The Markets in Review

Dear Shareholder,

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

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

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

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

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

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

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

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.


Total Returns as of October 31, 2022
	6-Month	12-Month
U.S. large cap equities (S&P 500 Index)	(5.50)%	(14.61)%
U.S. small cap equities (Russell 2000 Index)	(0.20)	(18.54)
International equities (MSCI Europe, Australasia, Far East Index)	(12.70)	(23.00)
Emerging market equities (MSCI Emerging Markets Index)	(19.66)	(31.03)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.72	0.79
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(8.24)	(17.68)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	(6.86)	(15.68)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	(4.43)	(11.98)
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	(4.71)	(11.76)
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

U.S. investment-grade corporate bonds fell sharply for the 12 months ended October 31, 2022 (“reporting period”). The Markit iBoxx USD Liquid Investment Grade Index, a broad measure of U.S. investment-grade corporate bond performance, returned -22.04%.

The U.S. Federal Reserve’s (Fed’s) shift toward tighter monetary policy was the primary factor driving the market downturn. Annualized consumer price inflation, which had been under 3.0% for over a decade, began to rise throughout 2021 and reached 7.0% by the end of the year. The inflation picture soon grew even more challenging following Russia’s invasion of Ukraine in early 2022, which—together with the resulting sanctions—further snarled global supply chains and contributed to a spike in energy prices. Inflation exceeded 8.0% in March 2022 and remained above that level through the end of the reporting period, with a peak of 9.1% in June.

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

These factors caused corporate bonds to decline steadily from the beginning of 2022 through the end of October, with only a short-lived relief rally in the summer interrupting the downward momentum. Of the three sectors in the Markit iBoxx USD Liquid Investment Grade Index, financials finished with the smallest decline. Although insurance issues lagged considerably, banks and finance companies outperformed in relative terms. Industrials lagged financials, with the communications and non-cyclical industries leading the way on the downside. Utilities, which has the smallest index weighting of the three sectors, was the weakest performer. Long-term corporate bonds lagged shorter-term issues by a wide margin. In terms of credit quality, higher-rated bonds generally outperformed lower-rated securities amid investors’ search for relative “safe havens” in the challenging environment.

While the market performed poorly, one notable result of the downturn was that yields on corporate bonds—as gauged by the ICE BofA US Corporate Index—closed the period at the highest level since 2009. In addition, corporate fundamentals remained strong as of the end of October 2022. Leverage was low, overall credit quality was robust, and default rates remained below the historical average. Further, companies’ efforts to refinance their debt in recent years reduced the risk that a wave of maturing bonds would need to be replaced at higher yields.

The iShares iBonds Dec 2022 Term Corporate ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated, investment-grade corporate bonds maturing in 2022, as represented by the Bloomberg December 2022 Maturity Corporate 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 inception date of the Fund was March 10, 2015. The first day of secondary market trading was March 12, 2015.

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

The iShares iBonds Dec 2023 Term Corporate ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated, investment-grade corporate bonds maturing in 2023, as represented by the Bloomberg December 2023 Maturity Corporate 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 inception date of the Fund was March 11, 2015. The first day of secondary market trading was March 12, 2015.

The iShares iBonds Dec 2024 Term Corporate ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated, investment-grade corporate bonds maturing in 2024, as represented by the Bloomberg December 2024 Maturity Corporate 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 inception date of the Fund was March 11, 2015. The first day of secondary market trading was March 12, 2015.

The iShares iBonds Dec 2025 Term Corporate ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated, investment-grade corporate bonds maturing in 2025, as represented by the Bloomberg December 2025 Maturity Corporate 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 inception date of the Fund was March 11, 2015. The first day of secondary market trading was March 12, 2015.

The iShares iBonds Dec 2026 Term Corporate ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated, investment-grade corporate bonds maturing in 2026, as represented by the Bloomberg December 2026 Maturity Corporate 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 inception date of the Fund was September 13, 2016. The first day of secondary market trading was September 15, 2016.

The iShares iBonds Dec 2027 Term Corporate ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated, investment-grade corporate bonds maturing in 2027, as represented by the Bloomberg December 2027 Maturity Corporate 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 inception date of the Fund was September 12, 2017. The first day of secondary market trading was September 14, 2017.

The iShares iBonds Dec 2028 Term Corporate ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated, investment-grade corporate bonds maturing in 2028, as represented by the Bloomberg December 2028 Maturity Corporate 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 inception date of the Fund was September 18, 2018. The first day of secondary market trading was September 20, 2018.

The iShares iBonds Dec 2029 Term Corporate ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated, investment-grade corporate bonds maturing in 2029, as represented by the Bloomberg December 2029 Maturity Corporate 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 inception date of the Fund was September 17, 2019. The first day of secondary market trading was September 19, 2019.

The iShares iBonds Dec 2030 Term Corporate ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar denominated, investment grade corporate bonds maturing in 2030, as represented by the Bloomberg December 2030 Maturity Corporate 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 inception date of the Fund was June 23, 2020. The first day of secondary market trading was June 25, 2020.

The iShares iBonds Dec 2031 Term Corporate ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated, investment-grade corporate bonds maturing in 2031, as represented by the Bloomberg December 2031 Maturity Corporate 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 inception date of the Fund was June 22, 2021. The first day of secondary market trading was June 24, 2021.

The iShares iBonds Dec 2032 Term Corporate ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated, investment-grade corporate bonds maturing in 2032, as represented by the Bloomberg December 2032 Maturity Corporate Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

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

The inception date of the Fund was June 28, 2022. The first day of secondary market trading was June 30, 2022.

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

Aerospace & Defense — 0.4%
General Dynamics Corp., 2.25%, 11/15/22	$	5,262	$	5,256,317


Agriculture — 0.3%
Philip Morris International Inc., 2.50%, 11/02/22		4,394		4,394,000


Airlines — 0.2%
Southwest Airlines Co., 2.75%, 11/16/22		2,913		2,908,281


Auto Manufacturers — 0.2%
American Honda Finance Corp., 2.60%, 11/16/22		2,916		2,914,163


Banks — 9.7%
Australia & New Zealand Banking Group Ltd./New York NY
2.05%, 11/21/22		10,576		10,563,943
2.63%, 11/09/22		9,863		9,859,745
Bank of Montreal
2.05%, 11/01/22		5,606		5,606,000
2.55%, 11/06/22		5,039		5,036,682
Bank of Nova Scotia (The), 2.00%, 11/15/22^(a)		13,083		13,071,880
Cooperatieve Rabobank UA, 3.95%, 11/09/22		8,191		8,189,362
Deutsche Bank AG/New York NY, 3.30%, 11/16/22		6,608		6,603,044
Morgan Stanley, 4.88%, 11/01/22		12,793		12,793,000
MUFG Union Bank NA, 2.10%, 12/09/22 (Call 12/01/22)		16,440		16,376,871
National Australia Bank Ltd./New York, 1.88%, 12/13/22		3,854		3,843,247
Natwest Group PLC, 6.13%, 12/15/22		11,215		11,200,196
PNC Bank NA, 2.70%, 11/01/22		4,174		4,174,000
PNC Financial Services Group Inc. (The), 2.85%, 11/09/22^(b)		4,616		4,614,015
Synovus Financial Corp., 3.13%, 11/01/22		4,699		4,699,000
Toronto-Dominion Bank (The), 1.90%, 12/01/22		12,728		12,703,944

				129,334,929

Chemicals — 2.1%
Celanese U.S. Holdings LLC, 4.63%, 11/15/22		3,068		3,067,386
Mosaic Co. (The), 3.25%, 11/15/22		21,438		21,421,493
RPM International Inc., 3.45%, 11/15/22^(a)		2,702		2,701,325

				27,190,204

Cosmetics & Personal Care — 0.1%
Colgate-Palmolive Co., 2.25%, 11/15/22		1,503		1,501,993


Diversified Financial Services — 5.0%
American Express Co., 2.65%, 12/02/22		12,861		12,843,252
Discover Financial Services, 3.85%, 11/21/22		5,562		5,556,048
Visa Inc., 2.80%, 12/14/22 (Call 12/01/22)		48,610		48,536,113

				66,935,413

Electric — 4.8%
American Electric Power Co. Inc., Series F, 2.95%, 12/15/22 (Call 12/01/22)		9,649		9,621,211
DTE Energy Co.
2.25%, 11/01/22		22,554		22,554,000
Series H, 0.55%, 11/01/22		14,071		14,071,000
Edison International, 3.13%, 11/15/22		2,230		2,227,681
Niagara Mohawk Power Corp., 2.72%, 11/28/22^(a)(c)		10,700		10,681,596
Public Service Enterprise Group Inc., 2.65%, 11/15/22 (Call 11/14/22)		4,556		4,551,307

				63,706,795

Health Care - Products — 1.2%
DH Europe Finance II Sarl, 2.05%, 11/15/22		15,544		15,529,544


Health Care - Services — 2.2%
CommonSpirit Health, 2.95%, 11/01/22		5,627		5,627,000


Security	Par/ Shares (000)		Value

Health Care - Services (continued)
Dignity Health, 3.13%, 11/01/22	$	80	$	80,000
Elevance Health Inc., 2.95%, 12/01/22 (Call 11/16/22)		9,896		9,884,125
Humana Inc.
2.90%, 12/15/22 (Call 12/01/22)		9,869		9,842,057
3.15%, 12/01/22		3,968		3,964,310

				29,397,492

Insurance — 0.8%
Aon Corp., 2.20%, 11/15/22		6,007		6,000,933
Chubb INA Holdings Inc., 2.88%, 11/03/22		4,039		4,039,000

				10,039,933

Internet — 1.5%
Amazon.com Inc., 2.50%, 11/29/22		12,935		12,917,150
Baidu Inc., 3.50%, 11/28/22		6,562		6,554,388

				19,471,538

Machinery — 0.8%
Caterpillar Financial Services Corp.
1.95%, 11/18/22^(a)		6,342		6,335,214
2.55%, 11/29/22		4,668		4,661,745

				10,996,959

Media — 0.8%
Comcast Cable Communications Holdings Inc., 9.46%, 11/15/22		5,874		5,883,986
TWDC Enterprises 18 Corp., 2.35%, 12/01/22		4,465		4,458,079

				10,342,065

Mining — 0.1%
Southern Copper Corp., 3.50%, 11/08/22		1,154		1,148,622


Oil & Gas — 0.8%
BP Capital Markets PLC, 2.50%, 11/06/22		9,032		9,029,562
ConocoPhillips Co., 2.40%, 12/15/22 (Call 12/01/22)^(a)		2,040		2,034,145

				11,063,707

Pharmaceuticals — 9.0%
AbbVie Inc.
2.30%, 11/21/22		75,632		75,537,460
2.90%, 11/06/22		28,233		28,223,401
Cigna Corp., 3.05%, 11/30/22 (Call 11/16/22)		14,058		14,041,693
McKesson Corp., 2.70%, 12/15/22 (Call 12/01/22)^(a)		2,726		2,718,721

				120,521,275

Real Estate Investment Trusts — 0.3%
Camden Property Trust, 2.95%, 12/15/22 (Call 12/01/22)^(a)		3,300		3,290,331


Retail — 1.1%
Walmart Inc., 2.35%, 12/15/22 (Call 12/01/22)		15,205		15,169,268


Semiconductors — 0.7%
Intel Corp., 2.70%, 12/15/22		9,830		9,812,306


Software — 0.6%
Autodesk Inc., 3.60%, 12/15/22 (Call 12/01/22)		3,895		3,892,469
Microsoft Corp., 2.13%, 11/15/22		4,215		4,211,965

				8,104,434


Total Long-Term Investments — 42.7% (Cost: $569,823,054)				569,029,569


Short-Term Securities

Money Market Funds — 58.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 3.29%^(d)(e)(f)		32,176		32,169,317


Security	Shares (000)		Value

Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%^(d)(e)		746,940	$	746,940,000


Total Short-Term Securities — 58.4% (Cost: $779,095,732)				779,109,317


Total Investments — 101.1% (Cost: $1,348,918,786)				1,348,138,886

Liabilities in Excess of Other Assets — (1.1)%				(14,606,349	)


Net Assets — 100.0%			$	1,333,532,537

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

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

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

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


Security	Par (000)		Value

Corporate Bonds & Notes

Aerospace & Defense — 2.0%
Boeing Co. (The) 1.17%, 02/04/23 (Call 12/01/22)^(a)	$	4,662	$	4,607,501
1.88%, 06/15/23 (Call 04/15/23)^(a)		1,485		1,451,929
2.80%, 03/01/23 (Call 02/01/23)^(a)		1,437		1,424,254
4.51%, 05/01/23 (Call 04/01/23)^(a)		12,622		12,597,639
General Dynamics Corp. 1.88%, 08/15/23 (Call 06/15/23)^(a)		2,954		2,883,458
3.38%, 05/15/23 (Call 04/15/23)^(a)		3,668		3,636,529
L3Harris Technologies Inc., 3.85%, 06/15/23 (Call 05/15/23)		3,648		3,613,490
Northrop Grumman Corp., 3.25%, 08/01/23^(a)		4,997		4,928,491
Raytheon Technologies Corp., 3.70%, 12/15/23 (Call 09/15/23)		4,112		4,058,750
Teledyne Technologies Inc., 0.65%, 04/01/23^(a)		662		648,449

				39,850,490

Agriculture — 0.7%
Philip Morris International Inc. 1.13%, 05/01/23		3,132		3,071,333
2.13%, 05/10/23 (Call 03/10/23)^(a)		2,259		2,227,171
2.63%, 03/06/23^(a)		2,467		2,447,856
3.60%, 11/15/23^(a)		3,798		3,742,587
Reynolds American Inc., 4.85%, 09/15/23^(a)		3,193		3,178,887

				14,667,834

Apparel — 0.1%
NIKE Inc., 2.25%, 05/01/23 (Call 02/01/23)^(a)		2,313		2,285,707


Auto Manufacturers — 5.7%
American Honda Finance Corp. 0.35%, 04/20/23		570		557,705
0.65%, 09/08/23^(a)		6,889		6,622,671
0.88%, 07/07/23^(a)		5,239		5,086,388
1.95%, 05/10/23^(a)		1,651		1,626,549
2.05%, 01/10/23		2,372		2,360,970
3.45%, 07/14/23		2,328		2,302,322
3.63%, 10/10/23^(a)		7,751		7,648,222
Cummins Inc., 3.65%, 10/01/23 (Call 07/01/23)^(a)		4,136		4,084,755
General Motors Co. 4.88%, 10/02/23^(a)		10,706		10,607,398
5.40%, 10/02/23^(a)		4,460		4,442,517
General Motors Financial Co. Inc. 1.70%, 08/18/23		6,988		6,764,733
3.25%, 01/05/23 (Call 12/05/22)^(a)		3,065		3,056,724
3.70%, 05/09/23 (Call 03/09/23)		4,800		4,753,344
4.15%, 06/19/23 (Call 05/19/23)^(a)		3,625		3,594,151
4.25%, 05/15/23^(a)		2,911		2,892,457
PACCAR Financial Corp. 0.35%, 08/11/23^(a)		2,474		2,390,824
0.80%, 06/08/23^(a)		1,010		985,134
1.90%, 02/07/23^(a)		1,140		1,132,373
2.65%, 04/06/23		856		848,767
3.40%, 08/09/23^(a)		1,683		1,666,204
Stellantis NV, 5.25%, 04/15/23		6,457		6,431,366
Toyota Motor Corp., 3.42%, 07/20/23^(a)		2,788		2,759,535
Toyota Motor Credit Corp. 0.40%, 04/06/23^(a)		1,395		1,369,025
0.50%, 08/14/23^(a)		6,425		6,218,693
1.35%, 08/25/23^(a)		2,881		2,797,768
2.25%, 10/18/23		5,068		4,932,026
2.63%, 01/10/23^(a)		2,232		2,223,161


Security	Par (000)		Value

Auto Manufacturers (continued)
2.70%, 01/11/23	$	1,937	$	1,929,717
2.90%, 03/30/23^(a)		5,419		5,379,550
3.45%, 09/20/23^(a)		4,997		4,926,342

				112,391,391

Banks — 26.6%
Banco Bilbao Vizcaya Argentaria SA, 0.88%, 09/18/23		7,067		6,780,574
Banco Santander SA 3.13%, 02/23/23		4,093		4,068,688
3.85%, 04/12/23		5,652		5,599,493
Bank of America Corp. 3.30%, 01/11/23^(a)		14,485		14,450,960
4.10%, 07/24/23^(a)		10,520		10,459,931
Bank of Montreal 0.40%, 09/15/23		8,045		7,709,926
0.45%, 12/08/23^(a)		6,095		5,792,200
Bank of New York Mellon Corp. (The) 0.35%, 12/07/23 (Call 11/07/23)^(a)		5,564		5,302,993
1.85%, 01/27/23 (Call 01/02/23)^(a)		1,677		1,666,418
2.20%, 08/16/23 (Call 06/16/23)		5,860		5,746,375
2.95%, 01/29/23 (Call 12/29/22)^(a)		3,478		3,460,540
3.45%, 08/11/23^(a)		3,593		3,555,130
3.50%, 04/28/23		2,447		2,430,581
Bank of Nova Scotia (The) 0.40%, 09/15/23^(a)		7,040		6,757,766
0.55%, 09/15/23		3,977		3,818,357
0.80%, 06/15/23^(a)		513		499,031
1.63%, 05/01/23		5,039		4,961,399
1.95%, 02/01/23^(a)		3,419		3,395,956
2.38%, 01/18/23^(a)		2,003		1,993,666
BNP Paribas SA, 3.25%, 03/03/23^(a)		4,688		4,662,638
Canadian Imperial Bank of Commerce 0.45%, 06/22/23		180		174,697
0.50%, 12/14/23^(a)		5,896		5,594,420
0.95%, 06/23/23^(a)		9,753		9,475,820
3.50%, 09/13/23^(a)		6,045		5,964,360
Citigroup Inc. 3.38%, 03/01/23^(a)		1,458		1,449,864
3.50%, 05/15/23^(a)		4,751		4,710,712
3.88%, 10/25/23^(a)		6,856		6,769,683
Citizens Bank NA/Providence RI, 3.70%, 03/29/23 (Call 02/28/23)		1,595		1,586,084
Comerica Inc., 3.70%, 07/31/23^(a)		4,244		4,191,671
Cooperatieve Rabobank UA, 4.63%, 12/01/23^(a)		4,283		4,234,088
Cooperatieve Rabobank UA/NY, 2.75%, 01/10/23^(a)		3,832		3,817,822
Credit Suisse AG/New York NY 0.52%, 08/09/23		7,285		6,893,723
1.00%, 05/05/23		11,828		11,465,708
Credit Suisse Group AG, 3.80%, 06/09/23		10,116		9,848,331
Deutsche Bank AG/New York NY
3.95%, 02/27/23^(a)		4,095		4,072,805
Series E, 0.96%, 11/08/23		10,180		9,709,888
Discover Bank 3.35%, 02/06/23 (Call 01/06/23)^(a)		2,967		2,952,907
4.20%, 08/08/23^(a)		5,001		4,946,639
Fifth Third Bancorp., 1.63%, 05/05/23 (Call 04/05/23)		1,772		1,740,317
Fifth Third Bank NA, 1.80%, 01/30/23 (Call 12/30/22)		2,425		2,407,661
First Horizon Corp., 3.55%, 05/26/23 (Call 04/26/23)^(a)		2,238		2,213,382
FNB Corp./PA, 2.20%, 02/24/23 (Call 01/24/23)^(a)		850		839,885
Goldman Sachs Group Inc. (The) 0.52%, 03/08/23		2,545		2,502,982


Security	Par (000)		Value

Banks (continued)
1.22%, 12/06/23 (Call 12/06/22)	$	11,622	$	11,120,278
3.20%, 02/23/23 (Call 01/23/23)^(a)		6,203		6,168,077
3.63%, 01/22/23^(a)		7,813		7,797,921
HSBC Holdings PLC, 3.60%, 05/25/23^(a)		8,214		8,141,799
Huntington National Bank (The), 3.55%, 10/06/23 (Call 09/06/23)^(a)		5,773		5,684,096
ING Groep NV, 4.10%, 10/02/23		8,882		8,758,718
JPMorgan Chase & Co. 2.70%, 05/18/23 (Call 03/18/23)^(a)		7,358		7,275,296
3.20%, 01/25/23^(a)		9,716		9,686,658
3.38%, 05/01/23^(a)		7,968		7,909,435
KeyBank NA/Cleveland OH 1.25%, 03/10/23^(a)		2,678		2,642,222
3.38%, 03/07/23^(a)		1,786		1,778,302
Lloyds Banking Group PLC, 4.05%, 08/16/23^(a)		10,478		10,354,883
M&T Bank Corp., 3.55%, 07/26/23 (Call 06/26/23)^(a)		2,932		2,898,780
Mitsubishi UFJ Financial Group Inc. 2.53%, 09/13/23^(a)		4,374		4,270,292
3.46%, 03/02/23^(a)		5,419		5,394,398
3.76%, 07/26/23^(a)		9,716		9,597,951
Mizuho Financial Group Inc., 3.55%, 03/05/23^(a)		3,621		3,604,271
Morgan Stanley 3.13%, 01/23/23		9,222		9,190,737
3.75%, 02/25/23^(a)		8,790		8,766,443
4.10%, 05/22/23^(a)		9,038		8,993,352
National Australia Bank Ltd./New York 2.88%, 04/12/23^(a)		1,998		1,979,159
3.00%, 01/20/23^(a)		2,711		2,700,400
3.63%, 06/20/23^(a)		3,651		3,622,705
National Bank of Canada, 2.10%, 02/01/23		3,951		3,922,829
NatWest Group PLC, 3.88%, 09/12/23^(a)		450		443,322
PNC Bank NA 2.95%, 01/30/23 (Call 12/30/22)		2,487		2,477,176
3.50%, 06/08/23		3,350		3,328,560
3.80%, 07/25/23 (Call 06/25/23)		3,693		3,656,402
Royal Bank of Canada 0.50%, 10/26/23^(a)		7,521		7,174,733
1.60%, 04/17/23		4,699		4,625,602
1.95%, 01/17/23^(a)		3,380		3,361,714
3.70%, 10/05/23^(a)		9,588		9,451,563
Santander Holdings USA Inc., 3.40%, 01/18/23 (Call 12/18/22)^(a)		3,680		3,670,358
Santander UK PLC, 2.10%, 01/13/23^(a)		1,887		1,874,621
State Street Corp. 3.10%, 05/15/23^(a)		4,130		4,090,765
3.70%, 11/20/23		7,479		7,386,485
Sumitomo Mitsui Banking Corp. 3.00%, 01/18/23^(a)		1,790		1,783,986
3.95%, 07/19/23^(a)		2,265		2,244,411
Sumitomo Mitsui Financial Group Inc. 3.10%, 01/17/23^(a)		5,582		5,562,742
3.75%, 07/19/23^(a)		3,624		3,582,686
3.94%, 10/16/23		7,329		7,226,321
Svenska Handelsbanken AB, 3.90%, 11/20/23		8,558		8,420,045
Toronto-Dominion Bank (The) 0.25%, 01/06/23^(a)		4,339		4,306,978
0.30%, 06/02/23		3,665		3,561,574
0.45%, 09/11/23^(a)		6,809		6,526,290
0.75%, 06/12/23		7,185		6,988,562
3.50%, 07/19/23^(a)		7,023		6,949,469


Security	Par (000)		Value

Banks (continued)
Truist Bank 1.25%, 03/09/23 (Call 02/06/23)	$	4,036	$	3,981,474
2.75%, 05/01/23 (Call 04/01/23)^(a)		1,814		1,796,078
3.00%, 02/02/23 (Call 01/02/23)^(a)		2,144		2,134,288
Truist Financial Corp. 2.20%, 03/16/23 (Call 02/13/23)^(a)		2,992		2,963,756
3.75%, 12/06/23 (Call 11/06/23)^(a)		9,117		8,991,550
U.S. Bank NA/Cincinnati OH 1.95%, 01/09/23 (Call 12/09/22)^(a)		2,505		2,492,450
2.85%, 01/23/23 (Call 12/23/22)^(a)		2,532		2,520,125
3.40%, 07/24/23 (Call 06/23/23)^(a)		6,618		6,538,650
Wells Fargo & Co. 4.13%, 08/15/23^(a)		7,724		7,669,237
Series M, 3.45%, 02/13/23^(a)		3,810		3,795,141
Westpac Banking Corp. 2.00%, 01/13/23^(a)		2,326		2,314,649
2.75%, 01/11/23^(a)		4,458		4,442,843
3.65%, 05/15/23^(a)		4,047		4,024,013

				525,293,692

Beverages — 1.3%
Diageo Capital PLC 2.63%, 04/29/23 (Call 01/29/23)^(a)		5,234		5,171,506
3.50%, 09/18/23 (Call 08/18/23)		3,217		3,171,672
Fomento Economico Mexicano SAB de CV, 2.88%, 05/10/23^(a)		875		859,635
Keurig Dr Pepper Inc., 3.13%, 12/15/23 (Call 10/15/23)^(a)		5,926		5,806,235
PepsiCo Inc. 0.40%, 10/07/23		4,081		3,913,312
0.75%, 05/01/23^(a)		1,384		1,357,635
2.75%, 03/01/23^(a)		4,733		4,701,999

				24,981,994

Biotechnology — 1.1%
Amgen Inc., 2.25%, 08/19/23 (Call 06/19/23)^(a)		3,746		3,664,150
Gilead Sciences Inc. 0.75%, 09/29/23 (Call 11/14/22)		6,840		6,582,474
2.50%, 09/01/23 (Call 07/01/23)^(a)		4,690		4,587,617
Illumina Inc., 0.55%, 03/23/23		2,098		2,059,145
Royalty Pharma PLC, 0.75%, 09/02/23^(a)		5,672		5,451,076

				22,344,462

Building Materials — 0.9%
Fortune Brands Home & Security Inc., 4.00%, 09/21/23 (Call 08/21/23)^(a)		10,880		10,736,275
Lennox International Inc., 3.00%, 11/15/23 (Call 09/15/23)		3,217		3,138,924
Martin Marietta Materials Inc., 0.65%, 07/15/23 (Call 12/01/22)^(a)		2,798		2,706,953
Mohawk Industries Inc., 3.85%, 02/01/23 (Call 11/01/22)^(a)		710		710,000

				17,292,152

Chemicals — 1.9%
Air Products and Chemicals Inc., 2.75%, 02/03/23^(a)		1,009		1,003,198
DuPont de Nemours Inc., 4.21%, 11/15/23 (Call 10/15/23)		15,124		14,962,778
Ecolab Inc., 0.90%, 12/15/23 (Call 12/15/22)^(a)		4,375		4,181,756
International Flavors & Fragrances Inc., 3.20%, 05/01/23 (Call 02/01/23)^(a)		590		583,493
Linde Inc./CT, 2.70%, 02/21/23 (Call 11/21/22)^(a)		1,771		1,761,171
LYB International Finance BV, 4.00%, 07/15/23^(a)		2,430		2,402,128
Mosaic Co. (The), 4.25%, 11/15/23 (Call 08/15/23)		7,345		7,267,510
Nutrien Ltd., 1.90%, 05/13/23^(a)		3,098		3,042,918
PPG Industries Inc., 3.20%, 03/15/23 (Call 02/15/23)^(a)		1,248		1,235,308

				36,440,260


Security	Par (000)		Value

Commercial Services — 0.5%
Equifax Inc., 3.95%, 06/15/23 (Call 05/15/23)^(a)	$	1,486	$	1,472,567
Global Payments Inc. 3.75%, 06/01/23 (Call 03/01/23)^(a)		2,721		2,693,491
4.00%, 06/01/23 (Call 05/01/23)^(a)		3,066		3,040,062
PayPal Holdings Inc., 1.35%, 06/01/23^(a)		60		58,715
RELX Capital Inc., 3.50%, 03/16/23 (Call 02/16/23)^(a)		3,257		3,236,513

				10,501,348

Computers — 3.3%
Apple Inc. 0.75%, 05/11/23^(a)		6,925		6,789,409
2.40%, 01/13/23 (Call 12/13/22)^(a)		2,483		2,473,316
2.40%, 05/03/23^(a)		21,300		21,062,292
2.85%, 02/23/23 (Call 12/23/22)^(a)		7,255		7,219,813
Dell International LLC/EMC Corp., 5.45%, 06/15/23 (Call 04/15/23)		4,312		4,305,187
Hewlett Packard Enterprise Co. 2.25%, 04/01/23 (Call 03/01/23)		4,276		4,226,398
4.45%, 10/02/23 (Call 09/02/23)^(a)		8,983		8,914,999
International Business Machines Corp., 3.38%, 08/01/23^(a)		7,235		7,149,410
Leidos Inc., 2.95%, 05/15/23 (Call 04/15/23)^(a)		2,634		2,603,103

				64,743,927

Cosmetics & Personal Care — 0.6%
Colgate-Palmolive Co. 1.95%, 02/01/23^(a)		1,527		1,516,907
2.10%, 05/01/23^(a)		575		567,836
Procter & Gamble Co. (The), 3.10%, 08/15/23^(a)		4,805		4,743,784
Unilever Capital Corp. 0.38%, 09/14/23^(a)		2,858		2,750,253
3.13%, 03/22/23 (Call 02/22/23)^(a)		1,949		1,935,786

				11,514,566

Diversified Financial Services — 5.2%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust 1.15%, 10/29/23		8,665		8,213,207
3.30%, 01/23/23 (Call 12/23/22)		2,051		2,039,720
4.13%, 07/03/23 (Call 06/03/23)^(a)		2,765		2,730,244
4.50%, 09/15/23 (Call 08/15/23)		6,174		6,064,226
Air Lease Corp. 2.25%, 01/15/23^(a)		2,394		2,377,457
2.75%, 01/15/23 (Call 12/15/22)^(a)		1,854		1,843,673
3.00%, 09/15/23 (Call 07/15/23)^(a)		4,692		4,581,738
3.88%, 07/03/23 (Call 06/03/23)^(a)		3,061		3,023,962
Aircastle Ltd. 4.40%, 09/25/23 (Call 08/25/23)^(a)		3,336		3,266,578
5.00%, 04/01/23^(a)		2,647		2,628,762
Ally Financial Inc. 1.45%, 10/02/23 (Call 09/02/23)^(a)		7,745		7,429,701
3.05%, 06/05/23 (Call 05/05/23)^(a)		3,381		3,327,918
American Express Co. 0.75%, 11/03/23		6,345		6,076,035
3.40%, 02/27/23 (Call 01/27/23)^(a)		5,778		5,750,612
3.70%, 08/03/23 (Call 07/03/23)^(a)		8,647		8,567,102
Ameriprise Financial Inc., 4.00%, 10/15/23^(a)		4,296		4,250,076
BGC Partners Inc., 5.38%, 07/24/23		3,380		3,349,546
Capital One Financial Corp. 2.60%, 05/11/23 (Call 04/11/23)^(a)		4,210		4,154,218
3.20%, 01/30/23 (Call 12/30/22)^(a)		4,519		4,501,918
3.50%, 06/15/23^(a)		4,295		4,250,332
Capital One NA, 3.38%, 02/15/23		5,665		5,639,054


Security	Par (000)		Value

Diversified Financial Services (continued)
Charles Schwab Corp. (The), 2.65%, 01/25/23 (Call 12/25/22)^(a)	$	3,223	$	3,208,754
Eaton Vance Corp., 3.63%, 06/15/23^(a)		1,285		1,273,975
Jefferies Financial Group Inc., 5.50%, 10/18/23 (Call 01/18/23)^(a)		2,730		2,723,776
Western Union Co. (The), 4.25%, 06/09/23 (Call 05/09/23)^(a)		2,158		2,142,355

				103,414,939

Electric — 7.1%
Alabama Power Co., Series 13-A, 3.55%, 12/01/23^(a)		2,401		2,357,878
American Electric Power Co. Inc., Series M, 0.75%, 11/01/23 (Call 12/01/22)^(a)		4,173		3,985,716
Baltimore Gas & Electric Co., 3.35%, 07/01/23 (Call 04/01/23)^(a)		1,450		1,434,905
Berkshire Hathaway Energy Co. 2.80%, 01/15/23 (Call 12/15/22)		1,418		1,411,506
3.75%, 11/15/23 (Call 08/15/23)		4,219		4,168,034
Black Hills Corp., 4.25%, 11/30/23 (Call 08/30/23)^(a)		4,189		4,148,869
Connecticut Light & Power Co. (The), 2.50%, 01/15/23 (Call 12/01/22)^(a)		1,327		1,320,790
Consolidated Edison Inc., Series A, 0.65%, 12/01/23 (Call 12/01/22)^(a)		4,766		4,549,338
Consumers Energy Co. 0.35%, 06/01/23 (Call 05/01/23)^(a)		1,115		1,084,795
3.38%, 08/15/23 (Call 05/15/23)^(a)		1,400		1,381,688
Delmarva Power & Light Co., 3.50%, 11/15/23 (Call 08/15/23)^(a)		4,597		4,520,322
Duke Energy Carolinas LLC 2.50%, 03/15/23 (Call 01/15/23)		1,321		1,309,164
3.05%, 03/15/23 (Call 02/15/23)		1,146		1,138,379
Duke Energy Corp., 3.95%, 10/15/23 (Call 07/15/23)^(a)		4,087		4,039,550
Duke Energy Ohio Inc., 3.80%, 09/01/23 (Call 06/01/23)^(a)		1,305		1,292,537
Duke Energy Progress LLC, 3.38%, 09/01/23 (Call 08/01/23)^(a)		4,546		4,477,083
Edison International, 2.95%, 03/15/23 (Call 01/15/23)^(a)		1,464		1,450,136
Entergy Louisiana LLC 0.62%, 11/17/23 (Call 12/01/22)^(a)		4,664		4,441,667
4.05%, 09/01/23 (Call 06/01/23)^(a)		1,573		1,560,070
Evergy Metro Inc., 3.15%, 03/15/23 (Call 12/15/22)^(a)		1,004		995,586
Eversource Energy 2.80%, 05/01/23 (Call 02/01/23)^(a)		2,151		2,125,252
Series N, 3.80%, 12/01/23 (Call 11/01/23)^(a)		3,872		3,808,654
Florida Power & Light Co., 2.75%, 06/01/23 (Call 12/01/22)^(a)		2,082		2,056,266
Georgia Power Co., Series A, 2.10%, 07/30/23^(a)		2,515		2,459,368
National Rural Utilities Cooperative Finance Corp. 2.70%, 02/15/23 (Call 12/15/22)^(a)		1,528		1,517,503
3.40%, 11/15/23 (Call 08/15/23)^(a)		3,629		3,565,166
NextEra Energy Capital Holdings Inc., 0.65%, 03/01/23		4,473		4,412,257
Northern States Power Co./MN, 2.60%, 05/15/23^(a)		1,372		1,355,152
OGE Energy Corp., 0.70%, 05/26/23 (Call 12/01/22)^(a)		1,445		1,407,936
Oklahoma Gas & Electric Co., 0.55%, 05/26/23 (Call 12/01/22)^(a)		865		842,813
Pacific Gas and Electric Co. 1.70%, 11/15/23 (Call 12/01/22)		5,325		5,088,517
3.25%, 06/15/23 (Call 03/15/23)^(a)		1,377		1,353,908
3.85%, 11/15/23 (Call 08/15/23)		2,640		2,578,699
4.25%, 08/01/23 (Call 07/01/23)^(a)		2,303		2,279,717
PacifiCorp, 2.95%, 06/01/23 (Call 03/01/23)^(a)		897		885,617
Public Service Co. of New Hampshire, 3.50%, 11/01/23 (Call 08/01/23)		2,506		2,473,748


Security	Par (000)		Value

Electric (continued)
Public Service Electric & Gas Co. 2.38%, 05/15/23 (Call 02/15/23)^(a)	$	1,364	$	1,343,622
3.25%, 09/01/23 (Call 08/01/23)^(a)		2,052		2,021,692
Public Service Enterprise Group Inc., 0.84%, 11/08/23 (Call 12/01/22)		5,183		4,939,295
San Diego Gas & Electric Co., Series NNN, 3.60%, 09/01/23 (Call 06/01/23)^(a)		2,155		2,126,252
Southern California Edison Co. 0.70%, 04/03/23^(a)		1,220		1,197,686
Series C, 3.50%, 10/01/23 (Call 07/01/23)^(a)		2,803		2,752,770
Series D, 3.40%, 06/01/23 (Call 05/01/23)^(a)		861		850,849
Series J, 0.70%, 08/01/23		20,675		19,981,354
Southern Co. (The), 2.95%, 07/01/23 (Call 05/01/23)^(a)		5,746		5,651,536
Virginia Electric & Power Co., Series C, 2.75%, 03/15/23 (Call 12/15/22)		2,708		2,684,738
WEC Energy Group Inc., 0.55%, 09/15/23^(a)		4,378		4,201,348
Xcel Energy Inc., 0.50%, 10/15/23 (Call 09/15/23)^(a)		3,911		3,734,418

				140,764,146

Electrical Components & Equipment — 0.1%
Emerson Electric Co., 2.63%, 02/15/23 (Call 12/01/22)^(a)		1,343		1,334,230


Electronics — 0.4%
Arrow Electronics Inc., 4.50%, 03/01/23 (Call 12/01/22)^(a)		1,245		1,240,941
Flex Ltd., 5.00%, 02/15/23		1,918		1,915,641
Honeywell International Inc., 3.35%, 12/01/23^(a)		2,694		2,655,692
Trimble Inc., 4.15%, 06/15/23 (Call 05/15/23)^(a)		2,114		2,093,642

				7,905,916

Environmental Control — 0.3%
Republic Services Inc., 4.75%, 05/15/23 (Call 02/15/23)^(a)		1,756		1,753,155
Waste Management Inc., 2.40%, 05/15/23 (Call 03/15/23)^(a)		3,086		3,043,475

				4,796,630

Food — 1.0%
Campbell Soup Co., 3.65%, 03/15/23 (Call 02/15/23)^(a)		2,957		2,942,333
Conagra Brands Inc. 0.50%, 08/11/23 (Call 12/01/22)^(a)		2,905		2,796,586
3.20%, 01/25/23 (Call 12/01/22)^(a)		1,643		1,635,853
Hershey Co. (The), 3.38%, 05/15/23 (Call 04/15/23)^(a)		2,405		2,386,818
Kellogg Co., 2.65%, 12/01/23^(a)		4,744		4,647,412
Kroger Co. (The), 3.85%, 08/01/23 (Call 05/01/23)^(a)		3,062		3,036,249
Tyson Foods Inc., 3.90%, 09/28/23 (Call 08/28/23)^(a)		2,727		2,700,330

				20,145,581

Gas — 0.5%
Atmos Energy Corp., 0.63%, 03/09/23 (Call 11/16/22)^(a)		680		670,201
CenterPoint Energy Resources Corp., 0.70%, 03/02/23 (Call 12/01/22)^(a)		444		437,495
Eastern Energy Gas Holdings LLC, 3.55%, 11/01/23 (Call 08/01/23)^(a)		3,731		3,671,976
National Fuel Gas Co., 3.75%, 03/01/23 (Call 12/01/22)^(a)		1,774		1,761,316
Southern Co. Gas Capital Corp., 2.45%, 10/01/23 (Call 08/01/23)^(a)		2,755		2,682,736

				9,223,724

Health Care - Products — 1.5%
Abbott Laboratories, 3.40%, 11/30/23 (Call 09/30/23)^(a)		7,258		7,158,783
Baxter International Inc., 0.87%, 12/01/23		6,540		6,244,326
PerkinElmer Inc., 0.55%, 09/15/23 (Call 12/01/22)^(a)		3,035		2,916,878
Stryker Corp., 0.60%, 12/01/23 (Call 11/14/22)^(a)		5,822		5,549,938
Thermo Fisher Scientific Inc., 0.80%, 10/18/23 (Call 12/01/22)^(a)		7,963		7,643,206

				29,513,131


Security	Par (000)		Value

Health Care - Services — 1.6%
Aetna Inc., 2.80%, 06/15/23 (Call 04/15/23)^(a)	$	5,868	$	5,782,738
Anthem Inc., 0.45%, 03/15/23		1,895		1,863,789
Elevance Health Inc., 3.30%, 01/15/23^(a)		3,856		3,843,815
Humana Inc., 0.65%, 08/03/23 (Call 11/08/22)		7,068		6,831,010
Laboratory Corp. of America Holdings, 4.00%, 11/01/23 (Call 08/01/23)^(a)		2,957		2,920,629
SSM Health Care Corp., Series 2018, 3.69%, 06/01/23 (Call 03/01/23)		2,336		2,318,457
UnitedHealth Group Inc. 2.75%, 02/15/23 (Call 12/01/22)^(a)		2,068		2,056,274
2.88%, 03/15/23^(a)		2,405		2,389,007
3.50%, 06/15/23^(a)		3,214		3,189,767

				31,195,486

Holding Companies - Diversified — 0.2%
Ares Capital Corp., 3.50%, 02/10/23 (Call 01/10/23)^(a)		2,762		2,746,616
Blackstone Secured Lending Fund, 3.65%, 07/14/23^(a)		1,895		1,868,735

				4,615,351

Home Builders — 0.5%
DR Horton Inc. 4.75%, 02/15/23 (Call 12/01/22)^(a)		1,407		1,406,128
5.75%, 08/15/23 (Call 05/15/23)^(a)		3,167		3,174,062
Lennar Corp., 4.88%, 12/15/23 (Call 09/15/23)		4,048		4,016,547
Toll Brothers Finance Corp., 4.38%, 04/15/23 (Call 01/15/23)		1,868		1,855,204

				10,451,941

Household Products & Wares — 0.1%
Kimberly-Clark Corp., 2.40%, 06/01/23^(a)		1,289		1,270,567


Insurance — 2.0%
Allstate Corp. (The), 3.15%, 06/15/23^(a)		2,214		2,188,783
Aon PLC, 4.00%, 11/27/23 (Call 08/27/23)^(a)		4,002		3,952,175
Aspen Insurance Holdings Ltd., 4.65%, 11/15/23^(a)		1,066		1,052,014
Berkshire Hathaway Inc.
2.75%, 03/15/23 (Call 01/15/23)^(a)		7,687		7,628,886
3.00%, 02/11/23		1,838		1,829,766
Chubb INA Holdings Inc., 2.70%, 03/13/23^(a)		735		729,414
Equitable Holdings Inc., 3.90%, 04/20/23 (Call 03/20/23)^(a)		2,428		2,415,302
Jackson Financial Inc., 1.13%, 11/22/23^(a)		4,008		3,827,880
Lincoln National Corp., 4.00%, 09/01/23^(a)		3,000		2,977,470
Loews Corp., 2.63%, 05/15/23 (Call 02/15/23)^(a)		2,875		2,837,654
Marsh & McLennan Companies Inc., 3.30%, 03/14/23 (Call 11/23/22)^(a)		1,877		1,877,000
MetLife Inc., Series D, 4.37%, 09/15/23^(a)		4,802		4,773,956
Principal Financial Group Inc., 3.13%, 05/15/23^(a)		1,472		1,456,338
Reinsurance Group of America Inc., 4.70%, 09/15/23^(a)		2,313		2,308,073

				39,854,711

Internet — 1.1%
Alibaba Group Holding Ltd., 2.80%, 06/06/23 (Call 05/06/23)^(a)		3,048		2,997,952
Amazon.com Inc. 0.25%, 05/12/23		1,165		1,138,077
0.40%, 06/03/23^(a)		3,344		3,257,925
2.40%, 02/22/23 (Call 01/22/23)^(a)		3,650		3,627,261
Baidu Inc., 3.88%, 09/29/23 (Call 08/29/23)^(a)		4,925		4,846,003
Booking Holdings Inc., 2.75%, 03/15/23 (Call 02/15/23)^(a)		2,779		2,756,740
eBay Inc., 2.75%, 01/30/23 (Call 12/30/22)		3,306		3,287,156

				21,911,114


Security	Par (000)		Value

Iron & Steel — 0.1%
Reliance Steel & Aluminum Co., 4.50%, 04/15/23 (Call 01/15/23)^(a)	$	1,931	$	1,921,963


Lodging — 0.4%
Hyatt Hotels Corp., 1.30%, 10/01/23 (Call 12/01/22)^(a)		4,086		3,923,622
Marriott International Inc./MD, Series Z, 4.15%, 12/01/23 (Call 11/01/23)		3,785		3,740,186

				7,663,808

Machinery — 2.7%
Caterpillar Financial Services Corp. 0.25%, 03/01/23		2,985		2,941,449
0.45%, 09/14/23^(a)		4,906		4,728,010
0.65%, 07/07/23		2,536		2,463,648
2.63%, 03/01/23^(a)		1,130		1,121,706
3.45%, 05/15/23^(a)		2,163		2,143,749
3.65%, 12/07/23		3,958		3,911,889
3.75%, 11/24/23		5,239		5,190,959
CNH Industrial Capital LLC, 1.95%, 07/02/23^(a)		2,535		2,475,833
CNH Industrial NV, 4.50%, 08/15/23^(a)		3,503		3,475,151
Crane Holdings Co., 4.45%, 12/15/23 (Call 09/15/23)^(a)		3,599		3,565,673
John Deere Capital Corp. 0.25%, 01/17/23		1,865		1,848,663
0.40%, 10/10/23^(a)		3,763		3,609,093
0.70%, 07/05/23		1,274		1,239,335
1.20%, 04/06/23^(a)		1,801		1,774,688
2.70%, 01/06/23^(a)		792		789,402
2.80%, 01/27/23^(a)		1,642		1,635,169
2.80%, 03/06/23^(a)		3,414		3,392,014
3.45%, 06/07/23^(a)		1,023		1,016,381
3.65%, 10/12/23^(a)		4,623		4,570,760
Rockwell Automation Inc., 0.35%, 08/15/23 (Call 11/14/22)		2,065		1,990,185

				53,883,757

Manufacturing — 0.5%
3M Co. 1.75%, 02/14/23 (Call 01/14/23)^(a)		2,249		2,228,422
2.25%, 03/15/23 (Call 02/15/23)^(a)		2,519		2,493,734
Carlisle Companies Inc., 0.55%, 09/01/23 (Call 12/01/22)		2,498		2,401,152
General Electric Co., 3.10%, 01/09/23		105		104,621
Trane Technologies Global Holding Co. Ltd., 4.25%, 06/15/23		3,086		3,062,917

				10,290,846

Media — 0.7%
Discovery Communications LLC, 2.95%, 03/20/23 (Call 02/20/23)^(a)		3,585		3,552,699
Thomson Reuters Corp., 4.30%, 11/23/23 (Call 08/23/23)^(a)		5,481		5,425,368
Time Warner Cable Enterprises LLC, 8.38%, 03/15/23^(a)		4,194		4,245,041

				13,223,108

Metal Fabricate & Hardware — 0.2%
Precision Castparts Corp., 2.50%, 01/15/23 (Call 12/01/22)^(a)		3,976		3,958,108


Mining — 0.4%
BHP Billiton Finance USA Ltd., 3.85%, 09/30/23^(a)		4,016		3,977,888
Freeport-McMoRan Inc., 3.88%, 03/15/23 (Call 12/15/22)		4,225		4,195,763

				8,173,651

Oil & Gas — 2.8%
Canadian Natural Resources Ltd., 2.95%, 01/15/23 (Call 12/15/22)		3,740		3,723,245
Chevron Corp., 1.14%, 05/11/23		3,306		3,243,880
Chevron USA Inc., 0.43%, 08/11/23^(a)		3,001		2,902,837


Security	Par (000)		Value

Oil & Gas (continued)
Continental Resources Inc./OK, 4.50%, 04/15/23 (Call 01/15/23)^(a)	$	3,123	$	3,108,947
EOG Resources Inc., 2.63%, 03/15/23 (Call 12/15/22)^(a)		4,925		4,885,009
Exxon Mobil Corp. 1.57%, 04/15/23^(a)		11,400		11,238,576
2.73%, 03/01/23 (Call 01/01/23)		4,046		4,022,210
Phillips 66, 3.70%, 04/06/23		2,488		2,474,814
Pioneer Natural Resources Co., 0.55%, 05/15/23^(a)		200		195,114
Shell International Finance BV 0.38%, 09/15/23^(a)		4,972		4,782,318
3.50%, 11/13/23 (Call 10/13/23)^(a)		6,337		6,251,957
TotalEnergies Capital Canada Ltd., 2.75%, 07/15/23^(a)		4,844		4,774,828
TotalEnergies Capital International SA, 2.70%, 01/25/23^(a)		3,703		3,687,188

				55,290,923

Oil & Gas Services — 0.7%
Baker Hughes Holdings LLC/Baker Hughes Co-Obligor Inc., 1.23%, 12/15/23		5,585		5,350,989
Schlumberger Investment SA, 3.65%, 12/01/23 (Call 09/01/23)		9,451		9,318,024

				14,669,013

Pharmaceuticals — 6.3%
AbbVie Inc. 2.85%, 05/14/23 (Call 03/14/23)		4,238		4,191,636
3.75%, 11/14/23 (Call 10/14/23)^(a)		10,183		10,051,232
AmerisourceBergen Corp., 0.74%, 03/15/23 (Call 12/01/22)^(a)		2,619		2,576,677
AstraZeneca PLC 0.30%, 05/26/23		3,935		3,838,081
3.50%, 08/17/23 (Call 07/17/23)		5,738		5,676,489
Bristol-Myers Squibb Co. 0.54%, 11/13/23 (Call 12/01/22)^(a)		8,240		7,879,912
2.75%, 02/15/23 (Call 01/15/23)^(a)		2,556		2,542,964
3.25%, 02/20/23 (Call 01/20/23)^(a)		3,144		3,131,833
3.25%, 11/01/23^(a)		3,810		3,754,869
Cardinal Health Inc., 3.20%, 03/15/23^(a)		2,161		2,144,749
Cigna Corp. 3.00%, 07/15/23 (Call 05/16/23)^(a)		15,518		15,306,490
3.75%, 07/15/23 (Call 06/15/23)^(a)		4,458		4,417,878
CVS Health Corp., 4.00%, 12/05/23 (Call 09/05/23)		3,973		3,934,581
GlaxoSmithKline Capital PLC, 0.53%, 10/01/23 (Call 12/01/22)		6,765		6,503,059
Johnson & Johnson 2.05%, 03/01/23 (Call 01/01/23)^(a)		1,886		1,870,591
3.38%, 12/05/23^(a)		4,617		4,558,780
McKesson Corp., 2.85%, 03/15/23 (Call 12/15/22)^(a)		1,812		1,799,298
Merck & Co. Inc., 2.80%, 05/18/23^(a)		6,778		6,707,170
Mylan Inc., 4.20%, 11/29/23 (Call 08/29/23)^(a)		6,953		6,821,936
Pfizer Inc. 3.00%, 06/15/23^(a)		3,875		3,850,781
3.20%, 09/15/23 (Call 08/15/23)^(a)		5,048		4,978,035
Sanofi, 3.38%, 06/19/23 (Call 05/19/23)^(a)		4,387		4,350,062
Shire Acquisitions Investments Ireland DAC, 2.88%, 09/23/23 (Call 07/23/23)		5,103		4,991,397
Takeda Pharmaceutical Co. Ltd., 4.40%, 11/26/23 (Call 10/26/23)		2,638		2,611,910
Zoetis Inc., 3.25%, 02/01/23 (Call 12/01/22)^(a)		5,480		5,454,737

				123,945,147

Pipelines — 4.0%
Boardwalk Pipelines LP, 3.38%, 02/01/23 (Call 11/01/22)^(a)		788		788,000


Security	Par (000)		Value

Pipelines (continued)
DCP Midstream Operating LP, 3.88%, 03/15/23 (Call 12/15/22)^(a)	$	135	$	134,205
Enbridge Inc. 0.55%, 10/04/23^(a)		3,370		3,221,821
4.00%, 10/01/23 (Call 07/01/23)^(a)		5,220		5,149,269
Energy Transfer LP 3.45%, 01/15/23 (Call 12/01/22)^(a)		989		984,807
3.60%, 02/01/23 (Call 12/01/22)		2,471		2,459,460
4.25%, 03/15/23 (Call 12/15/22)		4,053		4,034,316
Series 5Y, 4.20%, 09/15/23 (Call 08/15/23)^(a)		3,273		3,234,771
Energy Transfer LP/Regency Energy Finance Corp., 4.50%, 11/01/23 (Call 08/01/23)		4,908		4,846,650
Enterprise Products Operating LLC, 3.35%, 03/15/23 (Call 12/15/22)^(a)		5,308		5,275,621
Kinder Morgan Energy Partners LP 3.45%, 02/15/23 (Call 12/01/22)^(a)		2,340		2,328,160
3.50%, 09/01/23 (Call 06/01/23)		6,615		6,523,118
Kinder Morgan Inc., 3.15%, 01/15/23 (Call 12/15/22)^(a)		3,337		3,322,084
MPLX LP, 4.50%, 07/15/23 (Call 04/15/23)^(a)		4,857		4,828,926
ONEOK Inc., 7.50%, 09/01/23 (Call 06/01/23)^(a)		7,830		7,913,859
ONEOK Partners LP, 5.00%, 09/15/23 (Call 06/15/23)^(a)		2,314		2,303,703
Plains All American Pipeline LP/PAA Finance Corp. 2.85%, 01/31/23 (Call 12/01/22)^(a)		1,299		1,290,440
3.85%, 10/15/23 (Call 07/15/23)^(a)		5,809		5,713,035
Sabine Pass Liquefaction LLC, 5.63%, 04/15/23 (Call 01/15/23)^(a)		4,317		4,317,086
TransCanada PipeLines Ltd., 3.75%, 10/16/23 (Call 07/16/23)^(a)		4,610		4,536,286
Williams Companies Inc. (The), 4.50%, 11/15/23 (Call 08/15/23)^(a)		5,147		5,100,162

				78,305,779

Real Estate Investment Trusts — 1.6%
American Tower Corp. 3.00%, 06/15/23		2,982		2,939,387
3.50%, 01/31/23		3,933		3,919,746
AvalonBay Communities Inc., 4.20%, 12/15/23 (Call 09/16/23)^(a)		3,876		3,839,914
Boston Properties LP, 3.13%, 09/01/23 (Call 06/01/23)^(a)		2,902		2,843,031
Brandywine Operating Partnership LP, 3.95%, 02/15/23 (Call 12/01/22)^(a)		1,345		1,335,222
Crown Castle Inc., 3.15%, 07/15/23 (Call 06/15/23)		3,669		3,612,351
Essex Portfolio LP, 3.25%, 05/01/23 (Call 02/01/23)^(a)		1,273		1,260,868
GLP Capital LP/GLP Financing II Inc., 5.38%, 11/01/23 (Call 08/01/23)		3,390		3,345,862
Mid-America Apartments LP, 4.30%, 10/15/23 (Call 07/15/23)^(a)		3,420		3,381,149
Omega Healthcare Investors Inc., 4.38%, 08/01/23 (Call 06/01/23)^(a)		1,731		1,713,915
Piedmont Operating Partnership LP, 3.40%, 06/01/23 (Call 03/01/23)^(a)		1,623		1,599,856
Simon Property Group LP, 2.75%, 06/01/23 (Call 03/01/23)^(a)		2,483		2,447,121

				32,238,422

Retail — 2.3%
AutoZone Inc. 2.88%, 01/15/23 (Call 12/01/22)^(a)		1,360		1,353,567
3.13%, 07/15/23 (Call 04/15/23)^(a)		2,878		2,836,384
Home Depot Inc. (The), 2.70%, 04/01/23 (Call 01/01/23)^(a)		4,146		4,113,122
Lowe’s Companies Inc., 3.88%, 09/15/23 (Call 06/15/23)^(a)		3,592		3,553,817
McDonald’s Corp., 3.35%, 04/01/23 (Call 03/01/23)^(a)		4,175		4,150,785


Security	Par (000)		Value

Retail (continued)
O’Reilly Automotive Inc., 3.85%, 06/15/23 (Call 03/15/23)^(a)	$	1,546	$	1,531,530
Starbucks Corp. 3.10%, 03/01/23 (Call 02/01/23)^(a)		3,798		3,776,769
3.85%, 10/01/23 (Call 07/01/23)^(a)		4,586		4,532,848
TJX Companies Inc. (The), 2.50%, 05/15/23 (Call 02/15/23)		2,676		2,638,188
Walgreens Boots Alliance Inc., 0.95%, 11/17/23 (Call 12/01/22)^(a)		2,435		2,328,323
Walmart Inc. 2.55%, 04/11/23 (Call 01/11/23)^(a)		7,122		7,050,780
3.40%, 06/26/23 (Call 05/26/23)^(a)		7,600		7,541,404

				45,407,517

Semiconductors — 1.1%
Marvell Technology Inc., 4.20%, 06/22/23 (Call 05/22/23)^(a)		2,050		2,033,354
Microchip Technology Inc. 2.67%, 09/01/23		5,643		5,500,401
4.33%, 06/01/23 (Call 05/01/23)^(a)		4,433		4,404,673
NVIDIA Corp., 0.31%, 06/15/23 (Call 12/01/22)		2,010		1,954,785
QUALCOMM Inc., 2.60%, 01/30/23 (Call 12/30/22)		4,377		4,352,357
Skyworks Solutions Inc., 0.90%, 06/01/23 (Call 11/16/22)		2,555		2,480,650
Texas Instruments Inc., 2.25%, 05/01/23 (Call 02/01/23)		1,099		1,086,274

				21,812,494

Shipbuilding — 0.1%
Huntington Ingalls Industries Inc., 0.67%, 08/16/23 (Call 11/14/22)		1,945		1,872,704


Software — 3.4%
Adobe Inc., 1.70%, 02/01/23		2,567		2,547,927
Fidelity National Information Services Inc., 0.38%, 03/01/23		3,080		3,033,769
Fiserv Inc., 3.80%, 10/01/23 (Call 09/01/23)^(a)		6,476		6,381,774
Intuit Inc., 0.65%, 07/15/23^(a)		2,892		2,806,570
Microsoft Corp. 2.00%, 08/08/23 (Call 06/08/23)^(a)		6,469		6,348,806
2.38%, 05/01/23 (Call 02/01/23)^(a)		3,758		3,718,165
3.63%, 12/15/23 (Call 09/15/23)^(a)		8,468		8,387,554
Oracle Corp. 2.40%, 09/15/23 (Call 07/15/23)^(a)		11,993		11,697,493
2.63%, 02/15/23 (Call 01/15/23)		4,330		4,301,985
3.63%, 07/15/23^(a)		4,527		4,478,697
Roper Technologies Inc., 3.65%, 09/15/23 (Call 08/15/23)^(a)		4,188		4,131,672
salesforce.com Inc., 3.25%, 04/11/23 (Call 03/11/23)		5,096		5,063,539
VMware Inc., 0.60%, 08/15/23		4,958		4,773,463

				67,671,414

Telecommunications — 0.9%
British Telecommunications PLC, 4.50%, 12/04/23 (Call 11/04/23)^(a)		4,698		4,636,691
Cisco Systems Inc. 2.20%, 09/20/23 (Call 07/20/23)^(a)		4,864		4,755,241
2.60%, 02/28/23^(a)		1,692		1,679,716
Rogers Communications Inc. 3.00%, 03/15/23 (Call 12/15/22)		1,866		1,850,792
4.10%, 10/01/23 (Call 07/01/23)		4,995		4,931,764
Vodafone Group PLC, 2.95%, 02/19/23^(a)		510		506,343

				18,360,547

Transportation — 1.4%
Burlington Northern Santa Fe LLC 3.00%, 03/15/23 (Call 12/15/22)^(a)		2,952		2,930,746


Security	Par (000)		Value

Transportation (continued)
3.85%, 09/01/23 (Call 06/01/23)^(a)	$	4,193	$	4,149,057
Canadian Pacific Railway Co., 4.45%, 03/15/23 (Call 12/15/22)^(a)		772		770,510
Kansas City Southern, 3.00%, 05/15/23 (Call 02/15/23)		989		976,984
Norfolk Southern Corp., 2.90%, 02/15/23 (Call 12/01/22)		2,596		2,577,776
Ryder System Inc. 3.40%, 03/01/23 (Call 02/01/23)^(a)		1,702		1,690,767
3.75%, 06/09/23 (Call 05/09/23)^(a)		2,026		2,004,383
3.88%, 12/01/23 (Call 11/01/23)		3,138		3,088,765
Union Pacific Corp. 2.75%, 04/15/23 (Call 01/15/23)^(a)		1,625		1,607,092
2.95%, 01/15/23 (Call 12/01/22)^(a)		1,103		1,099,525
3.50%, 06/08/23 (Call 05/08/23)^(a)		2,263		2,243,742
United Parcel Service Inc., 2.50%, 04/01/23 (Call 03/01/23)^(a)		4,194		4,151,221

				27,290,568


Total Long-Term Investments — 95.9% (Cost: $1,929,869,198)				1,894,685,059


Security	Shares (000)		Value

Short-Term Securities

Money Market Funds — 18.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 3.29%^(b)(c)(d)		293,062	$	293,003,583
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%^(b)(c)		66,380		66,380,000


Total Short-Term Securities — 18.2% (Cost: $359,404,717)				359,383,583


Total Investments — 114.1% (Cost: $2,289,273,915)				2,254,068,642

Liabilities in Excess of Other Assets — (14.1)%				(277,721,898	)


Net Assets — 100.0%			$	1,976,346,744

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

^(b)	Affiliate of the Fund.

