The Markets in Review

Dear Shareholder,

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

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

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

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

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

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

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

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.


Total Returns as of August 31, 2023
	6-Month	12-Month
U.S. large cap equities (S&P 500^® Index)	14.50%	15.94%
U.S. small cap equities (Russell 2000^® Index)	0.99	4.65
International equities (MSCI Europe, Australasia, Far East Index)	4.75	17.92
Emerging market equities (MSCI Emerging Markets Index)	3.62	1.25
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	2.47	4.25
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	0.11	(4.71)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	0.95	(1.19)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	1.04	1.70
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	4.55	7.19

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

The iShares ESG Advanced Investment Grade Corporate Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated, investment grade corporate bonds that applies extensive climate-based screens and other extensive screens for involvement in controversial activities, and reflects the performance of issuers with a favorable environmental, social and governance rating as identified by the index provider, as represented by the iBoxx MSCI ESG Advanced USD Liquid Investment Grade Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

The iShares ESG Advanced Total USD Bond Market ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated bonds that are rated either investment-grade or high-yield from issuers with a favorable environmental, social and governance rating as identified by the index provider, while applying extensive screens for involvement in controversial activities, as represented by the Bloomberg MSCI US Universal Choice ESG Screened Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

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

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. 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	Par (000)		Value

Corporate Bonds & Notes

Apparel — 0.3%
NIKE Inc. 2.85%, 03/27/30 (Call 12/27/29)	$	15	$	13,384
3.38%, 03/27/50 (Call 09/27/49)^(a)		15		11,582
VF Corp., 2.95%, 04/23/30 (Call 01/23/30)^(a)		10		8,301

				33,267

Auto Manufacturers — 1.3%
American Honda Finance Corp., 1.30%, 09/09/26		10		8,929
General Motors Co. 5.15%, 04/01/38 (Call 10/01/37)		25		21,827
5.20%, 04/01/45		10		8,210
6.80%, 10/01/27 (Call 08/01/27)		25		25,776
General Motors Financial Co. Inc. 2.40%, 04/10/28 (Call 02/10/28)		15		12,953
2.70%, 06/10/31 (Call 03/10/31)		85		67,084
3.10%, 01/12/32 (Call 10/12/31)		15		12,006

				156,785

Auto Parts & Equipment — 0.2%
Aptiv PLC 3.25%, 03/01/32 (Call 12/01/31)^(a)		10		8,465
4.15%, 05/01/52 (Call 11/01/51)		10		7,428
BorgWarner Inc., 2.65%, 07/01/27 (Call 05/01/27)		13		11,779

				27,672

Banks — 29.8%
Banco Santander SA, 4.25%, 04/11/27		200		189,148
Bank of America Corp.
2.30%, 07/21/32 (Call 07/21/31), (1-day SOFR + 1.220%)^(b)		60		47,330
2.59%, 04/29/31 (Call 04/29/30), (1-day SOFR + 2.150%)^(b)		25		20,776
2.68%, 06/19/41 (Call 06/19/40), (1-day SOFR + 1.930%)^(a)(b)		10		6,886
2.69%, 04/22/32 (Call 04/22/31), (1-day SOFR + 1.320%)^(b)		85		69,503
2.83%, 10/24/51 (Call 10/24/50), (1-day SOFR + 1.880%)^(b)		10		6,385
2.97%, 02/04/33 (Call 02/04/32), (1-day SOFR + 1.330%)^(b)		20		16,429
2.97%, 07/21/52 (Call 07/21/51), (1-day SOFR + 1.560%)^(b)		52		34,076
3.31%, 04/22/42 (Call 04/22/41), (1-day SOFR + 1.580%)^(b)		15		11,217
3.42%, 12/20/28 (Call 12/20/27), (3-mo. SOFR + 1.302%)^(b)		15		13,750
3.97%, 02/07/30 (Call 02/07/29), (3-mo. SOFR + 1.472%)^(b)		10		9,212
4.08%, 04/23/40 (Call 04/23/39), (3-mo. SOFR + 1.582%)^(b)		45		37,748
4.08%, 03/20/51 (Call 03/20/50), (3-mo. SOFR + 3.412%)^(b)		5		4,019
4.25%, 10/22/26		5		4,801
5.02%, 07/22/33 (Call 07/22/32), (1-day SOFR + 2.160%)^(b)		5		4,805
5.20%, 04/25/29 (Call 04/25/28), (1-day SOFR + 1.630%)^(b)		25		24,595
Bank of Montreal, 2.65%, 03/08/27		45		41,066
Bank of New York Mellon Corp. (The), 3.30%, 08/23/29 (Call 05/23/29)		15		13,374
Bank of Nova Scotia (The), 2.45%, 02/02/32		25		20,241
Barclays PLC, 5.50%, 08/09/28 (Call 08/09/27),
(1-year CMT + 2.650%)^(b)		200		195,085
Canadian Imperial Bank of Commerce, 3.60%, 04/07/32 (Call 03/07/32)^(a)		10		8,908
Citigroup Inc.
2.56%, 05/01/32 (Call 05/01/31), (1-day SOFR + 1.167%)^(b)		10		8,057
2.90%, 11/03/42 (Call 11/03/41), (1-day SOFR + 1.379%)^(b)		30		20,499
3.06%, 01/25/33 (Call 01/25/32), (1-day SOFR + 1.351%)^(b)		10		8,241
3.07%, 02/24/28 (Call 02/24/27), (1-day SOFR + 1.280%)^(b)		15		13,770
3.79%, 03/17/33 (Call 03/17/32), (1-day SOFR + 1.939%)^(b)		5		4,346
3.98%, 03/20/30 (Call 03/20/29), (3-mo. SOFR + 1.600%)^(b)		15		13,818
4.13%, 07/25/28		15		13,970
4.30%, 11/20/26		20		19,193


Security	Par (000)		Value

Banks (continued)
4.41%, 03/31/31 (Call 03/31/30), (1-day SOFR + 3.914%)^(b)	$	95	$	88,130
4.45%, 09/29/27		20		19,082
4.65%, 07/23/48 (Call 06/23/48)		25		21,519
4.75%, 05/18/46		55		45,744
4.91%, 05/24/33 (Call 05/24/32), (1-day SOFR + 2.086%)^(b)		10		9,497
6.63%, 06/15/32		15		15,586
Citizens Financial Group Inc., 3.25%, 04/30/30
(Call 01/30/30)^(a)		10		8,372
Cooperatieve Rabobank UA, 5.25%, 05/24/41		40		40,705
Fifth Third Bancorp.
4.77%, 07/28/30 (Call 07/28/29), (1-day SOFR + 2.127%)^(b)		10		9,347
6.34%, 07/27/29 (Call 07/27/28), (1-day SOFR + 2.340%)^(b)		10		10,120
8.25%, 03/01/38		6		6,773
Goldman Sachs Group Inc.,
2.38%, 07/21/32 (Call 07/21/31), (1-day SOFR + 1.248%)^(b)		20		15,787
2.62%, 04/22/32 (Call 04/22/31), (1-day SOFR + 1.281%)^(b)		100		80,975
3.10%, 02/24/33 (Call 02/24/32), (1-day SOFR + 1.410%)^(b)		15		12,471
3.62%, 03/15/28 (Call 03/15/27), (1-day SOFR + 1.846%)^(b)		15		14,024
5.15%, 05/22/45		45		41,366
5.95%, 01/15/27		50		50,440
6.75%, 10/01/37		75		79,580
HSBC Holdings PLC
2.25%, 11/22/27 (Call 11/22/26), (1-day SOFR + 1.100%)^(b)		200		178,393
2.80%, 05/24/32 (Call 05/24/31), (1-day SOFR + 1.187%)^(b)		200		159,662
Huntington Bancshares Inc., 2.55%, 02/04/30 (Call 11/04/29)		5		4,077
JPMorgan Chase & Co.
2.58%, 04/22/32 (Call 04/22/31), (3-mo. SOFR + 1.250%)(b)		135		110,528
2.74%, 10/15/30 (Call 10/15/29), (3-mo. SOFR + 1.510%)^(b)		15		12,867
3.33%, 04/22/52 (Call 04/22/51), (1-day SOFR + 1.580%)^(b)		10		7,009
4.03%, 07/24/48 (Call 07/24/47), (3-mo. SOFR + 1.722%)^(b)		15		12,078
4.57%, 06/14/30 (Call 06/14/29), (1-day SOFR + 1.750%)^(b)		10		9,535
4.85%, 07/25/28 (Call 07/25/27), (1-day SOFR + 1.990%)^(b)		30		29,375
5.40%, 01/06/42		15		14,895
6.40%, 05/15/38		95		103,832
KeyCorp 2.55%, 10/01/29		20		15,824
4.79%, 06/01/33 (Call 06/01/32), (1-day SOFR + 2.060%)^(b)		10		8,608
Lloyds Banking Group PLC, 3.75%, 01/11/27		200		188,126
Mitsubishi UFJ Financial Group Inc., 2.05%, 07/17/30		200		160,878
Mizuho Financial Group Inc., 2.84%, 09/13/26^(a)		200		184,315
Morgan Stanley
2.24%, 07/21/32 (Call 07/21/31), (1-day SOFR + 1.178%)^(b)		140		109,745
2.94%, 01/21/33 (Call 01/21/32), (1-day SOFR + 1.290%)^(b)		30		24,545
4.30%, 01/27/45		60		50,784
4.35%, 09/08/26		15		14,437
5.25%, 04/21/34, (1-day SOFR + 1.870%)^(b)		10		9,691
5.60%, 03/24/51 (Call 03/24/50), (1-day SOFR + 4.480%)^(b)		30		30,160
6.30%, 10/18/28 (Call 10/18/27), (1-day SOFR + 2.240%)^(b)		75		76,836
Northern Trust Corp., 6.13%, 11/02/32 (Call 08/02/32)		10		10,216
PNC Financial Services Group Inc. (The) 2.55%, 01/22/30 (Call 10/24/29)		50		41,949
5.58%, 06/12/29 (Call 06/12/28), (1-day SOFR + 1.841%)^(b)		15		14,876
6.04%, 10/28/33 (Call 10/28/32), (1-day SOFR + 2.140%)^(b)		16		16,229
Royal Bank of Canada 2.30%, 11/03/31		10		8,044
5.00%, 02/01/33		10		9,688
6.00%, 11/01/27		25		25,593
Santander Holdings USA Inc., 6.50%, 03/09/29 (Call 03/09/28),
(1-day SOFR + 2.356%)^(b)		20		19,863
State Street Corp., 2.20%, 03/03/31		5		3,981


Security	Par (000)		Value

Banks (continued)
Sumitomo Mitsui Financial Group Inc., 3.35%, 10/18/27	$	200	$	184,035
Toronto-Dominion Bank (The) 2.00%, 09/10/31		15		11,866
4.46%, 06/08/32		35		32,564
Truist Financial Corp. 1.13%, 08/03/27 (Call 06/03/27)		20		16,916
5.12%, 01/26/34 (Call 01/26/33), (1-day SOFR + 1.852%)^(a)(b)		25		23,443
5.87%, 06/08/34 (Call 06/08/33), (1-day SOFR + 2.361%)^(b)		10		9,906
U.S. Bancorp 1.38%, 07/22/30 (Call 04/22/30)		65		49,248
4.84%, 02/01/34 (Call 02/01/33), (1-day SOFR + 1.600%)^(b)		10		9,276
5.78%, 06/12/29 (Call 06/12/28), (1-day SOFR + 2.020%)^(b)		25		24,851
Westpac Banking Corp. 2.15%, 06/03/31		75		61,392
2.96%, 11/16/40		10		6,477

				3,547,379

Beverages — 0.1%
Keurig Dr Pepper Inc., 3.80%, 05/01/50 (Call 11/01/49)		20		15,129


Biotechnology — 3.1%
Amgen Inc. 1.65%, 08/15/28 (Call 06/15/28)		50		42,656
2.00%, 01/15/32 (Call 10/15/31)		25		19,622
4.40%, 05/01/45 (Call 11/01/44)		15		12,552
4.40%, 02/22/62 (Call 08/22/61)		15		11,870
4.66%, 06/15/51 (Call 12/15/50)		75		64,575
5.25%, 03/02/30 (Call 01/02/30)		27		26,970
5.25%, 03/02/33 (Call 12/02/32)		27		26,871
5.60%, 03/02/43 (Call 09/02/42)		28		27,386
5.75%, 03/02/63 (Call 09/02/62)		12		11,826
Biogen Inc. 2.25%, 05/01/30 (Call 02/01/30)		20		16,449
3.15%, 05/01/50 (Call 11/01/49)		5		3,250
Gilead Sciences Inc. 1.65%, 10/01/30 (Call 07/01/30)		25		20,074
4.00%, 09/01/36 (Call 03/01/36)		20		17,698
4.75%, 03/01/46 (Call 09/01/45)		50		45,441
Regeneron Pharmaceuticals Inc., 1.75%, 09/15/30 (Call 06/15/30)		15		11,948
Royalty Pharma PLC, 3.30%, 09/02/40 (Call 03/02/40)		15		10,299

				369,487

Building Materials — 0.4%
Carrier Global Corp. 2.72%, 02/15/30 (Call 11/15/29)		15		12,845
3.58%, 04/05/50 (Call 10/05/49)		20		14,317
Martin Marietta Materials Inc., 2.40%, 07/15/31 (Call 04/15/31)		20		16,177

				43,339

Chemicals — 0.9%
Air Products and Chemicals Inc. 2.05%, 05/15/30 (Call 02/15/30)		10		8,446
2.70%, 05/15/40 (Call 11/15/39)		10		7,268
Celanese U.S. Holdings LLC 6.17%, 07/15/27 (Call 06/15/27)		13		13,009
6.70%, 11/15/33 (Call 08/15/33)		19		19,081
CF Industries Inc., 5.15%, 03/15/34		15		14,137
DuPont de Nemours Inc., 5.32%, 11/15/38 (Call 05/15/38)		30		29,437
Nutrien Ltd., 5.00%, 04/01/49 (Call 10/01/48)		10		8,674


Security	Par (000)		Value

Chemicals (continued)
Sherwin-Williams Co. (The), 4.50%, 06/01/47 (Call 12/01/46)	$	15	$	12,777

				112,829

Commercial Services — 0.9%
Automatic Data Processing Inc., 1.25%, 09/01/30
(Call 06/01/30)		15		11,938
Global Payments Inc. 3.20%, 08/15/29 (Call 05/15/29)		15		13,083
5.95%, 08/15/52 (Call 02/15/52)		10		9,536
PayPal Holdings Inc. 2.30%, 06/01/30 (Call 03/01/30)		20		16,832
2.65%, 10/01/26 (Call 08/01/26)		40		37,263
4.40%, 06/01/32 (Call 03/01/32)^(a)		15		14,333
S&P Global Inc., 2.90%, 03/01/32 (Call 12/01/31)		10		8,563

				111,548

Computers — 5.0%
Apple Inc. 1.40%, 08/05/28 (Call 06/05/28)		200		171,869
2.65%, 05/11/50 (Call 11/11/49)		35		23,233
2.65%, 02/08/51 (Call 08/08/50)		10		6,631
2.70%, 08/05/51 (Call 02/05/51)		40		26,624
2.80%, 02/08/61 (Call 08/08/60)		10		6,414
3.35%, 08/08/32 (Call 05/08/32)^(a)		15		13,763
4.65%, 02/23/46 (Call 08/23/45)		125		119,185
Dell International LLC/EMC Corp. 3.38%, 12/15/41 (Call 06/15/41)^(c)		5		3,512
4.90%, 10/01/26 (Call 08/01/26)		10		9,823
5.30%, 10/01/29 (Call 07/01/29)		40		39,499
5.75%, 02/01/33 (Call 11/01/32)^(a)		10		9,992
6.20%, 07/15/30 (Call 04/15/30)		10		10,288
8.35%, 07/15/46 (Call 01/15/46)		3		3,677
Hewlett Packard Enterprise Co. 6.20%, 10/15/35 (Call 04/15/35)		15		15,548
6.35%, 10/15/45 (Call 04/15/45)		5		5,122
HP Inc., 2.65%, 06/17/31 (Call 03/17/31)		50		40,486
International Business Machines Corp., 4.15%, 05/15/39		100		85,631

				591,297

Diversified Financial Services — 3.8%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.00%, 10/29/28 (Call 08/29/28)		150		129,988
Air Lease Corp., 2.20%, 01/15/27 (Call 12/15/26)		10		8,939
Ally Financial Inc., 8.00%, 11/01/31		15		15,511
American Express Co. 4.05%, 05/03/29 (Call 03/03/29)		25		23,764
4.05%, 12/03/42^(a)		10		8,516
Capital One Financial Corp., 3.80%, 01/31/28 (Call 12/31/27)		25		22,910
Charles Schwab Corp. (The) 2.30%, 05/13/31 (Call 02/13/31)		20		16,040
2.45%, 03/03/27 (Call 02/03/27)		15		13,502
CME Group Inc., 2.65%, 03/15/32 (Call 12/15/31)		5		4,192
Discover Financial Services, 4.10%, 02/09/27 (Call 11/09/26)		35		32,491
Intercontinental Exchange Inc. 1.85%, 09/15/32 (Call 06/15/32)		10		7,617
3.00%, 09/15/60 (Call 03/15/60)		30		18,575
4.25%, 09/21/48 (Call 03/21/48)		10		8,398
4.95%, 06/15/52 (Call 12/15/51)		15		13,957
Mastercard Inc. 3.35%, 03/26/30 (Call 12/26/29)		40		36,759
3.85%, 03/26/50 (Call 09/26/49)		10		8,294
Nasdaq Inc., 5.55%, 02/15/34 (Call 11/15/33)		30		29,972


Security	Par (000)		Value

Diversified Financial Services (continued)
Raymond James Financial Inc., 3.75%, 04/01/51 (Call 10/01/50)	$	10	$	7,227
Synchrony Financial, 3.95%, 12/01/27 (Call 09/01/27)		5		4,464
Visa Inc. 1.10%, 02/15/31 (Call 11/15/30)^(a)		10		7,779
2.05%, 04/15/30 (Call 01/15/30)		15		12,727
4.30%, 12/14/45 (Call 06/14/45)		25		22,573

				454,195

Electric — 0.1%
Commonwealth Edison Co., 4.00%, 03/01/48 (Call 09/01/47)		10		8,029


Electronics — 0.1%
Amphenol Corp., 2.20%, 09/15/31 (Call 06/15/31)		10		8,085


Entertainment — 0.7%
Warnermedia Holdings Inc. 4.28%, 03/15/32 (Call 12/15/31)		35		30,843
5.05%, 03/15/42 (Call 09/15/41)		10		8,208
5.14%, 03/15/52 (Call 09/15/51)		55		43,857

				82,908

Environmental Control — 0.4%
Republic Services Inc., 3.95%, 05/15/28 (Call 02/15/28)		20		19,050
Waste Connections Inc., 4.20%, 01/15/33 (Call 10/15/32)		12		11,096
Waste Management Inc., 1.50%, 03/15/31 (Call 12/15/30)		20		15,579

				45,725

Food — 1.2%
Conagra Brands Inc., 5.30%, 11/01/38 (Call 05/01/38)		15		13,834
General Mills Inc., 3.20%, 02/10/27 (Call 11/10/26)		35		32,898
Hormel Foods Corp., 1.80%, 06/11/30 (Call 03/11/30)		25		20,677
Kraft Heinz Foods Co., 4.38%, 06/01/46 (Call 12/01/45)		60		49,556
Sysco Corp., 6.60%, 04/01/50 (Call 10/01/49)		10		10,986
Tyson Foods Inc., 5.10%, 09/28/48 (Call 03/28/48)		20		17,341

				145,292

Hand & Machine Tools — 0.2%
Regal Rexnord Corp., 6.40%, 04/15/33 (Call 01/15/33)^(c)		10		9,914
Stanley Black & Decker Inc., 2.30%, 03/15/30 (Call 12/15/29)		22		18,218

				28,132

Health Care - Products — 1.4%
Abbott Laboratories 4.75%, 11/30/36 (Call 05/30/36)		15		14,892
4.90%, 11/30/46 (Call 05/30/46)		15		14,608
Baxter International Inc. 2.54%, 02/01/32 (Call 11/01/31)^(a)		15		12,038
3.13%, 12/01/51 (Call 06/01/51)^(a)		10		6,352
DH Europe Finance II Sarl, 2.60%, 11/15/29 (Call 08/15/29)		80		70,303
Medtronic Global Holdings SCA, 4.50%, 03/30/33 (Call 12/30/32)		15		14,507
Medtronic Inc., 4.38%, 03/15/35		15		14,196
Thermo Fisher Scientific Inc., 2.80%, 10/15/41 (Call 04/15/41)		30		21,589

				168,485

Health Care - Services — 4.2%
Aetna Inc., 3.88%, 08/15/47 (Call 02/15/47)		15		11,218
Centene Corp., 4.63%, 12/15/29 (Call 12/15/24)		95		87,352
Elevance Health Inc. 2.55%, 03/15/31 (Call 12/15/30)		40		33,435
3.60%, 03/15/51 (Call 09/15/50)		35		25,733
4.65%, 01/15/43		20		17,752
HCA Inc. 2.38%, 07/15/31 (Call 04/15/31)		15		11,846


Security	Par (000)		Value

Health Care - Services (continued)
3.50%, 09/01/30 (Call 03/01/30)	$	10	$	8,741
3.50%, 07/15/51 (Call 01/15/51)		45		29,952
4.13%, 06/15/29 (Call 03/15/29)		10		9,236
4.50%, 02/15/27 (Call 08/15/26)		10		9,667
5.25%, 06/15/49 (Call 12/15/48)		10		8,724
5.38%, 09/01/26 (Call 03/01/26)		10		9,922
5.50%, 06/01/33 (Call 03/01/33)		20		19,647
5.63%, 09/01/28 (Call 03/01/28)		10		9,979
Humana Inc. 2.15%, 02/03/32 (Call 11/03/31)		15		11,765
5.50%, 03/15/53 (Call 09/15/52)		5		4,814
UnitedHealth Group Inc. 4.20%, 05/15/32 (Call 02/15/32)		51		48,156
4.20%, 01/15/47 (Call 07/15/46)		5		4,236
4.75%, 05/15/52 (Call 11/15/51)		92		83,894
5.20%, 04/15/63 (Call 10/15/62)		15		14,380
5.35%, 02/15/33 (Call 11/15/32)		15		15,388
6.05%, 02/15/63 (Call 08/15/62)		15		16,284
6.88%, 02/15/38		10		11,610

				503,731

Insurance — 1.4%
American International Group Inc. 4.38%, 06/30/50 (Call 12/30/49)		5		4,127
4.80%, 07/10/45 (Call 01/10/45)		10		8,796
Chubb INA Holdings Inc. 3.05%, 12/15/61 (Call 06/15/61)		15		9,691
4.35%, 11/03/45 (Call 05/03/45)		15		13,111
Equitable Holdings Inc., 5.00%, 04/20/48 (Call 10/20/47)		10		8,394
Everest Reinsurance Holdings Inc., 3.13%, 10/15/52 (Call 04/15/52)		11		6,995
Hartford Financial Services Group Inc. (The), 3.60%, 08/19/49 (Call 02/19/49)		10		7,286
Marsh & McLennan Companies Inc., 4.90%, 03/15/49 (Call 09/15/48)		10		9,172
MetLife Inc. 4.05%, 03/01/45		27		21,983
4.55%, 03/23/30 (Call 12/23/29)^(a)		15		14,584
5.00%, 07/15/52 (Call 01/15/52)		10		9,121
5.70%, 06/15/35		15		15,358
Progressive Corp. (The), 4.13%, 04/15/47 (Call 10/15/46)		10		8,327
Prudential Financial Inc., 4.35%, 02/25/50 (Call 08/25/49)		25		20,771
Travelers Companies Inc. (The), 3.05%, 06/08/51
(Call 12/08/50)^(a)		15		10,369

				168,085

Internet — 0.4%
Alphabet Inc. 1.10%, 08/15/30 (Call 05/15/30)		15		12,027
2.05%, 08/15/50 (Call 02/15/50)		10		5,981
2.25%, 08/15/60 (Call 02/15/60)		10		5,838
Booking Holdings Inc., 4.63%, 04/13/30 (Call 01/13/30)		10		9,776
eBay Inc. 2.70%, 03/11/30 (Call 12/11/29)		10		8,545
3.65%, 05/10/51 (Call 11/10/50)		10		7,106

				49,273

Lodging — 0.1%
Marriott International Inc./MD, Series GG, 3.50%, 10/15/32 (Call 07/15/32)		20		16,998


Security	Par (000)		Value

Machinery — 0.5%
Caterpillar Inc., 3.25%, 09/19/49 (Call 03/19/49)	$	30	$	22,602
Deere & Co., 3.90%, 06/09/42 (Call 12/09/41)^(a)		15		13,092
Otis Worldwide Corp., 2.57%, 02/15/30 (Call 11/15/29)		22		18,818

				54,512

Manufacturing — 0.7%
3M Co. 2.88%, 10/15/27 (Call 07/15/27)^(a)		20		18,417
3.25%, 08/26/49 (Call 02/26/49)^(a)		10		6,913
Eaton Corp., 4.15%, 03/15/33 (Call 12/15/32)		15		14,134
Illinois Tool Works Inc., 3.90%, 09/01/42 (Call 03/01/42)		10		8,599
Parker-Hannifin Corp., 3.25%, 06/14/29 (Call 03/14/29)		40		36,177

				84,240

Media — 4.9%
Comcast Corp. 2.94%, 11/01/56 (Call 05/01/56)		15		9,318
2.99%, 11/01/63 (Call 05/01/63)		130		78,512
3.75%, 04/01/40 (Call 10/01/39)		15		12,331
4.15%, 10/15/28 (Call 07/15/28)		155		149,404
4.25%, 01/15/33		15		14,065
5.35%, 05/15/53 (Call 11/15/52)		26		25,426
7.05%, 03/15/33		35		39,884
Discovery Communications LLC 3.95%, 03/20/28 (Call 12/20/27)		55		51,153
4.00%, 09/15/55 (Call 03/15/55)		8		5,215
5.20%, 09/20/47 (Call 03/20/47)		30		24,269
Fox Corp. 4.71%, 01/25/29 (Call 10/25/28)		15		14,474
5.48%, 01/25/39 (Call 07/25/38)		10		9,051
5.58%, 01/25/49 (Call 07/25/48)		10		8,905
Paramount Global 4.38%, 03/15/43		30		20,646
4.95%, 01/15/31 (Call 10/15/30)^(a)		15		13,393
Walt Disney Co. (The) 2.65%, 01/13/31		50		42,874
3.60%, 01/13/51 (Call 07/13/50)		65		48,825
3.80%, 03/22/30		15		14,040

				581,785

Mining — 0.2%
Newmont Corp. 2.25%, 10/01/30 (Call 07/01/30)		10		8,132
6.25%, 10/01/39		10		10,398

				18,530

Office & Business Equipment — 0.1%
CDW LLC/CDW Finance Corp., 3.57%, 12/01/31 (Call 09/01/31)		11		9,294


Pharmaceuticals — 12.3%
AbbVie Inc. 2.95%, 11/21/26 (Call 09/21/26)		65		60,827
4.05%, 11/21/39 (Call 05/21/39)		70		59,923
4.25%, 11/21/49 (Call 05/21/49)		55		46,233
4.70%, 05/14/45 (Call 11/14/44)		25		22,416
AstraZeneca PLC, 6.45%, 09/15/37		40		45,003
Becton Dickinson and Co. 2.82%, 05/20/30 (Call 02/20/30)		30		25,952
4.67%, 06/06/47 (Call 12/06/46)		10		8,853
Bristol-Myers Squibb Co. 1.45%, 11/13/30 (Call 08/13/30)		25		19,815
2.95%, 03/15/32 (Call 12/15/31)		25		21,676


Security	Par (000)		Value

Pharmaceuticals (continued)
3.40%, 07/26/29 (Call 04/26/29)	$	26	$	24,041
3.90%, 02/20/28 (Call 11/20/27)		15		14,391
4.25%, 10/26/49 (Call 04/26/49)		60		50,635
Cencora Inc., 3.45%, 12/15/27 (Call 09/15/27)		25		23,473
Cigna Group (The), 4.90%, 12/15/48 (Call 06/15/48)		65		57,994
CVS Health Corp. 1.88%, 02/28/31 (Call 11/28/30)		15		11,756
2.13%, 09/15/31 (Call 06/15/31)		70		55,134
4.78%, 03/25/38 (Call 09/25/37)		35		31,360
5.05%, 03/25/48 (Call 09/25/47)		65		56,959
5.13%, 07/20/45 (Call 01/20/45)		15		13,348
5.88%, 06/01/53 (Call 12/01/52)		15		14,603
Eli Lilly & Co. 2.25%, 05/15/50 (Call 11/15/49)		15		9,246
4.95%, 02/27/63 (Call 08/27/62)		10		9,758
GlaxoSmithKline Capital Inc., 3.88%, 05/15/28		40		38,560
GlaxoSmithKline Capital PLC, 3.38%, 06/01/29 (Call 03/01/29).		25		23,253
Johnson & Johnson, 3.70%, 03/01/46 (Call 09/01/45)		80		66,384
Merck & Co. Inc. 1.45%, 06/24/30 (Call 03/24/30)		35		28,262
2.90%, 12/10/61 (Call 06/10/61)		10		6,257
3.70%, 02/10/45 (Call 08/10/44)		60		48,891
5.00%, 05/17/53 (Call 11/17/52)		25		24,400
Novartis Capital Corp. 2.20%, 08/14/30 (Call 05/14/30)		30		25,550
2.75%, 08/14/50 (Call 02/14/50)		25		17,101
Pfizer Inc. 2.70%, 05/28/50 (Call 11/28/49)		30		20,314
3.45%, 03/15/29 (Call 12/15/28)		15		14,094
4.13%, 12/15/46		15		12,975
7.20%, 03/15/39		35		42,176
Pfizer Investment Enterprises Pte Ltd. 4.65%, 05/19/30 (Call 03/19/30)		30		29,545
4.75%, 05/19/33 (Call 02/19/33)		75		73,767
5.30%, 05/19/53 (Call 11/19/52)		60		59,813
Shire Acquisitions Investments Ireland DAC, 3.20%, 09/23/26 (Call 06/23/26)		245		230,101
Zoetis Inc., 5.60%, 11/16/32 (Call 08/16/32)		15		15,463

				1,460,302

Real Estate — 0.0%
CBRE Services Inc., 5.95%, 08/15/34 (Call 05/15/34)		5		4,948


Real Estate Investment Trusts — 2.2%
Alexandria Real Estate Equities Inc. 2.00%, 05/18/32 (Call 02/18/32)		20		15,175
3.55%, 03/15/52 (Call 09/15/51)		15		10,211
American Tower Corp. 1.88%, 10/15/30 (Call 07/15/30)		10		7,794
2.10%, 06/15/30 (Call 03/15/30)		10		7,989
3.10%, 06/15/50 (Call 12/15/49)		15		9,373
5.55%, 07/15/33 (Call 04/15/33)		10		9,891
Boston Properties LP, 2.45%, 10/01/33 (Call 07/01/33)		30		21,207
Brixmor Operating Partnership LP, 4.13%, 05/15/29 (Call 02/15/29)		10		9,099
Crown Castle Inc., 2.90%, 04/01/41 (Call 10/01/40)		30		20,214
Crown Castle International Corp., 2.10%, 04/01/31 (Call 01/01/31)		15		11,801
Digital Realty Trust LP, 5.55%, 01/15/28 (Call 12/15/27)		20		19,943
Equinix Inc., 2.50%, 05/15/31 (Call 02/15/31)		25		20,255
Prologis LP, 4.75%, 06/15/33 (Call 03/15/33)		20		19,174


Security	Par (000)		Value

Real Estate Investment Trusts (continued)
Realty Income Corp., 5.63%, 10/13/32 (Call 07/13/32)	$	10	$	10,002
Simon Property Group LP, 2.65%, 07/15/30 (Call 04/15/30)		50		42,097
VICI Properties LP 4.75%, 02/15/28 (Call 01/15/28)		25		23,812
5.63%, 05/15/52 (Call 11/15/51)		5		4,403

				262,440

Retail — 3.8%
AutoZone Inc., 4.00%, 04/15/30 (Call 01/15/30)		10		9,258
Dollar General Corp., 3.50%, 04/03/30 (Call 01/03/30)		15		13,326
Dollar Tree Inc., 4.20%, 05/15/28 (Call 02/15/28)		20		19,008
Home Depot Inc. (The) 2.75%, 09/15/51 (Call 03/15/51)		115		74,015
2.95%, 06/15/29 (Call 03/15/29)		45		40,871
5.88%, 12/16/36		15		16,083
Lowe’s Companies Inc. 1.70%, 09/15/28 (Call 07/15/28)		95		80,887
2.80%, 09/15/41 (Call 03/15/41)		35		24,017
4.45%, 04/01/62 (Call 10/01/61)		20		15,595
5.63%, 04/15/53 (Call 10/15/52)		15		14,547
McDonald’s Corp. 2.13%, 03/01/30 (Call 12/01/29)		25		21,080
3.63%, 09/01/49 (Call 03/01/49)		30		22,538
4.60%, 09/09/32 (Call 06/09/32)^(a)		15		14,635
4.88%, 12/09/45 (Call 06/09/45)		15		13,841
5.45%, 08/14/53 (Call 02/14/53)		5		4,993
Starbucks Corp. 3.50%, 11/15/50 (Call 05/15/50)		15		10,864
3.55%, 08/15/29 (Call 05/15/29)		42		38,930
Target Corp. 2.35%, 02/15/30 (Call 11/15/29)		10		8,607
2.95%, 01/15/52 (Call 07/15/51)		5		3,327
4.80%, 01/15/53 (Call 07/15/52)		10		9,174

				455,596

Semiconductors — 5.3%
Analog Devices Inc., 2.95%, 10/01/51 (Call 04/01/51)		5		3,359
Applied Materials Inc., 4.35%, 04/01/47 (Call 10/01/46)		10		8,987
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.88%, 01/15/27 (Call 10/15/26)		30		28,495
Broadcom Inc. 2.45%, 02/15/31 (Call 11/15/30)^(c)		20		16,131
3.46%, 09/15/26 (Call 07/15/26)		80		75,777
3.47%, 04/15/34 (Call 01/15/34)^(c)		15		12,245
3.75%, 02/15/51 (Call 08/15/50)^(c)		5		3,573
4.30%, 11/15/32 (Call 08/15/32)		14		12,648
4.93%, 05/15/37 (Call 02/15/37)^(c)		75		67,519
Intel Corp. 1.60%, 08/12/28 (Call 06/12/28)		90		77,331
2.80%, 08/12/41 (Call 02/12/41)		85		58,930
3.05%, 08/12/51 (Call 02/12/51)		35		22,609
3.73%, 12/08/47 (Call 06/08/47)		10		7,561
4.60%, 03/25/40 (Call 09/25/39)		10		9,073
5.90%, 02/10/63 (Call 08/10/62)		21		21,032
KLA Corp., 4.95%, 07/15/52 (Call 01/15/52)		15		14,160
Lam Research Corp., 4.88%, 03/15/49 (Call 09/15/48)		5		4,674
Marvell Technology Inc., 2.95%, 04/15/31 (Call 01/15/31)		15		12,525
Micron Technology Inc., 4.66%, 02/15/30 (Call 11/15/29)		25		23,428
NVIDIA Corp., 3.50%, 04/01/40 (Call 10/01/39)		20		16,598
NXP BV/NXP Funding LLC/NXP USA Inc., 3.25%, 05/11/41 (Call 11/11/40)		25		17,776


Security	Par (000)		Value

Semiconductors (continued)
Qorvo Inc., 4.38%, 10/15/29 (Call 10/15/24)	$	5	$	4,528
QUALCOMM Inc. 1.65%, 05/20/32 (Call 02/20/32)		10		7,766
3.25%, 05/20/27 (Call 02/20/27)		50		47,239
4.50%, 05/20/52 (Call 11/20/51)		10		8,718
4.80%, 05/20/45 (Call 11/20/44)		10		9,421
6.00%, 05/20/53 (Call 11/20/52)		10		10,750
Texas Instruments Inc. 3.88%, 03/15/39 (Call 09/15/38)		15		12,929
4.15%, 05/15/48 (Call 11/15/47)		20		17,368

				633,150

Software — 4.6%
Activision Blizzard Inc., 2.50%, 09/15/50 (Call 03/15/50)		5		3,176
Adobe Inc., 2.30%, 02/01/30 (Call 11/01/29)		10		8,679
Autodesk Inc., 2.40%, 12/15/31 (Call 09/15/31)^(a)		10		8,120
Broadridge Financial Solutions Inc., 2.90%, 12/01/29 (Call 09/01/29)		20		17,252
Fidelity National Information Services Inc., 2.25%, 03/01/31 (Call 12/01/30)^(a)		20		16,145
Fiserv Inc., 4.40%, 07/01/49 (Call 01/01/49)		20		16,302
Microsoft Corp. 2.53%, 06/01/50 (Call 12/01/49)		165		108,820
3.30%, 02/06/27 (Call 11/06/26)		25		24,020
Oracle Corp. 2.88%, 03/25/31 (Call 12/25/30)		75		63,400
2.95%, 04/01/30 (Call 01/01/30)		45		38,979
3.60%, 04/01/40 (Call 10/01/39)		38		28,726
3.80%, 11/15/37 (Call 05/15/37)		15		12,072
3.85%, 07/15/36 (Call 01/15/36)		15		12,409
3.95%, 03/25/51 (Call 09/25/50)		40		29,159
4.00%, 07/15/46 (Call 01/15/46)		135		101,147
6.25%, 11/09/32 (Call 08/09/32)		15		15,715
salesforce.com Inc. 1.95%, 07/15/31 (Call 04/15/31)		15		12,219
2.90%, 07/15/51 (Call 01/15/51)		20		13,342
Workday Inc. 3.50%, 04/01/27 (Call 03/01/27)		15		14,165
3.80%, 04/01/32 (Call 01/01/32)^(a)		11		9,752

				553,599

Telecommunications — 6.6%
AT&T Inc. 2.55%, 12/01/33 (Call 09/01/33)		125		95,184
3.50%, 06/01/41 (Call 12/01/40)		65		47,668
3.55%, 09/15/55 (Call 03/15/55)		95		61,998
3.65%, 06/01/51 (Call 12/01/50)		85		58,222
3.65%, 09/15/59 (Call 03/15/59)		15		9,697
Bell Telephone Co. of Canada or Bell Canada (The), 4.46%, 04/01/48 (Call 10/01/47)		15		12,319
British Telecommunications PLC, 9.13%, 12/15/30		15		18,270
Cisco Systems Inc., 5.90%, 02/15/39		25		27,038
Corning Inc., 4.38%, 11/15/57 (Call 05/15/57)		15		12,136
Deutsche Telekom International Finance BV, 8.75%, 06/15/30		15		17,688
Motorola Solutions Inc. 2.30%, 11/15/30 (Call 08/15/30)		10		7,974
4.60%, 05/23/29 (Call 02/23/29)		15		14,453
Orange SA, 5.50%, 02/06/44 (Call 08/06/43)		20		19,509
Rogers Communications Inc. 3.80%, 03/15/32 (Call 12/15/31)		10		8,555
4.35%, 05/01/49 (Call 11/01/48)		20		15,085


Security	Par (000)		Value

Telecommunications (continued)
4.55%, 03/15/52 (Call 09/15/51)	$	10	$	7,726
Telefonica Emisiones SA, 7.05%, 06/20/36^(a)		55		58,679
Verizon Communications Inc. 2.55%, 03/21/31 (Call 12/21/30)		63		51,835
2.99%, 10/30/56 (Call 04/30/56)		110		65,635
3.15%, 03/22/30 (Call 12/22/29)		20		17,544
3.40%, 03/22/41 (Call 09/22/40)		125		92,832
3.88%, 02/08/29 (Call 11/08/28)		20		18,669
4.50%, 08/10/33		15		13,863
4.86%, 08/21/46		5		4,398
Vodafone Group PLC, 4.88%, 06/19/49		37		31,354

				788,331

Toys, Games & Hobbies — 0.1%
Hasbro Inc., 3.90%, 11/19/29 (Call 08/19/29)		10		9,073


Transportation — 0.8%
FedEx Corp. 2.40%, 05/15/31 (Call 02/15/31)^(a)		31		25,603
4.55%, 04/01/46 (Call 10/01/45)		37		30,998
United Parcel Service Inc. 3.75%, 11/15/47 (Call 05/15/47)		27		21,804
6.20%, 01/15/38		15		16,744

				95,149

Water — 0.1%
American Water Capital Corp., 3.75%, 09/01/47 (Call 03/01/47)		10		7,798


Total Long-Term Investments — 98.2% (Cost: $13,920,346)				11,706,417


Security	Shares (000)		Value

Short-Term Securities

Money Market Funds — 5.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.52%^(d)(e)(f)		511	$	511,304
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.31%^(d)(e)		120		120,000


Total Short-Term Securities — 5.3% (Cost: $631,196)				631,304


Total Investments — 103.5% (Cost: $14,551,542)				12,337,721

Liabilities in Excess of Other Assets — (3.5)%				(415,311	)


Net Assets — 100.0%			$	11,922,410

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

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

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

^(d)	Affiliate of the Fund.

