 11/02/42^(a)		12,684		10,198,832
GE Capital Funding LLC, 4.55%, 05/15/32 (Call 02/15/32)^(a)		7,604		7,001,864
GE Capital International Funding Co. Unlimited Co., 4.42%, 11/15/35^(a)		79,799		70,300,980
General Electric Co.
5.88%, 01/14/38^(a)		10,765		10,612,381
6.75%, 03/15/32		28,737		31,271,408
Illinois Tool Works Inc.
2.65%, 11/15/26 (Call 08/15/26)^(a)		11,012		10,109,300
3.90%, 09/01/42 (Call 03/01/42)^(a)		12,172		9,716,465
Parker-Hannifin Corp.
3.25%, 06/14/29 (Call 03/14/29)		14,604		12,652,790


Security	Par (000)		Value

Manufacturing (continued)
4.00%, 06/14/49 (Call 12/14/48)^(a)	$	8,194	$	6,044,553
4.25%, 09/15/27 (Call 08/15/27)		14,355		13,609,144
4.50%, 09/15/29 (Call 07/15/29)		13,291		12,433,732
Trane Technologies Luxembourg Finance SA, 3.80%, 03/21/29 (Call 12/21/28)^(a)		9,881		8,808,619

				256,140,404

Media — 4.2%
Charter Communications Operating LLC/Charter Communications Operating Capital
2.25%, 01/15/29 (Call 11/15/28)		18,707		14,722,207
2.30%, 02/01/32 (Call 11/01/31)		11,269		8,027,116
2.80%, 04/01/31 (Call 01/01/31)		17,548		13,295,446
3.50%, 06/01/41 (Call 12/01/40)		18,838		11,919,485
3.50%, 03/01/42 (Call 09/01/41)		15,425		9,656,928
3.70%, 04/01/51 (Call 10/01/50)^(a)		24,190		14,518,458
3.75%, 02/15/28 (Call 11/15/27)^(a)		13,432		11,823,103
3.85%, 04/01/61 (Call 10/01/60)		22,061		12,729,662
3.90%, 06/01/52 (Call 12/01/51)^(a)		27,393		16,928,217
3.95%, 06/30/62 (Call 12/30/61)		16,881		9,906,078
4.20%, 03/15/28 (Call 12/15/27)^(a)		18,248		16,341,646
4.40%, 04/01/33 (Call 01/01/33)^(a)		9,554		7,931,948
4.40%, 12/01/61 (Call 06/01/61)		16,666		10,593,556
4.80%, 03/01/50 (Call 09/01/49)^(a)		31,227		22,064,436
5.05%, 03/30/29 (Call 12/30/28)		12,834		11,809,611
5.13%, 07/01/49 (Call 01/01/49)		13,922		10,253,229
5.25%, 04/01/53 (Call 10/01/52)^(a)		17,745		13,375,691
5.38%, 04/01/38 (Call 10/01/37)^(a)		11,674		9,410,422
5.38%, 05/01/47 (Call 11/01/46)^(a)		28,889		22,214,402
5.50%, 04/01/63 (Call 10/01/62)		10,134		7,654,042
5.75%, 04/01/48 (Call 10/01/47)^(a)		27,051		21,614,506
6.38%, 10/23/35 (Call 04/23/35)		21,904		19,974,095
6.48%, 10/23/45 (Call 04/23/45)^(a)		37,385		32,903,223
Comcast Corp.
1.50%, 02/15/31 (Call 11/15/30)^(a)		21,752		16,204,050
1.95%, 01/15/31 (Call 10/15/30)^(a)		19,424		15,022,964
2.35%, 01/15/27 (Call 10/15/26)^(a)		12,743		11,382,504
2.45%, 08/15/52 (Call 02/15/52)^(a)		17,774		9,696,115
2.65%, 02/01/30 (Call 11/01/29)		15,237		12,744,666
2.65%, 08/15/62 (Call 02/15/62)^(a)		15,980		8,356,457
2.80%, 01/15/51 (Call 07/15/50)		23,404		13,897,796
2.89%, 11/01/51 (Call 05/01/51)		58,450		35,135,172
2.94%, 11/01/56 (Call 05/01/56)^(a)		66,103		38,179,414
2.99%, 11/01/63 (Call 05/01/63)		41,285		23,272,813
3.15%, 03/01/26 (Call 12/01/25)^(a)		23,184		21,785,008
3.15%, 02/15/28 (Call 11/15/27)^(a)		18,017		16,250,428
3.20%, 07/15/36 (Call 01/15/36)^(a)		9,903		7,527,346
3.25%, 11/01/39 (Call 05/01/39)		17,135		12,418,113
3.30%, 02/01/27 (Call 11/01/26)^(a)		16,923		15,671,336
3.30%, 04/01/27 (Call 02/01/27)		7,102		6,584,875
3.40%, 04/01/30 (Call 01/01/30)		16,323		14,267,765
3.40%, 07/15/46 (Call 01/15/46)^(a)		16,522		11,204,353
3.45%, 02/01/50 (Call 08/01/49)^(a)		21,370		14,451,559
3.55%, 05/01/28 (Call 02/01/28)		10,025		9,170,593
3.75%, 04/01/40 (Call 10/01/39)		19,776		15,206,207
3.90%, 03/01/38 (Call 09/01/37)		15,292		12,313,571
3.97%, 11/01/47 (Call 05/01/47)^(a)		23,045		17,132,335
4.00%, 08/15/47 (Call 02/15/47)		11,653		8,754,468
4.00%, 03/01/48 (Call 09/01/47)^(a)		11,430		8,588,030
4.00%, 11/01/49 (Call 05/01/49)^(a)		20,454		15,051,299
4.05%, 11/01/52 (Call 05/01/52)^(a)		8,991		6,657,861


Security	Par (000)		Value

Media (continued)
4.15%, 10/15/28 (Call 07/15/28)	$	45,788	$	42,932,463
4.20%, 08/15/34 (Call 02/15/34)		10,822		9,455,639
4.25%, 10/15/30 (Call 07/15/30)		18,586		17,035,565
4.25%, 01/15/33		21,674		19,549,009
4.40%, 08/15/35 (Call 02/15/35)^(a)		7,211		6,326,176
4.60%, 10/15/38 (Call 04/15/38)^(a)		12,447		10,746,822
4.60%, 08/15/45 (Call 02/15/45)		10,153		8,256,968
4.70%, 10/15/48 (Call 04/15/48)		19,583		16,380,032
4.95%, 10/15/58 (Call 04/15/58)^(a)		10,643		8,952,779
5.35%, 11/15/27		8,630		8,626,116
5.50%, 11/15/32		10,000		9,936,800
5.65%, 06/15/35		11,232		11,024,434
7.05%, 03/15/33		9,807		10,636,599
Discovery Communications LLC
3.63%, 05/15/30 (Call 02/15/30)		14,461		11,664,746
3.95%, 03/20/28 (Call 12/20/27)^(a)		20,321		17,626,771
4.00%, 09/15/55 (Call 03/15/55)^(a)		14,117		8,078,353
4.13%, 05/15/29 (Call 02/15/29)^(a)		9,150		7,750,758
4.65%, 05/15/50 (Call 11/15/49)		12,238		8,058,089
5.20%, 09/20/47 (Call 03/20/47)^(a)		14,937		10,634,506
5.30%, 05/15/49 (Call 11/15/48)		10,927		7,845,508
Fox Corp.
4.71%, 01/25/29 (Call 10/25/28)^(a)		22,066		20,519,162
5.48%, 01/25/39 (Call 07/25/38)		15,789		13,526,130
5.58%, 01/25/49 (Call 07/25/48)^(a)		17,576		14,678,215
Paramount Global
4.00%, 01/15/26 (Call 10/15/25)^(a)		6,938		6,505,665
4.20%, 05/19/32 (Call 02/19/32)^(a)		12,479		9,981,937
4.38%, 03/15/43		17,563		11,730,552
4.95%, 01/15/31 (Call 10/15/30)^(a)		12,160		10,603,041
4.95%, 05/19/50 (Call 11/19/49)^(a)		13,588		9,527,300
5.85%, 09/01/43 (Call 03/01/43)^(a)		12,106		9,834,793
6.88%, 04/30/36^(a)		11,336		10,541,913
7.88%, 07/30/30		12,758		13,273,266
Time Warner Cable Enterprises LLC, 8.38%, 07/15/33		11,206		11,863,277
Time Warner Cable LLC
4.50%, 09/15/42 (Call 03/15/42)		11,458		7,833,071
5.50%, 09/01/41 (Call 03/01/41)^(a)		13,403		10,461,454
5.88%, 11/15/40 (Call 05/15/40)		15,248		12,357,333
6.55%, 05/01/37^(a)		16,653		14,934,472
6.75%, 06/15/39		16,914		15,025,834
7.30%, 07/01/38^(a)		16,609		15,491,462
TWDC Enterprises 18 Corp.
1.85%, 07/30/26^(a)		12,897		11,483,958
2.95%, 06/15/27^(a)		10,281		9,345,036
3.00%, 02/13/26^(a)		9,090		8,500,244
4.13%, 06/01/44^(a)		13,596		10,991,012
Walt Disney Co. (The)
1.75%, 01/13/26^(a)		16,630		15,055,713
2.00%, 09/01/29 (Call 06/01/29)^(a)		22,906		18,686,321
2.20%, 01/13/28^(a)		10,568		9,153,955
2.65%, 01/13/31^(a)		24,404		20,191,767
2.75%, 09/01/49 (Call 03/01/49)^(a)		25,282		15,452,338
3.50%, 05/13/40 (Call 11/13/39)^(a)		24,638		18,798,725
3.60%, 01/13/51 (Call 07/13/50)^(a)		28,098		20,406,206
3.80%, 03/22/30^(a)		12,565		11,429,725
3.80%, 05/13/60 (Call 11/13/59)		13,280		9,492,398
4.63%, 03/23/40 (Call 09/23/39)		11,697		10,304,527
4.70%, 03/23/50 (Call 09/23/49)^(a)		21,140		18,378,112
6.20%, 12/15/34^(a)		14,066		14,657,442


Security	Par (000)		Value

Media (continued)
6.40%, 12/15/35	$	11,411	$	12,027,961
6.65%, 11/15/37^(a)		16,403		17,745,876

				1,448,902,931

Mining — 0.5%
Barrick Gold Corp., 5.25%, 04/01/42^(a)		9,037		8,013,445
Barrick North America Finance LLC
5.70%, 05/30/41^(a)		11,221		10,517,444
5.75%, 05/01/43		5,999		5,611,969
Barrick PD Australia Finance Pty Ltd., 5.95%, 10/15/39^(a)		11,660		11,171,284
BHP Billiton Finance USA Ltd.
4.13%, 02/24/42^(a)		14,989		12,295,487
5.00%, 09/30/43		24,733		22,626,505
Freeport-McMoRan Inc.
4.63%, 08/01/30 (Call 08/01/25)^(a)		7,610		6,750,153
5.40%, 11/14/34 (Call 05/14/34)^(a)		9,736		8,668,353
5.45%, 03/15/43 (Call 09/15/42)^(a)		19,063		15,768,265
Newmont Corp.
2.25%, 10/01/30 (Call 07/01/30)		16,453		12,704,798
2.60%, 07/15/32 (Call 04/15/32)		5,444		4,164,519
4.88%, 03/15/42 (Call 09/15/41)^(a)		13,757		11,644,504
6.25%, 10/01/39^(a)		9,264		9,099,508
Rio Tinto Alcan Inc., 6.13%, 12/15/33^(a)		8,256		8,551,195
Rio Tinto Finance USA Ltd.
2.75%, 11/02/51 (Call 05/02/51)		14,280		8,825,308
5.20%, 11/02/40^(a)		11,102		10,551,424
7.13%, 07/15/28		10,664		11,444,840
Rio Tinto Finance USA PLC, 4.13%, 08/21/42 (Call 02/21/42)^(a)		11,216		9,146,524

				187,555,525

Office & Business Equipment — 0.0%
CDW LLC/CDW Finance Corp.
2.67%, 12/01/26 (Call 11/01/26)		10,068		8,667,811
3.57%, 12/01/31 (Call 09/01/31)		8,194		6,443,114

				15,110,925

Oil & Gas — 3.9%
BP Capital Markets America Inc.
1.75%, 08/10/30 (Call 05/10/30)^(a)		12,698		9,831,195
2.72%, 01/12/32 (Call 10/12/31)^(a)		27,185		22,011,814
2.77%, 11/10/50 (Call 05/10/50)^(a)		17,720		10,671,838
2.94%, 06/04/51 (Call 12/04/50)^(a)		25,755		15,983,950
3.00%, 02/24/50 (Call 08/24/49)^(a)		23,004		14,520,932
3.00%, 03/17/52 (Call 09/17/51)^(a)		17,696		11,013,955
3.02%, 01/16/27 (Call 10/16/26)		10,657		9,746,474
3.06%, 06/17/41 (Call 12/17/40)^(a)		17,938		12,519,824
3.12%, 05/04/26 (Call 02/04/26)^(a)		11,292		10,522,633
3.38%, 02/08/61 (Call 08/08/60)^(a)		18,538		11,779,370
3.41%, 02/11/26 (Call 12/11/25)^(a)		10,731		10,157,660
3.63%, 04/06/30 (Call 01/06/30)^(a)		14,625		13,086,100
3.94%, 09/21/28 (Call 06/21/28)^(a)		11,495		10,660,083
4.23%, 11/06/28 (Call 08/06/28)		21,818		20,540,999
BP Capital Markets PLC
3.28%, 09/19/27 (Call 06/19/27)		15,804		14,431,424
3.72%, 11/28/28 (Call 08/28/28)		9,831		8,982,022
Canadian Natural Resources Ltd.
3.85%, 06/01/27 (Call 03/01/27)^(a)		12,138		11,166,960
4.95%, 06/01/47 (Call 12/01/46)^(a)		7,711		6,454,980
6.25%, 03/15/38		12,704		12,229,071