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

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


Security	Par (000)		Value

Corporate Bonds & Notes

Advertising — 0.4%
Omnicom Group Inc./Omnicom Capital Inc., 3.65%, 11/01/24 (Call 08/01/24)	$	4,224	$	4,075,569
WPP Finance 2010, 3.75%, 09/19/24		3,477		3,340,458

				7,416,027

Aerospace & Defense — 1.4%
Boeing Co. (The) 1.43%, 02/04/24 (Call 11/14/22)		10,585		10,040,190
1.95%, 02/01/24		3,513		3,350,418
2.80%, 03/01/24 (Call 02/01/24)^(a)		1,391		1,337,127
2.85%, 10/30/24 (Call 07/30/24)^(a)		1,396		1,317,559
General Dynamics Corp., 2.38%, 11/15/24 (Call 09/15/24)		2,965		2,811,176
L3Harris Technologies Inc., 3.95%, 05/28/24 (Call 02/28/24)		1,458		1,425,282
Raytheon Technologies Corp., 3.20%, 03/15/24 (Call 01/15/24)		5,005		4,872,568
Teledyne Technologies Inc., 0.95%, 04/01/24 (Call 12/01/22)		3,185		2,981,701

				28,136,021

Agriculture — 1.4%
Altria Group Inc. 3.80%, 02/14/24 (Call 01/14/24)^(a)		1,644		1,608,210
4.00%, 01/31/24^(a)		3,420		3,364,562
BAT Capital Corp. 2.79%, 09/06/24 (Call 08/06/24)		4,309		4,074,720
3.22%, 08/15/24 (Call 06/15/24)		10,677		10,198,884
Philip Morris International Inc. 2.88%, 05/01/24 (Call 04/01/24)		4,771		4,607,402
3.25%, 11/10/24^(a)		3,481		3,351,611

				27,205,389

Airlines — 0.1%
Continental Airlines Pass Through Trust, Series 2012-2, Class A, 4.00%, 10/29/24		544		508,595
Delta Air Lines Pass Through Trust, Series 2019-1, Class AA, 3.20%, 10/25/25		20		19,188
United Airlines Pass Through Trust, Series 2012-1 A, Class A, 4.15%, 10/11/25		2,082		1,980,284

				2,508,067

Auto Manufacturers — 3.6%
American Honda Finance Corp. 0.55%, 07/12/24^(a)		3,622		3,357,594
0.75%, 08/09/24		3,675		3,409,922
2.15%, 09/10/24		3,117		2,956,817
2.40%, 06/27/24		2,313		2,214,004
2.90%, 02/16/24		2,453		2,385,224
3.55%, 01/12/24		2,919		2,866,370
General Motors Financial Co. Inc. 1.05%, 03/08/24		3,460		3,245,549
1.20%, 10/15/24		3,525		3,220,546
3.50%, 11/07/24 (Call 09/07/24)^(a)		3,227		3,077,977
3.95%, 04/13/24 (Call 02/13/24)		4,184		4,070,237
5.10%, 01/17/24 (Call 12/17/23)		5,302		5,254,918
PACCAR Financial Corp. 0.35%, 02/02/24^(a)		2,073		1,961,203
0.50%, 08/09/24		1,435		1,326,557
0.90%, 11/08/24		2,365		2,181,996
2.15%, 08/15/24		1,994		1,893,483
3.15%, 06/13/24		2,365		2,300,980


Security	Par (000)		Value

Auto Manufacturers (continued)
Toyota Motor Corp. 0.68%, 03/25/24 (Call 02/25/24)^(a)	$	5,105	$	4,807,736
2.36%, 07/02/24		1,765		1,692,829
Toyota Motor Credit Corp. 0.45%, 01/11/24		3,299		3,127,815
0.50%, 06/18/24		3,295		3,065,108
0.63%, 09/13/24		3,920		3,619,062
2.00%, 10/07/24		2,022		1,910,527
2.50%, 03/22/24		1,100		1,063,601
2.90%, 04/17/24^(a)		3,165		3,072,012
3.35%, 01/08/24^(a)		1,684		1,655,439
4.40%, 09/20/24		605		599,089

				70,336,595

Auto Parts & Equipment — 0.3%
Magna International Inc., 3.63%, 06/15/24 (Call 03/15/24)		5,044		4,921,834


Banks — 25.8%
Banco Santander SA 2.71%, 06/27/24		6,850		6,506,746
3.89%, 05/24/24		6,910		6,696,965
Bank of America Corp. 4.00%, 04/01/24^(a)		8,695		8,571,966
4.13%, 01/22/24		9,914		9,799,295
4.20%, 08/26/24		12,330		12,058,863
Bank of Montreal 0.63%, 07/09/24^(a)		5,340		4,935,922
2.15%, 03/08/24^(a)		759		727,183
2.50%, 06/28/24^(a)		4,894		4,673,672
Series E, 3.30%, 02/05/24^(a)		8,092		7,895,283
Series H, 4.25%, 09/14/24		1,525		1,493,112
Bank of New York Mellon Corp. (The) 0.50%, 04/26/24 (Call 03/26/24)		2,275		2,127,808
2.10%, 10/24/24		4,722		4,456,246
3.25%, 09/11/24 (Call 08/11/24)		2,884		2,795,144
3.40%, 05/15/24 (Call 04/15/24)^(a)		1,504		1,466,325
Series 12, 3.65%, 02/04/24 (Call 01/05/24)^(a)		3,033		2,981,560
Series J, 0.85%, 10/25/24 (Call 09/25/24)		2,835		2,607,888
Bank of Nova Scotia (The) 0.65%, 07/31/24		4,245		3,906,758
0.70%, 04/15/24		4,920		4,593,952
2.44%, 03/11/24		3,353		3,227,732
3.40%, 02/11/24		5,080		4,963,617
Barclays Bank PLC, 3.75%, 05/15/24^(a)		3,390		3,305,453
Barclays PLC, 4.38%, 09/11/24		5,554		5,278,522
BNP Paribas SA, 4.25%, 10/15/24		4,225		4,069,097
BPCE SA, 4.00%, 04/15/24		6,682		6,504,058
Canadian Imperial Bank of Commerce 1.00%, 10/18/24^(a)		3,630		3,332,703
3.10%, 04/02/24^(a)		5,024		4,869,964
Citibank NA, 3.65%, 01/23/24 (Call 12/23/23)^(a)		10,341		10,184,437
Citigroup Inc. 3.75%, 06/16/24^(a)		3,411		3,336,879
4.00%, 08/05/24^(a)		2,746		2,677,487
Comerica Bank, 2.50%, 07/23/24		3,145		2,994,292
Cooperatieve Rabobank UA/NY 0.38%, 01/12/24^(a)		2,310		2,182,627
3.88%, 08/22/24		505		493,683
Credit Agricole Corporate & Investment Bank SA, 0.78%, 06/28/24 (Call 12/28/22)		275		254,568


Security	Par (000)		Value

Banks (continued)
Credit Suisse AG/New York NY 0.50%, 02/02/24	$	5,314	$	4,852,160
3.63%, 09/09/24		12,008		11,163,357
4.75%, 08/09/24		3,820		3,626,823
Deutsche Bank AG/London, 3.70%, 05/30/24^(a)		3,158		3,051,860
Deutsche Bank AG/New York NY 0.90%, 05/28/24		5,445		4,997,857
3.70%, 05/30/24^(a)		2,873		2,748,226
Discover Bank, 2.45%, 09/12/24 (Call 08/12/24)		3,569		3,351,469
Fifth Third Bancorp. 3.65%, 01/25/24 (Call 12/25/23)		7,851		7,689,505
4.30%, 01/16/24 (Call 12/16/23)		3,590		3,537,550
Goldman Sachs Group Inc. (The) 3.00%, 03/15/24		8,828		8,536,588
3.63%, 02/20/24 (Call 01/20/24)^(a)		5,978		5,844,870
3.85%, 07/08/24 (Call 04/08/24)^(a)		8,291		8,103,706
4.00%, 03/03/24		11,864		11,648,075
5.70%, 11/01/24		2,000		1,999,760
HSBC Holdings PLC, 4.25%, 03/14/24^(a)		8,478		8,202,211
HSBC USA Inc. 3.50%, 06/23/24^(a)		3,235		3,117,796
3.75%, 05/24/24		4,485		4,356,191
Huntington Bancshares Inc./OH, 2.63%, 08/06/24 (Call 07/06/24)		4,465		4,265,147
ING Groep NV, 3.55%, 04/09/24^(a)		5,607		5,444,061
Intesa Sanpaolo SpA, 5.25%, 01/12/24		1,360		1,339,437
JPMorgan Chase & Co. 3.63%, 05/13/24^(a)		8,317		8,151,741
3.88%, 02/01/24^(a)		6,524		6,443,102
3.88%, 09/10/24		12,432		12,111,006
Lloyds Banking Group PLC 3.90%, 03/12/24		5,507		5,363,488
4.50%, 11/04/24^(a)		4,262		4,106,096
M&T Bank Corp., 4.00%, 07/15/24 (Call 04/16/24)^(a)		1,709		1,674,547
Mitsubishi UFJ Financial Group Inc. 2.80%, 07/18/24^(a)		4,759		4,533,273
3.41%, 03/07/24		7,176		6,978,445
Morgan Stanley 3.70%, 10/23/24^(a)		13,302		12,897,619
Series F, 3.88%, 04/29/24^(a)		13,567		13,292,811
National Bank of Canada, 0.75%, 08/06/24		3,160		2,903,819
NatWest Group PLC, 5.13%, 05/28/24^(a)		3,765		3,679,045
PNC Bank NA 3.30%, 10/30/24 (Call 09/30/24)		1,384		1,330,813
2.50%, 08/27/24 (Call 07/27/24)		2,647		2,522,512
PNC Financial Services Group Inc. (The) 2.20%, 11/01/24 (Call 10/02/24)		2,923		2,755,921
3.50%, 01/23/24^(a)		5,761		5,657,705
3.90%, 04/29/24 (Call 03/29/24)		3,223		3,154,060
Royal Bank of Canada 0.43%, 01/19/24^(a)		2,716		2,562,655
0.65%, 07/29/24		3,730		3,442,976
0.75%, 10/07/24^(a)		3,955		3,619,695
2.25%, 11/01/24		6,313		5,937,945
2.55%, 07/16/24^(a)		5,439		5,189,132
3.97%, 07/26/24^(a)		6,435		6,288,089
Santander Holdings USA Inc., 3.50%, 06/07/24 (Call 05/07/24)		5,043		4,835,077


Security	Par (000)		Value

Banks (continued)
Santander UK PLC 2.88%, 06/18/24^(a)	$	1,365	$	1,307,888
4.00%, 03/13/24^(a)		5,715		5,597,785
Sumitomo Mitsui Banking Corp. 3.40%, 07/11/24^(a)		932		904,226
3.95%, 01/10/24		2,000		1,964,220
Sumitomo Mitsui Financial Group Inc. 0.51%, 01/12/24		1,850		1,742,774
2.45%, 09/27/24^(a)		4,353		4,099,133
2.70%, 07/16/24^(a)		8,342		7,942,668
Toronto-Dominion Bank (The) 0.55%, 03/04/24		3,295		3,089,458
0.70%, 09/10/24		3,755		3,443,297
1.25%, 12/13/24		3,020		2,772,692
2.35%, 03/08/24		3,545		3,408,269
2.65%, 06/12/24		6,272		6,014,284
3.25%, 03/11/24		5,055		4,919,172
4.29%, 09/13/24		2,030		1,989,116
Truist Bank 2.15%, 12/06/24		4,808		4,500,721
3.20%, 04/01/24 (Call 03/01/24)		5,416		5,258,340
Truist Financial Corp. 2.50%, 08/01/24 (Call 07/01/24)		4,295		4,095,583
2.85%, 10/26/24 (Call 09/26/24)		3,793		3,618,750
U.S. Bancorp. 2.40%, 07/30/24^(a)		5,612		5,363,725
3.38%, 02/05/24 (Call 01/05/24)		5,695		5,578,993
3.60%, 09/11/24 (Call 08/11/24)^(a)		4,291		4,176,001
3.70%, 01/30/24 (Call 12/29/23)^(a)		2,726		2,684,292
Wells Fargo & Co. 3.30%, 09/09/24^(a)		9,581		9,258,408
3.75%, 01/24/24 (Call 12/22/23)		12,982		12,766,239
4.48%, 01/16/24^(a)		3,000		2,972,100
Westpac Banking Corp. 1.02%, 11/18/24		5,140		4,740,828
3.30%, 02/26/24^(a)		6,258		6,138,535

				503,625,525

Beverages — 1.0%
Coca-Cola Co. (The), 1.75%, 09/06/24		3,368		3,207,043
Constellation Brands Inc. 3.60%, 05/09/24^(a)		2,760		2,702,758
4.75%, 11/15/24^(a)		2,131		2,112,354
Diageo Capital PLC, 2.13%, 10/24/24 (Call 09/24/24)^(a)		2,262		2,136,142
Keurig Dr Pepper Inc., 0.75%, 03/15/24 (Call 12/01/22)		4,645		4,376,240
PepsiCo Inc., 3.60%, 03/01/24 (Call 12/01/23)		4,847		4,785,492

				19,320,029

Biotechnology — 0.6%
Amgen Inc., 3.63%, 05/22/24 (Call 02/22/24)^(a)		5,946		5,827,080
Gilead Sciences Inc., 3.70%, 04/01/24 (Call 01/01/24)^(a)		6,961		6,835,632

				12,662,712

Building Materials — 0.3%
Johnson Controls International PLC, 3.63%, 07/02/24 (Call 04/02/24)^(b)		2,290		2,225,811
Martin Marietta Materials Inc., 4.25%, 07/02/24 (Call 04/02/24)^(a)		1,801		1,773,337
Owens Corning, 4.20%, 12/01/24 (Call 09/01/24)		2,119		2,065,538

				6,064,686

Chemicals — 1.1%
Air Products and Chemicals Inc., 3.35%, 07/31/24 (Call 04/30/24)^(a)		1,440		1,404,418


Security	Par (000)		Value

Chemicals (continued)
Celanese U.S. Holdings LLC 3.50%, 05/08/24 (Call 04/08/24)^(a)	$	2,285	$	2,189,418
5.90%, 07/05/24		7,705		7,571,858
FMC Corp., 4.10%, 02/01/24 (Call 11/01/23)^(a)		1,732		1,701,846
LyondellBasell Industries NV, 5.75%, 04/15/24 (Call 01/15/24)		2,900		2,907,511
PPG Industries Inc., 2.40%, 08/15/24 (Call 07/15/24)		1,060		1,009,003
Sherwin-Williams Co. (The) 3.13%, 06/01/24 (Call 04/01/24)		3,123		3,024,469
4.05%, 08/08/24		1,025		1,005,956
Westlake Corp., 0.88%, 08/15/24 (Call 12/01/22)		1,205		1,119,939

				21,934,418

Commercial Services — 0.9%
Equifax Inc., 2.60%, 12/01/24 (Call 11/01/24)^(a)		3,407		3,216,515
Global Payments Inc., 1.50%, 11/15/24 (Call 10/15/24)		965		883,969
J Paul Getty Trust (The), Series 2021, 0.39%, 01/01/24 (Call 10/01/23)		2,065		1,961,110
Moody’s Corp., 4.88%, 02/15/24 (Call 11/15/23)^(a)		3,912		3,893,614
PayPal Holdings Inc., 2.40%, 10/01/24 (Call 09/01/24)		6,578		6,264,492
Quanta Services Inc., 0.95%, 10/01/24 (Call 12/01/22)		1,965		1,785,969

				18,005,669

Computers — 3.0%
Apple Inc. 1.80%, 09/11/24 (Call 08/11/24)		2,927		2,779,157
2.85%, 05/11/24 (Call 03/11/24)		6,465		6,289,023
3.00%, 02/09/24 (Call 12/09/23)		5,445		5,334,194
3.45%, 05/06/24		9,176		9,011,291
Dell International LLC/EMC Corp., 4.00%, 07/15/24 (Call 06/15/24)		5,307		5,179,207
Genpact Luxembourg Sarl, 3.38%, 12/01/24 (Call 11/01/24)		2,317		2,206,410
Hewlett Packard Enterprise Co., 1.45%, 04/01/24 (Call 03/01/24)^(a)		5,757		5,449,403
International Business Machines Corp. 3.00%, 05/15/24		11,731		11,385,287
3.63%, 02/12/24		8,175		8,034,554
NetApp Inc., 3.30%, 09/29/24 (Call 07/29/24)		2,545		2,456,689

				58,125,215

Cosmetics & Personal Care — 0.8%
Colgate-Palmolive Co., 3.25%, 03/15/24^(a)		1,477		1,452,009
Estee Lauder Companies Inc. (The), 2.00%, 12/01/24 (Call 11/01/24)^(a)		2,126		2,012,876
GSK Consumer Healthcare Capital U.S. LLC, 3.02%, 03/24/24		2,690		2,595,327
Unilever Capital Corp. 0.63%, 08/12/24 (Call 12/01/22)		2,075		1,928,713
2.60%, 05/05/24 (Call 03/05/24)^(a)		4,504		4,354,647
3.25%, 03/07/24 (Call 02/07/24)		2,414		2,364,875

				14,708,447

Diversified Financial Services — 7.1%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust 1.65%, 10/29/24 (Call 09/29/24)^(a)		12,120		11,016,838
2.88%, 08/14/24 (Call 07/14/24)^(a)		2,751		2,574,166
3.15%, 02/15/24 (Call 01/15/24)		4,075		3,906,621
4.88%, 01/16/24 (Call 12/16/23)		3,603		3,536,381
Series 3NC1, 1.75%, 10/29/24 (Call 12/01/22)		4,479		4,059,810
Affiliated Managers Group Inc., 4.25%, 02/15/24^(a)		975		963,602
Air Lease Corp. 0.70%, 02/15/24 (Call 01/15/24)		2,882		2,689,281
0.80%, 08/18/24 (Call 07/18/24)^(a)		1,400		1,271,900
4.25%, 02/01/24 (Call 01/01/24)		3,661		3,579,067


Security	Par (000)		Value

Diversified Financial Services (continued)
4.25%, 09/15/24 (Call 06/15/24)	$	2,944	$	2,864,806
Aircastle Ltd., 4.13%, 05/01/24 (Call 02/01/24)		2,577		2,456,963
Ally Financial Inc. 3.88%, 05/21/24 (Call 04/21/24)		4,056		3,914,608
5.13%, 09/30/24		3,058		3,014,057
American Express Co. 2.50%, 07/30/24^(a)		7,317		6,955,760
3.00%, 10/30/24 (Call 09/29/24)^(a)		6,770		6,469,006
3.38%, 05/03/24		4,975		4,825,551
3.40%, 02/22/24 (Call 01/22/24)		6,050		5,901,291
3.63%, 12/05/24 (Call 11/04/24)		2,541		2,456,410
Ameriprise Financial Inc., 3.70%, 10/15/24		3,072		2,982,420
BGC Partners Inc., 3.75%, 10/01/24 (Call 09/01/24)		1,745		1,655,621
Brookfield Finance Inc., 4.00%, 04/01/24 (Call 02/01/24)		4,517		4,424,401
Capital One Financial Corp. 3.30%, 10/30/24 (Call 09/30/24)^(a)		7,095		6,762,457
3.75%, 04/24/24 (Call 03/24/24)^(a)		3,417		3,325,595
3.90%, 01/29/24 (Call 12/29/23)^(a)		5,539		5,430,159
Charles Schwab Corp. (The) 0.75%, 03/18/24 (Call 02/18/24)		6,095		5,750,998
3.55%, 02/01/24 (Call 01/01/24)		2,651		2,603,017
3.75%, 04/01/24 (Call 03/02/24)		2,225		2,186,975
Citigroup Global Markets Holdings Inc./U.S, 0.75%, 06/07/24 (Call 12/07/22)		1,533		1,430,243
Discover Financial Services, 3.95%, 11/06/24 (Call 08/06/24)		2,462		2,373,565
Invesco Finance PLC, 4.00%, 01/30/24		3,039		2,984,116
Mastercard Inc., 3.38%, 04/01/24^(a)		5,821		5,711,798
ORIX Corp. 3.25%, 12/04/24^(a)		2,715		2,596,083
4.05%, 01/16/24^(a)		1,682		1,657,005
Radian Group Inc., 4.50%, 10/01/24 (Call 07/01/24)^(a)		2,240		2,132,570
Stifel Financial Corp., 4.25%, 07/18/24^(a)		2,588		2,529,252
Synchrony Financial 4.25%, 08/15/24 (Call 05/15/24)^(a)		4,953		4,782,221
4.38%, 03/19/24 (Call 02/19/24)^(a)		4,155		4,062,260

				137,836,874

Electric — 6.0%
Ameren Corp., 2.50%, 09/15/24 (Call 08/15/24)		2,583		2,446,385
American Electric Power Co. Inc., 2.03%, 03/15/24		3,850		3,674,363
Avangrid Inc., 3.15%, 12/01/24 (Call 10/01/24)		3,097		2,945,557
Black Hills Corp., 1.04%, 08/23/24 (Call 11/16/22)^(a)		2,650		2,450,614
CenterPoint Energy Inc., 2.50%, 09/01/24 (Call 08/01/24)		2,372		2,245,833
Dominion Energy Inc., 3.07%, 08/15/24^(b)		3,509		3,347,726
DTE Electric Co., 3.65%, 03/15/24 (Call 12/15/23)		2,512		2,464,121
DTE Energy Co. 4.22%, 01/11/24^(b)		2,990		2,919,585
Series C, 2.53%, 10/01/24^(b)		2,696		2,553,355
Duke Energy Corp., 3.75%, 04/15/24 (Call 01/15/24)^(a)		4,601		4,514,455
Edison International, 3.55%, 11/15/24 (Call 10/15/24)^(a)		2,607		2,500,269
Emera U.S. Finance LP, 0.83%, 06/15/24		1,850		1,703,850
Enel Generacion Chile SA, 4.25%, 04/15/24 (Call 01/15/24)		1,264		1,230,453
Entergy Arkansas LLC, 3.70%, 06/01/24 (Call 03/01/24)		1,315		1,290,291
Entergy Louisiana LLC 0.95%, 10/01/24 (Call 12/01/22)		4,200		3,875,340
5.40%, 11/01/24		1,300		1,304,836
5.59%, 10/01/24^(a)		770		774,658
Evergy Inc., 2.45%, 09/15/24 (Call 08/15/24)		4,237		3,991,890
Eversource Energy 4.20%, 06/27/24		3,660		3,592,766


Security	Par (000)		Value

Electric (continued)
Series L, 2.90%, 10/01/24 (Call 08/01/24)	$	2,585	$	2,469,140
Florida Power & Light Co., 3.25%, 06/01/24 (Call 12/01/23)^(a)		2,364		2,305,893
Georgia Power Co., Series A, 2.20%, 09/15/24 (Call 08/15/24)^(a)		2,480		2,336,929
Interstate Power & Light Co., 3.25%, 12/01/24 (Call 09/01/24)		2,305		2,210,518
IPALCO Enterprises Inc., 3.70%, 09/01/24 (Call 07/01/24)		2,164		2,064,348
ITC Holdings Corp., 3.65%, 06/15/24 (Call 03/15/24)		2,258		2,189,831
MidAmerican Energy Co., 3.50%, 10/15/24 (Call 07/15/24)^(a)		3,110		3,019,095
National Rural Utilities Cooperative Finance Corp. 0.35%, 02/08/24		1,455		1,370,872
2.95%, 02/07/24 (Call 12/07/23)		2,464		2,401,094
Series D, 1.00%, 10/18/24		2,154		1,982,391
NextEra Energy Capital Holdings Inc. 2.94%, 03/21/24 (Call 12/01/22)		4,270		4,137,118
4.20%, 06/20/24		2,150		2,115,363
4.26%, 09/01/24		3,879		3,801,071
Oncor Electric Delivery Co. LLC, 2.75%, 06/01/24 (Call 05/01/24)		2,316		2,232,531
Pacific Gas and Electric Co. 3.25%, 02/16/24 (Call 02/16/23)^(a)		3,535		3,416,012
3.40%, 08/15/24 (Call 05/15/24)		706		668,413
3.75%, 02/15/24 (Call 11/15/23)		1,815		1,760,568
PacifiCorp, 3.60%, 04/01/24 (Call 01/01/24)^(a)		1,054		1,033,879
Potomac Electric Power Co., 3.60%, 03/15/24 (Call 12/15/23)		1,625		1,592,809
Public Service Enterprise Group Inc., 2.88%, 06/15/24 (Call 05/15/24)^(a)		3,905		3,752,549
Southern California Edison Co.
1.10%, 04/01/24 (Call 04/01/23)^(a)		2,874		2,705,037
Series K, 0.98%, 08/01/24		2,015		1,868,570
Southern Co. (The)
4.48%, 08/01/24^(b)		2,485		2,438,829
Series 21-A, 0.60%, 02/26/24 (Call 01/26/24)		2,905		2,736,278
Southwestern Public Service Co., 3.30%, 06/15/24 (Call 12/15/23)^(a)		1,655		1,608,892
Tampa Electric Co., 3.88%, 07/12/24		1,785		1,738,858
Union Electric Co., 3.50%, 04/15/24 (Call 01/15/24)		1,902		1,853,176
Virginia Electric & Power Co., 3.45%, 02/15/24 (Call 11/15/23)^(a)		1,447		1,414,905
WEC Energy Group Inc., 0.80%, 03/15/24 (Call 02/15/24)^(a)		3,135		2,947,402
Wisconsin Electric Power Co., 2.05%, 12/15/24 (Call 11/15/24)		1,701		1,601,151

				117,599,869

Electronics — 1.0%
Allegion U.S. Holding Co. Inc., 3.20%, 10/01/24 (Call 08/01/24)^(a)		2,294		2,188,522
Amphenol Corp., 3.20%, 04/01/24 (Call 02/01/24)^(a)		1,910		1,856,959
Arrow Electronics Inc., 3.25%, 09/08/24 (Call 07/08/24)		2,452		2,341,071
Honeywell International Inc., 2.30%, 08/15/24 (Call 07/15/24)^(a)		4,823		4,618,842
Keysight Technologies Inc., 4.55%, 10/30/24 (Call 07/30/24)		2,107		2,063,322
TD SYNNEX Corp., 1.25%, 08/09/24 (Call 11/14/22)		2,990		2,749,335
Trimble Inc., 4.75%, 12/01/24 (Call 09/01/24)		1,883		1,850,481
Tyco Electronics Group SA, 3.45%, 08/01/24 (Call 05/01/24)^(a)		898		872,102

				18,540,634


Security	Par (000)		Value

Entertainment — 0.4%
Magallanes Inc. 3.43%, 03/15/24^(c)	$	6,485	$	6,257,765
3.53%, 03/15/24 (Call 03/15/23)^(a)(c)		1,345		1,297,710

				7,555,475

Environmental Control — 0.2%
Republic Services Inc., 2.50%, 08/15/24 (Call 07/15/24)^(a)		4,869		4,637,284


Food — 1.2%
Conagra Brands Inc., 4.30%, 05/01/24 (Call 04/01/24)^(a)		5,358		5,268,521
General Mills Inc., 3.65%, 02/15/24 (Call 11/15/23)^(a)		2,361		2,327,852
Hershey Co. (The), 2.05%, 11/15/24 (Call 10/15/24)^(a)		1,108		1,048,933
Hormel Foods Corp., 0.65%, 06/03/24 (Call 12/01/22)^(a)		1,780		1,662,805
Kroger Co. (The), 4.00%, 02/01/24 (Call 11/01/23)		2,357		2,322,069
McCormick & Co. Inc./MD, 3.15%, 08/15/24 (Call 06/15/24)		3,889		3,743,124
Mondelez International Inc., 2.13%, 03/17/24		2,505		2,402,821
Tyson Foods Inc., 3.95%, 08/15/24 (Call 05/15/24)^(a)		4,878		4,761,513

				23,537,638

Forest Products & Paper — 0.2%
Celulosa Arauco y Constitucion SA, 4.50%, 08/01/24 (Call 05/01/24)		1,193		1,164,261
Georgia-Pacific LLC, 8.00%, 01/15/24		2,995		3,093,206

				4,257,467

Gas — 0.5%
Eastern Energy Gas Holdings LLC
3.60%, 12/15/24 (Call 09/15/24)		509		491,511
Series A, 2.50%, 11/15/24 (Call 10/15/24)		3,463		3,276,067
ONE Gas Inc. 1.10%, 03/11/24 (Call 11/16/22)^(a)		2,632		2,490,293
3.61%, 02/01/24 (Call 11/01/23)		770		754,516
Southern California Gas Co., 3.15%, 09/15/24 (Call 06/15/24)		2,050		1,977,717

				8,990,104

Health Care - Products — 1.5%
Baxter International Inc., 1.32%, 11/29/24^(a)		5,678		5,225,861
Boston Scientific Corp., 3.45%, 03/01/24 (Call 02/01/24)^(a)		2,577		2,521,491
DH Europe Finance II Sarl, 2.20%, 11/15/24 (Call 10/15/24)		3,581		3,380,070
PerkinElmer Inc., 0.85%, 09/15/24 (Call 12/01/22)^(a)		640		591,053
Stryker Corp., 3.38%, 05/15/24 (Call 02/15/24)		3,051		2,971,003
Thermo Fisher Scientific Inc., 1.22%, 10/18/24 (Call 12/01/22)^(a)		10,405		9,687,783
Zimmer Biomet Holdings Inc., 1.45%, 11/22/24^(a)		4,575		4,220,163

				28,597,424

Health Care - Services — 2.2%
Aetna Inc., 3.50%, 11/15/24 (Call 08/15/24)^(a)		4,168		4,027,914
CommonSpirit Health, 2.76%, 10/01/24 (Call 07/01/24)		2,018		1,917,261
Elevance Health Inc. 3.35%, 12/01/24 (Call 10/01/24)^(a)		4,224		4,066,740
3.50%, 08/15/24 (Call 05/15/24)		3,712		3,607,062
HCA Inc., 5.00%, 03/15/24^(a)		8,432		8,360,075
Humana Inc., 3.85%, 10/01/24 (Call 07/01/24)^(a)		3,281		3,197,827
Laboratory Corp. of America Holdings 2.30%, 12/01/24 (Call 11/01/24)^(a)		2,493		2,340,030
3.25%, 09/01/24 (Call 07/01/24)^(a)		2,901		2,793,054
Quest Diagnostics Inc., 4.25%, 04/01/24 (Call 01/01/24)		1,173		1,156,871
UnitedHealth Group Inc. 0.55%, 05/15/24 (Call 11/14/22)		420		393,023
2.38%, 08/15/24		3,849		3,681,915
3.50%, 02/15/24		3,889		3,825,337


Security	Par (000)		Value

Health Care - Services (continued)
5.00%, 10/15/24	$	4,065	$	4,066,504

				43,433,613

Holding Companies - Diversified — 1.0%
Ares Capital Corp., 4.20%, 06/10/24 (Call 05/10/24)		4,441		4,270,910
Blackstone Private Credit Fund 1.75%, 09/15/24^(a)		2,460		2,247,530
2.35%, 11/22/24		1,120		1,025,281
FS KKR Capital Corp. 1.65%, 10/12/24		2,230		2,022,075
4.63%, 07/15/24 (Call 06/15/24)		2,173		2,089,731
Golub Capital BDC Inc., 3.38%, 04/15/24 (Call 03/15/24)^(a)		2,760		2,626,223
Main Street Capital Corp., 5.20%, 05/01/24		2,625		2,555,700
Owl Rock Capital Corp., 5.25%, 04/15/24 (Call 03/15/24)^(a)		1,950		1,914,295
Sixth Street Specialty Lending Inc., 3.88%, 11/01/24 (Call 10/01/24)^(a)		1,530		1,452,245

				20,203,990

Home Builders — 0.4%
DR Horton Inc., 2.50%, 10/15/24 (Call 09/15/24)		3,229		3,044,107
Lennar Corp. 4.50%, 04/30/24		3,367		3,312,825
5.88%, 11/15/24 (Call 05/15/24)		2,405		2,407,814

				8,764,746

Home Furnishings — 0.1%
Leggett & Platt Inc., 3.80%, 11/15/24 (Call 08/15/24)^(a)		350		337,936
Whirlpool Corp., 4.00%, 03/01/24^(a)		1,210		1,188,994

				1,526,930

Household Products & Wares — 0.1%
Avery Dennison Corp., 0.85%, 08/15/24 (Call 12/01/22)		1,340		1,239,889


Insurance — 1.5%
American International Group Inc., 4.13%, 02/15/24		2,649		2,613,159
Aon Global Ltd., 3.50%, 06/14/24		3,321		3,230,636
Assured Guaranty U.S. Holdings Inc., 5.00%, 07/01/24^(a)		1,519		1,510,843
Brown & Brown Inc., 4.20%, 09/15/24 (Call 06/15/24)		2,315		2,257,171
Chubb INA Holdings Inc., 3.35%, 05/15/24		1,760		1,711,424
CNA Financial Corp., 3.95%, 05/15/24 (Call 02/15/24)^(a)		2,643		2,580,731
First American Financial Corp., 4.60%, 11/15/24		345		334,571
Marsh & McLennan Companies Inc.
3.50%, 06/03/24 (Call 03/03/24)^(a)		2,693		2,618,000
3.88%, 03/15/24 (Call 02/15/24)		4,489		4,409,679
MetLife Inc., 3.60%, 04/10/24^(a)		5,069		4,957,279
Old Republic International Corp., 4.88%, 10/01/24 (Call 09/01/24)		1,181		1,169,025
Willis North America Inc., 3.60%, 05/15/24 (Call 03/15/24)^(a)		2,842		2,750,033

				30,142,551

Internet — 2.3%
Alibaba Group Holding Ltd., 3.60%, 11/28/24 (Call 08/28/24)^(a)		7,607		7,215,316
Alphabet Inc., 3.38%, 02/25/24^(a)		4,225		4,162,597
Amazon.com Inc. 0.45%, 05/12/24		8,310		7,791,622
2.73%, 04/13/24		5,225		5,087,426
2.80%, 08/22/24 (Call 06/22/24)^(a)		7,895		7,633,912
3.80%, 12/05/24 (Call 09/05/24)^(a)		5,093		5,006,775
Baidu Inc., 4.38%, 05/14/24 (Call 04/14/24)^(a)		2,545		2,487,279
eBay Inc., 3.45%, 08/01/24 (Call 05/01/24)^(a)		4,115		4,001,220
Weibo Corp., 3.50%, 07/05/24 (Call 06/05/24)^(a)		2,483		2,338,465

				45,724,612


Security	Par (000)		Value

Iron & Steel — 0.1%
Steel Dynamics Inc., 2.80%, 12/15/24 (Call 11/15/24)	$	2,379	$	2,256,077


Leisure Time — 0.1%
Brunswick Corp., 0.85%, 08/18/24 (Call 12/01/22)		2,075		1,899,455


Lodging — 0.4%
Hyatt Hotels Corp., 1.80%, 10/01/24 (Call 12/01/22)		3,525		3,290,693
Marriott International Inc./MD, 3.60%, 04/15/24 (Call 03/15/24)^(a)		3,626		3,543,037

				6,833,730

Machinery — 2.2%
Caterpillar Financial Services Corp. 0.45%, 05/17/24^(a)		2,545		2,376,699
0.60%, 09/13/24^(a)		2,650		2,448,997
0.95%, 01/10/24		1,927		1,840,439
2.15%, 11/08/24		4,071		3,859,023
2.85%, 05/17/24		1,844		1,788,846
3.25%, 12/01/24^(a)		2,486		2,407,716
3.30%, 06/09/24		1,524		1,486,403
Caterpillar Inc., 3.40%, 05/15/24 (Call 02/15/24)^(a)		3,629		3,549,053
CNH Industrial Capital LLC, 4.20%, 01/15/24		2,511		2,471,176
John Deere Capital Corp. 0.45%, 01/17/24^(a)		3,140		2,982,592
0.45%, 06/07/24		2,230		2,080,701
0.63%, 09/10/24		1,990		1,843,815
0.90%, 01/10/24		205		195,834
2.60%, 03/07/24		2,605		2,528,700
2.65%, 06/24/24^(a)		2,610		2,518,493
3.35%, 06/12/24		2,380		2,324,475
3.45%, 01/10/24		1,292		1,272,052
Westinghouse Air Brake Technologies Corp., 4.40%, 03/15/24 (Call 02/15/24)		4,318		4,234,576

				42,209,590

Manufacturing — 1.3%
3M Co., 3.25%, 02/14/24 (Call 01/14/24)^(a)		5,362		5,246,610
Carlisle Companies Inc., 3.50%, 12/01/24 (Call 10/01/24)		2,290		2,194,049
Illinois Tool Works Inc., 3.50%, 03/01/24 (Call 12/01/23)		3,748		3,683,909
Parker-Hannifin Corp. 2.70%, 06/14/24 (Call 05/14/24)^(a)		3,032		2,905,262
3.30%, 11/21/24 (Call 08/21/24)		1,816		1,751,877
3.65%, 06/15/24^(a)		5,920		5,760,101
Textron Inc., 4.30%, 03/01/24 (Call 12/01/23)		1,871		1,846,864
Trane Technologies Luxembourg Finance SA, 3.55%, 11/01/24 (Call 08/01/24)^(a)		2,304		2,223,844

				25,612,516

Media — 1.9%
Charter Communications Operating LLC/Charter Communications Operating Capital, 4.50%, 02/01/24 (Call 01/01/24)		5,841		5,750,932
Comcast Corp., 3.70%, 04/15/24 (Call 03/15/24)		11,106		10,899,873
Discovery Communications LLC 3.80%, 03/13/24 (Call 01/13/24)		1,724		1,675,866
3.90%, 11/15/24 (Call 08/15/24)^(a)		2,251		2,158,574
Fox Corp., 4.03%, 01/25/24 (Call 12/25/23)		6,079		5,974,684
Walt Disney Co. (The) 1.75%, 08/30/24 (Call 07/30/24)		6,707		6,338,048
3.70%, 09/15/24 (Call 06/15/24)		3,736		3,647,980

				36,445,957

Metal Fabricate & Hardware — 0.0%
Timken Co. (The), 3.88%, 09/01/24 (Call 06/01/24)^(a)		821		797,897


Security	Par (000)		Value

Mining — 0.3%
Freeport-McMoRan Inc., 4.55%, 11/14/24 (Call 08/14/24)	$	2,861	$	2,811,218
Kinross Gold Corp., 5.95%, 03/15/24 (Call 12/15/23)		3,511		3,510,930

				6,322,148

Office & Business Equipment — 0.1%
CDW LLC/CDW Finance Corp., 5.50%, 12/01/24 (Call 06/01/24)		2,480		2,453,489


Oil & Gas — 2.6%
Canadian Natural Resources Ltd., 3.80%, 04/15/24 (Call 01/15/24)^(a)		2,606		2,544,029
Chevron Corp., 2.90%, 03/03/24 (Call 01/03/24)		5,433		5,306,900
Chevron USA Inc., 3.90%, 11/15/24 (Call 08/15/24)^(a)		3,682		3,615,614
ConocoPhillips Co. 2.13%, 03/08/24 (Call 12/01/22)		1,385		1,333,727
3.35%, 11/15/24 (Call 08/15/24)^(a)		600		583,758
Continental Resources Inc./OK, 3.80%, 06/01/24 (Call 03/01/24)^(a)		4,665		4,503,638
Devon Energy Corp., 5.25%, 09/15/24 (Call 06/15/24)		2,287		2,285,216
Exxon Mobil Corp. 2.02%, 08/16/24 (Call 07/16/24)^(a)		5,368		5,115,704
3.18%, 03/15/24 (Call 12/15/23)^(a)		3,743		3,666,044
Hess Corp., 3.50%, 07/15/24 (Call 04/15/24)		1,306		1,259,441
Marathon Petroleum Corp., 3.63%, 09/15/24 (Call 06/15/24)		3,671		3,547,030
Phillips 66, 0.90%, 02/15/24 (Call 12/01/22)^(a)		1,880		1,780,059
Phillips 66 Co., 2.45%, 12/15/24 (Call 11/15/24)^(c)		992		927,451
Shell International Finance BV, 2.00%, 11/07/24 (Call 10/07/24)^(a)		5,125		4,860,345
TotalEnergies Capital International SA 3.70%, 01/15/24		4,587		4,514,204
3.75%, 04/10/24^(a)		5,789		5,705,928

				51,549,088

Packaging & Containers — 0.4%
Berry Global Inc., 0.95%, 02/15/24 (Call 01/15/24)		3,644		3,430,607
Packaging Corp. of America, 3.65%, 09/15/24 (Call 06/15/24)		1,701		1,646,993
WRKCo Inc., 3.00%, 09/15/24 (Call 07/15/24)^(a)		2,949		2,803,939

				7,881,539

Pharmaceuticals — 5.0%
AbbVie Inc. 2.60%, 11/21/24 (Call 10/21/24)		15,173		14,424,212
3.85%, 06/15/24 (Call 03/15/24)		4,409		4,318,792
AmerisourceBergen Corp., 3.40%, 05/15/24 (Call 02/15/24)		2,228		2,167,666
Astrazeneca Finance LLC, 0.70%, 05/28/24 (Call 12/01/22)		6,884		6,431,102
Becton Dickinson and Co. 3.36%, 06/06/24 (Call 04/06/24)		4,800		4,659,456
3.73%, 12/15/24 (Call 09/15/24)		3,434		3,335,788
Bristol-Myers Squibb Co. 2.90%, 07/26/24 (Call 06/26/24)		10,544		10,202,691
3.63%, 05/15/24 (Call 02/15/24)^(a)		1,950		1,913,262
Cardinal Health Inc. 3.08%, 06/15/24 (Call 04/15/24)		3,899		3,752,982
3.50%, 11/15/24 (Call 08/15/24)^(a)		1,832		1,763,556
Cigna Corp. 0.61%, 03/15/24 (Call 12/01/22)^(a)		2,665		2,508,911
3.50%, 06/15/24 (Call 03/17/24)		3,594		3,500,736
CVS Health Corp. 2.63%, 08/15/24 (Call 07/15/24)		4,866		4,660,655
3.38%, 08/12/24 (Call 05/12/24)		3,395		3,296,885
GlaxoSmithKline Capital PLC, 3.00%, 06/01/24 (Call 05/01/24)^(a)		5,032		4,885,317


Security	Par (000)		Value

Pharmaceuticals (continued)
McKesson Corp., 3.80%, 03/15/24 (Call 12/15/23)	$	4,333	$	4,257,779
Merck & Co. Inc., 2.90%, 03/07/24 (Call 02/07/24)^(a)		4,126		4,021,818
Novartis Capital Corp., 3.40%, 05/06/24^(a)		8,987		8,813,191
Pfizer Inc. 2.95%, 03/15/24 (Call 02/15/24)^(a)		2,948		2,879,518
3.40%, 05/15/24^(a)		3,977		3,895,193
Wyeth LLC, 6.45%, 02/01/24		2,261		2,300,138

				97,989,648

Pipelines — 3.7%
Boardwalk Pipelines LP, 4.95%, 12/15/24 (Call 09/15/24)		2,559		2,517,826
Cheniere Corpus Christi Holdings LLC, 7.00%, 06/30/24 (Call 01/01/24)		5,925		5,999,655
Enbridge Inc. 2.15%, 02/16/24		1,490		1,432,218
3.50%, 06/10/24 (Call 03/10/24)		2,621		2,540,955
Energy Transfer LP 3.90%, 05/15/24 (Call 02/15/24)		1,999		1,940,889
4.25%, 04/01/24 (Call 01/01/24)^(a)		2,085		2,034,710
4.50%, 04/15/24 (Call 03/15/24)		2,617		2,570,967
4.90%, 02/01/24 (Call 11/01/23)		1,504		1,488,223
5.88%, 01/15/24 (Call 10/15/23)		3,836		3,842,866
Enterprise Products Operating LLC, 3.90%, 02/15/24 (Call 11/15/23)		5,062		4,967,999
Kinder Morgan Energy Partners LP 4.15%, 02/01/24 (Call 11/01/23)		2,789		2,741,977
4.25%, 09/01/24 (Call 06/01/24)		2,782		2,718,654
4.30%, 05/01/24 (Call 02/01/24)		2,616		2,568,650
MPLX LP, 4.88%, 12/01/24 (Call 09/01/24)		5,276		5,190,687
ONEOK Inc., 2.75%, 09/01/24 (Call 08/01/24)^(a)		2,628		2,494,681
Plains All American Pipeline LP/PAA Finance Corp., 3.60%, 11/01/24 (Call 08/01/24)^(a)		3,235		3,097,707
Sabine Pass Liquefaction LLC, 5.75%, 05/15/24 (Call 02/15/24)		8,615		8,606,557
Spectra Energy Partners LP, 4.75%, 03/15/24 (Call 12/15/23)^(a)		4,023		3,987,839
TransCanada PipeLines Ltd., 1.00%, 10/12/24 (Call 09/12/24)		2,280		2,093,884
Williams Companies Inc. (The) 4.30%, 03/04/24 (Call 12/04/23)		5,394		5,311,364
4.55%, 06/24/24 (Call 03/24/24)		5,025		4,942,992

				73,091,300

Real Estate Investment Trusts — 3.6%
American Tower Corp. 0.60%, 01/15/24		2,007		1,897,237
3.38%, 05/15/24 (Call 04/15/24)		2,950		2,858,875
5.00%, 02/15/24^(a)		4,492		4,469,001
AvalonBay Communities Inc., 3.50%, 11/15/24 (Call 08/15/24)^(a)		1,462		1,412,687
Boston Properties LP, 3.80%, 02/01/24 (Call 11/01/23)		3,366		3,280,335
Brandywine Operating Partnership LP, 4.10%, 10/01/24 (Call 07/01/24)^(a)		909		869,104
Brixmor Operating Partnership LP, 3.65%, 06/15/24 (Call 04/15/24)		2,160		2,082,586
Crown Castle Inc., 3.20%, 09/01/24 (Call 07/01/24)^(a)		4,434		4,272,115
Equinix Inc., 2.63%, 11/18/24 (Call 10/18/24)		4,915		4,628,947
Essex Portfolio LP, 3.88%, 05/01/24 (Call 02/01/24)		1,325		1,291,809
Federal Realty Investment Trust, 3.95%, 01/15/24 (Call 10/15/23)^(a)		1,735		1,702,313
GLP Capital LP/GLP Financing II Inc., 3.35%, 09/01/24^(a)		2,245		2,103,834
Host Hotels & Resorts LP, 3.88%, 04/01/24 (Call 02/01/24)		2,549		2,470,924
Kilroy Realty LP, 3.45%, 12/15/24 (Call 09/15/24)^(a)		1,741		1,645,210


Security	Par (000)		Value

Real Estate Investment Trusts (continued)
Kimco Realty Corp., 2.70%, 03/01/24 (Call 01/01/24)	$	1,549	$	1,491,548
Mid-America Apartments LP, 3.75%, 06/15/24		1,020		992,980
National Retail Properties Inc., 3.90%, 06/15/24 (Call 03/15/24)		1,878		1,829,510
Office Properties Income Trust, 4.25%, 05/15/24 (Call 02/15/24)^(a)		1,717		1,566,951
Omega Healthcare Investors Inc., 4.95%, 04/01/24 (Call 01/01/24)^(a)		1,550		1,525,743
Piedmont Operating Partnership LP, 4.45%, 03/15/24 (Call 12/15/23)^(a)		1,326		1,300,461
Realty Income Corp. 3.88%, 07/15/24 (Call 04/15/24)		1,910		1,867,732
4.60%, 02/06/24 (Call 11/06/23)^(a)		2,972		2,950,899
Simon Property Group LP 2.00%, 09/13/24 (Call 06/13/24)^(a)		4,350		4,088,521
3.38%, 10/01/24 (Call 07/01/24)^(a)		3,873		3,727,762
3.75%, 02/01/24 (Call 11/01/23)		2,638		2,589,223
Ventas Realty LP 3.50%, 04/15/24 (Call 03/15/24)		1,965		1,906,875
3.75%, 05/01/24 (Call 02/01/24)		1,740		1,690,967
Welltower Inc. 3.63%, 03/15/24 (Call 02/15/24)		4,451		4,326,105
4.50%, 01/15/24 (Call 10/15/23)^(a)		1,581		1,561,775
WP Carey Inc., 4.60%, 04/01/24 (Call 01/01/24)^(a)		2,127		2,093,861

				70,495,890

Retail — 2.2%
AutoNation Inc., 3.50%, 11/15/24 (Call 09/15/24)		2,389		2,295,017
AutoZone Inc., 3.13%, 04/18/24 (Call 03/18/24)		2,489		2,410,646
Costco Wholesale Corp., 2.75%, 05/18/24 (Call 03/18/24)^(a)		4,927		4,785,743
Dollar General Corp., 4.25%, 09/20/24^(a)		1,385		1,360,984
Home Depot Inc. (The), 3.75%, 02/15/24 (Call 11/15/23)		6,271		6,202,333
Lowe’s Companies Inc., 3.13%, 09/15/24 (Call 06/15/24)		2,805		2,708,031
McDonald’s Corp., 3.25%, 06/10/24^(a)		3,875		3,773,320
Target Corp., 3.50%, 07/01/24^(a)		6,196		6,063,901
Walmart Inc. 2.65%, 12/15/24 (Call 10/15/24)^(a)		2,365		2,270,849
2.85%, 07/08/24 (Call 06/08/24)^(a)		6,095		5,914,649
3.30%, 04/22/24 (Call 01/22/24)^(a)		6,027		5,905,014

				43,690,487

Semiconductors — 2.4%
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.63%, 01/15/24 (Call 11/15/23)		5,232		5,125,006
Broadcom Inc., 3.63%, 10/15/24 (Call 09/15/24)^(a)		2,397		2,317,947
Intel Corp. 2.70%, 06/17/24 (Call 04/17/24)^(a)		90		86,856
2.88%, 05/11/24 (Call 03/11/24)		6,424		6,232,629
KLA Corp., 4.65%, 11/01/24 (Call 08/01/24)^(a)		2,085		2,075,055
Microchip Technology Inc. 0.97%, 02/15/24		6,755		6,356,995
0.98%, 09/01/24		3,630		3,331,469
NVIDIA Corp., 0.58%, 06/14/24 (Call 06/14/23)		3,120		2,910,835
NXP BV/NXP Funding LLC, 4.88%, 03/01/24 (Call 02/01/24)^(a)		5,163		5,104,606
Qorvo Inc., 1.75%, 12/15/24 (Call 12/15/22)^(a)(c)		2,720		2,493,152
QUALCOMM Inc., 2.90%, 05/20/24 (Call 03/20/24)^(a)		4,578		4,437,822
Texas Instruments Inc., 2.63%, 05/15/24 (Call 03/15/24)		2,410		2,330,856
Xilinx Inc., 2.95%, 06/01/24 (Call 04/01/24)		4,572		4,426,427

				47,229,655


Security	Par (000)		Value

Software — 2.7%
Cadence Design Systems Inc., 4.38%, 10/15/24 (Call 07/15/24)^(a)	$	915	$	900,360
Fidelity National Information Services Inc., 0.60%, 03/01/24		4,310		4,050,495
Fiserv Inc., 2.75%, 07/01/24 (Call 06/01/24)		8,147		7,792,605
Microsoft Corp., 2.88%, 02/06/24 (Call 12/06/23)^(a)		8,287		8,107,752
Oracle Corp. 2.95%, 11/15/24 (Call 09/15/24)^(a)		8,003		7,639,504
3.40%, 07/08/24 (Call 04/08/24)^(a)		8,336		8,086,504
Roper Technologies Inc., 2.35%, 09/15/24 (Call 08/15/24)		2,963		2,813,072
salesforce.com Inc., 0.63%, 07/15/24 (Call 12/01/22)		4,750		4,424,198
Take-Two Interactive Software Inc., 3.30%, 03/28/24		4,180		4,058,278
VMware Inc., 1.00%, 08/15/24 (Call 12/01/22)		5,530		5,101,867

				52,974,635

Telecommunications — 1.4%
AT&T Inc., 0.90%, 03/25/24 (Call 11/14/22)		6,957		6,571,860
Bell Telephone Co. of Canada or Bell Canada (The), Series US-3, 0.75%, 03/17/24		3,225		3,037,466
Cisco Systems Inc., 3.63%, 03/04/24		5,009		4,933,815
Motorola Solutions Inc., 4.00%, 09/01/24^(a)		307		299,389
Verizon Communications Inc. 0.75%, 03/22/24^(a)		4,750		4,485,520
3.50%, 11/01/24 (Call 08/01/24)^(a)		4,936		4,793,202
Vodafone Group PLC, 3.75%, 01/16/24^(a)		2,560		2,528,410

				26,649,662

Toys, Games & Hobbies — 0.1%
Hasbro Inc., 3.00%, 11/19/24 (Call 10/19/24)		2,212		2,102,528


Transportation — 1.8%
Burlington Northern Santa Fe LLC 3.40%, 09/01/24 (Call 06/01/24)		3,419		3,317,490
3.75%, 04/01/24 (Call 01/01/24)^(a)		2,416		2,373,720
Canadian National Railway Co., 2.95%, 11/21/24 (Call 08/21/24)		1,605		1,534,187
Canadian Pacific Railway Co., 1.35%, 12/02/24 (Call 12/02/22)^(a)		6,435		5,941,886
CSX Corp., 3.40%, 08/01/24 (Call 05/01/24)		3,329		3,235,655
Norfolk Southern Corp., 3.85%, 01/15/24 (Call 10/15/23)^(a)		2,550		2,512,184
Ryder System Inc. 2.50%, 09/01/24 (Call 08/01/24)		2,496		2,359,394
3.65%, 03/18/24 (Call 02/18/24)		3,005		2,933,691
Union Pacific Corp. 3.15%, 03/01/24 (Call 02/01/24)^(a)		2,862		2,795,401
3.65%, 02/15/24 (Call 11/15/23)^(a)		2,086		2,050,914
3.75%, 03/15/24 (Call 12/15/23)^(a)		1,506		1,481,121
United Parcel Service Inc. 2.20%, 09/01/24 (Call 08/01/24)^(a)		2,275		2,169,690
2.80%, 11/15/24 (Call 09/15/24)		1,618		1,551,047

				34,256,380

Trucking & Leasing — 0.1%
GATX Corp., 4.35%, 02/15/24 (Call 01/15/24)		1,933		1,903,251


Water — 0.1%
American Water Capital Corp., 3.85%, 03/01/24 (Call 12/01/23)^(a)		1,500		1,471,530


Total Long-Term Investments — 98.9% (Cost: $2,023,569,658)				1,933,676,186


Security	Shares (000)		Value

Short-Term Securities

Money Market Funds — 5.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 3.29%^(d)(e)(f)		90,160	$	90,141,694
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%^(d)(e)		8,885		8,885,000


Total Short-Term Securities — 5.1% (Cost: $99,018,777)				99,026,694


Total Investments — 104.0% (Cost: $2,122,588,435)				2,032,702,880

Liabilities in Excess of Other Assets — (4.0)%				(78,628,884	)


Net Assets — 100.0%			$	1,954,073,996


Security	Par (000)		Value

Corporate Bonds & Notes

Aerospace & Defense — 1.8%
Boeing Co. (The)
2.60%, 10/30/25 (Call 07/30/25)	$	865	$	789,174
4.88%, 05/01/25 (Call 04/01/25)		9,467		9,247,176
General Dynamics Corp.
3.25%, 04/01/25 (Call 03/01/25)		3,093		2,973,765
3.50%, 05/15/25 (Call 03/15/25)		2,757		2,670,927
L3Harris Technologies Inc., 3.83%, 04/27/25 (Call 01/27/25)^(a)		2,272		2,181,688
Lockheed Martin Corp., 4.95%, 10/15/25^(a)		100		100,093
Northrop Grumman Corp., 2.93%, 01/15/25 (Call 11/15/24)^(a)		4,577		4,363,117
Raytheon Technologies Corp., 3.95%, 08/16/25 (Call 06/16/25)^(a)		4,690		4,549,628

				26,875,568

Agriculture — 1.1%
Altria Group Inc., 2.35%, 05/06/25 (Call 04/06/25)		2,507		2,314,262
Bunge Ltd. Finance Corp., 1.63%, 08/17/25 (Call 07/17/25)		1,905		1,708,309
Philip Morris International Inc.
1.50%, 05/01/25 (Call 04/01/25)^(a)		2,427		2,211,628
3.38%, 08/11/25 (Call 05/11/25)		2,303		2,186,077
Reynolds American Inc., 4.45%, 06/12/25 (Call 03/12/25)^(a)		7,450		7,190,963

				15,611,239

Airlines — 0.3%
Southwest Airlines Co., 5.25%, 05/04/25 (Call 04/04/25)^(a)		4,004		3,986,102
United Airlines Pass Through Trust, Series 2013-1, Class A, 4.30%, 02/15/27		584		535,446

				4,521,548

Apparel — 0.7%
NIKE Inc., 2.40%, 03/27/25 (Call 02/27/25)^(a)		3,949		3,732,990
PVH Corp., 4.63%, 07/10/25 (Call 06/10/25)		1,649		1,568,347
Ralph Lauren Corp., 3.75%, 09/15/25 (Call 07/15/25)^(a)		1,565		1,514,341
Tapestry Inc., 4.25%, 04/01/25 (Call 01/01/25)^(a)		515		498,360
VF Corp., 2.40%, 04/23/25 (Call 03/23/25)^(a)		2,627		2,433,653

				9,747,691

Auto Manufacturers — 3.8%
American Honda Finance Corp.
1.00%, 09/10/25^(a)		2,283		2,035,158
1.20%, 07/08/25^(a)		2,160		1,948,622
1.50%, 01/13/25^(a)		2,530		2,346,853
Cummins Inc., 0.75%, 09/01/25 (Call 08/01/25)^(a)		1,854		1,650,968
General Motors Co.
4.00%, 04/01/25^(a)		1,245		1,193,507
6.13%, 10/01/25 (Call 09/01/25)		5,620		5,598,026
General Motors Financial Co. Inc.
2.75%, 06/20/25 (Call 05/20/25)		3,200		2,944,096
2.90%, 02/26/25 (Call 01/26/25)		3,576		3,337,123
3.80%, 04/07/25^(a)		3,040		2,875,445
4.00%, 01/15/25 (Call 10/15/24)		2,415		2,322,554
4.30%, 07/13/25 (Call 04/13/25)		1,968		1,874,776
4.35%, 04/09/25 (Call 02/09/25)		2,633		2,526,206
6.05%, 10/10/25^(a)		3,050		3,026,423
Honda Motor Co. Ltd., 2.27%, 03/10/25 (Call 02/10/25)^(a)		1,725		1,619,240
PACCAR Financial Corp.
1.80%, 02/06/25		918		856,567
2.85%, 04/07/25^(a)		950		904,343
3.55%, 08/11/25		535		517,639


Security	Par (000)		Value

Auto Manufacturers (continued)
4.95%, 10/03/25	$	40	$	39,990
Toyota Motor Credit Corp.
0.80%, 10/16/25		2,541		2,246,473
1.45%, 01/13/25		2,780		2,577,032
1.80%, 02/13/25^(a)		3,574		3,333,077
3.00%, 04/01/25^(a)		3,218		3,068,524
3.40%, 04/14/25^(a)		1,185		1,140,610
3.65%, 08/18/25		2,320		2,233,789
3.95%, 06/30/25^(a)		3,445		3,357,394

				55,574,435

Auto Parts & Equipment — 0.5%
Aptiv PLC/Aptiv Corp., 2.40%, 02/18/25 (Call 02/18/23)^(a)		2,885		2,688,474
BorgWarner Inc., 3.38%, 03/15/25 (Call 12/15/24)^(a)		2,501		2,389,280
Magna International Inc., 4.15%, 10/01/25 (Call 07/01/25)		2,492		2,421,676

				7,499,430

Banks — 23.8%
Australia & New Zealand Banking Group Ltd./New York NY, 3.70%, 11/16/25		2,527		2,424,682
Banco Bilbao Vizcaya Argentaria SA, 1.13%, 09/18/25		3,260		2,847,349
Banco Santander SA
2.75%, 05/28/25		4,450		4,040,422
3.50%, 03/24/25		3,275		3,109,940
5.15%, 08/18/25^(a)		4,600		4,424,694
5.18%, 11/19/25		4,089		3,886,308
Bank of America Corp.
3.88%, 08/01/25		4,717		4,558,084
4.00%, 01/22/25		7,279		7,019,504
Series L, 3.95%, 04/21/25		7,278		6,969,631
Bank of Montreal
1.50%, 01/10/25		4,005		3,677,351
1.85%, 05/01/25^(a)		4,388		4,029,237
3.70%, 06/07/25^(a)		4,600		4,406,524
Bank of New York Mellon Corp. (The)
1.60%, 04/24/25 (Call 03/24/25)		4,033		3,693,058
3.35%, 04/25/25 (Call 03/25/25)^(a)		3,615		3,476,256
3.95%, 11/18/25 (Call 10/18/25)^(a)		1,201		1,161,355
Series G, 3.00%, 02/24/25 (Call 01/24/25)		2,301		2,196,120
Bank of Nova Scotia (The)
1.30%, 06/11/25^(a)		3,527		3,167,705
1.45%, 01/10/25		2,875		2,634,133
2.20%, 02/03/25		4,069		3,787,954
3.45%, 04/11/25		3,905		3,716,467
BankUnited Inc., 4.88%, 11/17/25 (Call 08/17/25)		1,644		1,585,375
Barclays PLC, 3.65%, 03/16/25		6,301		5,861,127
Canadian Imperial Bank of Commerce
0.95%, 10/23/25^(a)		2,134		1,871,134
2.25%, 01/28/25		3,642		3,395,728
3.30%, 04/07/25		1,650		1,568,375
3.95%, 08/04/25		4,370		4,196,380
Citigroup Inc.
3.30%, 04/27/25^(a)		4,427		4,202,197
3.88%, 03/26/25^(a)		3,237		3,097,323
4.40%, 06/10/25		6,351		6,151,071
5.50%, 09/13/25		3,986		3,951,681
Citizens Bank NA/Providence RI, 2.25%, 04/28/25 (Call 03/28/25)		2,176		2,002,377
Citizens Financial Group Inc., 4.30%, 12/03/25 (Call 11/03/25)		1,547		1,468,706
Comerica Bank, 4.00%, 07/27/25		750		711,060
Cooperatieve Rabobank UA, 4.38%, 08/04/25		5,444		5,150,514