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

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

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended August 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

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

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


Security	Par (000)		Value

Asset-Backed Securities

American Express Credit Account Master Trust Series 2022-2, Class A, 3.39%, 05/15/27	$	1,000	$	967,620
BA Credit Card Trust Series 2021-A1, Class A1, 0.44%, 09/15/26		400		387,216
Santander Drive Auto Receivables Trust Series 2021-3, Class C, 0.95%, 09/15/27 (Call 03/15/25)		132		130,327
Toyota Auto Receivables Owner Trust Series 2021-B, Class A4, 0.53%, 10/15/26 (Call 07/15/25)		75		69,489
Verizon Master Trust Series 2021-1, Class A, 0.50%, 05/20/27 (Call 05/20/24)		100		96,290


Total Asset-Backed Securities — 0.3% (Cost: $1,707,236)				1,650,942


Collaterized Mortgage Obligations

Mortgage-Backed Securities — 0.9%
Barclays Commercial Mortgage Trust, Series 2019-C3, Class A4, 3.58%, 05/15/52 (Call 05/15/29)		100		90,597
BBCMS Mortgage Trust, Series 2021-C11, Class A5, 2.32%, 09/15/54		200		160,149
BBCMS Trust, Series 2021-C10, Class A5, 2.49%, 07/15/54 (Call 07/15/31)		460		376,797
Benchmark Mortgage Trust 4.59%, 05/15/55 (Call 05/15/32)^(a)		1,000		901,608
Series 2018-B4, Class ASB, 4.06%, 07/15/51 (Call 07/15/28)^(a)		985		945,433
Series 2020-B16, Class A5, 2.73%, 02/15/53 (Call 02/15/30)		100		85,026
Series 2020-B21, Class A4, 1.70%, 12/17/53 (Call 12/15/30)		100		78,576
CGMS Commercial Mortgage Trust, Series 2017-B1 AAB3.24%, 08/15/50 (Call 08/15/27)		124		117,455
Commission Mortgage Trust, Series 2015-CR25, Class A4, 3.76%, 08/10/48 (Call 08/10/25)		1,000		955,829
CSAIL Commercial Mortgage Trust, Series 2015-C1, Class A4, 3.51%, 04/15/50 (Call 03/15/25)		155		149,413
GS Mortgage Securities Trust, Series 2017-GS7, Class AAB, 3.20%, 08/10/50 (Call 08/10/27)		572		544,600
JPMBB Commercial Mortgage Securities Trust
Series 2014-C21, Class A5, 3.77%, 08/15/47 (Call 07/15/24)		75		73,208
Series 2015-C29, Class A4, 3.61%, 05/15/48 (Call 03/15/26)		172		163,659
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C32, Class A4, 3.72%, 12/15/49 (Call 01/15/27)		100		93,384
UBS Commercial Mortgage Trust, Series 2018-C13 ASB4.24%, 10/15/51 (Call 10/15/28)		100		96,105
Wells Fargo Commercial Mortgage Trust
Series 2017-RC1, Class A4, 3.63%, 01/15/60 (Call 03/15/27)		150		139,680
Series 2021-C59, Class A5, 2.63%, 04/15/54 (Call 04/15/31)		600		486,213

				5,457,732


Total Collaterized Mortgage Obligations — 0.9% (Cost: $6,396,032)				5,457,732


Security	Par (000)		Value

Corporate Bonds & Notes

Advertising — 0.1%
Clear Channel International BV, 6.63%, 08/01/25 (Call 09/11/23)^(b)	$	20	$	19,821
Clear Channel Outdoor Holdings Inc. 5.13%, 08/15/27 (Call 10/02/23)^(b)		70		62,700
7.50%, 06/01/29 (Call 06/01/24)^(b)(c)		60		45,008
7.75%, 04/15/28 (Call 04/15/24)^(b)		60		46,966
9.00%, 09/15/28^(b)		25		25,125
Interpublic Group of Companies Inc. (The) 2.40%, 03/01/31 (Call 12/01/30)		50		40,376
3.38%, 03/01/41 (Call 09/01/40)		43		30,313
4.75%, 03/30/30 (Call 12/30/29)		68		64,843
5.40%, 10/01/48 (Call 04/01/48)		30		27,298
Omnicom Group Inc. 3.60%, 04/15/26 (Call 01/15/26)		80		76,529
3.65%, 11/01/24 (Call 08/01/24)		25		24,419
Outfront Media Capital LLC/Outfront Media Capital Corp. 4.25%, 01/15/29 (Call 01/15/24)^(b)		27		22,242
4.63%, 03/15/30 (Call 03/15/25)^(b)		30		24,416
5.00%, 08/15/27 (Call 09/11/23)^(b)		40		36,200
6.25%, 06/15/25 (Call 10/02/23)^(b)		25		24,562
WPP Finance 2010, 3.75%, 09/19/24		5		4,861

				575,679

Aerospace & Defense — 0.1%
Hexcel Corp. 4.20%, 02/15/27 (Call 11/15/26)		30		28,192
4.95%, 08/15/25 (Call 05/15/25)		39		37,966
Howmet Aerospace Inc. 3.00%, 01/15/29 (Call 11/15/28)		36		31,044
5.13%, 10/01/24 (Call 07/01/24)		51		50,478
5.90%, 02/01/27		36		35,742
5.95%, 02/01/37		35		34,464
6.75%, 01/15/28		20		20,461
6.88%, 05/01/25 (Call 04/01/25)		39		39,306
Spirit AeroSystems Inc. 4.60%, 06/15/28 (Call 03/15/28)^(c)		40		32,369
7.50%, 04/15/25 (Call 10/02/23)^(b)		70		69,124
9.38%, 11/30/29 (Call 11/30/25)^(b)		55		57,361
Triumph Group Inc. 7.75%, 08/15/25 (Call 10/02/23)^(c)		30		28,284
9.00%, 03/15/28 (Call 03/15/25)^(b)		70		70,579

				535,370

Agriculture — 0.0%
Darling Ingredients Inc. 5.25%, 04/15/27 (Call 09/11/23)^(b)		35		34,060
6.00%, 06/15/30 (Call 06/15/25)^(b)		60		58,645

				92,705

Airlines — 0.0%
Air Canada, 3.88%, 08/15/26 (Call 02/15/26)^(b)		10		9,234
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd., 5.75%, 01/20/26 (Call 01/20/24)^(b)		70		64,717

				73,951

Apparel — 0.0%
Crocs Inc. 4.13%, 08/15/31 (Call 08/15/26)^(b)(c)		20		15,860
4.25%, 03/15/29 (Call 03/15/24)^(b)		20		16,890
Hanesbrands Inc. 4.88%, 05/15/26 (Call 02/15/26)^(b)(c)		53		49,550


Security	Par (000)		Value

Apparel (continued)
9.00%, 02/15/31 (Call 02/15/26)^(b)(c)	$	35	$	35,131
Kontoor Brands Inc., 4.13%, 11/15/29 (Call 11/15/24)^(b)		25		21,245
Tapestry Inc. 3.05%, 03/15/32 (Call 12/15/31)		30		23,004
4.13%, 07/15/27 (Call 04/15/27)		68		63,494
Under Armour Inc., 3.25%, 06/15/26 (Call 03/15/26)		35		32,109
Wolverine World Wide Inc., 4.00%, 08/15/29
(Call 08/15/24)^(b)(c)		30		22,454

				279,737

Auto Manufacturers — 0.2%
Aston Martin Capital Holdings Ltd., 10.50%, 11/30/25 (Call 11/01/24)^(b)		70		71,119
BMW Finance NV, 2.85%, 08/14/29 (Call 05/14/29)^(b)		95		83,679
BMW U.S. Capital LLC 1.25%, 08/12/26 (Call 07/12/26)^(b)		40		35,813
2.55%, 04/01/31 (Call 01/01/31)^(b)		60		50,215
2.80%, 04/11/26 (Call 01/11/26)^(b)		215		203,003
3.30%, 04/06/27 (Call 01/06/27)^(b)		25		23,534
3.70%, 04/01/32 (Call 01/01/32)^(b)		10		9,013
3.90%, 04/09/25 (Call 03/09/25)^(b)		125		122,442
3.95%, 08/14/28 (Call 05/14/28)^(b)(c)		50		47,791
4.15%, 04/09/30 (Call 01/09/30)^(b)		75		71,212
Cummins Inc. 0.75%, 09/01/25 (Call 08/01/25)		22		20,144
1.50%, 09/01/30 (Call 06/01/30)		70		56,262
2.60%, 09/01/50 (Call 03/01/50)^(c)		55		34,033
4.88%, 10/01/43 (Call 04/01/43)		50		45,804
Daimler Trucks Finance North America LLC 2.50%, 12/14/31^(b)		75		60,188
3.65%, 04/07/27^(b)		10		9,458
5.40%, 09/20/28^(b)		150		149,505
PACCAR Financial Corp. 1.10%, 05/11/26		55		49,749
1.80%, 02/06/25		85		80,904
Wabash National Corp., 4.50%, 10/15/28
(Call 10/15/24)^(b)		25		21,378

				1,245,246

Auto Parts & Equipment — 0.2%
American Axle & Manufacturing Inc. 5.00%, 10/01/29 (Call 10/01/24)^(c)		30		24,689
6.25%, 03/15/26 (Call 09/11/23)		16		15,580
6.50%, 04/01/27 (Call 10/02/23)^(c)		35		33,201
6.88%, 07/01/28 (Call 09/11/23)		20		18,338
Aptiv PLC 3.10%, 12/01/51 (Call 06/01/51)		85		51,746
3.25%, 03/01/32 (Call 12/01/31)		55		46,590
4.15%, 05/01/52 (Call 11/01/51)		65		48,271
4.35%, 03/15/29 (Call 12/15/28)		12		11,567
4.40%, 10/01/46 (Call 04/01/46)		2		1,525
5.40%, 03/15/49 (Call 09/15/48)		40		35,066
BorgWarner Inc. 2.65%, 07/01/27 (Call 05/01/27)		150		135,924
4.38%, 03/15/45 (Call 09/15/44)		15		11,845
5.00%, 10/01/25^(b)		110		108,159
Cooper-Standard Automotive Inc., 5.63%, 05/15/27
(Call 01/31/25), (10.63% PIK)^(b)(d)		21		14,056
Dana Financing Luxembourg Sarl, 5.75%, 04/15/25 (Call 10/02/23)^(b)		12		11,775


Security	Par (000)		Value

Auto Parts & Equipment (continued)
Dana Inc. 4.25%, 09/01/30 (Call 05/01/26)	$	20	$	16,511
4.50%, 02/15/32 (Call 02/15/27)		21		16,947
5.38%, 11/15/27 (Call 09/11/23)		25		23,780
5.63%, 06/15/28 (Call 09/11/23)^(c)		25		23,523
Lear Corp. 3.50%, 05/30/30 (Call 02/28/30)		10		8,732
3.55%, 01/15/52 (Call 07/15/51)		35		22,863
3.80%, 09/15/27 (Call 06/15/27)		20		18,731
4.25%, 05/15/29 (Call 02/15/29)		40		37,175
5.25%, 05/15/49 (Call 11/15/48)		50		43,491
Magna International Inc. 2.45%, 06/15/30 (Call 03/15/30)		45		37,881
4.15%, 10/01/25 (Call 07/01/25)		57		55,388
Tenneco Inc., 8.00%, 11/17/28 (Call 11/17/24)^(b)		100		82,353

				955,707

Banks — 6.9%
ABN AMRO Bank NV 2.47%, 12/13/29 (Call 12/13/28),
(1-year CMT + 1.100%)^(a)(b)		50		42,139
3.32%, 03/13/37 (Call 12/13/31),
(5-year CMT + 1.900%)^(a)(b)		50		38,588
4.80%, 04/18/26^(b)		200		192,824
Agricultural Bank Of China Ltd./Singapore, 1.25%, 03/02/26^(e)		200		181,728
Banco de Credito del Peru SA, 3.13%, 07/01/30
(Call 07/01/25), (5-year CMT + 3.000%)^(a)(e)		100		92,954
Banco do Brasil SA/Cayman, 4.63%, 01/15/25^(e)		200		195,476
Bank Negara Indonesia Persero Tbk PT, 3.75%, 03/30/26^(e)		200		185,278
Bank of China Ltd. 3.50%, 04/20/27^(e)		200		190,676
5.00%, 11/13/24^(e)		200		197,574
Bank of Montreal 0.95%, 01/22/27 (Call 01/22/26),
(1-day SOFR + 0.603%)^(a)		50		44,873
1.25%, 09/15/26		200		177,208
1.85%, 05/01/25		135		126,830
2.65%, 03/08/27		100		91,269
3.09%, 01/10/37 (Call 01/10/32),
(5-year CMT + 1.400%)^(a)		35		27,005
3.70%, 06/07/25		50		48,320
3.80%, 12/15/32 (Call 12/15/27),
(5-year USD Swap + 1.432%)^(a)		75		66,236
5.20%, 02/01/28 (Call 01/01/28)		125		123,990
Series H, 4.70%, 09/14/27 (Call 08/14/27)		85		82,939
Bank of New York Mellon Corp. (The) 1.05%, 10/15/26 (Call 09/15/26)		5		4,399
1.60%, 04/24/25 (Call 03/24/25)		112		105,194
1.65%, 07/14/28 (Call 05/14/28)		20		17,079
1.65%, 01/28/31 (Call 10/28/30)		75		59,684
1.80%, 07/28/31 (Call 04/28/31)		50		39,339
2.05%, 01/26/27 (Call 12/26/26)		10		9,033
2.10%, 10/24/24		50		48,197
2.45%, 08/17/26 (Call 05/17/26)		96		88,889
2.80%, 05/04/26 (Call 02/04/26)		95		89,194
3.00%, 10/30/28 (Call 07/30/28)		90		80,845
3.25%, 09/11/24 (Call 08/11/24)		60		58,555
3.25%, 05/16/27 (Call 02/16/27)		100		93,828
3.30%, 08/23/29 (Call 05/23/29)		115		102,680


Security	Par (000)		Value

Banks (continued)
3.35%, 04/25/25 (Call 03/25/25)	$	20	$	19,307
3.40%, 01/29/28 (Call 10/29/27)		128		119,305
3.44%, 02/07/28 (Call 02/07/27),
(3-mo. SOFR + 1.331%)^(a)		142		133,730
3.85%, 04/28/28		112		106,599
3.95%, 11/18/25 (Call 10/18/25)		60		58,010
4.97%, 04/26/34, (1-day SOFR + 1.606%)^(a)		150		144,009
5.83%, 10/25/33 (Call 10/25/32),
(1-day SOFR + 2.074%)^(a)		30		30,735
Series G, 3.00%, 02/24/25 (Call 01/24/25)		95		91,527
Series J, 0.85%, 10/25/24 (Call 09/25/24)		10		9,472
Series J, 1.90%, 01/25/29 (Call 11/25/28)		20		16,927
Bank of Nova Scotia (The) 1.05%, 03/02/26		60		53,799
1.30%, 06/11/25		65		60,207
1.30%, 09/15/26		70		61,990
1.35%, 06/24/26		270		241,264
1.45%, 01/10/25		10		9,458
1.95%, 02/02/27		70		62,597
2.15%, 08/01/31		155		123,251
2.20%, 02/03/25		250		238,190
2.45%, 02/02/32		25		20,268
2.70%, 08/03/26		10		9,291
3.45%, 04/11/25		30		28,977
4.50%, 12/16/25		125		121,150
4.59%, 05/04/37 (Call 02/04/32),
(5-year CMT + 2.050%)^(a)		105		90,505
Banque Federative du Credit Mutuel SA 1.00%, 02/04/25^(b)		55		51,244
1.60%, 10/04/26^(b)		40		35,430
4.94%, 01/26/26^(b)		205		200,670
BDO Unibank Inc., 2.13%, 01/13/26^(e)		200		185,134
BPCE SA 1.00%, 01/20/26^(b)		100		89,574
1.65%, 10/06/26 (Call 10/06/25),
(1-day SOFR + 1.520%)^(a)(b)		165		149,893
2.38%, 01/14/25^(b)		310		293,375
2.70%, 10/01/29^(b)		80		68,646
3.12%, 10/19/32 (Call 10/19/31),
(1-day SOFR + 1.730%)^(a)(b)		60		46,375
3.38%, 12/02/26		35		32,634
3.58%, 10/19/42 (Call 10/19/41),
(1-day SOFR + 1.952%)^(a)(b)		55		35,891
4.50%, 03/15/25^(b)		220		212,872
4.88%, 04/01/26^(b)		240		231,386
Comerica Inc., 4.00%, 02/01/29 (Call 11/03/28)		125		107,575
Cooperatieve Rabobank UA 1.11%, 02/24/27 (Call 02/24/26),
(1-year CMT + 0.550%)^(a)(b)		55		49,012
1.34%, 06/24/26 (Call 06/24/25),
(1-year CMT + 1.000%)^(a)(b)		295		271,813
1.98%, 12/15/27 (Call 12/15/26),
(1-year CMT + 0.730%)^(a)(b)		285		251,447
3.75%, 07/21/26		55		51,646
3.76%, 04/06/33 (Call 04/06/32),
(1-year CMT + 1.420%)^(a)(b)		80		68,843
5.25%, 05/24/41		156		158,786
5.25%, 08/04/45		20		18,297
5.75%, 12/01/43		55		53,783
Cooperatieve Rabobank UA/New York, 3.38%, 05/21/25		305		294,298


Security	Par (000)		Value

Banks (continued)
Cooperatieve Rabobank UA/NY, 1.38%, 01/10/25	$	90	$	85,174
Credit Agricole SA
1.25%, 01/26/27 (Call 01/26/26),
(1-day SOFR + 0.891%)(a)(b)		255		228,648
4.00%, 01/10/33 (Call 01/10/28),
(5-year USD Swap + 1.644%)(a)(b)		290		259,741
Credit Agricole SA/London, 1.91%, 06/16/26
(Call 06/16/25), (1-day SOFR + 1.676%)(a)(b)		250		232,745
DBS Group Holdings Ltd., 1.82%, 03/10/31
(Call 03/10/26), (5-year CMT + 1.100%)(a)(e)		200		181,190
DIB Sukuk Ltd.
2.95%, 02/20/25(e)		200		191,342
2.95%, 01/16/26(e)		200		188,446
Discover Bank, 4.65%, 09/13/28 (Call 06/13/28)		260		238,376
DNB Bank ASA
0.86%, 09/30/25 (Call 09/30/24),
(1-year CMT + 0.330%)(a)(b)		125		118,387
1.54%, 05/25/27 (Call 05/25/26),
(1-year CMT + 0.720%)(a)(b)		230		204,254
1.61%, 03/30/28 (Call 03/30/27),
(1-year CMT + 0.680%)(a)(b)		15		13,013
Dresdner Funding Trust I, 8.15%, 06/30/31
(Call 06/30/29)(b)		60		63,976
Emirates NBD Bank PJSC, 4.25%, (Call 02/27/27)(a)(e)(f)		200		178,618
Federation des Caisses Desjardins du Quebec, 2.05%, 02/10/25(b)		245		231,758
First Abu Dhabi Bank PJSC, 4.50%, (Call 04/05/26),
(5-year CMT + 4.138%)(a)(e)(f)		200		189,000
First Horizon Bank, 5.75%, 05/01/30 (Call 02/01/30)		20		18,557
First Horizon Corp., 4.00%, 05/26/25 (Call 04/26/25)(c)		145		137,045
Hana Bank, 1.25%, 12/16/26(e)		200		174,616
Huntington Bancshares Inc.
2.49%, 08/15/36 (Call 08/15/31),
(5-year CMT + 1.170%)(a)		70		51,638
2.55%, 02/04/30 (Call 11/04/29)		155		126,429
4.00%, 05/15/25 (Call 04/15/25)		145		139,674
Industrial & Commercial Bank of China Ltd., 4.88%, 09/21/25(e)		200		196,828
Industrial & Commercial Bank of China Ltd./Hong Kong,
2.95%, 06/01/25(e)		200		191,778
Industrial & Commercial Bank of China Ltd./Singapore,
1.20%, 09/09/25(e)		200		184,022
ING Groep NV
1.73%, 04/01/27 (Call 04/01/26),
(1-day SOFR + 1.005%)(a)		225		202,390
3.95%, 03/29/27		255		241,908
4.55%, 10/02/28		200		191,842
Intesa Sanpaolo SpA
8.25%, 11/21/33 (Call 11/21/32),
(1-year CMT + 4.400%)(a)(b)		200		209,320
Series XR, 4.00%, 09/23/29(b)		200		173,720
Kasikornbank PCL/Hong Kong, 3.34%, 10/02/31
(Call 10/02/26), (5-year CMT + 1.700%)(a)(e)		200		179,420
KeyCorp
2.25%, 04/06/27		166		142,524
2.55%, 10/01/29		124		98,114
4.10%, 04/30/28		85		76,322
4.15%, 10/29/25		165		155,950
4.79%, 06/01/33 (Call 06/01/32),
(1-day SOFR + 2.060%)(a)		40		34,474


Security	Par (000)		Value

Banks (continued)
Kookmin Bank, 4.50%, 02/01/29^(e)	$	200	$	187,392
Korea Development Bank (The), 2.00%, 10/25/31		200		160,462
Kreditanstalt fuer Wiederaufbau 0.00%, 04/18/36^(g)		85		49,024
0.38%, 07/18/25		310		284,859
0.50%, 09/20/24		187		177,695
0.63%, 01/22/26		259		235,094
0.75%, 09/30/30		235		185,044
1.00%, 10/01/26		150		134,796
1.75%, 09/14/29		310		269,117
2.00%, 05/02/25		194		184,579
2.50%, 11/20/24		390		377,079
2.88%, 04/03/28		189		177,038
4.13%, 07/15/33		200		197,668
Landwirtschaftliche Rentenbank 0.88%, 03/30/26		150		136,090
1.75%, 07/27/26		215		198,112
1.75%, 01/14/27^(e)		150		136,767
2.00%, 01/13/25		34		32,548
2.38%, 06/10/25		115		109,735
Series 37, 2.50%, 11/15/27		125		115,896
Series 40, 0.50%, 05/27/25		236		218,130
Lloyds Banking Group PLC 2.44%, 02/05/26 (Call 02/05/25),
(1-year CMT + 1.000%)^(a)		290		275,033
3.37%, 12/14/46 (Call 09/14/41),
(5-year CMT + 1.500%)^(a)		55		35,961
3.75%, 01/11/27		245		230,226
3.75%, 03/18/28 (Call 03/18/27),
(1-year CMT + 1.800%)^(a)		100		93,014
4.34%, 01/09/48		255		190,080
4.45%, 05/08/25		240		234,178
4.58%, 12/10/25		230		221,370
4.65%, 03/24/26		200		193,032
Macquarie Bank Ltd. 3.05%, 03/03/36 (Call 03/03/31),
(5-year CMT + 1.700%)^(a)(b)		105		80,507
3.62%, 06/03/30^(b)		75		62,774
4.88%, 06/10/25^(b)		35		34,098
5.21%, 06/15/26^(b)		200		198,510
Mitsubishi UFJ Financial Group Inc. 2.19%, 02/25/25		225		213,525
2.31%, 07/20/32 (Call 07/20/31),
(1-year CMT + 0.950%)^(a)		210		166,093
2.49%, 10/13/32 (Call 10/13/31),
(1-year CMT + 0.970%)^(a)		130		103,696
2.56%, 02/25/30		200		168,304
2.85%, 01/19/33 (Call 01/19/32),
(1-year CMT + 1.100%)^(a)		200		163,110
3.29%, 07/25/27		10		9,292
3.74%, 03/07/29		115		106,413
3.75%, 07/18/39		225		185,652
3.78%, 03/02/25		20		19,417
4.05%, 09/11/28		25		23,732
4.29%, 07/26/38		35		30,961
5.13%, 07/20/33 (Call 07/20/32),
(1-year CMT + 2.125%)^(a)		210		203,752
5.42%, 02/22/29 (Call 02/22/28),
(1-year CMT + 1.380%)^(a)		230		228,878


Security	Par (000)		Value

Banks (continued)
Mizuho Financial Group Inc.
2.26%, 07/09/32 (Call 07/09/31),
(1-year CMT + 0.900%)^(a)	$	220	$	170,694
2.59%, 05/25/31 (Call 05/25/30),
(3-mo. SOFR + 1.332%)^(a)		220		180,539
2.65%, 05/22/26 (Call 05/22/25),
(1-year CMT + 0.900%)^(a)		490		461,698
4.02%, 03/05/28		295		278,120
5.67%, 05/27/29 (Call 05/27/28),
(1-year CMT + 1.500%)^(a)		200		199,490
5.75%, 07/06/34 (Call 07/06/33),
(1-year CMT + 1.900%)^(a)		50		49,523
Morgan Stanley
0.99%, 12/10/26 (Call 12/10/25),
(1-day SOFR + 0.720%)^(a)		290		260,028
1.16%, 10/21/25 (Call 10/21/24),
(1-day SOFR + 0.560%)^(a)		140		132,033
1.51%, 07/20/27 (Call 07/20/26),
(1-day SOFR + 0.858%)^(a)		259		229,919
1.59%, 05/04/27 (Call 05/04/26),
(1-day SOFR + 0.879%)^(a)		274		245,636
1.79%, 02/13/32 (Call 02/13/31),
(1-day SOFR + 1.034%)^(a)		185		142,213
1.93%, 04/28/32 (Call 04/28/31),
(1-day SOFR + 1.020%)^(a)		150		115,633
2.19%, 04/28/26 (Call 04/28/25),
(1-day SOFR + 1.990%)^(a)		125		117,855
2.24%, 07/21/32 (Call 07/21/31),
(1-day SOFR + 1.178%)^(a)		220		172,603
2.48%, 01/21/28 (Call 01/21/27),
(1-day SOFR + 1.000%)^(a)		70		63,143
2.48%, 09/16/36 (Call 09/16/31),
(1-day SOFR + 1.360%)^(a)		225		169,517
2.51%, 10/20/32 (Call 10/20/31),
(1-day SOFR + 1.200%)^(a)		151		120,315
2.63%, 02/18/26 (Call 02/18/25),
(1-day SOFR + 0.940%)^(a)		70		66,691
2.70%, 01/22/31 (Call 01/22/30),
(1-day SOFR + 1.143%)^(a)		240		202,126
2.80%, 01/25/52 (Call 01/25/51),
(1-day SOFR + 1.430%)^(a)		165		104,480
2.94%, 01/21/33 (Call 01/21/32),
(1-day SOFR + 1.290%)^(a)		140		114,807
3.13%, 07/27/26		85		79,565
3.22%, 04/22/42 (Call 04/22/41),
(1-day SOFR + 1.485%)^(a)		290		213,553
3.59%, 07/22/28 (Call 07/22/27),
(3-mo. LIBOR US + 1.340%)^(a)		129		119,294
3.62%, 04/01/31 (Call 04/01/30),
(1-day SOFR + 3.120%)^(a)		200		177,768
3.63%, 01/20/27		260		245,609
3.70%, 10/23/24		330		322,905
3.77%, 01/24/29 (Call 01/24/28),
(3-mo. SOFR + 1.402%)^(a)		230		213,244
3.88%, 01/27/26		170		163,598
3.95%, 04/23/27		205		193,229
4.00%, 07/23/25		155		150,403
4.21%, 04/20/28 (Call 04/20/27),
(1-day SOFR + 1.610%)^(a)		40		38,203
4.30%, 01/27/45		160		136,010


Security	Par (000)		Value

Banks (continued)
4.35%, 09/08/26	$	100	$	96,297
4.38%, 01/22/47		155		132,601
4.43%, 01/23/30 (Call 01/23/29), (3-mo. SOFR + 1.890%)^(a)		245		232,500
4.68%, 07/17/26 (Call 07/17/25), (1-day SOFR + 1.669%)^(a)		170		166,421
4.89%, 07/20/33 (Call 07/20/32), (1-day SOFR + 2.076%)^(a)		100		94,599
5.00%, 11/24/25		180		177,203
5.16%, 04/20/29 (Call 04/20/28), (1-day SOFR + 1.590%)^(a)		100		98,090
5.25%, 04/21/34, (1-day SOFR + 1.870%)^(a)		197		191,224
5.30%, 04/20/37 (Call 04/20/32), (1-day SOFR + 2.620%)^(a)		120		111,690
5.42%, 07/21/34 (Call 07/21/33), (1-day SOFR + 1.880%)^(a)		70		68,793
5.60%, 03/24/51 (Call 03/24/50), (1-day SOFR + 4.480%)^(a)		135		135,697
6.25%, 08/09/26		55		56,177
6.34%, 10/18/33 (Call 10/18/32), (1-day SOFR + 2.560%)^(a)		215		225,253
6.38%, 07/24/42		118		128,691
7.25%, 04/01/32		86		97,789
Series I, 0.86%, 10/21/25 (Call 10/21/24), (1-day SOFR + 0.745%)^(a)		70		65,869
Nordea Bank Abp 0.75%, 08/28/25^(b)		250		227,085
1.50%, 09/30/26^(b)		105		92,610
4.63%, 09/13/33 (Call 09/13/28), (5-year USD Swap + 1.690%)^(a)(b)		90		81,812
Northern Trust Corp. 1.95%, 05/01/30 (Call 02/01/30)		90		74,111
3.15%, 05/03/29 (Call 02/03/29)		90		81,774
3.38%, 05/08/32 (Call 05/08/27), (3-mo. LIBOR US + 1.131%)^(a)		42		37,469
3.65%, 08/03/28 (Call 05/03/28)		100		94,233
3.95%, 10/30/25		65		62,903
4.00%, 05/10/27 (Call 04/10/27)		28		26,873
NRW Bank 0.63%, 05/19/25^(e)		125		115,715
0.88%, 03/09/26^(e)		30		27,199
Oesterreichische Kontrollbank AG 0.38%, 09/17/25		220		200,776
0.50%, 09/16/24		130		123,504
1.50%, 02/12/25		205		194,299
Oversea-Chinese Banking Corp. Ltd., 1.83%, 09/10/30 (Call 09/10/25),
(5-year CMT + 1.580%)^(a)(b)		163		150,087
PNC Bank NA, 2.95%, 02/23/25 (Call 01/24/25)		250		239,955
PNC Financial Services Group Inc. (The) 1.15%, 08/13/26 (Call 07/13/26)		45		39,925
2.20%, 11/01/24 (Call 10/02/24)		165		158,342
2.31%, 04/23/32 (Call 04/23/31), (1-day SOFR + 0.979%)^(a)(c)		135		108,741
2.55%, 01/22/30 (Call 10/24/29)		275		230,681
2.60%, 07/23/26 (Call 05/23/26)		200		185,808
3.15%, 05/19/27 (Call 04/19/27)		65		60,179
3.45%, 04/23/29 (Call 01/23/29)		221		199,225
4.63%, 06/06/33 (Call 06/06/32), (1-day SOFR + 1.850%)^(a)		25		22,616


Security	Par (000)		Value

Banks (continued)
5.07%, 01/24/34 (Call 01/24/33), (1-day SOFR + 1.933%)^(a)	$	190	$	180,112
5.67%, 10/28/25 (Call 10/28/24), (1-day SOFR + 1.090%)^(a)		60		59,741
QNB Finance Ltd. , 2.63%, 05/12/25^(e)		200		189,404
Regions Financial Corp. 1.80%, 08/12/28 (Call 06/12/28)		60		49,744
2.25%, 05/18/25 (Call 04/18/25)		155		144,869
7.38%, 12/10/37		26		27,543
Shinhan Bank Co. Ltd., 3.88%, 03/24/26^(e)		200		189,106
Shinhan Financial Group Co. Ltd., 3.34%, 02/05/30 (Call 02/05/25), (5-year CMT + 1.500%)^(a)(e)		200		191,546
Skandinaviska Enskilda Banken AB 0.65%, 09/09/24^(b)		200		189,976
0.85%, 09/02/25^(b)		225		204,266
Standard Chartered PLC 2.61%, 01/12/28 (Call 01/12/27), (1-year CMT + 1.180%)^(a)(b)		315		281,333
2.68%, 06/29/32 (Call 06/29/31), (1-year CMT + 1.200%)^(a)(b)		205		161,105
3.27%, 02/18/36 (Call 11/18/30), (5-year CMT + 2.300%)^(a)(b)		200		157,436
3.97%, 03/30/26 (Call 03/30/25), (1-year CMT + 1.650%)^(a)(b)		205		197,626
4.64%, 04/01/31 (Call 04/01/30), (1-year CMT + 3.850%)^(a)(b)		200		184,742
6.17%, 01/09/27 (Call 01/09/26), (1-year CMT + 2.050%)^(a)(b)		300		300,960
6.30%, 01/09/29 (Call 01/09/28), (1-year CMT + 2.450%)^(a)(b)		260		261,921
State Street Corp. 2.20%, 03/03/31		115		91,580
2.35%, 11/01/25 (Call 11/01/24), (1-day SOFR + 0.940%)^(a)		130		124,810
2.40%, 01/24/30		95		81,136
2.62%, 02/07/33 (Call 02/07/32), (1-day SOFR + 1.002%)^(a)		25		20,504
2.65%, 05/19/26		75		70,540
2.90%, 03/30/26 (Call 03/30/25), (1-day SOFR + 2.600%)^(a)		105		100,496
3.03%, 11/01/34 (Call 11/01/29), (1-day SOFR + 1.490%)^(a)		25		21,505
3.15%, 03/30/31 (Call 03/30/30), (1-day SOFR + 2.650%)^(a)		5		4,391
3.30%, 12/16/24		69		66,985
3.55%, 08/18/25		94		90,734
4.14%, 12/03/29 (Call 12/03/28), (3-mo. SOFR + 1.292%)^(a)		65		62,271
5.16%, 05/18/34, (1-day SOFR + 1.890%)^(a)		150		145,606
Sumitomo Mitsui Banking Corp., 3.65%, 07/23/25		35		33,670
Sumitomo Mitsui Financial Group Inc. 1.47%, 07/08/25		260		240,835
1.71%, 01/12/31		115		88,453
1.90%, 09/17/28		235		197,463
2.13%, 07/08/30		90		72,465
2.14%, 09/23/30		97		76,625
2.63%, 07/14/26		75		69,201
2.93%, 09/17/41		160		110,870
3.01%, 10/19/26		140		129,751
3.20%, 09/17/29		120		104,995


Security	Par (000)		Value

Banks (continued)
3.35%, 10/18/27	$	103	$	94,729
3.36%, 07/12/27		145		134,483
3.45%, 01/11/27		55		51,480
3.54%, 01/17/28		35		32,303
3.78%, 03/09/26		125		119,695
3.94%, 07/19/28		20		18,693
4.31%, 10/16/28		45		42,679
5.71%, 01/13/30		200		200,852
5.77%, 01/13/33		200		202,352
Sumitomo Mitsui Trust Bank Ltd., 5.65%, 03/09/26^(b)		200		200,266
Svenska Handelsbanken AB, 1.42%, 06/11/27 (Call 06/11/26), (1-year CMT + 0.630%)^(a)(b)		250		220,757
Toronto-Dominion Bank (The) 0.70%, 09/10/24		50		47,548
0.75%, 09/11/25		130		118,544
0.75%, 01/06/26		204		183,184
1.15%, 06/12/25		60		55,642
1.20%, 06/03/26		172		153,376
1.25%, 09/10/26		105		93,057
1.45%, 01/10/25		15		14,214
2.00%, 09/10/31		85		67,264
2.80%, 03/10/27		55		50,438
3.20%, 03/10/32		190		161,642
3.63%, 09/15/31 (Call 09/15/26), (5-year USD Swap + 2.205%)^(a)		165		154,001
4.46%, 06/08/32		105		97,855
4.69%, 09/15/27		185		180,284
Truist Bank 1.50%, 03/10/25 (Call 02/10/25)		45		41,975
2.15%, 12/06/24 (Call 11/05/24)		35		33,415
2.25%, 03/11/30 (Call 12/11/29)		75		59,513
2.64%, 09/17/29 (Call 09/17/24), (5-year CMT + 1.150%)^(a)		60		55,799
3.30%, 05/15/26 (Call 04/15/26)		80		74,274
3.63%, 09/16/25 (Call 08/16/25)		25		23,693
3.80%, 10/30/26 (Call 09/30/26)		15		13,850
4.05%, 11/03/25 (Call 09/03/25)		10		9,606
Truist Financial Corp. 1.13%, 08/03/27 (Call 06/03/27)		70		59,183
1.20%, 08/05/25 (Call 07/03/25)		110		100,910
1.27%, 03/02/27 (Call 03/02/26), (1-day SOFR + 0.609%)^(a)		190		169,488
1.89%, 06/07/29 (Call 06/07/28), (1-day SOFR + 0.862%)^(a)		90		75,125
1.95%, 06/05/30 (Call 03/05/30)		65		51,523
2.85%, 10/26/24 (Call 09/26/24)		95		91,666
3.70%, 06/05/25 (Call 05/05/25)		195		187,920
3.88%, 03/19/29 (Call 02/16/29)		45		40,230
4.00%, 05/01/25 (Call 03/01/25)		50		48,453
4.12%, 06/06/28 (Call 06/06/27), (1-day SOFR + 1.368%)^(a)		140		132,044
4.92%, 07/28/33 (Call 07/28/32), (1-day SOFR + 2.240%)^(a)		55		49,058
5.87%, 06/08/34, (1-day SOFR + 2.361%)^(a)		230		228,061
U.S. Bancorp 1.38%, 07/22/30 (Call 04/22/30)		35		26,524
1.45%, 05/12/25 (Call 04/11/25)		15		14,032
2.22%, 01/27/28 (Call 01/27/27), (1-day SOFR + 0.730%)^(a)		75		66,913


Security	Par (000)		Value

Banks (continued)
2.49%, 11/03/36 (Call 11/03/31), (5-year CMT + 0.950%)^(a)	$	150	$	110,489
2.68%, 01/27/33 (Call 01/27/32), (1-day SOFR + 1.020%)^(a)		75		59,612
3.00%, 07/30/29 (Call 04/30/29)		120		102,755
3.10%, 04/27/26 (Call 03/27/26)		55		51,607
3.60%, 09/11/24 (Call 08/11/24)		85		83,170
3.95%, 11/17/25 (Call 10/17/25)		10		9,681
4.84%, 02/01/34 (Call 02/01/33), (1-day SOFR + 1.600%)^(a)		195		180,861
4.97%, 07/22/33 (Call 07/22/32), (1-day SOFR + 2.110%)^(a)		100		91,120
5.78%, 06/12/29 (Call 06/12/28), (1-day SOFR + 2.020%)^(a)		70		69,831
5.84%, 06/12/34 (Call 06/10/33), (1-day SOFR + 2.260%)^(a)		50		49,877
Series V, 2.38%, 07/22/26 (Call 06/22/26)		240		221,117
Series X, 3.15%, 04/27/27 (Call 03/27/27)		170		157,479
United Overseas Bank Ltd., 1.25%, 04/14/26^(b)		30		27,109
Valley National Bancorp., 3.00%, 06/15/31 (Call 06/15/26), (3-mo. SOFR + 2.360%)^(a)(c)		25		19,952
Webster Financial Corp., 4.10%, 03/25/29 (Call 12/25/28)		70		61,191
Western Alliance Bancorp., 3.00%, 06/15/31 (Call 06/15/26), (3-mo. SOFR + 2.250%)^(a)		35		27,529
Woori Bank, 0.75%, 02/01/26^(e)		200		178,646
Zions Bancorp NA, 3.25%, 10/29/29 (Call 07/29/29)		15		11,767

				41,685,949

Beverages — 0.1%
Coca-Cola Icecek AS, 4.50%, 01/20/29 (Call 10/20/28)^(e)		200		179,718
Keurig Dr Pepper Inc. 2.25%, 03/15/31 (Call 12/15/30)		20		16,309
2.55%, 09/15/26 (Call 06/15/26)		65		59,998
3.20%, 05/01/30 (Call 02/01/30)		80		70,752
3.35%, 03/15/51 (Call 09/15/50)		55		37,730
3.43%, 06/15/27 (Call 03/15/27)		30		28,168
3.80%, 05/01/50 (Call 11/01/49)		45		34,077
3.95%, 04/15/29 (Call 02/15/29)		55		51,799
4.05%, 04/15/32 (Call 01/15/32)		40		36,632
4.42%, 12/15/46 (Call 06/15/46)		46		38,180
4.50%, 11/15/45 (Call 05/15/45)		35		29,826
4.50%, 04/15/52 (Call 10/15/51)		75		63,742
Primo Water Holdings Inc., 4.38%, 04/30/29 (Call 04/30/24)^(b)		10		8,781

				655,712

Biotechnology — 0.6%
Amgen Inc. 1.65%, 08/15/28 (Call 06/15/28)		55		46,916
2.00%, 01/15/32 (Call 10/15/31)		155		121,447
2.20%, 02/21/27 (Call 12/21/26)		173		157,188
2.30%, 02/25/31 (Call 11/25/30)		71		58,574
2.45%, 02/21/30 (Call 11/21/29)		100		85,035
2.60%, 08/19/26 (Call 05/19/26)		102		94,832
2.77%, 09/01/53 (Call 03/01/53)		75		44,852
2.80%, 08/15/41 (Call 02/15/41)		85		58,603
3.00%, 02/22/29 (Call 12/22/28)		40		36,156
3.00%, 01/15/52 (Call 07/15/51)^(c)		10		6,498
3.13%, 05/01/25 (Call 02/01/25)		72		69,239
3.15%, 02/21/40 (Call 08/21/39)		117		87,259
3.20%, 11/02/27 (Call 08/02/27)		70		65,043


Security	Par (000)		Value

Biotechnology (continued)
3.35%, 02/22/32 (Call 11/22/31)	$	20	$	17,426
3.38%, 02/21/50 (Call 08/21/49)		142		99,417
4.05%, 08/18/29 (Call 06/18/29)		150		141,660
4.20%, 02/22/52 (Call 08/22/51)		75		59,686
4.40%, 05/01/45 (Call 11/01/44)		147		123,393
4.40%, 02/22/62 (Call 08/22/61)		60		47,499
4.56%, 06/15/48 (Call 12/15/47)		85		72,448
4.66%, 06/15/51 (Call 12/15/50)		207		177,852
4.88%, 03/01/53 (Call 09/01/52)		25		22,135
5.15%, 03/02/28 (Call 02/02/28)		250		249,697
5.15%, 11/15/41 (Call 05/15/41)		47		43,947
5.25%, 03/02/33 (Call 12/02/32)		305		303,268
5.60%, 03/02/43 (Call 09/02/42)		165		161,956
5.65%, 03/02/53 (Call 09/02/52)		300		297,405
5.75%, 03/02/63 (Call 09/02/62)		155		152,894
6.38%, 06/01/37		35		37,275
6.40%, 02/01/39		45		47,966
Biogen Inc. 2.25%, 05/01/30 (Call 02/01/30)		134		110,214
3.15%, 05/01/50 (Call 11/01/49)		115		75,057
3.25%, 02/15/51 (Call 08/15/50)		50		33,233
4.05%, 09/15/25 (Call 06/15/25)		180		174,589
5.20%, 09/15/45 (Call 03/15/45)		50		46,930
CSL Finance PLC 4.05%, 04/27/29 (Call 02/27/29)^(b)		10		9,472
4.25%, 04/27/32 (Call 01/27/32)^(b)		20		18,730
4.63%, 04/27/42 (Call 10/27/41)^(b)		10		9,023
4.75%, 04/27/52 (Call 10/27/51)^(b)		90		80,848
Illumina Inc., 2.55%, 03/23/31 (Call 12/23/30)		90		72,123
Regeneron Pharmaceuticals Inc. 1.75%, 09/15/30 (Call 06/15/30)		94		74,766
2.80%, 09/15/50 (Call 03/15/50)		76		47,196
Royalty Pharma PLC, 3.35%, 09/02/51 (Call 03/02/51)		100		61,973

				3,801,720

Building Materials — 0.4%
Boise Cascade Co., 4.88%, 07/01/30 (Call 07/01/25)^(b)		25		22,640
Builders FirstSource Inc. 4.25%, 02/01/32 (Call 08/01/26)^(b)		80		68,098
5.00%, 03/01/30 (Call 03/01/25)^(b)		30		27,562
6.38%, 06/15/32 (Call 06/15/27)^(b)		40		39,058
Camelot Return Merger Sub Inc., 8.75%, 08/01/28 (Call 08/01/24)^(b)		45		44,869
Carrier Global Corp. 2.24%, 02/15/25 (Call 01/15/25)		80		76,109
2.49%, 02/15/27 (Call 12/15/26)		29		26,382
2.70%, 02/15/31 (Call 11/15/30)		80		67,082
2.72%, 02/15/30 (Call 11/15/29)		169		144,843
3.38%, 04/05/40 (Call 10/05/39)		112		84,161
3.58%, 04/05/50 (Call 10/05/49)		105		75,056
Cornerstone Building Brands Inc., 6.13%, 01/15/29 (Call 10/02/23)^(b)		20		16,233
CRH America Finance Inc. 3.95%, 04/04/28 (Call 01/04/28)^(b)		55		51,966
4.40%, 05/09/47 (Call 11/09/46)^(b)		10		8,030
4.50%, 04/04/48 (Call 10/04/47)^(b)		11		9,069
CRH America Inc., 5.13%, 05/18/45 (Call 11/18/44)^(b)		45		40,238
Fortune Brands Home & Security Inc. 3.25%, 09/15/29 (Call 06/15/29)		72		63,421
4.00%, 06/15/25 (Call 03/15/25)		122		118,025
Fortune Brands Innovations Inc., 5.88%, 06/01/33		40		39,871