Security	Par (000)		Value

Oil & Gas (continued)
Cenovus Energy Inc.
3.75%, 02/15/52 (Call 08/15/51)^(a)	$	9,369	$	6,215,799
5.40%, 06/15/47 (Call 12/15/46)^(a)		11,878		10,100,470
6.75%, 11/15/39^(a)		13,116		12,913,439
Chevron Corp.
2.00%, 05/11/27 (Call 03/11/27)^(a)		13,556		11,990,443
2.24%, 05/11/30 (Call 02/11/30)^(a)		18,886		15,650,503
2.95%, 05/16/26 (Call 02/16/26)		25,989		24,401,259
3.08%, 05/11/50 (Call 11/11/49)^(a)		8,938		6,105,471
3.33%, 11/17/25 (Call 08/17/25)^(a)		3,495		3,368,935
Chevron USA Inc.
1.02%, 08/12/27 (Call 06/12/27)^(a)		8,998		7,554,145
2.34%, 08/12/50 (Call 02/12/50)^(a)		7,401		4,367,471
ConocoPhillips Co.
3.76%, 03/15/42		16,423		12,838,692
3.80%, 03/15/52 (Call 09/15/51)^(a)		12,671		9,442,552
4.03%, 03/15/62		16,115		11,894,357
4.30%, 11/15/44 (Call 05/15/44)		7,141		5,886,224
6.50%, 02/01/39		14,755		15,879,048
6.95%, 04/15/29^(a)		12,562		13,626,705
Continental Resources Inc./OK, 4.38%, 01/15/28
(Call 10/15/27)^(a)		12,334		11,049,249
Devon Energy Corp.
4.75%, 05/15/42 (Call 11/15/41)		9,789		8,013,198
5.00%, 06/15/45 (Call 12/15/44)		4,604		3,844,542
5.60%, 07/15/41 (Call 01/15/41)^(a)		15,470		14,111,808
Diamondback Energy Inc.
3.13%, 03/24/31 (Call 12/24/30)^(a)		18,172		14,868,098
3.25%, 12/01/26 (Call 10/01/26)^(a)		4,157		3,811,252
3.50%, 12/01/29 (Call 09/01/29)^(a)		7,850		6,779,022
4.25%, 03/15/52 (Call 09/15/51)		11,126		8,047,115
6.25%, 03/15/33		5,333		5,337,032
EOG Resources Inc.
4.15%, 01/15/26 (Call 10/15/25)		4,091		3,969,311
4.38%, 04/15/30 (Call 01/15/30)^(a)		11,646		11,051,309
4.95%, 04/15/50 (Call 10/15/49)^(a)		8,323		7,566,835
EQT Corp.
3.90%, 10/01/27 (Call 07/01/27)		13,449		12,096,819
7.00%, 02/01/30 (Call 11/01/29)^(a)		11,409		11,690,927
Equinor ASA
1.75%, 01/22/26 (Call 12/22/25)^(a)		4,753		4,285,348
2.38%, 05/22/30 (Call 02/22/30)^(a)		7,786		6,436,556
3.13%, 04/06/30 (Call 01/06/30)^(a)		14,744		12,901,112
3.25%, 11/18/49 (Call 05/18/49)		8,380		5,798,192
3.63%, 09/10/28 (Call 06/10/28)^(a)		7,609		7,051,613
3.70%, 04/06/50 (Call 10/06/49)		11,358		8,541,253
3.95%, 05/15/43		9,905		7,860,923
4.80%, 11/08/43		7,499		6,662,557
5.10%, 08/17/40		7,256		6,760,501
Exxon Mobil Corp.
2.28%, 08/16/26 (Call 06/16/26)^(a)		14,049		12,784,576
2.44%, 08/16/29 (Call 05/16/29)^(a)		14,696		12,569,902
2.61%, 10/15/30 (Call 07/15/30)^(a)		22,673		19,150,203
3.00%, 08/16/39 (Call 02/16/39)		11,175		8,176,295
3.04%, 03/01/26 (Call 12/01/25)		22,886		21,536,742
3.10%, 08/16/49 (Call 02/16/49)^(a)		15,202		10,325,130
3.29%, 03/19/27 (Call 01/19/27)^(a)		8,588		8,063,516
3.45%, 04/15/51 (Call 10/15/50)^(a)		32,995		23,541,316
3.48%, 03/19/30 (Call 12/19/29)^(a)		23,701		21,473,028
3.57%, 03/06/45 (Call 09/06/44)^(a)		11,560		8,546,907


Security	Par (000)		Value

Oil & Gas (continued)
4.11%, 03/01/46 (Call 09/01/45)	$	28,945	$	23,288,247
4.23%, 03/19/40 (Call 09/19/39)		24,963		21,321,013
4.33%, 03/19/50 (Call 09/19/49)^(a)		29,295		24,333,561
Hess Corp.
4.30%, 04/01/27 (Call 01/01/27)^(a)		11,756		11,039,608
5.60%, 02/15/41^(a)		17,285		15,483,053
6.00%, 01/15/40^(a)		4,177		3,933,237
Marathon Oil Corp.
4.40%, 07/15/27 (Call 04/15/27)^(a)		12,190		11,370,101
6.60%, 10/01/37		7,561		7,451,452
Marathon Petroleum Corp.
4.75%, 09/15/44 (Call 03/15/44)		8,782		6,917,802
6.50%, 03/01/41 (Call 09/01/40)^(a)		14,311		13,945,627
Phillips 66
2.15%, 12/15/30 (Call 09/15/30)^(a)		12,270		9,497,454
3.30%, 03/15/52 (Call 09/15/51)^(a)		10,259		6,630,401
3.90%, 03/15/28 (Call 12/15/27)^(a)		8,725		8,053,065
4.65%, 11/15/34 (Call 05/15/34)		12,603		11,289,969
4.88%, 11/15/44 (Call 05/15/44)		18,948		16,198,410
5.88%, 05/01/42^(a)		18,033		17,447,290
Pioneer Natural Resources Co.
1.13%, 01/15/26 (Call 12/15/25)		4,337		3,782,627
1.90%, 08/15/30 (Call 05/15/30)		11,639		8,946,064
2.15%, 01/15/31 (Call 10/15/30)^(a)		5,994		4,641,740
Shell International Finance BV
2.38%, 11/07/29 (Call 08/07/29)^(a)		18,185		15,302,948
2.50%, 09/12/26^(a)		11,910		10,866,628
2.75%, 04/06/30 (Call 01/06/30)^(a)		20,966		17,923,993
2.88%, 05/10/26^(a)		21,325		19,871,550
3.00%, 11/26/51 (Call 05/26/51)		12,117		7,839,488
3.13%, 11/07/49 (Call 05/07/49)		13,150		8,715,395
3.25%, 04/06/50 (Call 10/06/49)		22,610		15,541,099
3.75%, 09/12/46		14,334		10,690,557
3.88%, 11/13/28 (Call 08/13/28)^(a)		18,400		17,215,075
4.00%, 05/10/46		23,671		18,572,174
4.13%, 05/11/35^(a)		18,094		15,935,851
4.38%, 05/11/45^(a)		35,162		29,008,130
4.55%, 08/12/43		12,353		10,537,997
5.50%, 03/25/40		10,800		10,521,743
6.38%, 12/15/38^(a)		31,397		33,042,526
Suncor Energy Inc.
3.75%, 03/04/51 (Call 09/04/50)^(a)		5,177		3,527,200
4.00%, 11/15/47 (Call 05/15/47)		5,543		4,031,582
6.50%, 06/15/38		14,839		14,560,055
6.80%, 05/15/38^(a)		11,253		11,252,249
6.85%, 06/01/39		9,484		9,530,877
TotalEnergies Capital International SA
2.83%, 01/10/30 (Call 10/10/29)^(a)		13,945		11,961,778
2.99%, 06/29/41 (Call 12/29/40)^(a)		10,562		7,425,284
3.13%, 05/29/50 (Call 11/29/49)		27,660		18,281,382
3.39%, 06/29/60 (Call 12/29/59)		9,341		6,075,345
3.45%, 02/19/29 (Call 11/19/28)^(a)		14,948		13,551,707
3.46%, 07/12/49 (Call 01/12/49)		13,784		9,705,194
TotalEnergies Capital SA, 3.88%, 10/11/28^(a)		12,842		11,983,682
Valero Energy Corp.
3.65%, 12/01/51 (Call 06/01/51)		11,635		7,721,554
4.35%, 06/01/28 (Call 03/01/28)^(a)		5,186		4,874,378
6.63%, 06/15/37^(a)		18,873		18,891,073
7.50%, 04/15/32^(a)		9,103		9,850,565

				1,373,628,764


Security	Par (000)		Value

Oil & Gas Services — 0.4%
Baker Hughes Holdings LLC, 5.13%, 09/15/40	$	13,962	$	11,961,742
Baker Hughes Holdings LLC/Baker Hughes Co-Obligor Inc.
3.34%, 12/15/27 (Call 09/15/27)^(a)		17,396		15,588,660
4.08%, 12/15/47 (Call 06/15/47)^(a)		13,759		9,938,625
Halliburton Co.
2.92%, 03/01/30 (Call 12/01/29)^(a)		17,468		14,691,867
4.75%, 08/01/43 (Call 02/01/43)^(a)		9,370		7,506,143
4.85%, 11/15/35 (Call 05/15/35)		10,318		9,119,110
5.00%, 11/15/45 (Call 05/15/45)^(a)		20,680		17,110,111
6.70%, 09/15/38		11,529		11,525,431
7.45%, 09/15/39		12,794		13,701,480
Schlumberger Investment SA, 2.65%, 06/26/30
(Call 03/26/30)^(a)		17,636		14,720,744

				125,863,913

Packaging & Containers — 0.1%
Amcor Flexibles North America Inc., 2.69%, 05/25/31 (Call 02/25/31)		3,472		2,659,716
Berry Global Inc., 1.57%, 01/15/26 (Call 12/15/25)^(a)		13,559		11,751,623
WRKCo Inc.
4.65%, 03/15/26 (Call 01/15/26)^(a)		6,210		6,014,335
4.90%, 03/15/29 (Call 12/15/28)^(a)		11,632		10,921,004

				31,346,678

Pharmaceuticals — 7.2%
AbbVie Inc.
2.95%, 11/21/26 (Call 09/21/26)^(a)		39,995		36,528,869
3.20%, 05/14/26 (Call 02/14/26)		25,411		23,679,418
3.20%, 11/21/29 (Call 08/21/29)^(a)		56,570		49,347,482
4.05%, 11/21/39 (Call 05/21/39)^(a)		44,348		35,573,806
4.25%, 11/14/28 (Call 08/14/28)^(a)		19,555		18,407,442
4.25%, 11/21/49 (Call 05/21/49)^(a)		66,319		51,435,683
4.30%, 05/14/36 (Call 11/14/35)^(a)		17,927		15,442,440
4.40%, 11/06/42^(a)		30,368		24,753,339
4.45%, 05/14/46 (Call 11/14/45)		25,457		20,420,534
4.50%, 05/14/35 (Call 11/14/34)		28,433		25,232,201
4.55%, 03/15/35 (Call 09/15/34)		17,946		15,960,264
4.70%, 05/14/45 (Call 11/14/44)		27,217		22,607,042
4.75%, 03/15/45 (Call 09/15/44)^(a)		12,198		10,241,497
4.85%, 06/15/44 (Call 12/15/43)		16,569		14,112,064
4.88%, 11/14/48 (Call 05/14/48)^(a)		18,470		15,752,797
AmerisourceBergen Corp.
2.70%, 03/15/31 (Call 12/15/30)		10,822		8,617,872
3.45%, 12/15/27 (Call 09/15/27)^(a)		11,298		10,300,291
Astrazeneca Finance LLC
1.20%, 05/28/26 (Call 04/28/26)^(a)		10,113		8,817,183
1.75%, 05/28/28 (Call 03/28/28)		16,282		13,627,723
2.25%, 05/28/31 (Call 02/28/31)^(a)		8,822		7,102,238
AstraZeneca PLC
0.70%, 04/08/26 (Call 03/08/26)^(a)		14,197		12,188,000
1.38%, 08/06/30 (Call 05/06/30)^(a)		17,170		13,117,727
3.00%, 05/28/51 (Call 11/28/50)		10,569		7,020,862
3.13%, 06/12/27 (Call 03/12/27)		9,302		8,558,986
3.38%, 11/16/25^(a)		17,115		16,306,941
4.00%, 01/17/29 (Call 10/17/28)^(a)		12,050		11,314,703
4.00%, 09/18/42^(a)		11,979		9,817,705
4.38%, 11/16/45		9,319		7,861,672
4.38%, 08/17/48 (Call 02/17/48)		9,569		8,093,029
6.45%, 09/15/37		32,066		34,335,381