Security	Par (000)		Value

Banks (continued)
Cooperatieve Rabobank UA/NY 1.38%, 01/10/25	$	840	$	771,414
3.38%, 05/21/25^(a)		2,340		2,235,191
Credit Suisse AG/New York NY 2.95%, 04/09/25^(a)		4,328		3,873,084
3.70%, 02/21/25		5,765		5,274,744
Credit Suisse Group AG, 3.75%, 03/26/25		6,311		5,658,821
Deutsche Bank AG, 4.50%, 04/01/25		900		836,523
Deutsche Bank AG/New York NY, 4.16%, 05/13/25^(a)		2,085		1,989,861
Fifth Third Bancorp., 2.38%, 01/28/25		3,509		3,267,897
Fifth Third Bank NA, 3.95%, 07/28/25 (Call 06/28/25)		1,740		1,681,101
First Horizon Corp., 4.00%, 05/26/25 (Call 04/26/25)^(a)		965		923,997
FNB Corp., 5.15%, 08/25/25 (Call 07/25/25)		500		489,675
Goldman Sachs Group Inc. (The) 3.50%, 01/23/25 (Call 10/23/24)^(a)		6,487		6,209,097
3.50%, 04/01/25 (Call 03/01/25)		9,408		8,911,916
3.75%, 05/22/25 (Call 02/22/25)		6,240		5,943,974
4.25%, 10/21/25		5,474		5,239,658
HSBC Holdings PLC, 4.25%, 08/18/25		4,368		4,068,443
Huntington Bancshares Inc./OH, 4.00%, 05/15/25 (Call 04/15/25)		2,115		2,037,739
JPMorgan Chase & Co. 3.13%, 01/23/25 (Call 10/23/24)		7,521		7,196,469
3.90%, 07/15/25 (Call 04/15/25)^(a)		7,714		7,454,655
7.75%, 07/15/25^(a)		565		602,024
KeyBank NA/Cleveland OH 3.30%, 06/01/25		2,628		2,498,676
4.15%, 08/08/25		1,120		1,082,547
KeyCorp, 4.15%, 10/29/25		1,733		1,672,276
Lloyds Bank PLC, 3.50%, 05/14/25		425		400,537
Lloyds Banking Group PLC 4.45%, 05/08/25		5,133		4,921,828
4.58%, 12/10/25		4,227		3,873,792
Manufacturers & Traders Trust Co., 2.90%, 02/06/25 (Call 01/06/25)		2,932		2,781,647
Mitsubishi UFJ Financial Group Inc. 1.41%, 07/17/25^(a)		5,390		4,811,599
2.19%, 02/25/25		7,796		7,193,213
3.78%, 03/02/25		2,287		2,195,017
Morgan Stanley 4.00%, 07/23/25		9,266		8,923,529
5.00%, 11/24/25		6,041		5,944,042
National Australia Bank Ltd./New York, 3.50%, 06/09/25		780		749,603
Northern Trust Corp., 3.95%, 10/30/25		3,517		3,399,849
PNC Bank NA 2.95%, 02/23/25^(a)		2,452		2,333,446
3.25%, 06/01/25 (Call 05/02/25)		2,331		2,216,105
3.88%, 04/10/25 (Call 03/10/25)		2,022		1,945,285
4.20%, 11/01/25		1,495		1,442,421
Regions Financial Corp., 2.25%, 05/18/25 (Call 04/18/25)		3,232		2,981,811
Royal Bank of Canada 1.15%, 06/10/25		5,282		4,742,972
1.60%, 01/21/25		2,185		2,014,461
3.38%, 04/14/25^(a)		3,580		3,419,115
Santander Holdings USA Inc. 3.45%, 06/02/25 (Call 05/02/25)		3,236		3,027,666
4.50%, 07/17/25 (Call 04/17/25)		3,484		3,334,641
State Street Corp., 3.55%, 08/18/25^(a)		5,379		5,171,371
Sumitomo Mitsui Banking Corp., 3.65%, 07/23/25^(a)		780		741,445


Security	Par (000)		Value

Banks (continued)
Sumitomo Mitsui Financial Group Inc. 1.47%, 07/08/25^(a)	$	7,674	$	6,851,961
2.35%, 01/15/25		4,474		4,166,770
SVB Financial Group, 3.50%, 01/29/25^(a)		1,237		1,175,348
Synchrony Bank, 5.40%, 08/22/25 (Call 07/22/25)		1,235		1,193,220
Synovus Financial Corp., 5.20%, 08/11/25 (Call 07/11/25)		340		330,993
Toronto-Dominion Bank (The) 0.75%, 09/11/25^(a)		3,138		2,752,873
1.15%, 06/12/25		2,569		2,301,567
1.45%, 01/10/25		3,240		2,981,869
3.77%, 06/06/25		5,045		4,844,865
Truist Bank 1.50%, 03/10/25 (Call 02/10/25)		3,443		3,147,212
3.63%, 09/16/25 (Call 08/16/25)		3,302		3,125,112
4.05%, 11/03/25 (Call 09/03/25)		1,280		1,233,498
Truist Financial Corp. 1.20%, 08/05/25 (Call 07/03/25)		1,889		1,686,027
3.70%, 06/05/25 (Call 05/05/25)^(a)		2,865		2,748,939
4.00%, 05/01/25 (Call 03/01/25)^(a)		2,510		2,431,788
U.S. Bancorp. 1.45%, 05/12/25^(a)		4,517		4,127,951
3.95%, 11/17/25 (Call 10/17/25)		2,717		2,623,943
U.S. Bank NA/Cincinnati OH 2.05%, 01/21/25 (Call 12/20/24)		3,151		2,944,547
2.80%, 01/27/25 (Call 12/27/24)^(a)		1,743		1,658,325
Wells Fargo & Co. 3.00%, 02/19/25		8,109		7,663,573
3.55%, 09/29/25^(a)		7,452		7,062,037
Westpac Banking Corp. 2.35%, 02/19/25^(a)		3,521		3,311,430
3.74%, 08/26/25		2,095		2,021,151

				351,309,998

Beverages — 1.4%
Brown-Forman Corp., 3.50%, 04/15/25 (Call 02/15/25)		1,249		1,205,497
Coca-Cola Consolidated Inc., 3.80%, 11/25/25 (Call 08/25/25)		1,098		1,052,708
Constellation Brands Inc. 4.40%, 11/15/25 (Call 09/15/25)		1,795		1,750,269
4.75%, 12/01/25^(a)		1,055		1,042,973
Diageo Capital PLC 1.38%, 09/29/25 (Call 08/29/25)		2,300		2,074,876
5.20%, 10/24/25		1,500		1,505,145
Keurig Dr Pepper Inc. 3.40%, 11/15/25 (Call 08/15/25)		2,143		2,034,971
4.42%, 05/25/25 (Call 03/25/25)^(a)		1,202		1,185,064
PepsiCo Inc. 2.25%, 03/19/25 (Call 02/19/25)^(a)		4,491		4,230,297
2.75%, 04/30/25 (Call 01/30/25)		2,592		2,462,322
3.50%, 07/17/25 (Call 04/17/25)		1,856		1,794,121

				20,338,243

Biotechnology — 1.4%
Amgen Inc. 1.90%, 02/21/25 (Call 01/21/25)		1,997		1,864,260
3.13%, 05/01/25 (Call 02/01/25)^(a)		2,692		2,574,898
Baxalta Inc., 4.00%, 06/23/25 (Call 03/23/25)		3,079		2,984,783
Biogen Inc., 4.05%, 09/15/25 (Call 06/15/25)		5,208		5,016,137
Gilead Sciences Inc., 3.50%, 02/01/25 (Call 11/01/24)		5,423		5,235,852
Royalty Pharma PLC, 1.20%, 09/02/25 (Call 08/02/25)^(a)		3,013		2,659,605

				20,335,535


Security	Par (000)		Value

Building Materials — 0.4%
Carrier Global Corp., 2.24%, 02/15/25 (Call 01/15/25)	$	1,406	$	1,309,337
Fortune Brands Home & Security Inc., 4.00%, 06/15/25 (Call 03/15/25)		1,999		1,915,362
Lennox International Inc., 1.35%, 08/01/25 (Call 07/01/25)		1,519		1,348,720
Vulcan Materials Co., 4.50%, 04/01/25 (Call 01/01/25)^(a)		937		920,809

				5,494,228

Chemicals — 1.4%
Air Products and Chemicals Inc., 1.50%, 10/15/25 (Call 09/15/25)^(a)		1,637		1,484,595
Celanese U.S. Holdings LLC, 6.05%, 03/15/25		5,120		4,980,326
DuPont de Nemours Inc., 4.49%, 11/15/25		5,400		5,292,054
Eastman Chemical Co., 3.80%, 03/15/25 (Call 12/15/24)		2,169		2,079,355
EI du Pont de Nemours and Co., 1.70%, 07/15/25 (Call 06/15/25)		1,828		1,674,430
Linde Inc./CT, 2.65%, 02/05/25 (Call 11/05/24)		1,392		1,322,414
LYB International Finance III LLC, 1.25%, 10/01/25 (Call 09/01/25)^(a)		1,491		1,306,355
Nutrien Ltd., 3.00%, 04/01/25 (Call 01/01/25)		1,578		1,493,009
Sherwin-Williams Co. (The) 3.45%, 08/01/25 (Call 05/01/25)		1,181		1,125,788
4.25%, 08/08/25		440		428,063

				21,186,389

Commercial Services — 1.2%
Automatic Data Processing Inc., 3.38%, 09/15/25 (Call 06/15/25)^(a)		3,619		3,484,409
Block Financial LLC, 5.25%, 10/01/25 (Call 07/01/25)^(a)		1,090		1,070,435
Cintas Corp. No. 2, 3.45%, 05/01/25 (Call 04/01/25)^(a)		210		202,667
Equifax Inc., 2.60%, 12/15/25 (Call 11/15/25)^(a)		1,511		1,375,690
Global Payments Inc., 2.65%, 02/15/25		2,891		2,684,438
Moody’s Corp., 3.75%, 03/24/25 (Call 02/24/25)^(a)		2,277		2,203,703
PayPal Holdings Inc., 1.65%, 06/01/25 (Call 05/01/25)		3,500		3,212,510
Verisk Analytics Inc., 4.00%, 06/15/25 (Call 03/15/25)^(a)		2,481		2,392,478
Yale University, Series 2020, 0.87%, 04/15/25 (Call 03/15/25)^(a)		1,600		1,456,272

				18,082,602

Computers — 2.7%
Apple Inc. 0.55%, 08/20/25 (Call 07/20/25)		1,565		1,396,731
1.13%, 05/11/25 (Call 04/11/25)		6,302		5,768,599
2.50%, 02/09/25^(a)		3,999		3,814,966
2.75%, 01/13/25 (Call 11/13/24)^(a)		3,762		3,611,558
3.20%, 05/13/25		5,071		4,885,249
Dell International LLC/EMC Corp., 5.85%, 07/15/25 (Call 06/15/25)		3,161		3,167,322
Hewlett Packard Enterprise Co., 4.90%, 10/15/25 (Call 07/15/25)		7,100		6,982,424
HP Inc., 2.20%, 06/17/25 (Call 05/17/25)^(a)		3,928		3,610,421
International Business Machines Corp. 4.00%, 07/27/25^(a)		780		760,063
7.00%, 10/30/25^(a)		1,989		2,088,689
Leidos Inc., 3.63%, 05/15/25 (Call 04/15/25)		1,436		1,367,129
NetApp Inc., 1.88%, 06/22/25 (Call 05/22/25)		2,526		2,292,421

				39,745,572

Cosmetics & Personal Care — 0.5%
Colgate-Palmolive Co., 3.10%, 08/15/25^(a)		200		192,322
GSK Consumer Healthcare Capital U.K. PLC, 3.13%, 03/24/25		2,525		2,377,957
Procter & Gamble Co. (The), 0.55%, 10/29/25		3,093		2,736,470


Security	Par (000)		Value

Cosmetics & Personal Care (continued)
Unilever Capital Corp. 3.10%, 07/30/25	$	960	$	916,944
3.38%, 03/22/25 (Call 01/22/25)^(a)		1,243		1,199,818

				7,423,511

Distribution & Wholesale — 0.1%
WW Grainger Inc., 1.85%, 02/15/25 (Call 01/15/25)		2,025		1,887,462


Diversified Financial Services — 6.5%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust 3.50%, 01/15/25 (Call 11/15/24)		2,875		2,696,894
4.45%, 10/01/25 (Call 08/01/25)^(a)		1,688		1,588,627
6.50%, 07/15/25 (Call 06/15/25)^(a)		3,460		3,413,809
Affiliated Managers Group Inc., 3.50%, 08/01/25		1,280		1,215,808
Air Lease Corp.
2.30%, 02/01/25 (Call 01/01/25)^(a)		2,004		1,835,183
3.25%, 03/01/25 (Call 01/01/25)		2,014		1,876,323
3.38%, 07/01/25 (Call 06/01/25)		2,485		2,303,148
Ally Financial Inc. 4.63%, 03/30/25		2,164		2,110,917
5.80%, 05/01/25 (Call 04/01/25)^(a)		2,378		2,377,001
American Express Co. 2.25%, 03/04/25 (Call 02/01/25)		4,910		4,560,457
3.95%, 08/01/25 (Call 07/01/25)^(a)		6,025		5,785,265
4.20%, 11/06/25 (Call 10/06/25)^(a)		3,813		3,701,698
Ameriprise Financial Inc., 3.00%, 04/02/25 (Call 03/02/25)		1,751		1,659,965
Capital One Financial Corp. 3.20%, 02/05/25 (Call 01/05/25)		2,918		2,755,205
4.20%, 10/29/25 (Call 09/29/25)		4,288		4,070,899
4.25%, 04/30/25 (Call 03/31/25)		2,991		2,880,782
Charles Schwab Corp. (The) 3.00%, 03/10/25 (Call 12/10/24)^(a)		1,522		1,449,051
3.63%, 04/01/25 (Call 01/01/25)		1,285		1,244,947
3.85%, 05/21/25 (Call 03/21/25)		2,745		2,665,313
4.20%, 03/24/25^(a)		1,491		1,468,814
CME Group Inc., 3.00%, 03/15/25 (Call 12/15/24)		2,659		2,538,946
Discover Financial Services, 3.75%, 03/04/25 (Call 12/04/24)		1,924		1,817,237
Franklin Resources Inc., 2.85%, 03/30/25		1,286		1,217,430
Intercontinental Exchange Inc.
3.65%, 05/23/25 (Call 04/23/25)^(a)		815		789,393
3.75%, 12/01/25 (Call 09/01/25)^(a)		4,293		4,123,684
Janus Henderson U.S. Holdings Inc., 4.88%, 08/01/25 (Call 05/01/25)^(a)		1,367		1,338,238
Lazard Group LLC, 3.75%, 02/13/25		2,014		1,932,453
Mastercard Inc., 2.00%, 03/03/25 (Call 02/03/25)^(a)		2,401		2,256,484
Nomura Holdings Inc. 1.85%, 07/16/25^(a)		4,014		3,609,790
2.65%, 01/16/25^(a)		3,976		3,721,695
5.10%, 07/03/25^(a)		1,555		1,523,309
Radian Group Inc., 6.63%, 03/15/25 (Call 09/15/24)		1,815		1,792,276
Synchrony Financial 4.50%, 07/23/25		2,935		2,780,355
4.88%, 06/13/25 (Call 05/13/25)		2,185		2,099,217
Visa Inc., 3.15%, 12/14/25 (Call 09/14/25)		12,295		11,700,906
Western Union Co. (The), 2.85%, 01/10/25 (Call 12/10/24)^(a)		1,534		1,440,365

				96,341,884

Electric — 4.8%
Ameren Illinois Co., 3.25%, 03/01/25 (Call 12/01/24)^(a)		611		587,220
American Electric Power Co. Inc., Series N, 1.00%, 11/01/25 (Call 10/01/25)^(a)		1,376		1,208,128


Security	Par (000)		Value

Electric (continued)
Appalachian Power Co., 3.40%, 06/01/25 (Call 03/01/25)	$	1,062	$	1,014,168
Arizona Public Service Co., 3.15%, 05/15/25 (Call 02/15/25)^(a)		794		748,948
Avangrid Inc., 3.20%, 04/15/25 (Call 03/15/25)^(a)		2,570		2,426,080
Berkshire Hathaway Energy Co. 3.50%, 02/01/25 (Call 11/01/24)		1,365		1,322,262
4.05%, 04/15/25 (Call 03/15/25)^(a)		4,071		3,985,590
Connecticut Light & Power Co. (The), Series A, 0.75%, 12/01/25 (Call 11/01/25)^(a)		719		630,362
Constellation Energy Generation LLC, 3.25%, 06/01/25 (Call 05/01/25)^(a)		2,582		2,449,001
Dominion Energy Inc. 3.90%, 10/01/25 (Call 07/01/25)^(a)		2,526		2,424,834
Series A, 3.30%, 03/15/25 (Call 02/15/25)		1,007		964,414
DTE Electric Co., 3.38%, 03/01/25 (Call 12/01/24)^(a)		1,005		966,649
DTE Energy Co., Series F, 1.05%, 06/01/25 (Call 05/01/25)		2,554		2,284,706
Duke Energy Corp., 0.90%, 09/15/25 (Call 08/15/25)		1,585		1,398,033
Duke Energy Progress LLC, 3.25%, 08/15/25 (Call 05/15/25)^(a)		1,437		1,371,128
Edison International 4.70%, 08/15/25		820		791,521
4.95%, 04/15/25 (Call 03/15/25)		1,524		1,488,948
Entergy Corp., 0.90%, 09/15/25 (Call 08/15/25)		2,549		2,232,236
Evergy Metro Inc., 3.65%, 08/15/25 (Call 05/15/25)^(a)		1,046		1,006,493
Eversource Energy
Series H, 3.15%, 01/15/25 (Call 10/15/24)^(a)		1,103		1,049,913
Series Q, 0.80%, 08/15/25 (Call 07/15/25)		1,151		1,013,317
Exelon Corp., 3.95%, 06/15/25 (Call 03/15/25)		3,231		3,112,325
Florida Power & Light Co. 2.85%, 04/01/25 (Call 03/01/25)		3,060		2,905,960
3.13%, 12/01/25 (Call 06/01/25)		1,744		1,646,859
Iberdrola International BV, 5.81%, 03/15/25^(a)		870		878,630
Louisville Gas & Electric Co., Series 25, 3.30%, 10/01/25 (Call 07/01/25)		834		790,991
National Rural Utilities Cooperative Finance Corp. 1.88%, 02/07/25		625		582,775
2.85%, 01/27/25 (Call 10/27/24)^(a)		1,372		1,305,636
3.25%, 11/01/25 (Call 08/01/25)		1,524		1,444,783
3.45%, 06/15/25		240		230,021
5.45%, 10/30/25		1,030		1,035,274
NextEra Energy Capital Holdings Inc., 4.45%, 06/20/25		1,685		1,651,452
Oncor Electric Delivery Co. LLC 0.55%, 10/01/25 (Call 09/01/25)		2,340		2,050,823
2.95%, 04/01/25 (Call 01/01/25)^(a)		1,097		1,045,693
Pacific Gas and Electric Co. 3.45%, 07/01/25^(a)		630		585,629
3.50%, 06/15/25 (Call 03/15/25)^(a)		2,885		2,681,319
4.95%, 06/08/25^(a)		1,755		1,701,086
PECO Energy Co., 3.15%, 10/15/25 (Call 07/15/25)^(a)		370		350,627
Pinnacle West Capital Corp., 1.30%, 06/15/25 (Call 05/15/25)		1,205		1,074,197
Public Service Electric & Gas Co., 3.00%, 05/15/25 (Call 02/15/25)^(a)		900		854,793
Public Service Enterprise Group Inc., 0.80%, 08/15/25 (Call 07/15/25)		2,102		1,844,757
Puget Energy Inc., 3.65%, 05/15/25 (Call 02/15/25)		1,721		1,621,526
Sempra Energy, 3.30%, 04/01/25 (Call 03/01/25)		2,015		1,911,288
Southern California Edison Co.
Series C, 4.20%, 06/01/25		1,280		1,249,037
Series E, 3.70%, 08/01/25 (Call 06/01/25)		2,847		2,733,319
Southern Co. (The), 5.15%, 10/06/25		45		44,818


Security	Par (000)		Value

Electric (continued)
Southern Power Co., 4.15%, 12/01/25 (Call 09/01/25)^(a)	$	1,478	$	1,435,242
Tucson Electric Power Co., 3.05%, 03/15/25 (Call 12/15/24)		300		286,005
Virginia Electric & Power Co., Series A, 3.10%, 05/15/25 (Call 02/15/25)^(a)		1,176		1,118,764
WEC Energy Group Inc., 5.00%, 09/27/25 (Call 08/27/25)^(a)		10		9,942
Xcel Energy Inc., 3.30%, 06/01/25 (Call 12/01/24)		2,045		1,940,541

				71,488,063

Electrical Components & Equipment — 0.1%
Emerson Electric Co., 3.15%, 06/01/25 (Call 03/01/25)^(a)		1,033		987,310


Electronics — 0.6%
Amphenol Corp., 2.05%, 03/01/25 (Call 02/01/25)^(a)		982		915,096
Arrow Electronics Inc., 4.00%, 04/01/25 (Call 01/01/25)		1,529		1,466,541
Flex Ltd., 4.75%, 06/15/25 (Call 03/15/25)		2,108		2,043,158
Honeywell International Inc., 1.35%, 06/01/25 (Call 05/01/25)^(a)		4,107		3,769,528
Legrand France SA, 8.50%, 02/15/25^(a)		642		688,731

				8,883,054

Entertainment — 0.4%
Magallanes Inc. 3.64%, 03/15/25^(a)(b)		5,010		4,725,031
3.79%, 03/15/25 (Call 03/15/23)^(b)		1,500		1,413,495

				6,138,526

Environmental Control — 0.3%
Republic Services Inc. 0.88%, 11/15/25 (Call 10/15/25)^(a)		996		873,392
3.20%, 03/15/25 (Call 12/15/24)		1,682		1,599,801
Waste Management Inc. 0.75%, 11/15/25 (Call 10/15/25)		1,443		1,274,588
3.13%, 03/01/25 (Call 12/01/24)^(a)		1,270		1,221,689

				4,969,470

Food — 1.2%
Campbell Soup Co. 3.30%, 03/19/25 (Call 12/19/24)^(a)		870		828,336
3.95%, 03/15/25 (Call 01/15/25)^(a)		2,729		2,646,612
Conagra Brands Inc., 4.60%, 11/01/25 (Call 09/01/25)		3,158		3,069,197
General Mills Inc., 4.00%, 04/17/25 (Call 02/17/25)		2,554		2,485,961
Hershey Co. (The) 0.90%, 06/01/25 (Call 05/01/25)		909		820,672
3.20%, 08/21/25 (Call 05/21/25)^(a)		355		339,788
JM Smucker Co. (The), 3.50%, 03/15/25		3,225		3,091,711
Mondelez International Inc., 1.50%, 05/04/25 (Call 04/04/25)		2,143		1,960,738
Sysco Corp., 3.75%, 10/01/25 (Call 07/01/25)		2,525		2,414,228
Walmart Inc., 3.90%, 09/09/25^(a)		175		171,745

				17,828,988

Forest Products & Paper — 0.1%
Fibria Overseas Finance Ltd., 4.00%, 01/14/25 (Call 11/14/24)		815		780,436


Gas — 0.3%
National Fuel Gas Co., 5.20%, 07/15/25 (Call 04/15/25)^(a)		1,205		1,178,466
NiSource Inc., 0.95%, 08/15/25 (Call 07/15/25)^(a)		3,385		2,998,264
Southern California Gas Co., 3.20%, 06/15/25 (Call 03/15/25)^(a)		765		726,895

				4,903,625

Hand & Machine Tools — 0.1%
Stanley Black & Decker Inc., 2.30%, 02/24/25 (Call 02/24/23)^(a)		1,105		1,037,971


Security	Par (000)		Value

Health Care - Products — 1.0%
Abbott Laboratories 2.95%, 03/15/25 (Call 12/15/24)	$	3,082	$	2,955,114
3.88%, 09/15/25 (Call 06/15/25)^(a)		1,653		1,610,948
Boston Scientific Corp., 1.90%, 06/01/25 (Call 05/01/25)^(a)		2,002		1,848,166
Danaher Corp., 3.35%, 09/15/25 (Call 06/15/25)^(a)		1,523		1,455,150
Stryker Corp. 1.15%, 06/15/25 (Call 05/15/25)^(a)		1,901		1,711,984
3.38%, 11/01/25 (Call 08/01/25)		2,243		2,136,906
Zimmer Biomet Holdings Inc., 3.55%, 04/01/25 (Call 01/01/25)^(a)		2,685		2,567,907

				14,286,175

Health Care - Services — 2.2%
CommonSpirit Health, 1.55%, 10/01/25 (Call 07/01/25)		1,318		1,171,504
Elevance Health Inc. 2.38%, 01/15/25 (Call 12/15/24)^(a)		3,836		3,605,763
5.35%, 10/15/25		1,100		1,100,561
HCA Inc. 5.25%, 04/15/25		3,827		3,763,855
5.38%, 02/01/25		7,275		7,186,318
Humana Inc., 4.50%, 04/01/25 (Call 03/01/25)		1,967		1,927,601
Laboratory Corp. of America Holdings, 3.60%, 02/01/25 (Call 11/01/24)		3,106		2,978,375
PeaceHealth Obligated Group, Series 2020, 1.38%, 11/15/25 (Call 08/15/25)		902		795,735
Quest Diagnostics Inc., 3.50%, 03/30/25 (Call 12/30/24)^(a)		1,552		1,487,933
Sutter Health, Series 20A, 1.32%, 08/15/25 (Call 05/15/25)		270		242,676
UnitedHealth Group Inc. 3.70%, 12/15/25^(a)		1,089		1,048,729
3.75%, 07/15/25^(a)		5,792		5,623,858
5.15%, 10/15/25^(a)		740		741,576
UPMC, Series D-1, 3.60%, 04/03/25		1,130		1,085,783

				32,760,267

Holding Companies - Diversified — 1.1%
Ares Capital Corp. 3.25%, 07/15/25 (Call 06/15/25)		3,793		3,422,386
4.25%, 03/01/25 (Call 01/01/25)		1,920		1,799,693
Blackstone Private Credit Fund 2.70%, 01/15/25 (Call 11/15/24)^(a)		1,645		1,510,702
4.70%, 03/24/25^(a)		2,480		2,383,454
7.05%, 09/29/25^(a)(b)		710		704,199
FS KKR Capital Corp., 4.13%, 02/01/25 (Call 01/01/25)^(a)		1,647		1,540,884
Goldman Sachs BDC Inc., 3.75%, 02/10/25 (Call 01/10/25)		1,190		1,141,210
Oaktree Specialty Lending Corp., 3.50%, 02/25/25 (Call 01/25/25)		895		833,173
Owl Rock Capital Corp. 3.75%, 07/22/25 (Call 06/22/25)		1,752		1,600,978
4.00%, 03/30/25 (Call 02/28/25)^(a)		1,147		1,064,026
OWL Rock Core Income Corp., 5.50%, 03/21/25^(a)		1,090		1,029,363

				17,030,068

Home Builders — 0.3%
DR Horton Inc., 2.60%, 10/15/25 (Call 09/15/25)^(a)		1,835		1,679,832
Lennar Corp., 4.75%, 05/30/25 (Call 02/28/25)		2,236		2,171,805
Toll Brothers Finance Corp., 4.88%, 11/15/25 (Call 08/15/25)^(a)		1,140		1,083,080

				4,934,717

Home Furnishings — 0.1%
Harman International Industries Inc., 4.15%, 05/15/25 (Call 02/15/25)^(a)		1,105		1,071,640


Security	Par (000)		Value

Home Furnishings (continued)
Whirlpool Corp., 3.70%, 05/01/25^(a)	$	1,202	$	1,157,658

				2,229,298

Household Products & Wares — 0.0%
Kimberly-Clark Corp., 3.05%, 08/15/25		734		699,568


Insurance — 1.6%
Allied World Assurance Co. Holdings Ltd., 4.35%, 10/29/25 (Call 07/29/25)		1,138		1,082,853
Allstate Corp. (The), 0.75%, 12/15/25 (Call 11/15/25)		1,862		1,615,713
American International Group Inc., 2.50%, 06/30/25 (Call 05/30/25)^(a)		2,722		2,527,404
Aon Global Ltd., 3.88%, 12/15/25 (Call 09/15/25)		2,639		2,511,827
Chubb INA Holdings Inc., 3.15%, 03/15/25^(a)		2,311		2,208,322
CNO Financial Group Inc., 5.25%, 05/30/25 (Call 02/28/25)^(a)		1,642		1,610,293
Corebridge Financial Inc., 3.50%, 04/04/25 (Call 03/04/25)^(b)		2,985		2,815,721
Kemper Corp., 4.35%, 02/15/25 (Call 11/15/24)^(a)		1,114		1,079,243
Lincoln National Corp., 3.35%, 03/09/25^(a)		650		621,686
Marsh & McLennan Companies Inc., 3.50%, 03/10/25 (Call 12/10/24)		2,274		2,184,245
MetLife Inc. 3.00%, 03/01/25^(a)		1,378		1,315,577
3.60%, 11/13/25 (Call 08/13/25)^(a)		1,773		1,701,282
Principal Financial Group Inc., 3.40%, 05/15/25 (Call 02/15/25)^(a)		1,127		1,075,338
RenaissanceRe Finance Inc., 3.70%, 04/01/25 (Call 01/01/25)		925		888,416

				23,237,920

Internet — 1.4%
Alphabet Inc., 0.45%, 08/15/25 (Call 07/15/25)		3,052		2,728,061
Amazon.com Inc. 0.80%, 06/03/25 (Call 05/03/25)		3,705		3,353,358
3.00%, 04/13/25		4,150		3,990,017
5.20%, 12/03/25 (Call 09/03/25)^(a)		2,595		2,633,821
Baidu Inc. 3.08%, 04/07/25 (Call 03/07/25)^(a)		1,160		1,082,895
4.13%, 06/30/25		1,305		1,242,804
Booking Holdings Inc., 3.65%, 03/15/25 (Call 12/15/24)^(a)		1,598		1,539,481
eBay Inc., 1.90%, 03/11/25 (Call 02/11/25)		2,593		2,396,347
Tencent Music Entertainment Group, 1.38%, 09/03/25 (Call 08/03/25)		850		743,359
VeriSign Inc., 5.25%, 04/01/25 (Call 01/01/25)		515		510,056

				20,220,199

Iron & Steel — 0.4%
Nucor Corp. 2.00%, 06/01/25 (Call 05/01/25)		1,953		1,795,764
3.95%, 05/23/25^(a)		1,210		1,172,006
Reliance Steel & Aluminum Co., 1.30%, 08/15/25 (Call 07/15/25)^(a)		1,574		1,399,805
Steel Dynamics Inc., 2.40%, 06/15/25 (Call 05/15/25)		1,651		1,527,291

				5,894,866

Leisure Time — 0.1%
Harley-Davidson Inc., 3.50%, 07/28/25 (Call 04/28/25)^(a)		1,637		1,537,880


Lodging — 0.4%
Hyatt Hotels Corp., 5.63%, 04/23/25 (Call 03/23/25)		1,603		1,577,913
Marriott International Inc./MD 3.75%, 03/15/25 (Call 12/15/24)		1,311		1,257,144
3.75%, 10/01/25 (Call 07/01/25)^(a)		1,394		1,326,600


Security	Par (000)		Value

Lodging (continued)
Series EE, 5.75%, 05/01/25 (Call 04/01/25)^(a)	$	1,706	$	1,722,736

				5,884,393

Machinery — 1.8%
Caterpillar Financial Services Corp. 0.80%, 11/13/25^(a)		2,698		2,389,861
1.45%, 05/15/25		1,546		1,421,330
3.40%, 05/13/25^(a)		2,880		2,779,978
3.65%, 08/12/25		1,160		1,123,646
CNH Industrial Capital LLC 3.95%, 05/23/25		1,935		1,854,156
5.45%, 10/14/25		190		188,005
Deere & Co., 2.75%, 04/15/25 (Call 03/15/25)		1,737		1,653,138
Dover Corp., 3.15%, 11/15/25 (Call 08/15/25)		1,589		1,491,610
John Deere Capital Corp. 1.25%, 01/10/25^(a)		1,885		1,747,489
2.05%, 01/09/25		1,272		1,198,326
2.13%, 03/07/25^(a)		1,080		1,014,109
3.40%, 06/06/25^(a)		770		743,127
3.40%, 09/11/25^(a)		851		816,934
3.45%, 03/13/25^(a)		2,083		2,015,990
Otis Worldwide Corp., 2.06%, 04/05/25 (Call 03/05/25)^(a)		4,288		3,969,016
Rockwell Automation Inc., 2.88%, 03/01/25 (Call 12/01/24)		847		807,589
Westinghouse Air Brake Technologies Corp., 3.20%, 06/15/25 (Call 05/15/25)		2,071		1,923,545

				27,137,849

Manufacturing — 0.5%
3M Co. 2.00%, 02/14/25 (Call 01/14/25)		2,864		2,678,040
2.65%, 04/15/25 (Call 03/15/25)^(a)		1,929		1,818,295
3.00%, 08/07/25^(a)		1,750		1,660,137
GE Capital International Funding Co. Unlimited Co., 3.37%, 11/15/25		760		722,631
Textron Inc., 3.88%, 03/01/25 (Call 12/01/24)^(a)		1,199		1,158,138

				8,037,241

Media — 2.9%
Charter Communications Operating LLC/Charter
Communications Operating Capital, 4.91%, 07/23/25 (Call 04/23/25)^(a)		12,196		11,841,218
Comcast Corp. 3.38%, 02/15/25 (Call 11/15/24)		3,155		3,041,956
3.38%, 08/15/25 (Call 05/15/25)		4,587		4,385,310
3.95%, 10/15/25 (Call 08/15/25)^(a)		8,563		8,281,620
Discovery Communications LLC 3.45%, 03/15/25 (Call 12/15/24)		818		767,595
3.95%, 06/15/25^(a)		1,725		1,630,194
Fox Corp., 3.05%, 04/07/25 (Call 03/07/25)		2,028		1,916,237
Paramount Global, 4.75%, 05/15/25 (Call 04/15/25)		1,933		1,887,942
TWDC Enterprises 18 Corp., 3.15%, 09/17/25		2,406		2,285,724
Walt Disney Co. (The) 3.35%, 03/24/25^(a)		5,413		5,204,220
3.70%, 10/15/25 (Call 07/15/25)^(a)		1,743		1,683,320

				42,925,336

Metal Fabricate & Hardware — 0.2%
Precision Castparts Corp., 3.25%, 06/15/25 (Call 03/15/25)		2,471		2,371,320


Mining — 0.1%
Southern Copper Corp., 3.88%, 04/23/25		934		896,201


Security	Par (000)		Value

Office & Business Equipment — 0.1%
CDW LLC/CDW Finance Corp., 4.13%, 05/01/25	$	1,813	$	1,723,692


Oil & Gas — 3.7%
BP Capital Markets America Inc., 3.80%, 09/21/25 (Call 07/21/25)^(a)		2,808		2,725,669
Canadian Natural Resources Ltd. 2.05%, 07/15/25 (Call 06/15/25)^(a)		2,017		1,847,249
3.90%, 02/01/25 (Call 11/01/24)^(a)		1,973		1,902,722
Cenovus Energy Inc., 5.38%, 07/15/25 (Call 04/15/25)^(a)		1,916		1,908,892
Chevron Corp. 1.55%, 05/11/25 (Call 04/11/25)		6,936		6,400,957
3.33%, 11/17/25 (Call 08/17/25)^(a)		1,874		1,806,536
Chevron USA Inc., 0.69%, 08/12/25 (Call 07/12/25)		2,069		1,851,672
ConocoPhillips Co., 2.40%, 03/07/25 (Call 03/07/23)		890		840,614
Devon Energy Corp., 5.85%, 12/15/25 (Call 09/15/25)^(a)		1,655		1,671,020
EOG Resources Inc., 3.15%, 04/01/25 (Call 01/01/25)^(a)		1,813		1,740,879
EQT Corp., 6.13%, 02/01/25 (Call 01/01/25)		3,085		3,087,715
Exxon Mobil Corp. 2.71%, 03/06/25 (Call 12/06/24)^(a)		4,293		4,097,325
2.99%, 03/19/25 (Call 02/19/25)		6,127		5,869,053
Marathon Petroleum Corp., 4.70%, 05/01/25 (Call 04/01/25)		3,696		3,619,567
Phillips 66, 3.85%, 04/09/25 (Call 03/09/25)^(a)		1,952		1,890,492
Phillips 66 Co., 3.61%, 02/15/25 (Call 11/15/24)^(a)(b)		1,757		1,681,168
Shell International Finance BV, 3.25%, 05/11/25		7,905		7,592,911
TotalEnergies Capital International SA, 2.43%, 01/10/25 (Call 10/10/24)^(a)		4,155		3,930,007

				54,464,448

Oil & Gas Services — 0.2%
Halliburton Co., 3.80%, 11/15/25 (Call 08/15/25)		1,687		1,625,559
Schlumberger Finance Canada Ltd., 1.40%, 09/17/25 (Call 08/17/25)		1,700		1,537,225

				3,162,784

Packaging & Containers — 0.4%
Amcor Flexibles North America Inc., 4.00%, 05/17/25 (Call 04/17/25)^(a)		1,115		1,071,883
Sonoco Products Co., 1.80%, 02/01/25 (Call 02/01/23)		2,435		2,247,602
WRKCo Inc., 3.75%, 03/15/25 (Call 01/15/25)		2,259		2,157,955

				5,477,440

Pharmaceuticals — 5.5%
AbbVie Inc. 3.60%, 05/14/25 (Call 02/14/25)		10,359		9,944,536
3.80%, 03/15/25 (Call 12/15/24)		7,953		7,682,439
AmerisourceBergen Corp., 3.25%, 03/01/25 (Call 12/01/24)		1,615		1,545,765
AstraZeneca PLC, 3.38%, 11/16/25^(a)		5,995		5,713,535
Bristol-Myers Squibb Co., 0.75%, 11/13/25 (Call 10/13/25)		2,738		2,421,734
Cardinal Health Inc., 3.75%, 09/15/25 (Call 06/15/25)		1,859		1,779,100
Cigna Corp. 3.25%, 04/15/25 (Call 01/15/25)		2,539		2,423,780
4.13%, 11/15/25 (Call 09/15/25)		6,084		5,875,623
CVS Health Corp. 3.88%, 07/20/25 (Call 04/20/25)^(a)		7,816		7,545,879
4.10%, 03/25/25 (Call 01/25/25)^(a)		3,217		3,140,082
Eli Lilly & Co., 2.75%, 06/01/25 (Call 03/01/25)		1,565		1,491,664
GlaxoSmithKline Capital Inc., 3.63%, 05/15/25^(a)		3,221		3,125,497
Johnson & Johnson 0.55%, 09/01/25 (Call 08/01/25)^(a)		2,465		2,202,280
2.63%, 01/15/25 (Call 11/15/24)		1,834		1,757,651
McKesson Corp., 0.90%, 12/03/25 (Call 11/03/25)		1,298		1,134,024


Security	Par (000)		Value

Pharmaceuticals (continued)
Mead Johnson Nutrition Co., 4.13%, 11/15/25 (Call 08/15/25)	$	2,442	$	2,357,653
Merck & Co. Inc., 2.75%, 02/10/25 (Call 11/10/24)		7,658		7,318,521
Novartis Capital Corp. 1.75%, 02/14/25 (Call 01/14/25)		2,751		2,575,376
3.00%, 11/20/25 (Call 08/20/25)		5,362		5,091,648
Pfizer Inc., 0.80%, 05/28/25 (Call 04/28/25)		2,394		2,174,111
Viatris Inc., 1.65%, 06/22/25 (Call 05/22/25)^(a)		2,685		2,395,101
Zoetis Inc., 4.50%, 11/13/25 (Call 08/13/25)^(a)		1,974		1,933,454

				81,629,453

Pipelines — 3.5%
Cheniere Corpus Christi Holdings LLC, 5.88%, 03/31/25 (Call 10/02/24)		4,148		4,152,148
Columbia Pipeline Group Inc., 4.50%, 06/01/25 (Call 03/01/25)		3,392		3,317,579
DCP Midstream Operating LP, 5.38%, 07/15/25 (Call 04/15/25)		505		493,592
Enbridge Energy Partners LP, 5.88%, 10/15/25 (Call 07/15/25)^(a)		1,230		1,241,599
Enbridge Inc. 2.50%, 01/15/25 (Call 12/15/24)		1,880		1,761,786
2.50%, 02/14/25		1,570		1,467,746
Energy Transfer LP 2.90%, 05/15/25 (Call 04/15/25)		2,969		2,756,449
4.05%, 03/15/25 (Call 12/15/24)		3,069		2,938,475
5.95%, 12/01/25 (Call 09/01/25)^(a)		1,239		1,231,665
Enterprise Products Operating LLC, 3.75%, 02/15/25 (Call 11/15/24)^(a)		4,092		3,940,514
Kinder Morgan Inc., 4.30%, 06/01/25 (Call 03/01/25)^(a)		4,479		4,356,589
MPLX LP 4.00%, 02/15/25 (Call 11/15/24)		1,756		1,688,201
4.88%, 06/01/25 (Call 03/01/25)		3,645		3,561,056
ONEOK Inc., 2.20%, 09/15/25 (Call 08/15/25)^(a)		1,371		1,235,847
ONEOK Partners LP, 4.90%, 03/15/25 (Call 12/15/24)^(a)		1,664		1,624,064
Plains All American Pipeline LP/PAA Finance Corp., 4.65%, 10/15/25 (Call 07/15/25)		3,325		3,212,382
Sabine Pass Liquefaction LLC, 5.63%, 03/01/25 (Call 12/01/24)		5,471		5,446,162
Spectra Energy Partners LP, 3.50%, 03/15/25 (Call 12/15/24)^(a)		1,529		1,458,284
TC PipeLines LP, 4.38%, 03/13/25 (Call 12/13/24)^(a)		1,087		1,054,629
Williams Companies Inc. (The) 3.90%, 01/15/25 (Call 10/15/24)		2,292		2,211,665
4.00%, 09/15/25 (Call 06/15/25)^(a)		2,323		2,230,684

				51,381,116

Real Estate — 0.2%
Brookfield Asset Management Inc., 4.00%, 01/15/25 (Call 10/15/24)		2,395		2,322,168


Real Estate Investment Trusts — 3.9%
Alexandria Real Estate Equities Inc., 3.45%, 04/30/25 (Call 02/28/25)^(a)		1,651		1,578,125
American Tower Corp. 1.30%, 09/15/25 (Call 08/15/25)^(a)		1,325		1,168,385
2.40%, 03/15/25 (Call 02/15/25)		2,122		1,962,362
2.95%, 01/15/25 (Call 12/15/24)^(a)		2,026		1,909,748
4.00%, 06/01/25 (Call 03/01/25)^(a)		2,381		2,277,022
AvalonBay Communities Inc. 3.45%, 06/01/25 (Call 03/03/25)^(a)		1,239		1,183,493
3.50%, 11/15/25 (Call 08/15/25)		1,186		1,118,683
Boston Properties LP, 3.20%, 01/15/25 (Call 10/15/24)^(a)		2,438		2,311,126


Security	Par (000)		Value

Real Estate Investment Trusts (continued)
Brixmor Operating Partnership LP, 3.85%, 02/01/25 (Call 11/01/24)	$	2,080	$	1,983,030
Crown Castle International Corp., 1.35%, 07/15/25 (Call 06/15/25)		2,109		1,884,307
CubeSmart LP, 4.00%, 11/15/25 (Call 08/15/25)		1,066		1,013,915
EPR Properties, 4.50%, 04/01/25 (Call 01/01/25)		700		651,322
Equinix Inc. 1.00%, 09/15/25 (Call 08/15/25)		2,070		1,816,818
1.25%, 07/15/25 (Call 06/15/25)		1,612		1,435,438
ERP Operating LP, 3.38%, 06/01/25 (Call 03/01/25)		1,254		1,189,118
Essex Portfolio LP, 3.50%, 04/01/25 (Call 01/01/25)^(a)		1,841		1,758,265
GLP Capital LP/GLP Financing II Inc., 5.25%, 06/01/25 (Call 03/01/25)		2,786		2,697,600
Healthpeak Properties Inc. 3.40%, 02/01/25 (Call 11/01/24)^(a)		450		429,296
4.00%, 06/01/25 (Call 03/01/25)^(a)		1,017		979,768
Host Hotels & Resorts LP, Series E, 4.00%, 06/15/25 (Call 03/15/25)^(a)		1,242		1,169,753
Kilroy Realty LP, 4.38%, 10/01/25 (Call 07/01/25)		1,210		1,152,259
Kimco Realty Corp., 3.30%, 02/01/25 (Call 12/01/24)		1,522		1,446,448
Kite Realty Group Trust, 4.00%, 03/15/25 (Call 12/15/24)		865		816,266
Mid-America Apartments LP, 4.00%, 11/15/25 (Call 08/15/25)		1,211		1,163,456
National Retail Properties Inc., 4.00%, 11/15/25 (Call 08/15/25)^(a)		988		939,262
Office Properties Income Trust, 4.50%, 02/01/25 (Call 11/01/24)		2,032		1,696,192
Omega Healthcare Investors Inc., 4.50%, 01/15/25 (Call 10/15/24)^(a)		1,471		1,417,867
Realty Income Corp. 3.88%, 04/15/25 (Call 02/15/25)^(a)		1,596		1,545,423
4.63%, 11/01/25 (Call 09/01/25)^(a)		1,648		1,610,343
Simon Property Group LP, 3.50%, 09/01/25 (Call 06/01/25)		3,473		3,298,412
SITE Centers Corp., 3.63%, 02/01/25 (Call 11/01/24)		1,648		1,533,480
Ventas Realty LP 2.65%, 01/15/25 (Call 12/15/24)		1,300		1,215,305
3.50%, 02/01/25 (Call 11/01/24)^(a)		1,935		1,837,534
VICI Properties LP, 4.38%, 05/15/25		1,470		1,401,630
Vornado Realty LP, 3.50%, 01/15/25 (Call 11/15/24)^(a)		1,573		1,462,701
Welltower Inc., 4.00%, 06/01/25 (Call 03/01/25)		3,986		3,812,689
WP Carey Inc., 4.00%, 02/01/25		1,273		1,226,014

				58,092,855

Retail — 2.8%
AutoNation Inc., 4.50%, 10/01/25 (Call 07/01/25)		1,254		1,204,693
AutoZone Inc. 3.25%, 04/15/25 (Call 01/15/25)		1,668		1,584,700
3.63%, 04/15/25 (Call 03/15/25)		1,864		1,791,435
Dollar General Corp., 4.15%, 11/01/25 (Call 08/01/25)		1,462		1,417,277
Dollar Tree Inc., 4.00%, 05/15/25 (Call 03/15/25)		3,773		3,659,244
Genuine Parts Co., 1.75%, 02/01/25 (Call 02/01/23)^(a)		2,303		2,128,571
Home Depot Inc. (The) 2.70%, 04/15/25 (Call 03/15/25)		990		941,639
3.35%, 09/15/25 (Call 06/15/25)^(a)		3,631		3,485,470
4.00%, 09/15/25 (Call 08/15/25)		5		4,896
Lowe’s Companies Inc. 3.38%, 09/15/25 (Call 06/15/25)		2,570		2,440,446
4.00%, 04/15/25 (Call 03/15/25)^(a)		2,182		2,129,348
4.40%, 09/08/25		1,155		1,133,020
McDonald’s Corp. 1.45%, 09/01/25 (Call 08/01/25)^(a)		1,393		1,267,017


Security	Par (000)		Value

Retail (continued)
3.30%, 07/01/25^(a)	$	2,515	$	2,419,003
3.38%, 05/26/25 (Call 02/26/25)^(a)		2,007		1,927,924
Ross Stores Inc., 4.60%, 04/15/25 (Call 03/15/25)^(a)		2,737		2,688,801
Starbucks Corp., 3.80%, 08/15/25 (Call 06/15/25)		4,064		3,937,406
Target Corp., 2.25%, 04/15/25 (Call 03/15/25)^(a)		5,145		4,840,210
Walmart Inc., 3.55%, 06/26/25 (Call 04/26/25)		2,030		1,975,779

				40,976,879

Semiconductors — 2.2%
Analog Devices Inc., 2.95%, 04/01/25 (Call 03/01/25)^(a)		1,653		1,581,475
Applied Materials Inc., 3.90%, 10/01/25 (Call 07/01/25)^(a)		2,328		2,268,426
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.13%, 01/15/25 (Call 11/15/24)^(a)		1,993		1,901,003
Broadcom Inc., 3.15%, 11/15/25 (Call 10/15/25)		2,731		2,546,685
Intel Corp. 3.40%, 03/25/25 (Call 02/25/25)^(a)		4,486		4,334,956
3.70%, 07/29/25 (Call 04/29/25)		6,748		6,550,891
Lam Research Corp., 3.80%, 03/15/25 (Call 12/15/24)		1,549		1,508,323
Microchip Technology Inc., 4.25%, 09/01/25^(a)		3,150		3,003,714
NXP BV/NXP Funding LLC/NXP USA Inc., 2.70%, 05/01/25 (Call 04/01/25)		2,130		1,969,079
QUALCOMM Inc., 3.45%, 05/20/25 (Call 02/20/25)^(a)		4,722		4,555,030
Texas Instruments Inc., 1.38%, 03/12/25 (Call 02/12/25)		2,733		2,529,091

				32,748,673

Shipbuilding — 0.1%
Huntington Ingalls Industries Inc., 3.84%, 05/01/25 (Call 04/01/25)		1,674		1,594,200


Software — 3.1%
Adobe Inc. 1.90%, 02/01/25 (Call 01/01/25)		1,545		1,450,940
3.25%, 02/01/25 (Call 11/01/24)		3,131		3,028,679
Autodesk Inc., 4.38%, 06/15/25 (Call 03/15/25)^(a)		873		855,479
Fidelity National Information Services Inc., 4.50%, 07/15/25		385		374,682
Fiserv Inc., 3.85%, 06/01/25 (Call 03/01/25)		3,090		2,964,608
Intuit Inc., 0.95%, 07/15/25 (Call 06/15/25)^(a)		1,713		1,542,008
Microsoft Corp. 2.70%, 02/12/25 (Call 11/12/24)^(a)		4,944		4,747,773
3.13%, 11/03/25 (Call 08/03/25)^(a)		8,900		8,562,779
Oracle Corp. 2.50%, 04/01/25 (Call 03/01/25)^(a)		7,172		6,704,457
2.95%, 05/15/25 (Call 02/15/25)^(a)		9,780		9,196,232
Roper Technologies Inc. 1.00%, 09/15/25 (Call 08/15/25)		2,039		1,804,719
3.85%, 12/15/25 (Call 09/15/25)		1,156		1,100,235
Take-Two Interactive Software Inc., 3.55%, 04/14/25		1,723		1,643,552
VMware Inc., 4.50%, 05/15/25 (Call 04/15/25)		2,452		2,392,907

				46,369,050

Telecommunications — 1.9%
Cisco Systems Inc., 3.50%, 06/15/25		1,750		1,699,968
Juniper Networks Inc., 1.20%, 12/10/25 (Call 11/10/25)^(a)		1,409		1,230,015
Rogers Communications Inc. 2.95%, 03/15/25 (Call 03/15/23)^(b)		1,555		1,469,086
3.63%, 12/15/25 (Call 09/15/25)		2,702		2,528,072
T-Mobile USA Inc., 3.50%, 04/15/25 (Call 03/15/25)		8,999		8,582,976
Verizon Communications Inc. 0.85%, 11/20/25 (Call 10/20/25)^(a)		3,517		3,093,202


Security	Par/ Shares (000)		Value

Telecommunications (continued)
3.38%, 02/15/25^(a)	$	4,853	$	4,685,523
Vodafone Group PLC, 4.13%, 05/30/25		5,339		5,200,773

				28,489,615

Transportation — 1.3%
Burlington Northern Santa Fe LLC 3.00%, 04/01/25 (Call 01/01/25)^(a)		1,121		1,072,259
3.65%, 09/01/25 (Call 06/01/25)		1,511		1,453,975
7.00%, 12/15/25		547		577,835
Canadian Pacific Railway Co., 2.90%, 02/01/25 (Call 11/01/24)^(a)		2,558		2,431,967
CSX Corp., 3.35%, 11/01/25 (Call 08/01/25)^(a)		1,839		1,744,071
Norfolk Southern Corp., 3.65%, 08/01/25 (Call 06/01/25)		862		826,425
Ryder System Inc. 3.35%, 09/01/25 (Call 08/01/25)^(a)		1,705		1,599,938
4.63%, 06/01/25 (Call 05/01/25)		1,141		1,107,249
Union Pacific Corp. 3.25%, 01/15/25 (Call 10/15/24)^(a)		1,074		1,035,916
3.25%, 08/15/25 (Call 05/15/25)^(a)		1,452		1,387,038
3.75%, 07/15/25 (Call 05/15/25)^(a)		1,399		1,356,498
United Parcel Service Inc., 3.90%, 04/01/25 (Call 03/01/25)		4,097		4,009,406

				18,602,577

Trucking & Leasing — 0.1%
GATX Corp., 3.25%, 03/30/25 (Call 12/30/24)^(a)		1,590		1,500,197


Water — 0.1%
American Water Capital Corp., 3.40%, 03/01/25 (Call 12/01/24)		1,647		1,581,746


Total Long-Term Investments — 98.7% (Cost: $1,565,520,711)				1,459,192,969


Short-Term Securities

Money Market Funds — 8.0%
BlackRock Cash Funds: Institutional, SL Agency Shares, 3.29%^(c)(d)(e)		112,745		112,722,366
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%^(c)(d)		6,490		6,490,000


Total Short-Term Securities — 8.0% (Cost: $119,203,118)				119,212,366


Total Investments — 106.7% (Cost: $1,684,723,829)				1,578,405,335

Liabilities in Excess of Other Assets — (6.7)%				(99,713,162	)


Net Assets — 100.0%			$	1,478,692,173

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

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

^(c)	Affiliate of the Fund.