Security	Par (000)		Value

Building Materials (continued)
Griffon Corp., 5.75%, 03/01/28 (Call 10/02/23)	$	55	$	51,288
James Hardie International Finance DAC, 5.00%, 01/15/28 (Call 10/02/23)^(b)		25		23,637
Jeld-Wen Inc. 4.63%, 12/15/25 (Call 10/02/23)^(b)(c)		12		11,624
4.88%, 12/15/27 (Call 10/02/23)^(b)		25		22,294
Lennox International Inc. 1.35%, 08/01/25 (Call 07/01/25)		189		174,199
1.70%, 08/01/27 (Call 06/01/27)		62		54,208
Louisiana-Pacific Corp., 3.63%, 03/15/29 (Call 03/15/24)^(b)		25		21,599
Martin Marietta Materials Inc. 2.40%, 07/15/31 (Call 04/15/31)		42		33,952
3.20%, 07/15/51 (Call 01/15/51)		82		54,892
3.45%, 06/01/27 (Call 03/01/27)		35		32,856
3.50%, 12/15/27 (Call 09/15/27)		65		60,808
4.25%, 12/15/47 (Call 06/15/47)		45		36,536
Series CB, 2.50%, 03/15/30 (Call 12/15/29)		52		43,676
Masco Corp. 2.00%, 10/01/30 (Call 07/01/30)		80		63,282
2.00%, 02/15/31 (Call 11/15/30)		20		15,797
3.13%, 02/15/51 (Call 08/15/50)		5		3,087
3.50%, 11/15/27 (Call 08/15/27)		35		32,536
4.50%, 05/15/47 (Call 11/15/46)		55		43,142
Masonite International Corp. 3.50%, 02/15/30 (Call 08/15/29)^(b)		25		20,936
5.38%, 02/01/28 (Call 10/02/23)^(b)		30		28,381
Owens Corning 3.40%, 08/15/26 (Call 05/15/26)		84		79,346
3.88%, 06/01/30 (Call 03/01/30)		50		45,492
3.95%, 08/15/29 (Call 05/15/29)		5		4,653
4.20%, 12/01/24 (Call 09/01/24)		39		38,217
4.30%, 07/15/47 (Call 01/15/47)		50		40,172
4.40%, 01/30/48 (Call 07/30/47)		20		16,226
7.00%, 12/01/36		25		27,474
PGT Innovations Inc., 4.38%, 10/01/29 (Call 10/01/24)^(b)		10		9,278
St Marys Cement Inc. Canada, 5.75%, 01/28/27 (Call 10/28/26)^(b)		15		14,826
Summit Materials LLC/Summit Materials Finance Corp. 5.25%, 01/15/29 (Call 09/11/23)^(b)		46		43,068
6.50%, 03/15/27 (Call 09/11/23)^(b)		15		14,866
Trane Technologies Global Holding Co. Ltd. 3.75%, 08/21/28 (Call 05/21/28)		32		30,042
4.30%, 02/21/48 (Call 08/21/47)		17		14,035
5.75%, 06/15/43		25		24,945
Trane Technologies Luxembourg Finance SA 3.50%, 03/21/26 (Call 01/21/26)		40		38,290
3.55%, 11/01/24 (Call 08/01/24)		35		34,224
3.80%, 03/21/29 (Call 12/21/28)		63		58,781
4.50%, 03/21/49 (Call 09/21/48)		29		24,853
4.65%, 11/01/44 (Call 05/01/44)		40		34,230
Vulcan Materials Co. 3.50%, 06/01/30 (Call 03/01/30)		85		76,152
4.50%, 04/01/25 (Call 01/01/25)		50		49,143
4.50%, 06/15/47 (Call 12/15/46)		27		22,970
4.70%, 03/01/48 (Call 09/01/47)		40		34,952
West Fraser Timber Co. Ltd., 4.35%, 10/15/24 (Call 07/15/24)^(b)		33		32,234

				2,659,912


Security	Par (000)		Value

Chemicals — 0.6%
Air Liquide Finance SA, 3.50%, 09/27/46 (Call 03/27/46)^(b).	$	15	$	11,482
Air Products and Chemicals Inc. 1.50%, 10/15/25 (Call 09/15/25)^(c)		40		37,105
1.85%, 05/15/27 (Call 03/15/27)		43		38,698
2.05%, 05/15/30 (Call 02/15/30)		44		37,143
2.70%, 05/15/40 (Call 11/15/39)		70		50,945
2.80%, 05/15/50 (Call 11/15/49)		50		34,027
Albemarle Corp. 5.45%, 12/01/44 (Call 06/01/44)		65		59,722
5.65%, 06/01/52 (Call 12/01/51)		10		9,067
Avient Corp. 5.75%, 05/15/25 (Call 10/02/23)^(b)		35		34,539
7.13%, 08/01/30 (Call 08/01/25)^(b)		45		45,033
Axalta Coating Systems LLC, 3.38%, 02/15/29 (Call 02/15/24)^(b)		40		33,907
Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV, 4.75%, 06/15/27 (Call 10/02/23)^(b).		30		28,231
Celanese U.S. Holdings LLC 1.40%, 08/05/26 (Call 07/05/26)		40		34,925
6.17%, 07/15/27 (Call 06/15/27)		125		125,145
6.38%, 07/15/32 (Call 04/15/32)		105		103,942
6.70%, 11/15/33 (Call 08/15/33)		65		65,282
CF Industries Inc. 4.95%, 06/01/43		35		29,523
5.15%, 03/15/34		65		61,360
5.38%, 03/15/44		70		62,096
Element Solutions Inc., 3.88%, 09/01/28 (Call 10/02/23)^(b).		45		39,549
FMC Corp. 3.45%, 10/01/29 (Call 07/01/29)		10		8,716
4.50%, 10/01/49 (Call 04/01/49)		30		22,360
6.38%, 05/18/53 (Call 11/18/52)		42		40,266
HB Fuller Co. 4.00%, 02/15/27 (Call 11/15/26)		20		18,640
4.25%, 10/15/28 (Call 10/15/23)		15		13,350
Ingevity Corp., 3.88%, 11/01/28 (Call 11/01/23)^(b)		30		25,485
International Flavors & Fragrances Inc. 1.23%, 10/01/25 (Call 09/01/25)^(b)		100		89,601
1.83%, 10/15/27 (Call 08/15/27)^(b)		75		63,064
2.30%, 11/01/30 (Call 08/01/30)^(b)		50		38,785
3.27%, 11/15/40 (Call 05/15/40)^(b)		42		27,947
3.47%, 12/01/50 (Call 06/01/50)^(b)		81		50,320
4.38%, 06/01/47 (Call 12/01/46)		40		28,674
4.45%, 09/26/28 (Call 06/26/28)		15		14,018
5.00%, 09/26/48 (Call 03/26/48)		55		43,718
Linde Inc./CT 1.10%, 08/10/30 (Call 05/10/30)		34		26,825
2.00%, 08/10/50 (Call 02/10/50)		40		21,976
2.65%, 02/05/25 (Call 11/05/24)		35		33,655
3.20%, 01/30/26 (Call 10/30/25)		95		91,399
3.55%, 11/07/42 (Call 05/07/42)		25		19,697
Methanex Corp. 4.25%, 12/01/24 (Call 09/01/24)		20		19,548
5.13%, 10/15/27 (Call 04/15/27)		40		37,514
5.25%, 12/15/29 (Call 09/15/29)		40		36,385
5.65%, 12/01/44 (Call 06/01/44)		20		16,455
Mosaic Co. (The), 5.63%, 11/15/43 (Call 05/15/43)		15		13,854
Nutrien Ltd. 2.95%, 05/13/30 (Call 02/13/30)		94		81,029
3.00%, 04/01/25 (Call 01/01/25)		20		19,162
3.95%, 05/13/50 (Call 11/13/49)		60		45,097


Security	Par (000)		Value

Chemicals (continued)
4.00%, 12/15/26 (Call 09/15/26)	$	20	$	19,107
4.13%, 03/15/35 (Call 09/15/34)		25		21,700
4.20%, 04/01/29 (Call 01/01/29)		65		61,147
4.90%, 06/01/43 (Call 12/01/42)		30		26,228
5.00%, 04/01/49 (Call 10/01/48)		56		48,689
5.25%, 01/15/45 (Call 07/15/44)		35		31,513
5.63%, 12/01/40		10		9,496
5.80%, 03/27/53 (Call 09/27/52)		30		29,302
5.88%, 12/01/36		35		34,744
OCI NV, 4.63%, 10/15/25 (Call 10/02/23)^(b)		90		86,690
PPG Industries Inc. 1.20%, 03/15/26 (Call 02/15/26)		40		36,083
2.55%, 06/15/30 (Call 03/15/30)		75		63,490
3.75%, 03/15/28 (Call 12/15/27)		139		130,992
Rayonier AM Products Inc., 7.63%, 01/15/26 (Call 01/15/24)^(b)		30		24,447
SABIC Capital II BV, 4.50%, 10/10/28^(e)		200		193,072
Sherwin-Williams Co. (The) 2.20%, 03/15/32 (Call 12/15/31)		25		19,835
2.30%, 05/15/30 (Call 02/15/30)		75		62,500
2.90%, 03/15/52 (Call 09/15/51)		25		15,698
2.95%, 08/15/29 (Call 05/15/29)		125		110,159
3.30%, 05/15/50 (Call 11/15/49)		35		23,772
3.45%, 08/01/25 (Call 05/01/25)		25		24,066
3.45%, 06/01/27 (Call 03/01/27)		129		121,601
3.80%, 08/15/49 (Call 02/15/49)		40		29,958
3.95%, 01/15/26 (Call 10/15/25)		15		14,505
4.50%, 06/01/47 (Call 12/01/46)		85		72,425
4.55%, 08/01/45 (Call 02/01/45)		16		13,344
Trinseo Materials Operating SCA/Trinseo Materials Finance Inc. 5.13%, 04/01/29 (Call 04/01/24)^(b)		25		13,487
5.38%, 09/01/25 (Call 10/02/23)^(b)		30		28,259
Tronox Inc., 4.63%, 03/15/29 (Call 03/15/24)^(b)		65		53,282
Westlake Corp., 4.38%, 11/15/47 (Call 05/15/47)		90		69,448
Yara International ASA 3.15%, 06/04/30 (Call 03/04/30)^(b)		80		66,729
3.80%, 06/06/26 (Call 03/06/26)^(b)		25		23,746
4.75%, 06/01/28 (Call 03/01/28)^(b)		77		73,105
7.38%, 11/14/32 (Call 08/14/32)^(e)		100		106,910

				3,648,790

Commercial Services — 1.0%
ADT Security Corp. (The) 4.13%, 08/01/29 (Call 08/01/28)^(b)		60		52,378
4.88%, 07/15/32^(b)		40		34,707
AMN Healthcare Inc. 4.00%, 04/15/29 (Call 04/15/24)^(b)		20		17,177
4.63%, 10/01/27 (Call 10/02/23)^(b)		35		32,265
APi Escrow Corp., 4.75%, 10/15/29 (Call 10/15/24)^(b)		20		18,087
APi Group DE Inc., 4.13%, 07/15/29 (Call 07/15/24)^(b)(c)		21		18,080
APX Group Inc. 5.75%, 07/15/29 (Call 07/15/24)^(b)		45		38,788
6.75%, 02/15/27 (Call 10/02/23)^(b)		35		34,027
ASGN Inc., 4.63%, 05/15/28 (Call 10/02/23)^(b)		35		31,602
Ashtead Capital Inc. 1.50%, 08/12/26 (Call 07/12/26)^(b)		15		13,299
2.45%, 08/12/31 (Call 05/12/31)^(b)		30		23,468
4.00%, 05/01/28 (Call 09/11/23)^(b)		30		27,730
Automatic Data Processing Inc. 1.25%, 09/01/30 (Call 06/01/30)		131		104,372


Security	Par (000)		Value

Commercial Services (continued)
1.70%, 05/15/28 (Call 03/15/28)	$	67	$	58,651
3.38%, 09/15/25 (Call 06/15/25)		227		219,613
Avis Budget Car Rental LLC/Avis Budget Finance Inc. 4.75%, 04/01/28 (Call 04/01/24)^(b)(c)		30		27,221
5.38%, 03/01/29 (Call 03/01/24)^(b)		35		32,155
5.75%, 07/15/27 (Call 09/11/23)^(b)		25		24,015
5.75%, 07/15/27 (Call 10/02/23)^(b)		25		23,881
Block Financial LLC 2.50%, 07/15/28 (Call 05/15/28)		25		21,423
3.88%, 08/15/30 (Call 05/15/30)		30		26,498
5.25%, 10/01/25 (Call 07/01/25)		25		24,633
Block Inc. 2.75%, 06/01/26 (Call 05/01/26)		55		50,055
3.50%, 06/01/31 (Call 03/01/31)^(c)		60		49,240
Carriage Services Inc., 4.25%, 05/15/29
(Call 05/15/24)^(b)(c)		30		26,006
Cintas Corp. No. 2 3.70%, 04/01/27 (Call 01/01/27)		135		129,424
4.00%, 05/01/32 (Call 02/01/32)		5		4,669
Deluxe Corp., 8.00%, 06/01/29 (Call 06/01/24)^(b)		30		25,519
Element Fleet Management Corp., 3.85%, 06/15/25 (Call 05/15/25)^(b)		47		44,925
ERAC USA Finance LLC 3.30%, 12/01/26 (Call 09/01/26)^(b)		185		172,572
3.80%, 11/01/25 (Call 08/01/25)^(b)		82		79,009
3.85%, 11/15/24 (Call 08/15/24)^(b)		80		78,237
4.20%, 11/01/46 (Call 05/01/46)^(b)		47		38,283
4.50%, 02/15/45 (Call 08/15/44)^(b)		70		59,277
5.40%, 05/01/53^(b)		60		58,640
6.70%, 06/01/34^(b)		25		27,199
7.00%, 10/15/37^(b)		30		33,884
Gartner Inc. 3.63%, 06/15/29 (Call 06/15/24)^(b)		35		30,743
3.75%, 10/01/30 (Call 10/01/25)^(b)		45		38,866
4.50%, 07/01/28 (Call 10/02/23)^(b)		45		41,978
Global Payments Inc. 1.20%, 03/01/26 (Call 02/01/26)		55		49,162
2.15%, 01/15/27 (Call 12/15/26)		75		66,888
2.65%, 02/15/25 (Call 01/15/25)		55		52,508
2.90%, 05/15/30 (Call 02/15/30)		60		50,659
2.90%, 11/15/31 (Call 08/15/31)		55		44,993
3.20%, 08/15/29 (Call 05/15/29)		110		95,832
4.80%, 04/01/26 (Call 01/01/26)		45		44,005
5.95%, 08/15/52 (Call 02/15/52)		75		71,259
Herc Holdings Inc., 5.50%, 07/15/27 (Call 10/02/23)^(b)		71		68,235
Hertz Corp. (The) 4.63%, 12/01/26 (Call 12/01/23)^(b)		25		22,615
5.00%, 12/01/29 (Call 12/01/24)^(b)		60		49,447
Korn Ferry, 4.63%, 12/15/27 (Call 10/02/23)^(b)		30		28,076
Matthews International Corp., 5.25%, 12/01/25
(Call 10/02/23)^(b)		21		20,260
Mobius Merger Sub Inc., 9.00%, 06/01/30
(Call 06/01/26)^(b)		30		27,557
Moody’s Corp. 2.00%, 08/19/31 (Call 05/19/31)		40		32,172
3.10%, 11/29/61 (Call 05/29/61)		35		22,151
3.25%, 01/15/28 (Call 10/15/27)		12		11,187
3.25%, 05/20/50 (Call 11/20/49)		36		24,836
3.75%, 03/24/25 (Call 02/24/25)		40		38,942
3.75%, 02/25/52 (Call 08/25/51)		35		26,716


Security	Par (000)		Value

Commercial Services (continued)
4.25%, 02/01/29 (Call 11/01/28)	$	32	$	30,817
4.88%, 12/17/48 (Call 06/17/48)		24		21,848
5.25%, 07/15/44		50		48,000
PayPal Holdings Inc. 1.65%, 06/01/25 (Call 05/01/25)		79		74,010
2.30%, 06/01/30 (Call 03/01/30)		70		58,834
2.40%, 10/01/24 (Call 09/01/24)		91		88,004
2.65%, 10/01/26 (Call 08/01/26)		125		116,440
2.85%, 10/01/29 (Call 07/01/29)		134		118,299
3.25%, 06/01/50 (Call 12/01/49)		67		47,581
4.40%, 06/01/32 (Call 03/01/32)^(c)		60		57,277
5.05%, 06/01/52 (Call 12/01/51)		40		38,660
5.25%, 06/01/62 (Call 12/01/61)		35		33,309
Picasso Finance Sub Inc., 6.13%, 06/15/25
(Call 09/18/23)^(b)		33		32,742
Prime Security Services Borrower LLC/Prime Finance Inc. 3.38%, 08/31/27 (Call 08/31/26)^(b)		60		53,327
5.75%, 04/15/26^(b)		75		73,624
6.25%, 01/15/28 (Call 10/02/23)^(b)(c)		70		66,675
Quanta Services Inc. 2.35%, 01/15/32 (Call 10/15/31)		85		67,182
2.90%, 10/01/30 (Call 07/01/30)		51		42,943
3.05%, 10/01/41 (Call 04/01/41)		50		34,007
RELX Capital Inc. 3.00%, 05/22/30 (Call 02/22/30)		80		70,252
4.00%, 03/18/29 (Call 12/18/28)		55		52,239
RR Donnelley & Sons Co., 8.50%, 04/15/29^(b)		26		18,623
S&P Global Inc. 1.25%, 08/15/30 (Call 05/15/30)		44		34,606
2.30%, 08/15/60 (Call 02/15/60)		65		35,397
2.45%, 03/01/27 (Call 02/01/27)		75		69,166
2.50%, 12/01/29 (Call 09/01/29)		20		17,372
2.70%, 03/01/29 (Call 01/01/29)		120		107,239
2.90%, 03/01/32 (Call 12/01/31)		65		55,661
2.95%, 01/22/27 (Call 10/22/26)		22		20,601
3.25%, 12/01/49 (Call 06/01/49)		65		46,418
3.70%, 03/01/52 (Call 09/01/51)		50		38,901
3.90%, 03/01/62 (Call 09/01/61)		15		11,763
4.25%, 05/01/29 (Call 02/01/29)		100		96,302
4.75%, 08/01/28 (Call 05/01/28)		70		69,281
Service Corp. International/U.S. 3.38%, 08/15/30 (Call 08/15/25)		45		37,481
4.00%, 05/15/31 (Call 05/15/26)		45		38,143
4.63%, 12/15/27 (Call 10/02/23)		30		28,274
5.13%, 06/01/29 (Call 06/01/24)		40		37,775
7.50%, 04/01/27^(c)		15		15,371
Sodexo Inc. 1.63%, 04/16/26 (Call 03/16/26)^(b)		140		126,694
2.72%, 04/16/31 (Call 01/16/31)^(b)		10		8,211
Sotheby’s, 7.38%, 10/15/27 (Call 09/11/23)^(b)		40		36,423
Sotheby’s/Bidfair Holdings Inc., 5.88%, 06/01/29
(Call 06/01/24)^(b)		20		15,536
Transurban Finance Co. Pty Ltd. 2.45%, 03/16/31 (Call 12/16/30)^(b)		47		38,033
3.38%, 03/22/27 (Call 12/22/26)^(b)		50		46,498
4.13%, 02/02/26 (Call 11/02/25)^(b)		37		35,673
TriNet Group Inc. 3.50%, 03/01/29 (Call 03/01/24)^(b)		30		25,858
7.13%, 08/15/31^(b)		25		25,101


Security	Par (000)		Value

Commercial Services (continued)
Triton Container International Ltd. 2.05%, 04/15/26 (Call 03/15/26)^(b)	$	57	$	50,784
3.15%, 06/15/31 (Call 03/15/31)^(b)		50		38,447
Triton Container International Ltd./TAL International
Container Corp., 3.25%, 03/15/32 (Call 12/15/31)		25		19,395
United Rentals North America Inc. 3.75%, 01/15/32 (Call 07/15/26)		45		37,758
3.88%, 11/15/27 (Call 09/11/23)		41		37,988
3.88%, 02/15/31 (Call 08/15/25)		65		55,720
4.00%, 07/15/30 (Call 07/15/25)		40		35,048
4.88%, 01/15/28 (Call 09/11/23)		95		90,350
5.25%, 01/15/30 (Call 01/15/25)		45		42,783
5.50%, 05/15/27 (Call 10/02/23)		34		33,327
Verisk Analytics Inc. 3.63%, 05/15/50 (Call 11/15/49)		49		34,919
4.00%, 06/15/25 (Call 03/15/25)		90		87,532
4.13%, 03/15/29 (Call 12/15/28)		50		47,554
5.50%, 06/15/45 (Call 12/15/44)		17		15,681
Williams Scotsman International Inc., 4.63%, 08/15/28 (Call 10/02/23)^(b)		30		27,378
WW International Inc., 4.50%, 04/15/29
(Call 04/15/24)^(b)(c)		30		20,774

				5,778,005

Computers — 0.5%
Booz Allen Hamilton Inc. 3.88%, 09/01/28 (Call 10/02/23)^(b)		40		36,298
4.00%, 07/01/29 (Call 07/01/24)^(b)		35		31,376
CGI Inc. 1.45%, 09/14/26 (Call 08/14/26)		65		57,497
2.30%, 09/14/31 (Call 06/14/31)		50		38,834
Crowdstrike Holdings Inc., 3.00%, 02/15/29
(Call 02/15/24)		40		34,372
Dell Inc. 6.50%, 04/15/38		45		45,652
7.10%, 04/15/28		30		32,009
Dell International LLC/EMC Corp. 3.38%, 12/15/41 (Call 06/15/41)^(b)		45		31,627
3.45%, 12/15/51 (Call 06/15/51)^(b)		65		42,443
4.90%, 10/01/26 (Call 08/01/26)		77		75,577
5.30%, 10/01/29 (Call 07/01/29)		115		113,536
5.85%, 07/15/25 (Call 06/15/25)		82		82,143
6.02%, 06/15/26 (Call 03/15/26)		94		94,955
6.10%, 07/15/27 (Call 05/15/27)		42		42,977
6.20%, 07/15/30 (Call 04/15/30)		55		56,577
8.10%, 07/15/36 (Call 01/15/36)		80		91,890
8.35%, 07/15/46 (Call 01/15/46)		55		67,406
DXC Technology Co. 1.80%, 09/15/26 (Call 08/15/26)		40		35,113
2.38%, 09/15/28 (Call 07/15/28)		60		49,502
Fortinet Inc. 1.00%, 03/15/26 (Call 02/15/26)		42		37,510
2.20%, 03/15/31 (Call 12/15/30)		37		29,087
Hewlett Packard Enterprise Co. 1.75%, 04/01/26 (Call 03/01/26)		110		100,345
4.90%, 10/15/25 (Call 07/15/25)		94		92,736
6.20%, 10/15/35 (Call 04/15/35)		50		51,833
6.35%, 10/15/45 (Call 04/15/45)		60		61,444
HP Inc. 2.20%, 06/17/25 (Call 05/17/25)		115		108,394
2.65%, 06/17/31 (Call 03/17/31)		57		45,997


Security	Par (000)		Value

Computers (continued)
3.00%, 06/17/27 (Call 04/17/27)	$	70	$	64,342
4.00%, 04/15/29 (Call 02/15/29)		65		60,666
4.75%, 01/15/28 (Call 12/15/27)		80		77,917
5.50%, 01/15/33 (Call 10/15/32)^(c)		75		72,803
6.00%, 09/15/41^(c)		61		60,064
NCR Corp. 5.00%, 10/01/28 (Call 10/02/23)^(b)		40		36,734
5.13%, 04/15/29 (Call 04/15/24)^(b)		65		59,283
5.25%, 10/01/30 (Call 10/01/25)^(b)		27		24,266
5.75%, 09/01/27 (Call 09/11/23)^(b)		30		30,270
6.13%, 09/01/29 (Call 09/01/24)^(b)		30		30,791
NetApp Inc. 1.88%, 06/22/25 (Call 05/22/25)		61		57,127
2.70%, 06/22/30 (Call 03/22/30)		92		76,694
3.30%, 09/29/24 (Call 07/29/24)		20		19,432
Seagate HDD Cayman 4.09%, 06/01/29 (Call 03/01/29)		30		26,457
4.13%, 01/15/31 (Call 10/15/30)		15		12,247
4.75%, 01/01/25		30		29,394
4.88%, 06/01/27 (Call 03/01/27)		30		28,742
5.75%, 12/01/34 (Call 06/01/34)		30		26,577
8.25%, 12/15/29 (Call 07/15/26)^(b)		30		31,474
8.50%, 07/15/31 (Call 07/15/26)^(b)		30		31,529
9.63%, 12/01/32 (Call 12/01/27)^(b)		46		51,217
Teledyne FLIR LLC, 2.50%, 08/01/30 (Call 05/01/30)		52		42,913
Unisys Corp., 6.88%, 11/01/27 (Call 11/01/23)^(b)		25		19,740
Virtusa Corp., 7.13%, 12/15/28 (Call 12/15/23)^(b)		21		17,191
Western Digital Corp. 2.85%, 02/01/29 (Call 12/01/28)		55		44,306
3.10%, 02/01/32 (Call 11/01/31)		50		37,244
4.75%, 02/15/26 (Call 11/15/25)		105		100,044

				2,756,594

Cosmetics & Personal Care — 0.1%
Edgewell Personal Care Co. 4.13%, 04/01/29 (Call 04/01/24)^(b)		30		26,018
5.50%, 06/01/28 (Call 10/02/23)^(b)		40		37,830
Estee Lauder Companies Inc. (The) 1.95%, 03/15/31 (Call 12/15/30)		15		12,108
2.38%, 12/01/29 (Call 09/01/29)		74		63,377
2.60%, 04/15/30 (Call 01/15/30)		85		73,298
3.13%, 12/01/49 (Call 06/01/49)		25		17,320
3.15%, 03/15/27 (Call 12/15/26)		68		64,316
4.15%, 03/15/47 (Call 09/15/46)		35		29,445
4.38%, 06/15/45 (Call 12/15/44)		35		30,022
6.00%, 05/15/37		15		15,941
Natura Cosmeticos SA, 4.13%, 05/03/28 (Call 03/03/28)^(e)		200		174,390

				544,065

Distribution & Wholesale — 0.1%
Ferguson Finance PLC 3.25%, 06/02/30 (Call 03/02/30)^(b)		30		25,962
4.50%, 10/24/28 (Call 07/24/28)^(b)		45		42,705
H&E Equipment Services Inc., 3.88%, 12/15/28
(Call 12/15/23)^(b)		60		52,400
LKQ Corp., 6.25%, 06/15/33 (Call 03/15/33)^(b)		40		39,693
OPENLANE Inc., 5.13%, 06/01/25 (Call 10/02/23)^(b)		12		11,714
Resideo Funding Inc., 4.00%, 09/01/29
(Call 09/01/24)^(b)(c)		20		16,813


Security	Par (000)		Value

Distribution & Wholesale (continued)
Ritchie Bros Holdings Inc. 6.75%, 03/15/28 (Call 03/15/25)^(b)	$	30	$	30,375
7.75%, 03/15/31 (Call 03/15/26)^(b)		45		46,533
WW Grainger Inc. 1.85%, 02/15/25 (Call 01/15/25)		215		204,319
3.75%, 05/15/46 (Call 11/15/45)		65		51,619
4.20%, 05/15/47 (Call 11/15/46)		35		30,313
4.60%, 06/15/45 (Call 12/15/44)		37		33,901

				586,347

Diversified Financial Services — 2.3%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust 3.00%, 10/29/28 (Call 08/29/28)		175		151,671
3.30%, 01/30/32 (Call 10/30/31)		345		280,440
3.65%, 07/21/27 (Call 04/21/27)		130		119,692
3.85%, 10/29/41 (Call 04/29/41)		150		111,132
3.88%, 01/23/28 (Call 10/23/27)		155		142,643
4.45%, 10/01/25 (Call 08/01/25)		185		179,148
Affiliated Managers Group Inc. 3.30%, 06/15/30 (Call 03/15/30)		55		46,503
3.50%, 08/01/25		35		33,397
Air Lease Corp. 1.88%, 08/15/26 (Call 07/15/26)		110		98,403
2.10%, 09/01/28 (Call 07/01/28)		35		29,464
2.88%, 01/15/26 (Call 12/15/25)		125		116,824
2.88%, 01/15/32 (Call 10/15/31)		95		75,731
3.00%, 02/01/30 (Call 11/01/29)		75		63,029
3.13%, 12/01/30 (Call 09/01/30)		90		75,148
3.25%, 03/01/25 (Call 01/01/25)		55		52,697
3.25%, 10/01/29 (Call 07/01/29)		50		43,608
3.38%, 07/01/25 (Call 06/01/25)		80		76,255
3.75%, 06/01/26 (Call 04/01/26)		30		28,533
4.63%, 10/01/28 (Call 07/01/28)		50		47,130
Aircastle Ltd., 6.50%, 07/18/28 (Call 06/18/28)^(b)		10		9,933
Ally Financial Inc. 2.20%, 11/02/28 (Call 09/02/28)		45		36,386
4.75%, 06/09/27 (Call 05/09/27)		35		32,764
5.75%, 11/20/25 (Call 10/21/25)^(c)		65		63,116
6.70%, 02/14/33 (Call 11/16/32)		30		27,179
8.00%, 11/01/31		230		238,406
American Express Co. 1.65%, 11/04/26 (Call 10/04/26)		70		62,432
2.25%, 03/04/25 (Call 02/01/25)		25		23,769
2.55%, 03/04/27 (Call 02/01/27)		120		109,114
3.00%, 10/30/24 (Call 09/29/24)		170		165,046
3.13%, 05/20/26 (Call 04/20/26)		115		108,706
3.30%, 05/03/27 (Call 04/03/27)		139		129,512
3.63%, 12/05/24 (Call 11/04/24)		49		47,715
4.05%, 05/03/29 (Call 03/03/29)		130		123,491
4.05%, 12/03/42		105		89,865
4.20%, 11/06/25 (Call 10/06/25)		135		131,467
4.42%, 08/03/33 (Call 08/03/32),
(1-day SOFR + 1.760%)^(a)		130		120,588
4.99%, 05/26/33 (Call 02/26/32),
(1-day SOFR + 2.255%)^(a)		60		56,912
5.04%, 05/01/34, (1-day SOFR + 1.835%)^(a)		10		9,609
5.28%, 07/27/29 (Call 07/27/28),
(1-day SOFR + 1.280%)^(a)		180		178,031
American Express Credit Corp., 3.30%, 05/03/27 (Call 04/03/27)		30		28,002


Security	Par (000)		Value

Diversified Financial Services (continued)
Ameriprise Financial Inc. 2.88%, 09/15/26 (Call 06/15/26)	$	95	$	88,864
3.00%, 04/02/25 (Call 03/02/25)		82		78,838
3.70%, 10/15/24		45		44,024
4.50%, 05/13/32 (Call 02/13/32)		25		23,647
Aviation Capital Group LLC 1.95%, 01/30/26 (Call 12/30/25)^(b)		60		54,089
1.95%, 09/20/26 (Call 08/20/26)^(b)		50		43,988
3.50%, 11/01/27 (Call 07/01/27)^(b)		70		62,644
4.13%, 08/01/25 (Call 06/01/25)^(b)		85		80,957
4.88%, 10/01/25 (Call 07/01/25)^(b)		51		49,122
Avolon Holdings Funding Ltd. 2.53%, 11/18/27 (Call 10/18/27)^(b)		10		8,536
4.25%, 04/15/26 (Call 03/15/26)^(b)		70		66,004
6.38%, 05/04/28 (Call 04/04/28)^(b)		205		203,417
BOC Aviation Ltd., 1.75%, 01/21/26 (Call 12/21/25)^(e)		200		182,726
Capital One Financial Corp. 1.88%, 11/02/27 (Call 11/02/26),
(1-day SOFR + 0.855%)^(a)		45		39,453
2.36%, 07/29/32 (Call 07/29/31),
(1-day SOFR + 1.337%)^(a)		115		81,912
2.64%, 03/03/26 (Call 03/03/25),
(1-day SOFR + 1.290%)^(a)		115		108,658
3.20%, 02/05/25 (Call 01/05/25)		15		14,390
3.27%, 03/01/30 (Call 03/01/29),
(1-day SOFR + 1.790%)^(a)		115		98,669
3.75%, 07/28/26 (Call 06/28/26)		10		9,352
3.80%, 01/31/28 (Call 12/31/27)		50		45,884
4.93%, 05/10/28 (Call 05/10/27),
(1-day SOFR + 2.057%)^(a)		200		192,262
4.99%, 07/24/26 (Call 07/24/25),
(1-day SOFR + 2.160%)^(a)		195		190,570
5.27%, 05/10/33 (Call 05/10/32),
(1-day SOFR + 2.370%)^(a)(c)		135		125,488
5.47%, 02/01/29 (Call 02/01/28),
(1-day SOFR + 2.080%)^(a)		150		145,342
6.31%, 06/08/29 (Call 06/08/28),
(1-day SOFR + 2.640%)^(a)		90		89,951
6.38%, 06/08/34 (Call 06/08/33),
(1-day SOFR + 2.860%)^(a)		115		113,587
Cboe Global Markets Inc. 3.00%, 03/16/32 (Call 12/16/31)		15		12,676
3.65%, 01/12/27 (Call 10/12/26)		60		57,387
CCBL Cayman 1 Corp. Ltd., 1.60%, 09/15/26
(Call 08/15/26)^(e)		200		178,044
CDBL Funding 1, 3.50%, 10/24/27^(e)		200		187,282
CDBL Funding 2, 2.75%, 03/02/25^(e)		200		191,556
Charles Schwab Corp. (The) 0.90%, 03/11/26 (Call 02/11/26)		105		93,693
1.15%, 05/13/26 (Call 04/13/26)		55		48,959
1.65%, 03/11/31 (Call 12/11/30)		100		76,593
1.95%, 12/01/31 (Call 09/01/31)		65		49,880
2.00%, 03/20/28 (Call 01/20/28)		75		64,608
2.30%, 05/13/31 (Call 02/13/31)		35		28,134
2.75%, 10/01/29 (Call 07/01/29)		75		64,567
2.90%, 03/03/32 (Call 12/03/31)		25		20,628
3.20%, 03/02/27 (Call 12/02/26)		55		50,915
3.20%, 01/25/28 (Call 10/25/27)		100		91,150
3.25%, 05/22/29 (Call 02/22/29)		40		35,568
3.30%, 04/01/27 (Call 01/01/27)		20		18,619


Security	Par (000)		Value

Diversified Financial Services (continued)
3.45%, 02/13/26 (Call 11/13/25)	$	35	$	33,225
3.85%, 05/21/25 (Call 03/21/25)		80		77,518
4.00%, 02/01/29 (Call 11/01/28)		20		18,808
4.20%, 03/24/25 (Call 02/24/25)		90		87,912
4.63%, 03/22/30 (Call 12/22/29)		85		82,566
China Development Bank Financial Leasing Co. Ltd., 2.88%, 09/28/30 (Call 09/28/25),
(5-year CMT + 2.750%)^(a)(e)		200		186,136
CICC Hong Kong Finance 2016 MTN Ltd., 2.00%, 01/26/26^(e)		200		184,326
CME Group Inc. 3.00%, 03/15/25 (Call 12/15/24)		140		135,272
3.75%, 06/15/28 (Call 03/15/28)		70		67,381
4.15%, 06/15/48 (Call 12/15/47)		15		13,187
5.30%, 09/15/43 (Call 03/15/43)		75		75,964
Discover Financial Services 4.10%, 02/09/27 (Call 11/09/26)		135		125,206
4.50%, 01/30/26 (Call 11/30/25)		65		62,427
Eaton Vance Corp., 3.50%, 04/06/27 (Call 01/06/27)		20		18,785
Franklin Resources Inc. 1.60%, 10/30/30 (Call 07/30/30)		50		39,183
2.85%, 03/30/25		50		47,961
2.95%, 08/12/51 (Call 02/12/51)		50		30,744
goeasy Ltd., 4.38%, 05/01/26 (Call 09/11/23)^(b)		20		18,438
ICBCIL Finance Co. Ltd., 1.75%, 08/25/25^(e)		200		185,290
Intercontinental Exchange Inc. 1.85%, 09/15/32 (Call 06/15/32)		115		87,525
2.10%, 06/15/30 (Call 03/15/30)		160		131,846
2.65%, 09/15/40 (Call 03/15/40)		117		81,603
3.00%, 06/15/50 (Call 12/15/49)		55		36,685
3.00%, 09/15/60 (Call 03/15/60)		105		65,264
3.10%, 09/15/27 (Call 06/15/27)		99		91,660
3.65%, 05/23/25		55		53,331
3.75%, 12/01/25 (Call 09/01/25)		135		130,305
3.75%, 09/21/28 (Call 06/21/28)^(c)		35		33,090
4.00%, 09/15/27 (Call 08/15/27)		75		71,859
4.25%, 09/21/48 (Call 03/21/48)		12		10,107
4.60%, 03/15/33 (Call 12/15/32)		105		100,242
4.95%, 06/15/52 (Call 12/15/51)		45		41,916
5.20%, 06/15/62 (Call 12/15/61)		70		66,522
Legg Mason Inc. 4.75%, 03/15/26		80		78,652
5.63%, 01/15/44		34		32,911
LPL Holdings Inc. 4.00%, 03/15/29 (Call 03/15/24)^(b)		55		48,909
4.38%, 05/15/31 (Call 05/15/26)^(b)		30		26,414
4.63%, 11/15/27 (Call 10/02/23)^(b)		30		28,100
LSEGA Financing PLC 1.38%, 04/06/26 (Call 03/06/26)^(b)		30		26,956
2.00%, 04/06/28 (Call 02/06/28)^(b)		245		211,523
2.50%, 04/06/31 (Call 01/06/31)^(b)		25		20,666
3.20%, 04/06/41 (Call 10/06/40)^(b)		20		14,720
Mastercard Inc. 1.90%, 03/15/31 (Call 12/15/30)		37		30,330
2.00%, 03/03/25 (Call 02/03/25)		65		62,087
2.00%, 11/18/31 (Call 08/18/31)		25		20,307
2.95%, 11/21/26 (Call 08/21/26)		69		65,062
2.95%, 06/01/29 (Call 03/01/29)		84		76,175
2.95%, 03/15/51 (Call 09/15/50)		25		17,463
3.30%, 03/26/27 (Call 01/26/27)		77		73,245


Security	Par (000)		Value

Diversified Financial Services (continued)
3.35%, 03/26/30 (Call 12/26/29)	$	59	$	54,243
3.50%, 02/26/28 (Call 11/26/27)		40		38,014
3.65%, 06/01/49 (Call 12/01/48)		55		44,021
3.80%, 11/21/46 (Call 05/21/46)		44		36,333
3.85%, 03/26/50 (Call 09/26/49)		64		53,080
3.95%, 02/26/48 (Call 08/26/47)		52		44,158
Mitsubishi HC Capital Inc. 3.64%, 04/13/25 (Call 03/13/25)^(b)(c)		10		9,632
3.97%, 04/13/30 (Call 01/13/30)^(b)		10		9,043
Nasdaq Inc. 1.65%, 01/15/31 (Call 10/15/30)		45		35,195
2.50%, 12/21/40 (Call 06/21/40)		65		42,726
3.25%, 04/28/50 (Call 10/28/49)		35		23,246
3.85%, 06/30/26 (Call 03/30/26)		80		76,985
3.95%, 03/07/52 (Call 09/07/51)		115		86,095
5.55%, 02/15/34		100		99,609
OneMain Finance Corp. 3.50%, 01/15/27 (Call 01/15/24)		45		39,171
3.88%, 09/15/28 (Call 09/15/24)		35		28,695
4.00%, 09/15/30 (Call 09/15/25)		45		35,045
5.38%, 11/15/29 (Call 05/15/29)		40		34,617
6.63%, 01/15/28 (Call 07/15/27)		45		42,365
6.88%, 03/15/25		70		69,650
7.13%, 03/15/26		90		88,736
9.00%, 01/15/29 (Call 07/15/25)		30		30,411
PennyMac Financial Services Inc. 4.25%, 02/15/29 (Call 02/15/24)^(b)		40		33,184
5.38%, 10/15/25 (Call 10/02/23)^(b)		35		33,856
5.75%, 09/15/31 (Call 09/15/26)^(b)		30		25,283
PRA Group Inc. 5.00%, 10/01/29 (Call 10/01/24)^(b)(c)		20		15,081
7.38%, 09/01/25 (Call 10/02/23)^(b)		20		19,651
8.38%, 02/01/28 (Call 02/01/25)^(b)		20		18,303
Radian Group Inc. 4.50%, 10/01/24 (Call 07/01/24)		71		69,254
4.88%, 03/15/27 (Call 09/15/26)		37		35,000
6.63%, 03/15/25 (Call 09/15/24)		60		59,945
Raymond James Financial Inc. 3.75%, 04/01/51 (Call 10/01/50)		46		33,462
4.65%, 04/01/30 (Call 01/01/30)		50		48,345
4.95%, 07/15/46		55		47,995
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer Inc. 2.88%, 10/15/26 (Call 10/15/23)^(b)		65		57,838
3.63%, 03/01/29 (Call 03/01/24)^(b)		45		38,304
3.88%, 03/01/31 (Call 03/01/26)^(b)		70		57,096
4.00%, 10/15/33 (Call 10/15/27)^(b)		50		39,667
Shinhan Card Co. Ltd., 1.38%, 10/19/25^(e)		200		182,068
SLM Corp. 3.13%, 11/02/26 (Call 10/02/26)		30		26,696
4.20%, 10/29/25 (Call 09/29/25)		30		28,236
State Elite Global Ltd., 1.50%, 09/29/26^(e)		200		178,794
Synchrony Financial 2.88%, 10/28/31 (Call 07/28/31)		80		59,291
3.70%, 08/04/26 (Call 05/04/26)		15		13,664
3.95%, 12/01/27 (Call 09/01/27)		105		93,718
4.50%, 07/23/25 (Call 04/23/25)		45		42,925
5.15%, 03/19/29 (Call 12/19/28)		69		63,282
7.25%, 02/02/33 (Call 11/02/32)		45		41,403
Visa Inc. 0.75%, 08/15/27 (Call 06/15/27)		110		95,107


Security	Par (000)		Value

Diversified Financial Services (continued)
1.10%, 02/15/31 (Call 11/15/30)	$	105	$	81,636
1.90%, 04/15/27 (Call 02/15/27)		42		38,066
2.00%, 08/15/50 (Call 02/15/50)^(c)		122		72,157
2.05%, 04/15/30 (Call 01/15/30)		67		56,821
2.70%, 04/15/40 (Call 10/15/39)		89		66,374
2.75%, 09/15/27 (Call 06/15/27)		25		23,183
3.15%, 12/14/25 (Call 09/14/25)		330		316,529
3.65%, 09/15/47 (Call 03/15/47)		72		58,728
4.15%, 12/14/35 (Call 06/14/35)		60		56,603
4.30%, 12/14/45 (Call 06/14/45)		205		185,322
Voya Financial Inc. 3.65%, 06/15/26		39		36,834
4.70%, 01/23/48 (Call 01/23/28), (3-mo. LIBOR US + 2.084%)^(a)		50		40,371
4.80%, 06/15/46		25		19,788
5.70%, 07/15/43		30		27,710
Western Union Co. (The) 1.35%, 03/15/26 (Call 02/15/26)		55		49,190
2.75%, 03/15/31 (Call 12/15/30)		30		23,572
2.85%, 01/10/25 (Call 12/10/24)		97		92,945
6.20%, 11/17/36		35		35,089


				14,161,364

Electric — 0.5%
Adani Green Energy Ltd., 4.38%, 09/08/24^(e)		200		186,046
AEP Texas Inc. 3.45%, 05/15/51 (Call 11/15/50)		35		23,830
3.80%, 10/01/47 (Call 04/01/47)		60		43,426
4.70%, 05/15/32 (Call 02/15/32)		50		47,312
American Transmission Systems Inc. 2.65%, 01/15/32 (Call 10/15/31)^(b)		70		57,350
5.00%, 09/01/44 (Call 03/01/44)^(b)		50		44,975
CenterPoint Energy Houston Electric LLC 3.55%, 08/01/42 (Call 02/01/42)		55		42,046
3.95%, 03/01/48 (Call 09/01/47)		45		36,069
4.50%, 04/01/44 (Call 10/01/43)		60		51,978
Series AA, 3.00%, 02/01/27 (Call 11/01/26)		15		14,002
Series AC, 4.25%, 02/01/49 (Call 08/01/48)		55		46,039
Series AD, 2.90%, 07/01/50 (Call 01/01/50)		45		29,212
Series AE, 2.35%, 04/01/31 (Call 01/01/31)		70		57,967
Series AG, 3.00%, 03/01/32 (Call 12/01/31)		30		25,605
Series ai., 4.45%, 10/01/32 (Call 07/01/32)		10		9,474
Series K2, 6.95%, 03/15/33		10		11,214
Cleveland Electric Illuminating Co. (The), 4.55%, 11/15/30 (Call 08/15/30)^(b)		25		23,327
Commonwealth Edison Co. 4.00%, 03/01/48 (Call 09/01/47)		190		153,037
5.90%, 03/15/36		180		186,246
Series 130, 3.13%, 03/15/51 (Call 09/15/50)		45		30,288
Series 133, 3.85%, 03/15/52 (Call 09/15/51)		60		45,904
Consorcio Transmantaro SA, 4.70%, 04/16/34^(e)		200		182,880
Duke Energy Florida Project Finance LLC, Series 2035, 3.11%, 09/01/38^(c)		25		19,762
FirstEnergy Transmission LLC 2.87%, 09/15/28 (Call 07/15/28)^(b)		40		35,102
4.35%, 01/15/25 (Call 10/15/24)^(b)		50		48,630
4.55%, 04/01/49 (Call 10/01/48)^(b)		35		28,176
5.45%, 07/15/44 (Call 01/15/44)^(b)		35		31,615
ITC Holdings Corp. 2.95%, 05/14/30 (Call 02/14/30)^(b)		56		47,865
3.25%, 06/30/26 (Call 03/30/26)		55		51,938