Security	Par (000)		Value

Pharmaceuticals (continued)
Becton Dickinson and Co.
1.96%, 02/11/31 (Call 11/11/30)^(a)	$	14,874	$	11,390,048
2.82%, 05/20/30 (Call 02/20/30)^(a)		9,766		8,147,467
3.70%, 06/06/27 (Call 03/06/27)^(a)		18,223		16,920,356
4.67%, 06/06/47 (Call 12/06/46)^(a)		18,111		15,145,786
4.69%, 12/15/44 (Call 06/15/44)^(a)		11,569		9,711,989
Bristol-Myers Squibb Co.
0.75%, 11/13/25 (Call 10/13/25)^(a)		5,599		4,948,537
1.13%, 11/13/27 (Call 09/13/27)^(a)		15,396		12,772,114
1.45%, 11/13/30 (Call 08/13/30)^(a)		14,640		11,196,938
2.35%, 11/13/40 (Call 05/13/40)^(a)		11,754		7,652,215
2.55%, 11/13/50 (Call 05/13/50)^(a)		18,634		11,198,046
2.95%, 03/15/32 (Call 12/15/31)^(a)		19,735		16,640,919
3.20%, 06/15/26 (Call 04/15/26)		19,178		18,187,669
3.40%, 07/26/29 (Call 04/26/29)^(a)		24,988		22,669,768
3.55%, 03/15/42 (Call 09/15/41)^(a)		14,283		10,916,296
3.70%, 03/15/52 (Call 09/15/51)^(a)		25,177		18,698,855
3.90%, 02/20/28 (Call 11/20/27)		19,740		18,711,984
3.90%, 03/15/62 (Call 09/15/61)		12,101		8,888,704
4.13%, 06/15/39 (Call 12/15/38)		25,314		21,445,841
4.25%, 10/26/49 (Call 04/26/49)^(a)		40,833		33,278,732
4.35%, 11/15/47 (Call 05/15/47)		14,068		11,675,396
4.55%, 02/20/48 (Call 08/20/47)		11,006		9,392,936
Cardinal Health Inc., 3.41%, 06/15/27 (Call 03/15/27)		14,624		13,380,065
Cigna Corp.
1.25%, 03/15/26 (Call 02/15/26)^(a)		12,173		10,622,547
2.38%, 03/15/31 (Call 12/15/30)^(a)		15,982		12,659,139
2.40%, 03/15/30 (Call 12/15/29)		20,858		16,966,669
3.20%, 03/15/40 (Call 09/15/39)		10,295		7,321,404
3.40%, 03/01/27 (Call 12/01/26)		17,216		15,853,259
3.40%, 03/15/50 (Call 09/15/49)^(a)		17,272		11,470,662
3.40%, 03/15/51 (Call 09/15/50)^(a)		18,529		12,313,536
3.88%, 10/15/47 (Call 04/15/47)		9,887		7,120,750
4.13%, 11/15/25 (Call 09/15/25)		17,625		17,032,190
4.38%, 10/15/28 (Call 07/15/28)		41,648		39,204,087
4.50%, 02/25/26 (Call 11/27/25)^(a)		12,360		12,062,876
4.80%, 08/15/38 (Call 02/15/38)		25,796		22,713,654
4.80%, 07/15/46 (Call 01/16/46)		15,173		12,652,580
4.90%, 12/15/48 (Call 06/15/48)^(a)		34,535		29,302,540
CVS Health Corp.
1.30%, 08/21/27 (Call 06/21/27)^(a)		23,576		19,520,204
1.75%, 08/21/30 (Call 05/21/30)		19,694		14,975,836
1.88%, 02/28/31 (Call 11/28/30)^(a)		13,341		10,109,929
2.13%, 09/15/31 (Call 06/15/31)^(a)		9,583		7,325,032
2.70%, 08/21/40 (Call 02/21/40)^(a)		17,850		11,522,985
2.88%, 06/01/26 (Call 03/01/26)^(a)		20,939		19,259,148
3.00%, 08/15/26 (Call 06/15/26)		9,641		8,832,310
3.25%, 08/15/29 (Call 05/15/29)^(a)		19,359		16,780,319
3.63%, 04/01/27 (Call 02/01/27)^(a)		7,415		6,904,801
3.75%, 04/01/30 (Call 01/01/30)		21,286		18,819,106
4.13%, 04/01/40 (Call 10/01/39)^(a)		12,695		9,939,079
4.25%, 04/01/50 (Call 10/01/49)^(a)		10,339		7,796,907
4.30%, 03/25/28 (Call 12/25/27)		53,311		50,048,202
4.78%, 03/25/38 (Call 09/25/37)^(a)		53,923		46,784,695
5.05%, 03/25/48 (Call 09/25/47)^(a)		91,603		77,873,771
5.13%, 07/20/45 (Call 01/20/45)		38,023		32,629,190
5.30%, 12/05/43 (Call 06/05/43)^(a)		11,079		9,787,618
Eli Lilly & Co.
2.25%, 05/15/50 (Call 11/15/49)^(a)		12,868		7,703,948
2.50%, 09/15/60 (Call 03/15/60)^(a)		9,901		5,672,513


Security	Par (000)		Value

Pharmaceuticals (continued)
3.38%, 03/15/29 (Call 12/15/28)^(a)	$	14,102	$	13,004,884
3.95%, 03/15/49 (Call 09/15/48)^(a)		11,744		9,792,766
GlaxoSmithKline Capital Inc.
3.88%, 05/15/28^(a)		22,856		21,466,463
6.38%, 05/15/38^(a)		30,049		32,123,691
GlaxoSmithKline Capital PLC, 3.38%, 06/01/29 (Call 03/01/29)^(a)		9,622		8,667,213
Johnson & Johnson
0.95%, 09/01/27 (Call 07/01/27)		20,444		17,273,694
1.30%, 09/01/30 (Call 06/01/30)^(a)		21,229		16,768,447
2.10%, 09/01/40 (Call 03/01/40)^(a)		11,066		7,265,733
2.25%, 09/01/50 (Call 03/01/50)^(a)		11,738		6,959,268
2.45%, 03/01/26 (Call 12/01/25)^(a)		18,555		17,307,759
2.45%, 09/01/60 (Call 03/01/60)^(a)		12,256		6,894,007
2.90%, 01/15/28 (Call 10/15/27)^(a)		17,631		16,225,783
2.95%, 03/03/27 (Call 12/03/26)		11,575		10,770,176
3.40%, 01/15/38 (Call 07/15/37)		12,914		10,523,337
3.50%, 01/15/48 (Call 07/15/47)		8,710		6,668,677
3.55%, 03/01/36 (Call 09/01/35)^(a)		9,271		7,922,374
3.63%, 03/03/37 (Call 09/03/36)		16,324		13,908,312
3.70%, 03/01/46 (Call 09/01/45)		21,243		16,955,736
3.75%, 03/03/47 (Call 09/03/46)^(a)		11,993		9,573,903
4.38%, 12/05/33 (Call 06/05/33)^(a)		10,266		9,762,607
5.95%, 08/15/37^(a)		12,214		13,093,148
Mead Johnson Nutrition Co., 4.13%, 11/15/25 (Call 08/15/25)		4,420		4,270,526
Merck & Co. Inc.
0.75%, 02/24/26 (Call 01/24/26)^(a)		5,793		5,069,975
1.45%, 06/24/30 (Call 03/24/30)^(a)		17,553		13,614,939
1.70%, 06/10/27 (Call 05/10/27)^(a)		16,887		14,709,166
1.90%, 12/10/28 (Call 10/10/28)^(a)		13,494		11,310,006
2.15%, 12/10/31 (Call 09/10/31)		23,311		18,495,057
2.35%, 06/24/40 (Call 12/24/39)^(a)		11,493		7,586,262
2.45%, 06/24/50 (Call 12/24/49)^(a)		14,823		8,931,409
2.75%, 12/10/51 (Call 06/10/51)^(a)		24,356		15,460,122
2.90%, 12/10/61 (Call 06/10/61)		14,649		8,877,807
3.40%, 03/07/29 (Call 12/07/28)^(a)		23,621		21,544,936
3.70%, 02/10/45 (Call 08/10/44)^(a)		23,255		18,003,877
3.90%, 03/07/39 (Call 09/07/38)^(a)		13,954		11,627,176
4.00%, 03/07/49 (Call 09/07/48)		15,711		12,711,611
4.15%, 05/18/43^(a)		14,563		12,131,883
Mylan Inc.
4.55%, 04/15/28 (Call 01/15/28)^(a)		10,517		9,407,310
5.20%, 04/15/48 (Call 10/15/47)		8,567		5,712,371
Novartis Capital Corp.
2.00%, 02/14/27 (Call 12/14/26)		16,529		14,770,772
2.20%, 08/14/30 (Call 05/14/30)^(a)		18,507		15,322,232
2.75%, 08/14/50 (Call 02/14/50)^(a)		11,834		7,736,611
3.00%, 11/20/25 (Call 08/20/25)^(a)		13,314		12,633,958
3.10%, 05/17/27 (Call 02/17/27)^(a)		11,918		11,079,496
4.00%, 11/20/45 (Call 05/20/45)^(a)		11,819		9,676,624
4.40%, 05/06/44		23,527		20,553,535
Pfizer Inc.
1.70%, 05/28/30 (Call 02/28/30)^(a)		11,838		9,429,168
1.75%, 08/18/31 (Call 05/18/31)^(a)		10,392		8,102,410
2.55%, 05/28/40 (Call 11/28/39)^(a)		11,972		8,275,373
2.63%, 04/01/30 (Call 01/01/30)		18,442		15,752,852
2.70%, 05/28/50 (Call 11/28/49)^(a)		13,823		8,986,363
2.75%, 06/03/26^(a)		12,703		11,866,035
3.00%, 12/15/26^(a)		18,416		17,193,373


Security	Par (000)		Value

Pharmaceuticals (continued)
3.45%, 03/15/29 (Call 12/15/28)	$	17,066	$	15,622,687
3.60%, 09/15/28 (Call 06/15/28)^(a)		10,756		10,050,618
3.90%, 03/15/39 (Call 09/15/38)		9,217		7,753,441
4.00%, 12/15/36		6,370		5,591,682
4.00%, 03/15/49 (Call 09/15/48)^(a)		11,519		9,497,852
4.13%, 12/15/46^(a)		16,616		14,009,044
4.20%, 09/15/48 (Call 03/15/48)		12,528		10,626,078
4.30%, 06/15/43^(a)		9,486		8,192,525
4.40%, 05/15/44^(a)		12,513		10,909,385
7.20%, 03/15/39		30,444		35,658,747
Shire Acquisitions Investments Ireland DAC, 3.20%, 09/23/26 (Call 06/23/26)^(a)		36,278		33,365,272
Takeda Pharmaceutical Co. Ltd.
2.05%, 03/31/30 (Call 12/31/29)		30,249		23,848,254
3.03%, 07/09/40 (Call 01/09/40)^(a)		17,172		11,833,689
3.18%, 07/09/50 (Call 01/09/50)		22,932		14,730,790
3.38%, 07/09/60 (Call 01/09/60)^(a)		12,867		7,962,035
5.00%, 11/26/28 (Call 08/26/28)^(a)		20,323		19,602,983
Utah Acquisition Sub Inc.
3.95%, 06/15/26 (Call 03/15/26)^(a)		25,340		23,088,419
5.25%, 06/15/46 (Call 12/15/45)		13,039		8,965,088
Viatris Inc.
2.30%, 06/22/27 (Call 04/22/27)^(a)		8,647		7,072,081
2.70%, 06/22/30 (Call 03/22/30)^(a)		17,334		12,959,741
3.85%, 06/22/40 (Call 12/22/39)^(a)		17,325		10,804,069
4.00%, 06/22/50 (Call 12/22/49)		22,803		13,277,870
Wyeth LLC
5.95%, 04/01/37		24,618		25,644,046
6.50%, 02/01/34^(a)		11,277		12,180,016
Zoetis Inc.
2.00%, 05/15/30 (Call 02/15/30)^(a)		11,371		8,931,709
3.00%, 09/12/27 (Call 06/12/27)^(a)		7,985		7,158,351
4.50%, 11/13/25 (Call 08/13/25)^(a)		5,113		4,990,460
4.70%, 02/01/43 (Call 08/01/42)^(a)		13,344		11,369,346

				2,508,594,829

Pipelines — 3.1%
Cheniere Corpus Christi Holdings LLC
3.70%, 11/15/29 (Call 05/18/29)		20,930		18,276,909
5.13%, 06/30/27 (Call 01/01/27)^(a)		14,884		14,511,900
Enbridge Inc.
2.50%, 08/01/33 (Call 05/01/33)^(a)		14,793		11,050,325
3.13%, 11/15/29 (Call 08/15/29)^(a)		12,132		10,333,907
3.40%, 08/01/51 (Call 02/01/51)		10,853		7,023,089
4.25%, 12/01/26 (Call 09/01/26)		6,821		6,455,607
5.50%, 12/01/46 (Call 06/01/46)^(a)		8,874		7,980,167
Energy Transfer LP
3.75%, 05/15/30 (Call 02/15/30)^(a)		20,581		17,479,871
4.00%, 10/01/27 (Call 07/01/27)^(a)		9,300		8,427,785
4.75%, 01/15/26 (Call 10/15/25)		7,894		7,572,814
4.95%, 05/15/28 (Call 02/15/28)^(a)		9,545		8,839,564
4.95%, 06/15/28 (Call 03/15/28)^(a)		8,274		7,704,075
5.00%, 05/15/50 (Call 11/15/49)^(a)		23,735		18,032,842
5.15%, 03/15/45 (Call 09/15/44)^(a)		12,353		9,613,463
5.25%, 04/15/29 (Call 01/15/29)		16,716		15,648,409
5.30%, 04/15/47 (Call 10/15/46)		8,683		6,811,906
5.35%, 05/15/45 (Call 11/15/44)^(a)		9,007		7,119,595
5.40%, 10/01/47 (Call 04/01/47)^(a)		14,935		11,862,360
5.50%, 06/01/27 (Call 03/01/27)^(a)		11,065		10,767,535
6.00%, 06/15/48 (Call 12/15/47)		11,449		9,660,572
6.13%, 12/15/45 (Call 06/15/45)		12,722		10,915,591