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

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


Security	Par (000)		Value

Corporate Bonds & Notes

Advertising — 0.3%
Omnicom Group Inc./Omnicom Capital Inc., 3.60%, 04/15/26 (Call 01/15/26)	$	4,126	$	3,872,994


Aerospace & Defense — 2.1%
Boeing Co. (The)
2.20%, 02/04/26 (Call 02/04/23)		10,220		9,086,704
2.25%, 06/15/26 (Call 03/15/26)		1,695		1,484,481
2.75%, 02/01/26 (Call 01/01/26)		4,308		3,886,634
3.10%, 05/01/26 (Call 03/01/26)		1,891		1,706,382
General Dynamics Corp.
1.15%, 06/01/26 (Call 05/01/26)		1,523		1,330,280
2.13%, 08/15/26 (Call 05/15/26)		1,440		1,294,891
L3Harris Technologies Inc., 3.85%, 12/15/26 (Call 09/15/26)		1,510		1,414,326
Lockheed Martin Corp., 3.55%, 01/15/26 (Call 10/15/25)		3,076		2,961,050
Raytheon Technologies Corp., 2.65%, 11/01/26 (Call 08/01/26)^(a)		1,114		1,013,439
Teledyne Technologies Inc., 1.60%, 04/01/26 (Call 03/01/26)^(a)		1,983		1,720,570

				25,898,757

Agriculture — 1.6%
Altria Group Inc.
2.63%, 09/16/26 (Call 06/16/26)^(a)		1,276		1,142,301
4.40%, 02/14/26 (Call 12/14/25)^(a)		3,535		3,396,852
Archer-Daniels-Midland Co., 2.50%, 08/11/26 (Call 05/11/26)^(a)		3,206		2,931,150
BAT Capital Corp., 3.22%, 09/06/26 (Call 07/06/26)^(a)		2,956		2,636,515
BAT International Finance PLC, 1.67%, 03/25/26 (Call 02/25/26)		4,008		3,443,593
Bunge Ltd. Finance Corp., 3.25%, 08/15/26 (Call 05/15/26)		2,075		1,893,956
Philip Morris International Inc.
0.88%, 05/01/26 (Call 04/01/26)		2,255		1,929,581
2.75%, 02/25/26 (Call 11/25/25)		2,170		1,991,496

				19,365,444

Airlines — 0.2%
Southwest Airlines Co., 3.00%, 11/15/26 (Call 08/15/26)		1,046		940,961
United Airlines Pass Through Trust
Series 2014-1, Class A, 4.00%, 10/11/27		221		198,875
Series 2014-2, Class A, 3.75%, 03/03/28		510		454,420
Series 2020-1, Class B, 4.88%, 07/15/27^(a)		1,143		1,061,870

				2,656,126

Apparel — 0.2%
NIKE Inc., 2.38%, 11/01/26 (Call 08/01/26)		2,647		2,408,876


Auto Manufacturers — 1.7%
American Honda Finance Corp.
1.30%, 09/09/26^(a)		2,028		1,759,391
2.30%, 09/09/26		1,954		1,745,020
General Motors Financial Co. Inc.
1.25%, 01/08/26 (Call 12/08/25)		3,660		3,129,337
1.50%, 06/10/26 (Call 05/10/26)		3,033		2,554,817
4.00%, 10/06/26 (Call 07/06/26)		2,020		1,853,754
5.25%, 03/01/26 (Call 12/01/25)^(a)		3,270		3,168,074
PACCAR Financial Corp., 1.10%, 05/11/26		1,073		942,663
Toyota Motor Corp., 1.34%, 03/25/26 (Call 02/25/26)^(a)		3,227		2,850,571
Toyota Motor Credit Corp.
0.80%, 01/09/26		1,849		1,615,120
1.13%, 06/18/26		2,193		1,904,335

				21,523,082


Security	Par (000)		Value

Banks — 24.6%
Banco Santander SA, 1.85%, 03/25/26	$	4,717	$	4,026,431
Bank of America Corp.
3.50%, 04/19/26		6,802		6,358,646
4.25%, 10/22/26		5,741		5,430,756
4.45%, 03/03/26		5,559		5,328,913
6.22%, 09/15/26^(a)		1,020		1,035,320
Bank of Montreal, 1.25%, 09/15/26		4,365		3,713,436
Bank of New York Mellon Corp. (The)
0.75%, 01/28/26 (Call 12/28/25)		1,179		1,030,599
1.05%, 10/15/26 (Call 09/15/26)		2,062		1,753,607
2.45%, 08/17/26 (Call 05/17/26)		2,785		2,525,327
2.80%, 05/04/26 (Call 02/04/26)^(a)		2,245		2,078,825
Bank of Nova Scotia (The)
1.05%, 03/02/26		2,840		2,461,826
1.30%, 09/15/26^(a)		2,610		2,225,103
1.35%, 06/24/26		2,060		1,781,303
2.70%, 08/03/26		3,547		3,197,975
Barclays PLC
4.38%, 01/12/26		6,528		6,062,423
5.20%, 05/12/26		5,327		4,908,458
BPCE SA, 3.38%, 12/02/26		1,869		1,703,014
Canadian Imperial Bank of Commerce, 1.25%, 06/22/26		2,875		2,459,505
Citigroup Inc.
3.20%, 10/21/26 (Call 07/21/26)		7,225		6,585,804
3.40%, 05/01/26		5,269		4,892,108
3.70%, 01/12/26		5,486		5,157,773
4.30%, 11/20/26		2,732		2,577,970
4.60%, 03/09/26^(a)		3,518		3,376,787
Citizens Bank NA/Providence RI, 3.75%, 02/18/26 (Call 11/18/25)		1,342		1,257,145
Citizens Financial Group Inc., 2.85%, 07/27/26^(a)		1,637		1,483,826
Cooperatieve Rabobank UA, 3.75%, 07/21/26		4,015		3,649,153
Credit Suisse AG/New York NY, 1.25%, 08/07/26		4,530		3,616,797
Credit Suisse Group AG, 4.55%, 04/17/26^(a)		4,986		4,367,287
Deutsche Bank AG, 4.10%, 01/13/26		857		807,671
Deutsche Bank AG/New York NY
1.69%, 03/19/26^(a)		2,550		2,194,530
4.10%, 01/13/26^(a)		1,415		1,317,379
Discover Bank
3.45%, 07/27/26 (Call 04/27/26)		2,504		2,247,065
4.25%, 03/13/26		1,025		954,654
Fifth Third Bank NA, 3.85%, 03/15/26 (Call 02/15/26)		2,663		2,483,008
Goldman Sachs Group Inc. (The)
3.50%, 11/16/26 (Call 11/16/25)		7,446		6,842,725
3.75%, 02/25/26 (Call 11/25/25)		5,881		5,525,788
HSBC Holdings PLC
3.90%, 05/25/26		5,950		5,434,016
4.30%, 03/08/26^(a)		7,823		7,365,746
4.38%, 11/23/26		3,999		3,639,890
JPMorgan Chase & Co.
2.95%, 10/01/26 (Call 07/01/26)^(a)		6,702		6,123,349
3.20%, 06/15/26 (Call 03/15/26)		3,909		3,622,040
3.30%, 04/01/26 (Call 01/01/26)		6,145		5,738,938
4.13%, 12/15/26^(a)		5,235		4,962,414
7.63%, 10/15/26^(a)		2,072		2,232,829
KeyBank NA/Cleveland OH, 3.40%, 05/20/26		2,015		1,852,248
Lloyds Banking Group PLC, 4.65%, 03/24/26		4,709		4,342,263
Mitsubishi UFJ Financial Group Inc.
2.76%, 09/13/26		2,898		2,584,552
3.85%, 03/01/26^(a)		5,970		5,609,830


Security	Par (000)		Value

Banks (continued)
Mizuho Financial Group Inc., 2.84%, 09/13/26^(a)	$	2,472	$	2,195,087
Morgan Stanley
3.13%, 07/27/26		7,597		6,932,414
3.88%, 01/27/26		7,590		7,188,185
4.35%, 09/08/26		5,145		4,903,236
6.25%, 08/09/26		2,153		2,192,744
National Australia Bank Ltd./New York
2.50%, 07/12/26		3,228		2,932,961
3.38%, 01/14/26^(a)		2,604		2,459,244
NatWest Group PLC, 4.80%, 04/05/26		4,576		4,317,822
PNC Financial Services Group Inc. (The)
1.15%, 08/13/26 (Call 07/13/26)		2,416		2,074,305
2.60%, 07/23/26		3,216		2,905,174
Royal Bank of Canada
0.88%, 01/20/26		3,675		3,177,773
1.15%, 07/14/26		1,685		1,439,175
1.20%, 04/27/26		4,500		3,884,085
1.40%, 11/02/26		2,805		2,389,019
4.65%, 01/27/26^(a)		4,074		3,933,814
Santander Holdings USA Inc., 3.24%, 10/05/26 (Call 08/05/26)		3,020		2,665,694
State Street Corp., 2.65%, 05/19/26^(a)		3,381		3,131,651
Sumitomo Mitsui Financial Group Inc.
0.95%, 01/12/26		2,549		2,195,862
1.40%, 09/17/26		4,982		4,216,964
2.63%, 07/14/26^(a)		5,705		5,116,415
3.01%, 10/19/26		3,872		3,500,056
3.78%, 03/09/26^(a)		3,573		3,365,087
SVB Financial Group, 1.80%, 10/28/26 (Call 09/28/26)		1,910		1,613,587
Toronto-Dominion Bank (The)
0.75%, 01/06/26		3,602		3,109,751
1.20%, 06/03/26^(a)		3,570		3,074,663
1.25%, 09/10/26		4,585		3,910,638
Truist Bank
3.30%, 05/15/26 (Call 04/15/26)		3,154		2,896,791
3.80%, 10/30/26 (Call 09/30/26)^(a)		2,118		1,970,397
U.S. Bancorp.
3.10%, 04/27/26 (Call 03/27/26)^(a)		3,374		3,129,891
Series V, 2.38%, 07/22/26 (Call 06/22/26)		4,390		3,978,394
Wachovia Corp., 7.57%, 08/01/26^(a)(b)		725		764,723
Wells Fargo & Co.
3.00%, 04/22/26		8,803		8,057,298
3.00%, 10/23/26		8,752		7,926,161
4.10%, 06/03/26		6,241		5,899,805
Westpac Banking Corp.
1.15%, 06/03/26		2,205		1,916,035
2.70%, 08/19/26		3,737		3,416,141
2.85%, 05/13/26^(a)		5,075		4,696,202

				304,404,296

Beverages — 1.6%
Anheuser-Busch Companies LLC/Anheuser-Busch InBev Worldwide Inc., 3.65%, 02/01/26 (Call 11/01/25)^(a)		8,502		8,150,187
Constellation Brands Inc., 3.70%, 12/06/26 (Call 09/06/26)		2,317		2,168,851
Keurig Dr Pepper Inc., 2.55%, 09/15/26 (Call 06/15/26)		922		827,348
Molson Coors Beverage Co., 3.00%, 07/15/26 (Call 04/15/26)^(a)		5,246		4,784,037
PepsiCo Inc.
2.38%, 10/06/26 (Call 07/06/26)		2,618		2,394,528
2.85%, 02/24/26 (Call 11/24/25)		2,101		1,979,688

				20,304,639


Security	Par (000)		Value

Biotechnology — 0.8%
Amgen Inc., 2.60%, 08/19/26 (Call 05/19/26)^(a)	$	3,580	$	3,273,624
Gilead Sciences Inc., 3.65%, 03/01/26 (Call 12/01/25)		6,571		6,227,928

				9,501,552

Building Materials — 0.2%
Johnson Controls International PLC, 3.90%, 02/14/26 (Call 11/14/25)		1,512		1,440,558
Owens Corning, 3.40%, 08/15/26 (Call 05/15/26)		1,772		1,622,107

				3,062,665

Chemicals — 0.9%
Celanese U.S. Holdings LLC, 1.40%, 08/05/26 (Call 07/05/26)		1,375		1,110,560
Ecolab Inc., 2.70%, 11/01/26 (Call 08/01/26)^(a)		1,639		1,502,553
FMC Corp., 3.20%, 10/01/26 (Call 08/01/26)^(a)		1,632		1,491,518
Linde Inc./CT, 3.20%, 01/30/26 (Call 10/30/25)		1,696		1,608,096
Nutrien Ltd., 4.00%, 12/15/26 (Call 09/15/26)^(a)		1,241		1,168,538
PPG Industries Inc., 1.20%, 03/15/26 (Call 02/15/26)		865		749,194
Sherwin-Williams Co. (The), 3.95%, 01/15/26 (Call 10/15/25)^(a)		895		859,728
Westlake Corp., 3.60%, 08/15/26 (Call 05/15/26)		2,343		2,157,762

				10,647,949

Commercial Services — 0.8%
Global Payments Inc.
1.20%, 03/01/26 (Call 02/01/26)		3,290		2,808,903
4.80%, 04/01/26 (Call 01/01/26)		2,289		2,198,974
GXO Logistics Inc., 1.65%, 07/15/26 (Call 06/15/26)		1,453		1,207,980
PayPal Holdings Inc., 2.65%, 10/01/26 (Call 08/01/26)		3,394		3,096,516

				9,312,373

Computers — 5.2%
Apple Inc.
0.70%, 02/08/26 (Call 01/08/26)		5,768		5,058,594
2.05%, 09/11/26 (Call 07/11/26)		4,964		4,491,179
2.45%, 08/04/26 (Call 05/04/26)		5,617		5,170,112
3.25%, 02/23/26 (Call 11/23/25)^(a)		7,774		7,410,643
CGI Inc., 1.45%, 09/14/26 (Call 08/14/26)		1,630		1,399,632
Dell International LLC/EMC Corp.
4.90%, 10/01/26 (Call 08/01/26)		4,098		3,935,227
6.02%, 06/15/26 (Call 03/15/26)		11,214		11,196,843
DXC Technology Co., 1.80%, 09/15/26 (Call 08/15/26)		1,715		1,470,064
Fortinet Inc., 1.00%, 03/15/26 (Call 02/15/26)		2,040		1,752,095
Genpact Luxembourg SARL/Genpact USA Inc., 1.75%, 04/10/26 (Call 03/10/26)		955		840,696
Hewlett Packard Enterprise Co., 1.75%, 04/01/26 (Call 03/01/26)^(a)		2,204		1,951,532
HP Inc., 1.45%, 06/17/26 (Call 05/17/26)^(a)		2,770		2,369,680
International Business Machines Corp.
3.30%, 05/15/26		7,835		7,351,345
3.45%, 02/19/26^(a)		3,365		3,193,149
Kyndryl Holdings Inc., 2.05%, 10/15/26 (Call 09/15/26)		2,185		1,713,215
Western Digital Corp., 4.75%, 02/15/26 (Call 11/15/25)^(a)		5,185		4,790,473

				64,094,479

Cosmetics & Personal Care — 0.6%
Procter & Gamble Co. (The)
1.00%, 04/23/26^(a)		2,004		1,773,540
2.45%, 11/03/26^(a)		2,701		2,489,107
2.70%, 02/02/26		1,345		1,266,277
Unilever Capital Corp., 2.00%, 07/28/26		1,911		1,721,008

				7,249,932


Security	Par (000)		Value

Diversified Financial Services — 4.4%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
1.75%, 01/30/26 (Call 12/30/25)	$	2,898	$	2,475,298
2.45%, 10/29/26 (Call 09/29/26)		8,675		7,335,753
4.45%, 04/03/26 (Call 02/03/26)		1,563		1,444,212
Air Lease Corp.
1.88%, 08/15/26 (Call 07/15/26)		3,310		2,776,759
2.88%, 01/15/26 (Call 12/15/25)		3,851		3,424,348
3.75%, 06/01/26 (Call 04/01/26)		2,190		1,986,089
Aircastle Ltd., 4.25%, 06/15/26 (Call 04/15/26)		1,911		1,685,617
American Express Co.
1.65%, 11/04/26 (Call 10/04/26)^(a)		3,615		3,113,889
3.13%, 05/20/26 (Call 04/20/26)		2,887		2,670,302
Ameriprise Financial Inc., 2.88%, 09/15/26 (Call 06/15/26)		1,955		1,790,037
Brookfield Finance Inc., 4.25%, 06/02/26 (Call 03/02/26)		1,268		1,202,711
Capital One Financial Corp.
3.75%, 07/28/26 (Call 06/28/26)		3,677		3,363,131
4.99%, 07/24/26 (Call 07/24/25)^(c)		1,000		963,250
Charles Schwab Corp. (The)
0.90%, 03/11/26 (Call 02/11/26)		3,164		2,733,063
1.15%, 05/13/26 (Call 04/13/26)		2,298		1,991,194
3.45%, 02/13/26 (Call 11/13/25)		935		891,850
Discover Financial Services, 4.50%, 01/30/26 (Call 11/30/25)^(a)		2,201		2,063,768
Invesco Finance PLC, 3.75%, 01/15/26^(a)		2,055		1,946,229
Legg Mason Inc., 4.75%, 03/15/26^(a)		1,263		1,243,474
Mastercard Inc., 2.95%, 11/21/26 (Call 08/21/26)^(a)		2,184		2,031,950
Nasdaq Inc., 3.85%, 06/30/26 (Call 03/30/26)^(a)		1,122		1,068,727
Nomura Holdings Inc., 1.65%, 07/14/26		3,170		2,692,978
Synchrony Financial, 3.70%, 08/04/26 (Call 05/04/26)^(a)		1,741		1,563,488
Western Union Co. (The), 1.35%, 03/15/26 (Call 02/15/26)		2,360		2,021,434

				54,479,551

Electric — 5.0%
AEP Transmission Co. LLC, 3.10%, 12/01/26 (Call 09/01/26)		1,125		1,037,025
AES Corp. (The), 1.38%, 01/15/26 (Call 12/15/25)		2,290		1,983,255
Ameren Corp., 3.65%, 02/15/26 (Call 11/15/25)		1,526		1,443,535
Baltimore Gas & Electric Co., 2.40%, 08/15/26 (Call 05/15/26)		661		597,947
Black Hills Corp., 3.95%, 01/15/26 (Call 07/15/25)		1,135		1,078,488
CenterPoint Energy Houston Electric LLC, Series Z, 2.40%, 09/01/26 (Call 06/01/26)^(a)		1,286		1,160,461
CenterPoint Energy Inc., 1.45%, 06/01/26 (Call 05/01/26)		1,570		1,365,194
Cleco Corporate Holdings LLC, 3.74%, 05/01/26 (Call 02/01/26)		1,457		1,349,371
CMS Energy Corp., 3.00%, 05/15/26 (Call 02/15/26)		651		597,917
Commonwealth Edison Co., 2.55%, 06/15/26 (Call 03/15/26)		1,415		1,297,767
Dominion Energy Inc.
Series A, 1.45%, 04/15/26 (Call 03/15/26)		1,750		1,527,978
Series D, 2.85%, 08/15/26 (Call 05/15/26)		1,458		1,318,703
DTE Energy Co., 2.85%, 10/01/26 (Call 07/01/26)		1,406		1,272,852
Duke Energy Carolinas LLC, 2.95%, 12/01/26 (Call 09/01/26)^(a)		1,394		1,289,408
Duke Energy Corp., 2.65%, 09/01/26 (Call 06/01/26)		4,276		3,866,188
Emera U.S. Finance LP, 3.55%, 06/15/26 (Call 03/15/26)		1,646		1,518,336
Enel Americas SA, 4.00%, 10/25/26 (Call 07/25/26)^(a)		1,330		1,229,545
Entergy Arkansas LLC, 3.50%, 04/01/26 (Call 01/01/26)^(a)		1,263		1,195,164
Entergy Corp., 2.95%, 09/01/26 (Call 06/01/26)		2,258		2,056,473
Entergy Louisiana LLC, 2.40%, 10/01/26 (Call 07/01/26)		1,235		1,094,655
Evergy Kansas Central Inc., 2.55%, 07/01/26 (Call 04/01/26)		369		335,425


Security	Par (000)		Value

Electric (continued)
Eversource Energy, Series U, 1.40%, 08/15/26 (Call 07/15/26)	$	1,305	$	1,124,401
Exelon Corp., 3.40%, 04/15/26 (Call 01/15/26)		2,442		2,281,097
Fortis Inc./Canada, 3.06%, 10/04/26 (Call 07/04/26)		2,714		2,447,024
Georgia Power Co., 3.25%, 04/01/26 (Call 01/01/26)		737		687,127
ITC Holdings Corp., 3.25%, 06/30/26 (Call 03/30/26)		1,320		1,211,443
National Rural Utilities Cooperative Finance Corp., 1.00%, 06/15/26 (Call 05/15/26)		1,398		1,209,871
Pacific Gas and Electric Co.
2.95%, 03/01/26 (Call 12/01/25)		1,611		1,430,858
3.15%, 01/01/26		5,056		4,555,405
PPL Capital Funding Inc., 3.10%, 05/15/26 (Call 02/15/26)		2,048		1,872,343
Public Service Electric & Gas Co.
0.95%, 03/15/26 (Call 02/15/26)		1,371		1,196,691
2.25%, 09/15/26 (Call 06/15/26)		1,353		1,213,330
San Diego Gas & Electric Co., 2.50%, 05/15/26 (Call 02/15/26)		1,450		1,322,777
Sierra Pacific Power Co., 2.60%, 05/01/26 (Call 02/01/26)		1,296		1,189,715
Southern California Edison Co., Series 2020-C, 1.20%, 02/01/26 (Call 01/01/26)		901		787,699
Southern Co. (The), 3.25%, 07/01/26 (Call 04/01/26)		4,452		4,118,768
Southern Power Co., 0.90%, 01/15/26 (Call 12/15/25)		778		673,888
Southwestern Electric Power Co.
Series K, 2.75%, 10/01/26 (Call 07/01/26)		1,172		1,051,870
Series N, 1.65%, 03/15/26 (Call 02/15/26)		1,640		1,442,429
Virginia Electric & Power Co.
Series A, 3.15%, 01/15/26 (Call 10/15/25)		1,410		1,318,421
Series B, 2.95%, 11/15/26 (Call 08/15/26)		1,545		1,404,822
Xcel Energy Inc., 3.35%, 12/01/26 (Call 06/01/26)		1,340		1,235,601

				62,391,267

Electrical Components & Equipment — 0.1%
Emerson Electric Co., 0.88%, 10/15/26 (Call 09/15/26)		2,168		1,848,198


Electronics — 1.5%
Agilent Technologies Inc., 3.05%, 09/22/26 (Call 06/22/26)^(a)		1,322		1,214,891
Avnet Inc., 4.63%, 04/15/26 (Call 01/15/26)		2,108		1,992,903
Flex Ltd., 3.75%, 02/01/26 (Call 01/01/26)		2,260		2,093,528
Fortive Corp., 3.15%, 06/15/26 (Call 03/15/26)		2,607		2,396,433
Honeywell International Inc., 2.50%, 11/01/26 (Call 08/01/26)		3,703		3,387,986
Hubbell Inc., 3.35%, 03/01/26 (Call 12/01/25)^(a)		1,298		1,224,170
Jabil Inc., 1.70%, 04/15/26 (Call 03/15/26)^(a)		2,010		1,742,549
TD SYNNEX Corp., 1.75%, 08/09/26 (Call 07/09/26)		2,520		2,128,367
Tyco Electronics Group SA, 3.70%, 02/15/26 (Call 11/15/25)		1,395		1,332,002
Vontier Corp., 1.80%, 04/01/26 (Call 03/01/26)		1,773		1,467,991

				18,980,820

Environmental Control — 0.1%
Republic Services Inc., 2.90%, 07/01/26 (Call 04/01/26)^(a)		1,979		1,811,656


Food — 1.6%
Bestfoods, Series E, 7.25%, 12/15/26^(a)		74		80,271
Flowers Foods Inc., 3.50%, 10/01/26 (Call 07/01/26)		840		773,321
Hershey Co. (The), 2.30%, 08/15/26 (Call 05/15/26)		1,201		1,091,709
Ingredion Inc., 3.20%, 10/01/26 (Call 07/01/26)^(a)		988		905,295
Kellogg Co., 3.25%, 04/01/26		2,047		1,918,182
Kraft Heinz Foods Co., 3.00%, 06/01/26 (Call 03/01/26)		5,160		4,755,250
Kroger Co. (The)
2.65%, 10/15/26 (Call 07/15/26)		2,150		1,923,239
3.50%, 02/01/26 (Call 11/01/25)		2,011		1,884,589


Security	Par (000)		Value

Food (continued)
McCormick & Co. Inc./MD, 0.90%, 02/15/26 (Call 01/15/26)	$	1,928	$	1,664,327
Sysco Corp., 3.30%, 07/15/26 (Call 04/15/26)		2,446		2,263,626
Tyson Foods Inc., 4.00%, 03/01/26 (Call 01/01/26)^(a)		2,498		2,385,840

				19,645,649

Gas — 0.3%
National Fuel Gas Co., 5.50%, 01/15/26 (Call 12/15/25)^(a)		1,477		1,446,603
Southern California Gas Co., Series TT, 2.60%, 06/15/26 (Call 03/15/26)		1,335		1,215,798
Southern Co. Gas Capital Corp., 3.25%, 06/15/26 (Call 03/15/26)		885		814,315

				3,476,716

Hand & Machine Tools — 0.1%
Stanley Black & Decker Inc., 3.40%, 03/01/26 (Call 01/01/26)		1,368		1,284,839


Health Care - Products — 0.9%
Abbott Laboratories, 3.75%, 11/30/26 (Call 08/30/26)^(a)		4,898		4,706,978
Baxter International Inc., 2.60%, 08/15/26 (Call 05/15/26)		1,930		1,736,170
Stryker Corp., 3.50%, 03/15/26 (Call 12/15/25)		2,515		2,382,535
Zimmer Biomet Holdings Inc., 3.05%, 01/15/26 (Call 12/15/25)		1,876		1,740,740

				10,566,423

Health Care - Services — 2.0%
Elevance Health Inc., 1.50%, 03/15/26 (Call 02/15/26)^(a)		2,258		1,995,462
HCA Inc.
5.25%, 06/15/26 (Call 12/15/25)		3,742		3,629,366
5.38%, 09/01/26 (Call 03/01/26)		3,340		3,241,570
5.88%, 02/15/26 (Call 08/15/25)		3,595		3,564,407
Laboratory Corp. of America Holdings, 1.55%, 06/01/26 (Call 05/01/26)		1,675		1,453,632
Providence St Joseph Health Obligated Group, Series H, 2.75%, 10/01/26 (Call 07/01/26)^(a)		1,085		989,639
Quest Diagnostics Inc., 3.45%, 06/01/26 (Call 03/01/26)		1,908		1,790,315
UnitedHealth Group Inc.
1.15%, 05/15/26 (Call 04/15/26)		2,607		2,299,426
1.25%, 01/15/26^(a)		1,192		1,059,509
3.10%, 03/15/26^(a)		2,915		2,742,723
Universal Health Services Inc., 1.65%, 09/01/26 (Call 08/01/26)^(d)		2,350		1,974,917

				24,740,966

Holding Companies - Diversified — 2.2%
Ares Capital Corp.
2.15%, 07/15/26 (Call 06/15/26)		2,752		2,275,133
3.88%, 01/15/26 (Call 12/15/25)		3,188		2,861,549
Bain Capital Specialty Finance Inc.
2.55%, 10/13/26 (Call 09/13/26)		1,015		822,830
2.95%, 03/10/26 (Call 02/10/26)		937		792,918
Barings BDC Inc., 3.30%, 11/23/26 (Call 10/13/26)^(d)		1,010		835,068
Blackstone Private Credit Fund, 2.63%, 12/15/26 (Call 11/15/26)		3,217		2,659,269
Blackstone Secured Lending Fund
2.75%, 09/16/26^(a)		1,905		1,635,023
3.63%, 01/15/26 (Call 12/15/25)		1,985		1,790,272
FS KKR Capital Corp., 3.40%, 01/15/26 (Call 12/15/25)		2,941		2,588,903
Goldman Sachs BDC Inc., 2.88%, 01/15/26 (Call 12/15/25)		1,761		1,592,736
Golub Capital BDC Inc., 2.50%, 08/24/26 (Call 07/24/26)		1,578		1,312,817
Main Street Capital Corp., 3.00%, 07/14/26 (Call 06/14/26)		1,608		1,360,593
Owl Rock Capital Corp.
3.40%, 07/15/26 (Call 06/15/26)		2,768		2,358,115
4.25%, 01/15/26 (Call 12/15/25)		1,475		1,335,952


Security	Par (000)		Value

Holding Companies - Diversified (continued)
OWL Rock Core Income Corp., 3.13%, 09/23/26 (Call 08/23/26)^(a)	$	995	$	831,929
Prospect Capital Corp.
3.36%, 11/15/26 (Call 10/15/26)^(a)		920		746,451
3.71%, 01/22/26 (Call 12/22/25)		1,435		1,233,440
Sixth Street Specialty Lending Inc., 2.50%, 08/01/26 (Call 07/01/26)		773		652,497

				27,685,495

Home Builders — 0.4%
DR Horton Inc., 1.30%, 10/15/26 (Call 09/15/26)		2,113		1,766,046
Lennar Corp., 5.25%, 06/01/26 (Call 12/01/25)^(a)		1,521		1,478,366
PulteGroup Inc., 5.50%, 03/01/26 (Call 12/01/25)^(a)		1,483		1,452,628

				4,697,040

Household Products & Wares — 0.1%
Kimberly-Clark Corp., 2.75%, 02/15/26		1,230		1,148,648


Insurance — 3.0%
Aflac Inc.
1.13%, 03/15/26 (Call 02/15/26)		1,500		1,313,175
2.88%, 10/15/26 (Call 07/15/26)^(a)		1,087		1,002,051
Allstate Corp. (The), 3.28%, 12/15/26 (Call 09/15/26)		1,463		1,360,824
American International Group Inc., 3.90%, 04/01/26 (Call 01/01/26)		2,120		2,019,364
Arch Capital Finance LLC, 4.01%, 12/15/26 (Call 09/15/26)		1,310		1,236,011
Berkshire Hathaway Inc., 3.13%, 03/15/26 (Call 12/15/25)		7,631		7,232,280
Chubb INA Holdings Inc., 3.35%, 05/03/26 (Call 02/03/26)		3,555		3,347,317
CNA Financial Corp., 4.50%, 03/01/26 (Call 12/01/25)^(a)		1,600		1,541,536
Hanover Insurance Group Inc. (The), 4.50%, 04/15/26 (Call 01/15/26)^(a)		1,449		1,388,823
Lincoln National Corp., 3.63%, 12/12/26 (Call 09/15/26)^(a)		995		924,504
Loews Corp., 3.75%, 04/01/26 (Call 01/01/26)		1,736		1,667,879
Manulife Financial Corp., 4.15%, 03/04/26		3,088		2,971,613
Marsh & McLennan Companies Inc., 3.75%, 03/14/26 (Call 12/14/25)^(a)		2,028		1,930,758
Munich Re America Corp., Series B, 7.45%, 12/15/26^(a)		30		32,028
Old Republic International Corp., 3.88%, 08/26/26 (Call 07/26/26)		1,587		1,488,051
Principal Financial Group Inc., 3.10%, 11/15/26 (Call 08/15/26)		1,083		983,786
Prudential Financial Inc., 1.50%, 03/10/26 (Call 02/10/26)^(a)		1,585		1,405,372
Reinsurance Group of America Inc., 3.95%, 09/15/26 (Call 06/15/26)		1,020		967,185
Swiss Re America Holding Corp., 7.00%, 02/15/26		574		601,414
Trinity Acquisition PLC, 4.40%, 03/15/26 (Call 12/15/25)		1,534		1,460,966
Voya Financial Inc., 3.65%, 06/15/26		1,900		1,763,979

				36,638,916
Internet — 1.7%
Alphabet Inc., 2.00%, 08/15/26 (Call 05/15/26)		5,832		5,310,036
Amazon.com Inc., 1.00%, 05/12/26 (Call 04/12/26)		6,560		5,742,821
Baidu Inc., 1.72%, 04/09/26 (Call 03/09/26)		1,500		1,306,845
Booking Holdings Inc., 3.60%, 06/01/26 (Call 03/01/26)^(a)		2,771		2,618,373
eBay Inc., 1.40%, 05/10/26 (Call 04/10/26)		2,448		2,130,445
Expedia Group Inc., 5.00%, 02/15/26 (Call 11/15/25)		2,765		2,672,041
JD.com Inc., 3.88%, 04/29/26		816		756,530

				20,537,091
Iron & Steel — 0.3%
ArcelorMittal SA, 4.55%, 03/11/26^(a)		855		816,739
Steel Dynamics Inc., 5.00%, 12/15/26		1,473		1,420,517
Vale Overseas Ltd., 6.25%, 08/10/26^(a)		1,726		1,754,237

				3,991,493


Security	Par (000)		Value

Lodging — 0.3%
Hyatt Hotels Corp., 4.85%, 03/15/26 (Call 12/15/25)^(a)	$	1,472	$	1,411,515
Marriott International Inc./MD, Series R, 3.13%, 06/15/26 (Call 03/15/26)		2,071		1,892,045

				3,303,560

Machinery — 1.2%
Caterpillar Financial Services Corp.
0.90%, 03/02/26		1,183		1,037,148
1.15%, 09/14/26^(a)		1,137		984,676
2.40%, 08/09/26^(a)		1,590		1,446,709
CNH Industrial Capital LLC
1.45%, 07/15/26 (Call 06/15/26)^(a)		1,655		1,415,257
1.88%, 01/15/26 (Call 12/15/25)		1,498		1,320,577
John Deere Capital Corp.
0.70%, 01/15/26		1,498		1,309,372
1.05%, 06/17/26^(a)		1,497		1,306,222
1.30%, 10/13/26		555		482,362
2.25%, 09/14/26		1,626		1,475,124
2.65%, 06/10/26		1,137		1,052,782
Westinghouse Air Brake Technologies Corp., 3.45%, 11/15/26 (Call 08/15/26)^(a)		2,199		1,983,212
Xylem Inc./NY, 3.25%, 11/01/26 (Call 08/01/26)^(a)		1,355		1,244,581

				15,058,022

Manufacturing — 0.6%
3M Co., 2.25%, 09/19/26 (Call 06/19/26)^(a)		1,971		1,777,783
Illinois Tool Works Inc., 2.65%, 11/15/26 (Call 08/15/26)		3,014		2,769,957
Textron Inc., 4.00%, 03/15/26 (Call 12/15/25)^(a)		1,450		1,381,618
Trane Technologies Luxembourg Finance SA, 3.50%, 03/21/26 (Call 01/21/26)		1,757		1,636,329

				7,565,687

Media — 1.8%
Comcast Corp., 3.15%, 03/01/26 (Call 12/01/25)		5,996		5,634,801
Discovery Communications LLC, 4.90%, 03/11/26 (Call 12/11/25)		1,922		1,824,824
Grupo Televisa SAB, 4.63%, 01/30/26 (Call 10/30/25)		670		640,560
Paramount Global, 4.00%, 01/15/26 (Call 10/15/25)^(a)		2,813		2,640,141
TCI Communications Inc., 7.88%, 02/15/26		1,179		1,271,387
Thomson Reuters Corp., 3.35%, 05/15/26 (Call 02/15/26)		1,644		1,527,539
TWDC Enterprises 18 Corp.
1.85%, 07/30/26^(a)		2,196		1,955,867
3.00%, 02/13/26		1,946		1,819,860
Walt Disney Co. (The)
1.75%, 01/13/26^(a)		3,802		3,443,167
3.38%, 11/15/26 (Call 08/15/26)		1,964		1,834,514

				22,592,660

Mining — 0.1%
BHP Billiton Finance USA Ltd., 6.42%, 03/01/26		630		650,809


Office & Business Equipment — 0.2%
CDW LLC/CDW Finance Corp., 2.67%, 12/01/26 (Call 11/01/26)		2,435		2,101,332


Oil & Gas — 3.1%
BP Capital Markets America Inc.
3.12%, 05/04/26 (Call 02/04/26)		2,670		2,492,498
3.41%, 02/11/26 (Call 12/11/25)^(a)		2,656		2,516,427
Chevron Corp., 2.95%, 05/16/26 (Call 02/16/26)^(a)		6,368		5,977,323
Diamondback Energy Inc., 3.25%, 12/01/26 (Call 10/01/26)		2,187		2,004,604
EOG Resources Inc., 4.15%, 01/15/26 (Call 10/15/25)		2,676		2,597,245
Exxon Mobil Corp.
2.28%, 08/16/26 (Call 06/16/26)^(a)		3,390		3,086,900
3.04%, 03/01/26 (Call 12/01/25)		6,220		5,856,254


Security	Par (000)		Value

Oil & Gas (continued)
Marathon Petroleum Corp., 5.13%, 12/15/26 (Call 09/15/26)^(a)	$	1,695	$	1,666,321
Ovintiv Exploration Inc., 5.38%, 01/01/26 (Call 10/01/25)^(a)		2,550		2,494,997
Phillips 66, 1.30%, 02/15/26 (Call 01/15/26)		1,336		1,167,023
Phillips 66 Co., 3.55%, 10/01/26 (Call 07/01/26)^(d)		1,488		1,375,969
Pioneer Natural Resources Co., 1.13%, 01/15/26 (Call 12/15/25)		244		212,888
Shell International Finance BV
2.50%, 09/12/26		2,568		2,343,249
2.88%, 05/10/26		5,109		4,765,828
Valero Energy Corp., 3.40%, 09/15/26 (Call 06/15/26)		15		13,957

				38,571,483

Oil & Gas Services — 0.3%
Baker Hughes Holdings LLC/Baker Hughes Co-Obligor Inc., 2.06%, 12/15/26 (Call 11/15/26)		1,178		1,031,103
HF Sinclair Corp., 5.88%, 04/01/26^(a)		2,343		2,281,051

				3,312,154

Packaging & Containers — 0.6%
Amcor Finance USA Inc., 3.63%, 04/28/26 (Call 01/28/26)		1,965		1,812,535
Berry Global Inc., 1.57%, 01/15/26 (Call 12/15/25)		3,589		3,112,058
WRKCo Inc., 4.65%, 03/15/26 (Call 01/15/26)		2,636		2,554,126

				7,478,719

Pharmaceuticals — 5.3%
AbbVie Inc.
2.95%, 11/21/26 (Call 09/21/26)		10,194		9,308,039
3.20%, 05/14/26 (Call 02/14/26)		5,098		4,751,285
Astrazeneca Finance LLC, 1.20%, 05/28/26 (Call 04/28/26)		3,300		2,880,141
AstraZeneca PLC, 0.70%, 04/08/26 (Call 03/08/26)^(a)		3,532		3,044,725
Bristol-Myers Squibb Co., 3.20%, 06/15/26 (Call 04/15/26)		4,698		4,435,899
Cigna Corp.
1.25%, 03/15/26 (Call 02/15/26)		2,305		2,013,740
4.50%, 02/25/26 (Call 11/27/25)		3,536		3,452,268
CVS Health Corp.
2.88%, 06/01/26 (Call 03/01/26)		4,448		4,093,984
3.00%, 08/15/26 (Call 06/15/26)		2,191		2,008,468
Johnson & Johnson, 2.45%, 03/01/26 (Call 12/01/25)		5,348		4,997,973
McKesson Corp., 1.30%, 08/15/26 (Call 07/15/26)		1,730		1,487,437
Merck & Co. Inc., 0.75%, 02/24/26 (Call 01/24/26)^(a)		2,826		2,477,017
Pfizer Inc.
2.75%, 06/03/26^(a)		2,946		2,753,420
3.00%, 12/15/26		4,529		4,236,517
Shire Acquisitions Investments Ireland DAC, 3.20%, 09/23/26 (Call 06/23/26)^(a)		8,097		7,446,163
Utah Acquisition Sub Inc., 3.95%, 06/15/26 (Call 03/15/26)		6,132		5,584,045

				64,971,121

Pipelines — 2.7%
Boardwalk Pipelines LP, 5.95%, 06/01/26 (Call 03/01/26)		945		947,155
Enbridge Inc.
1.60%, 10/04/26 (Call 09/04/26)^(a)		1,580		1,357,283
4.25%, 12/01/26 (Call 09/01/26)		2,045		1,933,916
Energy Transfer LP
3.90%, 07/15/26 (Call 04/15/26)		1,798		1,660,345
4.75%, 01/15/26 (Call 10/15/25)		2,978		2,856,468
Enterprise Products Operating LLC, 3.70%, 02/15/26 (Call 11/15/25)^(a)		2,675		2,539,565
Kinder Morgan Inc., 1.75%, 11/15/26 (Call 10/15/26)		983		847,798
Magellan Midstream Partners LP, 5.00%, 03/01/26 (Call 12/01/25)		1,589		1,555,504
MPLX LP, 1.75%, 03/01/26 (Call 02/01/26)		4,321		3,771,628
ONEOK Inc., 5.85%, 01/15/26 (Call 12/15/25)		1,776		1,768,061


Security	Par (000)		Value

Pipelines (continued)
Plains All American Pipeline LP/PAA Finance Corp., 4.50%, 12/15/26 (Call 09/15/26)	$	1,983	$	1,862,830
Sabine Pass Liquefaction LLC, 5.88%, 06/30/26 (Call 12/31/25)		4,117		4,102,138
Spectra Energy Partners LP, 3.38%, 10/15/26 (Call 07/15/26)		1,908		1,748,720
TransCanada PipeLines Ltd., 4.88%, 01/15/26 (Call 10/15/25)^(a)		2,781		2,723,183
Transcontinental Gas Pipe Line Co. LLC, 7.85%, 02/01/26 (Call 11/01/25)		3,512		3,701,999

				33,376,593

Real Estate — 0.2%
CBRE Services Inc., 4.88%, 03/01/26 (Call 12/01/25)^(a)		2,289		2,242,716


Real Estate Investment Trusts — 5.8%
Alexandria Real Estate Equities Inc.
3.80%, 04/15/26 (Call 02/15/26)		960		908,813
4.30%, 01/15/26 (Call 10/15/25)		1,000		962,080
American Tower Corp.
1.45%, 09/15/26 (Call 08/15/26)		2,000		1,684,700
1.60%, 04/15/26 (Call 03/15/26)^(a)		1,780		1,537,351
3.38%, 10/15/26 (Call 07/15/26)		2,307		2,089,265
4.40%, 02/15/26 (Call 11/15/25)^(a)		2,062		1,967,210
AvalonBay Communities Inc.
2.90%, 10/15/26 (Call 07/15/26)		861		777,500
2.95%, 05/11/26 (Call 02/11/26)		1,417		1,293,891
Boston Properties LP
2.75%, 10/01/26 (Call 07/01/26)		2,644		2,341,950
3.65%, 02/01/26 (Call 11/03/25)		3,428		3,193,902
Brixmor Operating Partnership LP, 4.13%, 06/15/26 (Call 03/15/26)		1,845		1,699,946
Corporate Office Properties LP, 2.25%, 03/15/26 (Call 02/15/26)^(a)		1,332		1,151,860
Crown Castle Inc.
1.05%, 07/15/26 (Call 06/15/26)		2,130		1,795,462
3.70%, 06/15/26 (Call 03/15/26)		2,407		2,237,210
4.45%, 02/15/26 (Call 11/15/25)		2,838		2,720,677
CubeSmart LP, 3.13%, 09/01/26 (Call 06/01/26)		940		853,125
EPR Properties, 4.75%, 12/15/26 (Call 09/15/26)		700		604,331
Equinix Inc.
1.45%, 05/15/26 (Call 04/15/26)		2,224		1,913,129
2.90%, 11/18/26 (Call 09/18/26)^(a)		2,007		1,789,120
ERP Operating LP, 2.85%, 11/01/26 (Call 08/01/26)^(a)		1,143		1,034,872
Essex Portfolio LP, 3.38%, 04/15/26 (Call 01/15/26)		1,557		1,435,445
Federal Realty Investment Trust, 1.25%, 02/15/26 (Call 01/15/26)^(a)		631		548,358
GLP Capital LP/GLP Financing II Inc., 5.38%, 04/15/26 (Call 01/15/26)^(a)		2,930		2,796,158
Healthcare Realty Holdings LP, 3.50%, 08/01/26 (Call 05/01/26)		1,667		1,524,122
Healthpeak Properties Inc., 3.25%, 07/15/26 (Call 05/15/26)		1,772		1,628,344
Host Hotels & Resorts LP, Series F, 4.50%, 02/01/26 (Call 11/01/25)		855		798,741
Kimco Realty Corp., 2.80%, 10/01/26 (Call 07/01/26)^(a)		1,315		1,164,512
Kite Realty Group LP, 4.00%, 10/01/26 (Call 07/01/26)^(a)		1,110		1,003,895
LifeStorage LP/CA, 3.50%, 07/01/26 (Call 04/01/26)		1,632		1,513,501
Mid-America Apartments LP, 1.10%, 09/15/26 (Call 08/15/26)		475		401,560
National Retail Properties Inc., 3.60%, 12/15/26 (Call 09/15/26)		1,175		1,073,927
Office Properties Income Trust, 2.65%, 06/15/26 (Call 05/15/26)		1,020		745,702


Security	Par (000)		Value

Real Estate Investment Trusts (continued)
Omega Healthcare Investors Inc., 5.25%, 01/15/26 (Call 10/15/25)^(a)	$	1,511	$	1,445,755
Prologis LP
3.25%, 06/30/26		1,083		1,005,371
3.25%, 10/01/26 (Call 07/01/26)^(a)		970		901,799
Public Storage
0.88%, 02/15/26 (Call 01/15/26)		2,718		2,350,499
1.50%, 11/09/26 (Call 10/09/26)^(a)		690		601,038
Realty Income Corp.
0.75%, 03/15/26 (Call 02/15/26)^(a)		880		750,446
4.13%, 10/15/26 (Call 07/15/26)^(a)		1,213		1,146,770
4.88%, 06/01/26 (Call 03/01/26)^(a)		1,604		1,560,740
Sabra Health Care LP, 5.13%, 08/15/26 (Call 05/15/26)		1,615		1,461,769
Simon Property Group LP
3.25%, 11/30/26 (Call 08/30/26)^(a)		1,865		1,700,936
3.30%, 01/15/26 (Call 10/15/25)		2,472		2,307,192
SITE Centers Corp., 4.25%, 02/01/26 (Call 11/01/25)		921		859,173
Spirit Realty LP, 4.45%, 09/15/26 (Call 06/15/26)^(a)		1,015		954,587
Tanger Properties LP, 3.13%, 09/01/26 (Call 06/01/26)^(a)		1,059		938,613
UDR Inc., 2.95%, 09/01/26 (Call 06/01/26)^(a)		670		603,013
Ventas Realty LP
3.25%, 10/15/26 (Call 07/15/26)		1,046		946,588
4.13%, 01/15/26 (Call 10/15/25)		1,093		1,036,601
Vornado Realty LP, 2.15%, 06/01/26 (Call 05/01/26)^(a)		1,255		1,037,433
Welltower Inc., 4.25%, 04/01/26 (Call 01/01/26)		1,763		1,671,959
WP Carey Inc., 4.25%, 10/01/26 (Call 07/01/26)		913		852,970

				71,323,911

Retail — 2.3%
AutoZone Inc., 3.13%, 04/21/26 (Call 01/21/26)^(a)		1,765		1,644,274
Home Depot Inc. (The)
2.13%, 09/15/26 (Call 06/15/26)^(a)		2,763		2,494,547
3.00%, 04/01/26 (Call 01/01/26)		3,634		3,416,687
Lowe’s Companies Inc., 2.50%, 04/15/26 (Call 01/15/26)		3,816		3,497,020
McDonald’s Corp., 3.70%, 01/30/26 (Call 10/30/25)		4,406		4,230,156
O’Reilly Automotive Inc., 3.55%, 03/15/26 (Call 12/15/25)		1,567		1,486,190
Ross Stores Inc., 0.88%, 04/15/26 (Call 03/15/26)		1,367		1,173,856
Starbucks Corp., 2.45%, 06/15/26 (Call 03/15/26)^(a)		1,519		1,385,708
Target Corp., 2.50%, 04/15/26		2,499		2,309,901
TJX Companies Inc. (The), 2.25%, 09/15/26 (Call 06/15/26)		3,119		2,818,297
Walgreens Boots Alliance Inc., 3.45%, 06/01/26 (Call 03/01/26)		2,661		2,489,818
Walmart Inc., 3.05%, 07/08/26 (Call 05/08/26)^(a)		1,620		1,539,454

				28,485,908

Semiconductors — 2.1%
Analog Devices Inc., 3.50%, 12/05/26 (Call 09/05/26)^(a)		3,498		3,300,118
Broadcom Inc., 3.46%, 09/15/26 (Call 07/15/26)^(a)		2,186		2,007,141
Intel Corp., 2.60%, 05/19/26 (Call 02/19/26)^(a)		3,456		3,197,491
Lam Research Corp., 3.75%, 03/15/26 (Call 01/15/26)		2,731		2,620,531
Marvell Technology Inc., 1.65%, 04/15/26 (Call 03/15/26)^(a)		1,980		1,707,433
Micron Technology Inc., 4.98%, 02/06/26 (Call 12/06/25)		1,400		1,364,986
NVIDIA Corp., 3.20%, 09/16/26 (Call 06/16/26)^(a)		2,865		2,698,687
NXP BV/NXP Funding LLC, 5.35%, 03/01/26 (Call 01/01/26)		1,730		1,696,179
NXP BV/NXP Funding LLC/NXP USA Inc., 3.88%, 06/18/26 (Call 04/18/26)		2,354		2,189,644
Skyworks Solutions Inc., 1.80%, 06/01/26 (Call 05/01/26)		2,023		1,727,258
Texas Instruments Inc., 1.13%, 09/15/26 (Call 08/15/26)		1,800		1,566,522
TSMC Arizona Corp., 1.75%, 10/25/26 (Call 09/25/26)		2,905		2,508,322

				26,584,312


Security	Par (000)		Value

Software — 3.3%
Activision Blizzard Inc., 3.40%, 09/15/26 (Call 06/15/26)	$	3,272	$	3,075,844
Broadridge Financial Solutions Inc., 3.40%, 06/27/26 (Call 03/27/26)^(a)		2,087		1,930,433
Electronic Arts Inc., 4.80%, 03/01/26 (Call 12/01/25)^(a)		1,700		1,685,278
Fidelity National Information Services Inc., 1.15%, 03/01/26 (Call 02/01/26)		3,191		2,754,790
Fiserv Inc., 3.20%, 07/01/26 (Call 05/01/26)^(a)		5,150		4,728,524
Microsoft Corp., 2.40%, 08/08/26 (Call 05/08/26)		9,462		8,754,905
Oracle Corp.
1.65%, 03/25/26 (Call 02/25/26)^(a)		6,608		5,809,093
2.65%, 07/15/26 (Call 04/15/26)		7,306		6,571,382
Roper Technologies Inc., 3.80%, 12/15/26 (Call 09/15/26)		2,356		2,203,472
VMware Inc., 1.40%, 08/15/26 (Call 07/15/26)		3,915		3,344,819

				40,858,540

Telecommunications — 2.7%
AT&T Inc.
1.70%, 03/25/26 (Call 03/25/23)		6,120		5,397,656
2.95%, 07/15/26 (Call 04/15/26)		1,571		1,436,255
3.88%, 01/15/26 (Call 10/15/25)^(a)		1,411		1,354,236
Cisco Systems Inc.
2.50%, 09/20/26 (Call 06/20/26)		3,445		3,185,936
2.95%, 02/28/26		2,346		2,214,647
Rogers Communications Inc., 2.90%, 11/15/26 (Call 08/15/26)^(a)		1,326		1,188,401
T-Mobile USA Inc.
1.50%, 02/15/26 (Call 01/15/26)		2,575		2,261,803
2.25%, 02/15/26 (Call 02/15/23)		4,545		4,082,819
2.63%, 04/15/26 (Call 04/15/23)		3,030		2,735,939
Verizon Communications Inc.
1.45%, 03/20/26 (Call 02/20/26)^(a)		5,035		4,436,792
2.63%, 08/15/26^(a)		5,110		4,648,209

				32,942,693

Toys, Games & Hobbies — 0.1%
Hasbro Inc., 3.55%, 11/19/26 (Call 09/19/26)		1,939		1,777,443


Transportation — 1.5%
Canadian National Railway Co., 2.75%, 03/01/26 (Call 12/01/25)		1,744		1,611,543
Canadian Pacific Railway Co., 1.75%, 12/02/26 (Call 11/02/26)		2,485		2,161,478
CSX Corp., 2.60%, 11/01/26 (Call 08/01/26)^(a)		1,871		1,697,746
FedEx Corp., 3.25%, 04/01/26 (Call 01/01/26)		2,857		2,691,580
JB Hunt Transport Services Inc., 3.88%, 03/01/26 (Call 01/01/26)		2,721		2,608,541
Norfolk Southern Corp., 2.90%, 06/15/26 (Call 03/15/26)^(a)		1,520		1,404,024


Security	Par/ Shares (000)		Value

Transportation (continued)
Ryder System Inc.
1.75%, 09/01/26 (Call 08/01/26)	$	1,090	$	947,940
2.90%, 12/01/26 (Call 10/01/26)		1,018		909,888
Union Pacific Corp., 2.75%, 03/01/26 (Call 12/01/25)		1,585		1,475,920
United Parcel Service Inc., 2.40%, 11/15/26 (Call 08/15/26)		1,347		1,223,521
Walmart Inc., 1.05%, 09/17/26 (Call 08/17/26)		2,110		1,837,578

				18,569,759

Trucking & Leasing — 0.1%
GATX Corp., 3.25%, 09/15/26 (Call 06/15/26)		1,555		1,405,176


Venture Capital — 0.1%
Hercules Capital Inc., 2.63%, 09/16/26 (Call 08/16/26)^(a)		1,015		828,402


Total Long-Term Investments — 98.9% (Cost: $1,343,560,252)				1,222,228,932


Short-Term Securities

Money Market Funds — 4.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 3.29%^(e)(f)(g)		52,933		52,922,169
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%^(e)(f)		6,767		6,767,000


Total Short-Term Securities — 4.8% (Cost: $59,686,572)				59,689,169


Total Investments — 103.7% (Cost: $1,403,246,824)				1,281,918,101

Liabilities in Excess of Other Assets — (3.7)%				(45,459,485	)


Net Assets — 100.0%			$	1,236,458,616

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

^(b)	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.

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

^(d)	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.

^(e)	Affiliate of the Fund.

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

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


Security	Par (000)		Value

Corporate Bonds & Notes

Aerospace & Defense — 1.9%
Boeing Co. (The)
2.70%, 02/01/27 (Call 12/01/26)	$	2,456	$	2,134,264
2.80%, 03/01/27 (Call 12/01/26)		1,306		1,133,686
5.04%, 05/01/27 (Call 03/01/27)^(a)		4,010		3,870,131
General Dynamics Corp.
2.63%, 11/15/27 (Call 08/15/27)		731		650,086
3.50%, 04/01/27 (Call 02/01/27)^(a)		2,447		2,300,571
Lockheed Martin Corp., 5.10%, 11/15/27		45		45,097
Northrop Grumman Corp., 3.20%, 02/01/27 (Call 11/01/26)		1,734		1,597,673
Raytheon Technologies Corp.
3.13%, 05/04/27 (Call 02/04/27)		2,776		2,536,848
3.50%, 03/15/27 (Call 12/15/26)		2,360		2,201,597
7.20%, 08/15/27^(a)		308		333,696

				16,803,649

Agriculture — 1.2%
BAT Capital Corp.
3.56%, 08/15/27 (Call 05/15/27)		6,474		5,666,433
4.70%, 04/02/27 (Call 02/02/27)		2,024		1,884,142
Bunge Ltd. Finance Corp., 3.75%, 09/25/27 (Call 06/25/27)^(a)		1,889		1,727,982
Philip Morris International Inc., 3.13%, 08/17/27 (Call 05/17/27)^(a)		1,608		1,446,910

				10,725,467

Airlines — 1.1%
American Airlines Pass Through Trust, Series 2015-2, Class AA, 3.60%, 03/22/29		202		175,857
Southwest Airlines Co.
3.45%, 11/16/27 (Call 08/16/27)		610		547,621
5.13%, 06/15/27 (Call 04/15/27)		4,500		4,387,635
United Airlines Pass Through Trust, Series 2020-1, Class A, 5.88%, 10/15/27^(a)		4,573		4,402,579

				9,513,692

Apparel — 0.5%
NIKE Inc., 2.75%, 03/27/27 (Call 01/27/27)		2,418		2,217,935
Tapestry Inc., 4.13%, 07/15/27 (Call 04/15/27)^(a)		1,114		1,007,680
VF Corp., 2.80%, 04/23/27 (Call 02/23/27)		1,318		1,168,657

				4,394,272

Auto Manufacturers — 2.5%
American Honda Finance Corp., 2.35%, 01/08/27		1,602		1,424,258
General Motors Co.
4.20%, 10/01/27 (Call 07/01/27)^(a)		1,815		1,661,251
6.80%, 10/01/27 (Call 08/01/27)^(a)		2,254		2,284,745
General Motors Financial Co. Inc.
2.35%, 02/26/27 (Call 01/26/27)		2,095		1,777,209
2.70%, 08/20/27 (Call 06/20/27)^(a)		1,816		1,531,796
4.35%, 01/17/27 (Call 10/17/26)^(a)		2,742		2,527,685
5.00%, 04/09/27 (Call 03/09/27)		2,750		2,600,647
Honda Motor Co. Ltd., 2.53%, 03/10/27 (Call 02/10/27)^(a)		450		402,557
PACCAR Financial Corp., 2.00%, 02/04/27		430		381,096
Toyota Motor Credit Corp.
1.15%, 08/13/27^(a)		2,082		1,730,038
1.90%, 01/13/27		1,015		889,546
3.05%, 03/22/27		2,050		1,876,673
3.20%, 01/11/27		1,463		1,353,158
4.55%, 09/20/27		1,215		1,181,891

				21,622,550

Auto Parts & Equipment — 0.4%
BorgWarner Inc., 2.65%, 07/01/27 (Call 05/01/27)		2,697		2,354,832


Security	Par (000)		Value

Auto Parts & Equipment (continued)
Lear Corp., 3.80%, 09/15/27 (Call 06/15/27)^(a)	$	1,378	$	1,245,560

				3,600,392

Banks — 14.7%
Banco Santander SA
4.25%, 04/11/27		2,325		2,099,382
5.29%, 08/18/27		3,345		3,088,271
Bank of America Corp.
3.25%, 10/21/27 (Call 10/21/26)^(a)		5,227		4,668,861
Series L, 4.18%, 11/25/27 (Call 11/25/26)		4,819		4,418,300
Bank of Montreal
2.65%, 03/08/27^(a)		3,665		3,247,740
Series H, 4.70%, 09/14/27 (Call 08/14/27)		575		550,804
Bank of New York Mellon Corp. (The)
2.05%, 01/26/27 (Call 12/26/26)		2,560		2,249,574
3.25%, 05/16/27 (Call 02/16/27)^(a)		2,301		2,126,423
Bank of Nova Scotia (The)
1.95%, 02/02/27^(a)		2,060		1,779,758
2.95%, 03/11/27		1,170		1,047,969
Canadian Imperial Bank of Commerce, 3.45%, 04/07/27^(a)		2,150		1,961,123
Citigroup Inc., 4.45%, 09/29/27^(a)		8,879		8,273,275
Credit Suisse AG/New York NY, 5.00%, 07/09/27		2,155		1,938,379
Fifth Third Bancorp., 2.55%, 05/05/27 (Call 04/05/27)		2,069		1,808,140
Fifth Third Bank NA, 2.25%, 02/01/27 (Call 01/01/27)		1,529		1,339,817
Goldman Sachs Group Inc. (The)
3.85%, 01/26/27 (Call 01/26/26)		6,889		6,392,992
5.95%, 01/15/27		2,211		2,231,363
ING Groep NV, 3.95%, 03/29/27		2,898		2,633,818
JPMorgan Chase & Co.
3.63%, 12/01/27 (Call 12/01/26)		1,866		1,688,749
4.25%, 10/01/27		4,008		3,764,033
8.00%, 04/29/27		1,830		2,008,150
KeyBank NA/Cleveland OH, 4.39%, 12/14/27		500		472,940
KeyCorp, 2.25%, 04/06/27		2,072		1,780,345
Lloyds Banking Group PLC, 3.75%, 01/11/27		2,868		2,569,585
Manufacturers & Traders Trust Co., 3.40%, 08/17/27		1,460		1,297,064
Mitsubishi UFJ Financial Group Inc.
3.29%, 07/25/27		2,411		2,157,218
3.68%, 02/22/27^(a)		2,226		2,043,535
Mizuho Financial Group Inc.
3.17%, 09/11/27^(a)		2,336		2,044,093
3.66%, 02/28/27^(a)		1,625		1,471,958
Morgan Stanley
3.63%, 01/20/27		6,126		5,651,051
3.95%, 04/23/27^(a)		4,015		3,717,529
National Australia Bank Ltd., 3.91%, 06/09/27		1,190		1,123,408
Northern Trust Corp., 4.00%, 05/10/27 (Call 04/10/27)^(a)		3,080		2,944,449
PNC Bank NA, 3.10%, 10/25/27 (Call 09/25/27)^(a)		2,470		2,228,854
PNC Financial Services Group Inc. (The), 3.15%, 05/19/27 (Call 04/19/27)^(a)		2,309		2,081,725
Royal Bank of Canada
2.05%, 01/21/27^(a)		325		283,754
3.63%, 05/04/27^(a)		2,660		2,450,232
4.24%, 08/03/27		2,625		2,467,132
6.00%, 11/01/27		60		60,376
Santander Holdings USA Inc., 4.40%, 07/13/27 (Call 04/14/27)^(a)		2,707		2,448,238
Sumitomo Mitsui Financial Group Inc.
2.17%, 01/14/27^(a)		1,050		906,518
3.35%, 10/18/27^(a)		1,634		1,454,767
3.36%, 07/12/27		4,083		3,666,289


Security	Par (000)		Value

Banks (continued)
3.45%, 01/11/27	$	2,537	$	2,306,945
Synchrony Bank, 5.63%, 08/23/27 (Call 07/23/27)		1,100		1,037,003
Toronto-Dominion Bank (The)
1.95%, 01/12/27		1,555		1,347,501
2.80%, 03/10/27		2,585		2,305,329
4.11%, 06/08/27		1,975		1,850,575
4.69%, 09/15/27		1,445		1,384,527
Truist Financial Corp., 1.13%, 08/03/27 (Call 06/03/27)^(a)		2,480		2,012,644
U.S. Bancorp., Series X, 3.15%, 04/27/27 (Call 03/27/27)		3,535		3,252,200
Wells Fargo & Co., 4.30%, 07/22/27		5,750		5,374,525
Westpac Banking Corp.
3.35%, 03/08/27^(a)		3,072		2,846,392
4.04%, 08/26/27^(a)		1,400		1,330,084

				129,685,706

Beverages — 1.6%
Coca-Cola Co. (The)
1.45%, 06/01/27^(a)		3,222		2,797,598
2.90%, 05/25/27		1,086		1,003,627
3.38%, 03/25/27		2,458		2,335,911
Constellation Brands Inc.
3.50%, 05/09/27 (Call 02/09/27)^(a)		1,445		1,329,487
4.35%, 05/09/27 (Call 04/09/27)^(a)		620		592,503
Keurig Dr Pepper Inc., 3.43%, 06/15/27 (Call 03/15/27)^(a)		1,285		1,174,567
PepsiCo Inc.
2.63%, 03/19/27 (Call 01/19/27)		1,657		1,510,008
3.00%, 10/15/27 (Call 07/15/27)		3,619		3,342,291

				14,085,992

Biotechnology — 1.6%
Amgen Inc.
2.20%, 02/21/27 (Call 12/21/26)		4,046		3,592,160
3.20%, 11/02/27 (Call 08/02/27)^(a)		2,891		2,652,811
Bio-Rad Laboratories Inc., 3.30%, 03/15/27 (Call 02/15/27)		675		608,107
Gilead Sciences Inc.
1.20%, 10/01/27 (Call 08/01/27)		1,472		1,211,662
2.95%, 03/01/27 (Call 12/01/26)^(a)		3,643		3,315,203
Royalty Pharma PLC, 1.75%, 09/02/27 (Call 07/02/27)^(a)		2,773		2,286,006

				13,665,949

Building Materials — 0.5%
Carrier Global Corp., 2.49%, 02/15/27 (Call 12/15/26)		505		444,723
Lennox International Inc., 1.70%, 08/01/27 (Call 06/01/27)		940		784,543
Martin Marietta Materials Inc.
3.45%, 06/01/27 (Call 03/01/27)		700		640,171
3.50%, 12/15/27 (Call 09/15/27)^(a)		1,595		1,451,578
Masco Corp., 3.50%, 11/15/27 (Call 08/15/27)		663		593,511
Vulcan Materials Co., 3.90%, 04/01/27 (Call 01/01/27)		981		916,430

				4,830,956

Chemicals — 1.8%
Air Products and Chemicals Inc., 1.85%, 05/15/27 (Call 03/15/27)^(a)		1,796		1,567,549
Albemarle Corp., 4.65%, 06/01/27 (Call 05/01/27)		1,260		1,193,825
Celanese U.S. Holdings LLC, 6.17%, 07/15/27 (Call 06/15/27)		4,455		4,209,039
Ecolab Inc.
1.65%, 02/01/27 (Call 01/01/27)^(a)		1,470		1,281,590
3.25%, 12/01/27 (Call 09/01/27)^(a)		1,401		1,288,920
LYB International Finance II BV, 3.50%, 03/02/27 (Call 12/02/26)^(a)		820		743,396
Mosaic Co. (The), 4.05%, 11/15/27 (Call 08/15/27)		671		620,299
RPM International Inc., 3.75%, 03/15/27 (Call 12/15/26)		1,626		1,491,757


Security	Par (000)		Value

Chemicals (continued)
Sherwin-Williams Co. (The), 3.45%, 06/01/27 (Call 03/01/27)^(a)	$	3,726	$	3,421,996

				15,818,371

Commercial Services — 1.1%
Cintas Corp. No. 2, 3.70%, 04/01/27 (Call 01/01/27)^(a)		1,913		1,804,495
Equifax Inc., 5.10%, 12/15/27 (Call 11/15/27)		270		260,296
Global Payments Inc.
2.15%, 01/15/27 (Call 12/15/26)		2,361		2,016,129
4.95%, 08/15/27 (Call 07/15/27)		195		185,425
Leland Stanford Junior University (The), 1.29%, 06/01/27 (Call 04/01/27)		291		248,351
PayPal Holdings Inc., 3.90%, 06/01/27 (Call 05/01/27)^(a)		460		437,143
S&P Global Inc.
2.45%, 03/01/27 (Call 02/01/27)^(b)		2,115		1,894,469
2.95%, 01/22/27 (Call 10/22/26)		1,523		1,393,758
United Rentals North America Inc., 3.88%, 11/15/27^(a)		1,595		1,451,019