Security	Par (000)		Value

Electric (continued)
3.35%, 11/15/27 (Call 08/15/27)	$	65	$	60,371
5.30%, 07/01/43 (Call 01/01/43)		25		23,007
Jersey Central Power & Light Co., 2.75%, 03/01/32 (Call 12/01/31)^(b)		20		16,261
Metropolitan Edison Co., 4.30%, 01/15/29 (Call 10/15/28)^(b)		30		28,385
Mid-Atlantic Interstate Transmission LLC, 4.10%, 05/15/28 (Call 02/15/28)^(b)		55		52,098
National Rural Utilities Cooperative Finance Corp. 3.40%, 02/07/28 (Call 11/07/27)		50		46,625
4.02%, 11/01/32 (Call 05/01/32)		50		45,333
4.30%, 03/15/49 (Call 09/15/48)		31		25,178
4.40%, 11/01/48 (Call 05/01/48)		25		20,594
5.25%, 04/20/46 (Call 04/20/26) , (3-mo. LIBOR US + 3.630%)^(a)		50		47,502
5.80%, 01/15/33 (Call 07/15/32)		60		61,928
Ohio Power Co. 4.00%, 06/01/49 (Call 12/01/48)		60		46,800
4.15%, 04/01/48 (Call 10/01/47)		50		39,962
Series P, 2.60%, 04/01/30 (Call 01/01/30)		45		38,119
Series Q, 1.63%, 01/15/31 (Call 10/15/30)		50		39,095
Series R, 2.90%, 10/01/51 (Call 04/01/51)		25		15,814
Oncor Electric Delivery Co. LLC 2.70%, 11/15/51 (Call 05/15/51)		5		3,080
2.75%, 05/15/30 (Call 02/15/30)		120		103,624
2.95%, 04/01/25 (Call 01/01/25)		20		19,202
3.10%, 09/15/49 (Call 03/15/49)		76		51,728
3.70%, 11/15/28 (Call 08/15/28)		6		5,656
3.70%, 05/15/50 (Call 11/15/49)		25		18,907
3.75%, 04/01/45 (Call 10/01/44)		60		47,336
3.80%, 09/30/47 (Call 03/30/47)		45		35,131
3.80%, 06/01/49 (Call 12/01/48)		55		42,523
4.10%, 11/15/48 (Call 05/15/48)		35		28,442
4.55%, 09/15/32 (Call 06/15/32)		50		47,596
4.55%, 12/01/41 (Call 06/01/41)		5		4,464
4.60%, 06/01/52 (Call 12/01/51)		20		17,732
5.25%, 09/30/40		35		34,550
5.35%, 10/01/52 (Call 04/01/52)		30		29,423
7.00%, 05/01/32		45		50,301
Pennsylvania Electric Co., 3.60%, 06/01/29 (Call 03/01/29)^(b)		15		13,630
Potomac Electric Power Co., 4.15%, 03/15/43 (Call 09/15/42)		127		105,735
PPL Electric Utilities Corp. 3.00%, 10/01/49 (Call 04/01/49)		30		20,312
3.95%, 06/01/47 (Call 12/01/46)		40		32,192
4.13%, 06/15/44 (Call 12/15/43)		25		20,565
4.15%, 06/15/48 (Call 12/15/47)		40		32,965
5.25%, 05/15/53 (Call 11/15/52)		65		63,181
6.25%, 05/15/39		25		26,680
Trans-Allegheny Interstate Line Co., 3.85%, 06/01/25 (Call 03/01/25)^(b)		10		9,663


				3,083,005

Electrical Components & Equipment — 0.0%
Acuity Brands Lighting Inc., 2.15%, 12/15/30 (Call 09/15/30)		45		36,030
Energizer Holdings Inc. 4.38%, 03/31/29 (Call 10/02/23)^(b)		45		38,528
4.75%, 06/15/28 (Call 10/02/23)^(b)		35		31,043
6.50%, 12/31/27 (Call 08/31/24)^(b)(c)		20		19,322


Security	Par (000)		Value

Electrical Components & Equipment (continued)
EnerSys, 4.38%, 12/15/27 (Call 09/15/27)^(b)	$	20	$	18,329
WESCO Distribution Inc. 7.13%, 06/15/25 (Call 10/02/23)^(b)		85		85,613
7.25%, 06/15/28 (Call 10/02/23)^(b)		75		76,439


				305,304

Electronics — 0.3%
Agilent Technologies Inc. 2.10%, 06/04/30 (Call 03/04/30)		50		40,940
2.30%, 03/12/31 (Call 12/12/30)		80		65,455
2.75%, 09/15/29 (Call 06/15/29)		50		43,690
3.05%, 09/22/26 (Call 06/22/26)		79		73,829
Allegion PLC, 3.50%, 10/01/29 (Call 07/01/29)		32		28,542
Allegion U.S. Holding Co. Inc., 3.55%, 10/01/27 (Call 07/01/27)		20		18,519
Amphenol Corp. 2.05%, 03/01/25 (Call 02/01/25)		27		25,671
2.20%, 09/15/31 (Call 06/15/31)		55		44,479
2.80%, 02/15/30 (Call 11/15/29)		75		65,327
4.35%, 06/01/29 (Call 03/01/29)		40		38,502
Atkore Inc., 4.25%, 06/01/31 (Call 06/01/26)^(b)		30		25,918
Avnet Inc. 3.00%, 05/15/31 (Call 02/15/31)		50		39,893
4.63%, 04/15/26 (Call 01/15/26)		75		72,591
Flex Ltd. 3.75%, 02/01/26 (Call 01/01/26)		55		52,520
4.88%, 06/15/29 (Call 03/15/29)		41		39,160
4.88%, 05/12/30 (Call 02/12/30)		50		47,862
Fortive Corp., 4.30%, 06/15/46 (Call 12/15/45)		57		45,049
Hubbell Inc. 2.30%, 03/15/31 (Call 12/15/30)		7		5,722
3.15%, 08/15/27 (Call 05/15/27)		15		13,914
3.35%, 03/01/26 (Call 12/01/25)		20		19,064
3.50%, 02/15/28 (Call 11/15/27)		22		20,645
II-VI Inc., 5.00%, 12/15/29 (Call 12/14/24)^(b)(c)		60		53,276
Jabil Inc. 1.70%, 04/15/26 (Call 03/15/26)		82		74,023
3.00%, 01/15/31 (Call 10/15/30)		40		33,388
3.60%, 01/15/30 (Call 10/15/29)		35		31,278
3.95%, 01/12/28 (Call 10/12/27)		27		25,283
Keysight Technologies Inc. 3.00%, 10/30/29 (Call 07/30/29)		52		45,538
4.55%, 10/30/24 (Call 07/30/24)		97		95,448
4.60%, 04/06/27 (Call 01/06/27)		50		48,891
Sensata Technologies BV 4.00%, 04/15/29 (Call 04/15/24)^(b)		55		48,285
5.00%, 10/01/25^(b)		46		44,878
5.63%, 11/01/24^(b)		30		29,746
5.88%, 09/01/30 (Call 09/01/25)^(b)		30		28,386
Sensata Technologies Inc. 3.75%, 02/15/31 (Call 02/15/26)^(b)		45		37,625
4.38%, 02/15/30 (Call 11/15/29)^(b)		25		22,126
Trimble Inc. 4.75%, 12/01/24 (Call 09/01/24)		40		39,368
4.90%, 06/15/28 (Call 03/15/28)		77		74,855
TTM Technologies Inc., 4.00%, 03/01/29 (Call 03/01/24)^(b)		30		26,048
Tyco Electronics Group SA 3.13%, 08/15/27 (Call 05/15/27)		55		51,319
7.13%, 10/01/37		15		17,058
Vontier Corp. 1.80%, 04/01/26 (Call 03/01/26)		29		26,070


Security	Par (000)		Value

Electronics (continued)
2.40%, 04/01/28 (Call 02/01/28)	$	45	$	37,995
2.95%, 04/01/31 (Call 01/01/31)		33		26,146


				1,744,322

Energy - Alternate Sources — 0.0%
Contemporary Ruiding Development Ltd., 1.88%, 09/17/25 (Call 08/17/25)^(e)		200		185,570
Enviva Partners LP/Enviva Partners Finance Corp., 6.50%, 01/15/26 (Call 10/02/23)^(b)		45		38,376


				223,946

Engineering & Construction — 0.1%
AECOM, 5.13%, 03/15/27 (Call 12/15/26)		55		52,834
Arcosa Inc., 4.38%, 04/15/29 (Call 04/15/24)^(b)		30		26,982
Cellnex Finance Co. SA, 3.88%, 07/07/41 (Call 04/07/41)^(b)		35		24,859
Dycom Industries Inc., 4.50%, 04/15/29 (Call 04/15/24)^(b)		30		26,803
Great Lakes Dredge & Dock Corp., 5.25%, 06/01/29 (Call 06/01/24)^(b)(c)		20		17,257
INNOVATE Corp., 8.50%, 02/01/26 (Call 09/11/23)^(b)		20		15,334
Knife River Holding Co., 7.75%, 05/01/31^(b)		30		30,729
Sydney Airport Finance Co. Pty Ltd. 3.38%, 04/30/25 (Call 01/30/25)^(b)		27		25,955
3.63%, 04/28/26 (Call 01/28/26)^(b)		80		76,081
TopBuild Corp. 3.63%, 03/15/29 (Call 03/15/24)^(b)		25		21,520
4.13%, 02/15/32 (Call 10/15/26)^(b)		30		25,057
VM Consolidated Inc., 5.50%, 04/15/29 (Call 04/15/24)^(b)		27		24,611


				368,022

Entertainment — 0.3%
AMC Entertainment Holdings Inc. 7.50%, 02/15/29 (Call 02/15/25)^(b)(c)		55		37,630
10.00%, 06/15/26 (Call 09/11/23), (12.00% PIK)^(b)(c)(d)		80		55,490
Cedar Fair LP, 5.25%, 07/15/29 (Call 07/15/24)		30		26,995
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op 5.38%, 04/15/27 (Call 10/02/23)		30		28,319
5.50%, 05/01/25 (Call 10/02/23)^(b)		55		54,581
6.50%, 10/01/28 (Call 10/01/23)		15		14,484
Cinemark USA Inc. 5.25%, 07/15/28 (Call 07/15/24)^(b)		45		39,955
5.88%, 03/15/26 (Call 10/02/23)^(b)		20		19,267
8.75%, 05/01/25 (Call 10/02/23)^(b)		11		11,149
Lions Gate Capital Holdings LLC, 5.50%, 04/15/29 (Call 04/15/24)^(b)		50		30,458
Merlin Entertainments Ltd., 5.75%, 06/15/26 (Call 03/17/26)^(b)		25		24,215
Motion Bondco DAC, 6.63%, 11/15/27 (Call 10/02/23)^(b)		25		23,316
Odeon Finco PLC, 12.75%, 11/01/27 (Call 11/01/24)^(b)		25		24,745
SeaWorld Parks & Entertainment Inc. 5.25%, 08/15/29 (Call 08/15/24)^(b)(c)		45		40,699
8.75%, 05/01/25 (Call 10/02/23)^(b)(c)		20		20,352
Six Flags Entertainment Corp. 5.50%, 04/15/27 (Call 10/02/23)^(b)		30		28,256
7.25%, 05/15/31 (Call 05/15/26)^(b)		45		43,155
Six Flags Theme Parks Inc., 7.00%, 07/01/25 (Call 10/02/23)^(b)		25		25,011
Vail Resorts Inc., 6.25%, 05/15/25 (Call 10/02/23)^(b)		40		39,836
Warnermedia Holdings Inc. 3.76%, 03/15/27 (Call 02/15/27)		285		267,150
4.05%, 03/15/29 (Call 01/15/29)		140		128,712


Security	Par (000)		Value

Entertainment (continued)
4.28%, 03/15/32 (Call 12/15/31)	$	305	$	269,111
5.05%, 03/15/42 (Call 09/15/41)		265		217,973
5.14%, 03/15/52		405		322,651
5.39%, 03/15/62		65		51,511
WMG Acquisition Corp. 3.00%, 02/15/31 (Call 02/15/26)^(b)		45		36,688
3.75%, 12/01/29 (Call 12/01/24)^(b)		30		26,021
3.88%, 07/15/30 (Call 07/15/25)^(b)		35		30,365


				1,938,095

Environmental Control — 0.2%
Covanta Holding Corp. 4.88%, 12/01/29 (Call 12/01/24)^(b)		45		38,915
5.00%, 09/01/30 (Call 09/01/25)		25		21,271
Republic Services Inc. 0.88%, 11/15/25 (Call 10/15/25)		2		1,812
1.45%, 02/15/31 (Call 11/15/30)		55		42,550
1.75%, 02/15/32 (Call 11/15/31)		82		63,437
2.30%, 03/01/30 (Call 12/01/29)		59		49,943
2.90%, 07/01/26 (Call 04/01/26)		95		89,260
3.05%, 03/01/50 (Call 09/01/49)		35		23,851
3.20%, 03/15/25 (Call 12/15/24)		62		59,922
3.38%, 11/15/27 (Call 08/15/27)		73		67,912
3.95%, 05/15/28 (Call 02/15/28)		33		31,348
6.20%, 03/01/40		35		37,125
Waste Connections Inc. 2.20%, 01/15/32 (Call 10/15/31)		25		19,940
2.60%, 02/01/30 (Call 11/01/29)		60		51,652
2.95%, 01/15/52 (Call 07/15/51)		85		55,635
3.05%, 04/01/50 (Call 10/01/49)		50		33,816
3.50%, 05/01/29 (Call 02/01/29)		50		46,110
4.25%, 12/01/28 (Call 09/01/28)		25		24,030
Waste Management Inc. 0.75%, 11/15/25 (Call 10/15/25)		47		42,727
1.15%, 03/15/28 (Call 01/15/28)		95		80,244
1.50%, 03/15/31 (Call 12/15/30)		12		9,345
2.50%, 11/15/50 (Call 05/15/50)		22		13,448
3.13%, 03/01/25 (Call 12/01/24)		50		48,447
3.15%, 11/15/27 (Call 08/15/27)		64		59,658
4.10%, 03/01/45 (Call 09/01/44)		60		50,098
4.15%, 04/15/32 (Call 01/15/32)		50		46,854
4.15%, 07/15/49 (Call 01/15/49)		35		29,451


				1,138,801

Food — 0.6%
B&G Foods Inc. 5.25%, 04/01/25 (Call 10/02/23)		50		48,827
5.25%, 09/15/27 (Call 10/02/23)^(c)		35		30,995
Campbell Soup Co. 2.38%, 04/24/30 (Call 01/24/30)		70		58,302
4.15%, 03/15/28 (Call 12/15/27)		70		66,648
4.80%, 03/15/48 (Call 09/15/47)		80		69,151
China Mengniu Dairy Co. Ltd., 2.50%, 06/17/30 (Call 03/17/30)^(e)		200		167,698
Conagra Brands Inc. 1.38%, 11/01/27 (Call 09/01/27)		87		73,893
4.60%, 11/01/25 (Call 09/01/25)		95		92,989
4.85%, 11/01/28 (Call 08/01/28)		111		108,001
5.30%, 11/01/38 (Call 05/01/38)		68		62,769
5.40%, 11/01/48 (Call 05/01/48)		50		45,336
8.25%, 09/15/30		45		51,361


Security	Par (000)		Value

Food (continued)
Flowers Foods Inc. 2.40%, 03/15/31 (Call 12/15/30)	$	30	$	24,286
3.50%, 10/01/26 (Call 07/01/26)		15		14,091
General Mills Inc. 2.25%, 10/14/31 (Call 07/14/31)		20		16,137
2.88%, 04/15/30 (Call 01/15/30)		65		56,713
3.00%, 02/01/51 (Call 08/01/50)		72		48,330
3.20%, 02/10/27 (Call 11/10/26)		75		70,492
4.00%, 04/17/25 (Call 02/17/25)		90		87,706
4.15%, 02/15/43 (Call 08/15/42)		5		4,153
4.20%, 04/17/28 (Call 01/17/28)		81		77,725
4.70%, 04/17/48 (Call 10/17/47)		45		40,437
5.40%, 06/15/40		22		21,408
Hormel Foods Corp. 1.70%, 06/03/28 (Call 04/03/28)		30		25,958
1.80%, 06/11/30 (Call 03/11/30)		55		45,466
3.05%, 06/03/51 (Call 12/03/50)		75		51,528
Ingredion Inc. 2.90%, 06/01/30 (Call 03/01/30)		55		47,114
3.20%, 10/01/26 (Call 07/01/26)		52		49,067
3.90%, 06/01/50 (Call 12/01/49)		25		17,833
JM Smucker Co. (The) 2.13%, 03/15/32 (Call 12/15/31)		10		7,931
2.38%, 03/15/30 (Call 12/15/29)		60		50,555
2.75%, 09/15/41 (Call 03/15/41)		10		6,781
3.38%, 12/15/27 (Call 09/15/27)		35		32,696
3.55%, 03/15/50 (Call 09/15/49)		30		21,023
4.25%, 03/15/35		60		53,698
4.38%, 03/15/45		45		37,133
Kraft Heinz Foods Co. 3.00%, 06/01/26 (Call 03/01/26)		145		136,684
3.75%, 04/01/30 (Call 01/01/30)		75		68,651
3.88%, 05/15/27 (Call 02/15/27)		120		114,629
4.25%, 03/01/31 (Call 12/01/30)		46		43,054
4.38%, 06/01/46 (Call 12/01/45)		110		90,982
4.63%, 01/30/29 (Call 10/30/28)		61		59,602
4.63%, 10/01/39 (Call 04/01/39)		50		44,025
4.88%, 10/01/49 (Call 04/01/49)		90		79,555
5.00%, 07/15/35 (Call 01/15/35)		70		67,971
5.00%, 06/04/42		60		54,608
5.20%, 07/15/45 (Call 01/15/45)		85		78,164
5.50%, 06/01/50 (Call 12/01/49)		35		33,770
6.50%, 02/09/40		60		63,431
6.75%, 03/15/32		25		27,178
6.88%, 01/26/39		45		49,288
7.13%, 08/01/39^(b)		55		60,173
Lamb Weston Holdings Inc. 4.13%, 01/31/30 (Call 01/31/25)^(b)		55		48,409
4.38%, 01/31/32 (Call 01/31/27)^(b)		40		34,726
4.88%, 05/15/28 (Call 11/15/27)^(b)		30		28,340
McCormick & Co. Inc./MD 0.90%, 02/15/26 (Call 01/15/26)		45		40,501
1.85%, 02/15/31 (Call 11/15/30)		25		19,677
2.50%, 04/15/30 (Call 01/15/30)		50		42,159
3.40%, 08/15/27 (Call 05/15/27)		55		51,511
4.20%, 08/15/47 (Call 02/15/47)		27		21,668
Post Holdings Inc. 4.50%, 09/15/31 (Call 09/15/26)^(b)		65		56,020
4.63%, 04/15/30 (Call 04/15/25)^(b)		90		79,698
5.50%, 12/15/29 (Call 12/15/24)^(b)		75		69,357


Security	Par (000)		Value

Food (continued)
5.63%, 01/15/28 (Call 09/18/23)^(b)	$	50	$	47,959
Smithfield Foods Inc. 2.63%, 09/13/31 (Call 06/13/31)^(b)		50		36,947
3.00%, 10/15/30 (Call 07/15/30)^(b)		15		11,799
4.25%, 02/01/27 (Call 11/01/26)^(b)		70		65,108
TreeHouse Foods Inc., 4.00%, 09/01/28 (Call 09/18/23)		27		23,127
U.S. Foods Inc. 4.63%, 06/01/30 (Call 06/01/25)^(b)		30		26,754
4.75%, 02/15/29 (Call 02/15/24)^(b)		55		50,241
6.25%, 04/15/25 (Call 09/11/23)^(b)		55		55,155
United Natural Foods Inc., 6.75%, 10/15/28 (Call 10/15/23)^(b)(c)		30		25,037


				3,690,189

Food Service — 0.0%
Aramark Services Inc. 5.00%, 04/01/25 (Call 10/02/23)^(b)		25		24,686
5.00%, 02/01/28 (Call 10/02/23)^(b)		65		60,619
6.38%, 05/01/25 (Call 10/02/23)^(b)		85		85,199


				170,504

Forest Products & Paper — 0.1%
Domtar Corp., 6.75%, 10/01/28 (Call 10/01/24)^(b)		40		34,697
Glatfelter Corp., 4.75%, 11/15/29 (Call 11/01/24)^(b)(c)		30		21,009
International Paper Co. 4.35%, 08/15/48 (Call 02/15/48)		49		40,290
4.40%, 08/15/47 (Call 02/15/47)		39		31,756
4.80%, 06/15/44 (Call 12/15/43)		33		28,392
5.00%, 09/15/35 (Call 03/15/35)		30		28,895
5.15%, 05/15/46 (Call 11/15/45)		25		22,456
6.00%, 11/15/41 (Call 05/15/41)		67		67,857
Inversiones CMPC SA, 6.13%, 06/23/33^(b)		200		199,944
Mercer International Inc. 5.13%, 02/01/29 (Call 02/01/24)		50		40,837
5.50%, 01/15/26 (Call 10/02/23)		16		15,260


				531,393

Hand & Machine Tools — 0.1%
Regal Rexnord Corp. 6.30%, 02/15/30 (Call 12/15/29)^(b)		105		104,403
6.40%, 04/15/33 (Call 01/15/33)^(b)		80		79,110
Snap-on Inc. 3.10%, 05/01/50 (Call 11/01/49)		39		27,536
3.25%, 03/01/27 (Call 12/01/26)		7		6,612
4.10%, 03/01/48 (Call 09/01/47)		35		29,423
Stanley Black & Decker Inc. 2.30%, 03/15/30 (Call 12/15/29)		70		57,985
2.75%, 11/15/50 (Call 05/15/50)		65		37,829
3.40%, 03/01/26 (Call 01/01/26)		37		35,144
4.00%, 03/15/60 (Call 03/15/25), (5-year CMT + 2.657%)^(a)		65		51,262
4.25%, 11/15/28 (Call 08/15/28)		20		19,003
4.85%, 11/15/48 (Call 05/15/48)		50		42,468
5.20%, 09/01/40		31		28,276


				519,051

Health Care - Products — 0.4%
Alcon Finance Corp. 2.60%, 05/27/30 (Call 02/27/30)^(b)		50		42,092
3.00%, 09/23/29 (Call 06/23/29)^(b)		65		57,006
3.80%, 09/23/49 (Call 03/23/49)^(b)		65		48,640


Security	Par (000)		Value

Health Care - Products (continued)
Avantor Funding Inc. 3.88%, 11/01/29 (Call 11/01/24)^(b)	$	45	$	39,485
4.63%, 07/15/28 (Call 10/02/23)^(b)		90		83,542
Baxter International Inc. 1.92%, 02/01/27 (Call 01/01/27)		180		160,117
2.54%, 02/01/32 (Call 11/01/31)		105		84,231
3.13%, 12/01/51 (Call 06/01/51)^(c)		75		47,697
Danaher Corp. 2.60%, 10/01/50 (Call 04/01/50)		50		31,899
2.80%, 12/10/51 (Call 06/10/51)		40		26,324
3.35%, 09/15/25 (Call 06/15/25)		15		14,478
4.38%, 09/15/45 (Call 03/15/45)		50		44,117
DENTSPLY SIRONA Inc., 3.25%, 06/01/30 (Call 03/01/30).		80		68,619
DH Europe Finance II Sarl 2.60%, 11/15/29 (Call 08/15/29)		65		57,233
3.25%, 11/15/39 (Call 05/15/39)		35		27,803
3.40%, 11/15/49 (Call 05/15/49)		102		76,106
Embecta Corp. 5.00%, 02/15/30 (Call 02/15/27)^(b)		30		24,670
6.75%, 02/15/30 (Call 02/15/27)^(b)		15		13,251
Garden Spinco Corp., 8.63%, 07/20/30 (Call 07/20/27)^(b)(c)		20		21,349
GE HealthCare Technologies Inc. 5.65%, 11/15/27		100		101,192
5.91%, 11/22/32		115		117,900
6.38%, 11/22/52		100		107,442
HCA Inc. 3.13%, 03/15/27		30		27,568
3.63%, 03/15/32		125		107,524
4.38%, 03/15/42		15		12,021
Hologic Inc. 3.25%, 02/15/29 (Call 10/02/23)^(b)		55		47,774
4.63%, 02/01/28 (Call 10/02/23)^(b)		20		18,807
Revvity Inc. 1.90%, 09/15/28 (Call 07/15/28)		20		16,931
2.25%, 09/15/31 (Call 06/15/31)		50		39,423
2.55%, 03/15/31 (Call 12/15/30)		17		13,899
3.30%, 09/15/29 (Call 06/15/29)		28		24,890
3.63%, 03/15/51 (Call 09/15/50)		53		36,562
STERIS Irish FinCo UnLtd Co., 2.70%, 03/15/31 (Call 12/15/30)		85		70,216
Stryker Corp. 1.95%, 06/15/30 (Call 03/15/30)		150		123,795
3.50%, 03/15/26 (Call 12/15/25)		110		105,524
4.63%, 03/15/46 (Call 09/15/45)		110		98,857
Teleflex Inc. 4.25%, 06/01/28 (Call 10/02/23)^(b)		30		27,635
4.63%, 11/15/27 (Call 09/18/23)		30		28,282
Varex Imaging Corp., 7.88%, 10/15/27 (Call 10/15/23)^(b)(c)		19		18,905
Zimmer Biomet Holdings Inc., 2.60%, 11/24/31 (Call 08/24/31)		95		77,402


				2,191,208

Health Care - Services — 0.9%
Acadia Healthcare Co. Inc. 5.00%, 04/15/29 (Call 10/15/23)^(b)		30		27,655
5.50%, 07/01/28 (Call 10/02/23)^(b)		30		28,444
AHP Health Partners Inc., 5.75%, 07/15/29 (Call 07/15/24)^(b)		20		17,126
Anthem Inc., 4.10%, 05/15/32 (Call 02/15/32)		15		13,816


Security	Par (000)		Value

Health Care - Services (continued)
Catalent Pharma Solutions Inc. 3.13%, 02/15/29 (Call 02/15/24)^(b)(c)	$	35	$	29,503
3.50%, 04/01/30 (Call 04/01/25)^(b)(c)		35		29,544
5.00%, 07/15/27 (Call 10/02/23)^(b)		30		28,017
Charles River Laboratories International Inc. 3.75%, 03/15/29 (Call 03/15/24)^(b)		30		26,507
4.00%, 03/15/31 (Call 03/15/26)^(b)(c)		30		25,973
4.25%, 05/01/28 (Call 09/18/23)^(b)		30		27,553
CHS/Community Health Systems Inc. 4.75%, 02/15/31 (Call 02/15/26)^(b)		50		37,553
5.25%, 05/15/30 (Call 05/15/25)^(b)		85		66,941
5.63%, 03/15/27 (Call 12/15/23)^(b)		100		88,022
6.00%, 01/15/29 (Call 01/15/24)^(b)		50		41,994
6.13%, 04/01/30 (Call 04/01/25)^(b)		75		43,173
6.88%, 04/01/28 (Call 09/18/23)^(b)(c)		50		30,209
6.88%, 04/15/29 (Call 04/15/24)^(b)		75		45,921
8.00%, 03/15/26 (Call 10/02/23)^(b)		100		97,616
8.00%, 12/15/27 (Call 09/18/23)^(b)		50		48,060
DaVita Inc. 3.75%, 02/15/31 (Call 02/15/26)^(b)		85		67,681
4.63%, 06/01/30 (Call 06/01/25)^(b)		150		128,671
Elevance Health Inc. 2.25%, 05/15/30 (Call 02/15/30)		120		100,193
2.38%, 01/15/25 (Call 12/15/24)		80		76,506
2.55%, 03/15/31 (Call 12/15/30)		125		104,562
2.88%, 09/15/29 (Call 06/15/29)		75		66,156
3.13%, 05/15/50 (Call 11/15/49)		85		57,345
3.35%, 12/01/24 (Call 10/01/24)		35		34,048
3.60%, 03/15/51 (Call 09/15/50)		110		80,633
3.65%, 12/01/27 (Call 09/01/27)		116		109,328
3.70%, 09/15/49 (Call 03/15/49)		15		11,179
4.10%, 03/01/28 (Call 12/01/27)		150		143,655
4.38%, 12/01/47 (Call 06/01/47)		90		75,915
4.55%, 03/01/48 (Call 09/01/47)		75		64,531
4.63%, 05/15/42		35		31,075
4.65%, 01/15/43		65		57,754
4.75%, 02/15/33 (Call 11/15/32)		145		140,332
5.13%, 02/15/53 (Call 08/15/52)		85		79,586
6.10%, 10/15/52 (Call 04/15/52)		65		68,885
6.38%, 06/15/37		15		15,854
Encompass Health Corp. 4.50%, 02/01/28 (Call 10/02/23)		47		43,734
4.63%, 04/01/31 (Call 04/01/26)		25		21,893
4.75%, 02/01/30 (Call 02/01/25)		45		41,016
5.75%, 09/15/25 (Call 10/02/23)		20		19,890
Fortrea Holdings Inc., 7.50%, 07/01/30 (Call 07/01/26)^(b)		25		24,492
HCA Inc. 2.38%, 07/15/31 (Call 04/15/31)		80		63,229
3.38%, 03/15/29 (Call 01/15/29)		60		53,494
3.50%, 09/01/30 (Call 03/01/30)		155		135,375
3.50%, 07/15/51 (Call 01/15/51)		95		63,277
4.13%, 06/15/29 (Call 03/15/29)		136		125,567
4.50%, 02/15/27 (Call 08/15/26)		143		138,204
4.63%, 03/15/52 (Call 09/15/51)		110		88,228
5.25%, 04/15/25		185		183,424
5.25%, 06/15/26 (Call 12/15/25)		140		138,277
5.25%, 06/15/49 (Call 12/15/48)		115		100,349
5.38%, 02/01/25		225		223,571
5.38%, 09/01/26 (Call 03/01/26)		120		119,104
5.50%, 06/01/33 (Call 03/01/33)		70		68,865


Security	Par (000)		Value

Health Care - Services (continued)
5.50%, 06/15/47 (Call 12/15/46)	$	92	$	83,609
5.63%, 09/01/28 (Call 03/01/28)		80		79,816
5.88%, 02/15/26 (Call 08/15/25)		145		145,190
5.88%, 02/01/29 (Call 08/01/28)		60		60,364
5.90%, 06/01/53 (Call 12/01/52)		70		67,103
Humana Inc. 1.35%, 02/03/27 (Call 01/03/27)		143		125,816
2.15%, 02/03/32 (Call 11/03/31)		50		39,185
3.13%, 08/15/29 (Call 05/15/29)		40		35,561
3.70%, 03/23/29 (Call 02/23/29)		35		32,407
3.85%, 10/01/24 (Call 07/01/24)		50		48,964
3.95%, 03/15/27 (Call 12/15/26)		68		65,287
3.95%, 08/15/49 (Call 02/15/49)		35		27,130
4.50%, 04/01/25 (Call 03/01/25)		20		19,705
4.63%, 12/01/42 (Call 06/01/42)		17		14,662
4.80%, 03/15/47 (Call 09/15/46)		30		26,508
4.88%, 04/01/30 (Call 01/01/30)		47		45,560
4.95%, 10/01/44 (Call 04/01/44)		50		44,453
5.50%, 03/15/53 (Call 09/15/52)		50		48,249
IQVIA Inc. 5.00%, 10/15/26 (Call 10/02/23)^(b)		60		57,961
5.00%, 05/15/27 (Call 10/02/23)^(b)		50		48,174
6.50%, 05/15/30 (Call 05/15/26)^(b)		35		35,285
ModivCare Inc., 5.88%, 11/15/25 (Call 10/02/23)^(b)		35		33,214
Molina Healthcare Inc. 3.88%, 11/15/30 (Call 08/17/30)^(b)		40		34,125
3.88%, 05/15/32 (Call 02/15/32)^(b)		45		37,341
4.38%, 06/15/28 (Call 10/02/23)^(b)		45		41,322
Pediatrix Medical Group Inc., 5.38%, 02/15/30 (Call 02/15/25)^(b)		25		22,808
Quest Diagnostics Inc. 2.80%, 06/30/31 (Call 03/30/31)		20		16,971
2.95%, 06/30/30 (Call 03/30/30)		91		78,851
3.45%, 06/01/26 (Call 03/01/26)		75		71,597
3.50%, 03/30/25 (Call 12/30/24)		37		35,792
4.20%, 06/30/29 (Call 03/30/29)		50		47,852
4.70%, 03/30/45 (Call 09/30/44)		37		32,159
Select Medical Corp., 6.25%, 08/15/26 (Call 10/02/23)^(b)		72		71,321
Surgery Center Holdings Inc. 6.75%, 07/01/25 (Call 10/02/23)^(b)(c)		15		14,964
10.00%, 04/15/27 (Call 10/02/23)^(b)(c)		19		19,346
Syneos Health Inc., 3.63%, 01/15/29 (Call 01/15/24)^(b)		40		39,933


				5,668,090

Holding Companies—Diversified — 0.1%
Morgan Stanley Direct Lending Fund, 4.50%, 02/11/27 (Call 01/11/27)		45		42,025
Temasek Financial I Ltd. 2.38%, 08/02/41 (Call 02/02/41)^(b)(c)		250		183,003
3.38%, 07/23/42^(b)(c)		250		211,842


				436,870

Home Builders — 0.2%
Beazer Homes USA Inc. 5.88%, 10/15/27 (Call 09/18/23)		20		18,868
6.75%, 03/15/25 (Call 09/18/23)^(c)		20		19,962
7.25%, 10/15/29 (Call 10/15/24)		20		19,391
Century Communities Inc. 3.88%, 08/15/29 (Call 02/15/29)^(b)		30		25,871
6.75%, 06/01/27 (Call 10/02/23)		30		29,918


Security	Par (000)		Value

Home Builders (continued)
DR Horton Inc. 1.40%, 10/15/27 (Call 08/15/27)	$	5	$	4,292
2.50%, 10/15/24 (Call 09/15/24)		80		77,139
2.60%, 10/15/25 (Call 09/15/25)		10		9,392
Installed Building Products Inc., 5.75%, 02/01/28 (Call 09/18/23)^(b)		20		18,823
K Hovnanian Enterprises Inc., 7.75%, 02/15/26 (Call 09/11/23)^(b)		4		3,962
KB Home 4.00%, 06/15/31 (Call 12/15/30)		25		21,051
4.80%, 11/15/29 (Call 05/15/29)		20		18,042
6.88%, 06/15/27 (Call 12/15/26)		20		20,242
7.25%, 07/15/30 (Call 07/15/25)		20		20,110
LGI Homes Inc., 4.00%, 07/15/29 (Call 01/15/29)^(b)		20		16,629
M/I Homes Inc. 3.95%, 02/15/30 (Call 08/15/29)		15		12,806
4.95%, 02/01/28 (Call 09/18/23)		20		18,580
MDC Holdings Inc. 2.50%, 01/15/31 (Call 07/15/30)		35		27,133
3.85%, 01/15/30 (Call 07/15/29)		30		26,071
3.97%, 08/06/61 (Call 02/06/61)		35		20,399
6.00%, 01/15/43 (Call 10/15/42)		30		26,243
Meritage Homes Corp. 3.88%, 04/15/29 (Call 10/15/28)^(b)		30		26,193
5.13%, 06/06/27 (Call 12/06/26)		15		14,410
6.00%, 06/01/25 (Call 03/01/25)		30		29,932
NVR Inc., 3.00%, 05/15/30 (Call 11/15/29)		84		71,917
PulteGroup Inc. 5.00%, 01/15/27 (Call 10/15/26)		25		24,636
5.50%, 03/01/26 (Call 12/01/25)		39		38,927
6.00%, 02/15/35		41		41,209
6.38%, 05/15/33		30		31,217
7.88%, 06/15/32		25		28,586
Taylor Morrison Communities Inc. 5.13%, 08/01/30 (Call 02/01/30)^(b)		25		23,025
5.75%, 01/15/28 (Call 10/15/27)^(b)		30		29,072
5.88%, 06/15/27 (Call 03/15/27)^(b)		30		29,480
Thor Industries Inc., 4.00%, 10/15/29 (Call 10/15/24)^(b)		35		29,544
Tri Pointe Homes Inc. 5.25%, 06/01/27 (Call 12/01/26)		20		19,096
5.70%, 06/15/28 (Call 12/15/27)		20		18,955
Winnebago Industries Inc., 6.25%, 07/15/28 (Call 10/02/23)^(b)		20		19,476


				930,599

Home Furnishings — 0.0%
Leggett & Platt Inc. 3.50%, 11/15/51 (Call 05/15/51)		30		20,635
4.40%, 03/15/29 (Call 12/15/28)		27		25,516
Tempur Sealy International Inc. 3.88%, 10/15/31 (Call 10/15/26)^(b)		50		40,195
4.00%, 04/15/29 (Call 04/15/24)^(b)		45		38,649
Whirlpool Corp. 2.40%, 05/15/31 (Call 02/15/31)		65		52,653
4.50%, 06/01/46 (Call 12/01/45)		45		36,398
4.60%, 05/15/50 (Call 11/15/49)		50		40,936
4.75%, 02/26/29 (Call 11/26/28)		10		9,729


				264,711

Household Products & Wares — 0.1%
ACCO Brands Corp., 4.25%, 03/15/29 (Call 03/15/24)^(b)(c)		30		25,646


Security	Par (000)		Value

Household Products & Wares (continued)
Avery Dennison Corp. 2.25%, 02/15/32 (Call 11/15/31)	$	60	$	46,428
2.65%, 04/30/30 (Call 02/01/30)		18		14,998
4.88%, 12/06/28 (Call 09/06/28)		25		24,437
Church & Dwight Co. Inc. 2.30%, 12/15/31 (Call 09/15/31)		10		8,192
3.15%, 08/01/27 (Call 05/01/27)		65		61,151
3.95%, 08/01/47 (Call 02/01/47)		60		48,667
5.00%, 06/15/52 (Call 12/15/51)		5		4,726
Clorox Co. (The) 1.80%, 05/15/30 (Call 02/15/30)		65		52,805
3.90%, 05/15/28 (Call 02/15/28)		45		42,722
4.60%, 05/01/32 (Call 02/01/32)		10		9,670
Kimberly-Clark Corp. 1.05%, 09/15/27 (Call 07/15/27)		64		55,263
2.00%, 11/02/31 (Call 08/02/31)		15		12,297
2.75%, 02/15/26		20		19,057
2.88%, 02/07/50 (Call 08/07/49)		50		34,592
3.05%, 08/15/25		45		43,277
3.10%, 03/26/30 (Call 12/26/29)		20		18,043
3.20%, 04/25/29 (Call 01/25/29)		50		46,347
3.20%, 07/30/46 (Call 01/30/46)		40		29,110
3.90%, 05/04/47 (Call 11/04/46)		25		20,609
3.95%, 11/01/28 (Call 08/01/28)		35		33,905
5.30%, 03/01/41		37		37,461
6.63%, 08/01/37		25		28,730
SC Johnson & Son Inc. 4.00%, 05/15/43 (Call 02/15/43)^(b)		10		8,011
4.75%, 10/15/46 (Call 04/16/46)^(b)		35		31,280
4.80%, 09/01/40^(b)		10		8,857


				766,281

Housewares — 0.0%
Newell Brands Inc. 4.00%, 12/01/24 (Call 09/01/24)		10		9,765
4.70%, 04/01/26 (Call 01/01/26)		115		110,171
4.88%, 06/01/25 (Call 05/01/25)		26		25,246
5.88%, 04/01/36 (Call 10/01/35)		25		22,234
6.00%, 04/01/46 (Call 10/01/45)		35		28,397
6.38%, 09/15/27 (Call 06/15/27)^(c)		30		29,453
6.63%, 09/15/29 (Call 06/15/29)^(c)		30		29,714


				254,980

Insurance — 1.7%
ACE Capital Trust II, Series N, 9.70%, 04/01/30		40		47,556
Aflac Inc. 1.13%, 03/15/26 (Call 02/15/26)		15		13,520
2.88%, 10/15/26 (Call 07/15/26)		45		41,983
3.60%, 04/01/30 (Call 01/01/30)		83		75,566
4.00%, 10/15/46 (Call 04/15/46)		25		19,338
4.75%, 01/15/49 (Call 07/15/48)		50		44,537
AIA Group Ltd., 3.20%, 09/16/40 (Call 03/16/40)^(b)		235		170,469
AIG Global Funding, 0.90%, 09/22/25^(b)		95		86,333
American International Group Inc. 2.50%, 06/30/25 (Call 05/30/25)		175		165,637
3.90%, 04/01/26 (Call 01/01/26)		28		27,010
4.20%, 04/01/28 (Call 01/01/28)		10		9,556
4.38%, 06/30/50 (Call 12/30/49)		75		62,056
4.50%, 07/16/44 (Call 01/16/44)		5		4,242
4.75%, 04/01/48 (Call 10/01/47)		100		87,976
4.80%, 07/10/45 (Call 01/10/45)		60		52,964


Security	Par (000)		Value

Insurance (continued)
6.25%, 05/01/36	$	50	$	51,413
Series A-9, 5.75%, 04/01/48 (Call 04/01/28), (3-mo. LIBOR US + 2.868%)^(a)		90		85,359
Arch Capital Finance LLC 4.01%, 12/15/26 (Call 09/15/26)		20		19,081
5.03%, 12/15/46 (Call 06/15/46)		34		29,822
Arch Capital Group Ltd. 3.64%, 06/30/50 (Call 12/30/49)		65		46,864
7.35%, 05/01/34		15		16,735
Arch Capital Group U.S. Inc., 5.14%, 11/01/43		40		35,508
Arthur J Gallagher & Co. 2.40%, 11/09/31 (Call 08/09/31)		10		7,930
3.50%, 05/20/51 (Call 11/20/50)		15		10,361
5.75%, 03/02/53 (Call 09/02/52)		75		73,384
Assurant Inc. 4.90%, 03/27/28 (Call 12/27/27)		60		57,987
7.00%, 03/27/48 (Call 03/27/28), (3-mo. LIBOR US + 4.135%)^(a)		25		24,261
AXA SA, 6.38%, (Call 12/14/36),
(3-mo. LIBOR US + 2.256%)^(a)(b)(f)		30		32,132
AXIS Specialty Finance LLC, 4.90%, 01/15/40
(Call 01/15/30), (5-year CMT + 3.186%)^(a)		5		3,997
AXIS Specialty Finance PLC, 4.00%, 12/06/27 (Call 09/06/27)		20		18,754
Brown & Brown Inc. 2.38%, 03/15/31 (Call 12/15/30)		10		7,990
4.95%, 03/17/52 (Call 09/17/51)		60		50,615
Chubb Corp. (The) 6.00%, 05/11/37		10		10,638
Series 1, 6.50%, 05/15/38		30		33,415
Chubb INA Holdings Inc. 2.85%, 12/15/51 (Call 06/15/51)		55		36,639
3.05%, 12/15/61 (Call 06/15/61)		90		58,312
3.15%, 03/15/25		25		24,188
3.35%, 05/03/26 (Call 02/03/26)		215		205,970
4.15%, 03/13/43		25		21,370
4.35%, 11/03/45 (Call 05/03/45)		50		43,686
6.70%, 05/15/36		30		33,585
Dai-Ichi Life Insurance Co. Ltd. (The) 4.00%, (Call 07/24/26), (3-mo. SOFR + 3.922%)^(a)(b)(f)		30		28,360
5.10%, 10/29/49 (Call 10/28/24), (3-mo. LIBOR US + 3.680%)^(a)(b)(f)		220		215,994
Empower Finance 2020 LP 1.36%, 09/17/27 (Call 07/17/27)^(b)		35		30,211
1.78%, 03/17/31 (Call 12/17/30)^(b)		90		70,492
3.08%, 09/17/51 (Call 03/17/51)^(b)		30		19,214
Everest Reinsurance Holdings Inc., 3.13%, 10/15/52 (Call 04/15/52)		110		70,123
Great-West Lifeco Finance 2018 LP 4.05%, 05/17/28 (Call 02/17/28)^(b)(c)		45		42,649
4.58%, 05/17/48 (Call 11/17/47)^(b)		5		4,275
Great-West Lifeco Finance Delaware LP, 4.15%, 06/03/47 (Call 12/03/46)^(b)		65		52,058
Great-West Lifeco U.S. Finance 2020 LP, 0.90%, 08/12/25 (Call 07/12/25)^(b)		162		146,372
Hanover Insurance Group Inc. (The) 2.50%, 09/01/30 (Call 06/01/30)		50		39,488
4.50%, 04/15/26 (Call 01/15/26)		60		58,247
Hartford Financial Services Group Inc. (The) 2.90%, 09/15/51 (Call 03/15/51)		30		19,092