Security	Par (000)		Value

Pipelines (continued)
6.25%, 04/15/49 (Call 10/15/48)^(a)	$	18,882	$	16,487,668
6.50%, 02/01/42 (Call 08/01/41)^(a)		13,032		12,019,639
Enterprise Products Operating LLC 2.80%, 01/31/30 (Call 10/31/29)		15,714		13,090,813
3.13%, 07/31/29 (Call 04/30/29)		18,179		15,602,145
3.20%, 02/15/52 (Call 08/15/51)^(a)		12,070		7,462,952
3.30%, 02/15/53 (Call 08/15/52)^(a)		13,060		8,183,312
3.70%, 02/15/26 (Call 11/15/25)		6,275		5,948,716
3.70%, 01/31/51 (Call 07/31/50)		13,757		9,281,123
3.95%, 01/31/60 (Call 07/31/59)		9,481		6,290,021
4.15%, 10/16/28 (Call 07/16/28)		14,482		13,342,313
4.20%, 01/31/50 (Call 07/31/49)		13,572		9,984,398
4.25%, 02/15/48 (Call 08/15/47)		13,944		10,367,713
4.45%, 02/15/43 (Call 08/15/42)^(a)		12,690		10,014,872
4.80%, 02/01/49 (Call 08/01/48)		13,066		10,475,145
4.85%, 08/15/42 (Call 02/15/42)		8,115		6,747,179
4.85%, 03/15/44 (Call 09/15/43)^(a)		14,500		11,931,605
4.90%, 05/15/46 (Call 11/15/45)		11,872		9,702,371
5.10%, 02/15/45 (Call 08/15/44)		12,947		10,874,616
5.95%, 02/01/41		9,401		8,867,829
Kinder Morgan Energy Partners LP 5.50%, 03/01/44 (Call 09/01/43)		8,875		7,492,222
6.95%, 01/15/38		12,267		12,176,170
Kinder Morgan Inc. 2.00%, 02/15/31 (Call 11/15/30)		5,810		4,344,648
3.60%, 02/15/51 (Call 08/15/50)		13,017		8,414,283
4.30%, 03/01/28 (Call 12/01/27)^(a)		15,751		14,720,680
4.80%, 02/01/33 (Call 11/01/32)^(a)		11,270		10,090,908
5.05%, 02/15/46 (Call 08/15/45)		9,738		7,860,520
5.20%, 03/01/48 (Call 09/01/47)		7,969		6,510,131
5.30%, 12/01/34 (Call 06/01/34)		9,110		8,221,770
5.45%, 08/01/52 (Call 02/01/52)		9,904		8,400,248
5.55%, 06/01/45 (Call 12/01/44)^(a)		21,458		18,532,159
7.75%, 01/15/32		11,266		12,235,110
Magellan Midstream Partners LP, 3.95%, 03/01/50 (Call 09/01/49)^(a)		7,692		5,240,560
MPLX LP
1.75%, 03/01/26 (Call 02/01/26)		11,368		9,918,022
2.65%, 08/15/30 (Call 05/15/30)		17,965		14,125,096
4.00%, 03/15/28 (Call 12/15/27)		14,964		13,529,608
4.13%, 03/01/27 (Call 12/01/26)		12,478		11,590,543
4.50%, 04/15/38 (Call 10/15/37)		20,378		16,265,127
4.70%, 04/15/48 (Call 10/15/47)		15,006		11,263,906
4.80%, 02/15/29 (Call 11/15/28)		7,313		6,767,765
4.95%, 09/01/32 (Call 06/01/32)		15,017		13,580,948
4.95%, 03/14/52 (Call 09/14/51)		15,370		11,858,922
5.20%, 03/01/47 (Call 09/01/46)		13,450		10,757,506
5.50%, 02/15/49 (Call 08/15/48)		22,467		18,751,282
ONEOK Inc.
3.10%, 03/15/30 (Call 12/15/29)^(a)		9,824		7,948,390
3.40%, 09/01/29 (Call 06/01/29)^(a)		8,603		7,194,961
4.55%, 07/15/28 (Call 04/15/28)		9,326		8,477,290
5.20%, 07/15/48 (Call 01/15/48)^(a)		12,885		10,031,934
Plains All American Pipeline LP/PAA Finance Corp.
3.55%, 12/15/29 (Call 09/15/29)^(a)		14,755		12,283,425
3.80%, 09/15/30 (Call 06/15/30)^(a)		7,385		6,158,196
4.50%, 12/15/26 (Call 09/15/26)^(a)		8,695		8,170,170
Sabine Pass Liquefaction LLC
4.20%, 03/15/28 (Call 09/15/27)^(a)		18,641		17,012,280
4.50%, 05/15/30 (Call 11/15/29)^(a)		18,896		17,188,115


Security	Par (000)		Value

Pipelines (continued)
5.00%, 03/15/27 (Call 09/15/26)	$	16,720	$	16,113,032
5.88%, 06/30/26 (Call 12/31/25)		15,288		15,220,430
Targa Resources Corp.
4.20%, 02/01/33 (Call 11/01/32)^(a)		6,271		5,238,454
4.95%, 04/15/52 (Call 10/15/51)^(a)		8,439		6,353,802
5.20%, 07/01/27 (Call 06/01/27)		9,710		9,361,702
Targa Resources Partners LP/Targa Resources Partners Finance Corp.
4.00%, 01/15/32 (Call 07/15/26)		11,794		9,699,162
4.88%, 02/01/31 (Call 02/01/26)		13,588		12,005,677
5.50%, 03/01/30 (Call 03/01/25)		11,199		10,320,771
6.50%, 07/15/27 (Call 12/01/22)^(a)		10,632		10,551,941
TransCanada PipeLines Ltd.
2.50%, 10/12/31 (Call 07/12/31)		13,086		10,053,704
4.10%, 04/15/30 (Call 01/15/30)^(a)		14,943		13,355,892
4.25%, 05/15/28 (Call 02/15/28)		17,012		15,770,241
4.63%, 03/01/34 (Call 12/01/33)		14,434		12,603,001
4.88%, 01/15/26 (Call 10/15/25)^(a)		3,552		3,470,508
4.88%, 05/15/48 (Call 11/15/47)^(a)		8,711		7,174,832
5.10%, 03/15/49 (Call 09/15/48)		9,267		7,869,908
6.10%, 06/01/40		9,431		8,955,132
6.20%, 10/15/37		11,359		11,029,478
7.63%, 01/15/39^(a)		14,575		15,906,165
Transcontinental Gas Pipe Line Co. LLC, 7.85%, 02/01/26 (Call 11/01/25)		10,063		10,605,011
Williams Companies Inc. (The)
2.60%, 03/15/31 (Call 12/15/30)^(a)		17,251		13,505,539
3.50%, 11/15/30 (Call 08/15/30)^(a)		14,401		12,152,203
3.75%, 06/15/27 (Call 03/15/27)^(a)		15,853		14,557,398
4.65%, 08/15/32 (Call 05/15/32)		11,407		10,278,087
4.85%, 03/01/48 (Call 09/01/47)^(a)		7,554		6,055,325
5.10%, 09/15/45 (Call 03/15/45)^(a)		11,295		9,288,676
5.30%, 08/15/52 (Call 02/15/52)^(a)		11,535		9,725,116
6.30%, 04/15/40		13,429		12,958,464

				1,080,055,262

Real Estate Investment Trusts — 1.8%
Alexandria Real Estate Equities Inc.
1.88%, 02/01/33 (Call 11/01/32)		8,597		5,943,288
2.00%, 05/18/32 (Call 02/18/32)		10,095		7,264,045
2.95%, 03/15/34 (Call 12/15/33)^(a)		13,076		9,824,562
3.00%, 05/18/51 (Call 11/18/50)^(a)		11,798		6,784,974
3.38%, 08/15/31 (Call 05/15/31)		7,877		6,503,582
3.55%, 03/15/52 (Call 09/15/51)		11,738		7,577,873
American Tower Corp.
1.88%, 10/15/30 (Call 07/15/30)		8,804		6,496,729
2.10%, 06/15/30 (Call 03/15/30)^(a)		8,705		6,620,921
2.75%, 01/15/27 (Call 11/15/26)^(a)		10,453		9,159,002
2.90%, 01/15/30 (Call 10/15/29)^(a)		8,946		7,293,077
2.95%, 01/15/51 (Call 07/15/50)		11,962		6,848,409
3.10%, 06/15/50 (Call 12/15/49)^(a)		13,810		8,150,927
3.38%, 10/15/26 (Call 07/15/26)^(a)		13,928		12,606,847
3.55%, 07/15/27 (Call 04/15/27)^(a)		9,996		8,943,812
3.80%, 08/15/29 (Call 05/15/29)^(a)		16,966		14,792,235
Boston Properties LP
2.45%, 10/01/33 (Call 07/01/33)^(a)		15,391		10,570,271
2.55%, 04/01/32 (Call 01/01/32)		9,234		6,659,576
2.75%, 10/01/26 (Call 07/01/26)^(a)		13,243		11,738,529
3.25%, 01/30/31 (Call 10/30/30)^(a)		13,433		10,689,449
3.40%, 06/21/29 (Call 03/21/29)		15,247		12,631,275
3.65%, 02/01/26 (Call 11/03/25)		4,144		3,839,312


Security	Par (000)		Value

Real Estate Investment Trusts (continued)
4.50%, 12/01/28 (Call 09/01/28)	$	8,553	$	7,704,376
Brixmor Operating Partnership LP 4.05%, 07/01/30 (Call 04/01/30)^(a)		9,110		7,565,333
4.13%, 05/15/29 (Call 02/15/29)		3,498		2,990,522
Crown Castle Inc. 1.05%, 07/15/26 (Call 06/15/26)^(a)		13,328		11,224,679
2.10%, 04/01/31 (Call 01/01/31)^(a)		13,926		10,391,456
2.25%, 01/15/31 (Call 10/15/30)^(a)		14,188		10,805,674
2.90%, 04/01/41 (Call 10/01/40)^(a)		16,042		10,174,788
3.25%, 01/15/51 (Call 07/15/50)^(a)		10,383		6,374,961
3.30%, 07/01/30 (Call 04/01/30)^(a)		10,035		8,384,879
3.65%, 09/01/27 (Call 06/01/27)^(a)		13,420		12,129,008
3.70%, 06/15/26 (Call 03/15/26)		6,128		5,694,972
3.80%, 02/15/28 (Call 11/15/27)		11,231		10,120,994
4.45%, 02/15/26 (Call 11/15/25)		10,901		10,440,632
Crown Castle International Corp. 2.50%, 07/15/31 (Call 04/15/31)^(a)		7,425		5,704,292
2.90%, 03/15/27 (Call 02/15/27)^(a)		11,604		10,252,759
Digital Realty Trust LP 3.60%, 07/01/29 (Call 04/01/29)^(a)		13,294		11,458,185
3.70%, 08/15/27 (Call 05/15/27)^(a)		12,590		11,458,478
Equinix Inc. 2.15%, 07/15/30 (Call 04/15/30)^(a)		10,198		7,753,313
2.50%, 05/15/31 (Call 02/15/31)^(a)		14,459		10,997,220
3.20%, 11/18/29 (Call 08/18/29)^(a)		14,816		12,410,599
3.90%, 04/15/32 (Call 01/15/32)^(a)		13,494		11,339,830
ERP Operating LP, 4.50%, 07/01/44 (Call 01/01/44)		8,937		7,049,032
GLP Capital LP/GLP Financing II Inc. 3.25%, 01/15/32 (Call 10/15/31)		8,716		6,478,722
5.30%, 01/15/29 (Call 10/15/28)		6,658		5,999,976
5.38%, 04/15/26 (Call 01/15/26)^(a)		6,346		6,058,062
Healthcare Realty Holdings LP, 2.00%, 03/15/31 (Call 12/15/30)^(a)		6,910		4,984,647
Healthpeak Properties Inc., 3.00%, 01/15/30 (Call 10/15/29)		6,511		5,360,259
Prologis LP 1.25%, 10/15/30 (Call 07/15/30)^(a)		11,016		8,062,738
2.25%, 04/15/30 (Call 01/15/30)^(a)		10,428		8,383,299
Realty Income Corp. 3.25%, 01/15/31 (Call 10/15/30)^(a)		10,648		8,847,685
5.63%, 10/13/32		3,878		3,780,846
Simon Property Group LP 1.75%, 02/01/28 (Call 11/01/27)^(a)		12,481		10,211,660
2.45%, 09/13/29 (Call 06/13/29)		14,025		11,194,026
2.65%, 07/15/30 (Call 04/15/30)^(a)		10,292		8,153,722
3.25%, 11/30/26 (Call 08/30/26)		10,749		9,808,705
3.25%, 09/13/49 (Call 03/13/49)^(a)		17,726		10,730,962
3.30%, 01/15/26 (Call 10/15/25)		6,663		6,217,367
3.38%, 06/15/27 (Call 03/15/27)		8,998		8,195,225
3.38%, 12/01/27 (Call 09/01/27)^(a)		7,694		6,894,463
3.80%, 07/15/50 (Call 01/15/50)^(a)		7,518		5,081,318
Ventas Realty LP, 4.40%, 01/15/29 (Call 10/15/28)^(a)		10,980		9,913,650
VICI Properties LP 4.75%, 02/15/28 (Call 01/15/28)		14,832		13,530,112
4.95%, 02/15/30 (Call 12/15/29)^(a)		10,649		9,572,599
5.13%, 05/15/32 (Call 02/15/32)		17,690		15,644,286
5.63%, 05/15/52 (Call 11/15/51)^(a)		9,045		7,329,471
Welltower Inc. 2.80%, 06/01/31 (Call 03/01/31)^(a)		12,304		9,479,713
3.10%, 01/15/30 (Call 10/15/29)		4,410		3,599,250


Security	Par (000)		Value
Real Estate Investment Trusts (continued)
4.25%, 04/15/28 (Call 01/15/28)^(a)	$	10,743	$	9,846,374
Weyerhaeuser Co. 4.00%, 11/15/29 (Call 08/15/29)		13,173		11,670,946
4.00%, 04/15/30 (Call 01/15/30)^(a)		11,106		9,688,487