				9,691,085

Computers — 3.1%
Apple Inc.
2.90%, 09/12/27 (Call 06/12/27)^(a)		3,889		3,576,441
3.00%, 06/20/27 (Call 03/20/27)		1,449		1,352,250
3.00%, 11/13/27 (Call 08/13/27)		2,762		2,555,568
3.20%, 05/11/27 (Call 02/11/27)		3,778		3,539,873
3.35%, 02/09/27 (Call 11/09/26)		4,592		4,355,650
Dell International LLC/EMC Corp., 6.10%, 07/15/27 (Call 05/15/27)^(a)		1,755		1,756,439
HP Inc., 3.00%, 06/17/27 (Call 04/17/27)^(a)		2,423		2,136,335
International Business Machines Corp.
1.70%, 05/15/27 (Call 03/15/27)		2,474		2,127,096
2.20%, 02/09/27 (Call 01/09/27)		1,510		1,337,331
3.30%, 01/27/27		1,112		1,030,757
4.15%, 07/27/27 (Call 06/27/27)^(a)		1,215		1,161,102
6.22%, 08/01/27^(a)		830		866,014
NetApp Inc., 2.38%, 06/22/27 (Call 04/22/27)^(a)		1,658		1,463,351

				27,258,207

Cosmetics & Personal Care — 1.1%
Colgate-Palmolive Co., 3.10%, 08/15/27 (Call 07/15/27)		225		210,371
Estee Lauder Companies Inc. (The), 3.15%, 03/15/27 (Call 12/15/26)		1,216		1,125,396
GSK Consumer Healthcare Capital U.S. LLC, 3.38%, 03/24/27		1,955		1,768,115
Procter & Gamble Co. (The)
1.90%, 02/01/27^(a)		1,215		1,089,964
2.80%, 03/25/27		1,419		1,308,488
2.85%, 08/11/27^(a)		2,243		2,063,403
Unilever Capital Corp., 2.90%, 05/05/27 (Call 02/05/27)^(a)		2,495		2,279,207

				9,844,944

Diversified Financial Services — 6.6%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
3.65%, 07/21/27 (Call 04/21/27)		2,177		1,900,652
4.63%, 10/15/27 (Call 08/15/27)^(a)		1,280		1,150,976
Air Lease Corp.
2.20%, 01/15/27 (Call 12/15/26)^(a)		1,765		1,477,252
3.63%, 04/01/27 (Call 01/01/27)^(a)		1,168		1,029,242
3.63%, 12/01/27 (Call 09/01/27)		1,135		974,034
Ally Financial Inc., 4.75%, 06/09/27 (Call 05/09/27)^(a)		2,080		1,902,285
American Express Co.
2.55%, 03/04/27 (Call 02/01/27)		3,530		3,101,846
3.30%, 05/03/27		3,288		2,979,586
5.85%, 11/05/27		580		579,582


Security	Par (000)		Value

Diversified Financial Services (continued)
American Express Credit Corp., 3.30%, 05/03/27 (Call 04/03/27)	$	305	$	278,740
Andrew W Mellon Foundation (The), Series 2020, 0.95%, 08/01/27 (Call 06/01/27)		6		5,040
Capital One Financial Corp.
3.65%, 05/11/27 (Call 04/11/27)^(a)		2,477		2,242,403
3.75%, 03/09/27 (Call 02/09/27)		3,304		3,013,050
Cboe Global Markets Inc., 3.65%, 01/12/27 (Call 10/12/26)^(a)		1,818		1,701,593
Charles Schwab Corp. (The)
2.45%, 03/03/27 (Call 02/03/27)		4,075		3,639,708
3.20%, 03/02/27 (Call 12/02/26)		1,488		1,368,826
3.30%, 04/01/27 (Call 01/01/27)^(a)		1,396		1,286,456
Discover Financial Services, 4.10%, 02/09/27 (Call 11/09/26)		2,744		2,499,043
Eaton Vance Corp., 3.50%, 04/06/27 (Call 01/06/27)		844		770,867
Intercontinental Exchange Inc.
3.10%, 09/15/27 (Call 06/15/27)		1,676		1,520,836
4.00%, 09/15/27 (Call 08/15/27)		3,155		2,989,079
Jefferies Group LLC, 6.45%, 06/08/27		886		891,431
Jefferies Group LLC/Jefferies Group Capital Finance Inc., 4.85%, 01/15/27^(a)		1,967		1,847,249
Lazard Group LLC, 3.63%, 03/01/27 (Call 12/01/26)		676		617,600
Mastercard Inc., 3.30%, 03/26/27 (Call 01/26/27)		3,064		2,874,921
Morgan Stanley Domestic Holdings Inc., 3.80%, 08/24/27 (Call 05/24/27)		1,018		930,360
Nomura Holdings Inc.
2.33%, 01/22/27		2,696		2,296,102
5.39%, 07/06/27		1,190		1,142,828
ORIX Corp.
3.70%, 07/18/27^(a)		752		688,915
5.00%, 09/13/27		1,055		1,021,071
Radian Group Inc., 4.88%, 03/15/27 (Call 09/15/26)		1,045		924,721
Synchrony Financial, 3.95%, 12/01/27 (Call 09/01/27)		2,446		2,105,346
Visa Inc.
0.75%, 08/15/27 (Call 06/15/27)^(a)		1,297		1,080,634
1.90%, 04/15/27 (Call 02/15/27)^(a)		3,783		3,339,973
2.75%, 09/15/27 (Call 06/15/27)		2,394		2,176,266

				58,348,513

Electric — 5.7%
Alabama Power Co., 3.75%, 09/01/27 (Call 08/01/27)		540		508,156
Ameren Corp., 1.95%, 03/15/27 (Call 02/15/27)		1,335		1,146,391
American Electric Power Co. Inc.
3.20%, 11/13/27 (Call 08/13/27)^(a)		1,621		1,453,016
5.75%, 11/01/27		200		199,470
Appalachian Power Co., Series X, 3.30%, 06/01/27 (Call 03/01/27)		882		806,792
Arizona Public Service Co., 2.95%, 09/15/27 (Call 06/15/27)		394		348,410
Black Hills Corp., 3.15%, 01/15/27 (Call 07/15/26)		1,177		1,062,631
CenterPoint Energy Houston Electric LLC, Series AA, 3.00%, 02/01/27 (Call 11/01/26)		719		662,595
CMS Energy Corp., 3.45%, 08/15/27 (Call 05/15/27)		993		896,371
Commonwealth Edison Co., Series 122, 2.95%, 08/15/27 (Call 05/15/27)		786		708,878
Connecticut Light & Power Co. (The), Series A, 3.20%, 03/15/27 (Call 12/15/26)		942		868,929
Consolidated Edison Co. of New York Inc., Series B, 3.13%, 11/15/27 (Call 08/15/27)^(a)		747		674,160
Dominion Energy Inc., Series B, 3.60%, 03/15/27 (Call 01/15/27)^(a)		592		549,121
Duke Energy Corp., 3.15%, 08/15/27 (Call 05/15/27)		1,729		1,559,662
Duke Energy Florida LLC, 3.20%, 01/15/27 (Call 10/15/26)^(a)		1,505		1,396,234
Edison International, 5.75%, 06/15/27 (Call 04/15/27)^(a)		2,048		2,000,486


Security	Par (000)		Value

Electric (continued)
Entergy Louisiana LLC, 3.12%, 09/01/27 (Call 06/01/27)	$	1,077	$	971,583
Evergy Kansas Central Inc., 3.10%, 04/01/27 (Call 01/01/27)		580		531,031
Eversource Energy
2.90%, 03/01/27 (Call 02/01/27)		1,290		1,157,143
4.60%, 07/01/27 (Call 06/01/27)^(a)		575		552,150
Exelon Corp., 2.75%, 03/15/27 (Call 02/15/27)^(a)(b)		1,085		972,659
Georgia Power Co., 3.25%, 03/30/27 (Call 12/30/26)		1,051		950,346
Gulf Power Co., Series A, 3.30%, 05/30/27 (Call 02/28/27)		792		730,050
ITC Holdings Corp., 3.35%, 11/15/27 (Call 08/15/27)^(a)		1,410		1,271,200
MidAmerican Energy Co., 3.10%, 05/01/27 (Call 02/01/27)		929		856,036
National Rural Utilities Cooperative Finance Corp., 3.05%, 04/25/27 (Call 01/25/27)^(a)		915		831,790
NextEra Energy Capital Holdings Inc.
1.88%, 01/15/27 (Call 12/15/26)		1,690		1,462,475
3.55%, 05/01/27 (Call 02/01/27)		3,968		3,661,036
4.63%, 07/15/27 (Call 06/15/27)		780		750,578
NSTAR Electric Co., 3.20%, 05/15/27 (Call 02/15/27)^(a)		1,285		1,182,020
Pacific Gas and Electric Co.
2.10%, 08/01/27 (Call 06/01/27)^(a)		1,898		1,559,378
3.30%, 03/15/27 (Call 12/15/26)		1,115		964,876
3.30%, 12/01/27 (Call 09/01/27)		2,547		2,162,632
5.45%, 06/15/27 (Call 05/15/27)		1,175		1,109,658
Public Service Electric & Gas Co., 3.00%, 05/15/27 (Call 02/15/27)		1,058		967,266
Sempra Energy, 3.25%, 06/15/27 (Call 03/15/27)^(a)		2,218		2,006,358
Southern California Edison Co., Series D, 4.70%, 06/01/27 (Call 05/01/27)		680		659,274
Southern Co. (The), 5.11%, 08/01/27		2,060		2,003,206
Union Electric Co., 2.95%, 06/15/27 (Call 03/15/27)		1,039		942,061
Virginia Electric & Power Co.
Series A, 3.50%, 03/15/27 (Call 12/15/26)^(a)		2,024		1,886,732
Series B, 3.75%, 05/15/27 (Call 04/15/27)		1,610		1,511,017
WEC Energy Group Inc.
1.38%, 10/15/27 (Call 08/15/27)^(a)		1,576		1,293,660
5.15%, 10/01/27 (Call 09/01/27)		245		241,026
Wisconsin Power and Light Co., 3.05%, 10/15/27 (Call 07/15/27)^(a)		797		722,863
Xcel Energy Inc., 1.75%, 03/15/27 (Call 02/15/27)		1,276		1,094,821

				49,846,227

Electrical Components & Equipment — 0.1%
Emerson Electric Co., 1.80%, 10/15/27 (Call 08/15/27)		1,163		997,819


Electronics — 0.8%
Allegion U.S. Holding Co. Inc., 3.55%, 10/01/27 (Call 07/01/27)		1,110		982,960
Honeywell International Inc., 1.10%, 03/01/27 (Call 02/01/27)^(a)		2,273		1,952,462
Hubbell Inc., 3.15%, 08/15/27 (Call 05/15/27)		785		705,841
Jabil Inc., 4.25%, 05/15/27 (Call 04/15/27)		1,225		1,135,158
Keysight Technologies Inc., 4.60%, 04/06/27 (Call 01/06/27)		1,708		1,635,171
Tyco Electronics Group SA, 3.13%, 08/15/27 (Call 05/15/27)		1,087		990,040

				7,401,632

Entertainment — 0.8%
Magallanes Inc., 3.76%, 03/15/27 (Call 02/15/27)^(b)		7,920		7,048,642


Environmental Control — 0.3%
Republic Services Inc., 3.38%, 11/15/27 (Call 08/15/27)		1,820		1,656,309
Waste Management Inc., 3.15%, 11/15/27 (Call 08/15/27)^(a)		1,246		1,136,577

				2,792,886

Food — 2.1%
Conagra Brands Inc., 1.38%, 11/01/27 (Call 09/01/27)		2,609		2,106,428


Security	Par (000)		Value

Food (continued)
General Mills Inc., 3.20%, 02/10/27 (Call 11/10/26)^(a)	$	1,828	$	1,696,219
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance Inc., 2.50%, 01/15/27 (Call 12/15/26)^(b)		200		170,578
JM Smucker Co. (The), 3.38%, 12/15/27 (Call 09/15/27)^(a)		1,200		1,085,568
Kellogg Co., 3.40%, 11/15/27 (Call 08/15/27)		1,439		1,313,663
Kraft Heinz Foods Co., 3.88%, 05/15/27 (Call 02/15/27)^(a)		3,335		3,126,296
Kroger Co. (The), 3.70%, 08/01/27 (Call 05/01/27)^(a)		1,272		1,176,816
McCormick & Co. Inc./MD, 3.40%, 08/15/27 (Call 05/15/27)^(a)		1,905		1,734,541
Mondelez International Inc., 2.63%, 03/17/27		1,565		1,394,133
Sysco Corp., 3.25%, 07/15/27 (Call 04/15/27)		1,869		1,691,520
Tyson Foods Inc., 3.55%, 06/02/27 (Call 03/02/27)		2,905		2,674,256

				18,170,018

Forest Products & Paper — 0.2%
Celulosa Arauco y Constitucion SA, 3.88%, 11/02/27 (Call 08/02/27)		931		813,871
Fibria Overseas Finance Ltd., 5.50%, 01/17/27^(a)		1,233		1,186,158

				2,000,029

Gas — 0.5%
Atmos Energy Corp., 3.00%, 06/15/27 (Call 03/15/27)		714		650,533
National Fuel Gas Co., 3.95%, 09/15/27 (Call 06/15/27)^(a)		460		407,624
NiSource Inc., 3.49%, 05/15/27 (Call 02/15/27)		2,523		2,308,696
Southern California Gas Co., 2.95%, 04/15/27 (Call 03/15/27)		1,115		1,008,072

				4,374,925

Hand & Machine Tools — 0.0%
Snap-on Inc., 3.25%, 03/01/27 (Call 12/01/26)		36		33,659


Health Care - Products — 0.4%
Baxter International Inc., 1.92%, 02/01/27 (Call 01/01/27)		3,826		3,289,633


Health Care - Services — 2.4%
Centene Corp., 4.25%, 12/15/27 (Call 12/15/22)		623		574,730
Elevance Health Inc., 3.65%, 12/01/27 (Call 09/01/27)		3,539		3,275,345
HCA Inc.
3.13%, 03/15/27 (Call 02/15/27)^(b)		1,925		1,704,838
4.50%, 02/15/27 (Call 08/15/26)		2,248		2,105,432
Humana Inc.
1.35%, 02/03/27 (Call 01/03/27)		1,619		1,357,062
3.95%, 03/15/27 (Call 12/15/26)		1,529		1,431,786
Kaiser Foundation Hospitals, 3.15%, 05/01/27 (Call 02/01/27)		1,721		1,576,694
Laboratory Corp. of America Holdings, 3.60%, 09/01/27 (Call 06/01/27)^(a)		1,412		1,299,774
SSM Health Care Corp., Series A, 3.82%, 06/01/27 (Call 03/01/27)		1,140		1,064,395
UnitedHealth Group Inc.
3.70%, 05/15/27 (Call 04/15/27)		1,320		1,248,746
2.95%, 10/15/27^(a)		2,095		1,896,583
3.38%, 04/15/27		1,369		1,277,797
3.45%, 01/15/27^(a)		2,517		2,363,992

				21,177,174

Holding Companies - Diversified — 1.3%
Ares Capital Corp., 2.88%, 06/15/27 (Call 05/15/27)^(a)		1,535		1,263,719
Blackstone Private Credit Fund, 3.25%, 03/15/27 (Call 02/15/27)		2,290		1,900,105
Blackstone Secured Lending Fund, 2.13%, 02/15/27 (Call 01/15/27)^(a)		1,490		1,198,690
FS KKR Capital Corp.
2.63%, 01/15/27 (Call 12/15/26)		1,055		849,697
3.25%, 07/15/27 (Call 06/15/27)		885		725,576
Golub Capital BDC Inc., 2.05%, 02/15/27 (Call 01/15/27)		945		755,972
Morgan Stanley Direct Lending Fund, 4.50%, 02/11/27 (Call 01/11/27)^(a)		326		292,474


Security	Par (000)		Value

Holding Companies - Diversified (continued)
Oaktree Specialty Lending Corp., 2.70%, 01/15/27 (Call 12/15/26)^(a)	$	890	$	738,905
Owl Rock Capital Corp., 2.63%, 01/15/27 (Call 12/15/26)		1,345		1,075,986
Owl Rock Capital Corp. III, 3.13%, 04/13/27 (Call 03/13/27)		765		615,251
OWL Rock Core Income Corp.
4.70%, 02/08/27 (Call 01/08/27)		459		401,056
7.75%, 09/16/27 (Call 08/16/27)^(b)		640		624,218
Owl Rock Technology Finance Corp., 2.50%, 01/15/27 (Call 12/15/26)		855		685,736

				11,127,385

Home Builders — 0.8%
DR Horton Inc., 1.40%, 10/15/27 (Call 08/15/27)^(a)		1,504		1,209,863
Lennar Corp.
4.75%, 11/29/27 (Call 05/29/27)		2,246		2,078,224
5.00%, 06/15/27 (Call 12/15/26)		976		917,811
PulteGroup Inc., 5.00%, 01/15/27 (Call 10/15/26)^(a)		1,266		1,217,651
Toll Brothers Finance Corp., 4.88%, 03/15/27 (Call 12/15/26)		1,386		1,277,823

				6,701,372

Home Furnishings — 0.2%
Leggett & Platt Inc., 3.50%, 11/15/27 (Call 08/15/27)		1,538		1,374,234


Household Products & Wares — 0.4%
Church & Dwight Co. Inc., 3.15%, 08/01/27 (Call 05/01/27)^(a)		1,430		1,305,705
Clorox Co. (The), 3.10%, 10/01/27 (Call 07/01/27)		1,379		1,249,043
Kimberly-Clark Corp., 1.05%, 09/15/27 (Call 07/15/27)		1,640		1,369,285

				3,924,033

Insurance — 2.1%
American Equity Investment Life Holding Co., 5.00%, 06/15/27 (Call 03/15/27)		1,353		1,267,057
Aon Corp., 8.21%, 01/01/27		735		769,508
Aon Corp./Aon Global Holdings PLC, 2.85%, 05/28/27 (Call 04/28/27)		1,230		1,092,006
AXIS Specialty Finance PLC, 4.00%, 12/06/27 (Call 09/06/27)		863		790,258
Berkshire Hathaway Finance Corp., 2.30%, 03/15/27 (Call 02/15/27)^(a)		515		465,416
Brighthouse Financial Inc., 3.70%, 06/22/27 (Call 03/22/27)		1,580		1,430,090
CNA Financial Corp., 3.45%, 08/15/27		1,815		1,640,542
Corebridge Financial Inc., 3.65%, 04/05/27 (Call 03/05/27)^(b)		2,955		2,679,889
Jackson Financial Inc., 5.17%, 06/08/27 (Call 05/08/27)^(a)		555		530,336
Manulife Financial Corp., 2.48%, 05/19/27 (Call 03/19/27)		1,408		1,249,009
Markel Corp., 3.50%, 11/01/27 (Call 08/01/27)		1,329		1,192,485
Mercury General Corp., 4.40%, 03/15/27 (Call 12/15/26)		921		838,718
Progressive Corp. (The)
2.45%, 01/15/27		864		776,511
2.50%, 03/15/27 (Call 02/15/27)		1,295		1,156,461
RenaissanceRe Finance Inc., 3.45%, 07/01/27 (Call 04/01/27)^(a)		831		760,548
Willis North America Inc., 4.65%, 06/15/27 (Call 05/15/27)		1,820		1,714,677

				18,353,511

Internet — 3.0%
Alibaba Group Holding Ltd., 3.40%, 12/06/27 (Call 09/06/27)^(a)		4,196		3,605,665
Alphabet Inc., 0.80%, 08/15/27 (Call 06/15/27)^(a)		3,137		2,641,856
Amazon.com Inc.
1.20%, 06/03/27 (Call 04/03/27)		4,004		3,408,245
3.15%, 08/22/27 (Call 05/22/27)^(a)		7,105		6,579,372
3.30%, 04/13/27 (Call 03/13/27)		2,195		2,059,656
Baidu Inc.
1.63%, 02/23/27 (Call 01/23/27)		130		107,486
3.63%, 07/06/27^(a)		1,265		1,130,088


Security	Par (000)		Value

Internet (continued)
eBay Inc., 3.60%, 06/05/27 (Call 03/05/27)^(a)	$	2,314	$	2,128,903
Expedia Group Inc., 4.63%, 08/01/27 (Call 05/01/27)		1,787		1,673,222
Meta Platforms Inc., 3.50%, 08/15/27 (Call 07/15/27)^(b)		2,775		2,549,392
VeriSign Inc., 4.75%, 07/15/27^(a)		815		784,022

				26,667,907

Iron & Steel — 0.2%
Nucor Corp., 4.30%, 05/23/27 (Call 04/23/27)		715		681,538
Steel Dynamics Inc., 1.65%, 10/15/27 (Call 08/15/27)		961		783,859

				1,465,397

Lodging — 0.0%
Marriott International Inc./MD, 5.00%, 10/15/27 (Call 09/15/27)		220		211,827


Machinery — 1.1%
Caterpillar Financial Services Corp.
1.10%, 09/14/27		1,632		1,361,855
1.70%, 01/08/27^(a)		565		495,562
3.60%, 08/12/27		1,320		1,237,936
CNH Industrial NV, 3.85%, 11/15/27 (Call 08/15/27)		1,344		1,216,925
John Deere Capital Corp.
1.70%, 01/11/27		1,186		1,040,110
1.75%, 03/09/27		1,312		1,141,466
2.35%, 03/08/27^(a)		1,075		963,490
2.80%, 09/08/27		1,204		1,086,056
Otis Worldwide Corp., 2.29%, 04/05/27 (Call 02/05/27)^(a⁾		1,041		913,946

				9,457,346

Manufacturing — 0.9%
3M Co., 2.88%, 10/15/27 (Call 07/15/27)^(a)		1,654		1,489,890
Carlisle Companies Inc., 3.75%, 12/01/27 (Call 09/01/27)		1,700		1,550,876
Eaton Corp., 3.10%, 09/15/27 (Call 06/15/27)		1,816		1,650,599
Parker-Hannifin Corp.
3.25%, 03/01/27 (Call 12/01/26)		1,701		1,553,932
4.25%, 09/15/27 (Call 08/15/27)^(a)		510		483,669
Textron Inc., 3.65%, 03/15/27 (Call 12/15/26)		1,541		1,404,883

				8,133,849

Media — 1.7%
Comcast Corp.
2.35%, 01/15/27 (Call 10/15/26)^(a)		3,326		2,972,712
3.30%, 02/01/27 (Call 11/01/26)		3,163		2,929,413
3.30%, 04/01/27 (Call 02/01/27)		1,909		1,762,675
FactSet Research Systems Inc., 2.90%, 03/01/27 (Call 02/01/27)		1,895		1,693,751
Paramount Global, 2.90%, 01/15/27 (Call 10/15/26)		2,220		1,955,598
TWDC Enterprises 18 Corp., 2.95%, 06/15/27^(a)		2,306		2,110,820
Walt Disney Co. (The), 3.70%, 03/23/27		1,681		1,585,805

				15,010,774

Mining — 0.3%
Freeport-McMoRan Inc., 5.00%, 09/01/27^(a)		1,600		1,528,752
Kinross Gold Corp., 4.50%, 07/15/27 (Call 04/15/27)		1,491		1,382,068

				2,910,820

Oil & Gas — 2.9%
BP Capital Markets America Inc.
3.02%, 01/16/27 (Call 10/16/26)		2,203		2,014,511
3.54%, 04/06/27 (Call 02/06/27)		1,301		1,211,699
3.59%, 04/14/27 (Call 01/14/27)		1,685		1,572,476
BP Capital Markets PLC, 3.28%, 09/19/27 (Call 06/19/27)^(a)		3,157		2,884,456
Canadian Natural Resources Ltd., 3.85%, 06/01/27 (Call 03/01/27)		3,033		2,799,277
Cenovus Energy Inc., 4.25%, 04/15/27 (Call 01/15/27)^(a)		15		14,075


Security	Par (000)		Value

Oil & Gas (continued)
Chevron Corp., 2.00%, 05/11/27 (Call 03/11/27)	$	2,218	$	1,962,775
Chevron USA Inc., 1.02%, 08/12/27 (Call 06/12/27)		2,015		1,693,084
Coterra Energy Inc., 3.90%, 05/15/27 (Call 02/15/27)^(a)(b)		1,539		1,419,019
Devon Energy Corp., 5.25%, 10/15/27		658		653,124
Eni USA Inc., 7.30%, 11/15/27^(a)		557		582,895
EQT Corp., 3.90%, 10/01/27 (Call 07/01/27)		1,531		1,376,002
Exxon Mobil Corp., 3.29%, 03/19/27 (Call 01/19/27)^(a)		2,025		1,901,191
Hess Corp., 4.30%, 04/01/27 (Call 01/01/27)		2,047		1,917,855
Marathon Oil Corp., 4.40%, 07/15/27 (Call 04/15/27)^(a)		2,524		2,354,135
Valero Energy Corp., 2.15%, 09/15/27 (Call 07/15/27)		1,440		1,236,182

				25,592,756

Oil & Gas Services — 0.3%
Baker Hughes Holdings LLC/Baker Hughes Co-Obligor Inc., 3.34%, 12/15/27 (Call 09/15/27)		3,281		2,942,138


Packaging & Containers — 0.5%
Berry Global Inc., 1.65%, 01/15/27 (Call 12/15/26)^(a)		1,471		1,213,163
Packaging Corp. of America, 3.40%, 12/15/27 (Call 09/15/27)		1,421		1,278,744
Sonoco Products Co., 2.25%, 02/01/27 (Call 01/01/27)		891		778,948
WRKCo Inc., 3.38%, 09/15/27 (Call 06/15/27)		1,109		992,699

				4,263,554

Pharmaceuticals — 4.6%
AmerisourceBergen Corp., 3.45%, 12/15/27 (Call 09/15/27)^(a)		2,184		1,994,079
AstraZeneca PLC, 3.13%, 06/12/27 (Call 03/12/27)^(a)		1,999		1,840,079
Becton Dickinson and Co., 3.70%, 06/06/27 (Call 03/06/27)		3,874		3,598,985
Bristol-Myers Squibb Co.
1.13%, 11/13/27 (Call 09/13/27)^(a)		2,039		1,694,287
3.25%, 02/27/27		110		102,954
3.45%, 11/15/27 (Call 08/15/27)		705		656,848
Cardinal Health Inc., 3.41%, 06/15/27 (Call 03/15/27)		2,812		2,575,736
Cigna Corp.
3.05%, 10/15/27 (Call 07/15/27)		1,240		1,111,102
3.40%, 03/01/27 (Call 12/01/26)		3,475		3,199,224
CVS Health Corp.
1.30%, 08/21/27 (Call 06/21/27)		5,047		4,184,518
3.63%, 04/01/27 (Call 02/01/27)		1,658		1,543,896
6.25%, 06/01/27		822		851,165
Eli Lilly & Co.
3.10%, 05/15/27 (Call 02/15/27)^(a)		848		791,540
5.50%, 03/15/27^(a)		145		149,117
Johnson & Johnson
0.95%, 09/01/27 (Call 07/01/27)^(a)		3,726		3,155,140
2.95%, 03/03/27 (Call 12/03/26)		2,035		1,895,073
Merck & Co. Inc., 1.70%, 06/10/27 (Call 05/10/27)^(a)		3,541		3,085,592
Novartis Capital Corp.
2.00%, 02/14/27 (Call 12/14/26)^(a)		2,845		2,543,658
3.10%, 05/17/27 (Call 02/17/27)		2,274		2,118,231
Viatris Inc., 2.30%, 06/22/27 (Call 04/22/27)^(a)		1,836		1,501,646
Zoetis Inc., 3.00%, 09/12/27		2,186		1,962,307

				40,555,177

Pipelines — 3.6%
Boardwalk Pipelines LP, 4.45%, 07/15/27 (Call 04/15/27)		1,239		1,145,703
Cheniere Corpus Christi Holdings LLC, 5.13%, 06/30/27 (Call 01/01/27)		3,452		3,370,740
DCP Midstream Operating LP, 5.63%, 07/15/27 (Call 04/15/27)		695		674,407
Enbridge Inc., 3.70%, 07/15/27 (Call 04/15/27)^(a)		1,889		1,734,669
Energy Transfer LP
4.00%, 10/01/27 (Call 07/01/27)		1,828		1,655,254
4.20%, 04/15/27 (Call 01/15/27)		1,126		1,036,235


Security	Par (000)		Value

Pipelines (continued)
4.40%, 03/15/27 (Call 12/15/26)	$	1,772	$	1,647,322
5.50%, 06/01/27 (Call 03/01/27)		2,276		2,215,254
Enterprise Products Operating LLC, 3.95%, 02/15/27 (Call 11/15/26)^(a)		1,548		1,460,259
MPLX LP
4.13%, 03/01/27 (Call 12/01/26)		3,017		2,803,517
4.25%, 12/01/27 (Call 09/01/27)^(a)		1,865		1,721,563
Northwest Pipeline LLC, 4.00%, 04/01/27 (Call 01/01/27)^(a)		1,150		1,066,257
ONEOK Inc., 4.00%, 07/13/27 (Call 04/13/27)		1,598		1,448,779
Sabine Pass Liquefaction LLC, 5.00%, 03/15/27 (Call 09/15/26)^(a)		3,735		3,599,195
Targa Resources Corp., 5.20%, 07/01/27 (Call 06/01/27)		800		771,104
Targa Resources Partners LP/Targa Resources Partners Finance Corp., 6.50%, 07/15/27^(a)		780		773,924
TC PipeLines LP, 3.90%, 05/25/27 (Call 02/25/27)		934		869,292
Tennessee Gas Pipeline Co. LLC, 7.00%, 03/15/27		833		863,038
Williams Companies Inc. (The), 3.75%, 06/15/27 (Call 03/15/27)^(a)		3,264		2,997,462

				31,853,974

Real Estate Investment Trusts — 5.3%
Alexandria Real Estate Equities Inc., 3.95%, 01/15/27 (Call 10/15/26)		1,159		1,086,076
American Tower Corp.
2.75%, 01/15/27 (Call 11/15/26)		1,893		1,658,287
3.13%, 01/15/27 (Call 10/15/26)		1,078		960,638
3.55%, 07/15/27 (Call 04/15/27)^(a)		1,910		1,709,049
3.65%, 03/15/27 (Call 02/15/27)^(a)		1,215		1,099,551
AvalonBay Communities Inc., 3.35%, 05/15/27 (Call 02/15/27)		926		843,493
Brandywine Operating Partnership LP, 3.95%, 11/15/27 (Call 08/15/27)^(a)		1,240		1,072,116
Brixmor Operating Partnership LP, 3.90%, 03/15/27 (Call 12/15/26)		871		780,869
Crown Castle Inc.
3.65%, 09/01/27 (Call 06/01/27)^(a)		2,730		2,469,340
4.00%, 03/01/27 (Call 12/01/26)^(a)		1,602		1,484,782
Crown Castle International Corp., 2.90%, 03/15/27 (Call 02/15/27)		1,210		1,069,434
Digital Realty Trust LP, 3.70%, 08/15/27 (Call 05/15/27)^(a)		2,309		2,102,090
EPR Properties, 4.50%, 06/01/27 (Call 03/01/27)		600		498,462
Equinix Inc., 1.80%, 07/15/27 (Call 05/15/27)		1,658		1,380,401
ERP Operating LP, 3.25%, 08/01/27 (Call 05/01/27)		1,132		1,007,684
Essex Portfolio LP, 3.63%, 05/01/27 (Call 02/01/27)		550		502,095
Federal Realty Investment Trust, 3.25%, 07/15/27 (Call 04/15/27)		956		859,970
Healthcare Realty Holdings LP, 3.75%, 07/01/27 (Call 04/01/27)^(a)		1,411		1,283,516
Healthpeak Properties Inc., 1.35%, 02/01/27 (Call 01/01/27)^(a)		786		661,474
Highwoods Realty LP, 3.88%, 03/01/27 (Call 12/01/26)^(a)		675		610,186
Hudson Pacific Properties LP, 3.95%, 11/01/27 (Call 08/01/27)		566		475,797
Kimco Realty Corp., 3.80%, 04/01/27 (Call 01/01/27)		445		406,806
Life Storage LP, 3.88%, 12/15/27 (Call 09/15/27)^(a)		996		902,057
Mid-America Apartments LP, 3.60%, 06/01/27 (Call 03/01/27)		1,478		1,354,868
National Retail Properties Inc., 3.50%, 10/15/27 (Call 07/15/27)		720		640,699
Office Properties Income Trust, 2.40%, 02/01/27 (Call 01/01/27)		918		631,749
Omega Healthcare Investors Inc., 4.50%, 04/01/27 (Call 01/01/27)^(a)		1,161		1,057,276
Physicians Realty LP, 4.30%, 03/15/27 (Call 12/15/26)^(a)		595		552,630


Security	Par (000)		Value

Real Estate Investment Trusts (continued)
Prologis LP
2.13%, 04/15/27 (Call 02/15/27)	$	1,258	$	1,104,511
3.38%, 12/15/27		791		722,357
Public Storage, 3.09%, 09/15/27 (Call 06/15/27)		1,311		1,188,933
Realty Income Corp.
3.00%, 01/15/27 (Call 10/15/26)		1,472		1,324,815
3.95%, 08/15/27 (Call 05/15/27)^(a)		1,831		1,697,447
Regency Centers LP, 3.60%, 02/01/27 (Call 11/01/26)		1,306		1,196,662
Simon Property Group LP
1.38%, 01/15/27 (Call 10/15/26)^(a)		1,476		1,251,294
3.38%, 06/15/27 (Call 03/15/27)^(a)		1,468		1,335,909
3.38%, 12/01/27 (Call 09/01/27)^(a)		1,837		1,648,230
SITE Centers Corp., 4.70%, 06/01/27 (Call 03/01/27)^(a)		1,413		1,303,210
Spirit Realty LP, 3.20%, 01/15/27 (Call 11/15/26)		1,160		1,005,674
Tanger Properties LP, 3.88%, 07/15/27 (Call 04/15/27)^(a)		415		364,175
UDR Inc., 3.50%, 07/01/27 (Call 04/01/27)^(a)		942		856,626
Ventas Realty LP, 3.85%, 04/01/27 (Call 01/01/27)^(a)		926		855,383
Welltower Inc., 2.70%, 02/15/27 (Call 12/15/26)		1,256		1,111,020
Weyerhaeuser Co., 6.95%, 10/01/27^(a)		711		747,510

				46,875,151

Retail — 3.5%
Advance Auto Parts Inc., 1.75%, 10/01/27 (Call 08/01/27)^(a)		1,223		998,812
AutoNation Inc., 3.80%, 11/15/27 (Call 08/15/27)^(a)		916		801,088
AutoZone Inc., 3.75%, 06/01/27 (Call 03/01/27)^(a)		1,454		1,357,207
Costco Wholesale Corp.
1.38%, 06/20/27 (Call 04/20/27)		2,928		2,523,585
3.00%, 05/18/27 (Call 02/18/27)^(a)		2,470		2,301,002
Darden Restaurants Inc., 3.85%, 05/01/27 (Call 02/01/27)		1,489		1,388,582
Dollar General Corp.
3.88%, 04/15/27 (Call 01/15/27)		1,771		1,662,916
4.63%, 11/01/27 (Call 10/01/27)		280		270,351
Home Depot Inc. (The)
2.50%, 04/15/27 (Call 02/15/27)^(a)		1,825		1,650,822
2.80%, 09/14/27 (Call 06/14/27)^(a)		2,372		2,158,971
2.88%, 04/15/27 (Call 03/15/27)		1,985		1,824,890
Lowe’s Companies Inc.
3.10%, 05/03/27 (Call 02/03/27)		3,376		3,082,896
3.35%, 04/01/27 (Call 03/01/27)^(a)		1,765		1,632,590
McDonald’s Corp.
3.50%, 03/01/27 (Call 12/01/26)		2,028		1,901,838
3.50%, 07/01/27 (Call 05/01/27)		2,509		2,336,029
O’Reilly Automotive Inc., 3.60%, 09/01/27 (Call 06/01/27)^(a)		1,767		1,630,411
Starbucks Corp., 2.00%, 03/12/27 (Call 01/12/27)		1,503		1,310,390
Target Corp., 1.95%, 01/15/27 (Call 12/15/26)		1,665		1,492,073
Walmart Inc., 5.88%, 04/05/27^(a)		820		859,860

				31,184,313

Semiconductors — 3.1%
Analog Devices Inc., 3.45%, 06/15/27		1,456		1,353,308
Applied Materials Inc., 3.30%, 04/01/27 (Call 01/01/27)^(a)		3,163		2,973,695
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.88%, 01/15/27 (Call 10/15/26)		5,993		5,511,582
Intel Corp.
3.15%, 05/11/27 (Call 02/11/27)		2,618		2,417,985
3.75%, 03/25/27 (Call 01/25/27)^(a)		2,937		2,787,096
3.75%, 08/05/27 (Call 07/05/27)		120		112,929
Micron Technology Inc., 4.19%, 02/15/27 (Call 12/15/26)		2,407		2,235,164
NXP BV/NXP Funding LLC/NXP USA Inc.
3.15%, 05/01/27 (Call 03/01/27)		1,191		1,053,880
4.40%, 06/01/27 (Call 05/01/27)		915		858,105
QUALCOMM Inc., 3.25%, 05/20/27 (Call 02/20/27)^(a)		5,292		4,915,792


Security	Par (000)		Value

Semiconductors (continued)
Texas Instruments Inc., 2.90%, 11/03/27 (Call 08/03/27)	$	2,019	$	1,841,227
TSMC Arizona Corp., 3.88%, 04/22/27 (Call 03/22/27)		1,225		1,146,710

				27,207,473

Shipbuilding — 0.2%
Huntington Ingalls Industries Inc., 3.48%, 12/01/27 (Call 09/01/27)		1,861		1,659,435


Software — 4.0%
Activision Blizzard Inc., 3.40%, 06/15/27 (Call 03/15/27)		1,180		1,092,173
Adobe Inc., 2.15%, 02/01/27 (Call 12/01/26)		2,704		2,429,625
Autodesk Inc., 3.50%, 06/15/27 (Call 03/15/27)		1,972		1,812,268
Fidelity National Information Services Inc., 4.70%, 07/15/27 (Call 06/15/27)		315		301,405
Fiserv Inc., 2.25%, 06/01/27 (Call 04/01/27)		2,961		2,561,176
Intuit Inc., 1.35%, 07/15/27 (Call 05/15/27)^(a)		1,913		1,615,643
Microsoft Corp., 3.30%, 02/06/27 (Call 11/06/26)		7,508		7,140,258
Oracle Corp.
2.80%, 04/01/27 (Call 02/01/27)		4,548		4,021,433
3.25%, 11/15/27 (Call 08/15/27)^(a)		5,973		5,304,801
Roper Technologies Inc., 1.40%, 09/15/27 (Call 07/15/27)		1,585		1,303,155
Take-Two Interactive Software Inc., 3.70%, 04/14/27 (Call 03/14/27)		1,775		1,641,662
VMware Inc.
3.90%, 08/21/27 (Call 05/21/27)		2,811		2,575,776
4.65%, 05/15/27 (Call 03/15/27)		1,630		1,542,273
Workday Inc., 3.50%, 04/01/27 (Call 03/01/27)		1,815		1,674,809

				35,016,457

Telecommunications — 4.0%
AT&T Inc.
2.30%, 06/01/27 (Call 04/01/27)		4,309		3,760,594
3.80%, 02/15/27 (Call 11/15/26)		2,197		2,056,392
4.25%, 03/01/27 (Call 12/01/26)^(a)		3,761		3,596,983
Rogers Communications Inc., 3.20%, 03/15/27 (Call 02/15/27)^(a)(b)		2,490		2,259,849
Telefonica Emisiones SA, 4.10%, 03/08/27		3,376		3,092,686
TELUS Corp.
2.80%, 02/16/27 (Call 11/16/26)^(a)		1,895		1,707,338
3.70%, 09/15/27 (Call 06/15/27)		1,523		1,411,014
T-Mobile USA Inc.
3.75%, 04/15/27 (Call 02/15/27)		8,810		8,131,894
5.38%, 04/15/27^(a)		1,080		1,070,388
Verizon Communications Inc.
3.00%, 03/22/27 (Call 01/22/27)		1,790		1,624,121
4.13%, 03/16/27^(a)		7,297		6,946,014

				35,657,273

Toys, Games & Hobbies — 0.1%
Hasbro Inc., 3.50%, 09/15/27 (Call 06/15/27)		1,394		1,250,878


Transportation — 1.3%
Burlington Northern Santa Fe LLC, 3.25%, 06/15/27 (Call 03/15/27)		1,225		1,135,575


Security	Par/ Shares (000)		Value

Transportation (continued)
CSX Corp., 3.25%, 06/01/27 (Call 03/01/27)	$	2,121	$	1,944,745
Norfolk Southern Corp.
3.15%, 06/01/27 (Call 03/01/27)^(a)		1,341		1,223,636
7.80%, 05/15/27		153		166,990
Ryder System Inc.
2.85%, 03/01/27 (Call 02/01/27)^(a)		1,425		1,265,827
4.30%, 06/15/27 (Call 05/15/27)		965		900,519
Union Pacific Corp.
2.15%, 02/05/27 (Call 12/05/26)		1,247		1,110,503
3.00%, 04/15/27 (Call 01/15/27)^(a)		1,252		1,148,435
United Parcel Service Inc., 3.05%, 11/15/27 (Call 08/15/27)^(a)		2,516		2,312,632
Walmart Inc., 3.95%, 09/09/27 (Call 08/09/27)		275		266,274

				11,475,136

Trucking & Leasing — 0.1%
GATX Corp., 3.85%, 03/30/27 (Call 12/30/26)		776		703,723


Venture Capital — 0.1%
Hercules Capital Inc., 3.38%, 01/20/27 (Call 12/20/26)		925		767,315


Water — 0.1%
American Water Capital Corp., 2.95%, 09/01/27 (Call 06/01/27)^(a)		1,273		1,147,329


Total Long-Term Investments — 98.7% (Cost: $961,729,495)				870,512,926


Short-Term Securities

Money Market Funds — 10.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 3.29%^(c)(d)(e)		86,123		86,106,217
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%^(c)(d)		4,367		4,367,000


Total Short-Term Securities — 10.3% (Cost: $90,477,615)				90,473,217


Total Investments — 109.0% (Cost: $1,052,207,110)				960,986,143

Liabilities in Excess of Other Assets — (9.0)%				(79,128,093	)


Net Assets — 100.0%			$	881,858,050

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

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

^(c)	Affiliate of the Fund.

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

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


Security	Par (000)		Value

Corporate Bonds & Notes

Advertising — 0.2%
Interpublic Group of Companies Inc. (The), 4.65%, 10/01/28 (Call 07/01/28)	$	1,226	$	1,132,591


Aerospace & Defense — 3.1%
Boeing Co. (The)
3.25%, 02/01/28 (Call 12/01/27)^(a)		1,795		1,559,747
3.25%, 03/01/28 (Call 12/01/27)		905		779,015
3.45%, 11/01/28 (Call 08/01/28)		785		669,299
General Dynamics Corp., 3.75%, 05/15/28 (Call 02/15/28)		2,192		2,049,147
L3Harris Technologies Inc., 4.40%, 06/15/28 (Call 03/15/28)		3,476		3,255,115
Northrop Grumman Corp., 3.25%, 01/15/28 (Call 10/15/27)		3,806		3,443,136
Raytheon Technologies Corp., 4.13%, 11/16/28 (Call 08/16/28)		5,262		4,899,974
Teledyne Technologies Inc., 2.25%, 04/01/28 (Call 02/01/28)		706		585,465

				17,240,898

Agriculture — 1.0%
BAT Capital Corp., 2.26%, 03/25/28 (Call 01/25/28)		3,406		2,695,304
BAT International Finance PLC, 4.45%, 03/16/28 (Call 02/16/28)		1,946		1,726,880
Philip Morris International Inc., 3.13%, 03/02/28 (Call 12/02/27)^(a)		1,129		986,724

				5,408,908

Airlines — 0.6%
American Airlines Pass Through Trust
Series 2016-1, Class AA, 3.58%, 07/15/29		414		361,959
Series 2016-2, Class AA, 3.20%, 12/15/29		575		488,200
Series 2016-3, Class AA, 3.00%, 04/15/30^(a)		509		426,055
Delta Air Lines Pass Through Trust, Series 2020, Class AA, 2.00%, 12/10/29		564		476,020
United Airlines Pass Through Trust
Series 2016-1, Class AA, 3.10%, 01/07/30		861		736,263
Series 2016-2, Class AA, 2.88%, 04/07/30		735		615,407

				3,103,904

Auto Manufacturers — 1.8%
American Honda Finance Corp.
2.00%, 03/24/28		1,493		1,254,075
3.50%, 02/15/28		1,350		1,229,053
General Motors Co., 5.00%, 10/01/28 (Call 07/01/28)^(a)		1,654		1,532,547
General Motors Financial Co. Inc.
2.40%, 04/10/28 (Call 02/10/28)^(a)		2,054		1,664,521
2.40%, 10/15/28 (Call 08/15/28)		1,348		1,064,367
3.85%, 01/05/28 (Call 10/05/27)^(a)		852		750,510
Toyota Motor Corp., 3.67%, 07/20/28		552		510,882
Toyota Motor Credit Corp.
1.90%, 04/06/28		1,200		1,015,932
3.05%, 01/11/28		1,046		946,274

				9,968,161

Banks — 10.1%
Banco Santander SA
3.80%, 02/23/28		2,210		1,877,815
4.38%, 04/12/28^(a)		2,050		1,801,520
Bank of New York Mellon Corp. (The)
1.65%, 07/14/28 (Call 05/14/28)^(a)		950		772,540
3.00%, 10/30/28 (Call 07/30/28)		960		825,408
3.40%, 01/29/28 (Call 10/29/27)		1,614		1,467,804
3.85%, 04/28/28^(a)		1,894		1,760,662
Barclays PLC
4.34%, 01/10/28 (Call 01/10/27)		2,215		1,946,763
4.84%, 05/09/28 (Call 05/07/27)		3,870		3,282,457


Security	Par (000)		Value

Banks (continued)
Citigroup Inc.
4.13%, 07/25/28	$	4,014	$	3,616,895
6.63%, 01/15/28^(a)		770		798,313
Discover Bank, 4.65%, 09/13/28 (Call 06/13/28)		1,865		1,665,352
Fifth Third Bancorp., 3.95%, 03/14/28 (Call 02/14/28)		1,334		1,217,408
First-Citizens Bank & Trust Co., 6.13%, 03/09/28		1,050		1,038,660
ING Groep NV, 4.55%, 10/02/28		2,545		2,293,605
KeyBank NA/Cleveland OH, 6.95%, 02/01/28		640		651,904
KeyCorp, 4.10%, 04/30/28		1,723		1,583,540
Lloyds Banking Group PLC
4.38%, 03/22/28		2,765		2,464,666
4.55%, 08/16/28		2,415		2,163,961
Mitsubishi UFJ Financial Group Inc.
3.96%, 03/02/28^(a)		2,971		2,714,038
4.05%, 09/11/28^(a)		1,753		1,588,043
Mizuho Financial Group Inc., 4.02%, 03/05/28^(a)		2,215		1,993,921
Northern Trust Corp., 3.65%, 08/03/28 (Call 05/03/28)^(a)		1,472		1,358,950
PNC Bank NA
3.25%, 01/22/28 (Call 12/23/27)		1,265		1,145,192
4.05%, 07/26/28		2,475		2,248,587
Regions Financial Corp., 1.80%, 08/12/28 (Call 06/12/28)		1,660		1,349,480
Sumitomo Mitsui Financial Group Inc.
1.90%, 09/17/28		3,922		3,115,441
3.54%, 01/17/28^(a)		1,071		959,648
3.94%, 07/19/28		1,089		980,296
4.31%, 10/16/28		1,111		1,018,543
SVB Financial Group, 2.10%, 05/15/28 (Call 03/15/28)		930		737,369
U.S. Bancorp., 3.90%, 04/26/28^(a)		2,178		2,033,838
Westpac Banking Corp.
1.95%, 11/20/28		1,409		1,167,624
3.40%, 01/25/28^(a)		2,121		1,949,199

				55,589,442

Beverages — 2.5%
Anheuser-Busch InBev Worldwide Inc., 4.00%, 04/13/28 (Call 01/13/28)		4,661		4,405,437
Coca-Cola Co. (The)
1.00%, 03/15/28^(a)		2,124		1,747,776
1.50%, 03/05/28^(a)		1,117		947,060
Constellation Brands Inc.
3.60%, 02/15/28 (Call 11/15/27)		1,474		1,337,935
4.65%, 11/15/28 (Call 08/15/28)		1,180		1,116,799
Diageo Capital PLC, 3.88%, 05/18/28 (Call 02/18/28)		795		744,836
Keurig Dr Pepper Inc., 4.60%, 05/25/28 (Call 02/25/28)		1,910		1,830,448
PepsiCo Inc., 3.60%, 02/18/28 (Call 01/18/28)^(a)		1,655		1,557,388

				13,687,679

Biotechnology — 0.4%
Amgen Inc., 1.65%, 08/15/28 (Call 06/15/28)		2,425		1,994,514


Building Materials — 0.2%
Masco Corp., 1.50%, 02/15/28 (Call 12/15/27)		1,350		1,080,324


Chemicals — 1.5%
Dow Chemical Co. (The), 4.80%, 11/30/28 (Call 08/30/28)		1,205		1,150,847
DuPont de Nemours Inc., 4.73%, 11/15/28 (Call 08/15/28)		4,425		4,241,761
Eastman Chemical Co., 4.50%, 12/01/28 (Call 09/01/28)		1,219		1,108,680
International Flavors & Fragrances Inc., 4.45%, 09/26/28 (Call 06/26/28)		440		399,199
PPG Industries Inc., 3.75%, 03/15/28 (Call 12/15/27)		1,577		1,445,731

				8,346,218


Security	Par (000)		Value

Commercial Services — 1.1%
Automatic Data Processing Inc., 1.70%, 05/15/28 (Call 03/15/28)	$	1,557	$	1,324,851
Block Financial LLC, 2.50%, 07/15/28 (Call 05/15/28)		1,020		837,736
Global Payments Inc., 4.45%, 06/01/28 (Call 03/01/28)		1,123		1,021,627
Moody’s Corp., 3.25%, 01/15/28 (Call 10/15/27)		1,430		1,284,026
S&P Global Inc., 4.75%, 08/01/28 (Call 05/01/28)^(b)		1,855		1,798,367

				6,266,607

Computers — 1.9%
Apple Inc.
1.20%, 02/08/28 (Call 12/08/27)		3,572		2,976,905
1.40%, 08/05/28 (Call 06/05/28)		3,550		2,940,785
Dell Inc., 7.10%, 04/15/28		525		542,819
DXC Technology Co., 2.38%, 09/15/28 (Call 07/15/28)		1,098		908,134
HP Inc., 4.75%, 01/15/28 (Call 12/15/27)		1,910		1,784,914
International Business Machines Corp., 6.50%, 01/15/28^(a)		645		681,771
Kyndryl Holdings Inc., 2.70%, 10/15/28 (Call 08/15/28)		715		516,866

				10,352,194

Cosmetics & Personal Care — 0.4%
Unilever Capital Corp., 3.50%, 03/22/28 (Call 12/22/27)		2,311		2,130,719


Diversified Financial Services — 4.2%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
3.00%, 10/29/28 (Call 08/29/28)		6,700		5,411,724
3.88%, 01/23/28 (Call 10/23/27)		1,024		883,036
Air Lease Corp.
2.10%, 09/01/28 (Call 07/01/28)		1,059		817,389
4.63%, 10/01/28 (Call 07/01/28)^(a)		1,084		960,467
Ally Financial Inc., 2.20%, 11/02/28 (Call 09/02/28)^(a)		1,487		1,141,644
Brookfield Finance Inc., 3.90%, 01/25/28 (Call 10/25/27)		1,953		1,748,970
Capital One Financial Corp., 3.80%, 01/31/28 (Call 12/31/27)^(a)		2,871		2,565,382
Charles Schwab Corp. (The)
2.00%, 03/20/28 (Call 01/20/28)^(a)		1,924		1,639,344
3.20%, 01/25/28 (Call 10/25/27)		1,598		1,446,334
CME Group Inc., 3.75%, 06/15/28 (Call 03/15/28)		965		903,607
Intercontinental Exchange Inc., 3.75%, 09/21/28 (Call 06/21/28)		1,282		1,173,133
Lazard Group LLC, 4.50%, 09/19/28 (Call 06/19/28)		955		865,488
Mastercard Inc., 3.50%, 02/26/28 (Call 11/26/27)		1,379		1,283,890
Morgan Stanley Domestic Holdings Inc., 4.50%, 06/20/28 (Call 03/20/28)		1,146		1,066,353
Nomura Holdings Inc., 2.17%, 07/14/28		1,893		1,498,026

				23,404,787

Electric — 7.9%
AEP Texas Inc., 3.95%, 06/01/28 (Call 03/01/28)		813		736,464
Ameren Corp., 1.75%, 03/15/28 (Call 01/15/28)		952		780,231
Ameren Illinois Co., 3.80%, 05/15/28 (Call 02/15/28)		1,000		927,430
American Electric Power Co. Inc., Series J, 4.30%, 12/01/28 (Call 09/01/28)		1,253		1,161,381
Atlantic City Electric Co., 4.00%, 10/15/28 (Call 07/15/28)		699		645,450
Berkshire Hathaway Energy Co., 3.25%, 04/15/28 (Call 01/15/28)		1,354		1,221,484
CenterPoint Energy Inc., 4.25%, 11/01/28 (Call 08/01/28)^(a)		147		132,629
Commonwealth Edison Co., 3.70%, 08/15/28 (Call 05/15/28)		1,520		1,394,174
Consolidated Edison Co. of New York Inc.
3.80%, 05/15/28 (Call 02/15/28)		803		742,920
Series D, 4.00%, 12/01/28 (Call 09/01/28)^(a)		530		493,552
Consumers Energy Co., 3.80%, 11/15/28 (Call 08/15/28)		661		609,468
Dominion Energy Inc., 4.25%, 06/01/28 (Call 03/01/28)		948		883,991
DTE Electric Co., Series A, 1.90%, 04/01/28 (Call 02/01/28)^(a)		941		792,275


Security	Par (000)		Value

Electric (continued)
Duke Energy Carolinas LLC
3.95%, 11/15/28 (Call 08/15/28)^(a)	$	1,251	$	1,165,532
Series A, 6.00%, 12/01/28		470		483,790
Duke Energy Corp., 4.30%, 03/15/28 (Call 02/15/28)		1,500		1,410,210
Duke Energy Florida LLC, 3.80%, 07/15/28 (Call 04/15/28)		902		836,199
Duke Energy Progress LLC, 3.70%, 09/01/28 (Call 06/01/28)		593		546,218
Edison International, 4.13%, 03/15/28 (Call 12/15/27)^(a)		1,092		973,027
Enel Chile SA, 4.88%, 06/12/28 (Call 03/12/28)		1,564		1,427,588
Entergy Arkansas LLC, 4.00%, 06/01/28 (Call 03/01/28)		305		281,305
Entergy Corp., 1.90%, 06/15/28 (Call 04/15/28)^(a)		1,481		1,210,051
Entergy Louisiana LLC, 3.25%, 04/01/28 (Call 01/01/28)		551		489,464
Entergy Mississippi LLC, 2.85%, 06/01/28 (Call 03/01/28)		920		795,745
Eversource Energy, Series M, 3.30%, 01/15/28 (Call 10/15/27)		790		708,282
Indiana Michigan Power Co., 3.85%, 05/15/28 (Call 02/15/28)^(a)		601		554,639
Interstate Power & Light Co., 4.10%, 09/26/28 (Call 06/26/28)^(a)		1,170		1,096,489
Mississippi Power Co., 3.95%, 03/30/28 (Call 12/30/27)		760		690,825
National Rural Utilities Cooperative Finance Corp.
3.40%, 02/07/28 (Call 11/07/27)		1,419		1,296,214
3.90%, 11/01/28 (Call 08/01/28)		904		832,584
NextEra Energy Capital Holdings Inc., 1.90%, 06/15/28 (Call 04/15/28)		3,045		2,517,271
Oklahoma Gas & Electric Co., 3.80%, 08/15/28 (Call 02/15/28)^(a)		810		742,454
Oncor Electric Delivery Co. LLC, 3.70%, 11/15/28 (Call 08/15/28)		1,706		1,569,742
Pacific Gas and Electric Co.
3.00%, 06/15/28 (Call 04/15/28)^(a)		1,175		970,209
3.75%, 07/01/28		1,692		1,444,663
4.65%, 08/01/28 (Call 05/01/28)		630		548,232
Public Service Co. of Colorado, 3.70%, 06/15/28 (Call 12/15/27)		790		731,500
Public Service Electric & Gas Co.
3.65%, 09/01/28 (Call 06/01/28)		745		682,509
3.70%, 05/01/28 (Call 02/01/28)		750		695,685
Puget Energy Inc., 2.38%, 06/15/28 (Call 04/15/28)		1,124		927,727
Sempra Energy, 3.40%, 02/01/28		1,860		1,661,836
Southern California Edison Co., Series B, 3.65%, 03/01/28 (Call 12/01/27)		971		885,669
Southern Co. (The), Series 21-B, 1.75%, 03/15/28		959		785,028
Southwestern Electric Power Co., Series M, 4.10%, 09/15/28 (Call 06/15/28)		1,233		1,129,736
Virginia Electric & Power Co., Series A, 3.80%, 04/01/28 (Call 01/01/28)^(a)		1,337		1,244,907
WEC Energy Group Inc., 2.20%, 12/15/28 (Call 10/15/28)		1,114		914,104
Wisconsin Electric Power Co., 1.70%, 06/15/28 (Call 04/15/28)^(a)		275		229,224
Xcel Energy Inc., 4.00%, 06/15/28 (Call 12/15/27)^(a)		775		722,284

				43,722,391

Electronics — 1.0%
Arrow Electronics Inc., 3.88%, 01/12/28 (Call 10/12/27)		1,206		1,075,873
Hubbell Inc., 3.50%, 02/15/28 (Call 11/15/27)		1,139		1,035,419
Jabil Inc., 3.95%, 01/12/28 (Call 10/12/27)		769		694,522
TD SYNNEX Corp., 2.38%, 08/09/28 (Call 06/09/28)		1,095		870,777
Trimble Inc., 4.90%, 06/15/28 (Call 03/15/28)		1,284		1,207,654
Vontier Corp., 2.40%, 04/01/28 (Call 02/01/28)		1,090		845,480

				5,729,725

Environmental Control — 0.6%
Republic Services Inc., 3.95%, 05/15/28 (Call 02/15/28)		1,633		1,518,004


Security	Par (000)		Value

Environmental Control (continued)
Waste Connections Inc., 4.25%, 12/01/28 (Call 09/01/28)	$	1,200	$	1,117,704
Waste Management Inc., 1.15%, 03/15/28 (Call 01/15/28)		852		690,009

				3,325,717

Food — 2.2%
Campbell Soup Co., 4.15%, 03/15/28 (Call 12/15/27)		2,193		2,059,402
Conagra Brands Inc.
4.85%, 11/01/28 (Call 08/01/28)		2,627		2,487,165
7.00%, 10/01/28^(a)		610		633,601
General Mills Inc., 4.20%, 04/17/28 (Call 01/17/28)		2,667		2,525,302
Hormel Foods Corp., 1.70%, 06/03/28 (Call 04/03/28)		1,235		1,039,858
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance Inc., 5.13%, 02/01/28 (Call 01/01/28)^(b)		1,475		1,379,804
Kellogg Co., 4.30%, 05/15/28 (Call 02/15/28)^(a)		1,593		1,502,390
Mondelez International Inc., 4.13%, 05/07/28 (Call 02/07/28)^(a)		435		408,904

				12,036,426

Forest Products & Paper — 0.1%
Suzano Austria GmbH, 2.50%, 09/15/28 (Call 07/15/28)		875		693,236


Gas — 0.2%
CenterPoint Energy Resources Corp., 4.00%, 04/01/28 (Call 01/01/28)		450		416,430
National Fuel Gas Co., 4.75%, 09/01/28 (Call 06/01/28)		440		399,793
Southwest Gas Corp., 3.70%, 04/01/28 (Call 01/01/28)^(a)		515		455,167

				1,271,390

Hand & Machine Tools — 0.2%
Kennametal Inc., 4.63%, 06/15/28 (Call 03/15/28)^(a)		690		630,971
Stanley Black & Decker Inc., 4.25%, 11/15/28 (Call 08/15/28)^(a)		711		668,887

				1,299,858

Health Care - Products — 1.5%
Abbott Laboratories, 1.15%, 01/30/28 (Call 11/30/27)		1,283		1,065,878
Baxter International Inc., 2.27%, 12/01/28 (Call 10/01/28)		2,165		1,780,215
Boston Scientific Corp., 4.00%, 03/01/28 (Call 12/01/27)^(a)		540		511,591
Edwards Lifesciences Corp., 4.30%, 06/15/28 (Call 03/15/28)		1,527		1,419,942
PerkinElmer Inc., 1.90%, 09/15/28 (Call 07/15/28)		1,160		926,492
Stryker Corp., 3.65%, 03/07/28 (Call 12/07/27)^(a)		1,075		998,438
Thermo Fisher Scientific Inc., 1.75%, 10/15/28 (Call 08/15/28)^(a)		2,000		1,666,220