Security	Par (000)		Value

Insurance (continued)
3.60%, 08/19/49 (Call 02/19/49)	$	61	$	44,496
4.30%, 04/15/43		20		15,894
4.40%, 03/15/48 (Call 09/15/47)		45		37,405
5.95%, 10/15/36		15		15,264
6.10%, 10/01/41		25		25,242
Jackson Financial Inc., 3.13%, 11/23/31 (Call 08/23/31)		115		90,215
Liberty Mutual Group Inc. 3.95%, 05/15/60 (Call 11/15/59)^(b)		45		30,263
4.13%, 12/15/51 (Call 09/15/26), (5-year CMT + 3.315%)^(a)(b)		25		20,134
4.30%, 02/01/61 (Call 02/01/26)^(b)		50		30,592
5.50%, 06/15/52 (Call 12/15/51)^(b)		135		122,136
7.80%, 03/07/87^(b)		25		25,696
Lincoln National Corp. 3.05%, 01/15/30 (Call 10/15/29)^(c)		50		42,051
3.35%, 03/09/25		35		33,576
3.40%, 01/15/31 (Call 10/15/30)^(c)		50		42,170
3.63%, 12/12/26 (Call 09/15/26)		45		42,132
3.80%, 03/01/28 (Call 12/01/27)^(c)		26		23,842
4.35%, 03/01/48 (Call 09/01/47)		25		18,114
4.38%, 06/15/50 (Call 12/15/49)		24		17,223
6.30%, 10/09/37		5		4,978
7.00%, 06/15/40		50		52,492
Marsh & McLennan Companies Inc. 2.25%, 11/15/30 (Call 08/15/30)		76		62,738
3.50%, 03/10/25 (Call 12/10/24)		82		79,638
3.75%, 03/14/26 (Call 12/14/25)		76		73,429
4.20%, 03/01/48 (Call 09/01/47)		65		53,787
4.35%, 01/30/47 (Call 07/30/46)		30		25,416
4.38%, 03/15/29 (Call 12/15/28)		182		176,140
4.75%, 03/15/39 (Call 09/15/38)		65		60,247
4.90%, 03/15/49 (Call 09/15/48)		72		66,116
5.75%, 11/01/32 (Call 08/01/32)		10		10,374
5.88%, 08/01/33		70		73,315
Massachusetts Mutual Life Insurance Co., 3.20%, 12/01/61^(b)		200		123,146
MassMutual Global Funding II 2.15%, 03/09/31^(b)		100		80,685
4.50%, 04/10/26^(b)		200		196,340
5.05%, 06/14/28^(b)		210		208,322
Meiji Yasuda Life Insurance Co. 5.10%, 04/26/48 (Call 04/26/28),
(5-year USD ICE Swap + 3.150%)^(a)(b)		35		34,055
5.20%, 10/20/45 (Call 10/20/25),
(5-year USD Swap + 4.230%)^(a)(b)		35		34,119
Metropolitan Life Global Funding I 0.95%, 07/02/25^(b)		10		9,194
1.55%, 01/07/31^(b)		50		38,767
1.88%, 01/11/27^(b)		160		142,822
2.95%, 04/09/30^(b)		155		133,887
3.45%, 12/18/26^(b)		105		98,956
5.15%, 03/28/33^(b)		165		161,144
MGIC Investment Corp., 5.25%, 08/15/28 (Call 09/18/23)		40		38,207
Munich Re America Corp., Series B, 7.45%, 12/15/26^(c)		103		109,907
New York Life Global Funding 0.85%, 01/15/26^(b)		200		180,186
4.55%, 01/28/33^(b)		190		179,803
4.90%, 06/13/28^(b)		160		157,651
New York Life Insurance Co., 3.75%, 05/15/50 (Call 11/15/49)^(b)		175		130,443


Security	Par (000)		Value

Insurance (continued)
Nippon Life Insurance Co. 2.75%, 01/21/51 (Call 01/21/31),
(5-year CMT + 2.653%)^(a)(b)	$	95	$	77,005
2.90%, 09/16/51 (Call 09/16/31),
(5-year CMT + 2.600%)^(a)(b)		30		24,225
3.40%, 01/23/50 (Call 01/23/30),
(5-year CMT + 2.612%)^(a)(b)		30		25,883
4.00%, 09/19/47 (Call 09/19/27),
(5-year USD ICE Swap + 2.880%)^(a)(b)(c)		15		13,901
4.70%, 01/20/46 (Call 01/20/26),
(5-year USD ICE Swap + 3.750%)^(a)(b)		240		230,995
5.10%, 10/16/44 (Call 10/16/24),
(5-year USD Swap + 3.650%)^(a)(b)		280		274,568
Primerica Inc., 2.80%, 11/19/31 (Call 08/19/31)		35		28,776
Principal Financial Group Inc. 2.13%, 06/15/30 (Call 03/15/30)		60		48,941
3.10%, 11/15/26 (Call 08/15/26)		35		32,552
3.40%, 05/15/25 (Call 02/15/25)		20		19,259
3.70%, 05/15/29 (Call 02/15/29)		25		22,912
4.30%, 11/15/46 (Call 05/15/46)		30		23,543
4.35%, 05/15/43		22		17,632
4.63%, 09/15/42		20		16,742
6.05%, 10/15/36		51		52,356
Principal Life Global Funding, 1.38%, 01/10/25^(b)		20		18,866
Principal Life Global Funding II 0.88%, 01/12/26^(b)		45		40,346
1.25%, 06/23/25^(b)		63		58,016
1.50%, 08/27/30^(b)		40		30,378
1.63%, 11/19/30^(b)		15		11,500
2.25%, 11/21/24^(b)		80		76,406
2.50%, 09/16/29^(b)		21		17,726
3.00%, 04/18/26^(b)		80		74,558
Progressive Corp. (The) 2.45%, 01/15/27^(c)		30		27,651
3.20%, 03/26/30 (Call 12/26/29)		65		58,015
3.70%, 01/26/45		25		18,844
3.95%, 03/26/50 (Call 09/26/49)		30		24,002
4.00%, 03/01/29 (Call 12/01/28)		27		25,958
4.13%, 04/15/47 (Call 10/15/46)		62		51,508
4.20%, 03/15/48 (Call 09/15/47)		40		33,518
4.35%, 04/25/44		15		12,599
6.25%, 12/01/32		73		78,343
Protective Life Corp. 3.40%, 01/15/30 (Call 10/15/29)^(b)		105		90,735
4.30%, 09/30/28 (Call 06/30/28)^(b)		65		60,862
Prudential Financial Inc. 1.50%, 03/10/26 (Call 02/10/26)		55		50,322
2.10%, 03/10/30 (Call 12/10/29)^(c)		79		66,181
3.00%, 03/10/40 (Call 09/10/39)		35		25,827
3.70%, 10/01/50 (Call 07/01/30),
(5-year CMT + 3.035%)^(a)		75		63,750
3.70%, 03/13/51 (Call 09/13/50)		100		74,529
3.88%, 03/27/28 (Call 12/27/27)		77		73,416
3.91%, 12/07/47 (Call 06/07/47)		80		62,143
3.94%, 12/07/49 (Call 06/07/49)		82		62,981
4.35%, 02/25/50 (Call 08/25/49)		65		54,067
4.42%, 03/27/48 (Call 09/27/47)		40		33,556
5.13%, 03/01/52 (Call 11/28/31),
(5-year CMT + 3.162%)^(a)		20		17,871
5.70%, 12/14/36		67		68,337


Security	Par (000)		Value

Insurance (continued)
5.70%, 09/15/48 (Call 09/15/28),
(3-mo. LIBOR US + 2.665%)^(a)	$	105	$	99,256
5.75%, 07/15/33		18		18,939
6.00%, 09/01/52 (Call 06/01/32),
(5-year CMT + 3.234%)^(a)		95		90,888
6.63%, 12/01/37		25		27,625
Reinsurance Group of America Inc. 3.15%, 06/15/30 (Call 03/15/30)		82		70,037
3.90%, 05/15/29 (Call 02/15/29)		78		71,450
3.95%, 09/15/26 (Call 06/15/26)		25		23,806
Reliance Standard Life Global Funding II 1.51%, 09/28/26^(b)		75		65,361
2.50%, 10/30/24^(b)		15		14,314
2.75%, 05/07/25^(b)		15		14,106
2.75%, 01/21/27^(b)		40		35,866
Selective Insurance Group Inc., 5.38%, 03/01/49 (Call 09/01/48)		15		13,480
Swiss Re Finance Luxembourg SA, 5.00%, 04/02/49
(Call 04/02/29), (5-year CMT + 3.582%)^(a)(b)		200		189,734
Travelers Companies Inc. (The) 2.55%, 04/27/50 (Call 10/27/49)		55		34,445
3.75%, 05/15/46 (Call 11/15/45)		39		30,139
4.00%, 05/30/47 (Call 11/30/46)		55		45,238
4.05%, 03/07/48 (Call 09/07/47)		30		24,857
4.10%, 03/04/49 (Call 09/04/48)		27		22,342
4.30%, 08/25/45 (Call 02/25/45)		40		33,846
4.60%, 08/01/43		25		22,469
5.35%, 11/01/40		30		29,950
6.25%, 06/15/37		70		76,406
6.75%, 06/20/36		45		51,174
Trinity Acquisition PLC, 4.40%, 03/15/26 (Call 12/15/25)		80		77,294
Willis North America Inc. 2.95%, 09/15/29 (Call 06/15/29)		73		63,268
3.88%, 09/15/49 (Call 03/15/49)		34		24,004
4.50%, 09/15/28 (Call 06/15/28)		47		44,735
4.65%, 06/15/27 (Call 05/15/27)		20		19,374
5.05%, 09/15/48 (Call 03/15/48)		20		16,793
XLIT Ltd., 5.25%, 12/15/43		30		28,398
Zurich Finance Ireland Designated Activity Co., 3.00%, 04/19/51 (Call 01/19/31), (5-year CMT + 2.777%)^(a)(e)		200		155,618


				10,125,376

Internet — 0.5%
Alibaba Group Holding Ltd. 2.13%, 02/09/31 (Call 11/09/30)^(c)		50		40,073
3.60%, 11/28/24 (Call 08/28/24)		345		336,068
4.00%, 12/06/37 (Call 06/06/37)		15		12,172
4.20%, 12/06/47 (Call 06/06/47)		245		182,508
4.50%, 11/28/34 (Call 05/28/34)		295		264,686
Baidu Inc., 2.38%, 08/23/31 (Call 05/23/31)		205		162,518
Booking Holdings Inc. 3.55%, 03/15/28 (Call 12/15/27)		100		94,358
3.60%, 06/01/26 (Call 03/01/26)		76		73,031
3.65%, 03/15/25 (Call 12/15/24)		105		102,422
4.63%, 04/13/30 (Call 01/13/30)		105		102,647
Cars.com Inc., 6.38%, 11/01/28 (Call 11/01/23)^(b)		25		23,119
Cogent Communications Group Inc. 3.50%, 05/01/26 (Call 02/01/26)^(b)(c)		35		32,673
7.00%, 06/15/27 (Call 06/15/24)^(b)		25		24,259
eBay Inc. 1.40%, 05/10/26 (Call 04/10/26)		65		58,590


Security	Par (000)		Value

Internet (continued)
1.90%, 03/11/25 (Call 02/11/25)	$	148	$	140,181
2.60%, 05/10/31 (Call 02/10/31)		45		37,207
2.70%, 03/11/30 (Call 12/11/29)		70		59,666
3.60%, 06/05/27 (Call 03/05/27)		72		67,944
3.65%, 05/10/51 (Call 11/10/50)		60		42,787
4.00%, 07/15/42 (Call 01/15/42)		75		58,663
Gen Digital Inc., 5.00%, 04/15/25 (Call 09/11/23)^(b)		60		58,841
Go Daddy Operating Co. LLC/GD Finance Co. Inc. 3.50%, 03/01/29 (Call 03/01/24)^(b)		45		38,646
5.25%, 12/01/27 (Call 10/02/23)^(b)		40		38,287
GrubHub Holdings Inc., 5.50%, 07/01/27 (Call 09/11/23)^(b)		30		20,768
Meituan, 2.13%, 10/28/25 (Call 09/28/25)^(e)		200		184,154
NortonLifeLock Inc. 6.75%, 09/30/27 (Call 09/30/24)^(b)		50		50,085
7.13%, 09/30/30 (Call 09/30/25)^(b)(c)		35		35,231
Prosus NV 3.68%, 01/21/30 (Call 10/21/29)^(e)		200		164,246
4.99%, 01/19/52^(e)		200		134,054
Rakuten Group Inc.
5.13%, (Call 04/22/26), (5-year CMT + 4.578%)^(a)(b)(c)(f)		45		31,046
6.25%, (Call 04/22/31), (5-year CMT + 4.956%)^(a)(b)(f)		55		29,150
10.25%, 11/30/24^(b)		50		50,349
VeriSign Inc. 2.70%, 06/15/31 (Call 03/15/31)		80		65,529
4.75%, 07/15/27 (Call 10/02/23)		40		38,961
Ziff Davis Inc., 4.63%, 10/15/30 (Call 10/15/25)^(b)		30		25,793


				2,880,712

Iron & Steel — 0.1%
Allegheny Technologies Inc. 4.88%, 10/01/29 (Call 10/01/24)		20		18,083
5.13%, 10/01/31 (Call 10/01/26)		20		17,728
5.88%, 12/01/27 (Call 10/02/23)		25		24,305
ATI Inc., 7.25%, 08/15/30		25		25,221
Carpenter Technology Corp. 6.38%, 07/15/28 (Call 10/02/23)		20		19,662
7.63%, 03/15/30 (Call 03/15/25)		10		10,086
Cleveland-Cliffs Inc. 4.63%, 03/01/29 (Call 03/01/24)^(b)		25		22,135
4.88%, 03/01/31 (Call 03/01/26)^(b)		15		13,006
5.88%, 06/01/27 (Call 10/02/23)^(c)		31		29,876
6.75%, 03/15/26 (Call 10/02/23)^(b)		45		45,097
6.75%, 04/15/30^(b)		45		42,871
Cliffs Natural Resources Inc., 6.25%, 10/01/40^(c)		15		12,457
Commercial Metals Co. 3.88%, 02/15/31 (Call 02/15/26)		20		17,026
4.13%, 01/15/30 (Call 01/15/25)		15		13,242
4.38%, 03/15/32 (Call 03/15/27)		20		17,149
Mineral Resources Ltd. 8.00%, 11/01/27 (Call 11/01/24)^(b)		30		29,899
8.13%, 05/01/27 (Call 10/02/23)^(b)		46		45,930
8.50%, 05/01/30 (Call 05/01/25)^(b)		40		40,513
Reliance Steel & Aluminum Co. 1.30%, 08/15/25 (Call 07/15/25)		115		105,710
2.15%, 08/15/30 (Call 05/15/30)		70		56,549
Steel Dynamics Inc. 1.65%, 10/15/27 (Call 08/15/27)		60		51,524
2.40%, 06/15/25 (Call 05/15/25)		52		48,963
2.80%, 12/15/24 (Call 11/15/24)		45		43,353
3.25%, 01/15/31 (Call 10/15/30)		20		17,426
3.25%, 10/15/50 (Call 04/15/50)		15		9,691


Security	Par (000)		Value

Iron & Steel (continued)
3.45%, 04/15/30 (Call 01/15/30)	$	30	$	26,626
5.00%, 12/15/26 (Call 10/02/23)		40		39,147


				843,275

Leisure Time — 0.1%
Brunswick Corp. 2.40%, 08/18/31 (Call 05/18/31)		25		19,166
5.10%, 04/01/52 (Call 10/01/51)		20		14,697
Harley-Davidson Inc., 4.63%, 07/28/45 (Call 01/28/45)^(c)		48		36,747
NCL Corp. Ltd. 3.63%, 12/15/24 (Call 09/11/23)^(b)		35		33,460
5.88%, 03/15/26 (Call 12/15/25)^(b)		80		75,355
5.88%, 02/15/27 (Call 02/15/24)^(b)		60		58,141
7.75%, 02/15/29 (Call 11/15/28)^(b)		35		33,286
8.38%, 02/01/28 (Call 02/01/25)^(b)		30		30,913
NCL Finance Ltd., 6.13%, 03/15/28 (Call 12/15/27)^(b)		30		27,045


				328,810

Lodging — 0.1%
Hilton Domestic Operating Co. Inc. 3.63%, 02/15/32 (Call 08/15/26)^(b)		85		70,563
3.75%, 05/01/29 (Call 05/01/24)^(b)		45		39,582
4.00%, 05/01/31 (Call 05/01/26)^(b)		61		53,022
4.88%, 01/15/30 (Call 01/15/25)		60		55,947
5.38%, 05/01/25 (Call 09/11/23)^(b)		26		25,767
5.75%, 05/01/28 (Call 10/02/23)^(b)		35		34,325
Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand
Vacations Borrower Esc 4.88%, 07/01/31 (Call 07/01/26)^(b)		30		25,299
5.00%, 06/01/29 (Call 06/01/24)^(b)		50		44,276
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp.,
4.88%, 04/01/27 (Call 09/18/23)		35		33,756
Hyatt Hotels Corp. 1.80%, 10/01/24 (Call 09/18/23)		20		19,138
5.75%, 04/23/30 (Call 01/23/30)^(c)		30		30,030
Marriott Ownership Resorts Inc. 4.50%, 06/15/29 (Call 06/15/24)^(b)(c)		30		25,470
4.75%, 01/15/28 (Call 10/02/23)		25		22,346
Studio City Co. Ltd., 7.00%, 02/15/27 (Call 02/15/24)^(b)		50		47,242
Studio City Finance Ltd., 5.00%, 01/15/29 (Call 01/15/24)^(b)		80		60,147
Travel + Leisure Co. 4.50%, 12/01/29 (Call 09/01/29)^(b)		35		30,119
4.63%, 03/01/30 (Call 12/01/29)^(b)		20		17,225
6.00%, 04/01/27 (Call 01/01/27)		30		29,124
6.60%, 10/01/25 (Call 07/01/25)		25		24,892
6.63%, 07/31/26 (Call 04/30/26)^(b)		35		34,669


				722,939

Machinery — 0.7%
ABB Finance USA Inc., 4.38%, 05/08/42		10		8,550
ATS Automation Tooling Systems Inc., 4.13%, 12/15/28 (Call 12/15/23)^(b)		25		22,368
Caterpillar Financial Services Corp. 0.80%, 11/13/25		25		22,771
0.90%, 03/02/26		90		81,431
1.10%, 09/14/27		174		150,533
1.15%, 09/14/26		10		8,942
1.45%, 05/15/25		90		84,411
1.70%, 01/08/27		30		27,175
2.15%, 11/08/24		140		134,793
2.40%, 08/09/26		50		46,548


Security	Par (000)		Value

Machinery (continued)
3.25%, 12/01/24	$	72	$	70,161
Caterpillar Inc. 1.90%, 03/12/31 (Call 12/12/30)		25		20,981
2.60%, 09/19/29 (Call 06/19/29)^(c)		121		108,226
2.60%, 04/09/30 (Call 01/09/30)		59		51,894
3.25%, 09/19/49 (Call 03/19/49)		70		52,786
3.25%, 04/09/50 (Call 10/09/49)		72		54,472
3.80%, 08/15/42		55		46,616
4.30%, 05/15/44 (Call 11/15/43)		50		44,917
4.75%, 05/15/64 (Call 11/15/63)		40		36,958
5.20%, 05/27/41		55		55,698
6.05%, 08/15/36		45		49,333
Chart Industries Inc. 7.50%, 01/01/30 (Call 01/01/26)^(b)		85		87,167
9.50%, 01/01/31 (Call 01/01/26)^(b)		31		33,447
CNH Industrial Capital LLC 1.45%, 07/15/26 (Call 06/15/26)		12		10,735
1.88%, 01/15/26 (Call 12/15/25)		65		59,691
CNH Industrial NV, 3.85%, 11/15/27 (Call 08/15/27)		109		102,915
Deere & Co. 2.75%, 04/15/25 (Call 03/15/25)		117		112,698
2.88%, 09/07/49 (Call 03/07/49)		35		25,307
3.10%, 04/15/30 (Call 01/15/30)		76		68,745
3.75%, 04/15/50 (Call 10/15/49)		77		65,775
3.90%, 06/09/42 (Call 12/09/41)		118		103,525
5.38%, 10/16/29		25		25,796
7.13%, 03/03/31		25		28,947
Dover Corp. 2.95%, 11/04/29 (Call 08/04/29)		50		43,972
3.15%, 11/15/25 (Call 08/15/25)		77		73,291
5.38%, 10/15/35		5		5,031
5.38%, 03/01/41 (Call 12/01/40)		32		30,548
Flowserve Corp. 2.80%, 01/15/32 (Call 10/15/31)		25		19,836
3.50%, 10/01/30 (Call 07/01/30)		54		46,262
IDEX Corp. 2.63%, 06/15/31 (Call 03/15/31)		50		41,188
3.00%, 05/01/30 (Call 02/01/30)		74		64,285
John Deere Capital Corp. 0.63%, 09/10/24		10		9,520
0.70%, 01/15/26		52		47,058
1.05%, 06/17/26		57		51,225
1.25%, 01/10/25		100		94,800
1.30%, 10/13/26		35		31,339
1.45%, 01/15/31		17		13,470
1.50%, 03/06/28		12		10,374
1.75%, 03/09/27		75		67,363
2.00%, 06/17/31		12		9,793
2.05%, 01/09/25		90		86,324
2.25%, 09/14/26		80		74,064
2.45%, 01/09/30		66		57,483
2.65%, 06/10/26		72		67,597
2.80%, 09/08/27		90		83,273
2.80%, 07/18/29		50		45,091
3.05%, 01/06/28		43		40,070
3.40%, 06/06/25		79		76,614
3.40%, 09/11/25		53		51,204
3.45%, 03/13/25		96		93,526
3.45%, 03/07/29		72		67,028
4.15%, 09/15/27		40		39,027


Security	Par (000)		Value

Machinery (continued)
Manitowoc Co. Inc. (The), 9.00%, 04/01/26
(Call 09/18/23)^(b)	$	16	$	16,084
Mueller Water Products Inc., 4.00%, 06/15/29
(Call 06/15/24)^(b)		26		23,038
nVent Finance Sarl, 2.75%, 11/15/31 (Call 08/15/31)		60		47,341
Otis Worldwide Corp. 2.06%, 04/05/25 (Call 03/05/25)		171		162,067
2.29%, 04/05/27 (Call 02/05/27)		70		63,601
2.57%, 02/15/30 (Call 11/15/29)		115		98,313
3.11%, 02/15/40 (Call 08/15/39)		75		56,429
3.36%, 02/15/50 (Call 08/15/49)		25		17,989
Rockwell Automation Inc. 2.80%, 08/15/61 (Call 02/15/61)		25		15,429
3.50%, 03/01/29 (Call 12/01/28)		110		103,100
4.20%, 03/01/49 (Call 09/01/48)		55		47,611
SPX FLOW Inc., 8.75%, 04/01/30 (Call 04/01/25)^(b)		30		28,527
Terex Corp., 5.00%, 05/15/29 (Call 05/15/24)^(b)		35		32,117
Vertiv Group Corp., 4.13%, 11/15/28 (Call 11/15/24)^(b)		50		44,873
Weir Group PLC (The), 2.20%, 05/13/26 (Call 04/13/26)^(b)		55		49,690
Westinghouse Air Brake Technologies Corp. 3.45%, 11/15/26 (Call 08/15/26)		40		37,651
4.95%, 09/15/28 (Call 06/15/28)		45		43,398
Xylem Inc./NY 1.95%, 01/30/28 (Call 11/30/27)		55		48,265
2.25%, 01/30/31 (Call 10/30/30)		50		41,073
3.25%, 11/01/26 (Call 08/01/26)		60		56,462
4.38%, 11/01/46 (Call 05/01/46)		22		17,833


				4,395,859

Manufacturing — 0.4%
Carlisle Companies Inc. 2.75%, 03/01/30 (Call 12/01/29)		41		34,711
3.50%, 12/01/24 (Call 10/01/24)		55		53,303
3.75%, 12/01/27 (Call 09/01/27)		54		50,945
Eaton Corp. 3.10%, 09/15/27 (Call 06/15/27)		115		107,824
3.92%, 09/15/47 (Call 03/15/47)		20		16,382
4.00%, 11/02/32		25		23,358
4.15%, 11/02/42		60		52,157
4.70%, 08/23/52 (Call 02/23/52)		65		60,440
EnPro Industries Inc., 5.75%, 10/15/26 (Call 10/02/23)		25		24,331
Gates Global LLC/Gates Corp., 6.25%, 01/15/26
(Call 10/02/23)^(b)		30		29,831
Hillenbrand Inc. 3.75%, 03/01/31 (Call 03/01/26)		25		21,024
5.00%, 09/15/26 (Call 07/15/26)		21		20,406
5.75%, 06/15/25 (Call 09/11/23)		20		19,878
Illinois Tool Works Inc. 2.65%, 11/15/26 (Call 08/15/26)		140		131,118
3.90%, 09/01/42 (Call 03/01/42)		43		37,074
4.88%, 09/15/41 (Call 03/15/41)		62		60,120
Parker-Hannifin Corp. 3.25%, 03/01/27 (Call 12/01/26)		5		4,704
3.25%, 06/14/29 (Call 03/14/29)		71		64,193
3.30%, 11/21/24 (Call 08/21/24)		55		53,450
4.00%, 06/14/49 (Call 12/14/48)		58		46,974
4.10%, 03/01/47 (Call 09/01/46)		45		37,070
4.20%, 11/21/34 (Call 05/21/34)		56		50,690
4.45%, 11/21/44 (Call 05/21/44)		37		31,915
Pentair Finance Sarl, 4.50%, 07/01/29 (Call 04/01/29)		45		42,062


Security	Par (000)		Value

Manufacturing (continued)
Siemens Financieringsmaatschappij NV 1.70%, 03/11/28^(b)	$	250	$	216,535
2.15%, 03/11/31^(b)		265		218,455
3.30%, 09/15/46^(b)		250		185,652
6.13%, 08/17/26^(b)		245		251,958
Teledyne Technologies Inc. 1.60%, 04/01/26 (Call 03/01/26)		80		72,926
2.25%, 04/01/28 (Call 02/01/28)		130		113,352
Trinity Industries Inc. 4.55%, 10/01/24 (Call 07/01/24)		26		25,488
7.75%, 07/15/28 (Call 07/15/25)^(b)		20		20,407


				2,178,733

Media — 1.1%
Belo Corp. 7.25%, 09/15/27		15		14,679
7.75%, 06/01/27		10		9,978
Cable One Inc., 4.00%, 11/15/30 (Call 11/15/25)^(b)		35		27,383
Comcast Corp. 1.50%, 02/15/31 (Call 11/15/30)		200		156,404
1.95%, 01/15/31 (Call 10/15/30)		205		165,745
2.45%, 08/15/52 (Call 02/15/52)		105		61,483
2.65%, 02/01/30 (Call 11/01/29)		225		195,554
2.65%, 08/15/62 (Call 02/15/62)		100		57,210
2.80%, 01/15/51 (Call 07/15/50)		180		113,701
2.89%, 11/01/51 (Call 05/01/51)		345		220,455
2.94%, 11/01/56 (Call 05/01/56)		385		239,220
2.99%, 11/01/63 (Call 05/01/63)		265		159,843
3.15%, 03/01/26 (Call 12/01/25)		50		47,749
3.15%, 02/15/28 (Call 11/15/27)		30		27,845
3.20%, 07/15/36 (Call 01/15/36)		5		4,040
3.25%, 11/01/39 (Call 05/01/39)		75		57,752
3.30%, 02/01/27 (Call 11/01/26)		110		103,996
3.30%, 04/01/27 (Call 02/01/27)		40		37,734
3.40%, 04/01/30 (Call 01/01/30)		210		191,197
3.40%, 07/15/46 (Call 01/15/46)		50		36,528
3.45%, 02/01/50 (Call 08/01/49)		110		80,230
3.55%, 05/01/28 (Call 02/01/28)		30		28,319
3.75%, 04/01/40 (Call 10/01/39)		100		82,241
3.90%, 03/01/38 (Call 09/01/37)		95		80,850
3.95%, 10/15/25 (Call 08/15/25)		200		194,778
3.97%, 11/01/47 (Call 05/01/47)		145		116,217
4.00%, 03/01/48 (Call 09/01/47)		120		96,450
4.00%, 11/01/49 (Call 05/01/49)		145		115,474
4.05%, 11/01/52 (Call 05/01/52)		80		63,958
4.15%, 10/15/28 (Call 07/15/28)		310		298,762
4.20%, 08/15/34 (Call 02/15/34)		55		50,246
4.25%, 10/15/30 (Call 07/15/30)		200		190,216
4.25%, 01/15/33		195		183,033
4.40%, 08/15/35 (Call 02/15/35)		30		27,736
4.60%, 10/15/38 (Call 04/15/38)		30		27,568
4.70%, 10/15/48 (Call 04/15/48)		105		95,116
4.95%, 10/15/58 (Call 04/15/58)		60		55,279
5.25%, 11/07/25		250		250,435
6.50%, 11/15/35		130		143,807
Discovery Communications LLC 3.45%, 03/15/25 (Call 12/15/24)		40		38,490
3.63%, 05/15/30 (Call 02/15/30)		99		86,887
3.95%, 06/15/25 (Call 03/15/25)		40		38,690
3.95%, 03/20/28 (Call 12/20/27)		105		97,620
4.00%, 09/15/55 (Call 03/15/55)		76		49,517


Security	Par (000)		Value

Media (continued)
4.13%, 05/15/29 (Call 02/15/29)	$	50	$	45,895
4.65%, 05/15/50 (Call 11/15/49)		77		57,514
4.88%, 04/01/43		49		38,871
4.90%, 03/11/26 (Call 12/11/25)		55		54,033
5.00%, 09/20/37 (Call 03/20/37)		57		48,625
5.20%, 09/20/47 (Call 03/20/47)		67		54,212
5.30%, 05/15/49 (Call 11/15/48)		48		39,082
6.35%, 06/01/40		54		51,726
Gray Escrow II Inc., 5.38%, 11/15/31 (Call 11/15/26)^(b)		73		50,921
Gray Television Inc. 4.75%, 10/15/30 (Call 10/15/25)^(b)		45		31,421
5.88%, 07/15/26 (Call 10/02/23)^(b)		40		36,479
7.00%, 05/15/27 (Call 09/11/23)^(b)(c)		45		40,337
Grupo Televisa SAB, 6.13%, 01/31/46 (Call 07/31/45)^(c)		200		192,586
iHeartCommunications Inc. 4.75%, 01/15/28 (Call 10/02/23)^(b)(c)		25		19,248
5.25%, 08/15/27 (Call 09/18/23)^(b)		40		31,627
6.38%, 05/01/26 (Call 09/18/23)		45		39,260
8.38%, 05/01/27 (Call 09/18/23)^(c)		60		41,500
NBCUniversal Media LLC, 4.45%, 01/15/43		120		104,956
Nexstar Media Inc. 4.75%, 11/01/28 (Call 11/01/23)^(b)		55		48,238
5.63%, 07/15/27 (Call 09/11/23)^(b)		100		94,013
Scripps Escrow II Inc. 3.88%, 01/15/29 (Call 01/15/24)^(b)		30		24,100
5.38%, 01/15/31 (Call 01/15/26)^(b)(c)		20		14,442
Scripps Escrow Inc., 5.88%, 07/15/27 (Call 10/02/23)^(b)		25		20,211
Sirius XM Radio Inc. 3.13%, 09/01/26 (Call 10/02/23)^(b)		55		49,586
3.88%, 09/01/31 (Call 09/01/26)^(b)		80		62,254
4.00%, 07/15/28 (Call 07/15/24)^(b)		115		99,613
4.13%, 07/01/30 (Call 07/01/25)^(b)		85		69,253
5.00%, 08/01/27 (Call 10/02/23)^(b)		85		78,551
5.50%, 07/01/29 (Call 07/01/24)^(b)		70		63,075
Sky Group Finance Ltd., 6.50%, 10/15/35^(b)		35		37,535
Sky Ltd., 3.75%, 09/16/24^(b)		10		9,798
TEGNA Inc. 4.63%, 03/15/28 (Call 10/02/23)		55		49,466
4.75%, 03/15/26 (Call 10/02/23)^(b)		31		29,771
5.00%, 09/15/29 (Call 09/15/24)		65		57,270
Thomson Reuters Corp. 3.35%, 05/15/26 (Call 02/15/26)		21		19,949
5.50%, 08/15/35		25		24,443
5.65%, 11/23/43 (Call 05/23/43)		39		35,479
5.85%, 04/15/40		22		21,507
VZ Secured Financing BV, 5.00%, 01/15/32 (Call 01/15/27)^(b)		85		69,308
Ziggo Bond Co. BV 5.13%, 02/28/30 (Call 02/15/25)^(b)		30		23,248
6.00%, 01/15/27 (Call 10/02/23)^(b)		25		23,196
Ziggo BV, 4.88%, 01/15/30 (Call 10/15/24)^(b)		60		50,389


				6,473,403

Metal Fabricate & Hardware — 0.0%
Advanced Drainage Systems Inc. 5.00%, 09/30/27 (Call 09/18/23)^(b)		25		23,929
6.38%, 06/15/30 (Call 07/15/25)^(b)		30		29,636
Timken Co. (The) 3.88%, 09/01/24 (Call 06/01/24)		23		22,493
4.50%, 12/15/28 (Call 09/15/28)		30		28,426


Security	Par (000)		Value

Metal Fabricate & Hardware (continued)
Valmont Industries Inc., 5.00%, 10/01/44 (Call 04/01/44)	$	42	$	35,815


				140,299

Mining — 0.3%
Anglo American Capital PLC, 2.88%, 03/17/31 (Call 12/17/30)^(e)		200		163,248
Antofagasta PLC, 5.63%, 05/13/32^(e)		200		195,682
Century Aluminum Co., 7.50%, 04/01/28 (Call 04/01/24)^(b)		15		14,207
Coeur Mining Inc., 5.13%, 02/15/29 (Call 02/15/24)^(b)(c)		20		17,578
Compass Minerals International Inc., 6.75%, 12/01/27 (Call 09/11/23)^(b)		35		33,932
Constellium SE 3.75%, 04/15/29 (Call 04/15/24)^(b)		30		25,735
5.63%, 06/15/28 (Call 09/11/23)^(b)		20		18,926
5.88%, 02/15/26 (Call 10/02/23)^(b)		20		19,666
First Quantum Minerals Ltd., 6.88%, 03/01/26^(e)		200		196,632
FMG Resources August 2006 Pty Ltd. 4.38%, 04/01/31 (Call 01/01/31)^(b)		80		67,044
4.50%, 09/15/27 (Call 06/15/27)^(b)		40		36,866
FMG Resources August Pty. Ltd. 5.88%, 04/15/30 (Call 01/15/30)^(b)		40		37,146
6.13%, 04/15/32 (Call 01/15/32)^(b)		45		41,786
Hecla Mining Co., 7.25%, 02/15/28 (Call 09/18/23)		10		9,804
Kaiser Aluminum Corp. 4.50%, 06/01/31 (Call 06/01/26)^(b)		30		24,244
4.63%, 03/01/28 (Call 10/02/23)^(b)		35		30,994
Kinross Gold Corp., 4.50%, 07/15/27 (Call 04/15/27)		115		110,815
New Gold Inc., 7.50%, 07/15/27 (Call 10/03/23)^(b)		25		23,865
Newcrest Finance Pty Ltd. 3.25%, 05/13/30 (Call 02/13/30)^(b)		95		82,743
4.20%, 05/13/50 (Call 11/13/49)^(b)		15		11,666
5.75%, 11/15/41^(b)		27		26,010
Newmont Corp. 2.25%, 10/01/30 (Call 07/01/30)		50		40,622
2.60%, 07/15/32 (Call 04/15/32)		85		68,309
2.80%, 10/01/29 (Call 07/01/29)		50		43,136
4.88%, 03/15/42 (Call 09/15/41)		85		76,407
5.45%, 06/09/44 (Call 12/09/43)		42		39,947
5.88%, 04/01/35		47		47,459
6.25%, 10/01/39		23		23,980
Perenti Finance Pty Ltd., 6.50%, 10/07/25 (Call 10/03/23)^(b)		30		29,364
Taseko Mines Ltd., 7.00%, 02/15/26 (Call 10/03/23)^(b)(c)		25		23,097
Yamana Gold Inc., 2.63%, 08/15/31 (Call 05/15/31)^(c)		45		35,482


				1,616,392

Office & Business Equipment — 0.1%
CDW LLC/CDW Finance Corp. 2.67%, 12/01/26 (Call 11/01/26)		69		62,731
3.25%, 02/15/29 (Call 10/02/23)		50		43,586
3.28%, 12/01/28 (Call 10/01/28)		60		52,601
3.57%, 12/01/31 (Call 09/01/31)		15		12,691
4.13%, 05/01/25 (Call 10/02/23)		30		29,041
4.25%, 04/01/28 (Call 10/02/23)		50		46,220
5.50%, 12/01/24 (Call 06/01/24)		80		79,501
Pitney Bowes Inc. 6.88%, 03/15/27 (Call 03/15/24)^(b)(c)		25		18,876
7.25%, 03/15/29 (Call 03/15/24)^(b)		20		14,356
Xerox Corp. 4.80%, 03/01/35		15		10,106
6.75%, 12/15/39		20		15,654


Security	Par (000)		Value

Office & Business Equipment (continued)
Xerox Holdings Corp. 5.00%, 08/15/25 (Call 07/15/25)^(b)	$	40	$	38,085
5.50%, 08/15/28 (Call 07/15/28)^(b)		45		39,157


				462,605

Office Furnishings — 0.0%
Steelcase Inc., 5.13%, 01/18/29 (Call 10/18/28)		27		23,880


Oil & Gas — 0.1%
Qatar Energy, 2.25%, 07/12/31 (Call 04/12/31)^(e)		200		164,538
Qatar Petroleum 3.13%, 07/12/41 (Call 01/12/41)^(e)		200		147,224
3.30%, 07/12/51 (Call 01/12/51)^(e)		200		140,080


				451,842

Packaging & Containers — 0.3%
AptarGroup Inc., 3.60%, 03/15/32 (Call 12/15/31)		10		8,515
Ball Corp. 2.88%, 08/15/30 (Call 05/15/30)		75		61,181
3.13%, 09/15/31 (Call 06/15/31)		40		32,395
4.88%, 03/15/26 (Call 12/15/25)		45		43,702
5.25%, 07/01/25		55		54,274
6.00%, 06/15/29 (Call 05/15/26)		65		64,089
6.88%, 03/15/28 (Call 11/15/24)		40		40,594
Berry Global Inc. 1.57%, 01/15/26 (Call 12/15/25)		120		109,086
4.50%, 02/15/26 (Call 10/02/23)^(b)(c)		20		19,057
5.63%, 07/15/27 (Call 10/02/23)^(b)(c)		30		29,423
Brambles USA Inc., 4.13%, 10/23/25 (Call 07/25/25)^(b)		50		48,310
Cascades Inc./Cascades USA Inc. 5.13%, 01/15/26 (Call 10/02/23)^(b)(c)		15		14,528
5.38%, 01/15/28 (Call 10/02/23)^(b)		27		25,345
Clearwater Paper Corp. 4.75%, 08/15/28 (Call 09/18/23)^(b)		20		17,482
5.38%, 02/01/25^(b)		16		15,561
OI European Group BV, 4.75%, 02/15/30 (Call 11/15/24)^(b).		25		22,798
Owens-Brockway Glass Container Inc. 6.63%, 05/13/27 (Call 10/02/23)^(b)		35		34,629
7.25%, 05/15/31^(b)		40		40,369
Sealed Air Corp. 1.57%, 10/15/26 (Call 09/15/26)^(b)		115		101,128
4.00%, 12/01/27 (Call 09/01/27)^(b)(c)		25		22,904
5.00%, 04/15/29 (Call 04/15/25)^(b)		25		23,187
5.13%, 12/01/24 (Call 09/01/24)^(b)		25		24,705
5.50%, 09/15/25 (Call 06/15/25)^(b)(c)		25		24,739
6.88%, 07/15/33^(b)		25		25,149
Sealed Air Corp./Sealed Air Corp. US, 6.13%, 02/01/28 (Call 02/01/25)^(b)		45		44,323
Silgan Holdings Inc., 4.13%, 02/01/28 (Call 09/18/23)		30		27,484
Sonoco Products Co. 1.80%, 02/01/25 (Call 09/11/23)		175		164,897
3.13%, 05/01/30 (Call 02/01/30)		80		69,056
TriMas Corp., 4.13%, 04/15/29 (Call 04/15/24)^(b)		25		21,835
Trivium Packaging Finance BV 5.50%, 08/15/26 (Call 10/02/23)^(b)		60		56,681
8.50%, 08/15/27 (Call 09/11/23)^(b)		45		42,805
WRKCo Inc. 3.00%, 09/15/24 (Call 07/15/24)		20		19,367
3.00%, 06/15/33 (Call 03/15/33)^(c)		50		40,486
3.38%, 09/15/27 (Call 06/15/27)		10		9,222
3.75%, 03/15/25 (Call 01/15/25)		30		29,106
3.90%, 06/01/28 (Call 03/01/28)		20		18,562


Security	Par (000)		Value

Packaging & Containers (continued)
4.00%, 03/15/28 (Call 12/15/27)	$	50	$	46,655
4.20%, 06/01/32 (Call 03/01/32)		20		18,223
4.65%, 03/15/26 (Call 01/15/26)		165		160,515
4.90%, 03/15/29 (Call 12/15/28)		40		38,514