				618,083,247

Retail — 3.3%
AutoZone Inc. 4.00%, 04/15/30 (Call 01/15/30)		15,772		14,149,337
4.75%, 08/01/32 (Call 05/01/32)		4,144		3,853,438
Costco Wholesale Corp. 1.38%, 06/20/27 (Call 04/20/27)		14,691		12,628,577
1.60%, 04/20/30 (Call 01/20/30)^(a)		20,666		16,501,084
1.75%, 04/20/32 (Call 01/20/32)^(a)		11,740		8,978,912
3.00%, 05/18/27 (Call 02/18/27)^(a)		10,468		9,751,554
Dollar General Corp., 3.50%, 04/03/30
(Call 01/03/30)^(a)		12,247		10,683,243
Dollar Tree Inc. 2.65%, 12/01/31 (Call 09/01/31)^(a)		7,120		5,554,227
4.20%, 05/15/28 (Call 02/15/28)^(a)		16,541		15,388,319
Home Depot Inc. (The) 1.38%, 03/15/31 (Call 12/15/30)		17,538		13,117,523
1.50%, 09/15/28 (Call 07/15/28)^(a)		12,880		10,628,630
1.88%, 09/15/31 (Call 06/15/31)^(a)		11,282		8,690,805
2.13%, 09/15/26 (Call 06/15/26)^(a)		13,643		12,295,859
2.38%, 03/15/51 (Call 09/15/50)^(a)		14,558		8,213,721
2.50%, 04/15/27 (Call 02/15/27)^(a)		9,231		8,343,697
2.70%, 04/15/30 (Call 01/15/30)		20,564		17,427,171
2.75%, 09/15/51 (Call 03/15/51)		12,794		7,780,102
2.80%, 09/14/27 (Call 06/14/27)^(a)		13,603		12,360,332
2.88%, 04/15/27 (Call 03/15/27)^(a)		9,012		8,278,535
2.95%, 06/15/29 (Call 03/15/29)^(a)		22,171		19,552,776
3.00%, 04/01/26 (Call 01/01/26)^(a)		12,089		11,366,605
3.13%, 12/15/49 (Call 06/15/49)		14,430		9,613,557
3.25%, 04/15/32 (Call 01/15/32)^(a)		13,370		11,519,018
3.30%, 04/15/40 (Call 10/15/39)^(a)		14,366		10,751,216
3.35%, 04/15/50 (Call 10/15/49)		16,046		11,117,243
3.50%, 09/15/56 (Call 03/15/56)		10,252		6,991,634
3.63%, 04/15/52 (Call 10/15/51)^(a)		20,190		14,635,121
3.90%, 12/06/28 (Call 09/06/28)^(a)		9,851		9,283,740
3.90%, 06/15/47 (Call 12/15/46)^(a)		13,280		10,255,592
4.20%, 04/01/43 (Call 10/01/42)^(a)		10,927		8,984,928
4.25%, 04/01/46 (Call 10/01/45)		17,666		14,506,024
4.40%, 03/15/45 (Call 09/15/44)^(a)		13,782		11,404,051
4.50%, 09/15/32 (Call 06/15/32)		11,005		10,419,568
4.50%, 12/06/48 (Call 06/06/48)^(a)		17,136		14,532,180
4.88%, 02/15/44 (Call 08/15/43)^(a)		12,214		10,885,483
4.95%, 09/15/52 (Call 03/15/52)		13,973		12,523,311
5.88%, 12/16/36		34,728		35,651,678
5.95%, 04/01/41 (Call 10/01/40)		10,420		10,569,402
Lowe’s Companies Inc. 1.30%, 04/15/28 (Call 02/15/28)^(a)		12,574		10,182,140
1.70%, 09/15/28 (Call 07/15/28)^(a)		12,587		10,304,707
1.70%, 10/15/30 (Call 07/15/30)^(a)		15,503		11,697,652
2.50%, 04/15/26 (Call 01/15/26)^(a)		13,215		12,098,849
2.63%, 04/01/31 (Call 01/01/31)^(a)		18,955		15,189,716
2.80%, 09/15/41 (Call 03/15/41)^(a)		15,454		9,815,494
3.00%, 10/15/50 (Call 04/15/50)^(a)		18,018		10,804,728
3.10%, 05/03/27 (Call 02/03/27)		14,815		13,527,553
3.35%, 04/01/27 (Call 03/01/27)^(a)		7,480		6,914,522
3.65%, 04/05/29 (Call 01/05/29)^(a)		17,688		15,893,807


Security	Par (000)		Value

Retail (continued)
3.70%, 04/15/46 (Call 10/15/45)	$	15,992	$	11,157,769
3.75%, 04/01/32 (Call 01/01/32)^(a)		17,091		14,739,514
4.05%, 05/03/47 (Call 11/03/46)		19,975		14,657,849
4.25%, 04/01/52 (Call 10/01/51)^(a)		15,366		11,419,728
4.45%, 04/01/62 (Call 10/01/61)^(a)		15,798		11,515,180
4.50%, 04/15/30 (Call 01/15/30)^(a)		16,368		15,244,350
5.00%, 04/15/33 (Call 01/15/33)^(a)		11,829		11,145,413
5.63%, 04/15/53 (Call 10/15/52)		15,602		14,058,148
5.80%, 09/15/62 (Call 03/15/62)		11,085		9,915,052
McDonald’s Corp. 2.13%, 03/01/30 (Call 12/01/29)^(a)		9,470		7,703,399
2.63%, 09/01/29 (Call 06/01/29)^(a)		9,862		8,445,299
3.50%, 03/01/27 (Call 12/01/26)		11,048		10,361,264
3.50%, 07/01/27 (Call 05/01/27)^(a)		12,267		11,414,408
3.60%, 07/01/30 (Call 04/01/30)^(a)		12,206		10,947,548
3.63%, 09/01/49 (Call 03/01/49)		19,828		13,976,634
3.70%, 01/30/26 (Call 10/30/25)		16,873		16,199,480
3.80%, 04/01/28 (Call 01/01/28)^(a)		14,522		13,603,611
4.20%, 04/01/50 (Call 10/01/49)^(a)		6,768		5,291,591
4.45%, 03/01/47 (Call 09/01/46)		13,360		10,928,298
4.45%, 09/01/48 (Call 03/01/48)		9,588		7,786,677
4.60%, 09/09/32 (Call 06/09/32)		7,817		7,413,710
4.70%, 12/09/35 (Call 06/09/35)		9,100		8,280,413
4.88%, 12/09/45 (Call 06/09/45)^(a)		24,111		20,939,883
5.15%, 09/09/52 (Call 03/09/52)		4,787		4,298,821
6.30%, 10/15/37^(a)		12,268		12,662,503
6.30%, 03/01/38^(a)		9,702		9,990,104
O’Reilly Automotive Inc. 3.60%, 09/01/27 (Call 06/01/27)^(a)		8,905		8,177,856
4.70%, 06/15/32 (Call 03/15/32)^(a)		10,155		9,487,563
Starbucks Corp. 2.25%, 03/12/30 (Call 12/12/29)^(a)		9,172		7,423,207
2.55%, 11/15/30 (Call 08/15/30)^(a)		14,959		12,208,158
3.00%, 02/14/32 (Call 11/14/31)^(a)		13,428		11,105,955
3.50%, 11/15/50 (Call 05/15/50)^(a)		14,032		9,534,048
3.55%, 08/15/29 (Call 05/15/29)^(a)		11,048		9,940,005
4.00%, 11/15/28 (Call 08/15/28)^(a)		8,639		8,013,910
4.45%, 08/15/49 (Call 02/15/49)^(a)		13,016		10,343,520
4.50%, 11/15/48 (Call 05/15/48)		9,456		7,633,653
Target Corp. 1.95%, 01/15/27 (Call 12/15/26)^(a)		11,866		10,614,231
2.35%, 02/15/30 (Call 11/15/29)		10,301		8,520,593
2.50%, 04/15/26^(a)		12,818		11,848,312
2.95%, 01/15/52 (Call 07/15/51)^(a)		14,431		9,368,607
3.38%, 04/15/29 (Call 01/15/29)^(a)		13,615		12,277,754
4.00%, 07/01/42^(a)		11,616		9,527,779
4.50%, 09/15/32 (Call 06/15/32)		12,352		11,625,692
TJX Companies Inc. (The), 2.25%, 09/15/26
(Call 06/15/26)^(a)		12,497		11,271,660
Walgreens Boots Alliance Inc. 3.45%, 06/01/26 (Call 03/01/26)^(a)		5,954		5,573,417
4.10%, 04/15/50 (Call 10/15/49)^(a)		7,667		5,305,717
4.80%, 11/18/44 (Call 05/18/44)^(a)		2,000		1,569,868
Walmart Inc.
2.50%, 09/22/41 (Call 03/22/41)^(a)		22,525		15,461,313
2.65%, 09/22/51 (Call 03/22/51)^(a)		23,723		15,278,549
3.05%, 07/08/26 (Call 05/08/26)^(a)		9,480		9,021,376
3.70%, 06/26/28 (Call 03/26/28)^(a)		20,297		19,238,936
4.05%, 06/29/48 (Call 12/29/47)^(a)		19,345		16,194,483
4.15%, 09/09/32 (Call 06/09/32)		8,872		8,392,823


Security	Par (000)		Value

Retail (continued)
4.50%, 09/09/52 (Call 03/09/52)	$	8,554	$	7,599,433
5.25%, 09/01/35^(a)		15,923		16,195,903
6.20%, 04/15/38		4,652		5,058,248
6.50%, 08/15/37^(a)		3,312		3,755,201

				1,167,281,777

Semiconductors — 3.3%
Analog Devices Inc. 1.70%, 10/01/28 (Call 08/01/28)		12,171		10,060,986
2.10%, 10/01/31 (Call 07/01/31)^(a)		14,440		11,356,133
2.80%, 10/01/41 (Call 04/01/41)^(a)		5,661		3,899,668
2.95%, 10/01/51 (Call 04/01/51)		15,364		9,887,630
3.50%, 12/05/26 (Call 09/05/26)^(a)		10,397		9,815,065
Applied Materials Inc. 1.75%, 06/01/30 (Call 03/01/30)^(a)		15,386		12,122,882
2.75%, 06/01/50 (Call 12/01/49)^(a)		7,471		4,772,226
3.30%, 04/01/27 (Call 01/01/27)^(a)		10,620		9,982,896
4.35%, 04/01/47 (Call 10/01/46)^(a)		11,543		9,748,764
Broadcom Corp./Broadcom Cayman Finance Ltd. 3.50%, 01/15/28 (Call 10/15/27)		14,205		12,489,922
3.88%, 01/15/27 (Call 10/15/26)		33,199		30,509,921
Broadcom Inc. 1.95%, 02/15/28 (Call 12/15/27)^(a)(c)		9,932		8,112,763
2.45%, 02/15/31 (Call 11/15/30)^(a)(c)		29,859		22,436,306
2.60%, 02/15/33 (Call 11/15/32)^(c)		18,395		13,070,225
3.14%, 11/15/35 (Call 08/15/35)^(c)		36,331		25,143,973
3.15%, 11/15/25 (Call 10/15/25)^(a)		6,415		5,980,484
3.19%, 11/15/36 (Call 08/15/36)^(c)		30,050		20,445,097
3.42%, 04/15/33 (Call 01/15/33)^(c)		24,648		18,778,207
3.46%, 09/15/26 (Call 07/15/26)^(a)		13,494		12,399,248
3.47%, 04/15/34 (Call 01/15/34)^(c)		34,936		26,106,412
3.50%, 02/15/41 (Call 08/15/40)^(c)		33,749		22,190,015
3.75%, 02/15/51 (Call 08/15/50)^(a)(c)		21,605		13,810,975
4.00%, 04/15/29 (Call 02/15/29)^(a)(c)		12,477		10,912,827
4.11%, 09/15/28 (Call 06/15/28)		13,540		12,167,007
4.15%, 11/15/30 (Call 08/15/30)		24,858		21,340,081
4.15%, 04/15/32 (Call 01/15/32)^(a)(c)		14,434		12,083,591
4.30%, 11/15/32 (Call 08/15/32)^(a)		22,930		19,302,921
4.75%, 04/15/29 (Call 01/15/29)^(a)		5,481		5,090,996
4.93%, 05/15/37 (Call 02/15/37)^(c)		36,692		30,210,538
Intel Corp. 1.60%, 08/12/28 (Call 06/12/28)		12,064		9,955,417
2.00%, 08/12/31 (Call 05/12/31)^(a)		14,620		11,146,077
2.45%, 11/15/29 (Call 08/15/29)		21,979		18,192,842
2.60%, 05/19/26 (Call 02/19/26)^(a)		10,049		9,292,723
2.80%, 08/12/41 (Call 02/12/41)		10,295		6,632,369
3.05%, 08/12/51 (Call 02/12/51)^(a)		11,956		7,232,046
3.10%, 02/15/60 (Call 08/15/59)^(a)		14,021		7,975,847
3.15%, 05/11/27 (Call 02/11/27)^(a)		12,583		11,623,422
3.20%, 08/12/61 (Call 02/12/61)		8,505		4,918,395
3.25%, 11/15/49 (Call 05/15/49)		21,565		13,499,291
3.73%, 12/08/47 (Call 06/08/47)		25,030		17,413,391
3.75%, 03/25/27 (Call 01/25/27)^(a)		7,378		6,996,691
3.75%, 08/05/27 (Call 07/05/27)^(a)		9,365		8,802,289
3.90%, 03/25/30 (Call 12/25/29)		13,981		12,677,955
4.00%, 08/05/29 (Call 06/05/29)^(a)		9,881		9,108,582
4.00%, 12/15/32^(a)		5,918		5,225,919
4.10%, 05/19/46 (Call 11/19/45)^(a)		16,119		12,177,513
4.10%, 05/11/47 (Call 11/11/46)		11,147		8,292,166
4.15%, 08/05/32 (Call 05/05/32)^(a)		16,342		14,579,499
4.60%, 03/25/40 (Call 09/25/39)^(a)		7,017		5,942,585