				8,368,776

Health Care - Services — 2.0%
Advocate Health & Hospitals Corp., 3.83%, 08/15/28 (Call 05/15/28)		500		460,345
Centene Corp., 2.45%, 07/15/28 (Call 05/15/28)		75		61,690
CHRISTUS Health, Series C, 4.34%, 07/01/28 (Call 04/01/28)		754		696,130
Elevance Health Inc., 4.10%, 03/01/28 (Call 12/01/27)		2,306		2,165,542
HCA Inc., 5.63%, 09/01/28 (Call 03/01/28)		3,100		2,981,890
Mercy Health/OH, Series 2018, 4.30%, 07/01/28 (Call 01/01/28)		570		533,645
Sutter Health, Series 2018, 3.70%, 08/15/28 (Call 05/15/28)^(a)		430		386,222
UnitedHealth Group Inc.
3.85%, 06/15/28		2,531		2,356,209
3.88%, 12/15/28		1,532		1,425,128
5.25%, 02/15/28		150		150,361

				11,217,162

Holding Companies - Diversified — 1.1%
Ares Capital Corp., 2.88%, 06/15/28 (Call 04/15/28)		2,552		2,000,538
Blackstone Secured Lending Fund, 2.85%, 09/30/28 (Call 07/30/28)^(a)		1,250		954,838


Security	Par (000)		Value

Holding Companies - Diversified (continued)
FS KKR Capital Corp., 3.13%, 10/12/28 (Call 08/12/28)^(a)	$	1,535	$	1,177,667
Owl Rock Capital Corp., 2.88%, 06/11/28 (Call 04/11/28)		1,745		1,315,957
Prospect Capital Corp., 3.44%, 10/15/28 (Call 08/15/28)		665		487,950

				5,936,950

Home Builders — 0.1%
Toll Brothers Finance Corp., 4.35%, 02/15/28 (Call 11/15/27)^(a)		605		527,330


Household Products & Wares — 0.7%
Avery Dennison Corp., 4.88%, 12/06/28 (Call 09/06/28)^(a)		1,270		1,207,770
Clorox Co. (The), 3.90%, 05/15/28 (Call 02/15/28)^(a)		1,459		1,361,495
Kimberly-Clark Corp., 3.95%, 11/01/28 (Call 08/01/28)^(a)		1,525		1,435,788

				4,005,053

Insurance — 2.4%
American International Group Inc., 4.20%, 04/01/28 (Call 01/01/28)		665		616,375
Aon Corp., 4.50%, 12/15/28 (Call 09/15/28)		662		618,348
Assurant Inc., 4.90%, 03/27/28 (Call 12/27/27)		838		785,214
Athene Holding Ltd., 4.13%, 01/12/28 (Call 10/12/27)		1,951		1,737,463
Cincinnati Financial Corp., 6.92%, 05/15/28^(a)		475		496,522
Equitable Holdings Inc.
4.35%, 04/20/28 (Call 01/20/28)		2,830		2,623,636
7.00%, 04/01/28		735		773,014
Fairfax Financial Holdings Ltd., 4.85%, 04/17/28 (Call 01/17/28)		1,187		1,092,313
Fidelity National Financial Inc., 4.50%, 08/15/28 (Call 05/15/28)^(a)		929		856,232
Globe Life Inc., 4.55%, 09/15/28 (Call 06/15/28)^(a)		1,010		958,197
Lincoln National Corp., 3.80%, 03/01/28 (Call 12/01/27)^(a)		1,194		1,093,967
Prudential Financial Inc., 3.88%, 03/27/28 (Call 12/27/27)^(a)		786		738,337
Willis North America Inc., 4.50%, 09/15/28 (Call 06/15/28)		1,230		1,130,432

				13,520,050

Internet — 1.2%
Amazon.com Inc., 1.65%, 05/12/28 (Call 03/12/28)		3,453		2,916,991
Baidu Inc.
4.38%, 03/29/28 (Call 12/29/27)		535		471,469
4.88%, 11/14/28 (Call 08/14/28)^(a)		580		518,851
Booking Holdings Inc., 3.55%, 03/15/28 (Call 12/15/27)		1,394		1,268,177
Expedia Group Inc., 3.80%, 02/15/28 (Call 11/15/27)^(a)		1,562		1,388,727

				6,564,215

Iron & Steel — 0.2%
Nucor Corp., 3.95%, 05/01/28 (Call 02/01/28)		1,040		956,571


Lodging — 0.4%
Hyatt Hotels Corp., 4.38%, 09/15/28 (Call 06/15/28)		800		714,384
Marriott International Inc./MD
Series AA, 4.65%, 12/01/28 (Call 09/01/28)		383		354,497
Series X, 4.00%, 04/15/28 (Call 01/15/28)		1,072		967,330

				2,036,211

Machinery — 1.2%
ABB Finance USA Inc., 3.80%, 04/03/28 (Call 01/03/28)^(a)		260		242,822
John Deere Capital Corp.
1.50%, 03/06/28		1,016		848,137
3.05%, 01/06/28		868		791,373
nVent Finance Sarl, 4.55%, 04/15/28 (Call 01/15/28)		900		805,212
Oshkosh Corp., 4.60%, 05/15/28 (Call 02/15/28)		634		582,633
Westinghouse Air Brake Technologies Corp., 4.95%, 09/15/28 (Call 06/15/28)		2,643		2,465,866
Xylem Inc./NY, 1.95%, 01/30/28 (Call 11/30/27)^(a)		967		811,516

				6,547,559


Security	Par (000)		Value

Manufacturing — 0.6%
3M Co., 3.63%, 09/14/28 (Call 06/14/28)	$	1,339	$	1,233,554
Textron Inc., 3.38%, 03/01/28 (Call 12/01/27)		735		646,469
Trane Technologies Global Holding Co. Ltd., 3.75%, 08/21/28 (Call 05/21/28)		1,400		1,278,060

				3,158,083

Media — 4.2%
Charter Communications Operating LLC/Charter Communications Operating Capital
3.75%, 02/15/28 (Call 11/15/27)		2,101		1,849,825
4.20%, 03/15/28 (Call 12/15/27)		2,490		2,228,674
Comcast Corp.
3.15%, 02/15/28 (Call 11/15/27)		3,263		2,942,769
3.55%, 05/01/28 (Call 02/01/28)		2,029		1,855,906
4.15%, 10/15/28 (Call 07/15/28)		7,255		6,806,786
Discovery Communications LLC, 3.95%, 03/20/28 (Call 12/20/27)^(a)		3,302		2,865,476
Paramount Global
3.38%, 02/15/28^(a)		1,083		937,824
3.70%, 06/01/28 (Call 03/01/28)^(a)		1,108		975,029
TCI Communications Inc., 7.13%, 02/15/28^(a)		634		679,623
Walt Disney Co. (The), 2.20%, 01/13/28^(a)		2,509		2,183,432

				23,325,344

Metal Fabricate & Hardware — 0.1%
Timken Co. (The), 4.50%, 12/15/28 (Call 09/15/28)		746		685,992


Mining — 1.0%
AngloGold Ashanti Holdings PLC, 3.38%, 11/01/28 (Call 09/01/28)^(a)		1,200		960,696
Freeport-McMoRan Inc.
4.13%, 03/01/28 (Call 03/01/23)		1,525		1,368,840
4.38%, 08/01/28 (Call 08/01/23)		1,402		1,264,744
Rio Tinto Finance USA Ltd., 7.13%, 07/15/28		1,523		1,635,672

				5,229,952

Office & Business Equipment — 0.3%
CDW LLC/CDW Finance Corp.
3.28%, 12/01/28 (Call 10/01/28)		1,010		828,564
4.25%, 04/01/28		1,102		972,493

				1,801,057

Oil & Gas — 3.4%
BP Capital Markets America Inc.
3.94%, 09/21/28 (Call 06/21/28)		2,023		1,878,133
4.23%, 11/06/28 (Call 08/06/28)		3,692		3,475,612
BP Capital Markets PLC, 3.72%, 11/28/28 (Call 08/28/28)		1,195		1,091,226
Chevron USA Inc., 3.85%, 01/15/28 (Call 10/15/27)		1,491		1,414,139
Continental Resources Inc./OK, 4.38%, 01/15/28 (Call 10/15/27)		2,053		1,838,913
Devon Energy Corp., 5.88%, 06/15/28 (Call 06/15/23)		545		542,994
EQT Corp., 5.70%, 04/01/28 (Call 03/01/28)		20		19,465
Marathon Petroleum Corp., 3.80%, 04/01/28 (Call 01/01/28)		892		801,105
Phillips 66, 3.90%, 03/15/28 (Call 12/15/27)		1,835		1,694,824
Phillips 66 Co., 3.75%, 03/01/28 (Call 12/01/27)^(b)		704		633,326
Shell International Finance BV, 3.88%, 11/13/28		2,532		2,368,990
TotalEnergies Capital SA, 3.88%, 10/11/28		2,436		2,273,251
Valero Energy Corp., 4.35%, 06/01/28 (Call 03/01/28)^(a)		886		834,142

				18,866,120

Packaging & Containers — 0.5%
Amcor Finance USA Inc., 4.50%, 05/15/28 (Call 02/15/28)		702		643,994


Security	Par (000)		Value

Packaging & Containers (continued)
WRKCo Inc.
3.90%, 06/01/28 (Call 03/01/28)	$	1,088	$	976,632
4.00%, 03/15/28 (Call 12/15/27)		1,356		1,234,353

				2,854,979

Pharmaceuticals — 7.6%
AbbVie Inc., 4.25%, 11/14/28 (Call 08/14/28)		3,230		3,039,721
Astrazeneca Finance LLC, 1.75%, 05/28/28 (Call 03/28/28)		2,530		2,117,003
Bristol-Myers Squibb Co., 3.90%, 02/20/28 (Call 11/20/27)		2,635		2,497,479
Cigna Corp., 4.38%, 10/15/28 (Call 07/15/28)^(a)		6,760		6,353,589
CVS Health Corp., 4.30%, 03/25/28 (Call 12/25/27)		8,700		8,168,169
GlaxoSmithKline Capital Inc., 3.88%, 05/15/28^(a)		3,321		3,116,094
Johnson & Johnson, 2.90%, 01/15/28 (Call 10/15/27)		2,789		2,563,537
McKesson Corp., 3.95%, 02/16/28 (Call 11/16/27)		611		566,324
Merck & Co. Inc., 1.90%, 12/10/28 (Call 10/10/28)		2,167		1,816,574
Merck Sharp & Dohme Corp., 5.95%, 12/01/28		732		767,648
Mylan Inc., 4.55%, 04/15/28 (Call 01/15/28)		1,528		1,369,898
Pfizer Inc., 3.60%, 09/15/28 (Call 06/15/28)		2,193		2,052,714
Pharmacia LLC, 6.60%, 12/01/28^(a)		1,360		1,454,561
Sanofi, 3.63%, 06/19/28 (Call 03/19/28)^(a)		2,228		2,077,410
Takeda Pharmaceutical Co. Ltd., 5.00%, 11/26/28 (Call 08/26/28)^(a)		3,175		3,064,986
Zoetis Inc., 3.90%, 08/20/28 (Call 05/20/28)^(a)		1,256		1,158,911

				42,184,618

Pipelines — 3.6%
Energy Transfer LP
4.95%, 05/15/28 (Call 02/15/28)		1,650		1,530,094
4.95%, 06/15/28 (Call 03/15/28)^(a)		1,490		1,389,023
Enterprise Products Operating LLC, 4.15%, 10/16/28 (Call 07/16/28)		1,960		1,805,513
Kinder Morgan Inc., 4.30%, 03/01/28 (Call 12/01/27)		1,982		1,852,793
MPLX LP, 4.00%, 03/15/28 (Call 12/15/27)		2,519		2,280,224
ONEOK Inc., 4.55%, 07/15/28 (Call 04/15/28)		1,752		1,591,692
Sabine Pass Liquefaction LLC, 4.20%, 03/15/28 (Call 09/15/27)		2,757		2,516,562
Targa Resources Partners LP/Targa Resources Partners Finance Corp., 5.00%, 01/15/28 (Call 01/15/23)		1,465		1,351,228
Tennessee Gas Pipeline Co. LLC, 7.00%, 10/15/28		990		1,025,620
TransCanada PipeLines Ltd., 4.25%, 05/15/28 (Call 02/15/28)		2,881		2,676,651
Transcontinental Gas Pipe Line Co. LLC, 4.00%, 03/15/28 (Call 12/15/27)		881		807,666
Valero Energy Partners LP, 4.50%, 03/15/28 (Call 12/15/27)		1,121		1,057,518

				19,884,584

Real Estate Investment Trusts — 7.4%
Agree LP, 2.00%, 06/15/28 (Call 04/15/28)		899		718,427
Alexandria Real Estate Equities Inc., 3.95%, 01/15/28 (Call 10/15/27)		640		584,998
American Homes 4 Rent LP, 4.25%, 02/15/28 (Call 11/15/27)		1,147		1,046,454
American Tower Corp.
1.50%, 01/31/28 (Call 11/30/27)		1,470		1,165,960
3.60%, 01/15/28 (Call 10/15/27)		1,541		1,366,805
AvalonBay Communities Inc.
1.90%, 12/01/28 (Call 10/01/28)		280		228,231
3.20%, 01/15/28 (Call 10/15/27)		963		863,233
Boston Properties LP, 4.50%, 12/01/28 (Call 09/01/28)		2,034		1,834,058
Brixmor Operating Partnership LP, 2.25%, 04/01/28 (Call 02/01/28)		869		694,948
Camden Property Trust, 4.10%, 10/15/28 (Call 07/15/28)		920		846,483
Crown Castle Inc., 3.80%, 02/15/28 (Call 11/15/27)		2,133		1,923,795
CubeSmart LP, 2.25%, 12/15/28 (Call 10/15/28)		1,085		870,116


Security	Par (000)		Value

Real Estate Investment Trusts (continued)
Digital Realty Trust LP
4.45%, 07/15/28 (Call 04/15/28)^(a)	$	1,564	$	1,443,838
5.55%, 01/15/28 (Call 12/15/27)		525		510,331
EPR Properties, 4.95%, 04/15/28 (Call 01/15/28)		700		573,538
Equinix Inc.
1.55%, 03/15/28 (Call 01/15/28)		1,392		1,113,224
2.00%, 05/15/28 (Call 03/15/28)		455		369,123
ERP Operating LP
3.50%, 03/01/28 (Call 12/01/27)		1,085		973,440
4.15%, 12/01/28 (Call 09/01/28)		971		884,746
Essex Portfolio LP, 1.70%, 03/01/28 (Call 01/01/28)		475		381,534
GLP Capital LP/GLP Financing II Inc., 5.75%, 06/01/28 (Call 03/03/28)		1,115		1,040,094
Healthpeak Properties Inc., 2.13%, 12/01/28 (Call 10/01/28)		840		680,812
Highwoods Realty LP, 4.13%, 03/15/28 (Call 12/15/27)^(a)		874		774,513
Hudson Pacific Properties LP, 5.95%, 02/15/28 (Call 01/15/28)		20		18,700
Invitation Homes Operating Partnership LP, 2.30%, 11/15/28 (Call 09/15/28)^(a)		1,085		863,617
Kilroy Realty LP, 4.75%, 12/15/28 (Call 09/15/28)		790		710,060
Kimco Realty Corp., 1.90%, 03/01/28 (Call 01/01/28)		656		532,351
Mid-America Apartments LP, 4.20%, 06/15/28 (Call 03/15/28)		808		742,843
National Retail Properties Inc., 4.30%, 10/15/28 (Call 07/15/28)		690		626,451
Omega Healthcare Investors Inc., 4.75%, 01/15/28 (Call 10/15/27)^(a)		1,029		923,661
Physicians Realty LP, 3.95%, 01/15/28 (Call 10/15/27)		808		723,661
Prologis LP
3.88%, 09/15/28 (Call 06/15/28)^(a)		665		612,146
4.00%, 09/15/28^(a)		749		691,439
Public Storage
1.85%, 05/01/28 (Call 03/01/28)		1,293		1,072,763
1.95%, 11/09/28 (Call 09/09/28)		1,035		851,919
Realty Income Corp.
2.20%, 06/15/28 (Call 04/15/28)		700		580,475
3.40%, 01/15/28 (Call 11/15/27)^(a)		1,416		1,269,076
3.65%, 01/15/28 (Call 10/15/27)		1,278		1,160,258
Regency Centers LP, 4.13%, 03/15/28 (Call 12/15/27)		875		794,412
Simon Property Group LP, 1.75%, 02/01/28 (Call 11/01/27)^(a)		1,782		1,459,387
Spirit Realty LP, 2.10%, 03/15/28 (Call 01/15/28)		980		771,848
STORE Capital Corp., 4.50%, 03/15/28 (Call 12/15/27)		910		828,955
Sun Communities Operating LP, 2.30%, 11/01/28 (Call 09/01/28)		450		359,105
UDR Inc., 3.50%, 01/15/28 (Call 10/15/27)		385		339,220
Ventas Realty LP, 4.00%, 03/01/28 (Call 12/01/27)		1,065		962,440
VICI Properties LP, 4.75%, 02/15/28 (Call 01/15/28)		2,390		2,182,357
Welltower Inc., 4.25%, 04/15/28 (Call 01/15/28)		1,266		1,161,125

				41,126,970

Retail — 3.9%
AutoNation Inc., 1.95%, 08/01/28 (Call 06/01/28)		850		652,384
Best Buy Co. Inc., 4.45%, 10/01/28 (Call 07/01/28)^(a)		1,303		1,208,637
Dollar General Corp., 4.13%, 05/01/28 (Call 02/01/28)		893		835,026
Dollar Tree Inc., 4.20%, 05/15/28 (Call 02/15/28)		2,680		2,495,536
Home Depot Inc. (The)
0.90%, 03/15/28 (Call 01/15/28)		1,180		958,254
1.50%, 09/15/28 (Call 07/15/28)		1,540		1,271,239
3.90%, 12/06/28 (Call 09/06/28)^(a)		1,918		1,811,378
Lowe’s Companies Inc.
1.30%, 04/15/28 (Call 02/15/28)^(a)		2,193		1,777,383
1.70%, 09/15/28 (Call 07/15/28)^(a)		2,031		1,660,586
McDonald’s Corp., 3.80%, 04/01/28 (Call 01/01/28)		2,215		2,071,424


Security	Par (000)		Value

Retail (continued)
O’Reilly Automotive Inc., 4.35%, 06/01/28 (Call 03/01/28)^(a)	$	1,375	$	1,297,340
Starbucks Corp.
3.50%, 03/01/28 (Call 12/01/27)		1,551		1,426,780
4.00%, 11/15/28 (Call 08/15/28)^(a)		1,439		1,335,665
TJX Companies Inc. (The), 1.15%, 05/15/28 (Call 03/15/28)		961		776,469
Walmart Inc., 3.70%, 06/26/28 (Call 03/26/28)^(a)		2,206		2,091,090

				21,669,191

Semiconductors — 2.7%
Analog Devices Inc., 1.70%, 10/01/28 (Call 08/01/28)		1,625		1,343,436
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.50%, 01/15/28 (Call 10/15/27)		1,490		1,311,885
Broadcom Inc.
1.95%, 02/15/28 (Call 12/15/27)^(a)(b)		1,447		1,183,516
4.11%, 09/15/28 (Call 06/15/28)^(a)		2,172		1,951,607
Intel Corp., 1.60%, 08/12/28 (Call 06/12/28)		2,355		1,943,581
Marvell Technology Inc.
2.45%, 04/15/28 (Call 02/15/28)		1,213		989,238
4.88%, 06/22/28 (Call 03/22/28)		1,355		1,244,202
NVIDIA Corp., 1.55%, 06/15/28 (Call 04/15/28)		2,432		2,010,024
NXP BV/NXP Funding LLC, 5.55%, 12/01/28 (Call 09/01/28)^(a)		1,217		1,171,241
QUALCOMM Inc., 1.30%, 05/20/28 (Call 02/20/28)		2,377		1,945,741

				15,094,471

Shipbuilding — 0.2%
Huntington Ingalls Industries Inc., 2.04%, 08/16/28 (Call 06/16/28)		1,188		954,772


Software — 2.5%
Fidelity National Information Services Inc., 1.65%, 03/01/28 (Call 01/01/28)^(a)		1,781		1,453,332
Fiserv Inc., 4.20%, 10/01/28 (Call 07/01/28)		2,307		2,136,997
Oracle Corp., 2.30%, 03/25/28 (Call 01/25/28)^(a)		3,845		3,211,998
Roper Technologies Inc., 4.20%, 09/15/28 (Call 06/15/28)		1,712		1,587,418
salesforce.com Inc.
1.50%, 07/15/28 (Call 05/15/28)		1,895		1,584,750
3.70%, 04/11/28 (Call 01/11/28)^(a)		2,893		2,730,240
VMware Inc., 1.80%, 08/15/28 (Call 06/15/28)		1,429		1,128,638

				13,833,373

Telecommunications — 5.7%
AT&T Inc.
1.65%, 02/01/28 (Call 12/01/27)		3,988		3,290,300
4.10%, 02/15/28 (Call 11/15/27)		2,950		2,759,194
British Telecommunications PLC, 5.13%, 12/04/28		1,690		1,550,862
Motorola Solutions Inc., 4.60%, 02/23/28 (Call 11/23/27)		1,584		1,485,681
T-Mobile USA Inc.
2.05%, 02/15/28 (Call 12/15/27)		3,376		2,799,852
4.75%, 02/01/28 (Call 02/01/23)		2,000		1,897,200
Verizon Communications Inc.
2.10%, 03/22/28 (Call 01/22/28)		6,134		5,156,302
4.33%, 09/21/28		7,369		6,916,322
Vodafone Group PLC, 4.38%, 05/30/28		5,865		5,519,317

				31,375,030

Transportation — 2.4%
Canadian National Railway Co., 6.90%, 07/15/28^(a)		854		919,160
Canadian Pacific Railway Co., 4.00%, 06/01/28 (Call 03/01/28)		1,373		1,282,945
CH Robinson Worldwide Inc., 4.20%, 04/15/28 (Call 01/15/28)		1,268		1,159,484
CSX Corp., 3.80%, 03/01/28 (Call 12/01/27)		1,815		1,693,849


Security	Par (000)		Value

Transportation (continued)
FedEx Corp.
3.40%, 02/15/28 (Call 11/15/27)	$	1,323	$	1,195,397
4.20%, 10/17/28 (Call 07/17/28)^(a)		839		774,137
Kirby Corp., 4.20%, 03/01/28 (Call 12/01/27)		1,130		998,366
Norfolk Southern Corp., 3.80%, 08/01/28 (Call 05/01/28)^(a)		1,479		1,369,051
Union Pacific Corp., 3.95%, 09/10/28 (Call 06/10/28)		2,245		2,113,398
Walmart Inc., 1.50%, 09/22/28 (Call 07/22/28)^(a)		2,052		1,714,364

				13,220,151

Trucking & Leasing — 0.2%
GATX Corp.
3.50%, 03/15/28 (Call 12/15/27)		425		373,133
4.55%, 11/07/28 (Call 08/07/28)		942		864,247

				1,237,380

Water — 0.3%
American Water Capital Corp., 3.75%, 09/01/28 (Call 06/01/28)		1,102		1,015,956
United Utilities PLC, 6.88%, 08/15/28^(a)		605		624,499

				1,640,455


Total Long-Term Investments — 98.6% (Cost: $608,257,717)				545,608,088


Security	Shares (000)		Value

Short-Term Securities

Money Market Funds — 7.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 3.29%^(c)(d)(e)		37,807	$	37,798,990
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%^(c)(d)		1,900		1,900,000


Total Short-Term Securities — 7.2% (Cost: $39,698,965)				39,698,990


Total Investments — 105.8% (Cost: $647,956,682)				585,307,078

Liabilities in Excess of Other Assets — (5.8)%				(32,213,924	)


Net Assets — 100.0%			$	553,093,154

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

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

^(c)	Affiliate of the Fund.

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

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


Security	Par (000)		Value

Corporate Bonds & Notes

Aerospace & Defense — 0.7%
Boeing Co. (The), 3.20%, 03/01/29 (Call 12/01/28)	$	1,052	$	876,695
L3Harris Technologies Inc., 2.90%, 12/15/29 (Call 09/15/29)		594		494,826
Raytheon Technologies Corp., 7.50%, 09/15/29		440		486,842

				1,858,363

Agriculture — 1.2%
Altria Group Inc., 4.80%, 02/14/29 (Call 11/14/28)		2,351		2,164,307
BAT Capital Corp., 3.46%, 09/06/29 (Call 06/06/29)		532		429,473
Philip Morris International Inc., 3.38%, 08/15/29 (Call 05/15/29)		879		751,818

				3,345,598

Airlines — 0.2%
American Airlines Pass Through Trust
Series 2017-1, Class AA, 3.65%, 08/15/30		104		92,228
Series 2017-2, Class AA, 3.35%, 04/15/31		493		416,750

				508,978

Auto Manufacturers — 1.9%
American Honda Finance Corp., 2.25%, 01/12/29		738		615,381
General Motors Co., 5.40%, 10/15/29 (Call 08/15/29)		1,245		1,153,966
General Motors Financial Co. Inc.
4.30%, 04/06/29 (Call 02/06/29)		1,190		1,045,498
5.65%, 01/17/29 (Call 10/17/28)^(a)		712		671,864
Toyota Motor Corp., 2.76%, 07/02/29		592		513,418
Toyota Motor Credit Corp.
3.65%, 01/08/29		742		680,800
4.45%, 06/29/29		865		829,665

				5,510,592

Auto Parts & Equipment — 0.2%
Aptiv PLC, 4.35%, 03/15/29 (Call 12/15/28)		300		267,762
Lear Corp., 4.25%, 05/15/29 (Call 02/15/29)		444		389,739

				657,501

Banks — 7.4%
Banco Santander SA, 3.31%, 06/27/29		1,197		997,903
Bank of New York Mellon Corp. (The)
3.30%, 08/23/29 (Call 05/23/29)		1,018		880,977
3.85%, 04/26/29 (Call 02/26/29)		335		300,361
Series J, 1.90%, 01/25/29 (Call 11/25/28)		619		499,706
Comerica Inc., 4.00%, 02/01/29		603		550,020
ING Groep NV, 4.05%, 04/09/29		1,179		1,028,748
KeyBank NA/Cleveland OH, 3.90%, 04/13/29		486		420,356
KeyCorp, 2.55%, 10/01/29		745		599,896
Mitsubishi UFJ Financial Group Inc.
3.20%, 07/18/29		2,190		1,834,213
3.74%, 03/07/29		1,661		1,461,946
Northern Trust Corp., 3.15%, 05/03/29 (Call 02/03/29)		611		537,827
PNC Bank NA, 2.70%, 10/22/29		971		788,705
PNC Financial Services Group Inc. (The), 3.45%, 04/23/29 (Call 01/23/29)		1,776		1,559,772
Sumitomo Mitsui Financial Group Inc.
2.47%, 01/14/29		530		429,639
2.72%, 09/27/29		572		460,420
3.04%, 07/16/29		2,869		2,370,052
3.20%, 09/17/29		680		558,532
Truist Financial Corp., 3.88%, 03/19/29		928		826,384
U.S. Bancorp., 3.00%, 07/30/29 (Call 04/30/29)		1,201		1,015,181
Webster Financial Corp., 4.10%, 03/25/29 (Call 12/25/28)^(a)		379		339,455
Wells Fargo & Co.
4.15%, 01/24/29 (Call 10/24/28)		2,961		2,694,451
Series B, 7.95%, 11/15/29		200		212,558


Security	Par (000)		Value

Banks (continued)
Wintrust Financial Corp., 4.85%, 06/06/29	$	320	$	287,498
Zions Bancorp NA, 3.25%, 10/29/29 (Call 07/29/29)		475		379,924

				21,034,524

Beverages — 3.7%
Anheuser-Busch InBev Worldwide Inc., 4.75%, 01/23/29 (Call 10/23/28)^(a)		4,618		4,496,778
Coca-Cola Co. (The), 2.13%, 09/06/29		1,317		1,107,676
Constellation Brands Inc., 3.15%, 08/01/29 (Call 05/01/29)		959		820,974
Diageo Capital PLC, 2.38%, 10/24/29 (Call 07/24/29)^(a)		1,193		987,876
Keurig Dr Pepper Inc., 3.95%, 04/15/29 (Call 02/15/29)		1,195		1,088,095
PepsiCo Inc.
2.63%, 07/29/29 (Call 04/29/29)		1,472		1,276,180
7.00%, 03/01/29		564		622,735

				10,400,314

Biotechnology — 0.6%
Amgen Inc.
3.00%, 02/22/29 (Call 12/22/28)		1,257		1,101,346
4.05%, 08/18/29 (Call 06/18/29)		530		488,941

				1,590,287

Building Materials — 0.4%
Fortune Brands Home & Security Inc., 3.25%, 09/15/29 (Call 06/15/29)		603		495,196
Owens Corning, 3.95%, 08/15/29 (Call 05/15/29)		634		557,045

				1,052,241

Chemicals — 2.3%
Cabot Corp., 4.00%, 07/01/29 (Call 04/01/29)		350		303,334
Celanese U.S. Holdings LLC, 6.33%, 07/15/29 (Call 05/15/29)		941		875,817
Dow Chemical Co. (The), 7.38%, 11/01/29		1,015		1,098,971
FMC Corp., 3.45%, 10/01/29 (Call 07/01/29)		520		443,409
Huntsman International LLC, 4.50%, 05/01/29 (Call 02/01/29)		864		752,907
Nutrien Ltd., 4.20%, 04/01/29 (Call 01/01/29)		785		718,911
PPG Industries Inc., 2.80%, 08/15/29 (Call 05/15/29)^(a)		434		367,216
Rohm & Haas Co., 7.85%, 07/15/29		655		718,790
RPM International Inc., 4.55%, 03/01/29 (Call 12/01/28)		478		433,599
Sherwin-Williams Co. (The), 2.95%, 08/15/29 (Call 05/15/29)^(a)		924		783,072

				6,496,026

Commercial Services — 2.7%
Global Payments Inc.
3.20%, 08/15/29 (Call 05/15/29)		1,506		1,250,582
5.30%, 08/15/29 (Call 06/15/29)		400		376,732
Moody’s Corp., 4.25%, 02/01/29 (Call 11/01/28)		345		320,892
PayPal Holdings Inc., 2.85%, 10/01/29 (Call 07/01/29)^(a)		1,935		1,647,265
RELX Capital Inc., 4.00%, 03/18/29 (Call 12/18/28)		1,009		916,394
S&P Global Inc.
2.50%, 12/01/29 (Call 09/01/29)		668		556,431
2.70%, 03/01/29 (Call 01/01/29)^(b)		884		759,710
4.25%, 05/01/29^(a)(b)		1,150		1,073,168
Verisk Analytics Inc., 4.13%, 03/15/29 (Call 12/15/28)^(a)		732		669,714

				7,570,888

Computers — 3.4%
Apple Inc.
2.20%, 09/11/29 (Call 06/11/29)		2,058		1,739,833
3.25%, 08/08/29 (Call 06/08/29)		1,335		1,214,743
Dell International LLC/EMC Corp., 5.30%, 10/01/29 (Call 07/01/29)^(a)		2,210		2,066,925
HP Inc., 4.00%, 04/15/29 (Call 02/15/29)		1,125		986,366
International Business Machines Corp., 3.50%, 05/15/29		3,680		3,296,066


Security	Par (000)		Value

Computers (continued)
Western Digital Corp., 2.85%, 02/01/29 (Call 12/01/28)	$	490	$	379,294

				9,683,227

Cosmetics & Personal Care — 0.9%
Estee Lauder Companies Inc. (The), 2.38%, 12/01/29 (Call 09/01/29)		841		703,042
GSK Consumer Healthcare Capital U.S. LLC, 3.38%, 03/24/29		1,082		943,623
Unilever Capital Corp., 2.13%, 09/06/29 (Call 06/06/29)		1,208		996,479

				2,643,144

Diversified Financial Services — 3.5%
Air Lease Corp., 3.25%, 10/01/29 (Call 07/01/29)^(a)		636		509,760
American Express Co., 4.05%, 05/03/29 (Call 03/03/29)		1,175		1,065,584
Brookfield Finance Inc., 4.85%, 03/29/29 (Call 12/29/28)		1,257		1,162,913
Charles Schwab Corp. (The)
2.75%, 10/01/29 (Call 07/01/29)		613		517,930
3.25%, 05/22/29 (Call 02/22/29)		829		734,511
4.00%, 02/01/29 (Call 11/01/28)		943		874,689
Intercontinental Exchange Inc., 4.35%, 06/15/29 (Call 04/15/29)^(a)		1,725		1,633,782
Lazard Group LLC, 4.38%, 03/11/29 (Call 12/11/28)		526		474,862
Mastercard Inc., 2.95%, 06/01/29 (Call 03/01/29)^(a)		1,462		1,294,601
Nomura Holdings Inc.
2.71%, 01/22/29		610		489,867
5.61%, 07/06/29		628		589,924
Synchrony Financial, 5.15%, 03/19/29 (Call 12/19/28)		717		642,547

				9,990,970

Electric — 5.8%
Arizona Public Service Co., 2.60%, 08/15/29 (Call 05/15/29)		509		413,440
Avangrid Inc., 3.80%, 06/01/29 (Call 03/01/29)		861		754,115
Black Hills Corp., 3.05%, 10/15/29 (Call 07/15/29)		528		433,124
DTE Energy Co., Series C, 3.40%, 06/15/29 (Call 03/15/29)		529		457,728
Duke Energy Carolinas LLC, 2.45%, 08/15/29 (Call 05/15/29)		473		395,849
Duke Energy Corp., 3.40%, 06/15/29 (Call 03/15/29)		709		620,021
Duke Energy Florida LLC, 2.50%, 12/01/29 (Call 09/01/29)		849		706,606
Duke Energy Ohio Inc., 3.65%, 02/01/29 (Call 11/01/28)		533		483,767
Duke Energy Progress LLC, 3.45%, 03/15/29 (Call 12/15/28)		755		677,265
Entergy Texas Inc., 4.00%, 03/30/29 (Call 12/30/28)		437		398,876
Evergy Inc., 2.90%, 09/15/29 (Call 06/15/29)		927		765,192
Eversource Energy, Series O, 4.25%, 04/01/29 (Call 01/01/29)		631		582,060
Georgia Power Co., Series B, 2.65%, 09/15/29 (Call 06/15/29)		759		630,099
Interstate Power & Light Co., 3.60%, 04/01/29 (Call 01/01/29)		217		193,985
MidAmerican Energy Co., 3.65%, 04/15/29 (Call 01/15/29)		1,118		1,021,315
National Rural Utilities Cooperative Finance Corp., 3.70%, 03/15/29 (Call 12/15/28)		483		432,758
Nevada Power Co., Series CC, 3.70%, 05/01/29 (Call 02/01/29)^(a)		596		537,294
NextEra Energy Capital Holdings Inc.
2.75%, 11/01/29 (Call 08/01/29)		1,075		900,538
3.50%, 04/01/29 (Call 01/01/29)		658		582,363
NSTAR Electric Co., 3.25%, 05/15/29 (Call 02/15/29)		406		361,072
Oncor Electric Delivery Co. LLC, 5.75%, 03/15/29 (Call 12/15/28)		416		422,727
Pacific Gas and Electric Co., 4.20%, 03/01/29 (Call 01/01/29)		400		347,720
PacifiCorp, 3.50%, 06/15/29 (Call 03/15/29)^(a)		446		396,360
Public Service Electric & Gas Co., 3.20%, 05/15/29 (Call 02/15/29)		433		384,171
Sempra Energy, 3.70%, 04/01/29 (Call 02/01/29)		541		477,292
Southern California Edison Co.
2.85%, 08/01/29 (Call 05/01/29)		552		462,123


Security	Par (000)		Value

Electric (continued)
6.65%, 04/01/29	$	442	$	443,096
Series A, 4.20%, 03/01/29 (Call 12/01/28)		498		458,479
Union Electric Co., 3.50%, 03/15/29 (Call 12/15/28)		644		579,317
Virginia Electric & Power Co., Series A, 2.88%, 07/15/29 (Call 04/15/29)		548		470,677
Wisconsin Power and Light Co., 3.00%, 07/01/29 (Call 04/01/29)		301		259,327
Xcel Energy Inc., 2.60%, 12/01/29 (Call 06/01/29)		504		415,089

				16,463,845

Electronics — 1.2%
Agilent Technologies Inc., 2.75%, 09/15/29 (Call 06/15/29)		614		515,711
Allegion PLC, 3.50%, 10/01/29 (Call 07/01/29)		443		369,404
Amphenol Corp., 4.35%, 06/01/29 (Call 03/01/29)		503		470,909
Flex Ltd., 4.88%, 06/15/29 (Call 03/15/29)		660		591,017
Honeywell International Inc., 2.70%, 08/15/29 (Call 05/15/29)		963		839,332
Keysight Technologies Inc., 3.00%, 10/30/29 (Call 07/30/29)		714		597,946

				3,384,319

Entertainment — 0.5%
Magallanes Inc., 4.05%, 03/15/29 (Call 01/15/29)^(b)		1,722		1,464,406


Environmental Control — 0.4%
Waste Connections Inc., 3.50%, 05/01/29 (Call 02/01/29)		693		618,017
Waste Management Inc., 2.00%, 06/01/29 (Call 04/01/29)		673		554,061

				1,172,078

Food — 1.1%
Ahold Finance USA LLC, 6.88%, 05/01/29		400		416,004
Hershey Co. (The), 2.45%, 11/15/29 (Call 08/15/29)		263		221,101
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance Inc.
3.00%, 02/02/29 (Call 12/02/28)^(b)		130		105,486
6.50%, 04/15/29 (Call 04/15/24)^(b)		15		15,473
Kraft Heinz Foods Co., 4.63%, 01/30/29 (Call 10/30/28)^(a)		475		455,687
Kroger Co. (The), 4.50%, 01/15/29 (Call 10/15/28)		804		754,168
Tyson Foods Inc., 4.35%, 03/01/29 (Call 12/01/28)^(a)		1,076		1,010,568

				2,978,487

Forest Products & Paper — 0.8%
Georgia-Pacific LLC, 7.75%, 11/15/29		445		493,585
Suzano Austria GmbH, 6.00%, 01/15/29 (Call 10/15/28)		1,929		1,833,978

				2,327,563

Gas — 0.6%
Atmos Energy Corp., 2.63%, 09/15/29 (Call 06/15/29)		535		451,123
NiSource Inc., 2.95%, 09/01/29 (Call 06/01/29)		760		635,489
Piedmont Natural Gas Co. Inc., 3.50%, 06/01/29 (Call 03/01/29)^(a)		659		584,704

				1,671,316

Health Care - Products — 1.0%
DH Europe Finance II Sarl, 2.60%, 11/15/29 (Call 08/15/29)^(a)		1,130		961,427
PerkinElmer Inc., 3.30%, 09/15/29 (Call 06/15/29)		1,023		861,069
Thermo Fisher Scientific Inc., 2.60%, 10/01/29 (Call 07/01/29)^(a)		1,184		1,014,652

				2,837,148

Health Care - Services — 4.3%
Adventist Health System/West, 2.95%, 03/01/29 (Call 12/01/28)		340		287,008
Ascension Health, Series B, 2.53%, 11/15/29 (Call 08/15/29)		685		570,927
Centene Corp., 4.63%, 12/15/29 (Call 12/15/24)		649		587,235
CommonSpirit Health, 3.35%, 10/01/29 (Call 04/01/29)		705		592,010
Elevance Health Inc., 2.88%, 09/15/29 (Call 06/15/29)		948		805,876
HCA Inc.
3.38%, 03/15/29 (Call 01/15/29)^(a)(b)		635		538,321
4.13%, 06/15/29 (Call 03/15/29)		2,284		2,015,516


Security	Par (000)		Value

Health Care - Services (continued)
5.88%, 02/01/29 (Call 08/01/28)^(a)	$	1,323	$	1,292,359
Humana Inc.
3.13%, 08/15/29 (Call 05/15/29)		570		487,327
3.70%, 03/23/29 (Call 02/23/29)^(a)		1,014		902,551
Laboratory Corp. of America Holdings, 2.95%, 12/01/29 (Call 09/01/29)^(a)		709		592,745
Providence St Joseph Health Obligated Group, Series 19A, 2.53%, 10/01/29 (Call 07/01/29)		757		618,401
Quest Diagnostics Inc., 4.20%, 06/30/29 (Call 03/30/29)		619		569,845
Rush Obligated Group, Series 2020, 3.92%, 11/15/29 (Call 08/15/29)		323		288,239
UnitedHealth Group Inc.
2.88%, 08/15/29		1,080		936,716
4.00%, 05/15/29 (Call 03/15/29)		1,179		1,096,505

				12,181,581

Holding Companies - Diversified — 0.2%
Blackstone Private Credit Fund, 4.00%, 01/15/29 (Call 11/15/28)		655		534,401


Home Builders — 0.2%
Toll Brothers Finance Corp., 3.80%, 11/01/29 (Call 08/01/29)^(a)		620		502,014


Home Furnishings — 0.5%
Leggett & Platt Inc., 4.40%, 03/15/29 (Call 12/15/28)		597		545,712
Whirlpool Corp., 4.75%, 02/26/29 (Call 11/26/28)^(a)		789		735,198

				1,280,910

Household Products & Wares — 0.5%
Clorox Co. (The), 4.40%, 05/01/29 (Call 03/01/29)		630		591,677
Kimberly-Clark Corp., 3.20%, 04/25/29 (Call 01/25/29)		1,032		921,308

				1,512,985

Insurance — 3.7%
Aon Corp., 3.75%, 05/02/29 (Call 02/02/29)		890		793,613
AXIS Specialty Finance LLC, 3.90%, 07/15/29 (Call 04/15/29)		338		292,214
Brown & Brown Inc., 4.50%, 03/15/29 (Call 12/15/28)		334		305,316
CNA Financial Corp., 3.90%, 05/01/29 (Call 02/01/29)		521		459,298
CNO Financial Group Inc., 5.25%, 05/30/29 (Call 02/28/29)^(a)		591		538,531
Corebridge Financial Inc., 3.85%, 04/05/29 (Call 02/05/29)^(b)		1,144		1,000,028
Enstar Group Ltd., 4.95%, 06/01/29 (Call 03/01/29)^(a)		579		512,427
Hartford Financial Services Group Inc. (The), 2.80%, 08/19/29 (Call 05/19/29)		840		697,385
Markel Corp., 3.35%, 09/17/29 (Call 06/17/29)		480		407,928
Marsh & McLennan Companies Inc., 4.38%, 03/15/29 (Call 12/15/28)^(a)		1,863		1,759,641
PartnerRe Finance B LLC, 3.70%, 07/02/29 (Call 04/02/29)		508		445,155
Principal Financial Group Inc., 3.70%, 05/15/29 (Call 02/15/29)		506		448,908
Progressive Corp. (The)
4.00%, 03/01/29 (Call 12/01/28)		927		861,730
6.63%, 03/01/29^(a)		209		221,705
Reinsurance Group of America Inc., 3.90%, 05/15/29 (Call 02/15/29)^(a)		612		544,821
RenaissanceRe Holdings Ltd., 3.60%, 04/15/29 (Call 01/15/29)		601		529,589
Unum Group, 4.00%, 06/15/29 (Call 03/15/29)^(a)		95		82,978
Willis North America Inc., 2.95%, 09/15/29 (Call 06/15/29)		757		614,608

				10,515,875

Internet — 0.5%
Amazon.com Inc., 3.45%, 04/13/29 (Call 02/13/29)^(a)		1,657		1,520,248


Security	Par (000)		Value

Iron & Steel — 0.2%
ArcelorMittal SA, 4.25%, 07/16/29^(a)	$	640	$	566,131


Lodging — 0.2%
Choice Hotels International Inc., 3.70%, 12/01/29 (Call 09/01/29)		620		519,436


Machinery — 1.4%
Caterpillar Inc., 2.60%, 09/19/29 (Call 06/19/29)		626		535,299
Deere & Co., 5.38%, 10/16/29		563		571,777
Dover Corp., 2.95%, 11/04/29 (Call 08/04/29)		448		379,814
John Deere Capital Corp.
2.80%, 07/18/29		594		514,161
3.35%, 04/18/29		723		653,780
3.45%, 03/07/29		738		671,078
Rockwell Automation Inc., 3.50%, 03/01/29 (Call 12/01/28)		588		534,110

				3,860,019

Manufacturing — 2.0%
3M Co.
2.38%, 08/26/29 (Call 05/26/29)^(a)		1,034		853,650
3.38%, 03/01/29 (Call 12/01/28)^(a)		1,084		973,389
Parker-Hannifin Corp.
3.25%, 06/14/29 (Call 03/14/29)		1,088		945,200
4.50%, 09/15/29 (Call 07/15/29)		1,315		1,228,775
Pentair Finance Sarl, 4.50%, 07/01/29 (Call 04/01/29)		463		410,186
Textron Inc., 3.90%, 09/17/29 (Call 06/17/29)		314		276,816
Trane Technologies Luxembourg Finance SA, 3.80%, 03/21/29 (Call 12/21/28)		963		858,774

				5,546,790

Media — 2.8%
Charter Communications Operating LLC/Charter Communications Operating Capital
2.25%, 01/15/29 (Call 11/15/28)		1,340		1,054,794
5.05%, 03/30/29 (Call 12/30/28)		1,611		1,483,183
Discovery Communications LLC, 4.13%, 05/15/29 (Call 02/15/29)		892		753,580
Fox Corp., 4.71%, 01/25/29 (Call 10/25/28)		2,444		2,275,144
Paramount Global, 4.20%, 06/01/29 (Call 03/01/29)		577		503,617
Walt Disney Co. (The), 2.00%, 09/01/29 (Call 06/01/29)		2,437		1,989,689

				8,060,007

Mining — 0.5%
Freeport-McMoRan Inc., 5.25%, 09/01/29 (Call 09/01/24)		700		651,070
Newmont Corp., 2.80%, 10/01/29 (Call 07/01/29)		926		765,533

				1,416,603

Office & Business Equipment — 0.2%
CDW LLC/CDW Finance Corp., 3.25%, 02/15/29 (Call 08/15/23)		694		568,913


Oil & Gas — 3.4%
Chevron USA Inc., 3.25%, 10/15/29 (Call 07/15/29)		648		581,438
ConocoPhillips Co., 6.95%, 04/15/29		1,283		1,394,390
Coterra Energy Inc., 4.38%, 03/15/29^(b)		574		528,706
Diamondback Energy Inc., 3.50%, 12/01/29 (Call 09/01/29)		1,391		1,201,949
EQT Corp., 5.00%, 01/15/29 (Call 07/15/28)		435		404,180
Exxon Mobil Corp., 2.44%, 08/16/29 (Call 05/16/29)^(a)		1,466		1,255,043
Hess Corp., 7.88%, 10/01/29		569		619,004
Phillips 66 Co., 3.15%, 12/15/29 (Call 09/15/29)^(b)		685		578,277
Shell International Finance BV, 2.38%, 11/07/29 (Call 08/07/29)^(a)		1,796		1,513,956
TotalEnergies Capital International SA, 3.45%, 02/19/29 (Call 11/19/28)^(a)		1,537		1,396,564


Security	Par (000)		Value

Oil & Gas (continued)
Valero Energy Corp., 4.00%, 04/01/29 (Call 01/01/29)	$	35	$	31,948

				9,505,455

Oil & Gas Services — 0.4%
Baker Hughes Holdings LLC/Baker Hughes Co-Obligor Inc., 3.14%, 11/07/29 (Call 08/07/29)		540		458,201
NOV Inc., 3.60%, 12/01/29 (Call 09/01/29)		658		560,451

				1,018,652

Packaging & Containers — 0.5%
Packaging Corp. of America, 3.00%, 12/15/29 (Call 09/15/29)		472		392,888
WRKCo Inc., 4.90%, 03/15/29 (Call 12/15/28)^(a)		982		922,550

				1,315,438

Pharmaceuticals — 6.1%
AbbVie Inc., 3.20%, 11/21/29 (Call 08/21/29)^(a)		6,356		5,548,915
AstraZeneca PLC, 4.00%, 01/17/29 (Call 10/17/28)		1,395		1,312,848
Bristol-Myers Squibb Co., 3.40%, 07/26/29 (Call 04/26/29)		2,407		2,186,808
CVS Health Corp., 3.25%, 08/15/29 (Call 05/15/29)^(a)		2,189		1,900,731
Eli Lilly & Co., 3.38%, 03/15/29 (Call 12/15/28)^(a)		1,149		1,062,940
GlaxoSmithKline Capital PLC, 3.38%, 06/01/29 (Call 03/01/29)		1,251		1,128,427
Johnson & Johnson, 6.95%, 09/01/29		140		158,666
Merck & Co. Inc., 3.40%, 03/07/29 (Call 12/07/28)^(a)		1,929		1,761,466
Pfizer Inc., 3.45%, 03/15/29 (Call 12/15/28)		2,335		2,139,047

				17,199,848

Pipelines — 4.1%
Boardwalk Pipelines LP, 4.80%, 05/03/29 (Call 02/03/29)		457		416,099
Cheniere Corpus Christi Holdings LLC, 3.70%, 11/15/29 (Call 05/18/29)		1,827		1,596,469
DCP Midstream Operating LP, 5.13%, 05/15/29 (Call 02/15/29)		625		586,156
Eastern Gas Transmission & Storage Inc., 3.00%, 11/15/29 (Call 08/15/29)		522		441,675
Enbridge Inc., 3.13%, 11/15/29 (Call 08/15/29)^(a)		1,237		1,055,260
Energy Transfer LP
4.15%, 09/15/29 (Call 06/15/29)^(a)		658		572,407
5.25%, 04/15/29 (Call 01/15/29)^(a)		1,798		1,684,960
Enterprise Products Operating LLC, 3.13%, 07/31/29 (Call 04/30/29)		1,496		1,286,500
MPLX LP, 4.80%, 02/15/29 (Call 11/15/28)		904		837,384
ONEOK Inc.
3.40%, 09/01/29 (Call 06/01/29)		859		718,674
4.35%, 03/15/29 (Call 12/15/28)^(a)		719		639,414
Plains All American Pipeline LP/PAA Finance Corp., 3.55%, 12/15/29 (Call 09/15/29)		1,142		952,816
Targa Resources Partners LP/Targa Resources Partners Finance Corp., 6.88%, 01/15/29 (Call 01/15/24)		810		807,894

				11,595,708

Real Estate Investment Trusts — 9.0%
Alexandria Real Estate Equities Inc.
2.75%, 12/15/29 (Call 09/15/29)		605		492,283
4.50%, 07/30/29 (Call 04/30/29)		338		308,827
American Homes 4 Rent LP, 4.90%, 02/15/29 (Call 11/15/28)^(a)		564		520,741
American Tower Corp.
3.80%, 08/15/29 (Call 05/15/29)		1,916		1,672,342
3.95%, 03/15/29 (Call 12/15/28)		848		751,023
AvalonBay Communities Inc., 3.30%, 06/01/29 (Call 03/01/29)		489		428,882
Boston Properties LP, 3.40%, 06/21/29 (Call 03/21/29)		829		686,661
Brandywine Operating Partnership LP, 4.55%, 10/01/29 (Call 07/01/29)		415		359,755


Security	Par (000)		Value

Real Estate Investment Trusts (continued)
Brixmor Operating Partnership LP, 4.13%, 05/15/29 (Call 02/15/29)	$	799	$	683,177
Camden Property Trust, 3.15%, 07/01/29 (Call 04/01/29)		834		714,621
Corporate Office Properties LP, 2.00%, 01/15/29 (Call 11/15/28)		418		311,820
Crown Castle International Corp.
3.10%, 11/15/29 (Call 08/15/29)		729		607,177
4.30%, 02/15/29 (Call 11/15/28)		442		402,286
CubeSmart LP, 4.38%, 02/15/29 (Call 11/15/28)		467		422,430
Digital Realty Trust LP, 3.60%, 07/01/29 (Call 04/01/29)^(a)		1,178		1,015,778
EPR Properties, 3.75%, 08/15/29 (Call 05/15/29)		365		267,600
Equinix Inc., 3.20%, 11/18/29 (Call 08/18/29)^(a)		1,423		1,194,452
ERP Operating LP, 3.00%, 07/01/29 (Call 04/01/29)		776		659,740
Essex Portfolio LP, 4.00%, 03/01/29 (Call 12/01/28)		702		623,123
Extra Space Storage LP, 3.90%, 04/01/29 (Call 02/01/29)		243		212,870
Federal Realty Investment Trust, 3.20%, 06/15/29 (Call 03/15/29)		545		460,481
GLP Capital LP/GLP Financing II Inc., 5.30%, 01/15/29 (Call 10/15/28)		886		801,972
Healthpeak Properties Inc., 3.50%, 07/15/29 (Call 04/15/29)		715		617,617
Highwoods Realty LP, 4.20%, 04/15/29 (Call 01/15/29)		333		281,841
Host Hotels & Resorts LP, Series H, 3.38%, 12/15/29		933		748,807
Hudson Pacific Properties LP, 4.65%, 04/01/29 (Call 01/01/29)^(a)		513		440,000
Kilroy Realty LP, 4.25%, 08/15/29 (Call 05/15/29)		362		313,601
Life Storage LP, 4.00%, 06/15/29 (Call 03/15/29)		484		421,922
Mid-America Apartments LP, 3.95%, 03/15/29 (Call 12/15/28)		743		668,373
Omega Healthcare Investors Inc., 3.63%, 10/01/29 (Call 07/01/29)		484		385,608
Prologis LP
2.88%, 11/15/29		92		76,868
4.38%, 02/01/29 (Call 11/01/28)		424		396,567
Public Storage, 3.39%, 05/01/29 (Call 02/01/29)		597		527,706
Realty Income Corp.
3.10%, 12/15/29 (Call 09/15/29)^(a)		753		633,559
3.25%, 06/15/29 (Call 03/15/29)		618		533,007
Regency Centers LP, 2.95%, 09/15/29 (Call 06/15/29)		467		379,470
Sabra Health Care LP, 3.90%, 10/15/29 (Call 07/15/29)		489		390,423
Simon Property Group LP, 2.45%, 09/13/29 (Call 06/13/29)		1,514		1,213,259
Spirit Realty LP, 4.00%, 07/15/29 (Call 04/15/29)		385		325,263
STORE Capital Corp., 4.63%, 03/15/29 (Call 12/15/28)^(a)		383		355,757
UDR Inc., 4.40%, 01/26/29 (Call 10/26/28)		315		285,985
Ventas Realty LP, 4.40%, 01/15/29 (Call 10/15/28)		907		819,583
Welltower Inc.
2.05%, 01/15/29 (Call 11/15/28)		633		498,823
4.13%, 03/15/29		687		610,489
Weyerhaeuser Co., 4.00%, 11/15/29 (Call 08/15/29)		710		628,137
WP Carey Inc., 3.85%, 07/15/29 (Call 04/15/29)		417		361,426

				25,512,132

Retail — 2.9%
AutoZone Inc., 3.75%, 04/18/29 (Call 01/18/29)		331		296,407
Home Depot Inc. (The), 2.95%, 06/15/29 (Call 03/15/29)^(a)		2,055		1,812,716
Lowe’s Companies Inc.
3.65%, 04/05/29 (Call 01/05/29)^(a)		1,768		1,590,369
6.50%, 03/15/29^(a)		325		339,443
McDonald’s Corp., 2.63%, 09/01/29 (Call 06/01/29)^(a)		1,020		871,794
O’Reilly Automotive Inc., 3.90%, 06/01/29 (Call 03/01/29)^(a)		556		502,763
Starbucks Corp., 3.55%, 08/15/29 (Call 05/15/29)^(a)		1,092		983,051
Target Corp., 3.38%, 04/15/29 (Call 01/15/29)		1,164		1,051,581


Security	Par (000)		Value

Retail (continued)
Walmart Inc.
2.38%, 09/24/29 (Call 06/24/29)^(a)	$	202	$	172,752
3.25%, 07/08/29 (Call 04/08/29)		777		709,595

				8,330,471

Semiconductors — 4.1%
Broadcom Inc.
4.00%, 04/15/29 (Call 02/15/29)^(a)(b)		1,090		956,584
4.75%, 04/15/29 (Call 01/15/29)^(a)		1,941		1,802,374
Intel Corp.
2.45%, 11/15/29 (Call 08/15/29)		2,485		2,061,780
4.00%, 08/05/29 (Call 06/05/29)		930		858,771
KLA Corp., 4.10%, 03/15/29 (Call 12/15/28)^(a)		1,075		1,011,425
Lam Research Corp., 4.00%, 03/15/29 (Call 12/15/28)		1,185		1,098,886
Micron Technology Inc., 5.33%, 02/06/29 (Call 11/06/28)		672		624,429
NXP BV/NXP Funding LLC/NXP USA Inc., 4.30%, 06/18/29 (Call 03/18/29)^(a)		1,177		1,056,675
Qorvo Inc., 4.38%, 10/15/29 (Call 10/15/24)		856		731,820
Texas Instruments Inc., 2.25%, 09/04/29 (Call 06/04/29)		958		806,607
TSMC Arizona Corp., 4.13%, 04/22/29 (Call 02/22/29)		500		461,895

				11,471,246

Software — 2.1%
Broadridge Financial Solutions Inc., 2.90%, 12/01/29 (Call 09/01/29)		1,014		835,942
Fidelity National Information Services Inc., 3.75%, 05/21/29 (Call 02/21/29)^(a)		665		593,054
Fiserv Inc., 3.50%, 07/01/29 (Call 04/01/29)		3,575		3,106,425
Roper Technologies Inc., 2.95%, 09/15/29 (Call 06/15/29)		715		596,381
Workday Inc., 3.70%, 04/01/29 (Call 02/01/29)		850		757,503

				5,889,305

Telecommunications — 4.9%
America Movil SAB de CV, 3.63%, 04/22/29 (Call 01/22/29)		950		839,325
AT&T Inc., 4.35%, 03/01/29 (Call 12/01/28)		3,490		3,239,837
Juniper Networks Inc., 3.75%, 08/15/29 (Call 05/15/29)		427		366,106
Motorola Solutions Inc., 4.60%, 05/23/29 (Call 02/23/29)		817		750,905
T-Mobile USA Inc.
2.40%, 03/15/29 (Call 01/15/29)		945		772,131
2.63%, 02/15/29 (Call 02/15/24)		1,040		863,054
3.38%, 04/15/29 (Call 04/15/24)^(a)		2,070		1,791,647
Verizon Communications Inc.
3.88%, 02/08/29 (Call 11/08/28)		1,304		1,184,801
4.02%, 12/03/29 (Call 09/03/29)^(b)		50		45,173
4.02%, 12/03/29 (Call 09/03/29)		4,578		4,135,994

				13,988,973

Toys, Games & Hobbies — 0.3%
Hasbro Inc., 3.90%, 11/19/29 (Call 08/19/29)		1,114		963,075


Security	Par/ Shares (000)		Value

Transportation — 2.0%
CSX Corp., 4.25%, 03/15/29 (Call 12/15/28)^(a)	$	1,221	$	1,144,272
FedEx Corp., 3.10%, 08/05/29 (Call 05/05/29)^(a)		918		784,055
Kansas City Southern, 2.88%, 11/15/29 (Call 08/15/29)		671		564,754
Norfolk Southern Corp., 2.55%, 11/01/29 (Call 08/01/29)		622		518,518
Union Pacific Corp.
3.70%, 03/01/29 (Call 12/01/28)		751		690,612
6.63%, 02/01/29^(a)		535		573,279
United Parcel Service Inc.
2.50%, 09/01/29 (Call 06/01/29)		616		523,852
3.40%, 03/15/29 (Call 12/15/28)		877		799,105

				5,598,447

Trucking & Leasing — 0.2%
GATX Corp., 4.70%, 04/01/29 (Call 01/01/29)		597		548,918


Water — 0.3%
American Water Capital Corp., 3.45%, 06/01/29 (Call 03/01/29)		691		611,473
Essential Utilities Inc., 3.57%, 05/01/29 (Call 02/01/29)^(a)		413		360,937

				972,410


Total Long-Term Investments — 98.0% (Cost: $314,083,332)				277,137,806


Short-Term Securities

Money Market Funds — 9.9%
BlackRock Cash Funds: Institutional, SL Agency Shares, 3.29%^(c)(d)(e)		27,125		27,119,990
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%^(c)(d)		1,063		1,063,000


Total Short-Term Securities — 9.9% (Cost: $28,183,662)				28,182,990


Total Investments — 107.9% (Cost: $342,266,994)				305,320,796

Liabilities in Excess of Other Assets — (7.9)%				(22,484,355	)


Net Assets — 100.0%			$	282,836,441

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

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

^(c)	Affiliate of the Fund.