				1,710,881

Pharmaceuticals — 0.4%
180 Medical Inc., 3.88%, 10/15/29 (Call 10/07/24)^(b)		35		30,378
AdaptHealth LLC 4.63%, 08/01/29 (Call 02/01/24)^(b)		20		16,346
5.13%, 03/01/30 (Call 03/01/25)^(b)		35		29,020
6.13%, 08/01/28 (Call 09/11/23)^(b)(c)		25		22,623
Bausch Health Americas Inc. 8.50%, 01/31/27 (Call 10/03/23)^(b)		50		27,813
9.25%, 04/01/26 (Call 10/02/23)^(b)(c)		40		36,196
Bausch Health Companies Inc. 4.88%, 06/01/28 (Call 06/01/24)^(b)		95		56,405
5.00%, 01/30/28 (Call 09/18/23)^(b)		25		11,145
5.00%, 02/15/29 (Call 02/15/24)^(b)(c)		25		10,595
5.25%, 01/30/30 (Call 01/30/25)^(b)		50		21,120
5.25%, 02/15/31 (Call 02/15/26)^(b)		45		19,067
5.50%, 11/01/25 (Call 10/03/23)^(b)		100		89,954
6.13%, 02/01/27 (Call 02/01/24)^(b)		70		46,039
6.25%, 02/15/29 (Call 02/15/24)^(b)		50		21,882
9.00%, 12/15/25 (Call 10/03/23)^(b)(c)		55		50,371
11.00%, 09/30/28^(b)		100		71,569
14.00%, 10/15/30 (Call 10/15/25)^(b)		10		6,026
Elanco Animal Health Inc., 6.65%, 08/28/28 (Call 05/28/28)^(c)		45		44,584
Eli Lilly & Co. 2.25%, 05/15/50 (Call 11/15/49)		50		30,796
2.50%, 09/15/60 (Call 03/15/60)		5		2,975
2.75%, 06/01/25 (Call 03/01/25)		120		115,280
3.38%, 03/15/29 (Call 12/15/28)		106		99,126
3.95%, 05/15/47 (Call 11/15/46)		65		55,944
3.95%, 03/15/49 (Call 09/15/48)		35		30,107
4.15%, 03/15/59 (Call 09/15/58)		50		42,464
4.88%, 02/27/53 (Call 08/27/52)		110		108,134
4.95%, 02/27/63 (Call 08/27/62)		15		14,648
EMD Finance LLC, 3.25%, 03/19/25 (Call 12/19/24)^(b)		170		163,800
Grifols Escrow Issuer SA, 4.75%, 10/15/28
(Call 10/15/24)^(b)		45		39,498
Herbalife Nutrition Ltd./HLF Financing Inc., 7.88%, 09/01/25 (Call 10/02/23)^(b)		10		9,619
HLF Financing Sarl LLC/Herbalife International Inc., 4.88%, 06/01/29 (Call 06/01/24)^(b)		35		26,190
Horizon Therapeutics USA Inc., 5.50%, 08/01/27 (Call 10/18/23)^(b)		35		35,814
Jazz Securities DAC, 4.38%, 01/15/29 (Call 07/15/24)^(b)		85		76,299
Option Care Health Inc., 4.38%, 10/31/29
(Call 10/31/24)^(b)		30		26,443
Organon & Co./Organon Foreign Debt Co.-Issuer BV 4.13%, 04/30/28 (Call 04/30/24)^(b)		120		108,560
5.13%, 04/30/31 (Call 04/30/26)^(b)		115		97,878
Owens & Minor Inc. 4.38%, 12/15/24 (Call 09/15/24)		15		14,698
4.50%, 03/31/29 (Call 03/31/24)^(b)		30		25,430
6.63%, 04/01/30 (Call 04/01/25)^(b)(c)		35		31,835
Perrigo Finance Unlimited Co. 3.90%, 12/15/24 (Call 09/15/24)		45		43,478
4.38%, 03/15/26 (Call 12/15/25)		40		38,070


Security	Par (000)		Value

Pharmaceuticals (continued)
4.65%, 06/15/30 (Call 03/15/30)	$	40	$	35,452
4.90%, 12/15/44 (Call 06/15/44)		20		15,224
Zoetis Inc. 3.00%, 09/12/27 (Call 06/12/27)		30		27,897
3.00%, 05/15/50 (Call 11/15/49)		50		34,006
3.90%, 08/20/28 (Call 05/20/28)		30		28,677
3.95%, 09/12/47 (Call 03/12/47)		33		26,373
4.45%, 08/20/48 (Call 02/20/48)		20		17,266
4.50%, 11/13/25 (Call 08/13/25)		60		59,056
4.70%, 02/01/43 (Call 08/01/42)		79		71,418


				2,163,588

Private Equity — 0.0%
Carlyle Finance LLC, 5.65%, 09/15/48 (Call 03/15/48)^(b)		35		30,210
Carlyle Finance Subsidiary LLC, 3.50%, 09/19/29
(Call 06/19/29)^(b)		40		36,050
Carlyle Holdings II Finance LLC, 5.63%, 03/30/43^(b)		35		30,306


				96,566

Real Estate — 0.3%
Anywhere Real Estate Group LLC/Anywhere Co.-Issuer Corp., 7.00%, 04/15/30 (Call 04/15/25)^(b)		79		71,641
CBRE Services Inc. 2.50%, 04/01/31 (Call 01/01/31)		25		20,053
4.88%, 03/01/26 (Call 12/01/25)		55		53,787
China Resources Land Ltd., 3.75%, (Call 12/09/24),
(5-year CMT + 5.139%)^(a)(e)(f)		200		190,856
Corp Inmobiliaria Vesta SAB de CV, 3.63%, 05/13/31 (Call 02/13/31)^(e)		200		164,394
Cushman & Wakefield U.S. Borrower, LLC, 6.75%, 05/15/28 (Call 10/02/23)^(b)		40		38,103
Cushman and Wakefield U.S. Borrower LLC, 8.88%, 09/01/31^(b)		7		7,063
Hongkong Land Finance Cayman Islands Co. Ltd. (The), 2.88%, 05/27/30 (Call 02/27/30)^(e)		200		172,592
Howard Hughes Corp. (The) 4.13%, 02/01/29 (Call 02/01/24)^(b)		40		32,842
4.38%, 02/01/31 (Call 02/01/26)^(b)		35		27,907
5.38%, 08/01/28 (Call 10/02/23)^(b)		40		36,118
Hysan MTN Ltd., 2.88%, 06/02/27 (Call 03/02/27)^(e)		200		181,038
Kennedy-Wilson Inc. 4.75%, 03/01/29 (Call 03/01/24)		40		32,146
4.75%, 02/01/30 (Call 09/01/24)		30		23,070
5.00%, 03/01/31 (Call 03/01/26)		35		26,592
MAF Sukuk Ltd., 3.93%, 02/28/30^(e)		200		185,138
Realogy Group LLC/Realogy Co-Issuer Corp. 5.25%, 04/15/30 (Call 04/15/25)^(b)		3		2,095
5.75%, 01/15/29 (Call 01/15/24)^(b)		3		2,148
Sun Hung Kai Properties Capital Market Ltd., 2.75%, 05/13/30 (Call 02/13/30)^(e)		200		171,142
Swire Properties MTN Financing Ltd., 3.50%, 01/10/28^(e)		200		186,242
Vanke Real Estate Hong Kong Co. Ltd., 3.50%, 11/12/29^(e)		200		134,220
Wharf REIC Finance BVI Ltd., 2.38%, 05/07/25^(e)		200		188,552


				1,947,739

Real Estate Investment Trusts — 2.3%
Alexandria Real Estate Equities Inc. 2.00%, 05/18/32 (Call 02/18/32)		50		37,874
2.75%, 12/15/29 (Call 09/15/29)		15		12,712
2.95%, 03/15/34 (Call 12/15/33)		115		91,040
3.00%, 05/18/51 (Call 11/18/50)		82		49,474


Security	Par (000)		Value

Real Estate Investment Trusts (continued)
3.38%, 08/15/31 (Call 05/15/31)	$	105	$	90,524
3.45%, 04/30/25 (Call 02/28/25)		150		144,742
3.55%, 03/15/52 (Call 09/15/51)		20		13,650
3.80%, 04/15/26 (Call 02/15/26)		90		86,364
3.95%, 01/15/27 (Call 10/15/26)		28		26,503
4.00%, 02/01/50 (Call 08/01/49)		40		29,835
4.30%, 01/15/26 (Call 10/15/25)		110		106,482
4.50%, 07/30/29 (Call 04/30/29)		50		47,322
4.70%, 07/01/30 (Call 04/01/30)		40		37,867
4.85%, 04/15/49 (Call 10/15/48)		15		12,299
4.90%, 12/15/30 (Call 09/15/30)		81		78,369
American Homes 4 Rent LP, 3.63%, 04/15/32
(Call 01/15/32)		100		85,564
American Tower Corp. 1.30%, 09/15/25 (Call 08/15/25)		10		9,172
1.45%, 09/15/26 (Call 08/15/26)		35		31,003
1.50%, 01/31/28 (Call 11/30/27)		90		75,553
1.60%, 04/15/26 (Call 03/15/26)		30		27,103
1.88%, 10/15/30 (Call 07/15/30)		60		46,702
2.10%, 06/15/30 (Call 03/15/30)		59		47,136
2.30%, 09/15/31 (Call 06/15/31)		60		46,936
2.40%, 03/15/25 (Call 02/15/25)		85		80,747
2.70%, 04/15/31 (Call 01/15/31)		45		36,765
2.75%, 01/15/27 (Call 11/15/26)		49		44,776
2.90%, 01/15/30 (Call 10/15/29)		55		46,885
2.95%, 01/15/25 (Call 12/15/24)		35		33,657
2.95%, 01/15/51 (Call 07/15/50)		80		48,338
3.10%, 06/15/50 (Call 12/15/49)		40		24,972
3.13%, 01/15/27 (Call 10/15/26)		44		40,538
3.38%, 10/15/26 (Call 07/15/26)		84		78,727
3.55%, 07/15/27 (Call 04/15/27)		64		59,332
3.60%, 01/15/28 (Call 10/15/27)		54		49,811
3.70%, 10/15/49 (Call 04/15/49)		47		32,742
3.80%, 08/15/29 (Call 05/15/29)		86		78,178
3.95%, 03/15/29 (Call 12/15/28)		71		65,344
4.00%, 06/01/25 (Call 03/01/25)		39		37,817
4.40%, 02/15/26 (Call 11/15/25)		55		53,502
5.65%, 03/15/33 (Call 12/15/32)		85		84,668
AvalonBay Communities Inc. 2.05%, 01/15/32 (Call 10/15/31)		75		60,120
2.45%, 01/15/31 (Call 10/17/30)		100		83,115
3.35%, 05/15/27 (Call 02/15/27)		50		46,761
3.90%, 10/15/46 (Call 04/15/46)		40		30,379
4.15%, 07/01/47 (Call 01/01/47)		25		19,969
Boston Properties LP 2.45%, 10/01/33 (Call 07/01/33)		50		35,417
2.55%, 04/01/32 (Call 01/01/32)		60		44,943
2.75%, 10/01/26 (Call 07/01/26)		115		103,746
2.90%, 03/15/30 (Call 12/15/29)		50		40,678
3.25%, 01/30/31 (Call 10/30/30)		90		73,277
3.40%, 06/21/29 (Call 03/21/29)		70		59,944
3.65%, 02/01/26 (Call 11/03/25)		181		170,542
4.50%, 12/01/28 (Call 09/01/28)		45		41,531
Brandywine Operating Partnership LP 3.95%, 11/15/27 (Call 08/15/27)		75		61,759
4.55%, 10/01/29 (Call 07/01/29)		30		23,558
Brixmor Operating Partnership LP 2.25%, 04/01/28 (Call 02/01/28)		48		40,902
2.50%, 08/16/31 (Call 05/16/31)		20		15,722
3.85%, 02/01/25 (Call 11/01/24)		40		38,580


Security	Par (000)		Value

Real Estate Investment Trusts (continued)
3.90%, 03/15/27 (Call 12/15/26)	$	60	$	55,763
4.05%, 07/01/30 (Call 04/01/30)		55		49,736
4.13%, 06/15/26 (Call 03/15/26)		57		54,009
4.13%, 05/15/29 (Call 02/15/29)		25		22,744
Brookfield Property REIT Inc./BPR Cumulus LLC/BPR
Nimbus LLC/GGSI Sellco LL 4.50%, 04/01/27 (Call 10/02/23)^(b)		45		37,566
5.75%, 05/15/26 (Call 09/11/23)^(b)		55		50,473
Camden Property Trust 2.80%, 05/15/30 (Call 02/15/30)		31		26,908
3.15%, 07/01/29 (Call 04/01/29)		29		26,058
3.35%, 11/01/49 (Call 05/01/49)		25		17,684
4.10%, 10/15/28 (Call 07/15/28)		20		19,037
Corporate Office Properties LP 2.00%, 01/15/29 (Call 11/15/28)		30		23,653
2.25%, 03/15/26 (Call 02/15/26)		93		83,986
2.75%, 04/15/31 (Call 01/15/31)		35		26,974
2.90%, 12/01/33 (Call 09/01/33)		20		14,440
Crown Castle Inc. 2.90%, 04/01/41 (Call 10/01/40)		132		88,914
3.25%, 01/15/51 (Call 07/15/50)		53		34,455
Crown Castle International Corp. 1.05%, 07/15/26 (Call 06/15/26)		50		44,109
1.35%, 07/15/25 (Call 06/15/25)		70		64,636
2.10%, 04/01/31 (Call 01/01/31)		101		79,563
2.25%, 01/15/31 (Call 10/15/30)		67		53,747
2.50%, 07/15/31 (Call 04/15/31)		81		65,307
2.90%, 03/15/27 (Call 02/15/27)		10		9,182
3.10%, 11/15/29 (Call 08/15/29)		55		47,856
3.20%, 09/01/24 (Call 07/01/24)		50		48,681
3.30%, 07/01/30 (Call 04/01/30)		77		66,931
3.65%, 09/01/27 (Call 06/01/27)		99		92,240
3.70%, 06/15/26 (Call 03/15/26)		115		109,528
3.80%, 02/15/28 (Call 11/15/27)		55		51,176
4.00%, 03/01/27 (Call 12/01/26)		25		23,742
4.00%, 11/15/49 (Call 05/15/49)		28		20,659
4.15%, 07/01/50 (Call 01/01/50)		40		30,216
4.30%, 02/15/29 (Call 11/15/28)		52		48,869
4.45%, 02/15/26 (Call 11/15/25)		72		70,146
Digital Realty Trust LP 3.60%, 07/01/29 (Call 04/01/29)		85		76,521
3.70%, 08/15/27 (Call 05/15/27)		230		214,466
4.45%, 07/15/28 (Call 04/15/28)		65		61,542
Equinix Inc. 1.00%, 09/15/25 (Call 08/15/25)		40		36,486
1.25%, 07/15/25 (Call 06/15/25)		84		77,478
1.55%, 03/15/28 (Call 01/15/28)		55		46,489
1.80%, 07/15/27 (Call 05/15/27)		60		52,425
2.00%, 05/15/28 (Call 03/15/28)		35		29,895
2.15%, 07/15/30 (Call 04/15/30)		114		91,958
2.50%, 05/15/31 (Call 02/15/31)		20		16,221
2.90%, 11/18/26 (Call 09/18/26)		69		63,853
2.95%, 09/15/51 (Call 03/15/51)		45		27,811
3.00%, 07/15/50 (Call 01/15/50)		55		34,530
3.20%, 11/18/29 (Call 08/18/29)		55		48,220
3.40%, 02/15/52 (Call 08/15/51)		15		10,133
3.90%, 04/15/32 (Call 01/15/32)		5		4,449
Federal Realty Investment Trust 1.25%, 02/15/26 (Call 01/15/26)		25		22,521
3.20%, 06/15/29 (Call 03/15/29)		50		43,149


Security	Par (000)		Value

Real Estate Investment Trusts (continued)
3.25%, 07/15/27 (Call 04/15/27)	$	15	$	13,789
3.50%, 06/01/30 (Call 03/01/30)		50		43,722
4.50%, 12/01/44 (Call 06/01/44)		20		15,479
Goodman U.S. Finance Three LLC, 3.70%, 03/15/28 (Call 12/15/27)^(b)(c)		45		40,893
HAT Holdings I LLC/HAT Holdings II LLC 3.38%, 06/15/26 (Call 03/15/26)^(b)		60		53,945
3.75%, 09/15/30^(b)(c)		25		19,840
6.00%, 04/15/25 (Call 10/02/23)^(b)(c)		25		24,612
Healthpeak Properties Inc. 1.35%, 02/01/27 (Call 01/01/27)		35		30,709
2.88%, 01/15/31 (Call 10/15/30)		61		51,073
3.00%, 01/15/30 (Call 10/15/29)		50		43,320
3.25%, 07/15/26 (Call 05/15/26)		40		37,831
4.00%, 06/01/25 (Call 03/01/25)		25		24,328
6.75%, 02/01/41 (Call 08/01/40)		39		40,743
Healthpeak Properties Interim Inc., 5.25%, 12/15/32 (Call 09/15/32)		30		29,013
Host Hotels & Resorts LP
Series F, 4.50%, 02/01/26 (Call 11/01/25)		97		93,559
Series H, 3.38%, 12/15/29 (Call 09/15/29)		82		69,950
Series I, 3.50%, 09/15/30 (Call 06/15/30)		52		44,360
Series J, 2.90%, 12/15/31 (Call 09/15/31)		15		11,822
Hudson Pacific Properties LP 3.25%, 01/15/30 (Call 10/15/29)		45		30,557
4.65%, 04/01/29 (Call 01/01/29)^(c)		30		22,875
Invitation Homes Operating Partnership LP 4.15%, 04/15/32 (Call 01/15/32)		160		142,355
5.50%, 08/15/33		10		9,685
Iron Mountain Inc. 4.50%, 02/15/31 (Call 02/15/26)^(b)		65		55,763
4.88%, 09/15/27 (Call 09/11/23)^(b)		57		53,646
4.88%, 09/15/29 (Call 09/15/24)^(b)		55		49,732
5.00%, 07/15/28 (Call 09/11/23)^(b)		30		27,754
5.25%, 03/15/28 (Call 09/11/23)^(b)		45		42,196
5.25%, 07/15/30 (Call 07/15/25)^(b)		75		67,667
5.63%, 07/15/32 (Call 07/15/26)^(b)		30		26,915
7.00%, 02/15/29^(b)		60		59,844
Iron Mountain Information Management Services Inc., 5.00%, 07/15/32 (Call 07/15/27)^(b)		40		34,517
Kilroy Realty LP 2.50%, 11/15/32 (Call 08/15/32)		40		28,197
2.65%, 11/15/33 (Call 08/15/33)		20		13,888
3.05%, 02/15/30 (Call 11/15/29)		15		11,984
4.25%, 08/15/29 (Call 05/15/29)		50		43,275
4.38%, 10/01/25 (Call 07/01/25)		40		38,114
4.75%, 12/15/28 (Call 09/15/28)		30		27,017
Kimco Realty Corp. 1.90%, 03/01/28 (Call 01/01/28)		20		16,941
2.70%, 10/01/30 (Call 07/01/30)		75		61,834
2.80%, 10/01/26 (Call 07/01/26)		19		17,476
3.80%, 04/01/27 (Call 01/01/27)		25		23,397
4.13%, 12/01/46 (Call 06/01/46)		30		21,940
4.25%, 04/01/45 (Call 10/01/44)		30		23,051
4.60%, 02/01/33 (Call 11/01/32)		145		133,090
MPT Operating Partnership LP/MPT Finance Corp. 3.50%, 03/15/31 (Call 03/15/26)		70		45,357
4.63%, 08/01/29 (Call 08/01/24)^(c)		55		39,750
5.00%, 10/15/27 (Call 10/02/23)		80		63,267
5.25%, 08/01/26 (Call 10/02/23)^(c)		30		25,509


Security	Par (000)		Value

Real Estate Investment Trusts (continued)
NNN REIT Inc., 3.50%, 04/15/51 (Call 10/15/50)	$	75	$	50,503
Omega Healthcare Investors Inc. 3.25%, 04/15/33 (Call 01/15/33)		50		37,333
3.38%, 02/01/31 (Call 11/01/30)		62		49,986
4.75%, 01/15/28 (Call 10/15/27)		50		46,974
Park Intermediate Holdings LLC/PK Domestic
Property LLC/PK Finance Co-Issuer 4.88%, 05/15/29 (Call 05/15/24)^(b)		45		39,163
5.88%, 10/01/28 (Call 10/02/23)^(b)		40		37,041
7.50%, 06/01/25 (Call 10/02/23)^(b)		35		35,132
Physicians Realty LP 2.63%, 11/01/31 (Call 08/01/31)		30		23,288
3.95%, 01/15/28 (Call 10/15/27)		10		9,166
4.30%, 03/15/27 (Call 12/15/26)		20		19,138
Piedmont Operating Partnership LP, 3.15%, 08/15/30
(Call 05/15/30)		15		10,831
Prologis LP 1.25%, 10/15/30 (Call 07/15/30)		35		26,917
1.63%, 03/15/31 (Call 12/15/30)		80		62,138
1.75%, 07/01/30 (Call 04/01/30)		44		35,160
2.13%, 04/15/27 (Call 02/15/27)		51		45,965
2.13%, 10/15/50 (Call 04/15/50)		42		22,782
2.25%, 04/15/30 (Call 01/15/30)		119		99,867
2.88%, 11/15/29 (Call 08/15/29)		24		21,029
3.00%, 04/15/50 (Call 10/15/49)		27		17,747
3.05%, 03/01/50 (Call 09/01/49)		27		17,865
3.25%, 06/30/26 (Call 03/30/26)		95		90,083
3.25%, 10/01/26 (Call 07/01/26)		55		51,968
3.38%, 12/15/27 (Call 09/15/27)		15		13,991
3.88%, 09/15/28 (Call 06/15/28)		50		47,252
4.00%, 09/15/28 (Call 06/15/28)		26		24,736
4.38%, 09/15/48 (Call 03/15/48)		35		28,977
4.63%, 01/15/33 (Call 10/15/32)		35		33,570
4.75%, 06/15/33 (Call 03/15/33)		50		47,917
5.13%, 01/15/34		45		44,251
5.25%, 06/15/53 (Call 12/15/52)		40		38,098
Public Storage Operating Co. 2.30%, 05/01/31 (Call 02/01/31)		150		123,301
5.35%, 08/01/53		65		63,328
Realty Income Corp. 0.75%, 03/15/26 (Call 02/15/26)		10		8,883
2.20%, 06/15/28 (Call 04/15/28)		50		43,402
3.00%, 01/15/27 (Call 10/15/26)		30		27,869
3.10%, 12/15/29 (Call 09/15/29)		110		97,226
3.25%, 01/15/31 (Call 10/15/30)		142		122,621
3.65%, 01/15/28 (Call 10/15/27)		45		42,114
3.88%, 04/15/25 (Call 02/15/25)		15		14,609
3.95%, 08/15/27 (Call 05/15/27)		45		42,910
4.13%, 10/15/26 (Call 07/15/26)		35		33,812
4.63%, 11/01/25 (Call 09/01/25)		30		29,523
4.65%, 03/15/47 (Call 09/15/46)		75		65,175
5.63%, 10/13/32 (Call 07/13/32)		60		59,963
Regency Centers LP 3.60%, 02/01/27 (Call 11/01/26)		95		89,576
3.70%, 06/15/30 (Call 03/15/30)		40		35,831
4.40%, 02/01/47 (Call 08/01/46)		25		19,547
4.65%, 03/15/49 (Call 09/15/48)		35		28,380
RHP Hotel Properties LP/RHP Finance Corp. 4.50%, 02/15/29 (Call 02/15/24)^(b)		35		30,725
4.75%, 10/15/27 (Call 10/02/23)		40		37,220


Security	Par (000)		Value

Real Estate Investment Trusts (continued)
7.25%, 07/15/28^(b)	$	25	$	25,172
SBA Communications Corp. 3.13%, 02/01/29 (Call 02/01/24)		85		72,766
3.88%, 02/15/27 (Call 09/11/23)		85		78,630
Scentre Group Trust 1/Scentre Group Trust 2 3.25%, 10/28/25 (Call 07/30/25)^(b)		45		42,609
3.50%, 02/12/25 (Call 11/14/24)^(b)		125		120,727
3.63%, 01/28/26 (Call 12/28/25)^(b)		90		85,873
3.75%, 03/23/27 (Call 12/23/26)^(b)		30		28,207
4.38%, 05/28/30 (Call 02/28/30)^(b)		60		55,810
Scentre Group Trust 2, 5.13%, 09/24/80 (Call 06/24/30),
(5-year CMT + 4.685%)^(a)(b)		35		29,476
Simon Property Group LP 1.75%, 02/01/28 (Call 11/01/27)		65		55,832
2.45%, 09/13/29 (Call 06/13/29)		282		238,727
2.65%, 07/15/30 (Call 04/15/30)		55		46,278
3.25%, 11/30/26 (Call 08/30/26)		25		23,450
3.25%, 09/13/49 (Call 03/13/49)		70		45,736
3.30%, 01/15/26 (Call 10/15/25)		405		386,099
3.38%, 12/01/27 (Call 09/01/27)		45		41,645
3.80%, 07/15/50 (Call 01/15/50)		105		75,734
6.75%, 02/01/40 (Call 11/01/39)		80		85,926
Starwood Property Trust Inc. 3.63%, 07/15/26 (Call 01/15/26)^(b)		25		22,370
3.75%, 12/31/24 (Call 09/30/24)^(b)		25		23,995
4.38%, 01/15/27 (Call 07/15/26)^(b)		30		26,782
4.75%, 03/15/25 (Call 09/15/24)		30		29,150
STORE Capital Corp., 2.70%, 12/01/31 (Call 09/01/31)		50		35,072
Uniti Group LP/Uniti Fiber Holdings Inc./CSL Capital LLC, 6.00%, 01/15/30 (Call 01/15/25)^(b)(c)		40		26,412
Uniti Group LP/Uniti Group Finance Inc./CSL Capital LLC 4.75%, 04/15/28 (Call 04/15/24)^(b)		35		29,481
6.50%, 02/15/29 (Call 02/15/24)^(b)		60		40,948
10.50%, 02/15/28 (Call 09/15/25)^(b)		145		144,796
Ventas Realty LP 3.00%, 01/15/30 (Call 10/15/29)		25		21,300
3.25%, 10/15/26 (Call 07/15/26)		35		32,340
3.85%, 04/01/27 (Call 01/01/27)		47		44,121
4.00%, 03/01/28 (Call 12/01/27)		27		25,093
4.13%, 01/15/26 (Call 10/15/25)		60		57,738
4.38%, 02/01/45 (Call 08/01/44)		45		34,531
4.40%, 01/15/29 (Call 10/15/28)		37		34,747
4.75%, 11/15/30 (Call 08/15/30)		12		11,256
4.88%, 04/15/49 (Call 10/15/48)		37		30,339
5.70%, 09/30/43 (Call 03/30/43)		30		27,538
VICI Properties LP 4.38%, 05/15/25		30		29,171
4.75%, 02/15/28 (Call 01/15/28)		140		133,260
4.95%, 02/15/30 (Call 12/15/29)		10		9,404
5.13%, 05/15/32 (Call 02/15/32)		115		106,615
5.63%, 05/15/52 (Call 11/15/51)		40		35,239
VICI Properties LP/VICI Note Co. Inc. 3.50%, 02/15/25 (Call 10/02/23)^(b)		55		52,785
3.75%, 02/15/27 (Call 10/02/23)^(b)		115		105,675
4.13%, 08/15/30 (Call 02/15/25)^(b)		45		39,354
4.25%, 12/01/26 (Call 10/02/23)^(b)		110		103,674
4.50%, 01/15/28 (Call 10/15/27)^(b)		30		27,894
4.63%, 12/01/29 (Call 12/01/24)^(b)		130		117,853
WEA Finance LLC 2.88%, 01/15/27 (Call 11/15/26)^(b)		85		73,810


Security	Par (000)		Value

Real Estate Investment Trusts (continued)
3.50%, 06/15/29 (Call 03/15/29)^(b)	$	55	$	45,052
4.13%, 09/20/28 (Call 06/20/28)^(b)		40		34,404
4.63%, 09/20/48 (Call 03/20/48)^(b)		45		29,215
WEA Finance LLC/Westfield UK & Europe Finance PLC, 4.75%, 09/17/44 (Call 03/17/44)^(b)		10		6,829
Welltower Inc. 2.75%, 01/15/32 (Call 10/15/31)		30		24,241
4.00%, 06/01/25 (Call 03/01/25)		205		198,791
6.50%, 03/15/41 (Call 09/15/40)		55		56,420
Welltower OP LLC 2.05%, 01/15/29 (Call 11/15/28)		50		41,893
2.75%, 01/15/31 (Call 10/15/30)		60		49,508
2.80%, 06/01/31 (Call 03/01/31)		40		32,959
4.13%, 03/15/29 (Call 12/15/28)		60		55,748
4.25%, 04/15/28 (Call 01/15/28)		35		33,113
4.95%, 09/01/48 (Call 03/01/48)		25		21,757
WP Carey Inc. 2.25%, 04/01/33 (Call 01/01/33)		90		67,000
2.40%, 02/01/31 (Call 11/01/30)		30		23,974
3.85%, 07/15/29 (Call 04/15/29)		20		18,016
4.00%, 02/01/25 (Call 11/01/24)		25		24,348
4.25%, 10/01/26 (Call 07/01/26)		70		67,299
XHR LP 4.88%, 06/01/29 (Call 06/01/24)^(b)		30		26,060
6.38%, 08/15/25 (Call 09/11/23)^(b)		30		29,675


				13,688,309

Retail — 1.2%
Advance Auto Parts Inc. 1.75%, 10/01/27 (Call 08/01/27)		92		77,624
3.50%, 03/15/32 (Call 12/15/31)^(c)		20		16,084
3.90%, 04/15/30 (Call 01/15/30)^(c)		62		53,629
Asbury Automotive Group Inc. 4.50%, 03/01/28 (Call 09/11/23)		20		18,305
4.63%, 11/15/29 (Call 11/15/24)^(b)(c)		47		41,522
4.75%, 03/01/30 (Call 03/01/25)		25		21,926
5.00%, 02/15/32 (Call 11/15/26)^(b)		35		30,088
AutoNation Inc. 2.40%, 08/01/31 (Call 05/01/31)		80		61,535
3.50%, 11/15/24 (Call 09/15/24)		72		69,731
3.80%, 11/15/27 (Call 08/15/27)		45		41,494
4.50%, 10/01/25 (Call 07/01/25)		15		14,533
4.75%, 06/01/30 (Call 03/01/30)		55		51,176
AutoZone Inc. 4.00%, 04/15/30 (Call 01/15/30)		20		18,513
4.75%, 08/01/32 (Call 05/01/32)		100		95,638
4.75%, 02/01/33 (Call 11/01/32)		30		28,419
Bath & Body Works Inc. 5.25%, 02/01/28		50		47,962
6.63%, 10/01/30 (Call 10/01/25)^(b)		50		48,888
6.75%, 07/01/36		50		46,094
6.88%, 11/01/35		60		56,097
Beacon Roofing Supply Inc. 4.13%, 05/15/29 (Call 05/15/24)^(b)		20		17,258
4.50%, 11/15/26 (Call 10/02/23)^(b)		15		14,117
6.50%, 08/01/30 (Call 08/01/26)^(b)		35		34,604
Best Buy Co. Inc., 4.45%, 10/01/28 (Call 07/01/28)^(c)		45		43,522
Bloomin’ Brands Inc./OSI Restaurant Partners LLC, 5.13%, 04/15/29 (Call 04/15/24)^(b)(c)		15		13,601
BlueLinx Holdings Inc., 6.00%, 11/15/29
(Call 11/15/24)^(b)(c)		20		17,857


Security	Par (000)		Value

Retail (continued)
Brinker International Inc. 5.00%, 10/01/24 (Call 07/01/24)^(b)	$	25	$	24,607
8.25%, 07/15/30^(b)(c)		20		19,650
Dave & Buster’s Inc., 7.63%, 11/01/25 (Call 10/02/23)^(b)		31		31,332
Dollar General Corp. 3.50%, 04/03/30 (Call 01/03/30)^(c)		30		26,643
3.88%, 04/15/27 (Call 01/15/27)		45		42,947
4.13%, 05/01/28 (Call 02/01/28)		35		33,274
4.13%, 04/03/50 (Call 10/03/49)		85		62,831
4.15%, 11/01/25 (Call 08/01/25)		25		24,312
4.63%, 11/01/27 (Call 10/01/27)		45		43,866
Dollar Tree Inc. 2.65%, 12/01/31 (Call 09/01/31)		15		12,096
3.38%, 12/01/51 (Call 06/01/51)		40		25,874
4.00%, 05/15/25 (Call 03/15/25)		25		24,261
4.20%, 05/15/28 (Call 02/15/28)		80		75,865
Falabella SA, 3.75%, 10/30/27 (Call 07/30/27)^(e)		200		176,778
Foot Locker Inc., 4.00%, 10/01/29 (Call 10/01/24)^(b)(c)		25		18,807
Genuine Parts Co. 1.75%, 02/01/25 (Call 09/11/23)		25		23,630
1.88%, 11/01/30 (Call 08/01/30)		25		19,587
Group 1 Automotive Inc., 4.00%, 08/15/28
(Call 10/02/23)^(b)		42		37,284
GYP Holdings III Corp., 4.63%, 05/01/29
(Call 05/01/24)^(b)(c)		20		17,619
Home Depot Inc. (The) 0.90%, 03/15/28 (Call 01/15/28)		140		118,107
1.38%, 03/15/31 (Call 12/15/30)		95		74,304
1.50%, 09/15/28 (Call 07/15/28)		75		64,023
1.88%, 09/15/31 (Call 06/15/31)		20		16,082
2.38%, 03/15/51 (Call 09/15/50)		135		80,124
2.70%, 04/15/30 (Call 01/15/30)		114		100,175
2.75%, 09/15/51 (Call 03/15/51)		45		28,935
2.88%, 04/15/27 (Call 03/15/27)		60		56,252
2.95%, 06/15/29 (Call 03/15/29)		110		99,927
3.13%, 12/15/49 (Call 06/15/49)		117		81,970
3.25%, 04/15/32 (Call 01/15/32)		30		26,646
3.30%, 04/15/40 (Call 10/15/39)		135		106,572
3.35%, 09/15/25 (Call 06/15/25)		90		86,939
3.35%, 04/15/50 (Call 10/15/49)		122		89,020
3.50%, 09/15/56 (Call 03/15/56)		45		32,955
3.63%, 04/15/52 (Call 10/15/51)		25		19,023
3.90%, 12/06/28 (Call 09/06/28)		115		110,551
3.90%, 06/15/47 (Call 12/15/46)		110		89,320
4.20%, 04/01/43 (Call 10/01/42)		15		13,107
4.40%, 03/15/45 (Call 09/15/44)		82		71,767
4.50%, 12/06/48 (Call 06/06/48)		105		93,867
4.88%, 02/15/44 (Call 08/15/43)		100		94,646
5.40%, 09/15/40 (Call 03/15/40)		74		74,417
5.88%, 12/16/36		204		218,866
5.95%, 04/01/41 (Call 10/01/40)		50		53,649
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, 4.75%, 06/01/27 (Call 10/02/23)^(b)		45		43,451
Lithia Motors Inc. 3.88%, 06/01/29 (Call 06/01/24)^(b)		45		38,737
4.38%, 01/15/31 (Call 10/15/25)^(b)		35		29,855
4.63%, 12/15/27 (Call 10/02/23)^(b)		25		23,190
Lowe’s Companies Inc. 1.30%, 04/15/28 (Call 02/15/28)		20		16,905
1.70%, 09/15/28 (Call 07/15/28)		125		106,444


Security	Par (000)		Value

Retail (continued)
1.70%, 10/15/30 (Call 07/15/30)	$	100	$	79,385
2.50%, 04/15/26 (Call 01/15/26)		60		56,054
2.63%, 04/01/31 (Call 01/01/31)		120		100,555
2.80%, 09/15/41 (Call 03/15/41)		15		10,290
3.00%, 10/15/50 (Call 04/15/50)		125		79,090
3.10%, 05/03/27 (Call 02/03/27)		140		130,341
3.13%, 09/15/24 (Call 06/15/24)		50		48,797
3.35%, 04/01/27 (Call 03/01/27)		30		28,226
3.38%, 09/15/25 (Call 06/15/25)		95		91,192
3.50%, 04/01/51 (Call 10/01/50)		80		55,404
3.65%, 04/05/29 (Call 01/05/29)		85		78,923
3.70%, 04/15/46 (Call 10/15/45)		55		41,123
3.75%, 04/01/32 (Call 01/01/32)		160		143,378
4.00%, 04/15/25 (Call 03/15/25)		210		205,275
4.05%, 05/03/47 (Call 11/03/46)		125		97,536
4.25%, 04/01/52 (Call 10/01/51)		75		59,162
4.38%, 09/15/45 (Call 03/15/45)		5		4,104
4.45%, 04/01/62 (Call 10/01/61)		100		78,016
4.50%, 04/15/30 (Call 01/15/30)		55		52,952
4.55%, 04/05/49 (Call 10/05/48)		10		8,390
4.65%, 04/15/42 (Call 10/15/41)		50		43,737
5.00%, 04/15/40 (Call 10/15/39)		30		27,723
5.13%, 04/15/50 (Call 10/15/49)		60		54,869
5.50%, 10/15/35		56		56,341
5.63%, 04/15/53 (Call 10/15/52)		55		53,391
5.80%, 09/15/62 (Call 03/15/62)		70		67,607
Macy’s Retail Holdings LLC 4.30%, 02/15/43 (Call 08/15/42)		15		8,934
4.50%, 12/15/34 (Call 06/15/34)		20		14,251
5.13%, 01/15/42 (Call 07/15/41)		15		9,967
5.88%, 04/01/29 (Call 04/01/24)^(b)(c)		25		22,645
5.88%, 03/15/30 (Call 03/15/25)^(b)(c)		25		21,883
6.13%, 03/15/32 (Call 03/15/27)^(b)		25		21,402
6.38%, 03/15/37		15		11,622
6.70%, 07/15/34^(b)		10		8,245
Nordstrom Inc. 4.00%, 03/15/27 (Call 12/15/26)^(c)		20		17,602
4.25%, 08/01/31 (Call 05/01/31)^(c)		25		18,825
4.38%, 04/01/30 (Call 01/01/30)		30		23,934
5.00%, 01/15/44 (Call 07/15/43)		55		34,940
6.95%, 03/15/28^(c)		15		14,625
Papa John’s International Inc., 3.88%, 09/15/29 (Call 09/15/24)^(b)		10		8,424
Rite Aid Corp. 7.50%, 07/01/25 (Call 10/02/23)^(b)(c)		30		19,055
8.00%, 11/15/26 (Call 10/02/23)^(b)		45		28,577
Ross Stores Inc. 0.88%, 04/15/26 (Call 03/15/26)		115		102,617
4.60%, 04/15/25 (Call 03/15/25)		30		29,462
Sally Holdings LLC/Sally Capital Inc., 5.63%, 12/01/25 (Call 10/02/23)		45		44,680
Target Corp. 1.95%, 01/15/27 (Call 12/15/26)^(c)		90		82,003
2.25%, 04/15/25 (Call 03/15/25)		135		128,993
2.35%, 02/15/30 (Call 11/15/29)		70		60,247
2.50%, 04/15/26		45		42,619
2.65%, 09/15/30 (Call 06/15/30)		105		91,273
2.95%, 01/15/52 (Call 07/15/51)		25		16,651
3.38%, 04/15/29 (Call 01/15/29)		65		60,759
3.63%, 04/15/46		65		50,959


Security	Par (000)		Value

Retail (continued)
3.90%, 11/15/47 (Call 05/15/47)	$	65	$	53,197
4.00%, 07/01/42		45		39,124
6.50%, 10/15/37		135		150,112
TJX Companies Inc. (The) 1.15%, 05/15/28 (Call 03/15/28)		15		12,744
2.25%, 09/15/26 (Call 06/15/26)		105		96,822
4.50%, 04/15/50 (Call 10/15/49)		40		35,973
Tractor Supply Co., 1.75%, 11/01/30 (Call 08/01/30)		5		3,912
Yum! Brands Inc. 3.63%, 03/15/31 (Call 12/15/30)		57		48,369
4.63%, 01/31/32 (Call 10/01/26)		60		53,620
4.75%, 01/15/30 (Call 10/15/29)^(b)		45		41,471
5.35%, 11/01/43 (Call 05/01/43)		15		13,197
5.38%, 04/01/32 (Call 04/01/27)		55		51,639
6.88%, 11/15/37		20		21,069


				7,249,610

Savings & Loans — 0.1%
Nationwide Building Society 1.00%, 08/28/25^(b)		88		80,157
3.96%, 07/18/30 (Call 07/18/29), (3-mo. LIBOR US + 1.855%)^(a)(b)		20		17,814
4.00%, 09/14/26^(b)		30		27,971
4.30%, 03/08/29 (Call 03/08/28),
(3-mo. LIBOR US + 1.452%)^(a)(b)		240		222,627


				348,569

Semiconductors — 1.5%
ams-OSRAM AG, 7.00%, 07/31/25 (Call 10/02/23)^(b)		30		27,536
Analog Devices Inc. 1.70%, 10/01/28 (Call 08/01/28)		35		30,053
2.10%, 10/01/31 (Call 07/01/31)		60		49,004
2.80%, 10/01/41 (Call 04/01/41)		105		74,490
2.95%, 04/01/25 (Call 03/01/25)		27		26,053
2.95%, 10/01/51 (Call 04/01/51)		58		38,890
3.50%, 12/05/26 (Call 09/05/26)		80		76,602
Applied Materials Inc. 1.75%, 06/01/30 (Call 03/01/30)		60		49,376
2.75%, 06/01/50 (Call 12/01/49)		60		40,839
3.30%, 04/01/27 (Call 01/01/27)		92		87,397
3.90%, 10/01/25 (Call 07/01/25)		154		150,138
4.35%, 04/01/47 (Call 10/01/46)		57		51,261
5.10%, 10/01/35 (Call 04/01/35)		40		40,586
5.85%, 06/15/41		39		41,641
Broadcom Corp./Broadcom Cayman Finance Ltd. 3.50%, 01/15/28 (Call 10/15/27)		20		18,437
3.88%, 01/15/27 (Call 10/15/26)		75		71,244
Broadcom Inc. 2.45%, 02/15/31 (Call 11/15/30)^(b)		200		161,186
2.60%, 02/15/33 (Call 11/15/32)^(b)		80		61,772
3.14%, 11/15/35 (Call 08/15/35)^(b)		210		160,087
3.15%, 11/15/25 (Call 10/15/25)		30		28,534
3.19%, 11/15/36 (Call 08/15/36)^(b)		195		146,562
3.42%, 04/15/33 (Call 01/15/33)^(b)		183		151,368
3.46%, 09/15/26 (Call 07/15/26)		25		23,663
3.47%, 04/15/34 (Call 01/15/34)^(b)		220		179,707
3.50%, 02/15/41 (Call 08/15/40)^(b)		130		95,150
4.00%, 04/15/29 (Call 02/15/29)^(b)		40		36,905
4.15%, 11/15/30 (Call 08/15/30)		190		173,563
4.15%, 04/15/32 (Call 01/15/32)^(b)		70		62,696
4.30%, 11/15/32 (Call 08/15/32)		200		180,728