Security	Par (000)		Value

Semiconductors (continued)
4.75%, 03/25/50 (Call 09/25/49)^(a)	$	28,726	$	23,370,256
4.80%, 10/01/41^(a)		7,171		6,173,991
4.90%, 07/29/45 (Call 01/29/45)^(a)		8,103		6,892,417
4.90%, 08/05/52 (Call 02/05/52)		18,949		15,696,044
4.95%, 03/25/60 (Call 09/25/59)^(a)		7,201		5,851,600
5.05%, 08/05/62 (Call 02/05/62)		15,378		12,484,606
KLA Corp. 3.30%, 03/01/50 (Call 08/28/49)^(a)		5,621		3,785,995
4.10%, 03/15/29 (Call 12/15/28)^(a)		7,031		6,595,910
4.65%, 07/15/32 (Call 04/15/32)^(a)		14,888		14,128,894
4.95%, 07/15/52 (Call 01/15/52)		15,805		13,815,885
5.25%, 07/15/62 (Call 01/15/62)		11,762		10,388,514
Lam Research Corp. 1.90%, 06/15/30 (Call 03/15/30)		10,945		8,572,722
2.88%, 06/15/50 (Call 12/15/49)^(a)		11,418		7,140,984
3.75%, 03/15/26 (Call 01/15/26)		6,753		6,474,719
4.00%, 03/15/29 (Call 12/15/28)^(a)		12,875		11,913,212
4.88%, 03/15/49 (Call 09/15/48)^(a)		8,004		7,030,052
Marvell Technology Inc. 2.45%, 04/15/28 (Call 02/15/28)^(a)		9,504		7,776,825
2.95%, 04/15/31 (Call 01/15/31)^(a)		10,881		8,420,380
Micron Technology Inc. 2.70%, 04/15/32 (Call 01/15/32)		13,636		9,983,430
4.19%, 02/15/27 (Call 12/15/26)^(a)		13,170		12,219,339
4.66%, 02/15/30 (Call 11/15/29)^(a)		11,198		9,993,679
NVIDIA Corp. 1.55%, 06/15/28 (Call 04/15/28)		15,556		12,846,425
2.00%, 06/15/31 (Call 03/15/31)^(a)		16,717		12,993,783
2.85%, 04/01/30 (Call 01/01/30)^(a)		18,955		16,118,306
3.20%, 09/16/26 (Call 06/16/26)^(a)		11,399		10,711,326
3.50%, 04/01/40 (Call 10/01/39)^(a)		10,811		8,200,136
3.50%, 04/01/50 (Call 10/01/49)^(a)		23,578		16,658,274
NXP BV/NXP Funding LLC/NXP USA Inc. 2.50%, 05/11/31 (Call 02/11/31)		11,816		8,898,471
2.65%, 02/15/32 (Call 11/15/31)^(a)		12,536		9,332,702
3.25%, 05/11/41 (Call 11/11/40)		12,414		8,054,180
3.40%, 05/01/30 (Call 02/01/30)		11,278		9,336,505
3.88%, 06/18/26 (Call 04/18/26)^(a)		11,181		10,397,673
4.30%, 06/18/29 (Call 03/18/29)^(a)		11,416		10,252,764
5.00%, 01/15/33 (Call 10/15/32)^(a)		11,570		10,338,957
Qorvo Inc., 4.38%, 10/15/29 (Call 10/15/24)^(a)		11,429		9,773,281
QUALCOMM Inc. 1.30%, 05/20/28 (Call 02/20/28)		10,996		9,000,209
1.65%, 05/20/32 (Call 02/20/32)^(a)		11,210		8,385,786
2.15%, 05/20/30 (Call 02/20/30)^(a)		18,764		15,363,374
3.25%, 05/20/27 (Call 02/20/27)^(a)		21,980		20,417,569
3.25%, 05/20/50 (Call 11/20/49)^(a)		8,853		6,098,129
4.30%, 05/20/47 (Call 11/20/46)^(a)		17,398		14,230,804
4.50%, 05/20/52 (Call 11/20/51)^(a)		11,286		9,356,145
4.65%, 05/20/35 (Call 11/20/34)^(a)		12,138		11,206,759
4.80%, 05/20/45 (Call 11/20/44)^(a)		19,398		17,182,572
Texas Instruments Inc. 1.75%, 05/04/30 (Call 02/04/30)		11,542		9,187,693
2.25%, 09/04/29 (Call 06/04/29)		10,147		8,529,024
3.88%, 03/15/39 (Call 09/15/38)		9,769		8,122,616
4.15%, 05/15/48 (Call 11/15/47)		18,194		14,979,571
Xilinx Inc., 2.38%, 06/01/30 (Call 03/01/30)		11,304		9,230,850

				1,149,826,116


Security	Par (000)		Value

Software — 3.4%
Activision Blizzard Inc. 2.50%, 09/15/50 (Call 03/15/50)	$	17,099	$	10,182,757
3.40%, 09/15/26 (Call 06/15/26)		11,669		10,994,859
Adobe Inc. 2.15%, 02/01/27 (Call 12/01/26)		8,279		7,430,831
2.30%, 02/01/30 (Call 11/01/29)		13,653		11,326,122
Autodesk Inc., 2.40%, 12/15/31 (Call 09/15/31)^(a)		11,210		8,647,743
Broadridge Financial Solutions Inc. 2.60%, 05/01/31 (Call 02/01/31)^(a)		13,404		10,417,082
2.90%, 12/01/29 (Call 09/01/29)		9,144		7,540,194
Fidelity National Information Services Inc. 1.15%, 03/01/26 (Call 02/01/26)^(a)		7,725		6,669,962
1.65%, 03/01/28 (Call 01/01/28)^(a)		9,370		7,639,763
2.25%, 03/01/31 (Call 12/01/30)^(a)		19,334		14,839,570
3.10%, 03/01/41 (Call 09/01/40)		13,261		8,652,338
5.10%, 07/15/32 (Call 04/15/32)^(a)		8,254		7,779,027
Fiserv Inc. 2.25%, 06/01/27 (Call 04/01/27)^(a)		7,310		6,321,523
2.65%, 06/01/30 (Call 03/01/30)^(a)		16,112		13,049,193
3.20%, 07/01/26 (Call 05/01/26)		25,030		22,966,847
3.50%, 07/01/29 (Call 04/01/29)^(a)		36,022		31,252,734
4.20%, 10/01/28 (Call 07/01/28)^(a)		10,966		10,102,714
4.40%, 07/01/49 (Call 01/01/49)^(a)		25,787		19,366,269
Microsoft Corp. 2.40%, 08/08/26 (Call 05/08/26)^(a)		44,845		41,484,558
2.53%, 06/01/50 (Call 12/01/49)^(a)		75,577		47,463,278
2.68%, 06/01/60 (Call 12/01/59)^(a)		44,667		26,964,566
2.92%, 03/17/52 (Call 09/17/51)		70,369		47,578,036
3.04%, 03/17/62 (Call 09/17/61)		24,667		16,067,731
3.13%, 11/03/25 (Call 08/03/25)^(a)		16,884		16,234,035
3.30%, 02/06/27 (Call 11/06/26)^(a)		45,259		43,015,348
3.45%, 08/08/36 (Call 02/08/36)		18,176		15,565,165
3.50%, 02/12/35 (Call 08/12/34)^(a)		17,899		15,803,888
3.70%, 08/08/46 (Call 02/08/46)		19,356		15,612,002
4.10%, 02/06/37 (Call 08/06/36)^(a)		9,926		9,070,984
4.25%, 02/06/47 (Call 08/06/46)^(a)		13,523		11,898,259
4.45%, 11/03/45 (Call 05/03/45)^(a)		8,308		7,453,694
4.50%, 02/06/57 (Call 08/06/56)		7,666		6,762,325
Oracle Corp. 1.65%, 03/25/26 (Call 02/25/26)^(a)		26,066		22,908,498
2.30%, 03/25/28 (Call 01/25/28)^(a)		24,749		20,670,768
2.65%, 07/15/26 (Call 04/15/26)^(a)		33,173		29,817,866
2.80%, 04/01/27 (Call 02/01/27)^(a)		24,024		21,231,251
2.88%, 03/25/31 (Call 12/25/30)^(a)		36,081		28,386,709
2.95%, 04/01/30 (Call 01/01/30)		36,129		29,378,499
3.25%, 11/15/27 (Call 08/15/27)^(a)		29,876		26,507,194
3.60%, 04/01/40 (Call 10/01/39)		34,177		23,165,936
3.60%, 04/01/50 (Call 10/01/49)		51,567		31,680,630
3.65%, 03/25/41 (Call 09/25/40)^(a)		23,651		15,921,673
3.80%, 11/15/37 (Call 05/15/37)		21,955		15,977,962
3.85%, 07/15/36 (Call 01/15/36)^(a)		14,674		10,962,402
3.85%, 04/01/60 (Call 10/01/59)		36,286		21,879,943
3.90%, 05/15/35 (Call 11/15/34)^(a)		14,321		11,074,700
3.95%, 03/25/51 (Call 09/25/50)		35,287		23,038,279
4.00%, 07/15/46 (Call 01/15/46)		34,680		23,150,065
4.00%, 11/15/47 (Call 05/15/47)		25,874		17,107,418
4.10%, 03/25/61 (Call 09/25/60)^(a)		15,138		9,487,275
4.13%, 05/15/45 (Call 11/15/44)		22,777		15,571,726
4.30%, 07/08/34 (Call 01/08/34)		20,694		16,841,963
4.38%, 05/15/55 (Call 11/15/54)		13,939		9,439,329


Security	Par (000)		Value

Software (continued)
4.50%, 07/08/44 (Call 01/08/44)^(a)	$	11,397	$	8,426,040
5.38%, 07/15/40		24,509		20,467,603
6.13%, 07/08/39		14,786		13,519,121
6.50%, 04/15/38^(a)		14,006		13,473,195
Roper Technologies Inc. 1.75%, 02/15/31 (Call 11/15/30)		9,773		7,164,561
4.20%, 09/15/28 (Call 06/15/28)		10,221		9,461,224
salesforce.com Inc. 1.50%, 07/15/28 (Call 05/15/28)^(a)		12,946		10,813,925
1.95%, 07/15/31 (Call 04/15/31)^(a)		19,127		14,962,216
2.70%, 07/15/41 (Call 01/15/41)^(a)		13,627		9,289,046
2.90%, 07/15/51 (Call 01/15/51)^(a)		24,304		15,627,956
3.05%, 07/15/61 (Call 01/15/61)^(a)		14,890		9,098,954
3.70%, 04/11/28 (Call 01/11/28)^(a)		15,524		14,637,119
VMware Inc. 1.40%, 08/15/26 (Call 07/15/26)^(a)		14,872		12,702,160
1.80%, 08/15/28 (Call 06/15/28)^(a)		9,743		7,699,201
2.20%, 08/15/31 (Call 05/15/31)		16,022		11,650,279
3.90%, 08/21/27 (Call 05/21/27)^(a)		14,109		12,927,872
4.70%, 05/15/30 (Call 02/15/30)^(a)		11,066		9,919,775
Workday Inc. 3.50%, 04/01/27 (Call 03/01/27)^(a)		11,929		11,000,658
3.70%, 04/01/29 (Call 02/01/29)		6,873		6,100,915
3.80%, 04/01/32 (Call 01/01/32)^(a)		14,981		12,808,207

				1,192,103,510

Telecommunications — 6.9%
AT&T Inc. 1.65%, 02/01/28 (Call 12/01/27)^(a)		25,297		20,889,989
1.70%, 03/25/26 (Call 03/25/23)		33,052		29,170,267
2.25%, 02/01/32 (Call 11/01/31)		29,186		21,876,124
2.30%, 06/01/27 (Call 04/01/27)		28,420		24,805,280
2.55%, 12/01/33 (Call 09/01/33)^(a)		44,994		33,168,636
2.75%, 06/01/31 (Call 03/01/31)^(a)		31,937		25,504,138
3.30%, 02/01/52 (Call 08/01/51)^(a)		9,852		6,199,715
3.50%, 06/01/41 (Call 12/01/40)		30,731		21,777,059
3.50%, 09/15/53 (Call 03/15/53)^(a)		80,181		51,436,472
3.55%, 09/15/55 (Call 03/15/55)		81,913		52,054,213
3.65%, 06/01/51 (Call 12/01/50)^(a)		35,459		23,624,264
3.65%, 09/15/59 (Call 03/15/59)^(a)		72,426		45,907,561
3.80%, 02/15/27 (Call 11/15/26)		6,930		6,486,549
3.80%, 12/01/57 (Call 06/01/57)^(a)		65,022		42,884,629
3.85%, 06/01/60 (Call 12/01/59)^(a)		16,733		11,072,390
4.10%, 02/15/28 (Call 11/15/27)^(a)		21,312		19,945,762
4.25%, 03/01/27 (Call 12/01/26)^(a)		16,476		15,765,894
4.30%, 02/15/30 (Call 11/15/29)		35,043		31,940,514
4.30%, 12/15/42 (Call 06/15/42)		15,368		11,889,655
4.35%, 03/01/29 (Call 12/01/28)		32,343		30,037,956
4.35%, 06/15/45 (Call 12/15/44)		17,514		13,392,481
4.50%, 05/15/35 (Call 11/15/34)		28,824		24,881,171
4.50%, 03/09/48 (Call 09/09/47)		21,570		16,674,192
4.55%, 03/09/49 (Call 09/09/48)^(a)		15,608		12,211,356
4.75%, 05/15/46 (Call 11/15/45)		23,102		18,895,620
4.85%, 03/01/39 (Call 09/01/38)		12,168		10,420,884
5.25%, 03/01/37 (Call 09/01/36)^(a)		11,194		10,204,384
5.65%, 02/15/47 (Call 08/15/46)^(a)		9,808		9,090,692
Bell Telephone Co. of Canada or Bell Canada (The) 3.65%, 08/15/52 (Call 02/15/52)		9,334		6,300,383
4.46%, 04/01/48 (Call 10/01/47)^(a)		13,824		10,804,274
British Telecommunications PLC, 9.63%, 12/15/30		31,641		36,057,593