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

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


Security	Par (000)		Value

Corporate Bonds & Notes

Advertising — 0.6%
Interpublic Group of Companies Inc. (The), 4.75%, 03/30/30 (Call 12/30/29)	$	372	$	337,657
Omnicom Group Inc.
2.45%, 04/30/30 (Call 01/30/30)		452		360,185
4.20%, 06/01/30 (Call 03/01/30)^(a)		387		348,393

				1,046,235

Aerospace & Defense — 2.3%
Boeing Co. (The)
2.95%, 02/01/30 (Call 11/01/29)		360		288,439
5.15%, 05/01/30 (Call 02/01/30)		2,325		2,149,416
General Dynamics Corp., 3.63%, 04/01/30 (Call 01/01/30)		690		628,445
Lockheed Martin Corp., 1.85%, 06/15/30 (Call 03/15/30)		205		163,894
Northrop Grumman Corp., 4.40%, 05/01/30 (Call 02/01/30)		557		524,087
Raytheon Technologies Corp., 2.25%, 07/01/30 (Call 04/01/30)^(a)		590		475,841

				4,230,122

Agriculture — 1.2%
Altria Group Inc., 3.40%, 05/06/30 (Call 02/06/30)		470		381,875
Archer-Daniels-Midland Co., 3.25%, 03/27/30 (Call 12/27/29)		651		574,690
BAT Capital Corp., 4.91%, 04/02/30 (Call 01/02/30)		615		537,590
Philip Morris International Inc.
1.75%, 11/01/30 (Call 08/01/30)^(a)		459		337,121
2.10%, 05/01/30 (Call 02/01/30)		512		390,861

				2,222,137

Airlines — 0.2%
Southwest Airlines Co., 2.63%, 02/10/30 (Call 11/10/29)		367		292,143
United Airlines Pass Through Trust, Series 2018-1, Class AA, 3.50%, 09/01/31		142		119,854

				411,997

Apparel — 0.7%
NIKE Inc., 2.85%, 03/27/30 (Call 12/27/29)		863		748,713
Ralph Lauren Corp., 2.95%, 06/15/30 (Call 03/15/30)		283		236,520
VF Corp., 2.95%, 04/23/30 (Call 01/23/30)^(a)		285		230,252

				1,215,485

Auto Manufacturers — 1.0%
Cummins Inc., 1.50%, 09/01/30 (Call 06/01/30)^(a)		520		397,171
General Motors Financial Co. Inc., 3.60%, 06/21/30 (Call 03/21/30)		690		564,765
Toyota Motor Credit Corp.
2.15%, 02/13/30		334		273,115
3.38%, 04/01/30		690		613,168

				1,848,219

Auto Parts & Equipment — 0.3%
Lear Corp., 3.50%, 05/30/30 (Call 02/28/30)		300		244,962
Magna International Inc., 2.45%, 06/15/30 (Call 03/15/30)		451		361,206

				606,168

Banks — 6.9%
Banco Santander SA
2.75%, 12/03/30		763		527,798
3.49%, 05/28/30		580		457,904
BankUnited Inc., 5.13%, 06/11/30 (Call 03/11/30)		290		259,660
Citizens Financial Group Inc.
2.50%, 02/06/30 (Call 12/06/29)		257		198,527
3.25%, 04/30/30 (Call 01/30/30)		485		399,771
Discover Bank, 2.70%, 02/06/30 (Call 11/06/29)^(a)		325		247,930
First Horizon Bank, 5.75%, 05/01/30 (Call 02/01/30)		275		262,532


Security	Par (000)		Value

Banks (continued)
Goldman Sachs Group Inc. (The)
2.60%, 02/07/30 (Call 11/07/29)	$	1,076	$	855,678
3.80%, 03/15/30 (Call 12/15/29)		1,554		1,340,558
HSBC Holdings PLC, 4.95%, 03/31/30^(a)		1,275		1,142,540
Huntington Bancshares Inc./OH, 2.55%, 02/04/30 (Call 01/04/30)		572		454,254
JPMorgan Chase & Co., 8.75%, 09/01/30		158		181,223
Mitsubishi UFJ Financial Group Inc.
2.05%, 07/17/30		480		359,611
2.56%, 02/25/30		577		454,411
Northern Trust Corp., 1.95%, 05/01/30 (Call 02/01/30)		565		441,581
PNC Financial Services Group Inc. (The), 2.55%, 01/22/30 (Call 10/24/29)		1,352		1,097,419
State Street Corp., 2.40%, 01/24/30		591		482,493
Sumitomo Mitsui Financial Group Inc.
2.13%, 07/08/30^(a)		670		502,895
2.14%, 09/23/30		593		434,212
2.75%, 01/15/30		584		466,820
SVB Financial Group, 3.13%, 06/05/30 (Call 03/05/30)^(a)		290		227,348
Truist Bank, 2.25%, 03/11/30 (Call 12/11/29)		572		444,793
Truist Financial Corp., 1.95%, 06/05/30 (Call 03/05/30)		351		270,670
U.S. Bancorp., 1.38%, 07/22/30 (Call 04/22/30)		945		698,005
Westpac Banking Corp., 2.65%, 01/16/30		603		506,496

				12,715,129

Beverages — 2.4%
Anheuser-Busch InBev Worldwide Inc., 3.50%, 06/01/30 (Call 03/01/30)^(a)		1,100		982,443
Coca-Cola Co. (The)
1.65%, 06/01/30		832		661,665
3.45%, 03/25/30		707		639,948
Coca-Cola Femsa SAB de CV, 2.75%, 01/22/30 (Call 10/22/29)		162		136,551
Constellation Brands Inc., 2.88%, 05/01/30 (Call 02/01/30)		287		237,358
Diageo Capital PLC, 2.00%, 04/29/30 (Call 01/29/30)^(a)		442		351,151
Keurig Dr Pepper Inc., 3.20%, 05/01/30 (Call 02/01/30)		373		316,397
PepsiCo Inc.
1.63%, 05/01/30 (Call 02/01/30)		485		386,031
2.75%, 03/19/30 (Call 12/19/29)		817		706,942

				4,418,486

Biotechnology — 1.5%
Amgen Inc., 2.45%, 02/21/30 (Call 11/21/29)		690		568,677
Biogen Inc., 2.25%, 05/01/30 (Call 02/01/30)		825		648,533
Gilead Sciences Inc., 1.65%, 10/01/30 (Call 07/01/30)		670		515,733
Regeneron Pharmaceuticals Inc., 1.75%, 09/15/30 (Call 06/15/30)		725		546,541
Royalty Pharma PLC, 2.20%, 09/02/30 (Call 06/02/30)		698		529,028

				2,808,512

Building Materials — 1.2%
Carrier Global Corp., 2.72%, 02/15/30 (Call 11/15/29)		1,137		934,148
Johnson Controls International PLC/Tyco Fire & Security Finance SCA, 1.75%, 09/15/30 (Call 06/15/30)^(a)		225		172,834
Martin Marietta Materials Inc., Series CB, 2.50%, 03/15/30 (Call 12/15/29)		305		242,454
Masco Corp., 2.00%, 10/01/30 (Call 07/01/30)		236		175,633
Mohawk Industries Inc., 3.63%, 05/15/30 (Call 02/15/30)^(a)		35		28,755
Owens Corning, 3.88%, 06/01/30 (Call 03/01/30)		265		227,860
Vulcan Materials Co., 3.50%, 06/01/30 (Call 03/01/30)		445		378,909

				2,160,593


Security	Par (000)		Value

Chemicals — 1.6%
Air Products and Chemicals Inc., 2.05%, 05/15/30 (Call 02/15/30)	$	638	$	516,053
Dow Chemical Co. (The), 2.10%, 11/15/30 (Call 08/15/30)^(a)		490		374,527
Ecolab Inc., 4.80%, 03/24/30 (Call 12/24/29)^(a)		359		348,129
EI du Pont de Nemours and Co., 2.30%, 07/15/30 (Call 04/15/30)		283		228,503
Linde Inc./CT, 1.10%, 08/10/30 (Call 05/10/30)		405		303,066
LYB International Finance III LLC
2.25%, 10/01/30 (Call 07/01/30)^(a)		255		194,891
3.38%, 05/01/30 (Call 02/01/30)		125		102,533
Nutrien Ltd., 2.95%, 05/13/30 (Call 02/13/30)^(a)		355		293,507
PPG Industries Inc., 2.55%, 06/15/30 (Call 03/15/30)		170		138,492
Sherwin-Williams Co. (The), 2.30%, 05/15/30 (Call 02/15/30)		360		286,142
Westlake Corp., 3.38%, 06/15/30 (Call 03/15/30)		294		244,355

				3,030,198

Commercial Services — 1.9%
Automatic Data Processing Inc., 1.25%, 09/01/30 (Call 06/01/30)		687		526,421
Block Financial LLC, 3.88%, 08/15/30 (Call 05/15/30)^(a)		470		394,095
Emory University, Series 2020, 2.14%, 09/01/30 (Call 06/01/30)^(a)		218		175,848
Equifax Inc., 3.10%, 05/15/30 (Call 02/15/30)^(a)		348		284,246
Global Payments Inc., 2.90%, 05/15/30 (Call 02/15/30)		560		446,130
PayPal Holdings Inc., 2.30%, 06/01/30 (Call 03/01/30)^(a)		580		467,352
Quanta Services Inc., 2.90%, 10/01/30 (Call 07/01/30)		565		446,231
RELX Capital Inc., 3.00%, 05/22/30 (Call 02/22/30)		504		420,089
S&P Global Inc., 1.25%, 08/15/30 (Call 05/15/30)		322		239,394
Yale University, Series 2020, 1.48%, 04/15/30 (Call 01/15/30)		198		154,575

				3,554,381

Computers — 2.0%
Amdocs Ltd., 2.54%, 06/15/30 (Call 03/15/30)		390		305,374
Apple Inc.
1.25%, 08/20/30 (Call 05/20/30)		638		489,812
1.65%, 05/11/30 (Call 02/11/30)		922		737,987
Dell International LLC/EMC Corp., 6.20%, 07/15/30 (Call 04/15/30)		493		483,396
HP Inc., 3.40%, 06/17/30 (Call 03/17/30)		458		373,261
International Business Machines Corp., 1.95%, 05/15/30 (Call 02/15/30)		590		464,301
Leidos Inc., 4.38%, 05/15/30 (Call 02/15/30)		445		389,433
NetApp Inc., 2.70%, 06/22/30 (Call 03/22/30)		465		373,739
Teledyne FLIR LLC, 2.50%, 08/01/30 (Call 05/01/30)		208		162,654

				3,779,957

Cosmetics & Personal Care — 1.0%
Estee Lauder Companies Inc. (The), 2.60%, 04/15/30 (Call 01/15/30)^(a)		370		310,101
Procter & Gamble Co. (The)
1.20%, 10/29/30		966		736,681
3.00%, 03/25/30		744		662,123
Unilever Capital Corp., 1.38%, 09/14/30 (Call 06/14/30)		275		207,985

				1,916,890

Diversified Financial Services — 3.4%
Affiliated Managers Group Inc., 3.30%, 06/15/30 (Call 03/15/30)		325		264,475
Air Lease Corp.
3.00%, 02/01/30 (Call 11/01/29)		370		288,027
3.13%, 12/01/30 (Call 09/01/30)		385		299,141
Brookfield Finance Inc., 4.35%, 04/15/30 (Call 01/15/30)		513		450,547
Cboe Global Markets Inc., 1.63%, 12/15/30 (Call 09/15/30)		456		341,106
Charles Schwab Corp. (The), 4.63%, 03/22/30 (Call 12/22/29)		302		287,145


Security	Par (000)		Value

Diversified Financial Services (continued)
Franklin Resources Inc., 1.60%, 10/30/30 (Call 07/30/30)	$	469	$	344,889
Intercontinental Exchange Inc., 2.10%, 06/15/30 (Call 03/15/30)		925		732,905
Jefferies Group LLC/Jefferies Group Capital Finance Inc., 4.15%, 01/23/30		632		536,378
Mastercard Inc., 3.35%, 03/26/30 (Call 12/26/29)		860		773,192
Nomura Holdings Inc.
2.68%, 07/16/30		415		312,225
3.10%, 01/16/30		608		479,694
Raymond James Financial Inc., 4.65%, 04/01/30 (Call 01/01/30)		426		396,674
Stifel Financial Corp., 4.00%, 05/15/30 (Call 02/15/30)		345		293,585
Visa Inc., 2.05%, 04/15/30 (Call 01/15/30)		683		564,199

				6,364,182

Electric — 7.2%
AEP Texas Inc., Series I, 2.10%, 07/01/30 (Call 04/01/30)		410		315,688
Alabama Power Co., Series 20-A, 1.45%, 09/15/30 (Call 06/15/30)		376		283,579
Ameren Illinois Co., 1.55%, 11/15/30 (Call 08/15/30)		155		117,645
American Electric Power Co. Inc., 2.30%, 03/01/30 (Call 12/01/29)		232		183,099
Berkshire Hathaway Energy Co., 3.70%, 07/15/30 (Call 04/15/30)		701		628,825
Black Hills Corp., 2.50%, 06/15/30 (Call 03/15/30)		213		165,380
CenterPoint Energy Inc., 2.95%, 03/01/30 (Call 12/01/29)		245		204,009
Commonwealth Edison Co., 2.20%, 03/01/30 (Call 12/01/29)		265		216,243
Consolidated Edison Co. of New York Inc., Series 20A, 3.35%, 04/01/30 (Call 01/01/30)		375		325,275
Dominion Energy Inc., Series C, 3.38%, 04/01/30 (Call 01/01/30)^(a)		964		826,987
DTE Electric Co., 2.25%, 03/01/30 (Call 12/01/29)		423		344,749
DTE Energy Co., 2.95%, 03/01/30 (Call 12/01/29)		215		179,005
Duke Energy Carolinas LLC, 2.45%, 02/01/30 (Call 11/01/29)		345		285,563
Duke Energy Corp., 2.45%, 06/01/30 (Call 03/01/30)		552		441,313
Duke Energy Florida LLC, 1.75%, 06/15/30 (Call 03/15/30)		295		227,581
Duke Energy Ohio Inc., 2.13%, 06/01/30 (Call 03/01/30)		250		197,345
Entergy Corp., 2.80%, 06/15/30 (Call 03/15/30)		315		252,885
Entergy Louisiana LLC, 1.60%, 12/15/30 (Call 09/15/30)		223		164,822
Evergy Metro Inc., Series 2020, 2.25%, 06/01/30 (Call 03/01/30)^(a)		207		165,819
Eversource Energy, Series R, 1.65%, 08/15/30 (Call 05/15/30)		450		337,594
Exelon Corp., 4.05%, 04/15/30 (Call 01/15/30)		535		481,794
Interstate Power & Light Co., 2.30%, 06/01/30 (Call 03/01/30)		167		132,605
IPALCO Enterprises Inc., 4.25%, 05/01/30 (Call 02/01/30)		375		323,543
National Rural Utilities Cooperative Finance Corp., 2.40%, 03/15/30 (Call 12/15/29)		210		170,367
Nevada Power Co., Series DD, 2.40%, 05/01/30 (Call 02/01/30)		218		176,791
NextEra Energy Capital Holdings Inc., 2.25%, 06/01/30 (Call 03/01/30)		1,013		804,302
NSTAR Electric Co., 3.95%, 04/01/30 (Call 01/01/30)		170		156,111
Ohio Power Co., Series P, 2.60%, 04/01/30 (Call 01/01/30)		282		230,704
Oklahoma Gas & Electric Co.
3.25%, 04/01/30 (Call 10/01/29)		220		188,197
3.30%, 03/15/30 (Call 09/15/29)		109		93,579
Oncor Electric Delivery Co. LLC, 2.75%, 05/15/30 (Call 02/15/30)^(a)		363		305,947
Pacific Gas and Electric Co., 4.55%, 07/01/30 (Call 01/01/30)		1,721		1,509,265
PacifiCorp, 2.70%, 09/15/30 (Call 06/15/30)		182		149,795
PPL Capital Funding Inc., 4.13%, 04/15/30 (Call 01/15/30)^(a)		118		105,016


Security	Par (000)		Value

Electric (continued)
Public Service Electric & Gas Co., 2.45%, 01/15/30 (Call 10/15/29)	$	220	$	183,324
Public Service Enterprise Group Inc., 1.60%, 08/15/30 (Call 05/15/30)^(a)		207		153,942
Puget Energy Inc., 4.10%, 06/15/30 (Call 03/15/30)		390		340,595
San Diego Gas & Electric Co., Series VVV, 1.70%, 10/01/30 (Call 07/01/30)		547		418,378
Southern California Edison Co., 2.25%, 06/01/30 (Call 03/01/30)		490		386,135
Southern Co. (The), Series A, 3.70%, 04/30/30 (Call 01/30/30)		445		388,961
Tucson Electric Power Co., 1.50%, 08/01/30 (Call 05/01/30)		190		141,413
Union Electric Co., 2.95%, 03/15/30 (Call 12/15/29)		257		220,177
WEC Energy Group Inc., 1.80%, 10/15/30 (Call 07/15/30)		222		167,976
Xcel Energy Inc., 3.40%, 06/01/30 (Call 12/01/29)		329		283,512

				13,375,835

Electrical Components & Equipment — 0.3%
Acuity Brands Lighting Inc., 2.15%, 12/15/30 (Call 09/15/30)		310		228,352
Emerson Electric Co., 1.95%, 10/15/30 (Call 07/15/30)		475		373,455

				601,807

Electronics — 0.9%
Agilent Technologies Inc., 2.10%, 06/04/30 (Call 03/04/30)		405		317,099
Amphenol Corp., 2.80%, 02/15/30 (Call 11/15/29)		445		370,320
Flex Ltd., 4.88%, 05/12/30 (Call 02/12/30)		420		371,347
Honeywell International Inc., 1.95%, 06/01/30 (Call 03/01/30)		544		441,293
Jabil Inc., 3.60%, 01/15/30 (Call 10/15/29)		270		226,052

				1,726,111

Environmental Control — 0.3%
Republic Services Inc., 2.30%, 03/01/30 (Call 12/01/29)		287		234,978
Waste Connections Inc., 2.60%, 02/01/30 (Call 11/01/29)		341		283,112

				518,090

Food — 2.7%
Campbell Soup Co., 2.38%, 04/24/30 (Call 01/24/30)		200		160,194
Conagra Brands Inc., 8.25%, 09/15/30		220		243,894
General Mills Inc., 2.88%, 04/15/30 (Call 01/15/30)		455		384,493
Hershey Co. (The), 1.70%, 06/01/30 (Call 03/01/30)		225		175,759
Hormel Foods Corp., 1.80%, 06/11/30 (Call 03/11/30)		453		360,185
Ingredion Inc., 2.90%, 06/01/30 (Call 03/01/30)		298		243,359
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance Inc., 5.50%, 01/15/30 (Call 01/15/25)^(b)		750		684,847
JM Smucker Co. (The), 2.38%, 03/15/30 (Call 12/15/29)		335		267,977
Kellogg Co., 2.10%, 06/01/30 (Call 03/01/30)		262		206,545
Kraft Heinz Foods Co., 3.75%, 04/01/30 (Call 01/01/30)^(a)		570		505,869
Kroger Co. (The), 2.20%, 05/01/30 (Call 02/01/30)		286		224,676
McCormick & Co. Inc./MD, 2.50%, 04/15/30 (Call 01/15/30)		460		370,581
Mondelez International Inc., 2.75%, 04/13/30 (Call 01/13/30)		447		371,676
Sysco Corp.
2.40%, 02/15/30 (Call 11/15/29)		440		356,118
5.95%, 04/01/30 (Call 01/01/30)^(a)		490		499,829

				5,056,002

Forest Products & Paper — 0.2%
Suzano Austria GmbH, 5.00%, 01/15/30 (Call 10/15/29)		488		433,227


Gas — 0.8%
CenterPoint Energy Resources Corp., 1.75%, 10/01/30 (Call 07/01/30)		282		214,768
NiSource Inc., 3.60%, 05/01/30 (Call 02/01/30)		595		513,170
ONE Gas Inc., 2.00%, 05/15/30 (Call 02/15/30)		182		142,451
Southern California Gas Co., Series XX, 2.55%, 02/01/30 (Call 11/01/29)		376		310,858


Security	Par (000)		Value

Gas (continued)
Southwest Gas Corp., 2.20%, 06/15/30 (Call 03/15/30)	$	285	$	212,610

				1,393,857

Hand & Machine Tools — 0.2%
Stanley Black & Decker Inc., 2.30%, 03/15/30 (Call 12/15/29)		390		313,151


Health Care - Products — 1.1%
Abbott Laboratories, 1.40%, 06/30/30 (Call 03/30/30)		320		247,424
Baxter International Inc., 3.95%, 04/01/30 (Call 01/01/30)^(a)		222		197,231
Boston Scientific Corp., 2.65%, 06/01/30 (Call 03/01/30)		501		414,162
DENTSPLY SIRONA Inc., 3.25%, 06/01/30 (Call 03/01/30)		475		371,231
Smith & Nephew PLC, 2.03%, 10/14/30 (Call 07/14/30)^(a)		550		405,471
Stryker Corp., 1.95%, 06/15/30 (Call 03/15/30)		462		362,906

				1,998,425

Health Care - Services — 2.8%
Advocate Health & Hospitals Corp., Series 2020, 2.21%, 06/15/30 (Call 03/15/30)		95		75,525
Banner Health, 2.34%, 01/01/30 (Call 10/01/29)		345		281,996
Baylor Scott & White Holdings, Series 2021, 1.78%, 11/15/30 (Call 05/15/30)		346		261,919
Bon Secours Mercy Health Inc., 3.46%, 06/01/30 (Call 12/01/29)		240		209,822
Centene Corp.
3.00%, 10/15/30 (Call 07/15/30)		466		374,161
3.38%, 02/15/30 (Call 02/15/25)		227		188,490
CommonSpirit Health, 2.78%, 10/01/30 (Call 04/01/30)		167		129,645
Elevance Health Inc., 2.25%, 05/15/30 (Call 02/15/30)		527		423,755
HCA Inc., 3.50%, 09/01/30 (Call 03/01/30)^(a)		1,545		1,278,225
Humana Inc., 4.88%, 04/01/30 (Call 01/01/30)^(a)		301		286,067
Quest Diagnostics Inc., 2.95%, 06/30/30 (Call 03/30/30)		545		455,484
Stanford Health Care, Series 2020, 3.31%, 08/15/30 (Call 05/15/30)		112		95,941
Sutter Health, Series 20A, 2.29%, 08/15/30 (Call 02/15/30)		180		141,613
UnitedHealth Group Inc., 2.00%, 05/15/30		730		585,971
Universal Health Services Inc., 2.65%, 10/15/30 (Call 07/15/30)^(b)		435		324,989

				5,113,603

Home Builders — 0.3%
MDC Holdings Inc., 3.85%, 01/15/30 (Call 07/15/29)		250		192,825
NVR Inc., 3.00%, 05/15/30 (Call 11/15/29)		510		413,661

				606,486

Household Products & Wares — 0.5%
Avery Dennison Corp., 2.65%, 04/30/30 (Call 01/30/30)		340		269,457
Clorox Co. (The), 1.80%, 05/15/30 (Call 02/15/30)		355		272,697
Kimberly-Clark Corp., 3.10%, 03/26/30 (Call 12/26/29)		407		356,357

				898,511

Insurance — 4.6%
ACE Capital Trust II, Series N, 9.70%, 04/01/30		55		68,557
Aflac Inc., 3.60%, 04/01/30 (Call 01/01/30)		637		565,981
Alleghany Corp., 3.63%, 05/15/30 (Call 02/15/30)		323		286,814
Allstate Corp. (The), 1.45%, 12/15/30 (Call 09/15/30)^(a)		304		223,403
American Financial Group Inc./OH, 5.25%, 04/02/30 (Call 01/02/30)^(a)		198		187,421
American International Group Inc., 3.40%, 06/30/30 (Call 03/30/30)		273		234,848
Aon Corp., 2.80%, 05/15/30 (Call 02/15/30)		473		388,182
Assurant Inc., 3.70%, 02/22/30 (Call 11/22/29)		320		263,162
Athene Holding Ltd., 6.15%, 04/03/30 (Call 01/03/30)^(a)		295		285,935
AXA SA, 8.60%, 12/15/30		5		5,763
Berkshire Hathaway Finance Corp.
1.45%, 10/15/30 (Call 07/15/30)^(a)		308		236,150


Security	Par (000)		Value

Insurance (continued)
1.85%, 03/12/30 (Call 12/12/29)	$	485	$	388,267
Brighthouse Financial Inc., 5.63%, 05/15/30 (Call 02/15/30)^(a)		425		395,424
Chubb INA Holdings Inc., 1.38%, 09/15/30 (Call 06/15/30)^(a)		400		297,860
CNA Financial Corp., 2.05%, 08/15/30 (Call 05/15/30)		410		310,887
Fairfax Financial Holdings Ltd., 4.63%, 04/29/30 (Call 01/29/30)		375		330,727
Fidelity National Financial Inc., 3.40%, 06/15/30 (Call 03/15/30)		400		321,372
First American Financial Corp., 4.00%, 05/15/30 (Call 02/15/30)		330		269,389
Globe Life Inc., 2.15%, 08/15/30 (Call 05/15/30)		327		248,330
Hanover Insurance Group Inc. (The), 2.50%, 09/01/30 (Call 06/01/30)		302		226,696
Kemper Corp., 2.40%, 09/30/30 (Call 06/30/30)		235		178,443
Lincoln National Corp., 3.05%, 01/15/30 (Call 10/15/29)		284		233,601
Loews Corp., 3.20%, 05/15/30 (Call 02/15/30)		316		268,821
Marsh & McLennan Companies Inc., 2.25%, 11/15/30 (Call 08/15/30)^(a)		499		392,967
MetLife Inc., 4.55%, 03/23/30 (Call 12/23/29)^(a)		569		541,193
Principal Financial Group Inc., 2.13%, 06/15/30 (Call 03/12/30)		299		231,883
Progressive Corp. (The), 3.20%, 03/26/30 (Call 12/26/29)		245		211,910
Prudential Financial Inc., 2.10%, 03/10/30 (Call 12/10/29)		302		239,435
Prudential PLC, 3.13%, 04/14/30		520		426,572
Reinsurance Group of America Inc., 3.15%, 06/15/30 (Call 03/15/30)		415		341,516

				8,601,509

Internet — 2.2%
Alphabet Inc., 1.10%, 08/15/30 (Call 05/15/30)		1,002		770,077
Amazon.com Inc., 1.50%, 06/03/30 (Call 03/03/30)		940		735,146
Baidu Inc., 3.43%, 04/07/30 (Call 01/07/30)		240		192,569
Booking Holdings Inc., 4.63%, 04/13/30 (Call 01/13/30)		898		846,859
eBay Inc., 2.70%, 03/11/30 (Call 12/11/29)		592		481,799
Expedia Group Inc., 3.25%, 02/15/30 (Call 11/15/29)^(a)		592		477,489
JD.com Inc., 3.38%, 01/14/30 (Call 10/14/29)^(a)		120		95,104
Tencent Music Entertainment Group, 2.00%, 09/03/30 (Call 06/03/30)		263		178,422
Weibo Corp., 3.38%, 07/08/30 (Call 04/08/30)		400		276,056

				4,053,521

Iron & Steel — 0.8%
Nucor Corp., 2.70%, 06/01/30 (Call 03/01/30)		335		273,360
Reliance Steel & Aluminum Co., 2.15%, 08/15/30 (Call 05/15/30)		260		196,243
Steel Dynamics Inc., 3.45%, 04/15/30 (Call 01/15/30)		387		325,854
Vale Overseas Ltd., 3.75%, 07/08/30 (Call 04/08/30)^(a)		793		653,733

				1,449,190

Lodging — 0.4%
Hyatt Hotels Corp., 6.00%, 04/23/30 (Call 01/23/30)^(a)		292		278,028
Marriott International Inc./MD, Series FF, 4.63%, 06/15/30 (Call 03/15/30)		510		458,245

				736,273

Machinery — 1.2%
Caterpillar Inc., 2.60%, 04/09/30 (Call 01/09/30)		501		423,651
Deere & Co., 3.10%, 04/15/30 (Call 01/15/30)		303		265,698
Flowserve Corp., 3.50%, 10/01/30 (Call 07/01/30)^(a)		260		207,589
IDEX Corp., 3.00%, 05/01/30 (Call 02/01/30)		290		242,762
John Deere Capital Corp., 2.45%, 01/09/30		497		415,745
Oshkosh Corp., 3.10%, 03/01/30 (Call 12/01/29)		260		207,966
Otis Worldwide Corp., 2.57%, 02/15/30 (Call 11/15/29)		641		522,114

				2,285,525


Security	Par (000)		Value

Manufacturing — 0.5%
3M Co., 3.05%, 04/15/30 (Call 01/15/30)^(a)	$	312	$	266,885
Carlisle Companies Inc., 2.75%, 03/01/30 (Call 12/01/29)		440		354,644
Textron Inc., 3.00%, 06/01/30 (Call 03/01/30)		265		217,088

				838,617

Media — 2.4%
Comcast Corp.
2.65%, 02/01/30 (Call 11/01/29)		926		773,710
3.40%, 04/01/30 (Call 01/01/30)^(a)		959		844,054
4.25%, 10/15/30 (Call 07/15/30)		779		716,127
Discovery Communications LLC, 3.63%, 05/15/30 (Call 02/15/30)		595		480,653
Fox Corp., 3.50%, 04/08/30 (Call 01/08/30)^(a)		345		292,739
Paramount Global, 7.88%, 07/30/30		540		562,264
Walt Disney Co. (The), 3.80%, 03/22/30^(a)		928		846,225

				4,515,772

Mining — 0.8%
AngloGold Ashanti Holdings PLC, 3.75%, 10/01/30 (Call 07/01/30)		250		192,242
Freeport-McMoRan Inc.
4.25%, 03/01/30 (Call 03/01/25)^(a)		353		308,554
4.63%, 08/01/30 (Call 08/01/25)^(a)		475		420,470
Newmont Corp., 2.25%, 10/01/30 (Call 07/01/30)		547		422,623
Teck Resources Ltd., 3.90%, 07/15/30 (Call 04/15/30)		110		93,521

				1,437,410

Oil & Gas — 4.3%
BP Capital Markets America Inc.
1.75%, 08/10/30 (Call 05/10/30)		495		383,754
3.63%, 04/06/30 (Call 01/06/30)		702		628,332
Canadian Natural Resources Ltd., 2.95%, 07/15/30 (Call 04/15/30)^(a)		350		288,085
Chevron Corp., 2.24%, 05/11/30 (Call 02/11/30)		851		706,585
Devon Energy Corp., 4.50%, 01/15/30 (Call 01/15/25)		422		386,058
EOG Resources Inc., 4.38%, 04/15/30 (Call 01/15/30)^(a)		555		526,712
EQT Corp., 7.00%, 02/01/30 (Call 11/01/29)^(a)		375		384,716
Exxon Mobil Corp.
2.61%, 10/15/30 (Call 07/15/30)		1,049		888,230
3.48%, 03/19/30 (Call 12/19/29)^(a)		1,060		962,893
HF Sinclair Corp., 4.50%, 10/01/30 (Call 07/01/30)		202		171,015
Ovintiv Inc., 8.13%, 09/15/30		140		149,964
Phillips 66, 2.15%, 12/15/30 (Call 09/15/30)		565		437,903
Pioneer Natural Resources Co., 1.90%, 08/15/30 (Call 05/15/30)		345		265,854
Shell International Finance BV, 2.75%, 04/06/30 (Call 01/06/30)^(a)		970		830,582
Tosco Corp., 8.13%, 02/15/30		200		229,088
TotalEnergies Capital International SA, 2.83%, 01/10/30 (Call 10/10/29)		730		627,012

				7,866,783

Oil & Gas Services — 0.8%
Baker Hughes Holdings LLC/Baker Hughes Co-Obligor Inc., 4.49%, 05/01/30 (Call 02/01/30)		350		323,036
Halliburton Co., 2.92%, 03/01/30 (Call 12/01/29)^(a)		664		557,627
Schlumberger Investment SA, 2.65%, 06/26/30 (Call 03/26/30)		756		632,923

				1,513,586

Packaging & Containers — 0.5%
Amcor Flexibles North America Inc., 2.63%, 06/19/30 (Call 03/19/30)		325		253,009
Sonoco Products Co., 3.13%, 05/01/30 (Call 02/01/30)		390		321,968


Security	Par (000)		Value

Packaging & Containers (continued)
WestRock MWV LLC, 8.20%, 01/15/30	$	230	$	252,715

				827,692

Pharmaceuticals — 4.8%
AmerisourceBergen Corp., 2.80%, 05/15/30 (Call 02/15/30)		265		217,570
AstraZeneca PLC, 1.38%, 08/06/30 (Call 05/06/30)		690		527,836
Becton Dickinson and Co., 2.82%, 05/20/30 (Call 02/20/30)^(a)		484		403,472
Bristol-Myers Squibb Co., 1.45%, 11/13/30 (Call 08/13/30)		820		628,169
Cigna Corp., 2.40%, 03/15/30 (Call 12/15/29)		837		680,749
CVS Health Corp.
1.75%, 08/21/30 (Call 05/21/30)		745		567,057
3.75%, 04/01/30 (Call 01/01/30)		940		829,973
Johnson & Johnson, 1.30%, 09/01/30 (Call 06/01/30)^(a)		919		727,269
Merck & Co. Inc., 1.45%, 06/24/30 (Call 03/24/30)		887		688,773
Novartis Capital Corp., 2.20%, 08/14/30 (Call 05/14/30)		675		558,900
Pfizer Inc.
1.70%, 05/28/30 (Call 02/28/30)^(a)		754		601,179
2.63%, 04/01/30 (Call 01/01/30)		583		497,975
Takeda Pharmaceutical Co. Ltd., 2.05%, 03/31/30 (Call 12/31/29)		1,162		917,562
Viatris Inc., 2.70%, 06/22/30 (Call 03/22/30)^(a)		913		683,682
Zoetis Inc., 2.00%, 05/15/30 (Call 02/15/30)		425		334,998

				8,865,164

Pipelines — 3.4%
DCP Midstream Operating LP, 8.13%, 08/16/30		190		203,448
Energy Transfer LP, 3.75%, 05/15/30 (Call 02/15/30)^(a)		950		807,852
Enterprise Products Operating LLC, 2.80%, 01/31/30 (Call 10/31/29)		652		544,237
Magellan Midstream Partners LP, 3.25%, 06/01/30 (Call 03/01/30)^(a)		337		282,032
MPLX LP, 2.65%, 08/15/30 (Call 05/15/30)		868		683,507
ONEOK Inc., 3.10%, 03/15/30 (Call 12/15/29)^(a)		526		425,571
Plains All American Pipeline LP/PAA Finance Corp., 3.80%, 09/15/30 (Call 06/15/30)^(a)		485		404,912
Sabine Pass Liquefaction LLC, 4.50%, 05/15/30 (Call 11/15/29)^(a)		970		884,669
Targa Resources Partners LP/Targa Resources Partners Finance Corp., 5.50%, 03/01/30 (Call 03/01/25)		525		484,134
TransCanada PipeLines Ltd., 4.10%, 04/15/30 (Call 01/15/30)^(a)		714		639,451
Transcontinental Gas Pipe Line Co. LLC, 3.25%, 05/15/30 (Call 02/15/30)		420		353,858
Williams Companies Inc. (The), 3.50%, 11/15/30 (Call 08/15/30)		631		533,214

				6,246,885

Real Estate Investment Trusts — 6.7%
Agree LP, 2.90%, 10/01/30 (Call 07/01/30)		265		208,348
Alexandria Real Estate Equities Inc.
4.70%, 07/01/30 (Call 04/01/30)		260		239,392
4.90%, 12/15/30 (Call 09/15/30)		429		400,862
American Tower Corp.
1.88%, 10/15/30 (Call 07/15/30)		419		308,723
2.10%, 06/15/30 (Call 03/15/30)^(a)		493		374,705
2.90%, 01/15/30 (Call 10/15/29)		528		430,209
AvalonBay Communities Inc., 2.30%, 03/01/30 (Call 12/01/29)^(a)		404		327,175
Boston Properties LP, 2.90%, 03/15/30 (Call 12/15/29)		513		404,172
Brixmor Operating Partnership LP, 4.05%, 07/01/30 (Call 04/01/30)		355		295,470
Camden Property Trust, 2.80%, 05/15/30 (Call 02/15/30)		374		308,000
Crown Castle Inc., 3.30%, 07/01/30 (Call 04/01/30)		580		484,532
CubeSmart LP, 3.00%, 02/15/30 (Call 11/15/29)		202		163,157


Security	Par (000)		Value

Real Estate Investment Trusts (continued)
Equinix Inc., 2.15%, 07/15/30 (Call 04/15/30)^(a)	$	552	$	420,663
ERP Operating LP, 2.50%, 02/15/30 (Call 11/15/29)		403		324,625
Essex Portfolio LP, 3.00%, 01/15/30 (Call 10/15/29)		230		187,156
Federal Realty Investment Trust, 3.50%, 06/01/30 (Call 03/01/30)^(a)		213		177,774
GLP Capital LP/GLP Financing II Inc., 4.00%, 01/15/30 (Call 10/17/29)		506		417,177
Healthcare Realty Holdings LP, 2.40%, 03/15/30 (Call 12/15/29)		122		91,805
Healthcare Trust of America Holdings LP, 3.10%, 02/15/30 (Call 11/15/29)		306		246,514
Healthpeak Properties Inc., 3.00%, 01/15/30 (Call 10/15/29)^(a)		441		363,962
Highwoods Realty LP, 3.05%, 02/15/30 (Call 11/15/29)		355		274,958
Host Hotels & Resorts LP, Series I, 3.50%, 09/15/30 (Call 06/15/30)		363		285,619
Hudson Pacific Properties LP, 3.25%, 01/15/30 (Call 10/15/29)		342		262,133
Kilroy Realty LP, 3.05%, 02/15/30 (Call 11/15/29)		285		222,531
Kimco Realty Corp., 2.70%, 10/01/30 (Call 07/01/30)		248		195,312
Kite Realty Group Trust, 4.75%, 09/15/30 (Call 06/15/30)		270		230,059
Life Storage LP, 2.20%, 10/15/30 (Call 07/15/30)		255		190,745
LXP Industrial Trust, 2.70%, 09/15/30 (Call 06/15/30)^(a)		315		241,391
Mid-America Apartments LP, 2.75%, 03/15/30 (Call 12/15/29)		195		160,327
National Retail Properties Inc., 2.50%, 04/15/30 (Call 01/15/30)		188		148,306
Piedmont Operating Partnership LP, 3.15%, 08/15/30 (Call 05/15/30)		273		206,150
Prologis LP
1.25%, 10/15/30 (Call 07/15/30)		400		293,288
1.75%, 07/01/30 (Call 04/01/30)		229		175,439
2.25%, 04/15/30 (Call 01/15/30)		458		368,663
Regency Centers LP, 3.70%, 06/15/30 (Call 03/15/30)		255		215,031
Rexford Industrial Realty LP, 2.13%, 12/01/30 (Call 09/01/30)		208		155,734
Simon Property Group LP, 2.65%, 07/15/30 (Call 04/15/30)^(a)		536		425,000
Spirit Realty LP, 3.40%, 01/15/30 (Call 10/15/29)		385		307,742
STORE Capital Corp., 2.75%, 11/18/30 (Call 08/18/30)		205		170,150
UDR Inc., 3.20%, 01/15/30 (Call 10/15/29)		277		228,929
Ventas Realty LP
3.00%, 01/15/30 (Call 10/15/29)		230		187,917
4.75%, 11/15/30 (Call 08/15/30)^(a)		303		273,167
VICI Properties LP, 4.95%, 02/15/30 (Call 12/15/29)^(a)		290		260,733
Welltower Inc., 3.10%, 01/15/30 (Call 10/15/29)		287		234,689
Weyerhaeuser Co., 4.00%, 04/15/30 (Call 01/15/30)		521		454,968

				12,343,402

Retail — 4.7%
Advance Auto Parts Inc., 3.90%, 04/15/30 (Call 01/15/30)^(a)		404		342,281
AutoNation Inc., 4.75%, 06/01/30 (Call 03/01/30)		398		343,542
AutoZone Inc., 4.00%, 04/15/30 (Call 01/15/30)^(a)		388		348,870
Best Buy Co. Inc., 1.95%, 10/01/30 (Call 07/01/30)^(a)		475		353,965
Costco Wholesale Corp., 1.60%, 04/20/30 (Call 01/20/30)		909		725,246
Dollar General Corp., 3.50%, 04/03/30 (Call 01/03/30)^(a)		659		575,814
Genuine Parts Co., 1.88%, 11/01/30 (Call 08/01/30)		380		281,683
Home Depot Inc. (The), 2.70%, 04/15/30 (Call 01/15/30)		876		744,670
Lowe’s Companies Inc.
1.70%, 10/15/30 (Call 07/15/30)^(a)		485		365,258
4.50%, 04/15/30 (Call 01/15/30)		603		562,225
McDonald’s Corp.
2.13%, 03/01/30 (Call 12/01/29)		499		406,401
3.60%, 07/01/30 (Call 04/01/30)		591		530,145
O’Reilly Automotive Inc., 4.20%, 04/01/30 (Call 01/01/30)		375		341,831


Security	Par (000)		Value

Retail (continued)
Starbucks Corp.
2.25%, 03/12/30 (Call 12/12/29)	$	566	$	458,449
2.55%, 11/15/30 (Call 08/15/30)		710		579,821
Target Corp.
2.35%, 02/15/30 (Call 11/15/29)		431		356,489
2.65%, 09/15/30 (Call 06/15/30)		417		349,204
TJX Companies Inc. (The), 3.88%, 04/15/30 (Call 01/15/30)		383		348,373
Tractor Supply Co., 1.75%, 11/01/30 (Call 08/01/30)		447		332,309
Walgreens Boots Alliance Inc., 3.20%, 04/15/30 (Call 01/15/30)^(a)		175		146,680
Walmart Inc., 7.55%, 02/15/30^(a)		215		249,574

				8,742,830

Semiconductors — 3.2%
Applied Materials Inc., 1.75%, 06/01/30 (Call 03/01/30)		377		297,781
Broadcom Inc.
4.15%, 11/15/30 (Call 08/15/30)		1,060		911,918
5.00%, 04/15/30 (Call 01/15/30)		460		423,940
Intel Corp., 3.90%, 03/25/30 (Call 12/25/29)		868		786,252
Lam Research Corp., 1.90%, 06/15/30 (Call 03/15/30)		522		409,692
Micron Technology Inc., 4.66%, 02/15/30 (Call 11/15/29)		502		447,699
NVIDIA Corp., 2.85%, 04/01/30 (Call 01/01/30)		764		650,836
NXP BV/NXP Funding LLC/NXP USA Inc., 3.40%, 05/01/30 (Call 02/01/30)		662		548,977
QUALCOMM Inc., 2.15%, 05/20/30 (Call 02/20/30)^(a)		847		695,209
Texas Instruments Inc., 1.75%, 05/04/30 (Call 02/04/30)		473		376,494
Xilinx Inc., 2.38%, 06/01/30 (Call 03/01/30)		500		407,680

				5,956,478

Shipbuilding — 0.2%
Huntington Ingalls Industries Inc., 4.20%, 05/01/30 (Call 02/01/30)		395		348,659


Software — 2.8%
Activision Blizzard Inc., 1.35%, 09/15/30 (Call 06/15/30)		494		375,114
Adobe Inc., 2.30%, 02/01/30 (Call 11/01/29)		808		671,391
Autodesk Inc., 2.85%, 01/15/30 (Call 10/15/29)		397		331,281
Fiserv Inc., 2.65%, 06/01/30 (Call 03/01/30)		455		368,627
Intuit Inc., 1.65%, 07/15/30 (Call 04/15/30)		490		378,765
Oracle Corp.
2.95%, 04/01/30 (Call 01/01/30)		1,658		1,350,458
3.25%, 05/15/30 (Call 02/15/30)		348		288,308
Roper Technologies Inc., 2.00%, 06/30/30 (Call 03/30/30)^(a)		505		383,244
ServiceNow Inc., 1.40%, 09/01/30 (Call 06/01/30)		760		559,869
VMware Inc., 4.70%, 05/15/30 (Call 02/15/30)		536		480,176

				5,187,233

Telecommunications — 7.1%
America Movil SAB de CV, 2.88%, 05/07/30 (Call 02/07/30)		359		296,039
AT&T Inc., 4.30%, 02/15/30 (Call 11/15/29)		1,860		1,697,864
British Telecommunications PLC, 9.63%, 12/15/30		1,200		1,368,792
Deutsche Telekom International Finance BV, 8.75%, 06/15/30		1,868		2,139,701
Juniper Networks Inc., 2.00%, 12/10/30 (Call 09/10/30)		305		220,939
Koninklijke KPN NV, 8.38%, 10/01/30		392		427,719


Security	Par/ Shares (000)		Value

Telecommunications (continued)
Motorola Solutions Inc., 2.30%, 11/15/30 (Call 08/15/30)	$	503	$	376,274
Telefonica Europe BV, 8.25%, 09/15/30		815		884,291
T-Mobile USA Inc., 3.88%, 04/15/30 (Call 01/15/30)^(a)		3,457		3,058,961
Verizon Communications Inc.
1.50%, 09/18/30 (Call 06/18/30)		656		487,414
1.68%, 10/30/30 (Call 07/30/30)		699		520,273
3.15%, 03/22/30 (Call 12/22/29)		956		810,325
7.75%, 12/01/30		225		250,825
Vodafone Group PLC, 7.88%, 02/15/30		510		553,646

				13,093,063

Transportation — 0.9%
Canadian Pacific Railway Co., 2.05%, 03/05/30 (Call 12/05/29)		324		256,958
CSX Corp., 2.40%, 02/15/30 (Call 11/15/29)^(a)		311		254,924
FedEx Corp., 4.25%, 05/15/30 (Call 02/15/30)		397		358,098
Union Pacific Corp., 2.40%, 02/05/30 (Call 11/05/29)		486		404,308
United Parcel Service Inc., 4.45%, 04/01/30 (Call 01/01/30)^(a)		378		363,258

				1,637,546

Trucking & Leasing — 0.1%
GATX Corp., 4.00%, 06/30/30 (Call 03/30/30)		258		222,455


Water — 0.2%
American Water Capital Corp., 2.80%, 05/01/30 (Call 02/01/30)		285		238,440
Essential Utilities Inc., 2.70%, 04/15/30 (Call 01/15/30)		263		213,477

				451,917


Total Long-Term Investments — 98.1% (Cost: $213,854,748)				181,585,306


Short-Term Securities

Money Market Funds — 12.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 3.29%^(c)(d)(e)		22,179		22,175,064
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%^(c)(d)		1,560		1,560,000


Total Short-Term Securities — 12.8% (Cost: $23,737,460)				23,735,064


Total Investments — 110.9% (Cost: $237,592,208)				205,320,370

Liabilities in Excess of Other Assets — (10.9)%				(20,133,081	)


Net Assets — 100.0%			$	185,187,289

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

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

^(c)	Affiliate of the Fund.

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

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


Security	Par (000)		Value

Corporate Bonds & Notes

Advertising — 0.3%
Interpublic Group of Companies Inc. (The), 2.40%, 03/01/31 (Call 12/01/30)	$	164	$	123,389
Omnicom Group Inc., 2.60%, 08/01/31 (Call 05/01/31)^(a)		299		234,299

				357,688

Aerospace & Defense — 1.7%
Boeing Co. (The), 3.63%, 02/01/31 (Call 11/01/30)		730		607,382
General Dynamics Corp., 2.25%, 06/01/31 (Call 03/01/31)^(a)		202		164,404
L3Harris Technologies Inc., 1.80%, 01/15/31 (Call 10/15/30)		286		213,782
Raytheon Technologies Corp., 1.90%, 09/01/31 (Call 06/01/31)		513		389,588
Teledyne Technologies Inc., 2.75%, 04/01/31 (Call 01/01/31)		487		381,092

				1,756,248

Agriculture — 0.8%
BAT Capital Corp., 2.73%, 03/25/31 (Call 12/25/30)		615		449,971
Bunge Ltd. Finance Corp., 2.75%, 05/14/31 (Call 02/14/31)^(a)		516		405,741

				855,712

Airlines — 0.2%
United Airlines Pass Through Trust, Series 2019, Class AA, 4.15%, 08/25/31		278		245,356


Auto Manufacturers — 2.3%
American Honda Finance Corp., 1.80%, 01/13/31^(a)		240		183,876
General Motors Financial Co. Inc.
2.35%, 01/08/31 (Call 10/08/30)		540		396,106
2.70%, 06/10/31 (Call 03/10/31)		498		370,662
Mercedes-Benz Finance North America LLC, 8.50%, 01/18/31		764		890,977
Toyota Motor Corp., 2.36%, 03/25/31 (Call 12/25/30)^(a)		152		123,953
Toyota Motor Credit Corp.
1.65%, 01/10/31		295		224,734
1.90%, 09/12/31		303		231,213

				2,421,521

Banks — 3.5%
Banco Santander SA, 2.96%, 03/25/31		385		285,416
Bank of New York Mellon Corp. (The)
1.65%, 01/28/31 (Call 10/28/30)		235		176,102
1.80%, 07/28/31 (Call 04/28/31)^(a)		270		201,077
Bank of Nova Scotia (The), 2.15%, 08/01/31		330		245,444
Mizuho Financial Group Inc., 2.56%, 09/13/31		485		349,035
Royal Bank of Canada, 2.30%, 11/03/31		740		562,392
State Street Corp., 2.20%, 03/03/31		410		315,491
Sumitomo Mitsui Financial Group Inc.
1.71%, 01/12/31		315		224,576
2.22%, 09/17/31^(a)		460		337,019
SVB Financial Group, 1.80%, 02/02/31 (Call 11/02/30)		290		199,201
Toronto-Dominion Bank (The), 2.00%, 09/10/31		425		314,551
Westpac Banking Corp., 2.15%, 06/03/31^(a)		511		403,072

				3,613,376

Beverages — 2.5%
Anheuser-Busch InBev Worldwide Inc., 4.90%, 01/23/31 (Call 10/23/30)^(a)		399		391,607
Coca-Cola Co. (The)
1.38%, 03/15/31		679		516,997
2.00%, 03/05/31		332		266,991
Constellation Brands Inc., 2.25%, 08/01/31 (Call 05/01/31)^(a)		492		377,497
Keurig Dr Pepper Inc., 2.25%, 03/15/31 (Call 12/15/30)		250		193,155


Security	Par (000)		Value

Beverages (continued)
PepsiCo Inc.
1.40%, 02/25/31 (Call 11/25/30)	$	390	$	299,883
1.95%, 10/21/31 (Call 07/21/31)		640		507,014

				2,553,144

Biotechnology — 0.9%
Amgen Inc., 2.30%, 02/25/31 (Call 11/25/30)		640		511,219
Illumina Inc., 2.55%, 03/23/31 (Call 12/23/30)		278		212,701
Royalty Pharma PLC, 2.15%, 09/02/31 (Call 06/02/31)		255		186,305

				910,225

Building Materials — 1.2%
Carrier Global Corp., 2.70%, 02/15/31 (Call 11/15/30)		358		286,515
Eagle Materials Inc., 2.50%, 07/01/31 (Call 04/01/31)		373		274,065
Johnson Controls International PLC/Tyco Fire & Security Finance SCA, 2.00%, 09/16/31 (Call 06/16/31)		220		165,260
Martin Marietta Materials Inc., 2.40%, 07/15/31 (Call 04/15/31)		430		330,571
Masco Corp., 2.00%, 02/15/31 (Call 11/15/30)^(a)		265		195,824

				1,252,235

Chemicals — 0.5%
Ecolab Inc., 1.30%, 01/30/31 (Call 10/30/30)		269		200,607
Huntsman International LLC, 2.95%, 06/15/31 (Call 03/15/31)		180		134,464
NewMarket Corp., 2.70%, 03/18/31 (Call 12/18/30)		172		129,254

				464,325

Commercial Services — 1.0%
Equifax Inc., 2.35%, 09/15/31 (Call 06/15/31)		517		383,123
Global Payments Inc., 2.90%, 11/15/31 (Call 08/15/31)		368		281,413
GXO Logistics Inc., 2.65%, 07/15/31 (Call 04/15/31)		240		171,526
Moody’s Corp., 2.00%, 08/19/31 (Call 05/19/31)^(a)		283		214,415

				1,050,477

Computers — 2.6%
Apple Inc.
1.65%, 02/08/31 (Call 11/08/30)		1,334		1,046,536
1.70%, 08/05/31 (Call 05/05/31)		528		410,325
CGI Inc., 2.30%, 09/14/31 (Call 06/14/31)		190		139,589
Fortinet Inc., 2.20%, 03/15/31 (Call 12/15/30)		252		189,940
HP Inc., 2.65%, 06/17/31 (Call 03/17/31)		480		353,098
Kyndryl Holdings Inc., 3.15%, 10/15/31 (Call 07/15/31)		324		201,609
Leidos Inc., 2.30%, 02/15/31 (Call 11/15/30)		470		346,056

				2,687,153

Cosmetics & Personal Care — 1.0%
Estee Lauder Companies Inc. (The), 1.95%, 03/15/31 (Call 12/15/30)		300		235,200
Procter & Gamble Co. (The), 1.95%, 04/23/31		537		432,720
Unilever Capital Corp., 1.75%, 08/12/31 (Call 05/12/31)		430		327,561

				995,481

Diversified Financial Services — 4.9%
Ally Financial Inc.
8.00%, 11/01/31		1,064		1,092,228
8.00%, 11/01/31^(a)		320		325,254
Brookfield Finance Inc., 2.72%, 04/15/31 (Call 01/15/31)		265		205,102
Charles Schwab Corp. (The)
1.65%, 03/11/31 (Call 12/11/30)		492		365,841
1.95%, 12/01/31 (Call 09/01/31)		510		382,423
2.30%, 05/13/31 (Call 02/13/31)		340		266,601
Jefferies Group LLC/Jefferies Group Capital Finance Inc., 2.63%, 10/15/31 (Call 07/15/31)		520		369,054
Mastercard Inc.
1.90%, 03/15/31 (Call 12/15/30)^(a)		262		207,769
2.00%, 11/18/31 (Call 08/18/31)		334		262,561


Security	Par (000)		Value

Diversified Financial Services (continued)
Nasdaq Inc., 1.65%, 01/15/31 (Call 10/15/30)	$	265	$	195,438
Nomura Holdings Inc., 2.61%, 07/14/31		560		407,221
ORIX Corp., 2.25%, 03/09/31^(a)		282		213,429
Synchrony Financial, 2.88%, 10/28/31 (Call 07/28/31)^(a)		327		231,202
Visa Inc., 1.10%, 02/15/31 (Call 11/15/30)		502		374,773
Western Union Co. (The), 2.75%, 03/15/31 (Call 12/15/30)		154		112,816

				5,011,712

Electric — 9.3%
AES Corp. (The), 2.45%, 01/15/31 (Call 10/15/30)		475		358,763
Ameren Corp., 3.50%, 01/15/31 (Call 10/15/30)		370		314,519
Appalachian Power Co., Series AA, 2.70%, 04/01/31 (Call 01/01/31)		223		176,794
Arizona Public Service Co., 2.20%, 12/15/31 (Call 09/15/31)		195		143,637
Atlantic City Electric Co., 2.30%, 03/15/31 (Call 12/15/30)		195		154,953
Baltimore Gas & Electric Co., 2.25%, 06/15/31 (Call 03/15/31)		305		240,489
Berkshire Hathaway Energy Co., 1.65%, 05/15/31 (Call 02/15/31)		245		183,456
CenterPoint Energy Houston Electric LLC, Series AE, 2.35%, 04/01/31 (Call 01/01/31)		260		208,437
CenterPoint Energy Inc., 2.65%, 06/01/31 (Call 03/01/31)		195		154,658
Connecticut Light & Power Co. (The), Series A, 2.05%, 07/01/31 (Call 04/01/31)^(a)		154		120,363
Consolidated Edison Co. of New York Inc., 2.40%, 06/15/31 (Call 03/15/31)		423		333,887
Dominion Energy Inc., Series C, 2.25%, 08/15/31 (Call 05/15/31)^(a)		505		389,916
Dominion Energy South Carolina Inc., Series A, 2.30%, 12/01/31 (Call 09/01/31)		76		59,336
DTE Electric Co., Series C, 2.63%, 03/01/31 (Call 12/01/30)		274		224,754
Duke Energy Carolinas LLC, 2.55%, 04/15/31 (Call 01/15/31)		275		223,317
Duke Energy Corp., 2.55%, 06/15/31 (Call 03/15/31)		514		402,626
Duke Energy Florida LLC, 2.40%, 12/15/31 (Call 09/15/31)		335		263,092
Duke Energy Progress LLC, 2.00%, 08/15/31 (Call 05/15/31)		310		236,620
Emera U.S. Finance LP, 2.64%, 06/15/31 (Call 03/15/31)		210		161,177
Entergy Corp., 2.40%, 06/15/31 (Call 03/05/31)		260		197,293
Entergy Louisiana LLC, 3.05%, 06/01/31 (Call 03/01/31)		220		182,083
Entergy Texas Inc., 1.75%, 03/15/31 (Call 12/15/30)		280		208,835
Eversource Energy, 2.55%, 03/15/31 (Call 12/15/30)^(a)		196		155,061
National Rural Utilities Cooperative Finance Corp.
1.35%, 03/15/31 (Call 12/15/30)		154		110,951
1.65%, 06/15/31 (Call 03/15/31)		205		151,087
Northern States Power Co./MN, 2.25%, 04/01/31		90		72,528
NSTAR Electric Co., 1.95%, 08/15/31 (Call 05/15/31)		155		119,153
Ohio Power Co., Series Q, 1.63%, 01/15/31 (Call 10/15/30)		290		215,528
Pacific Gas and Electric Co.
2.50%, 02/01/31 (Call 11/01/30)^(a)		790		589,774
3.25%, 06/01/31 (Call 03/01/31)		650		505,928
PacifiCorp, 7.70%, 11/15/31^(a)		130		147,865
Progress Energy Inc.
7.00%, 10/30/31		175		184,109
7.75%, 03/01/31		325		357,520
Public Service Co. of Colorado
1.88%, 06/15/31 (Call 12/15/30)		395		304,458
Series 35, 1.90%, 01/15/31 (Call 07/15/30)^(a)		265		207,143
Public Service Co. of New Hampshire, Series V, 2.20%, 06/15/31 (Call 03/15/31)^(a)		175		138,488
Public Service Co. of Oklahoma, Series J, 2.20%, 08/15/31 (Call 05/15/31)		134		103,661
Public Service Electric & Gas Co., 1.90%, 08/15/31 (Call 05/15/31)		180		138,438


Security	Par (000)		Value

Electric (continued)
Public Service Enterprise Group Inc., 2.45%, 11/15/31 (Call 08/15/31)	$	423	$	324,390
Southern California Edison Co., Series G, 2.50%, 06/01/31 (Call 03/01/31)		223		175,198
Tampa Electric Co., 2.40%, 03/15/31 (Call 12/15/30)		200		159,024
Virginia Electric & Power Co., 2.30%, 11/15/31 (Call 08/15/31)		375		294,439
Wisconsin Power and Light Co., 1.95%, 09/16/31 (Call 06/16/31)		155		118,474
Xcel Energy Inc., 2.35%, 11/15/31 (Call 05/15/31)		153		117,623

				9,629,845

Electronics — 1.9%
Agilent Technologies Inc., 2.30%, 03/12/31 (Call 12/12/30)		430		335,791
Amphenol Corp., 2.20%, 09/15/31 (Call 06/15/31)		370		282,902
Avnet Inc., 3.00%, 05/15/31 (Call 02/15/31)		95		70,858
Honeywell International Inc., 1.75%, 09/01/31 (Call 06/01/31)		770		596,234
Hubbell Inc., 2.30%, 03/15/31 (Call 12/15/30)		170		133,166
Jabil Inc., 3.00%, 01/15/31 (Call 10/15/30)		250		194,175
TD SYNNEX Corp., 2.65%, 08/09/31 (Call 05/09/31)		243		179,580
Vontier Corp., 2.95%, 04/01/31 (Call 01/01/31)		245		172,029

				1,964,735

Environmental Control — 0.6%
Republic Services Inc., 1.45%, 02/15/31 (Call 11/15/30)		293		218,464
Waste Management Inc., 1.50%, 03/15/31 (Call 12/15/30)		497		377,690

				596,154

Food — 1.9%
Flowers Foods Inc., 2.40%, 03/15/31 (Call 12/15/30)^(a)		275		211,018
General Mills Inc., 2.25%, 10/14/31 (Call 07/14/31)^(a)		222		172,299
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance Inc., 3.75%, 12/01/31 (Call 12/01/26)^(a)(b)		225		175,927
Kellogg Co., Series B, 7.45%, 04/01/31		286		311,280
Kraft Heinz Foods Co., 4.25%, 03/01/31 (Call 12/01/30)		200		181,172
Kroger Co. (The)
1.70%, 01/15/31 (Call 10/15/30)^(a)		190		140,929
7.50%, 04/01/31		250		274,915
McCormick & Co. Inc./MD, 1.85%, 02/15/31 (Call 11/15/30)		275		203,428
Mondelez International Inc., 1.50%, 02/04/31 (Call 11/04/30)		217		159,771
Sysco Corp., 2.45%, 12/14/31 (Call 09/14/31)		224		174,803

				2,005,542

Forest Products & Paper — 0.8%
Georgia-Pacific LLC, 8.88%, 05/15/31		235		279,700
Suzano Austria GmbH, 3.75%, 01/15/31 (Call 10/15/30)^(a)		625		500,956

				780,656

Gas — 0.9%
Atmos Energy Corp., 1.50%, 01/15/31 (Call 10/15/30)		331		246,668
National Fuel Gas Co., 2.95%, 03/01/31 (Call 12/01/30)		245		183,902
NiSource Inc., 1.70%, 02/15/31 (Call 11/15/30)		345		253,464
Piedmont Natural Gas Co. Inc., 2.50%, 03/15/31 (Call 12/15/30)		200		157,134
Southern Co. Gas Capital Corp., Series 2020-A, 1.75%, 01/15/31 (Call 10/15/30)		165		121,029