Security	Par (000)		Value

Semiconductors (continued)
4.93%, 05/15/37 (Call 02/15/37)^(b)	$	120	$	107,942
5.00%, 04/15/30 (Call 01/15/30)		20		19,668
Entegris Escrow Corp. 4.75%, 04/15/29 (Call 01/15/29)^(b)		50		46,516
5.95%, 06/15/30 (Call 06/15/25)^(b)		55		52,669
Entegris Inc. 3.63%, 05/01/29 (Call 05/01/24)^(b)		30		25,814
4.38%, 04/15/28 (Call 09/11/23)^(b)		20		18,318
Intel Corp. 3.73%, 12/08/47 (Call 06/08/47)		300		226,905
4.88%, 02/10/28 (Call 01/10/28)		350		347,739
5.13%, 02/10/30 (Call 12/10/29)		300		300,177
5.63%, 02/10/43 (Call 08/10/42)		220		219,320
5.70%, 02/10/53 (Call 08/10/52)		420		415,708
5.90%, 02/10/63 (Call 08/10/62)		220		220,440
KLA Corp. 4.10%, 03/15/29 (Call 12/15/28)		20		19,223
4.65%, 11/01/24 (Call 08/01/24)		10		9,908
4.65%, 07/15/32 (Call 04/15/32)^(c)		50		49,026
4.95%, 07/15/52 (Call 01/15/52)		110		103,699
5.25%, 07/15/62 (Call 01/15/62)		75		72,734
Lam Research Corp. 1.90%, 06/15/30 (Call 03/15/30)		65		53,675
2.88%, 06/15/50 (Call 12/15/49)		50		33,406
3.13%, 06/15/60 (Call 12/15/59)		39		25,536
3.75%, 03/15/26 (Call 01/15/26)		133		128,941
3.80%, 03/15/25 (Call 12/15/24)		27		26,371
4.00%, 03/15/29 (Call 12/15/28)		83		79,560
4.88%, 03/15/49 (Call 09/15/48)		30		28,142
Marvell Technology Inc. 1.65%, 04/15/26 (Call 03/15/26)		50		45,373
2.45%, 04/15/28 (Call 02/15/28)		17		14,934
2.95%, 04/15/31 (Call 01/15/31)		80		66,753
4.88%, 06/22/28 (Call 03/22/28)		50		48,569
Microchip Technology Inc. 0.98%, 09/01/24		60		57,086
4.25%, 09/01/25 (Call 10/02/23)		30		29,159
Micron Technology Inc. 2.70%, 04/15/32 (Call 01/15/32)		40		31,484
3.37%, 11/01/41 (Call 05/01/41)		40		27,729
3.48%, 11/01/51 (Call 05/01/51)		60		38,832
4.19%, 02/15/27 (Call 12/15/26)		112		106,654
4.66%, 02/15/30 (Call 11/15/29)		65		60,872
4.98%, 02/06/26 (Call 12/06/25)		75		73,892
5.33%, 02/06/29 (Call 11/06/28)		71		69,559
NVIDIA Corp. 2.00%, 06/15/31 (Call 03/15/31)		65		53,771
2.85%, 04/01/30 (Call 01/01/30)		151		135,420
3.20%, 09/16/26 (Call 06/16/26)		131		125,051
3.50%, 04/01/40 (Call 10/01/39)		84		69,828
3.50%, 04/01/50 (Call 10/01/49)		60		47,201
3.70%, 04/01/60 (Call 10/01/59)		42		33,322
NXP BV/NXP Funding LLC, 5.35%, 03/01/26 (Call 01/01/26)		40		39,744
NXP BV/NXP Funding LLC/NXP USA Inc. 2.50%, 05/11/31 (Call 02/11/31)		130		105,072
2.65%, 02/15/32 (Call 11/15/31)		70		56,030
2.70%, 05/01/25 (Call 04/01/25)		17		16,187
3.13%, 02/15/42 (Call 08/15/41)		30		20,537
3.15%, 05/01/27 (Call 03/01/27)		77		71,318


Security	Par (000)		Value

Semiconductors (continued)
3.25%, 05/11/41 (Call 11/11/40)	$	100	$	71,124
3.25%, 11/30/51 (Call 05/30/51)		50		32,229
3.40%, 05/01/30 (Call 02/01/30)		89		78,210
3.88%, 06/18/26 (Call 04/18/26)		30		28,770
4.30%, 06/18/29 (Call 03/18/29)		35		32,789
4.40%, 06/01/27 (Call 05/01/27)		10		9,619
5.00%, 01/15/33 (Call 10/15/32)		15		14,229
ON Semiconductor Corp., 3.88%, 09/01/28 (Call 10/02/23)^(b)		40		35,578
Qorvo Inc. 1.75%, 12/15/24 (Call 09/11/23)^(b)		10		9,402
3.38%, 04/01/31 (Call 04/01/26)^(b)		65		52,924
4.38%, 10/15/29 (Call 10/15/24)		84		76,054
QUALCOMM Inc. 1.30%, 05/20/28 (Call 02/20/28)		30		25,536
1.65%, 05/20/32 (Call 02/20/32)		195		151,139
2.15%, 05/20/30 (Call 02/20/30)		10		8,497
3.25%, 05/20/27 (Call 02/20/27)		210		198,282
3.25%, 05/20/50 (Call 11/20/49)^(c)		25		18,240
3.45%, 05/20/25 (Call 02/20/25)		35		33,998
4.30%, 05/20/47 (Call 11/20/46)		110		95,210
4.50%, 05/20/52 (Call 11/20/51)		75		65,344
4.65%, 05/20/35 (Call 11/20/34)		55		53,931
5.40%, 05/20/33 (Call 02/20/33)		45		46,565
6.00%, 05/20/53 (Call 11/20/52)		80		86,131
Renesas Electronics Corp. 1.54%, 11/26/24 (Call 10/26/24)^(b)		15		14,125
2.17%, 11/25/26 (Call 10/25/26)^(b)		35		31,071
SK Hynix Inc. 1.50%, 01/19/26^(e)		200		179,926
2.38%, 01/19/31^(e)		200		155,204
Skyworks Solutions Inc., 3.00%, 06/01/31 (Call 03/01/31)		47		38,306
Synaptics Inc., 4.00%, 06/15/29 (Call 06/15/24)^(b)(c)		30		25,542
Texas Instruments Inc. 1.13%, 09/15/26 (Call 08/15/26)		20		17,937
1.38%, 03/12/25 (Call 02/12/25)		137		129,261
1.75%, 05/04/30 (Call 02/04/30)		60		49,917
1.90%, 09/15/31 (Call 06/15/31)		60		48,868
2.25%, 09/04/29 (Call 06/04/29)		95		82,709
2.70%, 09/15/51 (Call 03/15/51)		50		32,992
2.90%, 11/03/27 (Call 08/03/27)		52		48,362
3.88%, 03/15/39 (Call 09/15/38)		70		60,530
4.15%, 05/15/48 (Call 11/15/47)		94		81,532
5.05%, 05/18/63		75		71,845
TSMC Arizona Corp. 2.50%, 10/25/31 (Call 07/25/31)		200		166,140
3.13%, 10/25/41 (Call 04/25/41)		200		153,808
TSMC Global Ltd. 1.00%, 09/28/27 (Call 07/28/27)^(e)		200		170,274
1.38%, 09/28/30 (Call 06/28/30)^(e)		200		156,506
Xilinx Inc., 2.38%, 06/01/30 (Call 03/01/30)		71		60,706


				9,410,644

Software — 1.1%
ACI Worldwide Inc., 5.75%, 08/15/26 (Call 10/02/23)^(b)		25		24,466
Adobe Inc. 1.90%, 02/01/25 (Call 01/01/25)		70		66,926
2.15%, 02/01/27 (Call 12/01/26)		105		96,395
2.30%, 02/01/30 (Call 11/01/29)		101		87,606
3.25%, 02/01/25 (Call 11/01/24)		112		109,041
Alteryx Inc., 8.75%, 03/15/28 (Call 03/15/25)^(b)(c)		25		24,119


Security	Par (000)		Value

Software (continued)
Autodesk Inc. 2.40%, 12/15/31 (Call 09/15/31)	$	75	$	60,840
2.85%, 01/15/30 (Call 10/15/29)		50		43,570
3.50%, 06/15/27 (Call 03/15/27)		27		25,508
4.38%, 06/15/25 (Call 03/15/25)		42		41,188
Black Knight InfoServ LLC, 3.63%, 09/01/28 (Call 09/11/23)^(b)		60		55,355
Broadridge Financial Solutions Inc. 2.60%, 05/01/31 (Call 02/01/31)		65		53,039
2.90%, 12/01/29 (Call 09/01/29)		100		86,202
3.40%, 06/27/26 (Call 03/27/26)		40		37,850
Camelot Finance SA, 4.50%, 11/01/26 (Call 10/02/23)^(b)		40		37,524
Central Parent Inc./CDK Global Inc., 7.25%, 06/15/29 (Call 06/15/25)^(b)		45		44,406
Clarivate Science Holdings Corp. 3.88%, 07/01/28 (Call 06/30/24)^(b)		50		44,193
4.88%, 07/01/29 (Call 06/30/24)^(b)(c)		55		47,810
Consensus Cloud Solutions Inc. 6.00%, 10/15/26 (Call 10/15/23)^(b)(c)		20		18,701
6.50%, 10/15/28 (Call 10/15/26)^(b)		30		27,119
Elastic NV, 4.13%, 07/15/29 (Call 07/15/24)^(b)		35		30,184
Electronic Arts Inc. 1.85%, 02/15/31 (Call 11/15/30)		80		63,974
2.95%, 02/15/51 (Call 08/15/50)		50		32,228
4.80%, 03/01/26 (Call 12/01/25)		37		36,590
Fair Isaac Corp. 4.00%, 06/15/28 (Call 09/18/23)^(b)		55		50,271
5.25%, 05/15/26 (Call 02/15/26)^(b)		30		29,269
Fidelity National Information Services Inc. 1.15%, 03/01/26 (Call 02/01/26)		100		90,008
1.65%, 03/01/28 (Call 01/01/28)		25		21,440
2.25%, 03/01/31 (Call 12/01/30)		80		64,477
3.10%, 03/01/41 (Call 09/01/40)		41		28,486
4.50%, 08/15/46 (Call 02/15/46)		40		31,802
5.10%, 07/15/32 (Call 04/15/32)^(c)		65		63,688
5.63%, 07/15/52 (Call 01/15/52)		25		23,713
Fiserv Inc. 2.25%, 06/01/27 (Call 04/01/27)		130		116,575
2.65%, 06/01/30 (Call 03/01/30)		74		62,274
3.20%, 07/01/26 (Call 05/01/26)		174		164,136
3.50%, 07/01/29 (Call 04/01/29)		135		123,263
3.85%, 06/01/25 (Call 03/01/25)		82		79,578
4.20%, 10/01/28 (Call 07/01/28)		40		38,168
4.40%, 07/01/49 (Call 01/01/49)		157		127,947
Intuit Inc. 0.95%, 07/15/25 (Call 06/15/25)		42		38,800
1.35%, 07/15/27 (Call 05/15/27)		27		23,682
1.65%, 07/15/30 (Call 04/15/30)		97		78,011
Microsoft Corp. 2.40%, 08/08/26 (Call 05/08/26)		495		464,053
2.53%, 06/01/50 (Call 12/01/49)		410		270,989
2.68%, 06/01/60 (Call 12/01/59)		270		173,486
2.70%, 02/12/25 (Call 11/12/24)		65		62,858
2.92%, 03/17/52 (Call 09/17/51)		315		223,263
3.04%, 03/17/62 (Call 09/17/61)		155		107,043
3.13%, 11/03/25 (Call 08/03/25)		345		332,946
3.30%, 02/06/27 (Call 11/06/26)		305		293,044
3.45%, 08/08/36 (Call 02/08/36)		175		155,571
3.50%, 02/12/35 (Call 08/12/34)		176		159,944
3.50%, 11/15/42		45		37,613


Security	Par (000)		Value

Software (continued)
3.70%, 08/08/46 (Call 02/08/46)	$	70	$	59,325
3.95%, 08/08/56 (Call 02/08/56)		60		51,392
4.10%, 02/06/37 (Call 08/06/36)		25		23,740
4.20%, 11/03/35 (Call 05/03/35)		45		43,452
4.50%, 10/01/40		25		24,323
4.50%, 02/06/57 (Call 08/06/56)		5		4,692
4.75%, 11/03/55 (Call 05/03/55)		1		246
MicroStrategy Inc., 6.13%, 06/15/28 (Call 06/15/24)^(b)		30		27,060
Open Text Corp. 3.88%, 02/15/28 (Call 10/03/23)^(b)		50		44,505
3.88%, 12/01/29 (Call 12/01/24)^(b)		50		42,396
Open Text Holdings Inc. 4.13%, 02/15/30 (Call 02/15/25)^(b)		50		43,171
4.13%, 12/01/31 (Call 12/01/26)^(b)		37		30,717
PTC Inc. 3.63%, 02/15/25 (Call 10/02/23)^(b)		27		26,057
4.00%, 02/15/28 (Call 10/02/23)^(b)		35		32,159
Rackspace Technology Global Inc. 3.50%, 02/15/28 (Call 02/15/24)^(b)		30		14,354
5.38%, 12/01/28 (Call 12/01/23)^(b)(c)		30		8,577
RingCentral Inc., 8.50%, 08/15/30^(b)		25		24,625
Roper Technologies Inc. 1.00%, 09/15/25 (Call 08/15/25)		95		86,991
1.40%, 09/15/27 (Call 07/15/27)		65		56,295
1.75%, 02/15/31 (Call 11/15/30)		101		79,212
2.00%, 06/30/30 (Call 03/30/30)		65		52,933
2.35%, 09/15/24 (Call 08/15/24)		97		93,694
2.95%, 09/15/29 (Call 06/15/29)		55		48,592
3.80%, 12/15/26 (Call 09/15/26)		79		75,391
3.85%, 12/15/25 (Call 09/15/25)		37		35,724
4.20%, 09/15/28 (Call 06/15/28)		20		19,053
salesforce.com Inc. 1.50%, 07/15/28 (Call 05/15/28)		50		43,005
1.95%, 07/15/31 (Call 04/15/31)		50		40,668
2.70%, 07/15/41 (Call 01/15/41)		57		40,756
2.90%, 07/15/51 (Call 01/15/51)		105		70,226
3.05%, 07/15/61 (Call 01/15/61)		105		67,733
3.70%, 04/11/28 (Call 01/11/28)		120		114,904
ServiceNow Inc., 1.40%, 09/01/30 (Call 06/01/30)		125		98,312
Twilio Inc. 3.63%, 03/15/29 (Call 03/15/24)		30		25,742
3.88%, 03/15/31 (Call 03/15/26)^(c)		30		25,145
VMware Inc. 1.40%, 08/15/26 (Call 07/15/26)		40		35,460
2.20%, 08/15/31 (Call 05/15/31)		125		97,275
3.90%, 08/21/27 (Call 05/21/27)		107		100,703
4.50%, 05/15/25 (Call 04/15/25)		108		105,738
4.65%, 05/15/27 (Call 03/15/27)		82		79,676
4.70%, 05/15/30 (Call 02/15/30)		77		72,519
Workday Inc. 3.50%, 04/01/27 (Call 03/01/27)		50		47,224
3.70%, 04/01/29 (Call 02/01/29)		5		4,619
3.80%, 04/01/32 (Call 01/01/32)		65		57,650
ZoomInfo Technologies LLC/ZoomInfo Finance Corp., 3.88%, 02/01/29 (Call 02/01/24)^(b)		40		34,021


				6,941,284

Storage & Warehousing — 0.0%
GLP China Holdings Ltd., 2.95%, 03/29/26^(e)		200		112,948


Security	Par (000)		Value

Telecommunications — 1.8%
America Movil SAB de CV, 6.13%, 03/30/40	$	200	$	207,348
Axiata SPV2 Bhd, 2.16%, 08/19/30 (Call 05/19/30)^(e)		200		166,334
Bell Telephone Co. of Canada or Bell Canada (The) 3.65%, 08/15/52 (Call 02/15/52)		40		28,541
4.30%, 07/29/49 (Call 01/29/49)		62		49,425
4.46%, 04/01/48 (Call 10/01/47)		74		60,688
Series US-4, 3.65%, 03/17/51 (Call 09/17/50)		40		28,683
Series US-6, 3.20%, 02/15/52 (Call 08/15/51)		50		32,787
Bharti Airtel Ltd., 4.38%, 06/10/25^(e)		200		195,530
Ciena Corp., 4.00%, 01/31/30 (Call 01/31/25)^(b)		20		17,239
Cisco Systems Inc. 2.50%, 09/20/26 (Call 06/20/26)		110		102,959
2.95%, 02/28/26		82		78,663
3.50%, 06/15/25		37		35,994
5.50%, 01/15/40		110		114,110
5.90%, 02/15/39		139		150,594
CommScope Inc. 4.75%, 09/01/29 (Call 09/01/24)^(b)		70		52,007
6.00%, 03/01/26 (Call 10/02/23)^(b)		85		77,304
7.13%, 07/01/28 (Call 10/02/23)^(b)(c)		40		22,484
8.25%, 03/01/27 (Call 10/02/23)^(b)(c)		55		36,442
CommScope Technologies LLC 5.00%, 03/15/27 (Call 09/11/23)^(b)		35		19,501
6.00%, 06/15/25 (Call 09/11/23)^(b)(c)		74		67,734
Consolidated Communications Inc. 5.00%, 10/01/28 (Call 10/01/23)^(b)(c)		25		18,662
6.50%, 10/01/28 (Call 10/01/23)^(b)(c)		45		34,563
Corning Inc. 3.90%, 11/15/49 (Call 05/15/49)		62		46,207
4.38%, 11/15/57 (Call 05/15/57)		37		29,899
4.70%, 03/15/37		14		12,855
4.75%, 03/15/42		30		26,851
5.35%, 11/15/48 (Call 05/15/48)		31		29,177
5.45%, 11/15/79 (Call 05/19/79)		55		49,294
5.75%, 08/15/40		11		10,858
5.85%, 11/15/68 (Call 05/15/68)		30		28,594
Empresa Nacional de Telecomunicaciones SA, 4.75%, 08/01/26 (Call 05/03/26)^(e)		200		193,814
Frontier Communications Holdings LLC 5.00%, 05/01/28 (Call 05/01/24)^(b)		85		72,846
5.88%, 10/15/27 (Call 10/15/23)^(b)		75		68,291
5.88%, 11/01/29 (Call 11/01/24)		50		37,067
6.00%, 01/15/30 (Call 10/15/24)^(b)(c)		55		40,701
6.75%, 05/01/29 (Call 05/01/24)^(b)		50		38,750
8.63%, 03/15/31 (Call 03/15/26)^(b)		50		48,070
8.75%, 05/15/30 (Call 05/15/25)^(b)		75		72,858
HKT Capital No. 5 Ltd., 3.25%, 09/30/29^(e)		200		176,292
Intelsat Jackson Holdings SA, 6.50%, 03/15/30 (Call 03/15/25)^(b)		170		156,094
Juniper Networks Inc. 1.20%, 12/10/25 (Call 11/10/25)		47		42,510
2.00%, 12/10/30 (Call 09/10/30)		22		16,995
3.75%, 08/15/29 (Call 05/15/29)		45		40,902
5.95%, 03/15/41		25		23,750
Level 3 Financing Inc. 3.40%, 03/01/27 (Call 01/01/27)^(b)		40		36,898
3.63%, 01/15/29 (Call 01/15/24)^(b)		45		26,783
3.75%, 07/15/29 (Call 01/15/24)^(b)		55		32,773
3.88%, 11/15/29 (Call 08/15/29)^(b)		45		39,789
4.25%, 07/01/28 (Call 10/02/23)^(b)		70		45,844


Security	Par (000)		Value

Telecommunications (continued)
4.63%, 09/15/27 (Call 10/02/23)^(b)	$	60	$	45,028
10.50%, 05/15/30 (Call 05/15/26)^(b)		67		68,129
Lumen Technologies Inc. 4.00%, 02/15/27 (Call 10/02/23)^(b)		70		44,085
4.50%, 01/15/29 (Call 01/15/24)^(b)		25		8,194
5.38%, 06/15/29 (Call 06/15/24)^(b)		15		4,588
Series G, 6.88%, 01/15/28^(c)		12		5,217
Series P, 7.60%, 09/15/39		20		5,904
Series U, 7.65%, 03/15/42		25		7,374
MTN Mauritius Investments Ltd., 6.50%, 10/13/26^(e)		200		196,172
Nokia OYJ
4.38%, 06/12/27		25		23,578
6.63%, 05/15/39		30		28,544
NTT Finance Corp. 1.16%, 04/03/26 (Call 03/03/26)^(b)		15		13,524
2.07%, 04/03/31 (Call 01/03/31)^(b)		245		199,589
Ooredoo International Finance Ltd., 2.63%, 04/08/31^(e)		200		169,914
Qwest Corp., 7.25%, 09/15/25.		15		14,396
Rogers Communications Inc. 2.90%, 11/15/26 (Call 08/15/26)		74		68,136
3.63%, 12/15/25 (Call 09/15/25)		142		135,126
3.80%, 03/15/32		180		153,857
4.30%, 02/15/48 (Call 08/15/47)		90		67,047
4.35%, 05/01/49 (Call 11/01/48)		66		49,885
4.50%, 03/15/42		50		40,198
4.50%, 03/15/43 (Call 09/15/42)		60		47,845
5.00%, 03/15/44 (Call 09/15/43)		70		59,431
5.25%, 03/15/82 (Call 03/15/27),
(5-year CMT + 3.590%)^(a)(b)		45		40,779
5.45%, 10/01/43 (Call 04/01/43)		85		76,027
7.50%, 08/15/38		52		55,979
SES Global Americas Holdings Inc., 5.30%, 03/25/44^(b)		38		27,192
Telecom Italia Capital SA 6.00%, 09/30/34		60		50,288
6.38%, 11/15/33		60		52,656
7.20%, 07/18/36		60		54,179
7.72%, 06/04/38		50		46,229
Telefonica Emisiones SA 4.67%, 03/06/38		60		49,631
4.90%, 03/06/48		95		75,827
5.21%, 03/08/47		210		176,070
5.52%, 03/01/49 (Call 09/01/48)		20		17,455
7.05%, 06/20/36		135		144,069
Telefonica Europe BV, 8.25%, 09/15/30		91		103,759
Telstra Corp. Ltd., 3.13%, 04/07/25 (Call 01/07/25)^(b)		35		33,716
TELUS Corp. 2.80%, 02/16/27 (Call 11/16/26)		42		38,914
3.40%, 05/13/32 (Call 02/13/32)		55		46,251
3.70%, 09/15/27 (Call 06/15/27)		65		61,133
4.30%, 06/15/49 (Call 12/15/48)		54		41,991
4.60%, 11/16/48 (Call 05/16/48)		75		61,936
U.S. Cellular Corp., 6.70%, 12/15/33^(c)		30		29,241
Verizon Communications Inc. 0.85%, 11/20/25 (Call 10/20/25)		76		68,915
1.45%, 03/20/26 (Call 02/20/26)		15		13,604
1.50%, 09/18/30 (Call 06/18/30)		67		52,291
1.68%, 10/30/30 (Call 07/30/30)		60		46,939
1.75%, 01/20/31 (Call 10/20/30)		153		118,997
2.10%, 03/22/28 (Call 01/22/28)		209		182,649
2.36%, 03/15/32 (Call 12/15/31)		271		214,320


Security	Par (000)		Value

Telecommunications (continued)
2.55%, 03/21/31 (Call 12/21/30)	$	194	$	159,650
2.63%, 08/15/26		165		153,664
2.65%, 11/20/40 (Call 05/20/40)		139		92,531
2.85%, 09/03/41 (Call 03/03/41)		50		34,083
2.88%, 11/20/50 (Call 05/20/50)		168		102,992
2.99%, 10/30/56 (Call 04/30/56)		250		149,312
3.00%, 03/22/27 (Call 01/22/27)		197		183,127
3.00%, 11/20/60 (Call 05/20/60)^(c)		112		65,755
3.15%, 03/22/30 (Call 12/22/29)		54		47,323
3.38%, 02/15/25		50		48,495
3.40%, 03/22/41 (Call 09/22/40)		177		131,440
3.50%, 11/01/24 (Call 08/01/24)		80		78,157
3.55%, 03/22/51 (Call 09/22/50)		214		149,620
3.70%, 03/22/61 (Call 09/22/60)		205		139,412
3.85%, 11/01/42 (Call 05/01/42)		67		51,988
3.88%, 02/08/29 (Call 11/08/28)		94		87,744
3.88%, 03/01/52 (Call 09/01/51)		85		63,569
4.00%, 03/22/50 (Call 09/22/49)		69		52,749
4.02%, 12/03/29 (Call 09/03/29)		238		221,028
4.13%, 03/16/27		254		244,617
4.13%, 08/15/46		75		59,624
4.33%, 09/21/28		256		245,112
4.40%, 11/01/34 (Call 05/01/34)		132		119,439
4.50%, 08/10/33		151		139,515
4.52%, 09/15/48		80		67,186
4.67%, 03/15/55		15		12,642
4.75%, 11/01/41		47		42,266
4.81%, 03/15/39		79		71,708
4.86%, 08/21/46		149		130,917
5.01%, 04/15/49^(c)		50		45,745
5.25%, 03/16/37		50		48,685
5.50%, 03/16/47		27		26,195
5.85%, 09/15/35		22		22,118
6.40%, 09/15/33		7		7,353
6.55%, 09/15/43		42		46,749
7.75%, 12/01/30		25		28,575
Viavi Solutions Inc., 3.75%, 10/01/29 (Call 10/01/24)^(b)		25		21,026
Vodafone Group PLC 3.25%, 06/04/81 (Call 06/04/26),
(5-year CMT + 2.447%)^(a)		30		26,447
4.13%, 05/30/25		142		138,760
4.13%, 06/04/81 (Call 03/04/31),
(5-year CMT + 2.767%)^(a)		55		42,974
4.25%, 09/17/50		99		76,118
4.38%, 02/19/43		124		101,020
4.88%, 06/19/49		141		119,507
5.00%, 05/30/38^(c)		15		13,943
5.13%, 06/19/59		68		58,019
5.13%, 06/04/81 (Call 12/04/50),
(5-year CMT + 3.073%)^(a)		55		38,373
5.63%, 02/10/53 (Call 08/10/52)		75		70,819
6.15%, 02/27/37		50		51,198
6.25%, 11/30/32		47		49,182
7.00%, 04/04/79 (Call 01/04/29),
(5-year USD Swap + 4.873%)^(a)		115		115,734
Windstream Escrow LLC/Windstream Escrow Finance
Corp., 7.75%, 08/15/28 (Call 10/02/23)^(b)		80		64,839


				10,838,196


Security	Par (000)		Value

Toys, Games & Hobbies — 0.0%
Hasbro Inc. 3.50%, 09/15/27 (Call 06/15/27)	$	15	$	14,007
3.55%, 11/19/26 (Call 09/19/26)		55		51,688
3.90%, 11/19/29 (Call 08/19/29)		100		90,821
5.10%, 05/15/44 (Call 11/15/43)		28		24,352
6.35%, 03/15/40		31		31,299


				212,167

Transportation — 0.1%
AP Moller — Maersk A/S 3.88%, 09/28/25 (Call 06/28/25)^(b)		32		30,903
4.50%, 06/20/29 (Call 03/20/29)^(b)		50		48,052
Cargo Aircraft Management Inc., 4.75%, 02/01/28 (Call 09/18/23)^(b)		10		9,040
CH Robinson Worldwide Inc., 4.20%, 04/15/28
(Call 01/15/28)		50		47,577
GXO Logistics Inc. 1.65%, 07/15/26 (Call 06/15/26)		55		48,690
2.65%, 07/15/31 (Call 04/15/31)		45		35,219
JB Hunt Transport Services Inc., 3.88%, 03/01/26 (Call 01/01/26)		60		58,081
Ryder System Inc. 2.50%, 09/01/24 (Call 08/01/24)		45		43,496
2.85%, 03/01/27 (Call 02/01/27)		40		36,774
2.90%, 12/01/26 (Call 10/01/26)		50		45,977
3.35%, 09/01/25 (Call 08/01/25)		55		52,607
4.63%, 06/01/25 (Call 05/01/25)		57		55,878
SF Holding Investment 2021 Ltd., 3.13%, 11/17/31^(e)		200		167,922


				680,216

Trucking & Leasing — 0.0%
AerCap Global Aviation Trust, 6.50%, 06/15/45
(Call 06/15/25), (3-mo. SOFR + 4.562%)^(a)(b)		30		29,504
GATX Corp. 1.90%, 06/01/31 (Call 03/01/31)		50		38,016
3.10%, 06/01/51 (Call 12/01/50)		45		27,910
3.25%, 03/30/25 (Call 12/30/24)		15		14,387
3.25%, 09/15/26 (Call 06/15/26)		35		32,503
3.50%, 03/15/28 (Call 12/15/27)		30		27,460
3.85%, 03/30/27 (Call 12/30/26)		25		23,434
4.00%, 06/30/30 (Call 03/30/30)		60		54,507
4.55%, 11/07/28 (Call 08/07/28)^(c)		20		18,993
4.70%, 04/01/29 (Call 01/01/29)		30		28,511
5.20%, 03/15/44 (Call 09/15/43)		25		21,822


				317,047

Water — 0.1%
American Water Capital Corp. 2.80%, 05/01/30 (Call 02/01/30)		65		56,347
2.95%, 09/01/27 (Call 06/01/27)		5		4,611
3.40%, 03/01/25 (Call 12/01/24)		35		33,900
3.45%, 06/01/29 (Call 03/01/29)		52		47,680
3.45%, 05/01/50 (Call 11/01/49)		34		24,662
3.75%, 09/01/28 (Call 06/01/28)		45		42,665
3.75%, 09/01/47 (Call 03/01/47)		61		47,340
4.00%, 12/01/46 (Call 06/01/46)		20		15,826
4.15%, 06/01/49 (Call 12/01/48)		32		26,497
4.20%, 09/01/48 (Call 03/01/48)		60		49,466
4.30%, 12/01/42 (Call 06/01/42)		52		44,448
4.30%, 09/01/45 (Call 03/01/45)		20		16,581
4.45%, 06/01/32 (Call 03/01/32)^(c)		45		42,757


Security	Par (000)		Value

Water (continued)
6.59%, 10/15/37	$	55	$	61,161


				513,941


Total Corporate Bonds & Notes — 31.5% (Cost: $215,368,147)				191,138,054


Foreign Government Obligations

Argentina — 0.1%
Argentina Bonar Bonds 0.75%, 07/09/30^(h)		355		101,696
1.00%, 07/09/29		60		17,707
3.50%, 07/09/41^(h)		50		14,374
3.63%, 07/09/35^(h)		470		135,291
4.25%, 01/09/38^(h)		190		59,641
Argentine Republic Government International Bond 0.75%, 07/09/30 (Call 10/02/23)^(h)		420		140,965
1.00%, 07/09/29 (Call 10/02/23)		100		32,352
3.50%, 07/09/41 (Call 10/02/23)^(h)		375		115,770
3.63%, 07/09/35 (Call 10/02/23)^(h)		520		153,551
3.63%, 07/09/46 (Call 10/02/23)^(h)		55		16,367
4.25%, 01/09/38 (Call 10/02/23)^(h)		285		99,830


				887,544

Bermuda — 0.0%
Bermuda Government International Bond, 2.38%, 08/20/30^(e)		150		122,973


Brazil — 0.2%
Brazilian Government International Bond 5.63%, 01/07/41^(c)		300		263,079
7.13%, 01/20/37		225		235,584
8.25%, 01/20/34		110		124,037
8.75%, 02/04/25		100		104,964
10.13%, 05/15/27		200		233,536


				961,200

Canada — 0.7%
Canada Government International Bond 0.75%, 05/19/26		140		126,272
1.63%, 01/22/25		470		448,112
2.88%, 04/28/25		330		318,711
CDP Financial Inc. 0.88%, 06/10/25^(b)		60		55,616
1.00%, 05/26/26^(b)		50		45,020
4.25%, 07/25/28^(b)		250		245,735
Export Development Canada, 3.88%, 02/14/28		400		391,160
Ontario Teachers’ Finance Trust, 2.00%, 04/16/31^(b)		250		205,143
Province of Alberta Canada 1.00%, 05/20/25		145		135,031
1.30%, 07/22/30		105		84,781
1.88%, 11/13/24		52		49,862
2.05%, 08/17/26^(b)		100		92,527
3.30%, 03/15/28		130		123,178
Province of British Columbia Canada 0.90%, 07/20/26		155		139,258
1.30%, 01/29/31^(c)		70		56,228
2.25%, 06/02/26		30		28,072
7.25%, 09/01/36		20		24,957
Series 10, 1.75%, 09/27/24		20		19,227
Province of Manitoba Canada, 2.13%, 06/22/26		210		195,319
Province of New Brunswick Canada, 3.63%, 02/24/28		20		19,133


Security	Par (000)		Value

Canada (continued)
Province of Ontario Canada 0.63%, 01/21/26	$	106	$	95,935
1.05%, 04/14/26		10		9,084
1.05%, 05/21/27		170		149,221
1.13%, 10/07/30		90		71,466
1.60%, 02/25/31		70		57,161
1.80%, 10/14/31		105		85,987
2.00%, 10/02/29		25		21,761
2.30%, 06/15/26		60		56,141
2.50%, 04/27/26		215		202,730
Province of Quebec Canada 0.60%, 07/23/25		195		179,646
2.50%, 04/20/26		175		165,156
2.75%, 04/12/27		58		54,334
Series PD, 7.50%, 09/15/29		110		126,820
Series QO, 2.88%, 10/16/24		190		184,619
Series QX, 1.50%, 02/11/25		202		191,462


				4,454,865

Chile — 0.1%
Chile Government International Bond 3.24%, 02/06/28 (Call 11/06/27)		200		186,818
3.50%, 01/25/50 (Call 07/25/49)		200		145,190
3.63%, 10/30/42		200		154,998
3.86%, 06/21/47		200		157,676
4.00%, 01/31/52 (Call 07/31/51)		200		158,306


				802,988

Colombia — 0.1%
Colombia Government International Bond 4.13%, 02/22/42 (Call 08/22/41)		200		129,422
4.50%, 03/15/29 (Call 12/15/28)		200		178,422
6.13%, 01/18/41		200		165,332
7.38%, 09/18/37		300		290,607


				763,783

Costa Rica — 0.0%
Costa Rica Government International Bonds, 6.55%, 04/03/34 (Call 01/03/34)^(e)		200		201,682


Finland — 0.0%
Finland Government International Bond, 6.95%, 02/15/26		95		98,851


France — 0.2%
Caisse d’Amortissement de la Dette Sociale 0.38%, 09/23/25^(b)		340		309,866
1.38%, 01/20/31^(b)		320		257,936
2.13%, 01/26/32^(b)		235		197,287
3.00%, 05/17/25^(b)		305		294,294


				1,059,383

Germany — 0.0%
State of North Rhine-Westphalia Germany, 1.00%, 04/21/26^(e)		100		90,644


Hong Kong — 0.1%
Airport Authority 1.75%, 01/12/27 (Call 12/12/26)^(b)		200		181,496
2.63%, 02/04/51 (Call 08/04/50)^(b)		200		131,028
Hong Kong Government International Bond 1.38%, 02/02/31^(b)		200		162,146
5.25%, 01/11/53^(b)		200		214,466


				689,136


Security	Par (000)		Value

Hungary — 0.1%
Hungary Government International Bond 2.13%, 09/22/31^(e)	$	200	$	153,818
6.25%, 09/22/32^(e)		200		201,670
7.63%, 03/29/41		166		183,236


				538,724

Indonesia — 0.4%
Indonesia Government International Bond 2.85%, 02/14/30		200		175,790
3.05%, 03/12/51		200		141,836
3.20%, 09/23/61 (Call 03/23/61)		200		129,836
3.55%, 03/31/32 (Call 12/31/31)		200		177,778
4.35%, 01/11/48		200		171,090
4.55%, 01/11/28 (Call 12/11/27)		200		195,824
4.65%, 09/20/32 (Call 06/20/32)		200		193,086
4.85%, 01/11/33 (Call 10/11/32)		200		196,128
5.25%, 01/17/42^(e)		200		198,216
6.75%, 01/15/44^(e)		200		228,606
Perusahaan Penerbit SBSN Indonesia III 2.55%, 06/09/31^(e)		200		167,724
4.15%, 03/29/27^(e)		200		194,140
4.40%, 06/06/27^(e)		200		195,506


				2,365,560

Israel — 0.1%
Israel Government International Bond, 2.88%, 03/16/26		200		188,156
State of Israel 3.38%, 01/15/50		400		283,348
3.80%, 05/13/60^(e)		200		143,062


				614,566

Italy — 0.1%
Republic of Italy Government International Bond 2.38%, 10/17/24		200		192,446
2.88%, 10/17/29		200		174,596
5.38%, 06/15/33		170		166,949


				533,991

Japan — 0.3%
Development Bank of Japan Inc. 1.75%, 02/18/25^(b)		200		189,582
1.88%, 10/02/24^(e)		200		192,126
Japan Bank for International Cooperation 0.63%, 07/15/25		200		183,822
1.25%, 01/21/31		105		82,607
1.63%, 01/20/27		200		180,032
1.88%, 04/15/31		200		163,926
2.13%, 02/16/29		100		87,479
2.25%, 11/04/26		15		13,814
2.50%, 05/28/25		35		33,355
2.75%, 11/16/27		15		13,867
2.88%, 04/14/25		215		206,735
2.88%, 06/01/27		75		70,002
3.25%, 07/20/28		20		18,725
Japan International Cooperation Agency 1.00%, 07/22/30^(c)		20		15,596
2.13%, 10/20/26		46		42,149
4.00%, 05/23/28		200		193,588


				1,687,405

Kazakhstan — 0.0%
Kazakhstan Government International Bond, 4.88%, 10/14/44^(e)		200		177,980


Security	Par (000)		Value

Malaysia — 0.0%
Malaysia Sovereign Sukuk Bhd, 4.24%, 04/22/45^(e)	$	200	$	182,882


Netherlands — 0.1%
BNG Bank NV, 3.50%, 05/19/28^(b)		300		287,520
Nederlandse Waterschapsbank NV, 1.00%, 05/28/30^(b)		45		35,998


				323,518

Norway — 0.1%
Kommunalbanken AS 0.88%, 03/12/25^(b)(c)		365		341,698
1.13%, 06/14/30^(b)		200		160,956


				502,654

Panama — 0.2%
Panama Government International Bond 3.16%, 01/23/30 (Call 10/23/29)		200		174,030
3.75%, 04/17/26^(e)		100		94,898
4.50%, 05/15/47		400		306,688
4.50%, 04/16/50 (Call 10/16/49)		200		149,948
6.70%, 01/26/36		160		167,939
8.88%, 09/30/27		35		39,298
9.38%, 04/01/29		100		118,366


				1,051,167

Paraguay — 0.0%
Paraguay Government International Bond, 3.85%, 06/28/33 (Call 03/28/33)^(e)		200		170,034


Peru — 0.1%
Peruvian Government International Bond 1.86%, 12/01/32 (Call 09/01/32)		100		75,547
2.39%, 01/23/26 (Call 12/23/25)		70		65,570
2.78%, 01/23/31 (Call 10/23/30)		145		123,070
2.78%, 12/01/60 (Call 06/01/60)		60		35,234
3.00%, 01/15/34 (Call 10/15/33)		100		81,239
3.30%, 03/11/41 (Call 09/11/40)		60		44,570
3.55%, 03/10/51 (Call 09/10/50)		75		54,008
3.60%, 01/15/72 (Call 07/15/71)		35		22,950
5.63%, 11/18/50		90		89,592
6.55%, 03/14/37		50		54,481
8.75%, 11/21/33		100		124,386


				770,647

Poland — 0.1%
Republic of Poland Government International Bond 3.25%, 04/06/26		90		86,147
4.88%, 10/04/33 (Call 07/04/33)		90		87,338
5.50%, 11/16/27 (Call 08/16/27)		50		50,862
5.50%, 04/04/53 (Call 10/04/52)		155		150,737
5.75%, 11/16/32 (Call 08/16/32)		50		52,004


				427,088

Qatar — 0.2%
Qatar Government International Bond 3.75%, 04/16/30^(e)		200		189,692
4.00%, 03/14/29^(e)		200		193,240
4.40%, 04/16/50^(e)		200		176,124
4.50%, 04/23/28^(e)		200		198,154
4.63%, 06/02/46^(e)		200		183,590
4.82%, 03/14/49^(e)		200		186,508
5.10%, 04/23/48^(e)		200		192,016


				1,319,324


Security	Par (000)		Value

Romania — 0.1%
Romanian Government International Bond 3.00%, 02/27/27^(e)	$	50	$	45,763
3.00%, 02/14/31^(e)		100		82,487
3.63%, 03/27/32^(e)		66		55,269
4.00%, 02/14/51^(e)		120		82,068
5.13%, 06/15/48^(e)		50		41,512
5.25%, 11/25/27^(e)		50		49,046
6.00%, 05/25/34^(e)		50		48,758
6.13%, 01/22/44^(e)		50		47,264
7.13%, 01/17/33^(e)		40		41,973


				494,140

South Africa — 0.1%
Republic of South Africa Government International Bond 4.88%, 04/14/26		200		192,356
5.65%, 09/27/47		200		141,466
6.25%, 03/08/41		225		182,619


				516,441

South Korea — 0.1%
Korea Development Bank (The), 1.25%, 06/03/25^(e)		200		186,366
Korea International Bond, 1.75%, 10/15/31		200		163,852


				350,218

Supranational — 2.2%
African Development Bank 0.88%, 03/23/26		195		176,996
0.88%, 07/22/26		245		220,027
Asian Development Bank 0.38%, 09/03/25		220		201,249
0.50%, 02/04/26		330		298,254
0.63%, 10/08/24		140		133,087
0.63%, 04/29/25		321		298,565
0.75%, 10/08/30		160		125,301
1.00%, 04/14/26		254		231,183
1.25%, 06/09/28		35		30,296
1.50%, 10/18/24		291		278,993
1.50%, 01/20/27		70		63,391
1.50%, 03/04/31		60		49,315
1.75%, 08/14/26		15		13,831
1.75%, 09/19/29		230		198,989
1.88%, 01/24/30		70		60,375
2.00%, 01/22/25		120		114,884
2.00%, 04/24/26		114		106,443
2.13%, 03/19/25^(c)		79		75,496
2.38%, 08/10/27		115		106,626
2.50%, 11/02/27		40		37,128
2.63%, 01/12/27		15		14,109
2.75%, 01/19/28		30		28,021
2.88%, 05/06/25		40		38,594
3.13%, 09/26/28		20		18,866
5.82%, 06/16/28		105		110,825
6.22%, 08/15/27		77		81,232
6.38%, 10/01/28		35		37,618
Council of Europe Development Bank 0.88%, 09/22/26		210		187,698
1.38%, 02/27/25		110		104,077
European Bank for Reconstruction & Development 0.50%, 05/19/25		224		207,350
0.50%, 11/25/25		60		54,572
1.50%, 02/13/25		205		194,549
1.63%, 09/27/24		125		120,066


Security	Par (000)		Value

Supranational (continued)
European Investment Bank 0.00%, 11/06/26^(g)	$	10	$	8,656
0.38%, 12/15/25		155		140,382
0.38%, 03/26/26		260		233,353
0.63%, 07/25/25		110		101,533
0.63%, 10/21/27		45		38,662
0.75%, 10/26/26		255		226,807
0.75%, 09/23/30		55		43,393
0.88%, 05/17/30		89		71,525
1.25%, 02/14/31		65		52,751
1.38%, 03/15/27		75		67,397
1.63%, 03/14/25		277		262,892
1.63%, 10/09/29		45		38,722
1.63%, 05/13/31		5		4,154
1.88%, 02/10/25		571		545,202
2.13%, 04/13/26		155		145,370
2.38%, 05/24/27		235		218,228
2.50%, 10/15/24		174		168,660
4.88%, 02/15/36		105		110,377
European Stability Mechanism, 0.38%, 09/10/25^(b)		215		196,508
Inter-American Development Bank 0.50%, 09/23/24		95		90,235
0.63%, 07/15/25		100		92,338
0.63%, 09/16/27		90		77,485
0.88%, 04/03/25		115		107,658
0.88%, 04/20/26		315		285,494
1.13%, 01/13/31		150		120,141
1.75%, 03/14/25		125		118,818
2.00%, 06/02/26		75		69,833
2.00%, 07/23/26		185		171,865
2.13%, 01/15/25		206		197,634
2.25%, 06/18/29		116		103,615
2.38%, 07/07/27^(c)		40		37,129
3.13%, 09/18/28		204		192,435
3.20%, 08/07/42		5		4,082
3.50%, 09/14/29		200		191,416
3.88%, 10/28/41		75		67,538
4.38%, 01/24/44		29		27,782
International Bank for Reconstruction & Development 0.38%, 07/28/25		195		179,000
0.50%, 10/28/25		230		209,843
0.63%, 04/22/25		487		453,119
0.65%, 02/10/26 (Call 11/10/23)		5		4,459
0.75%, 03/11/25		240		224,770
0.75%, 11/24/27		194		166,824
0.75%, 08/26/30		126		99,055
0.85%, 02/10/27 (Call 11/10/23)		30		25,629
0.88%, 07/15/26		50		45,022
0.88%, 05/14/30		149		119,123
1.13%, 09/13/28		375		320,460
1.25%, 02/10/31^(c)		171		138,108
1.38%, 04/20/28		70		61,218
1.63%, 01/15/25		195		185,864
1.63%, 11/03/31^(c)		175		144,133
1.75%, 10/23/29		255		220,090
1.88%, 10/27/26		258		237,698
2.13%, 03/03/25		35		33,488
2.50%, 11/25/24		222		214,596
2.50%, 07/29/25		372		355,729
2.50%, 11/22/27		75		69,515