Security	Par (000)		Value

Telecommunications (continued)
Cisco Systems Inc. 2.50%, 09/20/26 (Call 06/20/26)^(a)	$	17,743	$	16,388,258
2.95%, 02/28/26		2,976		2,812,791
5.50%, 01/15/40		23,716		23,193,560
5.90%, 02/15/39		22,271		22,750,216
Corning Inc. 4.38%, 11/15/57 (Call 05/15/57)^(a)		8,452		6,095,669
5.45%, 11/15/79 (Call 05/19/79)		11,806		9,487,097
Deutsche Telekom International Finance BV, 8.75%, 06/15/30^(a)		40,664		46,484,942
Motorola Solutions Inc. 2.30%, 11/15/30 (Call 08/15/30)		14,042		10,497,707
2.75%, 05/24/31 (Call 02/24/31)		9,937		7,592,893
4.60%, 05/23/29 (Call 02/23/29)^(a)		10,362		9,516,997
Orange SA 5.38%, 01/13/42		12,927		11,752,546
5.50%, 02/06/44 (Call 08/06/43)^(a)		5,869		5,419,134
9.00%, 03/01/31		31,099		37,122,540
Rogers Communications Inc. 3.20%, 03/15/27 (Call 02/15/27)^(a)(c)		13,430		12,198,278
3.70%, 11/15/49 (Call 05/15/49)^(a)		9,373		6,140,388
3.80%, 03/15/32 (Call 12/15/31)^(c)		19,837		16,861,018
4.30%, 02/15/48 (Call 08/15/47)		10,936		7,965,117
4.35%, 05/01/49 (Call 11/01/48)^(a)		16,544		12,088,463
4.50%, 03/15/42 (Call 09/15/41)^(a)(c)		10,259		8,093,237
4.55%, 03/15/52 (Call 09/15/51)^(a)(c)		23,056		17,650,846
5.00%, 03/15/44 (Call 09/15/43)^(a)		9,542		7,738,980
Telefonica Emisiones SA 4.10%, 03/08/27^(a)		17,447		15,965,914
4.67%, 03/06/38^(a)		12,073		9,130,402
4.90%, 03/06/48^(a)		13,469		9,604,211
5.21%, 03/08/47^(a)		30,355		22,746,264
5.52%, 03/01/49 (Call 09/01/48)^(a)		16,107		12,637,290
7.05%, 06/20/36^(a)		23,092		22,343,207
Telefonica Europe BV, 8.25%, 09/15/30^(a)		15,216		16,626,230
TELUS Corp. 3.40%, 05/13/32 (Call 02/13/32)		15,480		12,697,874
4.60%, 11/16/48 (Call 05/16/48)^(a)		8,059		6,429,919
T-Mobile USA Inc. 1.50%, 02/15/26 (Call 01/15/26)		13,415		11,774,781
2.05%, 02/15/28 (Call 12/15/27)		20,996		17,401,886
2.25%, 02/15/26 (Call 02/15/23)^(a)		8,439		7,578,237
2.25%, 11/15/31 (Call 08/15/31)		11,441		8,657,468
2.55%, 02/15/31 (Call 11/15/30)		32,129		25,409,766
2.63%, 04/15/26 (Call 04/15/23)		18,232		16,467,750
2.63%, 02/15/29 (Call 02/15/24)		18,259		15,101,807
2.70%, 03/15/32 (Call 12/15/31)		12,792		9,997,571
2.88%, 02/15/31 (Call 02/15/26)		13,153		10,574,012
3.00%, 02/15/41 (Call 08/15/40)^(a)		28,755		19,273,591
3.30%, 02/15/51 (Call 08/15/50)^(a)		35,632		22,882,710
3.38%, 04/15/29 (Call 04/15/24)		29,173		25,270,703
3.40%, 10/15/52 (Call 04/15/52)^(a)		32,046		20,787,083
3.50%, 04/15/31 (Call 04/15/26)^(a)		28,487		24,051,967
3.60%, 11/15/60 (Call 05/15/60)		21,078		13,540,718
3.75%, 04/15/27 (Call 02/15/27)		45,196		41,675,516
3.88%, 04/15/30 (Call 01/15/30)		77,788		68,689,643
4.38%, 04/15/40 (Call 10/15/39)^(a)		23,132		18,822,138
4.50%, 04/15/50 (Call 10/15/49)^(a)		35,408		28,097,756
4.75%, 02/01/28 (Call 02/01/23)		19,526		18,516,701
5.20%, 01/15/33 (Call 10/15/32)		11,407		10,904,290


Security	Par (000)		Value

Telecommunications (continued)
5.65%, 01/15/53 (Call 07/15/52)	$	11,354	$	10,466,502
5.80%, 09/15/62 (Call 03/15/62)		8,345		7,662,438
Verizon Communications Inc. 0.85%, 11/20/25 (Call 10/20/25)^(a)		12,350		10,846,575
1.45%, 03/20/26 (Call 02/20/26)^(a)		17,701		15,602,260
1.50%, 09/18/30 (Call 06/18/30)		12,364		9,163,752
1.68%, 10/30/30 (Call 07/30/30)		19,790		14,715,274
1.75%, 01/20/31 (Call 10/20/30)^(a)		26,911		19,923,774
2.10%, 03/22/28 (Call 01/22/28)		32,176		27,048,729
2.36%, 03/15/32 (Call 12/15/31)		51,179		38,711,770
2.55%, 03/21/31 (Call 12/21/30)^(a)		45,945		36,238,774
2.63%, 08/15/26^(a)		19,567		17,792,011
2.65%, 11/20/40 (Call 05/20/40)^(a)		37,815		24,012,170
2.85%, 09/03/41 (Call 03/03/41)		16,110		10,482,234
2.88%, 11/20/50 (Call 05/20/50)		33,943		19,953,186
2.99%, 10/30/56 (Call 04/30/56)^(a)		40,695		23,413,632
3.00%, 03/22/27 (Call 01/22/27)^(a)		10,275		9,314,414
3.00%, 11/20/60 (Call 05/20/60)		23,130		12,927,281
3.15%, 03/22/30 (Call 12/22/29)		17,342		14,705,211
3.40%, 03/22/41 (Call 09/22/40)		41,923		29,787,172
3.55%, 03/22/51 (Call 09/22/50)^(a)		51,176		34,448,567
3.70%, 03/22/61 (Call 09/22/60)^(a)		37,911		24,726,703
3.88%, 02/08/29 (Call 11/08/28)		14,511		13,167,659
3.88%, 03/01/52 (Call 09/01/51)^(a)		13,734		9,724,506
4.00%, 03/22/50 (Call 09/22/49)^(a)		15,371		11,263,666
4.02%, 12/03/29 (Call 09/03/29)^(a)		45,103		40,667,751
4.13%, 03/16/27^(a)		31,968		30,422,411
4.13%, 08/15/46^(a)		11,925		8,978,347
4.27%, 01/15/36^(a)		20,356		17,072,425
4.33%, 09/21/28^(a)		46,775		43,889,081
4.40%, 11/01/34 (Call 05/01/34)^(a)		22,160		19,136,676
4.50%, 08/10/33^(a)		25,370		22,569,801
4.52%, 09/15/48^(a)		15,568		12,388,898
4.81%, 03/15/39		13,859		12,053,724
4.86%, 08/21/46		24,883		20,728,114
5.01%, 08/21/54^(a)		4,554		3,861,131
5.25%, 03/16/37		12,984		12,027,561
6.55%, 09/15/43^(a)		9,728		10,025,367
Vodafone Group PLC 4.25%, 09/17/50		18,828		13,230,230
4.38%, 05/30/28^(a)		34,045		31,978,533
4.38%, 02/19/43		18,706		13,978,029
4.88%, 06/19/49^(a)		16,948		13,112,278
5.00%, 05/30/38		11,473		9,723,719
5.25%, 05/30/48		34,623		28,203,487
6.15%, 02/27/37^(a)		20,272		19,109,506

				2,386,133,508

Toys, Games & Hobbies — 0.0%
Hasbro Inc., 3.90%, 11/19/29 (Call 08/19/29)		15,197		13,103,891


Transportation — 1.8%
Burlington Northern Santa Fe LLC 3.30%, 09/15/51 (Call 03/15/51)		11,389		7,781,923
3.55%, 02/15/50 (Call 08/15/49)		10,352		7,450,591
3.90%, 08/01/46 (Call 02/01/46)		7,103		5,469,809
4.05%, 06/15/48 (Call 12/15/47)		9,514		7,531,018
4.13%, 06/15/47 (Call 12/15/46)		8,786		7,033,976
4.15%, 04/01/45 (Call 10/01/44)		10,904		8,723,861
4.15%, 12/15/48 (Call 06/15/48)		8,131		6,476,439
4.45%, 03/15/43 (Call 09/15/42)		8,079		6,836,383


Security	Par (000)		Value

Transportation (continued)
4.45%, 01/15/53 (Call 07/15/52)^(a)	$	16,569	$	13,933,795
4.55%, 09/01/44 (Call 03/01/44)		7,704		6,538,548
4.90%, 04/01/44 (Call 10/01/43)		12,183		10,855,784
5.75%, 05/01/40 (Call 11/01/39)		8,156		8,067,553
Canadian National Railway Co., 3.85%, 08/05/32 (Call 05/05/32)^(a)		7,637		6,888,928
Canadian Pacific Railway Co. 1.75%, 12/02/26 (Call 11/02/26)		13,439		11,667,099
2.45%, 12/02/31 (Call 09/02/31)^(a)		21,953		17,401,858
3.00%, 12/02/41 (Call 06/02/41)^(a)		9,867		6,868,876
3.10%, 12/02/51 (Call 06/02/51)^(a)		22,869		14,552,482
6.13%, 09/15/2115 (Call 03/15/2115)		7,530		6,852,975
CSX Corp. 3.25%, 06/01/27 (Call 03/01/27)		8,948		8,199,042
3.80%, 03/01/28 (Call 12/01/27)		11,163		10,400,122
3.80%, 11/01/46 (Call 05/01/46)^(a)		8,463		6,225,225
4.10%, 11/15/32 (Call 08/15/32)^(a)		13,551		12,210,348
4.10%, 03/15/44 (Call 09/15/43)^(a)		9,540		7,504,632
4.25%, 03/15/29 (Call 12/15/28)^(a)		11,581		10,845,386
4.30%, 03/01/48 (Call 09/01/47)		14,171		11,313,110
4.50%, 11/15/52 (Call 05/15/52)^(a)		10,352		8,439,251
FedEx Corp. 2.40%, 05/15/31 (Call 02/15/31)^(a)		9,614		7,449,802
3.10%, 08/05/29 (Call 05/05/29)^(a)		9,694		8,265,434
3.25%, 04/01/26 (Call 01/01/26)^(a)		3,197		3,007,322
3.25%, 05/15/41 (Call 11/15/40)		8,487		5,643,942
4.05%, 02/15/48 (Call 08/15/47)		8,643		6,156,316
4.25%, 05/15/30 (Call 02/15/30)^(a)		6,422		5,780,941
4.40%, 01/15/47 (Call 07/15/46)		3,342		2,491,238
4.55%, 04/01/46 (Call 10/01/45)^(a)		10,101		7,698,291
4.75%, 11/15/45 (Call 05/15/45)		11,048		8,720,212
4.95%, 10/17/48 (Call 04/17/48)		8,973		7,273,952
5.10%, 01/15/44		9,243		7,658,768
5.25%, 05/15/50 (Call 11/15/49)^(a)		13,618		11,534,520
Norfolk Southern Corp. 3.05%, 05/15/50 (Call 11/15/49)^(a)		5,791		3,655,763
3.16%, 05/15/55 (Call 11/15/54)		11,230		6,912,249
4.55%, 06/01/53 (Call 12/01/52)		10,151		8,251,734
Union Pacific Corp. 2.38%, 05/20/31 (Call 02/20/31)^(a)		10,858		8,777,062
2.40%, 02/05/30 (Call 11/05/29)^(a)		12,801		10,634,907
2.80%, 02/14/32 (Call 12/15/31)^(a)		11,632		9,627,199
2.95%, 03/10/52 (Call 09/10/51)		8,033		5,070,678
2.97%, 09/16/62 (Call 03/16/62)^(a)		12,681		7,418,830
3.20%, 05/20/41 (Call 11/20/40)^(a)		8,731		6,383,574
3.25%, 02/05/50 (Call 08/05/49)		20,608		14,073,473
3.50%, 02/14/53 (Call 08/14/52)^(a)		14,929		10,481,724
3.70%, 03/01/29 (Call 12/01/28)^(a)		7,006		6,434,785
3.75%, 02/05/70 (Call 08/05/69)		9,081		6,099,928
3.80%, 10/01/51 (Call 04/01/51)^(a)		11,588		8,693,277
3.80%, 04/06/71 (Call 10/06/70)^(a)		11,837		8,035,577
3.84%, 03/20/60 (Call 09/20/59)^(a)		20,194		14,369,176
3.95%, 09/10/28 (Call 06/10/28)		10,499		9,891,964
4.50%, 01/20/33 (Call 10/20/32)^(a)		14,420		13,557,365
United Parcel Service Inc. 3.05%, 11/15/27 (Call 08/15/27)^(a)		13,706		12,590,003
3.40%, 03/15/29 (Call 12/15/28)^(a)		10,281		9,367,380
3.75%, 11/15/47 (Call 05/15/47)^(a)		15,390		11,940,855
4.25%, 03/15/49 (Call 09/15/48)		6,360		5,302,813
4.45%, 04/01/30 (Call 01/01/30)^(a)		8,467		8,128,895


Security	Par/ Shares (000)		Value

Transportation (continued)
5.30%, 04/01/50 (Call 10/01/49)^(a)	$	12,993	$	12,712,946
6.20%, 01/15/38		19,190		20,361,716
Walmart Inc.
1.05%, 09/17/26 (Call 08/17/26)^(a)		17,955		15,626,380
1.50%, 09/22/28 (Call 07/22/28)^(a)		13,608		11,376,284
1.80%, 09/22/31 (Call 06/22/31)^(a)		29,764		23,490,969
3.95%, 09/09/27 (Call 08/09/27)		7,220		6,985,990

				614,003,248

Water — 0.1%
American Water Capital Corp. 3.75%, 09/01/47 (Call 03/01/47)		7,360		5,345,329
4.45%, 06/01/32 (Call 03/01/32)^(a)		10,994		10,131,675
6.59%, 10/15/37		9,089		9,527,366

				25,004,370


Total Long-Term Investments — 97.6%
(Cost: $41,905,960,299)				33,963,971,361


Short-Term Securities

Money Market Funds — 9.0%
BlackRock Cash Funds: Institutional, SL Agency
Shares, 3.29%^(d)(e)(f)		2,692,241		2,691,702,704


Security	Shares (000)		Value

Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%^(d)(e)		438,754	$	438,754,000


Total Short-Term Securities — 9.0% (Cost: $ 3,130,589,424)				3,130,456,704


Total Investments — 106.6% (Cost: $ 45,036,549,723)				37,094,428,065

Liabilities in Excess of Other Assets — (6.6)%				(2,281,886,575	)


Net Assets — 100.0%			$	34,812,541,490

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

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

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

^(d)Affiliate of the Fund.

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

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

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

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

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

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by Cboe Global Indices, LLC, nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above


	Cumulative Total Returns
	Since Inception
Fund NAV		(13.29	)%
Fund Market		(13.60	)
Index		(13.22	)

For the fiscal period ended October 31, 2022, the Fund did not have six months of performance and therefore line graphs are not presented. The inception date of the Fund was August 18, 2022. The first day of secondary market trading was August 22, 2022. Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.