				962,197

Hand & Machine Tools — 0.1%
Kennametal Inc., 2.80%, 03/01/31 (Call 12/01/30)		92		69,330


Health Care - Products — 1.6%
Baxter International Inc., 1.73%, 04/01/31 (Call 01/01/31)		325		236,837
PerkinElmer Inc.
2.25%, 09/15/31 (Call 06/15/31)^(a)		260		194,197
2.55%, 03/15/31 (Call 12/15/30)		180		139,259


Security	Par (000)		Value

Health Care - Products (continued)
STERIS Irish FinCo UnLtd Co., 2.70%, 03/15/31 (Call 12/15/30)	$	375	$	292,181
Thermo Fisher Scientific Inc., 2.00%, 10/15/31 (Call 07/15/31)		603		473,138
Zimmer Biomet Holdings Inc., 2.60%, 11/24/31 (Call 08/24/31)^(a)		364		282,089

				1,617,701

Health Care - Services — 2.2%
Banner Health, 1.90%, 01/01/31 (Call 07/01/30)		160		122,127
Bon Secours Mercy Health Inc., Series 20-2, 2.10%, 06/01/31 (Call 12/01/30)		167		126,910
Cedars-Sinai Health System, Series 2021, 2.29%, 08/15/31 (Call 02/15/31)		129		101,951
Elevance Health Inc., 2.55%, 03/15/31 (Call 12/15/30)		492		398,141
HCA Inc., 2.38%, 07/15/31 (Call 04/15/31)		410		305,774
Laboratory Corp. of America Holdings, 2.70%, 06/01/31 (Call 03/01/31)^(a)		283		225,562
Ochsner LSU Health System of North Louisiana, Series 2021, 2.51%, 05/15/31 (Call 11/15/30)		90		67,312
OhioHealth Corp., 2.30%, 11/15/31 (Call 05/15/31)		110		85,390
Quest Diagnostics Inc., 2.80%, 06/30/31 (Call 03/30/31)		274		219,860
UnitedHealth Group Inc., 2.30%, 05/15/31 (Call 02/15/31)		709		568,249

				2,221,276

Holding Companies - Diversified — 0.3%
Ares Capital Corp., 3.20%, 11/15/31 (Call 08/15/31)		380		265,996


Home Builders — 0.1%
MDC Holdings Inc., 2.50%, 01/15/31 (Call 07/15/30)		190		129,840


Home Furnishings — 0.1%
Whirlpool Corp., 2.40%, 05/15/31 (Call 02/15/31)		165		124,423


Household Products & Wares — 0.4%
Church & Dwight Co. Inc., 2.30%, 12/15/31 (Call 09/15/31)		181		140,805
Kimberly-Clark Corp., 2.00%, 11/02/31 (Call 08/02/31)^(a)		320		249,936

				390,741

Insurance — 2.9%
Aon Corp./Aon Global Holdings PLC
2.05%, 08/23/31 (Call 05/23/31)		199		148,534
2.60%, 12/02/31 (Call 09/02/31)		290		225,089
Arthur J Gallagher & Co., 2.40%, 11/09/31 (Call 08/09/31)		238		179,538
Assured Guaranty U.S. Holdings Inc., 3.15%, 06/15/31 (Call 03/15/31)		280		222,522
Athene Holding Ltd., 3.50%, 01/15/31 (Call 10/15/30)		291		227,737
Brown & Brown Inc., 2.38%, 03/15/31 (Call 12/15/30)		295		218,020
Enstar Group Ltd., 3.10%, 09/01/31 (Call 03/01/31)		270		186,710
Fairfax Financial Holdings Ltd., 3.38%, 03/03/31 (Call 12/03/30)		303		238,000
Fidelity National Financial Inc., 2.45%, 03/15/31 (Call 12/15/30)		263		191,682
First American Financial Corp., 2.40%, 08/15/31 (Call 05/15/31)		270		188,541
Jackson Financial Inc., 3.13%, 11/23/31 (Call 08/23/31)^(a)		229		169,121
Lincoln National Corp., 3.40%, 01/15/31 (Call 10/15/30)^(a)		282		232,946
Marsh & McLennan Companies Inc., 2.38%, 12/15/31 (Call 09/15/31)^(a)		235		182,642
Primerica Inc., 2.80%, 11/19/31 (Call 08/19/31)^(a)		307		240,538
Stewart Information Services Corp., 3.60%, 11/15/31 (Call 08/15/31)		248		186,503

				3,038,123

Internet — 2.7%
Alibaba Group Holding Ltd., 2.13%, 02/09/31 (Call 11/09/30)		720		518,328


Security	Par (000)		Value

Internet (continued)
Amazon.com Inc., 2.10%, 05/12/31 (Call 02/12/31)	$	1,595	$	1,277,021
Baidu Inc., 2.38%, 08/23/31 (Call 05/23/31)^(a)		355		252,267
eBay Inc., 2.60%, 05/10/31 (Call 02/10/31)^(a)		315		246,614
Expedia Group Inc., 2.95%, 03/15/31 (Call 12/15/30)^(a)		237		180,058
VeriSign Inc., 2.70%, 06/15/31 (Call 03/15/31)^(a)		354		274,969

				2,749,257

Iron & Steel — 0.2%
Steel Dynamics Inc., 3.25%, 01/15/31 (Call 10/15/30)		247		200,883


Leisure Time — 0.2%
Brunswick Corp., 2.40%, 08/18/31 (Call 05/18/31)		284		198,828


Lodging — 0.5%
Choice Hotels International Inc., 3.70%, 01/15/31 (Call 10/15/30)		210		172,152
Marriott International Inc./MD, Series HH, 2.85%, 04/15/31 (Call 01/15/31)		485		378,004

				550,156

Machinery — 1.5%
Caterpillar Inc., 1.90%, 03/12/31 (Call 12/12/30)		297		234,312
Deere & Co., 7.13%, 03/03/31^(a)		125		140,405
IDEX Corp., 2.63%, 06/15/31 (Call 03/15/31)		270		215,455
John Deere Capital Corp.
1.45%, 01/15/31		335		252,999
2.00%, 06/17/31		310		243,055
nVent Finance Sarl, 2.75%, 11/15/31 (Call 08/15/31)		179		131,236
Rockwell Automation Inc., 1.75%, 08/15/31 (Call 05/15/31)		200		151,658
Xylem Inc./NY, 2.25%, 01/30/31 (Call 10/30/30)^(a)		287		225,467

				1,594,587

Manufacturing — 0.2%
Textron Inc., 2.45%, 03/15/31 (Call 12/15/30)		292		223,923


Media — 3.1%
Charter Communications Operating LLC/Charter Communications Operating Capital, 2.80%, 04/01/31 (Call 01/01/31)		718		545,177
Comcast Corp.
1.50%, 02/15/31 (Call 11/15/30)		862		642,466
1.95%, 01/15/31 (Call 10/15/30)		745		577,256
Paramount Global, 4.95%, 01/15/31		556		485,944
Walt Disney Co. (The), 2.65%, 01/13/31		1,155		956,883

				3,207,726

Mining — 0.4%
Rio Tinto Alcan Inc., 7.25%, 03/15/31		220		244,002
Yamana Gold Inc., 2.63%, 08/15/31 (Call 05/15/31)		202		145,769

				389,771

Office & Business Equipment — 0.4%
CDW LLC/CDW Finance Corp., 3.57%, 12/01/31 (Call 09/01/31)		490		385,998


Oil & Gas — 2.8%
Burlington Resources LLC
7.20%, 08/15/31		232		255,634
7.40%, 12/01/31		250		280,867
Conoco Funding Co., 7.25%, 10/15/31		145		160,824
Devon Energy Corp., 7.88%, 09/30/31		310		341,890
Diamondback Energy Inc., 3.13%, 03/24/31 (Call 12/24/30)		389		319,540
Helmerich & Payne Inc., 2.90%, 09/29/31 (Call 06/29/31)		230		180,205
Hess Corp., 7.30%, 08/15/31		300		318,339
Ovintiv Inc.
7.20%, 11/01/31		177		180,613


Security	Par (000)		Value

Oil & Gas (continued)
7.38%, 11/01/31	$	198	$	205,288
Pioneer Natural Resources Co., 2.15%, 01/15/31 (Call 10/15/30)		516		399,869
Valero Energy Corp., 2.80%, 12/01/31 (Call 09/01/31)		295		232,495

				2,875,564

Packaging & Containers — 0.4%
Amcor Flexibles North America Inc., 2.69%, 05/25/31 (Call 02/25/31)		370		285,229
WestRock MWV LLC, 7.95%, 02/15/31		156		170,455

				455,684

Pharmaceuticals — 3.7%
AmerisourceBergen Corp., 2.70%, 03/15/31 (Call 12/15/30)		485		386,647
Astrazeneca Finance LLC, 2.25%, 05/28/31 (Call 02/28/31)		387		311,690
Becton Dickinson and Co., 1.96%, 02/11/31 (Call 11/11/30)^(a)		538		412,910
Cigna Corp., 2.38%, 03/15/31 (Call 12/15/30)^(a)		757		601,103
CVS Health Corp.
1.88%, 02/28/31 (Call 11/28/30)^(a)		652		494,914
2.13%, 09/15/31 (Call 06/15/31)^(a)		508		388,737
Merck & Co. Inc., 2.15%, 12/10/31 (Call 09/10/31)		978		776,933
Pfizer Inc., 1.75%, 08/18/31 (Call 05/18/31)		536		417,104

				3,790,038

Pipelines — 2.7%
Boardwalk Pipelines LP, 3.40%, 02/15/31 (Call 11/15/30)		270		217,833
Kinder Morgan Energy Partners LP, 7.40%, 03/15/31		134		140,310
Kinder Morgan Inc.
2.00%, 02/15/31 (Call 11/15/30)		400		300,404
7.80%, 08/01/31		262		284,118
ONEOK Inc., 6.35%, 01/15/31 (Call 10/15/30)^(a)		266		262,728
Targa Resources Partners LP/Targa Resources Partners Finance Corp., 4.88%, 02/01/31 (Call 02/01/26)		485		428,600
TransCanada PipeLines Ltd., 2.50%, 10/12/31 (Call 07/12/31)		491		377,422
Williams Companies Inc. (The)
2.60%, 03/15/31 (Call 12/15/30)		757		593,185
Series A, 7.50%, 01/15/31		195		207,392

				2,811,992

Real Estate — 0.2%
CBRE Services Inc., 2.50%, 04/01/31 (Call 01/01/31)		185		138,765
Essential Properties LP, 2.95%, 07/15/31 (Call 04/15/31)		144		102,293

				241,058

Real Estate Investment Trusts — 11.4%
Alexandria Real Estate Equities Inc., 3.38%, 08/15/31 (Call 05/15/31)		370		305,683
American Assets Trust LP, 3.38%, 02/01/31 (Call 11/01/30)		240		186,626
American Homes 4 Rent LP, 2.38%, 07/15/31 (Call 04/15/31)^(a)		265		195,938
American Tower Corp.
2.30%, 09/15/31 (Call 06/15/31)		295		219,574
2.70%, 04/15/31 (Call 01/15/31)		317		246,664
AvalonBay Communities Inc., 2.45%, 01/15/31		245		196,284
Boston Properties LP, 3.25%, 01/30/31 (Call 10/30/30)^(a)		595		474,108
Brixmor Operating Partnership LP, 2.50%, 08/16/31 (Call 05/16/31)		235		168,566
Broadstone Net Lease LLC, 2.60%, 09/15/31 (Call 06/15/31)		207		149,526
Corporate Office Properties LP, 2.75%, 04/15/31 (Call 01/15/31)		347		251,114
Crown Castle Inc.
2.10%, 04/01/31 (Call 01/01/31)		451		336,897
2.25%, 01/15/31 (Call 10/15/30)^(a)		590		450,335


Security	Par (000)		Value

Real Estate Investment Trusts (continued)
Crown Castle International Corp., 2.50%, 07/15/31 (Call 04/15/31)^(a)	$	390	$	300,405
CubeSmart LP, 2.00%, 02/15/31 (Call 11/15/30)		260		189,818
EPR Properties, 3.60%, 11/15/31 (Call 08/15/31)		226		152,609
Equinix Inc., 2.50%, 05/15/31 (Call 02/15/31)		490		373,405
ERP Operating LP, 1.85%, 08/01/31 (Call 05/01/31)^(a)		285		212,849
Essex Portfolio LP
1.65%, 01/15/31 (Call 10/15/30)		125		88,948
2.55%, 06/15/31 (Call 03/15/31)		205		157,370
Extra Space Storage LP, 2.55%, 06/01/31 (Call 03/01/31)		199		150,667
GLP Capital LP/GLP Financing II Inc., 4.00%, 01/15/31 (Call 10/15/30)		301		243,894
Healthcare Realty Holdings LP, 2.00%, 03/15/31 (Call 12/15/30)		415		299,991
Healthpeak Properties Inc., 2.88%, 01/15/31 (Call 10/15/30)		285		227,872
Highwoods Realty LP, 2.60%, 02/01/31 (Call 11/01/30)		225		163,348
Host Hotels & Resorts LP, Series J, 2.90%, 12/15/31 (Call 09/15/31)		245		177,370
Invitation Homes Operating Partnership LP, 2.00%, 08/15/31 (Call 05/15/31)		378		266,002
Kimco Realty Corp., 2.25%, 12/01/31 (Call 09/01/31)		285		209,726
Life Storage LP, 2.40%, 10/15/31 (Call 07/15/31)		268		197,409
LXP Industrial Trust, 2.38%, 10/01/31 (Call 07/01/31)^(a)		255		184,658
Mid-America Apartments LP, 1.70%, 02/15/31 (Call 11/15/30)		120		88,762
National Health Investors Inc., 3.00%, 02/01/31 (Call 11/01/30)		150		103,530
Office Properties Income Trust, 3.45%, 10/15/31 (Call 07/15/31)		210		128,526
Omega Healthcare Investors Inc., 3.38%, 02/01/31 (Call 11/01/30)		300		225,762
Phillips Edison Grocery Center Operating Partnership I LP, 2.63%, 11/15/31 (Call 08/15/31)		227		162,350
Physicians Realty LP, 2.63%, 11/01/31 (Call 08/01/31)^(a)		212		157,569
Prologis LP, 1.63%, 03/15/31 (Call 12/15/30)		222		164,768
Public Storage
2.25%, 11/09/31 (Call 08/09/31)^(a)		327		250,907
2.30%, 05/01/31 (Call 02/01/31)		315		247,666
Rayonier LP, 2.75%, 05/17/31 (Call 02/17/31)		196		150,942
Realty Income Corp., 3.25%, 01/15/31 (Call 10/15/30)		430		357,893
Rexford Industrial Realty LP, 2.15%, 09/01/31 (Call 06/01/31)		180		132,140
Sabra Health Care LP, 3.20%, 12/01/31 (Call 09/01/31)		360		259,596
Safehold Operating Partnership LP, 2.80%, 06/15/31 (Call 03/15/31)		220		162,692
Simon Property Group LP, 2.20%, 02/01/31 (Call 11/01/30)^(a)		396		297,986
Spirit Realty LP, 3.20%, 02/15/31 (Call 11/15/30)		176		134,769
STORE Capital Corp., 2.70%, 12/01/31 (Call 09/01/31)		272		220,029
Sun Communities Operating LP, 2.70%, 07/15/31 (Call 04/15/31)		332		244,677
Tanger Properties LP, 2.75%, 09/01/31 (Call 06/01/31)		220		150,720
UDR Inc., 3.00%, 08/15/31 (Call 05/15/31)^(a)		265		208,370
Ventas Realty LP, 2.50%, 09/01/31 (Call 06/01/31)		305		231,001
Vornado Realty LP, 3.40%, 06/01/31 (Call 03/01/31)^(a)		215		158,760
Welltower Inc.
2.75%, 01/15/31 (Call 10/15/30)		350		269,539
2.80%, 06/01/31 (Call 03/01/31)		320		246,928
WP Carey Inc., 2.40%, 02/01/31 (Call 11/01/30)		285		214,668

				11,748,206

Retail — 2.6%
AutoNation Inc., 2.40%, 08/01/31 (Call 05/01/31)		251		173,574
AutoZone Inc., 1.65%, 01/15/31 (Call 10/15/30)		251		185,903
Dollar Tree Inc., 2.65%, 12/01/31 (Call 09/01/31)		430		335,473


Security	Par (000)		Value

Retail (continued)
Home Depot Inc. (The)
1.38%, 03/15/31 (Call 12/15/30)	$	492	$	368,129
1.88%, 09/15/31 (Call 06/15/31)^(a)		582		449,647
Kohl’s Corp., 3.38%, 05/01/31 (Call 02/01/31)		209		138,097
Lowe’s Companies Inc., 2.63%, 04/01/31 (Call 01/01/31)		692		553,912
O’Reilly Automotive Inc., 1.75%, 03/15/31 (Call 12/15/30)		217		161,231
Ross Stores Inc., 1.88%, 04/15/31 (Call 01/15/31)^(a)		275		205,323
TJX Companies Inc. (The), 1.60%, 05/15/31 (Call 02/15/31)		210		157,147

				2,728,436

Semiconductors — 3.8%
Analog Devices Inc., 2.10%, 10/01/31 (Call 07/01/31)		510		400,396
Broadcom Inc., 2.45%, 02/15/31 (Call 11/15/30)^(b)		1,415		1,065,552
Intel Corp., 2.00%, 08/12/31 (Call 05/12/31)		613		468,448
Marvell Technology Inc., 2.95%, 04/15/31 (Call 01/15/31)		365		283,076
NVIDIA Corp., 2.00%, 06/15/31 (Call 03/15/31)		614		477,901
NXP BV/NXP Funding LLC/NXP USA Inc., 2.50%, 05/11/31 (Call 02/11/31)		517		388,438
Skyworks Solutions Inc., 3.00%, 06/01/31 (Call 03/01/31)		220		163,550
Texas Instruments Inc., 1.90%, 09/15/31 (Call 06/15/31)		253		197,909
TSMC Arizona Corp., 2.50%, 10/25/31 (Call 07/25/31)		610		473,323

				3,918,593

Software — 4.0%
Autodesk Inc., 2.40%, 12/15/31 (Call 09/15/31)		485		374,415
Broadridge Financial Solutions Inc., 2.60%, 05/01/31 (Call 02/01/31)		520		404,721
Electronic Arts Inc., 1.85%, 02/15/31 (Call 11/15/30)		230		177,330
Fidelity National Information Services Inc., 2.25%, 03/01/31 (Call 12/01/30)^(a)		565		434,378
Oracle Corp., 2.88%, 03/25/31 (Call 12/25/30)		1,621		1,278,094
Roper Technologies Inc., 1.75%, 02/15/31 (Call 11/15/30)		465		341,733
salesforce.com Inc., 1.95%, 07/15/31 (Call 04/15/31)		745		582,054
VMware Inc., 2.20%, 08/15/31 (Call 05/15/31)		731		532,599

				4,125,324

Telecommunications — 8.2%
AT&T Inc., 2.75%, 06/01/31 (Call 03/01/31)^(a)		1,489		1,191,423
Motorola Solutions Inc., 2.75%, 05/24/31 (Call 02/24/31)		404		308,749
Orange SA, 9.00%, 03/01/31		1,211		1,446,116
T-Mobile USA Inc.
2.25%, 11/15/31 (Call 08/15/31)		540		408,915
2.55%, 02/15/31 (Call 11/15/30)		1,310		1,035,607
2.88%, 02/15/31 (Call 02/15/26)		550		442,992
3.50%, 04/15/31 (Call 04/15/26)		1,145		968,899
Verizon Communications Inc.
1.75%, 01/20/31 (Call 10/20/30)		1,260		936,810
2.55%, 03/21/31 (Call 12/21/30)		2,203		1,740,260

				8,479,771


Security	Par/ Shares (000)		Value

Transportation — 2.5%
Canadian Pacific Railway Co.
2.45%, 12/02/31 (Call 09/02/31)	$	570	$	452,369
7.13%, 10/15/31^(a)		195		210,512
FedEx Corp., 2.40%, 05/15/31 (Call 02/15/31)^(a)		505		392,163
Norfolk Southern Corp., 2.30%, 05/15/31 (Call 02/15/31)		280		222,790
Union Pacific Corp., 2.38%, 05/20/31 (Call 02/20/31)		585		473,967
Walmart Inc., 1.80%, 09/22/31 (Call 06/22/31)		1,024		810,445

				2,562,246

Trucking & Leasing — 0.2%
GATX Corp., 1.90%, 06/01/31 (Call 03/01/31)		220		156,598


Water — 0.4%
American Water Capital Corp., 2.30%, 06/01/31 (Call 03/01/31)		315		247,294
Essential Utilities Inc., 2.40%, 05/01/31 (Call 02/01/31)		233		181,675

				428,969


Total Long-Term Investments — 98.6% (Cost: $115,933,914)				101,794,820


Short-Term Securities

Money Market Funds — 11.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 3.29%^(c)(d)(e)		11,812		11,809,184
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%^(c)(d)		60		60,000


Total Short-Term Securities — 11.5% (Cost: $11,869,961)				11,869,184


Total Investments — 110.1% (Cost: $127,803,875)				113,664,004

Liabilities in Excess of Other Assets — (10.1)%				(10,400,586	)


Net Assets — 100.0%			$	103,263,418

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

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

^(c)	Affiliate of the Fund.

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

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


Security	Par (000)		Value

Corporate Bonds & Notes

Aerospace & Defense — 0.9%
Lockheed Martin Corp., 3.90%, 06/15/32 (Call 03/15/32)^(a)	$	75	$	68,604
Raytheon Technologies Corp., 2.38%, 03/15/32 (Call 12/15/31)		95		74,234

				142,838

Agriculture — 1.6%
Altria Group Inc., 2.45%, 02/04/32 (Call 11/04/31)		155		110,166
Archer-Daniels-Midland Co.
2.90%, 03/01/32 (Call 12/01/31)		55		45,955
5.94%, 10/01/32		40		41,835
BAT Capital Corp., 4.74%, 03/16/32 (Call 12/16/31)^(a)		80		67,067

				265,023

Airlines — 1.0%
American Airlines Pass Through Trust, Series 2019-1, Class AA, 3.15%, 08/15/33		47		38,748
JetBlue Pass Through Trust
Series 1A, Class A, 4.00%, 05/15/34		68		59,276
Series 2019-1, Class AA, 2.75%, 11/15/33		27		21,375
United Airlines Pass Through Trust, Series 2019-2, Class AA, 2.70%, 11/01/33		59		46,855

				166,254

Apparel — 0.2%
Tapestry Inc., 3.05%, 03/15/32 (Call 12/15/31)		45		33,184


Auto Manufacturers — 1.5%
General Motors Co., 5.60%, 10/15/32 (Call 07/15/32)		95		86,254
General Motors Financial Co. Inc., 3.10%, 01/12/32 (Call 10/12/31)		110		83,808
Honda Motor Co. Ltd., 2.97%, 03/10/32 (Call 12/10/31)		65		53,826
Toyota Motor Credit Corp., 2.40%, 01/13/32		35		27,865

				251,753

Auto Parts & Equipment — 0.5%
Aptiv PLC/Aptiv Corp., 3.25%, 03/01/32 (Call 12/01/31)^(a)		70		55,828
Lear Corp., 2.60%, 01/15/32 (Call 10/15/31)		35		25,522

				81,350

Banks — 4.8%
Bank of New York Mellon Corp. (The), 2.50%, 01/26/32 (Call 10/26/31)		45		34,857
Bank of Nova Scotia (The), 2.45%, 02/02/32		80		60,083
Canadian Imperial Bank of Commerce, 3.60%, 04/07/32 (Call 03/07/32)		90		74,290
Citigroup Inc., 6.63%, 06/15/32		90		91,140
Citizens Financial Group Inc., 2.64%, 09/30/32 (Call 07/02/32)		60		42,716
Morgan Stanley, 7.25%, 04/01/32^(a)		90		97,510
Royal Bank of Canada, 3.88%, 05/04/32		95		81,903
Toronto-Dominion Bank (The)
2.45%, 01/12/32		55		41,821
3.20%, 03/10/32		135		109,900
4.46%, 06/08/32		175		157,253

				791,473

Beverages — 3.0%
Coca-Cola Co. (The), 2.25%, 01/05/32		185		149,645
Coca-Cola Femsa SAB de CV, 1.85%, 09/01/32 (Call 06/01/32)		60		43,384
Constellation Brands Inc., 4.75%, 05/09/32 (Call 02/09/32)		75		69,872
Diageo Capital PLC, 2.13%, 04/29/32 (Call 01/29/32)		65		49,742
Keurig Dr Pepper Inc., 4.05%, 04/15/32 (Call 01/15/32)		75		65,789
PepsiCo Inc., 3.90%, 07/18/32 (Call 04/18/32)		115		106,529

				484,961


Security	Par (000)		Value

Biotechnology — 1.4%
Amgen Inc.
2.00%, 01/15/32 (Call 10/15/31)^(a)	$	115	$	87,545
3.35%, 02/22/32 (Call 11/22/31)		90		76,662
Bio-Rad Laboratories Inc., 3.70%, 03/15/32 (Call 12/15/31)		70		58,472

				222,679

Building Materials — 0.3%
Fortune Brands Home & Security Inc., 4.00%, 03/25/32 (Call 12/25/31)		35		28,711
Johnson Controls International PLC/Tyco Fire & Security Finance SCA, 4.90%, 12/01/32 (Call 09/01/32)^(a)		15		14,114

				42,825

Chemicals — 1.6%
Albemarle Corp., 5.05%, 06/01/32 (Call 03/01/32)		55		50,395
Cabot Corp., 5.00%, 06/30/32 (Call 03/30/32)		40		35,743
Celanese U.S. Holdings LLC, 6.38%, 07/15/32 (Call 04/15/32)^(a)		90		81,996
Ecolab Inc., 2.13%, 02/01/32 (Call 11/01/31)^(a)		55		43,026
RPM International Inc., 2.95%, 01/15/32 (Call 10/15/31)		30		23,018
Sherwin-Williams Co. (The), 2.20%, 03/15/32 (Call 12/15/31)		45		33,914

				268,092

Commercial Services — 2.5%
Cintas Corp. No. 2, 4.00%, 05/01/32 (Call 02/01/32)		60		54,337
Global Payments Inc., 5.40%, 08/15/32 (Call 05/15/32)		60		55,458
PayPal Holdings Inc., 4.40%, 06/01/32 (Call 03/01/32)		90		82,626
Quanta Services Inc., 2.35%, 01/15/32 (Call 10/15/31)		55		39,852
RELX Capital Inc., 4.75%, 05/20/32 (Call 02/20/32)		35		32,585
S&P Global Inc., 2.90%, 03/01/32 (Call 12/01/31)^(b)		135		111,133
Triton Container International Ltd./TAL International Container Corp., 3.25%, 03/15/32 (Call 12/15/31)		55		39,338

				415,329

Computers — 2.4%
Apple Inc., 3.35%, 08/08/32 (Call 05/08/32)		100		88,211
HP Inc., 4.20%, 04/15/32 (Call 01/15/32)		90		73,689
International Business Machines Corp.
2.72%, 02/09/32 (Call 11/09/31)		40		32,147
4.40%, 07/27/32 (Call 04/27/32)		100		91,540
5.88%, 11/29/32		70		71,510
Western Digital Corp., 3.10%, 02/01/32 (Call 11/01/31)		50		34,677

				391,774

Cosmetics & Personal Care — 1.3%
Colgate-Palmolive Co., 3.25%, 08/15/32 (Call 05/15/32)		45		39,669
Procter & Gamble Co. (The), 2.30%, 02/01/32^(a)		85		69,976
Unilever Capital Corp., 5.90%, 11/15/32		90		93,904

				203,549

Diversified Financial Services — 5.4%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.30%, 01/30/32 (Call 10/30/31)		350		262,780
Air Lease Corp., 2.88%, 01/15/32 (Call 10/15/31)		65		48,594
Ameriprise Financial Inc., 4.50%, 05/13/32 (Call 02/13/32)^(a)		45		41,773
Brookfield Finance I UK PLC, 2.34%, 01/30/32 (Call 10/30/31)		60		43,732
Cboe Global Markets Inc., 3.00%, 03/16/32 (Call 12/16/31)		40		32,345
Charles Schwab Corp. (The), 2.90%, 03/03/32 (Call 12/03/31)		100		81,214
CME Group Inc., 2.65%, 03/15/32 (Call 12/15/31)		80		64,441
Credit Suisse USA Inc., 7.13%, 07/15/32		70		69,099
Intercontinental Exchange Inc., 1.85%, 09/15/32 (Call 06/15/32)		145		105,266
Jefferies Group LLC, 2.75%, 10/15/32 (Call 07/15/32)		50		34,653
Nomura Holdings Inc., 3.00%, 01/22/32		70		51,902
ORIX Corp., 4.00%, 04/13/32		60		51,078

				886,877


Security	Par (000)		Value

Electric — 10.9%
AEP Texas Inc., 4.70%, 05/15/32 (Call 02/15/32)^(a)	$	45	$	40,987
Alabama Power Co.
3.05%, 03/15/32 (Call 12/15/31)		70		58,688
3.94%, 09/01/32 (Call 03/01/32)		30		26,811
Ameren Illinois Co., 3.85%, 09/01/32 (Call 06/01/32)		45		40,084
Appalachian Power Co., 4.50%, 08/01/32 (Call 05/01/32)		45		40,284
CenterPoint Energy Houston Electric LLC
Series AG, 3.00%, 03/01/32 (Call 12/01/31)		15		12,528
Series ai., 4.45%, 10/01/32 (Call 07/01/32)		25		23,439
Commonwealth Edison Co., 3.15%, 03/15/32 (Call 12/15/31)		25		21,122
Consumers Energy Co., 3.60%, 08/15/32 (Call 02/15/32)		30		26,374
Dominion Energy Inc., 4.35%, 08/15/32 (Call 05/15/32)		35		31,587
Dominion Energy South Carolina Inc., 6.63%, 02/01/32		25		26,448
DTE Electric Co., Series A, 3.00%, 03/01/32 (Call 12/01/31)		50		41,505
Duke Energy Carolinas LLC
2.85%, 03/15/32 (Call 12/15/31)^(a)		40		32,721
6.45%, 10/15/32		40		41,510
Duke Energy Corp., 4.50%, 08/15/32 (Call 05/15/32)		105		94,894
Duke Energy Progress LLC, 3.40%, 04/01/32 (Call 01/01/32)		35		29,962
Entergy Louisiana LLC, 2.35%, 06/15/32 (Call 03/15/32)		50		38,321
Eversource Energy, 3.38%, 03/01/32 (Call 12/01/31)		65		54,284
Exelon Corp., 3.35%, 03/15/32 (Call 12/15/31)^(b)		65		54,036
Florida Power & Light Co., 2.45%, 02/03/32 (Call 11/03/31)		135		108,786
Georgia Power Co., 4.70%, 05/15/32 (Call 02/15/32)		65		61,049
National Rural Utilities Cooperative Finance Corp.
2.75%, 04/15/32 (Call 01/15/32)		45		36,150
4.02%, 11/01/32 (Call 05/01/32)		55		48,601
Series C, 8.00%, 03/01/32		35		40,465
NextEra Energy Capital Holdings Inc.
2.44%, 01/15/32 (Call 10/15/31)		90		69,697
5.00%, 07/15/32 (Call 04/15/32)^(a)		90		85,590
Oncor Electric Delivery Co. LLC
4.15%, 06/01/32 (Call 03/01/32)^(b)		40		36,760
7.00%, 05/01/32		45		49,302
Pacific Gas and Electric Co.
4.40%, 03/01/32 (Call 12/01/31)		40		33,456
5.90%, 06/15/32 (Call 03/15/32)		55		51,246
Public Service Co. of Colorado, 4.10%, 06/01/32		35		31,947
Public Service Electric & Gas Co., 3.10%, 03/15/32 (Call 12/15/31)		50		42,045
Puget Energy Inc., 4.22%, 03/15/32 (Call 12/15/31)		40		34,290
San Diego Gas & Electric Co., Series XXX, 3.00%, 03/15/32 (Call 12/15/31)		45		36,970
Southern California Edison Co., 2.75%, 02/01/32 (Call 11/01/31)		35		27,585
Southern Co. (The), 5.70%, 10/15/32		20		19,787
Tucson Electric Power Co., 3.25%, 05/15/32 (Call 02/15/32)		30		24,693
Union Electric Co., 2.15%, 03/15/32 (Call 12/15/31)		50		38,237
Virginia Electric & Power Co., 2.40%, 03/30/32 (Call 12/30/31)^(a)		60		47,190
Wisconsin Electric Power Co., 4.75%, 09/30/32 (Call 06/30/32)		25		23,817
Wisconsin Power and Light Co., 3.95%, 09/01/32 (Call 06/01/32)		55		48,764
Xcel Energy Inc., 4.60%, 06/01/32 (Call 12/01/31)		60		55,331

				1,787,343

Electronics — 0.9%
Allegion U.S. Holding Co. Inc., 5.41%, 07/01/32 (Call 04/01/32)		60		54,981
Arrow Electronics Inc., 2.95%, 02/15/32 (Call 11/15/31)^(a)		40		30,440
Avnet Inc., 5.50%, 06/01/32 (Call 03/01/32)		30		26,831


Security	Par (000)		Value

Electronics (continued)
Tyco Electronics Group SA, 2.50%, 02/04/32	$	50	$	39,871

				152,123

Entertainment — 2.0%
Magallanes Inc., 4.28%, 03/15/32 (Call 12/15/31)^(b)		405		327,309


Environmental Control — 1.4%
Republic Services Inc., 1.75%, 02/15/32 (Call 11/15/31)^(a)		70		51,992
Waste Connections Inc.
2.20%, 01/15/32 (Call 10/15/31)		60		46,264
3.20%, 06/01/32 (Call 03/01/32)		45		37,557
Waste Management Inc., 4.15%, 04/15/32 (Call 01/15/32)^(a)		95		87,434

				223,247

Food — 1.9%
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance Inc., 3.00%, 05/15/32 (Call 02/15/32)^(b)		110		80,430
JM Smucker Co. (The), 2.13%, 03/15/32 (Call 12/15/31)		45		33,449
Kraft Heinz Foods Co., 6.75%, 03/15/32		30		31,619
Mondelez International Inc.
1.88%, 10/15/32 (Call 07/15/32)		60		43,611
3.00%, 03/17/32 (Call 12/17/31)		65		53,221
Pilgrim’s Pride Corp., 3.50%, 03/01/32 (Call 09/01/26)^(b)		80		61,404

				303,734

Forest Products & Paper — 0.4%
Suzano Austria GmbH, 3.13%, 01/15/32 (Call 10/15/31)		90		66,503


Gas — 1.0%
Atmos Energy Corp., 5.45%, 10/15/32 (Call 07/15/32)		25		25,130
CenterPoint Energy Resources Corp., 4.40%, 07/01/32 (Call 04/01/32)^(a)		40		36,896
ONE Gas Inc., 4.25%, 09/01/32 (Call 06/01/32)^(a)		25		22,818
Southern Co. Gas Capital Corp., 5.15%, 09/15/32 (Call 03/15/32)		25		23,778
Southwest Gas Corp., 4.05%, 03/15/32 (Call 12/15/31)		60		50,140

				158,762

Hand & Machine Tools — 0.2%
Stanley Black & Decker Inc., 3.00%, 05/15/32 (Call 02/15/32)^(a)		45		36,472


Health Care - Products — 0.7%
Baxter International Inc.
2.54%, 02/01/32 (Call 11/01/31)^(b)		15		11,471
2.54%, 02/01/32 (Call 11/01/31)^(a)		125		95,594

				107,065

Health Care - Services — 2.6%
Anthem Inc., 4.10%, 05/15/32 (Call 02/15/32)		55		49,493
HCA Inc., 3.63%, 03/15/32 (Call 12/15/31)^(b)		180		146,171
Humana Inc., 2.15%, 02/03/32 (Call 11/03/31)		65		48,906
Piedmont Healthcare Inc., 2.04%, 01/01/32 (Call 07/01/31)		30		22,240
UnitedHealth Group Inc., 4.20%, 05/15/32 (Call 02/15/32)^(a)		135		124,482
Universal Health Services Inc., 2.65%, 01/15/32 (Call 10/15/31)^(b)		45		32,128

				423,420

Home Builders — 0.2%
PulteGroup Inc., 7.88%, 06/15/32		25		26,254


Home Furnishings — 0.2%
Whirlpool Corp., 4.70%, 05/14/32 (Call 02/14/32)		35		31,416


Household Products & Wares — 0.5%
Avery Dennison Corp., 2.25%, 02/15/32 (Call 11/15/31)		50		36,821
Clorox Co. (The), 4.60%, 05/01/32 (Call 02/01/32)		55		51,049

				87,870


Security	Par (000)		Value

Insurance — 3.8%
Assurant Inc., 2.65%, 01/15/32 (Call 10/15/31)	$	35	$	25,225
Berkshire Hathaway Finance Corp., 2.88%, 03/15/32 (Call 12/15/31)^(a)		95		79,047
Brown & Brown Inc., 4.20%, 03/17/32 (Call 12/17/31)		60		50,390
Corebridge Financial Inc., 3.90%, 04/05/32 (Call 01/05/32)^(b)		135		113,029
Fairfax Financial Holdings Ltd., 5.63%, 08/16/32 (Call 05/16/32)^(b)		60		54,528
Globe Life Inc., 4.80%, 06/15/32 (Call 03/15/32)		35		31,782
Jackson Financial Inc., 5.67%, 06/08/32 (Call 03/08/32)		30		27,340
Kemper Corp., 3.80%, 02/23/32 (Call 11/23/31)		40		32,533
Lincoln National Corp., 3.40%, 03/01/32 (Call 12/01/31)		30		24,337
Manulife Financial Corp., 3.70%, 03/16/32 (Call 12/16/31)^(a)		50		42,663
MetLife Inc., 6.50%, 12/15/32		55		57,710
Progressive Corp. (The)
3.00%, 03/15/32 (Call 12/15/31)		40		33,084
6.25%, 12/01/32		30		31,354
Prudential PLC, 3.63%, 03/24/32 (Call 12/24/31)		25		20,471

				623,493

Internet — 2.5%
Amazon.com Inc., 3.60%, 04/13/32 (Call 01/13/32)		220		196,865
Meta Platforms Inc., 3.85%, 08/15/32 (Call 05/15/32)^(b)		255		217,423

				414,288

Iron & Steel — 0.3%
Nucor Corp., 3.13%, 04/01/32 (Call 01/01/32)		55		44,606


Leisure Time — 0.2%
Brunswick Corp., 4.40%, 09/15/32 (Call 06/15/32)		40		31,615


Lodging — 0.5%
Marriott International Inc./MD, Series GG, 3.50%, 10/15/32 (Call 07/15/32)		100		79,985


Machinery — 0.5%
Flowserve Corp., 2.80%, 01/15/32 (Call 10/15/31)		45		32,263
John Deere Capital Corp., 3.90%, 06/07/32		50		45,339

				77,602

Manufacturing — 2.5%
Carlisle Companies Inc., 2.20%, 03/01/32 (Call 12/01/31)^(a)		55		40,469
Eaton Corp., 4.00%, 11/02/32		55		48,600
GE Capital Funding LLC, 4.55%, 05/15/32 (Call 02/15/32)		65		60,072
General Electric Co., 6.75%, 03/15/32		220		239,459
Pentair Finance Sarl, 5.90%, 07/15/32 (Call 04/15/32)		25		23,625

				412,225

Media — 1.5%
Charter Communications Operating LLC/Charter Communications Operating Capital, 2.30%, 02/01/32 (Call 11/01/31)		95		67,850
FactSet Research Systems Inc., 3.45%, 03/01/32 (Call 12/01/31)		50		40,181
Grupo Televisa SAB, 8.50%, 03/11/32^(a)		20		22,595
Paramount Global, 4.20%, 05/19/32 (Call 02/19/32)^(a)		90		72,066
TWDC Enterprises 18 Corp., Series B, 7.00%, 03/01/32		45		49,301

				251,993

Metal Fabricate & Hardware — 0.1%
Timken Co. (The), 4.13%, 04/01/32 (Call 01/01/32)		25		21,743


Mining — 0.4%
Newmont Corp., 2.60%, 07/15/32 (Call 04/15/32)		85		64,822


Oil & Gas — 2.8%
BP Capital Markets America Inc., 2.72%, 01/12/32 (Call 10/12/31)		170		138,004


Security	Par (000)		Value

Oil & Gas (continued)
Canadian Natural Resources Ltd., 7.20%, 01/15/32	$	25	$	26,238
Cenovus Energy Inc., 2.65%, 01/15/32 (Call 10/15/31)^(a)		45		34,763
ConocoPhillips Co., 5.90%, 10/15/32		50		51,864
Devon Energy Corp., 7.95%, 04/15/32		35		38,764
Marathon Oil Corp., 6.80%, 03/15/32		50		50,940
Suncor Energy Inc., 7.15%, 02/01/32		45		46,779
Valero Energy Corp., 7.50%, 04/15/32		70		76,114

				463,466

Packaging & Containers — 0.6%
AptarGroup Inc., 3.60%, 03/15/32 (Call 12/15/31)		30		24,094
Sonoco Products Co., 2.85%, 02/01/32 (Call 11/01/31)		50		39,059
WRKCo Inc., 4.20%, 06/01/32 (Call 03/01/32)		45		38,788

				101,941

Pharmaceuticals — 1.0%
Becton Dickinson and Co., 4.30%, 08/22/32 (Call 05/22/32)		25		22,617
Bristol-Myers Squibb Co., 2.95%, 03/15/32 (Call 12/15/31)		155		131,435

				154,052

Pipelines — 3.0%
Boardwalk Pipelines LP, 3.60%, 09/01/32 (Call 06/01/32)		50		39,692
Kinder Morgan Energy Partners LP, 7.75%, 03/15/32		30		32,076
Kinder Morgan Inc., 7.75%, 01/15/32		90		97,984
MPLX LP, 4.95%, 09/01/32 (Call 06/01/32)		90		81,521
Targa Resources Partners LP/Targa Resources Partners Finance Corp., 4.00%, 01/15/32 (Call 07/15/26)		85		70,040
Texas Eastern Transmission LP, 7.00%, 07/15/32		45		47,267
Williams Companies Inc. (The)
4.65%, 08/15/32 (Call 05/15/32)		90		81,086
8.75%, 03/15/32		40		46,001

				495,667

Real Estate Investment Trusts — 7.5%
Alexandria Real Estate Equities Inc., 2.00%, 05/18/32 (Call 02/18/32)		85		61,368
American Homes 4 Rent LP, 3.63%, 04/15/32 (Call 01/15/32)		60		48,455
American Tower Corp., 4.05%, 03/15/32 (Call 12/15/31)^(a)		60		51,350
AvalonBay Communities Inc., 2.05%, 01/15/32 (Call 10/15/31)		65		49,492
Boston Properties LP, 2.55%, 04/01/32 (Call 01/01/32)		75		54,016
CubeSmart LP, 2.50%, 02/15/32 (Call 11/15/31)		45		33,016
Equinix Inc., 3.90%, 04/15/32 (Call 01/15/32)		105		88,498
Essex Portfolio LP, 2.65%, 03/15/32 (Call 12/15/31)		60		45,556
Extra Space Storage LP, 2.35%, 03/15/32 (Call 12/15/31)		55		39,797
GLP Capital LP/GLP Financing II Inc., 3.25%, 01/15/32 (Call 10/15/31)		70		51,880
Invitation Homes Operating Partnership LP, 4.15%, 04/15/32 (Call 01/15/32)		55		45,755
Kilroy Realty LP, 2.50%, 11/15/32 (Call 08/15/32)		40		27,790
Kimco Realty Corp., 3.20%, 04/01/32 (Call 01/01/32)		55		43,783
Piedmont Operating Partnership LP, 2.75%, 04/01/32 (Call 01/01/32)		20		13,804
Prologis LP, 2.25%, 01/15/32		30		22,653
Realty Income Corp.
2.85%, 12/15/32 (Call 09/15/32)		60		46,940
5.63%, 10/13/32		30		29,376
Safehold Operating Partnership LP, 2.85%, 01/15/32		30		21,947
Simon Property Group LP
2.25%, 01/15/32 (Call 10/15/31)		65		47,554
2.65%, 02/01/32		60		45,611
Spirit Realty LP, 2.70%, 02/15/32 (Call 11/15/31)		35		24,769
Sun Communities Operating LP, 4.20%, 04/15/32 (Call 01/15/32)		55		45,400
UDR Inc., 2.10%, 08/01/32 (Call 05/01/32)		40		28,246


Security	Par (000)		Value

Real Estate Investment Trusts (continued)
VICI Properties LP, 5.13%, 05/15/32 (Call 02/15/32)	$	130	$	115,244
Welltower Inc.
2.75%, 01/15/32 (Call 10/15/31)		45		34,004
3.85%, 06/15/32 (Call 03/15/32)		30		24,831
Weyerhaeuser Co., 7.38%, 03/15/32		60		63,859
WP Carey Inc., 2.45%, 02/01/32 (Call 11/01/31)		35		25,628

				1,230,622

Retail — 5.8%
Advance Auto Parts Inc., 3.50%, 03/15/32 (Call 12/15/31)		30		23,735
AutoNation Inc., 3.85%, 03/01/32 (Call 12/01/31)		60		46,804
AutoZone Inc., 4.75%, 08/01/32 (Call 05/01/32)		45		41,961
Costco Wholesale Corp., 1.75%, 04/20/32 (Call 01/20/32)		105		80,524
Dick’s Sporting Goods Inc., 3.15%, 01/15/32 (Call 10/15/31)^(a)		65		49,298
Dollar General Corp., 5.00%, 11/01/32 (Call 08/01/32)		25		23,847
Genuine Parts Co., 2.75%, 02/01/32 (Call 11/01/31)		40		31,015
Home Depot Inc. (The)
3.25%, 04/15/32 (Call 01/15/32)^(a)		130		112,004
4.50%, 09/15/32 (Call 06/15/32)		150		142,185
Lowe’s Companies Inc., 3.75%, 04/01/32 (Call 01/01/32)		130		112,160
McDonald’s Corp., 4.60%, 09/09/32 (Call 06/09/32)		25		23,742
O’Reilly Automotive Inc., 4.70%, 06/15/32 (Call 03/15/32)		75		70,159
Starbucks Corp., 3.00%, 02/14/32 (Call 11/14/31)^(a)		90		74,521
Target Corp.
4.50%, 09/15/32 (Call 06/15/32)		75		70,692
6.35%, 11/01/32		25		26,618
Walmart Inc., 4.15%, 09/09/32 (Call 06/09/32)		20		18,935

				948,200

Semiconductors — 5.3%
Advanced Micro Devices Inc., 3.92%, 06/01/32 (Call 03/01/32)		45		40,175
Broadcom Inc.
4.15%, 04/15/32 (Call 01/15/32)^(b)		110		92,281
4.30%, 11/15/32 (Call 08/15/32)		160		135,018
Intel Corp.
4.00%, 12/15/32		65		57,336
4.15%, 08/05/32 (Call 05/05/32)^(a)		100		89,442
KLA Corp., 4.65%, 07/15/32 (Call 04/15/32)		90		85,419
Micron Technology Inc., 2.70%, 04/15/32 (Call 01/15/32)		90		65,929
NXP BV/NXP Funding LLC/NXP USA Inc., 2.65%, 02/15/32 (Call 11/15/31)		95		70,858
QUALCOMM Inc.
1.65%, 05/20/32 (Call 02/20/32)		105		78,948
4.25%, 05/20/32 (Call 02/20/32)		50		46,952
Texas Instruments Inc., 3.65%, 08/16/32 (Call 05/16/32)		30		26,891
TSMC Arizona Corp., 4.25%, 04/22/32 (Call 01/22/32)		90		80,369

				869,618

Software — 1.1%
Fidelity National Information Services Inc., 5.10%, 07/15/32 (Call 04/15/32)		60		56,447
Take-Two Interactive Software Inc., 4.00%, 04/14/32 (Call 01/14/32)		50		43,098
Workday Inc., 3.80%, 04/01/32 (Call 01/01/32)		90		76,981

				176,526


Security	Par/ Shares (000)		Value

Telecommunications — 5.7%
AT&T Inc., 2.25%, 02/01/32 (Call 11/01/31)	$	225	$	169,232
Bell Telephone Co. of Canada or Bell Canada (The), Series US-5, 2.15%, 02/15/32 (Call 11/15/31)		55		41,413
Deutsche Telekom International Finance BV, 9.25%, 06/01/32		45		54,400
Motorola Solutions Inc., 5.60%, 06/01/32 (Call 03/01/32)		50		47,080
Rogers Communications Inc., 3.80%, 03/15/32 (Call 12/15/31)^(b)		180		153,108
TELUS Corp., 3.40%, 05/13/32 (Call 02/13/32)		80		65,650
T-Mobile USA Inc., 2.70%, 03/15/32		90		70,425
Verizon Communications Inc., 2.36%, 03/15/32 (Call 12/15/31)		385		291,518
Vodafone Group PLC, 6.25%, 11/30/32		45		44,413

				937,239

Transportation — 1.5%
Canadian National Railway Co., 3.85%, 08/05/32 (Call 05/05/32)		25		22,579
CSX Corp., 4.10%, 11/15/32 (Call 08/15/32)		75		67,583
Norfolk Southern Corp., 3.00%, 03/15/32 (Call 12/15/31)		65		53,862
Union Pacific Corp., 2.80%, 02/14/32		115		95,282

				239,306

Trucking & Leasing — 0.2%
GATX Corp., 3.50%, 06/01/32 (Call 03/01/32)		35		27,887


Water — 0.4%
American Water Capital Corp., 4.45%, 06/01/32 (Call 03/01/32)		70		64,750


Total Long-Term Investments — 98.5% (Cost: $17,315,101)				16,111,125


Short-Term Securities

Money Market Funds — 10.0%
BlackRock Cash Funds: Institutional, SL Agency Shares, 3.29%^(c)(d)(e)		1,615		1,614,258
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%^(c)(d)		30		30,000


Total Short-Term Securities — 10.0% (Cost: $1,644,757)				1,644,258


Total Investments — 108.5% (Cost: $18,959,858)				17,755,383

Liabilities in Excess of Other Assets — (8.5)%				(1,394,479	)


Net Assets — 100.0%			$	16,360,904

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

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

^(c)	Affiliate of the Fund.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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 Fund, BFA is entitled to an annual investment advisory fee of 0.10%, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund.

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

BFA has contractually agreed to waive a portion of its investment advisory fee for each Fund through the termination date of such Fund, in an amount equal to acquired fund fees and expenses, if any, attributable to each Fund’s investments in other funds advised by BFA or its affiliates.

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

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

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution

fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

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

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

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

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the year ended October 31, 2022, the Funds paid BTC the following amounts for securities lending agent services:

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

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

For the year ended October 31, 2022, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

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

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

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

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

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

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

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

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

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

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

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

Market Risk: Each Fund may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during periods of declining interest rates, which would force each Fund to reinvest in lower yielding securities. Each Fund may also be exposed to reinvestment risk, which is the risk that income from each Fund’s portfolio will decline if each Fund invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below each Fund portfolio’s current earnings rate.

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

Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that 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.

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

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 use 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 current period of historically

low interest rates. The Federal Reserve has recently begun to raise 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.

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

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

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

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

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

Management’s evaluation of the impact of all subsequent events on the Funds’ financial statements was completed through the date the financial statements were available to be issued and the following items were noted:

Planned Fund Liquidation: In accordance with its prospectus and its investment objective, the iShares iBonds Dec 2022 Term Corporate ETF ceased trading after the close of business on December 15, 2022, when all of the bonds included in the Fund’s underlying index matured. Proceeds of the liquidation are currently scheduled to be sent to shareholders on December 21, 2022.

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

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

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

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

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

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

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

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

The Funds hereby designate the following amounts, or maximum amounts allowable by law, as capital gain dividends, subject to a long-term capital gains tax rate as noted below, for the fiscal year ended October 31, 2022:

iShares iBonds Dec 2022 Term Corporate ETF, iShares iBonds Dec 2023 Term Corporate 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 and approve 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 3, 2022 and May 18, 2022, 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 13-15, 2022, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

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

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, 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 waivers and reimbursements) for the Fund were within range of the median of the investment advisory fee rate and overall expenses (net of 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, 2021, 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 recent 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. 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 3, 2022 meeting and throughout the year, and matters related to BFA’s portfolio compliance program.

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.

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, 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 (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to 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.

iShares iBonds Dec 2024 Term Corporate ETF, iShares iBonds Dec 2025 Term Corporate ETF, iShares iBonds Dec 2027 Term Corporate ETF, iShares iBonds Dec 2028 Term Corporate ETF, iShares iBonds Dec 2029 Term Corporate ETF, iShares iBonds Dec 2030 Term Corporate ETF, iShares iBonds Dec 2031 Term Corporate ETF (each the “Fund”)

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

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

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

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 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.

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Trustees who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required to consider and approve the proposed Investment

Advisory Contract between the Trust and BFA (the “Advisory Contract”) on behalf of the Fund. The Independent Trustees requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the terms of the proposed Advisory Contract. At a meeting held on March 16-17, 2022, the Board, including the Independent Board Members, approved the selection of BFA as investment adviser and approved the proposed Advisory Contract for the Fund, based on a review of qualitative and quantitative information provided by BFA. The Board also considered information previously provided by BFA, BlackRock Institutional Trust Company, N.A. (“BTC”), and BlackRock, Inc. (“BlackRock”), as applicable, at prior Board meetings. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the Advisory Contract for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses of the Fund; (ii) the nature, extent and quality of the services to be provided by BFA; (iii) the costs of services to be provided to the Fund and the availability of information related to profits to be realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, no one of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the Advisory Contract are discussed below.

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

The Board also noted that the overall fund expenses (net of any waivers and reimbursements) for the Fund were lower than the median of the overall fund expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds. Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level of the Fund supported the Board’s approval of the Advisory Contract.

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

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

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

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

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

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

Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement.

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

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

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

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

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

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

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

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

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

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

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

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

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

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


	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		0.93	%		2.32	%		2.68	%		0.93	%		12.15	%		22.38	%
Fund Market		0.82			2.24			2.65			0.82			11.70			22.18
Index		0.73			2.35			2.74			0.73			12.32			22.97


Actual							Hypothetical 5% Return
	Beginning Account Value (05/01/22)		Ending Account Value (10/31/22)		Expenses Paid During the Period	^(a)		Beginning Account Value (05/01/22)		Ending Account Value (10/31/22)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	1,010.40	$	0.46		$	1,000.00	$	1,024.80	$	0.46		0.09	%


Moody’s Credit Ratings*	Percent of Net Assets
Aaa		0.3	%
Aa		7.0
A		12.8
Baa		22.2
Not Rated		0.4
Short-Term and Other Assets		57.3


	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		(1.81	)%		2.31	%		2.78	%		(1.81	)%		12.11	%		23.33	%
Fund Market		(1.78	)		2.27			2.78			(1.78	)		11.85			23.28
Index		(1.67	)		2.41			2.85			(1.67	)		12.62			23.93


Actual							Hypothetical 5% Return
	Beginning Account Value (05/01/22)		Ending Account Value (10/31/22)		Expenses Paid During the Period	^(a)		Beginning Account Value (05/01/22)		Ending Account Value (10/31/22)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	1,000.20	$	0.50		$	1,000.00	$	1,024.70	$	0.51		0.10	%


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


	Page
The Markets in Review		2
Annual Report:
Market Overview		4
Fund Summary		5
About Fund Performance		26
Disclosure of Expenses		26
Schedules of Investments		27
Financial Statements:
Statements of Assets and Liabilities		99
Statements of Operations		102
Statements of Changes in Net Assets		105
Financial Highlights		111
Notes to Financial Statements		122
Report of Independent Registered Public Accounting Firm		134
Important Tax Information		135
Board Review and Approval of Investment Advisory Contract		136
Supplemental Information		144
Trustee and Officer Information		145
General Information		148


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


Fund Summary as of October 31, 2022		iShares^® iBonds^® Dec 2022 Term Corporate ETF


Fund Summary as of October 31, 2022 (continued)		iShares^® iBonds^® Dec 2022 Term Corporate ETF


Fund Summary as of October 31, 2022		iShares^® iBonds^® Dec 2023 Term Corporate ETF


Moody’s Credit Ratings*	Percent of Net Assets
Aaa		3.1	%
Aa		6.6
A		45.4
Baa		39.2
Ba		0.5
Not Rated		1.1
Short-Term and Other Assets		4.1


Fund Summary as of October 31, 2022		iShares^® iBonds^® Dec 2024 Term Corporate ETF


Moody’s Credit Ratings*	Percent of Net Assets
Aaa		1.7	%
Aa		4.2
A		46.8
Baa		43.6
Ba		1.0
Not Rated		1.6
Short-Term and Other Assets		1.1


Fund Summary as of October 31, 2022		iShares^® iBonds^® Dec 2025 Term Corporate ETF



		2022 Annual Report


Moody’s Credit Ratings*	Percent of Net Assets
Aaa		2.5	%
Aa		5.4
A		40.0
Baa		48.1
Ba		1.5
Not Rated		1.2
Short-Term and Other Assets		1.3


Fund Summary as of October 31, 2022		iShares^® iBonds^® Dec 2026 Term Corporate ETF


Moody’s Credit Ratings*	Percent of Net Assets
Aaa		2.9	%
Aa		5.4
A		38.0
Baa		50.2
Ba		1.3
Not Rated		1.1
Short-Term and Other Assets		1.1


Fund Summary as of October 31, 2022		iShares^® iBonds^® Dec 2027 Term Corporate ETF


Moody’s Credit Ratings*	Percent of Net Assets
Aaa		3.2	%
Aa		4.0
A		35.6
Baa		54.0
Ba		0.5
Not Rated		1.4
Short-Term and Other Assets		1.3


Fund Summary as of October 31, 2022		iShares^® iBonds^® Dec 2028 Term Corporate ETF


Moody’s Credit Ratings*	Percent of Net Assets
Aaa		1.6	%
Aa		2.9
A		30.8
Baa		60.3
Ba		2.2
Not Rated		0.8
Short-Term and Other Assets		1.4


Fund Summary as of October 31, 2022		iShares^® iBonds^® Dec 2029 Term Corporate ETF


Moody’s Credit Ratings*	Percent of Net Assets
Aaa		1.0	%
Aa		2.9
A		35.2
Baa		54.7
Ba		2.4
Not Rated		1.8
Short-Term and Other Assets		2.0


Fund Summary as of October 31, 2022		iShares^® iBonds^® Dec 2030 Term Corporate ETF


Moody’s Credit Ratings*	Percent of Net Assets
Aaa		1.2	%
Aa		5.8
A		32.3
Baa		56.7
Ba		1.0
Not Rated		1.1
Short-Term and Other Assets		1.9


Fund Summary as of October 31, 2022		iShares^® iBonds^® Dec 2031 Term Corporate ETF


Moody’s Credit Ratings*	Percent of Net Assets
Aaa		1.4	%
Aa		3.4
A		28.2
Baa		61.3
Ba		1.8
Not Rated		2.5
Short-Term and Other Assets		1.4


Fund Summary as of October 31, 2022		iShares^® iBonds^® Dec 2032 Term Corporate ETF


Actual								Hypothetical 5% Return
	Beginning Account Value (06/28/22)	^(a)		Ending Account Value (10/31/22)		Expenses Paid During the Period	^(b)		Beginning Account Value (05/01/22)		Ending Account Value (10/31/22)		Expenses Paid During the Period	^(b)	Annualized Expense Ratio
$	1,000.00		$	946.60	$	0.33		$	1,000.00	$	1,024.70	$	0.51		0.10	%


Moody’s Credit Ratings*	Percent of Net Assets
Aaa		0.5	%
Aa		4.3
A		34.6
Baa		55.8
Ba		1.4
B		0.4
Not Rated		1.5
Short-Term and Other Assets		1.5


Affiliated Issuer	Value at 10/31/21		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 10/31/22		Shares Held at 10/31/22 (000)		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	131,115,315	$	—		$	(98,890,477	)^(a)	$	(40,150	)	$	(15,371	)	$	32,169,317		32,176	$	354,864	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		41,436,000		705,504,000	^(a)		—			—			—			746,940,000		746,940		2,884,676			—

									$	(40,150	)	$	(15,371	)	$	779,109,317			$	3,239,540		$	—


	Level 1		Level 2		Level 3		Total
Investments
Assets
Corporate Bonds & Notes	$	—	$	569,029,569	$	—	$	569,029,569
Money Market Funds		779,109,317		—		—		779,109,317

	$	779,109,317	$	569,029,569	$	—	$	1,348,138,886


Affiliated Issuer	Value at 10/31/21		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 10/31/22		Shares Held at 10/31/22 (000)		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	56,469,640	$	29,688,934	^(a)	$	—	$	(40,155	)	$	(12,202	)	$	86,106,217		86,123	$	181,432	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		2,717,000		1,650,000	^(a)		—		—			—			4,367,000		4,367		31,194			—

								$	(40,155	)	$	(12,202	)	$	90,473,217			$	212,626		$	—


Affiliated Issuer	Value at 06/28/22^(a)		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 10/31/22		Shares Held at 10/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	—	$	1,615,008	^(b)	$	—	$	(251	)	$	(499	)	$	1,614,258		1,615	$	1,115	^(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		—		30,000	^(b)		—		—			—			30,000		30		753			—

								$	(251	)	$	(499	)	$	1,644,258			$	1,868		$	—