Security	Par (000)		Value

Supranational (continued)
3.13%, 11/20/25	$	50	$	48,211
4.75%, 02/15/35		25		25,572
International Finance Corp. 0.38%, 07/16/25		340		312,654
0.75%, 10/08/26		90		80,122
1.38%, 10/16/24		290		277,527
2.13%, 04/07/26		195		182,902
Nordic Investment Bank, 0.38%, 09/11/25		325		297,053


				13,379,860

Sweden — 0.1%
Svensk Exportkredit AB 0.50%, 08/26/25		210		192,119
0.63%, 05/14/25		220		203,687


				395,806

United Arab Emirates — 0.3%
Abu Dhabi Government International Bond 1.70%, 03/02/31^(e)		400		326,896
1.88%, 09/15/31^(e)		200		164,040
2.50%, 09/30/29^(e)		200		178,024
3.13%, 10/11/27^(e)		200		188,392
3.13%, 09/30/49^(e)		200		140,266
4.13%, 10/11/47^(e)		200		168,706
Dubai DOF Sukuk Ltd., 2.76%, 09/09/30^(e)		200		174,112
Finance Department Government of Sharjah, 3.63%, 03/10/33^(e)		200		162,896
UAE International Government Bond, 2.88%, 10/19/41^(e)		200		145,836


				1,649,168

Uruguay — 0.1%
Uruguay Government International Bond 4.13%, 11/20/45		50		44,126
4.38%, 01/23/31 (Call 10/23/30)		60		59,059
4.98%, 04/20/55		88		83,224
5.10%, 06/18/50		154		148,741
7.63%, 03/21/36		100		120,926
7.88%, 01/15/33^(c)		70		84,543


				540,619


Total Foreign Government Obligations — 6.3% (Cost: $42,428,070)				38,124,841


U.S. Government & Agency Obligations

Mortgage-Backed Securities — 23.8%
Federal Home Loan Mortgage Corp. 3.00%, 05/01/29		451		437,226
4.00%, 01/01/48		36		34,209
5.00%, 06/01/53		197		191,787
5.50%, 05/01/53		204		202,928
5.50%, 06/01/53		46		45,995
Federal National Mortgage Association 2.50%, 09/01/38(i)		1,164		1,046,736
3.00%, 09/01/38⁽ⁱ⁾		1,200		1,108,781
3.50%, 09/01/38⁽ⁱ⁾		775		730,727
4.00%, 09/01/38⁽ⁱ⁾		625		600,049
5.00%, 03/01/53		98		95,773
5.50%, 02/01/53		36		36,120
5.50%, 05/01/53		249		246,109
6.00%, 08/01/53		67		68,272
Series 2017-M3, Class A2, 2.55%, 12/25/26^(a)		149		138,267
Series 2018-M12, Class A2, 3.76%, 08/25/30^(a)		50		46,485


Security	Par (000)		Value

Mortgage-Backed Securities (continued)
Series 2021-M13, Class A2, 1.66%, 04/25/31^(a)	$	340	$	270,102
Series 2021-M17, Class A2, 1.71%, 07/25/31^(a)		250		199,389
Series 2022-M1, Class A2, 1.72%, 10/25/31^(a)		490		386,088
Freddie Mac Multifamily Structured Pass
Through Certificates
Series K043, Class A2, 3.06%, 12/25/24
(Call 01/25/25)		75		72,691
Series K048, Class A2, 3.28%, 06/25/25
(Call 08/25/25)(a)		100		96,596
Series K058, Class A2, 2.65%, 08/25/26
(Call 09/25/26)		75		70,138
Series K064, Class A2, 3.22%, 03/25/27
(Call 05/25/27)		100		94,411
Series K070, Class A2, 3.30%, 11/25/27
(Call 12/25/27)(a)		200		188,163
Series K115, Class A2, 1.38%, 06/25/30 (Call 07/25/30)		50		40,096
Series K131, Class A2, 1.85%, 07/25/31
(Call 09/25/31)		1,000		808,475
Series K735, Class A2, 2.86%, 05/25/26
(Call 06/25/26)		689		651,599
Series K739, Class A2, 1.34%, 09/25/27
(Call 09/25/27)		180		157,745
Government National Mortgage Association 2.00%, 08/20/50		161		133,850
2.00%, 11/20/50		432		358,111
2.00%, 12/20/50		3,111		2,576,860
2.00%, 01/20/51		4,246		3,516,129
2.00%, 02/20/51		1,645		1,359,740
2.00%, 10/20/51		2,037		1,681,657
2.00%, 12/20/51		398		328,762
2.50%, 10/20/50		525		449,417
2.50%, 01/20/51		187		159,713
2.50%, 02/20/51		192		164,051
2.50%, 05/20/51		2,063		1,763,753
2.50%, 07/20/51		1,413		1,205,987
2.50%, 08/20/51		123		104,996
2.50%, 11/20/51		3,488		2,971,752
2.50%, 12/20/51		879		748,381
2.50%, 02/20/52		1,817		1,547,423
2.50%, 08/20/52		366		311,848
3.00%, 03/20/45		33		29,169
3.00%, 12/20/45		4		3,437
3.00%, 01/20/46		4		3,457
3.00%, 03/20/46		261		232,874
3.00%, 05/20/46		2		2,131
3.00%, 08/20/46		10		9,158
3.00%, 09/20/46		93		83,524
3.00%, 04/20/49		48		42,753
3.00%, 10/15/49		32		28,594
3.00%, 12/20/49		1,041		924,027
3.00%, 01/20/50		146		129,758
3.00%, 02/20/50		365		323,844
3.00%, 07/20/50		121		107,276
3.00%, 12/20/50		168		148,964
3.00%, 08/20/51		1,084		957,408
3.00%, 09/20/51		924		816,560
3.00%, 10/20/51		609		536,907
3.00%, 11/20/51		140		123,839
3.00%, 12/20/51		453		399,605
3.00%, 02/20/52		924		815,073


Security	Par (000)		Value

Mortgage-Backed Securities (continued)
3.50%, 10/20/42	$	759	$	705,396
3.50%, 05/20/47		429		395,024
3.50%, 09/20/47		821		755,237
3.50%, 02/20/48		149		137,059
3.50%, 03/20/49		366		336,004
3.50%, 09/20/49		227		208,925
3.50%, 10/20/49		152		139,942
3.50%, 12/20/49		64		58,685
3.50%, 01/20/50		338		310,728
3.50%, 01/20/52		941		855,435
3.50%, 02/20/52		331		300,795
3.50%, 09/21/53⁽ⁱ⁾		325		295,103
4.00%, 02/20/49		812		766,373
4.00%, 01/20/50		46		43,520
4.00%, 07/20/52		92		85,840
4.00%, 08/20/52		337		314,070
4.00%, 09/20/52		778		725,078
4.00%, 12/20/52		220		204,624
4.00%, 09/21/53⁽ⁱ⁾		978		911,221
4.50%, 07/20/41		184		180,783
4.50%, 09/20/48		91		88,267
4.50%, 01/20/49		181		174,804
4.50%, 09/20/53⁽ⁱ⁾		1,625		1,548,574
5.00%, 07/20/52		49		48,105
5.00%, 09/20/52		502		487,976
5.00%, 12/20/52		389		378,622
5.00%, 01/20/53		245		238,354
5.00%, 09/21/53⁽ⁱ⁾		540		525,456
5.50%, 12/20/52		723		716,045
5.50%, 01/20/53		73		72,790
5.50%, 04/20/53		285		282,271
5.50%, 06/20/53		194		192,343
5.50%, 07/20/53		260		258,571
5.50%, 09/21/53⁽ⁱ⁾		1,850		1,831,211
6.00%, 09/20/53⁽ⁱ⁾		750		752,432
Uniform Mortgage-Backed Securities 1.50%, 03/01/36		166		141,934
1.50%, 10/01/36		65		55,208
1.50%, 02/01/37		1,319		1,127,204
1.50%, 03/01/37		1,658		1,414,663
1.50%, 04/01/37		129		110,067
1.50%, 08/01/37		113		96,715
1.50%, 09/01/37⁽ⁱ⁾		807		687,851
1.50%, 11/01/50		447		338,502
1.50%, 03/01/51		635		480,140
1.50%, 04/01/51		469		354,469
1.50%, 05/01/51		903		681,318
1.50%, 07/01/51		1,616		1,220,696
2.00%, 12/01/35		47		41,235
2.00%, 02/01/36		783		691,043
2.00%, 03/01/36		152		133,822
2.00%, 04/01/36		56		49,009
2.00%, 05/01/36		33		29,041
2.00%, 06/01/36		614		539,209
2.00%, 08/01/36		419		369,042
2.00%, 09/01/36		747		655,367
2.00%, 10/01/36		248		218,225
2.00%, 11/01/36		217		190,579
2.00%, 12/01/36		469		412,466
2.00%, 01/01/37		642		565,178


Security	Par (000)		Value

Mortgage-Backed Securities (continued)
2.00%, 02/01/37	$	792	$	695,214
2.00%, 04/01/37		2,043		1,792,902
2.00%, 05/01/37		307		269,332
2.00%, 06/01/37		653		573,197
2.00%, 09/19/37⁽ⁱ⁾		250		219,002
2.00%, 07/01/50		262		209,879
2.00%, 08/01/50		827		664,235
2.00%, 09/01/50		345		276,915
2.00%, 10/01/50		778		623,551
2.00%, 11/01/50		1,721		1,377,258
2.00%, 12/01/50		59		47,142
2.00%, 01/01/51		719		575,849
2.00%, 02/01/51		401		319,869
2.00%, 03/01/51		2,190		1,751,493
2.00%, 04/01/51		1,651		1,320,214
2.00%, 05/01/51		1,091		872,557
2.00%, 06/01/51		838		671,385
2.00%, 07/01/51		630		503,383
2.00%, 08/01/51		2,017		1,609,837
2.00%, 10/01/51		2,851		2,281,067
2.00%, 11/01/51		3,279		2,621,168
2.00%, 12/01/51		2,754		2,206,066
2.00%, 01/01/52		2,721		2,172,477
2.00%, 02/01/52		445		354,101
2.00%, 03/01/52		46		36,338
2.00%, 09/14/53⁽ⁱ⁾		850		676,779
2.50%, 07/01/32		377		348,270
2.50%, 11/01/34		40		36,469
2.50%, 10/01/35		112		101,658
2.50%, 03/01/36		90		81,467
2.50%, 05/01/36		481		433,495
2.50%, 06/01/36		88		79,746
2.50%, 07/01/36		345		311,026
2.50%, 08/01/36		94		84,587
2.50%, 04/01/37		341		307,778
2.50%, 05/01/37		373		336,516
2.50%, 06/01/37		373		336,506
2.50%, 10/01/50		100		84,540
2.50%, 11/01/50		1,322		1,105,748
2.50%, 12/01/50		300		249,790
2.50%, 01/01/51		298		247,959
2.50%, 03/01/51		530		443,044
2.50%, 04/01/51		137		113,431
2.50%, 07/01/51		397		331,829
2.50%, 08/01/51		1,524		1,277,430
2.50%, 09/01/51		1,650		1,373,029
2.50%, 10/01/51		1,122		933,442
2.50%, 11/01/51		2,443		2,033,245
2.50%, 12/01/51		3,445		2,876,749
2.50%, 01/01/52		3,077		2,556,406
2.50%, 02/01/52		463		386,787
2.50%, 03/01/52		1,380		1,144,543
2.50%, 04/01/52		1,809		1,507,642
2.50%, 09/14/53⁽ⁱ⁾		200		165,672
3.00%, 03/01/30		95		91,861
3.00%, 09/01/34		417		387,510
3.00%, 03/01/35		38		34,884
3.00%, 07/01/35		28		26,277
3.00%, 11/01/46		93		82,036
3.00%, 12/01/46		84		74,126


Security	Par (000)		Value

Mortgage-Backed Securities (continued)
3.00%, 04/01/48	$	605	$	536,582
3.00%, 11/01/48		123		107,807
3.00%, 02/01/49		868		763,708
3.00%, 12/01/49		1,212		1,059,960
3.00%, 04/01/50		19		16,172
3.00%, 07/01/50		31		27,353
3.00%, 08/01/50		176		154,272
3.00%, 10/01/50		256		222,008
3.00%, 01/01/51		75		65,530
3.00%, 04/01/51		80		69,303
3.00%, 07/01/51		1,119		968,900
3.00%, 08/01/51		429		372,053
3.00%, 11/01/51		69		59,273
3.00%, 01/01/52		1,285		1,112,699
3.00%, 02/01/52		481		415,707
3.00%, 04/01/52		4,549		3,931,644
3.00%, 05/01/52		927		800,595
3.00%, 09/01/53⁽ⁱ⁾		525		452,300
3.50%, 02/01/34		115		109,425
3.50%, 07/01/45		1,716		1,564,457
3.50%, 07/01/47		60		54,130
3.50%, 09/01/47		624		566,483
3.50%, 10/01/47		323		293,501
3.50%, 11/01/47		79		71,347
3.50%, 02/01/48		378		342,903
3.50%, 02/01/49		62		56,454
3.50%, 03/01/49		243		220,856
3.50%, 06/01/49		357		323,047
3.50%, 08/01/49		69		62,781
3.50%, 12/01/49		313		282,827
3.50%, 02/01/51		1,717		1,553,136
3.50%, 10/01/51		761		690,278
3.50%, 06/01/52		938		842,941
3.50%, 07/01/52		324		291,924
3.50%, 09/14/53⁽ⁱ⁾		1,377		1,230,748
4.00%, 09/01/47		40		37,298
4.00%, 05/01/48		1,192		1,117,124
4.00%, 09/01/48		356		333,360
4.00%, 03/01/49		181		169,223
4.00%, 07/01/49		726		680,337
4.00%, 08/01/49		262		245,150
4.00%, 04/01/50		546		510,361
4.00%, 05/01/50		254		237,167
4.00%, 03/01/51		1,281		1,198,474
4.00%, 05/01/52		536		495,375
4.00%, 06/01/52		682		630,850
4.00%, 08/01/52		619		572,311
4.00%, 09/14/53⁽ⁱ⁾		675		623,004
4.50%, 04/01/49		83		80,014
4.50%, 09/01/50		410		395,651
4.50%, 10/01/50		147		140,587
4.50%, 05/01/52		162		155,049
4.50%, 06/01/52		754		715,490
4.50%, 09/01/52		1,080		1,025,372
4.50%, 10/01/52		1,950		1,853,371
4.50%, 12/01/52		338		322,978
4.50%, 09/14/53⁽ⁱ⁾		375		355,547
5.00%, 09/01/49		28		27,390
5.00%, 08/01/52		119		115,690
5.00%, 09/01/52		285		277,828


Security	Par (000)		Value

Mortgage-Backed Securities (continued)
5.00%, 10/01/52	$	410	$	398,535
5.00%, 11/01/52		360		350,020
5.00%, 12/01/52		314		305,968
5.00%, 01/01/53		848		823,373
5.00%, 04/01/53		242		234,948
5.00%, 09/14/53⁽ⁱ⁾		1,546		1,499,046
5.50%, 09/01/52		120		119,909
5.50%, 11/01/52		167		166,487
5.50%, 12/01/52		665		661,468
5.50%, 01/01/53		750		747,519
5.50%, 02/01/53		294		290,699
5.50%, 03/01/53		195		194,652
5.50%, 04/01/53		160		159,338
5.50%, 09/14/53⁽ⁱ⁾		1,155		1,140,382
6.00%, 09/14/53⁽ⁱ⁾		1,100		1,102,879

				144,004,427

U.S. Government Obligations — 35.9%
U.S. Treasury Note/Bond
0.25%, 05/31/25		1,250		1,151,709
0.25%, 06/30/25^(c)		1,150		1,056,787
0.25%, 07/31/25		1,200		1,098,937
0.25%, 08/31/25		300		273,844
0.25%, 09/30/25		1,280		1,166,100
0.25%, 10/31/25		1,300		1,180,055
0.38%, 08/15/24		400		381,375
0.38%, 09/15/24		6,140		5,833,240
0.38%, 04/30/25		2,590		2,399,797
0.38%, 11/30/25		1,400		1,270,609
0.38%, 12/31/25		1,560		1,413,262
0.38%, 01/31/26		3,370		3,041,162
0.38%, 09/30/27		1,100		937,492
0.50%, 02/28/26		800		722,312
0.50%, 05/31/27		1,000		866,172
0.50%, 08/31/27		780		670,191
0.50%, 10/31/27		230		196,524
0.63%, 10/15/24		4,040		3,835,633
0.63%, 07/31/26		2,000		1,788,594
0.63%, 11/30/27		700		599,922
0.63%, 12/31/27		1,445		1,235,249
0.63%, 05/15/30		115		91,209
0.63%, 08/15/30		2,050		1,615,336
0.75%, 11/15/24		2,150		2,037,461
0.75%, 03/31/26		300		272,273
0.75%, 04/30/26		1,400		1,266,125
0.75%, 08/31/26		600		537,234
0.75%, 01/31/28		1,700		1,457,883
0.88%, 06/30/26		2,300		2,078,984
0.88%, 09/30/26		1,900		1,704,805
0.88%, 11/15/30		1,190		952,372
1.00%, 12/15/24		1,770		1,677,490
1.00%, 07/31/28		2,100		1,797,305
1.13%, 01/15/25		390		369,220
1.13%, 10/31/26		1,100		991,633
1.13%, 02/28/27		700		625,844
1.13%, 02/29/28		2,130		1,854,098
1.13%, 08/31/28		2,400		2,062,688
1.13%, 02/15/31		1,015		824,529
1.13%, 05/15/40		1,950		1,206,562
1.13%, 08/15/40		1,390		852,895
1.25%, 11/30/26		1,900		1,715,937


Security	Par (000)		Value

U.S. Government Obligations (continued)
1.25%, 12/31/26	$	1,700	$	1,533,187
1.25%, 03/31/28		2,550		2,228,262
1.25%, 04/30/28		1,400		1,220,844
1.25%, 05/31/28		1,600		1,392,750
1.25%, 06/30/28		1,660		1,442,125
1.25%, 09/30/28		1,700		1,467,047
1.25%, 08/15/31		1,550		1,251,625
1.25%, 05/15/50		1,055		551,402
1.38%, 10/31/28		1,970		1,707,590
1.38%, 12/31/28		1,400		1,209,578
1.38%, 11/15/31		2,950		2,390,883
1.38%, 11/15/40		1,480		944,425
1.38%, 08/15/50		1,440		778,050
1.50%, 02/15/25		760		721,436
1.50%, 08/15/26		1,400		1,283,297
1.50%, 01/31/27		2,000		1,814,219
1.50%, 11/30/28		2,300		2,003,336
1.63%, 05/15/26		1,650		1,525,992
1.63%, 10/31/26		600		549,469
1.63%, 05/15/31		1,800		1,507,500
1.63%, 11/15/50		1,600		925,000
1.75%, 03/15/25		910		865,389
1.75%, 01/31/29		2,300		2,022,203
1.75%, 08/15/41		1,820		1,222,528
1.88%, 08/31/24		400		386,391
1.88%, 02/28/27		1,000		917,422
1.88%, 02/28/29		1,050		928,512
1.88%, 02/15/32		2,150		1,807,008
1.88%, 02/15/41		1,350		936,352
1.88%, 02/15/51		1,770		1,091,592
1.88%, 11/15/51		1,570		964,569
2.00%, 08/15/25		1,100		1,041,219
2.00%, 11/15/26		2,000		1,851,875
2.00%, 11/15/41		1,800		1,259,437
2.00%, 02/15/50		900		576,141
2.00%, 08/15/51		1,850		1,174,172
2.13%, 11/30/24		450		433,072
2.25%, 11/15/24		1,600		1,543,437
2.25%, 11/15/25		1,550		1,468,262
2.25%, 03/31/26		600		565,688
2.25%, 02/15/27		570		529,966
2.25%, 08/15/27		700		646,242
2.25%, 11/15/27		1,000		919,531
2.25%, 05/15/41		1,550		1,141,672
2.25%, 08/15/46		1,300		895,172
2.25%, 02/15/52		1,320		890,587
2.38%, 08/15/24		1,000		971,797
2.38%, 05/15/27		600		558,422
2.38%, 03/31/29		680		616,569
2.38%, 05/15/29		1,000		905,781
2.38%, 02/15/42		1,300		966,875
2.38%, 05/15/51		2,000		1,390,000
2.50%, 03/31/27		700		655,867
2.50%, 02/15/45		1,375		1,008,906
2.50%, 02/15/46		760		552,306
2.50%, 05/15/46		900		653,344
2.63%, 01/31/26		560		533,619
2.63%, 05/31/27		1,400		1,314,141
2.63%, 02/15/29		1,000		920,625
2.63%, 07/31/29		1,000		915,781


Security	Par (000)		Value

U.S. Government Obligations (continued)
2.75%, 05/15/25	$	1,800	$	1,734,187
2.75%, 04/30/27		3,000		2,831,719
2.75%, 02/15/28		1,400		1,311,406
2.75%, 05/31/29		900		831,164
2.75%, 08/15/32		2,300		2,064,609
2.75%, 08/15/42		690		542,297
2.75%, 11/15/42		400		313,438
2.75%, 08/15/47		550		416,711
2.75%, 11/15/47		600		454,219
2.88%, 05/31/25		600		578,836
2.88%, 06/15/25		650		626,971
2.88%, 05/15/28		1,000		939,922
2.88%, 08/15/28		600		562,547
2.88%, 04/30/29		800		744,500
2.88%, 05/15/32		2,000		1,817,500
2.88%, 05/15/43		200		159,188
2.88%, 08/15/45		960		750,450
2.88%, 11/15/46		600		466,500
2.88%, 05/15/49		200		155,063
2.88%, 05/15/52		1,300		1,009,125
3.00%, 07/15/25		1,300		1,255,414
3.00%, 09/30/25		480		462,675
3.00%, 10/31/25		250		240,801
3.00%, 05/15/42		250		205,039
3.00%, 11/15/44		500		402,109
3.00%, 05/15/45		990		792,773
3.00%, 11/15/45		400		319,438
3.00%, 02/15/47		500		397,422
3.00%, 05/15/47		600		476,813
3.00%, 02/15/48		800		634,875
3.00%, 08/15/48		1,000		793,437
3.00%, 08/15/52		1,900		1,514,359
3.13%, 08/15/25		1,130		1,093,054
3.13%, 11/15/28		700		662,758
3.13%, 08/31/29		700		658,711
3.13%, 02/15/43		500		415,078
3.13%, 08/15/44		500		411,094
3.13%, 05/15/48		1,250		1,015,039
3.25%, 06/30/27		900		864,070
3.25%, 06/30/29		700		663,742
3.25%, 05/15/42		700		597,625
3.38%, 05/15/33		2,700		2,543,906
3.38%, 08/15/42		400		347,063
3.38%, 05/15/44		100		85,703
3.38%, 11/15/48		500		424,844
3.50%, 09/15/25		1,000		973,906
3.50%, 01/31/28		1,900		1,837,656
3.50%, 04/30/28		1,000		966,875
3.50%, 01/31/30		1,000		959,141
3.50%, 04/30/30		600		575,250
3.50%, 02/15/33		2,700		2,571,328
3.63%, 05/15/26		2,300		2,243,219
3.63%, 03/31/28		800		777,687
3.63%, 05/31/28		1,400		1,361,719
3.63%, 03/31/30		600		579,563
3.63%, 02/15/53		1,400		1,261,312
3.63%, 05/15/53		1,350		1,217,531
3.75%, 04/15/26		1,500		1,467,539
3.75%, 05/31/30		400		389,188
3.75%, 06/30/30		1,700		1,654,047


Security	Par/ Shares (000)		Value

U.S. Government Obligations (continued)
3.88%, 03/31/25	$	700	$	687,313
3.88%, 01/15/26		100		98,109
3.88%, 11/30/27		800		785,375
3.88%, 12/31/27		800		785,437
3.88%, 09/30/29		900		881,789
3.88%, 11/30/29		900		881,859
3.88%, 12/31/29		800		783,812
3.88%, 08/15/33		800		785,625
3.88%, 02/15/43		600		558,188
3.88%, 05/15/43		500		465,000
4.00%, 02/15/26		1,900		1,870,016
4.00%, 02/29/28		1,000		987,734
4.00%, 06/30/28		3,200		3,162,000
4.00%, 02/28/30		900		888,469
4.00%, 07/31/30		300		296,438
4.00%, 11/15/42		500		474,297
4.00%, 11/15/52		900		868,500
4.13%, 01/31/25		600		591,539
4.13%, 06/15/26		2,900		2,866,469
4.13%, 09/30/27		900		891,703
4.13%, 07/31/28^(c)		1,500		1,491,328
4.13%, 08/31/30		300		298,734
4.13%, 11/15/32		3,800		3,798,219
4.13%, 08/15/53		400		394,625
4.25%, 12/31/24		1,000		987,617
4.25%, 05/31/25		1,000		987,695
4.25%, 10/15/25		620		613,025
4.25%, 05/15/39		400		401,000
4.38%, 08/15/26		500		497,695
4.38%, 08/15/43		300		299,203
4.50%, 11/30/24		500		495,391
4.50%, 11/15/25		1,000		993,750
4.50%, 02/15/36		100		104,484
4.63%, 02/28/25		1,500		1,489,512
4.63%, 03/15/26		2,000		1,998,594
4.75%, 06/30/25		700		696,090
4.75%, 07/31/25		860		857,648
4.75%, 07/15/26		2,400		2,395,875
4.75%, 02/15/37		600		640,688
5.00%, 05/15/37		400		437,250

				217,513,588


Total U.S. Government & Agency Obligations — 59.7% (Cost: $406,998,039)				361,518,015


Total Long-Term Investments — 98.7% (Cost: $672,897,524)				597,889,584


Short-Term Securities

Money Market Funds — 5.0%
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.31%^(j)(k)(l)		30,589		30,588,842


Total Short-Term Securities — 5.0% (Cost: $30,588,842)				30,588,842


Total Investments Before TBA Sales Commitments — 103.7% (Cost: $703,486,366)				628,478,426


Security	Par (000)			Value

TBA Sales Commitments⁽ⁱ⁾

Mortgage-Backed Securities — (0.1)%
Government National Mortgage Association, 5.50%, 09/21/53	$	(500	)	$	(494,922	)


Total TBA Sales Commitments — (0.1)% (Proceeds: $(489,199))					(494,922	)


Total Investments, Net of TBA Sales Commitments — 103.6% (Cost: $702,997,167)					627,983,504

Liabilities in Excess of Other Assets — (3.6)%				(21,910,725)


Net Assets — 100.0%				$606,072,779

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

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

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

^(d)	Payment-in-kind security which may pay interest/dividends in additional par/shares and/or in cash. Rates shown are the current rate and possible payment rates.

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

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

^(g)	Zero-coupon bond.

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

⁽ⁱ⁾	Represents or includes a TBA transaction.

^(j)	Affiliate of the Fund.

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

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

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended August 31, 2023 for purposes of Section2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

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

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

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

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed (the “trade dates”). Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain. Interest income, including amortization and accretion of premiums and discounts on debt securities, and payment-in-kind interest are recognized daily on an accrual basis.

Foreign Currency Translation: Each Fund’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

Collateralization: If required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.

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

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

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

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

formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

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

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the New York Stock Exchange (“NYSE”). Each business day, the Funds use current market factors supplied by independent pricing services to value certain foreign instruments (“Systematic Fair Value Price”). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which follows the close of the local markets.

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.

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

will have the effect of shortening the maturity of the security. In addition, a fund may subsequently have to reinvest the proceeds at lower interest rates. If a fund has purchased such an asset-backed security at a premium, a faster than anticipated prepayment rate could result in a loss of principal to the extent of the premium paid.

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

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

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

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

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

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

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

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

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

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

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

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

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

This amount is included in investment advisory fees waived in the Statements of Operations. For the six months ended August 31, 2023, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:

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

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

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

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

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

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the six months ended August 31, 2023, the Funds paid BTC the following amounts for securities lending agent services:

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

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

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

For the six months ended August 31, 2023, purchases and sales of investments, including mortgage dollar rolls and excluding short-term securities and in-kind transactions, were as follows:

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

Management has analyzed tax laws and regulations and their application to the Funds as of August 31, 2023 and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

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

As of August 31, 2023, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

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

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

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

Market Risk: Each Fund may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during periods of declining interest rates, which would force each Fund to reinvest in lower yielding securities. Each Fund may also be exposed to reinvestment risk, which is the

risk that income from each Fund’s portfolio will decline if each Fund invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below each Fund portfolio’s current earnings rate.

Infectious Illness Risk: An outbreak of an infectious illness, such as the COVID-19 pandemic, may adversely impact the economies of many nations and the global economy, and may impact individual issuers and capital markets in ways that cannot be foreseen. An infectious illness outbreak may result in, among other things, closed international borders, prolonged quarantines, supply chain disruptions, market volatility or disruptions and other significant economic, social and political impacts.

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

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

The Funds invest a significant portion of their assets in securities of issuers located in the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative “debt ceiling.” Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the the Funds invest.

Certain Funds invest a significant portion of their assets in securities within a single or limited number of market sectors. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio. Investment percentages in specific sectors are presented in the Schedule of Investments.

The Funds invest a significant portion of their assets in fixed-income securities and/or uses derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease as interest rates rise and increase as interest rates fall. The Funds may be subject to a greater risk of rising interest rates due to the period of historically low interest rates that ended in March 2022. The Federal Reserve has recently been raising the federal funds rate as part of its efforts to address inflation. There is a risk that interest rates will continue to rise, which will likely drive down the prices of bonds and other fixed-income securities, and could negatively impact the Funds’ performance.

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

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

LIBOR Transition Risk: The Funds may be exposed to financial instruments that recently transitioned from, or continue to be tied to the London Interbank Offered Rate (“LIBOR”) to determine payment obligations, financing terms, hedging strategies or investment value. The United Kingdom’s Financial Conduct Authority, which regulates LIBOR, has ceased publishing all LIBOR settings, but some USD LIBOR settings will continue to be published under a synthetic methodology until September 30, 2024 for certain legacy contracts. The Secured Overnight Financing Rate (“SOFR”) has been used increasingly on a voluntary basis in new instruments and transactions. Under U.S. regulations that implement a statutory fallback mechanism to replace LIBOR, benchmark rates based on SOFR have replaced LIBOR in certain financial contracts. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately

large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

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

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

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

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

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

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

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

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

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by Bloomberg Index Services Limited or Markit Indices Limited, nor do these companies make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the companies listed above.


				Average Annual Total Returns							Cumulative Total Returns
	6-Month Total Returns				1 Year			Since Inception			1 Year			Since Inception
Fund NAV		2.11	%			0.37	%		(9.29	)%		0.37	%		(16.20	)%
Fund Market		2.11				0.80			(9.19	)		0.80			(16.04	)
Index		2.33				0.63			(9.09	)		0.63			(15.86	)


Actual					Hypothetical 5% Return


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

	$ 1,000.00	$ 1,021.10	$ 0.91			$ 1,000.00	$ 1,024.20	$ 0.92		0.18	%


Moody’s Credit Rating*	Percent of Total Investments	^(a)
Aaa	4.8	%
Aa	2.5
A	47.8
Baa	43.5
Ba	1.1
Not Rated	0.3


Maturity	Percent of Total Investments	^(a)
1-5 Years	22.5	%
5-10 Years	37.1
10-15 Years	7.1
15-20 Years	7.7
More than 20 Years	25.6


				Average Annual Total Returns							Cumulative Total Returns
	6-Month Total Returns				1 Year			Since Inception			1 Year			Since Inception
Fund NAV		1.06	%			(0.79	)%		(3.59	)%		(0.79	)%		(11.02	)%
Fund Market		0.90				(0.96	)		(3.63	)		(0.96	)		(11.12	)
Index		1.13				(0.66	)		(3.46	)		(0.66	)		(10.61	)


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


	Page
The Markets in Review		2
Semi-Annual Report:
Fund Summary		4
About Fund Performance		6
Disclosure of Expenses		6
Schedules of Investments		7
Financial Statements
Statements of Assets and Liabilities		56
Statements of Operations		57
Statements of Changes in Net Assets		58
Financial Highlights		59
Notes to Financial Statements		61
Board Review and Approval of Investment Advisory Contract		69
Supplemental Information		72
General Information		73
Glossary of Terms Used in this Report		74


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


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


Fund Summary as of August 31, 2023		iShares^® ESG Advanced Total USD Bond Market ETF


Investment Type	Percent of Total Investments	^(a)
U.S. Government & Agency Obligations	60.5	%
Corporate Bonds & Notes	32.0
Foreign Government Obligations	6.4
Collaterized Mortgage Obligations	0.9
Asset-Backed Securities	0.3
TBA Sales Commitments	(0.1	)


Affiliated Issuer	Value at 02/28/23		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 08/31/23		Shares Held at 08/31/23 (000)		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	580,588	$	—			$(69,084	)^(a)	$	(168	)	$	(32	)	$	511,304		511	$	971	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares.		120,000		0	^(a)		—			—			—			120,000		120		3,190			—

									$	(168	)	$	(32	)	$	631,304			$	4,161		$	—


	Level 1		Level 2		Level 3		Total

Assets
Investments
Long-Term Investments
Corporate Bonds & Notes	$	—	$	11,706,417	$	—	$	11,706,417
Short-Term Securities
Money Market Funds		631,304		—		—		631,304

	$	631,304	$	11,706,417	$	—	$	12,337,721


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


ASSETS
Investments, at value — unaffiliated^(a)(b)	$	11,706,417		$	597,889,584
Investments, at value — affiliated^(c)		631,304			30,588,842
Cash		3,058			9,878
Foreign currency, at value^(d)		—			544
Receivables:
Investments sold		47,807			6,109,760
Securities lending income — affiliated		214			6,439
TBA sales commitments		—			489,199
Capital shares sold		—			115,067
Dividends — affiliated		279			93,431
Interest — unaffiliated		141,943			4,062,768

Total assets		12,531,022			639,365,512


LIABILITIES
Collateral on securities loaned, at value		511,204			7,708,842
TBA sales commitments, at value^(e)		—			494,922
Payables:
Investments purchased		95,607			25,029,016
Investment advisory fees		1,801			59,953

Total liabilities		608,612			33,292,733

Commitments and contingent liabilities

NET ASSETS	$	11,922,410		$	606,072,779


NET ASSETS CONSIST OF
Paid-in capital	$	15,158,203		$	704,732,480
Accumulated loss		(3,235,793	)		(98,659,701	)

NET ASSETS	$	11,922,410		$	606,072,779


NET ASSETVALUE
Shares outstanding		150,000			14,400,000

Net asset value	$	79.48		$	42.09

Shares authorized		Unlimited			Unlimited

Par value		None			None


^(a) Investments, at cost — unaffiliated	$	13,920,346		$	672,897,524
^(b) Securities loaned, at value	$	493,190		$	7,482,118
^(c) Investments, at cost — affiliated	$	631,196		$	30,588,842
^(d) Foreign currency, at cost	$	—		$	537
^(e) Proceeds from TBA sales commitments	$	—		$	489,199


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


INVESTMENT INCOME
Dividends — affiliated	$	3,190		$	349,825
Interest — unaffiliated		232,678			8,978,917
Securities lending income — affiliated — net		971			40,686
Other income — unaffiliated		—			153

Total investment income		236,839			9,369,581


EXPENSES
Investment advisory		10,903			356,305

Total expenses		10,903			356,305

Less:
Investment advisory fees waived		—			(6,362	)

Total expenses after fees waived		10,903			349,943

Net investment income.		225,936			9,019,638


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(199,901	)		(3,444,914	)
Investments — affiliated		(168	)		—
Foreign currency transactions		—			(1	)
In-kind redemptions — unaffiliated^(a)		—			(623,916	)

		(200,069	)		(4,068,831	)

Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		226,001			876,539
Investments — affiliated		(32	)		—
Foreign currency translations		—			12

		225,969			876,551

Net realized and unrealized gain (loss)		25,900			(3,192,280	)

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	251,836		$	5,827,358


	iShares ESG Advanced Investment Grade Corporate Bond ETF						iShares ESG Advanced Total USD Bond Market ETF
	Six Months Ended 08/31/23 (unaudited)			Year Ended 02/28/23			Six Months Ended 08/31/23 (unaudited)			Year Ended 02/28/23

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	225,936		$	457,695		$	9,019,638		$	17,739,911
Net realized loss		(200,069	)		(1,752,499	)		(4,068,831	)		(41,430,926	)
Net change in unrealized appreciation (depreciation)		225,969			(1,000,276	)		876,551			(50,521,134	)


Net increase (decrease) in net assets resulting from operations		251,836			(2,295,080	)		5,827,358			(74,212,149	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(222,028	)		(457,951	)		(8,782,493	)		(17,304,554	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		—			(3,953,019	)		38,334,513			52,415,316


NET ASSETS
Total increase (decrease) in net assets		29,808			(6,706,050	)		35,379,378			(39,101,387	)
Beginning of period		11,892,602			18,598,652			570,693,401			609,794,788

End of period	$	11,922,410		$	11,892,602		$	606,072,779		$	570,693,401



	iShares ESG Advanced Investment Grade Corporate Bond ETF
		Six Months Ended 08/31/23 (unaudited	)		Year Ended 02/28/23			Period From 11/08/21 to 02/28/22	^(a)


Net asset value, beginning of period	$	79.28		$	92.99		$	100.00

Net investment income^(b)		1.51			2.45			0.64
Net realized and unrealized gain (loss)^(c)		0.17			(13.69	)		(7.19	)

Net increase (decrease) from investment operations		1.68			(11.24	)		(6.55	)

Distributions from net investment income^(d)		(1.48	)		(2.47	)		(0.46	)


Net asset value, end of period	$	79.48		$	79.28		$	92.99


Total Return^(e)
Based on net asset value		2.11	%^(f)		(12.17	)%		(6.56	)%^(f)


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

Net investment income		3.73	%^(h)		2.97	%		2.16	%^(h)


Supplemental Data
Net assets, end of period (000)	$	11,922		$	11,893		$	18,599

Portfolio turnover rate⁽ⁱ⁾		14	%		35	%		7	%^(f)



	iShares ESG Advanced Total USD Bond Market ETF
		Six Months Ended 08/31/23 (unaudited	)		Year Ended 02/28/23			Year Ended 02/28/22			Period From 06/23/20 to 02/28/21	^(a)


Net asset value, beginning of period	$	42.27		$	47.64		$	49.61		$	50.00

Net investment income^(b)		0.65			1.01			0.60			0.35
Net realized and unrealized loss^(c)		(0.19	)		(5.38	)		(2.01	)		(0.42	)

Net increase (decrease) from investment operations		0.46			(4.37	)		(1.41	)		(0.07	)

Distributions from net investment income^(d)		(0.64	)		(1.00	)		(0.56	)		(0.32	)


Net asset value, end of period	$	42.09		$	42.27		$	47.64		$	49.61


Total Return^(e)
Based on net asset value		1.06	%^(f)		(9.22	)%		(2.85	)%		(0.16	)%^(f)


Ratios to Average Net Assets^(g)
Total expenses		0.12	%^(h)		0.12	%		0.12	%		0.12	%^(h)

Total expenses after fees waived		0.12	%^(h)		0.11	%		0.11	%		0.11	%^(h)

Net investment income		3.04	%^(h)		2.32	%		1.23	%		1.03	%^(h)


Supplemental Data
Net assets, end of period (000)	$	606,073		$	570,693		$	609,795		$	188,521

Portfolio turnover rate^(i)(j)		26	%		167	%		243	%		216	%^(f)


iShares ETF	Diversification Classification
ESG Advanced Investment Grade Corporate Bond		Non-diversified
ESG Advanced Total USD Bond Market		Diversified



iShares ETF and Counterparty		Securities Loaned at Value		Cash Collateral Received	^(a)		Non-Cash Collateral Received, at Fair Value	^(a)		Net Amount


ESG Advanced Investment Grade Corporate Bond
Barclays Capital, Inc.	$	82,933	$	(82,933	)	$	—		$	—
BofA Securities, Inc.		56,546		(56,546	)		—			—
J.P. Morgan Securities LLC		107,704		(107,704	)		—			—
Jefferies LLC		332		(332	)		—			—
Nomura Securities International, Inc.		200,331		(200,331	)		—			—
RBC Capital Markets LLC		13,053		(13,053	)		—			—
Wells Fargo Bank, National Association		7,994		(7,994	)		—			—
Wells Fargo Securities LLC		24,297		(24,297	)		—			—

	$	493,190	$	(493,190	)	$	—		$	—


ESG Advanced Total USD Bond Market
Barclays Bank PLC	$	574,213	$	(574,213	)	$	—		$	—
Barclays Capital, Inc.		155,419		(155,419	)		—			—
BMO Capital Markets Corp.		94,532		(94,532	)		—			—
BNP Paribas SA		278,462		(278,462	)		—			—
BofA Securities, Inc.		132,127		(132,127	)		—			—
Citigroup Global Markets, Inc.		1,617,748		(1,617,748	)		—			—
Credit Suisse Securities (USA) LLC		24,492		(24,492	)		—			—
Goldman Sachs & Co. LLC		916,639		(916,639	)		—			—
J.P. Morgan Securities LLC		1,366,347		(1,366,347	)		—			—
Jefferies LLC		142,652		(142,652	)		—			—
Morgan Stanley		1,093,918		(1,093,918	)		—			—
Pershing LLC		205,405		(205,405	)		—			—
RBC Capital Markets LLC		359,784		(359,784	)		—			—
Scotia Capital (USA), Inc.		27,817		(27,817	)		—			—
State Street Bank & Trust Co.		9,597		(9,597	)		—			—
Toronto Dominion Bank		54,436		(54,436	)		—			—
UBS AG		84,236		(84,236	)		—			—
UBS Securities LLC		1,949		(1,949	)		—			—
Wells Fargo Securities LLC		342,345		(342,345	)		—			—

	$	7,482,118	$		(7,482,118)	$	—		$	—



iShares ETF	Investment Advisory Fees

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



iShares ETF	Amounts Waived
ESG Advanced Total USD Bond Market	$	6,362



iShares ETF	Amounts

ESG Advanced Investment Grade Corporate Bond	$	317
ESG Advanced Total USD Bond Market		10,140


	U.S. Government Securities				Other Securities
iShares ETF	Purchases		Sales		Purchases		Sales
ESG Advanced Investment Grade Corporate Bond	$	—	$	—	$	1,842,480	$	1,649,645
ESG Advanced Total USD Bond Market		146,768,808		131,345,452		16,380,239		18,558,230



iShares ETF	In-kind Purchases		In-kind Sales
ESG Advanced Total USD Bond Market	$	39,929,441	$	12,542,730



iShares ETF	Non-Expiring Capital Loss Carryforwards^(a)
ESG Advanced Investment Grade Corporate Bond	$	(857,986	)
ESG Advanced Total USD Bond Market		(21,003,615	)


iShares ETF		Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
ESG Advanced Investment Grade Corporate Bond	$	14,555,213	$	7,793	$	(2,225,285	)	$	(2,217,492	)
ESG Advanced Total USD Bond Market		703,760,755		544,600		(75,832,652	)		(75,288,052	)



	Six Months Ended 08/31/23						Year Ended 02/28/23
iShares ETF	Shares			Amount			Shares			Amount

ESG Advanced Investment Grade Corporate Bond
Shares redeemed		—		$	—			(50,000	)	$	(3,953,019	)


ESG Advanced Total USD Bond Market
Shares sold		1,300,000		$	55,186,627			7,800,000		$	359,712,060
Shares redeemed		(400,000	)		(16,852,114	)		(7,100,000	)		(307,296,744	)

		900,000		$	38,334,513			700,000		$	52,415,316


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		69



CMT		Constant Maturity Treasury

LIBOR		London Interbank Offered Rate

PIK		Payment-in-kind

PJSC		Public Joint Stock Company

REIT		Real Estate Investment Trust

SOFR		Secured Overnight Financing Rate

TBA		To-Be-Announced