Actual								Hypothetical 5% Return
	Beginning Account Value (08/18/22)	^(a)		Ending Account Value (10/31/22)		Expenses Paid During the Period	^(b)		Beginning Account Value (05/01/22)		Ending Account Value (10/31/22)		Expenses Paid During the Period	^(b)	Annualized Expense Ratio
$	1,000.00		$	867.10	$	0.38		$	1,000.00	$	1,024.20	$	1.02		0.20	%


Maturity	Percent of Total Investments	^(a)
20-25 Years	31.1	%
25-30 Years	68.9


	Cumulative Total Returns
	Since Inception
Fund NAV		(3.02	)%
Fund Market		(3.02	)
Index		(2.97	)


Actual								Hypothetical 5% Return
	Beginning Account Value (08/18/22)	^(a)		Ending Account Value (10/31/22)		Expenses Paid During the Period	^(b)		Beginning Account Value (05/01/22)		Ending Account Value (10/31/22)		Expenses Paid During the Period	^(b)	Annualized Expense Ratio
$	1,000.00		$	969.80	$	0.40		$	1,000.00	$	1,024.20	$	1.02		0.20	%


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


	Page
The Markets in Review		2
Annual Report:
Market Overview		4
Fund Summary		5
About Fund Performance		8
Disclosure of Expenses		8
Schedules of Investments		9
Financial Statements:
Statements of Assets and Liabilities		15
Statements of Operations		16
Statements of Changes in Net Assets		17
Financial Highlights		19
Notes to Financial Statements		22
Report of Independent Registered Public Accounting Firm		28
Important Tax Information		29
Board Review and Approval of Investment Advisory Contract		30
Supplemental Information		33
Trustee and Officer Information		34
General Information		37
Glossary of Terms Used in this Report		38
Additional Financial Information		39


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


Investment Type	Percent of Net Assets
Investment Companies		99.4	%
Short-term Investments		1.4
Options Written		(1.3	)
Other assets less liabilities		0.5



Affiliated Issuer		Value at 08/18/22	^(a)		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 10/31/22	Shares Held at 10/31/22		Income		Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Treasury, SL Agency Shares	$	—		$	310,000	^(b)	$	—		$	—		$	—		$	310,000	310,000	$	564	$	—
iShares 20+ Year Treasury Bond ETF		—			24,072,642			(10,039	)		(416	)		(2,329,217	)		21,732,970	226,126		55,121		—


										$	(416	)	$	(2,329,217	)	$	22,042,970		$	55,685	$	—


^(a) Commencement of operations. ^(b) Represents net amount purchased (sold).



	Unrealized Appreciation		Unrealized Depreciation		Value
Options Written	$	58,507	$	—	$	(286,813	)



	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total

Liabilities — Derivative Financial Instruments
Options written
Options written at value	$	—	$	—	$	286,813	$	—	$	—	$	—	$	286,813



	Level 1		Level 2			Level 3		Total

Investments
Assets
Investment Companies	$	21,732,970	$	—		$	—	$	21,732,970
Money Market Funds		310,000		—			—		310,000


	$	22,042,970	$	—		$	—	$	22,042,970

Derivative financial instruments^(a)
Liabilities
Options Written		—		(286,813	)		—		(286,813	)


^(a) Derivative financial instruments are options written. Options written are shown at value.



Affiliated Issuer		Value at 08/18/22	^(a)		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 10/31/22	Shares Held at 10/31/22		Income		Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Treasury, SL Agency Shares	$	—		$	100,000	^(b)	$	—		$	—		$	—		$	100,000	100,000	$	311	$	—
iShares iBoxx $ High Yield Corporate Bond ETF		—			10,592,741			(924,169	)		(68,323	)		(159,868	)		9,440,381	128,563		54,965		—


										$	(68,323	)	$	(159,868	)	$	9,540,381		$	55,276	$	—


^(a) Commencement of operations. ^(b) Represents net amount purchased (sold).


	iShares 20+ Year Treasury Bond BuyWrite Strategy ETF			iShares High Yield Corporate Bond BuyWrite Strategy ETF			iShares Investment Grade Corporate Bond BuyWrite Strategy ETF


ASSETS
Investments, at value — affiliated^(a)	$	22,042,970		$	9,540,381		$	12,897,197
Cash		7,590			5,545			7,404
Receivables:
Options written		90,686			35,663			21,835
Capital shares sold		—			—			18,281
Dividends — affiliated		14,718			16,777			16,045

Total assets		22,155,964			9,598,366			12,960,762


LIABILITIES
Options written, at value^(b)		286,813			227,371			262,323
Payables:
Options written		—			—			136,983
Investment advisory fees		3,316			1,326			2,865

Total liabilities		290,129			228,697			402,171


NET ASSETS	$	21,865,835		$	9,369,669		$	12,558,591


NET ASSETS CONSIST OF
Paid-in capital	$	24,136,961		$	9,611,487		$	13,321,712
Accumulated loss		(2,271,126	)		(241,818	)		(763,121	)

NET ASSETS	$	21,865,835		$	9,369,669		$	12,558,591


NET ASSET VALUE
Shares outstanding		650,000			250,000			350,000

Net asset value	$	33.64		$	37.48		$	35.88

Shares authorized		Unlimited			Unlimited			Unlimited

Par value		None			None			None


^(a)Investments, at cost — affiliated	$	24,372,187		$	9,700,249		$	13,591,093
^(b)Premiums received		345,320			145,421			209,378



		2022 Annual Report


		iShares 20+ Year Treasury Bond BuyWrite Strategy ETF	^(a)		iShares High Yield Corporate Bond BuyWrite Strategy ETF	^(a)		iShares Investment Grade Corporate Bond BuyWrite Strategy ETF	^(a)


INVESTMENT INCOME
Dividends — affiliated	$	55,685		$	55,276		$	56,442

Total investment income		55,685			55,276			56,442


EXPENSES
Investment advisory		9,674			8,516			7,852

Total expenses		9,674			8,516			7,852

Less:
Investment advisory fees waived		(4,146	)		(6,083	)		(3,365	)

Total expenses after fees waived		5,528			2,433			4,487

Net investment income		50,157			52,843			51,955


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — affiliated		(416	)		(369	)		(330	)
In-kind redemptions — affiliated^(b)		—			(67,954	)		(346,943	)
Options written		331,097			152,758			150,125

		330,681			84,435			(197,148	)

Net change in unrealized appreciation (depreciation) on:
Investments — affiliated		(2,329,217	)		(159,868	)		(693,896	)
Options written		58,507			(81,950	)		(52,945	)

		(2,270,710	)		(241,818	)		(746,841	)

Net realized and unrealized loss		(1,940,029	)		(157,383	)		(943,989	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(1,889,872	)	$	(104,540	)	$	(892,034	)


	iShares 20+ Year Treasury Bond BuyWrite Strategy ETF			iShares High Yield Corporate Bond BuyWrite Strategy ETF
		Period From 08/18/22 to 10/31/22	^(a)		Period From 08/18/22 to 10/31/22	^(a)

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	50,157		$	52,843
Net realized gain		330,681			84,435
Net change in unrealized appreciation (depreciation)		(2,270,710	)		(241,818	)

Net decrease in net assets resulting from operations		(1,889,872	)		(104,540	)


DISTRIBUTIONS TO SHAREHOLDERS^(b)
From net investment income		(381,254	)		(205,232	)
Return of capital		(28,722	)		(10,822	)

Decrease in net assets resulting from distributions to shareholders		(409,976	)		(216,054	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		24,165,683			9,690,263


NET ASSETS
Total increase in net assets		21,865,835			9,369,669
Beginning of period		—			—

End of period	$	21,865,835		$	9,369,669


	iShares Investment Grade Corporate Bond BuyWrite Strategy ETF

		Period From 08/18/22 to 10/31/22	^(a)


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	51,955
Net realized loss		(197,148	)
Net change in unrealized appreciation (depreciation)		(746,841	)

Net decrease in net assets resulting from operations		(892,034	)


DISTRIBUTIONS TO SHAREHOLDERS^(b)
From net investment income		(218,030	)
Return of capital		(33,141	)

Decrease in net assets resulting from distributions to shareholders		(251,171	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		13,701,796


NET ASSETS
Total increase in net assets		12,558,591
Beginning of period		—

End of period	$	12,558,591


	iShares 20+ Year Treasury Bond BuyWrite Strategy ETF

		Period From 08/18/22 to 10/31/22	^(a)


Net asset value, beginning of period	$	40.06

Net investment income^(b)		0.13
Net realized and unrealized gain^(c)		(5.35	)

Net increase from investment operations		(5.22	)


Distributions^(d)
From net investment income		(1.12	)
Return of capital		(0.08	)

Total distributions		(1.20	)


Net asset value, end of period	$	33.64


Total Return^(e)
Based on net asset value		(13.29	)%^(f)


Ratios to Average Net Assets^(g)
Total expenses		0.35	%^(h)

Total expenses after fees waived		0.20	%^(h)

Net investment income		1.81	%^(h)


Supplemental Data
Net assets, end of period (000)	$	21,866

Portfolio turnover rate⁽ⁱ⁾		0	%


	iShares High Yield Corporate Bond BuyWrite Strategy ETF

	Period From 08/18/22^(a) to 10/31/22


Net asset value, beginning of period		$40.06

Net investment income^(b)		0.33
Net realized and unrealized loss^(c)		(1.54	)

Net decrease from investment operations		(1.21	)


Distributions^(d)
From net investment income		(1.30	)
Return of capital		(0.07	)

Total distributions		(1.37	)


Net asset value, end of period		$37.48


Total Return^(e)
Based on net asset value		(3.02	)%^(f)


Ratios to Average Net Assets^(g)
Total expenses		0.70	%^(h)

Total expenses after fees waived		0.20	%^(h)

Net investment income		4.25	%^(h)


Supplemental Data
Net assets, end of period (000)		$9,370

Portfolio turnover rate⁽ⁱ⁾		0	%


	iShares Investment Grade Corporate Bond BuyWrite Strategy ETF
		Period From 08/18/22 to 10/31/22	^(a)


Net asset value, beginning of period	$	40.10

Net investment income^(b)		0.17
Net realized and unrealized loss^(c)		(3.40	)

Net decrease from investment operations		(3.23	)


Distributions^(d)
From net investment income		(0.86	)
Return of capital		(0.13	)

Total distributions		(0.99	)


Net asset value, end of period	$	35.88


Total Return^(e)
Based on net asset value		(8.14	)%^(f)


Ratios to Average Net Assets^(g)
Total expenses		0.35	%^(h)

Total expenses after fees waived		0.20	%^(h)

Net investment income		2.32	%^(h)


Supplemental Data
Net assets, end of period (000)	$	12,559

Portfolio turnover rate⁽ⁱ⁾		0	%^(j)


iShares ETF	Diversification Classification
20+ Year Treasury Bond BuyWrite Strategy^(a)		Diversified
High Yield Corporate Bond BuyWrite Strategy^(a)		Diversified
Investment Grade Corporate Bond BuyWrite Strategy^(a)		Diversified


iShares ETF	Investment Advisory Fees
20+ Year Treasury Bond BuyWrite Strategy		0.35	%
High Yield Corporate Bond BuyWrite Strategy		0.70
Investment Grade Corporate Bond BuyWrite Strategy		0.35


iShares ETF	Amounts Waived
20+ Year Treasury Bond BuyWrite Strategy	$	4,146
High Yield Corporate Bond BuyWrite Strategy		6,083
Investment Grade Corporate Bond BuyWrite Strategy		3,365


iShares ETF	Purchases		Sales
20+ Year Treasury Bond BuyWrite Strategy	$	—	$	10,039
High Yield Corporate Bond BuyWrite Strategy		—		7,793
Investment Grade Corporate Bond BuyWrite Strategy		39,301		7,915


iShares ETF	In-kind Purchases		In-kind Sales
20+ Year Treasury Bond BuyWrite Strategy	$	24,072,642	$	—
High Yield Corporate Bond BuyWrite Strategy		10,592,741		916,376
Investment Grade Corporate Bond BuyWrite Strategy		19,905,477		6,298,497


iShares ETF	Paid-in Capital			Accumulated Earnings (Loss)
High Yield Corporate Bond BuyWrite Strategy	$	(67,954	)	$	67,954
Investment Grade Corporate Bond BuyWrite Strategy		(346,943	)		346,943


iShares ETF	Period Ended 10/31/22
20+ Year Treasury Bond BuyWrite Strategy
Ordinary income	$	381,254
Return of capital		28,722

	$	409,976

High Yield Corporate Bond BuyWrite Strategy
Ordinary income	$	205,232
Return of capital		10,822

	$	216,054

Investment Grade Corporate Bond BuyWrite Strategy
Ordinary income	$	218,030
Return of capital		33,141

	$	251,171


iShares ETF		Net Unrealized Gains (Losses	)^(a)		Total
20+ Year Treasury Bond BuyWrite Strategy	$	(2,271,126	)	$	(2,271,126	)
High Yield Corporate Bond BuyWrite Strategy		(241,818	)		(241,818	)
Investment Grade Corporate Bond BuyWrite Strategy		(763,121	)		(763,121	)



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

20+ Year Treasury Bond BuyWrite Strategy	$	24,372,187	$	—	$	(2,329,217	)	$	(2,329,217	)
High Yield Corporate Bond BuyWrite Strategy		9,700,249		—		(159,868	)		(159,868	)
Investment Grade Corporate Bond BuyWrite Strategy		13,591,093		—		(693,896	)		(693,896	)




	Period Ended 10/31/22


iShares ETF	Shares			Amount

20+ Year Treasury Bond BuyWrite Strategy
Shares sold		650,000		$	24,165,683


High Yield Corporate Bond BuyWrite Strategy
Shares sold		275,000		$	10,621,163
Shares redeemed		(25,000	)		(930,900	)

		250,000		$	9,690,263


Investment Grade Corporate Bond BuyWrite Strategy
Shares sold		525,000		$	19,983,269
Shares redeemed		(175,000	)		(6,281,473	)


		350,000		$	13,701,796



iShares ETF	Federal Obligation Interest

20+ Year Treasury Bond BuyWrite Strategy	$	54,749



iShares ETF	Interest Dividends

20+ Year Treasury Bond BuyWrite Strategy	$	55,174
High Yield Corporate Bond BuyWrite Strategy		39,181
Investment Grade Corporate Bond BuyWrite Strategy		45,314



iShares ETF	Interest-Related Dividends

20+ Year Treasury Bond BuyWrite Strategy	$	55,174
High Yield Corporate Bond BuyWrite Strategy		33,835
Investment Grade Corporate Bond BuyWrite Strategy		45,202


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		31